You are on page 1of 40

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

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

!!"#$%&"$'()*+$
##$,-./0(1/2(30+$
!4$%5633)+$
7$!$8-39*52$
$
!"#$%&'()(*+&,-"./&0122&
"##$%&!'()*+!!
","&#-!.*//*+!!
ƌŽƚŚĞƌŝůů͛Ɛ,ĞůƉŝŶŐ,ĂŶĚ!
012/3(4+!56!758(!!
.*//*+!9*2:;!#5<<1=2:2(+!#5*/2:25=!
-31>*:25=!$+!94((35<!!
?*42//*>!@5>2*/!#(=:(4!!
?*4A!@*=(4!#;2/3!.(B(/58<(=:!#(=:(4!
?(4>A!@:4((:!!
@(4B(!C(+:!.*//*+!!
';(!"DE!F4518!G"31/:+!D(/*:2=H!:5!E23+I!!
'42=2:A!D2B(4!?2++25=!!
,2>J(4A!?(*35K!L(*4=2=H!#(=:(4!!
,52>(!56!758(!!
C(+/(A!D*=J2=!#5<<1=2:A!#(=:(4!!
C(+:!.*//*+!#5<<1=2:A!#(=:(4+!!
C(+:!.*//*+!C((3!*=3!@((3!!
.*//*+!$=3(8(=3(=:!@>;55/!.2+:42>:!
@:M!?*4A!56!#*4<(/!#*:;5/2>!@>;55/!
';(!7(2H;:+!N4(8*4*:54A!@>;55/!GO8/26:I!
C(+:!.*//*+!#5<<1=2:A!@>;55/!
!
!

!
!
)*-$"-$#%'-3%)*-$'4$#&
!
';(!81485+(!56!:;(!"#$%!&'(('$!)*++,-.%/!)*(('0*1'%.2#!!"#$%&'""()*$+",)$-./$0"1)2.3!G:;(!4"((-,"#-5267I!2+!
:5!Q42=H!2=:5!65>1+!*!>55432=*:(3!*44*A!56!4(+514>(+!2=!5=(!>/(*4/A!3(62=(3!H(5H4*8;2>!*4(*M!!$:!2+!*!>5<82/*:25=!56!
:;(!K54J!*=3!8/*=+!56!<*=A!56!:;(!=5:R654R84562:!54H*=2S*:25=+!K54J2=H!2=!C(+:!.*//*+M!!';(24!<1:1*/!2=:(=:25=!2+!
:;*:!>;2/34(=!*=3!:;(24!6*<2/2(+!<*A!H45K!2=:5!(=H*H(3!>2:2S(=+T!*::(=32=H!H4(*:!+>;55/+!*=3!/2B2=H!*=3!K54J2=H!
2=! ;(*/:;A! >5<<1=2:2(+M! ';(! 8/*=! 2+! *! /2B2=H! 35>1<(=:! *=3! >5<<1=2:A! 4(B2(K! *=3! 2=81:! 2+! (=>514*H(3! *:! *//!
:2<(+M!!$=!*332:25=T!:;(!8/*=!2+!183*:(3!Q2R*==1*//AM!
)*-$"-$#%
-)(>1:2B(!@1<<*4A!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMU!
C(+:!.*//*+!72+:54A!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMV!
.(<5H4*8;2>+!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMW!
.(<5H4*8;2>!&*44*:2B(!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!XY!
C(+:!.*//*+!#5<<1=2:A!#5//*Q54*:2B(!!"#$%&'""()$*********************************************$XU$
C(+:!.*//*+!#5<<1=2:A!#5//*Q54*:2B(!!"#$+",)-./$********************************************$PX!
C(+:!.*//*+!#5<<1=2:A!#5//*Q54*:2B(!!"#$0"1)$**************************************************$PP!
&():!@:(8+!PYXXRXP!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!PZ! ! !
N*4:=(4+!*=3!#5=:42Q1:54+!2=!C(+:!.*//*+!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!PV! ! ! !
9*2:;!#5<<1=2:2(+!2=!C(+:!.*//*+!*=3!0(A5=3!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!PW!
L(*3(4+;28!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!UY! ! !
"::*>;<(=:+!ʹ!N45H4*<!*=3!-B(=:!.(+>428:25=+!
';(!@>;55/![5=(!ʹ!C(+:!.*//*+MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!UX!
';(!?(:42>+!N45\(>:!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!UU!
N*4(=:!">:25=!F4518+!654!-31>*:25=!GN"F-I!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!UV!
9*2:;!*=3!#5<<1=2:A!654!-31>*:25=!'4*=+654<*:25=!G9"#-'I!MMMMMMMMMMMMMMM!UW!
';(!@>;55/![5=(!N(8!D*//A!654!-31>*:25=!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!U]!
';(!^51=H!.(B(/58(4+!N45\(>:!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!U_!
04(*J6*+:!654!-31>*:25=!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!ZY!
C(+:!.*//*+!#5<<1=2:A!#(/(Q4*:25=+!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!ZX!
WVPXP!%42(=:*:25=!?*8!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!ZP!
)*-$'4$#% % % % % % % % % % %
.*//*+!9*2:;!#5<<1=2:2(+!#5*/2:25=!G.9##I!
ZVXZ!'4*B2+T!@12:(!UVY!
.*//*+T!'`!WVPYV!
G5I!PXZMPa_MUUZY!
KKKM36>>M1+!!
D(H2=*!&288(4:T!-)(>1:2B(!.24(>:54!4(H2=*b36>>M1+!!
0455J(!#5;(=T!.24(>:54!56!L(H2+/*:2B(!*=3!#54854*:(!D(/*:25=+!Q455J(b36>>M1+!!
-+<(4*/3*!%4:2ST!.24(>:54!56!#5<<1=2:A!D(/*:25=+!(+<(4*/3*b36>>M1+!!
?2>;(//(!-3<5=3T!9*2:;!*=3!#5<<1=2:A!"3B5>*>A!#55432=*:54!<2>;(//(b36>>M1+!!
@;4((!&M!?566(::T!#5<<1=2:A!-=H*H(<(=:!#55432=*:54!+;4((b36>>M1+!!
#*<(45=!?*+5=!,2>J4(AT!9*2:;!#5<<1=2:A!#55432=*:54!>*<(45=b36>>M1+!! !
'*4*!N5K(//T!#5<<1=2>*:25=+!#55432=*:54!:*4*b36>>M1+!

P!
!
! 56"4,$.2"%7,++'1/%
!
!
89"% !"#$% &'(('#% )*++,-.$/% )*(('0*1'$.2"%
!"#$ %&'""()*$ +",)$ -./$ 0"1)2.3% :$9"%
4"((-,"#-5267;<!!';(!B2+25=!56!:;(!4"((-,"#-5267!
2+! :5! Q12/3! *! >5*/2:25=! 56! 2=32B231*/+T! Q1+2=(++(+T!
+>;55/+T! >5<<1=2:A! 54H*=2S*:25=+T! 6*2:;RQ*+(3!
2=2:2*:2B(+! *=3! 6*2:;! H4518+T! K54J2=H! 2=!
8*4:=(4+;28!K2:;!:;(!81Q/2>!+(>:54!*=3!:;(!>2:A!56!
.*//*+T! :5! H(=(4*:(! B2+2Q/(! *=3! +1+:*2=*Q/(!
2<845B(<(=:+!:5!c1*/2:A!56!/26(!2=!C(+:!.*//*+M!!!
!

C(+:!.*//*+!R!*=!XXMZV!+c1*4(!<2/(!*4(*!Q51=3(3!QA!35K=:5K=!:5!:;(!(*+:T!:;(!'42=2:A!D2B(4!:5!:;(!=54:;T!L558!
XP!:5!:;(!K(+:!*=3!$UY!:5!:;(!+51:;!R!2+!*=!*4(*!K;5+(!4(+23(=:+!*4(!3(:(4<2=(3!:5!:4*=+>(=3!:;(!3*4J!;2+:54A!56!
2=31+:42*/!85//1:25=T!4*>2+<!*=3!2=*::(=:25=!*=3!>4(*:(!*!Q42H;:T!:;42B2=H!61:14(!654!:;(<+(/B(+!*=3!:;(24!>;2/34(=M!
';(!4"((-,"#-5267!2+!*!:;4((R8*4:!>5<84(;(=+2B(!8/*=!:;*:!*334(++(+!+A+:(<2>!>*1+(+!56!85B(4:A!QA!3(B(/582=H!
*=3!2<8/(<(=:2=H!+:4*:(H2(+!2=!:;4((!J(A!*4(*+d!c1*/2:A!*66543*Q/(!;51+2=HT!()>(//(=:!(31>*:25=*/!4(+514>(+!*=3!
H553! \5Q+M! ! $:! 2+! *! >5//*Q54*:25=! *<5=H! UVe! 8*4:=(4+T! 2=>/132=H! C(+:! .*//*+! +(4B2>(! 54H*=2S*:25=+T! @?OT! O'.T!
.$@.T!842B*:(!*=3!>;*4:(4!+>;55/+T!*=3!:;(!#2:A!56!.*//*+M!!$:!2+!*!8/*=!654!>5<<1=2:A!4(3(B(/58<(=:!:;*:!Q12/3+!
5=! ()2+:2=H! *++(:+d! (66(>:2B(! >5<<1=2:A! 54H*=2S*:25=+f! >/(*4! H(5H4*8;2>! Q51=3*42(+f! /2<2:(3! :146! 2++1(+f!
>5<<2::(3!>5<<1=2:A!4(+23(=:+f!*=3!:;(!84(+(=>(!56!4(+514>(+!=(*4QA!2=>/132=H!(<8/5A<(=:T!*B*2/*Q/(!/*=3T!
=*:14*/!*<(=2:2(+T!*=3!81Q/2>!2=64*+:41>:14(!2<845B(<(=:+M!
Š‡ Dzƒ…„‘‡ ”‰ƒ‹œƒ–‹‘=dz >% &'(('#% ?'.$9% )*++,-.$."#% )*'(.$.*-% :&?));<! ! .9##! 2+! ƚŚĞ ͞ďĂĐŬďŽŶĞ!
54H*=2S*:25=͟! 2=! :;(! 4"((-,"#-5267! 8*4:=(4+;28! ʹ! :;(! (=:2:A! :;*:! 845B23(+! :;(! >55432=*:25=! 654! +1>>(++61/!
3(B(/58<(=:!*=3!2<8/(<(=:*:25=!56!:;2+!>5<84(;(=+2B(!8/*=M!!.9##!K*+!654<(3!2=!PYYZ!QA!?*A54!L*14*!?2//(4T!
*=3! K2:;! +18854:! 645<! 654<(4! ?*A54!'5<!L(88(4:! 2:! ;*+! Q(>5<(! *=! ĞŶŐŝŶĞ ĨŽƌ ǁŚĂƚ ƐĐŚŽůĂƌƐ ĐĂůů͞ĐŽůůĞĐƚŝǀĞ
2<8*>:M͟! ! C;2/(! &͛Ɛ ƉĂƌƚŶĞƌƐ <*J(! ():4*5432=*4A! (6654:+!K54J2=H! 2=! :;(24! 8*4:2>1/*4! *4(*+!56!()8(4:2+(T! :;(!
ŝŶƐŝŐŚƚ ƚŚĂƚ ŚĂƐ ƉƌŽƉĞůůĞĚ &͛Ɛ ŐƌŽǁƚŚ ŝƐ ƚŚĞ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĂƚ! 2=32B231*/! 2=:(4B(=:25=+! K2//! =5:! 4(8*24! *!
Q45J(=!+A+:(<f!*!>5//*Q54*:2B(!(6654:!2+!4(c124(3!654!>5<84(;(=+2B(!>5<<1=2:A!4(H(=(4*:25=M!
),11"-$% ?*4,#<! ! 34,5'%.*-! .$! 673! 8#/! $%1'%#9/! :*1! *2#15*+.-9! ;*2#1%/T! *=3! :;(! 4"((-,"#-5267͛Ɛ! 65>1+! 5=!
;51+2=H! 654! 6*<2/2(+! *=3! \5Q! >4(*:25=! 654! *31/:+! *=3! *35/(+>(=:+! 2+! 2=:(H4*/! :5! :;(! >4(*:25=! 56! *! /(*4=2=H!
(=B245=<(=:!:;*:!;(/8+!>;2/34(=!H45K!:5!*31/:;553!K2:;!:;(!+J2//+!*=3!J=5K/(3H(!:;(A!=((3!:5!6*>(!*!>5<8/()!
K54/3M!!';(!ŽůůĂďŽƌĂƚŝǀĞ͛Ɛ!H5*/!2+!:5!>55432=*:(!*>:2B2:2(+!2=!*//!:;4((!*4(*+!+5!*+!:5!ĐƌĞĂƚĞ͞'!$':#%/!-#%!<*2#-!
$*!%.9=%(/!%='%!5=.(41#-!.-!%=#!-#.9=0*1=**4!>,$%!5'-?%!$(.;!%=1*,9=@P͟!
@% #,44"##A,(% +*3"(% Ȃ% 89"% ƒ”Ž‡ Š‹Ž†”‡ǯ• ‘‡% :B)C;<! ! /Ĩ LJŽƵ͛ǀĞ ƐĞĞŶ ƚŚĞ ŵŽǀŝĞ ͞tĂŝƚŝŶŐ ĨŽƌ
^ƵƉĞƌŵĂŶ͟ Žƌ ƌĞĂĚ ƚŚĞ Ŭ ͞tŚĂƚĞǀĞƌ /ƚ dĂŬĞƐ͗ dŚĞ YƵĞƐƚ ƚŽ ŚĂŶŐĞ ,ĂƌůĞŵ ĂŶĚ ŵĞƌŝĐĂ͟ ďLJ WĂƵů dŽƵŐŚ͕
LJŽƵ͛ǀĞǁŝƚŶĞƐƐĞĚƚŚĞďƌŝůůŝĂŶĐĞĂŶĚĐŽŵŵŝƚŵĞŶƚŽĨ,ĨŽƵŶĚĞƌ'ĞŽĨĨƌĞLJĂŶĂĚĂ͕ǁŚŽŚĂƐƐƉĞŶƚŽǀĞƌϮϬLJĞĂƌƐ
845B2=H!:;*:!K2:;!:;(! 42H;:!+18854:T! J23+!2=!(B(=!:;(!<5+:! >;*//(=H2=H!+5>2*/!*=3!(>5=5<2>!>24>1<+:*=>(+!>*=!
()>(/!*>*3(<2>*//AM!!!
7#[͛Ɛ ƐƵĐĐĞƐƐ ƌĞůŝĞƐ ƵƉŽŶ *! &#-2-&3($ 43))! 56! (=H*H(3T! (66(>:2B(! 6*<2/2(+! *=3! +18854:! +A+:(<+! K2:;! 53#(6$ 3.7$
8#"/#5))-95$-.25#95.2-".!2=!:;(24!ĐŚŝůĚƌĞŶ͛Ɛ3(B(/58<(=:M!!,͞ŝƐ͙$/$%#+'%.5'((/!5**14.-'%.-9!:K5!4(/*:(3!*4(*+!
56! K54Jd! 845H4*<+! 65>1+(3! 5=! *334(++2=H! :;(! >42:2>*/! =((3+! 56! >;2/34(=! *=3! 6*<2/2(+T! *=3! :*4H(:(3! (6654:+! :5!
4(Q12/3! :;(! Q*+2>! ĐŽŵŵƵŶŝƚLJ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘͟ , ŽĨĨĞƌƐ ĐƌĂĚůĞR:5R>5//(H(! 845H4*<+! 2=! :;4((! Q45*3! *4(*+d!
ĐŚŝůĚƌĞŶ͛ƐƐŽĐŝĂůĂŶĚĞĚƵĐĂƚŝŽŶĂůŶĞĞĚƐ͕!6*<2/A!+5>2*/!+(4B2>(+T!*=3!+:4(=H:;(=2=H!>5<<1=2:A!2=+:2:1:25=+M!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
X
!^ƚĂŶĨŽƌĚ^ŽĐŝĂů/ŶŶŽǀĂƚŝŽŶZĞǀŝĞǁ͕͞ŽůůĞĐƚŝǀĞ/ŵƉĂĐƚ͕͟;::8dggKKKM++24(B2(KM54Hg*4:2>/(+g(=:4Ag>5//(>:2B(h2<8*>:g!!
P
!EĞǁzŽƌŬdŝŵĞƐDĂŐĂnjŝŶĞĚĞƐĐƌŝďŝŶŐdŚĞ,ĂƌůĞŵŚŝůĚƌĞŶ͛ƐŽŶĞ͕;::8dggKKKM;>SM54Hg*Q51:R1+g*Q51:RH(5664(AR>*=*3*!

U!
!
D*:;(4! :;*=! >4(*:(! *! =(K! =5:R654R84562:! /2J(! 7#[! :5! Q(! :;(! +5/(! 845B23(4! 54H*=2S*:25=T! .9##! Q12/:! 5=! :;(!
+:4(=H:;+!56!()2+:2=H!C(+:!.*//*+!54H*=2S*:25=+!*=3!>4(*:(3!*!8/*=!:5!1=2:(!:;(<!*+!5=(!2=!*!>5//*Q54*:2B(!(6654:!
ǁŝƚŚ ƚŚĞ ƐĂŵĞ ŽďũĞĐƚŝǀĞƐ ĂƐ ,͛Ɛ ŶĞǁ ͞ƐŽĐŝĂů ƐĞƌǀŝĐĞ ƉĂƌĂĚŝŐŵ͘͟  dŚĞ 4"((-,"#-5267! 2+! 3(+2H=(3! :5! <5Q2/2S(!
iXYY??! 2=! 2=B(+:<(=:+! *=3! H123(! :;(! :14=*451=3! 56! C(+:! .*//*+T! Q12/32=H! >5<<1=2:2(+! 65>1+(3! 5=! +:45=H!
+>;55/+! *=3! Q(>5<2=H! *! <53(/! 654! +1+:*2=*Q/(! >5<<1=2:A! 4(3(B(/58<(=:! *>>5<8/2+;(3! 2=! \52=:! 8*4:=(4+;28!
Q(:K((=!<*=A!=5=R84562:+!K54J2=H!2=!>5=>(4:!ʹ!*!+:4*:(HA!2=!1+(!=5K;(4(!(/+(!2=!:;(!>2:A!56!.*//*+M!
D9'#"%E%>%89"%4"((-,"#-5267$!"#$0"1)2.3$:(',-49"3%FGGH;<!!';4((!54H*=2S*:25=+!ʹ!.*//*+!"4(*!7*Q2:*:!654!
71<*=2:A!*=3!012/3(4+!56!758(T!K2:;!+18854:!*+!=((3(3!645<!.9##!ʹ!;*B(!Q((=!K54J2=H!+2=>(!PYYa!:5!3(/2B(4!
*66543*Q/(!;51+2=H!2=!C(+:!.*//*+M!!@2=>(!PYY]T!:;(!>5//*Q54*:54+!;*B(!Q((=!K54J2=H!5=!*!\52=:!845\(>:!:5!Q12/3!54!
84(+(4B(!X_]!*66543*Q/(!;5<(+T!845B232=H!+;(/:(4!*=3!Q12/32=H!*++(:+!654!UYY!8(58/(M!!!
';2+!:;4((RA(*4!845\(>:!K*+!61=3(3!2=!8*4:!K2:;!iVMa??!2=!H*8!62=*=>2=H!645<!';(!D((+Rj5=(+!951=3*:25=M!!":!
/(*+:! iXa??! K*+! *33(3! :5! :;(! :*)! Q*+(T! ZU! +/1</543! 8458(4:2(+! K(4(! 4(<5B(3T! :;(! >42<(! 4*:(3! 34588(3! 2=!
+5<(!+14451=32=H!Q/5>J+!QA!UYk!54!<54(T!*=3!XVY!6*<2/2(+!*4(!(=\5A2=H!:;(!Q(=(62:+!56!;5<(5K=(4+;28!*+!:;(A!
*33!:;(24!+J2//+!*=3!H26:+!:5!/26(!2=!C(+:!.*//*+M!
D9'#"% EE% >% 89"% 4"((-,"#-5267$ !"#$ %&'""()$ :(',-49"3% FGGI;<! ! ';(! ŝŵďĂůĂŶĐĞƐ ŽĨ ŵĞƌŝĐĂ͛Ɛ ĞĚƵĐĂƚŝŽŶĂů
+A+:(<!*4(!:;(!>2B2/!42H;:+!2++1(!56!514!:2<(T!:;(A!*4(!8/*A2=H!51:!2=!C(+:!.*//*+!*=3!*>45++!514!>2:AT!*=3!.$@.!K2//!
=(B(4!Q(!*Q/(!:5!:14=!:;2=H+!*451=3!*/5=(M!';(!Q14(*1>4*>A!2+!:55!Q2HM!!';(!+>;55/+!:;*:!=((3!:;(!<5+:!;(/8!*4(!
+14451=3(3! QA! H42=32=H! 85B(4:AM! ! ".%=*,%! +'>*1! .-%#12#-%.*-$A! <#! <.((! '((! 5*-%.-,#! %*! :'.(! %=*,$'-4$! *:!
$%,4#-%$!.-!&'(('$A!#2#1/!/#'1A!/#'1!':%#1!/#'1@!!
';(!4"((-,"#-5267$!"#$%&'""()!>144(=:/A!2=>/13(+!62B(!>5<85=(=:+d!
x "3B5>*>A!654!c1*/2:A!(31>*:25=!:;*:!342B(+!>5<<1=2:A!+18854:!654!4(654<!
x #4(*:25=!56!>5<<1=2:A!2=64*+:41>:14(!:5!+18854:!(31>*:25=!4(654<!!
x N*4:=(4+;28! K2:;! *! B*42(:A! 56! (31>*:25=*/! 845B23(4+! 2=>/132=H! >;*4:(4! *=3! 8*45>;2*/! +>;55/+! :5! <53(/!
Q(+:!84*>:2>(+!!
x ?(*+14(<(=:!*=3!4(62=(<(=:!56!>5<<1=2:A!*=3!(31>*:25=*/!:4*=+654<*:25=!*>:2B2:2(+!!
x -=H*H(<(=:!56!+:13(=:+!2=!:;(24!5K=!+1>>(++!
"+! :;(! 4"((-,"#-5267$ !"#$ %&'""()! *>;2(B(+! Q45*3(4! *>>(8:*=>(! *<5=H! C(+:! .*//*+! 54H*=2S*:25=+T! *332:25=*/!
845H4*<<2=H!K2//!Q(!*33(3M!
D9'#"% EEE% Ȃ% 89"% 4"((-,"#-5267$ !"#$ +",)$ :$*% 0"% (',-49"3% FG=F>=J;<% % ';(! ŽůůĂďŽƌĂƚŝǀĞ͛Ɛ! K54J! 2=! :;(!
(31>*:25=!+(>:54!K2//!4(<*2=!&ĂŶĚƚŚĞƉĂƌƚŶĞƌƐ͛842<*4A!65>1+!:;451H;!*:!/(*+:!PYXUM!!-)(>1:25=!56!N;*+(!$$$!
56!:;(!>5<84(;(=+2B(!8/*=!ʹ!>4(*:25=!56!/2B*Q/(!K*H(!\5Q+!2=!C(+:!.*//*+!ʹ!2+!()8(>:(3!:5!Q(H2=!2=!PYXPRXUM!
"!>5<84(;(=+2B(!/*=3R1+(!8/*=!2+!56:(=!23(=:262(3!*+!*=5:;(4!>42:2>*/!>5<85=(=:!2=!:;(!4(3(B(/58<(=:!56!C(+:!
.*//*+M!!';(!4"((-,"#-5267!+18854:+!:;(!(6654:+!56!:;(!#2:A!56!.*//*+T!14Q*=!8/*==(4+!*=3!/5>*/!Q1+2=(++!8(58/(!2=!
Q42=H2=H!:5H(:;(4!:;(!B*4251+!/*=3R1+(!8/*=+!=5K!2=!58(4*:25=!2=!C(+:!.*//*+!2=:5!*!+2=H/(!>55432=*:(3!+:4*:(HAT!
K;2/(!4(<*2=2=H!65>1+(3!5=!2:+!5K=!K54J!56!*++142=H!*!>5<84(;(=+2B(!+:4*:(HA!654!:;(!+5>2*/!+(>:54M!
K"'#,1.-L% .$% @((% Ȃ% 89"% K"$1.4#% D1*M"4$<% % C54J2=H! K2:;! *! 654<*/! *H4((<(=:! Q(:K((=! PY! 8*4:=(4+! 2=! :;(!
#"((-,"#-5267T% .9##! ;*+! 2=:4531>(3! *! :55/! K;2>;! K2//! (c128! :;(! +5>2*/! +(>:54! :5! +2H=262>*=:/A! 2<845B(! 2:+!
51:>5<(+! Q5:;! 2=32B231*//A! *=3! >5//(>:2B(/Ad! 8(4654<*=>(! <(:42>+! K2:;! 4(H1/*4! 51:>5<(+! <(*+14(<(=:! *=3! *!
4(62=(<(=:! >A>/(! 654! 2=32B231*/! 8*4:2>28*=:+! *=3! 654! :;(! H4518! *+! *! K;5/(M! ! C;2/(! :;(! 2<<(32*:(! 51:>5<(! 2+!
(+:*Q/2+;2=H!*=3!1+2=H!<(:42>+!G9(Q41*4A!:;451H;!.(>(<Q(4!PYXXIT!;*B2=H!*=3!1+2=H!<(:42>+!5B(4!:;(!=():!62B(!
A(*4+!K2//!(=*Q/(!<(*+14(<(=:!T!4(62=(<(=:!*=3!2=>4(*+(+!2=!:;(!(66(>:2B(=(++!56!:;(!(=:24(!C(+:!.*//*+!+5>2*/!
+(>:54M!!$:!K2//!*/+5!+(4B(!*+!*!<53(/!654!<(*+142=H!:;(!(66(>:2B(=(++!56!>5//*Q54*:2B(!(6654:+!2=!5:;(4!H(5H4*8;2>!
*4(*+!56!:;(!>2:AM!!$=2:2*/!H5*/!+(::2=H!*=3!23(=:262>*:25=!56!51:>5<(+!:5!Q(!3(/2B(4(3!QA!:;(!H4518!K2//!Q(!/(3!QA!
:;(!O'.!$=+:2:1:(!56!N1Q/2>!"66*24+M!?(:42>+!K2//!Q(!3(B(/58(3!*=3!<(*+14(<(=:!K2//!Q(!>5<8/(:(3!QA!:;(!O'.!
$=+:2:1:(! 56! O4Q*=! N5/2>A! @:132(+M! ! .9##! 2+! 2=! >5=B(4+*:25=! K2:;! :;(! @?O! @2<<5=+! @>;55/! 56! -31>*:25=! *=3!
71<*=! .(B(/58<(=:! :5! <(*+14(! 51:>5<(+! 56! :;(! >5//*Q54*:2B(! K54J! 5=! 2<845B2=H! +:13(=:! 8(4654<*=>(M!

Z!
!
! !"#$%&'(('#%B.#$*1/J!
!
C(+:!.*//*+!ŽƌŝŐŝŶĂƚĞĚĂƐĂĐŽŵŵƵŶŝƚLJŽŶƚŚĞŽƵƚƐŬŝƌƚƐŽĨĂůůĂƐ͕ĨŽƵŶĚĞĚĂƐĂƐƋƵĂƚƚĞƌƐ͛ƐĞƚƚůĞŵĞŶƚ!2=!X]]a!:5!
+(4B(!:;(!/*Q54!=((3+!56!*!/5>*/!HA8+1<!<2=(!ʹ!:;(!'()*+!N54:/*=3!#(<(=:!l1*44AM!!751+2=H!Q12/:!:5!+;(/:(4!:;(!
ůĂďŽƌĞƌƐǁĂƐƐŚŽĚĚLJĂŶĚŝŶƚĞŶĚĞĚĂƐƚĞŵƉŽƌĂƌLJ͖ŚŽǁĞǀĞƌ͕ĂĨĞǁŽĨƚŚĞŚŽŵĞƐƐƚŽŽĚǁĞůůŝŶƚŽƚŚĞůĂƚĞϭϵϳϬ͛Ɛ͕
*=3! :;(24! >5=+:41>:25=! +(:! :;(! +:*=3*43! :;*:! 2+! +:2//! 2=! (B23(=>(! :53*AM! ! 0A! X_UZ! =(K+8*8(4! +:542(+! >2:(3! :;(!
͞ŵƵĐŬĂŶĚĨŝůƚŚŽĨƚŚĞtĞƐƚĂůůĂƐ^ƋƵĂƚƚĞƌƐĂŵƉ͘͟!
/ŶϭϴϵϯtĞƐƚĂůůĂƐ͞ƐĐŚŽŽůĂŐŝƚĂƚŽƌƐ͟ǀŽƚĞĚƚŽĨŽƌŵƚŚĞtĞƐƚĂůůĂƐ/ŵƉƌŽǀĞŵĞŶƚƐƐŽĐŝĂƚŝŽŶĨŽƌƚŚĞ͞ŐĞŶĞƌĂů
18RQ12/ĚŝŶŐŽĨtĞƐƚĂůůĂƐ͕͟ĨŽƵŶĚĞĚŝƚƐĨŝƌƐƚƐĐŚŽŽůĂŶĚĂƉƉƌŽǀĞĚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂƚǁŽR+:54A!Q42>J!+:41>:14(!
K;2>;!>/5+(3!:K5!A(*4+!/*:(4!31(!:5!/*>J!56!61=3+M!!$=!X_Y_!:;(!624+:!8(4<*=(=:!+>;55/T!';5<*+!"M!-32+5=T!K*+!
58(=(3!*+!*!64((!81Q/2>!+>;55/M!!
.142=Ő ƚŚĞ ϭϵϰϬƐ tĞƐƚ ĂůůĂƐ͛ ƉŽƉƵůĂƚŝŽŶ ŝŶĐƌĞĂƐĞĚ ĨŽƵƌĨŽůĚ ĂƐ ǀĞƚĞƌĂŶƐ ƌĞƚƵƌŶĞĚ ĨƌŽŵ ǁĂƌ ĂŶĚ ŝŶĚƵƐƚƌŝĂů
K54J(4+!2<<2H4*:(3!:5!:;(!*4(*M!!01:!*+!*=!2=3(8(=3(=:!>2:AT!:;(!3(B(/58<(=:!56!C(+:!.*//*+!K*+!=5:!+1Q\(>:!:5!
H5B(4=<(=:*/!>5=:45/+!+1>;!*+!+1Q32B2+25=T!S5=2=H!54!Q12/32=H!>53(+M!!"!X_Z]!+14B(A!651=3!:;*:!5=/A!UMa!8(4>(=:!
56!;51+(;5/3+!;*3!6/1+;!:52/(:+T!*=3!\1+:!VM]!8(4>(=:!;*3!Q*:;2=H!6*>2/2:2(+!K2:;!41==2=H!K*:(4M!!';(+(!1=+*=2:*4A!
>5=32:25=+! 845<8:(3! *! 81+;! 654! *==()*:25=! 56! :;(! *4(*! QA! :;(! >2:A! 56! .*//*+! GX_VPIT! *=3! :;(! .*//*+! 751+2=H!
"1:;542:A!G.7"I!Q(H*=!>5=+:41>:25=!56!*!UTVYY!1=2:!81Q/2>!;51+2=H!>5<8/()T!:;(!/*4H(+:!>5=>(=:4*:25=!56!/5KR42+(!
81Q/2>!;51+2=H!654!6*<2/2(+!2=!:;(!O=2:(3!@:*:(+M!
?148;! ?(:*/+! G*>c124(3! QA! D@D! #54854*:25=! 2=! X_WXI! 58(=(3! *! aUR*>4(! +(>5=3*4A! /(*3! +<(/:(4! 845>(++2=H!
6*>2/2:A!2=!X_Ua!*:!@2=H/(:5=!051/(B*43!*=3!C(+:<54(/*=3!D5*3T!B(4A!>/5+(!:5!K;(4(!:;(!81Q/2>!;51+2=H!>5<8/()!
K*+!/*:(4!Q12/:M!!@2=>(!6(K!4(+23(=:+!>51/3!*66543!:;(!/1)14A!56!*24!>5=32:25=2=HT!2=!:;(!+1<<(4+!:;(A!J(8:!3554+!
*=3!K2=35K+!58(=!:5!>5<Q*:!:;(!;(*:T!K;2>;!()85+(3!:;(<!:5!*24Q54=(!:5)2=+!(B(=!K;2/(!:;(A!K(4(!2=3554+M!!
.142=H!:;2+!:2<(!>5=>(4=+!2=>4(*+(3!*Q51:!:;(!;(*/:;!(66(>:+!56!:;(!/(*3!(<2++25=+T!8*4:2>1/*4/A!5=!>;2/34(=M!!';(!
#2:A!56!.*//*+!(=*>:(3!*!/(*3!>5=:45/!5432=*=>(!2=!X_a]M!!$=!:;(!X_aY+!:;(!+<(/:(4!4(/(*+(3!<54(!:;*=!Pa_!:5=+!56!
/(*3!8*4:2>/(+!2=:5!:;(!*24!(*>;!A(*4M!!"!.*//*+!7(*/:;!.(8*4:<(=:!+:13A!GX_WPI!651=3!:;*:!>;2/34(=!/2B2=H!=(*4!
+<(/:(4+!;*3!*!Uak!2=>4(*+(!2=!Q/553!/(*3!/(B(/+M!
&1<(451+! (=654>(<(=:! *>:25=+! *=3! >5<8/2*=>(! (6654:+! K(4(! 2=2:2*:(3! 2=! :;(! (*4/A! X_WY+MZ! ! ';(! /(*3! +<(/:(4!
8(4<*=(=:/A!>(*+(3!58(4*:25=+!2=!X_]ZT!*=3!4(<(32*/!K54J!:5!4(<5B(!/(*3R>5=:*<2=*:(3!K*+!1=3(4:*J(=M!!#2B2/!
/2:2H*:25=! K*+! Q451H;:! *+! K(//T! *=3! 2=! :;(! +1<<(4! 56! X_]V! *! iPY??! 51:R56R>514:! +(::/(<(=:! K*+! 4(*>;(3!
Q(:K((=! D@D! #548M! *=3! 94(3! 0*45=T! K;5! 4(84(+(=:(3! UWY! >;2/34(=! *=3! ZY! 8458(4:A! 5K=(4+! K;5! K(4(! *//!
*66(>:(3!QA!:;(!/(*3!(<2::(3!645<!D@DM!!"!+(>5=3!+52/!4(<5B*/!(6654:!Q(H*=!2=!X__XT!:;2+!:2<(!324(>:(3!QA!-N"T!
*=3!2=!?*A!X__U!:;(!#/2=:5=!*3<2=2+:4*:25=!3(>/*4(3!C(+:!.*//*+!:5!Q(!:;(!/*4H(+:!/(*3R>5=:*<2=*:(3!@18(461=3!
+2:(!2=!:;(!O=2:(3!@:*:(+M!
D(+23(=:+! K;5! ;*3! Q((=! 81+;2=H! 654! 3(>*3(+! :5! +5/B(! :;(! 845Q/(<! >51/3! 62=*//A! /*A! :;(24! >*+(! :5! 4(+:! 5=!
@(8:(<Q(4! P]T! X__Z! K;(=! :;(! -N"! +2H=(3! *! N4(/2<2=*4A! #/5+(R%1:! D(854:! 654! :;(! D@D! #548M! @18(461=3! +2:(T!
+:*:2=H! >/(*=R18! 654! *//! :;(! 1=2:+! ;*3! Q((=! >5<8/(:(3M! ! ';(! -N"! +2H=(3! *! D(*3A! 954! D(1+(! 35>1<(=:! 2=! ?*A!
PYYVT!3(>/*42=H!:;(!+2:(!4(*3A!654!4(1+(!54!4(3(B(/58<(=:M!!';(!-N"!4(854:(3!:;*:!:;(!>/(*=R18!4(+1/:(3!324(>:/A!
2=!/5K(4!/(*3!Q/553!/(B(/+!2=!>;2/34(=M!!';(! >5<<1=2:A!*/+5!Q(=(62:(3!QA!;*B2=H!ZYY!8458(4:2(+T!2=>/132=H!UYY!
*>4(+!56!>5<<(4>2*/!8458(4:AT!(/2<2=*:(3!56!>5=:*<2=*:25=M!!
';(!81Q/2>!;51+2=H!>5<8/()T!2=:(=3(3!:5!845B23(!+*=2:*4A!;51+2=H!654!K54J(4+T!Q(>*<(!:;(!+514>(!56!:;(!/*4H(+:!
*=3!QA!6*4!<5+:!3(+:41>:2B(!2<8*>:!5=!C(+:!.*//*+!5B(4!:;(!3(>*3(+!*6:(4!2:+!>5=+:41>:25=M!!';(!:3(;5#!81Q/2>!
;51+2=Hg@(>:25=! ]! 3(+(H4(H*:25=! /2:2H*:25=! Q(H*=! 2=! X_]V! K2:;! *! +12:! QA! .(Q4*! C*/J(4! *H*2=+:! :;(! >2:A! 56!
?(+c12:(T!*//(H2=H!B25/*:25=!56!:;(!XZ:;!"<(=3<(=:!*=3!5:;(4!>2B2/!42H;:+!/*K!845;2Q2:2=H!4*>2*/!32+>42<2=*:25=!2=!
;51+2=HM! ! ';(! +12:! K*+! +1Q+(c1(=:/A! *<(=3(3! :5! Q42=H! 2=! .7"T! :;(! OM@M! .(8*4:<(=:! 56! 751+2=H! *=3! O4Q*=!
.(B(/58<(=:!G7O.IT!*=3!:;(!#2:A!56!.*//*+!*=3!Q(>*<(!*!>/*++!*>:25=M!
!

