! !

!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
!"#$%&'(
!
"#$%! &'()#*&+! ,'(-./*(-0! /123-4$/*! 2#$*4$#-! ,'$%-3-0/! 3/! %/*./! &/! 5!2#*%/62(*#3/!7! 8! 3(!
23(9/!&/!.#;!;#.<!
!
=/!;'(-!,(.(-0!/$!3/!.#-;&*/!&#$%/+!/;!>9*-?(;%!9/0!@A""BAC+!4$'/33/0!>.(;(-/;%!&$!
DE*-0%<!=/!&#;;/!&(;0!.(!9#$*%/!)-#F*(2E-/!3/0!*(-0#;0!2#$*!3/04$/33/0!,'/;!0$-0!0G*/<!!
!
H/;&(;%!3'>9*-%$*/!&/0!@A""BAC+!,'(-!93(-*/./;%!*/I$!3/!./00(F/!4$/!,/!&/?(-0!*/0%/*!
9#.23J%/./;%! &(;0! 3'#.)*/! /%! 4$/! 0/$3/0! 3/0! @A""BAC! KL! DMBNC"! &/?(-/;%!
(22(*(O%*/<!@/0!F/;0!&>9-&/*(-/;%!/;0$-%/!&'/$16.P./0!0-!3/0!3/%%*/0!0#;;(-/;%!,$0%/!
#$!0'-3!0'(F-00(-%!&/!Q($1<!=/!&/?(-0!>9*-*/!9/!4$/!,/!*/9/?(-0!/%!/00(R/*!&/!3/!2$)3-/*!
2#$*! 4$/! 3/! 2$)3-9! 2$-00/! 3'/1(.-;/*! /%! 9/! 4$-! (**-?/*(-%! /;0$-%/! 0/! 2(00/*(-%!
0%*-9%/./;%!/;%*/!3/!3/9%/$*!&/0!@A""BAC!/%!3(!D#;09-/;9/!&$!DE*-0%<!!
!
K(;0! 3/0! @A""BAC+! DE*-0%! (! 2*#.-0! 4$'/33/0! >%()3-*(-/;%! $;! 3-/;! /;%*/! 0#;! /02*-%! /%!
9/3$-! &$! 3/9%/$*! /%! 4$'$;/! (-&/! 0/*(-%! (22#*%>/! 8! 9/! &/*;-/*! 2#$*! 9#.2*/;&*/! 3(!
0-F;-Q-9(%-#;!2*#Q#;&/!9(9E>/!&/**-J*/!3/0!.#%0<!
!
S/($9#$2! &/! F/;0! #;%! *(22#*%>! (?#-*! ?>9$! 9/! 9#;%(9%<! S/($9#$2! &/! F/;0! #;%! >%>!
9#;09-/;%0!&'$;/!($F./;%(%-#;!&/!3/$*!&-09/*;/./;%<!!
!
H(*! 9#;0>4$/;%+! %#$%! 9#../! 3/! ;#.! &'$;! 0/9*>%(-*/! -.2#*%/! 2/$! &(;0! 3(! 9#;&$-%/!
&'$;/! %*(;0(9%-#;+! &/! .P./! .#;! ;#.! /%! .#;! -&/;%-%>! -.2#*%/;%! 2/$<! D/! 4$-! /0%!
?*(-./;%! -.2#*%(;%+! 9'/0%! &/! 0(?#-*! 0-! 3/! 3/9%/$*! 2/$%! */00/;%-*! 4$/! 9'/0%! 3/! DE*-0%!
($%E/;%-4$/! 4$-! 0'/0%! >3/?>! /;! 9#;09-/;9/! 02-*-%$/33/! ,$04$'($1! 5!2#*%(-30! .P./! &/!
3'>4$-3-)*/!7T! %#$%! /;!*/0%(;%!&(;0! 0#;! -;&-?-&$(3-%>+! (Q-;! &/! */0%/*!/;!9#;%(9%! (?/9!3/!
.#;&/!&/!3'-;&-?-&$(3-%><!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
T
!5!%E/!?/*R!2#*%(30!#Q!%E/!A4$-3-)*-$.!7!

!
 ! !
A;! 0/9#;&! 3-/$+! 3'#2-;-#;! /0%! &-?-0>/! ($! 0$,/%! &/! 3(! %R2#F*(2E-/! 2(*Q#-0! >%*(;F/! &/0!
@A""BAC<!
!
='(-./*(-0! /123-4$/*! 4$/! 2/;&(;%! 4$/! 3/! DE*-0%! -.2*>F;(-%! .#;! /02*-%! &/! .#%0! /%!
&'-.(F/0+! ,'(-! >F(3/./;%! */00/;%-! U,$04$'8! $;! 9/*%(-;! 2#-;%V! 3/0! -.2*/00-#;0! 4$/! 3/!
DE*-0%!(!*/00/;%-/0!/;!?-?(;%!3/0!>?>;/./;%0!4$'-3!&>9*-%!.(-;%/;(;%<!A;!*/?/;(;%!($1!
?-)*(%-#;0!&/!9/%%/!>2#4$/+!3/!DE*-0%!R!2>;>%*(-%!/%!3/0!*/3(R(-%!8!%*(?/*0!.#;!/02*-%<!N3!
>%(-%!%#$%!0-.23/./;%!-.2#00-)3/!&'>9*-*/!3/0!@A""BAC!/;!%/1%/!0-.23/!#$!.P./!/;!
;'$%-3-0(;%! 4$/! &/0! -%(3-4$/0<! N3! .'/0%! (**-?>! 0#$?/;%+! 3#*04$'$;! ;#$?/3! >3>./;%!
2>;>%*(-%! .#;! /02*-%+! &/! ./! &/.(;&/*! 9#../;%! ,'(33(-0! 2#$?#-*! .'/;! %-*/*<! W#$0!
9#.2*/;&*/X!9/!4$/!,/!?/$1!&-*/!3#*04$/!?#$0!3-*/X!3/0!@A""BAC<!
A%! &#;9+! 2#$*! -;&-4$/*! 4$'$;/! &>93(*(%-#;! 2$-00(;%/! 2*#?/;(;%! &/! 3'/02*-%! &$! DE*-0%!
/;%*(-%!&(;0! 3/!.-/;+! ,'(-! $%-3-0>!&/0!-%(3-4$/0+!&/0!3/%%*/0! /;! F*(0! /%! &/0!.(,$09$3/0<!
@/0!F/;0!0/!23(-F;/;%!&/!9/!4$/!9/%%/!%R2#F*(2E-/!3/0!FP;/!&(;0!3/$*!3/9%$*/<!Y(-0!
9'/0%!,$0%/./;%!9/!4$-!/0%!?#$3$<!D/0!@/%%*/0!;/!0#;%!2(0!&/0%-;>/0!8!P%*/!3$/0<!A33/0!
0#;%!&/0%-;>/0!8!P%*/!YAKN"AAC!/%!9/9-!0-F;-Q-/!4$'-3!Q($%!?#$0!(**P%/*!0$*!3/0!.#%0!/;!
F*(0! 4$-! (**P%/;%! 3/! Q3#%! &/0! .#%0! /%! HAZCAB! 8! 9/! 4$/! 9/0! .#%0! /00(-/;%! &/! ?#$0!
%*(;0./%%*/<!N3!Q($%!?#$0!*(22/3/*!0(;0!9/00/!4$/!3#*04$/!3/!DE*-0%!/00(-/!&'(%%/-;&*/!
?#%*/! -;%/33-F/;9/! E$.(-;/+! -3! 2(*3/! &/! ?>*-%>0! 4$-! &>2(00/;%! &/! 3#-;! ?#%*/! 2*#2*/!
/12>*-/;9/!&/!?-/!&(;0!9/!.#;&/<!N3!?#$0!Q($%!/;%*/*!&(;0!3(!&-./;0-#;!&/!3'-;Q-;-!(Q-;!
&'/00(R/*!&/!9#.2*/;&*/!9/!4$-!?#$0!/0%!&-%<!A%!&#;9+!0-!?#$0!2(00/X!$;/!&/.-6E/$*/!
8! .>&-%/*! $;! 2(*(F*(2E/! >9*-%! &'$;/! .(;-J*/! >%*(;F/+! 9'/0%! $;/! &/.-6E/$*/! )-/;!
$%-3-0>/! 0-+! F*(&$/33/./;%+! ?#%*/! /02*-%! 0'#$?*/! 8! &/! ;#$?/33/0! 2#00-)-3-%>0! 4$-!
&>2(00/;%!?#%*/!2/;0>/!(9%$/33/<!
@#*04$/! ?#$0! (%%/-;&*/X! /;! 9#;09-/;9/! 3(! 9#;09-/;9/! &$! DE*-0%+! /;! &/.(;&(;%!
3'-33$.-;(%-#;+! /33/! ?#$0! 0/*(! 9/*%(-;/./;%! 9#;Q>*>/<! H(0! ;>9/00(-*/./;%! 8! 9/!
.#./;%! .(-0! 2/$%6P%*/! [! \#$(#$E!]! [! 4$(;&! ?#$0! ?#$0! R! (%%/;&*/X! 3/! .#-;0+! 3(!
*>2#;0/!?#$0!?-/;&*(!9#../!$;/!Q3J9E/!8!3'/02*-%!/%!?#$0!C^LBA_!(3#*0!4$/!`!5!aLN+!
D'AC"!DA@^+!D'AC"!@^!WB^NA!BbHaZCA!]!7!!
!
!

!
 ! !

!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
)*+",-.&+),*
N3!&-%!`!
!"#$"%&$'(")*+,",$-.&/&$,"0$("12+%2&($("&'.$,),3.2.&*'(""
4+&"*'."3.3"/2&.$("5$("$'($&6'$1$'.("4+$""
782&"5*''3("20*,("4+$"783.2&("-*''+"(*+("0$"'*1"5$"9#;<=<8"$'">20$(.&'$?"&0"@"2"ABBB"2'(C"D"
N3!&-%!($00-!`!
!5!K$! Q(-%! 4$/! 3/0! 2/$23/0! ()#*&/;%! $;/! 9*-0/! .#;&-(3/! 4$-! 2*/;&! &/0! 2*#2#*%-#;0! F-F(;%/04$/0+! -3! /0%!
?-%(3+!2#$*!3/$*!0$*?-/+!4$/!1*&?"0$"EF,&(.+!,/!2$-00/!.'(&*/00/*!8!%#$0!9/$1!4$-!>9#$%/;%<!W#$0!0(?/X!2/$!
&/! 9E#0/0! ($! 0$,/%! &/0!?>*-%()3/0! 2*#9/00$0! &/!9*>(%-#;! &(;0!3/04$/30! ?#$0! ,#$/X! ?#$06.P./! $;! *c3/!
.(,/$*<!N3!/0%!-.2>*(%-Q!4$/!?#$0!3/0!9#.2*/;-/X!0$QQ-0(../;%!2#$*!2#$?#-*!?#$0!/;F(F/*!&(;0!3(!.-0/!
/;!2*(%-4$/!&'$;/!?-0-#;!23$0!>3/?>/+!2#$*!3/!)>;>Q-9/!&/!%#$%/!3'E$.(;-%><!7!
!5!D#../!-3! /0%!-.2#00-)3/! 8!.(! 9#;09-/;9/! 02-*-%$/33/! &/! 2*/;&*/! $;/!Q#*./! E$.(-;/! (Q-;! &/! 2#$?#-*!
?#$0! 2(*3/*! &-*/9%/./;%+! ,'(-! &>2*#F*(..>! $;! /02*-%! *>9/2%-Q! /%! #)>-00(;%! /%! 3d(-! 2*>2(*>! 8! */9/?#-*! .(!
W>*-%>!/%!3(!%*(;09*-*/!/;!.#%0<!D'/0%!.(!d2#*%/62(*#3/'!7<!
!
@(! 5!2#*%/62(*#3/!7!`! (?(;%! &/! 3-*/! 3/0! G$..,$(" 5+" EF,&(.+! -3! 0/! 2#$**(-%! 4$/! ?#$0! ?#$0! &/.(;&-/X!
9#../;%!0'/0%!*>(3-0>!9/%!/1/*9-9/!02-*-%$/3!&/!%*(;0.-00-#;!&/!9#;09-/;9/<!!
@/! %*(?(-3! 9#;0-0%(;%! 8! ./! 2*>2(*/*! 8! &/?/;-*! 3(! 5!2#*%/62(*#3/!7! &$! DE*-0%! (! 9#../;9>! -3! R! (! ef! (;0+!
3#*04$/+! (3#*0! 9E*>%-/;;/! /;F(F>/+! */;9#;%*(;%! &/! F*(?/0! &-QQ-9$3%>0! &(;0! .#;! .>%-/*! &/! Q/*.-J*/! /%!
&/.(;&(;%!&/!3'(-&/!($!DE*-0%+!$;/!*>2#;0/!-;(%%/;&$/!/%!2$-00(;%/!.'#)3-F/(!8!*>/1(.-;/*!/%!8!*/,/%/*!
%#$%! &#F./! */3-F-/$1<! @'-33$.-;(%-#;! 0'/;0$-?-%! /%! ./! &-*-F/(! 93(-*/./;%! &(;0! &/! ;#$?/($1! &#.(-;/0! &/!
%*(?(-3! /%! &'>%$&/<! ='(-! (3#*0! Q#;&>! $;/! /;%*/2*-0/! &/! 5!9#;%(9%! (?/9! 3/0! F/;0!7 g+! 4$-! /0%! &/?/;$/!
Q3#*-00(;%/<!H/;&(;%!0/2%!(;0+!,'(-!/$!&$!0$99J0!/%!)/($9#$2!&/!)#;E/$*<!H#$*!9*#O%*/!/;!9#.2*>E/;0-#;!
02-*-%$/33/+!,'(-!/;0$-%/!%*(?/*0>!&-?/*0/0!/12>*-/;9/0!E$.(-;/0!%*J0!%*($.(%-0(;%/0!/%!(2*J0!)/($9#$2!&/!
0#$QQ*(;9/+!,'/;!(-!%-*>!3(!3/I#;+!(?/9!&#$3/$*!.(-0!(?/9!2*#Q-%+!2$-0!3/0!(-!%*(;09/;&>/0!02-*-%$/33/./;%<!
!
L;! 0#-*+! /;! *>2#;0/! 8! ./0! 2*-J*/0! /%! ./0! &/.(;&/0! &/! 9#;0/-3+! 3(! 2*>0/;9/! &/! DE*-0%+! 4$-! .'/0%!
&/?/;$/! $;/! *>(3-%>+! .'(! &#;;>! 3(! 2*/$?/! -**>Q$%()3/! &/! 0#;! -&/;%-%><! N3! .'(! 2(*3>! 2/;&(;%! $;/! E/$*/+!
/;?#R(;%!&/!2$-00(;%/0!#;&/0!&'^.#$*!D#0.-4$/!8!%*(?/*0!.#;!9#*20!/%!.'(!Q(-%!$;/!)*J?/!&/09*-2%-#;!
&/! 9/! 4$-! (33(-%! .'P%*/! &-%! /%! &/! 9/! 4$/! ,'(33(-0! Q-;(3/./;%! (99#.23-*<! K/$1! 0/.(-;/0! 23$0! %(*&+! -3! .'(!
9#;&$-%/! 8! %*(?/*0! $;/! /12>*-/;9/! %*(;09/;&(;%/! &'L;-#;! D#;09-/;%/! (?/9! 5!K-/$!7<! =/! 0$-0! &/?/;$/!
F$>*-00/$0/!/%!3'-;0%*$./;%!&/!4$/34$/0!F$>*-0#;0!-;0%(;%(;>/0<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
g
!5!(!)$0-;/00!&/(3-;F!\-%E!2/#23/!7!

!
 ! !
!
K/! Thii! 8! Thjk+! 8! &/0! .#./;%0! -.2#*%(;%0! &/! .(! ?-/+! /;! *>2#;0/! 8! ./0! 4$/0%-#;0+! 3/! DE*-0%! .'(!
-;0%*$-%/!($!0$,/%!&/!2*-;9-2/0!02-*-%$/30!/%!09-/;%-Q-4$/0!4$-!0#;%!.(-;%/;(;%!/123-4$>0!2(*!3/!DE*-0%!&(;0!
0/0!@/%%*/0<!A;!Thjl+!,'(-!?>9$!$;/!;$-%!&/!?-0-#;0!&>9*-?(;%!3/0!>?>;/./;%0!4$-!(33(-/;%!0/!2*#&$-*/!/;%*/!
Thkm!/%!Thhe+!3/04$/30!0/!0#;%!%#$0!*>(3-0>0<!N3!.'(!>%>!*>2>%>!4$/!,'($*(-0!$;!%*(?(-3!8!(99#.23-*!&(;0!3/!
Q$%$*<!
!
n-;(3/./;%+! (2*J0!&/!;#.)*/$0/0!?-9-00-%$&/0+!%#$,#$*0!(&#$9-/0!2(*!.#;! 3-/;!2$-00(;%!(?/9!3/!DE*-0%+!
.(!9#.2*>E/;0-#;!4$-!(33(-%!0'(22*#Q#;&-00(;%!/%!.#;!/12>*-/;9/!2/*0#;;/33/!&/!3(!5!D($0/!H*/.-J*/!7+!
,'(-!>%>!(./;>/!8!.#;!&#.-9-3/!(9%$/3<!N9-+!,/!?-0!&/2$-0!gf!(;0!$;/!?-/!&/!23$0!/;!23$0!0#3-%(-*/+!2(*Q#-0!
/;! 9#;%(9%! 93(-*! /%! *(22*#9E>! (?/9! 3/! DE*-0%+! /%! 2(*Q#-0! ()(;&#;;>/! (Q-;! &/! */;Q#*9/*! .(! Q#-! /%! .(!
2(%-/;9/! &(;0! 3/0!.#./;%0! 0/! 0>9E/*/00/! 02-*-%$/33/<!D/0! 4$(%*/! &/*;-J*/0! (;;>/0+!,'(-! 2(00>! 2(*! $;/!
2$*-Q-9(%-#;! ./;%(3/! /%! >.#%-#;;/33/+! /%! 9'/0%! (-;0-! 4$/! ,'(-! (%%/-;%! .#;! )$%!`! 3(! 2(-1! -;%>*-/$*/! /%! 3(! ,#-/!
2(*Q(-%/0<!
G$"EF,&(.!.'(!Q(-%!?-?*/!$;!2*#9/00$0!F*(&$/3!.(-0!%*J0!93(-*!&/!*(QQ-;/./;%<!@#*04$/!,'(-!>%>!2(*Q(-%/./;%!
&>)(**(00>/!&$!d.#-'+!.(33>()3/!/%!*>9/2%-?/+!3(!W#-1!(!9#../;9>!8!&-9%/*!/%!3/0!@/%%*/0!#;%!9#../;9>!8!
2*/;&*/!Q#*./<!!
E$(" G$..,$(" (*'." $'.&H,$1$'." 08I+%,$" 5+" EF,&(. <! B-/;+! &(;0! 9/0! 3/%%*/0+! ;/! 2*#?-/;%! &'($%*/0! 3-?*/0+!
)-/;! 4$/+! 9/0! &/*;-J*/0! (;;>/0+! 9/*%(-;0! ($%/$*0! (-/;%! (22(*/../;%! %-*>! $;/! F*(;&/! 2(*%-/! &/! 3/$*!
-;02-*(%-#;! &$! *(R#;;/./;%! &/! W>*-%>! 9#;09-/;%! &$! DE*-0%<! "#$0! 9/$1! 4$-! 0#;%! /;! E(*.#;-/! (?/9! 9/%%/!
D#;09-/;9/!0#;%!F*(;&/./;%!)>;-0<!=/!;/!0$-0!4$/!3(!5!2#*%/62(*#3/!7+!*-/;!&/!23$0<! !

!
 ! !

!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
&/01203(
"
G$..,$"J<!EF,&(.!&-%!3/0!*(-0#;0!2#$*!3/04$/33/0!-3!*/?-/;%!2#$*!&-9%/*!9/0!@/%%*/0<!N3!&-%!4$/!3'E$.(;-%>!Q(-%!
/33/6.P./! */%#.)/*! 0/0! .($1! 0$*! /33/! 2(*! 0/0! 2/;0>/0! /%! 0/0! (9%-#;0<! N3! /123-4$/! 2#$*4$#-! 0(! ?*(-/!
.-00-#;! 0$*! "/**/! ;'(! 2(0! >%>! *(22#*%>/! 9#**/9%/./;%<! N3! &-%! 4$'-3! ;'/1-0%/! ;$33/./;%! &/! 5!2>9E>! 9#;%*/!
K-/$!7+!/%!4$/!3(!<*+,-$"5$"08K.,$!;'/0%!2(0!9#.2*-0/<!N3!&>9*-%!0/0!0-1!0/.(-;/0!&(;0!3/!&>0/*%!/%!9/!4$-!
0'R! /0%! *>/33/./;%! 2(00>!o! 9/! 4$'-3! (! (22*-0! /%! 9#../;%! 3(! 9#;;(-00(;9/! 3'(! %*(;0Q#*.>+! &/! */)/33/+! /;!
Y(O%*/!/%!p$>*-00/$*<!
"
G$..,$"A<!N3!9#;%-;$/!3'E-0%#-*/!&/!0(!?-/!0$*!"/**/+!0#;!*/%#$*!9E/X!0(!.J*/!8!Z(X(*/%E!/%!3(!.(;-J*/!&#;%!
/33/!3'(!*/I$!o!0(!2*/.-J*/!F$>*-0#;!2$)3-4$/!/%!3(!*>(9%-#;!/1%*(#*&-;(-*/!4$'/33/!(!0$09-%>/!o!3/!9E#-1!&/!
0/0!&-09-23/0!o!0#;!?>*-%()3/!/;0/-F;/./;%<!
"
G$..,$"L<! N3! 9#;%-;$/! 8! ;(**/*! 3/0! -;9-&/;%0! 4$-! #;%! >.(-33>! 0(! ?-/+! 8! 2(*3/*! &/! 0#;! /;0/-F;/./;%+! &/! 0(!
9#;;(-00(;9/! &$! Q(-%! 4$/! 0#;! %/.20! 0$*! "/**/! (33(-%! P%*/! >9#$*%>! 2(*! 3(! 9*$9-Q-1-#;!o! &/0! 9E#0/0! 4$'-3! (!
Q(-%/0!2#$*!0#$3/?/*!3(!9#3J*/!&/0!&-*-F/(;%0!*/3-F-/$1!,$-Q0!o!9/!4$-!0'/0%!*>/33/./;%!2(00>!/%!9/!4$-!0'/0%!
&-%!3#*0!&/!3(!5!0(-;%/!DJ;/!7!o!&/!3'(%%-%$&/!&/!0/0!&-09-23/0+!/%!&/!3(!?>*-%>!9#;9/*;(;%!0#;!5!(09/;0-#;!7<!
"
G$..,$" M<! EF,&(.! *(00/.)3/! 3/0! Q-30! &/! 0#;! /;0/-F;/./;%! /;! H(3/0%-;/! /%! &-%! 4$/! 3$-+! Y$E(..(&+!
S#$&&E(!/%!&'($%*/0!Y(O%*/0!9#;%-;$/;%!8!>?#3$/*!02-*-%$/33/./;%!,$04$'8!9/!4$'-30!(09/;0-#;;/;%!&(;0!3(!
ENO<EPQOEQ"ERSP<TPU=Q<!DE*-0%!2(*3/!&/!3(!?>*-%>!&/!3(!*/3(%-#;!0/1$/33/+!&-0(;%!4$/!3'(%%-%$&/!/;%*/!
3/0!E#../0!/%!3/0!Q/../0!Q-;-*(!2(*!9E(;F/*<!L;!2*#F*J0!02-*-%$/3!($*(!3-/$!/%!3/0!/;Q(;%0!;(O%*#;%!(?/9!
$;!;#$?/($!2#%/;%-/3!02-*-%$/3<!!
"
G$..,$(" V" $." W<! EF,&(.! 9#../;9/! 8! /123-4$/*! 3/! ?>*-%()3/! 2*#9/00$0! &/! 9*>(%-#;<! N3! Q(-%! (33$0-#;! ($1!
9*#R(;9/0!&/!3(!09-/;9/!/%!&/0!&#9%*-;/0!*/3-F-/$0/0+!3/0!*/,/%%/!/%!&>Q-;-%!3(!X;SPT;"5$"G8QTSQ<!!
N3! Q(-%! (33$0-#;! 8! 3(! ?>*-%>! 9#;9/*;(;%! 3'/F#! E$.(-;! [! .#R/;! &'-;&-?-&$(3-0(%-#;! %/**/0%*/! /%! &#;9!
;>9/00(-*/+!.(-0!($00-!0#$*9/!&/!%#$%/!0#$QQ*(;9/<!!
"
G$..,$" Y<! EF,&(.! &>9*-%! 3(! ?>*-%>! 9#;9/*;(;%! 3'(9%/! 0/1$/3! [! 9/! 4$-! 0/! 2(00/! *>/33/./;%! ($1! ;-?/($1!
02-*-%$/3!/%!2ER0-4$/!o!9#../;%!3/0!/;Q(;%0!;(-00/;%!8!&-?/*0!;-?/($1!&/!9#;09-/;9/<!N3!/123-4$/!3(!23(9/!
&/0!E#../0!/%!&/0!Q/../0!&(;0!3'#*&*/!&$!.#;&/<!
"
G$..,$" Z<! EF,&(.! /123-4$/! 3(! *>(3-%>! &/! 3'E#../! /%! &/! 3(! Q/../+! 9#../;%! ?-?*/! &(;0! 0$(" GNP<" [Q"
G8Q\P<TQOEQ! /%! (**-?/*! 8! 3'>%(%! &'P%*/! E(*.#;-/$1! /%! )>;-! &(;0! 3/4$/3! %#$%/0! 9E#0/0! (**-?/;%! /;!
()#;&(;9/+! #q! 3(! F$>*-0#;! /0%! */0%($*>/! /%! #q! 3(! ,#-/! &/?-/;%! $;! >%(%! &'/02*-%! ;(%$*/3<! DE(4$/! -;&-?-&$!
2/$%!(%%/-;&*/!9/%!>%(%!-;%>*-/$*!&/!)>;>&-9%-#;!/%!3(!2(-1!&/?-/;&*(!(3#*0!3(!;#*./<!
"
G$..,$"]<!EF,&(.!*(00/.)3/!3/0!9#;93$0-#;0!&/!0/0!($%*/0! G$..,$(!/%!&-%!93(-*/./;%!9#../;%!0$*.#;%/*!
3'/F#+! */%*#$?/*! 0(! 2*#2*/! /0%-./! /%! /12>*-./;%/*! 3(!,#-/! &/!3(! 2(*Q(-%/! 2(-1! -;%>*-/$*/<! N3!Q(-%! (33$0-#;! ($!
*(9-0./!/%!&>3-?*/!$;!./00(F/!2/*0#;;/3!&'/;9#$*(F/./;%!/%!&'(.#$*!8!%#$0!9/$1!4$-!0#;%!(%%-*>0!?/*0!
0/0!G$..,$(<!!

!
 ! !

!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
!"##$"%&%
!
"#$%!&'!!"#$%&%!('!)*$)$)!+',,'!#++*)$#-!.'!/012!3*4&'4!.$4'+,'5'-,6!
'()*+(,-)./01)1(23+4+(1)5(-)670*7+-(-)+,3(1.18373+/,-)90+)/,3)838)47+3(-);()5<(,-(+=,(6(,3)90()><7+)
;+-.(,-8)+5)?)7)@AAA)7,-)(,)B75(-3+,(C)/D)><837+-)2/,,0)-/0-)5(),/6);()'8-0-E)
"')!3*4#&')!7#8)!)#-,!,4*-)5$)')!3*4!8-'!3'4)#--'!98$%!.'38$)!;<!*-)%!'),!)8==$)*55'-,!)'-)$>&'!?!&*!
)3$4$,8*&$,@!',!.@7#8@'!3#84!&')!4'+'7#$4!',!A!.#--'4!)8$,'6!
!(-)FG&&#G%)-/,3!HI#$&IB6!
C&&')!,4*-)+'-.'-,!,#8,')!&')!.#+,4$-')!4'&$D$'8)')!.8!5#-.'6!
JJ!(-)FG&&#G%)*/0-)F$KG#G#LM&E)
C&&')! )#-,! .'),$-@')! ?! ,#8)! +'8E! 98$! +F'4+F'-,! 8-! )'-)! ?! &*! 7$'%! 8-! >8,! ?! &'84! 'E$),'-+'! #8! &*! =#4+'!
.G*==4#-,'4!&'84!&8,,'!98#,$.$'--'!3#84!&*!7$'!H!98$!)#8==4'-,!.'!+F*D4$-)%!.'!5*&*.$')%!.'!.@)')3#$4!H!'&&')!
)#-,! )#84+'! .G$-)3$4*,$#-! 3#84! +'8E! 98$! *)3$4'-,! ?! .*7*-,*D'! .'! +#--*$))*-+'! )3$4$,8'&&'! .*-)! &'84! 7$'!
98#,$.$'--'6!
0-!3#844*$,!.$4'!98'!+')!F(331(-)-/,3)0,)!LN#%)OPQ$%&#PF!.'),$-@!?!+'8E!98$!)#-,!34I,)!?!'-,*5'4!
&*!7#$'!98'!(G*$!)8$7$'!*&#4)!98'!(G@,*$)!)84!J'44'%!'-!K*&'),$-'6!!
L&!)'!3#844*$,!98'!7#8)!.#8,$'M!98'!&')!5#,)!+$N.'))8)!)#-,!74*$)6!"*$)!&#4)98'!7#8)!&$4'M!&')!3*D')!98$!
)8$7'-,! ',! '-! *44$7'4'M! *8E! =*$,)! 98'! ('! 7#8)! 4@7O&'! *8! )8(',! .'! &G'E$),'-+'! ',! .'! &G#4$D$-'! .'! &*!
3'4)#--*&$,@%!7#8)!+#534'-.4'M!98'!+',,'!7@4$,@!-'!3'8,!34#7'-$4!98'!.'!&*!)#84+'!&*!3&8)!F*8,'6!
2$!7#8)!*7'M!.'!&*!.$==$+8&,@!?!+#534'-.4'!+')!FG&&#G%%!('!7#8)!)8DDO4'!.G'-!&$4'!8-'!3*D'!?!&*!=#$)%!
38$)!.'!&*!5',,4'!.'!+P,@!',!&*!5@.$,'46!K'8!?!3'8%!)*!)$D-$=$+*,$#-!)G$-=$&,4'4*!.*-)!7#,4'!+#-)+$'-+'%!+*4!
+')!3*D')!4'34@)'-,'-,!8-!&$'-!'-,4'!7#,4'!@,*,!.'!+#-)+$'-+'!',!5*!+#-)+$'-+'!,4*-)+'-.*-,'6!!
Q>#4.'M!+')!FG&&#G%%!&G')34$,!*8))$!&$>4'!.G$.@')%!.'!+4#A*-+')!#8!.'!34@(8D@)!98'!&G'),!&'!3',$,!'-=*-,!
98$!-G*!3*)!'-+#4'!@,@!'-.#+,4$-@!3*4!&')!+4#A*-+')!F85*$-')6!
Q33#4,'MN5#$!8-!')34$,!)$&'-+$'8E%!*7$.'!.'!+#--*$))*-+'%!',!('!&'!4'53&$4*$!.G8-!7@4$,*>&'!,4@)#4%!&'!,4@)#4!
.'! &*! +#--*$))*-+'! )834I5'! 98$%! &#4)98'! 7#8)! &G*))$5$&'4'M%! *&&@D'4*! 7#,4'! =*4.'*8! 98#,$.$'-! ',! 7#8)!
+#-.8$4*! (8)98G*8E! R!7'4,)! 3S,84*D')! .'! &85$O4'! 4*.$'8)'!T%! )A-#-A5')! .G*>#-.*-+'%! .'! (#$'%! .'!
4*7$))'5'-,!',!.'!3&@-$,8.'6!K'8!?!3'8%!7#8)!'-!*44$7'4'M!?!4'))'-,$4!&G*>#-.*-,'!>@-@.$+,$#-!.'!,#8,!+'!
98$!'E$),'!*8N.'&?!.'!7#,4'!+#534@F'-)$#-!F85*$-'!*+,8'&&'6!!
U')!FG&&#G%!)#-,!*.4'))@')!?!,#8)!&')!3'83&')!.'!&*!J'44'!*7'+!5*!+#53*))$#-!',!5#-!*5#846!C-!&')!
&$)*-,%!7#8)!4'))'-,$4'M!&G*5#84!',!&*!+#53*))$#-!',!'-!*44$7'4'M!?!4@*&$)'4!98G$&!-G*7*$,!(*5*$)!@,@!3&*-$=$@!
98'!7#8)!.8))$'M!&8,,'4!98#,$.$'--'5'-,!3#84!&*!7$'6!L&!-G'),!3*)!-@+'))*$4'!98'!7#8)!7$7$'M!.'!&*!.#8&'84!
',! .')! ,'-)$#-)! )$! 7#8)! +#534'-'M%! *))$5$&'M! ',! 34*,$98'M! &*! HI#$&I! RG) F<GS$%&GM!G! '-!
+#-)@98'-+'6!!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
B
!R!JF')'!VCJJCW2!QWC!JW1JX!T!

!
!01234'#5625748'$9'-24'%;')<124<' =' ,54415'>'
;
KN&)RG)!G%)FG&&#G% )
C&&')! )#-,! .'),$-@')! ?! *33#4,'4! &G$&&85$-*,$#-Y! *8! 5#-.'! '-! D@-@4*&%! *=$-! .'! 3'45',,4'! ?! &GF85*-$,@! .'!
+#-),48$4'! 8-! Z01/CV! CJQJ! [C! U0Z2ULCZUC! *8! +#84)! .')! .'8E! 34#+F*$-)! 5$&&@-*$4')6! U')!
FG&&#G%!)#-,!&')!)'5'-+')!.'!&G@7#&8,$#-!=8,84'!.8!D'-4'!F85*$-6!!
M/3(T)U+(,)V))
!<(-3) 5<8*/503+/,) -.+1+30(55() ;() 5<8373) ;() 2/,-2+(,2() W067+,) 90+) -0-2+3() 5<8*/503+/,) 6(,375() (3)
.W?-+90() ;() */31() *+(C) -01) 5() .57,) .(1-/,,(5) 7037,3) 90() -01) 5() .57,) =8,8175C) (3) 90+) 2/,;0+3)
5<W067,+38)*(1-)0,)8373);()U+(,JX31().50-)W716/,+(0YE)
2$!7#8)!*7'M!.8!5*&!?!&'!+4#$4'%!+#-)$.@4'M!&')!.'8E!5$&&@-*$4')!3*))@)!',!7#A'M!+'!98$!*!@,@!*++#53&$!
.'38$)!98'!(G*$!3*4&@!3#84!&*!.'4-$O4'!=#$)!*8!3'83&'!'-!3'4)#--'6!L&!A!*!'8!8-'!@7#&8,$#-!34#D4'))$7'!7'4)!
5<76/01)4173(1,(5%!+'&8$!98'!(G*$!+#-),*55'-,!34I+F@!*8E!\8$=)6!
F/1-90()>()*+*7+-)-01)&(11(C)+5),<(Y+-37+3).7-);</1=7,+-73+/,-)W067,+37+1(-C)3(55(-)2(55(-)90()*/0-)
7*(T)70>/01;<W0+E))
F<76U+3+/,C) 5<7*+;+38) (3)57) -73+-4723+/,).(1-/,,(55() 837+(,3) 2/,-+;818(-) 2/66()0,) 2/6./13(6(,3)
,/1675E))
L&!A!*7*$,!3'8!.G*5#84!=4*,'4-'&%!5I5'!3*45$!&')!\8$=)!.#-,!&')!34#3FO,')%!3'-.*-,!.')!D@-@4*,$#-)%!&')!
*7*$'-,!'EF#4,@)!?!*$5'4!&'84!34#+F*$-!+#55'!'8EN5I5')6!
F<W067,+38)7?7,3);8*(5/..8)-7)27.72+38);<76/01)4173(1,(5C)(55()-<(-3)1(,;0)57)*+().50-)7=187U5()(3)
.50-)2/,4/137U5(C)-/0-)4/16();()2/,-+;8173+/,)6030(55(C);()2/013/+-+(C);()U/,38)(3).71)57)6+-()Z)
;+-./-+3+/,);<W[.+370YC);()-/2+838-).1/3(231+2(-);()5<(,47,2(C);()-/+,-)70Y)7\,8-C);()6/0*(6(,3-)
./01)5(-);1/+3-);()5<W/66()(3);()U+(,);<7031(-)+,-3+303+/,-)*/08(-)Z)5<7685+/173+/,);()57)2/,;+3+/,)
W067+,(E)&/03)2(57)(-3),8);7,-)5<(-.1+3)(3)5()2]01);()2(0Y)90+C)-+,2^1(6(,3C)/,3)3(,0)2/6.3();()
6(-) .71/5(-) *81+37U5(-) .1/,/,28(-) (,) B75(-3+,(C) (YW/137,3) 5(-) =(,-) Z) 5<76/01) 4173(1,(5) (3) Z) 57)
2/6.7--+/,)./01)5(01).1/2W7+,E)
U',,'!)#4,'!.'!)#&&$+$,8.'!)3$4$,8'&&'!',!.G*5#84!=4*,'4-'&!4']8,!8-'!=#45$.*>&'!-#87'&&'!$538&)$#-!*8!+#84)!
.8!^_'!)$O+&'%!&#4)98'!5')!3*4#&')!=84'-,!34I+F@')!*7'+!8-'!)$-+@4$,@!',!8-'!$-,'-)$,@!4'-#87'&@')!.8!
F*8,!.')!+F*$4')!',!4']8')!F'84'8)'5'-,!3*4!.')!=$.O&')!)@4$'8E!',!)$-+O4')6!V')!34@.$+*,'84)!',!&'84)!
=$.O&')! )G@,*$'-,%! '-!+'! ,'53)N&?%! 4@3*-.8)! .*-)! &'!5#-.'! '-,$'4! ',! )84!,#8)! &')! +#-,$-'-,)6! V'!2*>>*,!
@,*$,! 4@'&&'5'-,! +#-)$.@4@! +#55'! 8-! (#84! .'! 4'3#)! ',! &')! 3'-)@')! .'! &*! 5*(#4$,@! .')! +F4@,$'-)!
)G@&'7*$'-,!7'4)!&*!+#-,'53&*,$#-!.'!&*!38$))*-+'!.'![$'86!N,)3(5)711X3).57,837+1();(-);(*/+1-)(3);(-)
723+*+38-),/1675(-)(,317\,7+3)0,()858*73+/,);()3/03()0,()>/01,8();()57).(,-8()2/,-2+(,3()*(1-)57)
B0+--7,2()R+*+,()!18731+2(C)2187,3)0,)8373);()2/,-2+(,2()W067+,)_);+*+,)18=05+(1)(3).0+--7,3)90+)
-/0-J3(,;7+3)(3)1(5+7+3)5(-)*+(-)W067+,(-E)F7).1+^1()733+17)57)B0+--7,2()R+*+,();7,-)5(-)2/,-2+(,2(-)
(3)5<(Y.81+(,2()W067+,(-)(3)403)57)270-();+1(23();()57)21/+--7,2()(3);()5<(Y.7,-+/,);()3/03(-)5(-)
472(33(-);()57)*+()W067+,(E)

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
;
!R!JF'!3843#)'!>'F$-.!,F')'!&',,'4)!T!`&$,,6!&G#>('+,$=!.'44$O4'!+')!&',,4')a!
Y
!R!'-&$DF,'-5'-,!T!`$&&85$-*,$#-!#8!@+&*$4*D'a!

!
!01234'#5625748'$9'-24'%;')<124<' ?' ,54415'>'
U'3'-.*-,%! &')! D'-)! -'! )*7*$'-,! ,#8(#84)! 3*)! ;+1+=(1) 6(,375(6(,3) 57) B0+--7,2() R+*+,() *(1-) ;(-)
*/+(-) -.+1+30(55(-) .503[3) 90<8=/2(,31+90(-) ;() 21873+*+386! ['! +'! =*$,%! &G'E3*-)$#-! .'! &G@,*,! .'!
+#-)+$'-+'!+#&&'+,$=!34#.8$)$,!.')!4@)8&,*,)!-@D*,$=)%!@5*-*-,!.8! 3#87#$4!.'! &G'D#%!'-!5I5'!,'53)!98'!
.')!4@)8&,*,)!3#)$,$=)!@5*-*-,!.'!&G@,*,!.'!+#-)+$'-+'!)3$4$,8'&!.')!D'-)!$-)3$4@)!',!$&&85$-@)6!
MEKE)!<(-3)./0190/+``E)>()*+(,-)(Y.1(--86(,3)./01)*/0-)(Y.5+90(1``E))
0,)47+3);<+6./137,2()*+375();()5<(Y+-3(,2(E)H(0+55(T)5+1()733(,3+*(6(,3E))
/#$+$!b!
c! /#,4'! 2/,-2+(,2(! 3'4)#--'&&'! '),! '-,$O4'5'-,! 4')3#-)*>&'! .'! ,#8,! +'! 98$! )847$'-,! .*-)! 7#,4'! 7$'! ',!
7#)!'E3@4$'-+')!3'4)#--'&&')6!UG'),!7#,4'!2/,-2+(,2()3'4)#--'&&'!98$!7#8)!*33#4,'!&'!>$'-!#8!&'!5*&6!c!
!
c! [*-)! 7#,4'! )8>+#-)+$'-,%! 7#8)! 4*33#4,'M! .')! )#87'-$4)! =#4,'5'-,! '534'$-,)%! 98#$98'! +*+F@)%! .'!
,4*85*,$)5')!d!@5#,$#-)!3*))@)%!34#7'-*-,!.'!7$')!*-,@4$'84')%!98$!3'87'-,!)84D$4!',!+#&#4'4!7#,4'!@,*,!
.'!+#-)+$'-+'!*+,8'&6!c!
!
c!L&!)'!3'8,!98'!7#)!34$O4')!)3@+$=$98')!',!3*))$#--@')!'-!78'!.G8-!)#8&*D'5'-,!.'!98'&98'!)#4,'!)#$'-,!
'E*8+@')%! 5*$)! +'&*! 7#8)! )'4*! 3'8! 34#=$,*>&'! ?! &#-D! ,'45'! -+) */31() (-.1+3) (3) */31() 2]01) 7=+--(,3)
2/,-3766(,3) (,) 2/,317*(,3+/,) 70Y) F/+-) N,+*(1-(55(-) ;<POLN#) (3) -+) */0-) *+*(T) ;7,-) 0,) 8373)
;<(-.1+3);()21+3+90()2/,-37,3(E)a)
!
F(-)5/+-)N,+*(1-(55(-);()5<GY+-3(,2()-()184^1(,3)0,+90(6(,3)70Y)723+*+38-);()57)2/,-2+(,2()b)``E)
(55(-)-/,3).182+-(-)(3)+6607U5(-)b)``E)(55(-),()-/,3)BP%);(-)182/6.(,-(-)/0);(-).0,+3+/,-);()
R+(0E))
'() 18.^3()V) (55(-) ,() -/,3) .7-) ;(-) BNM$&$LM%) RG) R$GNE) G55(-) -<7..5+90(,3) 70Y) c)d723(01-)
!70-73+4- e) ;() 57) !/,-2+(,2()e) 90+) 733+1(,3) _) 67=,83+-(,3) ;(-) .713+205(-) 85(231+90(-C) 5(-90(55(-C)
7+,-+C) -() 1(5+(,3) (3) 7..717+--(,3) 70) 6/,;() -/0-) ;(-) 4/16(-) (3) 2/66() ;(-) (Y.81+(,2(-)
(Y381+(01(-C)*+-+U5(-)(3)-/5+;(-E))
MEKE)V! L&! *44$7'! 98'! +'4,*$-')! 3'4)#--')%! 3*4! 8-'! .1+^1() .0+--7,3(%! @,*>&$))'-,! 8-! 2/,3723! *7'+! &*!
#GPF$&G)R$H$MG!98$!4@)$.'!.'44$O4'!',!'-!,#8,'!+4@*,$#-6!G55()18./,;!*&#4)!',!%/,)723+*+38!)'!5*-$='),'!
>4$O7'5'-,! .*-)! .')! *5@&$#4*,$#-)! -@+'))*$4')! ?! &*! 7$'! 3'4)#--'&&'! ',! d! #8! -*,$#-*&'! e! ',! &G#-!
)G'E+&*5'4*!3'8,NI,4'!b!R!UG'),!8-!5$4*+&'!f!T!
"*$)!?!&#-D!,'45'%!5<8373);()2/,-2+(,2().(1-/,,(5)/0),73+/,75)-()18744+16(17);7,-)-/,)(Y.81+(,2()
(3)1(.1/;0+17)5(-)6X6(-)(44(3-),8=73+4-)-01)57)-7,38)/0)5(-)8*8,(6(,3-)90().1828;(66(,3E!
0-!-'!3'8,!'=='+,8'4!.'!+F*-D'5'-,)!.84*>&')!.*-)!)*!7$'!?!5#$-)!.'!+F*-D'4!)#-!@,*,!.'!+#-)+$'-+'6!!
UG'),!3#8498#$!$&!=*8,!34$'4!',!)G'==#4+'4!+#-),*55'-,!.G*++@.'4!?!'()*+,-!$-+#-.$,$#--'&6!
!71C) 70) @A() -+^25(C) './% 01210345/% *.641'./% 7.% '(8,*16345% +64% 7521//5% '.,-% 759.'+22.*.64%
/23-34,.';%
V')! )+$'-,$=$98')! #-,! 3'-)@! 3#87#$4! 'E3&$98'4! &')! #4$D$-')! .'! &*! 7$'! ',! &')! *,,4$>8'4! *8! F*)*4.6! C-!
+#-)@98'-+'! .$4'+,'%! &')! D'-)! #-,! (',@! &*! 5#4*&$,@! *8E! #4,$')! ',! )'! )#-,! 5$)! ?! +@.'4! ,#,*&'5'-,! ?! &'84!
7#&#-,@!34#34'6!!

!
!01234'#5625748'$9'-24'%;')<124<' @' ,54415'>'
$5-) /,3) +,70=018) 0,() ,/0*(55() ^1() ;() 6(,72() ;7,-) 5() 6/,;() (,) 2187,3) ) 0,) ,/0*(5) 8373) ;()
2/,-2+(,2() .57,837+1(C) 2(,318) -01) 5<(=/C) (,) /../-+3+/,) ;+1(23() Z) 57) MP&N#G) ;() F<POLN#)
$M!LMR$&$LMMGF)R+*+,E)F7)2/,-2+(,2()W067+,()7)4(168)57)./13()Z)5<+,450Y);0)R+*+,E)
ML&Gf) K$GM)V! &G$5*D$-*,$#-! 5#4>$.'! .'! 98'&98')! I,4')%! 90+) 7017+3) 838) 5+6+38() 5/275(6(,3! $&! A! *! 8-!
)$O+&'%!'),!5*$-,'-*-,!.'7'-8'!8-'!!
<=>"?#<@=%A"=#)!"%?@=#)B<"CD"E%
D&#4$=$@'!'-!&$,,@4*,84'%!*8!+$-@5*!',!*8!,F@S,4'%!
98$!)'!4@3*-.!.*-)!&'!5#-.'!'-,$'4!',!+4@'!8-'!c!!/,-2+(,2()"067+,(!e!D@-@4*&'!98$!&'84!4'))'5>&'!
',!98$!)G'E34$5'!.*-)!&')!'E+O)!)'E8'&)%!&*!7$#&'-+'!',!&*!3'47'4)$#-6!U',,'! <=>"?#<@=% A"=#)!"!)'!
5*-$='),'! 7(1F+-7! 3*4! .')! 5#.')! .'! 7$'! @D#+'-,4$98')! ',! 3*4! &*! +4@*,$#-! .G$-),485'-,)! ,'+F-$98')! e!
&')98'&)! +4@'-,! .'! )@4$'8E! 34#>&O5')! .'! )*-,@%! .')! +F*-D'5'-,)! +&$5*,$98')%! &G*-@*-,$))'5'-,! .')!
4@+#&,')%! &*! .@,@4$#4*,$#-! .'! &G'-7$4#--'5'-,%! &G'E,$-+,$#-! .'! .$7'4)')! ')3O+')! ',! &'! 5*))*+4'! .'!
3#38&*,$#-)!'-,$O4')!.GI,4')!F85*$-)6!
[*-)! &*!3'4)#--*&$,@!F85*$-'%!&G$-='+,$#-!5'-,*&'!)'!5*-$='),'!3*4!.')!+#53#4,'5'-,)! *-*4+F$98')!',!
.'),48+,'84)%!3*4!&*!+#-)#55*,$#-!.'!.4#D8')%!3*4!8-'!.@34*7*,$#-!',!8-'!+48*8,@!*>#5$-*>&')%!3*4!.')!
#3@4*,$#-)!5*==$'8)')!',!.')!'E+O)!)'E8'&)6!1-!+'4+&'!7$+$'8E!.'!5*&$D-$,@!',!.'!3'47'4)$#-!.'!&*!3'-)@'!
',!.')!*+,$7$,@)!*!*$-)$!@,@!+4@@!3*4!&')!5@.$*)!',!&G$-.8),4$'!.')!.$7'4,$))'5'-,)6!V'84!>8,!'),!.'!+*3,'4!
&G$-,@4I,!.8!38>&$+!'-D*D@!.*-)!&G@D#+'-,4$)5'6!
F()2+,867)(3)57)3858*+-+/,);(*+(,,(,3)57),/0*(55()K+U5();0)2/6./13(6(,3)W067+,E)
[')!,4*D@.$')!3'4)#--'&&')%!$-+#--8')!.'!&G')3O+'!F85*$-'!$&!A!*!+'-,!*-)%!)'!D@-@4*&$)'-,!',!&')!D'-)!
+4*$D-'-,!.'!)#4,$4!.'!+F'M!'8E6!V')!D'-)!)'!>*44$+*.'-,!.'44$O4'!.'!F*8,)!584)6!V')!34#>&O5')!=*5$&$*8E!
',!)#+$*8E!=#-,!&G#>(',!.'!.@>*,)!38>&$+)!4@D8&$'4)!e!',!+G'),!*$-)$!98'!)'!3'43@,8'!&GF$),#$4'!.'!&*!5$)O4'!
F85*$-'6!!
/#$&?!+'!98G'),!&*!KG&G!98$!)G*7*-+'!)84! 7#)!,'44')%!-#844$))*-,!&')!')34$,)!$--#+'-,)!.'! 6+7-6(-);()
U(-3+75+386!
cc!U'&*!)'!3'43@,8'4*!(8)98G?!+'!98'!5*!!/,,7+--7,2()!W1+-3+90(!)#$,!4'+#--8'%! *++'3,@'!',!7@+8'!
3*4!&*!5*(#4$,@!.')!3'83&')!.'!&*!J'44'6!U*4!+',,'!+#--*$))*-+'!7#8)!$-.$98'4*!&'!+F'5$-!.8!4',#84!)84!&'!
7@4$,*>&'!%GM&$G#)RG)FP)H$G%!*=$-!.'!+4@'4!&'!D'-4'!.'!7$'!*898'&!7#8)!*)3$4'M6!cc!
G1-0.% H,.% I.% /,3/% )A@C$% 360+67343+66.'E% I(.J2-3*.% '1% KL$<#L% H,.% './% ./2-34/% /23-34,.'/%
2-.//.64.64E%*13/%H,.%-.I.44.64%0.,J%H,3%/+64%/23-34,.''.*.64%19.,M'./%N%2-+93/+3-.*.64;%
ddddd!!(-).71/5(-),()-/,3).7-)2(,-8(-)*/0-)6(,72(1)/0)*/0-).0,+1)g)67+-)*/0-)1(,;1()733(,3+4-)Z)
57)-/012();(-)W/11(01-)+,;+2+U5(-)90+)1(6.5+--(,3)90/3+;+(,,(6(,3)*/-)>/01,70Y)(3)*/-)86+--+/,-)
;()3858*+-+/,E!ddddd!
cc!!(),<(-3)90()6/,)76/01)./01)*/0-)3/0-)90+)6</U5+=(!?!.')+'-.4'!?!,4*7'4)!&')!.$==@4'-,)!-$7'*8E!
.'! +#-)+$'-+'! 3#84! *,,'$-.4'! &*! .$5'-)$#-! .'! &*! .@34*7*,$#-! F85*$-'%! *=$-! .'! 7#8)! *7'4,$4! .'! )')!
+#-)@98'-+')!.*-)!7#,4'!7$'!*+,8'&&'6!cc!
=@#"O%P<"=%N%<AG@$#)=#%
/#8)!7#8)!.'5*-.'M!.G#g!3'8,!34#7'-$4!&'!7$48)!.8!2L[Q!98$!*,,*98'!&'!34@+$'8E!)A),O5'!$558-$,*$4'!.'!
&GF#55'!',!98$!7$)'!)')!+*3*+$,@)!.'!34#+4@*,$#-!h!

!
!01234'#5625748'$9'-24'%;')<124<' A' ,54415'>'
!()*+10-C)-+)/,)5()57+--()-()18.7,;1()-7,-) 5()>0=05(1)g),/,).71);(-)68;+276(,3-C)67+-).71)NMG))
B#$%G) RG) !LM%!$GM!G) %B$#$&NGFFG) gC) 7,87,3+17) 2(0Y) 90+) ,() -/,3) .7-) -01) 5(01-) =71;(-E) F(-)
(-.1+3-)8257+18-)8*+3(1/,3)2().+^=()2/66()5(-)7031(-).+^=(-);()5<(Y+-3(,2(E)
)
#8*(+55(TJ*/0-)h) B1(,(T) 2/,-2+(,2()h) K+/% 2,3//164/% Q%/,-/1,4/% 7.% 0+6/03.60.%R% /+64% 7./%
3*2,'/3+6/%7.%93.;%)
!()-/,3);(-)+6.05-+/,-)85(231/67=,83+90(-)(Y31X6(6(,3)21873+*(-E!
V#4)98G'&&')! )#-,! .'! ,7301() *+105(,3(C) *+/5(,3(C) 7=1(--+*() g) 6(0131+^1(! e%! (55(-) 86(33(,3) ;(-)
21-430,'./% 5'.04-3H,./) ;() !LM%!$GM!G) *+105(,3(-C) *+/5(,3(-C) 7=1(--+*(-) (3) 6(0131+^1(-! 98$! )'!
5*-$='),'-,!)#8)!=#45'!.'!7$48)!7$48&'-,)!.*-)!&G*$4!',!)'!,4*-)5',,'-,!.G8-!$--#+'-,!?!8-!*8,4'6!
!
!() 90+) ,7\3) (3) -() ;8*(5/..() ;7,-) 0,) (-.1+3) 6757;() 4+,+3) .71) .1(,;1() 4/16() ;7,-) 5() 6/,;()
.W?-+90(E)
U'!-G'),!3*)!8-'!38-$,$#-!.'!R![$'8!T!+#55'!7#8)!&G'-)'$D-'!&GCD&$)'6!UG'),!8-!dP$&)%!$GM&$d$iNG)RG)
F<GS$%&GM!G6! K*4! +#-)@98'-,%! $&! '),! .G8-'! 'E,4I5'! 84D'-+'! 98'! &')! 3'4)#--')! #4$'-,@')! 7'4)! &*!
)3$4$,8*&$,@! )'! .@>*44*))'-,! .'! +')! $.@')! R!$-=*-,$&')!T! *=$-! .'! 3'4+'7#$4! +&*$4'5'-,! &*! KL$<#L% 7.% '1%
0-5143+6%.4%7.%'(.J3/4.60.6!
!
O/,)OG%%PQG)Z)3/03(-)5(-)GQF$%G%E)
O/+C) 5() !"#$%&C! ('! )8$)! 7'-8! 'E34'))@5'-,! 3#84! 7#8)! '-)'$D-'4! &*! *81+38) -01) 5(-! +-3M36./% 7.% '1%
Q%2.-/+661'345%8,*136.%R6!\G'E3&$98'4*$!'E*+,'5'-,!3#8498#$!',!+#55'-,!&GF85*-$,@!*!@,@!.#,@'!.G8-'!
34#3'-)$#-! $--@'! ?! &*! 7#&#-,@! @D#+'-,4$98'! ',! .G8-! .@)$4! -#-! 5*i,4$)@! .G*8,#D4*,$=$+*,$#-! ',!
.G*8,#.@='-)'6!
L&!-'!)G*D$,!3*)!.'!3@+F@!e!5*$)!.G8-'!3*4,$'!.8!34#+'))8)!-*,84'&!.'!+4@*,$#-6!
L&!-GA!*!3*)!.'!38-$,$#-!7'-*-,!.G'-!F*8,!f!
V')!F#55')%!.8!=*$,!.'!&G'E'4+$+'!7#&#-,*$4'!',!-8$)$>&'!.'!&'84!'D#%!)G*,,$4'-,!'8EN5I5')!&'84!38-$,$#-6!
ML&Gf) K$GM)V) !<(-3) ./0190/+C) ;() 6X6() 90() 5(-) 5+*1(-) ;<(,-(+=,(6(,3) -2+(,3+4+90() ;(*+(,,(,3)
-0.(1450-) ;0) 47+3) 90() 5<(-.1+3) W067+,) ;82/0*1() (3) 7--+6+5() ;() .50-) (,) .50-) ;() 2/,,7+--7,2(-)
-2+(,3+4+90(-),/0*(55(-C)+5)470;17+3).(16(331()Z)57)4/16().18-(,3();()57)2W183+(,38C)2/,-310+3()-01)
;()470--(-);/231+,(-)2(,318(-)-01)67)2102+4+Y+/,C);()6/01+1);()6/13),7301(55(E)))
MK`)V)H/31()21+-()6/,;+75()7230(55(C)90+)218()0,),/0*(5)(44/,;1(6(,3);(-)F/+-)$,3(1,73+/,75(-)(3)
837U5+3) 5(-) 4/,;73+/,-) ;<0,) 40301) 3(11/1+-6() .57,837+1(C) +,;+90() 257+1(6(,3) 90<7020,() 1(5+=+/,) 70)
6/,;(),()./--^;()57)2/,,7+--7,2()1(90+-()(3)5<703/1+38)-044+-7,3()./01)+,+3+(1);(-)2W7,=(6(,3-)
;7,-)5(-)47j/,-);().(,-(1);()5<W067,+38)90+)./0117+(,3)57)2/,;0+1();+1(23(6(,3)Z)57).7+Y)(3) Z)57)
.1/-.81+38E)
FG) HG#$&PKFG) R$#$QGPM&k) %B$#$&NGF! )'4*! +*3*>&'! .'! .@5#-,4'4! ?! )*! +#558-*8,@! 3#8498#$! ',!
+#55'-,!&G@,*,!.G')34$,!5#.'4-'!+4@'!&')!+*&*5$,@)!',!&')!F#44'84)%!&')98'&&')!)'!+4@'-,!.*-)!)#-!R!@,*,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
j
!R!JF'!,48'!)3$4$,8*&!&'*.'4!T!!

!
!01234'#5625748'$9'-24'%;')<124<' B' ,54415'>'
.'! +#-)+$'-+'!T! ',! -'! +#55'-+'-,! 98G?! 3'$-'! ?! .@3&#A'4! &'84! 3&'$-! '==',! 3*45$! 7#8)%! )#8)! =#45'!
.G@3$.@5$')%! .'!,4'5>&'5'-,)!.'!,'44'%!.G$-#-.*,$#-)%!.'!=*5$-')%!.'!D8'44')%!.'!4@7#&8,$#-)!',!*8,4')!
,4*D@.$')6!2#A'M!+'4,*$-)!98G*8+8-!5*&!-'!)847'-*-,!)84!7#,4'!,'44'!-G'),!8-!R!.@)*),4'!-*,84'&!T6!J#8,!
+'! 98$! '),! +#-,4*$4'! ?! 7#,4'! 3*4=*$,! >$'-NI,4'! 34'-.! -*$))*-+'! .G*>#4.! .*-)! 7#,4'! R!@,*,! .'! +#-)+$'-+'!
F85*$-!T!*7*-,!.'!34'-.4'!=#45'!.*-)!7#,4'!'E3@4$'-+'!3&*-@,*$4'6!!<(-3)2()90()><7+)3(,38);();+1()70Y)
'0+4-)5/1-90()><837+-)-01)&(11()C)(3)><7+).5(018)5/1-90<+5-)/,3)1+)(3)1(40-8);()6()21/+1(E)<'/%*(+64%4-1345%
7.%S+,;!
k8'!&')!@D&$)')!-'!=*))'-,!3*)!&*!5I5'!'44'84!f!
[8!=*$,!98'!&')!@D&$)')!)#-,!5#4$>#-.')%!+4$),*&&$)@')!.*-)!&'84)!4$,8'&)!',!&'84)!.#D5')%!&'84)!34I,4')!',!
&'84)!3*),'84)!)#-,!$-+*3*>&')!.'!4@3#-.4'!*8E!>')#$-)!)3$4$,8'&)!'-!@7#&8,$#-!.')!*4.'-,)!+F'4+F'84)!
.'!/@4$,@6!C-!+#-)@98'-+'%!&')!@D&$)')!)'!7$.'-,6!%+)(55(-)*(05(,3);01(1C)5(-)8=5+-(-);/+*(,3)85+6+,(1)
5(01-);+4481(,2(-) (3) 7*/+1) 5<W06+5+38);<722(.3(1) 90()5<+,-.+173+/,) ,<711+*().7-),82(--7+1(6(,3) -01)
3(11().71);(-)6/?(,-)90+)5(01)-(6U5(,3)722(.37U5(-E)G55(-);/+*(,3)-()17..(5(1)90()O/+C)5()!W1+-3C)
>() ,<837+-) .7-) 722(.37U5() 70Y) ?(0Y) ;(-) '0+4-E! V')! @D&$)')! .#$7'-,! D*4.'4! &G')34$,! ',! &'! +l84! #87'4,)!
3#84! 4'+'7#$4! +'! 98G'&&')! 4'))'-,'-,! $-,8$,$7'5'-,! I,4'! 8-'! /@4$,@! 283@4$'84'! ?! +'&&'! ?! &*98'&&'! '&&')!
)G*++4#+F'-,!',!*>*-.#--'4!&')!7$'$&&')!+4#A*-+')!98$!#-,!3'45$)!?!&*!KG&G!.'!34'-.4'!&'!+#-,4P&'!.'!&*!
3'-)@'!F85*$-'6!
K4$'M!)$-+O4'5'-,%!.'!,#8,'!7#,4'!S5'%!7#,4'!')34$,!',!7#,4'!+l84%!3#84!8-'!95-341F'.%3'',*36143+6!3&8,P,!
98'!3#84!&*!4@$,@4*,$#-!.G*-+$'--')!+4#A*-+')!'44#-@')6!W@7'$&&'MN7#8)!',!4'+#--*$))'M!98'!+')!4$,8'&)!',!
+4#A*-+')!#>)#&O,')!-G#-,!3*)!*++#53&$!+'!98'!34#5',,*$'-,!5')!3*4#&')!?!&GF85*-$,@%!98*-.!('!.$)*$)!
98'!7#8)!='4$'M!R!.'!3&8)!D4*-.')!+F#)')!'-+#4'!T!98'!5#$6!
C-!*,,'-.*-,%!',!(8)98G?!+'!98'!&*!7@4$,*>&'!$&&85$-*,$#-!7#8)!7$'--'!N!`*34O)!>'*8+#83!.'!5@.$,*,$#-!',!
.'!34$O4'a!e!'-)'$D-'M%!.@5#-,4'M!',!7$7'M!!
5<POLN#)d#P&G#MGF)
.'!,#8,'!&*!=#4+'!.'!7#,4'!S5'%!.'!7#,4'!+l84!',!.'!7#,4'!')34$,%!
5$-8,'!3*4!5$-8,'%!.*-)!7#,4'!7$'!98#,$.$'--'6!
K*4+'!98'%!3#84!+#5>*,,4'!&')!=#4+')!.'),48+,4$+')!.'!&*!+#-)+$'-+'!3&*-@,*$4'%!&GF85*-$,@!.#$,!=*$4'!,#8)!
&')!'==#4,)!3#))$>&')!3#84!3*))'4!*8!-$7'*8!)8$7*-,!.'!)#-!.@7'&#33'5'-,6!
NM)KG%L$M)N#QGM&)R<NMG)H$%$LM)%NBG#$GN#G)
L&!=*8,!98G$&!)#$,!5#-.$*&'5'-,!4'+#--8!98G$&!=*8,!*>)#&85'-,!*++@.'4!?!8-'!/L2L0Z!21KCWLC1WC!',!&*!
5',,4'!'-!#'874'!.*-)!7#,4'!7$'!98#,$.$'--'6!
!(),<(-3)90<(,)7228;7,3)Z)0,()*+-+/,).50-)85(*8()90()5()6/,;().W?-+90()-(17)-70*8);()-7)3/375()
7,,+W+573+/,E))
2*-)! +',,'! -#87'&&'! 7$)$#-! .'! &G$-.$7$.8! #8! .'! &*! 3&*-O,'%! $&! -'! 3'8,! A! *7#$4! .G@7#&8,$#-! )3$4$,8'&&'! -$! .'!
4@*&$)*,$#-!.'!+')!+F#)')!,*-,!.@)$4@')6!Q+,8'&&'5'-,%!7#,4'!3'4+'3,$#-!.'!&*!7$'!'),!8-'!3'4+'3,$#-!.'!
=*4.'*8E! ',! .'! 34$7*,$#-)6! U')! +4#A*-+')! )#-,! .@3'$-,')! ',! 4'-=#4+@')! .'! 5*-$O4'! +F#98*-,'! 3*4! 7#)!
@5$))$#-)!,@&@7$)@')6!C&&')!=$-$))'-,!3*4!7#8)!*33#4,'4!&*!5$)O4'!98'!7#8)!')3@4$'M!-'!(*5*$)!+#--*i,4'6!

!
!01234'#5625748'$9'-24'%;')<124<' C' ,54415'>'
K*4! +#-)@98'-,%! 3#84! 7#8)! )*87'4! .'! 7#,4'! 34#34'! =#&$'%! 98$! )G'E34$5'! ?! ,4*7'4)! &')! 5@.$*)! ',! &*!
,@&@7$)$#-%! &G@,*,! .'! +#-)+$'-+'! .'! &GF85*-$,@! .#$,! !"#$% "&'()*+*,!! )G@&'7'4! *=$-! .'! 7#$4! 2() 90() ><7+) *0)
;7,-)5();8-(13)V))
'1%$51'345%7.%'()*+,-).'44$O4'!',!'-!,#8,!+'!98$!'E$),'6!
MK)V! V#4)98'! +',,'! D4*-.'! 7@4$,@! )'4*! 3'4]8'! *8))$! >$'-! 98G*++8'$&&$'! *7'+! +F*&'84%! &*! $51'345% 7.%
'()*+,-!+#55'-+'4*!?!)'!5*-$='),'4!.G'&&'N5I5'!.'!,#8,')!)#4,')!.'!5*-$O4')%!'-!+F*98'!I,4'!7$7*-,!
',! .*-)! &G'-7$4#--'5'-,! 5I5'6! VG'E3@4$'-+'! .'! &G*>#-.*-+'! ',! .'! &*! (#$'! 4'-=#4+'4*! &*! +#-)+$'-+'!
.G*>#-.*-+'! ',! .'! (#$'6! !<(-3) 7+,-+) 90<0,() -.+175() -.+1+30(55() ;() *+() ;() .50-) (,) .50-) (Y7538() (3)
6(1*(+55(0-()-()6(3317)(,)6/0*(6(,3E!
V#4)98'!&*!/CWLJQmVC!-*,84'!.'!&GR!I,4'!T!)'4*!>$'-!+#534$)'%!&GF85*-$,@!*++@.'4*!?!8-!-#87'&!@+F'&#-!
.'!)#-!@7#&8,$#-!)3$4$,8'&&'!',!$-$,$'4*!8-'!=#45'!-#87'&&'!',!>@-$'!.G'-,4'34$)'!F85*$-'!',!.G'E3@4$'-+'!
3'4)#--'&&'6!!
K#84!*,,'$-.4'!+')!#>('+,$=)%!&GF85*-$,@!.#$,!.G*>#4.!*++@.'4!?!8-!+'4,*$-!.$)+'4-'5'-,!3#84!)*7#$4!!
iN$)(-3)5<W/66()(3)!G)iN<$F)(-3E)
1-'! 98'),$#-! -#87'&&'! ',! $53#4,*-,'! )'! 34@)'-,'! .@(?! ?! &*! +#-)+$'-+'! .')! D'-)!b! R!k8$! I,')! 7#8)! e!
4@'&&'5'-,!e!.'44$O4'!&*!=*]*.'!98'!7#8)!34@)'-,'M!*8!5#-.'!h!k8'!=*8,N$&!3#84!I,4'!#GGF!h!!
UG'),!?!+',,'!98'),$#-!e!k8$!I,')N7#8)!'-!4@*&$,@!h!N!98G$&!'),!4@3#-.8!.*-)!&')!3*D')!98$!)8$7'-,%!?!,#8)!
&')! -$7'*8E! .'! 7#,4'! I,4'6! G3) -+) */0-) ./0*(T) 722(.3(1) g) (,) =0+-() ;() 1(.^1() ./01) */31() *+()
90/3+;+(,,()g)3/03)2()90()><7+)2/6.1+-);7,-)5(-)-+Y)-(67+,(-)90()><7+)*820(-);7,-)5();8-(13)g)*/0-)
70--+);(*+(,;1(T)4+,75(6(,3)!LOBFG&)(3)#GGFC)3/03) 2/66()>()-0+-);(*(,0)!LOBFG&) (3) #GGF)
7*7,3);()2/66(,2(1)6/,)6+,+-3^1();()=081+--(01)(3);<(,-(+=,7,3E)
U#55'!$&!A!*!3'8!.'!D'-)%!.*-)!&'!5#-.'%!98$!3#844*$'-,!)'!+#-)$.@4'4!!LOBFG&%!*+,8'&&'5'-,%!7#8)!
4'+#--*i,4'M! )n4'5'-,! 98G$&! '),! .'! &*! 3&8)! 84D'-,'! -@+'))$,@! 98'! ('! 5G$55$)+'! .*-)! 7#,4'! ')34$,! 3#84!
7#8)!*5'-'4!?!8-'!-#87'&&'!5*-$O4'!.'!3'-)'4!',!.'!4'))'-,$46!1-!,'&!+F*-D'5'-,!.'!+#-)+$'-+'!7#8)!
5',,4*!'-!F*45#-$'![$7$-'!*7'+!&*!W@*&$,@!',!.*-)!.'!5'$&&'84')!+#-.$,$#-)!.'!7$'!',!.'!)@+84$,@6!!
Q=$-! .'! 3#87#$4! =*$4'! +'! ,4*7*$&! .'! R!4'+#-),48+,$#-!T! ?! &G$-,@4$'84! .'! 7#,4'! +#-)+$'-+'%! ('! .#$)! .G*>#4.!
$534$5'4!'-!7#,4'!')34$,!e!',!$&!7#8)!=*8,!&G*++'3,'4!e!98'!(G*$!'-)'$D-@%!'-!K*&'),$-'%!>'*8+#83!.'!+F#)')!
98'!&')!F#55')!-G@,*$'-,!3*)!'-+#4'!34I,)!?!4'+'7#$46!
L&! '),! *))'M! )$D-$=$+*,$=! 98'! &G#-! -'! )'! )#$,! (*5*$)! .'5*-.@! 38>&$98'5'-,! 3#8498#$! $&! -G'),! (*5*$)! =*$,!
5'-,$#-!.'!5')!*--@')!.'!('8-'))'6!k8'&&'!'),!&*!74*$'!4*$)#-!.G8-'!#5$))$#-!*8))$!$53#4,*-,'!h!
&/03)70--+)-+=,+4+273+4)(-3)5()47+3)90(C)U+(,)90()><7+().7--8)-+Y)-(67+,(-);7,-)5();8-(13)7.1^-)6/,)
U7.3X6(C)(3)90()>()-/+-)1(*(,0);()2(33()(Y.81+(,2()GM%G$QMPM&)(3)QNG#$%%GN#C)7020,)703(01)
,<7)>767+-)3(,38);();821+1()2()90+)-<(-3)*17+6(,3).7--8).(,;7,3) 2()3(6.-C)6+-)Z).713)90()>()40-)
c)3(,38).71)%737,)eC)90()><837+-)c)7*(2)5(-)UX3(-)-70*7=(-)e)(3)90()c)5(-)7,=(-)837+(,3)7*(2)e)6/+E)
L,) ,<7) >767+-) 47+3) 57) 6/+,;1() 7550-+/,) Z) 2() 90+) 6<(-3) 711+*8) ;7,-) 5() ;8-(13C) 90+) 6<7) .(16+-) ;()
1(*(,+1) ;7,-) 5(-) *+55(-) (3) 5(-) *+557=(-) (,) .1/25767,3)V) c)F() #/?706() ;() R+(0) (-3) (,) */0-)h)e) (3)
;<(,-(+=,(1);7,-)5(-)-?,7=/=0(-)7*(2)0,()3(55()703/1+38)90()5(-)P,2+(,-);0).(0.5()>0+4)(,)401(,3)
83/,,8-E)

!
!01234'#5625748'$9'-24'%;')<124<' D' ,54415'>'
V*!7@4$,@!+#-+'4-*-,!5#-!@,*,!F85*$-!=8,%!)'&#-!8-!+#558-!*++#4.!'-,4'!5')!.$)+$3&')%!)8334$5@'!3#84!
.#--'4!3&8)!.'!+4@.$>$&$,@!?!5*!)833#)@'!R![$7$-$,@!T!',!5#-!5$-$),O4'6!
2'&#-!&')!C7*-D$&')%!#-!*!.$,!.'!5#$!98'!(G@,*$)!&'!o$&)!8-$98'!.'![$'86!K#8498#$%!.O)!&#4)%!*$N('!)#87'-,!
.$,!.'!5#$!98'!(G@,*$)!&'!o$&)!.'!&GX#55'!h!\G*$!'E34'))@5'-,!=*$,!+')!.@+&*4*,$#-)!3#84!+#-,4'+*44'4!&')!
+4#A*-+')!98$!34@7*&*$'-,!'-!+'!,'53)!)84!5*!R!.$7$-$,@!T!',!3#84!$534$5'4! .*-)!&G')34$,!.')! D'-)!98'!
(G@,*$)!.'!&*!5I5'!#4$D$-'!3FA)$98'!98G'8EN5I5')6!\'!7#8&*$)!98G$&)!+#534'--'-,!98'!+'!98'!('!3#87*$)!
=*$4'%! $&)! &'! 3#87*$'-,! *8))$! 3#8478! 98G$&)! 3#))O.'-,! 5*! +#--*$))*-+'! ',! )8$7'-,! 5')! $-),48+,$#-)! 3#84!
8-'!3'-)@'!(8),'!',!8-'!*+,$#-!(8),'6!
&7,3) ;() 6?3W(-) -() -/,3) 2188-) 70) -0>(3) ;() 67) .(1-/,,() 3(11(-31() (3) ;() 67) !LM%!$GM!G)
%B$#$&NGFFG) 90<+5) (-3) 3(6.-) ;() -<(,) ;8U7117--(1) 70--+) 2/6.5^3(6(,3) 90() ./--+U5(C) .0+-90<+5-)
(6.X2W(,3)5(-)W/66(-);<8*/50(1)-.+1+30(55(6(,3E)
/#8)%! 98$! *7'M! @,@! '-.#+,4$-@)! 3*4! .')! '-)'$D-'5'-,)! 4'&$D$'8E%! 7#8)! .'7'M! '))*A'4! .'! +#534'-.4'!
98G'-! 4*+#-,*-,! 5*! 7$'%! 5')! .$)+$3&')! @7*-D@&$),')! -G#-,! 4'&*,@! 98'! +'! .#-,! $&)! )'! )#87'-*$'-,!
3'4)#--'&&'5'-,!',!98$!*338A*$,!+'!98G$&)!+#-)$.@4*$'-,!+#55'!@,*-,!5')!*+,$7$,@)!)84-*,84'&&')6!L&)!A!#-,!
*8))$!$-+&8)!>'*8+#83!.'!+F#)')!98$!*7*$'-,!@,@!.$,')!.'!5#$!3*4!.G*8,4')%!3'-.*-,!&')!98'&98'!,4'-,'!
*--@')!)8$7*-,!5*!5#4,6!
P.1^-) 0,) 3(5) 57.-) ;() 3(6.-) (3) 5<+,8*+37U5() (,>/5+*(6(,3) ;() 57) *81+38%! +#55'-,! 3#87*$'-,N$&)! >$'-!
@+4$4'!8-'!R!>$#D4*3F$'!T!=*$)*-,!*8,#4$,@!?!5#-!)8(',!',!*8!)8(',!.'!+'!98$!)G@,*$,!4@'&&'5'-,!3*))@%!pp!
#8!'E3&$98'4!+#44'+,'5'-,!5')!7@4$,*>&')!3'4+'3,$#-)!)3$4$,8'&&')!98$!.#--O4'-,!-*$))*-+'!?!5')!3*4#&')!
',!?!5')!R!5$4*+&')!T!h!
1-'!)'8&'!3'4)#--'!3'8,!'-!3*4&'4%!',!+G'),!5#$N5I5'6!K*4!+#-)@98'-,%!+')!V',,4')!7#8)!*33#4,'4#-,!5*!
/@4$,@!+#55'!*8+8-!,@5#$-!-G*!(*5*$)!38!&'!=*$4'%!98#$!98G$&!*$,!38!+#534'-.4'!.'!5*!3'-)@'6!`UG'),!&*!
4*$)#-!3#84!&*98'&&'%!.'38$)!;<!*-)%!&G')34$,!.'!5*!R!3#4,'N3*4#&'!Tq!'),!)A),@5*,$98'5'-,!384$=$@!.'!,#8,!
'-)'$D-'5'-,!#4,F#.#E'!',!&'!)A),O5'!.'!+#558-$+*,$#-!'-,4'!-#8)!'),!3'4='+,$#--@6a!
2$!5*)H81+38%!'E34$5@'!.*-)!+')!F(331(-%!.$==O4'!.'!>'*8+#83!.'!+'!98$!'),!@+4$,! .*-)!7#,4'!Z#87'*8!
J'),*5'-,%!=*8,N$&!)G'-!@,#--'4!#8!&*!4'(','4!3#84!*8,*-,!h!
K*4! +#-)@98'-,%! (G*>*$))'! >4$O7'5'-,! 5*! +#-)+$'-+'%! *8,*-,! 98'! -@+'))*$4'r%! 7'4)! 7#,4'! 3&*-! .'!
+#-)+$'-+'!3#84!4*+#-,'4!5*!7$'!',!5#-!'-)'$D-'5'-,!.G$&!A!*!s<<<!*-)6!
OP)BFP!G)RPM%)F<"$%&L$#G)
L&!5'!=*8,!.G*>#4.!4'&'7'4!98'!5*!7$'!',!5*!3'4)#--'!#-,!@,@!>4$O7'5'-,!5'-,$#--@')!.*-)!&GF$),#$4'!.')!
\8$=)!@+4$,'!3*4!o&*7$8)!\#)O3F'!3#84!&'!D#87'4-'84!4#5*$-!',!34@)'-,@'!?!&GC53'4'84!4#5*$-6!\#)O3F'!A!
5'-,$#--'! >4$O7'5'-,! 98'! \@)8)%! *A*-,! ,'-,@! .'! 4'-7'4)'4! &*! &#$! ',! &G#4.4'%! *$-)$! 98'! &*! ,8,'&&'! .')!
W#5*$-)%!*!@,@!38-$!',!+48+$=$@6!
0-!*!34@,'-.8!98G$&!)G*D$))*$,!.G8-!*8,4'!\@)8)!.#-,!3*4&*$,!\#)O3F'6!"*$)!+'!-G'),!3*)!&'!+*)6!"#$%!98$!
)8$)! .'7'-8! 8&,@4$'84'5'-,! &'! !"#$%&! 98$! *++#53&$))*$,! .'! )#$N.$)*-,! 5$4*+&')! .'! D8@4$)#-! ',! .'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
q
!!R!4'+#4.'4!T%!&*!3#4,'N3*4#&'!
r
!R!L!*5!.')+'-.$-D!$-!+#8)+$#8)-'))!>4$'=&A%!*)!-'*4!*)!-'+'))*4Ap!T!

!
!01234'#5625748'$9'-24'%;')<124<' E' ,54415'>'
5*,@4$*&$)*,$#-%! (G@,*$)! >$'-! +',! $-)84D@6! "*$)! ('! -G@,*$)! 3*)! 8-! F*4*-D8'84! .'! =#8&'6! \'! -G*$! 3*)! *D$,@!
.@&$>@4@5'-,!&')!=#8&')!3#84!.@=$'4!&')!W#5*$-)!',!,4*-)D4'))'4!&*!&#$!',!&G#4.4'!@,*>&$6!!
\'!5'!4'>'&&*$)!+#-,4'!&')!,4*.$,$#-)!(8$7')!',!*8))$!3*4+'!98'%!&#4)98'!('!)8$)!4'7'-8!.'!5#-!)@(#84!.'!
)$E!)'5*$-')!.*-)!&'!.@)'4,%!><7+)*0)0,)6(+55(01)6/?(,);()2.6/.-%(3);(%939-.)(3)90()><7+)(--7?8)-7,-)
-022^-);()317,-6(331()67)2/,,7+--7,2()Z)6(-)2/6.7=,/,-)>0+4-E!
L&! '),! $53#4,*-,! 98'! 7#8)! +#534'-$'M! &*! 34'))$#-! 98G'E'4]*$,! &G#3$-$#-! 38>&$98'! )84! 5')! +#53*D-#-)6!
2G$&)!3'-)*$'-,!)$-+O4'5'-,!98'!(G*7*$)!*33#4,@!*8E!\8$=)!8-!5'))*D'!R!)*87*-,!&')!S5')!T!',!98'!(G@,*$)!
&'!"'))$'%!&'!R!=$&)!.'![$'8!T%!$&)!-G'-!@,*$'-,!3*)!5#$-)!.8!5#-.'%!'))*A*-,!.'!)'!4'&$'4!*8!5#-.'!*8))$!
>$'-!98'!3#))$>&'6!Q8))$%!>$'-!98G$&)!+#--8))'-,!5')!)'-,$5'-,)!4@*+,$#--*$4')!7$)N?N7$)!.')!+4#A*-+')!
(8$7')%!$&)!-G@,*$'-,!3*)!F'84'8E!.'!4'-#-+'4!?!,#8,!&GQ-+$'-!J'),*5'-,%!98$!*7*$,!)#8,'-8!&'!3'83&'!(8$=!',!
'-!*7*$,!+#-)'47@!&*!+#F@)$#-!,#8,!*8!&#-D!.'!)#-!F$),#$4'6![*-)!&G$-,@4I,!.'!34@)'47'4!+'!98G$&)!3'-)*$'-,!
I,4'! .'! 7*&'84! .*-)! &G*-+$'--'! *.5$-$),4*,$#-%! $&)! )8334$5O4'-,! ,#8,'! .')+4$3,$#-! 4'&*,$7'! ?! &*! 3'4)#--'!
98'!(G@,*$)6!
O(-);+-2+.5(-C)7+,-+)90()B705C)/,3)Ul3+)5(01).1/.1()8;+4+2();()c)21/?7,2(-)-7218(-)e)-01)2()90<+5-)
-/0W7+37+(,3)2/,-(1*(1);()67)*+()(3);()6/,)(,-(+=,(6(,3E)$5-),<(,-(+=,^1(,3)(3),()2/,-/5+;^1(,3)
90()2()90<+5-)(-3+67+(,3)*757U5()./01)5(-)=(,-)g)'0+4-)(3)Q(,3+5-)2/,4/,;0-)gC)./01)2(33()8./90()(3)
./01)5(-)3(6.-)40301-E)
)
G,)2/,-890(,2(C)+5-)31+^1(,3)2()90<+5-)./0*7+(,3)03+5+-(1)(3)7U7,;/,,^1(,3)57).50-)=17,;().713+();()
2()90()><7*7+-)7..(58)5(-)c)-(21(3-)e);0)#/?706();()R+(0C)271)+5-),()5(-)2/6.1+1(,3)>767+-E)
L&)!-'!&')!'),$5O4'-,!3*)!-#-!3&8)!.@)$4*>&')!.*-)!&*!+4@*,$#-!.G8-'!-#87'&&'!3'4+'3,$#-!.8)c)R+*+,)e)g)
;0)c)B^1()eE)
)
B/01) .18-(1*(1) 57) 21/?7,2() >0+*() ;0) c)57*7=() ;0) .82W8) .71) 5() -721+4+2()e) ;7,-) 5() &(6.5() g) 57)
.(1-/,,();() '8-0-) 403) 7;/.38() (,) 37,3) 90() -721+4+2() c)-0.1X6()eC)90+) 57*() 3/0-) 5(-).82W8-) ;(-)
W/66(-).71)-7)2102+4+Y+/,E)!(33()21/?7,2()7)-(1*+);(),/6U1(0Y)U03-)Z)2(33()8./90(E))
)
C&&'!.#--*$,!?!5*!5#4,!)84!&*!+4#$E!8-'!4*$)#-!7*&*>&'!',!F@4#t98'6!C&&'!34#87*$,!*8!3'83&'!98'!(G@,*$)!&'!
R!o$&)!.'![$'8!T!98$!*7*$,!*++#53&$!8-'!5$))$#-!34@+$)'!?!&*!=$-!.'!)*!7$'6!!
C&&'!)G*7@4*!*8))$!I,4'!.G8-!D4*-.!4@+#-=#4,!3#84!&')!\8$=)!&#4)98'!&'84!J'53&'!=8,!.@,48$,!3*4!&')!W#5*$-)%!
',!'&&'!34#7#98*!>'*8+#83!.'!+#-7'4)$#-)6)
['!-#5>4'8)')!)'+,')!.'!\8$=)!e!',!.'!u'-,$&)!e!-'!+4#A*$'-,!3*)!?!&*!7$'!*34O)!&*!5#4,6![O)!&#4)%!$&!@,*$,!
,4O)! 4@+#-=#4,*-,! .G'-,'-.4'! 98'! R!\@)8)! UF4$),!T! *7*$,! 7*$-+8! &*! 5#4,! ',! +#-)'47@! )#-! +#43)6! J4#3!
.GF85*$-)!3'-)*$'-,!*&#4)!98'!&*!7$'!@,*$,!$53#))$>&'!)*-)!+#43)6!V*!7$'!*34O)!&*!5#4,!-'!3#87*$,!.#-+!
)$D-$=$'4!98'!&*!4@)844'+,$#-!.8!+#43)6!
U'&*! =$,! *8))$! 98'! 5#-! -#5! '),! 4'),@! +#-),*55'-,! 7$7*-,! .*-)! &G')34$,! .')! D'-)6! \G@,*$)! &*! R!=$D84'!
F$),#4$98'!T%!5#4,'!7*$&&*55'-,!3#84!*))84'4!98'!&GF#55'!)'4*$,!&$>@4@!.'!,#8,'!+4*$-,'!.'!&G'-='4!',!.'!&*!
.*5-*,$#-6!K#8478!98G$&)!+4#$'-,!'-!R!5#$!T%!$&)!@,*$'-,!R!&$>@4@)!T6!

!
!01234'#5625748'$9'-24'%;')<124<' >F' ,54415'>'
U'!-G'),!98'!3*4+'!98'!5#-!R!-#5!T!'),!4'),@!7$7*-,!(8)98G?!+'!(#84!98'!('!3'8E!*8(#84.GF8$!7'-$4!?!7#8)!
',!7#8)!.$4'!&*!HI#$&I!98'!('!.@)$4*$)!,*-,!,4*-)5',,4'!*8E!D'-)!$&!A!*!s<<<!*-)6!
!
OP)'GNMG%%G)"#)OG%)GSBG#$GM!G%)RPM%)FG)RG%G#&)
\'!)8$)!-@!'-!K*&'),$-'6!"*!5O4'!@,*$,!+#-7*$-+8'!98'!('!)'4*$)!8-!"'))$'6!U#-,4*$4'5'-,!?!&*!+4#A*-+'!
3#38&*$4'%!('!-G@,*$)!3*)!8-!'-=*-,!)*D'6!
V#4)98'%! ?! &GSD'! .'! ^s! *-)%! ('! =8)! '55'-@! *8! J'53&'! 3#84! I,4'! $-,'44#D@! 3*4! &')! K4I,4')! *=$-! .'!
.@,'45$-'4!)$!(G@,*$)!)8)+'3,$>&'!.G*++@.'4!?!&G'-)'$D-'5'-,!4'&$D$'8E!(8$=%!('!=8)!4'(',@!)#8)!34@,'E,'!98'!
(G@,*$)!,4#3!*44#D*-,6!
Q5O4'5'-,!.@]8'%!5*!5O4'!5'!4*5'-*!?!&*!5*$)#-!',!=$,!.'!)#-!5$'8E!3#84!5G@&'7'4!.*-)!&*!)*$-,',@!
98$!+*4*+,@4$)*$,!)*!+#-.8$,'!'-!,#8,!,'53)6!U'!=8,!8-'!,S+F'!$53#))$>&'!+*4!(G@,*$)%!*7*-,!,#8,'!+F#)'%!8-!
$-.$7$.8*&$),'!*8!+#53#4,'5'-,!$-.$)+$3&$-@6!\'!4'=8)*$)!&')!+#-)'$&)!.'!5*!5O4'!',!)')!,'-,*,$7')!.'!5'!
.$)+$3&$-'46!Q!&G*.#&')+'-+'%!('!.'7$-)!$-D#87'4-*>&'!e!8-!7@4$,*>&'!4'>'&&'!f!
\'! 4'(',*$! &*! ='45'! *.F@)$#-! .'! 5*! 5O4'! ?! &*! =#$! ',! *8E! ,4*.$,$#-)! (8$7')%! 34@=@4*-,! 5'! 5#98'4! .'! &*!
>$D#,'4$'6!\'!4'=8)*$!.G*334'-.4'!8-!5@,$'4!98$!5G*84*$,!+#-,4*$-,!?!8-'!4#8,$-'6!\'!+F#$)$)!.'!5'!5I&'4!
*8E!D'-)!&')!3&8)!.$7'4)!.')!+&*))')!&')!3&8)!.@=*7#4$)@')%!>87*-,!*7'+!'8E%!+#--*$))*-,!.')!34#),$,8@')!
',!34'-*-,!3&*$)$4!?!3*4&'4%!?!.$)+8,'4%!?!4$4'!',!?!=*$-@*-,'46!k8*-.!(G*7*$)!>')#$-!.G*4D'-,%!('!,4*7*$&&*$)!
.*-)!&')!7$D-')!8-!(#84!#8!.'8E%!#8!,4#87*$)!.G*8,4')!,4*7*8E!5'!34#+84*-,!*))'M!.G*4D'-,!3#84!5*-D'4!
',!>#$4'!',!5'!3'45',,4'!&*!&$>'4,@!98'!('!4'+F'4+F*$)6!
"*&D4@! 5')! =*$>&'))')! F85*$-')%! 5')! *,,$,8.')! -#-+F*&*-,')%! .@>#--*$4')! ',! $-.#&'-,')%! 5*&D4@! 5#-!
@D#t)5'!',!5*!=#4,'!,I,'%!5*&D4@!5#-!3'8!.'!4')3'+,!3#84!+'!98G#-!'))*A*$,!.'!5'!.$4'%!(G@34#87*$)!8-'!
D4*-.'! +#53*))$#-! 3#84! *8,48$6! '<837+-) 75/1-) .1/4/,;86(,3) 86/3+/,,(5E) R7,-) 5() 57,=7=()
;<70>/01;<W0+C)/,);+17+3)90()><837+-)W?.(1723+4)(3)W?.(186/3+4E)'<7*7+-)0,)2]01)2W75(01(0YC).5(+,);()
2/6.7--+/,)(3);<(6.73W+(E)'<837+-).1/4/,;86(,3)860)(,).18-(,2();()57)6757;+(C);()5<7445+23+/,)(3)
;()57).70*1(38E)'<837+-)0,)71;(,3);84(,-(01);()2()90()*/0-)7..(5(T)5(-);847*/1+-8-E)L,)./0117+3)
;+1() 90() ><837+-) 0,) W/66() ;0) .(0.5(E) '() *+*7+-) 70.1^-) ;<(0YC) ;7,-) 0,) (-.1+3) ;() 276717;(1+(C)
><82/037+-)5(01-)675W(01-C)>()5(-)2/6.1(,7+-)(3)><837+-).5(+,);()-/55+2+30;()Z)5(01)8=71;E))
L&!'),!$53#4,*-,!.'!+#534'-.4'!5')!74*$')!#4$D$-')!',!5')!+*4*+,@4$),$98')!.'!('8-'!F#55'%!3*4+'!98'!
+'!=84'-,!&')!*$D8$&&#-)!98$!5'!3$98O4'-,!',!5'!3#8))O4'-,!.*-)!5#-!@,*,!+F4$),$98'!=$-*&6!!
?.%H,.%754./413/%.4%0+*F14413/%'.%2',/%54134%'1%*3/T-.%N%'1%*1'173.%.4%'1%21,9-.45%N%H,.%I.%9+U13/%
1,4+,-%7.%*+3;%%
U'&*!5'!4'-.*$,!=84$'8E!e!',!(G'-,4*$)!.*-)!8-'!+#&O4'!-#$4'!'-!7#A*-,!.')!D'-)!'-!D8'-$&&')%!5*$D4')!',!
*==*5@)%! 5*&*.')! ',! '),4#3$@)%! I,4'! ,4*$,@)! *7'+! 5@34$)! 3*4! .')! .$4$D'*-,)! (8$=)! )*-)! +l84! 98$! &')!
*++*>&*$'-,!.'!&#$)!',!.'!4$,')!,4*.$,$#--'&)!)*-)!=#-.'5'-,%!&')!5'-*]*-,!.')!=#8.4')!.'!\@F#7*F!)G$&)!
-GA!#>@$))*$'-,!3*)6!\'!.@+&*4*$!?!,#8)!+'8E!98$!5G@+#8,*$'-,!98'!+')!3*874')!D'-)!*7*$'-,!8-!=*4.'*8!
)8==$)*55'-,!&#84.!)*-)!I,4'!@+4*)@)!.'!)84+4#i,!3*4!.')!5')84')!&')!34$7*-,!.'!3&*$)$4)!',!98$!-G*7*$'-,!
*8+8-!)'-)6!k8'&!@,*$,!&'!)'-)!.'!&*!7$'!)$!&G#-!-G@,*$,!3*)!-@!3#84!I,4'!F'84'8E!h!!
\'!4'=8)*$)!.'!+4#$4'!*8![$'8!R!(8),'!T!.'!&*!,4*.$,$#-!(8$7'6!V')!*7'4,$))'5'-,)!>$>&$98')!34#3F@,$98')!.8!
(8D'5'-,! .'! \@F#7*F! ',! .'! )#-! +#844#8E! +#-,4'! &'! 3'83&'! 5'! .@D#n,*$'-,6! V')! D'-)! @,*$'-,! .')!

!
!01234'#5625748'$9'-24'%;')<124<' >>' ,54415'>'
F85*$-)%!*34O)!,#8,%!*D$))*-,!)'&#-!&'84!-*,84'!F85*$-'6!L&)!-*$))*$'-,!.*-)!&'!3@+F@!e!3#8498#$!.#-+!
*84*$'-,N$&)!.n!I,4'!(8D@)!',!+#-.*5-@)!?!8-'!7$'!.'!)#8==4*-+'!',!.'!5$)O4'!3*4+'!98G$&)!+#-,4'7'-*$'-,!
*8E![$E!U#55*-.'5'-,)!h!k8'&!@,*$,!&'!)'-)!.'!,'&&')!.@+&*4*,$#-)!h!!
K#84!5#$%!+',,'!+4#A*-+'!(8$7'!.@3'$D-*$,!8-!R![$'8!T!+48'&!',!$&&#D$98'!',!('!-'!7#8&*$)!4$'-!*7#$4!?!=*$4'!
*7'+!R!V8$!T6!L&!5'!)'5>&*$,!98'!)$!8-'!,'&&'!.@$,@!'E$),*$,%!$&!)G'-)8$7*$,!98'!&GF85*-$,@!@,*$,!+#-.*5-@'!?!
8-'!5$)O4'!@,'4-'&&'6!2'8&')!&*!)$53&$+$,@!',!&*!&$>'4,@!98'!('!,4#87*$)!.*-)!&')! +#&&$-')%!&')!3&*$-')%!&')!
&*+)!',!&')!5#-,*D-')!5'!4*=4*i+F$))*$'-,!&G')34$,!',!+*&5*$'-,!5')!.$*,4$>')!'-=&*55@')!+#-,4'!&'![$'8!
(8$=6! C-! +#-)@98'-+'%! ('! 4'=8)*$! .'! +4#$4'! 8-'! )'8&'! .')! 3*4#&')! 98'! &')! Q-+$'-)! ,'-,O4'-,! .'!
5G$-+8&98'46!
U'3'-.*-,%!*8,#84!.'!5')!sY!*-)%!5')!3'-)@')!34$4'-,!8-'!-#87'&&'!,#84-84'6!\'!5'!34#5'-*$)!.'!3&8)!
'-!3&8)!)#87'-,!)'8&!.*-)!&')!+#&&$-')!',!5*!4@>'&&$#-!=$,!3'8!?!3'8!3&*+'!?!8-!>')#$-!98$!5'!+#-)85*$,!
.'! +#--*i,4'! ',! .'! +#534'-.4'! &*! 74*$'! -*,84'! .'! !G! 98$! .'7*$,! +'4,*$-'5'-,! $-)3$4'4! &*! +4@*,$#-! ',!
4')3$4'4!?!,4*7'4)!'&&'6!
\'!4'+#-)$.@4*$!5#-!),A&'!.'!7$'!',!7$)!+#5>$'-!.'!)#8==4*-+')!5')!*+,$#-)!*7*$'-,!+*8)@')!?!5*!5O4'!
',! ?! >$'-! .G*8,4')! D'-)6! m$'-! 98'! ('! 4'))'-,$))'! 8-'! 34#=#-.'! +#53*))$#-! 3#84! &')! =*$>&')! ',! &')!
5*&F'84'8E%!5*!-*,84'!4'>'&&'!5G*7*$,!3#4,@!?!8-!+#53#4,'5'-,!$44@=&@+F$!',!@D#t),'!'-7'4)!5*!=*5$&&'6!
"#-!*5#84!)#8)N(*+'-,!3#84!'8E!5'!)8>5'4D'*!',!('!5'!.@+#874$)!)#8.*$-!.'7'-$4!@D*&'5'-,!4'>'&&'!
=*+'! ?! 5#-! +#53#4,'5'-,! 3*))@6! \G'-,'-.$)! 3*4&'4! .'! \'*-! m*3,$),'! ',! .8! ,4*7*$&! 98G$&! *++#53&$))*$,!
3*45$!&')!\8$=)!98$!7'-*$'-,!&G@+#8,'4%!3*4=#$)!.'38$)!\@48)*&'56!\'!.@+$.*$!*&#4)!.G*&&'4!&'!7#$4!3#84!I,4'!
>*3,$)@!5#$!*8))$6!
284!&'!+F'5$-!.8!\#84.*$-%!&G$.@'!.GI,4'!>*3,$)@!',!.'!4'+#55'-+'4!8-'!-#87'&&'!7$'!5'!4@(#8$,!&'!+#'846!!
\'!)*7*$)!98'!5*&D4@!5*!D4*-.'!@5#,$7$,@%!(G@,*$)!*8))$!-@!*7'+!8-'!7$7'!$-,'&&$D'-+'!',!8-!.#-!3#84!&*!
3#&@5$98'!3@-@,4*-,!',!,4O)!3'4)8*)$=%!98'!(G*7*$)!8,$&$)@!@D#t),'5'-,!',!.'!=*]#-!-@D*,$7'%!'-,4*i-*-,!!&')!
D'-)!.*-)!.')!.$)38,')!7$#&'-,')6!\G*7*$)!.$&*3$.@!5')!,*&'-,)!'-!5'-*-,!8-'!7$'!@D#t),'!.'!3&*$)$4)!',!
.'! =*4-$'-,'6! L&! '-! 4@)8&,*$,! 98'! (G*7*$)! 3'4.8! &G'),$5'! .G*8,48$! ',! .G*$&&'84)! ,#8,! 4')3'+,! 3#84! 5#$N5I5'!
*8))$6! K#84! &*! 34'5$O4'! =#$)%! ('! (8D'*$! +'&*! $-,#&@4*>&'6! L&! 5G*33*48,! 98G?! &G*7'-$4%! ('! 3#87*$)! ',! .'7*$)!
5$'8E! 8,$&$)'4! 5')! .#-)6! Q8! &$'8! .'! =*$4'! )$53&'5'-,! .8! >48$,%! 3'8,NI,4'! 3#844*$)N('! ,4#87'4! 8-! 5#A'-!
.G*&&@D'4!&')!)#8+$)!.'!+'8E!.#-,!(G*7*$)!,'&&'5'-,!3$,$@6!\8)98G?!+'!(#84%!(G*7*$)!@,@!.'!3'8!.G8,$&$,@!3#84!
98$!98'!+'!)#$,6!
!
OLM)KPB&GOG)
V#4)98'! (G'-,4*$! .*-)! &G'*8! .8! \#84.*$-! 3#84! I,4'! >*3,$)@! 3*4! \'*-%! ('! -'! 5G*,,'-.*$)! 3*)! ?! 4'))'-,$4!
*8,4'!+F#)'!98'!.8!)#8&*D'5'-,!3#84!*7#$4%!3#84!8-'!=#$)%!34$)!8-'!.@+$)$#-!3#)$,$7'%!+'&&'!.'!4@=#45'4!
5#-!+#53#4,'5'-,6!\'!5G*,,'-.*$)!?!4'))'-,$4!8-'!-#87'&&'!.@,'45$-*,$#-!3#84!4',#84-'4!?!&*!5*$)#-!',!
@,#--'4!5*!5O4'!',!5')!7#$)$-)!3*4!8-'!-#87'&&'!*,,$,8.'!*$5*>&'!'-7'4)!'8E6!
!
!()90+)-().7--7)18(55(6(,3)907,;)'(7,)6()U7.3+-7)403)0,()(Y.81+(,2()2/6.5^3(6(,3);+4481(,3();()
3/03)2()90()><7017+-)>767+-).0)+67=+,(1E)

!
!01234'#5625748'$9'-24'%;')<124<' >=' ,54415'>'
\'!)'-,$)!8-'!@-#45'!7*D8'!.G8-'!@-'4D$'!$-+4#A*>&'!.@='4&'4!?!,4*7'4)!5#-!+#43)6!\G'-!=8)!&$,,@4*&'5'-,!
=#8.4#A@6! U#55'! ('! )#4,*$)! .'! &*! 4$7$O4'%! ,#8,! +F*-+'&*-,%! ('! 5'! )'-,$)! @&'7@! '-! +#-)+$'-+'! .G8-'!
5*-$O4'!,#8,!?!=*$,!'E,4*#4.$-*$4'6!1-!@-#45'!=&8E!.G8-!>#-F'84!4*A#--*-,!5'!)#8&'7*!(8)98G?!&G'E,*)'6!
\G@,*$)!.*-)!&'!4*7$))'5'-,!',!+#-)+$'-,!.G8-'!$-,'-)'!&85$O4'6!
\'! 5G@&#$D-*$! .'! &*! 4$7$O4'! '-! ,4@>8+F*-,! ',! 5*4+F*$! )*-)! .$)+#-,$-8'4%! )*-)! )*7#$4! #g! (G*&&*$)6! \'!
+#-,$-8*$%!*7'8D&@5'-,%!?!*7*-+'4!(8)98'!.*-)!&'!.@)'4,6!
!
K.,3''.V% 6+4.-%W% OG%) %$S) %GOP$MG%) RPM%) FG) RG%G#&) #-,! @,@! 8-! ,'53)! .'! 384$=$+*,$#-! $-,@4$'84'!
,#,*&'! .'!5*! +#-)+$'-+'! F85*$-'6!"')! *-+$'--')! *,,$,8.')%!5')! +4#A*-+')%!5')! 34@(8D@)!=84'-,! ,#8)!
.$))#8)6!
V'! ,'53)!'),!7'-8!3#84! 5#$!.'!=*$4'!3*4,!*8E!D'-)!4@+'3,$=)!.'!,#8,!+'!98'!(G*$!4'))'-,$%!78%!4@*&$)@!',!
+#534$)6!
`K#84!7#8)!*$.'4!?!*>*-.#--'4!&G$5*D'!*4+F*t98'!.G8-'!R!.@$,@!T!>$>&$98'%!(G@7$,'4*$!.'!5'!4@=@4'4!?![$'8!
)#8)!+'!-#5!',!8,$&$)'4*$!8-'!,'45$-#&#D$'!.'),$-@'!?!@&*4D$4!7#,4'!')34$,!(8)98G?!)*$)$4!+'!98$!R!'),!4@'&!T%!
.'44$O4'!,#8,'!=#45'%!+#8&'84%!)#-%!@5#,$#-!',!+#534@F'-)$#-!,'44'),4')6!
U',,'! ,'45$-#&#D$'! 4'7I,$4*! 3#84! 7#8)! 8-'! )$D-$=$+*,$#-! .'! 3&8)! '-! 3&8)! D4*-.'! *8! =84! ',! ?! 5')84'! 98'!
7#8)!3'4)@7@4'4'M!.*-)!&*!34$O4'!',!&*!5@.$,*,$#-6!
?"%XC"%Y"%$"DD"=#<D%Z)=D%!"%Z"D"$#%
\'! =8)! )#8&'7@! .*-)! 8-'! &85$O4'! $-,@4$'84'! 4*.$'8)'! ',! ('!5'! )'-,$)! 7$>4*-,! ',! 34#.$D$'8)'5'-,!7$7*-,6!
\G@,*$)!4'53&$!.G'E,*)'!',!.'!(#$'!',!('!)8)%!)*-)!*8+8-!.#8,'!3#))$>&'%!98'!UCJJC!K1L22QZUC!@,*$,!&'!
7@4$,*>&'!U4@*,'84!.#-,!@5*-'-,!,#8,')!+4@*,84')6!
U',,'!D&#4$'8)'!F*45#-$'!$-,@4$'84'%!+',,'!5'47'$&&'8)'!3*$E%!+'!)'-)!.'!3*4=*$,!*++#53&$))'5'-,%!98$!-'!
-@+'))$,*$,! 4$'-! .'! 3&8)! 3#84! I,4'! 8-! $-),*-,! 5*D$98'_%! @,*$,! &*! 7@4$,*>&'! -*,84'! .'! &*! W@*&$,@! e! &*!
K8$))*-+'!U4@*,4$+'!.#--*-,!/$'!?!&*!+4@*,$#-!',!?!&G'E$),'-+'6!
!()90()><7+)m*0<C)1875+-8)(3).(1j0);7,-)5();8-(13E!
\G*$!@,@!)#8&'7@!.*-)!8-'!*8,4'!.$5'-)$#-!.'!3'4+'3,$#-!+#-)+$'-,'%!98$!5G*!3'45$)!.'!7#$4!&*!/vWLJv)
*8!)8(',!.'!&*!7$'!',!.'!&G'E$),'-+'6!\G*$!78%!*7'+!&8+$.$,@!',!+&*4,@%!+'!98$!@,*$,!4@'&!',!+'!98$!@,*$,!=*8E!.*-)!
&*!=*]#-!.'!3'-)'4!.'!&GF#55'6!
'<7+) 1875+-8) 90() 2(33() c)B0+--7,2() !18731+2()e) 90() ><(Y.81+6(,37+-) 837+3) +,4+,+(C) 83(1,(55(C)
N,+*(1-(55(C) 1(6.5+--7,3) 3/03) (-.72() 70J;(5Z) ;(-) 2+(0YC) ;(-) /287,-C) ;() 57) 3(11() (3) ;() 3/03(-)
2W/-(-)*+*7,3(-E)'<7+)*0)90()!GFP)837+3)57)BN$%%PM!G);()5<G%B#$&E)
!GFP)837+3)57)BN$%%PM!G)!#GP&#$!G);()5<G%B#$&E)
$5) ,<(Y+-37+3) ,05) 5+(0) /D) 2(33() c)R$H$MG) BN$%%PM!G) !#GP&#$!Ge) ;() 5<G%B#$&) ,() -() 67,+4(-37+3)
.7-E)
'() 1875+-7+) 90() 5<(-.1+3) W067+,) 867,7+3) ;() 5<G%B#$&) !#GP&GN#) R$H$M) (3) ,<837+3) 90<0,() U/0=+()
755068().71)5()-/5(+5E)
)

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
_
!R!-''.$-D!-#,F$-D!5#4'!,#!>'!*..'.!,#!,F*,!>'*8,$=8&!5#5'-,!"!

!
!01234'#5625748'$9'-24'%;')<124<' >?' ,54415'>'
K*4!5#5'-,)%!5*!78'!F85*$-'!@,*$,!)3$4$,8'&&'5'-,!)$!@&'7@'!98'!('!3#87*$)!7#$4!*8!,4*7'4)!.')!4#+F'4)%!
.'! &*! ,'44'%! .8! )*>&'6! U'8EN+$! 5'! 3*4*$))*$'-,! *&#4)! -GI,4'! 98G8-! R!+F*,#$'5'-,! .'! 3#8))$O4')!
5$+4#)+#3$98')!T6!!
'()1875+-7+)90()1+(,),<837+3)18(55(6(,3)-/5+;()h!
Q8))$,P,!98'!(G*7*$)!.')!.#8,')!98G$&!3n,!'-!I,4'!*$-)$%!&')!+F*-D'5'-,)!.*-)!&'!3F@-#5O-'!+'))*$'-,%!',!
>'*8+#83!3&8)!,*4.%!('!.@+#874$)!98'!b!
5')!3'-)@')%!)$!'&&')!@,*$'-,!=#4,'5'-,!$534@D-@')!.'!U0Z/LUJL0Z%!!
3#87*$'-,!#3@4'4!.')!+F*-D'5'-,)!.*-)!+'!R!+F*,#$'5'-,!.'!3#8))$O4')!T!!
`98'!&*!)+$'-+'!-#55'!*8(#84.GF8$!.')!3*4,$+8&')!+F*4D@')!@&'+,4$98'5'-,a!!
',!.#-+!34#.8$4'!.')!5#.$=$+*,$#-)!!
.*-)!&G*33*4'-+'!.8!4#+F'4!#8!.'!,#8,'!*8,4'!+F#)'!98'!(G@,8.$*$)6!
UG'),! ?! +'! ),*.'! 98'! (G'-! 7$-)! ?! 4@*&$)'4! &G'==',! 38$))*-,! 98'! 3'8,! *7#$4! )84! &G'-7$4#--'5'-,! &*!
U0Z/LUJL0Z!#8!8-'!o0L!$-@>4*-&*>&'%!&#4)98G'&&'!)G'E34$5'!3*4!8-!#4.4'!#8!8-'!)$53&'!+4#A*-+'6!!
V'!3&8)!)*$)$))*-,!@,*$,!98'!('!4@*&$)*$%!'-!,#,*&'!#87'4,84'!.G')34$,%!'-!@,*,!.'!R!+#-)+$'-+'!+#)5$98'!T%!
98'!,#8,!+'!.#-,!(G@,*$)!,@5#$-!'),!4@'&&'5'-,!&*!c!B0+--7,2()!18731+2()e);()5<G-.1+3!R+*+,)F0+J6X6(C)
4'-.8'!7$)$>&'!.*-)!+'!R!+F*,#$'5'-,!.'!3#8))$O4')!$-=$-$,@)$5*&')!T6!
C,!5$'8E%!98'!&G*+,$7$,@!.'!&*!3'-)@'!F85*$-'!3#87*$,!34#=#-.@5'-,!*=='+,'4!)#-!7..71(,2(6!!
!
\'!4@*&$)*$!98G$&!-GA!*7*$,!4$'-!.'!)#&$.'!.*-)!&G8-$7'4)%!98'!,#8,!+'!98$!@,*$,!7$)$>&'!@,*$,!8-'!5*-$='),*,$#-!
.G8-! +'4,*$-! R!@,*,! .'!+#-)+$'-+'!T%! 98$! .@,'45$-*$,!&*! +#53#)$,$#-! ',! &*!=#45'! .'! +'! R!+F*,#$'5'-,! .'!
3#8))$O4')!T6!
P+,-+C)3/03()4/16()(Y381+(01()837+3)5<(Y.1(--+/,);()57)2/,-2+(,2()+,381+(01(E)
)
'()1875+-7+!90()H$G)(3)!LM%!$GM!G),<837+(,3)90<0,()-(05()(3)6X6()2W/-(E))
)
$5)837+3)+6./--+U5();();+1()V)c)!(2+C)2<(-3);()57)H$G)(3)2(57C)2<(-3);()57)!LM%!$GM!G)eE))
)
V*!U#-)+$'-+'!@,*$,!&*!/$'!',!&*!/$'!@,*$,!U#-)+$'-+'!',!,#8,')!.'8E!@,*$'-,!&*!c)B0+--7,2()!18731+2()e%!
&<G%B#$&)R$H$M)NM$HG#%GF)*8N.'&?%!*8N.'.*-)!.'%!',!.'44$O4'!&G8-$7'4)6!
)
\'!4@*&$)*$!98'!&')!F#55')!*,,4$>8*$'-,!8-'!$53#4,*-+'!34@3#-.@4*-,'!Z)5<+,;+*+;075+38)(3)Z)57)4/16(6!L&)!
-'! 3#87*$'-,! $5*D$-'4! &G')34$,! ',! &G$-,'&&$D'-+'! #3@4*-,! '=='+,$7'5'-,! .'! ,#8,'! *8,4'! 5*-$O4'! 98'! 3*4! &'!
5#A'-!.'!&*!=#45'!$-.$7$.8'&&'6!UG'),!3#8498#$!&')!\8$=)!)G@,*$'-,!+4@@!8-'!$5*D'!5'-,*&'!.G8-!$55'-)'!
I,4'!)834I5'%!.#,@!.'!,#8)!&')!*,,4$>8,)%!3#)$,$=)!',!-@D*,$=)%!.'!&GI,4'!F85*$-6!['!+'!=*$,%!&')!34#3FO,')!
3#87*$'-,!+4#$4'!',!3*4&'4!.8!+#844#8E!.'!\@F#7*F%!.'!)')!5'-*+')!.'!38-$,$#-)%!.'!)')!@34'87')!)#8)!
=#45'!.'!5*&*.$')!',!.G@3$.@5$')!'-!38-$,$#-!.'!&G'-,I,'5'-,!.')!F85*$-)6!"*$)!+')!$5*D')!5'-,*&')%!
4@*&$)*$N('%!@,*$'-,!.')!5A,F')6!C&&')!-G'E$),*$'-,!3*)6!

!
!01234'#5625748'$9'-24'%;')<124<' >@' ,54415'>'
\'!3'4]8)!98G'-!,#8,!.#5*$-'!.'!&G'E$),'-+'%!+G@,*$,!&GC2KWLJ!e!&G'E34'))$#-!.'!&G$-,'&&$D'-+'!N%!98$!@,*$,!&'!
=*+,'84!34$5#4.$*&!34@)$.*-,!?!&*!+4@*,$#-!',!?!&GF#55'!&8$N5I5'6!C-!+#-)@98'-+'%!&*!u'-O)'!.'7*$,!I,4'!
4'=#458&@'!.'!&*!5*-$O4'!)8$7*-,'!b!!
R!Q7*-,! ,#8,'! U4@*,$#-! e! @,*$,! 5<G%B#$&) NM$HG#%GF) g) 57) B0+--7,2() !18731+2(C) ;(11+^1() (3) (,) 57)
21873+/,)(55(J6X6(E)e)
!
QA*-,! 78! *7'+! 8-'! ,'&&'! +&*4,@! ',! )*-)! @98$7#98'! 3#))$>&'%! 98'! &*! B0+--7,2() !18731+2() ;() 5<G%B#$&)
NM$HG#%GF) @,*$,! 3*4,#8,%! .*-)! &G$-=$-$! .')! +$'8E! *$-)$! 98'%! )#8)! )*! =#45'! *+,$7'%! .*-)! &')! =#45'))
,'44'),4')%!('!4']8)! $-,@4$'84'5'-,!&G#4.4'!.'! 4'D*4.'4!*8,#84! .'!5#$%!#g!('! -'!7#A*$)!98'!.8!D4*7$'4!',)
.')!4#+F'4)6!K8$)%!)#8.*$-'5'-,%!5'!=8,!34@)'-,@!&'!,*>&'*8!.G8-!3*A)*D'!)83'4>'!#g!3#8))*$'-,!,#8,')!
)#4,')! .'! 3&*-,')%! .'! >8$))#-)! ',! .G*4>4')! +#-+'7*>&')!H! .')! #$)'*8E! 7#&',*$'-,! .*-)! &')! *4>4')%! .')!
*-$5*8E!3*$))*$'-,!&GF'4>'6)
W'D*4.*-,!+',,'!7$)$#-!*7'+!),83@=*+,$#-%!('!R!7$)!T!98'!&')!3&*-,')!',!&')! *4>4')%!+F*+8-!.G'8E!',%!#8$%!
5I5'!&')!#$)'*8E!',!&')!*-$5*8E%!@,*$'-,!'-!4@*&$,@!+#53#)@)!.'!+'-,*$-')!.'!+#558-*8,@)!.G'-,$,@)!
$-=$-$5'-,! 3',$,')! `98'! 7#)! )+$'-,$=$98')! 5#.'4-')! *33'&&'-,! .')! w+'&&8&')Ga%! #'874*-,! +#-,$-8'&&'5'-,%!
.*-)!8-!')34$,!.'!+##3@4*,$#-!,#,*&'5'-,!F*45#-$'8E%!3#84!34#.8$4'!&*!)8>),*-+'!',!&')!.$7'4)!#4D*-')!
.8!)A),O5'!$-,@4$'84!',!.'!&G*33*4'-+'!'E,@4$'84'!.'!&G'-,$,@!7$7*-,'!+#53&O,'6!
'() 2/,3(6.57+) 2(33() .1/;+=+(0-() 723+*+38) .(,;7,3) 31^-) 5/,=3(6.-C) U+(,) 90() 5() 3(6.-) ,<(n3) .50-)
7020,() -+=,+4+273+/,) ./01) 6/+E) #(=71;7,3) (3) 1(=71;7,3) (,2/1(C) >() .(,-7+) V) c)i0+) ;(*+,(17+3) 90<Z)
5<+,381+(01) ;() 2(-) (,*(5/..(-) ;() ./+5-C) ;() .506(-C) ;() .(70C) 1^=,() 0,() 70--+) +,3(,-() 723+*+38) ;()
6+,0-205(-)2/660,7038-);<(,3+38-C)317*7+557,3)(,)2//.8173+/,)./01);/,,(1)*+(C)4/16(C),/011+301(C)
=081+-/,C).1/3(23+/,)(3)5/,=8*+38)70Y)2/1.-);()37,3);<(-.^2(-);+4481(,3(-)h)e)
!<837+3)5<722/6.5+--(6(,3)+,3(55+=(,3);0)&#PHP$F)90+)733+17+3)6/,)733(,3+/,E)
Q$-)$%!&'!&#PHP$FC)4@*&$)*$N('%!=*$,!3*4,$'!$-,@D4*-,'!.'! 5<P23+*+38);() 57)B0+--7,2()!18731+2(C).'38$)!&*!
5#$-.4'! R!'-,$,@!T! `#8! +'&&8&'a! ?! &G$-,@4$'84! .')! )A),O5')! 7$7*-,)! (8)98G?! &G'-,$,@! &*! 3&8)! @7#&8@'! .*-)!
&G8-$7'4)!e!&GF#55'!&8$N5I5'6![*-)!&'!)A),O5'!.'!,#8,!I,4'!7$7*-,%!,#8,!&'!,4*7*$&!@,*$,!'-!=$-!.'!+#53,'!
)#8)!&*!.$4'+,$#-!.'!&*!B0+--7,2()!18731+2()R+*+,(C)'-!&*98'&&'!)'!,4#87*$'-,!,#8)!&')!3&*-)!',!.'))'$-)!
.'!&*!+4@*,$#-6!\'!7$)!98'!,#8)!+')!3&*-)!',!.'))'$-)!@,*$'-,!'-!4@*&$,@!.')!R!=#45')!.'!+#-)+$'-+'!T!',!
3#87*$'-,! )G*33'&'4! .')! R!KQW0VC2!T! 38$)98'!+F*98'! KQW0VC! $(-,(.(*% /,*! 0%.1"+*% )*% 21,$2(*,2*%3%
!"#$%'&"!(2/4(#"*5)
Q$-)$%! &*! KQW0VC! #4$D$-'&&'! .'! &*! c)!/,-2+(,2() ;() 57) B0+--7,2() !18731+2()e) )'! 5*-$='),'! .*-)! &'!
5#-.'!7$)$>&'6!V*!KQW0VC%!',!3*4!+#-)@98'-,!&'! c)O/;^5();()!/,-2+(,2()e) )8>)$),'!.*-)!'("DG$<#%
?$")#"C$%Z<K<=%'-!)'!4'34#.8$)*-,!'-!3'45*-'-+'6%
\'! R!7$)!T! *&#4)! 98'! +F*98'! +F#)'! .*-)! &G8-$7'4)! R!7$7*$,%! )'! 5#87*$,! ',! *7*$,! )#-! I,4'!T! .*-)! &*!
B0+--7,2() !18731+2() .'! &GG%B#$&) NM$HG#%GFC) &'98'&) @,*$,! $-=$-$! ',! @,'4-'&%! ',! &*! )'8&'! 74*$'! $51'345%
.'44$O4'!,#8,')!&')!5*-$='),*,$#-)!.'!=#45'!$-.$7$.8*&$)@'6!!
\'!)'-,$)!5#-,'4!'-!5#$!8-!=&#,!.'!&#8*-D')!3#84!,#8,!+'!98'!+#-,'-*$,!&'!5#-.'!',!98$!34#7'-*$,!.'!+',,'!
)834I5'! B0+--7,2() !18731+2() ;() 5<G-.1+3) R+*+,! ,#8,! '-! A! 4@)$.*-,6! \'! 5G@5'47'$&&*$! .'! ,#8,') +',,'!
*+,$7$,@! )'+4O,'! 98$! )'! 34#.8$)*$,! ?! (*5*$)! '-! ,#8,'! +F#)'! 7$7*-,'%! +#43)! F85*$-)! A) +#534$)! ',! ('! 5'!

!
!01234'#5625748'$9'-24'%;')<124<' >A' ,54415'>'
.'5*-.*$! +#55'-,! $&! )'! 3#87*$,! 98'! ,#8,')! +')! 8-$,@)! $-=$-$5'-,! 3',$,')) ,4*7*$&&*))'-,! '-! ,#,*&'!
$-,'&&$D'-+'%! )'&#-! .')! 3&*-)! )3@+$=$98')%! 3#84! 34#.8$4'! $-=*$&&$>&'5'-,! &')! =#45')) 34#3#)@')! e! ,4#-+)!
.G*4>4')%!='8$&&')%!=&'84)%!=48$,)%!$-)'+,')%!#$)'*8E%!*-$5*8E!',!I,4')!F85*$-)6!!
K8$)!('!4@*&$)*$!'-+#4'!3&8)!+&*$4'5'-,!98'!&*!c!B0+--7,2()!18731+2()e)@,*$,!57)%/012()6X6();()3/03()
c)723+*+38)+,3(55+=(,3()e);7,-)5<0,+*(1-E)
2$! &GF85*-$,@! 3#))@.*$,! .'! &G$-,'&&$D'-+'%! +G@,*$,! 8-$98'5'-,! 3*4+'! 98G'&&'! &*! 38$)*$,! .*-)! &*! c!%/012()
N,+*(1-(55();()&/03()!187301()eE)
)
C-! #8,4'%! $&! 5'!=8,! .#--@! .'! 7#$4! 98'! &*! B0+--7,2()!18731+2() R+*+,() ,4*7*$&&*$,!,#8(#84)! )'&#-! +'4,*$-)!
34$-+$3')!=#-.*5'-,*8E!',!34@+$)!.'!+#-),48+,$#-6!!
L&!5'!=8,!5#-,4@!98'!b!
J#8,! +#55'! &')! F#55')! #-,! .')! +*4*+,@4$),$98')! 34@+$)')! ',! 8-'! R!-*,84'!T! >$'-! .@=$-$'! .*-)! &*!
5*-$O4'!.#-,!$&)!)'!34@)'-,'-,!*8!5#-.'!'-!D@-@4*&%!&*!K1L22QZUC!UWCQJWLUC!3#))@.*$,!'&&'!*8))$!
8-'! R!-*,84'!T! .@=$-$'! *7'+! 34@+$)$#-%! *7'+! .')! +*4*+,@4$),$98')! .$),$-+,')! 98$! )'! 4'+#--*$))*$'-,!
+&*$4'5'-,! .*-)! &*! 5*-$O4'! .#-,! @,*$'-,! +#-),48$,')! ',! 5*$-,'-8')! '-! 7$'! ,#8,')! &')! +F#)')! 7$7*-,')!b!
7@D@,*8E%!*-$5*8E%!#$)'*8E%!I,4')!F85*$-)6!
\'! R!7$)!T! 98'! +')! R!34$-+$3')!T! ',! R!+*4*+,@4$),$98')!T%! +&*$4'5'-,! #>)'47*>&')! .*-)! &'! 34#+'))8)! .'!
+4@*,$#-%!@,*$'-,!.')!V0L2!$-7*4$*>&')%!=$E')%!4@D$))*-,!,#8,'!'E$),'-+'6!
U')! V0L2! =#-,! ,'&&'5'-,! 3*4,$'! .'! &*! 7$'! 98G'&&')! -'! )#-,! (*5*$)! 4'5$)')! '-! 98'),$#-6! C&&')! )#-,!
$558*>&')!',!+#F@4'-,')%!5*$)!.'!,'&&')!&#$)!-G'E$),'4*$'-,!3*)!)G$&!-GA!*7*$,!3*)!.'!B0+--7,2()!18731+2()
$,3(55+=(,3() )'! 5*-$='),*-,! .*-)! &G8-$7'4)6! U')! R!34$-+$3')! .'! +4@*,$#-!T! N! &')! +*4*+,@4$),$98')! .'! &*!
K8$))*-+'!U4@*,4$+'!'&&'N5I5'!N!)#-,!&')!)8$7*-,)!b!
`\'!&')!+#-(8D8'!*8!34@)'-,!+*4!+')!R!34$-+$3')!T!)#-,!@,'4-'&)6a!
!
oE)F7)c)M7301()e);()57)c)B0+--7,2()!18731+2()e)(-3)GHLFN&$LMoAE)
J#8,!+'!98$!7$,%!+4#i,!',!@7#&8'!$-.@=$-$5'-,6!
F<GHLFN&$LM!'),!8-'!+*4*+,@4$),$98'!8-$7'4)'&&'%!8-!34$-+$3'!.G'E$),'-+'!$558*>&'6!
!
@E)F7)c)M7301()e);()57)c)B0+--7,2()!18731+2()e)(-3)MN&#$&$LM)(3)MLN##$&N#GE)
Z8,4$,$#-! ',! Z#844$,84'! +#-),$,8'-,! 8-! 34#+'))8)! -#45*&! ',! 5'47'$&&'8)'5'-,! #4D*-$)@! .*-)! &'! +#43)%!
@7$.'-,!3#84!,#8)!+'8E!98$!)'!.#--'-,!&*!3'$-'!.'!&G'E*5$-'46!V*!-#844$,84'!'),!=#84-$'!?!,#8,'!+4@*,84'!
7$7*-,'! )'&#-! )')! 34@=@4'-+')! $-.$7$.8'&&')! ',! '),! .$D@4@'! '-! 78'! .'! 34#5#87#$4! )*-,@! ',! >$'-NI,4'6!
k8*-.! -*$))'-,! .'! 3',$,')! +4@*,84')%! &'! &*$,! '),! .@(?! .$)3#-$>&'! +F'M! &*! 5O4'%! 34I,! ',! *,,'-.*-,! &')!
-#87'*8N-@)6!C-!+'&*!*8))$!4@)$.'!8-!34$-+$3'!.G'E$),'-+'!5A),@4$'8E!98'!3'4)#--'!-'!3'8,!-$'46!
Q8+8-'!)+$'-+'!-'!3'8,!'E3&$98'4!3#8498#$!8-'!=#-+,$#-!*8))$!=#4,8$,'%!$-F@4'-,'!*8!)A),O5'!.'!)847$'!
.')! ')3O+')%! )'4*$,! *33*48'! .*-)! &G'E$),'-+'6! V*! =#-+,$#-! *+,8'&&'! 3'8,! '-! '&&'N5I5'! I,4'! +#534$)'%!
5*$)!-#-!&*!4*$)#-!-$!&*!)#84+'!.'!&*!=#-+,$#-6!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
^<
!R!u4#x,F!T!`+4#$))*-+'!.*-)!&'!)'-)!.G@7#&8,$#-!#8!.'!.@7'&#33'5'-,a6!

!
!01234'#5625748'$9'-24'%;')<124<' >B' ,54415'>'
!
pE)F7)c)M7301()e);()57)c)B0+--7,2()!18731+2()e)(-3)QNG#$%LMooE)
V*! =081+-/,! '),! 8-'! +*4*+,@4$),$98'! -*,84'&&'! .'! &G'E$),'-+'! ',! &G#-! 3'8,! &*! +#-)$.@4'4! +#55'! 8-!
R!K4#+'))8)! .'! K'4='+,$#--'5'-,!T! -*,84'&! 98$! )G$-),*84'! 3#84! *))84'4! &'! >$'-NI,4'! $-.$7$.8'&!H! 5*$)!
3'4)#--'!-'!3'8,!'E3&$98'4!+'!98$!$-.8$,!&G*+,$7$,@!.'!D8@4$)#-6!
!
qE)F7)c)M7301()e);()57)c)B0+--7,2()!18731+2()e)(-3)B#L&G!&$LM)
F7) B1/3(23+/,) '),! 8-'! +*4*+,@4$),$98'! $-,@D4*&'! .'! &*! K8$))*-+'! U4@*,4$+'%! .#-,! ,#8,'! &G*+,$7$,@!
*33*4'55'-,!R!5$4*+8&'8)'!T!)G#4$'-,'!7'4)!&*!34#,'+,$#-6!`Q8(#84.GF8$%!7#)!&$74')!5@.$+*8E!.@+4$7'-,!&')!
.$7'4)! )A),O5')! .'! 34#,'+,$#-! .'! 7#,4'! +#43)%! 5*$)! 98*-.! (G@,*$)! .*-)! &'! .@)'4,%! ('! R!7$)!T! 98'! &')!
+*4*+,@4$),$98')! .'! &*! K4#,'+,$#-! @,*$'-,! $-F@4'-,')! ?! &*! K8$))*-+'! U4@*,4$+'! L-,'&&$D'-,'! .'! &*! 5*-$O4'!
)8$7*-,'6a!
U#55'!&')!3&*-,')%!&')!#$)'*8E!',!&')!*-$5*8E!5G@,*$'-,!34@)'-,@)!*=$-!98'!('!38$))'!&')!#>)'47'4!)#8)!
&G'==',!.'!&G$-)3$4*,$#-%!('!38)!7#$4!98'!+F*98'!R!>')#$-!.'!34#,'+,$#-!T!.')!+#43)!@,*$,!34$)!'-!+F*4D'!*7'+!
*5#84!',!8-'!D4*-.'!*,,'-,$#-!*8!.@,*$&6!
!
rE) !(33() 27172381+-3+90() ;() c)B1/3(23+/,)e) -() 2/6U+,() 7*(2) 5<7031() 27172381+-3+90() ;?,76+90() ;()
%P&$%dP!&$LM)RG%)KG%L$M%E)
U',,'! +*4*+,@4$),$98'! 5G*33*48,! +&*$4'5'-,! .*-)! &*! +F'7'&84'%! &*! =#84484'! ',! &')! 3&85')! .#-,! @,*$'-,!
3#8478')!&')!+4@*,84')!7$7*-,')!*=$-!.'!34#,@D'4!&'84!3'*8!',!.'!&'84!=#84-$4!.'!&*!+F*&'84!'-!+*)!.'!=4#$.!
',!8-'!34#,'+,$#-!+#-,4'!&*!+F*&'846!\'!7$)!98'!&')!'E,4@5$,@)!,'-.4')!.')!.#$D,)!',!.')!#4,'$&)%!)'-)$>&')!
',!$53#4,*-,')%!@,*$'-,!3#8478')!.'!&*!34#,'+,$#-!*.@98*,'!.G#-D&')!',!.'!)*>#,)6!!
V')! )#84+$&)! &'84! 34#,@D'*$'-,! &')! A'8E! .'! &*! )8'84!H! &')! 3*83$O4')! ',! &')! +$&)! &')! 34#,@D'*$'-,! .'! &*!
3#8))$O4'!',!.')!>&'))84')6!\'!4@*&$)*$!98'!&')!*-$5*8E!98$!*,,$4*$'-,!&')!5#8+F')!@,*$'-,!@98$3@)!.G8-!
,A3'!.'!98'8'!98$!&'84!3'45',,*$,!.'!)G'-!.@>*44*))'4!)84N&'N+F*536!
i0();<733(,3+/,)(3);<76/01C)W(01(0Y)(3)>/?(0YC)-<(Y.1+67+(,3);7,-)2(-).(3+3-)7331+U03-).W?-+90(-)
90+).717+--7+(,3)-+)6+,+6(-)(3)+,-+=,+4+7,3-)(3)90+C)./0137,3C)7*7+(,3);()-+)=17,;(-)18.(120--+/,-)
-01)5()2/,4/13);()3/0-)5(-)X31(-)*+*7,3-)h)!(-)50Y(-).W?-+90(-C)7>/038-)70Y)6/;^5(-)2/1./1(5-);()
U7-(C)837+(,3)257+1(6(,3)5().1/;0+3);<0,()$,3(55+=(,2()90+)(,3(,;7+3)90()57)21873+/,)*82n3);7,-)5())
2/,4/13)(3)5()U/,W(01C)5+U818();(-)-/02+-)90<(0--(,3) *820-)5<W/66()(3)5(-)UX3(-) -<+5-),<(0--(,3))
.7-)838);/38-);()2(-)c)713+25(-);()50Y()e)h)
V')! =#-+,$#-)! -*,84'&&')! 5I5'! @,*$'-,! +#-]8')! )$! $-,'&&$D'55'-,! ',! )$! +#-=#4,*>&'5'-,! 98G'&&')!
#>&$D'*$'-,! ?! &G*+,$#-! .'! D4S+')6! C,! ,#8,! +'&*! )$! >$'-! '-7'&#33@!f! k8'! &GF#55'! @,*$,! >@-$%! =#4,8-@%! .'!
-*i,4'! .*-)! 8-'! 7$'! )$! >$'-! #4D*-$)@'!f! 1-'! =#$)! .'! 3&8)%! 5')! &#8*-D')! )G@&'7O4'-,! ',! ('! 5'! )'-,$)!
)#8&'7@! .*-)! 8-'! &85$O4'! $-,@4$'84'! .#4@'! .'! 4*7$))'5'-,! @5'47'$&&@! e! +*4! ('! w7#A*$)G! 5*$-,'-*-,! 98'!
)*-)!+#53,'4!&'!=*$,!98G'&&')!@,*$'-,!+'-)@')!I,4'!&$>4')!.'!,#8,!)#8+$%!&')!+4@*,84')!7$7*-,')!@,*$'-,!*8))$!
+'-)@')! 'E34$5'4! &G*5#84! 'E8>@4*-,! .'! &*! MP&N#G) .'! &*! B0+--7,2() !18731+2(E! UG'),! *$-)$! 98G'&&')!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
^^
!R!X'*&$-D!T!`D8@4$)#-!.*-)!&'!)'-)!.'!4@3*4*,$#-!#8!.'!4@D@-@4*,$#-a!

!
!01234'#5625748'$9'-24'%;')<124<' >C' ,54415'>'
@,*$'-,!@98$3@')!.'!5'5>4')!b!>4*)!',!5*$-)%!(*5>')!',!3$'.)%!.#$D,)!',!#4,'$&)%!3#84!&'84!3'45',,4'!.'!
)'!5#87#$4%!.'!+#84$4%!)*8,'4!',!.*-)'4%!3#84!3#87#$4!'E34$5'4!&'84)!3'-)@')!',!&'84)!@5#,$#-)!&')!3&8)!
$-,$5')6!\'!)'-,$)!5I5'!98'!)$!&'!D'-4'!F85*$-!*7*$,!'-7$'!.'!7#&'4!',!.G*7#$4!.')!*$&')%!'-!+4#A*-,!.'!
,#8,!)#-!+#'84!98G$&!&'!3#87*$,%!$&!&8$!3#8))'4*$,!=$-*&'5'-,!8-!#4D*-'!)833&@5'-,*$4'!98$!&'!&8$!3'45',,4*$,6!!
UG'),!?!+'!),*.'!.'!+#534@F'-)$#-!.'!&*!MP&N#G).'!&*!c!B0+--7,2()!18731+2()e)98'!('!34$)!3&'$-'5'-,!
+#-)+$'-+'!.'!&GPOLN#)98$).$4$D'!F<sNH#G!.'!57)B0+--7,2()!18731+2()$,3(55+=(,3()(3!N,+*(1-(55(6!
U#55'! ('!5@.$,*$)! +',! POLN#C) ('! 4@*&$)*$! 98'! .*-)! &*! +4@*,$#-%! &*! R!5O4'!T! -#844$,%! 34#,OD'%!)*,$)=*$,!
*8E!>')#$-)!',!'))*$'!.'!34#5#87#$4!&*!D8@4$)#-!.'!)*!34#D@-$,84'!H!+G'),!&?!&G*+,$7$,@!.'!&GPOLN#E)
!
kE) F7) 27172381+-3+90() +,,8() ;() 57) BN$%%PM!G) !#GP&#$!G) P$OPM&G) (3) $M&GFF$QGM&G) 90+) 7)
;/,,8)Z)57)21873+/,)-7)4/16()+,;+*+;0(55()(3)-/,)c)X31()e)(-3)5()&#PHP$FE)
)
G55()317*7+55()./01),/0-C)(,),/0-C)(3)[%4-19.-/%,/0-E)
%/,)c)317*7+5)e)(-3)3/0>/01-C)3/0>/01-)(3)3/0>/01-)-0-2+38).71)5<POLN#E)
)
U',,'! 4@7@&*,$#-! +#)5$98'! 5'! 4'53&$,! .'! (#$'! ',! .G@,#--'5'-,6! [*-)! 98'&! 5#-.'! 5'47'$&&'8E! -#8)!
7$7$#-)!f!U'!=8,!&'!3#$-,!+8&5$-*-,!.'!5#-!$&&85$-*,$#-!',!.'!5*!78'!.G'-)'5>&'!.'!&*!HG#$&G)+#-+'4-*-,!
&*!%LN#!G)RG)&LN&)G&#GE)
\G*7*$)! .@(?! R!78!T! &*! 4@*&$,@! .')! +#43)! 3FA)$98')! +#53#)@)! .'! .$7'4)')! +#558-*8,@)! R!.G$-=$-$5'-,!
3',$,')! '-,$,@)!T! $.'-,$98')! ,4*7*$&&*-,! .*-)! 8-! ')34$,! .'! +##3@4*,$#-! ',! .GF*45#-$'! 3#84! 34#.8$4'! &')!
.$==@4'-,')!+#53#)*-,')!.8!+#43)!b!&*!+F*$4%!&')!#)%!&'!)*-D!',!(8)98G*8E!A'8E!',!*8E!+F'7'8E6!
V*!)'8&'!.$==@4'-+'!'-,4'!+')!+#558-*8,@)!18-+;7+3);7,-!5()3?.();()317*7+5)'E$D@!'-!78'!.'!&'84)!>8,)!
+#558-)6! F<$OBNF%$LM) R$H$MGC) .'44$O4'! ,#8,'! +',,'! *+,$7$,@! $-,'&&$D'-,'! ',! 7#&#-,*$4'! .*-)! &'! +#43)%!
*7*$,!+'4,*$-'5'-,!.n!$-)3$4'4!&')!F#55')!',!I,4'!&'!=#-.'5'-,!.'!&'84!+#-.8$,'!98*-.!$&)!,4*7*$&&*$'-,!?!
&G8-$))#-!3#84!4@*&$)'4!8-!#>('+,$=!98G$&)!*7*$'-,!3&*-$=$@!h!L&)!,$4*$'-,!&'84!$-,'&&$D'-+'!',!&'84!5#,$7*,$#-!.'!
&*!B0+--7,2()!18731+2()(3),87,6/+,-C!2/6U+(,);+4481(,3)837+3)5()2/6./13(6(,3);()5<W/66()907,;)
+5)-<(,=7=(7+3);7,-);(-)317*70Y)67381+(5-)/0)3/03)7031().1/>(3)2/660,C)+,8*+37U5(6(,3)27172381+-8)
.71);(-);+-.03(-)(3);(-);+--(,-+/,-)h)
\'! =8)! *5'-@! ?! 4@*&$)'4! 98'! &*! BN$%%PM!G) $Md$M$G) .'! c)5<$,3(55+=(,2() !18731+2()eC) ?! (*5*$)! *+,$7'!
.*-)! &*! +4@*,$#-%! 5*$-,'-*$,! 8-! #4.4'%! 8-'! +##3@4*,$#-%! 8-'! F*45#-$'! ',! 8-') 34#.8+,$#-! 98#,$.$'--'!
$-@D*&@)!3*4!&GF#55'!'-!,#8,!&$'8!',!'-!,#8,!,'53)6!
)
tE) F7) %N#H$G) '),! 8-'! +*4*+,@4$),$98'! -*,84'&&'! .'! 57) B0+--7,2() !18731+2(E) [*-)! +F*98'! +*)%! &')!
+4@*,84')!.$)3#)*$'-,!.'!34#7$)$#-)!.')!3&8)!5'47'$&&'8)')!&'84!3'45',,*-,!.'!+4#i,4'%!.'!D8@4$4!.'!&'84)!
5*&*.$')! ',! .'! &'84)! >&'))84')%! .'! )'! -#844$4! 3#84! +#-)'47'4! &'84! +#43)! '-! >#--'! )*-,@%! 3#84! )'!
4'34#.8$4'! ',! 3#84! *))84'4! &*! )847$'! )84! +',,'! ,'44'6! UG@,*$,! &*! )'8&'! 4@*&$,@! .#-,! &GF85*-$,@! 3#87*$,! I,4'!
*>)#&85'-,! +'4,*$-'! ',! -/,) *+,$7$,@! @,*$,! +#-),*-,'%! *--@'! *34O)! *--@'6! V'! )#&'$&%! &*! &8-'%! &')! @,#$&')!
4'),*$'-,!,#8)!'-!3&*+'!.'38$)!.')!5$&&@-*$4')!',!&G#-!)*7*$,!98G$&)!3#))@.*$'-,!+F*+8-!)*!,4*('+,#$4'6!U'!
3F@-#5O-'!=*$)*$,!3*4,$'!.8!D4*-.!3&*-!3#84!&*!)847$'!.'!&*!+4@*,$#-6)

!
!01234'#5625748'$9'-24'%;')<124<' >D' ,54415'>'
2G$&! '-! @,*$,! *$-)$%! +#55'-,! 3#87*$,N$&! -'! 3*)! A! *7#$4! )847$'! .'! &G@,'4-'&&'! =&*55'! .'! &*! K8$))*-+'!
U4@*,4$+'!L-,'&&$D'-,'!',!Q$5*-,'!+*+F@'!.*-)!&')!'-,$,@)!.'!,#8,')!&')!')3O+')!+4@@')!.*-)!&G8-$7'4)!h!
Q$-)$%! +'! 5#-.'! -G@,*$,! 98G8-'! #5>4'! ',! 8-'! $5*D'! .')! 5#-.')! +*+F@)! .'! &*! K8$))*-+'! U4@*,4$+'!
L-,'&&$D'-,'!',!Q$5*-,'!*8N.'&?!.'!+',,'!.$5'-)$#-6!V*!W@*&$,@!.'!&*!+4@*,$#-!,#8,!'-,$O4'!4@)$.*$,!.'44$O4'!
+'!5#-.'!7$)$>&'6!
!
uE)F7)27172381+-3+90()+,W81(,3();()57)B0+--7,2()!18731+2()$,3(55+=(,3()(3)P+67,3()(-3)5()#v&"OGE))
'()*+-)90<+5)?)7*7+3)0,)#v&"OG)/.817,3);7,-)5()6/,;(E)
J#8,')!+F#)')!@,*$'-,!)#85$)')!*8E!)*$)#-)!98$!+#55*-.*$'-,!&*!=&#4*$)#-!',!&'!>#84D'#--'5'-,!.'!&*!
7$'%! 8-'! )*$)#-! .'! +4#$))*-+'! *5'-*-,! 8-'! )*$)#-! .'! 5n4$))'5'-,! ',! .'! 5#$))#-)! *$-)$! 98'! &*!
34#.8+,$#-!.'!)'5'-+')!98$!*))84*$'-,!&*!)847$'!.'!&*!7$'!7@D@,*&'6!K8$)!7'-*$'-,!&'!&'-,!.@3@4$))'5'-,!
',! &'! 4'3#)! F$7'4-*&6! "*$)! 4$'-! .'! +'! 98$! @,*$,! +4@@! ',! 7$7*-,! -'! 3#87*$,! )G@,'$-.4'6! V'! )#&'$&! ',! &*! &8-'!
'E34$5*$'-,!+')!+*4*+,@4$),$98')!.*-)!&G8-$7'4)6!U'!4A,F5'!3#87*$,!5I5'!)'!+#-),*,'4!+F'M!&')!='5'&&')!
.'!,#8,')!&')!+4@*,84')6!!
Q$-)$%! ,#8,%! .*-)! &*! +4@*,$#-%! *7*$,! )#-! ,'53)! .G*33*4$,$#-! ',! )#-! ,'53)! .'! 5#$))#-6! L&! )G'-)8$7*$,! 98'!
&GF#55'! &8$N5I5'! @,*$,! )#85$)! ?! .')! ,'53)! .'! +4#$))*-+'! ',! .G@3*-#8$))'5'-,! ',! ?! .')! ,'53)! .'!
)#55'$&6!
!
wE) F7) 27172381+-3+90() +,W81(,3() ;() 57) B0+--7,2() !18731+2() $,3(55+=(,3() (3) P+67,3() (-3) L#R#G) (3)
FL$E)
VG#4.4'! $558*>&'! ',! &*!=$*>$&$,@! *33*4'-,)! .*-)!&*! +4@*,$#-%! 4@D$))*-,!5I5'! &')! 5$-8)+8&')! '-,$,@)! `&')!
R!+'&&8&')!Ta!.8!+#43)%!@,*$'-,!),83@=$*-,)!',!.@3*))*$'-,!.'!&#$-!,#8,'!,'-,*,$7'!F85*$-'6!Q$-)$%!&G8-$7'4)!
,#8,!'-,$'4!=#-+,$#--*$,!)'&#-!8-!)A),O5'!.'!V0L2!',!.G0W[WC!3*4=*$,)6!!
\'!4@*&$)*$%!?!.')!-$7'*8E!.G'E*&,*,$#-! )3$4$,8'&&'!.'!3&8)!'-! 3&8)!@&'7@)%!98'!&*!R!38$))*-+'!+4@*,4$+'!T!
5*-$='),*$,!8-'!4@)#&8,$#-!$-,'&&$D'-,'!',!8-'!*,,'-,$#-!*$5*-,'!'-7'4)!,#8,'!+4@*,84'!7$7*-,'6!\'!4@*&$)*$!
98'!&*!7$'!-G@,*$,!3*)!98'&98'!+F#)'!.'!-@>8&'8E!#8!.G*5#43F'%!5*$)!8-'!38$))*-+'!+4@*,4$+'!*$5*-,'!',!
$-,'&&$D'-,'!98'!('!3#87*$)!4@'&&'5'-,!)'-,$4!'-!5#$N5I5'!+#55'!8-!@,*,!.GI,4'!34#.$D$'8)'5'-,!@&'7@%!
8-'!3'4+'3,$#-%!8-!4*A#--'5'-,%!8-'!'E,*)'%!.'!&*!(#$'!',!.'!&G*5#846!\'!)8)!98'!('!-'!=*$)*$)!98G8-!*7'+!
'&&'!e!98'!(G@,*$)!'53&$!.G'&&'!e!',!98'!(G@,*$)!'-!8-$,@!*7'+!,#8,!+'!98$!5G'-,#84*$,!',!*7'+!&'!+$'&!',!&')!
@,#$&')6!
C,! N! &'! 3&8)! 5'47'$&&'8E! ',! D&#4$'8E! .'! ,#8,! +'&*! N! &*! c)M7301()e) (3) 57) c)d/,23+/,)e) 6X6(-) ;() 2(33()
c!B0+--7,2()!18731+2()g)B^1()e)@,*$'-,!.G#'874'4!'-!78'!.'!+4@'4!(#$'%!>'*8,@!',!+#-=#4,!3#84!*))84'4!&'!
>$'-NI,4'! .'! &GF85*-$,@%! .G#'874'4! '-! &GF85*-$,@! 3#84! &8$! .#--'4! (#$'%! )*-,@! ',! +#-=#4,! $-,@4$'84! ',!
.G#'874'4!?!,4*7'4)!&GF85*-$,@!3#84!&8$!$-)3$4'4!.')!4@*&$)*,$#-)!',!.')!+#534@F'-)$#-)!-#87'&&')6)
['! 5'47'$&&'8)')! 3'4)3'+,$7')! .'! D&#4$'8)'! +4@*,$7$,@! 5'! 7$-4'-,! ?! &G')34$,6! [O)! 98'! -#8)! .'7'-$#-)!
4@'&&'5'-,! R!8-!T%! .')! +*-*8E! 384$=$@)! ',! .')! $-),485'-,)! .'! &*! c!B0+--7,2() !18731+2(! $,3(55+=(,3()eC)
-#8)! 3#87$#-)! D4*.8'&&'5'-,! -#8)! @&'7'4! '-! +#-)+$'-+'! (8)98G?! 3#87#$4! 7@4$,*>&'5'-,! 'E34$5'4%! ?!
,4*7'4)! -#,4'! ')34$,! ',! -#,4'! +l84%!&*! c)MP&N#G)e) 6X6() .'! &*! c)B0+--7,2() !18731+2()N,+*(1-(55()eE)

!
!01234'#5625748'$9'-24'%;')<124<' >E' ,54415'>'
Q&#4)%!R!&*!7$'!)84!J'44'!T!.'7$'-.4*$,!74*$5'-,!R!8-!@,*,!3*4*.$)$*98'!T!'-!,#8,!,'53)!',!-#8)!'-,4'4$#-)!
.*-)!8-!@,*,!.'!7$'!@,'4-'&&'!f!
\'!5'!.$)!98'!+'!.'7*$,!+'4,*$-'5'-,!I,4'!&?!&'!7@4$,*>&'!>8,!.'!&*!+4@*,$#-6!C,!$&!5'!7$-,!?!&G')34$,%!*7'+!
8-'! 7*D8'! .G'E*&,*,$#-%! .G*5#84! ',! .'! (#$'%! 98'! +G@,*$,! &?! &'! >8,! .*-)! &'98'&! &GF#55'! *7*$,! @,@! +4@@! ',!
.@7'&#33@!f!
"*$)! 98#$98'! &GF#55'! =n,! N! ',! '),! '-+#4'! *8(#84.GF8$! N%! ,4O)! $53*4=*$,! .*-)! )#-! +#53#4,'5'-,%!
*>)#&85'-,!4$'-!-'!&8$!@,*$,!$53#))$>&'!.*-)!&'!=8,84%!38$)98'%!5*&D4@!)')!'44'84)%!$&!-'!=*$)*$,!98G8-!*7'+!
&*!R!K8$))*-+'!U4@*,4$+'!T!',!98'!&*!R!K8$))*-+'!U4@*,4$+'!T!@,*$,!'-!&8$%!&8$!.#--*-,!7$'%!8-!+#43)!',!,#8,!
+'!.#-,!$&!*7*$,!>')#$-6!
J#8,'! +',,'! 34$)'! .'! +#-)+$'-+'! 5G@&'7*! ?! .'! ,'&)! -$7'*8E! .'! 4*7$))'5'-,%! .G'E*&,*,$#-! ',! .G'E,*)'!
)8>&$5'!98'!('!3#87*$)!?!3'$-'!&'!)833#4,'46!\G'8)!&G$534'))$#-!98'!5#-!+#43)!*&&*$,!)'!.$))#8.4'!.*-)!
+',,'! 'E3*-)$#-! .'! K8$))*-+'! '-! 5#$6! \G@,*$)! $44*.$@! .'! FNO$G#G) ',! 3#87*$)! FP) 7#$4! *8,#84! .'! 5#$%!
$&&85$-*-,!&'!3*A)*D'!.@)'4,$98'6!!
"#-! +#'84! +F*-,*$,! .')!&#8*-D')6!U#5>$'-!5'47'$&&'8)'! ',! >'&&'! @,*$,! &*! K8$))*-+'! U4@*,4$+'!Q$5*-,'!
98$!#'874*$,!'-!-#8)%!?!,4*7'4)!-#8)!',!3#84!-#8)%!?!(*5*$)!f!
i0(5)O$#P!FG)90()57)21873+/,)h)
\'!+4$*$!,#8,!F*8,!b!!
c)&N)(-)57)%LN#!G);()3/03)G&#G)b!&'!+4@*,'84!'-!5I5'!,'53)!98'!)*!5*-$='),*,$#-!'-!',!?!,4*7'4)!
,#8,! +'! 98$! '),! +4@@! b! 4$'-%! .*-)!&G8-$7'4)! ,#8,! '-,$'4%! -G'),! )@3*4@! .'! &G$-=$-$!$&&$5$,@! ',! @,'4-'&! .'! &*! H$G)
R$H$MG%! .'! &*! !/,-2+(,2() ;() 57! B0+--7,2() !18731+2() e! 98'! J8! ')! NH! *&#4)! +#55'-,! )'! 3'8,N$&! 98'!
&GF#55'!)#$,!)$!3@+F'84!e!',!3#8498#$!&')!D'-)!)#8==4'-,N$&)!.'!5*&*.$')%!.'!3*874',@!',!.'!5$)O4'!h![$)N
5#$%!#F!B0+--7,2()!18731+2()c)B^1()e)-+)7+67,3(%!+*4!&*!.#8&'84!.'!&'84!7$'!5$)@4*>&'!5G*++*>&'6!e!
L&!5'!=8,!*&#4)!.#--@!.'!7#$4!&*!4@*&$,@!.')!R!+#-.$,$#-)!,'44'),4')!T!.'!,#8,'!+4@*,84'!7$7*-,'6!
\'! 4'))'-,$)! 8-'! 'E+$,*,$#-! $-,'-)'%! +*4! (G*&&*$)! '-=$-! 3#87#$4! +#534'-.4'! +#55'-,! $&! )'! =*$)*$,! 98G8-'!
c!B0+--7,2() !18731+2()e) R+*+,() *8))$! *$5*-,'! 38$))'! 3'45',,4'! 98'! )*! +4@*,$#-! )#8==4'! 8-'! ,'&&'!
5$)O4'6!
L&! 5'! =8,! 5#-,4@! 98'! ,#8,! I,4'! 7$7*-,! .*-)! &*! +4@*,$#-! .'74*$,! 4*A#--'4! .'! )*-,@%! I,4'! )#$D-@%! -#844$%!
34#,@D@%!D8@4$%!5*$-,'-8!'-!3*$E!',!.*-)!&*!3&@-$,8.'%!',!34#)3@4'4!.*-)!8-'!)#+$@,@!R!.GI,4')!T!-G*A*-,!
98G*5#84!&')!8-)!3#84!&')!*8,4')6!
x!(.(,;7,3C)70)6/6(,3);()57)21873+/,C);(0Y)$OBNF%$LM%)RG)KP%G).8,831^1(,3);7,-)5<X31()./01)
=717,3+1)-/,)+,;+*+;075+38)(3)2<837+(,3)(55(-)90+)2/,31[57+(,3)57)2/,-2+(,2()W067+,(Ey)
U')!L"K1V2L0Z2!5G#-,!@,@!'E3&$98@')!'-!.@,*$&!5*$)!+',,'!+#--*$))*-+'!'),)4@)'47@'!3#84!8-'!V',,4'!
=8,84'%!98*-.!7#8)!)'4'M!3&8)!'-!5')84'!.'!&*!+#534'-.4'6apppppppp6)
L&!5'!=8,!5#-,4@!&G@+&*,*-,'!7$)$#-!)8$7*-,'!b!
&/03);<7U/1;C)>()*+-)0,)U8U8),/0*(70g,8)-/0-)57)4/16();<0,()c)506+^1()eC)0,()4/16();()*+();()57)
c)B0+--7,2()!18731+2()eE)
V'! >@>@! D4*-.$))*-,! 3#84! .'7'-$4! 8-! '-=*-,%! 38$)! 8-! *.8&,'C) ('! 7$)! D4*.8'&&'5'-,! .$5$-8'4! &*! 384'!
FNO$G#G) .'! &*! c!B0+--7,2() !18731+2()eC) 38$)! =$-$4! 3*4! I,4'! +#53&O,'5'-,! #>)+84+$'! 3*4! 8-'! +#8+F'!
.'-)'!.'!+F*i-')!',!.'!+#4.')6!

!
!01234'#5625748'$9'-24'%;')<124<' =F' ,54415'>'
\'!.'5*-.*$!&*!)$D-$=$+*,$#-!.'!+',,'!7$)$#-!',!$&!5'!7$-,!?!&G')34$,!8-'!+#534@F'-)$#-!+&*$4'!98$!3#844*$,!
)G'E34$5'4!.*-)!&')!,'45')!)8$7*-,)!b!
c)R()57),7+--7,2()Z)57)6/13C)5(-)=(,-)21/+(,3) (3)744+16(,3)90()5(01-)2+,9)-(,-)J)57)*0(C)5</0z(C)5()
3/02W(1C) 5</;/173) (3) 5() =/n3) J) 317;0+-(,3) 2/11(23(6(,3) 5(01) .1/.1() c)1875+38)e) (3) 2(55() ;() 5<0,+*(1-)
90+) 5(-) (,3/01(E! R() 2() 47+3C) (3) .712() 90<+5-) 3+1(,3) 5(01) .0+--7,2() ;<(-.1+3) ;+1(23(6(,3) ;() 57)
c)B0+--7,2()!18731+2()e)R+*+,(C)+5)(,)(-3)47+3)/.'+6%'.,-/%0-+U160./E)e!
!W790() 2W7\,(! 4'34@)'-,'! &')! 3'-)@')! F*>$,8'&&')! .G8-'! 3'4)#--'%! )')! 4@3#-)')! ?! *8,48$! ',! *8E!
@7@-'5'-,)%! )')! 34@(8D@)%! )')! F*$-')%! )')! *-$5#)$,@)%! )')! *-E$@,@)%! )')! +F*D4$-)%! 98$! ,#8)! &'! &$'-,! ',!
@,'$D-'-,!&*!V85$O4'!.'!)*!7$)$#-!$-,@4$'84'!,$4@'!.'!&*!R!K8$))*-+'!U4@*,4$+'!T6!L&!3&#-D'!*$-)$!.*-)!&')!
,@-O>4')!)*-)!&'!)*7#$46!L&!+4#$,!98G$&!+4#i,!',!5n4$,!)'&#-!&')!-#45')!.8!5#-.'!98$!&8$!3'45',,4#-,!.G*&&'4!.'!
&G*7*-,!',!.'!R!4@8))$4!T!N!&'!>8,!.'!&*!3&83*4,!.')!3'4)#--')!)84!J'44'6!!
C-!=*$,%!3&8)!$&!*+98$'4,!.'!5*,84$,@!',!.'!)*7#$4N=*$4'!.*-)!)')!'-,4'34$)')!5*,@4$'&&')%!3&8)!)')!+F*i-')!',!
)')!+#4.')!&G'534$)#--'-,!.*-)!&')!D4$==')!.')!L"K1V2L0Z2!(85'&&')!R!.GQ,,*+F'5'-,!e!W'(',!T6!
C-! #8,4'%! +F*98'! +F*i-'! '),! =#4D@'! .'! .@)$4)! @D#t),')! ',! 5*&F#--I,')%! .G*7*4$+'%! .G*D4'))$#-%! .'!
7$#&'-+'! ',! .'! 7$#&6! U')! +F*i-')! 3O)'-,! &#84.'5'-,! ?! )#-! +#8! ',! +F*4D'-,! &'! 3)A+F$)5'%! 98$! '),! &*!
R!38$))*-+'!+4@*,4$+'!.'!&*!+#-)+$'-+'!T!98$!Di,!'-!&8$6!U')!+F*i-')!',!+')!+#4.')!&'!&$'-,!.'!3&8)!'-!3&8)!
@,4#$,'5'-,! *8! =84! ',! ?! 5')84'! 98'! 3*))'-,! &')! *--@')%! (8)98G?! +'! 98G$&! 4@*&$)'! +'! 98G$&! )G$-=&$D'%! )'!
4'3'-,'! )$-+O4'5'-,! 3#84! +F*+8-'! .')! +#4.')! ',! .')! +F*i-')! ',! =*))'! .n5'-,! 4@3*4*,$#-! 7$)N?N7$)! .'!
+'8E!98G$&!*!&@)@)6!
u4S+'! ?! +',,'! 7$)$#-%! (G*334$)! 8-! *)3'+,! 34@+$'8E! .'! &G'E$),'-+'6! VGF#55'! -*i,! *7'+! ,#8,! &'! 3#,'-,$'&!
-@+'))*$4'!3#84!)'!+#-),48$4'!8-'!>'&&'!7$'%!5*$)%!'-!)G*>*-.#--*-,!?!)')!.@)$4)!@D#t),')!',!?!)*!F*$-'%!
)'!+4@'!8-'!34$)#-!.'!5$)O4'!?!&*98'&&'!$&!-'!3'8,!@+F*33'4%!(8)98G*8!5#5'-,!#g!$&!4@*&$)'!&*!HI#$&I)RG)
F<GS$%&GM!GE!
J#8)! &')! 34#>&O5')! .G8-'! 'E$),'-+'! .$==$+$&'! 4@)$.'-,! .*-)! &'! 34#+'))8)! .'! 3'-)@'! .'! &GF#55'! &8$N
5I5'!f!
U'! -G'),! )'8&'5'-,! 98'! &GR!@,*,! .'! +#-)+$'-+'!T! .')! D'-)! e! +G'),! ?! .$4'! &'84)! 3'-)@')%! 3*4#&')%!
)'-,$5'-,)!',!*+,$#-)!N!98$!*!+4@@!8-'!>*44$O4'!.'-)'!'-,4'!&'84!+#-)+$'-+'!',!&*!U#-)+$'-+'!1-$7'4)'&&'!
U4@*,4$+'!$-,'43@-@,4*-,!&G8-$7'4)!'-!+F*98'!='8$&&'%!*4>4'%!$-)'+,'%!#$)'*8%!*-$5*&!',!I,4'!F85*$-6!
L&!5'!=8,!*8))$!5#-,4@!&')!V0L2![C!VGCyL2JCZUC!D#87'4-*-,!&G*3,$,8.'! F85*$-'!?!+4@'4!.'! -#87'&&')!
+$4+#-),*-+')! ',! 8-! -#87'&! '-7$4#--'5'-,%! .')! 4'&*,$#-)%! &*! 4@8))$,'! #8! &G@+F'+%! &*! 34#)3@4$,@! #8! &*!
3*874',@6!
! U'!98'!&GF#55'!!#L$&)34#=#-.@5'-,!I,4'%!>#-!#8!5*87*$)%!$&!&'!.'7$'-.4*6!
! U'!98'!&GF#55'!!#P$M&)98'!.G*8,4')!-'!&8$!=*))'-,%!*$-)$!&8$!='4#-,N$&)6!
U'! 98'! &GF#55'! G%BG#G) 98'! .G*8,4')!&8$!='4#-,%!$&! .#$,! .G*>#4.! &'!&'84! =*$4'%! 38$)98G$&! +4@'! *&#4)! 8-!
R!5#.O&'!.'!+#-)+$'-+'!T!98$!4'7$'-.4*!&'!=*7#4$)'4!.*-)!&*!5')84'!#g!$&!*84*!=*7#4$)@!&')!*8,4')6!
k8'&98'!5*&*.$'!98'!&GF#55'!PBB#G"GMRG%!$&!'-!)'4*!&*!7$+,$5'!+*4!$&!*84*!+4@@!8-!R!5#.O&'!.'!
+#-)+$'-+'!T!.'!&*!.'4-$O4'!+F#)'!98G$&!)#8F*$,'!7$74'6!
J#8,!+'!98$!@5*-'!.8!+#'84!',!.'!&G')34$,!.'!&GF#55'!&8$!4'7$'-,!'-!)#-!,'53)!)#8)!8-'!=#45'!#8!8-'!
*8,4'%! 5*$)! -G#8>&$'M! 3*)! 98'! ,#8,'! +F#)'! '-D'-.4'! ,#8(#84)! )#-! 3*4'$&!f! [')! 3'-)@')! =#4,'5'-,!

!
!01234'#5625748'$9'-24'%;')<124<' =>' ,54415'>'
'534'$-,')! .G@5#,$#-! +F'M! 8-! F#55'! )#-,! .')! R!)'5'-+')! .'! +#-)+$'-+'!T! 3&*-,@')! .*-)! )#-!
+F*53!.'!+#-)+$'-+'6!C&&')!+4#i,4#-,%!34#.8$)*-,!8-'!5#$))#-!$.'-,$98'!?!+'!98G$&!*84*!)'5@6!
!()-/,3)5(-)410+3-);0)5+U1()71U+31(6!
$5),<?)7)7020,()67,+^1()./01)5<W/66();<82W7..(1)Z)2()90<+5).(,-(C);+3)/0)47+3)J)271)+5)(-3),8);()57)
B0+--7,2();()57)!/,-2+(,2()!18731+2()R+*+,()(3)(-3).71(+55(6(,3)21873+4).71)-/,)+67=+,73+/,E)
U'8E!98$!*)3$4'-,!?!.'!>#--')!+F#)')!3#84!'8EN5I5')!.#$7'-,!.G*>#4.!&')!.#--'4!?!*8,48$6!k8'!&'84!7$'!
5I5'!)#$,!8-'!>@-@.$+,$#-!3#84!*8,48$6!
i07,;);()3(55(-).(1-/,,(-)-/,3)(,)W716/,+()7*(2)3/03(-)5(-)7031(-C)75/1-)(55(-)-/,3)(,).7147+3)
722/1;)7*(2)57).0+--7,2();()57)2/,-2+(,2()0,+*(1-(55()218731+2()
',!'&&')!)#-,!*5'-@')).*-)!&'!+#84*-,!.'!&*!R!Z*,84'!T!.8!KO4'!98$!'),!+4#$))*-+'%!34#,'+,$#-%!-8,4$,$#-!
`3FA)$98'%)5'-,*&'!',!)3$4$,8'&&'a%!D8@4$)#-%!)*,$)=*+,$#-!.')!>')#$-)%!.*-)!8-!)A),O5'!.G#4.4'!',!.'!&#$6)
!/66(,3)./0117+-J>()*/0-);821+1()6/,)4(0)+,381+(01C)57)506+^1()(3)5<82573)317,-2(,;7,3-);()67)>/+()
(3);(-).0+--7,3-)-(,3+6(,3-);<76/01)90+)7*7+(,3).1+-)./--(--+/,);()3/03)6/,)X31()(3)5()=/,457+(,3)
-+) +,3(,-86(,3) 90() >() 21+7+) -/0-) 57) .1(--+/,) ;() 6/,) 2]01) (3) ;() 6/,) (-.1+3){) $5-) 837+(,3) -+)
.0+--7,3-)90<+5)6()-(6U57+3)90<+5-)7557+(,3);+--/0;1()67)4/16()2/1./1(55(E)&7,;+-)90()>()1(2(*7+-)
2(33() 2/6.18W(,-+/,) -0.1X6(C) -0U5+6(C) ;() 57) #875+38C) ;() 57) %/012() ;() ,/31() G31() (3) ;() 57) *17+()
,7301();()57)21873+/,)6X6()(3);()5<W067,+38C)>()40-)17*+)(,)(-.1+3)(3)6/,)2/1.-);(*+,3)70--+)58=(1)
90()5<7+1E)
Q!+'!5#5'-,%!*&#4)!98'!(G@,*$)!*$-)$!@&'7@!.*-)!&*!B0+--7,2()!18731+2()R+*+,(%!(G@,*$)!'-!'==',!34')98'!
8-'!R!K'4)#--'![$7$-'!T%!'E3@4$5'-,*-,!8-!.'D4@!@&'7@!.'!&*!c!M7301(!e!.'!&*!c!B0+--7,2(!!18731+2()
B^1()e) ^s!'-!5#$!',!4'))'-,*-,!)*!38$))*-,'!@-'4D$'!',!)*!)#&&$+$,8.'!>$'-7'$&&*-,'!3#84!,#8,'!&GF85*-$,@6!
UG'),!3#8498#$!(G*$!38!.$4'!3*4!&*!)8$,'%!'-!,#8,'!7@4$,@!b!R!"#$!)'8&!2/,,7+-)(3)7+)*0)5()mB^1(<)e6!!
Q! +'! 5#5'-,%! +#55'! ('! .@)$4*$)! '-)'$D-'4%! D8@4$4%! 4@+#-=#4,'4%! @.$=$'4%! -#844$4! ',! .@>*44*))'4! &')!
F#55')!.'!&'84)!)#8==4*-+')!',!.'!&'84!5$)O4'!f!
\'!4I7*$)!.'!&')!&$>@4'4!.'!&'84!+4*$-,'!.G8-!R!.$'8!7'-D'84!T!5A,F$98'!f!
V#4)98'! ('! 4'7$-)! 3#84! &'84! *--#-+'4! &*! 7@4$,@%! *7'+! 98'&&'! =#8D8'! ('! 5$)! &G*++'-,! )84! &*! c!1875+38)e) .'!
&GPOLN#) BP#dP$&! .'! &*! c!B0+--7,2() !18731+2() B^1()e! )8>7'-*-,! ?! &'84)! 5#$-.4')! >')#$-)!f! L&! &'84!
)8==$)*$,! .'! R!.'5*-.'4%! +F'4+F'4%! =4*33'4!T! 3#84! 98'! ,#8)! &'84)! >')#$-)! N! .'! 98'&98'! -*,84'! 98G$&)!
=8))'-,!N!&'84!)#$'-,!*++#4.@)6!!
Q7'+!98'&&'!(#$'!('!&'84!*--#-]*$!&*!R!>#--'!-#87'&&'!T!98'!R!&*!4@.'53,$#-!.'!&*!)#8==4*-+'!T!@,*$,!?!&'84!
3#4,@'! )G$&)! 7#8&*$'-,! )'8&'5'-,! =*$4'! &'! -@+'))*$4'! 3#84! 384$=$'4! &'84! ')34$,! ',! &'84! +#'84! .')!
L"K1V2L0Z2!\1"CVVC2!.'!&GR!I,4'!T!5*-$='),@!f!
!
U'!.'7*$,!I,4'!)$53&'%!3'-)*$)N('%!$&!)8==$)*$,!.G*7#$4!.'!&*!+#534@F'-)$#-!',!.'!&*!5*i,4$)'!.'!)#$6!
!
`\'! .')+'-.)!7'4)! 7#)!-$7'*8E! .'! 7$>4*,$#-)! 3#84!5'!4'3&*+'4! .*-)!5#-! @,*,! .G')34$,! *&#4)! 98'! (G@,*$)!
.*-)!&'!.@)'4,6!L&!7#8)!)'4*!.G8-'!*$.'!$-=$-$'!3#84!7#,4'!+#534@F'-)$#-!.G'))*A'4!.'!3@-@,4'4!5#-!@,*,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
^s
!R!,F'!wo*,F'4NU4'*,$7'!K#x'4!T!

!
!01234'#5625748'$9'-24'%;')<124<' ==' ,54415'>'
.'! +#-)+$'-+'! .G*&#4)6! J*-,! .'! +F#)')%! ,'&&')! 5')! D8@4$)#-)! ',! R!5*! 5*4+F'! )84! &')! '*8E!T%! 7#8)!
.'7$'-.4#-,! @7$.'-,')!f! C&&')! 7#8)! )'5>&'4#-,! I,4'! 8-'! +#-)@98'-+'! -*,84'&&'! .'! 5*! -#87'&&'!
+#534@F'-)$#-!.'!&*!c)B0+--7,2()!18731+2()mB^1(<)eE!
2$!7#8)!&$)'M!&')!@7*-D$&')!.'!"*,F$'8!',!.'!"*4+%!&'84)!@+4$,)!4'7I,$4#-,!8-'!-#87'&&'!)$D-$=$+*,$#-!?!7#)!
A'8E6a!
!
K#84! '-! 4'7'-$4! ?! 5')! .'4-$O4')! F'84')! .G$&&85$-*,$#-%! (G@,*$)! &?%! .*-)! &'! .@)'4,%! 3#))@.*-,! &*! +&*$4'!
+#534@F'-)$#-! 98'! &GF#55'! +4@'! &8$N5I5'! `)*-)! *8+8-! 3@+F@! .'! )*! 3*4,a! &*! >*44$O4'! 98$! &G'53I+F'!
.GI,4'! '-! F*45#-$'! *7'+! &*! c)B0+--7,2() !18731+2() B^1()e) ',! (G*7*$)! 5*$-,'-*-,! FS,'! .'! 4',#84-'4!
'-)'$D-'4%!D8@4$4%!4@+#-=#4,'4!',!)@+F'4!&')!&*45')!.'!+'8E!.#-,!(G*7*$)!,'&&'5'-,!3$,$@6!
K#84,*-,%! +G'),! ?! 4'D4',! 98'! ('! 98$,,*$! +',! '-.4#$,! R!+#-)*+4@!T^B! #g! (G*7*$)! @,@! ,'&&'5'-,! $&&85$-@! ',!
,4*-)=#45@!'-!')34$,6!
[G*8,4'!3*4,%!98'&!=8,84!5'47'$&&'8E!5G*,,'-.*$,!f!
\G*&&*$)!,4*7'4)'4!,#8,')!&')!+$,@)%!&')!7$&&')!',!&')!7$&&*D')!',!*--#-+'4!&*!m0ZZC!Z01/CVVC!?!,#8)!+'8E!
98'! ('! 4'-+#-,4'4*$)!f!V'! R!W#A*85'! .')! U$'8E!T%! +',! '-.4#$,! #g! .$)3*4*$))*$,!,#8,'! 5*&*.$'! ',!#g! ,#8,!
>')#$-!@,*$,!)*,$)=*$,!)'!,4#87*$,!*,%*/6%f!K*4+'!98'!('!$&7&($%98'!&'!R!KO4'!T!',!5#$N5I5'!@,$#-)!R!1-!T%!
5*$-,'-*-,!98'!5#-!')34$,!@,*$,!384$=$@!.'!5')!*-+$'--')!$.@')!',!3'-)@')%!('!.$4$D'4*$)!&*!D8@4$)#-!)84!
&'84)!5*&*.$')!',!&'84)!7$+')6!\'!&'84!*334'-.4*$)!+#55'-,!)#8&*D'4!&'84!$-.$D'-+'6!
!
k8*-.! &*! !LM%!$GM!G) BG#G) '-! 5#$! +#55'-]*! ?! .$5$-8'4! ',! 98'! ('! 4'7$-)! D4*.8'&&'5'-,! ?! &*!
+#-)+$'-+'!F85*$-'%!('!5'!4'-.$)!+#53,'!98'!&*!=*$5!5'!,'-*$&&*$,!',!98'!('!4'7'-*$)!?!5*!3'-)@'!',!5*!
+#-.$,$#-!F85*$-')6!
"')! 4@*+,$#-)! ?! 5')! )$E! )'5*$-')! .G'E3@4$'-+'! )'! 5#.$=$O4'-,6! "*! +#-)+$'-+'! .8! R!5#$!T! ',! .'! 5')!
'-7$')!4'34$,!&'!.'))8)6!
R!k8#$!f!UG'),!?!5#$!98'!)#-,!*44$7@')!+')!+F#)')!$-+4#A*>&')!',!,'&&'5'-,!$-*,,'-.8')%!'E8&,*$N('6!L&!5G*!
@,@!.#--@!.'!4'+'7#$4!&*!+#--*$))*-+'!*8N.'&?!.'!+'!98G*8+8-!*8,4'!F#55'!*!(*5*$)!4']8!f!T!
\'! (8>$&*$)! '-! 4@*&$)*-,! 98G'-=$-%! 5')! .#8,')! ',! 5*! 4@>'&&$#-! +#-,4'! &'! R!.$'8! 7'-D'84!T! .')! \8$=)!
#4,F#.#E')!,4*.$,$#--'&)!)G*7@4*$'-,!(8),$=$@)6!\G*7*$)!4*$)#-!*34O)!,#8,!f!
k8$!'n,!(*5*$)!+48!98'!&G')34$,!F85*$-!3#87*$,!I,4'!*8))$!+4@*,$=%!98G8-'!3'-)@'!#8!8-!.@)$4!='45'5'-,!
5*$-,'-8!3#87*$,!74*$5'-,!)'!5*,@4$*&$)'4!.*-)!&'!.#5*$-'!.8!7$)$>&'!h!\'!4@*&$)*$!98'!"#t)'!*7*$,!.n!
)*7#$4!98'&98'!+F#)'!.'!,#8,!+'&*%!+*4!$&!*7*$,!*++#53&$!.')!+F#)')!'E,4*#4.$-*$4')!98*-.!&')!L)4*@&$,')!
@,*$'-,!.*-)!&'!>')#$-6!
L&!@,*$,!.'7'-8!8-!D8$.'!',!*7*$,!+F*-D@!&*!.'),$-@'!.')!L)4*@&$,')!(8)98G*&#4)!5*$-,'-8)!'-!')+&*7*D'!'-!
CDA3,'6!
\'!3#87*$)!5*$-,'-*-,!4',#84-'4!*834O)!.')!5$'-)!',!&')!&$>@4'4!.'!&G*8,#4$,@!4$D$.'!.'!&'84)!Q-+$'-)^;6!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
^B
!R!F*&&#x'.!T!`&$,,6!)*-+,$=$@%!+#-)*+4@a!
^;
!R!,F'$4!J'*+F'4)!T!

!
!01234'#5625748'$9'-24'%;')<124<' =?' ,54415'>'
"*! =*$5! .'7'-*$,! .#8&#84'8)'6! L&! 5'! 7$-,! ?! &G')34$,! 98'! ('! 3#844*$)! +F*-D'4! .')! +*$&&#8E! '-! 3*$-! 3#84!
)#8&*D'4! 5#-! >')#$-! .'! -#844$,84'%! 38$)98'! &*! c!B0+--7,2() !18731+2() B^1()e) *D$))*$,! ?! ,4*7'4)! 5#-!
')34$,!',!98'!.'!+'!=*$,%!,#8,!.*-)!&G8-$7'4)!#>@$))*$,!?!5#-!+#55*-.'5'-,6!
\G@,*$)!)84!&'!3#$-,!.'!34#-#-+'4!&*!R!3*4#&'!T!98$!+F*-D'4*$,!.')!3$'44')!'-!3*$-%!&#4)98'!98'&98'!+F#)'!
5'!4',$-,!>48,*&'5'-,6!
L&! 5'! 7$-,! =#4,'5'-,! ?! &G$.@'! 98'! &*! c!!/,-2+(,2() !18731+2() B^1()e) @,*$,! 34#,'+,$#-! 3*4=*$,'%! -8,4$,$#-%!
)*,$)=*+,$#-!.'!,#8,!>')#$-%!.'!)#4,'!98'!('!3#87*$)!)#8&*D'4!5*!=*$5!'-!&'!.'5*-.*-,!*8!R!KO4'!T6!
\'!4@*&$)*$!98'!)$!&'!3',$,!R!('!T%!&'!5#$!F85*$-!.*-)!&'!>')#$-%!8,$&$)*$,!&*!R!K8$))*-+'!+4@*,4$+'!T!3#84!.')!
4*$)#-)! @D#t),')%! (G@4$D'4*$)! 8-'! >*44$O4'! '-,4'! &*! c)!/,-2+(,2(!!18731+2() B^1()e) ',!5#$N5I5'!',! 98'!
,#8,!+'!98'!('!7'-*$)!.G*334'-.4'!3#844*$,!>$'-!5GI,4'!4',$4@6!
U'&*!5'!=$,!3'84!',!('!5G'534'))*$!.'!.'5*-.'4!?!&*!c!B0+--7,2()!18731+2()B^1()e).'!-#87'&&')!=#4+')!
3#84!5'!4*5'-'4!7'4)!&')!F*>$,*,$#-)!',!?!Z*M*4',F6!'();(67,;7+)70--+)Z)X31(!-/057=8);()57)47+6).71)
5()6/?(,)90+)-(17+3)5()6(+55(01)./01)6/+E!
L55@.$*,'5'-,%!&*!=*$5!.$)3*48,!',!('!)'-,$)!8-'!#-.'!.G@-'4D$'!,4*7'4)'4!,#8,!5#-!+#43)6!Q$-)$%!(G@,*$)!&*!
34'87'!98'!,#8,!+'!98'!(G*7*$)!78%!'-,'-.8!',!+#534$)!@,*$,!>$'-!&*!c)1875+38)e)',!-#-!.'!&G$5*D$-*,$#-!.8'!
?!+'!,'53)!.'!('n-'!',!.'!)#&$,8.'!.*-)!&'!.@)'4,6!
"*!-#87'&&'!@-'4D$'!5'!3'45$,!.'!5'!FS,'4!)84!&')!5*87*$)!)'-,$'4)!98$!5'-*$'-,!?!&*!)#4,$'!.8!.@)'4,6!!
C-!+F'5$-%!('!4'-+#-,4*$!8-!F#55'!>$'-!F*>$&&@%!?!&G*$4!.#8E!',!*7'-*-,6!L&!5'!)*&8*!+F*&'84'8)'5'-,%!
'E34$5*-,!)#-!$-98$@,8.'!?!&*!78'!.'!5#-!*33*4'-+'!F$4)8,'!',!.'!5#-!5*87*$)!@,*,!3FA)$98'6!
Q5$+*&'5'-,%!$&!5'!=$,!*))'#$4!)84!8-!4#+F'4!',!3*4,*D'*!)*!7$*-.'!',!)#-!3*$-%!.@&$+$'8E%!*7'+!5#$6!\'!5'!
.'5*-.*$)! .G#g! $&! 7'-*$,! ',! 3#8498#$! $&! )'! ,4#87*$,! .*-)! 8-! &$'8! *8))$! .@)#&@6! C-! 4@3#-)'! ?! 5')!
98'),$#-)%!$&!5'!)#84$,!)$53&'5'-,!',!-'!3*48,!-8&&'5'-,!)8434$)!98*-.!('!&8$!4*+#-,*$!*7#$4!3*))@!,*-,!.'!
(#84)!.*-)!&'!.@)'4,!98'!(G'-!*7*$)!!3'4.8!&*!-#,$#-!.8!,'53)6!\'!&8$!'E3&$98*$!+#55'-,!(G*7*$)!@,@!$&&85$-@!
*8! )8(',! .'! &*! 7@4$,*>&'! -*,84'! .8! !1873(01) ;0) 6/,;() ',! 98G$&! 5G*7*$,! @,@! .#--@! .'! 7#$4! &')! F/+-)
-*,84'&&'));()5<GY+-3(,2(6!L&!-'!=$,!98'!)#84$4'!',!*334#87'4!.'!&*!,I,'6!
R!\'!4',#84-'!*834O)!.')!5$'-)!3#84!&'84!'-)'$D-'4!,#8,!+'!98'!(G*$!*334$)%!&8$!.$)N('!(#A'8)'5'-,6!K*4+'!
98'!('!3#844*$!&')!D8@4$4!',!&')!.@>*44*))'4!.'!,#8,')!&'84)!5*&*.$')!',!.'!,#8)!&'84)!34#>&O5')6!T!
VG@,4*-D'4!4@3&$98*!,4$),'5'-,!b!R!U'&*!34'-.4*!.')!5$&&@-*$4')6!T!
\G@,*$)!)84!&'!3#$-,!.'!&8$!4'34#+F'4!)#-!5*-98'!.'!=#$!98*-.!('!4@*&$)*$!98G$&!*7*$,!.$)3*486!
\'!)8)!*&#4)!98G8-!5'))*D'4![$7$-!@,*$,!7'-8!5'!)'+#84$4!*7'+!.8!>#-!3*$-!',!.'!&*!*+7,;()e!',!*8))$!5'!
34@7'-$4!*=='+,8'8)'5'-,!98'!('!-'!,4#87'4*$)!3'8,NI,4'!3*)!5*!5$))$#-!*8))$!)$53&'!98'!+'&*%!5*&D4@!
5#-!'-,F#8)$*)5'6!\'!=8)!.@34$5@!3*4!)*!5$)'!'-!D*4.'6!"#-!'-,F#8)$*)5'!=*$>&$,6!V'!+F'5$-!(8)98G*8!
34'5$'4! 7$&&*D'!5'! 3*48,! $-,'45$-*>&'6!U#55'!8-! +F*-D'5'-,! .'! &*! 3'-)@'! F85*$-'! 3#87*$,! +F*-D'4!
&GF85'84!f!
L&! 5'! 7$-,! ?! &G')34$,! 98'! ('! 3#87*$)! '-+#4'! 34#87'4! &*! 7@4$,@! .'! ,#8,! +'! 98$! 5G*7*$,! @,@! 5#-,4@! '-!
'-(*5>*-,! 8-! 34@+$3$+'%! +'! 98$! *84*$,! D4*-.'5'-,! @+#84,@!5#-! ,4*(',6!U#55'!(G@,*$)! )84! &'! 3#$-,! .'! &'!
=*$4'%!&G$.@'!5'!7$-,!?!-#87'*8!=#4,'5'-,!98'!(G'))*A*$)!.'!R!34#87'4!T!98'!5*!3@4$#.'!.G$&&85$-*,$#-!@,*$,!
4@'&&'6! 2$! (G*7*$)! >')#$-! .G8-'! ,'&&'! 34'87'%! +G'),! 98'! (G@,*$)! '-! @,*,! .'! .#8,'! ',! 98'! ('! 5'! ,8'4*$)!
34#>*>&'5'-,%! )*-)! +#53,'4! 98G$&! 5G*7*$,! @,@! 5#-,4@! 98G'-! ,#8,'! )$,8*,$#-%! ('! 3#87*$)! @&'7'4! 5')!

!
!01234'#5625748'$9'-24'%;')<124<' =@' ,54415'>'
3'-)@')! 7'4)! &*! c)!LM%!$GM!G! !#GP&#$!G) g) BG#G)e) ',! .'5*-.'4! 8-'! )#&8,$#-! ?! ,#8,! 34#>&O5'6!
Q7'+!98'&&'!4*3$.$,@!(G*7*$)!#8>&$@!&*!H81+38)h)
P5/1-) >() .1+7+) .7--+/,,86(,3C) ;(67,;7,3) .71;/,) ;<7*/+1) */050) 45733(1) 6(-) 27.1+2(-) (3) 47+1() 5(-)
2W/-(-)Z)67)47j/,E!
Q!-#87'*8%!&*!4@3#-)'!7$-,!.*-)!8-'!=#4+'!4'-#87'&@'!',!8-!3$'.!3&8)!)n4!3#84!D4*7$4!&'!)'-,$'4!')+*43@6!
\'!.@+#874$)!*8))$!98'!('!+#874*$)!)$!4*3$.'5'-,!.'!&#-D8')!.$),*-+')!98G$&!5'!)'5>&*$,!98'!('!)847#&*$)!
&'! ,'53)6! \G@,*$)! .*-)! 8-'! .$5'-)$#-! 3&8)! @,F@4@'! #g! &'! 7@+8! F85*$-! )G@&'7*$,! *8! .'))8)! .8! &#84.!
')+&*7*D'!.'!&G@38$)*-,'!.@3'-)'!.G@-'4D$'6!V*!5*4+F'!.'7'-*$,!)$!=*+$&'!98G'&&'!5'!.#--*$,!5*$-,'-*-,!
.'!&*!7$D8'84!f!\G'E8&,*$)!?!&G$.@'!98'!(G*7*$)!,4#87@!&*!+&@!.G8-'!R!7$'!3&8)!*>#-.*-,'!T!f!
1-!3'8!3&8)!,*4.%!('!5'!)'-,$)!,'&&'5'-,!?!&G*$)'!98'!5#-!')34$,!)'!5$,!?!7*D*>#-.'4!',!('!4'3'-)*$!?!5*!
4'-+#-,4'! *7'+! &G@,4*-D'4! ',! ?! &*! >#-,@! 98G$&! 5G*7*$,! ,@5#$D-@'6! "*$)! ('! 5'! 4*33'&*$! *8))$! )*! 5$)'! '-!
D*4.'!',!?!-#87'*8!5#-!*-+$'--'!-*,84'!4'34$,!&'!.'))8)!',!('!5'!)'-,$)!34#=#-.@5'-,!4@7#&,@!?!&G$.@'!
98G$&!*$,!#)@!)'!3'45',,4'!.'!5'!34@.$4'!&'!.@4#8&'5'-,!.'!5*!,S+F'6!\'!.@+$.*$!98G$&!-'!+#--*$))*$,!4$'-!?!
5#-!=8,84!',!(G@+*4,*$!)*!5$)'!'-!D*4.'6!
R!/4*$5'-,%! 3'-)*$N('%! *7'+! 5*! +#--*$))*-+'%! ('! 3#844*$)! *++#53&$4! +'! 98'! -8&! F#55'! -G*! (*5*$)! =*$,!
*83*4*7*-,6!Q8!&$'8!.'!&8,,'4!+#-,4'!&')!.$==$+8&,@)!.'!&*!7$'%!('!3#844*$)!=*+$&'5'-,!*5*))'4!.')!>$'-)%!5'!
=*$4'! .')!*.'3,')!)84!5#-!3*))*D'!',!&'84!=*$4'!3*4,!.'!5')!+#--*$))*-+')!3#84!4'-.4'!*8))$!&'84!7$'!
3&8)!=*+$&'6!\'!3#844*$)!@&$5$-'4!,#8,'!)#8==4*-+'!',!,#8,')!.#8&'84)6!T!
U#55'!('!+#-,'53&*$)!,#8)!&')!&$'8E!98'!('!3#844*$)!)$!*$)@5'-,!7$)$,'4%!('!5'!)'-,$)!)#8.*$-!'==&'84'4!&*!
)84=*+'!.8!)#&!',!5G@&'7'4!(8)98G*8!)#55',!&'!3&8)!@&'7@!.G8-'!5#-,*D-'!')+*43@'!.#5$-*-,!&*!4@D$#-!
'-7$4#--*-,'6!
J#8,!@,*$,!&?%!)G@,*&*-,!?!5')!3$'.)6!\'!)'-,$)!4'7'-$4!5#-!34'5$'4!'-,F#8)$*)5'6!U#55'!$&!)'4*$,!)$53&'!
.'!4@8-$4!&')!D'-)!',!.'!&'84!,4*-)5',,4'!,#8,!5#-!)*7#$4!f!\'!.'7$'-.4*$)!38$))*-,%!',!5I5'!+@&O>4'!3#84!
*7#$4!.@&$74@!&G')3O+'!F85*$-'!.'!,#8,')!)')!)#8==4*-+')!',!.'!)')!5*&*.$')6!\'!D*D-'4*$)!&G'),$5'!.')!
F#55')!',!&'84!4')3'+,%!('!-'!)'4*$)!3&8)!+#-)$.@4@!+#55'!8-!>#-!?!4$'-6!
Q7'+!8-!+F#+!@-#45'%!,#8,!+'!98'!('!7'-*$)!.G*334'-.4'!$&!A!*7*$,!?!3'$-'!98'&98')!F'84')!5'!4'7$-,!?!
&G')34$,!*7'+!8-'!+&*4,@!',!8-'!=#4+'!$-#8t')6!
M<7*7+-J>().7-)7..1+-)90()67)-(05()67,+^1();().1/-.81(1)837+3);<7U7,;/,,(1)67)*/5/,38).1/.1()(3)
;()6()3/01,(1)*(1-)5()c)BG#G)e)./01)1(2(*/+1)-/,)7--+-37,2()(,)3/03)2()90()><(,31(.1(,;17+-){)
Q&#4)%!('!5'!4*33'&*$!98'!&*!+4@*,$#-!*7*$,!)')!34#34')!>8,)!?!*++#53&$46!V'!34#+'))8)!.G$-.$7$.8*&$)*,$#-!
*7*$,!)8)+$,@!&GR!*,,$4'4!',!4'3#8))'4!T%!&'!R!34'-.4'!',!.#--'4!T!.*-)!&'!+#53#4,'5'-,!F85*$-6!k8#$98'!
+')!+*4*+,@4$),$98')!F85*$-')!=8))'-,!&*!+*8)'!.'!D4*-.')!*-D#$))')!.*-)!&'84)!7$')%!-G@,*$'-,N+'!3*)!
+')! 5I5')! *-D#$))')! 98$! &')! =#4]*$'-,! ?! 4'+F'4+F'4! 8-'! 5'$&&'84'! =*]#-! .'! 939-.% 3#84! ,4#87'4! &'! 74*$!
>#-F'84!h!\'!4@*&$)*$!98'!&')!5*8E!.'!&GF85*-$,@!*7*$'-,!&'84!3&*+'!.*-)!&'!3&*-!F85*$-!.'!&G'E$),'-+'6!
P*7+-J>()5();1/+3);<7../13(1)2(-)+,4/1673+/,-).1+*+58=+8(-)70Y)W/66(-)(3);<7,,05(1)7+,-+)5(-)(44(3-)
;0).1/2(--0-);<+,;+*+;075+-73+/,){)
\'!4@*&$)*$!98'!('!4@=&@+F$))*$)!?!3*4,$4!.8!+'-,4'!.'!5#-!$-.$7$.8*&$,@%!5#-!'D#%!',!+G@,*$,!&G@D#t)5'!98$!
+4@*$,!.')!>*44$O4')!'-,4'!&GF85*-$,@!',!&*!c)!/,-2+(,2()!18731+2(JB^1()eE)\'!.'7*$)!.#-+!7*$-+4'!5#-!
R!+'-,4'!.8!.@)$4!F85*$-!T!)$!('!7#8&*$)!7$74'!'-!3*4=*$,'!F*45#-$'!*7'+!5#-!c)B^1()e%!+#55'!,'&&'!@,*$,!

