University of Nebraska - Lincoln

DigitalCommons@University of Nebraska - Lincoln

Student Research, Creative Activity, and
Music, School of
Performance - School of Music

4-15-2009

THE CONTRIBUTIONS OF AXEL

JØRGENSEN TO THE SOLO TROMBONE
REPERTOIRE OF DENMARK IN THE
TWENTIETH CENTURY
Andrew H. Converse
University of Nebraska at Lincoln, andy.converse@gmail.com

Follow this and additional works at: http://digitalcommons.unl.edu/musicstudent

Part of the Ethnomusicology Commons, Musicology Commons, Music Practice Commons, and
the Music Theory Commons

Converse, Andrew H., "THE CONTRIBUTIONS OF AXEL JØRGENSEN TO THE SOLO TROMBONE REPERTOIRE OF
DENMARK IN THE TWENTIETH CENTURY" (2009). Student Research, Creative Activity, and Performance - School of Music. 18.
http://digitalcommons.unl.edu/musicstudent/18

This Article is brought to you for free and open access by the Music, School of at DigitalCommons@University of Nebraska - Lincoln. It has been
accepted for inclusion in Student Research, Creative Activity, and Performance - School of Music by an authorized administrator of
DigitalCommons@University of Nebraska - Lincoln.
 !

"#$!%&'"()*+")&',!&-!./$0!12(3$',$'!"&!"#$!,&0&!"(&4*&'$!!
($5$("&)($!&-!6$'4.(7!)'!"#$!"8$'")$"#!%$'"+(9!

!
:;!
!
.<=>?@!#A!%B<C?>D?!

!
!
.!6&%"&(.0!6&%+4$'"!

!
!
5>?D?<E?=!EB!EF?!-GHIJE;!BK!
!
"F?!3>G=IGE?!%BJJ?L?!GE!EF?!+<MC?>DME;!BK!'?:>GDNG!
!!
)<!5G>EMGJ!-IJKMJJO?<E!BK!(?PIM>?O?<ED!
-B>!EF?!6?L>??!BK!6BHEB>!BK!4IDMHGJ!.>ED!
!
!

4GQB>R!4IDMH!
!
!

+<=?>!EF?!,IS?>CMDMB<!BK!5>BK?DDB>!,HBEE!.<=?>DB<!
!
!
0M<HBJ<T!'?:>GDNG!

!
!
.S>MJT!UVVW!
 !

!
!

!
!
!
!

!
!
!

!
!
!
!

!
!
!

!
!
!
!

!
!
!

!
!
!
!
 !

"#$!%&'"()*+")&',!&-!./$0!12(3$',$'!"&!"#$!,&0&!"(&4*&'$!!
($5$("&)($!&-!6$'4.(7!)'!"#$!"8$'")$"#!%$'"+(9!

.<=>?@!#I<E!%B<C?>D?T!6A4A.A!
+<MC?>DME;!BK!'?:>GDNGT!UVVW!
.=CMDB>R!,HBEE!.<=?>DB<!
.X?J!1Y>L?<D?<!MD!B<?!BK!G!K?@!6G<MDF!HBOSBD?>D!@FB!FGC?!HB<E>M:IE?=!

HBOSBDMEMB<D!EB!EF?!DBJB!E>BO:B<?!>?S?>EBM>?!EFGE!LGM<?=!G<!M<E?><GEMB<GJ!G<=!

JGDEM<L!>?SIEGEMB<!M<!EF?!E@?<EM?EF!H?<EI>;A!1Y>L?<D?<T!JMN?!OG<;!6G<MDF!

HBOSBD?>D!K>BO!EF?!KM>DE!SG>E!BK!EF?!E@?<EM?EF!H?<EI>;T!MD!BKE?<!BC?>JBBN?=!=I?!

EB!EF?!MOSBDM<L!KMLI>?!BK!%G>J!'M?JD?<A!1Y>L?<D?<ZD!HBOSBDMEMB<DT!@FMJ?!<BE!BC?>J;!

SGE>MBEMHT!LMC?!EF?!E>BO:B<MDE!G!D?<D?!BK!EF?!6G<MDF!'GEMB<GJMDEMH!(BOG<EMH!DE;J?!

BK!EF?!JGE?!<M<?E??<EF!G<=!?G>J;!E@?<EM?EF!H?<EI>;A!

1Y>L?<D?<!@GD!B<?!BK!EF?!KM>DE!HBOSBD?>D!EB!@>ME?!KB>!EF?!?O?>LM<L!DJM=?!

E>BO:B<?!M=MBO!M<!6?<OG>N!GE!EF?!:?LM<<M<L!BK!EF?!E@?<EM?EF!H?<EI>;A!#MD!

HBOSBDMEMB<D!KB>!DJM=?!E>BO:B<?!G>?!M<!JG>L?!SG>E!=I?!EB!EF?!M<KJI?<H?!BK!FMD!

HBJJ?GLI?!G<=!K>M?<=T!E>BO:B<MDE!.<EB<!#G<D?<A!#G<D?<!SJG;?=!EF?!JG>L?DE!>BJ?!

M<!EF?!DJM=?!E>BO:B<?ZD!>MD?!BC?>!EF?!CGJC?!E>BO:B<?!M<!6?<OG>NA!!

"F?!E@B!S>MOG>;!HBOSBDMEMB<D!:;!1Y>L?<D?<!KB>!E>BO:B<?!G>?!EF?!

!"#$%&'()*+(,-!G<=!EF?!./01'()*+(,,A!.JEFBILF!1Y>L?<D?<!@>BE?!GE!J?GDE!KBI>!

BEF?>!HBOSBDMEMB<D!KB>!DBJB!E>BO:B<?T!EF?D?!G>?!<B!JB<L?>!SI:JMDF?=!B>!

S?>KB>O?=!EB=G;A!1Y>L?<D?<ZD!HBOSBDMEMB<GJ!DE;J?!MD!HB<DMDE?<E!EF>BILFBIE!FMD!

E>BO:B<?!@B>NDA!"F?!OBDE!=?KM<M<L!E>GME!MD!FMD!ID?!BK!D?PI?<H?A!)<!G==MEMB<T!EF?!
 !

!"#$%&'!G<=!./01'!DFG>?!O?JB=MH!OGE?>MGJ!B>MLM<GEM<L!K>BO!1Y>L?<D?<ZD!

HBOSBDMEMB<!S>BK?DDB>T!&EEB!4GJJM<LA!

"F?!KM>DE!HFGSE?>!BK!EFMD!=BHIO?<E!=MDHIDD?D!EF?!>?JGE?=!>?D?G>HF!G<=!

SI>SBD?!BK!EFMD!SGS?>A!)<!G==MEMB<T!EF?!KM>DE!HFGSE?>!M<HJI=?D!G!=MDHIDDMB<!BK!EF?!

6G<MDF!3BJ=?<!.L?!BK!4IDMH!G<=!6G<MDF!DBJB!E>BO:B<?!@B>ND!S>MB>!EB!1Y>L?<D?<A!

%FGSE?>!E@B!HBC?>D!EF?!:MBL>GSF;!BK!.X?J!1Y>L?<D?<A!.!:MBL>GSF;!BK!.<EB<!

#G<D?<!MD!M<HJI=?=!M<!HFGSE?>!EF>??A!%FGSE?>!KBI>!?XGOM<?D!EF?!O?JB=MH!OGE?>MGJ!

G<=!HM>HIODEG<H?D!DI>>BI<=M<L!EF?!HBOSBDMEMB<!BK!EF?!!"#$%&'A!"F?!./01'!MD!

=MDHIDD?=!DMOMJG>J;!M<!HFGSE?>!KMC?A!%FGSE?>!DMX!JBBND!GE!EF?!O?JB=MH!DMOMJG>MEM?D!

:?E@??<!EF?!!"#$%&'T!EF?!./01'T!G<=!&EEB!4GJJM<LZD!20$%"(3"%&'41"()*+(56A!"F?!

HB<HJI=M<L!HFGSE?>!S>BCM=?D!G!DIOOG>;A!

!
!

!
!
!
!

!
!
!
!

!
!
!
 !

!
!

!
!
!
!

!
!
!

!
!
!
!

!
!
!

!
!
!
!

!
!
!

!
[!UVVW!
.<=>?@!#A!%B<C?>D?!
.JJ!(MLFED!(?D?>C?=
 CM!

.%7'&80$634$'",!
! !

! )!@BIJ=!JMN?!EB!EFG<N!6>A!,HBEE!.<=?>DB<!G<=!EF?!O?O:?>D!BK!O;!

DIS?>CMDB>;!HBOOMEE??R!.<EFB<;!*IDFG>=T!%>GML!-IJJ?>T!G<=!4B!'?GJA!)!@BIJ=!

GJDB!JMN?!EB!EFG<N!$OMJ;!(??D?!KB>!S>BCM=M<L!EF?!OIDMHGJ!?XGOSJ?D!G<=!%F>MDEMG<!

#Y>:BC\4?M?>!KB>!FMD!F?JS!@MEF!E>G<DJGEMB<A!)!@BIJ=!?DS?HMGJJ;!JMN?!EB!EFG<N!O;!

KGOMJ;!KB>!EF?M>!HB<EM<I?=!DISSB>E!BK!O;!OIDMHGJ!HG>??>A!4BDE!MOSB>EG<EJ;T!)!

@G<E!EB!EFG<N!O;!@MK?!%B<<M?A!8MEFBIE!F?>!DISSB>ET!GDDMDEG<H?T!G<=!

?<HBI>GL?O?<ET!)!@BIJ=!<BE!FGC?!HBOSJ?E?=!EFMD!=BHIO?<E!M<!DIHF!G!EMO?J;!

OG<<?>A!

!
!

!
!
!

!
!
!
!

!
!
!

!
!
!
 CMM!

%&'"$'",!
!

,"."$4$'"!&-!5$(4),,)&']]]]]]]]]]]]]]]]]]]]]]]]]]]CMMM!
0),"!&-!$/.450$,]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]AAMX!
%#.5"$(!)R!)'"(&6+%")&']]]]]]]]]]]]]]]]]]]]]]]]]]]]AAA^!
"#$!6.'),#!3&06$'!.3$!&-!4+,)%!.'6!'.")&'.0!(&4.'")%!
,"90$]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]A_!
!
6.'),#!,&0&!"(&4*&'$!0)"$(."+($!*$-&($!12(3$',$']]]]AAA^`!

%#.5"$(!))R!./$0!12(3$',$'!a!.!*()$-!*)&3(.5#9]]]]]]]]]]]]]AUV!
%#.5"$(!)))R!.'"&'!#.',$'!a!.!*()$-!*)&3(.5#9]]]]]]]]]]]]]AAUb!
%#.5"$(!)cR!!)7893:(;)!(<!)7=)9:(89>(2?89)@()2+(,-]]]]]]]A]]AAAd^!
%#.5"$(!cR!.A?<:(;)!(<!)7=)9:(89>()!3B:.<!8@()2+(,,]]]]]]]]AAAAAAdW!

! 4&c$4$'"!&'$R!<!?)72B8C:]]]]]]]]]]]]]]]]AAAAAAAAAAAAAAAAA]AbV!
! 4&c$4$'"!"8&R!7:9A:<(D?)3).)]]]]]]]]]]]]]]]]]AAAAAAAb`!
! 4&c$4$'"!"#($$R!=8CC8>:(:<(2)C)98?.:]]]]]]]]]]]]AAA]A_d!

%#.5"$(!c)R!4$0&6)%!,)4)0.()")$,]]]]]]]]]]]]]]]]]]]]]]AAeV!
! ,)4)0.()")$,!*$"8$$'!"#$!!)7893:!.'6!"#$!.A?<:]]]]]]]AAeV!
! ,)4)0.()")$,!*$"8$$'!12(3$',$'!.'6!4.00)'3]]]]]]]]AAAAAAAeU!
%#.5"$(!c))R!%&'%0+,)&'!.'6!,+44.(9]]]]]]]]]]]]]]]]]AAAAAAAfV!

.55$'6)/]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]AAAAfU!
*)*0)&3(.5#9]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]AAAAAAAAfd!
!

!
!
!
!

!
 CMMM!

,"."$4$'"!&-!5$(4),,)&'!
(&4.'%$!5&+(!"(&4*&'$T!&5A!U^!
4IDMH!:;!.X?J!1Y>L?<D?<!
%BS;>MLFE![!^WfW!$=MEMB<!8MJF?JO!#G<D?<!.,T!%BS?<FGL?<A!
5>M<E?=!@MEF!S?>OMDDMB<A!
!
,+)"$!5&+(!"(&4*&'$!.c$%!5).'&T!&5A!UU!
4IDMH!:;!.X?J!1Y>L?<D?<!
%BS;>MLFE![!^WUU!$=MEMB<!8MJF?JO!#G<D?<!.,T!%BS?<FGL?<A!
5>M<E?=!@MEF!S?>OMDDMB<A!
!
!
!

!
!
!

!
!
!
!

!
!
!

!
!
!
!

!
!
!

!
 MX!

0),"!&-!$/.450$,!
!

$/A!^A^R!1Y>L?<D?<A!!"#$%&'T!4?GDI>?D!^\d]]]]]]]]]]]]]]]]]]]]Add!

$/A!^AUR!1Y>L?<D?<A!!"#$%&'T!4?GDI>?D!_\`]]]]]]]]]]]]]]]]]]]]Add!

$/A!^AdR!1Y>L?<D?<A!!"#$%&'T!4?GDI>?D!^`\^W]]]]]]]]]]]]]]]]]]AAAdb!

$/A!^AbR!1Y>L?<D?<A!!"#$%&'T!4?GDI>?D!UU\U_]]]]]]]]]]]]]]]]]]AAAdb!

$/A!^A_R!1Y>L?<D?<A!!"#$%&'T!4?GDI>?D!db\bU]]]]]]]]]]]]]]]]]]AAAd_!

$/A!^AeR!1Y>L?<D?<A!!"#$%&'T!4?GDI>?D!bU\be]]]]]]]]]]]]]]]]]]AAAd_!

$/A!^AfR!1Y>L?<D?<A!!"#$%&'T!4?GDI>?D!e`\f_]]]]]]]]]]]]]]]]]]AAAde!

$/A!^A`R!1Y>L?<D?<A!!"#$%&'T!4?GDI>?D!fe\fW]]]]]]]]]]]]]]]]]]AAAdf!

$/A!UA^R!1Y>L?<D?<A!./01'(7"E'#'%1()%'T!4?GDI>?D!^V\^_]]]]]]]]]]]]AAb^!

$/A!UAUR!1Y>L?<D?<A!./01'(7"E'#'%1()%'T!4?GDI>?D!^f\Ud]]]]]]]]]]]]AAbU!

$/A!UAdR!1Y>L?<D?<A!./01'(7"E'#'%1()%'T!4?GDI>?D!d_\df]]]]]]]]]]]]AAbd!

$/A!UAbR!1Y>L?<D?<A!./01'(7"E'#'%1()%'T!4?GDI>?D!fW\`^]]]]]]]]]]]]AAbb!

$/A!UA_R!1Y>L?<D?<A!./01'(7"E'#'%1()%'T!4?GDI>?D!d^\db]]]]]]]]]]]]AAb_!

$/A!UAeR!1Y>L?<D?<A!./01'(7"E'#'%1()%'T!4?GDI>?D!b^\bU]]]]]]]]]]]]AAb_!

$/A!UAfR!1Y>L?<D?<A!./01'(7"E'#'%1()%'T!4?GDI>?D!`d\`b]]]]]]]]]]]]AAbf!

$/A!UA`R!1Y>L?<D?<A!./01'(7"E'#'%1()%'T!4?GDI>?D!`_\``]]]]]]]]]]]]AAbf!

$/A!UAWR!1Y>L?<D?<A!./01'(7"E'#'%1(<F"T!4?GDI>?D!U\`]]]]]]]]]]]]]AAAbW!

$/A!UA^VR!1Y>L?<D?<A!./01'(7"E'#'%1(<F"T!4?GDI>?D!^f\^W]]]]]]]]]]]AAbW!

$/A!UA^^R!1Y>L?<D?<A!./01'(7"E'#'%1(<F"T!4?GDI>?D!U^\Ub]]]]]]]]]]]AA_V!

$/A!UA^UR!1Y>L?<D?<A!./01'(7"E'#'%1(<F"T!4?GDI>?D!_d\_e]]]]]]]]]]]AA_^!

$/A!UA^dR!1Y>L?<D?<A!./01'(7"E'#'%1(<F"T!4?GDI>?D!_f\eV]]]]]]]]]]]AA_U!
 X!

$/A!UA^bR!1Y>L?<D?<A!./01'(7"E'#'%1(<F"T!4?GDI>?D!`V\`d]]]]]]]]]]]AA_U!

$/A!UA^_R!1Y>L?<D?<A!./01'(7"E'#'%1(<G4''T!4?GDI>?D!`\^V]]]]]]]]]]]AA_d!

$/A!UA^eR!1Y>L?<D?<A!./01'(7"E'#'%1(<G4''T!4?GDI>?D!UV\Ub]]]]]]]]]]AAA_b!

$/A!UA^fR!1Y>L?<D?<A!./01'(7"E'#'%1(<G4''T!4?GDI>?D!Ub\Ue]]]]]]]]]]AAA__!

$/A!UA^`R!1Y>L?<D?<A!./01'(7"E'#'%1(<G4''T!4?GDI>?D!`e\``]]]]]]]]]]AAA__!

$/A!UA^WR!1Y>L?<D?<A!./01'(7"E'#'%1(<G4''T!4?GDI>?D!fV\fU]]]]]]]]]]AAA_e!

$/A!UAUVR!1Y>L?<D?<A!./01'(7"E'#'%1(<G4''T!4?GDI>?D!`U\`e]]]]]]]]]]AAA_f!

$/A!UAU^R!1Y>L?<D?<A!./01'(7"E'#'%1(<G4''T!4?GDI>?D!^Ve\^V`]]]]]]]]]A_`!

$/A!UAUUR!1Y>L?<D?<A!./01'(7"E'#'%1(<G4''T!4?GDI>?D!^_^\^_b]]]]]]]]]A_`!

$/A!dA^R!1Y>L?<D?<A!!"#$%&'T!4?GDI>?D!fe\fW]]]]]]]]]]]]]]]]]]AAAe^!

$/A!dAUR!1Y>L?<D?<A!./01'(7"E'#'%1()%'T!4?GDI>?D!`d\`b]]]]]]]]]]]]AAeU!

$/A!dAdR!4GJJM<LA!20$%"(3"%&'41"(7"E'#'%1(<G4''T!4?GDI>?D!^b^\^bb]]]]]AAAeb!

$/A!dAbR!4GJJM<LA!20$%"(3"%&'41"(7"E'#'%1(<G4''T!4?GDI>?D!^ed\^fV]]]]]AAAe_!

$/A!dA_R!4GJJM<LA!20$%"(3"%&'41"(7"E'#'%1(<G4''T!4?GDI>?D!d_f\deV]]]]]AAAee!

$/A!dAeR!4GJJM<LA!20$%"(3"%&'41"(7"E'#'%1(<G4''T!4?GDI>?D!d`^\d``]]]]]AAAe`!

$/A!dAfR!%BOSG>MDB<!BK!4GJJM<LZD!3"%&'41"!@MEF!1Y>L?<D?<ZD!!"#$%&'(G<=!!
!!./01']]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]eW!
!
!
!
!
!
!
!
!
!
 ^!

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

.X?J!1Y>L?<D?<!@GD!G!DIHH?DDKIJ!OIDMHMG<!=I>M<L!FMD!JMK?EMO?!g^``^!EB!

^Wbfh!M<!6?<OG>NA!"B=G;!F?!MD!>?JGEMC?J;!I<N<B@<!?XH?SE!EB!E>BO:B<MDEDA!"F?!

KM>DE!>?GDB<!KB>!EFMD!MD!EFGE!F?!@GD!S>MOG>MJ;!N<B@<!GD!G!S?>KB>O?>!@FB!

HBOSBD?=!M<!FMD!DSG>?!EMO?A!"F?!D?HB<=!>?GDB<!MD!EFGE!@FMJ?!F?!FG=!DIHH?DD!@MEF!

DBO?!BK!FMD!HBOSBDMEMB<DT!FMD!<GEMB<GJMDEMH!>BOG<EMH!DE;J?!HGO?!EB@G>=D!EF?!?<=!

BK!EF?!(BOG<EMH!S?>MB=!M<!OIDMH!G<=!@GD!<BE!SG>EMHIJG>J;!M<<BCGEMC?A!"F?!JGDE!

>?GDB<!KB>!1Y>L?<D?<ZD!B:DHI>ME;!MD!EFGE!%G>J!'M?JD?<ZD!J?LGH;!OGN?D!ME!=MKKMHIJE!KB>!

G<;!6G<MDF!HBOSBD?>!K>BO!EF?!KM>DE!FGJK!BK!EF?!E@?<EM?EF!H?<EI>;!EB!LGM<!

>?HBL<MEMB<A!!

.X?J!1Y>L?<D?<!@GD!G!6G<MDF!OIDMHMG<!@FB!HBOSBD?=!E@B!SM?H?D!KB>!DBJB!

E>BO:B<?!EFGE!G>?!DEMJJ!SI:JMDF?=!EB=G;!G<=!G!SG>E!BK!EF?!M<E?><GEMB<GJ!

>?S?>EBM>?A!"F?!!"#$%&'(H"4(<4"#I"%'($%J(20$%"()*/K(,-!G<=!./01'(H"4(

<4"#I"%'($%J()4&G'K14$()*/K(,,!HG<!:?!KBI<=!B<!OG<;!DEI=?<E!>?HMEGJ!S>BL>GOD!

G<=!S>BK?DDMB<GJ!>?HB>=M<LD!EB=G;A!"F?D?!SM?H?D!BKK?>!M<DMLFE!KB>!EF?!E>BO:B<MDE!

M<EB!EF?!<GEMB<GJMDEMH!>BOG<EMH!DE;J?!BK!6?<OG>N!M<!EF?!JGE?!<M<?E??<EF!G<=!?G>J;!

E@?<EM?EF!H?<EI>;A!1Y>L?<D?<ZD!HB<E>M:IEMB<D!EB!EF?!E>BO:B<?!>?S?>EBM>?!G>?!

=MDEM<HEMC?!:?HGID?!BK!EF?!DOGJJ!<IO:?>!BK!6G<MDF!HBOSBD?>D!EB!@>ME?!DBJB!

@B>ND!KB>!EF?!E>BO:B<?A!

*?DM=?D!1Y>L?<D?<T!E@B!BEF?>!6G<MDF!HBOSBD?>D!FGC?!HB<E>M:IE?=!

DML<MKMHG<E!@B>ND!EB!EF?!M<E?><GEMB<GJ!E>BO:B<?!>?S?>EBM>?R!0GI<;!3>B<=GFJ!

g^``e\^WeVh!G<=!cGL<!#BJO:B?!g^WVW\^WWehA!$GHF!BK!EF?D?!HBOSBD?>D!@>BE?!G!
 U!

3"%&'41"(H"4(<4"#I"%'($%J()4&G'K14$A!3>B<=GFJZD(3"%&'41"T!HBOSBD?=!M<!^WUbT!MD!

EF?!OBDE!SBSIJG>!6G<MDF!E>BO:B<?!SM?H?!EB=G;A^!.!DI>C?;!BK!EF?!?%1'4%$10"%$L(

<4"#I"%'(8KK"&0$10"%(M"/4%$LNK(>?HMEGJ!S>BL>GOD!G<=!E>GHN!JMDEM<L!BK!>?HB>=M<LD!

=MDSJG;D!EF?!SBSIJG>ME;!BK!3>B<=GFJZD!3"%&'41"A!"F?>?!FGD!:??<!G!L>?GE!=?GJ!BK!

>?D?G>HF!=B<?!B<!3>B<=GFJZD!HG>??>!G<=!FMD!E>BO:B<?!3"%&'41"A!3>B<=GFJZD!SJGH?!

M<!6G<MDF!OIDMH!FMDEB>;!MD!@?JJ!=BHIO?<E?=!GE!EFMD!EMO?i!ME!MD!1Y>L?<D?<ZD!

HB<E>M:IEMB<D!EFGE!<??=!EB!:?!=BHIO?<E?=A!3>B<=GFJZD!3"%&'41"!MD!QIDE!B<?!SM?H?!

M<!EF?!?O?>LM<L!DJM=?!E>BO:B<?!E>G=MEMB<!EFGE!@GD!GSS?G>M<L!M<!?G>J;!E@?<EM?EF!

H?<EI>;!6?<OG>NA!.JEFBILF!cGL<!#BJO:B?ZD!E>BO:B<?!3"%&'41"!MD!DEMJJ!

S?>KB>O?=!EB=G;T!1Y>L?<D?<ZD!!"#$%&'!G<=!./01'!G>?!OB>?!SBSIJG>!EB=G;!EFG<!

#BJO:B?ZD!3"%&'41"A!#BJO:B?ZD!3"%&'41"(H"4(<4"#I"%'($%J()4&G'K14$()*+(O,!@GD!

EF?!E@?JKEF!HB<H?>EB!M<!G!D?>M?D!BK!HFGO:?>!HB<H?>EBD!G<=!@GD!HBOSJ?E?=!M<!

^W_VAU!-B>!1Y>L?<D?<T!3>B<=GFJT!G<=!#BJO:B?!EB!GHFM?C?!DIHH?DD!@MEF!EF?M>!

E>BO:B<?!@B>ND!M<!EF?!?G>J;!E@?<EM?EF!H?<EI>;!MD!?C?<!OB>?!>?OG>NG:J?!=I?!EB!

MOO?<D?!SBSIJG>ME;!BK!%G>J!'M?JD?<A!"F?!J?LGH;!BK!'M?JD?<!M<!6G<MDF!OIDMH!OG=?!

ME!=MKKMHIJE!KB>!G<;!BK!FMD!HB<E?OSB>G>M?D!EB!>MD?!G:BC?!FMD!MOSBDM<L!KMLI>?!M<!EF?!

E@?<EM?EF!H?<EI>;A!!

1Y>L?<D?<!@>BE?!KBI>!BEF?>!HBOSBDMEMB<D!KB>!EF?!E>BO:B<?A!"F?D?!M<HJI=?!

EF?!DBJBD!;$%1$KPT!;$%1$KP(C'Q'%J'T!7'L"J0(L'(."04T!G<=!EF?!HJ?K!DEI=M?D!,5(

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^4G>EM<!3>G<GIT!j0GI<;!3>B<=GFJZD!">BO:B<?!%B<H?>EBR!8>MEE?<!KB>!cMJF?JO!!

.G>N>BLF!G<=!EF?!&>HF?DE>G!GE!EF?!%BS?<FGL?<!kBBTl!?%1'4%$10"%$L(<4"#I"%'(8KK"&0$10"%(M"/4%$L(
cBJA!UeT!'BAU!g^WW`hR!b`A!
U!5GIJ!(GSBSB>ET!m#BJO:B?T!cGL<Tm!D4"E'(7/K0&()%L0%'!G<=!)RH"4J(7/K0&()%L0%'!

nFEESRooV\
@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=IoDI:DH>M:?>oG>EMHJ?oL>BC?oOIDMHo^dUd`pT!
gGHH?DD?=!6?H?O:?>!`T!UVV`hA!
 d!

?#*4"E0K$10"%KA!"F?!EF>??!DBJB!@B>ND!KB>!E>BO:B<?!G>?!<B!JB<L?>!S?>KB>O?=!

EB=G;!B>!SI:JMDF?=A!!5>BK?DDB>!'M?JD\&J?!*B!1BFG<D?<!BK!EF?!(B;GJ!.HG=?O;!BK!

4IDMH!GE!.G>FIDT!6?<OG>N!MD!HI>>?<EJ;!>?\?=MEM<L!EF?!,5(?#*4"E0K$10"%K!KB>!KIEI>?!

SI:JMHGEMB<!:;!$=MEMB<!8MJF?JO!#G<D?<A!"F?D?!,5(?#*4"E0K$10"%K!B>MLM<GJJ;!

GSS?G>?=!M<!6G<MDF!E>BO:B<MDE!G<=!E?GHF?>!.<EB<!#G<D?<ZD!O?EFB=!:BBN!

<4"#I"%'(.S"L'A!#G<D?<!MD!>?LG>=?=!GD!EF?!j-GEF?>!BK!">BO:B<?!5JG;M<Ll!M<!

6?<OG>NAd!"FMD!MD!EF?!>?DIJE!BK!#G<D?<!:?M<L!EF?!KM>DE!@M=?J;!>?HBL<Mq?=!6G<MDF!

E>BO:B<MDE!EB!D@MEHF!K>BO!EF?!CGJC?!E>BO:B<?!EB!EF?!3?>OG<!DE;J?!DJM=?!

E>BO:B<?A!.D!G!HBJJ?GLI?!BK!1Y>L?<D?<ZD!M<!EF?!(B;GJ!6G<MDF!&>HF?DE>GT!#G<D?<!

M<DSM>?=!EF?!HBOSBDMEMB<!BK!G<=!LGC?!EF?!S>?OM?>?!S?>KB>OG<H?D!BK!EF?!!"#$%&'(

G<=!./01'A!)<!^WbUT!EB@G>=D!EF?!?<=!BK!FMD!HG>??>T!1Y>L?<D?<!@>BE?!EF?!T/0%1'1(H"4(

=4$KK(?%K14/#'%1KA!"F?!T/0%1'1!MD!<BE!G!@M=?J;!SBSIJG>!:>GDD!PIM<E?ET!:IE!ME!=B?D!

L?E!S?>KB>O?=!G<=!>?HB>=?=!:;!S>BK?DDMB<GJD!EB=G;A!"F?!T/0%1'1!DFG>?D!EF?!DGO?!

<GEMB<GJMDEMH!>BOG<EMH!DE;J?!@MEF!EF?!!"#$%&'!G<=!./01'T!:IE!EF?!DHBS?!BK!EFMD!

=BHIO?<E!@MJJ!:?!JMOME?=!EB!=MDHIDDM<L!EF?!!"#$%&'!G<=!./01'A!1Y>L?<D?<!MD!

S?>FGSD!B<?!BK!EF?!KM>DE!6G<MDF!HBOSBD?>D!EB!@>ME?!SM?H?D!KB>!EF?!DJM=?!E>BO:B<?A!

#MD!HB<E>M:IEMB<D!EB!EFMD!?G>J;!M=MBO!M<!6?<OG>N!=?D?>C?!M<C?DEMLGEMB<!DB!EFGE!

EF?;!OG;!:?!S>?D?>C?=!G<=!SI:JMDF?=!KB>!KIEI>?!>?K?>?<H?!G<=!DHFBJG>DFMSA!!

"F?>?!MD!JMEEJ?!SI:JMDF?=!B<!1Y>L?<D?<ZD!HG>??>!G<=!HBOSBDMEMB<DA!"F?>?!

G>?!<B!:BBND!B>!=MDD?>EGEMB<D!=?CBE?=!EB!FMD!JMK?!B>!OIDMHA!"F?!:MBL>GSF;!:;!5?>!

3G=?!SI:JMDF?=!M<!EF?!?%1'4%$10"%$L(<4"#I"%'(8KK"&0$10"%!g)".h!M"/4%$L!K>BO!

^W`d!BKK?>D!EF?!OBDE!M<KB>OGEMB<!G:BIE!1Y>L?<D?<ZD!HG>??>!M<!G!SI:JMDF?=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! d5?>!3G=?T!j.<EB<!#G<D?<!g^`ff\^WbfhR!-GEF?>!BK!">BO:B<?!5JG;M<L!M<!,HG<=M<GCMGTl!

=4$KK(=/LL'10%!'BA!U`T!)c!g^WfWhR!^dA!
 b!

KB>OGEAb!5?>!3G=?!MD!EF?!6G<MDF!E>BO:B<MDE!G<=!?=MEB>!BK!1Y>L?<D?<ZD!!"#$%&'!

SI:JMDF?=!:;!$=MEMB<!8MJF?JO!#G<D?<!BK!%BS?<FGL?<A!3G=?!BKK?>D!DBO?!

:MBL>GSFMHGJ!M<KB>OGEMB<!M<!EF?!QGHN?E!<BE?D!BK!EFMD!SM?H?T!:IE!<BE!OIHF!:?;B<=!

S?>KB>OG<H?!=GE?D!EFGE!MD!<BE!GJ>?G=;!M<HJI=?=!M<!EF?!?<8(M"/4%$L(G>EMHJ?A!-B>!

M<KB>OGEMB<!B<!1Y>L?<D?<!)!>?JM?=!B<!HB>>?DSB<=?<H?!@MEF!5?>!3G=?T!6G<MDF!

E>BO:B<?!S>BK?DDB>!'M?JD\&J?!*B!1BFG<D?<T!EF?!F?G=!JM:>G>MG<!GE!EF?!6G<MDF!

(B;GJ!.HG=?O;!BK!4IDMH!0M:>G>;T!4IDD?!4GL<IDD?<!,CG>?T!G<=!E>BO:B<MDED!(BJK!

,G<=OG>N!G<=!%G>DE?<!,CG<D:?>LA!"F?D?!M<=MCM=IGJD!@?>?!F?JSKIJ!M<!S>BCM=M<L!

M<DMLFE!G<=!=BHIO?<ED!G:BIE!1Y>L?<D?<ZD!:M>EFSJGH?T!:GSEMDOT!DHFBBJ!>?HB>=DT!

E?GHF?>DT!OG<IDH>MSEDT!@B>N!>?HB>=DT!G<=!GHPIGM<EG<H?DA!!

! "FMD!=BHIO?<E!HB<EGM<D!G!O?JB=MH!G<GJ;DMD!BK!EF?!!"#$%&'!G<=!./01'!EFGE!

=?OB<DE>GE?D!EF?!DFG>?=!HBOSBDMEMB<GJ!HFG>GHE?>MDEMHD!G<=!E?HF<MPI?DA!

