!

"#$%&'()
)
*'+,&)-$($.#'+",#$/.),.0),)12'/"3)/4)#2')5#,#')
!
"
!"!#$%%$&'()*(+%,-. !
(
!
#$%&!'(')*!+)&,*%-)&!(!./'/0/12!/3!0)1(0!.$/41$.!(5+!.$)!&/,%(0!,/5+%.%/5&!6.$)!0(*1)*!&/,%(0!
,/5&.*4,.%/5! /3! *)(0%.27! /3! 8$%,$! .$(.! ./'/0/129! .$(.! .$/41$.9! %&! (! ,/:'/5)5.;! <(*.! =! %&! (!
+)&,*%'.%/5!/3!.$)!&.*4,.4*)!/3!0)1(0!.$/41$.>!<(*.!==!/3!.$)!&/,%(0!,/5+%.%/5&!6(!.$)/*2!/3!.$)!
&.(.)9!/*!'/0%.%,(0!),/5/:27;!#$)!?/5,04&%/5!,/5&%+)*&!.$)!'0(,)!/3!.*(+%.%/5(0!0)1(0!'*(,.%,)!
/5!(!5)8!0(5+&,(');!
!
=! )@')*%)5,)! 0)1(0! .$/41$.9! */41$02! &')(A%519! (&! (! '*/1*)&&%/5! 3*/:! .$)! 3%*&.! 2)(*! /3! 0(8!
&,$//09!8%.$!%.&!):'$(&%&!/5!,/::/5!0(8!(5+!0)1(0!:).$/+9!.$*/41$!.$)!&),/5+!(5+!.$%*+!
2)(*! ,/4*&)&! /5! &.(.4./*2! 0(8! (5+! *)140(.%/5! /3! .$)! ),/5/:29! ./! 0(.)*! )@')*%)5,)&! /3!
&/,%/0/12! /3! 0(89! '/0%,2! (5(02&%&9! (5+! ,*%.%,(0! .$/41$.;! ?/5&)B4)5.029! %5! %.&! )5.%*).29! 0)1(0!
.$/41$.!,/40+!-)!*)'*)&)5.)+!-2!.$)!,4**%,404:!(5+!&,$/0(*&$%'!/3!(52!0(*1)9!&/'$%&.%,(.)+!
:/+)*5! 0(8! &,$//09! 0%A)! :2! /85;! C4.! 0)1(0! .$/41$.! %&! -/.$! 0(*1)*! .$(5! .$)! (,(+):2!
6+*(8%51!/5!,/45.0)&&!(4.$/*%.(.%D)!0)1(0!(,.&E!,(&)&9!&.(.4.)&9!+)-(.)&9!).,;7!(5+!+%33)*)5.!
F
.$(5!0)1(0!'*(,.%,)!68$/&)!*)0(.%/5&$%'!./!0)1(0!.$/41$.!%&!45,0)(*7; !
!
=5!1)5)*(09!=!'*/'/&)!.$(.!0)1(0!.$/41$.!%&!,/:'/&)+!/3!(!,/*)!(5+!')*%'$)*2!(5+!.$(.!.$)!
8$/0)! &.*4,.4*)! */41$02! ,/**)&'/5+&! ./! .$)! +%,$/./:/4&! (5+! 3*(1:)5.)+! '/0%.%,(0!
),/5/:2! /3! .$)! :/+)*5! +):/,*(.%,! 8)03(*)! &.(.);! #$4&9! .$)! :/D):)5.! /3! .$%&! '(')*! %&!
3*/:! 0)1(0! '$)5/:)5/0/12! 6.$)! )@')*%)5,)! /3! 0)1(0! .$/41$.7! ./! (! ,/**)&'/5+%51! A%5+! /3!
H
,40.4*(0!/*1(5%G(.%/59!,(00)+!'/0%.%,(0!),/5/:2; !

/
! I/&&JC(&,/:! <*/3)&&/*! /3! K(8! L:)*%.4&! (5+! (! 0/51.%:)! *)&)(*,$)*! (.! .$)! M%&,/5&%5! ?)5.)*! 3/*! L+4,(.%/5!
N)&)(*,$! 6M?LN79! 8$)*)! $)! &)*D)&! (&! .$)! +%*),./*! /3! .$)! LD(04(.%/5! N)&/4*,)&! O*/4'! 6LNO7;! ?045)! *),)5.02!
+%*),.)+!(5!)D(04(.%/5!/3!&2&.):J8%+)!)+4,(.%/5(0!*)3/*:!%5!3/4*!'(*.5)*!+%&.*%,.&!/3!P?QKL!6P2&.):J8%+)!?$(51)!
3/*!Q00!K)(*5)*&!(5+!L+4,(./*&9!(!3%D)J2)(*!R(.$SP,%)5,)!<(*.5)*&$%'!345+)+!-2!.$)!T(.%/5(0!P,%)5,)!U/45+(.%/57;!
=5!(++%.%/5!./!.$%&!8/*A!/5!,*%.%,(0!0)1(0!&.4+%)&9!$%&!*)&)(*,$!/5!)+4,(.%/5(0!'/0%,2!(5+!3%5(5,)!/D)*!:(52!2)(*&!
$(&!+)(0.!8%.$!&,$//0!3%5(5,)9!'*/1*(:!%:'0):)5.(.%/59!,/&.J)33),.%D)5)&&!%5!)+4,(.%/59!&'),%(0!)+4,(.%/59!'4-0%,!
):'0/2))! %5.)*)&.! (*-%.*(.%/59! )+4,(.%/5(0! '/0%,2! %5! ?$%5(9! (5+! &2&.):%,! )+4,(.%/5(0! '/0%,2;! L:(%0E!
8$,045)V3(,&.(33;8%&,;)+4!
F
! Q0.$/41$! 0(82)*&! ,(5! +/! .$)%*! '*(1:(.%,! W/-&! 8%.$! 0%..0)! 3/*:(0! %+)/0/129! .$*/41$/4.! .$)! '(')*! =! .(A)! .$)!
'/&%.%/5!.$(.9!,/5&,%/4&02!/*!5/.9!.2')&!/3!'*(,.%,)!,(5!-)!%+)5.%3%)+!8%.$!,$(*(,.)*%&.%,!'*/W),.&!/3!0)1(0!.$/41$.;!
P))!(0&/!.$)!?/5,04&%/5;!
H
! Q0.$/41$! '/0%.%,(0! ),/5/:2! +)(0&! 8%.$! :(.)*%(0! .$%51&9! =! ,/5&%+)*! %.! ./! -)! )&&)5.%(002! ,40.4*(09! (5! (&'),.! /3!
,/5&,%/4&5)&&9! -),(4&)! %.! %&! 345+(:)5.(002! (! &.(-0)! &).! /3! &)03! *)'*/+4,%51! :4.4(0! )@'),.(.%/5&! (-/4.! :(.)*%(0!
.$%51&;!</0%.%,(0!),/5/:2!&)):&!:/*)!+%&.(5.!(5+!/-W),.%D)!6(5+!,)*.(%5029!%5!&/:)!&)5&)9!-)2/5+!.$)!')*%'$)*2!
/3! 0)1(0! .$/41$.7>! -4.! 8)! (*)! '(*.! /3! .$)! '/0%.%,(0! ),/5/:2! (&! 8)00! (5+! $)5,)! ,(5! )@')*%)5,)! %.!
'$)5/:)5/0/1%,(002;!P))!$-01&9!5/.)!FX!(5+!(,,/:'(52%51!.)@.;!
HYFFZ!!!!!!!!!!!!!!!!!!!!!!! K)1(0!]%&%5.)1*(.%/5!(5+!(!#$)/*2!/3!.$)!P.(.)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! F[\!

#$)!'*/-0):!.$(.!=!(:!.*2%51!./!,/53*/5.!%&!(!&)5&)!/3!-/.$!+%&%5.)1*(.%/5!(5+!%5.)1*(.%/5!
6/*! '*/1*)&&%D)! :/D):)5.7! %5! .$)! 0(8;! Q3.)*! (5! %5%.%(0! ')*%/+! /3! %53(.4(.%/5! 8%.$! %.&!
,/5,)'.4(0! '/8)*! (5+! )0)1(5,)9! .$)! /-&)*D)*! /3! 0)1(0! .$/41$.! -)1%5&! ./! &))!
3*(1:)5.(.%/59! (5! (&&/*.:)5.! /3! )'%&.):/0/1%)&9! &/,%(0! '$%0/&/'$%)&9! (5+! '/0%,2!
%5&.*4:)5.&9!3400!/3!,/530%,.&9!&0/''2!'(.,$8/*A9!(5+!+%&/*%)5.%51!1('&!/*!+%&,/5.%54%.%)&;!Q.!
.$)!&(:)!.%:)9!.$)*)!&)):&!./!-)!-/.$!(!&.*4,.4*)!./!.$)!+%&/*+)*!6.$/41$!3*(1:)5.)+9!.$)!
0(8!%&!5/.!(!,$(/.%,!'%0)!/3!*4--0)7!(5+!(!'*/1*)&&%D)!:/D):)5.!./8(*+!-*/(+)*!(5+!:/*)!
)33%,%)5.! &/,%(0! '*/-0):! &/0D%51;! =5! .$%&! '(')*9! =! 8/40+! 0%A)! ./! %004:%5(.)! .$%&! &)5&)! /3!
/*+)*02!+%&/*+)*!(5+!'*/1*)&&!30(8)+!)D)*2!&.)'!/3!.$)!8(2!-2!,/530%,.&!(5+!,/534&%/5;!C2!
0//A%51! 3%*&.! %5&%+)! 0)1(0! .$/41$.9! .$)5! /4.&%+)! ./! %.&! -*/(+)*! ,40.4*(0! ,/5.)@.9! =! $/')! ./!
(D/%+! (*%+! %+)(0%&:! /*! ,/5,)'.4(0%&:! (5+! (,$%)D)! (! A%5+! /3! )5)*12! (5+! +)'.$! /3!
)@'0(5(.%/5!5/.!/.$)*8%&)!'/&&%-0);!6=!(0&/!(:!%:'0%,%.02!*)W),.%51!(5!%5.)*'*).(.%/5!/3!0)1(0!
^
.$/41$.!(&!)@,04&%D)02!(5!%+)/0/1%,(0!'*/+4,.!/3!.$)!0)1(0!(,(+):2; !=!*)1(*+!0)1(0!.$/41$.!
(&!(.!0)(&.!'(*.02!(!'*/+4,.!/3!(!0(*1)*9!%5+))+!&/,%).2J8%+)9!,/5&.*4,.%/5!/3!*)(0%.27;!
!
!
!6)!)7,($%)8/0'&)/4)*'+,&)12/9+2#:);/"'<)='"$>2'"3<)1",.($#$/.<),.0)7'3/.0)
)
#$)!-(&%,!&,$):(!/3!0)1(0!.$/41$.!'*)&)5.)+!%5!<(*.!=!%&!.$%&E!K)1(0!.$/41$.!$(&!(!,/*)!/3!
_/0+! 3(&$%/5)+! 0(8_9! ,/5&%&.%51! /3! (! :/+)0! /3! ,/4*.&9! 0%.%1(.%/5! (5+! ,(&)&>! (! '*%D(.)! 0(8!
:/+)0!/3!&/,%(0!/*+)*>!).$%,(0!W4&.%3%,(.%/5>!%5.)*'*).%D)!*)(&/5%51>!(5+!(!$)1):/5%,!D%)8!/3!
0)1(0! %5304)5,);! #$)! ')*%'$)*2! /3! 0)1(0! .$/41$.! %&! ,/:'/&)+! /3! .$)! /''/&%.)&! /3! .$)!
)0):)5.&! /3! .$)! ,/*)E! 0)1%&0(.%/5! (5+! &.(.4.)&>! (! '4-0%,! 0(8! :/+)0! /3! &/,%(0! /*+)*>! '/0%,2!
(5(02&%&! (&! W4&.%3%,(.%/5>! '/&%.%D%&.! 0)1(0! %5.)*'*).(.%/5>! (5+! (! :(*1%5(0%&.! D%)8! /3! 0)1(0!
`
%5304)5,); !
!
P%5,)! .$)! )0):)5.&! /3! ,/*)! (5+! ')*%'$)*2! (*)! ,/5&.*4,.)+! (&! /''/&%.)&9! .$)! ,/5,)'.4(0!
&'(,)! -).8))5! .$):! %&! ):'.29! /*! +%&,/5.%54/4&>! (5+! .$)! 0)1(0! .$%5A)*! 3))0&! '400)+! %5!
/''/&%.)! +%*),.%/5&9! (0.)*5(.%51! -).8))5! .$)! .8/! 8%.$/4.! (5! (+)B4(.)! .*(5&%.%/5;!
R/D):)5.! 3*/:! ,/*)! ./! ')*%'$)*2! %&! %5304)5,)+! -2! '/8)*340! /''/&%51! 3/*,)&9! 0%A)!
,)5.*%').(0! (5+! ,)5.*%341(0! 3/*,)&;! =5! .$)! ,/*)9! 0(8! 3))0&! 5(.4*(09! &),4*)! 645,$(00)51)+79!
45(+40.)*(.)+!-2!%5,/:'(.%-0)!'(*(+%1:&!/*!*(.%/5(0%.%)&;!#$)!,/*)!%&!(0&/!(!&'(,)!8%.$!(5!

^
!a/$5!b;!P,$0)1)09!2'.1$3&-(4.5&%(67.81"(&-9(2'.1$3&-(4.5&%(:9,3&;$8-<(2(=-&>.(=?&%%8?$-5($;@(6&$%AB!$-!?N=#=?QK!
KLOQK!#bcdOb#E!QT!QRLN=?QTJOLNRQT!]LCQ#L!`XJ[`!6?;!a/)*1)&!e!];!#*4-)A!)+&;9!FX[X7!f!(5+!*)'*%5.)+!%5!.$%&!%&&4);!
=!(1*))!8%.$!P,$0)1)0!.$(.!0)1(0!.$/41$.!$)0'&!0)1(0!(,(+):%,&!+%&.%514%&$!.$):&)0D)&!3*/:!-/.$!0)1(0!'*(,.%,)!(5+!
(,(+):%,!+)'(*.:)5.&9!-4.!=!(0&/!&))!,/55),.%/5&!8%.$!0(*1)*!'(..)*5&!/3!&/,%(0!.$/41$.;!
`
!#$)!%+)(!/3!,/*)!(5+!')*%'$)*2!/-D%/4&02!/8)&!(!1//+!-%.!./!]45,(5!g)55)+2E!]45,(5!g)55)+29!67.(C8%$;$3&%(
=$5-$0$3&-3.(80(;7.(4&?(=3788%(+,11$3,%,'9!F`!PL#cT!bQKK!K;!NLI;!F!6FX[^7>!]45,(5!g)55)+29!D81'(&-9(=,E@;&-3.($-(
C1$F&;.(4&?(29G,9$3&;$8-9![X!bQNI;!K;!NLI;!Fh[i9!F\^\9!F\hi!6FX\h7;!#$%&!(*.%,0)!+%33)*&!3*/:!g)55)+2j&!,/5,)'.%/5!
%5!&)D)*(0!*)&'),.&9!3/*!)@(:'0)9!-2!%5,/*'/*(.%51!'/0%,2!(5(02&%&!6(5+!.$)!*):(.)*%(0%G(.%/5!.$)&%&!1)5)*(0027>!-2!
&))%51!(!'*/1*)&&%D)!:/D):)5.!3*/:!,/*)!./!')*%'$)*2>!(5+!-2!&))%51!,('%.(0%&:!(&!%:'0%,(.)+!%5!.$)!,/5&.*4,.%/5!
/3!-/.$!,/*)!(5+!')*%'$)*29!(5+!.$)!,/5.*(+%,.%/5&!-).8))5!(5+!8%.$%5!.$):;!
F[[!!! O ) * : ( 5 ! K ( 8 ! a / 4 * 5! ( 0 ! !!!!!!kI/0;!FH!T/;!YF

(..*(,.%D)!-0)5+!/3!:/*(0!*)(&/5%51!(5+!&/,%(0!'$%0/&/'$2;!Q.!.$)!')*%'$)*29!)D)*2.$%51!%&!
/''/&%.)E!0(8!3))0&!(8A8(*+9!-4*)(4,*(.%,!(5+!,$(00)51)+!-/.$!-2!/.$)*!3/*:&!/3!.$/41$.!
(5+!/.$)*!A%5+&!/3!)@')*.&;!=5!.$%&!&)5&)9!.$)*)!%&!(!'/8)*340!,)5.*%').(0!3/*,)!+*%D%51!0)1(0!
.$/41$.! %58(*+! ./8(*+! %.&! ,/*)! %5&.%.4.%/5&;! C4.! .$)*)! %&! (0&/! (! '/8)*340! 3/*,)! *455%51! %5!
.$)! /''/&%.)! +%*),.%/5;! Q.! .$)! ,/*)9! .$)! 0(8! 3))0&! (-&.*(,.9! &/,%(002! %5,/5&)B4)5.%(09!
/-&/0)&,)5.>!8$%0)!.$)!')*%'$)*2!&)):&!:/+)*59!*)0)D(5.9!&4-&.(5.%D)9!'/8)*340;!
!
?/*)!(5+!')*%'$)*2!8/40+!-)!,/:'0%,(.)+!)5/41$9!-4.!.$)*)!%&!&/:).$%51!)0&);!K).!:)!,(00!
%.! _.*(5&%.%/5_! (5+! _*)%5.)1*(.%/5_E! (5! )33/*.! ./! '*/W),.! D(04)&! /3! .$)! ,/*)! /5./! .$)!
')*%'$)*29! -*)(A%51! +/85! .$)! +%&,/5.%54/4&! &'(,)! -).8))5! .$):>! (5+9! %5! .$)! '*/,)&&9!
i
)@.)5+%51! .$)! &,/')! /3! 0)1(0! .$/41$.! ./! &/:).$%51! 8$%,$! &)):&! _-)2/5+! 0(8_; ! </&%.%D)!
(..*%-4.)&!/3!.$)!,/*)9!0%A)!:/*(0!*)(&/5%51!(5+!&/,%(0!'$%0/&/'$29!(*)!-)%51!,/:-%5)+!8%.$!
'/&%.%D)! )0):)5.&! /3! .$)! ')*%'$)*29! 0%A)! &/'$%&.%,(.)+! &/,%(0! '*/-0):! &/0D%51;! #*(5&%.%/5!
,/5&%&.&!/3!&%:'0)!$2-*%+&!/3!,/*)!(5+!')*%'$)*2!68$%,$!:%1$.!-)!'%,.4*)+!(&!0/,(.)+!%5!.$)!
/.$)*8%&)!+%&,/5.%54/4&!&'(,)!-).8))5!.$)!.8/7;!N)%5.)1*(.%/5!/,,4*&!8$)5!.$)!&.*4,.4*)!
/3!,/*)!(5+!')*%'$)*2!-*)(A&!+/85!(5+!&/:).$%51!%&!,*)(.)+!-)2/5+!0(8;!=5,/:'(.%-%0%.%)&!
-).8))5! ,/*)9! ')*%'$)*29! .*(5&%.%/59! (5+! *)%5.)1*(.%/5! 0)5+! (! &)5&)! /3! ,/5.*(+%,.%/5! (5+!
,/534&%/5!./!.$)!8$/0)!&.*4,.4*)!/*!./'/0/12!/3!0)1(0!.$/41$.;!
!
!
H*(67.(D$F.(I$'.-@$8-@(80(4.5&%(678,57;(
(
?/*)9! ')*%'$)*29! .*(5&%.%/5! (5+! *)%5.)1*(.%/5! ,(5! -)! '/*.*(2)+! (0/51! 3%D)! +%:)5&%/5&9! (&!
h
3/00/8&;!6P4-&)B4)5.!&),.%/5&!8%00!+)&,*%-)!.$)!+%:)5&%/5&!%5!:/*)!+).(%07; !
!
I$'.-@$8-E!+),%&%/5!:(A%51!(1)5,29!'*/,)&&!e!.2')!/3!+),%&%/5!
! +81.E!,/4*.&9!0%.%1(.%/59!,(&)!
! C.1$J7.1"E!0)1%&0(.4*)&9!0)1%&0(.%/59!&.(.4.)!
! 61&-@$;$8-E('4-0%,!0(8!0%.%1(.%/59!&.(.4./*2!*%1$.&!/3!(,.%/5!
! K.$-;.51&;$8-E!&/,%(0!'*/-0):!0)1%&0(.%/59!,/5&.%.4.%/5(0!8)03(*)!*%1$.&!
(
I$'.-@$8-E!&4-&.(5,)!/3!+),%&%/5!
! +81.E!'*%D(.)!0(8!
! C.1$J7.1"E!'4-0%,!0(8!
! 61&-@$;$8-E(W4+%,%(0!*)140(.%/59!,/::/5!0(8!(&!),/5/:%,(002!*(.%/5(0!
! K.$-;.51&;$8-E!*)30)@%D)!0(8!6%5.)*:)+%(.)!'/0%,2!/*1(5%G(.%/5&7!
(

i
!P))!&),.%/5!C;==;H9!$-01&;!
h
!#$)!+%:)5&%/5&!,/**)&'/5+!&/:)8$(.!./!8$(.!L4*/')(5&!%5!.$)!M)-)*%(5!.*(+%.%/5!,(00!.$)!_*):(.)*%(0%G(.%/5_!
/3! 0(8;! O45.$)*! #)4-5)*9! =,E@;&-;$F.( &-9( K.0%.L$F.( :%.'.-;@( $-( M89.1-( 4&?B! F\! KQM! e! Pc?=L#l! NLI;! H^X9! H`Y!
6FX[^7;!
HYFFZ!!!!!!!!!!!!!!!!!!!!!!! K)1(0!]%&%5.)1*(.%/5!(5+!(!#$)/*2!/3!.$)!P.(.)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! F[X!