V!
!
';(!/2:2H*:25=!K*+!*!>5<8/2>*:(3!845>(++!2=B5/B2=H!<1/:28/(!*88(*/+M!!72H;/2H;:+!2=>/13(Vd!
x O=3(4!:;(!2=2:2*/!X_]W!>5=+(=:!3(>4((T!7O.!*=3!.7"!*H4((3!:5!3(<5/2+;!*=3!4(8/*>(!PTaYY!56!:;(!UTVYY!
1=2:+!*=3!4(;*Q2/2:*:(!:;(!4(<*2=2=H!_YY!1=2:+M!!01:!:;(!>5=+(=:!3(>4((!Q(>*<(!1=K54J*Q/(!Q(>*1+(!56!
/5>*/!*=3!6(3(4*/!H5B(4=<(=:!5885+2:25=M!
x $=!X__P!*=3!X__UT!:;(!#2:AT!7O.T!*=3!.7"!+51H;:!>514:!*8845B*/!654!*!PTYYY!1=2:!81Q/2>!;51+2=H!845\(>:!
5=!:;(!C(+:!.*//*+!+2:(M!!$=!543(4!:5!5Q:*2=!:;2+!*8845B*/T!:;(!3(6(=3*=:+!>/*2<(3!:;(A!K51/3!=5:!5=/A!
4(;*Q2/2:*:(! *=3! 4(B2:*/2S(! :;(! C(+:! .*//*+! 845\(>:! Q1:! 35! :;(! +*<(! 654! :;(! (=:24(! C(+:! .*//*+!
=(2H;Q54;553M!';(!=(2H;Q54;553!4(B2:*/2S*:25=!*=3!4(3(B(/58<(=:!(6654:+!K(4(!/*:(4!34588(3!Q(>*1+(!
ŽĨƚŚĞĞdžƉĞŶƐĞŽĨƐƵĐŚĂŶƵŶĚĞƌƚĂŬŝŶŐ͕ĂŶĚŽŶƉůĂŝŶƚŝĨĨƐ͛ŽƉƉŽƐŝƚŝŽŶƚŚĞϮ͕ϬϬϬƵŶŝƚƉůĂŶǁĂƐĚƌŽƉƉĞĚ͘!
x ';(!X__Z!#2+=(45+!N/*=!K51/3!;*B(!4(3(B(/58(3!XTaYY!1=2:+!56!81Q/2>!;51+2=H!2=!:;(!C(+:!.*//*+!845\(>:M!!
WůĂŝŶƚŝĨĨƐ ŽƉƉŽƐĞĚ ƚŚŝƐ ƉůĂŶ ŝŶ ƉĂƌƚ ďĞĐĂƵƐĞ ŽĨ ƚŚĞ ĚĞĨĞŶĚĂŶƚƐ͛ ƌĞĨƵƐĂů ƚŽ ĐŽƌƌĞĐƚ ƚŚĞ ďůŝŐŚƚĞĚ ĂŶĚ
;*S*4351+!>5=32:25=+!2=!*=3!*451=3!:;(!C(+:!.*//*+!845\(>:M!';(!3(6(=3*=:+!+1Q+(c1(=:/A!4(31>(3!:;(!
=1<Q(4!56!1=2:+!84585+(3!654!C(+:!.*//*+!:5!XTPYY!1=2:+!*=3!:;(=!:5!=5!<54(!:;*=!_VY!1=2:+M!N/*2=:266+!
*>>(8:(3! :;(! 84585+*/! 654! _VY! 1=2:+T! :;(! /(B(/! +(:! QA! :;(! X_]W! >5=+(=:! 3(>4((M! ';(! 32+:42>:! >514:!
*8845B(3!:;2+!<53262(3!B(4+25=!2=!X__aM!!!
05:;!:;(!32+:42>:!>514:!*=3!:;(!926:;!#24>12:!*>>(8:(3!:;(!>;*4*>:(42S*:25=!56!:;(!UTVYY!1=2:!C(+:!.*//*+!81Q/2>!
;51+2=H!ƉƌŽũĞĐƚĂƐΗĂŐŝŐĂŶƚŝĐŵŽŶƵŵĞŶƚƚŽƐĞŐƌĞŐĂƚŝŽŶĂŶĚŶĞŐůĞĐƚ͘͟dŚĞũƵĚŝĐŝĂůƉƌŽĐĞĞĚŝŶŐƐŽŶƚŚĞƌĞŵĞĚLJ
/*+:(3!1=:2/!X__aT!*=3!2=!PYYU!*=3!PYYZ!*H4((<(=:+!K(4(!4(*>;(3!4(/(*+2=H!:;(!#2:A!*=3!,ĨƌŽŵƚŚĞĐŽƵƌƚ͛Ɛ
\142+32>:25=!2=!+:*H(+M!
O/:2<*:(/AT!>514:!543(4+!(=:(4(3!2=!:;2+!>*+(!845B23(3!:;(!65//5K2=H!4(+514>(+!654!;51+2=H!3(+(H4(H*:25=d!
x "8845)2<*:(/A!_T_YY!=(K!*++2+:(3!1=2:+!<*3(!*B*2/*Q/(!:5!C*/J(4!>/*++!<(<Q(4+f!
x "8845)2<*:(/A! iPP! <2//25=! 654! :;(! >4(*:25=! 56! ;51+2=H! 58854:1=2:2(+! 2=! =5=R2<8*>:(3! .*//*+!
>5<<1=2:2(+f!
x iP!<2//25=!654!*!6*24!;51+2=H!54H*=2S*:25=!65>1+(3!5=!:;(!845Q/(<+!56!/5K!2=>5<(!<2=542:A!6*<2/2(+f!
x 758(!,$!61=32=H!654!_VY!1=2:+!2=!:;(!C(+:!.*//*+!845\(>:f!
x i_Z! <2//25=! 645<! :;(! #2:A! 56! .*//*+!654! =(2H;Q54;553! (c1*/2S*:25=! *=3! (>5=5<2>! 3(B(/58<(=:! 2=! :;(!
81Q/2>!;51+2=H!845\(>:!=(2H;Q54;553+f!*=3!
x iXY!<2//25=!654!<5Q2/2:A!>51=+(/2=H!:5!Q(!1+(3!2=!>5==(>:25=!K2:;!:;(!@(::/(<(=:!,51>;(4!845H4*<M!!!
"+! *! 4(+1/:! 56! :;2+! /2:2H*:25=T! .7"! ;*+! 3(<5/2+;(3! *=3! 4(8/*>(3! 1=2:+! 2=! :;(! L*J(K(+:! .(B(/58<(=:! *=3! ;*+!
K54J(3!K2:;!842B*:(!3(B(/58(4+!*=3!7*Q2:*:!654!71<*=2:A!:5!Q12/3!;1=34(3+!56!=(K!5K=(4R5>>182(3!;5<(+!2=!
*=!*K*43RK2==2=H!*4(*!=5K!J=5K=!*+!F4((=/(*6!,2//*H(M!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
U
!@514>(+!654!:;(!;2+:54A!=*44*:2B(!2=>/13(!:;(!C2J28(32*!*4:2>/(!*Q51:!C(+:!.*//*+T!
;::8dgg(=MK2J28(32*M54HgK2J2gC(+:h.*//*+f!D(B2+(3!C(+:!.*//*+!#5<84(;(=+2B(!L*=3!O+(!@:13AT!#2:A!56!.*//*+!?*A!PaT!X___T!
;::8dggKKKM+51:;(4=3*//*+M54Hg35>1<(=:+g8/*==2=HgWkPYC(+:kPY.*//*+gC(+:kPY.*//*+kPY#5<84(;(=+2B(kPYL*=3kP
YO+(kPY+:13AkPYD(B2+(3kPY?*AkPYX___M836f!72+:54A!56!:;(!.*//*+!751+2=H!"1:;542:AT!
;::8dggKKKM3;*3*/M>5<gF2g*Q51:M;:</T!:;(!@(>5=3!92B(R^(*4!D(B2(K!D(854:!654!:;(!D@D!#54854*:25=!@18(461=3!@2:(T!OM@M!
-N"T!@(8:(<Q(4!PYXYT!;::8dggKKKM(8*MH5Bg4(H25=aga+6g:()*+g4+4g4+4h+(>5=3h62B(hA(*4h4(B2(KaX]Z]PM836f!:3(;5#$9*$
+<=T!.*=2(/!*=3!0(+;*4*T!N#T!;::8dgg3*=2(/Q(+;*4*/*K624<M>5<gK*/J(4B;13M*+8)f!*=3!"H(=>A!654!'5)2>!@1Q+:*=>(+!*=3!
.2+(*+(!D(H2+:4A!G"'@.DIT!N1Q/2>!7(*/:;!"++(++<(=:T!D@D!#54854*:25=T!
;::8dggKKKM*:+34M>3>MH5Bg;*>g8;*g8;*M*+8m35>23nXUZo8HnXM!
Z
!954!*!3(:*2/(3!>;45=5/5HA!+((!:;(!-N"!PYXY!4(854:T!'*Q/(!XT!*=3!:;(!"'@.D!=*44*:2B(T!>7*!
V
!954!*!3(:*2/(3!>;45=5/5HA!+((!C*/J(4!BM!7O.T!.*=2(/!*=3!0(+;*4*T!N#T!;::8dgg3*=2(/Q(+;*4*/*K624<M>5<gK*/J(4B;13M*+8)M!

a!
!
&"+*L1'N9.4#O%
!
&5:(d!#5<8*42+5=+!*4(!:5!#2:A!56!.*//*+!3*:*!1=/(++!5:;(4K2+(!2=32>*:(3M!![28R>53(!/(B(/!>(=+1+!3*:*!654!PYXY!2+!
!
=5:!A(:!*B*2/*Q/(M
6BCD3!E!
"#$%!&'(('$!)*++,-.%/!&#+*91';=.5$! "#$%! ).%/!*:!
F$*+#!-,+0#1$!1*,-4#4G! &'(('$! &'(('$!
HIHJDB6KILM!#N5#;%!<=#1#!-*%#4! ! !
!!!!!'5:*/!8581/*:25=! PZTYaU! XMP??]!
!!!!!?(32*=!*H(! Pa! UU!
!
!!!!!"H(!XW!*=3!1=3(4! U]k PWk!
!!!!!72+8*=2>g"642>*=R"<(42>*=! WPgPVk! ZagPUk!
!
!!!!!@8(*J!@8*=2+;!*:!;5<(! aUMUk U_MVk!
KL)IO3M! ! !
!!!!!N(4!>*82:*!2=>5<(! _T]XU! PZTPWU!
!!!!!?(32*=!;51+(;5/3!2=>5<(!!!!!! PWTWWU! ZUTYaa!
!
!!!!!751+(;5/3+!(*4=2=H!/(++!:;*=!iXVTYYY! UUMPk XZMak!
!!!!!751+(;5/3+!(*4=2=H!/(++!:;*=!iUVTYYY! aYMPk! ZYMak!
!
!!!!!9*<2/2(+!K2:;!>;2/34(=!/2B2=H!Q(/5K!85B(4:A!/(B(/! UWMVk XaM]k!
3&J)B6KILM! ! !
!!!!!"//!4(+23(=:+!*H(!PVe!K;5!=(B(4!>5<8/(:(3!;2H;!+>;55/! aWMXk! UYMak!
!!!!!72+8*=2>!4(+23(=:+!*H(!PVe!K;5!=(B(4!>5<8/(:(3!;2H;!+>;55/! WPMak! aXM_k!
!!!!!D(+23(=:+!K;5!*4(!>5//(H(!H4*31*:(+! Pk! PWk!
Q
!!H.-8$%*-!5*+;'1#4!%*!&KP& R! ! !
!!!!!PYY_!H4*31*:(+!K;5!:55J!@"'!54!"#'! ZYMVk! aZMVk!G.$@.I!
!
!!!!!PYY_!()*<2=((+!+>542=H!*:!54!*Q5B(!>42:(425=!GXXYY!@"'!54!PZ!"#'I! UMPk XYMVk!G.$@.I!
!!!!!"B(4*H(!@"'!654!#/*++!56!PYY_! W_]! ]aX!G.$@.I!
!!!!!#/*++!56!PYY_!>5<8/(:25=!+:*:2+:2>+d! ! !
!!!!!!!!!!N(4>(=:!56!>/*++!K;5!(*4=(3!;2H;!+>;55/!328/5<*!2=!Z!A(*4+! V_Mak! aWMak!G.$@.I!
!!!!!!!!!!WĞƌĐĞŶƚǁŚŽĚŝĚŶ͛ƚĞĂƌŶĚŝƉůŽŵĂŝŶϰLJĞĂƌƐĂŶĚK;(4(!:;(A!K(=:d! ZYMZk! UPMZk!G.$@.I!
!!!!!!!!!!!!!!!R!-*4=(3!F-.! !XMPk! !!YMak!G.$@.I!
:; !
!!!!!!!!!!!!!!!R!#5=:2=1(3!7M@M!654!V !A(*4!G<*=A!K2//!3458!51:I! X]M]k XPMWk!G.$@.I!
!!!!!!!!!!!!!!!R!.4588(3!51:!3142=H!:;5+(!Z!A(*4+! PYMZk! X_MXk!G.$@.I!
XY G()>(8:!K;(4(!=5:(3I!
3OHDISO3L6TU3DB63& ! ! !
!!!!!O=(<8/5A<(=:!4*:(!G=5:!5662>2*/I!>51=:2=H!5=/A!:;5+(!/55J2=H!654!K54J! XPMV_k! WM_k!
!!!!!"H(!Xae!(<8/5A(3!54!2=!<2/2:*4A!*+!k!56!:5:*/!8581/*:25=! VPMPak! aUMXPk!
!!!!!"H(!Xae!=5:!(<8/5A(3!*+!k!56!:5:*/!8581/*:25=!G2=>/M!:;5+(!=5:!/55J2=HI! ZWMWZk! UaM]]k!
XX
!!!!!-<8/5A<(=:!3(=+2:A!G\5Q+!8(4!+c1*4(!<2/(I! XTaZ_ ! PTP]VXX!
!!!!!751+(;5/3+!=5:!5K=2=H!*:!/(*+:!5=(!>*4! PUkW! XYkW!
EV ()>(8:!K;(4(!=5:(3
73BD67 ! ! ! !
!!!!!024:;+!8(4!XTYYY!6(<*/(+!*H(!XVRX_! aURXYYXU! ZXMVXZ!GOM@MI!
!!!!!N(4>(=:!56!Q24:;+!:5!<5:;(4+!1=3(4!PY! ZZk! P]k!G>51=:AI!
!
!!!!!N(4>(=:!56!Q24:;+!:5!1=<*442(3!<5:;(4+! aWk VXk!G>51=:AI!
!!!!!N(4>(=:!56!Q24:;+!:5!<5:;(4+!K2:;51:!*!;2H;!+>;55/!3(H4((! UYk! PXk!G>51=:AI!
a!
!!!!!N(4>(=:!1=2=+14(3! aYk !
7IJPKLW!F$##!6'0(#!X!:*1!5#-$,$!%1'5%!4'%'GW! ! !
!
!!!!!?(32*=!5K=(4R5>>182(3!;51+2=H!B*/1(! iZaT]aU iXPVTVPa!
!
!!!!!?(32*=!*H(!56!;51+2=H!1=2:+! ZW UW!

W!
!
!

U.5='14$*-!!
6BCD3!V!

7.9=('-4!
H.-8$%*-!
!

&'(('$!!!

H('-*!!
)*+;'1.$*-$!!*:!H.-8$%*-!%*!&'(('$!KP&!'-4!*%=#1!L*1%=!6#N'$!

H'18!!
P5=**(!&.$%1.5%$EY!

PYY_!H4*31*:(+!K;5!:55J!@"'!54!"#'! ZYMVk! aZMVk! WZM]k! W]MYk! mXa!


PYY_! ()*<2=((+! +>542=H! *:! 54! *Q5B(! >42:(425=! GXXYY! @"'! 54! PZ!
"#'I! UMPk! XYMVk! ZXM]k! aZMZk! WVMZk!
"B(4*H(!@"'!654!#/*++!56!PYY_! W_]! ]aX! XYVZ! XXaV! XPYU!
#/*++!56!PYY_!>5<8/(:25=!+:*:2+:2>+d! ! ! ! ! !
!!!!N(4>(=:!56!>/*++!K;5!(*4=(3!;2H;!+>;55/!328/5<*!2=!Z!A(*4+! V_Mak! aWMak! ]WMPk! _PMXk! __MPk!
!!!!WĞƌĐĞŶƚǁŚŽĚŝĚŶ͛ƚĞĂƌŶĚŝƉůŽŵĂĂŶĚǁŚĞƌĞƚŚĞLJǁĞŶƚ͗! ZYMZk! UPMZk! XPM]k! !WM_k! !YM]k!
!!R!-*4=(3!F-.! !!XMPk! !!YMak! !YMak! !YMak! !YMYk!
!!!!!!!R!#5=:2=1(3!;2H;!+>;55/!654!V:;!A(*4!G<*=A!K2//!3458!51:I! X]M]k! XPMWk! !WMZk! !VMPk! !YMak!
!!!!!!!R!.4588(3!51:!3142=H!:;5+(!Z!A(*4+! PYMZk! X_MXk! !ZM]k! !PMXk! !YMPk!
!
!
6BCD3!X!

)6!E[V!!2=>/13(+!

)6!E[Y!2=>/13(+!
F4((=/(*6!,2//*H(!

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

C(+:<54(/*=3!
)6!E[E@[E!

)6!E[E@[V!

)6!E[\@[E!

)6!E[\@[V!
!
L*!0*\*3*!
L5+!"/:5+!

7*,$.-9!5*+;'1.$*-$!.-!

7(2H;:+!
)6!ZX!

"#$%!&'(('$!5#-$,$!%1'5%$EM! !

'5:*/!;51+2=H!1=2:+! ]U_! XTU]W! _]P! XTUPZ! _XW! XTaU_! ]_P! VUWTUW]!


!!!!!,*>*=:!;51+2=H!1=2:+!! XUMUk! XXM_k! XYMPk! UMXk! XWMak! YMZk! XMPk! XPMak!
!!!!!%>>182(3!;51+2=H!1=2:+! ]aMWk! ]]MXk! ]_M]k! _aM_k! ]PMZk! __Mak! _]M]k! ]WMZk!
!!!!!!!!!!%K=(4R5>>182(3! VaM]k! aWMVk! aXMak! PWMZk! aUM]k! a]MPk! UaMWk! ZaMXk!
!!!!!!!!!!D(=:(4R5>>182(3! ZUMPk! UPMVk! U]MZk! WPMak! UaMPk! UXM]k! aUMUk! VUM_k!
?(32*=!B*/1(!56!5K=(4R
X]
5>>182(3!1=2:+! iaVT]YY! iV]TYYY! iZ_T]YY! i]aTPYY! iVVTZYY! iaZTUYY! iaUT]YY! iXPVTVPa !
@(/(>:(3!<5=:;/A!5K=(4!
>5+:+!*+!*!8(4>(=:*H(!56!
;51+(;5/3!2=>5<(!ʹ!;51+2=H!
1=2:+!K2:;!*!<54:H*H(!8*A2=H!
UVMYk!54!<54(! PYMPk! WZMWk! ZPMYk! ZUM_k! VXMZk! P]M]k! UUMak! UYM]k!
F45++!4(=:!*+!*!8(4>(=:*H(!
56!;51+(;5/3!2=>5<(!ʹ!
8(4>(=:!56!4(=:(4+!8*A2=H!
UVMYk!54!<54(!

UaM]k! a]MPk! VZM]k! ZaMak! ZPMWk! UXMVk! ZVMZk! U_M_k!


!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
a
!';(!+:*4:2=H!8/*>(!654!<*=A!56!:;(+(!+:*:2+:2>+!2+!:;(!4(854:!645<!:;(!jM!?>.5=*/3!C2//2*<+!$=+:2:1:(T!D(+(*4>;!#5<82/*:25=!
C(+:!.*//*+!G[28!#53(!WVPXPIT!.(>(<Q(4!PYYaM!@:*:2+:2>+!*4(!H(=(4*//A!PYYVM!954!*!>58A!>5=:*>:!2=65b36>>M1+M!
W
!?5+:!56!:;(!C2//2*<+!$=+:2:1:(!+:*:2+:2>+!;*B(!Q((=!183*:(3!K2:;!PYXY!(+:2<*:(+!645<!#/*42:*+!?*4J(:N/*>(!N58R9*>:+d!
.(<5H4*8;2>!@=*8+;5:!PYXY!D(854:+!654!S28!>53(!WVPXP!*=3!654!:;(!#2:A!56!.*//*+T!
;::8dggKKKM>/*42:*+M>5<g+2:(4(854:+gQ*+2>R3(<5H4*8;2>+R4(854:R8*>J*H(M\+8!!
]
!PYXY!#(=+1+T!;::8dgg6*>:62=3(4M>(=+1+MH5B!
_
!'()*+!-31>*:25=!"H(=>A!PYY_RXY!@>;55/!D(854:!#*43!654!N2=J+:5=!7M@MT!
;::8dggKKKM3*//*+2+3M54Hg2=+23(h32+3g3(8:+g(B*/*>>:g3*:*g*(2+M;:<T!2:(<!pa!1=3(4!PYY_RXY!"==1*/!-31>*:25=*/!

]!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
N(4654<*=>(!D(854:2=HM!!#5//(H(R4(*3A!+>54(+!*4(!3(62=(3!*+!XXYY!5=!@"'!54!PZ!5=!"#'!>5<85+2:(M!!#5<8*42+5=+!*4(!:5!
.$@.!5B(4*//M!
XY
!';(+(!4*:(+!*4(!>*/>1/*:(3!645<!C(+:!.*//*+!>(=+1+!:4*>:!*=3!#2:A!56!.*//*+!3*:*!654!*H(+!Xae!4(854:(3!2=!:;(!OM@M!#(=+1+!
014(*1!PYYVRPYY_!"<(42>*=!#5<<1=2:A!@14B(A!VR^(*4!(+:2<*:(+T!.*:*!N4562/(+!654!>(=+1+!:4*>:+!ZUT!XYXMYXT!XYXMYPT!XYPT!
XYZT!XYVT!XYaMYXT!XYaMYPT!*=3!#2:A!56!.*//*+T!
;::8dgg6*>:62=3(4M>(=+1+MH5Bg+(4B/(:g.*:*+(:?*2=N*H(@(4B/(:mh/*=Hn(=oh:+nUX___VYXP_Y]oh3+h=*<(n"#@hPYY_hV^DhFYYhoh845H4*< M!!';(!
1=(<8/5A<(=:!4*:(!4(6/(>:+!8(4+5=+!K;5!*4(!2=!:;(!/*Q54!654>(!Q1:!=(2:;(4!(<8/5A(3!=54!2=!:;(!<2/2:*4AM!!'5!>*/>1/*:(!*!
C(+:!.*//*+!1=(<8/5A<(=:!4*:(T!:;(!:5:*/!=1<Q(4!56!1=(<8/5A(3!654!*//!>(=+1+!:4*>:+!K*+!32B23(3!QA!:;(!:5:*/!=1<Q(4!2=!
:;(!/*Q54!654>(!2=!:;5+(!:4*>:+M!!';(!+*<(!>*/>1/*:25=!K*+!<*3(!654!:;(!#2:A!56!.*//*+M!!';2+!;*+!:;(!+*<(!K(*J=(++!:;*:!:;(!
5662>2*/!1=(<8/5A<(=:!4*:(!>*/>1/*:(3!QA!:;(!014(*1!56!L*Q54!@:*:2+:2>+!>*442(+d!:;(!4*:(!()>/13(+!2=32B231*/+!K;5!*4(!=5!
/5=H(4!/55J2=H!654!K54JM!!';(!4(*+5=+!:;*:!8(58/(!35!=5:!/55J!654!K54J!>*=!2=>/13(!+2>J=(++T!+:*A2=H!;5<(!K2:;!>;2/34(=T!
1=35>1<(=:(3!+:*:1+T!4(:24(<(=:T!54!:;(A!+2<8/A!H*B(!18M!!@5!*=5:;(4!K*A!:5!(B*/1*:(!(<8/5A<(=:!2+!:5!>5<8*4(!:;(!
\5Q/(++!4*:(+d!*31/:+!K;5!*4(!=5:!K54J2=HT!>*/>1/*:(3!*+!*!8(4>(=:*H(!56!:;(!:5:*/!8581/*:25=!ʹ!K;(:;(4!2=!:;(!/*Q54!654>(!54!
=5:!ʹ!2=!C(+:!.*//*+!>5<8*4(3!:5!:;(!>2:A!*+!*!K;5/(M!!'5!>*/>1/*:(!*!8(4>(=:*H(!56!*31/:+!(<8/5A(3!2=!C(+:!.*//*+T!:;(!:5:*/!
=1<Q(4!56!(<8/5A(3!4(+23(=:+!2=!*//!>(=+1+!:4*>:+!K*+!32B23(3!QA!:;(!=1<Q(4!56!:5:*/!4(+23(=:+!2=!:;5+(!:4*>:+M!!G&5=(!K(4(!
4(854:(3!*+!+(4B2=H!2=!:;(!<2/2:*4AMI!'5!>*/>1/*:(!*!8(4>(=:*H(!56!1=(<8/5A(3!*31/:+T!:;(!:5:*/!=1<Q(4!56!:;5+(!2=!:;(!/*Q54!
654>(!Q1:!1=(<8/5A(3!K*+!*33(3!:5!:;(!:5:*/!=1<Q(4!56!:;5+(!=5:!2=!:;(!/*Q54!654>(T!*=3!:;*:!+1<!K*+!32B23(3!QA!:;(!
=1<Q(4!56!:5:*/!4(+23(=:+M!!';(!+*<(!>*/>1/*:25=!K*+!<*3(!654!#2:A!56!.*//*+!=1<Q(4+M!!C;(:;(4!A51!/55J!*:!:;(!
1=(<8/5A<(=:!4*:(!:;*:!5=/A!:*J(+!2=:5!*>>51=:!:;5+(!/55J2=H!654!K54JT!54!K;(:;(4!A51!/55J!*:!:;(!:5:*/!8(4>(=:*H(!56!
*31/:+!2=!:;(!8581/*:25=!K;5!*4(!=5:!(<8/5A(3T!2=!Q5:;!>*+(+!C(+:!.*//*+!8(4>(=:*H(+!*4(!+2H=262>*=:/A!;2H;(4!:;*=!:;5+(!
ĨŽƌƚŚĞŝƚLJŽĨĂůůĂƐ͘dŚŝƐĚŽĞƐŶ͛ƚŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƌĞĂƌĞŐƌĞĂƚĞƌŶƵŵďĞƌƐŽĨƉĞŽƉůĞŝŶtĞƐƚĂůůĂƐǁŚŽĐŚŽŽƐĞƚŽƐƚĂLJŽƵƚ!
56!:;(!/*Q54!654>(M!!.4M!'2<5:;A!ƌĂLJĂƚhdĂůůĂƐƉŽŝŶƚƐŽƵƚƚŚĂƚŝƚ͛ƐŚ2H;/A!1=/2J(/A!:;*:!:;(!\5Q/(++!4*:(!2=!C(+:!.*//*+!
4(84(+(=:+!*!/*4H(!=1<Q(4!56!8(58/(!K;5!*4(!1=(<8/5A(3!QA!>;52>(T!+1>;!*+!4(:24(+!54!+:*AR*:R;5<(!<5:;(4+!K;5!(/(>:!=5:!
:5!K54JT!*+!A51!()8(>:!:5!62=3!2=!;2H;(4!2=>5<(!*4(*+!2=!:;(!>2:AM!!G%662>2*/!1=(<8/5A<(=:!4*:(+!*4(!*B*2/*Q/(!645<!:;(!
014(*1!56!L*Q54!@:*:2+:2>+T!;::8dggKKKMQ/+MH5Bg/*1g3*:*M;:<M!!"!4*:(!654!C(+:!.*//*+!2+!=5:!*B*2/*Q/(T!+5!"#@!3*:*!K*+!1+(3!
654!*!<54(!*>>14*:(!>5<8*42+5=!Q(:K((=!C(+:!.*//*+!*=3!:;(!>2:A!*+!*!K;5/(MI!
XX
!DĂLJŽƌ͛Ɛ^ŽƵƚŚĞƌŶĂůůĂƐdĂƐŬ&ŽƌĐĞ͕ĂůůĂƐKĨĨŝĐĞŽĨĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ͕ƌĞĂηϳĨĂĐƚƐŚĞĞƚ͕
;::8dggKKKM+51:;(4=3*//*+M54Hg35>1<(=:+g6*>:+;((:+gWhC(+:kPY.*//*+M836!!
XP
! PYY]! 3*:*! 845B23(3! QA! :;(! '()*+! .(8*4:<(=:! 56! @:*:(! 7(*/:;! @(4B2>(+T! #(=:(4! 654! 7(*/:;! @:*:2+:2>+! 5=! UgUYgXXM!!
#5<8*42+5=+!*4(!:5!.*//*+!#51=:A!3*:*M!
XU
!.*//*+g954:!C54:;!'((=!024:;!D*:(+!QA![$N!#53(T!O=2B(4+2:A!56!'()*+!@>;55/!56!N1Q/2>!7(*/:;T!>2:2=H!'()*+!.(8*4:!56!@:*:(!
7(*/:;!@(4B2>(+T!014(*1!56!,2:*/!@:*:2+:2>+T!PYY]T!845B23(3!QA!4(c1(+:M!!aURXYY!2+!5=(!56!6514!3(62=(3!4*=H(+M!
XZ
!#5<8*42+5=!3*:*!2+!OM@M!*B(4*H(M!!@514>(d!#(=:(4+!654!.2+(*+(!#5=:45/!*=3!N4(B(=:25=T!"842/!aT!PYXY!84(++!4(/(*+(T!
;::8dggKKKM>3>MH5Bg<(32*g84(++4(/gPYXYg4XYYZYaM;:<M!
XV
!.2+:42>:!3*:*!645<!'()*+!-31>*:25=!"H(=>A!PYY_RXY!">*3(<2>!-)>(//(=>(!$=32>*:54!@A+:(<T!
;::8dgg42::(4M:(*M+:*:(M:)M1+g8(464(854:g*(2+gPYXYg2=3()M;:</M!!!
Xa
!955:=5:(!5=!72H;/*=3!N*4J!$@.!PYY_RϭϬŝƐƚƌŝĐƚƉƌŽĨŝůĞĞdžƉůĂŝŶƐ͕͞ĂƚĂĨŽƌƚŚŝƐŝƚĞŵǁĞƌĞƐƚĂƚŝƐƚŝĐĂůůLJŝŵƉƌŽďĂďůĞŽƌǁĞƌĞ
ƌĞƉŽƌƚĞĚŽƵƚƐŝĚĞĂƌĞĂƐŽŶĂďůĞƌĂŶŐĞ͘͟!
XW
!OM@M!#(=+1+!014(*1!PYYVRPYY_!"<(42>*=!#5<<1=2:A!@14B(A!VR^(*4!(+:2<*:(+T!.*:*!N4562/(+!654!>(=+1+!:4*>:+!ZUT!XYXMYXT!
XYXMYPT!XYPT!XYVT!XYaMYXT!XYaMYPT!*=3!#2:A!56!.*//*+T!
;::8dgg6*>:62=3(4M>(=+1+MH5Bg+(4B/(:g.*:*+(:?*2=N*H(@(4B/(:mh/*=Hn(=oh:+nUX___VYXP_Y]oh3+h=*<(n"#@hPYY_hV^DhF
YYhoh845H4*<M!!?*8+!*4(!*B*2/*Q/(!5=!:;*:!+2:(!654!(*>;!56!:;(!>(=+1+!:4*>:+M!!#(=+1+!:4*>:!XYZ!2+!=5:!2=>/13(3!2=!:;2+!4(854:!
Q(>*1+(!:;(4(!*4(!5=/A!XYa!;51+(;5/3+T!Q1:!3*:*!654!:;*:!:4*>:!2+!*B*2/*Q/(!5=!:;(!K(Q+2:(M!!N/(*+(!=5:(!:;(!;2H;!<*4H2=+!56!
(4454!:;*:!*>>5<8*=A!:;(!>(=+1+!:4*>:!/(B(/!"#@!+:*:2+:2>+M!!N/(*+(!+((!8M!U_!654!*!>(=+1+!:4*>:!<*8M!
X]
!';2+!2+!:;(!#/*42:*+!PYXY!(+:2<*:(M!!"<(42>*=!#5<<1=2:A!@14B(A!(+:2<*:(T!K;2>;!2+!:;(!+*<(!4(854:!:;*:!:;(!>(=+1+!:4*>:!
<(32*=!B*/1(+!*4(!651=3T!2+!iXP_TVYYM!!@((!/2=J!2=!84(B251+!655:=5:(M!

_!
!
&"+*L1'N9.4%P'11'$.2"%
!
.(+82:(!(=54<51+!H*2=+!<*3(!2=!:;(!8*+:!XY!A(*4+T!2=!(B(4A!>*:(H54A!<(*+14(3!C(+:!.*//*+!2+!+:2//!5=(!56!:;(!
<5+:!>;*//(=H(3!>5<<1=2:2(+!2=!:;(!>2:AM!!%
D*N,('$.*-%'-3%E-4*+"<!!tĞƐƚĂůůĂƐ͛ĚĞŵŽŐƌĂƉŚŝĐƐƐŚŽǁĂĐŽŵŵƵŶŝƚLJǁŚŽƐĞŵĞĚŝĂŶĂŐĞŝƐLJŽƵŶŐĞƌƚŚĂŶ
:;*:! 56! :;(! >2:A! *+! *! K;5/(T! K2:;! *! /*4H(! 8(4>(=:*H(! 56! 2:+! 8581/*:25=! *H(! XW! *=3! 1=3(4M! ! ?5+:! 4(+23(=:+! *4(!
72+8*=2>T!K2:;!*Q51:!*!c1*4:(4!"642>*=R"<(42>*=M!!?*=A!4(+23(=:+!+8(*J!@8*=2+;!2=!:;(!;5<(M!!05:;!;51+(;5/3!
*=3!8(4!>*82:*!2=>5<(+! *4(! +1Q+:*=:2*//A!/5K(4!2=!C(+:!.*//*+T!K2:;!>5=+(c1(=:! =(H*:2B(! 2<8*>:+!5=!>;2/34(=M!!
?54(! :;*=! *! :;243! 56! 6*<2/2(+! K2:;! >;2/34(=! /2B(! Q(/5K! :;(! 85B(4:A! /(B(/M! ! "/:;51H;! 85>J(:+! 56!<233/(R2=>5<(!
;5<(5K=(4+!*4(!651=3!2=!C(+:!.*//*+T!2:!2+!:;(!*4(*+!56!():4(<(!85B(4:A!:;*:!+:*=3!51:T!8*4:2>1/*4/A!2=!:;(!.7"!
L*J(K(+:!.(B(/58<(=:!G5=>(!:;(!/*4H(+:!81Q/2>!;51+2=H!3(B(/58<(=:!2=!:;(!>51=:4AI!*=3!:;(!>5<<1=2:A!K(+:!
56!C(+:<54(/*=3!D5*3M!!
5+N(*/+"-$<%!';(!1=(<8/5A<(=:!4*:(!*+!>*/>1/*:(3!QA!:;(!014(*1!56!L*Q54!@:*:2+:2>+!GK;2>;!K(!<2<2>J(3!2=!
>*/>1/*:2=H!*!C(+:!.*//*+!1=(<8/5A<(=:!4*:(!ʹ!+((!655:=5:(!XYI!()>/13(+!:;5+(!2=32B231*/+!K;5!*4(!=5:!/55J2=H!
654!K54JM!!"+!:;(!655:=5:(!()8/*2=+T!:;(4(!*4(!<*=A!4(*+5=+!8(58/(!<*A!=5:!/55J!654!K54JT!*=3!8*4:2>1/*4/A!2=!
/5KR2=>5<(! *4(*+! /2J(! C(+:! .*//*+T! 5=(! >*==5:! *++1<(! :;*:! 8(58/(! *4(! 51:! 56! :;(! \5Q! <*4J(:! QA! >;52>(M!!
C;(:;(4!A51!>5<8*4(!:;(!1=(<8/5A<(=:!4*:(+!Q*+(3!5=/A!5=!:;5+(!2=!:;(!/*Q54!654>(T!54!:;(!=1<Q(4!56!8(58/(!
=5:! K54J2=H! *+! *! 8(4>(=:*H(! 56! :;(! 8581/*:25=T! :;2+! <1>;! 2+! >/(*4d! :;(! 8(4>(=:*H(! 56! C(+:! .*//*+! 4(+23(=:+!
K2:;51:!\5Q+!2+!+2H=262>*=:/A!;2H;(4!:;*=!2=!:;(!>2:A!*+!*!K;5/(M!!!
"/<5+:!5=(R6514:;!56!C(+:!.*//*+!;51+(;5/3+!35!=5:!5K=!*!>*4!*=3!4(/A!5=!81Q/2>!:4*=+854:*:25=M!!"/+5!=5:*Q/(!2+!
:;(!/5K(4!(<8/5A<(=:!3(=+2:A!G=1<Q(4!56!\5Q+!8(4!+c1*4(!<2/(I!2=!C(+:!.*//*+M! !%B(4!;*/6!56!(<8/5A(3!C(+:!
.*//*+!4(+23(=:+!*ƌĞĐĂƚĞŐŽƌŝnjĞĚĂƐŚĂǀŝŶŐ͞ďůƵĞĐŽůůĂƌ͟ŽĐĐƵƉĂƚŝŽŶƐ͕ĂŶĚĂůŵŽƐƚĂƋƵĂƌƚĞƌĂƐǁŽƌŬŝŶŐŝŶ͞ƐĞƌǀŝĐĞ
ĂŶĚ ĨĂƌŵ͟ ŽĐĐƵƉĂƚŝŽŶƐ͘X_! ! @(4B2>(! 5>>18*:25=+T! *>>5432=H! :5! :;(! C2//2*<+! $=+:2:1:(! G*=3! 845Q*Q/A! <*=A! Q/1(!
>5//*4! \5Q+! *+! K(//I! *4(! 64(c1(=:/A! >;*4*>:(42S(3! QA! /5K! K*H(+T! *! /*>J! 56! Q(=(62:+T! *=3! /5K! *3B*=>(<(=:!
85:(=:2*/MPY!
53,4'$.*-R! ! '(=! 81Q/2>! +>;55/+! +(4B(! :;(! *4(*M! ! #144(=:/AT! :K5! G-=B245=<(=:*/! @>2(=>(T! L*=2(4I! *4(! 4*:(3!
-)(<8/*4AT! :K5! G3(! [*B*/*! *=3! ?*4:2=(SI! *4(! 4*:(3! D(>5H=2S(3T! *=3! :;(! 4(+:! *4(! 4*:(3! ">*3(<2>*//A!
">>(8:*Q/(MPX!!.(+82:(!:;(+(!4*:2=H+T!:;(!8(4654<*=>(!56!<*=A!+:13(=:+!*:!<233/(!*=3!;2H;!+>;55/!/(B(/+!4(<*2=+!
8554M! ! .45851:! 4*:(+! *4(! 32662>1/:! :5! >*/>1/*:(f! ;(4(! K(! 34*K! >5=>/1+25=+! 645<! '-"! 4(854:! >*43+M! ! VPMXk! 56!
WŝŶŬƐƚŽŶ͛ƐĐůĂƐƐŽĨϮϬϬϴ(2:;(4!>5<8/(:(3!;2H;!+>;55/!54!(*4=(3!*!F-.!K2:;2=!62B(!A(*4+!56!+:*4:2=HT!A2(/32=H!*!
ϰϳ͘ϵйĚƌŽƉŽƵƚƌĂƚĞŝĨLJŽƵĂƐƐƵŵĞƚŚĂƚƐƚƵĚĞŶƚƐǁŚŽĂƌĞĐŽƵŶƚĞĚĂƐĐŽŶƚŝŶƵŝŶŐĨŽƌĂƐŝdžƚŚLJĞĂƌĚŽŶ͛ƚĨŝŶŝƐŚ͘';(!
6514RA(*4! >5<Q2=(3! >5<8/(:25=! *=3! F-.! 4*:(! 654! :;(! #/*++!56! PYY_! 2+!aYM]kM! ! dŚĞ ĞdžƚĞŶƚ ƚŽǁŚŝĐŚ ƚŚĂƚĐůĂƐƐ͛!
345851:! 4*:(! 2+! 4(31>(3! 645<! U_MPk! *6:(4! :;(! 6514:;! A(*4! 3(8(=3+! 5=! :;(! =1<Q(4!56! +:13(=:+! K;5! >5<8/(:(!
+>;55/!54!(*4=!*!F-.!2=!:;(!626:;!A(*4!G2=654<*:25=!=5:!A(:!*B*2/*Q/(IM!!';(+(!>5<8/(:25=!4*:(+!*4(!/5K!>5<8*4(3!
:5! .$@.! *+! *! K;5/(M! ! $=! @^! PYYWRY]! N2=J+:5=! (*4=(3! *=! ">*3(<2>*//A! O=*>>(8:*Q/(! 4*:2=H! 654! :;(! 6514:;!
>5=+(>1:2B(!A(*4PPM!!"6:(4!*!H4(*:!3(*/!56!>5<<2:<(=:!*=3!;*43!K54J!QA!:;(!842=>28*/!*=3!+:13(=:+!2=!@^!PYY]R
Y_T!N2=J+:5=!(*4=(3!*=!">*3(<2>*//A!">>(8:*Q/(!4*:2=HXZM!!@:2//T!:;(!=1<Q(4!56!+:13(=:+!+>542=H!;2H;!(=51H;!5=!
:;(!@"'!54!"#'!:5!2=32>*:(!>5//(H(!4(*32=(++!45+(!645<!Yk!2=!:;(!>/*++!56!PYY]!:5!5=/A!UMPk!2=!:;(!>/*++!56!PYY_!
;ƚŚĂƚ͛Ɛϯ͘ϮйŽĨƚŚĞϰϬ͘ϱйŽĨƚŚĞĐůĂƐƐŵĞŵďĞƌƐǁŚŽƚŽŽŬƚŚĞƚĞƐƚƐ͕ŶŽ:!UMPk!56!:;(!(=:24(!>/*++PUIM!!-B(=!:;51H;!
ƚŚĞĐůĂƐƐŽĨϮϬϬϵŝŵƉƌŽǀĞĚŽŶWŝŶŬƐƚŽŶ͛ƐĂǀĞƌĂŐĞ^dƐĐŽƌĞ;ϳϵϴĐŽŵƉĂƌĞĚƚŽϳϱϲĨŽƌƚŚĞĐůĂƐƐŽĨϮϬϬϴͿ͕ƚŚĂƚ
*B(4*H(! 2+!K(//!Q(/5K!:;(!XXYY!+>54(! :;*:!'()*+!-31>*:25=!"H(=>A!3((<+!:;(!<2=2<1<!2=32>*:25=!56!>5//(H(R
4(*32=(++MPZ!!';(!54H*=2S*:25=!?'-(7#5.$32$@-);!4*=J+!N2=J+:5=!*:!:;(!Q5::5<!56!2:+!4*=J2=H+!56!.*//*+R*4(*!GX]U!56!
X]UI!*=3!+:*:(!GXYX]!56!XYX]I!;2H;!+>;55/+MPV!
@:13(=:! 8(4654<*=>(! 2+! >/(*4/A! >;*//(=H(3! QA! :;(! 2<8*>:! 56! /2B2=H! >5=32:25=+! 2=! C(+:! .*//*+M! ! N5B(4:A! 2<8*>:+!
ĐŚŝůĚƌĞŶ͛ƐĂďŝůŝƚLJƚŽůĞĂƌŶ͘tĞƐƚĂůůĂƐ͛ƌĂƚĞƐŽĨďŝƌƚŚƐƚŽƚĞĞŶŵŽƚŚĞƌƐ͕ƵŶŵĂƌƌŝĞĚŵŽƚŚĞƌƐĂŶĚŵŽƚŚĞƌƐǁŝƚŚŽƵƚ
ĂŚŝŐŚƐĐŚŽŽůĚĞŐƌĞĞĂƌĞĂďŽǀĞŶĂƚŝŽŶĂůĂŶĚĐŽƵŶƚLJĂǀĞƌĂŐĞƐ͘WĂƌĞŶƚƐ͛ďĞƐƚĞĨĨŽƌƚƐĂƌĞŚĂŵƉĞƌĞĚďLJƚŚĞŝƌŽǁŶ
/*>J! 56! (31>*:25=d! :K5R:;243+! 56! *31/:+! 5B(4! PV! 5B(4*//T! *=3! */<5+:! :;4((Rc1*4:(4+! 56! 72+8*=2>! *31/:+! 5B(4! PVT!