1Y>L?<D?<!ID?D!D?PI?<HM<L!GD!EF?!S>MOG>;!HBOSBDMEMB<GJ!=?CMH?!M<!FMD!@B>NDA!

"F?!O?JB=MH!G<GJ;DMD!GJDB!=MDHIDD?D!EF?!DFG>?=!O?JB=MH!KMLI>?D!:?E@??<!EF?!E@B!

HBOSBDMEMB<DA!"F?!GHHBOSG<MO?<E!SG>ED!GJDB!=MDSJG;!1Y>L?<D?<ZD!M<HJM<GEMB<!

EB@G>=D!D?PI?<H?A!#B@?C?>T!EF?!HFBMH?!EB!B<J;!M<HJI=?!G!O?JB=MH!G<GJ;DMD!@GD!

OG=?!:?HGID?!ME!>?G=MJ;!=MDSJG;D!EF?!E?<=?<H;!EB@G>=D!D?PI?<H?!GD!@?JJ!GD!EF?!

DFG>?=!OGE?>MGJ!:?E@??<!HBOSBDMEMB<DA!)<!G==MEMB<T!EF?!GHHBOSG<MO?<E!SG>ED!

BKE?<!OM>>B>!EF?!O?JB=MH!JM<?ZD!D?PI?<H?D!G<=!M<HJI=M<L!EF?O!M<!EF?!=MDHIDDMB<!MD!

>?=I<=G<EA!)E!MD!?<BILF!KB>!EF?!>?G=?>!EB!N<B@!EFGE!EF?!GHHBOSG<MO?<E!SG>ED!

L?<?>GJJ;!SG>GJJ?J!EF?!HBOSBDMEMB<GJ!=?CMH?D!M<!EF?!O?JB=;A!-M<GJJ;T!G!HBOSG>MDB<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! b!5?>!3G=?T!j.X?J!1Y>L?<D?<!g^``^\^Wbfh!.!*MBL>GSFMHGJ!5>BKMJ?Tl!?%1'4%$10"%$L((

<4"#I"%'(8KK"&0$10"%(M"/4%$L!cBJA!^^T!)DDI?!^!g^W`dhR!eA!
!
 _!

BK!EF?!DFG>?=!O?JB=MH!KMLI>?D!MD!OG=?!@MEF!EF?!@B>N!BK!&EEB!cGJ=?OG>!4GJJM<LA!

1Y>L?<D?<!DEI=M?=!HBOSBDMEMB<!@MEF!4GJJM<L!GE!EF?!6G<MDF!(B;GJ!.HG=?O;!BK!

4IDMH!M<!%BS?<FGL?<A!"F?!HBOSG>MDB<!BK!EF?M>!@B>N!DFB@D!EFGE!D?C?>GJ!BK!EF?!

O?JB=MH!KMLI>?D!EFGE!1Y>L?<D?<!ID?D!OIJEMSJ?!EMO?D!G>?!M<!KGHE!K>BO!4GJJM<LZD!B@<!

20$%"(3"%&'41"(0%!3(#0%"4()*+(56A!!

(
(
%./(,0123.(4567/1(#8/(59(:;32<(017(*0=25106('5>01=2<(?=@6/(
(
! "F?!S?>MB=!M<!6?<OG>NZD!FMDEB>;!S>MB>!EB!1Y>L?<D?<ZD!:M>EF!@GD!B<?!BK!

MOO?<D?!HFG<L?A!.E!EF?!DEG>E!BK!EF?!<M<?EM?EF!H?<EI>;!6?<OG>N!BHHISM?=!G!

>?JGEMC?J;!JG>L?!GOBI<E!BK!JG<=!M<!'B>EF?><!$I>BS?T!@GD!S>BDS?>BIDT!G<=!

SBDD?DD?=!G!>?GDB<G:J?!GOBI<E!BK!SBJMEMHGJ!SB@?>!KB>!G!<GEMB<!BK!MED!DMq?A!.E!EFGE!

EMO?T!6?<OG>N!?<HBOSGDD?=!S>?D?<E\=G;!6?<OG>NT!'B>@G;T!D?HEMB<D!BK!

'B>EF?><!3?>OG<;T!EF?!-G>B?!)DJG<=DT!EF?!'B>EF!.EJG<EMH!)DJG<=DT!)H?JG<=T!

3>??<JG<=T!G<=!DBO?!OM<B>!HBJB<M?D!M<!3IM<?G!G<=!">G<PI?:G>!M<!)<=MGA_!

#B@?C?>T!M<!EF?!KM>DE!FGJK!BK!EF?!H?<EI>;!6?<OG>N!DG@!SBJMEMHGJ!ISF?GCGJT!@G>T!

G<=!KM<G<HMGJ!FG>=DFMS!EF>?GE?<!EF?!<GEMB<D!DEG:MJME;A!6I>M<L!EF?!'GSBJ?B<MH!

8G>DT!G<=!KBJJB@M<L!G!=?CGDEGEM<L!=?K?GE!:;!$<LJMDF!KB>H?D!M<!^`VfT!EF?!6G<?D!

@?>?!H>MSSJ?=!G<=!EF?!>B;GJ!HME;!BK!%BS?<FGL?<!@GD!M<!>IM<DA!0BDD!BK!HBJB<M?D!EB!

EF?!*>MEMDFT!=MDOG<EJM<L!BK!EF?!E>G=?!KJ??ET!G<=!EF?!:JBHNG=?!BK!E>G=?!JM<?D!BC?>!

EF?!DI:D?PI?<E!;?G>D!J?KE!6?<OG>N!B<!EF?!?=L?!BK!:G<N>ISEH;A!4BDE!FIOMJMGEM<L!

@GD!EF?!6G<MDF!H>B@<!:?M<L!KB>H?=!EB!H?=?!'B>@G;T!G!I<MB<!EFGE!FG=!JGDE?=!KB>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! _!.<<G!#G>@?JJ!%?J?<qGT!<G'(:$4LP(U"4SK("H(90'LK(U+(D$J'V(?%(.'$4&G("H(1G'(2"'10&T!

g*I>JM<LEB<T!c"R!.DFLGE?!5I:JMDFM<LT!UVV^hT!^`VA!
 e!

bdW!;?G>DT!EB!,@?=?<!M<!^`^b!I<=?>!EF?!">?GE;!BK!7M?JAe!"F?!<?XE!K?@!=?HG=?D!

HB<EM<I?=!EB!D??!?HB<BOMH!=?HJM<?!G<=!=GOGL?=!OB>GJ?A!*IE!G!S?>MB=!BK!G>EMDEMH!

G<=!HIJEI>GJ!L>B@EF!@GD!:?LM<<M<L!EGN?!SJGH?!EFGE!>?OGM<D!I<SG>GJJ?J?=!M<!

6?<OG>NZD!FMDEB>;A!

! 6G<MDF!HIJEI>?!=M=!<BE!DIKK?>!GE!EF?!DGO?!EMO?!GD!EF?!?HB<BO;A!)<!^`^bT!GE!

EF?!?<=!BK!EF?!'GSBJ?B<MH!8G>DT!EF?!SGDDM<L!BK!EF?!I<S>?H?=?<E?=!GHE!EFGE!OG=?!

?J?O?<EG>;!?=IHGEMB<!GCGMJG:J?!EB!GJJ!6G<MDF!HFMJ=>?<!KBDE?>?=!G<!M<H>?GD?!M<!

M<E?>?DE!BK!<GEMB<GJ!FMDEB>;!G<=!HIJEI>?!KB>!EF?!6G<MDF!S?BSJ?A!"FMD!J?LMDJGEMB<!

:?LG<!EF?!H>?GEMB<!BK!SI:JMH!DHFBBJD!N<B@<!GD!H"LS'KS"L'T!B>!jKBJN!DHFBBJDAl!4IDMH!

E>GM<M<L!@GD!G<!M<E?L>GJ!SG>E!BK!EF?!KBJN!DHFBBJ!D;DE?OA!"F?!KBJN!DHFBBJD!FG=!G!

SBDMEMC?!MOSGHE!B<!EF?!HBI<E>;ZD!JME?>GH;!G<=!GJJB@?=!KB>!G!@M=?>!=MD:I>D?O?<E!

BK!N<B@J?=L?A!"F?!KBJN!DHFBBJD!@?>?!=M>?HEJ;!M<KJI?<H?=!:;!EF?!KM>O!KBI<=GEMB<!

JGM=!:;!EF?!3?>OG<T!1BFG<<!.:>GFGO!5?E?>!,HFIJq!g^fbf\^`VVhT!@FB!@B>N?=!M<!

%BS?<FGL?<!K>BO!^f`f!EB!^fW_A!,HFIJqZD!M<KJI?<H?!F?JS?=!EB!HG>>;!OIDMH!M<!

6?<OG>N!EF>BILF!EF?!=G>N!=G;D!GE!EF?!:?LM<<M<L!BK!EF?!H?<EI>;!DB!EFGE!ME!OMLFE!

KJBI>MDF!=I>M<L!EF?!;?G>D!^`UV!EB!^`_VA!)<!SG>EMHIJG>T!FMD!?DDG;!j"FBILFED!

%B<H?><M<L!EF?!)<KJI?<H?!BK!4IDMH!+SB<!EF?!%IJEI>?!BK!G!'GEMB<Tl!@GD!M<KJI?<EMGJ!

EB!EF?!6G<?DA!)<!FMD!?DDG;T!SI:JMDF?=!M<!^fWVT!,HFIJq!M<E>B=IH?=!EF?!M=?G!EFGE!

OIDMH!MD!?DD?<EMGJ!EB!?=IHGEMB<!G<=!?OSFGDMq?=!EF?!MOSB>EG<H?!EFGE!KBJN!DB<LD!

SJG;!M<!EF?!=?C?JBSO?<E!BK!G!SBSIJG>!HIJEI>?Af!,HFIJq!@>BE?!EF?!?DDG;!M<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! e!5GJJ?!0GI>M<LT!8(B0K1"4P("H(>'%#$4ST!">G<DJGE?=!:;!6GCM=!#BF<?<!g'?@!9B>NR!6B>D?E!

5>?DDT!^WeVhT!UVdA!
! f!1BF<!6A!8FME?T!?=AT!9'F(7/K0&("H(1G'(9"4J0&(3"/%140'K!g#MJJD=GJ?T!'9R!5?<=>GLB<!5>?DDT!

UVVUhT!^VA!
 f!

>?DSB<D?!EB!EF?!SJG<D!EFGE!@?>?!:?M<L!=MDHIDD?=!KB>!EF?!KIEI>?!=?C?JBSO?<E!BK!

EF?!KBJN!DHFBBJDA!!!

.!>?CMCGJ!BK!<GEMB<GJ!=ML<ME;!@GD!<?H?DDG>;!EB!>?DEB>?!G!O?GDI>?!BK!S>M=?!

G<=!D?JK\HB<KM=?<H?!EB!EF?!6G<MDF!S?BSJ?T!?DS?HMGJJ;!GKE?>!EF?!G:BJMEMB<!BK!EF?!

G:DBJIE?!OB<G>HF;!G<=!H>?GEMB<!BK!G!K>??!HB<DEMEIEMB<!M<!^`bWA!.!>?CMCGJ!BK!

M<E?>?DE!M<!G<HM?<E!DGLGD!G<=!O?=M?CGJ!:GJJG=DT!GD!?<HBI>GL?=!:;!,HFIJq!M<!FMD!

?DDG;T!:?LG<!EF?!OBC?O?<E!EFGE!DG@!6G<MDF!S>M=?!DFMKEM<L!K>BO!j5BJMEMHGJ!

5GE>MBEMDO!EB!%IJEI>GJ!'GEMB<GJMDOAl`!*?KB>?!EF?!=?HJM<?!BK!6?<OG>N!SBJMEMHGJJ;T!

EF?!6G<MDF!D?<D?!BK!<GEMB<GJ!M=?<EME;!@GD!D?HI>?!M<!SBJMEMHGJ!SGE>MBEMDO!DB!JB<L!GD!

6?<OG>N!>?OGM<?=!S>BDS?>BIDA!8MEF!EF?!=?HJM<?!BK!6?<OG>N!SBJMEMHGJJ;T!G!<?@!

D?<D?!BK!M=?<EME;!@GD!<??=?=!KB>!EF?!6G<MDF!S?BSJ?!EB!K??J!D?HI>?!M<!EF?M>!HIJEI>?A!

.D!6?<OG>N!=?HJM<?=!SBJMEMHGJJ;!M<!EF?!?G>J;!<M<?EM?EF!H?<EI>;T!'MNBJGQ!

->?=?>MN!,?C?>M<!3>I<=ECML!g^f`U\^`fdh!BKK?>?=!EF?!6G<MDF!S?BSJ?!G!CM?@!BK!

<GEMB<GJ!M=?<EME;!EF>BILF!FMDEB>MHGJ!G<=!HIJEI>GJ!>BBEDA!3>I<=ECML!=?DH>M:?=!EF?!

6G<MDF!S?BSJ?!GD!I<MKM?=!EF>BILF!G!HBOOB<!JG<LIGL?T!G!HBOOB<!JG<=T!G!

HBOOB<!FMDEB>;!M<!EF?!cMNM<LDT!G<=!HBOOB<!HIJEI>?!OG=?!IS!BK!'B>D?!

O;EFBJBL;!G<=!KBJN!DB<LDAW!!.!0IEF?>G<!SGDEB>T!SFMJBDBSF?>T!G<=!SB?ET!3>I<=ECML!

@GD!B<?!BK!EF?!KM>DE!6G<?D!EB!SIDF!KB>!HB<EM<IM<L!?=IHGEMB<!G<=!EF?!=?C?JBSO?<E!

BK!EF?!K>??!KBJN!DHFBBJDA!#?!?OSFGDMq?=!EF?!MOSB>EG<H?!BK!HBO:M<M<L!DM<LM<L!

@MEF!J?G><M<L!GD!G!H?<E>GJ!SG>E!BK!?=IHGEMB<!G<=!DBHMGJMqGEMB<A^V!.E!EFMD!EMO?!M<!

6?<OG>NT!DM<LM<L!@GD!G<!MOSB>EG<E!SBJMEMHGJ!EBBJ!EFGE!F?JS?=!DFMKE!EF?!SI:JMHZD!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! `%?J?<qGT!^fWA!

! W%?J?<qGT!^`VA!!

! ^V8FME?T!^^A!!
 `!

CM?@!BK!6?<OG>NZD!<GEMB<GJ!M=?<EME;A!!3>I<=ECML!@>BE?!OB>?!EFG<!^bVV!E?XED!KB>!

DB<LD!EFGE!@?>?!M<E?<=?=!KB>!ID?!M<!?=IHGEMB<T!OG<;!BK!@FMHF!G>?!DEMJJ!N<B@<!

G<=!DI<L!EB=G;!M<!6?<OG>NA!"F?!M<KJI?<H?!BK!3>I<=ECML!B<!EF?!HIJEI>GJ!HFG>GHE?>!

BK!EF?!6G<MDF!S?BSJ?!GJJB@?=!KB>!EF?!L>BIS!DM<LM<L!BK!<GEMB<GJMDEMH!DB<LD!EB!

:?HBO?!G!@G;!KB>!HBOOI<MEM?D!EB!>GMD?!EF?M>!DBHMGJ!DSM>MEDA!3>I<=ECML!MD!BKE?<!

>?LG>=?=!GD!EF?!OBDE!BIEDEG<=M<L!KMLI>?!M<!<M<?E??<EF!H?<EI>;!6G<MDF!HIJEI>?A!

3>I<=ECMLZD!:?JM?K!EFGE!6?<OG>NZD!HIJEI>GJ!HFG>GHE?>!HGO?!K>BO!MED!

FMDEB>;T!JG<=T!G<=!JG<LIGL?!O?G<E!EFGE!F?!:?JM?C?=!M<!>?CMEGJMqM<L!G<HM?<E!

KBJNJB>?A!#?!=M=!EFMD!:;!M<CBNM<L!MOGL?D!BK!G<HM?<E!'B>=MH!HIJEI>?!M<!EF?!E?XED!BK!

FMD!DB<LDA!"F?D?!DB<LD!@?>?!LGEF?>?=!M<EB!DB<L:BBND!KB>!ID?!M<!EF?!KBJN!DHFBBJDA!

"F?!DB<L:BBND!BK!6?<OG>N!K>BO!EF?!<M<?E??<EF!H?<EI>;!DFB@!EF?!HFG<LM<L!CM?@!

BK!<GEMB<GJ!M=?<EME;!M<!6?<OG>NZD!S?BSJ?A!"F?!?G>J;!DB<L:BBND!K>BO!EF?!

:?LM<<M<L!BK!EF?!H?<EI>;!>?KJ?HE?=!6?<OG>NZD!:?JM?K!M<!M=?<EMKMHGEMB<!EF>BILF!EF?!

OB<G>HF;ZD!>?S>?D?<EGEMB<!BK!<GEMB<GJ!I<ME;A!.D!EF?!<M<?E??<EF!H?<EI>;!OBC?=!

KB>@G>=T!EF?!DB<L:BBND!SBM<E?=!EB@G>=!EF?!DFMKE!EB!=MDEM<HEMC?<?DD!KBI<=!M<!EF?!

DFG>?=!FMDEB>;T!JG<=T!G<=!JG<LIGL?!BK!6?<OG>NA^^!)<!FMD!@B>NT!3>I<=ECML!M<DSM>?=!

E@B!BEF?>!@>ME?>D!EFGE!:?HGO?!6?<OG>NZD!OBDE!S>BOM<?<E!3BJ=?<!.L?!SB?EDR!

.=GO!&?FJ?<DHFJGL?>!G<=!*?><FG>=!,?C?>M<!)<L?OG<<A!"F?!6G<MDF!(BOG<EMH!

OBC?O?<E!:?LG<!@MEF!EF?!SI:JMHGEMB<!BK!&?FJ?<DHFJGL?>ZD!KGOBID!SB?O!

D/LJG"4%'4%'T!B>!EF?!j3BJ=?<!#B><DTl!M<!^`VUA!"F?!DEB>;!BK!EF?!3BJ=?<!#B><D!MD!G!

>?HBJJ?HEMB<!BK!SGDE!KBJNJB>?!M<DSM>?=!:;!EF?!=MDHBC?>;!G<=!DI:D?PI?<E!JBDD!BK!E@B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! ^^%?J?<qGT!^`V\^`UA!!
 W!

LBJ=?<!FB><D!EFGE!@?>?!EFBILFE!EB!:?!K>BO!EF?!jJI>l!KGOMJ;T!G<!G<HM?<E!'B>=MH!

FB><A^U!!

"F?!KIJJ!DFMKE!K>BO!SBJMEMHGJ!SGE>MBEMDO!EB!HIJEI>GJ!<GEMB<GJMDO!EBBN!SJGH?!

K>BO!^`bd!EB!^`b`!GD!HB<KJMHE!L>?@!:?E@??<!6G<MDF!G<=!3?>OG<!HBOOI<MEM?D!

@MEF!EF?!BIE:>?GN!BK!EF?!,HFJ?D@ML\#BJDE?M<!8G>A!-B>!OIDMH!EFMD!O?G<E!G!>?CMCGJ!

BK!G<=!BIESBI>M<L!BK!G>E!DB<LDT!JMN?!EF?!>BOG<H?T!EFGE!@?>?!S>MOG>MJ;!S?>KB>O?=!

M<!S>MCGE?!FBO?D!GE!KM>DE!G<=!DJB@J;!OG=?!EF?M>!@G;!EB!EF?!HB<H?>E!DEGL?!=I>M<L!

EF?!<M<?E??<EF!H?<EI>;A!)<!6?<OG>NT!GD!?JD?@F?>?!M<!$I>BS?T!<GEMB<GJMDO!GD!G<!

M=?BJBL;!@GD!HBO:M<?=!@MEF!EF?!(BOG<EMH!G?DEF?EMH!EFGE!OIDMH!@GD!G!JG<LIGL?!

BK!?OBEMB<DT!MOGLM<GEMB<T!M<E>BDS?HEMB<T!G<=!K>??=BOA^d!"F?!EFM>E;!;?G>D!K>BO!

^`UV!EB!^`_VT!N<B@<!GD!EF?!6G<MDF!3BJ=?<!.L?T!DG@!M<H>?=M:J?!L>B@EF!M<!GJJ!

G>?GD!BK!EF?!G>EDT!<BE!QIDE!OIDMHA!"F?!3BJ=?<!.L?!HBM<HM=?=!@MEF!EF?!6G<MDF!

(BOG<EMH!4BC?O?<EA!&EF?>!G>?GD!BK!6G<MDF!HIJEI>?!DG@!=?C?JBSO?<ED!M<!EF?!

<M<?E??<EF!H?<EI>;!BIEDM=?!BK!EF?!G>ED!G<=!?=IHGEMB<!EFGE!M<HJI=?=!HBBS?>GEMC?!

KG>OM<L!G<=!SBJMEMHGJ!=?OBH>GH;A!!

! "F?!E@B!OBDE!BIEDEG<=M<L!G<=!M<KJI?<EMGJ!6G<MDF!HBOSBD?>D!=I>M<L!EF?!

3BJ=?<!.L?!@?>?!%F>MDEBSF!$><DE!->M?=>MHF!8?;D?!g^ffb\^`bUh!G<=!6G<M?J!

->M?=>MHF!7IFJGI!g^f`e\^`dUhA!8?;D?!MD!BKE?<!OMD>?S>?D?<E?=!GD!3?>OG<T!:IE!

@GD!M<!KGHE!G!6G<MDF!HMEMq?<!:;!:M>EFA!"F?!HB<KIDMB<!HBO?D!K>BO!EF?!HFG<LM<L!

SBJMEMHGJ!HJGMO!EB!FMD!HME;!BK!:M>EFT!.JEB<GT!SG>E!BK!S>?D?<E!=G;!#GO:I>LA!6I>M<L!

8?;D?ZD!JMK?EMO?T!.JEB<G!@GD!I<=?>!6G<MDF!HB<E>BJT!:IE!M<!EF?!D?HB<=!FGJK!BK!EF?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! ^U1BF<!#B>EB<T!.&$%J0%$E0$%(7/K0&V(8(.G"41(B0K1"4P!g0B<=B<R!-G:?>!G<=!-G:?>T!^WedhT!`fA!

! ^d->?=?>MHN!7?;!,OMEFT!9"4J0&(841(7/K0&V(;4"#(1G'(70JJL'(8Q'K(1"(1G'(<G04J(70LL'%%0/#T!

g8?DESB>ET!%"R!5>G?L?>!5I:JMDF?>DT!UVVUhT!dUA!!
 ^V!

<M<?E??<EF!H?<EI>;!6?<OG>N!@GD!KB>H?=!EB!H?=?!.JEB<G!EB!EF?!5>IDDMG<!$OSM>?A!

8FMJ?!8?;D?!@GD!G!6G<MDF!HMEMq?<!:;!:M>EFT!FMD!HIJEI>GJ!F?>MEGL?!@GD!OBDE!

=?KM<ME?J;!3?>OG<!:?HGID?!BK!FMD!L?BL>GSFMHGJ!JBHGEMB<A!!#?!OML>GE?=!EB!

%BS?<FGL?<!M<!^f`W!EB!DEI=;!OIDMH!@MEF!,HFIJq!G<=!>?OGM<?=!EF?>?!KB>!EF?!>?DE!

BK!FMD!JMK?A!8?;D?!@GD!EF?!KM>DE!6G<MDF!HBOSBD?>!EB!KB>L?!EF?!JM<N!:?E@??<!6G<MDF!

>BOG<EMH!SB?E>;!G<=!OIDMHA!"FMD!MD!EF?!M=?G!EFGE!,HFIJq!S>BOBE?=!G<=!EFGE!

3>I<=ECML!G=CBHGE?=!=I>M<L!FMD!JMK?EMO?A!!8?;D?!S>BCM=?=!OG<;!BK!EF?!OIDMHGJ!

D?EEM<LD!KB>!3>I<=ECMLZD!E?XEDT!OG<;!M<!EF?!KB>O!BK!F;O<D!KB>!>?JMLMBID!ID?A!#?!

GJDB!D?E!OG<;!BK!&?FJ?<DHFJGL?>ZD!E?XED!EB!OIDMHA!-B>!FMD!DB<LDT!8?;D?!BKE?<!

G=GSE?=!E>G=MEMB<GJ!KBJN!EI<?D!EB!EF?!E?XE!G<=!EFMD!M<!EI><!F?JS?=!EF?O!:?HBO?!G<!

M<E?L>GJ!SG>E!BK!6G<MDF!SBSIJG>!HIJEI>?!GE!EFGE!EMO?A!)<!KGHET!8?;D?!KBI<=!G<=!

G=GSE?=!DB!OG<;!KBJN!EI<?D!EFGE!F?!SI:JMDF?=!G!<IO:?>!BK!KBJN!DB<L!HBJJ?HEMB<D!

EFGE!F?!FG=!LGEF?>?=!BC?>!EF?!;?G>DA!!

! 8FMJ?!8?;D?!MD!HB<DM=?>?=!G!S>BOM<?<E!HBOSBD?>!BK!EF?!6G<MDF!3BJ=?<!

.L?T!ME!MD!MOSB>EG<E!EB!<BE?!EFGE!EF?!OGQB>ME;!BK!FMD!OIDMH!MD!<BE!HB<DM=?>?=!

>BOG<EMHA!8?;D?!@GD!G!HB<D?>CGEMC?!HBOSBD?>!KM>OJ;!>BBE?=!M<!?MLFE??<EF!

H?<EI>;!HB<D?>CGEMC?!DE;J?A!!#MD!D;OSFB<M?D!=MDSJG;!EF?!M<KJI?<H?!BK!#G;=<!G<=!

FMD!CBHGJ!OIDMH!>?KJ?HED!EF?!HFB>GJ?!G<=!KILGJ!M<DSM>GEMB<!BK!*GHFA!#?!=M=!<BE!

KBJJB@!EF?!?O?>LM<L!>BOG<EMH!E>?<=!EFGE!*??EFBC?<!@GD!D?EEM<L!EF>BILFBIE!

$I>BS?A!)E!@GD!<BE!I<EMJ!EF?!?<=!BK!FMD!JMK?T!EF?!KM>DE!SG>E!BK!EF?!6G<MDF!3BJ=?<!.L?T!

EFGE!8?;D?!:?LG<!EB!S>B=IH?!>BOG<EMHGJJ;!DE;J?=!OIDMH!G<=!?C?<!EF?<!ME!@GD!

S>MOG>MJ;!M<!FMD!N?;:BG>=!@B>NDA!#?!MD!OBDE!G=OM>?=!GD!HBOSBD?>!BK!>BOG<H?DT!

LMCM<L!EF?O!EF?M>!HJGDDMH!6G<MDF!S>BKMJ?!GD!G!DE>BSFMH!DB<L!=MDEMJJ?=!K>BO!,HFIJqZD!
 ^^!

KBJN!M=MBOA^b!.JEFBILF!'B>=MH!DB<LD!G>?!BKE?<!HGJJ?=!0M?=?>T!ME!MD!MOSB>EG<E!EB!

<BE?!EFGE!6G<MDF!>BOG<H?D!>G>?J;!>?GHF!EF?!J?C?J!BK!M<E?<DME;!EFGE!3?>OG<!0M?=?>!

BKE?<!=B?DA!6G<MDF!>BOG<H?D!M<DE?G=!OB=?J!EF?!G<HM?<E!'B>=MH!:GJJG=!E>G=MEMB<!

:;!>?OGM<M<L!OB>?!HG>?K>??!EFG<!EF?M>!3?>OG<!HBI<E?>SG>EDA!1BF<!9B?JJ!:?DE!

=?DH>M:?D!EF?!=MKK?>?<H?!:?E@??<!JM?=?>!G<=!>BOG<H?DT!j*;!G<=!JG>L?!EF?!GMO!BK!

EF?!4"#$%K'!MD!EF?!?CBHGEMB<!BK!SB?EMH!OBB=i!E>I?!0M?=?>!HBC?>D!G!:>BG=?>!

?OBEMB<GJ!>G<L?!G<=!HBO?D!EB!L>MSD!@MEF!SB?EMH!O?G<M<LAl^_!8?;D?ZD!OGQB>!

HB<E>M:IEMB<D!G>?!FMD!SG>E!M<!EF?!KB>OGEMB<!BK!EF?!6G<MDF!<GEMB<GJ!OIDMHGJ!M=MBOT!

M<!SG>EMHIJG>!DE>BSFMH!DB<LD!JMN?!EF?!>BOG<H?T!@FMHF!D?>C?=!GD!OB=?JD!KB>!OG<;!

(BOG<EMH!$>G!6G<MDF!HBOSBD?>DA^e!#MD!OBDE!SBSIJG>!DB<L!HBJJ?HEMB<T!

7"4Q'%K$%Q'("Q(8H1'%K$%Q'!g7"4%0%Q(."%QK($%J(:E'%0%Q(."%QKhT!@MEF!E?XED!:;!

)<L?OG<<T!>GSM=J;!:?HGO?!EF?!OBDE!SBSIJG>!OIDMH!M<!<M<?E??<EF!H?<EI>;!

6?<OG>N!@F?<!EF?;!@?>?!SI:JMDF?=!SBDEFIOBIDJ;A^f(1Y>L?<D?<ZD!!"#$%&'(H"4(

<4"#I"%'($%J(20$%"!MD!OB=?J?=!GKE?>!EF?!>BOG<EMH!>BOG<H?DT!DB<LD!@MEFBIE!

@B>=D!EFGE!G>?!M<DE>IO?<EGJ!SM?H?DA!8?;D?ZD!CBHGJ!>BOG<H?D!G>?!EF?!S>?HI>DB>D!

EB!EF?!M<DE>IO?<EGJ!>BOG<H?D!EFGE!GSS?G>?=!M<!EF?!D?HB<=!FGJK!BK!EF?!<M<?E??<EF!

H?<EI>;A!

! 6G<M?J!->M?=>MHF!7IFJGI!MD!S>MOG>MJ;!>?O?O:?>?=!EB=G;!KB>!FMD!@B>ND!

HBOSBD?=!KB>!EF?!DEGL?!G<=!FMD!HFGO:?>!OIDMH!KB>!KJIE?A!+<JMN?!8?;D?T!7IFJGI!

@GD!G!3?>OG<!:;!:M>EF!EFGE!?DHGS?=!EB!G<=!EF?<!@B>N?=!M<!6?<OG>NA!.KE?>!DBO?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! ^b1BF<!#A!9B?JJT!<G'(9"4J0&(."/%JT!g*BDEB<R!%>?DH?<=B!5I:JMDFM<L!%BOSG<;T!^WfbhT!^`A !
! !
^_9B?JJT!^`A!

! ^e8FME?T!^^A!

! ^f1?<D!5?E?>!0G>D?<!G<=!3B>O!*IDNT!m8?;D?T!%F>MDEBSF!$><DE!->M?=>MHFTm!D4"E'(7/K0&(

)%L0%'!G<=!)RH"4J(7/K0&()%L0%'!nFEESRooV\@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=Io!
DI:DH>M:?>oG>EMHJ?oL>BC?oOIDMHodV^W^pT!gGHH?DD?=!6?H?O:?>!^WT!UVV`hA!
 ^U!

?G>J;!DIHH?DD!M<!3?>OG<;T!7IFJGI!KJ?=!EB!6?<OG>N!M<!^`^V!GKE?>!'GSBJ?B<ZD!

M<CGDMB<A!&>MLM<GJJ;!>I<<M<L!K>BO!>?H>IMEO?<E!M<EB!'GSBJ?B<ZD!G>O;T!F?!

>?OGM<?=!M<!EF?!,HG<=M<GCMG<!>?LMB<!KB>!EF?!>?DE!BK!FMD!JMK?A!.KE?>!D?EEJM<L!M<!

%BS?<FGL?<!F?!:?HGO?!G!J?G=M<L!E?GHF?>T!SMG<MDET!G<=!HBOSBD?>!M<!6?<OG>NA^`!!

! 7IFJGIZD!OBDE!?<=I>M<L!@B>N!MD(:LE'4GWX!g:LH(B0LLhT!G!K?DEMC?!SJG;!

HBOOMDDMB<?=!KB>!G!>B;GJ!@?==M<L!KB>!@FMHF!F?!@>BE?!EF?!M<HM=?<EGJ!OIDMH!M<!

^`U`A^W!.>>G<L?=!KB>!DBJBMDET!HFB>IDT!G<=!B>HF?DE>GT!:LE'4GWX!OG>N?=!EF?!H>?GEMB<!

BK!EF?!6G<MDF!<GEMB<GJ!OIDMHGJ!=>GOGA!:LE'4GWX!MD!BKE?<!>?HBL<Mq?=T!?C?<!DEMJJ!

EB=G;T!GD!EF?!<GEMB<GJ!BS?>G!BK!6?<OG>NAUV!"FMD!>MHF!<GEMB<GJMDEMH!@B>N!

M<HB>SB>GE?D!6G<MDF!G<=!,@?=MDF!KBJNDB<L!O?JB=M?D!EB!KME!EF?!=>GOGEMH!

DMEIGEMB<DA!"F?!BC?>EI>?!EB!EFMD!@B>N!HB<EGM<D!D?C?>GJ!BK!EF?D?!O?JB=M?D!G<=!

HIJOM<GE?D!@MEF!@FGE!FGD!:?HBO?!B<?!BK!EF?!6G<MDF!<GEMB<GJ!G<EF?OD!KB>!EF?!

>B;GJ!KGOMJ;T!Y"%Q(3G40K10$%(K1"J(E'J(GWX'%(7$K1!gY0%Q(3G40K10$%(.1""J(IP(1G'(C"H1P(

7$K1hA!"FMD!EF?GE>MHGJ!DB<L!:;!7IFJGI!:>BILFE!EF?!?O?>LM<L!>BOG<EMH!M=?GJD!EB!

EF?!6G<MDF!>BOG<H?A!4BDE!<BEG:J?!BK!EF?D?!M=?GJD!@?>?!EF?!KIDMB<!BK!OIDMH!G<=!