!
!01234'#5625748'$9'-24'%;')<124<' =A' ,54415'>'
5#-! $-,'-,$#-! )$-+O4'6! \'! +#-,$-8*$! .#-+! 5#-! +F'5$-%! )#-D'*-,! ?! +'! 98$! 5G*,,'-.*$,! ',! +#55'-,! ('!
3#844*$)!*8!5$'8E!)845#-,'4!&')!$538&)$#-)!98'!5'!.$+,*$,!5*!+#-.$,$#-!F85*$-'%!*=$-!.'!4'),'4!.*-)!&'!
=&8E!.'!&*!R!U#-)+$'-+'!KO4'!T!.#-,!('!4'+'74*$)!$-)3$4*,$#-%!D8$.*-+'%!4@3#-)')!?!5')!98'),$#-)%!5#-!
3*$-! 98#,$.$'-%! 5*! )*-,@! ',! 5*! 34#,'+,$#-! 98#,$.$'--')6! C-! =*$,%! ('! 4@*&$)*$! 98'! ,*-,! 98'! ('! 5'!
5*$-,$'-.4*$)!.*-)!+'!o&8E!98#,$.$'-!.'!R!U#-)+$'-+'!KO4'!T%!*8+8-!5*&!-'!3#844*$,!5I5'!5G*334#+F'4!
',!98'!('!4'+'74*$)!,#8,!+'!.#-,!(G*7*$)!>')#$-6!C,!3&8)!$53#4,*-,!'-+#4'!b!!
&*! R!U#-)+$'-+'! KO4'! T! *D$))*-,! ?! ,4*7'4)! 5#$! ='4*$,! ,#8,! &'! -@+'))*$4'! 3#84! *$.'4! &')! 3'4)#--')! 98$!
*7*$'-,!,*-,!>')#$-!.'!D8@4$)#-!',!.'!4@+#-=#4,6!
Q! ,#8,! $-),*-,%! $&! 5'! =*&&*$,! 7*$-+4'! 5*! 4@7#&,'! +#-,4'! &')! .84')! 4@*&$,@)! .'! &G'E$),'-+'! 3#84! @+#8,'4! R!&*!
7#$E!$-,@4$'84'!T!',!5'!+#-=#45'4!?!&*!R!/#&#-,@!2834I5'!T!.8!R!KO4'!T6!U',,'!R!/#&#-,@!2834I5'!T!@,*$,!
R!Q5#84!K*4=*$,!T%!+#-)*+4@!'-,$O4'5'-,!?!&*!34#5#,$#-!.'!5#-!>$'-!)834I5'6!\'!4@*&$)*$!98G$&!*84*$,!@,@!
,#8,! ?! =*$,! $-)'-)@! .'! +#-,$-8'4! .*-)! &*! 7#$'! .'! R!5*! 34#34'! 7#&#-,@!T! 98$! 5G*7*$,! .$+,@! 5#-!
+#53#4,'5'-,!(8)98'!&?6!!
UG'),!?!+'!5#5'-,!98G$&!5'!7$-,!&G$-)3$4*,$#-!.'!5G*.4'))'4!'-!3*4*>#&')!*8E!F#55')6!U'8E!98$!)'4*$'-,!
34I,)!?!4'+'7#$4!&*!+#--*$))*-+'!+#534'-.4*$'-,!',!'-!='4*$'-,!>#-!8)*D'6!
"*$)! $&! )G*7@4*! 98'! 5I5'! 5')! .$)+$3&')! -'! 384'-,! )'! .@=*$4'! )8==$)*55'-,! .')! .#+,4$-')! (8$7')! 3#84!
3#87#$4!+#534'-.4'!)#$,!&'!34$-+$3'!.'!&*!+#-)+$'-+'%!)#$,!&G*+,$7$,@!.'!&*!c)B0+--7,2()!18731+2()R+*+,()e)
.*-)! &*! +4@*,$#-6! `\8)98G?! +'! (#84%! '&&'! '),! 4'),@'! 8-! 5A),O4'! 3#84! ,#8)%! )*8=! 3#84! +'8E! 98$! )#-,!
)3$4$,8'&&'5'-,!$&&85$-@)6a!
"I5'! &'! ,'45'! )3$4$,8'&! .G$&&85$-*,$#-! -'! 3'8,! I,4'! *334@F'-.@! +#53&O,'5'-,! ',! $55@.$*,'5'-,! 3*4!
&G')34$,!F85*$-!H!+G'),!3#8498#$!+')!F(331(-).#$7'-,!I,4'!&8')!&'-,'5'-,!',!*++#53*D-@')!.'!>'*8+#83!
.'!5@.$,*,$#-!',!.'!34$O4')!3#84!I,4'!+#44'+,'5'-,!+#534$)')6!
!
2#87'-'MN7#8)!b!?!5#$-)!98'!7#8)!-'!4'.'7'-$'M!+#55'!8-!c!.(3+3!(,47,3)e)e!`'-!7#8)!.@>*44*))*-,!
.'!&G$-8,$&'!7*+*45'!.'!7#)!+4#A*-+')%!34@(8D@)%!4'))'-,$5'-,)%!*5>$,$#-)!',!.'!7#,4'!@D#t)5'a!e!*7'+!
8-! ')34$,!4'53&$!.G@5'47'$&&'5'-,!',!.G8-'!=#$!,#,*&'%!7#8)! -'!)'4'M!3*)!?!5I5'!.G*))$5$&'4!+')!3*D')!
+#55'!$&!&'!=*8.4*$,6!
K#84! 4'.'7'-$4! 8-! R!3',$,! '-=*-,!T%! $&! 7#8)! =*8,! =*$4'! &G'==#4,! .'! 7#8)! .@3#8$&&'4! .'! ,#8,! 7#,4'!
+#-.$,$#--'5'-,!5'-,*&!3*))@6!!
2$!7#8)!)#8==4'M!5'-,*&'5'-,%!@5#,$#--'&&'5'-,!#8!3FA)$98'5'-,%!+G'),!8-$98'5'-,!3*4+'!98'%!98'&&')!
98'!)#$'-,!7#)!+4#A*-+')!&')!3&8)!)$-+O4')%!'&&')!-'!7#8)!)#-,!.G*8+8-'!8,$&$,@%!'&&')!-'!+#-+#84'-,!3*)!?!
7#,4'!>$'-NI,4'6!
L&!'),!,'53)!.G'E*5$-'4!7#,4'!G&P&)R<G%B#$&6!C-!I,')N7#8)!+#-,'-,!h!
/#8)! 3#87'M! '=='+,8'4! .')! +F#$E! ',! &#4)! .'! 7#)! +F#$E%! 7#8)! 3#87'M! =*$4'! *33'&! *8! c)B^1()e) 3#84! 7#8)!
*$.'4! ?! #3@4'4! &')! +F*-D'5'-,)6! C,! &G*$.'! 7#8)! )'4*! )n4'5'-,! *++#4.@'! e! ?! +#-.$,$#-! 98'! 7#8)! -w'-!
.#8,$'M!3*)6!
!

!
!01234'#5625748'$9'-24'%;')<124<' =B' ,54415'>'
\'!7#8)!'-+#84*D'!.#-+!7$7'5'-,!?!+#-,$-8'4!?!&$4'!',!?!*))$5$&'4!&')!3*D')!)8$7*-,')6!\'!.@)$4'!7#8)!
=*$4'! +#534'-.4'! &*! =#4+'! .'! 7#,4'! @,*,! .G')34$,! 98$! '),! &*! )#55'! ,#,*&'! .'! ,#8,'! 7#,4'! 34#D4*55*,$#-!
+#-)+$'-,'!',!$-+#-)+$'-,'6!!
L&! '),! '))'-,$'&! 98'! 7#8)! +#534'-$'M! 98'! 4$'-! .'! +',! @,*,! .G')34$,! F85*$-! -'! 34#7$'-,! .'! &*! .$5'-)$#-!
)3$4$,8'&&'6!
L&! '),! ,#,*&'5'-,! ,'44'),4'! ',! )*-)! .#8,'! 4'53&$! .G$.@')! 5A,F$98')%! .'! 34@(8D@)%! .'! 5*&'-,'-.8)%! .'!
4'))'-,$5'-,)%!.'!5@5#$4')!'-=#8$')!.'!>&'))84')!*-+$'--')!',!.GF*>$,8.')!+'-)@')!,4*$,'4!&')!*&@*)!.'!
&*!7$'6!/#,4'!@,*,!.G')34$,!F85*$-!`A!+#534$)!,#8,'!$.@'!#8!+4#A*-+'!4'&$D$'8)'a!.@,'45$-'!7#,4'!5#-.'%!
7#)! 4'&*,$#-)%! 7#)! 'E3@4$'-+')%! 7#)! )8++O)%! 7#)! @+F'+)%! 7#)! >#-F'84)! ',! 7#)! 5$)O4')6! L&! '),! 5I5'!
4')3#-)*>&'!.'!7#)!5*&*.$')!',!*++$.'-,)6!W$'-!-G*44$7'!3*4!F*)*4.6!J#8,!'),!,$))@!.')!=$&)!$-,@4$'84)!.'!
7#,4'! +#-)+$'-+'! 3'4)#--'&&'! e! 3'-)@')%! ')3#$4)%! +4#A*-+')! *8! )8(',! .'! &*! 7$'%! .'! 7#,4'! .'),$-%! .'!
R![$'8!T6!/#8)!7$7'M!.*-)!8-!5#-.'!.'!7#,4'!34#34'!+4@*,$#-6!UG'),!3#8498#$!.')!'-=*-,)!@&'7@)!.*-)!
8-! 5I5'! '-7$4#--'5'-,! .'7$'--'-,! .$==@4'-,)6! UF*+8-! 3#))O.'! )#-! @,*,! .G')34$,! $-.$7$.8'&! +#-),48$,!
.G*34O)!)')!,4*$,)!.'!+*4*+,O4')!$-,4$-)O98')6!
2$! 7#,4'! @,*,! .G')34$,! -'! )'! .@7'&#33*$,! 3*)! .O)! &*! -*$))*-+'%! 7#8)! )'4$'M! *8))$! $-+#-)+$'-,! 98G8-'!
),*,8'%!.@-8@!.'!)'-,$5'-,)%!.'!3'-)@')!',!.'!4@*+,$#-)6!/#8)!+#-,'53&'4$'M!&'!5#-.'!.G8-!4'D*4.!7$.'!
',! 5I5'! )$! 8-'! *+,$7$,@! .@>#4.*-,'! 7#8)! '-,#84*$,%! '&&'! -G*=='+,'4*$,! '-! 4$'-! 7#,4'! +#-)+$'-+'%! 38$)98'!
7#8)! )'4$'M! .@-8@! .'! 4@*+,$#-)6! W$'-! -'! 7#8)! 4'-.4*$,! F'84'8E! -$! 5$)@4*>&'%! 5I5'! )$! 8-'! >#5>'!
'E3&#)*$,!?!+P,@!.'!7#8)6!
2*-)!@,*,!.G')34$,%!$&!-GA!*!-$!7$'%!-$!.@7'&#33'5'-,%!-$!>$'-%!-$!5*&6!/#,4'!JzKC!.G@,*,!.G')34$,!.@,'45$-'!
&*!98*&$,@!.'!7#,4'!7$'6!UG'),!&?!&*!34'5$O4'!/@4$,@!.'!&GCE$),'-+'!98'!('!.@)$4'!98'!7#8)!+#534'-$'M!',!
4@*&$)$'M!'-!3&'$-'!+#-)+$'-+'6!
['!3&8)%!,*-,!98'!7#8)!7$7'M%!7#,4'!@,*,!.G')34$,!-'!7#8)!98$,,'!3*)%!#g!98'!7#8)!*&&$'M6!
/#8)!-'!3#87'M!&8$!@+F*33'4!',!(#84!*34O)!(#84%!$&!+#-,$-8'4*!?!+4@'4!3#84!7#8)!&'!D'-4'!.G'E$),'-+'!98'!
7#8)! *7'M! .@(?! 'E3@4$5'-,@! .*-)! 7#,4'! 3*))@6! m'*8+#83! .'! 3'4)#--')! ,4*7'4)'-,! &'84! 7$'! '-,$O4'! '-!
+4#A*-,! 98G$&)! -G#-,! 3*)! .'! +F*-+'6! L&)! )#-,! 3'4)8*.@)! 98'! +'! )#-,! R!&')! *8,4')!T! 98$! )#-,! 5')98$-)%!
5@+F*-,)%!.@)*D4@*>&')!'-7'4)!'8E!',!98$!&'84!DS+F'-,!+#53&O,'5'-,!&*!7$'6!
L&)!+4#$'-,!98'!+'!)#-,!R!&')!*8,4')!T!98$!&'84!+F'4+F'-,!5$)O4'!',!&'84!+4@'-,!+#-),*55'-,!.')!.$==$+8&,@)%!
*&#4)!98G$&)!)#-,!*>)#&85'-,!$--#+'-,)!.'!,#8,'!34#7#+*,$#-6!
Q8! +#-,4*$4'%! R!&')! *8,4')!T! -'! )#-,! 3*)! ?! >&S5'46! UG'),! &G@,*,! .G')34$,! 3'4)#--'&! 98$! *,,$4'! ?! )#$! .')!
+$4+#-),*-+')!-@D*,$7')6!
m'*8+#83!.'!D'-)!4'(',,'-,!&G$.@'!98G$&)!)#-,!)'8&)!4')3#-)*>&')!.'!&'84)!34#>&O5')6!L&!'),!3&8)!.$==$+$&'!?!
+'4,*$-)!.'!=*$4'!=*+'!?!&'84)!$-)8==$)*-+')!98G?!.G*8,4')%!98$!#-,!)8==$)*55'-,!.'!=#4+'!$-,@4$'84'!',!.'!
+#-=$*-+'!'-!'8E!3#84!)G'E*5$-'4!=4*-+F'5'-,!',!F#--I,'5'-,6!
V*!K4$O4'!)$-+O4'!*,,$4'!&*!R!U#-)+$'-+'!U4@*,4$+'NKO4'!T!.*-)!&G')34$,!H!)$&'-+$'8)'5'-,%!.*-)!&'!)'+4',%!
'&&'!384$=$'!&*!+#-)+$'-+'!F85*$-'!.'!,#8,!+'!98'!&'!+F'4+F'84!)#8F*$,'!@&$5$-'46!UG'),%!3*4!-@+'))$,@%!8-!
34#+'))8)!,4O)!D4*.8'&!.'!384$=$+*,$#-!$-,@4$'84'!',!.'!.@7'&#33'5'-,6!

!
!01234'#5625748'$9'-24'%;')<124<' =C' ,54415'>'
FG%)%!"GOP%)GOL&$LMMGF%)
/#)! )+F@5*)! @5#,$#--'&)! 3'87'-,! I,4'! *8))$! 34@(8.$+$*>&')! ?! 7#,4'! >$'-NI,4'! D@-@4*&! 98'! 7#,4'! @,*,!
.G')34$,6!
/#,4'!@,*,!.G')34$,!',!7#)!)+F@5*)!@5#,$#--'&)!)#-,!7#)!#8,$&)!.'!+4@*,$#-6!!
C-)'5>&'%! $&)! .'))$-'-,! &')! D4*-.')! &$D-')! .')! @7@-'5'-,)%! 3#))'))$#-)! ',! +#-.$,$#-)! .'! 7#,4'! 7$'!
=8,84'6!!!
U')!01JLV2![C!UWCQJL0Z!#'874'-,!.*-)!7#,4'!7$'%!98'!7#8)!&'!7#8&$'M!#8!-#-6!
L&! '),! >$'-! 3&8)! .$==$+$&'! .'! .@+#874$4! 7#)! *,,$,8.')! @5#,$#--'&&')! 34#=#-.@5'-,! '-4*+$-@')%! +#-)+$'-,')!
#8!$-+#-)+$'-,')%!98'!.'!4'+#--*i,4'!7#,4'!+#-.$,$#--'5'-,!5'-,*&6!
[')! 3'4)#--')! 3'87'-,! I,4'! )#85$)')! ?! .')! )+F@5*)! @5#,$#--'&)! $-.@)$4*>&')! ',! '-! I,4'! ,#,*&'5'-,!
$-+#-)+$'-,')%!.8!=*$,!98'!+')!)+F@5*)! )#-,!4'+#87'4,)!'-!3'45*-'-+'!3*4!&')!@5#,$#-)!.'!&*!4#8,$-'!
98#,$.$'--'6!!
K#84! .@+#874$4! 98'&)! )#-,! 74*$5'-,! 7#)! )+F@5*)! @5#,$#--'&)%! 3#)'MN7#8)! &')! 98'),$#-)! )8$7*-,')%! ',!
)#A'M! '-,$O4'5'-,! F#--I,'! *7'+! 7#8)N5I5'6! Z$'4! &*! 7@4$,@! .'! )')! )+F@5*)! @5#,$#--'&)%! +G'),! )'!
.@+'7#$4!',!)G'53I+F'4!.G*,,'$-.4'!&*!(#$'!.'!7$74'!?!&*98'&&'!#-!'),!.'),$-@6!
U#55'-,!7#8)!)'-,'MN7#8)!4@'&&'5'-,!.*-)!&*!/LC!h!\G*$5'4*$)!98'!7#8)!7#8)!@+4$7$'M!8-'!&',,4'!3&'$-'!
.'! +F*&'84! ',! .'! +#53*))$#-%! .$)*-,! 'E*+,'5'-,! +'! 98'! 7#8)! 4'))'-,'M! '-! 4@3#-.*-,! *8E! 98'),$#-)!
)8$7*-,')!b!
C,')N7#8)!F'84'8E!.GI,4'!'-!7$'!#8!34@=@4'4$'MN7#8)!3#87#$4!+'))'4!.'!7$74'!h!2$!7#,4'!4@3#-)'!)$-+O4'!
'),!&*!)'+#-.'%!*&#4)!7#8)!*7'M!8-'!*,,$,8.'!-@D*,$7'!7$)N?N7$)!.'!&*!7$'!',!I,')!'-!D8'44'!+#-,4'!7#8)N
5I5'!?!8-!-$7'*8!34#=#-.6!
/#8)! )*7'M%! +#-)+$'55'-,%! 98'! 7#8)! .'7'M! +#-,$-8'4! .'! 7$74'! 7#,4'! 7$'! 98#,$.$'--'! 5*$)! *8! 3&8)!
34#=#-.!.'!7#8)N5I5'%!7#8)!*$5'4$'M!3*4,$46!U',,'!D8'44'!$-,@4$'84'!7#8)!'53I+F'!.G*,,$4'4!?!7#8)!,#8,!
+'!98'!7#8)!3#844$'M!'E3@4$5'-,'4!*7'+!8-!)+F@5*!@5#,$#--'&!3#)$,$=6!
!
U#55'-,!7#8)!)'-,'MN7#8)!4@'&&'5'-,!*7'+!7#)!34#+F')!h!z!*N,N$&!8-'!98'&+#-98'!F#),$&$,@!'-=#8$'!98'!
7#8)!-'!7#8&'M!3*)!*.5',,4'!#8!.#-,!7#8)!-G*84$'M!3*)!+#-)+$'-+'!h!
U#55'-,!7#8)!)'-,'MN7#8)!.*-)!7#,4'!'53&#$%!*7'+!7#)!+#&&OD8')%!.*-)!7#)!&#$)$4)%!*7'+!.G*8,4')!4*+')%!
',+6!h!
C+4$7'M!,#8,!+'!98'!7#8)!.@+#874'M!?!7#,4'!34#3#)!',!5',,'M!+'!.#+85'-,!'-!&$'8!)n46!
U'!,4*7*$&!98'!7#8)!*7'M!=*$,!3#84!7#8)N5I5'!7#8)!'),!.'),$-@!e!?!7#,4'!)'8&!>@-@=$+'6!/#8)!-'!&G*7'M!
3*)!=*$,!3#84!I,4'!8-'!3'4)#--'!5'$&&'84'%!3#84!3&*$4'!?!R![$'8!T!#8!3#84!4'+'7#$4!&G*334#>*,$#-!.G*8,48$6!
/#8)! *7'M! =*$,! +'! ,4*7*$&! 3#84! '-&'7'4! 7#)! >&#+*D')! $-,@4$'84)! 98$! '53I+F'-,! 7#,4'! .@7'&#33'5'-,!
)3$4$,8'&!',!7#,4'!>#-F'84!.@=$-$,$=6!
%+) */0-);82+;(T);() 2W7,=(1) */31() *+() (,)5+-7,3) 2(-)F(331(-) 90/3+;+(,,(6(,3C) >() */0-) (,2/017=()
*+*(6(,3)Z)6(331()*/31();/206(,3C);738C)(,)-n1(38E)#(5+-(TJ5();7,-)0,)7,)(3)*/0-)*/0-)18>/0+1(T)
;(-)=17,;-)2W7,=(6(,3-)90+)-()-(1/,3)+,-37558-);7,-)*/31()8373);<(-.1+3E)H/0-)2/,-373(1(T)70--+)
90();(-)2W7,=(6(,3-)-()-(1/,3).1/;0+3-);7,-)5(-)2+12/,-37,2(-);()*/31()*+(E)
)

!
!01234'#5625748'$9'-24'%;')<124<' =D' ,54415'>'
2#87'-'MN7#8)!98'!&*!34$O4'!',!&*!5@.$,*,$#-!.$4$D@')!'-,$O4'5'-,!7'4)!7#,4'!U4@*,'84!4'-#87'&&'4#-,!7#)!
=#4+')!',!7#,4'!.$)+'4-'5'-,%!&')98'&)%!?!&'84!,#84%!*33#4,'4#-,!.')!+F*-D'5'-,)!.*-)!7#)!)'-,$5'-,)!',!
7#,4'!'-7$4#--'5'-,6!
k8*-.! 7#8)! 34$'M%! -'! 7#8)! =#+*&$)'M! (*5*$)! )84! 7#)! 34#>&O5')%! .'5*-.'M! ,#8(#84)! &'! >#-! 4'5O.'6!
V*$))'M! *8! U4@*,'84! &'! )#$-! .'! 7#8)! *33#4,'4! &*! >#--'! )#&8,$#-%! 98'! 7#,4'! ')34$,! F85*$-! -'! 3'8,! 3*)!
5I5'!$5*D$-'46!!
K*4!'E'53&'%!-'!.$,')!(*5*$)!?!7#,4'!R!KO4'!T!U4@*,'84!+#5>$'-!7#8)!I,')!5*&*.'6!U#-+'-,4'MN7#8)!)84!
&*!38$))*-+'!98'!7#8)!4'+'7'M!$55@.$*,'5'-,%!.*-)!7#,4'!@,*,!`98#$98'!7#,4'!+#-)+$'-+'!)#$,!3'8,NI,4'!
,4#3! .'-)'%! +{'),N?N.$4'! ,4#3! F85*$-'! 3#84! 98'! 7#8)! 38$))$'M! &*! 3'4+'7#$4a%! 4'-.'M! D4S+')! 3#84! 7#,4'!
D8@4$)#-!4*3$.'!',!+4#A'M!'-!+'&&'N+$6!
k8*-.!7#8)!R!4'-.'M!D4S+')!T%!7#8)!*++'3,'M%!4'+#--*$))'M%!+4#A'M!',!$534$5'M!.*-)!7#,4'!+#-)+$'-+'!
&*! 4@*&$)*,$#-! 98'! 7#,4'! 34$O4'! )'! ,4#87'! 5*$-,'-*-,! .*-)! &*! R!U#-)+$'-+'! Q$5*-,'! .8! KO4'! T! ',! '),!
,4*$,@'!'-!78'!.'!)*!5*-$='),*,$#-!7$)$>&'!'-!,'53)!7#8&8!',!*8!>#-!5#5'-,6!V#4)98'!(G@,*$)!'-!K*&'),$-'%!
('!4'-.*$)!D4S+')!+#-),*55'-,!3#84!&G#'874'!*7*-,!98G'&&'!-'!=n,!*++#53&$'6!
Z'!34$'M!(*5*$)!3#84!'-)8$,'!)#4,$4!.'!+F'M!7#8)!',!4*+#-,'4!*8E!D'-)!+#55'!7#8)!7#8)!)'-,'M!5*&!#8!
+#55'!&*!)$,8*,$#-%!3'4)#--'&&'!#8!D@-@4*&'%!'),!*==4'8)'6!2$!7#8)!*7'M!.'5*-.@!*8!R!KO4'!U4@*,'84!T!
8-'! )#&8,$#-! ?! 7#)! 34#>&O5')%! =$-*-+$'4)! #8! .'! )*-,@%! 98'&&'! $-)8&,'! *8! R!KO4'! U4@*,'84!T! 98'! .'!
+#-,$-8'4! ?! '-,4','-$4! 7#)! 34#>&O5')! 3*))@)!f! /#8)! .@=*$,')! $55@.$*,'5'-,! &G#'874'! 98'! &'! R!KO4'!
U4@*,'84!T!*!'-,4'34$)'6!
2$%! *34O)! &*! 34$O4'%! 7#,4'! @,*,! *-,@4$'84! -G'),! 3*)! .'7'-8! 8-! @,*,! -@D*,$=! *-+$'-! .*-)! 7#,4'! ')34$,%!
4',#84-'M! 34$'4! (8)98G?! +'! 98'! 7#8)! 38$))$'M! &G@+*4,'4! .'! 7#,4'! ')34$,! ',! 4@'&&'5'-,! +4#$4'! 98'! ,#8,! '),!
.$7$-'5'-,!34$)!'-!+F*4D'%!?!&G$-),*-,!5I5'6!W',#84-'M!5*$-,')!=#$)!4'-.4'!D4S+')!3#84!&')!>$'-=*$,)!98'!
7#8)!*7'M!.'5*-.@)6!L&)!)'!5*,@4$*&$)'4#-,!)n4'5'-,6!
L&!A!*!.')!5$&&$'4)!.'!3'4)#--')%!.*-)!&'!5#-.'!.G*8(#84.GF8$%!98$!+#53,'-,!4@D8&$O4'5'-,!)84!&'!R!KO4'!
U4@*,'84!1-$7'4)'&!T!3#84!+#5>&'4!,#8)!&'84)!>')#$-)!',!98$!,@5#$D-'-,!.')!58&,$3&')!>@-@.$+,$#-)!98G$&)!
#-,!4']8')!.*-)!&'84!7$'6!
Q>*-.#--'M! 7#)! 3'84)%! '&&')! -'! 7#8)! )'47'-,! ?! 4$'-6! J#84-'MN7#8)! .O)! 5*$-,'-*-,! 7'4)! &'! R!KO4'! T!
U4@*,'84!8-$7'4)'&%!98$!'),!&*!%LN#!G)RG)HL&#G)G&#G)g).'!7#,4')+#-+'3,$#-%!7#,4'!+4#$))*-+'%!7#,4'!
.@7'&#33'5'-,%!7#,4'!-8,4$,$#-%!7#,4'!4@D@-@4*,$#-%!7#,4'!D8@4$)#-%!&*!4@3#-)'!?!,#8)!7#)!>')#$-)!',!7#,4'!
B#L&G!&$LM%!.*-)!8-!)A),O5'!.'!FL$)|)R<L#R#G)%B$#$&NGF%E!
K4'-'M!+#-)+$'-+'!98'!,#8,!+'!,4*7*$&!5'47'$&&'8E!'),!+#-),48+,$=%!#4.#--@!',!98G$&!*!)*!4*$)#-!.GI,4'6!
/#8)!*7'M!74*$5'-,!8-!G%B#$&)OP$&#G)98$!7#8)!)#8,$'-,%!7#8)C)7#,4'!=*5$&&'!',!7#)!+#-.$,$#-)!.'!7$'6!
dP$&G%JFN$)!LMd$PM!GE!
Z'!&*$))'M!3*)!7#)!3'-)@')!DS+F'4!&G0'874'!U4@*,4$+'![$7$-'!f!
W*33'&'MN7#8)%! 3*4N.'))8)! ,#8,! e! 98'! 6/+C) 5() !W1+-3%! (G*$! 38! *++#53&$4! 5')! )#$N.$)*-,! 5$4*+&')!
8-$98'5'-,! 3*4+'! 98'! (G@,*$)! +#-)+$'-,! 98'! &'! R!W#A*85'! .'! [$'8!T! @,*$,! '-! 5#$! ',! 98'! ('! 3#87*$)!
,#8(#84)!+#53,'4!)84!5#-!c)B^1()e)!1873(01)3#84!98G$&!*++#53&$))'!)#-!l874'!'-!5#$!',!?!,4*7'4)!5#$6!
!

!
!01234'#5625748'$9'-24'%;')<124<' =E' ,54415'>'
W*33'&'MN7#8)! 98'! 7#8)! *7'M! 8-'! +#-)+$'-+'! $-.$7$.8'&&'! 8-$98'5'-,! 3*4+'! 98'! 7#8)! &G*7'M! 38$)@'!
.*-)!&*!c)!/,-2+(,2()!18731+2()mB^1(<)eE!
k8*-.!7#,4'!+#-)+$'-+'!3'4)#--'&&'!)'4*!'-,$O4'5'-,!384$=$@'!.'!,#8,'!-@D*,$7$,@%!7#8)!.@+#874$4'M!98'!
7#8)!*8))$!.'7$'-.4'M!8-!+*-*&%!8-'!7#$'!384$=$@'!.'!&*!U#-)+$'-+'!U4@*,4$+'!R!KO4'!T6)/#8)!)'4'M!7#8)!
*8))$!8-'!)#84+'!(#A'8)'!.'!+4#$))*-+'%!.'!-8,4$,$#-%!.'!D8@4$)#-%!.'!)#$-)%!.'!34#,'+,$#-%!.'!)*,$)=*+,$#-!
.'!,#8)!>')#$-)%!.*-)!8-!)A),O5'!>$'-!#4D*-$)@!.'!&#$!',!.G#4.4'%!3#84!,#8)!+'8E!98$!'-,4'-,!'-!+#-,*+,!
*7'+! 7#8)6! U',,'! $-=&8'-+'! 38$))*-,'! )G@,'-.4*%! 3*4! &G$-,'45@.$*$4'! .'! 7#,4'! ')34$,%! ?! 7#,4'! =*5$&&'%! 7#)!
*5$)%!7#)!7#$)$-)%!7#)!+8&,84')%!7#)!*-$5*8E!',!7#)!5#$))#-)6!
['!5I5'!98'!&G@&'+,4$+$,@!3*))*-,!3*4!7#)!5*$-)!*&&85'4*!8-!>'+!>8-)'-!.*-)!8-!&*>#4*,#$4'%!.'!5I5'!
7#,4'!4*A#--'5'-,!.'!dL#!G)RG)H$G)34#=$,'4*!?!,#8)!+'8E!98$!'-,4'-,!.*-)!7#,4'!4*A#-!.G$-=&8'-+'6!
!
UG@,*$,!&?!&G$-,'-,$#-!34'5$O4'!.'!&*!+4@*,$#-6!/#8)!@,$'M!.'),$-@!?! (Y.1+6(1)&*!c)!/,-2+(,2()!18731+2()
N,+*(1-(55()e) ?! ,4*7'4)! 7#,4'! +#'84! ',! 7#,4'! ')34$,6! "#$%! &'! !"#$%&%! ('! 7$'-)! *8(#84.GF8$) 3#84! 7#8)!
5#-,4'4!+#55'-,!&'!=*$4'6)
!
J#8,!.G*>#4.%!'E*5$-'M!.*-)!98'&!R!@,*,!.'!+#-)+$'-+'!T!(G*++#53&$))*$)!5')!)#$N.$)*-,!5$4*+&')6!!
\'!-'!4@+$,*$)!3*)!8-'!34$O4'!*334$)'%!.@=$-$'!H!('!.'5*-.*$)!)$53&'5'-,!+'!98$!@,*$,!-@+'))*$4'!*8!B^1()
!1873(01!4*A#--*-,!?!,4*7'4)!5*!34#34'!+#-)+$'-+'!b!
('! 34'-*$)! =#4,'5'-,! +#-)+$'-+'! .'! &*! c)!/,-2+(,2() !18731+2() mB^1(<)e) ',! 7$)8*&$)*$)! 98G'&&'! @,*$,! 8-'!
d/12(! .A-*5$98'! #'874*-,! ',! )'! 5*-$='),*-,! .*-)! &'! 5#-.'! 7$)$>&'! '-! ,*-,! 98'! +4@*,$7$,@%! $-,'-,$#-!
$-,'&&$D'-,'%! +4#$))*-+'%! -8,4$,$#-%! D8@4$)#-%! 4@D@-@4*,$#-%! 34#,'+,$#-%! )*,$)=*+,$#-! .')! >')#$-)%! &'! ,#8,!
.*-)!8-!)A),O5'!.'!&#$!',!.G#4.4'6!
\'!4@*&$)*$)!98'!&*!c)!/,-2+(,2()!18731+2())mB^1(<e)$44*.$*$,!3/03()D1%=14,-.%?!,4*7'4)!5*!+#-)+$'-+'!
3#84!3@-@,4'4!&*!+#-)+$'-+'!.'!+'8E!98$!*7*$'-,!.'5*-.@!&*!D8@4$)#-!',!98$!+4#A*$'-,!)$-+O4'5'-,!98G$&)!
&*! 4'+'74*$'-,6! \'! )*7*$)! *8))$! 98'! )G$&)! -G*7*$'-,! 3*)! R!=#$! ',! ')3@4*-+'!T! '-! &*! D8@4$)#-%! +'! ,A3'! .'!
+#-)+$'-+'! -@D*,$7'! -'! )'4*$,! 3*)! $-=&8'-+@! 3*4! &G$-=&8E! .'! &*! =)#C$"% 7.% '1% ?+6/03.60.% Q%GT-.%R% ',!
98G*8+8-'!D8@4$)#-!-G*84*$,!&$'86!
\'!4@*&$)*$)!*8))$!98'!&G#'874'!.'!D8@4$)#-!*++#53&$'!3*4!&*!!/,-2+(,2()!18731+2()mB^1(<)@,*$,!74*$5'-,!
5<P6/01)1(,;0)*+-+U5())84!J'44'6)
\'!4@*&$)*$)!*8))$!98'!,#8,')&G#'874'!*++#53&$'!3*4!&*!!/,-2+(,2()!18731+2()B^1().*-)!&'!5#-.'!7$)$>&'!
@,*$,!.'!5<76/01!5*-$='),@!e!',!('!4'-.*$)!D4S+')6!
\'!4@*&$)*$)!98'!+G@,*$,!.'!&*!!/,-2+(,2()N,+*(1-(55(!98'!34#7'-*$,!,#8,'!&*!)8>),*-+'!.'!&G8-$7'4)!e!',!
('!4'-.*$)!D4S+')6!
\'!4@*&$)*$)!98'!&*!c!!/,-2+(,2()!18731+2()B^1()e)@,*$,!&G/0*1+(1)',!98GGFFG)@,*$,!@,'4-'&&'!',!$-=$-$'%!',!
98'!4$'-!N!4$'-%!)$!+'!-G'),!&G')34$,!F85*$-!N!-'!3#87*$,!&G'53I+F'4!.G*++#53&$4!)#-!#'874'6!
!
K*4! +#-)@98'-,%! ('! .@>*44*))*$)!5#-! ')34$,! .'!,#8)! )'-,$5'-,)! ',! 3'-)@')! F85*$-')! ',!('! )*7*$)! 98'!
(G@,*$)! 8-! +*-*&! 3*4=*$,! .'! c)5<76/01) B^1()e) ',! 98'! &*! 7#&#-,@! 3*4=*$,'! .'! c)5<76/01) B^1()e) )'4*$,!
*++#53&$'!.*-)!&*!3'4)#--'!98$!*7*$,!>')#$-!.'!D8@4$)#-6!

!
!01234'#5625748'$9'-24'%;')<124<' ?F' ,54415'>'
"*$)! -#,'M! +'+$! b! ('! )*7*$)! *8))$! 98'! +'! 98$%! .*-)! &*! +#-)+$'-+'! .'! &*! 3'4)#--'%! *7*$,! 34#7#98@! )#-!
$-=$45$,@%! )*! 58,$&*,$#-! #8! )*!5*&*.$'%! @,*$,! *&#4)! '==*+@! .'!)#-! +#43)6! V*! 98'),$#-! @,*$,! .'! )*7#$4! )$! )*!
R!+#-)+$'-+'!F*>$,8'&&'!T!='4*$,!4'7'-$4!&')!5*8E!.$7$-'5'-,!'==*+@)!.*-)!)#-!+#43)6!
UG'),!3#8498#$!('!.$)*$)!?!&*!3'4)#--'!98$!*7*$,!@,@!D8@4$'!b!R!/*%!',!-'!3O+F'!3&8)!f!T!
'() *(0Y)90()*/0-)-72W+(T)(3)90()*/0-)21/?+(T);()3/03) */31()2/(01)90()6/,)8373);() 2/,-2+(,2()
75/1-) 90() ><837+-) -01) &(11(C) ;821+3) ;7,-) 5(-) .717=17.W(-) 2+J;(--0-C) (-3) 5<c)8373) ;() 2/,-2+(,2()e)
7090(5)*/0-);(*1+(T)8=75(6(,3)7-.+1(1);()3/03)*/31()(-.1+3)(3)*/31()2/(01E)
V')!$&&85$-*,$#-)!98'!(G*$!7@+8')!.*-)!&'!.@)'4,!5G#-,!3'45$)!.'!4@*&$)'4!&*!!LM%!$GM!G)!"#$%&$iNG)
.*-)! 8-'! &*4D'! 5')84'!3'-.*-,! 98'! (G@,*$)! )84!J'44'6! "*$)! 7#8)! 3#87'M! )8$74'!5')! ,4*+')! )$! 7#8)! '-!
*7'M!&*!7#&#-,@!',!('!)'4*$!)n4'5'-,!?!7#)!+P,@)!3#84!7#8)!*$.'4!.*-)!7#,4'!!+F'5$-'5'-,6!/#8)!)'-,$4'M!
3'8,NI,4'! 5*! 34@)'-+'! )$! 7#8)! I,')! )8==$)*55'-,! )'-)$>&'! 3#84! +'&*6! "*$)! )$! .*-)! 8-! 34'5$'4! ,'53)%!
7#8)! -'! )'-,'M! 4$'-%! -G'-! )#A'M! 3*)! *==&$D@%! +*4! '-! '=='+,8*-,! &'! ,4*7*$&! .'! +F*-D'5'-,! .'! 7#,4'!
+#-)+$'-+'%! 7#8)! 3#87'M! I,4'! *>)#&85'-,! +'4,*$-! 98'! 7#8)! '-,4'4'M! '-! F*45#-$'! *7'+! 5*!
!LM%!$GM!G)!"#$%&$iNG)',!98'!('!)*84*$!,#8,!+'!98$!7#8)!*44$7'6!
%P!"Gf)98'!7#,4'!4*$)#-!.GI,4'!)84!J'44'!'),!.'!7#8)!@&'7'4!'-!+#-)+$'-+'!)3$4$,8'&&'! (8)98G?!+'!98'!
7#8)!,4*-)+'-.$'M!,#8,'!7#,4'!F85*-$,@!98$!7#8)!4',$'-,!*+,8'&&'5'-,!',!(8)98G?!+'!98'%!=$-*&'5'-,%!7#8)!
38$))$'M!7#8)!*8))$!+#-,4P&'4!&')!@&@5'-,)!',!.'7'-$4!8-!5*i,4'6!
!
U#534'-'M!*8))$!98'!&#4)98'!&*!2/,-2+(,2()6/,;+75())'4*!'-!3*4=*$,'!F*45#-$'!*7'+!&*!c)!/,-2+(,2()
!18731+2()B^1()e%!,#8,')!+F#)')!+#-,4*$4')!*8!3*4=*$,!>$'-NI,4'!.'!&GF#55'!.$)3*4*i,4#-,6!L&!-GA!*84*!3&8)!
.'! 5#8),$98')! 3#4,'84)! .'! 5*&*4$*%! .'! )*8,'4'&&')! .@7*),*-,! 7#)! +8&,84')%! .'! +#-.$,$#-)! +&$5*,$98')!
'E,4I5')%! .G$-='+,$#-)%! .'! 7$48)! ',! ,#8,! *8,4'! @&@5'-,! 98$! *+,8'&&'5'-,! +*8)'! .')! -8$)*-+')! *8E! I,4')!
7$7*-,)6!/#8)!7$74'M!)#8)!8-!5*-,'*8!.'!34#,'+,$#-!8-$7'4)'&&'6!
k8*-.!7#,4'!+#-)+$'-+'!)'4*!'-!3*4=*$,!*++#4.!',!'-!3*4=*$,'!F*45#-$'!*7'+! 5<P6/01)B^1(%!*&#4)!7#8)!
*8))$%! 7#8)! )'4'M! 34#,@D@! .$7$-'5'-,! ',! .'7$'-.4'M! 8-! +*-*&! .G$-,'-,$#-! +4@*,4$+'%! .'! +4#$))*-+'%! .'!
-8,4$,$#-%!.'!34#,'+,$#-%!.'!D8@4$)#-%!.'!4@D@-@4*,$#-%!.'!)*,$)=*+,$#-!.')!>')#$-)%!.'!&#$!|!.G#4.4'6!
VGPOLN#)BG#G))'4*!#3@4*,$#--'&!.*-)!7#,4'!')34$,%!7#,4'!+#'84%!7#,4'!+#43)!',!7#)!'-,4'34$)')6!!
L&!)'4*!#3@4*,$#--'&!.*-)!,#8,'!3'4)#--'!7'4)!98$!7#8)!.$4$D'4'M!)*!38$))*-+'6!
F()-/0W7+3)5().50-)2W(1);0)!W1+-3)(-3)90()2(-)FG&&#G%)-/+(,3)17.+;(6(,3).0U5+8(-)(3);+-31+U08(-)
70Y) 2W(12W(01-);()H81+38E) %+) */0-);8-+1(T) 1(.1/;0+1();(-) (Y317+3-);() 6(-)FG&&#G%C) *(0+55(T) (,)
2+3(1)57)-/012()31^-)257+1(6(,3)2/66()-0+3)V)
FG&&#G%)RN)!"#$%&C)}}}E*/+(2W1+-3+90(E2/ET7C))
x&+31();0)F+*1()V)!"#$%&)#GH$GM&)g)$F)R$&)%PHI#$&Iy)
!"#$%&<%)FG&&G#%C)}}}E2W1+-3-}7?E2/ET7C)xK//~)&+35(V)!"#$%&)#G&N#M%)g)%BGP•%)"$%)&#N&"y

!
!

!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
!"##$"%&
!
"#$%%$!&$%%'$!($)'*+%!,%'$!-.(+%.$!/&0%1%!20$!&0$34!
!
5$!60+6!&$!'($)*#3!
!
7$8(*8%! 20$! 9;*<+6! ($/0+6! &$6! '=>*0-$6! 60/',-$6! ($! &*! '+,*')",'"% '$"-#$)'"% .)/),"?! -=8!
+8@&0$8A$!$8%=0'$!)=%'$!-=8($3!
!
7=0'!/*'&$'!$8!-.%*/B='$6?!9$!60+6?!$8!C!A=86A+$8A$!D?!*066+!(+6%*8%!($!)=%'$!-=8($!20$!)=%'$!6=&$+&!($!
&*!E$''$3!7=0'%*8%?!6+!)=06!@*+%$6!6+8AF'$-$8%!*//$&!G!-=+?!9$!60+6!&G?!*066+!/'F6!($!)=06!20$!8.A$66*+'$?!
/=0'!)=06!*+($'3!
!
H$*0A=0/!($!<$86!6$'=8%!+8A*/*I&$6!(;*AA$/%$'!A$6! "#$$%#&3!#;$6%!20;+&6!8$!6=8%!/*6!$8A='$!/',%63!
!
J&!>!$8!*0'*!20+!$66*+$'=8%!(;.%=0@@$'!&$0'!$K+6%$8A$?!A*'!&;$86$+<8$-$8%!-$8*A$'*!&$0'!-*8+F'$!($!)+)'$!
=0!&$0'!'$&+<+=83!J&6!8;>!*''+)$'=8%!/*63!L$6!"#$$%#&!6$!)$''=8%!'$8@='A.$6!/*'!&;=//=6+%+=83!!
!
M;*0%'$6! '$A$)'=8%! A$6! "#$$%#&! *)$A! 9=+$?! A*'! $8! &$0'! N-$?! +&6! 6*)$8%! 20$! ($''+F'$! &$6! '$&+<+=86! (0!
-=8($! <O%! &*! '#%($#! )!"*! %#*"($#! ($! &;$K+6%$8A$3! #$! 6=8%! A$6! <$86! 20+! /'=6/.'$'=8%! $%! @+8+'=8%! /*'!
6*0)$'!&$!-=8($!($!6=8!*8.*8%+66$-$8%3!
!
5$!)*+6!-*+8%$8*8%!'$/'$8('$!-=8!C!*0%=I+=<'*/B+$!D!&G!=P!9$!&;*+!&*+66.$!(*86!-*!/'.A.($8%$! "#$$%#3!
Q=8! I0%?! $8! )=06! (=88*8%! 20$&20$6! (.%*+&6! I+=<'*/B+20$6! ($! -=8! $8%'.$! (*86! &*! )+$! /0I&+20$! $8! %*8%!
20;$86$+<8*8%! $%! <0.'+66$0'?! $6%! 20$! -=8! *%%+%0($! $%! -=8! A=-/='%$-$8%! 90).8+&$6! )=06! 6=+$8%! '$8(06!
)+)*8%6?!*+86+!20$!&$6!A+'A=86%*8A$6!(*86!&$620$&&$6!9;*+!*%%$+8%!-*!A=8(+%+=8!B0-*+8$!6/+'+%0*&+6.$3!
!
J&!$6%!+-/='%*8%!20$!)=06!*''+)+$R!G!)+60*&+6$'!&*!7*&$6%+8$!%$&&$!20;$&&$!.%*+%!20*8(!9$!)+)*+6!60'!E$''$!$%!G!
)=+'! A&*+'$-$8%! &$6! A=8@&+%6! +8%$'8$6! 20$! -$6! $86$+<8$-$8%6! =8%! 606A+%.6! AB$R! &$6! <$86! 20+! .%*+$8%!
$8(=A%'+8.6!/*'!&$6!A'=>*8A$6!$%!&$6!'+%$6!%'*(+%+=88$&6!90+@63!
#$6!A=8@&+%6!%'=0)$8%!&$0'!6=0'A$!(*86!&;+8A*/*A+%.!($6!.)*8<.&+6%$6!G!'*//='%$'!/'.A+6.-$8%!%=0%!A$!20$!
9;*+!%$8%.!($!&$0'!$86$+<8$'3!
M*86! &$6! .)*8<+&$6! 6$! %'=0)$8%! ($! @'.20$8%$6! '.@.'$8A$6! G! -$6! /*'*I=&$6! (.A'+)*8%! &*! '.*&+%.! (0!
S=>*0-$!($6!#+$0K!=0!(0!S=>*0-$!($!M+$0?!20$&!20$!6=+%!&$!8=-!20$!&0+!(=88F'$8%!&$6!.)*8<.&+6%$6?!
+,-.!-/!01,!232!34032!05//4!6,73!84!.,-.-7!/4!.40.!679;908!84!<4.!6,79/4.=!8140!4>6/9747!/,!7?2397-@54!
95!8140!743-747!/,!.-A0-;-<,3-90!.6-7-354//4!85!%9B,5+4!84!C-45!95!85!%9B,5+4!84.!D-45>E !

!
!01234'#5625748'$9'-24'%;')<124<' =' ,54415'='
L='620$!9;*0'*+!/*'&.!($6!).'+%*I&$6!6$'-=86!20$!9;*+!(.&+)'.6!G!&*!@=0&$?!)=06!6$'$R!A*/*I&$?!G!&*!&0-+F'$!
($! -$6! $K/.'+$8A$6! (*86! &$! (.6$'%! $%! ($! )=%'$! A=88*+66*8A$! ($! @*+%6! 6A+$8%+@+20$6?! ($! A=-/'$8('$!
@+8*&$-$8%!08!/$0!($!A$!20$!9$!%$8%*+6!(;$86$+<8$'!*&='63!
#=--$!-=8!60AAF6!*!.%.!/&06!20$!&+-+%.?!+&!$6%!+-/.'*%+@!20;08$!*0%'$!%$8%*%+)$!6=+%!@*+%$!*0!(.I0%!($!A$!
8=0)$&!N<$?!($!A$!-+&&.8*+'$?! 65-.@54!<14.3!.57!+,!<900,-..,0<4!.6-7-354//4!.567F+4!43!67-G-/2A-24!
@54!.4!;90847,!43!.4!82G4/96647,!<4!095G4/!HA4E!
J&!.%*+%!T!$%!+&!$6%!$8A='$!U!$66$8%+$&!/=0'!08!Q*O%'$!%$&!20$!-=+!U!*+86+!20$!(;*0%'$6!T?!60/'*T6$86+I&$!$%!
%=%*&$-$8%!)=0.?!-$8%*&$-$8%!$%!.-=%+=88$&&$-$8%?!G!&*!'$AB$'AB$!($!&*! '27-32!#>-.3403-4//4?!($! )$8+'!
60'! %$''$! /=0'! (I'#I$#%!C#&!JK$& *@+8! ($! (.A'+'$! *0K! B*I+%*8%6! ($!&*! %$''$?! $-/'+6=88.6! (*86! &$6!
-=%6?!A$!20+!'.6+($!(*86!&*!C(J#I&(KI!D%#*$%(D#!LI('#%&#""#!(*86!08!.%*%!8=8!-*%.'+*&+6.3!V;+&!
8;$K+6%*+%!/*6!($!%$&6!Q*O%'$6!+86/+'.6?!&$6!B*I+%*8%6!($!&*!E$''$!'$6%$'*+$8%!(*86!&;+<8='*8A$!($!%=0%!A$!20+!
<O%! ($''+F'$! &*! '.*&+%.! ($! &*! E$''$! U! 67F3! M! F374! <903,<32! 43! M! F374! 647.9004//4+403! 4>627-+4032! 43!
,N.97N2!6957!/,!679+93-90!84!/12G9/53-90!.6-7-354//4!;53574E!
W%!/&06!$8A='$!X!&*!H+I&$!$6%!'./0%.$!/=0'!,%'$!&$!&+)'$!&$!/&06!&0!*0!-=8($3!M*86!6*!@='-$!/'.6$8%$?!$&&$!*!
&*'<$-$8%! '$-/&+! 6=8! I0%3! L$! Y=0)$*0! E$6%*-$8%?! %$&! 20;+&! $6%?! *)$A! %=0%! 6=8! I*<*<$! ($! -*0)*+6$6!
+8%$'/'.%*%+=86?! (.A=0'*<$! &;.)=&0%+=8! 6/+'+%0$&&$3! J&! $6%! %$-/6! (;*)*8A$'! -*+8%$8*8%! (*86! 08! 8=0)$*0!
'=>*0-$!($!/$'A$/%+=8!->6%+20$!$%!($!A=-/'.B$86+=83!
W%*8%!(=88.!20;+&!-;$6%!+-/=66+I&$!($!'$($6A$8('$!(*86!08!A='/6!B0-*+8!/=0'!/*'&$'!*0!-=8($!$%!20$!
-=8! -+8+6%F'$! 6;.%$8(! G! (;*0%'$6! (+-$86+=86?! 9;*+! $8%'*O8.! 08$! N-$! 6$86+I&$! G! '$A$)=+'! $%! G! %'*86A'+'$3!
#;$6%! A$! 20$! 9$! /$0K! @*+'$! ($! -+$0K! /=0'! )=06! /*'&$'! /$'6=88$&&$-$8%3! 5;$6/F'$! 20$! )=06! /=0''$R!
'$A$)=+'!-=8!-$66*<$!$%!&;*AA$/%$'3!
#$!20+!$6%!$''=8.!($!&*!%'*86A'+/%+=8!$6%!$@@*A.3!Z=06!/=0)$R!$8!,%'$!6['3!
L$6!+8A+($8%6!$%!<0.'+6=86!20$!9$! '$&*%$!(*86!&$6!/*<$6!20+!60+)$8%!8$!6=8%! /*6!+-/='%*8%63!J&6!6$!6=8%!
/'=(0+%6! -*+6! 9$! 8$! )=06! &$6! '*A=8%$! 20$! /=0'! )=06! /$'-$%%'$! ($! A=-/'$8('$! &$0'! '.$&&$! 6+<8+@+A*%+=8!
6/+'+%0$&&$3!
5;*+-$'*+6! 20;$8!&+6*8%?!)=06! )=06! '.@.'+$R! *0K! A=8(+%+=86! 20+! '.<8*+$8%!+&! >! *! \]]]! *863! 5;*+-$'*+6! 20$!
)=06! A=86+(.'+$R! &*! /$'6=88$! ($! C!5.606!D! A=--$! 08! $K$-/&$! ($! A$! 20$! /$0%! @+8*&$-$8%! *AA=-/&+'!
AB*20$!,%'$!B0-*+8!20+!$6%!/',%!$%!20+!)$0%!($)$8+'!08!-$-I'$!@=8(*%$0'!(0!C!'=>*0-$!($6!A+$0K!D!60'!
E$''$3!
H+$8! 20$! &$6! B*I+%*8%6! *A%0$&6! ($! &*! /&*8F%$! 6=+$8%! A$! 20$! )=06! *//$&&$'+$R! '*@@+8.6?! <=8@&.6! ($!
&;+-/='%*8A$! ($! &$0'6! A=88*+66*8A$6! $%! ($! &;$86$+<8$-$8%! -=($'8$6?! $K/$'%6! $8! -*%+F'$! ($!
A=-/='%$-$8%6! $%! ($! '$&*%+=86! A=8%$-/='*+86?! @=8(*-$8%*&$-$8%?! &$6! <$86! ($! A$! %$-/6T&G! .%*+$8%!
/*'$+&6!G!)=063!
(/.!23,-403!403-O74+403!+P.!6,7!/457.!(JQL"&(KI&!RLJ#""#&!81!
*33-7,0<4!)!%4S43!
C2.-7.!)!%265/.-90.!
43!.95.!/457!<9037T/4=!3953!<9++4!G95.E!
(/.! ,-+,-403=! ?,U..,-403=! <7-3-@5,-403=! <908,+0,-403=! <,/9+0-,-403! 43! +28-.,-403=! ,+N-3-900,-403!
81,77-G47!,5!?,53!84!/12<?4//4!.9<-,/4=!+267-.,-403!/4.!7,32.=!;,-02,03,-403!40!895<4=!<9++4!G95.!
8-7-4V=!43!-0S57-,-403!<45>!@5-!23,-403=!84!@54/@54!;,W90!@54!<4!.9-3=!8-;;27403.!8145>E!

!
!01234'#5625748'$9'-24'%;')<124<' >' ,54415'='
Q957! G95.! ,-847! M! N-40! <9+6740874! 43! M! 62023747! 8,0.! <4334! 269@54! 9X! S123,-.! .57! $4774=! +,!
Y!<90.<-40<4!Z! .1,N,-..4! S5.@51M! G9374! 6/,0! 814>-.340<4! 34774.374! 6957! G-G74! 84! 095G4,5! /,!
Y!647.9004!Z!84!Y!R2.5.!Z!43!/4.!2+93-90.!43!2G204+403.!8,0.!/4.@54/.!S4!;5.!-+6/-@52E!
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^!
!
_0*8(! 9$! 20+%%*+! &$! (.6$'%! $%! -$! -+6! G! -*'AB$'! 60'! &*! '=0%$! -$8*8%! G! -=8! )+&&*<$! ($! Y*R*'$%B?! 9;.%*+6!
$8A='$!$K*&%.!$%!&*!A=88*+66*8A$!20+!-;*)*+%!.%.!'.).&.$!6+!<&='+$06$-$8%!(*86!&$!(.6$'%!-$!'$-/&+66*+%!
(;08$! 9=+$! $K0I.'*8%$3! 5$! -$! A=8A$8%'*+6! A=-/&F%$-$8%! 60'! A$! 20$! S1,G,-.! ,667-.! $%! 6+! -$6! /$86.$6!
6;.<*'*+$8%! )$'6! -$6! /$86.$6! 8.<*%+)$6! (;*0%'$@=+6?! 9$! -$! %=0'8*+6! '*/+($-$8%! )$'6! &$! Y!QO74!Z! /=0'!
'$A$)=+'!&;+86/+'*%+=8!$%!&*!(.%$'-+8*%+=8!60@@+6*8%$!/=0'!&$6!60'-=8%$'3!
`+86+?!9$!'$%=0'8*+6!A=86%*--$8%!)$'6!&*!"5+-O74!84!/,!.,A4..4!43!84!/,!!<9+672?40.-90E!
_0$&20$6!/$'6=88$6!-$!'$<*'(F'$8%!($!%'*)$'6!$8!)=>*8%!-*!9=+$!$8!-,-$!%$-/6!20$!-=8!*//*'$8A$!
6*&$!$%!B+'60%$3!W%*+%TA$!&*!I=+66=8!20+!-$!'$8(*+%!9=>$0K?!6$!($-*8(*+$8%T+&6!a!M;*0%'$6!-$!'$<*'(F'$8%!
(;08! *+'! (.<=[%.3! `0!&+$0! ($! '.*<+'! A=--$! *0%'$@=+6! *)$A! A=&F'$?!9$!-$! 6=0)+86! 20$!9;.%*+6! I.8+! (;*)=+'!
'$b0!($6!)+6+=86!$%!08$!A=88*+66*8A$!20;+&6!8$!/=0)*+$8%!-,-$!/*6!+-*<+8$'3!5$!&$6!I.8+6!$%!/'+*+!/=0'!
20$!&$0'!)+6+=8!+8%.'+$0'$!6;=0)'$!($!-,-$?!$%!A=8%+80*+!$8!/*+K!-=8!AB$-+8!AB$R!-=+3!
J&! >! $0%! A$/$8(*8%! ($6! )+&&*<$=+6! 20+! '$<*'(F'$8%! -=8! .%*%! /+%=>*I&$! *)$A! A=-/*66+=8! $%! 6$! BN%F'$8%!
(;*&&$'! -$! AB$'AB$'! (0! /*+8! $%! -,-$! (0! )+8! /=0'! -;*+($'! G! A=8%+80$'! -*! '=0%$3! J&! >! *)*+%! %=09=0'6!
20$&20;08!20+!-;=@@'*+%!&$!<O%$!/=0'!&*!80+%3!L*! Y!'-4!QO74!Z!/=0')=>*+%!)'*+-$8%!G!%=06!-$6!I$6=+86!$%!-$!
@=0'8+66*+%!%=0%$!&*!/'=%$A%+=8!)=0&0$3!
7$8(*8%!%=0%!A$!%$-/6?!9$!8$!(+6!/*6!08!-=%!($!-$6!6$-*+8$6!(*86!&$!(.6$'%3!5$!6$8%*+6!20$!&$!%$-/6!
8;.%*+%!/*6!$8A='$!)$803!
c+8*&$-$8%?!9;*%%$+<8+6!Y*R*'$%B?!&*!)+&&$!=P!9;B*I+%*+6?!$%!&$6!)+&&*<$=+6!6$!-=20F'$8%!=0)$'%$-$8%!($!-=+?!
(.6+<8*8%!-*!6*&$%.!$%!-$6!B*I+%6!$8!&=20$63!
C!V*&$!I=8!G!'+$8!D!@0'$8%!&$6!-=%6!&$6!/&06!<$8%+&6!20;=8!-$!9$%*!G!&*!@+<0'$3!
5;*''+)*+!AB$R!-*!-F'$!$8! '$(=0%*8%! 20;$&&$!6=+%! $8A='$! /&06! AB=20.$! 20$! 6$6! )=+6+86! $8!-$! )=>*8%! 6+!
-*+<'$?!&*!/$*0!60'!&$6!=6?!&$6!>$0K!I*%%06!$%!&$6!9=0$6!A'$06$6?!&$!)+6*<$!I'[&.!/*'!&$!6=&$+&!$%!&$6!&F)'$6!
A'$)*66.$6?!&*!I*'I$!&=8<0$!$%!B+'60%$3!Q$6!B*I+%6!d!W&&$!*&&*+%!6;=0%'*<$'!G!&*!)0$!($!-$6!B*I+%6?!(.AB+'.6!
$%!$8!&*-I$*0K?!(=8%!&*!A=0&$0'!(+6/*'*+66*+%!6=06!&*!/=066+F'$!(0!(.6$'%!d!
5$!<'+-/*+!&$6!$6A*&+$'6!$%!/'+6!-=8!A=0'*<$!G!($0K!-*+86!/=0'!*@@'=8%$'!&*!@0'+$!($!-*!-F'$3!L='620$!9$!
@'*//*+?!-*!6e0'!)+8%!=0)'+'!&*!/='%$3!W&&$!-$!'$<*'(*?!I=0AB$!I.$?!&$6!>$0K!$K='I+%.6?!/0+6!-$!A&*20*!&*!
/='%$!*0!8$R3!5$!&;$8%$8(+6!A=0'+'!)$'6!&$!@=8(!($!&*!-*+6=8!$8!B0'&*8%!X!
Q*-*8?!)+$86!)+%$?!+&!>!*!08!)+$0K!I=8B=--$!%=0%!6*&$!G!&*!/='%$3!
5$!/06!$8%$8('$!-*!-F'$!&*!6$'-=88$'!G!)=+K!I*66$!$8!6$!BN%*8%!)$'6!&*!/='%$3!L;=0)'*8%!I'0620$-$8%?!
$&&$!'$6%*!A&=0.$!60'!/&*A$!/*'!&$!AB=A3!5$!6=0'+6!-*+6!/$8(*8%!08!-=-$8%?!$&&$!-$!'$<*'(*!($!B*0%!$8!
I*6?!($!/&06!$8!/&06!B=''+@+.$!G!&;+(.$!20$!A$%%$!B=''$0'!($!A'.*%0'$!.%*+%!I$&!$%!I+$8!6*!%,%$!I'[&.$!($!@+&6?!
5.6063!
5$!&0+!%$8(+6!&*!-*+8!$8!&0+!(+6*8%!X!
T!5$!6*+6!20$!9$!%$!A*06$!($!&*!/$+8$?!-*+6!/=0''*+6T%0!-;*+($'!a!
J--.(+*%$-$8%?!6=8!$K/'$66+=8!AB*8<$*!$%!-;*%%+'*8%!G!&;+8%.'+$0'?!$&&$!'$@$'-*!&*!/='%$3!

!
!01234'#5625748'$9'-24'%;')<124<' ?' ,54415'='
T!Z+%$?!(+%T$&&$!G!-*!6e0'!$@@'*>.$3!#$66$!($!A'+$'!$%!-$%6!($!&;$*0!G!I=0+&&+'3!E=8!@'F'$!-$0'%!($!@*+-3!7$0!
+-/='%$!&$6!$880+6!20;+&!6;$6%!*%%+'.6?!+&!$6%!($!&*!@*-+&&$3!J&!@*0%!&$!6=+<8$'3!
M=0A$-$8%?!$&&$!-;*+(*!G!$8&$)$'!-$6!B*I+%6?!-$!/$8AB*!*0T($6606!(;08!I*20$%!(;$*0!$%!-$!&*)*3!W&&$!
&*)*!$%!A=0/*!-*!I*'I$!$%!-$6!AB$)$0K!$%!'$A=0)'+%!(.&+A*%$-$8%!-=8!A='/6!$%!-$6!&F)'$6!(;08!I*0-$!
I+$8@*+6*8%3!Y=06!8$!'=-/O-$6!&$!6+&$8A$!8+!&;08!8+!&;*0%'$3!
5$! 6*)=0'*+6! &;*-=0'! 20;$&&$! -$! %.-=+<8*+%! $%! %$8%*+! ($! -=8%'$'! -*! <'*%+%0($! /*'! 08$! *//'=AB$! /&06!
(=0A$!$%!/&06!6$86+I&$3!
Q;*>*8%!*+(.!G!'$),%+'!($6!B*I+%6!/'=/'$6?!$&&$!-;*66+%!($)*8%!08!'$/*6!@'0<*&!($!/*+8?!($!-+$&!$%!($!&*+%3!
`!A=8%'$TA=$0'?!$&&$!-$!6$')+%!(0!)+8!*@+8!($!-$!'$(=88$'!($6!@='A$6?!-*+6!+&!.%*+%!)+6+I&$!20;$&&$!/$86*+%!
20$!A;.%*+%!&$!)+8!20+!.%*+%!&*!A*06$!($!-=8!.%*%3!
70+6!$&&$!-$!A=8(0+6+%!)$'6!08!&+%!$%!-$!'$A=0)'+%!(;08$!A=0)$'%0'$3!5$!(='-+6!/$8(*8%!/&06+$0'6!B$0'$6!$%!
-$!'.)$+&&*+!@'*+6!$%!(+6/=6!/*'!08$!-*%+8.$!$86=&$+&&.$!20$!9$!)=>*+6!G!%'*)$'6!&*!@$8,%'$3!
5;.%*+6!-*+8%$8*8%!+-/*%+$8%!($!/*'&$'!G!-*!-F'$?!($!&0+!(+'$!20$!9;.%*+6!)'*+-$8%!08!Q$66+$?!-*+6!/*6!(0!
<$8'$! 20;+-*<+8*+$8%! &$6! 50+@63! 5$! /=0)*+6! 6*0)$'! &$6! <$86! ($6! A=86.20$8A$6! ($! &$0'6! C!/.AB.6!D3! 5$!
/=0)*+6!&$6!*+($'!G!'$A=0)'$'!&*!6*8%.?!&;*I=8(*8A$?!&*!6*%+6@*A%+=8!($!&$0'6!I$6=+86?!/*'A$!20$!9$!/=0)*+6!
-*+8%$8*8%!&$0'!$86$+<8$'!$K*A%$-$8%!A=--$8%!&$!-=8($!*)*+%!.%.!A'..3!
7$8(*8%!20$!9;$66*>*+6!($!&0+!'*A=8%$'?!$&&$!A=--$8b*!G!,%'$!%=0%$!$KA+%.$!$%!/&$+8$!(;$8%B=06+*6-$3!W&&$!
6*0%*! 60'! 6$6! /+$(6! $%! )=0&0%! A=0'+'! *0T($B='6! /=0'! &$! '*A=8%$'! *0K! )=+6+863! V=8! @+&6! .%*+%! )'*+-$8%! &$!
Q$66+$!U!+&!@*0('*+%!20;+&6!$8%$8($8%!A=--$!+&!/*'&*+%!I+$8!-*+8%$8*8%!U!$%!+&!*)*+%!9$[8.!(*86!&$!(.6$'%!d!
Q*+6!9$!&;*'',%*+!*066+%1%3!5$!&0+!(+6!20$!9$!8$!&0+!*)*+6!/*6!$8A='$!'*A=8%.!A$!20+!-;*)*+%!.%.!'.).&.3!L;08$!
($6!AB=6$6!&$6!/&06!+-/='%*8%$6!20$!9;*)*+6!*//'+6$6!.%*+%!20$!&$6!50+@6!='%B=(=K$6!.%*+$8%!A=-/&F%$-$8%!
(*86!&;$''$0'!$8!A'=>*8%!$8!08!C!(+$0!D!)$8<$0'3!J&!8;$K+6%*+%!'+$8!($!%$&3!
#$6!-=%6!&;$@@'*>F'$8%!$%!&*!@NABF'$8%!$%!$&&$!6;$KA&*-*!X!!
T! W%! A=--$8%! 5.B=)*B! )*T%T+&! <=0)$'8$'! &$! -=8($?! 8=06! '$8('$! -$+&&$0'6! $%! 8=06! @*+'$! .A=0%$'! 6$6!
/'=/BF%$6?! 6;+&! 8$! 8=06! /08+%! /*6!a! W6T%0! -*+8%$8*8%! ($)$80! 6+! *''=<*8%! 20$! %0! )*6! (+'$! *0K! f'*8(6!
7',%'$6!A$!20;+&6!(=+)$8%!@*+'$!$%!20+!&$0'!*!.%.!%'*86-+6!($/0+6!&$!%$-/6!($!Q=g6$!a!Z*6T%0!9$%$'!$8A='$!
/&06!(;=//'=I'$!60'!A$%%$!-*+6=8!a!
W&&$!6$!-+%!G!/&$0'$'?!(+6*8%!*)$A!A=&F'$!X!!
T!E0!8;*!/*6!AB*8<.!(0!%=0%3!E0!8;*6!AB*8<.!20;$8!/*'=&$63!E0!8$!-$!A'.$6!20$!($6!6=0A+63!#=--$8%!*+T
9$!/0!A'=+'$!20$!%0!.%*+6!08!Q$66+$!a!E0!8$!@$'*6!20;*-$8$'!&$6!<$86!G!($!/&06!<'*8(6!%=0'-$8%6!*)$A!
%$6!+(.$6!I+R*''$63!
Q$6!@'F'$6?!$8%$8(*8%!6$6!&*-$8%*%+=86?!*AA=0'0'$8%!$8!@*+6*8%!-+8$!($!-$!9$%$'!($B='63!#=--$!9$!8$!
)=0&*+6!/*6!(;$880+6?!9;=@@'+6!($!/*'%+'!/*'!<*+8!($!/*+K3!
V+! A;.%*+%! &G! &*! '.*A%+=8! ($! -*! -F'$?! 9$! /=0)*+6! ,%'$! 6['! 20$! %=06! &$6! *0%'$6! '.*<+'*+$8%! ($! &*! -,-$!
-*8+F'$! G! A$! 20$! 9$! )=0&*+6! &$0'! (+'$3! 5$! '.*&+6*+! 20$! 9;*)*+6! I$6=+8! (;08! A$'%*+8! %$-/6! ($! '$/=6! $%! ($!
6+&$8A$! *I6=&06! =P! 9$! /=0''*+6! '*66$-I&$'! -$6! /$86.$6! $%! -$6! $K/.'+$8A$63! J&! @*&&*+%! 20$! 9$! /'+$! /=0'!
'$A$)=+'! ($! &;+86/+'*%+=8! 60'! &*! -*8+F'$! (;*//'=AB$'! &$! -+$0K! /=66+I&$! &$6! 50+@6! *)$A! -=8! -$66*<$! ($!
C!I=88$!8=0)$&&$!D3!5;.%*+6!6['!20$!&*! Y!'-4!QO74!Z!7269087,-3!M!+4.!N4.9-0.?!$%!20$!9$!%'=0)$'*+6!08!
&=<$-$8%! *(.20*%! 20$&20$! /*'%3! Q*! -F'$?! I+$8! 20$! @0'+$06$! ($! -=8! *%%+%0($! *//*'$--$8%!
C!*''=<*8%$!D?! 8;$8! .%*+%! /*6! -=+86! (.AB+'.$! /*'! 6=8! 6$8%+-$8%! (;*-=0'! $%! ($! A=-/*66+=8! /=0'! -=8!
*6/$A%!(.AB*'8.3!W&&$!'$9$%*+%!%=0%!A$!20;+&!&0+!6$-I&*+%!A=-/%$'!/=0'!-=+?!-*!'.)=&%$?!-=8!-./'+6!/=0'!&*!

!
!01234'#5625748'$9'-24'%;')<124<' @' ,54415'='
'$&+<+=8!90+)$?!-=8!*%%+%0($!A=8%$6%*%*+'$!$8)$'6!&$6!*0%='+%.6?!-=8!.<=g6-$!$%!-=8!*''=<*8A$?!-*+6!$&&$!
-;*+-*+%! %=0%! ($! -,-$! $%! 6;+820+.%*+%! %$''+I&$-$8%! ($! -$! )=+'! A$%%$! @=+6! -$! -$%%'$! (*86! ($6! (+@@+A0&%.6!
)'*+-$8%!+-/=66+I&$63!
W&&$!*(-=8$6%*!-$6!@'F'$6?!&$0'!$89=+<8*8%!($!6$!%*+'$!$%!6$!%=0'8*!)$'6!-=+!X!!
T!E0!/$0K!'$6%$'!90620;G!A$!20$!%0!*+&&$6!-+$0K3!
T! 7$8(*8%! 20$! %0! $6! &G?! *9=0%*T%T$&&$?! 9$! /=0''*+! /$0%T,%'$! %$! @*+'$! $8%$8('$! '*+6=83! 5$! /$0K! %$! &$! (+'$!
-*+8%$8*8%?! 6+!%0!6='6!(*86!&*!'0$!$%!A=--$8A$6!G!/*'&$'!A=--$!%0!-;*6! /*'&.?!%0!@+8+'*6!(*86!08!.%*%!
$8A='$! /+'$! 20;*)*8%3! L$6! I=88$6! <$86! %$! A'*AB$'=8%! *0! )+6*<$! $%! %$! 9$%%$'=8%! ($6! ='(0'$63! E0! $6! 08$!
B=8%$!/=0'!%*!@*-+&&$3!
W%! (=8A?! -*&<'.! 6*! A=&F'$?! 9$! '+6?! &*! '$-$'A+*+! $%! &;$-I'*66*+! *@@$A%0$06$-$8%3! h$0'$0K?! 9$! '$6%*+! *)$A!
$&&$?! 6*AB*8%! /$'%+8$--$8%! 20$! ($''+F'$! 6*! A=&F'$?! $&&$! .%*+%! 6;+820+.%*+%! I$*0A=0/! /=0'! -=+3! W&&$! -$!
8=0''+%!I+$8!$%!-$!A=8@$A%+=88*!($!I$*0K!B*I+%6!8$0@63!5;*//'.A+*+6!%=0%!A$!20;$&&$!@*+6*+%!/=0'!*-.&+='$'!
-=8!*//*'$8A$?!A*'!9$!6*)*+6!20$!/=0'!.)=&0$'!&+I'$-$8%!/*'-+!&$6!'+AB$6!$%!&$6!/*0)'$6?!9$!($)*+6!,%'$!
B*I+&&.!A=''$A%$-$8%?!/='%$'!($6!),%$-$8%6!(.A$8%63!
7*'@=+6?! &*! 8=0''+%0'$! -*820*+%! G! &*! -*+6=83! `&='6?! /0+6*8%! (*86! &*! /0+66*8A$! ($! -=8! Y!QO74!Z?! 9$! &*!
'.*//'=)+6+=88*+6!6*86!'+$8!(+'$3!W&&$!8=8!/&063!5$!6*)*+6!20;$&&$!6$!($-*8(*+%!%'+6%$-$8%!6+!G!%=0%$6!-$6!
-*0)*+6$6!B*I+%0($6?!9;*)*+6!$8A='$!*9=0%.!A$&&$!($!)=&$'3!
70+6?!08!9=0'?!$&&$!-;*%%'*/*?!08!/*+8!C!@'*+6!6='%+!(0!@=0'!D!G!&*!-*+8?!*&='6!20;$&&$!6*)*+%!20$!9$!8;.%*+6!/*6!
6='%+!($!&*!-*+6=8!/=0'!&;*AB$%$'!$%!20$!&$!@=0'!8;*)*+%!/*6!.%.!0%+&+6.!A$!9=0'T&G3!
W&&$!8$!(+%!'+$8?!-*+6!-$!9$%*!08!&=8<!'$<*'(!6=8<$0'3!5$!/06!*&='6!)=+'!6=8!*%%+%0($!AB*8<$'3!W&&$!8;.%*+%!
/&06!%'F6!6['$!(;$&&$3!W&&$!A=--$8b*+%!G!'$-$%%'$!$8!20$6%+=8!6=8!*%%+%0($!$8)$'6!-=+?!*+86+!20$!&*!).'+%.!
($!-$6!(.A&*'*%+=86!X!
C!_0$!&0+!$6%T+&!)'*+-$8%!*''+).!(*86!&$!(.6$'%!a!#=--$8%!*T%T+&!/0!@*+'$!08!/*+8!6*86!@*'+8$?!6*86!&$)0'$!
$%!6*86!@$0!a!_0$!6+<8+@+$!%=0%!A$&*!a!!"#T+&!&$!Q$66+$!a!D!
70+6!-=8!@'F'$!6$!A=0/*!&*!-*+83!J&!6=0@@'+%!I$*0A=0/!20*8(!&*!/&*+$!6;$8)$8+-*3!J&!-$!/$'-+%!(;+-/=6$'!
&$6! -*+86! 60'! 6*! I&$660'$! $8! /'+*8%! %'*820+&&$-$8%3! 5$! /=0)*+6! )=+'! 20;+&! 6$8%*+%! &*! Y!Q5-..,0<4!Z!
6;.A=0&$'!(*86!6*!-*+8?!/*'A$!20;+&!-$!'$<*'(*!I+R*''$-$8%3!
T!L*!(=0&$0'!*!(+6/*'0!D?!(+%T+&!I'+F)$-$8%3!J&!6;.&=+<8*!(;08!*+'!-*066*($!$%!9$!606!20$!/$8(*8%!20$!9$!&$!
6=0&*<$*+6!($!6*!(=0&$0'?!+&!8$!-;*+-*+%!/*6!(;*)=+'!.%.!A*/*I&$!($!&;*+($'3!5$!6$8%+6!6*!9*&=06+$3!
Q*!6e0'!6$!I'[&*!&*!-*+8!$%!08!*0%'$!($!-$6!@'F'$6!6$!/&*+<8+%!($!@='%6!-*0K!($!%,%$3!5$!/06!&$6!<0.'+'!
%=06!($0K3!
Q$6!@'F'$6!$%!6e0'6!6$!-+'$8%!G!/&*+6*8%$'!G!/'=/=6!($!-$6!C!/=0)=+'6!-*<+20$6!D3!J&6!-$!($-*8(*+$8%!
20$&!C!-*&!D!9;*&&*+6!&$0'!@*+'$!6;+&6!-$!@NAB*+$8%3!L*!%$86+=8!-=8%*!(*86!&*!-*+6=8!$%!9;$8!'$66$8%+6!($!&*!
%'+6%$66$!/=0'!-*!-F'$!20+!*)*+%!%$&&$-$8%!$8)+$!($!/*+K!(*86!&*!-*+6=88.$3!
Q*+6!$&&$!)=>*+%!($6!AB*8<$-$8%6!(*86!-=8!A=-/='%$-$8%!$%!$8!@0%!'.A=8@='%.$3!5;.%*+6!/&06!%'*820+&&$?!
9$! -*O%'+6*+6! -$6! $-/='%$-$8%6?! A=8%$8*+6! -=8! .8$'<+$?! './'+-*+6! -=8! +-/*%+$8A$?! 8$! -$! (+6/0%*+6!
/&063!5;.%*+6!($)$80!/&06!*%%$8%+@?!9$!&;.A=0%*+6!I=0<=88$'!$8!@$--$!20;$&&$!.%*+%?!&;*+(*+6!(*86!&*!-*+6=8!
$8!'./*'*8%!&$6!-$0I&$6!*IO-.6!$%!*&&*+6!(*86!&$6!A=&&+8$6?!(*86!($6!@$'-$6!.&=+<8.$6?!/=0'!%'=0)$'!&$6!
@'0+%6!$%!&$6!&.<0-$6!20;$&&$!(.6+'*+%3!
5;$8!)+86!G!&i*+-$'!%$8('$-$8%!$%!*)$A!A=-/*66+=8?!A=--$!=8!($)'*+%!*+-$'!08$!-F'$3!
j8!9=0'?!$&&$!6$!'+620*!G!-$!($-*8($'!X!!

!
!01234'#5625748'$9'-24'%;')<124<' A' ,54415'='
T!E0!(+6!%=09=0'6!20$!5.B=)*B!$6%!08!->%B$!a!
T!5=I!*!(+%!20$!6+!5.B=)*B!($)*+%!'$%$8+'!6=8!6=0@@&$?!%=0%$!AB*+'!6;$@@=8('$'*+%3!Z=+&G!&$!5.B=)*B! 40!@5-!S4!
<79-.!43!@54!S1,-!G5E!
T!7$'6=88$!8;*!)0!5.B=)*B?!(+%T$&&$!@$'-$-$8%3!
T!5;*+!)0!D#!@5-!<724!39534.!<?9.4.?!'./&+20*+T9$!%'*820+&&$-$8%3!5$!/;*//$&&$!&$!Y!QO74!Z!/*'A$!20$!<;$6%!
"1*JKL%!Q*%[*($!\!LI!*JKL%!/&06!/*'@*+%!20$!&;*-=0'!-*%$'8$&?!*9=0%*+T9$!$8!&0+!6=0'+*8%3! ("!e0)'$!
$8!%=0%$!AB=6$?!G!%'*)$'6!$%!/=0'!%=0%$! &*!A'.*%+=83!#;$6%!&$! Y!QO74!Z!$8!-=+!20+!%;*!*//='%.!&$6!AB=6$6!
(=8%!%0!*)*+6!I$6=+8!(*86!&*!-*+6=8!$%!20+!*!<0.'+!-$6!@'F'$6!$%!6e0'6!6+!'*/+($-$8%3!
5$!)+6!20;$&&$!A=--$8b*+%!G!A=-/'$8('$!)*<0$-$8%!A$!20$!9$!(+6*+63!
T!_0;$8!$6%T+&!(0!/.AB.?!($-*8(*T%T$&&$!a!
]! "4! 62<?2! 014>-.34! 6,.! 34/! @54! 095.! /4! <9+674090.E! I95.! 0,-..90.! 6957! ,A-7! <9++4! 095.! /4!
;,-.90.E!I95.!84G90.!3795G47!/4!+9B40!84!.57+90347!09.!640.24.!43!.403-+403.!?5+,-0.=!<,7!-/.!
095.! .26,7403! 84! /,! 67934<3-90! 85! Y!QO74!Z! 43! 095.! ,66973403! +,/,8-4! 43! +-.O74E! "97.@54! 095.!
,5790.!,667-.!M!.57+90347!/1Y!4A9!Z=!095.!40374790.!8,0.!/4!%9B,5+4!84.!D-45>E!
Q*! -F'$! 6$! (.%=0'8*! 6+&$8A+$06$-$8%?! '.@&.AB+66*8%! -*8+@$6%$-$8%! G! A$! 20$! 9$! &0+! (+6*+6?! -*+6! $&&$!
8;.%*+%!/&06!@NAB.$3!5$!606!20;$&&$!/$86*+%!G!-$6!(.A&*'*%+=86!$%!'.*&+6*+%! 20;$&&$6!*&&*+$8%!I=0&$)$'6$'!&$!
-=8($! 6.A0'+6*8%! 20;$&&$! A=88*+66*+%3! V*86! 6*! A'=>*8A$! $8! 08! 5.B=)*B! -$8*b*8%! &;B0-*8+%.!
(.6=I.+66*8%$! ($! 6*! /+'$! )$8<$*8A$?! $&&$! 6$! 6$8%*+%! /$'(0$! $%! (*86! &;+86.A0'+%.3! W&&$! 6$! ($-*8(*+%!
A=--$8%! &$! -=8($! *&&*+%! %=0'8$'! 6;+&! (./$8(*+%! 08+20$-$8%! ($6! B=--$6! ($! A=8%'1&$'! &$0'6! -*0)*+6$6!
*A%+=86! $%! A$&&$6! (;*0%'0+3! Q,-$! &$6! '=+6! $%! &$6! <=0)$'8$0'6! @*+6*+$8%! ($! -*0)*+6$6! *A%+=863! V*86!
5.B=)*B!/=0'!'.<8$'!$%!/08+'!&$6!/.AB$0'6?!=P!%=0%!A$&*!6;*'',%$'*+%T+&!a!!
7$8(*8%! 20$! 9$! '$/'$8*+6! ($6!@='A$6?! 9;.%0(+*+! *)$A! *//&+A*%+=8!&$6!WA'+%0'$6?! *@+8! ($! /=0)=+'! '$8A=8%'$'!
&$6!7B*'+6+$86!$%!&$6!VA'+I$6!$8!%=0%$!A=8@+*8A$3!J&!.%*+%!*066+!+-/.'*%+@!20$!9$!A=88*+66$!A$!20+!*)*+%!.%.!
.A'+%! *0! 609$%! (0! Q$66+$! A*'! 9;.%*+6! A=8)*+8A0! (;,%'$! A$&0+! (=8%! *)*+$8%! /*'&.! &$6! /'=/BF%$63! 5$! /=0)*+6!
)'*+-$8%!6*0)$'!&$6!<$86!($!&*!-+6F'$?!($!&*!-*&*(+$!$%!($!&;+8(+<$8A$!$%!-,-$!&$0'!'$8('$!&*!6*8%.!$%!&*!
/'=6/.'+%.!$8!&$0'!'.).&*8%!&*!).'+%.!A=8A$'8*8%!&$!S=>*0-$!($6!#+$0K!$%!&*! $012340!(0!Y!QO74!Z3!
L='620$! 9$! 6$8%+6! 20$! 9;.%*+6! 60@@+6*--$8%! /'./*'.! G! 6='%+'! /=0'! $86$+<8$'! $%! <0.'+'?! /=0'! /&*+'$! G! -*!
-F'$?! 9;*AA$/%*+! (;*&&$'?! 08! 9=0'! ($! V*II*%?! G! &*! 6>8*<=<0$! G! Y*R*'$%B! $%! ($! /*'&$'! G! &;*66$-I&.$! ($6!
@+(F&$63!
V$&=8!&*!%'*(+%+=8?!9$!-$!&$)*+!$%!&;=8!-$!%$8(+%!W6*g$!G!&+'$3!5$!AB=+6+6!&$!/*66*<$!/'=/B.%+6*8%!&*!)$80$!
(;08!Q$66+$!20+!&+I.'$'*+%!&$!/$0/&$!90+@!($!%=0%!$6A&*)*<$3!
"14.67-3!85!&4-A0457!4.3!.57!+9-=!<,7!-/!+1,!9-03!
6957!67F<?47!
/,!N9004!095G4//4!,5>!?5+N/4.E!
(/!+1,!40G9B2!6957!,0090<47!,5>!<,63-;.!/,!/-N4732=!
#3!6957!74890047!/,!G54!,5>!,G45A/4.=!
Q957!/-N2747!/4.!9667-+2.=!
Q957!679</,+47!/1,0024!84!A7H<4!85!&4-A0457E!
70+6!9$!-$!'*66+6!$8!(+6*8%!X!C!`09=0'(;B0+?!)=06!)=>$R!A$%%$!/'=/B.%+$!6$!'.*&+6$'!$8!-=+3!D!
k8! )+%! &$! AB=A! $%! &*! 6%0/.@*A%+=8! 6$! /$+8('$! 60'! &$6! )+6*<$6! ($6! B=--$6?! -*+6! 9$! A=8%+80*+! G! /*'&$'?!
6*AB*8%!20$!&$!Y!QO74!Z!-$!(+'*+%!20=+!(+'$3!L$6!-=%6!-$!)+8'$8%!6*86!B.6+%*%+=83!

!
!01234'#5625748'$9'-24'%;')<124<' B' ,54415'='
5$! /*'&*+! ($! -=8! $K/.'+$8A$! (*86! &$! (.6$'%! $%! '*A=8%*+! -*! )+6+=8! (0! I.I.! ($)$8*8%! 08! B=--$! $%?!
/$8(*8%! %=0%! A$! %$-/6?! +8A=86A+$--$8%?! 6;$8)$&=//*8%! &0+T-,-$! ($! AB*O8$6! $%! ($! A='($6?!
6;$-/'+6=88*8%?!6;*)$0<&*8%!&0+T-,-$!(*86!6=8!=I6A0'+%.!+8%.'+$0'$!$%! .4!;47+,03!/5-]+F+4!M!C-453!
5;$K/&+20*+!20;$8!*<+66*8%!*+86+?!&$6!B=--$6!6;$K/=6*+$8%!$0KT-,-$6!G!&;=//'$66+=8!($6!A=820.'*8%6?!G!
&;$6A&*)*<$?!G!&;+8(+<$8A$!$%!G!&*!-*&*(+$3!
T! #*'! M+$0! $6%! LjQJWSW?! (+6T9$3! W%! &*! LjQJWSW! $6%! &*! 60I6%*8A$! ($! %=0%$6! AB=6$6! )+6+I&$63! #3! /,!
"LJ(#%#!4.3!*JKL%=!@5-!647+43!M!/1?9++4!84!S95-7!84!39534.!<?9.4.3!D!
E=0%$6!&$6!I.8.(+A%+=86!(;*I=8(*8A$!$%!($!6*8%.!.%*+$8%!G!&*!&+I'$!(+6/=6+%+=8!($!A$&0+!20+!*+-*+%!M+$0!($!
%=0%!6=8!$6/'+%?!6=8!Ae0'!$%!6=8!N-$!$%!20+!)+)*+%!(*86!&*!6%'+A%$!=I6$')*8A$!($6!L=+6!($!M+$03!
L='620$! 9;$06! @+8+?! &$! 6+&$8A$! &$! /&06! A=-/&$%! '.<8*+%! (*86! &*! 6>8*<=<0$3! 5$! 6$8%+6! 20$! &*! A=8<'.<*%+=8!
*)*+%!).A0!20$&20$!AB=6$!(;.%'*8<$!$%!($!/0+66*8%?! 20;$&&$!*)*+%! .%.!6=0&$).$! 60'!08!/&*8!60/.'+$0'!($!
/$86.$!$%!8$!(.6+'*+%!'+$8!20+!/0+66$!(.'*8<$'!&*!%'*820+&&+%.!%'*86A$8(*8%$!($!A$!-=-$8%3!
70+6! &$6! @+(F&$6! 6$! -+'$8%! G! -0'-0'$'! $8%'$! $0K3! J&6! 6$! ($-*8(*+$8%! 20+! 9;.%*+6!d! _0$&20$6T086! .%*+$8%!
A=8)*+8A06! 20$! 9;.%*+6! &$! 5.606! (=8%! &*! @*-+&&$! .%*+%! I+$8! A=880$! (*86! &$! )+&&*<$?! -*+6! (;*0%'$6! 8$!
/=0)*+$8%!&;*AA$/%$'?!/0+620$!20$!9$!/*'&*+6!*)$A!08$!%$&&$!*0%='+%.3!
Q*&B$0'$06$-$8%?!9$!6$8%+6!-$6!*8A+$88$6!'.*A%+=86!G!A$6!B=--$6!'$&+<+$0K!'$660'<+'!$8!-=+3!5$!6*)*+6!
20;+&6!-;*)*+$8%!-./'+6.!(*86!&$!/*66.!$%!9$!-;*%%$8(*+6!(=8A!G!,%'$!'$9$%.3!5$!'$)+86!G!-$6!*%%+%0($6!($!
(.@+!(;*0%'$@=+6!$%!&$6!-+6!(*86!08$!/'=@=8($!A=&F'$3!7*'!-$6!'.*A%+=86!B0-*+8$6?!9;+8)+%*+!&$!(.6*6%'$3!W%!
(.6*6%'$!+&!>!$0%!/'$620$3!
L$6!B=--$6!&$6!/&06!9$08$6?!/=066.6!/*'!&$0'6!*O8.6?!-$!6*0%F'$8%!($6606!$%!-$!B+66F'$8%!*0!6=--$%!
(0! /&06! B*0%!'=AB$'! /=0'!-$! /'.A+/+%$'! )$'6!-*! -='%?!-*+6! 9$! /'+*+! -=8! Y!QO74!Z! /=0'! 20;+&!-$! (.&+)'$3!
V=0(*+8?!+&!6$-I&*!20;+&6!.%*+$8%!6+!$KA+%.6!20;+&6!8$!6*)*+$8%!/&06!A$!20;+&6!@*+6*+$8%!$%!(*86!&*!-,&.$?!9$!
'.066+6!G!-$!@*0@+&$'!($B='6!$%!G!-;$8@0+'3!
#;.%*+%!.%'*8<$3!J&6!8$!6$-I&F'$8%!/*6!'$-*'20$'!20$!9$!8;.%*+6!/&06!&G3!
Z+&*+8$-$8%! 6$A=0.! /*'! -=8! $K/.'+$8A$?! 9$! '.066+6! G! $8)=>$'! 08! -$66*<$! G! -*! -F'$?! (+6*8%! 20$! 9$!
20+%%*+6!Y*R*'$%B!+--.(+*%$-$8%!$%!20$!9$!($6A$8(*+6!G!#*/$'8*l-?!08$!AB*'-*8%$!)+&&$!*0!I='(!($!&*!
-$'!($!f*&+&.$3!
5$!/$86*+!(;*I='(! '$9=+8('$!($!)+$+&&$6!A=88*+66*8A$6?!-*+6!9$!6$8%+6!+8%0+%+)$-$8%!20$!A$!8;.%*+%!/*6!&*!
AB=6$! G! @*+'$3! W%! (=8A?! %=0%! *0! &=8<! (0! AB$-+8! $%! G! -=8! $8%'.$! (*86! &*! )+&&$?! 9$! /'+*+! &$! m QO74n! ($! -$!
(+'+<$'!$%!-;*+($'!G!%'=0)$'!08!&=<$-$8%3!5$!8;*)*+6!/*6!(;*'<$8%!$%!8$!)=0&*+6!/*6!-$8(+$'3!
W8!-*'AB*8%! (*86! &*!'0$?! 9$! )+6! )$8+'! G!-=+! 08$! @$--$! (;N<$!-=>$8?! &$6! I'*6! &=0'($-$8%! AB*'<.6! ($!
/*8+$'63! W&&$! 6$-I&*+%! %'F6! *@@&+<.$3! W&&$! 6$-I&*+%! *)=+'! /&$0'.3! V0'! 08$! +-/0&6+=8?! 9$! &;*'',%*+! $%! &0+!
($-*8(*+!=P!9$!/=0''*+6!%'=0)$'!G!-$!&=<$'3!W&&$!-$!'./=8(+%!I'+F)$-$8%!20;$&&$!-;*0'*+%!I+$8!=@@$'%!08!&+%!
-*+6! 20;$&&$! *)*+%! 08! @+&6! %'F6! -*&*($! G! &*! -*+6=83! W&&$! *9=0%*! 20;$&&$! .%*+%! *&&.$! *AB$%$'! ($6! /'=)+6+=86!
/=0'!8=0''+'!&$6!C!A=86=&*%'+A$6!D!20+!6;.%*+$8%!(.9G!'.08+$6!/=0'!6$!&*-$8%$'!(F6!20$!6=8!@+&6!6$'*+%!-='%3!
Q=8!Ae0'!6;*@@&+<$*!/=0'!$&&$!-*+6!6$!'.9=0+%!.<*&$-$8%3!5;.%*+6!G!&;+86%*8%!-,-$!A=8(0+%!)$'6!20$&20;08!
20$!9$!/=0)*+6!*+($'3!
5$!&0+!$K/'+-*+!-*!6>-/*%B+$!$%!=@@'+6!($!&0+!/='%$'!6$6!/*8+$'6!G!&*!-*+6=83!
W&&$!-$!'$<*'(*!08!+86%*8%?!6$!($-*8(*8%!20+!9$!/=0)*+6!I+$8!,%'$?!-*+6!@0%!*//*'$--$8%!6*%+6@*+%$!($!
-=8!*//*'$8A$!$%!($!-*!%$80$3!W8!AB$-+8?!9$!&0+!(+6!20$!9$!/=0''*+6!/'=I*I&$-$8%!*+($'!6=8!@+&63!
T!W6T%0!-.($A+8?!($-*8(*T%T$&&$!a!

!
!01234'#5625748'$9'-24'%;')<124<' C' ,54415'='
5$!'./=8(+6!20$!9$!8;*)*+6!/*6!*//'+6!&*!-.($A+8$!-*+6!20$!9$!/=0''*+6!%=0%!($!-,-$!&;*+($'3!!
W8!*''+)*8%!G!6*!-*+6=8!U!I$&&$?!<'*8($!$%!I+$8!A=86%'0+%$!$8!/+$''$?!+8(+20*8%!08!A$'%*+8!6%*%0%!6=A+*&!$%!
($!&*!/'=6/.'+%.!T?!$&&$!-;*-$8*!)$'6!6=8!-*'+!$8!&0+!(+6*8%!X!
T!#$%!B=--$!(+%!/=0)=+'!*+($'!8=%'$!@+&63!
J&!+8A&+8*!&*!%,%$!(;08!*+'!-='=6$?!6*86!'+$8!(+'$3!L*!@$--$?!20+!6;*//$&*+%!Q+'+*-?!-;.&=+<8*!$8!(+6*8%!20;+&!
.%*+%!(*86!&*!(.%'$66$!$%!%'F6!$8!A=&F'$3!
!
!T!#;$6%!8=%'$!@+&6!08+20$!/*'-+!I$*0A=0/!($!@+&&$6!$%!+&!*AA06$!M+$0!(;*)=+'!'$8(0!&;$8@*8%!-*&*($3!Q+'+*-!
6$!-+%!G!/&$0'$'3!V;+&!/*'&$!*+86+!A=8%'$!M+$0?!20$&6!-*0K!)=8%!$8A='$!8=06!%=-I$'!60'!&*!%,%$!a!!
T!#=86=&$T%=+?!(+6T9$?!%=8!@+&6!6$'*!I+$8%1%!<0.'+3!
W&&$!-$!'$<*'(*! $8!B.6+%*8%!-*+6!-$!A=8(0+6+%! G!&*!AB*-I'$!(*86!&*20$&&$!<+6*+%!&$!<*'b=83!J&!>!'.<8*+%!
08$!AB*&$0'!60@@=A*8%$!$%!$&&$!.%*+%!/&$+8$!($!<$86!I+$8!+8%$8%+=88.6?!%'+6%$6!$%!I*)*'(63!5$!($-*8(*+!G!&*!
-F'$!($!)+($'!&*!AB*-I'$!-*+6!&$6!)+6+%$0'6!'$@06F'$8%3!J&6!)=0&*+$8%!)=+'!A$!20+!*&&*+%!6$!/*66$'!$%!+&6!8$!
/*'%+'$8%!20;G!A=8%'$A=$0'!&='620$!Q+'+*-!*//$&*!6=8!-*'+!/=0'!&$0'!/*'&$'3!5$!/06!&$6!$8%$8('$!(+6A0%$'!
*)$A!&$!/F'$!(*86!&*!AB*-I'$!)=+6+8$3!
_0$! /$86*+%T+&! 20$! A$%! B=--$! /[%! @*+'$?! 6+! &$! -.($A+8! *)*+%! .%.! +8A*/*I&$! (;*+($'! &$! <*'b=8!a! L$! /F'$!
$8%'*!(*86!&*!AB*-I'$!/=0'!)=+'!($!&0+T-,-$3!
V=8! @+&6! .%*+%! /N&$! A=--$! &*! -='%! $%! *)*+%! 08$! @+F)'$! .&$).$3! L*! -F'$! $K/&+20*! 20;+&! 8$! <*'(*+%! /*6! &*!
8=0''+%0'$! $%! 20;+&! *)*+%! &*! (+*''B.$3! #$&*! @*+6*+%! /&06+$0'6! 9=0'6! 20;+&! .%*+%! (*86! A$%! .%*%! $%! +&! *)*+%! /$'(0!
%$&&$-$8%!($!/=+(6!20$!&$!-.($A+8!*)*+%!(+%!20;=8!8$!/=0)*+%!/&06!'+$8!@*+'$!/=0'!&0+3!J&!*&&*+%!/'=I*I&$-$8%!
-=0'+'3!
5;+-/=6*+!&$6!-*+86!60'!&*!%,%$!(0!<*'b=8!$%!9$!/'+*+?! 51671849%;8%21%<;=;<63184%>;%4?@4%=?8%6A@<?!20$!
&*! '(#! Y!QO74!Z! *@@&0$'*+%! (*86! 6=8! A='/6! G! %'*)$'6! -$6! -*+863! `+86+?! &$! %'*)*+&! ($! <0.'+6=8! 6$'*+%!
*AA=-/&+3! 5$! 6$8%+6! 08$! AB*&$0'! $K%',-$! $%! 08$! )+I'*%+=8! -$! /+A=%$'! &$6! -*+86?! $%! &*! Q5-..,0<4! 6$!
'./*8('$!(*86!6=8!A='/6!@',&$3!5$!@06!60I-$'<.!(;08$!'$A=88*+66*8A$!9=>$06$3!_0$!&*! Y!'-4!QO74!Z!.%*+%!
$K%'*='(+8*+'$!$%!-$')$+&&$06$!&='620;=8!&*!&*+66*+%!@*+'$!6=8!e0)'$!8*%0'$&&$!($!<0.'+6=8!d!!
V*! -F'$! $%! 6=8! /F'$?! '$<*'(*8%! *8K+$06$-$8%! $%! 6$! ($-*8(*8%! A$! 20;+&! *&&*+%! 6$! /*66$'?! 6$! %$8*+$8%!
-0%0$&&$-$8%!&$6!-*+86!$%!=I6$')*+$8%!*%%$8%+)$-$8%3!L='620;+&6!)+'$8%!<'*(0$&&$-$8%!&$6!A=0&$0'6!($!&$0'!
@+&6!/*66$'!(0!I&*8A!G!08!.A&*%!/&06!6*+8?!+&6!/=066F'$8%!($6!$KA&*-*%+=86!(;.%=88$-$8%!$%!($!9=+$3!`/'F6!
08!A$'%*+8!%$-/6?!&$!<*'b=8!-$!'$<*'(*!$8!(+6*8%!(+6%+8A%$-$8%!X!!
T!Q$'A+3!5$!)*+6!I+$8!-*+8%$8*8%3!5;*+!@*+-!$%!9;*+-$'*+6!-*8<$'!20$&20$!AB=6$3!
V*!-F'$!'+%!($!I=8B$0'!$%!&$!6$''*!A=8%'$!$&&$?!-*+6!$&&$!*)*+%!*066+!&;*+'!(;*//'.B$8($'!20$&20$!AB=6$!X!!
T! 5$! 8$! /$0K! /*6! %$! (=88$'! G! -*8<$'?! -=8! @+&63! L$! (=A%$0'! 6$'*+%! @NAB.3! W8! $@@$%?! &$! (=A%$0'! &0+! *)*+%!
='(=88.!($!8$!&0+!(=88$'!20$!($!&;$*03!5$!6=0'+6!$%!(+6!X!!
T!J&!$6%!<0.'+3!E0!/$0K!&0+!(=88$'!(0!/*+8!$%!(0!)+8!$%!+&!&$6!<*'($'*3!
V=8!/F'$?!o$($p+*B?!.%*+%!%'*86/='%.!($!9=+$!$%!($!<'*%+%0($3!`/'F6!*)=+'!$-I'*66.!6=8!@+&6!I+$8T*+-.?!+&!6$!
%=0'8*! )$'6! -=+! $%! -$! 6$''*! AB*&$0'$06$-$8%! &$6! -*+863! J&! -$! %*/=%*+%! &;./*0&$! $8! 6$A=0*8%! &*! %,%$?!
+8A*/*I&$!($!/*'&$'!A*'!&$6!&*'-$6!&0+!A=0&*+$8%!&$!&=8<!($6!9=0$63!!
L='620;+&!$[%!'$/'+6!A=8%$8*8A$?!+&!%'*)$'6*!&$!6*&=8!$%!(+%!*0K!<$86!20+!>!.%*+$8%!X!!
T!Q=8!@+&6?!G!&;*'%+A&$!($!&*!-='%?!$6%!'$)$80!G!&*!)+$!d!
!

!
!01234'#5625748'$9'-24'%;')<124<' D' ,54415'='
V$6! /*'=&$6! @0'$8%! *AA0$+&&+$6! *)$A! ($! <'*8(6! A'+6! ($! 9=+$?! (;$8%B=06+*6-$?! ($6! $KA&*-*%+=86!
(;+8A'.(0&+%.?! ($6! 20$6%+=86?! ($6! '+'$6! $%! ($6! @.&+A+%*%+=863! L*! -F'$! ($! &;$8@*8%! 6$! %$8*+%! &G?! &*! @+<0'$!
+&&0-+8.$!($!6=0'+'$63!!
`/'F6! A$&*?! +&! 8$! @0%! /&06! 20$6%+=8! ($! AB$'AB$'! 08! &=<$-$8%3! L='620$! o$($p+*B! (+%! *0K! )+6+%$0'6! I+$8!
+8%$8%+=88.6!20$!&;$8@*8%!.%*+%!<0.'+?!$%!20$!&$!<*'b=8!&0+T-,-$!*//*'0%!6=0'+*8%!G!&*!/='%$!$8!($-*8(*8%!
G!8=0)$*0!G!-*8<$'?!&$6!C!A=86=&*%'+A$6!D!6$!'.08+'$8%!%=0%$6!*0%=0'!($!-=+!$%!-;+8)+%F'$8%!AB$R!$&&$63!5$!
/'.@.'*+!A$/$8(*8%!'$6%$'!AB$R!&$!/F'$!($!&;$8@*8%?!20+!(+6*+%!-*+8%$8*8%!20;+&!*)*+%!I$*0A=0/!($!20$6%+=86!
G!-$!/=6$'!$%!20;+&!$6/.'*+%!20$!9$!/=0''*+6!>!'./=8('$3!
`/'F6!20$!($!&*!8=0''+%0'$!$%!(0!)+8!@0'$8%!/&*A.6!60'!&*!%*I&$!$%!20$!AB*A08!@0%!+8)+%.!G!-*8<$'!G!6*%+.%.?!
o$($p+*B!6;*66+%!$%!/=6*!6*!/'$-+F'$!20$6%+=83!J&!(+%!X!!
T! E0! *6!@*+%! 20$&20$! AB=6$! 20;*0A08! /',%'$! 8+!-.($A+8! 8;*! /0!@*+'$3! L*! <0.'+6=8! 8$! )+$8%! 20$! ($! M+$03!
H+$8!20$!%0!6=+6!08!.%'*8<$'?!9$!6$86!20$!%0!(=+6!)$8+'!($!M+$03!
!T!k0+?!'./=8(+6T9$3!W%!&$6!<$86!-0'-0'F'$8%?!.-$')$+&&.63!
T!#$%%$!-*&*(+$!20+!*!%$''*66.!-=8!@+&6q!W%*+%TA$!08$!/08+%+=8!/=0'!20$&20$!AB=6$!20$!9;*+!@*+%!(*86!&$!
/*66.!a!W%!A=--$8%!*0'*+6T9$!/0!A=--$%%'$!08!/.AB.!*066+!<'*)$!20$!M+$0!*+%!)=0&0!-$!/'$8('$!-=8!
@+&6!08+20$!a!
H$*0A=0/!($!<$86!*//'=0)F'$8%!A$6!/*'=&$63!
T!E0!*6!/=6.!&*!20$6%+=8!G!&*20$&&$!9;*)*+6!&$!/&06!$8)+$!($!'./=8('$?!o$($p+*B3!M+$0!8=06!(=88$! /,!'(#!
43!/1F3743!J&!8$!8=06!&$6!*''*AB$'*+%!/*6!A=--$!08!B=--$!*''*AB$'*+%!6=8!%'.6='!G!08!*0%'$!/*'A$!20;+&!$6%!
@NAB.!A=8%'$!&0+3!r*?!A;$6%!&*!-*8+F'$!(=8%!&;B0-*8+%.!6$!A=-/='%$3!7*6!M+$03!W%!M+$0!8;$6%!/*6!*66+6!60'!
08! %'18$?! 20$&20$! /*'%! (*86! &$! A+$&?! A=--$! &$! 6=8%! &$6! '=+6! 20+! <=0)$'8$8%! &$0'! /$0/&$3! #;$6%! *+86+!
20;*<+66$8%!&$6!B=--$6!$%!A;$6%!08$!A'=>*8A$!U!/*6!&*!).'+%.3!L*!@*b=8!(=8%!M+$0!*<+%!(./*66$!($!&=+8!
%=0%!A$!20$!&;$6/'+%!B0-*+8!/$0%!+-*<+8$'!=0!',)$'3!Q=+!6$0&!*+!)0! D4!@5-!095.!89004!/,!G-4?!$%!9$!6*+6!
20$! D#! 8;$6%! /*6! &$! M+$0! 20$! 8=06! $86$+<8$8%! &$6! S*II+863! 5;*+! )0! 20$! <4/,! .%*+%! /1*+957! Q,7;,-3! $%!
A;$6%!&*!'*+6=8!/=0'!&*20$&&$!9$!/'.@F'$!/*'&$'!(0! Y!QO74!Z?!A*'!9;*+!)0!20$!D4/,!^5G74!$8!AB*20$!A'.*%0'$?!
&*! -*+8%$8*8%! $8! I=88$! 6*8%.?! %=0%! A=--$! 08! /F'$! B0-*+8! %'*)*+&&$! /=0'! (=88$'! G! 6$6! $8@*8%6!
8=0''+%0'$?!),%$-$8%6!$%!/'=%$A%+=8?!(*86!&*!6.A0'+%.!(;08!@=>$'3!5$! ";*+!C!)0!D!$8!%=0%!A$!20+!$K+6%$!(*86!
&$!-=8($3!
T!#=--$8%!A$&*!6$!/$0%T+&?!($-*8(*!08!B=--$!(;08!*+'!($!(=0%$!a!
T!J&!8;$6%!/*6!/=66+I&$!G!08!C!,%'$!D!+8(+)+(0$&?!($!20$&20$!6='%$!20$!A$!6=+%?!(;,%'$!/*'%=0%!G!&*!@=+63!Q*+6!
&;*+'!$6%!/*'%=0%?!I+$8!20$!8=06!8$!&$!)=>+=86!/*63!Y=06!8;$8!6*)=86!/*6!-=+86!U!$%!8;$8!(=0%=86!/*6!U!
20;+&! $6%! %=0%! G! @*+%! '.$&! $%! $66$8%+$&! G! 8=%'$! $K+6%$8A$3! V;+&! 8;>! *)*+%! /*6! (;*+'?! 6+! 8=06! 8$! /=0)+=86! /*6!
'$6/+'$'?! 8=06! -=0''+=863! L$! -=0)$-$8%! ($! &;*+'?! 20$! 8=06! *//$&=86! &$! )$8%?! 8=06! 8$! /=0)=86! /*6! &$!
)=+'?! -*+6! 8=06! &$! )=>=86! *<+%$'! &$6! @$0+&&$6! $%! /=066$'! &$6! 80*<$6! (*86! &$! A+$&!s! A;$6%! *+86+! 20$! 8=06!
6*)=86! 20$! &;*+'! 8=06! $8%=0'$! $%! 20;+&! $6%! @='%3! W%! -*+8%$8*8%?! 9$! )=06! ($-*8($!X! 20;$6%TA$! 20+! $6%! /&06!
+-/='%*8%!(*86!&;B=--$!U!6=8!A='/6!=0!6=8!$6/'+%!a!!
_0$&20$6T086! './=8(+'$8%! 20$! A;.%*+%! &$! A='/6?! A*'! *0%'$-$8%?! +&! 8;*0'*+%! /*6! 6*! /&*A$! 60'! %$''$?! 8$!
/=0''*+%!/*6!%'*)*+&&$'?!,%'$!)0?!$%!8$!6$'*+%!/*6!A=8803!M;*0%'$6!(+'$8%!20;+&6!/$86*+$8%!20$!6=8!$6/'+%!.%*+%!
/&06!+-/='%*8%!20$!6=8!A='/63!W%!9$!'./=8(+6!X!!
T!V=8!$6/'+%!$6%!&*!/*'%+$!&*!/&06!+-/='%*8%$?!/0+620$!6*86!6=8!$6/'+%?!+&!8$!/=0''*+%!/*6!(+'+<$'!6=8!A='/63!J&!
8$!/=0''*+%!/*6!-*8<$'?!I=+'$?!(='-+'?!I=0<$'?!/$86$'?!8+!)+)'$3!W%!/=0'%*8%?!=8!8$!)=+%!/*6!&;$6/'+%3!k8!8$!

!
!01234'#5625748'$9'-24'%;')<124<' EF' ,54415'='
/$0%! 20$! 6*)=+'!20$!8=06!*)=86!08!$6/'+%!G!A*06$!($6!/$86.$6!20;+&!/'=(0+%!$%! /*'A$! 20$! &$6!/$86.$6!
@*b=88$8%!%$&&$!=0!%$&&$!*A%+=8!(*86!8=%'$!)+$3!Y=06!A'=>=86!20$!&;$6/'+%!%'*)*+&&$!<'NA$!*0!A$')$*03!k0+?!
A;$6%!08!@*+%3!Q*+6!A=--$8%!&$!A$')$*0?!8.!($!&*!AB*+'?!/=0''*+%T+&!/'=(0+'$!($6!/$86.$6?!($6!6$8%+-$8%6?!
($6! +(.$6?! ($6! /'=9$%6!a! W%! -*+8%$8*8%?! +&! ($)'*+%! )=06! ($)$8+'! A&*+'! 20$! A;$6%! *+86+! 20$! &$! Y!QO74!Z! $6%!
/'.6$8%!$8!%=0%$6!AB=6$63! D1$6%!&;C!$6/'+%!D!60/',-$!($''+F'$!&;$6/'+%!B0-*+8?!%'*)*+&&*8%!G! &90!e0)'$!$8!
AB*20$!,%'$!)+)*8%3!Y=06!6*)=86!20;+&!$8!$6%!*+86+?!A*'!8=06!)=>=86!&$6!-$')$+&&$6!20$!A$&*!A'.$3!Y=06!
)=>=86! &*! A'=+66*8A$! ($6! $8@*8%6?! 8=06! )=>=86! &*! 8=0''+%0'$! 20;+&6! -*8<$8%! 6$! %'*86@='-$'!
-+'*A0&$06$-$8%!$8!08$!*0%'$!60I6%*8A$!20+!&$6!8=0''+%!$%!&$6!@*+%!A'=O%'$3!#=--$8%!A$&*!6$!/'=(0+%?!8=06!
8;$8! *)=86! /*6! &*! -=+8('$! +(.$?! 8=06! 8$! /=0)=86! -,-$! /*6! &;+-*<+8$'3! W%! -,-$! 6+! 8=06! &$! 6*)+=86?!
8=06!8$!6*0'+=86!%=09=0'6!/*6!A$!20+!*!/&*8+@+.!08!/'=A$6606! ($!)+$!6+!+-/='%*8%!20;+&!%'*)*+&&$! (*86!&$6!
A='/6!)+)*8%6!($!AB*20$!$6/FA$3!Z=>$R!&*!-$')$+&&$!20$!6=8%!&$6!A='/6!($!AB*20$!$6/FA$?!@*b=88.6!$%!
A'..6! +8%$8%+=88$&&$-$8%?! $K/'$66.-$8%! /=0'! %'*86@='-$'! &$! %>/$! ($! 8=0''+%0'$! 20;+&6! A=86=--$8%! $8!
8=0''+%0'$!20+!@$'*!A'=O%'$!&$0'6!=6?!&$0'!6*8<!$%!&$0'!AB*+'3!
T!Q*+8%$8*8%!20$!%0!8=06!-=8%'$6!A$6!AB=6$6?!8=06!/=0)=86!)=+'!20;$&&$6!6=8%!$8!$@@$%!-$')$+&&$06$63!
j8!9$08$!B=--$!6;$KA&*-*!X!!
T!k0+?!A;$6%!)'*+?!A;$6%!$K%'*='(+8*+'$!d!
T!k8!/$0%!)=+'!&$6!9$08$6!A='/6!/*66$'!/*'!&$0'6!(+)$'6!6%*($6!($!(.)$&=//$-$8%!$%!&;=8!)=+%!&$0'!$6/'+%!
60+)'$! &$! '>%B-$! ($! &$0'! (.)$&=//$-$8%! /B>6+20$! 90620;G! A$! 20$! &$6! *(=&$6A$8%6! 6$! &*8A$8%! G! &*!
'$AB$'AB$! (;08! ./=0K! $%! ($)+$88$8%! /*'$8%6! $0KT-,-$63! 70+6! &$! f'*8(! k$0)'$! ($! &*! A=8A$/%+=8!
6;*AA=-/&+%! $%! &*! 6$-$8A$! A=8%+80$! G! A'=O%'$! (*86! &$! 6$+8! ($! &*! -F'$?! 90620;G! A$! 20;$&&$! 8*+66$?! G! 6=8!
%$'-$?!6=06!&*!@='-$!(;08!$8@*8%3!7$86$RT>!d!_0+!(.%$'-+8$!A$%%$!A'=+66*8A$!='(=88.$!$%!A=86%*8%$!(*86!
&$!6$+8!($!&*!@$--$?!(;=P!)+$88$8%!&$6!/&*86!20+!(+'+<$8%!&$!I=8!(.)$&=//$-$8%!($!&*!%,%$?!(0!A='/6!$%!($6!
-$-I'$6! $%! 8$! )*'+$8%! /*6! (;08$! @$--$! G! &;*0%'$! $%! (;08$! $6/FA$! G! &;*0%'$!a! _0+! (.A+($! (0! -=-$8%!
$K*A%! =P! A=--$8A$'*!&*! 8*+66*8A$! U! &$6! -=>$86! /B>6+20$6! /*'! &$620$&6! &;$8@*8%! 6='%! (0! )$8%'$! ($! 6*!
-F'$?!&*!/'=)+6+=8!($!&*+%!/=0'!&;$8@*8%!a!7$86$RT>!U!$6%TA$!&*!-F'$!a!Y=8?!A$!8;$6%!/*6!&*!-F'$?!$&&$!8;$6%!
20$! &$! %.-=+8! ($! %=0%! A$! 20;+&! 6$! /*66$! $8! $&&$! ($/0+6! &$! -=-$8%! =P! $&&$! *! A=880! 6=8! -*'+! $%! =P! +&! *!
/&*8%.!6*!6$-$8A$!/=0'!20;$&&$!'$9=+<8$!&*!6+$88$3!M+$0!@*+%T+&!%=0%$6!A$6!AB=6$6!($!&=+8!a!V$6!/$86.$6!
6;.%$8($8%T$&&$6!G!AB*20$!B=--$!$%!@$--$!$%!(.A+($8%T$&&$6!20*8(!A$6!AB=6$6!(=+)$8%!*)=+'!&+$0!a!!
T!Y=8?!%=0%!A$!%'*)*+&!$6%!*AA=-/&+!/*'!&*! Y!Q5-..,0<4!D72,37-<4!84!/1#.67-3!Z?!&*!Y!'-4!(034//-A4++403!
*-+,034!Z!$8!%=0%$!A'.*%0'$!)+)*8%$3!Y=06!)=>=86!&;*-=0'!($6!/*'$8%6!/=0'!&$0'6!/$%+%6?!@066$8%T+&6!($6!
=+6$*0K?!($6!*8+-*0K!=0!($6!B=--$63!M;=P!)+$8%!A$%!*-=0'!a!J&!.-*8$!($!&*! Y!Q5-..,0<4!D72,37-<4!84!
/1#.67-3!D?!T!($!/1*+957!Q,7;,-3!U!(0!Y!QO74!Z!$8!8=063!#;$6%!/*'A$!20$!&$! Y!QO74!Z!*AA=-/&+%!&$!%'*)*+&!
(*86! &$6! /&*8%$6?! &$6! *'I'$6?! &$6! =+6$*0K?! &$6! *8+-*0K! $%! &;B=--$! &0+T-,-$! 20$! 8=06! 6=--$6! +A+!
*09=0'(;B0+?!)+)*8%?!'$6/+'*8%?!-*8<$*8%?!(='-*8%?!*>*8%!($6!$8@*8%6?!)+$+&&+66*8%!/0+6!-=0'*8%!/=0'!8=06!
'$8('$!$8!08!$8('=+%!/&06!B$0'$0K3!E=0%!A$A+!$6%!&;e0)'$!(0! Y!QO74!Z?!*A%+)$!$8!8=063!#=--$8%!/$0%T=8!
/=66+I&$-$8%!8+$'!&*!).'+%.!($!%=0%!A$!20$!9;*+!(+%!A$!6=+'!a!`09=0'(;B0+?!)=06!*)$R!)0!08!9$08$!<*'b=8!G!
&;*<=8+$!'$)$8+'!G!&*!/&.8+%0($!($!&*!)+$!$8!08!%$-/6!%'F6!A=0'%!U!$6%TA$!-=+!20+!&;*+!<0.'+!a!7*6!(0!%=0%3!M$!
-=+T-,-$?! 9$! 8$! /$0K! '+$83! #;$6%! &*! '(#=! 20+! $6%! &$! Y!QO74!Z! *A%+@! $8! %=0%$6! AB=6$6?! 20+! $6%! )$80$! $8!
/&$+8$!@='A$!/=0'! './*'$'!08!A='/6!6=0@@'*8%!$%!&0+! '$6%+%0$'!6*!/&$+8$!6*8%.!/*'A$!20$!9;*+!A'0!20; #//4!&$!
@$'*+%!$%!20$!9$!8;*+!/*6!(=0%.3!

!
!01234'#5625748'$9'-24'%;')<124<' EE' ,54415'='
J&!>!$0%!($6!6=0/+'6!($!6*%+6@*A%+=8!(*86!&*!/+FA$3!j8$!8=0)$&&$!&0-+F'$?!08!8=0)$&!+8%.',%!$%!-,-$!08$!
8=0)$&&$!(=0A$0'!*//*'0'$8%!60'!&$6!)+6*<$63!
T!7=0'20=+!(=8A!&;B=--$!6=0@@'$T%T+&!6+!A'0$&&$-$8%?!($-*8(*!Q+'+*-!a!
T!7*'A$!20$!&='620$!&;B=--$!$6%!$8<$8('.?!20*8(!&*! '(#!/'$8(!@='-$!(*86!&*!6$-$8A$?! #""#!'$),%!&*!
A=8(+%+=8! B0-*+8$! 20+! "*! 6./*'$! ($! %=0%! *0%'$! +8(+)+(0! (*86! &$! -=8($3! `@+8! ($! "*! '$8('$! 08+20$?! ($!
&;+6=&$'?!6./*'.$!($!%=0%$!*0%'$?!6=&+%*+'$?!/$'6=88$&&$?! &*!/'=/'$!/$'6=88$?! #""#!84G-403!.5S4334!)!4//4!
4.3!<9037T/24! /*'! ($0K!+-/0&6+=86! $K%',-$-$8%! @='%$6! (*86! 6*! 8*%0'$!%$''$6%'$! U! *@+8! 20;+&! 6;*%%*AB$! G!
%=0%$6!&$6!AB=6$6!20;+&!(.6+'$!$%!20;+&!'$9$%%$!$%!'$/=066$!%=0%!A$!20;+&!8$!)$0%!/*63!#$6!($0K!+-/0&6+=86!
@=8(*-$8%*&$6!($!&;B=--$!6=8%!6=06T9*A$8%$6!G!%=0%!A$!20;+&!@*+%!*0!A=0'6!($!6*!)+$!$%!6=8%!$8%+F'$-$8%!
'$6/=86*I&$6!($6!-*0K!20;+&!6$!A'.$!&0+T-,-$3!H+$8!20$! /4!Y!QO74!Z!.9-3!,<3-;!40!/1?9++4=!"*!'(#!8;*!
'+$8?!40!#""#T-,-$?!($!A$%%$!$%&'(#(%&)*+,-(&.3!
]!Q,7!<90.2@5403!/4!Y!QO74!Z!04!743-403!7-40=!04!74S4334!7-40=!04!<908,+04!7-40=!04!G9-3!+F+4!6,.!
/4.! Y!;,534.!ZE! $953! <4! @54! ;,-3! /1?9++4=! @54! /1?9++4! ,664//4! 84.! Y!62<?2.!Z=! 014.3! @54! 84! <4!
+9084! 43! 014.3! 650-! @51M! /1-0327-457! 84! <4! +9084! )! <,7! <14.3! 504! "9-! 84! /1#>-.340<4! $4774.374=!
<9++4! G95.! /4! .,G4V=! @54! <4! @54! G95.! .4+4V=! G95.! /4! 72<9/34VE! Q,7<4! @51-/! 65-.4! /,! '(#! 43!
/1#&Q%($!8,0.!/4!QO74=!/1?9++4!4.3!/5-]+F+4!50!<72,3457=!40!640.24=!40!6,79/4.!43!40!,<34.E!$953!
<4!@51-/!640.4=!8-3!95!;,-3=!43!<79-3=!/5-!74G-403!.95.!504!;97+4!.4+N/,N/4!50!645!6/5.!3,78E!(/!01B!,!
6,.!84!650-3-90!85!Y!QO74!ZE!_54/.!@54!.9-403!/4.!+,5>!84!/1?5+,0-32=!4//4!.4!/4.!<724!4//4]+F+4=!
403-O74+403E!Z!
L$6!<$86!6$!(+'$8%!$8!-0'-0'*8%!20$!A;.%*+%!&G!08!%=0%!8=0)$&!$86$+<8$-$8%?!20+?!/=0'%*8%?!*)*+%!/&06!($!
6$86!20$!%=0%!A$!20;=8!&$0'!*)*+%!(+%!90620$!&G3!!
_0$&20$6!)=+K!-$!/'$66F'$8%!(;$8!(+'$!(*)*8%*<$3!!
]!R4!G95.!/4!8-.=!40!+9-=!G95.!G9B4V!/,!'(#!,<3-G4!.95.!.,!;97+4!84!A527-.90!`!.5-G4V]+9-!43!G95.!
40340874V! <4! @54! S4! 8-.! 85! &#I$(#%! @51-/! ;,53! .5-G74! 6957! 3795G47! /4! N90?457!`! <14.3! 8,0.! +4.!
6,79/4.!@54!G95.!3795G474V!/,!'a%($a!84!/1#>-.340<4!@5-!04!G95.!,!S,+,-.!232!72G2/24!6,7!,5<50!
,5374!?9++4E!
]!(/!,!232!8-3!85!J4..-4!@51-/!72G2/47,-3!84.!.4<743.!<,<?2.!8465-.!/4!82N53!84!/,!<72,3-90E!R4!G95.!/4!
8-.=!40!G27-32=!<4.!.4<743.=!G95.!/4.!40340874V!84!+,!N95<?4E!&-!G95.!2<9534V!,33403-G4+403=!40!
.,-.-..4V! /4! .40.=! 40! 67,3-@54V! /,! G27-32! 43! G95.! 40! 3404V! .37-<34+403! M! /457.! /9-.=! G95.! .474V!
74085.!095G4,5>!43!G95.!4037474V!8,0.!/4!%9B,5+4!84.!D-45>E!
`/'F6! 20$! 9;$06! /*'&.?! &$6! <$86! '$6%F'$8%! 6+&$8A+$0K! /$8(*8%! 08! -=-$8%?! /0+6! +&! 6;.&$)*! 08! I'0+%! ($!
A=8)$'6*%+=86! $KA+%.$6?! -*+6! o$($p+*B! 6$! &$)*! $%! (+%! 20;+&! .%*+%! %$-/6! /=0'! &*! -*+6=88.$! (;*&&$'! 6$!
'$/=6$'3!V=8!@+&6!*)*+%!I$6=+8!($!6=--$+&?!*+86+!20$!6*!@$--$!$%!6$6!@+&&$6?!@*%+<0.$6!(;*)=+'!%*8%!/&$0'.3!!
J&! @0%! A=8)$80! 20$! &$! &$8($-*+8! -*%+8?! 9$! ($6A$8('*+6! )$'6! &$! /='%! $%! 20$! &$6! -*&*($6! -$! 6$'*+$8%!
*-$8.63! #;$6%! *+86+! 20$! 9$! /06! &*8A$'! -*! -+66+=8! $%! 20$! %=0%! @0%! '*/+($-$8%! *''*8<.! /=0'! -=+! ($! &*!
-$+&&$0'$! @*b=8! /=66+I&$3! J&! 6$-I&*+%! 20$! 6+! 9$! 8$! &$6! <0.'+66*+6! /*6?! &$6! <$86! 8;*0'*+$8%! *0A08! +8%.',%!
/=0'!%=0%!A$!20$!9;*)*+6!G!&$0'!(+'$!$%!20;+&6!8$!&;*AA$/%$'*+$8%!/*63!L*!<0.'+6=8!(.-=8%'*+%!&*!).'+%.!($!A$!
20$! 9$! )=0&*+6! $86$+<8$'! $%! -$6! $86$+<8$-$8%6! $K/&+20*+$8%! &$6! '*+6=86! /=0'! &$620$&&$6! 9;.%*+6! $8!
-$60'$!($!&$0'!*//='%$'!&*!<0.'+6=8!(0!Y!QO74!Z3!
!L='620$! 9$! -;.)$+&&*+! &$! -*%+8! 60+)*8%?! 9$! -$! 6$8%+6! 9=>$06$-$8%! )+)*8%! G! &*! /$'6/$A%+)$! ($6! AB=6$6!
-$')$+&&$06$6!G!)$8+'3!!

!
!01234'#5625748'$9'-24'%;')<124<' E=' ,54415'='
`/'F6!*)=+'!(.9$08.?!9$!6='%+6!*)$A!o$($p+*B!/=0'!-$!'$8('$!*0!/='%?!&$!Ae0'!I'[&*8%!(;*-=0'!/=0'!%=06!
A$0K!20$!9$!A'=+6*+63!5$!&$6!6*&0*+!AB*&$0'$06$-$8%?!&$0'!(+6*8%!20$!9;*)*+6!($!C!I=88$6!8=0)$&&$6!D!/=0'!
A$0K!20+!)=0&*+$8%!I+$8!&$6!$8%$8('$3!!
L='620$! 9;*%%$+<8+6! &*! 9$%.$?! 9$! (.A=0)'+6! ($6! B=--$6?! ($6! @$--$6! $%! ($6! $8@*8%6! *66+6! /*'! %$''$?!
*%%$8(*8%!-=8!*''+).$3!_0$&20$6T086!%$8(*+$8%!&$6!-*+86!)$'6!-=+?!-;+-/&='*8%3!#$0KT&G!*)*+$8%!&;*+'!%'F6!
-*&*($6?!A$'%*+86!$6%'=/+.6?!I$*0A=0/!(;*0%'$6!A=0)$'%6!($!/&*+$63!!
Q=8!Ae0'!6=0@@'*+%!%=09=0'6!($!&$0'!.%*%!/+%=>*I&$!-*+6!-*+8%$8*8%?!9$!/=0)*+6!*066+!-$!'.9=0+'!/*'A$!20$!
9$!6*)*+6!20$!A$!8;.%*+%!/*6!&*! Y!'9/9032!85!QO74!Z!20;+&!6=+$8%!(*86!A$%!.%*%3!`0!A=8%'*+'$!d!L$! Y!QO74!Z!
.%*+%!/5-]+F+4!<0.'+6=8?!6*8%.?!I+$8T,%'$3!5$!&;*)*+6!/'=0).!&*!80+%!/'.A.($8%$?!AB$R!-=+3!5;$K0&%*+!G!&;+(.$!
20$! 9$! /=0''*+6! (.-=8%'$'! A$%%$! -$')$+&&$06$! ).'+%.! G! &*! @=0&$! 20+! 6$! '*66$-I&*+%! -*+8%$8*8%! *0%=0'! ($!
-=+3!
j8! )+6*<$?! )+$0K! $%! %'+6%$?! *%%+'*! -=8! *%%$8%+=83! W&&$! .%*+%! %=0%$! '+(.$?! -+8A$! $%! )=[%.$3! 5;*&&*+! G! $&&$! $%!
-;*<$8=0+&&*8%! G! A1%.! (;$&&$?! 9;+-/=6*+! &$6! -*+86! 60'! 6*! %,%$! $%! 9$! 6$8%+6! +--.(+*%$-$8%! &$! @&0K! ($! &*!
Y!Q5-..,0<4!QO74!Z!/*66$'!/*'!-$6!-*+86!$%!)+I'$'!G!%'*)$'6!6*!%,%$!90620;G!A$!20$!6=8!A='/6!%=0%!$8%+$'!
6=+%!6$A=0.!/*'!&*![97<4!84!'-4!20+!.8$'<.%+6*+%!6$6!-$-I'$63!!
L$6!<$86!20+!=I6$')*+$8%!&*!6AF8$!6;.%=88F'$8%!$8!6$!($-*8(*8%!A$!20$!9$!/=0)*+6!I+$8!&0+!@*+'$?!-*+6!
(;*0%'$6!A*&-F'$8%!&$0'6!=I9$A%+=863!f'*(0$&&$-$8%?!6$6!-$-I'$6!A=--$8AF'$8%!G!6;.%+'$'?!6;*&&=8<$'?!6$!
'$('$66$'?!6=8!)+6*<$!'$%'=0)*!&*!)+$!$%!&*!9=+$!($!&*!@='A$!'$)$80$3!5$!&;*+(*+!G!6$!&$)$'?!/0+6!$&&$!6$!%+8%!
@+F'$-$8%!($I=0%!%=0%$!6$0&$3!W&&$!.%*+%!%$&&$-$8%!60I-$'<.$!($!I=8B$0'!20;$&&$!6$!-+%!G!/&$0'$'?!/0+6!G!
'+'$! $%! G! (*86$'?! 6;*('$66*8%! *0K! <$86!X! C!L=0.! 6=+%! M+$0!D?! A'+*T%T$&&$?! C!L=0.! 6=+%! M+$0!d!D! $%! A$0K! 20+!
.%*+$8%!&G!'$/'+'$8%!&$!'$@'*+83!J&6!.%*+$8%!%=06!/'=@=8(.-$8%!.-06!/*'!A$!20;+&6!*)*+$8%!)03!!
L*! A=B0$! ($6! <$86! 20+! 6$! /'$66*+$8%! A=8%'$! -*! /$'6=88$! .%*+%! 6+! <'*8($! 20$! o$($p+*B! -;=@@'+%! ($!
&;='(=88$'3! M;08$! -*8+F'$! ='<*8+6.$?! *66+6%.! ($! ($0K! *0%'$6! 6/$A%*%$0'6! $-/'$66.6?! +&! (+'+<$*! &$6!
-*&*($6!)$'6!-=+?!*@+8!20$!9$!/0+66$!-;=AA0/$'!(;$0K!6$&=8!&$0'!I$6=+8!&$!/&06!/'=@=8(3!
W8@+8?!6$!6$8%*8%!@*%+<0.?!-=8!B1%$!-;+8)+%*!G!'$%=0'8$'!AB$R!&0+!/=0'!(O8$'3!J&!'$8)=>*!A$0K!20$!9$!8;*)*+6!
/*6!/0!<0.'+'!/*'!-*820$!($!%$-/63!J&!&$0'!*660'*!20$!9$!'$)+$8('*+6!&$!9=0'!60+)*8%3!!
#$!@0%!08$!6=+'.$!($!@,%$!U!%*8%!($!AB=6$6!G!'*A=8%$'!T!%*8%!($!AB=6$6!G!A.&.I'$'!U!%*8%!G!$86$+<8$'!U!%*8%!
G!*//'$8('$!U!$%!%=0%$6?!A$'%*+8$-$8%?!($!C!I=88$6!8=0)$&&$6!D?!&$!/$0/&$!$8!A=8)$8*+%3! 5$!6*)*+6!20$!
I$*0A=0/!($!<$86!-;*AA$/%*+$8%!/=0'!*)=+'!/*'&.!6+8AF'$-$8%!($!A$!20$!9;*)*+6!C!)0!D!(*86!&$!(.6$'%3!
W%! A$&*! A=8%+80*! *+86+! /$8(*8%! ($! 8=-I'$0K! 9=0'63! L$6! <$86! )$8*+$8%! -$! )=+'! ($! &=+83! o$($p+*B! $%!
(;*0%'$6!($!6$6!*-+6!-;*+(F'$8%!G!='(=88$'!&$6!@=0&$6!*@+8!($!-$!/$'-$%%'$!($!<0.'+'!$%!(;$86$+<8$'3!L$6!
<$86!.A=0%*+$8%!*)$A!9=+$3!J&6!/*'&*+$8%!$8%'$!$0K!(0! Y!QO74!Z!$%!6$!-=8%'*+$8%!(.6+'$0K!(;$8!*//'$8('$!
(*)*8%*<$!*0!609$%!($6!AB*O8$6!$%!($6!A='($6!20+!&+*+$8%!&$6!<$86!G!&*!-+6F'$3!!
L*!A=B0$!($)+8%!6+!+8%$86$!20$!9$!A=-/'+6!I+$8%1%!20$!9;*&&*+6!($)=+'!%'=0)$'!-$6!/'=/'$6!*+($6?!60'!20+!9$!
/=0''*+6!A=-/%$'!/=0'!-;*66+6%$'3!J&!.%*+%!%$-/6!/=0'!o$($p+*B!($!'$%=0'8$'!(+'+<$'!6=8!$8%'$/'+6$!($!A0+'!
20;+&!*)*+%!8.<&+<.$3!
5$!/*'%+6!(*86!&$6!A=&&+8$6!/=0'!/'+$'!*0!609$%!(0!AB=+K!($!C!(+6A+/&$6!D3!L='620$!9;$06!*A20+6!&*!A=8)+A%+=8!
20$! 9$! 6$'*+6! <0+(.! 20*8%! G! A$! AB=+K?! 9$! '$)+86! G! #*/$'8*l-3! 5$! '$66$8%+6! 08$! @='%$! +8A&+8*%+=8! G!
($6A$8('$!*0!I='(!($!&;$*0!/=0'!/*'&$'!G!20$&20$6!B=--$6!20$!9;*)*+6!)06!.A=0%$'!*%%$8%+)$-$8%!-$6!
$86$+<8$-$8%63!

!
!01234'#5625748'$9'-24'%;')<124<' E>' ,54415'='
L*!20$6%+=8!.%*+%!($!6*)=+'!6;+&6!*&&*+$8%!*I*8(=88$'!&$0'6!@+&$%6!($!/,AB$!/=0'!-$!'$9=+8('$3!Q*+6!&='620$!
9$!&$6!*//$&*+?!V+-=8?!`8('.?!5*A20$6!$%!5$*8?!+&6!)+8'$8%!+--.(+*%$-$8%?!B$0'$0K!($!-;*+($'!(*86!-=8!
%'*)*+&!($!<0.'+6=8!$%!(;$86$+<8$-$8%3!M;*0%'$6!8=06!'$9=+<8+'$8%!*066+! $%!A;$6%!*+86+! 20$!9$!A=--$8b*+!
-=8!%'*)*+&!/*'-+!&$6!<$863!!
5$!20+%%*+!&*!-*+6=8!($!-=8!B1%$?!o$($p+*B?!*)$A!6*!@$'-$!*660'*8A$!20$!9$!/=0''*+6!>!'$%=0'8$'!$8!%=0%!
%$-/63!
!
#;$6%!*+86+!20$!9$!A=--$8b*+!-*!-+66+=8!(;$86$+<8*8%!$%!($!<0.'+66$0'?!%'*)$'6*8%!)+&&$6!$%!)+&&*<$6!/=0'!
-$! '$8('$! /*'%=0%! =P! &$! I$6=+8! 6$! @*+6*+%! 6$8%+'3! `)*8%! ($! /*'%+'?! 9$! '*66$-I&*+! &$6! 9$08$6! B=--$6! 20+!
*)*+$8%!*AA$/%.!*)$A!9=+$!($!-;*+($'3!J&6!.A=0%*+$8%!-$6!$86$+<8$-$8%6!$%!.%*+$8%!.-$')$+&&.6!/*'!A$!20$!
9$!(+6*+63!J&!.%*+%!)+%*&!20$!9$!&$0'!$K/&+20$!(;*I='(!&$6!A+'A=86%*8A$6!(*86!&$620$&&$6!9;*)*+6!).A0!%=0%!A$!
20+!-;*)*+%!.%.!'.).&.!(*86!&$!(.6$'%3!!
5$! &$0'! '*A=8%*+! 20;$8! (./+%!($! &*! )+$! =+6+)$! 20$! 9$!-$8*+6!9*(+6?!9;*)*+6!%=09=0'6! ./'=0).! 08$! /'=@=8($!
A=-/*66+=8! /=0'! &$6! <$863! #;.%*+%! -*! A=-/*66+=8! 20+! -;*)*+%! @*+%! -$! (.%=0'8$'! (0! C!M+$0!D! $86$+<8.!
/*'!&$6!S*II+863!L='620$!9$!/*'&*+!($!-=8!'$9$%!%=%*&!(;08!5$B=)*B!)$8<$0'?!9$!/06!)=+'!&$!AB=A?!/0+6!&$!
(=0%$!*//*'*O%'$!60'!&$0'!)+6*<$3!
5$!&$0'!$K/&+20*+!&=8<0$-$8%!20$!9;*)*+6!($-*8(.!A=--$8%!+&!.%*+%!/=66+I&$!($!/*'&$'!(;08!M+$0!C!I=8!D!
*&='6! 20$! ($6! $8@*8%6! +88=A$8%6! $8(0'*+$8%! %*8%! ($! 6=0@@'*8A$63! 7$8(*8%! 20$! 9$! /*'&*+6?! 9$! )+6! &$0'6!
)+6*<$6!6$!(.%$8('$!/'=<'$66+)$-$8%3!5$!A=8%+80*+!G!$K/'+-$'!-$6!*8A+$86!(=0%$6!$%!-*!A=&F'$!90620;G!
A$!20$!9$!)=+$! &$0'! $K/'$66+=8!6$!%'*86@='-$'!$8!*AA$/%*%+=8?!/0+6!$8!*AA='(!%=%*&3!5$!(.A=0)'+6!20$!9$!
&$6!*)*+6!'$8)=>.6!G!&$0'6!/'=/'$6!(=0%$6!$%!20$6%+=86?!20;+&6!8;*)*+$8%!*0/*'*)*8%!9*-*+6!$0!&$!A=0'*<$!
($!%'*(0+'$!$8!/*'=&$63!
7$8(*8%! 20$! 8=06! /*'&+=86! $86$-I&$?! 9$! /06! 6$8%+'! &$0'! 6=0&*<$-$8%! ($! 8$! /&06! ,%'$! 6$0&6! (*86! &$0'!
'.)=&%$!6$A'F%$!)+6TGT)+6!($6!$86$+<8$-$8%6!($6!'*II+863!!
5$!&$0'!(+6!20;+&!.%*+%!)$80!08!-=-$8%!=P!9;*)*+6!'.*&+6.!$8A='$!/&06!A&*+'$-$8%!20$!9$!<NAB*+6!-*!)+$3!5$!
)=0&*+6! AB*8<$'! $%! 6$8%*+6! +-/.'*%+)$-$8%! 20$! 9$! ($)*+6! *&&$'! )=+'! 5$*8! H*/%+6%$! /=0'! A=--$8A$'?! 6+!
A;.%*+%!/=66+I&$?!08$!8=0)$&&$!)+$3!
5$! (.A'+)+6! A$! 20;+&! -;*''+)*! /$8(*8%! &$! I*/%,-$! /0+6! /$8(*8%! &$6! 6+K! 6$-*+8$6! 20$! 9$! /*66*+! (*86! &$!
(.6$'%3!5;$K/&+20*+!20$!-*!A=86A+$8A$!6$!/0'+@+*!/'=<'$66+)$-$8%!($!%=0%$6!-$6!*8A+$88$6!/$86.$6!$%!
A'=>*8A$6?! ($!-$6! *%%+%0($6?!-=8! *''=<*8A$! $%!-*! '.I$&&+=8! /$8(*8%! 20$! 9$! /*66*+6! /*'!&$6! /'=@=8($6!
'.).&*%+=86!$%!)+6+=86!20+!-$!-=8%'*+$8%!&*! Y!%2,/-32!Z!20$!9;*//$&*+6!-*+8%$8*8%!&$! Y!QO74!Z3!5;$K/&+20*+!
&*! 0,3574! (0! Y!QO74!Z! $%! 20$! A$%%$! Y!C-G-04! I,3574!Z! A=86%+%0*+%! .<*&$-$8%! &*! Y!'9/9032! C-G-04!ZE! 5$!
&$0'!(+6!20$!A;.%*+%!&;B=--$!&0+T-,-$!20+?!G!A*06$!($!6$6!$''$0'6!($!/$86.$!$%!($!A=-/='%$-$8%?!6;.%*+%!
@$'-.!*0!Y!QO74!Z!$8!&0+!$%!20$!&;B=--$!6$0&?!$8!6$!'$/$8%*8%!(;*I='(?!/0+6!/*'!08$!/0'+@+A*%+=8!-$8%*&$T
.-=%+=88$&&$?! /=0)*+%! %'=0)$'! 6=8! AB$-+8! ($! '$%=0'! G! 08$! A=--08+A*%+=8! %=%*&$! *)$A! &$! Y!QO74!Z3!
"97.@54!3953!<4/,!.47,-3!,<<9+6/-=!39534!/,!I,3574!85!QO74!.47,-3!/-N2724!8,0.!/14.67-3=!/4!<^57=!/4!
<976.=!/1H+4!43!/,!G-4!84!/,!647.9004=!84!+F+4!@54!8,0.!.90!40G-79004+403!43!.4.!4>627-40<4.E !
"97.@54!<4/,!.4!67985-7,-3=!504!34//4!647.9004!403747,-3!8,0.!/4!%9B,5+4!84.!D-45>!A95G4702!6,7!
/4! QO74! 43! /4! %9B,5+4! 84.! D-45>! .123,N/-7,-3! 84! +F+4! 8,0.! /,! <90.<-40<4! 84! /,! 647.9004E! #//4!
,57,-3!,/97.!,334-03!/4!N53!84!.90!4>-.340<4E!

!
!01234'#5625748'$9'-24'%;')<124<' E?' ,54415'='
#=--$! 9$! /*'&*+6! G! -$6! (+6A+/&$6?! 9$! )+6! &$0'6! '.*A%+=86! 6$! '$@&.%$'! 60'! &$0'! )+6*<$3! E=0%! (=0%$! *)*+%!
(+6/*'0! $%! +&6! *@@+AB*+$8%! -*+8%$8*8%! 08$! &0-+F'$! 8*+66*8%$! ($! A=-/'.B$86+=8! $%! ($! 9=+$3! #$6! 9$08$6!
B=--$6! ($)+8'$8%! ($6! A'=>*8%6! $8%B=06+*6%$6! $%! 6;$KA&*-F'$8%!X! C!#;$6%! )'*+-$8%! 08$! I=88$!
8=0)$&&$!d!D!!
#$/$8(*8%?! */'F6! &$0'! /'$-+F'$! *AA$/%*%+=8! ($! %=0%! A$! 20$! 9;*)*+6! (+%?! +&! )+8%! ($6! %$-/6! =P! +&6! 6$!
($-*8(F'$8%!6+!%=0%!A$!20$!9$!(+6*+6!/=0)*+%!,%'$!)'*+3!5$!&$!A=-/'+63!7=0'!,%'$!/',%!G!6$!(.I*''*66$'!($!
&;+-*<$!($!5.B=)*B!6+!/'=@=8(.-$8%!*8A'.$!(*86!&$0'!$6/'+%?!+&!@*&&*+%!08$!I=88$!(=6$!($!A=0'*<$3!!
J&!>!$0%!($6!-=-$8%6!=P!+&6!/*'&F'$8%!$8%'$!$0K!$8!6$!($-*8(*8%!20+!.%*+%!A$%!B=--$!20+!'$)$8(+20*+%!($!
%$&&$6! -$')$+&&$63! W8! 60//=6*8%! 20;+&6! 6$! 9=+<8$8%! G! -=+! $%! 20;+&! *()+$88$! 20$! 9;.%*+6! '.$&&$-$8%! 08!
-$66*<$'!($!V*%*8?!20$!6$!/*66$'*+%T+&!*&='6!a!J&6!6$'*+$8%!6.)F'$-$8%!/08+6!/*'!5.B=)*B3!!
J&6! *)*+$8%! I$*0A=0/! G! /$'('$! U! &$0'! './0%*%+=8! ($! 9$08$6! B=--$6! 6=I'$6! $%! %'*)*+&&$0'6?! &$0'! 6%*%0%!
6=A+*&! ($! A=--$'b*8%6! $%! (;*'%+6*86?! &*! /$'%$! ($! &$0'6! '$)$806! $%?! &$! /&06! <'=6! =I6%*A&$?! &*! A=&F'$!
/'=I*I&$!$%!&$!'$9$%!($!&$0'6!@*-+&&$63!W%!20$!'$A$)'*+$8%T+&6!$8!'$%=0'!a!
5$! &$0'! (+6! 20$! 9$! 8$! /=0)*+6! &$0'! /'=-$%%'$! *0A08$! '.A=-/$86$! %$''$6%'$! 6;+&6! -;*+(*+$8%! G! './*8('$!
C!&;.)*8<+&$! ($! &*! I=88$! 8=0)$&&$!D3! 5$! 8$! (=0%*+6! *I6=&0-$8%! /*6! 20$! /*'%=0%! =P! 8=06! +'+=86?! 8=06!
'$A$)'+=86!&$!<O%$!$%!&$!A=0)$'%! $%! 6$'+=86!I+$8!'$b06!/*'!&$6!<$863!5$!8$!/=0)*+6! 20$! &$0'! /'=-$%%'$!&*!
'27-32!@54!/4!Y!QO74!Z!<900,-..,-3!/457.!N4.9-0.=!B!7269087,-3!43!/4.!A,7847,-3!40!N9004!.,032E!R4!
695G,-.!,5..-!/457!679+43374!@5140!.4!39570,03!G47.!/4!Y!QO74!Z!43!40!/5-!;,-.,03!<90;-,0<4!40!39534!
<?9.4! 43! 40! 39534! 9<<,.-90=! -/.! .47,-403! ?45745>! <9++4! -/.! 04! /1,G,-403! S,+,-.! 232E! (/.!
4>627-+40347,-403! 45>]+F+4.! /4! %9B,5+4! 84.! D-45>! 8,0.! /,! +4.574! 9X! -/.! 74S43347,-403! /4.!
4>-A40<4.! 84! /457! 4A9! 43! .4! +4337,-403! ,5! .47G-<4! 81,5375-E! (/.! .47,-403! 32+9-0.! 84.! A527-.90.=!
<4//4.]<-! ,5A+40347,-403! /457! ;9-! 43! /457! 890047,-403! /4! <957,A4! 84! .56697347! 395.! /4.!
-0<90G20-403.!84!/1,G403574E!
"4% 6B;54% 13853% C@;% 8?@5% ;8% DE8=;5% F% 6?==;86;<% 8?4<;% =3553?8% >;% <0G18><;% 21% H%I+,,"%
,+J/"!!"%K%>;%2BH%"/-,L)!"%.J%$+M-JN"%KO%%
5;$8)=>*+!A$6!9$08$6!<$86!-$!/'.A.($'!(*86!&$6!)+&&$6!20$!8=06!($)+=86!)+6+%$'3!W8!*''+)*8%?!+&6!(+6*+$8%!
*0K! <$86! ($! 6$! '*66$-I&$'! /=0'! $8%$8('$! &*! C!H=88$! Y=0)$&&$! (0! S=>*0-$! ($6! #+$0K!D3! L$6! <$86!
.%*+$8%!.%=88.6!$%!)=0&*+$8%!$8!6*)=+'!(*)*8%*<$?!-*+6!&$6!(+6A+/&$6!&$6!/'$66*+$8%!(;*&&$'!AB$'AB$'!&$0'6!
*-+6!$%!)=+6+86!s!=8!&$0'!(+'*+%!($!20=+!+&!6;*<+66*+%!&='620$!5.606!*''+)$'*+%!$%!+&!>!*0'*+%!($6!<0.'+6=86!($!
&$0'6! -*&*($63! E=0%! $KA+%.6?! I$*0A=0/! ($! <$86! A=0'0'$8%! *+($'! G! './*8('$! &*! I=88$! 8=0)$&&$! $%!
'*/+($-$8%?!+&6!6$!'*66$-I&F'$8%!$8!08$!@=0&$!+--$86$3!
!
J9-! @5-! +123,-.! .-! ;9734+403! 43! 6,..-9002+403! 72G9/32! <90374! /4.! ?9+2/-4.! 74/-A-45.4.!
+97,/-.,37-<4.=! +40,W,03! /4.! 62<?457.! 84! G-9/40<4.=! 84! 650-3-90.! 43! 84! 8,+0,3-90=! S4! +,7<?,-.!
+,-0340,03!S9B45.4+403!M!/,!740<90374!84!<4.!;95/4.E!
R1,G,-.! +,! N9004! 095G4//4! M! /457! 37,0.+43374! 6957! -//5+-047! /457! S957024=! 43! /,! A527-.90! 84.!
+,/,8-4.!43!,;;/-<3-90.!6957!72S95-7!/457!G-4E!!
LG! =P?!*0%'$@=+6?!9$!-$!-,&*+6!*0K!<$86!($!-*8+F'$!.<=g6%$!$%!&$6!-*+86!)+($6?!/'=@+%*8%!($!&$0'!I=88$!
)=&=8%.!$%!/*'@=+6!($!&$0'!<.8.'=6+%.!*)$A!/$0!($!<'*%+%0($?!9$!)$8*+6!-*+8%$8*8%!*)$A!08$!*I=8(*8A$!($!
/=66+I+%.6!)+)+@+*8%$6!/=0'!%=06!A$0K!20+!.%*+$8%!/',%6!G!.A=0%$'!-$6!/*'=&$63!

!
!01234'#5625748'$9'-24'%;')<124<' E@' ,54415'='
5;*+-$'*+6! 20$! )=06?! &$A%$0'! 20+! &+6$R! A$6! /*<$6?! A=-/'$8+$R! I+$8! -*! /=6+%+=8! G! A$%%$! ./=20$T&G?! -=8!
.%*%! ($! A=86A+$8A$! */'F6! -=8! +&&0-+8*%+=8! (*86! &$! (.6$'%! $%! &$! /$'6=88*<$! 20$! 9$! /'.6$8%*+6! G! -$6!
A=8A+%=>$86! $8! %*8%! 20$! C!5.606!D3! J&! 6;$6%! (+%! %*8%! ($! AB=6$6! G! -=8! 609$%! 20$! 9$! -$! (=+6! ($! )=06!
/'.6$8%$'!&*!).'+%.3!
5;.%*+6! 8.! /=0'! *)=+'?! G! &;N<$! *(0&%$?! 08$! $KA$&&$8%$! A=8(+%+=8! /B>6+20$?! ($6! %'*+%6! @='%6! $%! *20+&+86?! 08!
+8%$&&$A%! '$-*'20*I&$! $%! &;*-=0'! (0! '+'$! $%! ($! &*! -+-+20$! U! -*+6?! A=--$! I$*0A=0/! (;$8%'$! )=06!
*09=0'(;B0+?! 9$! 8$! @*+6*+6! /*6! A*6! ($! -$6! */%+%0($6! %$''$6%'$63! `0! -=-$8%! (;*&&$'! (*86! &$! (.6$'%?! -=8!
)+6*<$!$%!-$6!-*8+F'$6!.%*+$8%!A=--$!)=06!(+'+$R!*09=0'(;B0+!*%'=/B+.6!/*'!'*//='%!G!A$!20;+&6!*0'*+$8%!
([! ,%'$3! 7$8(*8%! 20$! 9$! A=--$8b*+6! G! $K*-+8$'! $%! G! -$! '$I$&&$'! A=8%'$! A$! 20$! 9;.%*+6! ($)$80?! -=8!
+8%$&&$A%! *)*+%! &0+! *066+! 6=0@@$'%! (0! -*0)*+6! 06*<$! 20$! 9;$8! @*+6*+6! $8! -;$8<*<$*8%! A=86%*--$8%! (*86!
($6! (+6/0%$6! $%! ($6! (+66$86+=86! *0! 609$%! ($! &*! '$&+<+=8! $%! $8! -$! /$'-$%%*8%! ($! (+6A=0'+'! *)$A!
(.6+8)=&%0'$3!5$!@*+6*+6!'+'$!&$6!<$863!L$6!B=--$6!$%!&$6!@$--$6!20$!9$!A1%=>*+6!-;*+-*+$8%?!-*+6!8$!-$!
'$6/$A%*+$8%! A$'%*+8$-$8%! /*63! M;=P! &;.%=88$-$8%! ($! A$0K! 20+! -$! A=88*+66*+$8%! &='620$! 9$! &$0'! /*'&*+!
(*86!&*!6>8*<=<0$!G!Y*R*'$%B3!
7$8(*8%!20$!-*!-F'$!-$!6=+<8*+%!/=0'!-$!'$-$%%'$!$8!I=8!.%*%?!9;0%+&+6*+!/0+66*--$8%!&*!A=88*+66*8A$!
$%!&;+&&0-+8*%+=8!20$!9;*)*+6!'$b0$6!(*86!&$!(.6$'%3!#$&*!'$6%*0'*!&;B=--$!20$!9;.%*+6!($6%+8.!G!,%'$3!
L='620$! 9$! A=--$8b*+! -*! -+66+=8?! 9;.%*+6! %=0%! G! @*+%! A=86A+$8%! 20$! 9;.%*+6! &$! 6$0&! G! /=66.($'! &*!
A=88*+66*8A$! 60/',-$! ($6! 6$A'$%6! ($! &*! A'.*%+=8! $%! ($! &;$K+6%$8A$! $&&$T-,-$3! 7*'! A=86.20$8%?! 9$!
/=0)*+6!(+'$!*)$A!08$!/*'@*+%$!A=8@+*8A$!X!C!7$'6=88$!(;*0%'$!8;*!)0!&$!C!7F'$!D!20$!-=+3!D!
5$!6*)*+6!20$!%=0%!A$!20$!&$6!B=--$6!A'=>*+$8%!($!%=0%!&$0'!Ae0'!.%*+%!@*0K!U!+''.$&3!!
5$! 6*)*+6! 20$!9;*)*+6! .%.! 6/.A+*&$-$8%!-=($&.!$%! A=8b0! /*'! &$! C!7F'$! D! /=0'! A$%%$!-+66+=8! 5;*)*+6! .%.!
*I=8(*--$8%! (=%.! (;.8$'<+$! /B>6+20$?! ($! )+%*&+%.! (*86! -=8! (+6A=0'6! $%! ($! &*! A*/*A+%.! (;+-*<+8$'! ($6!
/*'*I=&$6!6$86.$6!/=0'!-$!/$'-$%%'$!($!%'*86-$%%'$!&$!-$66*<$!*)$A!60AAF6!$%!6=06!08$!@='-$!20+!8$!
6$'*+%!9*-*+6!=0I&+.$3!
7*'! *+&&$0'6?! )0! 8=%'$! &=8<0$! *66=A+*%+=8?! 9$! A=-/'$8*+6! 6+! I+$8! -$6! A=-/*<8=86! 20$! 9$! A=88*+66*+6!
&$0'6!$6/=+'6!&$6!/&06!@=06?!&$0'6!A'*+8%$6!&$6!/&06!(.6$6/.'.$6!s!9$!6*)*+6!A$!20+!&$6!@*+6*+%!'+'$!$%!A$!20+!
606A+%*+%!&$0'6!-=20$'+$6!$%!&$0'!(.'+6+=8!*0!609$%!($6!'+AB$6!$%!($6!/'.%$8%+$0K!$%!9$!6*)*+6!*066+!G!20$&!
/=+8%! %*8%! ($! <$86?! 9$08$6! $%! )+$0K! A=8@=8(06?! 6=0@@'*+$8%! I'*)$-$8%! $%! $8! 6+&$8A$3! 5$! 6*)*+6! $%!
9;./'=0)*+6!08$!/'=@=8($!A=-/*66+=8!/=0'!&$!/$0/&$!20+!)+)*+%!(*86!&*!A'*+8%$!U!=0!20+!($)*+%!6+-/&$-$8%!
60//='%$'! &$6! iA=0/6! ($! @=0$%! )$'I*0K;! ($6! 7B*'+6+$86! $%! A=0'I$'! &;.AB+8$! ($)*8%! &$6! &=+6! @+6A*&$6! ($6!
S=-*+863! 5$! 6*)*+6! A=--$8%! &$0'! @+$'! $6/'+%! 90+@! .%*+%! -$0'%'+! /*'! &$6! /*g$86?! &$0'6! )*+820$0'6?! 20;+&6!
.%*+$8%!@='A.6!(;B=8='$'!($6!&F)'$6?!($6!-*+86!$%!/*'!($6!6*&0%*%+=86!G!<$8=0K?!-*+6!20;+&6!-./'+6*+$8%!
($''+F'$! &$6! /='%$6! A&=6$63! 5$! 6*)*+6! $%! A=-/'$8*+6! /*'@*+%$-$8%! &*! )+$! $%! &$6! /$86.$6! ($6! <$86! (0!
/$0/&$3!5;*)*+6!*0%'$@=+6!/$86.!A$!20;+&6!/$86*+$8%?!6$8%+!&$0'!'$66$8%+-$8%?!6=0@@$'%!&$0'!*8K+.%.!(*86!&$6!
/.'+=($6!($!-*820$?!9$!-;.%*+6!6$8%+!+-/0+66*8%!6=06!&*!/=+<8$!($!&*!(=-+8*%+=8!'=-*+8$3!
5$! 6*)*+6!-*+8%$8*8%! 20;*0A08$! ($! A$6! 6=0@@'*8A$6! 8;.%*+%! )'*+-$8%! 8.A$66*+'$3!V*AB*8%?! A=--$! 9$!&$!
6*)*+6?!&*!/0-1(#0!($!&;$K+6%$8A$?!&*!/0-1(#0)'+)2)3(.+)4)5&(6.7".1?!9$!/=0)*+6!A&*+'$-$8%!/$'A$)=+'!&*!@=&+$!
($6! *0%='+%.6! 90+)$6! 20+! +-/=6*+$8%! *0! /$0/&$! 08$! )+$! .A'*6*8%$! 20+! .%*+%! %=%*&$-$8%! @*066$! $%! $8!
A=8%'*(+A%+=8!(+'$A%$!*)$A!&*!807(#0)'9!#7.3!#$%%$!6+%0*%+=8!-$!-$%%*+%!%'F6!$8!A=&F'$3!!
7*'! A=86.20$8%?! 9$! 6*)*+6! 20$! 9;*)*+6! .%.! /*'@*+%$-$8%! @*b=88.! $%! *+<0+6.! /=0'! ($)$8+'! 08! +86%'0-$8%!
/0'+@+.! ($! &;`A%+=8! M+)+8$! $8! 7*&$6%+8$! U! (+'+<.! /*'! -*! /*66+=8! /=0'! &*! ZtSJEt! $%! /*'! -*! A=-/*66+=8!

!
!01234'#5625748'$9'-24'%;')<124<' EA' ,54415'='
/=0'! -$6! @'F'$6! B0-*+863! #;$6%! /=0'20=+! 9$! -$! 8=--*+! &$! C!c+&6! ($! &;B=--$!D?! /*'A$! 20$! 9$! 6*)*+6!
$K*A%$-$8%!A$!20$!&;B0-*8+%.!6$!@*+6*+%!G!$&&$T-,-$3!
W8!=0%'$?!9;*)*+6!08$!A=8@+*8A$!%=%*&$!$8!-=8!/=0)=+'!(;*%%$+8('$!-$6!=I9$A%+@6!(;*//='%$'!&*!Z.'+%.!*0K!
<$86!$%!($!A=8%'+I0$'!*+86+!G!AB*8<$'!&$0'!20*&+%.!($!)+$3!#;$6%!/=0'20=+?!I+$8!20$!9$!6066$!%'F6!I+$8!(F6!
&$! (.I0%! ($!-*!-+66+=8!20;+&! >! *0'*+%! 08$! /.8*&+%.! G! /*>$'! /=0'! %=0%! A$! 20$!9$!-$! /'=/=6*+6! ($!@*+'$! U!
-$%%'$!6$86!($6606!($66=06!&$!-=8($!90+@!A=880!U!9;.%*+6!/'./*'.!G!>!@*+'$!@*A$?!G!/*66$'!/*'!&G?!9$!8$!
/=0)*+6!-;>!6=06%'*+'$?!/*'A$!20$!9;*+-*+6!&$6!<$86!(;08!`QkjS!C!7F'$!D!20+!6;.A=0&*+%!G!%'*)$'6!-=8!
Ae0'! $%! -=8! ,%'$3! #*'! &;`QkjS! C!7F'$! D! $6%! &;$66$8A$! (0! MkY! U! 6$! (=88*8%! L0+T-,-$! (*86! &;,%'$!
)+6+I&$! $%! (*86! &;$K+6%$8A$! )+6+I&$! $%! (*86! &*! A'=+66*8A$?! &*! /'=%$A%+=8?! &*! 8=0''+%0'$?! &*! <0.'+6=8! $%! &*!
6*%+6@*A%+=8!($!%=06!&$6!I$6=+86!($!%=0%$!A'.*%+=8!'$8(0$!)+6+I&$3!
R4!51D135!@54!S123,-.!/4!890!85!Y!QO74!Z!,5!6456/4!)!,5!+9084!)!
6957!.90!.,/53!)=!
IKI!
<9++4!-/.!/4!.5669.,-403!43!/4!8-.,-403!8465-.!84.!.-O</4.!]!/4!.,/53!6,7!/,!650-3-90!2+-.!!
6,7!50!C-45!<957795<2!M!/140<90374!84.!62<?457.=!
J*(&!
!6957!.,5G47!/4.!A40.!84!/,!72623-3-90!@593-8-4004!84.!+F+4.!477457.!81504!640.24!4779024!)! @8;%
G;850;%P1@55;%C@3%6<0134%2;@<5%=1@Q9%2;@<%G1@D<;409%2;@<5%=121>3;5%;4%2;@<%=35R<;E!
Q,7<4!@54!S1,-+,-.!.-!679;9082+403!/,!7,<4!?5+,-04=!S123,-.!67F3!M!40.4-A047!43!M!A527-7!+,/A72!/,!
82;-,0<4! 84.! 67F374.! S5-;.E! R123,-.! 67F3! M! +957-7! .57! /,! <79->! 6957! <4! @54! S1,G,-.! G7,-+403! Y!G5!Z!
8,0.! /4! 82.473=! <4! @54! S4! .,G,-.! 84! 3953! +90! <^57=! 43! G95/,-.! 37,0.+43374! S5.@51M! /,! 8470-O74!
A95334!84!+,!<,6,<-32!M!/4!;,-74E!
bbbbbbbbbbbbbbbbbbbbbbbbbbb!
'K("*!"*!'#%($#!_L(!c($!C#%%(#%#!J*!D%LD([(d(KI!#$!$KL$!"#!%#&$#!C#!D#!_L#!'KL&!
*'#e!#I$#ICL=!D#!&KI$!C#&!(I'#I$(KI&!Q%K'#I*I$!C#!"*!Q%*$(_L#!RL('#!C#!f%g"#%!
C#&!K[[%*IC#&!C*I&!"#!$#JQ"#E!
bbbbbbbbbbbbbbbbbbbbbbbbbbbb!
R123,-.!50!890!85!Y!QO74!Z!M!/1?5+,0-32!6957!/1,-847!M!.57+90347!.90!-A097,0<4!84.!"9-.!84!
/1#>-.340<4!43!M!3795G47!/4!G7,-!D?4+-0!84!'-4!@5-!+40,-3!M!/,!S9-4=!M!/1,N908,0<4!43!M!/,!6,7;,-34!
-032A7-32!85!%9B,5+4!84.!D-45>E!
Z=+&G!20$&&$6!.%*+$8%!&$6!/$'A$/%+=86?!&$6!(.6+'6?!&$6!+8%$8%+=86?!&$6!I0%6!$%!&$6!/$86.$6!20$!9$!/='%*+6!(*86!
-=8! $6/'+%! $%! (*86! -=8! Ae0'3! #;.%*+%! &G! &*! 6%'0A%0'$! -$8%*&$T.-=%+=88$&&$! %$''$6%'$! 20+! B*I+&&*+%! -*!
A=86A+$8A$!6/+'+%0$&&$!A*AB.$!G!&;+8%.'+$0'!($!&*!%,%$!$%!(0!/$'6=88*<$!($!C!5.606!D3!!
#;.%*+%!-*!A=86A+$8A$!6/+'+%0$&&$?!A*8*&+6.$!(*86!&$6!/$86.$6!$%!&$6!6$8%+-$8%6!A+T($6606?!20+!-;+-/=6*+%!
($!-$!-$%%'$!$8!'=0%$!/=0'!08!AB$-+8$-$8%!($!%'=+6!*86?!*@+8!(;*//='%$'!*0!/$0/&$!A$!20+!T!9$!&$!A'=>*+6!
%=0%!G!@*+%!U!&$6!6*0)$'*+%!(.@+8+%+)$-$8%!($!&$0'!/$86.$!$%!($!&$0'6!6$8%+-$8%6!*)$0<&$6!20+!&$0'!A'.*+$8%!
08$! )+$! ($! %=0'-$8%63! 5$! /$86*+6! 6+8AF'$-$8%! 20$! 6+! &;=8! /=0)*+%! 6$0&$-$8%!-=8%'$'! *0K! <$86!%=0%! A$!
20;+&! -;*)*+%! .%.! (=88.! ($! A=-/'$8('$?! +&6! '.*&+6$'*+$8%! &$0'! @=&+$! (;*0%'$@=+6! $%! @$'*+$8%! %=06! &$6! $@@='%6!
/=66+I&$6! /=0'! AB*8<$'! &$0'! -*8+F'$! ($! /$86$'! $%! -$%%'$! &$! /+$(! 60'! &$! V$8%+$'! ($! &*! Z+$! -$8*8%! *0!
S=>*0-$!($6!#+$0K3!`!A$%%$!@+8?!9;.%*+6!/',%!G!(=88$'!-*!)+$3!

!
!01234'#5625748'$9'-24'%;')<124<' EB' ,54415'='
`! A*06$! ($! &*! -*0)*+6$! +8%$'/'.%*%+=8! 20;=8%! @*+%$! &$6! $86$+<8*8%6! 90+@6! ($! -*! -+66+=8?! -=8! )'*+!
-$66*<$!*!.%.!(.@='-.!90620;G!($)$8+'!-.A=88*+66*I&$!$%!&$!I0%!($!A$6!&$%%'$6!$6%!(;*//='%$'!*0K!<$86!
($!A$!Y=0)$&!`<$!&*!).'+%.!($!A$!20$!9;*+!)'*+-$8%!(+%!*0K!@=0&$6!$8!7*&$6%+8$3!
7*'!A=86.20$8%?!/=0'!$8!'$)$8+'!G!&*!8*''*%+=8!($!A$6!9=0'6?!/$'-$%%$RT-=+!($!)=06!'*-$8$'!G!08!9=0'!
/*'%+A0&+$'! 20+! /='%*! 6$6! @'0+%6! /*'-+! A$0K! 20+! -;.A=0%*+$8%! $%! &*+66*! 08$! +-/'$66+=8! (0'*I&$! (*86! &$6!
$6/'+%6!($!-$6!(+6A+/&$63!
M;*+&&$0'6?!A$!@0%!.<*&$-$8%!/=0'!-=+!08!9=0'!/*'%+A0&+F'$-$8%!6+<8+@+A*%+@3!
5$!-;.&=+<8*+!08!A$'%*+8!%$-/6!($!&*!/'$66+=8!($6!<$86!/=0'!*&&$'!(*86!&$6!A=&&+8$6!/'+$'!$%!-.(+%$'!/=0'!
'$AB*'<$'!-$6!I*%%$'+$6!6/+'+%0$&&$6!$8!.%*I&+66*8%!08!&+$8!/'=@=8(?!@='%!$%!/&06!/0+66*8%!*)$A!&$! Y!QO74!Z!
$8!-=+3!#$!&+$8!6;=I6A0'A+66*+%!6+!'*/+($-$8%!(*86!-*!A=86A+$8A$!20*8(!9$!-;=AA0/*+6!($!&*!@=0&$!20$!
9;.%*+6! ./0+6.3! W8! *''+)*8%! (*86! &*! A*)$'8$! 20$! 9;0%+&+6*+6! 20*8(! 9;.%*+6! (*86! A$%%$! '.<+=8?! 9$! '$%+'*+! &*!
/*+&&*66$! A*AB.$! 6=06! 08! '=AB$'! $%! -$! A=0AB*+! /=0'! (='-+'3! `0! &+$0! ($! -;$8(='-+'?! A$/$8(*8%?! 9$!
'$66$8%+6!&;+8@&0K!+--.(+*%!($!&*! '-4!C-G-04?!&$!Y!QO74!Z?!$%!&*!@*%+<0$!(+6/*'0%!*&='6!20$!-=8!='<*8+6-$!
6$!'$AB*'<$*+%!($!&*!Q5-..,0<4!20+!$6%!&*!&957<4!D72,37-<4!84!$953!#3743!
R4! +12/4G,-! 40! <90.<-40<4! 8,0.! 504! /5+-O74! 89724! 43! 6408,03! @54! S4! +12/4G,-.! 8,0.! <4334!
"5+-O74=! #//4! .4! 37,0.;97+,! .958,-0! 40! 504! N/,0<?457! 84.! 6/5.! 6574.! 43! S4! .5.! @54=! 40!
<90.<-40<4=!S123,-.!+,-0340,03!,77-G2!,5>!6973,-/.!84!/1#@5-/-N74=!@5-!.903!/,!8-+40.-90!#34704//4=!
L0-G47.4//4=!(0;-0-4=!826,..,03!39534!<90<463-90!84!/14.67-3!?5+,-0E!!
R19N.47G,-.!/,!"LJ(#%#!+,-.!0140!;,-.,-.!6,.!6,73-4=!84!+F+4!@51#//4!0123,-3!6,.!8,0.!39534!.,!
65-..,0<4!40!+9-=!65-.@54!<123,-3!/,!8-+40.-90!Y!C-45!Z!85!G-84=!/1-0<722!84!/1#@5-/-N74!L0-G47.4/E!
J,-.!#""#!<9++50-@5,-3!,G4<!+9-!43!+1-0;5.,-3!.90!*JKL%!74.6/408-..,03E!#//4!-+67-+,!
69573,03!40<974!504!;9-.!40!+9-!@51#//4!23,-3!/4!
679<4..5.!84!D72,3-90]Q47;4<3-90]c527-.90=!
"1*JKL%=!
72A-..,03!39534!4>-.340<4E!
R4! .5.! @54! 6,73953! 9X! 72A0,-3! /4! N4.9-0=! -/! B! ,57,-3! ;-0,/4+403! ,..95G-..4+403=! 3953! <9++4! /4.!
4,5>!.12<95/403!6957!74+6/-7!50!/,<E!
"M! 9X! 72A0,-3! /,! +-.O74=! -/! B! ,57,-3! 84! /,! S9-4=! 6,7<4! @54! <123,-3! /,! I*$L%#! 84! /1L0-G47.4/! 84!
.12<95/47!40!39534!<?9.4!G-G,034!8,0.!/4!N4.9-0=!6957!/5-!,6697347!,..95G-..4+403!43!S9-4E!
R4!.5.!@54!/M!9X!-/!01B!,G,-3!6,.!84!<79-..,0<4=!84.!<-7<90.3,0<4.!.57G-4087,-403!6957!679+95G9-7!
/,!<79-..,0<4E!
R4! .5.! @54! /M! 9X! -/! B! ,G,-3! 50! .403-+403! 812<?4<=! 84.! 82;-.! .4! 672.40347,-403! 6957! .3-+5/47! /4.!
A40.!M!,<<2847!,5!.5<<O.!43!M!/,!<90;-,0<4!40!45>E!!
!
R4! Y!G-.!Z! @54! <4! #$-/-)!% .B-N+J$! 6?8541==;84! 74<9++40<2! 6,7! /4! Y!QO74!Z! 8,0.! /,! G-4!
.57<?,7A24! 84.! A40.! 69577,-3! 04! 6,.! F374! 74<9005! <9++4! 50! Y!890! 81*JKL%!Z! 6,7! /4.!
72<-6-408,-74.E!(/!.4!695G,-3!@51-/.!.9-403!34//4+403!40;90<2.!8,0.!/457!,6,3?-4=!/457.!.403-+403.!
812<?4<!43!/457!<79B,0<4!@54!7-40!84!N90!04!69577,-3!S,+,-.!/457!,77-G47=!@51-/.!01,77-G47,-403!6,.!M!
G9-7!@59-!@54!<4!.9-3!8,0.!/,!G-4!,5]84/M!84!/457.!679674.!<79B,0<4.!43!84!/457.!.403-+403.!h!#3!
890<!-/.!74.347,-403!,0<72.!8,0.!/140;47!@51-/.!.4!<72,-403!45>]+F+4.E!

!
!01234'#5625748'$9'-24'%;')<124<' EC' ,54415'='
(/!23,-3!-053-/4!84!.4!.403-7!82.9/2!6957!@5-!@54!<4!.9-3E!",!.45/4!<?9.4!02<4..,-74!23,-3!50!<^57!
6/4-0! 84! <9+6,..-90! 43! /,! 82347+-0,3-90! 84! /457! ,6697347! /,! '27-32! 6957! /4.! A527-7! 84! /457!
-A097,0<4E!
!
"4!6/5.!A7,08!<,84,5!@54!695G,-3!9;;7-7!50!?9++4!M!50!,5374!23,-3!/1-//5+-0,3-90!@5-!/4!.973,-3!84!
/1-A097,0<4!84!/14>-.340<4!43!84!.4.!/9-.!<9.+-@54.!<,7=!40!'a%($a!\!
D?,@54! H+4! -08-G-854//4! 23,-3! 4+N7,..24! 8,0.! /1LI('#%&#"! 43! /4! 84A72! C#! QaIa$%*$(KI! C#!
"1LI('#%&#"! M! 37,G47.! /4! $%*'*("! C1*JKL%! Y!QO74!Z!8,0.! .,! G-4! 826408,-3! 403-O74+403! 84!/,!
72<463-G-32!84!/1-08-G-85E!
R4!72,/-.,-!@54!<4!@54!/4.!A40.!,G,-403!50!N4.9-0!57A403!8140340874!23,-3!<4!@5-!G40,-3!84!+1F374!
8-3E!!
(/.! ,G,-403! N4.9-0! 84! Y!G9-7!Z! 43! 84! 72,/-.47! 6/4-04+403! 2B384;843?8=! /4! S@4! 43! /4! G?4;843;2! 84!
/1*JKL%=!@5-!23,-3!/,!.5N.3,0<4!+F+4!84!/457!F374E!*!<,5.4!84!/457!-0<7285/-32=!-/.!,//,-403!6453]
F374!74S4347!/4!#$-/-)!%.B-N+J$!Y!QO74!Z=!@5-!74672.403,-3!M!/457.!B45>!84.!Y!82;-.!895/45745>!Z!
43!890<!.1-++9N-/-.47!M!S,+,-.!8,0.!/457!;,-//-34E!
R4! G-.!+,-0340,03!40<974!6/5.!</,-74+403!@54!S1,G,-.!232!40G9B2!6957!2G4-//47!/4.!A40.!M!39534.!
/4.! 69..-N-/-32.! 84! 82G4/9664+403! 647.9004/=! 84! 679.627-32! 43! 84! 72,/-.,3-90! 84! /,! S9-4! 43! 85!
N90?457=!+,-.!@54!<4!.47,-3!M!45>!84!.4!72G4-//47!43!84!679;-347!84!<4!@5-!/457!23,-3!9;;473E!!
5$!-$!6=0)+$86!20$!A$%%$!.&.)*%+=8!(0'*!%=0%$!&*!80+%!$%!20$!&$!-*%+8!60+)*8%?! S4!+4!/4G,-!40!+4!.403,03!
6/5.!G-G,03!20$!9*-*+63!Q=8!-$66*<$!*)*+%!.%.!A&*'+@+.3!
5;*)*+6!)0!$8A='$!/&06!A&*+'$-$8%!&*! $012340!(0!Y!QO74!Z!$%!9$!606!20$!9$!6$'*+6!A*/*I&$!(;*&&$'!A$!9=0'T&G!
G!&*!'$8A=8%'$!($6!@=0&$6!$%!($!&$0'!%'*86-$%%'$!&*!/0+66*8A$!$%!&*!)+$!($!A$!20+!-;*)*+%!.%.!-=8%'.3!
`&='6! 20$! 9$! '$($6A$8(*+6! ($! &*! A*)$'8$?! 9;*''+)*+! G! 08! <'*8(! '=AB$'! 60'/&=-I*8%! 08! <'*8(! /'.A+/+A$3!
L='620$!9$!-;*66+6?!9$!/06!)=+'!%=0%!$8!I*6!&*!)+&&$!20$!8=06!($)+=86!)+6+%$'!A$!9=0'T&G3!
5$!/06!6$8%+'!A$!C!7'=A$6606!($!7$'@$A%+=88$-$8%!D uv!T!A$%%$!J-/0&6+=8!($!C!#=-/&.%+=8!D uw!U!&$!Y!QO74!Z!
U!-$!%'*)$'6$'!$%!9$!8$!(.6+'*+!/&06!20;08$!AB=6$?!&$!%'*86-$%%'$!G!(;*0%'$6!*)*8%!20$!&$6!/'=I&F-$6!($!&*!
)+$! 20=%+(+$88$! 8$! &$! $%! 20;+&! /$'($! ($! 6*! /0+66*8A$! $%! ($! 6*! @='A$! +-/.'+$06$! G! &;+8%.'+$0'! ($! -*!
A=86A+$8A$!B0-*+8$3!
J4.!8-.<-6/4.!+4!74S9-A0-7403!50!-0.3,03!6/5.!3,78E! W8!$8%'*8%!(*86!&*!)+&&$?!+&6!/*'&F'$8%!*0K!<$86!$%!
='(=88F'$8%! *0K! @=0&$6! 20+! 6$! '*66$-I&*+$8%! ($! 6$! '$8('$! )$'6! 08! %$''*+8! $8! /$8%$! 20+! 6$! %'=0)*+%!
($''+F'$!&$6!B*I+%*%+=863!
M$I=0%!60'!08!<'*8(!'=AB$'!*0!-+&+$0!(;$0K?!9$!A=--$8b*+!G!/*'&$'3!!
5$!(.A=0)'+6!20$?!%=0%!G!&*! @=+6?!/*66+=8!$%!9=+$!U!*6/+'*%+=86?!(.6+'!*'($8%!$%!A=8)+A%+=8!6$!'./*8(*+$8%!
6/=8%*8.-$8%!(*86!&$6!/*'=&$6!20$!9$!&$0'!*('$66*+63!
T! Z=06! ,%$6! A'0$&&$-$8%! ./'=0).6! $%! )=06! ,%$6! &*63! Z=6! AB*'<$6! 6;*AA0-0&$8%! *)$A! &;N<$?! )=06! *)$R!
6=0)$8%!&$!)$8%'$!)+($?!)=6!B*I+%6!6;06$8%!90620;G!&*!A='($?!&$6!<$86!)=06! +''+%$8%!$%!+&!)=06!6$-I&$!20$!
)=6!%=0'-$8%6!$%!)=%'$!*I*%%$-$8%!8;=8%!/*6!($!@+83!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
uv
!i7$'@$A%+8<!7'=A$66;!
uw
!iQ*p+8<!xB=&$;!"&+%%3!'$8('$!A=-/&$%4!

!
!01234'#5625748'$9'-24'%;')<124<' ED' ,54415'='
T! Q*+6! A$! 8;$6%! /*6! &*! ).'+%.! A=8A$'8*8%! )=%'$! $K+6%$8A$3! Z=%'$! )+$! .%*+%! A$86.$! ,%'$! %'F6! (+@@.'$8%$3! V+!
6$0&$-$8%!)=06!/=0)+$R!)=+'!*0T($&G!($!)=6!6$8%+-$8%6!U!6+!6$0&$-$8%!)=06!/=0)+$R!.&$)$'!)=%'$!$6/'+%!
/=0'!)=06!'$&+$'!*0! Y!QO74!Z!$8!)=06?!)=06!6$'+$R!A*/*I&$6!($! Y!G9-7!Z!$%!($!Y!.,G9-7!Z!A$!20$!($)'*+%!
,%'$!)=%'$!$K+6%$8A$3!Z=06!'.*&+6$'+$R!20$!)=06!*)$R!.%.!A'..6!/=0'!9=0+'!($!&;*I=8(*8A$?!($!/'=%$A%+=8?!
(;08$!I=88$!6*8%.!$%!(0!I=8B$0'3!!
T!Q*+6!A=--$!)=06!)+)$R!20=%+(+$88$-$8%!(*86!&*!A'*+8%$!(0!C!I+$8!$%!(0!-*&!D!$%!20$!)=06! <79B4V!$%!
4.<9+634V!20$!A$&*!)*!)=06!*''+)$'!T!/&06!20$!)=06!8$!A'=>$R!20$!&$! Y!QO74!Z!$6%!'(#!$%!*JKL%!$8!
*I=8(*8A$!$8!)=06?!)=06!*AA='(*8%!%=0%!A$!(=8%!)=06!*)$R!I$6=+8!/=0'!)=%'$!6*8%.!$%!)=%'$!I+$8T,%'$!T?!
A$!6=8%!&$6!$K/.'+$8A$6!C!(0!I+$8!$%!(0!-*&!D!20$!)=06!A'*+<8$R!&$!/&06!20$!)=06!*%%+'$R!(*86!)=%'$!)+$!$%!
)=%'$! A='/63! Z=6! A'=>*8A$6! $8! C!&$! I+$8! $%! &$! -*&!D! =I6A0'A+66$8%! U! SW#kjZSWYE! U! %=0%! A$! 20$! &$!
Y!QO74!Z!)=06!'.6$')$!6+!6$0&$-$8%!)=06!/=0)$R!A'=+'$!$8! Y!/1*JKL%!85!QO74!Z!d!
]! '95.! S5A4V! G9374! 672.403! 43! G95.! ,334084V! 84! G9.! /4084+,-0.! <4! @54! G95.! ,G4V! 4>627-+4032!
8,0.!/4!6,..2E!D14.3!6957@59-!G9.!3957+403.!6,..2.!.4!6476235403!8,0.!/4!;5357E!
]!'95.!F34.!4.</,G4.!84!G9.!.95G40-7.!43!84!G9374!<79B,0<4!-02N7,0/,N/4!@54!<4!@5-!;53!89-3!F374!
40<974!43!40<974!6957!G95.!3957+40347!43!G95.!;,-74!85!+,/E!
T%)2%8;%D?@5%;54%G15%806;5513<;%>;%U@0<3<%D?4<;%6?<G5%?@%>;%<;8><;%D?4<;%D3;%=;322;@<;9%32%D?@5%P1@4%
U@0<3<%>;%D?5%6<?V186;5%W%
]!R4!G95.!,-!8-3!@51-/!01B!,!7-40!84!.9/-84!.95.!/4!.9/4-/E!
T! V+! )=06! /=0)+$R! <0.'+'! ($! )=6! A'=>*8A$6?! &$6! *&+<8$'! 60'! &*! G27-3,N/4! (03403-90! 85! Y!QO74!Z! G! )=%'$!
.<*'(?!&$6!@*066$6! A'=>*8A$6! <=0)$'8*8%! )=%'$! A='/6! $%!)=%'$! )+$! 6$! (+66+/$'*+$8%!A=--$! I'=0+&&*'(! *0!
6=&$+&3!
T!Z=%'$!)+$!-,-$!'$%=0'8$'*+%!+--.(+*%$-$8%!G!/1(03403-90!C-G-04!6=06T9*A$8%$!G!%=0%$!A'.*%+=83!!
T!Z=06!(.A=0)'+'+$R!20$!/=0'!AB*20$!(+@@+A0&%.?!/=0'!%=0%$!A*'$8A$?!($!20$&20$!6='%$!20;$&&$!6=+%?!+&!$K+6%$!
%=09=0'6!08!-=>$8!($!@*+'$!A$66$'!&*!(+@@+A0&%.!s!)=%'$!/*8+$'!6$!'$-/&+'*+%!%=09=0'6!/=0'!'./=8('$!G!)=%'$!
I$6=+83!
T!_0$!/$86$R!)=06!20;+&!*()+$8%!&='620$!&$6!-*&*($6!)+$88$8%!G!-=+!$%!20$!9$!&$0'!+-/=6$!&$6!-*+86!a!
T!#'=>$RT)=06!20$!9$!/$86$!G!&*!-*&*(+$!$%!-$!($-*8($!6+!&*!/$'6=88$!)*!<0.'+'?!60+6T9$!(*86!&*!A'*+8%$!
20$!&$!Y!QO74!Z!(='-$!=0!6=+%!6+!&=+8!20;+&!8$!-;$8%$8($!/*6!a!
T!Y=8?!6+!%$&&$6!.%*+$8%!-$6!/$86.$6!(;+8A'.(0&+%.?!+&!8;>!*0'*+%!*0A08$!<0.'+6=83!
T!L='620;08$!/$'6=88$!-$!($-*8($!($!&*!<0.'+'?!9$!-$!'.9=0+6!+--.(+*%$-$8%!/*'A$!20$!9$! .,-.!20$!&*!
Q5-..,0<4!20+!$6%!&$! Y!QO74!Z!$6%!$8!-=+?!/',%$!$%!*%%$8(*8%?!/=0'!<0.'+'?!20$!9$!&$! ($-*8($3!5$!'$8(6!
<'NA$6! /*'A$! 20$! 9$! .,-.! 20$! &*! '9/9032! 85! Y!QO74!Z! $6%! .,032?! $%! 8=8! -*&*(+$3! `+86+?! 9$! /'+$! 20$! &*!
'9/9032!85!Y!QO74!Z!6;*AA=-/&+66$!(*86!&$!-*&*($3! Q408,03!@54!S140/OG4!/,!<79B,0<4!40!/,!+,/,8-4!
85! <976.! 85! +,/,84! 43! @54! S4! &*(&! @54! /,! Y!'9/9032! 84! .,032! 85! QO74!Z! .12<95/4! 8,0.! .90!
.B.3O+4=!-/!40!G,!84!+F+4!84!.90!,66,740<4!)!2B1GG1<;86;!>;%=121>3;%5;%4<185P?<=;%;8%<012340%>;%
H%*1840%XR<;%K%;4%2;%6?<G5%<;>;D3;84%384RU<;E!
T%!1%=121>3;%8B;54%<3;8%>B1@4<;%C@B@8;%S1355;%>;%D3412340%T%@8;%<0>@643?8%>;%21%/)"%Y%>185%21%G1<43;%
1PP;640;O%%4.3,574V!/,!Y!'-4!QO74!Z!8,0.!/,!G27-3,N/4!(03403-90!43!8,0.!/4!Q/,0!84!G9374!.B.3O+4=!43!
3953!/4!.B.3O+4!;90<3-9004!<9++4!-/!/4!84G7,-3E!!
T! k8! )=06! (+%! 20$! M+$0! $8)=+$! ($6! -*&*(+$6?! ($6! /&*+$6?! &*! @*-+8$?! &*! ($6%'0A%+=8! *0K! 8*%+=86! 20+! 8$!
'$6/$A%$8%!/*6!6$6!&=+6?!=8!)=06!(+%!20$!)=06!,%$6!/08+6!/*'!08!M+$0!A=0''=0A.!/=0'!&$6!/.AB.6!20$!)=06!