XY!
!
=(B(4!>5<8/(:(3!;2H;!+>;55/M!!N554!8(4654<*=>(!2=!;2H;!+>;55/!;*+!2:+!455:+!2=!84(RET!K;(4(!+:13(=:+!>5<(!:5!
+>;55/!J=5K2=H!PRZTYYY!6(K(4!K543+!:;*=!:;(24!*66/1(=:!8((4+MPa!!!
';(!(>5=5<2>!2<8*>:!:5!C(+:!.*//*+!56!2:+!5=H52=H!(31>*:25=*/!6*2/14(!Q5HH/(+!:;(!<2=3M!!O+2=H!*!>5=+(4B*:2B(!
3(/:*!56!*!iPVTYYYgA(*4!K*H(!3266(4(=:2*/!Q(:K((=!*!>5//(H(!H4*31*:(!*=3!*!;2H;!+>;55/!345851:T!PTYYY!345851:+!
2=! XY! A(*4+! ;*B(! >5+:! C(+:! .*//*+! iVYTYYYTYYY! 2=! /5+:! K*H(+! *=3! >5<<1=2:A! 2=B(+:<(=:M! ! .42B(! *=A! +:4((:! 2=!
C(+:! .*//*+! *=3! :;(! 2<8*>:! 56! :;2+! /5++! 2+! 2<<(32*:(/A! B2+2Q/(M! ! ';(! 5=/A! K*A! :5! 4(B(4+(! :;2+! 2=>4(32Q/(! C(+:!
ĂůůĂƐ ďƌĂŝŶ ĚƌĂŝŶ ĂŶĚ ƚƌƵůLJ ƌĞĂůŝnjĞ ƚŚĞ ĂƌĞĂ͛Ɛ ĨƵůů ƉŽƚĞŶƚŝĂů! 2+! :5! >4(*:(! >5=32:25=+! :;*:! 342B(! 2<845B(<(=:! 2=!
(31>*:25=!+5!:;*:!(B(4A!C(+:!.*//*+!>;2/3!(=:(4+!A51=H!*31/:;553!84(8*4(3!654!>5//(H(!54!*!>*4((4M!!
79"($"1<! ! ';(4(! *4(! *Q51:! WTYYY! ;51+(;5/3+! 2=! C(+:! .*//*+! G<54(! 54! /(++T! 3(8(=32=H! 5=! 3*:*! +514>( PWMI!!
">>ŽƌĚŝŶŐƚŽƚŚĞDĂLJŽƌ͛Ɛ^ŽƵƚŚĞƌŶĂůůĂƐdĂƐŬ&ŽƌĐĞĨĂĐƚƐŚĞĞƚ͕ƌ(=:(4+!*>>51=:!654!*Q51:!ZYk!56!:;(!5>>182(3!
;51+2=H!1=2:+T!5K=(4R5>>182(3!*4(!*Q51:!ZVkT!*=3!*Q51:!XVk!56!;51+2=H!1=2:+!+2:!B*>*=:M! P]!!75K(B(4T!5K=(4R
5>>182(3!*=3!4(=:(4R5>>182(3!4*:(+!B*4A!*<5=H!3266(4(=:!>(=+1+!:4*>:+!G+((!'*Q/(!UIM!!';(!;2H;!4*:(!56!4(=:(4R
5>>182(3!;51+2=H!8(4+2+:+!2=!#(=+1+!'4*>:!XYPT!3(+82:(!:;(!3(<5/2:25=!56!<*=A!6(3(4*//AR+1Q+232S(3!*8*4:<(=:+!
*=3!:;(24!4(8/*>(<(=:!K2:;!+2=H/(R6*<2/A!;5<(+!2=!F4((=/(*6!,2//*H(M!!!
751+2=H!B*/1(+!B*4A!+2H=262>*=:/A!Q(:K((=!>(=+1+!:4*>:+!*=3!Q(:K((=!5K=(4R!*=3!4(=:(4R5>>182(3!;5<(+T!K2:;!
:;(! ;2H;(+:! B*/1(+! 2=! #(=+1+! '4*>:! XYPT! K;(4(! F4((=/(*6! ,2//*H(! 2+! /5>*:(3! G+((! '*Q/(! UIM! ! F(=(4*//AT! 4(=:(4R
5>>182(3!;5<(+!*4(!5/3(4!*=3!2=!8554(4!>5=32:25=T!K;2>;!2+!4(6/(>:(3!2=!+1Q+:*=:2*//A!/5K(4!B*/1(MP_!
92B(!56!:;(!C(+:!.*//*+!>(=+1+!:4*>:+!4(6/(>:!5K=(4R5>>18*=>A!4*:(+!:;*:!()>((3!:;*:!654!:;(!>2:A!56!.*//*+!*+!*!
ǁŚŽůĞ͘  ^ƚŝůů͕ ǁŝƚŚ ŵĞĚŝĂŶŚŽƵƐĞŚŽůĚ ŝŶĐŽŵĞ Ăƚ ΨϮϳ͕ϳϳϯ͕ ŵĂŶLJ tĞƐƚ ĂůůĂƐ ŚŽƵƐĞŚŽůĚƐ ĚŽŶ͛ƚ Ğ*4=! (=51H;! :5!
814>;*+(!*!;5<(!2=!:;(24!=(2H;Q54;553!54!*=AK;(4(!(/+(T!*=3!:;(!8(4>(=:*H(!56!5K=(4+!*=3!4(=:(4+!+8(=32=H!
<54(!:;*=!UVk!56!;51+(;5/3!2=>5<(!5=!<54:H*H(!54!4(=:!2+!:451Q/2=HM!!!!
H,0(.5! 7#'(%=R! ! ?5+:! C(+:! .*//*+! 4(+23(=:+! +((J! ;(*/:;>*4(! *:! N*4J/*=3! 75+82:*/! G*! 81Q/2>! ;(*/:;! 6*>2/2:AIT! :;(!
N*4J/*=3!>5<<1=2:ARQ*+(3! >/2=2>! 2=!C(+:! .*//*+T! 54!L5+! 0*4425+! O=235+!#5<<1=2:A! #/2=2>T! *! 6(3(4*//A! c1*/262(3!
;(*/:;! >(=:(4M! ! ":! L5+! 0*4425+! O=235+! _Uk! 56! :;(! 8*:2(=:+! *4(! 72+8*=2>! *=3! WYk! 56! 8*:2(=:+! *4(! 1=2=+14(3M!!
"/:;51H;!+:2//!;2H;T!:;(!1=2=+14(3!4*:(!;*+!>5<(!35K=!*+!:;(!>/2=2>!;*+!;(/8(3!4(+23(=:+!(=45//!2=!?(32>*23!*=3!
#7$NM! ! $=! PYXY! :;(! >/2=2>! +(4B(3! PaTYYY! 8*:2(=:+T! *Q51:! ;*/6! 56! :;5+(! C(+:! .*//*+! *=3! %*J! #/266! 4(+23(=:+M!!
">>5432=H! :5! +:*:2+:2>+! 845B23(3! QA! :;(! >/2=2>T! :;(! C(+:! .*//*+! 3(*:;! 4*:(+! ()>((3(3! .*//*+! #51=:A! *=3! '()*+!
4*:(+! 654! ;(*4:! 32+(*+(T! >244;5+2+T! ;5<2>23(T! J23=(A! 32+(*+(T! 32*Q(:(+T! *=3! 7$,M! ! C(+:! .*//*+! 3(*:;! 4*:(+! 645<!
+:45J(T!>*=>(4T!*=3!+12>23(+!K(4(!/(++!:;*=!.*//*+!#51=:A!*=3!'()*+!*B(4*H(+MUY!
U#51#'%.*-R!!';(4(!*4(!XTUPU!*>4(+!56!B*>*=:!/*=3!K2:;2=!2:+!Q51=3*42(+UXT!Q1:!5=/A!*!;*=361/!56!<1=2>28*/!8*4J+!
*=3!+>;55/!8/*AH451=3+!845B23(!4(>4(*:25=*/!58854:1=2:2(+!2=!C(+:!.*//*+M!!';(!'42=2:A!D2B(4!654<+!8*4:!56!:;(!
=54:;(4=!*=3!(*+:(4=!Q51=3*42(+!56!C(+:!.*//*+T!*=3!K;2/(!4(/*:2B(/A!/2::/(!;*+!Q((=!35=(!:5!3(B(/58!:;2+!=*:14*/!
4(+514>(! 654! 4(>4(*:25=T! :;(! '42=2:A! D2B(4! #5442354! N45\(>:! 2+! ()8(>:(3! :5! >;*=H(! :;*:M! ! ';(! /*4H(+:! 14Q*=!
4(3(B(/58<(=:!845\(>:!56!2:+!J2=3!2=!:;(!K54/3T!:;(!845\(>:!2+!+/*:(3!:5!*33!K;2:(K*:(4!4*6:2=HT!*!>;*2=!56!/*J(+!
654!Q5*:2=H!*=3!>*=5(2=HT!*=3!*!/2=J!:5!C(+:!.*//*+!H4((=Q(/:!:;*:!2=>/13(+!:;(!?(4>A!@:4((:!92(/3!56!.4(*<+!*=3!
:;(! =(K/A! 4(=5B*:(3! ?*::2(! &*+;! D(>4(*:25=*/! #(=:(4T! Q42=H2=H! :5142+:! 35//*4+T! 51:+23(! 2=B(+:<(=:! *=3!
(>5=5<2>!3(B(/58<(=:!QA!>4(*:2=H!*=!51:3554!4(>4(*:25=!3(+:2=*:25=M!
H,0(.5!K-:1'$%1,5%,1#d!!C(+:!.*//*+!2+!*8845B(3!654!*!iXYY??!Q5=3!2=B(+:<(=:!645<!:;(!#2:A!56!.*//*+!GPYYaIM!!
91=3+!*4(!(*4<*4J(3!654!3(B(/582=H!Q423H(+T!45*3K*A!2<845B(<(=:+!*=3!8*4J+!*=3!4(>4(*:25=*/!6*>2/2:2(+M!!OM@M!
$=:(4+:*:(!72H;K*A!UY!654<+!:;(!+51:;(4=!Q543(4!56!C(+:!.*//*+!*=3!L558!XP!2+!2:+!K(+:(4=!Q51=3*4Af!;5K(B(4T!
3(B(/58<(=:! */5=H! :;(+(! :K5! <*\54! 45*3! >5442354+! 2+! /2<2:(3! K2:;! :;(! ()>(8:25=! 56! :;(! N2==*>/(! N*4J!
3(B(/58<(=:!2=!%*J!#/266!*=3!C(+:!.*//*+!*/5=H!Q5:;!+23(+!56!$RUYM!!'K5!5:;(4!<*\54!45*3!*4:(42(+!>5==(>:!C(+:!
.*//*+!K2:;!:;(!4(+:!56!:;(!>2:A!*>45++!:;(! 42B(4!*=3!K2:;!5:;(4!3(+:2=*:25=+!:5!:;(!C(+:M!!';(A!*4(!+514>(+!56!
>5=H(+:25=! *=3! ;2H;! +8((3! :4*662>T! Q1:! 566(4! /2::/(! 2=! :;(! K*A! 56! 4(:*2/! 3(B(/58<(=:! *+! :4*B(/(4+! 342B(! :;451H;!
C(+:!.*//*+!5=!:;(24!K*A!:5!K54J!54!;5<(M!!!!

XX!
!
';(! ?*4H*4(:! 71=:! 72//! 0423H(! 5B(4! :;(! '42=2:A! D2B(4! K2//! >5==(>:! C(+:! .*//*+! :5! .5K=:5K=! B2*! :;(! C553*//!
D53H(4+! 94((K*AM! ! #5=+:41>:25=! 2+! +>;(31/(3! :5! Q(! >5<8/(:(3! 2=! PYXXT! *6:(4! K;2>;! :;(! ()2+:2=H! #5=:2=(=:*/!
@:4((:!0423H(!2+!:5!Q(!4(=5B*:(3!654!1+(!*+!*!8(3(+:42*=!Q423H(MUP!!
#5=+:41>:25=! 56! *! +(>5=3! =(*4QA! Q423H(! 5B(4! :;(! '42=2:AT! :;(! ?*4H*4(:! ?>.(4<5::! 0423H(! 5=! $RUYT! 2+! 8/*==(3!
G8*4:!56!:;(!Q5=3!61=3!8*>J*H(IM!!!
6=1#'%!*:!W#-%1.:.5'%.*-R!!';(!/5=HR:(4<!2<8*>:!645<!3(B(/58<(=:!*+!*!4(+1/:!56!:;(!=(K!Q423H(+!K2//!/2J(/A!Q(!
+2H=262>*=:M!!"++54:(3!2=B(+:54+!;*B(!*>c124(3!5B(4!WY!*>4(+!56!/*=3!=(*4!:;(!:K5!Q423H(+!654!61:14(!3(B(/58<(=:M!
';(!:;4(*:!56!H(=:4262>*:25=!/55<+!/*4H(T!Q5:;!2=!4(*/2:A!*=3!2=!:;(!<2=3+!56!>5<<1=2:A!4(+23(=:+M!!!';(!(3H(+!56!
C(+:!.*//*+!Q543(42=H!:;(!'42=2:A!D2B(4!*4(!852+(3!654!4*823!*=3!+K((82=H!:4*=+2:25=M!!$=B(+:54!*=3!>5<<1=2:A!
4(+85=+(!:5!:;(!>5<2=H!56!:;(!?*4H*4(:!71=:!72//!0423H(T!2=!>5=\1=>:25=!K2:;!<2//25=+!56!35//*4+!2=!2=64*+:41>:14(!
2<845B(<(=:+!*=3!:;(!K54J!56!:;(!'42=2:A!'41+:T!<*A!+55=!:4*=+654<!:;(!*4(*M!!!
C(+:! .*//*+! K2//! :4*=+2:25=! 645<! *! H4518! 56! +/((8A! =(2H;Q54;553+! +14451=3(3!QA! 5=(! 56! :;(! /*4H(+:! "<(42>*=!
<(:4585/2:*=!*4(*+!:5!(2:;(4!*!B2Q4*=:!>5<<1=2:A!56!>5=:4*+:+!R!Q/1(!>5//*4!K54J(4+!/2B2=H!*/5=H+23(!35>:54+!*=3!
/*KA(4+T!*=3!+<*//!:24(!+:54(+!+;*42=H!+:4((:!645=:*H(!K2:;!=(K!18+>*/(!4(+:*14*=:+!R!54!5=(!K;(4(!6*<2/2(+!K;5!
;*B(!>*//(3!2:!;5<(!654!5B(4!XYY!A(*4+!K2//!+/5K/A!Q1:!+14(/A!Q(!81+;(3!51:M!!
C;(=!3(B(/58<(=:!/(=32=H!58(=+!18!*H*2=T!;2H;R42+(!>5=35+!*/<5+:!>(4:*2=/A!K2//!Q(H2=!:5!/2=(!:;(!42B(4!K;2/(!*!
6(K!Q/5>J+!2=T!6*<2/2(+!K2//!>5=:2=1(!:5!4*2+(!>;2/34(=!2=!]YYR+c1*4(R655:!K553(=!;51+(+!5=!<53(+:!14Q*=!/5:+M!!
-)8(42(=>(!2=!5:;(4!>2:2(+!;*+!+;5K=!:;*:T!K2:;51:!>5=>(4:(3!(6654:!:5!4(+2+:!H(=:4262>*:25=!*=3!<*2=:*2=!*!<2)(3!
(>5=5<AT! 32+8*42:2(+! Q(:K((=! :K5! +1>;! 3266(4(=:! H4518+! 56! ;5<(5K=(4+! >*=! Q(>5<(! ():4(<(! *=3! 4(/*:25=+!
B5/*:2/(M!!"/:;51H;!:;(!Q(H2==2=H+!56!*!4(>5B(4A!*4(!1=3(4K*AT!:;(!(66(>:+!56!A(*4+!56!32+2=B(+:<(=:!*=3!3(>*A!
*4(!6*4!645<!>544(>:(3M!!$:!2+!8*4:2>1/*4/A!>;*//(=H2=H!:5!>5=+23(4!;5K!:5!Q42=H!*Q51:!=(>(++*4A!2<845B(<(=:+!:5!
:;(! c1*/2:A! 56! /26(! 654! (B(4A5=(! 2=! C(+:! .*//*+! K;2/(! <*=*H2=H! :;(! H45K:;! *=3! 3(B(/58<(=:! :;*:! 2+! >(4:*2=/A!
>5<2=HM!!
.(B(/58(4+!*4(!614:;(4!>;*//(=H(3!QA!:;(!:4(<(=351+!(>5=5<2>!2=(c12:2(+!651=3!2=!C(+:!.*//*+T!*=3!:;(!Q42H;:!
/2H;:!:;*:!3(B(/58<(=:!+;2=(+!5=!:;(!6*>:!:;*:!+5!<*=A!C(+:!.*//*+!4(+23(=:+!/2B(!K2:;!6*4!6(K(4!(>5=5<2>!*=3!
8;A+2>*/!4(+514>(+!:;*=!<*=A!.*//*+!4(+23(=:+!2=!5:;(4!>5<<1=2:2(+M!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
X_
!#/*42:*+!?*4J(:N/*>(!N58R9*>:+d!.(<5H4*8;2>!@=*8+;5:!PYXY!D(854:M!!!
PY
!jM!?>.5=*/3!C2//2*<+!$=+:2:1:(T!D(+(*4>;!#5<82/*:25=!C(+:!.*//*+!G[28!#53(!WVPXPIT!.(>(<Q(4!PYYaT!8M!WM!
PX
!PYXY!.2+:42>:!">>51=:*Q2/2:A!@1<<*4AT!;::8dggKKKM3*//*+2+3M54Hg2=+23(h32+3g3(8:+g(B*/*>>:g3*:*g*(2+M;:<T!2:(<!pX#!1=3(4!
PYY_RXY!"==1*/!-31>*:25=*/!N(4654<*=>(!D(854:2=HM!!!
PP
!@((!*==1*/!*>>51=:*Q2/2:A!4*:2=H+!+1<<*42(+!*:!;::8dggKKKM3*//*+2+3M54Hg2=+23(h32+3g3(8:+g(B*/*>>:g3*:*g*(2+M;:<M!!
PU
!@((!"-$@!F/5++*4AT!;::8dggKKKM3*//*+2+3M54Hg2=+23(h32+3g3(8:+g(B*/*>>:g3*:*g*(2+M;:<T!1=3(4!@"'g"#'!D(+1/:+M!
PZ
!.(+82:(! :;(!*332:25=!56!:;(! K42:2=H!854:25=!56!:;(!@"'T!:;(! >42:(425=!+>54(!>5=:2=1(+!:5!Q(! Q*+(3!5=!<*:;(<*:2>+!*=3!>42:2>*/!
4(*32=H!5=/AM!!>7*!
PV
!#;2/34(=!":!D2+J!"842/!PYXX!4*=J2=H+T! ;::8dgg>;2/34(=*:42+JM54Hg4(+(*4>;g+>;55/R4*=J2=H+gM!!@:*:(K23(!4*=J2=H!2+!645<!PYXY!*=3!
K2//!Q(!183*:(3!2=!/*:(!"842/!PYXXM!
Pa
!WĞƌƐŽŶĂůĐŽŵŵƵŶŝĐĂƚŝŽŶĨƌŽŵ'ĂďĞW͘ůůĞŶůĞŵĞŶƚĂƌLJWƌŝŶĐŝƉĂůŽŶŶŝĞ,ŽǀƐĞƚŚ͘^ĞĞĂůƐŽ͞^ƚƵĚĞŶƚƐ͛ǀŽĐĂďƵůĂƌŝĞƐƐŚŽǁŶƚŝĞĚ
ƚŽ ŝŶĐŽŵĞƐ͟ ďLJ ŝůĞĞŶ &ŝƚnj'ĞƌĂůĚ͕ dŚĞ EĞǁƐR'2<(+T! 9(Q41*4A! XXT! PYYPT! *>>(++(3! 5=! :;(! &*:25=*/! O4Q*=! "//2*=>(! K(Q+2:(T!
;::8dggKKKM=1*:>M54Hg*4:2>/(+g836g=(K+:2<(+XX6(QYPM836M!!
PW
!@1<!56!5>>182(3!;51+(;5/3+!2=!"<(42>*=!#5<<1=2:A!@14B(A!>(=+1+!:4*>:!3*:*!2=!'*Q/(!U!2+!*Q51:!WTZYYM!!?*LJŽƌ͛Ɛ^ŽƵƚŚĞƌŶ
.*//*+!'*+J!954>(T!.*//*+!%662>(!56!->5=5<2>!.(B(/58<(=:T!"4(*!pW!6*>:!+;((:T!>2:2=H!PYYW!3*:*T!+*A+!aTaP]T!
;::8dggKKKM+51:;(4=3*//*+M54Hg35>1<(=:+g6*>:+;((:+gWhC(+:kPY.*//*+M836M!!#/*42:*+!PYXY!(+:2<*:(!2+!aTUYYM!
P]
!"4(*!pW!6*>:!+;((:!
P_
!N(4+5=*/!>5<<1=2>*:25=!"842/!XT!PYXX!645<!j*=(!?*++(AT!N;.T!"++5>2*:(!.24(>:54!56!D(+(*4>;!*=3!-B*/1*:25=T!>2:2=H!PYXY!3*:*!
645<!.*//*+!#51=:A!"884*2+*/!.2+:42>:!654!>(=+1+!:4*>:+!XYXMYXT!XYXMYPT!*=3!XYPM!
UY
!N(4+5=*/!>5<<1=2>*:25=!?*4>;!UYT!PYXX!645<!j5/((=!0*HK(//T!.24(>:54!56!.(B(/58<(=:!*=3!?*4J(:2=H!654!L5+!0*4425+!O=235+!
#5<<1=2:A!#/2=2>T!>2:2=H!'()*+!.(8*4:<(=:!56!@:*:(!7(*/:;!@(4B2>(+!3*:*!654!PYYagPYYWM!
UX
!"4(*!pW!6*>:!+;((:!
UP
!';(!'42=2:A!'41+:!K(Q+2:(T!;::8dggKKKM32+>5B(4:;(:42=2:AM54Hg6*>:+!

% %
XP!
!
89"%)*(('0*1'$.2"%!"#$%&'""()!
!
';(4(!*4(!*!=1<Q(4!56!B(4A!H553!81Q/2>!+>;55/+!+(4B2=H!:;(!/5K(4!
H4*3(+! 2=! C(+:! .*//*+M! ! ';4((! 56! :;(! +(B(=! 81Q/2>! (/(<(=:*4A!
+>;55/+!G@A3=(A!L*=2(4T!-/*325!DM!?*4:2=(S!*=3!L54(=S5!3([*B*/*I!
*4(! 4*:(3! -)(<8/*4A! 54! D(>5H=2S(3T! *=3! :;(4(! 2+! *=! -)(<8/*4A!
<*H=(:! <233/(! +>;55/T! ';(! .*//*+! -=B245=<(=:*/! @>2(=>(!
">*3(<AM! ! 'K5! ;2H;! c1*/2:A! 6*2:;RQ*+(3! ER]! 842B*:(! +>;55/+T! @:M!
?*4A!56!#*4<(/!@>;55/!*=3!C(+:!.*//*+!#5<<1=2:A!@>;55/T!*=3!*!
=(K!>;*4:(4!+>;55/T!';(!7(2H;:+!N4(8*4*:54A!@>;55/T!58(4*:(3!QA!
*=! ()(<8/*4A! >;*4:(4! <*=*H(<(=:! 54H*=2S*:25=! GO8/26:!
-31>*:25=IT! */+5! +(4B(! :;(! C(+:! .*//*+! >5<<1=2:AM! ! "! +(>5=3!
<233/(!+>;55/T!';5<*+!-32+5=T!2+!4*:(3!">*3(<2>*//A!">>(8:*Q/(M!! K-! %=#! H.-8$%*-! 7.9=! P5=**(! )('$$! *:! V[[QA! *-(/! '0*,%!
"! =(K/A! 58(=(3! .###.! 6*>2/2:AT! -/! #(=:45! #5//(H(! C(+:! .*//*+T! E@X^! *:! 9ƌĂĚƵĂƚĞƐ͛ ^d ƐĐŽƌĞƐ ŝŶĚŝĐĂƚĞĚ ƌĞĂĚŝŶĞƐƐ ĨŽƌ
5*((#9#@!!K-!%=#!)('$$!*:!V[[_A!.%!<'$![^@!
451=3+!51:!(31>*:25=*/!58:25=+!654!*31/:+M!
';(! >;*//(=H2=H! +2:1*:25=! *:! :;(! <233/(! *=3! ;2H;! +>;55/! /(B(/+! 2+! +5<(K;*:! <2:2H*:(3! QA! +(B(4*/! ()>(//(=:!
(31>*:25=*/! +18854:! 2=+:2:1:25=+! 2=! C(+:! .*//*+M! ! ?(4>A! @:4((:! K54J+! K2:;2=! .$@.! :5! 845B23(! <54(! :;*=! VYY!
+:13(=:+!K2:;!<(=:54+!645<!Z:;!H4*3(!:;451H;!H4*31*:25=M!!","&#-T!,52>(!56!758(T!C(+/(A!D*=J2=!#5<<1=2:A!
#(=:(4T! ,2>J(4A! ?(*35K! *=3! '42=2:A! D2B(4! ?2++25=! 845B23(! 8*4(=:! :4*2=2=HT! <(=:542=HT! *6:(4! +>;55/! *=3g54!
+1<<(4!845H4*<<2=HM!!!!
.(+82:(! :;(+(! +1>>(++! +:542(+T! *>>(++! :5! ()>(//(=:! (31>*:25=*/! >;52>(+! 654! *//! 6*<2/2(+! *:! *//! H4*3(! /(B(/+! 2+!
1=c1(+:25=*Q/A! *=! (=54<51+! >;*//(=H(! 2=! C(+:! .*//*+M! ! $=! *332:25=T! :;(! 1=<(:! ;1<*=! =((3+! 2=! C(+:! .*//*+!
ƐĞǀĞƌĞůLJ ŝŵƉĞĚĞ ĐŚŝůĚƌĞŶ͛Ɛ ĂďŝůŝƚLJƚŽ ĂĐŚŝĞǀĞ ĞĚƵĐĂƚŝŽŶĂů ƐƵĐĐĞƐƐ͘  ŚŝůĚƌĞŶǁŚŽ ĐŽŵĞ ƚŽƐĐŚŽŽů ĂĨƚĞƌ ŚĂǀŝŶŐ
+/(8:!2=!*!>*4!54!5=!+5<(5=(q+!+56*T!54!K;5!*4(!;1=H4AT!2=!=((3!56!<(32>*/!>*4(T!1=+18854:(3!QA!8*4(=:+!K;5!*4(!
=5:! (=H*H(3! 2=! :;(24! >;2/3q+! (31>*:25=T! *=3! K;5! ;*B(! /2::/(! ()8(>:*:25=! 654! :;(24! 5K=! *>*3(<2>! *>;2(B(<(=:!
84(+(=:! B(4A! >;*//(=H2=H! /(*4=2=H! >5=32:25=+M! ! C;(=! *+J(3! *Q51:! :;(! >;*//(=H(+! :;(A! 6*>(T! *H*2=! *=3! *H*2=!
:(*>;(4+!*=3!+>;55/!/(*3(ƌƐƐŚĂƌĞƚŚĂƚƚŚĞLJĐĂŶŚĂŶĚůĞƚŚĞĂĐĂĚĞŵŝĐƐ͕ŽƌĐŽƵůĚŝĨƐƚƵĚĞŶƚƐ͛ŽƵƚƐŝĚĞŶĞĞĚƐǁĞƌĞ
=5:!+5!5B(4K;(/<2=HM!!!
6=.$!.$!'!5.2.(!1.9=%$!.$$,#A!.%!.$!'!+*1'(!.$$,#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%$@!!!#5=B(4+(/AT!=(2H;Q54;553+!K;2>;!*4(!+:45=H!+18854:(4+!56!+>;55/+!<*J(!2:!<1>;!<54(!
/2J(/A!:;*:!+2H=262>*=:!(31>*:25=*/!:4*=+654<*:25=!K2//!5>>14M!
&(B(4!Q(654(!2=!:;(!;2+:54A!56!.*//*+!;*B(!+5!<*=A!2++1(+!*=3!58854:1=2:2(+!>5=B(4H(3!*451=3!:;(!c1(+:25=!56!
+>;55/!2<845B(<(=:M!!';(4(!2+!;(2H;:(=(3!81Q/2>!*K*4(=(++!56!:;(!<*H=2:13(!56!:;(!2++1(!*=3!:;(!2<8*>:!56!/5K!
8(4654<2=H!+>;55/+!5=!:;(!;(*/:;!56!:;(!4(H25=T!(+8(>2*//A!*:!:;(!;2H;!+>;55/!/(B(/M!!';(!4"((-,"#-5267!845B23(+!*!
8/*:654<!654!+>;55/!:4*=+654<*:25=!H451=3(3!2=!>5<<1=2:A!4(H(=(4*:25=M!!@2=>(! PYY]!2:! ;*+!2=>54854*:(3!*=3!
<*H=262(3! :;(! K54J! 56! /5>*/! >5<<1=2:A! 54H*=2S*:25=+! :;*:! *4(! >5<<2::(3! :5! (31>*:25=! :4*=+654<*:25=! *=3!
ĂƉƉůLJŝŶŐĂ͞ǁŚŽůĞĐŽŵŵƵŶŝƚLJĂƉƉƌŽĂĐŚ͟ƚŽ81Q/2>!(31>*:25=!:4*=+654<*:25=M!
Š‡ ǯ• ‘ˆ †—…ƒ–‹‘ ˆ‘” ‡•– ƒŽŽƒ•ǣ! ! ';(! 4"((-,"#-5267$ !"#$ %&'""()! K*+! 3(+2H=(3! QA! *! :(*<! 56!
(31>*:54+T!>5<<1=2:A!4(+23(=:+! *=3!=5:R654R84562:+T!K2:;! 2=81:! 645<!35S(=+!56!B5/1=:((4+!*=3!4(+23(=:+M!! ';(!
3(B(/58<(=:! :(*<! >5=31>:(3! ():(=+2B(! 4(+(*4>;! 4(H*432=H! +1>>(++61/! (31>*:25=*/! :14=*451=3! 2=! 5:;(4! >2:2(+!
*>45++! :;(! O=2:(3! @:*:(+T! 23(=:262(3! >5<85=(=:+! :;*:! +18854:(3! :;5+(! +1>>(++61/! :14=*451=3+T! *=3! *358:(3! *!
8/*=!:5!*334(++!*!B*42(:A!56!2++1(+!K2:;!B2+2Q/(!2<8*>:!5B(4!*!URV!A(*4!8(4253!*=3!+2H=262>*=:!:4*=+654<*:25=!*:!:;(!
<233/(! *=3! ;2H;! +>;55/! /(B(/! K2:;2=! VR]! A(*4+T! ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ͞ŽŵŵĞŶĚĞĚ͟ ƐƚƵĚĞŶƚ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ
+:*=3*432S(3!:(+:+M!!';*:!8/*=T!:;(!4"((-,"#-5267$!"#$%&'""()*!;*+!*!62B(R8*4:!+:4*:(HA!ǁŚŝĐŚǁĞĐĂůů͞d;(!"0#+!56!
-31>*:25=!2=!C(+:!.*//*+T͟!3(+2H=(3!:5!+18854:!:4*=+654<*:25=!56!(31>*:25=!58:25=+!*=3!+ƚƵĚĞŶƚƐ͛ůŝǀĞƐM!!9514!56!

XU!
!
:;(+(! 62B(! >5<85=(=:+! *4(! +:*66(3! *=3!58(4*:(3! QA!.9##! G+((! :;(! "::*>;<(=:+! +(>:25=! 654! +:*=3R*/5=(! 6/A(4+!
*Q51:!(*>;!56!:;(<Id!
XM @32*4'$"!654!c1*/2:A!(31>*:25=!:;*:!342B(+!>5<<1=2:A!+18854:!654!4(654<!
*M 8-#7.5$ 9&52".$ :#"1;)$ !"#$ </1&-52".! G89:<I! ʹ! XPYe! 8*4(=:+! 2=! :4*2=2=H! *+! 624+:! (31>*:54+! *=3!
Q(+:!*3B5>*:(+!654!:;(2ƌĐŚŝůĚƌĞŶ͛ƐĂĐĂĚĞŵŝĐƐƵĐĐĞƐƐ!
QM =-25'$-./$4">>1.25?$!"#$</1&-52".$@#-.)!"#>-52".!G=94<@I!ʹ!XVe!6*2:;!*=3!>5<<1=2:A!H4518+!
Q(2=H!:4*2=(3!:5!K54J!K2:;!8*4(=:!*3B5>*:(+!654!+>;55/!+A+:(<!:4*=+654<*:25=!
PM Q,.(3%>5<<1=2:A!2=64*+:41>:14(!:5!+18854:!(31>*:25=!4(654<!!
*M @'7$ %&'""($ A".7$ B$ C7)5$ D-((-)! G@%AI! PY! =5=R84562:! 54H*=2S*:25=+! *>45++! :;(! 61//! +8(>:41<! 56!
>5<<1=2:A!4(+514>(+!8*4:2>28*:2=H!2=!:;2+!(6654:!*4(!65>1+(3!5=!+2H=262>*=:/A!<5B2=H!:;(!32*/!5=!
:K5! 2++1(+! 2=! @^! PYXYRXX! *=3! @^PYXXRXPd! ! 2<845B2=H! *>>(++! :5! c1*/2:A! YRV! +>;55/! 4(*32=(++!
:4*2=2=H!654!<5:;(4+!*=3!84(RE!>;2/34(=T!*=3!4(<(32*:25=!*=3!>5//(H(!4(*32=(++!654!+:13(=:+!2=!
:;(24!<233/(!*=3!;2H;!+>;55/!A(*4+M!
UM )9**#"<! ! @18854:! H4(*:! +>;55/! >;52>(+M! ! F4(*:! >;*4:(4! +>;55/+! 2=>/132=H! :;(! =(K! O8/26:! -31>*:25=!
>*<81+T! ';(! 7(2H;:+! N4(8*4*:54A! @>;55/T! *=3! ()>(//(=:! 8*45>;2*/! +>;55/+! +1>;! *+! C(+:! .*//*+!
#5<<1=2:A! @>;55/! *=3! @:M! ?*4A! 56! #*4<(/! @>;55/! 845B(! :5! 8*4(=:+! :;*:! >;2/34(=! >*=! +1>>((3!
*>*3(<2>*//AM! ! ';(A! <53(/! Q(+:! 84*>:2>(+T! +1>;! *+! +:13(=:! (=H*H(<(=:! *=3! 842=>28*/! (<85K(4<(=:T!
:;*:! 65+:(4! ()>(//(=:! (31>*:25=T! *=3! >*=! +(4B(! *+! /*Q54*:542(+! 654! 2==5B*:25=M! ! G.9##! +:*66! <(<Q(4+!
+18854:!:;(!8*4:=(4+;28+!Q1:!35!=5:!+(4B(!*+!+:*66!*:!:;(!+>;55/+M!!"!.9##!+:*66!<(<Q(4!+(4B(+!5=!:;(!
Q5*43!*:!';(!7(2H;:+MI!
*M O8/26:!-31>*:25=!G';(!7(2H;:+!N4(8*4*:54A!">*3(<AI!
QM @:M!?*4A!56!#*4<(/!@>;55/!
>M C(+:!.*//*+!#5<<1=2:A!@>;55/!
ZM &"+*-#$1'$"<%!?(*+14(<(=:!*=3!4(62=(<(=:!56!>5<<1=2:A!*=3!(31>*:25=*/!:4*=+654<*:25=!*>:2B2:2(+!!
*M @'7$ E75#2&)$ 8#"F7&5! ʹ! PY! 8*4:2>28*:2=H! =5:R654R84562:+! 3(B(/582=H! 51:>5<(+! <(*+14(+! 654!:;(24!
5K=!54H*=2S*:25=+!*=3!654!:;(24!>5//(>:2B(!2<8*>:!5=!(31>*:25=!:4*=+654<*:25=!
QM O'.!*=3!@?O!<(*+142=H!2=32B231*/!*=3!>5//*Q54*:2B(!2<8*>:!
VM 5-L'L"!+:13(=:+!2=!:;(24!5K=!+1>>(++!B2*!+(4B2>(!/(*4=2=H!58854:1=2:2(+!*:!*//!H4*3(!/(B(/+T!2=:(4=+;28+!2=!
:;(!188(4!H4*3(+T!*=3!845H4*<+!:;*:!:(*>;!>;*4*>:(4!3(B(/58<(=:!*=3!>5//(H(!<2=3(3=(++!2=!*//!H4*3(+M!
*M @'7$G"1.3$D767(";7#)$8#"F7&5!ʹ!XYRXP!:((=+!8*4:2>28*:2=H!2=!>5<<1=2:A!3(+2H=!(*>;!+1<<(4!
';(!H5*/+!56!:;2+!+:4*:(HA!*4(!:5d!
x )(*$#!:;(!*>;2(B(<(=:!H*8!Q(:K((=!C(+:!.*//*+!+:13(=:+!*=3!:;(24!*66/1(=:!8((4+f!!
x )(*$#!:;(!58854:1=2:A!H*8!K2:;!()>(//(=:!>;52>(+!654!;2H;!c1*/2:A!+>;55/!654!*//!6*<2/2(+f!
x I;#-!:;(!3554!654!H4(*:!8*4:=(4+;28+!K2:;!.$@.!:;451H;!8*4(=:!*=3!>5<<1=2:A!*3B5>*>A!+1>;!:;*:!'((!
$%,4#-%$!.-!"#$%!&'(('$!91'4,'%#!1#'4/!:*1!5*((#9#!'-4!5'1##1$@!
6=#! (*-9T%#1+! +#'$,1#! *:! $,55#$$! <.((! 0#! '! 2'1.#%/! *:! #N5#((#-%! #4,5'%.*-'(! 5=*.5#$! :*1! ;'1#-%$A! <.%=! '((!
ƐƚƵĚĞŶƚƐŽŶƚƌĂĐŬĨŽƌĐŽůůĞŐĞƌĞĂĚŝŶĞƐƐ;ĂƐĞǀŝĚĞŶĐĞĚďLJ͞ŽŵŵĞŶĚĞĚ͟ƚĞƐƚƐĐŽƌĞƐͿ@!
8'7$%&'""($9".7:;7)5$<-((-)$=8%9><!!@%AT!*!J(A!+:4*:(HA!56!:;(!4"((-,"#-5267$!"#$%&'""()A!ŝƐ&͛ƐƌĞƐƉŽŶƐĞ
:5!:;(!=((3!654!+18854:2B(!4(+514>(+!:;*:!>4(*:(!:;(!;(*/:;A!>5<<1=2:2(+!:;*:!;(/8!:5!342B(!:;(!:4*=+654<*:25=!
56!+:41HH/2=H!=(2H;Q54;553!+>;55/+M!!!
@%A!2+!*!8*4:=(4+;28!Q(:K((=!.9##T!XU!C(+:!.*//*+!@>;55/+!R!2=>/132=H!XY!.$@.!+>;55/+T!:K5!842B*:(!+>;55/+T!*=3!
5=(!>;*4:(4!+>;55/!R!*=3!PY!=5:R654R84562:!54H*=2S*:25=+M!!@%A$2+!3(+2H=(3!ƚŽŽǀĞƌĐŽŵĞ͞ƚŚĞŐƌĂǀŝƚĂƚŝŽŶĂůƉƵůůŽĨ
32+54H*=2S*:25=! *=3! 3A+61=>:2ŽŶ͟ ƚŚĂƚ ŬĞĞƉƐ ĐŚŝůĚƌĞŶ ŝŶ ƉŽŽƌ ĐŽŵŵƵŶŝƚŝĞƐ ƚƌĂƉƉĞĚ ŝŶ ƉŽǀĞƌƚLJ ďLJ ĨŽĐƵƐŝŶŐ
4(+514>(+! 842<*42/A! 5=! (/(<(=:*4A! +>;55/! >;2/34(=! *=3! :;(24! 6*<2/2(+T! :;(! 852=:! K;(4(! >;*=>(+! 654! /5=HR:(4<!
+1>>(++!*4(!;2H;(+:M!"+!>55432=*:54!56!@%AT!.9##!2+!<*J2=H!+14(!:;*:!d^͛)!+*6(:A!=(:!2+!:2H;:/A!K5B(=!*=3!>5B(4+!
*//!56!C(+:!.*//*+!K2:;d!!
 *!/5=HR:(4<!+:4*:(H2>!8/*=!654!(31>*:25=!:4*=+654<*:25=!K2:;!4(+514>(+!3(8/5A(3!*>>5432=H!:5!:;*:!8/*=f!!
 H*8+!2=!6*<2/A!*=3!>5<<1=2:A!+18854:+!23(=:262(3!*=3!62//(3f!!

