Vous êtes sur la page 1sur 20

!

!
!
:
!"#$%&'()*#+,*
-./01%($)*2(3".%4+*2(345.*6/0/7(8(04*9(/8*
-./01%($)*:0%;(.&%4+*
2'.%;(0'/8<*:=*
:
;<<=:54>3?@>@A!
!
!

B)C0,1:4:=0,D1-:5:E:F1D-0G-H:@33I:
!

2(3".%4+*2(345.*>(15.8<*
?(853./3+<*/0)*4'(*253%/$*
-504./34,*@.58*A8B$%3%4*45*CDB$%3%4*
!

JG-6:K7/.!"!
!

E#&4./34*
*
!
!"#$%&'&()%'$$()*$%*"'*%*"()(%#$%'%*(+$#,+%-(*.((+%*)'/#*#,+'0%/(1(0,&2(+*%
&')'/#32$%'+/%*"(%&,$*45,0/%6')%0(#*2,*#7%,7%/(2,8)'*#$'*#,+%."#8"%#$%'$%
9(*%:+)($,01(/%.#*"#+%*"(%&)($(+*%;;<%/#$8,:)$(=%%!"#$%*(+$#,+%#$%
#/(+*#7#(/%-(*.((+%."'*%*"(%&'&()%/($8)#-($%'$%*"(%/(1(0,&2(+*'0%
,->(8*#1($%,7%;;<?%'+/%#*$%#+"()(+*%/(2,8)'*#8%')*#8:0'*#,+=%!"(%&'&()%
')3:($%*"'*%/(2,8)'*#8%&)#+8#&0($%)(2'#+%*"(%,)3'+#$'*#,+'0%0,3#8%.#*"#+%
."#8"%;;<%&),8($$($%')(%8,+8(#1(/%'$%*'@#+3%&0'8(A%'+/%*"'*%'%/(2,8)'*#8%
(+1#),+2(+*%#$%$:&&,)*(/%#+%,)/()%7,)%*"(%&:)&,$(%,7%;;<%B%/(1(0,&2(+*%
B%*,%-(%'8"#(1(/=%%!"(%&'&()%*'@($%#$$:(%.#*"%*"#$%2,/(0?%'+/%'/1,8'*($%
7,)%*.,%'0*()'*#,+$%#+%*"(%&)($(+*%;;<%/#$8,:)$(=%%C#)$*?%*"'*%;;<%$",:0/%
-(%1#(.(/%'$%'%/(2,8)'*#$#+3%(+/('1,:)?%$&(8#7#8'009%7,8:$(/%:&,+%*"(%
$(8:)#*9%'+/%>:$*#8(%&),8($$($?%-:*%)(*'#+#+3%/(2,8)'89%'$%#*$%#+*(+/(/%
2('$:)'-0(%,:*&:*=%%;(8,+/?%*"'*%*"(%8,+8(&*:'0%/(1#8(%,7%*"(%D$,8#'0%
8,+*)'8*E?%*"'*%/($8)#-($%*"(%8#*#F(+G$*'*(%)(0'*#,+$"#&?%$",:0/%-(8,2(%'%
&#1,*'0%8,+$#/()'*#,+%."(+%8,+8(#1#+3%'+/%/(0#1()#+3%$:&&,)*%*,%;;<%
&),8($$($"!
!
*
*
*

!""#$%%&&&'()*++,')-.%/++01+%()*++,23435267/.!"'8)9:
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