SB?E>;T!M<HB>SB>GEMB<!BK!KBJNJB>?!G<=!ID?!BK!<GEMB<GJMDEMH!EF?O?DT!G<=!ID?!BK!

<GEMC?!JG<LIGL?A!!!

! +<JMN?!EF?!HB<D?>CGEMC?!8?;D?T!7IFJGI!?O:>GH?=!EF?!?O?>LM<L!>BOG<EMH!

E>?<=!BK!*??EFBC?<A!)<!KGHET!7IFJGI!O?E!G<=!KB>L?=!G!JGDEM<L!K>M?<=DFMS!@MEF!

*??EFBC?<!=I>M<L!G!E>MS!EB!cM?<<G!M<!^`U_A!)E!MD!>?OG>N?=!EFGE!F?!@GD!B<?!BK!G!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! ^`3B>O!*IDNT!m7IFJGIT!->M?=>MHFAm!D4"E'(7/K0&()%L0%'!G<=!)RH"4J(7/K0&()%L0%'!nFEESRooV\

@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=IoDI:DH>M:?>oG>EMHJ?oL>BC?oOIDMHob^VVfpT!
g.HH?DD?=!6?H?O:?>!^WT!UVV`hA!
! ^W,OMEFT!d_A!

! UV,OMEFT!dbA!!
 ^d!

K?@!S?BSJ?!@FB!HBIJ=!O??E!*??EFBC?<!jB<!E?>OD!BK!?GD;!K>M?<=DFMSAlU^!"F?!E@B!

?XHFG<L?=!MOS>BOSEI!HG<B<D!G<=!*??EFBC?<!HGJJ?=!FMO!j>'4(D4"KK'(3$%"%0'4l!

M<!>?K?>?<H?!EB!FMD!DIS>?O?!DNMJJAUU!!7IFJGIZD!DIHH?DD!MD!=M>?HEJ;!JM<N?=!EB!EF?!

DIHH?DD!BK!:LE'4GWXT!@FMHF!LG><?>?=!FMO!>?DS?HE!<BE!B<J;!M<!6?<OG>NT!:IE!GJDB!M<!

FMD!FBO?JG<=!3?>OG<;A!)<!6?<OG>N!F?!@GD!LMC?<!EF?!FB<B>G>;!EMEJ?D!BK!

Y$##'4#/K0S/K(g%FGO:?>!4IDMHMG<h!G<=!5>BK?DDB>A!7IFJGIZD!@B>N!?XE?<=?=!G!

S>BKBI<=!M<KJI?<H?!B<!6G<MDF!OIDMH!KB>!EF?!>?DE!BK!EF?!<M<?E??<EF!H?<EI>;A!!

! "F?!E@B!HBOSBD?>D!@FB!EBBN!BC?>!KB>!8?;D?!G<=!7IFJGI!M<!EF?!4M==J?!

(BOG<EMH!S?>MB=!BK!6?<OG>N!G>?!1BFG<!5?E?>!$OMJMID!#G>EOG<<!g^`V_\^WVVh!

G<=!'M?JD!8FMJF?JO!3G=?!g^`^f\^`WVhA!"F?;!:BEF!@?>?!SG>E!BK!EF?!>?CMCGJ!BK!

M<DE>IO?<EGJ!OIDMH!M<!6?<OG>N!EFGE!EBBN!SJGH?!G>BI<=!^`_VA!#G>EOG<<ZD!OIDMH!

MD!>?LG>=?=!GD!EF?!KM>DE!KIJJ!?XS>?DDMB<!BK!6G<MDF!(BOG<EMHMDO!EFGE!MD!

M<=?S?<=?<E!BK!3?>OG<MH!M<KJI?<H?T!DM<H?!7IFJGI!@GD!3?>OG<!G<=!8?;D?!HGO?!

K>BO!G!S>?=BOM<G<EJ;!3?>OG<!HIJEI>?A!8FMJ?!F?!@GD!G<!GHEMC?!HBOSBD?>T!

S?>KB>O?>T!HB<=IHEB>T!G<=!E?GHF?>T!#G>EOG<<!@GD!G!DEI=?<E!BK!JG@!G<=!F?J=!G!

SBDMEMB<!@MEF!EF?!6G<MDF!LBC?><O?<E!KB>!OBDE!BK!FMD!JMK?AUd!4IDMH!@GD!G!SJ?GDG<E!

=MDE>GHEMB<!KB>!FMO!G<=!B<?!EB!@FMHF!F?!=?CBE?=!EF?!OGQB>ME;!BK!FMD!S?>DB<GJ!JMK?A!

#?!=>?@!K>BO!'B>=MH!KBJN!G<=!O?=M?CGJ!E>G=MEMB<D!M<!FMD!OIDMHT!M<!SG>EMHIJG>!M<!

FMD!@B>ND!KB>!EF?!DEGL?!G<=!:GJJ?EA!#G>EOG<<T!GJB<L!@MEF!3G=?T!DGEMDKM?=!EF?!

6G<MDF!=?DM>?!KB>!<GEMB<GJMDEMH!OIDMHT!G<!GHFM?C?O?<E!EFGE!GDDIO?=!DS?HMGJ!

MOSB>EG<H?!GKE?>!6?<OG>NZD!JBDD?D!EB!3?>OG<;!M<!EF?!@G>!BK!^`ebT!BKE?<!>?K?>>?=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! U^#B>EB<T!^^fA!!

! UU6G<!-BLT!?=AT!.$#H/%J'1(<0L(AJQ0E'LK'(8H(>$%KS(7/K0S(-Z[-\-][-T!g%BS?<FGL?<R!6G<!-BL!

4IDMNKB>JGLT ^WfUhT!UWA!!
! Ud,OMEFT!bVA!!
 ^b!

EB!GD!EF?!,?HB<=!,HFJ?D@ML!8G>AUb!)<!SG>EMHIJG>!FMD!DEGL?!@B>NDT!OG<;!@MEF!OIDMH!

@>MEE?<!EB!E?XED!:;!&?FJ?<DHFJGL?>T!G<=!FMD!OG<;!F;O<DT!:M:JMHGJ!G<=!<GEMB<GJ!

DB<LDT!OG<;!@>MEE?<!EB!E?XED!:;!3>I<=ECMLT!MJJIDE>GE?!6G<MDF!(BOG<EMH!OIDMH!G<=!

KMJJ?=!EF?!=?DM>?!KB>!<GEMB<GJMDEMH!OIDMH!M<!6?<OG>NA!#G>EOG<<ZD!'B>=MH!

(BOG<EMHMDO!GSS?G>D!M<!FMD!OIDMH!GD!?G>J;!^`dU!M<!EF?!DEGL?!@B>N!D/LJG"4%'%'T(

)*+(--A!"F?!=G>NT!BJ=!'B>D?!S?>DB<GJME;!G<=!>MHF!DBI<=!BK!#G>EOG<<ZD!

>BOG<EMHMDO!MD!GSSG>?<E!M<!EF?!GHHBOSG<MO?<E!HBOSBD?=!EB!&?FJ?<DHFJGL?>ZD!

SB?OT!D/LJG"4%'%'AU_!!

! #G>EOG<<!HBOSBD?=!EF?!KM>DE!6G<MDF!D;OSFB<;!BK!EF?!>BOG<EMH!S?>MB=!M<!

^`d_A!"F?!BS?>G!C0J'%(Y04K1'%!gC011L'(Y04K1'%h!K>BO!^`be!@GD!#G>EOG<<ZD!OBDE!

MOSB>EG<E!G<=!SBSIJG>!@B>N!=I>M<L!FMD!JMK?EMO?A!C0J'%(Y04K1'%!@GD!G<BEF?>!BK!FMD!

@B>ND!EFGE!SGM<E?=!G<!MOGL?!K>BO!G<HM?<E!'B>D?!KBJNJB>?T!M<!SG>EMHIJG>!EF>BILF!

FMD!ID?!BK!O?=M?CGJ!6G<MDF!:GJJG=!O?JB=M?DA!.E!MED!S>?OM?>?!EF?!BS?>G!>?H?MC?=!

S>GMD?!K>BO!H>MEMHD!G<=!@?<E!B<!EB!:?HBO?!G!DML<MKMHG<E!SM?H?!M<!6G<MDF!BS?>GEMH!

>?S?>EBM>?A!)<L?>!,B>?<D?<T!G!DHFBJG>!BK!#G>EOG<<T!@>BE?T!j#G>EOG<<ZD!OIDMH!KB>!

C0J'%(Y04K1'%!@GD!DMOSJ;!EF?!N?;!EB!EF?!6G<MDF!<GEMB<GJ!HFG>GHE?>AlUe!"F?!BS?>G!

GEE>GHE?=!DBO?!M<E?><GEMB<GJ!GEE?<EMB<!K>BO!BIEDM=?!6?<OG>N!EB!#G>EOG<<!G<=!

FMD!HBI<E>;ZD!OIDMHA!*IET!6?<OG>N!@BIJ=!FGC?!EB!@GME!KB>!%G>J!'M?JD?<!EB!FGC?!G!

HBOSBD?>!>MD?!EB!G!E>IJ;!M<E?><GEMB<GJ!KMLI>?!M<!EF?!OIDMH!@B>J=A!!#G>EOG<<ZD!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! Ub9B?JJT!^WA!

! U_1BF<!*?>LDGL?JT!m#G>EOG<<Tm!D4"E'(7/K0&()%L0%'!G<=!)RH"4J(7/K0&()%L0%'!nFEESRooV\

@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=IoDI:DH>M:?>oG>EMHJ?oL>BC?oOIDMHo^UbfeSLUpT!
gGHH?DD?=!6?H?O:?>!UUT!UVV`hA!!
! Ue,OMEFT!b^A!!
 ^_!

HB<E>M:IEMB<D!EB!EF?!<GEMB<GJMDEMH!S>M=?!BK!6?<OG>N!EF>BILF!OIDMH!@?>?!K?JE!M<!

BEF?>!,HG<=M<GCMG<!HBI<E>M?D!G<=!DIOO?=!IS!:?DE!:;!$=CG>=!3>M?LA!!

8FGE!HBOSBD?>!M<!,HG<=M<GCMG!@MEF!L?<IM<?!K??JM<L!KB>!EF?!DSM>ME!
BK!,HG<=M<GCMG!=B?D!<BE!>?O?O:?>!EB=G;!@FGE!F?!B@?D!EB!
#G>EOG<<r!"F?!:?DET!EF?!OBDE!S>BKBI<=!EFBILFED!EFGE!G!@FBJ?!
SBDE?>ME;!BK!OB>?!B>!J?DD!HB<D?PI?<EMGJ!DSM>MED!FGD!JMC?=!B<!FGC?!
:??<!KM>DE!?XS>?DD?=!:;!FMOT!FGC?!:??<!OG=?!EB!>?DBI<=!M<!ID!:;!
FMOAUf!
!
! .JB<L!@MEF!'M?JD!8MJF?JO!3G=?T!#G>EOG<<!:?HGO?!QBM<E!=M>?HEB>!BK!EF?!

<?@!OIDMH!HB<D?>CGEB>;!M<!%BS?<FGL?<!M<!^`eeA!"F?!OIDMH!HB<D?>CGEB>;!JGE?>!

:?HGO?!N<B@<!GD!EF?!(B;GJ!6G<MDF!.HG=?O;!BK!4IDMHA!.E!EF?!.HG=?O;T!

#G>EOG<<!@GD!=M>?HEB>!G<=!HBI<E?>SBM<E!S>BK?DDB>!I<EMJ!FMD!=?GEF!M<!^WVVA!->BO!

^`ef!EB!^`eW!F?!@GD!S>BK?DDB>!BK!B>LG<AU`!8F?<!EF?!.HG=?O;!@GD!DEMJJ!HGJJ?=!EF?!

%BS?<FGL?<!%B<D?>CGEB>;T!#G>EOG<<!@GD!EF?!M<DE>IHEB>!EB!1Y>L?<D?<ZD!

HBOSBDMEMB<!S>BK?DDB>T!&EEB!cGJ=?OG>!4GJJM<L!K>BO!^`eW!EB!^`f^AUW!)E!MD!JMN?J;!

EFGE!.X?J!1Y>L?<D?<!SGDD?=!I<=?>!#G>EOG<<ZD!EIE?JGL?T!OB>?!EFG<!JMN?J;!M<!G!

HBI<E?>SBM<E!HJGDDT!@F?<!F?!DEI=M?=!GE!EF?!.HG=?O;!M<!EF?!JGDE!=?HG=?!BK!EF?!

<M<?E??<EF!H?<EI>;A!!

! 'M?JD!8MJF?JO!3G=?!@GD!EF?!KM>DE!6G<MDF!HBOSBD?>!EB!GHFM?C?!

M<E?><GEMB<GJ!KGO?!G<=!>?HBL<MEMB<!GD!G!J?G=M<L!>?S>?D?<EGEMC?!BK!,HG<=M<GCMG<!

OIDMHA!#?!MD!>?HBL<Mq?=!GD!EF?!OBDE!MOSB>EG<E!KMLI>?!M<!?MLFE??<EF!H?<EI>;!

6G<MDF!OIDMH!=I?!EB!FMD!HBOSBDMEMB<GJ!HB<E>M:IEMB<D!=I>M<L!EF?!3BJ=?<!.L?!G<=!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! Uf*?>LDGL?JA!

! U`3IDEGC!#?EDHFT!>'1(Y"%Q'L0Q'(>$%KS'(7/K0S(Y"%K'4E$1"40/#(-Z^[\-]-[T!g%BS?<FGL?<R!

7Y:?<FGC<!3;J=?<=GJ!M<!7BOOT!^W^fhT!W_A!!
UW'M?JD!4G>EM<!1?<D?<T!m4GJJM<LT!&EEBTm!D4"E'(7/K0&()%L0%'!G<=!)RH"4J(7/K0&()%L0%'!

nFEESRooV\@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=IoDI:DH>M:?>oG>EMHJ?oL>BC?oOIDMHo!
^f_edpT!gGHH?DD?=!6?H?O:?>!UfT!UVV`hA!
 ^e!

EF?!4M==J?!EB!0GE?!(BOG<EMH!S?>MB=A!)<!G==MEMB<T!FMD!SG>E!M<!EF?!KBI<=M<L!BK!EF?!

4IDMH!%B<D?>CGEB>;!M<!^`ee!G<=!EF?!?DEG:JMDFO?<E!BK!EF?!,BHM?E;!KB>!EF?!

5I:JMHGEMB<!BK!6G<MDF!4IDMH!M<!^`f^!GDDI>?=!FMD!J?LGH;!M<!EF?!OIDMH!HIJEI>?!BK!

6?<OG>NAdV!!

! .JEFBILF!F?!GHFM?C?=!M<E?><GEMB<GJ!>?HBL<MEMB<!KB>!6G<MDF!OIDMHT!3G=?ZD!

KGO?!@GD!JMOME?=!@F?<!HBOSG>?=!EB!FMD!HB<EM<?<EGJ!HBI<E?>SG>EDT!DIHF!GD!

4?<=?JDDBF<!G<=!,HFIOG<<A!!#MD!B>HF?DE>GJ!@B>NDT!OGM<J;!HB<H?>E!BC?>EI>?D!

G<=!D;OSFB<M?DT!@?>?!FMD!HFM?K!KB>O!BK!?XS>?DDMB<A!)<!G==MEMB<!EB!FMD!SBSIJG>!

D;OSFB<MH!HBOSBDMEMB<DT!3G=?!GJDB!HBOSBD?=!HFGO:?>!SM?H?D!G<=!SMG<B!@B>NDA!!

#MD!HBO:M<GEMB<!BK!(BOG<EMHMDO!G<=!<GEMC?!KBJN!OIDMH!OG=?!FMD!B>HF?DE>GJ!

@B>ND!EF?!N?;DEB<?!BK!6G<MDF!<GEMB<GJMDO!M<!EF?!D?HB<=!FGJK!BK!EF?!^WEF!H?<EI>;A!

3G=?ZD!;04K1(.P#*G"%P(0%(3(#0%"4(MD!HB<DM=?>?=!EF?!OBDE!KBJN!M<KJI?<H?=!BK!FMD!

?MLFE!D;OSFB<M?DA!8F?<!FMD!;04K1(.P#*G"%P!@GD!<BE!GHH?SE?=!KB>!S?>KB>OG<H?!M<!

%BS?<FGL?<T!3G=?!D?<E!ME!EB!4?<=?JDDBF<!M<!0?MSqMLA!4?<=?JDDBF<!@GD!

GHPIGM<E?=!@MEF!3G=?ZD!@B>N!K>BO!@F?<!F?!QI=L?=T!EF>BILF!HB>>?DSB<=?<H?T!EF?!

%BS?<FGL?<!4IDMH!,BHM?E;ZD!HBOSBDMEMB<!HB<E?DE!M<!^`bV!GE!@FMHF!3G=?!@B<!

KM>DE!S>Mq?Ad^!4?<=?JDDBF<!S?>KB>O?=!3G=?ZD!;04K1(.P#*G"%P!M<!0?MSqML!M<!^`bd!

@MEF!L>?GE!DIHH?DD!G<=!DEG>E?=!3G=?ZD!>MD?!EB!M<E?><GEMB<GJ!>?HBL<MEMB<AdU!

-BJJB@M<L!EF?!DIHH?DD!BK!FMD!;04K1(.P#*G"%P!3G=?!@?<E!EB!0?MSqML!EB!DEI=;!

KI>EF?>!@MEF!4?<=?JDDBF<A!)<!0?MSqML!F?!:?HGO?!GDDMDEG<E!HB<=IHEB>!BK!EF?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! dV8FME?T!^UA!!

! d^*B!4G>DHF<?>!G<=!-M<<!$L?JG<=!#G<D?<T!m3G=?T!'M?JD!8ATm!D4"E'(7/K0&()%L0%'!G<=!

)RH"4J(7/K0&()%L0%'!nFEESRooV\@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=IoDI:DH>M:?>o!
G>EMHJ?oL>BC?oOIDMHo^VbebpT!gGHH?DD?=!1G<IG>;!_T!UVVWhA!
! dU7<I=!7?EEM<L!?=AT!7/K0&(0%(>'%#$4ST!E>G<DA!4MHFG?J!%F?D<IEE!g%BS?<FGL?<R!6?E!6G<DN?!

,?JDNG:T!^W`fhT!dVA!
 ^f!

3?@G<=FGID!&>HF?DE>G!I<=?>!4?<=?JDDBF<!G<=!G!E?GHF?>!GE!EF?!0?MSqML!

.HG=?O;!BK!4IDMHA!8F?<!4?<=?JDDBF<!=M?=!M<!^`bfT!3G=?!@GD!GSSBM<E?=!GD!

F?G=!HB<=IHEB>!BK!EF?!3?@G<=FGID!&>HF?DE>GA!#B@?C?>T!F?!=M=!<BE!>?OGM<!M<!

0?MSqML!JB<L!GD!@G>!:>BN?!BIE!:?E@??<!5>IDDMG!G<=!6?<OG>N!M<!^`b`A!

! 3G=?!>?EI><?=!EB!%BS?<FGL?<!@F?>?!F?!HB<EM<I?=!FMD!DIHH?DDKIJ!HG>??>T!

FBJ=M<L!J?G=M<L!SBDMEMB<D!M<!<?G>J;!GJJ!G>?GD!BK!OIDMHGJ!JMK?!M<!EF?!HME;A!#?!@GD!

HB<=IHEB>!BK!"F?!4IDMH!,BHM?E;T!B>LG<MDE!GE!#BJO?<D!%FI>HFT!F?JS?=!KBI<=!G<=!

=M>?HE!EF?!%B<D?>CGEB>;T!G<=!EBI>?=!GD!G!LI?DE!HB<=IHEB>!GH>BDD!$I>BS?Add!6I?!EB!

FMD!SJGH?O?<E!M<!EF?!OIDMHGJ!JMK?!BK!%BS?<FGL?<T!E@B!L?<?>GEMB<D!BK!'B>=MH!

HBOSBD?>D!HGO?!I<=?>!3G=?ZD!EIE?JGL?!G<=!M<KJI?<H?A!*BEF!$=CG>=!3>M?L!G<=!

%G>J!'M?JD?<!FG=!?<HBI<E?>D!@MEF!3G=?!@F?<!EF?;!@?>?!S>BOMDM<L!;BI<L!

HBOSBD?>DA!.D!O?<EMB<?=!?G>JM?>T!GJB<L!@MEF!#G>EOG<<T!3G=?!@GD!QBM<E!=M>?HEB>!

BK!EF?!%BS?<FGL?<!%B<D?>CGEB>;!I<EMJ!FMD!=?GEF!M<!^`WVA!#?!@GD!M<DE>IHEB>!BK!

HBOSBDMEMB<T!M<DE>IO?<EGEMB<T!G<=!FMDEB>;!@F?<!&EEB!4GJJM<L!HGO?!I<=?>!FMD!

M<DE>IHEMB<A!+<JMN?!FMD!K>M?<=!G<=!HBJJ?GLI?!#G>EOG<<T!3G=?!@GD!<B!JB<L?>!GJMC?!

@F?<!1Y>L?<D?<!HGO?!EB!DEI=;!GE!EF?!<B@!HGJJ?=!(B;GJ!6G<MDF!.HG=?O;!BK!4IDMHA!

#B@?C?>T!FMD!M<KJI?<H?!GD!G!<GEMB<GJMDEMH!G<=!>BOG<EMH!HBOSBD?>!EF>BILF!:BEF!

#G>EOG<<!G<=!4GJJM<L!@GD!DEMJJ!C?>;!DE>B<L!GD!G!;BI<L!1Y>L?<D?<!:?LG<!EB!DEI=;!

OIDMHA!!

! 3G=?!HBOSBD?=!G!EBEGJ!BK!?MLFE!D;OSFB<M?D!=I>M<L!FMD!JMK?EMO?T!:IE!<B<?!

G>?!GD!<GEMB<GJMDEMH!M<!EF?M>!M<KJI?<H?!GD!FMD!KM>DEA!3G=?!FMOD?JK!=?DH>M:?=!FMD!;04K1(

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! dd-BLT!UbA!
 ^`!

.P#*G"%P(GD!j:GD?=!B<!BJ=!6G<MDF!F?>BMH!:GJJG=DAldb!8MEF!EF?!BIE:>?GN!BK!EF?!

@G>!:?E@??<!5>IDDMG!G<=!6?<OG>N!M<!^`b`T!3G=?ZD!;04K1(.P#*G"%P!J?=!EB!FMD!

M=?<EMKMHGEMB<!GD!6?<OG>NZD!KM>DE!<GEMB<GJMDE!HBOSBD?>Ad_!)<E?>?DEM<LJ;T!6G<MDF!

HBOSBD?>D!G<=!OIDMHMG<D!B>MLM<GJJ;!>?Q?HE?=!3G=?ZD!;04K1(.P#*G"%P!KB>!:?M<L!EBB!

3?>OG<A!"F?D?!6G<MDF!HBOSBD?>D!G<=!OIDMHMG<D!>?LG>=?=!EF?!;04K1(.P#*G"%P(GD!

OB=?J?=!GKE?>!*??EFBC?<T!4?<=?JDDBF<T!G<=!,HFI:?>EAde!)E!@GD!<BE!I<EMJ!FMD!

>?EI><!K>BO!3?>OG<;!M<!^`b`!EFGE!EF?!6G<MDF!SI:JMH!:?LG<!EB!GDDBHMGE?!EF?!

S>MOG>;!EF?O?!BK!EF?!D;OSFB<;!@MEF!HIJEI>GJ!<GEMB<GJMDOAdf!3G=?!@GD!>?LG>=?=!

GD!EF?!OBDE!M<KJI?<EMGJ!6G<MDF!D;OSFB<MDE!BK!EF?!EMO?!I<EMJ!'M?JD?<!>?CMC?=!EF?!

D;OSFB<;!M<!EF?!JGE?!<M<?E??<EF!H?<EI>;A!!

,0123.(?565(%A5>B51/(C2=/A0=;A/(D/95A/(EFA8/13/1((

! 6I>M<L!EF?!KM>DE!FGJK!BK!EF?!<M<?E??<EF!H?<EI>;!CBHGJ!OIDMH!=BOM<GE?=!EF?!

OIDMH!DH?<?!M<!6?<OG>NA!)<DE>IO?<EGJ!OIDMH!@GD!>?CMC?=!M<!6?<OG>N!:?LM<<M<L!

G>BI<=!^`_VA!$G>JM?>!E>BO:B<?!HBOSBDMEMB<D!FG=!JMEEJ?T!MK!G<;T!M<KJI?<H?!B<!

1Y>L?<D?<ZD!HBOSBDMEMB<GJ!DE;J?A!%BOSBDMEMB<D!KB>!DBJB!E>BO:B<?!S>MB>!EB!

1Y>L?<D?<!M<!6?<OG>N!G>?!K?@!G<=!>?JGEMC?J;!M<DML<MKMHG<EA!)<!G==MEMB<T!=I>M<L!

OBDE!BK!EF?!<M<?E??<EF!H?<EI>;!EF?!CGJC?!E>BO:B<?!@GD!EF?!S>MOG>;!M<DE>IO?<E!

M<!ID?!M<!6?<OG>NA!1Y>L?<D?<!@>BE?!FMD!E>BO:B<?!HBOSBDMEMB<D!KB>!EF?!DJM=?!

E>BO:B<?A!.<EB<!#G<D?<!>?CMC?=!EF?!DJM=?!E>BO:B<?!M<!6?<OG>N!=I>M<L!EF?!KM>DE!

=?HG=?!BK!EF?!E@?<EM?EF!H?<EI>;T!:?KB>?!EF?!EMO?!1Y>L?<D?<!@GD!HBOSBDM<L!KB>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! db,OMEFT!bU\bdA!!

! d_%?J?<qGT!^fWA!!

! de%?J?<qGT!^fVA!!

! df%?J?<qGT!^`W\^WVA!!
 ^W!

EF?!E>BO:B<?A!6I?!EB!EF?!M<DML<MKMHG<H?!BK!EF?!?G>J;!E>BO:B<?!HBOSBDMEMB<D!G<=!

EF?!ID?!BK!EF?!CGJC?!E>BO:B<?!KB>!EF?!H?<EI>;!:?KB>?!1Y>L?<D?<!EF?D?!@B>ND!@MJJ!

<BE!:?!=MDHIDD?=!M<!EFMD!=BHIO?<EA!

(
(
(
(
(
(
(
(
(
 UV!

!"#$%&'(%G)(
(
#H&C(EI'4&*?&*(J(#(D'+&K(D+)4'#$"L(

! .X?J!1Y>L?<D?<!@GD!:B><!M<!,NMC?FBJO?!"?>ST!M<!EF?!@?DE?><!SB>EMB<!BK!

6?<OG>N!N<B@<!GD!1IEJG<=!M<!^``^A!,NMC?FBJO?!"?>S!MD!<B>EF@?DE!BK!.G>FIDT!

B<?!BK!EF?!JG>L?>!HMEM?D!M<!1IEJG<=A!#MD!KGOMJ;!JMC?=!M<!G<!G>?G!EFGE!@GD!BHHISM?=!:;!

JG<=!@B>N?>D!G<=!HB<DMDE?=!BK!E@B!EB!EF>??!KG>OD!G<=!G!@GE?>OMJJAd`!1Y>L?<D?<!

@GD!:GSEMq?=!1Y>L?<!.X?J!1Y>L?<D?<!GE!,NMCFBJO?!7M>N?T!EF?!JBHGJ!HFI>HF.39 $G>J;!

M<!FMD!HFMJ=FBB=T!FMD!KGOMJ;!OBC?=!DBIEF@?DE!BK!.G>FID!EB!EF?!<?G>:;!EB@<!BK!

,NG<=?>:B>LA!1Y>L?<D?<ZD!KGEF?>T!@FB!@GD!G!KM==J?>T!@GD!FM>?=!M<!,NG<=?>:B>L!GD!

EF?!6M>?HEB>!BK!4IDMHA!.D!G!:B;T!1Y>L?<D?<!SJG;?=!EF?!E?<B>!FB><!G<=!CMBJM<A!#MD!

KGEF?>!@GD!OBDE!JMN?J;!EF?!KM>DE!S?>DB<!EB!LMC?!;BI<L!1Y>L?<D?<!OIDMH!M<DE>IHEMB<A!!

! 8F?<!F?!@GD!DMXE??<!;?G>D!BJ=T!1Y>L?<D?<!@GD!GHH?SE?=!GE!EF?!(B;GJ!

6G<MDF!.HG=?O;!BK!4IDMH!M<!%BS?<FGL?<A!.E!EF?!(B;GJ!.HG=?O;T!F?!>?H?MC?=!G!

DHFBJG>DFMS!EB!DEI=;!K>??!=I?!EB!FMD!BIEDEG<=M<L!EGJ?<E!KB>!OIDMHAbV!8FMJ?!

DEI=;M<L!GE!EF?!(B;GJ!.HG=?O;T!1Y>L?<D?<!KBHID?=!S>MOG>MJ;!B<!CMBJM<!G<=!

HBOSBDMEMB<A!"F?!E?<B>!FB><!@GD!<B!JB<L?>!G!S>BK?DDMB<GJ!SI>DIME!BK!1Y>L?<D?<!

B<H?!F?!:?LG<!DEI=;!GE!EF?!(B;GJ!.HG=?O;A!8FMJ?!GE!EF?!(B;GJ!.HG=?O;!F?!

DEI=M?=!CMBJM<!@MEF!?MEF?>!cGJ=?OG>!"BKE?!B>!.X?J!3G=?T!DB<!BK!'M?JD!8A!3G=?T!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! d`(BJK!,G<=OG>NT!n(&,.sOIDMN\NB<DA=NpT!j,cR!1Y>L?<D?<!(?D?G>HFTl!5>MCGE?!?OGMJ!

O?DDGL?!EB!.<=>?@!%B<C?>D?T!-?:>IG>;!`T!UVV`A!!
! dW,NMCFBJO?!%FI>HF!(?HB>=!*BBN!g,NMC?FBJO?T!6?<OG>NR!"F?!$CG<L?JMHGJ!0IEF?>G<!

%FI>HF!BK!6?<OG>NT!^``^hT!dVA!
! bV5?>!3G=?T!j.X?J!1Y>L?<D?<!g^``^\^Wbfh!.!*MBL>GSFMHGJ!5>BKMJ?Tl!?%1'4%$10"%$L((

<4"#I"%'(8KK"&0$10"%(M"/4%$L!cBJA!^^T!)DDI?!^!g^W`dhR!eA!
 U^!

@FBO!@?>?!:BEF!E?GHFM<L!EF?>?!GE!EF?!EMO?Ab^!"F?!HBOSBDMEMB<!S>BK?DDB>!GE!EF?!

(B;GJ!.HG=?O;!=I>M<L!1Y>L?<D?<ZD!EMO?!GD!G!DEI=?<E!@GD!&EEB!cGJ=?OG>!

4GJJM<LAbU!.D!O?<EMB<?=!M<!EF?!S>?CMBID!HFGSE?>T!1A5A$A!#G>EOG<<!EGILFE!

HBI<E?>SBM<E!GE!EF?!(B;GJ!.HG=?O;!I<EMJ!FMD!=?GEF!M<!^WVVA!)E!MD!S>B:G:J?!EFGE!

1Y>L?<D?<!FG=!DBO?!?XSBDI>?!EB!#G>EOG<<!GD!G!DEI=?<EA!8FGE!1Y>L?<D?<!=M=!M<!

EF?!=?HG=?!KBJJB@M<L!FMD!DEI=;!GE!EF?!(B;GJ!.HG=?O;!G<=!EF?!KM>DE!>?HB>=!BK!FMD!

?OSJB;O?<E!GD!G<!B>HF?DE>GJ!OIDMHMG<!MD!I<N<B@<A!"F?>?!MD!DBO?!?CM=?<H?!EFGE!

F?!@GD!GJ>?G=;!:ID;!GD!G!HBOSBD?>T!I<KB>EI<GE?J;!EFMD!?CM=?<H?!MD!<BE!C?>MKMG:J?A!

! !)<!^W^e!1Y>L?<D?<!:?HGO?!G!CMBJM<MDE!M<!EF?!"MCBJM!%B<H?>E!#GJJ!&>HF?DE>GT!

EF?!B>HF?DE>G!GDDBHMGE?=!@MEF!EF?!GOID?O?<E!SG>N!BK!EF?!DGO?!<GO?A!#?>?!F?!

LGC?!HB<H?>ED!M<!EF?!SG>N!=I>M<L!EF?!DIOO?>!OB<EFDT!GD!@GD!EF?!E>G=MEMB<A!8FGE!

EF?!B>HF?DE>G!=M=!M<!EF?!@M<E?>!=I>M<L!1Y>L?<D?<ZD!EMO?!MD!I<HJ?G>T!:IE!OBDE!

?CM=?<H?!SBM<ED!EB@G>=D!EF?!@M<E?>!:?M<L!G<!BKK\D?GDB<Abd!!.!;?G>!JGE?>!F?!OBC?=!

EB!5G>MD!EB!@B>N!GD!G<!B>HF?DE>GJ!CMBJM<MDEA!1Y>L?<D?<ZD!DEG;!M<!5G>MD!@GD!DFB>E!G<=!

EF?!B>HF?DE>G!B>!B>HF?DE>GD!F?!@B>N?=!@MEF!G>?!I<N<B@<A!#?!>?EI><?=!EB!

6?<OG>N!M<!^W^W!EB!SJG;!CMBJG!M<!EF?!(B;GJ!6G<MDF!&>HF?DE>G!M<!%BS?<FGL?<!

@F?>?!F?!S?>KB>O?=!GE!EF?!(B;GJ!&S?>G!G<=!*GJJ?E!#BID?A!#MD!DIHH?DDKIJ!D@MEHF!