I$'.-@$8-E!.2')!/3!W4&.%3%,(.%/5!/*!*(.%/5(0%G(.%/5!
! +81.E!0)1(0!(5(02&%&!
! C.1$J7.1"E!'/0%,2!(5(02&%&!
! 61&-@$;$8-E!0(8!(5+!),/5/:%,&!
K.$-;.51&;$8-E! :/*(0! ,/5&%+)*(.%/5&! %5! 8)03(*)! '/0%,29! '/0%,2! (5(02&%&! (&!
'(*.%,%'(.%/5!!!!!!(5+!):'/8)*:)5.!
(
I$'.-@$8-E!.2')!/3!%5.)*'*).(.%/5!
! +81.E!:/*(0!*)(&/5%51!
! C.1$J7.12E!'/&%.%D)!*)(&/5%51!
! 61&-@$;$8-E!&.(.4./*2!%5.)5.!!
! K.$-;.51&;$8-E!&%.4(.%/5(0!%5.)*'*).(.%/5!/3!&.(.4.)&9!).,;!
(
I$'.-@$8-E!*/0)!/3!0(8!
! +81.E!$)1):/5%,!!
! C.1$J7.1"E!:(*1%5(0!
! 61&-@$;$8-E!%:'0):)5.(.%/5!
! K.$-;.51&;$8-E!%5&.%.4.%/5(0!,$/%,)!
!
!
HH*((I.@31$J;$8-@(80(:&37(I$'.-@$8-B(61&-@$;$8-&%(&-9(K.$-;.51&;$F.(D81'@(
!
#$%&! &),.%/5! /3! .$)! '(')*! /33)*&! (! +)&,*%'.%/5! /3! )(,$! +%:)5&%/5! /3! 0)1(0! .$/41$.9!
)0(-/*(.%51!/5!.$)!&,$):(.%,!'*)&)5.(.%/5!/3!.$)!'*)D%/4&!&),.%/5;!
!
+8,1;@B( %$;$5&;$8-B( 3&@.N4.5$@%&;,1.@B( %.5$@%&;$8-B( @;&;,;.;! =5! .$)! ,/*)! 0)1(0! (,.%/5! /,,4*&! %5!
,(&)&9!.$*/41$!,/4*.&!(5+!0%.%1(.%/5;!K(8!%&!.$)!*)&/04.%/5!/3!+%&'4.)&>!,$(51)!%&!(5),+/.(0;!
=5! .$)! ')*%'$)*29! 0)1%&0(.4*)&! :(A)! &/,%(0! 0)1%&0(.%/5! )5,/:'(&&%51! &/,%(0! '*/-0):! (*)(&9!
*(.$)*!.$(5!+%&,*).)!&%.4(.%/5&;!#*(5&%.%/5(0!3/*:&!%5,04+)!'4-0%,!0(8!0%.%1(.%/5!68$)*)!.$)!
*):)+2! -*)(A&! 8%.$! .$)! 45+)*02%51! +%&'4.)! (5+! (++*)&&)&! (! &/,%(0! '*/-0):! (*)(7! (5+!
'*%D(.)!*%1$.&!/3!(,.%/5!45+)*!&.(.4.)&!68$)*)!.$)!&.(.4.)!%&!%:(1%5)+!./!,*)(.)!(!G/5)!/3!
'*/.),.%/5! 3/*! %5+%D%+4(0&7;! =! ,(5j.! .$%5A! /3! (52! .*402! *)%5.)1*(.%D)! 3/*:;! =.! 8/40+! -)! 0%A)!
-*%51%51!(!0(8&4%.!./!&/0D)!(!&/,%(0!'*/-0):;!P/,%(0!*)3/*:!0%.%1(.%/5!,/:)&!,0/&)9!(&!+/)&!
\
.$)!R%,$)0:(5!%+)(!/3!,/5&.%.4.%/5(002!*)B4%*)+!8)03(*)!-)5)3%.&; !
!
C1$F&;.( %&?NC,E%$3( %&?;! =5! .$)! ,/*)9! 0(8! .(A)&! .$)! 3/*:! /3! 0)1(0! *)0(.%/5&! -).8))5!
%5+%D%+4(0&9! .$(.! %&9! %5! 1)5)*(09! .$)! 3/*:! /3! *%1$.&! 6'*/')*.29! ./*.&9! ,*%:%5(0! 0(87;! =5! .$)!
')*%'$)*29! 0(8! .(A)&! .$)! 3/*:! /3! &/,%(0! '0(55%519! /*! )51%5))*%519! 3/,4&&%51! /5!

\
!U*(5A!R%,$)0:(59!O-(C18;.3;$-5(;7.(C881(6718,57(;7.(D8,1;..-;7(2'.-9'.-;B![^!bQNI;! K;! NLI;!\!6FXhX7>!U*(5A!
R%,$)0:(59!H-(C,1@,$;(80(+8-@;$;,;$8-&%(#.%0&1.(K$57;@<(O-.(P$.?(80(K&?%@Q(67.81"(80(R,@;$3.9!FHF!d;!<Q;!K;!NLI;!XhH!
6FX\^7;!
FXY!!! O ) * : ( 5 ! K ( 8 ! a / 4 * 5! ( 0 ! !!!!!!kI/0;!FH!T/;!YF

,/5&)B4)5,)&! 3/*! (5+! -)$(D%/*&! /3! /*1(5%G(.%/5&9! 1*/4'&9! &),./*&9! &/,%).%)&;! #*(5&%.%/5(0!
3/*:&! %5,04+)! .$)! '*/0%3)*(.%/5! /3! '4-0%,! 0(8! ,/5&%+)*(.%/5&! %5! '*%D(.)! 0(8! :(A%51! 63/*!
)@(:'0)9! '4-0%,! %5.)*)&.! %5D(+%51! .$)! &4''/&)+02! (-&/04.)! *%1$.! /3! '*/')*.29! W4+%,%(0!
[
*)140(.%/5! /3! ,/5.*(,.&7; ! Q5/.$)*! .*(5&%.%/5(0! %5&.%.4.%/5! %&! .$)! &411)&.%/5! /3! 0(8! (5+!
),/5/:%,&! .$(.! '*%D(.)! 0(8! (4./:(.%,(002! &)*D)&! '4-0%,! '4*'/&)&! -2! (+W4&.%51! 3/*! :(*A).!
%:')*3),.%/5&;! Q! *)%5.)1*(.%/5! %&! .$)! ,/5.):'/*(*2! %+)(! /3! 4&%51! %5.)*:)+%(.)!
/*1(5%G(.%/5&! (&! .$)! D)$%,0)&! 3/*! &/,%(0! '/0%,2! 63/*! )@(:'0)9! bRcj&9! &,$//0&9! '4-0%,02!
:%5+)+! ,/*'/*(.%/5&9! (5+! *),/5&.%.4.)+! 54*&%51! $/:)&7;! #$%&! _*)30)@%D)! 0(8_! (..):'.&! ./!
X
,/:-%5)!&/,%(0!)51%5))*%51!8%.$!(!&)5&)!/3!D/045.(*%&:!(5+!%5+%D%+4(0!*%1$.&; !
!
4.5&%( &-&%"@$@NC8%$3"( &-&%"@$@;! K)1(0! *)(&/5%51! %&! ,/5,)'.4(09! ).$%,(09! (5(0/1%,>! (5+! *)&.&!
6&/:)8$(.!'(*(+/@%,(0027!/5!(5!).$%,(0!8/*0+!D%)89!(!'%,.4*)!/3!(!W4&.!(5+!/*+)*02!&/,%).2;!
</0%,2! (5(02&%&! %&! ,/5&)B4)5.%(0%&.! 6*)&.%51! /5! '*)+%,.%/5&! (-/4.! &/,%(0! -)$(D%/*9! %5,04+%51!
)D)*2.$%51! 3*/:! &/,%(0! +)D%(5,)! ./! -(0(5,)+! -4+1).&7;! </0%,2! (5(02&%&! %&! &4-&.(5.%D)02!
&'),%3%,9!*)B4%*%51!)@')*.!A5/80)+1)!(-/4.!.$)!-)$(D%/*&!/3!&'),%3%,!&/,%(0!&2&.):&9!&4,$!(&!
)+4,(.%/59!-(5A%519!.$)!'/0%,);!#$)*)3/*)9!%5!.$)!')*%'$)*29!0)1(0!(5(02&%&!%&!$/.02!,/5.)&.)+!
-2! &4-&.(5.%D)! )@')*.%&)9! -/.$! 1)5)*(0! 6),/5/:%,&9! '/0%,2! (5(02&%&7! (5+! &'),%(0! 6);1;9!
.),$5%,(0! A5/80)+1)! (-/4.! '/004.%/57;! </0%,2! (5(02&%&! (0&/! .)5+&! ./! -)! &4-&.(5.%D)02!
3*(1:)5.)+! (5+! (+! $/,9! (! &)*%)&! /3! &/04.%/5&! ./! &'),%3%,! &/,%(0! '*/-0):&;! K(8! (5+!
),/5/:%,&! %&! (! ,0(&&%,! .*(5&%.%/5(0! 3/*:9! (..):'.%51! ./! %5D)&.! 0)1(0! *)(&/5%51! 8%.$!
,/5&)B4)5.%(0%&.! '/.)5,2;! Q! '/8)*340! *)%5.)1*(.%D)! 3/*:! %&! W4&.! ):)*1%51E! .$)! %+)(! /3! .$)!
FY
8)03(*)! &.(.)! (&! ):-/+2%51! (! &)*%)&! /3! :/*(0! W4+1:)5.&! (-/4.! &/,%).2; ! Q5/.$)*!
*)%5.)1*(.%/5!%&!(!5)8!3/*:!/3!'/0%,2!(5(02&%&!8$)*)!.$)!):'$(&%&!%&!/5!'(*.%,%'(.%/5!(5+!
FF
):'/8)*:)5.!*(.$)*!.$(5!./'J+/859!,/::(5+J,/5.*/0!%:'0):)5.(.%/5; !
!
4.5&%(K.&@8-$-5NC8@$;$F$@;(K.&@8-$-5;!b)*)!8)!&8%.,$!3*/:!*)(&/5%51!(-/4.!3/*:(.%/5!/3!
0(8!6W4&.%3%,(.%/5!3/*!:(A%51!0(87!./!%5.)*'*).(.%/5!/3!.$)!0(8!6.$)!:)(5%51!/3!0(8!(0*)(+2!
:(+)7;! K)1(0! *)(&/5%51! %5! .$)! ,/*)! 6.$)! ,/::/5! 0(87! ,/:-%5)&! W4&.%3%,(.%/5! (5+!
%5.)*'*).(.%/5! %5! (! &%510)! (,.;! K)1(0! *)(&/5%51! (.! .$)! ')*%'$)*2! %&! '/&%.%D%&.9! .*)(.%51!
+),%&%/5&! (&! (0*)(+2! :(+)! 63/*! )@(:'0)9! %5! .$)! &'),%3%,! '*/D%&%/5&! /3! &.(.4.)&7! (5+!

[
! ]45,(5! g)55)+29! I$@;1$E,;$F.( &-9( C&;.1-&%$@;( M8;$F.@( $-( +8-;1&3;( &-9( 681;( 4&?B( #$;7( =J.3$&%( K.0.1.-3.( ;8(
+8'J,%@81"(6.1'@(&-9(S-.T,&%(!&15&$-$-5(C8?.19!`F!R];!K;!NLI;!ih^!6FX[H7;!
X
!#)4-5)*9!@,J1&9!5/.)!h;!
FY
!R=?bQLK! <=cNL! e! ?bQNKLP! PQCLK9! #bL! PL?cT]! =T]dP#N=QK! ]=I=]LE! <cPP=C=K=#=LP!UcN! <NcP<LN=#l!6FX[`7>!M%00%(:!b;!P%:/59!
K$57;@(&-9(K.9$@;1$E,;$8-($-(;7.(#.%0&1.(="@;.'B!^[!P#QT;!K;!NLI;!F`^F!6FX[h7;!
FF
! acLK! bQT]KLN9! #bL! ?cT]=#=cTP! cU! ]=P?NL#=cT! 6FX[h7>! LdOLTL! CQN]Q?b! e! NcCLN#! Q;! gQOQT9! Oc=TO! Cl! #bL! CccgE! #bL!
<NcCKLR! cU! NLOdKQ#cNl! dTNLQPcTQCKLTLP&! 6FX[H7>! PLNOL! #QlKcN9! RQg=TO! CdNLQd?NQ?=LP! #b=Tg9! #bL! LTI=NcTRLT#QK!
=R<Q?#! P#Q#LRLT#! P#NQ#LOl!cU! Q]R=T=P#NQ#=IL! NLUcNR! 6FX[`7;!#$)!'4*)&.!(''0%,(.%/5!/3!.$)!(''*/(,$!%&!%5!-4&%5)&&!
:(5(1):)5.E!#cR! <L#LNP! e! NcCLN#! MQ#LNRQT9! =T! PLQN?b!cU! Lm?LKKLT?L9! KLPPcTP!UNcR! QRLN=?QjP! CLP#! NdT! ?cR<QT=LP!
6FX[H7>!NcPQCL#b! RcPP! gQT#LN9! #bL! ?bQTOL! RQP#LNP9! =TTcIQ#=cT!QT]! LT#NL<NLTLdNPb=<!=T!#bL! QRLN=?QT! ?cN<cNQ#=cT!
6FX[`7;!
HYFFZ!!!!!!!!!!!!!!!!!!!!!!! K)1(0!]%&%5.)1*(.%/5!(5+!(!#$)/*2!/3!.$)!P.(.)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! FXF!

&.(5+(*+%G%51! $41)! 54:-)*&! /3! +),%&%/5&! %5! -4*)(4,*(.%,! */4.%5)&! 63/*! )@(:'0)9! .$)!
&.(5+(*+! /')*(.%51! '*/,)+4*)&! /3! .$)! &/,%(0! &),4*%.2! (+:%5%&.*(.%/57;! P.(.4./*2! %5.)5.! %&!
&/:).$%51!/3!(!.*(5&%.%/5(0!3/*:!63/*!)@(:'0)9!&.(.4./*2!%5.)*'*).(.%/5!-(&)+!4'/5!'/0%,2!
'4*'/&)&7;!N)%5.)1*(.%/5!%&!*(:'(5.9!%5,04+%51!'4*)!%5.)*'*).(.%/5!(&!(!,(5/5!/3!&.(.4./*2!
FH F^
%5.)*'*).(.%/59 ! &%.4(.%/5(0! %5.)*'*).(.%/5! /3! 0(8! %5! 0%1$.! /3! 0/,(0! (''0%,(.%/59 ! (5+! ?KP!
F`
45%D)*&(0!%5.)*'*).%D%&:!6(''0%)+!./!,(&)&9!&.(.4.)&9!(5+!'/0%,2!(5(02&%&7; !
!
).5.'8-$3(%&?N=83$.;&%%"('&15$-&%(4&?;!Q.!.$)!,/*)9!.$)*)!%&!5/!+%&.%5,.%/5!:(+)!-).8))5!
0(8!(5+!,/:'0%(5,)!6*40)&!(*)!+%&,4&&)+!(&!%3!')/'0)!8%00!,/:'02!8%.$!.$):7;!#$(5A&!:(%502!
./!.$)!&/,%/0/12!/3!0(89!')*%'$)*(0!0)1(0!.$/41$.!5/8!(,,)'.&!.$)!%+)(!/3!.$)!:(*1%5(0%.2!/3!
0(8!%5!&/,%).2;!K)1(0!,/::(5+&!(*)!*),/15%G)+!(&!:)+%(.)+!-2!'*%D(.)!3%)0+&!/3!%5,)5.%D)&!
(5+!D(04)&9!8%.$!D(*%/4&!/4.,/:)&!60%..0)!/*!5/!)33),.9!*)+4,)+!)33),.9!45%5.)5+)+!)33),.&9!
).,;7;! =5+).)*:%5(,2! /3! )33),.! ,*)(.)+! '*/-0):&! 3/*! 0)1(0! (5(02&%&! (5+9! -),(4&)! /3! .$)!
3*)B4)5.!+%&W45,.4*)!-).8))5!:/*(0!1/(0&!(5+!-)$(D%/*(0!/4.,/:)&9!3/*,)+!0)1(0!(5(02&%&!
%5! .$)! +%*),.%/5! /3! ,/5&)B4)5.%(0%&.! '/0%,2! (5(02&%&;! #*(5&%.%/5(0! 3/*:&! %5,04+)!
Fi
%:'0):)5.(.%/5!(5(02&%&9!8$%,$!(..):'.&!./!&'),%32!.$)!'*),%&)!%:'(,.!/3!0)1(0!'*/1*(:&; !
C4.! %:'0):)5.(.%/59! 0%A)! .$)! ,/*)! /3! $)1):/5%,! 0(89! *).(%5&! (! &.(.)J,)5.)*)+! D%)8! /3!
&/,%).2;! N)%5.)1*(.%/5! %5,04+)&! .$)/*%)&! /3! %5&.%.4.%/5(0! ,$/%,)9! 0%A)! .*(5&(,.%/5! ,/&.!
Fh
),/5/:%,&; ! 6?$/%,)&! 3/*! *)140(.%51! .*(5&(,.%/5&! %5,04+)! :(*A).&9! $%)*(*,$%)&9! .*4&.9! (5+9!
%5! ,)*.(%5! &'),%(0%G)+! &%.4(.%/5&9! ,/4*.&7;! C2! (! -*)(.$.(A%51! *),/5,)'.4(0%G(.%/59! 0)1(0!
'4*'/&)! %&! +)3%5)+! (&! ,$//&%51! (:/51! %5&.%.4.%/5&9! 0)1(0! (5+! 5/50)1(09! .$)*)-2! (55)@%51!
'*)D%/4&02! 5/50)1(0! .)**%./*29! (5+! *)0)1(.%51! .$)! '*)D%/4&02! 0)1(0! .)**%./*2! ./! :(*1%5(0!
&.(.4&! 6);1;9! +%&'4.)&! %5! ,/4*.! /D)*! %+%/&25,*(.%,! ,('%.(0! -).8))5! &.*(51)*&! /*! .$/&)!
.)*:%5(.%51!(!*)0(.%/5&$%'7;!
!