XZ!
!
 2=654<*:25=!>5<<1=2>*:(3!*<5=H!845B23(4+!:5!6*>2/2:*:(!(66(>:2B(!*=3!(662>2(=:!+(4B2>(+f!!
 845H4*<+!:;*:!*4(!>45++R<*4J(:(3!+5!:;*:!8*4(=:+!K;5!+((J!51:!5=(!8*4:2>1/*4!4(+514>(!*4(!:5/3!*Q51:!
5:;(4!4(+514>(+!*B*2/*Q/(!:5!:;(<f!*=3!
 *! 845H4*<! :5!<(*+14(! :;(! 2<8*>:! 56! :;(+(! (6654:+! *=3! (=+14(! :;*:! /(++5=+! /(*4=(3! 645<!:;*:! 845>(++!
2=654<!5=H52=H!58(4*:25=+M!!
.9##! /(*3+! :;(! +:4*:(H2>! 8/*==2=H! *=3! 6*>2/2:*:(+! >55432=*:25=T! 62//2=H! 2=! 56! H*8+T! 0(+:! N4*>:2>(+! 4(+(*4>;T!
=(:K54J2=HT!<(*+14(<(=:!*=3!*=*/A+2+!:;*:!2:+!8*4:=(4+!35!=5:!;*B(!:2<(!54!61=3+!:5!845B23(M!!!
$=! "842/! 56! PYXXT! :;(! 8*4:2>28*=:+! 2=$ @%A$ >5<8/(:(3! *! +2)! K((J+! +:4*:(H2>! 8/*==2=H! (6654:! 2=! 84(8*4*:25=! 654!
1=3(4:*J2=H! :;(! <(:42>+! 3(B(/58<(=:! K54J! 3(+>42Q(3! (/+(K;(4(! 2=! :;2+! 35>1<(=:M! ! %1:! 56! :;*:! +:4*:(H2>!
8/*==2=H!(6654:!>*<(!*!65>1+!5=!:K5!>42:2>*/!>5<85=(=:+!:;*:!:;(!H4518!6(/:!>51/3!Q(!2<8*>:(3!+2H=262>*=:/A!2=!X]!
ŵŽŶƚŚƐ͛ƚŝŵĞ͕ĂƐǁĞůůĂƐƐĞǀĞƌĂůůŽŶŐĞƌƚĞƌŵĂƌĞĂƐŽĨŝŶƚĞŶƚŝŽŶĂůĨŽĐƵƐ͘dŚĞƐŚŽƌƚƚĞƌŵĂƌĞĂƐŽĨĨŽĐƵƐĂƌĞ͗!
 9&&7))$5"$H1-(25?$IBJ$)&'""($#7-/2.7))$5#-2.2.3$!"#$>"5'7#)$-./$;#7BK$&'2(/#7.L$*//!8*4:2>28*:2=H!*H(=>2(+!
K2//! 65>1+! :;(24! (=(4HA! *=3! 4(+514>(+! 5=! *>>(++! :5! *=3! 3(/2B(4A! 56! ;2H;Rc1*/2:A! 8*4(=:2=H! :4*2=2=H! *=3!
(*4/AR>;2/3;553! 3(B(/58<(=:M! ! N4(+(=:/A! :;4((! 8*4:2>28*:2=H! 54H*=2S*:25=+! ;*B(! 324(>:! 45/(+! ʹ! "DET!
","&#-T!,2>J(4A!?(*35K!L(*4=2=H!#(=:(4!*=3!C(+/(A!D*=J2=!G?2!-+>1(/2:*IM!!954!3(+>428:25=+!56!(*>;T!
+((! :;(! (=3! 56! :;2+! +(>:25=M! ! ';(+(! 54H*=2S*:25=+! >144(=:/A! 566(4! ;2H;Rc1*/2:A! (66(>:2B(! :4*2=2=HM! ! ';(24!
:4*2=2=H! K2//! Q(! 614:;(4! B*/23*:(3! *=3! (=42>;(3! QA! :;(! 8*4:2>28*:25=! 56! 8456(++54+T! +:13(=:+! *=3!
4(+(*4>;(4+!*:!:;(!@2<<5=+!@>;55/!56!-31>*:25=!*=3!71<*=!.(B(/58<(=:!*:!@?OM!!$
$=! *332:25=T! 8*4:2>28*:2=H! ;51+(4+T! <(32>*/! 4(+514>(! *=3! 6553! 845B23(4+T! (:>M! K2//! 2=c124(! *+! :5! :;(24!
ĐƵƐƚŽŵĞƌƐ͛ ƉĂƌƚŝĐŝƉĂƚŝŽŶ! 2=! 8*4(=:! :4*2=2=H! *=3! (*4/AR>;2/3;553! 845H4*<+! *=3! K2//! 4(>5<<(=3! :;(24!
4(+514>(+M! ! $=! *332:25=T! C(+:! .*//*+! #5<<1=2:A! #(=:(4+T! '42=2:A! D2B(4! ?2++25=! *=3! 5:;(4+! K2//! <*J(!
+8*>(!*B*2/*Q/(!3142=H!:;(!3*A!654!8*4(=:2=H!*=3!(*4/AR>;2/3;553!>/*++(+T!*+!:;(24!+8*>(+!*4(!B*>*=:!1=:2/!
*6:(4!+>;55/!;514+M$
 M7>7/2-52".$ -./$ &"((737$ #7-/2.7))$ !"#$ )51/7.5)$ 2.$ 5'72#$ >2//(7$ -./$ '23'$ )&'""($ ?7-#)L$ $ -31>*:25=! $+!
94((35<T! ?(4>A! @:4((:T! '42=2:A! D2B(4! ?2++25=! *=3! ,52>(! 56! 758(! K2//! :*J(! :;(! /(*3! 2=! :;2+! 65>1+! *4(*M!!
';(24!4(+8(>:2B(!845H4*<+!*4(!3(+>42Q(3!*:!:;(!(=3!56!:;2+!+(>:25=M!!"+!K2:;!*>>(++!:5!c1*/2:A!8*4(=:!*=3!
(*4/AR>;2/3;553! :4*2=2=HT! 5:;(4! 845B23(4+! 8*4:2>28*:2=H! 2=! '@[! ǁŝůů ŝŶƋƵŝƌĞ ĂƐ ƚŽ ƚŚĞŝƌ ĐƵƐƚŽŵĞƌƐ͛
8*4:2>28*:25=!2=!:;(+(!845H4*<+!*=3!K2//!4(>5<<(=3!:;(24!4(+514>(+M!!$
@%A!2+!*/+5!*334(++2=H!=(KT!>42:2>*/!=((3+!:;*:!*4(!3(B(/582=H!*+!:;(!@:*:(!56!'()*+!84(8*4(+!:5!2<85+(!34*>5=2*=!
Q13H(:!>1:+!2=!2:+!(31>*:25=!61=32=HM!!$=!@^!PYXYRXX!*=3!@^!PYXXRXPT!@%A͛Ɛ!J(A!845H4*<!*>:2B2:2(+!K2//!2=>/13(d!
R ?-#7.5)$5"$@"(1.577#)$=?A@><!!$=!@^!PYXXRϭϮ͕ƉƌŝŶĐŝƉĂůƐĞdžƉĞĐƚƚŽůŽƐĞĂůůƚŚĞŝƌƚĞĂĐŚĞƌƐ͛ĂŝĚĞƐ͘dŚĞƐĞ
+:*66! <(<Q(4+! 845B23(! (++(=:2*/! +*6(:A! *=3! +(>142:A! QA! 8*:45//2=H! ;*//K*A+T! 8(4654<2=H! >*6(:(42*! 31:AT!
*=3!+18(4B2+2=H!>*<81+!H451=3+!*=3!>*4855/!/*=(+!Q(654(!*=3!*6:(4!+>;55/M!!N42=>28*/+!K2//!Q(!4(c124(3!
:5!81//!:(*>;(4+!51:!56!>/*++455<+!*=3!4(31>(!:2<(!3(B5:(3!:5!:(*>;2=H!2=!543(4!:5!62//!:;(+(!45/(+M!!B'-)$
-)$,.3&&58231(5M!! $=!543(4!:5!;(/8!<*2=:*2=!:2<(!5=!:*+J!2=!C(+:! .*//*+!>/*++455<+T! @%A! 2+!4(>412:2=H!*!
8*4(=:!>548+$56!18!:5!XaY!B5/1=:((4+!8(4!K((J!3(8/5A(3!*:!*//!(2H;:!C(+:!.*//*+!(/(<(=:*4A!+>;55/+!:5!
8*4:2*//A! Ĩŝůů ƵŶƐƚĂĨĨĞĚ ƌŽůĞƐ͘  DĂŶLJ ŽĨ ƚŚĞƐĞ ǀŽůƵŶƚĞĞƌƐ ǁŝůů ďĞ ƉĂƌĞŶƚƐ ƌĞĐƌƵŝƚĞĚ ĨƌŽŵ &͛Ɛ 8-#7.5$
9&52".$ :#"1;)$ !"#$ </1&-52".! G89:<C! 845H4*<T! K;2>;! 2+! >5=31>:2=H! :4*2=2=H+! :5! ;(/8! 8*4(=:+! Q(>5<(!
ĞŶŐĂŐĞĚ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ƉĂƌƚŶĞƌƐ ŝŶ ƚŚĞŝƌ ĐŚŝůĚƌĞŶ͛Ɛ ĞĚƵĐĂƚŝŽŶ͘  LJ ƵŐƵƐƚ ƚŚĞ ĨŝƌƐƚ ǀŽůƵŶƚĞĞƌƐ ǁŝůů ďĞ
4(>412:(3T!:4*2=(3!*=3!4(*3A!:5!+(4B(!3142=H!@^!PYXXRXPM!!';2+!845H4*<!2+!Q(2=H!3(B(/58(3!2=!8*4:=(4+;28!
K2:;!.$@.!K2:;!:;(!2=:(=:25=!56!1+2=H!2:!*+!*!<53(/!2=!5:;(4!+2<2/*4/A!2<8*>:(3!>5<<1=2:2(+M!
R 8'7$ 815"#$ 4"#B)R! ! 013H(:! >1:+! K2//! */+5! +1Q+:*=:2*//A! 2=>4(*+(! >/*++! +2S(+! GQA! VYk! 54! (B(=! <54(IT!
ĚĞĐƌĞĂƐŝŶŐƚĞĂĐŚĞƌƐ͛ƚŝŵĞĨŽƌŝŶĚŝǀŝĚƵĂůĂƚƚĞŶƚŝŽŶĂŶĚĐƌĞĂƚŝŶŐĂŵŽƌĞĐŚĂůůĞŶH2=H!(=B245=<(=:!654!+/5K!
*=3!c12>J!/(*4=(4+!*/2J(M!!@%A!2+!>4(*:2=H!*!@15"#$4"#;)!:5!*334(++!:;2+!=((3M!!.9##!+:*66!<(<Q(4+!*4(!
K54J2=H! K2:;! @%A! 8*4:2>28*=:+T! *=3! *4(! 4(*>;2=H! 51:! :5! :;(! .*//*+! 6*2:;! >5<<1=2:AT! @?OT! O'.T! .*//*+!
0*8:2+:!O=2B(4+2:A!*=3!-/!#(=:45!#5//(H(!:5!4(>412:!*=3!:4*2=!+J2//(3!>5//(H(!+:13(=:!:1:54+!K2:;!*!H5*/!56!

XV!
!
+(>142=H! XY! :1:54+! 654! (*>;! 56! :;(! (2H;:! (/(<(=:*4A!+>;55/+M! ! @'7$ @15"#$ 4"#;)T! >55432=*:(3!K2:;!.$@.!
+(=254!+:*66!*=3!2=32B231*/!842=>28*/+T!K2//!*/+5!Q(!2=!8/*>(!654!@^!PYXXRXPM!
@%AA$K;2>;!2+$Q(2=H!2=>1Q*:(3!*:!.9##T!2+!3(+2H=(3!:5!Q(!+81=!566!*+!*!+(8*4*:(!VYXG>IGUI!54H*=2S*:25=!:;*:!K2//!
*++1<(! /(*3(4+;28! 56! :;(! :4*=+654<*:25=! (6654:M! ! "6:(4! :;(! 2=2:2*/! K54J! 56! ()8*=32=H! :;(! 4"((-,"#-5267$ !"#$
%&'""()$ 2+! >5<8/(:(3! 2=! (*4/A! PYXPT! @%A! K2//! Q(! H123(3! QA! *! [5=(! #51=>2/! 4(84(+(=:2=H! +8(>262>! >5<<1=2:A!
4(+514>(+! *=3! =((3+T! K2:;! <(<Q(4+! >*4(61//A! +(/(>:(3! 654! :;(24! >;*=H(! <*=*H(<(=:! +J2//+T! 2=:(4(+:! 2=! +>;55/!
4(654<T!85/2:2>*/!654:2:13(!*=3g54!J=5K/(3H(!56!C(+:!.*//*+M!!!
';(![5=(!#51=>2/!K2//d!!!
x 7(/8!:5!65+:(4!+>;55/!*=3!>5<<1=2:A!>1/:14(!65>1+(3!5=!(31>*:25=!*=3!2==5B*:25=f!
x #4(*:(!*!85/2:2>*/!*=3!+5>2*/!8/*:654<!654!2<8/(<(=:*:25=!56!Q(+:!84*>:2>(+f!*=3!
x "3B5>*:(!5=!Q(;*/6!56!C(+:!.*//*+!+>;55/+!K2:;!.$@.T!:;(!#2:A!*=3!:;(!@:*:(M!
D*R"1A,(% D'1"-$% '-3% )*++,-.$/% @32*4'4/% Ȃ% ?CDE% '-3% FC4E8<% % WĂƌĞŶƚƐ ĂƌĞ Ă ĐŚŝůĚ͛+! <5+:! 85K(461/!
>;*<825=T! Q1:! <*=A! ;ĂƌĞŶƚƐ ŝŶ tĞƐƚ ĂůůĂƐ ůĂĐŬ ƚŚĞ ƐŬŝůůƐ ƚŽ ďĞ ĞĨĨĞĐƚŝǀĞ ĂĚǀŽĐĂƚĞƐ ĨŽƌ ƚŚĞŝƌ ĐŚŝůĚƌĞŶ͛Ɛ
#4,5'%.*-'(! $,55#$$@! ! ?*=A! C(+:! .*//*+! 8*4(=:+! 35! =5:! +8(*J! -=H/2+;T! *=3! *! /*4H(! 8(4>(=:*H(! *4(! +2=H/(!
<5:;(4+M!!9(K!*4(!(c1288(3!K2:;!:;(!+J2//+!=((3(3!:5!(=H*H(!*+!*3B5>*:(+T!*=3!B(4A!6(K!;*B(!(B(4!(=:(4(3!*!
B5:2=H! Q55:;! 54! >5=+23(4(3! :;*:! :;(A! <2H;:! 2=6/1(=>(! 81Q/2>! 85/2>AM! ! ^(:! 8*4(=:+! K2:;! +>;55/! *H(! >;2/34(=! *4(!
=*:14*/!*3B5>*:(+!*=3!K2:;!:;(!8458(4!:55/+T!:;(A!>*=!;*B(!*!;1H(!2<8*>:M!!';(A!*4(!*!B*+:!1=:*88(3!4(+514>(!
654! (31>*:25=! :4*=+654<*:25=M! ! C;(=! 8*4(=:+! 35! Q(>5<(! (=H*H(3! *+! *3B5>*:(+T! :;(A! *4(! :(=*>251+! *=3!
ĞĨĨĞĐƚŝǀĞ͕ĂŶĚĂƉĂƌĞŶƚ͛ƐŝŶǀŽůǀĞŵĞŶƚŝŶ*!>;ŝůĚ͛ƐĞĚƵĐĂƚŝŽŶŝƐĚŝƌĞĐƚůLJůŝŶŬĞĚƚŽƚŚĂƚĐŚŝůĚ͛Ɛ+1>>(++M!!
.9##! >4(*:(3! 8-#7.5$ 9&52".$ :#"1;)$ !"#$ </1&-52".! G89:<I! :5! (c128! 8*4(=:+! *+! (66(>:2B(! *3B5>*:(+! 654! :;(24!
ĐŚŝůĚƌĞŶ͛ƐĂĐĂĚĞŵŝĐƐƵĐĐĞƐƐĂŶĚJ(A!8*4:=(4+!2=!342B2=H!(31>*:25=!:4*=+654<*:25=M!!';(4(!*4(!+(B(4*/!;2H;!c1*/2:A!
ƉƌŽŐƌĂŵƐŝŶĂůůĂƐƚŚĂƚƚƌĂŝŶƉĂƌĞŶƚƐƚŽďĞŝŶǀŽůǀĞĚŝŶƚŚĞŝƌĐŚŝůĚ͛ƐĞĚƵĐĂƚŝŽŶT!*=3!.9##!2+!+18854:2B(!56!*//!56!
:;(<M!!89:<!;*+!*=!*332:25=*/!5Q\(>:2B(!ʹ!ďĞLJŽŶĚĞŶŐĂŐŝŶŐŝŶĂĐŚŝůĚ͛Ɛ+:132(+!*=3!>/*++455<!*>:2B2:2(+T!Q5:;!56!
K;2>;!*4(!B2:*//A!2<854:*=:T!89:<!#],.;$!;'1#-%$!%*!5='-9#!%=#!#4,5'%.*-'(!$/$%#+M!!!
$=!PYXYT!89:<!Q(H*=!2=!62B(!C(+:!.*//*+!81Q/2>!+>;55/+!K;(4(!8*4(=:+!*4(!=5K!<((:2=H!2=!H4518+!4*=H2=H!645<!
ZRV! 8*4(=:+!:5! UYRZY! 3(8(=32=H! 185=! :;(! /5>*:25=! *=3! (B(=:M! ! ';(! 845H4*<! K2//! ()8*=3! :5!XVY! 8*4(=:+! 2=! +2)!
H4518+!2=!@^!PYXXRXPM!!"6:(4!/(*4=2=H!:5!K54J!:5H(:;(4!*+!*!>5;(+2B(!654>(T!8*4(=:+!*4(!:4*2=(3!:5!1=3(4+:*=3!:;(!
(31>*:25=*/!+A+:(<!*=3!:;(!2++1(+!651=3!2=!14Q*=!81Q/2>!+>;55/+!*>45++!"<(42>*M!';(A!:;(=!65>1+!5=!.*//*+!*=3!
:;(24!5K=!=(2H;Q54;553!+>;55/+!*+!:;(A!3(B(/58!*!3*:*R342B(=!*3B5>*>A!*H(=3*!*=3!<5B(!:5!*>:25=M!!"/4(*3AT!
8*4(=:+!2=!:4*2=2=H!*4(!*::(=32=H!+>;55/!Q5*43!<((:2=H+!*=3!*334(++2=H!+2H=262>*=:!2++1(+!/2J(!:;(!!D(31>:25=!2=!
954>(!+:4*:(HA!*:!.$@.T!K;(4(!:;(A!*4(!*3B5>*:2=H!654!4(31>:25=+!Q*+(3!5=!8(4654<*=>(T!=5:!:(=14(M!
"332:25=*/!*3B5>*>A!654!:;(!*H(=3*!3(B(/58(3!QA!HBW3!8*4:2>28*=:+!2+!845B23(3!QA!6*2:;!>5<<1=2:A!<(<Q(4+!2=!
C(+:! .*//*+! *=3! >2:AK23(! :;451H;! =-25'$ -./$ 4">>1.25?$ !"#$ </1&-52".$ @#-.)!"#>-52".! G=94<@IM! ! =94<@! 2+!
<53(/(3! *6:(4! D#583#5$ 2'5$ E,2,#5T! *! K(QRQ*+(3! *3B5>*>A! 2=2:2*:2B(! 651=3(3! QA! .4M! .*B23! 754=Q(>JT! 654<(4!
@18(42=:(=3(=:!56! @>;55/+! 2=! N;2/*3(/8;2*M!! &d͛Ɛ! ŬĞLJ ƐƚƌĂƚĞŐLJ ŝƐƚŚĞĐƌĞĂƚŝŽŶ ŽĨ͞">:25=! F4518+͟! :5! Q12/3! *!
85K(461/!81Q/2>!B52>(!2=!+18854:!56!(31>*:25=M!!"=!">:25=!F4518!2+!*=!2=R8(4+5=!*=3!5=/2=(!>5<<1=2:A!56!642(=3+!
K;5!+;*4(!>5<<5=!B*/1(+!*=3!K;5!>5<<2:!:5!Q(>5<(!2=654<(3!QA!*::(=32=H!<5=:;/A!=94<@$:4*2=2=H!+(++25=+M!!
G=94<@!>*8:*2=+!<*A!*::(=3!89:<!:4*2=2=H!K2:;!C(+:!.*//*+!8*4(=:+T!:5!65+:(4!:4*=+654<*:25=*/!4(/*:25=+;28+IM!!!
'5H(:;(4! K2:;! C(+:! .*//*+! 8*4(=:+! *=3! (31>*:54+! =94<@! <(<Q(4+! 3(B(/58! *=! *>:25=! *H(=3*! 2=! +18854:! 56!
(31>*:25=*/!2<845B(<(=:+T!*=3!:;(A!:*J(!*=!*>:25=!(*>;!<5=:;!QA!+(=32=H!*!84(/5*3(3T!84(*334(++(3!(<*2/!:5!
K;2>;!:;(A!*33!:;(24!5K=!>5<<(=:+M!!">:25=!H4518!<(<Q(4+!*/+5!<*J(!5=(!B2+2:!(*>;!A(*4!:5!*=!(/(>:(3!5662>2*/!
*=3! K2//! ;*B(! :;(! 58854:1=2:A! :5! 8*4:2>28*:(! 2=! *! <1/:2R6*2:;! +(4B2>(! 5=! :;(! +:(8+! 56! :;(! +:*:(! >*82:5/M! ! -*>;!
*3B5>*:(!2+!*+J(3!:5!8*A!iPY!8(4!A(*4!:5!+18854:!:;(!>5+:!56!:;(!845H4*<M!!!
926:((=! 6*2:;! >5<<1=2:2(+! 645<! C(+:! .*//*+! *=3! :;(! >2:A! *:! /*4H(! *4(! =5K! 654<2=H! ">:25=! F4518+M! ! .9##! K2//!
(=/2+:!PVRUY!>5=H4(H*:25=+!2=!=94<@!ďLJƚŚĞĞŶĚŽĨϮϬϭϭ͘;ĨƚĞƌĂƚŚĞĂƚĞƌƐĐƌĞĞŶŝŶŐŽĨ͞tĂŝƚŝŶŐĨŽƌ^ƵƉĞƌŵĂŶ͟ʹ!
KKKMK*2:2=H654+18(4<*=M>5<!R!+(B(4*/!2=32B231*/+!*/+5!654<(3!">:25=!F4518+MI!!';(!*=:2>28*:(3!4(+1/:!K2//!Q(!
<5Q2/2S*:25=!56!*2#1!YA[[[!2*%#1$!R!4(84(+(=:(3!2=!<5=:;/A!(<*2/+!645<!*//!56!:;(<!*=3!8(42532>!8;5=(!>*//+!*=3!

Xa!
!
8(4+5=*/! B2+2:+! :5! (/(>:(3!5662>2*/+! R! ,-.%#4! .-! %=#.1! 4#%#1+.-'%.*-! %*! %1'-$:*1+! #4,5'%.*-! 2=! C(+:! .*//*+! *=3!
*>45++!:;(!>2:AM!!!
)*++,-.$/% 4"("01'$.*-<! &ŽůůŽǁŝŶŐ ,͛Ɛ ŵŽĚĞů͕ & */+5! 1+(+! >5<<1=2:A! (B(=:+! *=3! >(/(Q4*:25=+! *+!
B(;2>/(+!:5!845<5:(!*!+(=+(!56!>5<<1=2:A!8423(!*=3!+;*4(3!81485+(!*=3!:5!Q4(*J!35K=!>5<<1=2>*:25=!Q*442(4+!
Q(:K((=! (:;=2>! H4518+M! ! ';(+(! (B(=:+! *4(! 58854:1=2:2(+! :5! K(*B(! :;(! +5>2*/! +*6(:A! =(:! *! Q2:! <54(! :2H;:/A! QA!
845<5:2=H!:;(!4(+514>(+!*B*2/*Q/(!:5!C(+:!.*//*+!4(+23(=:+M!
R <2-$/7$(-$F-G2(2-H!!';2+!*==1*/!+842=H!(B(=:!2=>/13(+!*!PE!6*<2/A!61=!41=gK*/JT!*>:2B2:2(+!654!J23+!*=3!
2=654<*:25=! 654! 8*4(=:+! ĨƌŽŵ ƐŽĐŝĂů ƐĞƌǀŝĐĞƐ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ ĂůůĂƐ͛ 85/2>(! *=3! 624(! 3(8*4:<(=:+T! *=3!
H5B(4=<(=:*/!*++2+:*=>(!845H4*<+!/2J(!?(32>*23!*=3!C$#M!!.9##!+:*66!<(<Q(4+!>55432=*:(!:;(!/5H2+:2>+!
2=!8*4:=(4+;28!K2:;!5:;(4!>5<<1=2:A!/(*3(4+M!!PYYRPVY!8(58/(!8*4:2>28*:(!*==1*//AM!
R ?7B$I-((J$!"#$E/1&-52".H!';2+!*1:1<=!(B(=:!845<5:(+!B%F$*=3!Q12/3+!(=:;1+2*+<!654!:;(!=(K!+>;55/!
A(*4M!!"//!B%F!8*4:=(4+!;*B(!Q55:;+!*=3!2=654<*:25=!654!8*4(=:+!*Q51:!4(+514>(+!:5!+:*Q2/2S(!6*<2/2(+!*=3!
;(/8! >;2/34(=! +1>>((3! *>*3(<2>*//AM! ! ^B5==(! .14*=:T! #;2(6! ">*3(<2>! "3B2+54! *:! .$@.T! +85J(! 2=! Q5:;!
-=H/2+;!*=3!@8*=2+;T!*=3!*Q51:!WVY!8(58/(!ʹ!Q5:;!72+8*=2>!*=3!"642>*=R"<(42>*=!ʹ!*::(=3(3!2=!PYXYM!
R K-$?")-/-H!!';2+!#;42+:<*+!845>(++25=!2+!*!:4*32:25=!54H*=2S(3!QA!:;(!"=2:*!?*4:2=(S!D(>4(*:25=!#(=:(4T!
C(+/(A! D*=J2=! #5<<1=2:A! #(=:(4! *=3! '42=2:A! D2B(4! ?2++25=M! ! @2=>(! Q(>5<2=H! 2=B5/B(3T! .9##! ;*+!
845B23(3!:5A+!*=3!*++2+:(3!K2:;!>55432=*:25=!4(+85=+2Q2/2:2(+M!!UVYRZYY!8(58/(!*::(=3!*==1*//AM!
K"'#,1.-L% .$% '((% Ȃ% 8'7$ L75#2&)$ ?#"M7&5<% % ';(! 4(+514>(+! 56! :;(! +5>2*/! +(>:54T! *88/2(3! >5//*Q54*:2B(/AT! >51/3!
/2:(4*//A!>;*=H(!:;(!*>*3(<2>!:ƌĂũĞĐƚŽƌŝĞƐŽĨϲ͕ϯϬϬƐƚƵĚĞŶƚƐ͘Ƶƚ&͛+!+5>2*/!+(>:54!8*4:=(4+!;*B(!;*3!/2<2:(3!
*>>(++!:5!42H5451+!<(*+14(<(=:!:55/+!QA!K;2>;!:;(A!>51/3!c1*=:26A!:;(!+1>>(++!56!:;(24!3*AR:5R3*A!K54JM!!!
$=!4(+85=+(!:5!:;2+!>;*//(=H(T!.9##!;*+!Q((=!K54J2=H!654!X]!<5=:;+!K2:;!/5>*/!1=2B(4+2:A!8*4:=(4+!*=3!*!6(K!56!
:;(!<(<Q(4+!56!:;(!4"((-,"#-5267!:5!3(B(/58!*!+:4*:(HA!:5!3(+2H=!*=3!1+(!<(:42>+!:5!(=*Q/(!:;(!+5>2*/!+(>:54!:5!
c1*=:26A!:;(!2<8*>:!56!2:+!K54J!*=3!+2H=262>*=:/A!2<845B(!2:+!51:>5<(+M! ';(!4(+1/:!56!:;5+(!>5=B(4+*:25=+T!@'7$
E75#2&)$8#"F7&5A!2+!\52=:!(6654:!Q(:K((=!.9##T!:;(!O'.!$=+:2:1:(!56!O4Q*=!N5/2>A!@:132(+!*=3!:;(!O'.!$=+:2:1:(!56!
N1Q/2>!"66*24+M!!.9##!2+!2=!32+>1++25=!K2:;! :;(!@?O!@2<<5=+!@>;55/!56!-31>*:25=!*=3!71<*=!.(B(/58<(=:! :5!
*33! 2:+! 4(+(*4>;! 4(+514>(+! :5! :;(! 845\(>:M! ! L*1=>;(3! 2=! 9(Q41*4A! PYXX! K2:;! *//! 56! @'7$ %&'""($ A".7! =5=84562:!
8*4:=(4+T!@'7$E75#2&)$8#"F7&5!K2//!H(=(4*:(!2=32B231*/!*=3!>5<<5=!<(:42>+!*=3!<(*+14(!51:>5<(+!*=3!2<8*>:T!
ĞƐƉĞĐŝĂůůLJ ƚŚĞ ĐŽůůĞĐƚŝǀĞ ĂďŝůŝƚLJ ƚŽ ͞ŵŽǀĞ ƚŚĞ ĚŝĂů͟ ƌĞŐĂƌĚŝŶŐ ĐĂƵƐĂů ĨĂĐƚŽƌƐ ŽĨ ƉŽǀĞƌƚLJ͕ ďĞŐŝŶŶŝŶŐ ǁŝƚŚ ƚŚĞ!
:4*=+654<*:25=!56!:;(!(31>*:25=*/!+A+:(<!2=!C(+:!.*//*+M!
B'5$ G52#-&)$ D#"H5&2! K2//! 2=>4(*+(! :;(! >*8*>2:A! 56! 8*4:2>28*:2=H! 54H*=2S*:25=+! :5! 2<845B(! 4(+1/:+! 654! :;(24!
>1+:5<(4+!QA!3(B(/582=H!*!<1>;!<54(!84(>2+(!1=3(4+:*=32=H!56!:;(24!5K=!>*8*>2:AT!:;(24!>1+:ŽŵĞƌƐ͛ŶĞĞĚƐ͕ĂŶĚ
:;(!2<8*>:!56!:;(! 845H4*<+!566(4(3!5=!:;5+(! =((3+M!!%=(!56!:;(!842<*4A!51:>5<(+! *6:(4!:;(!=5=84562:+! ;*B(!
35=(!:;(24!5K=!K54J!K2//!Q(!:5!2<845B(!:;(24!*Q2/2:A!:5!(=H*H(!C(+:!.*//*+!4(+23(=:+!*=3!(<85K(4!:;(<!:5!342B(!
>;*=H(+! *+! 5885+(3! :5! Q(2=H! 85K(4/(++! >5=+1<(4+M! ! 0A! (c12882=H! 2:+! %&'""($ F".5! 8*4:=(4! 54H*=2S*:25=+! K2:;!
<(:42>+! *=3! :;(! *Q2/2:A! :5! <(*+14(! *=3! 4(62=(! 51:>5<(+T! .9##! ()8(>:+! B'5$ G52#-&)$ D#"H5&2! :5! 2=>4(*+(! :;(24!
54H*=2S*:25=*/! >*8*>2:A! QA! PVk! *=3! :5! 2=>4(*+(! :;(24! >5+:! (66(>:2B(=(++! QA! XVkT! :;(! (c12B*/(=:! 56! *! iURW??!
2=61+25=!56!>*82:*/!2=:5!:;(!C(+:!.*//*+!>5<<1=2:AM!
D'1$-"1#%.-%89.#%5AA*1$<!!.9##!*=3!X_!*332:25=*/!5=R:;(RH451=3!8*4:=(4+!*4(!\52=(3!2=!:;2+!(6654:T!2=>/132=Hd!!
6=#!BU`W1*,;!FB4,(%$!U#('%.-9!%*!`.4$G!T!$=!>5//*Q54*:25=!K2:;!:;(!O'!@>;55/!56!N1Q/2>!7(*/:;T!"DE!3(B(/58(3!
*=! (B23(=>(RQ*+(3! 845H4*<! :;*:! (=*Q/(+! 8*4(=:+! *=3! :(*>;(4+! :5! 845B23(! :;(! +5>2*/g>1/:14*/! (=B245=<(=:!
(++(=:2*/! :5! *>*3(<2>! +1>>(++M!! ͞Z< ĨŽƌ WĂƌĞŶƚƐ͟ ĂŶĚ ͞Z< ĨŽƌ dĞĂĐŚĞƌƐ͟ ƉƌŽǀŝĚĞ ƐƚƌĂƚĞŐŝĞƐ ƚŚ*:! (<8/5A!
>5=+(c1(=>(+!*=3!*=H(4!<*=*H(<(=:!:55/+!:;*:!;(/8!*31/:+!/(*4=!:5!32+>28/2=(!K;2/(!+;5K2=H!B*/1(!:5!>;2/34(=T!
*++2+:2=H!*31/:+!:5!4(/*:(!:5!>;2/34(=!2=!>*42=HT!+18854:2B(!K*A+!:;*:!Q12/3!+(/6R(+:((<T!65+:(4!:41+:!*=3!2<845B(!
>5<<1=2>*:25=M!!!!
!