C;5$"4%50* 51* 4'(* 2(3".%4+* 2(345.* >(15.8*


E7(0)/*
!
!
!"(% (+/% ,7% *"(% 5,0/% 6')% &,0')#$'*#,+% ,7% $(8:)#*9% '+/% /(1(0,&2(+*%
$&"()($% "'$% .#*+($$(/% *"(% 3)'/:'0% &')'/#32% $"#7*% 7),2% $(8:)#*9% '+/%
/(1(0,&2(+*% -(#+3% 1#(.(/% '$% 2:*:'009% (H80:$#1(% $&"()($?% *,% '+%
'88(&*'+8(%,7%*"(#)%#+80:$#1(%'+/%#+*()8,++(8*(/%+'*:)($=%%!"#$%&')'/#32%
$"#7*% "'$% .#*+($$(/% '+% '88(&*'+8(% *"'*% *"(% ,->(8*#1($% ,7% ('8"% ,7% *"(%
#+/#1#/:'0% $&"()($% .#00% #+(1#*'-0(% $:&&,)*% *"(% ,->(8*#1($% ,7% *"(% ,*"()%
$&"()(=% !"(% &')'/#32% "'$% (1,01(/% 7),2% 2:*:'009% (H80:$#1(% *,% 2:*:'009%
$:&&,)*#+3A% '% @(9% 8,+8(&*:'0% -'$(% 7,)% *"(% ;;<% '3(+/'=% % !"(% I0,-'0%
C'8#0#*'*#,+% J(*.,)@% 7,)% ;(8:)#*9% ;(8*,)% <(7,)2% KICJ4;;<L?% #+% #*$%
M(3#++()$%I:#/(%*,%;;<?%$*'*($%*"'*N%
%
% O!"#$%%&$'()*+,$-.#/0-$"-1$0#2#)('#0$(2#3$4"#$'-14$56$,#-31$-1$
$ 4"#$43-0*4*(/-)$$ +(/+#'4$(7$1#+83*4,$"-1$#2()2#09$$:83*/.$4"#$;()0$
$ <-3=$%%&$+(/+#3/1$>#3#$1##/$$ -1$ 1#+(/0-3,$ 4($ >"*+"$ 1*0#1$
$ 38)*/.$.3(8'1$4((?$*/$4"#$@-14A<#14$+(/7)*+49$$$ :#2#)('B#/4$
$ '3-+4*4*(/#31$ )-3.#),$ -2(*0#0$ 1#+83*4,$ *118#1=$ >"*+"$ >#3#$
$ */#2*4-C),$$ C(8/0$ 8'$ >*4"$ '()*4*+-)$ *0#()(.*#1=$ -/0$ 1#+83*4,$
$ '()*+,$7(+811#0$(/$4"#$$ '3(4#+4*(/$ (7$ 14-4#1$ 73(B$B*)*4-3,$ 4"3#-41$
$ -/0=$ 2#3,$ (74#/=$ '3(2*0*/.$ *))#.*4*B-4#$ 3#.*B#1$ >*4"$ *))#.*4*B-4#$
$ 18''(349D%%
$ EFGHA%%&I$J#.*//#31$F8*0#$4($%%&K$
%
P,8'*#+3%*"(%#+#*#'0%(1,0:*#,+%,7%*"(%;;<%8,+8(&*%.#*"%*"(%(+/%,7%*"(%5,0/%
6')% #$% (8",(/% -9% 5"'+''% KQRRQL% .",% $*'*($% *"'*?% O!"#$ %%&$ -.#/0-$ *1$
3((4#0$*/$4"#$1#-3+"$7(3$1()84*(/1$4($4"#$+"-))#/.#1$7-+#0$C,$B8)4*)-4#3-)$
-/0$ C*)-4#3-)$ 0(/(31$ +(/+#3/#0$ >*4"$ 0#2#)('B#/4$ -/0$ '#-+#$
+(/1()*0-4*(/$*/$4"#$-74#3B-4"$(7$4"#$;()0$<-3D$ELMMLI$'5NK=%%;"(%3,($%
,+%*,%,:*0#+(%*"'*%*"(%/(-'*($%'+/%,->(8*#1($%,7%*"(%(1,01#+3%;;<%'3(+/'%
8,:0/%-(%3),:&(/%'),:+/%*")((%$(*$%,7%'8*,)$%'+/%8,+8()+$=%%!"($(%')(N%*"(%
SJ% '+/% #*$% ),0(% #+% &('8(% '3)((2(+*$% '+/% &,$*48,+70#8*% 8,+*(H*$A% *"(% TS%
'+/% JU!V% '+/% *"(% &,$*% 8,0/% .')% (+0')3(2(+*% ,7% *"(#)% )($&(8*#1(%
2(2-()$"#&A% '+/% *"(% ),0(% ,7% /(1(0,&2(+*% '3(+8#($% #+% /(1(0,&#+3% '+/%
&,$*48,+70#8*% 8,+*(H*$=% % !"#$% &'&()% (H'2#+($% *"(% (1,0:*#,+% ,7% 8,+8(&*$%
*"),:3"% *"($(% #+*()+'*#,+'0% ,)3'+#$'*#,+$?% "#3"0#3"*#+3% *"(% #+"()(+*%
/(2,8)'*#$#+3%*"(2(=%%
!
!
:0%4()*H/4%50&*
!
!
6#*"% *"(% 0#7*#+3% ,7% *"(% 5,0/% 6')% ,1()0'9?% *"(% 7#)$*% "'07% ,7% *"(% WXXR$%
.#*+($$(/%'%+:2-()%,7%&('8(%'3)((2(+*$%*"'*%$*#&:0'*(/%2('$:)($%7,)%*"(%
/(2,-#0#$'*#,+% ,7% 7,)8($?% '+/% *"(% ,*"()% 8,2&)("(+$#1(% 2('$:)($% 7,)% *"(%
'**'#+2(+*% ,7% $:$*'#+'-0(% &('8(=% % ;:8"% '3)((2(+*$% '+/% &,$*48,+70#8*%
&),3)'22($% .()(% ,7*(+% /(1(0,&(/% '),:+/% SJ% &('8(@((&#+3% ,&()'*#,+$?%
'+/% $'.% '+% (H&'+$#,+% ,7% *"(% ),0($% '+/% (H&(8*(/% ,:*8,2($% ,7% *"(%
*)'/#*#,+'0% &('8(@((&#+3% 8,+8(&*=% % C,)% (H'2&0(?% *"(% Y')#$% U3)((2(+*%
$#3+(/% #+% V8*,-()% WXXW% 2'+/'*(/% *"(% SJ% !)'+$#*#,+'0% U:*",)#*9% #+%
5'2-,/#'% *,% D(H()8#$(% &,.()% #+% &,0#*#8'0?% 2#0#*')9?% (8,+,2#8% '+/% ,*"()%
! #!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
7:+8*#,+'0% /,2'#+$E=% % ;:8"% O:+&)(8(/(+*(/% ':*",)#*9Z% K5"'+''?%
QRRQN&W[L%7,)%'%SJ%&('8(@((&#+3%2#$$#,+%.'$%"()'0/(/%'*%*"(%*#2(%'$% '%
D$9$*(2'*#8% (77,)*% '*% +'*#,+4-:#0/#+3E% K'% 8,+8(&*% +,.% (1,01(/% #+*,% $*'*(4
-:#0/#+3L=%%J,*%,+09%/#/%$:8"%'%.#/(4)'+3#+3%2'+/'*(%7,)%'%&('8(@((&#+3%
7,)8(% #00:$*)'*(% '% $"#7*% *,.')/$% '% /(1(0,&2(+*% 7,8:$?% #*% '0$,% -),:3"*%
/(1(0,&2(+*%-'8@%#+*,%*"(%.#/()%$(8:)#*9%/(-'*(=%%U$%3'&$%.()(%#/(+*#7#(/%
#+% *"(% SJE$% 8'&'8#*9% *,% (+3'3(% .#*"% #*$% -:)3(,+#+3% )($&,+$#-#0#*#($?%
$,0:*#,+$% .()(% '0$,% (+'8*(/=% % !"(% 8)('*#,+% #+% WXXQ% ,7% *"(% SJ% 5#1#0#'+%
Y,0#8#+3% \(&')*2(+*?% .#*"% '% 2'+/'*(% *,% '$$#$*% #+% *"(% )(7,)2% ,7% &,0#8(%
7,)8($% #+% 8,:+*)#($% #+% *)'+$#*#,+% 7),2% 8,+70#8*?% #$% '% 8'$(% #+% &,#+*=% % ],)(%
#2&,)*'+*% *"'+% ,&()'*#,+'0% $,0:*#,+$% .'$% *"(% /(1(0,&2(+*% ,7% *"(%
8,+8(&*:'0%*"#+@#+3%'),:+/%*"(%D+(.%&),-0(2$E=%%%
%
!"(%SJE$%\(1(0,&2(+*%Y),3)'22(%KSJ\YL%WXX^%_:2'+%\(1(0,&2(+*%
<(&,)*% #+*),/:8(/% '% +(.% &')'/#32% 7,)% :+/()$*'+/#+3% 30,-'0%
1:0+()'-#0#*#($%."#8"%8"'00(+3(/%*"(%*)'/#*#,+'0%+,*#,+%,7%+'*#,+'0%$(8:)#*9%
-9% ')3:#+3% *"'*% *"(% &),&()% )(7()(+*% 7,)% $(8:)#*9% $",:0/% -(% *"(% #+/#1#/:'0%
)'*"()% *"'+% *"(% $*'*(=% D_:2'+% $(8:)#*9E% &),&,+(+*$% ",0/% *"'*% '% &(,&0(4
8(+*()(/% 1#(.% ,7% $(8:)#*9% #$% +(8($$')9% 7,)% +'*#,+'0?% )(3#,+'0% '+/% 30,-'0%
$*'-#0#*9=%%!"(%SJ\Y%WXX^%)(&,)*%2'#+*'#+$%*"'*%(+$:)#+3%`7)((/,2%7),2%
.'+*`% '+/% `7)((/,2% 7),2% 7(')`% 7,)% '00% &()$,+$% #$% *"(% -($*% &'*"% *,% *'8@0(%
*"(% &),-0(2% ,7% 30,-'0% #+$(8:)#*9% KSJ\Y?% WXX^L=% % !"(%)(&,)*% ')3:($% *"'*%
*"(%$8,&(%,7%30,-'0%$(8:)#*9%$",:0/%-(%(H&'+/(/%*,%#+80:/(%*")('*$%#+%*"(%
7,00,.#+3%$(1(+%')('$N%(8,+,2#8%$(8:)#*9?%7,,/%$(8:)#*9?%"('0*"%$(8:)#*9?%
(+1#),+2(+*'0% $(8:)#*9?% &()$,+'0% $(8:)#*9?% 8,22:+#*9% $(8:)#*9% '+/%
&,0#*#8'0%$(8:)#*9=%%;:8"%'+%(H&'+$#,+%,7%*"(%8,+8(&*%,7%$(8:)#*9%.'$%+,*%
:+#1()$'009%&,&:0')?%.#*"%2'+9%#+%*"(%*)'/#*#,+'0%/(1(0,&2(+*%8,22:+#*9%
')3:#+3%*"'*%#*%)(&)($(+*(/%'%D$(8:)#*#$'*#,+%,7%/(1(0,&2(+*E=%%%
$
!"(% SJ% )(&,)*% DU+% U3(+/'% 7,)% \(1(0,&2(+*E?% WXXa?% 0#+@(/% *"(%
($*'-0#$"2(+*% ,7% '% >:$*% '+/% /(2,8)'*#8% $,8#(*9% (1(+% 2,)(% 80,$(09% *,%
%
8')(7:0 '**(+*#,+%*,%*"(%$(8:)#*9%$(8*,)=%%b+%WXXc%*"(%;(8)(*')9%I(+()'0E$%
)(&,)*%,+%*"(%8':$($%,7% 8,+70#8*%'+/%*"(%&),2,*#,+%,7%/:)'-0(% &('8(% '+/%
$:$*'#+'-0(% /(1(0,&2(+*% #+% U7)#8'% )('77#)2(/% *"(% #2&,)*'+8(% ,7% *"(%
$(8:)#*94/(1(0,&2(+*% )(0'*#,+$"#&?% $*'*#+3N% O4"#$ '3#2#/4*(/$ (7$ +(/7)*+4$
C#.*/1$ -/0$ #/01$ >*4"$ 4"#$ '3(B(4*(/$ (7$ "8B-/$ 1#+83*4,$ -/0$ "8B-/$
0#2#)('B#/49D$ K5"'+''?% QRRQL=% % !"(% QRR^% SJ% _#3"% P(1(0% Y'+(0% ,+%
!")('*$%(H&'+/(/%*"(%7,8:$%,7%*"(%$(8:)#*9%#$$:($%7'8#+3%*"(%#+*()+'*#,+'0%
8,22:+#*9%-9%"#3"0#3"*#+3%*"(%&),-0(2$%'0)('/9%(+8,:+*()(/%.#*"%.('@%
'+/% 7'#0#+3% $*'*($N% OP/0$ 4"#$ #3(1*(/$ (7$ %4-4#$ +-'-+*4,$ -/,>"#3#$ */$ 4"#$
>(3)0$>#-?#/1$4"#$'3(4#+4*(/$(7$#2#3,$14-4#$-.-*/14$43-/1/-4*(/-)$4"3#-41$
18+"$ -1$ 4#33(3*1B$ -/0$ (3.-/*Q#0$ +3*B#DERH=$ LMMSK9% % !"(% SJ% ;(8)(*')9%%
QRRa%I(+()'0E$%)(&,)*%#+%QRRa?%Db+%P')3()%C)((/,2E?%8,+7#)2(/%*"(%7,8:$%
,+% ":2'+% $(8:)#*9% -9% ,:*0#+#+3% *"(% )#3"*$% ,7% D7)((/,2% 7),2% 7(')E% '+/%
D7)((/,2%7),2%.'+*E?%-:*%(H&'+/(/%,+%*"($(%*,%#+80:/(%D7)((/,2%*,%0#1(%
#+%/#3+#*9EN%OT8B-/*4,$>*))$/(4$#/U(,$1#+83*4,$>*4"(84$0#2#)('B#/4=$*4$>*))$
/(4$ #/U(,$ 0#2#)('B#/4$ >*4"(84$ 1#+83*4,=$ -/0$ *4$ >*))$ /(4$ #/U(,$ #*4"#3$
>*4"(84$3#1'#+4$7(3$"8B-/$3*."41D$EV/$W-3.#3$G3##0(BI$'5K9%
%
U$% 8'+% -(% $((+% *"(% 8,+8(&*:'0% 0#+@#+3% ,7% /(1(0,&2(+*% '+/% $(8:)#*9% .'$%
/(7#+(/% '+/% $,0#/#7#(/% -9% *"(% *#2(% ,7% *"(% QRRa% 6,)0/% ;:22#*=% !"(%
&)(&')'*,)9%_#3"% P(1(0%Y'+(0%)(&,)*%"'/%#+*),/:8(/% *"(%'//#*#,+'0%7,8:$%
,+%D(),/#+3%$*'*(%8'&'8#*9E?%."#8"%)(&)($(+*(/%'+%(1,0:*#,+%7),2%*"(%WXXW%
SJ%5'2-,/#'%2#$$#,+%,7%D+'*#,+%-:#0/#+3E%*,%'%80(')%7,8:$%:&,+%$*'*($E%
! $!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
8'&'8#*#($N% '% @(9% ;;<% 7,8:$=% % !"(% ,:*8,2($% ,7% *"(% 6,)0/% ;:22#*% .()(%
.#/(% )'+3#+3% 8,+$#$*#+3% ,7% '% dc4&'3(% )($,0:*#,+?% '+/% #*% #$% *"()(7,)(%
/#77#8:0*%*,%'**)#-:*(%'00%#*$%(0(2(+*$%*,%*"(%;;<%'3(+/'=%%!"(%&)(&')'*,)9%
)(&,)*$%'+/%*"(%)($,0:*#,+%,7%*"(%QRRa%6,)0/%;:22#*%/#/%",.(1()%$(*%*"(%
8,+8(&*:'0%'+/%&,0#89%7)'2(.,)@%#+%."#8"%*"(%;;<%'3(+/'%8,:0/%,&()'*(=%%
;&(8#7#8'009?% *"(% )(0'*#,+$"#&% -(*.((+% $(8:)#*9?% /(1(0,&2(+*% '+/% ":2'+%
)#3"*$% .'$% $,0#/#7#(/?% *"(% &),-0(2$% ,7% (),/#+3% $*'*(% 8'&'8#*9% .()(%
,:*0#+(/?%'+/%/(1(0,&(/%'$%'+%')('%*,%-(%(+3'3(/%.#*"=%%\(2,8)'89%.'$%
(2-(//(/% '$% '% D:+#1()$'0% 1'0:(E?% '+/% '$% .#*"% *"(% )(0'*#,+$"#&% -(*.((+%
$(8:)#*9% '+/% /(1(0,&2(+*?% *"(% #$$:($% ,7% /(2,8)'89?% /(1(0,&2(+*% '+/%
":2'+%)#3"*$%.()(%($*'-0#$"(/%'$%#+*()/(&(+/(+*%'+/%2:*:'009%$:&&,)*#+3A%
*"(%$#+(%e:'%+,+%-(#+3%*"(%D":2'+%$(8:)#*9E%&()$&(8*#1(N%%
%
$ O5N69$<#$3#-77*3B$4"-4$0#B(+3-+,$*1$-$8/*2#31-)$2-)8#$X#B'"-1*1$
$ -00#0Y$C-1#0$$ (/$ 4"#$ 73##),$ #Z'3#11#0$ >*))$ (7$ '#(')#$ 4($
$ 0#4#3B*/#$ 4"#*3$ (>/$ '()*4*+-)=$ #+(/(B*+=$ 1(+*-)$ -/0$ +8)483-)$
$ 1,14#B1$ -/0$ 4"#*3$ 78))$ '-34*+*'-4*(/$ */$ -))$ -1'#+41$ (7$ 4"#*3$
$ )*2#19$ $ $ <#$ -)1($ 3#-77*3B$ 4"-4$ >"*)#$ 0#B(+3-+*#1$ 1"-3#$ +(BB(/$
$ 7#-483#1=$4"#3#$*1$/($ 1*/.)#$B(0#)$(7$0#B(+3-+,=$4"-4$*4$0(#1$/(4$
$ C#)(/.$4($-/,$+(8/43,$(3$3#.*(/=$-/0$3#-77*3B$4"#$/#+#11*4,$(7$08#$
$ 3#1'#+4$ 7(3$ 1(2#3#*./4,$ -/0$ 4"#$ 3*."4$ (7$ 1#)7A0#4#3B*/-4*(/9$ <#$
$ 143#11$4"-4$0#B(+3-+,=$0#2#)('B#/4$-/0$3#1'#+4$7(3$-))$$ "8B-/$
$ 3*."41$ -/0$ 78/0-B#/4-)$ 73##0(B1$ -3#$ */4#30#'#/0#/4$ -/0$
$ B848-)),$3#*/7(3+*/.9D$X#B'"-1*1$-00#0Y$
% ERH$<(3)0$%8BB*4$[84+(B#1=$LMM6\'L]K$
$
!"($(%8,+8(&*:'0%'+/%&,0#89%7)'2(.,)@$%-(8'2(% 7,8:$(/%:&,+% *"(%;;<%
2,/(0%.#*"#+%*"(%SJ%#+%f'+:')9%QRRc%.#*"%*"(%;(8)(*')9%I(+()'0E$%)(&,)*?%
D;(8:)#+3% &('8(% '+/% /(1(0,&2(+*N% *"(% ),0(% ,7% *"(% S+#*(/% J'*#,+$% #+%
$:&&,)*#+3% $(8:)#*9% $(8*,)% )(7,)2E?% ."#8"% .'$% /(1(0,&(/% #+% &)(&')'*#,+%
7,)% '% ;(8:)#*9% 5,:+8#0% /(-'*(% #+% C(-):')9% QRRc=% % !"(%)(&,)*E$% $:22')9%
"#3"0#3"*$% ",.% *"(% (1,0:*#,+% ,7% *"(% D":2'+% $(8:)#*9E% 8,+8(&*% '+/% *"(%
#+*()0#+@#+3% ,7% /(1(0,&2(+*% '+/% $(8:)#*9% "'1(% -(8,2(% *"(% -'$#$% 7,)% '%
7,8:$%:&,+%;;<N%
%
$ O!"#$RH$#Z*141$4($18''(34$4"#$B-*/4#/-/+#$(7$*/4#3/-4*(/-)$'#-+#$
$ -/0$1#+83*4,$-/0$4($-11*14$F(2#3/B#/41$-/0$'#(')#1$*/$$ C8*)0*/.$
$ -$>(3)0$*/$>"*+"$73##0(B$73(B$7#-3$-/0$>-/4$X#B'"-1*1$-00#0Y$
$ *1$ -$ 3#-)*4,$ 7(3$ -))9$ $ !"#$ )#11(/1$ (7$ 4"#$ '-14$ ^M$ ,#-31$ "-2#$
$ *))8143-4#0$ 4"-4$ 4"#1#$ .(-)1$ -3#$ 78/0-B#/4-)),$ */4#34>*/#0\$
$ 1#+83*4,=$ 0#2#)('B#/4$ -/0$ "8B-/$ 3*."41$ -3#$ '3#+(/0*4*(/1$ 7(3$
$ 1814-*/-C)#$ '#-+#9X#B'"-1*1$ -00#0Y_99!($ 4"-4$ #/0=$ 4"#$
$ 0#2#)('B#/4$(7$#77#+4*2#$-/0$-++(8/4-C)#$1#+83*4,$*/14*484*(/1$(/$
$ 4"#$C-1*1$(7$/(/A0*1+3*B*/-4*(/=$78))$3#1'#+4$7(3$"8B-/$3*."41$-/0$
$ 4"#$38)#$(7$)->$*1$#11#/4*-)D$
$ ERH$%#+3#4-3,$F#/#3-)`1$&#'(34=$LMMaI'$5K%
%
b*% #$% #2&,)*'+*% *,% +,*(% *"'*% *"(% ;(8:)#*9% 5,:+8#0% /(-'*(?% 7,)% ."#8"% *"(%
)(&,)*% .'$% &)(&')(/?% 7,8:$(/% :&,+% ;;<% .#*"#+% &,$*48,+70#8*% '+/%
&('8(-:#0/#+3% 8,+*(H*$=% % U$% I)((+(% KQRRcL% &,#+*$% ,:*?% #+70:(+*#'0%
2(2-()$% ,7% *"(% SJ% ;(8:)#*9% 5,:+8#0% '+/% I(+()'0% U$$(2-09% "'1(% -((+%
)(0:8*'+*%*,%&),1#/(%(H&0#8#*%$:&&,)*%7,)%;;<=%%O@77(341$4($*/7)8#/+#$(3$3#A
1"-'#$ +(8/43*#1`$ 1#+83*4,$ */14*484*(/1$ "-2#$ 3-*1#0$ +(/+#3/1$ -C(84$
*B')*+-4*(/1$7(3$b1(2#3#*./4,`9DEF3##/#=$LMMaI'aK$%I)((+(%"#3"0#3"*$%*"'*%
! %!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
*"#$%)(*#8(+8(%#$%-'$(/%,+%D$:$&#8#,+$E%*"'*%;;<%2'9%-(%'%8,1()%7,)%$(07B
#+*()($*(/% &:)$:#*% ,7% 8,+*($*'-0(% 7,)(#3+% '+/% $(8:)#*9% &,0#89% ,->(8*#1($?%
'+/%*"'*% *"#$%&()8(&*#,+% #$% $"')(/%-9% $,2(%#+%/(1(0,&2(+*%'#/%'3(+8#($=%%
;:8"% '+% :+/()$*'+/#+3% "#3"0#3"*$% ."'*% _g+33#% KQRR^L% /($8)#-($% '$% *"(%
8,+*($*%,1()%*"(%$(8:)#*9%8,+8(&*?%'+/%3,($%$,2(%.'9%*,%(H&0'#+%."9%;;<%
%
.#*"#+% *"(% SJ "'$% -((+% 8,))'00(/% #+*,% -(#+3% $&(8#7#8'009% '% &,$*48,+70#8*%
'+/%&('8(@((&#+3%8,+8()+=%%%
!
!
9'(* I5.$)* J/0F* /0)* 4'(* ?(;($5B8(04*
E.(0/*
*
!
!"(% /(1(0,&2(+*% ,7% 8,+8(&*$% '77(8*(/% +,*% ,+09% *"(% SJ?% -:*% '0$,% '00%
#+*()3,1()+2(+*'0% ,)3'+#$'*#,+$?% '+/% #+*()+'*#,+'0% '8*,)$=% % !"(% 6,)0/%
M'+@%8'+%-(%$((+%+,*%,+09%'$%)('8*#+3%*,%*"($(%/(1(0,&2(+*$?%-:*%'0$,%'$%
'+%#+$*#3'*,)=%%U$%M'00%KQRR[L%"#3"0#3"*$?%'$%(')09%'$%WXcX%*"(%Y)($#/(+*%,7%
*"(%6,)0/%M'+@%.'$%"#3"0#3"*#+3%*"(%+(8($$#*9%*,%1#(.%2#0#*')9%$&(+/#+3%
'$%'+%(0(2(+*%,7%7#$8'0%&,0#89%'+/%/(1(0,&2(+*'0%&)#,)#*#($N%
%
$ O_*4$ *1$ *B'(34-/4$ 4($ ')-+#$ B*)*4-3,$ 1'#/0*/.$ 0#+*1*(/1$ (/$ 4"#$
$ 1-B#$ 7((4*/.$ -1$ (4"#3$ 7*1+-)$ 0#+*1*(/1=$ 4($ #Z-B*/#$ '(11*C)#$
$ 43-0#(771$ B(3#$ 1,14#B-4*+-)),=$ -/0$ 4($ #Z')(3#$ >-,1$ 4($ C3*/.$
$ B*)*4-3,$ 1'#/0*/.$ */4($ C#44#3$ C-)-/+#$ >*4"$ 0#2#)('B#/4$
$ '3*(3*4*#19D$
$ EJ-))=$LMMcI$'5SLK$
$
f:$*% '$% *"(% SJE$% WXX^% D_:2'+% \(1(0,&2(+*% <(&,)*E% .'$% '% &#1,*'0%
(0(2(+*% #+% /(7#+#+3% '+/% $"'&#+3% *"(% (1,01#+3% &')'/#32% $"#7*% 7,)% SJ%
'8*,)$% '+/% -(9,+/?% *"(% 6,)0/% M'+@E$% QRRW% Dh,#8($% ,7% *"(% Y,,)EW% )(&,)*%
#/(+*#7#(/% D$(8:)#*9% 8,+8()+$E% '$% '% 2'>,)% -'))#()% *,% &,1()*9% )(/:8*#,+% ,7%
*"(%2'>,)#*9%,7%*"(%iR?RRR%&,,)%2(+%'+/%.,2(+%.",%&')*#8#&'*(/%#+%*"(%
'&&)'#$'0=%%5,+8:))(+*%*,%*"(%(1,01#+3%8,+8(&*%,7%*"(%#+*()4)(0'*(/%'$&(8*%
,7% $(8:)#*9% '+/% /(1(0,&2(+*?% *"(% 6,)0/% M'+@% #+8)('$(/% #*$% #+1,01(2(+*%
#+%D3,,/%3,1()+'+8(E?%OXC,Y$4"#$#/0$(7$4"#$5]]M1$.(2#3/-/+#$"-0$C#+(B#$
-$ )#.*4*B-4#$ 18CU#+4$ (7$ 0*1+(831#$ 7(3$ 0#2#)('B#/4$ 0(/(31D$ EJ-))=$
LMMcI'5S5K=%%!"#$%.'$%8,/#7#(/%.#*"%*"(%#+80:$#,+%,7%D3,,/%3,1()+'+8(E%
#+% *"(% SJ% ]#00(++#:2% \(1(0,&2(+*% I,'0$% #+% QRRR=Q% % 6#*"% *"(% 3),.#+3%
'88(&*'+8(%,7%3,1()+'+8(%'$%'%0(3#*#2'*(%'8*#1#*9%7,)%/(1(0,&2(+*%'8*,)$?%
'%-:)3(,+#+3%8,+$(+$:$%.'$%($*'-0#$"(/%*"'*%*"(%$'2(%&)#+8#&0($%,7%&:-0#8%
7#+'+8#'0% 2'+'3(2(+*% $",:0/% -(% '&&0#(/% *,% *"(% 2#0#*')9% '+/% $(8:)#*9%
$(8*,)$=% % !"#$% 8,+$(+$:$% .'$% /(7#+#*(09% $*'*(/% #+% *"(% DP($$,+$% 7),2%
U73"'+#$*'+E?%QRRi?%*"'*%$*'*(/%O!"#3#$*1$/($U814*7*+-4*(/$7(3$43#-4*/.$4"#$