FH
!Od=]c!?QKQCNLP=9!Q!?cRRcT!KQM!UcN!#bL!QOL!cU!P#Q#d#LP!6FX[H7>!N%,$(*+!</&5)*9!=;&;,;81"(H-;.1J1.;&;$8-(UU(H-(;7.(
+%&@@188'(&-9($-(;7.(+8,1;188'9!iY!d! ?b=;! K;! NLI;![YY!6FX[^7>!a)**2!K;!R(&$(89!_</&%.%D)!#$)/*2!(5+!<4-0%,!K(8_!
6N/&)5.$(0!K),.4*)!+)0%D)*)+!(.!.$)!T/*.$8)&.)*5!d5%D)*&%.2!K(8!P,$//09!U)-*4(*29!FX[h79!/5!3%0)!8%.$!(4.$/*;!
F^
!CQN]Q?b!e!gQOQT9!@,J1&9!5/.)!FF;!
F`
!a(:)&!C/20)9!67.(C8%$;$3@(80(K.&@8-<(+1$;$3&%(4.5&%(67.81"(&-9(483&%(=83$&%(678,57;B!F^^!d;!<Q;!K;!NLI;!h[i!6FX[i7>!
O(*2!<)00)*9!67.(C8%$;$3@(80(K.38-@;1,3;$8-9!X[!bQNI;!K;!NLI;![h^!6FX[i7;!
Fi
!=5!(!&)5&)9!:2!/85!8/*A!/5!%:'0):)5.(.%/5!$(&!-))5!,/5,)*5)+!8%.$!&25.$)&%G%51!3%5+%51&!3*/:!.$)!&/,%/0/12!
/3! 0(8! (-/4.! '*%D(.)! &/,%(0! 3%)0+&! 8%.$! 3%5+%51&! 3*/:! %:'0):)5.(.%/5! (-/4.! 0/,(0! D(*%(-%0%.2! /3! %:'(,.;! =! $(D)!
%5.)1*(.)+!.$)!.8/!')*&'),.%D)&!%5!(!3*(:)8/*A!/3!'/0%.%,(0!(,.%/59!*)(,.%/59!(5+!&/,%(0!,/5&.*4,.%/5!(.!(00!&.(1)&!/3!
.$)!%:'0):)5.(.%/5!'*/,)&&E!M%00%(:!b;!?045)9!2(C8%$;$3&%(M89.%(80(H'J%.'.-;&;$8-(&-9(H'J%$3&;$8-@(80(;7.(M89.%(
081(C,E%$3(C8%$3"B(K.@.&137B(&-9(;7.(+7&-5$-5(K8%.@(80(4&?(&-9(4&?".1@9!hX!=cMQ!K;!NLI;!`\!6FX[^7>!M%00%(:!?045)!e!
R(*A!b;!I(5!<)0.9!2(C8%$;$3&%(M.;789(80(:F&%,&;$-5(;7.(:9,3&;$8-(081(2%%()&-9$3&JJ.9(+7$%91.-(23;(80(VWXY(&-9(;7.(
=.F.1&%(Z&J@(80(Z&J(2-&%"@$@9!`[!KQM!e!?cT#LR<;!<NcCP;!\!6FX[i7;!
Fh
!#$/:(&!R;!<(0(29!+8'J&1&;$F.(H-@;$;,;$8-&%(:38-8'$3@<(67.(Z8F.1-&-3.(80(K&$%(D1.$57;(+8-;1&3;$-59!F^!a;! KLOQK!
P#d];! Hhi! 6FX[`7>! T)%0! g/:)&(*9! 6&>$-5( H-@;$;,;$8-@( =.1$8,@%"<( H-;189,3;$8-( ;8( &( =;1&;.5"( 081( +8-@;$;,;$8-&%(
2-&%"@$@B! iF! d;! ?b=;! K;! NLI;! ^hh! 6FX[`7>! M%00%(:! b;! ?045)9! H-@;$;,;$8-&%( +78$3.( &@( &( 67.81.;$3&%( D1&'.?81>( 081(
K.@.&137(8-(:9,3&;$8-&%(C8%$3"9!X!L]d?Q#=cTQK!LIQKdQ#=cT!QT]!<cK=?l!QTQKlP=P!QT]!Q]R=T=P#NQ#=cT!FF\!6FX[\7;!
FXH!!! O ) * : ( 5 ! K ( 8 ! a / 4 * 5! ( 0 ! !!!!!!kI/0;!FH!T/;!YF

HHH*(2(=,''&1"<(67.(I"-&'$3@(80(+81.(&-9(C.1$J7.1"(
(
#$)! ,4:40(.%D)! )33),.! /3! (00! /3! .$)&)! +%:)5&%/5&! %&! (5! )5)*1).%,! +25(:%&:! -).8))5! .$)!
,/*)!(5+!')*%'$)*2!/3!0)1(0!.$/41$.;!c5)!)33),.!%&!%5.*/&'),.%/5!(5+!(!'*/D%5,%(0!:)5.(0%.29!
(&! 0)1(0! '*/3)&&%/5(0&! ,0%51! (5@%/4&02! ./! .$)! ,/*)! &2:-/0&! (5+! (,.%D%.%)&! /3! .$)%*! &'),%(0.29!
0)1(0!%5.)*'*).(.%/5!(5+!0%.%1(.%/59!)D)5!(.!.$)!,/&.!/3!1*(+4(0!/-&/0)&,)5,);!6#$)!*)(*14(*+!
(,.%/5!/3!.*%(0!0(82)*&!+)3)5+%51!.$)!,*4:-0%51!./*.!&2&.):!%&!(5!)@(:'0)9!(0/51!8%.$!.$)!
&/:)8$(.! &$/,A%51! %5+%33)*)5,)! /3! 0)1(0! '*/3)&&%/5(0&! ./! .$%5A%51! (-/4.! ,/:')5&(.%/5!
&2&.):&!%5!(!:/*)!&2&.):(.%,!8(2;!P))!5)@.!&),.%/57;!
!
C4.! )@(,.02! .$)! /''/&%.)! .*)5+! /,,4*&! (.! .$)! &(:)! .%:)9! (! ./**)5.! /3! 5/D)0! ')*&'),.%D)&9!
(,.%D%.%)&! (5+! %5&.%.4.%/5&9! ./! .$)! '/%5.! .$(.! .$)! +%&,/4*&)! /3! (! '*%D%0)1)+9! '*/1*)&&%D)! 0(8!
&,$//0! 3(,40.2! ,(5! -),/:)! )@.*):)02! $).)*/1)5)/4&9! (! &/*.! /3! d5%.)+! T(.%/5&! /3!
%5.)00),.4(0! .)**%./*2;! K)1(0! '*/3)&&%/5(0&! A5/8! 0/.&! (-/4.! D)*2! +%33)*)5.! A%5+&! /3!
%5&.%.4.%/5&! f! '/0%,)! +)'(*.:)5.&9! -4&%5)&&! ,/*'/*(.%/5&9! 3(:%0%)&9! &,$//0&9! (1*%,40.4*)9!
8/:)59! 54,0)(*! )5)*12! '*/+4,.%/59! (''/*.%/5:)5.! /3! &,(*,)! 8(.)*9! %5.)*5(.%/5(0! .(@!
.*)(.%)&9!0(8!%5!&/,%(0%&.!&/,%).%)&9!$)(0.$!,(*)!+)0%D)*2!&2&.):&9!)5.)*.(%5:)5.!(5+!&'/*.&!
,/5.*(,.&9! ,/5&4:)*! -42%51! $(-%.&9! #;I;! (+D)*.%&%51! 3/*! ,$%0+*)59! 0(-/*! 45%/5&9! %5,/:)!
:(%5.)5(5,)!3/*!.$)!'//*9!:)5.(0!$)(0.$!,(*)!3/*!$/:)0)&&!&,$%G/'$*)5%,&9!(5+!.$)!(&204:!
5))+&!/3!P(0D(+/*(5!*)341))&!68%.$/4.!)D)5!./4,$%51!.$)!+%D)*&)!.$)/*).%,(09!+%&,%'0%5(*29!
(5+!).$5/1*('$%,!8(2&!/3!)@')*%)5,%51!.$)&)!'$)5/:)5(7;!
!
K(8! %&! (! &:(00! 3/*.*)&&! 8$%,$! /33)*&! (! *)&.*%,.)+! (5+! (*.%3%,%(0! ')*&'),.%D)! /5! .$)! /4.&%+)!
8/*0+!.$*/41$!%.&!5(**/8!'/*.$/0)&!/3!0)1(0!:).$/+!(5+!0)1(0!'*/,)+4*)>!-4.!.$)!+//*&!./!
.$)! 3/*.*)&&! (*)! 8%+)! /')5>! (5+! .$)! 3/*.! %&! 3%00)+! 8%.$! +%33)*)5.! &.*(51)*&! )D)*2! +(2;! #$)!
+%,$/./:%G(.%/5! /3! 0(8! %&! .$4&! (! +25(:%,! '$)5/:)5/5! ,/5&%&.%51! /3! %58(*+! '*)&&4*)! /5!
.$)! 45%B4)02! 0)1(0! D%)8'/%5.! (5+! /4.8(*+! '*)&&4*)! 3*/:! .$)! %5.*4&%/5! /3! 3/*)%15!
')*&'),.%D)&;!#$)!./.(0!&)5&(.%/5!%&!-/.$!)5)*1).%,!(5+!45,/:3/*.(-0);!
(
(
HP*(2(='&%%(+&@.(=;,9"<(681;(4&?($-(61&-@$;$8-(
!
Q.! .$%&! '/%5.9! (! ,/5,*).)! )@(:'0)! /3! .$)! (-/D)! .*)5+&! '*/-(-02! 8/40+! -)! $)0'340;! #$)!
)@(:'0)! /3! ./*.! 0(8! %5! .*(5&%.%/5! *)30),.&! :(52! /3! .$)! .*)5+&! (5+! (0&/! '*/D%+)&! (5!
F\
%5.*/+4,.%/5!./!&/:)!/3!<(*.!C; !#$)!.*(5&%.%/5!%&!-/.$!./'/0/1%,(0!6:/D%51!3*/:!+%33)*)5.!
0/,(.%/5&!/5!(5!)@%&.%51!:('!/3!0)1(0!.$/41$.7!(5+9!=!.$%5A9!$%&./*%,(0!6(.!0)(&.!%5!.$)!-*/(+!
/4.0%5)&7;!
!

F\
! #$)! &./*2! =! (:! .)00%51! $)*)! %&! )&&)5.%(002! (5! (--*)D%(.)+! D)*&%/5! /3! P.)'$)5! P41(*:(59!I8$-5( 2?&"( ?$;7( 681;(
4&?9!\^!?QK;!K;!NLI;!iii!6FX[i79!(5+!,/5,04&%/5&!*)(,$)+!3*/:!:2!/85!.)(,$%51!/3!.$)!,0(&&%,!5/!3(40.!:(.)*%(0&!%5!
=5&4*(5,)!K(8;!P))!(0&/!bLTNl!P#L=TLN9!RcNQK!QNOdRLT#!QT]!Pc?=QK!I=P=cT!=T!#bL!?cdN#P!6FX[\7;!
HYFFZ!!!!!!!!!!!!!!!!!!!!!!! K)1(0!]%&%5.)1*(.%/5!(5+!(!#$)/*2!/3!.$)!P.(.)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! FX^!

#/*.!0(8!%&!'/*.*(2)+9!-/.$!%5!&,$/0(*&$%'!(5+!,(&)&9!(&!%5D/0D%51!(.!0)(&.!.$*))!*(.%/5(0)&!/*!
'4*'/&)&E!(5!(+W4&.:)5.!/3!:/*(0!*)&'/5&%-%0%.29!,/:')5&(.%/5!/3!D%,.%:&9!(5+!+).)**)5,)!
6(,,%+)5.!'*)D)5.%/57;!K)1(0!:).$/+/0/12!*)(&/5&!(-/4.!.$)&)!'4*'/&)&!/5!(!,(&)!-2!,(&)!
-(&%&!(5+!.*%)&!./!(,$%)D)!(5!(''*/'*%(.)!&)0),.%/5!/*!-(0(5,);!C4.!.$)!'*/1*(:!/3!*)(0%G%51!
(00!.$*))!'4*'/&)&!&%:40.(5)/4&02!%&!-),/:%51!%5,*)(&%5102!+%33%,40.!-),(4&)!/3!,$(51)&!%5!
.$)!&/,%(0!)5D%*/5:)5.!(5+!.$)!')*%'$)*2!/3!0(8;!Q&!(!*)&40.9!./*.!0(8!%.&)03!%&!45+)*!(..(,A!
(5+!%&!.$/41$.!-2!&/:)!(4.$/*%.%)&!450%A)02!./!&4*D%D)!(5/.$)*!,)5.4*2!/3!+)D)0/':)5.;!
!
U*/:!.$)!%5&%+)!/3!./*.!0(89!.$)!'*/-0):!%&!)@')*%)5,)+!(&!.$*))3/0+E!,/530%,.&!-).8))5!.$)!
'4*'/&)&9! %5)33%,%)5,2! %5! (,$%)D%51! .$)! '4*'/&)&9! (5+! (! 5))+! 3/*! ,//*+%5(.%/5! 8%.$! /.$)*!
&/,%(0! (5+! 0)1(0! %5&.%.4.%/5&! 6(5+! 5/5)! /3! .$)&)! '*/-0):&! ,(5! -)! &/0D)+! 8%.$%5! .$)!
,/5&.*(%5.&! /3! )@%&.%51! ,/*)! 0)1(0! :).$/+/0/127;! ?/:')5&(.%/5! (5+! +).)**)5,)! ,/:').)!
8%.$!)(,$!/.$)*;!?/:')5&(./*2!)33%,%)5,2!%&!(,$%)D)+!-2!-*/(+)5%51!,/D)*(1)9!+).)**)5,)!
-2! 5(**/8%51! %.;! P.*%,.! 0%(-%0%.2! -*/(+)5&! ,/:')5&(.%/5! -4.! %5.)*3)*)&! 8%.$! +).)**)5,)! -2!
6(.!0)(&.!/&.)5&%-027!)0%:%5(.%51!.$)!,*%.)*%/5!/3!3(40.;!
!
U4*.$)*:/*)9!)D)5!%3!,/:')5&(.%/5!(5+!+).)**)5,)!,/40+!-)!45,/4'0)+9!%5!./*.!0(8!.$)*)!
(*)!&.*%,.!,/5&.*(%5.&!/5!*)(0%G%51!)%.$)*!/3!.$)&)!'4*'/&)&;!?/:')5&(.%/5!%&!0%:%.)+!-2!.$)!
*)B4%*):)5.!/3!,(4&(.%/5!6(..*%-4.%/5!/3!*)&'/5&%-%0%.2!./!%+)5.%3%(-0)!+)3)5+(5.&7!(5+!.$)!
,/**)&'/5+%51! %:'/&&%-%0%.2! /3! &/,%(0! %5&4*(5,)! 6&'*)(+%51! .$)! ,/&.! %5! (! 3%&,(002! *(.%/5(0!
:(55)*! ./! (! -*/(+! -(&)! /3! .(@'(2)*&7;! ]).)**)5,)! %&! 0%:%.)+! -2! .$)! ,04:&%5)&&! /3! :/5)2!
W4+1:)5.&! (&! (! :).$/+! /3! &/,%(0! ,/5.*/0! /3! (,,%+)5.&;! I%)8)+! 3*/:! )%.$)*! ')*&'),.%D)!
6,/:')5&(.%/5! /*! +).)**)5,)79! 0%.%1(.%/5! ('')(*&! ./! -)! (! '*)'/&.)*/4&! (+:%5%&.*(.%D)!
:),$(5%&:;! Q5+! ./*.! 0(8! 3%5+&! %.! %5,*)(&%5102! (8A8(*+! ./! )%.$)*! *),/15%G)! /*! %15/*)!
*)0(.)+!&/,%(0!(5+!0)1(0!%5&.%.4.%/5&!8$%,$!(*)!+)&%15)+!./!(,$%)D)!.$)!'/0%,2!'4*'/&)&!%5!(!
:/*)!)33%,%)5.!:(55)*!6)&'),%(002!'*%D(.)!%5&4*(5,)9!-/.$!3%*&.!'(*.2!(5+!0%(-%0%.29!(5+!&/,%(0!
%5&4*(5,)9!0%A)!8/*A)*&j!,/:')5&(.%/57;!#$)!,/00(.)*(0!&/4*,)!*40)9!3/*!)@(:'0)9!0//A&!0%A)!
&/,%(002! 8(&.)340! +/4-0)! ,/:')5&(.%/5>! -4.! %.&! /''/&%.)! 6*)+4,%51! ./*.! W4+1:)5.&! -2! .$)!
(:/45.! /3! (0.)*5(.%D)! ,/:')5&(.%/57! ,(&.&! +/4-.! /5! .$)! 5))+! 3/*! ./*.! 0(8! %5! .$)! 3%*&.!
'0(,);! T/! 3(40.! '0(5&! -)1%5! ./! *)'0(,)! ./*.! %5! (! D(*%).2! /3! (*)(&! 6(4./:/-%0)9! 54,0)(*!
(,,%+)5.&9!).,;7>!(5+!(4.$/*%.%)&!*)')(.)+02!,(00!3/*!.$)!*)'0(,):)5.!/3!./*.!0(8!8%.$!(!:/*)!
,/:'*)$)5&%D)!'0(5!3/*!,/:')5&(.%/5!(5+!+).)**)5,);!
!
b/8!&$(00!8)!)@'0(%5!.$%&!'(..)*5!/3!./*.!0(8!%5!.*(5&%.%/5n!U*/:!.$)!%5&%+)9!.$)!3(.)340!&.)'!
('')(*&! ./! -)! .$)! *),/15%.%/5! /3! ,/5&)B4)5.%(0%&.! &/,%(0! '/0%,2! '4*'/&)&! 6,/:')5&(.%/5!
(5+!+).)**)5,)7;!c5,)!./*.!0(8!0)3.!%.&!45+%&'4.)+!$%1$!1*/45+!/3!.$)!(+W4&.:)5.!/3!:/*(0!
*)&'/5&%-%0%.29! (! 345+(:)5.(0! ,*%.%B4)! /5! 1*/45+&! /3! '/0%,2! %5)33%,%)5,2! -),(:)! (00! -4.!
%5)D%.(-0);! U*/:! .$)! /4.&%+)9! ')*$('&! )@'0(%5%51! .$)! (+/'.%/5! /3! ,/5&)B4)5.%(0%&.! 1/(0&9!
.$)! &./*2! 0//A&! ./! -)! /5)! /3! %5,*)(&%51! &/,%(0! ,/:'0)@%.2! (5+! +):(5+&! 3/*! %:'*/D)+!
')*3/*:(5,);!=5!(5!%5+4&.*%(0!&/,%).29!./*.!0(8!3/45+!%.&)03!*)B4%*)+!./!'*/,)&&!:%00%/5&!/3!
.*(5&(,.%/5&9!%5!(!&)..%51!8%.$!1%1(5.%,!*)B4%*):)5.&!/3!,/:')5&(.%/59!(5+!&)5&%.%D)!%&&4)!
/3!45+)*J!(5+!/D)*J!+).)**)5,)!6,/5&%+)*!&8%5)!304!(&!(5!)@(:'0)!/3!/D)*+).)**)5,)!-(&)+!
FX`!!! O ) * : ( 5 ! K ( 8 ! a / 4 * 5! ( 0 ! !!!!!!kI/0;!FH!T/;!YF