XW!
!
BaBL)3! &'(('$! ʹ! ","&#-! +:42B(+! :5! 2<845B(! :;(! (31>*:25=*/! 51:>5<(! 56! &54:;! '()*+! 72+8*=2>! +:13(=:+! QA!
+((J2=H!*!<*\54!8*4*32H<!+;26:!2=!8*4(=:2=H!:;451H;!H4(*:(4!8*4(=:!(31>*:25=!*=3!8*4(=:!2=B5/B(<(=:M!!","&#-!
.*//*+!;*+!+(4B(3!5B(4!VTYYY!8*4(=:+!*=3!>;2/34(=!*:!2:+!PU!+2:(+M!!$=!C(+:!.*//*+T!","&#-!>144(=:/A!;*+!+2:(+!*:!
F*Q(!NM!"//(=!*=3!@23=(A!L*=2(4!-)84(++2B(!"4:+!,*=H1*43M!!!!
ƌŽƚŚĞƌŝůů͛Ɛ,ĞůƉŝŶŐ,ĂŶĚ!ʹ045:;(4!02//q+!7(/82=H!7*=3!(=42>;(+!:;(!/2B(+!56!<(=T!K5<(=T!*=3!>;2/34(=!2=!:;(!
>5<<1=2:A! 56! C(+:! .*//*+! QA! (<85K(4<(=:! :;451H;! /(*4=2=HT! (=>514*H(<(=:! :;451H;! 4(/*:25=+;28+T! *=3!
(=+142=H!:;(!(++(=:2*/+!56!/26(M!!';(!54H*=2S*:25=!566(4+!*!B5/1=:((4!+:*66(3!>5<<1=2:A!>/2=2>!654!*31/:+T!64((!<2=2R
H45>(4A! +:54(T! \5Q! :4*2=2=H! 654! K5<(=T! -=H/2+;! *=3! >5<81:(4! >/*++(+T! >;2/34(=q+! *>:2B2:2(+T! *=3! ;(*/:;A! /2B2=H!
845H4*<+M!
C,.(4#1$!*:!7*;#!ʹ!';(!<2++25=!56!012/3(4+!56!758(!#.#!2+!:5!:4*=+654<!.*//*+!14Q*=!*4(*+!QA!Q12/32=H!+:45=H!
6*<2/2(+! *=3! ;(*/:;AT! +*6(! =(2H;Q54;553+! :;451H;! 32+>28/(+;28T! >5<<1=2:A! 8423(T! *=3! 3(B(/58<(=:! 56! c1*/2:A!
*66543*Q/(!;51+2=HM!#144(=:!845H4*<+!2=>/13(!*66543*Q/(!;51+2=HT!;5<(Q1A(4!(31>*:25=!*=3!>51=+(/2=HT!6*<2/A!
+18854:!+(4B2>(+T!K54J654>(!3(B(/58<(=:!654!()R566(=3(4+!*=3!>5<<1=2:A!<5Q2/2S*:25=M!
34,5'%.*-!K$!b1##4*+!ʹ!-31>*:25=!2+!94((35<!G-$9I!K*+!651=3(3!2=!PYYP!5=!:;(!Q(/2(6!:;*:!(B(4A!A51=H!8(4+5=!
3(+(4B(+!:;(!58854:1=2:A!654!*!>5//(H(!(31>*:25=M!!N45B232=H!+:13(=:+!K2:;!*!45*3<*8!:5!>5<8/(:(!;2H;!+>;55/!
*=3!H*2=!*>>(++!:5!>5//(H(T!-$9!2<8*>:+!:;(!*>*3(<2>!+1>>(++!56!14Q*=!A51:;!:;451H;!*!>5<84(;(=+2B(!+>;55/R
Q*+(3! 845H4*<M! -$9!65>1+(+! 5=! *>*3(<2>! +:*=3*43+T! 2=>/132=H! 8(4+5=*/! H123*=>(T! 8456(++25=*/! 3(B(/58<(=:T!
@"'g"#'!*=3!>5//(H(!84(8*4*:25=T!<(=:542=HT!+>;5/*4+;28!*++2+:*=>(!*=3!*>*3(<2>!*>;2(B(<(=:!2=>(=:2B(+M!
O'1.(('5!P*5.'(!)#-%#1!ʹ!N45H4*<+!2=>/13(!2:+!@(=254+!N45H4*<!G566(4+!Q4(*J6*+:!*=3!/1=>;!:5!+(=254+!VVeI!*=3!
9*<2/A! "++2+:*=>(! @(4B2>(+! G845B23(+! 62=*=>2*/! *++2+:*=>(! 654! 4(=:T! 1:2/2:2(+T! (:>MIM! ! ?*42//*>! @5>2*/! #(=:(4! */+5!
;51+(+!*!6553!8*=:4A!:;*:!845B23(+!/5KR2=>5<(!C(+:!.*//*+!4(+23(=:+!K2:;!H45>(42(+!:5!6((3!:;(24!6*<2/2(+M!C;2/(!
845B232=H!:;2+!;(/8!:5!:;(!>5<<1=2:AT!2:!*/+5!65>1+(+!5=!(<85K(4<(=:!*=3!845<5:(+!+(/6R+1662>2(=>AM!!!!
O'1/!P'-#1!)=.(4!&#2#(*;+#-%!)#-%#1!ʹ!%8(4*:(3!QA!#*:;5/2>!#;*42:2(+!56!.*//*+T!:;(!>(=:(4!845B23(+!6*<2/2(+!
K2:;! *! c1*/2:A! (*4/A! >;2/3;553! 845H4*<! 2=! *! +*6(T! =14:142=H! (=B245=<(=:M! ! $:! H2B(+! >;2/34(=! *H(+! a! K((J+! :5! V!
A(*4+!:;(!58854:1=2:A!:5!H45K!+5>2*//AT!8;A+2>*//A!*=3!>5H=2:2B(/A!2=!*!;*88A!*=3!>*42=H!8/*>(M!
O#15/!P%1##%!ʹ?(4>A!@:4((:!*334(++(+!:;(!(31>*:25=*/!+2:1*:25=!2=!C(+:!.*//*+!QA!8*242=H!81Q/2>!+>;55/!+:13(=:+!
2=! :;(! 6514:;! H4*3(! *=3! 18! K2:;! *31/:+! 645<! >;14>;(+! *451=3! :;(!>2:A!:;*:! +(4B(! *+! <(=:54+!:5!:;(! +:13(=:+M!!
#5<<2::(3!<(=:54+!4(<*2=!>5=+2+:(=:/A!K2:;!+:13(=:+!645<!6514:;!H4*3(!:;451H;!:K(/6:;!H4*3(M!!?(4>A!@:4((:!
;5+:+!K((J/A!02Q/(!>/1Q+T!41=+!+(B(4*/!+854:+!/(*H1(+T!*=3!:*J(+!J23+!:5!B*4251+!+1<<(4!>*<8+M!?(4>A!@:4((:!*/+5!
845B23(+!c1*/2:A!K54J!4(*32=(++!:4*2=2=H!:;451H;!:K5!+<*//!Q1+2=(++(+!R!Q2>A>/(!4(8*24!*=3!/*=3+>*82=H!+(4B2>(+M!!!
P%@!O'1/!*:!)'1+#(!)'%=*(.5!P5=**(!ʹ!@:M!?*4A!56!#*4<(/!2+!*!ER]!8*45>;2*/!+>;55/!:;*:!:*J(+!*!;5/2+:2>!*8845*>;!
:5! :;(! 3(B(/58<(=:! 56! 2:+! +:13(=:+! 2=! *! 6*2:;! 62//(3! #*:;5/2>! (=B245=<(=:! :;*:! 845<5:(+! +8242:1*/T! 2=:(//(>:1*/T!
(<5:25=*/T! +5>2*ů͕ ĂŶĚ ƉŚLJƐŝĐĂů ŐƌŽǁƚŚ͘  dŚĞ ƐĐŚŽŽů͛Ɛ ŚŝŐŚ ůĞǀĞů ŽĨ ĂĐŚŝĞǀĞŵĞŶƚ ŝƐ ƌĞĨůĞĐƚĞĚ ďLJ ƚŚĞ
*>>5<8/2+;<(=:+!56!2:+!+:13(=:+!*=3!H4*31*:(+T!<*=A!56!K;5<!H5!5=!:5!(=\5A!+1>>(++61/!*>*3(<2>!>*4((4+!*:!
ĂůůĂƐ͛ĨŝŶĞƐƚƉƌŝǀĂƚĞƐĐŚŽŽůƐM!
P#12#!"#$%!&'(('$!ʹ!"!=5=R84562:!54H*=2S*:25=!3(32>*:(3!:5!>5==(>:2=H!B5/1=:((4+!K2:;!#;42+:2*=!<2=2+:4A!(6654:+!
2=!:;(!WVPXP!S28!>53(! *4(*!GC(+:! .*//*+IM!!';451H;!:;(24!2=:(4*>:2B(! K(Q+2:(T!B5/1=:((4+!*4(!*Q/(!:5!/5>*:(!*=!
*4(*!:;(A!*4(!2=:(4(+:(3!2=!B5/1=:((42=H!2=!*=3!+2H=!18!(/(>:45=2>*//AM!!#;14>;(+T!54H*=2S*:25=+T!*=3!2=32B231*/+!
*4(!(=>514*H(3!:5!35!+5!QA!B2+2:2=H!:;(!K(Q+2:(M!
61.-.%/! U.2#1! O.$$.*-! F6UOG! ʹ! 'D?! 2+! *! B5/1=:((4ʹQ*+(3! >5<<1=2:A! /(*4=2=H! >(=:(4! >5<<2::(3! :5! Q12/32=H! *!
651=3*:25=! :5! +18854:! ;2H;! +>;55/! H4*31*:25=! *=3! 85+:R+(>5=3*4A! +:132(+! QA! 845<5:2=H! /2:(4*>AT! /*=H1*H(!
84562>2(=>AT!*=3!*>*3(<2>!*>;2(B(<(=:M!!C(+:!.*//*+!8*4(=:+!*=3!:;(24!>;2/34(=!<*A!B5/1=:((4!*:!/(*+:!aY!;514+!
8(4!6*<2/A!8(4!A(*4!2=!()>;*=H(!654!+>;55/!+188/2(+T!+>;55/!1=2654<+T!*=3!#;42+:<*+!H26:+M!!';2+!845H4*<!+(4B(+!*+!
*=!51:/(:!654!8*++25=*:(!8*4(=:+!:5!H2B(!Q*>J!:5!:;(!'D?!*=3!:;(!/5>*/!>5<<1=2:AM!!
J;(.:%! 34,5'%.*-! ʹ! O8/26:! 2+! 3(32>*:(3! :5! 58(4*:2=H! +>;55/+! :;*:! 845B23(! *! c1*/2:A! (31>*:25=! QA! 4*2+2=H! *=3!
>5=:2=1*//A!<*2=:*2=2=H!;2H;!()8(>:*:25=+!654!ŝƚƐƐƚƵĚĞŶƚƐĂŶĚƐƚĂĨĨ͘hƉůŝĨƚ͛ƐŚŝŐŚƐƚĂŶĚĂƌĚƐĂƌĞƌĞĨůĞĐƚĞĚŝŶƚŚĞ

X]!
!
;2H;!+:*:1+!*>>543(3!2:+!58(4*:25=+!QA!:;(!'()*+!-31>*:25=!"H(=>AM!!$=!/*:(R+1<<(4!PYXYT!O8/26:!58(=(3!:;(!624+:!
:K5!H4*3(+!56!K;*:!K2//!Q(>5<(!*!ER]!>;*4:(4!+>;55/!2=!C(+:!.*//*+!K;(4(!2:!2+!845B232=H!B5/1=:((4!/(*3(4+;28!654!
>5<84(;(=+2B(!:4*=+654<*:25=!56!(31>*:25=!2=!C(+:!.*//*+M!
a.58#1/! O#'4*<! D#'1-.-9! )#-%#1! ʹ! "! =5=R84562:! 54H*=2S*:25=! K;5+(! ŵŝƐƐŝŽŶ ƐƚĂƚĞŵĞŶƚ ŝƐ ͞?'3./-./$ I-95)$
dŚƌŽƵŐŚ >ŝƚĞƌĂĐLJ͘͟! ! ! ,?L#! K*+! 651=3(3! 2=! X__W! QA! :;(! <(<Q(4+! 56! N4(+:5=! 75//5K! N4(+QA:(42*=! #;14>;! :5!
*334(++!:;(!>42:2>*/!=((3!654!-=H/2+;!/2:(4*>A!>/*++(+!654!*31/:+!2=!:;(!,2>J(4A!?(*35K!*4(*!56!.*//*+M!!'53*AT!:;(A!
=5:!5=/A!+(4B(!:;(!,2>J(4A!?(*35K!*4(*T!Q1:!;*B(!*/+5!58(=(3!*!+*:(//2:(!/5>*:25=!2=!C(+:!.*//*+!:5!*334(++!:;(!
<1>;! =((3(3! -@L! >/*++(+! K2:;2=! :;(! >5<<1=2:A! :;(4(! *+! K(//M! ! ,?L#! */+5! 566(4+! *! 64((! -*4/A! #;2/3;553!
-31>*:25=!N45H4*<!654!:;(!A51=H!>;2/34(=!56!2:+!*31/:!3*A:2<(!+:13(=:+M!!!
a*.5#!*:!7*;#! ʹ! "!#;42+:2*=!>5<<1=2:A!>(=:(4!:;*:!845B23(+!*>*3(<2>!+18854:T! +:45=H!>;*4*>:(4!<53(/+T!*=3!
6*<2/A!+18854:!:5!:;(!>;2/34(=!56!C(+:!.*//*+M!!';(!>(=:(4!566(4+!*6:(4R+>;55/!*=3!+1<<(4!845H4*<+!654!*//!ERXP!
+:13(=:+!*+!K(//!*+!<(=:542=H!845H4*<+!:*4H(:(3!+8(>262>*//A!*:!:((=*H(!<*/(+M!!,52>(!56!758(!*/+5! 32+:42Q1:(+!
6553!:;451H;!2:+!6553!8*=:4A!:5!:;(!6*<2/2(+!:5!C(+:!.*//*+!@:13(=:+!*=3!;5+:+!*!K((J/A!Q2Q/(!+:13A!654!K235K+!
*=3!+(=254+M!
"'%#1+'18!)*++,-.%/!)=,15=!ʹ!C*:(4<*4J!#5<<1=2:A!#;14>;!2+!3((8/A!(=H*H(3!2=!C(+:!.*//*+!:;451H;!2:+!
+>;55/!8*4:=(4+;28!GK2:;!#M9M!#*44!-/(<(=:*4AIT!<(=:542=H!56!5B(4!PYY!>;2/34(=!:;451H;!?(4>A!@:4((:T!B5/1=:((4!
+18854:! 654! +(B(4*/! 56! :;(! 6*2:;RQ*+(3! <2=2+:42(+! *=3! 8*4:=(4+;28! 2=! <1/:2R6*2:;! >5*/2:25=+! +((J2=H! :5! Q42=H!
(>5=5<2>!*=3!(31>*:25=*/!\1+:2>(!:5!C(+:!.*//*+M!!';(A!*4(!*/+5!>5<<2::(3!:5!>5<<1=2:A!4(+:54*:25=!G4(+:542=H!
;5<(+!:;451H;!2:+!P=3!@*:143*A!<2=2+:4A!*=3!2=!8*4:=(4+;28!K2:;!CM!.*//*+!>;14>;(+IT!*++2+:2=H!K2:;!/(H*/!K54J!
G:;451H;!"#'IT!*+!K(//!*+!()8/542=H!(>5=5<2>!3(B(/58<(=:!*=3!\5Q!>4(*:25=!58854:1=2:2(+!:;451H;!P@!L*=3!#*4(!
*=3! 7$@! 0423H(Q12/3(4+M! -B(4A! A(*4! <54(! :;*=! aYY! C*:(4<*4J! B5/1=:((4+! H2B(! 56! :;(24! :2<(! *=3! 62=*=>2*/!
4(+514>(+!2=!8*4:=(4+;28!K2:;!+>;55/+T!6553!*=3!<(32>*/!4(+514>(!845B23(4+T!>5<<1=2:A!>/(*=R18+!*=3!K;(4(B(4!
K2//2=H!;*=3+!*4(!=((3(3M!!tĂƚĞƌŵĂƌŬ͛ƐĐŽŵŵŝƚŵĞŶƚƚŽƐĞƌǀŝĐĞŝƐďƵŝůƚƵƉŽŶŝƚƐĐŽŵŵŝƚŵĞŶƚƚŽĐŽŵŵƵŶŝƚLJĂŶĚ
4(/2(+!185=!Q12/32=H!:41(!8*4:=(4+;28+!4*:;(4!:;*=!+2<8/A!H2B2=H!H(=(451+/AM$
"#$(#/!U'-8.-!)*++,-.%/!)#-%#1!ʹ!C.##!2+!*!842B*:(T!=5:R654!84562:!54H*=2S*:25=!651=3(3!2=!X_UP!:5!845B23(!
>;2/34(=T!A51:;!*=3!:;(!C(+:!.*//*+!>5<<1=2:A!K2:;!*!85+2:2B(!(=B245=<(=:!654!/(*4=2=H!*=3!3(B(/58<(=:M!%14!
+2H=*:14(!845H4*<T!%,&&5))$-.$I-!5$J!25#K)&'""($J&3754-&$3.7$L.#-&'45.2$D#"/#34!2+!>5<85+(3!56!W!<*\54!65>1+!
*4(*+d!#1/:14*/!-)84(++25=+f!$<*H2=(!?(!*!?2//25=*24(!92=*=>2*/!L2:(4*>Af!CM"MDR!C(!"//!D(*3f!$:!'*J(+!*!,2//*H(!
'((=!$=2:2*:2B(f!C54/3!-)8/54(4+!7(*/:;T!@854:+T!@>2(=>(!*=3!&1:42:25=f!N5+2:2B(!.24(>:25=+!.41H!N4(B(=:25=f!*=3!
'41*=>A!$=:(4B(=:25=M!"==1*//AT!K(!845B23(!<54(!:;*=!aYY!8*4:2>28*=:+!*H(+!aRXW!K2:;!PVe!;514+!8(4!K((J!56!
51:! 56! +>;55/! :2<(! 845H4*<<2=Hf! K;2/(! 2=>4(*+2=H! :;(24! /(B(/+! 56! >4(*:2B2:AT! +(/6R(+:((<T! *=3! 8(4+5=*/!
*>;2(B(<(=:M!C(!*4(!*/+5!58(=!3142=H!:;(!+1<<(4T!+842=H!*=3!5:;(4!Q4(*J+!654!>;2/34(=!K;5!<*A!;*B(!=5!8/*>(!
:5!H5!K;(=!+>;55/+!*4(!>/5+(3M!';(!>144(=:!+:41>:14(!2+!>5<842+(3!56!6514!+2:(+d!0*:**=T!jM!?>?2//*=T!7*<8:5=!
D5*3!*=3![*4*H5+*!-/(<(=:*4A!@>;55/M!954!<54(!2=654<*:25=!B2+2:!KKKMC(+:3*//*+M54H!54!>*//!PXZRWaYR]UVUM!
"#$%!&'(('$!)*++,-.%/!)#-%#1$!ʹ!"=!54H*=2S*:25=!K2:;!+(B(4*/!6*>2/2:2(+!2=!C(+:!.*//*+!:;*:!566(4+!/5>*/!A51:;!*!
K23(! B*42(:A! 56! >/*++(+! :;*:! +188/(<(=:! +>;55/! (31>*:25=! *+! K(//! *+! :(*>;! /26(! +J2//+! +1>;! *+! +(K2=HT! 62=*=>2*/!
/2:(4*>AT!=1:42:25=T!>5<81:(4!/2:(4*>AT!6*+;25=T!*=3!H455<2=HM!!^51:;!>*=!*/+5!*>>(++!-@L!>/*++(+T!:*J(!>/*++(+!:5!
(*4=!*!F-.T!*=3!4(>(2B(!*++2+:*=>(!2=!/5>*:2=H!(<8/5A<(=:M!
"#$%!&'(('$!)*++,-.%/!P5=**(!ʹ!951=3(3!2=!X__VT!:;(!C(+:!.*//*+!#5<<1=2:A!@>;55/!2+!ER]!842B*:(!+>;55/!:;*:!
845B23(+!+:13(=:+!K2:;!*!>/*++2>*/!#;42+:2*=!(31>*:25=T!34*K2=H!5=!:;(!42>;!;(42:*H(!56!C(+:(4=!>2B2/2S*:25=!*=3!
(=>514*H2=H!+:13(=:+!:5!3(B(/58!*!K54/3B2(K!:;*:!2=:(H4*:(+!#;42+:2*=!6*2:;!2=:5!*//!*4(*!56!/(*4=2=HM!!';(!+>;55/!
Q(/2(B(+! :;*:! +:13(=:+! +;51/3! Q(! 4(+8(>:(3! *+! 1=2c1(! 2=32B231*/+! *=3! +:42B(+! :5! ;(/8! 2:+! +:13(=:+! 4(*/2S(! :;(24!
;2H;(+:!85:(=:2*/!+8242:1*//AT!2=:(//(>:1*//AT!8;A+2>*//AT!+5>2*//AT!*=3!>4(*:2B(/AM!!
"#$%! &'(('$! "##4! '-4! P##4! R! ';(! 81485+(! 56! C(+:! .*//*+! C((3! o! @((3! 2+! :5! >5=:45/! B25/(=:! >42<(T! 341H!
:4*662>J2=H!*=3!341H!4(/*:(3!>42<(!2=!3(+2H=*:(3!*4(*+!*=3!:5!845B23(!*!+*6(!(=B245=<(=:!654!4(+23(=:+T!*//5K2=H!
:;5+(!=(2H;Q54;553+!:5!H45K!*=3!:;42B(M!!C((3!*=3!@((3!Q42=H+!:5H(:;(4!9(3(4*/T!@:*:(!*=3!/5>*/!>42<(!62H;:2=H!
*H(=>2(+T! +5>2*/! +(4B2>(! 845B23(4+! *=3! 4(84(+(=:*:2B(+! 56! :;(! 81Q/2>! *=3! 842B*:(! +(>:54T! Q1+2=(++! 5K=(4+! *=3!

X_!
!
4(+23(=:+!1=3(4!*!+;*4(3!H5*/!56!K((32=H!51:!>42<(!*=3!+((32=H!2=!+5>2*/!+(4B2>(+!*=3!(>5=5<2>!4(B2:*/2S*:25=M!!
-B(4A! C((3! *=3! @((3! +2:(! 1+(+! *! +:4*:(HA! :;*:! >5<Q2=(+! 6514! +8(>262>! >5<85=(=:+d! #5<<1=2:A! N5/2>2=HT! L*K!
-=654>(<(=:T!N4(B(=:25=T!$=:(4B(=:25=!*=3!'4(*:<(=:T!*=3!D(+:54*:25=M!!
N*4:2>28*:2=H!2=+:2:1:25=+!2=!:;(!)*(('0*1'%.2#$!"#$%&'""()!2=>/13(d!
&KP&! ʹ! .$@.! 58(4*:(+! XY! 81Q/2>! +>;55/+! 2=! :;(! *4(*M! ! N42=>28*/+! 645<! *//! +(B(=! (/(<(=:*4A! +>;55/+! *4(! 61//A!
(=H*H(3!2=!5'7$4"((-,"#-5267$!"#$%&'""()!*=3!+(4B(!2=!/(*3(4+;28!45/(+!:;451H;51:!:;(!845\(>:M!!C;(4(!:;(4(!*4(!
%1:4(*>;!#55432=*:54+!54!N'"gN'%+T!:;(A!*4(!(=H*H(3!*+!K(//!2=!;(/82=H!:;(!4"((-,"#-5267$!"#$%&'""()!4(*>;!51:!
*=3!>5==(>:!K2:;!8*4(=:+!*=3!>5<<1=2:A!<(<Q(4+M!
POJ! '-4! %=#! P.++*-$! P5=**(! *:! 34,5'%.*-! '-4! 7,+'-! &#2#(*;+#-%! ʹ! @2<<5=+! 2+! /(*32=H! :;(! @?O!
8*4:=(4+;28! 2=! C(+:! .*//*+T! *++2+:2=H! K2:;! >5<<1=2:A! (=H*H(<(=:! (6654:+T!*=3! 845B232=H! *! +514>(! 56! 4(+(*4>;!
*=3! (B*/1*:25=! 654! :;(! B*4251+! (6654:+M! ! "332:25=*/! 8*4:=(4+;28+! *:! @?O! 2=>/13(@:13(=:! "66*24+! GK54J! +:13A!
:1:54+IT! #*<81+! L(*3(4+;28! GPYYe! B5/1=:((4+! 654! +>;55/! 6*>2/2:A! 2<845B(<(=:+IT! @:13(=:! D(>412:2=H! G͞Ž//(H(!
DŝŶĚĞĚŶĞƐƐ͟ĞǀĞŶƚƐIT!#5)!@>;55/!56!01+2=(++!G84585+(3!+>;55/!/(*3(4!Q1+2=(++!*>1<(=!:4*2=2=HIT!LA/(!@>;55/!56!
-=H2=((42=H! G*++2+:*=>(! K2:;! Q12/32=H! *! >(//! 8;5=(! >5<<1=2>*:25=! =(:K54JIT! *=3! @:13(=:! L(*3(4+;28! G(/(>:(3!
5662>(4+T!64*:(4=2:2(+!*=3!+54542:2(+T!*=3!+:13(=:!B5/1=:((4+!K;5!;(/8!K2:;!:;(!*==1*/!!C(+:!.*//*+!N(8!D*//A!654!
-31>*:25=!84254!:5!:;(!@?Og'#O!655:Q*//!H*<(!*=3!;5+:!*!>*<81+!B2+2:!K2:;!/1=>;T!*!:514!*=3!*!655:Q*//!H*<(!
654!*//!2=:(4(+:(3!>;2/34(=!*=3!8*4(=:+!2<<(32*:(/A!65//5K2=H!:;(!8(8!4*//AIM!
J6&!K-$%.%,%#! *:! J10'-! H*(.5/! P%,4.#$! '-4! J6&! K-$%.%,%#! *:! H,0(.5! B::'.1$! ʹ! .9##! 2+! 3(B(/582=H! *! 8*4:=(4+;28!
K2:;!Q5:;!56!:;(+(!2=+:2:1:25=+!:5!3(B(/58!*!61//A!3(B(/58(3!+:4*:(H2>!8/*=!654!>5//*Q54*:25=!Q(:K((=!*//!56!:;(!
8*4:2>28*:2=H! *H(=>2(+! G:;(! O'.! $=+:2:1:(! 56! N1Q/2>! "66*24+IT! +(:! 5Q\(>:2B(+! *=3! <(:42>+T! 3(B(/58! <(*+14(<(=:!
+:*=3*43+!*=3!35>1<(=:!(B23(=>(!56!>;*=H(!5B(4!*!62B(RA(*4!8(4253!G:;(!O'.!$=+:2:1:(!56!O4Q*=!N5/2>A!@:132(+IM!!!
"332:25=*/!>5<<1=2:A!4(+514>(+!:;*:!+18854:!6*<2/2(+!*=3!Q1+2=(++(+!2=>/13(d!
B-.%'!O'1%.-#c!U#51#'%.*-!)#-%#1A!).%/!*:!&'(('$!ʹ!';(!"=2:*!?*4:2=(S!D(>4(*:25=!#(=:(4!2+!58(4*:(3!:;451H;!
:;(! #2:A! 56! .*//*+! *=3! 566(4+! *! B*42(:A! 56! 845H4*<+! :5! :;(! +14451=32=H! >5<<1=2:AM! ! ';(4(! 2+! *=! *6:(4R+>;55/!
:1:542=H! 845H4*<T! *! +1<<(4! >*<8! 654! =(2H;Q54;553! >;2/34(=T! *=3! K54J51:! 6*>2/2:2(+! *B*2/*Q/(! :5! >5<<1=2:A!
<(<Q(4+M!!$:!2+!*/+5!*!>(=:4*/!/5>*:25=!K;(4(!<*=A!2=654<*:25=!+(++25=+!*4(!;(/3M!
3(!)#-%1*!)*((#9#!"#$%!&'(('$!)'+;,$!ʹ!-/!#(=:45!#5//(H(!2+!*=!14Q*=!2=+:2:1:25=!84(8*42=H!+:13(=:+!:5!/2B(T!:5!
K54JT!*=3!:5!Q(!56!+(4B2>(!2=!*!32B(4+(T!H/5Q*/!+5>2(:AM!!"!H4(*:!*332:25=!:5!:;(!C(+:!.*//*+!#5<<1=2:AT!-/!#(=:45!
2+! >5<<2::(3! :5! H5*/+! :;*:! >5=+2+:! 56! @:13(=:! @1>>(++T! -<8/5A((! @1>>(++T! ->5=5<2>! *=3! C54J654>(!
.(B(/58<(=:T!#5<<1=2:A!.(B(/58<(=:T!01+2=(++!*=3!92+>*/!"66*24+T!*=3!%4H*=2S*:25=*/!-66(>:2B(=(++M!!';(!C(+:!
#*<81+!566(4+!+:13(=:+!Q(H2==2=H!>514+(K54J!:5K*43!<*=A!56!:;(!5B(4!ZY!*++5>2*:(!3(H4((+!*=3g54!>(4:262>*:(+!
566(4(3!*:!-/!#(=:45M!!
D'8#<#$%! SO)B! ʹ! %=(! 56!:;(! :K(=:AR:;4((! Q4*=>;(+! 56! :;(! .*//*+! ^?#"M! ! ';(! ^?#"! +:42B(+! :5! 81:! #;42+:2*=!
B*/1(+!2=:5!84*>:2>(!:;451H;!845H4*<+!:;*:!Q12/3!*!;(*/:;A!+8242:T!<2=3!*=3!Q53A!654!*//M!!';(!^?#"!K2+;(+!:5!
2=+:*//!B*/1(+!2=:5!J23+T!+:4(=H:;(=!6*<2/2(+T!*=3!845<5:(!+*6(!>5<<1=2:A!(=B245=<(=:+M!
! !

PY!
!
89"%)*(('0*1'$.2"%!"#$0"1)2.3!
!
"+! :;(! =(2H;Q54;553! 4(H(=(4*:25=! 845>(++! :*J(+! ;5/3T! 8*4:2>1/*4/A! *+! -32+5=! *=3! N2=J+:5=! Q(>5<(! Q(::(4!
+>;55/+!*=3!3(B(/58<(=:!*/5=H!:;(!'42=2:A!D2B(4!Q(H2=+!:5!:*J(!+;*8(T!;5<(!842>(+!K2//!2=(B2:*Q/A!42+(M!!$6!/5KR
2=>5<(!4(+23(=:+!*4(!:5!4(<*2=!2=!:;(!*4(*!:;(A!=5K!>*//!;5<(T!:;(24!8/*>(!<1+:!Q(!>*4(61//A!+(>14(3M!!!
D1.+'1/%S*'(#%
x D(8/*>(! B*>*=:! /5:+T! Q/2H;:(3! ;5<(+! *=3! 3(4(/2>:! <1/:2R6*<2/A! 8458(4:2(+! K2:;! WYYe! =(K! ;5<(+! GZ_]!
>5<8/(:(3T! UYY! K(4(! >5<8/(:(3! QA! 7*Q2:*:! 654! 71<*=2:A! Q(654(! :;(! 4"((-,"#-5267! Q(H*=IT! <((:2=H!
;51+2=H!=((3+!56!*!B*42(:A!56!2=32B231*/+!*=3!6*<2/2(+!
x D(<5B(!318/()(+!*=3!<1/:2R6*<2/A!3(B(/58<(=:+!:;*:!>5=:42Q1:(!:5!>42<(!*=3!3(>*A!*=3!4(8/*>(!:;(<!
K2:;!+2=H/(!6*<2/A!54!<1/:26*<2/A!1=2:+!*+!*8845842*:(!
T0M"4$.2"#%'-3%D('-%&"$'.(#%
x N/*>(!*//!62B(!A(*4!:*)!3(/2=c1(=:!8*4>(/+!2=!;*=3+!56!=5:R654R84562:!*=3!654R84562:!Q12/3(4+!G1=3(4K*AI!
x 01A!51:!+/1<!/543!854:65/25+!G*>>5<8/2+;(3!624+:!<*\54!*>c12+2:25=!.(>(<Q(4!PYY]I!
x 012/3!(66(>:2B(!;5<(5K=(4g=(2H;Q54;553!*++5>2*:25=+!K2:;!(+:*Q/2+;(3!85/2:2>*/!>/51:!!
x #4(*:(!=(2H;Q54;553+!>*8*Q/(!56!*::4*>:2=H!*=3!+1+:*2=2=H!842B*:(!3(B(/58<(=:!
x N45B23(!+18854:!654!<2)(3R2=>5<(T!;2H;(4!3(=+2:A!;51+2=H!=(*4!35K=:5K=!!
x N45B23(!\5Q!:4*2=2=H!*=3!(=:4(84(=(14+;28!2=!>5=+:41>:25=R4(/*:(3!62(/3+!654!A51:;!*=3!4(R(=:4A!
D'1$-"1#%.-%89.#%5AA*1$<!!$=!PYY]!.9##!+1>>(++61//A!+8(*4;(*3(3!*!4(c1(+:!654!*!iVMa??!H4*=:!645<!';(!D((+R
j5=(+!951=3*:25=!654!<1/:28/(!:A8(+!56!*66543*Q/(!;51+2=H!3(B(/58<(=:M!!N*4:=(4+!2=!:;2+!(6654:!*4(d!
&'(('$! B1#'! 7'0.%'%! :*1! 7,+'-.%/! ʹ! "! =5=R84562:T! #;42+:2*=! <2=2+:4A! :;*:! Q12/3+! c1*/2:A! *66543*Q/(! ;5<(+! 2=!
8*4:=(4+;28! K2:;! 6*<2/2(+! *=3! >5<<1=2:2(+M! ! @(4B2=H! *+! *! >*:*/A+:! 654! >5<<1=2:A! 4(B2:*/2S*:25=T! .*//*+! "4(*!
7*Q2:*:!654!71<*=2:A!;*+!Q((=!;5<(Q12/32=H!+2=>(!X_]a!*=3!;*+!Q12/:!5B(4!]VY!;5<(+!*B*2/*Q/(!:5!6*<2/2(+!K;5!
<((:! +8(>262>! 2=>5<(! >42:(42*! *=3! *4(! K2//2=H! :5! Q(! 2=B5/B(3! 2=! :;(! >5=+:41>:25=! 56! :;(24! ;5<(M! ! "+! 56! PYXYT!
7*Q2:*:!;*3!>5<8/(:(3!X__!=(K!;5<(+!2=!C(+:!.*//*+!R!XXU!F4((=/(*6!$g$$!;5<(+!*=3!]a!+>*::(4(3!+2:(!;5<(+M!!
C,.(4#1$! *:! 7*;#! ʹ! "! =5=R84562:! :;*:! 845B23(+! c1*/2:A! *66543*Q/(! ;51+2=H! 2=! *=! (6654:! :5! *++2+:! K2:;! :;(!
4(B2:*/2S*:25=!56!C(+:!.*//*+!*=3!:;(!3(B(/58<(=:!56!*!+*6(!*=3!;(*/:;A!>5<<1=2:AM!!954<(4/A!8*4:!56!:;(!,52>(!
56!758(!?2=2+:42(+T!012/3(4+!56!758(!*/+5!K54J+!:5!2<845B(!:;(!/2B2=H!>5=32:25=!*=3!B*/1(!56!()2+:2=H!;5<(+!2=!
C(+:! .*//*+T! 566(4+! ;5<(Q1A(4! (31>*:25=! *=3! >51=+(/2=HT! 845B23(+! 6*<2/A! +18854:! +(4B2>(+T! *=3! 845<5:(+!
>5<<1=2:A!<5Q2/2S*:25=*$$$
&b))!ʹ!.9#͛ƐƌŽůĞŚĂƐďĞĞŶƚŽŚĞůƉĐŽŶĐĞƉƚƵĂůŝnjĞĂŶĚ+(>14(!8*4:2*/!61=32=H!2=>/132=Hd!
x &(H5:2*:2=H!:;(!*>c12+2:25=!56!*!ZUR1=2:!+/1<!/543!8458(4:A!854:65/25!G>5<8/(:(3If!*=3!
x @(>142=H! *! iVMa??! H4*=:! 645<! ';(! D((+Rj5=(+! 951=3*:25=! 654! .*//*+! "4(*! 7*Q2:*:! 654! 71<*=2:AT!
012/3(4+!56!758(!*=3!.9##!G.9##!4(>(2B(3!iUYYTYYY!5B(4!:;4((!A(*4+IM!
"332:25=*/!54H*=2S*:25=+!2=!C(+:!.*//*+!:;*:!*/+5!845B23(!*66543*Q/(!;51+2=H!*4(d!
&'(('$!7*,$.-9!B,%=*1.%/!ʹ.7"!*23+!4(+23(=:+!2=!5Q:*2=2=H!;51+(+!:;(A!*4(!84513!:5!>*//!;5<(+M!!.7"!Q12/:!L*J(!
C(+:! ,2//*H(T! K;2>;! >5=+2+:+! 56! VY! +2=H/(R6*<2/A! ;5<(+T! *::4*>:(3! 4(:*2/! :5! :;(! C(+:! .*//*+! "4(*T! *=3! ;*B(!
8*4:=(4(3!K2:;!:;(!^?#"T!7(*3!@:*4:T!:;(!.*//*+!N5/2>(!.(8*4:<(=:T!*=3!N*4J/*=3!;5+82:*/!:5!58(=!:;(!L*J(K(+:!
?1:2N1485+(!#(=:(4M!!$=!*332:25=T!.7"!K*+!*!>42:2>*/!8*4:=(4!2=!:;(!3(B(/58<(=:!56!F4((=/(*6!,2//*H(!$o$$!K;2>;!
845B23(! <54(! :;*=! ZYY! =(K! +2=H/(R6*<2/A! ;5<(5K=(4+;28! 58854:1=2:2(+! :5! <53(+:! 2=>5<(! 6*<2/2(+M! ! ';(!
<*\542:A!56!:;(+(!;5<(+!K(4(!Q12/:!QA!7*Q2:*:!654!71<*=2:A!*=3!E0!75<(+M!
a#5.-*$!J-.4*$!ʹ!"!>5<<1=2:A!;51+2=H!3(B(/58<(=:!54H*=2S*:25=!*++2+:2=H!4(+23(=:+!2=!C(+:!.*//*+!:5!3(B(/58!
=(2H;Q54;553+!:;*:!845B23(!c1*/2:A!*66543*Q/(!!;51+2=H!*=3!(>5=5<2>!58854:1=2:2(+!654!4(+23(=:+M!!$=!*332:25=!:5!
>5=+:41>:2=H!;5<(+! *=3!*::4*>:2=H!Q1+2=(++(+!:5!C(+:! .*//*+T!:;(!54H*=2S*:25=!*/+5!566(4+!4(+23(=:+! (31>*:25=!
*=3!*++2+:*=>(!K2:;!4(H*43!:5!>4(32:T!/5*=+T!Q13H(:2=HT!*=3!H(=(4*/!;5<(5K=(4+;28M!! !

PX!
!
89"%)*(('0*1'$.2"%!"#$+",)%:FG=F;%
!
"/5=H!K2:;!c1*/2:A!;51+2=H!*=3!(31>*:25=T!:;(!84(+(=>(!56!H553!\5Q+!K2:;2=!54!=(*4!:;(!=(2H;Q54;553!2+!*!B2:*/!
>5<85=(=:!56!+1>>(++61/!>5<<1=2:A!4(H(=(4*:25=M!!954!>5<<1=2:A!4(+23(=:+!:5!Q(!*>:2B(!2=!:;(!+>;55/+T!:5!Q(!
(=H*H(3!85/2:2>*//AT!*=3!:5!Q(!:;(!(A(+!*=3!(*4+!56!:;(!=(2H;Q54;553T!:;(A!<1+:!Q(!2=!:;(!=(2H;Q54;553T!=5:!
+8(=32=H! VRXY! ;514+! (B(4A! K((J! >5<<1:2=H! G:;(! *B(4*H(! >5<<1:(! 2+! >144(=:/A! UVRZV! <2=1:(+! (*>;! K*AIM!!
#5<<(4>2*/! 3(B(/58<(=:! 2+! :;(! Q*>JQ5=(! 56! =(*4QA! \5Q+! 2=! <5+:! 2==(4! >2:2(+M! ! ';(! >5<<(4>2*/! 4(*/! (+:*:(!
82>:14(!2=!C(+:!.*//*+!;*+!>;*=H(3!34*<*:2>*//A!645<!:;(!5/3!3*A+!56!:K5!:;243R4*:(!H45>(42(+!+(//2=H!5B(4842>(3!
/5KRc1*/2:A!<(*:+!*=3!B(H(:*Q/(+!*=3!*!3(4(/2>:T!/*4H(/A!*Q*=35=(3!+;5882=H!>(=:(4M!!!
N5+2:2B(!3(B(/58<(=:+!2=>/13(d!
x C(//R61=>:25=2=H!C(+:!.*//*+!#;*<Q(4!56!#5<<(4>(!
x @(B(4*/!=(K!=(*4QA!Q2H!Q5)!+:54(+T!2=>/132=H!L5K(+!*=3!C*/R?*4:!R!*=3!:K5!=(K!;5:(/+!!
x &(K!3(B(/58<(=:!R!ĞůŵŽŶƚ,ŽƚĞůĂŶĚĂĨĞ͕:ĂĐŬ͛ƐĂĐŬLJĂƌĚ͕K͛ZĞŝůůLJ͛Ɛ͕,ĂŶůĞLJR7(=<*=!"4:!F*//(4A!
x N4585+(3! C(+:! .*//*+! D(>4(*:25=! *=3! @854:+! .2+:42>:! G?*A5ƌ͛Ɛ ^ŽƵƚŚĞƌŶ ĂůůĂƐ dĂƐŬ &ŽƌĐĞ͗! '(*<! WI! R!
?(4>A!@:4((:! 92(/3!56!.4(*<+T! &*+;!.*B2+!#5<<1=2:A!#(=:(4!D(=5B*:25=T!'()*+!D*=H(4+!L2::/(!L(*H1(!
92(/3T!*=3!;2J(gQ2J(!:4*2/+!/2=J2=H!:5!:;(!'42=2:A!
x ?1=2>28*/!?*=*H(<(=:!.2+:42>:+!84585+(3!654!C(+:!.*//*+!$=B(+:<(=:+T!$&#"N!
x ?1=2>28*/!@2:(!.(+2H=*:25=!645<!:;(!#2:A!56!.*//*+!-=B245=<(=:*/!.(8*4:<(=:!
x -<8/5A<(=:! >(=:(4+! *:! L5=(! @:*4! 01+2=(++! N*4JT! F553K2//! $=31+:42(+T! .7"T! .$@.T! :;(! N5+:! %662>(! *=3!
=1<(451+!<*=16*>:142=H!*=3!:41>J2=H!>5<8*=2(+!
'4*=+854:*:25=!2=64*+:41>:14(!2+!*/+5!*!>42:2>*/!>5<85=(=:!56!+1>>(++61/!(>5=5<2>!3(B(/58<(=:M!!C(+:!.*//*+!;*+!
*/4(*3A!Q(=(62::(3!54!K2//!+55=!Q(=(62:!645<!:;(!65//5K2=H!2=64*+:41>:14(!2<845B(<(=:+d!
x @2=H/(:5=!#5<8/(:25=!*=3!@:4((:+>*8(!-=;*=>(<(=:+!
x $=K553!g!7*<8:5=!0423H(!PYY_f!!
x CA>/266!g!@A/B*=!0423H(!R!PYXX!
x ?*4H*4(:!71=:!72//!g!#*/*:4*B*!0423H(!ʹ!PYXX!!
x 0(>J/(A!g!#*=*3*!ʹ!5=!;5/3!1=:2/!8(3(+:42*=gQ2>A>/(!642(=3/A!8/*=!2+!3(B(/58(3!
x @A/B*=!"B(=1(!4(3(B(/58<(=:!ʹ!O=25=!N*>262>!/2=(!:5!$RUYT!:A2=H!2=:5!#55<Q+!#4((J!:4*2/!
x #5<84(;(=+2B(! ;2J(! *=3! Q2J(! :4*2/! >5==(>:2=H! ?(4>A! @:4((:! 92(/3! 56! .4(*<+T! :;(! '42=2:A! C*:(4! @854:+!
#5<8/()!*=3!:;(!#5=:2=(=:*/!0423H(!G8(3(+:42*=+!5=/A!PYXXI!
D1.+'1/%S*'(<!!%66(4!*!B*42(:A!56!<(*=+!56!H(=(4*:2=H!2=>5<(!645<!(=:4(84(=(14+;28!*=3!*4:2+:2>!(=3(*B54+!:5!
:4*32:25=*/!(<8/5A<(=:!58854:1=2:2(+!:;*:!845B23(!*!/2B2=H!K*H(!654!:((=+!*=3!*31/:+M!!!
U*-L>$"1+%7,44"##%K"'#,1"#<%
x ?*++!:4*=+2:!58:25=+!2=!8/*>(!654!*>>(++!:5!(<8/5A<(=:!
x @1662>2(=:!\5Q!:4*2=2=H!*=3!=(2H;Q54;553!+<*//!Q1+2=(++!2=>1Q*:54!
x &(K!=(2H;Q54;553R+(4B2=H!4(:*2/!G4(+:*14*=:+T!H45>(4A!*=3!341H!+:54(+I!*=3!5662>(+!
54*-*+.4%&"2"(*N+"-$%T0M"4$.2"#<%
x C54J!K2:;!012/3(4+!56!758(T!%8(4*:25=!%*+2+!:5!>5=:2=1(!4(R(=:4A!\5Q!:4*2=2=H!845H4*<+!
x $=>4(*+(!=(2H;Q54;553!*=3!>5<<1=2:AR+(4B2=H!4(:*2/!*=3!*::4*>:!*!Q4*=>;!Q*=J!
x $=>4(*+(!:;(!(66(>:2B(=(++!56!:;(!C(+:!.*//*+!#;*<Q(4!56!#5<<(4>(!!
x @18854:! :;(! 3(B(/58<(=:! 56!:;(! '42=2:A!D2B(4!D(>4(*:25=*/!.2+:42>:! ʹ! *!+854:+!>5<8/()!*=3!/(2+14(! *=3!
4(>4(*:25=!1+(+!>(=:(4(3!*451=3!:;(!4(>4(*:25=*/!32+:42>:!G<*A!2=>/13(!*!4(+54:!;5:(/!K2:;!2=3554!K*:(4!
8*4J+!*=3!(+:*Q/2+;2=H!*!+2H=262>*=:!51:3554!<1+2>!*=3!*4:+!6(+:2B*/I!!
x "::4*>:!<*=16*>:142=HR4(/*:(3!\5Q+!*+!K(//!*+!͞'ƌĞĞŶĞǀĞůŽƉŵĞŶƚ͟ũŽďƐ!
x N45B23(!3*A!>*4(!*=3!*6:(4R+>;55/!845H4*<+!654!K54J2=H!8*4(=:+!!
!