1#+83*4,$ 1#+4(3$ -1$ 1#'-3-4#$ (3$ 1-+3(1-/+4=$ -/0$ /(4$ 18CU#+4*/.$ *4$ 4($
C80.#4-3,$-/0$7*08+*-3,$'3(+#11#1D$E<(3)0$J-/?=$LMM^K$
$
!
C".5B(/0*CDB/0&%50!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
'
!()*+,-)-.!/01!23*!.456!7,8)9!4..79::83";3*<=>,-?"3*8:@'ABC%DE'F!
#
!4..79::;;;"G-"3*8:+5<<)--5G+83,<6:!
! &!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
!"(%3(,&,0#*#8'0%$"#7*$%#+#*#'*(/%-9%*"(%(+/#+3%,7%*"(%5,0/%6')%')(%2,)(%
/#)(8*09% &0'9(/% ,:*% .#*"#+% *"(% T:),&('+% )(3#,+?% '$% #*% .'$% *"(% $*)'*(3#8%
8(+*)(%,7%*"(%2#0#*')9%$*'+/,77%*"'*%(H(2&0#7#(/%*"(%#/(,0,3#8'0%/#1#$#,+%,7%
*"(% 5,0/% 6')=% % Y')*09% /:(% *,% *"#$% "#$*,)9?% '+/% #+% 8,2&')#$,+% *,% *"(%
/(1(0,&2(+*%7,8:$%,7%*"(%6,)0/%M'+@%'+/%*"(%&,0#*#8'0%')(+'%,7%*"(%SJ?%
*"(% /(2,8)'*#8% 2,*#7% K'+/% 2,*#1(L% .#*"#+% *"(% ;;<% /#$8,:)$(% #$% 2,)(%
&),+,:+8(/%.#*"#+%*"(%TS%'+/%JU!V=%%%
%
!"(% T:),&('+% S+#,+E$% KTSL% ),0(% #+% (1,01#+3% *"(% ;;<% 8,+8(&*% 8'+% -(%
8,+$#/()(/% .#*"#+%*")((%$&"()($N%#*$%&,$*45,0/% 6')%(H&'+$#,+% *,%#+80:/(%
7,)2()% 6')$'.% Y'8*% 8,:+*)#($?% #*$% ),0($% '$% '% 30,-'009% $#3+#7#8'+*%
/(1(0,&2(+*%'8*,)?%'+/%#*$%(1,01#+3%$(8:)#*9%&,0#89=%%!"(%TS%)(70(8*$%*"(%
&')'/#32% $"#7*% ,:*0#+(/% '-,1(% #+% )(0'*#,+% *,% /(1(0,&2(+*% '+/% $(8:)#*9%
.#*"%*"(%5,*,+,:%Y')*+()$"#&%U3)((2(+*%,7%QRRR=%%!"#$%'3)((2(+*%$#3+(/%
-(*.((+% *"(% TS% '+/% [[% U7)#8'+% 5')#--('+% Y'8#7#8% 8,:+*)#($% /(7#+($% *"(%
'#/?% *)'/(% '+/% /(1(0,&2(+*% )(0'*#,+$"#&$% -(*.((+% *"(% $#3+'*,)#($?% '+/%
7,8:$($%2:8"%2,)(%,+%*"(%&,0#*#8'0%/#2(+$#,+$%,7%/(1(0,&2(+*%*"'+%.'$%
&)(1#,:$09%*"(%8'$(=%%!"(%8(+*)'0#*9%,7%*"(%3,,/%3,1()+'+8(%'3(+/'?%*)'8(/%
*"),:3"% *"(% 6,)0/% M'+@% '-,1(% '+/% (2-(//(/% .#*"#+% /(1(0,&2(+*%
'3(+/'$% -9% *"(% ]#00(++#:2% \(1(0,&2(+*% I,'0$?% #$% 8(+*)'0% *,% *"(% TS%
/(1(0,&2(+*%'&&),'8"?%'$%0'*()%/(7#+(/%-9%*"(%QRRa%T:),&('+%5,+$(+$:$%
,+% \(1(0,&2(+*?% '/,&*(/% -9% *"(% T:),&('+% Y')0#'2(+*?% 5,:+8#0?%
5,22#$$#,+%'+/%](2-()%;*'*($=%%;"())#77%KQRR[L%#+%"#$%')*#80(%,:*0#+#+3%
;;<%+,)2%#2&0(2(+*'*#,+%#+%*"(%TS?%$*'*($N%
%
$ O!"#$;(/1#/181$+)#-3),$#BC3-+#1$18+"$/(3B1$-1$4"#$38)#$(7$)->=$
$ 0#B(+3-4*+$ (2#31*."4=$ "8B-/$ 3*."41=$ -++(8/4-C*)*4,$ -/0$
$ 43-/1'-3#/+,=$>*4"(84$B-?*/.$$ 1'#+*7*+$3#7#3#/+#$4($%%&9D$
$ E%"#33*77=$LMMcI$'$a]K%%
%
;"())#77% /#$&0'9$% '+/% "#3"0#3"*$% '+% '$$:2&*#,+% ,7% *"(% 8(+*)'0#*9% ,7% *"(%
D3,,/%3,1()+'+8(E%'3(+/'%.#*"#+%*"(%TS%/#$8,:)$(?%'+%'$$:2&*#,+%*"'*%#$%
.(0047,:+/(/%."(+%8,+$#/()#+3%*"(%(77(8*%'+/%&:)&,$(%,7%*"(%TSE$%&,$*4
5,0/% 6')% (H&'+$#,+=% % !"(% 5,&(+"'3(+% 5)#*()#'?% +'2(/% '7*()% *"(% WXXd%
5,&(+"'3(+% $:22#*?% ($*'-0#$"(/% *"(% )(e:#)(2(+*% ,7% '% $*'-0(% /(2,8)'*#8%
3,1()+2(+*% .#*"% )($&(8*% ,7% *"(% ):0(% ,7% 0'.?% '+/% #*$% 8,))($&,+/#+3%
7)((/,2$%'+/%#+$*#*:*#,+$?%'$%$*'+/')/$%7,)%'88($$#,+%#+*,%*"(%TS=%%$
%
b+% QRRd?% *"(% TS% (0'-,)'*(/% #*$% 7#)$*% T:),&('+% ;(8:)#*9% ;*)'*(39?% ."#8"%
$*)($$(/% *"(% +((/% 7,)% *"(% TS% *,% 8,+$#/()% '% .#/()% $&(8*):2% ,7% 2#$$#,+$?%
#+80:/#+3%:+/()*'@#+3%;;<%'$%&')*%,7%#*$%#+$*#*:*#,+4-:#0/#+3%'8*#1#*#($=%%b+%
QRRa4QRRi?% *"(% TS% 5,:+8#0% '+/% 5,22#$$#,+% '/,&*(/% *"(#)% )($&(8*#1(%
;;<% 8,+8(&*$=% % b+% -,*"% 8,+8(&*$?% *"(% TS% :$($% *"(% VT5\E$% -),'/%
/(7#+#*#,+%,7%*"(%$(8:)#*9%$(8*,)%'+/%#*$%2'#+%&)#+8#&0($=%%\($&#*(%*"(%7#)2%
&,0#89% '+/% 8,+8(&*:'0% 7)'2(.,)@$?% *"(% TSE$% '&&),'8"% *,% ;;<% .#00%
8,+*#+:(%*,%-(%7)'32(+*(/%:+*#0%*"()(%')(%$,2(%2'>,)%)(1#$#,+$%#+%*"(%.'9%
*"(% TS% #$% 3,1()+(/?% '$% ;"())#77% '$$()*$?% '+/% 0'*()% 8,+80:/($?%O4"#$ ?#,$ 4($
B-?*/.$ '3(.3#11$ */$ 4"#$ @R$ /(3B$ *B')#B#/4-4*(/$ *1$ .3#-4#3$
8/0#314-/0*/.$ -/0$ ->-3#/#11$ (7$ *41$ *B'(34-/+#=$ C8*)4$ (/$ +(/+#'48-)$
+)-3*4,9DX#B'"-1*1$-00#0Y9K&XXL=%%U8"#(1#+3%*"(%D8,+8(&*:'0%80')#*9E%#$%'+%
,->(8*#1(%,7%*"#$%&'&()=%%%
%
C,)% JU!V?% *"(% )'&#/% /(2#$(% ,7% *"(% 5,0/% 6')% 8)('*(/% +,*% $,% 2:8"% '%
8,+8(&*:'0%$"#7*%'+/%(1,0:*#,+%,7%'%+(.%&')'/#32?%-:*%)'*"()%'+%(H#$*(+*#'0%
! D!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
8)#$#$=%%_'30:+/%KQRR[L%/($8)#-($%*"(%/#0(22'%'$%'%O,->/*/.$+(/+#'48-)$
2(*0D=% '+/% .#*"% *"(% )(2,1'0% ,7% *"(% *")('*% 7),2% *"(% 6')$'.% Y'8*%
2#0#*')#($?% ."#8"%JU!V%.'$% 8)('*(/%*,% 8,:+*()?%*"(%,)3'+#$'*#,+%0,$*%#*$%
)'#$,+% /E(*'*=% % !"(% WXX^% M):$$(0$% ;:22#*% $'.% *"(% ,)3'+#$'*#,+% 3'#+#+3%
*)'8*#,+%.#*"%'%$*)'*(3#8%/#)(8*#,+%-9%(+/,)$#+3%*"(%Y')*+()$"#&%7,)%Y('8(%
&),8($$?% #+#*#'*#+3% *"(% (+0')3(2(+*% ,7% JU!V% *,% #+80:/(% +(.09%
#+/(&(+/(+*%&,$*4;,1#(*%$*'*($=%%!"(%7,00,.#+3%9(')E$%(+/,)$(2(+*%,7%*"(%
;*:/9% ,+% T+0')3(2(+*% /(7#+(/% *"(% 8,+/#*#,+$% *,% -(% 2(*% -9% '$&#)'+*%
2(2-()$=%%U$%P'.%$:22')#$($N%%
%
$ OHP![$ "-1$ B-0#$ 0#B(+3-4*+$ .(2#3/-/+#$ (7$ 4"#$ 1#+83*4,$ 1#+4(3$
$ -/0$4"#$-C*)*4,$4($+(/43*C84#$4($4"#$P))*-/+#`1$+-'-+*4*#1$+#/43-)$
$ +(/+#3/1$ (7$ *41$ -''3(-+"$ 4($ #/)-3.#B#/4=$ */4#3$ -)*-$ */$ *41$ 5]]6$
$ %480,$(/$@/)-3.#B#/49D$
$ EW->=$LMMcI'5SK$
%
_g+33#% KQRR^L% '$$()*$% *"'*% #7% ;;<% #$% 1#(.(/% '$% "'1#+3% -((+% 2,)(%
$:88($$7:0% #+% T:),&('+% &,$*48,22:+#$*% $*'*($% *"'+% #+% /(1(0,&#+3% $*'*($?%
*"(+% *"#$% #$% &),-'-09% /:(% *,% *"(% $#3+#7#8'+*% 0(1()'3(% *"(% TS% '+/% JU!V%
"'1(% *,% (+8,:)'3(% 8,2&)("(+$#1(% ;;<% #+% 8'+/#/'*(% $*'*($=% % \($&#*(% *"(%
/,:-*$%,1()%'%8,+*#+:(/%7,8:$%,+%;;<%.#*"#+%JU!V?%#*%#$%80(')%*"'*%-,*"%
,)3'+#$'*#,+$%,&()'*(/%.#*"#+%*"(%/(1(0,&2(+*4$(8:)#*9%&')'/#32%8)('*(/%
'$%'%)($:0*%,7%*"(%(+/%,7%*"(%5,0/%6')=%%!"(%(H&0#8#*%/(2,8)'*#8%2'+/'*(%
,7%*"(%*.,%,)3'+#$'*#,+$?%8,2-#+(/%.#*"%*"(%8(+*)'0#*9%,7%*"(#)%/(2,8)'*#8%
,->(8*#1($% .#*"#+% *"(#)% ;;<% '8*#1#*#($?% $*'+/% #+% 8,+*)'$*% *,% *"(% /#$8,:)$(%
,:*0#+(/%.#*"#+%*"(%6,)0/%M'+@%'+/%SJ=%%$
!
!
K.7/0%&/4%50*51* C35058%3*-55B(./4%50* /0)*
?(;($5B8(04*LKC-?M*
!
!
!"(%VT5\%#$%+,*%-'$"7:0%8,+8()+#+3%#*$%2(2-()$%/(2,8)'*#8%8)(/(+*#'0$%
'$% #*$% .(-$#*(% &),80'#2$N% O!"(% VT5\% -)#+3$% *,3(*"()% 3,1()+2(+*$% ,7%
8,:+*)#($% 8,22#**(/% *,% /(2,8)'89% '+/% *"(% 2')@(*% (8,+,29jZd=% b*% #$%
7),2%*"(%VT5\%*"'*%*"(%&:-0#8'*#,+%/($8)#-(/%-9%M)9/(+%KQRR[L%'$%O4"#$
14-4#$ (7$ 4"#$ -34$ */$ 4#3B1$ (7$ 8/0#314-/0*/.$ %%&$ -/0$)-,*/.$ 0(>/$ 4"#$ ?#,$
#)#B#/41$7(3$-11#11B#/4=$0#1*./$-/0$*B')#B#/4-4*(/$(7$%%&$'3(.3-BB#1$
>*4"*/$ -$ 73-B#>(3?$ (7$ 1#+83*4,$ -/0$ U814*+#$ 1#32*+#$ 0#)*2#3,9D$ EJ3,0#/=$
LMMcI'c5K=%.'$%8,+8(#1(/%'+/%&),/:8(/=%%%
%
!"(%&:-0#8'*#,+%)(7())(/%*,%-9%M)9/(+%#$%*"(%b[@;:A:P;$T-/0C((?$(/$
%#+83*4,$ %,14#B$ &#7(3BI$ %8''(34*/.$ %#+83*4,$ -/0$ d814*+#=$ LMMc`?%
&),/:8(/% -9% *"(% \(1(0,&2(+*% U$$#$*'+8(% 5,22#**((% K\U5L% ,7% *"(%
VT5\?% *"),:3"% *"(% J(*.,)@% ,+% 5,+70#8*?% Y('8(% '+/% \(1(0,&2(+*%
K5Y\5L^=% % !"(% VT5\% #$% +,*% '+% #2&0(2(+*#+3% '3(+89% '+/% '$% $:8"% *"(%
\U5% _'+/-,,@% .'$% 8,+8(#1(/% '$% '+% '**(2&*% *,% '//)($$% *"(% &()8(#1(/%
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
$
!H))!;;;"3)I="3*89!JKLMN!>*5-86!.38).4)*!.4)!83O)*-+)-.6!32!I3G-.*5)6!I3++5..)=!.3!=)+3I*,IP!,-=!.4)!
+,*?).!)I3-3+P!2*3+!,*3G-=!.4)!;3*<=!.39!HG773*.!6G6.,5-,><)!)I3-3+5I!8*3;.49!Q336.!)+7<3P+)-.9!0,56)!
<5O5-8!6.,-=,*=69!R,5-.,5-!25-,-I5,<!6.,>5<5.P9!S6656.!3.4)*!I3G-.*5)6T!)I3-3+5I!=)O)<37+)-.9!M3-.*5>G.)!.3!
8*3;.4!5-!;3*<=!.*,=)"U!
!
%
!H))!;;;"3)I="3*8:=,I:I3-2<5I.!!
! C!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
3'&% -(*.((+% ;;<% &,0#89% '+/% &)'8*#8(=% % M)9/(+% KQRR[L% 8,+*(+/$% *"'*%*"(%
&),8($$% ,7% 7,)2:0'*#+3% *"(% _'+/-,,@% .'$% '$% #2&,)*'+*% '$% *"(% ,:*&:*%
#*$(07?% "#3"0#3"*#+3% *"(% 8,2&,$#*#,+% ,7% *"(% 5Y\5% '$% O==B-U(3$ C*)-4#3-)$
0(/(31=$ 4"#$ @83('#-/$ ;(BB*11*(/=$ R/*4#0$ H-4*(/1$ :#2#)('B#/4$
e3(.3-BB#$ ERH:eK=$ 4"#$ V/4#3/-4*(/-)$ f(/#4-3,$ G8/0$ EVfGK$ -/0$ 4"#$
<(3)0$J-/?$E<JK9D$EJ3,0#/=$LMMcI'^6K9%%U00%,7%*"($(%,)3'+#$'*#,+$%"'1(%
-((+%#2&,)*'+*%'8*,)$%#+%/(7#+#+3%*"(%&')'/#32%(1,0:*#,+?%'+/%/#)(8*09%*"(%
$:-$(e:(+*%(2()3(+8(%,7%*"(%;;<%8,+8(&*=%%$
%
M)9/(+%KQRR[L%*)'8($%*"(%(1,0:*#,+%,7%*"(%VT5\4\U5E$%'&&),'8"%*,%;;<%
-9%"#3"0#3"*#+3%*"'*%*"(%WXX[%3:#/(0#+($%"'/%,+09%'%$2'00%$:-4$(8*#,+%,+%
;;<?% -:*% *"'*% *"(% QRRW% $:&&0(2(+*% *,% *"(% 3:#/(0#+($?% D_(0&#+3% Y)(1(+*%
h#,0(+*%5,+70#8*E%KVT5\?%QRRWL?%#/(+*#7#(/%(H&0#8#*09%*"(%&,0#*#8'0%+'*:)(%
,7% *"(% $(8:)#*9% #$$:($% '+/% *"(% O/##0$ 7(3$ 0#B(+3-4*+$ (2#31*."4$ -/0$
-++(8/4-C*)*4,$ (7$ 4"#$ 1#+83*4,$ 1#+4(3D=% % _:2'+% )#3"*$?% $(8:)#*9% '+/%
/(1(0,&2(+*% 8,+8()+$% .()(?% M)9/(+% '$$()*$?% -),:3"*%*,3(*"()% :+/()% *"(%
,1()')8"#+3% 8,+8(&*% ,7% ":2'+% $(8:)#*9=% % C:)*"()% .,)@% ,+% ;;<% -9% *"(%
5Y\5% #+% QRRd% #/(+*#7#(/% '% 0'8@% ,7% D8,+8(&*:'0% 80')#*9E% '+/% D'/% ",8E%
'&&),'8"($%-9%/,+,)$%*,%;;<%:+/()*'@#+3$=%%!"(%QRR^%\U5%b$$:($%Y'&()%
D!"(%;(8:)#*9%'+/%\(1(0,&2(+*%J(H:$N%5"'00(+3($%7,)%U#/E?%"#3"0#3"*(/%
*"(% 0#+@% -(*.((+% $(8:)#*9% '+/% /(1(0,&2(+*% 7,)% '#/% (77(8*#1(+($$% '+/%
3(+()'*(/% '% )(1#(.% ,7% *"(% QRRW% 3:#/(0#+($% ."#8"% )($:0*(/% #+% *"(% QRR^%
D;(8:)#*9%;9$*(2%<(7,)2%'+/%I,1()+'+8(N%Y,0#89%'+/%I,,/%Y)'8*#8(E=%%%%
%
!"(% QRR^% I,,/% Y)'8*#8(% /(7#+($% *"(% '&&),'8"% *,% ;;<% 2,$*% '$$,8#'*(/%
.#*"% *"(% VT5\4\U5?% '+/% #+8,)&,)'*(/% .#*"#+% *"(% _'+/-,,@?% #+% *"'*% #*%
(2&"'$#$($% *"(% D0,8'0% ,.+()$"#&E% ,7% *"(% ;;<% &),8($$?% #*% $*#&:0'*($% *"(%
#+"()(+*09%&,0#*#8'0%+'*:)(%,7%(+3'3#+3%#+%$(8:)#*9%#$$:($?%#*%'/1,8'*($%*"'*%
'+%",0#$*#8%'&&),'8"%*,%;;<%#$%'/,&*(/%'$%'&&,$(/%*,%."'*%.()(%$((+%'$%
(H*'+*%D&#(8(2('0E%'&&),'8"($%,7%/,+,)$?%'+/%#*%(2-(/$%*"(%&#1,*'0%),0(%,7%
+,+4$*'*(% $(8:)#*9% &),1#/()$% '+/% 8#1#0% $,8#(*9% .#*"#+% *"(% ;;<% &),8($$=%%
M)9/(+%$:22')#$($N%
%
$ OV4$-)1($)*/?1$B#-183#1$-*B#0$-4$*/+3#-1*/.$4"#$#77#+4*2#/#11$-/0$
$ #77*+*#/+,$ (7$ 1#+83*4,$ 7(3+#1$ 4($ (2#33*0*/.$ +(/+#3/1$ (7$
$ 0#B(+3-4*+$.(2#3/-/+#9D$
$ EJ3,0#/=$LMMcI'^aK$
%
%
9(0&%50*
!
!
I)((+(%KQRRcL%'88(&*$%*"'*%*"(%VT5\%:+/()$*'+/#+3%,7%;;<%#$%,+(%*"'*%#$%
.#/(09% :$(/?% -:*% "(% '$$()*$% *"'*% #*% )(70(8*$% '% &')*#8:0')% '&&),'8"% *,% ;;<%
&0'8#+3%#*%.#*"#+%'%/(1(0,&2(+*%7)'2(.,)@=%%U88,)/#+3%*,%*"#$%/(7#+#*#,+%
;;<% 8,+8()+$% *"(% *)'+$7,)2'*#,+% ,7% *"(% D$(8:)#*9% $9$*(2E?% '+/% "'$% -((+%
/(1(0,&(/% '+/% &),2,*(/% .#*"#+% '% .#/()% 7)'2(.,)@% ,7% /(1(0,&2(+*%
&)#+8#&0($% *"'*% (2&"'$#$(% '+/% 7,8:$% ,+% &),1#/#+3% '% $(8:)(% (+1#),+2(+*%
7,)%.#/()%(8,+,2#8%'+/%$,8#'0%/(1(0,&2(+*=%%!"(%VT5\%'&&),'8"?%."#8"%
)(2'#+$% *"(% 2,$*% /(7#+#*#1(% *,% /'*(?% )(70(8*$% '% &')*#8:0')% :+/()$*'+/#+3%
*"'*%&0'8($%;;<%.#*"#+%'%/(1(0,&2(+*%7)'2(.,)@%'+/%$((2$%*,%-(%'*%,//$%
.#*"%*"(%VT5\%Y,0#89%;*'*(2(+*%KVT5\%QRRaL?%*"'*N%
%
! B!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
$ O[@;:$ .(2#3/B#/41$ -/0$ 4"#*3$ 0#2#)('B#/4$ -+4(31$ -*B$4($ "#)'$
$ '-34/#3$ +(8/43*#1$ #14-C)*1"$ -''3('3*-4#$ 1438+483#1$ -/0$
$ B#+"-/*1B1$4($B-/-.#$-/0$3#1()2#$0*1'84#1$4"3(8."$0#B(+3-4*+$
$ -/0$ '#-+#78)$ B#-/19$ $ %8''(34$ 7(3$ 1#+83*4,$ 1,14#B$ 3#7(3B$
$ E%%&K$7(3B1$'-34$(7$4"*1$-11*14-/+#9D$
$ E[@;:=$LMM6I'55K$%
%
!"(% /(1(0,&2(+*'0% ,->(8*#1($% ,7% ;;<?% '$% ,:*0#+(/% #+% *"(% VT5\%
"'+/-,,@?% '&&(')% >:H*'&,$(/% *,% *"(% /(2,8)'*#$#+3% 8)(/(+*#'0$% ,7% *"(%
,)3'+#$'*#,+=% % !"(% >:H*'&,$#*#,+% )(&)($(+*$% *"(% *(+$#,+% -(*.((+% *"(%
,1()*09% /(1(0,&2(+*'0% ,->(8*#1($% ,7% ;;<% '+/% *"(% #+"()(+*09% /(2,8)'*#8%
8,+*(H*% *"'*% #*% &:)&,)*$% *,% $:&&,)*% #+% ,)/()% *,% '8"#(1(% #*$% /(1(0,&2(+*%
,->(8*#1($=% % _g+33#% KQRR^L% "#3"0#3"*$% *"(% *)#&')*#*(% +'*:)(% ,7% ;;<?%
/(1(0,&2(+*?%$(8:)#*9%'+/%/(2,8)'89N%
%
$ O%*/+#$4"#$)-4#$5]]M1=$1#+83*4,$1#+4(3$3#7(3B$E%%&K$"-1$#B#3.#0$
$ -1$ -$ ?#,$ +(/+#'4=$ >"*+"$ "-1$ C#+(B#$ >*0#),$ -++#'4#0$ C,$
$ 0#2#)('B#/4$'3-+4*4*(/#31=$1#+83*4,$#Z'#341$-/0$4($-$)#11#3$#Z4#/4=$
$ 0#B(+3-+,$-02(+-4#19D$X#B'"-1*1$-00#0Y$
$ ETg/..*=$LMMSI'5K$
%
b+% '+% (H'2#+'*#,+% ,7% (H#$*#+3% '+/% (2()3#+3% #+*()+'*#,+'0% +,)2$% '+/%
&)#+8#&0($% )(0'*#+3% *,% ;;<% .#*"#+% #+*()3,1()+2(+*'0% ,)3'+#$'*#,+$?%
]9$"0,1$@'% KQRR[L% "#3"0#3"*$% ."#8"% ,7% *"($(% *)#&')*#*(% 8,+8(&*$% #$% 2,$*%
:+#1()$'009%&)($(+*N%%
%
$ OF((0$ .(2#3/-/+#$ (7$ 4"#$ 1#+83*4,$ 1#+4(3$ *1$ -/$ (2#3-3+"*/.$
$ +(/+#'4$ 4"-4$ 818-)),$ 3#7#31$ 4($ 0#B(+3-4*+h+*2*)*-/$ +(/43()$ (3$
$ (2#31*."4=$-++(8/4-C*)*4,$-/0$43-/1'-3#/+,$(7$4"#$1#+83*4,$1#+4(39$$
$ :#B(+3-4*+$+(/43()$-/0$-++(8/4-C*)*4,$(7$4"#$1#+83*4,$1#+4(3$"-2#$
$ -3.8-C),$C##/$4"#$1*/#$i8-$/(/$(7$%%&hFD$X#B'"-1*1$-00#0Y$
$ Ef,1")(21?-=$LMMcI'NSK%
!
!
9(0&%50*45*E&&(.4%50*
*
!
\(2,8)'*#8% &)#+8#&0($% ')(% 80(')09% #+"()(+*% .#*"#+% *"(% &)($(+*% 8,+8(&*% ,7%
;;<=%%!"#$%&'&()%"'$%*)'8(/%*"(%(1,0:*#,+%,7%*"(%&')'/#32%.#*"#+%."#8"%
*"(% ;;<% 8,+8(&*% #$% $#*:'*(/?% '+/% "#3"0#3"*(/% *"(% /(2,8)'*#8% D8:))(+*E% #+%
."#8"% *"(% &),8($$% #$% D$.#22#+3E=% % !"($(% /(2,8)'*#8% &)#+8#&0($% )(2'#+%
*"(%,)3'+#$'*#,+'0%0,3#8%.#*"#+%."#8"%*"(%;;<%&),8($$($%')(%8,+8(#1(/%'$%
*'@#+3% &0'8(=% !"(9% ')(% *"(% D-'8@3),:+/E% *,% *"(% &),8($$?% '+% (+1#),+2(+*%
*"'*%.#00%-(%$:&&,)*(/%#+%,)/()%7,)%*"(%&:)&,$(%,7%;;<%B%/(1(0,&2(+*%B%*,%
-(%'8"#(1(/=%%U$%_(+/)#8@$,+%KQRRdL%(H&0'#+$N%
%
$ O<"-4$ 0*77#3#/4*-4#1$ %%&$ 73(B$ (4"#3$ -''3(-+"#1=$ C(4"$ '-14$ -/0$
$ '3#1#/4=$ *1$ 7*314$ (7$ -))$ 4"#$ C#)*#7$ 4"-4$ 1#+83*4,$ /##01$ 1"(8)0$ C#$
$ +(/1*0#3#0$*/$-$C3(-0#3=$B(3#$"()*14*+$$ '#31'#+4*2#$ 4"-4$ *1$
$ 18''(34*2#$(7$0#2#)('B#/4$.(-)1D$
$ ET#/03*+?1(/=$LMMNI'LSNK$
%