!
!01234'#5625748'$9'-24'%;')<124<' =F' ,54415'='
A=--$%%$R3! J,-.! @514.3]<4! @54! /,! 650-3-90=! 53% 6;% 8B;54% P13<;% 2;% =12! .95.! /4! 82A5-.4+403! 84! /,!
N9032!i!R4!)=06!(+6!20$!&$!-*&!8$!)+$8%!/*6!($!M+$03!#=--$8%!M+$0!/=0''*+%T+&!6$!/*'%*<$'!$8!($0K!U!&$!
I+$8!$%!&$!-*&!a!
T!#$!8;$6%!20$!(*86!)=%'$!$6/'+%!20$!)=06!A=8A$)$R!&$!I+$8!$%!&$!-*&?!A$!8;$6%!20$!(*86!)=%'$!Ae0'!20$!
)=06!&$!/$86$R!$%!&$!6$8%$R3!#$6!/$86.$6!$%!A$6!6$8%+-$8%6!8;=8%!'+$8!G!)=+'!*)$A!&$!).'+%*I&$!M+$0!20+!
$6%!&$!Y!QO74!Z!$8!)=06?!)=06!*//='%*8%!%=0%$!I=88$!AB=6$!6+!6$0&$-$8%!)=06!)=0&$R!A'=+'$!20;+&!$8!$6%!
*+86+3!
T! #;$6%! )=%'$! A'=>*8A$! $8! &$! I+$8! $%!&$!-*&?! $%!&$! I+$8! $%!&$!-*&! 20+!'.6+($8%! (*86! )=%'$! Ae0'?! 20+! )=06!
*//='%$8%!)=6!-*&*(+$63!!
T!W8!'.*&+%.?!)=06!)+)$R!(*86!&$!S=>*0-$!($6!#+$0K!$%!&$!S=>*0-$!($6!#+$0K!$6%!$8!)=06?!$%!)=06!,%$6!
<=0)$'8.6!/*'!&$! Y!QO74!Z?!-*+6! /*'A$! 20$! )=06!A'=>$R!*0K!/08+%+=86!($!M+$0?! /*'A$!20$! )=06!A'=>$R!
20$! 6$0&6! ($6! 6*A'+@+A$6! (*86! &$! E$-/&$! )=06! 6*0)$'=8%?! /*'A$! 20$! )=06! A'=>$R! 20$! )=06! ,%$6! &$6!
B.'+%+$'6!($!&*!-*&*(+$?!($!&*!/*0)'$%.!$%!($!&*!-+6F'$?!)=06!A'.$R?!*)$A!)=%'$!$6/'+%?!&$6!AB=6$6!-,-$6!
20$!)=06!8$!)=0&$R!/*63!
T! Y$! 6=>$R! /*6! *I*%%06! U! '.9=0+66$RT)=06! $%! 6=>$R! B$0'$0K! $%! .,<?4V! 20$! A$0K! 20+! )+)$8%! (*86! &$!
I$6=+8?!&=+8!(;,%'$!/08+6!$%!*I*8(=88.6!($!M+$0?!-,-$!6;+&6!=8%!/.AB.?!6=8%!).'+%*I&$-$8%!I.8+63!
T!L;B=--$!20+!8$!/=66F($!'+$8!$6%!'+AB$!($!&*! Q5-..,0<4!(0!Y!QO74!Z?!6+!6$0&$-$8%!+&!";.A=0%$?!"5-!@*+%!
A=8@+*8A$!$%!)+%!$8!"5-3!
T!#*'!&='620$!)=06!*)$R!&$!)$8%'$!/&$+8?!20$!)=%'$!A='/6!A=88*O%!&$!I+$8T,%'$!$%!20$!)=06!*)$R!&;$6/'+%!$%!&$!
Ae0'!$8!/*+K?!)=06!8;*)$R!*I6=&0-$8%!/*6!I$6=+8!G!A$!-=-$8%!20$!&$! Y!QO74!Z!($)+$88$!*A%+@!$8!)=06!
/=0'!6*%+6@*+'$!)=6!I$6=+863!Z=06!A'=>$R!20$!)=6!/'=/'$6!/$86.$6!$%!)=6!-*+86!6*%+6@=8%!*+6.-$8%!G!)=6!
I$6=+86?!($! 6='%$!20$!20*8(! )=06!/*'&$R!($!M+$0?!)=06!8$!/=0)$R!/*'&$'!20$!($!A$!20$!)=06!$8!*)$R!
$8%$8(0!(+'$!/*'!(;*0%'$6!U!)=06?!)=06T-,-$?!8;*)$R!*0A08$!$K/.'+$8A$!(+'$A%$!($!M+$03!
T! Z=>$R! &$6! '+AB$63! J&6! 6;*%%*AB$8%?! 6=-I'$8%! $%! 6;$8&+6$8%! (*86! &$0'6! /'=/'$6! '+AB$66$63! J&6! 6$! &F)$8%! &$!
-*%+8!$%!)=8%!G!&$0'!&*I$0'!20=%+(+$8!6*86!'+$8!6*)=+'!($!&*! Q5-..,0<4!85!Y!QO74!Z!$8!$0K3!J&6!/$86$8%!G!
A$! 20+! *AA'=O%'*! &$0'6! '+AB$66$6?! G! A$! 20+! /=0''*! '$8@='A$'! &$0'! C!-=+!D!s! +&6! (=88$8%! ($6! ='('$6! 20+!
60'AB*'<$8%!A$0K!20+!&$6!6$')$8%?!+&6!)+)$8%!&$0'!)+$!A=8@='-.-$8%!G!&$0'!/'=/'$!AB=+K3!`+86+?!/*'A$!20;+&6!
/0+6$8%! &$0'! )+$! &+-+%.$! (*86! &$0'! 6$0&$! /$86.$! B0-*+8$! &+-+%.$! 20+! .-*8$! ($! &$0'! $6/'+%! $%! &$0'! Ae0'!
/B>6+20$6?! +&6! %=-I$8%! -*&*($6! $%! )+)$8%! *0%*8%! ($! -+6F'$! 20$! &;B=--$! 20+! 8$! /=66F($! '+$83! J&6! 8$!
'.*&+6$8%! /*6! 20;+&6! 8$! )+)$8%! 20;G! -=+%+.! /*'A$! 20;+&6! 8$! 6=8%! /*6! $8! A=8%*A%! *)$A! &*! &KL%D#!C#! "*!
'(#?!&$!Y!QO74!Z!$8!$0K!s!8+!8$!)=+$8%!9*-*+6!20$!%=0%!&$!I+$8!20+!$6%!)$80!(*86!&$0'!)+$!8;$6%!/*6!($!&$0'!
+8)$8%+=8?!-*+6!$6%!"1jL'%#!C1*JKL%!(0!Y!QO74!Z!A*AB.$!$8!$0K3!
T!L$6!(+'+<$*8%6!6/+'+%0$&6!6=8%!G!&i*+6$!(*86!&$0'!A=8@='%!$%!&$0'!/=6+%+=8!(;*0%='+%.3!J&6!8;=8%!I$6=+8!($!'+$8!
($! /&06! 20$! &$0'! /'=/'$! 6*%+6@*A%+=8! /B>6+20$3! 7*'A$! 20;+&6! 8;=8%! /*6! ($! A=88*+66*8A$! /$'6=88$&&$! ($!
M+$0?! +&6! (=+)$8%! &+'$?! (*86! &$0'6! L+)'$6! V*A'.6?! &$6! /*'=&$6! ($! 6*+8%6! /'=8=8A.$6! +&! >! *! -+&&$! *86! $%! +&6!
(+6$8%!*0!/$0/&$!A$!20;+&6!/$86$8%!20$!A$6!/*'=&$6!6+<8+@+$8%3!
T!Q*+6!%=0%!A$!20;+&6!(+6$8%!$6%!%+'.!($!&$0'!/$%+%!$6/'+%!$-/'+6=88.!(*86!&$!A=8@='%!($!&$0'!)+$!$%!6$!/$'(!
(*86!&;*%%$8%$!($!A$!20;+&6!-*8<$'=8%!$%!I=+'=8%!$%!($6!),%$-$8%6!(=8%!+&6!6$!/*'$'=8%!/=0'!+-/'$66+=88$'!
&$6! <$863! J&6! 8$! 6*)$8%! '+$8! ($! &;+86/+'*%+=8! 20+! *! (=88.! 8*+66*8A$! *0K! /*'=&$6! /'=8=8A.$6! /*'! &$6!
/'=/BF%$6!%=06!A$6!6+FA&$6!/*66.6!s!8+!8$!6*)$8%!6+!A$6!/*'=&$6!6=8%!A$!20$!)=06!*)$R!I$6=+8!(;$8%$8('$!
$8!A$!-=-$8%?!A*'!&$6!%$-/6!=8%!AB*8<.3!

!
!01234'#5625748'$9'-24'%;')<124<' =E' ,54415'='
T! #'=>$RT-=+?! &$6! '+AB$6! $%! &$6! (+'+<$*8%6! '$&+<+$0K! 6=8%! %'F6! )$'6.6! (*86! &$6! AB=6$6! %$''$6%'$6! $%! 8$!
)$0&$8%! /*6! (.'=<$'! G! A$! 20;+&6! A=86+(F'$8%! ,%'$! 6['! $%! .%$'8$&! (*86! &$0'6! %'*(+%+=86! $%! &$0'6! /'*%+20$63!
E=0%$!(.)+*%+=8!6$A=0$'*!&$6!@=8(*%+=86!($!&$0'6!A'=>*8A$6!$%!/*'!A=86.20$8%!($!&$0'!)+$?!$%!A;$6%!*+86+!
20;+&6!A=86%'0+6$8%!($6!(.@$86$6!-$8%*&$6!A=8%'$!&;+8@&0K!($!&*! Q5-..,0<4!(0!Y!QO74!Z3!W0K!*066+!%=-I$8%!
-*&*($6! $%?! G! &$0'! -*8+F'$?! A=88*+66$8%! &*! -+6F'$! A=--$! )=06! 20+! 8$! A=88*+66$R! /*6! &$! A=8@='%!
%$''$6%'$3!
T!J&!8;>!*!/*6!($!(+@@.'$8A$!$8%'$!)=06?!20+!/=66.($R!/$0!(*86!&*!)+$?!$%!A$0K!20+!=8%!%=0%?!A*'!'+AB$6!$%!
/*0)'$6!A=8@=8(06!%=-I$8%!-*&*($6?!6$!@=8%!($6!$88$-+6?!6$!'$%'=0)$8%!6$0&63!
T!Q*+6!)=%'$!/=%$8%+$&!$6%!.8='-$!/=0'!*A20.'+'!(*)*8%*<$!20$!8$!/=0''=8%!9*-*+6!$6/.'$'!*A20.'+'!&$6!
'$&+<+$0K!$%!&$6!'+AB$6?!$8!6*8%.?!I=8B$0'?!*-+%+.?!'.*&+6*%+=8!($!&*!)+$!20$!)=06!*)$R!AB=+6+$3!W%!&='620$!
%=0%!6$'*!*AA=-/&+?!)=06! 51@<;Z%C@;%2;5%?GG?<4@834059%21%61G163409%2B385G3<143?8!6$'=8%!%=0%$6!)$80$6!
(0!Y!QO74!Z!40!G95.=!/*'A$!20$!)=06!.,574V!20$!)=06!8;*0'+$R!9*-*+6!/0!@*+'$!($!%$&&$6!AB=6$6!6+!)=06!
8;*)+$R! /*6! ($-*8(.! *0! Y!QO74!Z! $8! )=06! ($! )=06! *+($'! G! 0%+&+6$'! %=06! )=6! %*&$8%6?! ($! '$-/&+'! )=6!
*66+$%%$6!($!8=0''+%0'$?!($!)=06!-$%%'$!($6! B*I+%6!60'!&$!(=6!$%!(;*660'$'!&$!I=8B$0'! $%!08$!I$&&$!)+$!G!
)=6!$8@*8%63!
T!E=0%$6!A$6!AB=6$6?!&$!Y!QO74!Z!&$6!;47,!/=0'!)=06?!6+!6$0&$-$8%!)=06!($-*8($R!U!$%!A'=>$R!U!$%!6*)$R!
U! $%! )=06! '*//$&$R! $8! %=0%! %$-/6! U! 20$! A;$6%! &*! Y!I,3574! 85! QO74!Z! ($! A'.$'! /0+6! ($! /=0')=+'!
*I=8(*--$8%!*0K!I$6=+86!($!%=0%$!&,!A'.*%+=83!
T! E=0%! A=--$! )=06! 8$! /'+)$'+$R! /*6! )=&=8%*+'$-$8%! )=6! $8@*8%6! ($6! AB=6$6! (=8%! +&6! =8%! I$6=+8?! *+86+!
)=%'$!Y!QO74!Z!8$!)=06!/'+)$!9*-*+6!)=&=8%*+'$-$8%!($!%=0%!A$!(=8%!)=06!*)$R!I$6=+8!/=0'!20$!)=%'$!)+$!
6=+%! B$0'$06$3! V+! )=06! ,%$6! /*0)'$?! A;$6%! /*'A$! 20$! )=06! 8;*)$R! /*6! $8A='$! A=-/'+6! &*! 0,3574! (0!
Y!QO74!Z`! 8+! 8;*)$R! A=-/'+6! 20$! )=06! ($)$R! %'*)*+&&$'! ,G4<! &$! Y!QO74!Z! /=0'! 60I)$8+'! G! )=6! I$6=+863!
Z=06! ($)$R! 6*+6+'! +--.(+*%$-$8%! &$6! 9<<,.-90.! 8-G-04.! 20+! )=06! 6=8%! /'.6$8%.$6! /=0'! )=06! *+($'! G!
*)*8A$'3!
T!V+!6$0&$-$8%!9$!/=0)*+6!)=06!-=8%'$'!$%!)=06!@*+'$!)=+'!$%! <79-74!20$!20*8(!)=06!)=06!&*-$8%$R?!)=%'$!
%'+6%$66$!$6%!A=880$!(0!Y!QO74!Z3!W8!%$-/6!)=0&0?!)=%'$!%'+6%$66$!6$!AB*8<$'*!$8!9=+$?!6+!6$0&$-$8%!)=06!
)=06! %=0'8$R! )$'6! &$! Y!QO74!Z! $%! =I6$')$R! &$! %'*)*+&! 20;*AA=-/&+%! Y!/1*+957! QO74!Z! $8! )=063! Z=06!
(.A=0)'+'$R!08!A=8@='%!20+!(./*66$!%=0%!A$!20$!)=06!/$86+$R!/=66+I&$3!
U! _0$! )=06! ,%$6! I+$8B$0'$0K! 6+! )=06! ,%$6! *@@*-.6! $%! *66=+@@.6?! A*'! )=6! I$6=+86! 6=8%! A=8806! (0!
Y!QO74!Z3!#$6!I$6=+86!6$'=8%!6*%+6@*+%6!6+!)=06!A$66$R!($!<.-+'!$%!A=--$8A$R!G!/'+$'!&$! Y!QO74!Z!$%!&0+!
($-*8($'!U!$8!A'=>*8%!20$!)=06!'$A$)'$R3!
U! #=--$8%! /=0)$RT)=06! A'=+'$! 20$! /=0'! -*8<$'! $%! ,%'$! B*I+&&.! A=--$! +&! 6$! (=+%?! +&! @*0%! (;*I='(! )=06!
'$8('$!*0!E$-/&$!$%!I'[&$'!($6!=@@'*8($6!/'=)$8*8%!($6!A'.*%0'$6!)+)*8%$6!-,-$!(0!7F'$!/=0'!20;$&&$6!
/*+$8%!/=0'!)=6!/.AB.6!a!Y$!)=>$RT)=06!/*6!20$!&$6!A'.*%0'$6!)+)*8%$6!20$!)=06!I'[&$R!=8%!.%.!A'..$6!
/=0'!9=0+'!($!&*!)+$!*066+!I+$8!20$!)=06T-,-$6!*)$R!.%.!A'..6!/=0'!9=0+'!($!&*!)+$!a!W&&$6!=8%!.%.!A'..$6!
/=0'!,%'$!08$!I.8.(+A%+=8!$%!I.8+$6!60'!A$%%$!%$''$!%=0%!A=--$!)=06!,%$6!8.6!/=0'!,%'$!08$!I.8.(+A%+=8!
$%!I.8+6?!A*'!A;$6%!&*!0,3574!($!Y!/1*+957!QO74!Z!'.).&.$!(*86!&,!A'.*%+=83!
U! &-! G95.! G95.! 7,664/4V! @54! Y!<4! @54! G95.! <79B4V! .-0<O74+403!Z! 4.3! 6;! @54! G95.! 74<4G4V=! 04!
G9B4V]G95.!6,.!@54!<4334!<79B,0<4!S5-G4!84.!.,<7-;-<4.!84!<72,3574.!G-G,034.!8,0.!/4!$4+6/4!04!
G95.!,6697347,!7-40!81,5374!@54!84!/,!+-.O74!i!

!
!01234'#5625748'$9'-24'%;')<124<' ==' ,54415'='
]!D79B4V!40!/,!650-3-90!43!/,!650-3-90!.47,!<4!@54!G95.!74<4G74VE!D79B4V!@54!/4!;,-3!84!3547!43!84!
82375-74!4.3!/4!N90!+9B40!81,334-0874!C-45!43!<14.3!<4!@54!G95.!G-G74V!)!+,..,<74!43!84.375<3-90E!
T!V+!)=06!*)$R!@*+-!$%!6=+@?!A;$6%!/*'A$!20$!)=06!)=06!(.%=0'8$R!(0! Y!QO74!Z!20+!$6%!$8!)=063!
T! W8! A.(*8%! G! ($6! /$86.$6! $@@'*>*8%$6?! G! &;*8K+.%.! $%! G! ($6! 6$8%+-$8%6! ($! (.6$6/=+'?! G95.! A'.$R! &$6!
A=8(+%+=86! -,-$6! 20$! )=06! (.6+'$R! AB*8<$'3! #;$6%! G! )=06T-,-$6! 20$! )=06! @*+%$6! A$6! -*0)*+6$6!
AB=6$63!
T!7*'!A=86.20$8%?!)=06!,%$6!$8A='$!/&06!I.8+6!&='620$!)=06!*)$R!@*+-!$%!6=+@!($!I=8%.!$%!($!A=8%*A%!*)$A!
&$!Y!QO74!Z!$8!)=06?!/*'A$!20;*&='6?!)=06!$8!6$'$R!6['$-$8%!'$-/&+6!A$8%!@=+63!
T! H+$8B$0'$0K! 6$'$RT)=06! 20*8(! )=06! 6$'$R! *%%*20.6! $%! )=&.6?! /*'A$! 20;$8! )=06! %$8*8%! (*86! 08$!
/*'@*+%$!A=8@+*8A$?!)=06!)$''$R!C!M+$0T$8T*A%+=8!D!$%!)$''$R!6$!/'=(0+'$!&*!(.&+)'*8A$3!!
T! H+$8B$0'$0K! 6$'$RT)=06! 20*8(! )=06! 6$'$R! /'+6! (*86! 08! A=8@&+%! $%! /=0''$R! %=0%! ($! -,-$! *)=+'! ($! &*!
6=&&+A+%0($! /=0'! )=%'$! /'=AB*+8! $%! ,%'$! &$! /*A+@+A*%$0'3! Z=06! /='%$R! $8! )=%'$! Ae0'! &;*-=0'! 20+! )+$8%! (0!
Y!QO74!Z!$%!)=06!,%$6!)'*+-$8%!08!$8@*8%!(0!Y!QO74!Z3!
T!H+$8B$0'$0K!6$'$RT)=06!&='620$!)=06!*0'$R!.%.!/'=@=8(.-$8%!&.6.6!/*'!*0%'0+?!-*+6!/=0''$R!/*'(=88$'!
$%!-=8%'$'!($!&*!-+6.'+A='($?!)=06!*I6%$8*8%!($!($-*8($'!906%+A$!=0!&$6!-=>$86!($!&$!/$'6.A0%$'3!Z=06!
)=06! -$%%'$R! (+'$A%$-$8%! $8! B*'-=8+$! *)$A! &;*-=0'! 20+! $6%! C!M+$0T*A%+@T$8T)=06!D! $%! A;$6%! *+86+! -,-$!
20$!)=06!6$'$R!./*'<8.!(*86!&$6!%$-/6!*<+%.63!
]!"4.!6/5.!N20-.!84!395.!.903!/4.!657.!84!<^57=!<,7!-/.!.4!.903!82N,77,..2.!84!39534!<9/O74=!?,-04=!
G-08-<34=! +2<?,0<432=! 40G-4=! .2<?474..4! 84! <^57! )! 43! .4! 3-400403! 84G,03! /4! +9084! <9++4! 84!
/1*+957!74085!G-.-N/4E!(/.!<900,k37903!/,! $012340!,664/24!Y!C-45!Z!43!-/.!<900,k37903!@54!/,! $012340!
4.3!/4!Y!QO74!Z!40!45>E!
]! D9++403!65-.]S4! G95.! ,-847! M! G9-7! <4334! A7,084! G27-32!i! D9++403! 65-.]S4! G95.! ,-847! M! G9-7! /,!
72,/-32!85!%9B,5+4!84.!D-45>=!/4!%9B,5+4!84!C-45!i!
T! Z=06! 8;*)$R! /*6! G! &$)$'! &$6! >$0K! *0! A+$&! /*'A$! 20$! A$! 8;$6%! /*6! &G! 20$! )=06! )$''$R! &;*A%+)+%.! (0!
Y!QO74!Z?! 6+! A&*+'$-$8%! 20;$&&$! ($)'*! @='A.-$8%! '$8@='A$'! )=%'$! @=+3! #;$6%! &G! 20$! &$6! <$86?! *0! @+&! ($6!
6+FA&$6?! =8%! @*+%! &*! <'*8($! $''$0'! ($! AB$'AB$'! $8! $0KT-,-$6! &$0'6! ',)$6! $%! &$0'! +-*<+8*%+=8! $%! 6$! 6=8%!
A'..!$0KT-,-$6!08!5.B=)*B!20+!8;$K+6%$!/*63!Z=06!8$!%'=0)$'$R!/*6!&$! Y!QO74!Z!20$&20$!/*'%!(*86!&$6!
A+$0K!*0T($6606!($!)=063!L$!Y!QO74!Z!8$!'.6+($!/*6!$8!08!$8('=+%!/*'%+A0&+$'?!-*+6!%=0%!*0%=0'!($!)=06!$%!
$8!%=0%$!AB=6$3!
T!Z=06!/=0)$R!)=+'!&;e0)'$!-$')$+&&$06$!(0! Y!QO74!Z3!S$<*'($R!*0%=0'!($!)=06!A'=O%'$!&$!I&.?!&;B$'I$?!&$6!
@&$0'6?!&$6!*'I'$6!$%!&$6!=+6$*0K!$%!%=0%$!AB=6$!)+)*8%$!X!)=06!)$''$R!&;e0)'$!->6%.'+$06$!$%!-*<8+@+20$!
(0!C!7F'$!D?!6*86!A$66$!*A%+)$3!#;$6%!&G!20$!&$! Y!QO74!Z!-*O%'+6$!%=0%!G!&*!/$'@$A%+=83!Z=06!/=0)$R!)=+'!
20;+&!>!*!='('$!$%!&=+!/*'@*+%6?!A'=+66*8A$?!(.)$&=//$-$8%!$%!@+8*&$-$8%!-=+66=8?!/=0'!I.8+'!&;B=--$?!&$6!
I,%$6!$%!&$6!=+6$*0K3!
T!#=86+(.'$R!&*!@*b=8!(=8%!08!B=--$?!*/'F6!*)=+'!&*I=0'.!6$6!AB*-/6?!'./*8(!&$6!6$-$8A$6!60'!&*!%$''$!
$%! &$6! '$A=0)'$3! J&! '*8<$! 6$6! =0%+&6! $%! '$%=0'8$! G! &*! -*+6=8?! A=8%$8%! 20$! @+8*&$-$8%?! 6;+&! /&$0%!
60@@+6*--$8%?!+&!>!*0'*!($!20=+!-*8<$'!/=0'!&0+!$%!6$6!$8@*8%63!7$8(*8%!($6!9=0'6?!+&!(='%!$%!6$!'.)$+&&$!$%!
8$!@*+%!'+$8!($!/&06?!-*+6!&='620;+&!)+6+%$'*!6$6!AB*-/6?!+&!)$''*!&$6!/=066$6!)$'%$6!9*+&&+'!(0!6=&3!7&06!%*'(?!+&!
'$%=0'8$'*! $%! )$''*! &*! A'=+66*8A$! ($6! %+<$6! $%! ($6! @$0+&&$6! $%! /&06! %*'(! $8A='$?! +&! )$''*! &$6! <'*+86! 6$!
@='-$'!s!$%!/0+6?!08!9=0'?!+&!)$''*!20$!&$!<'*+8!$6%!<'*6!$%!(='.?!/',%!G!&*!-=+66=83!7$8(*8%!A$!%$-/6?!%=0%$!
A$%%$! A'=+66*8A$! 6$! 6$'*! @*+%$! 6*86! *0A08$! *+($! ($! 6*! /*'%3! L$! I&.! *0'*! /=066.! (;08$! -*8+F'$!

!
!01234'#5625748'$9'-24'%;')<124<' =>' ,54415'='
-$')$+&&$06$! 20;+&!8$!/$0%!$K/&+20$'3!W6%TA$!-*<+20$!a! I90=!<14.3!/1^5G74!85!Y!QO74!Z=!/,!Q5-..,0<4=!
/1(034//-A40<4! 6/4-04! 81*+957! (*86! %=0%! &;08+)$'6! 20+! +86/+'$! &;e0)'$! $%! '$6/+'$! G! %'*)$'6! $&&$?! A;$6%!
&;*A%+)+%.!(0!Y!QO74!Z!@5-!4.3!/,!'(#!(I$#""(c#I$#!C#!"1LI('#%&E!
T!L='620$!)=06!/.8.%'$R!(*86!&$!S=>*0-$!($!M+$0?!)=06!)=06!6$8%$R!I+$83!Z=06!)=06!6$8%$R!B$0'$0K!$%!
9=>$0K3! 7=0)$RT)=06! +-*<+8$'! A=--$8%! 6$! 6$8%+'*+%! 08$! @$--$! 6+! $&&$! .<*'*+%! 08$! <'=66$! 6=--$!
(;*'<$8%!$%!6$!($-*8(*+%!A=--$8%!8=0''+'!6$6!$8@*8%6!a!W&&$!6$'*+%!$8!&*'-$6!$%!I*&*+$'*+%!&*!-*+6=8!6+!G!
@=8(! 20;+&! 8$!'$6%$'*+%! /*6! 08! <'*+8! ($! /=066+F'$! U! $%! /0+6?! A*AB.$! (*86! 08! A=+8!6=-I'$?! $&&$!%'=0)$! &*!
/'.A+$06$! /+FA$! (;*'<$8%! $%! +--.(+*%$-$8%?! $&&$! 6FAB$! 6$6! &*'-$6?! 6$! -$%! G! 6=0'+'$! $%! /0+6! 6$! 6$8%! 6+!
)+)*8%$! $%! 6+! 9=>$06$! 20;$&&$! 6$! /'.A+/+%$! B='6! ($! &*! -*+6=8! /=0'! +8)+%$'! 6$6! )=+6+86! G! @,%$'3! LG! =P! $&&$!
A'=>*+%!*)=+'!%=0%!/$'(0?!$&&$!$6%!-*+8%$8*8%!'+AB$?!*/'F6!%=0%3!
]!(/!40!4.3!84!+F+4!/97.@54!G95.!3795G4V!/4!%9B,5+4!84.!D-45>!)!/4!%9B,5+4!84!C-45E!*5!/-45!
84.! /,7+4.! 43! 84! /1,0A9-..4=! 43! 84! /,! ;,-+! 43! 84! /,! +,/,8-4=! G95.! 3795G4V! /,! 6,->=! /,! S9-4=!
/1,N908,0<4!43!/,!.,032!8,0.!/4!%9B,5+4!84!C-45E!'95.!04!<900,k374V!6/5.!S,+,-.!/4!N4.9-0E!
T!L$!S=>*0-$!($!M+$0!/$0%!*066+!6$!A=-/*'$'!G!08!B=--$!%'F6!'+AB$!20+!@*+6*+%!&$!A=--$'A$!($!/$'&$63!
E=0%$!6*!)+$?!+&!*)*+%!6=0B*+%.!(.A=0)'+'!08$!/$'&$!'*'$!20+!.A&+/6$'*+%!%=0%$6!&$6!*0%'$6!/*'!6*!I$*0%.!$%!
6*!/$'@$A%+=8!s!$&&$!@$'*+%!&;$8)+$!($!%=06!&$6!*0%'$6!8.<=A+*8%63!j8!9=0'?!+&!%'=0)*!A$%%$!/$'&$?!I$&&$!*0T($&G!
($! %=0%! A$! 20;=8! /=0)*+%! +-*<+8$'?! /&06! /*'@*+%$! 20$! %=0%$6! &$6! *0%'$63! J&! )$8(+%! %=0%! A$! 20;+&! /=66.(*+%?!
*I*8(=88*!%=06!6$6!I+$86!/=0'!*AB$%$'!A$%%$!/$'&$!$%!@0%!/&06!B$0'$0K!20;+&!8$!&;*)*+%!9*-*+6!',).3!
T! _0;$6%TA$! 20$! A$&*! 6+<8+@+$!a! #$&*! 6+<8+@+$! 20$! %=0%! A$! 20;+&! *)*+%! *0%'$@=+6! *//'.A+.! (*86! &*! )+$! U! 08$!
-*+6=8! '+AB$-$8%! -$0I&.$?! 6$6! I+$86?! 6=8! -=($! ($! )+$?! 08$! 20*8%+%.! ($! )+)'$6! $%! ($! I=+66=86?! +&! &$6!
*)*+%! %=06! (=88.6! *)$A! 9=+$! /=0'! /=66.($'! &$! %'.6='! 6*86! /'+K! ;) 21% 6?881355186;! T! &$! -$8*8%! *0!
%9B,5+4!84!C-45=!?[%2;%S?87;@<%;54%@8%0414%>B;5G<34%C@;%2;%=?8>;%;Q40<3;@<9%1D;6%4?@5%5;5%5?@635%
;4%4<16159%8;%G;@4%4<?@S2;<O!!
]! "4! Y!%9B,5+4! 84! C-45!Z! 4.3! 40! G95.=! G95.! 40374V! 8,0.! /4! Y!%9B,5+4! 84! C-45!Z! /97.@54! G95.!
72,/-.4V! 6/4-04+403! @54! /4! Y!QO74!Z! 4.3! 40! 3953! 34+6.! ,<3-;! 40! G95.E! 'B;54% @8% 0414% >B;5G<349% >;%
G;<6;G43?8%;4%>;%6?=G<07;853?8!@54!/,!$012340%C@3%<053>;%>;<<3R<;%;4%;8%4?@4;5%67?5;5%D353S2;5!4.3!
/4!Y!QO74!Z!43!4.3!N4//4!43!6,7;,-34!43!@54!39534.!<?9.4.!<9037,-74.!M!/,!N4,532=!M!/1?,7+90-4=!M!/,!
.,032=!M!/1,N908,0<4!.903!/4.!<72,3-90.!84!/,!640.24!4779024!84!/1?9++4E!
!
]! D9++4! S4! .5-.! ,337-.32! 84! G95.! G9-7! .95;;7-7=! +,-.! G95.! 01,G4V! 6,.! N4.9-0! 84! .95;;7-7! .-! G95.!
2<9534V!<4!@54!S1,-!M!G95.!8-74E!J,-.!S4!89-.!G95.!,G473-7!@54!/,!'9-4!@5-!+O04!,5!%9B,5+4!84.!
D-45>! 4.3! 8-;;-<-/4! M! .5-G74!6,7<4!@514//4! .-A0-;-4! )! 40! 674+-47! /-45! ]!@54! G95.!84G4V! 37,-347! ,G4<!
G9374!Y!4A9!ZE!
]! #3! 6957@59-! 84G4V]G95.! /53347! <90374! Y!/14A9!Z!i! -% 61@5;% >;% D?4<;% >053<% >;% G<?40U;<% ;4% >;%
G<?=?@D?3<% D?4<;% S3;8% G;<5?88;29% >B?[% G<?D3;88;84% 4?@4;5% D?5% G;850;59% G1<?2;5% ;4% 1643?85%
0U?\54;5O!
T!Z=06! ($-*8($'$R! /'=I*I&$-$8%!X! C!7=0'20=+!($)'*+6T9$!-;$8! 6=0A+$'!a! V+! A$! 20$!%0! (+6! $6%! )'*+?! 20;+&!
8;>!*!/*6!($!/08+%+=8?!20$!C!M+$0!D!8$!)=+%!/*6!8=6!@*0%$6!U!/=0'20=+!($)'+=86T8=06!8=06!@*+'$!(0!6=0A+!G!
/'=/=6!($!8=%'$!A=-/='%$-$8%!a!D!
T!J&!>!*!%*8%!($!AB=6$6!G!*//'$8('$!+A+!20$!9$!8$!6*+6!/*6!/*'!=P!A=--$8A$'3!

!
!01234'#5625748'$9'-24'%;')<124<' =?' ,54415'='
]! D9++4! S4! /1,-! 4>6/-@52=! G95.! 3-74V! G9374! '(#! 85! Y!QO74!Z! 43! 890<=! G95.! 3-74V! G9374! <,6,<-32! 84!
640.47!43!81,-+47!85!Y!QO74!ZE!$953!<9++4!Y!/1(034//-A40<4!QO74!Z!4.3!<72,37-<4=!G9374!<90.<-40<4=!
4//4!,5..-=!4.3!<72,37-<4E!*G4<!G9374!4.67-3!43!G9374!<^57=!G95.!<724V!G7,-+403!/4.!6/,0.!84!G9374!
G-4!43!84!G9.!4>627-40<4.E!
T!W%!20$&!<$8'$!($!)+$!/&*8+@+$RT)=06!$%!@='-$RT)=06!(*86!)=%'$!$6/'+%!a!V+!20$&20;08!)=06!$880+$!=0!)=06!
@*+%!(0!-*&?!)=06!)=06!)$8<$R!(;08$!@*b=8!=0!(;08$!*0%'$?!)=06!A'=>$R!20$!6+!&;=8!)=06!$8&F)$!08!e+&?!+&!
)=06!@*0('*!$8&$)$'!&;e+&!($!)=%'$!*()$'6*+'$!$8!'$%=0'3!Z=06!A'=>$R!20$!A$&0+!20+!%0$!(=+%!,%'$!%0.?!$8!
<0+6$! ($! /08+%+=8! =0! ($! A=-/$86*%+=8!s! )=06! A'=>$R! 20$! A$&0+! 20+! )=06! )=&$! (=+%! $8! /*>$'! &$! /'+K?! 20$!
A$&0+!20+!)=06!/'$8(!)=%'$!@$--$!($)'*+%!,%'$!&*/+(.!*)$A!)=%'$!@$--$3!Z=06!A'=>$R!20;+&!@*0%!$K+<$'!&$!
/*+$-$8%!($!%=0%!-*&!20+!)=06!$6%!@*+%3!#=--$!A;$6%!&*!8*%0'$!B0-*+8$!20$!($!I&$66$'!*0%'0+!$%!20$!&;=8!
)=06!*!*//'+6!20;+&!@*&&*+%!)=06!)$8<$'?!)=%'$!)+$!$6%!08$!<0$''$!A=8%+80$&&$!X!G!&*!-*+6=8?!$8%'$!-*'+6!$%!
@$--$6?!$8@*8%6?!)=+6+86?!/$'6=88$6!/0I&+20$6!$%!8*%+=863!Z=%'$!C!7F'$!D!8$!6*+%!'+$8!($!A$%%$!<0$''$!20+!
@*+%! '*<$! (*86! )=%'$! )+$?! -*+6! +&! A=88*O%! &*! %$86+=8! 20;$&&$! A'.$! (*86! )=%'$! $6/'+%! $%! )=%'$! A='/6! $%! 20+!
(.A=0&$! ($! A$%%$! <0$''$?! $%! +&! 8$! /$0%! '+$8! @*+'$! U! /=0'! */*+6$'! )=%'$! (=0&$0'! U! 90620;G! A$! 20$! )=06T
-,-$6!*'',%+$R!&*!<0$''$3!J&!)=06!@*0%!)=06T-,-$!A$66$'!($!&0%%$'!$%!)+)'$!$8!/*+K!*)$A!)=%'$!@*-+&&$?!)=6!
)=+6+86?!)=6!$-/&=>.6!=0!)=%'$!/*%'=8?!&$6!*0%='+%.6!$%!&$6!*0%'$6!/*>63!
]! D4! 014.3! @51,/97.! @54! /1jL'%#! C1*JKL%! Y!QO74!Z! 69577,! .1-0.3,//47! 8,0.! G9374! 4.67-3=! G9374!
<^57=!G9374!<976.!43!G9374!G-4E!
]!D4!014.3!@51,/97.!@54!G95.!.474V!<,6,N/4.!84!74<900,k374!43!84!G9-7!/1K45G74!81*+957!.4!72,/-.47!
40!G95.!)!43!6957!G95.!6,7!/4!Y!QO74!ZE!
]! %,664/4V]G95.! ,5..-! /,! A7,084! "K(!\! Y!'KL&! %#DK"$#e! #d*D$#J#I$! D#! _L#! 'KL&! *'#e!
&#J#!ZE!
]! K0! 04! 7,+,..4! 6,.! 84! ;-A54.! .57! /4.! 790<4.! 95! 85! 7,-.-0! 8,0.! /4.! 26-04.E! Q40.4V]B! 43!
<9+67404V! <4334!6,7,N9/4! 6,7<4!@514//4! 4.3!37O.! -+6973,034! )!6,.! ,5S95781?5-! .45/4+403! )! +,-.!
3953!,5!/90A!84.!S957.!43!84.!,0024.!M!G40-7!43!+F+4!6957!/123470-32E!
!
]!K7!890<=!.-!G95.!G95/4V!<?,0A47!G9374!G-4!)!<?,0A4V!G9.!640.24.=!
<?,0A4V!G9.!6,79/4.!@5-!82<95/403!84!<4.!640.24.=!
<?,0A4V!G9.!,<3-90.!@5-!82<95/403!84!G9.!640.24.E!
]!D4!@54!G95.!A,784V!M!/14.67-3!<7247,!39534.!G9.!4>627-40<4.=!G9374!+,/,8-4=!G9374!6,5G7432=!G9374!
+,/?457!43!G9374!82.4.69-7E!
j8!B=--$!-;+8%$'/$&&*!X!!
T!M+6T8=06?!Q*O%'$?!A=--$8%!'$6%$'=86T8=06!/*A+@+20$6!$8)$'6!8=6!)=+6+86!6;+&6!8=06!8$!(=88$8%!/*6!&*!
/*+K!$0KT-,-$6!a!
5$!&0+!'./=8(+6!$8!6=0'+*8%!X!!
T!V+!%=8!)=+6+8!)+$8%!G!%=+!$%!%$!(+%!20;+&!(=+%!*&&$'!20$&20$!/*'%!$%?!8$!)=0&*8%!/*6!>!*&&$'!6$0&?!%$!($-*8($!($!
&;*AA=-/*<8$'?!20$!@*+6T%0!a!!
L;B=--$!'+%!X!!
T! V+!-=8! )=+6+8! )=0&*+%! -$! (+6%'*+'$! ($! A$! 20$! 9$! 60+6! $8! %'*+8! ($!@*+'$?!9$! 8$! 6$'*+6! /*6! A=8%$8%3! 5$! &0+!
(+'*+6!($!%'=0)$'!20$&20;08!(;*0%'$!/=0'!&;*AA=-/*<8$'!/*'A$!20$!9$!60+6!=AA0/.3!
T!W%!A=--$8%!6$!6$8%+'*+%!%=8!)=+6+8?!($-*8(*+T9$!a!

!
!01234'#5625748'$9'-24'%;')<124<' =@' ,54415'='
L;B=--$!B*066*!&$6!./*0&$6!X!!
T!5$!8$!6*+6!/*63!
T! W%! &*! /'=AB*+8$! @=+6! 20$! %0! *0'*6! I$6=+8! ($! &0+! /=0'! %$! '$8('$! 08! 6$')+A$?! A=--$8%! './=8('*T%T+&! G! %*!
($-*8($!a!
L;B=--$!8$!'+*+%!/&063!J&!8$!'./=8(+%!/*63!
j8!*0%'$!B=--$!(+%!X!!
T!J&!&0+!&*8A$'*!08!90'=8!$%!&0+!(+'*!(;*&&$'!6$!@*+'$!*+($'!/*'!20$&20;08!(;*0%'$3!
5$!(+6!G!&*!@=0&$!X!!
T!J&!*!I+$8!'./=8(03!W%!A=--$8%!6$!6$8%+'*T%T+&!a!5$!-$!%=0'8*+!$8!6=0'+*8%!)$'6!&;B=--$!20+!*)*+%!/*'&.!$8!
/'$-+$'3!
j8$!@$--$!A'+*!/*'T($6606!&$6!'+'$6!X!!
T!J&!(+'*!G!%=06!A$0K!20;+&!'$8A=8%'$'*!20;+&!*!08!)=+6+8!-.AB*8%!$%!.<=g6%$3!7$0%T,%'$!)=0('*T%T+&!&$!I&$66$'!
($!20$&20$!@*b=83!
J&!>!$0%!($6!A'+6!(;*//'=I*%+=8!$%!9$!B=AB*+!&*!%,%$!X!!
T!k0+?!+&!*0'*!=0I&+.!20$!6=8!)=+6+8!&0+!*)*+%!*0%'$@=+6!($-*8(.!($!&;*AA=-/*<8$'!60'!20$&20$6!p+&=-F%'$6!
$%!20;+&!*)*+%!'$@06.3!J&!8$!)$''*!/*6!&*!LkJ!($!VWQWY#W!$%!($!SW#kLEW!G!&;=$0)'$!(*86!6*!)+$3!J&!&;*)*+%!
-+6$!$8!-=0)$-$8%!&='620;+&!*)*+%!'$@06.!(;*AA=-/*<8$'!6=8!)=+6+8!$%!-*+8%$8*8%?!+&!'.A=&%$!&$!'.60&%*%!($!
6=8!*%%+%0($!$%!($!6$6!*A%+=863!7=0'20=+!6$!@NAB$'!6;+&!*!&0+T-,-$!A'..!A$%%$!6+%0*%+=8!a!
L$6!<$86!6$!/*'&F'$8%!$8!'+*8%!$%!$8!B=AB*8%!&*!%,%$3!J&6!8;*)*+$8%!9*-*+6!$8%$8(0!08$!%$&&$!A=88*+66*8A$!
(0!A=-/='%$-$8%!B0-*+83!#;.%*+%!&G!08!$86$+<8$-$8%!%=0%!G!@*+%!8=0)$*03!!
5$!&$0'!(+6!X!!
T!5$!)=06!(=88$!08!A=86$+&!X!&='620$!)=%'$!)=+6+8!)+$8('*!G!)=06?!)=06!($-*8(*8%!($!&;*AA=-/*<8$'!08!
I=0%!($!AB$-+8!=0!20=+!20$!A$!6=+%!(;*0%'$!20+!&0+!@$'*!(0!I+$8!=0!&$!'$8('*!B$0'$0K?!/$86$R!(;*I='(!A$!
20$!)=06!*+-$'+$R!20;+&!@*66$!6+!)=06!*)+$R!I$6=+8!($!&0+3!#=--$8%!*+-$'+$RT)=06!20;+&!'./=8($!G!)=%'$!
'$20,%$!a!
M$6!-0'-0'$6!6;.&$)F'$8%!($!&*!@=0&$!$%!9$!/06!)=+'!20;+&6!*)*+$8%!A=-/'+6!A$!20$!9$!(+6*+63!
T! W8! @*+%?! 6+! )=%'$! )=+6+8! )=06! ($-*8($! ($! &;*AA=-/*<8$'! 08! p+&=-F%'$?! *AA$/%$R! (;08! Ae0'! 9=>$0K! $%!
%$8$RT)=06!/',%!G!$8!@*+'$!($0K!6+!8.A$66*+'$3!V+!)=06!'$@06$R!20$&20$!AB=6$?!)=06! 8$!&$!'.*&+6$R!/*6?!
-*+6! )=06! '*+(+66$R! )=%'$! $6/'+%! $%! )=%'$! A='/6?! /',%6! G! )=06! /'=%.<$'! ($! &;=I&+<*%+=8! ($! @*+'$! 20$&20$!
AB=6$!20$!)=06!8$!)=0&$R!/*63!Z=06!-$%%$R!($!&*!%$86+=8!(*86!)=%'$!$6/'+%!$%!)=%'$!A='/6!$%!&$! Y!QO74!Z!
$6%!%$8(0!&0+!*066+!$%!8$!/$0%!@*+'$!&90!$%*'*("!C1*JKL%!$8!)=06?!$%!A;$6%!($!A$%%$!%$86+=8!20$!8*O%!&*!
-*&*(+$3!
T!W8A='$!08$!@=+6?!+&!6$!/$0%!20$!)=06!'$8A=8%'+$R!20$&20;08!20+!$6%!(*86!08!A'0$&!I$6=+8?!20+!*!@'=+(!$%!
20+!$6%!-*&B$0'$0K3!J&!6$!/=0''*+%!20;+&!)=06!($-*8($!)=%'$!%08+20$3!Y$!/*66$R!/*6!)=%'$! AB$-+8!$8!&$!
@06+&&*8%!(0!'$<*'(3!
_0$&20$6!/$'6=88$6!'+'$8%3!W&&$6!6*)*+$8%!20$!A;.%*+%!A$!20;$&&$6!*0'*+$8%!@*+%3!!
T!Y=8?!(=88$RT&0+!)=%'$!%08+20$!$%!6;+&!*!)'*+-$8%!@'=+(?!(=88$RT&0+!*066+!)=%'$!-*8%$*03!W%!A=8%+80$R!)=%'$!
AB$-+8!$8!)=06!'.9=0+66*8%3!
T!W8!-$!'.9=0+66*8%?!($-*8(*!08$!)=+K!+8A'.(0&$!a!!
5$!'+6!$%!(+6!X!!

!
!01234'#5625748'$9'-24'%;')<124<' =A' ,54415'='
T!k0+?!-=8!*-+?!$8!%$!'.9=0+66*8%!d!E=0%!(;*I='(?!/*'A$!20$!%0!*)*+6!08$!%08+20$!$%!08!-*8%$*0!G!(=88$'!
$%! $860+%$! /*'A$! 20$! %0! '.*&+6$6! 20$! -*+8%$8*8%! 20$! %0! *6! %=+T-,-$! I$6=+8! (;08$! %08+20$! $%! (;08!
-*8%$*0?! %=8! C!7F'$! D! $8! %=+! )*! '*/+($-$8%! %$! '$%=0'8$'! &*! %08+20$! $%! &$! -*8%$*0! (;08$! @*b=8!
60'/'$8*8%$3! #$/$8(*8%?! 6+! %0! (=88$6! %08+20$! $%! -*8%$*0! $%! A=8%+80$6! G! -*'AB$'! $8! <'=--$&*8%! %=0%!
I*6!X!C!7=0'20=+!*+T9$!@*+%!A$&*!a!5$!60+6!@=0!d!Q*+8%$8*8%?!A;$6%!-=+!20+!)*+6!*)=+'!@'=+(!G!6*!/&*A$?!$%!&$6!
<$86!)=8%!6$!-=20$'!($!-=+!/*'A$!20$!9;*+!(=88.!-*!%08+20$!$%!-=8!-*8%$*0!$%!20$!9$!8;*+!/&06!'+$8!U!$%!
20$!)*!(+'$!-*!@$--$!20*8(!9$!'$8%'$'*+!G!&*!-*+6=8!a!D!
L$6! <$86! *//'=0)*+$8%! $%! '+*+$8%! G! &;+(.$! ($! )=+'! 08! B=--$! (=88$'! %08+20$! $%! -*8%$*0! *)*8%! ($! 6$!
($-*8($'! 20$&&$! I,%+6$! +&! *)*+%! @*+%$3! 5$! 6*)*+6! 20$! %'F6! 6=0)$8%?! +&6! 6$! /'+)*+$8%! /=0'! *+($'! &$6! *0%'$6?!
-*+6!/=0'!$860+%$!'$<'$%%$'!&$0'!<.8.'=6+%.3!
R1,33408-.!50!+9+403!65-.!2/4G,-!/,!G9->!6957!,33-747!39534!/457!,33403-90!\!!
]! J,-.! 04! G95.! ,-]S4! 6,.! 8-3! @54! G95.! %#DK"$#e! <4! @54! G95.! &#J#e!i! I4! G95.! ,-]S4! 6,.! 8-3!
</,-74+403!@54!G9.!640.24.=!G9.!6,79/4.=!G9.!,<3-90.!<72403!G9374!G-4!;53574!i!*/97.=!@54!G95/4V]
G95.!&#J#%!6957!%#DK"$#%!,67O.!@54!G95.!,B4V!89002!G9374!350-@54!43!G9374!+,034,5!M!<43!
237,0A47!i! '95/4V]G95.! @54! G9374! <,84,5! G95.! 74G-4004=! 95! G95/4V]G95.! 74.347! .,0.! 350-@54! 43!
.,0.! +,034,5! 6957! /90A34+6.=! 37O.! /90A34+6.=! 6,7<4! @54! <14.3! <4! @5-! G95.! ,77-G47,! .-! G95.!
<903-054V! G9374! <?4+-0! 40! <9/O74=! ;H<?2! 81,G9-7! 89002! G9374! 350-@54! 43! G9374! +,034,5!i! '9.!
6,79/4.!43!,<3-90.!G903!.<4//47=!740874!8574!<9++4!85!79<!/,!6,5G7432!@54!G95.!G95.!F34.!G95.]
+F+4.!,6697324!40!8900,03!G9374!350-@54!43!G9374!+,034,5E!
L$6!<$86!8$!6=0'+*+$8%!/&06?!+&6!8$!'+*+$8%!/&06?!+&6!'$6%F'$8%!%=0%!%'*820+&&$6!$%!.A=0%F'$8%!*%%$8%+)$-$8%3!
T! S*//$&$RT)=06!X! (;*I='(?! @*+%$6! G! *0%'0+! A$! 20$! )=06! *+-$'+$R! 20$! &;=8! )=06! @*66$! $%! $860+%$?! )=%'$!
$6/'+%!$%!)=%'$!Ae0'!6$'=8%!$8!/*+K!$%!(*86! &$!A=8%$8%$-$8%!$%!&$! Y!QO74!Z!6$'*!$8!-$60'$!(;*AA=-/&+'!
&90!$%*'*("!C1*JKL%!(*86!)=%'$!A='/6?!)=%'$!$6/'+%!$%!)=%'$!Ae0'3!M=88$R?!(=88$R!*I=8(*--$8%!$%!
'.9=0+66$RT)=06!(;*)=+'!($6!AB=6$6!G!(=88$'!G!A$0K!20+!6=8%!(*86!&$!I$6=+8?!/*'A$!20;$8!(=88*8%!*+86+?!
)=6! I+$8@*+%6! )=06! 6$'=8%! '$%=0'8.6! ($! &*! -*8+F'$! (=8%! )=06! $8! *)$R! &$! /&06! I$6=+83! M=88$R! *)$A! 08!
Ae0'!B$0'$0K?!(=88$R!*)$A!&*!@=+!$%!&*!A=88*+66*8A$!20$!&G!=P!+&!>!*!I$6=+8!(*86!)=%'$!)+$?!&$! Y!QO74!Z!
@$'*!&90!$%*'*("!C1*JKL%?!*I=8(*--$8%?!$8!)=06!$%!/=0'!)=063!
T!I4!;,-34.!7-40!8150!<^57!/9578!6,7<4!@5150!<^57!/9578!4.3!<4!@54!G95.!<903-05474V!M!,G9-7E!!
C9004V!3953=!/14.67-3!S9B45>=!,;-0!@54!3953!8,0.!G9374!G-4!04!65-..4!G95.!,6697347!@54!84!/,!S9-4!43!
84!/,!<9+672?40.-90!.6-7-354//4E!
j8!B=--$!A=--$8%*!X!!
T!#;$6%!A=8%'$!&*!8*%0'$!($!&;B=--$3!J&!$6%!8*%0'$&!($!A'*+8('$!&$!@0%0'3!L$6!B*I+%6!6=8%!AB$'6?!&*!8=0''+%0'$!
8;$6%!/*6!@*A+&$!G!%'=0)$'3!L*!)+$!$6%!08$!&0%%$!/$'/.%0$&&$3!
5$! './=8(+6! G! B*0%$! )=+K?! /*'A$! 20;+&! 8$! (+6*+%! 20$! A$! 20$! 9$! 6*)*+6! 20$! &*! /&0/*'%! ($! -$6! *0(+%$0'6!
/$86*+$8%3!!
T! Q*+6! %0! 8$! "-(") <-") -6.$) $.7#(#+'.! 20$! %0! )*6! ($)=+'! &0%%$'! /=0'! )+)'$! ($-*+83! E0! 8$! 6*+6! /*6! 20$!
($-*+8?! %0! 8;*0'*6! /*6! 08! %'*)*+&! 6/&$8(+($! =0! %=0%$! *0%'$! AB=6$! -$')$+&&$06$! 20+! )+$8('*! G! %=+3! E0! 8$!
"-("! /*6! A$&*! U!-*+6! A$! 20+! $6%! %=0%! G!@*+%! A$'%*+8?! A;$6%! 20$!%0! *<+6! $8! 6='%$! '.)&.!<-")#.)6%(7)%==7(7! 08!
%'*)*+&! $K%'*='(+8*+'$! =0! 20$&20;*0%'$! =AA*6+=8! -$')$+&&$06$! (*86! %*! )+$! U! /*'A$! 20$! %0! A'.$6! &$6!
A+'A=86%*8A$6!($!%$6!&$8($-*+863!
J&!6$!@NAB*!X!!

!
!01234'#5625748'$9'-24'%;')<124<' =B' ,54415'='
T!Q=+!a!W%!A=--$8%!&$!@*+6T9$!a!
T!W6%TA$!20$!9$!8$!)+$86!/*6!($!%$!&$!(+'$!a!!
5$!-$!%=0'8*+!)$'6!A$0K!20+!'+*+$8%!X!!
T!M+%$6T-=+?!A=--$8%!A$%!B=--$?!&G!($)*8%!)=06?!$8!%08+20$!'=0<$?!A'.$T%T+&!6$6!&$8($-*+86!a!
",!;95/4!74.3,!.-/40<-45.4=!+,-.!50!37O.!S4504!?9++4=!J,7<=!+4!<7-,!\!
]!R4!.,-.!h!(/!,!8-3!@51-/!84G,-3!/53347!6957!,<?4347!84!/,!09577-3574!43!84.!?,N-3.E!$5!095.!,.!8-3!@54!
<14.3!<4!@54!095.!640.90.!43!8-.90.!@54!095.!74<4G790.E!
]!#>,<34+403=!8-.]S4E!$5!4.!50!A,7W90!37O.!-034//-A403E!$5!,.!<9+67-.E!'4-//4!M!04!6,.!34!<7247!/4.!
<?9.4.!@54!35!04!G45>!6,.E!#3!S4!.47,-.!?45745>!@54!35!84G-4004.!+90!8-.<-6/4!@5,08!35!.47,.!
6/5.!HA2!43!@54!34.!6,7403.!34!/,-..47903!,//47E!
_0$&20$6!/$'6=88$6!'+'$8%?!-*+6!(;*0%'$6!'$6%F'$8%!6+&$8A+$06$63!5$!)=>*+6!20;$&&$6!8$!A'=>*+$8%!/*6!08!
-=%!($!A$!20$!9$!(+6*+63!
T! Z=06! 8;$8%'$'$R! 9*-*+6! (*86! &$! S=>*0-$! ($6! #+$0K! $8! .%*8%! *8K+$0K3! V+! )=%'$! )+$! $6%! (+@@+A+&$!
*09=0'(;B0+?!/=0'20=+!&$!(./&='$'!a!Z=06!6$8%+'$RT)=06!-+$0K!$8!A=8%+80*8%!G!)=06!/&*+8('$?!)=6!&*'-$6!
.A&*+'$'=8%T$&&$6! )=%'$! 9=0'8.$!a! W%! 6+! )=06! )=06! +820+.%$R! G! /'=/=6! ($! ($-*+8?! )=06! )=06! A'.$R! ($6!
&$8($-*+86! 6=-I'$6! $%! &=0'(6! *)*8%! -,-$! (;>! *''+)$'3! 7=0'20=+! &$! @*+'$!a! _0$&! I+$8! A$&*! )*T%T+&! )=06!
@*+'$!a! _0*8(! $6%TA$! 20$! &;*8K+.%.! *! 9*-*+6! *AA=-/&+! 20$&20$! AB=6$! /=0'! )=06!a! Z=06! /=0''+$R! *066+!
I+$8!$66*>$'!($!<'*8(+'!$8!)=06!+820+.%*8%!(;,%'$!%'=/!/$%+%6!d!!
T!Y=8?!8$!)=06!*'',%$R!/*6!60'!A$!20$!)=06!8;*)$R!/*63!`'',%$RT)=06!60'!&$6!AB=6$6! @5-!645G403!F374!
/4.! GT374.! 6+! )=06! )=06! %=0'8$R! )$'6! &$! Y!QO74!Z! $8! )=06?! $8! ($-*8(*8%! *)$A! 08$! @=+! /*'@*+%$! T! $8!
A'=>*8%!20$!)=06!'$A$)'$R!U!$%!9$!)=06!&$!(+6!6*86!A'*+8%$!($!-$!)=+'!A=8%'$(+'$!20$!)=06!&$6!'$A$)'$R3!
Q*+6!+&!)=06!@*0%!($-*8($'!A=''$A%$-$8%?!$8!A'=>*8%3!Z=06!8$!'$A$)'$R!'+$8!6+!)=06!($-*8($R!$%!(=0%$R!
$8!-,-$!%$-/6!(;*)=+'!.%.!$8%$8(0!=0!20$!&$! Y!QO74!Z!*0'*!;8D3;!($!)=06!(=88$'!A$!20$!)=06!(.6+'$R3!
r*?!A;$6%!&*!-*8+F'$!B0-*+8$!($!(=88$'?!-*+6!/*6!&*!-*8+F'$!(0! Y!QO74!Z?!20+!(=88$!*I=8(*--$8%!$%!
20+!'./=8(!G!)=6!I$6=+863!
T!L$!Y!QO74!Z!(.)$'6$!A=86%*--$8%!&4.!(=86!60'!)=06?!($6!(=86!($!8=0''+%0'$!$8!20*8%+%.?!(;B*I+%6?!($!
-*+6=8?!(;*-+6?!G!A=8(+%+=8!20$!)=06T-,-$6?!)=06!*>$R!&$!Ae0'!$%!&;$6/'+%!/0'6!$%!G!A=8(+%+=8!20$!)=06!
)=06!*//0>+$R!A=86%*--$8%!60'!&$!Y!QO74!Z?!)=%'$!6=0%+$8?!9=0'!*/'F6!9=0'3!
T!V+!)=06!/'+$R!$%!8$!'$A$)$R!/*6?!8$!A'=>$R!/*6!08!6$0&!+86%*8%!20$!A;$6%!/*'A$!20$!&$! Y!QO74!Z!8;$K+6%$!
/*6!=0!20;(/!8$! )=06!.A=0%$!/*63!J&!@*0%!/&0%1%! )=06! ($-*8($'! <4!@5-=!40!G95.?!$-/,AB$!&$! $%*'*("!
C1*JKL%!Y!QO74!Z!($!6;*AA=-/&+'!$8!)=06!$%!/=0'!)=063!
T! V+! )=06! )=06! '$8($R! G! &;*0%$&! /=0'! /'+$'! =0! @*+'$! 08$! =@@'*8($! $%! 20$! 60'! )=%'$! AB$-+8?! )=06! )=06!
'*//$&$R!)=06!,%'$!20$'$&&.!*)$A!20$&20;08?!'$)$8$R!60'!)=6!/*6?!*&&$R!)$'6!A$%%$!/$'6=88$!$%!@*+%$6!&*!
/*+K!*)$A!$&&$3!`&='6?!20*8(!)=06!*//'=AB$'$R!&$! Y!QO74!Z!$8!/'+F'$?!G95.!,574V!50!4.67-3!43!50!<^57!
657.!$%!)=06!6$'$R!$8%$8(06!/*'!&$! Y!QO74!Z=!$%!&$!Y!QO74!Z!6$'*!$8!-$60'$!($!)=06!'./=8('$!$8!)=06!
(=88*8%!%=0%!A$!(=8%!)=06!*)$R!I$6=+8?!(*86!&*!/*+K!$%!&*!%'*820+&&+%.!($!)=%'$!,%'$3!
T! V+! )=06! 8$! /=0)$R! %=09=0'6! /*6! A'=+'$! 20$! &$! Y!QO74!Z! 6$! 6=0A+$! ($! 6*! A'.*%+=8?! '$<*'($R! *0%=0'! ($!
)=06?!&$6!@&$0'6!'*>=88*8%$6!(*86!&$6!AB*-/6?!A=--$!$&&$6!6=8%!I$&&$6!d!7$86$R!G!&*!I'+&&*8%$!/$86.$!20+!
*! A=8b0! &$0'! @='-$?! &$0'! I$*0%.!d! kP! %'=0)$'$RT)=06! &$6! A=0&$0'6! 20$! )=06! )=>$R! (*86! &$0'6! /.%*&$6!a!
Q*&<'.!%=0%$!6*!6*<$66$?!V*&=-=8!&0+T-,-$!8;*!/*6!.%.!A*/*I&$!($!6$!@*+'$!@*+'$!($6!B*I+%6!(;08$!%$&&$!
I$*0%.3!Z=>$R!A=--$!&$6!@&$0'6!*%%+'$8%!&$6!*I$+&&$6!$%!A=--$!&$6!*I$+&&$6!*//='%$8%!&$6!6$-$8A$6!($!&*!

!
!01234'#5625748'$9'-24'%;')<124<' =C' ,54415'='
6*+6=8!G!)$8+'?!/=0'!'$8('$!)=%'$!-=8($!-$')$+&&$0K!$%!/=0'!)=06!8=0''+'3!7=0'20=+!8$!/=0)$RT)=06!/*6!
A'=+'$! $%! @*+'$! A=8@+*8A$! *0! Y!QO74!Z! 20*8(! &$! -=8($! 20+! )=06! $8%=0'$! $6%! A=8b0?! /&*8+@+.! $%! A=86$').!
(;*066+!-$')$+&&$06$!@*b=8!a!
T!Q*+6!6=0)$8$RT)=06?!A$6!/&*8%$6!$%!A$6!*'I'$6!)+)*8%6!T!*0!A=8%'*+'$!(0!<$8'$!B0-*+8!T!8$!/$0)$8%!/*6!
6$!/&*+8('$!($!&$0'!&=%?!8+!)=+'!20;+&6!6=8%!*@@*-.6!$%!806?!($!6='%$!20;+&6!8$!(.@=8%!/*6!&;e0)'$!20$!&$!7F'$!
*AA=-/&+%!$8!$0K3!
T! #;$6%! $8! )=06! /&*+<8*8%! 6*86! A$66$! $%! $8! /*'&*8%! ($! A$! 20+! )=06! -*820$?! A$! 6=8%! )=6! *<'$66+=86!
-0%0$&&$6?! )=%'$! +86+6%*8A$! G! )=0&=+'! /08+'?! )=6! A'+%+20$6! $%! )=%'$!-.(+6*8A$?! 20+!@=8%?! $8! A=86.20$8A$?!
20$!)=06!-*820$R!($!%=0%!U!$%!20+!)=06!'$8($8%!-*&*($6!U?!9=0'!*/'F6!9=0'3!
T! 5$! )=06! (+6! %=0%$6! A$6! AB=6$6! /=0'! )=06! /'./*'$'?! )=06! 20+! ,%$6! -*&*($6?! G! &*! <0.'+6=83! Z=06! 8$!
/=0)$R!,%'$!<0.'+6!G!-=+86!20$!)=06!8$!A'=>+$R?!($!%=0%!)=%'$!Ae0'?!20$!&*!<0.'+6=8!*0'*!&+$03!S*//$&$RT
)=06!20$!&$6!-*&*(+$6!(0!A='/6!)+$88$8%!(;08$!-*&*(+$!($!&;$6/'+%?!%$&!)=%'$!-*0)*+6!%$-/.'*-$8%?!)=6!
'$66$8%+-$8%6?!)=6!A=&F'$6!$%!)=6!B*+8$63!
]! Y!"1,+957! QO74!Z! $6%! &*! 6=0'A$! ($! &*! 6*8%.?! $%! /*'! A=86.20$8%?! %=0%$6! &$6! /$86.$6! $%! %=06! &$6!
6$8%+-$8%6!A=8%'*+'$6!G!Y!/1*+957!QO74!Z!*//='%$8%!&*!-*&*(+$3!
T! E=0%! A=--$! )=6! -*0K! $%! )=6! -*&*(+$6! A=--$8A$8%! (*86! &;$6/'+%?! 13853% ;8% ;54T32% >;% D?5% S?88;5%
1643?85>!
T!7'$8$R!6=+8!($!)=%'$!/'=AB*+8!*0%*8%!20$!($!)=06T-,-$63!L='620$!)=06!)=06!(+6/0%$R?!I.8+66$R!)=%'$!
)=+6+8?!/'+$R!/=0'!&0+!&='620;+&!$6%! (0'!$8)$'6!)=06?!*+($RT&$!AB*20$!@=+6!20$!)=06!&$!/=0)$R!$%!$8!%=0%$!
=AA*6+=8?!-,-$!6;+&!6$!(.%=0'8$!($!)=06?!/*'A$!20$!)=06!A=86%'0+6$R!&$!I+$8!(*86!)=%'$!$6/'+%!$%!(*86!
)=6!/$86.$6?!$%!&$!I+$8!6$'*!&*!'.A=&%$!($!A$!20$!)=06!*0'$R!6$-.3!W%!/&06!$8A='$!U!)=06!B*'-=8+6$R!
)=%'$!$6/'+%!$%!&$!-$%%$R!$8!6>8%=8+$!*)$A!&$! Y!QO74!Z!$8!)=06?!20+!$6%! -=?@<%X1<P134O!'B;54%>185%6;5%
6?8>343?85%C@;%2;%XR<;%G;@4%166?=G23<%5?8%]J/$"%.B-N+J$%;8%D?@5O!
L='620$!9;$06!@+8+!($!/*'&$'?!&$6!<$86!-;*//='%F'$8%!&$0'6!-*&*($6!$%!6$&=8!&$0'!@=+?!+&6!@0'$8%!<0.'+63!
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^!
L`! LWEESW! y! (.A'+'*! /&06! $8! (.%*+&! &$6! $86$+<8$-$8%6! (0! #B'+6%! $%! $K/&+20$'*! &$6! .).8$-$8%6! 20+!
-$8F'$8%! G! 6*! A'0A+@+K+=8! $%! G! 6*! -='%3! #B'+6%! (.A'+%! $8! %$'-$6! /=+<8*8%6! &*! V*+8%$! #F8$?! 6=8! ($'8+$'!
'$/*6!*)$A!6$6!(+6A+/&$6?!&='620;+&!6$!%'=0)*!6$0&!$8!$6/'+%!/*'A$!20$!6$6!(+6A+/&$6?!(0!/'$-+$'!*0!($'8+$'?!
'$@06F'$8%!($!A'=+'$!20;+&!*&&*+%!,%'$!A'0A+@+.3!M$!-*8+F'$!'./.%.$?!+&!@0%!+8A=-/'+6!$%!+&!'.*&+6*!($!8=0)$*0!&$!
60AAF6!/&06!20$!&+-+%.!($!6=8!$86$+<8$-$8%!/$8(*8%!6*!-+66+=8!($!%'=+6!*863!J&!@0%!B$0'$0K!($!/*'%+'!d!
!
N?8% 5?@7134% 2;% G2@5% 67;<9% F% =?39% 2;% '7<3549% ;54% C@;% 6;5% !"##$"*% 5?3;84% <1G3>;=;84% G@S230;5% ;4%
>354<3S@0;5%1@Q%67;<67;@<5%>;%/0<340O%*3% D?@5%>053<;Z%<;G<?>@3<;%>;5%;Q4<1345%>;%=;5%!"##$"*9%
D;@322;Z%;8%634;<%21%5?@<6;%4<R5%6213<;=;84%6?==;%5@34%^%
"#$$%#&!CL!Dl%(&$=!mmmEG9-4<?7-.3-@54E<9EV,=!!
n$-374!85!"-G74!\!Dl%(&$!%#'(#I$!)!("!C($!&*'a%($ao!
Dl%(&$1&!"#$$#%&=!mmmE<?7-.3.m,BE<9EV,=!nf99p!$-3/4\!Dl%(&$!%#$L%I&!)!&Q#*q&!l(&!$%L$lo

!
!

!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
!"##$"%&%
!
!"#$%"&' (&$' )&**+&$' ,-"$' &../0&0*' 120$' "0&' 1#.&0$#-0' .&0*23&4$5#+#*"&33&' %"#' *+20$(&01&' 3&'
5320'1&$'2(*#,#*6$'&*'1&$'5+-73/.&$'8".2#0$9'(;&$*'&0'3&$'5+6(6120*'1;"0'*&.5$'1&'(23.&'&*'1&'
+&32<2*#-0'%"&',-"$'5-"++&='3&'.#&"<'3&$'2$$#.#3&+>'?+20%"#33#$&='$#'5-$$#73&',-*+&'&$5+#*'&0',-"$'
#0$*23320*' 120$' "0' 6*2*' 1&' $#3&0(&' #0*6+#&"+>' @&' 0A&$*' %"&' 3-+$%"&' ,-"$' $&+&=' 120$' "0' 6*2*'
(-.53/*&.&0*'+6(&5*#B'%"&'(&$')&**+&$'5606*+&+-0*',-*+&'5&0$6&'8".2#0&'1&'3&"+'+623#*6>'
'
C-0'DCEFG'@H)HI?H'J))JCJ?H'.&'5-"$$&'K'+&,&0#+'&0(-+&'&*'&0(-+&'5-"+'6(+#+&'K'3A8".20#*69'
2,&(' 3A#0*&0*#-0' %"&9' B#023&.&0*9' 3&' 53"$' L+201' 0-.7+&' 5-$$#73&' 1&' (&"<' %"#' $-0*' 5+M*$' K' 32'
+&(&,-#+9'5-$$/1&0*'32'(-002#$$20(&'%"#'3&"+'5&+.&**+2'1&'1652$$&+'3&"+'(-01#*#-0'8".2#0&'&*'1&'
$;"0#+' K' 32' N'@-0$(#&0(&' !/+&'O9' 32' ,+2#&' N'@-0$(#&0(&' 1AD.-"+'O' &0' 32%"&33&' $&' +623#$&0*' *-"*&$'
(8-$&$'27-0120*&$'&*'.&+,&#33&"$&$>'
49BB7! H7! &A#>! 8><! ?=C;C87BB7$<! 7<! <>7$%! I! &7! =C?C<7=6! B#! B>%%>9$! 7$<>J=7! %@=! 17==7! E@<! %@%;><C7! ?#=!
&A.)K(,! 7<! D9@C7! (L*M(-)-L1! I! &A7$%7>N$7B7$<! 87! &#! /C=><C! 87! &A-O>%<7$;76! ;#=! %#$%! ;7<<7!
;9$$#>%%#$;76! >&! $AP! #! #@;@$! 7%?9>=! 87! 8C&>D=#$;7! 87%! 89@&7@=%! Q@7! &RS9BB7! %@??9=<7! 87?@>%! &#!
$#>%%#$;7G! T7! %#>%! Q@7! ;7<<7! 8C;&#=#<>9$! #<<=>%<7=#! F7#@;9@?! 87! 8>%;>?&7%! %>$;J=7%! 7<! 8CD9@C%! 87! &#!
=7&>N>9$!4S=C<>7$$76!#>$%>!Q@7!;7@O!Q@>!9$<!;7$<=C!<9@<7!&7@=!E9>!%@=!&#!?7=%9$$7!87!U!TC%@%!VG!
)#>%!H7!D9@%!&7!8>%6!7$!DC=><CW!?9@=!#==>D7=!I!D9@%!8C&>D=7=!87!&#!;9$8><>9$!S@B#>$7!Q@>!D9@%!7B?X;S7!87!
=C#&>%7=! ?&7>$7B7$<! &#! /0,*10! (L*/-,2-''-! 7<! 87! ;9B?=7$8=7! &#! D=#>7! $#<@=7! 87! &#! ;9$8><>9$!
U!S@B#>$7Y%?>=><@7&&7!V!Q@7!HA#>!#??7&C7!U!&7!,9P#@B7!87!">7@!V6!>&!E#@<!D9@%!8C<9@=$7=!87%!D>7@O!89NB7%!
8@!U!%#&@<!?#=!&7!%#$N!87!&A#N$7#@!V6!87!&#!1=>$><C!7<!87!D9%!#@<=7%!;=9P#$;7%6!7<!#;;C87=!I!&#!/0,*10!
-Z*21-L1*-''-!#D7;!@$!7%?=><!=C;7?<>E!?#=E#><7B7$<!9@D7=<G!!
.@;@$! #@<=7! %#&@<! $A7%<! ?9%%>F&7G! U!">7@!V! $7! ?7@<! ?#%! D9@%! U!%#@D7=!V! ?@>%Q@76! 8#$%! &A>N$9=#$;7! 87%!
E#><%! 87! &A7O>%<7$;76! &RS9BB7! ;9$<>$@7=#! I! E#>=7! &7%! BXB7%! 7==7@=%! 8R#<<#;S7B7$<! #@O! F>7$%! <7==7%<=7%!
H@%Q@AI!&#!E>$!87%!<7B?%6!;=C#$<!#>$%>!&@>YBXB7!%7%!B#&#8>7%!7<!%#!B>%J=7G!
-$! 9@<=76! &#! ;=9P#$;7! 87! &RS9BB7! 7$! U!&#! =C87B?<>9$! 87%! ?C;SC%!V6! Q@7&&7! Q@R7&&7! %9><6! 7%<! @$7! 7==7@=!
S@B#>$76! ?@>%Q@7! &#! '9>! 87! 4#@%7! I! -EE7<! 7%<! >B?=CD>%>F&7! 7<! Q@7! ;R7%<! @$7! ;#=#;<C=>%<>Q@7! $#<@=7&&7!
>$<=>$%JQ@7!Y!>$SC=7$<7![!87!&A7O>%<7$;7G!K$!$7!?7@<!?#%!%C?#=7=!&7%!7EE7<%!87!&#!;#@%76!87!BXB7!Q@R9$!
$7!?7@<!$9$!?&@%!7EE#;7=!&#!;#@%7!7<!#D9>=!<9@<!87!BXB7!&7%!7EE7<%G!47;>!7%<!&#!/C=><C6!I!;S#Q@7!$>D7#@!87!
&A\<=7G!
/9@%! X<7%! B#>$<7$#$<! ?=9F#F&7B7$<! #%%7]! #D#$;C! 7$! ?7$%C7! ?9@=! X<=7! ;#?#F&7! 87! =7;7D9>=! &#! DC=><C!
E9$8#B7$<#&7!%@>D#$<7!;9$;7=$#$<!D9<=7!7O>%<7$;7!<7==7%<=7G!
'#!'9>!87!U!4#@%7!I!-EE7<!V!9@!U!9$!,C;9&<7!;7!Q@R9$!2JB7!V!7%<!&A7EE7<!D>%>F&7!87!;7!Q@7!D9@%!#??7&7]!
U!&AC&7;<=9B#N$C<>%B7!V! 7<! #@;@$7! ?7=%9$$7! ?9%%C8#$<! Q@7&Q@7! ;9$$#>%%#$;7! %;>7$<>E>Q@7! $7! ?7@<!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' =' ,54415'>'
%R#<<7$8=7! I! ;7! Q@7! U!">7@!V! 8C<9@=$7! &7%! &9>%! 87! &AC&7;<=9B#N$C<>%B76! Q@>! %9$<! &7%! &9>%! 87! &RU!.;<>D><CY
.<<#;S7B7$<Y,7H7<!VG!
);N'D(*#,#*6' 1;D**2(8&.&0*4G&P&*'O' -"' 1&' N'C-",&.&0*41;D**+2(*#-04G65"3$#-0'O' &$*' 3;JC!F)IJEQ'
B-012.&0*23&'1&'3AHRJI?HQ@H'&*'1&'32'@EQI@JHQ@H'SFCDJQH'%"#'2'2.&06',-*+&'B-+.&',#$#73&'K'
32',#&'&*'(;&$*'3&'$&"3'N'#0$*+".&0*'O'-"'N'-"*#3'O'1&'32'(+62*#-0>'
H33&'&$*'+&$5-0$273&'1&'32'B-+.2*#-0'1&'32'$"7$*20(&9'-"'N'.2*#/+&'O9'2#0$#'%"&'1"'16,&3-55&.&0*'
1&$'B-+.&$'#01#,#1"23#$6&$'&*9'B#023&.&0*9'1&'32'5&+$-0023#*6'.M.&'1&'*-"*&$'3&$'&0*#*6$',#,20*&$>'
3@>%Q@7!;7<<7!'9>!7%<!&7!E9$87B7$<!BXB7!87!D9<=7!7O>%<7$;7!>$8>D>8@#&>%C76!>&!7%<!>B?9%%>F&7!87!&RCD><7=G!
/9@%!$7!?9@D7]!89$;!?#%!>N$9=7=!&7%!?=9F&JB7%!>$SC=7$<%!I!D9<=7!7O>%<7$;7!>$8>D>8@#&>%C7!7<!;=9>=7!Q@7!
U!">7@!V! D9@%! %#@D7=#! 8A7@OG! /9<=7! %7@&! 7%?9>=! 8RX<=7! 8CE>$><>D7B7$<! %#@DC6! 87! %9=<>=! 8@! ;P;&7! 87!
&R>$;#=$#<>9$! S@B#>$76! 7%<! 87! &#! =7;9$$#^<=7! 7<! 87! &R#;;7?<7=6! ?@>%! 87! <=#D#>&&7=! S7@=7! #?=J%! S7@=7! I! &#!
8C?#%%7=!?9@=!E>$#&7B7$<!D9@%!@$>=6!8#$%!&#!?@=7<C!8A7%?=><6!87!;_@=!7<!87!;9=?%6!7<!87D7$>=!U!($!V!#D7;!
&#!49$%;>7$;7!($>D7=%7&&7!8R.B9@=6!&7!U!3J=7!V6!Q@>!#;;9B?&><!&R`(/,-!"R.)K(,G!
-$!BXB7!<7B?%!Q@7!D9@%!N=#$8>=7]!8#$%!&#!;9$%;>7$;7!87!&#!D=#>7!L.1(,-!8@!U!3J=7!V!U!7$!D9@%6!<9@<!
#@<9@=! 87! D9@%! 7<! D9@%! <=#$%;7$8#$<!V6! D9@%! 7$! D>7$8=7]! I! #D9>=! @$7! E9>! E7=B7! 7$! D9<=7! ?9@D9>=! 87!
?@>%7=6!7$!;S#Q@7!;>=;9$%<#$;76!&R>$%?>=#<>9$6!&#!?@>%%#$;7!7<!&RC&CD#<>9$!8>=7;<7B7$<!8@!U!3J=7!V!7$!D9@%!
7<!#@<9@=!87!D9@%G!
/9@%! 7$! D>7$8=7]! I! 2./K*,! Q@7! ;A7%<! D=#>B7$<! &7! U!3J=7! V! Q@>! D9@%! %9@<>7$<! 7<! D9@%! N@>87! 8#$%! &7!
,9P#@B7!87!U!&#!49$%;>7$;7!8A.B9@=!3J=7!VG!*&!D9@%!87D>7$8=#!?#=E#><7B7$<!;&#>=!Q@7!&7!U!3J=7!V6!<9@<!
7$!C<#$<!@$>D7=%7&6!7%<!#@%%>!>$8>D>8@7&!?9@=!!"#$G!*&!D9@%!;9$$#^<ab6!7%<!;9$%;>7$<!87!D9<=7!?7$%C7!7<!87!
D9%!?=9F&JB7%G!"#$%!U!&#!49$%;>7$;7!8A.B9@=!3J=7!V!%7!<=9@D7$<!&7%!%9&@<>9$%!?#=E#><7%6!#<<7$8#$<!Q@7!
D9@%!&7%!=7;9$$#>%%>7]G!M@#$8!D9@%!&7%!=7;9$$#^<=7]6!D9@%!D9@%!&>FC=7=7]!87!&#!89@&7@=!I!;9$8><>9$!Q@7!
D9@%!87D7$>7]!E&7O>F&7!7<!%9P7]!8>%?9%C!I!C;9@<7=G!
1#$<!Q@7!D9@%!$7!%7=7]!?#%!8>%?9%C!I!C;9@<7=6!D9@%!$7!%7=7]!H#B#>%!=7B?&>!87!&#!U!49$%;>7$;7!8A.B9@=!
3J=7!VG!
T7!D#>%!D9@%!8>=7!@$7!?#=#F9&7!c!>B#N>$7]!@$!7$E#$<!Q@>!S@=&7!7<!89$$7!87%!;9@?%!87!?>78!?#=;7!Q@A>&!D7@<!
87!&#!N&#;76!#&9=%!Q@7!%9$!?J=7!#<<7$8!?#<>7BB7$<!I!&#!?9=<7!87!%#!;S#BF=7!?9@=!&@>!B9$<=7=!Q@A>&!&@>!#!
#??9=<C!87!&#!N&#;7!%&'(%$')*#+&$G!
K$!?7@<!<=9@D7=!;7<<7!?#=#F9&7!>B?=9F#F&76!B#>%!7&&7!7%<!$C#$B9>$%!D=#>7G!'7%!BJ=7%!%7!=#??7&&7=9$<!&7%!
E9>%!9d!&7@=%!7$E#$<%!C<#>7$<!>$;9$%9&#F&7%!I!?=9?9%!87!Q@7&Q@7!;S9%76!=7E@%#$<!8AC;9@<7=!;7!Q@7!&#!BJ=7!
<7$<#><! 7$! D#>$! 87! &7@=! 8>=76! #&9=%! Q@R7&&7! #D#><! 8CHI! &#! %9&@<>9$6! Q@>! $R#<<7$8#><! Q@7! &7! B9B7$<! 9d! >&%!
#==X<7=#>7$<!87!E#>=7!8@!F=@><!7<!%C;S7=#>7$<!&7@=%!&#=B7%G!
T&'5&"<',-#+'32'1-"3&"+'1"'5&"53&9'$&$'(+#$'&*'$&$'32+.&$9'&*'.2'(-.52$$#-0'&$*'$20$'3#.#*&>'
U-"$'M*&$'&0*&01"$9'.2#$'120$'3&'(-0*&<*&'1&',-*+&'(-0$(#&0(&'2(*"&33&9'#3'V'2'5&"'1&'(8-$&$'%"&'
P&'5"#$$&'B2#+&'5-"+',-"$>'T&'0&'5&"<'52$'5606*+&+'120$'3&$'(82W0&$'&*'3&$'(-+1&$'1&',-$'2006&$'
1&' 5&0$6&' &*' 1;2(*#-0' #L0-+20*&>' T&' ,-#$' 32' 1-"3&"+' $&' 5&+56*"&+' 120$' 3&$' 6L3#$&$9' 120$' 3&$'
$&+,#(&$' &*' 3&$' (82#+&$9' 52+' 1&$' $&+.-0$' #L0-+20*$>' T&' ,-#$' 1&$' 02*#-0$' &*' 3&"+$' 5&"53&$' 3"**&+'
,#L-"+&"$&.&0*' 5-"+' +6$-"1+&' 3&$' 1#BB#("3*6$' %"&' 3&"+' (+6&0*' 3&"+$' ,23&"+$' *+21#*#-00&33&$9'
("3*"+&$' &*' (+-V20(&$' +&3#L#&"$&$>' T&' ,-#$' 3&$' 3#.#*2*#-0$' 1&' 3&"+' ,#&' %"-*#1#&00&9' 3;27$&0(&' 1&'
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
ab
!U!'(',-".$'/"#'0!
!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' >' ,54415'>'
+65-0$&' K' 3&"+$' 7&$-#0$' &*' K' 3&"+$' 7"*$' &*' 3&$' $-"BB+20(&$' %"&' 3&"+' (2"$&0*' 3&"+$' +&32*#-0$' 1&'
*-"*&'$-+*&>'
)2'(-0$(#&0(&'(-33&(*#,&'6.2020*'1"'.-01&'&$*'B2#*&'1&'.#2$.&$'1&'(+2#0*&9'1&'+&$$&0*#.&0*9'1&'
(-3/+&9' 1&' *"+7"3&0(&$' 6.-*#-00&33&$' 5+-,&020*' 1&' 16$#+$' 52$$#-006$9' 1&' ,&0L&20(&' &*'
1A65"#$&.&0*9'.6320L6$'K'1&'32'(-.52$$#-09'K'32'16*&+.#02*#-0'K'63&,&+'32'(-0$(#&0(&'.-01#23&9'
K' 32' (-0$6(+2*#-0' K' 32' +&(8&+(8&' 1&' 3A2.-"+' #0(-01#*#-00&3' 1&' 32' 52+*' 1&' (&"<' %"#' -0*' +&X"'
3A#0$5#+2*#-0'&*'"0'(&+*2#0'1&L+6'1A#33".#02*#-0>'
)*%+'*,-%./012-%3*-%4*,-%5/'%67',+'(*,(%*(%8*%(1.+.'99*%.+*;%*/<%0=/1%-=/9.4*1%9*/1%3>(1*--*?%6.'-%
9*/1%6*,(.9'(>%*(%9*/1-%;1=@.,;*-%-=,(%-'%A=1(*6*,(%.,;1>*-%3.,-%9*/1%;*1+*./%5/*%6.%B>1'(>%,*%
0*/(%0.-%9*-%.((*',31*%*(%.00=1(*1%3*%,=/+*99*%;=,,.'--.,;*%C%9*/1%*-01'(D%E*./;=/0%3*%0*1-=,,*-%
=,(% *,(*,3/?% F'*,% 5/*% F1'2+*6*,(% *(% '60.1A.'(*6*,(?% 6.'-% =,(% 6.,5/>% 3/% ;=/1.4*% ,>;*--.'1*%
0=/1% .;;*0(*1% 3*% ,=/+*99*-% '3>*-% *(% 9*-% *<01'6*1D% H0' -"*+&9' 3;65-%"&' 0;6*2#*' 52$' 7-00&' 5-"+'
&0B-0(&+'3&$'72++#/+&$'1&'32'(-0$(#&0(&'8".2#0&'2B#0'1&',-"$'&0$&#L0&+>%
C2#$'.2#0*&020*'3&'*&.5$'&$*',&0">'U-"$'2,&='2((616'K'"0&'0-",&33&'1#$*+#7"*#-0'1&$'B+6%"&0(&$'
,#7+2*-#+&$'%"#',-"$'5&+.&**+2'53"$'B2(#3&.&0*'1&',-"$'63&,&+'2"41&$$"$'1&'32'.2*6+#23#*6'1&'3AYL&'
5+6(61&0*>'@&**&'16(32+2*#-0'5&"*' $&.73&+'6*+20L&9'.2#$' 3;F0#,&+$'L2+1&'&0'+6$&+,&'"0'$*-(Z'1&'
(-002#$$20(&$' (-0(&+020*' 3&$' 60&+L#&$' %"&' ,-"$' 0;2,&=' 52$' &0(-+&' (-..&0(6' K' (-.5+&01+&>'
H0' (&' .-.&0*9' 2"("0' &$5+#*' *&++&$*+&' 0;&$*' (25273&' 1&' (-.5+68&0$#-0>' G9% ,*% +=/-% *-(% 0=--'F9*%
5/*%H%37'6.4',*1%I%9*%-0*;(1*%37>,*14'*?%;*%5/'%,J*-(%0.-%9.%+>1'(>D%
%
J3',-"$'$&+2'1-0('1;"0&'L+201&'2#1&'1&'5-",-#+'2((&5*&+'.&$'16(32+2*#-0$9'&*'3&$'2((&5*&+'2,&('
(-0B#20(&9' 52+(&' %";&33&$' $-0*' ,+2#&$>' U-"$' 2((61&=' K' 1&' 0-",&33&$' B+6%"&0(&$' 1&' ,#7+2*#-0'
2552+*&020*' K' 32' N'(-0$(#&0(&' 8".2#0&'O9' 3&$%"&33&$' ,-"$' 5&+.&**+-0*' 1A2,20(&+' 120$' 3&'
16,&3-55&.&0*'$5#+#*"&34.&0*23'%"&'PA2#'16(+#*'120$'32')&**+&'[>'
'
3@>%Q@7!HA#>!E#><!@$7!8>N=7%%>9$6!H7!89>%!B#>$<7$#$<!B7!=C?C<7=!c!D9@%!$7!?9@D7]!?#%!?&@%!C;S#??7=!#@O!
)-#$' &7%! ?&@%! E9$8#B7$<#&7%! 1&' 3AH<#$*&0(&' Q@#$<! I! D9<=7! ?7$%C7! 7<! I! D9%! %7$<>B7$<%! [! U!27B7=! 7<!
,C;9&<7=!V6!Y!Q@7!D9@%!$7!?9@D7]!C;S#??7=!#@O!&9>%!87!&AC&7;<=9B#N$C<>%B7!8#$%!D9<=7!B9$87!B#<C=>7&6!
;#=!&AC&7;<=9B#N$C<>%B7!-21!&A*)3('2*KL!Q@>!?=98@><!&#!'9>!%@>D#$<!&#Q@7&&7!U!9$!=C;9&<7!;7!Q@7!&R9$!#!
%7BC!V!<9@<!;9BB7!>&!?=98@><!&#!E9=B7!8#$%!&7!89B#>$7!E9$8#B7$<#&!87%!?#=<>;@&7%!8AC$7=N>7G'
*&! $A7%<! ?#=! ;9$%CQ@7$<! ?#%! ?9%%>F&7! 87! ;9$<>$@7=! I! ;=9>=7! #@! 89NB7! ;S=C<>7$! 7<! 8R7%%#P7=! 7$! BXB7!
<7B?%! 87! %@>D=7! ;7%! '7<<=7%6! ?#=;7! Q@7! &7! 89NB7! <9@;S#$<! #@! U!%#&@<! ?#=! B#! B9=<! %@=! &#! ;=9>O!V6! I! &#!
1=>$><C6! I! &#! =C%@==7;<>9$! ?SP%>Q@7! 8R7$<=7! &7%! B9=<%! 7<! I! &A@<>&>%#<>9$! 8A7$;7$%! 7<! 87! E9=B7%! C<#F&>7%! 87!
?=>J=7!7%<!E#@%%7!7<!Q@7!&7%!E#><%!Q@>!D9@%!%9$<!B#>$<7$#$<!?=C%7$<C%!8#$%!;7%!'7<<=7%!%9$<!&#!/C=><CG!'7!
89NB7! 7<! &7%! 9=$7B7$<%! %#;=#B7$<#@O! %9$<! ;7! Q@7! D9@%! #??7&7]! 87%! U!#<<=#?7Y$>N#@8!Vae6! 87%!
8>D7=%>9$%! 87%<>$C7%! I! =7<7$>=! D9<=7! #<<7$<>9$! 7<! I! 9F<7$>=! D9<=7! #&&CN7#$;76! B#>%! Q@>! 9F%;@=;>%%7$<! &#!
/C=><C!87!B7%!7$%7>N$7B7$<%G!
4R7%<!?9@=Q@9>!;7%!&7<<=7%!87D#>7$<!X<=7!C;=><7%G!'7!%7@&!B9P7$!?#=!&7Q@7&!H7!?9@D#>%!#<<7>$8=7!&7!B9$87!
7$! ;7! B9B7$<! 9d! >&! 7%<! %@=! &7! ?9>$<! 8R#;;C87=! I! @$7! $9@D7&&7! 8>%<=>F@<>9$! B7$<#&7! f! CB9<>9$$7&&7! C<#><!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
ae
!U!*%('1%**+-2$'0!
!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' ?' ,54415'>'
8R@<>&>%7=! @$! 7%?=><!=C;7?<>E6!E&7O>F&7! 7<! 8C;9$8><>9$$C6! ?=X<! I!=7;7D9>=! &A>$%<=@;<>9$! 7<! I! 7EE7;<@7=!&7! <=#D#>&!
B#$@7&!?9@=!B9>G!
@&$')&**+&$'-BB+&0*' 2"<' L&0$'3&$' $&"3$' .-V&0$' ,6+#*273&$'1&' *+-",&+' 3&' (8&.#0'1&' 32'1#.&0$#-0'
$5#+#*"&33&'120$'32%"&33&'1#$52+2W*'*-"*&'3A&++&"+'8".2#0&'&*'$&"3'+&$*&'3;2.-"+>'
19@<!;7!Q@>!?7@<!X<=7!8><!8R#@<=7!$R7%<!Q@7!=#<>9$#&>%#<>9$!7<!=#>%9$!?@=7B7$<!S@B#>$7%!Y!7<!;7&&7%Y;>!$7!
%9$<!?#%!&#!/0,*10G!
!
'7%!N7$%6!?#=<>;@&>J=7B7$<!7$!.BC=>Q@76!;S7=;S7$<!87!$9@D7&&7%!E#g9$%!87!=C%9@8=7!87!D>7@O!?=9F&JB7%!
B#>%!<#$<!Q@A>&%!$7!;9B?=7$$7$<!?#%!&#!D=#>7!$#<@=7!87!&#!/*-6!87!&A7N9!7<!87%!'9>%!87!&A-O>%<7$;76!>&%!$7!
E7=9$<!Q@7!=7$E9=;7=!&7@=!U!7N9!V!7<!&7@=!89@&7@=!;9$<>$@7=#G!
!
,#??7&7]YD9@%6! ;9BB7! D9@%! &7! D7==7]! 8#$%! &7%! ?#N7%! %@>D#$<7%6! &#! %>B?&7! /C=><C! 89$<! HA#>! ?#=&C! >&! P! #!
87@O!B>&&7!#$%!W!;7<<7!/C=><C!87B7@=7!;9$%<#$<7!7<!>BB@#F&7G!
3#=!;9$%CQ@7$<6!D9@%!$7!?9@D7]!Q@R#??=9E9$8>=!D9<=7!;9B?=CS7$%>9$!87!&#!/C=><C6!$9$!&#!B98>E>7=G!
!
.D7]YD9@%!=C#&>%C6!7$!&>%#$<!&7%!87@O!?=7B>J=7%!)&**+&$6!Q@7!<9@<!;7!Q@7!HA#>!8><!#@!?7@?&7!87!&#!3#&7%<>$7!
C<#><!&7!=C%@&<#<!8>=7;<!87!;7!Q@7!HR#D#>%!?7=g@!87!N!32'+623#*6'1&'3A&<#$*&0(&!O'8#$%!&7!8C%7=<![!I!%#D9>=!
Q@7!+#&0'0A6*2#*'$-3#1&'h!
/9@%! =#??7&7]YD9@%! Q@7! 8#$%! B9$! C<#<! <=#$%;7$8#$<6! Q@#$8! H7! =7N#=8#>%! &7%! =9;S7=%6! &7! %#F&76! &7%!
B9$<#N$7%6!&A7#@!87!&#!)7=!)9=<7!#@Y87%%9@%!87!B9>6!<9@<!BR#??#=#>%%#><!;9BB7!@$!N!(82*-#&.&0*'1&'
5-"$$#/+&$'h!O!
)2' +-(8&9' 3&' $273&9' 3&$' .-0*2L0&$9' 3A&2"' 1#BB6+2#&0*' 3&$' "0$' 1&$' 2"*+&$' "0#%"&.&0*' 52+' 32'
1#BB6+&0(&' 1A#0*&0$#*6' 1"' N'(82*-#&.&0*' 1&' 5-"$$#/+&$'O' &*' 52+' 32' 1&0$#*6' 2552+&0*&' 1&$'
5-"$$#/+&$'120$'3&'(82*-#&.&0*>'
T7!$7!<=9@D7!?#%!8R#@<=7!B9P7$!87!8C;=>=7!;7!Q@7!HA#>!D@!Q@#$8!HRC<#>%! %@=! <7==76!9@!87!<=#$%B7<<=7!&7%!
E#><%!;9$;7=$#$<!&#!D=#>7!%@F%<#$;7!87!&#!U!B#<>J=7!V!7<!&7!<>%%@!7<!&#!;9$%<=@;<>9$!#??#=7BB7$<!%9&>87%!
87!D9<=7!B9$87G!"#$%!&7!8>%;9@=%!B987=$76!D9@%!#??7&&7=>7]!?=9F#F&7B7$<!;7!U!;S#<9>7B7$<!87!?7<><7%!
?9@%%>J=7%!V!@$7!D>F=#<>9$!87!?#=<>;@&7%G!
37@<YX<=7! ?9@==#><Y9$! ;9BF>$7=! &7%! 87@O! <7=B7%! 7<! 8C;=>=7! U!&#! =C#&><C!V! D>%>F&7! &#! ?&@%! E9$8#B7$<#&76!
;9BB7!@$!N!(82*-#&.&0*'1&'52+*#("3&$!OG!47&#!=7$8!#%%7]!F>7$!&7!%7$<>B7$<!87!U!&@7@=!=9@N79P#$<7!V!
8#$%!&#Q@7&&7!HA#>!D@!&7%!?#=<>;@&7%!8#$%7=G!
)#>$<7$#$<!Q@7!HR#>!8><!<9@<!;7!Q@>!?=C;J87!7$!>$<=98@;<>9$!I!&#!$#==#<>9$!87!B7%!#;<>D><C%!7$!3#&7%<>$76!
?7=B7<<7]YB9>!87!D9@%!=#B7$7=!I!@$!#@<=7!H9@=6!>&!P!#!87@O!B>&&7!#$%6!Q@#$8!&7!%9&7>&!F=>&&#><!8#$%!@$!;>7&!
F&7@!<=J%!;&#>=!7<!Q@7!H7!%@>%!B9$<C!8#$%!&7%!;9&&>$7%!#D7;!B7%!8>%;>?&7%!?9@=!<7$<7=!87!E#>=7!@$7!=7<=#><7!
?9@=! B7! =7?9%7=6! BC8><7=! 7<! ?=>7=G! )#>%! ;7&#! $7! 87D#><! ?#%! X<=7G! L9@%! #D>9$%! ?7$%C! ?9@D9>=! $9@%!
C;S#??7=6! B#>%! F>7$! Q@7! $9@%! #P9$%! 7O?=>BC! $9%! >$<7$<>9$%! #@O! N7$%6! $9@%! EiB7%! %@>D>%! 8A#F9=8! ?#=!
Q@7&Q@7%!?7=%9$$7%6!&7%Q@7&&7%!;=>J=7$<!I!8R#@<=7%!Q@7!$9@%!#&&>9$%!8#$%!&7%!;9&&>$7%G!
j>7$!Q@7!$9@%!&7%!#P9$%!?=>C%!87!=7<9@=$7=!;S7]!7@O6!;7%!Q@7&Q@7%Y@$%!87D>$=7$<!E>$#&7B7$<!@$!N=#$8!
=#%%7BF&7B7$<!87!N7$%!Q@>!$9@%!%@>D#>7$<G!*&%!>$%>%<#>7$<!?9@=!Q@7!H7!&7@=!?#=&7G!
/9@%!D9@%!87B#$87=7]!?9@=Q@9>!>&%!<7$#>7$<!<#$<!I!BAC;9@<7=G!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' @' ,54415'>'
J0*"#*#,&.&0*9'#3$'$2,2#&0*'%"&'P&'3&"+'1#$2#$'1&$'52+-3&$'1&'UJH>'
T7!&7@=!B9$<=#>%!<9@H9@=%!&A#;<>D><C!8@!N!!/+&'O!#@<9@=!8A7@O!7<!;7&#!&7@=!89$$#><!87!&A7%?9>=!7<!&7%!#>8#><!I!
D9>=!&7!B9$87!#D7;!87%!P7@O!$7@E%G!
T7!&7@=!?#=&#>%!1ADCEFG!7<!>&%!%7!%7$<#>7$<!;9$%9&C%G!4R7%<!?9@=Q@9>!H7!?9@D#>%!&7@=!8>=76!%#;S#$<!Q@A>&%!
;9B?=7$8=#>7$<!7<!%7=#>7$<!8A#;;9=8!#D7;!B9>!c!
N'U&0&='K'.-#9',-"$'%"#'M*&$'32$'&*'3-"+1&.&0*'(82+L6$'&*'P&',-"$'1-00&+2#'3&'+&5-$>'C-0'P-"L'&$*'
2#$6'&*'.-0'B2+1&2"'36L&+>'O'
J3$'$2,2#&0*'%"&'%"201'P&'1#$2#$'(&$'52+-3&$9'(-..&'P&'3&'B2#$2#$'B+6%"&..&0*9'P&'(-.52+2#$'3&$'
+/L3&$'&*'3&$'3-#$'1&$'1#+#L&20*$'P"#B$'K'32'U6+#*6'%"&'P&'3&"+'5+6$&0*2#$>'
"7!%9=<7!Q@7!&9=%Q@7!&7%!N7$%!B7!?=>J=7$<!87!&7%!7$%7>N$7=6!Q@7!?9@D#>%YH7!E#>=7!8R#@<=7!Q@7!BA#%%79>=!
%@=! @$! =9;S7=! #@Y87%%@%! 8A7@O! Y! 7<! 7$%7>N$7=G! TA#D#>%! 8C;>8C! Q@7! %A>&%! C<#>7$<! D7$@%! 87! %>! &9>$! ?9@=!
BA7$<7$8=76! >&%! #&&#>7$<! 7$<7$8=7! Q@7&Q@7! ;S9%7! 89$<! >&%! %7! %9@D>7$8=#>7$<! 7<! ?#=&7=#>7$<! ?=9F#F&7B7$<!
<9@<7! &7@=! D>7G! T7! %#D#>%! Q@7! F>7$! Q@7! H7! &7@=! #>7! ?#=&C! 8@! N'!/+&'O' 7<! 87' N'3AD.-"+' !/+&'O6! >&%!
#??=CS7$8#>7$<!<9@H9@=%!&7!=7H7<!87!U!">7@!VG!
j>7$!Q@7!HA#>7!7%%#PC! 87!&7%!#>87=!I!;9B?=7$8=7!Q@7!&7! N'!/+&'O!89$<!H7! ?#=&#>%!$AC<#><!?#%!&7!U!">7@!V!
?7=%9$$#&>%C!Q@A>&%!#89=#>7$<6!H7!%#D#>%!<=J%!F>7$!Q@A>&%!C<#>7$<!7BF#==#%%C%G!T7!&7@=!#D#>%!8><!I!B#>$<7%!
=7?=>%7%!Q@7!&7!N'!/+&'O'C<#><!7$!7@O6!B#>%!>&%!%R>$Q@>C<#>7$<!<9@H9@=%!I!&R>8C7!Q@A>&%!?9@==#>7$<!7$;9@=>=!&#!
?@$><>9$!8R7$!S#@<!%R>&%!;=9P#>7$<!B7%!?#=9&7%G!
M@7!87D=#>%YH7!&7@=!#??=7$8=7!;7!H9@=6!87B#$8#>YH7!#@!N'!/+&'O'h!T7!=7B#=Q@#>!#&9=%!&7%!;SJD=7%!7<!&7%!
B9@<9$%! Q@>! ?#>%%#>7$<!8#$%! &7%! ;9&&>$7%! 7$! ?7$<7! %9@%!&#! %@=D7>&&#$;7! D>N>&#$<7! 87! &7@=! F7=N7=! 7<!B9$!
B7%%#N7!8@!H9@=!B7!D>$<!I!&R7%?=><G!
T7!B7!&7D#>!7<!;=>#>!?9@=!Q@7!B#!D9>O!?9=<7!H@%Q@RI!&R#==>J=7!87!&#!E9@&7!c!!
Y! /9P7]! &7%! B9@<9$%! 7<! &7%! ;SJD=7%! Q@>! ?#>%%7$<! 8#$%! &7%! ;9&&>$7%G! '7%! B9@<9$%! $7! ?#>%%7$<! ?#%! #@!
BXB7! 7$8=9><! Q@7! &7%! ;SJD=7%G! /9P7]! &7%! B9@<9$%!c! >&%! %9$<! ?#<>7$<%! 7<! $7! %R#N=7%%7$<! ?#%6! BXB7!
&9=%Q@R>&%!%9$<!7$<#%%C%6!%7==C%6!8#$%!@$!;9>$!87!&7@=!7$;&9%G!
*&%!?#>%%7$<!<=#$Q@>&&7B7$<6!$7!=7D7$8>Q@7$<!H#B#>%!&7!<7==#>$!Q@>!$A7%<!?#%!&7!&7@=!7<!&#>%%7$<!&7!?k<@=#N7!
<9$8@! I! =#%6!B#>%! $9$! 7$89BB#NC6! ;7! Q@>! ?7=B7<! I! &AS7=F7! 87! =7?9@%%7=! #?=J%!&7@=! ?#%%#N7G!-<! ?&@%!
>B?9=<#$<!7$;9=76!>&%!C;9@<7$<!&#!D9>O!87!&7@=!F7=N7=G!4R7%<!?9@=Q@9>!>&!?=7$8!F>7$!%9>$!8A7@OG!
*&! &7%! N@>87! 8#$%! &7%! B7>&&7@=%! ?k<@=#N7%! 7<! >&! 89=<! #D7;! 7@O! ?7$8#$<! &#! $@><6! #E>$! Q@R>&%! $7! %9>7$<! ?#%!
B7$#;C%!9@!#<<#Q@C%!?#=!87%!;S>7$%!9@!87%!D9&7@=%G!/9P7]!&7%!;SJD=7%6!Q@>!N=>B?7$<!7<!%#@<7$<!%@=!&7%!
=9;S7=%6!%7!E9@=D9P#$<!8#$%!87%!7$8=9><%!8#$N7=7@OG!-&&7%!%7!8C;S>=7$<!#@O!=9$;7%!7<!#@O!F=#$;S7%!87%!
F@>%%9$%G!47!%9$<!87%!%?9&>#<=>;7%G!2>!;7!$RC<#><!&7@=!@<>&><C!?9@=!&AS9BB76!>&!$AP!#@=#><!#@;@$!#@<=7!7$8=9><!
?9@=!7&&7%!Q@7!8RX<=7!<9@<7!&#!H9@=$C7!I!&R#<<#;S7!9@!;S#%%C7%!8#$%!&7!8C%7=<G!
Y!T7!D9@%!=7N#=87!&I6!7$!F#%!7<!H7!%#>%!Q@7!?#=B>!D9@%6!>&!P!#!F7#@;9@?!87!B9@<9$%![!B#>%!>&!P!#!#@%%>!
?#=B>!D9@%!F7#@;9@?!87!;SJD=7%G!!
*&!P!7@<!Q@7&Q@7%!B@=B@=7%!Ek;SC%6!B#>%6!8#$%!&A7$%7BF&76!&7%!N7$%6!Q@>!#D#>7$<!@$7!F9$$7!$#<@=76!%7!
F9@%;@&#>7$<!7$!%7!<#Q@>$#$<6!8C%>N$#$<!&7%!U!;SJD=7%!V!7$!=>#$<!7<!7$!9?>$#$<!87!&#!<X<7G!
*&!C<#><!F9$!87!&7%!D9>=!=>=7!7<!H7!;9$<>$@#>!89$;!c!
Y!/9@%!?9@D7]!=7;9$$#^<=7!&7%!B9@<9$%!I!&7@=%!B#>%9$%6!I!&#!B#$>J=7!89$<!>&%!<=#><7$<!&7@=%!D9>%>$%!7<!I!&#!
E#g9$!89$<!>&%!%9$<!;9$%>8C=C%!?#=!<9@<7!&7@=!;9BB@$#@<CG!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' A' ,54415'>'
Y!"7!BXB76!D9@%!?9@D7]!=7;9$$#^<=7!&7%!;SJD=7%!c!9$<Y7&&7%!&R#>=!8R#D9>=!F7#@;9@?!8A#B>%!h!!
"7%!S@=&7B7$<%!H#>&&>=7$<!87!&#!E9@&7!c!U!L9999$!l!V6!%@>D>%!87!F7#@;9@?!87!=>=7%G!
Y! '7! F7=N7=! %@><Y>&!&7%! ;SJD=7%! 7<! %7! %9@;>7Y<Y>&! 8A7&&7%!Y! 9@! 89>D7$<Y7&&7%!%7! 8CF=9@>&&7=! %7@&7%! 7<!=7$<=7=!
8R7&&7%YBXB7%!I!&#!B#>%9$!?9@=!X<=7!<=#><7%!&7!%9>=!h!!
"7!$9@D7#@!&#!E9@&7!=><!7<!&#$g#!87%!=C?#=<>7%!D#=>C7%6!89$<!;7=<#>$7%!<=J%!#B@%#$<7%!7<!?&7>$7%!8A7%?=><G!
Y!-<!>&!7$!7%<!#>$%>!87!D9@%!Q@>!X<7%!87%!B9@<9$%!7<!87!;7@O!8R7$<=7!D9@%!Q@>!%9$<!87%!;SJD=7%!Y!D9@%!X<7%!
?=9<CNC%!?#=!&7!N'!/+&'O!%>!D9@%!X<7%!87%!B9@<9$%!7<!D9@%!$AX<7%!?#%!?=9<CNC%!?#=!&7!N'!/+&'O!%>!D9@%!
X<7%!87%!;SJD=7%6!?#=;7!Q@7!D9@%!%@>D7]!9F%<>$CB7$<!D9%!?=9?=7%!8C%>=%!;S#Q@7!H9@=!7<!Q@7!D9@%!%7B7]!
?=9F#F&7B7$<!&#!87%<=@;<>9$!#@<9@=!87!D9@%G!"><7%YB9>!c!&7!N'!/+&'O!?7@<Y>&!?=9<CN7=!&7%!N7$%!Q@>!%9$<!87%!
;SJD=7%!h!
34')"#5%'6&4+&'$+5%-7+%#$%8'94+$'67"#&4+&'4&&%-&+!%9%-&;'
<' =+*%><!"#$' 45"*$' ?#%' 5%' H%K21*%I' %$&' )@716' 7"-&*%' 5%$' 71A!*%$' %&' -%' 5%$' B*"&62%*4' B4$8' "#' (+*%><!"#$'
B5#&C&' ?#%' (%' 9D9%' ?#%' 5%' E%*2%*' $%' $"#7+%' (%' $%$' 9"#&"-$' <' %&' $%' $"#7+%*4+&' (%$' 71A!*%$' $+' %55%$'
4(9%&&4+%-&' ?#%' 5#+8' 5%' H%K21*%I8' 4+9%' 5%$' 9"#&"-$' %&' 5%$' 71A!*%$' 6245%9%-&' <8' +5' %$&' +9B#+$$4-&' F'
B*"&62%*'6245%9%-&'5%$'71A!*%$'F'74#$%'(%'5%#*'7"9B"*&%9%-&'-4&#*%5'G'
Y!/9P7]!#@%%>!&7%!S#F><@87%!#&>B7$<#>=7%!87%!B9@<9$%!7<!87%!;SJD=7%G!'7%!B9@<9$%!%9$<!;9$<7$<%!87!$7!
B#$N7=!Q@7!87!&AS7=F76!?9@=!&#Q@7&&7!&7@=%!7%<9B#;%!%9$<!?#=E#><7B7$<!;9$g@%6!B#>%!&#!;SJD=7!B#$N7=#!
<9@<!;7!Q@A7&&7!=7$;9$<=7!?#=!S#%#=86!%#$%!#@;@$!=7%?7;<!?9@=!%#!;9$%<><@<>9$G!*&!7$!D#!87!BXB7!#D7;!&7%!
N7$%! Q@>! $A9$<! #@;@$! =7%?7;<! ?9@=!&#!B#$>J=7! 89$<! >&%! $9@==>=9$<!&7@=! 7%?=><6! ?@>%Q@A>&%! $A9$<! ?#%!87! F@<!
8C<7=B>$C! 9@! 87!B9<>D#<>9$! ?@=7G!49BB7!&7%! ;SJD=7%6! >&%! $7! D9>7$<! ?#%!Q@#$8! &7@=! $9@==><@=7!B7$<#&7!
&7@=! 7%<! $@>%>F&7! 9@! &7%! BJ$7! 8#$%! @$7! 8>=7;<>9$! Q@R>&%! $7! 87D=#>7$<! ?#%! ?=7$8=7! 8#$%! &7@=! D>7!
Q@9<>8>7$$76!9@!Q@#$8!7&&7!&7%!BJ$7!8#$%!87%!BP<S7%!$@>%>F&7%!9@!8#$%!@$7!8#$N7=7@%7!7==7@=G!!
<'H5$'%**%-&8'4E$"*E4-&'5I6?#+!45%-&'9%-&45'(%'*"-7%$8'(%'!+%+55%$'714#$$#*%$8'(%'E"#&$'(%'&+$$#8'(%')%#+55%$8'
(%'714*("-$8'(%'94#!4+$%$'1%*E%8'74*'+5$'94-?#%-&'(%'E"-'$%-$;'
($!S9BB7!BR>$<7=?7&&#!c!!
Y!)#^<=76!7<!%>!@$7!?7=%9$$7!Q@>!7%<!@$!B9@<9$!E#><!@$7!7==7@=!7<!%7!=7<=9@D7!8#$%!&7%!7$$@>%6!&7!N'!/+&'O!
&A#F#$89$$7=#Y<Y>&!h!
T7!&@>!=C?9$8>%!?#=!@$7!Q@7%<>9$!c!!
Y!M@7!E#><!&7!F7=N7=!Q@#$8!@$7!87!%7%!F=7F>%!<9BF7!8#$%!@$!E9%%C6!8CN=>$N9&7!#@!F#%!8R@$7!E#&#>%7!9@!%7!
?=7$8!8#$%!87%!=9$;7%!h!T7!D#>%!D9@%!&7!8>=7!c!&7!F7=N7=!#F#$89$$7!%9$!<=9@?7#@!7<!;9@=<!I!&#!=7;S7=;S7!
8@!B9@<9$!B#$Q@#$<!7<!>&!$7!&R#F#$89$$7=#!?#%!<#$<!Q@A>&!$7!&R#@=#!?#%!=7B>%!7$!%C;@=><CG!!
<' J+-$+' %-' %$&<+5' (#' H%K21*%I% <' 9D9%' #-' 9"#&"-' -%' B%#&' 6!+&%*' (%' )4+*%' (%$' %**%#*$' (I#-%' 94-+A*%' "#'
(I#-%'4#&*%8'94+$'$"/%>'4$$#*6$'?#%'5% %H%K21*%I%1>0=,3%'66>3'.(*6*,(%C%-=,%FL9*6*,(%*(%9*%-./+*D%
"(%-'%/,*%;M2+1*%-*%;=60=1(.'(%;=66*%/,%6=/(=,%*(%(*,.'(%;=60(*%3*%9.%+='<%3/%F*14*1?%*99*%-*%
6*((1.'(% *99*% ./--'% -=/-% 9.% 01=(*;('=,% 3/% F*14*1% *(% '9% *,% 01*,31.'(% -=',% ;=66*% '9% 01*,3% -=',% 3/%
6=/(=,D%
Y!.>$%>!7$!7%<Y>&!87!D9@%!7<!8@!G-V2".&'1&$'@#&"<'4'3&'G-V2".&'1&'N'\#&"'O>!!
3&@%>7@=%!D9>O!%RC&7DJ=7$<6!B7!87B#$8#$<!87!&7@=!8>=7!;7!Q@7!HR7$<7$8#>%!?#=!&7!N'G-V2".&'1&'\#&"'O>!
Y!47!Q@7!H7!D9@%!8>%!7%<!8>EEC=7$<!87!<9@<!;7!Q@7!D9@%!#D7]!H#B#>%!7$<7$8@!87%!?=9?SJ<7%!87!<9@<7%!&7%!
C?9Q@7%G!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' B' ,54415'>'
4'QA&$$2V&='52$'1&'(-.5+&01+&'(&'%"&'P&'1#$'&0'5&0$20*'K'(&'%"&',-$'H0$&#L020*$',-"$'1#$&0*>'
J3$' 0&' 5&",&0*' %"&' +656*&+' 3&$' H(+#*"+&$' $2#0*&$' &*' 0A-0*' 2"("0&' (-002#$$20(&' 5&+$-00&33&' 1"'
G-V2".&'1&'\#&"'-"'1"'@#&3>'
4'\#&"'0A&$*'52$'N'(-0*&0"'O'120$'"0'&01+-#*'%"&3(-0%"&9'.2#$'#3'&$*'52+*-"*9'(-..&'3&'(#&3'&*'3A2#+'
2"41&$$"$'1&',-"$>'
4')&$'*&<*&$'$2(+6$'1#$&0*',+2#'%"201'#3$'1#$&0*'N'H0'\#&"',-"$',#,&=9'7-"L&='&*'2,&=',-*+&'M*+&>'O'
4'@2+'3&'G-V2".&'1&'\#&"'&$*'2"41&$$"$9'2"*-"+'1&',-"$'&*'2"$$#'&0',-"$'4'&*',-"$'5-",&='&0*+&+'
120$'3&'G-V2".&'1&'\#&">''
)&$'L&0$'$;&<(32./+&0*'#.52*#&..&0*']'
4'C2#$'%"A&$*4(&'%"&'(A&$*'^''
4'@A&$*'"0'6*2*'1A&$5+#*'&*'1&'(-&"+'&0*#/+&.&0*'5-$$616'52+'N'\#&"'O'4',-*+&'N'!/+&'O>'_"201',-"$'
M*&$'120$'(&*'6*2*9'3&'N'!/+&'O'&$*'3&'(8&B'1&',-*+&'(-+5$'&*'1#+#L&'*-"*'(&'%"&',-"$'B2#*&$'&*'*-"*&'
,-*+&',#&>'
_"&3%"&$'5&+$-00&$'7-"L-00/+&0*']''
4'@-..&0*'(&32'$&'5&"*4#3'^'
4' J3' &$*' 5-$$#73&' 1AM*+&' $#' 160"6' 1;6L-' 4' 1&' 16$#+$' 6L-`$*&$9' 1;8-$*#3#*69' 1&' (-3/+&9' 1&' P23-"$#&9'
1A2,#1#*69'1&',#01#(*&9'%"&'$&"3'N'\#&"'O'+&$*&'2"'L-",&+02#3'1&',-*+&'&$5+#*'&*'1&',-*+&'(-&"+>''
4'H*'%";2++#,&4*4#3'23-+$9'1&.2012'"0&'B&..&'^'
4'D3-+$',-"$'&0*+&='120$'3;N'H*2*'1;H*+&'O'%"#'&$*'N'1#+#L6'52+'\#&"'O>'@A&$*'27$-3".&0*'.2L0#B#%"&'
&*' L3-+#&"<>' @;&$*' 3;2.-"+9' 32' L606+-$#*69' 3&' $-"(#' 1A2"*+"#' (-..&' 1&' $-#9' (;&$*' 3&' 0-04P"L&.&0*9'
5"#$%"&' ,-"$' 2((&5*&=' 3&$' 2"*+&$' &<2(*&.&0*' *&3$' %";#3$' $-0*9' $2(820*' %"A#3$' $-0*' 2"$$#' 1&$'
&0B20*$' 1&' N'\#&"'O' &*' %"&' N'\#&"'O' 5+&01' $-#0' 1;&"<' (-..&' 1&' ,-"$>' @A&$*' 3&' 7-08&"+' $20$'
.&$"+&9'#01&$(+#5*#73&9'(A&$*'32'P-#&'120$'32'7&2"*6'1"'.-01&9'(;&$*'32',#&'#33#.#*6&'&*'"0&'60&+L#&'
2((+"&9'(A&$*'32'$20*6'&*'(A&$*'32'$2*#$B2(*#-0'1&'*-"$',-$'7&$-#0$9'2,20*'.M.&'%"&',-"$'$2(8#&='
%"&',-"$'2,&='"0'*&3'7&$-#0>''
4'!-"+%"-#'3&$'G277#0$'0&'0-"$'1#$&0*4#3$'52$'(&$'(8-$&$9'$&'532#L0#+&0*'53"$#&"+$',-#<'^'
4'!2+(&'%"&'.-#'$&"3'2#',"'3&'N'!/+&'O9'.-#'$&"3'$2#$'(-..&0*'3&'.-01&'2'6*6'(+66'&*'3&$'3-#$'1&'
3A&<#$*&0(&>'H*'52+(&'%"&'P&'$2#$'*-"*&$'(&$'(8-$&$9',-"$'0;2,&='%";K',&0#+'K'.-#'&*'.&'1&.201&+'
&*'P&',-"$'+6,63&+2#'*-"*'(&'%"#'.A2'6*6'1-006>'T&',-"$'3&'1#$9'&0',6+#*69'*-"$'(&"<'1;&0*+&',-"$'%"#'
(+-#&0*'4'&*'(-.5+&00&0*'4'&*'(8&+(8&0*'%"-*#1#&00&.&0*'K'.&**+&'.&$'.-*$'&0'5+2*#%"&'4'$&+-0*'
$2",6$'1&$'*+#7"32*#-0$'%"&'(-002#$$&0*'3&$'8-..&$>''
U-"$' $-"BB+&=' 52+(&' %"&' ,-"$' 0&' (-.5+&0&=' 52$' (-..&0*' ,-"$' 2,&=' 6*6' (+66$' &*' ,-*+&' ,+2#&'
+2#$-0'1;M*+&>''
4'U-"$'M*&$'06$'5-"+'M*+&'3&$'B#3$'&*'3&$'86+#*#&+$'1"'N'!/+&'O9',-"$'M*&$'06$'5-"+'2#.&+'*-"*'(&'%"&'
3&'N'!/+&'O'&$*'&0'I-#[a'&*'*-"*'(&'%"&'@&32'5&"*',-"$'1-00&+bc>'C2#$',-"$'*-"+0&='3&'1-$'K'*-"*&'32'
L3-#+&'1"'+-V2".&'&*'&$$2V&='1&'*+-",&+'1"'532#$#+'120$'3&$'(8-$&$'*&++&$*+&$>'H0'2L#$$20*'2#0$#9'
,-"$'0&'16(-",+#+&='P2.2#$'3&'G-V2".&'1&'\#&"9'0#'0;&0*+&+&='120$'3&'G-V2".&'1&$'@#&"<>'
4'@-..&0*'&0*+&+-0$40-"$'120$'3&'G-V2".&'^'
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
am
!U!(M.(%(M*%NO.(M*1J%'-%',%G(-*9A%I!
no
!U!.,3%.99%(M.(%G(%;.,%4'+*%@=/%I!
!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' C' ,54415'>'
Y!T7!D9@%!&R#>!8CHI!8><G!/9@%!7$<=7]!8#$%!&7!G-V2".&'1&$'@#&"<!Q@#$8!D9@%!D9@%!=7?7$<7]!87!<9@<!;7!
Q@7! D9@%! X<7%! 8#$%! D9<=7! ;97@=! 7<! 8#$%! D9<=7! 7%?=><G! M@#$8! D9@%! =7B7<<7]! D9<=7! B#&! #@! 3J=7! 7<!
87B#$87]! ?#=89$! 7<! ?=>7]! ?9@=! #D9>=! &#! E9=;7! 87! D9@%! ?@=>E>7=! 87! D9%! B#@D#>%7%! ?7$%C7%6! ?#=9&7%! 7<!
#;<>9$%! 7<! D9@%! 7$! 8CF#==#%%7=!E>$#&7B7$<!W! #&9=%! D9@%! ?9@D7]! X<=7! %i=%! Q@7! D9@%! X<7%!%@=!&7! ?9>$<! 87!
<=9@D7=! &7! G-V2".&'1&$' @#&"<G! M@#$8! D9@%! #@=7]! #;;9B?&>! ;7&#6! D9@%! 8C;9@D=>=7]! Q@7! D9%! #<<><@87%!
7$D7=%!#@<=@>!;S#$N7$<6!;#=!&7!N!!/+&'O!#;;9B?&>=#!I-0'E&",+&'1AD.-"+!7$!D9@%G!/9@%!D9@%!&>FC=7=7]!
87%!;S#^$7%!7<!87%!;9=87%!87%!B#@D#>%!8C%>=%!7<!#;<7%!Q@>!D9@%!&>#>7$<!#@<=7E9>%!7<!D9@%!9$<!=7$8@!;#?<>E%!
8@!B9$87G!3&@%!Q@7!;7&#6!D9@%!8C;9@D=>=7]!Q@7!&7!N!!/+&'O!=C?9$8!D=#>B7$<!I!;S#;@$!87!D9%!F7%9>$%G!
($7!E7BB7!%R7O;&#B#!c!!
Y!TR#>!@$!F7%9>$!7$!;7!B9B7$<!BXB76!)#^<=76!HA#>!E#>BG!
'7%!N7$%!=>=7$<!B#>%!#&9=%!?&@%>7@=%!D9>O!%7!H9>N$>=7$<!I!&#!%>7$$7!7$!8>%#$<!c!!
Y!L9@%!%9BB7%!#D7;!<9>!87?@>%!87!$9BF=7@%7%!S7@=7%6!<@!$9@%!#%!E#><!B#=;S7=!<=J%!&9$N<7B?%!#D#$<!87!
;9$%7$<>=!I!$9@%!7$%7>N$7=G!L9@%!<R#D9$%!B9$<=C!Q@7!$9@%!%9BB7%!87!F9$%!B9@<9$%G!L7!$9@%!#>87=#%Y
<@!?#%!I!%#<>%E#>=7!$9<=7!E#>B!h!!
T7! B7! =7$8>%! ;9B?<7! Q@A>&%! 8>%#>7$<! &#! DC=><C! 7<! =7%%7$<>%! @$7! N=#$87! ;9B?#%%>9$! ?9@=! 7@OG! *&%! $7!
BR#D#>7$<! ?#%! %@>D>! H@%<7! ?9@=! X<=7! N@C=>%6! B#>%! #@%%>! ?#=;7! Q@R>&%! #D#>7$<! <=J%! 7$D>7! 87! ;9$$#^<=7! &#!
U6+#*6! Q@>!BR#D#><! C<C! 89$$C7! ?#=!&7! N!!/+&'OG!T7! &7@=! #D#>%!8><! Q@7! &7! N!!/+&'O! %#<>%E7=#><! I!<9@%! &7@=%!
F7%9>$%G!TR#D#>%!&I!@$7!9;;#%>9$!87!&7@=!B9$<=7=!&7!?9@D9>=!87!&#!E9>!7<!&#!!"#$$20(&!Q@R7%<!">7@G!!
T7!&7@=!?=9@D7=#>%!Q@7!=>7$!$A7%<!>B?9%%>F&7!I!;7@O!Q@>!;=9>7$<!D=#>B7$<!;9BB7!HA#D#>%!;=@!7<!?7=g@G!
TR#??7&#>! B7%! 8>%;>?&7%! 7<! &7@=! 8>%! 87! ;S7=;S7=! %A>&! P! #D#><! Q@7&Q@R@$! 8#$%! &R#%%7BF&C7! Q@>! #D#><! 87! &#!
$9@==><@=7G!
*&%!<=9@DJ=7$<!@$!H7@$7!N#=g9$!Q@>!#D#><!87%!?#>$%!7<!87%!?9>%%9$%!7<!B7!&7%!#??9=<J=7$<G!!
T7! BRC&9>N$#>! Q@7&Q@7! ?7@! 87! &#! E9@&7! 7<! ;9$<7B?&#>! <=#$Q@>&&7B7$<! &7%! ?#>$%! 7<! &7%! ?9>%%9$%6! $2(820*!
Q@A>&%!$AC<#>7$<!Q@7!&#!N!!"#$$20(&'1&'3;H$5+#*'1&'A\#&"A!O6!&#!%@F%<#$;7!87!<9@<7!B#<>J=76!=7$8@7!D>%>F&7G!
T7! $2,2#$! Q@7! &#! N!!"#$$20(&' 1&' 3;H$5+#*' 1&' d\#&";!O' C<#><! >&&>B><C7! 7<! ?@>%%#BB7$<! #;<>D7! 8#$%! B#!
;9$%;>7$;7G!
T7!$2,2#$!Q@7!&#!02*"+&!8@!N!!/+&'O!7%<!&#!%#<>%E#;<>9$!87%!F7%9>$%G!
49BB7!H7!FC$>%%#>%!&#!$9@==><@=76!H7!%7$<>%!&#!!FJIIDQ@H!%RC;9@&7=!7$<>J=7B7$<!I!<=#D7=%!B9$!7%?=><6!
B9$!;9=?%!7<!B7%!B#>$%!7<!H7!$"$!Q@7!&#!E#>B!87%!N7$%!%7=#><!%#<>%E#><7G!
T7!$7!%#D#>%!?#%!;9BB7$<!;7&#!%7!E7=#><6!H7!%#D#>%!H@%<7!Q@7!;7&#!%7!E7=#><G!
T7!?=>%!#&9=%!&7%!?#$>7=%!87!$9@==><@=7!7<!8>%!#@O!8>%;>?&7%!87!&#!8>%<=>F@7=6!B7!$&0*20*!#F%9&@B7$<!;7=<#>$!
Q@7!;S#;@$!#@=#><!#@<#$<!87!$9@==><@=7!Q@7!$C;7%%#>=7G!
37$8#$<!Q@7!&#!$9@==><@=7!C<#><!?#=<#NC7!7<!?#%%#><!I!<=#D7=%!&#!E9@&76!7&&7!%7!B@&<>?&>#!H@%Q@AI!;7!Q@7!<9@<7!
&#!E9@&7!#><!C<C!$9@==>7!7<!%#<>%E#><7G!*&!7$!=7%<#!?&@%>7@=%!?#$>7=%!87!=7%<7G!
TR#D#>%!#>$%>!8CB9$<=C!Q@7!c!
p! U!'#! B#<>J=7!V! [! <9@<! ;7! Q@>! 7%<! D>%>F&7! 8#$%! &A@$>D7=%! Y! 7%<! 87! &#! (-0$(#&0(&' $5#+#*"&33&' e' .&0*23&'
+&01"&',#$#73&'120$'32',#7+2*#-0'1&$'N'5-"$$#/+&$'O!qQ@7!&#!%;>7$;7!$9BB7!87%!?#=<>;@&7%rG!
p! '7%! ;S#$N7B7$<%! 87! U!D>F=#<>9$! 87%! ?9@%%>J=7%!V6! 7<! 89$;! 87! U!&#! B#<>J=7!V6! %R9?J=7$<! %@><7! I! @$7!
U!D>%@#&>%#<>9$!V!?@>%%#BB7$<!8>=>NC76!8>%;>?&>$C76!E9;#&>%C7!87!3A60&+L#&'.&0*23&'e'(-0$(#&0*&G!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' D' ,54415'>'
p! _"2019'120$'"0&'N'(-0$(#&0(&'1;2.-"+'O9'-0'2L#*'5"+&.&0*'5-"+'2((-.53#+'3&'7#&0'1;2"*+"#9'3&$'
$&"3&$' 3#.#*&$' K' 3;N'E&",+&' 1;D.-"+' 1"' d!/+&;'O' 120$' 3&' .-01&' IEQ?' )HI' )JCJ?HI' _FH'
);HI!GJ?'\H');SECCH'JC!EIH'D'@H??H'fFUGH>'
p! \&' *&33&$' .-1#B#(2*#-0$' 1&' 32' N'.2*#/+&'O' 0&' 5&",&0*' 2,-#+' 3#&"' %"&' 3-+$%"&' 32' (-0$(#&0(&' 1&'
N'3;8-..&'O'&$*'&0'52+B2#*&'82+.-0#&'2,&('32'N'@-0$(#&0(&'F0#,&+$&33&'!/+&'O'&*'"0#&'K'&33&>'
j>7$!Q@A>&!P!7i<!87!&#!%<@?CE#;<>9$!?#=B>!&7%!N7$%!7<!B7%!8>%;>?&7%6!Q@#$8!&7%!N7$%!E@=7$<!$9@==>%!87!;7<<7!
E#g9$6!2"("0'1A&0*+&'&"<'0&'(-.5+#*!;9BB7$<!@$7!<7&&7!;S9%7!#D#><!C<C!#;;9B?&>7G!
*&%! $7! ?9@D#>7$<! Q@7! ;9$;&@=7! Q@7! ;AC<#><! &7! B>=#;&7! &7! ?&@%! 7O<=#9=8>$#>=7! Q@A>&%! #>7$<! H#B#>%! D@G! 47&#!
;9$E>=B#!#@%%>!&7@=!;=9P#$;7!Q@7!HAC<#>%!&7!s>&%!87!">7@G!
!
($! #@<=7! H9@=6! HAC<#>%! #%%>%! %9@%! @$! #=F=7! I! &A7O<C=>7@=! 87! j7<S7%8#6! 7$<9@=C! 87! N7$%! Q@>! BR#D#>7$<!
#??9=<C!&7@=%!B#&#87%!I!N@C=>=G!49BB7!<9@H9@=%6!>&%!%RCB7=D7>&&J=7$<!8@!=7<9@=!I!&#!D>7!7<!I!&#!%#$<C!87!
;7%!N7$%!7<!%7!87B#$8#>7$<!;9BB7$<!87!<7&%!B>=#;&7%!?9@D#>7$<!%7!?=98@>=7G!
.!$9@D7#@6!HA7%%#P#>!87!&7@=!E#>=7!;9B?=7$8=7!&#!!"#$$20(&'1&'32'g-#G!
'7%!CD#$N>&7%!8C;&#=7$<!Q@7!HA#D#>%!8><!Q@7!%>!@$!S9BB7!#D#><!@$7!E9>!87!&#!<#>&&7!8A@$7!N=#>$7!87!%C$7DC6!
>&!%7=#><!;#?#F&7!87!8C?&#;7=!87%!B9$<#N$7%G!
47<<7!8C;&#=#<>9$!7%<!@$7!>$<7=?=C<#<>9$!7==9$C7!87!;7!Q@7!HA#>!D=#>B7$<!8><!7<!7&&7!=CDJ&7!I!Q@7&!?9>$<!B7%!
8>%;>?&7%!7<!&7%!CD#$NC&>%<7%!#D#>7$<!?7@!;9B?=>%!B7%!7$%7>N$7B7$<%!Q@#$8!$9@%!D>D>9$%!%@=!17==7G!
2>!@$7!?7=%9$$7!87D#><!#D9>=!@$7!U!E9>!V!87!&#!<#>&&7!8A@$7!N=#>$7!87!%C$7DC!Y!Q@7!%>N$>E>7!;7;>!h!49BB7$<!
?7@<Y9$!B7%@=7=!&#!E9>!8A@$7!<7&&7!E#g9$!h!
)2'B-#'&$*'32'B-#>'
@A&$*'"0&'N'5"#$$20(&'1&'(-0,#(*#-0'*-*23&'O'1&'3A&$5+#*9'5-$$6120*'3A&$5+#*'&*'&33&'0&'5&"*'52$'$&'
3#.#*&+'&0'*2#33&>'
)2'B-#'4'5+-,&020*'1"'7&$-#0'1&'(+-#+&'&0'%"&3%"&'(8-$&9'52+(&'%"A"0&'*&33&'(+-V20(&'$&+,#+2',-$'
7"*$' 1A"0&' (&+*2#0&' B2X-0' 49' 5&"*' M*+&' 5"#$$20*&' &*' B-+*&9' .2#$' 0&' 5-"++2#*' P2.2#$' $;6,23"&+' &0'
N'*2#33&'O'h'
)2'(+-V20(&'&$*'&0(-+&'53"$'B-+*&>')2'(+-V20(&'*+-",&'$2'$-"+(&'120$'3A-"`41#+&'&*'32'3-L#%"&>'
!2+(&' %"&' 3;-0' 2' &0*&01"' %"&3%"&' (8-$&' &*' %"&' 3;-0' &$*' (-0,2#0("' %"&' (&**&' (8-$&' 3"&' -"'
&0*&01"&'&$*',+2#&9'-0'16,&3-55&'"0&'(+-V20(&'5+-B-01&'&0'(&'%"&'3;-0'2'&0*&01">'E0'(+-#*'%"&'
(;&$*',+2#>'E0'3&'(+-#*'1;"0&'.20#/+&'*-*23&9'%"#'16B#&'*-"*&'(-0*+21#(*#-0>''
T&'1#$2#$'(-0$*2..&0*'2"<'L&0$']''
4'@+-V&='%"&',-"$'+&(&,+&='4'&*',-"$'+&(&,+&=>'
'
@&5&0120*9' P&' $2,2#$' K' (&**&' 65-%"&' %";#3' $&+2#*' K' 5&"' 5+/$' #.5-$$#73&' 2"<' L&0$' 1;2,-#+' P2.2#$'
"0&'B-#'$"BB#$20*&'5-"+'2((-.53#+'1&$'.#+2(3&$9'5"#$%"&'1&'%"&3%"&'B2X-0'%"&'P&'3&"+'&<53#%"&'32'
U6+#*69'#3$'0;2"+2#&0*'P2.2#$'32';=,,.'--.,;*'#0*&0$&'%"#'.;2,2#*'6*6'+6,636&'120$'3&'16$&+*>'
)#>%! B#>$<7$#$<! Q@7! H7! =#??9=<76! 8#$%! @$7! E#>F&7! B7%@=76! &AS>%<9>=7! 87! B9$! %CH9@=! %@=! 17==76! 7$!
3#&7%<>$76!;R7%<!#D7;!&A>$<7$<>9$!Q@7!D9@%6!B9$!&7;<7@=6!D9@%!;9BB7$;>7]!I!?7=;7D9>=!7<!;9B?=7$8=7!&#!
;9$$#>%%#$;7!Q@7!HR#>!=7g@7!?7$8#$<!B9$!>&&@B>$#<>9$G!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' EF' ,54415'>'
)9$!>$<7$<>9$!7%<!87!D9@%!89$$7=!&#'(-002#$$20(&>'4=9>=7!?#=!9@tY8>=76!;R7%<!;=9>=7!Q@7&Q@7!;S9%7!Q@R9$!
D9@%!#!8><!B#>%!89$<!D9@%!$7!?9@D7]!?#%!D=#>B7$<!?=9@D7=!&#!DC=#;><CG'@-002W*+&9'(;&$*'$2,-#+'%"&3%"&'
(8-$&'%"&'3;-0',-"$'2'1#*'4'-"'%"&',-"$'2,&='3"'4'&*'52+(&'%"&'(&'%"&',-"$'2,&=' &0*&01"'-"'3"'
(-`0(#1&'3-L#%"&.&0*'&*'2,&('+623#$.&' 2,&('*-"$'3&$'.-+(&2"<'1&'(-002#$$20(&'%"&',-"$' 2,&='
16PK'&*'%"&',-"$'5-",&='3&'(-.5+&01+&'&*'3&'(+-#+&'1A"0&'B2X-0'+623#$*&'&*'3-L#%"&9'3&$'0-",&33&$'
#0B-+.2*#-0$'1&,#&00&0*'32'(-002#$$20(&>'U-"$'IDUHi'%"&'(&'%"&',-"$'$2,&='&$*'UGDJ>'U-"$'&0'
M*&$'(-0,2#0(">''
T"$%"AK'5+6$&0*9'(&+*2#0$'1A&0*+&',-"$'2,2#&0*'B-#' &0'T6$"$'@8+#$*9'.2#$'#3$'+&$$&.732#&0*' K'1&$'
&0B20*$' 5+6(-(&$>' )&"+' B-#' 6*2#*' 52+*#&33&.&0*' 2,&"L3&' &*' -76#$$20*&b[9' 7#&0' %"&' .M36&' 1&'
7&2"(-"5' 1&' 1-"*&>' D#0$#9' %"&3$' %"&' B"$$&0*' 3&"+$' 7&$-#0$9' #3$' (-.5*2#&0*' $"+' T6$"$' 5-"+' 3&'
*+2,2#3' K' 2((-.53#+>' D3-+$' %";&0' B2#*9' 32' 53"52+*' 1&$' (8-$&$' %";#3$' 1&.2012#&0*' &*' (+-V2#&0*'
5+-,&0#+'1#+&(*&.&0*'1&'T6$"$'6*2#*'3&"+'B-#'.M.&'&0'T6$"$9'+&01"&',#$#73&'$-"$'32'B-+.&'1&'(&'
%";#3$'2,2#&0*'1&.2016>''
j>7$! Q@7! ;7<<7! U!E9>!V! 7$E#$<>$7! %9><! <=J%! >B?9=<#$<7! ?9@=! D9<=7! F>7$YX<=76! D9@%! Q@>! X<7%! ;#?#F&7%!
8R#D#$;7=! %@=! &7! ;S7B>$! %?>=><@7&! 87! &#! ?7=E7;<>9$6! >&! D9@%! E#@<! B#>$<7$#$<! #;;C87=! I! @$! $>D7#@! ?&@%!
?=9E9$8!87!D=#>7!(-002#$$20(&!87!&#!=7&#<>9$!7$<=7!&A7%?=><!7<!&#!U!B#<>J=7!VG!2#$%!;7<<7!F#%76!&RS9BB7!
;9$<>$@7=#! I! ?#<#@N7=! 8#$%! 87%! BP<S7%! =7&>N>7@O! 7<! =7%<7=#! 7$E7=BC! 8#$%! &#! B>%J=7! 87! &#! ;9$8><>9$!
S@B#>$7G!
M@#$8!HAC<#>%!%@=!17==76!HA#>!8><!&#!U6+#*6!#@O!N7$%6!B#>%!7&&7!C<#><!;9$<>$@7&&7B7$<!B#&!>$<7=?=C<C7G!47!Q@7!
HA#>!D=#>B7$<!8><!#@!%@H7<!87!32'B-#6!;RC<#><!;7&#!c!
Y!/9P7]! ;7! N=#$86!;7<! >BB7$%7! #=F=7G! *&! D>7$<!87! &#! N=#>$7!&#! ?&@%!B>$@%;@&7! Q@7! &R9$! ?@>%%7! >B#N>$7=G!
/9P7]! %9$! <=9$;! C$9=B76! %7%! F=#$;S7%! 7<! %9$! E7@>&&#N7G' ?-"*&' (&**&' 60-+.&' (+-#$$20(&' &$*' $-+*#&'
1A"0&'5&*#*&'L+2#0&>'
49BB7$<! @$7! <7&&7! ;S9%7! #Y<Y7&&7! ?@! #==>D7=! h! "A9d! 7%<! D7$@! <9@<! &7! F9>%! 87! &A#=F=7! 7<! &7! E7@>&&#N7! Q@>!
&A9=$7!h!LA7%<Y;7!?#%!@$!B>=#;&7!#@%%>!N=#$8!Q@7!&7%!B>=#;&7%!Q@7!HA7OC;@<7!?9@=!D9@%6!H9@=!#?=J%!H9@=!h!
'#!;=9>%%#$;7!87!;7<!#=F=7!$R7%<Y7&&7!?#%!#@<#$<!&7!<=#D#>&!8@!N!!/+&'O!Q@7!&#!N@C=>%9$!Q@>!#!&>7@!8#$%!&7%!
N7$%!Q@>!%9$<!B#&#87%!h!
Y!T7!D9@%!&7!87B#$87![!Q@R7%<Y;7!Q@R@$7!N=#>$7!h!39@D7]YD9@%!B7!&7!8>=7!h!L9$!Y!D9@%!$7!&7!?9@D7]!
?#%G!)#>%!H7!D9@%!&7!8>=#>!c!
4'@A&$*'"0&'.#0"$("3&'&0*#*6'1&'N'(-002#$$20(&'1&'32'(-0$(#&0(&'O>'@;&$*'32'N'(-002#$$20(&'1&'32'
(-0$(#&0(&'O'1&'(&'%"A#3'1&,#&01+2>'@A&$*'"0'B+2L.&0*'1&'N'(-0$(#&0(&'O'*#+6&'1&'32'N'@-0$(#&0(&'
@+62*+#(&'\#,#0&'O>'
4' @A&$*' "0' B+2L.&0*' 1&' 5"#$$20(&'1&' 3A&$5+#*9' *#+6' 1&'32' N'!"#$$20(&' 1&' 3;H$5+#*'!/+&'O>>>'%"#9'"0&'
B-#$'5320*6'120$'32'*&++&'&*'2++-$6'52+'32'53"#&9'(-..&0(&+2'K'$A827#33&+'1&'N'.2*#/+&'O',#$#73&9'1-0*'
#3'5-$$/1&9'2"'53"$'5+-B-01'1&'3"#9'32'(-002#$$20(&>'@&**&'(-002#$$20(&'&$*',+2#&9'B&+.&9'B-+*&'&*'
#067+203273&>' @&**&' (-002#$$20(&' 1&' $-#9' #0(2+06&' 120$' 32' L+2#0&9' &$*' "0&' (-0,#(*#-0' 1&' 32'
N'(-0$(#&0(&'Obb>''

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
na
!U!.;;*0(',4%I!
nn
!U!.%;=,+';('=,%',%N;=,-;'=/-,*--J%I!
!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' EE' ,54415'>'
4'?-"*&$'3&$'B-+.&$'1&',#&'$"+L#$$&0*'1&'(&**&'N'(-002#$$20(&'1&'$-#'%"#'2**&#0*'$-0'7"*'Obj4'(&**&'
N'(-0,#(*#-0'1&'32'(-0$(#&0(&'O>'@&**&'N'(-0,#(*#-0'1&'32'(-0$(#&0(&'O'&$*'(&'%"#'1#BB6+&0(#&'3&'$-3'
#020#.6' &*' 3&$' +-(8&+$' 1&' *-"*' (&' %"#' ,#*' &*' (+-W*' K' 32' $"+B2(&' 1&' 32' ?&++&>' )K' -k' #3' 0AV' 2' 52$' 1&'
N'(-0,#(*#-0' 1&' 32' (-0$(#&0(&'O' -"' 1&' N'(-002#$$20(&' 1&' $-0' #1&0*#*6'O9' #3' 0AV' 2' 52$' 1&'
(+-#$$20(&>' )2' (-0$(#&0(&' %"#' LW*' 120$' 3&' $-3' &*' 3&$' +-(8&+$' +&$*&' 1&' 32' N'(-0$(#&0(&'O' &0'
$-..&#3>'
I#'1-0(',-"$'5-",#&='(+-#+&'&0'(&'%"&',-"$'1&.201&=''
./--'%0/'--.66*,(%5/7/,*%41.',*%3*%6=/(.13*%5/'%;=,,.P(%-.%01=01*%'3*,('(>?%
,-"$'$&+#&='(25273&$'1&'B2#+&'*-"*'(&'%"&',-"$',-"1+#&=>'
I#' ,-"$' 5-",#&=' L2+1&+' &0' ,-*+&' &$5+#*' "0&' L+2#0&' 4' 3&' 5320' 5&+B&(*#-006' 1&' ,-$' 7"*$' 3&$' 53"$'
#0*#.&$' 4' &*' $2,-#+' $20$' 2"("0' 1-"*&' %";&33&' 5&"*' (+-W*+&' &*' 2++#,&+' K' +623#$2*#-0' 52+B2#*&9' ,-"$'
,&++#&=' (&**&' .&+,&#33&"$&' L+2#0&' 5+&01+&' "0&' ,#&' 5+-5+&' %"#' $&' .20#B&$*&+2#*' .2#0*&020*' .M.&'
120$',-*+&',#&>'
H*',-"$'5-"++#&='$l+&.&0*'16532(&+'1&$'.-0*2L0&$'120$',-*+&',#&'4'(&$'.-0*2L0&$'%"#'$-0*'&0'
*+2,&+$' 1&' ,-*+&' (8&.#0' &*' ,-"$' &.5M(8&0*' 1&' +623#$&+' *-"*' (&' %"&' ,-"$' ,-"1+#&=m' 3&$'
.-0*2L0&$'%"&',-"$'2,&='(+66&$',-"$4.M.&'120$',-$'.-.&0*$'1A#0$-"(#20(&'&*'1&'.2",2#$&$'
5&0$6&$>'I#'$&"3&.&0*',-"$'(-.5+&0#&='32'(+62*#-0'&*'3A&<#$*&0(&9',-"$'5-"++#&=',#,+&'"0&',#&'1&'
3#7&+*6'*-*23&9'1A2((-.53#$$&.&0*'#33#.#*6'&*'1&'P-#&'*+20$(&0120*&>'
4'@8&+(8&='K'(-.5+&01+&'&*',-"$'16(-",+#+&='%"&'5&*#*'K'5&*#*9'32'(-.5+68&0$#-0',-"$',#&01+2>'
4'g+255&='K'32'5-+*&'1&'3A"0#,&+$'1-0020*'2((/$'K'N'\#&"'O'4'32'N'@-0$(#&0(&'!/+&'F0#,&+$&33&'O9'&*'
B#023&.&0*9',-"$',&++&='32'5-+*&'$;-",+#+'&*',-"$'2"+&='2((/$'2"<'$&(+&*$'1"'.-01&>'
Q%R1=@*S%-*/9*6*,(%*(%+=/-%1*;*+1*SD%%
)*%9*/1%1.00*9.'-%./--'%C%(=/(%6=6*,(%T%
Q%U*/9-%9*-%*-01'(-%*(%9*-%;V/1-%0/1-%.;;=609'1=,(%;*-%;M=-*-%0/'--.,(*-D%
'7!B#&!?7@<!E&7@=>=!?9@=!@$!;7=<#>$!<7B?%6!;9BB7!&R9$<!E#><!87%!=9>%6!87%!#=BC7%!;9$Q@C=#$<7%!7<!8A#@<=7%6!
#B#%%#$<!&A>$>Q@><C!8#$%!&7@=%!7%?=><%W!>&!&7@=!7%<!?7=B>%!8R#;;9B?&>=!&7@=!97@D=7!?7$8#$<!@$!;7=<#>$!<7B?%6!
?@>%Q@R@$!;7=<#>$!F>7$!?=9D>7$<!#@%%>!8@!B#&6!B#>%!E>$#&7B7$<!>&%!C;S9@7$<!7<!&7@=%!$9B%!%9$<!S9$$>%!?#=!
&7!=7%<7!8@!B9$87G!
"9$;6! <9@%! ;7@O! 8R7$<=7! D9@%! Q@>! ?7@D7$<! &7! E#>=76! 7O#B>$7]! D9%! B9<>D#<>9$%G! '7%! 8C%>=%! $C%! 8R@$7!
@$>Q@7! 7$D>7! CN9t%<7! 87! =>;S7%%7! 9@! 87! ;9$E9=<!#F9@<>%%7$<!E>$#&7B7$<! I! &#! 8C;7?<>9$6!&#!B#&#8>7! 7<! &#!
B9=<G!
!
"(%8*%+=/-%3'-?%C%+=/-%5/'%9'-*S%;*-%6=(-%Q%,*%9.'--*S%0*1-=,,*%=-*1%,'*1%9.%B>1'(>%3=,(%8*%0.19*?%
(.,(%5/*%+=/-%,J.+*S%0.-?%+=/-%./--'?%A=/9>%9*%RM*6',%3*%9.%$*,=,;'.('=,%3*%U='%5/*%87.'%A=/9>%-/1%
#*11*% *(% .((*',(% 9J/,'=,% .+*;% 9*% H%K21*%I% *(% .+*;% 9*-% -=66*(-% 3*% ;=,,.'--.,;*% *(% 3*%
;=601>M*,-'=,%'11>A/(.F9*-%5/*%87.'%.((*',(-D%%
W/.,3%+=/-%./1*S%1>.9'->%(=/(%;*9.?%+=/-%,7./1*S%09/-%*,+'*%3*%,'*1%9.%+>1'(>%3=,(%8*%+=/-%0.19*?%*(%
+=/-% ,*% 0=/11*S% 0.-% +=/-% 1*(*,'1% 3*% H%6*%I% 1*8=',31*% 3.,-% 97*,-*'4,*6*,(% 3*% +=-% -*6F9.F9*-D%
T"$%"&'3K9'+&$*&='&0'52#<'&*'0&'32#$$&='5&+$-00&'(-002W*+&',-*+&'#L0-+20(&>'
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
nu
!U!=,*Q0=',(*3%-*9A%X,=Y9*34*%I!
!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' E=' ,54415'>'
'
49BF>7$! 87! E9>%6! 8#$%! &7! B9$87! 7$<>7=6! &7%! N7$%! #??=9@D7$<Y>&%! #D7;! H9>7! B7%! 7$%7>N$7B7$<%! ?#=;7!
Q@R>&%!%9$<!8R@$7!N=#$87!B9=#&><C!7<!Q@7!&7%!8>=7;<>D7%!%9$<!&7%!?&@%!?#=E#><7B7$<!E9=B@&C7%!?9@=!@$!F9$!
;9B?9=<7B7$<! Q@9<>8>7$! 8#$%! &#! D>76! 7<! ;7?7$8#$<! #H9@<7$<! =#?>87B7$<! Q@7! &7%! S>%<9>=7%! 87! B>=#;&7%!
87D=#>7$<! X<=7! B>%7%! 87! ;v<C! ?@>%Q@7! 87! <7&&7%! #F7==#<>9$%! 87%! &9>%! $#<@=7&&7%! 87! &A@$>D7=%! $7! %9$<! ?#%!
?9%%>F&7%G!
47!<P?7!87!?7$%C7!C=>N7!87%!F#==>J=7%!#@!?=9N=J%!E@<@=!8@!8CD7&9??7B7$<!%?>=><@7&!7<!%;>7$<>E>Q@7!89$<!
&A7%?=><!S@B#>$!7%<!;#?#F&7G!
H0'B2#*9'P&'0&'$"#$'52$',&0"'$"+'?&++&'5-"+'#02"L"+&+'"0&'0-",&33&'+&3#L#-0'-"'"0'(-1&'.-+23'53"$'
63&,6'%"&'(&3"#'%"#'2'6*6'1-006'52+'C-`$&'120$'3&$'\#<'@-..201&.&0*$>''
C-0'7"*'6*2#*' 1A255-+*&+'"0&'0-",&33&'5&+(&5*#-0'1&'N'\#&"'O9'(A&$*4K41#+&'(&33&'1"'(+62*&"+'&*'32'
(-.5+68&0$#-0' 1&' 3A&<#$*&0(&' &33&4.M.&>' \&' (&**&' (-002#$$20(&' 5-",2#*' 16(-"3&+' "0' 0-",&2"'
.-1&'1&',#&>'
)A2**#*"1&'(-++&(*&'K'2,-#+'&0,&+$'.2'.#$$#-0'$"+'?&++&9'2"'(-"+$'1&'(&'*+-#$#/.&'.#33602#+&9'&$*'
1&'+&(-002W*+&'%"&'3&$'N'.#+2(3&$'O'%"&'PA2#'2((-.53#$'1652$$&0*'3&$'(252(#*6$'2(*"&33&$'1&'3AM*+&'
8".2#0'.-V&0>'
@&5&0120*9'1&'*&3$'N'.#+2(3&$'O'$-0*'1&$'&<&.53&$'1&'(&'%"#'5&"*'M*+&'+623#$6'K'3A2,&0#+9'3-+$%"&'
3;&$5+#*'1&$'L&0$'$&+2'&0*#/+&.&0*'#.5+6L06'1&'32',+2#&'(-002#$$20(&'1&'3A&<#$*&0(&'&*'%"2019'52+'
32' B-#9' 32' .61#*2*#-0' &*' 32' 5+#/+&9' #3' $;2((-+1&+2' 2,&(' &*' $;#.5+6L0&+2' 1&' 32' N'U#&' F0#,&+$&33&' e'
@-0$(#&0(&'1;D.-"+'O>'
-%<Y>&! D=#>B7$<! D=#>! Q@7! HA#>! N!.2+(86' $"+' 3&$' &2"<!O' Q@#$8! B7%! 8>%;>?&7%! %9$<! B9$<C%! I! F9=8! 8A@$!
F#<7#@!?9@=!<=#D7=%7=!&7!&#;!h!
2>!D9@%!#D7]!&@!&RS>%<9>=7!F>F&>Q@7!87!;7<!>$;>87$<6!D9@%!D9@%!=7$8=7]!;9B?<7!Q@7!&7%!8>%;>?&7%!BA#D#>7$<!
&#>%%C!87==>J=7!7@OG!T7!;S7=;S#>%!@$7!9;;#%>9$!87!B7!=7<>=7=!87!<9@<!;9$<#;<!S@B#>$6!87!E#>=7!@$7!=7<=#><7!
8#$%!&7%!;9&&>$7%!7<!8R7$<=7=!7$;9=7!@$7!E9>%!7$!BC8><#<>9$!?=9E9$87!?9@=!?7=B7<<=7!I!B#!;9$%;>7$;7!87!
%R@$>=!I!&#!8>B7$%>9$!@$>D7=%7&&7!87!&#!U!49$%;>7$;7!87!">7@!VG!
!&0120*' %"&' P;6*2#$' 120$' (&*' 6*2*' $5#+#*"&3' *+20$(&0120*' 32' (-0$(#&0(&' 8".2#0&9' *-"*&' .2'
(-0$(#&0(&'58V$#%"&'1#$52+"*9'P&'B"$'$-"3&,6'&0'&<*2$&'120$'3&'@-"+20*'F0#,&+$&3'1&'U#&'&*'P&'$"$'
%"&'32'UJH'FQJUHGIH))H'6*2#*'*-"*9'%"&'32'UJH'6*2#*'32'+623#*6'1&'.-0'6*2*'1AM*+&'&*'%"&'*-"*'3&'+&$*&'
0A6*2#*' %";2552+&0(&' (820L&20*&' &*' 5+-,#$-#+&' 1&' 32' UJH' FQJUHGIH))H' +&01"&' ,#$#73&>' T&' IFI9'
$&0*#$9'%"&'87>(.'-'32'UJH'H))H4CnCH'&*'3-+$%"&'P&'L3#$$2#'2"41&3K'1&'32'(-0$(#&0(&'*&++&$*+&9'120$'
32'@EQI@JHQ@H'\H'UJH'"0#,&+$&33&9'3&$'3-#$'L-",&+020*'.-0'M*+&'58V$#%"&'B"+&0*'*+20$(&016&$'
&*'0&'$;2553#%"/+&0*'53"$'K'32'(82#+'&*'2"'$20L'1&'.-0'(-+5$'8".2#0>'
T;&"$'&0,#&'1&'.&'16532(&+'120$'(&'0-",&3'6*2*'*+20$(&0120*'&*'.&'*+-",2#'&0'*+2#0'1&'B3-**&+'8-+$'
1&' .2' (2,&+0&>' T&' 5-",2#$' ,-#+' .&$' 1#$(#53&$' $"+' 3&' 32(' &*' $"$' %"A#3$' 6*2#&0*' 120$' 32' 16*+&$$&>'
I20$'&BB-+*9'P&'1&$(&01#$'&0'B3-**20*'2"'72$'$"+'32'(-33#0&9'&0'1#+&(*#-0'1"'+#,2L&'&*'%"201'P&'+&5+#$'
(-0*2(*' 2,&(' .&$' $-"(#$' 8".2#0$' 827#*"&3$' o' &0' 3;-(("++&0(&9' .&$' 1#$(#53&$' 49' P&' .&' +&*+-",2#'
B3-**20*' 2"41&$$"$'1&'3;&2">' @&5&0120*9' PA6*2#$' *-"P-"+$'120$' (&*' 6*2*'-k'P&'+623#$2#$' &0*#/+&.&0*'
%"&'P;6*2#$9'.-#4.M.&9'32'UJH'#01#,#1"23#$6&'&*'1-0(9'%"&'.-0'(-+5$'6*2#*'#0B"$6'1&'32'!FJIIDQ@H'
\H'UJH'%"#'(-0*#0"2#*'K'2336L&+'&*'K'*+20$B-+.&+'32'$*+"(*"+&'2*-.#%"&'1&'.-0'6*2*'58V$#%"&>'