PP!
!
P"6$%7$"N#%FG==>=F%
!
';(! K54J!56! :;(! 4"((-,"#-5267! *+! *!K;5/(! K2//! 4(c124(! *! >1/:14*/! +;26:! 56!(=54<51+! 845854:25=+! *=3!<*A! Q(! *!
H(=(4*:25=!2=!2:+!>5<8/(:25=M!75K(B(4T!2:!;*+!*/4(*3A!*>>5<8/2+;(3!*!<*\54!+/1</543!>/(*=R18!4(+1/:2=H!2=!=(K!
;5<(+! 654! XVY! 6*<2/2(+! *=3! ;*+! +(:! 654! 2:+(/6! :;(! H5*/! 56! +2H=262>*=:! *=3! <(*+14*Q/(! 2<845B(<(=:! :5! :;(!
(31>*:25=*/!2=64*+:41>:14(!K2:;2=!+(B(=!A(*4+!G:;(!:2<(!2:!K2//!:*J(!*=!*>>5<8/2+;(3!C(+:!.*//*+!626:;!H4*3(4!:5!
4(*>;!H4*31*:25=IM!!!
&():!+:(8+!2=>/13(d!
x ?5B(! @'7$ %&'""($ A".7$ ʹ$ C7)5$ D-((-)$ 645<! *! /55+(/A! J=2:! >5//(>:25=! 56! PYRUY! <(<Q(4+! :5! *! %.9=%(/!
51':%#4! $#%! *:! 5*(('0*1'%*1$! <.%=! 5*++*-! 9*'($! '-4! *0>#5%.2#$! '-4! '! :*5,$! *-! %=#! +*$%! .+;*1%'-%!
5='((#-9#!ʹ!],'(.%/!#4,5'%.*-!GK(//!1=3(4K*AIf!
x ĞǀĞůŽƉĂƐŚĂƌĞĚĂŶĚĐŽůůĂďŽƌĂƚŝǀĞƐƚƌĂƚĞŐLJĨŽƌ͞ĐƌĂĚůĞƚŽĐŽůůĞŐĞ͟ƌĞƐŽƵ4>(+!654!*//!C(+:!.*//*+!6*<2/2(+!
K2:;!+8(>262>!51:>5<(+!()8(>:*:25=+!654!*//d!!
! .(B(/58!*=3!2<8/(<(=:!*!+(:!56!51.%.5'(!;#1:*1+'-5#!+#%1.5$!:*1!'((!V[!*19'-.c'%.*-$f!
! .(B(/58! *=3! 2<8/(<(=:! <(:42>+! :5! <(*+14(! ;5K! (*>;! 56! :;(! PY! 54H*=2S*:25=+! R! 645<! *6:(4!
+>;55/!845H4*<+!:5!;51+2=H!R!K2//!<5B(!:;(!32*/!5=!(31>*:25=!:4*=+654<*:25=f!
! 0(H2=!51:>5<(+!#2'(,'%.*-!*:!V[!.-4.2.4,'(!;1*91'+$!'-4!%=#.1!5*((#5%.2#!.+;'5%f!
! $3(=:26A!/(++5=+!/(*4=(3!2=!543(4!:5!4(62=(!5=H52=H!58(4*:25=+f!
x .(B(/58!*=3!2<8/(<(=:!*!8/*=!:5!>45++R<*4J(:!4(+514>(+!566(4(3!*=3!0**$%!51*$$T#-1*((+#-%!:5!*++14(!
=5!+2=H/(!5Q+:*>/(!2+!*Q/(!:5!+;54:RĐŝƌĐƵŝƚĂĐŚŝůĚ͛ƐĞĚƵĐĂƚŝŽŶĂůƐƵĐĐĞƐƐ͖!
x $=+:2:1:(! *=! #(#5%1*-.5! 4'$=0*'14! '-4! :##40'58! (**;! :5! *++14(! 845H4*<+! *=3! 4(+514>(+! *>>14*:(/A!
4(6/(>:!>5<<1=2:A!+:4(=H:;+!*=3!=((3+!*=3!*3(c1*:(/A!4(+85=3!:5!>5<<1=2:A!5Q\(>:2B(+f!
x ?2:2H*:(!:;(!2<8*>:!56!.$@.!Q13H(:!>1:+d!
! .(B(/58!*!8*4(=:!>548+T!8NO!56!*:!/(*+:!PY!8*4(=:+!8(4!(/(<(=:*4A!+>;55/!GXaY!8*4(=:+I!
! .(B(/58!*!'1:54!#548+!56!XY!:1:54+!8(4!(/(<(=:*4A!+>;55/!G]Y!:1:54+IT!*=3!
x #5=:2=1(! :5! $%1#-9%=#-! &͛Ɛ! >54(! <*=*H(<(=:T! +:*66! *=3! 58(4*:2=H! +A+:(<+! *+! :;(! Q*>JQ5=(!
54H*=2S*:25=!654!@%AM!
!
! %

PZ!
!
D'1$-"1#%'-3%)*-$1.0,$*1#%.-%!"#$%&'(('#%
6BCD3!ZR!%4H*=2S*:25=+!:;*:!*4(!(2:;(4!Q*+(3!2=!C(+:!.*//*+!54!;*B(!*!+2H=262>*=:!

O#%1.5$!H1*>#5%!
34,5'%.*-!6'$8!
)*(('0*1'%.2#!

P5=**(!d*-#e!
84(+(=>(!2=!C(+:!.*//*+f!=5:!*//!*4(!8*4:2>28*=:+!2=!:;(!?"((31"#32-95*$#;(>J!<*4J!

:*1!7*,$.-9!
2=32>*:(+!8*4:2>28*:25=!2=!=*<(3!*>:2B2:Af$O!2=32>*:(+!<(<Q(4!56!';(!@>;55/![5=(f!P!
2=32>*:(+!+18854:(4!56!';(!@>;55/![5=(M!

bB)36!
b*15#!

HBW3!
I19'-.c'%.*-!
"3P6!&BDDBP!)IOOJLK6S!IUWBLKdB6ILP! ! ! ! ! !
"##$%&!'()*+!KKKM*>>25=:()*+M54H! ! ¥! ! ! !
"#'! ! ! ! ! !
","&#-!.*//*+!R!;::8dggKKKM*B*=>(R3*//*+M54Hg!! ! ¥! O! ! !
ƌŽƚŚĞƌŝůů͛Ɛ,ĞůƉŝŶŐ,ĂŶĚR!;::8dggKKKMQQ;;M54Hg!! ! ! O! ! !
012/3(4+!56!758(!R!;::8dggKKKMQ12/3(4+56;58(>3>M>5<g!!!! ¥! ¥! O! ! !
ŚŝůĚƌĞŶ͛ƐDĞĚŝĐĂůĞŶƚĞƌĂůůĂƐ! ! ! ! ! !
.*//*+!"4(*!7*Q2:*:!654!71<*=2:A!R!;::8dggKKKM3*//*+R;*Q2:*:M54Hg!! ¥! ¥! ! ! !
.*//*+!9*2:;!#5<<1=2:2(+!#5*/2:25=!ʹ!;::8dggKKKM36>>M1+!! ¥! ¥! O! ¥! ¥!
.*//*+!7(*/:;A!@:*4:!ʹ!N*4J/*=3!75+82:*/! ! ! ! ! !
.*//*+!N4(H=*=>A!D(+514>(!#(=:(4!R!;::8dggKKKM3*//*+84>M>5<g!! ! ! ! ! !
.(;*45R@*/32B*4!7(*/:;!#(=:(4!R!#%N#! ! ! ! ! !
-31>*:25=!$+!94((35<!R!;::8dggKKKM(31>*:25=2+64((35<M>5<g!! ! ! O! ! !
F24/+!$=>M! ! ! ! ! !
F553K2//!$=31+:42(+! ! ! ! ! !
7$@!0423H(012/3(4+! ! ! ! ! !
L*J(K(+:!^!ʹ!KKKM/*J(K(+:A<>*M54Hg! ! ! P! ! !
L*!,5S!3(/!"=>2*=5! ! ! ! ! !
L5+!0*4425+!O=235+!#5<<1=2:A!#/2=2>!ʹ!KKKM/5+Q*4425+1=235+M54H!! ! ! ! ! !
?*42//*>!@5>2*/!#(=:(4!R!;::8dggKKKM>*:;5/2>>;*42:2(+3*//*+M54H!! ! ¥! O! ! !
?*4A!@*=(4!#;2/3!.(B(/58<(=:!#(=:(4!R!KKKM>*:;5/2>>;*42:2(+3*//*+M54Hg@*=(4!! ! ! O! ! !
?(4>A!@:4((:!R!;::8dggKKKM<(4>A+:4((:3*//*+M54Hg!! ! ¥! O! ¥! !
?(:45#*4(!@(4B2>(+! ! ! ! ! !
N*4J/*=3!#5<<1=2:A!7(*/:;!N/*=! ! ! ! ! !
@(4B(!C(+:!.*//*+!R!;::8dggKKKM+(4B(K(+:3*//*+M54Hg!! ! ¥! O! ! !
@<2/(!012/3(4+!.(=:*/!#(=:(4! ! ! ! ! !
';(!"DE!F4518!G"31/:+!D(/*:2=H!:5!E23+I!R!;::8dggKKKM>;2/34(=+>(=:(4M>5<g!! ! ! O! ! !
';(!#;2/3>*4(!F4518! ! ! ! ! !
';(!@(=254!@514>(! ! ! ! ! !
'42=2:A!D2B(4!?2++25=!R!;::8dggKKKM:42=2:A42B(4<2++25=M54Hg! ! ¥! O! ! !
,(>2=5+!O=235+! ! ¥! ! ! !
,2>J(4A!?(*35K!L(*4=2=H!#(=:(4!R!KKKMB</>M54H!! ! ¥! O! ¥! !
,52>(!56!758(!R!;::8dggKKKMB52>(56;58(M54Hg!! ! ! O! ! !
C(+/(A!D*=J2=!#5<<1=2:A!#(=:(4!R!;::8dggKKKMK(+/(A4*=J2=M54Hg!! ! ! O! ! !
C(+:!.*//*+!#;*<Q(4!56!#5<<(4>(!R!;::8dggKKKMK(+:3*//*+>;*<Q(4M>5<g!! ! ¥! ! ! !
C(+:!.*//*+!#5<<1=2:A!#(=:(4+!R!;::8dggKKKMK(+:3*//*+M54Hg!! ! ! O! ! !
C(+:!.*//*+!C((3!*=3!@((3!R!;::8dggK3*//*+K((3*=3+((3M=(:g!! ! ! O! ! !
C(+:!.*//*+!^51:;!*=3!9*<2/A!#/2=2>! ! ! ! ! !
tĞƐƚŵŽƌĞůĂŶĚ,ĞŝŐŚƚƐE͛;553!"++5>2*:25=!;::8dggKKKMK;=*R3*//*+M54Hg.(6*1/:M*+8)!! ! ¥! ! ! !
C54/3!,2+25=!56!&54:;!'()*+! ! ! ! ! !
^51=HL26(!C(+:!.*//*+! ! ¥! ! ! !
^C#"!56!?(:4585/2:*=!.*//*+! ! ! ! ! !

PV!
!
!

O#%1.5$!H1*>#5%!
34,5'%.*-!6'$8!
!

)*(('0*1'%.2#!

P5=**(!d*-#e!
:*1!7*,$.-9!
!
!

bB)36!
b*15#!

HBW3!
!
I19'-.c'%.*-!
)7JU)73P! ! ! ! ! !
%14!L*3A!56!@*=!j1*=!3(!/5+!L*H5+!ʹ!KKKM+::(4(+2:*M54H!! ! ! ! ! !
@:M!?*4A!56!#*4<(/!#*:;5/2>!#;14>;! ! ! P! ! !
C*:(4<*4J!#5<<1=2:A!#;14>;!ʹ!KKKMK*:(4<*4JM54H!! ! ! O! ! !
C(+:!.*//*+!#5<<1=2:A!#;14>;!ʹ!KKKMK32:)M54H!! ! ! ! ! !
HJCDK)!3L6K6K3P! ! ! ! ! !
"=2:*!?*4:2=(S!D(>4(*:25=!#(=:(4!! ! ! P! ! !
.*//*+!751+2=H!"1:;542:A!R!;::8dggKKKM3;*3*/M>5<g! ! ! P! ! !
.*//*+!N5/2>(!.(8*4:<(=:! ! ¥! ! ! !
.*//*+!O4Q*=!L*=3!0*=J!! ¥! ! ! ! !
.*//*+!C(+:!04*=>;!L2Q4*4A! ! ¥! ! ! !
j*A>((![*4*H5S*!D(>4(*:25=!#(=:(4! ! ! ! ! !
?*::2(!&*+;!?A4:/(!.*B2+!D(>4(*:25=!#(=:(4!! ! ! ! ! !
C(+:!.*//*+!01+2=(++!"++2+:*=>(!#(=:(4! ! ! ! ! !
C(+:!.*//*+!#5<<1=2:A!#514:! ! ! ! ! !
C(+:!.*//*+!?1/:281485+(!#(=:(4! ! ! ! ! !
&KP&!P)7IIDP! ! ! ! ! !
.*//*+!$=3(8(=3(=:!@>;55/!.2+:42>:!R!;::8dggKKKM3*//*+2+3M54Hg! ! ¥! O! ¥! !
F*Q(!"//(=!-/(<(=:*4A! ! ¥! O! ! !
#9!#*44!-/(<(=:*4A! ! ¥! O! ¥! !
F(54H(!CM!#*4B(4!L(*4=2=H!#(=:(4!! ! ¥! O! ¥! !
L54(=S5!3(![*B*/*!-/(<(=:*4A! ! ¥! O! ! !
"<(/2*!-*4;*4:!-/(<(=:*4A! ! ¥! O! ¥! !
@23=(A!L*=2(4!,*=H1*43!-/(<(=:*4A! ! ¥! O! ! !
-/*325!DM!?*4:2=(S!L(*4=2=H!#(=:(4! ! ¥! O! ! !
';5<*+!-32+5=!?233/(!@>;55/! ! ! O! ! !
.*//*+!-=B245=<(=:*/!@>2(=>(!">*3(<A!G.-@"I! ! ! O! ! !
LM!FM!N2=J+:5=!72H;!@>;55/! ! ! O! ! !
HUKaB63A!HBUI)7KBD!BL&!)7BU63U!P)7IIDP! ! ! ! ! !
@:M!?*4A!56!#*4<(/!#*:;5/2>!@>;55/!R!KKKM+<>+>;55/M54Hg! ! ¥! O! ! !
O8/26:!-31>*:25=!G';(!7(2H;:+!N4(8*4*:54A!@>;55/I!KKKM18/26:(31>*:25=M54Hg!! ! ¥! O! ! !
C(+:!.*//*+!#5<<1=2:A!@>;55/!R!KKKMK3>+>;55/M54Hg!! ! ¥! O! ¥! !
JLKa3UPK6K3P! ! ! ! ! !
@?Od!@2<<5=+!@>;55/!56!-31>*:25=T!LA/(!@>;55/!56!-=H2=((42=HT!?(*35K+!@>;55/!56! ! ¥! P! ! !
:;(!"4:+%
O'.!$=+:2:1:(!56!N1Q/2>!"66*24+!*=3!O'.!$=+:2:1:(!56!O4Q*=!N5/2>A!@:132(+! ! ! P! ! !
&BDDBP!)IJL6S!)IOOJLK6S!)IDD3W3!&KP6UK)6!F&)))&G! ! ! ! ! !
.##.!-/!#(=:45!#5//(H(!CM!.*//*+!#*<81+!R!KKKM(/>(=:45>5//(H(M(31gK(+:>*<81+g!! ! ¥! ! ! !
I673U!HBU6K)KHBL6P! ! ! ! ! !
04*>(K(//!o!F21/2*=2! ! ¥! ! ! !
LOL"#! ! ¥! ! ! !
';(!D(*/!-+:*:(!#51=>2/! ! ! P! ! !
';(!@8(>:41<!N/*>(! ! ¥! ! ! !
';(!'(*>;2=H!'41+:! ! ¥! P! ! !
C(+:!.*//*+!$=B(+:<(=:+! ! ¥! ! ! !

Pa!
!
?'.$9%)*++,-.$."#%.-%!"#$%&'(('#%'-3%Q"/*-3%
!
C2:;51:!*334(++2=H!:;(!+8242:1*/!=((3+!56!:;(!>5<<1=2:AT!*=A!>5<84(;(=+2B(!8/*=!K51/3!Q(!2=>5<8/(:(M!!';(!
+8242:1*/!H26:+!56!:;(!C(+:!.*//*+!>5<<1=2:A!*4(!56!:4(<(=351+!B*/1(!:5!:;(!4(Q12/32=H!(6654:!G<54(!:;*=!aY!6*2:;!
H4518+! <((:! :;451H;51:! C(+:! .*//*+IM! ! C54J! K2:;! :;(! 6*2:;! >5<<1=2:A! */+5! *66543+! :;(! 4"((-,"#-5267! *=!
(66(>:2B(!:55/!:5!(=H*H(!2=32B231*/+!*=3!:;(24!>5<<1=2:2(+!2=!:;(!4(/*:25=*/!*+8(>:!56!>5<<1=2:A!4(Q12/32=HM!!0A!
>5<2=H! :5H(:;(4! 2=! +<*//! H4518+T! 2=! +*6(! +(::2=H+T! 8(58/(! 645<! *>45++! 3266(4(=:! (>5=5<2>T! 85/2:2>*/! *=3! +5>2*/!
ƐƉĞĐƚƌƵŵƐ ĨŽƌŵ ĐůŽƐĞ ďŽŶĚƐ͕ ĚĞǀĞůŽƉ ƌĞĂů ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ĞĂĐŚ ŽƚŚĞƌ͛Ɛ ƐƚƌĞŶŐƚŚƐ ĂŶĚ ĐŚĂůůĞŶŐĞƐ͕ ĂŶĚ ŵĂŬĞ
(66(>:2B(!1+(!56!:;(24!>5<Q2=(3!4(+514>(+M!
$=!:;(!+8242:!56!8*4:=(4+;28!*=3!<1:1*/!>*4(T!:;(!4"((-,"#-5267!+18854:+!:;(!65//5K2=H!*>:2B2:2(+d!
x N4*A(461/!+18854:!56!*//!6*2:;!>5<<1=2:A!*>:2B2:2(+!2=!C(+:!.*//*+!*=3!(/+(K;(4(!
x @18854:!654!:;(!3(B(/58<(=:!56!+(4B2>(!58854:1=2:2(+!*=3!4(/*:25=+;28+!654!*//!6*2:;+!
C(+:!.*//*+!6*2:;!>5<<1=2:2(+!;*B(!*!B2:*/!45/(!:5!8/*A!2=!:;(!>5<8/(:25=!56!:;(!K54J!56!:;(!4"((-,"#-5267M!!';(24!
8*4:2>28*:25=!*33+!B2:*/!2=654<*:25=!4(H*432=H!:;(!4(+514>(+!*=3!=((3+!56!:;(!C(+:!.*//*+!>5<<1=2:A!2=!*//!2:+!
<*=A! *+8(>:+M! ! ';(24! /(*3(4+! *33! >4(32Q2/2:A! *=3! +:4(=H:;M! ! "<5=H! :;(! 6*2:;! >5<<1=2:2(+! 2=! C(+:! .*//*+T! :;(!
65//5K2=H!*4(!324(>:/A!2=B5/B(3!2=!5=(!56!<54(!>5<85=(=:+d!
x 02//!7*4453!?(<542*/!0*8:2+:!#;14>;! x C(+:!?:M!754(Q!?2++25=*4A!0*8:2+:!#;14>;!
x .*//*+!C(+:!#;14>;!56!#;42+:! x F4(*:(4!?:M!7(Q45=!0*8:2+:!#;14>;!
x &(K!N2/H42<!D(+:!?0#!! x F4(*:(4!?:M!%/2B(!0*8:2+:!#;14>;!
x &(K!02Q/(!C*A! x j(+1+!?2=2+:4A!
x C*44(=!#;*8(/!"?-!#;14>;!! x C(+:!.*//*+!#5<<1=2:A!#;14>;!
$=!*332:25=T!:;(!65//5K2=H!6*2:;!>5<<1=2:2(+!*4(!*>:2B(!>5=:42Q1:54+!:5!/26(!*=3!>5<<1=2:A!2=!C(+:!.*//*+d!
x 0*8:2+:(! x &(K!758(!#;14>;!
x 02Q/(K*A!#;14>;!56!F53!2=!#;42+:! x &(K!?54=2=H!@:*4!0*8:2+:!#;14>;!
x .*//*+!C(+:!#;14>;!56!#;42+:!! x N45H4(++2B(!?2++25=*4A!0*8:2+:!#;14>;!
x F4(*:(4!'42(3!@:5=(!0*8:2+:!#;14>;! x N1H(:!@:4((:!#;42+:2*=!#;14>;!
x 75<(/*=3!@:4((:!?2++25=*4A!0*8:2+:!#;14>;! x D2+2=H!@:*4!?2++25=*4A!0*8:2+:!#;14>;!
x &(K!?51=:!#*/B*4A!0*8:2+:!#;14>;!! x @:M!?*4J+!?(:;532+:!#;14>;!
x @:M!?*4J!"?-![25=!#;14>;!! x @:M!';(4(+*!#*:;5/2>!#;14>;!
x L1S!0(:;(/!0*8:2+:!#;14>;! x ';(!F4(*:!@;(8;(43!751+(!
x ?*>(35=2*!0*8:2+:!#;14>;! x ,2>:54A!#*:;(34*/!#%F$#!
';(!8*4:=(4+!2=!:;(!#5//*Q54*:2B(!*4(!+1+:*2=(3!QA!<*=AT!<*=A!6*2:;!>5<<1=2:2(+!2=>/132=Hd!
!
012/3(4+!56!758(! !
x 72H;/*=3!N*4J!N4(+QA:(42*=!#;14>;! ?(4>A!@:4((:!
x $4B2=H!02Q/(!#;14>;! x 924+:!0*8:2+:!#;14>;!.*//*+!
x j(+1+!?2=2+:4A! x 942(=3+;28!C(+:!0*8:2+:!#;14>;!
x %*J!#/266!02Q/(!6(//5K+;28! x F4*>(!02Q/(!#;14>;!
x N*4J!#2:2(+!N4(+QA:(42*=!! x 72H;/*=3!N*4J!N4(+QA:(42*=!#;14>;!
x C*:(4<*4J!#;14>;! x 72H;/*=3!N*4J!O=2:(3!?(:;532+:!#;14>;!
! x $4B2=H!02Q/(!#;14>;!
ƌŽƚŚĞƌŝůů͛Ɛ,ĞůƉŝŶŐ,ĂŶĚ! x &(K!@:!N(:(4+!N4(+QA:(42*=!#;14>;!
x N*4J!#2:2(+!0*8:2+:!#;14>;! x &54:;K(+:!02Q/(!#;14>;!
x C*:(4<*4J!#;14>;! x %*J!#/266!02Q/(!9(//5K+;28!
! x N*4J!#2:2(+!N4(+QA:(42*=!#;14>;!
L5+!0*4425+!O=235+!#5<<1=2:A!#/2=2>! x ';(+(!"4(!';(A!
x &54:;!.*//*+!@;*4(3!?2=2+:42(+! x ';(!,2//*H(!#;14>;!
! x C*:(4<*4J!#;14>;!
! !

PW!
!
! x C*:(4<*4J!#;14>;!
! !
?(442//*>!@5>2*/!#(=:(4! C(+/(A!D*=J2=!#5<<1=2:A!#(=:(4!
x #*:;5/2>!#;*42:2(+! x #1+:(4!D5*3!O=2:(3!?(:;532+:!#;14>;!
! x 924+:!O?#!.*//*+!
@(4B(!C(+:!.*//*+! x 924+:!O?#!.1=>*=B2//(!
x 72H;/*=3!N*4J!N4(+QA:(42*=!#;14>;! x 924+:!O?#!$4B2=H!
! x 924+:!O?#!D2>;*43+5=!
@:M!!?*4A!56!#*4<(/!@>;55/! x 924+:!O?#!D5>JK*//!
x @:M!D2:*!#*:;5/2>!#;14>;! x 72H;/*=3!N*4J!O=2:(3!?(:;532+:!#;14>;!
x @:M!?5=2>*!#*:;5/2>!#;14>;! x >ŽǀĞƌ͛Ɛ>ĂŶĞ!O=2:(3!?(:;532+:!#;14>;!
! x &(K!C54/3!O=2:(3!?(:;532+:!#;14>;!
x &54:;*B(=!O=2:(3!?(:;532+:!#;14>;!
'42=2:A!D2B(4!?2++25=!
x @842=H!,*//(A!O=2:(3!?(:;532+:!#;14>;!
x >ŽǀĞƌ͛Ɛ>ĂŶĞhŶŝƚĞĚDĞƚŚŽĚŝƐƚŚƵƌĐŚ!
x ^ƚ͘ŶĚƌĞǁ͛Ɛ!O=2:(3!?(:;532+:!#;14>;!
x @1=!#4((J!O=2:(3!?(:;532+:!#;14>;!
x @1=>4((J!O=2:(3!?(:;532+:!#;14>;!
!
x O=2B(4+2:A!N*4J!O=2:(3!?(:;532+:!#;14>;!
,2>J(4A!?(*35K!L(*4=2=H!#(=:(4!!
x C*/=1:!72//!O=2:(3!?(:;532+:!#;14>;!
x '(<8/(!-<*=1R-/!
!
!
C(+:!.*//*+!#5<<1=2:A!#(=:(4+!
,52>(!56!758(!
x C(+:!.*//*+!#5<<1=2:A!#;14>;!
x #588(//!02Q/(!9(//5K+;28! !
x -82+>58*/!#;14>;!56!:;(!'4*=+62H14*:25=!
C(+:<54/*=3!7(2H;:+!!
x 72H;/*=3!N*4J!N4(+QA:(42*=!#;14>;!
x .*//*+!C(+:!#;14>;!56!#;42+:!
x &54:;!.*//*+!#5<<1=2:A!02Q/(!9(//5K+;28!
!
x &(K!@:͘WĞƚĞƌ͛ƐWƌĞƐďLJƚĞƌŝĂŶ! !
x %*J!#/266!02Q/(!9(//5K+;28!
x N*4J!#2:2(+!N4(+QA:(42*=!#;14>;!
!
!
! !

P]!
!
U"'3"1#9.N$
!
';(!4"((-,"#-5267!2+!*!>5<82/*:25=!56!:;(!H5*/+!*=3!5Q\(>:2B(+!56!:;(!>5<<1=2:A!54H*=2S*:25=+!2=!C(+:!.*//*+T!
*=3!:;(A!*4(!;(*B2/A!4(84(+(=:(3!2=!:;(!/(*3(4+;28!56!:;(!845\(>:M!!!
';(!B*4251+!H4518+T!5=>(!61//A!+(*:(3T!K2//!*//!;*B(!*!45/(!:5!8/*A!2=!*++142=H!:;*:!*>:2B2:2(+!56!:;(! 4"((-,"#-5267!
*>>14*:(/A! 4(84(+(=:! :;(! 4(+514>(+! *=3! 5Q\(>:2B(+! 56! :;(! C(+:! .*//*+! #5<<1=2:AT! K;2/(! <*)2<2S2=H! *>>(++! :5!
*=3! 1+(! 56! :;(! :4(<(=351+! 4(+514>(+! :;*:! .*//*+! ;*+! :5! 566(4M! ! ';(! /(*3(4+;28! Q*+(! 56! C(+:! .*//*+! *=3! :;(!
4"((-,"#-5267!2+!*+!65//5K+d!
)*(('0*1'$.2"%@32.#*1/%)*,-4.(%:8*%Q"%&"2"(*N"3;%
';4((! =5:R654R84562:! /(*3(4+T! :;4((! +>ŚŽŽů ůĞĂĚĞƌƐ͕ ŽŶĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĨƌŽŵ ĂůůĂƐ͛ ĨĂŝƚŚ ĐŽŵŵƵŶŝƚŝĞƐ͕ ŽŶĞ
4(84(+(=:*:2B(! 645<! :;(! C(+:! .*//*+! Q1+2=(++! >5<<1=2:AT! .9##! -)(>1:2B(! .24(>:54T! .24(>:54! 56! #5<<1=2:A!
D(/*:25=+T! #5<<1=2:A! -=H*H(<(=:! #55432=*:54T! *=3! 9*2:;! *=3! #5<<1=2:A! "3B5>*>A! #55432=*:54M! ! C2//! <((:!
c1*4:(4/A!Q(H2==2=H!2=!PYXPM!
‡•–ƒŽŽƒ•ƒ•–‘”•ǯ‘ƒŽ‹–‹‘ȋ†‡”™ƒ›Ȍ%
@(/6R+(/(>:2=H! H4518! 56! 8*+:54+! 2=! C(+:! .*//*+M! ! C2//! Q(! *+J(3! :5! <((:! *==1*//A! K2:;! #5//*Q54*:2B(! "3B2+54A!
#51=>2/!*6:(4!2:!2+!654<(3!
D@S5%U"'3"1#9.N%8"'+%:V-3"1R'/;%%
'(=!8*4(=:+T!.9##!#5<<1=2:A!-=H*H(<(=:!#55432=*:54M!!?((:+!<5=:;/AM!
?@)58%7$""1.-L%)*++.$$""%:V-3"1R'/;%
%42H2=*/!+:((42=H!>5<<2::((!<*3(!18!56!(*4/A!*358:(4+!:5!:;(!845\(>:!*=3!.9##!9*2:;!*=3!"3B5>*>A!#55432=*:54M!!
?((:+!c1*4:(4/AM!
89"%749**(%C*-"%Ȃ%!"#$%&'(('#<%@32.#*1/%S1*,N%:V-3"1R'/;%
-31>*:25=! 4(654<! +8(>2*/2+:+T! +>;55/! /(*3(4+T! Q1+2=(++! >5<<1=2:A! 4(84(+(=:*:2B(+T! =5:R654R84562:!
4(84(+(=:*:2B(+T! .9##! -)(>1:2B(! .24(>:54T! .24(>:54! 56! #5<<1=2:A! D(/*:25=+T! *=3! #5<<1=2:A! -=H*H(<(=:!
#55432=*:54M!!?((:+!c1*4:(4/AM!
&?))%Q*'13%*A%&.1"4$*1#%:V-3"1R'/;%
.9##! 2+! H5B(4=(3! QA! *! 62B(R<(<Q(4! 05*43! 56! .24(>:54+! :;*:! H123(+! *//! .9##! *>:2B2:2(+! 2=>/132=H! 2:+! 45/(! 2=! :;(!
4"((-,"#-5267M!!?((:+!c1*4:(4/AM!
&?))%@32.#*1/%)*,-4.(%:V-3"1R'/;%
.9##!2+!*3B2+(3!QA!*!PV!<(<Q(4!>51=>2/!<*3(!18!56!>/(4HA!645<!:;(!H4(*:(4!.*//*+!>5<<1=2:AM!!?(<Q(4+!56!:;2+!
H4518!*4(!8*4:2>28*:2=H!2=!B*4251+!K*A+!2=!:;(!4"((-,"#-5267M!!?((:+!5=!*=!*3!;5>!Q*+2+!*+!=((3(3M!
!
!
!
!
! !

UY!
!
%
%
%
89"%749**(%C*-"%Ȃ%!"#$%&'(('#%
$
>2$-)$7-!!-&,(2A$"!25.$-48"))-1(5A$2"$#3-)5$'53(2'6$&'-(7#5.$-.$3$7-)-.25/#3257$&"44,.-26*$:-2'",2$("&3($-.)2-2,2-".)$
ƚŚĂƚ ĚƌĂǁ ĨĂŵŝůŝĞƐ ĂŶĚ LJŽƵŶŐ ƉĞŽƉůĞ ƚŽŐĞƚŚĞƌ ĂƌŽƵŶĚ ĐŽŵŵŽŶ ŝŶƚĞƌĞƐƚƐ ĂŶĚ ĂĐƚŝǀŝƚŝĞƐ͙ĞǀĞŶ ƚŚĞ ŵŽƐƚ ŚĞƌŽŝĐ
&'-(7K#53#-./$ -)$ (-;5(6$ 2"$ !3-(*$ ?".95#)5(6A$ 16$ /32'5#-./$ 3.7$ "#/3.-M-./$ 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$NOOPKNOOQ$
89"%E##,"d!$=!:;(!XXMV!+c1*4(!<2/(!*4(*!:;*:!>5<842+(+!C(+:!.*//*+T!85B(4:A!*=3!1=(<8/5A<(=:!*4(!<54(!:;*=!
351Q/(!:;*:!56!:;(!>2:A!56!.*//*+M!!9(K(4!:;*=!VYk!56!4(+23(=:+!;*B(!*!;2H;!+>;55/!328/5<*M!'(=!81Q/2>!+>;55/+!
+(4B(!:;(!*4(*f!62B(!*4(!54!;*B(!Q((=!4*:(3!-)(<8/*4A!54!D(>5H=2S(3T!Q1:!:;(!*>*3(<2>!8(4654<*=>(!56!<*=A!
+:13(=:+!*:!<233/(!*=3!;2H;!+>;55/!/(B(/+!4(<*2=+!8554M!K-!PS!V[[QTE[!-*!91'4,'%.-9!$%,4#-%!'%!H.-8$%*-!7.9=!
P5=**(!F%=#!*-(/!"#$%!&'(('$!=.9=!$5=**(G!$5*1#4!=.9=!#-*,9=!*-!%=#!PB6!%*!.-4.5'%#!1#'4.-#$$!:*1!5*((#9#M!!!
Q'4WL1*,-3d! $=! PYY_T! :;(! C(+:! .*//*+! -31>*:25=! '*+J! 954>(! ʹ! *! \52=:! (6654:! Q(:K((=! >5<<1=2:AR! Q*+(3!
54H*=2S*:25=+!*=3!6*2:;!H4518+T!C(+:!.*//*+!842=>28*/+T!.$@.T!.###.T!@?OT!5:;(4!(31>*:54+T!:;(!.*//*+!Q1+2=(++!
>5<<1=2:A!*=3!>5=>(4=(3!>2:2S(=+!(=H*H(3!2=!(31>*:25=!4(654<!*:!:;(!/5>*/!*=3!=*:25=*/!/(B(/!R!>5<<2::(3!:5!*!
>5//*Q54*:2B(!:4*=+654<*:25=!2=2:2*:2B(!Q12/:!185=!58(=!32*/5H1(T!B5/1=:((42+<!*=3!>5<<1=2:A!(=H*H(<(=:M!!"!
+(:!56!+:4*:(H2(+!K*+!3(B(/58(3!QA!:;(!'*+J!954>(!*=3!2+!=5K!J=5K=!*+!:;(!4"((-,"#-5267$!"#$%&'""()$G8*4:!:K5!
56!:;(!:;4((!8*4:!C7)5$D-((-)$4">>1.25?$4"((-,"#-5267$!"#$%&'""()*$+",)$-./$0"1)2.3IM!';(!4"((-,"#-5267!>*//+!
ĨŽƌ ƚŚĞ ĨŽƌŵĂƚŝŽŶŽĨ ĂƐƉĞĐŝĂů ͞ŽŶĞ͟ K;(4(! 4(+514>(+! *4(!65>1+(3! 2=! *! >5//*Q54*:2B(! *=3! >55432=*:(3!K*A! :5!
*>;2(B(!(31>*:25=!:4*=+654<*:25=M!
89"%X"#N*-#"<%@'7$%&'""($A".7$B$C7)5$D-((-)!G@%AI!2+!*!8*4:=(4+;28!Q(:K((=!XU!C(+:!.*//*+!@>;55/+T!2=>/132=H!
XY! .$@.! +>;55/+T! :K5! 842B*:(! +>;55/+T! 5=(! >;*4:(4! +>;55/! *=3! PY! =5:R654R84562:! 54H*=2S*:25=+T! >55432=*:(3! QA!
.*//*+! 9*2:;! #5<<1=2:2(+! #5*/2:25=! G.9##IT! K2:;! :;(!H5*/! 56!(=+142=H! :;*:! *//!C(+:! .*//*+!>;2/34(=! 4(>(2B(! :;(!
͞ĐƌĂĚůĞƚŽĐĂƌĞĞƌ͟ƌĞƐŽƵƌĐĞƐƚŚĞLJŶĞĞĚƚŽŐƌĂĚƵĂƚĞĨƌŽŵŚŝŐŚƐĐŚŽŽůƌĞĂĚLJĨŽƌĐŽůůĞŐĞ͘';(!54H*=2S*:25=+!;*B(!
\52=:/A!>5<<2::(3!:5!845B23(!:;(24!4(+514>(+!:5!>;2/34(=!*=3!6*<2/2(+!56!C(+:!.*//*+!2=!*!K*A!:;*:!+18854:+!:;(!
;(*/:;A! >5<<1=2:2(+!:;*:!*4(!=((3(3!:5!342B(! (31>*:25=!:4*=+654<*:25=! *=3!4(<5B(! 2<8(32<(=:+!:5!+:13(=:!
8(4654<*=>(M! ! 0A! 65>1+2=H! 4(+514>(+! 842<*42/A! 5=! (/(<(=:*4A! +>;55/! >;2/34(=! *=3! :;(24! 6*<2/2(+T! @%A!
54H*=2S*:25=+!2=:(4B(=(!*:!:;(!852=:!K;(4(!>;*=>(+!654!/5=HR:(4<!+1>>(++!*4(!;2H;(+:M!!';(!*=:2>28*:(3!4(+1/:!2+!
2<845B(3! *>*3(<2>! 8(4654<*=>(! *+! +:13(=:+! *=3! (31>*:54+! *4(! *Q/(! :5! 65>1+! 5=! /(*4=2=H! 4*:;(4! :;*=! :;(!
ƐƚƵĚĞŶƚƐ͛ƐŽĐŝĂůƐĞƌǀŝĐĞ=((3+M!!!
@%A! */+5! *334(++(+! :;(! 8(4+2+:(=:! *=3! 8(4B*+2B(! (31>*:25=*/! 2++1(+! :;*:! 8/*H1(! 6*<2/2(+! *=3! (31>*:54+!
:;451H;51:! .*//*+f! 845B23(+! 4(+514>(+! *=3! 8*4:=(4+;28! 654! 5=H52=H! .$@.! (6654:+f! +18854:+! 2<8/(<(=:*:25=! 56!
Q(+:!84*>:2>(+!/(*4=(3!645<!5:;(4!+>;55/!:14=*451=3!(6654:+f!*=3!;(/8+!:5!Q12/3!*=!(=:4(84(=(142*/!>1/:14(!:;*:!
3(B(/58+!=(K!+5/1:25=+!*=3!85+2:25=+!.*//*+!*=3!.$@.!*+!:;51H;:!/(*3(4+!2=!:;(!+>;55/!4(654<!<5B(<(=:M!!!
$=!9(Q41*4A! 56!PYXXT!@%A! 8*4:=(4+! Q(H*=!*!XPR<5=:;!845>(++!:5!3(B(/58!<(:42>+! *=3!<(*+14(!:;(24!2=32B231*/!
*=3!>5//(>:2B(!2<8*>:!5=!:;(!c1*/2:A!56!/26(!2=!C(+:!.*//*+T!Q(H2==2=H!K2:;!(31>*:25=M!!@'7$E75#2&)$8#"F7&5!K2//!
2=>4(*+(!:;(!>*8*>2:A!56!@%A!8*4:=(4+!:5!2<845B(!4(+1/:+!654!:;5+(!+(4B(3T!*=3!QA!(=H*H2=H!C(+:!.*//*+!4(+23(=:+T!
2:!K2//!(<85K(4!:;(<!:5!342B(!>;*=H(+T!(+8(>2*//A!2=!(31>*:25=M!!!
@%A!K*+!2=2:2*//A!61=3(3!QA!';(!D((+Rj5=(+!951=3*:25=T!65//5K(3!QA!+18854:!645<!';(!055=(!9*<2/A!951=3*:25=!
*=3!'()*+!#*82:*/!0*=J!2=!PYXYM!!!
%
UX!
!
%
K'M*1%S*'(#%
x 012/3!5=!:;4((!A(*4+!56!2=:(=+(!*>:2B2:A!:;*:!;*+!H(=(4*:(3!*!+:45=H!>54(!56!=5:R654R84562:+!*=3!(31>*:54+f!
x 012/3!*!>42:2>*/!<*++!56!2=654<(3T!(<85K(4(3!*31/:+!K;5!*4(!(=H*H(3!2=!(31>*:25=*/!+1>>(++f!
x $=:(4B(=(! (*4/A!*=3!845H4(++2B(/A!K2:;!+:45=H!8*4(=:2=H!+J2//+!*=3!(*4/A!>;2/3;553!(31>*:25=T!85K(461/!
(31>*:25=!+18854:!845H4*<+!2=!(/(<(=:*4A!+>;55/T!;(*/:;A!;5<(+T!K54JR4(*32=(++T!+5/23!;(*/:;>*4(T!*=3!
>45++!(=45//<(=:!Q(:K((=!845B23(4+!:5!*++14(!>5B(4*H(!654!:;(!<1/:28/(!=((3+!6*<2/2(+!(=>51=:(4f!*=3!
x #*4(61//A!(B*/1*:(!(66(>:2B(=(++T!+:4(=H:;(=!(66(>:2B(!845H4*<+!*=3!8;*+(!51:!2=(66(>:2B(!5=(+M!
!
D1.+'1/%T,$4*+"#%
x "! =(:K54J! 56! 81Q/2>! *=3! 842B*:(! +>;55/+! K2:;! *=! (=42>;(3! /(B(/! 56! 8*4(=:! *=3! >5<<1=2:A!
(=H*H(<(=:T! (c1288(3! K2:;! ;2H;! /(B(/+! 56! 2=32B231*/! *1:5=5<A! *=3! 64((35<! :5! 2==5B*:(! *+!
>5=32:25=+!2=!C(+:!.*//*+!4(c124(f!
x ǀĞƌLJƐĐŚŽŽůŝŶtĞƐƚĂůůĂƐƌĂƚĞĚ͞ZĞĐŽŐŶŝnjĞĚ͟Žƌ͞džĞŵƉůĂƌLJ͟ďLJƚŚĞdĞdžĂƐĚƵĐĂƚŝŽŶŐĞŶĐLJĂŶĚ
#2#1/!"#$%!&'(('$!=.9=!$5=**(!91'4,'%#!1#'4/!:*1!5*((#9#f!
x ͞ƐĞůĨR4(2=654>2=H!>5<<1=2:A!56!6*<2/2(+!Q12/32=H!*!>5<<5=!61:14(!:;451H;!ƚŚĞŝƌŽǁŶĞĨĨŽƌƚƐ͘͟UU!
!
7,44"##%8*%&'$"%
x N45H4*<!3(B(/58<(=:!*=3!()8*=+25=!
x F45K2=H!/(*3(4+;28!:(*<!
x @:45=H!Q*>JQ5=(!54H*=2S*:25=!G.9##I!
x PY! 54H*=2S*:25=+! 566(42=H! *! 61//! *44*A! 56! 2=:(4B(=:25=+T! 845H4*<+! *=3! 4(+514>(+! :5! <53(+:! 2=>5<(!
6*<2/2(+!
x &(K/A! 2<8/(<(=:(3! >5<85=(=:! :5! (B*/1*:(! 5Q\(>:2B(! 3*:*! G*//! PY! 54H*=2S*:25=+! 8*4:2>28*:2=HT! Q(2=H!
3(B(/58(3!QA!O'.!*=3!@?O!*=3!61=3(3!QA!';(!055=(!951=3*:25=I!
!
P"6$%7$"N#%FG==%
x 95>1+!5=!:'+.(.#$!<.%=!5=.(41#-!'9#4![TEV!G*332=H!5/3(4!>;2/34(=!*+!:;(!2=2:2*:2B(!845H4(++(+If!
x ?5B(!B'5$%&'""($F".5$ʹ$:5)2$=3((3)$645<!*!/55+(/A!J=2:!>5//(>:25=!56!<(<Q(4+!:5!*!%.9=%(/!51':%#4!$#%!*:!
5*(('0*1'%*1$!<.%=!5*++*-!9*'($!'-4!*0>#5%.2#$!'-4!'!:*5,$!*-!%=#!+*$%!.+;*1%'-%!5='((#-9#!ʹ!
],'(.%/!#4,5'%.*-f!
x .(B(/58!*=3!2<8/(<(=:!*!+(:!56!51.%.5'(!+#%1.5$f!
x 0(H2=!#2'(,'%.*-!*:!.-4.2.4,'(!;1*91'+$!'-4!5*((#5%.2#!.+;'5%f!
x #45++R<*4J(:!4(+514>(+!566(4(3!*=3!0**$%!51*$$T#-1*((+#-%!:5!*++14(!=5!+2=H/(!5Q+:*>/(!2+!*Q/(!:5!+;54:R
ĐŝƌĐƵŝƚĂĐŚŝůĚ͛ƐĞĚƵĐĂƚŝŽŶĂůƐƵĐĐĞƐƐ͖!
x $=+:2:1:(!*!:##40'58!(**;!:5!*++14(!845H4*<+!*=3!4(+514>(+!*>>14*:(/A!4(6/(>:!>5<<1=2:A!+:4(=H:;+!*=3!
=((3+!*=3!*3(c1*:(/A!4(+85=3!:5!>5<<1=2:A!5Q\(>:2B(+f!*=3!
x #5=:2=1(!:5!ƐƚƌĞŶŐƚŚĞŶƚŚĞďĂĐŬďŽŶĞŽƌŐĂŶŝnjĂƚŝŽŶ͛Ɛ!>54(!<*=*H(<(=:T!+:*66!*=3!58(4*:2=H!+A+:(<+M!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
UU
!,ĂƌůĞŵŚŝůĚƌĞŶ͛ƐŽŶĞ͕/ŶĐ͗͘'ƌŽǁƚŚWůĂŶ&zϮϬϬϭRPYY_f!9*//!PYYU!O83*:(!
!
!
!
!
!
!
!
!