EB!CMBJG!J?=!EB!FMO!:?HBOM<L!S>M<HMSGJ!CMBJGT!B>!DBJB!CMBJMDE!GD!OG<;!$I>BS?G<!

B>HF?DE>GD!>?K?>!EB!MET!BK!EF?!(B;GJ!6G<MDF!&>HF?DE>G!M<!^WdUA!)<!G==MEMB<!EB!FMD!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! b^"F?>?!MD!<B!>?HB>=!BK!@FBO!1Y>L?<D?<!DEI=M?=!@MEF!GE!EF?!.HG=?O;T!:IE!"BKE?!G<=!

3G=?!@?>?!EF?!B<J;!E@B!CMBJM<!S>BK?DDB>D!EF?>?!=I>M<L!EF?!GSS>BXMOGE?!;?G>D!BK!FMD!DEI=;A!!
! bU#?EDHFT!W_\WeA!
bd%I>>?<EJ;!M<!EF?!@M<E?>!OB<EFD!EF?!"MCBJM!%B<H?>E!#GJJ!&>HF?DE>G!HFG<L?D!EF?M>!<GO?!

EB!EF?!%BS?<FGL?<!5FMJFG>OB<MH!G<=!LMC?D!G!D?>M?D!BK!DI:DH>MSEMB<!HB<H?>ED!M<!G==MEMB<!EB!
EBI>M<L!EF?!>?LMB<A!->BO!j.:BIE!EF?!"MCBJM!,;OSFB<;!&>HF?DE>GTl!
nFEESRoo@@@AEMCBJMA=NoHBOSBDME?\_`WWAFEOpT!g.HH?DD?=!1G<IG>;!^fT!UVVWhA!
 UU!

B>HF?DE>GJ!@B>NT!1Y>L?<D?<!@GD!GJDB!G!DIHH?DDKIJ!HFGO:?>!OIDMHMG<!M<!

%BS?<FGL?<T!S?>KB>OM<L!@MEF!CG>MBID!HFGO:?>!OIDMH!?<D?O:J?DA!"F?!OBDE!

<BEG:J?!BK!EF?D?!HFGO:?>!?<D?O:J?D!@GD!EF?!*>?I<M<L\*GHF?!,E>M<L!tIG>E?ET!

@FMHF!@GD!HBOS>MD?=!BK!O?O:?>D!BK!EF?!(B;GJ!&>HF?DE>GAbb!#?!@B>N?=!M<!

%BS?<FGL?<!GD!G!CMBJG!SJG;?>!:BEF!@MEF!EF?!(B;GJ!&>HF?DE>G!G<=!GD!G<!GHEMC?!

HFGO:?>!OIDMHMG<!I<EMJ!FMD!=?GEF!M<!^WbfA!

! "F?>?!MD!JMOME?=!?CM=?<H?!EFGE!1Y>L?<D?<!@GD!G!OIDMH!E?GHF?>!M<!

%BS?<FGL?<A!"F?!B<J;!C?>MKMG:J?!?CM=?<H?!EFGE!F?!@GD!G!E?GHF?>!HBO?D!K>BO!G!

'?@!3>BC?!G>EMHJ?!G:BIE!)H?JG<=MH!OIDMHMG<!7G>J!&EEu!(v<uJKDDB<A!)<!EF?!G>EMHJ?!ME!

DEGE?D!EFGE!(v<uJKDDB<!DEI=M?=!:BEF!E>IOS?E!G<=!CMBJM<!@FMJ?!M<!%BS?<FGL?<!

K>BO!^WU_!EB!^WUfA!.X?J!1Y>L?<D?<!MD!JMDE?=!GD!(v<uJKDDB<ZD!CMBJM<!E?GHF?>Ab_!)K!

1Y>L?<D?<!=M=!E?GHF!OIDMHT!ME!MD!S>B:G:J?!EFGE!F?!MD!EF?!DGO?!.X?J!1Y>L?<D?<!EFGE!

EGILFE!(v<uJKDDB<!=I?!EB!FMD!>MDM<L!DEGEI>?!GD!G!DE>M<L!S?>KB>O?>!M<!%BS?<FGL?<A!

! 1Y>L?<D?<!OG=?!FMD!JMCM<L!GD!G!S?>KB>O?>T!:IE!HBOSBDMEMB<!@GD!GJ@G;D!G!

FB::;!KB>!FMOA!4G<;!BK!EF?!HBOSBDMEMB<D!EFGE!F?!@>BE?!@?>?!KB>!HBJJ?GLI?D!K>BO!

CG>MBID!B>HF?DE>GDA!#MD!E@B!SI:JMDF?=!E>BO:B<?!@B>NDT!EF?!!"#$%&'!G<=!./01'T!

G>?!@>MEE?<!KB>!G<=!=?=MHGE?=!EB!EF?!6G<MDF!E>BO:B<MDE!.<EB<!#G<D?<A!1Y>L?<D?<!

G<=!#G<D?<!SJG;?=!EBL?EF?>!KM>DE!M<!EF?!"MCBJM!%B<H?>E!#GJJ!&>HF?DE>G!G<=!JGE?>!M<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! bb5MG!*?<Eq?<T!nS:sHSF\SFMJA=NpT!j,cR!.X?J!1Y>L?<D?<!(?D?G>HFTl!5>MCGE?!?OGMJ!O?DDGL?!

EB!.<=>?@!%B<C?>D?T!^U!-?:>IG>;!UVV`A!!
! b_w><M!#?MOM>!)<LuJKDDB<T!m(v<uJKDDB<T!7G>J!&EEuTm!D4"E'(7/K0&()%L0%'!G<=!)RH"4J(7/K0&(

)%L0%'!nFEESRooV\
@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=IoDI:DH>M:?>oG>EMHJ?oL>BC?oOIDMHoUb^bVpT!
gGHH?DD?=!1G<IG>;!^dT!UVVWhA!
 Ud!

EF?!(B;GJ!&>HF?DE>G!M<!%BS?<FGL?<Abe!#G<D?<!G<=!1Y>L?<D?<!:?HGO?!LBB=!

K>M?<=D!EF>BILFBIE!EF?M>!HG>??>D!EBL?EF?>A!#G<D?<ZD!CM>EIBDMH!E>BO:B<?!SJG;M<L!

G<=!FMD!>?CMCGJ!BK!EF?!DJM=?!E>BO:B<?!M<!6?<OG>N!M<DSM>?=!1Y>L?<D?<!EB!@>ME?!KB>!

EF?!E>BO:B<?A!

(
(

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! be3G=?T!eA!!
 Ub!

!"#$%&'(%"'&&(
(
#*%)*("#*?&*(J(#(D'+&K(D+)4'#$"L(

( "F?>?!MD!JMOME?=!:MBL>GSFMHGJ!M<KB>OGEMB<!GCGMJG:J?!B<!.<EB<!#G<D?<A!"F?!

OGQB>ME;!BK!M<KB>OGEMB<!HBO?D!K>BO!6G<MDF!E>BO:B<MDE!5?>!3G=?!@FB!@>BE?!G!

EF>??\SG>E!G>EMHJ?!KB>!EF?!=4$KK(=/LL'10%!EFGE!GSS?G>?=!M<!^WfW!G<=!^W`VA!.KE?>!

KI>EF?>!>?D?G>HFT!3G=?!SI:JMDF?=!G!:BBN!G:BIE!.<EB<!#G<D?<!M<!^WWeAbf!.<!

G>EMHJ?!B<!j6G<MDF!">BO:B<?!">G=MEMB<Dl!:;!%G>DE?<!,CG<:?>L!EFGE!GSS?G>?=!M<!G!

^WWU!?%1'4%$10"%$L(<4"#I"%'(8KK"&0$10"%(M"/4%$L!=MDHIDD?D!#G<D?<!:>M?KJ;T!:IE!

BKK?>D!JMEEJ?!G<=!DBO?EMO?D!HB<E>G=MHEM<L!M<KB>OGEMB<!EFG<!EFGE!LMC?<!:;!5?>!

3G=?Ab`!)!@GD!G:J?!EB!HB<EGHE!5?>!3G=?!G<=!HB>>?DSB<=!@MEF!FMO!CMG!?OGMJ!EB!LGM<!

G!:?EE?>!I<=?>DEG<=M<L!BK!#G<D?<A!.!JG>L?!OGQB>ME;!BK!EF?!:MBL>GSFMHGJ!

M<KB>OGEMB<!M<HJI=?=!F?>?!G:BIE!.<EB<!#G<D?<!MD!M<!JG>L?!SG>E!:?HGID?!BK!EF?!

DHFBJG>DFMS!BK!5?>!3G=?A!-B>!HBOSJ?E?!:MBL>GSFMHGJ!M<KB>OGEMB<!B<!.<EB<!

#G<D?<!EF?!G>EMHJ?D!M<!EF?!=4$KK(=/LL'10%!G<=!EF?!:BBN!:%(YQL+(Y$*'L#/K0S'4K(

:40%J40%Q'4!DFBIJ=!:?!HB<DIJE?=A(

! !.<EB<!%F>MDEBKK?>!(GDOID!#G<D?<!@GD!:B><!M<!EF?!@B>NM<L!HJGDD!=MDE>MHE!

BK!%BS?<FGL?<!B<!'BC?O:?>!^WT!^`ffA!.JEFBILF!F?!HGO?!K>BO!G!SBB>!KGOMJ;T!

#G<D?<!FG=!?XSBDI>?!EB!OIDMH!GD!G!HFMJ=A!#MD!KGEF?>!DG<L!M<!G<!GOGE?I>!CBHGJ!

PIG>E?E!EFGE!BKE?<!S>GHEMH?=!GE!FMD!FBID?A!8F?<!EF?!OMJMEG>;!:G<=DT!?DS?HMGJJ;!EF?!

(B;GJ!0MK?!3IG>=DZ!:G<=T!OG>HF?=!M<!EF?!DE>??EDT!#G<D?<!KBJJB@?=!EF?O!G>BI<=!

EF?!HME;!I<EMJ!EF?;!KM<MDF?=!S?>KB>OM<L!KB>!EF?!=G;A!.D!G!:B;!F?!B:EGM<?=!G<=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! bf5?>!3G=?T!8%1"%(B$%K'%V(:%(YQL+(Y$*'L#/K0S'4K(:40%J40%Q'4!g%BS?<FGL?<R!tIGJME;!!

4IDMH!5>?DDT!^WWehA!
! b`%G>DE?<!,CG<:?>LT!j6G<MDF!">BO:B<?!">G=MEMB<DTl!?%1'4%$10"%$L(<4"#I"%'(8KK"&0$10"%(

M"/4%$L!cBJA!UVT!'BA!U!g^WWUhA!!
 U_!

SJG;?=!G<!BHG>M<GT!G<!G<HM?<E!KJIE?\JMN?!M<DE>IO?<ET!EF?!OBIEF\B>LG<T!EF?!=>IOT!

G<=!EF?!GHHB>=MB<A!8F?<!F?!@GD!BJ=?>T!FMD!KGEF?>!LGC?!FMO!G!:ILJ?!EFGE!DBB<!

BHHISM?=!GJJ!BK!FMD!S>GHEMH?!EMO?AbW!!

! #G<D?<ZD!L>B@EF!GD!G!OIDMHMG<!GEE>GHE?=!EF?!GEE?<EMB<!BK!->MEq!'?FOT!G!

E?GHF?>!@FB!BKK?>?=!FMO!K>??!CMBJM<!J?DDB<DA!*B>>B@M<L!EF?!CMBJM<!BK!EF?!JBHGJ!

:GN?>ZD!DB<T!F?!@GD!G:J?!EB!GHH?SE!EF?!BKK?>!BK!J?DDB<DA!.E!EF?!GL?!BK!E?<T!#G<D?<!

:?LG<!EGNM<L!SMG<B!J?DDB<D!K>BO!FMD!HBIDM<A!*?HGID?!F?!=M=!<BE!FGC?!G!SMG<B!BK!

FMD!B@<T!F?!@GJN?=!EB!FMD!HBIDM<ZD!FBID?!?C?>;!=G;!EB!S>GHEMH?A_V!!.E!KBI>E??<!

;?G>D!BJ=T!#G<D?<!@GD!GHH?SE?=!M<EB!"F?!*B;D!&>HF?DE>G!G<=!G!CGJC?!E>BO:B<?!

@GD!LMC?<!EB!FMO!EB!J?G><A!8F?<!F?!:?HGO?!EBB!BJ=!KB>!"F?!*B;D!&>HF?DE>GT!

#G<D?<!@G<E?=!EB!LB!DEI=;!OIDMH!GE!G!HBJJ?L?A!+<KB>EI<GE?J;T!OB<?;!@GD!EBB!

DFB>E!M<!FMD!KGOMJ;!G<=!F?!@GD!I<G:J?!EB!LB!EB!HBJJ?L?A!!

! .E!EF?!GL?!BK!D?C?<E??<T!#G<D?<!>?H?MC?=!FMD!KM>DE!?OSJB;O?<E!GD!G!SMG<MDE!

GE!G!>?DEGI>G<EA!"F?!OB<?;!K>BO!FMD!QB:!GJJB@?=!FMO!EB!DEI=;!SMG<B!@MEF!0I=CML!

#?L<?>!BK!EF?!#?L<?>!%BJJ?L?!BK!4IDMHA!#G<D?<!HB<EM<I?=!EB!S>GHEMH?!EF?!CMBJM<!

G<=!CGJC?!E>BO:B<?!=I>M<L!EFMD!EMO?!M<!FMD!JMK?A!&<!EF?!>?HBOO?<=GEMB<!BK!G!

OIDMH!=?GJ?>!F?!:?LG<!EGNM<L!CGJC?!E>BO:B<?!J?DDB<D!@MEF!.ILIDE!5?E?>D?<T!DBJB!

CGJC?!E>BO:B<MDE!BK!EF?!(B;GJ!6G<MDF!&>HF?DE>GA_^!.KE?>!G!K?@!OB<EFD!BK!DEI=;T!

5?E?>D?<!EBJ=!#G<D?<!EFGE!F?!HBIJ=!<BE!E?GHF!FMO!G<;OB>?A_U!#G<D?<!DS?<E!G!K?@!

;?G>D!M<!,@?=?<!@B>NM<L!GD!G!CGJC?!E>BO:B<MDE!M<!EF?!B>HF?DE>G!GE!3BEF?<:I>LA!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! bW5?>!3G=?T!j.<EB<!#G<D?<!g^`ff\^WbfhR!-GEF?>!BK!">BO:B<?!5JG;M<L!M<!,HG<=M<GCMGTl!

=4$KK(=/LL'10%!'BA!UfT!)))!g^WfWhR!UW\dVA!!
! _V3G=?T!j.<EB<!#G<D?<Tl!=4$KK(=/LL'10%!'BA!UfT!dVA!!

! _^3G=?T!8%1"%(B$%K'%V(:%(YQL+(Y$*'L#/K0S'4K(:40%J40%Q'4T!^f\^`A!!!

! _U3G=?T!j.<EB<!#G<D?<Tl!=4$KK(=/LL'10%!'BA!UfT!ddA!!
 Ue!

)E!@GD!F?>?!EFGE!G!3?>OG<!HBJJ?GLI?!>?HBOO?<=?=!EFGE!#G<D?<!J?G><!EF?!DJM=?!

E>BO:B<?A!#?!EBJ=!#G<D?<T!j8MEF!;BI>!EGJ?<ET!;BI!FGC?!G!L>?GE!KIEI>?!B<!EFGE!

M<DE>IO?<EAl_d!#G<D?<!GHPIM>?=!G!ID?=!DJM=?!E>BO:B<?!G<=!:?LG<!S>GHEMHM<L!

MOO?=MGE?J;A!!

! #G<D?<!>?EI><?=!EB!%BS?<FGL?<!@F?<!.ILIDE!5?E?>D?<T!FMD!KB>O?>!

E?GHF?>T!>?HBOO?<=?=!FMO!KB>!G!SBDMEMB<!M<!EF?!"MCBJM!%B<H?>E!#GJJ!&>HF?DE>GA!

"F?!<?@!HB<=IHEB>T!1BGNMO!.<=?>D?<T!FG=!DS?<E!OIHF!BK!FMD!JMK?!BIEDM=?!BK!

6?<OG>N!@F?>?!EF?!DJM=?!E>BO:B<?!@GD!EF?!S>?K?>>?=!M<DE>IO?<EA!+SB<!FMD!

>?EI><!EB!6?<OG>NT!.<=?>D?<!>?PI?DE?=!EFGE!EF?!E>BO:B<?!D?HEMB<!SJG;!DJM=?!

E>BO:B<?DA!&<J;!E@B!BK!EF?!EF>??!HI>>?<E!E>BO:B<MDED!@?>?!KGOMJMG>!@MEF!EF?!

DJM=?!E>BO:B<?!G<=!EFGE!MD!@F?<!5?E?>D?<!>?HBOO?<=?=!#G<D?<!KB>!EF?!QB:A_b!)<!

^`W`T!#G<D?<!:?HGO?!DBJB!E>BO:B<?T!B>!S>M<HMSGJ!E>BO:B<?T!M<!EF?!"MCBJM!

%B<H?>E!#GJJ!&>HF?DE>GA!"F?!KBJJB@M<L!;?G>T!F?!:?LG<!GSS?G>M<L!GD!G!DBJBMDE!GD!

SG>E!BK!%BS?<FGL?<ZD!DIOO?>!@M<=!:G<=!HB<H?>ED!M<!EF?!(B;GJ!3G>=?<A__!.KE?>!

DS?<=M<L!E@B!;?G>D!SJG;M<L!M<!EF?!(B;GJ!6G<MDF!&>HF?DE>G!GD!G!=?SIE;T!#G<D?<!

@B<!G!SBDMEMB<!EF?>?!M<!^WV_A!

! )<!^W^VT!GKE?>!KI>EF?>!DEI=;M<L!EF?!DJM=?!E>BO:B<?!B<!FMD!B@<T!#G<D?<!

>?PI?DE?=!G!L>G<E!K>BO!EF?!(B;GJ!&>HF?DE>G!G<=!"F?GE>?!EB!DEI=;!G:>BG=A!+S!EB!

EFMD!SBM<E!M<!FMD!HG>??>T!#G<D?<!FG=!<BE!;?E!DEI=M?=!@MEF!G!E>I?!DJM=?!E>BO:B<?!

E?GHF?>A!#MD!>?PI?DE!@GD!L>G<E?=!G<=!F?!@GD!LMC?<!<M<?!OB<EFD!DGJG>;!EB!HBC?>!

FMD!?XS?<D?D!KB>!DEI=;M<L!G:>BG=A!#G<D?<!@?<E!EB!*?>JM<!KB>!E@B!OB<EFD!M<!^W^^!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! _d3G=?T!j.<EB<!#G<D?<Tl!=4$KK(=/LL'10%!'BA!UfT!ddA!!

! _b,CG<:?>LT!dUA!

! __3G=?T!j.<EB<!#G<D?<Tl!=4$KK(=/LL'10%!'BA!UfT!d_A!!
 Uf!

EB!DEI=;!@MEF!5GIJ!8?DHFN?T!EF?!S>M<HMSGJ!E>BO:B<?!BK!EF?!*?>JM<!&S?>G!G<=!

S>BK?DDB>!GE!EF?!(B;GJ!%BJJ?L?!BK!4IDMH!M<!*?>JM<A_e!8?DHFN?ZD!>?SIEGEMB<!GD!G!

E?GHF?>!G<=!S?>KB>O?>!@GD!N<B@<!EF>BILFBIE!OBDE!BK!$I>BS?!GE!EFMD!EMO?!G<=!

FMD!DIHH?DD!GD!G!E?GHF?>!J?=!EB!FMD!:?M<L!EF?!KM>DE!3?>OG<!E>BO:B<MDE!EB!>?H?MC?!

EF?!EMEJ?!BK!j5>BK?DDB>Al_f!

! .KE?>!FMD!DEI=;!@MEF!8?DHFN?T!#G<D?<!KMJJ?=!FMD!DSG>?!EMO?!@MEF!J?G><M<L!

->?<HF!DB!F?!HBIJ=!HB>>?DSB<=!@MEF!->?<HF!E>BO:B<MDEDA!+SB<!LGM<M<L!G<!

I<=?>DEG<=M<L!KB>!EF?!JG<LIGL?T!F?!@>BE?!EB!5>BK?DDB>!0BIMD!.JJG>=!GE!EF?!5G>MD!

%B<D?>CGEBM>?!GDNM<L!KB>!G!JMDE!BK!->?<HF!>?S?>EBM>?!KB>!EF?!E>BO:B<?A_`!8F?<!F?!

J?G><?=!BK!EF?!JG>L?!<IO:?>!BK!DBJB!SM?H?D!EFGE!@?>?!HBOSBD?=!?GHF!;?G>!KB>!EF?!

G<<IGJ!?XGOM<GEMB<D!GE!EF?!5G>MD!%B<D?>CGEBM>?T!#G<D?<!OG=?!SJG<D!EB!E>GC?J!

G<=!DEI=;!M<!5G>MDA!6I>M<L!EFMD!S?>MB=T!#G<D?<!>?EM>?=!K>BO!EF?!"MCBJM!%B<H?>E!

#GJJ!&>HF?DE>G!M<!^WUVA!"F>BILF!.JJG>=T!#G<D?<!:?LG<!HB>>?DSB<=?<H?!@MEF!

$OMJ?!0GILG!BK!EF?!5G>MD!&S?>G!G<=!1BFG<<?D!(BHFIE!@FB!JGE?>!@BIJ=!:?!

S>M<HMSGJ!E>BO:B<?!M<!EF?!*BDEB<!,;OSFB<;A!)<!EF?!DIOO?>!BK!^WU^T!#G<D?<!

@?<E!EB!5G>MD!G<=!DEI=M?=!@MEF!.JJG>=T!0GILGT!G<=!(BHFIEA!#?!>?EI><?=!EB!5G>MD!M<!

^WUU!G<=!>?OGM<?=!EF?>?!KB>!EF?!KBJJB@M<L!;?G>!EB!DEI=;!KI>EF?>A_W!

! .E!EFMD!SBM<E!M<!FMD!HG>??>T!#G<D?<!@GD!GJ>?G=;!OGNM<L!G!>?SIEGEMB<!KB>!

FMOD?JK!GD!G!E?GHF?>A!)<!^W^eT!F?!@GD!GSSBM<E?=!S>BK?DDB>!BK!E>BO:B<?!GE!EF?!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! _e3G=?T!j.<EB<!#G<D?<Tl!=4$KK(=/LL'10%!'BA!UfT!dWA!!

! _f%G>J!0?<EF?T!j^VV!9?G>D!BK!">BO:B<?!#MDEB>;!a!K>BO!5GIJ!8?DHFN?!EB!#B>DE!(GGDHFTl!

?%1'4%$10"%$L(<4"#I"%'(8KK"&0$10"%(M"/4%$L!cBJA!U_T!'BA!d!g^WWfhA!!
! _`">?CB>!#?>:?>ET!<G'(<4"#I"%'!g'?@!#GC?<T!%B<<?HEMHIER!9GJ?!+<MC?>DME;!5>?DDT!UVVehT!

^d_!G<=!^beA!!
! _W5?>!3G=?T!j.<EB<!#G<D?<!g^`ff\^WbfhR!-GEF?>!BK!">BO:B<?!5JG;M<L!M<!,HG<=M<GCMG!

5G>E!dTl!=4$KK(=/LL'10%!'BA!UWT!)!g^W`VhR!`_\`WA!!!
 U`!

(B;GJ!%B<D?>CGEB>;!BK!4IDMH!M<!%BS?<FGL?<AeV!,M<H?!EF?!%B<D?>CGEB>;!@GD!

DEG>E?=!M<!^`eeT!EF?!=BOM<G<H?!BK!EF?!CGJC?!E>BO:B<?!M<!EFGE!S?>MB=!OGN?D!ME!

JMN?J;!EFGE!#G<D?<!@GD!EF?!KM>DE!DJM=?!E>BO:B<?!S>BK?DDB>!GE!EF?!%B<D?>CGEB>;A!

"F?!B<J;!E>BO:B<?!S>BK?DDB>!JMDE?=!:?KB>?!#G<D?<!M<!%B<D?>CGEB>;!>?HB>=D!MD!

.ILIDE!5?E?>D?<T!FMD!KB>O?>!CGJC?!E>BO:B<?!E?GHF?>Ae^!)<!^Wb^T!#G<D?<!@>BE?!

EF?!KM>DE!6G<MDF!E>BO:B<?!O?EFB=!:BBNT!<4"#I"%'(.S"L'AeU!<4"#I"%'(.S"L'!@GD!

ID?=!EB!E?GHF!M<!HB<QI<HEMB<!@MEF!DBJB!@B>NDA!#?!GJDB!M<E?<=?=!<4"#I"%'(.S"L'!

EB!:?!G!:BBN!EFGE!HBIJ=!:?!KB>!M<=MCM=IGJ!DEI=;T!GD!MJJIDE>GE?=!:;!EF?!JG>L?!BK!

GOBI<E!BK!E?XE!KB>!=?DH>MSEMB<!G<=!?XSJG<GEMB<!F?!M<HJI=?=A!5?>FGSD!#G<D?<!

M<E?<=?=!<4"#I"%'(.S"L'!EB!:?!G<!BSEMB<!KB>!DEI=?<ED!K>BO!G!SBB>!KGOMJ;T!JMN?!

FMOD?JKT!EFGE!=B!<BE!FGC?!EF?!OB<?;!EB!DEI=;!@MEF!G!S>MCGE?!E?GHF?>A!<4"#I"%'(

.S"L'!MD!>?LG>=?=!GD!EF?!KBI<=GEMB<!BK!OB=?><!E>BO:B<?!SJG;M<L!M<!,HG<=M<GCMG!

EB=G;Aed!#G<D?<!FMOD?JK!MD!BKE?<!>?LG>=?=!GD!EF?!j-GEF?>!BK!">BO:B<?!5JG;M<L!M<!

6?<OG>Nl!G<=!,HG<=M<GCMGT!GD!EF?!EMEJ?D!BK!3G=?ZD!G>EMHJ?D!M<!EF?!=4$KK(=/LL'10%!

MJJIDE>GE?A!<4"#I"%'(.S"L'!@GD!?=ME?=!G<=!>?MDDI?=!:;!B<?!BK!#G<D?<ZD!DEI=?<EDT!

5GJO?>!">GIJD?<T!M<!^W_fAeb!4BL?<D!.<=>?D?<T!EF?!HI>>?<E!S>BK?DDB>!GE!EF?!(B;GJ!

%B<D?>CGEB>;T!>?MDDI?=!EF?!O?EFB=!GLGM<!M<!^WffAe_!"B@G>=D!EF?!?<=!BK!FMD!JMK?T!

#G<D?<ZD!DEI=?<ED!BHHISM?=!GJJ!EF?!SBDMEMB<D!M<!EF?!(B;GJ!6G<MDF!&>HF?DE>GT!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! eV#?EDHFT!W`A!

! e^#?EDHFT!W`A!!

! eU3G=?T!j.<EB<!#G<D?<Tl!=4$KK(=/LL'10%!'BA!UWT!WVA!!

! ed5?>!3G=?T!nS?>ALG=?AS>BKsL?EU<?EA=NpT!j(?R!.X?J!1Y>L?<D?<!(?D?G>HFTl!5>MCGE?!?OGMJ!

O?DDGL?!EB!.<=>?@!%B<C?>D?T!-?:>IG>;!UUT!UVV`A!!!
! eb.<EB<!#G<D?<T!<4"#I"%'(.S"L'@($=ME?=!:;!5GJO?>!">GIJD?<!g%BS?<FGL?<R!$=MEMB<!

8MJF?JO!#G<D?<T!^W_fh!
! e_4BL?<D!.<=>?D?<T!=$K/%KS"L'!g%BS?<FGL?<R!$=MEMB<!8MJF?JO!#G<D?<T!^WffhA!!
 UW!

"MCBJM!%B<H?>E!#GJJ!&>HF?DE>GT!EF?!"MCBJM!8M<=!*G<=T!EF?!(B;GJ!0MK?!3IG>=D!*G<=T!

G<=!EF?!6G<MDF!(G=MB!,;OSFB<;Aee!

! .KE?>!DIKK?>M<L!K>BO!D?C?>?!K>BDE:ME?!M<!EF?!@M<E?>!BK!^WbVT!#G<D?<!@GD!

KB>H?=!EB!>?EM>?!K>BO!EF?!(B;GJ!6G<MDF!&>HF?DE>G!B<!'BC?O:?>!^_T!^Wb^Aef!.KE?>!

FGCM<L!:BEF!BK!FMD!J?LD!GOSIEGE?=T!F?!>?EM>?=!K>BO!E?GHFM<L!GE!EF?!(B;GJ!

%B<D?>CGEB>;!M<!^WbeAe`!.<EB<!#G<D?<!=M?=!B<!-?:>IG>;!^eT!^WbfT!EF?!DGO?!;?G>!

GD!.X?J!1Y>L?<D?<AeW!

! .D!O?<EMB<?=!M<!EF?!S>?CMBID!HFGSE?>T!#G<D?<!G<=!1Y>L?<D?<!@?>?!

HBJJ?GLI?D!G<=!K>M?<=DA!"F?;!KM>DE!@B>N?=!EBL?EF?>!M<!EF?!"MCBJM!%B<H?>E!#GJJ!

&>HF?DE>G!G<=!JGE?>!M<!EF?!(B;GJ!6G<MDF!&>HF?DE>GA!)E!@GD!EF>BILF!EF?M>!

K>M?<=DFMS!G<=!#G<D?<ZD!S>BOM<?<E!SBDMEMB<!GE!EF?!KB>?K>B<E!BK!EF?!DJM=?!

E>BO:B<?ZD!?O?>L?<H?!M<!E@?<EM?EF!H?<EI>;!6?<OG>N!EFGE!OIJEMSJ?!

HBOSBDMEMB<D!KB>!E>BO:B<?!@?>?!@>MEE?<!:;!1Y>L?<D?<A!6I?!EB!EF?!JGHN!BK!<B<\

->?<HF!HBOSBDMEMB<!KB>!EF?!E>BO:B<?T!#G<D?<!GDN?=!OG<;!6G<MDF!HBOSBD?>D!EB!

@>ME?!KB>!EF?!E>BO:B<?A!"F?>?!G>?!GE!J?GDE!Ud!HBOSBDMEMB<D!=?=MHGE?=!EB!.<EB<!

#G<D?<!:;!6G<MDF!HBOSBD?>DAfV!1Y>L?<D?<!@GD!B<?!BK!EF?!OG<;!HBOSBD?>D!EB!

@>ME?!G<=!=?=MHGE?!HBOSBDMEMB<D!EB!#G<D?<A!"F?!!"#$%&'!G<=!./01'!:;!1Y>L?<D?<!

G>?!=?=MHGE?=!EB!#G<D?<A!)<!FMD!<4"#I"%'(.S"L'T!#G<D?<!M<HJI=?=!EF?!,5(

?#*4"E0K$10"%K!:;!1Y>L?<D?<Af^!8MEFBIE!#G<D?<ZD!HFGOSMB<M<L!BK!EF?!DJM=?!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! ee3G=?T!j.<EB<!#G<D?<Tl!=4$KK(=/LL'10%!'BA!UWT!WV\W^A!!

! ef3G=?T!j.<EB<!#G<D?<Tl!=4$KK(=/LL'10%!'BA!UWT!W^A!!

! e`,CG<:?>LT!ddA!!

! eW3G=?T!j.<EB<!#G<D?<Tl!=4$KK(=/LL'10%!'BA!UWT!W^A!!

! fV5?>!3G=?T!.<EB<(B$%K'%V(:%(YQL+(Y$*'L#/K0S'4K(:40%J40%Q'4T!^fV\^f^A!

! f^.<EB<!#G<D?<T!<4"#I"%'(.S"L'!g%BS?<FGL?<R!$=MEMB<!8MJF?JO!#G<D?<T!^Wb^hR!WV\^V^A!

!!
 dV!

E>BO:B<?!M<!6?<OG>NT!ME!MD!I<JMN?J;!EFGE!1Y>L?<D?<!@BIJ=!FGC?!@>MEE?<!EF?!

<IO:?>!BK!HBOSBDMEMB<D!KB>!E>BO:B<?!EFGE!F?!=M=A!

! *?HGID?!1Y>L?<D?<!@GD!S>MOG>MJ;!G!S?>KB>O?>!=I>M<L!FMD!JMK?EMO?T!F?!

HBOSBD?=!M<!FMD!DSG>?!EMO?A!"FMD!O?G<E!EFGE!EF?!JG>L?!OGQB>ME;!BK!EF?!SM?H?D!F?!

@>BE?!@?>?!KB>!FMD!K>M?<=D!G<=!HBJJ?GLI?DA!&KE?<!EMO?DT!EF?D?!SM?H?D!@?>?!?C?<!

>?PI?DE?=!:;!FMD!HBJJ?GLI?DT!JMN?!#G<D?<ZD!>?PI?DE!KB>!E>BO:B<?!SM?H?DA!

1Y>L?<D?<ZD!K>M?<=DFMS!@MEF!#G<D?<!LGC?!FMO!=M>?HE!?XSBDI>?!EB!EF?!DJM=?!

E>BO:B<?!M=MBOA!)E!MD!<BE!I<JMN?J;!EFGE!1Y>L?<D?<!@BIJ=!FGC?!@>MEE?<!KB>!EF?!

E>BO:B<?!?C?<!@MEFBIE!#G<D?<ZD!M<KJI?<H?A!*IET!EF?!J?C?J!BK!@>MEM<L!D??<!M<!EF?!

!"#$%&'!G<=!./01'!G<=!EF?M>!SBSIJG>ME;!EB=G;!MD!=I?!M<!JG>L?!SG>E!EB!EF?!@B>N!

G<=!M<KJI?<H?!BK!.<EB<!#G<D?<A! !

!
!
!
!

!
!
!
!

!
(
(
(
(
(
 d^!