/5! .$)! %5(-%0%.2! /3! .$)! ./*.! &2&.):! ./! .(@! .$)! -)5)3%,%(*%)&! /3! D(,,%5(.%/5>! .$)! '*/-0):! /3!
(..*%-4.%51!,(4&(.%/5>!(5+9!'/&&%-029!&/,%(002!45*)(0%&.%,!+(:(1)&7;!
!
R)(58$%0)9!.$(.!&(:)!&/,%(0!,/:'0)@%.2!'*/D/A)+!(5!(**(2!/3!:/*)!(+)B4(.)!&/,%(0!'/0%,2!
%5&.*4:)5.&9! %5,04+%51! &/,%(0! (5+! '*%D(.)! %5&4*(5,);! #$)! D)5)*(-0)! %5&.%.4.%/5! /3! ./*.! 0(8!
3/45+! %.&)03! &4**/45+)+! -2! (! *(51)! /3! -*/(+)*9! :/*)! )33%,%)5.9! :/*)! .$/*/41$02! '0(55)+!
(5+! *(.%/5(0%G)+! '/0%,2! %5&.*4:)5.&! +%*),.)+! (.! .$)! &(:)! &).! /3! '*/-0):&;! Q! *)&'),.(-0)!
(*14:)5.! ,(5! -)! :(+)! 3/*! .$)! ,/5.%54%51! D%.(0%.2! /3! (! -)..)*! +)3%5)+! ./*.! 0(8! %5! .$%&!
F[
:/+)*5! )5D%*/5:)5.; ! C4.! .$)! :(%5! *)(&/5! 3/*! %.&! &4*D%D(0! &)):&! ./! -)! (! '*/3)&&%/5(002!
/*%)5.)+!6(5+!5/.!'(*.%,40(*02!(+('.%D)7!+)3)5&)!/3!.$)!&.(.4&!B4/;!
!
Q5.%,%'(.%51!<(*.!C9!(5+!3/00/8%51!.$)!'*)&&4*)&!/3!&/,%(0!,/:'0)@%.2!34*.$)*!%5!.$)!+%*),.%/5!
/3!0)1(0!*)%5.)1*(.%/59!8)!,(5!&))!.$(.!.$)!'(.,$8/*A!/3!&/,%(0!'/0%,%)&!1*(+4(002!*)'0(,%51!
.$)!./*.!&2&.):!%&!%.&)03!-),/:%51!/-&/0).);!O('&9!/D)*0('&!(5+!%5)B4%.%)&!/3!,/:')5&(.%/5!
(*)! .$)! %5)D%.(-0)! *)&40.! /3! &.(.4./*2! (5+! '*%D(.)! &2&.):&! 8%.$! 0%:%.)+! ,/D)*(1)>! (5+! .$)!
*)&40.%51! &/,%(0! (5+! ),/5/:%,! 8(&.)! &)):&! 0)&&! (33/*+(-0);! <*)D)5.%/5! /3! (,,%+)5.&!
*)B4%*)&! :/*)! &)5&%.%D)! (+W4&.:)5.&9! &/:)! %5D/0D%51! .$)! (,.%D)! '(*.%,%'(.%/5! (5+!
,//')*(.%/5! /3! '/.)5.%(0! 8*/51+/)*&! 6);1;9! )5.)*'*%&)! 0%(-%0%.27;! P)03! %5.)*)&.)+9! &'),%(0!
%5.)*)&.!'/0%.%,&!%&!(!&)*%/4&!/-&.(,0)!./!5),)&&(*2!0)1%&0(.%/5!/5!-/.$!3*/5.&!6);1;9!'*%D%0)1)+!
'/&%.%/5&! %5! ,/:3/*.(-0)! ,/:')5&(.%/5! &,$):)&9! %::45%.2! 3*/:! ,/&.02! (,,%+)5.!
'*)D)5.%/57;!
!
!
76)-$($.#'+",#$/.)$.)*'+,&)12/9+2#),.0)#2')12'/"3)/4)#2')5#,#')
)
=5! .$%&! '(*.! /3! .$)! '(')*9! =! 8(5.! ./! .)00! .$)! &(:)! &./*2! (&! <(*.! Q! f! ,/*)9! ')*%'$)*29!
*)%5.)1*(.%/5! f! 3*/:! /4.&%+)! .$)! ,/53%5)&! /3! 0)1(0! .$/41$.! %5! .$)! *)(0:! /3! &/,%(0! .$/41$.!
,(00)+! '/0%.%,(0! ),/5/:2;! K)1(0! .$/41$.! (5+! '/0%.%,(0! ),/5/:2! &)):! 5/.! W4&.! &%:%0(*! -4.!
.%1$.02! *)0(.)+! '(*.&! /3! .$)! &(:)! ,/5&.*4,.%/59! /5)! ):-)++)+! %5! .$)! /.$)*;! P%:%0(*%.2! /3!
&.*4,.4*)&! %&! 5/.! .$)! /502! *)(&/5! 3/*! -)0%)D%51! .$(.! .$)! .8/! (*)(&! /3! .$/41$.! (*)! *)0(.)+;!
#$)*)!(*)!(0&/!:40.%'0)!'/%5.&!/3!&4-&.(5.%D)!,/5D)*1)5,)9!8$)*)!.$)!.8/!(*)(&!/3!.$/41$.!
&)):! ./! -)! &(2%51! .$)! &(:)! .$%51! 3/*! .$)! &(:)! *)(&/5;! Q&! &$/85! -)0/89! 0)1(0! .$/41$.!
+)(0&! (0:/&.! )@,04&%D)02! 8%.$! ),/5/:%,! *)0(.%/5&$%'&! (5+! 4&)&! .$)! &(:)! %+)/0/1%,(0!
,/5&.*4,.&!./!%5.)*'*).!(5+!&$(')!.$):!60%-)*.(*%(5%&:9!:(*A).!3(%04*)9!).,;7;!
!
T/.8%.$&.(5+%51!.$%&!,/5D)*1)5,)9!=!+/!5/.!(08(2&!.)00!.$)!&./*2!%5!(!8(2!.$(.!')*:%.&!'/%5.!
-2! '/%5.! 0/1%,(0! ,/**)&'/5+)5,);! U/*! )@(:'0)9! =! +/! 5/.! &$/8! $/8! )(,$! &'),%3%,! A%5+! /3!
*)%5.)1*(.%/5! %5! 0)1(0! .$/41$.! ,/**)&'/5+&! ./! (! &'),%3%,! '/%5.! /5! .$)! :('! /3! '/0%.%,(0!
),/5/:2;! =5&.)(+! =! .*2! ./! )&.(-0%&$! (! '(*(00)0! &).! /3! &.*4,.4*)&9! +%&,/5.%54%.%)&! (5+!
%+)/0/1%,(0! :/D):)5.&;! #$/41$! 5/.! &.*%,.02! 0%.)*(09! =! -)0%)D)! .$(.! .$)! ,/:'(*%&/5!

F[
!P))!$-01&9!5/.)!^^;!
HYFFZ!!!!!!!!!!!!!!!!!!!!!!! K)1(0!]%&%5.)1*(.%/5!(5+!(!#$)/*2!/3!.$)!P.(.)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! FXi!

%004:%5(.)&9! )5*%,$)&! (5+! B4%,A)5&! /4*! 45+)*&.(5+%51! /3! 0)1(0! .$/41$.;! K%3)0)&&! (*)(&! /3!
0)1(0! .$/41$.! -),/:)! 0%D)02! (5+! :)(5%51340! 8$)5! '0(,)+! %5! .$)! ,/5.)@.! /3! '/0%.%,(0!
),/5/:2;!
!
#$)!-%'/0(*!&.*4,.4*)!%5!'/0%.%,(0!),/5/:2!8$%,$!,/**)&'/5+&!./!.$)!,/*)!(5+!')*%'$)*2!/3!
0)1(0! .$/41$.! %&! (! ,/*)! /3! ),/5/:%,! 0%-)*.2! (5+! (! ')*%'$)*2! /3! &/,%(0! ,/:'0)@%.2! 8$%,$! =!
FX
:(%5.(%5!%&!%5.*%5&%,!./!(!,('%.(0%&.%,!/*1(5%G(.%/5!/3!.$)!),/5/:2; !#$)!5)@.!&),.%/5!/3!.$)!
'(')*!6C;=7!+)&,*%-)&!.$(.!(''*/(,$!./9!/*!.$)/*2!/39!'/0%.%,(0!),/5/:29!.$)*)-2!0(2%51!.$)!
3/45+(.%/5! 3/*! &4-&)B4)5.! &),.%/5&! /5! .$)! &.*4,.4*)! /3! 0(8;! P),.%/5! C;==! +)&,*%-)&! .$)!
,/**)&'/5+%51! -%'/0(*! &.*4,.4*)! /3! 0(89! %5,04+%51! .)5+)5,%)&! ./8(*+! *)%5.)1*(.%/5! %5! .$)!
')*%'$)*(0! (&'),.&! /3! '/0%.%,(0! ),/5/:2! ):'$(&%G%51! &/,%(0! ,//')*(.%/5;! P),.%/5! C;===!
+%&,4&&)&!,/5.*(+%,.%/5&!6.)5&%/5&7!-).8))5!,/*)!(5+!')*%'$)*2!8$%,$!34*.$)*!)@'0(%5!.$)!
&)5&)!/3!+%&,/5.%54%.2!%5!0(8!(5+!.$)!+%33%,40.2!/3!*)(0%G%51!.$)!'*/W),.!/3!&/,%(0!,//')*(.%/5!
(5+!0)1(0!*)%5.)1*(.%/5;!
!
!

FX
! R2! .$)/*).%,(0! &.(5,)! %5! .$%&! '(')*! %&! (5! 454&4(0! -0)5+! /3! &)D)*(0! +%33)*)5.! .*(+%.%/5&;! M%.$! :(*@%&.&9! =! &))!
345+(:)5.(0! ,/5.*(+%,.%/5&! %5! ,('%.(0%&:>! -4.9! 8%.$! ?KP9! 5/! :(.)*%(0%&:9! +).)*:%5%&:9! ,0(&&! 8(*3(*)! /*!
%5&.*4:)5.(0!.$)/*2!/3!.$)!&.(.)>!(5+9!0%A)!:(%5&.*)(:!,*%.%,&!/3!,('%.(0%&:9!=!&))!&.*/51!0%-)*(.%51!.*)5+&!%5!-/.$!
:(W/*! '*/W),.&! /3! ,('%.(0%&:! 6(&! +)&,*%-)+! %5! <(*.! C7;! P.*/5102! %5304)5,)+! -2! .$)! &/,%/0/12! /3! 0(89! =! *)W),.! .$(.!
&,$//0j&!+%&):-/+%)+!'/0%,2J%5&.*4:)5.(0%&:;!=!(0&/!'4.!&/,%/0/12!/3!0(8!%5&%+)!0)1(0!.$/41$.9!*(.$)*!.$(5!/4.&%+)9!
8$)*)!%.!')*,)%D)&!%.&)03;!=!3/00/8!.$)!5)/JM)-)*%(5&!%5!.$)!%+)(&!/3!*):(.)*%(0%G(.%/5!(5+!&/,%(0!,/:'0)@%.29!-4.!=!
*)W),.!.$)!)D/04.%/5%&.!.$):)!%5!3(D/*!/3!3*(1:)5.(.%/5!(5+!,/5.*(+%,.%/5;!U%5(0029!.$%&!'(')*!%&!&.*/5102!%5304)5,)+!
-2! .$)! .$)/*2! /3! (4./'/%)&%&9! (! .$)/*2! /3! &)03J/*1(5%G%51! 0%D%51! &2&.):&9! %5,04+%51! ,/::45%,(.%/5;! Q4./'/%)&%&!
-),/:)&! .$)! D)$%,0)! 3/*! -*%+1%51! .$)! 1('! -).8))5! .$/41$.! (5+! (,.%/5;! b/8)D)*9! 450%A)! '*/'/5)5.&! /3! &.*%,.02!
,0/&)+!(4./'/%).%,!&2&.):&9!=!&))!:%@)+!(5+!3*(1:)5.)+!&2&.):&!8%.$!'*/.),.)+!,/*)&9!/')5!')*%'$)*%)&9!(5+!0/.&!
/3!%5.)*5(0!,/5.*(+%,.%/5&!,('(-0)!/3!+),/5&.*4,.%/5;!Q5!%004&.*(.%D)!&).!/3!*)3)*)5,)&!,/**)&'/5+%51!./!.$)!(-/D)!
%5304)5,)&!%&E!aQRLP!cj?cTTcN9!#bL!U=P?QK!?N=P=P!cU!#bL!P#Q#L!6FX[^7>!?KQdP!cUUL9!]=PcNOQT=oL]!?Q<=#QK=PR!6FX[i7>!?KQdP!
cUUL9! ?cT#NQ]=?#=cTP! =T! #bL! MLKUQNL! P#Q#L! 6FX[i7>! N/-)*.! M;! O/*+/59! +1$;$3&%( 4.5&%( )$@;81$.@B( ^h! P#QT;! K;! NLI;! i\!
6FX[`7>!O;!L+8(*+!M$%.)9!D18'(K.&%$@'(;8(+1$;$3&%(4.5&%(=;,9$.@<(2(61,-3&;.9(H-;.%%.3;,&%()$@;81"9!`Y!Pcd#bMLP#LNT!
K;a;! [FX! 6FX[h7>! R=?bQLK! <=cNL! e! ?bQNKLP! PQCLK9! #bL! PL?cT]! =T]dP#N=QK! ]=I=]L9! <cPP=C=K=#=LP! UcN! <NcP<LN=#l! 6FX[`7>!
T=gKQP! KdbRQTT9! #bL! ]=UULNLT#=Q#=cT! cU! Pc?=L#l! 6FX[H7>! O45.$)*! #)4-5)*9! =,E@;&-;$F.( &-9( K.0%.L$F.( :%.'.-;@( $-(
M89.1-(4&?B!F\!KQM! e! Pc?=L#l! NLI;!H^X!6FX[^7>!O45.$)*!#)4-5)*9!2,;8J8$.@$@($-(4&?(&-9(=83$.;"<(2(K.G8$-9.1(;8(
!%&->.-E,159! FX! KQM! e! Pc?=L#l! NLI;! HXF! 6FX[`7;! =5! 5(**(.%D)! 3/*:9! :2! (''*/(,$! 1/)&! &/:).$%51! 0%A)! .$%&;! P.(*.!
8%.$!.$)!'*/'/&%.%/5!.$(.!&/,%(0!&.*4,.4*)9!(00!&/,%(0!&.*4,.4*)9!%&!:)(5%51!JJ!*/4.%5%G)+!')*,)'.%/5!(5+!&2&.):&!/3!
&2:-/0%,! %5.)*(,.%/5;! P2&.):&! (*)! &/:)8$(.! (4./5/:/4&9! '/&&)&&%51! .$)%*! /85! 0/1%,! (5+! ,40.4*(0! ,/+)&! 8$%,$!
*)&%&.! )@/1)5/4&! +%&,/4*&);! P2&.):&! %5! .$%&! &)5&)! %5,04+)! 3(:%0%)&9! /*1(5%G(.%/5&9! %5&.%.4.%/5&9! .$)! ),/5/:2! 6(!
&2&.):! /3! &2:-/0%,! ,/+)&! -(&)+! /5! '*%,)79! 3(&$%/59! 0(8;! C4.! &2&.):&! (0&/! (*)! 0%5A)+! (5+! ,/55),.)+9! &$(*%51!
,)*.(%5! ,/::/5! &/,%(0! ,/5&.*4,.&;! =.! %&! (! 3(,.! .$(.! ')/'0)! ,(5! &.(5+! -/.$! %5&%+)! (5+! /4.&%+)! &2&.):&!JJ! 3))0! .$)!
)&.$).%,&! /3! 3(&$%/5! (&! 8)00! (&! (5(02G)!%.>! *)(&/5!0)1(002!(&!8)00!(&!+),/5&.*4,.! .$(.! *)(&/5%51;! Q5+!')*$('&!.$)!
,('(,%.2! ./! &.(5+! %5&%+)! (5+! /4.&%+)! &2&.):&9! (! &2&.):! /3! +),/+%51! &2&.):&9! %&! %.&)03! (! '*/+4,.! /3! &/,%(0!
,/:'0)@%.29! (*%&%51! 5(.4*(002! 3*/:! .$)! )5,/45.)*! 8%.$! :40.%'0)! &2&.):&! /3! :)(5%51;! P))! #$/:(&! ?;! b)00)*9!
P.*4,.4*(0%&:! (5+! ?*%.%B4)9! ^h! P#QT;! K;! NLI;! FH\9! F`\JiF9! Fh^J\H9! F[\JX\! 6FX[`7;! #$%&! +/)&! 5/.! :)(5! .$(.! 0(8! %&!
_.$)! %5&.*4:)5._! /3! ,('%.(0%&:;! K(8! %&! (! '(*.! /3! ,('%.(0%&:>! (5+! ,('%.(0%&:! %&! ,/5&.%.4.)+! -2! 0(8! (&! :4,$! (&! %.&!
/.$)*!,/5&.%.4.%D)!&2&.):&;!#$)*)!%&!5/!'4*)9!+)5(.4*)+!,('%.(0%&:!/*,$)&.*(.%51!.$)!,40.4*(0!&2&.):&!3*/:!&/:)!
$%++)5!,)5.*(0!0/,(.%/5;!Q5+9!.$/41$!/4*!,40.4*)!:(2!-)!'*)/,,4'%)+!8%.$!:(.)*%(0!.$%51&9!.$)*)!%&!5/!:(.)*%(0!
,(4&(.%/5!6)D)*2.$%51!%&!&2:-/0%,9!)D)5!&2:-/0&!(-/4.!.$%51&7;!
FXh!!! O ) * : ( 5 ! K ( 8 ! a / 4 * 5! ( 0 ! !!!!!!kI/0;!FH!T/;!YF