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' E>' ,54415'>'
J3'B2"*'%"&',-"$'(-.5+&0#&='%"&'3&'B2#*'1;&0*&01+&'&*'1&'5&0$&+'120$'3A6*2*'1&'(-0$(#&0(&'8".2#09'
&*' 3A2$(&0$#-0' 120$' 32' GpD)JID?JEQ' ?GDQI@HQ\DQ?H' \H' )D' UJH' FQJUHGIH))H' q%"201' 32'
(-0$(#&0(&' 5&+$-00&33&' &$*' +&*#+6&' 1"' (-+5$' &*' B"$#-00&' (-.53/*&.&0*' 120$' 32' N'@-0$(#&0(&'
F0#,&+$&33&'!/+&'Or9'2552+*#&00&0*'K'1&"<'1#.&0$#-0$'(-.53/*&.&0*'1#BB6+&0*&$>'
'#! ;9$%;>7$;7! S@B#>$7! ?7@<! =7;7D9>=! &A>$%?>=#<>9$! 87! &#! N!@-0$(#&0(&' F0#,&+$&33&' !/+&'O' B#>%!
&A>$%?>=#<>9$! =7g@7! %7! BC&#$N7! #D7;! &#! ;9$8><>9$! S@B#>$7! 7<! 7%<! E=CQ@7BB7$<! B#&! >$<7=?=C<C7! %7&9$! &7!
E9$8%!87!;9$$#>%%#$;7!;9$<=v&#$<!8CHI!&7!;7=D7#@!7<!89$;!&7%!?=9;7%%@%!B7$<#@O!7@OYBXB7%G!!
)#&S7@=7@%7B7$<6! &A>$%?>=#<>9$! Q@7! D9@%! =7;7D7]! 7%<' (-0*2.#06&' &*' 16B-+.6&' ?#=! D9%! ;=9P#$;7%!
?=C%7$<7%!Q@7!D9@%!7$<=7<7$7]!D>N9@=7@%7B7$<G!
D"'3#&"'1&'%"-#9'3;H?D?'\H'GHD)JID?JEQ'?GDQI@HQ\DQ?H'H?'!HG@H!?GJ@H'$-+*9'6.&+L&'1&'
32' (-01#*#-0' 58V$#%"&>' )&' (&+,&2"' 0A&$*' 53"$' 120$' 3&' (-0*+s3&>' J3' 0A2' 53"$' 2"("0&' #0B3"&0(&' $"+'
3A6*2*'1&'!&+(&5*#-0'I"56+#&"+&'%"#'&$*'32'U6+#*6'&33&4.M.&>'
@&*'6*2*'0A&$*'53"$'(-0*+s36'-"'2BB&(*6'52+'3&$'(+-V20(&$'8".2#0&$>'
@;&$*' "0' 6*2*' 1&' N'@&' %"#' &$*' +6&33&.&0*'O9' &0' 1&8-+$' 1&' *-"*&' .20#B&$*2*#-0' ,#$#73&' &*' 1&'
3A&<#$*&0(&9'2"'3#&"'1;M*+&'120$'32'1#.&0$#-0'8".2#0&'1&'N'(&'%"&'3;-0'(+-#*'M*+&'3A&<#$*&0(&'O>'
@A&$*'120$'3;H*2*'?+20$(&0120*'1&'32'@-0$(#&0(&'%"&'3&$'N'.#+2(3&$'O'0&'$-0*'%"&'3&'*+2,2#3'0-+.23'
1&'32')-#'F0#,&+$&33&>'
'
D,20*'%"&'P&'0&'(-0*#0"&'2,&('(&**&'+&32*#-0'1&'.2',#&'$"+'?&++&9'P;2#.&+2#$'K'0-",&2"'$-"3#L0&+'
%"&'*-"*9'120$'3A"0#,&+$9'&$*'"0'H?D?'\H'@EQI@JHQ@H'52+*#("3#&+'&*'#01#,#1"23#$69'+&01"',#$#73&>'
TR#>!8i!87%;7$8=7!87!B9$'H?D?'\H'@EQI@JHQ@H'\;DCEFG'FQJUHGIH)'2(*"&3'5-"+'+&,#,+&'.2',#&'
$"+'?&++&9'32%"&33&'+&$*&'#.5+#.6&'1&'.20#/+&'#016367#3&'120$'3;60&+L#&'1&'(-0$(#&0(&'1"'.-01&'
3"#4.M.&9'12*20*'1"'.-.&0*'1&'$2'(+62*#-0>'
*&!E#@<!Q@7!D9@%!;9B?=7$>7]!Q@7!&9=%Q@7!HR#>!#F#$89$$C!B9$!;9=?%!7$!3#&7%<>$76!HR#>!&#>%%C!87==>J=7!B9>!
<9@<!;7!Q@>!#??#=<7$#><!I!;7<<7!D>7G!
TR#D#>%!#;;9B?&>!B#!B>%%>9$G!4R7%<!?9@=Q@9>6!Q@#$8!H7!%@>%!B9=<!%@=!&#!;=9>O6!HR#>!C<C!&>FC=C6!HR#>!C<C!C&7DC!
8#$%! &#! )FCJHGH! N&9=>7@%7! ?9@=! ?=7$8=7! ?#=<! I! ;7<<7! )FCJHGH6! ?9@=! L(1*! &#!)FCJHGH! 7<!B7! =CH9@>=!
8#$%! &#! )FCJHGH! Q@>! 7%<! D.-"+' F0#,&+$&39' U#&9' t&2"*69' S2+.-0#&9' T-#&' &*' G2,#$$&.&0*>' IH'
\H!)D@HG'\DQI'\JggHGHQ?I'QJUHDFR'\H'N'@EQI@JHQ@H'O!7%<!@$7!B>%%>9$!Q@>!$R7%<!$>!E#;>&7!$>!
#N=C#F&7G!4R7%<!@$>Q@7B7$<!?#=;7!Q@7!B#!B>%%>9$!%@=!17==7!$R#!?#%!C<C!#;S7DC7!&9=%Q@7!H7!%@>%!B9=<!7$!
3#&7%<>$7!Q@7!H7!=7D>7$%!B#>$<7$#$<!?9@=!D9@%!#>87=!I!D9@%!?=C?#=7=!I!7$<=7=!8#$%!@$!$9@D7&!kN76!@$7!
$9@D7&&7!?S#%7!8R7O>%<7$;7!>$8>D>8@#&>%C7!%@=!17==7G!
/9@%!?9@D7]!;9B?=7$8=7!@$!?7@!B>7@O!;7!Q@7!HR7$<7$8%!?#=!U!@$7!7$<=7?=>%7!$>!E#;>&76!$>!#N=C#F&7!V!%>!
D9@%!D9@%!%9@D7$7]!87%!E9>%!9d!D9@%!D9@%!=#??7&7]!@$7!N=#$87!<=>%<7%%7!8#$%!D9<=7!D>7!7<!D9@%!<=9@D7]!
D9@%YBXB7!7$!<=#>$!87!=C#N>=!#D7;!?=7%Q@7!#@<#$<!87!<7$%>9$!7<!8RCB9<>9$!Q@7!&9=%Q@7!;7<<7!<=>%<7%%7!#!
C<C!DC;@7!?9@=!&#!?=7B>J=7!E9>%G!
'7! E#><! 87! =CE&C;S>=! I! 87%! %9@EE=#$;7%! 7<! 87%! 89@&7@=%! ?#%%C7%! D9@%! 89$$7=#! 7$D>7! 87! ?&7@=7=G! /9@%!
%7$<>=7]! &#! 8C?=7%%>9$! 7<! &R#$N9>%%7! 9=>N>$7&&7%! =7D7$>=! 7$! =7D>D#$<! ;7%! B9B7$<%! 7$! >B#N>$#<>9$G! /9@%!
#@=7]!7$D>7!87!D9@%!C&9>N$7=!87%!N7$%!?#=;7!Q@7!D9<=7!;9$%;>7$;7!%7=#!#&9=%!87%;7$8@7!87!D9<=7!C<#<!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' E?' ,54415'>'
8RCQ@>&>F=7!?#>%>F&7!7<!F>7$S7@=7@O6!?9@=!D>D=7!I!$9@D7#@!&7%!D>F=#<>9$%!87!;9$%;>7$;7!7<!&7%!E9=B7%!87!
;9$%;>7$;7!F#%%7%!Q@7!D9@%!#D>7]!;=CC7%!#@!B9B7$<!>$><>#&!87!D9%!%9@EE=#$;7%G!
'7! ;S#$N7B7$<! 8RS@B7@=! >$8>Q@7! @$! ;S#$N7B7$<! 8RC$7=N>7! 87! &#! ;9$%;>7$;7G! 'RC&CD#<>9$! 87! D9%!
D>F=#<>9$%! 87! ;9$%;>7$;7! D9@%! 89$$7! @$! C&#$! ?SP%>Q@76! CB9<>9$$7&! 7<! B7$<#&! Q@>! D9@%! =7$8! S7@=7@OG!
($7! F#>%%7! 8RC$7=N>7! 87! D9<=7! ;9$%;>7$;7! #EE#>F&>=#! &7! E9$;<>9$$7B7$<! 87! D9<=7! %P%<JB7! <9@<! 7$<>7=! 7<!
D9@%!%7$<>=7]!@$!8CF@<!87!8C?=7%%>9$![!9@!8@!B9>$%!@$7!F#>%%7!87!D9<=7!&CNJ=7<C!#$<C=>7@=7G!
T7!D9@%!8C;=>%!&I'"0'B2#*'1&'3A&<#$*&0(&>''
/9<=7!@$>D7=%!<9@<!7$<>7=!B#$>E7%<7!&7%!8>EEC=7$<7%!E=CQ@7$;7%!87!D>F=#<>9$!87%!?#=<>;@&7%!8RC$7=N>7!87!&#!
;9$%;>7$;7G! '9=%Q@7! ;7%! E=CQ@7$;7%! %RC&JD7$<! 9@! %R#F#>%%7$<! 8R@$! $>D7#@! I! &R#@<=76! 3&$' $*+"(*"+&$'
,#$#73&$' &*' 58V$#%"&$' .20#B&$*&0*9' &33&$' 2"$$#9' 1#BB6+&0*$' 0#,&2"<' 1;60&+L#&' &*' #3' $;&0$"#*' "0'
(820L&.&0*'1"'.&0*239'1&$'6.-*#-0$'&*'1&'3;2552+&0(&>!
I&"3' .-0' 2.-"+' 5-"+' 3;8".20#*6' .;#0(#*&' K' 1&$(&01+&'1&' .-0' 6*2*' 1&' (-0$(#&0(&' 5-"+' +&,&0#+'
2"<'(-01#*#-0$'1&'.2',#&'$"+'?&++&>'
"7?@>%!87@O!B>&&7!#$%6!&7%!4S=C<>7$%!=7D>D7$<!&7!<=#@B#<>%B7!87!B#!;=@;>E>O>9$G!
47=<#>$7%! ?7=%9$$7%! 9$<! BXB7! 87%! %<>NB#<7%6! Q@>! $7! %9$<! =>7$! 8R#@<=7! Q@R@$7! =C#;<>9$! CB9<>9$$7&&76!
SP%<C=>Q@7! 7<! B9=F>87! I! ;7! Q@R>&%! ;=9>7$<! Q@7! HR#>! %@??9=<CG! 47%! ?7=%9$$7%! %7! %@=7O;><7$<! H@%Q@RI! D>D=7!
87%! ?>;%! CB9<>9$$7&%! Q@>! %R#??#=7$<7$<! I! 87! &#! E=C$C%>7! 7$! >B#N>$#$<! &R#$N9>%%7! 87! B7%! %9@EE=#$;7%!
#D#$<!B#!B9=<G!!
'7@=!N=#<><@87!CB9<>9$$7&&7!?9@=!;7!Q@7!HA#>!7$8@=C!&7%!?&9$N7!8#$%!@$!C<#<!87!8C<=7%%7!?SP%>Q@7G!47%!
B9<%!9$<!C<C!C;=><%!@$!/7$8=78>!2#>$<!7<!H7!D>7$%!H@%<7B7$<!?9@=!D9@%!?#=&7=!87!B#!;=@;>E>O>9$!7<!D9@%!8>=7!
Q@R>&!D9@%!E#@<!#F#$89$$7=!<9@<!&7!8=#B7!#%%9;>C!#@!%9@D7$>=! 87!;7!H9@=G!T7!%@>%!B9=<!Y!7<!;7!E@<6!?9@=!
B9>6!@$!%9@&#N7B7$<!B7=D7>&&7@OG!
*&!7%<!<7B?%!Q@7!&7%!N7$%!%7!=CD7>&&7$<!87!&7@=!&9$N6!&9$N!=XD7!7<!7$!D>7$$7$<!I!;9B?=7$8=7!&A7O>%<7$;7!
<7&&7! Q@R7&&7! 7%<! 7$! =C#&><C! [! #>$%>! Q@7! &#! DC=><C! ;9$;7=$#$<! B#! ;=@;>E>O>9$6! Q@>! #! C<C! ;#;SC7! H@%Q@AI!
B#>$<7$#$<G!
.!?=9?9%!8@!/7$8=78>!2#>$<6!D9@%! #D7]6!#$$C7!#?=J%!#$$C76! <9@<! #@!&9$N!87%!%>J;&7%6!;=CC!@$!C<#<!87!
;9$%;>7$;7!<=#@B#<>Q@7!Q@>!#!;9$<#B>$C!&7!B9$87!7$<>7=6!Q@>!7%<!#@%%>!C&9>N$C!87!&#!8>B7$%>9$!%?>=><@7&&7!
87!&#!@EQI@JHQ@H'@GpD?GJ@H'FQJUHGIH))H!Q@7!&R7%<!&A7$E7=!8@!;>7&G!
C2#0*&020*' %"&' P&' (8-#$#$' 1&' +&,#,+&' .2' ,#&' $"+' ?&++&' 120$' 3&' 5&+$-002L&' 1&' N'T6$"$'O' 52+'
3;#0*&+.61#2#+&'1&'3;&$5+#*'1&'(&33&'%"#'+&X-#*'.&$'52+-3&$9'2B#0'1;2#1&+'3&'.-01&'K'2((61&+'K'"0&'
0-",&33&'582$&'1&'16,&3-55&.&0*'.&0*23'e'$5#+#*"&39'P&'1&.201&'K'(&"<'%"#'5&",&0*'+&(&,-#+'.&$'
52+-3&$' 1&' +&0-0(&+' K' (&**&' 5+2*#%"&' %"#' (-0$#$*&' K' $&' +255&3&+' .2' .-+*' &*' K' &<&+(&+' "0&'
N'06L2*#-0'1&'$-#'O'58V$#%"&'5&0120*'3&'P&l0&'1"'@2+M.&'5-"+'(-..6.-+&+'.&$'uc'P-"+$'120$'3&'
16$&+*>'@2+'#3'B2"*'%"&',-"$'(-.5+&0#&=9'1&'(&'+6(#*9'%"&'(&$'.-.&0*$'120$'3&'16$&+*'B"+&0*'1&$'
.-.&0*$'1&'L+201&'P-#&'&*'1&'7-08&"+'$5#+#*"&3>'
vvvvvvvvvvvvvvvvvv'
'
j7#@;9@?!8ACDC$7B7$<%!8R@$7!N=#$87!%>N$>E>;#<>9$!%?>=><@7&&7!9$<!7@!&>7@!H@%<7!#D#$<!B#!B9=<6!Q@>!%9$<!
8R7O;7&&7$<%! 7O7B?&7%! 87%! N=#$87%! )-#$' @-$.#%"&$! 7$! #;<>9$! 8#$%! D9<=7! 8>B7$%>9$! 8A7O>%<7$;7G! T7!
D9@%! E#>%! B#>$<7$#$<! @$! F=7E! ;9B?<7Y=7$8@! 87! ;7%! CDC$7B7$<%! >B?9=<#$<%6! ?@>%Q@7! B9$! F@<! 7%<!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' E@' ,54415'>'
8AC;&#>=7=! <9<#&7B7$<! D9<=7! 7%?=><! ?9@=! D9@%! ;9$EC=7=! &#! ;9$$#>%%#$;7! Q@>! 8C?#%%7! <9@<7! ;9$$#>%%#$;7!
Q@7!D9@%!#P7]!H#B#>%!=7g@7!8R@$7!#@<=7!?7=%9$$7!87!D9<=7!@$>D7=%G!
!
M@#$8!H7!;9BB7$g#>!I!?=C?#=7=!B7%!8>%;>?&7%!I!B#!B9=<!?=9;S#>$76!&#!<k;S7!E@<!>BB7$%CB7$<!8>EE>;>&7G!
*&%!?@=7$<!I!?7>$7!;9$<7$>=!&7@=!;S9;!7<!&7@=!C<9$$7B7$<G!'#!?7$%C7!Q@7!HR#&&#>%!X<=7!;=@;>E>C!;9BB7!@$!
;=>B>$7&! 9=8>$#>=7! &7@=! C<#><! >$%9@<7$#F&7! 7<! #3$' 0&' ,-"32#&0*' 52$' 0-0' 53"$' .&' 5&+1+&>' T7! &7%! #D#>%!
#??7&C%!I!B7!%@>D=7!7<!I!#F#$89$$7=! &7@=!D>7!Q@>!C<#><!#%%7]!?=9%?J=7G!*&%!#D#>7$<!Q@><<C!&7@=!E#B>&&7!7<!
&7@=!B#>%9$!?9@=!=7;9$%<=@>=7!&7@=!D>7!#@<9@=!87!B9>!7<!87!B9$!<=#D#>&G!*&%!C<#>7$<!E>7=%!87!B#!?=9N=7%%>9$!
I!<=#D7=%!&7%!D>&&7%G!*&%!D9@&#>7$<!X<=7!#%%9;>C%!I!B9$!$9B!7<!X<=7!=7;9$$@%!;9BB7!B7%!8>%;>?&7%!B#&N=C!
&7! =7H7<! 7<! &7%! 8@=7%! ;=><>Q@7%! 87! &7@=%! 8>=>N7#$<%! =7&>N>7@OG! -$! 9@<=76! >&%! BR#>B#>7$<! 7<! B7! =7%?7;<#>7$<6!
#@%%>!F>7$!?9@=!B#!E#g9$!87!D>D=7!B7%!?=9?=7%!7$%7>N$7B7$<%!Q@7!?9@=!&#!E#g9$!89$<!H7!N@C=>%%#>%!<#$<!
87! N7$%! #D7;! <#$<! 87! ;9B?#%%>9$! 7<! &7@=! #??9=<#>%! 8@! =C;9$E9=<! 8#$%! &7@=%! D>7%! B#&S7@=7@%7%G! *&%!
;=9P#>7$<! D=#>B7$<! Q@7! HAC<#>%! &7! g#3$' 1&' \#&"G! 49BB7$<! &7! s>&%! 87! ">7@! ?9@D#><Y>&! E>$>=! %@=! &#! ;=9>O6! %7!
87B#$8#>7$<Y>&%! B@<@7&&7B7$<!h! '7@=! S9==7@=! #@NB7$<#><! I! ;S#;@$7! 87! &7@=%! Q@7%<>9$%G! 4AC<#><!
>B?7$%#F&7G!*&%!%7$<#>7$<!@$!D>87!>BB7$%7!%A9@D=>=!87D#$<!7@O!Y!@$!D>87!8#$%!&7@=!D>76!@$!N9@EE=7!C$9=B7!
8#$%!&#!<7==7!%@=!&#Q@7&&7!>&%!B#=;S#>7$<!7<!@$7!D#%<7!C<7$8@7!8A>$%<#F>&><C!7<!8R#F%7$;7!87!=#>%9$!87!D>D=7!
7$! 7@OG! J3$' 0;-$2#&0*' 52$' B2#+&' B2(&' K' (&' %"&' P&' 3&"+' 1#$2#$' 1&' .2' B"*"+&' (+"(#B#<#-0>' F0' *&3'
6,60&.&0*'2332#*'16*+"#+&'*-"*'(&'&0'%"-#'#3$'2,2#&0*'(+"'1&'*-"*'3&"+'(-&"+>'
3#=!;9$%CQ@7$<6!B7%!8>%;>?&7%!=C%>%<J=7$<!S#@<!7<!E9=<!I!;7!Q@7!HA7%%#P#>%!87!&7@=!8>=7!7<!B7!8C;&#=J=7$<!I!
B#>$<7%!=7?=>%7%!Q@A@$7!<7&&7!;S9%7!$7!?9@==#><!H#B#>%!X<=7G!M@#$8!H7!=C%>%<#>!E7=B7B7$<!I!&7@=%!8CB7$<>%!
9F%<>$C%6!>&%! E@=7$<!E>$#&7B7$<!E9=;C%! 87! %7! =7$8=7! I! &RCD>87$;7! 7<! 8R#;;7?<7=! =/+*1(*6*,(' Q@A@$7! <7&&7!
;S9%7!Ei<!?9%%>F&7G!T7!&7@=!8>%!Q@A#?=J%!B#!B9=<6!>&%!B7!D7==#>7$<!87!$9@D7#@!7<!Q@7!H7!BR#<<7$8#>%!I!;7!
Q@A>&%!;9$<>$@7$<!&7!<=#D#>&!Q@7!HA#D#>%!;9BB7$;CG!
'#! 89@&7@=! Q@7! HR>$E&>N7#>%! 7<! &7%! 8>%;@%%>9$%! Q@7! H7! %@%;><#>%! ;S7]! B7%! 8>%;>?&7%! BR#EE7;<#>7$<! #@%%>6!
?=9E9$8CB7$<G!*&!$RC<#><!?#%!E#;>&7!8R7$<=7?=7$8=7!&7!D9P#N7!I!TC=@%#&7B!9d!BR#<<7$8#><!B9$!87%<>$G!3&@%!
Q@7!<9@<6!H7!B7!87B#$8#>%!;9BB7$<!HR#&&#>%!=7&7D7=!;7!N=#$8!8CE>!I!B9$!7$8@=#$;7G!27=#>%YH7!;#?#F&7!87!
<=#$%;7$87=!B9$!C<#<!?SP%>Q@7!7<!8R7$<=7=!8#$%!&#!@-0$(#&0(&'F0#,&+$&33&'!/+&!7<!P!=7%<7=!H@%Q@RI!B#!
B9=<!h! 3#=E9>%6! &RC?=7@D7! BR7EE=#P#><! <7==>F&7B7$<6! B#>%! H7! $R9%#>%! ?#%! =CDC&7=! ;7<<7! E=#P7@=! I! B7%!
8>%;>?&7%G! 4R7%<! ?9@=Q@9>! H7! ;9BB7$g#>! B9$! 87=$>7=! D9P#N7! I! TC=@%#&7B! #D7;! 87%! %7$<>B7$<%!
7O<=XB7B7$<!B><>NC%G!"R@$!;v<C6!HRC<#>%!&#%!87!N@C=>=6!8R7$<=7<7$>=!7<!8R7$%7>N$7=!&7%!N7$%!Q@>!C;9@<#>7$<6!
&#!F9@;S7!9@D7=<7!7<!$7!;9B?=7$#>7$<!?#%!D=#>B7$<!;7!Q@7!HR7%%#P#>%!87!&7@=!8>=7G!T7!?7$%#>%!Q@7!B#!
;9$$#>%%#$;7! &7@=! ?7=B7<<=#><! 87! %9=<>=! 87! &7@=! B>%J=7! 7<6! <9@<! #@! B9>$%6! 8RC<#F&>=! &7! ;9$<#;<! #D7;! &7!
N!!/+&'O!7<!8R#D9>=!@$!#?7=g@!8@!N!+-V2".&'1&$'(#&"<'O>!
*&!$RP!#D#><!7@!#@;@$7!?=7@D7!8R@$!<7&!CD7>&!%?>=><@7&6!BXB7!?#=B>!B7%!8>%;>?&7%G!
)#! 8C;7?<>9$! 7<! B9$! %7$<>B7$<! 8RC;S7;! B7! =7$8#>7$<! S7@=7@O! 87! ?9@D9>=! Q@><<7=! &#! D>7! <7==7%<=7! ?9@=!
#&&7=!D7=%!&R7O>%<7$;7!N&9=>7@%7!Q@7!H7!%#D#>%!BR#<<7$8=7!#?=J%!B#!B9=<G!
-$!BXB7!<7B?%6!H7!B7!87B#$8#>%!;9BB7$<!HR#&&#>%!%@??9=<7=!&#!89@&7@=!87!&#!;=@;>E>O>9$G!
19@<! #@! &9$N! 87! B#! B>%%>9$6! HR#D#>%! DC;@! 8#$%! @$! C<#<! 8R7%?=><! ?&@%! 9@! B9>$%! ;9$%<#BB7$<! ?#>%>F&7! [!
%9@D7$<!7O#&<C![!#D7;!B7%!?7$%C7%!;7$<=C7%!%@=!&#!U!49$%;>7$;7!8R.B9@=!3J=7!V6!#@<7@=!87!<9@<!X<=76!
%#;S#$<!Q@7!H7!$R#D#>%!Q@RI!87B#$87=!7<!Q@7!<9@<!;7!Q@7!H7!87B#$8#>%!%7!B#$>E7%<7=#><!#@%%><v<G!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' EA' ,54415'>'
.&&#>%YH7!X<=7!;#?#F&7!87!;9$%7=D7=!B9$!CQ@#$>B><C!&9=%Q@7!&R9$!B7!?9=<7=#><!87D#$<!&7!49$%7>&6!&9=%Q@7!
&R9$!BR7BBJ$7=#><!I!B#!;=@;>E>O>9$6!&9=%Q@7!H7!%7=#>%!;&9@C!%@=!&#!;=9>O6!B7%!B#>$%!%@??9=<#$<!&7!?9>8%!87!
B9$!;9=?%!h!
"@! E#><! Q@7! H7! ;C8#>%! B#>$<7$#$<! #@! 89@<7! 7<! I! &#! ?7@=6! &7! $>D7#@! $9=B#&! 87%! E=CQ@7$;7%! 87! B#!
;9$%;>7$;7!F#>%%#><!=#?>87B7$<G!47&#!B7!E#>%#><!=787%;7$8=7!8#$%!&7%!E=CQ@7$;7%!87!;9$%;>7$;7!8@!?&#$!
<7==7%<=7G! T7! =787D>$%! &#! ?=9>7! 87! B9$! #N=7%%>D><C! 8R#@<=7E9>%6! Q@>! BR>$;><#><! I! ;9BB7<<=7! 87%! #;<>9$%!
8C=#>%9$$#F&7%! Q@7! H7! $R#@=#>%! H#B#>%! ?@! 7$D>%#N7=! ?&@%! <v<6! Q@#$8! HRC<#>%! 8#$%! B9$! C<#<! 8RS#=B9$>7!
<9<#&7!#D7;!&#!N!@-0$(#&0(&'1;D.-"+'!/+&'OG!)7%!89@<7%!7<!B7%!;9$E&><%!>$<7=$7%!%R7O<C=>9=>%J=7$<!8#$%!
B#! D>7! %9@%! E9=B7! 8RCB9<>9$%! 7<! 8R>B?@&%>9$%! S@B#>$7%! Q@>! ;9$<=7D7$#>7$<! I! &#! )-#' @-$.#%"&'
1;D.-"+G!
*&!P!7@<!8R#F9=8!&RC?>%987!8@!s>N@>7=G!TR#D#>%!E#>B!7<!HR#&&#>!D7=%!&R#=F=76!$7!BR#<<7$8#$<!?#%!D=#>B7$<!I!P!
<=9@D7=! 87%!E=@><%6! ?@>%Q@7! ;7! $RC<#><! ?#%!&#! %#>%9$! 87%!E>N@7%G! '9=%Q@7!B#! =7;S7=;S7! %R#DC=#! D#>$76!H7!
B#@8>%!&7!E>N@>7=G!/>$N<YQ@#<=7!S7@=7%!?&@%!<#=86!>&!C<#><!87D7$@!%7;!H@%Q@RI!&#!=#;>$7G''
@&'B"*'"0&'&<56+#&0(&'(8-%"20*&>'@;6*2#*'32'5+&.#/+&'B-#$'%"&'.&$'52+-3&$'2,2#&0*'(2"$6'1"'*-+*'K'
%"-#'%"&'(&'$-#*>'
@&32' 16.-0*+2' (&5&0120*' (32#+&.&0*9' 5-"+' .&$' 1#$(#53&$9' 32' 5"#$$20(&' 1&' 32' !HQIHH9' 5-"+' 3&'
7#&0' (-..&' 5-"+' 3&' .23>' @&32' 3&"+' .-0*+2' %"&' 53"$' "0&' 5&+$-00&' &$*' 6,-3"6&9' 53"$' L+201' &$*'
3;#.52(*'1&'$&$'52+-3&$'$"+'3;&0,#+-00&.&0*>'
T&'$2#$#$'3;-((2$#-0'1&'+&3&,&+9'5-"+'.&$'1#$(#53&$9'%"&'P&'.;6*2#$'(-01"#*'1&'.20#/+&'#++6B36(8#&9'
(-..&'3&'B-0*'32'53"52+*'1&$'L&0$'5/'%Z%9=1-5/J'9-%=,(%3*-%.((*,(*-%>9*+>*-%Z%,*%0*/+*,(%.+='1%;*%
5/J'9-%+*/9*,(D%'
J3$'+62L#$$&0*'&0'L606+23'2,&('(-3/+&9'2,&('1&$'32+.&$9'1&'3;8-$*#3#*6'&*'.M.&'1&$'52+-3&$'1"+&$'
%"#'5-"++2#&0*'o'(2$'6(8620*'o'233&+'P"$%";K'N',-"3-#+'1"'.23'O9'-"'K'1&$'.2361#(*#-0$'K'3;&0(-0*+&'
1&'32'5&+$-00&'%"#'3&"+'2'+&B"$6'(&'%";#3$'16$#+2#&0*>'J3$',-V2#&0*' .2#0*&020*'&"<4.M.&$'(&'%"&'
.2'.2361#(*#-0'2,2#*'B2#*'2"'B#L"#&+>'
J3$' 1&,2#&0*' .2#0*&020*' 5-",-#+' (-.5+&01+&' %"&' $#' "0&' (-0,#(*#-0' B&+.&' 5-",2#*' 3&"+' 255-+*&+'
*-"*' (&' %";#3$' 5-",2#&0*' 16$#+&+' &*' #.2L#0&+9' #3$' 1&,2#&0*' 2"$$#' M*+&' (-0$*2..&0*' (-0$(#&0*$'1&'
3&"+'5+-5+&'6*2*'.&0*23'-"'6.-*#-00&3>'G9-%,*%3*+.'*,(%*,%./;/,%;.-%M>F*14*1%3*%1*--*,('6*,(%C%
9J*,;=,(1*% 3J./(1/'?% 6.'-% 0.13=,,*1% 1.0'3*6*,(?% A./(*% 3*% 5/='% '9-% 0=/11.'*,(% +1.'6*,(% ;./-*1%
F*./;=/0%3*%(=1(%C%;*/<%C%5/'%'9-%*,%+=/9.'*,(?%(=1(%5/'%9*/1%1*+'*,31.'(%*,%1*(=/1?%*,%(*60-%+=/9/?%
;=66*%6='--=,%3*%;*%5/J'9-%.+.'*,(%-*6>D%H0'-"*+&9'6*20*'1-006'%"&'3;-0'+6(-3*&'(&'%"&'3;-0'2'
$&.69'P&'$2,2#$'%"&'(&'%"&'P;2,2#$'B2#*'2"'B#L"#&+'.&'$&+2#*'#06,#*273&.&0*'+&*-"+06'1;"0&'.20#/+&'
-"'1;"0&'2"*+&>%
TR7BB7$#>!B7%!8>%;>?&7%!#@!17B?&7G!*&!P!#D#><!87%!#$$C7%!Q@7!H7!$7!BRP!C<#>%!?#%!=7$8@!7<!H7!%#D#>%!Q@7!
B#! D>%><7! %7=D>=#><! I! 7$;&7$;S7=! &7! <=#>$! 87%! CDC$7B7$<%! Q@>! BJ$7=#>7$<! I! B#! ;=@;>E>O>9$G! M@7&Q@7%!
?7=%9$$7%! B7! =7;9$$@=7$<! 7<! 7$! =C?9$%7! I! &7@=! 87B#$876! H7! ;9BB7$g#>! I! &7%! 7$%7>N$7=G! "R#@<=7%!
?7=%9$$7%! %7! H9>N$>=7$<! I! $9@%! 7<! 7$D#S>=7$<! &7%! C<#&%! 87%! @%@=>7=%! Q@>! ;9BB7$;J=7$<! I! %7! ?&#>$8=7G!
'7@=%!;=>%!7<!&7@=%!&#B7$<#<>9$%!F=>%J=7$<!&7!E&@O!87!B7%!?7$%C7%!?7$8#$<!Q@7!HR7$%7>N$#>%G!
29@8#>$6!B#!;9&J=7!%7!=CD7>&&#G!*&!P!#D#><!&I!87%!N7$%!%C=>7@O!=C@$>%!#@<9@=!87!B9>6!8C%>=7@O!8R7$<7$8=7!
&7%!?#=9&7%!87!UJH!Q@7!F>7$<v<!H7!$7!%7=#>%!?&@%!;#?#F&7!87!&7@=!8>=7!7<!>&!P!#D#><!&7%!?=X<7@=%!%@=!N#N7%!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' EB' ,54415'>'
Q@>!N#N$#>7$<!&7@=!D>7!7$!D7$8#$<!8@!FC<#>&! ?9@=!&7%!%#;=>E>;7%! Q@>!$7!E#>%#>7$<!87!<9@<7!B#$>J=7!#@;@$!
F>7$!#@!?7@?&7G!47%!S9BB7%!$7!E#>%#>7$<!Q@7!?&9$N7=!&7%!N7$%!8#$%!&7%!87<<7%!7<!&#!B>%J=7G!'7!%#$N!B7!
B9$<#!I!&#!<X<76!H7!=7$D7=%#>!&7%!<#F&7%6!8>%?7=%#$<!&7@=!#=N7$<!7<!H7!;S#%%#>!;7%!S9BB7%6!Q@>!#D#>7$<!@$!
?9=<7YE7@>&&7!I!&#!?&#;7!8@!;_@=6!S9=%!8@!17B?&7G!
*&! P! 7@<! #&9=%! @$! N=#$8! F=9@S#S#6! 87%! ;=>%! 7<! 87%! S@=&7B7$<%G! M@7&Q@7%! ?7=%9$$7%! %7! B>=7$<! I! Q@#<=7!
?#<<7%!?9@=!=#B#%%7=!&R#=N7$<G!'7%!?=X<7@=%!%@=!N#N7%!B7!B#@8>%%#>7$<6!B7!8>%#>7$<!Q@7!HRC<#>%!B#@D#>%!
7<!Q@7!H7!E#>%#>%!&7!<=#D#>&!87!j7&]CF@<S!7<!87!B>&&7!8>#F&7%!7$!?&@%G!'7%!3=X<=7%!7<!&7%!3S#=>%>7$%!7<!<9@<!
;7@O!Q@>!E#>%#>7$<!N=#$8!;#%!87%!%#;=>E>;7%!8#$%!&7!17B?&7!#;;9@=@=7$<!?9@=!;S7=;S7=!&#!;#@%7!8@!F=@><!7<!
87!&#!;9$E@%>9$G!!
-$!7$<7$8#$<!&7%!?=X<7@=%!%@=!N#N7%!=#;9$<7=!&R>$;>87$<6!>&%!E@=7$<!%>!9@<=C%!?#=!B7%!#N>%%7B7$<%!Q@R>&%!%7!
&#$;J=7$<! 8#$%! 87%! ;9$8#B$#<>9$%! D9;>EC=#$<7%! I! B9$! CN#=8! 7<! 8#$%! 87%! &#B7$<#<>9$%! ?9@=!
>B?=7%%>9$$7=!&7%!3=X<=7%6!;S#;@$!;=>#$<!?&@%!E9=<!Q@7!&R#@<=7!?9@=!B9$<=7=!&7@=!S9==7@=!87!;7!Q@7!HR#D#>%!
E#><G! K$! $R#D#><! H#B#>%! D@! @$7! <7&&7! ;S9%7! 8#$%! &7! 17B?&7G! )XB7! ;7@O! Q@>! BRC;9@<#>7$<! #@?#=#D#$<!
C<#>7$<!B#>$<7$#$<!NX$C%!87!B9$!9F%<>$#<>9$!7<!%7!87B#$8#>7$<!Q@7&&7!%9=<7!8RS9BB7!HRC<#>%G!
*&%! %7! %7==#>7$<! &7%! @$%! ;9$<=7! &7%! #@<=7%6! =7N#=8#$<! ;7! Q@>! %7! ?#%%#><6! &9=%Q@7! &7%! 3=X<=7%! 7<! &7%!
3S#=>%>7$%!&7%!D>=7$<!7<!%R#??=9;SJ=7$<!8R7@O6!7$!&7%!?7=%@#8#$<!Q@7!HR7%%#P#>%!87!8C<=@>=7!<9@<!;7!7$!Q@9>!
>&%!;=9P#>7$<!7$!?=X;S#$<!@$!E#@O!U!">7@!V!<9@<!I!E#><!;9$<=#>=7!I!;7!Q@R>&%!#D#>7$<!<9@H9@=%!7$<7$8@!8#$%!
&7@=%!%P$#N9N@7%G!'7%!3=X<=7%!<=#$%B>=7$<!&7@=!;9&J=7!9@<=#NC7!#@O!N7$%!7<!&7%!;9$D#>$Q@>=7$<!Q@7!B9$!
?C;SC!&7%!;9$<#B>$7=#><!%R>&%!?7=%>%<#>7$<!I!C;9@<7=!B#!E9&>7G!37@!I!?7@6!&7%!N7$%!E@=7$<!?7=%@#8C%!Q@7!
HR#D#>%! @$7! B#@D#>%7! >$E&@7$;7! %@=! 7@O! 7<! Q@R>&! E#&&#><! BRCD><7=! #D#$<! Q@7! H7! ?@>%%7! ?7=<@=F7=! &#! ?#>O! 8@!
?#P%!7<!E#>=7!<9BF7=!&#!;9&J=7!8@!w9@D7=$7@=!=9B#>$!%@=!&7!?#P%!87!3#&7%<>$7!<9@<!7$<>7=G!
)7%!8>%;>?&7%6!S9$<7@O!87!;7!Q@7!HR#D#>%!E#><6!Q@><<J=7$<!&#!%;J$7!7<!%7!;#;SJ=7$<!?#=B>!&7%!#&&C7%!I!@$7!
;7=<#>$7!8>%<#$;7!8@!17B?&7G!'9=%Q@R>&%!=7D>$=7$<!D7=%!B9>!?&@%!<#=86!>&%!B7!B9$<=J=7$<!;&#>=7B7$<!Q@R>&%!
#D#>7$<!C<C!89@&9@=7@%7B7$<!C?=9@DC%!?#=!B7%!#;<>9$%G!*&%!%7!87B#$8#>7$<!%>!HR#D#>%!?7=8@!B7%!%7$%6!%>!
HRC<#>%! 87D7$@! E9@6! ?=9?SC<>%#$<! B#! B9=<! 7<! E#>%#$<! 7$%@><7! H@%<7B7$<! &7%! ;S9%7%! Q@>! 7$! %7=#>7$<!
?=9F#F&7B7$<!&#!;#@%7G!
4R7%<! I! ;7! B9B7$<Y&I! Q@7! T@8#%6! Q@>! $R#D#><! H#B#>%! 7$<>J=7B7$<! B>%! 87! ;v<C! %7%! ;=9P#$;7%! H@>D7%6!
;9BB7$g#!I!89@<7=!Q@7!H7!E@%%7!D=#>B7$<!&7!)7%%>7G!47&#!E#>%#><!<=9>%!#$%!Q@7!HR7$%7>N$#>%!&7!?7@?&7!7<!
&#!89B>$#<>9$!=9B#>$7!$7!%R#&&CN7#><!?#%G!1=9>%!#$%6!7<!&7%!N7$%!$7!%7!=#??=9;S#>7$<!?#%!8@!F9$S7@=!Q@7!
H7!&7@=!#D#>%!?=9B>%G!-<!B#>$<7$#$<6!>&! %7BF&#><!Q@7!HRC<#>%!%@=!&7!?9>$<!87! 87D7$>=!@$!?7=<@=F#<7@=!87!&#!
?#>O![!E#>%#$<!=7<9BF7=!&#!;9&J=7!87!,9B7!%@=!&7@=%!<X<7%G!
*&!7$<7$8><!8>=7!Q@7!&7!w=#$8!3=X<=7!H@>E!D9@&#><!%7!8CF#==#%%7=!87!B9>!7<!&@>!9EE=><!89$;!%7%!%7=D>;7%!?9@=!
BR>87$<>E>7=!&9=%Q@R9$!&7!&@>!87B#$87=#><G!
M@#$8!>&!E@<!<7B?%!?9@=!B9>!87!B#$N7=!&#!3kQ@7!H@>D7!#D7;!B7%!8>%;>?&7%6!H7!BR#==#$N7#>!?9@=!Q@7!$9@%!
B#$N>9$%!<9@%!7$%7BF&7!8#$%!@$7!N=#$87!%#&&7!I!B#$N7=G!T7!%#D#>%!Q@7!;RC<#><!&#!87=$>J=7!E9>%!Q@7!H7!
B#$N7#>%!%@=!17==7G!T7!$7!D7@O!?#%!=7<9@=$7=!7$!?=9E9$87@=!8#$%!&#!;9$%;>7$;7!87!;7<<7!$@><Y&IG!!
T7! =7%%7$<>%! @$7! #..&0$&! <=>%<7%%7! I! &R>8C7! 87! Q@><<7=! B7%! 8>%;>?&7%! Q@>! %RC<#>7$<! <7&&7B7$<! 8CD9@C%G!
.D7;!B#!<=>%<7%%7!=7D>$=7$<!#@%%>!<9@<7%!B7%!;=#>$<7%!7<!B7%!;9$E&><%!>$<C=>7@=%G!TR7@%!87%!B9B7$<%!87!
?=9E9$8!#?><9>7B7$<!%@=!B9>YBXB7G!TR#D#>%!&R>B?=7%%>9$!Q@7!?7=%9$$7!$7!;9B?=7$#><!;7!Q@7!HR#D#>%!<7$<C!
87!E#>=7!?9@=!B9$!?7@?&7!7<!&7!%#;=>E>;7!Q@7!H7!BR#??=X<#>%!I!E#>=7!?9@=!&@>G!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' EC' ,54415'>'
T7#$! C<#><! 7$! <=#>$! 87! =#;9$<7=! 87! B#$>J=7! <=J%! D>D#$<7! &RS>%<9>=7! 87! &#! 87=$>J=7! $@><! 87%! *%=#C&><7%! 7$!
-NP?<76! #D#$<! Q@R>&%! $7! E@>7$<! 8#$%! &7! 8C%7=<G! *&! ?#=&#! 87! &R9=8=7! Q@7! 89$$#! )9t%7! #@! ;S7E! 87! ;S#Q@7!
E#B>&&7! 87! <@7=! @$! #N$7#@! %#$%! <#;S76! 87! &7! ;@>=7! 8R@$7! ;7=<#>$7! E#g9$! 7<! 8R#%?7=N7=! 87! %9$! %#$N! &7%!
B9$<#$<%! 7<! &7! &>$<7#@! 87! &#! ?9=<7! 87! <9@<7%! &7%! S#F><#<>9$%! >%=#C&><7%6! ?#=;7! Q@7! ;7<<7! $@><! BXB76! 87%!
#$N7%!D>7$8=#>7$<!B#%%#;=7=!<9@%!&7%!?=7B>7=%Y$C%!87%!-NP?<>7$%!7<!&7@=!FC<#>&G!*&!E><!@$!=C;><!?7=;@<#$<!
87%!;&#B7@=%!87%!-NP?<>7$%!&9=%Q@R>&%!%7!=CD7>&&J=7$<!7<!<=9@DJ=7$<!8#$%!;S#Q@7!E9P7=!&7@=%!?=7B>7=%Y$C%!
7$%#$N&#$<C%6!%#$%!Q@R#@;@$!$7!Ei<!C?#=N$CG!!
4RC<#><!&7!N7$=7!8RS>%<9>=7!S9==>F&7!Q@7!H7!=7H7<#>%!?#=;7!Q@R7&&7!$R#D#><!#@;@$7!D#&7@=!?9@=!Q@7&Q@R@$!Q@>!
=7;S7=;S#><! @$7! /C=><C! %?>=><@7&&7! %@?C=>7@=7G! T7! B7! 87B#$8#>! H@%Q@RI! Q@7&! ?9>$<!B7%! 8>%;>?&7%!#D#>7$<!
D=#>B7$<!;9B?=>%!;7!Q@7!H7!&7@=!8>%#>%!87!&7@=!N!!/+&'@63&$*&!O'7<!87!29$!#B9@=!?9@=!<9@<7!&RS@B#$><CG!
49BB7$<! ?9@D#>7$<Y>&%! ?=7$8=7! ?&#>%>=! I! &#! ?7$%C7! 8R#$N7%! 7$! <=#>$! 87! <@7=! &7%! ?=7B>7=%Y$C%! 87%!
-NP?<>7$%!#&9=%!Q@7!H7!&7@=!#D#>%!;&#>=7B7$<!8><!Q@7!U!">7@!V6!&7!N!!/+&'O6!C<#><!D.-"+!h!
)#>%!&7%!T@>E%!#D#>7$<!<9@H9@=%!C<C!?=C9;;@?C%!?#=!&7!%#;=>E>;7!?#=!&7!%#$N!?9@=!7O?>7=!&7@=%!?C;SC%G!
)XB7!.F=#S#B6!&7!E9$8#<7@=!87!&#!$#<>9$!>%=#C&><76!#D#><!C<C!;9$D#>$;@!8R#B7$7=!%9$!E>&%!@$>Q@7!8#$%!&7!
8C%7=<6!87!&7!<@7=!7<!87!&R9EE=>=!7$!%#;=>E>;7!I!">7@G!($7!?7$%C7!?#t7$$7!7<!=CD9&<#$<7!l!!
T7!?7$%#>%!#@O!%#;=>E>;7%!8R#$>B#@O!8#$%!&7!17B?&7G!.>B#$<!<9@<7%!&7%!;=C#<@=7%!%#@D#N7%!;9BB7!H7!&7%!
#>B#>%6!;7<<7!?=#<>Q@7!BRC<#><!@$7!#F9B>$#<>9$G!
-<!B#>$<7$#$<!HAC<#>%!%@=!&7!?9>$<!8AX<=7!B>%!I!B9=<!?#=;7!Q@7!HA#D#>%!9%C!?=9$9$;7=!&7%!?#=9&7%!87!/C=><CG!
-<!&9=%Q@7!H7!;9$%>8C=#>!I!Q@7&!?9>$<!HR#D#>%!?7@!=C@%%>!I!<=#$%B7<<=7!B#!;9$$#>%%#$;76!H7!B7!87B#$8#>%!
?9@=Q@9>!HR#D#>%!C<C!7$D9PC!7$!D@7!8R@$7!<7&&7!B>%%>9$!l!
T7!=7%%7$<>%!@$!F=7E!#;;J%!87!=7%%7$<>B7$<!7<!87!;9&J=7!%7!BX&7=!I!B7%! %7$<>B7$<%!S#F><@7&%!8R#B9@=!
?9@=!;7%!S9BB7%G!!!
.D7;! @$! ;7=<#>$! ;P$>%B76!H7!B7! 87B#$8#>! Q@7&! %>N$7! 7EE>;#;7!H7! ?9@==#>%!&7@=! &#>%%7=! 7$! %9@D7$>=! ?9@=!
&7@=!=#??7&7=!I!&R7%?=><!<9@%!B7%!7$%7>N$7B7$<%!Q@#$8!H7!$7!%7=#>%!?&@%!#D7;!7@OG!2A>&%!?9@D#>7$<!9@F&>7=!
%>! D><7! <9@%! B7%! 7$%7>N$7B7$<%! %@=! N!3AD.-"+' 1"' !/+&'O! 7<! #>B7=! &RS9==>F&7! S>%<9>=7! 87! &#! 3kQ@7! H@>D7!
?7$8#$<!Q@7!HAC<#>%!7$;9=7!8#$%!&#!%#&&7!#D7;!7@O![!87!Q@9>! %7!%9@D>7$8=#>7$<Y>&%!Q@#$8!H7! %7=#>%!B9=<!
;9BB7!U!@$!;=>B>$7&!V!%@=!&#!;=9>O6!&#!?&@%!BC?=>%#F&7!87%!B9=<%!h!
.&9=%!>&!B7!D>$<!I!&R7%?=><!Q@7!?@>%Q@A>&%!C<#>7$<!%>!CB@%!?#=!U!&7!%#;=>E>;7!8@!%#$N!V6!H7!&7@=!89$$7=#>%!8@!
%#$N!?9@=!%7!%9@D7$>=!87!B9>!l!
2@=!;7%!=CE&7O>9$%!>=9$>Q@7%6!H7!?=>%!@$!?#>$6!&7!=9B?>%!7<!&7!?#%%#>!I!B7%!8>%;>?&7%!7$!&7@=!8>%#$<!87!&7!
B#$N7=G!TR#%%>B>&#>%!&7!?#>$!=9B?@!#@!E#><!87!F=>%7=!B9$!;9=?%!7<!&7@=!87B#$8#>!87!U!=9B?=7!&7!?#>$!7<!&7!
8>%<=>F@7=!V!7$!%9@D7$>=!8@!%#;=>E>;7!87!B9$!;9=?%!?9@=!&7@=!#??9=<7=!&#!/0,*10![!&#!/C=><C!I!?=9?9%!87!
">7@!7<!&#!/C=><C!%@=!&#!D>76!&#!/C=><C!%@=!&R.B9@=G!
,C#&>%#$<!Q@7!HRC<#>%!8R@$7!S@B7@=!C<=#$N76!>&%!%R#==X<J=7$<!87!B#$N7=6!BRC;9@<J=7$<6!?=>=7$<!&7!?#>$!7<!&7!
B#$NJ=7$<!%>&7$;>7@%7B7$<G!
-$%@><76!H7!?=>%!B9$!N9F7&7<!87!D>$!7<!&7!?#%%#>!#&7$<9@=6!8>%#$<!Q@R>&%!7$!F9>D7$<!;S#;@$!@$7!N9=NC7!;#=!
;RC<#><! &7! %PBF9&7! 87! B9$! %#$N! D7=%C! <=J%! F>7$<v<! ?#=;7! Q@7! HR#D#>%! 9%C! &7@=! #??9=<7=! &#! U6+#*6' 1&'
3;H<#$*&0(&G!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' ED' ,54415'>'
T7!D>%!Q@7!&7!<9$!87!B#!D9>O!#D#><!<9@;SC!;7=<#>$%!8R7$<=7!7@OG!29F=7B7$<6!;S#;@$!?=><!@$7!?7<><7!N9=NC7!
7<!?#%%#!&7!N9F7&7<!I!%9$!D9>%>$G!)#>%!>&%!$7!8>=7$<!<9@H9@=%!=>7$G!*&%!%7$<#>7$<!Q@7!HRC<#>%!%C=>7@O!7<!Q@7!H7!
$7!<9&C=7=#>%!?&@%!87!8>%;@%%>9$G!!
3@>%6!H7!&7@=!8>%!Q@7!&R@$!87%!&7@=%!#&&#><!B7!<=#S>=G!!
!
q-$! B9$! E9=! >$<C=>7@=6! H7! ;9B?=7$#>%! %7%! B9<>E%! 7<! %#D#>%! Q@R>&! E#>%#><! ?#=<>7! 87! &#! E@<@=7! %CQ@7$;7! 87%!
CDC$7B7$<%G! *&! $7! E#>%#><! Q@7! H9@7=! @$! =v&7! Q@7! %#! $#<@=7! &@>! #D#><! %9@EE&CG! T7! %#D#>%! Q@R>&! %9@EE=>=#><!
F7#@;9@?!7<!H7!=7%%7$<>%!87!&#!;9B?#%%>9$!?9@=!&@>G!)#>%!H7!N#=8#>!;7%!?7$%C7%!?9@=!B9>Gr!
'9=%Q@7!H7!B7$<>9$$#>!Q@7!&R@$!8R7@O!#&&#><!B7!<=#S>=!7<!Q@7!H7!8>%!I!T@8#%!87!?#=<>=!7<!87!E#>=7!=#?>87B7$<!
;7!Q@R>&!#D#><!I!E#>=76!&7%!8>%;>?&7%!=7?=>=7$<!D>76!%7!87B#$8#$<!%>!;7!=7?#%!C<#><!D=#>B7$<!&7@=!87=$>7=!=7?#%!
#D7;!B9>G!*&!P!#D#><!B#>$<7$#$<!F7#@;9@?!8RCB9<>9$6!87!Q@7%<>9$%!7<!BXB7!87!=C;=>B>$#<>9$%!?#=;7!Q@7!
&7%! #D#>%! ;9$8@><%! 8#$%!@$! <7&! ?>JN7G!.! $9@D7#@6! >&%! %7!87B#$8J=7$<! ;7! Q@R>&%! #&&#>7$<!E#>=7! 87! &7@=! D>7!
#?=J%!B9$!8C?#=<G!*&%!87B#$8J=7$<!Q@7&&7!#&&#><!X<=7!&7@=!?&#;7!8#$%!&#!;9BB@$#@<C!%>!HRC<#>%!;=@;>E>CG!*&%!
%7=#>7$<!87%!9FH7<%!87!8C=>%>9$6!?&#>8#>7$<Y>&%G!37=%9$$7!$7!;=9>=#><!H#B#>%!?&@%!@$!%7@&!B9<!87!;7!Q@R>&%!
8>=#>7$<G!
3=9E9$8CB7$<!#<<=>%<C!?#=!&7@=!=C#;<>9$!CN9t%<7!I!B#!%><@#<>9$!Ek;S7@%76!H7!&7%!#%%@=#>!Q@R>&%!$R#D#>7$<!?#%!
F7%9>$! 87! ;=#>$8=7! ?9@=! &7@=! ?=9?=7! %C;@=><CG! *&%! BR#F#$89$$7=#>7$<! 7<! $7! %7=#>7$<! ?#%! =7&>C%! I! B#!
;=@;>E>O>9$G!T7!&7@=!%@NNC=#>!87!%7!8>%?7=%7=!#?=J%!B#!B9=<!7<!87!=7<9@=$7=!7$!w#&>&C7G!!
47&#! <9@;S#! ?=9E9$8CB7$<! 3>7==7! 7<! >&! =C#N><! 87! B#$>J=7! DCSCB7$<76! $>#$<! Q@R>&! #&&#><! H#B#>%!
BR#F#$89$$7=G!)#>%!F>7$!%i=6!>&!&7!E><G!
19@<!&R#B9@=!Q@7!HR#D#>%!=7%%7$<>!?9@=!B7%!;9B?#N$9$%6!<9@<!;7!Q@7!HR#D#>%!<#$<! 8C%>=C!#;;9B?&>=!?9@=!
7@O![!7$!;7!B9B7$<!9d!HR#D#>%!<7&&7B7$<!F7%9>$!8R7@O![!$7!=7$;9$<=#><!Q@R>$;9B?=CS7$%>9$6!D9>=7!87!&#!
=C%>%<#$;7G! '7@=! %7@&! %9@;>! C<#><! 87! %#D9>=! ;7! Q@R>&! #&&#><! #8D7$>=! 8R7@OG! *&! $RP! 7@<! #@;@$7! ?#=9&7! 87!
=C;9$E9=<6!#@;@$7!9EE=7!8R#>876!9@!8R#$N9>%%7!?9@=!B9$!C?=7@D7!I!D7$>=G!
M@7!&7!;_@=!S@B#>$!C<#><!8@=6!?7$%#>YH7G!49BF>7$!87!%>J;&7%!E#@8=#><Y>&!#D#$<!Q@7!&RS9BB7!%9><!;#?#F&7!
87!8C?#%%7=!%7%!B#@O!7<!%#!?=9?=7!89@&7@=!?9@=!=7%%7$<>=!&#!B9>$8=7!?#=;7&&7!8R#B9@=!7<!87!;9B?#%%>9$!
?9@=!;7@O!Q@>!C<#>7$<!7$;9=7!?&@%!B#&S7@=7@O!Q@7!&@>!h!
-<!#>$%>6!F>7$!Q@R#BJ=7B7$<!8Cg@!7<!BXB7!F&7%%C!?#=!&7@=%!=C#;<>9$%!CN9t%<7%6!H7!&7%!;9B?=7$#>%!#@%%>!
7<! <7$<#>! 87! 89$$7=! I! B7%! 8>%;>?&7%! &7! ;9@=#N7! 87! E#>=7! E#;7! #@! E@<@=6! 7<! H7! &7%! #%%@=#>! Q@7! H7! %7=#>%!
<9@H9@=%!#D7;!7@O6!BXB7!&9=%Q@R>&%!$7!B7!D7==#>7$<!?#%G!
'R_@D=7!Q@7!HR#D#>%!;9BB7$;C7!;9$<>$@7=#><!87?@>%!&R#@Y87&IG!T7!$7!&7%!&#>%%7=#>%!?#%!%7@&%G!
T7!&7@=!8>%!87!%7!=CEC=7=!#@O!%9@D7$>=%!Q@R>&%!#D#>7$<!87!B9>!&9=%Q@7!HRC<#>%!#D7;!7@OG!T7!&7%!#D7=<>%!Q@R>&!P!
#@=#><!F7#@;9@?!87!N7$%!Q@>!;9$<>$@7=#>7$<!&7@=!;S7B>$!8#$%!&#!;9$$#>%%#$;7!Q@7!H7!&7@=!#D#>%!89$$C76!
B#>%! Q@7! 87%! C<=#$N7=%! ;S7=;S7=#>7$<! I! #H9@<7=! &#! D9>O! 87! &#! <=#8><>9$! 7<! 87! &#! =#>%9$! I! B7%!
7$%7>N$7B7$<%G! )7%! ?#=9&7%! %7=#>7$<! %>! 8CE9=BC7%! Q@R7&&7%! $7! =CDC&7=#>7$<! E>$#&7B7$<! ?&@%! &#! /C=><C!
9=>N>$7&&7!Q@7!HR#D#>%!#??9=<C7!#@!B9$87G!!
'9=%Q@7!H7!&7@=!8>%!Q@7!;7&#!#&&#><!%7!?=98@>=76!>&%!%7!Ek;SJ=7$<![!7<!BXB7!?#$>Q@J=7$<G!T7!E@%!%9@&#NC!87!
D9>=! Q@7! B7%! 7$%7>N$7B7$<%! $R#D#>7$<! ?#%! C<C! D#>$%! #?=J%! <9@<! [! >&%! $RC<#>7$<! ?#%! 7$<=C%! 8#$%! 87%!
9=7>&&7%!;9B?&J<7B7$<!%9@=87%G!*&%!B7!87B#$8J=7$<!87!&7@=!7$!8>=7!8#D#$<#N76!B#>%!H7!&7D#>!&7%!B#>$%!7<!
8>%!Q@7!;RC<#><!<9@<!;7!Q@7!H7!?9@D#>%!&7@=!8>=7G!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' =F' ,54415'>'
.==>DC!I!;7!%<#876!H7!%7$<>%!Q@7!HR#D#>%!8><!<9@<!;7!Q@7!HR#D#>%!I!8>=7!?7$8#$<!Q@7!HRC<#>%!%@=!17==7!7<!Q@7!
B7%!8>%;9@=%!#@O!S9BB7%!#D#>7$<!C<C!#;;9B?&>%G!47!Q@7!H7!8C%>=#>%!&7!?&@%!#@!B9$87!C<#><!87!B7!=7<>=7=!
8#$%!&7!%>&7$;7!7<!87!<=9@D7=!?#>O!7<!%9@&#N7B7$<!8#$%!B9$!&>7$!#D7;!&7!!/+&G!
L9@%!Q@><<kB7%!&#!%#&&7!I!B#$N7=!7<!$9@%!8>=>N7kB7%!D7=%!&7!)9$<!87%!K&>D>7=%6!B#>%!&RS@B7@=!87!B7%!
8>%;>?&7%!C<#><!@$!BC&#$N7!87!;9$E&><!>$<C=>7@=6!87!;=#>$<7!7<!87!89@<7G!'#!?&@?#=<!8R7$<=7!7@O!B7!Q@><<J=7$<!
?9@=!=7H9>$8=7!&7@=!E#B>&&7!7<!&7@=%!#B>%!Q@>!;C&CF=#>7$<!<9@H9@=%!&7@=!3kQ@7!H@>D7G!
\20$'3&'P2+1#0'$&'*+-",2#*'"0'+-(8&+'52+*#("3#&+9'&0'B-+.&'1&'5&*#*&'(2,&+0&>'T;2#.2#$'.;V'27+#*&+'1"'
,&0*>' H*' P&' .;2$$#$' 1-0(' &*' .61#*2#' &*' 5+#2#9' (8&+(820*' .2' ,-#&' ,&+$' 3;82+.-0#&' &<23*20*&' %"&'
P;2,2#$' 2**&#0*&' 2"*+&B-#$>' T&' $2,2#$' %";&0' &0*+20*' &0' "0#$$-0' 2,&(' N'3;D.-"+' !/+&'O9' .&$' 5&"+$'
1#$52+2W*+2#&0*'&*'%"&'P&'.&'+&*+-",&+2#$'120$'"0'6*2*'1&'52#<'&*'1&'(-0B#20(&'*-*23&$'&*'27$-3"&$>'
H0'.M.&'*&.5$'%"&'P&'$&0*2#$'32'!"#$$20(&'1&'3;D.-"+'.&'5606*+&+'&*'5-$$61&+'.2'(-0$(#&0(&'
8".2#0&9'32'B-+(&'1;&01"+&+'(&'%"#'.;2**&012#*'5+#*'5-$$&$$#-0'1&'.-0'(w"+>'T&'$&+2#$'(25273&'1&'
+&$*&+'120$'3;D.-"+'&*'1&'1-00&+'1&'3;D.-"+'P"$%";K'.-0'1&+0#&+'$-"BB3&>'
H*'#3'&0'B"*'2#0$#>''
T&' 0;&$$2#&+2#' .M.&' 52$' 1&' +&,&0#+' $"+' 3&' 5+-(/$' &*' 32' (+"(#B#<#-0>' @&32' 0&' 5-+*&' 52$' K'
(-0$6%"&0(&>'
'9=%Q@76!E>$#&7B7$<6!H7!B9@=@%!%@=! &#!;=9>O!7<!Q@7!B9$!7%?=><!%7!E@<!=7<>=C!87!B9$!;9=?%!<9=<@=C6!H7!E@%!
C&7DC! 8#$%! @$7! )FCJHGH! =#8>7@%7! 7<! >$7EE#F&7G! TRC<#>%! 7$<9@=C! 87! &#! ;S#&7@=! 7<! 8@! F>7$YX<=7! 87!
3;DCEFG!;9BB7!H7!$7!&R#D#>%!7$;9=7!H#B#>%!C<CG!TR#D#>%!&#!%7$%#<>9$!8RX<=7!7$D7&9??C!87!&9@#$N7%6!87!
&R#%%@=#$;7!?@>%%#$<7!8R#D9>=!F>7$!<=#D#>&&C6!8R7O<#%7!8#$%!&#!E9=;7!@$>D7=%7&&7!?9@=!;9$<>$@7=!&R_@D=76!7<!
8R@$7!H9>7! 7<!8R@$!=#D>%%7B7$<!Q@R#@;@$!C<#<!<7==7%<=7!$7!;9$$#^<=#!H#B#>%G!TR#;;C8#>! I!@$7!$9@D7&&7!7<!
B7=D7>&&7@%7B7$<!F7&&7!E#g9$!87!D>D=7!B#>%!=787%;7$8>%!<9@<!87!BXB7!7$!;9$%;>7$;7!#E>$!87!=7%<7=!7$!
;9$<#;<! #D7;! ;7@O! Q@7! H7! &#>%%#>%! 87==>J=7! B9>G! T7! ?@%! B7! B9$<=7=! I! ;7@O! Q@>! C<#>7$<! %@EE>%#BB7$<!
%7$%>F&7%!?9@=!B7!D9>=G!47?7$8#$<6!&RS>%<9>=7!87!1S9B#%6!;7$%C!#D9>=!8C%>N$C!8@!89>N<!B7%!F&7%%@=7%6!
7%<!@$!$9$Y%7$%G!
)7%! 8>%;>?&7%! $7!%#D#>7$<! ?#%! Q@7!H7!BRC<#>%! %7;=J<7B7$<! #==#$NC! #D7;! T9%7?S! 8R.=>B#<SC7! ?9@=! Q@R>&!
7B?9=<76! #?=J%! B#! B9=<6! B9$! ;9=?%! D7=%! %9$! ?=9?=7! <9BF7#@! >$@<>&>%C6! 9d! >&! ?@<! &R9>$8=76! %7&9$! &#!
;9@<@B76! #D#$<! &7! ;9@;S7=! 8@! %9&7>&G! 3@>%6! &9=%Q@7! &R9F%;@=><C! <9BF#! 7<! Q@7! <9@<! &7! B9$87! 9F%7=D#! &7!
2#FF#<!I!TC=@%#&7B6!#%%>%<C!87!87@O!E>8J&7%!%7=D><7@=%!I!;S7D#&6!>&!?=><!%7;=J<7B7$<!B9$!;9=?%!?7$8#$<!&#!
$@><!?9@=!&R7BB7$7=6!S9=%!87%!%7$<>7=%!F#<<@%6!D7=%!@$7!B9$<#N$7!87%!7$D>=9$%!87!L#]#=7<S6!7$!w#&>&C7G!
'IYF#%6!#%%>%<C!?#=!B#!E#B>&&7!7<!%R>&!%@>D#><!B7%!>$%<=@;<>9$%6!>&!<=9@D7=#><!@$7!?7<><7!;#D7=$7!;#;SC7!Q@>!
BR#D#><! #F=><C! 87%! <7B?X<7%! 7<! 9d! H7! B7! =CE@N>#>%! ;9$<=7! &7%! N7$%! &9=%Q@7! HRC<#>%! H7@$76! B#&S7@=7@O6!
=7F7&&7!7<!7$!N@7==7!;9$<=7!&7!B9$87!7$<>7=G!T9%7?S!B7!?=9B><!87!<=9@D7=!&#!;#D7=$7!8R#?=J%!@$7!;#=<7!
Q@7!H7!&@>!#D#>%!89$$C7!7<!87!BRP!&#>%%7=!#?=J%!BR#D9>=!7BF#@BCG!*&!=7E7=B7=#><!S7=BC<>Q@7B7$<!&#!?7<><7!
7$<=C7!#E>$!87!&#!?=9<CN7=!;9$<=7!8RCD7$<@7&%!>$<=@%G!'I!F#%6!B9$!;9=?%!=7?9%76!I!&R#F=>!87%!<9@=B7$<%G!
*&! #! C<C! 8><! 87! B9>! Q@7! B9$! ;9=?%! #! =7%%@%;><C! 8R7$<=7! &7%! B9=<%G! M@7&&7! #F%@=8><C6! CD9Q@C7! ?#=! 87%!
7%?=><%! <7==7%<=7%! 7$! B#&! 8R7O?&>;#<>9$%! %#<>%E#>%#$<7%! ;9$;7=$#$<! B#! B9=<! %@=! &#! ;=9>O6! ;9BB7! @$!
;=>B>$7&!l!
M@7&!F7%9>$!#@=#>%YH7!7@!8A@$!;9=?%!<7==7%<=7!?9@=!;9$<>$@7=!I!D>D=7!8#$%!&#!8>B7$%>9$!%@>D#$<7!h!
49BB7$<!@$!BP<S7!#@%%>!=>8>;@&7!#Y<Y>&!?@!?7=%>%<7=!BXB7!H@%Q@R#@!na7!%>J;&7!h!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' =E' ,54415'>'
K$!?7@<!B7%@=7=!&7!B#$Q@7!87!;9B?=CS7$%>9$!87%!U!4S=C<>7$%!V!#@!E#><!Q@A>&%!9$<!#;;7?<C!#D7@N&CB7$<!
@$!<7&!89NB7!H@%Q@RI!#@H9@=8RS@>G!
37$%7]YP!%9>N$7@%7B7$<G!.P#$<!C<C!&>FC=C!8A@$!;9=?%!<7==7%<=7!7<!#P#$<!DC;@!;7<<7!7O?C=>7$;7!87!&A7O<#%7!
7<! 8@! =#D>%%7B7$<! N&9=>7@O! Q@R7%<! &7! ?#%%#N7! I! @$7! 8>B7$%>9$! %@?C=>7@=7! 87! @EQI@JHQ@H'
FQJUHGIH))H6! ?9@=Q@9>! #@=#>%YH7! D9@&@! =7<9@=$7=! 8#$%! &#! 8>B7$%>9$! <7==7%<=7! ?9@=! =7D7$>=! 8#$%! B9$!
;9=?%!h! "7! Q@7&&7! @<>&><C! %7=#><Y;7! ?9@=! B9>6! 8#$%! D9<=7! B9$87! 9@! 8#$%! &7! B>7$!h! .&9=%! Q@7! &#!
U!%@F%<#$;7! ?SP%>Q@7!V! 87! B9$! ;9=?%6! ?7$8#$<! Q@7! H7! D>D#>%! %@=! 17==76! ?9@D#><! X<=7! %?>=><@#&>%C7! 8J%!
Q@R7&&7!%R#;;9=8#><!?#=E#><7B7$<!I!&#!N!@-0$(#&0(&'1;D.-"+'!/+&'O6!B9$!;9=?%!$RC<#><Y>&!?#%!@$7!NX$7!7<!
@$!7B?X;S7B7$<!?9@=!B7%!D9P#N7%!@&<C=>7@=%!8#$%!&7%!,9P#@B7%!2?>=><@7&%!%@?=XB7%!h!
'7%!;S9%7%!D>%>F&7%!$7!%9$<!Q@7!&#!B#$>E7%<#<>9$!87!E=CQ@7$;7%!%?C;>E>Q@7%!87!D>F=#<>9$%!7$!;9$%;>7$;76!
Q@>! ?=98@><! @$! U!45.1K*-)-L1! "-! 3-1*1-2! 3K(22*-,-26! 9@! 3.,1*4('-2!V! 89$$#$<! @$7!
#??#=7$;7!87!U!B#<>J=7!V!%9&>87G!19@<7!%@F%<#$;7!D>%>F&7!?9%%J87!%#!?=9?=7!E=CQ@7$;7!D>F=#<9>=7!@$>Q@7G!
($!;S#$N7B7$<!8@!<#@O!87!D>F=#<>9$!?=98@><!@$!;S#$N7B7$<!8#$%!&R#??#=7$;7!87!&#!U!B#<>J=7!VG!'9=%Q@7!
&7%!C$7=N>7%!87!;9$%;>7$;7!;S#$N7$<6!&7%!#??#=7$;7%!87!&#!U!B#<>J=7!V!;S#$N7$<!#@%%>G!
4R7%<!?9@=Q@9>!>&!BRC<#><!?9%%>F&7!87!;9$;7$<=7=!7<!8R#F#>%%7=!B7%!E=CQ@7$;7%!87!;9$%;>7$;7!#@!?9>$<!87!
=7$8=7!B#!E9=B7!D>%>F&7!I!&R_>&!S@B#>$G!T7!?9@D#>%!=7<9@=$7=!D7=%!B7%!8>%;>?&7%!7<!X<=7!D@!8R7@OG!-<!;R7%<!
;7!Q@7!H7!E>%G!T7!&7%!#>B#>%!?&@%!Q@7!H#B#>%!7<!&7@=!87D#>%!<9@<!&7!F>7$YX<=7!7<!&7!%9@<>7$!?9%%>F&7%!#?=J%!
B#!B9=<G!-<!$9$!%7@&7B7$<!;7&#6!B#>%!>&!C<#><!$C;7%%#>=7!Q@7!HR>$%<>&&7!B#!?@>%%#$;7!8#$%!&7@=!7%?=><!#E>$!
87!&7@=!89$$7=!&RC&#$!7<!&7!;9@=#N7!87!;9$<>$@7=!&R_@D=7!Q@7!HR#D#>%!;9BB7$;C7G!
47?7$8#$<6! HR#>B7=#>%! Q@7! D9@%! %#;S>7]! Q@7! &#! U!;9$%;>7$;7! >$8>D>8@#&>%C7!V! Q@>! %RC&JD7! 8#$%! &7%!
E=CQ@7$;7%! D>F=#<9>=7%! H@%Q@R#@O! ?9=<7%! BXB7%! 87! &#! \#.&0$#-0' @+62*+#(&' F0#,&+$&33&! 87D>7$<! 87! &#!
)FCJHGH'JQ\JUJ\FD)JIHH6!@$7!@EQI@JHQ@H'JQ\JUJ\FD)JIHH!Q@>!$7!$C;7%%><7!#@;@$!;9=?%!8#$%!
&7Q@7&! 7O?=>B7=! 7<! H9@>=! 87! <9@<! ;7! Q@7! &#! @EQI@JHQ@H' x)EGJHFIH! ?7@<! >B#N>$7=! 8#$%! &7%!
GEyDFCHI'I!JGJ?FH)I!&7%!?&@%!C&7DC%G!4R7%<!@$!C<#<!8RX<=7!%@?=XB7!7<!87!=#D>%%7B7$<!Q@>!$R#!#@;@$!
87%!F7%9>$%6!8C%>=%!7<!>B?@&%>9$%!7O?C=>B7$<C%!?#=!;7@O!Q@>!$R9$<!?#%!#%;7$%>9$$C!?&@%!S#@<!7<!#@Y87&I!
87!&RCN9G!37$8#$<!Q@7!D9@%!X<7%!%@=!17==76!D9<=7!7%?=><!=7%<7!#$;=C!I!&R>$<C=>7@=!87!;7=<#>$%!?#=#BJ<=7%!87!
E=CQ@7$;7%! D>F=#<9>=7%6! 7B?=>%9$$C! 8#$%! 87%! ;9=?%! Q@>! 9$<! &7@=%! ?=9?=7%! F7%9>$%G! 2>! D9<=7! ;9$%;>7$;7!
87D#><! D=#>B7$<! %RC&#$;7=! #@Y87&I! 87! ;7%! ?#=#BJ<=7%6! D9<=7! B9>! <7==7%<=7! 8>%?#=#^<=#><G! M@#$8! HA#>! C<C!
?>CNC! 8#$%! @$! ;9=?%6! H7! B7! %@>%! #@%%>! <=9@DC6! 7$! N=#$87! ?#=<>76! ;9$E>$C! 8#$%! ;7%! ?#=#BJ<=7%! 87!
E=CQ@7$;7%!7<!87!;9$%;>7$;7!D>F=#<9>=7G!
-$!9@<=76!D9<=7!>B#N>$#<>9$!%7@&7!$7!?7@<!?#%!%RC&#$;7=!?&@%!&9>$!Q@7!D9%!7O?C=>7$;7%!?#%%C7%!7<!D9@%!
X<7%!89$;!;9$E>$C!8#$%!D9<=7!?#%%C!Q@7!D9@%!?=9H7<7]!%@=!D9<=7!#D7$>=G!
47?7$8#$<6!Y!?7<><!I!?7<><6!Y!D9@%!%7=7]!N@>8C%!?#=!87%!7%?=><%!Q@>!%9$<!#%%7]!%7$%>F&7%!?9@=!#;;C87=!#@O!
8>B7$%>9$%! %?>=><@7&&7%! ?&@%! C&7DC7%! 7<! Q@>! ?7@D7$<! #>$%>! 8C?#%%7=! D9%! E=9$<>J=7%! 87! ;9$%;>7$;7!
?=C%7$<7%G!
*&%!%R>B?=CN$7=9$<6!I!D9<=7!>$<7$<>9$6!87!;7%!7O?C=>7$;7%!7<!C<#<%!8AX<=7!B7=D7>&&7@O!Q@>!D9@%!8C?#%%7$<!7<!
#@OQ@7&%!D9@%!?9@==7]!#&9=%!D9@%YBXB7%!#%?>=7=G!4R7%<!#>$%>!Q@7!D9@%!#;;C87=7]!I!87%!$>D7#@O!9@!87%!
C<#?7%!87!8CD7&9??7B7$<!%?>=><@7&G!
4S#Q@7!C<#?7!D9@%!;9$EJ=7!@$7!D>%>9$!?&@%!S#@<7!87!;7!Q@>!?7@<!X<=7!=C#&>%C!7<!I!?#=<>=!87!;7<<7!D>%>9$6!
D9@%! E9=B@&7]! @$! $9@D7#@! F@<G! .D7;! ;7! F@<! I! H#B#>%! 87D#$<! D9@%6! D9@%! <=#D#>&&7]! I! D9@%! ?@=>E>7=! 87!

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!01234'#5625748'$9'-24'%;')<124<' ==' ,54415'>'
&R>$E&@7$;7!;9$<#N>7@%7!87%!>B?@&%>9$%!U!8R#<<#;S7B7$<!7<!87!=7H7<!V!87!D9<=7!7O>%<7$;7!<7==7%<=7G!3#%!I!
?#%6!D9@%!8C?#%%7]!D9<=7!CN9G!
M@#$8!D9@%!8C?#%%7]!D9<=7!7N9!7<!Q@R>&!B7@=<!8#$%!D9<=7!;9$%;>7$;76!D9@%!X<7%!#&9=%!?&7>$7B7$<!D>D#$<%!
8#$%!&#!N!@-0$(#&0(&'1AD.-"+'!/+&'O!7<!8C;9@D=7]!&#!=C#&><C!8@!=9P#@B7!87%!;>7@O!8#$%!D9<=7!D>76!7$!
D9@%!7<!8#$%!D9<=7!7$D>=9$$7B7$<G!
4R7%<!?9@=!/K(2!?7=B7<<=7!8A#<<7>$8=7!;7%!%9BB7<%!8A#B9@=6!87!H9>76!8AS#=B9$>7!7<!87!=#D>%%7B7$<!Q@7!
HA#>!DC;@6!<=#D#>&&C!7<!%@>%!B9=<!7$!3#&7%<>$7!7<!Q@7!H7!D>7$%!B#>$<7$#$<!I!D9@%!8#$%!;7%!)&**+&$G!
L7!&#>%%7]!?#%!B9$!<=#D#>&!X<=7!D#>$!;7<<7!%7;9$87!E9>%G!-$!&>%#$<!;7%!?#N7%6!7$!;S7=;S#$<6!BC8><#$<!7<!
?=>#$<! ?9@=! =7;7D9>=! &A>$%?>=#<>9$6! D9@%! 7$! D>7$8=7]! I! %7$<>=! &#! =C?9$%7' N'1"' !/+&'O' 7<! %>! D9@%! C;9@<7]!
;S#Q@7!H9@=!#<<7$<>D7B7$<6!D9@%!7$<7$8=7]'N'32'U-#<'1"'!/+&'O'
47<<7!/9>O!7%<!I!H#B#>%!#D7;!D9@%G!"CB9$<7]!&7%!F#==>J=7%!;=CC7%!?#=!D9<=7!9F%<>$#<>9$G!
K@D=7]YD9@%!?9@=!=7;7D9>=!&#!E9=;76!&#!?@>%%#$;76!&A>$%?>=#<>9$!7<!&A#B9@=!8>=7;<7B7$<!87!&#!N'@-0$(#&0(&'
1AD.-"+'!/+&'O>'
'
'>%7]!7<!=7&>%7]!;7%!)&**+&$!#E>$!Q@7!D9@%!?@>%%>7]!E>$#&7B7$<!7$!>B?=CN$7=!D9<=7!;9$%;>7$;7G!.>$%>6!D9@%!
D9@%!8>=>N7=7]!D7=%!&#!)FCJzGH!7<!D9@%!=#P9$$7=7]!&#!)FCJzGH!D7=%!8A#@<=7%G!
($7!<7&&7!)FCJzGH!$A7%<!?#%!%>B?&7B7$<!87!U!&#!&@B>J=7!V!;9BB7!&AC&7;<=>;><C6!B#>%!7%<!&#!$#<@=7!BXB7!
87!&#!@EQI@JHQ@H'FQJUHGIH))H!Q@7!H7!D9@%!#>!8C;=><7!8#$%!B#!)&**+&'[G!
3#=!;9$%CQ@7$<6!7$!=#P9$$#$<!&#!)FCJzGH6!D9@%!=#P9$$7=7]!&A#B9@=!>$;9$8><>9$$7&G!/9@%!7$;9@=#N7=7]!
&#! ;=9>%%#$;7! 7<! &7! 8CD7&9??7B7$<! %?>=><@7&! 87! <9@<7! #@<=7! 7$<><C! D>D#$<7G! /9@%! #%?>=7=7]! I! $9@==>=! 7<! I!
C&7D7=6!D9@%!<=#D#>&&7=7]!I!?=9B9@D9>=!?=9<7;<>9$6!N@C=>%9$!7<!7$%7>N$7B7$<G!/9@%!#@=7]!7$D>7!8R#>87=!I!
C<#F&>=!87!B#$>J=7!#>B#$<7!&A9=8=7!7<!&#!&9>!8#$%!&7%Q@7&%!<9@<!&7!B9$87!?9@==#!D>D=7!S#=B9$>7@%7B7$<6!
#D7;!F9$S7@=!7<!8#$%!&#!?=9%?C=><CG!
U-"$'$&+&='120$'3&'G-V2".&'1&$'@#&"<G!
-$!BXB7!<7B?%6!$7!D9@%!E#><7%!#@;@$7!>&&@%>9$G!
'9=%Q@7! ;7%! )&**+&$! %7=9$<! ?=C%7$<C7%! #@! B9$87! 7O<C=>7@=6! >&! P! #@=#! 7O#;<7B7$<! &7%! BXB7%!
=C;=>B>$#<>9$%6!&#!BXB7!;9$8#B$#<>9$6!&7%!BXB7%!8>%;9@=%!87!2#<#$6!&7!8>#F&76!Q@7!&9=%Q@7!HA7$%7>N$#>%!
#@!8CF@<!7$!3#&7%<>$7G!29P7]!;9@=#N7@O6!?=>7]!?9@=!#D9>=!8@!;9@=#N7G!47@O!Q@>!=C%>%<7=9$<!H@%Q@RI!&#!E>$!
%RC&JD7=9$<!#@Y87%%@%!87!&R#N><#<>9$!7<!87!&#!D>9&7$;7!7<!%7!=7?9%7=9$<!8#$%!&#!?#>O!7<!&#!H9>7!8@!=9P#@B7G!
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx!
C-0'53"$'(8&+'16$#+9'K'.-#9'3&'@8+#$*9'&$*'%"&'(&$'3&**+&$'$-#&0*'+25#1&.&0*'5"73#6&$'&*'1#$*+#7"6&$'
2"<'5&+$-00&$'%"#'+&(8&+(8&0*'32'U6+#*6>'
I#',-"$'(#*&='.&$')H??GHI9',&"#33&='&0'(#*&+'32'$-"+(&'*+/$'(32#+&.&0*']''
)H??GHI'\F'@SGJI?9'{{{>,-#&(8+#$*#%"&>(->=29''
q?#*+&'1"')#,+&']')H'@SGJI?'GHUJHQ?'o'J)'\J?'IDUpGJ?pr'
@SGJI?;I')H??HGI9'{{{>(8+#$*${2V>(->=29'qt--Z'?#*3&]'@SGJI?'GH?FGQI'o'I!HD|I'SJI'?GF?Sr

"#$%!&#!'()*+,-!"-!'.!/0,*10!23*,*1(-''-!"(!45,*216!&7%!89;<=>$7%!?7=87$<!<9@<!&7@=!%7$%!7<!
&A7%?=><!>&&@B>$C!#!D><7!E#><!87!%A7$!8CF#==#%%7=G!
!

!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
!"##$"%&%
!
"#$%!&'!()*$+,%!-'!.$'/+!0!12/+!3#/!23#4*!5#4*!.#4+!0!.#4+!62$*'!4/! *7+437!1'!,#4,!8'!94'!-;2$!5'*<4!
5'/12/,!3#/!$&&43$/2,$#/!12/+!&'!17+'*,!',!94'!-;2$!,'/,7!1;'/+'$=/'*!24>!?4$6+!'/!@2&'+,$/'%!$&!A!2!BCCC!
2/+D!('*,2$/+!17,2$&+!1'!32!.$'!,'**'+,*'!+#/,!*'&2,7+!12/+!&'+!!"##$"%&'(&)&"#&*D!
!
E$! .#4+! &'+! 2.'F! &4'+%! .#4+! +24*'F! 94;$&! '+,! 1;4/'! $35#*,2/8'! 825$,2&'! 5#4*! .#,*'! G$'/HI,*'! 1'!
8#35*'/1*'! 94'! H! 3'+! 1$+8$5&'+! 2A2/,! 6$/2&'3'/,! 8*77! 4/'! *'&$=$#/%! 94;$&+! 255'&J*'/,! &'! 8)*$+,$2/$+3'%!
6#/17'!+4*!32!.$'!',!3'+!'/+'$=/'3'/,+!0%!-'!/'!1$8,'!52+!8'+!K',,*'+!5#4*!'/+'$=/'*!',!8#/6$*3'*!8'!
94'! 3'+! 1$+8$5&'+! #/,! 1$,D! K'! 8)*$+,$2/$+3'! '+,! 4/'! *'&$=$#/! 6#*3'&&'! 94$%! 5#4*! 1'+! *2$+#/+! 1'! +,$"&
-./0"/1/-"%!2!*'5*$+!1'!/#3G*'4+'+!8*#A2/8'+!8#/,*2$*'+!L!&2!M7*$,7!+5$*$,4'&&'!1'!/#,*'!234567&87&
!97;57D!!
N4;'+,H8'!94'!&'!62$,!1'!O!.'*+'*!14!+2/=!P!2!L!.#$*!2.'8!&;QE@RST!UVSMQREQK!W!!
(#33'!$&!6241*2$,!94'!.#4+!&'!*72&$+$'F!32$/,'/2/,%!3#/!'/+'$=/'3'/,%!1'54$+!&'+!5*'3$'*+!-#4*+!1'!32!
3$++$#/!+4*!T'**'%!'/!@2&'+,$/'%!*'6&J,'!,#4-#4*+!&2!5&4+!)24,'!<=$>#=&%+>$>#,"??"&@"&?97A>%#"/-"%!94$!/;2!
*$'/!L!.#$*!2.'8!&'+!8#/8'5,$#/+!',!&'+!*2,$#/2&$+2,$#/+!)432$/'+!1#/,!52*&'/,!&'+!'+5*$,+!)432$/+D!!
(;'+,! 5#4*94#$!-'! *75J,'! 2.'8! $/+$+,2/8'! 94'! +$!3#/! 5'*+#//2='! +4*!T'**'%!$&! A! 2! 1'4>! 3$&&'! 2/+%! 7,2$,!
8'&4$! 1'! B7242%! &2! *2$+#/! 1;I,*'! 1'! 32! 5*7+'/8'%! &2! C5727D67& 6E5F2;%! H! 94$! +'! ,*#4.'! 12/+! 8'+!
!"##$"%! 0! '+,! 1;2,,'$/1*'! &'+! X3'+! +'/+$G&'+! ',! $/+5$*7'+! 26$/! 1'! &'4*! 255*'/1*'! L! 62$*'! 255'&! L! &;G>@"&
8>0>/"& &#*+94'! .$'/1*#/,! &'+! ,'35+! 1;)#**'4*! 12/+! &'+94'&+! +'*2! 6$/2&'3'/,! 5&#/=7! &'! 3#/1'D! (;'+,! &2!
*2$+#/! 5#4*! &294'&&'! 3#/! 54$++2/,! 17+$*! 1'! +24.'*! 8'4>! 94$! 5'4.'/,! 3'! *'8'.#$*! +'! 32,7*$2&$+'! +#4+!
6#*3'!1'!<75F;7&87&!97HF2;7D67!8#/,'/4'!12/+!8'+!K',,*'+D!@*'/'FH'/!28,'!0!/'!&2!*'-','F!52+D!
?;2$3'*2$+!94'!.#4+!+28)$'F!0!',&+$"/>"I&J.//"&/.#"&0!94'!-'!+4$+!.'/4!8)'F!&'+!?4$6+!'/!@2&'+,$/'!YC!
2/+!2.2/,!94'!?7*4+2&'3!/'!+#$,!8#35&J,'3'/,!*2+7'D!
?'! +4$+! .'/4! 8)'F! &'+! ?4$6+! 5#4*! &'+! 2.'*,$*! 94'! &'4*! 8#1'! 1'! 8#/14$,'! /'! &'4*! +'*2$,! 1;2484/'! 4,$&$,7!
&#*+94'!&'+!,*$G4&2,$#/+!64,4*'+!+;2G2,,*2$'/,!+4*!'4>%!&'+!8)2++2/,!12/+!4/!3#/1'!)#+,$&'D!Z2/+!&;4/!1'+!
7.2/=$&'+%! $&! '+,! *255#*,7! 94'! -'! 5&'4*2$! 1'! 17+'+5#$*%! 3'! 17+#&2/,! 1'! /;2.#$*! 54! *2++'3G&'*! &'! 5'45&'!
+#4+! 3#/! 2$&'! H! 8#33'! &'! 6#/,! &'+! 5#4&'+! 2.'8! &'4*+! 5#4++$/+! H! 5#4*! &'+! 5*#,7='*! 942/1! .$'/1*2$,! &'!
,'35+!1'!&'4*!1'+,*48,$#/%!32$+!&'+!='/+!/'!3;78#4,J*'/,!52+D![$'/!24!8#/,*2$*'%!&'4*+!8)'6+!*'&$=$'4>!3'!
3$*'/,!L!3#*,D!!
"2$+! 25*J+! 94'! &'+! ?4$6+! 2$'/,! 7,7! 1$+5'*+7+%! &#*+94'! &'4*! T'35&'! &'4*! 2! 7,7! '/&'.7%! #/,H$&+! 8#35*$+! &2!
&'<#/! 1'! &'4*+! '>57*$'/8'+!W! E'! +#/,H$&+! 1'32/17! 5#4*94#$! 4/'! ,'&&'! 82,2+,*#5)'! +;7,2$,! 2G2,,4'! +4*!
'4>!W!V#/%!$&+!#/,!8#/,$/47!L!+4$.*'!&'4*+!.$'$&&'+!,*21$,$#/+!',!L!8*#$*'!'/! &'4*!+457*$#*$,7%!G$'/!94'%!1'!
62<#/! *757,7'%! 1'+! 7.7/'3'/,+! )$+,#*$94'+! &'4*! 5*#4.'/,! 94;$&+! 5#4.2$'/,! +4G$*! 1'+! 17+2+,*'+! 8#33'!
1;24,*'+!5'45&'+D!Q/!8'!3#3'/,!3I3'%!$&+!8)#$+$++'/,!'/8#*'!1;$=/#*'*!&'+!<75F;72&87&!97HF2;7D67&
K,"&L"&?",$&1>&"/%">M/="%&"/&C1?"%#>/"!',!$&+!6#/,!*'-2$&&$*!+4*!'4>!'>28,'3'/,!&'+!3I3'+!8$*8#/+,2/8'+!
94$!#/,!+4$.$!32!.$'!,'**'+,*'!'/!@2&'+,$/'D!

!
!01234'#5625748'$9'-24'%;')<124<' =' ,54415'>'
\]! 94;$&+! )2G$,'/,%! &'4*+! .2&'4*+! 32,7*$2&$+,'+%! &'4*+! ,*21$,$#/+! 1;O!^$&! 5#4*! ^$&!P! &'4*! 2,,$*'/,! &2! 3$+J*'!
)432$/'!94;$&+!#/,!824+7'!L!1;24,*'+!,#4,!24!&#/=!1'+!+$J8&'+%!52*!&'4*!2**#=2/8'!',!&'4*!845$1$,7D!T#4,!8'!
94;$&+!'/14*'/,%!$&+!&;#/,!'4>H3I3'+!62$,!,#3G'*!+4*!'4>D!!
('&2!.24,!24++$!5#4*!8'4>!94$%!52*!$/,7*I,%!+;2&&$'/,!L!1'+!?4$6+!L!824+'!1'!&'4*!54$++2/8'!6$/2/8$J*'!12/+!
&'+! +5)J*'+! 6$/2/8$J*'+! ',! &'+! 32*8)7+! 3#/1$24>D! N4$! '+,H8'! 94$! 32$/,$'/,! &2! =*2/1'! 32-#*$,7! 1'! &2!
5#54&2,$#/!3#/1$2&'!12/+!&2!62$3%!2&#*+!94;$&!A!24*2$,!G$'/!2++'F!1'!*7+'*.'+!1'!/#4**$,4*'!5#4*!/#4**$*!&'+!
='/+!+$!O!&'!5*#6$,!5#4*!&'!5*#6$,!P!7,2$,!2G2/1#//7!W!E;$&+!'/!2.2$'/,!&2!.#&#/,7%!&'+!1$*$='2/,+!6$/2/8$'*+!
5#4**2$'/,! 5&2/$6$'*! ',! 3',,*'! '/! #'4.*'! &2! 1$+,*$G4,$#/! 1'+! +4*5&4+! 1'! G$'/+! 24>! /78'++$,'4>D! S&+!
+;25'*8'.*2$'/,!2&#*+!94'!&;4/$.'*+!'/,$'*!&'4*!*75#/1*2$,!2.'8!1'+!G7/71$8,$#/+%!94'!&;78#/#3$'!3#/1$2&'!
6&'4*$*2$,!',!94'!&2!52$>!+;7,2G&$*2$,!24!/$.'24!3#/1$2&D!!
_.2/,! 94'! 8'&2! 54$++'! +'! 5*#14$+'%! -"& K,>& 1& @=LN& =#=& -$==& @1/%& ?1& -./%->"/-"& "#& +1$& @"%& 1-#"%&
1M$"%%>O%& "#& 10>?>%%1/#%& 8GD2& !7& P3D87& 7D;F75& 1#$,! 1;2G#*1! *'-2$&&$*%! 32,7*$2&$+7%! +4*! &;'>57*$'/8'!
)432$/'!0!/#/!8#33'!4/'!*7,*$G4,$#/%!32$+!8#33'!&;^4.*'!/2,4*'&&'!1'+!!3F2&@"&?97HF2;7D67D!
2.Q"I&-"$#1>/%&K,"&?"%&+1Q%&K,>&$=%>%#"/#&N&?1&R&S1?0">??1/-"&T&@"%&1,#$"%&/"&O./#&K,"&$=%>%#"$&1,A&
-./%=K,"/-"%&@"&?",$%&+$.+$"%&R&%"S"/-"%&@"&-./%->"/-"&"#&@91-#"%&T&@"%&1//="%&+1%%="%U& @2*!
8#/+794'/,%! &'+! ,28,$94'+! 1'+! O!*'94$/+!P%! &'+! 2,,294'+! $35$,#A2G&'+! 1'+! 54$++2/,+! 8#/,*'! &'+! 62$G&'+%!
94'&94'! *782&8$,*2/,+! 94'! 54$++'/,! 52*2`,*'! &'+! 62$G&'+%! /'! 5'4.'/,! 94;255#*,'*! 1'+! ,'35+! '/8#*'! 5&4+!
14*+!24>!#55*'++'4*+D!!
KL!#]!$&+!*'8'.2$'/,!4/!8#45!1;75$/=&'%!$&+!232++'/,!32$/,'/2/,!12/+!&'4*!8#/+8$'/8'!&2!64,4*'!17+#&2,$#/!
94;$&+! $35#+'/,! 28,4'&&'3'/,! L! 1;24,*'+D! @'4,HI,*'! 1'.*2$'/,H$&+! 8#/+$17*'*! &'! O!8#45! 1a75$/=&'!P! 1'+!
62$G&'+!8#33'!4/'!+#//'*$'!1'!8&2$*#/!94$!&'+!2&'*,'!1'!&'4*!8)4,'!12/+!&2!17821'/8'!3#*2&'D!
Z4! 62$,! 94'! 1'! ,'&&'+! 5'*+#//'+! .$#&'/,! 8#/+,233'/,! &'+! !3F2& 87& !V7HF2;7D67! ',! 2,,$*'/,! 4/'!
1'+,*48,$#/!1a4/'!235&'4*!$/7=2&7'!+4*!&'+!.$&&'+!',!&2!,'**'!'/,$J*'%!3#/!$/,'/,$#/%!12/+!8',,'!!"##$"%!'+,!
/#/!+'4&'3'/,!1'!*'5*'/1*'!,#4,!8'!94'!-a2$!'/+'$=/7!',!.784!'/!@2&'+,$/'%!32$+!1;'>5&$94'*!8&2$*'3'/,!
&'+!824+'+!+#4+H-28'/,'+!1'!&2!8*$+'!3#/1$2&'!94$!+'!5*#6$&'!L!&;)#*$F#/%!824+'+!94'!-'!/a2$!52+!,*2$,7'+!&2!
1'*/$J*'!6#$+!94'!-'!3'!+4$+!21*'++7!L!&;)432/$,7D!!
6"%& !7;;572& ./#& =#=& =-$>#"%& 101/#& ?9=+.K,"& ?1& +?,%& -$,->1?"& @"& 0.#$"& W>%#.>$"& "#& K,1/@& ?"%&
=+$",0"%& %91J1##$./#& 0$1>S"/#& %,$& 0.,%(& 0.,%& 0.,%& @"S1/@"$"I& +.,$K,.>& L"& /"& 0.,%& 1>& +1%&
10"$#>%&+?,%&#X#U&
P1>%& L"&@.>%& 0.,%&@>$"& K,"& L9"%%1>"&@V1?"$#"$& ?"& S./@"&@"+,>%& 0>/M#Y->/K& 1/%(&+1$& ?9>/#"$S=@>1>$"&
@9"%+$>#%&$=-"+#>O%(&S1>%&/>&?"%&S=@>1%(&/>&?"%&S1>%./%&@V=@>#>./(&/>&?1&#=?=0>%>./(&/9=#1>"/#&+$Z#%&N&
S9=-.,#"$&"#&N&S"&@.//"$&?V.--1%>./&@"&0.,%&+1$?"$&+1$&?9>/#"$S=@>1>$"&@"&S"%&1M"/#%U&
!"%&+.?>#>->"/%&+.,01>"/#&0.,%&1##">/@$"&Y&S1>%&S.>(&?"&6W$>%#(&L"&/"&?"&+.,01>%&+1%(&N&-1,%"&@"&?1&
@,$"#=&@"&0.#$"&-.",$&"#&@"&0.#$"&$"O,%&@V1@S"##$"&K,"&S.>(&?"&6W$>%#&0>01/#(&L"&+.,01>%&$"0"/>$&N&
-"##"&=+.K,"&+1$&?9>/#"$S=@>1>$"&@9"%+$>#%&@=+$.M$1SS=%&"#&@=0.,=%(&+.,$&10"$#>$&?"%&/1#>./%&@"&
-"&K,V"??"%&%"&-$=1>"/#&+.,$&"??"%YSZS"%&@1/%&?V10"/>$U&
!"%& =M?>%"%(& K,>& +$=#"/@"/#& -$.>$"& "/& S./& "A>%#"/-"(& %"& S./#$"/#& 1,%%>& %.,->",%"%& @"& ?",$%&
#$1@>#>./%& $"?>M>",%"%& @"& -./-"+#>./& W,S1>/"& K,"& ?"%& S1#=$>1?>%#"%U& P1>/#"/1/#& K,"& %.//"& ?1&
@"$/>[$"& W",$"(& K,"& ?1& +",$& M1M/"& ?"%& S1%%"%& "#& K,9"??"%& %./#& +$Z#"%& N& #"/>$& -.S+#"& @"& S"%&
+1$.?"%(&?"%&+.$#"%&@.>0"/#& %\$"S"/#&%V.,0$>$(&O1,#"&@"&K,.>&S"%&"OO.$#%&"/&O10",$&@"&?VW,S1/>#=&
1,$./#&N&/.,0"1,&=#=&01>/%U&

!
!01234'#5625748'$9'-24'%;')<124<' ?' ,54415'>'
B"&0>"/%&0.,%&@>$"&K,V"OO"-#>0"S"/#(&>?&Q&1,$1&,/&#$>&R&@"%&-W[0$"%&T&"#&@"%&R&S.,#./%&T&-.SS"&?"&
@>%"/#& ?"%& =01/M>?"%& @1/%& ?1& ]>J?"U& !"%& R&S.,#./%&T& %"& $=O[$"/#& N& -"%& ^S"%& K,>& +",0"/#&
+1>%>J?"S"/#&$"-"0.>$&?1&0=$>#=&%+>$>#,"??"&?1&+?,%&W1,#"& K,>&1>#&L1S1>%&=#=&@=?>0$="&%,$& ;"$$"U&!"%&
R&-W[0$"%&T&%"&$=O[$"/#&N&-",A&K,>&/V./#&+1%&?1&-1+1->#=&@9=-.,#"$&K,>&.,&K,.>&K,"&-"&%.>#&+1$-"&
K,"&?",$&"%+$>#&"%#&#$.+&$"J"??"&"#&=M.-"/#$>K,"U&
@#4*94#$! +'*#/,H$&+! 32$/,'/2/,! +752*7+!W! S&+! +'*#/,! +752*7+! 52*8'! 94'! 8'4>! 94$! +#/,! 8252G&'+! 1'!
*'8'.#$*!&2!.7*$,7!8#/,'/4'!12/+!8'+!52='+!',!1'!.$.*'!+'&#/!&'+!!.>%&@"&?V7A>%#"/-"!8#/+,2,'*#/,!94'!
G$'/!94'!&2!57*$#1'!L!.'/$*!1'!&a)$+,#$*'!3#/1$2&'!+#$,!'/!'66',!23J*'%!$&+!8#/,$/4'*#/,!L!.$.*'!12/+!4/'!
52$>%!4/'!5*#,'8,$#/%!4/!2++#4.$++'3'/,!1'!&'4*+!G'+#$/+!',!4/'!7&7.2,$#/!1a'+5*$,!*'&2,$6+D!
K'+!O!8)J.*'+!P%!32&)'4*'4+'3'/,%!1'.*#/,!+455#*,'*!,#4,'!&2!6#*8'!,'**$6$2/,'!1'!&'4*!8#/+8$'/8'!*'G'&&'!
$//7'D!
6"->&/V"%#&CG2&,/"&+,/>#>./&@"&_,"?K,V,/&@"&;$[%&E1,#(&S1>%&,/"&-./%=K,"/-"&/1#,$"??"&@"&?1&!.>&
@"& ?V7A>%#"/-"&`& -"& K,>& $=%>@"& @1/%& 0.#$"& "%+$>#& "#& 0.#$"& -a,$& O>/>#& +1$& %9"A#=$>.$>%"$& @1/%& 0.#$"&
-.$+%(&@1/%&0.#$"&0>"&"#&@1/%&0.#$"&"/0>$.//"S"/#U&_,1/@&0.,%&$=%>%#"I&"#&0.,%&$"J"??"I(&?1&0>"&
0.,%&.++.%"&,/"&$=%>%#1/-"&@1/%&?V1--.S+?>%%"S"/#&@"&0.%&@=%>$%U&
B"& S"& %,>%& @"+,>%& ?./M#"S+%& =?"0=& L,%K,91,A& O$=K,"/-"%& ?"%& +?,%& W1,#"%& @"& 0>J$1#>./& @"& ?1&
-./%->"/-"(& @1/%& ?"%& 5.Q1,S"%& 6=?"%#"%(& "#& L"& %,>%& ?1& 6./%->"/-"& 8>0>/"& 7??"YSZS"&
>/@>0>@,1?>%="U&P1&6./%->"/-"&+",#&"/M?.J"$&?"&S./@"&+.,$&1##">/@$"&K,>-./K,"&%91@$"%%"&N&S.>U&
69"%#&?"&-1%&@"&#.,%&?"%&M$1/@%&P1b#$"%&K,>&./#&0=-,&%,$&;"$$"(&K,>&./#&=#=&>??,S>/=%&"#&./#&+"$c,&?1&
5dG!F;d& 87& !G& 234567& @"& #.,#& 7;57& "#& ./#& "/%">M/=& ?"%& M"/%& @"+,>%& ?",$& />0"1,& =?"0=&
@V>??,S>/1#>./U&
F?%& ./#& =#=& =?"0=%& @1/%& ?1& C,>%%1/-"& %+>$>#,"??"& +.,$& +=/=#$"$& ?"& 0.>?"& @"/%"& @"& ?1& -./%->"/-"&
W,S1>/"& "#&+"$-"0.>$&-"& K,>& "%#& 0$1>S"/#& 1,Y@"?N&@,&S./@"&@"& ?1&R&S1#>[$"&T& Y&>?%&./#& 0,(& 1,%%>&
-?1>$"S"/#& K,"& ?"& +"$S"##1>#& ?",$& -./@>#>.//"S"/#& S"/#1?& 1/#=$>",$(& ?V,/>#=& O./@1S"/#1?"& @"& ?1&
-$=1#>./(&N&?9>/#=$>",$&@,&$.Q1,S"&@"&?1&6$=1#>0>#=&7??"YSZS"U&
T#4+%! 25*J+! &'4*! ,*2/+$,$#/! 12/+! &2! 1$3'/+$#/! 1a'>$+,'/8'! +4$.2/,'%! #/,! 78)2557! 24! 8A8&'! 1'+!
*7$/82*/2,$#/+! ',! #/,! 288717! 24>! *#A243'+! '/8#*'! 5&4+! 7&'.7+! 1'! 54*'! 8#/+8$'/8'! +5$*$,4'&&'!
$/1$.$14'&&'%! 24>! 5#*,'+! 3I3'+! 1'! &2! 63D26F7D67& 4DF<7527!!7D! S&+! +#/,! 1'.'/4+! 63D26F7D67&
8F<FD7!S/1$.$142&$+7'%!5#++712/,!&2!54$++2/8'!',!&2!57/7,*2,$#/!1'!&2!6./%->"/-"&8>0>/"D!
Q4>!24++$!6#/,!52*,$'!1'!&2!63D26F7D67&6E5F2;F_47%!8#33'!-'!&a2$!1$,!12/+!4/'!5*7871'/,'!K',,*'D!
S&+!8#3G$/'/,!&'+!+#33',+!1'!&a_3#4*!S/,'&&$='/,!2.'8!8'4>!1'!&aS/,'&&$='/8'!_$32/,'%!&2!@4$++2/8'!1'!&2!
M#&#/,7!2.'8!&2!@4$++2/8'!14!Z'++'$/D!S&+!+#/,!7=2&'3'/,!32+84&$/+!',!673$/$/+!12/+!&'4*!8#/14$,'D!
S&+!+#/,!&2!32/$6'+,2,$#/!52*62$,'!1'!&2!6#*8'!',!1'!&;7&7.2,$#/D!
F?%& %./#& ?V7H7PC!7& +1$O1>#& @"& -"& K,"& #.,%& ?"%& W.SS"%& Y& "#& O"SS"%& Y& @"0$1>"/#& %V"OO.$-"$&
@V1##">/@$"U&
C.,$& +1$0"/>$& N& ,/"& #"??"& +"$O"-#>./& @VZ#$"(& ?V"%+$>#& W,S1>/& @.>#& =-1$#"$& #.,#"& @>0>%>./& "#& #.,#"&
$>01?>#=U&_,"?&K,"&%.>#&0.#$"&C$.+W[#"&1##>#$=(&0.,%&+.,0"I&Z#$"&-"$#1>/&K,V>?&"%#&?1&<F7&7!!7YPeP7&
"#& +,>%%1/#& +1$& %./& 1++1$#"/1/-"& N& ?1& f$1#"$/>#=& @"& #.,%& ?"%& M$1/@%& P1b#$"%U& 6W1K,"& C$.+W[#"(&
-W1K,"&P1b#$"&1&+"$c,&?1&SZS"&$'(!)#'&"#&1&0=-,&@V,/"&O1c./&%,OO>%1SS"/#&+,$"&+.,$&%91%%,$"$&
*+,-.%/01.-23/1%4-51.36357%.3%8+7%93%;<1*+3%<=663%>%.1%?3/43;7-=5%9152%.3%@1/19-2A &

!
!01234'#5625748'$9'-24'%;')<124<' >' ,54415'>'
S&!'+,!1;$35#*,2/8'!.$,2&'!94'!.#4+!&'!8#35*'/$'F!',!94'!.#4+!.#4+!*'/1$'F!8#35,'!94'!&'+!1$667*'/8'+!
94'!.#4+!62$,'+!L!5*#5#+!1'!.#+!"2`,*'+!+#/,!8#35&J,'3'/,!'**#/7'+%!52*8'!94'!/#4+!+#33'+!,#4+!4/$+!
12/+! /#,*'! 234567& 8#334/'& 87& !9e;57D! V#4+! +#33'+! 4/'! f$1#"$/>#=& @Ve#$"%& @"& ?1& <>"%!
32/$6'+,2/,!8)284/%!52*!/#,*'!$/1$.$142&$,7%!&2!<d5F;d!&2!5&4+!)24,'!1'!/#,*'!234567&87&!Ve;57D!
D.,%&%.SS"%&=M1,A&"/&+,$"#=(&"/&+,>%%1/-"(&J"1,#=(&M$1/@",$&@V"%+$>#&"#&1S.,$U&&
7D& 63D27_47D67(& 0.,%(& ?"%& R&S.,#./%&T& @"& #.,#"& -./0>-#>./& $"?>M>",%"& g& K,>& 10"I&
%,OO>%1SS"/#& @=0"?.++=& ?1& -.S+$=W"/%>./& %+>$>#,"??"& @"& 0.#$"& ,/>#=& O./@1S"/#1?"& @1/%& 0.#$"&
234567&87&!Ve;57&g&0.,%&@"0$>"I&$1+>@"S"/#&-W"$-W"$&N&0.,%&,/>$&@1/%&,/"&SZS"&O$1#"$/>#=&
@1/%&0.%&0>??"%&"#&+1Q%&"#&#"/@$"&N&0.,%&$"?>"$&N&0.%&O$[$"%&%+>$>#,"?%&@,&S./@"&"/#>"$(&%1/%&#"/>$&
-.S+#"&@"&#.,#&-"&K,>&%"&+1%%"&@1/%&?"&S./@"&"A#=$>",$U&
<.,%&@"0$>"I&#$1/%-"/@"$&#.,#"%&0.%&@>OO=$"/-"%&$"?>M>",%"%(&6W$=#>"/%(&2.,O>%(&P,%,?S1/%(&B,>O%(&
F%$1=?>"/%(& C1?"%#>/>"/%(& E>/@.,%(& ].,@@W>%#"%(& "#-U& "#& 0.,%& -./%>@=$"$& -.SS"& =#1/#& #.,%&
+1$">??"S"/#& @1/%& ?"& W10$"& @"& %=-,$>#=& @"& ?VGS.,$& 4/>0"$%"?& "#& @"& ?1& C$.#"-#>./& F/#"??>M"/#"&
4/>0"$%"??"&Y&"/&+1>A&10"-&0.,%YSZS"%(&?"%&,/%&10"-&?"%&1,#$"%&"#&10"-&-",A&K,>&%./#&@=->@=%&N&
?,##"$&L,%K,9N&?1&O>/U&&
67& D972;& _49GFD2F& _47& <3;57& C!GDh;7& 245<F<5G& G4H& ;345P7D;2& _4F& <342&
G;;7D87D;U&
&
?'! +4$+! 24++$!*',#4*/7! .'*+! 8'4>! 94$! /'! +#/,! /$!"4+4&32/+%! /$! ()*7,$'/+%! [#411)$+,'+! #4!b$/1#4+D! ?'!
+4$+!.'/4!L!8'4>!94$!17+$*'/,%!',!3I3'!1'54$+!&#/=,'35+%!8#//2`,*'!&2!$01.-70!94$!*7+$1'!1'**$J*'!,#4,'!
'>$+,'/8'D!
!
B"&0.,%&@>%&K,"&L"&%,>%&0"/,&g&"/&?1&+"$%.//"&@"&B=%,%&g&-W"I&?"%&B,>O%&"/&C1?"%#>/"U&B"&+.,$$1>%&
1,%%>& J>"/& 0.,%& @>$"& K,"& L"& %,>%& 0"/,& -W"I& ?"%& G$1J"%& "/& ?1& +"$%.//"& @"& P,W1SS1@(& +,>%K,"&
P,W1SS1@&"#&S.>&%.SS"%&,/&%",?&"%+$>#U&
!
V#4+! 1$.$+'*! '/! O!5'*+#//2='+!P! 5#*,2/,! 1'+! /#3+! 1$667*'/,+! H! Bd242& "#& P4EGPPG8%! #4!
P4EGPPG8&"#&Bd242!H!'+,!8#33'!1#//'*!1'4>!/#3+!1$667*'/,+!L!1'!.*2$+!-43'24>!+#4+!5*7,'>,'!94'!
&a4/!'/+'$=/'!&2!&$,,7*2,4*'!,2/1$+!94'!&a24,*'!'/+'$=/'!&'+!32,)732,$94'+D!
V#4+! +#33'+! ,#4+! 1'4>! 1'! 63D26F7D67& 6E5F2;F_47%! ,#4+! 1'4>! 1'+! $/1$.$142&$+2,$#/+! 1'! &2!
63D26F7D67&8F<FD7D!
N42/1!/#4+!7,$#/+!+4*!T'**'%!/#4+!2.#/+!,#4+!1'4>!52*&7!1;4/!Z$'4!1a_3#4*!',!1'!(#352++$#/%!+'&#/!&2!
62<#/!1#/,!/#,*'!)432/$,7!/#4+!5'*3',,2$,!1'!5'*8'.#$*!/#,*'!8#//2$++2/8'!$/+5$*7'!1'!Z$'4D!
S&! 624,! 94'! .#4+! =2*1$'F! L! &;'+5*$,! 94'! /#4+! 7,$#/+! ,#4+! 1'4>! 1'+! I,*'+! )432$/+! 5*#6#/173'/,!
8#/1$,$#//7+! 52*! /#+! 8*#A2/8'+! ,*21$,$#//'&&'+! )7*$,7'+! 24! 8#4*+! 1'+! +$J8&'+D! @2*! 8#/+794'/,%! /#,*'!
$/+5$*2,$#/!/#4+!.'/2$,!L!,*2.'*+!1'+!'+5*$,+!17-L!5#++717+!52*!1a24,*'+!$17'+D!
(#33'! -'! .#4+! &;2$! 1$,! 5*7871'33'/,%! &a$/+5$*2,$#/%! L! 3#$/+! 94;'&&'! /'! 52++'! 52*! 4/! '+5*$,! 54*! ',!
175*#=*2337%!5*'/1*2!,#4-#4*+!&2!,#/2&$,7!1'!8#/.$8,$#/+!2894$+'+!&#*+!14!8#/1$,$#//'3'/,!1'!&2!5',$,'!
'/62/8'D! Ka'+5*$,! *2,$#//'&! 94$! *'5*'/1! 942/1! 8'++'! &a$/6&4>! 1'! &a$/+5$*2,$#/! 8#33'/8'! L! '>5&$94'*! &2!
/#4.'&&'! 8#//2$++2/8'! ',! &2! /#4.'&&'! 8#35*7)'/+$#/! '/! ,'*3'+! 1'! 8'! 94'! &'! 3'/,2&! )432$/! 2! 17-L!
288'5,7D!

!
!01234'#5625748'$9'-24'%;')<124<' @' ,54415'>'
P1>%(& -.SS"& L"& 0.,%& ?91>& @=LN& @>#(& LV=#1>%& ,/& $"J"??"& +$"%K,"& @"+,>%& ?"& @=J,#& @"& S1& 0>"& "#& L"& /"&
+.,01>%&+1%&1--"+#"$&?"%&-$.Q1/-"%&L,@1iK,"%U!?a7,2$+!4/!.2+'!54*%!2*1'/,%!*78'5,$6%!L!&a'+5*$,!#4.'*,%!
12/+! &'94'&! &2! <d5F;d& 87& !V7HF2;7D67! 5#4.2$,! +'! 17.'*+'*! 12/+! &'! 17+'*,%! 3'! 5'*3',,2/,! 1'! .#$*!
-?1>$"S"/#&?1&63D26F7D67&4DF<7527!!7D!
"2$/,'/2/,!94'!/#+!5'*8'5,$#/+!+#/,!1'!&a#*1*'!&'!5&4+!7&'.7%!/#4+!5*#871#/+!1;4/!+'4&!QE@RST%!1;4/'!
+'4&'!MSQ! ',! 1;4/!+'4&!_"\UR%!94$!+;7,'/1'/,!7=2&'3'/,!24>!"4+4&32/+!',!24>!?4$6+%!24>!()*7,$'/+%!
24>! [#411)$+,'+! ',! L! ,#4+%! 2,)7'+! #4! 2=/#+,$94'+D! V#,*'! +'4&'! *2$+#/! 1;'/! 255'&'*! L! '4>! '+,! 1'! &'4*!
255#*,'*!&;$/+5$*2,$#/!',!&2!8#35*7)'/+$#/!94$!8)2/='*#/,!&'4*!8^4*!',!&'4*!5'*3',,*#/,!1'!*'8#//2`,*'!&2!
6*2,'*/$,7!'++'/,$'&&'!94$!&'+!*'&$'!'/!'+5*$,%!94$!&'+!'/8#4*2='*#/,!L!5'/+'*!24,*'3'/,%!L!'/,*','/$*!1'+!
*'&2,$#/+! 528$6$94'+%! 2.'8! 4/! 8^4*! 3$+7*$8#*1$'4>%! 54$+! L! .$.*'! '/+4$,'! &'4*+! .$'+! 1$667*'33'/,%! '/!
54$+2/,!&2!KU"ScRQ!12/+!&'4*!234567&87&!9e;57D!
D.,%&1>S"$>./%&7=+2%93+B&0.,%&+1$?"$&@"&?1&63D26F7D67&4DF<7527!!7(&N&0.,%&K,>&0>0"I&@1/%&
-"#&^M"&%->"/#>O>K,"&@91,L.,$@9W,>(&+1$-"&K,"&0.,%&10"I&J"1,-.,+&101/-=&@1/%&?1&-.S+$=W"/%>./&
@"&?1&%->"/-"&"#&+.,0"I&S1>/#"/1/#&$"-"0.>$&-"&K,"&/.,%&10./%&#.,%&@",A&N&@>$"U&
&
Q/+'3G&'%! /#4+! 1$+#/+! 1a4/'! +'4&'! .#$>! 0! ,'/'FH'/! 8#35,'%! 78#4,'F! d! V\UE! H! ',! .#4+! +4*! T'**'! H%!
+#33'+!,#4+!!"!L!&2!*28$/'!3I3'!1'!/#,*'!I,*'D!
!
T#4,'!1'+,*48,$#/!94'!.#4+!$/6&$='F!L!1a24,*'+%!.#4+!.#4+!&;$/6&$='F!24++$!L!.#4+H3I3'+D!
B"&Y&D342!H!1#$+!5*78$+'*!94'!D342!.'/#/+!L!,#4,'+!&'+!5'*+#//'+!1'!G#/!+'/+%!G$'/.'$&&2/,'+!',!1'!
G#//'! .#&#/,7%! +2/+!,'/$*! 8#35,'! 1'! &'4*! *28'! 28,4'&&'! ',! 1'! &'4*+! 8*#A2/8'+! *'&$=$'4+'+D! D342& 0.,%&
"SJ$1%%./%(&0.,%&1>S./%(&0.,%&"/0"?.++./%&#.,%&@1/%&?"&S1/#"1,&@"&+$.#"-#>./&"#&@"&%=-,$>#=&
@"&/.#$"&-./%->"/-"U!
V\UE!+#33'+!8#/+8$'/,+!1'!.#+!5*#G&J3'+!28,4'&+!+4*!T'**'D!
V\UE!+#33'+!8#/+8$'/,+!14!8#/6&$,!+784&2$*'!'/,*'!&'!?412e+3'!',!&aS+&23D!
"2$+!8'!1$667*'/1!/a2!2484/!*255#*,!2.'8!V\UED!M#+!94'*'&&'+!/'!/#4+!73'4.'/,!52+D!@#4*94#$!3',,*'!
'/!12/='*!.#,*'!5*#5*'!G$'/%!.#,*'!67&$8$,7!64,4*'!'/!.#4+!G2,,2/,!5#4*!1'+!$17'+!94$!/;#/,!2484/!+'/+!',!
1#/8!2484/'!.2&'4*!W!Q/!*72&$,7%!.#4+!21)7*'F!L!&2!*'&$=$#/!94'!.#4+!2.'F!8)#$+$'!52*8'!94'%!14!6#/1!14!
8#'4*%!.#4+!8)'*8)'F! ,#4+!&2! 234567&87&<3;57&7;57%!G$'/!94'!.#4+!255'&$'F!.#,*'!234567&87&
!9e;57!52*!1'+!/#3+!1$667*'/,+D!
V#4+!+#33'+!,#4+!1'4>!8#/+8$'/,+!1'+!'66#*,+!$/1$.$14'&+!1'+!?4$6+!5#4*!.$.*'!O!4/'!G#//'!.$'!P%!1'+!
S+&23$+,'+!5#4*!.*2$3'/,!*7.7*'*!',!.7/7*'*!_&&2)!,#4,!24!&#/=!1'!&2!-#4*/7'%!2,,*$G42/,!,#4,!8'!94a$&+!6#/,!
',!*74++$++'/,!L!+2!54$++2/8'!94$!^4.*'!L!,*2.'*+!'4>%!',!1'+!()*7,$'/+!G2$=/2/,!12/+!&'4*+!8*#A2/8'+!
1'!E2&4,!52*!&'!+2/=!1'!?7+4+!H!,#4+%!$&+!+;'66#*8'/,!1a2,,'$/1*'!O!&'!G$'/!P%!32$+!$&+!/;A!2**$.'*#/,!-232$+!
,2/,!94;$&+!*'+,'*#/,!1$.$+7+!52*!&'4*+!8*#A2/8'+D!
U/'! 6#$+! 94'! &'! 32'&+,*f3! 1a2=*'++$#/! 34,4'&&'! 1'! &;28,4'&&'! 8#/+8$'/8'! 3#/1$2&'! +'*2! 8#35&J,'3'/,!
754$+7! H! &'! -#4*! .$'/1*2! +g*'3'/,! #]! &'+! "4+4&32/+%! &'+! ?4$6+%! &'+! ()*7,$'/+%! &'+! [#411)$+,'+! ',! &'+!
b$/1#4+!+'!*74/$*#/,%!*'-',2/,!&'4*+!1$667*'/8'+!1'!8*#A2/8'+!*'&$=$'4+'+%!',!+'!37&2/='*#/,!'/!4/!+'4&!
5'45&'%! 5#4*! *'/1*'! =*X8'+! L! !G& 63D26F7D67! 8F<FD7! 1'! !G_47!!7! $&+! ,$*'/,! &'4*! I,*'! ',! 1'!
!G_47!!7!.$'/1*#/,! '/! /#3G*'!$&&$3$,7! ,#4,'+!&'+! G7/71$8,$#/+!64,4*'+%! 2//#/8$2,*$8'+! 1'! .$'+!G'&&'+%!
$/+5$*7'+!',!*'+5'8,4'4+'+!1;24,*4$D!

!
!01234'#5625748'$9'-24'%;')<124<' A' ,54415'>'
Q/+'3G&'%! .#4+! *'8#/+,*4$*'F! +4*! 1'! .$'$&&'+! 6#/12,$#/+! ',! 1$*'F! d! O!V'! &2$++#/+! 5&4+! -232$+! 4/'! ,'&&'!
8)#+'! +'! 5*#14$*'! L! /#4.'24! '/,*'! &'+! 5'45&'+! 82*! 32$/,'/2/,%! /#4+! +2.#/+! 94aL! &2! *28$/'! 1'! /#,*'!
'>$+,'/8'%!/#4+!+#33'+!.*2$3'/,!4/D!N42/1!-'!.#4+!62$+!+#466*$*%!&2!<>"&8>0>/"!'/!3#$!1$3$/4'!24++$!',!
32! 5*#5*'! +#466*2/8'! +4$.*2D!P! D342%! ',! &2! f5G;75DF;d& "/& 63D26F7D67& 6E5F2;F_47%! +#33'+!
24++$! '/,$J*'3'/,! 8#/+8$'/,+! 1'+! [#411)$+,'+! ',! 1'+! b$/1#4+%! 1'+! 1$+8$5&'+! 14! T2#%! 1'+! 21'5,'+!
+5$*$,4'&+!1'+!@)$&$55$/'+!',!1'!,#4,'!24,*'!+'8,'!',!1$+8$5&$/'!*'&$=$'4+'!1'!,#4+!&'+!52A+%!1#/,!&'!G4,!'+,!
1a2,,'$/1*'! ',! 1;28871'*%! 3I3'! 3#3'/,2/73'/,%! L! &a794$&$G*'! 1'! &2! 234567& 4DF<7527!!7& 87&
!Ve;57D!
D.,%&%.SS"%&-./%->"/#%&@"&<342&;342U&D.,%&<342&"/M?.J./%&#.,%&@1/%&/.#$"&GS.,$(&/.#$"&
6.S+1%%>./&"#&/.#$"&2.??>->#,@"&4/>0"$%"?%U&<342&Z#"%&#.,%&>S+.$#1/#%&N&/.%&Q",A(&/./.J%#1/#&
0.%& -$.Q1/-"%(& -1$& 0.,%& Z#"%& #.,%& 4D& N& ?1& J1%"& @"& 0.#$"& Z#$"& Y& 0.%& ^S"%& %9,/>O>"/#& @1/%& ?1&
6./%->"/-"&8>0>/"U&
;.,%(& #1/#& K,"& 0.,%& Z#"%(& 1,& />0"1,& @"& ?9^S"(& 0.,%& Z#"%& ,/>O>=%& "#& ,/& @1/%& 0.#$"& 234567& 87&
!9e;57U&
&
E$! .#4+! 2,,*25'F! 4/'! =#4,,'! 1'! 5&4$'! 12/+! &2! 5243'! 1'! &2! 32$/%! 5#4.'FH.#4+! 1$*'! 94'! 52*8'! 94'! &2!
=#4,,'&',,'!1'!5&4$'!2!2,,'**$!12/+!M\TRQ!32$/!',!94a'&&'!+a'+,!+752*7'!1'!&2!5&4$'!94$!,#3G'!L!,'**'%!'&&'!
'+,!1$667*'/,'!12/+!+#/!O!I,*'!P%!12/+!+2!8#35#+$,$#/!8)$3$94'!',!12/+!&2!942&$,7!1'!+2!54*',7!#4!1'!+2!
6#*8'!14!*'+,'!1'!&2!5&4$'!,#3G2/,!28,4'&&'3'/,!24,#4*!1'!.#4+!W!
M#4+! 5#4.'F! 3I3'! ,'$/,'*! .#,*'! =#4,,'&',,'! 2.'8! 1'! &2! ,'$/,4*'! .'*,'! ',! &2! *'/1*'! .'*,'%! 32$+! 5#4.'FH
.#4+!1$*'!94'!&2!=#4,,'&',,'!.'*,'!+'*2!'/,$J*'3'/,!1$667*'/,'!14!*'+,'!1'!&2!5&4$'!,#3G2/,!L!8'!3#3'/,H
&L W!
M#4+!94$!I,'+!1'!G#/!+'/+%!1'!G#//'!.#&#/,7!',!1'!G#/!8#'4*%!+$/8J*'+!',!.*2$+%!.#4+!5#4**'F!*75#/1*'!d!
O!V#/%!&2!=#4,,'!/a'+,!52+!1$667*'/,'D!(a'+,!'>28,'3'/,!&2!3I3'!'/!942&$,7!',%!7,2/,!52*'$&&'!24!*'+,'!1'!&2!
5&4$'h! &2! +'4&'! 1$667*'/8'! '+,! 94'! 1'! &2! ,'$/,4*'! .'*,'%! *#4='! #4! G&'4'! A! 2! 7,7! 2-#4,7'D! Z#/8%! '&&'! '+,!
1'.'/4'!94'&94'!8)#+'!1'!5&4+!94'!&2!5&4$'!,#3G2/,!24,#4*!1'!/#4+%!32$+!&2!=#4,,'&',,'!1'!5&4$'!12/+!&2!
5243'!1'!32!32$/!'+,!322357-3..36357!&2!3I3'!94'!&2!5&4$'D!P!
()284/!1'!.#4+%!94$!94'!.#4+!+#A'F%!94'&&'!94'!+#$,!.#,*'!8#4&'4*!1'!5'24%!&'!='/*'!1'!8)'.'&4*'!94$!
#*/'!.#,*'!,I,'!',!&2!5*#,J='!14!+#&'$&%!&2!6#*3'!1'!.#,*'!,I,'!#4!1'!.#,*'!8#*5+%!&2!&2/=4'!94'!.#4+!52*&'F%!
&'+!5'/+7'+!94$!.#4+!,*2.'*+'/,!&;'+5*$,%!&'!.#82G4&2$*'!94'!.#4+!4,$&$+'F%!&'+!28,$#/+!',!&'+!28,'+!94'!.#4+!
'>784,'F!+4$,'!L!.#+!8*#A2/8'+!',!.#+!5'/+7'+!0!94'&&'+!94'!+#$'/,!.#+!ZSiijRQV(QE!@bkESNUQE!
QT!ZQ!(\VE(SQV(Q!bU"_SVQ!H%!.#4+!I,'+!T\UE!'>28,'3'/,!52*'$&+!&'+!4/+!24>!24,*'+%!1'!&2!3I3'!
942&$,7%!'/='/1*7+!52*!&2!3I3'!234567&87&!9e;57%!.#4+!2.'F!&'!3I3'!5#,'/,$'&!1a$/6$/$%!&'+!3I3'+!
82528$,7+! +5$*$,4'&&'+! 12/+! &a$/6$/$%! '/! ,#4+! 5#$/,+D! K2! +'4&'! 1$667*'/8'! '/,*'! 8)284/! 1'! .#4+%! 2*2G'+!
34+4&32/+%! -4$6+! *4++'+%! 8)*7,$'/+! 237*$82$/+%! G#411)$+,'+! ,$G7,2$/+%! )$/1#4+! $/1$'/+%! 8'! +#/,! &'+!
211$,$6+! 94$!#/,!7,7!2-#4,7+!'/!8)284/!1'!.#4+%!*7+4&,2/,!1'!.#,*'!=7/7,$94'%!'&&'H3I3'!$++4'!1'!.#,*'!
&$=/7'!',!1'!.#,*'!*28'%!.#,*'!'/.$*#//'3'/,%!.#,*'!71482,$#/!623$&$2&'%!1'+!*'++#4*8'+!623$&$2&'+%!62$G&'+!
#4!8#/+$17*2G&'+%!1'!&;71482,$#/!',!1'+!8$*8#/+,2/8'+!1'!&2!.$'D!
"_SE!0!8'+!211$,$6+!+#/,!T\UE!+45'*6$8$'&+D!S&+!32+94'/,!.#,*'!$01.-70!94'!.#4+!255'&'F!.#,*'!X3'%!,#4,!
8#33'!&2!,'$/,4*'!32+94'!&2!.7*$,7!8#/8'*/2/,!&2!=#4,,'!1a'24!12/+!&2!5243'!1'!.#,*'!32$/D!M#,*'!X3'!
'+,!1$*'8,'3'/,!$++4'!1'!&2!6./%->"/-"&8>0>/"!',!*'+,'!'&&'H3I3'%!5*$3$,$.'!',!54*'%!4/$'!L!,#4,'+!&'+!

!
!01234'#5625748'$9'-24'%;')<124<' B' ,54415'>'
24,*'+!X3'+!12/+!&2!6./%->"/-"&8>0>/"%!32&=*7!,#4+!&'+!211$,$6+!94$!&;#/,!*'8#4.'*,'!',!5'*.'*,$'!1'54$+!
&2!/2$++2/8'D!
M#4+!1'.'F!24++$!.#4+!*'/1*'!8#35,'!94'!8)284/!'+,!/7!2.'8!1'+!25,$,41'+!W,S1>/"%!1$.'*+'+!26$/!1'!
5#4.#$*! +'! +'*.$*! 1'+! 211$,$6+! *'<4+! L! &2! /2$++2/8'D! K'+! 25,$,41'+! )432$/'+! 94'! 8)294'! X3'! 4,$&$+'*2!
175'/1'/,!14!5*#=*J+!+5$*$,4'&!94a'&&'!2!288#35&$!12/+!1'+!.$'+!5*7871'/,'+D!
('*,2$/'+!5'*+#//'+!2**$.'/,!L!+'!+#*,$*!1'!5*#6#/1+!2G`3'+!1;21.'*+$,7%!1'!175*'++$#/!',!1'!17+'+5#$*!
',! 2,,'$=/'/,! 1'! )24,'+! 5#+$,$#/+! 1'! 8#/6$2/8'! ',! 1'! *'+5'8,%! '>'*<2/,! G'248#45! 1a$/6&4'/8'! +4*! &'+!
24,*'+! H! ',! 1;24,*'+! ,#3G'/,! 1'! )24,'4*+! .'*,$=$/'4+'+! 1'! 5*#+57*$,7%! 1'! *$8)'++'%! 1;#55#*,4/$,7+! ',! 1'!
,2&'/,+%!12/+!1'+!2G`3'+!1'!17+'+5#$*!',!1'!175*'++$#/%!12/+!&2!5*$+'!1'!1*#=4'%!&'!3'4*,*'%!&'!.$#&!',!
24,*'+D!
V72/3#$/+%! 32&=*7! ,#4,! 8'! 94'! .#4+! 2.'F! 62$,! H! #4! /;2.'F! 52+! 62$,! H! 1'! .#+! #55#*,4/$,7+! #4! 1'! &'4*!
2G+'/8'%! .#4+! *'+,'F! ,#4+! 6#/123'/,2&'3'/,! ',! '++'/,$'&&'3'/,! 14! 3I3'! O!7,2,! 1aI,*'!P! ',! 14! 3I3'!
5#,'/,$'&D!M#4+!I,'+!T\UE!8252G&'+!1'!.#4+!7&'.'*%!5',$,!L!5',$,%!14!/$.'24!+5$*$,4'&!1'!8#/+8$'/8'!94'!
.#4+! #8845'F! 28,4'&&'3'/,%! 94'&! 94;$&! +#$,%! -4+94;24>! +#33',+! 1'! 63D26F7D67& 8F<FD7! 12/+! &'+!
R#A243'+!(7&'+,'+D!
Q,2/,! 1#//7! 94'! .#4+! 288'5,'F! 8'+! !"##$"%! 8#33'! 7,2/,! &2! <d5F;d& 87& !V7HF2;7D67! ',! 94'! .#4+!
8)'*8)'F!94#,$1$'//'3'/,!L!.$.*'!&'+!*'8#332/12,$#/+!94$!23J/'*#/,!8)284/!1'!.#4+!12/+!&a)2*3#/$'!
',! 24! 8#/,28,! 2.'8! 67& _4F& <342& G& 83DD7& !97;57! H! .#4+! 5*#=*'++'*'F! ',! *72&$+'*'F! +g*'3'/,! &'+!
G4,+!+5$*$,4'&+!&'+!5&4+!7&'.7+!94'!.#4+!.#4+!I,'+!6$>7+!'/!8'!3#3'/,!5*7+'/,D!
M#4+!5#4.'F!,#4+!.#4+!7&'.'*!24!/$.'24!#]!.#4+!288'5,'*'F!'/,$J*'3'/,!&2!<d5F;d%!#]!.#4+!,*2.2$&&'*'F!
L!54*$6$'*!.#,*'!8#/+8$'/8'!5'*+#//'&&'!26$/!1;2G+#*G'*!&2!63D26F7D67&8F<FD7!',!#]!.#4+!1'.$'/1*'F!
1'+! $/1$.$14+! *'35&$+! 1'! &2! C,>%%1/-"& @"& ?1& 6./%->"/-"& 8>0>/"! ',! &2! *2A#//'*'F! 12/+! .#,*'!
'/.$*#//'3'/,!$3371$2,!',!6$/2&'3'/,!12/+!&'!3#/1'!'/,$'*D!
!
M\UE!I,'+!T\UE!$35#*,2/,+!12/+!.#,*'!'/.$*#//'3'/,!$3371$2,D!
!
K'!52*'/,!94$!'+,$3'!94'!,#4,!8'!94;$&!62$,!5#4*!&2!623$&&'!/a'+,!52+!255*78$7%!94a$&!/;2!2484/!$3528,!+4*!&2!
.$'!623$&$2&'%!94;$&!/;'+,!-232$+!'/,'/14%!*'+5'8,7%!2$37%!94$!'+,$3'!94aL!&a'>,7*$'4*!14!6#A'*!#4!L!+#/!&$'4!
1'!,*2.2$&!$&!/a2!2484/'!$35#*,2/8'!',!94;$&!/'!32/94'*2!L!5'*+#//'%!32/94'!1'!1$+8'*/'3'/,D!Z'!,'&&'+!
5'*+#//'+%!3X&'+!#4!6'3'&&'+%!5J*'+!#4!3J*'+%!23$+%!'35&#A7+!#4!'35&#A'4*+%!#/,!,#4+!4/!$3528,!+4*!
&'4*!'/.$*#//'3'/,D!Ea$&+!'/!7,2$'/,!'/&'.7+%!8'&2!8*7'*2$,!4/!,*#4!12/+!&'!,$++4!1'!&a'/.$*#//'3'/,%!$&!A!
24*2$,!4/'!5'*,'!',!$&!6241*2$,!14!,'35+!5#4*!8#3G&'*!8'!.$1'!2.'8!&a2**$.7'!1'!94'&94a4/!1a24,*'!',!2.'8!
1'!/#4.'&&'+!28,$.$,7+!5#4*!*'35&28'*!8'&&'+!94$!24*2$'/,!7,7!2G2/1#//7'+D!!
K'!5&4+!=*2/1!@#4.#$*%!&2!5&4+!=*2/1'!M#$>%!&'![$'/62$,'4*%!8#33'!&'!5&4+!)43G&'!32/#'4.*'!94$!G2&2$'!
&'!+#&!#4!&'+!2&&7'+!1'!-2*1$/%!&2$++'/,!7=2&'3'/,!4/!.$1'D!()284/!2!4/'!5&28'!52*,$84&$J*'!12/+!&'!3#/1'D!
()284/! 255#*,'! +#/! ,2&'/,%! +#/! 82*28,J*'%! +2! 62<#/! 1'! 62$*'! &'+! 8)#+'+%! +#/! $3528,! +4*! 8'4>! L! 94$! $&!
52*&'%!+4*!&;'/1*#$,!#]!$&!.$,!#4!,*2.2$&&'D!()284/!'+,!'++'/,$'&!12/+!+#/!821*'!1'!.$'D!
&
C"$%.//"&/"&+",#&+$>0"$&1,#$,>&@"&%./&>S+.$#1/-"(&%1,O&-"?,>&K,>&/>"&%1&+$.+$"&01?",$U&
!

!
!01234'#5625748'$9'-24'%;')<124<' C' ,54415'>'
"I3'!&'+!5'*+#//'+!)2/1$8257'+!1'!/2$++2/8'!#/,!&'4*!5&28'!4/$94'!',!$35#*,2/,'!12/+!&'4*!623$&&'!',!
12/+! &a'/.$*#//'3'/,D! @2*6#$+%! '&&'+! #8845'/,! 4/'! 5#+$,$#/! 5&4+! $35#*,2/,'! 94'! +$! '&&'+! 7,2$'/,! /7'+!
'/,$J*'+!',!52*62$,'+D!K'4*+!28,'+!6#*8'/,!&a7,#//'3'/,!',!&'!*'+5'8,D!
K'4*! $3528,! +4*! &a'/.$*#//'3'/,! 175'/1! '/,$J*'3'/,! 1'! &'4*! .#&#/,7! 1;I,*'%! &'4*! .#&#/,7! 1;2=$*%! &'4*!
.#&#/,7! 1;'>5*$3'*! 1'! &2! G$'/.'$&&2/8'%! &'4*! .#&#/,7! 1'! 5*#6$,'*! &'! 5&4+! 5#++$G&'! 1'+! #55#*,4/$,7+! 94$! +'!
5*7+'/,'/,%! &'4*! .#&#/,7! 1;I,*'! G#//'+! '/.'*+! &'+! ='/+! '/! 62$+2/,! '/! +#*,'! 94;$&+! +'! +'/,'/,! 3$'4>!
94;2.2/,!94'!&'!8#/,28,!/a2$,!'4!&$'4D!
()284/'!1'!8'+!82*28,7*$+,$94'+!*7+4&,'!1'!&2!M\K\VTj!94$!'+,!'>'*87'!L!,#4,!3#3'/,D!
('*,2$/+! /2$++'/,! 2.'8! 4/'! .#&#/,7! 54$++2/,'%! 1a24,*'+! 2.'8! 3#$/+%! 32$+! 1J+! &'! 3#3'/,! #]! 4/'!
5'*+#//'! 5*'/1! 8#/+8$'/8'! 14! 62$,! 94'! ,#4,'! &2! f3567& 87! <3!3D;d! '+,! 54$+7'! 12/+! &2!
63D26F7D67&4DF<7527!!7!',!94;'&&'!5'4,!24=3'/,'*!!G&f3567!1'!+2!<3!3D;d!'/!1'32/12/,!L!
+2!234567&87&!9e;57!4/'!6#*8'!1'!.#&#/,7!288*4'%!'&&'!8#33'/8'!L!+'!*'/1*'!8#35,'!94'!&2!6#*8'!
1'!.#&#/,7%!,#4,!8#35,'!62$,%!/a'+,!52+!&$3$,7'D!Q&&'!5'4,!&2!,$*'*%!+'&#/!&a235&'4*!',!&2!6#*8'!1'!+2!6#$%!1'!&2!
63D26F7D67&4DF<7527!!7!Q&&'H3I3'D!
!
T#4,!$/1$.$14%!1'!,#4,!='/*'%!*28'%!/2,$#/%!*'&$=$#/%!/$.'24!1'!*'++#4*8'+!',! 1'!*'.'/4%! 14!3'/1$2/,!24!
*#$%!'+,!7=2&'3'/,!$35#*,2/,!12/+!&'!"\"QVT!@RQEQVT%!24!3#3'/,!1'!&2!6$/D!
!"%&0$1>"%&@>OO=$"/-"%&$=%>@"/#&,/>K,"S"/#&"/&-"&K,"&-W1-,/& 9=553&@"&?,>YSZS"&N&#.,#&>/%#1/#&"#&
#.,#&1,&?./M&@"&?1&L.,$/="D!
\/!5'4,!+'!+#4.'/$*!1;4/!R#$!#4!1;4/!@*'3$'*!3$/$+,*'!5#4*!+2!G#/,7%!5#4*!&'!G$'/!94a$&!2!62$,!5#4*!+#/!
52A+!#4!5#4*!&2!3$+J*'!94;$&!2!$35#+7'!24!5'45&'D!Z'!3I3'%!4/!)#33'!/7!12/+!4/'!623$&&'!524.*'%!94$!
/;2!5'4,HI,*'!52+!17.'&#557!+'+!82528$,7+!L!4/!)24,!/$.'24%!S1>%&K,>&1&#.,#&@.//=&@"&?,>YSZS"&@1/%&
%./&%"$0>-"&N&%./&"/#.,$1M"%!+'*2!6$/2&'3'/,!24,2/,!*7.7*7!52*!+2!623$&&'!',!+'+!23$+!',%!12/+!&2!.$'!
+4$.2/,'%!$&!*78#&,'*2!8'!94;$&!24*2!+'37%!,#4,!8#33'!&'!R#$!#4!&'!@*'3$'*!3$/$+,*'D!
4/"&#"??"&+"$%.//"&1,$1&-./#$>J,=&N&R&?1&0>"&T&@"&%./&"/#.,$1M"(&+1$-"&K,"&?1&/1#,$"&@"&?1&O.$-"&@"&
0>"&"%#&1S.,$&"#&%"$0>-"&>/-./@>#>.//"?%(&#$101>?&"#&W1$S./>"(&@.//1/#&#.,#&-"&K,>&"%#&/=-"%%1>$"&
+.,$&-.SJ?"$&?"%&J"%.>/%&@91,#$,>U&
E$!.#4+!175'/+'F!8)294'!-#4*!.#,*'!6#*8'!1'!.$'!L!#66*$*!4/'!,2++'!1'!,)7!L!4/!32&21'%!62$,'+!1#/8!'/!
+#*,'!94'!8',,'!6#*8'!1'!.$'!+#$,!175'/+7'!+#4+!+2!6#*3'!&2!5&4+!)24,'!d!2.'8!4/'!+#&&$8$,41'!'35*'++7'!
',!4/!+#4*$*'!8)2&'4*'4>!24!52,$'/,%!'/!&4$!,'/12/,!&'!,)7!2.'8!G$'/.'$&&2/8'%!G#//'!.#&#/,7!',!&'!17+$*!1'!
&'!.#$*!=47*$*D!
_$/+$%!4/!l5#*,'4*!1'!,)7;!5'4,!1'.'/$*!4/!628,'4*!*2A#//2/,!1'!=47*$+#/!',!1;7&7.2,$#/D!
@&4+! &'! l5#*,'4*! 1'! ,)7;! 6'*2! +$&'/8$'4+'3'/,! 255'&! L! 4/! $/6&4>! 1'! 6./%->"/-"& 8>0>/"! 12/+! +2! 5*#5*'!
8#/+8$'/8'%!5&4+!=*2/1'!',!5&4+!57/7,*2/,'!+'*2!&2!6#*8'!1'!.$'!94;$&!,*2/+3',,*2!24!52,$'/,D!K'!32&21'!
5'4,! /'!52+!I,*'!8#/+8$'/,!1'!8'!94$!+'!52++'%!32$+! 4/'! +2&&'!5&'$/'!1'!32&21'+!1'++'*.$'!52*!4/!,'&!
l5#*,'4*!1'!,)7;%!#4!,*2.2$&&'4*!+#8$2&%!+'!*'3',,*2!5&4+!.$,'!94'!1'+!32&21'+!L!94$!&;#/!1#//'!&'4*!,)7!+2/+!
4/!*'=2*1!1'!*'8#//2$++2/8'%!+2/+!4/!3#,%!+2/+!4/'!5'/+7'!G$'/.'$&&2/,'D!
V#/%! ,#4,! ,*2.2$&%! ,#4,! 3#3'/,! 5'4,! I,*'! +28*7! ',! G'24%! *2A#//2/,! 1'! &;$/6&4>! 1'! 6#*8'! 1'! .$'! 1'! &2!
6./%->"/-"&8>0>/"!94$!7&J.'!',!=47*$,!&2!5'*+#//'!'&&'H3I3'!2$/+$!94'!1;24,*'+%!+$!'&&'!5*'/1!&'!,'35+!
1'! 8#35*'/1*'! 94;'&&'! '+,! 4/! 82/2&! 1'! &2! 6./%->"/-"& 8>0>/"%! 94$! '+,! =47*$+#/%! 5*#,'8,$#/%!
2++#4.$++'3'/,!1'!,#4+!&'+!G'+#$/+!1a4/'!5'*+#//'D!

!
!01234'#5625748'$9'-24'%;')<124<' D' ,54415'>'
U/'!5'*+#//'!5#++712/,!4/'!,'&&'!8#35*7)'/+$#/%!3I3'!+$!'&&'!/',,#$'!&'+!5&2/8)'*+!',!.$1'!&'+!G2++$/+!
1'+! 32&21'+%! 5'4,%! '/! '/,*2/,! 12/+! 4/'! 8)23G*'%! 1'.'/$*! &'! 5&4+! $35#*,2/,! 0! ',! 5'4,HI,*'! &'! +'4&! H!
1$+,*$G4,'4*!1'!G$'/!52*3$!+$>!5'*+#//'+!+;#88452/,!1'!G2++$/+D!U/'!,'&&'!5'*+#//'!5'4,!&2$++'*!1'**$J*'!
'&&'! 4/! &'=+! 1'! 6#*8'! 288*4'! '/! 8)294'! 52,$'/,D! ;.,#"& +"$%.//"& K,>& %"& $"/@& -.S+#"& K,"& %"%& Q",A&
$1Q.//"/#&,/"&O.$-"&@"&0>"&+,>%%1/#"&0"$%&-",A&N&K,>&"??"&@"%#>/"&%./&$"M1$@&%1>#&K,"&%./&$"M1$@(&
-"&$"M1$@&+=/=#$1/#(&-"&$"M1$@&1++,Q=&"#&%.,$>1/#&"%#&J=/=O>K,"&+.,$&-"?,>&K,>&?"&$"c.>#U !
(2*!,#4,!8'!94'!/#4+!H!#4$%!.#4+!',!S.>(&?"&6E5F2;%!5'/+#/+!',!62$+#/+!'+,!4/!28,'!1'!8#/+8$'/8'!H!',!&2!
8#/+8$'/8'! '+,! 6#*8'! 1'! .$'D! m*X8'! L! &a28,$.$,7! 1'! /#,*'! '+5*$,%! &2! .n,*'! ',! &2! S>"//"%! /#4+! 1#//#/+! L!
/#,*'!8#/+8$'/8'%!L!/#,*'!6#*8'!1'!.$'!1'+!6#*3'+!1$667*'/,'+!94$!G7/$*#/,!#4!3241$*#/,!&a'/.$*#//'3'/,D!
!1&%",?"&@>OO=$"/-"&"/#$"&0.,%(&P,W1SS1@&"#&S.>YSZS"(&K,>&%,>%&-.//,&%,$&;"$$"&%.,%&?"&/.S&
@"& B=%,%(& -9"%#& ?"& #Q+"& @"& +"/%="& "#& @"& %"/#>S"/#& K,"& P,W1SS1@& "#& S.>& $1Q.//./%& 0"$%& ?"%&
1,#$"%U&;.,%&@",A(&/.,%&$1Q.//./%&?V=/"$M>"&@"&-./%->"/-"&K,>&@.//"&0>"&1,&S./@"U&
N4'!*2A#//'FH.#4+!12/+!.#,*'!3#/1'!W!
R255'&'FH.#4+!'/8#*'!4/'!6#$+!8#33'/,%!12/+!1'+!3#3'/,+!1'!=*2/1'!17,*'++'%!L!&;75#94'!#]!-;7,2$+!
'/!@2&'+,$/'%!-;2$!3241$,!&'!6$=4$'*%!',!8#33'/,!$&!+;'+,!6&7,*$!-4+94;L!&2!*28$/'D!@'4!25*J+%!-'!64+!3#$!24++$!
*#/1'3'/,!3241$,!52*!&'+!+#&12,+!*#32$/+!',!&'+!5*I,*'+!-4$6+D!"#$!24++$%!-;2$!7,7!6&7,*$!-4+94;L!3'+!*28$/'+!
2.2/,!1'!3#4*$*!+4*!&2! 8*#$>D!@*'/'F!=2*1'!L!8'! 94'!.#4+!*'3',,'F! L!1;24,*'+%!2++4*'FH.#4+!94'!.#4+!
2$3'*$'F!*'8'.#$*!&2!3I3'!8)#+'D!
4/& 0"$$"& @V"1,(& #"/@,& N& K,"?K,V,/& 10"-& 1S.,$(& +",#& J=/>$& "#& =?"0"$& -"##"& +"$%.//"& .,(& %9>?& "%#&
@.//=& 10"-& @"& S1,01>%& %"/#>S"/#%(& +",#& O1>$"& K,"& ?"& @"%#>/1#1>$"& %"& %"/#"& +"#>#& "#& %1/%&
>S+.$#1/-"&Y&,/&+",&+?,%&O1>J?"&"#&+?,%&@=+$>S=U&
N4'&! *n&'! -#4'FH.#4+! 12/+! .#,*'! '/.$*#//'3'/,! W! o,'+H.#4+! )#/#*7+! ',! *'8#//4+! 5#4*! &a23#4*! ',! &2!
G#//'!.#&#/,7!94'!.#4+!32/$6'+,'F!24!3#3'/,!#]!.#4+!2**$.'F!L!.#,*'!&$'4!1'!,*2.2$&!W!_.'FH.#4+!+2$+$!
8'!94$!'+,!.*2$3'/,!$35#*,2/,!12/+!&2!.$'!W!
M#4+!I,'+H.#4+!6$>7!4/!5&2/!+5$*$,4'&%!4/!G4,!+5$*$,4'&!L!2,,'$/1*'!2.2/,!1'!52++'*!12/+!&2!G'&&'!1$3'/+$#/!
+4$.2/,'!W!
2"$"IY0.,%&%,OO>%1SS"/#&+,$>O>=&"#&"/M1M=&@1/%&?V1S.,$&>/-./@>#>.//"?&+.,$&1--=@"$&1,A&/>0"1,A&
%,+=$>",$%&@"&-./%->"/-"&%+>$>#,"??"(&&
#4!.#+!G4,+!+'*#/,H$&+!,#4-#4*+!8'4>!1'!.#,*'!5&2/!,'**'+,*'!W!
@#+'FH.#4+! &2! 94'+,$#/!d! 94'&! *n&'! .#4&'FH.#4+! .*2$3'/,! -#4'*! 12/+! .#,*'! '/.$*#//'3'/,!W! N4'&&'! '+,!
.#,*'!1'+,$/2,$#/!+5$*$,4'&&'!W!
T#4,!24++$!$35#*,2/,!d!94'&&'+!+#/,!.#+!2,,$,41'+!'/.'*+!1;24,*'+!5'*+#//'+!H!&2!+457*$#*$,7!',!&a'>8&4+$.$,7!
H! #4! &2! 8#/+8$'/8'! 94'! &2! 5&452*,! 1'+! ='/+! 6#/,! 14! 3$'4>! 94;$&+! 5'4.'/,! 2.'8! &'+! ,2&'/,+! 94;$&+!
5#++J1'/,!W!
C.,$&1##">/@$"&0.#$"&+?">/&+.#"/#>"?(&>?&O1,#&0.,%&$"/@$"&-.S+#"&K,"&/>&?1&+.%>#>./&/>&?1&$>-W"%%"&/"&
+",0"/#& ?>S>#"$& ?1& +,>%%1/-"& K,"& 0.,%& "A"$-"I& @1/%& ?"& S./@"U& <.%& %",?"%& ?>S>#1#>./%& %./#& 0.%&
1##>#,@"%&"#&?"%&+"/%="%&$=%,?#1/#&@"&0.%&1##>#,@"%U&
!1&O.$-"&@"&0>"&=S>%"&+1$&?9"%+$>#&@9,/&$.>(&@9,/&+$"S>"$&S>/>%#$"(&@9,/&M=/=$1?(&.,&@9,/&%"$0>#",$&
S.@"%#"(&.,&@9,/&%.?@1#(&"%#&=M1?"S"/#&+,>%%1/#"&"#&+$.@,>#&1,#1/#&@"&J>"/&%,$&?V"/0>$.//"S"/#(&N&
-./@>#>./& K,"& -W1-,/& @>%->+?>/"& %"%& +"/%="%& +.,$& %"& S"##$"& 1,& @>1+1%./& @"%& O$=K,"/-"%&
%+>$>#,"??"%& @V1S.,$& >/-./@>#>.//"?& "#& @"& ?1& 6./%->"/-"& 8>0>/"U& 7/& .,#$"(& @"& #"??"%& +"/%="%&

!
!01234'#5625748'$9'-24'%;')<124<' EF' ,54415'>'
+=/[#$"/#& "#& 1,MS"/#"/#& ?1& O.$-"& @"& ?1& -./%->"/-"& S./@>1?"& "??"YSZS"U& 6W1K,"& +"$%.//"&
1L.,#1/#&%1&+"/%="&%+>$>#,"??"&N&?1&+"/%="&%+>$>#,"??"&S./@>1?"&?1&$"/O.$-"U&
K'! +'4&!628,'4*! 94$! 17,'*3$/'! &'! 1'=*7! 2494'&! /#4+! '+,! $352*,$'! /#,*'! 5*#5'/+$#/! 24! G$'/HI,*'!#4! L! &2!
32&21$'! '+,! &'! /$.'24! 1'! *72&$+2,$#/! ',! 1'! 8#35*7)'/+$#/! +5$*$,4'&&'! 94a#/! 2! ,$*7'! 1'! &2! 234567& 87&
!Ve;57D!
(;'+,!5#4*94#$!&a)#33'!94$!7&$3$/'!-#A'4+'3'/,!',!1'!G#/!8#'4*!&'+!178)',+!1'!+#/!.#$+$/2='%!2.'8!4/'!
G7/71$8,$#/!5#4*!,#4,!8'!94a$&!*'/8#/,*'%!'+,!4/'!.$.'!&43$J*'!94$!G*$&&'!12/+!+#/!5',$,!3#/1'!,2/1$+!94'!
&a)#33'!*$8)'!',!6#*,4/7%!32$+!2.2*'!',!=*$/8)'4>%!+#*,2/,!1'!+#/!)n,'&!52*,$84&$'*!5#4*!+'!*'/1*'!L!+#/!
G4*'24%! '+,! 4/! 54$,+! 1a#G+84*$,7! 94$! 5'4,! I,*'! *'++'/,$'! /7=2,$.'3'/,! 52*! 8'4>! 94$! +'! *$+94'/,! L!
&;255*#8)'*D!
N4#$!94'!.#4+!62++$'F!#4!5#++71$'F%!94'&&'!94'!+#$,!&2!5#+$,$#/!94'!.#4+!#8845'F! 12/+!&2!.$'%!$&!/aA! 2!
2484/'!&$3$,'!L!.#,*'!17.'&#55'3'/,!5#,'/,$'&!5#4*!&'!G$'/D!S&!/aA!2!2484/'!&$3$,'!L!&2!+5&'/1'4*!',!L!&2!
=&#$*'! 5#,'/,$'&&'+! 1'! .#,*'! I,*'D! M#,*'! +'4&'! &$3$,2,$#/! '+,! &'! ,'35+! ',! &a7/'*=$'! 94'! .#4+! I,'+! 5*I,+! L!
8#/+28*'*!L!&2!371$,2,$#/!+4*!.#,*'!234567&87&!9e;57!',!&a#4.'*,4*'!1'!.#,*'!8#/+8$'/8'!)432$/'!94$!
.#4+!5'*3',,*2!1;Q!57/7,*'*!',!1'!!G!*'8'.#$*!12/+!.#,*'!'+5*$,D!
(;'+,! 5#4*94#$%! 1$*$='2/,+! *'&$=$'4>%! *7.7*'F! .#+! 6$1J&'+%! 52*8'! 94'! .#4+! /'! +2.'F! 52+! 94'&&'!
8#35*7)'/+$#/!',!94'&+!5*#=*J+!+5$*$,4'&+!#/,!&$'4!12/+!&;'+5*$,!1'!8'4>!94$!5'4.'/,!52*2`,*'!,*J+!)43G&'+!
',!/;2.#$*!2484/!5#$1+!12/+!&2!+#8$7,7D!
Z$*$='2/,+!*'&$=$'4>%!8'++'F!1'!8*$,$94'*!&'+!24,*'+!*'&$=$#/+%!52*8'!94'!.#4+!/'!8#//2$++'F!52+!&'!1'=*7!
1'!8#//2$++2/8'!+5$*$,4'&&'%!1'!1$+8'*/'3'/,!',!1;$&&43$/2,$#/!94'!&'4*+!6$1J&'+!5'4.'/,!2.#$*!2,,'$/,D!
Z$*$='2/,+!*'&$=$'4>%!5*'/'F!8#/+8$'/8'!94'!.#4+%!.#4+H3I3'+%!.#4+!/;I,'+!+5$*$,4'&&'3'/,!2.2/87+!94'!
12/+!&2!3'+4*'!#]!&;'+,!.#,*'!5'*8'5,$#/!5'*+#//'&&'!1'!&2!5=1?>#=D!
2>&0.,%&/910"I&1,-,/"&+"$-"+#>./&@"&-"&K,>&"%#&@"$$>[$"&?"&0.>?"&@"&0.#$"&S./@"&S1#=$>"?&Y&0.,%&
+.,0"I&Z#$"&$"?>M>",A(&S1>%&0.,%&/V10"I&+1%&@"&-./%->"/-"&%+>$>#,"??"U&
&
<.>?N&?"&0=$>#1J?"&>@=1?(&?1&0$1>"&1%+>$1#>./(&?"&J,#&?"&+?,%&=?"0=&`&-.S+$"/@$"&"#&0>0$"&?1&5=1?>#=&K,>&
%"&#$.,0"&@"$$>[$"&"#&"/&#.,#"%&-W.%"%&"#&K,>&?",$&-./O[$"&?",$&Z#$"&>/@>0>@,"?U&
C=+2% ?=+D3E% 1??3.3/% .1% $01.-70%F% G-3+H% (..1<H% I0<=D1<H% .,)573..-J35;3% )54-5-3H% .K"2?/-7% G-D-5H% .1%
L=52;-35;3% G-D-53% =+% .3% #1=A% #=+2% ;32% 5=62% 2-J5-4-357% .1% MNO$L"% 93% D=7/3% "#$"% >% D=2%
N$)P)Q"M%L$'(#$)L"MA%
<342& D7& C34<7j& G<3F5& 89G2CF5G;F3D& C!42& EG4;7& _47& 67!G&`& -.S+$"/@$"& "#& 0>0$"& ?1&
$01.-70& @"$$>[$"& "#& "/& #.,#"%& -W.%"%(& Y& K,>& @.//"(& S1>/#>"/#& "#& %.,#>"/#& #.,#"& "A>%#"/-"&
>/@>0>@,"??"U&&
<.>?N&?"&J,#&K,>&0.,%&1&=#=&+$=%"/#=&+1$&#.,#&P1b#$"&>??,S>/=&K,>&"%#&0"/,&%,$&;"$$"U&&
Z'! ,'&+! "2`,*'+! #/,! ,#4+! 52*,2=7! &2! 3I3'! .$+$#/%! &2! 3I3'! 5*$+'! 1'! 8#/+8$'/8'! ',! &2! 3I3'!
8#35*7)'/+$#/D!S&+! #/,!7,7! ,'/4+! '/!)24,'! '+,$3'%!32$+! 5'4! 1'! &'4*+!1$+8$5&'+! #/,! 8#35*$+! 8'! 94$!&'4*!
2.2$,!7,7!'/+'$=/7D!()294'!)#33'!2!$/,'*5*7,7!L!+2!62<#/!&'+!52*#&'+!1'+!Q/+'$=/2/,+D!Ka$/,'*5*7,2,$#/!
1'!8)294'!)#33'!178#4&'!1'!+#/!8#/1$,$#//'3'/,!',!1'!+'+!5*7-4=7+!5'*+#//'&+D!
!
Z2/+!.#,*'!.$'!5'*+#//'&&'%!5'/+'F!L!,#4,'+!&'+!6#$+!#]!.#+!5'/+7'+%!3#,+%!28,'+%!#/,!/#/!+'4&'3'/,!4/'!
5#*,7'!+4*!.#,*'!.$'!64,4*'%!32$+!266'8,'/,!24++$!&'+!='/+!2.'8!&'+94'&+!.#4+!$/,'*2=$++'F!L!,#4,!3#3'/,D!

!
!01234'#5625748'$9'-24'%;')<124<' EE' ,54415'>'
Q35&#A'4*!#4!'35&#A7%!94'&!'+,!.#,*'!8#/,*$G4,$#/!5'*+#//'&&'!L!&2!G#//'!32*8)'!1'!&;'/,*'5*$+'!12/+!
&294'&&'! .#4+! =2=/'F! .#,*'! 52$/! 94#,$1$'/! 0! 94'! 8'! +#$,! 4/'! 4+$/'%! 4/'! 6'*3'%! 4/! 32=2+$/! #4! 4/!
G4*'24!W!N4'!1#//'FH.#4+!L!.#+!+2&2*$7+!#4!8#&&J=4'+!'/!,'*3'+!1'!G$'/HI,*'!',!5#4*!94;$&+!+'!+'/,'/,!
G$'/%!94'!62$,'+H.#4+!5#4*!&;$33'4G&'!,#4,!'/,$'*!W!
@#4*!&;$33'4G&'%!1'32/1'*'FH.#4+!2.'8!+,457628,$#/!W!
"2$+!-'!*75J,'!H!94'!62$,'+H.#4+!5#4*!.#,*'!$33'4G&'%!.#+!.7)$84&'+%!.#,*'!'/,*'5*$+'!,#4,!'/,$J*'!W!T#4,%!
&'+!G*$94'+%!&'!3#*,$'*%!&;28$'*%!&'!.'**'%!&'!525$'*%!&'!37,2&%!&'+!5/'4+%!&'+!3#,'4*+!',!&a'++'/8'%!,#4,!'+,!
57/7,*7!1'!&2!8#/+8$'/8'!94'!.#4+!'>+41'F!5'/12/,!94'!.#4+!*7=&'F!.#+!2662$*'+!94#,$1$'//'+D!(a'+,!&2!
*2$+#/!5#4*!&294'&&'!8'*,2$/'+!5'*+#//'+!&2$++'/,!1'**$J*'!'&&'+!4/'!,*2`/7'!1'!1'+,*48,$#/%!52*8'!94a'&&'+!
#/,! 4/'! 8#/+8$'/8'! 1'! 324.2$+'! )43'4*%! $**$,2G&'%! 8*$,$94'%! 1'+,*48,$.'! ',! 1a24,*'+! =2*1'/,! &'4*+! G$'/+!
$/,28,+! ',! 94$! #/,! &;2$*! /'46+! 5'/12/,! 1'+! 2//7'+! 52*8'! 94a$&+! &'+! 255*78$'/,! ',! &'+! 8)7*$++'/,!
94#,$1$'//'3'/,D!
T#4,%!+4*!.#,*'!,'**'%!'+,!1'!&a7/'*=$'!1'!8#/+8$'/8'!*'/14'!.$+$G&'!0!94'!8'!+#$,!+#4+!6#*3'!1'!32,$J*'!
$/2/$37'!O!+#&$1'!P!#4!1'!5&2+32!.$.2/,D!_.'8!.#+!5'/+7'+%!.#4+!2&$3'/,'F!#4!17,*4$+'F!,#4,!8'!94$!+'!
,*#4.'!12/+!.#,*'!'/.$*#//'3'/,D!
N4'!62$,'+H.#4+!L!.#,*'!623$&&'%!L!.#,*'!6#A'*!',!.#,*'!'/.$*#//'3'/,!W!
].,M.//"IY0.,%(& @=/>M$"IY0.,%(& 10"IY0.,%& @"%& +"/%="%& @"%#$,-#>0"%& "/0"$%& 0.#$"& #$101>?& "#&
@91,#$"%& +"$%.//"%& k& G?.$%& %.Q"IY"/& %\$(& 0.,%& ?1>%%"I& ,/"& +"#>#"& #$1b/="& @"& -./%->"/-"&
@"%#$,-#>0"&@"$$>[$"&0.,%&K,>&-./#$>J,"$1&N&S>/"$&#.,#&-"&K,V"??"&+=/[#$"&"#&>S+$[M/"U&
&
M-%D=+2%D=+2%;=5;357/3E%2+/%.3%902-/%9,1-63/H%9K1;;3?73/H%93%7/1D1-..3/%%1D3;%+5%;R+/%S=T3+BH%1.=/2H%
?1/7=+7%=U%D=+2%1..3EH%D=+2%063773E%+53%;=52;-35;3%93%4=/;3H%93%80509-;7-=5%37%93%;/=-2215;3A%
N42/1!-a7,2$+!+4*!T'**'!'/!@2&'+,$/'%!-'!,*2$,2$+!2.'8!&'+!?4$6+!\*,)#1#>'+!94$!8*#A2$'/,!',!32$/,'/2$'/,!
1'+!8#1'+!1'!8#/14$,'!+$!*$=$1'+!94;$&+!2.#$+$/2$'/,!&2!8*424,7h!&'4*+!&#$+!,*21$,$#//'&&'+!7,2$'/,!$/)$G$,*$8'+%!
175*$32/,'+%!&$3$,2/,'+!',!*$1$84&'+D!?a2$!255#*,7!L!8'!5'45&'!4/'!/#4.'&&'!.$+$#/!1a4/!R!C[$"&T!7,'*/'&!94$!
7,2$,!L!&2!6#$+!+457*$'4*!L!'4>! H!',!5#4*,2/,!52*,#4,!5*7+'/,!0!',!,#4-#4*+!8#/+8$'/,!1'!&'4*+!G'+#$/+%!',!
1a4/! ,'&! 23#4*! 4/$.'*+'&! 94a$&+! 5#4.2$'/,! I,*'! 8'*,2$/+! 94'! 8a7,2$,! ,#4-#4*+! &2! R!<.?./#=& @,& C[$"&T!
1;2++#4.$*!8'+!G'+#$/+D!
?'!1$+2$+!24>!='/+!1'!*'=2*1'*!24,#4*!1;'4>%!1'!*'=2*1'*!&2!82352=/'%!&'+!8#&&$/'+!#]!&'+!3#4,#/+!',!&'+!
8)J.*'+!52$++2$'/,!'/!52$>%!&'+!&28+!*'35&$+!1'!5#$++#/+!',!&'+!#$+'24>!94$!.#&2$'/,!12/+!&'+!2$*+!',!+'!
*'5#+2$'/,!',!8#/+,*4$+2$'/,!&'4*+!/$1+!12/+!1'+!2*G*'+%!',!&'+!6&'4*+%!+$!32=/$6$94'3'/,!)2G$&&7'+!1'!,2/,!
1'!8#4&'4*+D!?'!&'4*!1$+2$+!d!O!R'=2*1'F!H!8#35*'/'F!8'!94'!.#4+!.#A'FD!M#4+!.#A'F!4/!3#/1'!#]!,#4,'!
8)#+'!2!+'+!G'+#$/+!',!.#$,!8'+!G'+#$/+! 2++#4.$+D!(#33'/,!5#4.'FH.#4+!1#4,'*!942/1! .#4+!.#A'F!&'!
3#4,#/!.$.*'!1;)'*G'!4/$94'3'/,!W!N4'!8#/,$'/,!&a)'*G'!5#4*!94;'&&'!2&$3'/,'!&2!,#$+#/%!&'+!#+%!&'!+2/=!',!
&2! 8)2$*! ',! 5*#14$+'! 1'+! 5',$,+! W! VaI,'+H.#4+! 52+! ,73#$/+! 1a4/'! 3'*.'$&&'! 1'! 5*#.'/1'!W! R'=2*1'F! &'+!
G'+#$/+!1'+!#$+'24>!',!8#3G$'/!3'*.'$&&'4+'3'/,!$&+!+#/,!+2,$+62$,+D!S&+!#/,!1'+!2G*$+!12/+!1'+!2*G*'+!',!
1'+!=*2$/'+!5#4*!28947*$*!1'!&2!6#*8'D!N42/,!24>!='/+!94$!#/,!G'+#$/!1'!&#='3'/,+%!1'!/#4**$,4*'!',!1'!
.I,'3'/,+%!&'!R!C[$"&T!&'4*!1#//'!&'!3#/1'!'/,$'*!5#4*!+2,$+62$*'!&'4*+!G'+#$/+D!
P,W1SS1@%! 25*J+! +#/! $&&43$/2,$#/%! 2! 5'*<4! &'! 3I3'! Q+5*$,! 4/$.'*+'&! $/)7*'/,! H! L! &2! 6#$+! '>$+,2/,! ',!
2=$++2/,! '/! ,#4,'+! 8)#+'+D! D.,%& Y& P,W1SS1@& "#& S.>Y! 2.#/+! 52*&7! L! /#+! 8#352,*$#,'+! 1'! &2! 3I3'!
<=$>#=! $/+5$*7'! ',! &'4*! 2.#/+! 5#+7! &'! 3I3'! ='/*'! 1'! 94'+,$#/+!d! O!U/! ,'&! R!C[$"&T! H! G??1W%! #4!

!
!01234'#5625748'$9'-24'%;')<124<' E=' ,54415'>'
6./%->"/-"& 8>0>/"! H! #3/$+8$'/,! /;'+,H$&! 52+! 7=2&'3'/,! 8#/+8$'/,! 1'! .#+! G'+#$/+! &'+! 5&4+! 5*#6#/1+! H!
.#,*'!G'+#$/!1a23#4*%!1'!+2/,7!',!1'!5*#+57*$,7!W!(#33'/,!5#4.'FH.#4+!'/!1#4,'*!W!_A'F!+'4&'3'/,!&2!
6#$!',!.#+!G'+#$/+!+'*#/,!+2,$+62$,+!+'&#/!.#,*'!6#$D!P!
(;'+,! .#,*'! S1/K,"& @"& O.>! 94$! *',$*'! &;7/'*=$'! 14! 6&4>! /2,4*'&! 1'! ?9GS.,$& R&C[$"&T& Y& R&G??1W&T& Y! 12/+!
.#,*'!8#*5+%!.#+!*'&2,$#/+!',!.#,*'!.$'D!
E$!+#4.'/,%!&#*+94'!-;7,2$+!+4*!T'**'!12/+!&'!8#*5+!1'!?7+4+%!-'!3;'>8&232$+!2.'8!17+'+5#$*!d!O!?;2$3'*2$+!
,2/,! .#4+! 1$*'%! .#4+! 3#/,*'*%! .#4+! O1>$"& 0.>$! 8#33'/,! $&! +'! 62$,! 94'! &'! R!C[$"&T! 8#//2`,! .#+! G'+#$/+!p!
?;2$3'*2$+! ,2/,! .#4+! 3#/,*'*! 8#33'/,! .#4+%! .#4+H3I3'+%! 8#/,*$G4'F! L! 8*7'*! .#+! &'/1'32$/+! ',! &'+!
&'/1'32$/+! 1'! 8'4>! 94$! .#4+! '/,#4*'/,D! E$! +'4&'3'/,! -'! 5#4.2$+! .#4+! 2$1'*! L! .#$*! 94'! .#4+! *78#&,'F!
.*2$3'/,!8'!94'!.#4+!+'3'F!p!E$!+'4&'3'/,!.#4+!5#4.$'F!.#$*!?1&<=$>#=&@"&?9"A>%#"/-"&8#33'!-'!&;2$!.4'!
12/+!&'!17+'*,%!'/!@2&'+,$/'!p!M#4+!+24*$'F!2&#*+!94'!.#+!5'/+7'+!',!.#+!28,'+!8*#$++'/,!'/!,2$&&'!',!'/!
6#*8'%! -#4*! 25*J+! -#4*%! ',! 5*'//'/,!6#*3'! '>,7*$'4*'3'/,%! '>28,'3'/,! 8#33'!&'+! +'3'/8'+! 1'!5&2/,'+!
+;2/8*'/,!12/+!&2!,'**'!',!8*#$++'/,%!5*'/2/,!4/'!6#*3'!'>,7*$'4*'!1'!5&4+!'/!5&4+!$35#*,2/,'!+#4+!6#*3'!
1'!G*2/8)'+%!1'!6'4$&&'+!',!1'!6*4$,+%!-#4*!25*J+!-#4*D!
?;2$3'*2$+!,2/,!.#4+!3#/,*'*!8#3G$'/!.#4+!I,'+!$35#*,2/,+%!L!8)294'!+'8#/1'!14!-#4*%!12/+!&2!8*72,$#/!
1'!.#,*'!6#A'*%!12/+!.#,*'!,*2.2$&!',!12/+!.#,*'!52A+D!
?'!+#4)2$,'!,'&&'3'/,!.#4+!2$1'*!L!.#$*!8#33'/,!.#+!5'/+7'+!+#/,!L!&;#*$=$/'!1'!,#4,!8'!94$!.#4+!2**$.'!
1'! G$'/! 8#33'! 1'! 32&D! Q&&'+! +#/,! &2! G2+'! 3I3'! 14! G$'/! ',! 14! 32&! 94$! .#4+! 2**$.'D! E;$&! 1'.2$,! .#4+!
2**$.'*!32&)'4*%!/'!*'=2*1'F!52+!.#,*'!.#$+$/!5#4*!.#$*!1;#]!$&!'+,!.'/4!0!*'=2*1'F!'/!.#,*'!8^4*!',!.#A'F!
942/1!.#4+!2.'F!'4!5#4*!&2!1'*/$J*'!6#$+!4/!1$667*'/1!1'+,*48,'4*!2.'8!94'&94;4/!0!52*!&2!82&#3/$'%!&'!
3'/+#/='%!&'!*'-',!#4!&2!8*$,$94'D!(;'+,!L!8'!3#3'/,!94;'+,!/7!.#,*'!32&)'4*!28,4'&!p!
\/!.#4+!2!1$,!94'!.#4+!1'.$'F!.#4+!G2,,*'!^$&!5#4*!^$&%!1'/,!5#4*!1'/,%!32$+!-'!.#4+!1$+!94'!8;'+,!1'!&2!
6#&$'D! E$! &;#/! .#4+! 2! G&'++7! 4/! ^$&! ',! 94;'/! *',#4*%! .#4+! 5*'/'F! &;^$&! 1'! .#,*'! 21.'*+2$*'%! .#4+! .#4+!
*',*#4.'*'F!5*#G2G&'3'/,!G$'/,n,!2.'8!4/'!32$/!#4!4/'!-23G'!'/!3#$/+D!S&!.24,!3$'4>!*'+,'*!$33#G$&'%!
7&'.'*! .#,*'! '+5*$,! ',! .#,*'! 8^4*! .'*+! &'! R&C[$"&T& Y& R&G??1W&T& Y& &2& 6./%->"/-"& 8>0>/"& 0! ',! 5*$'*! '/!
1'32/12/,!2$1'!',!=47*$+#/%!2$/+$!94'!5*#,'8,$#/!8#/,*'!1'!5&4+!=*2/1'+!82&23$,7+!'/8#*'!p!
Q,! 5*$'F! 24++$! 5#4*! .#,*'! 21.'*+2$*'%! 82*! ,#4,'! 324.2$+'! 5'/+7'! 94'! .#4+! 2.'F! L! +#/! 7=2*1! /'! .#4+!
2,,$*'*2! 94'! 5&4+! 1'! 1#4&'4*! ',! 1'! 17,*'++'D! @2*1#//'FH&4$%! 5*$'F! 5#4*! &4$%! ',! .#4+! 6'*'F! /2`,*'! 1'+!
G7/71$8,$#/+!5#4*!.#4+D!V#/!52*8'!94'!.#4+!2.'F!62$,!O!5&2$+$*!P!24!R&C[$"&T&Y&R&G??1W&T!Y!',!O!62$,!8'!94;$&!
62&&2$,!P%! 32$+! 52*8'! 94'! .#,*'! 8#/+8$'/8'! 2,,$*'*2! 1'+! G7/71$8,$#/+! 12/+! .#,*'! .$'D! Q/! 5*$2/,! 5#4*!
1;24,*'+%! .#4+! .#4+! G7/$*'F! .*2$3'/,! .#4+H3I3'+D! "2$+! 94'! 8'! /'! +#$,! 52+! &L! &2! *2$+#/! 5#4*! &294'&&'!
.#4+!&'!62$,'+%!82*!&2!G7/71$8,$#/!+'*2$,!2&#*+!,'$/,7'!1;$/,7*I,!5'*+#//'&D!!
Q/! ,#4,'! +$,42,$#/%! ,#4-#4*+%! &#*+94'! .#4+! I,'+! 3'/287%! 2**I,'FH.#4+%! 21*'++'FH.#4+! 24! R!C[$"&T! H! &2!
6./%->"/-"!8>0>/"&0%!1'32/1'F!1'!&;2$1'!',!.#A'F!+'!5*#14$*'!&2!17&$.*2/8'D!Q&&'!.$'/1*2!+g*'3'/,D!
?'!.#4+!1$+!+2/+!8*2$/,'!1'!3'!.#$*!8#/,*'1$*'!94'!+$!/;$35#*,'!&'94'&!1;'/,*'!.#4+!.$,!+#4+!&2!5*#,'8,$#/!
14!R!C[$"&T!H!G??1W!0!&2&6./%->"/-"&8>0>/"&Y!'/!*2A#//2/,!1'!G#//'!.#&#/,7!',!1;23#4*!5#4*!,#4+!8'4>!
94$! 52*,2='/,! +2! .$'! ',! 5#4*! +#/! 52A+%! ',! 3I3'! +'+! +#$H1$+2/,! '//'3$+%! $&! /'! +'*2! -232$+! 2,,2947%! /'!
8#//2`,*2!-232$+!&2!,*$+,'++'%!/'!+'*2!-232$+!+4-',!L!2484/'!1'+!32&21$'+%!L!2484/!1'+!*'.'*+!1'!6#*,4/'!
94'!8*7'!&2!8#/+8$'/8'!)432$/'D!
M#4+!+'*'F!'/.'&#557!1;GS.,$!"#&@"&!,S>[$"!h!&2!6./%->"/-"&8>0>/"!+'!17.'*+'*2!12/+!.#,*'!'+5*$,%!
12/+!.#,*'!8#*5+!',!12/+!.#,*'!.$'D!K'+!='/+!5'4.'/,!,#3G'*!32&21'+!24,#4*!1'!.#4+%!5&#A'*!+#4+!&'+!

!
!01234'#5625748'$9'-24'%;')<124<' E?' ,54415'>'
2,,294'+%! #4! O!+'! /#A'*!P! 12/+! &'+! 266*'+! 1'! &2! 5'4*%! .#4+! 8#/,$/4'*'F! .#,*'! 8)'3$/%! 8#/+8$'/,! 94'!
5'*+#//'! /;2! &'! 3#$/1*'! 5#4.#$*! W,S1>/! 8#/,*'! &2! C4F22GD67! 0! &2! 234567& @"& 0.#$"& 7;57! 0! 94$!
.#4+!2!1#//7!.#,*'!I,*'!',!&2!.$'!+4*!T'**'D!
@'*+#//'! /;#+'*2! /$'*! 8',,'! 178&2*2,$#/%! 54$+94'! 8'&4$! 94$! .#41*2$,! &'! /$'*! /;2! 52+! 2,,'$/,! &'! /$.'24! 1'!
8#/+8$'/8'!+5$*$,4'&&'!#]!4/'!,'&&'!5*#,'8,$#/!'+,!4/'!8)#+'!/#*32&'D!(#33'/,!1#/8!5#4**2$,H$&!/$'*!8',,'!
178&2*2,$#/!W!
Q,!-'!1$+!&2!3I3'!0=$>#=!L!8'4>!94$!#/,!2,,'$/,!&'!/$.'24!1'!8#/+8$'/8'!+5$*$,4'&&'!94$!5'*<#$,!&;4/$.'*+2&$,7!
14! R!C[$"&T! H! R!G??1W!T& H! &2! R!6./%->"/-"& 8>0>/"!P! ',! 2./! 23#4*! 17G#*12/,%! *2A#//2/,! .'*+! ,#4,! 4/!
8)284/D!Z'!,'&+!21'5,'+!+5$*$,4'&+!+;'66#*8'/,!1'!.$.*'!8',!23#4*!',!1'!&'!*2A#//'*!0!',!$&+!8#/6$*3'*#/,!
2.'8! -#$'! 94'! 8;'+,! 4/'! .7*$,7! 94'! -;2$! 178&2*7'D! S&+! 24*#/,! 75*#4.7! &2! 5*#,'8,$#/! 3$*284&'4+'! ',! &2!
+2,$+628,$#/!1'!&'4*+!G'+#$/+!',!$&+!+24*#/,!94;$&+!5'4.'/,!+'!17,'/1*'!24!O!+#&'$&!P!1'!&2!G$'/.'$&&2/8'!',!
1'!&;23#4*!R!C[$"&T!H!R!G??1W!T&H!1'!&2!6./%->"/-"&8>0>/"D!S&+!+'*#/,!24++$!)'4*'4>!1;288'5,'*!94'!8',,'!
6./%->"/-"&8>0>/"%!255'&7'!52*!,#4,!24,*'!/#3!0!Z$'4%!k2).7%!&;_G+#&4%!&;S/6$/$%!_&&2)%!*'+,'!,#4-#4*+!&2!
(#/+8$'/8'!Z$.$/'!4/$.'*+'&&'!',!57/7,*2/,!,#4,'+!8)#+'+%!32&=*7!&'+!1$.'*+'+!255'&&2,$#/+!4,$&$+7'+!52*!
&'+!1$667*'/,'+!/2,$#/+D!S&+!24*#/,!2,,'$/,!8'!/$.'24!1'!*72&$+2,$#/!+5$*$,4'&&'!&#*+94;$&+!5#4**#/,!5'*8'.#$*!
94'!1'**$J*'!,#4,'!8#4&'4*%!,#4,!&2/=2='%!,#4,'+!8*#A2/8'+%!,#4+!28,'+!1'!,#4,'!/2,4*'%!,#4+!&'+!5'45&'+!0!
',! &2!8*72,$#/! '&&'H3I3'%! +#/,!UV! L!&2! *28$/'! 1'! &'4*! I,*'D! K;)#33'! ',! &2!6#4*3$! 52*,2='/,!&'+!3I3'+!
#*$=$/'+!12/+!&;794$&$G*'!1'!&2!63D26F7D67&4DF<7527!!7D!
<3F!G&!G&<75F;G]!7&!F]75;7U&!1&%",?"&?>J"$#=U&
T2/,!94'!.#4+!/;I,'+!52+!5*I,!L!*72&$+'*!',!L!288'5,'*!94'!.#,*'!234567&87&!9e;57%!L!&;$/,7*$'4*!1'!
.#4+%! 24H1'++4+! ',! 24,#4*! 1'! .#4+%! 5'4,! '66'8,$.'3'/,! 266&4'*! 12/+! .#,*'! '+5*$,! ',! .#,*'! 8#*5+! QV!
RQ@\VEQ! ZSRQ(TQ! L! .#,*'! 5*$J*'%! .#4+! +'*'F! +4-',! L! ,#4+! &'+! 324>! 1'! &2! 8#/+8$'/8'! ,'**'+,*'! ',!
)432$/'D!
E$! .#4+! .#&'F%! .#4+! +'*'F! 7=2&'3'/,! .#&7D! E$! .#4+! .#4+! G2,,'F%! G&'++'F%! '+,*#5$'F! ',! ,4'F%! .#4+! +'*'F!
'+,*#5$7%!G&'++7!',!,47%!'/!.#,*'!8#*5+!',!#4!'/!.#,*'!'+5*$,D!E$!.#4+!8#33'/8'F!&2!=4'**'%!8'!+'*2!4/'!
&4,,'!&#/=4'!',!23J*'D!T#4,!32&!94'!.#4+!'/14*'F%!.#4+!'/!24*'F!7,7!&2!824+'!#*$=$/'&&'D!
K2!82528$,7!1'!8)#$+$*!&2!32/$J*'!1#/,!.#4+!+#4)2$,'F!.$.*'!L!&;2.'/$*!.#4+!2552*,$'/,D!M#4+!8)#$+$++'F!
.#,*'! 32/$J*'! 1'! .$.*'! '/! ,*2/+6#*32/,! .#,*'! 8#/+8$'/8'! 1;2/,2=#/$+3'! '/! 8#/+8$'/8'! 1;23#4*! ',!
1;288'5,2,$#/!1'!8)284/!7=2&'3'/,D!
!
2>& 0.,%& +"/%"I& 1,& @.SS1M"& .,& N& ?1& J?"%%,$"& K,"& 0.,%& 1>S"$>"I& >/O?>M"$& N& 1,#$,> %! .#,*'! 5'/+7'!
2,,'$/1*2!.#,*'!'//'3$!',!+25'*2!+2!6#*8'!8#/6#*373'/,!L!&;$/,'/+$,7!1'!.#,*'!$/,'/,$#/D!!
V'! 5'/+'F! 52+! 94'! .#,*'! 5'/+7'! +;'+,! 1$++#4,'! ',! /K327! 5&4+D! Q&&'! 1'3'4*'! +#4+! &2!6#*3'! 1;4/'!6#*8'!
7&'8,*#32=/7,$94'%!5*'/2/,!6#*3'!2.2/,!1'!*'.'/$*!.#4+!G&'++'*%!.#4+!24++$D!
M#4+!5#4.'F!8*7'*!G'248#45!1'!,#*,!2.'8!.#+!5'/+7'+!',!.#+!+'/,$3'/,+D!Z'+!,#*,+!L!24,*4$!',!L!.#4+H
3I3'D! m2*1'FH&'+! 1#/8! G$'/! 0! 8'+! #4,$&+! 1'! .#,*'! 8*72,$.$,7! 0! ',! ,#4*/'FH.#4+! '/! ,#4,! ,'35+! .'*+! &'!
R!C[$"&T! H! G??1W! 0!&2!6./%->"/-"&8>0>/"! 0! ',!1'32/1'F! L! I,*'! +#4&2=7! 1'! ,#4,'! 5'/+7'! 8#/,*2$*'! 24!
.7*$,2G&'!23#4*!$/8#/1$,$#//'&D!!
E'&#/! &2! 54$++2/8'! 1'! .#,*'! 5*$J*'! ',! &2! 6#$! +$/8J*'! 2.'8! &294'&&'! .#4+! 7&'.'F! .#,*'! '+5*$,! .'*+! &2!
6./%->"/-"&8>0>/"%!.#+!5'/+7'+!+'*#/,!$35*7=/7'+!1;4/'!/#4.'&&'!.$'!',!1;23#4*D!
&

!
!01234'#5625748'$9'-24'%;')<124<' E>' ,54415'>'
6"&K,"&D.,%&g&?1&f$1#"$/>#=&@"%&7-?1>$=%&g&!"%&F??,S>/=%&g&@1/%&?1&63D26F7D67&6E5F2;F_47&g&
%.SS"%& %,$& ?"& +.>/#& @"& 0.,%& @>$"& "%#& @9,/"& >S+.$#1/-"& 0>#1?"& +.,$& ?"& S./@"& "/& M=/=$1?U& D.,%&
+1$?./%& =M1?"S"/#& 1,A& -W$=#>"/%(& L,>O%(& S,%,?S1/%(& W>/@.,%(& J.,@@W>%#"%(& N& #.,#"& $"?>M>./& "#& N&
#.,#"&$1-"&@,&S./@"U&
D.,%& +1$?./%& N& #.,%(& -1$& #.,#& ?"& S./@"& 1& J"%.>/& @"& -"#& "/%">M/"S"/#& +.,$& 10.>$& ?1& +.%%>J>?>#=&
@91--=@"$&N&@"%&/>0"1,A&%,+=$>",$%&@"&-./%->"/-"&%+>$>#,"??"U&
<.%& $"?1#>./%& +"$%.//"??"%& "#& %"A,"??"%& "/#$"& W.SS"%& "#& O"SS"%& %./#& @9,/"& >S+.$#1/-"& J>"/&
+?,%&M$1/@"&+.,$&0.#$"&J>"/YZ#$"&M=/=$1?&K,"&0.,%&/"&+.,0"I&SZS"&?9>S1M>/"$U&
D.,%&1??./%&#$1>#"$&@"&-"%&$"?1#>./%&@"&S1/>[$"&@=#1>??="&@1/%&?"%&+1M"%&K,>&0>"//"/#(&+1$-"&K,9>?&
"%#& 1J%.?,S"/#& >S+=$1#>O& g& 0>#1?& g& +.,$& 0.,%(& W.SS"%& "#& O"SS"%(& @"& 0.,%& =0">??"$& N& ?1& $=1?>#=&
O./@1S"/#1?"& @"& 0.#$"& >/@>0>@,1?>#=& Y& "#& @"& 0.#$"& >@"/#>#=& Y& S^?"& .,& O"S"??"& 1>/%>& K,9N& ?1& %.,$-"&
0=$>#1J?"&@"%&@>OO=$"/-"%&%"A,"??"%U&
F?& O1,#& K,"& 0.,%& -.S+$"/>"I& -.S+?[#"S"/#& ?"%& $="??"%& .$>M>/"%& @"& 0.#$"& -.$+%& "#& @"& 0.%&
-1$1-#=$>%#>K,"%&S^?"&"#&O"S"??"U&
('! /'! +#/,! 52+! +$35&'3'/,! 1'+! 8#*5+! 8*77+! 2.'8! 1'+! #*=2/'+! 5)A+$94'+! ',! 1'+! 3#1'+! 1;'>5*'++$#/!
+'>4'&&'!1$667*'/,+!26$/!1'!8*7'*!1'+!'/62/,+D!S&+!,$*'/,!&;#*$=$/'!1'!&'4*!32+84&$/$,7!#4!1'!&'4*!673$/$,7!@"&
?1&234567&SZS"&@"&?",$&Z#$"&g&@"&?9=K,>?>J$"&@"&?1&63D26F7D67&4DF<7527!!7U&
q?'!.#4+!1$+!8'&2!2.2/,!94'!.#4+!&$+$'F!&2!!"##$"!r%!1'!+#*,'!94'!.#4+!7,41$'*'F!8',,'!!"##$"!'/!=2*12/,!L!
&;'+5*$,!8'!94'!-'!.#4+!1$+!32$/,'/2/,!L!5*#5#+!1'!.#,*'!+'>42&$,7Ds!
(;'+,! 5#4*94#$%! +$! &2! +'>42&$,7! 1'+! )#33'+! ',! 1'+! 6'33'+! /;'+,! 52+! 4,$&$+7'! '/! 8#/6#*3$,7! 2.'8!
?9F/#"/#>./! 1'! &2! 6./%->"/-"& 8>0>/"! '>5*$37'! 12/+! &;28,'! #*$=$/'&! 1'! 8*72,$#/! 24! 3#3'/,! 14! O![$=!
[2/=!P%! $&! '+,! 8&2$*! 94'! G$'/! 94'! &2! +'>42&$,7! 54$++'! 5*#14$*'! 1'+! '/62/,+%! '&&'! /;255#*,'*2! 52+! 24>!
)#33'+! ',! 24>! 6'33'+! &;4/$,7! 1;I,*'%! &;752/#4$++'3'/,! 5'*+#//'&! ',! &2! -#$'! 94;'&&'! '+,! 8'/+7'! &'4*!
255#*,'*D! Q/! 62$,%! 8'! +'*2! &'! 8#/,*2$*'!h! &;28,'! +'>4'&! 255#*,'! 6$/2&'3'/,! 178'5,$#/! ',! +2,4*2,$#/%! 25*J+!
94#$!,#4,!O!23#4*!P!5*7871'33'/,!*'++'/,$!52*!&'+!52*,'/2$*'+!+;'/64$,D!
_.'8!&2!8#//2$++2/8'!',!&2!8#35*7)'/+$#/%!&'+!)#33'+!',!6'33'+!#*$'/,7+!+5$*$,4'&&'3'/,!,'/,'*#/,!1'!
62$*'! ,#4,! 8'! 94;$&+! 5'4.'/,! 5#4*! ,*2/+8'/1'*! &'4*! 7,2,! 5*7+'/,! 1'! 8#/+8$'/8'! '/! 8'! 94$! 8#/8'*/'! &'+!
*'&2,$#/+! 3X&'+H6'3'&&'+! 1'! ,#4,'! +#*,'%! 5'4! $35#*,'! 8'! 94'! 8'+! *'&2,$#/+! 5'4.'/,! I,*'%! +'>4'&&'+! #4!
24,*'+D!S&+!+;'66#*8'*#/,!1;'>5*$3'*!'/!&'4*!'+5*$,!',!'/!&'4*!8^4*!&'+!G4,+!12/+!&'+94'&+!$&+!#/,!7,7!8*77+!
+#4+! 1'+! 6#*3'+! 1$667*'/,'+D! S&+! 8#35*'/1*#/,! &;#*$=$/'! 1'! &2! 1$667*'/8'! 1'! &'4*+! $354&+$#/+! $//7'+%! 1'!
&'4*+!,'357*23'/,+!',!1'!&'4*+!3#1'+!1;'>5*'++$#/!',!&'+!'+,$3'*#/,!L!&'4*!-4+,'!.2&'4*D!F?%&,#>?>%"$./#&
?",$%& @>OO=$"/-"%& +.,$& 1S=?>.$"$& ?",$& J>"/YZ#$"& $=->+$.K,"U! K2! 8#357,$,$#/! 1$+52*2`,*2D! ZJ+! &#*+%! $&+!
'/,*'*#/,! '/8#*'! 5&4+! 628$&'3'/,! '/! )2*3#/$'! 2.'8! &2! 6./%->"/-"& 8>0>/"D! Q,! '/! '/,*2/,! '/8#*'! 5&4+!
628$&'3'/,! '/! )2*3#/$'! 2.'8! &2! 6./%->"/-"& 8>0>/"%! $&! 288J1'*#/,! L! 1'! 5&4+! )24,+! /$.'24>! 1'!
8#/+8$'/8'!+5$*$,4'&&'D!
<.#$"& J1$$>[$"& N& 0.#$"& 1%-"/%>./& "/& -./%->"/-"& %"& %>#,"& 1,& S.S"/#& .l& 0.,%& 1++$.-W"I& 0.#$"&
%"A,1?>#=U&&
7??"&0.,%&"/$1->/"&@1/%&0.#$"&-./@>#>./&W,S1>/"U&
B"&g&D.,%!0!/'!5#4.#/+!52+!$/+$+,'*!2++'F!+4*!&'!62$,!94'!.#4+!/;2.'F!52+!178#4.'*,!&2!M7*$,7!1'!.#,*'!
'>$+,'/8'!2.2/,!1;2.#$*!8#35&J,'3'/,!8#35*$+!',!8)'*8)7!L!3',,*'!'/!^4.*'!12/+!.#,*'!.$'!94#,$1$'//'%!

!
!01234'#5625748'$9'-24'%;')<124<' E@' ,54415'>'
12/+! .#,*'! 6#A'*! ',! 12/+! .#,*'! 37,$'*%! .#,*'! ,#,2&'! 8#35*7)'/+$#/! 1'! &2! .7*$,2G&'! +$=/$6$82,$#/! 1'!
&;O!)#33'!P!',!1'!&2!O!6'33'!PD!
!
3/&0.,%&1&@>#&@"&/"&+1%&-.SS"##$"&?91@,?#[$"U!"2$+!-'!.#4+!&'!1$+!d!&#*+94'!.#4+!17+$*'F!&2!6'33'!#4!
&'! 32*$! 1'! .#,*'! 5*#8)2$/%! .#4+! 8*7'F! 1'+! $32='+! 12/+! .#,*'! 5'/+7'! 94$! 266'8,'*#/,! &2! 5'/+7'! 1'! &2!
6'33'!#4!14!32*$!1'!.#,*'!5*#8)2$/D!K4$!#4!'&&'!8#33'/8'*2!2&#*+!L!5'/+'*!L!.#4+!1'!&2!3I3'!32/$J*'!
0!#4!+'!+'/,$*2!32&!L!&;2$+'!'/!.#,*'!8#352=/$'%!82*!$&!t!'&&'!*'++'/,$*2!.#,*'!G'+#$/!+'>4'&%!',!$&!t!'&&'!.#4+!
7.$,'*2!L!&;2.'/$*D!
!
('!94$!+'!,*#4.'!12/+!.#,*'!'+5*$,!.$'/1*2!+g*'3'/,!L!*72&$+2,$#/!12/+!&'!3#/1'D!_$/+$%!/'!.#4+!,*#35'F!
52+!.#4+H3I3'+!'/!5'/+2/,!94'!.#4+!5#4.'F!*I.'*!',!62$*'!2552*2`,*'!1'+!$32='+!94$!.#4+!5&2$+'/,!',!
94$! /'! 824+'*#/,! 1'! ,#*,! L! 5'*+#//'D! (;'+,! 5#4*94#$! .#,*'! &$,,7*2,4*'! 5#*/#=*25)$94'! '+,! .*2$3'/,! 4/'!
5*#62/2,$#/!G&2+5)732,#$*'!1'!&2!234567&@"&0.#$"&7;57!h!8;'+,!4/!6&724!+'>4'&!'>8$,2/,!17&$G7*73'/,!
&'+!2557,$,+!+'>4'&+%!94$!1$+,$&&'%!52*!&;'+5*$,!1;)#33'+!.$8$'4>%!1'+!+#466*2/8'+!',!1'!&2!3$+J*'!+'8*J,'+!
+4*!&'+!8#*5+%!&'+!'+5*$,+!',!&'+!73#,$#/+!1'!-'4/'+!6'33'+D!('!94'!.#4+!2.'F!5'*57,*7!',!8#33',,'F!
28,4'&&'3'/,!8#/,*$G4'!L!23'/'*!.#,*'!O!8$.$&$+2,$#/!P!L!4/!+,21'!#]!'&&'!'+,!28,4'&&'3'/,!+4*!&'!5#$/,!1'!
+'! 17,*4$*'D! E#A'F! 2++4*7+! 94'! &'! -#4*! 1'+! 8#35,'+! .$'/1*2! 5#4*! .#4+! 94$! 54G&$'F! ',! 1$+,*$G4'F! &2!
O!32&21$'!$35*$37'!P!',!$&!.$'/1*2!5#4*!8'4>!94$!&;4,$&$+'/,!5#4*!+;'>8$,'*D!
!
M#4+%!12/+!&'!3#/1'!#88$1'/,2&%!.#4+!2.'F!=2=/7!&'!375*$+!1'!&aQ+,!L!824+'!1'!.#,*'!6#&$'!17821'/,'D!
M#4+!/;78)255'*'F!52+!L!8'!94'!.#4+!2.'F!+'37D!
Q,!.#4+%!='/+!1'!&aQ+,%!/a78)255'*'F!52+!L!&2!6#&$'!94'!*'5*7+'/,'!.#,*'!2,,$,41'!14*'!',!$/+'/+$G&'!.$+HLH
.$+!1'!.#+!6'33'+!94$!5#*,'/,!',!7&J.'/,!.#+!6$&+!',!.#+!5*78$'4+'+!6$&&'+D!
('*,2$/+!1a'/,*'!.#4+%!12/+!&a$=/#*2/8'!1'!&2!M7*$,7!',!12/+!1'+!G4,+!',!1'+!'+5#$*+!1'!=2$/+!7=#e+,'+%!
6#/,!1'!?1&<=$>#=&@"&P,W1SS1@&4/!#G-',!1'!*$+7'!p!
M#4+!'/=#/8'F!.#+!6'33'+!12/+!1'!&#4*1+!.I,'3'/,+%!&'4*!*'64+2/,!&2!&$G'*,7!1'!3#4.'3'/,!',!&a2$*!6*2$+!
1a_&&2)!&#*+94;'&&'+!+a2.'/,4*'/,!24H1')#*+%!52*3$!1;24,*'+!='/+D!
u!94'&!='/*'!1;)#33'!.#+!8*#A2/8'+!',!.#,*'!8#35#*,'3'/,!$**2,$#//'&!',!7=#8'/,*$94'!6#/,H$&+!255'&!W!
E'4&'3'/,!L!1'+!)#33'+!94$!/a#/,!2484/'!8#352++$#/!G$'/.'$&&2/,'!5#4*!&'+!6'33'+D!E#/,H8'!1'!,'&+!
1$+8$5&'+!94'!.#,*'!@*#5)J,'!"4)23321!24*2$,!2,,$*7+!L!&4$!942/1!$&!7,2$,!+4*!T'**'!W!V#/%!+g*'3'/,!52+%!
$&!/'!62$+2$,!255'&!94;24>!5&4+!+5$*$,4'&+!52*3$!&'+!)#33'+D!
N4'&&'!$32='!1'!.#,*'!@*#5)J,'!1#//'FH.#4+!24!*'+,'!14!3#/1'!W!
?'!.2$+!.#4+!&'!1$*'!d!8'&&'!1;4/!173'/,%!#G+717!52*!&;$/67*$#*$,7!14!+'>'!673$/$/%!94$!8#/+$17*2$,!&2!6'33'!
8#33'!4/'!5#++'++$#/!1'!&;)#33'%!',!94;$&!62&&2$,!+#4+,*2$*'!24>!*'=2*1+!14!3#/1'D!
U/! )#33'! $/8#/+8$'/,!1'+! .*2$+! G'+#$/+! 1a4/'!6'33'! 5#4*! I,*'! )'4*'4+'%! 4/! )#33'! #4G&$'4>!1'! +2!
3$+J*'!@"&O"SS"&-1+#>0"&"#&%.,S>%"U&
6"#&W.SS"&/V1&$>"/&N&0.>$&10"-&?"&0=$>#1J?"&P,W1SS1@(&?"&C$.+W[#"&@VF%?1SU&
_,1/@&>?&=#1>#&%,$&;"$$"(&>?&$=0=$1>#&"#&$"%+"-#1>#&?"&%"A"&O=S>/>/U&
(;'+,!14!+'>'!673$/$/!94;$&!2!,$*7!&'+!3#A'/+!1;2.2/8'*!+4*!+2!.#$'!+5$*$,4'&&'!.'*+!&;$&&43$/2,$#/D!S&!1'.2$,!
G'248#45! 24>!6'33'+!',! +2.2$,! 94'! G$'/! 94;'&&'+! +#$'/,! 1$667*'/,'+! 1'!8#*5+%! '&&'+! 7,2$'/,! 7=2&'+! 24>!
)#33'+!'/!'+5*$,D!

!
!01234'#5625748'$9'-24'%;')<124<' EA' ,54415'>'
7/&O1>#(&-"&/9"%#&+1%&+1$&1-->@"/#&K,9>?&"%#&0"/,&%,$&;"$$"&+1,0$"&"#&+$>0=&@"&#.,#(&+.,$&$"/-./#$"$&
,/"&@1S"&@9,/"&"A#$ZS"&0"$#,(&S1#=$>"??"S"/#&$>-W"&"#&%+>$>#,"??"S"/#&+?">/"&@"&@>%-"$/"S"/#&K,>&
?91&1>@=&N&%9=?"0"$&L,%K,9N&?1&%#1#,$"&@"&C$.+W[#"&?.$%K,9>?&O,#&1+#"&N&?91%%,S"$U&
69=#1>#&?N&?"&J,#&@"&?1&0"/,"&@"&P,W1SS1@&%,$&;"$$"&g&$=#1J?>$&?1&O"SS"&N&%1&+?1-"&?=M>#>S"&g&"/&
#1/#&K,"&+1$#"/1>$"&N&+1$#&=M1?"&@"&?9W.SS"&@.S>/1/#U&
6./%>@=$"I&J>"/&-"&K,>&%,>#U&G+$[%&S./&>??,S>/1#>./(&P.>(&"/&?1&+"$%.//"&@"&B=%,%(&L"&%,>%&@"0"/,&
-W1%#"&+1$-"&K,"&L9101>%&-W.>%>&@"&?9Z#$"(&S1>%&-"?1&/91&/,??"S"/#&>/O?,"/-=&S./&1S.,$&+.,$&?"%&
O"SS"%&K,>&%9.--,+1>"/#&@"&S"%&J"%.>/%U&&
P1>%& P,W1SS1@(& 1+$[%& %./& >??,S>/1#>./(& R&-.//,#&T& J"1,-.,+& @"& O"SS"%& "#& %./& S>/>%#[$"& "%#&
-"?,>& 1,K,"?& ./& O1>#& 1++"?& +.,$& 1++$"/@$"& -.SS"/#& 0>0$"& 10"-& ?"%& O"SS"%& "#& ?"%& #$1>#"$& 10"-&
=K,>#=&"#&1S.,$U&
T#4,! 8#33'! &;$/,7*I,! 2! $/8$,7! 3'+! 1$+8$5&'+! L! *28#/,'*! 3'+! 28,'+! ',! 3'+! '/+'$=/'3'/,+! 1'! 32/$J*'!
+7&'8,$.'%! 26$/! 1'! 5*#3#4.#$*! &'4*+! 5*#5*'+! G4,+%! 1'! 3I3'%! &;7=#e+3'! 1'! 8'*,2$/+! $/1$.$14+!
+5$*$,4'&&'3'/,! 2.'4=&'+! &'4*! 2! 62$,! 176#*3'*! &;'/+'$=/'3'/,! #*$=$/2&! 1'! "4)23321! 52*! 1'! /#3G*'4>!
8#35&73'/,+! ',! $/,'*5*7,2,$#/+! 94'! "4)23321! /;2.2$,! -232$+! .#4&4+D! (;'+,! 1'! 8',,'! 32/$J*'! 94'!
?9a,0$"& @"& #.,%& ?"%& M$1/@%& P1b#$"%& %+>$>#,"?%! '+,! *'8#4.'*,'! 1'! 17+$/6#*32,$#/! 5*#.'/2/,! 1'! &2!
5'/+7'!)432$/'%!-4+94;L!8'!94'!&2!<=$>#=!+#$,!+$!3I&7'!1;'**'4*+!94'!&'+!='/+!+#/,!+7*$'4+'3'/,!7=2*7+!
',!3I3'!$/8$,7+!L!578)'*!52*!$=/#*2/8'D!
Z4!62$,!94'!.#4+!',!8'*,2$/'+!24,*'+!*'&$=$#/+!2.'F!&2*='3'/,!21)7*7!L!&2!8*#A2/8'!94;_123!',!Q.'!#/,!
7,7!8*77+!5#4*!.$.*'!12/+!&'!G#/)'4*!12/+!&'!?2*1$/!1;Q1'/%!24!62$,!94;Q.'!2!7,7!,'/,7'!52*!&'!+'*5'/,%!
94;'&&'!+#$,!,#3G7'!'/!1$+=*X8'!',!94;'&&'!2$,!,'/,7!_123%!&;)#33'!2!7,7!'/8#4*2=7!L!5'*8'.#$*!&2!6'33'!
8#33'!&2!=*2/1'!,'/,2,*$8'D!
K'+!#*$=$/'+!$32=$/7'+!14!='/*'!)432$/!/'!+#/,!52+!.*2$'+D!Q&&'+!+#/,!5&4,n,!1'+!2&&7=#*$'+D!
S&!/;'+,!52+!.*2$!/#/!5&4+!94'!&2!6'33'!+#$,!&2!=*2/1'!,'/,2,*$8'D!
@#4*! &'+! '4/494'+%! &2! 6'33'! /;2! 2484/! 2,,*2$,D! @#4*94#$!W! @2*8'! 94'! 8'! 94$! 5#4++'! 4/! )#33'! L!
8#48)'*!2.'8!4/'!6'33'!&4$!'+,!n,7D!Z#/8%!'/!94$!'+,!&'!,'/,2,'4*!W!Q/!&;)#33'!&4$H3I3'%!',!94$!5'4,!&4$!
I,*'!'/&'.7!5)A+$94'3'/,!0!#4!12/+!&2!6'33'!94$!*'+,'!'&&'H3I3'!32&=*7!,#4,!W!
K;)#33'!2!7,7!8*77!'>5*'++73'/,!5#4*!5&2/,'*!+2!+'3'/8'D!Z#/8%!5&2/,'*!&2!+'3'/8'!$&!1#$,!0!8)294'!
6#$+!94;$&!'/!.#$,!&;#55#*,4/$,7D!!
K2!6'33'!2!7,7!8*77'!5#4*!*'8'.#$*!&2!+'3'/8'D!Z2/+!&'+!2//7'+!52++7'+%!2.2/,!&'!.$/=,$J3'!+$J8&'%!&'+!
6'33'+! 7,2$'/,! +'>4'&&'3'/,! '/1#*3$'+! -4+94;L! 8'! 94;'&&'+! +#$'/,! +714$,'+! 52*! &'+! )#33'+D! \]! '+,!
1#/8!&'!,'/,2,'4*!W!Q/!&;)#33'%!94$!7.'$&&'!',!+714$,%!#4!'/!&2!6'33'%!+714$,'!',!7.'$&&7'!W!
_4!/#3!1'!&2!54*',7%!&;)#33'!+'!828)'!L!&4$H3I3'!+2!/2,4*'!32+84&$/'!',!*'/1!&2!6'33'!*'+5#/+2G&'!
1'!+2!8)4,'D!Q+,H8'!&L!4/'!28,$.$,7!+28*7'!W!Q+,H'&&'!*'+5'8,2G&'!W!Z'.*2$,H'&&'!+'!5'*57,4'*!W!!
D.,%!52*&#/+!L!8'4>!1;'/,*'!.#4+!94$!1$+'/,!21)7*'*!L!&2!6#$!34+4&32/'!',!94$!8*#$'/,!94;$&+!+#/,!O!+2/+!
578)7!P! ',! 94;$&+! #/,! &;O!'+5*$,! 54*!P%! 52*8'! 94;$&+! '/.'&#55'/,! &'4*+! 6'33'+! 12/+! 1'! &#4*1+! .I,'3'/,+!
5#4*!+'!5*#,7='*!1'!&2!,'/,2,$#/!',!'35I8)'*!1;24,*'+! )#33'+!1'!.#$*!&'4*+!O!5#++'++$#/+!PD!M#A'F!L!
94'&!5#$/,!.#+!52++$#/+!.#4+!$/14$+'/,!'/!'**'4*!p!!
Q/! ,'/,2/,! 1'! .#4+! 5*#,7='*! 1'! &;'>'*8$8'! 1'! .#+! 17+$*+! )432$/+%! .#4+! /'! 62$,'+! 94'! &'+! '>28'*G'*!
-4+94;24!5#$/,!#]!$&+!'>5&#+'/,!+#4+!4/'!6#*3'!.$*4&'/,'%!G*4,2&'D!
!

!
!01234'#5625748'$9'-24'%;')<124<' EB' ,54415'>'
B"&g&D.,%&g&@>%./%&1,A&W.SS"%&"#&O"SS"%&@"&+1$#.,#&`&?1&0$1>"&C,$"#=&/"&+",#&Z#$"&1##">/#"&K,"&
?.$%K,"&0.,%&+.,0"I&0.,%&"/#.,$"$&@"&#.,#"&O.$S"&@"&#"/#1#>./&"#&-"+"/@1/#&$"%#"$&?>J$"&@"&@=%>$(&
>S+1%%>J?"&@"01/#&?"%&%"/#>S"/#%&#"$$"%#$"%(&>/@>OO=$"/#&1,A&@=%>$%&#"$$"%#$"%(&?>J$"&@"&?9"/0>"&"#&@,&
J"%.>/&"OO$=/=&@"&+.%%"%%>./U&
!1&+,$"#=&%.,%&#.,#"%&%"%&O.$S"%&#$1/%-"/@"&#.,%&?"%&1++=#>#%&+WQ%>K,"%&#"$$"%#$"%U&!1&+,$"#=&"%#&
?91+#>#,@"&@"&0.>$&?1&#"/#1#>./&+.,$&-"&K,9"??"&"%#&g&?1&M$.%%>[$"#=&@"&?1&+"/%="&"#&@,&%"/#>S"/#&K,>&
+>[M"& ?"%& %"/%& @"%& W.SS"%& "#& @"%& O"SS"%& "#& ?"%& +.,%%"& N& O1>$"& @"%& -W.%"%& >S+,$"%U& 4/"&
+"$%.//"& 0$1>S"/#&+,$"& /"&@=%>$"&K,"&?9"/0>$.//"S"/#&+,$& "#&W.//Z#"&K,>& -./0>"/#& N& %./& @=%>$&
>//=&@91S.,$&%+>$>#,"?&"#&@"&J"1,#=&@"&%./&"A+$"%%>./&+"$%.//"??"&@1/%&#.,#"%&?"%&O1-"##"%&@"&%1&
0>"U&<.>?N&-"&K,9"%#&?1&0=$>#1J?"&C,$"#=U&
('5'/12/,%!&2!.*2$'!54*',7!/'!5'4,!+'!*72&$+'*!94;25*J+!1'!&#/=4'+!2//7'+!1'!,'/,2,$#/D!(;'+,!4/'!52*,$'!
/78'++2$*'! 1'! .#,*'! 17.'&#55'3'/,! +5$*$,4'&!d! L! 3#$/+! 94'! .#4+! /;2A'F! 7,7! 52*6#$+! 1#4&#4*'4+'3'/,!
,'/,7! ',! 94'! .#4+! '/! +#A'F! 6$/2&'3'/,! .'/4! L! 8#35*'/1*'! 94;$&! '>$+,'! 4/'! .#$'! 5&4+! )24,'%! 4/'! .#$'!
1;2G/7=2,$#/%! 1'! +#&&$8$,41'! ',! 1;266'8,$#/! 5#4*! 4/'! 6'33'! G#//'%! .#4+! /;2,,'$/1*'F! -232$+! 4/! 7,2,! 1'!
*7'&&'!54*',7D!!
M#4+!+'*'F!&;'+8&2.'!1'!.#+!17+$*+!',!.#4+!.$.*'F!12/+!4/!8#/6&$,!$/,7*$'4*!8#/+,2/,D!
_$/+$%!/;7.$,'F!52+!&2!,'/,2,$#/!'/!*'8#4.*2/,!&'+!6'33'+!',!'/!.$.2/,!12/+!1'+!8#/1$,$#/+!2*,$6$8$'&&'+!1'!
5+'41#!54*',7D!@&4,n,!0!)#33'+!',!6'33'+!H%!'/&'.'F!.#+!)2G$,+%!.7/7*'F!34,4'&&'3'/,!.#,*'!8#*5+!94$!
'+,! &2! 6#*3'! .$+$G&'! ',! 32=/$6$94'! 1'! &2! 63D26F7D67& 8F<FD7! $/,7*$'4*'! ',! =+$.,0"I! &'! +#4&2='3'/,!
94'!8',,'!*7'&&'!54*',7!.#4+!255#*,'*2D!
E#466*'F!1'! 8*4'&&'+!,'/,2,$#/+!0!',!+4*3#/,'FH&'+!p!_55#*,'F!.#,*'!8#/6&$,!24H1'.2/,!1'!&2! 6./%->"/-"&
8>0>/"!',!*'8)'*8)'F!2./!5#4.#$*!5#4*!.#4+!2$1'*!L!+4*3#/,'*!.#,*'!17+$*!5)A+$94'%!82*!8'!/;'+,!94;2$/+$!
94'!.#4+!,*#4.'*'F!&2!&$G'*,7!',!&2!52$>!1'!&;'+5*$,!94'!.#4+!*'8)'*8)'F!6#/123'/,2&'3'/,D!
E$%!L!8'!3#3'/,%!.#4+!8)'*8)'F!L!+#4&2='*!',!L!&$G7*'*!.#+!'/.$'+!'/!&'4*!8712/,%!.#4+!/'!,*#4.'*'F!/$!
+#4&2='3'/,! /$! &$G7*2,$#/D! K;'/.$'! 3I3'! *'.$'/1*2! '/! +#/! ,'35+! 0! ',! L! /#4.'24%! .#4+! 8#//2`,*'F! &'!
8#/6&$,! 84$+2/,D!E$! .#4+!&4$! 871'F! L! /#4.'24! 0! L! /#4.'24!&'! 8#/6&$,%! '/8#*'! 5&4+!$/,'/+'%! 2,,'/1*2! .#,*'!
178$+$#/! 1'! *'+,'*! 6'*3'3'/,! 12/+! &'! 5#4.#$*! 1'! &2! 6./%->"/-"& 8>0>/"%! -4+94;L! 8'! 94'! &'! 17+$*! +#$,!
6$/2&'3'/,! +#43$+! &#*+94'! .#4+! 5'*8'.*'F! &2! G'24,7! +28*7'%! &2! $01.-70! 1'**$J*'! ',! '/! ,#4,'! 6#*3'!
5)A+$94'D!
!1& +?,%& W1,#"& %+>$>#,1?>#=& "/#$"& ?"%& %"A"%& %,$0>"/#& K,1/@& ?9W.SS"& "#& ?1& O"SS"& +",0"/#& %"& #"/>$&
"/%"SJ?"(&/,%&"#&"/&+1>A(&@1/%&,/&=#1#&@"&0=/=$1#>./&@"&?9^S"(&@"&?9"%+$>#(&@,&-a,$&"#&@,&-.$+%U&&
81/%& ,/"& #"??"& %+>$>#,1?>#=(& #.,#& -"& K,9>?%& $"%%"/#"/#& ?9,/& +.,$& ?91,#$"& "%#& @"& ?91S.,$& "#& @"& ?1&
-./%>@=$1#>./&+.,$&?"&J>"/YZ#$"&@"&?91,#$"U&69"%#&N&+1$#>$&@9,/&#"?&GP345&"#&@9,/"&#"??"&%.??>->#,@"(&
#"/@$"&"#&+?">/"&@"&-.S+1%%>./(&K,"&0>"/#&,/"&,/>./&"A#1#>K,"&K,"&J>"/&+",&@"&M"/%&./#&0=-,"&g&
"#&K,"(&%>&?9>/#"/#>./&Q&"%#(&,/&"/O1/#&@9,/"&>/-.S+1$1J?"&J"1,#=&@"&-.$+%&"#&@9"%+$>#&%"$1&-./c,U&
&
Z2/+!&'+!+$J8&'+!L!.'/$*%!&#*+94'!&'+!='/+!!24*#/,!8#33'/87!L!7.#&4'*!+5$*$,4'&&'3'/,!L!8)294'!/$.'24!
1'! &'4*! 8#/1$,$#/! )432$/'%! 4/! ,'&! 23#4*! '/,*'! &'+! 52*,'/2$*'+! +'*2! 8#/+$17*7! 8#33'! /#*32&! 0! ',! &2!
+'>42&$,7! 7=#e+,'%! /'! *'8)'*8)2/,! 94'! &2! +2,$+628,$#/! 5)A+$94'! 8#33'! 8;'+,! &'! 82+! 28,4'&&'3'/,%! +'*2!
8#/+$17*7'!8#33'!8#35&J,'3'/,!17=*212/,'!0!24++$!#1$'4+'!94'!&'!.$#&D!!
!