!"#$%&'(K)-'(
(
!"#$%&'()"!(*!"#+"%'($%,(-.$%"/("-0(12(

! "F?!!"#$%&'(H"4(<4"#I"%'($%J(20$%"()*/K(,-!MD!EF?!OBDE!SBSIJG>!

HBOSBDMEMB<!:;!.X?J!1Y>L?<D?<!M<!EF?!E>BO:B<?!>?S?>EBM>?A!"F?!!"#$%&'!

GSS?G>D!B<!GE!J?GDE!D?C?<!S>BK?DDMB<GJ!>?HB>=M<LD!G<=!MD!HB<DMDE?<EJ;!B<!>?HMEGJ!

S>BL>GOD!BK!:BEF!DEI=?<ED!G<=!S>BK?DDMB<GJDA!)<!EF?!JM<?>!<BE?D!EB!FMD!UVVe!

>?HB>=M<L!BK!EF?!!"#$%&'T!1?DS?>!1IIJ!FGD!EFMD!EB!DG;T!j"F?!SM?H?!MD!EF?!?SMEBO?!BK!

>BOG<EMH!OIDMH!\!GE!B<H?!J;>MHGJT!?XS>?DDMC?!G<=!<G>>GEMC?AlfU!1Y>L?<D?<!B>MLM<GJJ;!

@>BE?!EF?!!"#$%&'!KB>!E>BO:B<?!G<=!SMG<BT!:IE!KB>!EF?!S>?OM?>?!F?!G>>G<L?=!

EF?!GHHBOSG<MO?<E!KB>!B>HF?DE>GA!.<EB<!#G<D?<!G<=!EF?!(B;GJ!6G<MDF!&>HF?DE>G!

LGC?!EF?!S>?OM?>?!BK!EF?!(BOG<H?!B<!1I<?!U`T!^W^e!GE!EF?!"MCBJM!%B<H?>E!#GJJ!M<!

%BS?<FGL?<Afd!)<!^WU^T!$C?EE?!x!,HFG?KK?>!BK!5G>MD!>?J?GD?=!EF?!KM>DE!SI:JMDF?=!

C?>DMB<!EFGE!M<HJI=?=!E>BO:B<?!G<=!SMG<BAfb!"F?!G>>G<L?O?<E!KB>!E>BO:B<?!G<=!

B>HF?DE>GT!@FMHF!@GD!F?J=!:;!EF?!(B;GJ!6G<MDF!&>HF?DE>GT!@GD!JGE?>!JBDE!M<!G!KM>?!

GE!"MCBJM!%B<H?>E!#GJJ!=I>M<L!8B>J=!8G>!))A!.!<?@!?=MEMB<!BK!EF?!B>HF?DE>GJ!

C?>DMB<!@GD!>?H?<EJ;!SI:JMDF?=!:;!$=MEMB<!8MJF?JO!#G<D?<!BK!%BS?<FGL?<!G<=!

>?HB>=?=!KB>!EF?!KM>DE!EMO?!:;!6G<MDF!E>BO:B<MDE!1?DS?>!1IIJ!@MEF!EF?!6G<MDF!

'GEMB<GJ!,;OSFB<;!&>HF?DE>G!M<!UVVeAf_!"F?!!"#$%&'!@GD!EF?!>?PIM>?=!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! fU1?DS?>!1IIJ!G<=!cGJ=?OG>!0B<DE?=T!j.X?J!1Y>L?<D?<l!M<!GHHBOSG<;M<L!:BBNJ?ET!

!"#$%10&(<4"#I"%'(3"%&'41"K!S?>KB>O?=!:;!1?DS?>!1IIJT!6GHGSB!(?HB>=D!eAUUVV_UeT!UVVeT!
%BOSGHE!6MDHA!
! fdfd5?>!3G=?T!j.X?J!1Y>L?<D?<l!M<!GHHBOSG<;M<L!<BE?DT!!"#$%&'(H"4(<4"#I"%'($%J(20$%"@(

)*+(,-!:;!.X?J!1Y>L?<D?<!g%BS?<FGL?<R!$=MEMB<!8MJF?JO!#G<D?<T!^W`UhA!!
! fb3G=?T!j.X?J!1Y>L?<D?<l!M<!GHHBOSG<;M<L!<BE?DT!!"#$%&'(H"4(<4"#I"%'($%J(20$%"@()*+(

,-!:;!.X?J!1Y>L?<D?<A!
! f_1IIJT!!"#$%10&(<4"#I"%'(3"%&'41"KT!6GHGSB!(?HB>=D!eAUUVV_UeT!UVVeT!HBOSGHE!=MDHA!
 dU!

?<E>G<H?!DBJB!KB>!E>BO:B<?!GE!EF?!(B;GJ!6G<MDF!.HG=?O;!BK!4IDMH!M<!

%BS?<FGL?<!KB>!D?C?>GJ!;?G>D!=I>M<L!EF?!KM>DE!FGJK!BK!EF?!E@?<EM?EF!H?<EI>;Afe!!

! "GNM<L!G!JBBN!GE!EF?!O?JB=MH!HB<E?<E!BK!EF?!!"#$%&'!DBO?!HFG>GHE?>MDEMHD!

BK!1Y>L?<D?<ZD!HBOSBDMEMB<GJ!E?HF<MPI?!G>?!GSSG>?<EA!"F?!OBDE!=?KM<M<L!

HFG>GHE?>MDEMH!BK!1Y>L?<D?<ZD!O?JB=MH!HBOSBDMEMB<!MD!FMD!ID?!BK!D?PI?<H?!

EF>BILFBIE!EF?!!"#$%&'A!'?G>J;!?C?>;!O?JB=MH!M=?G!1Y>L?<D?<!ID?D!M<!EF?!SM?H?!

MD!D?PI?<H?=A!0BBNM<L!HJBD?>!GE!FMD!ID?!BK!O?JB=MH!D?PI?<H?T!ME!MD!B:D?>C?=!EFGE!

F?!>?S?GED!?GHF!M=?G!B<J;!B<?!EMO?!@MEF!B<J;!G!K?@!?XH?SEMB<DA!"FGE!MDT!EF?!

B>MLM<GJ!DEGE?O?<E!BK!EF?!O?JB=;!KBJJB@?=!:;!EF?!D?PI?<H?A!)<!KGHET!1Y>L?<D?<!

:?LM<D!EF?!!"#$%&'!:;!>?DEGEM<L!EF?!M<E>B=IHEB>;!E>BO:B<?!O?JB=;A!"F?!

M<E>B=IHEB>;!O?JB=;!K>BO!EF?!$\KJGE!SMHNIS!EB!O?GDI>?!B<?!EF>BILF!EF?!$\KJGE!B<!

EF?!=B@<:?GE!BK!O?GDI>?!EF>??!MD!D?PI?<H?=!EB<GJJ;!EF>??!O?GDI>?D!JGE?>A!"F?!

M<E?>C?<M<L!O?GDI>?D!G>?!>?DED!KB>!EF?!E>BO:B<?!G<=!EF?!SMG<B!KMJJD!EF?O!:;!

:?LM<<M<L!G!D?PI?<H?!BK!MED!B@<A!"F?!EB<GJ!D?PI?<H?!G<D@?>!EB!O?GDI>?D!B<?!

EF>BILF!EF>??!:?LM<D!@MEF!EF?!?MLFEF!<BE?!%!SMHNIS!EB!O?GDI>?!DMX!G<=!?<=D!B<!

EF?!%!BK!EF?!=B@<:?GE!BK!O?GDI>?!?MLFEA!)<!EFMD!?XGOSJ?!BK!1Y>L?<D?<ZD!O?JB=MH!

=?C?JBSO?<E!EF?!OGE?>MGJ!MD!D?PI?<H?=!EB<GJJ;!=B@<!G!OM<B>!EFM>=!g,??!

$XGOSJ?D!^A^!G<=!^AUhA!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! fe3G=?T!j.X?J!1B>L?<D?<!g^``^\^Wbfh!.!*MBL>GSFMHGJ!5>BKMJ?Tl!?%1'4%$10"%$L(<4"#I"%'(

8KK"&0$10"%(M"/4%$LT!eA(
!!
 dd!

! ! ! !!!!!!!

!
!!
$/A!^A^R!1Y>L?<D?<T!!"#$%&'T!)<E>B=IHEB>;!O?JB=;!M<!E>BO:B<?!SG>E!OOA!^\dA!!
!
! ! !!!!!!!!!!!

!
$/A!^AUR!1Y>L?<D?<T!!"#$%&'T!"B<GJ!D?PI?<H?!BK!OOA!^\d!M<!E>BO:B<?!SG>E!GE!OOA!

_\`A!

! !

! .KE?>!M<E>B=IHM<L!EF?!OGM<!EF?OGEMH!O?JB=;!M<!O?GDI>?D!KBI>E??<!

EF>BILF!D?C?<E??<T!EF?!<?XE!M<DEG<H?!BK!D?PI?<H?!BHHI>DA!"F?!OGE?>MGJ!K>BO!

O?GDI>?!?MLFE??<!>I<<M<L!K>BO!6\KJGE!=B@<!EB!3!MD!MOO?=MGE?J;!>?S?GE?=!=B@<!

G!S?>K?HE!KBI>EF!M<!O?GDI>?!<M<?E??<A!"F?!>?DEGE?O?<E!M<!O?GDI>?!<M<?E??<!

:?LM<D!B<!.!KJGE!G<=!?<=D!B<!G<!-A!"FMD!MD!<?G>J;!G!>?GJ!D?PI?<H?T!?XH?SE!KB>!EF?!

KM<GJ!M<E?>CGJ!M<!O?GDI>?!<M<?E??<A!)<DE?G=!BK!EF?!S?>K?HE!KBI>EF!GD!EF?!KM<GJ!

M<E?>CGJT!GD!M<!O?GDI>?!?MLFE??<T!1Y>L?<D?<!GJE?>D!ME!EB!G!OGQB>!D?HB<=A!"F?!

GJE?>GEMB<!F?>?!GJJB@D!1Y>L?<D?<!EB!DEG;!@MEFM<!EF?!N?;!DML<GEI>?!I<EMJ!EF?!

E>G<DMEMB<GJ!OGE?>MGJ!M<!EF?!KBJJB@M<L!O?GDI>?D!g,??!$XGOSJ?!^AdhA!

!
 db!

!
$/A!^AdR!1Y>L?<D?<T!!"#$%&'T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!GE!OOA!^`\^WA!

! .E!O?GDI>?!E@?<E;\E@BT!EF?!KM>DE!O?GDI>?!BK!EF?!OGM<!EF?OGEMH!O?JB=;!

>?EI><D!M<!:GDMH!KB>O!G<=!MD!ID?=!GD!SG>E!BK!G!D?PI?<H?A!!"F?!KM>DE!SG>E!BK!EF?!

=?C?JBSO?<E!:?LM<D!B<!$\KJGE!M<!O?GDI>?!E@?<E;\E@B!G<=!>I<D!EF>BILF!EF?!$\KJGE!

G<!BHEGC?!FMLF?>!B<!EF?!JGDE!:?GE!BK!O?GDI>?!E@?<E;\EF>??A!"F?!D?HB<=!SG>E!BK!

EF?!=?C?JBSO?<E!:?LM<D!G!OGQB>!EFM>=!FMLF?>!B<!EF?!3!GE!EF?!:?LM<<M<L!BK!

O?GDI>?!E@?<E;\KBI>!G<=!LB?D!EF>BILF!EF?!3!G<!BHEGC?!FMLF?>!B<!EF?!JGDE!:?GE!BK!

O?GDI>?!E@?<E;\KMC?A!.JEFBILF!EF?>?!G>?!GHHM=?<EGJD!M<!EF?!D?HB<=!SG>E!BK!EF?!

>?S?EMEMB<!EFGE!OG;!M<=MHGE?!G!>?GJ!D?PI?<H?T!EF?!M<E?>CGJD!G>?!<BE!G<!M=?<EMHGJ!

OGEHF!G<=!ME!OIDE!:?!JG:?J?=!G!EB<GJ!D?PI?<H?!g,??!$XGOSJ?!^AbhA!

!
$/A!^AbR!1Y>L?<D?<T!!"#$%&'T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!K>BO!OOA!UU\U_A!

! 1Y>L?<D?<!BS?<D!EF?!_0E"!D?HEMB<!BK!EF?(!"#$%&'!@MEF!G!D?PI?<H?A!"F?!

KM>DE!SG>E!:?LM<D!@MEF!EF?!6\DFG>S!SMHNIS!EB!O?GDI>?!EFM>E;\KMC?!G<=!LB?D!

EF>BILF!EF?!FGJK!<BE?!-\DFG>S!B<!:?GED!B<?!G<=!E@B!BK!O?GDI>?!EFM>E;\?MLFEA!"FMD!

O?JB=MH!OGE?>MGJ!MD!EF?<!>?DEGE?=!IS!G!OM<B>!EFM>=!EB!:?LM<!B<!EF?!-\DFG>S!BK!
 d_!

:?GE!EF>??!M<!O?GDI>?!EFM>E;\?MLFE!G<=!LB?D!EF>BILF!EF?!.!BK!O?GDI>?!KB>E;\E@BA!

"FMD!<?@!OGE?>MGJ!M<!EF?!_0E"!D?HEMB<!MD!EF?!KM>DE!HBOSJ?E?J;!>?GJ!D?PI?<H?!EFGE!

1Y>L?<D?<!ID?D!M<!EF?!!"#$%&'!g,??!$XGOSJ?!^A_hA!

$/A!^A_R!1Y>L?<D?<T!!"#$%&'T!(?GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!db\bUA!

! "F?!_0E"(D?HEMB<!MOO?=MGE?J;!HB<EM<I?D!@MEF!G<BEF?>!=?C?JBSO?<EGJ!

D?PI?<H?A!"F?!O?JB=MH!OGE?>MGJ!EFGE!MD!EB!:?!>?S?GE?=!:?LM<D!@MEF!EF?!.!SMHNIS!

EB!O?GDI>?!KB>E;\EF>??!G<=!LB?D!EF>BILF!EF?!%\DFG>S!B<!:?GE!E@B!BK!O?GDI>?!

KB>E;\KBI>A!"F?!>?S?EMEMB<!:?LM<D!@MEF!EF?!SMHNIS!.\KJGE!EB!O?GDI>?!KB>E;\KMC?!G<=!

LB?D!EF>BILF!EF?!%\<GEI>GJ!B<!:?GE!E@B!BK!O?GDI>?!KB>E;\DMXA!1Y>L?<D?<!

HB<EM<I?D!EB!ID?!>?GJ!D?PI?<H?D!M<!EF?!_0E"!D?HEMB<!BK!EF?!!"#$%&'T!EFMD!EMO?!EF?!

>?GJ!D?PI?<H?!MD!=B@<!G!OM<B>!D?HB<=!g,??!$XGOSJ?!^AehA!

!!!!!!!!!!!!!

!
$/A!^AeR!1Y>L?<D?<T!!"#$%&'T!(?GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!bU\beA!
 de!

! .KE?>!EF?!_0E"!D?HEMB<T!1Y>L?<D?<!>?EI><D!EB!EF?!BS?<M<L!OB=?>GE?!E?OSB!

G<=!@MEF!G<!?XE?<=?=!SMG<B!M<E?>JI=?!E>G<DMEMB<D!:GHN!EB!EF?!DEG>EM<L!OGE?>MGJA!

"F?!OGM<!EF?OGEMH!O?JB=;!>?EI><D!GE!O?GDI>?!DMXE;\?MLFE!G<=!1Y>L?<D?<!EF?<!

>?DEGE?D!EF?!?<EM>?!O?JB=;A!"F?!OGM<!EF?OGEMH!O?JB=;!LB?D!K>BO!EF?!$\KJGE!B<!

:?GE!B<?!BK!O?GDI>?!DMXE;\?MLFE!EF>BILF!EF?!*\KJGE!B<!:?GED!E@B!G<=!EF>??!BK!

O?GDI>?!D?C?<E;\B<?A!"FMD!MD!G<!?XGHE!=ISJMHGEMB<!BK!EF?!O?JB=;!@F?<!ME!KM>DE!

GSS?G>?=!M<!O?GDI>?D!KBI>E??<!EF>BILF!D?C?<E??<!?XH?SE!KB>!EF?!=;<GOMH!J?C?JA!

.E!EF?!OGM<!EF?OGEMH!O?JB=;ZD!KM>DE!GSS?G>G<H?!EF?!=;<GOMH!J?C?J!@GD!OG>N?=!

#'``"(H"41'(G<=!GE!MED!>?EI><!F?>?!ME!MD!M<=MHGE?=!*0$%"A!"F?!O?JB=;!K>BO!

O?GDI>?D!DMXE;\?MLFE!EF>BILF!D?C?<E;\B<?!MD!EF?<!>?S?GE?=!IS!G!OGQB>!D?HB<=!EB!

>I<!K>BO!EF?!-!B<!:?GE!B<?!BK!O?GDI>?!D?C?<E;\E@B!EF>BILF!EF?!%!B<!:?GED!E@B!

G<=!EF>??!BK!O?GDI>?!D?C?<E;\KMC?A!8MEF!EF?!>?EI><!BK!EF?!OGM<!EF?OGEMH!O?JB=;!

1Y>L?<D?<!>?EI><D!EB!IDM<L!EB<GJ!D?PI?<H?D!M<DE?G=!BK!EF?!>?GJ!D?PI?<H?D!F?!ID?=!

M<!EF?!_0E"!D?HEMB<!g,??!$XGOSJ?!^AfhA!

$/A!^AfR!1Y>L?<D?<T!!"#$%&'T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!e`\f_A!

!
 df!

! "F?!JGDE!D?PI?<H?!EFGE!GSS?G>D!M<!EF?!!"#$%&'!MD!MOSB>EG<EA!"F?!DGO?!

OGE?>MGJ!@MJJ!GSS?G>!M<!EF?!./01'!G<=!@MJJ!:?!=MDHIDD?=!KI>EF?>!M<!EF?!KBJJB@M<L!

HFGSE?>DA!"F?!OGE?>MGJ!EFGE!MD!=?C?JBS?=!:?LM<D!@MEF!EF?!%!B<!:?GE!B<?!BK!

O?GDI>?!D?C?<E;\DMX!G<=!LB?D!EF>BILF!EF?!*\KJGE!B<!:?GED!E@B!G<=!EF>??!BK!

O?GDI>?!D?C?<E;\D?C?<A!"FMD!OGE?>MGJ!MD!EF?<!>?DEGE?=!=B@<!G!OGQB>!D?HB<=!

:?LM<<M<L!@MEF!EF?!*\KJGE!B<!:?GE!B<?!BK!O?GDI>?!D?C?<E;\?MLFE!G<=!LB?D!EF>BILF!

EF?!.\KJGE!B<!:?GED!E@B!G<=!EF>??!BK!O?GDI>?!D?C?<E;\<M<?A!"F?!D?PI?<H?!F?>?!MD!

>?GJ!G<=!EF?!OGE?>MGJ!MD!ID?=!M<!G!E>G<DMEMB<!EB!EF?!HJBDM<L!OGE?>MGJ!BK!EF?!

!"#$%&'A!.KE?>!EF?!S>?CMBID!D?PI?<H?!M<!O?GDI>?D!D?C?<E;\E@B!EF>BILF!

D?C?<E;\KMC?T!1Y>L?<D?<!?<=?=!M<!EF?!N?;!BK!-!OM<B>A!#?!ID?D!EF?!OGE?>MGJ!G<=!MED!

D?PI?<H?!M<!D?C?<E;\DMX!EF>BILF!D?C?<E;\<M<?!EB!>?EI><!EB!EF?!FBO?!EB<MH!N?;!BK!

.\KJGE!OGQB>!g,??!$XGOSJ?!^A`hA!

!
$/A!^A`R!1Y>L?<D?<T!!"#$%&'T!">G<DMEMB<GJ!>?GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!

fe\fWA!

! 0BBNM<L!GE!EF?!.*.!KB>O!BK!EF?!!"#$%&'T!@FMHF!@GD!HBOOB<!KB>!EF?!

CBHGJ!G<=!M<DE>IO?<EGJ!>BOG<H?D!BK!EF?!<M<?E??<EF!H?<EI>;!G<=!?G>J;T!1Y>L?<D?<!

JMOMED!FMOD?JK!EB!IDM<L!>?GJ!D?PI?<H?D!=I>M<L!B<J;!EF?!*!D?HEMB<!G<=!E>G<DMEMB<DA!

"F?!_0E"!D?HEMB<!BK!EF?!!"#$%&'!MD!EF?!HB<E>GDEM<L!EB<GJ!G<=!EF?OGEMH!*!D?HEMB<!

EB!EF?!DI>>BI<=M<L!.!OGE?>MGJA!6I>M<L!EF?!_0E"!D?HEMB<T!1Y>L?<D?<!MD!>GSM=J;!
 d`!

HFG<LM<L!N?;!G>?GD!G<=!EF?!ID?!BK!>?GJ!D?PI?<H?D!KGHMJMEGE?D!EF?D?!>GSM=!

OB=IJGEMB<D!g,??!$XGOSJ?D!^A_!G<=!^AehA!"F?!BEF?>!EMO?!1Y>L?<D?<!ID?D!G!>?GJ!

D?PI?<H?T!O?GDI>?D!D?C?<E;\DMX!EF>BILF!D?C?<E;\<M<?!g,??!$XGOSJ?!`hT!F?!ID?D!

ME!EB!E>G<DMEMB<!:GHN!EB!.\KJGE!OGQB>!G<=!EB!EF?!HB=G!BK!EF?!!"#$%&'A!1Y>L?<D?<ZD!

ID?!BK!EB<GJ!D?PI?<H?D!M<!EF?!.!D?HEMB<D!EFGE!DI>>BI<=!EF?!_0E"!GJJB@D!FMO!EB!

DEG;!M<!EF?!EB<MH!N?;!G>?G!BK!.\KJGE!OGQB>!@MEFBIE!OB=IJGEM<L!EBB!DBB<!:?KB>?!EF?!

_0E"+(!

! ,?PI?<H?!MD!G!S>?CGJ?<E!HBOSBDMEMB<GJ!=?CMH?!EFGE!1Y>L?<D?<!ID?D!

EF>BILFBIE!FMD!!"#$%&'A!&K!EF?!D?C?<E;\D?C?<!O?GDI>?D!EFGE!EF?!E>BO:B<?!

SJG;D!M<!EF?!!"#$%&'T!EFM>E;\<M<?!BK!EFBD?!O?GDI>?D!ID?!D?PI?<H?A!!)<!EF?!<?XE!

HFGSE?>!GD!EF?!ID?!BK!D?PI?<H?!M<!1Y>L?<D?<ZD!./01'(H"4(<4"#I"%'($%J()4&G'K14$(MD!

?XSJB>?=T!EF?!BHHI>>?<H?D!BK!D?PI?<H?!@MJJ!HB<EM<I?!EB!L>B@A!

!
!
!
!

!
!
!
!

!
!
!

!
 dW!

!"#$%&'(K+M&(
(
34.*'()"!(*!"#+"%'($%,("!&5'3*!$/("-0(11(

( 8FMJ?!<BE!GD!SBSIJG>!GD!EF?!!"#$%&'T!EF?!./01'(H"4(<4"#I"%'($%J(

)4&G'K14$()*/K(,,!MD!G!DEG<=G>=!SG>E!BK!EF?!E>BO:B<?!>?S?>EBM>?A!"F?!./01'!

GSS?G>D!B<!GE!J?GDE!EF>??!S>BK?DDMB<GJ!>?HB>=M<LD!G<=!MD!S?>KB>O?=!>?LIJG>J;!B<!

DEI=?<E!G<=!S>BK?DDMB<GJ!>?HMEGJDA!)<!EF?!JM<?>!<BE?D!EB!FMD!UVV^!>?HB>=M<L!BK!EF?!

SM?H?T!%F>MDEMG<!0M<=:?>L!HFG>GHE?>Mq?D!FMD!CM?@D!G:BIE!1Y>L?<D?<!G<=!EF?!./01'T!

j]!B<?!HG<!=MDH?><!G!>?GJ!EGJ?<E!M<!EF?!SM?H?D!EFGE!F?!@>BE?!KB>!:>GDD!PIM<E?ET!

CMBJGT!E>BO:B<?!G<=!SMG<B!GD!@?JJ!GD!M<!EFMD!DIME?!KB>!E>BO:B<?!G<=!B>HF?DE>GAlff!

"F?!./01'!@GD!HBOSJ?E?=!=I>M<L!EF?!DIOO?>!BK!^WUe!GE!1Y>L?<D?<ZD!FBJM=G;!

FBO?!M<!3MJJ?J?Q?!G<=!=?=MHGE?=!EB!G<=!S>?OM?>?=!:;!.<EB<!#G<D?<Af`!"F?!./01'!

@GD!@>MEE?<!B>MLM<GJJ;!KB>!E>BO:B<?!G<=!KIJJ!B>HF?DE>G!G<=!1Y>L?<D?<!JGE?>!

E>G<DH>M:?=!EF?!GHHBOSG<MO?<E!KB>!SMG<BA!)<!^W`UT!%G>DE?<!,CG<:?>L!

HBOOMDDMB<?=!G!DE>M<L!B>HF?DE>G!G>>G<L?O?<E!G<=!S?>KB>O?=!ME!GE!%G><?LM?!#GJJ!

M<!'?@!9B>NAfW!!

! "F?!./01'!MD!<GEMB<GJMDEMH\>BOG<EMH!M<!DE;J?A!"F?!KM>DE!OBC?O?<E!:?LM<D!

@MEF!EF?!KIJJ!B>HF?DE>GJ!DBI<=!M<E>B=IHM<L!EF?!E>BO:B<?A!"F?!E>BO:B<?!?<E?>D!

@MEF!1Y>L?<D?<!EGNM<L!G=CG<EGL?!BK!EF?!SB@?>!G<=!J;>MHGJ!SBE?<EMGJ!BK!EF?!

E>BO:B<?A!"F?!B>HF?DE>G!ID?D!CMLB>BID!:>BN?<!HFB>=D!GJE?><GE?=!@MEF!J;>MHGJ!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! ff%F>MDEMG<!0M<=:?>LT!j.X?J!1Y>L?<D?<l!M<!GHHBOSG<;M<L!:BBNJ?ET!7$%J4$S'(0%(1G'(3"4%'4!

S?>KB>O?=!:;!%F>MDEMG<!0M<=:?>LT!*),!(?HB>=D!%6\^^U`T!UVV^T!%BOSGHE!6MDHA!!
! f`1IIJT!!"#$%10&(<4"#I"%'(3"%&'41"KT!6GHGSB!(?HB>=D!eAUUVV_UeT!UVVeT!HBOSGHE!=MDHA!!

! fW%G>DE?<!,CG<:?>LT!j.X?J!1Y>L?<D?<l!M<!GHHBOSG<;M<L!:BBNJ?ET!>$%0KG(!"#$%10&(

3"%&'41"K(H"4(<4/#*'1($%J(<4"#I"%'!S?>KB>O?=!:;!%G>DE?<!,CG<:?>LT!(B<=B!(?HB>=D!(%6`d_WT!
%BOSGHE!6MDHA!!
 bV!

EF?O?D!EB!FMLFJMLFE!EF?!E>BO:B<?!O?JB=;!M<!EF?!KM>DE!OBC?O?<EA!"F?!D?HB<=!

OBC?O?<E!MD!M<!EF?!KB>O!BK!G<!M<E?>O?qqBT!J;>MHGJ!G<=!?XS>?DDMC?!M<!EF?!6G<MDF!

>BOG<EMH!DB<L!DE;J?A!"F?!EFM>=!OBC?O?<E!:?LM<D!@MEF!G!:?GIEMKIJ!:GJJG=A!

1Y>L?<D?<!EGN?D!G=CG<EGL?!BK!:BEF!EF?!E>BO:B<?ZD!G<=!EF?!B>HF?DE>GJ!DE>M<LDZ!

?XS>?DDMC?!HGSG:MJMEM?D!M<!EF?!:GJJG=!BK!EF?!EFM>=!OBC?O?<E!@MEF!EF?!E>BO:B<?!

KJBGEM<L!BC?>!EF?!HFB>=D!M<!EF?!DE>M<LDA!"F?!:GJJG=!MD!EF?<!ID?=!GD!EF?!:GDMD!KB>!G!

D?>M?D!BK!CG>MGEMB<D!EFGE!L>B@!M<!M<E?<DME;!EB!EF?!L>G<=!HB<HJIDMB<!BK!EF?!SM?H?A!

K2A3=(:5N/>/1=O(*6789:;<=>! !

! "F?!./01'!?XFM:MED!EF?!DGO?!HFG>GHE?>MDEMH!ID?!BK!D?PI?<H?!EFGE!@GD!

B:D?>C?=!M<!EF?!!"#$%&'A!)<!EF?!KM>DE!OBC?O?<ET!@FMHF!MD!M<!.*.Z!E?><G>;!KB>OT!

GKE?>!G<!M<E>B=IHEMB<!M<!EF?!B>HF?DE>GJ!GHHBOSG<MO?<ET!EF?!KM>DE!O?JB=MH!

D?PI?<H?D!GSS?G>D!M<!EF?!KM>DE!EF?O?!L>BIS!BK!EF?!.!D?HEMB<!GE!O?GDI>?D!E?<!

EF>BILF!KMKE??<!g,??!$XGOSJ?!UA^hA!"@B!D?PI?<H?D!EGN?!SJGH?!M<!EF?D?!O?GDI>?DA!

"F?!KM>DE!D?PI?<H?=!OGE?>MGJ!:?LM<D!B<!EF?!.\KJGE!B<!:?GE!B<?!BK!O?GDI>?!?J?C?<!

G<=!LB?D!EF>BILF!EF?!JGDE!E>MSJ?E!*\KJGE!B<!:?GE!KBI>!BK!O?GDI>?!?J?C?<A!"F?!

>?S?EMEMB<!BK!EFMD!OGE?>MGJ!:?LM<D!MOO?=MGE?J;!@MEF!EF?!3!B<!:?GE!B<?!BK!O?GDI>?!

E@?JC?!G<=!LB?D!EF>BILF!EF?!JGDE!E>MSJ?E!.\KJGE!B<!:?GE!KBI>!BK!O?GDI>?!E@?JC?A!

"FMD!MD!G!EB<GJ!D?PI?<H?!EFGE!MD!=B@<!G!OM<B>!D?HB<=A!"F?!<?XE!D?PI?<H?!:?LM<D!

@MEF!EF?!6\KJGE!B<!:?GE!B<?!BK!O?GDI>?!EFM>E??<!G<=!LB?D!EF>BILF!EF?!%!B<!:?GE!

B<?!BK!O?GDI>?!KBI>E??<A!"FMD!OGE?>MGJ!MD!EF?<!>?S?GE?=!:?LM<<M<L!@MEF!EF?!

?JM=?=!%!B<!:?GE!B<?!BK!O?GDI>?!KBI>E??<!G<=!LB?D!EF>BILF!EF?!*\KJGE!B<!:?GE!B<?!

BK!O?GDI>?!KMKE??<A!.LGM<T!EFMD!MD!G!EB<GJ!D?PI?<H?!EFGE!MD!=B@<!G!OM<B>!D?HB<=A!
 b^!

1Y>L?<D?<!>?S?GED!EF?!?XGHE!OGE?>MGJ!K>BO!O?GDI>?D!E?<!EF>BILF!KMKE??<!GE!

O?GDI>?D!KMKE;\DMX!EF>BILF!DMXE;\B<?!M<!EF?!.Z!D?HEMB<A!

!
$/A!UA^R!1Y>L?<D?<T!./01'(7"E'#'%1()%'T!"B<GJ!D?PI?<H?D!M<!E>BO:B<?!SG>E!OOA!

^V\^_A!!!

! "F?!<?XE!BHHI>>?<H?!BK!D?PI?<H?!MD!M<!O?GDI>?D!D?C?<E??<!EF>BILF!

E@?<E;A!"F?!KM>DE!DEGE?O?<E!BK!EF?!OGE?>MGJ!:?LM<D!@MEF!EF?!DMXE??<EF!<BE?!-!M<!

O?GDI>?!D?C?<E??<!G<=!LB?D!EF>BILF!EF?!*\KJGE!B<!:?GE!E@B!BK!O?GDI>?!?MLFE??<A!

"FMD!OGE?>MGJ!MD!>?S?GE?=!IS!G!OM<B>!D?HB<=!:?LM<<M<L!@MEF!EF?!DMXE??<EF!<BE?!-\

DFG>S!M<!O?GDI>?!<M<?E??<!G<=!LB?D!EF>BILF!EF?!*\<GEI>GJ!B<!:?GE!E@B!BK!

O?GDI>?!E@?<E;!g,??!$XGOSJ?!UAUhA!"F?!D?PI?<H?!F?>?!MD!>?GJ!G<=!ID?=T!JMN?!M<!

EF?!!"#$%&'T!GD!EF?!KM>DE!SG>E!BK!G!E>G<DMEMB<!EB!EF?!D?HB<=!EF?O?!L>BIS!BK!EF?!.!

D?HEMB<A!1Y>L?<D?<!GJ>?G=;!ID?=!EFMD!O?JB=MH!OGE?>MGJ!M<!EF?!KM>DE!E@B!O?GDI>?D!

BK!EF?O?!L>BIS!B<?T!O?GDI>?D!<M<?!G<=!EF?!KM>DE!E@B!:?GED!BK!O?GDI>?!E?<T!G<=!

:>M<LD!ME!:GHN!F?>?!KB>!D?PI?<HM<L!G<=!E>G<DMEMB<M<LA!!

!
 bU!

!
!
!

$/A!UAUR!1Y>L?<D?<T!./01'(7"E'#'%1()%'T!(?GJ!D?PI?<H?D!M<!E>BO:B<?!SG>E!OOA!

^f\UdA!

! "F?!KMC?!<BE?D!K>BO!:?GED!EF>??!G<=!KBI>!BK!O?GDI>?!E?<!g,??!$XGOSJ?!