H*(67.(6?8(C18G.3;@(80(+&J$;&%$@'<(:38-8'$3(4$E.1;"(&-9(=83$&%(H-;.19.J.-9.-3.(
(
?('%.(0%&:!:(2!-)!.$/41$.!/3!(&!%5D/0D%51!.8/!1*(5+!'*/W),.&9!-/.$!%5.*%5&%,!./!%.&!)@%&.)5,)!
(&! 3/*:! /3! &/,%(0! /*1(5%G(.%/5E! ),/5/:%,! 0%-)*.2! (5+! &/,%(0! %5.)*+)')5+)5,);! L,/5/:%,!
0%-)*.2!%&!)@.*):)02!3(:%0%(*!-),(4&)!%.!,/**)&'/5+&!./!.$)!.$)/*2!/3!,0(&&%,(0!0%-)*(0%&:!(5+!
%&!.$)!'*%:(*2!3)(.4*)!/3!,/5.):'/*(*2!'/0%.%,(0!%+)/0/12!(-/4.!,('%.(0%&:;!U/*!.$)!0)1(002!
.*(%5)+9!),/5/:%,!0%-)*.2!,/**)&'/5+&!./!.$)!:(*A).!3(,%0%.(.%51!&.*4,.4*)!/3!.$)!3%*&.!2)(*!
,4**%,404:9!-(&)+9!(&!%.!%&9!%5!:/+)0&!/3!,0(&&%,(0!0%-)*(0%&:!6'*/')*.29!./*.9!,/5.*(,.9!%5!.$)%*!
45(+40.)*(.)+!3/*:9!,*%:%5(0!0(8!(&!(!'*/.),.%/5!/3!'*/')*.2>!,/5&.%.4.%/5(0!0(8!(&!(!:4&$2!
)@,)'.%/57;! L,/5/:%,! 0%-)*.2! %&! %5.*%5&%,! ./! ,('%.(0%&:! -),(4&)! ,('%.(0%&:! %5D/0D)&!
+)0)1(.%/5! /3! (4.$/*%.2! ./! '*/')*.2! /85)*&! 8$/! (*)! )5.%.0)+! ./! :(A)! +),%&%/5&! (-/4.!
),/5/:%,!(5+!&/,%(0!'/0%,2!(5+!*).(%5!'*/3%.&;!
!
C4.!,('%.(0%&:!(0&/!%5D/0D)&!(5!%5.*%5&%,!'*/W),.!/3!&/,%(0!%5.)*+)')5+)5,)!(5+!,/:'0)@%.2!
):)*1%51! 3*/:! .$)! ,//')*(.%D)! -2J! '*/+4,.&! /3! :(*A).! .*(5&(,.%/5&! (5+! ,/5,)*.)+!
,/00),.%D)! '/0%.%,(0! (,.%D%.2;! R(*A).&! '*/+4,)! 5).8/*A&! /3! '*/+4,.%/59! ,/5&4:'.%/59! .*(+)!
(5+!%5.)*0/,A%51!%55/D(.%/5&;!?/00),.%D)!'/0%.%,(0!(,.%D%.2!'*/+4,)&!,/:'0)@!/*1(5%G(.%/5&!/3!
'*/+4,.%/5! (5+! :(*A).%51! (&! 8)00! (&! ),/5/:%,! (5+! &/,%(0! '0(55%519! -/.$! 0)1(0! (5+! 5/5J
0)1(0;! 6#$%5A! /3! .$)! +)&%15! /3! .$)! :(&&! '*/+4,.%/5! ),/5/:29! %5D/0D%51! (! ,$(*(,.)*%&.%,!
/*1(5%G(.%/5!/3!.$)!8/*A'0(,)9!(!:/+)0!/3!:(5(1):)5.J0(-/*!*)0(.%/5&9!,/:'0)@!,/5.*/0&!
HY
/D)*!:(&&!:(*A).&9!+)&%15!/3!8)03(*)!'*/1*(:&!./!:(%5.(%5!+):(5+; !c5!(!10/-(0!&,(0)9!
.$%5A!/3!.$)!=5.)*5(.%/5(0!R/5).(*2!U45+9!%.&!,0%)5.&9!,/5&.%.4)5.&9!(5+!:(,$%5(.%/5&;7!
=5! (! 1)5)*(0! &)5&)9! .$)! '*/W),.! /3! ,/:'0)@%.2! (5+! %5.)*+)')5+)5,)! &)):&! ./! %5D/0D)! .8/!
:4.4(002!*)%53/*,%51!.)5+)5,%)&E!6F7!#$)!%5,*)(&)+!+)5&%.2!/3!&/,%(0!0%3)!6.$)!)5+!/3!):'.2!
&'(,)&!(5+!.$)!%5,*)(&%51!+)D)0/':)5.!/3!$4:(5!(5+!5(.4*(0!*)&/4*,)&7;!#/!:(A)!&/,%).2!
:/*)! '*/+4,.%D)9! ,('%.(0%&:! $(&! *)0)5.0)&&02! -4%0.! %554:)*(-0)! (D)54)&! /3! ,//*+%5(.%/5!
(5+! ,/::45%,(.%/5;! 6H7! P/'$%&.%,(.)+! %53/*:(.%/5! (-/4.! %5.)*+)')5+)5,%)&;! #$)! &(:)!
.),$5/0/12! 8$%,$! %&! 5))+)+! ./! ,*)(.)! :/*)! '*/+4,.%/5! (0&/! +):/5&.*(.)&! .$)!

HY
!P))!bdOb!bL?Kc9!Rc]LNT!Pc?=QK!<cK=#=?P!=T!CN=#Q=T!QT]!PML]LT!FJH!6FX\`7E!<)*$('&!.$)!:/&.!345+(:)5.(0!,$(51)!
.$(.!%&!.(A)5!3/*!1*(5.)+!%&!.$)!1*/8.$!/3!:/+)*5!&/,%(0!'/0%,2;!c,,4**%51!8%.$%5!.$)!&'(5!/3!.$*))!/*!3/4*!$4:(5!
1)5)*(.%/5&9!%.!)5.(%0&!(!.*(5&3/*:(.%/5!.$(.!8*%.)*&!/3!.$)!FX^Yj&!(5+!j`Yj&!8)*)!(,,4&./:)+!./!,(00!_(!5)8!'$(&)!
%5!:(5j&!$%&./*2_;!Q0:/&.!.$)!/502!.%:)!/4*!1*)(.!1*(5+3(.$)*!,(:)!%5!+%*),.!,/5.(,.!8%.$!.$)!&.(.)!8(&!8$)5!$)!
'/&.)+! (! 0)..)*! /*! )5,/45.)*)+! (! '/0%,):(5! ;;;! #/+(29! %5! :/&.! %5+4&.*%(0%G)+! 5(.%/5&9! .$)! ,%.%G)5! 3%5+&! :4,$! /3!
8$(.! $)! )(*5&! +%&'/&)+! /3! -2! .$)! &.(.);! Q! 1*)(.! +)(0! /3! .$%&! :/5)2! 1/)&! ./! '*/D%+)! 3/*! $%&! 34.4*)! -)3/*)! (52!
B4)&.%/5!(*%&)&!/3!$%&!')*&/5(0!%5(-%0%.2!./!$)0'!$%:&)03;!=3!$)!%&!%00!/*!-),/:)&!%5W4*)+9!%3!$)!1*/8&!/0+!/*!%&!45(-0)!
./! 3%5+! (! W/-9! %3! $%&! :(.)! -)(*&! ,$%0+*)5! /*! +%)&9! %3! $)! &))A&! $/4&%51! /*! )+4,(.%/59! &/:)! )@'0%,%.! /*! %:'0%,%.!
%5D/0D):)5.! 8%.$! (! &.(.)! &/,%(0! '/0%,2! %&! (0:/&.! 45(D/%+(-0)! ;;;! M$%0)! .$)! *(.)! /3! ./.(0! 1/D)*5:)5.! &')5+%51! %5!
%5+4&.*%(0%G)+!5(.%/5&!$(&!1*/85!')*$('&![Y!./!XY!.%:)&!%5!*)(0!.)*:&!+4*%51!.$%&!')*%/+9!.$)!*(.)!/3!&')5+%51!/5!
&/,%(0! '/0%,2! $(&! '*/-(-02! :4&$*//:)+! -2! iYYY! ./! hYYY! .%:)&! ;;;! M$)5! &4,$! ,$(51)&! %5! &/,%(0! '*/D%&%/5! -2!
1/D)*5:)5.!(*)!%+)5.%3%)+9!.$)2!$(D)!4&4(002!(,B4%*)+!.$)!,/00),.%D)!0(-)0!8)03(*)!&.(.)!;;;!=5!.$%&!&.4+29!=!'*)3)*!./!
4&)!.$)!.)*:!&/,%(0!'/0%,2!./!+)&%15(.)!&.(.)!%5.)*D)5.%/5&!+)&%15)+!./!(33),.!.$)!3*))!'0(2!/3!:(*A).!3/*,)&!%5!.$)!
%5.)*)&.&!/3!,%.%G)5&p!8)03(*);!6L:'$(&%&!%5!/*%1%5(07;!P))!(0&/!R=?bQLK! <=cNL! e! ?bQNKLP! PQCLK9! #bL! PL?cT]! =T]dP#N=QK!
]=I=]L9! <cPP=C=K=#=LP!UcN! <NcP<LN=#l!6FX[`7>!aQTL! aQ?cCP9! ?=#=LP!QT]!#bL! MLQK#b!cU! TQ#=cTP9! <N=T?=<KLP!cU! L?cTcR=?! K=UL!
6FX[`7>!QKUNL]!];!?bQT]KLN!aN;9!#bL!I=P=CKL!bQT]E!#bL!RQTQOLN=QK!NLIcKd#=cT!=T!QRLN=?QT!CdP=TLPP!6FX\\7;!
HYFFZ!!!!!!!!!!!!!!!!!!!!!!! K)1(0!]%&%5.)1*(.%/5!(5+!(!#$)/*2!/3!.$)!P.(.)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! FX\!

%5.)*+)')5+)5,%)&!%5!8(2&!.$(.!(*)!:/*)!+%33%,40.!./!/-&,4*)!'/0%.%,(002;!#$%5A!/3!.$)!*/0)!/3!
%53/*:(.%/5!%5!+)-(.)&!(-/4.!(,%+!*(%59!54,0)(*!8(*!(5+!.)&.&9!(5+!./-(,,/!&:/A%51;!M$%0)!
.$)&)! )@(:'0)&! (00! ,/:)! 3*/:! A5/80)+1)! '*/+4,)+! -2! '$2&%,(0! &,%)5,)&9! :/+)0&! /3!
%5.)*+)')5+)5,)! (0&/! $(D)! 1*)(.! %5304)5,)! %5! .$)! &/,%(0! &,%)5,)&;! ?/5&%+)*! ),/5/:%,!
3/*),(&.&9! )&.%:(.%51! .$)! &/,%(0! ,/&.&! /3! ,$%0+$//+! 5)10),.9! 3(:%02! .$)*('29! (5+! .$)!
):'$(&%&!/3!3):%5%&:!/5!&/,%(0!5).8/*A&!(5+!&4''/*.;!
!
C),(4&)! /3! %5,*)(&)+! &/,%(0! ,/:'0)@%.2! (5+! %5.)*+)')5+)5,)9! (,.%/5&! %5! /5)! &'$)*)! /3!
(,.%D%.2! &)):! ./! '*/+4,)! (0:/&.! %::)+%(.)9! /-&)*D(-0)! )33),.&! %5! &)D)*(0! /.$)*! (*)(&;!
R(543(,.4*%51!,*)(.)&!(,%+!*(%5!8$%,$!$(*:&!.$)!./4*%&.!.*(+)!%5!/.$)*!'(*.&!/3!.$)!&.(.)9!
/.$)*!&.(.)&9!/*!/.$)*!,/45.*%)&;!#$)!),/5/:%,!8)03(*)!/3!.$%*+!8/*0+!,/45.*%)&!(33),.&!.$)!
),/5/:%,! 8)03(*)! /3! .$)! (+D(5,)+! ),/5/:%)&;! M(*! )@)*,%&)&! %5! L0! P(0D(+/*! '*/+4,)!
P'(5%&$! &')(A%51! *)341))&! %5! #)@(&;! N)5.! ,/5.*/0&! (33),.! $/4&%51! &4''02;! #),$5/0/12!
+)D)0/'&!(5+!%&!+%&&):%5(.)+!B4%,A02;!!
!
!
HH*(H'J&3;(80(;7.(6?8(C18G.3;@(8-(4&?<(=.J&1&;.(:00.3;@(
(
b)*)9! =! 8(5.! ./! +%&,4&&! .$)! &)'(*(.)! %:'(,.&! /5! 0(8! /3! .$)! .8/! '*/W),.&! /3! ,('%.(0%&:! /5!
0(8! 6.$)! -(&%,! &.*4,.4*)! /3! ,/*)! (5+! ')*%'$)*27;! #$)! )33),.! /3! ,/5.*(+%,.%/5&! 8%00! -)!
,/5&%+)*)+!%5!.$)!5)@.!&),.%/5;!
!
!
V*(67.(+81.(80(:38-8'$3(4$E.1;"(
!
#$)!%:'(,.!/3!),/5/:%,!0%-)*.2!/5!0(8!%&!),/5/:%,!+25(:%&:!(5+!$)1):/52;!C),(4&)!.$)!
0(8! $(&! +)0)1(.)+! &/! :4,$! '/8)*! ./! ),/5/:%,! (,./*&9! .$)! 0(8! (0&/! :4&.! ,/')! 8%.$! .$)!
,/5&)B4)5,)&9!8$%,$!(*)!'*/3/45+9!8%+)&'*)(+9!*('%+9!(5+!,/5&.(5.02!,$(51%51;!
!
#$)!3%*&.!,/5&)B4)5,)!/3!),/5/:%,!+25(:%&:!(5+!$)1):/52!6+/:%5(5,)!%5!&/,%(0!0%3)7!%&!
&%:'02! .$)! &4-&.(5,)! /*! ,/5.)5.! /3! 0(8;! R/&.! /3! /4*! 0(8! %&! '/0%.%,(0! ),/5/:29! (! D(&.!
5).8/*A!/3!'*/D%&%/5&!3/*!3(,%0%.(.%51!:(*A).!.*(5&(,.%/5&9!&)..0%51!+%&'4.)&9!(5+!'*)D)5.%51!
$(*:340! ,/5&)B4)5,)&;! K)1(0! $4:(5%&.&9! 0%A)! :2&)039! )D)5.4(002! )@')*%)5,)! (! *)D)0(.%/5!
(-/4.! .$)! +/:%5(5,)! /3! -4&%5)&&! (5+! ),/5/:%,&! %5! .$)! 0(8;! <*(,.%,(002! .$)! )5.%*)! 0(8!
&,$//0!,4**%,404:!%&!8*('')+!4'!%5!.$)!'*/+4,.%/5!(5+!+%&.*%-4.%/5!/3!8)(0.$;!U(:%02!0(8!
-),/:)&!'*)/,,4'%)+!8%.$!'*/')*.2!*%1$.&;!?*%:%5(0!0(8!$(&!:4,$!./!+/!8%.$!'/D)*.2!(5+!
'*/')*.2! 6);1;9! +*41&7;! ?$%0+,(*)! (5+! %.&! (&&/,%(.)+! %5W4*%)&9! 8$%,$! -),/:)! .$)! :)5.(0!
$)(0.$!'*/-0):&!/3!./:/**/89!,/:)!./!3/,4&!/5!.$)!'*/-0):!/3!:)).%51!.$)!+)')5+)5,2!
5))+&! /3! ,$%0+*)5! %5! (! 8/*0+! /3! .8/! )(*5)*! (5+! &%510)! '(*)5.! 3(:%0%)&! 6(5+! %5! (! 8/*0+! /3!
,/::/+%3%)+! &)03J'*)/,,4'(.%/57;! #$)! 0(8! /3! '/0%.%,&! -),/:)&! 0(*1)02! (! B4)&.%/5! /3! 8$(.!
,/5.*/0&! ./! '0(,)! /5! .$)! '/8)*! /3! 8)(0.$! %5! .$)! )0),./*(0! '*/,)&&;! P/! +))'! %&! .$%&!
,/55),.%/5!-).8))5!-4&%5)&&!(5+!0(89!&/!%51*(%5)+!%5!/4*!,/5&,%/4&5)&&9!.$(.!%.!%&!$(*+!./!
%:(1%5)!(52!/.$)*!8(2;!C4&%5)&&!%&!.$)!1%(5.!%5!.$)!5)%1$-/*$//+;!
FX[!!! O ) * : ( 5 ! K ( 8 ! a / 4 * 5! ( 0 ! !!!!!!kI/0;!FH!T/;!YF