!
!01234'#5625748'$9'-24'%;')<124<' EC' ,54415'>'
G&?9W",$"&1-#,"??"(&?1&0.>"&?1&+?,%&W1,#"S"/#&%+>$>#,"??"&N&%,>0$"&"/&-"&K,>&-./-"$/"&?1&%"A,1?>#=&"%#&
@"&$"-.//1b#$"&"#&@91--"+#"$(&+1$&?1&+"$-"+#>./(&K,"&`&
K'+!)#33'+!',!&'+!6'33'+!#/,!7,7!8*77+!5#4*!288#35&$*!12/+!&2!.$'!8'*,2$/'+!,X8)'+!8#/.'/2/,!L!&'4*!
/2,4*'!6#/123'/,2&'D!
K;)#33'!678#/1'!&2!6'33'D!E2/+!&2!G#//'!.#&#/,7!',!&;2$1'!1'!&2!6'33'%!&;)#33'!2**$.'*2$,!L!&2!6$/!1'!
+'+!-#4*+!0!+2/+!'/62/,!0!+2/+!I,*'!)432$/!5'*57,42/,!+#/!/#3D!
69"%#&+.,$K,.>&?9W.SS"&@"0$1>#&#$1>#"$&?1&O"SS"&-.SS"&%./&=M1?"(&S1>%&K,>&"%#&/="&+.,$&1%%,S"$&
@"%& $"%+./%1J>?>#=%& @>OO=$"/#"%U& F?& @"0$1>#& g& "/& #.,#& #"S+%& g& ?,>& 1--.$@"$& ?"& +?,%& M$1/@& $"%+"-#(&
1>/%>&K,"&@"&?91S.,$&"#&@"&?1&%.??>->#,@"(&+.,$&?,>&+"$S"##$"&@"&+.$#"$&%"%&O1$@"1,A&+?,%&O1->?"S"/#(&
-1$&-9"%#&"??"&K,>&@.//"&,/"&O.$S"&0>%>J?"&N&-"&K,>&"%#&@91J.$@&-./c,&@1/%&?9"%+$># D!
K#*+94;4/'! 6'33'! *'<#$,! &'! +5'*32,#F#e1'! 94$! +;4/$,! L! +#/! #.4&'! 12/+! &'+! '/,*2$&&'+! 1'! +#/! 8#*5+%! 4/!
3$*28&'!+'!8*7'!2494'&!.#4+%!&;)#33'%!/;2.'F!*$'/!62$,!5#4*!8#/,*$G4'*%!+$/#/!2.'8!.#,*'!+5'*3'!12/+!4/!
3#3'/,!1'!17&$8'+!0!'/!94#$!+'!,*#4.'!.#,*'!*78#35'/+'D!
M#4+!/'!5#4.'F!8#/,*$G4'*!94;24!32$/,$'/!1'!&2!+2/,7!',!24!17.'&#55'3'/,!/#*32&!14!O!3$*28&'!P!L!94$!
.#4+!2.'F!1#//7!.$'!12/+!&'!8#*5+!1'!.#,*'!52*,'/2$*'%!=*X8'!L!.#,*'!23#4*!$/62$&&$G&'%!5&'$/!1'!+#&&$8$,41'!
5#4*!+#/!G$'/HI,*'!',!+2!+2/,7%!',!'/!&2!5*#,7='2/,!1'!,#4,!32&!5)A+$94'!#4!73#,$#//'&D!M#$&L!8'!94;'+,!
.#,*'!*'+5#/+2G$&$,7!32+84&$/'D!
6"&/9"%#&K,91>/%>&K,"&0.,%&S=$>#"I&@"&$"%#"$&N&%./&-X#=&"/&#1/#&K,"&+[$"&@"&%./&"/O1/#U&
E$!.#4+!/;A!2**$.'F!52+%!.#4+!/;2.'F!2484/'!.2&'4*!'/!,2/,!94'!5J*'!5#4*!&;'/62/,!0!',!2484/'!.2&'4*!L!
.#+!A'4>!'/!,2/,!94;)#33'!/7!5#4*!32/$6'+,'*!.#,*'! R&6./%->"/-"&8>0>/"&C[$"&T!+5$*$,4'&&'!24!8#4*+!
1'!.#,*'!.$'!5)A+$94'D!
U/!)#33'!94$!)2*8J&'!4/'!6'33'!5#*,2/,!+#/!G7G7%!94$!&2!,*2$,'!2.'8!375*$+%! 94$!+;21*'++'!L!'&&'!'/!
,'*3'+! #4! 2.'8! 1'+! ='+,'+! =*#++$'*+! ',! G*4,24>%! .$#&'! &2! &#$! &2! 5&4+! 6#/123'/,2&'! 1'! &2! !.>& @"&
?97A>%#"/-"&+'&#/!&294'&&'!3X&'!',!6'3'&&'!1'.*2$'/,!I,*'!4/$+!12/+!&;7=2&$,7!1'!&;7#1#&8>0>/U&
&
K'+!6'33'+!94$!+#/,!2$37'+%!*'+5'8,7'+!',!5*#,7=7'+!1'.*2$'/,!7=2&'3'/,!*'+5'8,'*%!2$3'*!',!#66*$*!&'!
*26*2`8)$++'3'/,!1;'+5*$,!',!1'!8#*5+!L!&'4*!52*,'/2$*'%!/#4**$++2/,!+2!82528$,7!1'!1#//'*!1'!&4$H3I3'!L!
+2!8#352=/'D!U/'!6'33'!94$!/'!/#4**$,!52+!+#/!52*,'/2$*'!2.'8!+#&&$8$,41'%!,'/1*'++'!',!23#4*! 5*$.'!
+#/! '+5*$,! 32+84&$/! 1'! &2! .#&#/,7! 1'! 5'*+7.7*'*! 628'! 24>! 1$66$84&,7+! 94;$&! *'/8#/,*'! 12/+! &'! 3#/1'!
'>,7*$'4*D!
S&!$*2!8)'*8)'*!8#/+#&2,$#/!L!4/'!24,*'!+#4*8'!0!)#33'!#4!6'33'!0!G#$++#/!#4!1*#=4'+!0!#4!'/!+;$+#&2/,!
12/+!+#/!6#A'*%!8'!94$!/'!+'*2!4,$&'!/$!L!+2!52*,'/2$*'!/$!L!+'+!'/62/,+D!(;'+,!5#4*94#$!&'+!)#33'+!',!&'+!
6'33'+!#/,!&2!3I3'!*'+5#/+2G$&$,7!1'!+'!8)7*$*!34,4'&&'3'/,D!
T#4,! 8#33'! ?9E.SS"! 1#$,! 255*'/1*'! L! 82/2&$+'*%! 94#,$1$'//'3'/,%! &;R!G%+"-#YC[$"&T! 1'! &2!
6./%->"/-"& 8>0>/"! '/.'*+! +2! 623$&&'! ',! +#/! ,*2.2$&%! 1'! 3I3'%! &2! f"SS"! 1#$,! 255*'/1*'! L! '>5*$3'*!
&;R!G%+"-#YP[$"!T&1'!&2!6./%->"/-"&8>0>/"!12/+!+2!.$'!94#,$1$'//'D!
6",A& K,>& />"/#& -"##"& <=$>#=& %"& 0"$$./#& @=/>"$& ?",$& 1--[%& 1,A& 5.Q1,S"%& 6=?"%#"%& #1/#& K,9>?%&
/91,$./#& +1%& 1,MS"/#=& ?",$& %"/%>J>?>#=& %+>$>#,"??"& "#& -W1/M=& ?",$& 1##>#,@"& +1$& ?1& +$>[$"U& 6"& /9"%#&
K,"&?.$%K,"&?",$&0>%>./&%9=?[0"$1&1,Y@"%%,%&@"&?1&+"$-"+#>./&W,S1>/"&#"$$"%#$"&@,&R&S^?"&"#&@"&?1&
O"S"??"&T&"#&1,Y@"?N&@"&?",$%&@=%>$%&#"$$"%#$"%&"#&@"&?",$&=M.i%S"&g&0"$%&?1& $01.-70&@./#&>?%&./#&#>$=&

!
!01234'#5625748'$9'-24'%;')<124<' ED' ,54415'>'
?",$&R&Z#$"&T&Y&K,9>?%&=-W1++"$./#&1,&-Q-?"&@"%&$=>/-1$/1#>./%&"#&K,9>?%&+.,$$./#&1--=@"$&N&?1&B.>"&
"#&?1&m?.>$"&,?#>S"%U&
&
E$%! 12/+! 4/'! 84&,4*'%! 4/'! 6'33'! /;'+,! 8#/+$17*7'! 94'! 8#33'! 4/'! O!5#++'++$#/!P%! &;#G-',! 14! 17+$*! 1'!
&;)#33'%! ',! /#/! ,*2$,7'! 8#33'! 4/'! 6'33'%! 2G+#&43'/,! &;7=2&'! 1'! &;)#33'%! 4/'! ,'&&'! 84&,4*'! /;2! 52+!
8#35*$+!&2!.*2$'!/2,4*'!1'!&;)#33'!',!&2!.*2$'!/2,4*'!1'!&2!6'33'D!
!9W.SS"&"#&?1&O"SS"&%./#&@",A&S.>#>=%&=M1?"%&@9,/&#.,#U&
E'4&!',!87&$G2,2$*'%!&;)#33'!/'!32/$6'+,'!94;4/!2+5'8,!1'!+2!234567&87&!9e;57!h!+'4&'!',!87&$G2,2$*'%!
&2!6'33'!'&&'!24++$!/'!32/$6'+,'!94;4/!2+5'8,!1'!+2!234567&87&!9e;57D!
!
K2!8F<FD7&FD;7D;F3D!1'!&2!63D26F7D67&4DF<7527!!7!7,2$,!1;'>5*$3'*!2G!5*#5*'!,#,2&$,7!12/+!&2!!
8*72,$#/%! '/! $/1$.$142&$+2/,%! 12/+! &2! 6#*3'! 5)A+$94'%! 8)284/! 1'+! 1'4>! 2+5'8,+! 897!!7YP7P7! L! 52*,+!
7=2&'+%!54$+!1'!&'+!*74/$*!L!/#4.'24!12/+!&2!6#*3'!5)A+$94'%!26$/!94;$&+!62++'/,!&;'>57*$'/8'!1'!&;4/$,7!',!
1'!&2!,#,2&$,7!1'!&2!63D26F7D67&8F<FD7!1#/,!$&+!2.2$'/,!,$*7!&'4*!$/1$.$142&$,7D!
!
Q/! +'! *74/$++2/,! 12/+! &;23#4*! ',! &;4/$,7! 1;'+5*$,! ',! 1'! 8#*5+%! $&+! 178#4.*'/,! &2! -#$'! ',! &;'>,2+'! 1'! &2!
6./%->"/-"&4/>0"$%"??"&"/&=K,>?>J$"U!
q('!5*#8'++4+!'+,!8&2$*'3'/,!176$/$!12/+!&'+!!"##$"%&n&"#&oDs!
(;'+,!5#4*94#$!&2!8#3G$/2$+#/!1'!&2!32+84&$/$,7!1'!&;)#33'!',!1'!&2!673$/$,7!1'!&2!6'33'!'+,!'++'/,$'&&'!
5#4*! 8*7'*! 4/'! ,#,2&$,7! ,$*7'! 1'! &2! 234567& 87& !97;57D! (;'+,! 1'! 8',,'! 8#3G$/2$+#/! 94;'+,! 6#*37! 4/!
'/62/,!8#35&',D!
!
K#*+94'!-;7,2$+!12/+!&'!17+'*,%!'/!@2&'+,$/'%!-;2$!1;2G#*1!5'*<4!94'!&2!/1#,$"!5*$3#*1$2&'!1'!&2!6$=1#>0>#=&
@"&?1&6./%->"/-"&4/>0"$%"??"%!/#,*'!234567&87&!9e;57%!7,2$,!&;FD;7D;F3DD!
!9F/#"/#>./!1'!8*7'*%!1'!5&2/$6$'*!',!1'!8#/8'.#$*!0!54$+!1'!5*#14$*'!8'!8#/8'5,!'/!&'!62$+2/,!8*#`,*'%!'/!&'!
/#4**$++2/,%! '/! &'! =47*$++2/,%! '/! &'! 5*#,7='2/,! ',! '/! +2,$+62$+2/,! +'+! 3#$/1*'+! 17+$*+! 1;4/'! 32/$J*'!
1$+8$5&$/7'D!
!
"X&'!',!6'3'&&'!7.#&4'/,!,#4+!1'4>!12/+!&'4*!6#*3'!5)A+$94'!',!'/!8#/+8$'/8'!5#4*!62$*'!&;'>57*$'/8'!1'!!
?9FD;7D;F3D& "#& ?9"A+$>S"$& @"& #.,#"%& ?"%& S1/>[$"%& +.%%>J?"%& @1/%& ?",$& 0>"U& <.>?N& ?91-#>./&
+$>S.$@>1?"&@"&?1&-$=1#>0>#=U!
21/%&FD;7D;F3D(&>?&/9Q&1,$1>#&1,-,/"&657G;F3DU!
!9FD;7D;F3D!'+,!&;#*$=$/'!1'!,#4,'!'>$+,'/8'!0!',!'&&'!&2!57/J,*'D!
!9FD;7D;F3D!176$/$,!&2!/2,4*'!1'!&;28,'!0!2$32/,!#4!1'+,*48,'4*D!
!"&S^?"&"#&?1&O"S"??"!#/,!7,7!$/1$.$142&$+7+!26$/!1'!62$*'!&;'>57*$'/8'!',!1'!6#*34&'*!?9FD;7D;F3D!12/+!
&'4*!.$'D!(;'+,!&;$354&+$#/!5*'3$J*'!1'!&2!8*72,$.$,7D!
!"& S^?"& "#& ?1& O"S"??"! #/,! 24++$! 7,7! $/1$.$142&$+7+! 5#4*! '>57*$3'/,'*! ',! '>5*$3'*! &2! f3567& 87!
<3!3D;7D!
K2! f3567&87!<3!3D;7! 8)'F! &'! PG!7! +'! .$,! ',! +;'>5*$3'! 5*$/8$52&'3'/,! 12/+! ?9G-#>0>#=D!Z2/+! +'+!
6#*3'+!5*$3$,$.'+%!$&!+#*,!12/+!+#/!'/.$*#//'3'/,!26$/!1;288#35&$*!+#/!$/,'/,$#/D!S&!*'.I,!1#/8!+#/!)2G$,!

!
!01234'#5625748'$9'-24'%;')<124<' =F' ,54415'>'
1'! 8)'6! ',! 1'! 8)'*8)'4*D! S&! 2! 7,7! $/1$.$142&$+7! 5#4*! 5'/+'*! ',! ,*2.2$&&'*! L! *72&$+'*! +'+! G4,+! +2/+!
&;'/8#3G*'3'/,!1a73#,$#/+D!
K2! f3567& 87! <3!3D;7%! 8)'F! &2! f7P7!!7%! '+,! 3#,$.7'! ',! .784'! 5*$/8$52&'3'/,! +#4+! &2! 6#*3'! 1'!
2"/#>S"/#%! 0! 14! ]"%.>/& @"& D.,$$>$& ?9FD;7D;F3D& .$>M>/"??"& ',! 1'! &;255#*,'*! *7+#&43'/,! L! ,'*3'! H! L!
32,4*$,7!0!'/!'/,*','/2/,%!/#4**$++2/,%!)2G$&&2/,%!*752*2/,%!'/+'$=/2/,%!5*#,7='2/,D!
&
!7&]4;!'+,!,#,2&'3'/,!1$667*'/,!1'!!9FD;7D;F3D%!54$+94'!?"&J,#!1'+8'/1!14!5&2/!3'/,2&!1'!?9>/#"/#>./!
',! 1'.$'/,! 4/! $/+,$/8,! 73#,$#//'&%! 4/! 17+$*! 1'! 6#*34&'*! O!1'+! 3#A'/+! 5'*3',,2/,! 1;2**$.'*! L! &2! 6$/!
.#4&4'!PD!
!9R&FD;7D;F3D&+,>%%1/#"&@"&O1>$"&K,"?K,"&-W.%"&T&@"0>"/#&,/"&5GF23D&87&<F<57&K,>&%.,%Y#"/@&
#.,#"& ?9"A>%#"/-"U! (;'+,! 2$/+$! 94'! &2! 5'/+7'! ',! &'! +'/,$3'/,! +'! 32*$'/,! 26$/! 1'! *72&$+'*! &;#'4.*'! 1'!
8*72,$#/D!
K'! S^?"! '**'! 8#/+,233'/,! L! &2! *'8)'*8)'! 1'! /#4.'&&'+! $17'+%! 1'! /#4.'&&'+! 32/$J*'+! 1;288#35&$*! +'+!
$/,'/,$#/+!26$/!1'!+'!1#//'*!4/'!*2$+#/!1'!.$.*'D!!
K'+!>/#"/#>./%&@"&?1&O"S"??"!+#/,!O!&'!G4,!5'*+#//$6$7!P%!+'/+$G&'!',!8#/+,2/,'%!'&&'!'+,!5*I,'!L!62$*'!1'+!
+28*$6$8'+!5#4*!8'4>!94;'&&'!2$3'D!
@2*! 8#/+794'/,%! &'+! 1'4>! FPC4!2F3D2! 6#/123'/,2&'+! 94$! *7+$1'/,! 12/+! &2! 234567& 87& !97;57! 0!
"A+$>S="%& @1/%& ?1& O.$S"& +WQ%>K,"& "/& #1/#& K,"& S^?"& "#& O"S"??"%! +#/,! $/,'*175'/12/,'+D! K;4/'! /'!
5#4**2$,!52+!+4*.$.*'!+2/+!&;24,*'D!T#4,'+!1'4>!+#/,!/78'++2$*'+!L!&2!8#/,$/4$,7!1'!&2!8*72,$#/D!
Z4!62$,! 1'! +2! 3#G$&$,7!32+84&$/'%! 1'! +#/! $/+,$/8,! 1'! 8)'6%!&'!3X&'! +'! 8#/+$1J*'! +457*$'4*! L! &2! 6'3'&&'D!
(;'+,!52*8'!8',,'!1'*/$J*'!'+,!8#/+,2/,'!',!94;'&&'!'+,!8*72,*$8'!1'!+784*$,7!5#4*!&'!3X&'D!P1>%&?9>/%#>/-#&
O=S>/>/&"%#&,/&>/%#>/-#&@91S.,$&>/-./@>#>.//"?(&,/&>/%#>/-#&K,>&S=$>#"&?"&+?,%&M$1/@&$"%+"-#&"#&?1&
+?,%&M$1/@"&-./%>@=$1#>./&1O>/&@"&+.,0.>$&O?",$>$&"#&1--.S+?>$&%./&J,#&>//=&N&?9>/#=$>",$&@9,/&O.Q"$(&
@1/%&?1&+1>A&@"&?9"%+$>#&"#&@1/%&?1&L.>"U!
K'! *n&'! 1'! &;)#33'! '+,! 1'! 6#4*/$*! &2! +784*$,7! 5)A+$94'! ',! &'+! 3#A'/+! 32,7*$'&+! 1'! +4G+$+,2/8'! 1'! &2!
623$&&'D!
K'! *n&'! 1'! &2! 6'33'! '+,! 1'! 6#4*/$*! &2! +784*$,7! 73#,$#//'&&'! ',! &'+! 3#A'/+! 73#,$#//'&+!
1;288#35&$++'3'/,!5'*+#//'&!',!1'!-#$'!24!+'$/!1'!&;'/.$*#//'3'/,!623$&$2&D!
Z2/+!&'!52++7%!24++$!G$'/!L!&;Q+,!94;L!&;\4'+,%!&'!3X&'!2!-#47!+#/!*n&'!1'!1#3$/2/8'!24!+'$/!14!6#A'*%!
*'/12/,!&2!6'33'!+#43$+'!',!#G7$++2/,'!L!+2!.#&#/,7D!('!62$+2/,%!$&!2!17.$7!',!176#*37!&'+!7/'*=$'+!1'!&2!
6./%->"/-"&8>0>/"!',!&'+!2!82/2&$+7'+%!L!,*2.'*+!+#/!'+5*$,!',!+#/!8^4*%!12/+!4/'!8$.$&$+2,$#/!17.$2/,'D!
S&!2!7=2&'3'/,!176#*37!&2!8#/+8$'/8'!1'!&2!6'33'!'/!&4$!$/+5$*2/,!4/!54$++2/,!*'++'/,$3'/,!L!&;7=2*1!1'!
+#/!*n&'!1'!+#43$++$#/!94;'&&'!+2$,!$/,4$,$.'3'/,!/'!52+!I,*'!8'/+7'!+455#*,'*D!
(;'+,!5#4*94#$!$&!2!8*77!4/!3#1'!1'!.$'!17=*217!',!17=*212/,!5#4*!&4$H3I3'!',!5#4*!+2!52*,'/2$*'!',!94$!
'+,!'/!8#/6&$,!,#,2&!2.'8!&2!DG;457!1'!+2!234567&@"&?97;57D!
!
!"&O1>#&K,"&?1&O"S"??"&1>#&@\&"A"$-"$&%./&>/%#>/-#&S1%-,?>/&@91M$"%%>0>#=&+.,$&"A+$>S"$&%./&=M1?>#=&
@9Z#$"(&1O>/&@"&M1M/"$&?"&$"%+"-#&K,>&?,>&"%#&@\&@1/%&?1&%.->=#=(&%>M/>O>"&K,"&0.#$"&->0>?>%1#>./&"%#&
@"0"/,"& -.S+?[#"S"/#& >/%#1J?"& "#& S1?%1>/"U& !1& O"SS"(& @"& @=%"%+.>$(& ,%,$+"& ?"& $X?"& @,& S^?"(&
S1>%&"/&1M>%%1/#&1>/%>(&"??"&#$1W>#&?9>/#"/#>./&@"&?1&-$=1#>./U&

!
!01234'#5625748'$9'-24'%;')<124<' =E' ,54415'>'
"X&'+! ',! 6'3'&&'+! #/,! 8#35&J,'3'/,! 5'*14! &'4*! 8)'3$/D! Z2/+! &'+! 52A+! +#4+H17.'&#557+%! &'+! ='/+! /'!
+#/,!94;L!3#$,$7!.$.2/,+!',!'++2$'/,!1'!,*#4.'*!4/'!+#&4,$#/!L!&2!+752*2,$#/!'/,*'!3X&'+!',!6'3'&&'+!24!
3#A'/!1;4/'!+'>42&$,7!&$G*'D!_.'8!5#4*!*7+4&,2,!94'!&'+!)#33'+!',!&'+!6'33'+!+;#55#+'/,!'/8#*'!5&4+!',!
+;752/#4$++'/,!'/8#*'!3#$/+D!K'+!8#/6&$,+!623$&$24>!8*7'/,!1'+!,'/+$#/+%!1'!&2!3$+J*'!',!1'+!+752*2,$#/+%!
3I3'!+$!&'+!75#4>!.$.'/,!+#4+!&'!3I3'!,#$,D!
Z2/+! &'+! 52A+! O!17.'&#557+!P%! &'+! 82G$/',+! 1'! 5+A8)$2,*'+! +'! *'35&$++'/,! 1'! ='/+! ',! 1;'/62/,+!
32&)'4*'4>!94$!1$+'/,!/'!52+!+2.#$*!94$!$&+!+#/,!'/!*72&$,7%!/$!94'&!'+,!&'4*!G4,!12/+!&2!.$'D!S&+!5#+'/,!8'+!
94'+,$#/+!L!1'+!O!'>5'*,+!P!94$!/'!8#//2$++'/,!52+!12.2/,2='!&2!*75#/+'D!
!
S&!A!24*2$,!&$'4!1'!*255'&'*!24++$!94'!,#4,'!5'*+#//'%!3X&'!#4!6'3'&&'%!2!1'+!&'<#/+!L!255*'/1*'!12/+!&2!
.$'!94$!/'!5'4.'/,!I,*'!255*$+'+!94;L!,*2.'*+!&'!+'>'!0!',!&2!*28'!0!12/+!&'+94'&+!'&&'!.$,D!(;'+,!5#4*94#$!$&!
624,!94'!&2!6'33'!288'5,'!+#/!*n&'!'/!1#//2/,!+784*$,7!',!23#4*!73#,$#//'&+!L!+#/!8#352=/#/!',!L!+'+!
'/62/,+%!12/+!&2!1$=/$,7!',!&'!*'+5'8,!1;'&&'H3I3'%!',!94;'&&'!&'!62++'!24!3$'4>!1'!+'+!82528$,7+D!S&!624,!
94;'&&'! *'8#//2$++'! 94'! &'! *n&'! 1'! 5#4*.#A'4+'! 1'! +784*$,7! 73#,$#//'&&'! '+,! 2G+#&43'/,! .$,2&! 5#4*! &2!
+#8$7,7D! Q&&'! 6#4*/$,! &2! O!8#&&'!P! 1'! &;23#4*! ',! 14! G$'/HI,*'! 94$! 4/$,! &'+! 623$&&'+%! &'+! .$&&'+! ',! &'+! 52A+D!
K#*+94;'&&'! 2! 8#35*$+! +2! .*2$'! 5&28'! ',! +'+! .7*$,2G&'+! #G-'8,$6+! 12/+! &2! +#8$7,7! ',! 94;'&&'! 8)'*8)'! L!
^4.*'*! 12/+! 8'! +'/+! ',! L! &'+! *72&$+'*! 1'! &2! 3'$&&'4*'! 62<#/! 5#++$G&'%! '&&'! 2.2/8'! *25$1'3'/,! +4*! &'!
+'/,$'*!94$!3J/'!L!&;23#4*!$/8#/1$,$#//'&!',!24>!5&4+!)24,'+!*78#35'/+'+!'/!752/#4$++'3'/,!5'*+#//'&!
',!'/!G#/)'4*D!Q&&'!288J1'*2!5'4,HI,*'!24++$!L!4/!/$.'24!+457*$'4*!1'!8#/+8$'/8'!12/+!+2!5*#8)2$/'!.$'%!
'/!,2/,!94'!3X&'!94$!255#*,'*2!1'!=*2/1+!G$'/62$,+!L!&;)432/$,7D!
Z'! 3I3'%! &'+! 3X&'+! +5$*$,4'&&'3'/,! 7.#&47+! 0! 5'4,HI,*'! 3I3'! 1'+! 32`,*'+! +5$*$,4'&+%! *'.$'//'/,! +4*!
T'**'! 5#4*! 255*'/1*'! &2! .*2$'! )43$&$,7! ',! 3',,*'! '/! 5*2,$94'! 94#,$1$'//'! &'4*+! 5*$/8$5'+! 1'! .$'! 7&'.7+!
12/+! &;'/.'&#55'! 1;4/'! 6'33'! 94$! -#4'! +#/! *n&'! 1'! 3J*'! 2.'8! +2='++'! ',! 5*'/1! +#$/! 1'! ,#4+! 94$! #/,!
G'+#$/!1'!8'!94;'&&'!5'4,!#66*$*D!\]!1#/8!'+,!&;$/7=2&$,7!W!
\,'F!&'+!782$&&'+!1'!.#,*'!.4'!',!1'!.#,*'!$/,'&&'8,!&$3$,7+!',!.#A'F!2.'8!4/'!8&2$*'!.$+$#/!94;$&!/'!1'.*2$,!A!
2.#$*!2484/'!$/7=2&$,7!0!*$'/!94'!1'+!SVTQVTS\VE!52*,2=7'+!5#4*!'>5*$3'*!,#4,!8'!94'!.#4+!2.'F!,#4+!
1'4>! ,$*7! 1'! &2! 6./%->"/-"& 8>0>/"! 1'! &2! 32/$J*'! &2! 5&4+! +5$*$,4'&&'! 5#4*! 2,,'$/1*'! &'! G#/)'4*! &'! 5&4+!
=*2/1!5#++$G&'!+4*!T'**'D!
!
Z2/+! &'+! 2//7'+! L! .'/$*%! &#*+94'! &;)#33'! ',! &2! 6'33'! 24*#/,! 7.#&47! +5$*$,4'&&'3'/,%! +$! #4! 942/1! $&+!
+'*#/,! 1$.$+7+! '/! >/#"/#>./%! $&+! 255#*,'*#/,! '/+'3G&'! &'4*+! $/,'/,$#/+! L! &2! R!63D26F7D67& 8F<FD7&
C757YP757&T& '/! 1'32/12/,!d! O!N4'! 624,H$&! 8*7'*! 12/+! 8'+! 8$*8#/+,2/8'+!W! N4'&&'! '+,! /#,*'! .#$'! &2!
3'$&&'4*'!5#4*!2.2/8'*!W!
K#*+94;$&+! 24*#/,! *'<4! 1'+! *75#/+'+%!$&+!&'+! 288'5,'*#/,! 1;4/! 8^4*! 2$32/,! ',! &'+!3',,*#/,! '/! 8#334/D!
T#4,'! 1$667*'/8'! 12/+! &'+! *75#/+'+! +'*2! *'+5'8,7'! ',! *'3$+'! L! &2! 6./%->"/-"& 8>0>/"! 2.'8! &2! 3I3'!
*'94I,'%!-4+94;L!8'!94;$&+!'/!2**$.'/,!L!4/!+$/8J*'!8#/+'/+4+D!
Q/+'3G&'%!&;)#33'!',!&2!6'33'!*',#4*/'*#/,!1'32/1'*!L!&2!6./%->"/-"&8>0>/"!d!O!(#33'/,!5#4.#/+H
/#4+!2,,'$/1*'!24!3$'4>!/#,*'!G4,!W!P!Q,!8',,'!6#$+!'/8#*'%!$&+!52*,2='*#/,!&'4*+!*75#/+'+!',!8#/,$/4'*#/,!
L! 1'32/1'*! -4+94;L! 8'! 94;$&+! 2**$.'/,! 6$/2&'3'/,! L! 4/! 5&2/! 1'! ,*2.2$&! 94$! 24*2! 7,7! 8#/<4! /#/! 12/+! &'!
8'*.'24! )432$/! 4/$94'3'/,%! 32$+! 12/+! &2! 5&4+! )24,'! 1$3'/+$#/! 1'! 8*72,$.$,7! 0! &2! 63D26F7D67&
8F<FD7D!

!
!01234'#5625748'$9'-24'%;')<124<' ==' ,54415'>'
7/&#$101>??1/#&"/%"SJ?"&@"&-"##"&S1/>[$"(&>?%&O>/>$./#&+1$&"A+=$>S"/#"$&?1&O=?>->#=&@"&?1&0$1>"&,/>#=&
@9^S"(&@9"%+$>#(&@"&-a,$&"#&@"&-.$+%U&
&
i$/2&'3'/,%!&'!3X&'!/'!5#4**2$,!.$.*'!8#/6#*,2G&'3'/,!+2/+!'>57*$3'/,'*!',!32/$6'+,'*!24++$!4/!5'4!1'!
&;$/+,$/8,!673$/$/D!S&!2!G'+#$/!1;73#,$#/!5#4*!+'!*'&$'*!L!+2!6'33'%!L!+'+!'/62/,+!',!L!1;24,*'+!*'&2,$#/+!0!
8#52$/+!1;78#&'%!8#&&J=4'+%!*'&2,$#/+!5*#6'++$#//'&&'+%!23$+D!Z7/47!1'!+'/,$3'/,+!8)2&'4*'4>%!$&!+'*2$,!4/!
3#/+,*'!6*#$1D!
i*794'33'/,%!+;$&!+;2=$,!1;4/'!.$'$&&'!X3'%!$&!,73#$=/'!1'!G'248#45!1'!8)2&'4*!)432$/'!',!1'!+#&&$8$,41'!
94$! .$'//'/,! 1;4/'! 5*7871'/,'! $/82*/2,$#/! 1'! 6'33'D! @&4+! $&! 7.#&4'! +5$*$,4'&&'3'/,%! 5&4+! +'+! 1'4>!
$354&+$#/+!+'>4'&&'+!+;7=2&$+'/,!',!+;794$&$G*'/,!12/+!+2!/2,4*'D!
('&2!+;255&$94'!24++$!24>!6'33'+D!
Z'!3I3'%!&2!6'33'!/'!5#4**2$,!'>$+,'*!628$&'3'/,!+2/+!4/'!8'*,2$/'!942/,$,7!1'!32+84&$/$,7D!E$!'&&'!/'!
1$+5#+2$,!52+!1;4/'!8'*,2$/'!82528$,7!L!5&2/$6$'*!$/,'&&$='33'/,%!+#/!37/2='!+'*2$,!4/'!F#/'!+$/$+,*7'D!S&!
'>$+,'!24++$!&2!5#++$G$&$,7!94;'&&'!2$,!7,7!4/!6#*,!82*28,J*'!32+84&$/!12/+!+#/!$/82*/2,$#/!52++7'!',!94;$&!&4$!
+#$,! 32&2$+7%! 12/+! 4/! *n&'! 673$/$/%! 1'! +'! +28*$6$'*! L! 24,*4$D! U/'! ,'&&'! 6'33'! 1'.*2! 1'32/1'*! L! &2!
(#/+8$'/8'! Z$.$/'! 1'! 8&2*$6$'*! +2! .$+$#/! 26$/! 94;'&&'! 54$++'! .#$*! 94'! +2/+! 23#4*! 5#4*! &;)432/$,7%! &2!
82528$,7!1'!1$*$='*!'+,!4/'!'/,*'5*$+'!57*$&&'4+'D!
K#*+94'!)#33'+!',!6'33'+! +'!*255*#8)'/,!1'!&;794$&$G*'!1'+!/2,4*'+!3X&'!',!6'3'&&'!'/!'4>H3I3'+%!
&'4*!,X8)'!12/+!&2!.$'!'+,!1'!,*2/+8'/1'*!&'4*!$/+,$/8,!+'>4'&!'/!*72&$+2/,!&;23#4*!$/8#/1$,$#//'&!5#4*!,#4+!
&'+!I,*'+!)432$/+!',!'/!1$*$='2/,!&;$/+,$/8,!&4$H3I3'!12/+!&2!8*72,$.$,7!54*'!0!,'&+!&'+!2*,+D!(;'+,!1'!,'&+!
I,*'+! 94'! +#/,! 62$,+! &'+! O!"2`,*'+!P%! 32`,*'+! 1;'4>H3I3'+%! 32`,*'+! 1'! &2! 8*72,$.$,7%! 32`,*'+! 1'! &2!
8#/+8$'/8'!)432$/'%!32`,*'+!1'!&2!O!32,$J*'!PD!
!
"2&)'4*'4+'3'/,%! L! &;75#94'! 28,4'&&'%! .#+! )#33'+! ',!6'33'+! 94$! +'! *255*#8)'/,! 1'! &;794$&$G*'! '/,*'!
&'+!/2,4*'+!3X&'!',!6'3'&&'!12/+!&'4*!5*#5*'!/2,4*'!/;#/,!52+!1'!*'5J*'+!5#4*!+2.#$*!94'&+!1'.*2$'/,!I,*'!
&'4*+! G4,+D! S&+! #/,! 5'*14! &'4*! 8)'3$/! ',! #/,! 8*77! '/,*'! '4>! 4/'! +#8$7,7! 628,$8'! 12/+! &294'&&'! &2! -#$'! ',!
&;752/#4$++'3'/,! 5'*+#//'&! 94;$&+! *'8)'*8)'/,! +#/,! /'4,*2&$+7+! 52*! &'4*+! 5*7#88452,$#/+! 8#*5#*'&&'+!
5&4,n,!94'!52*!4/'!*72&$+2,$#/!+5$*$,4'&&'D!S&+!*'+,'*#/,!32&)'4*'4>%!178)$*7+!12/+!1'+!8#/6&$,+%!,2/,!94;$&+!
/;24*#/,!52+!178#4.'*,!&2!.7*$,7!'/!8'!94$!8#/8'*/'!O!94$!$&+!+#/,!'/!.7*$,7!PD!
!
Q/!52*&2/,!14!*n&'!673$/$/!12/+!&2!.$'%!$&!624,!24++$!1$*'!94'!G'248#45!1'!-'4/'+!6'33'+!3#1'*/'+!1'+!
52A+!17.'&#557+!#/,!2,,'$/,!4/!5#4*8'/,2='!7&'.7!1;7/'*=$'+!32+84&$/'+!8'+!vCC!1'*/$J*'+!2//7'+D!
Q&&'+!1#$.'/,!+#$=/'4+'3'/,!8)#$+$*!&'4*+!5*$#*$,7+!12/+!&2!.$'D!Q&&'+!/'!1#$.'/,!52+!*'+,'*!L!&2!32$+#/%!L!
+;'//4A'*! ',! L! +,2=/'*%! 32$+! '&&'+! +'*#/,! 5&4+! )'4*'4+'+%! 5&4+! 752/#4$'+! +$! '&&'+! ,#4*/'/,! &'4*!
$/,'&&$='/8'! ',! &'4*+! 25,$,41'+! .'*+! &2! 8*72,$#/! 1'! /#4.'24>! 3#1'+! 1'! .$'! 8#/+,*48,$6+! 5#4*! ,#4,'! &2!
623$&&'D! @#4*! &'! 3#3'/,%! $&! +'! 5'4,! 94;'&&'+! /'! +28)'/,! 52+! 8#33'/,! A! 52*.'/$*%! 32$+! &2! 371$,2,$#/!
2,,$*'*2! 12/+! &'4*! '+5*$,! &;$/+5$*2,$#/! /78'++2$*'! 942/,! 24! 3'$&&'4*! 3#A'/! 1;4,$&$+'*! &'4*! 24,#*$,7! ',! &'4*+!
,2&'/,+!5#4*!&'!G#/)'4*!1'!,#4+D!
K'+!)#33'+!94$!#/,! 17.'&#557!4/'!5&4+!=*2/1'!82528$,7!1;'352,)$'!.$+HLH.$+!1'+!6'33'+!',!1'!&'4*+!
8#352=/#/+! 32+84&$/+! ,*#4.'*#/,! 7=2&'3'/,%! 52*! &2! 371$,2,$#/! +4$.$'! 1;$/+5$*2,$#/%! 1'! 5&4+! )24,+!
3#A'/+!1;'>5*'++$#/!1'!&'4*!82528$,7!1'!1$*$='*!12/+!&'4*!5*#6'++$#/%!94$!255#*,'/,!&'!G#/)'4*!L!24,*4$D!

!
!01234'#5625748'$9'-24'%;')<124<' =?' ,54415'>'
@#4*94#$!2$HL"!0!2.#/+HD.,%!0!,*2$,7!&'!+4-',!1'+!+'>'+!1'!32/$J*'!+$!255*#6#/1$'!W!
6"->& "%#& 1J%.?,S"/#& /=-"%%1>$"& +,>%K,"& ?1& M,"$$"& @"%& %"A"%& g& 1,%%>& J>"/& N& ?97%#& K,9N& ?93,"%#(&
-$="& @"%& -./@>#>./%& S1?%1>/"%& %,$& ;"$$"U& 7??"& "/-.,$1M"& ?91M$"%%>./& "#& 1MM$10"& ?1& -.?[$"& "#&
?9W.%#>?>#=U&
!1& ?>J"$#=& %"A,"??"& 1& -./@,>#& ?"& S./@"& N& ,/& +.>/#& @"& -$>%"& K,>& ?"& S[/"& N& ?9"A#>/-#>./& +1$& ?"&
@=0"?.++"S"/#&@,&2F8GU&;.,%&?"%&0>$,%&%./#&-$==%&+1$&@"%&O.$-"%&@"&-./%->"/-"&@"%#$,-#>0"%U&
S&!624,!94'!.#4+!8#35*'/$'F!94'!&'+!I,*'+!)432$/+!#/,!8*77!&'4*+!5*#5*'+!.$*4+!p!()294'!.$*4+!'+,!4/'!
$354&+$#/! .$.2/,'! 1'! 8#/+8$'/8'! 1'+,*48,*$8'! *'/14'! .$+$G&'D! Q&&'! 5*'/1! 5#4*! 8$G&'! &2! 8$G&'! 94'! .$+2$,!
&;$354&+$#/!1'!8#/+8$'/8'!1'+,*48,*$8'!24!3#3'/,!#]!&'!.$*4+!2!5*$+!6#*3'D!
?;2$!7,7!,*J+!8&2$*!+4*!8',!2+5'8,!1'!&;'>$+,'/8'!&#*+94'!-;7,2$+!+4*!T'**'!12/+!&'!8#*5+!1'!?7+4+D!K'+!?4$6+!
2.2$'/,! 4/'! ,*21$,$#/! ,*J+! *$=$1'! 94$! 7,2$,! 1'! &2.'*! &'+! 8#45'+! 2.2/,! 1;A! G#$*'D! ?'! &'4*! 2.2$+! 1$,!
'>5&$8$,'3'/,!94;$&+!/'!1'.2$'/,!52+!+'!+#48$'*!1'!8'!94$!'/,*2$,!12/+!&'4*!G#48)'!32$+!G$'/!5&4,n,!1'!8'!
94$!+#*,2$,!1'!&'4*!'+5*$,!',!1'!&'4*!8^4*!0!',!52*!+4$,'%!1'!&'4*!G#48)'D!_!8'!3#3'/,H&L%!&2!+8$'/8'!/;2.2$,!
52+!'/8#*'!178#4.'*,!&2!5*7+'/8'!1'!.$*4+%!32$+!$&!7,2$,!/#,#$*'!94'!&2!32&21$'!.'/2$,!14!62$,!1'!G#$*'!',!
1'!32/='*!12/+!1'+!4+,'/+$&'+!32&5*#5*'+D!"2$+!-'!+2.2$+!94'!&;#*$=$/'!1'+!32&21$'+!.'/2$,!+4*,#4,!14!
8^4*! ',! 1'! &;'+5*$,! 1'! ='/+! '/! 8#&J*'D! Q/+4$,'%! '&&'! +'! 5*#52='2$,! 52*! 1$.$+$#/! 1'+! 8'&&4&'+%! 32$+! '&&'!
5#*,2$,!'/!'&&'%!L!-232$+%!&;$/+,$/8,!',!&2!8#/+8$'/8'!94$!&;2.2$,!$/$,$2&'3'/,!62$,!/2`,*'D!
K'!ESZ_!/;'+,!52+!4/!288$1'/,D!S&!2!73'*=7!1'+!6#*8'+!1'!8#/+8$'/8'!1;24,#H=*2,$6$82,$#/!',!1'!*728,$#/+!
73#,$#//'&&'+!1'+,*48,*$8'+!'/,*'!52*,'/2$*'+!+'>4'&+D!K2!)2$/'!',!&2!8#&J*'!'>28'*G7'+!5'4.'/,!8#/14$*'!
&'+! ='/+! L! 288#35&$*! 4/! 28,'! +'>4'&! 94$! &2$++'! 1'+! *7+$14+! 1'! 32&21$'! 1'**$J*'! &4$! 12/+! &;'+5*$,%! &'+!
73#,$#/+!',!&'!8#*5+D!
Z4!62$,!94'!&;288#*1!73#,$#//'&!/'!3#,$.'!52+!,#4-#4*+!&;28,'!+'>4'&!'/,*'!)#33'+!',!6'33'+%!8'4>H8$!
8#//2$++'/,! 1'+! 178'5,$#/+! 5*#6#/1'+! 2$/+$! 94;4/! 32/94'! 1'! +#4&2='3'/,! ',! 1;752/#4$++'3'/,D!
K#*+94'!8'&2!2**$.'%!&;7/'*=$'!+'>4'&&'!3X&'!1$3$/4'D!Q&&'!1#$,!I,*'!*2.$.7'!52*!1'+!$32='+!1'!5'*.'*+$#/+!
+'>4'&&'+D!
S&!'/!*7+4&,'!94'!&2!5#*/#=*25)$'!'+,!1'.'/4'!4/!O!G4+$/'++!P!$35#*,2/,!12/+!8'*,2$/+!52A+D! Q&&'!6&2,,'!
&'+!+'4&+!$/+,$/8,+!8#*5#*'&+D!(;'+,!1'!&2!5#*/#=*25)$'!94'!.$'//'/,!&'!32/94'!1'!*'+5'8,!5#4*!&2!6'33'!
2$/+$!94'!&'+!28,'+!+'>4'&+!3782/$94'+!',!+2/+!73#,$#/%!'/!3I3'!,'35+!94'!&;24=3'/,2,$#/!*25$1'!1'+!
.$#&+!',!1'+!2G4+!+'>4'&+!1;'/62/,+D!K'+!='/+!94$!+;21#//'/,!L!1'!,'&&'+!2G#3$/2,$#/+%!L!1'!,'&+!28,'+!1'!
8*424,7! 175*2.7'%! '/! *78#&,'*#/,! +g*'3'/,! &'+! 8#/+794'/8'+! +#$,! 12/+! 8',,'! .$'%! +#$,! 12/+! 4/'!
$/82*/2,$#/!64,4*'D!
(;'+,! 5#4*94#$%! &#*+94'! 1'+! 6$1J&'+! 34+4&32/+! 8#/123/'/,! &;\88$1'/,! 5#4*! +#/! &2>$+3'! 12/+! +'+!
8#35#*,'3'/,+! +'>4'&+! ',! +'+! 5'*.'*+$#/+%! $&+! #/,! *2$+#/! 1'! 8*#$*'! 94'! 8'+! 1'*/$'*+! 5*#.#94'/,! 1'+!
8#/1$,$#/+!32&+2$/'+!+4*!T'**'D!
('+!8#/1$,$#/+!32&+2$/'+!/'!+#/,!52+!'/.#A7'+!52*!O!_&&2)!P%!32$+!+#/,!4/'!8#/+794'/8'!/2,4*'&&'!1'!
&2!.$#&2,$#/!1'+!!3F2&87&!97HF2;7D67D!
Z'! 3I3'%! &'+! 6$1J&'+! 34+4&32/+! .$#&'/,! &'+! !3F2& 87& !97HF2;7D67! 52*8'! 94'%! 8#33'! &'+! ?4$6+%! $&+!
+;288*#8)'/,!L!&2!,*21$,$#/!1'!.'/='2/8'!O!^$&!5#4*!^$&!P!',!8*#$'/,!L!&2!O!m4'**'!E2$/,'!PD!K2!O!m4'**'!
E2$/,'!P! /;'>$+,'! 52+%! +'4&'! '>$+,'! &2! R72&$,7! 14! 21>/#& C1$@./! ',! 1'! &2! 21>/#"& 5=-./->?>1#>./%! 94$!
8#/+$+,'!L!,*2$,'*!+#/!O!6*J*'!P%!+#$,H$&!.#,*'!23$!#4!.#,*'!'//'3$%!2.'8!23#4*!',!8#35*7)'/+$#/D!
!

!
!01234'#5625748'$9'-24'%;')<124<' =>' ,54415'>'
G,-,/& @"& 0.,%& /"& +",#& 0>.?"$& ?"%& !3F2& @"& ?97HF2;7D67& "#& "%+=$"$& "/#$"$& @1/%& ?"& $.Q1,S"& @"%&
->",A&.,&1,&C1$1@>%U&<.#$"&-.S+.$#"S"/#&/91&1,-,/"&+?1-"&1,Y@"?N&@"&?1&+1M1>??"&K,"&0.,%&O1>#"%&
S1>/#"/1/#&$"L1>??>$&%,$&0.,%U&
&
D.,%! .#4+! 94$,,#/+! +4*! 8'+! 5'/+7'+! 94'! /.,%! .#4+! 5*$#/+! 1'! *'8'.#$*! 24! 5&4+! 5*#6#/1! 1'! .#,*'!
8#/+8$'/8'%! '/! '+57*2/,! 94'! .#4+! '/! 6'*'F! G#/! 4+2='! 12/+! .#,*'! .$'! 94#,$1$'//'D! V#4+! .#4+!
*'8#332/1#/+!.$.'3'/,!1'!.#4+!*74/$*!52*!5',$,+!=*#45'+%!/#/#G+,2/,!.#+!8*#A2/8'+!*'&$=$'4+'+%!5#4*!
4,$&$+'*! &'+! !"##$"%! 8#33'! 1'+! &$=/'+! 1'! 8#/14$,'! 5#4*! .#,*'! .$'! 94#,$1$'//'D! K$G7*'FH.#4+%! +$! .#4+! &'!
5#4.'F%!1'!.#,*'!8#/1$,$#//'3'/,!',!*74/$++'FH.#4+!12/+!&2!.*2$'!)43$&$,7%!'/!5'*+#//'+!94$!213',,'/,!
8#//2`,*'! 5'4! 1'! 8)#+'! 1'! &2! .*2$'! +5$*$,42&$,7! H! 32$+! 6#*,'3'/,! 17+$*'4+'+! 1a255*'/1*'! L! '/*$8)$*! ',! L!
+5$*$,42&$+'*!&'4*!.$'D!
!
(#33'!.#4+!I,'+!/#3G*'4>!L!&'!+2.#$*%!.#4+!'/,*'F!12/+!4/'!/#4.'&&'!5)2+'!1'!&;)$+,#$*'!3#/1$2&'%!24!
8#4*+! 1'! &294'&&'! #/! 5*'/1*2! 8#/+8$'/8'! 94'! &2! =*2/1'! &$=/'! 1'! 1732*82,$#/! /'! +'*2! 5&4+! '/,*'! &'+!
*$8)'+!',!&'+!524.*'+D!!
K2!=*2/1'!1$.$+$#/!+'*2!8'&&'!1'+!-./%->"/-"%D!K2!1$.$+$#/!24*2!&$'4!'/,*'!8'4>!94$!24*#/,!+4!,*#4.'*!&'4*!
'/,*7'! 12/+! &2! 8#/+8$'/8'! +5$*$,4'&&'! +457*$'4*'! ',! 94$! *2A#//'*#/,! &;23#4*! ',! &;288'5,2,$#/! .'*+! ,#4+!
7=2&'3'/,%!6*J*'+!',!'//'3$+!0!',!94$!6'*#/,!&'4*!G4,!1'!*2A#//'*!&2!6./%->"/-"&8>0>/"!12/+!,#4,'+!&'+!
628',,'+!1'!&'4*!.$'!94#,$1$'//'!0!',!8'4>!94$!*'+,'*#/,!'/6'*37+!12/+!&'4*+!17+$*+!7=#e+,'+%!8)'*8)2/,!L!
1#3$/'*!&'+!62$G&'+D!S&+!+'3G&'*#/,!*74++$*!5'/12/,!4/!8'*,2$/!,'35+%!32$+!$&+! 78)#4'*#/,!6$/2&'3'/,!',!
&'4*!+#466*2/8'%!12/+!&;#G+84*$,7!94;$&+!+'!+'*#/,!'4>H3I3'+!8*77'%!+'*2!=*2/1'D!
('+!!"##$"%!+'*#/,!&'+!3#A'/+!5#4*!.#4+!1'!+#*,$*!1'!&;#G+84*$,7!5#4*!'/,*'*!12/+!&2!!4PF757D!
!
7/&-W"$-W1/#&N&=?"0"$&0.%&O$=K,"/-"%&@"&-./%->"/-"&%+>$>#,"??"(&"/&$1Q.//1/#&?91S.,$&0"$%&#.,%(&
>/-./@>#>.//"??"S"/#(&0.,%&+1%%"$"I&+1$&,/"&?"/#"&G267D2F3D&"/&63D26F7D67&K,>&1OO"-#"$1&@"&
S1/>[$"&@Q/1S>K,"&0.#$"&%1/#=&+WQ%>K,"&"#&0.%&-./@>#>./%&@"&0>"&S1#=$>"??"%U&&
&
69"%#&%,$&0.,%(&?"%&+"$%.//"%&-.,$1M",%"%(&K,"&$"+.%"$1&?9=?=01#>./&@"&?1&-./%->"/-"&S./@>1?"U&
<.,%&=S"$M"$"I&@,&-./O?>#&N&0"/>$(&O.$#%&"#&S.#>0=%(&"#&0.,%&-.SS"/-"$"I&N&-./%#$,>$"&,/&1,#$"&
M"/$"& @"& -./%->"/-"& S./@>1?"U& <.,%& =#1J?>$"I& ?"& @=J,#& @9,/& +$.M$[%& %+>$>#,"?(& #"-W/>K,"& "#&
=-./.S>K,"&"#&@9,/"&+1>A&S./@>1?"&+.,$&?"%&%>[-?"%&N&0"/>$U&
&
P.>(&?"&6W$>%#(&L91>&+1$?=U&D342&g&?1&f5G;75DF;7&@"%&PGF;572(&/.,%&+1$?./%&1,A&6W$=#>"/%(&1,A&
P,%,?S1/%(& 1,A& ].,@@W>%#"%(& 1,A& B,>O%(& 1,A& E>/@.,%(& 1,A& 2.,O>%& "#& N& #.,#"%& ?"%& -./0>-#>./%&
$"?>M>",%"%& @,& S./@"U& <.,%& Z#"%& #.,%& >/-?,%& @1/%& /.#$"& 1S.,$U& 6$.Q"IY?"(& -1$& -9"%#& 0$1>U

!
!
!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
!"##$"%&%
!
"#$%! !"# $%&'()%! &'()*$+! ),--,! *"))&"# +! ./$0! 1,! 1(/$0$*! )2.$*,3,0-! 2.! $"'!(#"! ,-,%."# /# 0# !-12"!!"# 3"# 4"#
&.5.&"&-'# -2(('# "6# 2)'!'(-6)# !"(# )"&4"(# 789#;<=>?@A?**?#B# ")# 7"# 9#C=>=<?#B# /D! 4#5*! 6#5+! .$1,*! 7!
(2.*8$*!6#-*,!,+4*$-!&5+95'7!)#34*,01*,!95'.2#*+!95,!6#5+!;-,+!1,+!$01$6$15+%!)"##"%)*+,"%-.(%/+.,%
'% 0+11"% /+#$"% 2#$"% "#% /+#$"% (10(/(0.'!(#"% 3456% 37736% .89;3<43773% =% "53<83773% =% (8>9893% =%
?@<5AB56%4@84%CADD38C3D385%89%>98E%
<!),5=!95$!#0-!)>#$+$!1,!2$*,!2.!*"))&"#+!.6.0-!3,+!*"))&"(!4*()(1,0-,+!95$!1()*$6.$,0-!3.!6$,!+5*!?,**,!
,-!3,+!6(*$-.@2,+!,0+,$80,3,0-+%!&,!6,5=!,0!#5-*,!1()2.*,*!7!0#56,.5!95,!3#0!6(*$-.@2,#4E'D!9#F.(2(#B#
$G@=AHD!0,!1#$-!,0!.5)50!).+!;-*,!)#0/#015!.6,)!2,!A!B(+5+!C!1#0-!4.*2,!2,!D#56,.5!?,+-.3,0-E!
!
F#33,!3,+!,0+,$80,3,0-+!#*$8$0,2+%!-,2+!95'$2+!#0-!(-(!()*$-+!1.0+!2,+!95.-*,!G6.08$2,+%!#0-!(-(!1$//5+(+!
1.0+! 2,! 3#01,! ,0-$,*! ,-! ,=-*;3,3,0-! 3.2! $0-,*4*(-(+%! &'.$! 2'$0-,0-$#0! 1,! )#33,0),*! 7! ,0+,$80,*! 2.!
>?@=H?# C?# *8?I=AH?<$?! ,0! ,=42$95.0-! 2.! *(,22,! +$80$/$).-$#0! 1,! 3,+! ,=4*,++$#0+! #*$8$0,22,+!
*.44#*-(,+! 1.0+! 2,+! G6.08$2,+E! H2! 2,! /.5-%! ./$0! 1,! 1$++$4,*! ,-! 1'(*.1$95,*! ,0/$0! 1,! 2.! )#0+)$,0),! 1,!
2'>#33,!2,+!3.2,0-,015+!95$!4,*+$+-,0-!,-!#0-!1(+$0/#*3(!1,+!8(0(*.-$#0+! 1,!)>,*)>,5*+!,0!95;-,!1,!
2'G+4*$-!1,45$+!2'(4#95,!#I!&'.$!6()5!+5*!?,**,E!
!
J#*+95,!&,!6$6.$+! +5*!?,**,%!,-!4#5*!1()*$*,!2.! @.-!').!1,**$K*,!,-!1.0+!2',=$+-,0),%!&'.6.$+!1(2$@(*(3,0-!
$06,0-(!2,!-,*3,!1,!9!JK&"#B!,0!3,!*(/(*.0-!7!L$,5E!B,!2'.6.$+!/.$-!4#5*!2,+!1,5=!*.$+#0+!+5$6.0-,+!M!
N*,3$K*,3,0-%!)#33,!&,!2'.$!,=42$95(!1.0+!2.!*"))&"#L%!2#*+95,!&'.6.$+!*,O5!2'$2253$0.-$#0!1.0+!2,!1(+,*-%!$2!
3'.6.$-! (-(! 1#00(! 1,! 6#$*! 95,! 2,+! )#0),4-+! 1()*$6.0-! 2,! F*(.-,5*! 1,! 2'50$6,*+%! -,2+! 95'$2+! .6.$,0-! (-(!
A!*(6(2(+!C!4.*!2,+!4*#4>K-,+!&5$/+%!(-.$,0-!-#-.2,3,0-!/.5=E!!
G0+5$-,%! $2! 3'.6.$-! (-(! 1#00(! 1,! 4,*),6#$*! )2.$*,3,0-! P! ,-! 1,! 4.*/.$-,3,0-! )#34*,01*,P! 2.! 0.-5*,!
6(*$-.@2,!15!F*(.-,5*!,-!&,!3'(-.$+!*,015!)#34-,!95',22,!(-.$-!1,!0.-5*,!4.*,0-.2,!P!)#3@2,*!2,+!@,+#$0+!
1,!2.!)*(.-$#0!4.*!1,+!3#Q,0+!+4()$/$95,+%!)2.$*+!,-!4*()$+%!+,3@2.@2,+!7!),5=!1'50!4K*,!#5!1'50,!3K*,E!
G0! 6(*$-(%! &'.6.$+! 65! 95,! 2'$0+-$0)-! 4.*,0-.2! 4*(+,0-! ,0! -#5-,! )*(.-5*,! 6$6.0-,! (-.$-! -$*(! 1$*,)-,3,0-! 15!
F*(.-,5*!,-!95,!2'#*$8$0,!1,!-#5-,!452+$#0!1'.3#5*!,-!1'$0+-$0)-!4.*,0-.2!(-.$-!.5++$!2'#*$8$0,!1,!2.!6$,!,-!1,!
2',=$+-,0),!,22,+R3;3,+E!
B'.6.$+!.5++$!S65'!95,!2.!)*(.-$#0!(-.$-!2.!4-6'5"()-)'E6#M'('N!"#7"(#=4O2!('E6(#$&.-)&',"(#;6'M"&("!!"(#
7"#!8?)&"!,-!95,!1K+!2#*+%!2,!8,0*,!>53.$0!4#56.$-!;-*,!.44,2(!2.!4*#8(0$-5*,!15!)*(.-,5*E!
F',+-!4#5*95#$!$2! (-.$-!-#5-!7!/.$-!0.-5*,2!95,!&,!4.*2,! 15! 9!JK&"#B! ,0!3,!*(/(*.0-!.5!F*(.-,5*%!45$+95,%!
4#5*! 3#$%! )',+-! 6*.$3,0-! ),! 95',+-! 2,! F*(.-,5*! 1.0+! -#5+! 2,+! +,0+! 15! -,*3,! P! ,-! 425+! 4.*-$)52$K*,3,0-!
9!JK&"/PK&"# B%! 3.$+! -,0.0-! )#34-,! 1,! 2'#@+-$0.-$#0! 1,+! B5$/+! 7! *,2(85,*! 2.! /,33,! 7! 50,! 4#+$-$#0! 1,!
+5@#*1#00(,!1.0+!2,5*!6$,!95#-$1$,00,%!&,!0'.6.$+!4.*2(!95,!15!9!JK&"#B!4#5*!(6$-,*!-#5-,!*(+$+-.0),!1,!
2,5*!4.*-!,-!4#5*!8.80,*!2,5*!.)),4-.-$#0!1,!3.!0#56,22,!/.O#0!1,!3',=4*$3,*E!

!
!01234'#5625748'$9'-24'%;')<124<' =' ,54415'>'
B'.6.$+!.5++$!$06,0-(!2,!-,*3,!1,!A!NK*,!C!4#5*!.$1,*!2,+!B5$/+!7!*(.2$+,*!95,!2,5*!)#0),4-!1,!B(>#6.>!,-!
2.!*$8$1$-(!1,+!2#$+!&5$6,+!(-.$,0-!)#342K-,3,0-!,**#0(+E!L,!425+%!,0!5-$2$+.0-!50,!0#56,22,!-,*3$0#2#8$,!P!
2,!9!JK&"#B!R!4#5*!1()*$*,!2,!F*(.-,5*!P!!8=4O2!('E6#$&.-)&',"!P!95$!*(+$1,!1,**$K*,!,-!1.0+!2',=$+-,0),%!
&'.6.$+!)2.$*,3,0-!/.$-!)#34*,01*,!95,!&'.44#*-.$+!50!,0+,$80,3,0-!-#5-!7!/.$-!0#56,.5%!,0!#44#+$-$#0!7!2.!
)*#Q.0),!(-.@2$,!,0!50!A!L$,5!C!95$!*,&,-.$-!),*-.$0+!4,542,+!,-!2,5*!,06#Q.$-!1,+!).2.3$-(+!4#5*!2,+!450$*E!!
#
F8-'4"&-'(# 12"# ME2(# ,E4O&"6'"Q# N'"6# 12"# 7-6(# ME)&"# <E2M"-2# H"()-4"6)D# '!# 68"()# 62!!"# O-&)# 7')#
,!-'&"4"6)# 12"# 38-'# -OOE&).# 26# "6("'R6"4"6)# ,E4O!K)"4"6)# EOOE(.# -2S# "6("'R6"4"6)(# 7"#
!8T6,'"6# H"()-4"6)#U# O-&# ,E6(.12"6)D# E6# 6"# O"2)# 6'# ,&E'&"D# 6'# -,,"O)"&D# 6'# 5-'&"# ,E65'-6,"# -2#
<E2M"-2#H"()-4"6)#"6#)-6)#12"#).4E'R6-R"#M.&'7'12"#7"#4-#M'"#")#7"#4"(#"6("'R6"4"6)(V#
!
T0! -(3#$80.8,! 6(*$1$95,! ,-! 4*()$+! 1,! 3.! 4,*+#00.2$-(%! 1,! 3.! 0.-5*,! $2253$0(,%! 1,! 3,+! .--$-51,+!
(3#-$#00,22,+!,-!1,!3,+!,0+,$80,3,0-+!3;3,+!.5*.$,0-!.@#01.33,0-!)2.*$/$(!2,!/.$-!95,!2,+!.0)$,00,+!
/#*3,+!1,!*,2$8$#0!>(@*.U95,+!,-!3,+!,0+,$80,3,0-+!$2253$0(+!(-.$,0-!1,!-#5-,!3.0$K*,!1$.3(-*.2,3,0-!
#44#+(+E!
J.!*,2$8$#0!>(@*.U95,!(-.$-!1,!)#0),4-$#0!,=-*;3,3,0-!3.-(*$.2$+-,E!H2!,=$+-,!),*-.$0,3,0-!1,+!()*$-+!1#0-!
2,+!B5$/+!+4$*$-5,22,3,0-!$2253$0(+!#0-!-$*(!,-!-$*,0-!,0)#*,!50,!4,*),4-$#0!3Q+-$95,!1,!0#-*,!AW;@$?#7"#
!8?H@?V##
=!(#7E'M"6)#X)&"#O&E5E67.4"6)#%E6E&.(#")#&"(O",).(#OE2&#!"2&#.)-)#78"(O&')#)&-6(,"67-6)V#
".$+! 2#*+95,! 2,+! N*#4>K-,+! +'.1*,++K*,0-! 7! 2'>#33,! ,-! 2.! /,33,! 3#Q,0+%! 2,5*+! ()*$-+! -*.0+3$*,0-! 50!
3,++.8,!1$//(*,0-!,-!3.0$452.-,5*VW!95$!,+-!1,!0.-5*,!45*,3,0-!>53.$0,!,-!/.22.)$,5=E!<5)50!)#0-*X2,!15!
A!@$,0!C! ,-! 15! A!3.2!C! 0',+-! ,=,*)(! 4.*! 50! A!L$,5! 15! >.5-! 1,+! F$,5=!CE! Y$! )'(-.$-! 2,! ).+%! 2,! 3#01,! 0,!
+,*.$-!4.+!1.0+!50!(-.-!.5++$!)>#95.0-!1,!)>.#+!,-!1,!3$+K*,E!
B'.44#*-.$+! 50! 0#56,2! ,0+,$80,3,0-! 1,+-$0(! ,=)25+$6,3,0-! 7! *,01*,! 2,+! 8,0+! )#0+)$,0-+! 1,!
!826'M"&(-!').#")#7"#!8-4E2&#Y#7"#!-#6-)2&"#'6%.&"6)"#-2(('#N'"6#12"#)&-6(,"67-6)"#Y#7"Z#9#$?#BZ#
[;=#T#TP?<?#HW;H?#$@?TH=W<#T#PT<=\?AHTH=W<#>=A=]*?V!!
"#0! @5-! ,+-! 1',=42$95,*! 4.*/.$-,3,0-! ),2.! 4#5*! 4,*3,--*,! 7! ),5=! 95$! +#0-! ,0! 95;-,! 1,! Z(*$-(! 1,! +,!
1(@.**.++,*! 1,! -#5-! 6,+-$8,! 1,! )*#Q.0),! 15! /.$-! 95,! &'(-.$+! +$342,3,0-! 50! 4*#4>K-,! 1,+),01.0-! 1'50,!
2#085,!2$80(,!1,!4*#4>K-,+!&5$/+!,-!95,!&,!)#0-$05.$+!7!4*;)>,*!2,5*+!->K3,+!1'50!B(>#6.>!-#5-R45$++.0-%!
.5=!+,0-$3,0-+!.3@$6.2,0-+!6$+R7R6$+!1,!+.!4*#4*,!)*(.-$#0E!
*-#,&-'6)"#12"#!"(#7'(,'O!"(#-M-'"6)#7"(#F2'5(#E&)%E7ES"(#5')#128'!(#&"()K&"6)#,E65E&4"(#0#,"#128'!(#
-M-'"6)# 7.,'7.# 7"# 7'&"# -2# O2N!',# 0# 4E6# O&EOE(V! H2! /.5-! *.44,2,*! 95,! 4#5*! 8.80,*! 1,! 0#56,.5=!
.1>(*,0-+! &5$/+! .5! )>*$+-$.0$+3,%! $2+! )*.$80.$,0-! 1,! *,0#0),*! 7! 2'<0)$,0! ?,+-.3,0-! 45$+95,! ),! 1,*0$,*!
.6.$-! .++5*(! 2.! )#>(+$#0! 1,+! B5$/+! 4,01.0-! 1,+! +$K)2,+![! $2+! .6.$,0-! 1#0)! ,=-*.$-! ,-! *.&#5-(%! 1,! 3,+!
,0+,$80,3,0-+%!-#5-!),!95$!(-.$-!)#34.-$@2,!.6,)!2,+!.0)$,00,+!)*#Q.0),+!*,2$8$,5+,+E!".!8(0(.2#8$,!/5-!
(-.@2$,!4#5*!*.++5*,*!2,+!B5$/+!+5*!2,!/.$-!95,!&,!1,+),01.$+!15!\#$!L.6$1E!N#5*95#$!+,!+,*.$,0-R$2+!1#00(!
),--,!4,$0,%!7!3#$0+!95'$2+!0,!6#525++,0-!(-.@2$*!)2.$*,3,0-!95,!&'(-.$+!@$,0!50!B5$/!1'.0)$,0!2$80.8,!,-!95,!
&'(-.$+!1#0)!2(8$-$3(!4#5*!;-*,!50!).01$1.-!.5!3,++$.0$+3,!]!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
VW
!A!!"#$%"&&'#(!C!

!
!01234'#5625748'$9'-24'%;')<124<' ?' ,54415'>'
Y'$2+! .6.$,0-! 6*.$3,0-! )#34*$+! ),! 95,! &'(-.$+! 6,05! /.$*,! +5*! ?,**,! P! ,0! /$0$*! .6,)! 2,! 4.++(! ,-! 4#+,*! 2,+!
/#01.-$#0+! 1'50! -#5-! 0#56,2! .6,0$*! 1,!)#34*(>,0+$#0! ,-! 1'.)-$#0! P! $2+! .5*.$,0-!/.$-! 1,! 8*#+! ,//#*-+! 4#5*!
+'.++5*,*!95,!2,+!8,0+!)#34*,01*.$,0-!2,+!@5-+!*(,2+!95$!3,!)#015$+$*,0-!7!3.!3#*-E!
".$+!$2+!0,!2,!/$*,0-!4.+E!H2+!#))52-K*,0-!50,!8*.01,!4.*-$,!1,!),!95,!&'.6.$+!-,0-(!1',0+,$80,*E!
T0! 1,! 3,+! 1$+)$42,+! .5! )#,5*! 6.$22.0-%! G-$,00,%! ,5-! 3#$0+! 4,5*! 1,! 4.*2,*! 1,! 3,+! 6(*$-.@2,+!
,0+,$80,3,0-+%!,-!@$,0!95,!),5=R27!.5++$!.$,0-!(-(!@*#1(+%!$2!/5-!-#5-!1,!3;3,!2.4$1(E!H2!/.5-!95,!6#5+!
)#34*,0$,^! 95,! 2.! 6$,%! 4#5*! 3,+! 1$+)$42,+%! (-.$-! 4*().$*,! ,-! $2! 0',+-! 4.+! (-#00.0-! 95,! 3,+! 6(*$-.@2,+!
,0+,$80,3,0-+! .$,0-! (-(! *,)#56,*-+! 1,! 2.! 4,0+(,! -*.1$-$#00,22,! 4#5*! 2,+! *,01*,! 425+! .)),4-.@2,+! .5!
45@2$)E!
G-!3;3,!+$!&,!1$+!95,!A!2,!F>*$+-$.0$+3,!C!0,!4*(+,0-,!2,!*()$-!95,!1,!),*-.$0,+!1,!3,+!1()2.*.-$#0+!,-!
85(*$+#0+!95$!0,!+#0-!4.+!-*#4!,0!)#0/2$-!.6,)!2',0+,$80,3,0-!&51.U95,%!),2.!4*#6#95,*.!1,+!1$+)5++$#0+!
/(*#),+E! F',+-! 50,! *,2$8$#0! $06,0-(,! 4.*! 3,+! 4*,3$,*+! 1$+)$42,+! ,-! 4.*! N.52%! .4*K+! +#0! $0$-$.-$#0! 7!
<0-$#)>,%!4#5*!3.$0-,0$*!.5-.0-!95,!4#++$@2,!2.!)#>(+$#0!1,+!B5$/+!,-!)#06,*-$*!1,+!4.U,0+!7!2'(82$+,E!J,!
A!4*.83.-$+3,!CV_!,+-!.2#*+!1,6,05!50,!/.),--,!1,!2.!4,0+(,!)>*(-$,00,E!!
Z#$27! 2.! 6(*$-(! 1,! 3.! 6$,! ,-! 1,! 3.! 3#*-! +5*! ?,**,E! L,+! 1$+)5++$#0+! .5*#0-! 2$,5! 4.*),! 95,! 2,+! 8,0+!
+'.))*#)>,0-!7!2,5*+!)>K*,+!)*#Q.0),+!,-!0'Q!*,0#0),0-!95'.6,)!2.!1#52,5*!95,!6$6,0-!),5=!95$!4,*1,0-!
2,5*+!@$,0+!2,+!425+!)>,*+E!D(.03#$0+%!95,295,!)>K*,+!95,!+#$,0-!2,+!)*#Q.0),+!1,+!8,0+%!),!0,!+#0-!
95,!1,+!,&E^-6,"(E!
G22,+!0,!+#0-!4.+!50,!@.+,!+#2$1,!+5*!2.95,22,!)#0+-*5$*,!50,!0#56,22,!6$,E!
".$0-,0.0-! 95,! &,! 6#5+! *,6$,0+! 4.*! 2'$0-,*3(1$.$*,! 1,! ),+! *"))&"(%! &,! -,0-,! 7! 0#56,.5! 4.*! -#5+! 2,+!
3#Q,0+!P!7-6(#!"#,-7&"#7"#ME(#O"&,"O)'E6(#%24-'6"(!P!1,!6#5+!1()*$*,!2.!$F@795F!P!6#-*,!,AB<C3%G3%
7H"5<3)*)IB9%@%GA88F%8@944@8C3%J%7HB89;3<4%35%J%7H3K94538C3%3773LDMD3 +)
!
G=.)-,3,0-!1,!2.!3;3,!3.0$K*,!95'$2!Q!.!V```!.0+%!N3%;9384%D@98538@85%?@<%73%DAO38%G3%C34%!355<34%
?AB<% ?A43<% 734% >A8G@59A84% G3% 7@% >B5B<3% F;A7B59A8% 4?9<95B3773% GB% ?<ACP@98% D977F8@9<3E% /A5<3%
GF;37A??3D385% 4?9<95B37% 83% ?3B5% ;389<% IB3% G3% ;A4% ?3<C3?59A84% 734% ?7B4% ?<A>A8G34% 35% G3% ;A5<3%
CAD?<FP3849A8%G3%7@%8@5B<3%G3%7H3K94538C3%35%G3Q% 9#$?#B#Z#[;=#>W;A#T#TP?<?#T#*8?I=AH?<$?V#
!
F.*!),!95,!6#5+!O"&,"M"Q!)2.$*,3,0-!)*(,!2,+!)#01$-$#0+!1.0+!2,+95,22,+!6#5+!6$6,^E!
!
F#33,! 6#5+! 0'.6,^! 4.+! )#34*$+! 6#+! 6*.$,+! #*$8$0,+! +4$*$-5,22,+%! 2'>53.0$-(! ,+-! )#0-$05,22,3,0-!
$342$95(,!1.0+!1,+!85,**,+!,-!.!,08,01*(!1,+!)#01$-$#0+!-,**,+-*,+!95$!+#0-!7!2.!/#$+!50,!$80#3$0$,!4#5*!
2.!)#0+)$,0),!>53.$0,!,-!50,!+#5*),!1,!+#5//*.0),+!>53.$0,+!1,!-#5-,!+#*-,E!
!
F',+-! 2.! *.$+#0! 4#5*! 2.95,22,! F8?P?HA# Y# F?# @T_W<<?# Y# *T# HW;H?# J;=AAT<$?# C?# PT#
$W<A$=?<$?# $G@=AH=[;?! 4#5*! 6#5+! .44#*-,*! 2.! >?@=H?# 7"! *8?I=AH?<$?! 1.0+! 50! 2.08.8,!
3#1,*0,!,-!)#34*(>,0+$@2,%!./$0!1,!6#5+!4,*3,--*,!1,!)#0+-*5$*,!50,!0#56,22,!)#0+)$,0),!,-!1,!4*,01*,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
V_
!A!,-.,/',#!0)1!

!
!01234'#5625748'$9'-24'%;')<124<' @' ,54415'>'
)#0+)$,0),!1,!9!!-#>.&').#)"!!"#128"!!"#"()#M&-'4"6)!B#R!425-X-!95,!1,!6#5+!2.$++,*!)#0-$05,*!7!.1>(*,*!7!
),+!/.5++,+!)*#Q.0),+!95,!2'#0!6#5+!.!,0+,$80(,+!#5!95$!6#5+!#0-!(-(!-*.0+3$+,+!4.*!2.!-*.1$-$#0E!
N,5!7!4,5%!4.*!6#-*,!)#34*(>,0+$#0%!),+!,=4*,++$#0+!6,*@.2,+!,0!6$,01*#0-!7!6#5+!(6,$22,*!7!2.!3;3,!
6(0(*.-$#0%!.5!3;3,!.3#5*%!7!2.!3;3,!)#34*(>,0+$#0!+4$*$-5,22,!P!#5!3;3,!425+!8*.01+!P!95,!6#5+!
*,++,0-$,^! &.1$+! ,0! 5-$2$+.0-! 2,! -,*3,! 1,! A!L$,5!CE! F>.*8(,! 1,! +,0+! 50$6,*+,2%! ),--,! 2.085,! 425+!
.44*#4*$(,!6#5+!*,342$*.!/$0.2,3,0-!1,!45$++.0),!+4$*$-5,22,!2#*+95,!6#5+!,0!5-$2$+,*,^!,-!6$+5.2$+,*,^!2,!
+,0+E!
B,! +5$+! $)$! 4#5*! 6#5+! 1$*,! 95,! 2#*+95,! 6#5+! .5*,^! 45*$/$(! 6#-*,! )#0+)$,0),! 1,+! 4,0+(,+! ,-! +,0-$3,0-+!
8*#++$,*+! 95$! .44.*-$,00,0-! 7!2',8#! ,-! 95,! 6#5+!4,*+(6(*,*,^! 1.0+!2.!3(1$-.-$#0! ,-! 2'(2(6.-$#0!1,! 6#-*,!
)#0+)$,0),!&5+95'7!!8;6'M"&("!%!6#5+!)#33,0),*,^!7!+,0-$*!2.!45$++.0),!+4$*$-5,22,!,06.>$*!6#-*,!,+4*$-!
,-!/$0.2,3,0-!6#-*,!)#*4+!-#5-!,0-$,*E!
F',+-!4#5*95#$!3,+!,0+,$80,3,0-+!+#0-!3KC7B49;3D385!1,+-$0(+!7!6#5+!.$1,*!7!#56*$*!6#-*,!)#0+)$,0),!
7!50,!6$,%!50,!6$-.2$-(!,-!50,!45$++.0),!+4$*$-5,22,!*,0#56,2(,+%!./$0!95,!6#5+!45$++$,^!.@.01#00,*!6#-*,!
.0)$,0! 3#1,! 1,! 6$,! 2$3$-(! ,-! $0+.-$+/.$+.0-! ,-! -*#56,*! 50,! 0#56,22,! +#5*),! 1,! &#$,! $0-(*$,5*,! ,-! 1,!
+.-$+/.)-$#0!1,!-#5+!6#+!@,+#$0+E!
N,0+,^!7!),--,!1()2.*.-$#0E!B,!0,!6#5+!$0/2$8,!.5)50!A!$2!/.5-!C!#5!A!$2! 0,!/.5-!4.+!C%! .5)50,!*,+-*$)-$#0!
/*5+-*.0-,! 95,! 6#5+%! 6#5+R3;3,%! 0,! +#5>.$-,*$,^! 4.+! 6#5+! $34#+,*! 7! 6#5+R3;3,E! B,! 6$,0+! ,0! 6(*$-(!
6#5+!1$*,!)#33,0-!6#+!A!/#*3,+!1,!)#0+)$,0),!C!+#0-!6$6.0-,+!,-!/$0$++,0-!4.*!+,!3.0$/,+-,*!1.0+!6#-*,!
3#01,%!3.$+!&,!2.$++,!7!6#-*,!@#0!+,0+!2,!)>#$=!1,+!4,0+(,+!+.$0,+%!1,+!.)-$#0+!@$,06,$22.0-,+!,-!1,!2.!
@#00,! 6#$,! 3,0.0-! 7! 2.! &#$,! ,-! 7! 2'(4.0#5$++,3,0-! 95,! 6#5+! .1#4-,*,^! 2#*+95,! 6#5+! 4*,01*,^!
)#0+)$,0),!1,!2.!6*.$,!0.-5*,!1,!2.!)*(.-$#0E!
B,!6$,0+!.5++$!.6,)!2.!42,$0,!/#*),!1,!3.!J2'((-6,"#$%&'()'12"!4#5*!6#5+!.$1,*!7!4*,01*,!)#0+)$,0),!
95'$2!0',=$+-,!.5)50,!@.**$K*,!,0-*,!6#5+!,-a!9!$?#B#Z#[;=#>W;A#T#TP?<?#T#*8?I=AH?<$?!P!+$0#0!
),22,+!95,!6#5+!)*(,^!6#5+R3;3,!4.*!$80#*.0),!1,+!*E'(#7"#!8?S'()"6,"E!
B,!6$,0+!6#5+!.$1,*!7!2,6,*!),+!@.**$K*,+!,0!$2253$0.0-!6#-*,!$80#*.0),!4*(+,0-,!,-!,0!6#5+!,0+,$80.0-!7!
#56*$*! 6#-*,! )#0+)$,0),! P! 6#-*,! ;-*,! -#5-! ,0-$,*! P! 7! 2'$0/25=! 1,! $?# [;=# >W;A# T# TJJW@H?# T#
*8?I=AH?<$?V!
N.*! )#0+(95,0-%! BG! \GNG?G!M! ,0! .0.2Q+,! /$0.2,%! 3,+! ,0+,$80,3,0-+! +#0-! 3KC7B49;3D385! 1,+-$0(+! 7!
6#5+!.$1,*!7!#56*$*!6#-*,!)#0+)$,0),!7!50,!6$,%!50,!6$-.2$-(!,-!50,!45$++.0),!+4$*$-5,22,!*,0#56,2(,+!./$0!
95,!6#5+!45$++$,^!.@.01#00,*!6#-*,!.0)$,0!3#1,!1,!6$,!2$3$-(!,-!$0+.-$+/.$+.0-!,-!-*#56,*!50,!0#56,22,!
+#5*),!1,!&#$,!$0-(*$,5*,!,-!1,!+.-$+/.)-$#0!1,!)>.)50!1,!6#+!@,+#$0+E!F"#(E2%-')"#-&7"44"6)D#-M",#26#
T4E2&#C'M'6# Y#12"# ME2(# -))"'R6'"Q# ,")# .)-)# (2O&X4"# -M-6)#7"#O-(("&# 0#!-#O&E,%-'6"#7'4"6('E6D#
-5'6# 12"# ME)&"# O-((-R"# O2'(("# (8"55",)2"&# (-6(# (E255&-6,"# ")# 12"# ME)&"# )&-6(')'E6# O2'(("#
(8"55",)2"&#7-6(#26"#-))"6)"#(2N!'4"V#!
F',+-!27!2.!+,52,!3#-$6.-$#0!95$!3,!1$)-,!),+!*"))&"(E!
J.!1()2.*.-$#0!)$R1,++5+!,+-!50,!3.0$K*,!425+!)#0-*.$80.0-,!,-!425+!45$++.0-,!1',=4*$3,*!2.!1()2.*.-$#0!
95,!&,!/$+!2#*+95,!&'(-.$+!+5*!?,**,!M!A!F>,*)>,^!1'.@#*1!2,!\#Q.53,!1,+!F$,5=!,-!-#5-,+!@#00,+!)>#+,+!
6#5+!+,*#0-!1#00(,+!,0!425+E!C!!
B,!0'.$!4.+!/.$-!),--,!1()2.*.-$#0!4#5*!$0)$-,*!2,+!8,0+!7!;-*,!A!@#0+!CE!B'.$!.//$*3(!50!/.$-!1,!2',=$+-,0),E!

!
!01234'#5625748'$9'-24'%;')<124<' >' ,54415'>'
H2!/.5-! .5++$! 95,! 6#5+! )#34*,0$,^! @$,0! ,-!)2.$*,3,0-! 95,a! 9!$?!Ba! 95,! 6#5+! .44,2,^! A!L$,5!C%! ,-!&,!
3'Q! *(/K*,! )#33,! 7! 9!!H.1(/"$,"!!B%! 0,! 4#++K1,! .5)50,! 1,+! ).*.)-(*$+-$95,+! 2345'#,6! 95$! +#0-!
.--*$@5(,+!7!),!9!$?!B#!4.*!1,!0#3@*,5+,+!*,2$8$#0+E!
J,+!).*.)-(*$+-$95,+!>53.$0,+!1,!)#2K*,%!1,!3,0.),!,-!1,!450$-$#0%!4.*!,=,342,%!0'.44.*-$,00,0-!95'7!2.!
)#01$-$#0!>53.$0,E!!
?6,E&"#26"#5E'(D#3"#&.OK)"#`#PW=%!2,!$G@=AH%!&,!+5$+!1,+),015!4#5*!1$)-,*!),+! *"))&"(!,-.%,6674,#$!
4#5*! 1(8.8,*! 2',+4*$-! 1,+! 8,0+! 1,+! .0)$,00,+! A!$3.8,+! 6,*@.2,+! >53.$0,+!C! $06,0-(,+! 4.*! 2,+!
4*#4>K-,+E! B'.$! 2.! /,*3,! $0-,0-$#0! 1,! 2,+! *,342.),*! 4.*! 1,+! 1,+)*$4-$#0+! 1,! 2.! J;=AAT<$?! P# !-#
$W<A$=?<$?#;<=>?@A?**?!P!95$!6(*$-.@2,3,0-!)*(,%!.0$3,!,-!+#5-$,0-!2'50$6,*+!6$+$@2,!,-!-#5-,+!2,+!
.5-*,+!1$3,0+$#0+!95$!,=$+-,0-!.5R1,27!1,!6#-*,!4,*),4-$#0!,-!1,!6#-*,!)#34*(>,0+$#0!.)-5,22,+E!
B,! +5$+! .5++$! $)$! 4#5*! 6#5+! 1$*,! 95,! ),+! .5-*,+! 50$6,*+! #5! 1$3,0+$#0+! +'#56*$*#0-! ,-! 1,6$,01*#0-!
.)),++$@2,+!7!6#-*,!)#0+)$,0),!2#*+95,!6#5+!.5*,^!.@+#*@(!2.!)#00.$++.0),!+#52$80(,!1.0+!),+!*"))&"(%!
2.95,22,!)#0+-$-5,*.!2,!3.-(*$.5!3;3,!1,!6#-*,!)#0+)$,0),!$01$6$15.2$+(,E!
b$0.2,3,0-%!2.!3#*-!,0!.**$6,*.!7!*,4*(+,0-,*!50,!-*.0+$-$#0!>,5*,5+,!1'50,!1$3,0+$#0!2$3$-(,!1',=$+-,0),!
7!50,!1$3,0+$#0!425+!253$0,5+,!,-!425+!45$++.0-,E!Z#5+!+.5*,^!95,!2#*+95,!6#5+!+,*,^!.1(95.-,3,0-!
45*$/$(! +4$*$-5,22,3,0-! ,-! 95,! 2,! -,34+! +,*.! 6,05! 1'(3,*8,*! 1,! 2',06,2#44,! 1,! 6#-*,! )#*4+%! 6#5+!
2'.@.01#00,*,^%!+#52.8(!1';-*,!2$@(*(!1,+!2$3$-.-$#0+!4>Q+$95,+%!4#5*!,0-*,*!1.0+!50,!1$3,0+$#0!1'.3#5*!
,-!1.0+!50!(-.-!1';-*,!3.80$/$95,!,-!3,*6,$22,5=E!
Z#5+! 4,*),6*,^! 2.! 3#*-! )#33,! ,22,! 4,5-! 2';-*,! P! ,-! 2',+-! 6*.$3,0-! 4#5*! 2,+! c3,+! $2253$0(,+! P! 50,!
-*.0+$-$#0! 82#*$,5+,! P! 50! 1#0! 1,! 6$,! 425+! $0-,0+,%! 1,! )*(.-$6$-(! 425+! 8*.01,! ,-! 50,! ,=4(*$,0),!
A!1',=$+-,0),!,=-.-$95,!C!1#0-!6#5+!0'.6,^!3;3,!4.+!*;6(E!
B'.$3,*.$+! .5++$! *,01*,! )2.$*! 95,! @,.5)#54%! @,.5)#54! 1,! 8,0+! )*#$,0-! 95'$2+! 4,56,0-! 6$6*,! 50,! 6$,!
/*5)-5,5+,! ,-! +,! *(.2$+,*! ,0! +5$6.0-! 2,+! ),0-.$0,+! 1',0+,$80.0-+! 1$6,*+! 1,! A!4,0+(,! 4#+$-$6,!CE! G0!
)>.08,.0-!6#-*,!)#0+)$,0),%!1$+,0-R$2+%!6#5+!)>.08,*,^!6#-*,!6$,E!F,)$!,+-!6*.$!&5+95'7!50!),*-.$0! 4#$0-!
3.$+%! 4#5*! ),5=! 95$! +#0-! ,0! 95;-,! (6#25-$6,! 1,! +4$*$-5.2$-(%! 50! -,2! )>.08,3,0-! 1,! )#0+)$,0),! 2.$++,!
0(.03#$0+!50,!),*-.$0,!+()>,*,++,!1',+4*$-!,-!2,!1(+$*!1,!95,295,!)>#+,!1,!425+E!
F,!A!95,295,!)>#+,!1,!425+!C!.595,2!2'c3,!.+4$*,%!)',+-!2,!6(*$-.@2,!)#0-.)-!,-!+.!*(R50$#0!7!+.!,+.$)"%
0"% !H2#$"E! Z#5+! 4#56,^! ),*-,+! 6#5+! .--$*,*! 50,! ),*-.$0,! )*#$++.0),! +4$*$-5,22,! ,0! +5$6.0-! 2.! 6#$,! 95$!
)#0+$+-,! 7! 4,*),6#$*! 50$95,3,0-! 2,! @$,0%! 2,! 6*.$! ,-! 2'.3#5*%! 3.$+! 6#5+! *,+-,^! 50,! ,0-$-(! /#0)-$#00.0-!
+,52,!1.0+!+#0!1#3.$0,!2$(!7!2.!-,**,%!0#0!.++$+-(,!4.*!!8;6'M"&("!#.)"&6"!#")#'65'6'E!T0,!/#$+!95,!6#5+!
4*,0,^!)#0+)$,0),!1,!2.!8@5B<3#7"#!8;6'M"&("!!,-!95,!6#5+!-#5*0,^!6#+!4,0+(,+!6,*+!J5$!4#5*!(-.@2$*!50!
6*.$!)#0-.)-!.6,)!J5$%!6#5+!)#33,0),^!7!*(.2$+,*!95,!6#5+!0';-,+!425+!+,52!P!6#5+!;-,+!+#5-,05!4.*!2.!
$F@795F!95$!+#5-$,0-!2'50$6,*+E!
"5%IB@8G%N3%G94%R%S%F5@T79<%B8%CA85@C5%;F<95@T73%@;3C%!B9%U6%NH38538G4%IB3%7@%?<9V<3%35%7@%4B??79IB3%38%
;B3%GHB8%TF8F>9C3%AB%7H@B5<3%8HF5@T795%?@4%B8%;F<95@T73%CA85@C5%@;3C%;A5<3%,+.$)"%0"%!H2#$"E%
Z#-*,!4*$K*,!,+-!),*-.$0,3,0-!*,O5,!7!2.!AE2&,"#7"#!8a)&"!,-!50,!*(4#0+,!,+-!+#56,0-!*,O5,!*.4$1,3,0-%!
,-!6#-*,!@,+#$0!,+-!)#3@2(!1K+!95,!6#5+!2'.6,^!1,3.01(E!".$+!2,!6(*$-.@2,!)#0-.)-!.6,)!2.!AE2&,"#7"#
ME)&"#a)&"!0',+-!6()5!95,!2#*+95,!6#5+!.6,^!+5//$+.33,0-!45*$/$(!6#-*,!)#0+)$,0),!1,!2'(8#U+3,!>53.$0!
8*#++$,*! ,-! .6,^! 4.++(! 95,295,! -,34+! 7! 3(1$-,*! ,-! 7! (-,01*,! *(852$K*,3,0-! 6#-*,! )#0+)$,0),%! 1,!

!
!01234'#5625748'$9'-24'%;')<124<' A' ,54415'>'
3.0$K*,!FDA59A883773D385%?B944@853%!6,*+!6#-*,!AE2&,"%!7!2.!*,)>,*)>,!1,!)#0-.)-%!1,!*,0#56,22,3,0-!
,-!1,!*./*.d)>$++,3,0-!1,!2',+4*$-E!
!
Z#$27!95,2!,+-!2,!@5-!1,**$K*,!2',=$+-,0),E!T0!()>.08,!)#0+-.0-!,-!*()$4*#95,!1,!)#3350$).-$#0!,0-*,!2.!
AE2&,"#7"#)E2)#a)&"!,-!2.!)*(.-$#0E!
!
H)$%!&'.$3,*.$+!6#5+!*.44,2,*!95,!2#*+95,!&,!6$6.$+!+5*!?,**,%!&,!1$+.$+!)>.95,!&#5*!-*K+!)2.$*,3,0-!.5=!B5$/+!
95,!M!A!1,!3#$R3;3,%!+,52%!&,!0,!4#56.$+!*$,0!/.$*,!CE!
B'.$!)#0+-.33,0-!1()2.*(!95,!A!)',+-!2,!SNK*,'!C!95$!.))#342$-!2'#,56*,%!,-!0#0!3#$E!
B,!6$,0+!.5&#5*1'>5$!4#5*!6#5+!4,*3,--*,!1,!/.$*,!2.!-*.0+$-$#0!1,!2.!)#0+)$,0),!>53.$0,%!2$(,!7!2.!-,**,%!7!
2.!)#0+)$,0),!$2253$0(,%!95$!+,!4*#15$-!95.01!50,!4,*+#00,!(-')!/$0.2,3,0-!95',22,!,E66-b)#!-#>.&').#7"#
!8a)&"V#
!
Y.0+! 1#5-,%! 1,+! 8,0+! 4*#/#01(3,0-! *,2$8$,5=%! ,01#)-*$0(+! 1,! 3.0$K*,! $01(2(@$2,! 4.*! 1,+! 1#83,+!
*,2$8$,5=! ,-!2.!->(#2#8$,!P! &5$/+%!)>*(-$,0+%!35+523.0+%! >$01#5+! #5! .44.*-,0.0-! 7!-#5-,!.5-*,! )#06$)-$#0!
*,2$8$,5+,%!-*#56,*#0-!-#5-!1'.@#*1!1$//$)$2,!P!,-!3;3,!1#52#5*,5=!P!1'.)),4-,*!),+! *"))&"(!,-! 1',0!/.$*,!
@#0! 5+.8,%! 4.*),! 95,! 2,+! ,+4*$-+! 4*#8*.33(+! ,-! )#01$-$#00(+! +#0-! +,3@2.@2,+! 7! 15! @(-#0E! J,+!
)*#Q.0),+! 95$! 2,5*! +#0-! )>K*,+%! 5-$2$+(,+! )#33,! 1,+! -.2$+3.0+%! 1,+! +#5-$,0+! (3#-$#00,2+! ,-! 1,+!
.//$*3.-$#0+!95$!2,5*!1#00,0-!1,!2.!/#*),!,0!-,34+!1,!)*$+,%!+#0-!(3#-$#00,22,3,0-!$34*$3(,+!1.0+!2,5*!
+5@)#0+)$,0-!,-%!>.@$-5,22,3,0-%!4#*-,0-!,0!,22,+!2.!)*.$0-,!A!1'#//,0+,*!L$,5!C!2#*+95'$2!+'.8$-!1'.))(1,*!7!
50,!Z(*$-(!+54(*$,5*,E!<!3#$0+!1'50,!.+4$*.-$#0!+$0)K*,!7!)#00.d-*,!*T#>?@=H?#C?#*8aH@?!425-X-!95,!
1,+!)*#Q.0),+!-*.1$-$#00,22,+%!),+!+)>(3.+!3,0-.5=!+#0-!95.+$3,0-!$34#++$@2,+!7!1(-*5$*,!1.0+!2',+4*$-!
,-!2,+!(3#-$#0+!,-!,22,+!@2#95,0-!2,!6(*$-.@2,!4*#8*K+!+4$*$-5,2E!
B,! 6$,0+! ,=4*,++(3,0-! .$1,*! ),5=! 95$! ,0! #0-! 2.! 6#2#0-(! 7! 1(4.++,*! ),+! @.**$K*,+! 4#5*! .22,*! 6,*+! 2.!
6(*$-.@2,!$2253$0.-$#0E!F',+-!4#5*95#$%!+$!6#5+!+,0-,^!$0-5$-$6,3,0-!95,!2,+!4.*#2,+!1,!),+!4.8,+!+#0-!2.!
>?@=H?! ,-! +$! 6#5+! 6#5+! +,0-,^! .--$*(! 6,*+! ,22,+%! .Q,^! )#0/$.0),! 1.0+! 2,! /.$-! 95,! 6#5+! ;-,+! 4*;-! 7!
)#33,0),*!2,!6#Q.8,!+4$*$-5,2!(@.5)>(!1.0+!),+!J,--*,+!,-!95,!&,!+5$+!4*#)>,!1,!6#5+!4#5*!6#5+!1#00,*!
2,!)#5*.8,!1,!4#5*+5$6*,!&5+95'7!),!95,!6#5+!.--,$80$,^!6#-*,!@5-!P!2'$2253$0.-$#0!+4$*$-5,22,!6(*$-.@2,%!2,!
*,0#56,22,3,0-! 1,!2.!6$,%!2.!/#*),!1,!6#2#0-(!,-!2.!1()#56,*-,!1,!),!95,!&'.$!.44,2(!2,!A!\#Q.53,!1,+!
F$,5=!CE!
!
N*$K*,! ,-! 3(1$-.-$#0! +$0)K*,+! ,-! 95#-$1$,00,+! 4,*3,--*#0-! 7! 50,! 45*$/$).-$#0! 3,0-.2,! 1,! +,! 4*#15$*,! ,-!
8*.15,22,3,0-%!2.!>?@=H?#?H#*T#$WPJ@?G?<A=W<!*,342.),*#0-!2,+!.0)$,0+!3Q->,+!95$!6#5+!/5*,0-!
&.1$+!+$!)>,*+E!!
!
<6.0-! 1,! )#33,0),*! 2,+! ,0+,$80,3,0-+! 95$! 6#0-! +5$6*,%! WA9%! 2,! )*$(,#%! &,! 1#$+! 6#5+! *.44,2,*! 95,!
6#-*,!50$6,*+!0',+-!4.+!+#2$1,E!F#33,!6#5+! 2,!+.6,^!4*#@.@2,3,0-%!+,2#0!6#+!+)$,0-$/$95,+%!2.!3.-$K*,!
A!+#2$1,!C%!2.!+5@+-.0),!6$+$@2,!15!3#01,%!,+-!,0!/.$-!)#34#+(,!1,!4.*-$)52,+!1'(0,*8$,E!
J.!>?@=H?#7"#*8aH@?!1,!6#-*,!1$3,0+$#0!-,**,+-*,!*,4#+,!+5*!),--,!*(.2$-(!/#01.3,0-.2,!1,!2.!)*(.-$#0E!

!
!01234'#5625748'$9'-24'%;')<124<' B' ,54415'>'
N#5*!)#34*,01*,!3,+!,0+,$80,3,0-+!)#0),*0.0-!2.!Z(*$-(!1,!2'e-*,%!$2!,+-!0(),++.$*,!1,!+.$+$*!),!A!6$1,!
.44.*,0-!C!95$!+#5+R-,01!-#5-!6#-*,!3#01,!)*((E!
J.!3.&#*$-(!1',0-*,!6#5+!)#00.d-!$0-,22,)-5,22,3,0-!),!/.$-!1,!2',=$+-,0),%!3.$+!$2!0'.!4.+!,0)#*,!,-!1,!2#$0!
/$2-*(! 7! -*.6,*+! 6#-*,! )#0+)$,0),! ./$0! 1,! 6#5+! 1#00,*! 50,! 0#56,22,! 4,*+4,)-$6,! 15! 3#01,! ,-! 1,!
2',=$+-,0),E!Z#5+!)#0-$05,^!7!4,0+,*%!)#33,!6#5+!2'.6,^!/.$-!4,01.0-!1,+!3$22(0.$*,+%!95,!6#-*,!3#01,!
,+-! +#2$1,! ,-! 95,! 2'(-.-! 1,! 6#-*,! )#*4+! ,-! -#5+! 2,+! 4>(0#3K0,+! ,=-(*$,5*+! +#0-! >#*+! 1,! 6#-*,! )#0-*X2,E!
Z#5+!)*#Q,^!;-*,!50,!6$)-$3,!1,!2',=$+-,0),E!G0!/.$-%!)',+-!-#5-!2,!)#0-*.$*,E!G-!6#-*,!6$,!95#-$1$,00,!*,/2K-,!
),--,! )*#Q.0),E! H2! ,+-! 1#0)! .@+#253,0-! 0(),++.$*,! 95,! &,! *,6$,00,! ,-! 95,! &,! 6#5+! .$1,! 7! .)95(*$*! 50,!
4,*),4-$#0!425+!(2,6(,!1,!2.!Z(*$-(E!
F#33,!&,!2'.$!1$-!1.0+!2.!*"))&"#L%!.4*K+!2'$2253$0.-$#0!1.0+!2,!1(+,*-%!&,!+5$+!*,6,05!1.0+!3#0!3#01,!1,!
6$22,+! ,-! 1,! 6$22.8,+! 1,! N.2,+-$0,! ,-! &'.$! $33(1$.-,3,0-! )#33,0)(! 7! 3.d-*$+,*! 2,+! A!(2(3,0-+! 1,! 2.!
3.-$K*,!C!)>.95,!/#$+!95,!&,!6#Q.$+!2.!0(),++$-(!1'.$1,*!),5=!95$!(-.$,0-!1.0+!2,!@,+#$0!#5!2.!+#5//*.0),E!
B,!+5$+!6,05!4#5*!6#5+!3#0-*,*!,=.)-,3,0-!4#5*95#$!&'.$!(-(!).4.@2,!1,!2,!/.$*,E!
F#33,!&,!6#5+!2'.$!*(6(2(!1.0+!2.!*"))&"#L%!4,01.0-!2,!-,34+!#I!&'.$!*,O5!2'$2253$0.-$#0!)#342K-,!1.0+!2,!
1(+,*-%! $2! 3'.! (-(! 3#0-*(! 95,! 2.! A!3.-$K*,!C! 0'(-.$-! 4.+! *(,22,3,0-! +#2$1,E! H2! 0,! 3'.! 4.+! (-(! 1#00(! 1,!
)#34*,01*,!,=.)-,3,0-!)#33,0-!2,+!4.*-$)52,+!(2,)-*$95,+%!95,!&'.6.$+!.44,2(,+!1,+!A!)>.-#$,3,0-+!1,!
4#5++$K*,+!C%!4*,0.$,0-!2'.44.*,0),!1,!A!3.-$K*,!C!6$+$@2,E!B,!+.6.$+!+$342,3,0-!95,!),+!A!4#5++$K*,+!C!
+,! 3#56.$,0-! 7! 1,+! /*(95,0),+! (2,6(,+! 1,! 6$-,++,! 7! 2'$0-(*$,5*! 1,! 2'A!GYN\H?! LG! LHGT!C! ,-! 95,%! 4.*!
)#0+(95,0-%!2'A!GYN\H?!LG!LHGT!C!(-.$-!50$6,*+,2E!
X3% ?3<YB4% IB3% 7HS%",Z$(#% 0"% 0(".%U% F5@95% 73% C<F@53B<% @B449% T938% IB3% 7@% 4BT45@8C3% G3% 5AB534%
CPA434%G@84%7@%C<F@59A8%3773LDMD3E%03%C37@6%NHF5@94%@T4A7BD385%C3<5@98E%
B,! A!6$+!C! .5++$! -*K+! )2.$*,3,0-! 95,! 2.! 4,0+(,! >53.$0,%! )>.*8(,! 1'(3#-$#0! #5! 1,! )#06$)-$#0%! .//,)-.$-!
*.1$).2,3,0-!),!4*#),++5+!1,!3.-(*$.2$+.-$#0!1,+!/#*3,+!6$+$@2,+E!
!H34?<95%PBD@98%?AB;@95%GA8C%9853<>F<3<%=%35%9853<>F<@95%=%@;3C%7@%;<@93%9853859A8%G3%7HS%",Z$(#%0"%
0(".%UE%
F'(-.$-! 50,! 4*$+,! 1,! )#0+)$,0),! 4.24$-.0-,! ,-! ,=.2-.0-,%! 45$+95,! &,! 6#Q.$+! 95,! 2,+! 3Q->,+! 95,!
3',0+,$80.$,0-!2,+!*.@@$0+!&5$/+!(-.$,0-!)2.$*,3,0-!/.5=%!,-!&,!2,+!)>.++.$!$33(1$.-,3,0-!1,!3#0!,+4*$-E!
B',3@*.++.$!2.!6(*$-(!.6,)!,0->#5+$.+3,%!45$+95,!&,!*(.2$+.$+!3.$0-,0.0-!4#5*95#$!2,+!8,0+!6$6.$,0-!1.0+!
2.!3$+K*,!,-!2.!+#5//*.0),E!F,2.!(3.0.$-!1,!2,5*+!4*#4*,+!4*#),++5+!1,!4,0+(,E!!
H2!3,!/5-!.5++$!1#00(!1,!A!6#$*!C!2,+!9#,E4426-2).(#7"#O-&)',2!"(#M'M-6)"(#B!95,!2.!+)$,0),!.44,22,!
1,+! A!),2252,+!C%! .5! -*.6.$2! ,0! )>.95,! )>#+,! 6$6.0-,E! B'(-.$+! )#0+)$,0-! 1,! !8G-&4E6'"# C'M'6"! 95$!
)#0-*X2.$-! 2,! -*.6.$2! 1,+! ),2252,+%! 2,+95,22,+! )#0+-*5$+.$,0-! ,-! 3.$0-,0.$,0-! .)-$6,3,0-! 2,+! 1$//(*,0-,+!
4.*-$,+!1,+!)#*4+!4>Q+$95,+!1,!-#5-,+!2,+!)*(.-5*,+!6$6.0-,+!.$0+$!95,!1,+!42.0-,+%!4,-$-,+!,-!8*.01,+E!
F',+-!4#5*95#$!&,!45$+.$+!+#56,0-!1.0+!2.!).34.80,!1,+!,=,342,+!1,!2'$33.0,0),!,-!1,!2'.)-$6$-(!A!15!
JK&"#B!1.0+!2.!425+!4,-$-,!6$,!+.56.8,!P!)#33,!2,+!42.0-,+!,-!2,+!#$+,.5=E!
!
F#33,!&,!2'.$!)2.$*,3,0-!,=42$95(!1.0+!2,+!*"))&"(#L#0#c%!&'.$!.44,2(!2'!A!GYN\H?!LG!LHGT!C!2,!9!JK&"#B!
4.*),!95'$2!3'.!(-(!1#00(!1,!A!6#$*!C!R!1,!4,*),6#$*!P!2.!6*.$,!6-)2&"!1,!2'A!GYN\H?!LG!LHGT!C!,-!95,!
&'(-.$+!+f*!95',0!*,-#5*0.0-!6,*+!2,+!8,0+!1,!N.2,+-$0,!4#5*!1()*$*,!2,+!*(6(2.-$#0+!95,!&'.6.$+!*,O5,+%!$2+!

!
!01234'#5625748'$9'-24'%;')<124<' C' ,54415'>'
)#34*,01*.$,0-!95,!2,5*+!)*#Q.0),+!95$!2,5*!.6.$,0-!(-(!$34*$3(,+!1.0+!2.!)#0+)$,0),!4.*!2,+!*.@@$0+!
(-.$,0-!)#342K-,3,0-!/.5++,+E!!
B,! 6$+! 95,! 2.! 6*.$,! 6-)2&"# 7"# 9#*8?AJ@=H# C?# C=?;!B# (-.$-! 2.! /#*3,! +54*;3,! 1,! !8T4E2&# C'M'6! ,-! #0!
4#56.$-!2,!6#$*!+Q+-(3.-$95,3,0-!,0!.)-$6$-(!,0!-#5-,!)>#+,!6$6.0-,E!
!
F#33,! &,! 2'.$! 3,0-$#00(! 425+! >.5-%! ),--,! )#00.$++.0),! 3,! 4,*3$-! 1'.))#342$*! 1,+! A!3$*.)2,+!C! ,-! 1,!
3.d-*$+,*!2,+!(2(3,0-+!2#*+95,!)'(-.$-!0(),++.$*,!,-!.44*#4*$(E!
?#5-!)#33,!&,!+#5>.$-.$+!.*1,33,0-!/.$*,!,=42#+,*!2,+!3Q->,+!95$!4#++(1.$,0-!2,+!,+4*$-+!1,+!B5$/+!,0!
N.2,+-$0,%!&,!1(+$*,!6$6,3,0-!6#5+!3#0-*,*!95,!1,!0#3@*,5+,+!->(#*$,+!.6.0)(,+!4.*!6#+!+)$,0-$/$95,+!
+#0-!+5+)$-(,+!4.*!50,!/#*-,!*(.)-$#0!.5=!1#83,+!,-!1#)-*$0,+!1,+!(82$+,+E!
N#5*!)#34*,01*,!),--,!1()2.*.-$#0%!$2!/.5-!95,!6#5+!4*,0$,^!)#0+)$,0),!15!/.$-!95,!&5+95'7!2'(4#95,!1,!
L.*g$0%!.2#*+!95,!2,+!1$6,*+,+!(82$+,+!)>*(-$,00,+!.++5*.$,0-!2,5*!1#3$0.-$#0!+5*!2',+4*$-!1,+!8,0+%!$2!(-.$-!
8(0(*.2,3,0-!.)),4-(!95,!2'50$6,*+!.6.$-!(-(!)*((!,=.)-,3,0-!)#33,!$2!,+-!()*$-!1.0+!2.!h,0K+,!1.0+!
2'<0)$,0!?,+-.3,0-!@$@2$95,E!
J#*+95,! 2,+! +)$,0-$/$95,+! -,0-K*,0-! 1'.00#0),*! 2,5*+! 1()#56,*-,+! ,-! 2,5*+! ->(#*$,+%! $2+! /5*,0-! /#*)(+! 1,!
1()*$*,!2,5*+!0#56,22,+!)*#Q.0),+!,0!4*(+,0),!1'50,!(0#*3,!#44#+$-$#0!*,2$8$,5+,E!G0!)#0+(95,0),%!$2+!
&58K*,0-! 0(),++.$*,! 1,! )#0+.)*,*! 50,! 8*.01,! 4.*-$,! 1,! 2,5*! (0,*8$,! 3,0-.2,! 7! 4*#56,*! 95,! 2,+!
1()2.*.-$#0+! 1,+! N*#4>K-,+! (-.$,0-! /.5++,+E! F,! /.$+.0-%! 2,5*! -.)-$95,Vi! /$-! 95'$2+! 4,*1$*,0-! 2,5*! )2.*-(! 1,!
6$+$#0! ,-! 95',5=! .5++$! 1,6$0*,0-! 2.! 4*#$,! 1,! 2,5*! ,8#E! G0+5$-,! 1,! 95#$! )E2)"# O"&,"O)'E6# '6)2')'M"!
4*#4#+(,! 4.*! 2,! 3#01,! +)$,0-$/$95,! /5-! -#5*0(,! ,0! 1(*$+$#0! ,-! &,-(,! .5=! #5@2$,--,+! 4.*! 1'.5-*,+!
+)$,0-$/$95,+E!L5!/.$-!1,!),!)2$3.-!3,0-.2%!2,!@.2.0)$,*!1,!2.!*,)>,*)>,!1,!2.!Z(*$-(!4.++.!15!)X-(!1,!2.!
)*#Q.0),! $0(@*.02.@2,! ,0! 2.! *.$+#0! ,-! 2.! 2#8$95,%! ,34*$+#00.0-! .$0+$! 2'$0-,22,)-! >53.$0! 1.0+! 2,!
3.-(*$.2$+3,!4#5*!2,+!*(4#0+,+!.5=!#*$8$0,+!1,!2.!6$,!,-!1,!2',=$+-,0),E!
H2!,+-!1#0)!.@+#253,0-!0(),++.$*,!95,!&,!*(/5-,!95,295,+R50,+!1,+!A!->(#*$,+!+)$,0-$/$95,+!C!,-!1(3#0-*,!
95',22,+! +#0-! -#5-! .5++$! ,**#0(,+! 95,! 2,! +#0-! 2,+! +#$R1$+.0-! A!6(*$-(+!C! 1,! 2.! 1#)-*$0,! )>*(-$,00,E! G0!
.@#*1.0-! ),*-.$0,+! 1,! ),+! A!->(#*$,+!C%! 2,+! +)$,0-$/$95,+! -#5-! )#33,! 2,+! >#33,+! 1'(82$+,! #0-! 42#08(!
1.0+! 2,! 1#3.$0,! 1,+! +544#+$-$#0+! 0#0! 4*#56(,+%! .@+5*1,+%! 4#5*! *(4#01*,! .5=! 95,+-$#0+! 95$! 0,!
4#56.$,0-!*,),6#$*!1,!*(4#0+,+!1,!2.!4.*-!1',+4*$-+!50$95,3,0-!-,**,+-*,+E!
!
Z#-*,!+)$,0),!6#5+!.Q.0-!1$-!95,!2.!+5@+-.0),!1,!6#-*,!3#01,!3.-(*$,2!,+-!/#01.3,0-.2,3,0-!)#0+-$-5(,!
1,!4.*-$)52,+!(2,)-*$95,+!+,!3#56.0-!7!8*.01,!6$-,++,!1.0+!A!2',+4.),!C%!,22,!,+-!$0).4.@2,!1,!6#5+!1$*,!
A!OE2&12E'!C! 1,! -,22,+! A!4.*-$)52,+! 1'(0,*8$,!C! 4*,00,0-! 2.! 1,0+$-(! ,-! 2.! /#*3,! 1,! A!3.-$K*,!C%! +.5/! 7!
4.*2,*!1,!/#*),+!1,!/5+$#0!.5=95,22,+!$2!.**$6,!1,!)*(,*!2,+!(2(3,0-+E!
!
J.! +)$,0),! 0,! 4,5-! 6#5+! 1$*,! 95,22,! ,+-! 2.! 9#\E&,"# PE)'M-6)"#B! 95$! *(50$-! 1,+! 4.*-$)52,+! ,0! /#*3,!
1'(2(3,0-+E!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
Vi
!A!5(,#/5)1!

!
!01234'#5625748'$9'-24'%;')<124<' D' ,54415'>'
J.!+)$,0),!0,!4,5-!4.+!1.6.0-.8,!6#5+!1$*,!1'#I!+#0-!6,05,+!1,!-,22,+!4.*-$)52,+!1'(0,*8$,%!7!2'#*$8$0,%!
+.5/! 7! 1$*,! 95',22,+! #0-! (-(! 2$@(*(,+! .5! 3#3,0-! 15! j$8! j.08! 95',22,! 4,0+,! .6#$*! 1#00(! 2.! 4*,3$K*,!
$3452+$#0!7!2.!)*(.-$#0E!
N#5*95#$!50!+#51.$0!j$8!j.08!]!P!1,!95#$!]!k5,2!,0!.!(-(!2,!A!b.)-,5*!L()2,0)>.0-!C!]!!
J.! Y)$,0),! 4.*2,! 1'(2,)-*#3.80(-$+3,! 3.$+! 0,! 4,5-! 4.+! 1$*,! 1'#I! 6$,00,0-! 1,! -,22,+! (0,*8$,+! 95$!
.44.*.$++,0-!,-!1$+4.*.$++,0-E!lI!6#0-R,22,+!]!N#5*95#$!*,6$,00,0-R,22,+!]!L'50!4#$0-!1,!65,!>53.$0%!$2!
0,!+,3@2,!Q!.6#$*!.5)50,!.)-$6$-(!$0-,22$8$@2,!1.0+!#5!1,**$K*,!),!-*.6.$2E!
J.! +)$,0),!1$-!95,!2'(2,)-*#3.80(-$+3,!S,+-!&5+-,'!50!+$342,!/.$-!1,!2',=$+-,0),!,-!4#5*-.0-%!$2!4*#15$-!50!
-*.6.$2! >.5-,3,0-! $0-,22$8,0-! ,-! $0-,0-$#00,2! +#5+! /#*3,! 1,! 3$22$#0+! 1,! 3$22$.*1+! 1,! +5@+-.0),+! 1#0-! ,+-!
)#0+-$-5(!6#-*,!50$6,*+E!F#33,0-!),2.!+,!4,5-R$2!]!
=!# 68^# -# &'"6D# 7-6(# ,"# 12"# !8.!",)&E4-R6.)'(4"# -# &"672# M'('N!"D# 12"# !8"(O&')# %24-'6# O2'(("#
,E6('7.&"&#,E44"#4-612-6)#7"#N2)#E2#7"#('R6'5',-)'E6V#
J.!+)$,0),!$80#*,!),!0$6,.5!2,!425+!/#01.3,0-.2!,-!6$-.2!1,!2.!)*(.-$#0E!Y.0+!*(4#0+,!7!),--,!95,+-$#0!P!
OE2&12E'! -#5-! ),! 95$! ,+-! .44#*-(! 7! 3.0$/,+-.-$#0! 6$+$@2,! 4.*! 2'.)-$6$-(! 1,+! (0,*8$,+! &53,22,+! 1,!
2'(2,)-*#3.80(-$+3,!,+-!$06.*$.@2,3,0-!6#525%!*(5++$!,-!*.-$#00,2!P!6#5+!0,!1()#56*$*,^!*$,0!1,!;@7@T73!
1.0+!2.!*,)>,*)>,!1,!6#+!#*$8$0,+E!
?.0-!95,!2.!+)$,0),!0,!4#5**.!4.+!.44*#/#01$*!,-!1()#56*$*!2.!9!$F@795F%U!1,!9!!8"(O-,"!B#1.0+!2,95,2!2,+!
4.*-$)52,+! (2,)-*$95,+! 95,! 6#5+! #@+,*6,^! +#0-! ,0! +5+4,0+$#0%! 2.! +)$,0),! *,+-,*.! 7! &.3.$+! 1,**$K*,! 2,+!
4#*-,+!/,*3(,+!15!3.-(*$.2$+3,E!J'.))K+!7!2.!Z(*$-(!(-,*0,22,!,-!7!2.!+.8,++,!50$6,*+,22,!25$!+,*.!-#5&#5*+!
@.**(!,-!,22,!+,*.!,34*$+#00(,!1.0+!2',+)2.6.8,!1,!2.!+,52,!*.$+#0%!95$!0',+-!95,!2,!4*#15$-!1,!2'.)-$6$-(!
/$0$,!1,+!),2252,+!)(*(@*.2,+E!
!
F',+-!7!2.!;F<95@T73%8@5B<3!1,!!8?AJT$?!95,!&'.$!2'$0-,0-$#0!1,!6#5+!$0$-$,*%!3.$+!.6.0-!1,!)#33,0),*%!&,!
1#$+!1'.@#*1!4#*-,*!7!6#-*,!.--,0-$#0!1,!0#3@*,5+,+!95,+-$#0+!>.5-,3,0-!4,*-$0,0-,+E!
!
?#5-!.5!2#08!1,+!c8,+%!50,!8*.01,!4.*-$,!15!-*.6.$2!4*#15$-!4.*!2'(2,)-*#3.80(-$+3,!,+-!.44.*5!7!2',+4*$-%!
7!2.!6$+$#0!,-!.5!-#5)>,*!1,+!,0-$-(+!6$6.0-,+!)#33,!95,295,!)>#+,!1,!+#2$1,%!1'$335.@2,3,0-!15*.@2,E!
l0!)#0+$1(*.$-!95,!2,!3(-.2%!2,!@#$+%!2.!*#)>,%!2,+!,0-$-(+!6$6.0-,+!(-.$,0-!-#5+!)#34#+(+!1,!A!3.-$K*,!C!
+#2$1,%! $0.0$3(,! #5! 6$6.0-,E! <6,)! 50,! -,22,! )*#Q.0),! ,0! 50! 50$6,*+! +#2$1,%! $2! 0',+-! 95,! 0.-5*,2! 95,! 2,+!
4*#4>K-,+!3Q+-$95,+!.0)$,0+!.$,0-!$3.8$0(!50!A!N5$++.0-!H01$6$15!C!4#++(1.0-!2'(0#*3,!4#56#$*!1,!)*(,*!
-#5-,+!2,+!+5@+-.0),+!+#2$1,+!1,!2'50$6,*+E!G0!$3.8$0.0-!50!-,2!A!H01$6$15!N5$++.0-!C%!$2!0'(-.$-!95,!0.-5*,2!
95'$2+!4,*O#$6,0-!50,!/$85*,!A!*#Q.2,!C!)#0-*X2.0-!2'50$6,*+!,-!4#++(1.0-!50,!0.-5*,!6,08,*,++,!2#*+95',22,!
(-.$-!)#0/*#0-(,!.5!)#34#*-,3,0-!>53.$0!95$!)*(.$-!50,!+#)$(-(!-5*@52,0-,E!
D$!2,+!N*#4>K-,+!1,!&.1$+%!0$!2.!+)$,0),!1'.5&#5*1'>5$!0,!+#0-!4*#)>,+!1,!2.!Z(*$-(!1,!2'G=$+-,0),E!
?#5+!1,5=!#0-!4.++(!)#342K-,3,0-!7!)X-(!1,!2.!6(*$-(E!
!
J.!+)$,0),!1$-!95,!2.!6$,!.!)#33,0)(!2#*+95,%!1'50,!3.0$K*,!$0,=42$95(,%!50,!)#3@$0.$+#0!,E&&",)"!1,!
*(.)-$#0+! )>$3$95,+! .! 4*#15$-! 50,! 3#2()52,! ).4.@2,! 1,! +,! *,4*#15$*,! ,0! 1()2,0)>.0-! 1,! 0#56,22,+!
*(.)-$#0+!)>$3$95,+E!

!
!01234'#5625748'$9'-24'%;')<124<' EF' ,54415'>'
T0,!-,22,!1,+)*$4-$#0!1,!2'$33,0+,!45$++.0),!,-!1,!2.!)#342,=$-(!/()#01,!1,!2.!\W@$?#C?#>=?#,"6(."#
X)&"#7'(,"&6-N!"#O-&,"#128"!!"#"()#9#,-O-N!"#7"#("#&.O!'12"&#B!*(6K2,!2'.44.56*$++,3,0-!/#01.3,0-.2!
1,!2.!4,*),4-$#0!,-!1,!2.!4,0+(,!+)$,0-$/$95,+!95$!#0-!4*#15$-!50,!-,22,!->(#*$,!m!!
G0! #5-*,%! 2.! +588,+-$#0! 95'50,! -,22,! )#3@$0.$+#0! 1,! +5@+-.0),+! )>$3$95,+! A!$0.0$3(,+!C! 45$++,! +,!
*(50$*! 1'50,! 3.0$K*,! +4()$/$95,! P! .))$1,0-,22,3,0-! P! 4#5*! 4*#15$*,! 50! *(+52-.-! .5++$! +5*4*,0.0-! 1,!
A!*,4*#15)-$#0!C!*,+-,!$0,=42$95(,!+)$,0-$/$95,3,0-E!
HE2)#,"!-#O-&,"#12"#!8"(O&')#%24-'6#5'6'D#N'"6#12"#(,'"6)'5'12"D#6"#O"2)#O-(#)&-')"&#26"#.M"6)2-!').#
-2(('# .)&-6R"# 12"# !-# 9#&"O&E72,)'E6#B# (OE6)-6."V# $"!-# (2RRK&"# )&EO# 26# O%.6E4K6"# 4-R'12"# Y#
12"!12"#'6)"&M"6)'E6#7826"#(E2&,"#'6'4-R'6-N!"#Y#12"#!"(#(,'"6)'5'12"(#68E("6)#O-(#"6M'(-R"&D#O-&#
O"2&#72#&'7',2!"V#
F,! )#0+,0+5+! 3#5-#00$,*! ,+-! )#0+$1(*(! )#33,! 425+! +)$,0-$/$95,! 95,! 2.! 4*#15)-$#0! 1,! ->(#*$,+!
A!$0+4$*(,+!C!@2#95(,+!4.*!2,+!2#$+!3.-(*$.2$+-,+!95,!2.!+)$,0),!+',+-!$34#+(,+E!F,-!#@+-.)2,!.5!4*#8*K+!
+)$,0-$/$95,! /5-5*! ,34;)>,*.! 2.! +)$,0),! 1'$06,+-$85,*! )#**,)-,3,0-! 2,! *#Q.53,! 15! 3,0-.2! ,-! 1,! 2',+4*$-!
&5+95'7!),!95'50!+)$,0-$/$95,!$2253$0(!1(/$,!2,+!)#06,0-$#0+!,-!#+,!1(4.++,*!2.!2$3$-,!,0-*,!2,!A!65!C!,-!2,!
A!0#0!65!CE!
Y$!2'#0!4*(+,0-.$-!2.!->(#*$,!1,!2.!*,4*#15)-$#0!+4#0-.0(,!1,+!3#2()52,+!.5=!N*#4>K-,+!.0)$,0+%!$2+!0,!
6,**.$,0-! .5)50,! 1$//$)52-(! 7! 50! -,2! A!(6(0,3,0-! 3.8$95,!C! ,-! 1$*.$,0-! 95,! A!L$,5!C! .! )*((! ),+!
)#3@$0.$+#0+!)>$3$95,+!,-!2,5*!.!$0+5//2(!2.!6$,E!".$+!),!0,!+,*.$-!4.+!27!0#0!425+!2.!@#00,!,=42$).-$#0E!
F',+-! ),! 6$,5=! )#0),4-! *,2$8$,5=! 1'50! A!L$,5! 1'G0! n.5-!C%! A!)*(.0-! 1,! 2#$0!C%! 95$! ,34;)>,! 2,+!
+)$,0-$/$95,+! 1'.6.0),*!,0! 1$*,)-$#0! 1,! *(/2,=$#0+! +4$*$-5,22,3,0-! 425+! )#0+)$,0-,+E! <$0+$%!3.28*(! 95,! 2.!
+)$,0),!+,!+#$-!.44.*,33,0-!(3.0)$4(,!1,+!1#)-*$0,+!.0)$,00,+%!,22,!*,+-,!-#5&#5*+!.5++$!35+,2(,!,-!
@2#95(,! 3,0-.2,3,0-! 95'.5! op,! +$K)2,! 4.*! 2,+! )*.$0-,+! 95',22,+! 25$! $0+4$*,0-E! G22,! .1#4-,! +,+! ->(#*$,+!
*$1$)52,+!4.*),!95',22,!0'.!4.+!,0)#*,!4,*O5!2.!A!$F@795F!C!1,!1A5<3%,AB<C3%GH"5<3!1,**$K*,!,-!1.0+!2.!
3#2()52,!6$6.0-,E!
!
$E6)'62-6)# (E6# %'()E'&"# 7"# !-# ,&.-)'E6%! 2.! +)$,0),! 1()2.*,! 95'.4*K+! 2.! A!)*(.-$#0! +4#0-.0(,!C! 1,!
3#2()52,+! 6$6.0-,+! ).4.@2,+! 1,! +,! *,4*#15$*,%! ,22,+! A!+,! +#0-! )#0+-$-5(,+!C! ,0! 50,! ),2252,! 6$6.0-,! q+$!
4,-$-,!95',22,!0,!4,5-!4.+!+,!6#$*! 7!2'r$2! 05s%!95$!,+-!1,6,05,!2,!3.-(*$.5!1,!)#0+-*5)-$#0!4#5*!-#5-,!2.!
352-$42$)$-(! 1,+! #*8.0$+3,+! 6$6.0-+%! Q! )#34*$+! 2,+! 42.0-,+%! 2,+! $0+,)-,+%! 2,+! *,4-$2,+%! 2,+! #$+,.5=%! 2,+!
.0$3.5=! ,-! 2'>#33,! 25$R3;3,E! <$0+$%! -#5-,+! 2,+! )>#+,+! 6$6.0-,+! .5*.$,0-! 50! .0);-*,! )#3350! P! 2.!
4*,3$K*,!3#2()52,!6$6.0-,E!
J.!+)$,0),!0,!4,5-!,=42$95,*!4#5*95#$!2,+!3#2()52,+!*,4*#15)-$@2,+!+,!+#0-!.++,3@2(,+!,0!50,!),2252,!
6$6.0-,E!F,2.!*,+-,!50!3Q+-K*,!4#5*!2.!+)$,0),!7!),!&#5*E!!
!
J.!),2252,!6$6.0-,%!6#5+!1$-!6#-*,!+)$,0),%!+,!*,4*#15$-!+.0+!/$0!1.0+!1,+!3$22$.*1+!1,!3$22$.*1+!1,!3$22$.*1+!
1,! /#*3,+! 1$//(*,0-,+E!F',+-! 2,!3.-(*$.5! 1,! )#0+-*5)-$#0! 1,!2'50$6,*+! 6$+$@2,E! F#33,0-! ),2.! +,! 4,5-R$2!]!
k5,22,! ,+-! !8'4O2!('E6!95$!3#-$6,! 50,! -,22,! *,4*#15)-$#0!]! J.! +)$,0),! 0,! 4,5-! 4.+!2,! 1$*,E!\,-*.0)>(,!
1,**$K*,!+.!4*#4*,!)()$-(%!,22,!+,!)$*)#0+)*$-%!,-!2,+!8,0+!.6,)!,22,%!1.0+!50,!)()$-(!3.-(*$.2$+-,E!
!

!
!01234'#5625748'$9'-24'%;')<124<' EE' ,54415'>'
G-! 3.$0-,0.0-%! 2.! 4*,3$K*,! ),2252,! 6$6.0-,! 3(*$-,! 2'.--,0-$#0! ,=)25+$6,! 1,! -#5-,! 4,*+#00,! )>,*)>.0-!
+(*$,5+,3,0-!2.!1$3,0+$#0!+4$*$-5,22,!,-!2.!9!AE2&,"#O&"4'K&"#7"#!8?S'()"6,"#B!P!4.*),!95,!2.!4*,3$K*,!
3#2()52,! 6$6.0-,! ,-! 2.! 4*,3$K*,! ),2252,! 6$6.0-,! +#0-! 2.! -#5-,! 4*,3$K*,! (6$1,0),! 1'50,! -,)'M').#
'6)"!!'R"6)"!1.0+!2.!A!3.-$K*,!C!R!1.0+!2'50$6,*+E!!
J.!).*.)-(*$+-$95,!4*,3$K*,!95$!1(3#0-*,!15!+,0+!,-!1,!2.!+,0+$@$2$-(!,+-!2.!/#0)-$#0!1,!2.!3,3@*.0,!95$!
*,)#56*,!2.!),2252,%!25$!)#0/(*.0-!4*#-,)-$#0!,-!$01$6$15.2$-(E!N,0+,^!7!),!4>(0#3K0,!A!3$*.)52,5=!CE!
J.! ),2252,! .@+#*@,%! 7! -*.6,*+! +.! 3,3@*.0,%! 50$95,3,0-! 2.! 0#5**$-5*,! 95',22,! .! 67&,!$'"##7,! 1.0+!
2',06$*#00,3,0-E!
D#0! +,52,3,0-! 2.! ),2252,! .@+#*@,! 2.! 0#5**$-5*,! !"%%,!$,! 3.$+! P! .Q.0-! 5-$2$+(! ),--,! 0#5**$-5*,%! ,22,! +,!
1(@.**.++,!1,!+,+!1()>,-+!7!-*.6,*+!),--,!3,3@*.0,!4,*3(.@2,E!
Z#5+!1,6*$,^!6#5+!1,3.01,*!)#33,0-!2.!3,3@*.0,!A!45*,3,0-!4>Q+$95,!C!1,!2.!),2252,%!$06$+$@2,!7!6#+!
Q,5=%!4,5-!A!/'6$'#(3,%),$)67&,!$'"##,%!C!2.!0#5**$-5*,!95$!25$!)#06$,0-!./$0!1'.3(2$#*,*!+#0!@$,0R;-*,%!45$+!
,=,*),*!+5//$+.33,0-!1,!1$+),*0,3,0-!4#5*!+,!1(@.**.++,*!1,!2.!3.-$K*,!-#=$95,!0#0!1(+$*(,!]!
D,! 6#Q,^R6#5+! 4.+! 27! 50! >.5-! 1,8*(! 7"# 5'6-!').! 1.0+!-#5-,!),--,! .)-$6$-(! ,-! 4#56,^R6#5+! )*#$*,!95'50,!
-,22,!$0-,0-$#0!+#$-!.))$1,0-,22,!]!
G-!*T#\=<T*=H?!0',+-R,22,!4.+!2.!3.*95,!3;3,!1,!!8=6)"!!'R"6,"!]!
N25+!,0)#*,!M!2.!3,3@*.0,!1,!2.!),2252,!)#0-$05,!7!/.$*,!),!-*.6.$2!1,!+(2,)-$#0!1,!2.!0#5**$-5*,!,-!1,!*,&,-!
1,+!1()>,-+!1.0+!50!3$22$.*1!1,!3$22$.*1+!1,!)$*)#0+-.0),+!,-!1,!)#01$-$#0+!1$//(*,0-,+%!2$(,+!7!2.!+5*6$,!
1,!1$6,*+,+!,+4K),+!1.0+!1$6,*+!,06$*#00,3,0-+E!D',+-R),!4.+!27!50,!(6$1,0),!1,!*T#\=<T*=H?#95$!+,!
&#5,!1.0+!)>.)50,!1,+!.)-$#0+!1,!)>.95,!+#*-,!1',+4K),%!$0+,)-,+%!42.0-,+%!*,4-$2,+%!#$+,.5=%!.0$3.5=!
,-!;-*,+!>53.$0+!]!!
!
D,! 4#5**.$-R#0! 4.+! 1()*$*,! 2'50$6,*+! )#33,! 50,! =PJ;*A=W<! )#0+-.0-,! ,-! )#>(*,0-,! C?# \=<T*=H?!
*,015,!6$+$@2,!1.0+!2,!1#3.$0,!1,!2.!A!3.-$K*,!C!6$+$@2,!]!
J',+4*$-!1,!\=<T*=H?!,+-R$2!50!(2(3,0-!4>Q+$95,!P!#5!50!(2(3,0-!1,!2.!A!)#0+)$,0),!C!]!
G-! +$! 6#5+! 4#56,^! .)),4-,*! 95,! *T# \=<T*=H?! ,+-! 50,! $3452+$#0! )*(.-*$),! $0)#0-,+-.@2,! 1,**$K*,!
*8?I=AH?<$?%!.2#*+%!6#5+!4#56,^!4.++,*!7!2.!4,*),4-$#0!+5$6.0-,!1,!2'50$6,*+!M!),22,!1,!2.!3.0$/,+-.-$#0!
6$+$@2,! 1'50,! ?>T*;TH=W<! =<H?**=d?<H?! 7"(# ,-2("(# ")# 7"(# "55")(D! )2.$*,3,0-! (6$1,0-,! 1.0+! 2.!
A!3.-$K*,!C! 6$6.0-,E! F.*! P! +$! 2.! ),2252,! 6$6.0-,! 4,5-! +(2,)-$#00,*! 2.! 0#5**$-5*,! 95$! 25$! )#06$,0-! ")# -2(('#
OE2&ME'&#0#!8.!'4'6-)'E6#7"#("(#7.,%")(#)ES'12"(!P!),--,!+$342,!.)-$6$-(!1(3#0-*,!50,!)#0+)$,0),!15!
@,+#$0!1,!1$8(*,*!,-!4*(6#$-!(8.2,3,0-!2.!)#0+-$-5-$#0!1,!1()>,-+!-#=$95,+!95$!,0!*(+52-,!P!,-!2.!0(),++$-(!
1'(2$3$0,*!1,!-,2+!1()>,-+!4#5*!.++5*,*!2.!+.0-(!4,*3.0,0-,!1,!2.!),2252,E!D',+-R),!4.+!27!50,!$01$).-$#0!
)2.$*,!1'50,!e>T*;TH=W<#=<H?**=d?<H?#7"#!-#9#$-2("#")#7"#!8?55")#B#f##
C"#O!2(D#!-#(,'"6,"#7')#12"#!-#,"!!2!"#,E6)'"6)#26#9#6E^-2#B#12'#OE2&&-')#("#,E4O-&"&#-2#,"&M"-2#
7826#X)&"#%24-'6#O2'(128'!#)&-6(4")#7"(#4"((-R"(#")#12"#(-#5E6,)'E6#O&'6,'O-!"#"()#!"#()E,g-R"#
78'65E&4-)'E6(D# !-# 9#N'N!'E)%K12"#B# 12'# ,E6)'"6)# 6E6# ("2!"4"6)# !"(# 7.)-'!(# &"!-)'5(# 0# 26"# ,"!!2!"D#
4-'(#0#)E2)#!"#,E&O(#7-6(#!"12"!#"!!"#&.('7"#h#
G0! /.$-%! +,2#0! 2,+! *,)>,*)>,+! 1,! 2.! +)$,0),%! $2! .44.*.d-*.$-! 95,! 2.! ),2252,! ,22,R3;3,! ,+-! 50! +Q+-K3,! 1,!
A!3,++.8,+!C!)>$3$95,+!-*.0+4#*-(+!1'50,!3.0$K*,!$0-,0-$#00,22,%!$0-,22$8,0-,!,-!)2.$*,E!F#33,0-!),2.!+,!
4#5**.$-R$2! +$! 2,+! E&'R'6"(! 1,+! 3#2()52,+! 1,! 2.! ),2252,! 0'(-.$,0-! 95,! 1,+! +5@+-.0),+! )>$3$95,+!

!
!01234'#5625748'$9'-24'%;')<124<' E=' ,54415'>'
$0.0$3(,+!]!L$+)5-,*$,^R6#5+!2,!/.$-!95,!1,**$K*,!)>.95,!A!3,++.8,*!.Q.0-!50!3,++.8,!7!1(2$6*,*!C!+,!
-*#56,! 50,! 4,0+(,! #5! 50,! )#0+)$,0),! $0-,22$8,0-,!]! G-! 95,! 4,0+,*! 1,! 2.! 4*()$+$#0! 1,+! 3,++.8,+!
-*.0+/(*(+! 1,! ),2252,! 7! ),2252,! 4#5*! .++5*,*! 2.! *(42$).-$#0! ,=.)-,! 1,! ),*-.$0,+! ,+4K),+! 4,01.0-! 1,+!
3$22$#0+!1'.00(,+!]!
<!95,2!3#3,0-!1#0)!1,!2.!)*(.-$#0%!2.!A!)#0+)$,0),!C!+',+-R,22,!/.5/$2(,!1.0+!1,+!#*8.0$+3,+!6$6.0-+!]!
G-! )#33,0-! 2.! 4,0+(,! $0-,22$8,0-,%! 95$! 4K+,! ,-! 1()$1,%! ,+-R,22,! .**$6(,! 1.0+! 2,! )>.34! 1,! 2.! 3.-$K*,!
$0)#0+)$,0-,!,-!$0.0$3(,!]!
Y.0+! )#0+)$,0),! $0>(*,0-,%! )#33,0-! 50,! .)-$6$-(! +$! @$,0! $0/#*3(,! ,-! $0/#*3.-*$),! 4,5-R,22,! .6#$*! 2$,5!
1.0+! 50,! ),2252,! $06$+$@2,! 7! 2'r$2! 05!]! T0,! -,22,! .)-$6$-(! 0',+-R,22,! 4.+! 2,! ?<AGB95# 1,! 2.# ,E6(,'"6,"# i#
,E66-'((-6,"D#O&E2M-6)#!-#O&.("6,"#7"#M'"#9#'6)"!!'R"6)"#B#7-6(#(E6#O!2(#O")')#7.6E4'6-)"2&#f!
G0! #5-*,%! 50,! +$342,! ),2252,! 6$6.0-,%! +#5+! /#*3,! 1,! @.)-(*$,%! 4,5-! +,! 3#56#$*! -#5-,! +,52,! ,-! 6$6*,! +.!
4*#4*,!6$,!+4()$.2$+(,!,-!+#56,0-!,=)$-.0-,!1.0+!2',06$*#00,3,0-!P!#5!P!,0!-.0-!95,!6$*5+%!,=()5-,*!+#0!
r56*,! 1,! 3#*-%! +4()$.2$+(,! 1.0+! 2'.--.95,! 1,! )$@2,+! +4()$/$95,+! 1.0+! 1,+! #*8.0$+3,+! 6$6.0-+E! N.*!
.$22,5*+%!2.!),2252,!4,5-!+,!/$=,*!1.0+!50!#*8.0$+3,!4#5*!,//,)-5,*!+#0!-*.6.$2!).4$-.2!1,!)#0+-*5)-$#0!,-!1,!
3.$0-,0.0),! 1,! 95,295,! 4.*-$,! 1,!2'#*8.0$+3,E!T0!-,2! -*.6.$2! 4*#15$-! 15!A!3.-(*$,2! 6$6.0-!C! ,=.)-,3,0-!
.1.4-(!P!,-!0(),++.$*,!P!7!2'#*8.0,!6$6.0-!+5*!2,95,2!$2!-*.6.$22,!P!+#$-!1,+!4.*-$,+!15!)#*4+!>53.$0!#5!1,!
2.!6$,!.0$3.2,%!#5!1'50,!42.0-,!P!-,2+!1,+!#*-,$2+!#5!50,!*.-,!>53.$0+%!#5!1,!2.!/#5**5*,!,-!1,+!1(/,0+,+!
1'.0$3.5=%! #5! 1,+! ().$22,+! 1,! 4#$++#0! ,-! 1,+! 4253,+! 1'#$+,.5%! #5! 1,! 2'()#*),! 1'.*@*,! ,-! 15! /,5$22.8,!
8.*0$++.0-!1,+!@*.0)>,+%!#5!1,+!4(-.2,+!,-!2,!4(1#0)52,!1,!/2,5*+%!#5!1,+!.0-,00,+!1,!4.4$22#0+!,-!2,5*+!
.$2,+!1,!8.^,%!2.!4,.5!*,4-$2$,00,!1,+!)*#)#1$2,+!,-!2,5*+!1,0-+%!2,+!Q,5=!1,+!).3(2(#0+!,-!2,5*!4,.5!95$!
)>.08,! 1,! )#52,5*! +,2#0! 2,5*! @,+#$0! 1,! ).3#5/2.8,E! F>.)50! 1,! ),+! 4>(0#3K0,+! 4>Q+$95,+!
)#342K-,3,0-! 1$//(*,0-+! ,-! .44.*,33,0-! +.0+! .5)50! *.44#*-! +#0-! )*((+! 4.*! 2,! -*.6.$2! $01$6$15,2! ,-!
+4()$.2$+(!1,!3$22$.*1+!,-!1,!3$22$.*1+!,-!1,!3$22$.*1+!1,!),2252,+!6$6.0-,+!$1,0-$95,+E!
G0!)#0-,342.0-!2'$33,0+$-(!,-!2.!1$6,*+$-(!15!-*.6.$2!.))#342$!4.*!50,!+$342,!),2252,!6$6.0-,!$06$+$@2,!7!
2'r$2!05!P!4#56,^R6#5+!)*#$*,!,0!50!50$6,*+!3().0$95,!]!
F,! +,*.$-! 4#++$@2,! +$! 2.! A!3.-$K*,!C! 4*#15$-,! 4.*! 1,! -,22,+! ),2252,+! (-.$-! $22#8$95,%! +.0+! @5-! 42.5+$@2,! ,-!
+.0+!*.$+#0!7!+#0!,=$+-,0),!P!1(05(,!1,!)#0+)$,0),!4,*+#00,22,E!
".$+!),!0',+-!4.+!2,!).+E!F,+!),2252,+!6$6.0-,+!'/,#$'83,6!-*.6.$22,0-!,0+,3@2,%!,0!>.*3#0$,!,0!2'>#33,!
#5!,0!2'.0$3.2%!./$0!1,!,E6()&2'&"#26#5E'"!.6,)!+,+!352-$42,+!-c)>,+!7!2'$0-(*$,5*!15!)#*4+%!-5'6#7"#,&."&#
26#j'!#,E4O!'12.!.6,)!+,+!4*#4*,+!@5-+!95$!+#0-!1,!3,--*,!2',0-$-(!,0!)#0-.)-!1$*,)-!,-!$0-,22$8,0-!.6,)!
+#0! ,06$*#00,3,0-%! Q! $0)#*4#*.0-! 2'.$1,! 15! ),*6,.5%! #5! 1'#+! 45$++.0-+%! ,=4*,++(3,0-! 4*(65+%! 1,!
3.0$K*,! )#342,=,! ,-! ,0! )#0&#0)-$#0! .6,)! 1,+! -,01#0+! ,-! 1,+! 35+)2,+%! 4#5*! +'50$*! 7! 1'.5-*,+! 1,! 2.!
3.0$K*,!95$!)#06$,0-!4#5*!4,*3,--*,!2,!3#56,3,0-!+#542,!,-!)#342,-!1,!2',0-$-(E!
L,!425+%!2,+!),2252,+!0'$0-,*/K*,0-!&.3.$+!1.0+!2,5*+!-c)>,+!*,+4,)-$6,+E!
J#*+95',22,+!)*(,0-!50!*,$0%!,22,+!0,!/#0-!4.+!+5@$-,3,0-!50,!#*,$22,E!
J#*+95',22,+! /.@*$95,0-! 50! )>,6,5%! ,22,+! 0,! +,! 2.0),0-! 4.+! +#51.$0,3,0-! 1.0+! 2.! /.@*$).-$#0! 1,! 4,.5E!
D#0%!2,+!),2252,+!/.@*$95,0-!2,!)5$*!)>,6,25!,-!1'.5-*,+!),2252,+!,=.)-,3,0-!4.*,$22,+!/.@*$95,0-!15!)>,6,5E!
J.! +,52,! 1$//(*,0),! ,0-*,! 2,+! ),2252,+! 1,! 2.! 4,.5! ,-! 1,+! )>,6,5=! ,+-! 2,! -*.6.$2! 95',22,+! .))#342$++,0-%!
+,)#01,!.4*K+!+,)#01,%!15*.0-!-#5-,!50,!6$,E!N#5*95#$!]!
k5,2!,+-!2,!/.)-,5*!1,!A!3#-$6.-$#0!C!,-!A!1'$0+4$*.-$#0!C!]!T0!.))$1,0-!]!!

!
!01234'#5625748'$9'-24'%;')<124<' E?' ,54415'>'
k5,22,!'6)"!!'R"6,"!#*8.0$+.-*$),!.!3$+!,0!3#56,3,0-!2,!4*#),++5+!,0-$,*!1,!)*(.-$#0!7!4.*-$*!15!0$6,.5!
2,!425+!/#01.3,0-.2!1,!2.!/#*3.-$#0!1'(2(3,0-+!+$342,+!1,!4.*-$)52,+!(2,)-*$95,+!2$@*,+!1.0+!A!2',+4.),!C%!!
! 2.!)#3@$0.$+#0!1'(2(3,0-+!4#56.0-!/#*3,*!1,+!+5@+-.0),+!)>$3$95,+%!!
2.!)#3@$0.$+#0!)#**,)-,!1,!+5@+-.0),+!)>$3$95,+!+4()$/$95,+!4#56.0-!/#*3,*!50,!3#2()52,!6$6.0-,%!!
2.!)#3@$0.$+#0!)#**,)-,!1,!3#2()52,+!6$6.0-,+!4#5*!,0!/.$*,!50,!),2252,!6$6.0-,!95$!4,5-!.@+#*@,*!1,!
2.!0#5**$-5*,%!!
,=)*(-,*!2,+!1()>,-+%!)#0+-*5$*,!)#0/#*3(3,0-!7!1,+!+4()$/$).-$#0+!)2.$*,+!,-!4*()$+,+%!+,!3#56#$*!,-!
"6)&")"6'&!),-!!
(0#*3,!(1$/$),!1,!)*(.-$#0!.6,)!)#0+-.0),%!7!-*.6,*+!1,+!3$22$.*1+!1'.00(,+!]!
N25+! ,0)#*,!M! 95,22,! ,+-! 2.! 9!\E&,"# PE)'M-6)"!B# 95$! .! )#0O5! ,-! .! /.$-! (6#25,*! .6,)! +5))K+%! 1.0+! 2,+!
+Q+-K3,+! ,-! ,0-$-(+! 6$6.0-+%! 1,+! 3$22$.*1+! ,-! 1,+! 3$22$.*1+! 1,! 3.0$K*,+! 1$//(*,0-,+! 1,! /,*-$2$+,*! 2,+!
+,3,0),+! 1,! )>.95,! ,+4K),! P! 95,! ),! +#$-! ),22,+! 1,! 42.0-,+%! 1'$0+,)-,+%! 1,! *,4-$2,+%! 1'#$+,.5=%!
1'.0$3.5=! #5! 1';-*,+! >53.$0+%! ,0! 1(6,2#44.0-! 4#5*! )>.)50,! 50! +Q+-K3,! $0-,22$8,0-! 1,! 4*#)*(.-$#0!
.1.4-(!.5=!)#01$-$#0+!)2$3.-$95,+%!7!2.!4*#15)-$#0!1,!2.!6(8(-.-$#0!2#).2,%!./$0!1'.++5*,*!2,5*!+5*6$,!]!
*-#A;@>=?#68"()/"!!"#O-(#.R-!"4"6)#26"#.M'7"6,"#7826"#-,)'M').#'6)"6)'E66"!!"#'6)"!!'R"6)"#f#
G-! ),-! $33,0+,! ,=42#$-! 1,! )*(.-$6$-(! .))#342$%! 0,! 1,6*$,^R6#5+! 4.+! 6#5+! 1,3.01,*! )#33,0-! $2! +,! /.$-!
95,!)>.95,!,+4K),!6$6.0-,!.!+.!4*#4*,!3.0$K*,!$01$6$15,22,!1'(2,6,*!+,+!4,-$-+!,-!1,!2,+!4*#-(8,*!.5-.0-!
95,! 4#++$@2,!&5+95'7! ),!95'$2+! +#$,0-! ).4.@2,+! 1'.++5*,*! ,5=R3;3,+! 2,5*! A;@>=?!]! D',+-R),! 4.+%! .)-$/!
+#5+!+.!/#*3,!2.!425+!(2,6(,%!C?#*8TPW;@#JW;@#*T#$@?TH=W<!]!!
Z#5+! 0,! 4#56,^! 4.+! +#*-$*! 1,! ),--,! .0.2Q+,! 1,! ),! 95,! 2'$0-,22$8,0),! >53.$0,! .! 7! 1$*,! .5! +5&,-! 1,+!
#*$8$0,+!1,!2.!6$,!,-!1,!2.!)*(.-$6$-(%!+.0+!3,0-$#00,*!!"(#4E!.,2!"(#78'4OE&)-6,"#4-3"2&"#7"#!8TC<%!
1#0-! #0! 1$-! 95',22,+! 4#*-,0-! 2,! A!42.0!C! 1,! -#5-! 2'#*8.0$+3,! P! 42.0-,! #5! @(@(E! G0! #5-*,%! ),+! 3#2()52,+!
1'<LD!1#00,0-!1,+!$0+-*5)-$#0+!.5=!),2252,+%!2,+!$0/#*3.0-!95',22,+!1#$6,0-!)#0+-*5$*,!)#0/#*3(3,0-!.5=!
)>*#3#+#3,+!1(4#+(+!4.*!2.!+,3,0),E!
l5$%!6*.$3,0-%!7!2.!42.),!78=6)"!!'R"6,"%!2.!+)$,0),!6#5+!.!1#00(!2,+!4E!.,2!"(#78TC<!,-!+,+!/*.8$2,+!
),2252,+!3.-(*$,22,+!)#33,!+#5*),!1,!6#-*,!,=$+-,0),%!6#-*,!)>,/!+54*;3,%!6#-*,! 1$*,)-,5*!1,!)*(.-$#0%!
1#0-! -#5-,!2.!)*(.-$#0!1#$-!1(4,01*,!4#5*! +.!+5*6$,E!F#0-,342,^!2,!82#*$,5=! TC<#Y#A"'R6"2&#7"#ME)&"#
,&.-)'E6#h##
L'#I!2,+!3#2()52,+!1'<LD!#0-R,22,+!-$*(!2,5*+!OE2ME'&(#78E&'"6)-)'E6#'6)"!!'R"6)"!]!
J.!+)$,0),!,+-!+.-$+/.$-,!3.$0-,0.0-!95',22,!,+-!).4.@2,!1',=42$95,*!1,!3.0$K*,!+.-$+/.$+.0-,!4#5*95#$!2,+!
1$6,*+,+! ,+4K),+! 1,! -#5-! 8,0*,! +,! *,4*#15$+,0-! +$! ,=.)-,3,0-! ,-! )#0+-.33,0-E! *-# A,'"6,"# -'4"&-')#
ME2(# 5-'&"# ,&E'&"# 12"# ME2(# M'M"Q# 7-6(# 26# 26'M"&(# O2&"4"6)# 4.,-6'12"#U# 12"# !"# O%.6E4K6"# 7"#
!8.ME!2)'E6#6-b)#7"#42)-)'E6(#%-(-&7"2("(#")#7"#!-#9#(2&M'"#72#4'"2S#-7-O).#BV#
Y$! 6#5+! (-51$,^! 2,+! 1$6,*+! #*8.0$+3,+! 1,!2.! )*(.-$#0%! 2,+!352-$42,+! ,-! 1$//(*,0-,+! .)-$6$-(+! 1,+! ,+4K),+!
$0-,*1(4,01.0-,+%!4#56,^R6#5+!6*.$3,0-!)*#$*,!,0!50!)#0),4-!3.-(*$.2$+-,!.5++$!$34*#@.@2,!]!
F,! 0',+-! 4.+! 50,! +$342,! )#U0)$1,0),! +$%! .5&#5*1'>5$%! ./$0! 1,! 6#5+! 4,*3,--*,! 1,! 1()#56*$*! 2.! 6.+-,!
=6)"!!'R"6,"! 1,**$K*,! 2.! )*(.-$#0%! 1,! 0#3@*,5+,+! 4,*+#00,+! )*(.-$6,+! +,! 2.0),0-! 1.0+! 1,+! 6#Q.8,+!
1$//$)$2,+! 4#5*!,=42#*,*%!(-.@2$*!,-!4>#-#8*.4>$,*!2,+!>.@$-.-+!,-!2,+!>.@$-51,+! 1,!)*(.-5*,+!,-!1,!42.0-,+!
+.56.8,+E! l0! 6#5+! .35+,! P! ,-! 6#5+! $0+-*5$-! P! .6,)! 1,+! 95.0-$-(+! 1,! /.$-+! ,-! 1,! 4>#-#8*.4>$,+! 1,+!
4"&M"'!!"(!1,!6#-*,!50$6,*+E!

!
!01234'#5625748'$9'-24'%;')<124<' E@' ,54415'>'
L5! -,34+! #I! &'(-.$+! +5*! ?,**,%! &,! 0,! 4#56.$+! 4.+!3,! *(/(*,*! 7! 1,! -,22,+! 3,*6,$22,+! 4#5*! ,0+,$80,*! .5=!
B5$/+!2.!>.&').#26'M"&("!!"#7"#!8?S'()"6,"E!B,!0,!1$+4#+.$+!95,!1'.0$3.5=! 1#3,+-$95,+!,-!1'#$+,.5=!7!
5-$2$+,*! )#33,! ,=,342,+! 1,+! 3,*6,$22,+! 1'$06,0-$6$-(%! 1'$0-,22$8,0),! ,-! 1,! ,E6(,'"6,"! .44.*,0-,+! ,0!
)>.95,! ;-*,! 6$6.0-E! H2! 0',+-! ()*$-! 0522,! 4.*-%! 1.0+! 2,+! (6.08$2,+%! 95,! &,! 3,! +5$+! *(/(*(! 7! 50! n.5-! ,-!
N5$++.0-!B(>#6.>!)#33,!(-.0-!2,!F*(.-,5*%!)#33,!)'(-.$-!2.!)#5-53,!)>,^!2,+!1$*$8,.0-+!&5$/+E!
D#0%! &,! 3,! +5$+! -#5*0(! 6,*+! 2.! ).34.80,%! 2,+! /2,5*+! ,-! 2,+! #$+,.5=%! ,-! &'.$! ,++.Q(! 1,! 3#0-*,*! 7! 3,+!
)#34.-*$#-,+! 95'$2+! (-.$,0-! ,0-#5*(+! 1'50,! )*(.-$#0! 3,*6,$22,5+,! ,-! 3$*.)52,5+,E! H2! Q! .! 1,5=! 3$22,! .0+!
1.0+!6#-*,!1$3,0+$#0%!0#5+!3.095$#0+!1,!6#-*,!)#0-,=-,!+)$,0-$/$95,!3#1,*0,!4#5*!4#56#$*!#@+,*6,*!,-!
,=42$95,*!$0-,22$8,33,0-!2'.)-$6$-(!1,!),!95,!&'.44,2.$+!2,!9!JK&"#B!4.*-#5-!.5-#5*!1,!0#5+E!
N#5*!1()#56*$*!6#-*,!6(*$-.@2,#AW;@$?#C8aH@?%!&,!6#5+!1,3.01,!1,!/.$*,!2'$06,0-.$*,!1,!2'$0$3.8$0.@2,!
,-! $01,+)*$4-$@2,! )#342,=$-(! ,-! 1$6,*+$-(! 1,! -*.6.$2! $0-,0-$#00,2! -#5-! +$342,3,0-! (6$1,0-,! )>,^! 2,+!
4$08#5$0+!,-!2,+!4#*)+E!
J',+4*$-! >53.$0! 4,5-R$2! *,4*#15$*,! 50,! +,52,! 1,+! .)-$6$-(+! 2,+! 425+! /#01.3,0-.2,+! 95$! #0-! 2$,5! 1.0+! P!
1$+#0+! P! 2,! +Q+-K3,! 1$8,+-$/%! 2,95,2! *.++,3@2,! *.4$1,3,0-! 2,+! ,0^Q3,+! ,-! 2,+! >#*3#0,+! *,95$+,+%!
0(),++.$*,+!7!2.!1$8,+-$#0!]!
F#33,0-! 2,! ),*6,.5! /$0$%! $0).4.@2,! 1,! 4,*),6#$*! )2.$*,3,0-! 2,! 6(*$-.@2,! 4*#),++5+! 1,! )*(.-$#0! 95$! ,+-!
8#56,*0(!4.*!50,!)#00.$++.0),!$0+-$0)-$6,%!.R-R$2!2'.51.),!1'.//$*3,*!1,!3.0$K*,!50$6#95,!P!,0!1(/$.0-!2.!
)#0-*.1$)-$#0!P!95'$2!)#34*,01!2,+!6(*$-.@2,+!#*$8$0,+!1,!2.!)*(.-$#0!,-!2,+!/#*),+!95$!#0-!1#00(!/#*3,!7!2.!
)*(.-$#0!]!
k5,22,!.**#8.0),!m!F,+!>#33,+!0,!*(5++$++,0-!7!4,0+,*!95,!+,2#0!),!95,!2,5*!1$+,0-!2,5*+!Q,5=E!
B,! *,8.*1,! 2'$80#*.0),! +)$,0-$/$95,! .)-5,22,! .6,)! 50,! )#34.++$#0! 42,$0,! 1'.3#5*%! 50! ),*-.$0! 1,8*(!
1'.35+,3,0-!,-!50!1(+$*!@*f2.0-!1,!4$95,*!+.!/$,*-(E!F.*%!-.0-!95'50,!4,*+#00,!0,!4#5**.!*,)#00.d-*,!+.!
/.-5$-(! ,-! +.! 4#+$-$#0! 1'$0/.$22$@$2$-(%! 50,! 6(*$-.@2,! 50$#0! ,0-*,! 2,+! Z(*$-(+! G-,*0,22,+! ,-! 2.! )#00.$++.0),!
+)$,0-$/$95,! >53.$0,! 0,! 4#5**.! &.3.$+! .6#$*! 2$,5E! ".$+! ,&&,) /"'$) 59"'%) &',3%! /.5-,! 1,! 95#$! 2'(6#25-$#0!
+4$*$-5,22,!>53.$0,!*,+-,*.!.5!4#$0-!3#*-E!!
J,+! +)$,0-$/$95,+! #0-! 2',+4*$-! -*#4! 42,$0! 1,! +.6#$*! 2$6*,+95,! A!+4()$.2$+(!C%! 1,! /#*352,+! ,-! 1'(95.-$#0+!
)#0+.)*(,+!,-!15!@,+#$0!1,!2'.44*#@.-$#0!1,!2,5*+!4.$*+%!4#5*!4,*3,--*,!50,!4(0(-*.-$#0!3Q+-$95,!1,!2.!
4.*-!1'H0-,22$8,0),+!Y54(*$,5*,+E!!
G0!3#0!0#3%!&,!1,3.01,!.5=!2,)-,5*+!1,!),+!*"))&"(!1,!/#*3,*!50,!.++#)$.-$#0!4#5*!1(/$,*!2.!+)$,0),!
,-! 1,3.01,*! A!7! 95,2! +-.1,! 1,! 2'(6#25-$#0! 15! A!3#01,! 3.-(*$,2!C! 2.! $W<A$=?<$?! ,+-R,22,! 4#5*! 2.!
4*,3$K*,!/#$+!4,*),4-$@2,!]!C!
B,!*(4K-,!,-!&,!4K+,!3,+!3#-+!M!1,3.01,^!.5=!+)$,0-$/$95,+!7!95,2!3#3,0-%!1.0+!2'(6#25-$#0!15!3#01,%!
2.!A!)#0+)$,0),!C!,+-!4,*),4-$@2,!4#5*!2.!4*,3$K*,!/#$+E!L.0+!2.!),2252,!6$6.0-,!]!Y$!)',+-!1.0+!2.!),2252,!
6$6.0-,%!1,3.01,^R2,5*!+$!,22,!(-.$-!4,*),4-$@2,!1.0+!2,+!3#2()52,+!6$6.0-,+!95$!+,!+#0-!)#3@$0(,+!4#5*!
/#*3,*! 50,! ),2252,! ,-! +',0-#5*,*! 1'50,! 3,3@*.0,! +$! $0-,22$8,33,0-! )#0O5,! 95',22,! 4,*3,-! 2.!
)#0+#33.-$#0!1'.2$3,0-+!+(2,)-$#00(+!,-!2',=)*(-$#0!1,!1()>,-+!-#=$95,+!]!F#33,0-!*,)#00.$++,0-R,22,+!
2,+! 1()>,-+! -#=$95,+!]! G-! +'$2! (-.$-! .13$+! 95,! 2.! )#0+)$,0),! 4#56.$-! ;-*,! 4*(+,0-,! 1.0+! 1,+! 3#2()52,+!
6$6.0-,+%! 0,!/.51*.$-R$2! 4.+! 2,5*! 1,3.01,*! +$!2,+! 4*#4*$(-(+!)>$3$95,+! 95$! +#0-! 1,6,05,+! 50,!3#2()52,!
6$6.0-,%! 0,! 4#5**.$,0-! 4.+! .6#$*! 4#++(1(! ,22,+R3;3,+! A!1,! 2.! )#0+)$,0),!C! 95$! 2,+! .! /$0.2,3,0-!
4#5++(,+! ,-! 4*#452+(,+! 1.0+! 50,! )#3@$0.$+#0! 6$6$/$.0-,! 95$! .! )*((! 50,! 3#2()52,!]! G-! .4*K+! ;-*,!

!
!01234'#5625748'$9'-24'%;')<124<' E>' ,54415'>'
*,3#0-(+! .5++$! 2#$0! 1.0+! 2,+! #*$8$0,+! 1,! 2',=$+-,0),! P! 2,+! 4*#4*$(-(+! )>$3$95,+! R%! $2! /.51*.$-! ,0)#*,! +,!
1,3.01,*! 4#5*95#$! A!2.! )#0+)$,0),!C! 0,! 1,6*.$-! 1,6,0$*! 50,! 4*(+,0),! 6$.@2,! 95,! 1.0+! 2,+! )#34#+(+!
)>$3$95,+!P!,-!4#5*95#$!4.+!1.0+!2,+!(2(3,0-+!1.0+!2,+95,2+!2'$01$6$15.2$-(!.!1'.@#*1!4*$+!/#*3,!,-!P!+$!
#0! 2'.13,-! 1.0+! 2,+! (2(3,0-+! P! 4#5*95#$! /.51*.$-R$2! 0$,*! 95,! A!2.! )#0+)$,0),!C! 4*#452+,! 2,+! 4.*-$)52,+!
(2,)-*$95,+!4#5*!/#*3,*!2,+!(2(3,0-+!]!G+-R$2!*.-$#00,2!1,!0$,*!50,!-,22,!4#++$@$2$-(!]!
G-! .Q.0-! )#0)25! 7! 50,! -,22,! 4#++$@$2$-(%! 0,! 1,6*$,^R6#5+! 4.+! .22,*! 425+! 2#$0! ,-! 1,3.01,*! 1'#I! 6$,0-!
2'(2,)-*#3.80(-$+3,!]![2"!!"#"()#9#!-#&.-!').#B#7"#!8.!",)&',').D#-2/7"!0#7"(#)&-')(#7"#!24'K&"#'6)"6("#
4-'6)"6-6)#7.,&')(#O-&#!-#(,'"6,"#,E44"#7"(#O%E)E6(#")#7"(#.!",)&E6(#f!
?)#12"!!"#"()#9#!-#&.-!').#B#72#4-R6.)'(4"#-2/7"!0#7"(#.6"&R'"(#7E2N!"(#9#78-))&-,)'E6#")#7"#&"3")#B#
/#,"(#'4O2!('E6(#78.6"&R'"#12'#E6)#-OOE&).#!-#()-N'!').#")#!8E&7&"#7-6(#!"#,%-E(#f#
L,3.01,^! 7! 2.! +)$,0),!M! A!L'#I! 6$,0-! 2'(2,)-*#3.80(-$+3,! 95$! ,+-! *,+4#0+.@2,! 1,+! (-.4,+! 2,+! 425+!
/#01.3,0-.2,+! 1,! 2.! )*(.-$#0! 1'50! 50$6,*+! #*1#00(! ,-! 1$+)$42$0(%! 1'50,! )#342,=$-(! ,-! 1'50,! 1$6,*+$-(!
$0$3.8$0.@2,+!]!C!!
B,!6.$+!3.$0-,0.0-!-,0-,*!1,!1()*$*,!,0!6#+!-,*3,+!$?#[;=!,+-!.5R1,27!1,!-#5+!2,+!3#-+!,-!.)-5,22,3,0-!
.5R1,27! 1,! -#5-,! A!)#34*(>,0+$#0! -,**,+-*,! $01$6$15.2$+(,!CE! F',+-! 4#5*95#$! 2'$0-,22,)-%! @$,0! 95'$2! .$1,! 2,!
),*6,.5!7!)#34*,01*,%!$0-,22,)-5,22,3,0-%!2,+!/.$-+!+4$*$-5,2+!95,!&,!6#5+!4*#4#+,%!)*(,!.5++$!50,!@.**$K*,!
7!2.!6*.$,!4,*),4-$#0!,-!7!2',=4(*$,0),!+4$*$-5,22,+E!
Z#5+!6#51*,^!1#0)!@$,0!)#0+$1(*,*!2,+!*(/(*,0),+!+5$6.0-,+!7!2.!0(W"1,(+1%.1(/"$,"!!"%.!#(W" #
)#33,!1,!+$342,+!4*#4#+$-$#0+!P!1,+!$1(,+%!1,+!A!/#*3,+!1,!)#0+)$,0),!+#33.$*,+!C!1,!2.!$['!(#[!
95$!,+-!1,**$K*,!,-!1.0+!6#-*,!50$6,*+E!qqN*,0,^!)>.)50,!1,!),+!HLtGY!P!50,!7!50,!P!4#5*!2.!3(1$-,*Ess!
$"# 12"# 3"# (2'(# (2&# !"# OE'6)# 78"SO!'12"&# "()# "6)'K&"4"6)# 7-6(# ")# 7"# !-# $W<A$=?<$?D# (-6(#
O-&-4K)&"(#")#(-6(#5&E6)'K&"(V#A'#ME2(#X)"(#(255'(-44"6)#.ME!2.#4?9<95B3773D385#OE2&#4"#(2'M&"D#
-2/7"!0# 7"(# 4E)(D# ME2(# ,E44"6,"&"Q# 0# ,E4O&"67&"# 9#4?9<95B3773D385#B# )E2)# ,"# 12"# 38"((-'"# 7"#
ME2(#7'&"V#*"(#4E)(#ME2(#R2'7"&E6)#M"&(#Y#")#ME2(#E2M&'&E6)#"6(2')"#Y#7"#6E2M"!!"(#9#M'('E6(#7"#
!8X)&"#BV#
J"&(.M.&"Q#m!J.!*;P=k@?!4(0(-*,*.!4*#8*,++$6,3,0-%!4,5-R;-*,!$34,*),4-$@2,3,0-%!1.0+!6#-*,!,+4*$-!,-!
6#5+!.5*,^!1,!4,-$-+!()2.$*+!1'$0-5$-$#0E!
]"-2,E2O# 7"# R"6(# E6)# &"(("6)'# 12"!12"(# 9#.,!-'&(# 78'6)2')'E6#BD# E6)# N&'KM"4"6)# ("6)'# 26#
"55!"2&"4"6)# 7"# 9#$E6(,'"6,"# C'M'6"#B# OE2&# "6(2')"D# E(-6)# 0# O"'6"# ,E6)'62"&# 0# ,&E'&"# "6# 26#
4E4"6)# -2(('# )&-6(,"67-6)# 7"# O&'("# 7"# ,E6(,'"6,"D# ,E44"6,"&# 0# ("# OE("&# 7"(# 12"()'E6(D# 0#
7E2)"&D# -M-6)# 7"# &"3")"&# 5'6-!"4"6)# ,"# O")')# '65!2S# 7"# 9#$E6(,'"6,"# C'M'6"#BV# d-&7"Q/ME2(# 78"6#
5-'&"#7"#4X4"V#*8'6,&.72!').#ME2(#&")-&7"&-D#ME2(#"4OX)&"&-#7-6(#!"#O!-6#4-).&'"!#7"#!8"S'()"6,"#
O!2(#12"#ME2(#6"#OE2M"Q#!8'4-R'6"&V#
[2E'#12"#!8E6#ME2(#7E66"#")#12"#ME2(#(E^"Q#,-O-N!"#7"#&","ME'&#Y#(-'('(("Q/!"#&-O'7"4"6)#")#6"#
7E2)"Q#O-(V#
!3%GAB53%GF5<B95%7@%CA845@8C3%G34%?<A\<V4%?@<C3%IBH97%C<F3%434%?<A?<34%S%>A<D34%G3%CA84C938C3%U%
IB9%4B??<9D3<A85%35%DMD3%F<@G9IB3<A85%7H985B959A8%IB3%;AB4%@B<3]%?<FCFG3DD385%<3YB3E%
Z@<%CA84FIB3856%73%CPA9K%G3%;A4%?384F346%L%C<AO@8C3%AB%98C<FGB795F6%GAB53%AB%>A9%L6%CA845<B95%AB%
GF5<B95%;A4%?<A\<V4%G@84%;A5<3%<3CP3<CP3%G3%7@%/[$(#[E%
?#5-!1(0$!,//.),!1,!6#-*,!)#0+)$,0),!2,!4*#8*K+!95$!6$,0-!1';-*,!/.$-E!

!
!01234'#5625748'$9'-24'%;')<124<' EA' ,54415'>'
N.*!.$22,5*+%!425+!6#5+!6#5+!(2,6,^!,0!6(*$-(!+4$*$-5,22,%!425+!6#+!4,0+(,+!1,6$,00,0-!45$++.0-,+E!
N.*! )#0+(95,0-%! )*(,^! ,-! 3.$0-,0,^! /,*3,3,0-! 6#-*,! (2.0! +4$*$-5,2! ,-! 0,! 4,*3,--,^! 7! 4,*+#00,!
1'$0-,*/(*,*! ,-! 1,! +.4,*! ),-! (2.0E! <))*#)>,^R6#5+! /,*3,3,0-! 7! 6#+! 4,*),4-$#0+! 4*()(1,0-,+E! L.0+! 2,+!
-,34+! 1,! 1#5-,%! 0.6$85,^! 1.0+! 1,+! 4,0+(,+! 4#+$-$6,+%! ,0! 5-$2$+.0-! 1,+! .//$*3.-$#0+! 253$0,5+,+! ,-!
.))*#)>,^R6#5+! .5=! )#0+,$2+! $0+4$*.0-+! )$R1,++5+! ,-! .5=! 3#3,0-+! #I! 2,+! /*(95,0),+! 1,! 6$@*.-$#0! 1,!
6#-*,! )#0+)$,0),! (-.$,0-! 425+! >.5-,+E! G0! 5+.0-! 1,! 6#-*,! 6#2#0-(%! ,0! )>#$+$++.0-! 1,+! .//$*3.-$#0+! 95$!
)#0-$,00,0-!A!1,+!4(4$-,+!1'#*!C!1,!Z(*$-(!+4$*$-5,22,%!*,6,0,^!,0)#*,!,-!,0)#*,!7!),!0$6,.5!+54(*$,5*!1,!
)#0+)$,0),E!D,!6#5+!.@.01#00,^!4.+!)#342K-,3,0-%!4.*!4.*,++,!3,0-.2,%!.5!/25=!,-!*,/25=!1,+!(0,*8$,+!
1,!)#0+)$,0),!+4$*$-5,22,!,0!1,6,0.0-!50,!A!8$*#5,--,!C!+4$*$-5,22,E!
B,! 0,! 4,5=! 4.+! +#52$80,*! .++,^! /#*-,3,0-! ),! 1.08,*! 1'.5-#R#@+-*5)-$#0E! L,6,0,^R,0! .)-$6,3,0-!
)#0+)$,0-E!
Y$!6#5+!+.6,^!95#$!95,!),!+#$-!1,+!*()$-+!1,!3.!6$,!,0!N.2,+-$0,%!6#5+!6#5+!*.44,22,*,^!95,!3#$!.5++$%!
&'.$! +5@$! ),! 4>(0#3K0,! 1,! /25=! ,-! 1,! *,/25=! 1,! )#0+)$,0),! +4$*$-5,22,! ,-! 95,! &'.$! -*#56(! 0(),++.$*,! 1,!
3'.@+,0-,*!1.0+!2,+!)#22$0,+!4#5*!4*$,*%!3(1$-,*!,-!*,0#56,2,*!3.!/#*),!+4$*$-5,22,E!
F#34*,0,^!1#0)!6#+!4(*$#1,+!A!+K)>,+!C%!3.$+!0'Q!)(1,^!4.+!,0!6#5+!.@.01#00.0-!4.++$6,3,0-!7!50!
)>.08,3,0-! $01(+$*.@2,! 1,! 6#+! .--$-51,+! ,-! 1,! 6#+! 3#1K2,+! 3,0-.5=! u! (3#-$#00,2+E! G0! 45$+.0-!
)#0+)$,0)$,5+,3,0-! 1,! 0#56,22,+! /#*),+! ,-! 2'(2(6.-$#0! 1,! 6#+! /*(95,0),+! 1,! )#0+)$,0),! 1.0+! 6#-*,!
AE2&,"#78a)&"%!),+!4(*$#1,+!0(8.-$6,+!1$3$05,*#0-!(0#*3(3,0-!,0!/#*),!,-!,0!15*(,E!
B,! *(4K-,!M! +#Q,^! 7! -#5-! 3#3,0-! )#0+)$,0-! 1,! 2.! 3.0$K*,! 1#0-! 6#5+! 5-$2$+,^! 6#-*,! $0-,22,)-!m! b.$-,+! ,0!
+#*-,! 95,! 6#-*,! .)-$6$-(! 3,0-.2,! +#$-! -#5&#5*+! )#0+-*5)-$6,! ./$0! 95',22,! 45$++,! )#0-*$@5,*! 7! 6#-*,!
1(6,2#44,3,0-!+4$*$-5,2!425-X-!95';-*,!50,!,0-*.6,!)#0+-.0-,E!
vvvvvvvvvvvvvvvvvvvvvvvvvvvv!
<2#*+! 95,! &'.6.$+! 1$-! -#5-! ),! 95$! 4*()K1,! ,-! 95,! &,! )#0-$05.$+! 7! 1$)-,*! 2,! *,+-,! 1,! 2.! *"))&"%! 4-# OE&)"/
O-&E!"!.!)#33,0)(!7!3,--*,!,0!1#5-,!2'$34.)-!4*#@.@2,!1,!),--,!*"))&"#+5*!2,!45@2$)%!4.*),!95',22,!25$!
+,3@2.$-! -*#4! 4*.83.-$95,! 4#5*! .--$*,*! 2,+! 8,0+! 95$! #0-! 2'>.@$-51,! 1'$3.8$0,*! 95'50! N#56#$*! #5! 50! G-*,!
3.80$/$95,!#5!A!?#-.2,3,0-!<5-*,!C!.!1#00(!0.$++.0),!7!2'50$6,*+E!
G0!6(*$-(%!&'.$!/.$-!1,!8*#+!,//#*-+!4#5*!1()*$*,!2'$33,0+$-(!1,!2.!N5$++.0),!1#0-!+#0-!$++5,+!-#5-,+!)>#+,+%!
3.$+!)#33,!&,!2'.$!1$-%!$2!3',+-!$34#++$@2,!1,!1()*$*,!,0!-,*3,+!>53.$0+!2.! @.-!').!1,!2.!AW;@$?#7"#
ME)&"!?H@?E!
*"(# l4"(# (O'&')2"!!"4"6)# .ME!2."(# 12'# E6)# .).# !.RK&"4"6)# '4O&.R6."(# 7"# $E6(,'"6,"# C'M'6"#
&-OOE&)"6)# 12"# !8"SO.&'"6,"# "()# "S)&-E&7'6-'&"4"6)# N"!!"D# R!E&'"2("# ")# )E2)# 0# 5-')# '6E2N!'-N!"D# /#
"6,E&"# 128'67"(,&'O)'N!"# "6# )"&4"(# %24-'6(V# $"))"# "SO.&'"6,"# 4^()'12"# "()# OE(('N!"# 12-67# !"(#
5&.12"6,"(# 7"# M'N&-)'E6# 7"# !8"(O&')# (E6)# 7.30# .!"M."(# ")# 12"# !-# ,E6(,'"6,"# )E2)# "6)'K&"# N-'R6"#
7-6(# !"(# &-^E6(# 7"# !-# $E6(,'"6,"# C'M'6"V# $8"()# 26"# ,E67')'E6# 12'# '4O!'12"# 7-M-6)-R"# !"(#
9#("6)'4"6)(#B#12"#!8'6)"!!",)#")#!"(#,"!!2!"(#,.&.N&-!"(V!!
L.0+!),!).+%!#I!&,!1#$+!$0/5+,*!50,!1,+)*$4-$#0!1,!2.!$F@795F!1,!6#-*,!AW;@$?#C?#*8aH@?!1.0+!2',+4*$-!
,-!2,+!),2252,+!)(*(@*.2,+!1,!3.!4#*-,R4.*#2,!,-!95',22,!1#$-!2.!*,+-$-5,*!,0!3#-+%!&,!1#$+!/.$*,!.--,0-$#0!1,!
0,! 4.+! $0-,*/(*,*!-*#4! 6$8#5*,5+,3,0-! .6,)!2,+!/*(95,0),+! 1,! 6$@*.-$#0! 1,! )#0+)$,0),! 1.0+! 2,+95,22,+!
2,+! ),2252,+! )(*(@*.2,+! 1,! 3.! 4#*-,R4.*#2,! -*.6.$22,0-E! H2! Q! .! ,5! 1,+! #)).+$#0+! #I! $2! (-.$-! 1.08,*,5=! 1,!
)#0-$05,*!,-!#I!&'.$!$0-,**#345!2,!/#0)-$#00,3,0-!1,!+#0!#*1$0.-,5*!4#5*!$0-,**#34*,!2,!)#0-.)-E!

!
!01234'#5625748'$9'-24'%;')<124<' EB' ,54415'>'
TM-6)#12"#ME2(#6"#,E44"6,'"Q#0#.)27'"&D#0#4.7')"&#")#0#-N(E&N"&#!"(#O-R"(#(2'M-6)"(D#38-'4"&-'(#
O&.,'("&# 0# )E2(# ,"2S# 12'# !'("6)# ,"(# *"))&"(# 12"# 4E6# N2)D# "6# M"6-6)# O-&# !8'6)"&4.7'-'&"# 7"# ,"(#
7"&6'K&"(D# "()# -M-6)# )E2)# ")# O&'6,'O-!"4"6)# 7"# 7'(('O"&# !"(# 4^)%"(# 12'# E6)# "6)E2&.# 4E6#
O"&(E66-R"# %24-'6# ")# 4"(# "6("'R6"4"6)(V! PE6# '6)"6)'E6# "()# 12"# !"(# 7E,)&'6"(# ")# 7ER4"(#
&"!'R'"2S# 4"2&"6)# 5'6-!"4"6)# 7"# 4E&)# 6-)2&"!!"D# 7-6(# !"# 4E67"# "6)'"&D# /# ")# 7826"# 4E&)# -2(('#
,E4O!K)"#12"#,"!!"#7"(#-6'4-2S#(-,&'5'.(#7-6(#!"#H"4O!"#7"#A-!E4E6V!!
C"2S'K4"4"6)D# 3"# M'"6(# -2(('#OE2&# -'7"&# !"(# .R!'("(# 0# -N-67E66"&# !"2&(#6E)'E6(# -&,%-m12"(# 7"#
9#C'"2#B# ")# 72# 9#O.,%.#BV# T2,26# M.&')-N!"# O&ER&K(# (O'&')2"!# 68"()# OE(('N!"# )-6)# 12"# 68"()# O-(#
-))"'6)"#!8-2N"#7"#!-#O&'("#7"#,E6(,'"6,"#,!-'&"#12"#,%-12"#O"&(E66"#"()#&"(OE6(-N!"#7"#!-#ME'"#
128"!!"#7.M"!EOO"#7-6(#(-#M'"V!
H&E'('K4"4"6)D#3"#M'"6(#OE2&#ME2(#"6!"M"&#7"#!8"(O&')#!"(#'4-R"(#7826#9#C'"2#HE2)/O2'((-6)#B#7"#
4-R6'5',"6,"D#7"#(O!"67"2&#")#7"#OE2ME'&#-,)'5#'!!'4').D#12'#&.,E4O"6("#!"(#M"&)2"2S#")#O26')#9#!"(#
4.,%-6)(#BV#$"(#,&E^-6,"(D#N'"6#12"#,E6(E!-)&',"(D#(E6)#,E4O!K)"4"6)#5-2(("(V!
[2-)&'K4"4"6)D# 3"# ME2(# "SO!'12"# !-# >.&').# 7"# !8a)&"# OE2&# 12"# ME2(# ,%-(('"Q# 5'6-!"4"6)# !"# M'"2S#
,E6,"O)#7"# 9#C'"2#B# -(('(# (2&# (E6#)&n6"D#12"!12"# O-&)#7-6(#!"# ,'"!D# 7E6)# '!# "()#7')# 128=!# -# ,&..# !"#
4E67"#")#)E2)#,"#12'#(8^#)&E2M"#7-6(#26#)"4O(#&"!-)'M"4"6)#,E2&)V!
$'612'K4"4"6)D# 3"# M'"6(# "SO&"((.4"6)# OE2&# -'7"&# !-# (,'"6,"# 0# ,E4N!"&# !"# 5E((.# "6)&"# !-#
$W<A$=?<$?# ;<=>?@A?**?# ")# !8-OO-&')'E6# 7"# O-&)',2!"(# .!",)&'12"(V# A-6(# ,"# OE6)# "6)&"# !-#
C'4"6('E6#AO'&')2"!!"#=6M'('N!"#")#!"#4E67"#M'('N!"#7"#!-#9#4-)'K&"#BD#!-#(,'"6,"#&"()"&-#"6&-,'6."#
7-6(# 7"(# '7."(# ")# ,E6,"O)(# EN(E!K)"(# -2# !'"2# 78-M-6,"&# 7-6(# 7"# 6E2M"-2S# 7E4-'6"(# 7"#
&",%"&,%"#(O'&')2"!!"#i#(,'"6)'5'12"#OE2&#!8-4.!'E&-)'E6#7"#!8%24-6').V!
F"#M'"6(#-2(('#OE2&#ME2(#4E6)&"&#!-#>@T=?#<TH;@?#7"ZV%S%)"%UQE%-.(%/+.,%'%0+11"%!H"#$"%
Y# 12'# ME2(# -# 7E66.# !H(10(/(0.'!(#[V# $-&# (-6(# ,"))"# ,E66-'((-6,"D# 12'# ME2(# &.M.!"&-# 9#!-#
6-)2&"#B#7"#ME)&"#9#X)&"#7E2N!"D#N'"6#12"#,E4O!K)"4"6)#'6)"&/&"!'.#BD!?(O&')# ")#,E&O(D#ME2(# -2(('#
&"()"&"Q#"6&-,'6.(#-2#4X4"#6'M"-2#7"#,E6(,'"6,"#128"6#,"#4E4"6)V!
F8-'4"&-'(#&"67&"#4-6'5"()"4"6)#,!-'&#12"#`#!
9#@'"6#6"#M'"6)#3-4-'(#7"#@'"6#BV!
$8"()#26#7',)E6#N'"6#,E662#7"#ME2(#")#'!#"()#O-&5-')"4"6)#M&-'E!
$"O"67-6)D#'!#^#-#26#\W<C?P?<H#7"#*8?H@?#.)"&6"!D#'65'6'#")#,E6()-6)#Y#")#,8"()#$?*T#12"#3"#M-'(#
ME2(#&.M.!"&V!
Z#5+!0'.6,^!4.+!(-(!A!)*((+!C!R!6#5+!.6,^!-$*(!6#-*,!A!;-*,!C!1,!$?*TE!
eM'7"44"6)D# ME2(# 6"# OE2&&'"Q# O-(# X)&"# '((2(# 7"# 12"!12"# ,%E("# 78"6)'K&"4"6)# .)&-6R"&# 0# ME)&"#
O&EO&"# ,E6(,'"6,"V# F"# 7"4-67"# 0# 4-# OE&)"/O-&E!"# 7"# ,%E'('&# 12"!12"(# "S"4O!"(# ,E4426(#
,E4O&.%"6('N!"(#`##
l0! 0,! 4,5-! 4.+! +#*-$*! 50,! 8.*0$-5*,! 1,! -.*-,! 1'50! 4#-! 1,! 3(2.++,! ,-! 1()#56*$*! 95'$2! +'.8$-! 1,! 6$.01,!
>.)>(,E!
l0!0,!4,5-!4.+!4*,++,*!50,!#*.08,!,-!/.$*,!1,!2.!@$K*,!.5!8$08,3@*,!.6,)!2,!&5+E!
l0!0,!4,5-!4.+!8#0/2,*!1'.$*!50!@.22#0%!2,!*,-#5*0,*!,-!1()#56*$*!95'$2!,0!+#*-!1,!2.!8,2(,E!
?#5+!2,+!,=,342,+!)$R1,++5+%!)>#$+$+!4.*!3.!4#*-,R4.*#2,%!+#0-!1,+!,=,342,+!1,!2#8$95,E!

!
!01234'#5625748'$9'-24'%;')<124<' EC' ,54415'>'
F8-'4"&-'(#12"#ME2(#ME2(#&"67'"Q#,E4O)"#12"#ME)&"#26'M"&(#)E2)#"6)'"&#"()#26"#4-6'5"()-)'E6#7"#
!ER'12"#")#78"55")(#!ER'12"(#,E%.&"6)(#5E67.(#(2&#!"#O&'6,'O"#7"#,-2(-!').V!
>E)&"#26'M"&(#"()#,E6()')2.#C?#$T;A?A#o#C8?\\?HA#&"672(#M'('N!"(V!
$8"()# !0# 26# O&'6,'O"# '442-N!"# 7"# !8"S'()"6,"V# A8'!# ^# -# 7"(# ,-(# 7"# 7.M'-)'E6(D# ,E44"# 7"(#
"SO.&'"6,"(# O-&-6E&4-!"(# E2# 7"(# R2.&'(E6(# '6()-6)-6."(D# !-# O"&(E66"# 4E^"66"# OE2(("&-# 7"(#
"S,!-4-)'E6(#7"#()2O.5-,)'E6#")#!-#(,'"6,"#&"52("&-#7"#,&E'&"#26"#)"!!"#,%E("#OE(('N!"V#T2#52&#")#0#
4"(2&"# 12"# 4E6# "SO!',-)'E6# (8-OO&E5E67'&-D# ME2(# ,E4O&"67&"Q# 5'6-!"4"6)# ,E44"6)# 7"# )"!!"(#
7.M'-)'E6(# E6)# !'"2# Y# !ER'12"4"6)# ")# "55',-,"4"6)V# T2)&"4"6)# 7')D# ,"(# 7.M'-)'E6(# ("# O&E72'("6)#
("!E6#7"(# !E'(# (O'&')2"!!"(#6-)2&"!!"(# ")# ("&M"6)#)E23E2&(#26#N2)#6.,"((-'&"V#=!#68^# -# 62!!"#O-&)#!-#
4E'67&"#-6E4-!'"#7-6(#!-#,&.-)'E6#Y#4X4"#7-6(#!-#5E2&4'#E2#!"#4E2()'12"#Y#0#4E'6(#12"#!8"(O&')#
7826"#"6)').#(E')#7.5",)2"2S#7"#6-'((-6,"#E2#-')#.).#"67E44-R.V!
F',+-!1#0)!)2.$*![!6#5+!6$6,^!,-!/#0)-$#00,^!1.0+!50!50$6,*+!4>Q+$95,!95$!3.0$/,+-,!2,!1,8*(!2,!425+!(2,6(!
1'$0-,22$8,0),! ,-! 1'.)-$6$-(! -(2(#2#8$95,Vw! 1.0+! 2.! )*(.-$#0! 1,! 2.! A!3.-$K*,!C! ,22,R3;3,%! 1.0+! 2,+! )#*4+!
4>Q+$95,+!1,!-#5-,+!2,+!,0-$-(+!$01$6$15,22,+%!1,+!42.0-,+!.5=!;-*,+!>53.$0+E!".2>,5*,5+,3,0-%!),!1,8*(!
(2,6(#
C8=<H?**=d?<$?#")#7"#AW**=$=H;C?#W@=?<H??#>?@A#AW<#];Hpq%
0',+-! 95,! 3$0$3.2! 1.0+! 2.! )#0+)$,0),! 3.0$/,+-(,! 4.*! 2,+! "6)').(# ,&.."(D# 7"(# O!-6)"(# -2S# X)&"(#
%24-'6(V!
?6#78-2)&"(#)"&4"(D#!"(#$W@JA#7-6(#!"(12"!(#ME2(#7'&'R"Q#ME)&"#M'"D#7-6(#!"(12"!(#ME2(#O"6("QD#
&"(("6)"Q#")#5-')"(#,"#12'#ME2(#M'"6)#0#!8"(O&')D#4-6'5"()"6)#7-6(#!"2&(#E&R-6"(#O%^('12"(#")#!"2&(#
O-&)'"(#5E6,)'E66"!!"(#26#7"R&.#78'6)"!!'R"6,"#")#7"#5'6-!').#-'4-6)"#N'"6#O!2(#.!"M.#12"#6"#!"#5-')#
ME)&"#,E6(,'"6,"#%24-'6"V!
*"(# '6).&X)(# %24-'6(# ("# )E2&6"6)# OE2&# !-# O!2O-&)# M"&(# !"(# O&EN!K4"(# 7"# (2&M'"# O"&(E66"!!"#
12E)'7'"66"#")#M"&(#!-#3E2'((-6,"#7"(#O!-'('&(#")#7"#!-#(-)'(5-,)'E6#.4E)'E66"!!"#i#O%^('12"V!
N#5*! .--,$01*,! ),+! @5-+%! 2.! 3.&#*$-(! 1,+! 8,0+! 0'5-$2$+,0-! 95,! 1,+! 4*#15$-+! /.@*$95(+! .6,)! 1,! 2.!
A!3.-$K*,!CE!";3,!2',+4*$-!+)$,0-$/$95,!0,!4,5-!)#342K-,3,0-!1()#56*$*!2,+!+,)*,-+!).)>(+!1,!2',=$+-,0),!
-,**,+-*,! ,-! 3.28*(! -#5-! 2,5*! -.2,0-%! 2,+! +)$,0-$/$95,+! +',3@#5*@,0-! 1.0+! 2,+! .2(.+! 1,! 2',=$+-,0),! -#5-!
.5-.0-!95,!2,+!8,0+!95$!0'#0-!.5)50,!$0+-*5)-$#0E!
N.*!)#0+(95,0-%!2.!)#0)25+$#0!2#8$95,!,+-!95,!9!)"!B#7!4.*-$*!1,!95#$!6#5+!59<3]!6#-*,!;-*,!4>Q+$95,!,+-!
95,295,! )>#+,! C8=PP?<A?D# 6E6# ("2!"4"6)# O-&# !-# )-'!!"D# 4-'(# 26"# =PP?<A=H?# ?<# \W@$?# C?#
>W*W<H?#`#*-#>E!E6).#7"#,&.-)'M').#")#78"SO&"(('E6#7"#(E'V!
Z$+5.2$+,^!50!$0+-.0-!P!2.!-.$22,!1,!2'50$6,*+!3.-(*$,2%!2,!YlJGHJ!,-!+.!)>.2,5*%!2.!J50,%!2.!42.0K-,!?,**,!,-!
2,! +Q+-K3,! +#2.$*,%! 2,+! 8.2.=$,+! 1'(-#$2,+%! ,-! 2,! /.$-! 95,! -#5-! ),! 3.-(*$,2! 6$+$@2,! ,+-! -#-.2,3,0-!
$0-,*1(4,01.0-!,-%!1,!425+%!1(4,01.0-!15!3#56,3,0-!1,+!)#*4+!42.0(-.$*,+!,-!1,+!J#$+!T0$6,*+,22,+!1,!
/#0)-$#00,3,0-!,-!1,!3#56,3,0-!4,*4(-5,2+E!F,-!50$6,*+!/.0-.+-$95,!.!+,+!#*$8$0,+!1.0+!P!,-!,+-!-$*(!1,!
P! 2.! ]TA?# 7"# ME)&"# ?H@?! P! ,-! 2'$0-(8*.2$-(! 1,! !H?1"$^("% _% `+$)"% 0"% /("! 1,! 2'50$6,*+! ,+-! -$*(,! 1,!
),--,!3;3,!]TA?#7"#!8?H@?E!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
Vw
!\,2.-$/!7!2.!1#)-*$0,!*,4#+.0-!+5*!2'$1(,!1,!/$0.2$-(E!
Vx
!A!(1#"!!(^"1)"%@8G#Z.$Z+,"`.!%)'$(1^%U!