UA^hT!@FMJ?!<BE!SG>E!BK!EF?!D?PI?<H?D!M<!O?GDI>?D!E?<!EF>BILF!KMKE??<T!G>?!ID?=!:;!

1Y>L?<D?<!GD!EF?!D?HB<=!SG>E!BK!EF?!E>G<DMEMB<!EB!EF?!D?HB<=!EF?O?!L>BIS!M<!EF?!.!

D?HEMB<A!"FMD!MD!G!>?GJ!D?PI?<H?!EFGE!MD!M<!G!OM<B>!D?HB<=!>?JGEMB<DFMS!GSS?G>M<L!

M<!O?GDI>?D!E@?<E;\B<?!EF>BILF!E@?<E;\EF>??!g,??!$XGOSJ?!UAUhA!"F?!KM>DE!

DEGE?O?<E!:?LM<D!@MEF!EF?!3\KJGE!M<!O?GDI>?!E@?<E;\B<?!G<=!LB?D!EF>BILF!EF?!.\

<GEI>GJ!B<!:?GE!B<?!BK!O?GDI>?!E@?<E;\E@BA!"FMD!OGE?>MGJ!MD!>?S?GE?=!:?LM<<M<L!

B<!EF?!-!M<!O?GDI>?!E@?<E;\E@B!G<=!LB?D!EF>BILF!EF?!3\DFG>S!B<!:?GE!B<?!BK!

O?GDI>?!E@?<E;\EF>??A!

! "F?!O?JB=MH!OGE?>MGJ!K>BO!O?GDI>?D!D?C?<E??<!EF>BILF!E@?<E;!GSS?G>D!

EF>??!G==MEMB<GJ!EMO?D!M<!EF?!KM>DE!OBC?O?<E!BK!EF?!./01'A!"F?!KM>DE!>?GSS?G>G<H?!

MD!M<!O?GDI>?D!EFM>E;\KMC?!EF>BILF!EFM>E;\D?C?<!=I>M<L!EF?!E>G<DMEMB<!EB!EF?!*!

D?HEMB<A!1Y>L?<D?<!>?OBC?D!EF?!KM>DE!E@B!<BE?DT!G!DMXE??<EF!<BE?!G<=!PIG>E?>!

<BE?T!K>BO!EF?!O?JB=MH!KMLI>?!G<=!B<J;!ID?D!EF?!D?HB<=!SG>E!F?>?!g,??!$XGOSJ?!

UAdhA!"F?!OGE?>MGJ!M<!O?GDI>?!EFM>E;\KMC?!MD!>?S?GE?=!=B@<!G!OM<B>!D?HB<=!M<!
 bd!

O?GDI>?!EFM>E;\D?C?<A!0MN?!:?KB>?!M<!O?GDI>?D!D?C?<E??<!EF>BILF!E@?<E;T!EFMD!MD!

G!>?GJ!D?PI?<H?!ID?=!M<!G!E>G<DMEMB<A!4?GDI>?D!DMXE;\EF>??!EF>BILF!DMXE;\DMX!

>?DEGE?!EF?!?<EM>?!O?JB=MH!KMLI>?!K>BO!O?GDI>?D!D?C?<E??<!EF>BILF!E@?<E;A!"FMD!

EGN?D!SJGH?!@MEFM<!EF?!.Z!D?HEMB<!G<=!MD!GLGM<!GHEM<L!GD!G!E>G<DMEMB<!:?E@??<!EF?!

KM>DE!EF?O?!L>BIS!G<=!EF?!D?HB<=!EF?O?!L>BISA!"FMD!MD!G<!?XGHE!<BE?!KB>!<BE?!

>?S?EMEMB<!BK!O?GDI>?D!D?C?<E??<!EF>BILF!E@?<E;T!G!>?GJ!D?PI?<H?!OBCM<L!IS!G!

OM<B>!D?HB<=A!!

!
$/A!UAdR!1Y>L?<D?<T!./01'(7"E'#'%1()%'T!(?GJ!D?PI?<H?!IDM<L!OGE?>MGJ!K>BO!OOA!

^f\UV!M<!E>BO:B<?!SG>E!OOA!d_\dfA!

! "F?!JGDE!GSS?G>G<H?!BK!EF?!OGE?>MGJ!K>BO!O?GDI>?D!D?C?<E??<!EF>BILF!

E@?<E;!MD!=MKK?>?<E!EFG<!EF?!S>?CMBID!D?PI?<H?DA!"F?!O?GDI>?D!D?C?<E;\<M<?!

EF>BILF!?MLFE;\B<?!G>?!SG>E!BK!EF?!E>G<DMEMB<!:?E@??<!EF?!.Z!D?HEMB<!G<=!EF?!HB=G!

BK!EF?!KM>DE!OBC?O?<EA!)<!EF?D?!EF>??!O?GDI>?DT!1Y>L?<D?<!EGN?D!EF?!OGE?>MGJ!

K>BO!O?GDI>?D!D?C?<E??<!EF>BILF!E@?<E;!G<=!D?PI?<H?D!ME!E@MH?A!"FMD!MD!EF?!KM>DE!

EMO?!EFGE!1Y>L?<D?<!FGD!D?PI?<H?=!G!O?JB=MH!M=?G!OB>?!EF?!B<H?A!)E!MD!GJDB!EF?!

KM>DE!E>G<DMEMB<GJ!D?PI?<H?!EFGE!=B?D!<BE!FGC?!G!>?GJ!>?JGEMB<DFMS!:?E@??<!EF?!

KM>DE!DEGE?O?<E!G<=!DI:D?PI?<E!>?S?EMEMB<DA!.JEFBILF!GHHM=?<EGJD!GSS?G>!M<!EF?!

OIDMHT!@FMHF!OG;!J?G=!EF?!B:D?>C?>!EB!EFM<N!ME!MD!G!>?GJ!D?PI?<H?T!EF?!DEGE?O?<E!

G<=!>?S?EMEMB<D!G>?!>?JGE?=!EB<GJJ;A!"F?!KM>DE!D?PI?<H?!OBC?D!IS!G!OM<B>!D?HB<=!
 bb!

G<=!EF?!D?HB<=!D?PI?<H?!OBC?D!IS!G!OM<B>!EFM>=!K>BO!EF?!D?HB<=!D?PI?<H?!B>!G!

OGQB>!EFM>=!K>BO!EF?!B>MLM<GJ!OGE?>MGJA!1Y>L?<D?<!<??=?=!EB!ID?!EF?!G==MEMB<GJ!

D?PI?<H?!G<=!KBJJB@M<L!D?HEMB<D!BK!EF?!E>G<DMEMB<!gEB!:?!=MDHIDD?=!KI>EF?>!B<h!EB!

:>M<L!EF?!HB=G!BK!EF?!KM>DE!OBC?O?<E!EB!EF?!HJBDM<L!N?;!BK!-!OGQB>!g,??!$XGOSJ?!

UAbhA!

!
$/A!UAbR!1Y>L?<D?<T!./01'(7"E'#'%1()%'T!"B<GJ!D?PI?<H?D!M<!E>BO:B<?!SG>E!OOA!

fW\`^A!-M>DE!EMO?!O?JB=MH!OGE?>MGJ!MD!D?PI?<H?=!OB>?!EFG<!B<H?A!

! "F?O?!L>BIS!E@B!BK!EF?!.!D?HEMB<!HB<EGM<D!EF?!<?XE!BHHI>>?<H?!@F?>?!

1Y>L?<D?<!ID?D!D?PI?<H?A!"FMD!MD!<BE!G!E>G<DMEMB<GJ!<B>!=?C?JBSO?<EGJ!D?HEMB<!

G<=!1Y>L?<D?<!HB<EM<I?D!FMD!ID?!BK!EB<GJ!D?PI?<H?!G@G;!K>BO!EF?D?!HB<E?XEDA!"F?!

BS?<M<L!OGE?>MGJ!BK!EF?!D?PI?<H?!:?LM<D!@MEF!EF?!%!B<!:?GE!B<?!BK!O?GDI>?!

EFM>E;\B<?!G<=!LB?D!EF>BILF!EF?!3!B<!:?GE!KBI>!BK!O?GDI>?!EFM>E;\E@BA!"FMD!

OGE?>MGJ!MD!EB<GJJ;!D?PI?<H?=!IS!G!OM<B>!EFM>=!:?LM<<M<L!B<!EF?!$\KJGE!BK!:?GE!

B<?!O?GDI>?!EFM>E;\EF>??!G<=!LBM<L!EF>BILF!EF?!*\KJGE!B<!:?GE!KBI>!BK!O?GDI>?!

EFM>E;\KBI>!g,??!$XGOSJ?!UA_hA!

!
 b_!

!
$/A!UA_R!1Y>L?<D?<T!./01'(7"E'#'%1()%'T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!

d^\dbA!

! 1Y>L?<D?<!:>M<LD!:GHN!EF?!OGE?>MGJ!K>BO!O?GDI>?D!EFM>E;\B<?!EF>BILF!

EFM>E;\KBI>!=I>M<L!EF?!.Z!D?HEMB<A!"F?!D?HB<=!EF?O?!L>BIS!MD!>?DEGE?=!M<!

O?GDI>?D!D?C?<E;\KMC?!EF>BILF!D?C?<E;\?MLFEA!"F?!KM>DE!DEGE?O?<E!BK!EF?!OGE?>MGJ!

LB?D!K>BO!O?GDI>?!D?C?<E;\KMC?!EF>BILF!D?C?<E;\DMXA!"F?!D?PI?<H?!MD!IS!G!OM<B>!

EFM>=!G<=!LB?D!K>BO!O?GDI>?!D?C?<E;\D?C?<!EF>BILF!D?C?<E;\?MLFEA!

! "F?!<?XE!D?PI?<H?!EFGE!M<CBJC?D!<?@!OGE?>MGJ!BHHI>D!M<!EF?!*!D?HEMB<!BK!

EF?!KM>DE!OBC?O?<EA!"F?!KM>DE!DEGE?O?<E!BHHI>D!M<!O?GDI>?!KB>E;\B<?!:?LM<<M<L!

B<!EF?!$!G<=!LB?D!EF>BILF!EF?!6\DFG>S!M<!EF?!DGO?!O?GDI>?A!1Y>L?<D?<!EF?<!

>?DEGE?D!EFMD!IS!G!OGQB>!EFM>=!:?LM<<M<L!@MEF!EF?!3\DFG>S!M<!O?GDI>?!KB>E;\E@B!

G<=!?<=M<L!@MEF!EF?!-\DFG>S!M<!EF?!DGO?!O?GDI>?!g,??!$XGOSJ?!UAehA!.JEFBILF!

EFMD!MD!M<!EF?!*!D?HEMB<!BK!EF?!KM>DE!OBC?O?<ET!1Y>L?<D?<!=B?D!<BE!ID?!G!>?GJ!

D?PI?<H?!JMN?!F?!=M=!M<!EF?!DGO?!D?HEMB<!BK!EF?!!"#$%&'A!)<DE?G=T!F?!ID?D!EF?!

G:>ISE!DFMKE!EB!*!OGQB>!G<=!EF?!E?OSB!HFG<L?!EB!H>?GE?!EF?!HB<E>GDE!@MEFBIE!

>GSM=J;!HFG<LM<L!N?;!G>?GDA!!

!
$/A!UAeR!1Y>L?<D?<T!./01'(7"E'#'%1()%'T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!

b^\bUA!
 be!

! 4?GDI>?D!?MLFE;\EF>??!EF>BILF!?MLFE;\KBI>!HB<EGM<!EF?!<?XE!D?HEMB<!BK!

=?C?JBSM<L!<?@!OGE?>MGJA!*?LM<<M<L!@MEF!EF?!%!B<!:?GE!B<?!BK!O?GDI>?!?MLFE;\

EF>??!G<=!?<=M<L!@MEF!EF?!%!B<!EF?!D?HB<=!FGJK!BK!:?GE!E@B!M<!O?GDI>?!?MLFE;\

EF>??!MD!EF?!OGE?>MGJ!EFGE!MD!D?PI?<H?=A!"FMD!MD!EF?<!>?S?GE?=!=B@<!G!OM<B>!

D?HB<=!:?LM<<M<L!@MEF!EF?!%\KJGE!B<!:?GE!EF>??!BK!O?GDI>?!?MLFE;\EF>??!G<=!LB?D!

EF>BILF!EF?!*\KJGE!B<!EF?!D?HB<=!FGJK!BK!:?GE!B<?!M<!O?GDI>?!?MLFE;\KBI>A!

1Y>L?<D?<!EF?<!D?PI?<H?D!ME!G!D?HB<=!EMO?T!EFMD!EMO?!=B@<!G!OM<B>!EFM>=!K>BO!

EF?!KM>DE!DEGE?O?<E!:?LM<<M<L!@MEF!EF?!.!B<!:?GE!E@B!BK!O?GDI>?!?MLFE;\KBI>!G<=!

?<=M<L!@MEF!EF?!.\KJGE!B<!EF?!D?HB<=!FGJK!BK!:?GE!EF>??!M<!EF?!DGO?!O?GDI>?!g,??!

$XGOSJ?!UAfhA!"FMD!MD!EF?!<?XE!SF>GD?!BK!EF?!E>G<DMEMB<!K>BO!EF?!.Z!D?HEMB<!EB!EF?!

HB=GT!JM<NM<L!@MEF!EF?!BEF?>!=BI:J?!D?PI?<H?!K>BO!O?GDI>?D!D?C?<E;\<M<?!

EF>BILF!?MLFE;\B<?!g,??!$XGOSJ?!UAbhA!0MN?!EF?!SF>GD?!:?KB>?!MET!GJEFBILF!

1Y>L?<D?<!ID?D!GHHM=?<EGJDT!EFMD!MD!G!EB<GJ!D?PI?<H?A!"F?!KM>DE!M<E?>CGJ!MD!G!S?>K?HE!

KBI>EF!G<=!EF?!KM>DE!D?PI?<H?!M<E?>CGJ!MD!G!OGQB>!EFM>=T!O?G<M<L!EFGE!E?HF<MHGJJ;!

EF?!M<E?>CGJD!=B!<BE!G>>G;!EF?OD?JC?D!M<!G!D?PI?<EMGJ!SGEE?><A!#B@?C?>T!EF?!

SGEE?><!BK!EF?!OBEMB<!GJB<L!@MEF!EF?!M<E?>CGJD!LMC?D!EF?!JMDE?<?>!EF?!MOS>?DDMB<!

BK!G!D?PI?<H?A!"FMD!MD!EF?!DGO?!SGEE?><!G<=!D?PI?<H?!EFGE!1Y>L?<D?<!ID?=!M<!

O?GDI>?D!D?C?<E;\DMX!EF>BILF!D?C?<E;\<M<?!BK!EF?!!"#$%&'!g,??!$XGOSJ?!^A`hA!

"F?!DMOMJG>MEM?D!:?E@??<!EF?D?!E@B!D?HEMB<D!@MJJ!:?!=MDHIDD?=!M<!KI>EF?>!=?EGMJ!M<!

EF?!<?XE!HFGSE?>A!

!
 bf!

!
$/A!UAfR!1Y>L?<D?<T!./01'(7"E'#'%1()%'T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!

`d\`bA!

! "F?!JGDE!E@B!?XGOSJ?D!BK!D?PI?<H?!M<!EF?!KM>DE!OBC?O?<E!G>?!EF?!JGDE!

D?HEMB<!BK!EF?!E>G<DMEMB<!:?E@??<!EF?!.Z!D?HEMB<!G<=!EF?!HB=GA!"F?!KM>DE!D?PI?<H?!

:?LM<D!@MEF!EF?!3\KJGE!B<!:?GE!B<?!O?GDI>?!?MLFE;\KMC?!G<=!LB?D!EF>BILF!EF?!3!B<!

:?GE!E@B!BK!O?GDI>?!?MLFE;\DMXA!4?GDI>?!?MLFE;\DMX!MD!G!>?GJ!D?PI?<H?!BK!O?GDI>?!

?MLFE;\KMC?A!"F?!OGE?>MGJ!M<!O?GDI>?D!?MLFE;\KMC?!G<=!?MLFE;\DMX!GSS?G>?=!E@MH?!

?G>J;!M<!MOMEGEMB<!=I>M<L!EF?!KM>DE!OBC?O?<ET!O?GDI>?D!KMKE??<!EF>BILF!DMXE??<!

G<=!DMXE;\B<?!EF>BILF!DMXE;\E@BA!*IET!O?GDI>?D!?MLFE;\KMC?!G<=!?MLFE;\DMX!G>?!EF?!

KM>DE!G=QGH?<E!>?S?EMEMB<!BK!EF?!OGE?>MGJA!"F?!D?HB<=!D?PI?<H?!:?LM<D!@MEF!EF?!.\

KJGE!B<!:?GE!B<?!BK!O?GDI>?!?MLFE;\D?C?<!G<=!?<=D!@MEF!EF?!-!B<!EF?!D?HB<=!FGJK!

BK!:?GE!E@B!M<!O?GDI>?!?MLFE;\?MLFEA!4?GDI>?!?MLFE;\?MLFE!MD!G!>?GJ!D?PI?<H?!BK!

O?GDI>?!?MLFE;\D?C?<!g,??!$XGOSJ?!UA`hA!!

!
$/A!UA`R!1Y>L?<D?<T!./01'(7"E'#'%1()%'T!(?GJ!D?PI?<H?D!M<!E>BO:B<?!SG>E!OOA!

`_\``A!

! "F?D?!E@B!>?GJ!D?PI?<H?D!KM<MDF!EF?!E>G<DMEMB<!EFGE!DEG>E?=!M<!O?GDI>?!

D?C?<E;\<M<?!EB!:>M<L!EF?!N?;!EB!-!OGQB>!KB>!EF?!HB=GA!6I>M<L!EF?!.Z!D?HEMB<T!
 b`!

1Y>L?<D?<!GJE?>?=!EF?!N?;!G>?G!M<!FMD!>?DEGE?O?<E!BK!EF?!D?HB<=!EF?O?!L>BIS!G<=!

F?!<??=?=!G<!?XE?<=?=!E>G<DMEMB<!EB!>?GHF!-!OGQB>A!"F?!D?PI?<HM<L!BK!G<!M=?G!

OB>?!EFG<!B<H?!KB>!EF?!KM>DE!EMO?!M<!FMD!@>MEM<L!=I>M<L!EFMD!E>G<DMEMB<!GJJB@?=!

1Y>L?<D?<!EB!>?GHF!-!OGQB>!PIMHNJ;!@FMJ?!M<HB>SB>GEM<L!OGE?>MGJ!K>BO!?G>JM?>!M<!

EF?!OBC?O?<EA!

?/<517(:5N/>/1=O(#>?@>A(B78C8D8!

! 1Y>L?<D?<!HB<EM<I?D!FMD!ID?!BK!D?PI?<H?!M<!EF?!D?HB<=!OBC?O?<E!OM<I?EA!

4?GDI>?D!E@B!EF>BILF!?MLFE!FGC?!E@B!D?SG>GE?!D?PI?<H?DA!"F?!OGE?>MGJ!

:?LM<<M<L!@MEF!EF?!3\KJGE!B<!:?GE!E@B!BK!O?GDI>?!E@B!EF>BILF!EF?!%!B<!:?GE!B<?!

BK!O?GDI>?!EF>??!MD!EF?!KM>DE!OGE?>MGJ!EB!:?!=?C?JBS?=A!"FMD!OGE?>MGJ!MD!EB<GJJ;!

D?PI?<H?=!IS!G!OGQB>!EFM>=!:?LM<<M<L!B<!EF?!*\KJGE!BK!:?GE!E@B!O?GDI>?!EF>??!

G<=!LB?D!EF>BILF!EF?!$\KJGE!B<!:?GE!B<?!BK!O?GDI>?!KBI>!g,??!$XGOSJ?!UAWhA!"F?!

<?XE!OGE?>MGJ!EB!:?!D?PI?<H?=!:?LM<D!@MEF!EF?!*\KJGE!B<!:?GE!B<?!BK!O?GDI>?!KMC?!

G<=!LB?D!EF>BILF!EF?!.\KJGE!M<!O?GDI>?!DMXA!"F?!>?GJ!D?PI?<H?!BK!EFMD!OGE?>MGJ!

KBJJB@D!MOO?=MGE?J;!@MEF!EF?!3\<GEI>GJ!B<!:?GE!B<?!BK!O?GDI>?!D?C?<!G<=!LB?D!

EF>BILF!EF?!-!M<!O?GDI>?!?MLFEA!"F?!>?JGEMB<DFMS!:?E@??<!EF?!OGE?>MGJ!:?M<L!

D?PI?<H?=!G<=!EF?!>?S?EMEMB<!M<!O?GDI>?D!KMC?!EF>BILF!?MLFE!MD!=B@<!G!OM<B>!

EFM>=!g,??!$XGOSJ?!UAWhA!

!
 bW!

!
$/A!UAWR!1Y>L?<D?<T!./01'(7"E'#'%1(<F"T!"B<GJ!G<=!>?GJ!D?PI?<H?D!M<!E>BO:B<?!

SG>E!OOA!U\`A!

! *BEF!D?PI?<H?D!K>BO!O?GDI>?D!E@B!EF>BILF!?MLFE!G>?!ID?=!JGE?>!M<!EF?!

D?HB<=!OBC?O?<EA!"F?!EB<GJ!D?PI?<H?!K>BO!O?GDI>?D!E@B!EF>BILF!KBI>!GSS?G>D!

GLGM<!GD!G<!?XGHE!>?S?EMEMB<!M<!O?GDI>?D!EFM>E;\KBI>!EF>BILF!EFM>E;\DMXA!"F?!>?GJ!

D?PI?<H?!K>BO!O?GDI>?D!KMC?!EF>BILF!?MLFE!GJDB!>?GSS?G>D!GD!G<!?XGHE!>?S?EMEMB<!

M<!O?GDI>?D!EFM>E;\D?C?<!EF>BILF!KB>E;A!!

!! "F?!<?XE!OGE?>MGJ!EB!:?!D?PI?<H?=!:?LM<D!@MEF!EF?!*\KJGE!B<!:?GE!B<?!BK!

O?GDI>?!D?C?<E??<!G<=!LB?D!EF>BILF!EF?!.\KJGE!B<!:?GE!B<?!BK!O?GDI>?!?MLFE??<A!

"FMD!OGE?>MGJ!MD!EF?<!EB<GJJ;!>?S?GE?=!:?LM<<M<L!@MEF!EF?!?JM=?=!.\KJGE!B<!:?GE!

B<?!BK!O?GDI>?!?MLFE??<!G<=!LB?D!EF>BILF!EF?!3\KJGE!B<!:?GE!B<?!BK!O?GDI>?!

<M<?E??<A!"F?!OGE?>MGJ!K>BO!O?GDI>?D!D?C?<E??<!EF>BILF!?MLFE??<!MD!EB<GJJ;!

D?PI?<H?=!=B@<!G!OGQB>!D?HB<=!M<!O?GDI>?D!?MLFE??<!EF>BILF!<M<?E??<!g,??!

$XGOSJ?!UA^VhA!

!
$/A!UA^VR!1Y>L?<D?<T!./01'(7"E'#'%1(<F"T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!

^f\^WA!

!
 _V!

! "F?!D?PI?<H?!K>BO!O?GDI>?D!D?C?<E??<!EF>BILF!<M<?E??<!MD!ID?=!GLGM<!M<!

O?GDI>?D!E@?<E;\KMC?!EF>BILF!E@?<E;\D?C?<A!"F?!SGEE?><!MD!EF?!DGO?T!:IE!EFMD!

EMO?!ME!:?LM<D!B<!$\KJGE!G<=!MD!>?S?GE?=!E@MH?A!"F?>?!MD!EF?!?JM=?=!<BE?!GD!:?KB>?!

G<=!EF?!>?JGEMB<DFMS!:?E@??<!EF?!BS?<M<L!OGE?>MGJ!G<=!MED!>?S?EMEMB<D!MD!G!

=?DH?<=M<L!OGQB>!D?HB<=A!"F?!E@B!EB<GJ!D?PI?<H?D!EFGE!KBJJB@!EF?!KM>DE!

DEGE?O?<E!:?LM<!@MEF!6\KJGE!B<!:?GE!B<?!BK!O?GDI>?!E@?<E;\DMX!G<=!EF?!<?XE!@MEF!

%\KJGE!B<!:?GE!B<?!BK!O?GDI>?!E@?<E;\D?C?<A!!

! 4?GDI>?D!E@?<E;\B<?!EF>BILF!E@?<E;\KBI>!HB<EGM<!EF?!<?XE!<?@!OGE?>MGJ!

EFGE!MD!=?C?JBS?=!D?PI?<EMGJJ;A!"F?!KM>DE!DEGE?O?<E!BK!EF?!OGE?>MGJ!:?LM<D!@MEF!

EF?!3\DFG>S!B<!:?GE!B<?!BK!O?GDI>?!E@?<E;\B<?!G<=!LB?D!EF>BILF!EF?!*\<GEI>GJ!

B<!:?GED!E@B!G<=!EF>??!BK!O?GDI>?!E@?<E;\E@BA!'?XE!ME!MD!MOO?=MGE?J;!>?S?GE?=!

IS!G!=MOM<MDF?=!KBI>EF!EB!:?LM<!B<!EF?!%!BK!:?GE!B<?!M<!O?GDI>?!E@?<E;\EF>??!

G<=!LB?D!EF>BILF!EF?!$\KJGE!B<!:?GED!E@B!G<=!EF>??!BK!O?GDI>?!E@?<E;\KBI>A!.D!

EF?!ID?!BK!GHHM=?<EGJD!OG;!M<=MHGE?T!EFMD!MD!G!>?GJ!D?PI?<H?!g,??!$XGOSJ?!UA^^hA!

!
$/A!UA^^R!1Y>L?<D?<T!./01'(7"E'#'%1(<F"T!(?GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!

U^\UbA!

! "F?!D?PI?<H?=!OGE?>MGJ!K>BO!O?GDI>?D!E@?<E;\B<?!EF>BILF!E@?<E;\KBI>!

GSS?G>D!GLGM<!M<!O?GDI>?D!E@?<E;\<M<?!EF>BILF!EFM>E;\E@BA!"F?!KM>DE!DEGE?O?<E!

:?LM<D!B<!G!%\DFG>S!M<!O?GDI>?!E@?<E;\<M<?A!#B@?C?>T!M<DE?G=!BK!G!=MOM<MDF?=!
 _^!

KBI>EF!>?JGEMB<DFMS!JMN?!:?KB>?T!EF?!>?S?EMEMB<!MD!IS!G!OM<B>!EFM>=!EFMD!EMO?A!"F?!

>?DEGE?O?<E!:?LM<D!B<!G<!$\<GEI>GJ!M<!O?GDI>?!EFM>E;\B<?A!.JEFBILF!EFMD!

D?PI?<H?!ID?D!GHHM=?<EGJDT!JMN?!EF?!D?PI?<H?!K>BO!O?GDI>?D!E@?<E;\B<?!EF>BILF!

E@?<E;\KBI>T!EF?!>?JGEMB<DFMS!F?>?!MD!EB<GJA!

! "F?!D?HB<=!OBC?O?<E!HB<EM<I?D!I<EMJ!O?GDI>?!KMKE;\EF>??!:?KB>?!<?@!

=?C?JBS?=!OGE?>MGJ!GSS?G>DA!"F?!KM>DE!DEGE?O?<E!:?LM<D!@MEF!EF?!3\KJGE!B<!:?GE!

B<?!BK!O?GDI>?!KMKE;\EF>??!G<=!LB?D!EF>BILF!EF?!6\KJGE!B<!:?GED!E@B!G<=!EF>??!BK!

O?GDI>?!KMKE;\KBI>A!"FMD!MD!EF?<!>?S?GE?=!IS!G<!GILO?<E?=!D?HB<=!EB!:?LM<!@MEF!

EF?!.\<GEI>GJ!B<!:?GE!B<?!BK!O?GDI>?!KMKE;\KMC?!G<=!LB?D!EF>BILF!EF?!$\<GEI>GJ!B<!

:?GED!E@B!G<=!EF>??!BK!O?GDI>?!KMKE;\DMXA!"F?!>?JGEMB<DFMS!:?E@??<!EF?!KM>DE!

DEGE?O?<E!G<=!EF?!D?PI?<H?!MD!>?GJ!g,??!$XGOSJ?!UA^UhA!

!
$/A!UA^UR!1Y>L?<D?<T!./01'(7"E'#'%1(<F"T!(?GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!

_d\_eA!

! "F?!<?XE!D?PI?<H?!KBJJB@D!MOO?=MGE?J;!M<!O?GDI>?D!KMKE;\D?C?<!EF>BILF!

DMXE;A!"F?!KM>DE!DEGE?O?<E!:?LM<D!@MEF!G<!-!B<!:?GE!B<?!BK!O?GDI>?!KMKE;\D?C?<!

G<=!LB?D!EF>BILF!EF?!6\KJGE!B<!:?GED!E@B!G<=!EF>??!BK!O?GDI>?!KMKE;\?MLFEA!"F?!

>?S?EMEMB<!MD!=>BSS?=!=B@<!G<!GILO?<E?=!KBI>EFT!B>!G!E>MEB<?T!:?LM<<M<L!@MEF!

EF?!%\KJGE!B<!:?GE!B<?!BK!O?GDI>?!KMKE;\<M<?!G<=!LB?D!EF>BILF!EF?!*\KJGE!B<!:?GED!
 _U!

E@B!G<=!EF>??!BK!O?GDI>?!DMXE;A!"F?!>?JGEMB<DFMS!:?E@??<!EF?!KM>DE!DEGE?O?<E!G<=!

EF?!D?PI?<H?!MD!EB<GJ!g,??!$XGOSJ?!UA^dhA!

!
$/A!UA^dR!1Y>L?<D?<T!./01'(7"E'#'%1(<F"T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!

_f\eVA!

! "F?!JGDE!D?PI?<H?!M<!EF?!D?HB<=!OBC?O?<E!MD!M<!O?GDI>?D!?MLFE;!EF>BILF!

?MLFE;\EF>??A!"F?!=?C?JBSM<L!OGE?>MGJ!:?LM<D!@MEF!EF?!*\KJGE!B<!:?GE!EF>??!BK!

O?GDI>?!?MLFE;!G<=!LB?D!EF>BILF!EF?!.\KJGE!B<!:?GE!EF>??!BK!O?GDI>?!?MLFE;\B<?A!

"F?!.\KJGE!B<!:?GE!EF>??!BK!O?GDI>?!?MLFE;\B<?!MD!?JM=?=!EB!DEG>E!EF?!>?S?EMEMB<!

@FMHF!?<=D!@MEF!EF?!-\DFG>S!B<!:?GE!EF>??!BK!O?GDI>?!?MLFE;\E@B!G<=!:?GE!B<?!

BK!O?GDI>?!?MLFE;\EF>??A!"F?!JGDE!D?PI?<H?!BK!EF?!D?HB<=!OBC?O?<E!MD!>?GJ!G<=!

EF?!>?S?EMEMB<!MD!G!OGQB>!D?HB<=!:?JB@!EF?!KM>DE!DEGE?O?<E!g,??!$XGOSJ?!UA^bhA!

!
$/A!UA^bR!1Y>L?<D?<T!./01'(7"E'#'%1(<F"T!(?GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!

`V\`dA!

(
 _d!

%.2A7(:5N/>/1=R!+<==<E>(>A(-8=8?<7D>!

! "F?!EFM>=!OBC?O?<E!BK!EF?!./01'!MD!EF?!JB<L?DE!BK!EF?!EF>??!OBC?O?<EDA!

1Y>L?<D?<!ID?D!EF?!BS?<M<L!:GJJG=!BK!EF?!EFM>=!OBC?O?<E!GD!EF?!:GDMD!KB>!G!D?>M?D!

BK!CG>MGEMB<DA!"F?!CG>MGEMB<D!M<H>?GD?!M<!E?OSB!K>BO!G!#"J'4$1"!EB!G!1'#*"(J0(

*"L"%$0K'T!EGNM<L!B<!EF?!DEGE?J;!HFG>GHE?>!BK!EF?!5BJMDF!=G<H?!:;!EF?!DGO?!<GO?A!

1Y>L?<D?<!ID?D!D?PI?<H?D!M<!:BEF!EF?!BS?<M<L!:GJJG=!G<=!KBJJB@M<L!CG>MGEMB<D!BK!

EF?!EFM>=!OBC?O?<EA!

! "F?!KM>DE!M<DEG<H?!BK!D?PI?<H?!M<!EF?!:GJJG=!BK!EF?!EFM>=!OBC?O?<E!EGN?D!

SJGH?!M<!O?GDI>?D!?MLFE!EF>BILF!E?<A!"F?!KBI>\<BE?!KMLI>?!:?LM<<M<L!@MEF!EF?!$!

B<!:?GE!KBI>!BK!O?GDI>?!?MLFE!G<=!LBM<L!EF>BILF!EF?!%\DFG>S!B<!:?GE!E@B!BK!

O?GDI>?!<M<?!MD!ID?=!GD!EF?!OGE?>MGJ!KB>!=?C?JBSO?<EA!"FMD!OGE?>MGJ!MD!

MOO?=MGE?J;!>?S?GE?=!=B@<!G!OM<B>!D?HB<=!KBJJB@M<L!G!B<?!:?GE!>?DEA!"F?!EB<GJ!

D?PI?<H?!:?LM<D!@MEF!EF?!6\DFG>S!B<!:?GE!KBI>!BK!O?GDI>?!<M<?!G<=!LB?D!

EF>BILF!*!B<!:?GE!E@B!BK!O?GDI>?!E?<!g,??!$XGOSJ?!UA^_hA!

!
$/A!UA^_R!1Y>L?<D?<T!./01'(7"E'#'%1(<G4''T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!

OOA!`\^VA!

! "F?!<?XE!D?PI?<H?=!OGE?>MGJ!M<!EF?!:GJJG=!:?LM<D!@MEF!EF?!-\DFG>S!B<!:?GE!