B"$(53#.$4"#5$31",2$=E??A$8(53)5$9-)-2$",#$R51)-25$32$RRR*7!&&*,)$"#$!"(("R$,)$".$BR-225#$3.7$E3&51"";*!

UP!
!
%
%
%
89"%K"$1.4#%D1*M"4$% %
$ $ $
:'5.$ 2'5$ !31#-&$ "!$ &"44,.-26$ -)$ 75)2#"657A$ 2'-./)$ 2'32$ 4-77(5$ &(3))$ &"44,.-2-5)$ 23;5$ !"#$ /#3.257$ Ͷ$ (-;5$
R"#;-./$ )&'""()A$ ,)531(5$ 8(36/#",.7)A$ 75&5.2$ $ '",)-./A$ ),88"#2$ !#"4$ #5(-/-",)$ -.)2-2,2-".)A$ !,.&2-".-./$ &-9-&$
"#/3.-M32-".)$3.7$)3!5$)2#552)$Ͷ$3#5$.".5S-)25.2A$"#$)"$43#/-.3($2'32$2'56$3#5$-.5!!5&2-95*$$:'5.$2'-)$"&&,#)$-.$
8""#$ &"44,.-2-5)A$ 2'5$ 3#-625-52".-($ ;1(($ "!$ /2)"#3-.2P-52".$ -./$ /?)!1.&52".$ 2)$ )"$ )5#".3$ ".$ -(#7-/?$ !#-32(7$
!->2(27)$5'-5$".(?$-$)>-(($!#-&52".$"!$5'7$&'2(/#7.$2.$5'7)7$.723',"#'""/)$&-.$7)&-;7*$:'-(5$2'5)5$5S&582-".3($
LJŽƵƚŚƐĂƌĞůĂďĞůĞĚ͞ƌĞƐŝůŝĞŶƚ͟ŽƌĂƌĞũƵƐƚůLJĐĞůĞďƌĂƚĞĚĂƐ͞ďĞĂƚŝŶŐƚŚĞŽĚĚƐ͕͟ƚŚĞǀĂƐƚŵĂũŽƌŝƚLJŽĨĐŚŝůĚƌĞŶĨĂŝůŝŶ
)&'""(A$'395$2#",1(57$'"45$(-95)$3.7$7"$."2$#53&'$2'5-#$!,(($8"25.2-3(*$$$$$$K$$,ĂƌůĞŵŚŝůĚƌĞŶ͛ƐŽŶĞ͕/ŶĐ͗͘'ƌŽǁƚ'$
D(3.$ET$NOOPKNOOQ$
89"%E##,"d!$=!:;(!XX!+c1*4(!<2/(!*4(*!:;*:!>5<842+(+!C(+:!.*//*+T!85B(4:A!*=3!1=(<8/5A<(=:!*4(!<54(!:;*=!
351Q/(!:;*:!56!:;(!>2:A!56!.*//*+M!!9(K(4!:;*=!VYk!56!4(+23(=:+!;*B(!*!;2H;!+>;55/!328/5<*M!'(=!81Q/2>!+>;55/+!
+(4B(!:;(!*4(*f!62B(!*4(!54!;*B(!Q((=!4*:(3!-)(<8/*4A!54!D(>5H=2S(3T!Q1:!:;(!*>*3(<2>!8(4654<*=>(!56!<*=A!
+:13(=:+!*:!<233/(!*=3!;2H;!+>;55/!/(B(/+!4(<*2=+!8554M!K-!PS!V[[QTE[!-*!91'4,'%.-9!$%,4#-%!'%!H.-8$%*-!7.9=!
P5=**(!F%=#!*-(/!"#$%!&'(('$!=.9=!$5=**(G!$5*1#4!=.9=!#-*,9=!*-!%=#!PB6!%*!.-4.5'%#!1#'4.-#$$!:*1!5*((#9#M!!!
';(! +5>2*/! +(>:54! >*=! *=3! +;51/3! ;*B(! *! :4(<(=351+! 2<8*>:! 5=! :;2+! 2++1(M! ! ';(24! 4(+514>(+T! *88/2(3!
>5//*Q54*:2B(/AT! >51/3! /2:(4*//A! >;*=H(! :;(! *>*3(<2>! :4*\(>:542(+! 56! aTUYY! +:13(=:+M! ! ';(! >;*//(=H(! :5! Q(!
*334(++(3!2+!:;(!/*>J!56!*!>55432=*:(3!+:4*:(HA!*=3!/2<2:(3!*>>(++!:5!42H5451+!<(*+14(<(=:!:55/+!2=!:;(!3*AR:5R
3*A! K54J! 56! :;(! C(+:! .*//*+! +5>2*/! +(>:54M! ! .*//*+! 9*2:;! #5<<1=2:2(+! #5*/2:25=! G.9##I! ;*+! 2=:4531>(3! *!
>5//*Q54*:2B(!+:4*:(HA!:5!:*5,$!*-!%=#!+*$%!.+;*1%'-%!5='((#-9#!ʹ!],'(.%/!#4,5'%.*-!R!*=3!*33!5=(!+8(>262>!:55/T!
*>>(++! :5!K;2>;! K2//! (c128! :;(! +5>2*/! +(>:54! :5! +2H=262>*=:/A! 2<845B(! 2:+!51:>5<(+! 2=32B231*//A! *=3! >5//(>:2B(/AM!
';*:! :55/! 2+! 8(4654<*=>(! <(:42>+! K2:;! 4(H1/*4! 51:>5<(+! <(*+14(<(=:! *=3! *! 4(62=(<(=:! >A>/(! 654! 2=32B231*/!
8*4:2>28*=:+!*=3!654!:;(!H4518!*+!*!K;5/(M!!
Q'4WL1*,-3d! $=! PYY_T! :;(! C(+:! .*//*+! -31>*:25=! '*+J! 954>(! ʹ! *! \52=:! (6654:! Q(:K((=! >5<<1=2:ARQ*+(3!
54H*=2S*:25=+!*=3!6*2:;!H4518+T!C(+:!.*//*+!842=>28*/+T!.$@.T!.###.T!@?OT!5:;(4!(31>*:54+T!:;(!.*//*+!Q1+2=(++!
>5<<1=2:A!*=3!>5=>(4=(3!>2:2S(=+!(=H*H(3!2=!(31>*:25=!4(654<!*:!:;(!/5>*/!*=3!=*:25=*/!/(B(/!R!>5<<2::(3!:5!*!
>5//*Q54*:2B(!:4*=+654<*:25=!2=2:2*:2B(!Q12/:!185=!58(=!32*/5H1(T!B5/1=:((42+<!*=3!>5<<1=2:A!(=H*H(<(=:M!!"!
+(:!56!+:4*:(H2(+!K*+!3(B(/58(3!QA!:;(!'*+J!954>(!*=3!2+!=5K!J=5K=!*+!:;(!4"((-,"#-5267$!"#$%&'""()$G8*4:!:K5!
56!:;(!:;4((!8*4:!C7)5$D-((-)$4">>1.25?$4"((-,"#-5267$!"#$%&'""()*$+",)$-./$0"1)2.3IM!';(!4"((-,"#-5267!>*//+!
ĨŽƌ ƚŚĞ ĨŽƌŵĂƚŝŽŶŽĨ ĂƐƉĞĐŝĂů ͞ŽŶĞ͟ K;(4(! 4(+514>(+! *4(!65>1+(3! 2=! *! >5//*Q54*:2B(! *=3! >55432=*:(3!K*A! :5!
*>;2(B(!(31>*:25=!:4*=+654<*:25=M!
89"%X"#N*-#"d!!@'7$%&'""($A".7$B$C7)5$D-((-)!G@%AI!2+!*!J(A!>5<85=(=:!56!:;(!4"((-,"#-5267$!"#$%&'""()M!!$:!2+!
*! 8*4:=(4+;28! Q(:K((=! XU! C(+:! .*//*+! @>;55/+T! 2=>/132=H! XY! .$@.! +>;55/+T! :K5! 842B*:(! +>;55/+T! 5=(! >;*4:(4!
+>;55/! *=3! PY! =5:R654R84562:! 54H*=2S*:25=+T! >55432=*:(3! QA! .9##! *=3! 61=3(3! 2=2:2*//A! QA! ';(! D((+Rj5=(+!
951=3*:25=M! ! ';(! 54H*=2S*:25=+! ;*B(! \52=:/A! >5<<2::(3! :5! 845B23(! :;(24! 4(+514>(+! :5! >;2/34(=! *=3! 6*<2/2(+! 56!
C(+:!.*//*+!2=!*!K*A!:;*:!+18854:+!:;(!;(*/:;A!>5<<1=2:2(+!:;*:!*4(!=((3(3!:5!342B(!(31>*:25=!:4*=+654<*:25=M!!
';(A!*4(!K54J2=H!:5H(:;(4!:5!*334(++!2++1(+!:;*:!2=;2Q2:!+:13(=:!8(4654<*=>(!:;451H;!62B(!J(A!+:4*:(H2(+M!!@'7$
E75#2&)$8#"F7&5!2+!5=(!56!:;(+(!62B(!+:4*:(H2(+M!
@'7$ E75#2&)$ 8#"F7&5! Q12/3+! >*8*>2:A! 654! :;(! 8*4:2>28*=:+! 2=! @%A! :;451H;! :;(! 3(B(/58<(=:! 56! <(:42>+! 654! (*>;!
54H*=2S*:25=! *=3! 654! :;(! #5//*Q54*:2B(! *+! *! K;5/(M! C;2/(! :;(! 2<<(32*:(! 51:>5<(! 2+! (+:*Q/2+;2=H! *=3! 1+2=H!
<(:42>+! GN;*+(! %=(! *=3! 'K5IT! ;*B2=H! *=3! 1+2=H! <(:42>+! 5B(4! :;(! =():! 62B(! A(*4+! GN;*+(! ';4((I! K2//! (=*Q/(!
<(*+14(<(=:!56!*=3!2=>4(*+(+!2=!:;(!(66(>:2B(=(++!56!:;(!C(+:!.*//*+!+5>2*/!+(>:54!*+!2:!K54J+!:5H(:;(4!:5!!
!
UU!
!
!
!
*//(B2*:(! :;4((! >42:2>*/! >*1+(+! 56! 85B(4:Ad! /*>J! 56! 3(>(=:! *66543*Q/(! ;51+2=HT! /*>J! 56! c1*/2:A! (31>*:25=*/!
58854:1=2:2(+!*=3!*Q+(=>(!56!/2B2=H!K*H(!\5Q+M!!
$=2:2*/!H5*/!+(::2=H!*=3!51:>5<(+!:5!Q(!3(/2B(4(3!QA!:;(!H4518!K2//!Q(!/(3!QA!:;(!O'.!$=+:2:1:(!56!N1Q/2>!"66*24+M!
?(:42>+! K2//! Q(! 3(B(/58(3! *=3! <(*+14(<(=:! K2//! Q(! >5<8/(:(3! QA! :;(! O'! .*//*+! $=+:2:1:(! 56! O4Q*=! N5/2>A!
@:132(+M! ! .9##! 2+! 2=! >5=B(4+*:25=! K2:;! :;(! @?O! @2<<5=+! @>;55/! 56! -31>*:25=! *=3! 71<*=! .(B(/58<(=:! :5!
<(*+14(!51:>5<(+!56!:;(!>5//*Q54*:2B(!K54J!5=!2<845B2=H!+:13(=:!8(4654<*=>(T!2=!8*4:2>1/*4T!:;(!2=>4(*+(+!2=!
:;(24!+>54(+!5=!+:*:(!+:*=3*432S(3!:(+:+M!
@'7$ E75#2&)$ 8#"F7&5! Q(H*=! 2=! 9(Q41*4A! PYXXM! N;*+(! %=(T! K;2>;! K2//! Q(! >5<8/(:(3! QA! "842/! PYXXT! 2+! :;(!
3(B(/58<(=:!56!*!+:4*:(H2>!8/*=!654!:;(!(=:24(!#5//*Q54*:2B(M!!N;*+(!'K5!2+!:;(!(+:*Q/2+;<(=:!56!<(:42>+!*=3!:;(!
624+:!451=3!56!<(*+14(<(=:!*=3!(B*/1*:25=T!K;2>;!K2//!Q(!>5<8/(:(3!2=!.(>(<Q(4!PYXXM!!$=!N;*+(!%=(!*=3!'K5T!
<(:42>+!*=3!<(*+14(<(=:+!56!:;(!>5//*Q54*:2B(!(6654:!K2//!65>1+!5=!:;(!(66(>:!56!:;(!#5//*Q54*:2B(!654!-31>*:25=M!!
K'M*1%S*'(#%
x .(62=(! 2++1(+! :5! Q(! *334(++(3! 4(d! =1<Q(4! 56! 8(58/(! 2=B5/B(3T! :;(24! c1*/2:A! 56! /26(T! :;(! (>5=5<2>! *=3!
+5>2*/!2<8*>:!654!C(+:!.*//*+!*=3!:;(!2<8*>:!185=!:;(!4(H25=!*:!/*4H(f!
x -+:*Q/2+;!<(:42>+!*=3!23(=:26A!*=:2>28*:(3!51:>5<(+!:;*:!4(+85=3!:5!:;(+(!;2H;/A!3(62=(3!2++1(+f!
x ?(*+14(!+8(>262>!51:>5<(+!*=3!:;(24!2<8*>:!5=!:;(!2++1(G+I!Q(2=H!*334(++(3!G(66(>:2B(=(++If!
x $3(=:26A!(66(>:2B(!+:4*:(H2(+!*=3!4(B2+(!2=(66(>:2B(!5=(+T!K2:;!61=3+!*//5>*:(3!*>>5432=H/A!G(662>2(=>AIf!
x $3(=:26A!*=3!>544(>:!H*8+!*=3!5B(4/*8+!2=!4(+514>(+!845B23(3!:5!:;(!C(+:!.*//*+!>5<<1=2:Af!!
x #5<<1=2>*:(!<(*+14(3!2<8*>:!:5!35=54+!*=3!2=B(+:54+f!*=3!
x $=>4(*+(!/(B(4*H(!*=3!2<8*>:!56!35=54!*=3!2=B(+:54!61=3+M!
%
D1.+'1/%T,$4*+"#%
x N*4:2>28*:2=H! 54H*=2S*:25=+! K2//! .-51#'$#! %=#.1! ,$#! *:! f,'(.%/! *:! D.:#! FfIDG! +#%1.5$! :1*+! E[^! *:!
;'1%.5.;'%.-9! *19'-.c'%.*-$! %*! MY^! QA! .(>(<Q(4! PYXXf! :;451H;! :;(! 4"((-,"#-5267T! :;(A! K2//! 2=>4(*+(!
>5<<1=2:A!8*4:2>28*:25=!2=!l%L!c1(42(+!645<!Xk!:5!Vk!QA!.(>(<Q(4!PYXXf!
x N*4:2>28*:2=H! 54H*=2S*:25=+! K2//! 2=>4(*+(! :;(24! *<-#1$=.;! *:! %=#! 4"((-,"#-5267! '-4! 5*++.%+#-%! %*! .%$!
#4,5'%.*-'(!*,%5*+#$!QA!VYk!*+!<(*+14(3!QA!84(R!*=3!85+:R8*4:2>28*:25=!+14B(A+!QA!?*A!PYXXf!!
x XYYk!56!8*4:2>28*:2=H!54H*=2S*:25=+!K2//!2=>4(*+(!:;(24!5';'5.%/!:*1!$#(:T'$$#$$+#-%T!/(*32=H!:5!845H4*<!
4(62=(<(=:!*+!<(*+14(3!QA!84(R!*=3!85+:R8*4:2>28*:25=!+14B(A+!QA!"1H1+:!PYXXf!*=3!
x N*4:2>28*:2=H!54H*=2S*:25=+!K2//!2=>4(*+(!:;(24!,$#!*:!;1*91'+!+#%1.5$!G2=32B231*/!*=3!+;*4(3I!645<!Vk!:5!
WVk!*+!<(*+14(3!QA!=1<Q(4!56!8*4:2>28*:2=H!54H*=2S*:25=+!1+2=H!654<*/!<(:42>+!QA!.(>(<Q(4!PYXXM!

7,44"##%$*%&'$"%
x X]!<5=:;+!56!84(8*4*:25=!ʹ! .9##!K54J2=H!K2:;!O'.!*=3!@?O!:5!3(B(/58!:;(!845\(>:! *=3!84(8*4(!654!
/*1=>;f!
x N45\(>:!/*1=>;(3!2=!9(Q41*4A!PYXX!K2:;!<((:2=H+!K2:;!*//!8*4:2>28*:2=H!8*4:=(4+!:5!2=:4531>(!:;(!845\(>:!
*=3!Q(H2=!3(B(/58<(=:!QA!(*>;!ƉĂƌƚŶĞƌŽĨŝƚƐŽƌŐĂŶŝnjĂƚŝŽŶ͛ƐŵŝƐƐŝŽŶ͕ǀŝƐŝŽŶĂŶĚǀĂůƵĞƐƐƚĂƚĞŵĞŶƚƐ͖!
%
P"6$%7$"N#%
x -+:*Q/2+;<(=:!56!*!+:4*:(H2>!8/*=!654!:;(!845\(>:!G"842/!PYXXIf!
x 924+:!451=3!56!<(*+14(<(=:!*=3!(B*/1*:25=!G.(>(<Q(4!PYXXIM!
!
!
B"$(53#.$4"#5$31",2$=E??A$8(53)5$9-)-2$",#$R51)-25$32$RRR*7!&&*,)$"#$!"(("R$,)$".$BR-225#$3.7$E3&51"";*!
% %
UZ!
!
%

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

89"% E##,"<! ! WĂƌĞŶƚƐ ĂƌĞ Ă ĐŚŝůĚ͛+! <5+:! 85K(461/! >;*<825=T! Q1:! ;'1#-%$! .-! "#$%! &'(('$! ('58! %=#! $8.(($! %*! 0#!
#::#5%.2#! '42*5'%#$! ĨŽƌ ƚŚĞŝƌ ĐŚŝůĚƌĞŶ͛Ɛ ĞĚƵĐĂƚŝŽŶĂů ƐƵĐĐĞƐƐ͘  $=! C(+:! .*//*+! *+! 2=! <5+:! /5KR2=>5<(!
>5<<1=2:2(+T! >;2/34(=! *4(! 56:(=! 4*2+(3! QA! +2=H/(! 8*4(=:+! G:A82>*//A! <5:;(4+IM! ! ?*=A! 56! :;(<! 35! =5:! +8(*J!
-=H/2+;T! 6(K! *4(! (c1288(3! K2:;! :;(! +J2//+! =((3(3! :5! (=H*H(! *+! 85K(461/! *3B5>*:(+T! *=3! B(4A! 6(K! ;*B(! (B(4!
(=:(4(3!*!B5:2=H!Q55:;!54!>5=+23(4(3!:;*:!:;(A!<2H;:!Q(!*Q/(!:5!2=6/1(=>(!81Q/2>!85/2>AM!!^(:!8*4(=:+!K2:;!+>;55/!
*H(!>;2/34(=!*4(!=*:14*/!*3B5>*:(+!*=3!K2:;!:;(!8458(4!:55/+T!:;(A!>*=!;*B(!*!;1H(!2<8*>:M!!N*4(=:+!*:!+>;55/+!
ĞǀĞƌLJǁŚĞƌĞ ĂƌĞŵĞŵďĞƌƐŽĨƚŚĞ WdĂŶĚĂƌĞĂĐƚŝǀĞůLJŝŶǀŽůǀĞĚŝŶƚŚĞŝƌĐŚŝůĚƌĞŶ͛ƐĞĚƵĐĂƚŝŽŶ͘dŚĞLJĂƌĞ ĂǀĂƐƚ
1=:*88(3! 4(+514>(! 654! (31>*:25=! :4*=+654<*:25=M! ! C;(=! 8*4(=:+! 35! Q(>5<(! (=H*H(3! *+! *3B5>*:(+T! :;(A! *4(!
:(=*>251+!*=3!(66(>:2B(T!*=3!<5+:!2<854:ĂŶƚůLJ͕ĂƉĂƌĞŶƚ͛ƐŝŶǀŽůǀĞŵĞŶƚŝŶŚŝƐŽƌŚĞƌĐŚŝůĚ͛ƐĞĚƵĐĂƚŝŽŶŝƐĚŝƌĞĐƚůLJ
ůŝŶŬĞĚƚŽƚŚĂƚĐŚŝůĚ͛ƐƐƵĐĐĞƐƐ͕ĞƐƉĞĐŝĂůůLJŝŶƚŚĞĞĂƌůLJŐƌĂĚĞƐ͘!
$=! C(+:! .*//*+! 8*4(=:+! 6*>(! >1/:14*/! *=3! /*=H1*H(! Q*442(4+! :;*:! J((8! :;(<! 645<! *>:2B(/A! 8*4:2>28*:2=H! 2=! :;(24!
>;2/34ĞŶ͛ƐƐĐŚŽŽů͘dŚĞLJĂƌĞǀĞƌLJLJŽƵŶŐʹ!2=!PYY_!XXk!56!Q24:;+!K(4(!:5!:((=+T!a]k!K(4(!:5!1=<*442(3!<5:;(4+!
ĂŶĚϱϱйŽĨďŝƌƚŚƐǁĞƌĞƚŽŵŽƚŚĞƌƐǁŚŽĚŝĚŶ͛ƚĨŝŶŝƐŚŚŝŐŚƐĐŚŽŽů͘/ŶĂŶLJŐŝǀĞŶLJĞĂƌƚŚĞƌĞĂƌĞWYRXYY!;2H;!+>;55/!
+:13(=:+! K;5! Q(>5<(! 84(H=*=:! *=3! >*44A! *! >;2/3! :5! :(4<T! +5<(! 56! :;(<! 654! :;(! +(>5=3! 54! :;243! :2<(M! C(+:!
.*//*+!8*4(=:+!6*>(!:4(<(=351+!;143/(+!2=!Q(>5<2=H!*3B5>*:(+f!:5!2<845B(!(31>*:25=*/!51:>5<(+!654!*//!C(+:!
.*//*+!>;2/34(=T!8*4(=:+!<1+:!Q(!845B23(3!:;(!:55/+!:5!Q(>5<(!J(A!8*4:=(4+!2=!342B2=H!>;*=H(M!
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*-#"<! $=! PYY_T! :;(! C(+:! .*//*+! -31>*:25=! '*+J! 954>(! ʹ! *! \52=:! (6654:! Q(:K((=! >5<<1=2:ARQ*+(3!
54H*=2S*:25=+!*=3!6*2:;!H4518+T!C(+:!.*//*+!842=>28*/+T!.$@.T!.###.T!@?OT!5:;(4!(31>*:54+T!:;(!.*//*+!Q1+2=(++!
>5<<1=2:A!*=3!>5=>(4=(3!>2:2S(=+!(=H*H(3!2=!(31>*:25=!4(654<!*:!:;(!/5>*/!*=3!=*:25=*/!/(B(/!R!>5<<2::(3!:5!*!
>5//*Q54*:2B(!:4*=+654<*:25=!2=2:2*:2B(!Q12/:!185=!58(=!32*/5H1(T!B5/1=:((42+<!*=3!>5<<1=2:A!(=H*H(<(=:M!!"!
+(:! 56! +:4*:(H2(+! 654! (31>*:25=! :4*=+654<*:25=! K*+! 3(B(/58(3! QA! :;(! '*+J! 954>(! *=3! 2+! =5K! J=5K=! *+! :;(!
#5//*Q54*:2B(!!"#$%&'""()!G8*4:!:K5!56!:;(!:;4((!8*4:!C7)5$D-((-)$4">>1.25?$4"((-,"#-5267$!"#$%&'""()*$+",)$-./$
0"1)2.3IM!%=(!56!:;(!J(A!>5<85=(=:+!56!:;(!4"((-,"#-5267!2+!;*<#1:,(!;'1#-%!'-4!5*++,-.%/!'42*5'5/M!
5+N*R"1.-L% D'1"-$#<% ! 'Ž ĞŵƉŽǁĞƌ ƉĂƌĞŶƚƐ ƚŽ ďĞĐŽŵĞ ĞĨĨĞĐƚŝǀĞ ĂĚǀŽĐĂƚĞƐ ĨŽƌ ƚŚĞŝƌ ĐŚŝůĚƌĞŶ͛Ɛ ĂĐĂĚĞŵŝĐ
+1>>(++T! .9##! >4(*:(3! 8-#7.5$ 9&52".$ :#"1;)$ !"#$ </1&-52".! G89:<IT! *! H4*++455:+! *3B5>*>A! <5B(<(=:! :;*:!
84(8*4(+!8*4(=:+!:5!/(*3!:;(!342B(!654!()>(//(=:!81Q/2>!+>;55/+M!!';(4(!*4(!+(B(4*/!;2H;!c1*/2:A!845H4*<+!2=!.*//*+!
ƚŚĂƚƚƌĂŝŶƉĂƌĞŶƚƐƚŽďĞŝŶǀŽůǀĞĚŝŶƚŚĞŝƌĐŚŝůĚ͛ƐĞĚƵĐĂƚŝŽŶT!*=3!.9##!2+!+18854:2B(!56!*//!56!:;(<M!!89:<!;*+!*=!
*332:25=*/! 5Q\(>:2B(! ʹ! Q(A5=3! (=H*H2=H! 2=! Ă ĐŚŝůĚ͛Ɛ ĞĚƵĐĂƚŝŽŶĂů ƐƵĐĐĞƐƐ͕ 89:<! #],.;$! ;'1#-%$! %*! 5='-9#! %=#!
#4,5'%.*-'(!$/$%#+M!!C(!Q(/2(B(!:;*:!:;(4(!2+!=5!H4(*:(4!84585=(=:!654!>;*=H(!:;*=!*=!(=H*H(3!8*4(=:!*=3!:;*:!
2=!6*>:T!K2:;51:!:;(<!:;(!+1Q+:*=:2B(!>;*=H(!:;*:!2+!4(c124(3!:5!H(:!1+!Q*>J!5=!:4*>J!K2//!=5:!;*88(=M!
91=3(3!QA!';(!055=(!9*<2/A!951=3*:25=T!89:<!:4*2=+!*=3!(=H*H(+!8*4(=:+T!:(*>;(4+T!51:4(*>;!>55432=*:54+!*=3!
N'"gN'%! <(<Q(4+! 1:2/2S2=H! *! >1442>1/1<! K2:;! >5<<1=2:ARQ12/32=H! *=3! *3B5>*>A! 3(B(/58<(=:! 2=61+(3!
:;451H;51:!K2:;!Q*+2>!54H*=2S2=HM!.9##!3(B(/58(3!:;2+!>1442>1/1<!2=!4(+85=+(!:5!8*4(=:!:582>!4(c1(+:+M!!$:!;*+!
Q5445K(3! +1>>(++61/! +:4*:(H2(+! 645<! 845H4*<+! 2=! 5:;(4! >2:2(+T! Q*+2=H! 2:! 5=! :;(! K54J! 56! 4(+(*4>;(4+! *=3!
54H*=2S*:25=+!*451=3!:;(!>51=:4AT!+1>;!*+!dĞĂĐŚŝŶŐĨŽƌŚĂŶŐĞ͛Ɛ!dĞůůŝŶ͛$%2"#-5)$D#"H5&2!2=!.M#M!*=3!:;(!+3#93#7$
E34-(6$ @5)53#&'$ D#"H5&2A$ K;2/(! *++142=H! :;*:! 2:! *334(++(+! 2++1(+! +8(>262>! :5! C(+:! .*//*+T! <*=A! 56! K;2>;! *4(!
+;*4(3!>2:A!K23(M!!
89:<!Q(H*=!2=!6514!C(+:!.*//*+!81Q/2>!+>;55/+!2=!PYXYM!XYYRXVY!8*4(=:+!*4(!=5K!<((:2=H!<5=:;/A!2=!:;(!6514!
89:<! H4518+T! *=3!:;(! 845H4*<! K2//!()8*=3!:;451H;!PYXP!1=:2/!*//!(/(<(=:*4A!*=3!<233/(!+>;55/+!;*B(! *>:25=!
H4518+!G845\(>:(3!:5!Q(!PYYRUYY!8*4(=:+IM!!!
UV!
!
';(!624+:!+(<(+:(4!56!*!=(K/AR654<(3!89:<!H4518!2+!65>1+(3!5=!>5<<1=2:A!*=3!>5<<1=2>*:25=!Q12/32=HM!#45++R
>1/:14*/!54!>45++R=(2H;Q54;553!>5<<1=2:A!4(/*:25=+;28+!2=!C(+:!.*//*+!*4(!56:(=!64*>:14(3!54!=5=()2+:(=:T!*=3!
8*4(=:+! 56:(=! 6((/! 32+>5==(>:(3! 645<! :;(24! +>;55/+! *+! K(//! *+! 645<! (*>;! 5:;(4M! "<5=H! <*=A! /5KR2=>5<(!
8*4(=:+T!+:45=H(4!>5<<1=2>*:25=!*=3!4(/*:25=*/!+J2//+!;*B(!Q((=!23(=:262(3!*+!*!<*\54!=((3!Q(654(!/*4H(4R+>*/(!
*3B5>*>A!(6654:+!>*=!Q(!814+1(3M!!!!"6:(4!/(*4=2=H!:5!K54J!:5H(:;(4!*+!*!>5;(+2B(!654>(T!8*4(=:+!*4(!:4*2=(3!:5!
1=3(4+:*=3! :;(! (31>*:25=*/! +A+:(<! *=3! :;(! 2++1(+! 651=3! 2=! 14Q*=! 81Q/2>! +>;55/+! *>45++! "<(42>*M! ';(A! :;(=!
65>1+!5=!.*//*+!+>;55/+!*=3!:;(24!5K=!=(2H;Q54;553!+>;55/+!*+!:;(A!3(B(/58!*=!*3B5>*>A!*H(=3*!*=3!<5B(!:5!
*>:25=M!!"/4(*3AT!8*4(=:+!2=!:4*2=2=H!*4(!*::(=32=H!+>;55/!Q5*43!<((:2=H+!*=3!+8(*J2=H!:5!+2H=262>*=:!2++1(+!/2J(!
:;(! >5<2=H! D(31>:25=! 2=! 954>(! *:! .$@.! K;(4(! :;(A! *4(! *3B5>*:2=H! 654! 4(31>:25=+! Q*+(3! 5=! 8(4654<*=>(T! =5:!
:(=14(M!
89:<! ;*+!:K5!+2<1/:*=(51+!(=H*H(<(=:! :4*>J+d!8*4:2>28*:25=!2=! 89:<! H4518+T!*=3!8*4:2>28*:25=!2=!:;(!N*4(=:!
L(*3(4+;28!'(*<M!';(!N*4(=:!L(*3(4+;28!'(*<!(=H*H(+!8*4(=:+!K;5!*4(!<54(!*3B*=>(3!2=!:;(24!4(/*:25=*/!*=3!
*3B5>*>A!*Q2/2:2(+!2=!3(B(/582=H!:;(!2=2:2*/!*3B5>*>A!*H(=3*!654!89:<T!*+!K(//!*+!2=!H1232=H!:;(24!5K=!4(+8(>:2B(!
89:<!<((:2=H+!R!65+:(42=H!>5<<1=2:A!/(*3(4+;28!*=3!5K=(4+;28M!
),11.4,(,+<! ! 89:<! <*J(+! 1+(! 56! :4*2=2=H! *=3! >1442>1/1<! 845B23(3! QA! :;(! D#-&'3#7$ ?"44-2255$ !"#$ J&3754-&$
LS&5((5.&5A!*!;2H;/A!+1>>(++61/!845H4*<!Q(2=H!2<854:(3!:5!.*//*+!645<!E(=:1>JA!QA!.9##M!!%=>(!:;(!2=2:2*/!6514!
89:<! H4518+! ;*B(! *3B*=>(3! :;451H;! :;(! >5<<1=2:A! Q12/32=H! 8;*+(! 2=:5! *3B5>*>A! 89:<! K2//! Q(H2=!
2<8/(<(=:*:25=!56!:;(!N42:>;*43!845H4*<M!!';(!D#-&'3#7$?5.25#$!"#$D3#5.2$I5375#)'-8$U?DIC!K2//!>5=31>:!*!:K5R
3*A! K54J+;58! (=:2:/(3! D3#5.2)$ 3.7$ B53&'5#)$ B3(;-./$ B"/52'5#! GN'UI! K2:;! *8845)2<*:(/A! 626:((=! 8*4(=:+! *=3!
626:((=!:(*>;(4+M!!N'U!H(=(4*:(+!*=!">:25=!N/*=!2=B5/B2=H!*//!626:((=!8*4(=:+!*=3!626:((=!:(*>;(4+!*=3!Q*+(3!5=!
:K5!c1(+:25=+d! XI! C;*:! 35!514!>;2/34(=!=((3m! *=3!PI! 75K! 35!K(!H(:! :;(4(!:5H(:;(4m! "3B5>*>A!*H(=3*+! :;*:!
;*B(! Q((=! 3(B(/58(3! QA! +2<2/*4! H4518+! 2=! N(==+A/B*=2*T! %;25! *=3! #*/2654=2*! K2//! Q(! 32+>1++(3! K2:;! :;(! 89:<!
:(*<+!*+!:;(A!3(B(/58!:;(24!5K=!*H(=3*M!!'(=!*332:25=*/!8*4(=:+!*=3!>5<<1=2:A!<(<Q(4+!K2//!5Q+(4B(!:;(!N'U!
+(++25=!*+!6*>2/2:*:54!:4*2=((+M!!.142=H!*!+(>5=3!5=(R3*A!+(++25=!:;(A!K2//!+:4*:(H2S(!2<8/(<(=:*:25=!56!:;(!23(*+!
/(*4=(3! *:! :;(! N'U! *=3! K2//! Q(! :4*2=(3! :5! 6*>2/2:*:(! :;(! K54J+;58! :;(<+(/B(+M! ! 0A! :;(! (=3! 56! :;(! :K5R3*A!
K54J+;58T! :;(! :(=! 6*>2/2:*:54+! K2//! Q(! (c1288(3! :5! >5=:2=1(! /(*32=H! K54J+;58+! 5=! *! <5=:;/A! Q*+2+! K2:;!
*332:25=*/!8*4:2>28*=:+M!!
"6:(4! :;(! 845\(>:! 2+! 61//A! (+:*Q/2+;(3! GX]RPZ! <5=:;+IT! :;(! 89:<! :(*<+! K2//! *88/A! :5! Q(>5<(! *! /5>*/! >;*4:(4! 56!
D3#5.2)$ !"#$ D,1(-&$ %&'""()$ URRR*83#5.2)V8,1(-&)&'""()*&"4C*$ ! ';(! 8*4:=(4+;28! K2:;! #NL! K2//! >1/<2=*:(! 2=! :;(!
D3#5.2$I5375#)'-8$>.)2-2,25T!+2)!3*A+!56!2=:(=+2B(!:4*2=2=H!+84(*3!5B(4!_RXP!<5=:;+!G:;4((!:K5R3*A!+(++25=+I!:;*:!
Q12/3+!185=!J=5K/(3H(!H*2=(3!QA!:;(!8*4(=:!6*>2/2:*:54+!3142=H!:;(!N'U!845>(++M!O8!:5!UY!8*4(=:+!>*=!8*4:2>28*:(!
2=! :;2+! *3B*=>(3! :4*2=2=HT! K;2>;! :(*>;(+! :;(<! :5! *=*/AS(! +>;55/! 3*:*T! >4(*:(! 845H4*<+! 2=! >5//*Q54*:25=! K2:;!
+>;55/! *3<2=2+:4*:54+T! *=3! 2=:(4*>:! >5<654:*Q/A! K2:;! :;(! 32+:42>:M! ';2+! :4*2=2=H! 566(4+! :;(! +:45=H(+:!
(<85K(4<(=:!654!8*4(=:+!:5!(=H*H(!*+!8*ƌƚŶĞƌƐǁŝƚŚƚŚĞƐĐŚŽŽůƐĂŶĚƚŚĞĚŝƐƚƌŝĐƚŝŶƚŚĞŝƌĐŚŝůĚƌĞŶ͛ƐĞĚƵĐĂƚŝŽŶ͘%
?'.$9%)*++,-.$/%7,NN*1$<!"332:25=*/!*3B5>*>A!654!:;(!3*:*R342B(=!*H(=3*!3(B(/58(3!QA!89:<!8*4:2>28*=:+!2+!
ƉƌŽǀŝĚĞĚ ďLJ ĨĂŝƚŚ ĐŽŵŵƵŶŝƚLJ ŵĞŵďĞƌƐ ŝŶ tĞƐƚ ĂůůĂƐ ĂŶĚ ĐŝƚLJǁŝĚĞ ƚŚƌŽƵŐŚ &͛Ɛ! 845H4*<! =-25'$ -./$
4">>1.25?$ !"#$ </1&-52".$ @#-.)!"#>-52".! G=94<@IM! ! =94<@! 2+! <53(/(3! *6:(4! D#583#5$ 2'5$ E,2,#5T! *! B(4A!
+1>>(++61/!K(QRQ*+(3!*3B5>*>A!2=2:2*:2B(!651=3(3!QA!.4M!.*B23!754=Q(>JT!654<(4!@18(42=:(=3(=:!56!@>;55/+!2=!
N;2/*3(/8;2*M! ! $=! PYXX! .9##! K2//! *33! PVRUY! =(K! 6*2:;! >5<<1=2:2(+! :5! =94<@T! (=H*H2=H! 5B(4! ZTYYY! B5:(4+! 2=!
+18854:! 56! (31>*:25=! :4*=+654<*:25=M! ! 05:;! :;(! 89:<! *=3! =94<@! 845H4*<+! 1+(! *! >1+:5<2S(3! 4(H2+:4*:25=!
K(Q+2:(!*=3!+56:K*4(!K;2>;!>5==(>:+!*3B5>*:(+!K2:;!:;(24!(/(>:(3!5662>2*/+!*:!:;(!/5>*/T!+:*:(!*=3!=*:25=*/!/(B(/+M!
89"%E+N'4$<!C2:;!+18854:!645<!:;(!/5>*/!6*2:;!>5<<1=2:A!G*+!2+!1=3(4K*A!2=!.*//*+IT!8*4(=:+!2=!N(==+A/B*=2*!
K(4(! *Q/(! :5! 2=6/1(=>(! :;(! 51:>5<(! 56! *! H1Q(4=*:542*/! (/(>:25=T! H(=(4*:(! *! iVY??! 2=>4(*+(! :5! :;(! @:*:(!
(31>*:25=!Q13H(:T!*=3!2=!:(=!A(*4+͛!:2<(!+((!(B(4A!+>;55/!2=!N(==+A/B*=2*!4(*>;!*3(c1*:(!A(*4/A!845H4(++M!!';(!
842<*4A!51:>5<(!654!:;2+!*=3!(B(4A!845H4*<!56!:;(!4"((-,"#-5267$!"#$%&'""()!2+!:5!4(*>;!:;(!852=:!K;(4(!(B(4A!
+:13(=:! 2=! C(+:! .*//*+! H4*31*:(+! 645<! ;2H;! +>;55/! 4(*3A! 654! >5//(H(M! ! C(! *=:2>28*:(! :;4((! A(*4+! :5! ;*B(!
845H4*<+!2=!8/*>(T!62B(!A(*4+!:5!+((!<*4J(3!2<845B(<(=:+T!*=3!+(B(=!:5!:(=!A(*4+!:5!>5<8/(:(/A!4(*>;!:;(!H5*/M!!!
Ua!
!
?'.$9%'-3%)*++,-.$/%%
A*1%53,4'$.*-%81'-#A*1+'$.*-%%%%
%%%%%%%