#$)! &),/5+! ,/5&)B4)5,)! %&! .$)! &'))+! (5+! +%D)*&%.2! /3! .$)! ,$(51)&! '*/+4,)+! -2!
45,/5.*/00)+! ),/5/:%,! +),%&%/5&;! <*/+4,.&! 0%(-%0%.29! %::%1*(.%/5! 0(89! )5D%*/5:)5.(0!
'*/.),.%/59!*)140(.%/5!/3!-(5A&9!):'0/2:)5.!&),4*%.29!.(@!f!(00!/3!.$)&)!(*)(&!/3!0(89!(5+!
:(52! /.$)*&9! *)30),.! ,/5.%54/4&! (+W4&.:)5.&! ./! ,/5&.(5.! ,$(51)&! -*/41$.! (-/4.! -2!
),/5/:%,!(,./*&!(5+!.$)!*)&40.%51!'/0%.%,(0!+):(5+&!3/*!,/:')5&(.%/5;!
!
!
[*(67.(C.1$J7.1"(80(=83$&%(H-;.19.J.-9.-3.(
(
#$)!,/55),.%/5!-).8))5!&/,%(0!,/:'0)@%.2!(5+!0)1(0!.$/41$.!%&!:40.%3(,).)+;!c5)!)33),.!%&!
(! 1*)(.02! )@'(5+)+! *(51)! /3! (''0%,(.%/5! /3! 0(8;! =5,*)(&%51! 54:-)*&! /3! +%&'4.)&! *)B4%*)!
&/:)! 3/*:! /3! (.! 0)(&.! .):'/*(*%02! -%5+%51! (5+! &.(-0)! (+W4&.:)5.! f! $)5,)9! (! .)5+)5,2!
./8(*+! 8%+)&'*)(+! 0)1(0%G(.%/5;! #$)! ),/5/:%,! 0%-)*.2! (&'),.! /3! 0(8! %&! (! 5/5J%5.*4&%D)!
&2&.):!/3!3(,%0%.(.%/5!3/*!0(%&&)GJ3(%*)!,('%.(0%&:9!'04&!(!.%1$.02!'(,A(1)+!&2&.):!/3!*40)&!3/*!
*)&/0D%51! +%&'4.)&! %5! ,/4*.&;! =.! %&! .%1$.9! )0)1(5.>! (5+! %.! +/)&5j.! +/! :4,$;! C),(4&)! /3!
%5.)*+)')5+)5,)9!0(8!%&!%5D/0D)+!%5!&/!:(52!.$%51&!.$(.!%.!%&!*)(&/5(-0)!./!&')(A!(-/4.!.$)!
0)1(0%G(.%/5! /3! &/,%).2! 6(5+! /3! %.&! &4-&%+%(*2! %5&.%.4.%/5&! f! .$)! 0)1(0%G(.%/5! /3! )+4,(.%/59!
-4&%5)&&9! ).,;7;! K(8! (''(*)5.02! %&! .*2%51! ./! &)*D)! (&! .$)! &/J,(00)+! &.))*%51! :),$(5%&:! 3/*!
*)&/0D%51! &/:)! /3! .$)! :40.%'0)! %5.)*+)')5+)5,%)&! /3! :/+)*5! &/,%).29! %5! &4,$! (*)(&! (&!
)5D%*/5:)5.(0! '*/.),.%/59! :(,*/J),/5/:%,! 3%5)! .45%519! '*/D%&%/5! /3! $4:(5! &)*D%,)&9!
,/5&4:)*! '*/.),.%/59! (5+! &/! /5;! T/! /5)! 8$/! .$/41$.! (00! /3! 0(8! 8(&! +)&,*%-)+! %5!
!%&3>@;8-.Q@( +8''.-;&1$.@! 8/40+! ,/:'*)$)5+! :/+)*5%&.%,! ,*)(.%/5&! 0%A)! P%:'&/5J!
R(GG/0%9!O*(::JN4+:(59!/*!.$)!L+4,(.%/5!3/*!Q00!b(5+%,('')+!?$%0+*)5!Q,.;!
!
C4.! .$)! )@'(5&%/5! /3! 0(8! %&! 5/.! &%:'02! (! :(..)*! /3! (! '*/0%3)*(.%/5! /3! .),$5%,(0! &.(.4.)&;!
Q0/51!8%.$!.$)!1*/8%51!*(51)!/3!&/,%(0!'*/-0):&!(5+!%&&4)&9!$(&!-))5!(!'(*(00)0!1*/8.$!/3!
-*/(+!5/*:&!/3!W4&.%,)9!0%A)!)B4(0!'*/.),.%/59!+4)!'*/,)&&!(5+!(+:%5%&.*(.%D)!3(%*5)&&;!#$%&!
%&! 5/.! ./! &(2! .$(.! 5/*:&! /3! W4&.%,)! .*(5&3/*:! 8$/0)! (*)(&! /3! &/,%(0! 0%3);! #$)! 5/*:&! (*)!
:(*1%5(0! (5+! ,/5.)&.)+! )D)*2! &.)'! /3! .$)! 8(2;! C4.! .$)2! ,(55/.! -)! +%&:%&&)+! (&!
%5&%15%3%,(5.! )%.$)*;! c5! .$)! W4+%,%(0! &%+)9! .$%5A! /3! +)D)0/':)5.&! 0%A)! )@,)'.%/5&! ./! .$)!
,/5.*(,.! (.! 8%009! (! .2')! /3! W4+%,%(002! )51*(3.)+! W/-! &),4*%.2>! /*! +4)! '*/,)&&! *%1$.&! %5! .$)!
%::%1*(.%/5!'*/,)&&!(5+!&,$//0&>!/*!W4+%,%(0!*)140(.%/5!/3!%5&4*(5,)!,/5.*(,.&>!(5+!)(,$!/3!
.$)&)! $(&! /-D%/4&! 0)1%&0(.%D)! (5+! (+:%5%&.*(.%D)! ,/45.)*'(*.&E! ')5&%/5! *)140(.%/59!
+%&,%'0%5(*2!,/+)&9!&/,%(0!%5&4*(5,);!
!
Q!&),/5+!)33),.!/3!%5.)*+)')5+)5,2!/5!0)1(0!.$/41$.!%&!(!5)8!')*3/*:(5,)!*)B4%*):)5.!f!
.$)!0)1(0!&/04.%/5&!:4&.!8/*A9!(5+!.$(.!$(&!.8/!/.$)*!)33),.&;!R/&.!%:'/*.(5.9!0(8!,(55/.!
(33/*+! ./! *):(%5! %+)/0/1%,(002! %15/*(5.! /3! %.&! )33),.&;! </0%,2! /*%)5.(.%/59! %5,04+%51!
&/,%/0/1%,(0! W4*%&'*4+)5,)9! ,/:)&! ./! *)'0(,)! :/*(0%&.%,! .$%5A%51;! R/*)/D)*9! %5! /*+)*! ./!
&)*D)!(&!'(*.!/3!(!30)@%-0)9!'*/-0):!&/0D%51!'*/,)&&9!0(8!:4&.!(,B4%*)!(!$%1$!+)1*))!/3!-/.$!
'/&%.%D%&:!(5+!'/0%.%,%G(.%/5;!</&%.%D%.2!:)(5&!.$(.!0(8!,(5!-)!+)&%15)+!(5+!*)+)&%15)+!./!
:)).! ,$(51%51! ,%*,4:&.(5,)&! 8%.$! 5)8! (+W4&.:)5.&;! </0%.%,&! (0&/! $)0'&! 0(8! -)! :/*)!
HYFFZ!!!!!!!!!!!!!!!!!!!!!!! K)1(0!]%&%5.)1*(.%/5!(5+!(!#$)/*2!/3!.$)!P.(.)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! FXX!

*)&'/5&%D)9! -),(4&)! .$)! '*)&&4*)! 3/*! +%&'4.)! *)&/04.%/5! %&! 3)0.! 3%*&.! (5+! B4%,A02! %5! .$)!
'/0%.%,(0!&'$)*);!
!
<*/W),.)+! )D)5! 34*.$)*9! .$)! .*)5+! ./8(*+! &/,%(0! ,/:'0)@%.2! :/D)&! (8(2! 3*/:! '/&%.%D%&:!
(5+!./8(*+!&/,%(0!(5+!0)1(0!*)%5.)1*(.%/5!6%5,04+%51!(!5)8!3/*:!/3!0(87;!]):/,*(.%,!&/,%(0!
/*1(5%G(.%/5!(5+!'/0%.%,&!,(5!-)!&))5!(&!(!5),)&&(*2!3(,%0%.(./*!/3!&/,%(0!%5.)*+)')5+)5,);!
C4&%5)&&!(5+!/.$)*!A%5+&!/3!/*1(5%G(.%/5&!0)(*5!.$(.!.$)!/0+!-4*)(4,*(.%,!(5+!$%)*(*,$%,(0!
3/*:&! /3! (4.$/*%.2! (*)! %5)33%,%)5.! (5+! :4&.! -)! *)'0(,)+! 8%.$! (! 5)8! '*%5,%'0)! /3!
HF
/*1(5%G(.%/5E!&.(33!'(*.%,%'(.%/5!(5+!):'/8)*:)5.; !#$)!.*)5+!(0&/!,(5!-)!&))5!%5!'/0%,2!
(5(02&%&;! R/D%51! -)2/5+! ,/::(5+J,/5.*/09! ./'J+/85! '/0%,29! (5+! )D)5! .$)! :/*)!
&/'$%&.%,(.)+! 3/*:&! /3! 45%+%*),.%/5(0! %:'0):)5.(.%/5! (5(02&%&9! 1/D)*5:)5.! '/0%,2! :4&.!
+%&,/D)*! :)(5&! /3! )50%&.%51! .$)! ,//')*(.%/5! /3! *)140(.)+! /*1(5%G(.%/5&;! R)(58$%0)9! (!
8/*0+!8%+)!)+4,(.)+!:%++0)!,0(&&!8%.$!)@'),.(.%/5&!/3!&),4*%.29!'(*.%,%'(.%/59!+%15%.29!(5+!
B4(0%.2! /3! 0%3)! :(2! -)! .$)! )51%5)! /3! %5,*)(&%51! '/0%.%,(0! +):/,*(,2;! O0/-(0! ),/5/:%,!
/*1(5%G(.%/5!:(2!3/*)&$(+/8!&/,%(0!,//')*(.%/5!/5!(!'0(5).(*2!&,(0);!
!
Q0(&9!./!.$/&)!8$/!3(%0!./!&))!)D%+)5,)!/3!(!3%5(0!D%,./*2!/3!.$)&)!-)5)3%,%(0!.*)5+&9!%.!:4&.!
-)! (+:%..)+! .$(.! .$)! '/0%.%,(0! *)(0%.2! (.! (52! 1%D)5! :/:)5.! (0&/! ,/5&%&.&! /3! &/:)! 1*/4'&!
.*2%51! ./! ,*)(.)! G/5)&! /3! &),4*%.2! (5+! 8)03(*)! (.! .$)! ,/&.! /3! /.$)*&>! (5+! .$(.! &/:)!
0)1(0%G(.%/5! 30/8&! 3*/:! )5+0)&&! &)*%)&! /3! '*/')*.2! *%1$.&! +)&%15)+! ./! ,*)(.)! '*/.),.)+!
-/*+)*&;! #$(.! '(*.! /3! .$)! &./*2! %&! '%,A)+! 4'! %5! .$)! 5)@.! &),.%/59! /5! '/0%.%,(0J! ),/5/:%,!
,/5.*(+%,.%/5&;!
!
!
HHH*(H'J&3;(80(+8-;1&9$3;$8-@(8-(4&?(
!
#$)! .8/! '*/W),.&! /3! ,('%.(0%&:! (*)! -/.$! :4.4(002! *)%53/*,%51! (5+! ,/5.*(+%,./*2;! R(*A).&!
*)B4%*)! (5+! '*/+4,)! &/,%(0! ,//')*(.%/59! -4.! 0%-)*.2! 45+)*:%5)&! %.;! =5.)*+)')5+)5,)! %&!
%5,*)(&%5102! (! ,/5+%.%/5! /3! ,('%.(0%&:9! -4.! *)+4,)&! .$)! $)1):/52! /3! '*/')*.2! /85)*&;!
M%.$%5! %.&)039! %5.)*+)')5+)5,)! $(&! ,/5.*(+%,./*2! )33),.&E! (5! (,,)0)*(.)+! '*/,)&&! /3!
+4:'%51! '*/-0):&! /5! /.$)*&! 6/*9! %5! ),/5/:%,&! 0(514(1)9! )@.)*5(0%G%51! .$):79! -4.! (0&/!
*)&%&.(5,)!./!-)%51!+4:')+!/5!(5+!,/**)&'/5+%5102!&/'$%&.%,(.)+!&/,%(0!,/5.*/0&;!]4:'%51!
4&4(002!,*)(.)&!0/.&!/3!,/:'0(%5.&!3*/:!')/'0)!(5+!/*1(5%G(.%/5&!8%.$!&/:)!%5304)5,)!/D)*!
.$)! +4:')*! f! $)5,)! (! +%33)*)5.! A%5+! /3! ,/55),.%/5! -).8))5! ,('%.(0%&:9! +):/,*(,29! (5+!
.$)!0%-)*(.)+!:%++0)!,0(&&;!#$)!*)&.!/3!.$%&!&),.%/5!+%&,4&&)&!(&'),.&!/3!.$)&)!,/5.*(+%,.%/5&!
%5! :/*)! +).(%0;! C;===;F! )@(:%5)&! '*/-0):&! /3! (,,)&&! ./! .$)! ,/:'0)@9! 3*(1:)5.)+! 0)1(0!
&.*4,.4*)&! '*/+4,)+! -2! &/,%(0! ,/5.*(+%,.%/5&;! C;===;H! )@.)5+&! .$)! (5(02&%&! /3! (,,)&&! (5+!
:):-)*&$%'! ./! .$)! +)&%15! /3! .$)! 8)03(*)! &.(.);! #$)! 3%5(0! &4-&),.%/59! C;===;^9! %&! (5!

HF
! <L#LNP! e! MQ#LNRQT9! @,J1&9! 5/.)! FF>! NcPQCL#b! RcPP! gQT#LN9! #bL! ?bQTOL! RQP#LNP9! =TTcIQ#=cT! QT]!
LT#NL<NLTLdNPb=<!=T!#bL!QRLN=?QT!?cN<cNQ#=cT!6FX[`7;!
HYY!!! O ) * : ( 5 ! K ( 8 ! a / 4 * 5! ( 0 ! !!!!!!kI/0;!FH!T/;!YF

)@(:%5(.%/5! /3! .$)! '*/-0):&! ,*)(.)+! -2! ,/5.*(+%,.%/5&! %5! .$)! '/0%.%,(0! &2&.):! ')*! &)!
68$%,$!=!,(00!_0%-)*(0!+):/,*(,2_7;!!
!
!
V*(H@@,.@(80(233.@@(;8(+8%%.3;$F.(!.-.0$;@(
(
#$)! 3%*&.! *)30),.%/5! /3! &/,%(0! ,/5.*(+%,.%/5&! /5! 0(8! %&! .$)! '*/-0):! /3! (,,)&&! ./! ,/00),.%D)!
-)5)3%.&;! K(8! *)&'/5+&! ./! %5,*)(&%51! ,/:'0)@%.2! -2! +)D)0/'%51! :/*)! &/'$%&.%,(.)+!
.),$5%B4)&!/3!&/,%(0!'0(55%519!/3.)5!,40:%5(.%51!%5!.$)!,*)(.%/5!/3!(+:%5%&.*(.%D)!&.*4,.4*)&!
+)&%15)+!./!+)(0!8%.$!(!,(.)1/*2!/3!&/,%(0!'*/-0):!/5!-)$(03!/3!(!,0(&&!/3!')/'0);!L@(:'0)&!
%5,04+)! %5,/:)! :(%5.)5(5,)9! &/,%(0! %5&4*(5,)9! &(3).2! *)140(.%/59! ),/5/:%,! '0(55%519! (5+!
:):-)*&$%'! %5! /*1(5%G(.%/5&! 8$/&)! :):-)*&! (*)! '*/.),.)+! -2! D(*%/4&! 0)1(0! *%1$.&;! #$)!
'/&%.%D)! (&'),.! /3! .$)&)! '*/1*(:&! %&! .$(.! .$)2! '*/.),.! 0(*1)! 54:-)*&! /3! ')/'0)! %5! (!
*)(&/5(-02!)33%,%)5.!8(2!.$(.!(00/8&!,//*+%5(.%/5!8%.$!/.$)*!&/,%(0!'*/1*(:&!6,/:'(*)!.$)!
)33%,%)5,2!/3!P/,%(0!P),4*%.29!3/*!)@(:'0)9!8%.$!)%.$)*!'*%D(.)!%5&4*(5,)!/*9!)&'),%(0029!./*.!
0(89!R%0./5!U*%)+:(5!./!.$)!,/5.*(*2!5/.8%.$&.(5+%517;!
!
#$)! (,,)&&! '*/-0):! ,/:)&! 3*/:! .$)! %&&4)! /3! :):-)*&$%';! Q0:/&.! )D)*2! &/,%(0! '*/1*(:!
*(%&)&!%&&4)&!/3!:):-)*&$%'!6%5S/4.7!(5+!%5.)*5(0!&.*(.%3%,(.%/5;!R):-)*&$%'!%&&4)&!4&4(002!
(*)! /-D%/4&9! -)1%55%51! 8%.$! .$)! %::%1*(.%/5! %&&4)&! 8$%,$! +).)*:%5)&! :):-)*&$%'! %5!
8)(0.$2! ,/45.*%)&9! *%1$.! +/85! ./! ):'0/2:)5.! %5! &.(-0)! /*1(5%G(.%/5&9! ,/D)*(1)! -2! &/,%(0!
%5&4*(5,)9!(5+!'*/.),.%/5!-2!&(3).2!0(8&;!=5.)*5(0!&.*(.%3%,(.%/5!/3!'*/.),.%/5!%&!:/*)!&4-.0)!
-4.!(0&/!1).&!(!1//+!-%.!/3!(..)5.%/59!3/*!)@(:'0)9!.$)!3(.)!/3!.$)!)0+)*02!45+)*!,/&.!,4.&!./!
$)(0.$!%5&4*(5,)9!/*!.$)!'*(,.%,(0!,/D)*(1)!3/*!'//*!')/'0)!45+)*!(+:%5%&.)*)+!$)(0.$!,(*)!
%5&4*(5,)9!0%A)!b)(0.$!R(%5.)5(5,)!c*1(5%G(.%/5&;!
!
(
[*(I.@$5-(80(;7.(#.%0&1.(=;&;.(
(
c5!.$)!0(*1)&.!&,(0)9!%&&4)&!/3!'0(55%51!(5+!(,,)&&9!%5,04&%/5!(5+!)@,04&%/59!,(5!-)!&))5!%5!
.$)! +)&%15! /3! .$)! 8)03(*)! &.(.);! U*/:! *),)5.! *)&)(*,$9! %.! ('')(*&! .$(.! :(*A).S8)03(*)!
),/5/:%)&!(*)!$)0+!./1).$)*!-2!&/:)!A%5+!/3!-*/(+9!%5,*):)5.(002!+%&,/D)*)+!+)&%159!0%A)!
HH
.$)! :(&&! '*/+4,.%/5! ),/5/:2! +)&,*%-)+! -2! <%/*)! (5+! P(-)0; ! Q5+! %.! %&! *)(&/5(-0)! ./!
-)0%)D)!.$(.!'*)&)5.!+)&%15!%&!%5!,*%&%&;!#$)!'(*.5)*&$%'!/3!:(&&!'*/+4,.%/5!(5+!g)25)&%(5!
8)03(*)! ),/5/:%,&! %&! 3/45+)*%51! /5! )@,)&&! ,('(,%.29! 45'*/+4,.%D)! %5.)*5(.%/5(0!
,/:').%.%/59!.$)!,/00('&)!/3!.$)!0(-/*!:/D):)5.!(5+!(!'/'40(*!-4.!+)1)5)*(.)!%+)/0/12!/3!
0%-)*(0%&:;!#$)!,4**)5.!8(D)!/3!,/5&)*D(.%D)!'$%0/&/'$2!&)):&!./!*)'*)&)5.!(!*)'*)&&%/5!/3!
.$)!,/00),.%D)!&%+)!/3!,('%.(0%&:9!(!0/&&!/3!:):/*2!(-/4.!,('%.(0j&!,/5&.*4,.%D)!*/0)!(5+!&)03!
%5.)*)&.! %5! .$)! 8)03(*)! &.(.);! U/*! .$)! :/:)5.9! .$)! '*/1*(:! /3! ),/5/:%,! 0%-)*.2! $(&!
-),/:)!45$%51)+!3*/:!%.&!,/00),.%D)!,/45.)*'(*.;!?/5&)*D(.%D)&!60%A)!](D%+!P./,A:(57!5/8!

HH
!<=cNL!e!PQCLK9!@,J1&9!5/.)!FY;!
HYFFZ!!!!!!!!!!!!!!!!!!!!!!! K)1(0!]%&%5.)1*(.%/5!(5+!(!#$)/*2!/3!.$)!P.(.)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! HYF!