! V!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
!"#$% :+/()$*'+/#+3% ,7% *"(% &:)&,$(% ,7% ;;<% #$% '*% *"(% ),,*% ,7% I)((+(E$%
KQRRcL% '+'09$#$% *"'*% *"(% VT5\% '&&),'8"% #$% $&(8#7#8'009% /(1(0,&2(+*'0=%%
!"()(%#$%*"(+% '% *(+$#,+%-(*.((+%*"(%/(2,8)'*#$#+3% 8,+*(H*% .#*"#+%."#8"%
;;<% #$% (+1#$'3(/% '+/% ."'*% $,2(% '8*,)$% /(7#+(% '$% *"(% &:)&,$(?% ."#8"%
)(2'#+$%D\(1(0,&2(+*E=%%!"#$%:+/()$*'+/#+3%8,+8(#1($%*"(%/(2,8)'*#$#+3%
'$&(8*$%,7%;;<%'$%*"(%$:&&,)*#+3%'8*%*,%*"(%/(1(0,&2(+*%,->(8*#1($=%%!"(%
*(+$#,+% -(*.((+% *)'/#*#,+'0% /(1(0,&2(+*% &')'/#32$% '+/% *"(% &,$*45,0/%
6')%0(#*2,*#7%,7%/(2,8)'*#$'*#,+?%*"#$%&'&()%'$$()*$?%#$%'$%9(*%:+)($,01(/%
.#*"#+% *"(% &)($(+*% ;;<% /#$8,:)$(=% % !"()(% #$% '% )(0:8*'+8(% *,% D3)'$&% *"(%
+(**0(E?%'%)(*#8(+8(%*"'*%#$%2,$*%80(')09%,:*0#+(/%-9%6"'#*($%KQRRcL%#+%"#$%
$(2#+'0% &'&()% ,+% ;*'*(4-:#0/#+3?% ."(+% "(% /#$8:$$($% #$$:($% )(0'*(/% *,%
&,0#*#8'0%$(**0(2(+*$N%
%
$ O%#44)#B#/41$ -3#$ 2*1*C)#$ 4"3(8."$ 4"#$ B-+"*/#3,$ -0-'4#0$ (3$
$ +3#-4#0$ 4($ B-/-.#$ '()*4*+1$ E"(>$ .(2#3/B#/41$ -3#$ 7(3B#0$ -/0$
$ ('#3-4#K9$!"#1#$*/+)80#$#)#+4(3-)$'3(+#11#1=e-3)*-B#/41=$'()*4*+-)$
$ '-34*#1=$+-C*/#41$-/0$"#-01$(7$14-4#9$e3#0(B*/-/4),$4"#1#$-3#$/(>$
$ (3.-/*1#0$ -3(8/0$ 4"#$ *0#-1$ (7$ 0#B(+3-+,=$ C84$ -)4#3/-4*2#$
$ (3.-/*1-4*(/-)$ '3*/+*')#1$ */+)80#I$ -84(+3-+,=$ B(/-3+",=$
$ 4"#(+3-+,$(3$/-4*(/-)*1B9D$
$ E<"-*4#1=$LMMaI'5SK$
%
!"(%:+'$@(/?%'+/%*"()(7,)(%:+'+$.()(/?%e:($*#,+%#$%."(*"()%#+*()+'*#,+'0%
,)3'+#$'*#,+$%.,:0/%$:&&,)*%*"(%/(1(0,&2(+*%,7%$*'*($?%,)%*"(%)(7,)2%'+/%
*)'+$7,)2'*#,+% ,7%*"(#)% $(8:)#*9% $9$*(2$?% #7% *"(% $*'*(E$% *)'>(8*,)9% .()(% #+%
'+9% ,*"()% /#)(8*#,+% -:*% *,.')/$% /(2,8)'89=% % <(48,+8(#1#+3% ;;<% '$% '%
/(2,8)'*#$#+3%'8*#1#*9?%'$%'/1,8'*(/%.#*"#+%*"#$%&'&()?%2'9%'&&(')%*,%-(%'%
$(2'+*#8% :+/()*'@#+3?% ($&(8#'009% 8,+$#/()#+3% M)9/(+E$% KQRR[L% '$$()*#,+%
*"'*N%
%
$ OV/14#-0$ (7$ 1*48-4*/.$ %%&$ -1$ -$ +(/43*C84*/.$ 7-+4(3$ 4($ C3(-0#3$
$ 0#B(+3-4*1-4*(/$ -/0$ .((0$ .(2#3/-/+#$ -.#/0-1=$ 4"#$ LMM5$
$ F8*0#)*/#1$ '(*/4$ 4($ -$ +#/43-)$ 3()#$ 7(3$ %%&$ */$ 0#)*2#3*/.$ 1#+83*4,$
$ -/0$ U814*+#_9P$ "()*14*+$ 0#7*/*4*(/$ (7$ %%&$ *1$ 1#4$ (84$ 4"-4$ 143#11#1$
$ 4"#$ /##0$ 7(3$ -/$ #77#+4*2#=$ >#))$ B-/-.#0$ -/0$ 0#B(+3-4*+-)),$
$ -++(8/4-C)#$1#+83*4,$$ 1#+4(39D$
$ EJ3,0#/=$LMMcI'$^cK%
%
M)9/(+% ,:*0#+($%",.%O"8B-/$3*."41=$1#+83*4,$-/0$0#2#)('B#/4$+(/+#3/1$
-3#$ C3(8."4$ 4(.#4"#3$ 8/0#3$ 4"#$ (2#3-3+"*/.$ +(/+#'4$ (7$ "8B-/$
1#+83*4,DE'^cK% '$% "'$% -((+% *)'8(/% .#*"#+% *"#$% &'&()=% % ;;<% #$% $#*:'*(/%
.#*"#+% *"(% 8,+8(&*:'0% 7)'2(.,)@% ,7% ":2'+% $(8:)#*9?%-:*% $:8"% '% /#1()$(%
8,+8(&*%/,($%+,*%/(7#+(%,->(8*#1($=%%b*%#$%)'*"()%'%&()$&(8*#1(%7,)%1#(.#+3%
*"(% &),-0(2=% % b+% '% )(1()$'0% ,7% *"(% VT5\% &),8($$% ,:*0#+(/% -9% M)9/(+%
'-,1(?% *"#$% &'&()% '/1,8'*($% *"'*% ;;<% $",:0/% -(% 1#(.(/% 7#)$*09% '$% '%
/(2,8)'*#$#+3% (+/('1,:)?% $&(8#7#8'009% 7,8:$(/% :&,+% *"(% $(8:)#*9% '+/%
>:$*#8(% &),8($$($?% -:*% )(*'#+#+3% /(2,8)'89% '$% #*$% #+*(+/(/% 2('$:)'-0(%
,:*&:*=% % b*% #$% *"(% '$$()*#,+% ,7% *"#$% &'&()% *"(+?% *"'*% /(2,8)'89% $",:0/% -(%
'8@+,.0(/3(/%'$%*"(%,1()')8"#+3%,->(8*#1(%,7%;;<?%'+%:+/()$*'+/#+3%*"'*%
8'+%-(%$*'*(/%'$N%
%
;;<% #$% '% /(2,8)'*#$#+3% '8*#1#*9?% /(0#1()(/% :*#0#$#+3% /(1(0,&2(+*'0%
'&&),'8"($% '+/% 2(*",/,0,3#($?% 7,8:$(/% :&,+% *"(% $(8:)#*9% '+/% >:$*#8(%