89"%E##,"d!$=!:;(!XX!+c1*4(!<2/(!*4(*!:;*:!>5<842+(+!C(+:!.*//*+T!85B(4:A!*=3!1=(<8/5A<(=:!*4(!<54(!:;*=!
351Q/(!:;*:!56!:;(!>2:A!56!.*//*+M!!9(K(4!:;*=!VYk!56!4(+23(=:+!;*B(!*!;2H;!+>;55/!328/5<*M!'(=!81Q/2>!+>;55/+!
+(4B(! :;(! *4(*f! 6514! *4(! 4*:(3! -)(<8/*4A! 54! D(>5H=2S(3T! Q1:! :;(! *>*3(<2>! 8(4654<*=>(! 56! <*=A! +:13(=:+! *:!
<233/(! *=3! ;2H;!+>;55/! /(B(/+! 4(<*2=+! 8554M! I-(/! '0*,%! E^! *:!%=#! $%,4#-%$! .-! %=#! )('$$! *:! V[[Q! '%! H.-8$%*-!
7.9=! P5=**(! F%=#! *-(/! "#$%! &'(('$! =.9=! $5=**(G! $5*1#4! =.9=! #-*,9=! *-! %=#! PB6! %*! .-4.5'%#! 1#'4.-#$$! :*1!
5*((#9#M!!
89"% X"#N*-#"d! $=! PYY_T! :;(! C(+:! .*//*+! -31>*:25=! '*+J! 954>(! ʹ! *! \52=:! (6654:! Q(:K((=! >5<<1=2:ARQ*+(3!
54H*=2S*:25=+!*=3!6*2:;!H4518+T!C(+:!.*//*+!842=>28*/+T!.$@.T!.###.T!@?OT!5:;(4!(31>*:54+T!:;(!.*//*+!Q1+2=(++!
>5<<1=2:A!*=3!>5=>(4=(3!>2:2S(=+!(=H*H(3!2=!(31>*:25=!4(654<!*:!:;(!/5>*/!*=3!=*:25=*/!/(B(/!R!>5<<2::(3!:5!*!
>5//*Q54*:2B(!:4*=+654<*:25=!2=2:2*:2B(!Q12/:!185=!58(=!32*/5H1(T!B5/1=:((42+<!*=3!>5<<1=2:A!(=H*H(<(=:M!!"!
+(:! 56! +:4*:(H2(+! 654! (31>*:25=! :4*=+654<*:25=! K*+! 3(B(/58(3! QA! :;(! '*+J! 954>(! *=3! 2+! =5K! J=5K=! *+! :;(!
)*(('0*1'%.2#! !"#$%&'""()$ G8*4:!:K5!56!:;(! :;4((R8*4:! "#$%!&'(('$!)*++,-.%/!)*(('0*1'%.2#! !"#$%&'""()*$ +",)$
-./$0"1)2.3IM!%=(!56!:;(!J(A!+:4*:(H2(+!56!:;(!#5//*Q54*:2B(!2+!;*<#1:,(!;'1#-%!'-4!5*++,-.%/!'42*5'5/M%
@% D*R"1A,(% @32*4'4/% K*2"+"-$d! ! .9##! 2+! /(*32=H! *! <5B(<(=:! :5! 4(2=654>(! :;(! (6654:+! 56! /5KR2=>5<(!
8*4(=:+!:5!+(>14(!*!c1*/2:A!(31>*:25=!654!:;(24!>;2/34(=!2=!:;(!C(+:!.*//*+!@>;55/+!QA!Q*>J2=H!:;(<!K2:;!+18854:!
ĨƌŽŵĂůůĂƐ͛ĨĂŝƚŚĐŽŵŵƵŶŝƚŝĞƐ͘ b'.%=!'-4!)*++,-.%/!:*1!34,5'%.*-!61'-$:*1+'%.*-! G=94<@I! 2+!*!=(:K54J!56!
B5/1=:((4+!645<!6*2:;!>5<<1=2:2(+!*>45++!.*//*+!+8(*J2=H!18!:5!3(>2+25=!<*J(4+!2=!+18854:!56!c1*/2:A!(31>*:25=M!!
?53(/(3!*6:(4!D#583#5$2'5$E,2,#5T!*!B(4A!+1>>(++61/!*3B5>*>A!2=2:2*:2B(!651=3(3!QA!.4M!.*B23!754=Q(>JT!654<(4!
@18(42=:(=3(=:!56!@>;55/+!2=!N;2/*3(/8;2*T!=94<@!2+!*!>5<8*=25=!:5!H'1#-%!B5%.*-!W1*,;$!:*1!34,5'%.*-!G89:<IT!
K;2>;!4(>412:+!*=3!:4*2=+!8*4(=:+!:5!/(*3!:;(!342B(!654!()>(//(=:!81Q/2>!+>;55/+!QA!;(/82=H!:;(<!Q(>5<(!*>:2B(/A!
2=B5/B(3!2=!:;(24!>;2ůĚƌĞŶ͛ƐĞĚƵĐĂƚŝŽŶM!!
">:25=!F4518+!*4(!:;(!J(A!+:4*:(HA!654!Q12/32=H!*!85K(461/!81Q/2>!B52>(!:;451H;!=94<@M!!!';451H;!">:25=!F4518+!
654<(3!QA!6*2:;!>5<<1=2:A!B5/1=:((4+!*=3!2=:(4(+:(3!>2:2S(=+T!8*4:2>28*=:+!/(*4=!*Q51:!:;(!>;*//(=H(+!2=!14Q*=!
"<(42>*=!(31>*:25=!*=3!3266(4(=:!*8845*>;(+!654!*334(++2=H!:;(<f!/(*4=!;5K!:5!>5=31>:!(66(>:2B(!<((:2=H+!*=3!
81Q/2>! >5=B(4+*:25=+f! *=3! 3(B(/58! /(*3(4+;28! *=3! >5<<1=2>*:25=! +J2//+! :;*:! *//5K! :;(<! :5! Q12/3! :41+:! *<5=H!
8*4:2>28*=:+!*=3!4(+5/B(!>5=6/2>:M!!';(A!K54J!K2:;!.*//*+!$@.!:5!+18854:!8*4(=:!(=H*H(<(=:!2=!+>;55/+!*=3!5:;(4!
4(654<!<(*+14(+M!!C54J2=H!K2:;!842=>28*/+T!32+:42>:!+(=254!<*=*H(<(=:T!32+:42>:!845H4*<!+:*66!*=3!'41+:((+T!:;(A!
3(B(/58!*!+;*4(3!*>:25=!*H(=3*!:5!342B(!4(654<+!=(>(++*4A!:5!(=+14(!*!61:14(!61//!56!;58(!*=3!85++2Q2/2:2(+!654!
>> ŽĨ ĂůůĂƐ͛ ĐŚŝůĚƌĞŶ͘  =94<@! >*8:*2=+! *::(=3! 89:<! :4*2=2=H! K2:;! C(+:! .*//*+! 8*4(=:+T! :5! 65+:(4!
:4*=+654<*:25=*/!4(/*:25=+;28+M!!!
=94<@!<(<Q(4+!Q12/3!4(/*:25=+;28+!K2:;!/(H2+/*:54+!Q(>*1+(!:;(A!*4(!*!B*/1*Q/(!4(+514>(!654!+;*42=H!2=654<*:25=!
Q12/32=H!>5=:*>:!=(:K54J+M!!=94<@!<(<Q(4+!*/+5!(=H*H(!2=!:;(!81Q/2>!32*/5H1(!*Q51:!(31>*:25=!4(654<!:;451H;!
*=! (<*2/! ">:25=! "/(4:! +A+:(<T! K;2>;! >*=! Q(! 1+(3! :5! >5<<1=2>*:(! Q2R8*4:2+*=! >*=323*:(! 2=654<*:25=! K;(=! *=!
(31>*:25=R4(/*:(3! <*::(4! 2+! *:! 2++1(T! *=3! K;2>;! */+5! *//5K+! <(<Q(4+! :5! (=H*H(! 2=! /5QQA2=H! *>:2B2:A! K2:;2=!
8(4<2++2Q/(!/2<2:+!654!=5=84562:!54H*=2S*:25=+M!!
89"%E+N'4$<!-/(B(=!6*2:;!>5<<1=2:2(+!645<!C(+:!.*//*+!*=3!:;(!>2:A!*:!/*4H(!*4(!=5K!654<2=H!">:25=!F4518+M!!
.9##! K2//! (=/2+:! PVRUY! *332:25=*/! >5=H4(H*:25=+! 2=! =94<@! QA! :;(! (=3! 56! PYXXM! ! G"6:(4! *! :;(*:(4! +>4((=2=H! 56!
͞tĂŝƚŝŶŐĨŽƌ^ƵƉĞƌŵĂŶ͟ʹ!KKKMK*2:2=H654+18(4<*=M>5<!R!+(B(4*/!2=32B231*/+!*/+5!654<(3!">:25=!F4518+MI!!';(!
4(+1/:!K2//!Q(!<5Q2/2S*:25=!56!*2#1!YA[[[!5.%.c#-$!,-.%#4!.-!%=#.1!4#%#1+.-'%.*-!%*!%1'-$:*1+!#4,5'%.*-!2=!C(+:!
.*//*+!*=3!*>45++!:;(!>2:A!R!*!85K(461/!B52>(!654!>;2/34(=!*//!A(*4!/5=HM!
B"$(53#.$4"#5$31",2$=E??A$8(53)5$9-)-2$",#$R51)-25$32$RRR*7!&&*,)$"#$!"(("R$,)$".$BR-225#$3.7$E3&51"";*$

UW!
!
!

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

%=!hhhhhhhhhhT!PYXX!645<!XY*<RXP8<!';(!@>;55/![5=(!ʹ!C(+:!.*//*+!K2//!;5/3!2:+!+(>5=3!*==1*/!N(8!D*//A!654!
-31>*:25=!*:!:;(!92(/3!56!.4(*<+!+854:+!>5<8/()!2=!C(+:!.*//*+M!!';(!62(/3!*=3!:;(!+:4((:!2=!645=:!56!2:!K2//!Q(!
:4*=+654<(3! 645<! *! Q*+(Q*//! *=3! +5>>(4! >(=:(4! 2=:5! *! 6(+:2B(! >*4=2B*/! +:4((:! 6*24! 65>1+(3! 5=! (31>*:25=*/!
()>(//(=>(M!
N*4:2>28*=:+!K2//!(=:(4!:;451H;!*=!*4>;K*A!56!A(//5K!Q*//55=+!2=:5!*!K54/3!56!6553T!<1+2>T!Q51=>(!;51+(+T!+854:+!
62H14(+! *=3! 2=654<*:25=M! @2):((=! =5:R654R84562:! 54H*=2S*:25=+! *=3! :;24:((=! *4(*! +>;55/+! K2//! ;*B(! Q55:;+! :5!
2=654<! *=3! (=H*H(! 8*4(=:+! *=3! +:13(=:+! 2=! :;(! 4(+514>(+! *B*2/*Q/(! 2=! C(+:! .*//*+! :5! +18854:! (31>*:25=*/!
+1>>(++M!!"6:(4!:;(!(B(=:T!8*4(=:+!*=3!+:13(=:+!K2//!Q5*43!*!Q1+!Q42H*3(!654!*!=5R>5+:!>5//(H(!B2+2:!:5!@?O!K;(4(!
:;(A!K2//!8*4:2>28*:(!2=!*!>*<81+!:514g2=:4531>:25=!:5!>5//(H(!*=3!*::(=3!*=!@?O!H*<(M!!!!
';(!N(8!D*//A!ǁŝůůďĞĚŝǀŝĚĞĚŝŶƚŽĚŝĨĨĞƌĞŶƚ͞5=(+͟56!61=!*=3!(31>*:25=*/!*>:2B2:2(+d!
x dŚĞ͞>ĞĂƌŶŝŶŐŽŶĞ͟ǁŚĞƌĞ!>;2/34(=!*=3!8*4(=:+!K2//!62=3!(31>*:25=*/!*>:2B2:2(+!*=3!:55/+!654!:(*>;*Q/(!
<5<(=:+!:5!4(2=654>(!K;*:!>;2/34(=!/(*4=!*:!+>;55/!(*>;!3*A!
x 'ŚĞ͞ƌƚŽŶĞ͟K2:;!*4:+!*=3!>4*6:+!*>:2B2:2(+!654!>;2/34(=!*=3!*=!58854:1=2:A!:5!;2H;/2H;:!:;(!=(K!*4:+!
65>1+!*:!#*4B(4!-/(<(=:*4A$
x dŚĞ͞^ƉŽƌƚƐŽŶĞ͟ǁŚĞƌĞƚŚĞĂůůĂƐDĂǀĞƌŝĐŬƐ͕ŚĂŵƉ͕ƚŚĞDĂǀĞƌŝĐŬƐDĂƐĐŽƚ͕!*=3!:;(!.*//*+!#5KQ5A+!
D;A:;<!*=3!0/1(+!.*=>(4+!K2//!Q(!<*J2=H!H1(+:!*88(*4*=>(+M!!?(<Q(4+!56!:;(!@?O!+5>>(4!:(*<!*=3!
+:13(=:+!K2//!*/+5!8/*A!H*<(+!K2:;!:;(!>;2/34(=!
x dŚĞ͞&ŽŽĚŽŶĞ͟ǁŝƚŚ!64((!;*<Q14H(4+T!;5:!35H+T!>;28+T!342=J+T!3(++(4:+!*=3!<54(!
x dŚĞ͞&ƵŶŽŶĞ͟ǁŝƚŚ!Q51=>(!;51+(+!*=3!>*4=2B*/!H*<(+!!!
0(654(! :;(! (B(=:T! (B(4A! +:13(=:! 2=! C(+:! .*//*+! K2//! 4(>(2B(! *! >55/! :R+;24:! G/5H5! *Q5B(I! 23(=:26A2=H! :;(<! *+! *!
<(<Q(4!56!@'7$%&'""($A".7M!!0A!K(*42=H!:;(!:R+;24:!:;(A!K2//!+;5K!8423(!2=!:;(24!>5<<1=2:AT!23(=:26A!:;(<+(/B(+!
*+!<(<Q(4+!56!*!+8(>2*/!S5=(!K2:;2=!:;(!/*4H(4!.*//*+!$=3(8(=3(=:!@>;55/!.2+:42>:T!*=3!3(<5=+:4*:(!:;*:!+:42B2=H!
654!(31>*:25=*/!()>(//(=>(!2+!1=3(4K*AM!!!
%=!:;(!Q*>J!56!(*>;!:R+;24:!2+!*!/2+:!56!:;(!8*4:2>28*:2=H!+>;55/+!*=3!=5:R654R84562:!*H(=>2(+!ʹ!*!4(+514>(!6*4!/(++!
/2J(/A!:5!Q(!/5+:!54!:;45K=!*K*A!:;*=!*!82(>(!56!8*8(4!54!*!>*43M!
@'7$%&'""($A".7$87;$M-((?!2+!*!61=!K*A!:5!;2H;/2H;:!:;(!2<854:*=>(!56!(31>*:25=*/!*>;2(B(<(=:!*=3!+;5K!:;(!
K54J!:;*:!2+!Q(2=H!35=(!:5!:4*=+654<!C(+:!ĂůůĂƐ͛ƐĐŚŽŽůƐ͘/ƚŝƐĂũŽŝŶƚƉƌŽũĞĐƚďĞƚǁĞĞŶ@'7$%&'""($A".7$ʹ$C7)5$
D-((-)!*=3!.$@.T!+18854:(3!QA!.9##!+:*66T!*=3!<*3(!85++2Q/(!QA!:;(!*++2+:*=>(!56!B5/1=:((4+!645<!C(+:!.*//*+!
+>;55/+! *=3! >5<<1=2:A! 54H*=2S*:25=+T! @?OT! C*:(4<*4J! #;14>;! *=3! <*=A! 5:;(4! >5<<1=2:A! 8*4:=(4+M! ! 954!
2=654<*:25=! *Q51:! ;5K! A51! >*=! ;(/8! >(/(Q4*:(! (31>*:25=! 2=! C(+:! .*//*+T! >5=:*>:! .*//*+! 9*2:;! #5<<1=2:2(+!
#5*/2:25=!*:!2=65b36>>M1+!54!PXZRPa_RUUZYM!
!
!
!
!
!
!
B"$(53#.$4"#5$31",2$=E??A$8(53)5$9-)-2$",#$R51)-25$32$RRR*7!&&*,)$"#$!"(("R$,)$".$BR-225#$3.7$E3&51"";*!

U]!
!
%

%
%

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

89"%TNN*1$,-.$/%
x 926:((=!+:13(=:+!645<!N2=J+:5=!72H;!@>;55/T!2=!:;4((!H4518+!56!62B(!+:13(=:+!(*>;!
x @(B(=!K((J+!56!+:13A!*=3!*88/2>*:25=d!j1=(!PW!:;451H;!"1H1+:!aT!PYXXM!
x ĂĐŚŐƌŽƵƉ͛ƐƉƌŽũĞĐƚŝŶǀŽůǀĞƐƌĞƐĞĂƌĐŚŝŶŐƚŚĞŵŽƐƚĐŽŵƉƌĞŚĞŶƐŝǀĞĂŶĚŚŽůŝƐƚ2>!>5<<1=2:A!3(B(/58<(=:!
*8845*>;!654!:;(24!:*4H(:!*4(*T!>5<82/2=H!*++(:!<*882=H!4(+1/:+!645<!:;*:!*4(*T!*=3!>4(*:2=HT!:;451H;!*!
>;*44(::(!845>(++T!*!/*=3R1+(!*=3!+5>2*/!4(+514>(+!8/*=!Q*+(3!5=!>5<<1=2:A!*++(:+!*=3!2==5B*:2B(!23(*+!!
53,4'$.*-'(%T0M"4$.2"#%
x '5!4(+(*4>;!5:;(4!<53(/+!56!(66(>:2B(!*++(:RQ*+(3!>5<<1=2:A!3(B(/58<(=:!*451=3!:;(!>51=:4A!
x '5!()8(42(=>(!;*=3+R5=!84*>:2>(!2=!>5<<1=2:A!/2+:(=2=H!*=3!*++(:!<*882=H!
x '5!/(*4=!;5K!:5!*+J!;*43T!8(=(:4*:2=H!c1(+:25=+!:5!62=3!:;(!455:+!56!;2+:542>*/!*=3!>144(=:!(>5=5<2>!*=3!
+5>2*/!2=(c12:2(+T!2=!543(4!:5!>4(*:(!*!+1+:*2=*Q/(T!;5/2+:2>!*8845*>;!:5!>5<<1=2:A!3(B(/58<(=:!:;*:!
Q42=H+!*Q51:!3((8T!5=H52=H!\1+:2>(!*=3!4(>5=>2/2*:25=!
x '5!/(*4=!;5K!:5!:*J(!:;(!:2<(!*=3!62=3!:;(!:55/+!=((3(3!:5!(B*/1*:(!58:25=+!*=3!<*J(!K2+(!/5=HR4*=H(!
3(>2+25=+!
x '5!2=+:2//!:;(!B*/1(+!56!2<*H2=*:25=!*=3!>4(*:2B2:AT!>5<Q2=(3!K2:;!84*>:2>*/2:A!*=3!4(*/2+<!
x '5!*6624<!*!+:45=H!K54J!(:;2>!*=3!+(/6R<5:2B*:25=!
@NN(.4'$.*-%T0M"4$.2"#%
x N4*>:2>(!3554R:5RĚŽŽƌĐŽŵŵƵŶŝƚLJŽƌŐĂŶŝnjŝŶŐƚŽĚŝƐĐŽǀĞƌŶĞŝŐŚďŽƌƐ͛ĂƐ+(:+!*=3!H(=(4*:(!2=:(4(+:!2=!
\52=2=H!:;2+!>5<<1=2:A!845\(>:!
x ';451H;!62(/3!:428+!*=3!+(++25=+!K2:;!/5>*/!*=3!=*:25=*/!H4*++455:+!>5<<1=2:A!3(B(/58<(=:!
54H*=2S*:25=+T!:;(!.*//*+!#2:A!.(+2H=!@:1325T!*=3!5:;(4+T!2=:(4=+!K2//!2=>54854*:(!:;(24!4(+(*4>;T!
()8(42(=>(T!*=3!23(*+!2=:5!3(B(/58<(=:!8/*=+!*=3!34*K2=H+!
x .142=H!*!:K5!3*A!3(+2H=!>;*44(::(T!(*>;!2=:(4=!H4518!K2//!>4(*:(!:;(24!5K=!3(B(/58<(=:!3(+2H=!654!K;*:!
:;(A!*+!*!H4518!(=B2+25=!654!:;(!*4(*!
x 92=*/!3(+2H=+!K2//!Q(!\13H(3!2=!*!>5=:(+:!*=3!*K*43(3!*!iVYY!>5//(H(!+>;5/*4+;28!Q*+(3!5=!:;(!+1>>(++61/!
2=>54854*:25=!56d!
XM 75/2+:2>!o!4(+:54*:2B(!*8845*>;!R!+5>2*//A!*=3!(=B245=<(=:*//A!
PM @1+:*2=*Q2/2:A!
UM #5==(>:2B2:A!:5!5:;(4!2==5B*:2B(!*8845*>;(+!*451=3!:;(!>51=:4A!
ZM L5=HR:(4<!*++(:RQ*+(3!(>5=5<2>!3(B(/58<(=:T!K2:;!:;(!842<*4A!5Q\(>:2B(!Q(2=H!:5!+:*Q2/2S(!*=3!
(<85K(4!:;(!>144(=:!4(+23(=:2*/!8581/*:25=T!*=3!K2:;!:;(!*Q2/2:A!:5!*3*8:!:5!=((3+!*+!:;(!
=(2H;Q54;553!(B5/B(+!
x #5<<1=2:A!54H*=2S*:25=+!*=3!3(B(/58(4+!K2//!Q(!(=>514*H(3!:5!2=>54854*:(!:;(!Q(+:!23(*+!645<!:;(!
ŝŶƚĞƌŶƐ͛3(+2H=+!2=:5!3(B(/58<(=:!2=!:;(!C(+:!.*//*+!*4(*!

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

N/(*+(!\52=!.*//*+!9*2:;!#5<<1=2:2(+!#5*/2:25=!654!2:+!*==1*/!Q4(*J6*+:!6(*:142=H!hhhhhhhhhhhhhhhhhhhT!*!;2H;R
84562/(!/(*3(4!*:!:;(!654(645=:!56!(31>*:25=!4(654<M!!"+!2=!A(*4+!8*+:T!.9##!>5=:2=1(+!:5!Q42=H!2=654<(3!>42:2>*/!
:;2=J(4+! :5! .*//*+! :5! +((3! 81Q/2>! >5=B(4+*:25=M! ! C(! *4(! */+5! (*H(4! :5! 183*:(! .*//*+! *Q51:! :;(! C(+:! .*//*+!
ŽŵŵƵŶŝƚLJ ŽůůĂďŽƌĂƚŝǀĞ͛Ɛ ƉƌŽŐƌĞƐƐ ŝŶ ĐƌĞĂƚŝŶŐ ĂŶ ĞŶǀŝƌŽŶŵĞŶƚ ǁŚĞƌĞ ĞǀĞƌLJ ĐŚŝůĚ ŝŶ tĞƐƚ ĂůůĂƐ ŚĂ+! :;(!
58854:1=2:A!:5!*>;2(B(!*>*3(<2>!+1>>(++M !!%
tĞĂƌĞƚŚƌŝůůĞĚƚŚĂƚĨŽƌŵĞƌDĂLJŽƌdŽŵ>ĞƉƉĞƌƚ͕ǁŚŽƐĞƐƵƉƉŽƌƚŚĂƐďĞĞŶŝŶƐƚƌƵŵĞŶƚĂůŝŶ&͛ƐƐƵĐĐĞƐƐ͕ǁŝůů
;5+:!:;2+!2<854:*=:!(B(=:!5=!hhhhhhhhhhhh!*:!WdUY*<!*:!:;(!@2<<5=+!@>;55/!56!-31>*:25=!*:!@?OM!
N*+:!+8(*J(4+!;*B(!2=>/13(3!0*4:!N(:(4+5=T!654<(4!?*A54!56!$=32*=*85/2+T!.*B23!7*442+T!651=3(4!*=3!#-%!56!:;(!
?2=3! '41+:T! *=3! .4M! .*B23! 754=Q(>JT! 654<(4! ?*4A/*=3! #5<<2++25=(4! 56! -31>*:25=T! @18(42=:(=3(=:! 56! :;(!
N;2/*3(/8;2*!81Q/2>!+>;55/+!*=3!651=3(4!56!N4(8*4(!:;(!91:14(M!
';(!(B(=:!:;2+!A(*4!2+!*=:2>28*:(3!:5!*::4*>:!XUYRXVY!8(58/(M!!$:!2+!:A82>*//A!*::(=3(3!QA!/5>*/!*=3!+:*:(!/(*3(4+!2=!
:;(! (31>*:25=! 4(654<! <5B(<(=:T! *+! K(//! *+! QA! 35=54+! K;5! *4(! 2=:(4(+:(3! 2=! (31>*:25=*/! ()>(//(=>(! *=3!
<(<Q(4+!56!:;(! >2B2>!*=3! Q1+2=(++! >5<<1=2:A!K;5!*4(!2=+:41<(=:*/!2=!:;(!62(/3!56!(31>*:25=!2=!&54:;!'()*+M!!
0(>*1+(!<*=A!56!:;(!*::(=3((+!K2//!/(*B(!:;(!(B(=:!()>2:(3!QA!K;*:!:;(A!;*B(!;(*43T!.9##!:A82>*//A!+>;(31/(+!*!
61//!3*A!56!+<*//(4!>5=B(4+*:25=+!K2:;!:;(!+8(*J(4!*=3!5:;(4!2=:(4(+:(3!8*4:2(+M!!
';(! (B(=:! 2+! :A82>*//A! K(//! >5B(4(3! 2=! 842=:! <(32*! *=3! 2=! :;(! Q/5H5+8;(4(M! ! $:! >5=:2=1(+! 514! +(42(+! 56! 81Q/2>!
>5=B(4+*:25=+! ()8/542=H! +5/1:25=+! :5! :;(! >;*//(=H(+! 6*>(3! QA! 14Q*=! >5<<1=2:2(+! *=3! 2=! 8*4:2>1/*4T! QA! 14Q*=!
+>;55/+! 2=! .*//*+! *=3! *>45++! :;(! >51=:4AM!! ":! :;2+! 32662>1/:! :2<(! 56! Q13H(:! >1:+T! c1*/2:A! (31>*:25=! 654! 14Q*=!
>;2/34(=!2+!(B(=!<54(!*:!42+JT!*=3!:;(!81Q/2>!*=3!842B*:(!+(>:54+!<1+:!K54J!:5H(:;(4!:5!62=3!.--*2'%.2#!<'/$!%*!
.+;1*2#!%=#!4#(.2#1/!*:!%=.$!2'(,'0(#!1#$*,15#@!
":!:;(!(B(=:T!K(!K2//!*/+5!4(>5H=2S(!*!+2H=262>*=:!2=32B231*/͛Ɛ!>5=:42Q1:25=!:5!C(+:!.*//*+!4(3(B(/58<(=:f!183*:(!
A51! *Q51:! 514! Q1+2=(++T! >2B2>! *=3! 6*2:;! >5<<1=2:A! ĐŽĂůŝƚŝŽŶ͛Ɛ ƉƌŽŐƌĞƐƐ ŝŶ ŝŵƉůĞŵĞŶƚŝŶŐ 2'5$ :5)2$ =3((3)$
?"44,.-26$ ?"((31"#32-95! !"#$ %&'""()A$ 0"1)$ 3.7$ +",)-./W! *=3! <*J(! *=! #N5.%.-9! '--*,-5#+#-%! '0*,%! '! -#<!
5*(('0*1'%.*-!<.%=!POJM!
C(!2=B2:(!A51!:5! +85=+54!514!(B(=:r!! -*>;!+85=+54!K2//!4(>(2B(! *!:*Q/(! 654!XY!*:!:;(!(B(=:! *=3!4(>5H=2:25=!56!
:;(24!H(=(451+!>5=:42Q1:25=!2=!:;(!(B(=:!845H4*<M!!!';(!65//5K2=H!+85=+54+;28!/(B(/+!*4(!*B*2/*Q/(UZd!
'2:/(!@85=+54d!!iVYYY!
F5/3!@85=+54d!iPVYY!
@2/B(4!@85=+54d!iXYYY!
045=S(!@85=+54d!iWVY!
N/(*+(!\52=!1+!5=!hhhhhh!!G."'-!?"^!#7"&F-I!*=3!3(<5=+:4*:(!K2:;!A514!H(=(451+!35=*:25=!A514!>5<<2:<(=:!
:5!:;(!>*1+(! 56!(31>*:25=!:4*=+654<*:25=!2=!C(+:!.*//*+M!! N/(*+(! D@,N!QA!>*//2=H!PXZRPa_RUUZP! 54!QA!(<*2/2=H!
0455J(b36>>M1+M!!!
6='-8!/*,!:*1!$,;;*1%.-9!91#'%!#4,5'%.*-!.-!&'(('$g!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
UZ
!.9##!2+!*!VYXG>IGUI!54H*=2S*:25=T!+5!35=*:25=+!*4(!3(31>:2Q/(!:5!:;(!():(=:!*//5K(3!QA!/*K!

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

D1.+'1/%S*'(<%!"#$#%&'(#!')*!+(&#),(-#)!(-#!.')/!0$1+#23)4(!01..5)4(4#+!(-'(!'&#!6#+(!7'$$'+8%
),11"-$%)9'(("-L"#%
x tĞƐƚ ĂůůĂƐ ŝƐ ůĂƌŐĞůLJ ŝĚĞŶƚŝĨŝĞĚ ĂƐ ͚ĚĂŶŐĞƌŽƵƐ͛ ďLJ ŽƵƚƐŝĚĞƌƐ͖ ŝŶ ŽƌĚĞƌ ƚŽ ƚƵƌŶ ĂƌŽƵŶĚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͕ ĂŶ
2<*H(!>;*=H(!2+!4(c124(3!*=3!B2+2:54+!=((3!*!4(*+5=!:5!>45++!:;(!Q423H(!
x ';(!C(+:!.*//*+!>5<<1=2:A!=((3+!>(/(Q4*:25=!:5!Q*/*=>(!:;(!K54J!56!4(Q12/32=H!
7N1.-L%)"("01'$.*-<%&.'%3"%('%?'+.(.'%'-3%?'+.(/%?,-%X,-%
x 95>1+!5=!8;A+2>*/!*>:2B2:A!*=3!61=!51:!56!3554+!;(*/:;61/=(++!
x 042=H!2=!4(+514>(+!645<!51:+23(!:;(!C(+:!.*//*+!>5<<1=2:A!
x N45B23(!*!61=!3*A!56!64((!(B(=:+!K;2/(!+;5K>*+2=H!:;(!:*/(=:+!56!C(+:!.*//*+!>;2/34(=!
Q'4W>$*>749**(%)"("01'$.*-<%D"N%X'((/%A*1%53,4'$.*-%
x 012/3!(=:;1+2*+<!654!:;(!=(K!+>;55/!A(*4!
x $3(=:26A!@'7$%&'""($A".7$ʹ$C7)5$D-((-)!ĂƐĂƐƉĞĐŝĂů͞ŽŶĞ͟ǁŝƚŚŝŶ/^!
x $3(=:26A!4(+514>(+!654!8*4(=:+!*=3!6*<2/2(+!K2:;!:;(!/2+:!5=!:;(!Q*>J!56!:;(!N(8!D*//A!:R+;24:+!
B*(.3'/%)"("01'$.*-<%U'%D*#'3'%
x j52=!6*2:;!H4518+!2=!5Q+(4B2=H!*=!5/3!42:1*/!K2:;!=(K!8*4:=(4+!
x -=H*H(!>;2/34(=!*=3!6*<2/2(+!K2:;!/5>*/!=5:R654R84562:!4(+514>(!845B23(4+!!
x 012/3!:41+:!*=3!642(=3/A!4(/*:25=+;28+!
7,44"##%7$*1."#%
x ';(! :;243! *==1*/! 9*<2/A! 91=! D1=! :55J! 8/*>(! 2=! ?*4>;! PYXXf! 654! 82>:14(+! +((! :;(! 9/2>J4! 8*H(! *:!
;::8dggKKKM6/2>J4M>5<g8;5:5+gaXPPXa_Xb&YUgM! ';2+! *==1*/! (B(=:! K2//! ()8*=3! *+! :;(! '42=2:A! Q423H(+! *4(!
>5<8/(:(3M!
x WVY!8(58/(!*::(=3(3!:;(!N(8!D*//A!654!-31>*:25=!2=!"1H1+:!PYXY!:5!>(/(Q4*:(!:;(!=(K!+>;55/!A(*4M!
x 954!:K5!A(*4+!.9##!;*+!8*4:=(4(3!K2:;!6514!5:;(4!54H*=2S*:25=+!:5!;5+:!*=!*==1*/!C(+:!.*//*+!#5<<1=2:A!
N5+*3*M!!UVYe!8(58/(!*::(=3(3!2=!PYY_f!H26:+!K(4(!845B23(3!:5!PYYRUYY!>;2/34(=!2=!PYXYM!!!
Z*(,-$""1% '-3% &*-*1! P""3#9! ! a*(,-%##1$! '1#! -##4#4! '%! '((! #2#-%$g! ! C(! =((3! 8(58/(! :5! +:*66! 2=654<*:25=!
:*Q/(+T! ;(/8! *:! *4:+! o! >4*6:+! *=3! H*<(! Q55:;+T! +(4B(! 4(64(+;<(=:+T! +18(4B2+(! >;2/34(=T! 81:! 51:! :4*662>! >5=(+T!
324(>:! :4*662>!*=3!>5=:45/!>45K3+T!*=3!+(:!18!Q(654(!*=3!:*J(!35K=!*6:(4!(B(=:+M!!":!/*!N5+*3*!B5/1=:((4+!*4(!
=((3(3!:5!;(/8!C(+:!.*//*+!3*3+!K4*8!:;(!:4((!2=!/2H;:+T!62//!*=3!;*=3!51:!H26:!Q*H+T!<*J(!*=3!+(:!51:!/1<2=*42*+T!
*=3! /(*3! +5=H+! *=3! 8/*A! H12:*4! 3142=H! :;(! K*/JM! ! .5=54+! *4(! =((3(3! :5! 845B23(! N(8! D*//A! :R+;24:+T! 6553! *=3!
4(64(+;<(=:+T! >;2/34(=͛+! ;5/23*A! H26:+T! 842=:2=H! >5+:+T! (=:(4:*2=<(=:T! *4:+! o! >4*6:+! +188/2(+T! H*<(+T! Q51=>(!
;51+(+T! *=3! 3(>54*:25=+M! ! 954! 2=654<*:25=! *Q51:! ;5K! A51! >*=! +18854:! 514! >5<<1=2:A! >(/(Q4*:25=+T! >5=:*>:!
.*//*+!9*2:;!#5<<1=2:2(+!#5*/2:25=!*:!2=65b36>>M1+!54!PXZRPa_RUUZYM!
!
!
!
@"$(7-#.$>"#7$-,"15$D=44*$;(7-)7$62)25$"1#$Q7,)257$-5$QQQR/!&&R1)$"#$!"(("Q$1)$".$@Q2557#$-./$=-&7,""SR$
! !

ZX!
!
!
!
?*8!+514>(!R!D(+(*4>;!#5<82/*:25=d!C(+:!.*//*+!G[$N!#53(!WVPXPIT!.(>(<Q(4!PYYaT!';(!jM!?>.5=*/3!C2//2*<+!
$=+:2:1:(!*=3!:;(!951=3*:25=!654!#5<<1=2:A!-<85K(4<(=:T!?*4>1+!?*4:2=T!N;.T!?N7T!?"!.24(>:54M!!!954!*!
>58A!8/(*+(!>5=:*>:!2=65b36>>M1+M!!
ZP!
!

You might also like