(,.4(002! (*14)! .$(.! '*(,.%,(002! (00! 1/D)*5:)5.! &')5+%51! *)'*)&)5.&! (! &4-&%+2! 3/*! .$)!
45'*/+4,.%D)! &),./*! /3! &/,%).29! )0%:%5(.%51! %5! (! &%510)! +/1:(.%,! &.*/A)! %5&%1$.&! /3! '4-0%,!
3%5(5,)!(-/4.!)@.)*5(0%.%)&!(5+!/3!g)25)&%(5!),/5/:%,&!(-/4.!.$)!%5.)*)&.!/3!,('%.(0%&:!%5!
:(%5.(%5%51!+):(5+!(:/51!%+0)!(5+!45+)*'(%+!8/*A)*&!(5+!,/5&4:)*&;!
!
#$%&! :/:)5.! %5! $%&./*2! /')5&! .$)! /''/*.45%.2! 3/*! ,*)(.%519! %5D)5.%519! 3/*1%51! 5)8! &/,%(0!
(5+! ),/5/:%,! '(..)*5&9! (5! )5.)*'*%&)! %5! 8$%,$! &,$/0(*&$%'! '0(2&! (! '(*.;! U/00/8%51!
&411)&.%/5&! %5! (00! &/*.&! /3! *)&)(*,$! f! %5&.%.4.%/5(0! ),/5/:%,&9! /*1(5%G(.%/5(0! .$)/*29!
3):%5%&:!f!8)!,(5!(&&4:)!.$(.!.$)!5)8!'0(5!:4&.!(,$%)D)!(!$%1$)*!+)1*))!/3!'(*.%,%'(.%/5!
(5+! :):-)*&$%'! .$(5! .$)! /0+! /5);! O*)(.)*! '*/+4,.%D%.2! 8%00! *)B4%*)! 1*)(.)*! ,//')*(.%/5!
60/,(0! /85)*&$%'! (5+! 45+)*&.(5+%519! &4')*%/*! %5,)5.%D)&9! ).,;7;! l).! .$)! -(..0)3%)0+! %&! *%3)!
8%.$! ,/530%,.! (5+! &.*)85! 8%.$! /-&.(,0)&;! #$)! 5)8! %53/*:(.%/5! .),$5/0/129! 3/*! )@(:'0)9!
:(2!-)!(5/.$)*!)33/*.!-2!,('%.(0!./!%5,*)(&)!'*/+4,.%D%.2!-2!%&/0(.%51!8/*A)*&!(5+!,*)(.%51!
H^
45%+%*),.%/5(0!6$%)*(*,$%,(07!&/,%(0!,//')*(.%/5; !
!
!
\*(4$E.1&%(I.'831&3"(
!
?/5.*(+%,.%/5&! -).8))5! .$)! .8/! '*/W),.&! /3! ,('%.(0%&:! (0&/! (*)! *)30),.)+! %5! .$)! '/0%.%,(0!
/*+)*! +)D)0/')+! %5! .$)! M)&.! ./! ,/')! 8%.$! ),/5/:%,! +/:%5(5,)! f! 0%-)*(0! +):/,*(.%,!
H`
'/0%.%,&!(5+!8)03(*)!&.(.)!,('%.(0%&:; !P/,%(0!%5.)*+)')5+)5,)!'4.&!'*)&&4*)!/5!0(8!./!-)!
:/*)! &/'$%&.%,(.)+9! 345,.%/5(09! (+('.(-0)9! (5+! &/,%(002! *)&'/5&%D);! K(8! (+W4&.&! -2!
+),*)(&)+! 3/*:(0%&:9! %5,*)(&)+! /')55)&&! ./! ,/:').%51! &2:-/0%,! /*+)*&9! %:'*/D)+!
.),$5%B4)&! /3! +),/5&.*4,.%/59! 5)8! *)140(./*2! %5&.%.4.%/5&! 6-(*1(%5%519! 5)8! '/0%,2!
%5&.*4:)5.&9!).,;7;!
!
C4.! .$)! '*%5,%'0)! /3! 0%-)*(0%&:! ,/5.*(+%,.&! (5+! 45+)*:%5)&! .$)! -(&%&! 3/*! (! -*/(+)*9! :/*)!
,/$)*)5.9!&.(-0)9!(5+!,//')*(.%D)!*)&'/5&)!./!),/5/:%,!+/:%5(5,);!#$%&!)*/&%/5!/,,4*&!%5!
3/4*9!,/55),.)+!8(2&;!U%*&.9!0%-)*.(*%(5%&:!%&!'*)/,,4'%)+!8%.$!.$)!'*/.),.%/5!/3!),/5/:%,!
0%-)*.2!./!.$)!)@,04&%/5!/3!:/*)!,//')*(.%D)!(5+!&/'$%&.%,(.)+!,/00),.%D)!'/0%,2;!Q0:/&.!(52!
(:/45.!/3!8(&.)!(5+!,04:&%5)&&!,(5!-)!W4&.%3%)+!3/*!.$)!&(A)!/3!'*)&)*D%51!.$)!45+)*02%51!
'/0%.%,(0!'/8)*!*)0(.%/5&;!P),/5+9!0%-)*(0&!%5!.$)!8)03(*)!&.(.)!3%5+!.$):&)0D)&!&'/5&/*%51!
)5/*:/4&!(:/45.&!/3!1/D)*5:)5.!%5.)*D)5.%/5!8%.$/4.!(52!'$%0/&/'$%,(0!W4&.%3%,(.%/5!/*!
,/$)*)5.! '/0%.%,(0! .$)/*2;! #$)! &.(.)! -),/:)&! 5/.$%51! :/*)! .$(5! .$)! (,,4:40(.%/5! /3! (+!
$/,! *)&'/5&)&! ./! ),/5/:%,! (5+! '/0%.%,(0! ,*%&)&;! #$%*+9! (! D(&.! 1403! /')5&! -).8))5! .$)!

H^
!U)*5(5+/!N/W(&B(H@(H-081'&;$8-(6.37-8%85"(2(+&J$;&%$@;(688%(081(D,1;7.1(=,E819$-&;$-5(#81>.1@n9!M/*A%51!<(')*!
FJh9!=5&.%.4.)!3/*!K)1(0!P.4+%)&9!d5%D)*&%.2!/3!M%&,/5&%5JR(+%&/5!K(8!P,$//09!R(*,$9!FX[h;!
H`
!=5!&4::(*%G%519!=!*)02!/5!.$)!8/*A!/3!?0(4&!c33)9!@,J1&9!5/.)!FX>!(5+!=!*)3)*!./!:2!/85!'(')*9!'*)&)5.)+!%5!+*(3.!
(.!.$)!3%*&.!Q:)*%,(5SO)*:(5!,/53)*)5,)!/5!*)30)@%D)!0(8;!P))!M%00%(:!b;!?045)9!S-1.&@8-&E%.-.@@(&-9(2%$.-&;$8-(
$-( ;7.( +8-;$-,$-5( K.%&;$8-@7$J@( 80( #.%0&1.( =;&;.( !,1.&,31&3"<( D18'( K.5,%&;81"( +8'J%.L$;"( ;8( :38-8'$3(
I.'831&3"9!\Y\!M=P;!K;!NLI;!6FX[i7;!
HYH!!! O ) * : ( 5 ! K ( 8 ! a / 4 * 5! ( 0 ! !!!!!!kI/0;!FH!T/;!YF

'*)D(%0%51! '/0%.%,(0! '$%0/&/'$2! /3! (5(,$*/5%&.%,! 0(%&&)GJ! 3(%*)! %5+%D%+4(0%&:! (5+! .$)!
/D)*8$)0:%51! )D%+)5,)! /3! :(&&%D)! 1/D)*5:)5.(0! %5.)*D)5.%/5&;! O/D)*5:)5.! -),/:)&! (!
&)*%)&! /3! +),%&%/5&! 8%.$/4.! :):/*%)&;! U/4*.$9! 0%-)*(0%&:! '*/.),.&! ),/5/:%,! 0%-)*.2! (5+!
*)&/0D)&!.$)!'(*(+/@!/3!45)@'0(%5)+!1/D)*5:)5.(0!(,.%/5!.$*/41$!(!&2:-/0%,!+)1*(+(.%/5!
/3! '/0%.%,&;! </0%.%,&! -),/:)&! .$)! +(51)*/4&9! %:')*%(0%&.%,! )5):2! /3! (! '*/+4,.%D)! '*%D(.)!
Hi
&),./*9!,('.%D)!/3!(,B4%&%.%D)!,/00),.%D)&!,(00)+!_&'),%(0!%5.)*)&.!1*/4'&_; !
!
C4.! &/,%(0! %5.)*+)')5+)5,)! (0&/! 45+)*:%5)&! 0%-)*(0%&:;! K%-)*(0%&:! /*1(5%G)&! '/0%.%,&! %5!
.)*:&! /3! '*/')*.2! (5+! *%1$.&;! P/,%(0! *)0(.%/5&$%'&! (*)! '%,.4*)+! (&! ,/5&%&.%51! /3! G/5)&! /3!
%5+%D%+4(0!(4./5/:2!6'*/')*.27!'*/.),.)+!-2!'/8)*340!0)1(0!*):)+%)&!6*%1$.&7;!Q52.$%51!5/.!
'*/.),.)+!/*!8$%,$!%5.)*3)*)&!8%.$!'*/')*.2!,(5!-)!(''*/'*%(.)+!/*!+)&.*/2)+9!$)5,)!.$)!
&)(*,$! 3/*! 8(2&! /3! )@.)*5(0%G%51! ,/&.&9! 0/,(.%51! 5)8! 3*/5.%)*&9! (5+! +4:'%51! '*/-0):&! /5!
&/:)/5)! )0&);! =5,*)(&%51! %5.)*+)')5+)5,)! (5+! &/,%(0! ,/:'0)@%.2! :(A)&! 0%-)*(0%&:!
$/')0)&&02!&%:'0%&.%,!(5+!%5.)*5(002!,/5.*(+%,./*2;!<*/.),.%/5!.$*/41$!(4./5/:29!%::45%.2!
(5+! &/,%(0! %&/0(.%/5! -),/:)&! %:'/&&%-0);! <*/.),.%/5! :4&.! -)! (,$%)D)+! %5&.)(+! .$*/41$!
&/,%(0!,//')*(.%/5!(5+!345,.%/5(0!'*/-0):!&/0D%51;!#$)!:/+)0!/3!*%1$.&!-)1%5&!./!0//A!0%A)!(!
04+%,*/4&!:).$/+!/3!&/,%(0!'0(55%519!'%..%51!:):-)*&!/3!.$)!,/00),.%D)!(1(%5&.!)(,$!/.$)*!
%5!(!$('$(G(*+!&)*%)&!/3!+%&/*1(5%G)+9!)1/.%&.%,(0!,/5.)&.&!8$%,$!+%&*4'.!&/,%(0!-/5+&!(5+!
Hh
/D)*)@.)5+! .$)! ./.(0! (:/45.! /3! ,/00),.%D)! *)&/4*,)&; ! K%-)*(002! 3(,%0%.(.)+! :(*A).!
.*(5&(,.%/5&! $)0'! -4%0+! &/,%(0! ,/:'0)@%.29! %5.)*+)')5+)5,)! (5+! ,//')*(.%/5>! -4.!
0%-)*.(*%(5%&:! '*)D)5.&! .$)! ,/00),.%D%.2! 3*/:! :(A%51! +)&%*(-0)! (+W4&.:)5.&! 3/*! *)&40.%51!
)@.)*5(0%.%)&! (5+! %5&),4*%.%)&9! /*! (,$%)D%51! '/&%.%D)! ,//')*(.%/5! 45(D(%0(-0)! .$*/41$!
:(*A).&;! Q5+! ,0)(*029! .$)&)! .8/! ,/45.)*.)5+)5,%)&! /3! &/,%(0! %5.)*+)')5+)5,)! (*)! (.! 8(*!
8%.$! )(,$! /.$)*;! ]%:%5%&$%51! 3/*:(0%&:! (5+! %5,*)(&%51! %5&.%.4.%/5(0! 30)@%-%0%.2! &)):!
(5/:(0/4&9!.$*)(.)5%51!(5+!,/5.*(+%,./*2!./!.$)!8/*0+!/3!'*/')*.2!(5+!*%1$.&;!6_U0)@%-0)9!
H\
2/4!&(2;!]/)&5j.!&/45+!0%A)!'*/')*.2!./!:)_7; !
!
Q5+!&/9!%.!+/)&!0//A!0%A)!/0+!3(&$%/5)+!0%-)*(0%&:!(&!(!,/:'*)$)5&%D)!:/+)0!3/*!&/,%(0!/*+)*!
%&! %5! (! .*4)! &.(.)! /3! ,*%&%&! 65/.! &.*)&&! f! ,*%&%&7;! #$)! %:'(,.! /3! .$)! 3*(1:)5.%G%51! %5304)5,)&!
+)&,*%-)+!%5!.$%&!&),.%/5!,(5!-)!&))5!%5!.$)!-)$(D%/*!/3!*%1$.!8%51!*(+%,(0!'/'40%&.!1*/4'&!
H[
'*)&)5.02! 1(%5%51! &.*)51.$! %5! .$)! d5%.)+! P.(.)&; ! L(,$! 1*/4'9! -)8%0+)*)+! -2! .$)!
45)@'0(%5)+! (,.%/5&! /3! 1/D)*5:)5.! (5+! /-&)&&)+! 8%.$! ),/5/:%,! 0%-)*.29! $(&! %.&! /85!

Hi
!P))!?045)9!$9;!
Hh
! U*(5,)&! c0&)59! =;&;,;81"( K&J.<( 2( D.'$-$@;( +1$;$T,.( 80( K$57;@( 2-&%"@$@9! h^! #m;! K;! NLI;! 6#Lm;! K;! NLI;7! ^[\! 6FX[`7>!
M$%.)9!@,J1&9!5/.)!FX>!L+8(*+!I;!P'(*)*9!D,-9&'.-;&%(),'&-(K$57;@B(4.5&%(:-;$;%.'.-;@B(&-9(;7.(=83$&%(=;1,55%.<(
2(D1$.-9%"(+1$;$T,.(80(;7.(+1$;$3&%(4.5&%(=;,9$.@(M8F.'.-;9!^h!P#QT;!K;!NLI;!iYX!6FX[`7;!
H\
!P))!a/$5!L+8(*+!?*%--).9!+8-3.J;@($-(61&-@$;$8-<(67.(=.&137(081(&(].?(I.0$-$;$8-(80(C18J.1;"9!F!d;!/3!=00;!K;!N)D;!
`F!6FX[h7;!
H[
!U/*!(++%.%/5(0!%5&%1$.&!/5!.$)!')*,)%D)+!,/530%,.!-).8))5!0%-)*.2!(5+!(4.$/*%.2!%5!Q:)*%,(5!,40.4*)9!&))!P.)8(*.!
R(,(40(29!q=:(1)&!/3!K(8!%5!LD)*2+(2!K%3)E!#$)!K)&&/5&!/3!P,$//09!L5.)*.(%5:)5.!(5+!P'),.(./*!P'/*.&9!=5&.%.4.)!
3/*!K)1(0!P.4+%)&r9!d5%D)*&%.2!/3!M%&,/5&%5JR(+%&/5!K(8!P,$//09!M/*A%51!<(')*!HE^!6FX[h7;!
HYFFZ!!!!!!!!!!!!!!!!!!!!!!! K)1(0!]%&%5.)1*(.%/5!(5+!(!#$)/*2!/3!.$)!P.(.)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! HY^!

),,)5.*%,9! /*! -%G(**)9! .$)/*2! /3! (-&/04.)! ')*&/5(0! (4./5/:2! (5+! %.&! /85! A%5+! /3! '/'40%&.!
'(*(5/%(!(-/4.!8$/!%&!*)&'/5&%-0)!3/*!0/&&!/3!(4./5/:2;!Q-&/04.%&.!+):(5+&!3/*!(4./5/:2!
(*)!'(*(+/@%,(002!,/4'0)+!8%.$!'45%.%D)!'*/1*(:&!(1(%5&.!)5):2!1*/4'&;!<)/'0)!.$*)(.)5!
D%/0)5,)! (1(%5&.! 1/D)*5:)5.! /33%,%(0&! 3/*! -)%51! (&A)+! ./! '(2! .(@)&! (5+! 8)(*! &)(.! -)0.&9!
.$)5!.4*5!(*/45+!(5+!+):(5+!.$(.!1/D)*5:)5.!-*(5+!')/'0)!8%.$!Q%+&!(5+!)@),4.)!+*41!
(++%,.&;! #$)&)! )@.*):)! &'0%.&! -).8))5! ')*&/5(0! (5+! ,/00),.%D)! (,.%/5&! (*)! .$)! '/'40%&.!
)@.)5&%/5&! /3! .$)! ,/5.*(+%,.%/5&! -).8))5! %5+%D%+4(0%&:! (5+! (0.*4%&:! *),/15%G)+! -2!
HX
g)55)+2!%5!.$)!0(8!/3!./*.!(5+!,/5.*(,.; !
!
!
;6);/.%&9($/.:)1",0$#$/.,&)*,?)$.),)@'?)A'3<)B&0)=,#2()/.),)@'?)*,.0(%,>')
)
#$)!.$):)!/3!0)1(0!+%&%5.)1*(.%/5!%&!'(*.02!(!:(5%3)&.(.%/5!/3!(5@%).2>!(5+!,/53)*)5,)&!(5+!
'(')*&! /5! 0)1(0! +%&%5.)1*(.%/5!(*)!'(*.02! )&,$(./0/1%,(0!)D)5.&! (-/4.!.$)!)5+!/3!.$)!0)1(0!
8/*0+;!Q&!(!0(8!&,$//0!')*&/59!=!8/40+!-)!*):%&&!%3!=!+%+!5/.!%5,04+)!(.!0)(&.!(!&$/*.!&),.%/5!
(5&8)*%51! (5! /-D%/4&! B4)&.%/5! ):)*1%51! 3*/:! (00! .$)&)! &4''/&)+! .*)5+&! (8(2! 3*/:! .$)!
.*(+%.%/5(0!,/*)!f!%&!.*(+%.%/5(0!0(8!+)(+n!=!8/40+!&(2!.$(.!.*(+%.%/5(0!0)1(0!(5(02&%&!%&!B4%.)!
D%.(09!-4.!%.&!*/0)!$(&!,$(51)+!(5+!-),/:)!:/*)!),0),.%,;!c502!-2!&))%51!.*(+%.%/5(0!0(8!/5!
.$)!,$(51%51!0(5+&,(')!,(5!%.&!&)0),.)+!'/&%.%D)!*/0)&!-)!(''*),%(.)+;!6Q.!.%:)&9!=!.)5+!./!
4&)!_'/&%.%D)_!%5!(!&)03!,/5&,%/4&029!0)3.J/*%)5.)+!3(&$%/5!8$%,$!,(5!)(&%02!-)!,/5D)*.)+!./!
.$)!*)(+)*j&!/85!'/0%.%,(0!'/&%.%/5&7;!
)
=5!/5)!&)5&)9!:/&.!/3!.$)!(,.%/5!$(&!:/D)+!)0&)8$)*);!</0%,2!(5(02&%&!$(&!*)'0(,)+!:/*(0!
*)(&/5%51!(&!.$)!+/:%5(5.!*$)./*%,!/3!'/0%,2!3/*:(.%/5;!K)1(0!3%5(0%.2!+%D/*,)+!3*/:!'/0%,2!
(5(02&%&! .)5+&! ./! -)! &/:)8$(.! ):'.2;! K)1(0! %5&.%.4.%/5&! 0%A)! ,/4*.&! (5+! 0%.%1(.%/5! (*)! (.!
-)&.! /502! /5)! /3! (! *(51)! /3! '/&&%-0)! '/0%,2! %5&.*4:)5.&! (5+9! (.! 8/*&.9! (5! %**%.(.%51!
(5(,$*/5%&:;! #$)! ,/::/5! 0(8! /3! :(*A).! 3(,%0%.(.%/5! %&! 5/.! (.! .$)! 0)(+%51! )+1)! /3! &/,%(0!
+)D)0/':)5.;! =5! :(52! &)..%51&9! 0(82)*&! &)):! 0%A)! .$)2! +/5j.! A5/8! (52.$%51! 4&)340! (5+!
&'),%(0%G)!%5!/-&.*4,.%/5%&:!+)3)5+)+!-2!B4(%5.!0)1(0%&:&!6_.$)!5)10%1)5.!&$/40+!'(2_7;!