! 'F!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
'&&')'*:$%'+/%&),8($$($%,7%'%$*'*(?%#+%,)/()%*"'*%*"(%$*'*(E$%)($&,+$#-#0#*#($%
*,%#+/#1#/:'0%8#*#F(+$%')(%2(*=%%%
%
!"#$% :+/()$*'+/#+3% $*'+/$% #+% 8,+*)'$*% *,% *"(% &)(1'#0#+3% /(1(0,&2(+*'0%
:+/()$*'+/#+3%#+%$,%7')%'$%#*%/(7#+($%*"(%&:)&,$(%,7%;;<%*,%-(%/(2,8)'89?%
."#0(%*"(%&)($(+*%2,/(0%,:*0#+($%'%)(e:#)(2(+*%*,%(+3'3(%#+%;;<%#+%,)/()%
*,%8)('*(%'+%(+1#),+2(+*%8,+/:8#1(%*,%'**'#+#+3%/(1(0,&2(+*%3,'0$=%%!"#$%
&'&()E$% :+/()$*'+/#+3% '0$,% &0'8($% *"(% #+/#1#/:'0% 8#*#F(+% '*% *"(% 8(+*)(% ,7%
*"(% &),8($$?% )(70(8*#+3% 2,)(% '88:)'*(09% *"(% _:2'+% ;(8:)#*9% &()$&(8*#1(%
*"'*% *"(% &),&()% )(7()(+*% 7,)% $(8:)#*9% $",:0/% -(% *"(% #+/#1#/:'0=% % !"(% *.,%
2,/(0$?% /(2,8)'*#8% '+/% /(1(0,&2(+*'0?% ')(% +,*% #+% 8,+70#8*=% % b*% #$% *"(%
8,+*(+*#,+% ,7% *"#$% &'&()% *"'*% *"(% *()2#+,0,39% D8,+/:8#1(% (+1#),+2(+*E%
(e:'*($% *,% '% /(2,8)'*#8% (+1#),+2(+*?% -:*% 7),2% '% /(1(0,&2(+*'0%
&()$&(8*#1(%$*'*#+3%/(2,8)'89%*,%-(%'+%,->(8*#1(%#$%'+'*"(2'A%'$%,:*0#+(/%
.#*"% #+#*#'0% '$$()*#,+% .#*"#+% *"#$% &'&()% -9% ICJ4;;<% ."#8"% $*'*(/% *"'*?%
O/#2#)('B#/4$ '3-+4*4*(/#31$ )-3.#),$ -2(*0#0$ 1#+83*4,$ *118#1=$ >"*+"$ >#3#$
*/#2*4-C),$ C(8/0$ 8'$ >*4"$ '()*4*+-)$ *0#()(.*#199D$ EFGHA%%&I$ J#.*//#31$
F8*0#$ 4($ %%&K=% % !"(% :+/()$*'+/#+3% '/1,8'*(/% -9% *"#$% &'&()% $*'*($% *"'*%
/(2,8)'89%#$%*"(%#22(/#'*(%'+/%$*'*(/%3,'0%,7%;;<%(+3'3(2(+*$?%'+/%'$%
$:8"%$",:0/%-(%$:->(8*%*,%e:'+*#7#'-0(%(1'0:'*#,+=%%%
%
!"(% '-,1(% $*'*(/% :+/()$*'+/#+3% '0$,% )(e:#)($% 3)('*()% (0:8#/'*#,+% ,7% *"(%
$*'*(E$% )($&,+$#-#0#*#($% *,% *"(% #+/#1#/:'0% 8#*#F(+?% '+/% 1#8(41()$'?% '$% *"()(%
.#00%-(%'$%2'+9%:+/()$*'+/#+3$%,7%*"#$%)(0'*#,+$"#&%'$%*"()(%')(%8,+*(H*$%
#+%."#8"%*,%#2&0(2(+*%;;<=%%!"#$%)(0'*#,+$"#&%#$%8,)(%*,%*"(%/(2,8)'*#8%
2,/(0% '+/% *":$% )(e:#)($% $&(8#7#8% '**(+*#,+% .#*"#+% *"(% ;;<% /#$8,:)$(?%
0('/#+3% *,% $&(8#7#8% 7,8:$% .#*"#+% ;;<% (+3'3(2(+*$=% % !"#$% )(0'*#,+$"#&%
8,2&)#$($% *"(% 7#3:)'*#1(% $&'8(% -(*.((+% *"(% $*'*(% '+/% *"(% #+/#1#/:'0?% '$%
,&&,$(/%*,%'%/(1(0,&2(+*%2,/(0%*"'*%",0/$%*"'*%*"#$%D$&'8(E%#$%8,2&)#$(/%
,7%D8#1#0%$,8#(*9E=%%!"(%/(2,8)'*#$#+3%2,/(0%7,)%;;<%/,($%+,*%/#$8')/%*"(%
),0(% ,7% D8#1#0% $,8#(*9E?% -:*% )'*"()% #+$#$*$% *"'*% *"(% /#$8,:)$(% '+/%
#+*()1(+*#,+$% 7,8:$% -(% 7,:+/(/% :&,+% *"(% #+/#1#/:'0G$*'*(% )(0'*#,+$"#&=%%
!"#$%#+/#1#/:'0G$*'*(%D+(H:$E%#$%-($*%(H'2#+(/%*"),:3"%*"(%8,+8(&*$%,7%*"(%
$,8#'0% 8,+*)'8*% *"(,)#$*$% .",$(% *"#+@#+3% 7,)2$% *"(% 8,)(% 8,+8(&*:'0%
7)'2(.,)@% *"),:3"% ."#8"% .(% :+/()$*'+/% *"(% )(0'*#,+$"#&% -(*.((+% *"(%
#+/#1#/:'0% 8#*#F(+% '+/% *"(% $*'*(A% 8#*#F(+$E% 8,+$(+*% -($*,.$% 0(3#*#2'89% ,+%
*"(% $*'*(=% % b*% #$% +(8($$')9% *"()(7,)(% *,% 8,+$#/()% *"(% *"(,)(*#8'0% ),,*$% ,7%
$,8#'0%8,+*)'8*%*"(,)9%-9%(H'2#+#+3%*"(%&)(1'#0#+3%&"#0,$,&"#($=%%%
%
%
9'(*253%/$*-504./34*9'(5.%&4&N*
!
!
;,8#'0% 8,+*)'8*% *"(,)9% 8'+% -($*% -(% :+/()$*,,/% '$% '% -(0#(7% *"'*% &,0#*#8'0%
$*):8*:)($% '+/% *"(% 0(3#*#2'89% ,7% *"(% $*'*(% /()#1(% 7),2% '+% K(H&0#8#*% ,)%
#2&0#8#*L% '3)((2(+*% -9% #+/#1#/:'0$% *,% $:))(+/()% K$,2(% ,)% '00L% ,7% *"(#)%
&)#1'*(%)#3"*$%#+%,)/()%*,%$(8:)(%*"(%&),*(8*#,+%'+/%$*'-#0#*9%,7%'+%(77(8*#1(%