!
!01234'#5625748'$9'-24'%;')<124<' ED' ,54415'>'
D,! 6#5+! $095$(-,^! 1#0)! 4.+! +$%! 1.0+! 3,+! ,//#*-+! 1y.0.2Q+,*! 7! 6#-*,! $0-,0-$#0! 2,+! $WPJWAT<H?A#
AJ=@=H;?**?A# C?# >WH@?# AW;@$?# C?# *raH@?%! 6#5+! )#0+-.-,^! 95,! 6#5+! )#34*,0,^! ),! 95,! +#0-!
),+! )#34#+.0-+! ,-! 95,! 6#5+! 4#++(1,^%! 1.0+! 50,! 3,+5*,! -*K+%! -*K+! 2$3$-(,%! 2,+! 3;3,+! )#34#+.0-,+!
+4$*$-5,22,+!1,!)#0+)$,0),E!
Z#5+! -$*,^! -#5-! ),! 95,! 6#5+! ;-,+! R! +4$*$-5,22,3,0-%! 3,0-.2,3,0-%! (3#-$#00,22,3,0-%! 4>Q+$95,3,0-%! 1,!
6#-*,!AW;@$?#C?#*raH@?E!
<6.0-!95,!&,!6#5+!,=42$95,!)#33,0-!),2.!4,5-!;-*,%!&,!1(+$*,!95,!6#5+!/.++$,^!95,295,!)>#+,!4#5*!.$1,*!
6#-*,!,+4*$-!7!.@+#*@,*!2y$33,0+$-(!1,EEE!S%)"%U!EEE!1#0-!6#5+!.6,^!-$*(!6#-*,!;-*,E!
<4*K+!95,!6#5+!.5*,^!25!2,+!4.8,+!+5$6.0-,+!&5+95'7!2.!/$0!1,!3.!*"))&"%!3(1$-,^!,-!6$+5.2$+,^!)>.95,!
4.*.8*.4>,! $01$6$15,22,3,0-%! ).*! ),! 0',+-! 95'.$0+$! 95,! 2,+! A!3#-+!C! )#33,0),*#0-! 7! /.$*,! )*#d-*,! 6#-*,!
4*$+,!1,!)#0+)$,0),!,-!95,!2,5*!M&-'"#('R6'5',-)'E6!1,6$,01*.!2.!<F@795F%4?9<95B3773E!
HW;H#s!"#(O'&')2"!D#!8'6M'('N!"#i#!"#M'('N!"#i#!8'4-R'6.t#"()#$W<A$=?<$?#i#$W<<T=AAT<$?!
*-#6-)2&"#O&"4'K&"#7"#!-#$W<A$=?<$?#"()#!-#$W<<T=AAT<$?V!
=!#6r"()#O-(#OE(('N!"#7r-ME'&#!-#,E6(,'"6,"#(-6(#OE((.7"&#!-#,E66-'((-6,"V!
HE2)#,"#12"#ME2(#ME^"QD#)E2)#,"#12"#ME2(#)E2,%"QD#"6)"67"QD#("6)"QD#(-M"Q#"()!
$W<A$=?<$?#i#$W<<T=AAT<$?!
&"672"#;949T73V#
!
=!#6r"()#&'"6#7-6(#!r26'M"&(#12'#6"#(E')#O-(#7"#!-#$W<A$=?<$?#&"672"#M'('N!"V#
!
*-#$W<A$=?<$?#i#$W<<T=AAT<$?#"()#'65'6'"#")#.)"&6"!!"#
!
=!#^#-#C?;I#C=P?<A=W<A#C?#$W<A$=?<$?D#)-6)#(2&#ME)&"#O!-6#)"&&"()&"#7r"S'()"6,"#Y#!"#O!-6#7"#
!-#9#4-)'K&"#B#!E2&7"D#9#!-#5E&4"#(E!'7"#B#128-2/7"!0V#
!
*8.!#(W"#C=P?<A=W<#;<=>?@A?**?#C?#$W<A$=?<$?#i#$W<<T=AAT<$?#
6"#O"2)#3-4-'(#X)&"#"6)'K&"4"6)#E2#&."!!"4"6)#-OO&.%"67."#O-&#26#"(O&')#'67'M'72-!'(.V!
?**?#?AH#=<T$$?AA=]*?V#?**?#?AH#?<#e[;=*=]@?!
$r"()# !-# ,".!"% ,+.$)"% 7"# )E2)"# Z.(,,'1)"6% G3% 5AB53% ,'^",,"6% G3% 5AB5% 'W+.$6% G3% 5AB53%
(1#"!!(^"1)"E%
!
!@%0(W"1,(+1%.1(/"$,"!!"%0"%!'%)+1,)("1)"%_%)+11'(,,'1)"%38%FIB979T<3% )
345%B8%F5@5%G3%,(!"1)"%a%GH(WW+b(!(#" )
GA85%4A85%944B4%73%4A86%7@%CAB73B<6%7@%>A<D3%98G9;9GB@794F3%35%5AB53%7@%C<F@59;95F%;949T73%G@84% )
7cB89;3<4%;949T73E%
%
C?#*8.!#(W"%0(W"1,(+1%.1(/"$,"!!"%0"%)+1,)("1)"%_%)+11'(,,'1)" ##
38%FIB979T<3)
"()#'((2#)E2)#,"#12'#"()#,&..#/#)E2)"(#!"(#7'M"&("(#7'4"6('E6(#'6M'('N!"(#7r"S'()"6,"#7"(,"67-6)D#
7-6(#!rE&7&"D#7"#!-#(O'&')2-!').#7"(#OE&)"(#4X4"(#7"#!-#0(W"1,(+1%.1(/"$,"!!")

!
!01234'#5625748'$9'-24'%;')<124<' =F' ,54415'>'
32(128-2S#5&.12"6,"(#M'N&-)E'&"(#!"(#O!2(#!E2&7"(#7"(#(2N()-6,"(#)"&&"()&"(#'6-6'4."(#")#-2/
7"!0D#-2S#%E&&"2&(#'67','N!"(#7"(#O"&M"&('E6(#7"#!-#,E6(,'"6,"#")#7"#!r-6)'/M.&').V#
!
)3553%.!#(W"%0(W"1,(+1%.1(/"$,"!!"%0"%)+1,)("1)"%_%)+11'(,,'1)"%
"()#6E6#("2!"4"6)#7-6(#!8"(O-,"V!
?**?# ########345%%%% HW;H#*r?AJT$?!
"!!"# "()# O-&)E2)D# '67.)",)-N!"V# JE2&# ,"2S# 12'# O"6("6)# "6# )"&4"(# 78-)E4"(# Y# E6# O"2)# 7'&"#
[;8"!!"#!
"()#*r?AJT$?#7-6(#!r-)E4"#Y#,8"()#OE2&12E'#"!!"#"()#9#"6#('!"6,"#")#"6#.12'!'N&"#B#7-6(!
9#!r"(O-,"#B#7"#)E2(#!"(#.!.4"6)(#")#7"#!-#9#4-)'K&"#BV#
!
*-#<TH;@?#C?#*T#$W<A$=?<$?#;<=>?@A?**?#"()#`#
=<H?<H=W<#'6-,)'M"#")#"6#.12'!'N&"#
CE6,D#!-#$E6(,'"6,"#;6'M"&("!!"#"()#26#.)-)#'65'6'D#.)"&6"!D#(-6(#!'4')"D#(-6(#5&E6)'K&"D##
Cr=<H?<H=W<#J;=AAT<H?#/#O&'4')'M"D#O2&"D#N"!!"V#
#
$"))"#=<H?<H=W<#"()#
0c"dZ$(W"$%,@%1'#.$"E%
%
*r=<H?<H=W<#
C?#*T#<TH;@?#C?#*T#$W<A$=?<$?#;<=>?@A?**?#
"()#!-##+#'!(#"%G3%7@%/+!+1#"%a%GB%b.#%
)E23E2&(#!'.(#7-6(#!"2&#9#"4N&-(("4"6)#B#
*-#>E!E6).#;6'M"&("!!"#"()#`#3-'!!'&#")#,&."&V#
*"#]2)#;6'M"&("!#"()#`#7E66"&#26"#5E&4"#'67'M'72"!!"#0#!-#,&.-)'E6#")#"6#5-'&"#!8"SO.&'"6,"V#
#
0@84%7@%0(W"1,(+1%.1(/"$,"!!"%.!#(W"%
0"%!H(1#"1#(+1%0"%!'%)+1,)("1)"%_%)+11'(,,'1)"%
%
*T#>W*W<H?#;<=>?@A?**?#"()#7-6(#26#.)-)#7"#,E6)&-'6)"#42)2"!!"#/#-M",#!"#];H#;<=>?@A?*D#
)E2(#7"2S#"6#.12'!'N&"#O-&5-')#
7-6(#!"#A=*?<$?#o#!8=PPW]=*=H?V#
!'%/+!+1#"%.1(/"$,"!!"%"()#(1#"!!(^"1)"%.1(/"$,"!!"%
!"%b.#%.1(/"$,"!%345%'W+.$%.1(/"$,"!%
B89;3<43773D385%38%FIB979T<3%L%G@84%7@%CA85<@9853%<FC9?<AIB3E%
0",-."!,#E6)#O&'(#5E&4"#)E2)"(#!"(#,%E("(#M'('N!"(#")#'6M'('N!"(D#-'6('#12"#!"(#'4O2!('E6(#
%24-'6"(V#
,9%;AB4%?AB;93]%<3C3;A9<%7@%?7F895BG3%G3%7@%$['!(#[%.1(/"$,"!!"%38%;AB46%;AB4%43<93]%
GF4985F\<F%?@<%,'%?B944@8C3%3K?7A49;3%35%G944AB4%
G@84%7@%CA84C938C3%_%CA88@944@8C3%4@84%>A<D3E%

!
!01234'#5625748'$9'-24'%;')<124<' =E' ,54415'>'
"!!"%5<@84C38G3%7@%CA8G959A8%PBD@983%98G9;9GB3773%G@84%7@%DMD3%D34B<3%IB3%7@%CP@73B<%35%7@%
7BD9V<3%G3%;A5<3%4A7397%4A85%G34%D9779@<G4%G3%>A94%?7B4%?B944@8534%IB3%7@%7BD9V<3%
G3%;A4%7BC9A734%5<3DT7A5@85%G@84%7cAT4CB<95FE%
VVVVVVVVVVVVVVVVVVVVVVVVVVVVVV#
[2-67# 3r.)-'(# (2&# H"&&"D# 3"# 5-'(-'(# 26"# 7'()'6,)'E6# "6)&"# 9#>E)&"# JK&"# 7-6(# !"(# $'"2S#B# ")# 9#>E)&"#
JK&"#"6#ME2(#BV#
k5.01!&,!4.*2.$+!1,#
9#>E)&"#Jk@?#7-6(#!"(#,'"2S#BD!
&',0-,01.$+!
*r=<H?**=d?<$?#;<=>?@A?**?V#
L5! /.$-! 1,! 2y.--$-51,! 1,+! B5$/+! 6$+R7R6$+! 1,+! /,33,+%! &,! 3,! *(/(*.$+! +,52,3,0-! 7! ),-! -(O",)! 1,! 2.#
$W<A$=?<$?#;<=>?@A?**?V#
".$0-,0.0-%!7!6#5+!95$!;-,+!+$!)#0+)$,0-+!1,!2y(8.2$-(!1,+!+,=,+%!&,!4.*2,!1,!M##
9#*T#$W<A$=?<$?#J?@?/P?@?#B#
"6#.12'!'N&"#
7-6(#!-#$W<A$=?<$?#i#$W<<T=AAT<$?#;<=>?@A?**?#Eu#
7@%S%)A84C938C3%ZV<3%L%345%L%(853779\38C3%.89;3<43773%U%
7@%S%)A84C938C3%WV<3%L%345%L%'DAB<%.89;3<437%U%
#
*r=<AH@;P?<H#7"#!r.6"&R'"#,&.-)&',"#7"#!-#9#$E6(,'"6,"#JK&"#B#/#7cF73C5<9C95F%L#
"()#"6#.)-)#7"#,E6)&-'6)"#42)2"!!"#/#7r.12'!'N&"#/#-M",#
!8=<AH@;P?<H#7"#!r.6"&R'"#,&.-)&',"#7"#!-#9#$E6(,'"6,"#PK&"#B#/#73%D@\8F594D3V#
#
?)-6)#7E66.#12"#!r.!",)&E4-R6.)'(4"#/#!"(#'6()&24"6)(#9#J?@?/P?@?#B#/#"()#"6#.12'!'N&"#7-6(#!-#
$W<A$=?<$?#;<=>?@A?**?D#
(!#6"#("&-#3-4-'(#7.)",).#7-6(#*r?AJT$?#O-&#7"(#(,'"6)'5'12"(D#12"!!"#12"#(E')#!-#4-6'K&"#7E6)#'!(#
O"2M"6)#"SO!E&"&#!r"(O-,"V#
#
*r=PJ;*A=W<#`#9#>W*W<H?#7"#!-#,E6(,'"6,"#JK&"#B#"()#')#(/(#[%(1#"!!(^"1#"%
"6#.12'!'N&"#-M",#
*r=PJ;*A=W<#`#9#];H#7"#!-#$W<A$=?<$?#P?@?#B#`#1+.$$(#.$"%?AB<%7@%,.$/("%
%
9#*T#$W<A$=?<$?#Jk@?/Pk@?#B#
345%B83%`+$)"%9D?3<4A883773%?B944@853%=%T938%-.H"!!"%4A95%?3<4A883773%?AB<%;AB46%@;@85%DMD3%
IB3%83%;AB4%CP3<CP93]%J%F5@T79<%
B8%CA85@C5%@;3C%"!!"E%
"8%F;A7B@85%4?9<95B3773D3856%;AB4%!"%<3443859<3]%L%C@<%)37@%345%7@%$['!(#[%G3%!c2#$"E%
!
$"!-#"()#O-&)E2)#")#"6#)E2)V#
#

!
!01234'#5625748'$9'-24'%;')<124<' ==' ,54415'>'
*T#$W<A$=?<$?#Jk@?#"()#
*8TPW;@#=<H?**=d?<H#12'#7E66"#7"#!r.6"&R'"#'6)"!!'R"6)"#")#7"#!r.!-6#-2#4E67"##
7"(#5E&4"(#,E4O!"S"(#/#"SO&'4.#O%^('12"4"6)#(E2(#5E&4"#78.!",)&',').V#
#
*"#];H#Pk@?#"()#
*r=<H?**=d?<$?#T=PT<H?#12'#7E66"#26#N2)#")#!r'4O2!('E6#OE2&#!"2&#(2&M'"#-2S#5E&4"(#
,E4O!"S"(#'67'M'72-!'(."(#/#"SO&'4."#(E2(#5E&4"#7"#4-R6.)'(4"#/#-))'&-6,"#o#&"3")V#
#
)3%4A85%7J%734%(WZ.!,(+1,%.1(/"$,"!!",%Z$"W("$",%0"%#+.#%2#$"%0"%
$W<A$=?<$?#;<=>?@A?**?#
;A5<3%,+.$)"%0"%!c2#$"%=%(1#"!!(^"1)"L'W+.$%
Fy,+-!*reHTH#CraH@?#.6.0-!2.!)*(.-$#0E!
$W<A$=?<$?#i#$W<<T=AAT<$?#7-6(#26#eHTH#Cre[;=*=]@?V#
#
B'.$3,*.$+!95,!6#5+!,0-*$,^!1,!0#56,.5!1.0+!50!(-.-!$0-(*$,5*!1y(95$2$@*,!)#0+)$,0-%!#I!-#5-,!4,0+(,!+,!
).23,! ,-! #I! 6#-*,! ,+4*$-! *(+$1,! 1.0+! 2,! +$2,0),E! Z#5+! .6,^! 2,! )#0-*X2,! $0-(*$,5*%! 6#-*,! ,+4*$-! ,-! 6#+!
(3#-$#0+! 0,! +#0-! 425+! 1$6$+(+! 1.0+! 2y.)-$6$-(! ,-! 2,! +,0-$3,0-E! H2! +,! 4,5-! 95,! 6#5+! +,0-$,^! 50,!
.583,0-.-$#0!1,!45$++.0),!,0!6#5+%!1,!2.!/#*),%!1,!2.!4.$=!,-!15!)#0-,0-,3,0-E!F,2.%!,=4*$3(!,0!6#5+%!
1.0+!2.!/#*3,!$01$6$15,22,%!,+-!Jyt?<?!Lye?\G!1'#I!,+-!$++5,!2.!)*(.-$#0E!
B'.$3,*.$+!6#5+!/.$*,!*,3.*95,*!95,!2y(95$2$@*,!,+-!$34#++$@2,!.5!3#3,0-!#I!+'Q!$0-*#15$-!2.!4,0+(,E!!
F8-'4"&-'(# 12"# ME2(# J@?<=?v# $W<A$=?<$?# 12"# !-# 0(W"1,(+1% .1(/"$,"!!"% 345% B83%
0(W"1,(+1%Cr=PJ;*A=W<A##6E6#5E&4."(V#?!!"#6"#,E6)'"6)#-2,26#O&E3")#7"#,&.-)'E6V#"773%345%G@84%
B8%F5@5%G3%`+$W"%(10(/(,"E%
%
Jy(95$2$@*,# R! 2.! )#0-*.$0-,! ,0-*,# =PJ;*A=W<A# #44#+(,+# Y# 9#OE2&# (8.!E'R6"&#B# ,-# 9#&"()"&# -))-,%.#BD#
)*(,! 50,# (O'&-!"# '65'6'"# 7r.6"&R'"# -2)E6E4"V# Jye<?@d=?# T;HW<WP?# 7"# !-# $W<H@T=<H?#
P;H;?**?#,+-!-#5-!+$342,3,0-!$0$3.8$0.@2,!4#5*!2'$01$6$15.2$-(E#!
F#33,! &,! 6#5+! 2'.$! 1$-! .54.*.6.0-%! +$! 2y$01$6$15.2$-(! (-.$-! ).4.@2,! 1',0-*,*! 1.0+! 2.# C=P?<A=W<#
;<=>?@A?**?# C?A# =PJ;*A=W<A# P;H;?**?P?<H# $W<H@T=<H?A# 15# A!"#56,3,0-! z!
<--.)>,3,0-#B#R#2y$01$6$15.2$-(!+,*.$-!$33(1$.-,3,0-!1$++#5-,!,-!*,015,!7!2y(95$2$@*,!1,!2.!$W<A$=?<$?#
;<=>?@A?**?V# \(/2()>$++,^! 7! 2y$33,0+$-(! $0$3.8$0.@2,! 1,! 2.! N5$++.0),! )#0-,05,! 1.0+! 2.#
$W<H@T=<H?#P;H;?**?#1,+!=PJ;*A=W<A#F;P?**?A#7-6(#!-#$W<A$=?<$?#;<=>?@A?**?# 95$!
+#0-!4*$0)$4.2,3,0-##
$W<A$=?<$?#i#$W<<T=AAT<$?#
=<H?<H=W<#
>W*W<H?#wwww#######xxxx#];H#
=<H?**=d?<$?######################TPW;@#
)#3@$0(+!,0!
T4E2&#=6)"!!'R"6)###########z!!!!!!!!!!#=6)"!!'R"6,"#T'4-6)"#
=4O2!('E6(#7"#`#PE2M"4"6)# T))-,%"4"6)#@"3")#

!
!01234'#5625748'$9'-24'%;')<124<' =?' ,54415'>'
e*?$H@=$=He#VVVVVVVV###"6#.12'!'N&"###VVVVVVVVVV#PTd<eH=AP?#
#
$"#12'#"()#7')#,'/7"((2(#7.,&')#!-#0(W"1,(+1%.1(/"$,"!!"%(!!(W(#["% -M-6)#!"#]=d#]T<d#h#
Z#5+!+.6,^!3.$0-,0.0-!95,!2,!Z<AC344B4%)<F@53B<%ZV<3LWV<3%35%734%AB5974%G3%C<F@59A8%?PO49IB3 !+#0-!
-#5+!1.0+!50!(-.-!GcFIB979T<3!1.0+!2.!C'4"6('E6#;6'M"&("!!"%!3.$+!3.$0-,0.0-!),-!(95$2$@*,!1#$-!()2.-,*!
4#5*!4*#6#95,*!2.!!
\W@P?#=<C=>=C;?**?!
Z#5+!+.6,^!.5++$!95,!45$+95,!2,+!=PJ;*A=W<A#e)"&6"!!"(#=65'6'"(!+#0-!)#0-,05,+!1.0+!50!(-.-!1,!
,E6)&-'6)"#42)2"!!"%!),+!=PJ;*A=W<A!+#0-!1y50,!$0-,0+$-(!1y(0,*8$,!$0$3.8$0.@2,!P!,0!)#34.*.$+#0!1,!
2.95,22,!6#-*,!(0,*8$,!.-#3$95,!)#0-,05,!1.0+!2.!1$6$+$#0!1y50!.-#3,!,+-!50!+$342,!A!4///!C%!50!+4.+3,!
$0/$0$-(+$3.2!+.0+!.5)50,!$34#*-.0),E!
B'.$3,*.$+!95,!6#5+!*(.2$+$,^!)#342K-,3,0-!-#5-!),!95$!4*()K1,%!45$+95,!6#-*,!4*$+,!1,!)#0+)$,0),!1,!),!
95$!,+-!.**$6(!.5!3#3,0-!15!j$8!j.08!6#5+!1#00,*.!50!.4,*O5!1,!),!95$!,+-!.**$6(!.5!3#3,0-!1,!2.!
(,'(('E6#7"#!-#$W<A$=?<$?#;<=>?@A?**?!95$!.!/.$-!0.d-*,!2.!)*(.-$#0!1,!2.!/#*3,!$01$6$15,22,E!
*T#$W<A$=?<$?#;<=>?@A?**?#(8"()#C=>=A??#h#
*T#>W*W<H?#o#*?#];H#
*8=<H?**=d?<$?#9#JK&"#B#o#*8TPW;@#<W;@@=$=?@#9#PK&"#B#
W6)#.,!-).#OE2&#)&-M-'!!"&#'67.O"67-44"6)#"6#4X4"#)"4O(#12"#,E63E'6)"4"6)V#
*"2&(#9#'6()&24"6)(#B#&"(O",)'5(#.)-'"6)#
!re!",)&',').#")#!"#P-R6.)'(4"#
# #
#
C"#!r"SO!E('E6#7"#*re[;=*=]@?#"()#'((2"#
*T#d@T<C?#=<H?<H=W<#Cr?IJ@?AA=W<#C?#AW=#
#
9#*-#$E6(,'"6,"#;6'M"&("!!"#CraH@?#B#,+-!1,6,05,#
7c(D?B749A8%G3%7@%CA84C938C3%GB%X"%98G9;9GB@794F%IB9%3K9\3%7c3K?<3449A8%G3%4A9E %
*T#>=?#")#!"#F?#(E6)#(^6E6^4"(#7-6(#!-#7'4"6('E6#7"#!-#9#4-)'K&"#BV#
H2+!+#0-!1,6,05+!2.!)#0+)$,0),!1,!2.!A!3.-$K*,!CE!
k5',+-R),!95,!2.!)#0+)$,0),!1,! >=?#]!
Fy,+-!# !r=6)"!!'R"6,"/JK&"# ?)# !rT4E2&/PK&"#
# =4O2!('E6#7"#PE2M"4"6)# =4O2!('E6#7"#]2)#/#<E2&&')2&"#/#(2&M'"#
!! Z5,!)#33,!2yt2,)-*$)$-(! Z5,!)#33,!2,!".80(-$+3,!
1.0+!!-#P-)'K&"V#
#
N#56,^R6#5+!)#33,0),*!7!$3.8$0,*!2y,=42#+$#0!1,!2.#$W<A$=?<$?#h#L,!2.#$W<<T=AAT<$?#h#
N#5*! 6#5+! .$1,*! 7! 6$+5.2$+,*! 4.*-$,22,3,0-! ),! 95$! ,+-! .**$6(! .5!3#3,0-! 15! j$8! j.08%! ,++.Q,^! 1,! 6#5+!
*.44,2,*!50!3#3,0-!#I!6#5+!.5++$!.6,^!(4*#56(!50,!,=42#+$#0!1.0+!6#-*,!)#0+)$,0),E!
F,2.!.**$6,!95.01!6#5+!6#5,^!6#-*,!A!;-*,!C!-#5-!,0-$,*!7!2.!*(.2$+.-$#0!1y50!@5-!-*K+!$34#*-.0-E!

!
!01234'#5625748'$9'-24'%;')<124<' =@' ,54415'>'
Z#5+! ;-,+! +5*! 2,! 4#$0-! 1,! 6#5+! ,08.8,*! 1.0+! 2',=()5-$#0! 1,! 6#+! 42.0+%! 1.0+! 50! (-.-! 1y.--,0-,!
,0->#5+$.+-,%! R! ,-! 50,! )$*)#0+-.0),! @.0.2,! #5! 50,! 4,*+#00,! $0+,0+$@2,! 6#5+! ,34;)>,! 1,! *(.2$+,*! 2,+!
@5-+!2,+!425+!)>,*+!7!6#-*,!)#,5*E!F#33,0-!6#5+!+,0-$*$,^R6#5+!]!
Z#-*,! ,E6,"6)&-)'E6! +,*.$-! 1$6$+(,! ,-! 6#5+! ()2.-,*$,^E! H)$! ,0)#*,%! &,! 1#$+! 1,! 0#56,.5! $06$-,*! 3.! 4#*-,R
4.*#2,! 7! $06,0-,*! 95,295,+! ,=,342,+! 1,! ),! 95,! &',0-,01+! ,0! -,*3,+! >53.$0+%! ).*! 9!!-# O!2(# O")')"#
,E6(,'"6,"#)"&&"()&"!B!,+-!$++5,!1,!2.!$W<A$=?<$?#;<=>?@A?**?#M!
Z#5+! ;-,+! 7! 2'.(*#4#*-%! >,5*,5=! ,-! 4*;-! 7! 1()#22,*! 4#5*! 50! 6#Q.8,! $34*#34-5! #5-*,3,*E! G0! .**$6.0-! 7!
2',0*,8$+-*,3,0-!1,!6#-*,!)#34.80$,!1,!6#2%!6#5+!1()#56*,^!95'$2!0'Q!.!0$!1#)53,0-+%!0$!@$22,-+!,-!.5)50,!
*(+,*6.-$#0!1,!6#2!0$!1'>X-,2!7!6#-*,!0#3%!4-!R&.#12"#ME2(#-^"Q#7.30#O-^.#O-&#,-&)"#7"#,&.7')V!k5,!
*,++,0-,^R6#5+!]!
n.@$22(!1,!6;-,3,0-+!-*K+!)#f-,5=%!6#5+!;-,+!,0!-*.$0!1,!1d0,*!.6,)!1'$34#*-.0-+!)2$,0-+%!,-!(2&#!"#OE'6)#
7"#,E6,!2&"#26#.6E&4"#,E6)&-)#12'#M-2)#7"(#4'!!'E6(E!J,!+,*6,5*!6#5+!2c)>,!50!42.-!@#5$22.0-!+5*!2.!
-;-,E!k5,!*,++,0-,^R6#5+!]!
Z#5+!/.$-,+!1,+!.)>.-+!,-!,0!*,-#5*0.0-!.5!4.*{$08%!6#5+!6#Q,^!95,!2,+!*#5,+!,-!2,+!4#*-$K*,+!1,!6#-*,!
6#$-5*,!#0-!(-(!,02,6(,+!P!"6#O!"'6#3E2&#h#k5,!*,++,0-,^R6#5+!]!
<6,)! +Q34.->$,%! 6#5+! #56*,^! 6#-*,! 4#*-,R3#00.$,! 4#5*! 1#00,*! -#5-,! 6#-*,! 3#00.$,! 7! 50! 3,01$.0-!
,+-*#4$(!,-!8(3$++.0-%!95.01!2'>#33,!+,!*,1*,++,%!6#5+!.**.)>,!6$#2,33,0-!6#-*,!4#*-,R3#00.$,!,-!4.*-!
,0!)#5*.0-!)#33,!50!.->2K-,E!k5,!*,++,0-,^R6#5+!]!
L.0+! -#5+! ),+! ,=,342,+%! 6#5+! .6$,^! ,E6(,'"6,"# 7826"# 5E&)"# "6M'"! 2#8(,! ,0! 4*,3$K*,! 2$80,! 1,! 6#-*,!
,+4*$-E!Z#-*,!3,0-.2!(-.$-!,06.>$!4.*!2,!4*#&,-!1,!1(3.**,*!,-!1,!/.$*,!95,295,!)>#+,!1.0+!50!),*-.$0!@5-!P!
4.)$/$95,3,0-E!>E)&"#'6)"6)'E6#(8.)-')#!'."#0#ME)&"#N2)!R!1#0)!,0!(95$2$@*,!R!3.$+!0#-,^!95,!6#-*,!-,0+$#0!
3#0-.$-!1.0+!2'.--,0-,!1,!6#5+!*.44*#)>,*!15!@5-E!N25+!8*.01,!,+-!2.!-,0+$#0%!425+!8*.01,!,+-!2',=42#+$#0E!
G0!/.$-%!6#5+!(-$,^!1.0+!2,!3;3,!(-.-!95,!2.!
$W<A$=?<$?#i#$W<<T=AAT<$?#;<=>?@A?**?#")#
*8=<H?<H=W<#
*8=<H?**=d?<$?#9#JK&"#B!,0!(95$2$@*,!.6,)!*?!];H#9#PK&"#B!
4#5*!3.0$/,+-,*!/#*3,22,3,0-!2,!4*#&,-!95,!6#5+!.6$,^!2'$0-,0-$#0!1,!*(.2$+,*E!
<4*K+! 6#-*,! ,=42#+$#0! P! 4#56,^R6#5+! $3.8$0,*! 2,! )>.#+! 3,0-.2! u! (3#-$#00,2! 95$! +',0+5$6*.$-%! 6#-*,!
$0).4.)$-(! 1,! 4,0+,*! )2.$*,3,0-%! 2,+! 4,0+(,+! 95$! 6#5+! 6$,01*.$,0-%! 2'50,! .4*K+! 2'.5-*,%! ,=$8,.0-! 1';-*,!
,=4*$3(,+!P!+.0+!95'.5)50,!1',22,+!+#$-!+,0+(,!#5!2#8$95,!]!
?((-^"Q# 7"# O&"67&"# ,E6(,'"6,"#12"# >W;A#Y# 26"# 5E&4"#'67'M'72-!'(."# Y# X)"(# !"# 4',&E,E(4"#72#
4-,&E,E(4"V!!
Z#5+! ;-,+! 50,! -;-,! 1'(4$082,! ,=4*$3.0-! 2.! $W<A$=?<$?# i# $W<<T=AAT<$?# ;<=>?@A?**?%! +#$-! ,0!
(95$2$@*,%! 2#*+95,! 6#5+! 3(1$-,^! ,0! 2'.@+,0),! 1,! 4,0+(,! P! +#$-! ,0! -.0-! 95,! )#0+)$,0),! .)-$6,%! 2#*+95,!
6#5+!4,0+,^!,-!*,++,0-,^%!4*#&,-,^!,-!)*(,^E!
F',+-! 4#5*95#$%! +'$2! 6#5+! ,+-! 4#++$@2,! 1,! *,2$,*! 6#-*,! 3$05+)52,! ,=42#+$#0! 1,! )#0+)$,0),! 7! 2',=42#+$#0!
A!1,+!)$,5=!C%!6#5+!.5*,^!50,!4,-$-,!$1(,!15!)>.#+!95$!+',0+5$6$-!P!4E4"6)-6.4"6)!P!.5++$!@$,0!1.0+!
2.! C=P?<A=W<# ;<=>?@A?**?! 95,! 4,01.0-! 1,+! (#0+! 1,! -,34+! .5! +,$0! 1,! 2',=4.0+$#0! 0#56,22,3,0-!
)*((,!1,!2.!1$3,0+$#0!A!3.-(*$,22,!C!,0)#*,!1.0+!+#0!(-.-!+.0+!/#*3,E!!

!
!01234'#5625748'$9'-24'%;')<124<' =>' ,54415'>'
N.*!)#0+(95,0-%!6#5+!+,*,^!0#3@*,5=!7!1,6#$*!*(#*8.0$+,*!1,!/#01!,0!)#3@2,!6#-*,!4,0+(,!,0!),!95$!
)#0),*0,!2.!)*(.-$#0E!
G22,! .! )#33,0)(! 1.0+! 1,+! )#01$-$#0+! 1,! )>.#+! -#-.2E! J,+! H"NTJYHlDY! TDHZG\YGJJGY! +,! +#0-!
+)$01(,+E!H2!0',=$+-.$-!.5)50!42.0!4#5*!1$*$8,*!#5!)#0-*X2,*!2,+!1(@5-+!1,!2'$01$6$15.2$-(E!J,+!H"NTJYHlDY!
(-.$,0-! ,0)#*,! +.0+! A!/#*3,! )#0+)$,0-,!C! 0$! 1$*,)-$#0E! F'(-.$,0-! 1,+! =PJ;*A=W<A# <TH;@?**?A!
1'.))#342$*!),*-.$0,+!/#0)-$#0+!$3452+$6,+!1$+-$0)-,+!,0!$W<A$=?<$?%!3.$+!,22,+!0'(-.$,0-!4.+!1$*$8(,+!
$0-,22$8,33,0-!6,*+!50!3#56,3,0-!#5!50!.--.)>,3,0-!+4()$/$95,+!4.*!50,!\E&,"#C'&",)&',"!+54(*$,5*,E!
G22,+!,=$+-.$,0-!+,52,+E!L,+!=PJ;*A=W<A#C?#$W<A$=?<$?#i#$W<<T=AAT<$?!+(4.*(,+!,-!4,*15,+%!
.4-,+!7!*,),6#$*!1,+!$34*,++$#0+!R!3.$+!P!$2!0'Q!.6.$-!4.+!1'.5-*,+!$34*,++$#0+!7!*,),6#$*!95,!),22,+!1,!
)>.#+!$0-(*$,5*!A!1'.)-$6$-(R3#56,3,0-!C!1,!2'(2,)-*$)$-(!,-!A!1'.--.)>,3,0-R*(452+$#0!C!15!3.80(-$+3,E!
?)# ,"# $GTWA# C?# *T# $W<A$=?<$?# (8"()# 4-6'5"().# 7-6(# !-# ,&.-)'E6# ,E44"# 26# ,%-E(# 7"#
O-&)',2!"(V#
L.0+!),--,!,=4.0+$#0!15!)>.#+!1,!4.*-$)52,+!(2,)-*$95,+%!),4,01.0-%!,=$+-.$-!2.!)#0+)$,0),!1#3$0.0-,!15!
F?E!
k5,2!95,!/f-!2,!)>.#+%!2,!F?!+'$34#+.!1.0+!!8'6)"6)'E6#9#JK&"#B#7"#3-'!!'&D#7"#4-b)&'("&D#7"#,&."&V!
*"#F?#O&')#(-#5E&4"#'6')'-!"#7-6(#26"#,%-&R"#OE(')'M"#78.6"&R'"#.!",)&'12"V#
$"!!"/,'#7"M'6)#!-#5E&,"#F?#7E4'6-6)"#(E2(#5E&4"#7"#O&E)E6#-M",#(E6#(-)"!!')"#7"#,%-&R"#.!",)&'12"#
6.R-)'M"# Y# (2&# 12E'# !"# ]2)# 9#PK&"#B# 78-))&-,)'E6# 52)# -,)'M.# (E2(# 5E&4"# 7826"# ,%-&R"# .!",)&'12"#
OE(')'M"#&"6,E6)&-6)#26"#,%-&R"#.!",)&'12"#6.R-)'M"V#
=!(# 9#("# O!2&"6)#BD# ,E44"# E6# OE2&&-')# !"# 7'&"# 7826# 4l!"# ")# 7826"# 5"4"!!"# .ME!2.(# 7826"# "(OK,"#
M'M-6)"#/#")#(826'&"6)V#
*"# ]2)# 9#PK&"#B# 7"# &.O2!('E6# 52)# -2(('# -,)'M.# !E&(128'!# ("4N!-# 12"# 7"2S# ,%-&R"(# .!",)&'12"(#
OE(')'M"(# E2#7"2S# ,%-&R"(# .!",)&'12"(# 6.R-)'M"(# -!!-'"6)# ("# &"6,E6)&"&# ")# &.-R'&#6.R-)'M"4"6)#Y#
"!!"# '6)"&M'6)# ")# !"(# (.O-&-# Y# "S-,)"4"6)# ,E44"# (-# ,E6)&"O-&)'"D# 26"# 4K&"# .ME!2."D# (.O-&"&-')#
7"2S#N&2)"(#)2&N2!"6)"(#")#-R')."(#(2&#!"#OE'6)#7"#("#!-6,"&#7-6(#26"#N-R-&&"V#
F,!/5-!27!2.!+,52,!/#*3,!1,!)#0+)$,0),!)#0+)$,0-,!1.0+!2,!)>.#+!4,01.0-!-*K+!2#08-,34+!P!45$+95,!2,!
-,34+!0'.!.5)50,!$34#*-.0),!1.0+!2,!*K80,!1,!2.!3.-$K*,E!*"#)"4O(#6"#7"M'"6)#'4OE&)-6)#128"6#,-(#
7"#%"2&)#7"#!-#,E66-'((-6,"#,E6(,'"6)"#"6)&"#7"(#,%-&R"(#.!",)&'12"(#&.(2!)-6)#"6#-))&-,)'E6#E2#
"6#&.O2!('E6D# !E&(12"#-# !'"2# 26"#O&ER&"(('E6# 78-73-,"6,"(# ")#78.M.6"4"6)(# ")#!E&(12"#7"(# N2)(#
7E'M"6)#X)&"#-))"'6)(V!<5-*,3,0-%!2,!-,34+!,+-!$0+$80$/$.0-E!
J.! )*(.-$#0! ,+-! 2,! 4*#15$-! 1,+! =PJ;*A=W<A# J@=PT=@?A! #4(*.0-! $01$6$15,22,3,0-! ,-! ,0+,3@2,! P!
+'.//,)-.0-!35-5,22,3,0-%!+.-$+/.$+.0-!1,+!@,+#$0+!$0>(*,0-+!$34*$3(+!1.0+!2.!)#0+)$,0),!P!),+!@,+#$0+!
(-.0-%!7!2.!+#5*),%!1'.583,0-,*!,-!1',=4(*$3,0-,*!2',=4*,++$#0!1,!+#$!3,0.0-!7!50,!+(4.*.-$#0!52-(*$,5*,!
45$+%! 4#5*! *,+-.5*,*! 50! +,0+! 1,! +()5*$-(! $0-(*$,5*,! ,-! 1,! )#0/#*-! P! 1,! +,! *(50$*! 1.0+! 2'>.*3#0$,! 1,! 2.!
$W<A$=?<$?#;<=>?@A?**?E!L,!),--,!/#*),!$0+-$0)-$6,!6$+.0-!7!2'>.*3#0$,!*(50$/$(,!1,!2';-*,%!,+-!$++5!
2'$0+-$0)-!3c2,R/,3,22,!1,!A!*(R50$#0!C!)>,*)>.0-!7!*,-*#56,*!2.!@(.-$-51,!,0/#5$,!1.0+!2.!)#0+)$,0),!1,!
2'c3,E!
W6#OE2&&-')#5-'&"#!8-6-!ER'"#72#O-&-R&-O%"#O&.,.7"6)#-M",#!8%-N')27"#128E6)#!"(#OK&"(#7"#(E&)'&#!"#
4-)'6#OE2&#-!!"&#)&-M-'!!"&#")#7"#&"6)&"&#!"#(E'&D#('#)E2)#M-#N'"6D#M"&(#!"#,E65E&)#")#!-#&.26'E6#-M",#!-#

!
!01234'#5625748'$9'-24'%;')<124<' =A' ,54415'>'
5-4'!!"# Eu# '!(# &")&E2M"6)# !-# 5E&,"# 7"# (8-M"6)2&"&# 0# 6E2M"-2# !"# 4-)'6# (2'M-6)# 0# ("# N-))&"# -M",# !"#
4E67"V#
T'6('D#!"#O&E,"((2(#7"#!-#,&.-)'E6##
7"#*8?IJ@?AA=W<#C?#AW=#;<=>?@A?**?#
-#O&'(#7"(#4'!!'-&7(#78-66."(#7-6(#!"#)"4O(#OE2&#(8-,,E4O!'&V#
<4*K+!2,!j$8!j.08%!2,!Z<AC344B4%)<F@53B<%ZV<3LWV<3!/5-!1$6$+(!,0!1,5=!(0,*8$,+!1$//(*,0-,+%!-*.6.$22.0-!
,0! 4,*3.0,0),! ,0+,3@2,! ,-! +(4.*(3,0-%! $01(4,01.0-,+! ,-! ),4,01.0-! )#0-*.$0-,+! 35-5,22,3,0-! 7!
-*.6.$22,*! ,0+,3@2,%! .Q.0-! 1,+! ).*.)-(*$+-$95,+! #5! 1,+! A!0.-5*,+!C! $01$6$15,22,+! P! ,-! 1,+! /#0)-$#0+!
1$//(*,0-,+E!F',+-!4#5*95#$!2,5*!)>.*8,!1,!-*.6.$2!(-.$-!u!,+-!1$//(*,0-,!@$,0!95'$01$6$+$@2,E!
Z#5+! +.6,^! 1(&7! ,-%! 4.*! 2,! @$.$+! 1,! 2.! 3(1$-.-$#0%! 6#5+! 1,6*$,^! .6#$*! @$,0! )#34*$+! 2.! A!0.-5*,!C! 15!
9!ZV<3#B!,-!2.!A!0.-5*,!C!1,!2.!9!WV<3)B#1.0+!7HFIB979T<3)1,!2.!C'4"6('E6#;6'M"&("!!"E!
j*$K6,3,0-%!2.!A!0.-5*,!C!15!9!ZV<3%B!,+-!1';-*,!.)-$/%!)*(.-$/!,-!1'.))#342$*!2,!-*.6.$2!1,!)*(.-$6$-(E!!
G22,! ,+-! .5++$!2,! BG! 1,!2',=$+-,0),!$01$6$15.2$+(,E! ?#5-,! )>#+,! 6$6.0-,%! 15! /*,2#0! 7!2'>$44#4#-.3,%! .! 50!
+,0+!-*K+!1(6,2#44(!15!BG!,-!2,!@,+#$0!1,!4*#-(8,*!),!BGE!
J.! A!0.-5*,!C! 1,! 2.! 9!WV<3)B# ,+-! 1,! 1#00,*! /#*3,! .5! A!42.0!C! 1,! 2.! )#0+)$,0),! (2,)-*$95,%! $0$-$(! 4.*!
2'9!=6)"!!'R"6,"#JK&"#B!,0!*,2$.0-!,0-*,!,22,+!2,+!4.*-$)52,+!(2,)-*$95,+E!
!@%CA84C938C3%S%ZV<3%U% ,$%S%WV<3%U%L%734%(WZ.!,(+1,%Z$(W'($", !P!+#0-!-#5-,+!1,5=!,0!(95$2$@*,%!R!
,-! 1,! 2.!<TH;@?# 7"#!-# C=P?<A=W<#;<=>?@A?**?! ,-! ,0! )#0+(95,0),%! 2#*+95',22,+! )*(,0-! !-#5E&4"#
'67'M'72"!!"D!"!!"(#-,,E4O!'(("6)#!"#)&-M-'!!1,!2.!<TH;@?!1,!2.!C=P?<A=W<#;<=>?@A?**?E!k5$!,+-!
)<A944@8C3% =% `AB<895B<3% G3% 1AB<<95B<3% =% 1B5<959A8% =% ^BF<94A8% =% Z<A53C59A8% =% ,@594>@C59A8% G34%
T34A984%L%0@84%B8%4O45VD3%CAPF<385%G3%!A9%35%GH+<G<3QQ,.$/("E !
*"(# .6"&R'"(# 7"# ,E6(,'"6,"# 9#ZV<3#B# ,-! 9#WV<3#B# (E6)# 7"(# =PJ;*A=W<A! -#5-,+! 1,5=! )#0-*.$0-,+!
1.0+!2.!C=P?<A=W<#;<=>?@A?**?!,-!2#*+95',22,+!#0-!(-(!2$@(*(,+!1,! 7HFIB979T<3%!,22,+!.))#342$++,0-!
45$++.33,0-! 2,! -*.6.$2! 1,! )*(.-$#0E! G0! #5-*,%! )#0+$1(*,^! 2'$34#*-.0),! 1,! 2,5*! -*.6.$2! 1.0+! 2.! )*(.-$#0%!
1.0+! 2,! 3#01,! ,0-$,*E! J,+! $3452+$#0+! A!NK*,! u! "K*,!C! $0+4$*,0-! -#5-! 0$6,.5! 1,! )*(.-$#0%! 1,45$+! 2.!
/#*3.-$#0!1,+!(2(3,0-+%!2.!3#2()52,!,-!2.!),2252,!6$6.0-,%!&5+95'.5!+54,*@,!3.33#5->E!G22,+!-*.6.$22,0-!
.5++$!$0+-$0)-$6,3,0-!1.0+!2,+!4.*,0-+!4#5*!2,+!4#5++,*!7!+'50$*%!7!)#0),6#$*%!7!4#*-,*!,-!7!(2,6,*!2,5*+!
4,-$-+E!
k5,295,+!4K*,+!+',0!6#0-!.4*K+!2.!0.$++.0),!1,!2,5*!4*#8(0$-5*,%!95'$2!+'.8$++,!1'r5/+%!1,!4,-$-+!.0$3.5=!
#5!1'>53.$0+E!F,5=R27!+#0-!2,+!4K*,+!1#0-!2,!+,0+!15!"#$!,+-!425+!8*.01!95,!2,5*!$0+-$0)-!4.-,*0,2!$00(E!
$8"()#-&&'M.#','#12"#ME2(#7"M"Q#M&-'4"6)#O&"67&"#,E6(,'"6,"#7"#!-#('R6'5',-)'E6#7"#!8=PJ;*A=W<V#
Z#5+! 4,0+,^! 4,5-R;-*,! 95,! ),2.! +,3@2,! 50,! /#*3,! 1,! )*(.-$6$-(! @$,0! A!0(@52,5+,!C%! 3.$+! +$! 6#5+!
*(/2()>$++,^!50!$0+-.0-%!$2!+,!4,5-!95,!6#5+!*(.2$+$,^!/$0.2,3,0-!95'.5)50!>53.$0!#5!.0$3.2!#5!$0+,)-,!#5!
3;3,!42.0-,!0',0-*,4*,01!.5)50,!.)-$6$-(!1.0+!2.!1$3,0+$#0!3.-(*$,22,!+.0+!50,!)#,*)$-$#0!$0-(*$,5*,!1,!
2.!A!)#0+)$,0),!C%!95$!,+-!50,!9!9D?B749A8!BE!F,2.!4,5-!;-*,!),22,!1,!-#5*0,*!+#0!6$+.8,!6,*+!2,!+#2,$2%!1,!
)#5*$*%!3.08,*%!-*.6.$22,*%!1#*3$*%!/.$*,!1,+!)#5*+,+%!.6#$*!50!@(@(E!?#5&#5*+!P!A!2'$3452+$#0!C!P!4*()K1,!
2'.)-$6$-(!P!3;3,!2,!/.$-!1,!@.--*,!1,+!4.54$K*,+E!!
G0!#5-*,%!.5)50,!$3452+$#0!0,!4#5++,!7!50,!95,2)#095,!.)-$6$-(!0#0!1$*$8(,!6,*+!50!@5-E!
J,+!42.0-,+!-#5*0,0-!2,5*+!/2,5*+!,-!2,5*+!/,5$22,+!./$0!1,!).4-,*!2,+!*.Q#0+!15!+#2,$2%!4#5*!)*#d-*,%!2,+!8,0+!
)#5*,0-!4#5*!;-*,!,0!/#*3,%!3.08,0-!4#5*!+.-$+/.$*,!2,5*!/.$3%!-*.6.$22,0-!4#5*!8.80,*!50!+.2.$*,%!1#*3,0-!

!
!01234'#5625748'$9'-24'%;')<124<' =B' ,54415'>'
4#5*!()>.44,*!.5=!-,0+$#0+!,-!4#5*!*,)>.*8,*!2,5*+!(0,*8$,+![!6#0-!/.$*,!1,+!)#5*+,+!4#5*!.)>,-,*!1,!2.!
0#5**$-5*,!P!-#5-!,+-!#*$,0-(!6,*+!2.!+5*6$,!,-!2,!@$,0R;-*,!4,*+#00,2+E!!
!
F',+-!4#5*95#$!2,+!=PJ;*A=W<A!+#0-!2.!@?T*=H?!1,**$K*,!,-!,0!-#5-,!)*(.-$#0E!
!
Y$! -#5-,! 3.-$K*,! 1,6.$-! *,-#5*0,*! 7! +.! /#*3,! #*$8$0,22,! 1,! 4.*-$)52,+! (2,)-*$95,+%! 2,+! =4O2!('E6(#
;6'M"&("!!"(! *,+-,*.$,0-! $0-.)-,+! ,-! 1#00,*.$,0-! /$0.2,3,0-! /#*3,! 7! 50,! .5-*,! )*(.-$#0E! J,+!
=PJ;*A=W<A! +#0-%! 7! &.3.$+E! F,4,01.0-%! 2,+! 4.*-$)52,+! (2,)-*$95,+! 1.0+! 2.! A!3.-$K*,!C! 6$6.0-,! +#0-! 27!
.5&#5*1'>5$!,-!.5*#0-!1$+4.*5!1,3.$0!P!3.$+!2'c3,!)#0-$05,E!
Z#5+! O"6("Q! 8*c),! 7! 1,+! $3452+$#0+! (2,)-*$95,+! 1.0+! 2,! ),*6,.5E! Z#5+! &"(("6)"Q! 8*c),! 7! 1,+!
$3452+$#0+!3.80(-$95,+!1.0+!6#-*,!+Q+-K3,!0,*6,5=E!G22,+!),0-*,0-!,-!*,2$,0-!2,+!$3452+$#0+!(2,)-*$95,+!
,0!50!-#5-!)#>(+$/E!
Y.0+!A!.--*.)-$#0!3.80(-$95,!C!1.0+!6#-*,!+Q+-K3,%!6#5+!0,!+,*$,^!95,!3#56,3,0-!+.0+!)#00.$++.0),E!
".$0-,0.0-!,+-!6,05!2,!3#3,0-!1,!6#5+!*.3,0,*!7!3,+!,=4(*$,0),+!15!1(+,*-%!95,!&,!6#5+!.$!1()*$-,+!
1.0+!2.!*"))&"#LE!
Z#5+!6#5+!*.44,2,^!4,5-R;-*,!95,!2#*+95,!&,!3,!*,01$+!.5!/2,56,!15!B#5*1.$0!4#5*!;-*,!@.4-$+(!4.*!B,.0%!
&'(-.$+! 50! *,@,22,%! &,! 3'#44#+.$+! 7! 2',0+,$80,3,0-! 1,+! B5$/+! 95$! .//$*3.$,0-! 95,! B(>#6.>! 450$++.$-! 2,+!
>#33,+!4#5*!2,5*+!4()>(+E!!
H0-5$-$6,3,0-%!&,!+,0-.$+!95,!),!)#0),4-!(-.$-!/.5=!,-!)*5,2!,-!&,!2,!*,&,-.$+E!
<4*K+! 95,!3,!/f-!3#0-*(,! 2.!Z(*$-(!)#0),*0.0-!2.! )*(.-$#0%!&,! 0,! 4#56.$+! 4.+! )#34*,01*,! 4#5*95#$! 2.!
$E6(,'"6,"#J-&5-')"!0y.6.$-!4.+!)*((!1y;-*,+!4.*/.$-+%!J%7c9D@\3%G3%7c'DAB<%(853779\3856%73B<%)<F@53B< +!
By.$! 1,3.01(! .5! F*(.-,5*! P! 7! !-# 9#$E6(,'"6,"# ;6'M"&("!!"#B! R! 4#5*95#$! 2y>53.0$-(! ,015*.$-! -.0-! 1,!
3.5=!,-!1,!+#5//*.0),+E!
H2! 3y.! .2#*+! (-(! 3#0-*(! -*K+! )2.$*,3,0-! 95,! -#5+! 2,+! 4*#@2K3,+! 95,! 6$6.$,0-! 2,+! 8,0+! 0.$++.$,0-! 15!
9!OE'6)#,"6)&-!!B#15!3#$!q2.!+)$,0),!2y.44,22,!3.$0-,0.0-!2yA!,8#!CsE!
H2!+,!3.0$/,+-.$-!1.0+!2.!A!4,*+#00.2$-(!C!!
)#33,! 50! ]?AW=<# $W?@$=H=\! 1,! 1(/,01*,! 2,! 3#$! )#0-*,! 2.! )*$-$95,! #5! 2y.--.95,! 4>Q+$95,! u!
(3#-$#00,22,!!
,-!50!]?AW=<!$W?@$=H=\!+,3@2.@2,!1y().*-,*!1'.5-*,+!4,*+#00,+!4#5*!.**$6,*!4*,3$,*!1.0+!2.!)#5*+,!
1,!2.!6$,E!
H2!+,!3.0$/,+-.$-!.5++$!1.0+!2.!A!4,*+#00.2$-(!C!!
)#33,! 50! ]?AW=<# $W?@$=H=\! 1,! 4*,01*,! 2,! 3,$22,5*! 4#5*! 2,! 3#$%! 3.28*(! 2y#44#+$-$#0! 1y.5-*5$! ,-! 50!
]?AW=<# $W?@$=H=\! +,3@2.@2,! 1,! +y.))*#)>,*! 7! +,+! @$,0+! 4,*+#00,2+%! 4.*,0-+%! .3$+%! @$,0+! #5!
.))#342$++,3,0-+!3.-(*$,2+%!,0!1(4$-!1,!-#5-,!#44#+$-$#0E!
H2! 3'.! .5++$! (-(! 1#00(! 1,! )#34*,01*,! 95,! +.0+! ),+! C?;I! 9#'4O2!('E6(# 7"# !8X)&"# ,&.-)"2&#Bpy#
/#01.3,0-.2,+%!(-,*0,22,+%!$335.@2,+D#'!#68^#-2&-')#-2,26"#,&.-)'E6V#
!
>E'!0#!"#(",&")#7"#!-#,&.-)'E6#/#")#!"#(",&")#7"#!r"S'()"6,"#")#7"#!89#X)&"#'67'M'72"!#BV#

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
Vp
!G2,)-*$)$-(!,-!3.80(-$+3,!

!
!01234'#5625748'$9'-24'%;')<124<' =C' ,54415'>'
#
G0! -*.6.$22.0-! 1,! )#0),*-%! ,0! (95$4,%! +(4.*(3,0-! 3.$+! $0+(4.*.@2,+%! 1.0+! 2,! 3#01,! 6$+$@2,%! ),+!
'4O2!('E6(# 324"!!"(! +#0-! 2,+! 3#Q,0+! 4.*! 2,+95,2+! 2.! S%4BT45@8C3% G3% 7@% D@59V<3%U! 3773LDMD3! .! (-(!
)*((,!7!4.*-$*!1,!2.!+5@2$3,!A!$W<A$=?<$?#;<=>?@A?**?!CE!
T0,!'4O2!('E6#7"#!-#,&.-)'M').#"()#`!2,!9!F?!B#1,!2yT$H=>=HeE!
F,--,!'4O2!('E6#7r-,)'M').#"()#26'M"&("!!"#")#O&EM'"6)#7826"#("2!"#(E2&,"E!!
9#*8-,)'M').#B#"()#26#4E2M"4"6)#7-6(#!-#$W<A$=?<$?#")#7"#!-#$W<A$=?<$?#"6#4E2M"4"6)V!
Jy.5-*,! '4O2!('E6# ,&.-)&',"! 4#++K1,! q/$85*.-$6,3,0-! 4.*2.0-s! 7"2S# M'(-R"(! *,8.*1.0-! 1.0+! 1,+!
1$*,)-$#0+!#44#+(,+E!F,!+#0-!M!!
*8THHT$G?P?<H#Y#*?#@?F?H!
H'&"&#M"&(wwwwwwwww!"#4E'xxxxxxxxxx@"OE2(("&#
<5-*,3,0-!)#005+!)#33,!
!
THH@T$H=W<#Y#@?J;*A=W<!
T))'&"&wwwwwwwwM"&(#!"#Y#PE'#Y#72xxxxxx@"3")"&#
<!2'$0-(*$,5*!1,!2.!$W<A$=?<$?#
!
$"#(E6)#!0#!"(#A?;*A#4E^"6(#O-&#!"(12"!(#!8"S'()"6,"#)"&&"()&"#"()#&.-!'(."V#
#
*r26'M"&(#"6)'"&#"()#26"#4-6'5"()-)'E6#7"#!-#9#J2'((-6,"#$&.-)&',"#B#-,)'M"#7-6(#,"(#=4O2!('E6(#
F24"!!"(#7"#!89#?H@?#JG_A=[;?#/#,&.-6)#!-#9#4-)'K&"#B#")#!-#5E&4"#'67'M'72"!!"V#
$r"()#!826#7"(#9#(",&")(#B#5E67-4"6)-2S#7"#!r26'M"&(V#
#
By.$!65!95,!2,!A!0#Q.5!C!1,!2.!A!J"&(E66-!').!C!#5!1,!9!!r"RE!B#)#33,!#0!2'.44,22,!.5&#5*1'>5$%!.6.$-!(-(!
)*((!4#5*!;-*,!2,!
9!dT@C=?<#C?#*T#J?@AW<<T*=He!B!
,-!(-.$-!$**(+$+-$@2,3,0-!,34*,$0-!1,!!r'4O2!('E6#4-R6.)'12"!4#5*!.++5*,*!
=<H=P=H?#")#A;@>=?E!
N#5*!2.!4*#-,)-$#0!15!F?!$01$6$15,2E!
F,)$!.!(-(!.))#342$!,0!5-$2$+.0-!2,+!7"2S#5-,"(#7"#!-#7"2S'K4"#=4O2!('E6#7"#!ra)&"#
#
*8THHT$G?P?<H#/#*?#@?F?H!./$0!1'.++5*,*!2y$01$6$15.2$-(E!
!
J,!)X-(!THHT$G?P?<H!-*.d0,%!45$+,%!.--$*,%!,=$8,%!-$*,%!.)>K-,%!+'.8*$44,%!+.$+$-%!+y.))*#)>,!.5=!8,0+!,-!
.5=! @$,0+! 95y$2! *,)>,*)>,E! F,--,! =PJ;*A=W<! )*(,! 50,! $225+$#0! 1,! +()5*$-(! 1.0+! 2'.44.*-,0.0),! 7! 50!
8*#54,!,-!1.0+!2.!4#++,++$#0!1,!@$,0+E!Fy,+-!9#!r'6()&24"6)#B#7"#!-!9!$W<A$=?<$?#Pk@?!B#$0+4$*.0-!
2.! )#0+-*5)-$#0! 1,! /.3$22,+%! 1,! )#3350.5-(+! ,-! 1,! 0.-$#0+E! H2! 4,5-! ;-*,! 4*#15)-$/! 1,! @,.5-(%! 1,! &#$,%!
1y>.*3#0$,!,-!1y.3#5*E!H2!4,5-!.5++$!*5$0,*!1,+!6$,+!,-!1(-*5$*,!1,+!)#3350.5-(+!95.01!$2!,+-!A!1$*$8(!4.*!
2yG8#!CE!

!
!01234'#5625748'$9'-24'%;')<124<' =D' ,54415'>'
J,!,n).!@?F?H!*,4#5++,%!().*-,%!*,&,--,%!(251,!-#5-!R!2,+!8,0+%!2,+!.0$3.5=%!2,+!@$,0+!95y$2!0,!6,5-!4.+E!
<$0+$!!r=PJ;*A=W<#C?#@?F?H!)*(,!50,!$225+$#0!1'$0-$3$-(!,-!1,!+()5*$-(E!
Fy,+-! !r=PJ;*A=W<! 95$! 4#*-,! 7! 1,+! 2$-$8,+! 1.0+! 2,+! /.3$22,+%! 2,+! *,2.-$#0+%! 2,+! )#3350.5-(+! ,-! 2,+!
0.-$#0+E! G22,! ,+-! ),0+(,! +.56,*! 1,+! 6$,+%! .++5*.0-! 2.! 4*#-,)-$#0! ,-! 2'$0-$3$-(%! 3.$+! ,22,! ,+-! 50,! /#*),!
1,+-*5)-*$),!95.01!,22,!,+-!4#5++(,!4.*!2yG8#E!
!
Y.0+! ),+! =PJ;*A=W<A# F;P?**?A# C?# *raH@?D! -#5-,+! )>#+,+! *,+-,*.$,0-! 4#5*! -#5&#5*+! /5+$#00(,+!
2y50,! 1.0+! 2y.5-*,! 1.0+! 2'(-,*0,2! 4*(+,0-! 1,! 2.! 9!J;=AAT<$?# $@eTH@=$?# ;<=>?@A?**?#B# "6#
.12'!'N&"V!
Y.0+!),+!=PJ;*A=W<A#F;P?**?A%!$2!0yQ!.5*.$-!.5)50,!$0-,*.)-$#0!,0-*,!A!1#00,*!,-!4*,01*,!C!,-!A!-$*,*!
,-!4#5++,*!C%!0(),++.$*,+!7!2.!)*(.-$#0!1,+!3$22$#0+!1y,=4(*$,0),+!4,*+#00,22,+!95$!/#0-!)*#d-*,!,-!(6#25,*!
2.!A!4,*+#00.2$-(!CE!
L#0)%!2,!4*#@2K3,!1,!2.!A!4,*+#00.2$-(!C!,-!1,+!3.0$/,+-.-$#0+!1,!2',8#!1#0-!+#5//*,0-!-#5-,+!2,+!)>#+,+!
6$6.0-,+! .$0+$! 95,! 2y>53.0$-(! (-.$-! u! ,+-! 50! /.$-! $**(6#).@2,%! $0(6$-.@2,! 1,! 2.! )*(.-$#0E! ?#5-,! .5-*,!
,=42$).-$#0!,+-!50!3Q->,!45*E!
!
By.$! 65! 95,! ),! 95,! 2,+! >#33,+! .44,22,0-! 2,! 9!Je$Ge!B# (-.$-! 2,! *(+52-.-! 1$*,)-! 1,! 2y$0-,*.)-$#0! 1,+!
'4O2!('E6(#78T))-,%"4"6)/@"3")#1.0+!2.!0.-5*,!>53.$0,E!
J,+!=4O2!('E6(#78T))-,%"4"6)/@"3")!#0-!)#0+-$-5(!2,!3.+95,!3,0-.2!u!(3#-$#00,2!4#*-(!4.*!-#5-,+!2,+!
,0-$-(+!$01$6$15,22,+!)*((,+%!Q!)#34*$+!2,+!#$+,.5=!,-!2,+!.0$3.5=E!Z#5+!6#Q,^!),+!'4O2!('E6(!.5!-*.6.$2!
1.0+!-#5-,!2.!0.-5*,!P!,-!3;3,!1.0+!2.!6$,!1,+!42.0-,+E!
J,+!=4O2!('E6(#78T))-,%"4"6)/@"3")!1$*$8,.$,0-!u!1$*$8,0-!2,!)#34#*-,3,0-!6,*+!2.!+5*6$,!1,!-#5-,+!2,+!
,0-$-(+!1.0+!2.!)*(.-$#0E!
H2!0yQ!.6.$-!.5)50,!()>.44.-#$*,!.5=!=4O2!('E6(#78T))-,%"4"6)/@"3")E!
$"(# =4O2!('E6(# F24"!!"(# .)-'"6)# !-# (E2&,"# .O%.4K&"# 7"# )E2)# N'"6/X)&"D# O!-'('&D# 9#NE6%"2&#B#
9#)"4OE&"!(#BD#/#")#-2(('#!-#(E2&,"#7"#)E2)"#4-!-7'"D#4'(K&"#")#O&'M-)'E6#7-6(#!"#4E67"V#
F,4,01.0-%!.&#5-(!7!),5=R)$%!R!-*.0+),01.0-,%!+#5+R&.),0-,!,-!$0-,*4(0(-*.0-!-#5-%!(-.$-!u!,+-!!
2.!>=?!R!6."#7"#!r?IJ*WA=W<#C?#*T#$W<A$=?<$?#;<=>?@A?**?!
,+-!2.!@.+,!,-!2.!+#5*),!3;3,+!1,!2.!)#0+)$,0),!-,**,+-*,!P!
1#0)%!-#5-!)#33,!2.!$E6(,'"6,"#9#JK&"/PK&"#B!,+-!)*(.-*$),!P!
2.!J?<Ae?!1,!2y>#33,!,+-!)*(.-*$),!
4.*),!95,!2.!4,0+(,!,-!2,!+,0-$3,0-!>53.$0+!+#0-!2',=,*)$),!.5-.0-!95,!2'50$#0!1,+!'6()&24"6)(#
324"-2S!1,!2.!$E6(,'"6,"#9#JK&"/PK&"#BE!
L#0)%!),+!=4O2!('E6(#78T))-,%"4"6)/@"3")!1.0+!2.!4,*+#00.2$-(!$01$6$15,22,!1,6$,00,0-!.5++$!
>.5-,3,0-!)*(.-*$),+!,0!),!95',22,+!1(-,*3$0,0-!R!")#&"67"6)#M'('N!"(!R!2,+!A!/#*3,+!1,!)#0+)$,0),!C!
1,+!A!)>#+,+!1(+$*(,+!C!,-!1,+!A!)>#+,+!*,&,-(,+!CE!
$r"()#!0#!"#7"2S'K4"#9#(",&")#B#5E67-4"6)-!#7"#!r26'M"&(V#
#
By.$!65!95,!2,!9!Je$Ge!B#(-.$-!50!,E6,"O)#-&)'5','"!!#44#*-50(3,0-!$06,0-(!4.*!2,+!>#33,+!4#5*!1()*$*,!
-#5-,!.)-$6$-(!>53.$0,!).5+.0-!1,!2.!+#5//*.0),!7!.5-*5$E!

!
!01234'#5625748'$9'-24'%;')<124<' ?F' ,54415'>'
|! ).5+,! 1,! 2,5*! -,01.0),! 0.-5*,22,! 7! A!4*,01*,!C! 7! 1y.5-*,+! 4,*+#00,+! ,-! 7! 2,+! *,&,-,*! 8*#++$K*,3,0-%!
./$0!1'#@-,0$*!),!95y$2+!6#52.$,0-!1,!2.!6$,%!$2!(-.$-!$0(6$-.@2,!95,!-#5+!2,+!;-*,+!>53.$0+%!7!50!3#3,0-!#5!7!
50! .5-*,%! ).5+,0-! 7! 1y.5-*,+! ;-*,+! >53.$0+! 50,! ),*-.$0,! /#*3,! 1,! 1(-*,++,! #5! 1,! +#5//*.0),E! F,--,!
4*#4,0+$#0! >53.$0,! 7! @2,++,*! .5-*5$! 0,! )#0+-$-5,! 0522,3,0-! 50,! #//,0+,! 7! 2.! $W<A$=?<$?#
;<=>?@A?**?!qL$,5s!R!)#33,!2'.//$*3,0-!2,+!*,2$8$#0+!&5$6,!,-!A!)>*(-$,00,!CE!
Y,52,!2y>53.0$-(!.!)#34*$+!2.!+$80$/$).-$#0!15!3#-!A!4()>(!C%!45$+95,!+,52,!2y>53.0$-(!,-!-#5-,!A!)*(.-$#0!
+#53$+,! 7! 2y>53.0$-(!C! #0-! &.3.$+! )#005! 2.! 1#52,5*%! 2.! 4*$6.-$#0! ,-! 2.! 3$+K*,! ).5+(,+! 4.*! 2,+! 1,5=!
=PJ;*A=W<A! /#01.3,0-.2,+! 1,! !r=<C=>=C;T*=He# Y# T))-,%"4"6)# /# @"3")! .)-$6,+! 1.0+! 2.!
A!4,*+#00.2$-(!C!>53.$0,E!
*r'4O2!('E6#'6%.&"6)"#0#!r%E44"#7"#O&E).R"&#(-#O&EO&"#'67'M'72-!').!25$!.6.$-!/.$-!(-.@2$*!1,+!*K82,+!,-!
1,+! 2#$+! 4#5*! 2.! +#)$(-(! >53.$0,E! J.! 9#J2'((-6,"# $&.-)&',"# ;6'M"&("!!"#B# /# !rTPW;@# /# 6r-M-')#
-N(E!24"6)#&'"6#0#ME'&#-M",#!8.)-N!'(("4"6)#7"#&"()&',)'E6(D#7"#!'4')-)'E6(D#7"#!E'(#")#7"#32R"4"6)#
%24-'6(V#
Fr-'# -2(('# M2# 12"# `# 9#!-# J2'((-6,"# ,&.-)&',"# JK&"/PK&"#B# /# !-# >=?# Y# (8.,E2!-')# ,E6)'62"!!"4"6)# 0#
)&-M"&(#)E2)#!r26'M"&(#")#12"#,8.)-')#!-#M'"#7-6(#4E6#'6)"!!",)#12'#2)'!'(-')#!"(#'4O2!('E6(#324"!!"(#7"#
O"6(."#")#7"#("6)'4"6)V#
#
'98496%5AB534%S%?384F34%35%43859D3854%9D?@<>@954%U%4B>>94@DD385%?B944@854%?AB;@9385%GF<@8\3<%35%
CP@8\3<%73%
S%DAGV73%G3%)+1,)("1)"%U%G34%CPA434%C<FF34E%
;)&<'#9,%6,)=)
W@%S%?384F3%U6%3859V<3D385%?B<9>9F3%G34%9D?B749A84%NBD37734%G3%S%7c3\A%U%L%35%3859V<3D385%
<FC3?59;3%J%!8=<H?**=d?<$?#i#TPW;@#7"#!-%S%ZB944@8C3%)<F@5<9C3%ZV<3LWV<3%U%<F985<AGB9<@95%
7HF5@5%%
GHS%'W+.$%(1#"!!(^"1#%Z'$`'(#%UE%
#
0A8C6%B8%F5@5%?<FCFG3DD385%<38GB%9D?@<>@95%4B953%J%B83%S%?384F3%9D?@<>@953%U%?AB;@95%
M5<3%<38GB%J%B8%F5@5%S%Gc985F\<95F%U%
38%CP@8\3@85%734%@5595BG34%35%734%?384F34%G3%7c3\A%38%C37734%
Gc'W+.$%(1)+10(#(+11"!E%
PE6#"(O&')#.)-')#26#9#'6()&24"6)#B#72#O&E,"((2(#,&.-)"2&#)E2)#"6)'"&#O&EM"6-6)#7"#!r;<=>?@A?*V#
!
".$0-,0.0-! 95,! &,! (-M-'(! 95,! )y(-.$-! .$0+$! P! 95,! &,! 2,! (-M-'(# 4?9<95B3773D3856% 9853773C5B3773D385>)
FDA59A883773D385D! &,! *(.2$+.$! 95,! &,! 4#56.$+! ,-! 7"M-'(! 4*,01*,! 1,+! 3,+5*,+! 4#5*! +5*3#0-,*! 2,+!
=PJ;*A=W<A# F;P?**?A# C?# *r?dW! 95$! 1$*$8,.$,0-! 4*()(1,33,0-! 3#0! ,+4*$-%! 4#5*! 4,*3,--*,! 7! 2.!
@eT*=He#C=>=<?!1'.6#$*!50,!4#*-(,!)#342K-,!7!-*.6,*+!3#0!,+4*$-!,-!3#0!),*6,.5E!
Fy,+-! 4#5*95#$! $2! Q! .! ,5! 50,! 25--,! ,0-*,! 3#0! G8#! >53.$0,3,0-! *(+$+-.0-! ,-! 3.! 9!$E6(,'"6,"# JK&"/
PK&"!B#2#*+!1,+!-,0-.-$#0+!-*K+!6$6,+!95,!&y.$!(4*#56(,+!7!2.!/$0!1,!3#0!$2253$0.-$#0!1.0+!2,!1(+,*-E!A-)-6#
68-M-')#-2,26#&-OOE&)#-M",#!"#N&-(#7"#5"&#12'#-#"2#!'"2#7-6(#4-#,E6(,'"6,"V!
J.!85,**,!.6.$-!2$,5!,0-*,!2,+!!

!
!01234'#5625748'$9'-24'%;')<124<' ?E' ,54415'>'
=PJ;*A=W<A#F;P?**?A#C?#*r=<C=>=C;T*=He#/#T))-,%"4"6)/@"3")#/##
,-!2.!$['!(#[%0(/(1"!95$!Ay(-.$-!/.$-!)#00.d-*,!7!3#$!)#33,!!
2.!/("%0H'W+.$%(1#"!!(^"1#!
-*.0+),01.0-,!,-!),4,01.0-!,0!3#$%!95$!*,4*,01*.$-!4*#8*,++$6,3,0-!4#++,++$#0!1,!3#0!$01$6$15.2$-(!,-!
1.0+!50,!3,+5*,!,0)#*,!425+!8*.01,!+$!&,!3(1$-.$+!)#0-$05,22,3,0-!,-!45*$/$.$+!3.!)#0+)$,0),!1,!3,+!
$3452+$#0+!(8#U+-,+E!
$"#12'#O&.,K7"#"()#26"#7"(,&'O)'E6#7"#!-#,E66-'((-6,"#O2'((-6)"#12"#3"#&-4"6-'#0#<-Q-&")%V#
F',+-!4#5*95#$!2,!-,34+!95,!&,!4.++.$!.6,)!3.!3K*,!7!85(*$*!4>Q+$95,3,0-!4,01.0-!95y,22,!3,!*,01.$-!7!
2.! +.0-(! /5-! .5++$! 50! -,34+! 1,! 4*$K*,! ,-! 1,! 3(1$-.-$#0%! 1#0-! &y.$! -$*(! 2y$0+4$*.-$#0! ,-! 2.! /#*),! 1,! M'M&"!
)#0+)$,33,0-!,-!)#0+)$,0)$,5+,3,0-!2.!1'#.$"!1,!2.!$['!(#[%0(/(1"!#5!.1(/"$,"!!"E!
F#33,!6#5+!2,!+.6,^%!2.!1'#.$"!1,!2.!$['!(#[%0(/(1"!#5!.1(/"$,"!!"%345%7@%/("E!
k5.01! "!!"! ,+-! .)-$6,! 1.0+! 2.! )*(.-$#0! R! #5! 0#5+! 4#56#0+! .5++$! 1$*,! R! 1.0+! A!2y$01$6$15.2$-(!C! 1,! 2.!
)*(.-$#0%! "!!"# ,&Eb)D# 6E2&&')D# 5E2&6')# !-# 6E2&&')2&"D# &.R.6K&"D# R2.&')D# O&E)KR"D# -((2&"# !-# (2&M'"D#
(-)'(5-')# -2S# N"(E'6(# 7"# )E2)# ,"# 12'# "()# ,&..D# /# !"# )E2)# 7-6(# 26# (^()K4"# 7r%-&4E6'"# O-&5-')"D# 7"#
,EEO.&-)'E6D#7"#!E'#")#78E&7&"V#$r"()#!-#9#6-)2&"#B#7"#!-#>=?V#HE2)#(E6#)&-M-'!#7-6(#!-#,&.-)'E6#"()#
-,,E4O!'#,E65E&4.4"6)#0#!-#<TH;@?#;<=>?@A?**?#/#!-#O&E4E)'E6#72#N'"6#(2O&X4"#7"#)E2(#!"(#
X)&"(#M'M-6)(V#
Y$! 6#5+! 4#56,^! )#34*,01*,! ),+! 3#-+%! 6#5+! )#34*,01*,^! 4#5*95#$! &,! *,6$0+! 15! 1(+,*-! R! 50! >#33,!
*,342$!1,!&#$,%!1y50,!0#56,22,!)#0+)$,0),!1,!2.!@,.5-(!15!3#01,%!1'50!+,0-$3,0-!1,!)#0/$.0),!.@+#25,!,-!
15! Y<ZlH\! 95'$2! (-.$-! 4#++$@2,! 1,! )#0-*X2,*! 2'.44.*,0),! 1,! 2.! A!3.-$K*,!CE! Z#5+! +,0-$*,^! .6,)! 3#$! 3.!
4*#4*,! ,=.2-.-$#0! 6,0.0-! 15! /.$-! 95,! &,! 4#56.$+! 1K+! 2#*+! #//*$*! .5=! B5$/+! 2.! 82#*$,5+,! 0#56,22,! 95,! 2,!
A!\#Q.53,!1,+!F$,5=!C!(-.$-!,0!,5=E!?#5-!),!95y$2+!.6.$,0-!7!/.$*,!(-.$-!1,!2,!A!1()#56*$*!C!.6,)!3#0!.$1,!
4#5*!95,!2,5*+!6$,+!)>.08,0-!7!&.3.$+E!
B,!6#5+!95$--,!.6,)!2.!3;3,!)#00.$++.0),!95$%!)#34*$+,!,0!4*#/#01,5*!,-!5-$2$+(,! ,0!3(1$-.-$#0%!4,5-!
)>.08,*!2,!)#5*+!1,!6#-*,!6$,E!
G0!2$+.0-%!6#-*,!)#0+)$,0),!+'(2K6,*.!,-!,0!)>,*)>.0-!2y$0+4$*.-$#0!R!,22,!6#5+!6$,01*.E!
B'.+4$*,! 7! ),! 95,! 6#5+! )#34*,0$,^%! .+4$*$,^%! )*#$++$,^! ,-! *(.2$+$,^E! L(-,01,^R6#5+! 1.0+! 3.! *;P=k@?!
).*! 4,01.0-! 95,! 6#5+! 2$+,^%! *(/2()>$++,^%! 3(1$-,^! ,-! 4*$,^%! 6#5+! ;-,+! .--$*(+! 1.0+! 3.! $W<A$=?<$?#
$G@=AH=[;?! 95$! 6#5+! 1,6$,01*.! 1,! 425+! ,0! 425+! .44.*,0-,%! 4,01.0-! 95,! 6#5+! (6#25,^! 1.0+! ),--,!
$E66-'((-6,"#C'M'6"E!
!
-B3%DA8%@DAB<%35%D@%>A9%38%;A5<3%4@\3443%C<A944@853%;AB4%38;37A??385E%

!
!
!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
!"##$"%&%
!
!"#$%"&&'"#$(')#"*&"*&$+,$-.**,/##,*-"$01"$+"#$2"*#3$,1$-.1'#$4"#$#/5-+"#3$.*&$,#(/')$6$-.**,7&'"$
8,/#$*"$(.19,/"*&$(,#$'"-"9./'$(,'-"$01"$+"1'#$-.**,/##,*-"#$#-/"*&/;/01"#$41$8.*4"$*<)&,/"*&$
(,#$ #1;;/#,*&"#$ (.1'$ +"1'$ ("'8"&&'"$ 4"$ -.8('"*4'"=$ >/*#/3$ +.'#01"$ ?<)&,/#$ "*$ @,+"#&/*"$ "*$ +,$
("'#.**"$ 4"$ A$B)#1#$C3$ ?<"D(+/01,/#$ #,*#$ -"##"$ +,$ EFGHIF$ JF$ %<FKHLIFM!F$ NMHEFGLF%%F3$ 4"$
4/9"'#"#$8,*/5'"#3$8,/#$("'#.**"$*"$+,$-.8('/&=$
$
"#$$%! &'! (&)('*+! ,-%.+*%! /#)0! ,#1/%.+! &%! 2#$(*%.,*%3! 4%! .%! /1%.0! 567! %.! 2%++%! 8(#9)%! (#)*! /#)0!
'((#*+%*! ).%! .#)/%&&%! *%&1;1#.3! ).! $%1&&%)*! 2#,%! ,%! $#*'&1+8! #)! ).! .#)/%')! <!=1%)!>! ?! ',#*%*@! A%! .%!
(*B2C%!('0!.#.!(&)03!2#$$%!/#0!<!$8+'(CD0121%.0!>3!&'!<!(%.08%!(#01+1/%!>@!E#+*%!C)$'.1+8!'!2#.F)!&'!
<!(%.08%! (#01+1/%!>! (#)*! '++1*%*! ?! %&&%! 2%! ,#.+! %&&%! '! G%0#1.! %+! 2%! 9)-%&&%! ,801*%3! $'10! &%0! $#D%.0! ,%!
*8'&10%*!/#0!'$G1+1#.0!.%!H#.+!9)%!*%.H#*2%*!/#+*%!%;#@!
I#)+%0! 2C#0%0! C%)*%)0%0! %+! 'G#.,'.+%0! 0%! $'.1H%0+%*#.+! %.! /#)0! %+! ,'.0! /#+*%! /1%! 01! %+! 9)'.,! /#)0!
/#)0! *%.,*%J! 2#$(+%! 9)%! K! &L).1/%*0! %.+1%*! %0+! ,%! &'! !OML!HFM!F$ NMHEFGLF%%F! +*'.02%.,'.+%3!
*%.,)%!/101G&%!9)'.,!F%%F!(*%.,!).%!H#*$%!$'+8*1%&&%!;*M2%!?!&L'2+1/1+8!,%!&L%;#@!
E#+*%!/8*1+'G&%!G)+!,'.0!/#+*%!('*2#)*0!0(1*1+)%&!%0+!,%!/#)0!&1G8*%*!,%!&-%02&'/';%!,%!&-%;#!%+!,-8+'G&1*!).!
2#.+'2+!,%!(&)0!%.!(&)0$(1'$,9"-$+,$!OML!HFM!F$JHEHMF=$E.&'"$4"#&/*)"$;/*,+"$"#&$4"$'"-.**,7&'"$
LOM$.8*/(')#"*-"3$,1##/$P/"*$"*$9.1#Q8R8"$01"$4,*#$9.#$,-&/9/&)#$01.&/4/"**"#=$
E.&'"$ .P?"-&/;$ #(/'/&1"+$ #1('R8"$ "#&$ 4<,''/9"'$ 6$ -"$ 8.8"*&$ #(/'/&1"++"8"*&$ "D,+&)$ .S$ 9.1#$
'),+/#"'"T$ "*;/*$ 01"$ 9.&'"$ 8"*&,+$ U18,/*$ "&$ #"#$ 4)#/'#$ *"$ #.*&$ 01"$ ;/*/#$ V$ "&$ *"$ ("19"*&$ (,'$
-.*#)01"*&$?,8,/#$9.1#$,((.'&"'$+"$P.*U"1'$"&$+<,--.8(+/##"8"*&$01"$9.1#$9/9'"T$+.'#01"$9.1#$
,P,*4.**"'"T$ 9.&'"$ ("'#.**,+/&)$ "&$ ,--)4"'"T$ 6$ +,$ !OML!HFM!F$ JHEHMF$ "*$ 4"8,*4,*&$
'()*'"+"(#$+,$E./"$L1()'/"1'"3$1*"$E/"$(+1#$>P.*4,*&"$"&$+"$WNI$#(/'/&1"+$9)'/&,P+"$01"$9.1#$
#"1+$(.19"T$,--.8(+/'$4,*#$9.&'"$)&,&$&"''"#&'"=$
"%(%.,'.+3!(#)*!/#)0!'1,%*!?!'++%1.,*%!2%!(#1.+!8&%/8!,%!*8'&10'+1#.3!4%!/'10!$-8+%.,*%!0)*!&%0!#*1;1.%0!%+!
&'!H#.2+1#.!,%!&-NOP@!
F*$ -.*&"8(+,*&$ 9.&'"$ 8.*4"3$ ?"$ 9./#$ 1*"$ 4/8"*#/.*$ (')#"*&"8"*&$ -.*&'X+)"$ (,'$ +,$ YOG!F$ JF$
%<FZO=$
I.1&$ -"$ 01/$ "#&$ 8,19,/#3$ J>ML$ %FL$ LO!HFIFL$ JF!>JFMIFL$ >!INF%%FL$ 4"$ 9.#$ /88"*#"#$
9/++"#$ #,*#$ [8"3$ "#&$ /##1$ 4"$ +,$ Y.'-"$ 4"$ +<F2.=$ !<"#&$ +,$ #.1'-"$ 4"$ &.1&"$ ,-&/9/&)$ 8)-U,*&"3$
8"*&"1#"3$ ("'9"'&/"3$ ,-&1"++"8"*&$ "*$ ,-&/.*$ #1'$ 9.&'"$ (+,*5&"=$ F++"$ -.*&'X+"$ +"#$ 8)4/,#3$ 9.&'"$
&)+)9/#/.*3$ 9.#$ ;,8/++"#3$ 9.#$ *,&/.*#=$ F++"$ ('.41/&$ 4"#$ 21"''"#$ #1'$ &.1&$ +"$ 2+.P"=$ F++"$ -')"$ 4"#$
8/,#8"#$ (.1''/#$ 4<)*"'2/"#$ 4"$ P,##"$ -.*#-/"*-"3$ ("'-"(&/P+"#$ (,'$ +"#$ F*&/&)#$ L(/'/&1"++"#$
L1()'/"1'"#$V$8,/#$&'.($U.''/P+"#$6$-.*&"8(+"'=$
L/$ 9.&'"$ -.*#-/"*-"$ (')#"*&"$ "#&$ /8(')2*)"$ 4"$ (.##"##/9/&)$ "&$ 4"$ +</*-,(,-/&)$ 6$ (,'&,2"'$ ,9"-$
,1&'1/3$#/$9.1#$/8,2/*"T$4"#$8.\"*#$"&$4"#$;,].*#$4"$4"9"*/'$'/-U"$,1$4)&'/8"*&$4<,1&'1/3$#/$9.1#$

!
!01234'#5625748'$9'-24'%;')<124<' =' ,54415'>'
9.+"T3$ *)2+/2"T$ 4<,--.8(+/'$ 9.&'"$ &',9,/+$ -.*#-/"*-/"1#"8"*&$ .1$ 4<)-U,*2"'$ 4"$ P.**"#$ 9,+"1'#$
-.*&'"$ 4"$ +<,'2"*&3$ #/$ 9.1#$ '14.\"T3$ 8.*&'"T$ +"#$ 4"*&#3$ 8,*/"T$ +"$ #,'-,#8"3$ 9.1#$ ("'8"&&"T$ 4"$
-'/&/01"'3$ 4"$ ?12"'3$ 4"$ '"?"&"'3$ 4"$ 4)*/2'"'3$ #/$ 9.1#$ 9.1#$ ;,/&"#$ 4"#$ "**"8/#3$ #/$ 9.1#$ R&"#$
/*&.+)',*&3$(+"/*$4"$U,/*"3$?,+.1D3$#/$9.1#$,2'"##"T3$R&"#$9/.+"*&3$#/$9.1#$9.+"T3$8"*&"T3$"#-'.01"T$
.1$&'.8("T3$#/$9.1#$-,+.8*/"T$Q$9.1#$R&"#$8"*)$(,'$+<"2.=$
E.&'"$"2.$9.1#$-.*&'X+"$"&$9.1#$,1'"T$4"#$4/;;/-1&)#$6$&',9"'#"'$+"#$8/,#8"#$4"$+,$-.*#-/"*-"$4"$
+<"2.$(.1'$9./'$+,%$,-./0,1%
"-%0+! &'! *'10#.! (#)*! &'9)%&&%! ?"! /1%.03! ('*! &-1.+%*$8,1'1*%! ,%! 2%0! %"&&'"#3! /#)0! '1,%*! ?! 2#$(*%.,*%!
%Q'2+%$%.+! 2%! 9)1! /#)0! &1%! ?! /#+*%! 2#.,1+1#.! (*80%.+%3! ,#.+! &-C#**%)*! 8+'1+! 1.1$';1.'G&%! ('*! &%0! %0(*1+0!
C)$'1.0!,-1&!D!'!).!01R2&%@!
A%!/'10!$'1.+%.'.+!%Q(&19)%*!(&)0!%.!,8+'1&!!
%<FZO$
$
>N$ ^O^FMI$ JF$ EOIGF$ !OM!F@IHOM3$ (%.,'.+! &%! *'((#*+3! &#*09)%! &'! 2#.021%.2%! ,%! /#+*%! (R*%!
0-8&%/'3!/1'!&'!2#&#..%!/%*+8G*'&%3!4)09)-')!0#$$%+!,%!0'!+B+%3!%+!9)%!&'!+%.01#.!'++%1;.1+!0#.!'(#;8%3!&'!
2#.021%.2%!,%!/#+*%!(R*%!+#)2C'!G*1R/%$%.+!&'! !OML!HFM!F$JHEHMF3!2%!9)1!2*8'!).!82&'1*3!).%!(%+1+%!
%Q(&#01#.3!9)-1&!/82)+!0#)0!H#*$%!,-#*;'0$%3!?!&'!0)1+%!,%!9)#1!).%!1.4%2+1#.!,%!!
!OML!HFM!F$JHEHMF!
0-1.H)0'!,'.0!0'!0%$%.2%!
(#)*!,#..%*!/1%!?!&-#/)&%!,%!&'!$R*%@!
!
%"$ 8.8"*&$ 4<1*/.*$ ,9"-$ +,$ ;"88"$ "&$ +<"D(+.#/.*$ 4"$ &"*#/.*$ -U"T$ +<U.88"$ ,1$ 8.8"*&$ 4"$
+<.'2,#8"$;,/&$#"$'"Q?.1"'$+</*#&,*&$41$W/2$W,*23$+.'#01"$+<NMHIF$4"$+,$A$!.*#-/"*-"Q@5'"Q^5'"$C$,$
"D(+.#)$"*$)*"'2/"#$#)(,')"#$"&$01"$+"#$('"8/5'"#$(,'&/-1+"#$)+"-&'/01"#$,/*#/$01"$4"$+,$8,&/5'"$
,+),&./'"$ .*&$ ('/#$ ;.'8"=$ %,$ A$!.*#-/"*-"$ @5'"$C$ ;.1'*/##,/&$ +<)*"'2/"$ 4"$ +<A$,-&/9/&)$ "&$ 4"$
+</8(1+#/.*$C$ "&$ +,$ A$!.*#-/"*-"$ ^5'"$C$ ;.1'*/##,/&$ +<A$,/8,*&$C$ _+,$ ;.'8,&/.*$ 4"$ +/"*#$ ,;;"-&/;#`$
(.1'$4.**"'$;.'8"$"&$#1P#&,*-"$,1D$(,'&/-1+"#$)+"-&'/01"#=$
$
E./+6$+"#$H^@N%LHOML$@GH^HIHEFL$01/$.*&$4.**)$9/"$"&$;.'8"$6$+<U.88"$"&$6$+,$;"88"=$
B<,/8"',/#$ 01"$ 9.1#$ -.8('"*/"T$ 01"$ +,$ -'),&/.*$ *<"#&$ (,#$ 1*"$ -'),&/.*$ 4"$ A$8,&/5'"$C$ 4.&)"$ 4"$
-.*#-/"*-"=$
S'!2*8'+1#.!%0+!&'!H#*$%!/101G&%!4<H^@N%LHOML$@GH^HIHEFL!'++1*8%0!%+!*'00%$G&8%0!%.!H#*$%0!%+!%.+1+80!
1.,1/1,)%&&%03! 2345/6-70! +#)+%0! ,%0! H'2%++%0! %+! ,%0! 2#$G1.'10#.0! ,1HH8*%.+%0! ,%0! H^@N%LHOML$
@GH^HIHEFL!%.!$D*1',%0!,%!$'.1R*%0!,1HH8*%.+%0@!S%0! H^@N%LHOML$@GH^HIHEFL!0#.+!,#.2!&'!$,-./0,!
9)%! /#0! D%)Q3! /#0! #*%1&&%03! /#+*%! #,#*'+3! /#+*%! +#)2C%*! /#)0! ,10%.+! B+*%! ,%! &'! <!$'+1R*%!>! 0#&1,%3! $'10!
%&&%0! 0#.+! %.! *8'&1+8! ,%0! H^@N%LHOML$ JF$ !OML!HFM!F! 1.,1/1,)'&108%0! (#)*! B+*%! %Q(8*1$%.+8%03!
2#$(*10%0!1.+%&&%2+)%&&%$%.+!%+!'((*8218%0!8$#+1#..%&&%$%.+@!!
6)! $#$%.+! ,%! &'! 2#.2%(+1#.3! &#*09)%! &'! 0%$%.2%! 0-).1+! ?! &-#/)&%! %+! 9)-).! '22#)(&%$%.+! '! &1%)3! &%0!
2C*#$#0#$%0!,%! -.*#-/"*-"!$M&%!0%!&1%.+!')Q!2C*#$#0#$%0!,%! -.*#-/"*-"!H%$%&&%@!"-%0+!&?!&-).1#.!

!
!01234'#5625748'$9'-24'%;')<124<' ?' ,54415'>'
(CD019)%! ,%! &'! -.*#-/"*-"$ 4"$ #"8"*-"! ,%! /#+*%! (R*%! %+! ,%! &'! -.*#-/"*-"$ 4<.91+"! ,%! /#+*%! $R*%3!
(*#4%+8%! ('*! &%! J/9/*@! 61.013! &%0! 2C*#$#0#$%0! ,%! -.*#-/"*-"! $M&%! %+! H%$%&&%! (#*+%.+! &-%$(*%1.+%! ,%!
&-6=T!;8.8+19)%!,%0!,%)Q!('*%.+0@!S-1.0+'.+!,-).1#.!(CD019)%!,%!&'!0%$%.2%!%+!,%!&-#/)&%!%0+!2#.,)1+!0)*!
,%)Q!.1/%')Q!,%!2*8'+1/1+8@!
%</*?"-&/.*$ 4"$ !OML!HFM!F$ JHEHMF$ 4"9/*&$ 9.&'"$ [8"3! 1.2'*.8%! ,'.0! &-).1#.! ,%! -.*#-/"*-"$
U18,/*"! ,%! &'! 0%$%.2%! %+! ,%! &-#/)&%@! S-8+'+! (CD019)%! H)+! 2*883! (*#4%+8! ('*! &'! A!!.*#-/"*-"$ 4"$ E/"Q
@5'"V^5'"!C$ 9)1! 2#.+*U&%! +<,-&/9/&)! %+! +<1*/.*! ,%0! 2%&&)&%0! -.*#-/"*&"#! %+! (*#,)1+! &'! 2*#100'.2%! %+! &%!
,8/%&#((%$%.+! (*#;*%001H0! ,%! /#+*%! 2#*(0! (CD019)%! V! &%9)%&! %0+! %.! *8'&1+8! 4"$ +,$ -.*#-/"*-"! *%.,)%!
/101G&%!?!2C'9)%!.1/%')!,%!/#+*%!B+*%!V!%+!*1%.!,-')+*%@!
E.&'"$ [8"$ '"#&,$ &"++"$ 1*"$ A$;+,88"$C$ /*9/.+)"$ _-<"#&$ 1*"$ 8)&,(U.'"`$ 4"$ +,$ A$EHFV@5'"V^5'"$C3$
('.;.*4)8"*&$"*9"+.(()"$4,*#$+"#$/8(1+#/.*#$(U\#/01"#$4<$$
>!IHEHIF$V$>IIG>!IHOM$a$GF@N%LHOM$
"%&&%0W21!,%/1.*%.+!/#+*%!1.,1/1,)'&1+8!%+!/#+*%!(%*0#..'&1+8!+%**%0+*%0@!
X.2#*(#*8%0! ')Q! H^@N%LHOML$ JF$ EHF! +*'.02%.,'.+%! 4"$ +,$ A$!.*#-/"*-"$ @5'"Q^5'"$ J/9/*"!C3! 2%0!
/8(1+#/.*#! ,%! 2#.021%.2%! (*1*%.+! '&#*0! &%! 2#.+*U&%! ,)! (*#2%00)0! ,%! /#+*%! 2*8'+1#.! ,%! 2#.021%.2%!
(CD019)%!%+!,%/1.*%.+!&'!H#*2%!,1*%2+*12%!,%**1R*%!/#+*%!(%*0#..'&1+8@!N.0%$G&%3! A$>-&/9/&)$"&$>&&',-&/.*!C$
#%)/*R*%.+! (#)*! 2#.0+*)1*%! ).%! 2%&&)&%! 2#.021%.+%! '(*R0! &-')+*%! 0%&#.! &%0! 0(821H12'+1#.0! ,%! 2#.021%.2%!
2#.+%.)%0!,'.0!&%0!$#&82)&%0!,%!2#.021%.2%!,%!&-6=T@!S'!(%*0#..'&1+8!%+!&%!2#*(0!0#.+!+#)0!,%)Q!,%0!
(*#,)1+0! ,%! 2%0! 1$()&01#.0! C)$'1.%0! <!,-62+1/1+8W6++'2C%$%.+! Y! Z%4%+!>@! I'.,10! 9)%! &'! !OML!HFM!F$
NMHEFGLF%%F!*%0+%!?!4'$'10!%.!89)1&1G*%!,'.0! +<"#(,-"!W!%+3!('*!2#.089)%.+3!1.,8+%2+'G&%!V!,'.0!2%!
$B$%! "#(,-"3! "*$ ;')01"*-"#$ 9/P',&./'"#3! &%0! 1$()&01#.0! (*1$'1*%0! ,%! <!&-62+1/1+8V6++'2C%$%.+! Y!
Z%4%+!>! +*'/'1&&%.+! %.0%$G&%! ,'.0! &'! ,1$%.01#.! /101G&%3! '(('*'100'.+! ?! /#0! 0%.0! 0#)0! H#*$%! ,-8&%2+*#W
$';.8+10$%@!
S'! !OML!HFM!F$ NMHEFGLF%%F! %+! /#+*%! [8"! *%0+%.+! +#)+%0! ,%)Q! 1.'&+8*8%0! ,'.0! &%! 01&%.2%! %+! &'!
+*'.9)1&&1+8! ,%! &-89)1&1G*%! ,'.0! &-%0('2%@! S'! 2*8'+1/1+8! ,%! &'! 2#.021%.2%! +%**%0+*%! (*%.,! (&'2%! ,'.0!
&-%0('2%W+%$(0!%+!&%0!H*89)%.2%0!/1G*'+#1*%0!/'*1'G&%0!,%!&'!2#.021%.2%!$'+8*1'&108%@!
!
"-%0+!(#)*9)#1!/#)0!'/%J!(*10!).%!H#*$%!/1/'.+%!%+!/#)0!2#.+1.)%J!?!%Q10+%*!,'.0!,%)Q!,1$%.01#.0@![.%!
,1$%.01#.!%0+!X./101G&%3!2-%0+!&'! !OML!HFM!F$JHEHMF!V!%+!&-')+*%3!/101G&%3!%0+!+#)+!2%!9)%!&-B+*%!C)$'1.!
/1/'.+!(%)+!0%.+1*!'/%2!0%0!0%.03!#)!'((*8C%.,%*3!4)09)-?!2%!9)%!0#.!,8/%&#((%$%.+!0(1*1+)%&!8&R/%!0%0!
H*89)%.2%0!/1G*'+#1*%0!,%!2#.021%.2%!C)$'1.%!4)09)-')!(&'.!0(1*1+)%&!%+!9)-).!82&'1*!,%!2#$(*8C%.01#.!
%.+*%!,'.0! 0'!2#.021%.2%!+%**%0+*%@!6)!H)*!%+!?!$%0)*%!,%!2%++%!1&&)$1.'+1#.!(*#;*%001/%3!&'!2#.021%.2%!
C)$'1.%!8&%/8%!+*'/'1&&%!'&#*0!2#.021%$$%.+!,'.0! +<H*9/#/P+"!')001!G1%.!9)%!,'.0!&'!,1$%.01#.!/101G&%@!
!
5&)0!&%0!H*89)%.2%0!/1G*'+#1*%0!,%!&'!2#.021%.2%!1.,1/1,)'&108%!0#.+!8&%/8%03!(&)0!C')+%0!%+!(&)0!('*H'1+%0!
0#.+! &%0! H#*$%0! 2*88%0! ,'.0! &%! $%.+'&! V! (&)0! &%0! H*89)%.2%0! /1G*'+#1*%0! 0#.+! G'00%03! (&)0! &%0! H#*$%0!
2*88%0! ,'.0! &%! $%.+'&! 1.,1/1,)'&1083! 2#$(&R+%$%.+! (#008,8! ('*! &-%;#3! 0#.+! 08('*8%0! ,%! &'! @"';"-&/.*$
N*/9"'#"++"$4"$+<>8.1'=$
!

!
!01234'#5625748'$9'-24'%;')<124<' @' ,54415'>'
S-FZO!(*%.,!&%!2#.+*U&%!,%!/#+*%!H\+)0!%.!,8/%&#((%$%.+!,%()10!&%!$#$%.+!,%!&-).1#.!,)!0(%*$%!%+!,%!
&-#/)&%@!S%!.#)/%')!(%+1+!B+*%!%0+!,%/%.)!).!<!A%!>3!*%00%.+'.+!1$$8,1'+%$%.+!,%! &'!0'+10H'2+1#.!#)!,%!
&-1.0'+10H'2+1#.!,'.0!&-)+8*)03!0%&#.!0'!0%.0'+1#.!,%!2#.H#*+!#)!,-1.2#.H#*+!#)!2%!9)1!'**1/%!?!&'!$R*%@!
S#*09)%!/#)0!B+%0!.83!/#+*%!1.0+1.2+!,%!0)*/1%3!%$(*%1.+!,%!&'!(*#H#.,%!2#..'100'.2%!(*1$1+1/%!,%!<!&-8+'+!
,-B+*%! 2*88!>! %.H#)1! ,'.0! 2C'9)%! 2%&&)&%! /1/'.+%! ,%! /#+*%! 2#*(03! /#)0! '! (#)008! ?! *%0(1*%*! %+! ?! ,%/%.1*!
2#.021%.+!,-).!/1,%!%+!,-).!$'.9)%!8$#+1#..%&0!,R0!/#+*%!08('*'+1#.!,)!2#.H#*+!%+!,)!2#.H1.%$%.+!,%!&'!
$'+*12%3!9)%!/#)0!'/%J!'&#*0!*%00%.+10!2#$$%!).!/1,%!(CD019)%!%+!).!G%0#1.!,%!.#)**1+)*%!(CD019)%@!!
"-%0+!'1.01!9)%!0#.+!.80!&%0!(&%)*0!,%!/#+*%!%;#@!
S#*09)%! /#)0! (&%)*1%J3! /#+*%! $R*%! /#)0! '&&'1+'1+3! 2%! 9)1! 8+'1+! (*#H#.,8$%.+! 0'+10H'10'.+! V! ')001! G1%.!
(CD019)%$%.+!9)-8$#+1#..%&&%$%.+@!S#*09)%!/#0!G%0#1.0!8+'1%.+!2#$(&R+%$%.+!0'+10H'1+03!/#)0!(#)/1%J!
;&100%*!?!.#)/%')!,'.0!).!8+'+!,-89)1&1G*%3!,'.0!&%!0#$$%1&@!
!
S#*09)%!/#)0!/#)0!8/%1&&1%J!,%!/#+*%!89)1&1G*%3!/#)0!*%00%.+1%J!).!0%.+1$%.+!,-1.082)*1+8!]&-89)1&1G*%!%0+!
$'1.+%.'.+! ,1/108! %.! 2#..'100'.2%! $%.+'&%! %+! 8$#+1#..%&&%^3! /#)0! /#)0! 0#)/%.1%J! 9)%! $R*%! %+! &'1+!
*%(*80%.+'1%.+! &'! 0'+10H'2+1#.! ,)! G%0#1.! ,%! 082)*1+8! %+! '1.013! /#)0! (&%)*1%J! ,%! .#)/%')@! E#0! G%0#1.0!
8+'1%.+!0'+10H'1+0@!"-%0+!'1.01!9)%!&%0!8,*/;"#&,&/.*#$4"$9.&'"$"2.!0%!0#.+!,8/%&#((8%0@!
5'*H#103!/#)0!(&%)*1%J!%+!1&!8+'1+!,82*8+8!C)$'1.%$%.+!9)-1&!.-8+'1+!('0!%.2#*%!+%$(0!,%!/#)0!.#)**1*3!%+!#.!
/#)0! '! &'1008! (&%)*%*! (%.,'.+! ).! 2%*+'1.! +%$(0@! "-%0+! 2%! 9)1! '! 8&'G#*8! &'! 2#.021%.2%! 9)%! &%0! G%0#1.0!
.-8+'1%.+!('0!+#)4#)*0!0'+10H'1+0!1$$8,1'+%$%.+!%+!9)%!/#)0!,%/1%J!/#)0!','(+%*@!7#1+!/#)0!2C#101001%J!&'!
2#&R*%! V! %.! (&%)*'.+! (&)0! /1;#)*%)0%$%.+! V! 0#1+! /#)0! 0#$G*1%J! ,'.0! &-'22%(+'+1#.@! E#+*%! 2C#1Q! ,%!
*8'2+1#.0! ,8(%.,'1+! ,%0! 2'*'2+8*10+19)%0! ,%0! A$8,*/;"#&,&/.*#$ 4"$ 9.&'"$ "2.$C$ 1$(*1$8%0! %.! /#+*%!
2#.021%.2%!?!&'!.'100'.2%@!
6)2).%!,%0!H#*$%0!,%!$'.1H%0+'+1#.!,%!&-%;#!.%!,%/'1+!B+*%!2#.,'$.8%!#)!4);8%@!N&&%0!8+'1%.+!&%!*80)&+'+!
.'+)*%&!,)$Y,-&"1'$!'),&/;$,%$+<F2.$9)1!'00)*%$+<HMJHEHJN>%HIF=$
"#$$%!4%!&-'1!%Q(&19)8!,'.0!$'$4"'*/5'"$%"&&'"3$+<FZO$%0+!&%$$
Z>GJHFM$JF$%<HMJHEHJN>%HIF$
71! /#)0! .-'/1%J! ('0! 2%++%! 1$()&01#.! 1..8%! ,%! <!(&%)*%*!>! (#)*! 2%! 9)%! /#)0! ,801*%J! (#)*! /#)0! *%.,*%!
C%)*%)Q!#)!,%!*%4%+%*!2%!9)1!/#)0!*%.,!+*10+%3!/#)0!0%*1%J!,'.0!&%0!&1$G%0!,)!.8'.+@!
71! /#)0! .%! 2#)**1%J! ('0! H'2%! ')! ,'.;%*! #)! .-'((%&1%J! ('0! ?! &-'1,%! %.! 2'0! ,%! ,'.;%*! V! /#)0! (#)**1%J!
$#)*1*@!
71!/#)0!.-'/1%J!('0!(&%)*8!W!<!*82&'$8!>!,%!&'!.#)**1+)*%!V!&#*09)%!/#)0!B+%0!.83!/#)0!')*1%J!()!$#)*1*!
,%!H'1$@!
71!/#)0!.-'/1%J!('0!'22)%1&&1!&%!&'1+!,%!/#+*%!$R*%!'/%2!,%0!$'*9)%0!,%!2#.+%.+%$%.+3!%.!/#)0!G&#+100'.+!
'HH%2+)%)0%$%.+!2#.+*%!%&&%3!/#)0!.-')*1%J!4'$'10!,8/%&#((8!,%0!&1%.0!8+*#1+0!,-'HH%2+1#.!'/%2!%&&%@!!
7'.0! &'! ^>MHYFLI>IHOM$ 4"$ +<FZO3$ 1&! .-D! ')*'1+! ')2).%! 2*8'+1#.3! ')2).%! 1.,1/1,)'&1+83! ')2).%!
0'+10H'2+1#.!,%0!G%0#1.03!')2).%!(*#+%2+1#.3!')2).%!2C'&%)*!,%!*8(#.0%!.1!')2).!'$#)*!C)$'1.@ $
7'.0! &'! ^>MHYFLI>IHOM$ JF$ %<FZO3! 1&! .-D! ')*'1+! ('0! ,%! ,-')+#,8H%.0%3! ('0! ,%! (*#+%2+1#.3! ('0! ,%!
0)*/1%@!

!
!01234'#5625748'$9'-24'%;')<124<' A' ,54415'>'
I#)+%H#103! &'! ^>MHYFLI>IHOM$ JF$ %<FZO$ V$ "##"*&/"++"8"*&$ +"$ A$BF$C$ 4"$ +</*4/9/413$ %0+! %$(*%1.+%!
).19)%$%.+!,)!G%0#1.$4<>NIOQL>IHLY>!IHOM$%+!,%$LNGEHF=!
='.0!&-%.H'.2%3!&%!<!AN!>!,%!&-%;#!%0+!;#)/%*.8!('*!2%!9)-1&!'1$%!%+!.-'1$%!('03!('*!&%!,801*!%+!&%!*%4%+!,%!
2%! 9)-1&! .%! /%)+! ('0! %+! ('*! ,%0! C'G1+),%0! H#*$8%0! ('*! ).%! 2#.0+'.+%! *8(8+1+1#.! ,%! 0%.+1$%.+0@! =%!
$')/'10%0! C'G1+),%0! 0%! H#*$%.+3! 0#)0! H#*$%! ,%! *8(#.0%0! 1.'22%(+'G&%0! ,%! &-%;#! ?! ,%0! %Q(8*1%.2%0!
(%*0#..%&&%0!%+!?!&-%./1*#..%$%.+3!%+!0-1$(*1$%.+!?!&%)*!+#)*!,'.0!&-1.2#.021%.+!V!#)!&%!0)G2#.021%.+!V!#_!
%&&%0! ,%$%)*%.+! 2'2C8%0@! N&&%0! H#.+! .8'.$#1.0! 1**)(+1#.! ,'.0! ,%0! 2#$(#*+%$%.+0! *8(8+1+1H0! 9)'.,! &'!
<!$8$#1*%!>! ,%! 21*2#.0+'.2%0! (*828,%.+%0! %+! ,%! $#,R&%0! ,%! 2#$(#*+%$%.+! &%0! H'1+! 1.2#.021%$$%.+!
*%00)*;1*!?!&-%0(*1+@!
S%! 0)G2#.021%.+! %+! &%! 2#.021%.+! 2#$$%.2%.+! '&#*0! ?! ';1*! ,%! 2#.2%*+! (#)*! ,8/%&#((%*! &'! (%*0#..'&1+8@!
[.%! ;*'.,%! ('*+1%! ,)! 2#$(#*+%$%.+! ,%/1%.+! &%! <!2#$(#*+%$%.+! 2#.,1+1#..8!>3! +*R0! ,1HH121&%! ?! $#,1H1%*@!
`)'.,!&'!(%*0#..%!%0+!1.2#.021%$$%.+!(*#;*'$$8%!('*!,%!H#*+%0!C'G1+),%0!8;#a0+%0!,%!(%.0%*!#)!,%!
0%!2#$(#*+%*!V!%+!'!,%!&'!,1HH12)+8!?!/1/*%!%.!C'*$#.1%!'/%2!')+*)1!V!%&&%!/'!'&#*0!/#1*!).!(0D2C#&#;)%!9)1!
&-'1,%*'!?!,8$B&%*!&'!2#$(&%Q1+8!,%!0%0!(*#G&R$%0!$%.+')Q!Y!8$#+1#..%&0@!
S'!,#)&%)*!%+!&'!0#)HH*'.2%!(*#/#9)8%0!('*!&-'G'.,#.!1;.#*'.+!?!&'!()&01#.!,%!&-%;#!(%*010+%*#.+!4)09)-?!
2%! 9)%! $'! E)'/&)$ 4"$ +<FD/#&"*-"! 0#1+! 2#$(&R+%$%.+! 2#$(*10%! %+! 9)%! &%0! (*1.21(%0! ,#..%)*0! ,%! /1%!
,%/1%..%.+!&%0!*8H8*%.2%0!2#.0+'.+%0!,%0!C'G1+),%0!,%!(%.0%*!%+!,%0!*8(#.0%0!')Q!%Q(8*1%.2%0!,%!/1%@!
S-8;&10%!,82*1+!2%++%!,1HH12)&+8!C)$'1.%!2#$$%!).%!<!+%.+'+1#.!>!,%!7'+'.@!"%!.-%0+!('0!,)!+#)+!2%&'@!"-%0+!
).!(*#2%00)0!.'+)*%&!2')08!('*$4"#$'),-&/.*#$/*-.*&'X+)"#$6$+,$9/"3$"++"#Q8R8"#$#1#-/&)"#$(,'$+"#$
8,*/;"#&,&/.*#$ 4"$ +<"2.3$ 4.*&$ +<1*/01"$ P1&$ "#&$ 4<,((.'&"'$ 6$ +</*4/9/41$ 41$ P.*U"1'$ "&$ 41$
-.*&"*&"8"*&3$ +,$ #,&/#;,-&/.*$ 4"$ #"#$ P"#./*#$ V$ .1$ V$ 4"$ +</*&/8/&)3$ 4"$ +</*4)("*4,*-"3$ 4"$ +,$
#)-1'/&)3$4"$+,$(,/Db==$&.1&$-"+,$"*$91"$4"$#,$LNGEHF=$
$
X&!H')+!2#$(*%.,*%!9)-1&!.-D!'!*1%.!,%!$')/'10!,'.0!&'!$'.1H%0+'+1#.!,%!&-%;#@! !<"#&$+<.1&/+$*)-"##,/'"$4"$
-'),&/.*=! "-%0+! &-1.,1/1,)! &)1W$B$%! 9)1! 2')0%! ,%0! ,8089)1&1G*%0! ,'.0! 0'! /1%! %.! (%*$%++'.+! ')Q!
$'.1H%0+'+1#.0! ,%! 0#.! %;#! ,%! 2#.+*U&%*! 2#$(&R+%$%.+! 0'! (%*0#..'&1+83! 0'.0! *8H&82C1*! .1! +%.1*! 2#$(+%!
,-')+*)1@!
N+!$B$%!2%&'!.%!,#1+!('0!B+*%!4);8!.1!2*1+19)83!()109)%!&'!(%*0#..%!0#)0!&-%$(1*%!,%0!$'.1H%0+'+1#.0!,%!
0#.!%;#!.%!2#..'b+!('0!,-')+*%!$#D%.!,%!(%.0%*!#)!,-';1*!,'.0!&'!,1$%.01#.!+%**%0+*%@!
S-%.H'.+!.%!0'1+!*1%.!,-')+*%!,%!&'!$'b+*10%!,%!0#1!9)%!2%!9)%!&)1!#.+!,1+!0%0!('*%.+0!%+!0%0!%.0%1;.'.+0@!
5'*!2#.089)%.+3!&%0!%**%)*0!9)-1&!2#$$%+!%.!*8(#.0%!?!&'!/1%!%+!0%0!'&8'0!.%!(%)/%.+!B+*%!'22%(+8%0!9)%!
,%!G#.!2\)*!('*!&%0!('*%.+0!%+!&%0!%.0%1;.'.+03!()109)%!&-%.H'.+!.-'!')2).%!2#$(*8C%.01#.!,%!2%!9)1!&%!
(#)00%@!
L</+$4)#/'"$01"+01"$-U.#"$V$/+$EFNI$01"+01"$-U.#"$/88)4/,&"8"*&$"&$#"$4"8,*4"$(.1'01./$/+$*"$
+<,1',/&$(,#=$H+$*<,$'/"*$4<,1&'"$"*$&R&"=$H+$9./&$01"+01"$-U.#"$01</+$,/8"$V$/+$+"$9"1&=$$
X&! %0+! 2*)%&! ,%! ,1*%! *),%$%.+! ?! ).! %.H'.+!K! <!T#.3! +)! .%! (%)Q! ('0! &-'/#1*!>!c! 0#.! 0D0+R$%! +#)+! %.+1%*! 0%!
0%.+!1.0)&+8!%+!';*%008@!=%()10!0#.!(&)0!4%).%!M;%3!0#.!8,)2'+1#.!,#1+!2#$$%.2%*!('*!&'!&#;19)%!%+!&%!
*82#.H#*+!V!%.!&)1!'HH1*$'.+!0#.!,*#1+!,%!0%!0%.+1*!%.!082)*1+8!,'.0!0#.!%./1*#..%$%.+@! L.*$#"*#$4"$+,$
#)-1'/&)$ 4"9',/&$ R&'"$ 4)9"+.(()$ "*$ +1/$ "D(+/01,*&$ +,$ P.**"$ 8,*/5'"$ 4<"D('/8"'$ #"#$ 4)#/'#= ! !<"#&$

!
!01234'#5625748'$9'-24'%;')<124<' >' ,54415'>'
+<>^ONG$V$"&$*.*$+</''/&,&/.*$.1$+,$-.+5'"3$01/$4./&$-U./#/'$+"#$8.&#$(.1'$4/'"$6$+<"*;,*&$(.1'01./$/+$
*"$("1&$(,#$,9./'$-"$01</+$4)#/'"=$S-%.H'.+!%.+%.,*'!&%!$%00';%!9)1!&)1!0%*'!,8&1/*8!'/%2!'$#)*@!7-1&!%0+!
,8&1/*8!'/%2!2#&R*%3!1&!0)021+%*'!&%0!$'.1H%0+'+1#.0!&%0!(&)0!(*#H#.,%0!,%!0#.!%;#!%+!(*%.,*'!&'!H#*$%!,%!
*%00%.+1$%.+! V! #)/%*+%$%.+! #)! ,%! $'.1R*%! 2'2C8%! V3! #)! ,-).! 0%.+1$%.+! ,%! (*#H#.,%! H*)0+*'+1#.! 9)1!
+%1.+%*'! &-%;#3! *8,)10'.+! &%! 0%.0! .'+)*%&! ,%! &-%.H'.+! ,%! 0'! /'&%)*! 1.+8*1%)*%@! [.! %.H'.+! ,#1+! (#008,%*! 2%!
0%.+1$%.+!,%!/'&%)*!(%*0#..%&&%!%+!.%!,%/*'1+!('0!B+*%!$'+8!#)!,8+*)1+@!
"%&'!%Q1;%!9)%!&%0!('*%.+0!#)!%.0%1;.'.+0!$%++%.+!+*R0!2&'1*%$%.+!&-'22%.+!0)*!&%!H'1+!9)%!&%0!')+*%0!#.+!
')001!&%)*0!G%0#1.0!%+!&%)*0!,*#1+0!?!(#008,%*3!&%)*!,801*!,%!('1Q!%+!,%!(&'101*@!5%*0#..%3!('0!$B$%!).!
%.H'.+!W!#)!).!',)&+%!W!.-'!&%!,*#1+!,-#G+%.1*!0'+10H'2+1#.!')!,8+*1$%.+!,-')+*)1@!
71!).!')+*%!(%+1+!+'(%!&-%.H'.+!%+!&%!H'1+!(&%)*%*3!1&!.-%0+!9)%!.'+)*%&!9)%!(#)008!('*!0#.!%;#3!&-%.H'.+!,801*%!
&)1!*%.,*%!&'!('*%1&&%!V!1&!%0+!(*#;*'$$8!(#)*!0%!,8H%.,*%!2#.+*%!&-')+*%!%.H'.+@!
X&!%0+!,)!,%/#1*!,%0!('*%.+0!%+!,%0!8,)2'+%)*0!,%!&)1!*'((%&%*!9)%!<!*%.,*%!?!9)%&9)-).!&'!$#..'1%!,%!0'!
(1R2%!>3!0%!/%.;%*!,'.0!&%!2#.H&1+3!.-%0+!01<1*"$"#-,+,4"!9)1!2')0%!%.2#*%!(&)0!,%!,#)&%)*!?!2C'2).!,%0!
%.H'.+03!%+!9)%!(#)*!2%++%!*'10#.3!&)1!<!*%.,*%!0%0!2#)(0!>!%0+!+#+'&%$%.+!2#.+*%W(*#,)2+1H@!
S%! $1%)Q! %0+! ,-%.! GHGF! %+! ,%! 0%! ,8+#)*.%*@! N+! (&)+U+! 9)%! ,%! (%*$%++*%! ?! &-1**1+'+1#.! %+! ?! &'! G&%00)*%!
,-'$#)*W(*#(*%! ,%! (%*010+%*3! 1&! /')+! $1%)Q! 0%! 2'&$%*! %+! *%$%++*%! &%! (*#G&R$%! "*$ ('/5'"$ 6$ +,$
!OML!HFM!F$JHEHMF3! %.! ,%$'.,'.+! 9)%! &'! G&%00)*%! 0#1+! 8&1$1.8%! ,%! 0'! 2#.021%.2%3! %+! 2C%*2C%*! ).!
$#D%.!,%!*82#.21&1'+1#.@!
X&! H'),*'1+! ')001! ,1*%! ?! &-%.H'.+! ,%! (*%.,*%! &%! +%$(0! ,%! 2#$(*%.,*%! 9)%! &)1! %+! &-')+*%! %.H'.+! 0#.+!
8;'&%$%.+! ,%0! %.H'.+0! .80! ,)! ^.8"*&$ J/9/*=! `)'.,! ).! %.H'.+! %0+! 0(1*1+)%&&%$%.+! *82%(+1H! %+! (%)+!
+*'.0H#*$%*! %.! ).%! C'G1+),%! &-#(8*'+1#.! 2#.010+'.+! ?! *%2#..'b+*%! 0'! ('*%.+8! '/%2! ,-')+*%0! %.H'.+0! %+!
+#)+%0! 2C#0%0! /1/'.+%0! %+! 9)%! &%0! ')+*%0! #.+! &%0! $B$%0! ,*#1+0! 9)%! &)13! #.! &)1! ')*'! H'1+! &%! (&)0! ;*'.,!
2',%')! 0(1*1+)%&! (#001G&%@! =%! 2%++%! H'F#.3! &%0! $'.1H%0+'+1#.0! ,%! 0#.! %;#! 0#.+! 'HH'1G&1%0! ('*! &'! (*'+19)%!
9)#+1,1%..%!,-'$#)*!1.0(1*83!(%.,'.+!9)%!&%!AN!2%.+*'&!,%!&-%.H'.+!*%0+%!H#*+!%+!2#.H1'.+!%.!&)1W$B$%@!
X&! H'),*'1+! %Q(&19)%*! ?! &-%.H'.+! &%0! G8.8H12%0! ,)! *1*%! 9)%! 4%! ,82*1*'1! %+! %Q(&19)%*'1! ,'.0! ).% $ %"&&'"$
)&+8*1%)*%=$
"-%0+!(#)*9)#1!).!%.0%1;.%$%.+!9)'&1H18!%+!(&%1.!,%!,102%*.%$%.+!%0+!'G0#&)$%.+!.82%00'1*%!(#)*!;)1,%*!
&-%.H'.+!%+!&)1!H'1*%!'((*821%*!&%0!,*#1+0!,-')+*)1!V!9)1!0#.+! FZ>NK$>$LFL$@GO@GFL$JGOHIL=!
E./+6$+,$+./$#(/'/&1"++"$01/$4"9',/&$4.8/*"'$,1##/$P/"*$6$+,$8,/#.*$01<6$+<)-.+"=$
I.1&"$,1&'"$+./$("'8"&&,*&$4"$?12"'$4"#$-/'-.*#&,*-"#$"#&$/8(,';,/&"$"&$4)#)01/+/P')"=$
S%!$%1&&%)*!%.0%1;.%$%.+!0%!G'0%*'!.#.!0)*!&'!/#&#.+8!,%!&-%.0%1;.'.+!V!&%!0+D&%!<!('*2%!9)%! ?"!&-'1!,1+!>!W!
$'10!0)*!&'!*8H8*%.2%!0D0+8$'+19)%3!%.!2C'9)%!!21*2#.0+'.2%3!?!<!&-'$#)*!H*'+%*.%&!>!%+!')Q!,*#1+0!8;')Q!
,-')+*)1@!
N.!$B$%!+%$(03!).!%.H'.+!.%!,%/*'1+!('0!B+*%!%.,#2+*1.8!('*!&'!.#+1#.!,-<!'G.8;'+1#.!>!2'*!2%!+D(%!,%!
0#&&121+),%$4./&$R&'"$9.+.*&,/'"$"&$*,7&'"$1*/01"8"*&$4"#$("'-"(&/.*#$"&$P1&#$#(/'/&1"+#$4"$+</*4/9/41=$
S-'G.8;'+1#.!/1%.+!,%!&-1&&)$1.'+1#.!0(1*1+)%&&%3!,-).%!/#1%!0)(8*1%)*%!?!0)1/*%3!,%!&'!.8;'+1#.!,)!(%+1+!$#1!
(#)*! *%./%*0%*! &%0! G'**1R*%0! ,%! &-%;#! 9)1! %$(B2C%.+! &-C'*$#.10'+1#.! ?! &-).1/%*0'&1+8! ,%! &'! !.*#-/"*-"$
J/9/*"@!S%!/8*1+'G&%!0'2*1H12%!,%!0#1!1&&)$1.8!H'1+!'228,%*!&'!2#.021%.2%!0(1*1+)%&&%!?!,%0!0#$$%+0!,%!4#1%@!
X&!.-D!'!')2).!0%.+1$%.+!,%!(%*+%!,-')2).%!0#*+%@!

!
!01234'#5625748'$9'-24'%;')<124<' B' ,54415'>'
5#)*!$1%)Q!,82*1*%!&'!*8'&1+8!,%! +<[8"!%+!,%!+<"2.3!4-'1$%*'10!9)%!/#)0!4#1;.1%J!&%0!$'1.0!%.!2#)(%3!&%0!
G#)+0!,%0!,#1;+0!%+!&%0!(#1;.%+0!0%!+#)2C'.+3!&'100'.+!).!%0('2%!%.+*%!/#0!$'1.0!%.!2#)(%@!!
E#0!$'1.0!*%(*80%.+%.+!&'!<!-.01"$4"$+,$-.*#-/"*-"$U18,/*"!>!,-).%!(%*0#..%!V!0#.!%;#@!
%<FL@>!F! *%(*80%.+%! G1%.! +<>^F3! .8%! ,%! &'! A!E/"Q!.*#-/"*&"Q@5'"Q^5'"!C$ ')! $#$%.+! ,%! /#+*%!
2#.2%(+1#.@! 6&#*0! 9)-')Q! D%)Q! C)$'1.03! %&&%! '(('*'b+! .-B+*%! <!9)%! ,)! .8'.+!>3! %&&%! %0+3! %.! H'1+3! &%! ;'1/&!
]).%!8$'.'+1#.^! 4"$+,$IOI>%HIF$c$FMIHFGFIF$4"$+,$!OML!HFM!F$JHEHMF!,#.+!0#.+!100)%0!+#)+%0!
2C#0%0!2*88%0@!E.#$8,/*#3$,9"-$+<"#(,-"$"*&'"$"++"#3$'"(')#"*&"*&$+"$A$BF$C=$$
E#0! $'1.0! ,*#1+%! %+! ;')2C%! *%(*80%.+%.+! ,%)Q! ()100'.+%0! H#*2%0! ,%! &'! $'.1H%0+'+1#.! $';.8+19)%! ,%!
&-%;#@! N&&%0! *%(*80%.+%.+! &%0! H#*2%0! <!,-'++'2C%$%.+W*%4%+!>3! $'10! %.! $B$%! +%$(03! %&&%0! 0#.+! +*R0!
4)0+%$%.+! &'! *%(*80%.+'+1#.! (CD019)%! ,%0! 8.%*;1%0! (CD019)%0! 2#..)%0! ,%! &'! 021%.2%! 0#)0! &%! .#$! ,%!
$';.8+10$%!V!<!6++*'2+1#.!%+!Z8()&01#.!>@!
=8+'2C%J! $'1.+%.'.+! /#+*%! $'1.! ,*#1+%! ,%! &-')+*%! %.! &'! *%H%*$'.+! %+! /10)'&10%J! 9)%! /#)0! )+1&10%J! 2%++%!
$'1.!,*#1+%!(#)*!<!#G+%.1*!2%!9)%!/#)0!/#)&%J!,%!&'!/1%!>@!N&&%!*%(*80%.+%3!')0013!2%!9)%!/#+*%!2#.021%.2%!
C)$'1.%!(%*F#1+!2#$$%!8+'.+!&-'++1+),%!2#.010+'.+!?!<!0'101*!>!H'2%!?!&'!/1%@!
5*%.%J! &%! +%$(0! ,%! H'1*%! 2%+! %Q%*212%! %+! *8'&10%J! G1%.! 9)%! /#+*%! $'1.! ,*#1+%! *%(*80%.+%! &'! H#*2%!
$';.8+19)%!9)1!*%+1%.+3!9)1!'++'2C%3!9)1!'++1*%3!'1.01!9)%!&'!;*'/1+83!8/1,%.+%!,'.0!+#)+%!&'!.'+)*%@!"-%0+!&'!
0#)*2%! ,%! +#)+! <!0#)C'1+!>! #)! <!,801*!>@! "-%0+! +</8(1+#/.*$ 8,2*)&/01"! 9)1! %0+! +#)4#)*0! ,1*1;8%! %.! /)%!
,-#G+%.1*!2%!9)1!%0+!.82%00'1*%!#)!H#*+%$%.+!,801*8!%+!9)1!,#..%!,)!(&'101*!,'.0!&'!/1%@!"%++%! /8(1+#/.*$
8,2*)&/01"! %0+! A!#(/'/&1"++"8"*&!$ 4"#&/*)"$ C$ ?! 0-%Q%*2%*! ,'.0! ,%0! G)+0! 2#.0+*)2+1H0@! PG+%.1*3! +%.1*3!
2#.0+*)1*%!%+!*8'&10%*@!
7-1&!.-%Q10+'1+!(%*0#..%!,-')+*%!#)!')2).%!')+*%!2C#0%!/1/'.+%!')!$#.,%3!&-1$()&01#.!$';.8+19)%!(#)**'1+!
0-%Q%*2%*!&1G*%$%.+!,'.0!&'!(%*0#..'&1+83!0'.0!2')0%*!')2).!$'&@!!
"%!.-%0+!9)%!&#*09)-1&!H')+!+%.1*!2#$(+%!,-<!')+*)1!>!#)!,-')+*%0!2*8'+)*%0!/1/'.+%03!#)!,%0!G1%.0!#)!,%0!
(*#2C%0! ,-')+*)13! 9)%! +</8(1+#/.*$ 8,2*)&/01"$ 4<,&&/'"'3$ 4"$ &/'"'3$ 4"$ +/"'3$ 4"$ &"*/'$ .1$ 4"$ (.##)4"' 3!
/*-.*&'X+)"3! ,%/1%.+! ).%! $'&',1%! ,%! &'! (%*0#..'&1+8! 01! %&&%! .-%0+! ('0! 89)1&1G*8%! '/%2! &%0! G%0#1.0! ,%!
+#)+%0!&%0!')+*%0!2C#0%0!/1/'.+%0@!
Z%(&'2%J!$'1.+%.'.+!/#+*%!$'1.!%.!2#)(%!,'.0!0'!(#01+1#.!#*1;1.%&&%3!H'2%!?!&'!$'1.!;')2C%@!!
Z%+1*%J! $'1.+%.'.+! /#+*%! $'1.! ;')2C%! %+! /10)'&10%J! 9)%! 2%++%! $'1.! *%(*80%.+%! <!&-1$()&01#.!
$';.8+19)%!>!,%!*%4%+%*3!*%(#)00%*3!+'(%*!#)!/#)0!,8H%.,*%!,%!+#)+!'G)0!.#.!')+#*108!,%!/#+*%!(*#(*18+8!
#)!/#0!G1%.03!#)!,%!+#)+%!'++'9)%!/10'.+!/#+*%!2'*'2+R*%3!/#+*%!H'$1&&%!#)!/#+*%!+*'/'1&@!"%++%!$'1.!;')2C%!
*%(*80%.+%! A!+</8(1+#/.*$ 8,2*)&/01"$ 4"$ '"?"&!C$ 9)1! %0+! A!#(/'/&1"++"8"*&$ 4"#&/*)"!C$ ?! '00)*%*! /#+*%!
1.+1$1+8! %+! ?! /#)0! 0')/%*! &'! /1%@! "-%0+! ).%! '*$%! &8;1+1$%! ,'.0! &%0! 2'0! #_! /#+*%! 0)*/1%! (CD019)%! #)!
8$#+1#..%&&%! %0+! %.! 4%)! V! +#)4#)*0! ?! 2#.,1+1#.! 9)%! /#)0! /#)0! *'((%&1%J! 9)%! 2C'2).%! ,%! /#0! '2+1#.0!
&'100%!).%!%$(*%1.+%!8&%2+*#W$';.8+19)%!Y!,-'2+1/1+8!Y!'++*'2+1#.W*8()&01#.!,'.0!&'!2#.021%.2%!9)1!*%G#.,1+!
%+!0-%Q+8*1#*10%!H1.'&%$%.+!0#)0!H#*$%!,-).%!'++'9)%!01$1&'1*%!0)*!&%!$#1@!
S'! 2C#0%! ,80';*8'G&%! (%)+! B+*%! ).%! 2*1+19)%! ,%! /#+*%! ('*%.+3! %.0%1;.'.+! #)! %$(&#D%)*! %+! &%0! $#+0!
,-')+#,8H%.0%!9)1!/#)0!/1%..%.+!?!&-%0(*1+!%+!0#*+%.+!,%!/#+*%!G#)2C%!0#.+!,%0!$#+0!,%!&-%;#!+#+'&%$%.+!
/#)80! ?! /#+*%! ,8H%.0%! (%*0#..%&&%3! %Q(*1$'.+!&'!H#*2%!$';.8+19)%! ,%! *8()&01#.! %+! ,%!*%4%+@!N+! (%.,'.+!
9)%!/#0!$#+0!8;#a9)%0!,-'++'9)%!%Q(&#0%.+!,'.0!).!,102#)*0!2#&8*%)Q3!&-%;#!,)!2*1+19)%)*!%0+!8;'&%$%.+!

!
!01234'#5625748'$9'-24'%;')<124<' C' ,54415'>'
$%.'28! %+!0%!$'.1H%0+%!8;'&%$%.+!%.!&)1!0#)0!H#*$%!,%!$#+0!,-')+#,8H%.0%!2#.+*%!/#)0@!"%!9)1!'!()!
2#$$%.2%*!?!0-%Q(*1$%*!2#$$%!).%!'2+1#.!.82%00'1*%!%+!',)&+%!,%!<!H'1*%!*%$'*9)%*!9)%&9)%!%**%)*!%+!
).%!$%1&&%)*%!H'F#.!,%!H'1*%!>!%0+!H*89)%$$%.+!/)!1$$8,1'+%$%.+!V! (,'$1*$"2.$#"*#/P+"$"&$-"*&')$#1'$
+1/Q8R8"! V! 2#$$%! ).%! '++'9)%! (%*0#..%&&%@! "%! 9)1! ')*'1+! ,d! B+*%! ).! /*#&,*&! ,%! 2*#100'.2%! 0%!
,8/%&#((%! %.! ).! &"8(#! ,%! 2#.H&1+3! ,%! 2#&R*%3! /#1*%! ,%! &'*$%03! ,%! *%00%.+1$%.+! ,)*'G&%! %+! ,-C#0+1&1+8!
$)+)%&&%@!
='.0!,%!+%&0!2'0!0#),'1.03!1.'++%.,)0!%+! /*1&/+"#3!).!2#.H&1+!%0+!;8.8*8!,'.0!&-%0(*1+3!%Q(*1$8!%.!('*#&%0!
V!#)!$B$%!%.!'2+1#.03!%+!(%*(8+)8!')!+*'/%*0!,)!*%00%.+1$%.+!%+!,%!&'!C'1.%@!!
Z'((%&%JW/#)0! 9)%! +#)+%! '2+1/1+8! 1.+%&&%2+)%&&%! V! &'! (%.08%! $%.+'&%! %+! &%0! *8'2+1#.0! 8$#+1#..%&&%0!
,-'++*'2+1#.!%+!,%!*8()&01#.!W!0#.+!+#)+%0!,%0! )*"'2/"#$4"$-'),&/9/&)$4"$+,$-.*#-/"*-"@!"%0!8.%*;1%0!,%!
&'!2#.021%.2%!2*8%.+!.#.!0%)&%$%.+!,%0!H#*$%0!,%!*8(%*2)001#.!,80';*8'G&%03!$'10!%&&%0!,8/%&#((%.+!
&'!,1*%2+1#.!,)!2'*'2+R*%!%+!'HH%2+%.+!$B$%!&%0!*%&'+1#.0!%.!;8.8*'&!'1.01!9)%!&-%./1*#..%$%.+e!%+!%&&%0!
*8,)10%.+! &'! /1+'&1+8! ,)! 2#*(03! &%! $%.'.+! ,1*%2+%$%.+! ?! ).! 0%.+1$%.+! ,%! $'&'10%! (CD019)%3! ,-1.H%2+1#.!
/1*'&%!#)!,%!$'&',1%!2C*#.19)%@!
S'! /#1%! 0)(8*1%)*%3! %.! 2'0! ,-'++'9)%! ,%! +#)+! ;%.*%! V! ).%! /#1%! 9)1! .-'! 9)%! ,%0! *8(%*2)001#.0!
2#.0+*)2+1/%0!V!%0+!,%!0%!*'((%&%*!9)%!&-#.!(%)+!1.0+'.+'.8$%.+!%.!'((%&%*!?!&'! !OML!HFM!F$JHEHMF!
,%!&'9)%&&%!#.!*%2%/*'!).%!(*#+%2+1#.!1$$8,1'+%!2#.+*%!+#)+%!8/%.+)'&1+8@!f'10!2%21!.-%0+!(#001G&%!9)%!01!
/#)0!(#)/%J!,8('00%*!&'!<!$'.1H%0+'+1#.!,%!*8010+'.2%!$';.8+19)%!,%!&-%;#>!,'.0!&'!('*H'1+%!'00)*'.2%!
9)%!&'!!OML!HFM!F$JHEHMF!*8(#.,*'!?!2C'2).!,%!/#0!G%0#1.0@!
Z%$%++%J!$'1.+%.'.+!/#+*%!$'1.!;')2C%!,'.0!0'!(#01+1#.!#*1;1.%&&%3!%.!2#)(%!'/%2!&'!$'1.!,*#1+%@!
5*%.%J! 2#.021%.2%! 9)%! (%.,'.+! +#)+%! &'! ,)*8%! ,%! 2%+! %Q%*212%3 $ +<FL@>!F$ %.+*%! /#0! $'1.0! %0+! *%0+8$
+<FL@>!F=$
X&!.-'!8+8!1$(&19)8!,'.0!')2).%!,%0!'2+1/1+80!,%!/#0!$'1.0@!N+!1&!%.!%0+!,%!$B$%!,%!/#+*%! d^F!&#*09)%!
/#+*%!"2.$%0+!'2+1/%$%.+!%.!'2+1#.3!0%2#.,%!'(*R0!0%2#.,%3!+#)4#)*0!%+!?!4'$'10!%.!'&%*+%!(#)*!0'+10H'1*%!
/#0!G%0#1.0!%+!/#)0!,8H%.,*%!2#.+*%!+#)+!,80';*8$%.+@!S'! !OML!HFM!F$JHEHMF$4"$9.&'"$d^F$ *%0+%!
2'2C8%!G1%.!9)-N&&%!0#1+!+#)4#)*0!%.!/#)0@!!
S#*09)%!4-8+'10!0)*!I%**%3!4%!('*&'10!')Q!;%.0!,)!<!Z#D')$%!,%0!"1%)Q!>@!A%!,10'10!9)-1&!8+'1+!%.!%)Q@!X&!%.!
%0+!'1.01@!"-%0+!/#+*%!M$%@!"-%0+!&%!C'/*%!,-89)1&1G*%!,%!&'! !OML!HFM!F$JHEHMF!9)1!/#)0!'!,#..8!/1%!%.!
+'.+!9)%!H)+)*!C#$$%!#)!H)+)*%!H%$$%@!
A-'0(1*%!'*,%$$%.+!?!B+*%!2'('G&%!,%!/#)0!H'1*%!',#(+%*!).%!/101#.!8+%.,)%!,%!/#+*%! LONG!F$JF$EHF!
'H1.!,%!/#)0!(%*$%++*%!,%!(%*2%/#1*!).!(%)!(&)0!2&'1*%$%.+!2#$$%.+!/#)0!'/%J!2#$$%.28!V!,-#_!/#)0!
/%.%J@!
E#)0! ,%/%J! ')001! 2#$(*%.,*%! %.! +#)+! +%$(0! 9)%! &#*09)%! 4%! H'10! ).%! ,%02*1(+1#.! ,%! !F$ eNH$ FLI$
EG>H^FMI$ HM!OMM>HLL>W%F3! 4%! 0)103! $#1W$B$%3! ,'.0! &%0! H*89)%.2%0! /1G*'+#1*%0! 0)(*B$%0! %+!
1.H1.1+801$'&%03!0)*!&%!0%)1&!$B$%!,)!ZG>MJ$feNH%HWGF$NMHEFGLF%!,-#_!+#)+%0!2C#0%0!+1*%.+!&%)*!/1%!
%+!&%)*!H#*$%@!
71!4%!('*&%!,-).%!$#.+';.%3!).!+'G&%')!/#)0!/1%.,*'!?!&-%0(*1+3!$'10!/#)0!.%!2#..'b+*%J!('0!&-1$$%.01+8!
,%! 0'! 0+*)2+)*%3! &'! ,)*%+8! ,%! 0%0! *#2C%03! 0%0! *'/1.03! 0%0! (1203! 0%0! ;*#++%03! &'! 2'&#++%! ,%! .%1;%! 9)1! &'!
*%2#)/*%! %.! +#)+%0! 0'10#.03! &%0! 2C)+%0! ,-%')! 9)1! +#$G%.+! %.! H#*$'.+! ,%0! &'20! &#*09)%! H#.,%.+! &%0!

!
!01234'#5625748'$9'-24'%;')<124<' D' ,54415'>'
;&'21%*0@!5#)*!9)%!/#)0!()1001%J!'/#1*!).!'(%*F)!,%!&'!0(&%.,%)*!,%!&'!$#.+';.%3!1&!H'),*'1+!9)%!4%!H'00%!
).%!,%02*1(+1#.!,8+'1&&8%!,%!2C'2).!,%!0%0!2#1.0!%+!*%2#1.0@!N+!$B$%!'(*R0!&%0!%Q(&12'+1#.0! 9"'P,+"#!&%0!
(&)0!,8+'1&&8%03!/#)0!.-')*1%J!+#)4#)*0!9)-).%!*%(*80%.+'+1#.!$%.+'&%!0)*!&'9)%&&%!/#)0!'(()D%*@!E#)0!.%!
!OMM>HIGHFg!+#)4#)*0!('0!&'!$#.+';.%@!
71!4%! ('*&%! ,L).! #)*';'.3! 4%! (%)Q! /#)0! 0);;8*%*! ,%0! '*G*%0! 9)1! 0%! (&1%.+!4)09)-?!+%**%3!H#)%++80! ('*! &%0!
/%.+0!8.#*$%03!,%0!$)*0!9)1!0-82*#)&%.+3!,%0!2C%/*#.0!2'00803!,%0!G*19)%0!%+!,%0!+#1+0!9)1!0-%./#&%.+3!
,%0! H%.B+*%0! G*108%03! ,%0! /#1+)*%0! *%+#)*.8%0! 0)*! &%! +#1+3! ,%! ;*#0! '*G*%0! ,8*'21.803! $'10! /#)0! .%!
2#..'b+*%J! ('0! &'!H#*2%!%+! &%! G*)1+! ,%! 2%! /%.+3! &%! G*)1+! ,%!&'!$'F#..%*1%!9)1! 0-82*#)&%! #)! &'! +%**%)*! 9)L1&!
(*#/#9)%!,'.0!&%!2#%)*!,%0!;%.0!9)1!&%!0)G100%.+3!4)09)L?!2%!9)%!/#)0!%.!'D%J!/82)!).!/#)0W$B$%@!X&!
%.! %0+! ,%! $B$%! &#*09)%! 4-%00'1%! ,%! /#)0! ,82*1*%! !F$ eNH$ >$ JOMMF$ EHF$ >$ IONIF$ %>$ !GF>IHOM@!
E.1#$*"$(.19"T$01"$4"9/*"'3$8,/#$(,#$!OMM>hIGF=!!
"%! .-%0+! 9)%! &#*09)%! /#)0! ')*%J! /82)! +#)+! 2%! ,#.+! 4%! ('*&%! V! /#)0W$B$%! V! 9)%! /#)0! 2#$$%.2%*%J! ?!
/#)0! H'1*%! ).%! 1,8%! ,%! 2%! 9)%! 4-%00'1%! ,%! /#)0! ,1*%@! T%! &'100%J! ,#.2! (%*0#..%! 'D'.+! &)! $%0! %"&&'"#!
,102)+%*!'/%2!9)1!9)%!2%!0#1+!#)!.1%*!&'!/8*1+8!,%!2%!9)%!4%!/#)0!%.0%1;.%!V!#)!*8H)+%*!$%0!('*#&%0!V!2'*!
4%!/#)0!,10!01.2R*%$%.+!9)%!/#)0!.%!(#)/%J!('0! -.**,7&'"!/*'1$%.+!2%!9)%!/#)0!.-'/%J!('0!/82)@!
"%! .%! 0#.+! 9)%! 2%)Q! 9)1! $%! 0)1/*#.+! '/%2! '22%(+'+1#.! %+! H#1! ,'.0! &'! $8,1+'+1#.! 9)#+1,1%..%3! &'!
()*1H12'+1#.!,%!&'!2#.021%.2%!%+!&'!(*1R*%!H%*/%.+%!(#)*!,%$'.,%*!&-1&&)$1.'+1#.!9)1!')*#.+!H1.'&%$%.+!,%0!
'(%*F)0! ,%! (&)0! %.! (&)0! (*#H#.,0! V! ()10! ,%0! %Q(8*1%.2%0! V! ,%! 2%! ?! 9)#1! &'! 2*8'+1#. $ "++"Q8R8"$ (%)+!
'228,%*$V$+,$!.*#-/"*-"$J/9/*"=$
E#)0! /#)0! ,%$'.,%*%J! (%)+WB+*%! 9)%&&%! %0+! &'! ,1HH8*%.2%! %.+*%! &' $ !.*#-/"*-"$ N*/9"'#"++"$ %+! &'$
!.*#-/"*-"$J/9/*"$i$
%,$ !OML!HFM!F$ NMHEFGLF%%F$ "#&$ +"$ GOj>N^F$ NMHEFGLF%$ JF$ %<FL@>!F$ .S$ *1+$ *"$ ("1&$
"*&'"'$.1$,--)4"'3$(1/#01<H%$'"(.#"$4,*#$1*$)&,&$4<)01/+/P'"$"&$4<)*"'2/"$,1&.*.8"=$
%,$ !OML!HFM!F$ JHEHMF$ "#&$ +,$ ')Q1*/.*$ 4"#$ H^@N%LHOML$ .'/2/*"++"#$ 4,*#$ +,$ !OML!HFM!F$
NMHEFGLF%%F3$01/$,9,/"*&$)&)$+/P)')"#$(.1'$4"9"*/'$ .8-90/;/0,%-<==/%>/27%?<2%.-%=<>=0-792 $4"$+,$
-'),&/.*$,1$8.8"*&$41$WHZ$W>MZ=$
!"#$ H^@N%LHOML$ #"$ 4/9/#5'"*&$ 4,*#$ +<"D(+.#/.*$ (1/#$ #"$ ')1*/'"*&$ 4,*#$ 1*$ )&,&$ 4"$ -.*&',/*&"$
81&1"++"=$F++"#$)&,/"*&$,1##/$4"#&/*)"#$6$&',9,/++"'$6$?,8,/#$4,*#$+"$'52*"$41$-'))3$#)(,')8"*&3$"*$
#"$ 8,*/;"#&,*&$ -.88"$ 4"#$ )*"'2/"#3$ .1$ "*#"8P+"3$ -.*&',/*&"#$ "&$ "*$ )01/+/P'"=$ !"$ *<"#&$ 01"$ -"$
4.8,/*"$4"$!OML!HFM!F$JHEHMF$01"$+,$#-/"*-"$("1&$()*)&'"'=$
5%)+WB+*%!9)%!&%!('*';*'(C%!0)1/'.+!&-%Q(&19)%*'!(&)0!2&'1*%$%.+!K!
%>$!OML!HFM!F$NMHEFGLF%%F$
(%*0#.1H12'+1#.!,%0!
H^@N%LHOML$NMHEFGLF%%FL$
)+@'!A)B(%C2%D%%%%%%%%%%E%%%%%%%%%%)+@'!A)B(%C2%D%
%,$EO%OMIF$4"$-')"'3$"*$$$$$$$$$$$$$$$$$$$$$$$$$$%"$WNI$4"$;,/'"$+<"DQ$
9F705-/702%6<0<2..2$-;29%%%%%%%%%%%%%%%%%%%%%%%%()'/"*-"$4<F++"Q8R8"=$
%
%<HMIF%%HZFM!F$$$$$$$$$$$$27%9F705-/702%6<0<2..2$-;29$$$$$$$$$$$$%<>^ONG$

!
!01234'#5625748'$9'-24'%;')<124<' EF' ,54415'>'
!8)+@'!A)B(%C2%% %<H^@N%LHOM$4"%
GB!B(#"%)(#"!!)H"(#"$$$$$$)01/+/P'"$$$$$$$$$$$$$$$$$WNIL$>H^>MIL=$
$
f'1.+%.'.+! 9)%! 4%! /#)0! '1! H'1+! 2%++%! ,%02*1(+1#.! 1.+%&&%2+)%&&%3! %.! $#+03! ,%! &'! !OML!HFM!F$
NMHEFGLF%%F3!/#)0!.%!/#)0!*'((*#2C%*%J!('0!,'/'.+';%!,-).%!'((*821'+1#.!,%!&'!$';.1H12%.2%!%+!,%!
&'!;*'.,%)*!0)G&1$%0!,%! &'!5)100'.2%3!.1!,%!&'!G%')+83! ,%!&'!4#1%3!,%!&-C'*$#.1%3!,%!&-%Q+'0%!2#.+%.)%0!
,'.0! &%0! 2#)&%)*0! %+! &%0! 0#.0! ')W,%&?! ,%! /#+*%! ,1$%.01#.@! "%! .-%0+! 9)%! .#)03! 9)1! '/#.0! '02%.01#..8!
,'.0!&%0!H*89)%.2%0!/1G*'+#1*%0!,%!&'!2#.021%.2%!4)09)-')Q!(#*+%0!#)!')!0%)1&!$B$%!,%!&-89)1&1G*%!,%!&'!
!OML!HFM!F$ NMHEFGLF%%F3! 9)1! %Q(8*1$%.+#.0! %+! (#)/#.0! 1**',1%* $ +"$ ',9/##"8"*&$ 4"$
+<A$,1&.-.**,/##,*-"$C$41$9)'/&,P+"$(.&"*&/"+$#,*#$4)#/'"'$+<,--.8(+/'$V$+,$?./"$8"'9"/++"1#"$4"$+,$
'),+/#,&/.*$("'#.**"++"$#,*#$A$+"9"'$+"$("&/&$4./2&$C=$
A-)+1&10%!2%!,%*.1%*!+%*$%!2#$$%!).%!$8+'(C#*%!()109)%3!G1%.!9)%!4%!2#.0%*/%!$#.!1.,1/1,)'&1+83!4%!.%!
0)10!'2+1H!9)-%.!-.*#-/"*-"!%+!9)%!4%!.%!0)10!(&)03!%.!')2).%!H'F#.3!(CD019)%!%+!.%!&-'1!,-'1&&%)*0!(&)0!8+8!
,%()10!$#.!'02%.01#.!0(1*1+)%&&%!2#.+1.)%!,'.0!,-')+*%0!,1$%.01#.0!'(*R0!$'!$#*+!0)*!&'!2*#1Q@!
E.1#$9.1#$4"8,*4"'"T$("1&QR&'"$-.88"*&$4"$#/$)*.'8"#$H^@N%LHOML$NMHEFGLF%%FL$("19"*&$
#"$ &'.19"'$ "*$ )&,&$ 4<)01/+/P'"=$ F++"#$ #.*&$ 4,*#$ 1*$ )&,&$ 4"$ -.*&',/*&"$ )2,+"$ "&$ 81&1"++"3$
+<H^@N%LHOM$ J<>^ONG$ ,&&',-&/9"$ "&$ *.1''/##,*&"$ &"*,*&$ "&$ +/,*&$ +,$ EO%OMIF$ ,-&/9"$ "&$ -'),&/9"$
#.1#$#.*$-.*&'X+"=$
A%!.%!(%)Q!%Q(&19)%*!2%!(C8.#$R.%!9)%!,'.0!&%0!01$(&%0!+%*$%0!0)1/'.+0@!!
71!/#)0!(&'2%J!&'!(')$%!,%!&-).%!,%!/#0!$'1.0!0)*!&'!(')$%!,%!&-')+*%3!&%0!G#)+0!,%0!,#1;+0!,%!2C'9)%!
$'1.!+#)2C'.+!&%!(#1;.%+!,%!&-')+*%3!%+!9)%!/#)0!%00'D%J!,%!&%0!08('*%*!+#)+!%.!&%0!;'*,'.+!8+*#1+%$%.+!
'(&'+1%0! &-).%! 0)*!&-')+*%3! /#)0! ')*%J! ).%! 1,8%! ,%! &'! 01;.1H12'+1#.! ,%! <!&-89)1&1G*%!>! #)! ,%! &'! <!2#.+*'1.+%!
$)+)%&&%!>@!
F*$ .1&'"3$ /+$ ;,1&$ 01"$ 9.1#$ ('"*/"T$ -.*#-/"*-"$ 01"$ P/"*$ 01"$ 9.#$ 8,/*#$ #./"*&$ ,((,'"88"*&$ "*$
&',/*$ 4<"D('/8"'$ 1*$ (U)*.85*"$ (U\#/01"3$ "++"#$ #.*&$ "*$ ;,/&$ 2.19"'*)"#$ (,'$ "&$ "D('/8"*&$ 4"#$
H^@N%LHOML$)8,*,*&$4"$9.&'"$-"'9",1=$J"$(+1#3$9.&'"$-"'9",1$("1&$R&'"$+"$9)U/-1+"$4<"D('"##/.*$
4"#$ /4)"#$ -.*#-/"*&"#$ V$ 4"#$ /8(1+#/.*#$ V$ 8,/#$ "*$ ;,/&3$ +<H^@N%LHOM$ "#&$ +,$ '),/&)$ 4"$ &.1&$
8.19"8"*&$4"$&.1&"$#.'&"$V$"&$*.*$+"$-"'9",1$(U\#/01"$01/$*<"#&$01<1*$/*#&'18"*&$ C823452==/F7$
4"$&"++"#$/8(1+#/.*#=$$
B"$*"$9.1#$,/$;,/&$01<1*$',((.'&$/*&"++"-&1"+$4"$+,$!OML!HFM!F$NMHEFGLF%%F=$!.88"*&$(1/#Q?"$
9.1#$ 4)-'/'"$ +,$ (1/##,*-"$ +,&"*&"3$ +,$ 8,2*/;/-"*-"$ 4"$ +,$ ')9)'"*-"3$ +"$ ',9/##"8"*&3$ +,$ ?./"$
',\.**,*&"3$+<)&,&$4"$P),&/&14"3$4"$(,/D$"&$4<U,'8.*/"$/*;/*/#$4"$L.*$F&'"$i$
^R8"$ #/$ 9.1#$ (.19"T$ -.*&"8(+"'$ "&$ ('"*4'"$ -.*#-/"*-"$ 01"$ 4"$ -"&&"$ H^^FMLHIF$ 4"$
!OML!HFM!F3$+<1*/9"'#$&.1&$"*&/"'$,$('/#$;.'8"$"&$9/"3$9.1#$*"$(.19"T$("'-"9./'$4,9,*&,2"$01<1*$
)+"-&'.*$4"$+</88"*#"3$/*-.88"*#1',P+"$$,-./0,%IFJ2<=2$4"$+,$!OML!HFM!F$NMHEFGLF%%F=$
5#)*! 2#$(*%.,*%! 2#$(&R+%$%.+!&'! *,&1'"$4"$+,$-'),&/.*!K! &%0! *'10#.0! (#)*! &%09)%&&%0!&-%;#! H#.2+1#..%!
2#$$%!1&!&%!H'1+3!(#)*9)#1!&%0!%.+1+80!2*88%0!*%00%.+%.+!&%0!G%0#1.0!9)-%&&%0!*%00%.+%.+3!1&!H')+!2#$(*%.,*%!
9)%! &'! M>INGF! %+! &'! eN>%HIF! ,%! &'! !OML!HFM!F$ NMHEFGLF%%F! 0#.+! BOHF$ G>jOMM>MIF3$
>!!O^@%HLLF^FMI3$WOMkFNG@!

!
!01234'#5625748'$9'-24'%;')<124<' EE' ,54415'>'
!
K8"A#LK"%*'"%M8N)%N@@"!"%!"%$BON'+"%P"A%K)"'Q%"(%GB'A%R%"(%GB#$"%S+"%R%PN(A%!"A%
$"KB)(A%!"A%@!'A%$"K'!"A%P"%GB#$"%@AOKT" 3$01/$"#&$+</*&"'8)4/,/'"$"*&'"$+"$',\.**"8"*&$
4"$9.&'"$[8"$"&$+"$#./$.P#-1'$4"$+<"2.=$$
$
G"9"*/'$ 6$ -"&$ )&,&$ &',*#-"*4,*&$ 4<R&'"$ 2+.'/"1D3$ P",13$ U"1'"1D3$ U,'8.*/"1D$ "#&$ +"$ 4)#/'$ +"$ (+1#$
,'4"*&$4"$9.&'"$[8"$l$
!<"#&$-"&&"$,#(/',&/.*$-.*#&,*&"3$-"&&"$8)8./'"$/**)"$"&$/*-.*#-/"*&"$4"$+<)01/+/P'"$"&$4"$+,$(,/D3$
4"$+,$?./"$"&$4"$+<U,'8.*/"$01/3$6$&',9"'#$+,$(#\-U)3$(.1##"$+<FZO$6$8,*/(1+"'$+<"*9/'.**"8"*&$"*$
9.&'"$;,9"1'=$L.*$P1&$-.*#&,*&$"#&$4"$9.1#$',8"*"'$6$9.&'"$)&,&$.'/2/*"+$4<"D&,#"$2+.'/"1#"$4.*&$
9.1#$,9"T$&/')$9.&'"$[8"3$9.&'"$R&'"$"&$9.&'"$;.'8"=$
f'10! &-%;#! *"! (%)+! /#)0! '$%.%*! &'! 4#1%! %+! &%! (&'101*! 9)%! /#)0! ,801*%J! ?<2! ('*! &%! $#D%.! ,%0! ,%)Q!
1$()&01#.0! $';.8+19)%0! Y! 8$#+1#..%&&%0! <!,-6++*'+1#.WZ%4%+!>! W! 9)1! .%! 0#.+! 9)%! ,%0! 1$()&01#.0!
$'+8*1'&108%0!(#)*!/#)0!,#..%*!/#+*%!1.,1/1,)'&1+8@!
5'*! 2#.089)%.+3! 2%++%! -=4/5-0/F7! 1..8%! ?! *%4#1.,*%! &'! LONG!F$ JF$ %<mIGF! %0+! /82)%! ,'.0! &%0!
('*'$R+*%0!8&%2+*#$';.8+19)%0!,%!&'!(%.08%!%+!,%0!0%.+1$%.+0!2#$$%!<!N.2#*%3!%.2#*%3!%.2#*%!>!,%!
2%! 9)1! /#)0! '! ')('*'/'.+! ,#..8! ).%! 0%.0'+1#.! ,%! (&'101*@! N.2#*%! ,%! .#)/%')! '$103! ,%! .#)/%&&%0!
$'10#.03!/#1+)*%03!C'G1+03!%+2@!"C'9)%!(%+1+!<!(&)0!>!*8'&108!(*#/#9)%!).!(%+1+!82&'1*!,%!0'+10H'2+1#.3!(%)+W
B+*%!).!(%)!,%!H*1$%!')(*R0!,%0!/#101.0!(#)*!1.+%.01H1%*!&%!G#.C%)*!]#.!$'*9)%!).!(#1.+3!,#.2!).!')+*%!
(%+1+! 82&'1*^! %+! %.0)1+%! &'! .#)/%')+8! $%)*+3! &'! .#)/%&&%! (#00%001#.! ,%/1%.+! G'.'&%3! &%0! 0%.0! 0#.+! ,%!
.#)/%')!')!*%(#0!V!%.!89)1&1G*%!V!&'!H'+1;)%!$%.+'&%!0)*/1%.+3!&'!*#)+1.%!,%/1%.+!$#*.%!%+!%..)D%)0%@!
5#)*! ;8.8*%*! ).! (%)! ,%! /1%3! &-%;#! +*#)/%! ).! ')+*%! #G4%2+1H! ?! *8'&10%*! (#)*! &)1! H#)*.1*! ,)! (&'101*! %+! ,%!
&-%Q21+'+1#.@!61.013!&'!/1%!%0+!).%!(#)*0)1+%!0'.0!H1.!,%!0'+10H'2+1#.!(%*0#..%&&%!,%!,1/%*0%0!0#*+%0!&'100'.+!
&LM$%! 2'2C8%! 'HH'$8%3! 1.0'+10H'1+%3! 0%! &'.;)100'.+! $'&;*8! +#)+! ,%! 9)%&9)%! 2C#0%! <!,-')+*%!>! W! f'10!
9)-%0+W2%!9)%!$#.!$#1!1.+1$%!*%2C%*2C%!01!'*,%$$%.+3!/#)0!,%$'.,%JW/#)0!'/%2!,80%0(#1*!g!!
`)'.,!).%!(%*0#..%!'++%1.+!&'!2#$(*8C%.01#.!,%!&'!/*'1%!0#)*2%!,)!/1,%!%+!,)!,801*!1.+8*1%)*!(%*$'.%.+!
,%!<!(&)0!,%!2%!9)1!&)1!'!H'1+!,)!G1%.!')('*'/'.+!>!%+!2#$$%.2%!?!$8,1+%*!(#)*!8+'G&1*!).!2#.+'2+!'/%2@@@!
A!!F!C@@@eNH$ %NH$ >$ JOMMF$ %<FKHLIFM!F3! ).! (%)! ,%! +nf01/+/P'"$ J/9/*! H1&+*%! ?! +*'/%*0! &'! 2#.021%.2%!
C)$'1.%@!S%!/1,%!2#$$%.2%!?!,1$1.)%*@!
N.!%HH%+3!01!).%!+%&&%!(%*0#..%!(%)+!%.+*%/#1*!).%!/8*1+'G&%!&)%)*!,%! +nfIFGMF%!%+!,)!/8*1+'G&%!G)+!,%!&'!
/1%3!0#.!,801*!,%!(&)0!,%!G1%.0!$#)**'!H1.'&%$%.+!,%!$#*+!.'+)*%&&%@!S%!,801*!,%!<!5&)0!>!,%!G1%.0!0%*'!
(*#;*%001/%$%.+! *%$(&'28! ('*! ).%! 8/'&)'+1#.! 01.2R*%! ,%! 2%! 9)-%&&%! '! ,84?! %+! ('*! ).! 0%.+1$%.+! ,%!
2#.+%.+%$%.+! (%*$'.%.+@! 6! +*'/%*0! &-%Q(8*1%.2%! ,-1.+%*/%.+1#.0! $1*'2)&%)0%0! #)! ,%! &L'2+1/1+8! ,%! &'!
!OML!HFM!F$ JHEHMF! ,'.0! &'! /1%! 9)#+1,1%..%3! &'! 2#.021%.2%! C)$'1.%! 0-8&R/%! 2#.01,8*'G&%$%.+! %+!
'((*%.,!9)%!0%0!G%0#1.0!9)#+1,1%.0!0#.+!0'+10H'1+0!,%!&'!$%1&&%)*%!H'F#.!(#001G&%@!7'!H#1!');$%.+%!%+!0'!
4#1%!0-1.+%.01H1%@!
"L%0+! (#)*9)#1! 4%! /#)0! &%! ,10! K! 4%! .%! /1%.0! ('0! (#)*! /#)0! '((*%.,*%! &'! (%.08%! (#01+1/%! ,%! $'.1R*%! ?!
'++1*%*! ,'.0! /#+*%! #*G1+%! &%0! 2C#0%0! 9)%! /#)0! /#)&%J! %+! ,#.+! /#)0! '/%J! G%0#1.@! A%! /1%.0! ?! /#)0!
%Q(*%008$%.+!(#)*!/#)0!*'$%.%*!,'.0$+"$G.\,18"$4"#$!/"1D=$

!
!01234'#5625748'$9'-24'%;')<124<' E=' ,54415'>'
"%(%.,'.+3! 2L%0+! .#.! 0%)&%$%.+! %.! 2%! 9)1! 2#.2%*.%! /#+*%! ,801*! ,%! (&)0! ,%! G1%.0! 9)%! /#+*%! M$%! %0+!
*%&8;)8%! ,'.0! 0'! ,%$%)*%! 0%2*R+%@! SL%;#! )+1&10%! ')001! 0'! H#*2%! 8$#+1#..%&&%! $';.8+19)%! (#)*!
<!*%(#)00%*! V! *%4%+%*!>3! %.! /)%! ,-'00)*%*! /#+*%! 1.,1/1,)'&1+83! /#+*%! /1%! (*1/8%! %+! /#+*%! 082)*1+8@! "%++%!
1$()&01#.! (*%.,! ,%! .#$G*%)0%0! H#*$%0! 2#.F)%0! (#)*! /#)0! ,#..%*! ).! 0%.+1$%.+! ,%! 0)(8*1#*1+83! #)!
8&1+10$%3!#)!(#)*!/#)0!(*#+8;%*!,%0!;%.0!9)%!/#)0!4);%J!1.,801*'G&%03!#)!'D'.+!).!0+'+)+!0#21'&!1.H8*1%)*!
')!/U+*%@!"%++%!$'.1H%0+'+1#.!,%!&L%;#!0%!(*#,)1+!2#.+1.)%&&%$%.+!%+!%0+!2#.01,8*8%3!$B$%!('*!&%0!8;&10%0!
2#$$%! 8+'.+! ('*H'1+%$%.+! '22%(+'G&%@! S'! /8*1+8! %0+! &'! 0)1/'.+%! K! 9)'.,! &LM$%! 2#$$%.2%*'! ?! '/#1*! ).!
(%)! ,%! $'b+*10%! ,%! 0%0! $'.1H%0+'+1#.0! ,%! &L%;#3! %&&%! *8(*1$'.,%*'! &'! (%*0#..'&1+8! C)$'1.%! (#)*! 0#.!
8;#a0$%!%+!0#.!%Q2&)01/1+8@!N&&%!(*%00%*'!0#.!(0D2C10$%!,-',#(+%*!&L'$#)*!1.2#.,1+1#..%&!%+!&'!2*#D'.2%!
%.!&-).1/%*0'&1+8!%+!&L[.1+8!,%!+#)0!&%0!B+*%0!C)$'1.03!(%)!1$(#*+%!9)1!1&0!0#.+@!
5%)+WB+*%3! $'1.+%.'.+3! (#)/%JW/#)0! (&)0! H'21&%$%.+! 2#$(*%.,*%! 2#$$%.+! %+! (#)*9)#1! &'! 2*8'+1#.! ,%!
/#+*%!1.,1/1,)'&1+83!('*!&%!$#D%.!,%!&L%;#3!'!H#*$8!&'!;*'.,%!<!2'(0)&%!>!,-<!1$()&01#.0!(CD019)%0!>!9)1!'!
(*#,)1+!%+!%./%&#((8!/#+*%!2#.021%.2%!C)$'1.%!W!2*8'.+!+'.+!/#+*%!H#*$%!(CD019)%!9)%!/#+*%!(%*0#..'&1+8!
C)$'1.%@! 5)109)L%&&%! ,1*1;%! /#+*%! $%.+'&! %+! /#0! 8$#+1#.03! /#0! (%.08%0! %+! /#0! 0%.+1$%.+03! %&&%! /#)0!
%$(B2C%!,%!(*%.,*%!2#.+'2+!'/%2$+,$LONG!F$4"$9.&'"$EHF$"&$4"$9.&'"$d^F=$
EOIGF$ WNI$ GFF%$ 4,*#$ +,$ 9/"! %0+! ,-'**1/%*! ?! $'b+*10%*! /#+*%! %;#! %.! 8+%.,'.+! /#+*%! (%.08%! %+! /#0!
0%.+1$%.+0! 4)09)-?@@@! o!Fo===$ eNF$ EONL$ LFMIFg$ FIGF$ JFGGHpGF$ %>$ !Gf>IHOM! %+3! ('*! 0)1+%3!
,%$'.,%*!2#.0+'$$%.+!&-1&&)$1.'+1#.@!
"L%0+! &'! +#)+%! (*%$1R*%! 2C#0%! 9)-).%! (%*0#..%! ,#1+! H'1*%! %.! ,1*%2+1#.! ,%! 2%! $#$%.+! ;&#*1%)Q! #_! %&&%!
8+'G&1*'! &%! 2#.+'2+! '/%2! &%! JHEHM3$ (#)*! %.0)1+%! '/'.2%*! ')! $#D%.! ,%! &'! ()*1H12'+1#.! 0#)+%.)%! ,%0!
$'.1H%0+'+1#.0!,%!&L%;#3!4)09)-?!0#.!*%+#)*!,'.0!2%+!<!8+'+!28&%0+%!>!,#.+!0#.!M$%!%0+! .8%!%+!'!+1*8!0#.!
1.,1/1,)'&1+8@!
N+!2#$$%.+!2%++%!"ZN6IXPT!=N!S-XT=XEX=[6SXIN $0-%0+W%&&%!(*#,)1+%!g!!
"#$$$%! 4%! &-'1! ,1+! (*828,%$$%.+3! &'! !OML!HFM!F$ NMHEFGLF%%F! '! '++%1.+! ).! (#1.+! 8&%/8! ,%!
2#.+*'1.+%!$)+)%&&%!%+!).%!%Q(&#01#.!'!%)!&1%)3!9)1!'!021.,8!
hhhh$
%<H^@N%LHOM$4"$EO%OMIF$!GF>IGH!F$$$$%+$$$$$$$$$$$$$$$%<H^@N%LHOM$JF$WNIL$>H^>MIL$
9)1!0%!0#.+!08('*8%0!%+!0#.+!,%/%.)%0!'2+1/%0!,'.0!&'!2*8'+1#.!%.!+'.+!9)%!K!
H*&"++/2"*-"$@5'"$$$$q$$$$$$$$$$>8.1'$^5'"$
E)0!0#)0!&%)*!H#*$%!!
!
4<F+"-&'/-/&)$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$q$$$^,2*)&/#8"$r>&&',-&/.*QG)(1+#/.*<$
l$
%,$E/"$
l$
*8W).1H18%!,'.0!&-89)1&1G*%!0#)0!&'!H#*$%!,%!
!OML!HFM!F$JHEHMF$
l$
E$H$F$

!
!01234'#5625748'$9'-24'%;')<124<' E?' ,54415'>'
$
61.013!&#1.!,-B+*%!,%!&'!<!$'+1R*%!>!0#&1,%!%+!1$(#.,8*'G&%3!%.!*8'&1+83!&%!$#.,%!/101G&%!%0+!K!
%<>-&/9/&)$8"*&,+"$&',9,/++,*&$&.1?.1'#$"*$-.*?.*-&/.*$,9"-$+<>&&,-U"8"*&QG)(1+#/.*$)8.&/.**"+$a$
8,2*)&/01"=$6)001!'((%&8$A$>&&',-&/.*QG"?"&$C=$
%<H*&"++/2"*-"$@5'"$q$+<)+"-&'/-/&)$(U\#/01"$
"&$
%<>8.1'$^5'"$q$+<A$>&&',-&/.*QG"?"&$C$8,2*)&/01"$(U\#/01"$
"*#"8P+"3$.*&$('.41/&$1*$"*;,*&$q$+<FZO$$
l$
!"&&"$H^@N%LHOM$J<HMJHEHJN>%HIF$
"#&$*)"$ "&$,$('/#$1*"$;.'8"$/881,P+"$"&$-.*#&,*&"$4,*#$+"#$)*"'2/"#$4"$-'),&/.*$,;/*$4<,##1'"'$
01"$+"#$4/9"'#"#$;.'-"#$)+"-&'/01"#$"D('/8)"#$#.1#$;.'8"$4"$('.&.*#$"&$4<)+"-&'.*#$"&$41$'"#&"$41$
A$2,*2$ 4"#$ (,'&/-1+"#$C$ 4)-.19"'&"#$ ,9"-$ "*&U.1#/,#8"$ (,'$ +,$ #-/"*-"$ *"$ #<"*9.+"*&$ (,#$ #,*#$
,''R&$4,*#$1*$A$)&,&$#,*#$;.'8"$C$+./*&,/*3$8,/#$#./"*&$-.*&',/*&"#$"&$-.*&'X+)"#$(,'$+<H^@N%LHOM$
8,2*)&/01"$A$4<,&&,-U"8"*&Q'"?"&$C$4"$+<>8.1'$^5'"$,;/*$4"$('.9.01"'$+,$;.'8"$8,*/;"#&)"=$
%,$ L-/"*-"$ -.*&"#&"',$ ("1&QR&'"$ +"#$ (,',2',(U"#$ (')-)4"*&#3$ (1/#01<"++"$ #<"#&$ 4.**)$ P",1-.1($
4"$ ("/*"$ (.1'$ 4)-'/'"$ +"#$ 4/9"'#$ A$('.-"##1#$ 4<,&&',-&/.*$C$ "*$ ,((+/01,*&$ 4/9"'#$ &"'8"#$ ,1D$
)*"'2/"#$A$4<,&&,-U"8"*&$C=$$
%,$ L-/"*-"$ "#&$ P/"*9"*1"$ (.1'$ *.88"'$ -"#$ A$)*"'2/"#$ 4<,&&,-U"8"*&$ .1$ 4<,&&',-&/.*$C$ 41$ *.8$
01<"++"$ 9.14',3$ 8,/#$ +"$ ;,/&$ 4"8"1'"$ 01"$ -"#$ )*"'2/"#$ ('"**"*&$ ;.'8"$ 6$ (,'&/'$ 4"$ +,$ 2',*4"$
H^@N%LHOM$('/8,/'"$4"$%<>^ONG$^FGF3$4.*&$+,$;.*-&/.*$4"$+,$!OML!HFM!F$@GH^>HGF$ "#&$4"$
4.**"'$;.'8"$6$+</*4/9/41,+/&)=$
%<H^@N%LHOM$4"$A$E/"$H*&"++/2"*&"$@5'"$C$4.**"$1*"$/8(1+#/.*$)+"-&'/01"$6$+,$-'),&/.*=$
%<H^@N%LHOM$ 4"$ A$Y/*,+/&)$ >/8,*&"$ ^5'"$C$ ;.1'*/&$ +<A$,&&',-&/.*$C$ ,;/*$ 4"$ -.*&"*/'$ +</8(1+#/.*$
)+"-&'/01"$"&$4"$+,$8"&&'"$#.1#$-.*&'X+"$4,*#$+</*4/9/41,+/&)=$
%<H^@N%LHOM$4"$A$Y/*,+/&)$>/8,*&"$^5'"$C$4.**"$+</8(1+#/.*$4"$A$'"?"&$V$')(1+#/.*$C$(.1'$,##1'"'$
+,$#1'9/"$4"$+</*4/9/41,+/&)=$
!<"#&$-"+,3$+"$('.-"##1#$4"$+,$-'),&/.*=$
$
S'!021%.2%!.%!(%)+!'((*#2C%*!&'!2*8'+1#.!9)-%.!0(%2+'+*12%@!i1%.!9)%!0%0!'$G'00',%)*0!0#1%.+!C)$'1.0!
%+!H'00%.+!%)QW$B$%0!&-%Q(8*1%.2%!,%!&'!/1%3!&%!$%.+'&!C)$'1.!.%!(%)+!9)-#G0%*/%*!2%!9)1!'!8+8!2*88@!X&!
.%!(%)+!('0!%.+*%*!,'.0!&%0!(*#2%00)0!1.+1$%0!,%!&'!2*8'+1#.3!2'2C80!,'.0!&'!<!$'+1R*%!>!%+!&%0!2C'$(0!
,-8.%*;1%!&%0!(&)0!G'019)%0@!
S'! 021%.2%! .%! 0%*'! 4'$'10! 2'('G&%! ,%! $%++*%! &%! ,#1;+! 0)*! &%! Y>!IFNG$ ^OIHE>MI$ K! 9)1! ,#..%!
.'100'.2%!')Q!8.%*;1%0!9)1!0#.+!%.!2#.+*U&%!,%!&'!2*8'+1#.!,%!&'!H#*$%!1.,1/1,)%&&%@!
f'10!2%!9)%!&'!021%.2%!'!?!,1*%!0)*!&'!$'+1R*%!,%!&'!2*8'+1#.!%0+!,%!(%)!,-1$(#*+'.2%!(#)*!/#)0!%.!+'.+!
9)-1.,1/1,)@!
S'! 021%.2%! .%! 2C'.;%*'! ('0! ,-).! 1#+'! /#+*%! 0+D&%! ,%! /1%3! /#+*%! 0'.+83! /#+*%! %./1*#..%$%.+3! /#0!
0%.+1$%.+0!%+!/#0!*8'&10'+1#.0!(%*0#..%&0@!

!
!01234'#5625748'$9'-24'%;')<124<' E@' ,54415'>'
"%!9)-1&!H')+!9)%!/#)0!0'2C1%J!V!%+!9)%!4%!/1%.0!%Q(*%008$%.+!/#)0!,1*%!V3!2-%0+!2#$$%.+!82C'((%*!')Q!
8,*/;"#&,&/.*#$ (.##"##/9"#Q('.&"-&'/-"#! 8;#a0+%0! 9)1! /#)0! 0#.+! 2#.H8*8%0! ('*! +<FZO! (#)*! '00)*%*!
/#+*%! 1.,1/1,)'&1+8! %+! /#+*%! 0)*/1%! %+! /#+*%! '0(1*'+1#.! 1..8%! ?! *%+#)*.%*! ?! &'! 4#1%! %+! ')! G#.C%)*! ,#.+! %0+!
100)%!&'!EHF!,%!+#)+%!2*8'+1#.@!
!"+,$9.1#$;.1'*/&$+,$',/#.*$(.1'$+,01"++"$?"$#1/#$9"*1$#1'$I"''"$6$+<.'/2/*"$"&$(.1'$+,01"++"$?"$9/"*#$
U%;F<=$-<IF<5C8V</$V$(.1'$;,/'"$01"+01"$-U.#"$01<,1-1*$#-/"*&/;/01"$*"$(.1'',$?,8,/#$;,/'"$(.1'$
9.1#$V$,/4"'$9.&'"$[8"$6$)8"'2"'$4"#$-.*;/*#$4"#$8,*/;"#&,&/.*#$4"$9.&'"$"2.$"&$6$#"$+,*-"'$4,*#$
1*$ *.19",1$ ('.2',88"$ 4"$ A$9/"$ 4"$ +,$ ("*#)"$ "&$ 4"#$ )8.&/.*#$C$ 01/$ "D('/8"',$ 4/'"-&"8"*&$ +,$
A$E/"$ 4"$ +,$ !.*#-/"*-"$ @5'"Q^5'"$C$ /*?"-&)"$ "*$ 9.1#$ "&$ "*$ &.1&"$ +<U18,*/&)$ ,1$ 8.8"*&$ 4"$ +,$
-.*-"(&/.*=$
=)!H'1+! 9)%!&-%;#! &)1W$B$%! (#00R,%! &-8&'.! 8&%2+*19)%! ,-62+1/1+8W"*8'+1/1+8! %+! &%0!1$()&01#.0!$';.8+19)%0!
8$#+1#..%&&%0! ,-<!6++'2C%$%.+WZ%4%+!>3! +#)+! 2%! 9)1! %0+! .8! ,%! &'! <!$'.1H%0+'+1#.! ,%! &-%;#!>! ('*! 0%0!
(%.08%03! 0%.+1$%.+0! %+! '2+1#.03! %0+! 2C'*;8! ,%! /1%! 8&%2+*#W$';.8+19)%! (CD019)%3! &'9)%&&%! (*#,)1*'! ,%0!
*8(&19)%0!,%!H#*$%0!,%!/1%!1,%.+19)%0!%+!0%!$'+8*1'&10%*'!H1.'&%$%.+!,'.0!&'!/1%!,%!&-%;#W2*8'+%)*@!
"%0! H#*$%0! 2*88%0! 0%! $'.1H%0+%.+! H1.'&%$%.+! .#.! 0%)&%$%.+! 2#$$%! ,%0! %Q(8*1%.2%03! $'10! %&&%0!
,8*'.;%.+! ')001! &%! H#.2+1#..%$%.+! ,%0! (*#2%00)0! (CD019)%0! ,%! &%)*! 2*8'+%)*! %+! 0#.+! ?! &-#*1;1.%! ,%!
$'&'10%0!(CD019)%03!,%!/1*)0!#)!,%!$'&',1%0@!!
5'*! 2#.089)%.+3! &#*09)%! &-M$%! 8$%*;%! ,%! &'! 2#.021%.2%! C)$'1.%! ,%! &-%;#! 9)1! &-%.2'(0)&%3! 2-%0+! ).%!
;*'.,%! 2')0%! ,%! *84#)100'.2%3! 2'*! &'! 2#.021%.2%! 0(1*1+)%&&%! 9)1! 0-8&R/%! 2*8%*'! &%0! 2#.,1+1#.0!
C'*$#.1%)0%0! %+! /1/1H1'.+%0! 9)-%&&%! ;'*,%! ,'.0! &'! 2#.021%.2%@! 6! &-1./%*0%3! &'! 2#.021%.2%! C)$'1.%!
0)G$%*;8%!,'.0!&%!2#.+*U&%!,%!&-%;#!%0+!).%!2')0%!,%!+*10+%00%!9)1!(*#,)1+!,%!&'!,8+*%00%3!,%0!8(*%)/%0!
%+!,%0!$'&C%)*0!,'.0!&%0!%Q(8*1%.2%0!,%!/1%!')001!G1%.!9)%!,'.0!&-8+'+!(CD019)%!&)1W$B$%@!
!<"#&$(.1'01./$?"$9.1#$4/#$q$ 01!/#)0!.-'1$%J!('0!/#+*%!$#.,%3!1&!%0+!%.!/#+*%!(#)/#1*!,%!2C'.;%*!/#0!
<!2#.,1+1#.0!,-%Q10+%.2%!>3!?!&-1.0+'.+!$B$%!V!01!/#)0!'/%J!&'!H#1!%+!&'!/#&#.+8!2#.0+'.+%!,%!&%!H'1*%@!!
A%!&%!*8(R+%!,-).%!')+*%!H'F#.!'H1.!,-'++1*%*!/#+*%!'++%.+1#.!K!
71! /#)0! (%*08/8*%J! ,'.0! /#+*%! H#.2+1#..%$%.+! %+! /#+*%! *'10#..%$%.+! C)$'1.0! ?! &%)*! .1/%')! (*80%.+3!
/#)0!.%!H%*%J!9)-%Q(8*1$%.+%*!/#+*%!.1/%')!(*80%.+!,-%Q10+%.2%!C)$'1.%@!
E#)0!0%*%J!#G&1;8!,%!+*'/'1&&%*!,)*!(#)*!).%!/1%!$108*'G&%3!'00'1&&1!('*!,%!.#$G*%)Q!(*#G&R$%03!+%&&%0!&'!
(')/*%+83!&'!$'&',1%!%+!&'!,8(%.,'.2%3!1$$#G1&108!('*!).%!(%)*!,8$#*'&10'.+%!%+!%Q(#08!?!,%0!'++'9)%0!
$'&/%1&&'.+%0!,%!+#)+%0!0#*+%0@!
E#0!2#.,1+1#.0!(*80%.+%0!/#)0!'22'G&%*#.+!4)09)-?!2%!9)%!/#)0!2#$(*%.1%J!2#$$%.+!&%0!$#,1H1%*@!
E#121!&-#22'01#.!*B/8%!,%!(*%.,*%!&%!2#.+*U&%!,%!/#+*%!/1%!2#$$%!/#)0!.%!&-'/%J!4'$'10!H'1+3!%.!(*%.'.+!&%!
2#.+*U&%! ,%! /#0! (%.08%0! %+! ,%! /#0! 8$#+1#.0! V! 4"! 9.#$/8(1+#/.*#$)+"-&'/01"#$"&$8,2*)&/01"#! V! &%0!
$#,R&%0!,%!/#0!%Q(8*1%.2%0!H)+)*%0@!
"'*!/#)0!B+%0!2#$$%!,%0!(#+1%*0!'/%2!&%)*!'*;1&%3!$#,%&'.+!9)#+1,1%..%$%.+!,%0!!(#+0!%+!,%0!)0+%.01&%0!
?!/#+*%!)0';%@!
S'!!OML!HFM!F!%0+!&-'*;1&%!V!&'!0)G0+'.2%!'/%2!&'9)%&&%!/#)0!H'G*19)%J!/#+*%!/1%!V!%+!+#)+%!2#.,1+1#.!&)1!
'(('*+%.'.+@!E#)0!0%)&!$#,%&%J!/#+*%!/1%!0#)0!&'!H#*$%!9)%!/#)0!/1/%J@!

!
!01234'#5625748'$9'-24'%;')<124<' EA' ,54415'>'
"-%0+! '/%2! /#0! (%.08%0! 9)%! /#)0! (#)/%J! 2C'.;%*! /#+*%! '/%.1*! (%*0#..%&3! 01! /#)0! /#)&%J! G1%.! +%.1*!
2#$(+%!,%!$%0!('*#&%03!2#$(*%.,*%!/#0!/8*1+'G&%0!#*1;1.%03!2*#1*%!%.!%&&%0!%+!)+1&10%*!2%++%!2#..'100'.2%!
,'.0!/#+*%!*#)+1.%!9)#+1,1%..%@!
E#)0! (#)/%J! 'HH%2+%*! /#+*%! %./1*#..%$%.+3! /#+*%! H#D%*3! /#+*%! H'$1&&%3! /#+*%! +*'/'1&3! &%0! (%*0#..%0! 9)%!
/#)0!H*89)%.+%J!%+!$B$%!&%0!(&'.+%03!&%0!'.1$')Q!%+!&%!2&1$'+@!!
`)#1!9)%!/#)0!;'*,1%J!'/%2!2#.0+'.2%!?!&-%0(*1+!0-%Q+8*1#*10%@!
X&! %0+! ,#.2! 2*)21'&! (#)*! /#+*%! ,8/%&#((%$%.+! 0(1*1+)%&! %+! /#+*%! ,8/%&#((%$%.+! (%*0#..%&! C)$'1.! ,%!
2#$(*%.,*%!('*H'1+%$%.+!+#)+!2%!9)%!4-%00'1%!,%!/#)0!%.0%1;.%*@!!
T%! (%.0%J! ('0! 9)%! 2%0! S%++*%0! 9)1! /#)0! 0#.+! (*80%.+8%0! 0#.+! +*#(! ,1HH121&%0! ?! 2#$(*%.,*%! %.! ('00'.+!
'&#*0!?!9)%&9)%!$#D%.!(&)0!H'21&%!,%!+*#)/%*!&%!G#.C%)*@!
"*#D%JW$#1!V!1&!.-%Q10+%!('0!,-')+*%!$#D%.!ENZXI6iSN!%+!(&)0!H'21&%!,%!+*#)/%*!&-89)1&1G*%!%+!&%!G#.C%)*!
9)%!/#)0!*%2C%*2C%J!V!('*2%!9)%!$%0!('*#&%0!,82*1/%.+!&'!ENZXIN!=N!S-NjX7INT"N![TXENZ7NSSN!%+!
,%!&'!EXN!'/%2!&%09)%&&%0!/#)0!B+%0!'2+)%&&%$%.+!%.!+*'1.!,%!2#.0+)1*%!#)!,%!,8+*)1*%! !"#$%!/1%@!
!
N.!$B$%!+%$(0!V!0#D%J!'00)*8!9)%!/#)0!.-'**1/%*%J!4'$'10!?!2*8%*!,%!.#)/%&&%0!2#.,1+1#.0!,%!/1%!+'.+!
9)%!/#)0!.-')*%J!('0!,82#)/%*+!5P[Z`[PX!%+!"PffNTI!/#)0!'/%J!2*88!,%0!2#.,1+1#.0!,%0+*)2+1/%0!
%+!.8;'+1/%0!,'.0!&%!('008@!!
I#)+! 2%! 9)%! /#)0! /1/%J! %.! 2%! $#$%.+3! /#)0! &-'/%J! 2*88! %+! $10! %.! $#)/%$%.+! ('*! ,%0! (%.08%03! ,%0!
('*#&%0!%+!,%0!'2+1#.0!('008%0@!T-'D%J!,#.2!')2).!*%00%.+1$%.+!(#)*!/#0!21*2#.0+'.2%0!(*80%.+%03!2'*!
/#)0!'/%J!/#)0W$B$%!H'1+!+#)+!2%!9)1!%0+!&'!2')0%!,%!/#0!2#.,1+1#.0!(*80%.+%0@!
7#D%J!,#.2!0';%3!&10%J!2%0!&%++*%0!%+!/#)%J!+#)+%!/#+*%!H#*2%!%+!/#+*%!/#&#.+8!?!,82#)/*1*!&%0!$#D%.0!9)%!
/#)0!)+1&101%J!4',10!]('*!1;.#*'.2%^!(#)*!;M2C%*!/#+*%!/1%!,-')+*%H#10@!
5)10!H'1+%0!&%!.82%00'1*%!(#)*!()*1H1%*!/#+*%!2#.021%.2%@!!
!
E#)0!,%$'.,%*%J!(%)+WB+*%!K!<!5#)*9)#1!,%/*'10W4%!()*1H1%*!$'!2#.021%.2%!g!>!!
!
A%! /#)0!&%! ,10! V!EP[7!.%! (&'.+%*1%J! 4'$'10! ).!2C'$(! ,%!$'a0! 0'.0! D! ('00%*! ,-'G#*,!&'! 2C'**)%! (#)*!
*%+#)*.%*!&'!+%**%!%+!()10!&-#)+1&&';%!.82%00'1*%!(#)*!%.!H'1*%!).!0#&!$%)G&%!%+!G1%.!H%*+1&108@!71!/#)0!8+1%J!
1;.#*'.+!%+!(&'.+1%J!('*$1!&%0!$')/'10%0! C%*G%03!,'.0!).!0#&!;*)$%&%)Q!%+!%.!#$%++'.+!&-%.;*'103!/#+*%!
*82#&+%!0%*'1+!$'1;*%!%+!2&'1*0%$8%@!X&!%.!%0+!,%!$B$%!9)'.,!/#)0!/#)0!%$G*#)1&&%J!,'.0!/#0!(%.08%0!
+%**%0+*%0!%+!8;#2%.+*19)%0!%+!/1/%J!%.+1R*%$%.+!,-'(*R0!/#0!2#..'100'.2%03!/#+*%!H#*2%!%+!/#+*%!/#&#.+8!
C)$'1.%0@! E#)0! B+%0! &1$1+8! %.! +#)+! 2%! 9)%! /#)0! H'1+%0@! N+3! ,'.0! ).%! 1;.#*'.2%! +#+'&%3! /#)0! 2*8%J! &%0!
21*2#.0+'.2%0!$B$%0!9)1!&1$1+%*#.+!&%!*80)&+'+!,%!/#0!%HH#*+0@!
6)!$#$%.+!#_!/#)0!(*%.%J!2#.021%.2%!,-#_!/#)0!/%.%J!*8%&&%$%.+3!
*%2C%*2C%J! &'! 5)100'.2%! 0)*! &'9)%&&%! /#)0! (#)/%J! /#)0! '(()D%*! (#)*! '22#$(&&1*! +#)+%0! 2C#0%0! ,'.0!
/#+*%!/1%!
! %+!H'1+%0!,-)*;%.2%!&%!.82%00'1*%!(#)*!8&1$1.%*!&%0!$')/'10%0!C%*G%03!
! ! ,%!0#*+%!9)%3!()*1H1'.+!&%!0#&!,%!/#+*%!2#.021%.2%3!
! ! ! /#)0!()1001%J!/#)0!'(()D%*!0)*!&'!5[X776T"N!