HX
!P))!g)55)+29!@,J1&9!5/.)!`>!]45,(5!g)55)+29!67.(=;1,3;,1.(80(!%&3>@;8-.Q@(+8''.-;&1$.@9!H[!CdUU;! K;! NLI;!HYi!
6FX\X7;! ?/::/5! ')/'0)! &)):! ./! -)! %5! (! 1//+! -%.! /3! '(%59! +%&.*)&&! (5+! ,/534&%/5! (&! .$)2! ,0%51! ./! .$)! %+)(! /3!
'*/')*.2! (&! (! &/4*,)! /3! '*/.),.%/5! (5+! &/,%(0! ,/55),.%/5;! C04)! ,/00(*9! _,/5&)*D(.%D)! ]):/,*(.&_! /3! :2!
(,B4(%5.(5,)!%5!?$%,(1/!%+)5.%32!1/D)*5:)5.!%5.*4&%/5!/5!.$)%*!&:(00!'/&&)&&%/5&!(&!&/,%(0%&:9!.$)*)-2!%&/0(.%51!
.$):&)0D)&! 3*/:! ,//')*(.%D)! &/,%(0! '0(55%519! 2).! 3%5+! .$)&)! &(:)! '/&&)&&%/5&! ,/5&.(5.02! (.! *%&A! 3*/:! :(*A).!
.*(5&(,.%/5&!(5+!.$)!%5)D%.(-0)9!$('$(G(*+!,*%&%&!:(5(1):)5.!/3!.$)!8)03(*)!&.(.);!L.$5%,!-/5+&!8$%,$!'*/D%+)+!
:/+)0&! /3! 1)54%5)! ,/::45%.2! (*)! +%&&/0D)+! %5! .$)! 5)8! '(..)*5&! /3! *(.%/5(0! -4*)(4,*(,29! ,/::/+%.2!
,/5&,%/4&5)&&9! (5+! &/,%(0! ,0(&&;! R)(58$%0)! .$)! 5(.%/5(0! 1/D)*5:)5.! )0),.)+! /5! .$)%*! (5@%).%)&! '4*&4)&! (!
+(51)*/4&! &.*(.)12! /3! :%5%:(0%&:9! '*)&)*D%51! .$)! :(@%:4:! (:/45.! /3! ),/5/:%,! 0%-)*.2! -2! &.(2%51! (&! ,0/&)! (&!
'/&&%-0)! ./! .$)! -/*+)*! /3! &/,%(0! ,(.(&.*/'$);! <0(2%51! .$%&! A%5+! /3! &/,%(0! ,$%,A)5! .(A)&! (! 1//+! +)(0! /3! (1%0%.2! (5+!
5)*D)9! ')*&/5(0%.2! ,$(*(,.)*%&.%,&! 8%.$! 8$%,$! /4*! )5.*)'*)5)4*%(0! *40%51! ,0(&&! ,/:)&! 8)00! )B4%'')+;! C4.! .$)!
,/**)&'/5+%51!&/,%(0!)@')*%)5,)!%&!&.*)&&340!(5+!3*%1$.)5%51;!=5!:(52!8(2&9!.$)!:/+)*5!&/,%(0!,/5&,%/4&5)&&!%&!(!
-%G(**)! ,/:-%5(.%/5! /3! ,/:'0(,)5.! :(.)*%(0%&:! 6):'$(&%G%51! .$)! +%1)&.%D)! D(04)&! /3! ,/5&4:'.%/57! (5+!
5(4&)(.%51! *%&A! 6):)*1%51! 3*/:! 0(,A! /3! &/,%(0! ,//')*(.%/5! (5+! *)'*)&&)+! -)0/8! .$)! '0(,%+! &4*3(,)! /3! )D)*2+(2!
,/5&4:)*%&.!0%3)7;!
HY`!!! O ) * : ( 5 ! K ( 8 ! a / 4 * 5! ( 0 ! !!!!!!kI/0;!FH!T/;!YF

C4.! .$%&! '%,.4*)! %&! /502! D(0%+! (&! (! 1*/&&! 1)5)*(0%G(.%/5;! Q! ,0/&)*! 0//A! *)D)(0&! (00! &/*.&! /3!
'*/W),.&!1/%51!/59!&/:)!.*(+%.%/5(09!&/:)!:/+)*5;!Q!D)*2!&:(00!%5D)5./*2!/3!&4,$!'*/W),.&!
./!1%D)!(!30(D/*!/3!.$)!%+)(!%&!(&!3/00/8&E!=5!.$)!.*(+%.%/5(0!,(.)1/*29!'*/')*.2!.*(5&(,.%/5&!
(5+! /*+%5(*2! +%&'4.)&! /D)*! '*/')*.2! (*)! %:'/&&%-0)! ./! )0%:%5(.)! %5! (! ,/:'0)@! ),/5/:29!
(5+! &/:)! /3! .$)! +%&'4.)&! 8%00! ,/5.%54)! ./! '0(,)! (! +):(5+! /5! ,%D%0! 0%.%1(.%/5! 6(5+! %.&!
&4-&.%.4.)&7;! #$)! ,/*)! /3! 0)1(0! :).$/+! (0&/! ,(55/.! -)! )*(+%,(.)+;! =5! &'%.)! /3! .$)! .*)5+!
./8(*+! '*/&'),.%D)9! ,/5&)B4)5.%(0%&.! *)(&/5%519! .$)*)! %&! (5! )B4(002! &.*/51! .*)5+! ./8(*+!
0)1(0! 3%5(0%.2;! Q! ,/:'0)@! &/,%(0! (5+! ),/5/:%,! &%.4(.%/5! (,.4(002! %5,*)(&)&! .$)! +):(5+! 3/*!
&.(-%0%G(.%/5!/3!5/*:&!(.!.$)!&(:)!.%:)!.$(.!%.!+):(5+&!%5,*)(&)+!30)@%-%0%.2;!P/:)!:(..)*&!
:4&.!-)!,/5&%+)*)+!_(&!%3_!.$)2!(*)!(0*)(+2!+),%+)+;!=5!0%1$.!/3!.$)!5))+!3/*!30)@%-%0%.29!(5+!
.$)!4-%B4%.2!/3!,/5&)B4)5.%(0%&.!*)(&/5%519!*)%3%,(.%/5!%5!0(8!6.$)!_%.5)&&_!(&&/,%(.)+!8%.$!
^Y
3%5(0%.27! /3.)5! &)):&! (*.%3%,%(0>! -4.! %.! %&! 5/.! _5/5&)5&)_; ! Q&! '/%5.)+! /4.! )(*0%)*9! .$)!
'*)D(0)5,)! /3! ,/:'0)@! &.(.4./*2! &,$):)&! 8%.$! -4*)(4,*(.%,(002! (+:%5%&.)*)+! 5/*:&!
*)'*)&)5.&! (5! %5,*)(&)+! +)1*))! /3! 3%5(0%.2! 6/*! 0)1(0! '/&%.%D%&:7! ,/:'(*)+! 8%.$! .$)! /')5J
.)@.4*)+!,/::/5!0(8;!
!
=5! .$)! %5.)*:)+%(.)! ,(.)1/*29! 0(8! $(&! (! &.*/51! */0)! ./! '0(2! %5! :):-)*&$%'! 6/*! (,,)&&7!
+%&'4.)&! &'(85)+! -2! ,/:'0)@! &/,%(0! 8)03(*)! '*/1*(:&! (5+! ),/5/:%,! '0(55%51;! #$)!
&%:'0)&.! A%5+! /3! +%&'4.)! ,/5&%&.&! /3! %+)5.%32%51! &),/5+! ,0(&&! .*)(.:)5.! (5+! ,/:'0(%5%51!
(-/4.! %.;! Q! :/*)! &4-.0)! '*/W),.! %&! *),/15%G%51! &.*4,.4*)+! /-&.(,0)&! ./! (,,)&&9! &4,$! (&! .$)!
^F
3*(1:)5.(.%/5! /3! .$)! 0(-/*! :/D):)5.! .$*/41$! (! '/0%,2! /3! )@,)'.%/5(0%&:; ! Q5+!
&/:).%:)&! .$)! ,(4&)! /3! (,,)&&! :(2! W4&.%32! &4''/*.! 3/*! &/:)! /.$)*8%&)! (5.%B4(.)+! 0)1(0!
%5&.%.4.%/5&;!c5)!/3!.$)!'*/-0):&!8%.$!:/+)*5!&/,%(0!8)03(*)!'0(55%51!%&!.$)!&4-D)*&%/5!/3!
%5+%D%+4(0!(5+!:%5/*%.2!%5.)*)&.&!%5!.$)!,/00),.%D)!,/:'*/:%&)&!5),)&&(*2!./!'*/+4,)!(!3%5(0!
'*/1*(:;!U/*!)@(:'0)9!b)(0.$!R(%5.)5(5,)!c*1(5%G(.%/5&!6bRc&7!:(2!%5D/0D)!(5!)0):)5.!
/3!,/5&4:)*!+),)'.%/5!%5!.$)!(+D)*.%&%51!/3!-)5)3%.&!8$%,$!(*)9!%5!3(,.9!+%33%,40.!./!/-.(%5;!
=5! &$%3.%51! 3*/:! (! &2&.):! -(&)+! /5! ,/5&4:)*! +):(5+! ./! (! &2&.):! -(&)+! /5! )@')*.!
+),%&%/5&9! -4.! (0&/! *)B4%*%51! 3%)*,)! ,/:').%.%/5! 3/*! ,4&./:)*&9! .$)*)! %&! (! .):'.(.%/5! ./!
'*/:%&)!(!0/.!(5+!&(D)!:/5)2!0(.)*;!Q.!&/:)!'/%5.9!&4,$!-)$(D%/*!:(2!,*/&&!.$)!0%5)!(5+!
-),/:)!&/:).$%51!.$(.!8)!8/40+!-)!8%00%51!./!,(00!,/5&4:)*!3*(4+;!Q.!.$(.!'/%5.9!.$)!/0+!
3(&$%/5)+!3*(4+!*%1$.&!(5+!*):)+%)&!:(2!'*/D)!B4%.)!4&)340;!?0)(*!*):)+%)&!(*)!)&'),%(002!
4&)340! %5! (! ,/:'0)@! -4*)(4,*(.%,! &2&.):! 8$)*)! 5/! /5)! 8%00! .(A)! *)&'/5&%-%0%.2! 3/*!
,/5&)B4)5,)&;! ?/00),.%D%&:! +%:%5%&$)&! .$)! &,/')! /3! %5+%D%+4(0%&:! -4.! %5,*)(&)&! %.&!
^H
%:'/*.(5,); !

^Y
!P))!M$%.)9!@,J1&9!5/.)!FX;!
^F
!a/)0!N/1)*&9!I$F$9.(&-9(+8-T,.1<(67.(4.5&%(D8,-9&;$8-@(80(C8@;?&1(S*=*(4&E81(C8%$3"9!$-(?N=#=?QK! KLOQK! #bcdOb#E!
QT! QRLN=?QT! OLNRQT! ]LCQ#L! HF^JH^i!6?$*%&.%(5!a/)*1)&!(5+!](D%+!R;!#*4-)A9!)+&;7>!g(.$)*%5)!I(5!M)G)0!P./5)9!
K.U:-F$@$8-$-5(4&E81(4&?<(2(K.@J8-@.(;8(C180.@@81(D$->$-9!`i!R];!K;!NLI;!X\[!6FX[h7;!
^H
! Q0&/! ,/5&%+)*! .*(+%.%/5(0! ./*.! 0(8;! #/*.! 0(8! %&! 1)5)*(002! (! 1*/.)&B4)02! %5)33%,%)5.! (5+! 453(%*! :).$/+! /3!
,/:')5&(.%51! ')/'0)! 3/*! .$)! ,/&.! /3! (,,%+)5.&! (5+! (! ')*3),.! )@(:'0)! /3! $/8! 0)1(0! .$%5A%51! -),/:)&! *)'0(,)+!
8%.$! '/0%,2! (5(02&%&;! C4.! .$)! ./*.! *):)+2! $(&! /5)! ,$(*(,.)*%&.%,! 8$%,$! :(2! W4&.%32! '*)&)*D%51! .$)! &2&.):! %5!
:/+%3%)+! 3/*:;! Q+:%5%&.)*)+! ,/:')5&(.%/5! &,$):)&! $(D)! .$)! '*/-0):! /3! /D)*,)5.*(0%G(.%/5! -/.$! %5! .$)!
HYFFZ!!!!!!!!!!!!!!!!!!!!!!! K)1(0!]%&%5.)1*(.%/5!(5+!(!#$)/*2!/3!.$)!P.(.)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! HYi!

=5! .$)! (D(5.J1(*+)! ,(.)1/*2! (*)! 5)8! :).$/+&! /3! 0)1(0! %5.)*'*).(.%/5;! b)*)! /5)! .$%5A&! /3!
.$)! *)%5&.(.):)5.! /3! :/*(0! *)(&/5%51! %5! &.(.4./*2! %5.)*'*).(.%/5! (5+! '/0%,2! (5(02&%&9!
&.(.4./*2! %5.)*'*).(.%/5! -(&)+! 4'/5! .$)! *)(0%.%)&! /3! %:'0):)5.(.%/59! (5+! .$)! %5,*)(&)+!
*(51)!/3!0)1(0!%5.)*'*).(.%/5!:(+)!(D(%0(-0)!-2!,*%.%,(0!:).$/+/0/1%)&;!
!
Q0&/! %5! .$)! (D(5.J1(*+)! ,(.)1/*2! %&! &/,%(0! 8)03(*)! '0(55%51! .$*/41$! %5&.%.4.%/5(0! ,$/%,);!
c5)!8(2!./!*)+4,)!.$)!,/:'0)@%.2!/3!&/,%(0!'0(55%519!(5+!.$)!,/530%,.!-).8))5!0%-)*.2!(5+!
,//')*(.%/59!%&!-2!+)0)1(.%/5!*(.$)*!.$(5!+).(%0)+!'*)&,*%'.%/5;!=5&.)(+!/3!*)140(.%/59!&/,%(0!
'/0%,2!,/5&%&.&!/3!:(.,$%51!%5&.%.4.%/5&!8%.$!'/0%,2!/-W),.%D)&9!):'/8)*%51!/*1(5%G(.%/5&!./!
.(A)!/5!5)8!345,.%/5&9!(5+!.$)!0%A);!U/*!)@(:'0)9!.$)!A)2!%&&4)!%5!&/,%(0!'/0%,2!8%.$!*)1(*+!
./! &)*%/4&02! %00! 5)8-/*5&! ,(5! -)! .$/41$.! /3! (&! .$)! 0/,4&! /3! +),%&%/5! :(A%51! 6+/,./*&! (5+!
^^
3(:%0%)&9!$/&'%.(0!-/(*+&9!,/4*.&9!'*/&),4./*&9!).,;7; !c3!,/4*&)9!.$)!'*/,)&&!/3!%5&.%.4.%/5(0!
,$/%,)!%5!(!&%.4(.%/5!0%A)!.$%&!,(55/.!-)!&/0D)+!-2!0)1(0!:).$/+;!LD)*2.$%51!+)')5+&!/5!.$)!
&4-&.(5,)!/3!.$)!(*)(!6);1;9!:)+%,(0!+),%&%/5&79!.$)!5(.4*)!/3!.$)!%5&.%.4.%/5&!6);1;9!-%(&)&!/3!
:)+%,(0! '*/3)&&%/5(0&79! .$)! ,/5&.*(%5.&! /3! .$)! 3%)0+! &%.4(.%/5! 6$/8! +),%&%/5&! (*%&)79! (5+! (!
^`
&)5&)!/3!).$%,&;!l).9!)D)5!%3!0)1(0!.*(%5%51!+%+!5/.!%5D/0D)!(5!)0):)5.!/3!'*(1:(.%,!).$%,&9 !
0)1(0!)@')*.%&)!%5!.$)!5(**/8!&)5&)!%&!&.%00!%:'/*.(5.;!#$)*)!%&!(!45%B4)!0)1(0!*/0)!%5!$)0'%51!
3/*:40(.)! .$)! -/45+(*%)&! /3! .$)! %5&.%.4.%/5(0! ,$/%,)! 6);1;9! 8$/! %&! _&)*%/4&02! %00_79!
)&.(-0%&$%51!(''*/'*%(.)!'*/,)+4*)&9!(5+!+)&%15%51!.$)!%5.)*3(,)!8%.$!.$)!*)&.!/3!.$)!0)1(0!
&2&.):!6);1;9!,/4*.&7;!U/*!0(82)*&!./!45+)*&.(5+!&4,$!%&&4)&9!.$)2!:4&.!-),/:)!%::)*&)+!
%5! .$)! .),$5%,(0! (5+! %5&.%.4.%/5(0! &4-W),.! :(..)*;! P4,$! $2-*%+! '*(,.%,)! %&! (! 3(*! ,*2! 3*/:! (!
0(8&4%.!./!*)'0)D2!(!$/*&)>!-4.!%.!%&!&.%00!0(8;!
!

0)1%&0(.%D)!'/0%.%,&!8$%,$!,*)(.)&!.$)!,/:')5&(.%/5!&,$):)!6%.&!*40)&!/3!)0%1%-%0%.2!(5+!+(:(1)&9!3/*!)@(:'0)7!(5+!
.$)!-4*)(4,*(.%,!'/0%.%,&!.$*/41$!8$%,$!.$)!&,$):)!%&!(+:%5%&.)*)+;!a4&.!3%5+%51!/4.!8$(.!*40)&!(''029!/*!8$/!%&!
*)&'/5&%-0)!3/*!&/:).$%519!:(2!-)!%:'/&&%-0)!%5!-2G(5.%5)!'4-0%,!-4*)(4,*(,%)&;!c5)!1//+!.$%51!(-/4.!.*(+%.%/5(0!
./*.!0(8!%&!%.&!(-%0%.2!./!,4.!.$*/41$!-4*)(4,*(.%,!*)&%&.(5,)!-2!(!0(8&4%.9!-(,A)+!8%.$!'/8)*340!+%&,/D)*2!*%1$.&9!
):)*1%519!(&!%.!8)*)9!3*/:!.$)!-04);!#$)!$)*/)&!/3!.$)!(&-)&./&!0%.%1(.%/5!8)*)!.*%(0!0(82)*&!-),(4&)!.$)2!(0/5)!
$(+!.$)!%5,)5.%D)&!(5+!,0/4.!./!-*)(A!.$)!,/5&'%*(,2!/3!%5&%+)*&;!M)!&$/40+9!.$)*)3/*)9!'*/,))+!D)*2!,(4.%/4&02!
8%.$!&4**)5+)*%51!(00!'*/.),.%/5&!./!,/:'0)@9!'4-0%,!-4*)(4,*(,%)&!(5+!A))'!%5!:%5+!.$)!+)&%*(-%0%.2!/3!0%.%1(.%/5!
*):)+%)&!6%3!5/.!.$)!.*(+%.%/5(0!'*%D(.)!./*.!&4%.9!3/*!)@(:'0)9!.$)5!')*$('&!&/:)!A%5+!/3!'4-0%,!%5.)*D)5/*!(,.%/57;!
=5!1)5)*(09!.$)!_45'*)+%,.(-0)_!B4(0%.2!/3!0)1(0!*):)+%)&!8$%,$!:(A)&!.$):!&4,$!'//*!+)D%,)&!3/*!'0(55%51!(5+!
'*/1*(::%51!(0&/!:(A)&!.$):!1//+!,(5+%+(.)&!3/*!(!.2')!/3!+):/,*(.%G(.%/5;!
^^
!P))!P2:'/&%4:9!!&E"(I8.<(C18E%.'@(&-9(4.5$@%&;$F.(C18J8@&%@(^(4.5$@%&;$F.(#81>@78J9!FX[`!QN=o;!P#;!K;a;!hYFJXH!
6FX[`7;!
^`
!#)+!P,$5)2)*9!M81&%(C7$%8@8J7"Q@(=;&-9&19(M$@38-3.J;$8-(80(4.5&%(:;7$3@9!FX[`!M=P;!K;!NLI*!FiHX!6FX[`7;!