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
&
!W4)!,G.43*!43<=6!-3!7*).)-653-6!.3!>)!,!745<36374)*!3*!)X7)*.!3-!.4)!63I5,<!I3-.*,I.!.4)3*56.6Y!,6!6GI4!.456!
6G++,*P!56!<5?)<P!.3!>)!3>Z)I.53-,><)!.3!.436)!;43!,*)"!!W4)!,G=5)-I)!23*!.456!6G++,*P!56!HH0!7*,I.5.53-)*6!
,-=!,<<!5-I<G653-6!,-=!)XI<G653-6!;5.45-!.456!6G++,*P!,*)!>,6)=!3-!.456!,66G+7.53-"!!!
! ''!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
3,1()+2(+*=% % _,--($?% P,8@(?% <,:$$(':?% '+/% <'.0$% &),&,$(/% /#$*#+8*%
1()$#,+$%,7%$,8#'0%8,+*)'8*%*"(,)9i=%%%
%
!"(% $,8#'0% 8,+*)'8*% *"(,)#$*$% #+*),/:8(/% *.,% #/('$%#+*,% *"(% &,0#*#8'0% '+/%
&"#0,$,&"#8'0% /#$8,:)$(N% *"(% #/('% ,7% *"(% D$*'*(% ,7%+'*:)(E% '+/% *"'*% ,7% *"(%
D8,+*)'8*E% -(*.((+% *"(% ):0(/% '+/% ):0()$% *"'*% 0(3#*#2#$(/% *"(% ),0(% '+/%
'8*#,+$%,7%*"(%):0()$%#+%'+%,)3'+#$(/%&,0#*#8'0%$,8#(*9=%%!"(%$*'*(%,7%+'*:)(?%
'$%/($8)#-(/%-9%('8"%&"#0,$,&"()?%/(7#+($%*"(%'0*()+'*#1(%*,%(+*()#+3%#+*,%
*"(% 8,+*)'8*=% % !",2'$% _,--($% #+% P(1#'*"'+?% &:-0#$"(/% #+% WiaW?%
:+/()$*'+/$%*"(%$*'*(%,7%+'*:)(%*,%-(%'%-):*'0%$#*:'*#,+?%.#*"%#+/#1#/:'0$%#+%
'% $*'*(% ,7% 8,+$*'+*% .')% .#*"% ,+(% '+,*"()=% % M'$(/% ,+% *"#$% '$$:2&*#,+%
_,--($% ')3:(/% *"'*% 3#1(+% *"'*% D2(+E% ')(% +'*:)'009% $(074#+*()($*(/?% 9(*%
)'*#,+'0?% *"(9% .#00% 8",,$(% *,% $:-2#*% *,% *"(% ':*",)#*9% ,7% '% ;,1()(#3+% #+%
,)/()%*,%0#1(%#+%'% 8#1#0%$,8#(*9?% ."#8"%#$%#+%0#+(%.#*"%*"(#)%,.+%#+*()($*$=%%
!"(%'0*()+'*#1(%'88,)/#+3%*,%_,--($%#$%*,%)(*:)+%*,%'%$*'*(%,7%+'*:)(%*"'*%
.'$%8,+8(#1(/%'$%'%$*'*(%,7%&()&(*:'0%.')=%%_,--($E$%1#(.%,7%*"(%8,+*)'8*%
-(*.((+%):0(/%'+/%):0()%.'$%'+%(1,0:*#,+%,7%*"(%D/#1#+(%)#3"*%,7%@#+3$E?%#+%
$,%7')%'$%*"(%)#3"*%*,%):0(%.'$%-'$(/%,+%0,3#8%'+/%$(074#+*()($*?%-:*%"(%.'$%
,&&,$(/%*,%*"(% (1,01#+3%/(2,8)'*#8%&)#+8#&0($% ,7%"#$%*#2(=%%C,)%_,--($?%
*"(% +(8($$#*9% ,7% '+% '-$,0:*(% ':*",)#*9?% #+% *"(% 7,)2% ,7% '% ;,1()(#3+?%
7,00,.(/%7),2%*"(%:**()%-):*'0#*9%,7%*"(%$*'*(%,7%+'*:)(A%)'*#,+'0%2(+%.,:0/%
-(% .#00#+3% *,% $:-2#*% *"(2$(01($% (1(+% *,% '-$,0:*(% ':*",)#*9% #+% ,)/()% *,%
($8'&(%#*=%%%
%
f,"+%P,8@(E$%#/('%,7%*"(% $*'*(%,7%+'*:)(%#$%1()9%/#77()(+*%7),2%_,--($E$%
1()$#,+=%%U88,)/#+3%*,%P,8@(?%*"(%$*'*(%,7%+'*:)(?%*"(%+'*:)'0%8,+/#*#,+%,7%
2'+@#+/?% #$% '% $*'*(% ,7% &()7(8*% '+/% 8,2&0(*(% 0#-()*9=% % P,8@(E$% 1()$#,+% ,7%
*"(%$*'*(%,7%+'*:)(%.'$%,+(%&,&:0'*(/%-9%7'2#0#($%#+%."'*%"(%)(7()$%*,%'$%
D8,+>:3'0%$,8#(*9E?%-(#+3%3,1()+(/%-9%DJ'*:)'0%P'.E=%%!"(%$*'*(%,7%+'*:)(%
7,)%P,8@(%.'$%&)(4&,0#*#8'0%-:*%+,*%&)(42,)'0=%%Y),&()*9%#$%*"(%0#+8"&#+%,7%
P,8@(E$%')3:2(+*%7,)%*"(%$,8#'0%8,+*)'8*%'+/%8#1#0%3,1()+2(+*%-(8':$(%#*%
#$% *"(% &),*(8*#,+% ,7% *"(#)% &),&()*9?% #+80:/#+3% *"(% &),&()*9% ,7% *"(#)% ,.+%
-,/#($?%*"'*%D2(+E%$((@%."(+%*"(9%/(8#/(%*,%'-'+/,+%*"(%;*'*(%,7%J'*:)(%
KP,8@(%-(0#(1(/%*"'*%&)#1'*(%&),&()*9%#$%8)('*(/%."(+%'%&()$,+%2#H($%"#$%
0'-,:)%.#*"%*"(%)'.%2'*()#'0$%,7%+'*:)(L=%%b+%P,8@(E$%1#(.%D2(+E%3#1(4:&%
$,2(% ,7% *"(#)% 0#-()*9% *,% (+*()% #+*,% '% 8,22,+.('0*"% #+% ,)/()% *,% &),*(8*%
*"(#)% 0#7(?% 0#-()*9% '+/% &),&()*9=% 5):8#'009% 7,)% P,8@(% *"#$% .'$% -'$(/% ,+%
8,+$(+*N% '% 8,+$(+*% *"'*% 8,:0/% -(% .#*"/)'.+=% % !"(% >:$*#7#8'*#,+% 7,)% *"(%
':*",)#*9%,7%*"(%(H(8:*#1(%8,2&,+(+*%,7%3,1()+2(+*%#$%*"(%&),*(8*#,+%,7%
&(,&0(E$% &),&()*9% '+/% .(004-(#+3?% $,% *"'*% ."(+% $:8"% &),*(8*#,+% #$% +,%
0,+3()% &)($(+*?% ,)% *"(% ':*",)#*9% -(8,2($% *9)'++#8'0% '3'#+$*% *"(% &(,&0(?%
*"(9% "'1(% '% )#3"*?% #7% +,*% ,:*)#3"*% ,-0#3'*#,+?%*,%)($#$*% *"(% ':*",)#*9=% % !"(%
$,8#'0% 8,+*)'8*% 8'+% -(% /#$$,01(/% '+/% *"(% &),8($$% *,% 8)('*(% '% &,0#*#8'0%
$,8#(*9%-(3#+$%'+(.[=%%%
%
f('+4f'8e:($% <,:$$(':% 1#(.(/% *"(% $*'*(% ,7% +'*:)(% '$% '+% #/('0?% $,0#*')9%
(H#$*(+8(%."()(%'%&()$,+E$%7(.%+((/$%.()(%('$#09%$'*#$7#(/%-9%+'*:)(=%%!"(%
$*'*(%,7%+'*:)(%.'$%#+"'-#*(/%-9%$#2&0(?%2,)'009%&:)(%&()$,+$%.",%.()(%
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
D
!W4)!=,.,!;5.45-!.456!6)I.53-!56!,!I3+7365.)!2*3+9!4..79::;;;"5)7"G.+")=G!
C
!13I?)[6!)22)I.!3-!.4)!/HS!I,-!>)!6))-!5-!.4)!H)I3-=!S+)-=+)-.!.3!.4)!M3-6.5.G.53-Y!)22)I.5O)<P!
=)-P5-8!.4)!2)=)*,<!6.,.)!,!+3-373<P!32!23*I)Y!,6!;)<<!,6!.4)!I<,G6)6!5-!.4)!H.,.)!M3-6.5.G.53-6!32!
A);!@,+7645*)Y!\)-.GI?PY!W)--)66))!,-=!A3*.4!M,*3<5-,Y!)6.,><5645-8!.4)!I5.5])-6[!*584.!.3!
*)>)<<53-"!!!
! '#!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
+'*:)'009% (+/,.(/% .#*"% *"(% 8'&'8#*9% 7,)% &#*9?% '+/% *"()(7,)(% .()(% +,*%
#+80#+(/%*,%-)#+3%"')2%*,%,+(%'+,*"()=%%b+%"#$%.)#*#+3$%<,:$$(':%/($8)#-(/%
",.%$,8#(*9%K-9%."#8"%"(% 2('+*% "#$%8,+*(2&,)')9%$,8#(*9L%"'/% (1,01(/%
7),2%*"(%#/('0%$*'*(%,7%+'*:)(%*,%."'*%"(%1#(.(/%'$%'%$*'*(%,7%8,)):&*#,+=%%
S+#e:(09%'2,+3$*%*"(%(')09%$,8#'0%8,+*)'8*%*"(,)#$*$?%<,:$$(':%*)'8(/%'+%
"#$*,)#8'0%&'*"%7),2%*"(%$*'*(%,7%+'*:)(%*,%"#$%8,+*(2&,)')9%(+1#),+2(+*=%%
C,)%<,:$$(':%#*%.'$%*"(%#+1(+*#,+%,7%&)#1'*(%&),&()*9%*"'*%8,+$*#*:*(/%*"(%
&#1,*'0%2,2(+*%#+%":2'+#*9E$%(1,0:*#,+%7),2%*"(%#/900#8%$*'*(%,7%+'*:)(%*,%
"#$%8,+*(2&,)')9%$,8#(*9?% 8"')'8*()#$(/%-9% 3)((/?% 8,)):&*#,+?%1'+#*9%'+/%
#+(e:'0#*9=% % C,)% <,:$$(':% *"(% #+1(+*#,+% ,7% &)#1'*(% &),&()*9% 8,+$*#*:*(/%
":2'+#*9E$%D7'00%7),2%3)'8(E%,:*%,7%*"(%$*'*(%,7%+'*:)(=%%b+%"#$%)('$,+#+3%
<,:$$(':%')3:(/%*"'*%3,1()+2(+*%'+/%':*",)#*9%"'/%*,%-(%8,+$*#*:*(/%-9%
*",$(% .#*"% &),&()*9% #+% ,)/()% *,% &),*(8*% *"(#)% &)#1#0(3($% '+/% *,% 7,$$#0#$(%
#+(e:'0#*#($=%%%%
%
!"(% &")'$(% O]'+% .'$% -,)+% 7)((?% '+/% "(% #$% (1()9."()(% #+% 8"'#+$Z% ,&(+$%
%
<,:$$(':E$% W[iQ% D!"(% ;,8#'0% 5,+*)'8*E?% ."()(% "(% $(*% '-,:* /($8)#-#+3%
."'*% 8'+% /,+(% *,% )(2(/9% *"(% $*'*(% '77'#)$% "(% "'/% /($8)#-(/% &)(1#,:$09=%%
!"(%7:+/'2(+*'0%&"#0,$,&"#8'0%&),-0(2%*"'*%D!"(%;,8#'0%5,+*)'8*E%$((@$%
*,%'//)($$%#$%",.%&(,&0(%8'+%-(%7)((%'+/%0#1(%*,3(*"()=%%P#@(%_,--($%'+/%
P,8@(% -(7,)(% "#2% <,:$$(':% "(0/% *"'*% '00% D2(+E% .()(% -,)+% (e:'0$?%
*"()(7,)(%+,%,+(%"'$%+'*:)'0%)#3"*%*,%3,1()+%,*"()$?%'+/%*"()(7,)(%*"(%,+09%
>:$*#7#'-0(% ':*",)#*9% #$% *"(% ':*",)#*9% 3(+()'*(/% ,:*% ,7% '3)((2(+*$% ,)%
8,1(+'+*$=% % C,)% <,:$$(':% *"(% 2,$*% -'$#8% 8,1(+'+*% #$% *"(% '3)((2(+*% *,%
8,2(%*,3(*"()%*,%7,)2%'%D&(,&0(E?%,)%*"(%+'*#,+=%%!"),:3"%*"(%8,00(8*#1(%
)(+:+8#'*#,+%,7%'+%#+/#1#/:'0E$%)#3"*$%'+/%7)((/,2$%#+"()(+*%#+%*"(%$*'*(%,7%
+'*:)(?%'+/%*"(%*)'+$7()%,7%*"($(%)#3"*$%*,%'%8,00(8*#1(%-,/9?%'%$,1()(#3+%#$%
7,)2(/=% % b+80:/(/% #+% *"#$% 1()$#,+% ,7% *"(% $,8#'0% 8,+*)'8*% #$% *"(% #/('% ,7%
)(8#&),8'*(/% /:*#($N% *"(% $,1()(#3+% #$% 8,22#**(/% *,% *"(% 3,,/% ,7% *"(%
#+/#1#/:'0$% .",% 8,+$*#*:*(% #*?% '+/% ('8"% #+/#1#/:'0%#$% 0#@(.#$(% 8,22#**(/%
*,%*"(%3,,/%,7%*"(%.",0(=%%I#1(+%*"#$?%#+/#1#/:'0$%8'++,*%-(%3#1(+%0#-()*9%
*,% /(8#/(% ."(*"()% #*% #$% #+% *"(#)% ,.+% #+*()($*$% *,% 7:07#0% *"(#)% /:*#($% *,% *"(%
$,1()(#3+%-,/9?%."#0(%'*%*"(%$'2(%*#2(%-(#+3%'00,.(/%*,%)('&%*"(%-(+(7#*$%
,7%8#*#F(+$"#&=%%!"(9%2:$*%-(%2'/(%*,%8,+7,)2%*"(2$(01($%*,%*"(%3(+()'0%
.#00?%*"(9%2:$*%-(%O7,)8(/%*,%-(%7)((Z=c%%%
%
f,"+% <'.0$E$% WX[Q% &:-0#8'*#,+% DU% !"(,)9% ,7% f:$*#8(E% 8)('*($% '% "#3"09%
'-$*)'8*% 1()$#,+% ,7% *"(% $*'*(% ,7% +'*:)(=% % b+% <'.0$E$% ,)#3#+'0% &,$#*#,+?% ,)%
-("#+/%*"(%Dh(#0%,7%b3+,)'+8(E?%,+(%#$%/(+#(/%'+9%&')*#8:0')%@+,.0(/3(%,7%
,+(E$% 8#)8:2$*'+8($?% $:8"% '$% ,+(E$% 3(+/()?% )'8(?% &')*#8:0')% *'0(+*$% ,)%
/#$'-#0#*#($?% ,+(E$% '3(?% $,8#'0% $*'*:$?% ,+(E$% &')*#8:0')% 8,+8(&*#,+% ,7% ."'*%
2'@($%7,)%'%3,,/%0#7(?%,)%*"(%&')*#8:0')%$*'*(%,7%*"(%$,8#(*9%#+%."#8"%,+(%
.#00% 0#1(=% % !"($(% ')(% *"(% 8,+/#*#,+$% :+/()% ."#8"?% <'.0$% ')3:($?% ,+(% 8'+%
8",,$(%&)#+8#&0($%7,)%'%>:$*%$,8#(*9=%%C,)%<'.0$%*.,%&)#+8#&0($%,7%>:$*#8(%
(2()3(% 7),2% *"#$% ,)#3#+'0% &,$#*#,+?% *"(% 7#)$*% &)#+8#&0(% $*'*($% *"'*% ('8"%
&()$,+%#+%'%$,8#(*9%#$%*,%"'1(%'$%2:8"%-'$#8%0#-()*9%'$%&,$$#-0(?%'$%0,+3%'$%
(1()9,+(% #$% 3)'+*(/% *"(% $'2(% 0#-()*#($=% % !"(% $(8,+/% &)#+8#&0(% $*'*($% *"'*%
."#0(%$,8#'0%'+/%(8,+,2#8%#+(e:'0#*#($%8'+%-(%>:$*?%*"(9%2:$*%-(%'1'#0'-0(%
*,% (1()9,+(% (e:'009?% '+/% $:8"% #+(e:'0#*#($% 2:$*% -(%*,% *"(% '/1'+*'3(% ,7%
(1()9,+(=%%!"#$%2('+$%*"'*%(8,+,2#8%#+(e:'0#*#($%')(%,+09%>:$*#7#(/%."(+%
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
B
!H3+)!I3++)-.,.3*6!6G88)6.!.4,.!,!I3-6)^G)-I)!32!03G66),G[6!,66)*.53-!.4,.!3-I)!,!I3++3-!
;5<<!56!23*+)=!5-=5O5=G,<6!+G6.!>)!23*I)=!.3!I3-23*+Y!.3!>)!_.4)!.)**3*[!=G*5-8!.4)!`*)-I4!
0)O3<G.53-"!!!
! '$!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
*"(%0('$*%'/1'+*'3(/%2(2-()%,7%$,8#(*9%#$%+,+(*"(0($$%-(**()%,77%*"'+%*"(9%
.,:0/% -(% :+/()% '0*()+'*#1(% '))'+3(2(+*$=% % <'.0$% '0$,% &)#,)#*#$($% *"(%
&)#+8#&0($%$,%*"'*%,+(%8'++,*%/(8#/(%*,%7,)3,%$,2(%8#1#0%0#-()*#($%#+%7'1,:)%
,7% 3)('*()% (8,+,2#8% '/1'+*'3(=% % V+(% $:22')9% ,7% *"(%(77(8*% ,7% <'.0$E$%
*"(,)#($% 2'9% "'1(% )($,+'+8(% .#*"% &)'8*#*#,+()$% ,7% ;;<% '+/% D'#/E% 2,)(%
3(+()'009?%."(+%#*%#$%$*'*(/%'$%'88(&*#+3%D*"(%0('$*%.,)$*%,&*#,+E=%%%
%
5'),0(% Y'*(2'+E$% WXcc% -,,@?% D!"(% ;(H:'0% 5,+*)'8*E?% ')3:($% *"'*% 09#+3%
-(+('*"%*"(%29*"%,7%*"(%#/('0#$(/%8,+*)'8*?%'$%/($8)#-(/%-9%_,--($?%P,8@(%
'+/% <,:$$(':?% #$% '% 2,)(% 7:+/'2(+*'0% 8,+*)'8*% 8,+8()+#+3% 2(+E$%
)(0'*#,+$"#&% *,% .,2(+=% % C(2#+#$*% 8)#*#e:(% ')3:($% *"'*% '+% D,)#3#+'0% &'8*E%
&)(8(/($% *"(% $,8#'0% 8,+*)'8*% '+/% 8,+8()+$% *"(% '3)((2(+*% -9% 2(+% *,%
/,2#+'*(% .,2(+=% % 5,+*(2&,)')9% 7(2'0(% 8)#*#8$% ,7% _,--($?% P,8@(% '+/%
<,:$$(':%#+80:/(/%]')3')(*%5'1(+/#$"%.",%')3:(/%*"'*%'$%.,2(+%.()(%
(H80:/(/% 7),2% *"(% $,8#'0% 8,+*)'8*% K'$% *"(9% 80(')09% .()(% -9% _,--($% '+/%
P,8@(L% *"(+% *"(9% "'/% +,*% 3#1(+% *"(#)% 8,+$(+*% '+/% .()(% *"()(7,)(% +,*%
,-0#3'*(/%*,%'-#/(%-9%*"(%0'.$%)($:0*#+3%7),2%*"(%D8,+*)'8*E=%%]')9%U$*'00%
.)#*#+3%#+%*"(%$'2(%&()#,/%'$@(/%D#7%2(+%')(%-,)+%7)((?%."9%')(%'00%.,2(+%
-,)+% $0'1($kE% % C(2#+#$*% *"(,)#$*$% ')3:(% '% 8"'+3(% 7),2% D80'$$#8'0%
&'*)#')8"'0#$2E% *,% 2,/()+% &'*)#')8"9% #$% '% $"#7*% #+% .",% "'$% &,.()% ,1()%
.,2(+=% !"(% $,8#'0% 8,+*)'8*% '77(8*$% 2(+E$% )(0'*#,+$"#&$% *,% &,.()% '+/% *,%
,+(%'+,*"()?%-:*%.,2(+E$%)(0'*#,+$"#&%*,%2(+E$%&,.()%/,($%+,*%8"'+3(=%%%
!
!
2(3".%4+* 2(345.* >(15.8* /0)* 4'(* 253%/$*
-504./34*
!
!
b+% "#$% (H'2#+'*#,+% ,7% D5,+$*):8*#+3% ;,1()(#3+*9% 7,)% ;(8:)#*9E% <:-#+%
KQRRaL% $:88#+8*09% $:22')#$($% *"(% /#$7:+8*#,+'0#*9% ,7% 2:8"% ,7% *"(% 5,0/%
6')%#+*()+'*#,+'0%'#/%*)'+$7()$N%
%
$ O:83*/.$ 4"#$ 7(3B-4*(/$ (7$ 4"#$ /-4*(/$ 14-4#1$ */$ @83('#=$ 38)#31$
$ 1438..)#0$-/0$$ /#.(4*-4#0$>*4"$18CU#+41$E>"($C#+-B#$+*4*Q#/1K$4($
$ #Z43-+4$3#1(83+#1$4($>-.#$>-3$$ -.-*/14$ #Z4#3/-)$ 4"3#-419$ $ V/$ 4"#$
$ '(14A+()(/*-)$ >(3)0=$ 38)#31$ 1438..)#0$ -/0$ /#.(4*-4#0$ >*4"$
$ #Z4#3/-)$'(>#31$4($.-*/$-*0$(3$+-'*4-)$4($'3(4#+4$4"#B1#)2#1$73(B$
$ 0(B#14*+$ 4"3#-419$ $ ;*4*Q#/1$ (74#/$ C#+-B#$ 0*1#/73-/+"*1#0=$ -1$
$ 38)#31$)((?#0$4($7(3#*./$'-43(/1$3-4"#3$4"-/$+*4*Q#/1$7(3$$'(>#3$
$ -/0$3#1(83+#19D$
$ E&8C*/=$LMM6I']^K$
%
!"(% (1,0:*#,+% ,7% *"(% 7)'2(.,)@$% 7,)% #+*()+'*#,+'0% (+3'3(2(+*$% #+% *"(%
&,$*45,0/% 6')% ()'% "'$% -((+% ,:*0#+(/% '-,1(N% *"#$% &')'/#32% $"#7*% #+%
/(1(0,&2(+*% '+/% $(8:)#*9% *"#+@#+3% .'$% 8'&*:)(/% .#*"% *"(% 8,+8(&*% ,7%
_:2'+% ;(8:)#*9=% % !"(% #+*()+'*#,+'0% '#/% '+/% $(8:)#*9% ')8"#*(8*:)(% "'$%
:*#0#$(/% *"#$% *"#+@#+3% ."(+% 8,+$#/()#+3% 8,+70#8*% &)(1(+*#,+?% 8,+70#8*%
)($,0:*#,+?%&('8(%-:#0/#+3%'+/%$*'*(%-:#0/#+3% #+*()1(+*#,+$=%% !"),:3"%*"(%
7,3% ,7% *"($(% #+*()1(+*#,+$% "'$% (2()3(/% *"(% &)($(+*% ;;<% /#$8,:)$(% *"'*%
2'#+*'#+$% '% 7,8:$% ,+% ."'*% 6(-()% KWXWXL% 8,+$#/()(/% *"(% /(7#+#+3% '$&(8*%
,7% '% $*'*(N% #*$% D2,+,&,09% ,+% *"(% 0(3#*#2'*(% :$(% ,7% 1#,0(+8(E=% % !"(% ;;<%
/#$8,:)$(% '+/% #+*()1(+*#,+$% 2'#+*'#+$% '% $&(8#7#8% 7,8:$% ,+% *"(% $*'*($%
'&&')'*:$% 7,)% 2'#+*'#+#+3% *"#$% 2,+,&,09?% '0,+3% .#*"% *"(% '&&')'*:$% '+/%
! '%!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
&),8($$($% 7,)% /(0#1()#+3% >:$*#8(=% % !"(% 8,+8()+% .#*"% $:8"% '% 7,8:$% #$%
"#3"0#3"*(/%#+%'+%VT5\%\#$8:$$#,+%Y'&()N%
%
$ OP$7(+81$'3*B-3*),$(/$143#/.4"#/*/.$14-4#$+-'-+*4*#1$*1$8/)*?#),$4($
$ C#$#77#+4*2#$*7$$ 4"#$14-4#$"-1$)*B*4#0$+-'-+*4,=$(3$*1$/(4$2*#>#0$-1$
$ )#.*4*B-4#$ C,$ 18C14-/4*-)$ 1#+4*(/1$ (7$ 4"#$ '('8)-4*(/9$ $ V/$ 18+"$
$ +*3+8B14-/+#1$-/0$0#'#/0*/.$(/$4"#$#Z4#/4$4($$ >"*+"$ 4"#$ 14-4#A
$ 1(+*#4,$+(/43-+4$*1$-34*+8)-4#0=$#Z4#/0*/.$14-4#$1#+83*4,$O1#32*+#1D$
$ B-,$C#$4-/4-B(8/4$4($7-+*)*4-4*/.$14-4#$(''3#11*(/9D$
$ E[@;:=$LMMaI'cLK$
%
U1,#/#+3% $:8"% '+% ,:*8,2(% #$% '% 8,)(% :+/()*'@#+3% .#*"#+% *"(% ;;<%
/#$8,:)$(=% % 6#*"#+% *"(% $*'*(% -:#0/#+3% /#$8,:)$(% *"()(% #$% '+% (H&0#8#*% 7,8:$%
,+% *"(% $*'*(E$% 0(3#*#2'89% '+/% .#*"#+% *"(% ;;<% /#$8,:)$(% D8#1#0#'+%
/(2,8)'*#8% ,1()$#3"*% '+/% '88,:+*'-#0#*9E% '&&(')$% *,% $()1(% '$% *"(% D$",)*4
"'+/E%7,)%0(3#*#2'89=%%!"(%#+*)#+$#8'009%/(2,8)'*#$#+3%+'*:)(%,7%;;<%"'$%
-((+% "#3"0#3"*(/% .#*"#+% *"#$% &'&()?% '+/% #*% "'$% ')3:(/% *"'*% *"#$% 8,)(%
'$$:2&*#,+%$",:0/%8('$(%*,%-(%#2&0#8#*%'+/%$",:0/%#+$*('/%-(%'88(&*(/%'$%
'+% (H&0#8#*% ,->(8*#1(=% % M9% 7,8:$#+3% :&,+% *"(% 8,+8(&*% ,7% 0(3#*#2'89% *"(%
$*'*(%-:#0/#+3%/#$8,:)$(%"#3"0#3"*$%#*$%&,*(+*#'009%/#1()$(%+'*:)(=%%6"'#*($%
KQRRcL%/#$8:$$#+3%0(3#*#2'89%$*'*($%*"'*N%
%
$ O%4-4#1$ -)1($ 2-3,$ */$ 4"#$ 0#.3##$ 4($ >"*+"$ 4"#,$ B-/-.#$ 14-4#A
$ C8*)0*/.$C,$+(#3+*(/=$$ C84$#2#/$4"#$B(14$3#'3#11*2#$14-4#1$1##?$4($
$ 14-?#$-$+)-*B$4($1(B#$7(3B$(7$$ )#.*4*B-+,\$ #11#/4*-)),$ -$ +)-*B$
$ 4"-4$ 14-4#$ */14*484*(/1$ "-2#$ -$ B(3-)$ 3*."4$ 4($ +(/4*/8#$ 4($ )#-0$ 4"#$
$ 14-4#AC8*)0*/.$ '3(+#119$ $ !"#$ +)-*B$ 4($ )#.*4*B-+,$ +-/$ 3#14$ (/$
$ /8B#3(81$.3(8/01$E18+"$-1$43-0*4*(/$(3$'('8)-3$18''(34K=$C84$4"#$
$ .3#-4#3$ 4"#$ -++#'4-/+#$ (7$ 4"*1$ +)-*B$ 4"#$ C#44#3$ 4"#$ '3(1'#+41$ 7(3$
$ B-*/4-*/*/.$0(B*/-/+#9D$$
$ E<"-*4#1=$LMMaI'6K%
%
6"'#*($E$% /($8)#&*#1(% '+'09$#$% ,7% $*'*(% -:#0/#+3% &),8($$($% ",0/% '% 3)('*%
/('0%,7%#+$*):8*#1(%1'0:(%7,)%*"(%;;<%7#(0/?%'$%'+%#22(/#'*(%8,22,+'0#*9%
-(*.((+%*"(%$*'*(%-:#0/#+3%'+/%;;<%/#$8,:)$(%#$%*"(%7,8:$%,+%0(3#*#2'89%
+,*% ,+09% '$% '% 8,+*(H*:'0% 7'8*,)% 7,)% '+'09$#$?% -:*% '0$,% '$% '+% #+*(+/(/%
,:*8,2(% ,7% #+*()+'*#,+'0% (+3'3(2(+*$% .#*"#+% *"($(% (+/('1,:)$=% % !"(%
#2&0#8#*%8,+*(2&,)')9%-'$#$%7,)%:+/()$*'+/#+3%$*'*(%0(3#*#2'89%#$%7,:+/(/%
,+% *"(% 8,+8(&*$% ,7% *"(% $,8#'0% 8,+*)'8*% *"(,)9?% ."#8"% ",0/$% *"'*% '+%
#+/#1#/:'0%8,+$(+*$%*,%$:))(+/()%$,2(%,7%*"(#)%)#3"*$%#+%,)/()%*"'*%*"(%$*'*(%
8'+% /(0#1()% &:-0#8% 3,,/$% 7,)% *"(% 8,00(8*#1(% -(+(7#*=% % ;;<% $&(8#7#8'009%
7,8:$($%:&,+%*"(%$*'*($%/(0#1()9%,7%$(8:)#*9%'+/%>:$*#8(%'$%&:-0#8%3,,/$=%%%%
%
!"(% $,8#'0% 8,+*)'8*% #$% *"(% 8,)(% 8,+8(&*:'0% 7)'2(.,)@% #+% ."#8"% .(%
:+/()$*'+/% *"(% )(0'*#,+$"#&% -(*.((+% *"(% #+/#1#/:'0%8#*#F(+% '+/% *"(% $*'*(A%
8#*#F(+$E% 8,+$(+*% -($*,.$% 0(3#*#2'89% ,+% *"(% $*'*(=% % !"(% &)($(+*% ;;<%
/#$8,:)$(%7,8:$($%'**(+*#,+%,+%*"(%(77(8*#1(+($$?%(77#8#(+89%'+/%0(3#*#2'89%
,7% *"(% $*'*(E$% /(0#1()9% ,7% $(8:)#*9% '+/% >:$*#8(?% -9% (+$:)#+3% /(2,8)'*#8%
8#1#0#'+%,1()$#3"*%'+/%'88,:+*'-#0#*9=%%M9%#+8,)&,)'*#+3%'% $,8#'0%8,+*)'8*%
&()$&(8*#1(% #+*,% *"(% ;;<% /#$8,:)$(% *"(% 8,+8(&*:'0% D8(+*)(% ,7% '**(+*#,+E%
$"#7*$%7),2%*"(%$*'*(E$%$*):8*:)($%'+/%,)3'+#$(/%8#1#0%$,8#(*9%$*):8*:)($%K-:*%
/,($%+,*%&)(80:/(%*"(2L?%*,.')/$%*"(%7#3:)'*#1(%3),:+/%-(*.((+%*"(%$*'*(%
'+/% 8#*#F(+=% % !"(% 8,+8(&*:'0% /(1#8(% ,7% *"(% $,8#'0% 8,+*)'8*% /($8)#-($% *"#$%