KBI>!BK!O?GDI>?!E@?<E;!G<=!LB?D!EF>BILF!EF?!6\DFG>S!B<!:?GE!EF>??!BK!O?GDI>?!

E@?<E;\E@BA!"F?!KM>DE!DEGE?O?<E!MD!EF?<!JB@?>?=!G!OM<B>!EFM>=!G<=!D?PI?<H?=!
 _b!

EB<GJJ;A!"F?!>?DEGE?O?<E!:?LM<D!@MEF!EF?!6\DFG>S!B<!:?GE!KBI>!BK!O?GDI>?!

E@?<E;\E@B!G<=!LB?D!EF>BILF!EF?!*!B<!:?GE!EF>??!BK!O?GDI>?!E@?<E;\KBI>!g,??!

$XGOSJ?!UA^ehA!

!
$/A!UA^eR!1Y>L?<D?<T!./01'(7"E'#'%1(<G4''T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!

OOA!UV\UbA!

! "F?!D?PI?<H?!K>BO!O?GDI>?D!E@?<E;!EF>BILF!E@?<E;\KBI>!>?GSS?G>D!JGE?>!

M<!EF?!D?HB<=!CG>MGEMB<A!"F?!BS?<M<L!DEGE?O?<E!:?LM<D!B<!G<!$!M<!O?GDI>?!^^V!

G<=!LB?D!EF>BILF!EF?!ISS?>!>?LMDE?>!*!M<!O?GDI>?!^^UA!0MN?!:?KB>?T!EF?!BS?<M<L!

OGE?>MGJ!MD!JB@?>?=!G!OM<B>!EFM>=!G<=!>?S?GE?=!:?LM<<M<L!@MEF!EF?!JB@?>!

>?LMDE?>!*!M<!O?GDI>?!^^U!G<=!LBM<L!EF>BILF!EF?!3!B<!:?GE!E@B!BK!O?GDI>?!^^bA!

0MN?!EF?!D?PI?<H?!K>BO!O?GDI>?D!E@?<E;!EF>BILF!E@?<E;\KBI>T!EF?!>?S?EMEMB<!M<!

O?GDI>?D!^^V!EF>BILF!^^b!MD!EB<GJA!

! "F?!JGDE!M<DEG<H?!BK!D?PI?<H?!M<!EF?!BS?<M<L!:GJJG=!BHHI>D!M<!O?GDI>?D!

E@?<E;\KBI>!EF>BILF!E@?<E;\DMXA!"F?!BS?<M<L!DEGE?O?<E!:?LM<D!@MEF!EF?!*!B<!

:?GE!KBI>!BK!O?GDI>?!E@?<E;\KBI>!G<=!LB?D!EF>BILF!EF?!6\DFG>S!B<!:?GE!EF>??!BK!

O?GDI>?!E@?<E;\KMC?A!.KE?>!G<!?MLFEF!<BE?!>?DE!EFMD!OGE?>MGJ!MD!JB@?>?=!G!OM<B>!

D?HB<=!EB!:?LM<!@MEF!EF?!.\DFG>S!B<!:?GE!KBI>!BK!O?GDI>?!E@?<E;\KMC?A!"FMD!EFM>=!

G<=!KM<GJ!EB<GJ!D?PI?<H?!M<!EF?!:GJJG=!?<=D!@MEF!EF?!%\DFG>S!B<!:?GE!EF>??!BK!

O?GDI>?!E@?<E;\DMX!g,??!$XGOSJ?!UA^fhA!
 __!

!
$/A!UA^fR!1Y>L?<D?<T!./01'(7"E'#'%1(<G4''T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!

OOA!Ub\UeA!

! "F?!D?PI?<H?=!OGE?>MGJ!K>BO!O?GDI>?D!E@?<E;\KBI>!EF>BILF!E@?<E;\DMX!

MD!F?G>=!EF>??!OB>?!EMO?D!EF>BILFBIE!EF?!EFM>=!OBC?O?<EA!"F?!KM>DE!

>?GSS?G>G<H?!BHHI>D!M<!O?GDI>?D!?MLFE;\DMX!EF>BILF!?MLFE;\?MLFE!=I>M<L!EF?!KM>DE!

CG>MGEMB<A!"F?!SGEE?><!BK!<BE?D!F?>?!MD!EF?!DGO?!G<=!EF?!OGE?>MGJ!:?LM<D!B<!G!*!

GLGM<A!*IET!EF?!BS?<M<L!DEGE?O?<E!MD!JB@?>?=!G!OGQB>!D?HB<=!G<=!ID?=!M<!G!>?GJ!

D?PI?<H?!:?LM<<M<L!@MEF!G<!.!B<!EF?!KBI>EF!DMXE??<EF!<BE?!BK!:?GE!EF>??!M<!

O?GDI>?!?MLFE;\D?C?<A!"F?!>F;EFOMH!CGJI?D!BK!EF?!<BE?D!G>?!DFB>E?<?=!M<!EF?!

>?GSS?G>G<H?T!:IE!@MEFBIE!HFG<LM<L!EF?!K>GO?@B>N!BK!EF?!OGE?>MGJ!g,??!$XGOSJ?!

UA^`hA!"F?!<?XE!E@B!>?GSS?G>G<H?D!BK!EF?!OGE?>MGJ!K>BO!O?GDI>?D!E@?<E;\KBI>!

EF>BILF!E@?<E;\DMX!:BEF!BHHI>!M<!EF?!D?HB<=!CG>MGEMB<A!"F?D?!G>?!:BEF!

>F;EFOMHGJJ;!GJE?>?=!JMN?!O?GDI>?D!?MLFE;\DMX!EF>BILF!?MLFE;\?MLFE!G<=!:BEF!G>?!

>?GJ!D?PI?<H?DA!"F?!KM>DE!D?PI?<H?!M<!EF?!D?HB<=!CG>MGEMB<!BHHI>D!M<!O?GDI>?D!

^^b!EF>BILF!^^e!G<=!EF?!D?HB<=!D?PI?<H?!BHHI>D!M<!O?GDI>?D!^be!EF>BILF!^b`A!

!
$/A!UA^`R!1Y>L?<D?<T!./01'(7"E'#'%1(<G4''T!(?GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!OOA!

`e\``A!
 _e!

! "F?!KM>DE!<?@!OGE?>MGJ!EB!:?!D?PI?<H?=!M<!EF?!KM>DE!CG>MGEMB<!BHHI>D!M<!

O?GDI>?D!D?C?<E;!EF>BILF!D?C?<E;\E@BA!"F?!KM>DE!DEGE?O?<E!:?LM<D!@MEF!EF?!3\

<GEI>GJ!B<!:?GE!EF>??!BK!O?GDI>?!D?C?<E;!G<=!LB?D!EF>BILF!EF?!%\<GEI>GJ!B<!:?GE!

E@B!BK!O?GDI>?!D?C?<E;\B<?A!"FMD!MD!EF?<!EB<GJJ;!>?S?GE?=!=B@<!G!OM<B>!D?HB<=!

:?LM<<M<L!@MEF!EF?!-\DFG>S!B<!:?GE!EF>??!BK!O?GDI>?!D?C?<E;\B<?!G<=!LBM<L!

EF>BILF!EF?!*!B<!:?GE!E@B!BK!O?GDI>?!D?C?<E;\E@B!g,??!$XGOSJ?!UA^WhA!

!
$/A!UA^WR!1Y>L?<D?<T!./01'(7"E'#'%1(<G4''T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!

OOA!fV\fUA!

! "F?!D?PI?<H?=!OGE?>MGJ!K>BO!O?GDI>?D!D?C?<E;!EF>BILF!D?C?<E;\E@B!

>?GSS?G>D!E@MH?!M<!EF?!D?HB<=!CG>MGEMB<A!"F?!KM>DE!>?GSS?G>G<H?!MD!G<!?XGHE!

>?S?EMEMB<!BK!EF?!OGE?>MGJ!G<=!BHHI>D!M<!O?GDI>?D!^d`!EF>BILF!^bVA!"F?!D?HB<=!

>?GSS?G>G<H?!:?LM<D!M<!O?GDI>?!^_b!G<=!LB?D!EF>BILF!O?GDI>?!^_eA!"F?>?!G>?!

E@B!DOGJJ!=MKK?>?<H?D!M<!EF?D?!O?GDI>?DA!"F?!KM>DE!<BE?!MD!G!*\KJGE!M<DE?G=!BK!3!G<=!

EF?!>?JGEMB<DFMS!:?E@??<!EF?!KM>DE!DEGE?O?<E!G<=!EF?!>?S?EMEMB<!MD!G!=?DH?<=M<L!

=MOM<MDF?=!EFM>=!M<DE?G=!BK!G!OM<B>!D?HB<=A!"F?!>F;EFOMH!CGJI?D!>?OGM<!EF?!

DGO?!G<=!EF?!D?PI?<H?!MD!DEMJJ!EB<GJA!

! 4?GDI>?D!?MLFE;\E@B!EF>BILF!?MLFE;\DMX!HB<EGM<!EF?!<?XE!D?PI?<H?!M<!

CG>MGEMB<!B<?A!"F?!-\DFG>S!B<!EF?!D?HB<=!FGJK!BK!:?GE!EF>??!M<!O?GDI>?!?MLFE;\

E@B!:?LM<D!EF?!KM>DE!DEGE?O?<E!BK!EF?!OGE?>MGJ!@FMHF!?<=D!@MEF!EF?!6!B<!EF?!KM>DE!
 _f!

FGJK!BK!:?GE!EF>??!M<!O?GDI>?!?MLFE;\KBI>A!1Y>L?<D?<!JB@?>D!EF?!OGE?>MGJ!G!OGQB>!

EFM>=!:?LM<<M<L!@MEF!EF?!6!B<!EF?!D?HB<=!FGJK!BK!:?GE!EF>??!M<!O?GDI>?!?MLFE;\

KBI>!G<=!LBM<L!EF>BILF!EF?!*!B<!:?GE!EF>??!BK!O?GDI>?!?MLFE;\DMXA!"FMD!MD!G!EB<GJ!

D?PI?<H?!g,??!$XGOSJ?!UAUVhA!"F?!=?C?JBS?=!OGE?>MGJ!K>BO!O?GDI>?D!?MLFE;\E@B!

EF>BILF!?MLFE;\DMX!>?GSS?G>D!B<H?!M<!EF?!D?HB<=!CG>MGEMB<A!4?GDI>?D!^bU!

EF>BILF!^be!G>?!G<!?XGHE!>?S?EMEMB<!BK!EF?!OGE?>MGJ!KBI<=!M<!O?GDI>?D!?MLFE;\

E@B!EF>BILF!?MLFE;\DMXA!

!
$/A!UAUVR!1Y>L?<D?<T!./01'(7"E'#'%1(<G4''T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!

OOA!`U\`eA!

! "F?!KM>DE!D?PI?<H?!KBI<=!M<!EF?!D?HB<=!CG>MGEMB<!BHHI>D!M<!O?GDI>?D!^Ve!

EF>BILF!^V`A!"F?!KM>DE!DEGE?O?<E!:?LM<D!@MEF!EF?!%!B<!:?GE!EF>??!BK!O?GDI>?!^Ve!

G<=!LB?D!EF>BILF!EF?!.!B<!:?GE!E@B!BK!O?GDI>?!^VfA!'?XE!ME!MD!EB<GJJ;!D?PI?<H?=!

=B@<!G!OM<B>!D?HB<=!:?LM<<M<L!@MEF!EF?!*!B<!:?GE!EF>??!BK!O?GDI>?!^Vf!G<=!

LBM<L!EF>BILF!EF?!3!B<!:?GE!E@B!BK!O?GDI>?!^V`A!"FMD!D?PI?<H?!MD!GHEIGJJ;!G!

CG>MGEMB<!B<!EF?!D?PI?<H?!KBI<=!M<!O?GDI>?D!?MLFE!EF>BILF!E?<!g,??!$XGOSJ?!

UA^_hA!.JJ!1Y>L?<D?<!=M=!F?>?!MD!M<C?>E!EF?!D?HB<=!G<=!EFM>=!M<E?>CGJDA!"F?!S?>K?HE!

KMKEF!K>BO!6\DFG>S!=B@<!EB!3\DFG>S!M<!O?GDI>?D!?MLFE!G<=!<M<?!:?HBO?D!G!

S?>K?HE!KBI>EF!K>BO!*!IS!EB!$!M<!O?GDI>?D!^Ve!G<=!^VfA!$GHF!BK!EF?!DI:D?PI?<E!

M<E?>CGJD!MD!EF?<!JMN?\@MD?!GKK?HE?=A!"F?!=?C?JBS?=!OGE?>MGJ!M<!O?GDI>?D!^Ve!
 _`!

EF>BILF!^V`!MD!>?S?GE?=!?XGHEJ;!M<!O?GDI>?D!^UU!EF>BILF!^Ub!g,??!$XGOSJ?!

UAU^hA!

!
!
$/A!UAU^R!1Y>L?<D?<T!./01'(7"E'#'%1(<G4''T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!

OOA!^Ve\^V`A!

! "F?!JGDE!D?PI?<H?!BK!EF?!EFM>=!OBC?O?<E!BHHI>D!M<!EF?!D?HB<=!CG>MGEMB<A!

"F?!KM>DE!DEGE?O?<E!:?LM<D!@MEF!EF?!-\DFG>S!B<!:?GE!B<?!BK!O?GDI>?!^_^!G<=!LB?D!

EF>BILF!EF?!-\DFG>S!B<!:?GE!EF>??!BK!O?GDI>?!^_UA!"FMD!MD!EB<GJJ;!D?PI?<H?=!IS!G!

OGQB>!D?HB<=A!"F?!EB<GJ!>?S?EMEMB<!:?LM<D!@MEF!EF?!3\DFG>S!B<!:?GE!B<?!BK!

O?GDI>?!^_d!G<=!LB?D!EF>BILF!EF?!3\DFG>S!B<!:?GE!E@B!BK!O?GDI>?!^_b!g,??!

$XGOSJ?!UAUUhA!

!
$/A!UAUUR!1Y>L?<D?<T!./01'(7"E'#'%1(<G4''T!"B<GJ!D?PI?<H?!M<!E>BO:B<?!SG>E!

OOA!^_^\^_bA!

! 1Y>L?<D?<!>?JM?=!B<!EF?!ID?!BK!D?PI?<H?!M<!FMD!HBOSBDMEMB<!BK!EF?!./01'!

OB>?!EFG<!F?!=M=!KB>!EF?!!"#$%&'A!"F?!KM>DE!OBC?O?<E!BK!EF?!./01'!ID?D!

D?PI?<HM<L!EF?!OBDEA!&K!EF?!DMXE;\<M<?!O?GDI>?D!M<!@FMHF!EF?!E>BO:B<?!SJG;DT!
 _W!

KB>E;\B<?!BK!EF?O!M<CBJC?!D?PI?<H?A!"FMD!MD!G<!M<H>?GD?!BK!GJOBDE!E?<!S?>H?<E!

BC?>!EF?!!"#$%&'A!"F?!D?HB<=!OBC?O?<E!>?JM?D!G!JMEEJ?!J?DD!B<!D?PI?<H?T!@MEF!

D?PI?<H?!M<CBJC?=!M<!EFM>E;\D?C?<!BK!EF?!DMXE;\D?C?<!O?GDI>?D!M<!@FMHF!EF?!

E>BO:B<?!SJG;DA!"FMD!MD!DEMJJ!OB>?!ID?!BK!D?PI?<H?!EFG<!M<!EF?!!"#$%&'A!"F?!EFM>=!

OBC?O?<E!>?JM?=!EF?!J?GDE!B<!D?PI?<H?!M<!EF?!./01'!G<=!ID?=!D?PI?<H?!QIDE!

DJMLFEJ;!OB>?!EFG<!EF?!!"#$%&'A!&K!EF?!^dV!O?GDI>?D!EF?!E>BO:B<?!SJG;D!M<!EF?!

EFM>=!OBC?O?<ET!D?PI?<H?!MD!M<CBJC?=!M<!DMXE;\DMX!BK!EF?OA!"F?!DMOMJG>!ID?!BK!

D?PI?<H?!G<=!O?JB=MH!M=?GD!:?E@??<!EF?!!"#$%&'!G<=!EF?!./01'!@MJJ!:?!?XSJB>?=!

M<!EF?!<?XE!HFGSE?>A!"F?!DMOMJG>MEM?D!:?E@??<!1Y>L?<D?<ZD!O?JB=MH!HBOSBDMEMB<!

G<=!EFGE!BK!FMD!HBOSBDMEMB<!S>BK?DDB>T!&EEB!4GJJM<LT!@MJJ!GJDB!:?!?XSJB>?=!M<!EF?!

<?XE!HFGSE?>A!

!
!
!

!
!
!

!
!
!
!

!
!
!
 eV!

!"#$%&'(?+H(
(
:&C),+!(?+:+C#'+%+&?(

( .<!M<!=?SEF!G<GJ;DMD!BK!EF?!!"#$%&'!G<=!EF?!./01'!:;!1Y>L?<D?<!>?C?GJD!

B<?!DE>MNM<L!O?JB=MH!DMOMJG>ME;A!"F?!OGE?>MGJ!K>BO!O?GDI>?D!D?C?<E;\DMX!EF>BILF!

D?C?<E;\<M<?!BK!EF?!!"#$%&'(g,??!$XGOSJ?!^A`h!:?G>D!G!DE>B<L!>?D?O:JG<H?!EB!

EF?!OGE?>MGJ!M<!EF?!KM>DE!OBC?O?<E!BK!EF?!./01'!K>BO!O?GDI>?D!?MLFE;\EF>??!

EF>BILF!?MLFE;\KBI>!g,??!$XGOSJ?!UAfhA!"F?!DMOMJG>!OGEE?>!K>BO!EF?!!"#$%&'!

G<=!EF?!./01'!FGD!:??<!GJE?>?=!DJMLFEJ;!:;!1Y>L?<D?<!KB>!FMD!B@<!HBOSBDMEMB<GJ!

ID?!K>BO!OGE?>MGJ!KBI<=!M<!EF?!20$%"(3"%&'41"(0%!3(#0%"4()*/K(56!:;!FMD!

HBOSBDMEMB<!S>BK?DDB>!&EEB!cGJ=?OG>!4GJJM<LA!"F?!DMOMJG>MEM?D!:?E@??<!EF?!

!"#$%&'!G<=!./01'!G>?!JBBN?=!GE!M<!EF?!KM>DE!SG>E!BK!EFMD!HFGSE?>!G<=!EF?!

DMOMJG>MEM?D!DFG>?=!@MEF!4GJJM<LZD!20$%"(3"%&'41"!G>?!?XSJB>?=!M<!EF?!D?HB<=!SG>EA!

?2>260A2=2/3(D/=P//1(=./(!89<?C>(017(=./(3@7A>!

! "F?!OGE?>MGJ!K>BO!O?GDI>?D!D?C?<E;\DMX!EF>BILF!D?C?<E;\<M<?!BK!EF?!

!"#$%&'T!GD!=MDHIDD?=!M<!HFGSE?>!KBI>T!MD!G!D?PI?<EMGJ!SGEE?><A!8F?<!JBBN?=!GE!

HJBD?>T!G!DOGJJ?>!KBI>\M<E?>CGJ!SGEE?><!?O?>L?DA!"F?!KM>DE!KMC?!<BE?D!BK!O?GDI>?!

D?C?<E;\DMXT!EFGE!MD!%\-\$\%\*T!>?S>?D?<E!EF?!KM>DE!DEGE?O?<E!BK!EFMD!SGEE?><A!"F?!

M<E?>CGJ!G>>G<L?O?<E!F?>?!MD!IS!G!S?>K?HE!KBI>EFT!=B@<!G!OM<B>!D?HB<=T!=B@<!G!

OGQB>!EFM>=T!G<=!KM<GJJ;!=B@<!G!OM<B>!D?HB<=A!"FMD!SGEE?><!>?S?GED!MED?JK!EF>??!

OB>?!EMO?D!M<!EF?!DI:D?PI?<E!O?GDI>?D!g,??!$XGOSJ?!dA^hA!

!
 e^!

!
$/A!dA^R!1Y>L?<D?<T!!"#$%&'T(OOA!fe\fWT!(?GJ!D?PI?<H?!G<=!DFG>?=!M<E?>CGJJMH!

SGEE?><!@MEF!./01'A!

! "F?!OGE?>MGJ!KBI<=!M<!EF?!./01'T!JMN?!MED!HBI<E?>SG>E!M<!EF?!!"#$%&'T!MD!G!

D?PI?<EMGJ!SGEE?><A!)<!EF?!KM>DE!OBC?O?<E!BK!EF?!./01'T!O?GDI>?D!?MLFE;\EF>??!

EF>BILF!?MLFE;\KBI>!HB<EGM<!EF?!OGEHFM<L!OGE?>MGJ!EB!O?GDI>?D!D?C?<E;\DMX!

EF>BILF!D?C?<E;\<M<?!BK!EF?!!"#$%&'A!)<!KGHET!EF?!KM>DE!KMC?!<BE?D!G>?!M=?<EMHGJ!

@F?<!B<?!>?DS?JJD!*!GD!%\KJGEA!.D!G!>?DIJET!EF?!M<E?>CGJ!G>>G<L?O?<E!MD!GJDB!

M=?<EMHGJ!M<!EF?!KM>DE!KMC?!<BE?DA!"F?!KMC?!<BE?D!M<!EF?!SGEE?><!K>BO!EF?!KM>DE!

OBC?O?<E!BK!EF?!./01'!G>?!%\-\$\%\%\KJGEA!0MN?!M<!EF?!!"#$%&'T!EFMD!H>?GE?D!EF?!

M<E?>CGJ!G>>G<L?O?<ER!IS!G!S?>K?HE!KBI>EFT!=B@<!G!OM<B>!D?HB<=T!=B@<!G!OGQB>!

EFM>=T!G<=!=B@<!G!OM<B>!D?HB<=A!"FMD!SGEE?><!MD!>?S?GE?=!E@MH?!M<!EF?!KM>DE!

OBC?O?<E!BK!EF?!./01'!g,??!$XGOSJ?!dAUhA!!

! +<JMN?!EF?!!"#$%&'T!1Y>L?<D?<!=B?D!<BE!N??S!EF?!M<E?>CGJ!SGEE?><!?XGHEJ;!

EF?!DGO?!B<!?GHF!>?S?EMEMB<!M<!EF?!./01'A!"F?!KM>DE!>?S?GE!ID?D!EF?!<BE?D!%\KJGE\$\

KJGE\6\*\KJGE\.A!"FMD!HFG<L?D!EF?!KM>DE!M<E?>CGJ!EB!G!OGQB>!EFM>=!M<DE?G=!BK!G!S?>K?HE!

KBI>EFT!:IE!EF?!>?OGM<M<L!M<E?>CGJD!G<=!=M>?HEMB<!BK!EF?!M<E?>CGJD!>?OGM<!EF?!

DGO?!M<!EF?!KM>DE!>?S?EMEMB<A!"F?!SGEE?><!M<!EF?!KM>DE!>?S?GE!MD!IS!G!OGQB>!EFM>=T!

=B@<!G!OM<B>!D?HB<=T!=B@<!G!OGQB>!EFM>=T!G<=!=B@<!G!OM<B>!D?HB<=A!"F?!

D?HB<=!>?S?EMEMB<!OGN?D!B<?!OB>?!OM<B>!HFG<L?!EB!EF?!M<E?>CGJ!G>>G<L?O?<EA!

"F?!D?HB<=!>?DEGE?O?<E!ID?D!EF?!<BE?D!.\6\KJGE\%\.\KJGE\3\KJGEA!"F?!KM>DE!M<E?>CGJ!

MD!GLGM<!G!OGQB>!EFM>=T!:IE!1Y>L?<D?<!FGD!>?DS?JJ?=!ME!F?>?!GD!G!=MOM<MDF?=!KBI>EFA!
 eU!

"F?!BEF?>!OM<B>!HFG<L?!MD!EF?!GJE?>GEMB<!BK!EF?!KM<GJ!M<E?>CGJ!EB!G!OGQB>!D?HB<=!

M<DE?G=!BK!G!OM<B>!D?HB<=A!-B>!EF?!D?HB<=!>?DEGE?O?<E!EF?!SGEE?><!MD!IS!G!OGQB>!

EFM>=T!=B@<!G!OM<B>!D?HB<=T!=B@<!G!OGQB>!EFM>=T!G<=!=B@<!G!OGQB>!D?HB<=A!*;!

OGNM<L!B<J;!DJMLFE!G=QIDEO?<ED!EB!EF?!SGEE?><!M<!?GHF!>?S?EMEMB<T!GD!@?JJ!GD!

OGM<EGM<M<L!EF?!=M>?HEMB<!BK!EF?!M<E?>CGJDT!1Y>L?<D?<!>?EGM<D!EF?!:GDMH!HFG>GHE?>!

G<=!K>GO?@B>N!BK!EF?!M<E?>CGJ!L>BISM<LA!.!JMDE?<?>!F?G>D!EF?D?!M<E?>CGJJMH!

SGEE?><D!GD!>?JGE?=T!<BE!D?SG>GE?!O?JB=MH!M=?GD!g,??!$XGOSJ?!dAUhA!

!
$/A!dAUR!1Y>L?<D?<T!./01'(7"E'#'%1()%'T!OOA!`d\`bT!"B<GJ!D?PI?<H?!G<=!DFG>?=!

M<E?>CGJJMH!SGEE?><!@MEF!!"#$%&'A!

?2>260A2=2/3(D/=P//1(EFA8/13/1(017(:066218!

! &EEB!cGJ=?OG>!4GJJM<L!HBOSBD?=!FMD!20$%"(3"%&'41"(0%!3(#0%"4()*/K(56!M<!

^`WVA`V!4GJJM<L!:?LG<!E?GHFM<L!HBOSBDMEMB<!GE!EF?!(B;GJ!6G<MDF!.HG=?O;!BK!

4IDMH!M<!^`W^!G<=!HB<EM<I?=!I<EMJ!FMD!=?GEF!M<!^W^_A`^!"F?!HBOSBDMEMB<!BK!EF?!

3"%&'41"!@GD!BC?>!G!PIG>E?>!G!H?<EI>;!:?KB>?!1Y>L?<D?<!@>BE?!FMD!!"#$%&'!G<=!

./01'A!"F?!;?G>D!MOO?=MGE?J;!KBJJB@M<L!EF?!HBOSBDMEMB<!BK!EF?!3"%&'41"!G<=!MED!

>MD?!EB!SBSIJG>ME;!M<!6?<OG>NT!GD!@?JJ!G:>BG=T!@?>?!=I>M<L!1Y>L?<D?<ZD!

M<KJI?<EMGJ!EMO?!GD!G!DEI=?<E!GE!EF?!(B;GJ!.HG=?O;A!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! `V1?<D!%B><?JMIDT!j&EEB!4GJJM<Ll!M<!GHHBOSG<;M<L!:BBNJ?ET!20$%"(3"%&'41"($%J(20$%"(<40"!

S?>KB>O?=!:;!.OGJM?!4GJJM<L!G<=!"F?!6G<MDF!(G=MB!,M<KB<M?EEGT!6GHGSB!`AUUb^^bT!%BOSGHE!6MDHA!!!
! `^#?EDHFT!WeA!!
 ed!

! "F?!EFM>=!OBC?O?<ET!G!:I>J?DPI?!=G<H?T!HB<EGM<D!KBI>!M<DEG<H?D!BK!EF?!

O?JB=MH!OGE?>MGJ!DFG>?=!M<!EF?!!"#$%&'!G<=!./01'A!"F?!KM>DE!GSS?G>G<H?!BK!EF?!

M<E?>CGJ!SGEE?><!MD!M<!G<!G::>?CMGE?=!KB>O!EFGE!BHHI>D!M<!O?GDI>?D!^b^!EF>BILF!

^bbA!"FMD!MD!G!DFB>E?<?=!C?>DMB<!BK!EF?!SGEE?><!:?HGID?!ME!B<J;!ID?D!EF?!KM>DE!EF>??!

M<E?>CGJDA!"F?!M<E?>CGJ!SGEE?><!BHHI>D!M<!EF?!ISS?>!SG>ED!BK!EF?!@BB=@M<=!G<=!

DE>M<L!GHHBOSG<MO?<EA!0MN?!1Y>L?<D?<ZD!ID?!BK!EFMD!OGE?>MGJT!ME!MD!SG>E!BK!G!

D?PI?<EMGJ!SGEE?><A!4?GDI>?D!^b^!EF>BILF!^bU!HB<EGM<!EF?!KM>DE!L>BISM<L!

HB<DMDEM<L!BK!EF?!<BE?D!.\KJGE\6\KJGE\%\3!M<!OIJEMSJ?!BHEGC?DA!"F?!M<E?>CGJD!F?>?!

G>?!IS!G!S?>K?HE!KBI>EFT!=B@<!G!OM<B>!D?HB<=T!G<=!=B@<!G!S?>K?HE!KBI>EF!g,??!

$XGOSJ?!dAdhA!.JEFBILF!EF?!EFM>=!M<E?>CGJ!MD!G!S?>K?HE!KBI>EFT!<BE!G!OGQB>!EFM>=!GD!

M<!1Y>L?<D?<ZD!OIDMHT!EF?!SGEE?><!G<=!=M>?HEMB<!BK!EF?!M<E?>CGJD!M<!G!D?PI?<EMGJ!

G>>G<L?O?<E!MD!OG>N?=J;!DMOMJG>!:?E@??<!1Y>L?<D?<!G<=!4GJJM<LA!

! 4?GDI>?D!^bd!EF>BILF!^bb!HB<EGM<!EF?!D?PI?<EMGJ!>?S?EMEMB<!BK!EFMD!

SGEE?><!M<!EF?!DGO?!CBMH?DA!#?>?!EF?!<BE?D!G>?!*\KJGE\$\KJGE\6\.!M<!OIJEMSJ?!

BHEGC?D!BK!EF?!DE>M<LD!G<=!ISS?>!@BB=@M<=DA!.LGM<T!EF?!M<E?>CGJ!HB<KMLI>GEMB<!MD!

IS!G!S?>K?HE!KBI>EFT!=B@<!G!OM<B>!D?HB<=T!G<=!=B@<!G!S?>K?HE!KBI>EFA!)E!MD!G!>?GJ!

D?PI?<H?!IS!G!OGQB>!D?HB<=!g,??!$XGOSJ?!dAdhA!

!
!
!
!
!
!
 eb!

!
!
$/A!dAdR!4GJJM<LT!20$%"(3"%&'41"(7"E'#'%1(<G4''T!OOA!^b^\^bbT!(?GJ!D?PI?<H?!

G<=!G::>?CMGE?=!DFG>?=!O?JB=MH!M<E?>CGJ!SGEE?><!@MEF!1Y>L?<D?<ZD!!"#$%&'!G<=!

./01'!KBI<=!M<!GHHBOSG<MO?<E!SG>ED!BK!4GJJM<LZD!20$%"(3"%&'41"A!

! "F?!<?XE!BHHI>>?<H?!BK!EF?!M<E?>CGJ!SGEE?><!EGN?D!SJGH?!M<!O?GDI>?D!^ed!

EF>BILF!^fVA!"FMD!OGN?D!EF?!DMOMJG>MEM?D!?C?<!OB>?!HB<CM<HM<L!:;!IDM<L!GJJ!KBI>!

M<E?>CGJD!@MEF!B<J;!B<?!GJE?>GEMB<A!"F?!HBO:M<GEMB<!BK!M<E?>CGJD!BHHI>D!M<!EF?!

DBJB!SMG<BZD!ISS?>!J?KE!FG<=!SG>E!M<!EF?D?!O?GDI>?DA!.D!:?KB>?T!EF?!M<E?>CGJ!

G>>G<L?O?<E!MD!SG>E!BK!G!D?PI?<H?A!)<!O?GDI>?D!^ed!EF>BILF!^e_!EF?!<BE?D!G>?!*\

KJGE\$\KJGE\6\.\.\KJGEA!"F?!M<E?>CGJ!SGEE?><!MD!IS!G!S?>K?HE!KBI>EFT!=B@<!G!OM<B>!

D?HB<=T!=B@<!G!S?>K?HE!KBI>EFT!G<=!=B@<!G!OM<B>!D?HB<=A!0MN?!O?GDI>?D!^b^!

EF>BILF!^bbT!G!S?>K?HE!KBI>EF!>?SJGH?D!EF?!OGQB>!EFM>=!KBI<=!M<!1Y>L?<D?<ZD!

OIDMHA!.JDBT!EF?!>?OGM<M<L!M<E?>CGJD!G<=!EF?!=M>?HEMB<!BK!EF?!M<E?>CGJD!M<!EF?!

HB<KMLI>GEMB<!>?OGM<!EF?!DGO?!g,??!$XGOSJ?!dAbhA!"FMD!OGE?>MGJ!MD!EF?<!

D?PI?<H?=!=B@<!G!OGQB>!D?HB<=!M<!O?GDI>?D!^e_!EF>BILF!^eeA!"F?!<BE?D!F?>?!

G>?!EF?!?JM=?=!.\KJGE\6\KJGE\%\3A!4GJJM<L!J?GC?D!BKK!EF?!JGDE!<BE?!EB!:?LM<!G!JG>L?>!

D?PI?<H?!B<!G!FMLF?>!<BE?!M<!EF?!<?XE!O?GDI>?A!8MEF!EF?!JGDE!<BE?!J?KE!BKKT!EF?!

SGEE?><!MD!G::>?CMGE?=!GLGM<!G<=!:?HBO?DR!IS!G!S?>K?HE!KBI>EFT!=B@<!G!OM<B>!
 e_!

D?HB<=T!G<=!=B@<!G!S?>K?HE!KBI>EF!g,??!$XGOSJ?!dAbhA!"FMD!OGEHF?D!EF?!=?DML<!