!
!01234'#5625748'$9'-24'%;')<124<' E>' ,54415'>'
! ! ! ! 9)1!1$(*8;.%*'!%+!H%*'!(*#0(8*%*!/#0!%Q(8*1%.2%0!%+!'2+1/1+80!9)#+1,1%..%0@!
P.! (#)**'1+! ,1*%! 9)%! &'! @NHLL>M!F! %0+! /#+*%! H%*+1&10'.+3! $'10! 2%! 0%*'1+! 2#$(&R+%$%.+! 1.%Q'2+! %+!
H'&&'21%)Q@!
S-%.;*'10! %0+! ).%! .#)**1+)*%! 2C1$19)%! 1.'.1$8%! (#)*! &'! (&'.+%! V! '&#*0! 9)%! &'! @NHLL>M!F! 0)*! &'9)%&&%!
/#)0!(#)/%J!/#)0!'(()D%*!('*!&'!$8,1+'+1#.!9)#+1,1%..%!%0+!&'! EHF!9)1!/'!*%/1;#*%*!/#+*%!B+*%!+#)+!%.+1%*3!
/#+*%!/1%!%+!$B$%!/#0!(&'.+%0!%+!&%0!G*19)%0!,%!/#+*%!$'10#.!%+!/#0!89)1(%$%.+03!G1%.!')W,%&?!,%!2%!9)%!
/#)0!2*#D%J!')4#)*,-C)1@!S%0!(%*0#..%0!9)1!#.+!2#.0'2*8!+#)+%!&'!H#*2%!,%!&%)*!/#&#.+8!(#)*!/1/*%!2%++%!
E8*1+8! %.! /#1%.+! &%0! H*)1+0! 1.,8.1'G&%0! ,'.0! &%)*! /1%!c! %+! &%! H'1+! ,%! &%! <!/#1*!>! ');$%.+%! &%)*! H#1! %+! &%)*!
,8+%*$1.'+1#.@! =%! 0#*+%! 9)-%&&%0! %.+*%.+! ,'.0! ).! 2%*2&%! ,%! $%*/%1&&%0@! N&&%0! 0-8$%*/%1&&%.+! ,%! 2%! 9)%!
,-')+*%0!(%*0#..%0!()100%.+!*8010+%*!?!2%++%!/8*1+8!%+!2C#101*!,%!*%0+%*!%.!,%C#*0!,%!&-C'*$#.1%!0(1*1+)%&&%!
%+!+%**%0+*%!,'.0!&'9)%&&%!1&!%0+!(#001G&%!,%!/1/*%@!
71! /#)0! B+%0! (*B+! ?! 82#)+%*! %+! ?! 2#.01,8*%*! %+! $8,1+%*! &%0! (';%0! 9)1! 0)1/%.+3 $ ;F<=% 9F66279252W% U%
9F64527C52%92%?</%2=0%9-9V,%C24</=%.2%C,><0%C2%.-%95,-0/F71%
%
@NGHYH!>IHOM$JF$%>$!OML!HFM!F$
5%.,'.+! 9)%! /#)0! H'1+%0! +#)+! &%! +*'/'1&! 'G0#&)$%.+! .82%00'1*%! ,%! ()*1H12'+1#.! $%.+'&%! Y! 8$#+1#..%&&%3!
)+1&10%J!$%0!('*#&%0!,%0!(';%0!(*828,%.+%0!,82*1/'.+! A$!F$Cb$A$eNH$EONL$>$>^FMF3$EONL$FI$%F$
^OMJF$ FMIHFG3$ >$ %<FKHLIFM!F$ EHLHW%F$C! (#)*! ,8/%&#((%*! ).%! (*10%! ,%! 2#.021%.2%! %+! 8+'G&1*! ).!
2#.+'2+! '/%2! L>! ()100'.+%! !OML!HFM!F$ JHEHMF@! =%! 2%! 2#.+'2+! /1%.,*#.+! &-1.0(1*'+1#.! %+! &'! H#*2%!
,-'22#$(&1*! &'! ()*1H12'+1#.! (&)0! *'(1,%$%.+@! 5%.,'.+! 9)%! 0-'22#$(&1*'! &'! ()*1H12'+1#.3! /#)0! H%*%J!
&-%Q(8*1%.2%!,-).!G#.C%)*!%+!,-).%!(&8.1+),%!*%+*#)/80!,'.0!+#)0!&%0!,#$'1.%0!,%!/#+*%!/1%@!!
E#)0!*%2%/*%J!8;'&%$%.+!,%!&-1.0(1*'+1#.!2#.2%*.'.+!/#+*%!/1%!9)#+1,1%..%3!0#1+!(%.,'.+!/#+*%!$8,1+'+1#.3!
0#1+! 2#$$%! ).! *'D#.! ,%! &)$1R*%! ,'.0! /#+*%! %0(*1+3! &#*09)%! /#)0! B+%0! %.! ('1Q! %+! %.! +*'1.! ,%! (%.0%*! ?!
9)%&9)%!0)4%+!G'.'&@!71!/#)0!.%!,8.1;*%J!#)!.%!*%4%+%J!('0!2%0!2#.0%1&03!$'10!&%0!0)1/%J!W!H1,R&%$%.+!%+!
'++%.+1/%$%.+3!W!/#)0!H%*%J!/#0!(*%$1%*0!('0!(#)*!,%/%.1*!W!H1.'&%$%.+!W!).!;*'.,!(&'.+%)*!(*#0(R*%!%+!).!
$#100#..%)*! ,L1,8%0! 2*8'+*12%0! ,'.0! /#+*%! $1&1%)@! I#)+! 2%! 9)1! /#)0! +#)2C%! H&%)*1*'3! 0-8('.#)1*'! %+!
(*#0(8*%*'@!I#)+!/#)0!*8(#.,*'!%+!/#)0!G8.1*'!,-).%!/1%!.#)/%&&%@!!
71!/#)0!/#)0!,1021(&1.%J!?!$8,1+%*!9)#+1,1%..%$%.+!'/%2!).%!,8/#+1#.!0'.0!H'1&&%3!/#)0!H1.1*%J!('*!0%.+1*!
).%! *8(#.0%! %+! ).! 'HH&)Q! ,%%K"%*')%GB'A%N%PB(("%!N%G)"% %+!&%0!$#+0! 9)%! /#)0! )+1&10%J! (*%.,*#.+!
).%!.#)/%&&%!01;.1H12'+1#.@!X&0!0%*#.+!1$(*8;.80!,% %G)"%'()G"$A"!!"1%
E#)0!0%*%J!*%$(&1!,%!4#1%!%+!/#)0!/#)0!*84#)1*%J!1.2*#D'G&%$%.+3!('*2%!9)%!/#)0! AN'$"X!'&#*0!9)%!&'!
()100'.2%!%0+!*8%&&%!%+!'2+1/%!,'.0!/#+*%!%0(*1+!%+!,'.0!/#+*%!/1%@!
E#)0!%.!'**1/%*%J!?!2#$(+%*!'/%2!,%!(&)0!%.!(&)0!,%!2#.H1'.2%!0)*!&'!()100'.2%!9)1!2#$$%.2%*'!?!0%!
$'.1H%0+%*!,'.0!/#0!'HH'1*%0@%GF<=%-<52W%27;/2%C8-00/525%-<05</%C-7=%;F052%,0-0%CYV-56F7/2%>,7/2%9-5%
.2=%-<052=%27%=25F70%9F7=9/270=%20%;F<=%4F=25F70%C2=%?<2=0/F7=1%"0%4.<=%279F52%D%;F<=%,45F<;252W%
<72% 7F<;2..2% =F502% CY-6F<5% Z5-02572.% 20% -<52W% 27;/2% C2% 4-50-[25% -;29% C8-<052=% 92% ?</% ;F<=% 527C%
V2<52<31%
A%! .%! (%)Q! ('0! '00%J! 1.010+%*! 0)*! 2%++%! E8*1+83! 2%! G%0#1.! ,%! $8,1+%*3! ()109)%! +'.+! ,%! (%*0#..%0!
*%.#.2%.+!?!&'!*%2C%*2C%!%+!&L')+#,1021(&1.%!,%!&L82#)+%!9)#+1,1%..%!'/'.+!,-'/#1*!%.+1R*%$%.+!()*1H18!&%)*!

!
!01234'#5625748'$9'-24'%;')<124<' EB' ,54415'>'
2#.021%.2%! %+! ,-B+*%! ('*/%.)0! ?! 2%+! 8+'+! ,%! ()*1H12'+1#.! 1.+8*1%)*%! 01! .82%00'1*%! (#)*! 8+'G&1*! ).! 2#.+'2+!
('*H'1+!'/%2!&'$!OML!HFM!F$NMHEFGLF%%F$Q$+,$L.1'-"$4"$9.&'"$m&'"=$
`)'.,!/#)0!8+'G&100%J!/*'1$%.+!).!2#.+'2+!V!1&!/#)0!'**1/%!,%0!2C#0%0!9)1!*%00%$G&%.+!?!,%0!$1*'2&%0!k!
S'! @)100'.2%! N.1/%*0%&&%!2#$$%.2%! ?!(*%.,*%!H#*$%!%+!?!0%!,8/%&#((%*!,'.0! /#+*%! M$%3!/#+*%!2#*(03!
/#+*%!%0(*1+3!/#+*%!2#%)*!%+!&%0!21*2#.0+'.2%0!,%!/#+*%!/1%@!
!
A%!/#)0!&%!,10!%.!/8*1+83!/#)0!(#)/%J!H'1*%!2#.H1'.2%!0'.0!*80%*/%!?!$%0!('*#&%0!W!01!/#)0!(%*08/8*%J3!1&!
/1%.,*'!).!$#$%.+!#_!/#)0!0%.+1*%J!*8%&&%$%.+!&%!2#.+'2+!%+!0')*%J!9)%!/#)0!&-'/%J!8+'G&1@!
!
E.1#$,1'"T$,+.'#$,&&"/*&$+"$8.8"*&$+"$(+1#$-'1-/,+$4"$9.&'"$4)9"+.(("8"*&$#(/'/&1"+$a$U18,/*$l$
I'.+!,LM$%0!0%!0%.+%.+!8&%/8%0!%+!,'.0!&'!4#1%!(%.,'.+!9)%&9)%0!C%)*%03!'/'.+!9)%!&%0!0#)210!9)#+1,1%.0!
.%! 0L1$$102%.+! ?! .#)/%')! ,'.0! &%)*! %0(*1+! %+! 9)-1&0! 1.+%&&%2+)'&10%.+! &L%Q(8*1%.2%! %.! &)1! +*#)/'.+! ).%!
%Q(&12'+1#.!2#./'1.2'.+%!%.!+%*$%0!C)$'1.0@!
!
T%!H'1+%0!('0!2%&'!W!2'*!/#)0!(%*,*1%J!2%!9)1!/#)0!'!8+8!,#..8!k!!
E#)0!*%+'*,%*1%J!8.#*$8$%.+!/#+*%!(*#;*R0!0(1*1+)%&@!
!
71!/#)0!&10%J!2%0!$#+0!%+!2*'1;.%J!,-D!2*#1*%3!#)!2*#D%J!9)L1&0!.%!0#.+!9)%!0#++10%03!#)!%0+1$%J!9)%!/#)0!
(%*,*1%J!/#+*%!(*%0+1;%!%.!D!2*#D'.+!W!/#)0!H'G*19)%J!).%!H#*$%!2*8'+*12%!,'.0!/#+*%!2#.021%.2%!9)1!.1%*'!
+#)+%!*8(#.0%!2#.0+*)2+1/%!9)%!/#)0!(#)**%J!'/#1*!'((#*+8%!?!2%++%!S%++*%!?!&L#*1;1.%@!
!
=#.2!4%!/#)0!&%!,10!W!2C8*100%J!/#0!$#$%.+0!,%!H#13!(*80%*/%J!/#0!$#$%.+0!(*821%)Q!,%!2#.+'2+!'/%2@@@!
l!Fl@@@! eNH$ EONL$ >$ JOMMF$ %<FKHLIFM!F3! 2*#D%J! %.! %)Q! %+! ;'*,%JW&%0! H%*$%$%.+! ,'.0! /#+*%!
2#.021%.2%! %+! (*#;*%001/%$%.+3! /#)0! '/'.2%*%J! %.! ,1*%2+1#.! ,%0! C')+%)*0! ,%! &'! 2#.021%.2%!
<!0(1*1+)%&&%!>!W!4)09)-?!).!,102%*.%$%.+!%+!).%!4#1%!1$$%.0%0@!
!
A%!*8(R+%!K!.%!$%++%J!('0!2%0!S%++*%0!,%!2U+8@!A%!.%!(%)Q!('0!0#)&1;.%*!'00%J!&'!.82%001+8!,-D!(%.0%*3!
,%! /#)0! *'((%&%*! 2%! 9)L%&&%0! #.+! ?! /#)0! ,1*%@! 71! /#)0! .%! (#)/%J! ('0! /#)0! %.! 0#)/%.1*3! *%+#)*.%JWD! %+!
&10%JW&%0!%.2#*%3!%+!%.2#*%3!%+!%.2#*%3!4)09)L?!2%!9)%!/#+*%!2#.021%.2%!&%0!'1+!'G0#*G8%0@!!
5&)0! /#)0! &%0! $8,1+%*%J! 9)#+1,1%..%$%.+3! (&)0! %&&%0! 0%! 2&'*1H1%*#.+! ,'.0! /#+*%! %0(*1+! %+! ')*#.+! ,%! &'!
01;.1H12'+1#.! (#)*! /#)0@! m1.'&%$%.+3! /#)0! 2#.0+'+%*%J! 9)L%&&%0! 0#.+! 2#$$%! &'! .#)**1+)*%! %+! &'! G#100#.3!
/#)0!*%$#.+'.+!&%!$#*'&!%+!');$%.+'.+!/#+*%!,8+%*$1.'+1#.! ?!+*'.0H#*$%*!/#+*%! 8+'+! (*80%.+! %.!).!8+'+!
,LC'*$#.1%3!,%!2*#100'.2%!%.!+#)0!,#$'1.%03!,%!(*#0(8*1+8!%+!,%!('1Q@!
O*'.,%0!0%*#.+!/#+*%!1.0(1*'+1#.!%+!/#+*%!4#1%!9)'.,!/#)0!H1.1*%J!('*!/#)0!*%.,*%!2#$(+%!9)%!&L1$$%.01+8!
,%! A!!"$ e1/$ E.1#$ ,$ >8"*)$ 6$ +<FD/#&"*-"!C$ %0+! ).%! 5)100'.2%! %Q+'01'.+%3! *',1%)0%3! *'/100'.+%! W!
,8('00'.+!/#+*%!2'('21+8!(*80%.+%!?!&'!*B/%*!%+!&-1$';1.%*!W! !L%0+!&'!Z8'&1+8!V@!
!L%0+!&'!LONG!F$JF$%nmIGF!W!S6!7P[Z"N!,%!+#)+!2%!9)%!/#)0!/#D%J!,'.0!/#+*%!$#.,%!/1/'.+!.'+)*%&!
%+!?!,%!.#$G*%)Q!.1/%')Q!,L%Q10+%.2%!')W,%&?!,%!2%&)1!9)%!/#)0!C'G1+%J!'2+)%&&%$%.+@!

!
!01234'#5625748'$9'-24'%;')<124<' EC' ,54415'>'
`)'.,! /#)0! *%2%/*%J! 'G#.,'$$%.+! &'! !.*#-/"*-"$ J/9/*"$ ,'.0! /#+*%! %0(*1+3! %.! /#)0W$B$%3! ,'.0!
2C'9)%! H'2%++%! ,%! /#+*%! %Q10+%.2%3! '&#*0! /#)0! 2#$$%.2%*%J! ?! /#1*! &-8.#*$%! ,1HH8*%.2%!c! /#)0! /#)0!
*%+#)*.%*%J! (#)*! *%/#1*! /#0! $#$%.+0! ,%! +%.01#.! %+! ,%! +*10+%00%! %+! /%**%J! 9)%3! (*#;*%001/%$%.+3! &%0!
&1$1+'+1#.0!,%!/#+*%!/1%!')*#.+!H'1+!(&'2%!?!).!G#.C%)*!(&)0!;*'.,@ $!"+,$4"9/"*&$1*$('.-"##1#$-.*&/*1$
4,*#$9.&'"$9/"=$
7#D%J! 2#.H1'.+! W! 2L%0+! /*'1$%.+! $#13! &%! "C*10+3! 9)1! %.! '((%&&%! ?! /#)0! %+! ')! $#.,%! ')! $#D%.! ,%! 2%0!
S%++*%0@!
!
A-'1$%*'10! ('*+12)&1R*%$%.+! 1$(*1$%*! %.! /#+*%! %0(*1+! &'!H'F#.! ,#.+!4L'1! ,8&1G8*8$%.+!H'1+3! ,'.0! &%0! (';%0!
(*828,%.+%03! ,%0! 'HH1*$'+1#.0! 'H1.! ,-8&%/%*! /#0! (%.08%0! ?! ).! .1/%')! 0)(8*1%)*! ,%! 2#.021%.2%3! %.!
,82*1/'.+!&%0!'/'.+';%0!9)%!/#)0!'/%J!?!+*'/'1&&%*!(#)*!8&%/%*!/#+*%!2#.021%.2%!%.!&'!,8G'**'00'.+!,%0!
+*'1+0!.8;'+1H0!$%.+1#..80!?!&'!(';%!n@!
B"$ 9"1D$ 01"$ 9.1#$ 9.1#$ '"*4/"T$ (,';,/&"8"*&$ -.8(&"$ 01"$ ?"$ *"$ 9/"*#$ 01"$ (.1'$ 9.1#$ ,/4"'$ 6$
4)P,'',##"'$ 9.&'"$ 8./$ 4"#$ ("*#)"#$ "&$ 4"#$ )8.&/.*#$ /*4)#/',P+"#$ #1#-/&)"#$ (,'$ +<"2.$ "&$ 01/$
-.*&'X+"*&$ ,-&1"++"8"*&$ 9.&'"$ "#('/&=$ B"$ #1/#$ ,1##/$ /-/$ 23452==,6270$ (.1'$ 9.1#$ "*-.1',2"'$ "&$
A$9.1#$ ,/4"'$C$ Q$ .1/3$ A$9.1#$ ,/4"'$C$ Q$ 6$ 4)9"+.(("'$ 4,*#$ 9.&'"$ "#('/&$ "&$ 9.&'"$ -."1'$ &.1&"#$ +"#$
("*#)"#$ "&$ )8.&/.*#$ ;.*4)"#$ #1'$ +<,8.1'$ 01/$ 9.1#$ 8"&&'.*&$ "*$ U,'8.*/"$ ,9"-$ +,$ !.*#-/"*-"$
J/9/*"=$ ^.*$ .P?"-&/;$ +"$ (+1#$ 1'2"*&$ "&$ +"$ (+1#$ ,/8,*&$ "#&$ 4"$ 9.1#$ #.'&/'$ 4"#$ .8P'"#$ 2'/#"#$ 4"$
+n"D/#&"*-"$ 01"$ 9.1#$ U,P/&"T$ ,-&1"++"8"*&$ V$ (.1'$ 9.1#$ ,8"*"'$ ,1$ A$#.+"/+$C$ 4"$ +n/++18/*,&/.*$
#(/'/&1"++"$01/$9.1#$,&&"*4',$+.'#01"$9.1#$,1'"T$8,7&'/#)$+"#$8,*/;"#&,&/.*#$4"$+n"2.3$9.1#$#"'"T$
1*/#$6$9.&'"$[8"$"&$6$A$+,$E/"$@5'"Q^5'"$C$"&$,1'"T$,--)4)$6$+nU,'8.*/"$4"$+n,8.1'$/*-.*4/&/.**"+$
(.1'$&.1#=$
A%!/'10!,#.2!*8(8+%*!&'!&10+%!,%0!2'*'2+8*10+19)%0!.8;'+1/%0!%Q(#08%0!,'.0!&%0!(*%$1R*%0!(';%0!,%!2%++%!
S%++*%@!A%!/%)Q!9)%!/#)0!&%0!&101%J!'++%.+1/%$%.+!%+!#G0%*/1%J!/#0!*8'2+1#.0!%+!0%.+1$%.+0! "*$+"#$(,##,*&$
+"*&"8"*&$ "*$ '"91"=$ %,$ -'/&/01"3$ +"$ #,'-,#8"3$ +"$ ?12"8"*&3$ +"$ '"?"&3$ +"$ 4)*/2'"8"*&3$ +nU.#&/+/&)3$
+n/*&.+)',*-"3$ +,$ U,/*"3$+,$ ?,+.1#/"3$+n,2'"##/9/&)3$ +"#$ /8(1+#/.*#$ 9/.+"*&"#3$ +"$ 9.+3$+"$ 8"*#.*2"3$ +,$
;.1'P"'/"$"&$+,$8,+U.**R&"&)3$+,$-,+.8*/"=$
$
"#$$%.+! '&&%JW/#)0! 2#$$%.2%*! ?! /#)0! ,8G'**'00%*! ,%! 2%&&%0! 9)%! /#)0! 0'/%J! H'1*%! ('*+1%! ,%! /#+*%!
2#.021%.2%!g!
TL'D%J!('0!+*#(!C#.+%!,-D!H'1*%!H'2%3!()109)%!/#)0!B+%0!).!B+*%!C)$'1.!%+!B+%0!.8!0#)0!&L1.H&)%.2%!,%!2%0!
2'*'2+8*10+19)%0!,%!&L%;#@!T%!0#D%J!,#.2!('0!+*#(!%HH*'D8!#)!+*#(!,82#)*';8!(#)*!D!H'1*%!H'2%@!m'1+%0!&%!
(*%$1%*!('0!'/%2!).%!+#+'&%!C#..B+%+8!W!%+!.#+%JW&%0!0)*!).%!H%)1&&%!,%!('(1%*@!
S'! ,%)Q1R$%! 8+'(%! 2#.010+%! ?! (*%.,*%! &'! H%)1&&%! ,%! ('(1%*3! ?! /#)0! 2#)2C%*! %+! ?! &'! (&'2%*! 0)*! /#+*%!
(#1+*1.%@!m%*$%J!&%0!D%)Q!%+!',*%00%JW/#)0! %.!(%.08%!?!&' $G),+/&)$J/9/*"$Q$9.&'"$L.1'-"$4nm&'"3$01/3$
9.1#$ 4"9'/"T$ 8,/*&"*,*&$ +"$ -.8('"*4'"3$ "#&$ 9.&'"$ @'.-'),&"1'$ >/8,*&$ Q$ 9.&'"$ 9',/$ A$@5'"Q^5'"$
L(/'/&1"+$C$ Q$ 01/$ /'',4/"3$ 4"$ ;,].*$ #.1&"*1"3$ ("'8,*"*&"$ "&$ -.*#&,*&"$ V$ %n>^ONG$ @>GFMI>%$
HM!OMJHIHOMMF%=$

!
!01234'#5625748'$9'-24'%;')<124<' ED' ,54415'>'
=#..%JW/#)0!&%!+%$(0! ,%!2'&$%*!/#+*%!%0(*1+!4)09)L?!2%!9)%!/#)0!0%.+1%J!9)%!/#)0!('00%J!')W,%&?!,%!
/#+*%!2#.021%.2%@!
=%$'.,%J! '&#*03! '/%2! ).%! H#1! ('*H'1+%! %+! %.! /#)0! '++%.,'.+! ?! ).%! *8(#.0%! 1$$8,1'+%3! ()109)%! /#)0!
H#.2+1#..%J! %.! -.*#-/"*-"3! ,%! &L'1,%! (#)*! %.&%/%*3! ,100#),*%! %+! 0)*$#.+%*! &%0! 8,*/;"#&,&/.*#$
)2.s01"#$4"$'"?"&3!H')00%0!%+!1.)+1&%03!,'.0!+#)0!&%0!4#)*0!?!/%.1*@!
>9"-$)8.&/.*3$9.1#$(')-/#"T$6$9.&'"$A$@5'"$L(/'/&1"+$C$.1$6$+,$A$G),+/&)$J/9/*"$C$Q$"&$4.*-$6$9.1#Q
8R8"$Q$01"$9.1#$*"$9.1+"T$(+1#$4"$-"#$')(.*#"#$*)2,&/9"#$4"$+n"2.$4,*#$9.&'"$-.*#-/"*-"=$E.1#$
4"8,*4"T$+n/*#(/',&/.*$"&$+,$;.'-"$4"$;,/'"$&.1#$+"#$";;.'&#$(.##/P+"#$(.1'$+"#$)9/&"'$.1$+"#$'";1#"'$
6$(,'&/'$4"$-"$?.1'Q+6=$
N.! 0)1/'.+! 2%++%! H'F#.! ,-';1*3! /#)0! 2*8%J$ 1*"$ MONEF%%F$ YOG^F$ JF$ !OML!HFM!F$ 9)1! 2#$$%.2%!
$'1.+%.'.+!?!1.H1&+*%*!%+!(*%.,*%!%.!2C'*;%!/#+*%!2#.021%.2%!(*80%.+%@!
EOIGF$HMIFMIHOM$
4"9/"*&$8,/*&"*,*&$9.&'"$'),+/&)=$
S%0! '.21%..%0! 2'*'2+8*10+19)%0! .8;'+1/%0! .#+8%0! 0)*! /#+*%! H%)1&&%! %+! *%$10%0! ?! /#+*%! <!5R*%! 7(1*1+)%&!>!
0#.+!$'1.+%.'.+!,'.0!&%0!&1$G%0!,%!*%4%+!,%!/#+*%!2#.021%.2%@!"%!*%4%+!2#.021%.+!%0+!')001!&%!$#D%.!('*!
&%9)%&! /#)0! '++1*%J! &'! 5)100'.2%! =1/1.%! ,'.0! /#+*%! 2#.021%.2%! (#)*! /#)0! '1,%*! ?! *%.H#*2%*! /#+*%!
*80#&)+1#.! %+! ?! /#)0! *'((%&%*! ,%! *%.#.2%*! ?! +#)+%! 1$()&01#.! 9)1! (#)**'1+! *%00)*;1*! ,%0! 2'*'2+8*10+19)%0!
*%4%+8%0@!
=#.23! 2#$$%! /#)0! (#)**%J! (*#G'G&%$%.+! &%! /#1*3! &'! *%,,1+1#.! %+! &'! $8,1+'+1#.! #.+! ,82&%.2C8! ,'.0! &'!
2#.021%.2%!).!+*'/'1&!1./101G&%!,#.+!/#)0!0%*%J!(*#G'G&%$%.+!1.2#.021%.+!4)09)L?!2%!9)%!/#)0!'D%J!(*10!
2#.021%.2%3!(&)0!+'*,3!,)!H'1+!9)%!&%0!2'*'2+8*10+19)%0!#.+!,10('*)@!
A%! /#)0! *%2#$$'.,%! 08*1%)0%$%.+! %+! '/%2! 1.010+'.2%! ,%! $8,1+%*! ?! (&)01%)*0! *%(*10%0! &%! ('(1%*! ,%0!
2'*'2+8*10+19)%0@! "C'9)%! H#10! 9)%! /#)0! &%! H'1+%03! /#)0! '++1*%J! ,'.0! /#+*%! 2#.021%.2%! ).%! .#)/%&&%!
1.4%2+1#.! ,%! &'! (1/##,*-"$ 4"$+,$ A$E/"$4"$ +,$ !.*#-/"*-"$@5'"Q^5'"$C! ,'.0! &%! G)+! ,%! 0)*$#.+%*! %+! ,%!
,8&1/*%*!/#+*%!2#.021%.2%!,%0!H#*$%0!%+!,%0!H#*2%0!,%!2#.021%.2%!1.,801*'G&%0@!
`)'.,!%&&%0!')*#.+!8+8!,100#)+%03!%&&%0!.L'++1*%*#.+!(&)0!,'.0!&%0!21*2#.0+'.2%0!,%!/#+*%!/1%!&%0!#$G*%0!
.8;'+1/%0!%+!$'&C%)*%)0%0!9)1!/#)0!+#)*$%.+'1%.+@!E#)0!'228,%*%J!?!).%!/#1%!(&)0!C')+%3!2%&&%!9)1!/'!
/%*0!&'!&1G%*+8@!
N.!(*#;*%00'.+3!/#)0!%.!/1%.,*%J!?!(%*2%/#1*!,%!(%+1+%0!H')+%0!,%!2#.021%.2%!,'.0!/#+*%!%0(*1+!%+!/#+*%!
2#%)*! 9)1! .%! /#)0! '/'1%.+! 4'$'10! 0%$G&8! H')00%0! ')('*'/'.+! %+! 9)'.,! 2%&'! '**1/%*'3! /#)0! ,%/*%J!
*%('00%*!('*!&%!$B$%!(*#28,8!W!&%0!.#+%*!%+!&%0!*%$%++*%!,'.0!).%!H#1!+#+'&%!?!/#+*% $A$@5'"$L(/'/&1"+$C=$
f'1.+%.'.+3!1&! D!'!%.2#*%!).%!2C#0%!9)%!/#)0!,%/%J!H'1*%!(#)*!2#$(&8+%*!2%++%! *%2#.0+*)2+1#.!,%!/#+*%!
2#.021%.2%@!
6)!&1%)!,%! -'/&/01"3$#,'-,#8"3$?12"8"*&3$'"?"&3$4)*/2'"8"*&3$U.#&/+/&)3$/*&.+)',*-"3$U,/*"3$?,+.1#/"3$
,2'"##/9/&)3$/8(1+#/.*#$9/.+"*&"#3$9.+3$8"*#.*2"3$41(+/-/&)$"&$8,+U.**R&)3$-,+.8*/" 3!/#)0!.#+%*%J!
0)*!).%!H%)1&&%!W! "*$+"&&'"#$4n.'$ 01!(#001G&%3!(#)*! /#)0!,#..%*!&%!0%.0!,%! &'!G%')+8! %+! ,%!&-82&'+!,%!2%0!
'++*1G)+0! W! &%0! 9)'&1+80! ,L#*! ,%! &'! !.*#-/"*-"$ J/9/*"! ,#.+! /#)0! /#)&%J! B+*%! ,#+8! W! %+! 9)%! /#)0! /#)&%J!
%Q(*1$%*!W!?!&L'/%.1*@!

!
!01234'#5625748'$9'-24'%;')<124<' =F' ,54415'>'
5#)*!B+*%!%.!('*H'1+%!C'*$#.1%!'/%2!/#+*%! A$G),+/&)$J/9/*"!C$W!/#+*%!A!@5'"$L(/'/&1"+!C$W3!2C'9)%!'++*1G)+!
0%*'!H#.,8!0)*!&L'$#)*!1.2#.,1+1#..%&!%+!(*#$#)/*'!&%!(&)0!;*'.,!G1%.!,L')+*)1@!
"'*! /#)0! .%! 2C%*2C%*%J! (&)0! ?! *'G'100%*! ')+*)1! (#)*! /#)0! 0%.+1*! (&)0! ;*'.,! %+! (&)0! (&%1.! ,L'00)*'.2%@!
E#+*%! 2#.021%.2%! %.+1R*%! 0%*'! ,1*1;8%! /%*0! &L'HH1*$'+1#.! ,-')+*)1! %+! &-8,1H12'+1#.! ,%! +#)+! 2%! 9)1! 0%! +*#)/%!
,'.0!/#+*%!#*G1+%@!E#)0!2C%*2C%*%J!?!.#)**1*3!8&%/%*3!%.0%1;.%*3!(*#+8;%*3!%.+*%+%.1*3!2#$G&%*!&%0!G%0#1.0!
,L')+*)1!%+3!'/%2!'$#)*3!?!8+'G&1*!&L#*,*%!,'.0!&%0!'2+1#.0!0+)(1,%0!%+!2C'#+19)%0@!
[.%!H#10!9.#$,#(/',&/.*#$ 82*1+%0!"*$+"&&'"#$4n.'!0)*!/#+*%!H%)1&&%!,%!('(1%*3!2#)2C%JW/#)0!,%!.#)/%')3!
H'1+%0! '((%&! ?! /#+*%! A!! $,-./0,% P/;/72!C$ %+! ,%$'.,%J! 9)%! &%0! G%&&%0! 1$()&01#.0! W! &'! 7-0<52! ,)! J/9/*! W!
()100%.+! (*#;*%001/%$%.+! 0L8+%.,*%! ?! /#+*%! %0(*1+! %+! ?! /#+*%! 2#%)*! %+! ,%/%.1*! /#+*%! (*#(*%! 2#.021%.2%@!
S#*09)%!2%&'!'**1/%*'3!/#+*%!M$%!*%00%$G&%*'!?!).!(%+1+!(#)001.3!,#..'.+!,%0!2#)(0!,%!G%2!(#)*!2'00%*!
0'! 2#9)1&&%3! 8$%*;%*! ?! &'! $%*/%1&&%! ,)! ;*'.,! %+! /'0+%! $#.,%! (#)*! 0-).1*! ?! 0'! $R*%W(#)&%3! 9)1! '++%.,!
('+1%$$%.+! 9)%! 0#.! %.H'.+! &'! *%4#1;.%@! "L%0+! 2%! 9)1! 0%! ('00%! '/%2! $#1! %+! +#)+%0! &%0! ')+*%0! M$%0!
2C*10+19)%0@!T#)0!'++%.,#.03!#G0%*/#.0!%+!'1,#.0!&%0!;%.0!9)1!'0(1*%.+!?!,82#)/*1*!&'!2')0%!,)!/1,%!,%!
&%)*!%0(*1+3!9)1!0-%$(&#1%.+!?!+*'.02%.,%*!&%)*0!#22)('+1#.0!+%**%0+*%03!,#.+!&-%0(*1+!%0+!'++1*8!('*!,%0!G)+0!
0)(8*1%)*0!%+!9)1!*B/%.+!,L%.+*%*!%.!('*H'1+!'22#*,!'/%2!&%)*!M$%!%+!&%)* $LONG!F$JHEHMF$JnmIGF=$T#)0!
'/#.0! ,%0! 8&'.0! ,%! +%.,*%00%! %+! ,L'$#)*! (#)*! &%0! <!/#D';%)*0! 0(1*1+)%&0!>3! (&)0! $B$%! 9)-1&0! .%! &%!
0#)(F#..%.+@!"%&'!01;.1H1%!9)%!.#)0!/#)0!'++%.,#.0!'/%2!8$#+1#.!%+!'$#)*3!/#)0!9)1!&10%J!2%++% $%"&&'"=!
e1,*4$ 9.1#$#"'"T$')Q1*/$6$9.&'"$ AF<592%CY\0523$9.1#$,1'"T$'),+/#)$9.&'"$ 9)'/&,P+"$ P1&$#1'$I"''"=$
E.1#$ ,1'"T$ ,--.8(+/$ 9.&'"$ 9',/"$ 8/##/.*$ 4,*#$ +<)&"'*/&)=$ F&$ 8,/*&"*,*&3$ 01"$ 9.&'"$ EHF$ GfF%%F$
-.88"*-"$l$E.1#$#"'"T$"*&')$4,*#$+"$G.\,18"$4"#$!/"1D$l$
A%!.%!/#)0!,1*'1!('0!9)%&&%0!9)'&1+80!82*1*%!(#)*!/#+*%!.#)/%&&%!2#.021%.2%!W!%&&%0!,#1/%.+!0#*+1*!,%!/#+*%!
(%*2%(+1#.!(*80%.+%!,)!(&)0!C')+!%+!,)!$%1&&%)*@!o+),1%J!,%!.#)/%')!&' $M,&1'"$J/9/*"$4"$+,$!.*#-/"*-"$
J/9/*"$9)%!4L'1!(%*F)%!01!2&'1*%$%.+!,'.0!&%!,80%*+!%+!/#)0!'1!,82*1+%!,'.0!&' $%"&&'"$t=$
m'1+%0!%.!0#*+%!9)%!2%++%$M,&1'"$J/9/*"$,%/1%..%!/#+*%!(*#(*%!.'+)*%@$
A-'1$%*'10!9)%!/#)0!0'2C1%J!9)%!9)'.,!/#)0!/#)0!%.;';%*%J!,'.0!2%!/#D';%!'/%2!).%!/*'1%!01.28*1+83!
4%!0%*'1!?!/#0!2U+80!%.!2C'9)%!#22'01#.@!f#.!,801*!&%!(&)0!2C%*!%0+!9)%!/#)0!%.!/%.1%J!?!0'/#1*!9)%!4%!
0)10! '/%2! /#)0! %+! 9)%! 4%! /#)0! %./#1%! 0#)+1%.! %+! H#*2%! ,'.0! /#+*%! 9)B+%! %.! /)%! ,%! /#)0! ).1*! ?! /#+*%!
A!G),+/&)$J/9/*"$C=$$
$
>$@GO@OL$JN$A$!kGHLIH>MHL^F$C$
A%! /'10! $'1.+%.'.+! /#)0! ('*&%*! ,%! 2C#0%0! (&)0! +%**%W?W+%**%! %+! (%.,'.+! 9)%! /#)0! &1*%J! &%0! (';%0!
0)1/'.+%03!!
4-'1$%*'10!9)%!/#)0!#G0%*/1%J!2%!9)1!0%!('00%!'/%2!/#+*%!C)$%)*!#)!/#+*%!0%.+1$%.+!,%!G1%.WB+*%@!
"L%0+!%.2#*%!).!%Q%*212%!9)1!/#)0!(%*$%+!,%!*%2#..'b+*%!2%!9)1!0%!('00%!,'.0!/#+*%!2#.021%.2%!&#*09)%!
/#0!(%.08%0!2C'.;%.+!%+!9)%!/#)0!)+1&10%J!).!.#)/%&!'00#*+1$%.+!,%!$#+0@!!
S10%J! 0L1&! /#)0! (&'b+! +*R0! '++%.+1/%$%.+! &%0! (';%0! 0)1/'.+%03! 9)%! /#)0! 0#D%J! ).! 2C*8+1%.! (*'+19)'.+! #)!
.#.3! $B$%! 01! /#)0! B+%0! H#*+%$%.+! +%.+8! ,%! &%0! 0')+%*@! T#+%J! /#0! *8(#.0%03! 1,8%03! 0%.+1$%.+0! W!
('*+12)&1R*%$%.+!+#)+!0%.+1$%.+!2C'.;%'.+!,%!,8(*%001#.!#)!,%!(&'101*@!

!
!01234'#5625748'$9'-24'%;')<124<' =E' ,54415'>'
T#+%J!&%!.)$8*#!,%!&'!(';%!#_!&%0!$#+0!2#$$%.2%.+!?!*%.,*%!/#+*%!C)$%)*!(&)0!&8;R*%!%+!?!/#)0!8&%/%*!
0)*!).!(&'.!0)(8*1%)*!,%!('1Q!%+!,%!G#.C%)*@!
!n"#&$+6$1*$"D"'-/-"$4"#$(+1#$/8(.'&,*&#3$(1/#01n6$8./*#$01"$9.1#$*"$+"$;,##/"T3$9.1#$-.*&/*1"'"T$
6$ ?,8,/#$ 6$ +/'"$ 4"#$ ('.(.#$ #1'$ +,$ A$-.*#-/"*-"$C$ #,*#$ ?,8,/#$ ,&&"/*4'"$ 1*"$ -.8(')U"*#/.*$
('.;.*4"$4"$-"$01n"#&$+n)*"'2/"$4"$P,#"$4"$9.&'"$"D/#&"*-"3$4"$+,$A$8,&/5'"$C3$4"$9.&'"$-.'(#$"&$4"$
9.&'"$ "*9/'.**"8"*&3$ 4"#$ )9)*"8"*&#$ 4"$ 9.&'"$ 9/"3$ 4"$ 9.#$ kN^FNGL$ "&$ 4"$ 9.#$ ,#(/',&/.*#$
#(/'/&1"++"#=$
E.1#$*"$-.88"*-"'"T$6$'),+/#"'$01"$+,$!OML!HFM!F$"#&$+,$&.&,+/&)3$+,$L1P#&,*-"$N*/9"'#"++"$4"$
9.&'"$ "D/#&"*-"$ "&$ 4"$ 9.#$ "D()'/"*-"#3$ 01"$ +.'#01"$ 9.1#$ '"8,'01"'"T$ -.88"*&$ 9.#$ A$/4)"#$ "&$
.(/*.*#$C$("19"*&$)+"9"'$.1$,P,/##"'$+"#$;')01"*-"#$4"$9/P',&/.*$4"$9.&'"$-.*#-/"*-"=$
A-'1$%*'10!9)%!/#)0!(*%.1%J!2#.021%.2%!,%0!$#+0!9)%!/#)0!)+1&10%J!,'.0!/#+*%!/1%!9)#+1,1%..%3!&'!9)'&1+8!
,%!/1%!9)L1&0!2*8%.+!(#)*!/#)0!%+!&L1$('2+!9)-1&0!#.+!0)*!')+*)1!W!8&%/'.+!&%)*!C)$%)*!,'.0!&'!('1Q!%+!&'!4#1%!
#)!&%0!&'100'.+!,8(*1$80!%+!8()1080@!
!
N.!#)+*%3!4-'1!&'!08*1%)0%!1.+%.+1#.!,-'++%1.,*%!2%)Q!,-%.+*%!/#)0!9)1!0#.+!'2+)%&&%$%.+!,%0!',C8*%.+0!,%!&'!
*%&1;1#.!2C*8+1%..%3!9)1!&)++%.+!2#.+*%!&%!2#.,1+1#..%$%.+!*%&1;1%)Q!('008!#)!(*80%.+!%+!+*#)/%.+!,1HH121&%!,%!
,8;';%*! &%)*! (%*2%(+1#.! ,%0! ,#;$%0! (#)*! 0%! $#)/#1*! &1G*%$%.+! ,'.0! &%0! H*89)%.2%0! /1G*'+#1*%0! (&)0!
H1.%0!,-).%!2#..'100'.2%!0(1*1+)%&&%!0)(8*1%)*%@!
!
E#)0! 2*'1;.%J! (%)+WB+*%! &'! ,'$.'+1#.! %.! &10'.+! 01$(&%$%.+! 2%0! (';%0! W! %+! (#)*+'.+! %&&%0! /#)0! '++1*%.+!
H#*+%$%.+!%+!/#)0!0%.+%J!1.+)1+1/%$%.+!9)%!/#)0!&10%J!,%0!(*#(#0!0)*!&'! EfGHIf$JF$%nFKHLIFM!F!9)%!
/#0! $1.10+*%0! ,)! 2)&+%! .%! /#)0! #.+! ('0! '((*10@! E#)0! B+%0! ,82C1*8! %.+*%! /#+*%! G%0#1.! 1$(8*1%)Q! ,%!
2#..'b+*%! &'! E8*1+8! %+! /#+*%! 2*'1.+%! ,%! ,8(&'1*%! ?! <!=1%)!>3! 9)%&&%! 9)%! 0#1+! &'! H#*$%! 0#)0! &'9)%&&%! /#)0!
<!&%!>!(%*2%/%J!'2+)%&&%$%.+@!
!
!! ^./3$ +"$ !kGHLI3! 4%! 0)10! G1%.! 2#.021%.+! ,%! &'! ,8+*%00%! 9)%! 2%0! %"&&'"#$ 2')0%.+! ?! G%')2#)(! ,%!
(%*0#..%0! 01.2R*%0! %+! $#.! (&)0! 2C%*! ,801*! %0+! ,%! /#)0! '$%.%*3! ?! +*'/%*0! /#+*%! 1.9)18+),%3! ?! ).%!
08*8.1+8!%+!).%!4#1%!('*H'1+%0@!
"L%0+!(#)*9)#1!1&!%0+!'G0#&)$%.+!.82%00'1*%!,-'.'&D0%*!,L'G#*,!/#0!2*#D'.2%0!(*80%.+%0!%+!&%0!#*1;1.%0!
,%0!,#2+*1.%0!,%!&L8;&10%!'/'.+!,%!2#.+1.)%*!?!/#)0!%.0%1;.%*!&'!E8*1+8!(&)0!'((*#H#.,1%!,%!&'!<!.'+)*%!>!
,%!&LN.1/%*0%&!%+!,%!&LC#$$%!&)1W$B$%@!
!
5#)*! G1%.! 2#$(*%.,*%! &%0! #*1;1.%0! ,%! &'! ,#2+*1.%! 2C*8+1%..%3! 1&! H')+! *%$#.+%*! 4)09)-')Q! ,8G)+0! ,)!
A),'a0$%!(#)*!D!+*#)/%*!<!&%0!*'+1#.'&10'+1#.0!>!,%!&L%0(*1+!C)$'1.!9)1!0-%0+!%HH#*28!,%!,8H1.1*!%.!$#+0!2%!
9)1!'!8+8!*%00%.+1!1.+)1+1/%$%.+!2#$$%!8+'.+!).%!0#)*2%!(*#G'G&%!,LB+*%@!
E#)0!9)1!&)++%J!(#)*!/#)0!&1G8*%*!,-'.21%.0!$D+C%0!%+!,%!H')00%0!2*#D'.2%03!/#)0!,%/%J!$'1.+%.'.+!%.!
'**1/%*! ?! (%*2%/#1*! /#)0W$B$%0! 2&'1*%$%.+! W! %+! ?! 9F64527C52! W! &'! ,1HH8*%.2%! H#.,'$%.+'&%! %.+*%! &'!
<!2*#D'.2%!,%!&L8;&10%!>!%+!&'!EfGHIf$JF$%nFKHLIFM!F!9)%!4L%00'1%!%.!2%!$#$%.+!,%!/#)0!%Q(&19)%*@!

!
!01234'#5625748'$9'-24'%;')<124<' ==' ,54415'>'
I'.+!9)%!/#)0!.%!(#)**%J!('0!,102%*.%*!2&'1*%$%.+!<!&L#*1;1.%!%+!&'!H#*$%!,%!/#0!2*#D'.2%0!(*80%.+%0!>3!
/#)0!.%!0%*%J!('0!2'('G&%!,%!/#)0!&1G8*%*!2#$(&R+%$%.+!,%0!1&&)01#.0!,%!/#+*%!2#.,1+1#..%$%.+!*%&1;1%)Q!
('008@! E#)0! ')*%J! <!).! (1%,! ,'.0! 2C'9)%! 2'$(!>! W! ).%! (#01+1#.! ,'.;%*%)0%@! "%+! 8+'+! ,L%0(*1+!
(*#/#9)%*'!).!;*'.,!2#.H&1+!$%.+'&!%+!(%)+!/#)0!2#.,)1*%!?!'G'.,#..%*! /#+*%!9)B+%!%+!?!*%+#)*.%*!')Q!
'.21%..%0!H#*$%0! *%&1;1%)0%03! 2#.H#*+'G&%0! %+! 8$#+1#..%&&%$%.+! 082)*10'.+%0!$'10! 9)1! .%! /#)0!$R.%.+!
.)&&%!('*+@!61.013!(*%.%J!;'*,%!%+!.%!/#)0!&'100%J!('0!1.+1$1,%*!('*!&%0!$%.'2%0!,%!,8(&'1*%!?!<!=1%)!>!%+!
,%!,'$.'+1#.0!,)!$B$%!;%.*%@!
!
%FL$OGHZHMFL$JF$%>$!GOj>M!F$FM$NMF$A$LN@FG$JHEHMHIF$HMJHEHJNF%%F$C$
T#)0! 2#$$%.2%*#.0! ,#.2! ('*! ).%! ,%02*1(+1#.! ,%0! #*1;1.%0! ,%! &'! 2*#D'.2%! %.! <!=1%)!>3! ).! .#$! 9)1! '!
01;.1H18!G%')2#)(!,%!2C#0%0!,1HH8*%.+%0!(#)*!&LC)$'.1+8@!"%++%!2*#D'.2%!'!2#$$%.28!9)'.,!&%0!C8G*%)Q!
'.+19)%0!$'*2C'1%.+!,'.0!&%0!(&'1.%0!,80%*+19)%0!%.!0-1.+%**#;%'.+!0)*!&%0!#*1;1.%0!,%!&'!2*8'+1#.@!X&!'!8+8!
1$';1.8! 9)%! ,L).%! 2%*+'1.%! H'F#.3! &'! LONG!F$ JF$ %>$ !Gf>IHOM$ ,%/'1+! 0d*%$%.+! B+*%! ).! <!=1%)W
C#$$%! 0)*C)$'1.!>3! 1./101G&%! %+! ,%! &#1.! 0)(8*1%)*! ?! &'! I%**%! %+! ?! &-C)$'.1+8@! "%*+'1.0! ,%0! (*#(CR+%0!
'.+19)%0!8+'1%.+!$D0+19)%$%.+!2#.021%.+0!9)%!&'! L#)*2%!,%!&'!!*8'+1#.!8+'1+!,1HH)0%!%+!(*80%.+%!W!,L).%!
2%*+'1.%! H'F#.! V! ,'.0! +#)+%! &'! 2*8'+1#.! %+! 9)-%&&%! %Q10+'1+! ')001! ,'.0! &'! ,1$%.01#.! 8+%*.%&&%3! $'10! 2%!
$D0+1210$%!.L8+'1+!('0!?!&'!(#*+8%!,%!&L%0(*1+!C)$'1.!$#D%.@!
X&! H')+! ')001! 9)%! /#)0! 2#$(*%.1%J! 9)%3! $'&;*8! &%! <!0%$G&'.+! ,%! *8'&1+8!>! ],'.0! /#+*%! %0(*1+^! ,L).! +%&!
<!=1%)!>!(*#/%.'.+!,%!/#0!&%2+)*%0!,%!&'!i1G&%3!(%*0#..%!.L'!$B$%!4'$'10!%.+*%/)!).!+%&!<!=1%)WC#$$%!
0)*C)$'1.!>3! 0#)0! 9)%&9)%! H#*$%! 9)%! 2%! 0#1+3! 0')H3! (%)+WB+*%3! f#a0%! 9)1! '! (*8+%.,)! &L'/#1*! /)! ,'.0! &%!
<!G)100#.!'*,%.+!>!%+!9)1!'!,1+!9)-X&!0%!,82*1/'1+!S)1W$B$%!2#$$%!<!A%!0)10!2%&)1!9)1!,1+!K!AN!7[X7 pq!>@!
I#)+! 2%! 9)%! &%0! ;%.0! 2#..'100%.+! ,-).! +%&! <!=1%)!>! 0)*C)$'1.! %0+! +1*8! ,%! &'! &%2+)*%! ,%0! ,%02*1(+1#.0!
(1++#*%09)%0! ,%! <!=1%)!>! H'1+%0! ('*! ,%0! (*#(CR+%0! (%.,'.+! &%)*! 084#)*! 0)*! I%**%@! S%! H'1+! 9)%! &%0!
H'.'+19)%0! *%&1;1%)Q! .%!0%! *8HR*%.+! 9)-')Q! '.21%.0! (#)*! &%)*! <!/8*1+8!>3! ()109)L1&0! .%! (%)/%.+! ('0! 2*#1*%!
9)%!<!=1%)!>!0#1+!/*'1$%.+!*8%&3!8+%*.%&!%+!8;'&%$%.+!2'('G&%!,%!('*&%*!')Q!;%.0!?!/#+*%!8(#9)%3!$#.+*%!
G1%.!2#$G1%.!0#.+!1&&)0#1*%0!&%0!2*#D'.2%0!*%&1;1%)0%0@!
E.#$8/*/#&'"#$41$-1+&"$#.*&$&"''.'/#)#$(,'$&.1&"$-'.\,*-"$01/$*"$#"$;.*4$(,#$,9"-$+"#$9/"/++"#=$H+#$
*"$ -.*#/45'"*&$ ?,8,/#$ Q$ .1$ .*&$ ("1'$ 4"$ -.*#/4)'"'$ Q$ 01"$ +,$ -.**,/##,*-"$ #(/'/&1"++"$ 4,*#$ +,$
4/8"*#/.*$&"''"#&'"$V$(.1'',/&$R&'"$)9.+1&/9"$l$
A-'1$%*'10! 9)%! /#)0! <!/#D1%J!>! 9)-).! <!+100)! ,%! 2*#D'.2%0!>3! ).! $8&'.;%! ,%! *'+1#.'&10'+1#.0! %+! ,%!
2*#D'.2%0!'!8+8!2#.2#2+8!(#)*!2*8%*!).!H1&%+!,%!082)*1+8!$%.+'&%!Y!8$#+1#..%&&%!,'.0!&%9)%&!%$(B+*%*!%+!
(*%.,*%!')!(1R;%!&-%0(*1+!%+!&%!2#%)*!,%0!;%.0@!I#)+!2%!9)%!&L#.!'((*%.,!')Q!;%.0!,'.0!&'!H#1!2C*8+1%..%!
%0+!G'08!0)*!&-8$#+1#.!%+!8$'.%!<!,L#)aW,1*%!>!+1*80!,%0!(*%$1%*0!*'((#*+0!,%!$'!/1%!%+!,%!$'!$#*+!0)*!
I%**%@!N+!(#)*+'.+!#.!D!2*#1+!H'.'+19)%$%.+@!!
P.! '((*%.,! ')Q! 2C*8+1%.0! 9)%! <!=1%)! %0+! 6$#)*! W! %+! 9)%! =1%)! 2#..'b+! /#0! (82C80! %+! ().1+3! *8;%.+%3!
*82#$(%.0%! &%0! C#$$%0! ,%! G1%.! %+! %./#1%! ,%0! 2'&'$1+80! ')Q! $82C'.+0!>@! "L%0+! &?! ).%! ,%02*1(+1#.!
%Q'2+%!,%!&L'2+1/1+8!%+!,%!&'!2#.021%.2%!C)$'1.%0!k!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
pq
!NQ#,%!p!Knr@!

!
!01234'#5625748'$9'-24'%;')<124<' =?' ,54415'>'
P.!'((*%.,!')Q!2C*8+1%.0!9)%!8./3$+"$!U'/#&3!1.2'*.8!,'.0!&'!(%*0#..%!,%!A80)03!4%!0)10!<!$#*+!(#)*!&%0!
(82C80!,)!$#.,%!>@!
AL8+'10!<!&L6;.%')!1$$'2)&8!,%!=1%)3!0'2*1H18!(#)*!('D%*!&%!(*1Q!,%0!(82C80!,%0!C#$$%0!>!k!AL')*'10!H'1+!
&%! 0'2*1H12%! 0)(*B$%! ,%! $'! (%*0#..%! (#)*! '22#$(&1*! 2%+! 8+*'.;%! %Q(&#1+! 9)-%0+! <!&%! ('1%$%.+! ,%0!
(82C80!>!')!2#)*0!,%0!01R2&%0@!
6(*R0!$'!$#*+!('*!&'!2*)21H1Q1#.3!4%!0%*'10!*%+#)*.8!,'.0!$#.!2#*(0!%+!0%*'10!'(('*)!?!(&)01%)*0!*%(*10%0!
4,*#$8.*$-.'(#!(#)*!*82#.H#*+%*!%+!%.0%1;.%*!$%0!,1021(&%0!,'.0!&%)*!,%)1&@!A-')*'10!$B$%!$'.;8!,%!
&'!.#)**1+)*%!(%.,'.+!$%0!'(('*1+1#.0@!
!
6(*R0! 9)'*'.+%! 4#)*03! 4-')*'10! '02%.01#..8! C#*0! ,%! /)%! ,%! $%0! ,1021(&%03! %$(#*+'.+! $#.! 2#*(0! ')!
<!21%&!>@!
"#$$%!4%!&L'1!,%$'.,8!,'.0!&'! %"&&'"$u!V!9)%!H%*'10W4%!,-).!2#*(0!C)$'1.!,'.0!<!&%0!21%)Q!>!W!,'.0!&'!
/1%!,%!&-')W,%&?!g!
!
5'*2%!9)%!4L'1!,1+!&#*0!,%!$#.!,%*.1%*!0#)(%*!'/%2!$%0!,1021(&%0!9)L1&0!,%/'1%.+!0%!*'((%&%*!$#.!,%*.1%*!
*%('0!'/%2!%)Q!%.!*#$('.+!&%!('1.!%+!%.!0%!&%!('00'.+!,%!&L).!?!&L')+*%3!%+!9)-1&0!,%/'1%.+!G#1*%!?!&'!$B$%!
2#)(%! ,%! /1.! %+! 0%! *'((%&%*! 9)%! $#.! 2#*(0! '/'1+! 8+8! 2*)21H18! %+! $#.! 0'.;! /%*08! (#)*! &%)*! '((#*+%*! +,$
9)'/&)$4"$+nR&'"3!2%+!8(10#,%!'!8+8!+*'.0H#*$8!%.!&'!2*#D'.2%!G1J'**%!9)L'/%2!&'!(#$(%!%+!&'!28*8$#.1%!
(*'+19)8%0!?!&L')+%&3!$#.!2#*(0!0%!+*'.0H8*%*'1+!')Q!C#0+1%0!9)%!&%0!#HH121'.+0!,%/'1%.+!'/'&%*!'/%2!+#)+%!&'!
*8/8*%.2%!/#)&)%@!
f#.!2#*(0!k!`)%&!G1%.!$#.!<!2#*(0!>!W!0(1*1+)'&108!#)!.#.!V!(#)**'1+W1&!H'1*%!?!&L#HH121'.+!g!
5#)/%JW/#)0! /#1*! 2#$$%.+! &-1.+%&&%2+! (%)+! B+*%! 2#.,1+1#..8! ?! '22%(+%*! ).! .#.W0%.0! 2#$(&R+%$%.+!
1&&#;19)%! 9)1! (%)+! ,)*%*!(*%09)%! ,%)Q!$1&&%! '.0!('*2%! 9)L1&! '! 8+8! 0#)+%.)! ('*! ).%! ;*'.,%! C18*'*2C1%! ,%!
('(%0! %+! ,%! 2'*,1.')Q! /1/'.+! ,'.0! ,%0! ('&'103! ,'.0! ,-1$$%.0%0! *12C%00%03! %+! $'1.+%.)! %.! ;*'.,%!
(#$(%!+%**%0+*%!%+!,'.0!&%!2',*%!,%!28*8$#.1%0!(*%0+1;1%)0%0!g!
!
B"$ 9"1D$01"$9.1#$-.**,/##/"T$+,$9)'/&)$,1$#1?"&$4"$-"&&"$*1/&$;,&/4/01"$ Q$-"$01"$9.1#$,(("+"T$+,$
L,/*&"$!5*"=$
*<F/%?<8/.% 62% =F/0%CF<.F<52<3%C2% .2%Z-/52]%4F<5% 9.-5/Z/25%.2=% 9VF=2=]% I8-/% ->-/==,%62=% Z5,?<2792=%
;/>5-0F/52=%C2%9F7=9/2792%4F<5%270525%C/529026270%C-7=%.2%=F<;27/5%9F7=9/270%C2%62=%427=,2=%20%
=270/6270=%427C-70%6F7%C257/25%524-=%-;29%62=%C/=9/4.2=1%
^/27%?<Y,0-70%<7%VF662%ZF50]%/..<6/7,%20%9250-/7%C8-;F/5%<72%C2=0/7,2%U%5264./5%?<2%I2%72%4F<;-/=%
4-=% ,;/025% R% 72% ;F<.-/=% 4-=% ,;/025% L% IY,0-/=% 0F<0% C2% 6_62% 45FZF7C,6270% 05/=02% .F5=?<2% 7F<=%
9F6627`a62=%7F052%524-=%L%.-%@a?<2%I</;21%+2=%C/=9/4.2=%-;-/270%,0,%62=%-6/=%20%,0-/270%52=0,=%U%
62=%9b0,=%C-7=%C2=%9/59F7=0-792=%4-5ZF/=%C/ZZ/9/.2=1%MY,0-/=%05/=02%C2%.2=%?</0025%20%I2%62%Z-/=-/=%C<%
=F<9/%4F<5%.2<5%>/27L_0521%
*<2% .2<5% -55/;25-/0L/.% ?<-7C% /.=% =2% 05F<;25-/270% =2<.=]% =-7=% 6F7% =F<0/27% 20% 6-% 45F0290/F7% c% ).=%
C,427C-/270%C2%6F/%4.<=%?<Y/.=%72%.8/6-[/7-/2701%

!
!01234'#5625748'$9'-24'%;')<124<' =@' ,54415'>'
M2%62%5-442.-/%62=%-77,2=%C827=2/[726270%-<3%VF662=1%M2%52==270/=%<72%45FZF7C2%/5F7/2%27%62%
5-442.-70% 6F7% 520F<5% C<% C,=250]% L% =-.2% 20% 7,[./[,]% 6-/=% ./00,5-.26270% 4F==,C,% 4-5% 6-% IFJ2<=2%
=F../9/0<C2% 4F<5% 62=% =26>.->.2=% 20% /7027=,6270% 239/0,% U% .8/C,2% ?<2% I2% 4F<;-/=% CF5,7-;-70% .2<5%
620052%.2%4/2C%=<5%.2%>F7%9V26/7]%/64.-7025%C-7=%.2<5%2=45/0%.-%;,5/0,%9F79257-70%.Y23/=02792]%.2<5%
6F70525% 9F66270% =<56F7025% .2<5=% 95-/702=]% .2<5% 6-.-C/2]% .2<5% 4-<;520,]% .2<5% 6/=d521% MY-..-/=%
9F7?<,5/5%.2%6F7C2%E%
+-/=%9F6>/27%C/ZZ,5270%-;-/0%,0,%.2%5,=<.0-0%E%P26-/7]%I2%=25-/=%9.F<,%=<5%<72%95F/3%E%
KY,0-/0% ;5-/]% 92427C-70]% L% IY-;-/=% >/27% 5,<==/1% M2% 5,Z.,9V/=% -<3% 9-=% C2% [<,5/=F7% 20% U% .Y-99240-0/F7%
IFJ2<=2%C<%e%@d52%N/6-70%f%C2%.-%4-50%C2=%[27=1%M2%4F<;-/=%9F64527C52%4F<5?<F/%.2%H5-7C%@5_052%
20% .2% KF7=2/.%62% C,02=0-/2701%N<% ./2<%C2% 95-/702]%C2% 4<7/0/F7=% 20%C2%=-95/Z/92=%C8-7/6-<3]%IY-;-/=%
-44F50,% -<3% [27=% .-% 5,-./0,% C2% e%.YN6F<5% @d52%f]% .2% 45F<;-70% 27% [<,5/==-70% C2=% [27=% 27% 4V-=2%
0256/7-.21%
M2% 524F50-/% 6F7% -00270/F7% =<5% 62=% C/=9/4.2=% ?</% =2% 4-5.-/270% 27% 6-7[2-701% ).=% ,0-/270% 0F<IF<5=%
/79F7=9/270=% C<% C,Z/% ?</% 68-0027C-/0% L% 6-% 95<9/Z/3/F71% ^/27% ?<2% I2% .2=% 2<==2% -;250/=% U% 4.<=/2<5=%
5245/=2=]% /.=% =2% 52Z<=-/270% U% -9924025% 62=% 4-5F.2=% 9F662% .-% ;,5/0,1% ).=% 427=-/270% ?<2% I2%
9F6627`-/=%U%-;F/5%42<5%C<%H5-7C%@5_052%20%/.=%=2%C26-7C-/270%4F<5?<F/1%
M2%6Y,0-/=%C,IU%C,[-[,%C2%=/0<-0/F7=%95/0/?<2=%-<4-5-;-701%
KF662%/.%,0-/0%C2%9F<0<62%U%.-%@a?<2%I</;2]%/.=%4-5.-/270%C2=%9/59F7=0-792=%?</%-;-/270%270F<5,%.-%
Z</02% C8"[J402% C2=% )=5-,./02=1% M2-7]% ?</% -;-/0% <72% /6-[/7-0/F7% 270VF<=/-=02]% .2<5% Z-/=-/0% <72%
7-55-0/F7%;/;-702%C2%+Fg=2%5-==26>.-70%.2=%)=5-,./02=%20%.2<5%C/=-70%?<827Z/7]%/.=%-..-/270%Z/7-.26270%
?</0025% .Y"[J402% 20% ,9V-4425% U% .2<5% ;/2% CY2=9.-;-[2]% C-7=% .-% ./>250,% C<% C,=250%E% KY2=0% 4F<5?<F/%
+Fg=2%F5CF77-%-<%9V2Z%C2%9V-?<2% Z-6/..2%C2%0<25%<7%-[72-<%=-7=%C,Z-<0%20]% -;29%C2=%4F/[7,2=%
CYV25>2=]%C827%42/7C52%.2%=-7[%=<5%.2=%6F70-70=%C2=%4F502=%C2%.2<5%.F[262701%+Fg=2%C/0%?<2%C2=%
-7[2=%-..-/270%;27/5%427C-70%.-%7</0%20]%27%;F.-70%U%05-;25=%.Y"[J402]%0<25%.2=%4526/25=%7,%C2%0F<=%
.2=% ,[J40/27=% -/7=/% ?<2% .2% >,0-/.]% 78,4-5[7-70% ?<2% .2=% 4526/25=% 7,=% C2=% V,>52<3% ?</% =25-/270%
=-<;,=%[5a92%-<%=-7[%=<5%.2<5=%6F70-70=%C2%4F5021%
"7% .2=% ,9F<0-70% 20% 27% ;FJ-70% .2<5=% =F<5/52=% 20% .2<5=% =/[72=% C8-445F>-0/F7% C2% 92% e%625;2/..2<3%f%
,;,726270]%I2%9F645/=%-;29%-7[F/==2%20%.2%9h<5%=255,%9F6>/27%42<%/.=%-;-/270%;5-/6270%9F645/=%
6-%C2=95/40/F7%C<%e%@d52%K,.2=02%f1%M827027C-/=%.2=%6F0=%C2%M2-7%9F79257-70%.2%=-7[]%.2%=-7[]%.2%
=-7[% L%.2% =-7[%C2%.Y-[72-<%/66-9<.,]%.2% =-7[% =<5%.2=%6F70-70=%C2=% 4F502=]%.2% =-7[%C2=%27Z-70=%
,[J40/27=% 20% C<% >,0-/.1% KF662% 0F<IF<5=]% I2% 68,0F77-/% C2% .-% 45,F99<4-0/F7% I</;2% =,9<.-/52%
9F79257-70%.2%=-7[%20%I2%62%=F<;/7=%>5/d;26270%?<YN>5-V-6%-;-/0%6_62%,0,%45_0%U%=-95/Z/25%=F7%
Z/.=% <7/?<2]% -;29% .8/70270/F7%C2% .Y->-0052% 20%C2% .8FZZ5/5% 27% =-95/Z/92% 4-592% ?<Y/.% 95FJ-/0%?<2% P/2<% .</%
-;-/0% C/0% C2% .2% Z-/521% M2% 427=-/% -.F5=% -<3% =-95/Z/92=% ?<F0/C/27=% C8-7/6-<3% C-7=% .2% #264.2%E% !2%
45/79/42% 6_62% C2% .-% e%=-/[7,2%f% 9F662% 6FJ27% C2% 5-9V-0% 4F<5% .2=% e%4,9V,=%f% 68,0-/0% <72%
->F6/7-0/F7%->=F.<21%%
+-/=% I2% 52=0-/% =/.279/2<3% 20% 72% C/=9<0-/% 4-=% -;29% .2=% VF662=1% M2% 62% 527C-/=% 9F6402% ?<2% .2<5%
2=45/0%,0-/0%5264./%C2%92=%05-C/0/F7=]%-<==/%=F./C2=%20%C<52=%?<2%.-%5F9V21%KY,0-/0%7F052%C257/25%Ci725%

!
!01234'#5625748'$9'-24'%;')<124<' =A' ,54415'>'
9F66<7]%7F052%C257/25%524-=%0F<=%27=26>.2%U%.-%6_62%0->.21%K2.-%C2;-/0%_052%<7%6F6270%C2%4-/3%
27052%7F<=%20%<7%-C/2<%-ZZ290<2<31%
PF<>.26270% /64F50-70% 4F<5% 62=% C/=9/4.2=]% 4-592% ?<2% .-% @a?<2% I</;2% ,0-/0% <7% ,;,726270% =-95,%
4F<5% .2<5% 2=45/0% V,>5-g?<2% 20% 92.-]% I2% C2;-/=% .8-9924025% C-7=% <7% 2=45/0% CY-6F<5% 20% C2%
9F645,V27=/F71%
@5,9,C266270]% I2% 7Y-;-/=% 4-=% 9,.,>5,% .-% @a?<2% I</;2% 4</=?<2% .-% 05-C/0/F7% 62% C,[Fj0-/01% M2%
45,Z,5-/=% -..25% 05-7?</..26270% C-7=% .2=% 9F../72=% 4F<5% 6,C/025]% .-/==-70% 62=% C/=9/4.2=% 6-7[25% .-%
@a?<2%I</;2%-;29%.2<5=%Z-6/..2=1%
P<%Z-/0%C2%6F7%9F64F5026270%45,9,C270]%/.=%72%=8,0F77d5270%4-=%C2%6F7%=/.2792%45,=2701%
+-/7027-70]%IY,0-/=%U%6F/0/,%9F<9V,]%U%6F/0/,%-==/=]%/79-4->.2%C2%62%C,027C52%9F662%I2%.2%Z-/=-/=%
CYV->/0<C2%L%027C<]%5-/C/]%4.2/7%C8<72%9F64-==/F7%-ZZ290<2<=2%27;25=%62=%C/=9/4.2=%R%20%4F<50-70%
452=?<2%277<J,%4-5%2<31%
M2%62%C26-7C-/=%9F66270%I2%4F<;-/=%.-/==25%U%92=%C/=9/4.2=%C,=F5/270,=%20%=F67F.270=%<7%[-[2%
2ZZ290/Z% C2% =F<;27/5]% L% <72% =F502% C2% 5/0<2.% 4F<5% 52=0/0<25% U% .2<5% 2=45/0% 9F7Z<=% 0F<0% 92% ?<2% IY-;-/=%
2==-J,%C2%.2<5%27=2/[7251%M2%;F<.-/=%.2=%=29F<25%4F<5%.2=%=F50/5%C2%.2<5%F40/6/=62%9F7Z/-701%
"7% ,9F<0-70% .2<5=% 9F7;25=-0/F7=% U%45F4F=%C2% +Fg=2% 20%C2% =2=% -902=% 6/5-9<.2<3]%/.% 6Y2=0%;27<%U%
.8/C,2%?<2%=Y/.=%,0-/270%=/%45,F99<4,=%4-5%.2%=-7[%L%-.F5=%C<%=-7[%I2%.2<5%CF7725-/=%4F<5%?<8/.=%=2%
=F<;/277270%C2%6F/1%
M2% 62% 4279V-/% =<5% .-% 0->.2% 20% 45/=% <7% 4-/7% ?<2% I2% 5F64/=% 27% 4.<=/2<5=% 6F592-<3% 20% I2% C/=% 05d=%
>5<=?<26270% D% e%M2% =</=% 9F662% ;F052% N[72-<% @-=9-.1% P/=05/><2W% 92% 4-/7]% 45272WL27% ;F052% 4-50]%
6-7[2W%20%Z-/02=L.2%27%=F<;27/5%C2%6F/%?</%;F<=%-/%-44F50,%.-%=2<.2%Gk$)#k%5,2..2%CF70%.2%6F7C2%
-/0%I-6-/=%27027C<%4-5.251%
l-/02=%C2%92%4-/7%<7%=J6>F.2%C2%6F7%9F54=%?</%2=0%=<5%.2%4F/70%CY_052%>5/=,%=<5%.-%95F/31%f%
).=%92==d5270%C2%4-5.25%20%62%52[-5Cd5270%Z/3262701%e%N..2W]%6-7[2W%E%f%.2<5%C/=LI21%
KF662%C-7=%<7%5_;2]%/.=%45/5270%=/.279/2<=26270%.2%4-/7%20%=2%.2%4-50-[d5270]%27%6a9V-70%<7%42<1%
@</=%I2%45/=%.2%[5-7C%9-./92%C2%;/7%20%.2<5%C/=%CY27%>F/52%20%C2%.2%4-==25%4.<=%.F/71%
e%K2% ;/7% 2=0% <7% =J6>F.2% C2% 6F7% =-7[1% M2% =</=% ;27<% 4F<5% ;F<=% CF7725% .-% Gk$)#k1% !-% ;,5/0,% -<%
=<I20%C2%P/2<%R%!-%;,5/0,%-<%=<I20%C2%.-%;/21%+-/=%IY-/%,0,%52I20,1%+F7%=-7[%9F<.25-%4F<5%;F<=1%f%
P2%7F<;2-<]%27%=/.2792]%/.=%><5270%9V-9<7%C-7=%.2%[F>2.20%27%.2%4-==-70%-<%=</;-701%!2<5=%;/=-[2=%
,0-/270%027C<=%6-/=%/.=%C/5270%5/271%).%,0-/0%,;/C270%?<8/.=%,0-/270%0F<=%=29F<,=%4-5%62=%4-5F.2=]%?</%
72%.2<5%4.-/=-/270%4-=1%
M2%=-;-/=%?<2%.YF7%-;-/0%CF77,%U%M<C-=%C2%.Y-5[270%4F<5%62%C,7F7925%-<3%=F.C-0=%C<%H5-7C%@5_052%
?<-7C%.2%6F6270%=25-/0%;27<1%M2%=-;-/=%-<==/%?<2%.-%7</0%C2%.-%@a?<2%I</;2%C2;-/0%_052%92%6F6270L
.U1%M2%C/=%U%M<C-=%D%
%e%G-%;/02%20%Z-/=%92%?<2%0<%CF/=%Z-/521%f%
M<C-=% 62% 52[-5C-% 427C-70% <7% .F7[% 6F6270% 20% I2% ;/=% C2% .-% CF<.2<5% 20% C2% .Y/7C,9/=/F7% C-7=% =2=%
J2<31%).%529F7=/C,5-/0%.-%?<2=0/F7]%6-/=%6F7%0264=%,0-/0%;27<%20%I2%;F<.-/=%27%Z/7/5%20%;/021%%
e%G-%E%f%C/=LI2%C<5262701%M<C-=%=2%.2;-%20%?</00-%.-%=-..21%
!2=%C/=9/4.2=%Z<5270%=0<4,Z-/0=%C2%.-%6-7/d52%CF70%IY-;-/=%4-5.,%20%C26-7Cd5270%92%?<8/.%-..-/0%Z-/521%

!
!01234'#5625748'$9'-24'%;')<124<' =>' ,54415'>'
e%).%;-%9V2W%.2%H5-7C%@5_052]%.</%C/52%Fm%62%05F<;251%).=%;F70%62%95<9/Z/25%R%23-9026270%9F662%I2%
;F<=%.8-/%C/01%f%
M8F>=25;-/]% -;29% <7% 9250-/7% 9J7/=62% CF<.F<52<3]% .2=% 23452==/F7=% C/;25=2=% =2% 42/7C52% =<5% .2<5=%
;/=-[2=]% .2% CF<02]% .2% 9VF9]% .YVF552<51% ).% J% 2<0% -.F5=% <7% ,4-79V26270% CY/70255F[-0/F7=% -6d52=1%
*<Y-..-/0L/.%.2<5%-55/;25%c%).=%-;-/270%?</00,%.2<5%6-/=F7%20%.2<5%Z-6/..2%4F<5%6F/1%).=%-..-/270%425C52%
<72%;/2%C2%./>250,%20%C2%=,9<5/0,%=/%I8,0-/=%95<9/Z/,%9F662%<7%;<.[-/52%95/6/72.1%
M2%.2<5%C/=%?<Y/.=%-..-/270%6Y->-7CF77251%).=%7/d5270%.-%9VF=2%-;29%;,V,62792%L%6-/=%/.=%.2%Z/52701%
M8,0-/=% 05F4% Z-0/[<,% 4F<5% C/=9<025% -;29% 2<3% 20% IY,0-/=% C2;27<% =/% ZF50]% =/% 9250-/7% C-7=% .-%
9F77-/==-792% ?<2% .2% e%@d52%f% ,0-/0% 27% 6F/% R% 20% -;29% 6F/% U% 0F<0% 6F6270]% ?<2% I2% 4F<;-/=% 62%
425620052%C2%.2<5%4-5CF7725%.2<5%/7Z/C,./0,1%
"0]%27%Z/7%C2%9F6402]%I2%=25-/=%./>,5,%C2%6F7%9F54=% 20%I2%4F<55-/=%6F7025%C-7=%.2=%5FJ-<62=%C2%
!<6/d52% ?<2% I8-;-/=% =/% =F<;270% 52==270/=]% =-7=% I-6-/=% .2=% ;F/5% 9F64.d026270% -;29% 6-% ;/=/F7%
02552=0521% KY,0-/0%<72%427=,2%?</% 6Y-44F50-/0%<72% 45FZF7C2% 9F7=F.-0/F7% 20%<7% =270/6270%V2<52<3%
C82=4,5-7921%
M2%.2<5%C/=%CF79%27%=F<5/-70%D%e%).%2=0%>F7%?<2%;F<=%-J2W%Z-/0%92%?<2%IY-/%C26-7C,%27%=F<;27/5%C2%
6F/%L%20%C2%6-%6F50%45F9V-/721%KF70/7<2W%U%5F6452%.2%4-/7%20%U%>F/52%C<%;/7%27=26>.2]%27%;F<=%
5-442.-70%?<2%I2%;F<=%-/62%U%I-6-/=%20%?<2%I2%52=025-/%-;29%;F<=%27%2=45/0%I<=?<YU%92%?<2%;F<=%62%
52IF/[7/2W%Fm%I2%;-/=1%(2%95-/[72W%5/27]%;F<=%=252W%[</C,=]%;F<=%=252W%/7=4/5,=]%;F<=%=252W%527C<=%
ZF50=%20%;F<=%4-5.252W%-;29%C2=%;F/3%9.-/52=]%05d=%9.-/52=1%f%
e%+F7%=2<.%-;250/==26270%2=0%92.</L9/1%N%.Y-;27/5]%<72%[5-7C2%4-50/2%C2%92%?<2%I2%;F<=%-/%27=2/[7,%
=25-%F<>./,1%'72%[5-7C2%4-50/2%C2%92%?<2%IY-/%C/0%=25-%C,0F<57,%4-5%.2%5-/=F7726270%C2%.-%427=,2%
V<6-/72%F<%C,ZF56,%4-5%C2=%6J0V2=%V<6-/7=1%f%
N.F5=%/.%J%2<0%C2%.-%4-7/?<2%20%C2=%95/=%D%e%KF66270%92.-%=2%42<0L/.%c%f%%
M2%=F<5/=%20%.2;-/%.2=%6-/7=1%e%M2%;F<=%-/%C/0%92%?</%-55/;25-%C-7=%<7%-;27/5%.F/70-/71%f%
"7%-0027C-70]%=FJ2W%Z/Cd.2=%U%0F<0%92%?<2%I2%;F<=%-/%27=2/[7,%20%72%CF<02W%4-=%C2%9V-?<2%4-5F.2%
?<2%I8-/%45F7F79,21%f%%
@</=%/.%Z<0%0264=%CY-..25%-<%I-5C/7%C2=%B./;/25=]%.Y27C5F/0%Fm%.2=%=F.C-0=%C<%H5-7C%@5_052%-..-/270%62%
9V259V251%
+2=% C/=9/4.2=% ;F<.<5270% 279F52% 62% 4F=25% C2=% ?<2=0/F7=% L% 6-/=% IY-;-/=% -002/70% .-% Z/7% C2% 62=%
C/=9F<5=%-;29%.2=%VF662=1%M2%72%;F<.-/=%4.<=%5/27%C8-<052%?<2%62%45,4-525%U%6F7%,452<;2%C-7=%
<7%=/.2792%0F0-.]%27%2705-70%27%2=45/0%C-7=%<7%,0-0%CYV-56F7/2%20%C2%9F66<7/9-0/F7%5-==<5-702%20%
9F7=0-702%-;29%.2%e%@d52%f1%
(F<=%7F<=% C/5/[2a62=% ;25=% .2% I-5C/7% 20% I2% 62% 520/5-/% ;25=% 6F7% 5F9V25% Z-;F5/1%N% .8->5/% C<% ;270]% I2%
68-==/=% 20% 5-627-/% 6F7% 6-702-<% -<0F<5% C2% 6F/1% l256-70% .2=% J2<3]% I2% 62% =270/=% [./==25%
45F[52==/;26270%C-7=% <72%[5-7C2% =,5,7/0,% 20%C-7=%<7% =/.2792%4</==-701% @</=%.-%@</==-792% "..2L
6_62%C2=927C/0%20%=8/7=0-..-%27%6F/]%4527-70%4F==2==/F7%C2%6F7%2=45/0%20%C2%6F7%9F2<51%"..2%62%
5264./0% C8<7% 02.% -6F<5% =<45_62% ?<2% I2% =<=% ?<2% I8,0-/=% =F<027<% 20% -/C,% -;29% -6F<5% 20% ?<2% I2%
4F<55-/=%9F7=25;25%6F7%-6F<5%4F<5%0F<=]%?<F/%?<8/.%6Y-55/;21%
KY,0-/0%0F<0%92%?</%/64F50-/0]%6-/7027-70%?<2%6F7%V2<52%,0-/0%;27<21%

!
!01234'#5625748'$9'-24'%;')<124<' =B' ,54415'>'
%
E#1&?!&'!/8*1+8!,%**1R*%!&-'2+%!,%! *#$(*%!&%!('1.!%+!,%!G#1*%!,)!/1.!%.!$8$#1*%!,%!$#13!,%!$'!/1%!%+!,%!
$%0!%.0%1;.%$%.+0@!N+!2#$$%!/#)0!&%!0'/%J3!9)1!&10%J!2%++%! %"&&'"3!+#)+!2%!9)%!&%!<!5R*%!>!$L'!,#..8!?!
2#..'b+*%!&#*0!,%!$'!,%*.1R*%!.)1+!0)*!I%**%!0-%0+!'22#$(&1@!!
"#$$%!4L'1!('*&8!,)!<!5R*%!>3!,)!<!m1&0!>!%+!,%!<!&LN0(*1+!7'1.+!>3!&L8;&10%!'!,821,83!')!"#.0%1&!,%!T128%3!
9)%!4-'/'10!,d!$%!*8H8*%*!?!<!I*#10!5%*0#..%0!%.![.%!>@!5'*!2#.089)%.+3!&%0!;%.0!(*1%.+!&%!<!5R*%!>!(#)*!
,%$'.,%*!,%0!'/'.+';%03!1$(&#*%.+!<!&LN0(*1+!7'1.+!>!,%!&%0!1.0+*)1*%!0(1*1+)%&&%$%.+!%+!(*1%.+!&%!<!m1&0!>!
,%!&%0!0')/%*!,%!&%)*0!(82C80@!
5#)/%JW/#)0!2#$$%.2%*!?!<!/#1*!>!2#$G1%.!<!+%**%0+*%0!%+!C)$'1.%$%.+!2#.F)%0!>!0#.+!2%0!2*#D'.2%0!
g!
5#)/%JW/#)0!')001!/#1*!?!9)%&!(#1.+!%&&%0!0#.+!8$#+1#..%&&%0!g!!
O*M2%! ?! &-8$#+1/1+8! %+! ?! &'! (*#$%00%! ,-<!).! /#D';%! ;*'+)1+! ')! 21%&! 0)*! &%0! +*'2%0! ,)! 7')/%)*!>3! &%0!
2*#D'.2%0! 0#.+! ,%/%.)%0! ).%! 0+*)2+)*%! *%&1;1%)0%! C)$'1.%$%.+! 2#.F)%! (#)*! %.2CM00%*! &-%$(1*%! ,%!
&-N;&10%! ,'.0! ,%0! %$(1*%0! +%**%0+*%0! W! Z#$%3!&L6)+*12C%3!&LN0(';.%@! N&&%0! #.+! 8+8! &%! (*8+%Q+%! ,%! +#*+)*%0!
1..#$G*'G&%0!%+!,%!&'!$#*+3!('*!%Q82)+1#.!#)!0)*!&%!Gd2C%*3!,%0!,1001,%.+0@!N&&%0!#.+!0)021+8!,%0!;)%**%0!
%.+*%!&%0!.'+1#.0@!
f'10! &'! <!(%*2%(+1#.! 0(1*1+)%&&%!>! %+! &'! <!2*8'+1/1+8!>! (*#/%.'.+! ,%! 2%*+'1.%0! ,%! 2%0! 2*#D'.2%0! #.+! ')001!
'((#*+8!).%!2#.+*1G)+1#.!2#.01,8*'G&%!?!&L%Q10+%.2%!,%0!,%)Q!,%*.1%*0!$1&&8.'1*%0@!
"%0!2*#D'.2%0!#.+!8+8!,%0!*'10#.0!,%!2#.0+*)1*%!,%0!2'+C8,*'&%0!%+!,%0!8;&10%03!,%0!$#.'0+R*%0!%+!,%0!
2#)/%.+03! ,#..'.+! ')Q! ;%.0! ).! G)+! 0+'G&%3! &%)*! (%*$%++'.+! ,L%Q(*1$%*! &%)*0! ,#.0! '*+10+19)%0! %+!
H#)*.100'.+!,)!+*'/'1&!')Q!$#1.0!,#)80@!N&&%0!#.+!')001!(%*$10!?!,%0!$1&&1#.0!,%!2#.021%.2%0!,-'228,%*!
')Q!*#D')$%0!0)(8*1%)*0!,%0!G%&&%0!(%.08%0!%+!,%!&L'$#)*@!N&&%0!#.+!$B$%!8+8!&L1$()&01#.!0)021+'.+!&%!
$D0+1210$%!%+!&L1&&)$1.'+1#.!,%0!M$%0!0(1*1+)%&&%0!9)1!*8)00100'1%.+!?!/#1*!&'! $,-./0,!9)1!8+'1+!'&#*0!2'2C8%!
0#)0!&%0!2*#D'.2%0@!
5%.,'.+! 9)%! +#)+! 2%&'! 0%! (*#,)10'1+3! &%0! 2*#D'.2%0! #.+! ')001! 2*88! &%0! 2#.,1+1#.0! .82%00'1*%0! ')!
,8/%&#((%$%.+! ,%0! 82C%&#.0! 0)(8*1%)*0! ,%! &'! /1%! *%&1;1%)0%! %+! ,-1.2#$$%.0)*'G&%0! 0(&%.,%)*0! %+!
*12C%00%0@!"%0!,%*.1R*%03!C)$'1.%$%.+!2#.F)%03!0#.+!,%0!8,1H12%0!2*880!0)*!,%0!1$()&01#.0!8;#a9)%0!%+!
0#.+!,#.23!,L).!(#1.+!,%!/)%!0(1*1+)%&!W!%.+1R*%$%.+!H')00%0@!
!
%,$EfGHIf$-.*-"'*,*&$+"$A$@f!kf$C=$
X&! H')+! ')001! 2#$(*%.,*%! 9)-')! 2#)*0! ,%0! 01R2&%03! &%0! C#$$%0! 0%.+1*%.+! 9)%! 2%*+'1.0! '0(%2+0! ,)!
2#$(#*+%$%.+!C)$'1.!8+'1%.+!.)101G&%0!')!G1%.WB+*%!,L')+*)1@!X&0!'/'1%.+!8+8!&%0!+8$#1.0!,%!$%)*+*%03!,)!
/#&! ,%0! H%$$%0! %+! ,%0! G1%.0! ,-')+*)13! 2')0%0! ,%! G%')2#)(! ,%! ,#)&%)*! %+! ,%! 2C';*1.! ,'.0! &'!
2#$$).')+83! *%.,'.+! &'! /1%! ,1HH121&%! %+! ('*H#10! 1.+#&8*'G&%@! X&0! 0%! ,1*%.+! 9)%! 2%! 2#$(#*+%$%.+! ,%/'1+!
0d*%$%.+!B+*%!2#.+*'1*%!?!&'!/#&#.+8!,%!2%!9)L1&0!'((%&'1%.+!<!=1%)!>@!X&0!,#..R*%.+!?!2%0!2#$(#*+%$%.+0!
&%! .#$! ,%! <!(82C80!>! %+! &%0! ,8H1.1*%.+! 2#$$%! 8+'.+! <!&%! $'&!>@! m1.'&%$%.+3! &%)*0! (*#(CR+%0! %.!
,8,)101*%.+! 9)L).! +%&! 2#$(#*+%$%.+! '.#*$'&! ,%/'1+! 8$'.%*! ,L).%! H#*2%! <!$'&/%1&&'.+%!>! #((#08%! ?!
<!=1%)!>!%+!1&0!&L'((%&R*%.+!<!7'+'.!>@!

!
!01234'#5625748'$9'-24'%;')<124<' =C' ,54415'>'
X&0!0%!$%.'2R*%.+!%+!0%!().1*%.+!$)+)%&&%$%.+!,'.0!&'!2*#D'.2%!9)%!&%0!<!(82C80!>!8+'1%.+!$')/'10!%+!
9)%! &%)*! <!=1%)!>! ().1*'1+! &%0! C#$$%0! (#)*! &%)*0! ';*%001#.0! $)+)%&&%0@! "%! 2#$(#*+%$%.+! 0%! (*'+19)%!
')4#)*,-C)1! %.2#*%! ,'.0! &%0! 8;&10%0@! S%0! *%0(#.0'G&%0! *%&1;1%)Q! %00'D%.+! ,%! 2#.+*U&%*! &%0! ;%.0! ('*! &'!
2*'1.+%@!
%F$ !OM!F@I$ JF$ A$@f!kf$C! 2#.+*%! A8C#/'C3! &%! "*8'+%)*! o+%*.%&! %+! 1.H1.1$%.+! 5)100'.+3! 8+'1+! ).%!
$8+C#,%!C'G1&%!%+!()100'.+%!,%!2#.+*U&%*!&%0!;%.0!k!
S%0! 2*#D'.2%0! ,%! &L8;&10%! 0#.+! ).%! H'*2%! +*';19)%! ,%! +#)+! 2%! 9)%! 4L'1! %00'D8! ,L%.0%1;.%*! ')Q! ;%.0! %.!
5'&%0+1.%@!
f#a0%! 1.+*#,)101+! ,L'G#*,! &'! 2*#D'.2%! %.! &%! <!(82C8!>! %+! &'! <!().1+1#.!>! 0#)0! &'! H#*$%! ,%0! =1Q!
"#$$'.,%$%.+0@!
f#a0%!,1+!9)-1&0!&)1!'/'1%.+! 8+8!,#..80!('*!<!=1%)!>!%+!9)%!01!&%0!X0*'8&1+%0!&%0!/1#&'1%.+3!1&0!,%/*'1%.+!%.!
0)G1*!&'!().1+1#.!W!('*H#103!2%&'!01;.1H1'1+!&'!$#*+!('*!&'(1,'+1#.@!P.!%.0%1;.'!')Q!X0*'8&1+%0!9)L%.!/1#&'.+!&%0!
S#103!1&0!(82C'1%.+!2#.+*%!&%)*!<!=1%)!>@!
S'!/8*1+8!%Q'2+%!%0+!9)%!f#a0%!%0+!'&&8!,'.0!&'!$#.+';.%!(#)*!(*1%*!%+!,%$'.,%*!).!$#D%.!,%!2#.+*U&%*!
&%0! C8G*%)Q! 1.,1021(&1.80@! N.! *8(#.0%! ?! 2%++%! (*1R*%! V! 1&! *%F)+! ('*! 1.0(1*'+1#.! &%0! =1Q! "#$$'.,%$%.+0!
(#)*!&L'1,%*!,'.0!0'!+M2C%!,L'((#*+%*!&'!082)*1+8!')Q!X0*'8&1+%0!(%.,'.+!&%)*!084#)*!,'.0!&%!,80%*+!'/%2!&%!
$#1.0!(#001G&%!,%!2#$(#*+%$%.+0!(%*+)*G'+%)*0@!
S%0!H'.'+19)%0!*%&1;1%)Q!0#.+!C%)*%)Q!,%!*%2%/#1*!%+!,%!2*#1*%!,%!+#)+!2#%)*!%.!).!<!=1%)!>!*8()+8!(#)*!
'/#1*! 2C'*;8! f#a0%! ,%! 0L%.;';%*! ,'.0! ,%0! '2+%0! ';*%001H0! %+! ,%0! $'00'2*%0! (#)*! 2#.9)8*1*! <!&'! +%**%!
(*#$10%!>@![.%!+%**%!G%&&%!%+!(*#,)2+1/%!H)+!0')/';%$%.+!0'101%!?!,%0!;%.0!9)1!+*'/'1&&'1%.+!,)*3!9)1!H)*%.+!
$'00'2*80!('*!$1&&1%*0@!"%!H)+!2#.01,8*8!2#$$%!&'!2C#0%!?!H'1*%!()109)%!<!=1%)!>!&%)*!'/'1+!(*#$10!).%!
G%&&%! +%**%! ,'.0! &'9)%&&%! 1&0! (#)**'1%.+! 0-8+'G&1*@! 6)4#)*,-C)1! %.2#*%3! &%0! H'.'+19)%0! *%&1;1%)Q! 2*#1%.+! 9)%!
()109)%!<!=1%)!>!'!('*&8!?!f#a0%3!2%&'!,#1+!B+*%!<!=1%)!>!9)1!'!,82*8+8!&%!2'*.';%!)&+8*1%)*@!X&!D!'!,'.0!
/#+*%!i1G&%!,%!.#$G*%)0%0!,%02*1(+1#.0!+%**1H1'.+%0!,)!$B$%!;%.*%3!,%!;)%**%0!%+!,%!2'*.';%0!9)1!0#.+!
2#.01,8*80!2#$$%!(%*$10!W!4)0+1H180!%+!&8;1+1$%0!W!('*2%!9)%!&-#.!2*#D'1+!9)%!<!=1%)!>!&%0!'/'1+!2C'*;80!
,%!H'1*%!&'!;)%**%!W!2#.+*%!&%0!5'a%.0@!
T%! /#D%JW/#)0! ('03! ,'.0! &LC10+#1*%! ,%0! A)1H03! &'! ^>MHYFLI>IHOM$ %HH*8.8%! JF$ %<FZO! ,'.0! &'9)%&&%!
<!=1%)!>! $B$%! %0+! <!)+1&108!>! (#)*! &%0! %Q%$(+%*! ,)! G&M$%!g! 6)! $#$%.+! ,%! &-%Q'&+'+1#.! ,%! &%)*! (*#(*%!
()100'.2%3! 1&! H)+! 0#),'1.! (%*$10! %+! ,?</0->.2! ,-1;.#*%*! &%0! =1Q! "#$$'.,%$%.+0! %+! ,%! 0%! &1/*%*! ?! ).%!
%Q+%*$1.'+1#.!,%!$'00%@!
X&0! 2*#D'1%.+! .%! 2#$$%++*%! ')2).! (82C8! ('*2%! 9)%! &%! $'00'2*%! '/'1+! 8+8! #*,#..8! ('*! <!=1%)!>@! `)%&!
<!=1%)!>!k!
=%!$B$%3!.%!(%*2%/%JW/#)0!('0!(#)*9)#1!1&!H'&&'1+!9)%!4%!.'100%!%.!5'&%0+1.%!(#)*!/1/*%!('*$1!&%0!A)1H0!%+!
+%.+%*!,%!&%0!'1,%*!?!/#1*!9)%!&%)*0!2*#D'.2%0!%+!(*'+19)%0!+*',1+1#..%&&%0!8+'1%.+!+#)+!?!H'1+!2#.+*'1*%0!?!&'!
M,&1'"!$B$%!,%!&'!!OML!HFM!F$JHEHMF!9)1!&%)*!'/'1+!/*'1$%.+!,#..8!&-%Q10+%.2%!g!
=%()10!&#*03!')!2#)*0!,%0!01R2&%03!&%0!C#$$%0!#.+!,8G'++)!&%!2#.2%(+!,%!<!(82C8!>!c!G%')2#)(!,%!;%.0!
01.2R*%0!0%!0#.+!'HH&1;80!,%!&'!$'.1R*%!,#.+!1&0!#HH%.0'1%.+!<!=1%)!>!%+!#.+!(*18!(#)*!#G+%.1*!0#.!('*,#.@!X&!
D!'!&#.;+%$(03!#.!0'2*1H1'1+!,-1..#$G*'G&%0!'.1$')Q!,'.0!&%!I%$(&%!,%!A8*)0'&%$!(#)*!'('10%*!<!=1%)!>3!
%.!%0(8*'.+!82C'((%*!')Q!2#.089)%.2%0!,%!0%0!(82C80@!=%()10!2%!+%$(03!,-1..#$G*'G&%0!&1/*%0!#.+!8+8!

!
!01234'#5625748'$9'-24'%;')<124<' =D' ,54415'>'
82*1+0! 0)*! &%! 0)4%+3! %Q(*1$'.+! &%! 2C';*1.! %+! &LC#**%)*! ,%! /#1*! &-8+'+! ,%! &-M$%! ,%0! C#$$%03! 2C%*2C'.+! &%0!
$#D%.0!,%!$#,1H1%*!&%)*! 2#$(#*+%$%.+3!0%!H&';%&&'.+!'/%2!,%0!H#)%+0! (#)*!+#*+)*%*!&%)*!2C'1*!%+!&'!H'1*%!
('D%*! (#)*! 0%0! $8H'1+0! %.! (%.08%3! %.! $#+0! %+! %.! '2+%0!c! %+! &%0! <!2C*8+1%.0!>! ,%! +#)+%! &-N)*#(%! #.+!
'((&'),1!?!.#$G*%!,%!2%0!&1/*%0!%+!&%0!#.+!2#.0%*/80!,'.0!&%0!'*2C1/%0!,L1.0+1+)+1#.0!*%&1;1%)0%0@!
X&0! &1%.+! &%0! C#$$%0! ?! $#.! (%*0#..';%! 082)&'1*%! ,%! <!A80)0!>3! (*B2C'.+! &%! <!0'&)+! ,%! &LC#$$%! ,%! &'!
().1+1#.!,%!0%0!(82C80!>! ('*!$'!$#*+!0)*!&'!2*#1Q@!"#$$%!4%!&L'1!%Q(&19)8!'1&&%)*03!2%0!2*#D'.2%0!0#.+!
(CD019)%$%.+! 1$(#001G&%0! %+! 2#.+*'1*%0! ')Q! H'1+0! ,%! &'! 2*8'+1#.@! 6)2).! ('1%$%.+! .L%0+! %Q1;8! (#)*! &%0!
<!(82C80!>!('*!')2).%!<!=81+8!>!0)(8*1%)*%@!"L%0+!).!2#.2%(+!%.+1R*%$%.+!C)$'1.!W!%+!('a%.@!I#)+!0'.;!
/%*083! ,%! .1$(#*+%! 9)%&! ;%.*%3! 0%*/'.+! ?! ,%0! *1+%0! *%&1;1%)Q! %0+! ,)! (';'.10$%@! SL8;&10%! 2C*8+1%..%! '!
(*80%.+8!?!0%0!H1,R&%0!*1%.!$#1.0!9)L).%!/%*01#.!<!;&#*1H18%!>!,)!(';'.10$%@!
`)'.,!&%0!C#$$%0!*%.,%.+!')+*)1!$'&C%)*%)Q!,L).%!H'F#.!#)!,-).%!')+*%3!1&0!2*8%.+!%)QW$B$%0!2%!9)1!
&%)*!0%*'! <!*%0+1+)8!>!,'.0!&%!H)+)*@!T#.!2#$$%!2CM+1$%.+3!$'10! G1%.!2#$$%! ).%!<!'2+1/1+8! ,%!2*8'+1#.!
,%!&'!2#.021%.2%@!>@!
X&! %0+! ,#.2! )*;%.+! 9)%! 2%0! 2*#D'.2%0! %.! &%! <!(82C8!>! %+! &%! <!0'&)+! ('*! $'! $#*+! 0)*! &'! 2*#1Q!>! 0#1%.+!
H#*+%$%.+! 2#$G'++)%0! W! %+! *%$(&'28%0! ('*! &'! 2#$(*8C%.01#.! 0(1*1+)%&&%! 9)1! /#)0! %0+! ,#..8%! ,'.0! 2%0 $
%"&&'"#=$
6/'.+! ,-'G'.,#..%*! 2%! 0)4%+! ,%0! ,#2+*1.%0! *%&1;1%)0%03! 4%! /%)Q! (*8210%*! 9)%! 9)%&9)%0! 2C%*2C%)*0!
0(1*1+)%&0! ,%! &L8;&10%! 2C*8+1%..%! #.+3! ')! 2#)*0! ,%0! 01R2&%03! 0)HH10'$$%.+! ()*1H18! &%)*! 2#.021%.2%! (#)*!
'29)8*1*! ).%! H#*+%! 2#.021%.2%! ,%! &'! A!@1/##,*-"$C$ 9)-1&0! '((%&&%.+$ <!=1%)!>! %+! #.+! H1.1! ('*! *%2#..'b+*%!
9)%!&Lo;&10%!.L%.0%1;.%!('0! A!+,!L.1'-"$4"$+nm&'"!C@!f'10!0%)&%0!01"+01"#!(%*0#..%0!#.+!0)HH10'$$%.+!
8/#&)8!0(1*1+)%&&%$%.+!(#)*!,8('00%*!&%0!('*'$R+*%0!,%0!2*#D'.2%0!*%&1;1%)0%0!%+!0%.+1*!&%!(&%1.!'HH&)Q!,%!
&'!<!5)100'.2%!>3!()109)%!&'!;*'.,%!$'4#*1+8!,%0!C#$$%0!.%!(%)+!2#.2%/#1*!&'!E8*1+8!9)-')!$#D%.!,-).%!
+%*$1.#&#;1%!+%**%0+*%@!
^./3$+"$!kGHLI3!4%!,#10!/#)0!,1*%!9)%!4)09)L?!')4#)*,-C)13!('0!).!0%)&!,%!+#)0!&%0!<!0'1.+0!>!.-'!$B$%!
%.+*%/)!&'!*8'&1+8!,%!&'!2*8'+1#.!%+!&'!/8*1+8!,%**1R*%!&%!2#$(#*+%$%.+!C)$'1.!2#$$%!4%!/#)0!&%0!(*80%.+%!
$'1.+%.'.+@!
S%! +%$(0! %0+! 0d*%$%.+! /%.)! ,%! /#)0! ,1*%! $'1.+%.'.+! &'! /8*1+8! 2#.2%*.'.+! &%! <!(82C8!>! %+! &%!
2#$(#*+%$%.+!C)$'1.!%+!2%!9)%!&%0!;%.0!H#.+!'2+)%&&%$%.+!')!$#.,%!%+!?!%)QW$B$%0!V!?!2#.,1+1#.!9)%!
/#)0! 'G'.,#..1%J! +#+'&%$%.+! &%0! $D+C%0! 082)&'1*%0! ,%! &'! ,#2+*1.%! *%&1;1%)0%! %+! 0#D%J! $'1.+%.'.+!
1$('+1%.+! %+! *82%(+1H! %+! 9)%! /#)0! #)/*1%J! /#&#.+1%*0! %+! 2#$(&R+%$%.+! /#+*%! 2#%)*! ?! &'! *8'&1+8! ,%!
&L%Q10+%.2%@!71!/#)0!.%!&LB+%0!('03!2%!9)%!4-'1!?!,1*%!.L')*'!')2).%!01;.1H12'+1#.!(#)*!/#)0@!
"*#D%JW$#1! W! /#)0! .%! (#)/%J! ('0! $8&'.;%*! /#0! /1%1&&%0! 2*#D'.2%0! *%&1;1%)0%0! %+! &'! E)'/&)$ 4"$
+nFD/#&"*-"@!71! /#)0! %00'D%J! ,%! &%! H'1*%3!/#)0!(#)/%J! B+*%! 0d*! 9)%! /#)0! .%! /#D%J! ('0! &'! E)'/&)3!$'10!
0%)&%$%.+!/#+*%!(*#(*%!','(+'+1#.!?!2%!9)%!/#)0!2*#D%J!'/#1*!#G+%.)!,%!2%0!(';%0@!
71!/#)0!2#.+1.)%J!?!2C%*2C%*!&'!E8*1+8!,%!&LNQ10+%.2%3!$'10!*%0+%J!,'.0!).!8+'+!,1/108!,%!2#./12+1#.3!1&!0%!
(%)+! 9)%! /#)0! (#)*0)1/1%J! /#+*%! *%2C%*2C%! ?! /#+*%! ,8+*1$%.+3! ,82C1*8! ('*! &L1.,82101#.3! &'! 2*'1.+%! %+! ).%!
1.2'('21+8!(%*$'.%.+%!?!(%*2%/#1*!&'!/*'1%!01;.1H12'+1#.!,%!2%!.#)/%&!%.0%1;.%$%.+@!E#0!(%*2%(+1#.0!%.!
8/#&)+1#.!0%*#.+! ('*+1%&&%$%.+! #G02)*21%0! ('*! ,%0! <!$%00';%0!>! (*#/%.'.+! ,%! &-'.21%.! 2#.,1+1#..%$%.+!
,%!/#+*%!%0(*1+!2#.021%.+!%+!0)G2#.021%.+@!E#)0!.%!2#$(*%.%J!(%)+WB+*%!('0!&L8.#*$1+8!,L).!+%&!(*#G&R$%!

!
!01234'#5625748'$9'-24'%;')<124<' ?F' ,54415'>'
%.!2%!$#$%.+3!$'10!2L%0+!).!(*#G&R$%!8.#*$%!('*2%!9)%!/#0!2*#D'.2%0!(*#H#.,%0!'2+)%&&%0!0#.+!/#+*%!
/8*1+8! (*80%.+%3! 0)*! &'9)%&&%! /#)0! 2#.0+*)10%J! /#+*%! /1%! 9)#+1,1%..%@! N&&%0! 0#.+! ;F052! *8'&1+8@! E#0!
2#./12+1#.0! %+! 2*#D'.2%0! H#*+%$%.+! '.2*8%0! (%)/%.+! B+*%! 2#$(&R+%$%.+! 1&&)0#1*%03! $'10! 01! /#)0! 2*#D%J!
%.+1R*%$%.+! %.! %&&%0! ,'.0! /#+*%! 0)G2#.021%.+3! %&&%0! ,%/1%..%.+! 'G0#&)$%.+! *8%&&%0! (#)*! /#)0@! 5%)!
1$(#*+%!?!9)%&!(#1.+!+#)+%0!2%0!.#)/%&&%0!1,8%0!9)1!2#.+*%,10%.+!/#0!2*#D'.2%0!(%)/%.+!2#.+*'1.,*%!/#+*%!
'++%.+1#.3!/#+*%!2#.021%.2%!0%*'!,1/108%!%+!/#)0!2')0%*'!,L8.#*$%0!$'&'10%0!V!/#1*%!,%!&L'.;#100%@!!
7#)/%.%JW/#)0!W!/#+*%!2#.021%.2%!%0+!&%!+100)!,#.+!/#)0!H'1+%0!/#+*%!/1%@!
"%!+100)!,%!2#.021%.2%!%0+!&'!G'0%!,%!2C'2).%!,%!/#0!*8(#.0%0!?!2C'2).%!,%0!2C#0%0!&%0!(&)0!1.H1$%0!
9)1!0%!(*#,)10%.+!,'.0!/#+*%!/1%!$%.+'&%3!8$#+1#..%&&%!%+!(CD019)%@! GF052!2#.021%.2%!%0+!9.&'"!*8'&1+8@!
"%++%!,82&'*'+1#.!(%)+!B+*%!%Q(*1$8%!,%!,%)Q!H'F#.03!%+!&%0!,%)Q!0#.+!&'!/8*1+8!,%!/#+*%!%Q10+%.2%@!
E.&'"!2#.021%.2%!2*8%!9.&'"!*8'&1+83!1.,8(%.,'$$%.+!,%!2%!9)%!(%)/%.+!B+*%!&%0!H'1+0!*8%&0!,%!/#+*%!/1%!
+%**%0+*%@! `)'.,! &%0! ;%.0! 2*#D'1%.+! 9)%!&'! +%**%!8+'1+! (&'+%3!1&0! '/'1%.+! (%)*! ,%!0L'/%.+)*%*!+*#(! &#1.! 0)*!
&L#28'.! ,%! (%)*! 9)%! &%! G'+%')! .%! +#$G%! ('*W,%00)0! &%! G#*,@! S%0! ;%.0! 9)1! 2*#D'1%.+! 9)%! &'! +%**%! 8+'1+!
(&'+%!#.+!/82)!0%&#.!2%++%!2*#D'.2%@!
`)'.,!O'&1&8%!'!,1+!9)%!&'!+%**%!8+'1+!*#.,%3!#.!&L'!2#.01,8*8!2#$$%!).!C8*8+19)%!$'10!0'!(%*2%(+1#.!,%!
&'!<!*#.,%)*!,%!&'!+%**%!>!'!(%*$10!')Q!$'*1.0!,-'/#1*!).!.#)/%')!*%;'*,!0)*!&%!$#.,%!%+!,%!('*+1*!?!&'!
,82#)/%*+%!,%!2%!9)-1&!D!'/'1+!,%!&L')+*%!2U+8!,%!&L#28'.@!X&!'!H'&&)!).!2C'.;%$%.+!,%!&%)*0!2*#D'.2%0!(#)*!
&%!*%.,*%!(#001G&%@!
E#)0!B+%0!,'.0!).%!(#01+1#.!0%$G&'G&%!%.!2%! 9)1!2#.2%*.%!2%0! %"&&'"#@!S%0!;%.0! 9)1!&%0!$8(*10%.+!%+!
&%0! *1,12)&10%.+!*%00%$G&%.+! ')Q! ;%.0! 9)1! 2*#D'1%.+! &'! +%**%! (&'+%! %+! '/'1%.+! (%)*! ,%! +#$G%*! ('*W,%00)0!
G#*,! 0L1&0! .'/1;)'1%.+!+*#(! &#1.! ?! &L#)%0+! #)! ?!&L%0+! ,%! &%)*! %./1*#..%$%.+! 2#..)@! S%)*0! C#*1J#.0! 8+'1%.+!
08/R*%$%.+!&1$1+80!('*!&%)*0!H')00%0!2*#D'.2%0@!
=%!$B$%3!&-C#*1J#.!,%0!;%.0!9)1!2*#1%.+!9)%!&%!$#.,%!%0+!0#&1,%!%0+!')001!08/R*%$%.+!&1$1+8@!
A#)*! '(*R0! 4#)*3! 1&0! 0%! &'$%.+%.+! %+! 0-1.9)1R+%.+! ,%0! $'&C%)*0! 9)1! 0)*/1%..%.+! ,'.0! &%! $#.,%3! 2*#D'.+!
9)-1&0!.%!(%)/%.+!D!82C'((%*@!
f'10! &%0! ;%.0! 9)1! (%)/%.+! 0'101*! %+! '22)%1&&1*! &'! E8*1+8! ,%! &'! "#.021%.2%! 9)%! 4%! ,#..%! '2+)%&&%$%.+! ')!
$#.,%3!*%00%$G&%.+!?!2%)Q!9)1!#.+!(%*F)!9)%!&-#.!(%)+!/#D';%*!0'.0!&1$1+%!0)*!&%0!#28'.03!,'.0!+#)+%0!
&%0!,1*%2+1#.03!?!2#.,1+1#.!,-'/#1*!&'!/#&#.+8!,-%.+*%(*%.,*%!).!+%&!/#D';%@!
=#.23! /#+*%! 8+'+! ,%! 2#.021%.2%! %0+! 2%! 9)-1&! H')+! 2#.01,8*%*! ,%! (&)0! 1$(#*+'.+! ,'.0! /#+*%! /1%@@@! ('0! /#0!
*%&'+1#.03!/#0!G1%.0!#)!/#+*%!(#01+1#.!,'.0!&'!/1%@!E%1&&%J!?!/#+*%!2#.021%.2%!%+!&'!G8.8,12+1#.!0)1/*'!,'.0!
+#)0!&%0!'0(%2+0!,%!/#+*%!/1%@!
5'*!/#+*%!2#.021%.2%3!/#)0!/#)0!.#)**100%J!,L'$#)*3!,-C'*$#.1%3!,%!4#1%!%+!,%!G%')+8!1.+8*1%)*03!$B$%!
,'.0!).!+'),10!,%0!9)'*+1%*0!(')/*%0@!
6/%2! ).%! +%&&%! 2#.021%.2%3! /#)0! /#)0! +*#)/%*%J! *%+1*8! ,)! +'),10! %+! (&'28! ,'.0! ).! %./1*#..%$%.+!
2#.H#*$%!?!/#+*%!$#1!1.+8*1%)*@!N+!/#)0!/#)0!8&%/%J!,#.2!,%!2%0!2#.,1+1#.0!,80';*8'G&%0@!
=%!2%!9)1! (*82R,%3!/#)0!,%/*1%J!$'1.+%.'.+!B+*%!2'('G&%!,%!/#1*!9)%!/#)0!0%)&!2*8%J!&'!<!9)'&1+8!>!,%!
/#+*%! $#.,%! 1.+%*.%3! 9)%! /#)0! /#)0! +*#)/1%J! %Q+8*1%)*%$%.+! %.! (*10#.! #)! ')Q! 2#$$'.,%0! ,L).!
2)1*'008!k! N+! /#)0! (#)/%J! '$8&1#*%*! /#+*%! %./1*#..%$%.+! %.! 1**',1'.+! 0)*! &)1! &'! H#*2%! ,%! /1%! 9)1! '.1$%!
/#+*%!(%.08%@!

!
!01234'#5625748'$9'-24'%;')<124<' ?E' ,54415'>'
N+!%.2#*%!).%!H#103!/#+*%! -.*#-/"*-"!%0+!/#+*%!*8'&1+8!W!%+!.#.!/#+*%!$'*1!#)!/#+*%!H%$$%3!/#0!%.H'.+03!
/#+*%!H#D%*3!/#+*%!4'*,1.3!/#0!G1%.03!/#0!9)'&1H12'+1#.03!/#+*%!(&'2%!,%!+*'/'1&3!/#0!'$10@!"'*!9)%&&%!9)%!0#1+!
&'! (&'2%! 9)-#22)(%.+! /#+*%! %.+#)*';%! %+! /#0! G1%.0! ,'.0! /#+*%! 2#.021%.2%! W! G#..%! #)! $')/'10%!W! 2%++%!
<!(&'2%!>!.-%0+!9)%!&'!(%*2%(+1#.!(%*0#..%&&%!9)%!/#)0!'/%J!,L%)Q@!S'!<!*8'&1+8!>!,%!2%0!(%*0#..%03!.)&!
.%! &'! 2#..'b+! /*'1$%.+@! 5%*0#..%! .L'! '22R0! ?! &'! G#.+8! 1..8%! 2'2C8%! ,'.0! ).! 2'*'2+R*%! '(('*%$$%.+!
.8;'+1H@! 6! &-1./%*0%3! (%*0#..%! .%! (%)+! 0#)(F#..%*! &%0! $#+%)*0! %+! ,801*0! 2'2C80! ,L).! B+*%! C)$'1.!
'(('*%$$%.+!,%!9)'&1+8@!
E#+*%! /1%! %Q+8*1%)*%! .%!H'1+! 9)%! 0-'(()D%*! 0)*! /#+*%! 2#.021%.2%@!N&&%! .%!2*8%! .1! .%! ,8+%*$1.%! V! %&&%!.%!
(%)+!('0!2*8%*!.1!,8+%*$1.%*!/#0!*8(#.0%0!2#.021%.+%0@!E#)0!B+%0!<!&%!2*8'+%)*!>!,%!/#0!*8(#.0%0@!E#+*%!
+D(%! ,%! 2*8'+1#.! ,8(%.,! %.+1R*%$%.+! ,%! /#0! (%*2%(+1#.0! &%0! (&)0! (*#H#.,%0! %+! ,%! /#0! 2*#D'.2%0! ?!
(*#(#0!,%!&L%Q10+%.2%@!!!
N.! #)+*%3! /#)0! (#)/%J! ?! +#)+! $#$%.+! 2C#101*! ,%! ,8$'.+%&%*! (*#;*%001/%$%.+! /#+*%! '.21%.! $#.,%!
1.+8*1%)*!(#)*!2*8%*!).!*#D')$%!1.+8*1%)*!(&)0!C'*$#.1%)Q!,L'$#)*3!,%!/1+'&1+8!%+!,%!4#1%!2*#100'.+03!G1%.!
9)%!/#0!<!#G4%+0!>!%Q+8*1%)*0!W!(%*0#..%0!#)!G1%.0!W!*%0+%.+!&%0!$B$%0@!S%!(#)/#1*!0(1*1+)%&!,)!<!+100)!,%!
/#+*%! 2#.021%.2%!>! *'D#..%*'! /%*0! &L%Q+8*1%)*! %+! 0%*'! 'G0#*G8! ('*! &%0! ;%.03! &%0! (&'.+%03! %+! $B$%! &%0!
G*19)%0!%+!&%!$#*+1%*!,%!/#+*%!/#101.';%!1$$8,1'+@!X&!D!')*'!,%0!2C'.;%$%.+0!%+!,%0!'$8&1#*'+1#.0!.%+0!
,'.0!+#)+!/#+*%!%.+#)*';%@!"L%0+!/#+*%!,%0+1.8%!,'.0!2%++%!/1%!W!#)!,'.0!).%!/1%!H)+)*%!V!9)%!,%!('*/%.1*!
?!2%++%!*8'&10'+1#.!+#+'&%!%+!2#$(&R+%@!6!2%!$#$%.+W&?3!/#)0!$%++*%J!&%!(1%,!0)*!&%!2C%$1.!,%!&'!$'b+*10%!
,%! 0#1! %+! '/'.2%*%J! %.0)1+%! (*#;*%001/%$%.+! 4)09)-?! ,%/%.1*! ).! /*'1! $'b+*%! ,%! /#+*%! $#.,%! ,%!
2#.021%.2%!C)$'1.%!1.+%*(8.8+*8!%+!0#)+%.)!('*!&'$!OML!HFM!F$JHEHMF=$
^./3$+"$!kGHLI3$?"$9.1#$'"-.88,*4"$-"&&"$%"&&'"=$ A%! /#)0! '1!$10! %.! (&%1.%! (#00%001#.! ,%! 2%*+'1.0!
,%0! H'1+0! 1$(#*+'.+0! ,%! &'! 2*8'+1#.! 9)1! /#)0! (%*$%++*#.+! ,%! ,8('00%*! &L%;#! W! &%! ;'*,1%.! ,%! /#+*%!
1.,1/1,)'&1+8!W!%+!,%!*%+#)*.%*!?$+nNMHEFGL>%HIf$JnmIGF$ ,#.+!/#)0!B+%0!/*'1$%.+!100)0@!E#)0!'/%J!%.!
$'1.0! &%0! $#D%.0! ('*! &%09)%&0! /#)0! (#)/%J! '228,%*! ? $ +n>8.1'3$ +,$ B./"$ "&$ +n>--.8(+/##"8"*&$
@"'#.**"+$/*-.*4/&/.**"+#=$
G,(("+"TQ9.1#$ 01"$ ?n,/$ 4/&$ 01"$ ?"$ 4)#/'"$ ,'4"88"*&$ +"#$ ('.2'5#$ 41$ 9.\,2"1'$ #(/'/&1"+=$ F*$
,9,*],*&$+"$+.*2$41$-U"8/*$01"$?"$9.1#$,/$&',-)3$/+$\$,1',$4"#$8.8"*&#$01/$9.1#$-.*;/'8"'.*&$01"$
?"$#1/#$9',/8"*&$,9"-$9.1#$4,*#$9.&'"$9.\,2"=$E.1#$+"#$9"''"T$Q$-.*#"'9"T$9.&'"$;./$"*$"1D=$
v$&.1&$8.8"*&3$?"$9.1#$#.1&/"*#$4,*#$+n>8.1'$J/9/*$-,'$?"$#1/#$+n>8.1'$J/9/*$"*$,-&/.*=$!'.\"TQ+"$
"&$&'.19"T$+"$'"(.#$4,*#$8,$!.*#-/"*-"$01/$9.1#$"*9"+.(("=

!
!
!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
!"#$%&'(#)%"*+*,-*./001/*2*
!
"#!$%&'()$#&%*(!+!,-!./.-(0(-'!.'&#-1(!2!03&#4,*(,5!2!(6'!*3.!7!*# !"#$$%#!6,3/#-'(&!
"%&68,(!*#!"#$$%#!'!9,'!'(&03-.(;!3*!9,'!<3'!4*#3&(0(-'!7!*#!$%&'()$#&%*(!<=,'3*36(&!*#!$#&#>%*(!<(!*=?/#-13*(!
<(!@#''A3(,BC+C!4%00(!$#&#1&#$A(!<=3-'&%<,4'3%-D!
!
E-!$(,!$*,6!'#&<;!3*!*,3!/3-'!*#!6,11(6'3%-!$,366#-'(!<=#F%,'(&!,-!$#&#1&#$A(!7!*#!$#1(!G;!(-!*(!0#&8,#-'!
<(!<(,5!#6'.&368,(6D!
!
"(!"#$$%#!'!9,'!30$&30.(D!?-!#66(0>*#-'!*(6!$#1(6;!(**(!9,'!6',$.9#3'(!2!6(4%,.(!2!<(!<.4%,/&3&!8,(!*#!
0%3'3.!<(!*#!$#1(!B!.'#3'!0#3-'(-#-'!%44,$.(!$#&!4(6!$#&%*(6!+!
!
)#!*+,*!-(!./01!-(!.02/30!#$!-#!4506/7!
!
8,3!-=#/#3(-'!$#6!.'.!'#$.(6!6,&!*H%&<3-#'(,&D!
!
I(*#!6(0>*#3'!J'&(!,-!K!$3(<!<(!$#1(!LD!@#36!,-!'(*!K!$3(<!<(!$#1(!L!-=#,&#3'!$,!J'&(!'#$.!8,=(-!,'3*36#-'!
*(6!3-6'&,4'3%-6!$&.436(6!('!6$.43938,(6!<(!M%&<!N(&9(4'!$%,&!4&.(&!,-!K!$3(<!<(!$#1(!LD!
?-! %,'&(;! 6(,*(6! <(,5!*31-(6! 6%-'! -%&0#*(0(-'!#**%,.(6! 7! ,-! K!$3(<! <(!$#1(!LD! E-(! <(03)$#1(!-=.'#3'!
$#6!,-!K!$3(<!<(!$#1(!L!O!
!
?-4%&(!6(4%,.(!$#&!*=./.-(0(-';!*#!$%&'()$#&%*(!#!4A(&4A.!<#-6!'%,6!*(6!<%4,0(-'6!<(!*=%&<3-#'(,&!$%,&!
/%3&!63!(**(!#/#3';!,-(!9%36!%,!*=#,'&(;!,'3*36.!$,36!%,>*3.!,-!'(*!$3(<!<(!$#1(!2!6#-6!&3(-!'&%,/(&!<(!'(*D!
!
E-!'(4A-343(-!(-!3-9%&0#'38,(!9,'!#$$(*.;!(**(!*,3!0%-'&#!*(!'(5'(!6,&!*=%&<3-#'(,&!#3-63!8,(!*=30$&(663%-;!
0#36! 3*! 9,'! 3-4#$#>*(! <=(5$*38,(&! 4%00(-'! 4(*#! #/#3'! $,! 6(! $&%<,3&(D! P! 4(! F%,&;! $(&6%--(! -=#! $,!
*=(5$*38,(&D!
!
N%,&! 4(,5! 8,3! -=(-! #,&#3(-'! $#6! 4%--#366#-4(;! 4(''(! <.4*#&#'3%-!+! )#! *+,*! -(! ./01! -(! .02/30! #$! -#!
4506/7;!#!.'.!9#3'(!$#&!)0898!452/83!*%&68,=3*!6(!<.4&3/#3'!*,3)0J0(!$(-<#-'!6#!03663%-!(-!N#*(6'3-(D!
!
"(!'(5'(!#!<.F7!.'.!43'.!('!(5$*38,.!$#&! 4;%,*$!7!*#!$#1(!BQ!<(!*#! "#$$%#!';!0#36!3*!#/#3'!,'3*36.!*(6!0%'6!
<#-6!,-!%&<&(!<399.&(-'D!!
!
R3!/%,6!*36(S!*(6!$#&#1&#$A(6!0#&8,.6!TT!7!*#!$#1(!G!(-!*(6!#66%43#-'!#,!K!N3(<!<(!$#1(!L!<(!*#!$#1(!B;!
3*6!$&(--(-'!3-<,>3'#>*(0(-'!,-(!-%,/(**(!631-3934#'3%-!7!/%6!U(,5;!$#&4(!8,=3*6!6%-'!./3<(00(-'!*3.6D!
V%,'! <=#>%&<;! *#! '(-(,&! <,! $#&#1&#$A(! TT! #! .'.! <34'.(! .-(&1.'38,(0(-'! ('! '#$.(! 6,&! *=%&<3-#'(,&! ('!
8,(*8,(!$#&';!300.<3#'(0(-'!#$&W6;!*(!<!=,#>!>#!=(?#!@!#!.'.!#F%,'.!7!*#!$#1(!BD!
!
P,'&(! 0U6'W&(!+! 4%00(-'! 6(! 9#3')3*! 8,(! 4(! K!$3(<! <(! $#1(!L! -=#3'! $#6! .'.! &(0#&8,.! #,! 0%0(-'! <(!
*=30$&(663%-!X!
"#!$%&'()$#&%*(!/3'!6(,*(D!N(&6%--(!<=#,'&(!-=#!$,!#/%3&!#44W6!7!*=%&<3-#'(,&D!
!
"#!$%&'()$#&%*(!4%-63<W&(!4(''(!3-'(&/(-'3%-!2!('!4%-'&#/(-'3%-!#,5!$&%4.<,&(6!<(!M%&<!N(&9(4'!)! ABCC#!
-(!*,?D($+%#!=#%*BDD#--#!>#!452/83E!F+#-F+#!A;B*#!F+G,-!(+%(,$!=+!H(,%#!-B%*F+G,-!I$(,$!*+%!3#%%#& !

!
!
!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
./001/*2*
I=(6'!7!-%,/(#,!6B,1!-#!452/831!F+,!J,#D*!K!JB+*!=(%!-G,D$#%CI>,(,%#!>G+D#!-#$$%#!>#*$,DI#!K!$B+$#!
=#%*BDD#!F+,!=#+$!%#A#JB,%!C#*!=(%B-#*&!
"#!$#&#>%*(!6,3/#-'(!(6'!#$$*34#>*(!7!/%'&(!.$%8,(!0%<(&-(!4%00(!(**(!*=.'#3'!<,!'(0$6!<(6!Y,396;!3*!U!#!
GQQB!#-6D!Y(!/%,6!&(4%00#-<(!6#!/.&3'.;!7!/%,6!8,3!*36(S!4(6!"(''&(6D!
K!E-!6(0(,&!6%&'3'!$%,&!6(0(&D!I%00(!3*!6(0#3';!,-(!$#&'3(!<(!*#!6(0(-4(!'%0>#!*(!*%-1!<,!4A(03-;!('!
*(6!%36(#,5!/3-&(-'!('!*#!0#-1W&(-'D!E-(!#,'&(!$#&'3(!'%0>#!6,&!<(6!(-<&%3'6!$3(&&(,5!%Z!(**(!-=#/#3'!8,(!
$(,!<(!'(&&(;!('!(**(!*(/#!#,663'[';!$#&4(!8,=(**(!-=(-'&#3'!$#6!$&%9%-<.0(-'!<#-6!*#!'(&&(!\!0#36!*(!6%*(3*!
6=.'#-'!*(/.;!(**(!9,'!>&]*.(!(';!$#&4(!8,=(**(!-=#/#3'!$%3-'!<(!&#43-(6;!(**(!6.4A#D!E-(!#,'&(!$#&'3(!'%0>#!
$#&03!*(6!.$3-(6;!('!*(6!.$3-(6!1&#-<3&(-'!('!*=.'%,99W&(-'D!E-(!#,'&(!$#&'3(!'%0>#!<#-6!*#!>%--(!'(&&(;!('!
<%--#! <,! 9&,3'!+! ,-! 1&#3-! (-! &#$$%&'#! 4(-';! ,-! #,'&(! 6%35#-'(;! ('! ,-! #,'&(! '&(-'(D! ^,(! 4(*,3! 8,3! #! <(6!
%&(3**(6!(-'(-<(_D!L!
K!`%,6!<%-4;!.4%,'(S!4(!8,(!631-393(!*#!$#&#>%*(!<,!6(0(,&!+!
!
!
!
!
!
!
!
!
!
!
!
!
!
)#!*+,*!-(!./01!-(!.02/30!#$!-#!4506/7!

!
!01234'#5625748'$9'-24'%;')<124<' =' ,54415'>'
"%&68,=,-!A%00(!(-'(-<!*#!N#&%*(!<,!a%U#,0(!('!-(!*#!4%0$&(-<!$#6;!*(!@#*3-!/3(-'!('!(-*W/(!4(!8,3!#!
.'.! 6(0.! <#-6! 6%-! 4b,&!\! 4=(6'! 4(*,3! 8,3! #! &(c,! *#! 6(0(-4(! *(! *%-1! <,! 4A(03-D! I(*,3! 8,3! #! &(c,! *#!
6(0(-4(! <#-6! *(6! (-<&%3'6! $3(&&(,5;! 4=(6'! 4(*,3! 8,3! (-'(-<! *#! N#&%*(! ('! 8,3! *#! &(c%3'! #,663'['! #/(4! F%3(D!
@#36! 3*! -=U! #! $%3-'! (-! *,3! <(! &#43-(6!+! 3*! -=(6'! 8,(! $%,&! ,-! '(0$6D! ^,(! *=#99*34'3%-! %,! *#! $(&6.4,'3%-!
6,&/3(--(!7!4#,6(!<(!*#!N#&%*(;!3*!U!'&%,/(!#,663'['!,-(!%44#63%-!<(!4A,'(D!I(*,3!8,3!#!&(c,!*#!6(0(-4(!
$#&03! *(6! .$3-(6;! 4=(6'! 4(*,3! 8,3! (-'(-<! *#! N#&%*(D! @#36! *(6! 6%,436! <(! 4(! 0%-<(! ('! *#! 6.<,4'3%-! <(6!
&34A(66(6!.'%,99(-'!(-!*,3!4(''(!N#&%*(;!('!(**(!-(!$%&'(!$#6!<(!9&,3'D!I(*,3!8,3!#!&(c,!*#!6(0(-4(!<#-6!*#!
>%--(!'(&&(;!4=(6'!4(*,3!8,3!(-'(-<!*#!N#&%*(;!8,3!*#!4%0$&(-<;!('!8,3!$%&'(!<,!9&,3';!(-!6%&'(!8,=,-!1&#3-!(-!
$&%<,3'!4(-';!,-!#,'&(!6%35#-'(;!('!,-!#,'&(!'&(-'(D!L!d@#''A3(,!BCD/DCe!
!
TT@%-!>,';!(-!$#&'#1(#-'!4(''(!4%--#366#-4(!<(!*#! .I%,$I!>#!-G0$%#!#/(4!/%,6!<#-6!4(6!"#$$%#*;!(6'!<(!
/%,6!$(&0(''&(!<(!4&%f'&(!<#-6!*=#0%,&!('!*#!6#1(66(!6$3&3',(*6!('!<(!$&%<,3&(!*(6!9&,3'6!('!*(6!>.-.<34'3%-6!
<(! 4('!#0%,&! ('!4(''(!6#1(66(!6$3&3',(*6!7! 4A#8,(!3-6'#-'! <(!*=./%*,'3%-!<(! /%'&(!4%-643(-4(D!Y(!<.63&(!
#&<(00(-'!8,(!/%,6!6%U(S!(LBD>(CC#D$!F%U(,5D!
?-9%-c%-6)-%,6! <%-4! (-6(0>*(! <#-6! *(! 6%*! A,0#3-! <(! /%'&(! 4%-643(-4(;! &('%,&-%-6)*(;! <.>#&&#66%-6)
-%,6!<(6!4#3**%,5!<(!<.6(6$%3&;!>&36%-6!*(6!0%''(6!<(!'(&&(!<=3-4%0$&.A(-63%-!#/(4!,-(!6#1(66(!<(!$*,6!
(-! $*,6! $&%9%-<(;! #&&#4A%-6! *(6! 0#,/#36(6! A(&>(6! <(! /%6! 64A.0#6! 0(-'#,5! g! .0%'3%--(*6! #/(4! 0%-!
#3<(;!9(&'3*36%-6!/%'&(!6%*!<(!4%-643(-4(!#/(4!,-(!9%3!<(!$*,6!(-!$*,6!1&#-<(D!N,36!6(0%-6!<(6!6(0(-4(6!
<(!$*,6!(-!$*,6!>(**(6!-.(6!<(!/%6!$(&4($'3%-6!6$3&3',(**(6!('!/%'&(!#0%,&!3-4%-<3'3%--(*!(-!./%*,'3%-D!@#!
F%3(! 6(&#! /%'&(! F%3(! <#-6! 4(''(! (-'&($&36(;! ('! /%'&(! F%3(! 6=#F%,'(&#! 7! 0#! F%3(D! h#-6! 4(''(! ,-3'.! <(! >,'! ('!
<=#44%0$*366(0(-';! /%,6! 6(-'3&(S!93-#*(0(-'! 8,(! /%,6!9#3'(6! /.&3'#>*(0(-'! $#&'3(! <(!0%-! (6$&3'! ('! 8,(!
0%-!(6$&3'!6(!<./(&6(!(-!/%,6D!h(!4(''(!0#-3W&(;!-%,6!/3/&%-6!*=,-3'.!<(! 40!<%-'!-%,6!#/%-6!'%,6!<(,5!
'3&.! -%'&(! 3-<3/3<,#*3'.D! @(6! $(-6.(6! <(/3(-<&%-'! /%6! $(-6.(6! <.>#&&#66.(6! <(! /%'&(! 4%-643(-4(!
.1%i8,(!$#66.(DTT!
!
)#!>IA%,*!-#!=%BA#**+*!M!-#!*#D$,#%!M!-#!-BD?!>+F+#-!JB+*!(--#N!JBO(?#%!=B+%!%I(-,*#%!-#*!>I*,%*!-#*!
=-+*!*+L-,C#*!#$!=(%H(,$*!>#!JB$%#!AP+%&!
?'!#3-63;!F(!/%,6!<36!8,(!>3(-!8,(!4(''(!"#$$%#!$,366(!J'&(!<399343*(!7!#44($'(&!#,!<.>,';!('!8,=(**(!&(8,(&&#!
<,!'(0$6!('!<(6!(99%&'6!$%,&!J'&(!$#&9#3'(0(-'!4%0$&36(;!(**(!(6'!,-!*3(-!$,366#-'!(-'&(!/%'&(!4%-643(-4(!
('!*#!03(--(D!
h#-6!0%-!.'#'!'&#-64(-<#-';!F(!$(,5!9#3&(!<#/#-'#1(!$%,&!/%,6!#3<(&!8,#-<!/%,6!!9#3'(6!#$$(*!7!0%3!8,(!
63! F(! <(/#36! &(/(-3&! 6,&! V(&&(! <#-6! ,-! 4%&$6! $AU638,(! %Z! /%,6! $%,&&3(S! 0(! /%3&! #/(4! /%6! U(,5! ('!
0=(-'(-<&(!#/(4!/%6!%&(3**(6;!0#36!%Z!/%'&(!4%0$&.A(-63%-!<(!*#! .I%,$I!>#!-G0$%#!6(&#3'!$(,')J'&(!*303'.(D!
h#-6!4(!0%<(!<(!4%-'#4'!#/(4!/%'&(!4%-643(-4(;!/%,6!$%,/(S!0(!&(4(/%3&!<3&(4'(0(-'!<#-6!/%'&(!(6$&3'!
('!/%'&(!4b,&!*%&68,(!*(6!4%-<3'3%-6!$&.*303-#3&(6!<=,-!'(*!4%-'#4'!6%-'!&(0$*3(6D!
I#&!F(!/%,6!*(!<36!(-!/.&3'.;!$*,6!/%,6!4%-6#4&(S!<(!'(0$6!('!<(!0.<3'#'3%-!7!4(6! "#$$%#*;!$*,6!.*(/.(6!
6(&%-'! *=3-6$3&#'3%-! ('! *(6! 3-6'&,4'3%-6! 8,=3*! /%,6! 6(&#! $%663>*(! <(! &(4(/%3&! $(&6%--(**(0(-'! <(! 0#! $#&';!
$#&4(!8,=7!4A#8,(!*(4',&(!<(!4(6! "#$$%#*;!/%6!$&%$&(6!9&.8,(-4(6!<(!4%-643(-4(!6=.*W/(&%-'!<(!$*,6!(-!
$*,6!/(&6!0(6!9&.8,(-4(6!<(!4%-643(-4(!6$3&3',(**(!2!('!-%,6!$%,&&%-6!93-#*(0(-'!#''(3-<&(!,-!/.&3'#>*(!
*3(,!<(!&(-4%-'&(!<(!*#!4%-643(-4(D!P*%&6!2!#>%-<#-'6!(-!6(&%-'!*(6!9&,3'6!<#-6!/%'&(!/3(D!

!
!01234'#5625748'$9'-24'%;')<124<' ?' ,54415'>'
N%,&! (5$*38,(&! $%,&8,%3! 3*! (-! (6'! #3-63;! F(! <%36! /%,6! <3&(! 8,(! 0#! (%"3()4"(4! <(64(-<! 7! '&#/(&6! <(!
-%0>&(,5! $*#-6! <3/(&6! <(! 9&.8,(-4(6! /3>&#'%3&(6! <(! 4%-643(-4(! $%,&! 4%0>*(&! *(6! >(6%3-6! <(! 4(,5! 8,3!
4A(&4A(-'!#3<(!('!3-6$3&#'3%-D!"(6!-%0>&(,5!$*#-6!<399.&(-'6!<(!4%-643(-4(!8,(!'&#/(&6(!0#! (%"3()4"(4!
6%-'!'%,6!<36'3-4'6!*(6!,-6!<(6!#,'&(6D!!
IA#8,(! -3/(#,! <(! 9&.8,(-4(! <(! (%"3()4"(4* A%I#! #$! *#! C(D,H#*$#! *B+*! HB%C#! >#! ABD>,$,BD*!
>G#Q,*$#DA#! >,HHI%#D$#*1! $,368,(! *(6! 9&.8,(-4(6! /3>&#'%3&(6! *(6! $*,6! A#,'(6! ('! *(6! $*,6! >#66(6! 6%-'!
$&%<,3'(6!$#&!*(6!64A.0#6!)!%,!9%&0(6!<(!4%-643(-4(!2!6$3&3',(*6!g!0(-'#,5!g!.0%'3%--(*6!*(6!$*,6!A#,'6!
%,! *(6! $*,6! >#6D! N#&! 64A.0#6! .*(/.6! %,! >#6;! F=(-'(-<6! 4(,5! 8,3! 6%-'! *(6! $*,6! $&%4A(6! %,! *(6! $*,6!
.*%31-.6!>#!-G/D$#D$,BD!>#!-(!4BD*A,#DA#!R,J,D#&!
I%00(! /%,6! *(! 6#/(S;! 4A#8,(! 9&.8,(-4(! /3>&#'%3&(! <(6! %-<(6! 6%-%&(6! $&%<,3'! 6#! -%'(! ('! 6%-! '%-!
$&%$&(6;! ,-38,(6! ('! 3-<3/3<,(*6D! h(! 9#c%-! 6303*#3&(;! *(6! 9%&0(6! <(! $(-6.(! 0(-'#*(! g! .0%'3%--(**(!
A#>3',(**(6! $&%<,36(-'! *(,&6! $&%$&(6! 9&.8,(-4(6! /3>&#'%3&(6! <#-6! *#! 4%-643(-4(;! *(68,(**(6;! 7! *(,&! '%,&;!
$&%<,36(-'!*(6!4%-<3'3%-6!(5'.&3(,&(6!<#-6!*(68,(**(6!&.63<(!4(''(!4%-643(-4(D!
N*,6!A#,'(6!6%-'!*(6!9&.8,(-4(6!/3>&#'%3&(6!<(!*#!4%-643(-4(;!$*,6!>(**(;!A#&0%-3(,6(;!F%U(,6(!('!
.$#-%,3(!(6'!*#!/3(!<(!4(,5!8,3!&.63<(-'!<#-6!4(6!9&.8,(-4(6D!N*,6!>#66(6!6%-'!*(6!9&.8,(-4(6;!$*,6!
<,&(;!#0W&(;!j$&(!('!036.&#>*(!(6'!*#!/3(!<(!4(,5!8,3!6%-'!(-!&.6%-#-4(!#/(4!<(!'(**(6!9&.8,(-4(6D!"(,&!
/3(!(6'!$%-4',.(!<(!<.6#6'&(6;!<(!$&3/#'3%-6!('!<(!>&,'#*3'.D!
N*,6!.*(/.(!(6'!*#!9&.8,(-4(!/3>&#'%3&(!<(!*#!4%-643(-4(;!$*,6!6$3&3',(**(0(-'!#30#-'6!('!>(#,5!6%-'!*(6!
3<.#,5;! *(6! $(-6.(6;! *=30#13-#'3%-! 4&.#'&34(! ('! *#! >(#,'.! <(6! 4%,*(,&6! ('! <(6! 9%&0(6! <(! /3(;! 4#&! 3*6!
6=.*W/(-'!(-!6(!&#$$&%4A#-'!<(!$*,6!(-!$*,6!<(!*#!<30(-63%-!<(!*#! 4S784/0740!97/.0280""0!%Z!*(6!
9&.8,(-4(6!<(/3(--(-'!63!.*(/.(6!8,=(**(6!6=.1#*36(-'!('!(-'&(-'!<#-6!,-!$,366#-'!.8,3*3>&(!2!*# !3S930!
T9/88U740!R0!"U!4S784/0740!97/.0280""0!M!-(!8B+%A#!>#!3B+$!0$%#!M!"GU6S92&!
N#&! 4%-6.8,(-';! 4%00(! F(! *=#3! <3'! $&.4.<(00(-';! (-! '#-'! 8,=%>6(&/#'(,&! <(6! >(6%3-6!3-<3/3<,(*6!('!(-!
&.$%-6(! #,5! <(0#-<(6! <=#3<(;! 0#! (%"3()4"(4! <(64(-<! 7! '&#/(&6! *(6! <3/(&6! -3/(#,5! <(! 4%-643(-4(!
(536'(-'3(**(!$%,&!#''(3-<&(!*(!6,$$*3#-'!63-4W&(!4#&;!$%,&!<%--(&!<(6!&.$%-6(6;!F(!<%36!<=#>%&<!&(4(/%3&!*#!
<(0#-<(D!?';!4%00(!F(!*=#3!<3'!<#-6!*(6!$&(03W&(6!$#1(6;!4(6! "#$$%#*!6%-'!,-!*3(-;!,-!0%U(-!$%,&!/%,6!
<(! 4%00,-38,(&! #/(4! 0#! (%"3()4"(4;! #93-! <(! /%,6! $(&0(''&(! <=J'&(! 6$3&3',(**(0(-'! #''3&.! /(&6! 2! ('!
&(-<,! &.4($'39! 7;! $%,&! (-6,3'(! 4%0$&(-<&(! (-! $&%9%-<(,&! ('! ,'3*36(&! )! '%,'(! *#! 4%--#366#-4(! 8,(! F(!
6%,A#3'(! /%,6! 9#3&(! $#&'#1(&! #93-! <(! /%,6! 9#3&(! 1&#/3&! *=.4A(**(! <(! *#! 4%-643(-4(! 6$3&3',(**(! F,68,=7! 6%-!
.4A(*%-!6,$.&3(,&;!*#!4S784/0740!452/83/V90D!
!
I%00(! F(! 6,36! 0%3)0J0(! <#-6! ,-! .'#'! <=.8,3*3>&(! $&(68,(! $#&9#3';! F=#3! *(! $%,/%3&! 6$3&3',(*! <(! *#!
4S784/0740! 97/.0280""0! 7! ,-! <(1&.! $&(68,(! $#&9#3'D! Y(! 6,36! $.-.'&.! <(! *#! -#',&(! <(! *#!
4BD*A,#DA#!9D,J#%*#--#&!
I=(6'!$%,&8,%3!0#!4%-643(-4(!'%,'(!(-'3W&(!2!-%-%>6'#-'!*(6!$(-6.(6!%,!*(6!$#&%*(6!<=#,'&(6!$(&6%--(6;!
*(,&6!4&%U#-4(6!%,!-%-)4&%U#-4(6;!*(,&!#0%,&!%,!*(,&!A#3-(;!*(,&!#44($'#'3%-!%,!*(,&!&(F('!<(!0%3!2!&(6'(!
4(**(!<(!$,&!U6S92!3-4%-<3'3%--(*D!
/,,4* "4* 5-)6,)#* ")* "4* (7-"84* 9-;-)3<* =43* -##)#'&43* 3%"#* (%"3#-;;4"#* (4,,43* &4* >'$* ?=@A1B*
C@..!D!0AE/* 4#* D@=F?CC!@G* H'4* 9IJ>$%'K4* (%;;4* '"* >$%5%"&* 4#* -$&4"#* &J3)$* &IJ,4K4$B* &4*
8'J$)$* 4#* &4* 5-)$4* >$%3>J$4$<* !,* 43#* &%"(* >-$5-)#4;4"#* >%33)6,4* +* H'4,H'43* >4$3%""43B*
3'55)3-;;4"#*34"3)6,43*-'L*5$JH'4"(43*K)6$-#%)$43*&4*(%"3()4"(4B*&4*&4K4")$*(%"3()4"#43*&4*;-*

!
!01234'#5625748'$9'-24'%;')<124<' @' ,54415'>'
>$J34"(4*%'*&4*;%"*-;%'$B*%'*&4*;-*5%$(4*&4*K)4*4L#$-%$&)"-)$4*,%$3H'I4,,43*3%"#*&-"3*'"*J#-#*&4*
(%"3()4"(4* &4* H'M#4B* &4* $4(74$(74* 4#* &4* >$)N$4* >%'$* ;)4'L* ;4* (%""-O#$4* %'* >%'$* JK%,'4$*
3>)$)#'4,,4;4"#<*
/"*>-$,-"#*&43*5$JH'4"(43*)"5J$)4'$43*&4*(%"3()4"(4*H')*(-'34"#*&43*>$%6,N;43*3'$*04$$4B*K%'3*
>$4"&$4P*(%"3()4"(4*&4*;%"*-((4>#-#)%"*>,4)"4*4#*4"#)N$4*&4*(4,,43Q()B*(-$*4,,43*"4*3%"#*H'I'"4*
;-")543#-#)%"*&%',%'$4'34*&43*455%$#3*4#*&43*3%'55$-"(43*&43*84"3*>4"&-"#*H'I),3*(74$(74"#*,4'$*
K%)4* K4$3* ,-* .A=!/1/* &4* ,4'$* C@A1D/* E/* .IR01/<* S4* K)4"3* -'L* 7%;;43* T* "%"* >%'$* ,43*
(%"&-;"4$*T*;-)3*>%'$*,43*J,4K4$*4#*,43*5%$#)5)4$<*
*
Y=3&&#<3(!0#! 4BD*A,#DA#!4;%,*$,F+#! /(&6!/%,6!(-! &(4(/#-'!('!(-!4%-6(&/#-'!/%'&(!-%0!('!/%'&(! 9%&0(!
6$3&3',(**(!7!*=(6$&3'!*%&68,(!/%,6!9#3'(6!#$$(*!7!0%3!$%,&!<(0#-<(&!<(!*=#3<(D!?'!6(*%-!/%'&(!&.4($'3/3'.!('!
/%'&(!*3>(&'.!/36)7)/36!<(6!30$,*63%-6!0#1-.'38,(6!K!<=#''#4A(0(-')&(F('!L;!,-!$(,!<(!*#!k#',&(!h3/3-(!<(!
*=l'&(! (6'! #>6%&>.(! $#&! *(6! 9&.8,(-4(6! /3>&#'%3&(6! <(! /%'&(! 4%-643(-4(;! *(68,(**(6! .$&%,/(-'! #*%&6! ,-(!
/3/(!6(-6#'3%-!<=.*./#'3%-D!!
m*!<(/&#3'!<%-4!/%,6!J'&(!4*#3&!8,=(-!*3>.&#-'!/%'&(!4%-643(-4(!'(&&(6'&(!<(!6%-!(64*#/#1(!.0%'3%--(*!)!(-!
&(F('#-'!0(-'#*(0(-'!g!.0%'3%--(**(0(-'!*(6!64A.0#6!<(!$(-6.(!.0%'3%--(**(!8,(!/%,6!6(-'(S!-(!$#6!
J'&(! (-! A#&0%-3(! #/(4! *=P0%,&! h3/3-! );! /%,6! <(/3(-<&(S! <(! $*,6! (-! $*,6! 4%-643(-'! 8,=,-(! 3-6$3&#'3%-!
6,$.&3(,&(!(-/#A3'!/%'&(!(6$&3'!2!('!0J0(!/%'&(!$*(5,6!6%*#3&(!2!(-!/%,6!1,3<#-'!*%&68,(!/%,6!(-!#/(S!
>(6%3-;!*%&68,(!/%,6!-(!$%,/(S!$#6!$(&4(/%3&!*(!F,6'(!4%,&6!<(!/%'&(!#4'3%-!%,!J'(6!3-4#$#>*(!<(!/%,6!
*3>.&(&! <(6! $(-6.(6! .0%'3%--(**(6! .1%i8,(6! (-! &.#1366#-'! 7! ,-(! 63',#'3%-! $&%>*.0#'38,(D! P/(4! 0%-!
#3<(;! /%,6! $%,/(S! /3/&(! <#-6! <(,5! <30(-63%-6! 2! 4(**(! <,! 0%-<(! $AU638,(! <#-6! *(8,(*! &.63<(! /%'&(!
4%&$6;!8,3!/%,6!#$$%&'(!<(6!(5$.&3(-4(6!2!('!4(**(!<,!$%3-'!<(!/,(!6,$.&3(,&!<(!*#!I%-643(-4(!IA&36'38,(!
8,3! /%,6! $(&0(''&#! <(! '&#-64(-<(&! *#! $(-6.(! .1%i8,(! ('! <=3&&#<3(&! <#-6! /%6! 63',#'3%-6! <(6! $(-6.(6! ('!
<(6!6(-'30(-'6!<(!*=.'#'!<=J'&(!8,(!F=#3!#$$(*.!*(!K!a%U#,0(!<(6!I3(,5!LD!
Y(!-(!6,36!$#6!6(,*!7!9#3&(!4(!'&#/#3*D!m*!U!#!<=3--%0>&#>*(6!j0(6!6,$&J0(0(-'!.*(/.(6;!'&#-64(-<#-'(6;!
6$3&3',(**(6;! >(**(6;! <=,-(! 3-'(**31(-4(! $*(3-(! <=#0%,&;! 8,3! %-'! #44W6! 7! *#! <30(-63%-! <(! *#! I%-643(-4(!
IA&36'38,(;! 8,3! '&#/#3**(-'! #/(4! 0%3! 7! #3<(&! *(6! A%00(6D! n3(-! 8,(! -%,6! 6%U%-6! <#-6! *#! <30(-63%-! <(!
I%-643(-4(! IA&36'38,(;! -%,6! 6%00(6! '%,6! <(6! 3-<3/3<,#*3'.6D! k%,6! -(! 6%00(6! $#6! <(6! &.$*38,(6! *(6!
,-6! <(6! #,'&(6D! k%,6! (5$&30%-6! '%,6! *#! I%-643(-4(! IA&36'38,(! <(! <3/(&6(6! 0#-3W&(6! 1*%&3(,6(6! 2!
0(''#-'! *=#44(-'! <(! -%6! #4'3/3'.6! 6,&! <3/(&6(6! 9#4(''(6! <(! 4&.#'3/3'.D! k%,6! #/%-6! ,-(! 30#13-#'3%-!
$,366#-'(!('!#&&3/%-6!7!4&.(&!('!7!<%--(&!,-(!9%&0(!/363>*(!('!3-<3/3<,(**(;!<#-6!-%'&(!<30(-63%-;!7!<(6!
4A%6(6!8,3!<.$#66(-'!/%'&(!4%0$&.A(-63%-!#4',(**(D!
`%,6! (-'(-<&(S! 8,(! <#-6! *(!0%-<(! (-'3(&;! <(6! 1(-6! &(c%3/(-'! <(! *=3-6$3&#'3%-! ('! 6%-'! 4%-643(-'6! <(! *#!
N&.6(-4(! IA&36'38,(D! @%-! 3-6$3&#'3%-;! 3&&#<3.(! (-! 4(! 0%0(-'! <#-6! *(! 0%-<(;! (6'! &(c,(! $#&! <3/(&6(6!
-#',&(6! ('! <399.&(-'6! (6$&3'6D! h,! 9#3'! <(! *(,&! 4%-<3'3%--(0(-'! 0(-'#*! #-'.&3(,&;! *=3-6$3&#'3%-! 1,3<(&#!
4A#8,(! $(&6%--(! <#-6! ,-(! /%3(! <399.&(-'(D! "(6! 0(66#1(6! 8,(! F=#&&3/(! 7! 9#3&(! $#66(&! <#-6! *(,&!
4%-643(-4(! &(/J'3&%-'! <3/(&6! #6$(4'6D! h#-6! 4(&'#3-6! 4#6;! *(6! 0(66#1(6! 6(&%-'! 1&%663W&(0(-'! <.9%&0.6!
$#&!*(!<(6'3-#'#3&(!8,3!(6'!$6U4A38,(0(-'!&.4($'39!0#36!$%66W<(!,-! #*=%,$!B%$;B>BQ#!8,3!6=#1&3$$(!#,5!
K!6(-'3(&6!>#'',6!L!&(*313(,5!<(!F#<36D!V%,'!0(66#1(!6(&#!3-'(&$&.'.!6(*%-!*(6!4&%U#-4(6!<%03-#-'(6D!V%,'!
0(66#1(!8,3!$%,&&#3'!4%-'&(<3&(!*(6!4&%U#-4(6!#44($'.(6!6(&#!.*303-.!(-!Aj'(!<(!*=(6$&3'!('!6#!$#'(&-3'.!
#''&3>,.(! 7! R#'#-D! I=(6'! $%,&8,%3! 3*! -=(6'! $%663>*(! <=#''(3-<&(! 8,(! *=(6$&3'! 8,3! (6'! %,/(&'! ('! (-! 8,J'(! <(!

!
!01234'#5625748'$9'-24'%;')<124<' A' ,54415'>'
/.&3'.!$*,'['!8,(!<=(-6(31-(0(-'!'&#<3'3%--(*D! .B+*!=B+J#N!W$%#!A#%$(,D1!$B+$#HB,*1!F+#!CBD!C#**(?#!
=#%*BDD#-!IJ#,--#%(!$B+XB+%*!-G;BCC#!(+!L#*B,D!+%?#D$!>#!*GI-B,?D#%!>#*!A%BO(DA#*!-,C,$(D$#*!#$!
#%%BDI#*! >#! $B+$! >B?C#! B+! %#-,?,BD! ,D*$,$+$,BDD(-,*I#&! "#! C#**(?#! B+J%,%(! >#*! A(D(+Q! >#!
ABD*A,#DA#!ABD>+,*(D$!K!-(!A%B,**(DA#!>#!-(!ABD*A,#DA#!*=,%,$+#--#&!4#-(!ABD>+,%(!-#*!?#D*!>(D*!
>#*!>,C#D*,BD*!>#!=-+*!#D!=-+*!I-#JI#*!>#!=#D*I#!AI-#*$#1!B==B*I#*!(+Q!ABDA#=$*!C($I%,(-,*$#*!
#$! ;+C(,D*&! 4#-(! -#+%! HB+%D,%(! +D#! (==%IA,($,BD! =-+*! J,J(D$#! >#! -(! J%(,#! D($+%#! >#! JB$%#! 8B+%A#!
>G0$%#!#$!>#!-G+D,J#%*!>(D*!-#F+#-!JB+*!J,J#N!=%I*#D$#C#D$&!
Y=#3!$&%$A.'36.;!*%&68,(!F=.'#36!6,&!V(&&(;!8,=,-!F%,&!/3(-<&#3'!%Z!F(!&(/3(-<&#36!6%,6!9%&0(!<(!K!.4*#3&6!<(!
*,03W&(! '&#/(&6#-'! *(! 43(*! <=(6'! (-! %,(6'!LD! I=.'#3'! ,-(! <(64&3$'3%-! 1&#$A38,(! <(! *#! 0#-3W&(! <%-'! F(!
'&#/#3**(! #4',(**(0(-'D! N(,')J'&(;! #$&W6! *(! $#&#1&#$A(! $&.4.<(-';! #44($'(&(S! /%,6! 8,(! K!*#! 9%,<&(!L!
9&#$$(!*(!0%-<(!(-'3(&!<=,-(!'(**(!0#-3W&(!8,=(**(!#''(3-'!4(,5!8,3!#6$3&(-'!#&<(00(-'!7!0%-!&('%,&D! 6(!
.I%,$I! #*$! A#D*I#! I-#J#%! #$! ,--+C,D#%! -G#*=%,$! >#! A#+Q! F+,! A;#%A;#D$! K! IJ#,--#%! -#*! ?#D*! (+Q!
C+-$,=-#*!A(+*#*!>#!*B+HH%(DA#!#$!>#!-(!>#*$%+A$,BD!H+$+%#!>#!-(!=-(DY$#&!RG,DDBCL%(L-#*!<!J,#,--#*!
ZC#*!@!(?,**#D$!(J#A!(-$%+,*C#!>#!A#D$(,D#*!>#!C(D,Y%#*!>,HHI%#D$#*!=B+%!*B+-(?#%!-(!*B+HH%(DA#!
>#*! ?#D*! >(D*! -#! L#*B,D1! JB+(D$! $B+$#*! -#+%*! ID#%?,#*1! -#+%! $#C=*1! -#+%! =B*,$,BD! $#%%#*$%#! K! -(!
=%BCB$,BD!>#!-G(CB+%!=B+%!-(!D($+%#1!=B+%!-#*!(D,C(+Q1!-#+%!L,#D[W$%#!#$!-#+%!=%B$#A$,BD!#$!=B+%!-(!
*(D$I! H+$+%#! >#! -(! =-(DY$#! #--#[CWC#&! \,#D! F+#! A#*! L#--#*! ZC#*! DG#D! *B,#D$! =#+$[W$%#! =(*!
ABD*A,#D$#*1! (+A+D! >#! A#*! *B+A,*! DG#*$! ,**+! >#! -(! =#D*I#! ;+C(,D#! $#%%#*$%#1! #QA-+*,J#C#D$!
>,%,?I#!J#%*!>#*!L#*B,D*!I?B]*$#*1!C(,*!=%BJ,#D$!L,#D!>#!-(!>,C#D*,BD!>#!-(!ABD*A,#DA#!A;%,*$,F+#!
B^!$B+$#*!A;B*#*!J,J(D$#*!*BD$!J+#*!ABCC#!-G#Q=%#**,BD!>#!-GUCB+%!_!/D$#--,?#DA#!>#!-(!8B+%A#!
>#!3B+$!0$%#&!
h#-6! 4(''(! "#$$%#;! F=#30(&#36! (5$*38,(&! 4*#3&(0(-'! 8,(! F(! /3(-6! $#&! *=3-'(&0.<3#3&(! <(! 4(6! $#&%*(6! =B+%!
#3<(&! *(6! 1(-6! %IA#=$,H*! <(! '%,'(! 4%,4A(! <(! *#! 6%43.'.;! <,! *#>%,&(,&! #,! 1.-.&#*;! <(! *=(0$*%U.! #,!
$&.63<(-';!7!'&#/#3**(&!(-'3W&(0(-'!7!$#&'3&!<,!$%3-'!<(!/,(!<(! -GU6S92D!
m*!(536'(!<(6!&#36%-6!6$3&3',(**(6!g!643(-'3938,(6!0#'.&3#*36'(6!$%,&!*(68,(**(6!3*!(6'!30$.&#'39!8,(!*(6!1(-6!
/%,(-'!'%,'(!*(,&!.-(&13(!('!*(,&!6(-63>3*3'.!0(-'#*(!('!.0%'3%--(**(!7!#*31-(&!('!A#&0%-36(&!$#&9#3'(0(-'!
*(,&6!#4'3%-6!('!&.#4'3%-6!7!-GU6S92!3-4%-<3'3%--(*!M!"U!4S784/0740!R/./70&!
h(0(,&(&! <#-6!*=.'#'! $*#-.'#3&(! <(! 4%-643(-4(! '(*! 8,=3*! (536'(! (-! 4(!0%0(-'! 6,&! V(&&(;! 4=(6'! <(0(,&(&!
.'(&-(**(0(-'! 6,&! *#! $(-'(! <(64(-<#-'(! 8,3! 0W-(! #,5! 3--%0>&#>*(6! 0#*#<3(6;! 0#*A(,&6;! <.6#6'&(6! ('!
6%,99&#-4(6!*(6!$*,6!$&%9%-<(6D!
"(6!A%00(6!('!*(6!9(00(6!$(,/(-'!/3/&(!<#-6!<(,5!<30(-63%-6!<(!*=(536'(-4(!<#-6!/%'&(!0%-<(!2!6%3'!
(54*,63/(0(-'!#,!-3/(#,!<(6!&.9*(5(6!.1%i8,(6!8,3!6%-'!*(6!9%&4(6!<3&(4'&34(6!<(!2!('!<(&&3W&(!)!'%,6!*(6!
$A.-%0W-(6! 8,%'3<3(-6! 8,(! 4%0$&(-<! *=(5$.&3(-4(! A,0#3-(! 8,%'3<3(--(! 2! 6%3';! 0(-'#*(0(-'! g!
.0%'3%--(**(0(-';!(-!6,6$(-6!<#-6!-(!4BD*A,#DA#!R,J,D#!$(-<#-'!8,(!*(,&!4%&$6!/3'!(-4%&(!6,&!*(!$*#-!
'(&&(6'&(D!!
"(6!9&,3'6!<(!*#!4%-643(-4(!.1%i8,(!6%-'!*#!<364%&<(;!*(6!$(&',&>#'3%-6;!*(6!4#'#6'&%$A(6!('!<.&W1*(0(-'6!
4*30#'38,(6;! *#! 1,(&&(;! *#! <.$(-<#-4(! <(! '%,'(! 6%&'(;! *#! $#,/&('.;! *#! 0#*#<3(;! *(! 0(,&'&(;! *(! /%*;! *(!
0(-6%-1(;!*#!'&34A(&3(;!*#!4#*%0-3(;!*#!0.<36#-4(;!*#!$(-6.(!>#66(!('!<.$*#36#-'(;!(-/3(,6(;!<(!4%*W&(;!
*#!0#,/#36(!A,0(,&;!*(!F,1(0(-';!*#!4&3'38,(;!*(!6#&4#60(;!*(!&(F('!<=#,'&,3;!('4D!

!
!01234'#5625748'$9'-24'%;')<124<' B' ,54415'>'
I(6! 9&.8,(-4(6! <(! 4%-643(-4(! $&%<,36(-'! 7! F#0#36! K!<(6! &(9*('6! 03&%3&!L! <(6! 43&4%-6'#-4(6! ('! <(6!
&.#4'3%-6! .0%'3%--(**(6! 8,3! *(,&! %-'! <%--.! -#366#-4(;! ('! 6%-'! 4%-'3-,(**(0(-'! 6,F(''(6! #,5! K!A#,'6! ('!
>#6!L!<(!*#!&.#*36#'3%-!<(6!(6$%3&6!('!<(6!<.4($'3%-6;!%643**#-'!(-'&(!*(!>%-A(,&!('!*(!0#*A(,&D!
I(,5! 8,3;! $#&! *#! $&3W&(;! *#! 0.<3'#'3%-;! *=#,'%<3643$*3-(! ('! *#! <.'(&03-#'3%-;! #&&3/(-'! 7! $,&393(&! *(,&!
4%-643(-4(!.1%i8,(!('!7!*=.*(/(&!(-!<.93-366#-'!('!(-!(-'&('(-#-'!<(6!$(-6.(6!<(!$*,6!(-!$*,6!63-4W&(6!
('! #30#-'(6! (-/(&6! #,'&,3! ('! *(! 0%-<(! (-! 1.-.&#*;! 1&#/366(-'! $&%1&(663/(0(-';! (-! 4%-643(-4(;! *(6!
<(1&.6!<(6!9&.8,(-4(6!/3>&#'%3&(6!<,!&%U#,0(!<(!*# !4BD*A,#DA#!R,J,D#!M!-#!2BO(+C#!>#*!4,#+Q1! %Z!
3*6!/3/(-'!4%-9%&'#>*(0(-'!('!7!*=#36(;!(-!A#&0%-3(!#/(4!*(6! "B,*!9D,J#%*#--#*!>#!-G0Q,*$#DA#&!
I(6!$(&6%--(6!<.4%,/&(-'!8,(!8,(*6!8,(!6%3(-'!*(6!$&%>*W0(6!('!*(!',0,*'(!<,!0%-<(!8,3!*(6!(-'%,&(;!
3*6!6%-'!-%,&&36;!1,.&36;!$&%'.1.6;!6%31-.6!('!0#3-'(-,6!<#-6!,-(!$#&9#3'(!$#35!<(!*=(6$&3'!2!7!4%-<3'3%-!<(!
&(6'(&!<#-6!*(6!9&.8,(-4(6!/3>&#'%3&(6!6$3&3',(**(6D!
R3! (**(6! 6(! *#366(-'! #''3&(&! <#-6! <(6! <399.&(-<6! .1%i6'(6! ('! <#-6! ,-! 8,(*4%-8,(! .'#'! A,0#3-! -.1#'39!
30$*38,#-'!*=,-!<(6!#''&3>,'6!<(!*=(1%;!*#!$#35!<36$#&#f'!>&,'#*(0(-'!('!(**(6!6(!'&%,/(-'!$3.1.(6!<#-6!*(6!
9&.8,(-4(6!/3>&#'%3&(6!<(!4%-643(-4(!<%-'!6(!-%,&&366(-'!*(6!9&.8,(-4(6!<(!4%-643(-4(!<(6!$(&6%--(6!
<(! *(,&! (-/3&%--(0(-'D! ?**(6! 6(! '&%,/(-'! #*%&6! 4%00(! ,-(! 0%,4A(! $&36(! <#-6! ,-(! '%3*(! <=#&#31-.(! ('!
*(,&! *,''(! $%,&! 6=(5'3&$(&! <(6! $(-6.(6! <(6! 9&.8,(-4(6! /3>&#'%3&(6! 3-9.&3(,&(6! <(! 4%-643(-4(! $(,'! 6(!
&./.*(&!.$,36#-'(!('!<%,*%,&(,6(D!
R(D*! >#! $#--#*! A,%ABD*$(DA#*1! -(! CI>,$($,BD! #$! -(! =%,Y%#! ABD*$(D$#*1! +D! (==#-! K! -G(,>#! =B+%! W$%#!
HB%$,H,I! #$! ?+,>I! (H,D!>G(%%,J#%! K! (JB,%! <!-G($$,$+>#! ICB$,BDD#--#! AB%%#A$#!@! *BD$! -#*! *#+-*! CBO#D*1!
=B+%! -#! JBO(?#+%! *=,%,$+#-1! >#! %#$%B+J#%! *BD! A;#C,D! =B+%! *B%$,%! >+! =,Y?#! >#*! A;(C=*!
ID#%?I$,F+#*!,DHI%,#+%*!#$!>#!%#$%B+J#%!*BD!I$($!>G;(%CBD,#!(J#A!-#*!H%IF+#DA#*!J,L%($B,%#*!>#!-(!
ABD*A,#DA#!AI-#*$#&!
`%,6! $(-6(&(S! $(,')J'&(! 8,(! 4(! 8,3! $&.4W<(! (6'! '&%$! <399343*(! 7! 4%0$&(-<&(! ('! -=(6'! $#6! -.4(66#3&(! 7!
/%'&(! 8,J'(! <=.*./#'3%-! 6$3&3',(**(D! P,! 4%-'&#3&(;! 4(''(! 4%0$&.A(-63%-! <(! *#! -#',&(! <(! /%'&(! 4%-643(-4(!
(6'! .03-(00(-'! 30$%&'#-'(D! R3! /%,6! <(/3(S! /%,6! '&%,/(&! (-! '&#3-! <(! 4A,'(&! <#-6! *(6! 9&.8,(-4(6!
/3>&#'%3&(6! 3-9.&3(,&(6! <(! 4%-643(-4(! ('! .$&%,/(&! *(! 4%-9*3'! (-'&(! 4(! 8,(! /%,6! K!&(66(-'(S! 6,&! *(!
0%0(-'!L! ('! 4(! 8,(! /%,6! 6#/(S! 8,(! /%,6! K! "#$%&#'! ()! *&+#%&#'! %#,,#-.&%!L;! /%,6! (5(&4(&(S! ,-! $*,6!
1&#-<!4%-'&[*(!63!/%,6!&.#*36(S!8,(!/%,6!6%,99&(S!$#&4(!8,(!/%,6!#/(S!*#366.!6=#>#366(&!/%6!9&.8,(-4(6!
/3>&#'%3&(6! <(! 4%-643(-4(! 6$3&3',(**(! -%&0#*(6D! m<(-'393(S)(-! *#! &#36%-! ('! &(0(''(S)*#! 7! *#! 4BD*A,#DA#!
R,J,D#! $%,&! &.6%,<&(! *(! 4%-9*3'! 3-'.&3(,&D! P/(4! *(! '(0$6;! (-! &.$%-6(! 7! /%'&(! $&3W&(;! /%,6! 6(&(S! 1,3<.!
&#$3<(0(-'!/(&6!*=#''3',<(!4%&&(4'(!('!*(6!#993&0#'3%-6!8,3!/%,6!$(&0(''&%-'!<(!&.6%,<&(!*(!$&%>*W0(D!
!
?-! %,'&(;! (-! .*(/#-'! /%'&(! -3/(#,! <(! K!9&.8,(-4(6! <(! 4%-643(-4(!L;! /%,6! <.4%,/&3&(S! 8,(! /%,6! /%,6!
6(-'(S!3-'.&3(,&(0(-'!9%&'393.!(-!(6$&3'!('!(-!9%&4(! <(!/3(!2! ('! *(!4%-'&#3&(!6(!$&%<,3'!*%&68,(!/%,6!/%,6!
<.4%,/&(S! $3.1.! <#-6! <(6! /3>&#'3%-6! <(! 4%-643(-4(! 3-9.&3(,&(6;! 6%3'! $#&4(! 8,(! /%,6! #/(S!
$(&6%--(**(0(-'! #>#366.! /%6! 9&.8,(-4(6! <(! $(-6.(;! 6%3'! $#&4(! 8,(! /%,6! #/(S! .'.! .0%'3%--(**(0(-'!
#''3&.!/(&6!(**(6!(-!4%00,-38,#-'!#/(4!,-(!$(&6%--#*3'.!-.1#'3/(!%,!.1%'38,(D!^,#-<!4(*#!/%,6!#&&3/(;!
/%,6! .$&%,/(S! ,-(! $(&'(! <=.-(&13(D! 4#$$#! =#%$#! >GID#%?,#! %I*+-$#! #D! +D#! >,C,D+$,BD! >#! -GID#%?,#!
=;O*,F+#!>#*!A#--+-#*!>#!JB$%#!AB%=*&!
I=(6'! $%,&8,%3;! *%&68,(! /%,6! /%,6! (-1#1(S! /%*%-'#3&(0(-'! 6,&! *#! /%3(! 6$3&3',(**(;! /%,6! <(/&3(S! /%,6!
/36,#*36(&!6%,6!*#!9%&0(!<=,-!/%U#1(,&!0%-'#-'!<#-6!,-!'&#3-!<%-'!*#!<(6'3-#'3%-!(6'!4(**(!<(!/%'&(!4A%35D!

!
!01234'#5625748'$9'-24'%;')<124<' >' ,54415'>'
R3;!$(-<#-'!*(!/%U#1(;!/%,6!6#,'(S!$#&!*#!9(-J'&(!(-!#$(&4(/#-'!<(6!/#**.(6!/(&<%U#-'(6!%,! <(6!/3**(6!
9#643-#-'(6!$#&!'%,'(6!*(6!6%&'(6!<(!$*#363&6!8,=(**(6!%99&(-';!('!#**(S!/%,6!$&%0(-(&!6,&!<(6!#,'%&%,'(6!('!
<(6! 4A(03-6! <(! '&#/(&6(! 8,3! /%,6! .*%31-(-'! <,! /%U#1(! 8,(! /%,6! #/3(S! 3-3'3#*(0(-'! (-'&($&36;! 3*! /%,6!
6(0>*(&#!'&W6!<399343*(!<(!&($&(-<&(!/%'&(!/%U#1(D!m*!/%,6!9#,<&#!'%,'!<=#>%&<!$#66(&!$#&!*#!$,&3934#'3%-!<(6!
.-(&13(6! <(! 4%-643(-4(! 3-9.&3(,&(6! 8,(! /%,6! #/(S! #>6%&>.(6! $(-<#-'! /%6! (64#$#<(6! /(&6! <=#,'&(6!
<%0#3-(6! <=3-'.&J'D! I(*#! $(,'! /%,6! $&(-<&(! >(#,4%,$! <(! '(0$6! ('! 3*! /%,6! 9#,<&#3'! $#66(&! $#&! <(!
-%,/(**(6! (5$.&3(-4(6! <%,*%,&(,6(6! $%,&! J'&(! (-! 0(6,&(! <(! $#66(&! 7! -%,/(#,! $#&! *#! $,&3934#'3%-!
-.4(66#3&(! <(! /%'&(! 4%-643(-4(D! ?-! '%,'! 4(! 8,(! /%,6! 9#3'(6! <#-6! *#! /3(;! 6%3'! /%,6! #/#-4(S!
6$3&3',(**(0(-';! 6%3'! /%,6! (-'&(S! <#-6! <(6! <%0#3-(6! <(! 4%-643(-4(! -.9#6'(6! 7! /%'&(! 8,J'(! ('! #,! >,'! 7!
*%-1! '(&0(! <(! /%'&(! /%U#1(! /(&6! <(6! -3/(#,5! 6,$.&3(,&6! <(! 4%-643(-4(! 6$3&3',(**(D! `%,6! -=.4A#$$(&(S!
F#0#36!#,5!$&%4(66,6!<(!*#!4%-643(-4(!-3!7!*=#4'3%-!3-(5%&#>*(!<(6! "B,*!>#!-G0Q,*$#DA#D!`%,6!-(!$%,/(S!
$#6!0(''&(!/%'&(!/3(!(-'&(!$#&(-'AW6(6!*(!'(0$6!<(!9#3&(!,-!<.'%,&!$%,&!/%,6!#0,6(&!,-!$(,!(-!$(-6#-'!
8,(!4(*#!-=#,&#!$#6!<=30$%&'#-4(!$,368,(!$(&6%--(!-(!*(!6#,&#D!^,%3!8,(!/%,6!9#663(S;!3*!6=#13'!<=,-!#4'(!
(-!4%-643(-4(!('!8,%3!8,(!4(!6%3'!2!9#/%&#>*(!7!/%'&(!>3(-)J'&(!%,!4%-'&#3&(!7!/%'&(!>3(-!6,$&J0(!2!4(*#!
#,&#!<(6!&.$(&4,663%-6!<(!0J0(!-#',&(D!
V%,';! <#-6! /%'&(! /3(;! (6'! &(*3.! 7! 8,(*8,(! #,'&(! #4'3/3'.! <(! *#! 4%-643(-4(D! a3(-! -=(6'! 36%*.! <,! &(6'(D! "(6!
A%00(6!$(-6(-'!8,(!4(!8,=3*6!9%-'!#,F%,&<=A,3!/#!<#-6!,-!'3&%3&D!m*6! $(-6(-'!8,(!K!<(0#3-!L!<(/3(-<&#!
A3(&!('!6(&#!<,!$#66.;!8,3!-=#,&#!#,4,-(!3-9*,(-4(!6,&!K!#,F%,&<=A,3!LD!@#36!0#*A(,&(,6(0(-'!$%,&!(,5;!
3*6! *(! /(&&%-'! 6(! $&.6(-'(&! <#-6! *(,&! (5$.&3(-4(! 4%00(! *(! K!'(0$6! <(! *#! &.4%*'(!L! <#-6! 635! 0%36;! ,-(!
#--.(!%,!0J0(!<35!#-6!2!*%&68,(!*(6!.-(&13(6!<(!*#!4%-643(-4(!#,&%-'!#''3&.!4(!8,=3*!9#,'!$%,&!$&%<,3&(!
*(,&!0#-39(6'#'3%-!/363>*(D!?'!3*6!6(!<(0#-<(&%-'!#*%&6!2!N%,&8,%3!4(*#!0=(6')3*!#&&3/.!X!N%,&8,%3!7!0%3!X!!
!
m*!9#,'!8,(!/%,6!4%0$&(-3(S!8,(!*%&68,(!/%,6!(-'&($&(-(S!,-!/%U#1(!6$3&3',(*;!/%,6!0(''(S!*(!$3(<!6,&!,-!
6(-'3(&! 8,3! .*W/(&#! /%6! /3>&#'3%-6! <(! 4%-643(-4(! 7! <(6! -3/(#,5! 6,$.&3(,&6D! k.1*31(-4(! ('! 3-4%A.&(-4(!
/%,6! 9(&%-'! %643**(&! (-'&(! *(6! -3/(#,5! <(! 9&.8,(-4(6! /3>&#'%3&(6D! I(6! $.&3%<(6! <=3-4%A.&(-4(! 6%-'!
4A#&1.6! <(! <%,*(,&! .0%'3%--(**(D! N(-<#-'! 8,(! /%,6! %643**(S;! *=.*#-! %&313-(*! <=.-(&13(! 6$3&3',(**(! 8,3!
.*(/#3'! #*%&6! /%'&(! /363%-! 6$3&3',(**(! <36$#&#f'! ('! /%,6! 93-3&(S! $#&! /%,6! $*#3-<&(! 8,=3*! /%,6! (6'! <399343*(! <(!
&(/(-3&!7!*#!$&3W&(!('!7!*#!0.<3'#'3%-D!m*!(6'!<399343*(!<(!&.'#>*3&!*(!4%-'#4'!#/(4!*#! 4BD*A,#DA#!R,J,D#!8,(!
/%,6! #/3(S! &.,663! 7! .'#>*3&! #/#-'! <(! 9#3&(! 8,(*8,(! (64#$#<(! #1&.#>*(! 8,3! /%,6! #! 9#3'! #>#366(&! /%6!
9&.8,(-4(6!<(!4%-643(-4(D!h(!4(''(!0#-3W&(;!(-!/%,6!#>#-<%--#-'!7!<(6!30$,*63%-6!3&&.636'3>*(6;!/%,6!
/%,6!&(-<(S!*#!/3(!<399343*(;!/%,6!0#&4A(S!6,&!,-!6(-'3(&!$*,6!&%4#3**(,5D!
?-! 0J0(! '(0$6;! *(6! &.9*(5(6! 8,3! A#>3'(-'! /%'&(! 4%-643(-4(! 3-<38,(-'! 8,(! 4(&'#3-6! <%0#3-(6! <(! /%'&(!
4%-643(-4(!A,0#3-(!%-'!>(6%3-!<=J'&(!&#993-.6D!I(6!&.9*(5(6!<(/3(--(-'!*(6!0%U(-6!-.4(66#3&(6!<(!/%,6!
#$$&(-<&(! 8,(*8,(! *(c%-! 30$%&'#-'(D! ?-! /.&3'.;! -,*! -(! $(,'! $#&4%,&3&! *#! /%3(! .'&%3'(! 0(-#-'! #,!
K!a%U#,0(!<(6!I3(,5!L!('!U!&(6'(&!6#-6!<./3(&!%,!6=(-!.4#&'(&!#/#-'!<=#/%3&!(5$.&30(-'.!7!9%-<!*(6!9&,3'6!
<(! 6(6! 30$,*63%-6! 6(4&W'(6D! ?-! (5$.&30(-'#-'! 7! 9%-<! '%,'! 4(! 8,=(**(6! %-'! 7! *(,&! %99&3&;! *(6! A%00(6!
93-366(-'!$#&!4%0$&(-<&(!4*#3&(0(-'!8,=3*!6=#13'!<(!6.<,4'3%-6!9#**#43(,6(6!2!8,3!-(!/#*(-'!$#6!*#!$(3-(!('!
*(6! (99%&'6! 3-%,i6! 8,=3*! 9#,'! $%,&! &(/(-3&! 6,&! *(! 6(-'3(&! 6$3&3',(*D! I(! -=(6'! 8,(! *%&68,(! *=%-! #! 4.<.! #,5!
30$,*63%-6! $&%9%-<.0(-'! (-&#43-.(6! ('! 8,(! *(6! &.6,*'#'6! (-! %-'! .'.! 30$&30.6! <#-6! *#! 4%-643(-4(! 8,(!
*=%-! $(,'! 4A%363&! 0(-'#*(0(-'! %,! .0%'3%--(**(0(-'! <(! /3/&(! <.*3>.&.0(-'! 7! ,-! -3/(#,! 6$3&3',(*! $*,6!

!
!01234'#5625748'$9'-24'%;')<124<' C' ,54415'>'
.*(/.D!"%&68,(!4(''(!<.4363%-!93-#*(!(6'!$&36(!<(!0#-3W&(!$%63'3/(!('!<.4363/(;!4(6!30$,*63%-6!6%-'!#*%&6!
(99#4.(6!<(!*#!4%-643(-4(D!
@#36!F(!<%36!/%,6!<3&(!8,(!*%&68,(!/%,6!9#3'(6!/&#30(-'!*(!4A%35!<(!/3/&(!/%'&(!/3(!7!,-!-3/(#,!6$3&3',(*!
6,$.&3(,&;! /%,6! -=J'(6! $#6! 9%&4.0(-'! #&&3/.! #,! >%,'! <(! /%6! $&%>*W0(6D! h#-6! *=31-%&#-4(! <(! 4(!8,3! (6'!
&.(*! ('! 9#**#43(,5! <#-6! *#! 6$3&3',#*3'.! 6,$.&3(,&(;! /%,6! $%,&&3(S! /%,6! '&%,/(&! #''3&.! $#&! <3/(&6! 4,*'(6! 8,3!
/%,6!4%-<,3&%-'!<#-6!,-!-%,/(#,!<.6(&'!6#-6!93-D!
!
6B,1! -#! 4;%,*$1! F(! /3(-6;! $#&! *=3-'(&0.<3#3&(! <(! 4(6! "#$$%#*1! /%,6! 0%-'&(&! 4%00(-'! 4A%363&! *(6! >,'6!
6,$&J0(6!<(!/%'&(!(536'(-4(!A,0#3-(!('!*#!J%(,#!>#*$,D($,BD!H,D(-#!<(!/%'&(!/%U#1(!K!(-!'&#3-!LD!
h#-6! /%'&(! 8,J'(! 6$3&3',(**(;! /%,6! J'(6! 4%00(! 4(*,3! 7! 8,3! *=%-! $&.6(-'(! <(! -%0>&(,5! 4#'#*%1,(6! <(!
/%U#1(6!0#1-3938,(0(-'!4%*%&.6!<.4&3/#-'!*(6!$*#363&6!('!*(!*,5(! <(!<3/(&6! *3(,5! <(!/#4#-4(6!(5%'38,(6!
%Z!/%,6!$%,&&(S!/%,6!&(*#5(&!('!&.4,$.&(&!/%6!9%&4(6D!E-!0#f'&(!6$3&3',(*!/%,6!9#3'!03&%3'(&!*(6!#/#-'#1(6!
<=,-!/%U#1(!4%-<,36#-'!7!,-!>,'!6$.43938,(!2!*#!&.6%*,'3%-!<(!4(&'#3-6!$&%>*W0(6!0(-'#,5!g!.0%'3%--(*6!
);!'#-<36!8,=,-!#,'&(!/%,6!$&.6(-'(!,-!#,'&(!>,'!('!,-(!#,'&(!/%3(!7!6,3/&(D!IA#4,-!<(!4(6!0#f'&(6!/%,6!
$&%$%6(!<(!6%,*#1(&!<=,-(!0#-3W&(!%,!<=,-(!#,'&(!8,(*8,(!6%&'(!<(!$&%>*W0(!('!<(!6%,99&#-4(!A,0#3-(!
8,=3*! #! *,3)0J0(! /.4,(! ('! /#3-4,(! <#-6! *(! $#66.D! o3-#*(0(-';! 4A#4,-! <=(,5! #! '&%,/.! *(! 6%,*#1(0(-'!
<=,-(!0#-3W&(!8,3!*,3!(6'!$&%$&(D!/-!#*$!;B%*!>#!>B+$#!F+G,-*!BD$!$B+*!+D!C#**(?#!J(-(L-#!>#!F+#-F+#!
*B%$#!K!$%(D*C#$$%#!(+Q!?#D*!F+,!*BD$!>I*B%,#D$I*!=(%!-#*!=%BL-YC#*!>#!-(!J,#!#$!D#!*(J#D$!=(*!>#!
F+#-!A`$I!*#!$B+%D#%!=B+%!$%B+J#%!>#!-G(,>#!#$!>+!%IABDHB%$!>(D*!-#+%!#Q,*$#DA#!>,HH,A,-#&!
6(,*! X#! J,#D*! K! JB+*! >+! =B*$#! >GBL*#%J($,BD! *+=%WC#! >#! -G#Q,*$#DA#! *=,%,$+#--#! +D,J#%*#--#1! =(%!
-G,D$#%CI>,(,%#! >G+D! #*=%,$! *B,?D#+*#C#D$! =+%,H,I1! ,C=%I?DI! >#! J,#! *=,%,$+#--#! #$! >I>,I! K! *(!
C,**,BD1!=B+%!(==B%$#%!A#!C#**(?#!(+Q!?#D*!F+,!*BD$!=%W$*!K!-#!%#A#JB,%&!
)#! J,#D*! JB+*! CBD$%#%1! K! JB+*! F+,! W$#*! J%(,C#D$! >(D*! -#! *#A%#$! -#! =-+*! =%BHBD>! >#! JB$%#!
,D>,J,>+(-,$IE!F+,!#$!A#!F+#!JB+*!=B+J#N!>#J#D,%&!
0$! $B+$! (+**,! ,C=B%$(D$1! X#! J,#D*! JB+*! CBD$%#%! ,43* ;%U4"3! =(%! -#*F+#-*! -#! =(**(?#! >#! -(!
ABD*A,#DA#!;+C(,D#!(+Q!>BC(,D#*!*+=I%,#+%*!>#!-(!ABD*A,#DA#!*=,%,$+#--#!=#+$!*G#HH#A$+#%&!
"%&68,(!F=.'#36!6,&!V(&&(;!F(!<36#36!+!! !K!Y(!6,36!*#!`.&3'.!L!
"(!IA(03-!
?'!*#!`3(!
Y(!-GI$(,*!2!('!F(!*(!*+,*D!
h#-6!4(6!"#$$%#*;!F(!/%,6!#$$%&'(!*#!! `.&3'.D!
Y(!/%,6!0%-'&(!*(!! ! ! ! IA(03-!
N%,&!%>'(-3&!*#!! ! ! `3(!P>%-<#-'(D!
!
P/%3&!>(6%3-!<=,-!#1(-'!6,$$*.0(-'#3&(!4%00(!K!>.8,3**(!L!6$3&3',(**(! #99#3>*3'!*=j0(;!('!<%-4;!0J0(!*(!
9#3'!<(!<.$(-<&(!<(!0%3!<%3'!J'&(!&(4%--,!4%00(!,-(!0(6,&(!'(0$%&#3&(D!I=(6'!*#!&#36%-!$%,&!*#8,(**(!F(!
9#36!'%,6!*(6!(99%&'6!$%663>*(6;!$#&!*=3-'(&0.<3#3&(!<(!0#!$%&'()$#&%*(;!$%,&!/%,6!$(&0(''&(!<(!&.#*36(&!8,(!
/%'&(!/.&3'#>*(!6%,'3(-;!/%'&(!$&3-43$#*!.*.0(-'!<(!>#6(! ('! /%'&( !<!8S9240!R0!./0!03!RGa320!@!6%-'!
'3&.6!<3&(4'(0(-'!<(!*#!<30(-63%-!'%,'()$,366#-'(!<( !-(!4BD*A,#DA#!9D,J#%*#--#!#D!IF+,-,L%#&!
!

!
!01234'#5625748'$9'-24'%;')<124<' D' ,54415'>'
Y(! 6,36! /(-,! 7! `pER! 2! /%,6! 8,3! *36(S! 4(''( ! "#$$%#1! $%,&! `pER! #3<(&! 7! <.4%,/&3&! +D#! ./0! =-+*!
(LBD>(D$#!('!4(!8,(!F=#$$(*#36;!*%&68,(!F=.'#36!6,&!V(&&(; !-#!2BO(+C#!>#*!4,#+Q&!
^,(! 631-393#3'! 4(''(! <.4*#&#'3%-! (-! '(&0(6! A,0#3-6!X! ^,(! /%,*#36)F(! <3&(! (-! $#&*#-'! <( ! <!.,#! =-+*!
(LBD>(D$#!@!b!
m*!0=(6'!$*,6!9#43*(!<(!/%,6!<.4&3&(!0#!$(-6.(!(-!GQQB!8,=3*!-(!*=.'#3'!<(!*=(5$*38,(&!4*#3&(0(-'!#,5!1(-6!
(-!*=#-!B;!0#36!F(!6#36!8,(!$%,&!>(#,4%,$!<(!1(-6!<%-'!*(6!$(&4($'3%-6!6$3&3',(**(6!-(!6%-'!$#6!(-4%&(!
%,/(&'(6;!4(!8,(!F(!/#36!<3&(!6(0>*(&#!9#-'#6'38,(D!
I=(6'!$%,&8,%3!2!#93-!<(!/%,6!#3<(&!7!4%0$&(-<&(!2!F(!<%36!/%,6!&#$$(*(&!('!/%,6!<(0#-<(&!<=(-!$&(-<&(!
'%,'!7!9#3'!4%-643(-4(!!)!8,(!/%,6!-=J'(6!$#6!<(6!4%&$6!$%66.<#-'!,-(!4%-643(-4(!2!/%,6!J'(6!+!
!<!"(! 4BD*A,#DA#! R,J,D#!@! ,D>,J,>+(-,*I#! #D! <!W$%#*! >#! ABD*A,#DA#!@! *I=(%I*! #$! %#D>+*! J,*,L-#*!
*+%!JB$%#!3#%%#!=(%!-#!CBO#D!>#!=(%$,A+-#*!I-#A$%,F+#*!($$,%I#*!#$!%(**#CL-I#*! #D!I-IC#D$*1! (H,D!
>#!JB+*!>BDD#%!JB$%#!HB%C#!J,J(D$#!J,*,L-#!ABDHB%CIC#D$!K!+D!CB>Y-#!=;O*,F+#!HBD>(C#D$(-&!@!!
!
N%,&!4%0$&(-<&(!*#! .I%,$I!>#!-G0Q,*$#DA#!('!*(6!%&313-(6!<(!/%'&(!K!$AU634#*3'.!L;!3*!/%,6!9#,'!9#3&(!<(6!
(99%&'6! 8,%'3<3(-6! $%,&! /%,6! <.>#&&#66(&! <(! *#! $(&4($'3%-! '(&&(6'&(! ('! A,0#3-(!*303'.(! 6(*%-! *#8,(**(!*(!
4%&$6! &(c%3'! 6%-! K!(536'(-4(!L;! (6'! 4%-c,! ('! 6(! <./(*%$$(! (-'3W&(0(-'! 2!('! 6(,*(0(-'! 2! 6(*%-! <(6! *%36!
$AU638,(6!g!643(-'3938,(6!300,#>*(6D!
!
P!*#!$*#4(!<(!/%6!#-43(--(6!4&%U#-4(6!A,0#3-(6!*303'.(6;!3*!9#,'!8,(!/%,6!9#663(S!<(6!(99%&'6!8,%'3<3(-6!
$%,&!<./(*%$$(&!,-(!4%-643(-4(!4*#3&(!('!9%&'(!8,(!/%'&(!K!&.#*3'.!$(&6%--(**(!L!)!/%'&(!j0(!2!(6'!'3&.(!
<3&(4'(0(-'!<(!*#!a.#*3'.!<,!V%,'!2!"P!RpEaI?!h?!"=lVa?D!
`%'&(!4%&$6!$AU638,(;!*,3!#,663;!'3&(!*#!`3(!<(!*#!a.#*3'.!<,!V%,'!#,!0%0(-'!<(!*#!4%-4($'3%-;!0#36!3*!(6'!
#,663!3-9*,(-4.!$#&!*(!$*#-!3-3'3#*!<(!K!9&.8,(-4(6!/3>&#'%3&(6!<(!4%-643(-4(!L!<(!4(,5!8,3!*=%-'!4%-c,D!m*!
(6'! <(! $*,6! (-! $*,6! 4%0$&30.! ('! (-4#$6,*.;! #,! 9,&! ('! 7! 0(6,&(! 8,(! $#66(-'! *(6! #--.(6;! $#&! *(6!
30$,*63%-6! 0#1-.'38,(6! .0%'3%--(**(6! K!<=#''&#4'3%-)&(F('!L! 8,3! 4%-'&[*(-'! *#! 4%-643(-4(! A,0#3-(D!
^,=(-'(-<6)F(!$#&!*7!X!
I(! 8,(! F(! /#36! /%,6! <3&(! #! <(6! 30$*34#'3%-6! .-%&0(6! 6,&! *=#/(-3&! <(! *=A,0#-3'.! 2! 4q(6')7)<3&(;! 63! 4(,5!
<=(-'&(! /%,6! 8,3! (-! 6%-'! 4#$#>*(6! 9%-'! '%,6! *(6! (99%&'6! $%663>*(6! $%,&! *(! 4%0$&(-<&(D! ?-! 9#3';! *#! 9#c%-!
<%-'!/%,6!(-/36#1(S!4(6!"(''&(6!/#!<.'(&03-(&!*(!4%,&6!<(!/%'&(!/3(!9,',&(D!?**(6!/%,6!9(&%-'!4%0$&(-<&(!
*#! <399.&(-4(! (-'&(! *(! 9#3'! <(! &(6'(&! >*%8,.! <#-6! /%6! $#&#0W'&(6! #4',(*6! <(! 9&.8,(-4(6! /3>&#'%3&(6! <(!
4%-643(-4(!('!4(*,3!<=#44.<(&!$&%1&(663/(0(-'!7!<(6!-3/(#,5!6,$.&3(,&6!<(!4%-643(-4(!('!$&%<,3&(!<(6!
(-9#-'6!8,3!>.-.9343(&%-'!<(!*#!036(!(-!$&#'38,(!<(!*#!4%--#366#-4(!8,(!F(!/#36!/%,6!<%--(&D!
"B%*F+#! XGI$(,*! *+%! 3#%%#1! XG(,! H(,$! >#! C(D,Y%#! %I=I$I#! -(! >IA-(%($,BD! *+,J(D$#1! *(D*! F+G#--#! *B,$!
X(C(,*!ABC=%,*#!c!
<!4#!F+,!#*$!DI!>#!-(!A;(,%!#*$!A;(,%!M!#$!A#!F+,!#*$!DI!>#!-G#*=%,$!#*$!#*=%,$&!@!
)#!JB+-(,*!>,%#!=(%!-K!F+#!A#%$(,D#*!=#%*BDD#*!BD$!+D#!A(=(A,$I!*=,%,$+#--#!D($+%#--#!>#!%#J#D,%!K!-(!
H%IF+#DA#!B%,?,D#--#!>#!ABD*A,#DA#!*=,%,$+#--#!ICB$,BDD#--#! &-"3*,-H'4,,4*),3*%"#*J#J*(%"V'3!M!#$!
=#+J#D$1!=-+*!$(%>1!%#D(d$%#!M!Ae#*$[K[>,%#!(**+C#%!+D#!DB+J#--#!ABD*A,#DA#!*=,%,$+#--#!C#D$(-#!>#!
-(!CWC#!H%IF+#DA#!J,L%($B,%#!*=,%,$+#--#!F+#!-(!ABDA#=$,BD1!=B+%!#D*+,$#! K)K$41!JK%,'4$*4#*#$-K-),,4$*
+*>-$#)$*&4*(4,,4Q()<!