! '&!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
8#*#F(+%G%$*'*(%)(0'*#,+$"#&?%'+/%*"()(7,)(%$",:0/%-(%'%&#1,*'0%8,+$#/()'*#,+%
."(+%8,+8(#1#+3%'+/%/(0#1()#+3%;;<%'8*#1#*#($=%
!
!
E77.(7/4(*C11(34*
!
!
!"(%')3:2(+*%/(1(0,&(/%.#*"#+%*"#$%&'&()%"'$%'/1,8'*(/%*"(%)(8,3+#*#,+%
,7%;;<%'$%'%/(2,8)'*#$#+3%(+/('1,:)?%'+/%7,)%*"(%#+80:$#,+%,7%*"(%$,8#'0%
8,+*)'8*%'$%'%8,+8(&*:'0%7)'2(.,)@%'*%*"(%8,)(%,7%*"(%;;<%&),8($$($%'+/%
(+3'3(2(+*$=%b*%#$%)(8,3+#$(/%*"'*%*"()(%.#00%-(%'+%(77(8*%:&,+%*"(%(H#$*#+3%
2(*",/,0,39% '+/% *,,0$% &)($(+*09% /(7#+(/% .#*"#+% *"(% ;;<% /#$8,:)$(=%%
_,.(1()?% #*% #$% #2&,)*'+*% *,% +,*(% *"'*% *"($(% ')(% 1#(.(/% '$% '//#*#,+'0%
'$&(8*$% ,7% *"(% (H#$*#+3% *,,0$% '+/% 2(*",/,0,3#($% '$%*"(% &'&()% #+*(+/$% *,%
$:&&0(2(+*%."'*%"'$%-((+%/(1(0,&(/?%'+/%+,*%*,%)(&0'8(%#*=%%%
%
\(7#+#+3% *"(% ,1()')8"#+3% ,->(8*#1(% ,7% ;;<% '$% (+"'+8#+3% *"(% e:'0#*9% ,7%
/(2,8)'89%-9%7,8:$(/%,+%*"(%$,8#'0%8,+*)'8*?%.#00%"'1(%'+%(77(8*%:&,+%'00%
#+*()'8*#,+$% -(*.((+% '8*,)$% .#*"#+% *"(% /(0#1()9% 8,+*(H*=% % J(.% *,,0$% '+/%
2(*",/,0,3#($% .#00% -(% )(e:#)(/% 7,)% '$$($$2(+*% &),8($$($?% '$% .(00% '$%
'//#*#,+'0% ,:*8,2($% 8,+8(#1(/% 7,)% *"(% #+8(&*#,+% &"'$($=% % % 5):8#'009?% '%
2(*",/% ,7% 1#(.#+3% '+/% /($8)#-#+3% *"(% (H*'+*% $,8#'0% 8,+*)'8*% .#00% -(%
+(8($$')9%."#8"%8'+%'0$,%$()1($%'$%'%-'$(40#+(%7,)%(1'0:'*#+3%*"(%(77(8*%,7%
*"(% ;;<% &),8($$% ,+% *"(% $,8#'0% 8,+*)'8*=% % U+% (1,0:*#,+% #+% &)'8*#*#,+()$E%
&()8(&*#,+$%'+/%&)'8*#8($%+((/$%*,%-(%8,+8(#1(/?%#+%,)/()%*,%'88,22,/'*(%
*"(% ,1()')8"#+3% ,->(8*#1(% ,7% ;;<% &),8($$($% '$% *"(% (+"'+8(2(+*% ,7%
/(2,8)'89=%
%
_(0/%KWXXdL%"'$%')3:(/%*"'*%D8,+*(2&,)')9%6($*()+%$,8#(*9%#$%#+%*"(%3)#&%
,7% 8,+*)'8*:'0% *"#+@#+3E=% % U$% $:8"% #*% -(8,2($% '+% ,-0#3'*#,+% ,+% *"(%
,)3'+#$'*#,+% $:&&,)*#+3% ;;<% *,% (H'2#+(% #*$% ,.+% D\JUE%#+% *"#$% )(3')/=%%
T'8"% #+/#1#/:'0% '+/% ,)3'+#$'*#,+% .#00% &,$$($$% '+% #+"()(+*% "#$*,)#8'0% '+/%
8:0*:)'0% :+/()$*'+/#+3% ,7% '+% '&&),&)#'*(% $,8#'0% 8,+*)'8*=% % M9% '&&09#+3% '%
D$(07% '+'09$#$E% '&&),'8"% '$% '% 7#)$*% $*(&% *,% '/,&*#+3% '% $,8#'0% 8,+*)'8*%
&()$&(8*#1(%*"(%#+/#1#/:'0?%/,+,)%,)%$:&&,)*#+3%,)3'+#$'*#,+%8'+%/(1(0,&%
'+% :+/()$*'+/#+3% ,7% *"(#)% ,.+% #2&0#8#*% 1#(.% ,7% ."'*% *"(% $,8#'0% 8,+*)'8*%
(+*'#0$?%*"()(-9%3,#+3%$,2(%.'9%*,%&)(1(+*#+3%*"(%'/,&*#,+%,7%+,)2'*#1(%
$,0:*#,+$=%%
%
!"(%$,8#'0%8,+*)'8*%8,+8(&*:'0%7)'2(.,)@%7,)%;;<%#$%&)#2')#09%#+*(+/(/%
*,% '77(8*% *"(% ,:*8,2($% ,7% *"(% )(7,)2% &),8($$% 7,)% 8#*#F(+$?% '+/% *"(% $*'*(%
($*'-0#$"(/%*,%$()1(%*"(2=%%T'8"%8,+*(H*%#$%:+#e:(?%'+/%*":$%*"(%8,+$*):8*%
,7% *"(% $,8#'0% 8,+*)'8*% .#00% -(% '$% :+#e:(% '$% *"(% 8,+*(H*=% % b*% #$% *"()(7,)(%
/#77#8:0*%*,%&)(/#8*%'+%'33)(3'*(%,:*8,2(%,7%'/,&*#+3%*"(%7)'2(.,)@=%%%b*%
#$% &,$$#-0(% *,% &),1#/(% #00:$*)'*#1(% (H'2&0($% *,% "#3"0#3"*% ",.% *"(% $,8#'0%
8,+*)'8*% &()$&(8*#1(% 8,:0/% '0*()% ,:*8,2($% .#*"#+% *"(% ;;<% 7#(0/=% % C,)%
(H'2&0(?% &)($(+*% &),8($$($% .#*"#+% *"(% /(7(+8(% ')(+'% *(+/% *,% 7,8:$% ,+%
D&),7($$#,+'0#$#+3E%2#0#*')#($?%."()('$%'%$,8#'0%8,+*)'8*%&()$&(8*#1(%8,:0/%
8,+8(#1'-09%#/(+*#79%'%)(e:#)(2(+*%*,%7,8:$%:&,+%*"(%$*'*($E%'+/%8#*#F(+$E%
)(8#&),8'0% /:*#($% '+/% )($&,+$#-#0#*#($% *"),:3"% *"(% #+*),/:8*#,+% ,7%
8,2&:0$,)9%2#0#*')9%$()1#8(?%&()"'&$%#+%*"(%8)('*#,+%,7%'%8#*#F(+$E%')29=%%
6#*"#+%*"(%>:$*#8(%7#(0/%*"(%$,8#'0%8,+*)'8*%&()$&(8*#1(%8,:0/%$:33($*%*"(%
)(e:#)(2(+*%*,%#+*),/:8(%,)%(H*(+/%>:)9%$()1#8(?%,)%"#3"0#3"*%",.%*"(%$*'*(%
! 'D!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
$*):8*:)($% 8,:0/% 8,4,&*% *)'/#*#,+'0% >:$*#8(% &),1#/()$% *"),:3"% '%
D]'3#$*)'*($E% $9$*(2=% % ;:8"% ,:*8,2($% .,:0/% -(% 7,8:$(/% $&(8#7#8'009% '*%
(+"'+8#+3%*"(%/(&*"?%e:'0#*9%'+/%'88(&*'+8(%,7%*"(%$,8#'0%8,+*)'8*=%%%%
%
!"(%#+80:$#,+%,7%*"(%$,8#'0%8,+*)'8*%*"(,)9%.#*"#+%*"(%;;<%/#$8,:)$(%#$%+,*%
#+*(+/(/%'$%'+%'+$.()?%$,0:*#,+%,)%#2&,$#*#,+?%-:*%)'*"()%'$%'%&()$&(8*#1(%
7,)%(+"'+8#+3%:+/()$*'+/#+3%,7%*"(%$*'*(G8#*#F(+%)(0'*#,+$"#&%*"'*%#$%'*%*"(%
"(')*% ,7% *"(% ;;<% (+/('1,:)=% % b*% )(e:#)($% *"'*% *"(% $*'*(E$% 0(3#*#2'89% ,7%
8,()8#,+% '+/% /(0#1()9% ,7% $(8:)#*9% '+/% >:$*#8(% '$% &:-0#8% 3,,/$% ')(%
(+"'+8(/?%'+/%-9%/,#+3%$,%*"(%$,8#'0%8,+*)'8*%#$%')*#8:0'*(?%)(+/()(/%2,)(%
)($#0#(+*%'+/%"(+8(%/(2,8)'89%$*)(+3*"(+(/=%%%
!
!
-503$"&%50&*
!
!
!"#$%&'&()%"'$% *)'8(/%*"(% &')'/#32% $"#7*%*"'*%(1,01(/%7),2%#+*()+'*#,+'0%
(+3'3(2(+*$% #+% #+*)'4$*'*(% 8,+70#8*$?% 7)'3#0(% '+/% 7'#0#+3% $*'*($% '+/%
":2'+#*')#'+% (2()3(+8#($% #+% *"(% &,$*45,0/% 6')% ()'?% )($:0*#+3% #+% *"(%
')*#8:0'*#,+%'+/%'88(&*'+8(%,7%*"(%8,+8(&*%,7%_:2'+%;(8:)#*9=%%!"(%;;<%
/#$8,:)$(%"'$%-((+%1#(.(/%*"),:3"%*"(%_:2'+%;(8:)#*9%&()$&(8*#1(%'+/%#*%
#$% ')3:(/% *"'*% ;;<% $",:0/% -(% 1#(.(/% &)#2')#09% '$% '% /(2,8)'*#$#+3%
(+/('1,:)?% $&(8#7#8'009% 7,8:$(/% :&,+% *"(% $(8:)#*9% '+/% >:$*#8(% &),8($$($?%
-:*% ($*'-0#$"#+3% /(2,8)'89% '$% #*$% #+*(+/(/% 2('$:)'-0(% ,:*&:*=% % b*% #$% *"(%
'$$()*#,+% ,7% *"#$% &'&()% *"'*% /(2,8)'89% $",:0/% -(% '8@+,.0(/3(/% '$% *"(%
,1()')8"#+3%,->(8*#1(%,7%;;<?%'+%:+/()$*'+/#+3%*"'*%8'+%-(%$*'*(/%'$N%
%
;;<% #$% '% /(2,8)'*#$#+3% '8*#1#*9?% /(0#1()(/% :*#0#$#+3% /(1(0,&2(+*'0%
'&&),'8"($% '+/% 2(*",/,0,3#($?% 7,8:$(/% :&,+% *"(% $(8:)#*9% '+/% >:$*#8(%
'&&')'*:$%'+/%&),8($$($%,7%'%$*'*(?%#+%,)/()%*"'*%*"(%$*'*(E$%)($&,+$#-#0#*#($%
*,%*"(%#+/#1#/:'0%8#*#F(+$%')(%2(*=%%%
%
!"(% $,8#'0% 8,+*)'8*% #$% *"(% 8,)(% 8,+8(&*:'0% 7)'2(.,)@% #+% ."#8"% .(%
:+/()$*'+/% *"(% )(0'*#,+$"#&% -(*.((+% *"(% #+/#1#/:'0%8#*#F(+% '+/% *"(% $*'*(A%
8#*#F(+$E% 8,+$(+*% -($*,.$% 0(3#*#2'89% ,+% *"(% $*'*(=% % !"(% &)($(+*% ;;<%
/#$8,:)$(%7,8:$($%'**(+*#,+%,+%*"(%(77(8*#1(+($$?%(77#8#(+89%'+/%0(3#*#2'89%
,7% *"(% $*'*(E$% /(0#1()9% ,7% $(8:)#*9% '+/% >:$*#8(% -9% (+$:)#+3% /(2,8)'*#8%
8#1#0#'+%,1()$#3"*%'+/%'88,:+*'-#0#*9=%%M9%#+8,)&,)'*#+3%'% $,8#'0%8,+*)'8*%
&()$&(8*#1(% #+*,% *"(% ;;<% /#$8,:)$(% *"(% 8,+8(&*:'0% D8(+*)(% ,7% '**(+*#,+E%
$"#7*$%7),2%*"(%$*'*(E$%$*):8*:)($%'+/%,)3'+#$(/%8#1#0%$,8#(*9%$*):8*:)($%K-:*%
/,($%+,*%&)(80:/(%*"(2L?%*,.')/$%*"(%7#3:)'*#1(%3),:+/%-(*.((+%*"(%$*'*(%
'+/% 8#*#F(+=% % !"(% 8,+8(&*:'0% /(1#8(% ,7% *"(% $,8#'0% 8,+*)'8*% /($8)#-($% *"#$%
8#*#F(+G$*'*(%)(0'*#,+$"#&?%'+/%*"()(7,)(%$",:0/%-(%'%&#1,*'0%8,+$#/()'*#,+%
."(+% 8,+8(#1#+3% '+/% /(0#1()#+3% ;;<% '8*#1#*#($A% -9% /,#+3% $,% *"(% $,8#'0%
8,+*)'8*% #$% ')*#8:0'*(?% )(+/()(/% 2,)(% )($#0#(+*% '+/% "(+8(% /(2,8)'89%
$*)(+3*"(+(/=%
*