KBI<=!M<!O?GDI>?D!^b^!EF>BILF!^bbA!!

! 4GJJM<L!D?PI?<H?D!EF?!?<EM>?!OGE?>MGJ!K>BO!O?GDI>?D!^ed!EF>BILF!^ee!IS!

G!OGQB>!D?HB<=!M<!O?GDI>?D!^ef!EF>BILF!^fV!GD!SG>E!BK!G!JG>L?!D?PI?<H?A!.LGM<T!

EF?!KIJJ!KBI>\M<E?>CGJ!SGEE?><!MD!ID?=!G<=!EF?<!D?PI?<H?=!=B@<!G!OGQB>!D?HB<=!

IDM<L!EF?!G::>?CMGE?=!EF>??\M<E?>CGJ!HB<KMLI>GEMB<A!"F?!KBI>\M<E?>CGJ!B>=?>M<L!MD!

EF?!DGO?!GD!:?KB>?T!:IE!EFMD!EMO?!ID?D!EF?!<BE?D!%\-\$\*\*\KJGEA!"F?!G::>?CMGE?=!

EF>??\M<E?>CGJ!DE>IHEI>?!ID?D!EF?!<BE?D!*\KJGE\$\KJGE\6\.!g,??!$XGOSJ?!dAbhA!"F?!

ID?!BK!EF?!KBI>\M<E?>CGJ!SGEE?><!G<=!EF?!DGO?!=M>?HEMB<!BK!EF?!M<E?>CGJD!OGN?!EFMD!

OGE?>MGJ!G<=!EFGE!KBI<=!M<!1Y>L?<D?<ZD!OIDMH!DBI<=!noticeably DMOMJG>A!

!
!
$/A!dAbR!4GJJM<LT!20$%"(3"%&'41"(7"E'#'%1(<G4''T!OOA!^ed\^fVT!(?GJ!D?PI?<H?!

G<=!DFG>?=!O?JB=MH!M<E?>CGJ!SGEE?><!@MEF!1Y>L?<D?<ZD!!"#$%&'!G<=!./01'(KBI<=!

M<!EF?!ISS?>!J?KE!FG<=!SG>E!BK!EF?!DBJB!SMG<B!M<!4GJJM<LZD!20$%"(3"%&'41"A!

!
 ee!

! "F?!<?XE!BHHI>>?<H?!BK!EF?!M<E?>CGJ!SGEE?><!EGN?D!SJGH?!M<!O?GDI>?D!d_f!

EF>BILF!deVA!0MN?!EF?!KM>DE!?XGOSJ?!M<!EF?!20$%"(3"%&'41"!g,??!$XGOSJ?!dAdh!EFMD!

ID?D!EF?!G::>?CMGE?=!EF>??\M<E?>CGJ!HB<KMLI>GEMB<!G<=!BHHI>D!M<!EF?!B>HF?DE>GJ!

DE>M<L!G<=!@BB=@M<=!GHHBOSG<MO?<E!SG>EDA!4?GDI>?D!d_f!EF>BILF!d_`!HB<EGM<!

EF?!KM>DE!DEGE?O?<E!BK!EF?!SGEE?><!G<=!ID?!EF?!<BE?D!6\KJGE\3\KJGE\-\%!M<!OIJEMSJ?!

BHEGC?DA!0MN?!:?KB>?!EFMD!H>?GE?D!EF?!DE>IHEI>?!BK!IS!G!S?>K?HE!KBI>EFT!=B@<!G!

OM<B>!D?HB<=T!G<=!=B@<!G!S?>K?HE!KBI>EFA!4GJJM<L!EF?<!ID?D!G!>?GJ!D?PI?<H?!EB!

OBC?!EFMD!OGE?>MGJ!IS!G!OGQB>!D?HB<=A!4?GDI>?D!d_W!EF>BILF!deV!HB<EGM<!EF?!

<BE?D!$\KJGE\.\KJGE\3\6T!GLGM<!M<!OIJEMSJ?!BHEGC?D!BK!EF?!DE>M<LD!G<=!@BB=@M<=DA!

"F?!DGO?!M<E?>CGJ!SGEE?><!BK!IS!G!S?>K?HE!KBI>EFT!=B@<!OM<B>!D?HB<=T!G<=!=B@<!

G!S?>K?HE!KBI>EF!MD!H>?GE?=!g,??!$XGOSJ?!dA_hA!!

$/A!dA_R!4GJJM<LT!20$%"(3"%&'41"(7"E'#'%1(<G4''T!OOA!d_f\deVT!(?GJ!D?PI?<H?!

G<=!DFG>?=!O?JB=MH!M<E?>CGJ!SGEE?><!@MEF!1Y>L?<D?<ZD!!"#$%&'!G<=!./01'(KBI<=!

M<!GHHBOSG<MO?<E!SG>ED!BK!4GJJM<LZD!20$%"(3"%&'41"A!

! "F?!JGDE!GSS?G>G<H?!BK!EF?!M<E?>CGJ!SGEE?><!M<!EF?!20$%"(3"%&'41"!MD!EF?!

DGO?!HBO:M<GEMB<!EFGE!GSS?G>D!M<!O?GDI>?D!^ed!EF>BILF!^fV!g,??!$XGOSJ?!dAbhA!

"F?!=MKK?>?<H?!F?>?!MD!EFGE!M<DE?G=!BK!DEG>EM<L!B<!G!*\KJGET!4GJJM<L!DEG>ED!B<!EF?!3!
 ef!

G:BC?A!)<!O?GDI>?D!d`^!EF>BILF!d``T!JMN?!:?KB>?T!4GJJM<L!OGN?D!ID?!BK!E@B!

DOGJJ?>!D?PI?<H?D!G<=!EF?<!G!JG>L?>!D?PI?<H?!EFGE!DSG<D!EF?!?<EM>?!L>BIS!BK!

O?GDI>?DA!"F?!M<E?>CGJ!HB<KMLI>GEMB<!MD!KM>DE!ID?=!M<!O?GDI>?D!d`^!EF>BILF!d`dA!

#?>?!EF?!<BE?D!3\%\*\-\DFG>S\-!G>?!ID?=!M<!EF?!ISS?>!J?KE!FG<=!SG>E!BK!EF?!DBJB!

SMG<BA!"FMD!H>?GE?D!EF?!M<E?>CGJ!SGEE?><R!IS!G!S?>K?HE!KBI>EFT!=B@<!G!OM<B>!

D?HB<=T!=B@<!G!S?>K?HE!KBI>EFT!G<=!=B@<!G!OM<B>!D?HB<=A!.!>?GJ!D?PI?<H?!MD!EF?<!

ID?=!:;!4GJJM<L!EB!JB@?>!EFMD!OGE?>MGJ!G!OGQB>!D?HB<=!M<!O?GDI>?D!d`d!EF>BILF!

d`bA!"F?!D?PI?<H?!ID?D!EF?!?JM=?=!-\*\KJGE\.\$!EB!H>?GE?!EF?!G::>?CMGE?=!M<E?>CGJ!

SGEE?><R!IS!G!S?>K?HE!KBI>EFT!=B@<!G!OM<B>!D?HB<=T!G<=!=B@<!G!S?>K?HE!KBI>EF!

g,??!$XGOSJ?!dAehA!

! .!>?GJ!D?PI?<H?!MD!EF?<!OG=?!BIE!BK!GJJ!EF?!OGE?>MGJ!M<!O?GDI>?D!d`^!

EF>BILF!d`bA!4?GDI>?D!d`_!EF>BILF!d``!HB<EGM<!EF?!<BE?D!.\6\%\DFG>S\3\DFG>S\

3\%\*\-\DFG>S!EB!OGN?!B<?!KIJJ!DEGE?O?<E!BK!EF?!M<E?>CGJ!SGEE?><!G<=!B<?!

G::>?CMGE?=!DEGE?O?<EA!8MEFM<!EF?!JG>L?>!>?GJ!D?PI?<H?!BK!EF?D?!O?GDI>?D!MD!EF?!

D?HB<=!DOGJJ?>!D?PI?<H?A!4?GDI>?D!d`f!EF>BILF!d``!G>?!G!>?GJ!D?PI?<H?!=B@<!G!

OGQB>!D?HB<=!K>BO!O?GDI>?D!d`_!EF>BILF!d`e!g,??!$XGOSJ?!dAehA!

!
 e`!

!
$/A!dAeR!4GJJM<LT!20$%"(3"%&'41"(<G4''T!OOA!d`^\d``T!(?GJ!D?PI?<H?!G<=!DFG>?=!

O?JB=MH!M<E?>CGJ!SGEE?><!@MEF!1Y>L?<D?<ZD!!"#$%&'!G<=!./01'(KBI<=!M<!EF?!ISS?>!

J?KE!FG<=!SG>E!BK!EF?!DBJB!SMG<B!M<!4GJJM<LZD!20$%"(3"%&'41"A!

! .JEFBILF!1Y>L?<D?<!=B?D!<BE!HBS;!EF?!O?JB=MH!OGE?>MGJ!K>BO!4GJJM<LZD!

20$%"(3"%&'41"!?XGHEJ;!M<!FMD!!"#$%&'!G<=!./01'T!ME!MD!?GDMJ;!>?HBL<Mq?=!EFGE!

1Y>L?<D?<!MD!:B>>B@M<L!EFMD!OGE?>MGJ!K>BO!FMD!HBOSBDMEMB<!S>BK?DDB>A!"F?!B<J;!

OGQB>!HFG<L?!EB!EF?!M<E?>CGJ!SGEE?><!:;!1Y>L?<D?<!MD!EF?!HFG<LM<L!BK!EF?!D?HB<=!

S?>K?HE!KBI>EF!EB!G!OGQB>!EFM>=A!&EF?>@MD?T!1Y>L?<D?<!OGM<EGM<D!EF?!HB<KMLI>GEMB<!

G<=!=M>?HEMB<!BK!EF?!M<E?>CGJD!M<!G==MEMB<!EB!IDM<L!EF?!M<E?>CGJ!DE>IHEI>?!GD!SG>E!BK!

G!D?PI?<H?!JMN?!4GJJM<LA!8F?<!EF?!O?JB=MH!M<E?>CGJ!SGEE?><D!K>BO!EF?!20$%"(

3"%&'41"T!EF?!!"#$%&'T!G<=!EF?!./01'!G>?!CM?@?=!G<=!JMDE?<?=!to consecutivelyT!EF?!

DMOMJG>MEM?D!:?HBO?!B:CMBID!EB!EF?!B:D?>C?>!g,??!$XGOSJ?!dAfhA!

!
 eW!

!4GJJM<LT!20$%"(3"%&'41"(7"E'#'%1(<G4''T!OOA!^ed\^fVA!

!!!!!!!!!!!!1Y>L?<D?<T!!"#$%&'T!OOA!fe\fWA!

!
!!!!!!!!!!!1Y>L?<D?<T!./01'(7"E'#'%1()%'T!OOA!`d\`bA!

$/A!dAfR!%BOSG>MDB<!BK!O?JB=MH!M<E?>CGJ!SGEE?><!M<!EF?!OIDMH!BK!4GJJM<L!G<=!

1Y>L?<D?<A!

!
!

!
 fV!

!"#$%&'(?&M&*(
(
!)*!C-?+)*(#*,(?-::#'L(

! .X?J!1Y>L?<D?<ZD!HBOSBDMEMB<D!EF?!!"#$%&'(H"4(<4"#I"%'($%J(20$%"()*/K(

,-!G<=!EF?!./01'(H"4(<4"#I"%'($%J()4&G'K14$()*/K(,,!G>?!SG>E!BK!EF?!DEG<=G>=!

E>BO:B<?!DBJB!>?S?>EBM>?!EB=G;A!6?DSME?!EF?!MOSBDM<L!KMLI>?!BK!%G>J!'M?JD?<!M<!

6?<OG>NT!1Y>L?<D?<!OG=?!JGDEM<L!HB<E>M:IEMB<D!EB!EF?!E>BO:B<?!>?S?>EBM>?!=I?!

EB!EF?!G=CMH?!G<=!LIM=G<H?!BK!FMD!K>M?<=!G<=!HBJJ?GLI?!.<EB<!#G<D?<A!.JEFBILF!

1Y>L?<D?<!@GD!S>MOG>MJ;!G!S?>KB>O?>!=I>M<L!FMD!JMK?EMO?T!ME!MD!FMD!HBOSBDMEMB<D!

EFGE!LGM<?=!FMO!G!SJGH?!M<!EF?!FMDEB>;!BK!6G<MDF!E>BO:B<?!>?S?>EBM>?!K>BO!EF?!

E@?<EM?EF!H?<EI>;A!

! .D!O?<EMB<?=!?G>JM?>T!EF?>?!FGD!:??<!JMEEJ?!S>?CMBID!DEI=;!B<!.X?J!

1Y>L?<D?<A!5?>!3G=?!@>BE?!G!:>M?K!:MBL>GSF;!G<=!FGD!?=ME?=!1Y>L?<D?<ZD!

HBOSBDMEMB<D!KB>!$=MEMB<!8MJF?JO!#G<D?<T!:IE!EF?D?!BKK?>!JMEEJ?!=?EGMJ?=!

M<KB>OGEMB<!B<!1Y>L?<D?<!G<=!FMD!HBOSBDMEMB<DA!8FMJ?!EF?>?!FGD!:??<!JMOME?=!

M<KB>OGEMB<!@>MEE?<!G:BIE!.<EB<!#G<D?<ZD!HB<E>M:IEMB<D!EB!EF?!?O?>L?<H?!BK!EF?!

DJM=?!E>BO:B<?!M<!EF?!JGE?!<M<?E??<EF!G<=!?G>J;!E@?<EM?EF!H?<EI>;T!EF?!

HB<<?HEMB<!:?E@??<!FMO!G<=!1Y>L?<D?<ZD!HBOSBDMEMB<D!KB>!EFMD!?O?>LM<L!M=MBO!

FGD!<BE!:??<!?XSJB>?=!=??SJ;A!"F?!GOBI<E!BK!=?EGMJ!HBC?>M<L!1Y>L?<D?<ZD!JMK?!G<=!

HBOSBDMEMB<D!M<!EFMD!=BHIO?<E!FGD!<BE!:??<!>?GHF?=!M<!S>?CMBID!SI:JMHGEMB<DA!

! 1Y>L?<D?<ZD!HBOSBDMEMB<D!>?S>?D?<E!G!6G<MDF!<GEMB<GJMDEMH!>BOG<EMH!DE;J?!

G<=!HGO?!GE!EF?!?<=!BK!EF?!(BOG<EMH!S?>MB=!S>MB>!EB!EF?!B<D?E!BK!OB=?><MDO!M<!

6?<OG>NA!.JEFBILF!<BE!SG>EMHIJG>J;!M<<BCGEMC?!M<!FMD!GSS>BGHF!EB!HBOSBDMEMB<T!
 f^!

1Y>L?<D?<!=M=!S>B=IH?!:?GIEMKIJ!DBJBD!KB>!EF?!E>BO:B<?!IDM<L!FMD!B@<!=MDEM<HEMC?!

HBOSBDMEMB<GJ!DE;J?A!1Y>L?<D?<ZD!F?GC;!>?JMG<H?!B<!D?PI?<H?!MD!G!HFG>GHE?>MDEMH!BK!

FMD!HBOSBDMEMB<GJ!DE;J?A!*BEF!EF?!!"#$%&'!G<=!EF?!./01'!?XFM:ME!D?PI?<H?!GE!J?GDE!

FGJK!EF?!EMO?!@F?<!EF?!E>BO:B<?!MD!SJG;M<LA!"F?!DFG>?=!O?JB=MH!OGE?>MGJ!BK!EF?!

!"#$%&'!G<=!EF?!./01'!G==!G<BEF?>!HFG>GHE?>MDEMH!EB!1Y>L?<D?<ZD!HBOSBDMEMB<GJ!

DE;J?A!"F?!:B>>B@M<L!BK!EF?!O?JB=MH!OGE?>MGJ!K>BO!FMD!HBOSBDMEMB<!S>BK?DDB>T!

&EEB!4GJJM<LT!G==D!EB!1Y>L?<D?<ZD!=MDEM<HEMC?!6G<MDF!HBOSBDMEMB<GJ!DE;J?A!"F?!

HB<<?HEMB<!:?E@??<!1Y>L?<D?<!G<=!4GJJM<L!MD!B<?!EFGE!FGD!<BE!:??<!?XSJB>?=!

S>MB>!EB!EFMD!=BHIO?<EA!

! .X?J!1Y>L?<D?<ZD!HB<E>M:IEMB<D!EB!EF?!DBJB!E>BO:B<?!>?S?>EBM>?!FGC?!

:?HBO?!DEG<=G>=!HBOSBDMEMB<D!KB>!E>BO:B<MDED!@B>J=@M=?!EB=G;A!#MD!=MDEM<HEMC?!

HBOSBDMEMB<GJ!DE;J?T!SG>EMHIJG>J;!FMD!<GEMB<GJMDEMH!EB<?T!FGD!OG=?!FMD!

HBOSBDMEMB<D!SG>EMHIJG>J;!SBSIJG>!@MEF!FMD!HBI<E>;O?<!M<!6?<OG>NA!)E!MD!FBS?=!

EFMD!=BHIO?<E!@MJJ!G==!EB!EF?!I<=?>DEG<=M<L!BK!1Y>L?<D?<ZD!HB<E>M:IEMB<D!EB!EF?!

DBJB!E>BO:B<?!>?S?>EBM>?!BK!6?<OG>N!K>BO!EF?!E@?<EM?EF!H?<EI>;A!

!
 fU!

#$$&*,+H(J(EI'4&*?&*Q?(D'#??(!):$)?+%+)*?(
!

"MEJ?! ! ! 9?G>!%BOSBD?=! 6?=MHGEMB<!

7'L"J0'(C'(K"04( +<N<B@<T! ! %G>J!5BIJD?<T!(B;GJ!6G<MDF!&>HF?DE>G!
H"4(<4"#I"%'!!$%J! (?CMD?=!^W^b!
20$%"(
(
(
!"#$%&'(H"4! ! ^W^e! ! ! .<EB<!#G<D?<T!(B;GJ!6G<MDF!
<4"#I"%'($%J(20$%"@!! ! ! &>HF?DE>G!
)*+(,-!
(
(
C'Q'%J'(H"4! ! ^WU^! ! ! $OMJ?!0GILGT!5G>MD!&S?>G!
<4"#I"%'($%J!
20$%"(
(
(
;$%1$0K0'(C'Q'%J'! ^WU^! ! ! cMJF?JO!.G>N>BLFT!(B;GJ!6G<MDF!
;"4(<4"#I"%'!!$%J! ! ! ! &>HF?DE>G!
20$%"(
!
!
,5(?#*4"E0K$10"%'4! +<N<B@<T! ! +<N<B@<!
H"4(<4"#I"%'($%J( ^Wb^T!SI:JMDF?=!M<!
20$%"! ! ! <4"#I"%'(.S"L'!:;!
! ! ! .<EB<!#G<D?<!
!
!
./01'(H"4(<4"#I"%'! ^WUe! ! ! .<EB<!#G<D?<T!(B;GJ!6G<MDF!
$%J()4&G'K14$@! ! ! ! &>HF?DE>G!
)*+(,,(
(
(
3$*40&'()40'%1$L'(! +<N<B@<! ! $>MN!->MEq<?>T!(B;GJ!6G<MDF!&>HF?DE>G!
H"4(<4/#*'1($%J((
20$%"(
!
!
T/0%1'1(H"4(=4$KK(! ^WbV\^Wbd! ! +<N<B@<T!KM>DE!S?>KB>OG<H?!LMC?<!:;!
?%K14/#'%1K( ! ! ! ! O?O:?>D!BK!EF?!6G<MDF!(G=MB!
! ! ! ! ! ! ,;OSFB<;!&>HF?DE>G!
!
 fd!

D+DC+)4'#$"L(

j.:BIE!EF?!"MCBJM!,;OSFB<;!&>HF?DE>GAl!nFEESRoo@@@AEMCBJMA=NoHBOSBDME?\
! _`WWAFEOpA!.HH?DD?=!1G<IG>;!^fT!UVVWA!
!
.<=>?D?<T!4BL?<DA!!=$K/%KS"L'A!%BS?<FGL?<R!$=MEMB<!8MJF?JO!#G<D?<T!^WffA!!
!
.>E!BK!*>GDD!%BS?<FGL?<A!;4"#(1G'(7'44P(C0H'("H($(.*PV(7/K0&(H"4(=4$KK(T/0%1'1A!!
! 6GHGSB!(?HB>=D!`AUUeVV^T!UVVdA!%BOSGHE!6MDHA!
!
*G>>T!(G;OB<=!.A!m,HFIJqT!1BFG<<!.:>GFGO!5?E?>Am!)<!D4"E'(7/K0&()%L0%'!G<=!
! )RH"4J(7/K0&()%L0%'A!nFEESRooV@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA!
?=IoDI:DH>M:?>oG>EMHJ?oL>BC?oOIDMHoU_^bepA!.HH?DD?=!6?H?O:?>!^fT!
UVV`A!
!
*?<Eq?<T!5MGA!nS:sHSF\SFMJA=NpA!j,cR!.X?J!1Y>L?<D?<!(?D?G>HFAl!5>MCGE?!?OGMJ!
! O?DDGL?!EB!.<=>?@!%B<C?>D?T!^U!-?:>IG>;!UVV`A!!
!
*?>LDGL?JT!1BF<A!m#G>EOG<<Am!)<!D4"E'(7/K0&()%L0%'!G<=!)RH"4J(7/K0&()%L0%'A!
! nFEESRooV\@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=Io!
DI:DH>M:?>oG>EMHJ?oL>BC?oOIDMHo^UbfeSLUpA!.HH?DD?=!6?H?O:?>!UUT!
UVV`A!
!
*?>LDGL?JT!1BF<A!<G'(C$1'(!"#$%10&(:4$V(;4"#(1G'(70J\-]1G(3'%1/4P(1"(U"4LJ(U$4(
?A!$=ME?=!:;!1MO!,GODB<A!.&$%J0%$E0$V(A%01P(0%(>0E'4K01PA!$<LJ?@BB=D!
%JMKKDT!'?@!1?>D?;R!5>?<EMH?!#GJJT!^WW^A!
!
*IDNT!3B>OA!m7IFJGIT!->M?=>MHFAm!)<!D4"E'(7/K0&()%L0%'!G<=!)RH"4J(7/K0&()%L0%'A!
! nFEESRooV\@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=IoDI:DH>M:?>o!
G>EMHJ?oL>BC?oOIDMHob^VVfpA!.HH?DD?=!6?H?O:?>!^WT!UVV`A!
!
%?J?<qGT!.<<G!#G>@?JJA!<G'(:$4LP(U"4SK("H(90'LK(U+(D$J'V(?%(.'$4&G("H(1G'(2"'10&A!
! *I>JM<LEB<T!c"R!.DFLGE?!5I:JMDFM<LT!UVV^A!
!
%F>MDE?<D?<T!7?EMJT!G<=!%G>DE?<!,CG<:?>LA!>$%0KG(!"#$%10&(3"%&'41"K(H"4(<4/#*'1(
( 8%J(<4"#I"%'A!(B<=B!(?HB>=D!(%6!`d_WT!^WW`A!%BOSGHE!6MDHA!
!
%>GC?<T!(B:?>E!(AT!?=A!.P#*G"%P()4&G'K14$K("H(1G'(U"4LJA!'?@!9B>NR!3>??<@BB=!
! 5>?DDT!^W`fA!
!
-BLT!6G<T!?=A!.$#H/%J'1(<0L(AJQ0E'LK'(8H(>$%KS(7/K0S(-Z[-\-][-A!%BS?<FGL?<R!
6G<!-BL!4IDMNKB>JGLT ^WfUA!!
!
3G=?T!5?>A!8%1"%(B$%K'%V(:%(YQL+(Y$*'L#/K0S'4K(:40%J40%Q'4A!%BS?<FGL?<R!tIGJME;!!
! 4IDMH!5>?DDT!^WWeA!
 fb!

3G=?T!5?>A!j.<EB<!#G<D?<!g^`ff\^WbfhR!-GEF?>!BK!">BO:B<?!5JG;M<L!M<!
! ,HG<=M<GCMGAl!=4$KK(=/LL'10%!'BA!UfT!)))!g^WfWhR!Uf\bVA!!
!
3G=?T!5?>A!j.<EB<!#G<D?<!g^`ff\^WbfhR!-GEF?>!BK!">BO:B<?!5JG;M<L!M<!
! ,HG<=M<GCMG!5G>E!UAl!=4$KK(=/LL'10%!'BA!U`T!)c!g^WfWhR!^d\U`A!!
!
3G=?T!5?>A!j.<EB<!#G<D?<!g^`ff\^WbfhR!-GEF?>!BK!">BO:B<?!5JG;M<L!M<!
! ,HG<=M<GCMG!5G>E!dAl!=4$KK(=/LL'10%!'BA!UWT!)!g^W`VhR!`^\WbA!!
!
3G=?T!5?>A!j.X?J!1Y>L?<D?<!g^``^\^Wbfh!.!*MBL>GSFMHGJ!5>BKMJ?Al!?%1'4%$10"%$L((
( <4"#I"%'(8KK"&0$10"%(M"/4%$L!cBJA!^^T!)DDI?!^!g^W`dhR!eA!
(
3>G<GIT!4G>EM<A!j0GI<;!3>B<=GFJZD!">BO:B<?!%B<H?>EBR!8>MEE?<!KB>!cMJF?JO!!
.G>N>BLF!G<=!EF?!&>HF?DE>G!GE!EF?!%BS?<FGL?<!kBBAl!?%1'4%$10"%$L(
<4"#I"%'(8KK"&0$10"%(M"/4%$L(cBJA!UeT!'BAU!g^WW`hR!b`\_^A!
!
#G<D?<T!.<EB<A!<4"#I"%'(.S"L'A!%BS?<FGL?<R!$=MEMB<!8MJF?JO!#G<D?<T!^Wb^A!
!
#G<D?<T!.<EB<A!<4"#I"%'(.S"L'+($=ME?=!:;!5GJO?>!">GIJD?<A!%BS?<FGL?<R!$=MEMB<!
! 8MJF?JO!#G<D?<T!^W_fA!
!
#?>:?>ET!">?CB>A!<G'(<4"#I"%'A!'?@!#GC?<T!%B<<?HEMHIER!9GJ?!+<MC?>DME;!5>?DDT!
! UVVeA!
!
#?EDHFT!3IDEGCA!>'1(Y"%Q'L0Q'(>$%KS'(7/K0S(Y"%K'4E$1"40/#(-Z^[\-]-[A!
! %BS?<FGL?<R!7Y:?<FGC<!3;J=?<=GJ!M<!7BOOT!^W^fA!!
!
#B>EB<T!1BF<A!.&$%J0%$E0$%(7/K0&V(8(.G"41(B0K1"4PA!0B<=B<R!-G:?>!G<=!-G:?>T!
^WedA!
!
)<LuJKDDB<T!w><M!#?MOM>A!m(v<uJKDDB<T!7G>J!&EEuAm!D4"E'(7/K0&()%L0%'!G<=!)RH"4J(
( 7/K0&()%L0%'+!nFEESRooV\@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=Io!
! DI:DH>M:?>oG>EMHJ?oL>BC?oOIDMHoUb^bVpA!.HH?DD?=!1G<IG>;!^dT!UVVWA!
!
1?<D?<T!'M?JD!4G>EM<A!m4GJJM<LT!&EEBAm!)<!D4"E'(7/K0&()%L0%'!G<=!)RH"4J(7/K0&(
)%L0%'A!nFEESRooV\@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=Io!
! DI:DH>M:?>oG>EMHJ?oL>BC?oOIDMHo^f_edpA!.HH?DD?=!6?H?O:?>!UfT!UVV`A!
!
1Y>L?<D?<T!.X?JA!!"#$%&'(H"4(<4"#I"%'($%J(20$%"@()*+(,-A!$=ME?=!:;!5?>!3G=?A!
! %BS?<FGL?<R!$=MEMB<!8MJF?JO!#G<D?<T!^W`UA!
!
1Y>L?<D?<T!.X?JA!T/0%1'1(H"4(=4$KK(?%K14/#'%1KA!%BS?<FGL?<R!$=MEMB<!8MJF?JO!
#G<D?<T!^WfeA!
!
1Y>L?<D?<T!.X?JA!./01'(H"4(<4"#I"%'($%J(20$%"@()*+(,,A!%BS?<FGL?<R!$=MEMB<!
8MJF?JO!#G<D?<T!^WUUA!
 f_!

1IIJT!1?DS?>A!!"#$%10&(<4"#I"%'(3"%&'41"KA!6GHGSB!(?HB>=D!eAUUVV_UeT!UVVeA!!
! %BOSGHE!6MDHA!
!
7GSS?JT!cGL<A!3"%1'#*"4$4P(>$%0KG(3"#*"K'4K(8Q$0%K1(1G'(=$&SQ4"/%J("H(>$%0KG(
( 7/K0&$L(C0H'($%J(B0K1"4PA!%BS?<FGL?<R!6?E!6G<DN?!,?JDNG:T!^W_VA!
!
7?EEM<LT!7<I=T!?=A!7/K0&(0%(>'%#$4SA!">G<DJGE?=!:;!4MHFG?J!%F?D<IEEA!
%BS?<FGL?<R!6?E!6G<DN?!,?JDNG:T!^W`fA!
!
7IF<T!#G<DA!>'H0%0%Q($(9$10"%(0%(."%QV(>$%0KG(2$140"10&(."%QK(0%(."%QI""SK("H(
2'40"J(-Z6,\-Z[aA!%BS?<FGL?<R!%A.A!(?MEq?JD!-B>JGL!.,T!^WWVA(
!
0G>D?<T!1?<D!5?E?>!G<=!3B>O!*IDNA!m8?;D?T!%F>MDEBSF!$><DE!->M?=>MHFAm!)<!D4"E'(
( 7/K0&()%L0%'!G<=!)RH"4J(7/K0&()%L0%'A!!
! nFEESRooV\@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=IoDI:DH>M:?>o!
G>EMHJ?oL>BC?oOIDMHodV^W^pA!.HH?DD?=!6?H?O:?>!^WT!UVV`A!
!
0GI>M<LT!5GJJ?A!8(B0K1"4P("H(>'%#$4SA!">G<DJGE?=!:;!6GCM=!#BF<?<A!'?@!9B>NR!!
6B>D?E!5>?DDT!^WeVA!
!
0GI>D?<T!7GMA!,^(>$%0KG(_0"L0%(3"%&'41"K@(_"L+(ZA!6G<GHB>=!6.%&%6!be`T!^WW`A!
! %BOSGHE!6MDHA!
!
0M<=:?>LT!%F>MDEMG<A!7$%J4$S'(0%(1G'(3"4%'4A!*),!(?HB>=D!%6\^^U`T!UVV^T!
%BOSGHE!6MDHA!!
!
0M<LT!1G<A!:1G%"#/K0&"L"QPV(B0K1"40&$L($%J(!'Q0"%$L(.1/J0'KA!$=ME?=!:;!#?J?<!
4;?>DA!.&$%J0%$E0$A!'?@!9B>NR!8A8A!'B>EB<!x!%BOSG<;T!^WWdA!
!
4GJJM<LT!.OGJM?A!)11"(7$LL0%QV(20$%"(3"%&'41"($%J(20$%"(<40"A!6GHGSB!(?HB>=D!!
! `AUUb^^bT!^WW`A!%BOSGHE!6MDHA!
!
4G>DHF<?>T!*B!G<=!-M<<!$L?JG<=!#G<D?<A!m3G=?T!'M?JD!8Am!)<!D4"E'(7/K0&()%L0%'!
G<=!)RH"4J(7/K0&()%L0%'A!nFEESRooV\@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;A!
I<JA?=IoDI:DH>M:?>oG>EMHJ?oL>BC?oOIDMHo^VbebpA!.HH?DD?=!1G<IG>;!_T!
UVVWA!
!
(GSBSB>ET!5GIJA!m#BJO:B?T!cGL<Am!)<!D4"E'(7/K0&()%L0%'!G<=!)RH"4J(7/K0&()%L0%'A!
nFEESRooV\@@@ABXKB>=OIDMHB<JM<?AHBOAJM:>G>;AI<JA?=Io!
DI:DH>M:?>oG>EMHJ?oL>BC?oOIDMHo^dUd`pA!.HH?DD?=!6?H?O:?>!`T!UVV`A!
!
,NMCFBJO?!%FI>HF!(?HB>=!*BBNA!,NMC?FBJO?T!6?<OG>NR!"F?!$CG<L?JMHGJ!
0IEF?>G<!%FI>HF!BK!6?<OG>NT!^``^A!
!
,OMEFT!->?=?>MHN!7?;A!9"4J0&(841(7/K0&V(;4"#(1G'(70JJL'(8Q'K(1"(1G'(<G04J((
70LL'%%0/#A!8?DESB>ET!%"R!5>G?L?>!5I:JMDF?>DT!UVVUA!
 fe!

,CG<:?>LT!%G>DE?<A!j6G<MDF!">BO:B<?!">G=MEMB<DAl!?%1'4%$10"%$L(<4"#I"%'((
8KK"&0$10"%(M"/4%$L!cBJA!UVT!'BA!U!g^WWUhR!dU\ddA!
!
,CG<:?>LT!%G>DE?<A!7/K0&(H"4(<4"#I"%'@()4Q$%($%J(20$%"A!$4)!4&.7!dfT!^WffA!!
! 05!(?HB>=M<LA!
!
8FME?T!1BF<!6A!?=A!9'F(7/K0&("H(1G'(9"4J0&(3"/%140'KA!#MJJD=GJ?T!'9R!5?<=>GLB<!
5>?DDT!UVVUA!
!
9B?JJT!1BF<!#A!<G'(9"4J0&(."/%JA!*BDEB<R!%>?DH?<=B!5I:JMDFM<L!%BOSG<;T!^WfbA!
!
(
!
!
!
!