*
! 'C!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

J%#$%57./B'+*
*
!
M'00?% J=% l% _(+/)#8@$,+?% \=% QRRa=% !3#/01$ */$ %#+83*4,$ %#+4(3$ &#7(3B$
E%%&KI$ e()*+,=$ '3-+4*+#$ -/0$ 3#1#-3+"9$ Y)(&')(/% 7,)% .,)@$",&% ,+% OJ(.%
/#)(8*#,+$% #+% ;(8:)#*9% ;(8*,)% <(7,)2Z?% b\<5?% V**'.'?% 5'+'/'=%
J,1(2-()% QRRa=% <(1#$(/% f'+:')9% QRR[=% U*N% ...=#/)8=8'G(+G(14cd^WQ4
QRW4W4\Vm!VYb5="*20%%
%
M'00?%J=%QRR[=%%<(3)0$J-/?hVfGI$G*/-/+*-)$-/0$e3(.3-BB#$%8''(34$7(3$
%%&=$ #+% b+*()3,1()+2(+*'0% V)3'+#$'*#,+$% '+/% ;(8:)#*9% ;(8*,)% <(7,)2=%
I(+(1'% 5(+*)(% 7,)% *"(% \(2,8)'*#8% 5,+*),0% ,7% U)2(/% C,)8($=% I(+(1'?%
;.#*F()0'+/=%
%
M,++% b+*()+'*#,+'0% 5(+*()% 7,)% 5,+1()$#,+=% QRR^=% ;(/2#31*(/$ %832#,$
LMMS=%J,2,$%h()'3$3($(00$8"'7*=%M'/(+%M'/(+=%
%
M,)+?% _=% _'0*#+()?% n?% l% ]'0($#8?% ]=% KT/$L=% QRR^=% % &#/-*11-/+#$ (7$
:#B(+3-4*+$;(/43()$(7$P3B#0$G(3+#1$*/$;(/4#B'(3-3,$%(+*#4*#19$J,2,$%
h()'3$3($(00$8"'7*=%M'/(+%M'/(+=%
%
M,++% b+*()+'*#,+'0% 5(+*()% 7,)% 5,+1()$#,+=% QRR^=% ;(/2#31*(/$ %832#,$
LMMS=%J,2,$%h()'3$3($(00$8"'7*=%M'/(+%M'/(+=%
%
M)9/(+?%U=%l%C0:)#?%Y=KT/$L=%QRRd=%%%#+83*4,$%#+4(3$&#7(3BI$V/14*484*(/1=$
%(+*#4,$-/0$F((0$F(2#3/-/+#9$J,2,$%h()'3$3($(00$8"'7*=%M'/(+%M'/(+=%
%
M)9/(+?% U=% QRR[=% G3(B$ e()*+,$ 4($ e3-+4*+#I$ .-8.*/.$ 4"#$ [@;:`1$
@2()2*/.$ 3()#$ */$ %#+83*4,$ %#+4(3$ &#7(3B=$ #+% b+*()3,1()+2(+*'0%
V)3'+#$'*#,+$% '+/% ;(8:)#*9% ;(8*,)% <(7,)2=% I(+(1'% 5(+*)(% 7,)% *"(%
\(2,8)'*#8%5,+*),0%,7%U)2(/%C,)8($=%I(+(1'?%;.#*F()0'+/=%%
%
5'.*")'?% I=% l% P:8@"'2?% <=% KT/$L=% QRRd=% F(2#3/*/.$ V/1#+83*4,I$
:#B(+3-4*+$ ;(/43()$ (7$ f*)*4-3,$ -/0$ %#+83*4,$ @14-C)*1"B#/41$ */$
!3-/1*4*(/-)$:#B(+3-+*#19$o(/%M,,@$?%J(.%p,)@=%%
%
5"'+''?% f=% QRRQ=% %#+83*4,$ %#+4(3$ &#7(3BI$ V118#1=$ ;"-))#/.#1$ -/0$
e3(1'#+41=$ U/(0&"#% Y'&()% d^^?% b+*()+'*#,+'0% b+$*#*:*(% 7,)% ;*)'*(3#8%
;*:/#($?%P,+/,+=%
%
5,**(9?% U=% l% C,)$*()?% U=% QRR^=% % &#1"-'*/.$ :#7#/+#$ :*')(B-+,I$ H#>$
&()#1$ 7(3$ f*)*4-3,$ ;(('#3-4*(/$ -/0$ P11*14-/+#9$ U/(0&"#% Y'&()% dia=%
b+*()+'*#,+'0%5(+*)(%7,)%;*)'*(3#8%;*:/#($=%VH7,)/%S+#1()$#*9%Y)($$?%J(.%
p,)@=%%
%
\Cb\?% QRRQ=% R/0#314-/0*/.$ -/0$ %8''(34*/.$ %#+83*4,$ %#+4(3$ &#7(3B=%
\Cb\?%P,+/,+=%
%
\<;=% QRRi=% J8*)0*/.$ @77#+4*2#$ %4-4#1I$ !-?*/.$ -$ +*4*Q#/1$ '#31'#+4*2#9$
\(1(0,&2(+*%<($(')8"%5(+*)(N%'*%...=/)848#*#F(+$"#&=,)3%
%

! 'B!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
C#*F4I()'0/?% U=% l% f'8@$,+?% ;=% QRRc=% :#2#)('*/.$ -$ e#37(3B-/+#$
f#-183#B#/4$ %,14#B$ 7(3$ %#+83*4,$ %#+4(3$ V/4#32#/4*(/1=$ f,:)+'0% ,7%
;(8:)#*9%;(8*,)%]'+'3(2(+*?%h,0%i=%J,%W=%]')8"%QRRc=%
%
I)((+(?%V=%l%<9++?%;=%QRRc=%W*/?*/.$-/0$;(A(30*/-4*/.$::&$-/0$%%&$
7(3$ T8B-/$ %#+83*4,$ -74#3$ ;(/7)*+4I$ V118#1=$ @Z'#3*#/+#$ -/0$ e3*(3*4*#19%
!"(2'*#8% 6,)@#+3% Y'&()% Q=% 5(+*)(% 7,)% b+*()+'*#,+'0% 5,,&()'*#,+% '+/%
;(8:)#*9=%M)'/7,)/=%%
%
_'30:+/?%\=I=%QRR[=%%G3(B$R%%&$4($%%&I$!"#$3*1#$-/0$Ee-34*-)K$:#B*1#$
(7$HP![$*/$%#+83*4,$%#+4(3$&#7(3B=%#+%b+*()3,1()+2(+*'0%V)3'+#$'*#,+$%
'+/%;(8:)#*9%;(8*,)%<(7,)2=%I(+(1'%5(+*)(%7,)%*"(%\(2,8)'*#8%5,+*),0%
,7%U)2(/%C,)8($=%I(+(1'?%;.#*F()0'+/=%
%
_g+33#?% _?% QRR^?% D5,+8(&*:'0#$#+3% ;(8:)#*9% ;(8*,)% <(7,)2% '+/%
<(8,+$*):8*#,+E?%#+%D<(7,)2%'+/%<(8,+$*):8*#,+%,7%*"(%;(8:)#*9%;(8*,)E?%
\5UC%p(')%M,,@?%QRR^=%I(+(1'=%%
%
_'209+=% \=6=% WXXR=% !"#$ e#/.8*/$ T*14(3,$ (7$ <#14#3/$ e"*)(1('",9$
e#/.8*/$J((?19$W(/0(/9$%
%
_(0/?% h=% WXXd=% G#B*/*14$ f(3-)*4,I$ !3-/17(3B*/.$ ;8)483#=$ %(+*#4,=$ -/0$
e()*4*+1=%5"#8'3,N%!"(%S+#1()$#*9%,7%5"#8'3,%Y)($$=%
%
_(+/)#8@$,+?%\=%QRRd=%%%#+83*4,$%#+4(3$&#7(3B$-1$-$F(2#3/-/+#$V118#=$#+$
M)9/(+?%U=%l%C0:)#?%Y=KT/$L=%%#+83*4,$%#+4(3$&#7(3BI$V/14*484*(/1=$%(+*#4,$
-/0$F((0$F(2#3/-/+#9$J,2,$%h()'3$3($(00$8"'7*=%M'/(+%M'/(+=%
n+#3"*?% ]=% QRRW% DU% V+(% 6'9% ;*)((*N% \(7#+#+3% '% +(.% '&&),'8"% *,% *"(%
/#$')2'2(+*?%/(2,-#0#$'*#,+%'+/%)(#+$()*#,+%,7%(H48,2-'*'+*$%/:)#+3%*"(%
.')4*,4&('8(%*)'+$#*#,+E?%*"(% S+#1()$#*9%,7%p,)@% Y,$*4.')%<(8,1()9%'+/%
\(1(0,&2(+*%S+#*=%%
%
n+#3"*?%]=%l%VF()/(2?%U=%QRR^%DI:+$?%5'2&$%'+/%5'$"N%\#$')2'2(+*?%
\(2,-#0#$'*#,+% '+/% <(#+$()*#,+% ,7% C,)2()% 5,2-'*'+*$% #+% *)'+$#*#,+$%
7),2%6')%*,%Y('8(?E%f,:)+'0%,7%Y('8(%<($(')8"N%^XX%
%
n+#3"*?% ]=% @Z'-/0*/.$ 4"#$ ::&$ f(0#)I$ e()*4*+1$ -/0$ [3.-/*1-4*(/19$
f,:)+'0%,7%;(8:)#*9%;(8*,)%]'+'3(2(+*=%h,0%i?%+,%W?%]')8"%QRRc=%%
%
P'.?% \=% QRR[=% V/4#3.(2#3/B#/4-)$ [3.-/*1-4*(/1$ -/0$ 4"#*3$ &()#$ */$
%#+83*4,$%#+4(3$&#7(3B=$#+%b+*()3,1()+2(+*'0%V)3'+#$'*#,+$%'+/%;(8:)#*9%
;(8*,)% <(7,)2=% I(+(1'% 5(+*)(% 7,)% *"(% \(2,8)'*#8% 5,+*),0% ,7% U)2(/%
C,)8($=%I(+(1'?%;.#*F()0'+/=%%
%
]9$"0,1$@'?%]=%QRR[=%[2#32*#>$-/0$4,'()(.,$(7$VF[$H(3B1$7(3$%#+83*4,$
%#+4(3$&#7(3B$-/0$F(2#3/-/+#=%#+%b+*()3,1()+2(+*'0%V)3'+#$'*#,+$%'+/%
;(8:)#*9% ;(8*,)% <(7,)2=% I(+(1'% 5(+*)(% 7,)% *"(% \(2,8)'*#8% 5,+*),0% ,7%
U)2(/%C,)8($=%I(+(1'?%;.#*F()0'+/=%
%
VT5\=% QRRa=% :P;$ F8*0#)*/#1$ -/0$ &#7#3#/+#$ %#3*#1I$ %#+83*4,$ %,14#B$
&#7(3B$-/0$F(2#3/-/+#9$VT5\?%Y')#$=%
%
VT5\=% QRR[=% [@;:$ :P;$ T-/0C((?$ (/$ %#+83*4,$ %,14#B$ &#7(3BI$
%8''(34*/.$%#+83*4,$-/0$d814*+#9$VT5\?%Y')#$=%
! 'V!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!
6/.F*=0%7'4*G*<190-/"H:<19")-:L1*)-,M:N1,)9-G9HM:G78:"!1:<)9/GC:O)7"-G9"$:F-),:;,#C/9/":"):PQ#C/9/"::

!
VT5\?% QRRc=% ;(/+#'41$ -/0$ :*)#BB-1$ (7$ %4-4#$ C8*)0*/.$ */$ G3-.*)#$
%*48-4*(/1I$G3(B$G3-.*)*4,$4($&#1*)*#/+#9$VT5\?%Y')#$=%%
%
Y(+**#0'?% <=T=f=% QRRd=% % !"#$ &()#$ (7$ 4"#$ Fa$ */$ V/4#3/-4*(/-)$ e#-+#$ -/0$
%#+83*4,9% U/(0&"#% Y'&()% daa=% b+*()+'*#,+'0% 5(+*)(% 7,)% ;*)'*(3#8% ;*:/#($=%
VH7,)/%S+#1()$#*9%Y)($$?%J(.%p,)@=%
%
<:-#+=% M=<=% QRRa=% ;(/1438+4*/.$ %(2#3#*./4,$ 7(3$ %#+83*4,9$;:)1#1'0?% h,0%
^[?%+,%^=%6#+*()%QRRa=&&Xd4WRi=$%
%
;"())#77?%U=%QRR[=%%%#+83*4,$%#+4(3$&#7(3B$-/0$@R$H(3B$VB')#B#/4-4*(/=%
#+%b+*()3,1()+2(+*'0%V)3'+#$'*#,+$%'+/%;(8:)#*9%;(8*,)%<(7,)2=%I(+(1'%
5(+*)(% 7,)% *"(% \(2,8)'*#8% 5,+*),0% ,7% U)2(/% C,)8($=% I(+(1'?%
;.#*F()0'+/=%
%
S+#*(/%J'*#,+$=%QRRc=%%%#+83*/.$'#-+#$-/0$0#2#)('B#/4I$4"#$3()#$(7$4"#$
R/*4#0$ H-4*(/1$ */$ 18''(34*/.$ 1#+83*4,$ 1#+4(3$ 3#7(3B9$ <(&,)*% ,7% *"(%
;(8)(*')94I(+()'0=%J(.%p,)@=%
%
6(-()?%]=%WXWX=%e()*4*+1$-1$j(+-4*(/?%M()0#+=%
%
6"'#*($?%U=%QRRc=%%4-4#1$*/$:#2#)('B#/4I$R/0#314-/0*/.$%4-4#AC8*)0*/.9$
\Cb\%6,)@#+3%Y'&()=%\Cb\?%P,+/,+=%%
%
6,)0/%M'+@?%QRRW=%b+#*#'*#1($%#+%P(3'0%'+/%f:/#8#'0%<(7,)2=%6'$"#+3*,+%
\=5=%%
6,)0/% M'+@?% QRRi=% % DY,$*48,+70#8*% ;(8:)#*9% ;(8*,)% '+/%Y:-0#8% C#+'+8#'0%
]'+'3(2(+*N% P($$,+$% 7),2% U73"'+#$*'+?% $,8#'0% \(1(0,&2(+*%
J,*($G5,+70#8*% Y)(1(+*#,+% l% <(8,+$*):8*#,+?% +,% Q[% 6'$"#+3*,+?% \5?%
6,)0/%M'+@?%f:09%QRRi=%
%
!
*

! #F!
!
"#$%&'%(!)**+!,!R)0-7GC:)*:<190-/"H:<19")-:JG7G.1,17":
S:O17"-1:*)-:<190-/"H:<19")-:JG7G.1,17":TO<<JUM:@33I:
!