!
!01234'#5625748'$9'-24'%;')<124<' EF' ,54415'>'
.-* 5$JH'4"(4* %$)8)"4,,4* &4* (%"3()4"(4* 3>)$)#'4,,4QJ;%#)%""4,,4* &4* ,-* (%"(4>#)%"* &4K)4"&$-* ,-*
>,-#45%$;4*+*>-$#)$*&4*,-H'4,,4*3I4554(#'4$-*,4*>-$(%'$3*3>)$)#'4,*&4*,I4"5-"#<*
4#+Q!F+,!BD$!I$I!ABDf+*!+D,F+#C#D$!=(%!<!>I*,%!A;(%D#-!*#D*+#-!@!$%B+J#D$!>,HH,A,-#!>#!=#%A#JB,%!
+D#!F+#-ABDF+#!<!JI%,$I!@!(+[>#-K!>#!-GIJ,>#DA#!>#!-#+%!B+]#1!-#+%!J+#1!-#+%!$B+A;#%!#$!-#+%!B>B%($&!
8,! JB+*! >B+$#N! >#! A#! F+,! =%IAY>#1! (%%W$#N[JB+*! #$! %IH-IA;,**#N! (+! =%,DA,=#! ,CC+(L-#! >#!
-G#Q,*$#DA#!c!
3S930!420U3/S7!#*$!4S784/0740!%#D>+#!J,*,L-#&!
3B+$#!A;B*#!J,J(D$#!D#!=#D*#!#$!DG(?,$!F+#!*#-BD!-#!D,J#(+!>#!ABD*A,#DA#!*=,%,$+#--#!B+!I?B]F+#!
>(D*!-#F+#-!#--#!%I*,>#&!
P/#-'! 8,(! *#! 4%-4($'3%-! -=#3'! *3(,;! *(! 6$(&0#'%S%i<(! (6'! 30$&.1-.! <(! *#! 4%-643(-4(! '%'#*(! <,! 0j*(;! *(!
9,',&!$W&(;!('!*=%/,*(!(6'!30$&.1-.!<(!*#!4%-643(-4(!'%'#*(!<(!*#!9(0(**(!2!*#!9,',&(!0W&(D!
N(-<#-'!*(! &#$$%&'! 6(5,(*;! <(6! 4A#-1(0(-'6! 6(! $&%<,36(-'! <#-6! *#! 4%-643(-4(!0(-'#*(! g! .0%'3%--(**(!
<(! *=A%00(! ('! <(! *#! 9(00(D! m*! 6(! $(,'! 8,=3*6! &(66(-'(-'! ,-! #0%,&! $*,6! $&%9%-<;! <(! *#! '(-<&(66(! ('! *(!
>(6%3-!<=(5$&30(&!*(,&!<.63&!<(!&#$$&%4A(0(-'!('!<=A#&0%-3(!<(!*=(6$&3'!2!4=(6'!*7!,-(!,-3%-!6$3&3',(**(!g!
$AU638,(! /.&3'#>*(D! P,'&(0(-';! *%&68,(! *(,&! <.63&! <=,-3%-! 0,',(*! 6(! '&#-69%&0(! (-! ,-! <.63&! <(! $*,6! (-!
$*,6! $,366#-'! <=#,'%6#'369#4'3%-! 2! 4(*#! <(/3(-'! ,-(! #4'3/3'.! <(! *=(1%! 2! 8,3! -(! &.4%*'(! 8,(! <(6! &.#4'3%-6!
.1%i8,(6D! I($(-<#-';! 8,(*! 8,(! 6%3'! *=.'#'! <(! 4%-643(-4(! <(6! $#&'343$#-'6! <#-6! *=#4'(! <=,-3%-;! *(,&!
4%-643(-4(! <,! <.63&! <=#''(3-<&(! *=%&1#60(! 93-#*! $%,66(! ('! 9%&4(! *(6! %&1#-(6! $AU638,(6! 7! >%,1(&! 7! ,-!
&U'A0(! $&%<,36#-'! <(! *=.-(&13(! $AU638,(! g! $6U4A38,(! 8,3! 0%-'(! $&%1&(663/(0(-'! F,68,=#,! 4(&/(#,! (-!
4&.#-'!,-!.*#-!<(!$*,6!(-!$*,6!9%&'!<=.-(&13(!/3>&#'%3&(!$%,&!#''(3-<&(!,-!6%00('!(-'&(!<.*3&(!('!<.*34(6;!
.4*#'#-'!<#-6!,-(!>&W/(!(5$*%63%-!(5'#'38,(!<=#44%0$*366(0(-'!1*%&3(,5;!#$&W6!8,%3!/3(-'!*(!&(*j4A(0(-'!
('!,-(!&(<(64(-'(!$&%1&(663/(!7!*#!4%-643(-4(!A,0#3-(D!
P,! 0%0(-'! (5#4'! <,! <.*3&(! g! $*#363&;! *#! 4%-643(-4(! A,0#3-(! 6=.*W/(! F,68,=7! '%,4A(&! *#! gB%A#! >#! .,#!
R,J,D#! 8,3! (-9*#00(! *(! 6$(&0#'%S%i<(! 4A(S! *=A%00(! ('! *=%/,*(! 4A(S! *#! 9(00(D! "#! 4%-4($'3%-! $(,'!
-=#/%3&!$#6!*3(,;!('!6$(&0#'%S%i<(6!('!%/,*(!&('%,&-(-'!#*%&6!7!*#!4%-643(-4(!$AU638,(!-%&0#*(D!
^,#-<!,-(!4%-4($'3%-!#!*3(,;!*(!6$(&0#'%S%i<(!$.-W'&(!<#-6!*=%/,*(!('!3*6!6=,-366(-'!<#-6!*(6!/3>&#'3%-6!
6,$&J0(6!<(!*#!.,#!R,J,D#;!(-!,-(!9,63%-!6$3&3',(**(!('!$AU638,(D!?-!,-3'.!<(!4%-643(-4(;!3*6!0%-'(-'!(,5!
#,663! <#-6!*(,&!$&%$&(!0%0(-'!<=.8,3*3>&(! ('!<(!F%3(!$%,&!<(/(-3&! ,-;!<#-6!*#! .,#!R,J,D#!0J0(;!#,663!
>3(-!8,(!<#-6!*#!4%-643(-4(!A,0#3-(!$W&(!g!0W&(D!
I(! 0%0(-'! W*&I'")%"* &4* (%"3()4"(4*X! #! *3(,! <#-6! *#! <30(-63%-! 6,$&J0(! <(! *#! 4BD*A,#DA#! >#! .,#!
R,J,D#! ('! (6'! ,-!0%0(-'! <=(5,*'#'3%-! ('! <(!F%3(!3-30#13-#>*(6;! 4#&!*(6! <(,5! .*.0(-'6! <,!0j*(! ('!<(! *#!
9(0(**(! 6%-'! 7! -%,/(#,! 4%-F%3-'6;! ,-36! ('! 0.*#-1.6! <#-6! *=.8,3*3>&(! $%,&! <(/(-3&! ,-! ('! $&%<,3&(! ,-!
(-9#-'D!I(!0%0(-'!<=,-3%-!(6'!*#!&(4%-6'3','3%-!<,!&('%,&!<=,-(!$(&6%--(!7!*=(5'#6(!1*%&3(,6(!('!3-(99#>*(!
<(!*#!4BD*A,#DA#!R,J,D#!>#!-G0F+,-,L%#!9D,J#%*#-&!
"B%*F+#! -#! %(==B%$! *#Q+#-! #*$! *+*A,$I! =(%! -G(CB+%! =+%! #$! *,DAY%#! #D$%#! -G;BCC#! #$! -(! H#CC#1! -(!
ABD*A,#DA#! ;+C(,D#! +D,#! CBD$#1! =#D>(D$! -#! %(==B%$1! K! >#*! D,J#(+Q! >#! =-+*! #D! =-+*! I-#JI*! >#!
<!H%IF+#DA#*! J,L%($B,%#*! >#! ABD*A,#DA#!@! X+*F+GK! A#! F+G#--#! *B,$! *(,*,#! >(D*! -#*! H%IF+#DA#*!
J,L%($B,%#*! >#! -(! 4BD*A,#DA#! >G/D$#--,?#DA#! _! UCB+%! R,J,D&! 9D! $#-! #DH(D$! ABDf+! >(D*! >#! $#--#*!
A,%ABD*$(DA#*1!#*$!DI!>#!-G#*=%,$&!
"(6!#0#-'6!6#/(-'!8,#-<!3*6!#30(-'!/&#30(-'!('!3*6!6(!&#$$&%4A(-'!*=,-!<(!*=#,'&(!#/(4!,-(!'(-<&(66(!('!
,-! #0%,&! $,&6! $#&4(! 8,=,-! '(*! &#$$%&'! 6(5,(*! (6'! ,-! 0%0(-'! <=,-3%-! <(! *=(6$&3';! <(6! .0%'3%-6! ('! <,!

!
!01234'#5625748'$9'-24'%;')<124<' EE' ,54415'>'
4%&$6;!('!$(&636'(!(-4%&(!#$&W6!<#-6!*(,&!4%-643(-4(;!&(-<#-'!<399343*(!*(,&!.*%31-(0(-'!0,',(*D!m*6!6%-'!
4%-643(-'6! <=,-(! >(#,'.! '&#-64(-<#-'(;! <=,-! &(-%,/(**(0(-'! <=#0%,&! .0%'3%--(*! $*,'['! 8,(! <(! *#!
6#'3.'.;! ('! <=,-(! A#&0%-3(! 8,3! (-1*%>(! '%,'(6! 4A%6(6D! I(6! A%00(6! ('! 9(00(6! 6%-'! ,-36! $#&! *#!
4BD*A,#DA#!R,J,D#&!
!
@#*A(,&(,6(0(-';! *(,&! 4S784/0740[0hSiV90! $(&6%--(**(! $(,'! 93-#*(0(-'! 1j'(&! *=#0%,&! 8,=3*6!
&(66(-'#3(-'! *=,-! $%,&! *=#,'&(! ('! 1&#<,(**(0(-'! *(! &(0$*#4(&! (-! 1&#-<(! $#&'3(;! *(6! *#366#-'! 6.$#&.6! ('!
6(,*6;! '&36'(6! ('! .0%'3%--(**(0(-'! g! $AU638,(0(-'! #99#3>*36;! 6(! <(0#-<#-'! 4%00(-'! ,-! .'#'! <=#0%,&!
#,663!>(#,!('!(5#*'.!#!$,!<.1.-.&(&!('!0%,&3&D!
!
I(6!"(''&(6!$(,/(-'!J'&(!*(!0%U(-!$#&!*(8,(*!3*6!$(,/(-'!/#3-4&(!*(,&6!$,*63%-6!.1%i8,(6!('!&(<.4%,/&3&!
*(,&! #0%,&! $#66.! 7! ,-! -3/(#,! (-4%&(! $*,6! .*(/.! ('! $*,6! 6$3&3',(*!+! #,8,(*! 4#6;! *=A%00(! ('! *#! 9(00(!
6(&%-'! $*,6! ,-36! 8,=3*6! -(! *=%-'! F#0#36! .'.D! I(*#! $(,';! %,! -%-;! *(6! &.,-3&! <#-6! ,-(! -%,/(**(! #''3&#-4(!
6(5,(**(!'&#-64(-<#-'!'%,'!*(! &(6'(!6(*%-!*(,&!.'#'!<(!4%-643(-4(!2!63!4(*,3)43!#!*,3)0J0(!'&#-64(-<.!*(!
<.63&!<(!9,63%-!<(6!4%&$6D!
"=,-3%-! $AU638,(! (-'&($&36(! #/(4! '%,'(! #,'&(! .0%'3%-! 4%-<,3'! 7! ,-(! 63',#'3%-! <(! K!4A#3&! $.-.'&#-'! *#!
4A#3&!L! ('! -=(6'! &3(-! <=#,'&(! 8,(!*(!9#3'! <(! <%--(&! ('! <(! &(4(/%3&! <(6!9&.8,(-4(6! /3>&#'%3&(6! '(&&(6'&(6! 2!
9&.8,(00(-'!-.1#'3/(6!2!8,3!$&%<,36(-'!,-(!$&%1.-3',&(!<=(6$&3'!6303*#3&(!7!,-(!'(**(!,-3%-D!@J0(!63!,-!
(-9#-'!-=(6'!$#6!4%-c,;!,-!'(*!&#$$%&'!6(5,(*!(6'!$&.F,<343#>*(!#,5!<(,5!$#&'(-#3&(6!$,368,=3*!U!#!.4A#-1(!
('! #>6%&$'3%-! 0,',(*6! <=.-(&13(! <(! 4%-643(-4(! <#-6! *(! 4%&$6! 8,3;! 63! 4(**()43! (6'! -.1#'3/(;! A%6'3*(! %,!
4&3'38,(;! $(,'! 4#,6(&! <(6! <%00#1(6! &.43$&%8,(6D! a#$$(*(S)/%,6! 8,(! *=.-(&13(! <(! *#! 4%-643(-4(! 6(!
4%0$%6(!>#!-GI-#A$%BC(?DI$,*C#!>#!-G/D$#--,?#DA#[TY%#!#$!>#!-GUCB+%[6Y%#&!
"GID#%?,#! IA;(D?I#! #D$%#! =(%$#D(,%#*! *#Q+#-*! #*$! >#! -(! CWC#! ID#%?,#! >BD$! *BD$! HB%CI*! -#*!
A;(C=*!C#D$(+Q!_!I-#A$%,F+#*!#$!ICB$,BDD#-*!_!C(?DI$,F+#*!>+!AB%=*&!3B+$!#*$!ABD*A,#DA#&!T(%!
ABD*IF+#D$1!-B%*F+#!*GIA;(D?#D$!#$!*G(L*B%L#D$!-#*!ID#%?,#*!>#!ABD*A,#DA#!ABD$#D+#*!>(D*!-#*!
H-+,>#*! >+! AB%=*! (,D*,! F+#! -#*! ($$,$+>#*! #$! =#D*I#*! C#D$(-#*! _! ICB$,BDD#--#*1! A;(A+D! >#! JB+*!
(HH#A$#!-GI$($!=;O*,F+#!C#D$(-!_!ICB$,BDD#-!>#!*BD!=(%$#D(,%#&!
"#!%(==B%$!*#Q+#-1!=B+%!W$%#!*(-+$(,%#!#$!J,J,H,(D$1!D#!>#J%(,$!W$%#!#D$%#=%,*!F+#!>(D*!-#!A(>%#!>G+D!
(CB+%!J%(,1!*,DAY%#1!B^!-#!L,#D!>#!-GW$%#!(,CI!#*$!=-+*!,C=B%$(D$!F+#!-#!L,#D!>#!A#-+,!F+,!(,C#&!!
!
/-! D#! >#J%(,$! X(C(,*! W$%#! +$,-,*I! >(D*! -#! L+$! >#! ?+I%,%! >#*! >,**#D*,BD*! B+! >#*! L-#**+%#*!
ICB$,BDD#--#*&!
"(!&#$$%&'!6(5,(*!$(,'!J'&(!,-!#4'(!F%U(,5!(-'&($&36!#$&W6!,-(!<399.&(-4(!<=%$3-3%-6!('!<(!*#!4%*W&(;!*7!%Z!
3*!U!#!(,!$#&<%-!63-4W&(!('!#D$,Y%#!&(6'#,&#'3%-!2!('!&(-%,/(**(0(-'!2!0,',(*6!('!&.43$&%8,(6!<(!*=#0%,&;!
0#36!F#0#36!$%,&!4%,/&3&!,-(!%99(-6(!('!%>'(-3&!,-!9#,5!6(-6!<(!&.4($'3/3'.!.0%'3%--(**(!<,!$#&'(-#3&(D!
E-!'(*!&#$$%&'!<%--(&#!6#-6!<%,'(!#,5!#0#-'6!,-!6(-'30(-'!'(0$%&#3&(!<(!>3(-)J'&(!('!<(!>3(-/(3**#-4(!
$#66#1W&(;! $,368,(! *(,&6! .-(&13(6! <(! 4%-643(-4(! 6(! 6(&%-'! .*(/.(6! <#-6! <(6! 9&.8,(-4(6! /3>&#'%3&(6!
$*,6! A#,'(6;! 0#36! 3*! -(! 6=#13&#! 8,(! <=,-! 8S9"Uh06073! 306TS2U/20! R0! "092! 4S784/0740!
T028S770""0&!
"%&68,(! *(6! $#&'(-#3&(6! 6=,-366(-'! (-! 1#&<#-'! (-4%&(! ,-! &(66(-'30(-'! 4#4A.! %,! <(6! $(-6.(6! 4&3'38,(6!
<(!<.-31&(0(-'!(-/(&6!*=#,'&(;!4(6! HB%C#*!>#!ABD*A,#DA#!-.1#'3/(6!6(!'&#-60(''(-'!<#-6!*(6!4A#0$6!

!
!01234'#5625748'$9'-24'%;')<124<' E=' ,54415'>'
.*(4'&%0#1-.'38,(6! <,! $#&'(-#3&(! ('! 4&.(-'! (-! *,3! ,-! 6(-'30(-'! <(! 0#*#36(! 3-'.&3(,&! <%-'! 3*! -=(6'! $#6!
'%'#*(0(-'!4%-643(-'D!m*!-=(-!&(6'(!$#6!0%3-6!8,(!*#!&(*#'3%-!6=.&%<(!$&%1&(663/(0(-'!6#-6!8,=#,4,-!<(6!
$#&'(-#3&(6! 6%3'! $#&9#3'(0(-'! 4%-643(-'! <(! 4(! 8,3! 6(! $#66(D! 4G#*$! -(! %(,*BD! =B+%! -(F+#--#! -G($$,%(DA#!
=;O*,F+#! #D$%#! -#*! =(%$#D(,%#*! *GICB+**#! #$! C#+%$&! 0--#! #*$! >I$%+,$#! =(%! >#*! =#D*I#*! #$! >#*!
*#D$,C#D$*! A%,$,F+#*! DI?($,H*! A(A;I*! F+,1! =#$,$! K! =#$,$1! -#*! (HH#A$#D$! $B+*! >#+Q! =%BHBD>IC#D$1! K!
A;(F+#!D,J#(+!>#!-#+%!W$%#&!
V#-<36! 8,(! &(<(64(-<(-'! *(,&6! 9&.8,(-4(6! /3>&#'%3&(6;! 3*6! 6(! 6(-'(-'! &(/(-3&! <#-6! *(6! $(-6.(6! ('!
6(-'30(-'6!8,3!*(6!#/#3(-'!$&.4.<(00(-'!4%-<,3'6!7!6(!<36$,'(&!('!$#&!4%-6.8,(-';!*(6!$&%>*W0(6!/%-'!
6(!&.$.'(&!F%,&!#$&W6!F%,&D!^,#-<!%-!,'3*36(!*(!6(5(!4%00(!,-(!$#-#4.(!2!3*!<(/3(-'!,-(!9&,6'&#'3%-!('!*#!
<.63**,63%-!6=3-6'#**(;!4%-<,36#-'!7!,-(!$(&'(!<(!&(6$(4'!('!<=#0%,&!&.43$&%8,(D!
m*! (6'! <%-4! (66(-'3(*! 8,(! *(6! 1(-6! &.#*36(-'! 8,(! *(6! <36$,'(6! ('! *(6! 8,(&(**(6! -#366(-'! <(6! $,*63%-6!
4#4A.(6!<(!*(,&!$&%$&(!4%-643(-4(!.1%i8,(;!*(68,(**(6!$&(--(-'!*(!4%-'&[*(!<(!*(,&6!6(-'30(-'6!<=#0%,&!
2! ('! 4(6! $,*63%-6! .1%i8,(6! <(/&%-'! 6(! 6%31-(&! #/#-'! 8,(! *(6! 4%,$*(6! $,366(-'! #''(3-<&(! ,-! -%,/(#,!
-3/(#,!<(!4%0$&.A(-63%-!0,',(**(;!<(!4%-63<.&#'3%-!('!<=#0%,&!4%-6'#-'6!('!&.43$&%8,(6D!
?'! -%-! 6(,*(0(-'! 4(*#;! 0#36! *=.'#'! <(! 4%-643(-4(! <(6! $#&'(-#3&(6! 93-3'! $#&! #99(4'(&! *(,&! (-/3&%--(0(-';!
*(,&6!4%-<3'3%-6!<(!/3(!('!*(!6,44W6!%,!*=.4A(4!<(!*(,&!/3(!8,%'3<3(--(D!m*!#99(4'(!.1#*(0(-'!*(6!(-9#-'6!(-!
4&.#-';!6%3'!,-(!9#03**(!<(! 4%%$.&#'3%-!0,',(**(!('!<(6!64A.0#6!0(-'#,5!g!.0%'3%--(*6!6#3-6;!6%3'!,-(!
9#03**(! <U69%-4'3%--(**(! <#-6! *#8,(**(! #,4,-! <(6! 0(0>&(6! -=#! *#! /&#3(! 6U0$#'A3(! %,! *=#44($'#'3%-! <(6!
#,'&(6D!
SD! =B+%%(,$!>,%#!F+#! -#*! ABD>,$,BD*!>#! %I+**,$#!B+! >#!>O*HBDA$,BDD#C#D$!>#! -(! H(C,--#! D(,**#D$!
+D,F+#C#D$! >+! A(%(A$Y%#! ,DDI! >#! *#*! C#CL%#*! #$! >#! -(! C(D,Y%#! >BD$! ,-*! *#! ABC=B%$#D$!
F+B$,>,#DD#C#D$! >(D*! -#+%*! %`-#*! %#*=#A$,H*&! /-! #*$! =(%H(,$#C#D$! J%(,! F+#! -(! J,#! >#! H(C,--#! #*$! -#!
=%B>+,$!>#*! A(%(A$Y%#*! #$! >#*! ABC=B%$#C#D$*1! C(,*! X#! JB+>%(,*! F+#! JB+*! ABD*,>I%,#N! -(! H(C,--#!
>O*HBDA$,BDD#--#!F+,!IA-($#1!-#!=(%$#D(%,($!#$!-(!AB;(L,$($,BD!*#Q+#--#!F+,!*G(%%W$#D$1!-#*!=(%#D$*!F+,!
*#!*I=(%#D$!M!#$!*#!%#ABD*$%+,*#D$!+D#!$B+$#!DB+J#--#!J,#!=(%A#!F+G,-*!BD$!%I+**,!K!*#!>I?(?#%!>#!
-(! ABD*A,#DA#! C(-*(,D#! B+! A%,$,F+#! F+G,-*! (L*B%L(,#D$! =#D>(D$! -G(A$#! *#Q+#-&! 8G,-! #*$! (**#N! HB%$!
=B+%! -#! H(,%#1! A;(F+#! =(%$#D(,%#! *#! >IAB+J%#! +D! <!DB+J#(+! CB,!@1! ABD*$%+,$! +D! DB+J#-!
#DJ,%BDD#C#D$!#$!%#$%B+J#!-#!*+AAY*&!!
4#=#D>(D$1!-#*!=(%$#D(,%#*!F+,!J,J#D$!+D!JI%,$(L-#!(CB+%!%IA,=%BF+#1!#D!$#D(D$!ABC=$#!#D*#CL-#!
>#! -#+%*! >I*,%*! C+$+#-*1! >BDD(D$! #$! %#A#J(D$! >#! C(D,Y%#! IF+,-,L%I#1! BHH%(D$! -#+%! *B+$,#D!
ICB$,BDD#-! -B%*F+G,-! #*$! DIA#**(,%#! B+! +D! (J,*! (HH#A$+#+Q! j#$! DBD! +D! ABD*#,-k! -B%*F+G,-! -#+%! #*$!
>#C(D>I1! $%B+J#%BD$! F+#! -(! H(C,--#! #*$! *B+>I#! =(%! -G(L*B%=$,BD! %IA,=%BF+#! >#*! ID#%?,#*! >#!
ABD*A,#DA#!>OD(C,F+#*&!
P!*#!*,03W&(!<(6!$#&#1&#$A(6!$&.4.<(-'6;!%-!$(,'!0#3-'(-#-'!4%0$&(-<&(!8,=3*!-(!<(/&#3'!F#0#36!U!#/%3&!
,-! 6(-'30(-'! <(! 1&3(9;! <=A%6'3*3'.! 4#4A.(;! <(! 0.$&36! %,! <(! <.-31&(0(-'! #/#-'! *=#4'(! 6(5,(*D! V%,'!
6(-'30(-'!<(!4(!1(-&(!<%3'!J'&(!4%0$*W'(0(-'!&.6%*,!#/#-'!8,(!&($&(--(!*#!6(5,#*3'.D!h#-6!,-(!&(*#'3%-!
%Z! *#! <364,663%-! ('! *#! *3>(&'.! <(! $#&%*(! 6%-'! 4%-63<.&.(6! 4%00(! -%&0#*(6;! 4A#8,(! $#&'(-#3&(! <(/&#3'!
&.636'(&!7!*=#4'(!<=#0%,&!6(5,(*!'#-'!8,(!-=(6'!$#6!&(4%-6'3',.!,-!#0%,&!0,',(*!$,366#-'!('!&.#4'39!('!8,(!
*#!4%-643(-4(!<(6!<(,5!$#&'(-#3&(6!-=(6'!$#6!<#-6!,-! I$($!>#!=+%!IF+,-,L%#D!
0D!A#!F+,!ABDA#%D#!-#!J,B-!M!,-!*G(?,$!-K!>#!-G(A$#!-#!=-+*!B>,#+Q!J,*[K[J,*!>G(+$%+,!#$!,-!*G($$,%#%(!*BD!
X+*$#! %#$B+%! K! +D! CBC#D$! B+! +D! (+$%#! >(D*! -#! H+$+%&! /-! =%BAY>#! >G+D#! ABD*A,#DA#! I?B]F+#!

!
!01234'#5625748'$9'-24'%;')<124<' E?' ,54415'>'
=(%$,A+-,Y%#C#D$! AB%%BC=+#! #$! (-$I%I#&! "#*! H%IF+#DA#*! J,L%($B,%#*! >#! ABD*A,#DA#! >#! $#--#*!
=#%*BDD#*!*BD$!*,!L(**#*!#$!=#*(D$#*!F+G#--#*!*BD$!(+$B>#*$%+A$,J#*&!
Y#<36;! %-! 6(&0%--#3'! ('! %-! (-6(31-#3'! 4%-'3-,(**(0(-'! *(6! 1(-6D! h#-6! *(6! $#U6! %443<(-'#,5;! *(6! h35!
I%00#-<(0(-'6!.'#3(-'!F,6'(0(-'!$&.6(-'.6!4%00(!.'#-'!*(6!/&#36!9%-<(0(-'6!<=,-(!4,*',&(!43/3*36.(!
('! A,0#-36.(;! 8,3! (-6(31-#3(-'! *(! 4%-'&[*(! <(! 6%3! ('! .'#3(-'! 9#43*(0(-'! #44($'#>*(6! $%,&! '%,'(6! *(6!
&(*313%-6!<,!0%-<(D!
P,F%,&<=A,3;!#/(4!*(!&(-9%&4(0(-'!<(!*#!4%-643(-4(!.1%i8,(!<,(!7!*=3-9*,(-4(!<(!*=3-<,6'&3(!<,!6$(4'#4*(!
('!<(6!0.<3#6;!4(!6%-'!*(6!<.63&6!.1%i8,(6!8,3!6%-'!#,5!4%00#-<(6D!
m*!9#,'!#,663!8,(!/%,6!4%0$&(-3(S!2!('!#44($'3(S!2!8,(!*(6!.-(&13(6!<(!*#!4%-643(-4(!6%-'!<(6! ID#%?,#*!
#,663!&.(**(6!('!#4'3/(6!8,(!*(6!.-(&13(6!<(!*#!4A#*(,&!('!<,!6%-D!V%,'!4%00(!*(6!%-<(6!6%-%&(6!$(,/(-'!
$.-.'&(&!4(&'#3-(6!6,>6'#-4(6;!*(6!.-(&13(6!<(!*#!4%-643(-4(!<=,-(!$(&6%--(! )"54(#4"#B*#4,*'"*K)$'3;!*(6!
.-(&13(6! <(! 4%-643(-4(! <=,-! #,'&(! (6$&3'! <(! *(,&6! $&%$&(6! '(-<#-4(6! >&,'#*(6D! I(6! .-(&13(6! -(! 6%-'!
$(,')J'&(! $#6! (5$&30.(6! (5#4'(0(-'! <(! *#! 0J0(! 0#-3W&(! 8,(! *(! /3%*(,&;! 0#36! 6%U(S! #66,&.! 8,(! *(6!
.-(&13(6! <(! 4%-643(-4(! '&#-6036(6! 30$*#-'(-'! /&#30(-'! ,-(! -%,/(**(! 3<.(! %,! ,-! -%,/(#,! 6(-'30(-'!
<#-6!,-!J'&(!3--%4(-'D!`%6!643(-'3938,(6!-(!6%-'!$#6!$&J'6!7!4&%3&(!(-!*#!'.*.$#'A3(;!0#36!*#!'.*.$#'A3(!(6'!
,-(!&.#*3'.!<(!*#!/3(;!>3(-!8,=,-(!#4'3/3'.!4%-643(-'(!%>',6(!$,366(!J'&(!'(**(0(-'!4(-'&.(!6,&!(**()0J0(!
8,=(**(!-(!&(4%--#f'!$#6!8,(!<(!-%,/(**(6!30$,*63%-6!6%-'!-.(6!<#-6!*=(6$&3'!<(!8,(*8,=,-!<=#,'&(D!
Y(!-=(-!<3&#3!$#6!$*,6!6,&!4(!6,F(';!6#,9!<=#/(&'3&!4(,5!8,3!%44,$(-'!<(6!$%63'3%-6!<=#,'%&3'.!<#-6!*=.1*36(;!
<#-6! *#! *%3! %,! <#-6! *(! 1%,/(&-(0(-';! 8,3! 0#-8,(-'! 7! *(,&6! &(6$%-6#>3*3'.6! (-/(&6! *(6! 1(-6! (-! 4(''(!
$.&3%<(! 4&3'38,(D! m*6! 93-3&%-'! $#&! $(&4(/%3&! *=.-%&03'.! <(! *(,&! 0#-8,(! <(! 4%0$%&'(0(-'! 0%&#*! $(-<#-'!
8,=3*6!(5(&c#3(-'!*(,&6!'j4A(6!'(&&(6'&(6D!m*6!6(-'3&%-'!&('%0>(&!6,&!*(,&!$&%$&(!/3(!*=(0$&(3-'(!<(6!/3(6!<(!
4(,5!8,3!%-'!.'.!*.6.6!('!<.'&,3'6!7!4#,6(!<(!*(,&!-.1*31(-4(!0%&#*(D!VpEV?!#4'3%-!#!6(6!&.$(&4,663%-6!
6303*#3&(6D!!
!
T#+$[W$%#! %I(-,*#N[JB+*! C(,D$#D(D$! =B+%F+B,! -(! $#D>(DA#! *#Q+#--#! (A$+#--#! >+! CBD>#! A(+*#! -#*!
*,$+($,BD*!-#*!=-+*!>I*(*$%#+*#*!>(D*!-#!CBD>#!#D$,#%&!
!
TB+%!F+#! JB+*! ABC=%#D,#N! =(%H(,$#C#D$! A#! >BD$! X#! =(%-#1! XG(,C#%(,*! F+#! JB+*! JB+*! #HHB%A,#N! >#!
./89U"/802!l!>#!20U"/802!F+#!-(!7($+%#!>#!-(!R,J,D#!4BD*A,#DA#!>#!-G0F+,-,L%#!9D,J#%*#-!#*$!
+D#! T+,**(DA#! ,DH,D,#1! =+,*F+#! -GIF+,-,L%#[;(%CBD,#! D(d$! >#! -(! ABD$%(,D$#! I?(-#! #D$%#! -#*!
,C=+-*,BD*!+D,J#%*#--#*!c!
! 0#64,*3-(!('!9.03-3-(!
! ! <(!*=3-'(**31(-4(!('!<(!*=#0%,&!
! ! ! <(!*#!/%*%-'.!<=(5$.&30(-'(&!('!<(!*#!/%*%-'.!<(!&(6'(&!4%-6(-'#-'!
! ! ! ! <,!<.63&!<=J'&(!#4'39!('!<,!<.63&!<(!&('(-3&!('!<(!0#3-'(-3&!*(!6'#',!8,%!
! ! ! ! ! #93-!<=.'#>*3&!<(6!*3(-6!('!<(!*#!6'#>3*3'.D!
I(6!30$,*63%-6!T2/6/3/.08!>#!-Ga$%#;!4%00(!F(!*=#3!(5$*38,.!<#-6!*#!"#$$%#!m;!6%-'!*#!<!%I(-,$I!@!8,3!
<%--(!/3(;!9%&0(;!6'&,4',&(!('!(536'(-4(!7!'%,'(6!4A%6(6!/363>*(6D!
4#$$#!>,C#D*,BD!#*$!+D!I$($!>#!L#(+$I1!>#!XB,#1!>G;(%CBD,#1!>#!%(J,**#C#D$!#Q$($,F+#1!>#!
%IJI%#DA#1!>G,D$#--,?#DA#1!>G(CB+%&!4G#*$!#Q(A$#C#D$!A#!F+#!=#+$!>ICBD$%#%!-(!3#%%#!M!C(,*!K!+D#!
IA;#--#!F+,!>I=(**#!JB$%#!ABDA#=$,BD!-(!=-+*!#Q$%WC#&!

!
!01234'#5625748'$9'-24'%;')<124<' E@' ,54415'>'
?66#U(S!<(!9#3&(!(-'&(&!<#-6!/%'&(!4%-643(-4(!*#! *,?D,H,A($,BD!<(6!<(,5!$#&#1&#$A(6!$&.4.<(-'6D!"(!9#3'!
<(! 4%0$&(-<&(! ('! <=(-! 9#3&(! *#! *,?D,H,A($,BD! '%,'! 7! 9#3'! /['&(;! 4A#-1(&#! '%,'(! /%'&(! 9#c%-! <(! /%3&! /%6!
%&313-(6!h3/3-(6!('!<(!*=(536'(-4(!(**()0J0(D!h#-6!*(6!$#&#1&#$A(6!<3&(4'(0(-'!43)<(66,6;!F(!/%,6!<.4&36!
2! -(! D($+%#! #$! -G#**#DA#! >#! -(! ./0! 2! 8,3! (-'&(! (-! #4'3%-! <#-6! *(! 6$(&0#'%S%i<(! ('! *=%/,*(! *%&68,=3*6!
6=,-366(-'!$%,&!<%--(&!9%&0(!7!,-!(-9#-'D!
.B,-K! JB$%#! JI%,$I1! JB$%#! %I(-,$I1! JB$%#! ZC#1! JB$%#! =*OA;I1! JB$%#! I$($! >GW$%#! -#! =-+*! =%BHBD>&!
/D*$,DA$,J#C#D$1! JB+*! #D! W$#*! ABD*A,#D$&! "#! LILI! #*$! -(! =#%*BDD,H,A($,BD! >#! -(! XB,#&! "(! XB,#! F+G,-!
#Q=%,C#!=#D>(D$!F+G,-!>IJ#-B==#!*(!ABD*A,#DA#!>#!*#*!%#-($,BD*!#$!>#!*BD!#DJ,%BDD#C#D$1!*+%?,$!
>#!-(!*B+%A#!=%BHBD>#!>#!-(!./0!R,J,D#!V+,!-G(!H(,$!*#!>IJ#-B==#%!A#--+-#!=(%!A#--+-#1!ABDHB%CIC#D$!
(+Q!,D*$%+A$,BD*!?IDI$,F+#*1!X+*F+GK!*(!HB%C#!=%I*#D$#&!!
!
^,(**(! (6'! *#! <399.&(-4(! (-'&(! *=j0(! ('! *#! $6U4A.!X! Y(! /#36! 0#3-'(-#-'! (5$*38,(&! *#! <399.&(-4(! 8,(! /%6!
$6U4A%*%1,(6! A,0#3-6! /%-'! $(,')J'&(! 4%-'(6'(&;! 0#36! 8,3! -=(-! (6'! $#6! 0%3-6! *#! /.&3'.D! "=j0(! (6'! *#!
K!o*#00(! h3/3-(!L! )! ,-(! 0.'#$A%&(! ,'3*36.(! $%,&! <.4&3&(! -G#**#DA#! >#! -(! .,#! R,J,D#! 2! 8,3! (6'! #''3&.(!
<#-6!*=J'&(!3-<3/3<,(*!#,!0%0(-'!<(!*#!4%-4($'3%-D!"#! gS240!R0!./0!$&(-<!,-(!9%&0(!$(&6%--(**(!('!
*3>W&(!*=.-(&13(!<(!K!9%&4(!.*(4'&38,(!<=#4'3/3'.L!#3-63!8,(!*(6!30$,*63%-6!0#1-.'38,(6!K!<=#''&#4'3%-)&(F('!L!
$%,&!6=(-1#1(&!<#-6!*#!'j4A(!4%0$*(5(!<(!4%-6'&,4'3%-!<,!4%&$6D!
h(!*#!6%&'(;!/%,6!#/(S;!<#-6!*(!-%U#,!<(!/%'&(!J'&(;!
JB$%#!ZC#!M!"(!2I(-,$I!R,J,D#!
4(**()43!(6'! /D$#--,?#DA#!R,J,D#!_!UCB+%!R,J,D!
F+,!#*$!-(!=+,**(D$#!/C=+-*,BD!R,J,D#!>#!A%I#%1!A%Bd$%#1!DB+%%,%1!I>+F+#%1!?+I%,%1!=%B$I?#%1!ABCL-#%!
-#*!L#*B,D*1!>(D*!+D!*O*$YC#!>#!-B,!#$!>GB%>%#!=(%H(,$*&!
`%3*7!*#!2I(-,$I!8,=(6'!/%'&(!ZC#D!
U,D*,1! -B%*F+#! JB+*! (+%#N! C(d$%,*I! -#*! ,C=+-*,BD*! >#! JB$%#! #?B! #$! ,DJ,$I! -GnC#! K! >BC,D#%! JB*!
=#D*I#*!#$!JB*!*#D$,C#D$*1!JB+*!*#%#N!=B+**I!K!#Q=%,C#%!$B+$#*!-#*!/C=+-*,BD*!R,J,D#*!>IA%,$#*!
A,[>#**+*&!.B+*! *#%#N!=B**I>I!>+!>I*,%!>#!=%BCB+JB,%! '")H'4;4"#! -#!L,#D! *+=%WC#!>#! $B+$! A#!
F+,! J,$! #$! >#! -G+D,J#%*! -+,[CWC#&! .B+*! *#%#N! >#J#D+! +D! JI%,$(L-#! C#**(?#%! >#! -(! 4BD*A,#DA#!
R,J,D#1!#Q=%,C(D$!$B+$#*!8#*!F+(-,$I*!>Ga$%#&!
!
Y,68,=7!4(!0%0(-'!<(!&.,-3934#'3%-!<(!*=j0(!('!<(!*#! 4BD*A,#DA#!R,J,D#;!*#!$6U4A.!%44,$(!*(6!&(4%3-6!
*(6!$*,6!&(4,*.6!<(!/%'&(!ABD*A,#DA#!;+C(,D#!('!'3&(!6#!4%-643(-4(!<(!/%'&(!j0(D!I=(6'!*=3-6'3-4'!4#4A.!
(-!/%,6!8,3!6#3'!<36'3-1,(&!*(!>3(-!<,!0#*D!
!
"G#?B1!*,3!#,663;!(6'!9%&0.!#,!0%0(-'!<(!*#!4%-4($'3%-D!
N(-<#-'! 8,(! *(! >.>.! 6(! <./(*%$$(;! *=(1%! 4%00(-4(! 7! 6(! 9#3&(! 6(-'3&D! I=(6'! *#! 9%-<#'3%-! <(! /%'&(!
$(&6%--#*3'.!A,0#3-(!8,3!/%,6!<%--(!*=3-<3/3<,#*3'.D! 4G#*$!-GID#%?,#!>#!JB$%#!ABD*A,#DA#!;+C(,D#&!
?**(!/%,6!&(-<!,-38,(!('!<36'3-4'!<(!'%,'!#,'&(!J'&(D!
N%,&!$&.6(&/(&!/%'&(!3-<3/3<,#*3'.;!*=(1%!<%3'!/%,6!$&%'.1(&!<(6!#''#8,(6!(5'.&3(,&(6!<(!'%,'!1(-&(!('!/%,6!
<%--(&!4(!<%-'!/%,6!#/(S!>(6%3-!$%,&!$&%6$.&(&;!/%,6!.$#-%,3&;!4&%f'&(!('!J'&(!A(,&(,5D!

!
!01234'#5625748'$9'-24'%;')<124<' EA' ,54415'>'
I(43! (6'! h3/3-(0(-'! <.4&.'.! ('! -(! <%3'! $#6! J'&(! '&#3'.! #/(4! 0.$&36D! "=(1%! 4%-6'3',(! ,-! -%U#,! K!<(!
$&(03W&(! 30$%&'#-4(!L! ('! '&W6! -.4(66#3&(! <(! 4%-643(-4(! <(! 4&.#'3%-;! <(! <./(*%$$(0(-'! ('! <(!
4&%366#-4(D!
!
"=(1%! (6'! (54*,63/(0(-'! 1%,/(&-.! $#&! *(!4%,&#-'! .*(4'&38,(! <(!*#! 4%-643(-4(! <=#4'3/3'.! 2!*=30$,*63%-! <(!
K!0%,/(0(-'!$(&$.',(*!L!#$$#&(-'(!(-! $B+$#*!4A%6(6!/3/#-'(6;!0J0(!<#-6!!*(6!$*#-'(6!8,3!6(!'%,&-(-'!
('! (5$%6(-'! *(,&! 9(,3**#1(! #,! 6%*(3*! $%,&! *(! 4#$'(&! <(! *#! 0(3**(,&(! 0#-3W&(! $%663>*(D! I=(6'! *7! ,-!
0%,/(0(-'!4%-c,!<#-6!*(!4A#0$!.*(4'&38,(!<(!K!0%,/(0(-'!$(&$.',(*!L!('!<#-6!*(!4A#0$!.0%'3%--(*!
K!<=#''&#4'3%-)<.63&!L! <#-6! *#! 4%-643(-4(! <(! *#! $*#-'(! #93-! <(! *,3! $(&0(''&(! <(! 4&%f'&(! ('! <(! F%,3&! <(! *#!
4A#*(,&! <,! 6%*(3*D! "=(1%! <(! '%,'(! 4A%6(! /3/#-'(! (6'! *(! 63W1(! <(! *#! 6(,*(! K!4%-643(-4(! '(&&(6'&(!LD! m*! -(!
&(66(0>*(! (-! #,4,-(! 0#-3W&(! -3! (-! 9%&0(! -3! (-! 6'&,4',&(! 7! *#! a.#*3'.! h3/3-(! 8,3! 4%-6'3',(! *=j0(D! "#!
$,*63%-!.1%i8,(;!*#!$,*63%-!8,3!4A(&4A(!(54*,63/(0(-'!7!%>'(-3&!4(!8,=(**(!/(,'!$%,&!*(!>%-A(,&!<(!*=(-'3'.!
3-<3/3<,(**(! ('! *#! $&%'.1(&! <(6! #''#8,(6! #93-! <=#66,&(&! 6#! 6,&/3(;! ('! 8,3! $3.'3-(&#! <=#,'&(6! (-'3'.6! %,!
(6$W4(6!$%,&!#''(3-<&(!6%-!>,';!#$$#&'3(-'!,-38,(0(-'!7!*#!<30(-63%-!'(&&(6'&(D!I(''(!9%&4(!.1%i8,(!(6'!
#4'3/(!(-!'%,'(!4A%6(!/3/#-'(;!<(!*#!$*,6!03-,64,*(!#03>(!#,!&%3!*(!$*,6!$,366#-'D!
"(!T+-*,BD!0?B]F+#!$%,&&#3'!6=#$$(*(&!*(!N&%'(4'(,&!('!*(!h34'#'(,&!<(!*=E-3/(&6!/3/#-'D!
4G#*$! *+%! A#! =B,D$! F+#! -(! =-+=(%$! >#*! ?#D*! >#! JB$%#! CBD>#! >G(+XB+%>G;+,! *#! HB+%JB,#D$! #D!
IJBF+(D$! -(! =B**,L,-,$I! >#! -G#Q,*$#DA#! >G+D! <!R,#+!@&! /-*! #Q(C,D#D$! -#*! (A$,J,$I*! >#! >,J#%*#*!
#*=YA#*!C#DI#*!=(%!-#+%!ABD*A,#DA#!#?B]F+#1!-#*!+D#*!*#!DB+%%,**(D$!>#*!(+$%#*!=B+%!*+L*,*$#%1!
#$!A#*!?#D*!>IA,>#D$!F+#!A#$$#!<!*(+J(?#%,#!@!>B,$!W$%#!-GP+J%#!>+!A%I($#+%&!
4BCC#D$!-#!A%I($#+%!=#+$[,-!(-B%*!W$%#!+D!<!R,#+!>GUCB+%!@!b!
4G#*$! -K! -G+D#! >#*! CI=%,*#*! #$! >#*! A%BO(DA#*! F+#! XG(,C#%(,*! A;(**#%&! 6BD! L+$! #*$! F+#! $B+$! -#!
CBD>#!#D!J,#DD#!K!%I(-,*#%!F+#!c!*=,-3/(&6!(-'3(&!#;!<#-6!6%-!-%U#,!<(!>#6(!('!9%-<(0(-'!>#638,(!(-!
'%,'(6! 4A%6(6;! *#! gB%A#! >#! .,#! R,J,D#! 8,3! 3-6$3&(! ('! &(6$3&(! 7! '&#/(&6! '%,'(! *#! 4&.#'3%-D! 0--#! (6'!
-G0F+,-,L%#!4#4A.!0#36!$,366#-'!<,8,(*!'%,'(6!4A%6(6!%-'!'3&.!*(,&!J'&(;!*(,&!9%&0(!('!*(,&!6'&,4',&(D!
0--#! (6'! *=(6$#4(! <(6! K!643(-'3938,(6!L! >(D*! -#F+#-! (6'! 4%-<,3'! *(! K!@%,/(0(-'! ('! *=P''&#4'3%-! <(6!
N#&'34,*(6! ?*(4'&38,(6!LD! 0--#! (6'! *(! K!'(&&#3-! <(! *=(536'(-4(!L! 7! *#! 9%36! 30$.-.'&#>*(! ('! 7! F#0#36!
3-4%--#366#>*(!('!#,663!*#!R%,&4(!4#4A.(!<(!'%,'(!6,>6'#-4(!<(!'%,'(6!4A%6(6!<#-6!*=,-3/(&6D!
!
"G0?B! (6'! /0%'#),!<(! *#!4%I($,J,$I!R,J,D#! $(&0(''#-'! <(! $&%<,3&(!,I)"&)K)&'-,)#J!7! $#&'3&! <(!-G97/30!R0!
8S7!a320!T2ST20&!
!
I(! 8,(! F(! /#36! <3&(! 6(&#! 9%&'(0(-'! 4%-'(6'.! $#&! /%6! 643(-'3938,(6! 2! -.#-0%3-6;! F(! /#36! 0(! &.9.&(&! #,5!
j0(6!<(6!J'&(6!K!'(&&(6'&(6!L!<%-'!*=3-'(**(4'!(6'!6,9936#00(-'!./%*,.!$%,&! (-!<.>#''&(!('!<.43<(&!<=,-(!
*31-(! <(! 4%-<,3'(! ('! 8,3! 2! 0J0(! #/(4! ,-(! 4%0$&.A(-63%-! $#&'3(**(! 2! &.$%-<(-'! 3-',3'3/(0(-'! ('!
3-'(**31(00(-'!7!4(!8,3!6(!$&%<,3'!<#-6!*(,&!(-/3&%--(0(-'D!I(6!(-'3'.6!<(!'%,'(6!*(6!(6$W4(6!*(6!$*,6!
#/#-4.(6! 6%-'! *(6! 1.-3(6! <(! *(,&! &#4(D! k(! F,1(S! $#6! <,! <./(*%$$(0(-'! 3-'.&3(,&! <=#,4,-(! (6$W4(;!
A,0#3-(!%,!#,'&(;!7!*(,&!4%&$6!$AU638,(!(5'.&3(,&D!V%,'(6!4A%6(6!/3/#-'(6!6%-'!3-<3/3<,#*36.(6!7!$#&'3&!
<(!*#!0J0(!.,#!R,J,D#D!
I(&'#3-(6! $6U4A.6! 6%-'! 4#$#>*(6;! 1&j4(! 7! *(,&6! 4A#0$6! 0(-'#,5! g! .0%'3%--(*6! <(! $*,6! (-! $*,6!
6$3&3',#*36.6;! <(! 64&,'(&! 7! '&#/(&6! *#! 4%-643(-4(! .1%i8,(! ('! <=#44%0$*3&! <(6! #4'(6! <(! >%-'.! ('! <(!

!
!01234'#5625748'$9'-24'%;')<124<' EB' ,54415'>'
6%**343',<(! 8,3! -(! $(,/(-'! $&%4.<(&! 8,(! <(6! 30$,*63%-6! <(! *=j0(! '3&.(6! <(! *#! 2I(-,$I! R,J,D#D! I=(6'!
$%,&8,%3! 3*! 9#,'! #44%&<(&! *(! $*,6! 1&#-<! &(6$(4'! ('! *#! $*,6! 1&#-<(! 4%-63<.&#'3%-! 7! '%,'(6! *(6! 4A%6(6!
/3/#-'(6D!
"7!%Z!*=(6$W4(!#!./%*,.!#,!$%3-'!<(!9%&0,*(&!<(6!3<.(6!('!<(6!$(-6.(6!4*#3&(6!('!7!*(6!(5$&30(&!(-!6%-6!
('!(-!0%'6!)!('!%Z!*(!<./(*%$$(0(-'!6$3&3',(*!<(!*#!$6U4A.!&.,663'!7!$.-.'&(&!*#!4%-643(-4(!.1%i8,(!2;!*#!
$6U4A.!4%00(-4(!7!6(!$%6(&!<(6!8,(6'3%-6!+!
K!"#!/3(;!-=(6')4(!8,(!4(*#!X!^,(*!(6'!*(!>,'!<(!-%'&(!/3(!X!L;!('4D!
"%&68,(!4(*#!6(!$&%<,3';!*=j0(!4%00(-4(!7!30$&30(&!*#!$6U4A.!<=,-!>(6%3-!,&1(-'!<(!6(!'%,&-(&!/(&6!6#!
R%,&4(!<=l'&(!8,=(**(!6#3'!3-6'3-4'3/(0(-'!(536'(&!('!J'&(!6#!/&#3(!<(0(,&(!('!6%-!*3(,!<(!&($%6D!"(!<.63&!
4#4A.! 0#36! $(&0#-(-'! <(! *=j0(! <(! 6(! &.,-3&! 7! 6#! R%,&4(! <=l'&(! $(,'! 0#3-'(-#-'! J'&(! &(66(-'3! $#&! *#!
$6U4A.D!
R=3*!(536'(!<(6!$(&6%--(6!8,3!-=#''(31-(-'!F#0#36!4(!<./(*%$$(0(-'!/3'#*!#,!4%,&6!<(!*(,&!/3(;!4=(6'!$#&4(!
8,(! *(,&6! $&%4(66,6! 0(-'#,5! g! .0%'3%--(*6! (1%i8,(6! 6%-'! 63! $,366#00(-'! '%,&-.6! /(&6! *=(5(&434(! <(!
*=3-'(**31(-4(!('!<(!*#!&#36%-!8,(!*%&68,=%-!*(,&!$%6(!<(6!8,(6'3%-6!'(**(6!8,(!+!K!I%00(-'!*#!/3(!#)')(**(!
4%00(-4.!X!h3(,!(536'()')3*!X!I%00(-'!,-!,-3/(&6!#,663!0(&/(3**(,5!#)')3*!.'.!4%-c,!('!4&..!X!L;!*=(1%!<,!
-%-)4A(&4A(,&! ('!0.4&.#-'! -=(6'! 4%-643(-'! 8,(!<(! 6#! $&%$&(! %0-3$%'(-4(! ('!6(!0('! (-! 'J'(! <(!&.9,'(&!
'%,'(!(536'(-4(!<=,-(!<30(-63%-!6,$.&3(,&(!<(!*#8,(**(!*#!'(&&(!#,&#3'!$,!$&(-<&(!9%&0(D!m*!&(-3(!*#!/%35!<(!
*=j0(!&(*#U.(!$#&!*#!$6U4A.!('!7!4A#8,(!#&1,0(-'!6=(-9%-4(!(-4%&(!,-!$(,!$*,6!<#-6!*(6!$(&4($'3%-6!<,!
0%-<(!0#'.&3(*!('!/363>*(!8,3!&($&.6(-'(!6#!6(,*(!6.4,&3'.D!
"=j0(!&(6'(!#*%&6!(0$&36%--.(!<#-6!*(6!4A#f-(6!0(-'#*(6!g!.0%'3%--(**(6;!.*(4'&38,(6!g!0#1-.'38,(6!<(!
*=(1%!('!*=(6$&3'!A,0#3-!&(6'(!4%-/#3-4,!8,(!*=j0(!-=(536'(!$#6!2!8,(!*#!<30(-63%-!'(&&(6'&(!<(!*=(536'(-4(!
('!*#!9%&4(!/3'#*(!$AU638,(!6%-'!*(6!6(,*(6!&.#*3'.6D!
R3!*=(6$&3'!<(!'(**(6!$(&6%--(6!(6'!<.'(&03-.!7!&(F('(&!'%,'!0,&0,&(!3-6$3&.!$#&!*#!$6U4A.!g!*=j0(;!*(!4%&$6!
6%,99&(! <(! 0#*#<3(6! 03-(,&(6;! *(6! &(*#'3%-6! 6(&%-'! '(-<,(6! ('! *#! /3(! 6(&#! (-! 1.-.&#*! 6'&(66#-'(!\! ,-(!
0#*#<3(! $(,'! 6=(-6,3/&(D! I=(6'! <]! #,! 9#3'! 8,=,-(! '(**(! $(&6%--(! -(! $,36(! 8,(! 6,&! *(6! &(66%,&4(6!
<=.-(&13(6!*303'.(6!8,=(**(!'3&(! <(!*#!-%,&&3',&(!8,=(**(!0('!<#-6! 6#!>%,4A(D!I(''(!.-(&13(! $&%4W<(!<=,-!
$&%4(66,6!4A3038,(!('!-%-!<(!*#!R%,&4(!<(!'%,'(!`3(D!
V%,'! (-! '3&#-'! /%'&(! /3(!'%,'! <=#>%&<! <(! *#!a.#*3'.! h3/3-(! 8,3! /%,6! #! <%--.! *=(536'(-4(;! /%,6! '3&(S! #,663!
/%'&(! .-(&13(! $AU638,(! <(! /%'&(! -%,&&3',&(! ('! <(6! $&%4(66,6! <31(6'396! 8,3! 9#>&38,(-'! <(6! (-SU0(6! $%,&!
'&#-69%&0(&!*#!-%,&&3',&(!(-!,-(!9%&0(!,'3*36#>*(!8,3!-%,&&3'!*(6!4(**,*(6!$AU638,(6!<(!'%,'!/%'&(!4%&$6!('!
<(!/%'&(!(6$&3'D!`%3*7!8,(**(!(6'!*#!/3(!<,!4%&$6D!!
n(#,4%,$! <(! 1(-6! /3/(-'! ('! 0(,&(-'! (-! $,36#-'! (54*,63/(0(-'! <#-6! *=.-(&13(! $&%/(-#-'! <(! *(,&6!
$&%4(66,6!$AU638,(6D!
"#! 6%&'(! ('! *#! 8,#-'3'.! <=.-(&13(! $,36.(6! <#-6! *(6! $&%4(66,6! $AU638,(6! 6%-'! 9%&'(0(-'! 3-9*,(-4.(6! $#&!
*(6!4A#0$6!0(-'#,5!g!.*(4'&38,(6!('!.0%'3%--(*6!g!0#1-.'38,(6!<(!*=(-'3'.!/3/#-'(D!
I(6! 4A#0$6! .*(4'&38,(6! ('! 0#1-.'38,(6! 8,3! (-'%,&(-'! '%,'(! 4A%6(! /3/#-'(;! <($,36! *=#03>(! F,68,=7!
*=.*.$A#-'! ('! *=J'&(! A,0#3-;! 6%-'! *(6! &#<3#'3%-6! $(&6%--(**(6! <(! gB%A#! >#! .,#! (-! $&%/(-#-4(! <(! *=j0(;!
4%0>3-.(6! #/(4! *(6! &#<3#'3%-6! <(! K!4%-643(-4()4%--#366#-4(!L! $(&6%--(**(6! <(! *=#4'3/3'.! K!<(!
0%,/(0(-'!$(&$.',(*!L!0(-'#*(!g!.*(4'&38,(!<(!*=(-'3'.!('!<(!6(6!30$,*63%-6!.0%'3%--(**(6!g!0#1-.'38,(6!
K!<=#''&#4'3%-)&.$,*63%-!LD! I(6! 4A#0$6! .*(4'&%0#1-.'38,(6! 6%-'! $&%9%-<.0(-'! #99(4'.6! $#&! '%,'(6! *(6!
$(-6.(6! ('! 6(-'30(-'6! 8,3! '&#/(&6(-'! *=(6$&3'! ('! *(6! .0%'3%-6! <(! *=(-'3'.D! P! *(,&! '%,&;! *(6! K!4A#0$6!L!

!
!01234'#5625748'$9'-24'%;')<124<' E>' ,54415'>'
#99(4'(-'!$&%9%-<.0(-'!*(6!$&%4(66,6!$AU638,(6!<,!4%&$6D!m*6!#0.*3%&(-'!%,!<.'.&3%&(-'!*#!6#-'.!<,!4%&$6!
6(*%-! *=.'#'! <(! 4%-643(-4(! <(! *#! $(&6%--(! 2! 6%3'! (-! A#&0%-3(! #/(4! *(6! &#<3#'3%-6! <(! gB%A#! >#! .,#! <(!
-G/D$#--,?#DA#!_!UCB+%!R,J,D;!6%3'!(-!4%-9*3'!#/(4!(**(6!<,!9#3'!<(!$,*63%-6!.1%i8,(6!.1%i6'(6D!
9D#! #D$,$I! C(-;#+%#+*#! >I=I%,$! #$! C#+%$&! 9D#! #D$,$I! ;#+%#+*#! *GI=(DB+,$&! 4G#*$! -K! +D! H(,$!
HBD>(C#D$(-! >#! -G#Q,*$#DA#&! 0D! >#%D,Y%#! (D(-O*#1! A;(F+#! #D$,$I! J,J(D$#! *#! DB+%%,$! >#! *BD! I$($!
,D$I%,#+%!>#!ABD$#D$#C#D$!B+!>#!H%+*$%($,BD&!
p-! $(,'! 4%-6'#'(&! *#! /.&3'.! <(! 4(''(! <.4*#&#'3%-! <#-6! *(! <./(*%$$(0(-'! $AU638,(! ('! <(! *#! 4%-643(-4(!
<=,-!>.>.D!
E-! (-9#-'! 6#'369#3'! ('! A(,&(,5! 6=.$#-%,3';! &3'! 9#43*(0(-';! (6'! &(0$*3! <(! F%3(D! "(! 4%-'#4'! #/(4! ,-(! 0W&(!
#30#-'(! #44&%f'! *(! >3(-)J'&(! <(! *=(-9#-'D! "(6! &#<3#'3%-6! 6#'369#3'(6! ('! #30#-'(6! <(! *#! 0W&(! /(&6! *=(-9#-'!
-%,&&366(-'!*(6!&#<3#'3%-6!<(!4%-643(-4(!<,!$('3'!('!#,10(-'(-'!7!*(,&!'%,&!*#!9%&4(!<,!$('3'!4%&$6D!
N(-<#-'!8,(!*H(-9#-'!6(!<./(*%$$(;!6#!$(&6%--#*3'.! (-!./%*,'3%-!4%00(-4(!7!K!4%*%&(&!L!*(6!&#<3#'3%-6!
<(!6%-!j0(!<(!9%&4(!<(!4%-643(-4(!*,03-(,6(!%,!6%0>&(;!*#8,(**(;!6%3'!&(-9%&4(!*#!6#-'.!<(!*=(-9#-'!%,!
#,!4%-'&#3&(!*#!&.<,3'D!
E-(! $(&6%--(! <36$%6#-'! <=,-! $6U4A360(! $,366#-'! $(,'! /%3&! *(6! 4A#0$6! .*(4'&%0#1-.'38,(6! 6=#99#3>*3&!
4A(S!,-!3-<3/3<,!%,!,-!#-30#*!<%-'!*(6!4A#0$6!<=.-(&13(!6(!6%-'!&.<,3'6;!>3(-!8,(!<#-6!*(!0J0(!'(0$6;!
-3!*=3-<3/3<,!-3!*=#-30#*!-(!0#-39(6'(-'!<(!0#*#<3(!$AU638,(D!m*!$(,'!6(!$#66(&!,-!F%,&!%,!<(,5!#/#-'!8,(!
*(!4%&$6!*,3)0J0(!4%00(-4(!7!0#-39(6'(&!*#!<303-,'3%-!<(!*=.-(&13(!<(!4%-643(-4(!6%,6!8,(*8,(!9%&0(!
<=.$,36(0(-'!%,!<(!0#*#<3(D!
m*!U!#!6,&!V(&&(!<(6!1(-6!8,3!%-'!<./(*%$$.!<(6!3-6'&,0(-'6!$(&0(''#-'!<=(-&(136'&(&! 4(!$A.-%0W-(!('!
<#-6! *(6! #--.(6! 7! /(-3&;! 4(! 6(&#! ,-(! 0.'A%<(! &(4%--,(! <(! <3#1-%6'34! ('! <(! '&#3'(0(-'! <=#99(4'3%-6!
3003-(-'(6D!?-!%,'&(;!#/(4!*=./%*,'3%-!<(!*#!'(4A-%*%13(!<(!*#!4%--#366#-4(!643(-'3934%)6$3&3',(**(; !-GI$($!
C#D$(-! _! ICB$,BDD#-! #Q(A$! %#*=BD*(L-#! >#! -GI=+,*#C#D$! =;O*,F+#! *#%(! >G(LB%>! %IJI-I! *B+*!
;O=DB*#! #$! #D%#?,*$%I! I-#A$%BD,F+#C#D$! #D! H%IF+#DA#*! >#! J,L%($,BD*! *+%! >#*! IA%(D*&! 4#A,! *#%(!
*+,J,! >G+D#! ,DJ#*$,?($,BD! I-#A$%BD,F+#! >IA%,J(D$! -#*! H%IF+#DA#*! J,L%($B,%#*! >#*! >,J#%*#*! =(%$,#*!
>+! AB%=*! *+%! >#*! IA%(D*! *,C,-(,%#*&! 4#! =%BAI>I! ,C=-,F+#%(! >#*! A;(D?#C#D$*! >#! AB+-#+%*1! A(%!
A;(F+#!*A;IC(!>#!ABD*A,#DA#!*#!C(D,H#*$#!>G(LB%>!(+**,!L,#D!#D!H%IF+#DA#*!J,L%($B,%#*!F+G#D!
AB+-#+%*&! 0D! ABC=(%(D$! -#*! H%IF+#DA#*! J,L%($B,%#*! C#D$(-#*! _! ICB$,BDD#--#*! #$! -#*! H%IF+#DA#*!
J,L%($B,%#*!>#*!=(%$,#*!>+!AB%=*1!BD!=B+%%(!-BA(-,*#%!-GB%?(D#!=%,JI!>GID#%?,#!M!(,D*,!F+#!-(!A(+*#!
C#D$(-#!_!ICB$,BDD#--#&!
"#*! =*OA;,($%#*! D#! HB+,--#%BD$! =-+*! >(D*! -#*! #Q=I%,#DA#*! =(**I#*1! ,DJ#*$,?+(D$1! A-(**,H,(D$1!
=%B>+,*(D$!>#*!%(==B%$*!(+!*+X#$!>#*!B%,?,D#*!B+!>#*!A(+*#*!=%BL(L-#*!>#*!>I*B%>%#*!C#D$(+Q!_!
ICB$,BDD#-*!_!=;O*,F+#*1!=+,*!HB+%D,**(D$!>#*!=%#*A%,=$,BD*!,D$#--#A$+#--#*!=B+%!-#*!ABCL($$%#&!
"(!JI%,$I!*+%!-GI$($!*=,%,$+#-!>#!<!-G;BCC#!,D$I%,#+%!@!*#%(!A-(,%#C#D$!%IJI-I#!#$!%#=%I*#D$#%(!+D#!
L(*#! *o%#! =B+%! -#*! ,D*$%+A$,BD*! *=,%,$+#--#*! #$! -#! $%(J(,-! C#D$(-! >#! CI>,$($,BD! K! H(,%#! =B+%!
=#%C#$$%#!(+!C(-(>#!>#!%#AB+J%#%!-(!*(D$I1!-(!J,$(-,$I1!>#!DB+J#--#*!=#%*=#A$,J#*!#$!>#!DB+J#(+Q!
L+$*!M!(,D*,!F+G+D#!A(=(A,$I!=-+*!?%(D>#!>G(CB+%!,DABD>,$,BDD#-&!!
!
k#',&(**(0(-';! %-! -=,'3*36(&#! $*,6! <(! 0.<34#0(-'6! $%,&! .*(/(&! *(6! &#<3#'3%-6! <(! 4%-643(-4(! <,! $#'3(-';!
$,368,(!4=(6'!*#!<303-,'3%-!<(! .,#!R,J,D#!2!>GID#%?,#!>#!-GZC#;!8,3!(6'!&(6$%-6#>*(!<(!*#!0#*#<3(D!p-!
*,3!(5$*38,(&#!4%00(-'!.*(/(&!<.*3>.&.0(-'!('!6U6'.0#'38,(0(-'!*(6!9&.8,(-4(6!<(!/3>&#'3%-!<(!*#!$#&'3(!

!
!01234'#5625748'$9'-24'%;')<124<' EC' ,54415'>'
<,! 4%&$6! #99(4'.(! ('! 4%00(-'! '&#3'(&! *(6! 43&4%-6'#-4(6! $(&6%--(**(6! #U#-'! 4#,6.! *(! 0#*#36(!
$6U4A%*%138,(!('!*#!<303-,'3%-!<(! -GID#%?,#!>#!-GZC#D!"(!$#'3(-'!6(&#!#,663! #3<.!4%-63<.&#>*(0(-'!$#&!
,-! 3-9*,5! <=.-(&13(! h3/3-(! $#&! *(6! 0#3-6! <(! 4(,5! 8,3! 6%-'! <(! /.&3'#>*(6! 4#-#,5! <(! $,&(! /3(! 6$3&3',(**(D!
P/(4! 4(6! $&%4.<.6! <(! &(/3'#*36#'3%-;! <(! -%,/(**(6! $(&4($'3%-6! ('! *(! 4%-'&[*(! <(6! $,*63%-6! .1%i8,(6;! *#!
4%-<3'3%-!$AU638,(!6=#0.*3%&(&#!&#$3<(0(-';!(-!8,(*8,(6!F%,&6;!63-%-!300.<3#'(0(-'D!
I($(-<#-';!(-!*36#-'!4(6!"#$$%#*;!/%,6!$%,/(S!4%00(-4(&!7!(99(4',(&!/%'&(!$&%$&(!1,.&36%-D!h#-6!/%'&(!
#,'%)'&#3'(0(-';! 4(6! 3-6'&,4'3%-6! 4%-4(&-#-'! *#! 1J-,)#J* E)K)"4* 8,3! <%--(! *=(536'(-4(! 6(&%-'!
$&.$%-<.&#-'(6;! #3-63! 8,(! *#! F,6'(! 0#-3W&(! <(! /%,6! O! 6U-'%-36(&! ('! <=#''3&(&! *#! .,#! R,J,D#! <#-6! *(!
$&%4(66,6!<(!1,.&36%-D!
"%&68,(!/%,6!4%00(-4(S!7!$,36(&!<#-6!*#! .,#!<(!*#!2I(-,$I!R,J,D#!#,!0%U(-!<(!/%'&(!8,J'(!6$3&3',(**(;!
(-! $%6#-'!<(6! 8,(6'3%-6;! (-!0.<3'#-';! (-!*36#-'!('! (-! $&3#-';! /%,6! 4%00(-4(S! 7! ./(3**(&! /%'&(! $6U4A.;!
4*%f'&.(!<#-6!6%-!&J/(!'(&&(6'&(!<(!4%-643(-4(!.1%i8,(!\!/%,6!#''3&(S!<#-6!/%'&(!(6$&3'!('!/%6!.0%'3%-6!*#!
-#',&(! <(! *#! 2I(-,$I!R,J,D#! 0--#[CWC#D! V%,'! 4(! 8,3! '&#/(&6(! /%'&(! (6$&3'! ('! /%6! .0%'3%-6! 6(! '&#-60('!
#,5! 4A#0$6! 0#1-.'38,(6! 8,3! /%,6! (-'%,&(-'D! I(,5)43! 4%-'&3>,(-'! 7! /%'&(! 9%&4(D! "%&68,(! /%6! 4A#0$6!
0#1-.'38,(6! 6%-'! .-(&1.'36.6! $#&! *#! $,366#-4(! 8,(! /%,6! '3&(S! <(! *#! 2I(-,$I! R,J,D#;! *#! $,366#-4(! 6(!
&('&#-60('! #*%&6! <#-6! /%'&(! 4%&$6! $AU638,(! (-! #66#3-366#-'! 4A#4,-! <(! /%6! %&1#-(6! ('! (-! <3663$#-'!
$&%1&(663/(0(-'! '%,'(! <U69%-4'3%-D! m*! (6'! /3'#*! 8,(! /%,6! /%,6! &#$$(*3(S! 4(6! $&%4(66,6! <,! 4A#0$!
.*(4'&%0#1-.'38,(! $#&4(! 8,(! *(,&! 4%--#366#-4(! /%,6! 3-6$3&(&#! (-! 0J0(! '(0$6! 8,=(**(! /%,6!
(-4%,&#1(&#!7!0.<3'(&!('!7!/%,6!0(''&(!8,%'3<3(--(0(-'!(-!6U-'%-3(!#/(4!*#! 2I(-,$I!R,J,D#D!
R3! /%'&(!&(4A(&4A(! ('! /%'&(!0.<3'#'3%-! 63-4W&(6!6(!9%4#*36(-'! >3(-! 6,&!*#! .02/30!>#!-Gp320! ('! -%-! 6,&!
8,(*8,(! 9%&0(! <(! 4&%U#-4(! &(*313(,6(! '(&&(6'&(! %,! 6,&! ,-(! K!6$3&3',#*3'.!L! 9#,66(! ('! 6,$(&9343(**(;! %,!
(-4%&(!6,&!8,(*8,(!%>F('!0#'.&3(*!<%-'!/%,6!4&%U(S!8,=3*!$%66W<(!<(6!K!$%,/%3&6!L;!/%,6!#**(S!<.4%,/&3&!
8,(;!$('3'!7!$('3';!/%'&(!$&%$&(!-#',&(!6(!'&#-69%&0(!('!8,(!/%,6!4%00(-4(S!7!$&(-<&(!4%-643(-4(!<(6!
#,'&(6!('!<(!*(,&6!>(6%3-6!4%00(!/%,6!-(!*=#/(S!F#0#36!9#3'D!`%'&(!(0$#'A3(;!/%'&(!4%0$&.A(-63%-;!/%'&(!
6%**343',<(;!/%'&(! 4%0$#663%-!('!/%'&(!<%,4(,&!#,10(-'(-'D!?-!9#3';!*(6!8,#*3'.6!<=j0(! <(!*#! .,#!R,J,D#!
4%00(-4(-'! 0#3-'(-#-'! 7! 4%-'&[*(&! /%6! 30$,*63%-6! -#',&(**(6! .1%i8,(6! <(! 6#'369#4'3%-! ('! <=#,'%)
<.9(-6(D!
!
Y=#30(&#36!/%,6!#/(&'3&!8,(!/%,6!#44.<(S!0#3-'(-#-'!7!,-(!$.&3%<(!-%,/(**(!('!<399343*(;!,-(!.$%8,(!<(!
4%-9*3'! (-'&(! *#! $,*63%-! .1%i8,(! 8,3! 3-636'(! A#>3',(**(0(-'! $%,&! #44%0$*3&! 4(! 8,=(**(! K!/(,'!L;! $(,')J'&(!
#,5! <.$(-6! <(! 8,(*8,=,-! <=#,'&(;! ('! *=j0()$6U4A.! 8,3! 4%00(-4(! 7! $&(-<&(! 4%-643(-4(! 8,(! K!*=#0%,&!
(6'! *#! *%3!L! ('! 8,(! *(6! <&%3'6! <(6! #,'&(6! <%3/(-'! 6=.8,3*3>&(&! #/(4! 4(,5! <,! 0%3;! <(! *=(1%D! "#! $6U4A.!
#>6%&>#-'!<(!$*,6!(-!$*,6! >GZC#!M!>#!2I(-,$I!R,J,D#!M!<#-6!6#!4%-643(-4(;!*#!/3(3**(!$,*63%-!.1%i8,(!
4%00(-4(!7!&(*j4A(&!6%-!.'&(3-'(!('!*(!4%-9*3'!3-'.&3(,&!8,%'3<3(-!6=3-'(-6393(!(-4%&(D!
"#!$6U4A.)j0(;!'&#/#3**#-'!0#3-'(-#-'!7!'&#/(&6!*=(6$&3'!('!*(!4b,&;!<.4%,/&(!8,=(**(!.8,3*3>&(!*(6!>(6%3-6!
<(6!#,'&(6!4%-'&(!*#!/#*3<3'.!<(!6(6!$&%$&(6!>(6%3-6!('!(**(!4%00(-4(!7!6(!6(-'3&!#44#>*.(!('!*#66(!<(!*#!
*,''(! 3-'(&-(! 6#-6! 93-! 8,(! *,3! 4#,6(-'! *(6! 8,(6'3%-6! 8,=(**(! 6(! $%6(! ('! 6%-! F,1(0(-'! 6,&! (**()0J0(D!
"%&68,(!*#!$6U4A.!#''(3-'!4(!$%3-'!<(!$(&4($'3%-;!4(*#!3-<38,(!8,(!*=#''&#4'3%-!<(!*#!4%-643(-4(!A,0#3-(!
6=(6'!#993-.(!7!,-!$%3-'!'(*!8,(!-GZC#!(6'!0#3-'(-#-'!(-!'&#3-!<(!6(!&#$$&%4A(&!<(!*#! R,J,D#!2I(-,$I!$%,&!
6(!&.,-393(&!7!?**(D!

!
!01234'#5625748'$9'-24'%;')<124<' ED' ,54415'>'
"GZC#! &(4%--#f';! $#&! *=3-'(&0.<3#3&(! <(! *#! $6U4A.;! 8,=(**(! #30(! "GU6S92! R/./7! 8,3! (6'! *#! 2I(-,$I!
R,J,D#! 2! $*,6! 8,=(**(! -=#30(! 8,%3! 8,(! 4(! 6%3'! <(! '(&&(6'&(! ('! 8,=(**(! 6(! *#-1,3'! <,! F%,&! %Z! (**(! 6(&#!
4%0$*W'(0(-'!&.,-3(!7!6#!8S9240!>G0320D!
!
"(!T*OA;I!H,D,$!=(%!%#DBDA#%!(+Q!=+-*,BD*!I?B]F+#*!>#!-(!ABD*A,#DA#!(+!=%BH,$!>#!-(!2I(-,$I!R,J,D#!
#$!=(%! -(! *+==-,#%!>GW$%#! A(=(L-#!>#! %#DBDA#%! K! <!-G#?B!@! #$!>#! CB+%,%! K! *(!=#%*BDD(-,$I&! 4#A,! *#!
=%B>+,$!-B%*F+#!-GBD!($$#,D$!J%(,C#D$!-#!=B,D$!A+-C,D(D$!>#!*(!J,#!*=,%,$+#--#!#$!-GBD!(!?IDI%(-#C#D$!
L#*B,D!>G+D!C(d$%#!*=,%,$+#-!=B+%!DB+*!?+,>#%!>(D*!A#!=%BA#**+*&!
D4##4*W*;%$#*&4*,-*>4$3%""-,)#J*X*"4*&4K$-)#*9-;-)3*M#$4*4"#$4>$)34*(%;;4*;%U4"*&I-##4)"&$4*'"4*
>,'3*8$-"&4*)"#')#)%"*3>)$)#'4,,4<*DI43#*J;)"4;;4"#*&-"84$4'L*4#*"4*K%'3*54$-*>-3*-##4)"&$4*'"4*
K)4*3>)$)#'4,,4*%'*#4$$43#$4*>,'3*$J'33)4<*/,,4*34$-*#$N3*&43#$'(#)K4*>%'$*,-*>3U(7J*4#*>%'$*,I48%*3)*
4,,4*-*,)4'*#$%>*#Y#<**
/,,4*4"#$-K4$-*,4*&JK4,%>>4;4"#*#%#-,*&4*,IZ;4Q>3U(7JQ48%Q>7U3)H'4<*
T#%*BDD#!D#!>#J%(,$!#D$%#$#D,%!+D#!$#--#!=#D*I#!>(D*!-#!L+$!>GW$%#!=-+*!(J(DAI!#D!=#%A#=$,BD!#$!#D!
JI%,$I! *=,%,$+#--#*&! 9D! $#-! (A$#! >#! <!JB-BD$I!@! *#%(! ABD$%#[=%B>+A$,H! =+,*F+G,-! =%BAY>#!
ABC=-Y$#C#D$!>#!-G,D*$,DA$!I?B]F+#!>GW$%#!*=,%,$+#--#C#D$!=-+*!,C=B%$(D$&!
^,#-<!4(''(!(5$.&3(-4(!<(!0#f'&36(!<(!*=(1%!6(!$&%<,3'!#,!>%-!0%0(-'!2!<(!*#!F,6'(!0#-3W&(!);!*=j0(;!
$#&! *=3-'(&0.<3#3&(! <(!*#!$6U4A.;! (6'! <#-6! ,-(!*#&1(!0(6,&(!*3>&(! <(! 4%00,-38,(&! <3&(4'(0(-'!#/(4! *#!
2I(-,$I!R,J,D#!$,368,(!*(!>#/#&<#1(!3-4(66#-'!<(!*#!K!4%-643(-4(!<(!*=(1%!L!#!4(66.D!"=#''3&#-4(!$%,&!*(!
0%-<(! -=(6'! $*,6! $&.$%-<.&#-'(D! "(6! #0>3'3%-6! .1%4(-'&38,(6! <36$#&#366(-';! *(! <.63&! <(! $%66(663%-6!
$(&6%--(**(6!6(!<366%,'D!
"#! $#35! &W1-(! <#-6! *=(6$&3'D! "=j0(;! 6=(5$&30#-'! <W6! *%&6! 4*#3&(0(-'! 7! '&#/(&6! *#! $6U4A.;! <.63&(! .*(/(&;!
-%,&&3&;!4%-'&3>,(&!7!*#!4&%366#-4(!<=#,'&(6!j0(6;!.<,8,(&!('!6%31-(&!#/(4!4%0$&.A(-63%-!('!'(-<&(66(;!
6#-6!#,4,-!<.63&!<(!&.4%0$(-6(!%,!<(!&(4%--#366#-4(D!
"%&68,(! *=j0(! (6'! #''3&.(! <#-6! ,-! 4%-'#4'! ('! ,-! #*31-(0(-'! <(! $*,6! (-! $*,6! $#&9#3'6! #/(4! *#! 2I(-,$I!
R,J,D#;! 6%-! 6(,*! >,'! '(&&(6'&(! (6'! <(! '&#3'(&! 6%-! /%363-! %,! #,'&,3! #/(4! *(! 0J0(! 6%3-! ('! *#! 0J0(!
4%-63<.&#'3%-! 8,(! $%,&! 6%-! $&%$&(! 4%-'(-'(0(-'! ('! 6%-! $&%$&(! .$#-%,366(0(-'D! h%--(&! <(/3(-'! #,663!
9#43*(!8,(!&(6$3&(&!2!(-!<.93-3'3/(;!4(*#!<(/3(-'!,-!$&3/3*W1(!<(!'&#/#3**(&!$%,&!('!#/(4!<=#,'&(6!1(-6!7!*#!
$&%0%'3%-!<(!*(,&!>3(-!6,$&J0(D!`%3*7!4(!8,=(6'!*=#4'(! >GUCB+%!R,J,DD!
/-!DGO!(!$B+$#HB,*!(+A+D!*#D$,C#D$!>(D*!-(!2I(-,$I!R,J,D#&!
"=3-'(-'3%-;! <(&&3W&(! *=3-<3/3<,#*36#'3%-;! .'#3'! <(! $(&0(''&(! 7! *#! 2I(-,$I! R,J,D#! 0--#[CWC#! <(! 9#3&(!
*=(5$.&3(-4(!<(!8(!$&%$&(!7($+%#!>#!A%I($,J,$I1!>#!XB,#!#$!>G(AABC=-,**#C#D$!=#%*BDD#-& !!
I=(6'! $%,&8,%3;! 8,#-<!F=.'#36! 6,&!V(&&(;!F=#3! '&W6!4*#3&(0(-'!'&#4.!*(6!*303'(6! (-'&(! <%--(&! ('! &(4(/%3&! (-!
<36#-'!+! K!o#3'(6! #,5! #,'&(6! 4(! 8,(! /%,6! /%,<&3(S! 8,=3*6! /%,6! 9#66(-'D!L! I(''(! <.4*#&#'3%-! .'#3'! ,-!
#/(&'366(0(-'! #99(4',(,5! 631-393#-'! 8,(! /%,6! &.4%*'(S! 4(! 8,(! /%,6! 6(0(SD! I=.'#3'! #,663! ,-! 1,3<(! <(!
4%0$%&'(0(-'D!
4#-(! *,?D,H,#! F+#! F+B,! F+#! JB+*! *B+;(,$,#N! (+Q! (+$%#*1! JB+*! *#%,#N! ;#+%#+Q! F+GBD! JB+*! -#!
*B+;(,$#!>#!-(!CWC#!C(D,Y%#&!
D4,-*3)8")5)4*H'I),*5-'#*H'4*K%'3*>4"3)4P*&43*-'#$43*(4*H'4*K%'3*K%'&$)4P*H'4*,I%"*>4"34*&4*K%'3<*
4#-(! *,?D,H,#! F+#! JB$%#! ABD*A,#DA#! $B+$! #D$,Y%#! >#J%(,$! *GB%,#D$#%! J#%*! -(! *B--,A,$+>#! #$! -G,D$I%W$!
=B+%! -#*! (+$%#*1! F+B,! F+G,-*! =+,**#D$! H(,%#! >#! L-#**(D$! K! JB$%#! I?(%>&! 3B+*! -#*! W$%#*! ;+C(,D*!
J,J#D$!>(D*!+D#!X+D?-#!>#!>I*,%*!;+C(,D*1!>#!L+$*1!>#!H(,L-#**#*1!>#!>I*,--+*,BD*1!>#!AB-Y%#!#$!>#!

!
!01234'#5625748'$9'-24'%;')<124<' =F' ,54415'>'
H%+*$%($,BD&! 0$! L#(+AB+=! >#! %I=BD*#*! #$! >G(A$,BD*! >IL,-#*! #$! =#+! X+>,A,#+*#*! J,#DD#D$! >#! A#$$#!
ABD*A,#DA#!>IA;,%I#!>#!?+#%%#&!
I=(6'!$%,&8,%3;!%>6(&/(S!*#!9#3>*(66(;!$#&<%--(S!*#!0.4A#-4('.!('!&(-/%U(S)*(6!<#-6!*(!-.#-'!<=%Z!(**(6!
/3(--(-'D! "#! 6(,*(! .02/30! ('! 20U"/30! <#-6! /%'&(! /3(! (6'! ,I!"#4,,)84"(4* [* ?;%'$* &4* ,-* D%"3()4"(4*
E)K)"4D!V(-(S)/%,6!(-!9(&0(0(-'!7!4(''(!4%-643(-4(!(-!'%,'!'(0$6D!
!
N%,&!'&%,/(&!*(!2BO(+C#!>#*!4,#+Q1!>(D*!-#F+#-!-GZC#!#*$!#D!;(%CBD,#!(J#A!-(!2I(-,$I!R,J,D# ;!3*!<%3'!
/(-3&! ,-! 0%0(-';! #,! 4%,&6! <(! /%'&(! ./%*,'3%-;! %Z! /%,6! -=#/(S! $*,6! (-/3(! <=J'&(! #''3&.! <#-6! *(6!
$(&4($'3%-6!('!*#!4%-643(-4(!'(&&(6'&(6!<#-6!*(68,(**(6!/3/(-'!*(6!J'&(6!A,0#3-6!(-'&(!(,5D!`%'&(!<.63&!*(!
$*,6! 4A(&! (6'! <(! /%,6! &('3&(&!4%0$*W'(0(-'! ('! <(! /%,6! 4%-4(-'&(&! 6,&!*#!'&#-603663%-! 7! #,'&,3! <(! /%'&(!
$&%$&(! 4%-'#4'! #/(4! *#! 2I(-,$I!R,J,D#D!`(3**(S! 7! -(! $#6!30$%6(&! /%'&(!/%3(! 6$3&3',(**(! #,5! #,'&(6;! 8,=3*6!
6%3(-'!(,5)0J0(6!6,&!*(!6(-'3(&!6$3&3',(*!%,!-%-D!
?-!0J0(!'(0$6;!/%,6!<(/(S!$&.6(&/(&!/%'&(!$&%$&(!6.&.-3'.!(-!-(!$(&0(''#-'!$#6!7!#,'&,3!<(!$&%93'(&!<(!
/%'&(! >%--(! -#',&(D! `%,6! <(/(S! 4*#3&(0(-'! 0#&8,(&! /%6! *303'(6! (-'&(! *(! F,6'(! ('! *(! 9#,5! 2! $&./(-3&!
*=.1%i60(!<(6!#,'&(6!8,3!(-/#A3'!/%'&(!3-'303'.!('!8,3!$%,&&#3'!<.'&,3&(!/%'&(!$#35!<(!*=(6$&3'D!
N%,&! *#! 1#&#-'3&;! 3*! -=(6'! -,*! >(6%3-! <(! *#366(&! /%'&(! 4%-643(-4(! .1%i8,(! (5(&4(&! 7! -%,/(#,! 6#!
<%03-#'3%-D! `%,6! $%,/(S! $&%'.1(&! /%'&(! 3-'303'.! <(! 0#-3W&(! $#43938,(D! `%,6! #/(S! &(c,! *=3-'(**31(-4(!
-.4(66#3&(! $%,&! &.#*36(&! 4('! %>F(4'39! -.4(66#3&(! #/(4! *(! <(1&.! *(! $*,6! .*(/.! >GU6S92D! a#$$(*(S)/%,6!
8,(! *=.<3934(! 6$3&3',(*! <(! /3>&#'3%-6! <(! 4%-643(-4(! 8,(! /%,6! #/(S! 4%-6'&,3'! #/(4! *(6! >&38,(6! <(! /%'&(!
4%-'#4'!#/(4!*#! 2I(-,$I!R,J,D#!#$!>#!JB$%#!CB>#!>#!=#D*#%1!>#!%#**#D$,%!#$!>#!J,J%#!(+!F+B$,>,#D!M!
>#J%(,$! W$%#! *(A%B[*(,D$! ('! /%,6! <(/(S! /(3**(&! 7! -(! $#6! /%,6! *#366(&! $&(-<&(! <(! -%,/(#,! <#-6! *(6!
/3>&#'3%-6!3-9.&3(,&(6!<(6!$(-6.(6!('!&.#4'3%-6!<=#,'&,3D!
!
?-!'%,'!'(0$6;!/%'&(!>,'!6,$&J0(!6,&!V(&&(!(6'!<( !=%BCB+JB,%!-#!\/07!*+=%WC#1!$#%%#*$%#!#$!*=,%,$+#-1!
>#! $B+$#! (+$%#! #D$,$I! J,J(D$#! M! ;+C(,D#! B+! =-+*! L(**#! *+%! -GIA;#--#! >#! -GIJB-+$,BD&! 7BD! #D!
>#*A#D>(D$!(+!D,J#(+!J,L%($B,%#!>#!A#+Q!F+,!*BD$!>(D*!-#!L#*B,D1!C(,*!#D!JB+*!$B+%D(D$!J#%*!#+Q!
#$! #D! -#+%! BHH%(D$! -(! *(?#**#! F+,! JB+*! (! =#%C,*! >G(AAI>#%! K! JB$%#! *(DA$+(,%#! M! JB$%#! *(,D$! >#*!
*(,D$*! #D! #*=%,$1! #D! ICB$,BD*! #$! #D! ABD>,$,BD*! >#! J,#! M! =B+%! (+$(D$! F+G#Q,*$#! +D#! JB-BD$I!
>GIAB+$#%!#$!>G(AA#=$#%&!R(D*!-#!A(*!ABD$%(,%#1!?(%>#N!JB$%#!=(,Q&!
"#! 6U0$#'A3(! ('! *#! 4%0$#663%-! <(/&#3(-'! J'&(! <.'#4A.(6D! "=(0$#'A3(! /%,6! 0(''&#! 7! 1(-%,5! ('!
(0>&%,3**(&#!/%6!/3>&#'3%-6!<(!4%-643(-4(!6$3&3',(**(!<#-6!*(!-3/(#,!/3>&#'%3&(!A,0#3-D!I(*#!$%,&&#3'!4&.(&!
<(6! 4%-9*3'6! *7! %Z! /%,6! -(! /%,*3(S! 63-4W&(0(-'! 8,=.*(/(&! ('! 1,.&3&D! ?/3'(S)*#;! 4#&! (**(! <303-,(&#! /%6!
.-(&13(6!('!/%,6!9(&#!.4A%,(&!<#-6!/%6!>,'6!6$3&3',(*6D!
"GU6S92!=+%!D#!*GBAA+=#!F+#!>GI-IJ($,BD!#$!>GIJB-+$,BD!*=,%,$+#--#1!>#!?+I%,*BD!#$!>G(AA#**,BD!
(+!<!2BO(+C#!>#*!4,#+Q!@&!
"GU6S92!>,J,D! #*$! +D! *#D$,C#D$!>#! ABC=(**,BD! A;(-#+%#+*#! M! #**#D$,#--#C#D$! %#C=-,!>+!>I*,%!
(%>#D$!>#!=#%C#$$%#!K!-GW$%#!(,CI!>#!c!A%Bd$%#1!A%I#%1!W$%#!DB+%%,!#$!DB+%%,%!-#*!(+$%#*1!W$%#!?+I%,!#$!
?+I%,%!-#*!(+$%#*1!*GI>+F+#%!#$!I>+F+#%!-#*!(+$%#*1!*#!=%B$I?#%!#$!=%B$I?#%!-#*!(+$%#*1!>#!ABCL-#%!
*#*!L#*B,D*!#$!>#!=B+JB,%!ABCL-#%!-#*!L#*B,D*!>#*!(+$%#*1!-#!$B+$!>(D*!+D!*O*$YC#!A-(,%!>#!-B,!#$!
>GB%>%#&!
.B,-K!A#!F+G#*$!"GU6S92!R/./7!_!"U!"S/!#D!(A$,BD&!
!

!
!01234'#5625748'$9'-24'%;')<124<' =E' ,54415'>'
"%&68,(!/%'&(!%>F(4'39!6,$&J0(!<(/3(-'! -GSLX#A$,H!R,J,D!#D!(A$,BD;!*=(1%;!*(!-%U#,!<(!/%'&(!3-<3/3<,#*3'.;!
(6'! #*%&6! 4%-'&[*.! $#&! /%'&(! j0(D! "#! $,*63%-! .1%i8,(! <(/3(-'! /%'&(! /.&3'#>*(! <.9(-6(,&! ('! *(! &.(*!
$&%'(4'(,&! <(! /%'&(! 4%-9%&'! $(&6%--(*! 2! 0#36! (**(! '&#/#3**(! 0#3-'(-#-'! (-! $#&9#3'(! A#&0%-3(! #/(4! *(6!
<3&(4'3/(6!<(!/%'&(!j0(!8,3!'3&(!6#!-#',&(!<(!*#!2I(-,$I!R,J,D#D!
Y(!&.$W'(!2!3*!-=U!#!#,4,-!6(-'30(-'!<#-6!*#!a.#*3'.!h3/3-(;!#,4,-(!6,$$&(663%-!<(6!*303'(6!#66,&#-'!*#!
*%3! ('! *=%&<&(;! #93-! <(! 4%-/(-3&! #,5! (531(-4(6! <(! *=.1%i6'(;! #,4,-(! 9#3>*(66(! <(! 4#$3',*#'3%-! ('! <(!
4%-4(663%-!9#4(!7!*=%>6'3-#'3%-!<=#,'&,3D!
?-!'%,'! '(0$6;!3*!9#,'! 1#&<(&! 7!*=(6$&3'! 8,(!VpEV! "?! @pkh?! <%3'! &(6$(4'(&! #,'&,3D!m*!9#,'!&(6$(4'(&!*(6!
<&%3'6! <=#,'&,3! 7! *=3-'303'.;! 7! *#! 6.4,&3'.;! 7! *#! $#35! <(! *=(6$&3'! ('! 7! *=A#&0%-3(D! R3! <(6! <3/(&1(-4(6!
6,&/3(--(-';! (**(6! $(,/(-'! J'&(! '&#3'.(6! <#-6! *(! &(6$(4'! 0,',(*D! N*,6! /%,6! J'(6! ./%*,.! 6$3&3',(**(0(-';!
$*,6!/%,6!&(6$(4'(&(S!*(6!4%,4A(6!*(6!$*,6!A#,'(6!4%00(!*(6!$*,6!>#66(6!<(!*#!6%43.'.;!*(6!'(-#-'!$%,&!
.1#*(6!2-%-!K!#,5!U(,5!<(!h3(,!L!4%00(!#30(-'!7!*(!<3&(!*(6!A,0#3-6;!0#36!<,!$%3-'!<(!/,(!<(! JB$%#!
=%B=%#! =#%A#=$,BD!*=,%,$+(-,*I#!>#!-GI?(-,$I!HBD>(C#D$(-#!>#*!ZC#*!>#!$B+*!-#*!W$%#*& ! a(6$(4'! ('!
U6S92!R/./7!/%-'!<(!$#3&D!"(!/.&3'#>*(!?=@A1!(6'!A#,'(0(-'!&(6$(4',(,5!<(!*=J'&(!#30.D!
"7!%Z!3*!U!#!<,!&(6$(4'!(-'&(!<(,5!$(&6%--(6;!4(*#!0W-(!6%,/(-'!7!*#!9%&0(!*#!$*,6!.*(/.(!<=#0%,&D!
!
R3!/%,6!#/(S!'&%,/.!4(''(!"#$$%#!<399343*(!7!#44($'(&;!&#$$(*(S)/%,6!8,(!-G#*=%,$!;+C(,D!#*$!-,C,$I!>(D*!
*(! ABC=%I;#D*,BD! >#*! >,C#D*,BD*! F+,! >I=(**#D$! -#! =-(D! $#%%#*$%#&! 7#! -(,**#N! =(*! -#!
%(,*BDD#C#D$!>#!-G#?B!JB+*!%#$#D,%!>G#HH#A$+#%!JB$%#!JBO(?#!>#!-GZC#&!
!
h#-6!0#!$&%4A#3-(! "#$$%#;!F(!<./(*%$$(&#3!*(!'AW0(! >GU6S92!R/./7!('!0=.'(-<&#3!6,&!*=#0%,&)$&%$&(!
.1%i8,(!(-!/%,6!0%-'&#-'!(5#4'(0(-'!4%00(-'!*(6!.0%'3%-6!0#1-.'38,(6!4%-'&[*(-'!#4',(**(0(-'!/%6!
$(-6.(6;!/%6!.0%'3%-6!('!/%'&(!/3(D!Y(!6%,*31-(&#3!*(6!4A%6(6!8,(!/%,6!$%,/(S!9#3&(!$%,&!*(6!6,&0%-'(&!
('!93-#*(0(-'!*(6!<366%,<&(!(-!*(6!.*303-#-'!<(!/%'&(!4%-643(-4(D!!
@%-!%>F(4'39!(6'!<(!/%,6!4%-<,3&(!*(!*%-1!<,!4A(03-!<(!*#!<.4%,/(&'(!<(!6%3!('!<(!*=./%*,'3%-!6$3&3',(**(!
#93-! 8,(! /%,6! $,3663(S! #44.<(&! 300.<3#'(0(-'! 7! *#! "+C,Y%#! ('! -%-! 6(,*(0(-'! (-! $#66#-'! <#-6! *#!
$&%4A#3-(!<30(-63%-!<=(536'(-4(;!0#36!$(-<#-'!8,(!/%,6!J'(6!(-4%&(!6,&!V(&&(D!
N%,&!*(!0%0(-';!/%,6!/3/(S!<#-6!,-(!(536'(-4(!>&,0(,6(;!#44#>*#-'(;!#,!*3(,!<(!/3/&(!4%-643(00(-'!
<#-6!*#!4BD*A,#DA#!R,J,D#!(-!U!$.-.'&#-'!!('!(-!"Em!$(&0(''#-'!<=3-93*'&(&!('!<(!&.F%,3&!/%'&(!$(-6.(!('!
/%6!(5$.&3(-4(6!<(!/3(D!!
!
8(A;#N!F+#!C(!4BD*A,#DA#!4;%,*$,F+#!#*$!#D!$B+$!$#C=*!(J#A!JB+*!#$!F+#!JB+*!=B+J#N!(JB,%!+D!
(AAY*! ,CCI>,($! K! CB,! -B%*F+#! JB+*! (==#-#N&! V+#! A#A,! JB+*! *B,$! +D! %IABDHB%$! M! C(,*! DBD! +D#!
LIF+,--#&! )#! D#! *+,*! F+#! JB$%#! =(**#%#--#! J#%*! JB$%#! =%B=%#! ,--+C,D($,BD! #$! J#%*! JB$%#! =%B=%#!
(*A#D*,BD!K!-(!4BD*A,#DA#!4;%,*$,F+#&!
!
6BD!>I*,%!-#!=-+*!A;#%!#*$!F+#!A#*!"033208!*B,#D$!%(=,>#C#D$!=+L-,I#*!#$!>,*$%,L+I#*!(+Q!?#D*!
F+,! A;#%A;#D$! -(! .I%,$I&! 8,! JB+*! A,$#N! >#*! =(**(?#*! >#! C#*! "0332081! J#+,--#N! #D! ,D>,F+#%! -(!
*B+%A#!$%Y*!A-(,%#C#D$!c!
"033208!R9!452/831!qqq&JB,#A;%,*$,F+#&AB&N(1!!
j3,$%#!>+!",J%#!c!452/83!20./073!M!/"!R/3!8U.r2/3rk!
452/83G8!"0330281!qqq&A;%,*$*q(O&AB&N(1!j\BBs!3,$-#c!452/83!2039278!M!8T0Ut8!5/8!32935k

!
!
!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
!"##$"%&%
!
!"#$"%&"'(#)#%*+(#,*+$#,-$."$#/"#
01#23145#617835#95#0;5<4=756>5#
0-# 253475# 95# 0;5735# "(?# @".."A@&#B# 2C8=# D+&# '"# @$*E"F# D+;"'# ."# G*'/"# G-?H$&".I# %*+(# %&%"F#
"'?&J$"G"'?#/-'(#."#G*'/"#?"$$"(?$"I#K&'&L#2*+(#%&%"F#/-'(#.-#/&G"'(&*'#/"#G-'&K"(?-?&*'#/"#%*(#
@$*E-'@"(L#
#
"#$%! &'()! *#+! ,#-.#,)/'(+! +,/-/)$#**#+! #)! *0! 1/#! +#! +'()! 2*#12#+! #(! 3-24$#(.#+! 1/5-0)'/-#+! 6$+4$78!
-#6'/(&-#!*#+!3-24$#(.#+!1/5-0)'/-#+!+,/-/)$#**#+!&#!*0!&/9#(+/'(!+,/-/)$#**#!,#$1#()!,#-.#1'/-!4$7/*+!1/1#()!
&0(+!&#$%!&/9#(+/'(+;!<*+!+'()!)'$)!8!30/)!.'(+./#()+!&#!.#))#!12-/)2;!=)!/*+!1/1#()!.'(3'-929#()!8!.#))#!
12-/)2>!21'*$0()!&0(+!&#+!3-24$#(.#+!&#!*7?)-#!&#!,*$+!#(!,*$+!2*#12#+;!
<*+!(#!+'()!,*$+!*/2+!,0-!*#+!.-'@0(.#+!A$90/(#+>!90/+!1/1#()!01#.!*0!.'(+./#(.#!4$7/*+!1/1#()!&0(+!*7/(3/(/!
4$/!(#!.'((0B)!,0+!&#!*/9/)#+;!C*$+!*#+!3-24$#(.#+!1/5-0)'/-#+!&#!*#$-!.'(+./#(.#!+72*D1#()>!,*$+!/*+!+'()!
.'(+./#()+!&#!1/1-#!&0(+!*7/(3/(/!#)!&7?)-#!*#+!+#$*+!8!3/%#-!*#+!*/9/)#+!&#!.#!8!4$'/!/*+!,#$1#()!0+,/-#-;!
"#$%! &'()! *#+! ,#-.#,)/'(+! +'()! 0/(+/! 2*#12#+! ,#(&0()! 4$7/*+! +'()! #(.'-#! &0(+! *#$-! .'-,+! 1'/#()! 4$7/*!
(7#%/+)#!4$7$(#!+#$*#!&/9#(+/'(!E!&7#%/+)#(.#!/(&/1/&$#**#!F!#33#.)/1#!#)!.#))#!&/9#(+/'(!#+)! M#.;1@?&%&?H#
/"#.-#>*'(@&"'@"#9&%&'"#N;!
<*! +#! ,#$)! 0$++/! 4$7/*+! #(! 0--/1#()! 8! -20*/+#-! ,*#/(#9#()! *7#%/+)#(.#! &#! *0! &/9#(+/'(! +$/10()#>! &#! *0!
>*'(@&"'@"#8'&%"$(".."I!&0(+!*04$#**#!*7G(/1#-+#*!-2+/&#!#(!24$/*/5-#!,0-30/)!#)!&0(+!*04$#**#!($*!(#!,#$)!
,2(2)-#->! ,0-.#! 4$#! &0(+! .#))#! &/9#(+/'(>! )'$)#! /(&/1/&$0*/)2! +#! 3'(&-0/)! /992&/0)#9#()! &0(+! *7G(/)2!
&7=)-#;!
H'-+4$7$(#! I9#! 0))#/()>! #(! .'9,-2A#(+/'(! #)! #(! -20*/+0)/'(>! *#! (/1#0$! +$,-?9#! &#+! 3-24$#(.#+!
1/5-0)'/-#+!&#!*0!.'(+./#(.#!J!*0!>*'(@&"'@"#>O$&(?&D+"!K>!#**#!,#$)!-#L0-&#-!1#-+!*#!50+!#)!,0++#-!#(!
-#1$#!*#+!(/1#0$%!1/5-0)'/-#+!4$/!+72*D1#()!#)!+7050/++#()!6$+4$78!.#$%!&#!*7A$90(/)2!)#--#+)-#!#)!+01'/->!
01#.! 09'$-! #)! .'9,0++/'(! 4$#! *7A$90(/)2! #+)! ,-/+#! 0$! ,/DL#! &0(+! *#+! 1/5-0)/'(+! /(32-/#$-#+! &#! *0!
"'(+./#(.#!M/1/(#!.0.A2#! &0(+! *7/(+)/(.)! 2L'N4$#>! )')0*#9#()! /(.'(+./#()#! &#! *0!O2-/)2! &#!*7=)-#>! &#! *0!
12-/)05*#! /&#()/)2! &#! *7I9#! #)! &#! *0! 12-/)2! )#--#+)-#! &#! *7#L';! M#! 9?9#! 4$7#**#! (70! ,0+! *0! 9'/(&-#!
.'(+./#(.#! &$! 5$)! /99#(+#! 4$/! #+)! &#--/D-#! +'(! #%/+)#(.#! (/! &#! *0! 9/++/'(! 3/(0*#! 4$7#**#! &'/)!
#()-#,-#(&-#;!
H0!)I.A#!&#!*7I9#!4$/!1/#()!&#!(0B)-#!#+)!&7#%,2-/9#()#->!0$!9'@#(!&#!+0!L0/(#!,-')#.)-/.#>!*0!C+@.A2>!
)'$)! .#! 4$#! .#+! 3-24$#(.#+! /(32-/#$-#+! '()! 8! '33-/-! #)! &#! .-'B)-#! #(! .'(+24$#(.#! &#+! 212(#9#()+! #)!
#%,2-/#(.#+!9#()0$%!P!29')/'((#*+!4$/!-2+$*)#()!&#!+#+!,#(+2#+!#)!29')/'(+;!H7I9#!&'/)!0,,-#(&-#>!8!
)-01#-+!#%,2-/#(.#+!#)!#--#$-+>!*72)0)!&#!.'(+./#(.#!4$/!*0!-#(&!/99#(+29#()!A#$-#$+#!'$!0..05*2#!,0-!
*0!)-/+)#++#!#)!*0!&'$*#$-!4$/!#(L#(&-#()!&/1#-+#+!*/9/)0)/'(+!,A@+/4$#+;!
0"# P+?# /"# .-# %&"# (+$# 7"$$"# ';"(?# ,-(# /"# /H@*+%$&$# +'# G*E"'# /"# %&%$"# +'"# Q*&"# "?# +'"# KH.&@&?H#
&GG+-P."(I#P&"'#D+"#@"#(*&?#@"#D+"#/H(&$"#-$/"GG"'?#?*+?"#RG"L##

!
!01234'#5625748'$9'-24'%;')<124<' =' ,54415'>'
8'"#?".."#KH.&@&?H#"?#+'"#?".."#Q*&"#K"$-&"'?#*P(?-@."#)#.-#,$*S$"((&*'#/"#.;RG"#/-'(#."(#%&P$-?&*'(#
(,&$&?+".."(#(+,H$&"+$"(#/"#.-#@*'(@&"'@"L#
Q/(0*#9#()>!0,-D+!&#!('95-#$+#+!1/#+!&#!E!A0$)+!#)!&#!50+!F>!&#!5/#(K?)-#!#)!&#!&'$*#$->!*0!,+@.A2!+#!
-21#/**#-0!8!*0!12-/)2!&#!+'(!?)-#!#)!-20*/+#-0!4$7#**#!&/+,'+#!#(!#**#K9?9#!&$!,')#()/#*!(2.#++0/-#!,'$-!
,$/+#-! &0(+! *0! >*'(@&"'@"# 9&%&'"! 03/(! &7'5)#(/-! &/+.#-(#9#()>! .'9,-2A#(+/'(! #)! .'((0/++0(.#>!
&72*#1#-!+#+!1/5-0)/'(+!&#!.'(+./#(.#!+,/-/)$#**#!6$+4$78!.#**#+!&#!+0()2>!&#!5/#(K?)-#>!&#!,-')#.)/'(>!&#!
.-'/++0(.#!/()2-/#$-#!#)!&#!('$--/)$-#!+,/-/)$#**#!#)!&7/--0&/#-!1#-+!0$)-$/!*0!(0)$-#!9?9#!&#!*0!>*'(@&"'@"#
9&%&'";!
!
"'99#!6#!*70/!&268!&/)I#01#>C6=>456>5#"(?#245##)#.-#245#"(?#>C6=>456>5L#
CT#&.#E#-#/"#.-#245I#&.#E#-#/"#.-#>C6=>456>5L#CT#&.#E#-#/"#.-#>C6=>456>5I#&.#E#-#/"#.-#245L#
>U1V85#>UC=5I#/-'(#.;"W&(?"'@"I#"(?#/HK&'&"#,-$#."(#K$HD+"'@"(#%&P$-?*&$"(#/"#@*'(@&"'@"#B#. 0!
H$9/D-#>!*#!R'(>!*#+!"'$*#$-+>!)'$+!*#+!,A2('9D(#+!,A@+/4$#+>!0$++/!5/#(!1/10()+!4$7/(0(/92+;!R/!1'$+!
,'$1#S! .A0(L#-! *#+! 3-24$#(.#+! 1/5-0)'/-#+! &7$(#! .A'+#>! 4$#**#! 4$7#**#! +'/)>! 1'$+! ,'$1#S! 9'&/3/#-!
*70,,0-#(.#! &#! .#))#! .A'+#! J! 4$#! .#! +'/)! &$! +'(>! &#! *0! .'$*#$->! &$! L0S>! &$! */4$/&#! '$! &#+! '-L0(#+!
,A@+/4$#+;!
H'-+4$#! &#+! '-L0(#+! ,A@+/4$#+! ,-2+#()#()! $(#! 0,,0-#(.#! 90*+0/(#>! .7#+)! ,0-.#! 4$#! *#+! 3-24$#(.#+!
1/5-0)'/-#+!('-90*#+!&#!.#)!'-L0(#!,A@+/4$#!+'()!-2&$/)#+!#)!4$#!*0!O<=!&0(+!.#)!'-L0(#!#+)!&/9/($2#;!!
H0! +./#(.#! ,-2+#()#! *7$(/1#-+! .'99#! &#! *0! E!90)/D-#!F! ,'++2&0()! &#! *0!.'(+./#(.#>! 90/+! *0! 12-/)2! #+)!
4$#!T!
H7$(/1#-+!#+)!&#!*0!"UVR"<=V"=!4$/!0!,-/+!*70,,0-#(.#!&#!E!90)/D-#!F!#(!-2+$*)0)!&#!+0!&#+.#()#!&0(+!
*#+!3-24$#(.#+!1/5-0)'/-#+!/(32-/#$-#+!&#!.'(+./#(.#;!
2*&.)#.-#%$-&"#$H-.&?H#/"#.;"W&(?"'@"#X#$&"'#/;-+?$"L#
O')-#! #%/+)#(.#! (7#+)! 4$7$(#! 4$#+)/'(! &#! 3-24$#(.#+! 1/5-0)'/-#+;! C*$+! *#+! ,#-.#,)/'(+! +,/-/)$#**#+! #)!
*70&A2+/'(!8!*0!,#(+2#!+,/-/)$#**#!+'()!A0$)#+>!,*$+!*#+!3-24$#(.#+!1/5-0)'/-#+!,#-+'((#**#+!&$!.'-,+!+'()!
-0,/&#+!W!*0!1/)0*/)2!#+)!0$L9#()2#!#)!*0!90*0&/#!3/(/)!,0-!&/+,0-0B)-#;!
H0!.'99$(0$)2!+./#()/3/4$#!.-'/)!4$#!1'$+!1/1#S!)')0*#9#()!&0(+!*0!&/9#(+/'(!A$90/(#>!4$/!.'9,-#(&!*#!
+@+)D9#!+'*0/-#!#)!*#+!L0*0%/#+!&72)'/*#+;!H0!+./#(.#!.-'/)!4$#!*7/()#**#.)!A$90/(!#+)!*#!&#L-2!+$,-?9#!&#!
-232-#(.#! &#! *7/()#**/L#(.#! &#! )'$+! *#+! )#9,+>! 4$7#**#! 0! 21'*$2! #(! -2,'(+#! 0$%! .A0(L#9#()+! &#! +'(!
#(1/-'((#9#()! #)! 0$%! .'(&/)/'(+! .*/90)/4$#+! #)! 4$7#**#! (7#+)! 4$#! *#! ,$-! ,-'&$/)! &#! *70.)/1/)2! .2-25-0*#;!
R#*'(! *0! +./#(.#>! 1'+! 29')/'(+! +'()! )'$)! 8! 30/)! -2#**#+! #)! 10*/&#+!W! 1'+! ,#(+2#+! #)! 1')-#! -#++#()/! +'()!
/(&/+.$)05*#+! #)! .'(+)/)$#()! *0! +#$*#! E!-20*/)2!F! &#! *7#%/+)#(.#;! =**#! 6$L#! *0! ('-90*/)2! &70,-D+! *0!
E!9'@#((#!F!&#+!,#(+2#+>!&#+!0.)#+!#)!&#+!-2,'(+#+!8!*7#(1/-'((#9#();!O'/*8!.#!4$7#**#!,#-X'/)!.'99#!
*0!E!-20*/)2!F!A$90/(#;!
Y'$)! )0*#()! 4$/! &2,0++#! *#! E!-#(&#9#()!F! 9'@#(! &#! *7#+,-/)! E!9'@#(!F! #+)! .'(+/&2-2! .'99#! &$!
E!L2(/#!F>! /++$! &#! ,'$1'/-+! 9#()0$%! #%.#,)/'((#*+;! H#! -#(&#9#()! E!0$K&#++'$+! &#! *0! 9'@#((#!F! #+)!
0))-/5$2!8!$(!E!-#)0-&!F!&Z!8!4$#*4$#!.0$+#!,A@+/4$#!J!L2(2)/4$#>!)-0$90)/+9#!8!*0!(0/++0(.#>!#).;!H0!
+./#(.#! .-'/)! 4$#! *0! &/9#(+/'(! ,A@+/4$#! #+)! *#! &25$)! #)! *0! 3/(! &#! *7#%/+)#(.#;! H0! +./#(.#! #+)! )#**#9#()!

!
!01234'#5625748'$9'-24'%;')<124<' ?' ,54415'>'
',,'+2#! 8! )'$)#! ,'++/5/*/)2! &#! .-'@0(.#! 4$/! ,'$--0/)! *7/**$+/'((#-! 4$7#**#! 0..#,)#! .'99#! E!-2#*!F! )'$)!
,A2('9D(#!8!.'(&/)/'(!4$7/*!,$/++#!?)-#!.0*.$*2>!#+)/92!#)!,-'$12!,0-!&#+!/(+)-$9#()+;!
=&#%*+(#E#$HK.H@O&(("F#P&"'I#%*+(#$H-.&("$"F#D+"#@"#D+"#.-#(@&"'@"#?&"'?#(&#K*$?#,*+$#/"(#K-&?(#';"(?I#
"'#$H-.&?HI#D+;+'"#@$*E-'@"#D+;".."#@$H"#"'#?&$-'?#/"(#@*'@.+(&*'(#/"#.;"W"$@&@"#/"#("(#@&'D#("'(L#
<*! #(! #+)! 0/(+/! &#! )'$)#! 0$)-#! 30.#))#! &#! 1')-#! #%/+)#(.#;! M0(+! 1')-#! &/9#(+/'(! )#--#+)-#>! &#+! 30/)+! +#!
,-'&$/+#()! 8! .A04$#! +#.'(&#! 90/+! 0$! 9'9#()! '[! /*+! +#! +'()! ,-'&$/)+>! /*+! &#1/#((#()! &#+! .-'@0(.#+K
+'$1#(/-+!#)!*#+!+'$1#(/-+!(#!+'()!,0+!)'$6'$-+!#%0.)+;!\$#*+!4$#!+'/#()!*#+!+#()/9#()+!#)!*#+!,#(+2#+!
4$#!1'$+!01#S!0$!+$6#)!&$!,0++2>!.#!(#!+'()!,0+!&#+!30/)+>!90/+!&#+!,'/()+!&#!1$#>!&#+!.-'@0(.#+!#)!/*+!
(#!+'()!&'(.!,0+!&#+!30/)+!J!(/!*0!$'()*+'!&#--/D-#!#$%;!
"#./! +70,,*/4$#! 8! )'$)#+! *#+! 30.#))#+! &#! 1')-#! #%/+)#(.#;! H0! ,'-*+'>! .7#+)! 4$#! 1'$+! 1/1#S! &0(+! $(#!
&/9#(+/'(! )#--#+)-#! .'9,'+2#! #()/D-#9#()! &#! 1'+! .-'@0(.#+>! /++$#+! &#! 1'+! -20.)/'(+! 8! .#! 4$/! +7#+)!
,-'&$/)!/*!@!0!.#()>!9/**#!'$!&/%!9/**#!0(+;!
]!$(#!.#-)0/(#!2,'4$#>!*#+!L#(+!.-'@0/#()!4$#!*0!Y#--#!2)0/)!,*0)#;!"7#+)!,'$-4$'/!/*+!,#(+0/#()!1/1-#!+$-!
$(!9'(&#!,*0)!#)!.-0/L(0/#()!&#!(01/L$#-!)-',!*'/(!&7$(!.^)2!'$!&#!*70$)-#!&#+!'.20(+>!&#!,#$-!&#!)'95#-!
,0-K&#++$+!*#!5'-&! &$!9'(&#;!C'$-!*#+!L#(+!&7/*!@!0!_``!0(+!8!,#/(#>!*#!9'(&#!2)0/)!,*0);!]$6'$-&7A$/>!
L-I.#!8!*0!.'((0/++0(.#>!1')-#!9'(&#!#+)!0..#++/5*#!&0(+!)'$)#+!*#+!&/-#.)/'(+;!
M0(+!*#!,0++2>!#)!9?9#!#(.'-#!0$6'$-&7A$/>!*#+!L#(+!9#(0/#()!*#$-!1/#!+#*'(!&#+!E!A/+)'/-#+!&#!1/#/**#+!
3#99#+!F>!*#!,'$1'/-!&#+!0(./#(+!#)!0$)-#+!*2L#(&#+;!<*+!@!.-'@0/#()!+/!3'-)!4$#!*#+!*/9/)0)/'(+!4$#!*#$-!
/9,'+0/#()!.#+!.-'@0(.#+!-#+)-#/L(0/#()!*#$-+!0.)/'(+!#)!0.)/1/)2+;!
"#-)0/(#+! +#.)#+! E!.A-2)/#((#+!F>! ,0-! #%#9,*#>! .-'@0/#()! 4$#! *#! 30/)! &#! &0(+#-! 2)0/)! /99'-0*! #)!
&/05'*/4$#;! C0-! .'(+24$#()>! .#! ,*0/+/-! 2)0/)! /(6$+)#9#()! -#3$+2! 8! 5#0$.'$,! &#! L#(+! 4$/! 0$-0/#()! )/-2!
5#0$.'$,!&#!6'/#!&#!*0!&0(+#!#)!0$-0/#()!0/(+/!,$!+#!*/52-#-!&#!*#$-+!)#(+/'(+;!!
H0!9?9#!.A'+#!+70,,*/4$#!8!*0!-#*/L/'(;!H#+!.-'@0(.#+!+'()!*0!+$5+)0(.#!9?9#!&#!*0!-#*/L/'(;!=**#+!+'()!
3'(&2#+!+$-!&#+!212(#9#()+!0-.A0N4$#+!4$/!(#!+'()!4$#!&#+!.-'@0(.#+;!"#+!.-'@0(.#+>!4$/!,'$10/#()!
?)-#! ,#-)/(#()#+! ,'$-! *#+! 9#()0*/)2+! &#! .#+! )#9,+! 0(./#(+>! '()! &#,$/+! *'(L)#9,+! ,#-&$! )'$)! *#$-! +#(+!
&0(+!$(!9'(&#!#(!,#-,2)$#*!.A0(L#9#()!W!#)!,'$-)0()>!#**#+!+'()!#(.'-#!-/L'$-#$+#9#()!'5+#-12#+!#)!
3'()!*7'56#)!&#!.$*)#+>!&#!3#+)/1/)2+>!&#!.2*25-0)/'(+>!&#!&#$/*!#)!K!,*$+!&#+)-$.)/1#9#()!J!#**#+!&#1/#((#()!
$(#!-0/+'(!,'$-!*#+!A'99#+!&#!+7#()-#K)$#-!#)!&#!.0$+#-!&#+!+'$33-0(.#+!A'--/5*#+!0$%!3#99#+!#)!0$%!
#(30()+;!
"#-)0/(#+! -#*/L/'(+! +'$)/#((#()! 4$#! E!M/#$! #+)! ,0-)'$)! #)! #(! )'$)#+! .A'+#+!F>! 90/+! 033/-9#()! #(! 9?9#!
)#9,+>! &#! 90(/D-#! &'L90)/4$#>! 4$#! ,#-+'((#! (#! .'((0B)! E!*7#+,-/)! &#! M/#$!F! '$! ,'$-4$'/! *#+! L#(+!
+7#()-#K)$#()! J! /*! +#! ,'$--0/)! 4$#! .#*0! 30++#! ,0-)/#! &$! ,*0(! &#! M/#$>! &/+#()K/*+;! ]1#.! &#+! 9#()0*/)2+!
.'9,'+2#+! &7$(! .'(L*'92-0)! &#! .-'@0(.#+! /**'L/4$#+>! '[! *7A$90(/)2! ,#$)K#**#>! 8! (')-#! 2,'4$#>! )-'$1#-!
$(#!4$#*.'(4$#!.#-)/)$&#!&#!5#0$)2>!&#!6'/#>!&#!+0()2>!&#!5/#(K?)-#>!&709'$-!a!
H#+!/&2#+!-#*/L/#$+#+!,-2+#()#()!$(!E!M/#$!F!&'()!E!*0!1'*'()2!F!,#$)!0,,'-)#-!1/#!#)!L$2-/+'(>!'$!9'-)!#)!
&#+)-$.)/'(;!
]1#.!$(#!)#**#!.-'@0(.#>!/*!(7@!0!&#!.#-)0/(!4$#!*7/(.#-)/)$&#;!
!

!
!01234'#5625748'$9'-24'%;')<124<' @' ,54415'>'
]1#.!$(#!)#**#!.-'@0(.#>!)'$)#!90*0&/#!'$!0('90*/#!,#$)!+#!6$+)/3/#-!,0-!E!*0!1'*'()2!&#!M/#$!F;!b0/+!.#!
+'()!1'+!>3CY16>5=!4$/!.'()-^*#()!)'$)#+!1'+!0))#()#+!&#!.#!4$#!*0!1/#!,#$)!1'$+!0,,'-)#-!&0(+!*#!
3$)$-;!
!
G(!0L('+)/./+9#!+0/(>!*#!)@,#!&#!9#()0*/)2!4$/!01'$#!(#!,0+!.'((0B)-#!*0!(0)$-#!&#!E!M/#$!F!'$!(#!,0+!
+01'/-! 9?9#! +/! E!M/#$!F! #%/+)#>! 90/+! ,0-30/)#9#()! '$1#-)#! 8! *0! .'(1/.)/'(! 4$/! *$/! #+)! &'((2#! ,0-!
*7/**$9/(0)/'(>!#+)!,-232-05*#!8!&#+!.-'@0(.#+!30(0)/4$#+!#(!$(#!&#9/K12-/)2!'$!#(!$(#!('(K12-/)2;!
"'99#!*0!-0.#!A$90/(#!#+)!01#$L*#!#(!L2(2-0*!c!
H#+! L#(+! +'()! .'99#! &#+! )0$,#+! &0(+! *#$-+! L0*#-/#+>! .'(10/(.$#+! &#! ,'$1'/-! E!60$L#-!F! )'$)#! *#$-!
#%/+)#(.#!#(!$)/*/+0()!*#$-+!+#(+!&#!*7'$N#>!&#!*7'&'-0)>!&#!*#$-!1/+/'(!)-D+!*/9/)2#!#)!&$!)'$.A#-;!
"7#+)!0/(+/!4$#!*7'(!,#$)>!#(!&#+.#(&0()!*72.A#**#! &#+!3'-9#+!&#!1/#>!?)-#!)29'/(!&#!9/**/#-+!&7#+,D.#+!
1/10()!&#+!1/#+!#()/D-#9#()!&23/(/#+!#)!&2*/9/)2#+!,0-!*#$-+!+#(+;!"#!4$7#**#+!,#$1#()!,#-.#1'/-!.'99#!
2)0()! E!-2#*!F! .'(+)/)$#! *#$-! E!-20*/)2!F! ,#-+'((#**#>! *#$-! 9'(&#! ,0-)/.$*/#-;! "A04$#! .'$.A#! &7#%/+)#(.#!
#%,2-/9#()2#!,0-!*#+!&/1#-+#+!#+,D.#+!&#!.A'+#+!1/10()#+!#+)!&/+)/(.)#!&#!)'$)#!0$)-#!&0(+!*0!&/9#(+/'(!
A$90/(#;! "#*0! /(.*$)! *7#+,-/)! A$90/(! 4$/! #+)! */))2-0*#9#()! ,*((H/H! ,0-! &#+! &'.)-/(#+! #)! &#+! &'L9#+!
-#*/L/#$%! #)! #9,-/+'((2! &0(+! &#+! )A2'-/#+! +./#()/3/4$#+! #)! &#+! 3'-9$*#+! 90)A290)/4$#+;! H#+! &'.)-/(#+!
-#*/L/#$+#+!'()!2)2!.'(X$#+!,0-!*#!-0/+'((#9#()!A$90/(>!&0(+!$(!#33'-)!&7#%,*/4$#-!*#+!#(+#/L(#9#()+!&#!
b0B)-#+! +,/-/)$#*+! &'()! *7#+,-/)! &2,0++#! *0! +,AD-#! A$90/(#! &#! *7/()#**#.)! ,'$-! #()-#-! &0(+! *#+! +,AD-#+!
&/1/(#+!&#!,#-.#,)/'(!/(+,/-2#!&#!*0!M!3H-.&?H#8'&%"$(".."!N;!
H#+!.'(.#,)+!+./#()/3/4$#+!+'()!2L0*#9#()!*#!,-'&$/)!&#+!+#(+!A$90/(+!4$/!-0)/'(0*/+#()!#)!&'((#()!&#+!
('9+!8!&#+!,A2('9D(#+!'5+#-12+!,0-!*0!1$#!A$90/(#!,#(&0()!*7#%,2-/9#()0)/'(;!
\$0(&>!,0-!.'(+24$#()>!*7/()#**#.)!A$90/(!#+)!.0,05*#!&#!9#))-#!&#!.^)2!&#+!.-'@0(.#+!0$++/!*/9/)2#+!#)!
&#!+72*#1#-!,'$-!#()-#-!#(!.'()0.)!01#.!*0!M!3H-.&?H!N>!0$K&#*8!E!&$!-0/+'((#9#()>!&#!*0!*'L/4$#!#)!&$!
-0)/'(0*/+9#!A$90/(+!*#+!,*$+!2*#12+!F!4$#!*7'(!0,,#**#!E!&#+!.'((0/++0(.#+!F>!.#)!/()#**#.)!#()-#!&0(+!
*#+!+,AD-#+!+$,2-/#$-#+!&#!*0!M!>C6=>456>5#95#245!N;!<*!#+)!,2(2)-2!,0-!*0!M!%H$&?H#+'&%"$(".."!N#4$/!
&2,0++#!*/))2-0*#9#()!*0!.0,0./)2!&$!9#()0*!A$90/(!E!('-90*!F!&#!,#-.#1'/->!&70..#,)#-!'$!&#!
.'9,-#(&-#;!H7/()#**#.)!A$90/(!(#!,#$)!.'9,-#(&-#!0$.$(#!#%,2-/#(.#!0$K&#*8!&#+!,0-09D)-#+!
2*#.)-'90L(2)/4$#+!&#!*7#%/+)#(.#!)#--#+)-#!#)!&#+!3'(.)/'(+!.2-25-0*#+!J!)0()!4$#!*7/**$9/(0)/'(!&#!*0!
>*'(@&"'@"#9&%&'"!(70!,0+!,2(2)-2!&0(+!*0!)')0*/)2!&$!+@+)D9#!.2-25-0*!A$90/(>!&#+!29')/'(+!#)!&$!
+$5.'(+./#()!J!9'9#()!'[!*7$(/)2!#)!*7A0-9'(/#!+'$+K60.#()#+!*$/!+#-'()!-212*2#+;!
H'-+4$#! &#! )'$)#+! ('$1#**#+! ,#-.#,)/'(+! +,/-/)$#**#+! +'()! ,-2+#()2#+! 8! $(! #+,-/)! #(&'.)-/(2! ,0-! *0!
-#*/L/'(>!/*!*#+!,#-X'/)!.'99#!,-'1#(0()!&#!E!R0)0(!F!'$!.'99#!2)0()!&#!*0!,$-#!&29#(.#!'$!#(.'-#!&#!
*7/90L/(0)/'(;!"7#+)!(0)$-#*>!,$/+4$#!*'-+4$7/*!+#!,-2+#()#!$(!&23/!4$/!+'$*D1#!&#!1/'*#()#+!29')/'(+>!.#!
4$/! #+)! *#! .0+! *'-+4$#! *7'(! .'()-#&/)! *#+! .-'@0(.#+>! *#+! /9,$*+/'(+! 90L(2)/4$#+K29')/'((#**#+!
E!/;-??$-?&*'A$"Q"?#N!&#!*7/(+)/(.)!2L'N4$#!#()-#()!/992&/0)#9#()!#(!0.)/'(;!
7*+?"#?OJ("#*+#,$*,*(&?&*'#,$*%*D+-'?#G"'?-."G"'?#+'#G-.-&("#-&S+I#/+#/H(-$$*&#*+#/"#.-#
@*'K+(&*'#/-'(#+'#"(,$&?#@*'/&?&*''HI#("$-#$"Q"?H"#&'(?-'?-'HG"'?#,-$#+'#P-$$-S"#?*?-.#/"#
M#,$"+%"(#N#$-(("GP.H"(#,-$G&#."(#@$*E-'@"(#/"#.;"(,$&?#@*'/&?&*''HI#%"'-'?#-,,+E"$#."#$"Q"?L#
Z-&(#."(#,$"+%"(#'"#(*'?#D+"#/"(#@$*E-'@"(L#

!
!01234'#5625748'$9'-24'%;')<124<' A' ,54415'>'
"7#+)!$(!,-'.2&2!9#()0*K29')/'((#*!)'$)!8!30/)!(0)$-#*!&0(+!*0!&/9#(+/'(!,$-#9#()!A$90/(#;!
"7#+)! ,'$-4$'/>! +/! .#))#! 2[347[! G&"''"! #+)! '33#-)#! 8! .#$%! &'()! *0! 9#()0*/)2! #+)! 3#-9#9#()! 2)05*/#! #)!
.'(&/)/'((2#! ,0-! *0! ,#$->! '$! -#(3'-.2#! ,0-! *0! 1'*'()2! A$90/(#! &70&A2-#-! 8! &#! )#**#+! .-'@0(.#+!
0$)'90)/4$#+>! /*! (7#+)! 4$#! (0)$-#*! 4$#! *0! 2[347[! +$+./)#! &#+! 29')/'(+! #%.#++/1#+! #)! +'/)! -#6#)2#!
1/'*#99#()>!1'/-#!9?9#!&#!90(/D-#!5#**/4$#$+#;!
"#! 4$/! ,-2.D&#! #+)! $(#! &#+.-/,)/'(! &#! *70.)/1/)2! 9#()0*#K29')/'((#**#! ('-90*#! &0(+! *0! &/9#(+/'(!
A$90/(#;!
=**#! (#! &#1-0/)! ,0+! ?)-#! .-/)/4$2#>! ,$/+4$7$(! #+,-/)! .'(&/)/'((2! #+)! .#(+2! +#! +#()/-! #(! )')0*#! /(+2.$-/)2>!
E!,0-)/-! 8! *0! &2-/1#!F! '$! E!&0(+! &#+! +05*#+! 9'$10()+!F! *'-+4$7/*! #+)! .'(3-'()2! 8! $(! .'(.#,)! )')0*#9#()!
('$1#0$;!"#+!#%,-#++/'(+!A$90/(#+!&2.-/1#()!#%0.)#9#()!.#!4$/!+#!,0++#!4$0(&!$(!#+,-/)!#(&'.)-/(2!
-#(.'()-#!*#!&23/!&7$(#!)'$)#!('$1#**#!,#-.#,)/'(!&#!.#!4$7/*!)#(0/)!0*'-+!,'$-!+/!,-2./#$%>!+/!+Z->!+/!6$+)#!c!
!
=(!*/+0()!.#+!057735=!,'$-!*0!,-#9/D-#!3'/+>!1'$+!,'$1#S!&2)#-9/(#-!'[!1'$+!1'$+!+/)$#S!9#()0*#9#()!
#)!29')/'((#**#9#();!d)#+K1'$+!5*'4$2!&0(+!1')-#!21'*$)/'(!+,/-/)$#**#!,0-!1')-#!0&A2+/'(!'5+)/(2#!8!1'+!
.-'@0(.#+!0.)$#**#+!a!=)#+K1'$+!.0,05*#>!0,-D+!9Z-#!-23*#%/'(>!&#!-20*/+#-!4$#!)'$)!.#!8!4$'/!1'$+!1'$+!
0..-'.A#S!+/!3'-)#9#()!';"(?#D+"#M#@$*E-'@"(#N!K!.-'@0(.#+!/--0)/'((#**#+!a!!
<*!#+)!05+'*$9#()!1/)0*>!,'$-!1')-#!21'*$)/'(!+,/-/)$#**#>!4$#!1'$+!.'9,-#(/#S!,0-30/)#9#()>!8!*'(L!)#-9#>!
*#+! ,-/(./,#+! &#! 1')-#!3'(.)/'((#9#()!9#()0*! #)!29')/'((#*! A$90/(;! O'$+! .-'@#S! *#! .'9,-#(&-#>! 90/+!
1'$+!(#!*#!.'9,-#(#S!,0+!,0-30/)#9#();!O'$+!(#!,'$1#S!*#!.'9,-#(&-#!4$7#(!#(!+'-)0()!.'9,*D)#9#()>!
#(! *#! )-0(+.#(&0()>! #(! 0..2&0()! 8! &#+! &/9#(+/'(+! &#! ,#-.#,)/'(! #)! &7#%,2-/#(.#! +$,2-/#$-#+! J! #(!
,2(2)-0()!&0(+!*0!2[347[!Z\Z5;!
"#! (7#+)! 4$70*'-+! 4$#! 1'$+! .'99#(.#-#S! 8! ,#-.#1'/-! 4$#! 1'$+>! 0/(+/! 4$#! .A04$#! ,#-+'((#! &0(+! *#!
9'(&#>!01#S!12.$!#)!'-/#()2!1')-#!1/#!,-#+4$#!#()/D-#9#()!&70,-D+!&#+!E!.-'@0(.#+!F!A$90/(#+!J!#)!('(!
*0#2[347[L#
]"-+@*+,#/"#S"'(#@$*&"'?#(&'@J$"G"'?#D+;"'#,$&-'?#,*+$#$"@"%*&$#?".#*PQ"?I#%&%$"#?".."#"W,H$&"'@"#
*+# $"@"%*&$# .-# P*''"# *$&"'?-?&*'# /-'(# +'"# @"$?-&'"# (&?+-?&*'I# &.(# $"@"%$*'?# %$-&G"'?# .;*PQ"?I#
.;"W,H$&"'@"#*+#."#@*'("&.#%*+.+#D+&#-GH.&*$"$-#."+$#P&"'A^?$"L#
4.(# @$*&"'?# D+"# D+-'/# _(&#`a# ."+$# ,$&J$"# $"@"%$-# +'"# $H,*'("I# &.(# ("# $HQ*+&$*'?# (&'@J$"G"'?# "?#
(+&%$*'?#&GGH/&-?"G"'?#."#@*'("&.I#D+".."#D+"#(*&?#."+$#(&?+-?&*'#,$H("'?"I#,-$@"#D+"I#%"'-'?#/+#
9&%&'I#&.#'"#,"+?#(;-S&$#D+"#/;+'"#P*''"#$H,*'("#D+&#@*'/+&?#-+#P*'O"+$L#
7*+?"K*&(I# .*$(D+;&.# "(?# @*'K$*'?H# )# .;-$$&%H"# /"# .;*PQ"?# *+# )# .-# (+$%"'+"# /"# .;"W,H$&"'@"# *+# /"#
.;*$&"'?-?&*'# /H(&$H"I# @".+&# D+&# $"b*&?# .-# c$R@"# 9&%&'"# "(?# ,-$K*&(# (&# /H(*$&"'?HI# (&# ,"$?+$PHI# (&#
&'@-,-P."#/;-@@",?"$#.;&'?$+(&*'#/"#.-#>*'(@&"'@"#9&%&'"I#"W-@?"G"'?#@*GG"#&.#.;-#/"G-'/HI#D+;&.#
'"#(-&?#,-(#@*GG"'?#E#$H-S&$L#
=&#."(#"(,$&?(#(*'?#-+((&#,"$?+$PH(#D+-'/#@"#D+;&.(#/"G-'/"'?#."+$#"(?#"'#"KK"?#/*''H#/"#G-'&J$"#
&'-??"'/+"I#*T# ("#?$*+%"'?#/*'@# .-# %$-&"#dC4# "?# .-# %$-&"#>3CY16>5#D+;&.(# H?-&"'?# (&# @"$?-&'(#/"#
,*((H/"$#?*?-."G"'?#"?#"'#-P*'/-'@"#e#6"#%*E"FA%*+(#,-(I#-+((&I#D+"#@;"(?#.-#@$*E-'@"#X#"?#'*'#
.-# 2H$&?H# X# D+&# -# *$@O"(?$H# ?*+?# ."# G*+%"G"'?# (EG,O*'&D+"# X# )# .;"W@",?&*'I# P&"'# (f$I# /"#
.;&'?"$%"'?&*'#/"#.-#>*'(@&"'@"#9&%&'"#X#/"#.-#$H,*'("#)#.-#,$&J$"#e#>"??"#&'?"$%"'?&*'#"(?#.-#("+."#

!
!01234'#5625748'$9'-24'%;')<124<' B' ,54415'>'
M#$H-.&?H#N# /"# ?*+?"# .-# ,$*@H/+$"#g# ."# $"(?"# "(?# @$*E-'@"# "?# "(,*&$# X# +'"# SEG'-(?&D+"# G"'?-."#
+?&.&(-'?#."(#"W,H$&"'@"(#,-((H"(#,*+$#G"(+$"$#."#,$H("'?L#2*?$"#("+."#253475#"(?#.-#>*'(@&"'@"#
9&%&'"#D+&#'"# @*'/+&?#D+;)# .-# @$*&((-'@"# "?# )# .-# ,"$K"@?&*'# X# (&# %*+(# -%"F# ,."&'"G"'?# @*'K&-'@"#
D+;".."#."#K"$-L##
d-&?"(# +'"# ,-+("# &@&# ,*+$# .&$"# "?# $".&$"# ."(# ,-$-S$-,O"(# ,$H@H/"'?(I# ,-$@"# D+"# @"# D+&# ("# ,-(("#
/-'(#%*?$"#@*'(@&"'@"#"(?#."#?&((+#/"#%*(#"W,H$&"'@"(#"?#/"#%*?$"#%&"L#
h*("FA%*+(# /*'@# .-# D+"(?&*'#B# h53>525iA2C8=# X# 35104=5iA2C8=# X# >CZh3565iA2C8=#
%$-&G"'?# D+"# .-# $'()*+'% ./+% )(% /01-2.% 3.% +01+.% 2044(*//(42.% .+% 3.% +01+.% 2-'(+*5*+' # X# *+# '"#
G-'&K"(?"FA%*+(#D+;+'#&'?H$^?#/"#,+$"#K*$G"#"?#'"#$"@*''-&(("FA%*+(# .-#>*'(@&"'@"#9&%&'"#D+"#
/;+'"#G-'&J$"#G"'?-."#"?#(+,"$K&@&".."#e##
2&%"FA%*+(# @*G,.J?"G"'?I# ,."&'"G"'?I# G&'+?"# ,-$# G&'+?"I# /-'(# .-# @*'(@&"'@"# D+"# .-#
>C6=>456>5# 864253=5005# "(?# .-# ("+."# 3H-.&?H# "?# .;4'?"..&S"'@"# =+,$^G"# "'# j+%$"# /-'(# .-#
@$H-?&*'#e# 9H,"'/"FA%*+(# @*'(?-GG"'?# /"# =*'# &'(,&$-?&*'# (+,$^G"G"'?# "KK&@-@"I# *+# ,"'("FA
%*+(# D+;&.# %-+/$-&?# G&"+W# %&%$"# /;-,$J(# %*?$"# %*.*'?H# K&'&"# "?# %*(# &G,+.(&*'(# HG*?&*''".."(#
,-$K*&(#@*'K+("(#e#
5?#(&#%*+(#$"@"%"F#.;&'(,&$-?&*'#/&$"@?"#/"#(+&%$"#+'"#@"$?-&'"#/&$"@?&*'I#G-&(#%*+(#-$$^?"F#"'#%*+(#
/"G-'/-'?#(&#@"??"#&'(,&$-?&*'#%*+(#GJ'"#P&"'#.)#*T#%*+(#,"'(&"F#%*+.*&$#-.."$I#"(?A@"#.)#%*+(#"'#
$"G"??$"#@*G,.J?"G"'?#)#.;1+?*$&?H#4'?"..&S"'?"#=+,$^G"#X#.-#>*'(@&"'@"#9&%&'"#e#X#6;"(?A@"#,-(#
.)#+'"#&'/&@-?&*'#D+"#%*?$"#HS*#%*+(#@*'?$k."#"'@*$"#e#
"#+!057735=#9?9#>!*'-+4$7#**#+!+#-'()!&/33$+2#+!.'99#!,-21$>!&#1/#(&-'()!&#+!E!.-'@0(.#+!F!#)!('(!
*0!,$-#!,#-.#,)/'(!+,/-/)$#**#!&##M#>5#V84#5=7#NI#/*'?#(*'?#&((+"(#@"(#,-$*."(L#
>"# ';"(?# D+;"'# GH/&?-'?# @"(# ,-$*."(# -,$J(# -%*&$# /"G-'/H# .;&..+G&'-?&*'# (,&$&?+".."# D+"# .-#
M#3H-.&?H#N# (,&$&?+".."I# D+&# "(?# -+A/".)# /"(# G*?(I# %*+(# %&"'/$-# K&'-."G"'?# )# .;"(,$&?# @*GG"# +'#
$-E*'#/"#.+G&J$"L##
0*$(D+"#@".-#-$$&%"$-I#%*+(#=1835i#D+"#%*+(#(-%"FL#
"#$%! &7#()-#! 1'$+! 4$/! '()! +$33/+099#()! 21'*$2! ,'$-! 1/1-#! &0(+! &#$%! &/9#(+/'(+>! OUGR>! &'()! *7#+,-/)!
,#$)! )-0(+.#(&#-! *#! -DL(#! &#! *7/()#**#.)! A$90/(! 6$+4$78! *0! &/9#(+/'(! +$,2-/#$-#! &#! *0! M!$'()*+'%
64*5.-/.)).!NI# 1'$+! -#(.'()-#-#S! ,-'505*#9#()! 5#0$.'$,! &#! L#(+>! &0(+! *#+! )#9,+! 8! 1#(/->! 4$/!
-#6#))#-'()!.#+!H=YYe=R!#(!&/+0()!4$#!.#!(7#+)!4$#!,$-#!/90L/(0)/'(>!90/+!(7#(!+'@#S!,0+!.'(+)#-(2;!
3-,,"."FA%*+(# @"# D+"# Q"# %*+(# /&(# G-&'?"'-'?L# 2C8=# ^?"(# $H(&/"'?# /"# /"+W# /&G"'(&*'(# "?#
,"$(*''"#'"#,"+?#,-(("$#-+A/".)#/"#.-#/&G"'(&*'#/+#M#(&G,."#&'?".."@?#N#-%-'?#/;-%*&$#(-?&(K-&?#-+W#
,$HA$"D+&(# ,*+$# .;&..+G&'-?&*'# (,&$&?+".."L# >"+WA@&# (*'?# +'# %H$&?-P."# H%"&.# (,&$&?+".# G"'-'?# )# +'#
,$*K*'/#/&(@"$'"G"'?#D+-'?#-+W#-@?&%&?H(#/"#.;"S*#"?#/"#.-#,"$(*''-.&?Hl#(+&%&#/"#$"G*$/(l#/"#
$"G*$/(l#/"#$"G*$/(L#>;"(?#.-#=5805#2C45L#
>-$#."#$"G*$/(I#)#(*'#?*+$I#@*'/+&?#-+#$"Q"?#/"#.-#/&G"'(&*'#G-S'H?&D+"#m#HG*?&*''".."#/"#M#$"Q"?A
-??$-@?&*'#NI#D+"#/-'(#("(#K*$G"(#."(#,.+(#%&$+."'?"(I#."(#O+G-&'(#-,,".."'?#."#,H@OHL##
V+-'/#+'"#,"$(*''"#,H'J?$"#/-'(%)(%3*7.4/*04%/8*-*+1.)).%.+%./+%*78-'94'.%3./%2(-(2+'-*/+*;1./%
3.% )(% <%,="%NI# ".."# @*GG"'@"# )# @*G,$"'/$"# "?# K&'-."G"'?# =12C43# D+"# .;&G,+.(&*'# HS*nD+"#

!
!01234'#5625748'$9'-24'%;')<124<' C' ,54415'>'
O+G-&'"#D+&#@*'(&(?"#)#M#'"#,"'("$#D+;)#(*&#N#@*+,"#"'#$H-.&?H#.opZ5#/"#.o-KK.+W#@*'?&'+#/" %<%,="%
>=,=?"%@%3(4/%)A./8-*+B%).%20.1-B%).%20-8/B%)./%-.)(+*04/%.+%)(%5*.%;10+*3*.44.C%
%
M#6"#,"'("$#D+;)#(*&#N#"(?#+'"#"W,H$&"'@"#O+G-&'"I#?"$$"(?$"L##
3"G"??$"#(&'@J$"G"'?I#?*?-."G"'?#.-#,"$(*''-.&?H#)#.-#M#245Ah535#N#(+,,$&G"#."#P.*@-S"#"'?$"#.-#
3*7.4/*04% /8*-*+1.)).# "?# .;RG"L# 0-# ,"$(*''"# ';-# ,.+(# P"(*&'# /"# M#'"# ,"'("$# D+;)# ".."#NI# ?*+?# @"#
D+;"(?# .-# 245# 942465# -KK.+"# G-&'?"'-'?# /-'(# (*'# @*$,(I# (*'# "(,$&?I# (*'# @j+$I# (-# %&"# "?# ("(#
$".-?&*'(L# 8'"# ?".."# ,"$(*''"# %&?# M#&'(?&'@?&%"G"'?#N# "?# (+&?# ("(# &'?+&?&*'(# D+&# (;-%J$"'?# ?*+Q*+$(#
,-$K-&?"(#)#.*'S#?"$G"L#
!D%,="%>=,=?"%"E#%#F6GF6$E%!DB%DHH"EE=I!"B%2J(;1.%K0*/%;1.%)L04%)1*%(M(43044.%/(%8-08-.%
50)04+'%.+%;1.%)L04%/.%+01-4.%5.-/%"!!"%801-%2J(;1.%M./0*4C%
<*!30$)! 1'$+! +'$1#(/-! 4$#! 6#!9#!-23D-#! 0$!9'9#()! '[! 1'$+! ,H'H?$"F#/-'(#.-#/&G"'(&*'#O+G-&'"#/"#
.;&'?".."@?! #)! &2,0++#S! 1')-#! &2,#(&0(.#! 8! E!*7/()#**#.)!F! #)! 0$%! 9'@#(+! 90)2-/#*+! ,'$-! '5)#(/-! .#! 4$#!
1'$+!1'$*#S!&#!*0!1/#;!f#0$.'$,!&#!L#(+!,#(+#()!01'/-!0))#/()!.#!,'/()!&#!&21#*',,#9#()!+,/-/)$#*>!90/+!
/*+!+7/**$+/'((#();!
R/! 1'$+! 050(&'((#S! *0! *'L/4$#! J! #)! (-%"F>! +0(+! 0$.$(! &'$)#>! 4$#! 1'$+! ,'$1#S! 30/-#! )')0*#9#()!
.'(3/0(.#!#(!1')-#!/()$/)/'(!,'$-!0))#/(&-#!&#+!5$)+!/(+,/-2+>!1')-#!1/#!.A0(L#;!H#+!5/#(30/)+!033*$#()!&0(+!
1')-#!1/#!*'-+4$#!1'$+!,-#(#S!,*#/(#9#()!.'(+./#(.#!4$#!*0!"'(+./#(.#!M/1/(#!#+)!*0!e20*/)2!/(1/+/5*#!J!
*0! C$/++0(.#! J! 0$! )-010/*! &#--/D-#! *70,,0-#(.#! #%)2-/#$-#! &#! 1')-#! 1/#>! 9#))0()! #(! g$1-#! *#+! E!3'-.#+!
&72(#-L/#!/()#**/L#()#!F!4$/!1'()!90(/3#+)#-!.#!&'()!1'$+!01#S!5#+'/(;!O'$+!(701#S!,0+!5#+'/(!&#!(/#-!*#+!
0,,0-#(.#+!(/!&#!.'(+0.-#-!0$.$(!,'$1'/-!&#!*0!,#(+2#!8!*0!+/)$0)/'(!4$#!1'$+!.A#-.A#S!8!-2+'$&-#;!
Y'$)! .#! 4$#! 1'$+! 01#S! 8! 30/-#>! .7#+)! &#! -#9#))-#! 1')-#! 1'*'()2! #)! &#! R]OU<e! 4$#! ,#(&0()! 4$#! 1')-#!
/()#**#.)! */9/)2! *$/! .D&#! *0! ,*0.#>! *0! $'()*+'% =4K*4*.! ,-#(&! *#! -#*0/+! ,'$-! '-&'((#-! 1')-#! 1/#! &7$(#! )'$)#!
('$1#**#! 90(/D-#>! 03/(! &#! 1'$+! &2)0.A#-! &#! )'$+! 1'+! +'$)/#(+! ,0++2+>! &70,,'-)#-! 8! 1')-#! #+,-/)! $(#!
('$1#**#! 1/+/'(! #(! 1$#! &7$(! ('$1#*! #33'-)! #)! &#! 1'$+! .'(&$/-#! &0(+! &#! ('$1#0$%! &'90/(#+! &70.)/1/)2;!
b0/+!*'-+4$#!.#*0!1'$+!0--/1#>!1'$+!&#1#S!?)-#!,-?)!8!E!*I.A#-!,-/+#!F!.'9,*D)#9#();!!
O'$+! &#1#S! .#++#-! &#! 1'$+! 0L-/,,#-! 0$%! +2.$-/)2+! &$! ,0++2! #)! +01'/-! 4$#! &#! ,*$+! L-0(&#+! +2.$-/)2+>!
&7$(#!(0)$-#!&/332-#()#>!1'$+!0))#(&#()!*'-+4$#!1'$+!+$/1#S!1')-#!/(+,/-0)/'(;!!
M$!9'9#()!4$#!.#)!2)0)!&7#%/+)#(.#!A$90/(#!P!+,/-/)$#**#!#)!&#!5/#(K?)-#!A0-9'(/#$%!&2,#(&!#()/D-#9#()!
&#!*0!.0,0./)2!&72)05*/-!$(!12-/)05*#!.'()0.)!01#.!*0!3H-.&?H#9&%&'">!/*!#+)!/9,2-0)/3!&#!-#1#(/-!#(.'-#!#)!
#(.'-#! 8! *72)$&#! #(! ,-'3'(&#$-! &#! *0! 3H-.&?H# 9&%&'"# 5.."AG^G"! #)! 8! *0! 90(/D-#! &'()! *#+! ,$*+/'(+!
2L'N4$#+!+'()!+0(+!.#++#!8!*7g$1-#!&0(+!*0!.'(+./#(.#!A$90/(#>!5*'4$0()!&0(+!*7#+,-/)!*#+!/(+)-$.)/'(+!
/()$/)/1#+!&#!*0!2&"#9&%&'";!=(!.#!9'9#()>!1'$+!1/1#S!$(#!#%/+)#(.#!'5+.$-#!#)!,#+0()#>!0$!*/#$!&#!1/1-#!
.'(+./#99#()!&0(+!*0!>*'(@&"'@"#9&%&'"!#(!@!,2(2)-0()!#)!#(!0+&!,#-9#))0()!&7/9,-2L(#-!#)!&#!-26'$/-!
1')-#! ,#(+2#! #)! 1'+! #%,2-/#(.#+! &#! 1/#;! O'$+! -#+)#-#S! #(3#-92! &0(+! *#! .0&-#! 9#()0*K29')/'((#*! &#+!
/9,$*+/'(+!2*#.)-'90L(2)/4$#+!6$+4$78!.#!4$#!1'$+!1'$+!&2./&/#S!8!&/++'$&-#!.'(+./#99#()!*#!)/++$!&#!
1'+!.-'@0(.#+!A$90/(#9#()!.'(X$#+!#)!#(!1#(/#S!8!1'/-!.*0/-#9#()!4$#!1')-#!e20*/)2!#+)!*0!>*'(@&"'@"#
9&%&'"!J!#)!('(!1')-#!309/**#!'$!1')-#!.'9,)#!50(.0/-#;!=)!*'-+4$#!1'$+!0--/1#-#S!8!*#!1'/->!1'$+!#()-#-#S!
&0(+!*0!08Z4535!J!#)!*0!08Z4535!&#9#$-#-0!#(!1'$+;!!

!
!01234'#5625748'$9'-24'%;')<124<' >' ,54415'>'
]!.0$+#!&$!90*0/+#!#)!&$!5-0+!&#!3#-!#()-#!*7I9#!#(!21'*$)/'(!#)!*7#L'!A$90/(!h4$/!#%/L#!&#!E!,0-0B)-#!
5'(!F!,*$)^)!4$#!&7M!5735#]C6#N!#)!.#,#(&0()!(#!,#$)!,0+!)'*2-#-!*7/&2#!4$7/*!,'$--0/)!21#()$#**#9#()!
?)-#!/9,0-30/)i>!/*!#%/+)#!#(!.#!9'9#()!,#$!&#!L#(+>!-#.#10()!&#!*7/(+,/-0)/'(!#)!*0!)-0(+9#))0()!8!&70$)-#+>!
4$/! ,0-*#-'()! &#! *0! (2.#++/)2! &#! ,0++#-! ,0-! $(#! ,2-/'&#! &#! ,$-/3/.0)/'(! /()2-/#$-#;! H0! ,#-+'((0*/)2!
9'&#-(#! #+)! .'(&/)/'((2#! ,'$-! 01'/-! $(! +#-1/.#! /992&/0)>! *0! *$9/D-#! #)! *0! .A0*#$-! /(+)0()0(2#+>! *0!
('$--/)$-#>!*0!5'/++'(>!*#+!A05/)+!#)!*#+!&/1#-)/++#9#()+!/(+)0()0(2+!#)!&#!.#!30/)>!(7#+)!,0+!0))/-2#!,0-!$(#!
,N$=#N!4$/!/9,*/4$#!*#!+0.-/3/.#!&#!+'/>!$(!)-010/*!.'(+)0()!#)!$(#!.'(+2.-0)/'(!)')0*#!0$!5$);!C0-!0/**#$-+>!
5#0$.'$,!&7#(+#/L(0()+!3'()!,0+!90*!&70-L#()!01#.!*#$-+!0.)/1/)2+!#)!/*+!&'/1#()!,-2+#()#-!$(#!E!O2-/)2!F!
4$/!+#!1#(&#!5/#(!c!
!
R/! 1'+! #(+#/L(0()+! 9'&#-(#+! ,0-*#()! &7$(#! 1'/#! 4$/! ,#-9#)! &70))#/(&-#! *#+! &/9#(+/'(+! +$,-?9#+! 0$!
9'@#(! &$! )-0(+3#-)! &#! *#$-! /**$9/(0)/'(! 9#()0*#! ,#-+'((#**#>! /*! 1'$+! +#-0! )'$)! &#! 9?9#! (2.#++0/-#! &#!
1'$+! +'$9#))-#! 8! $(#! /()#(+#! /()-'+,#.)/'(! #)! 8! *0! ,$-/3/.0)/'(! &#! 1'+! 29')/'(+! E!90L(2)/4$#+!F!
&70))-0.)/'(K-#6#);!
R/!1'$+!?)#+!1-0/9#()!+$-!*#!+#()/#-!4$/!9'()#!1#-+!*#+!&/9#(+/'(+!+,/-/)$#**#+!+$,-?9#+>!1')-#!-'$)#!+#!
.0-0.)2-/+#-0! ,0-! &#+! 9'9#()+! &7/()-'+,#.)/'(! #)! &#! ,-/+#! &#! .'(+./#(.#! *$9/(#$+#9#()! .*0/-1'@0()+>!
3-24$#99#()!+$/1/+!&#!&2L'Z)!&#!+'/;!"#!+#()/9#()!&2,-/90()!#)!&'$*'$-#$%!#+)!*#!-#1#-+!&#!*729')/'(!
90L(2)/4$#;!
H8!'[>!,-2.2&#99#()>!*7#L'!+#!.-09,'((0/)!8!+0!1/+/'(!#++#()/#**#!&#!*$/K9?9#!.'99#!&$!9#/**#$->!#)!
9?9#!9#/**#$-! 4$#! )'$+! *#+! 0$)-#+>! /*! .'99#(.#! 90/()#(0()! 8! #()-70,#-.#1'/-! *#!30/)! /(+'$)#(05*#! 4$#!
,#$)K?)-#!/*!(7#+)!,0+!+#$*#9#()!$(!,#$>!90/+!)-D+!/9,0-30/);!Y'$)#!,#-+'((#!0))#/L(0()!.#!(/1#0$!+,/-/)$#*!
&721'*$)/'(!&2.'$1-/-0!4$7#**#!#+)!90/()#(0()!+$-!*0!1'/#!&#!*0!12-/)05*#!A$9/*/)2;!!
e#,-#(#S! .'$-0L#! *'-+4$#! 1'$+! .'(+)0)#-#S! 4$#! .#*0! 1'$+! 0--/1#;! O'$+! ?)#+! 90/()#(0()! #(! )-0/(! &#!
-#6#)#-! *#+! &25-/+! &#! 1'+! 1/#/**#+! .-'@0(.#+! #--'(2#+! 8! ,-','+! &#! 1'$+K9?9#! #)! &#! 1')-#! ,#-+'((0*/)2!
/**$+'/-#;!3-,,"."FA%*+(#D+"#@;"(?#%*?$"#M#&'?"'?&*'#NI#*+#M#G*?&%-?&*'#NI#*+#M#@*'%&@?&*'#N#D+&#%*+(#
/*''"#."#,*+%*&$#@$H-?&K#/"#K-&$"#@"#D+"#%*+(#/H(&$"FL#
MD+! *#! 9'9#()! '[! 1'$+! &2+/-#S>! &#! )'$)! 1')-#! .g$->! /(1#-+#-! *0! )#(&0(.#! ('-90*#! &#! 1'+! +.A290+!
29')/'((#*+! 90L(2)/4$#+>! 1'$+! 0$-#S! &2.*#(.A2! .#! ,-'.#++$+;! R/! 1'$+! &23/(/++#S! .*0/-#9#()! *#+! 5$)+!
4$#!1'$+!&2+/-#S!0))#/(&-#!#)!+/!1'$+!*#+!L0-&#S!8!6090/+!&#10()!1')-#!1/+/'(!#(!*#+!2.-/10()!'$!#(!*#+!
L0-&0()!8!*7#+,-/)>!)-D+!-0,/&#9#()>!1'$+!&2.'$1-/-#S!4$#!*#+!.A0(L#9#()+!&2+/-2+!+#!+'()!#33#.)$2+!&0(+!
1')-#! .'(+./#(.#;! H'-+4$#! .#*0! 0--/1#-0>! 1'$+! -#++#()/-#S! &#! *0! *2LD-#)2! &7#+,-/)! #)! 1'$+! 0$-#S! &#+!
9'9#()+! &#! ,$-#! 6'/#;! O'$+! &29'()-#-#S! 4$#! *0! 253475# 95# 0;\735! .'(&$/)! 5#*! #)! 5/#(! *#+! E!.g$-+!
,-/+'((/#-+!F!1#-+!*0!*/5#-)2!,0-30/)#!&#!*0!1/#!+,/-/)$#**#;!
M0(+!*#!9?9#!)#9,+>!1'$+!0$-#S!8!.'9,-#(&-#!4$#!1')-#!#L'!h,0-!(2.#++/)2>!,'$-!1'$+!,#-9#))-#!&#!
+$-1/1-#i!&'/)!1'$+!30/-#!.-'/-#!4$#!1'$+!01#S!&#!*0!10*#$-!,'$-!1'$+K9?9#!#)!,'$-!*#+!0$)-#+;!Y'$)!&23/!
#%)2-/#$-! +2-/#$%! .'(.#-(0()! 1')-#! ,-',-#! 10*#$-! #+)! )-D+! &#+)-$.)#$-;! G(#! ,#$-! &2+#+,2-2#! #)!
*72.-'$*#9#()!&#!1')-#!.'(3/0(.#!#(!1'$+!1'$+!.'(&$/-'()!8!*0!.'(1/.)/'(!4$#!1'$+!(701#S!0$.$(#!10*#$-!
&0(+!*#!9'(&#!#)!*#!+$/./&#!,#$)!#(!?)-#!*#!-2+$*)0)!(0)$-#*;!"7#+)!,'$-4$'/!1'+!,-'L-D+!+#-'()!#)!&'/1#()!
?)-#!L-0&$#*+;!

!
!01234'#5625748'$9'-24'%;')<124<' D' ,54415'>'
C#-+'((#!(#!&#1-0/)!6090/+!+70))#(&-#!8!.#!4$#!*#+!L#(+!+'/#()!)')0*#9#()!)-0(+3'-92+!,0-!&#+!.'(+#/*+!
'$! ,0-! &#+! 9'9#()+! &7/(+,/-0)/'(;! H0! .-'/++0(.#! (#! ,#$)! +#! 30/-#! 4$#! )-D+! ,-'L-#++/1#9#()! J# +'"#
&'?+&?&*'#)#.-#K*&(L#
G(#! 12-/)05*#! /()$/)/'(! +,/-/)$#**#! /9,-2L(#-0! *#! 9#()0*! &7$(#! ,#-+'((#! &7$(! ,'/()! &#! 1$#! )'$)! 8! 30/)!
('$1#0$!4$/!*$/!,#-9#))-0!&#!.'99#(.#-!8!0,,-'.A#-!.#-)0/(#+!./-.'(+)0(.#+!&#!*0!1/#!K;&7$(#!90(/D-#!
&/332-#()#;!!
C0-!#%#9,*#>!$(!A'99#!,#$)!01'/-!*7/&2#!4$7/*!-2$++/-0!9/#$%!&0(+!*0!1/#!+7/*!-#(3'-.#!0L-#++/1#9#()!+0!
1'*'()2!30.#!8!.#$%!4$/!#()-#()!&0(+!+'(!'-5/)#;!<*!.-'/)!4$7/*!+#-0!9/#$%!#()#(&$!+7/*!.-/#;!
C$/+!/*!,#$)!+#!-21#/**#-!0$!30/)!4$#!,#-+'((#!(#!*70/9#!5#0$.'$,!#)!4$#!+#+!#9,*'@2+!#)!+#+!E!09/+!F!
*721/)#();!<*!,#$)!&#1#(/-!#(.'-#!,*$+!0L-#++/3!,0-.#!4$7/*!+#!+#()!0*'-+!A$9/*/2!'$>!+7/*!+70L/)!&7$(#!I9#!#(!
21'*$)/'(>!/*! 10! +#! &#90(&#-! .#! 4$7/*! ,#$)!30/-#!,'$-! +'-)/-! &#! +'(! /+'*#9#();! MD+!*#!9'9#()! '[! *0! ,="%
>=,=?"!+7/(3/*)-#!&0(+!+0!.'(+./#(.#!CRj"k=!#)!*$/!30/)!-20*/+#-!4$#!*$/K9?9#!21/)#!*#+!L#(+!4$/!.-/#()>!/*!
0$-0! $(! 3*0+A! &7/(+,/-0)/'(;! <*! +#! -#(&-0! .'9,)#! 4$#! ,'$-! ?)-#! A#$-#$%! #)! -2$++/->! /*! &#1-0/)! )-0/)#-! *#+!
0$)-#+! .'99#! /*! 0/9#-0/)! 4$7'(! *#! )-0/)#;! O'$+! ,'$--#S! 0-L$#-! &$! 30/)! 4$#! .#))#! ,#-.#,)/'(! (7#+)! ,0+!
3'-.29#()!/(+,/-2#>!90/+!1/#()!&$!5'(!+#(+!#)!4$7/*!#+)!0--/12!)'$)!+#$*!8!.#))#!.'(.*$+/'(;!"#,#(&0()>!/*!
(7#(!#+)!,0+!0/(+/;!H#+!,#(+2#+!2L'N4$#+!+'()!&/.)2#+!$(/4$#9#()!,0-!*#+!/9,$*+/'(+!E!&70))-0.)/'(!#)!&#!
-#6#)!F!#)!)'$)#!('$1#**#!+0L#++#!1/#()!&#!E!)L=?#"!!=O"?H"%D=PD?#"!F;!
<*!#+)!,'++/5*#!4$7/*!+70L/++#!*8!&$!+#$*!3*0+A!&7/(+,/-0)/'(!4$7/*!0$-0!6090/+>!90/+!+7/*!#+)!-2#**#9#()!+$-!*0!
1'/#!+,/-/)$#**#!#)!+7/*!.A#-.A#!*#+!&/9#(+/'(+!*#+!,*$+!A0$)#+!&#!-20*/+0)/'(>!/*!,#-.#1-0!,-'L-#++/1#9#()!
4$#!.#))#!,-#9/D-#!1/.)'/-#!+$-!E!*7#L'!F!(7#+)!,0+!+$33/+0()#;!<*!.'99#(.#-0!8!1'/-!&70$)-#+!+.A290+!&#!
.'9,'-)#9#()!2L'N4$#+!4$7/*!(#!+'$,X'((0/)!,0+;!<*!&23/(/-0!$(!('$1#0$!5$)>!A'-+!&70))#/()#!8!.#!9'9#()!
,-2./+>!90/+!)-D+!-0,/&#9#()>!#(!,-/0()!#)!#(!92&/)0()>!/*!0$-0!0))#/()!.#!5$)!2L0*#9#();!M#!.#))#!90(/D-#>!
+#+! 3-24$#(.#+! 1/5-0)'/-#+! &#! .'(+./#(.#! +72*D1#-'()! #)! /*! 010(.#-0! ,-'L-#++/1#9#()! #(! &/-#.)/'(! &#+!
E!e'@0$9#+!"2*#+)#+!&#!"'(+./#(.#!F!J!*#!E!e'@0$9#!&#+!"/#$%!F;!
G(! 0$)-#! #%#9,*#! ,#$)! ?)-#! .#*$/! &7$(#! 3#99#! 4$/! (#! +#! +#()! #(! +2.$-/)2! 4$7#(! (#! .A0(L#0()! ,0+! *#!
+)0)$!4$';!=**#!0!,#$-!&#!+7#%,-/9#-!4$0(&!'(!*0!)-0/)#!01#.!$(!90(4$#!&#!-#+,#.);!G(#!,#-+'((#!0$++/!
A$95*#>!4$/!+#!+#()!,*$+!8!*70/+#!#(!+#!-23$L/0()!&0(+!*#!+/*#(.#>!+'$33-/-0!0$++/!&7$(!,-'3'(&!-#++#()/9#()!
,0-.#! 4$#! *#+! L#(+! (#! -#+,#.)#()! ,0+!+0! ,#-+'((0*/)2! ,0++/1#;!"#+! ,#-+'((#+! +#!)'$-(#()! #(!L2(2-0*!
1#-+!*0!-#*/L/'(!,'$-!+#!-0++$-#-!#)!@!)-'$1#-!&$!-2.'(3'-)!#)!,0-!90(4$#!&#!.'9,-2A#(+/'(!&#+!*'/+!&#!
*7#%/+)#(.#>!#**#+!-#+)#-'()!,-'505*#9#()!9$-2#+!&0(+!*#$-!A$9/*/)2!6$+4$78!*0!3/(!&#!*#$-+!6'$-+!+$-!Y#--#;!
!
=(!30/)>!8!.0$+#!&#+!,0-'*#+!4$/!+'()!-0,,'-)2#+!&0(+!*#+!210(L/*#+!T!E!f/#(A#$-#$%!*#+!A$95*#+>!.0-!/*+!
A2-/)#-'()!&#!*0!Y#--#!F>!*72L*/+#!30/)!*72*'L#!&#!*7A$9/*/)2!#)!.#))#!3#99#!0$-0!,#$)K?)-#!*7/9,-#++/'(!4$#!
+'(!A$9/*/)2!#+)!*#!.A#9/(!1#-+!*0%!6P="$"C%
"#,#(&0()>!+/!.#))#!,#)/)#!&09#!A$95*#!&2.'$1-0/)!*0!2[347[!.'(.#-(0()!+'(!E!?)-#!F!#)!)-'$10/)!*#!5'(!
9'@#(! &72)05*/-! $(! .'()0.)! 01#.! *0! E!"'(+./#(.#! G(/1#-+#**#!F>! #**#! 3/(/-0/)! ,0-! #()#(&-#! /()2-/#$-#9#()!
90/+!.*0/-#9#()!4$#!+,/-/)$#**#9#()>!#**#!#+)!*72L0*#!&#!)'$)#!0$)-#!,#-+'((#;!=**#!)-'$1#-0/)!*7/(+,/-0)/'(!
(2.#++0/-#! ,'$-! 5/#(! +7#%,-/9#-;! =**#! -#.#1-0/)! *0! 3'-.#! &7#%,-/9#-! E!+0! 12-/)2!F! &7$(#! 90(/D-#! ,*$+!
.'(3/0()#!#)!0L-205*#;!

!
!01234'#5625748'$9'-24'%;')<124<' EF' ,54415'>'
H#+! L#(+! .'99#(.#-0/#()! 8! -#+,#.)#-! .#))#! ('$1#**#! ,#-+'((#! #)! #**#! ,'$--0/)! 90(/3#+)#-! +'(!
&21#*',,#9#()!+,/-/)$#*!/()2-/#$-!0.4$/+!,#(&0()!*#!)#9,+!4$7#**#!,0++0/)!#(!92&/)0)/'(;!
e0,,#*#SK1'$+!T!1'$+!(7?)#+!,0+!+$-!Y#--#!,'$-!E!,*0/-#!8!M/#$!F!.'99#!1'$+!*#!&/)!1')-#!2L*/+#;!O'$+!
?)#+! +$-! Y#--#! ,'$-! E!#%,-/9#-!F! E!M/#$!F! #)! ,'$-! 2)05*/-! $(! .'()0.)! &#! ,*$+! #(! ,*$+! 2)-'/)! 01#.! *0!
"'(+./#(.#!G(/1#-+#**#>!6$+4$78!.#!4$#!1'$+!1'$+!*/52-/#S!&#!*7#+.*010L#!29')/'((#*K90L(2)/4$#;!
l#!&'/+!&/-#!.*0/-#9#()!4$#!9#+!,0-'*#+!'()!2)2!90*!)-0&$/)#+!&0(+!*#+!210(L/*#+;!l70/!&/)!T!E!f/#(A#$-#$%!
*#+!.g$-+!,0./3/4$#+!.0-!/*+!A2-/)#-'()!&#!*0!Y#--#;!F!
R/!1'$+!.'()#9,*#S!*#!9'(&#>!1'$+!1#--#S!4$#!*#+!,0@+!4$/!'()!&#+!E!.g$-+!,0./3/4$#+!F!,-'+,D-#()!#)!
1/1#()!#(!A0-9'(/#!01#.!*#$-+!1'/+/(+;!H8!'[!/*!@!0!&#!*70L/)0)/'(!#)!&#+!L2('./&#+>!.#))#!)$-5$*#(.#!#+)!*0!
90(/3#+)0)/'(!&/-#.)#!&#!*0!E!.'(+./#(.#!F!&#+!A05/)0()+;!G(#!)#**#!.'(+./#(.#!&2)-$/)!$(!,0@+!#)!L2(D-#!
,0$1-#)2!#)!90*0&/#;!
C0-3'/+>! $(! ,0@+>! )#*! *#! Y/5#)>! 0&'-0()! +'(! ,-',-#! /+'*#9#()! #)! +#+! .-'@0(.#+! #)! -/)#+! +,/-/)$#*+>! ,#$)!
+$33'4$#-! +'$+! *#! ,'/&+! &#! +#+! ,-',-#+! .-20)/'(+! A$90/(#+! P! +,/-/)$#**#+;! H#+! A05/)0()+! &'/1#()! ?)-#!
3'-.2+!&#!+'-)/-!&0(+!*#!9'(&#!)$-5$*#()!03/(!&#!)#+)#-!*#$-+!.-'@0(.#+;!<*+!0,,'-)#()!0$++/!E!.#!4$/!#+)!
-2#*!&#!*#$-!,#(+2#!F!0$!-#+)#!&$!9'(&#!4$/!,*'/#!+'$+!*#!30-&#0$!&#!+#+!-20.)/'(+!29')/'((#**#+!8!*0!
1/#;!<*+!+'()!#(!,0-)/#!*#!9'@#(!&#!*/52-#-!*0!+'./2)2!9'&#-(#!&#!+#+!+'$33-0(.#+;!
C#(&0()!1')-#!1'@0L#!1#-+!*0!!6P="$"B%)./%$0Q(17./%H')./+./%3.%)(%<%H04/2*.42.%>*5*4.%@ >!1'$+!
,0++#-#S!+0(+!&'$)#!,0-!&#+!#%,2-/#(.#+!&/33/./*#+!#)!,#-)$-50()#+!010()!&70))#/(&-#!1')-#!12-/)05*#!5$);!
O'$+!,0++#-#S!,0-!&#+!9'9#()+!&#!6'/#!9#-1#/**#$+#!#)!&#+!9'9#()+!'[!1'$+!0$-#S!*#!.g$-!*'$-&!#)!'[!
1'+!29')/'(+!1'$+!5'$*#1#-+#-'()>!,0-.#!4$#!1'$+!0$-#S!*7/9,-#++/'(!4$7$(#!50--/D-#!/9,2(2)-05*#!1'$+!
+2,0-#!&#!*0#9&%&'"#>*'(@&"'@"L#
O'$+! 01#S! ,#$)K?)-#! #()#(&$! ,0-*#-! &#+! &/33/./*#+! 9'9#()+! &#! &2)-#++#! /()2-/#$-#! 4$#! )-01#-+#! $(#!
,#-+'((#!*'-+4$7#**#!(#!+0/)!,*$+!.#!4$7#**#!#+)!.#(+2#!30/-#!(/!&#!4$#*!.^)2!+#!)'$-(#-;!=)!+'$&0/(>!6$+)#!
0$! 9'9#()! '[! .#)! /+'*#9#()! +,/-/)$#*! &#1/#()! /(+$,,'-)05*#! #)! 4$#! *#! 1'@0L#$-! 0! .'9,*D)#9#()! *I.A2!
,-/+#>!*0!0+G&J$"!/**$9/(#!+'(!#+,-/)>!/*!1'/)!4$#*4$#!9#-1#/**#$+#!12-/)2!,-'3'(&#!.'(.#-(0()!*7#%/+)#(.#!
#)!,#-X'/)!,*$+!.*0/-#9#()!+0!EF6$H"%3.%)LR#$";!=)!/*!+#-0!-#9,*/!&#!6'/#!,0-.#!4$#!E!M/#$!0!,0-*2!F;!
U$/>!<%!D%,="%>=,=?"%@%(%8'4'+-'%/(%204/2*.42. >!#)!*70!2*#12!#(!)'$)#!+2.$-/)2!*#!*'(L!&$!+#()/#-!4$/!
.'(&$/)!8!*0!-20*/+0)/'(!&#!*0!.'(+./#(.#!+,/-/)$#**#!+$,-?9#!&#+!e'@0$9#+!"2*#+)#+!J!*#!e'@0$9#!&#+!
"/#$%;!
"7#+)!,'$-4$'/!*0!,-'L-#++/'(!1/#()!,0-!*#!9'@#(!&#!)#*+!9'9#()+!&#!,-'3'(&#!-212*0)/'(;!<*+!&'/1#()!?)-#!
.A2-/+!#)!L0-&2+!#(!929'/-#>!30$)#!&#!4$'/!)'$)!*#!)-010/*!*05'-/#$%!&$!+'/!+#-0!,#-&$!#)!*#!.A#-.A#$-!#(!
-#1/#(&-0!.'()/($#**#9#()!0$!,'/()!&#!&2,0-)!&#!+0!-#.A#-.A#;!!
H0!d*&!&'/)!?)-#!3'-)#!#(!)'$)!)#9,+;!H7A2+/)0)/'(!#+)!.'()-#K,-'&$.)/1#;!H'-+4$#!6#!&#+.#(&+!+$-!1'+!,*0(+!
'$! &0(+! 1'+! &/9#(+/'(+! &#! E!.'(+./#(.#!F>! 6#! 1'/+! &#+! .A#-.A#$-+! &#! 2H$&?H! +2-/#$%! #)! 5/#(! '-/#()2+!
+72*#1#-! ,#(&0()! 4$#*4$#+! A#$-#+! #)! -0.'()#->! ,*#/(+! &#! 6'/#>! *#$-! #%,2-/#(.#! ,$/+>! $(! ,#$! ,*$+! )0-&>!
&'$)#-!&#!.#!4$7/*+!2)0/#()!+/!.#-)0/(+!&701'/-!-#X$!$(!,#$!,*$+!)^);!"#*0!-0*#()/)!*#!,-'.#++$+!&721'*$)/'(!
+,/-/)$#**#;!"#+!9'9#()+!&#!&'$)#!&'/1#()!?)-#!2(#-L/4$#9#()!.'950))$+!#)!+$-9'()2+!,0-!*0!92&/)0)/'(!
#)!*0!,-/D-#;!"0-!4$7#+)!*#!MUGY=>!+/!.#!(7#+)!$(!)-010/*!&#!+0,#!&#!.#!4$#!1'$+!01#S!.'(($!#)!.-$!c!
H#!MUGY=!#+)!$(#!3'-.#!&#!.'(+./#(.#!.-20)/1#!(2L0)/1#!&/-/L2#!.'()-#!*7#%,2-/#(.#!9?9#!&#!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' EE' ,54415'>'
)(%<%,="%>=,=?"%@%;1*%(%').5'%50+-.%./8-*+%/1-%)./%J(1+.1-/%S !
O'$+!.-2#S!#(!1'$+K9?9#!$(#!9/(/KL$#--#!#()-#!1')-#!#%,2-/#(.#!&#!H04/2*.42.%>*5*4.%.+%1')-#!.2./)2!
A$90/(#;! O'$+! &2)-$/-#S! ,-'505*#9#()! *0! 929'/-#! &#! .#! 9'9#()! &/1/(! #)! #330.#-#S! )'$)! 1#+)/L#!
&72*210)/'(!#)!&#!&21#*',,#9#()!+,/-/)$#*!4$7/*!0$-0!.'(32-2!8!1')-#!.'(+./#(.#;!"#!.'(3*/)!1'$+!*0/++#-0!
$(! +#()/9#()! &#! *0++/)$&#! #)! &#! &2.'$-0L#9#();! =)! 1'$+! (#! -20*/+#-#S! ,-'505*#9#()! 6090/+! 4$#! 1'$+!
0$-#S!1'$+K9?9#>!+#$*!#)!+0(+!0$.$(#!0/&#>!.0$+2!.#))#!)-0(+3'-90)/'(!(2L0)/1#!#(!1'$+!c!
H#+!,#-+'((#+!4$/!+$/1#()!$(#!1'/#!+,/-/)$#**#!+7/(3*/L#()!3-24$#99#()!&#!)#**#+!.A'+#+!#)!#**#+!#()-01#()!
*#$-! &21#*',,#9#()! +,/-/)$#*>! +0(+! 6090/+! +70--?)#-! 8! +#! &#90(&#-! &#! 4$#*! &-'/)! #**#+! -#.A$)#()! &0(+!
.#))#!,-0)/4$#!&70$)'K/(&$*L#(.#;!
H#+!L#(+!$)/*/+#()!*#$-!9#()0*!/9,-$&#99#()>!-$/(0()!0/(+/!*#$-!1/#!#)!.#**#!&70$)-$/!01#.!*#$-+!,#(+2#+!#)!
*#$-+!,0-'*#+!4$/!(0/++#()!&#!*#$-+!,$*+/'(+!2L'N4$#+;!"0-!.#!(#!+'()!4$#!*0!1/#!&#!1'+!,#(+2#+!#)!1'+!
29')/'(+!,#-)$-52#+!4$/!3/(/++#()!#(!4$#-#**#+!#)!#(!LI.A/+!J!.#!(7#+)!,0+!1')-#!1/+0L#>!1')-#!.'-,+>!1'+!
90/(+!'$!1'+!6095#+>!8!9'/(+!4$#!*0!4$#-#**#!(#!3/(/++#!,0-!&#+!.'$,+!,A@+/4$#+;!b0/+!9?9#!*#!.'(3*/)!
,A@+/4$#! )-'$1#!+'(! '-/L/(#! &0(+!*0!3-$+)-0)/'(!&#! *7#L'!&0(+! *#!9#()0*!#)! *#+! 29')/'(+>!)-0(+9/+#! 0$%!
9#95-#+!,'$-!,0++#-!$(#!.'*D-#!/(.'()-^*05*#;!
"7#+)!0/(+/!4$#!&#+!90-/0L#+!J!#)!&#+!09/)/2+!J!.'99#(.#()!&0(+!*0!6'/#!9$)$#**#!#)!3/(/++#()!&0(+!*0!
9/+D-#!#)!*#!-#6#)!9$)$#*!J!,0-.#!4$#!*#+!L#(+!(70--/1#()!)'$)!+/9,*#9#()!,0+!8!.0(0*/+#-!*#$-+!,$*+/'(+!
2L'N4$#+!&0(+!&#+!90(/D-#+!&#!+7#%,-/9#-!4$/!,-2+#-1#()!*0!1/#!#)!*709'$-;!
C0-#()+!#)!#(30()+!+7#%,-/9#()!$(!09'$-!9$)$#*!6$+4$70$%!0((2#+!&70&'*#+.#(.#>!,$/+!*0!A0/(#!#()-#!#(!
+.D(#!#)!0/L-/)!*#+!-#*0)/'(+!*'-+4$#!*#+!#(30()+!+#!-#5#**#()!.'()-#!*70$)'-/)2!#)!4$#!*#+!,0-#()+!-20L/++#()!
01#.! $(#! 3'-.#! 9'-0*/+0)-/.#;! H8! #(.'-#>! ($*! (7#+)! 5#+'/(! &7$(! )#*! .'(3*/);! H#+! ,0-#()+! &'/1#()!
.#-)0/(#9#()!+#!-#(&-#!.'9,)#!4$#!.A04$#!L2(2-0)/'(!+#!50)!,'$-!)-'$1#-!+#+!-#,D-#+!&0(+!*#!9'(&#!
0&$)#! #)! 30/)! *#+! .A'+#+! &#! 90(/D-#! ,*$+! /(('10()#! 4$#! +#+! 0B(2+!a! "'99#()! *#+! 6#$(#+! ,#$1#()K/*+!
&#1#(/-!0&$*)#+!+7/*+!+'()!#(3#-92+!&0(+!*7#+.*010L#!&#!*0!6#$(#++#!a!
H'-+4$#!*#+!#(30()+!0--/1#()!8!*7IL#!0&$*)#>!1/#()!$(!E!)#9,+!&#!.-'/++0(.#!F!,'$-!*#+!,0-#()+>!4$/!&'/1#()!
&D+!*'-+!+#!,-2,0-#-!8!*72)0,#!+$/10()#!&#!*#$-!1/#!J!$(#!$)/*/+0)/'(!,*$+!/(+,/-2#!&#!*#$-+!)0*#()+!*0)#()+>!
,$/+! *0! 1/#/**#++#>! *70..#,)0)/'(! &#! *#$-+! 3'*/#+! #)! #--#$-+! ,0++2#+! #)>! 3/(0*#9#()>! $(#! )-0(+/)/'(! ,0/+/5*#!
1#-+!*0!0+G&J$"!2)#-(#**#;!
!
C'$-4$'/!+#!4$#-#**#-!a!C'$-4$'/!+#!50))-#!a!H#+!L#(+!)')0*#9#()! .'()-^*2+!,0-!*7#L'!+#! 50))#()!5#.!#)!
'(L*#+!,'$-!*#$-+!E!&-'/)+!F;!
H#+!L#(+!+,/-/)$#**#9#()!90)$-#+!-2+'*1#()!*#$-+!,-'5*D9#+!#(!*#+!&/+.$)0()!01#.!#9,0)A/#no;!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
no
!V&Y!T!H7#9,0)A/#>!/./!2.*0/-2#>!&'/)!?)-#!&/+)/(L$2#! &#!*7#9,0)A/#!&'()!/*!#+)!4$#+)/'(!&0(+!*0!*#))-#!p;!
M0(+!*0!*#))-#!p>!/*!+70L/)!&$!L#(-#!&7#9,0)A/#!A@,#-K29')/'((#**#>!4$/!#+)!$(#!/&#()/3/.0)/'(!)')0*#!01#.!*0!
.0$+#! &$! .A0L-/(>! ,*$)^)! 4$7$(#! .'9,-2A#(+/'(! ,#-9#))0()! 8! $(#! ,#-+'((#! &#! -2,'(&-#! 01#.! &#+!
,0-'*#+!4$/!0/&#-'()!8!+'$*0L#-!*0!,#/(#!&#!*70$)-#!J!'$!&#!*70/&#-!8!9/#$%!+7#(!+'-)/-;!"#!)@,#!&7#9,0)A/#!
,'$--0/)! ,-'1'4$#-! *#! ,A2('9D(#! &#! 90(/3#+)0)/'(! &#+! 5*#++$-#+! &#! *0! .-$./3/%/'(>! *#+! +)/L90)#+;! =(!
-#10(.A#>!*7#9,0)A/#!&'()!/*!#+)!4$#+)/'(!/./!+/L(/3/#!4$7#(!&/+.$)0()!$(!+$6#)>!*0!,#-+'((#>!#(!30/+0()!+#+!
'5+#-10)/'(+>!*#!30/)!#(!)#(0()!.'9,)#!&#+!+#()/9#()+!&#!*70$)-#>!9'()-0()!0/(+/!4$7#**#!.'9,-#(&!*#!,'/()!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' E=' ,54415'>'
\$7#+)K.#!4$#!.#*0!+/L(/3/#!#(!)#-9#+!A$90/(+!a!"#*0!+/L(/3/#!J!2.'$)#-!0$)-$/!#(!-#.'((0/++0()>!,0-!&#+!
,0-'*#+! '$!)0./)#9#()>! 4$#! +'(! $"(("'?&! &0(+!)#**#! +/)$0)/'(! #+)! 0$++/! 10*/&#! #)! 0$++/! &/L(#! &#! -#+,#.)!
4$#!*#!1^)-#;!
H'-+4$#!1'$+!?)#+!#(L0L2!&0(+!$(#!.'(3-'()0)/'(!+2-/#$+#>!&0(+!*04$#**#!0$.$(#!&#+!,0-)/#+!(7#+)!,-?)#!
8!.2&#-!$(!,'$.#!&#!)#--0/(>!2*'/L(#SK1'$+!&#!1')-#!.^)2!#)!,-#(#S!*#!)#9,+!&#!1'$+!-#(&-#!.'9,)#!4$#!
.#!&0(+!4$'/!1'$+!1'$+!?)#+!#(L0L2!#+)!$(#!E!50)0/**#!&#!*0!.'(+./#(.#!F;!H0!50)0/**#!(7#+)!,0+!*#!-2+$)0)!
&#! .#! 4$/! +7#+)! -2#**#9#()! 30/)! #)! &/)! &0(+! $(! 9'9#()! &72.A0$33#9#()! #%)-?9#! J! .#! 4$/! +#! ,0++#! #(!
-20*/)2>!.7#+)!*#!-2+$*)0)!&#!.#!4$#!1'$+!?)#+!)'$+!&#$%!J!#(!.'(+./#(.#;!
"#*0!/9,*/4$#!)'$)!1')-#!.'()#%)#>!1')-#!A/+)'/-#;!H#!.'(3*/)!,-#(&!+0!+'$-.#!&0(+!*0!,#-+'((0*/)2!9?9#>!*#!
)@,#!&#!,$*+/'(!2L'N4$#!4$#!,'++D&#!$(#!,#-+'((#>!+#+!,#-.#,)/'(+!3'(&09#()0*#+!&$!5/#(!#)!&$!90*>!
*#+!0))/)$&#+!L2(2-0*#+!4$70!.A0.$(!&#+!,-')0L'(/+)#+!#(1#-+!0$)-$/!#)!*0!1/#!#(!L2(2-0*;!C0-!.'(+24$#()>!
*'-+4$#!1'$+!1'$+!)-'$1#S!#(L0L2!&0(+!$(!.'(3*/)!'$!$(#!.'(3-'()0)/'(>!&/)#+!8!1')-#!',,'+0()!4$#!1'$+!
0**#S!30/-#!$(#!,0$+#!,'$-!.0*9#-!1')-#!#+,-/)>!03/(!&#!,'$1'/-!2.'$)#-!&#!90(/D-#!,*$+!.'(+)-$.)/1#;!
C$/+>!+'@#S!)-D+!+0L#;!M#90(&#S!8!*0!>*'(@&"'@"#9&%&'"!&#!30/-#!/()#-1#(/-!*0! >*'(@&"'@"#/;1G*+$!
&0(+!*0!+/)$0)/'(;!!
=++0@#S! &#! ,-#(&-#! .'(+./#(.#! J! #)! &#! 1/+$0*/+#-! J! 4$#! 1'$+! ?)#+! )'$+! &#$%! &0(+! *0! 0+G&J$"! &#! *0!
>*'(@&"'@"# 9&%&'">! 2L0$%! ,0-! *7'-/L/(#! &#! 1'+! I9#+>! 2L0$%! 30.#! 8! *0! &#+)/(2#! J! 2L0*#9#()! -2#*+>!
2L0*#9#()!A$90/(+>!2L0*#9#()!$(/4$#+;!
Y0()!4$#!1'$+!(#!,'$1#S!,0+!1'$+!/99#-L#-! .'9,*D)#9#()!&0(+!.#))#!,-/+#!&#!.'(+./#(.#!J!.#)!2)0)!
&7#+,-/)!J!1'$+!(7?)#+!,0+!#(.'-#!,-?)!8!1'$+!)#(/-!&0(+!*0!!17*T-.%>*5*4.!03/(!&#!-2+'$&-#!1')-#!.'(3*/)!
#)!1'+!+#()/9#()+!5*#++2+!&0(+!*709'$-;!
e#1#(#S! 0*'-+! 1#-+! 1')-#! ',,'+0()! #)! +$LL2-#SK*$/! &#! 1'$+! -#(.'()-#-! #(! ,-#(0()! .A0.$(! ./(4! '$! &/%!
9/($)#+!.'9,*D)#+!,'$-!#%,*/4$#-!.*0/-#9#()!#)!)-0(4$/**#9#()!1')-#!,'/()!&#!1$#>!1')-#!,#-.#,)/'(!&#!.#!
4$/!+7#+)!-2#**#9#()!&/)!J!*#!12-/)05*#!+$6#)!&#!1')-#!*/)/L#>!.'99#()!1'+!+#()/9#()+!-2./,-'4$#+!'()!2)2!
5*#++2+!#)!.'99#()!*#!,-'5*D9#!&#1-0/)!+#!-2+'$&-#;!
"A'/+/++#S! &#! *0/++#-! ,0-*#-! *70$)-#! #(! ,-#9/#-! #)! 8! ('$1#0$>! -#9#))#S! *0! +/)$0)/'(! 8! *0! >*'(@&"'@"#
9&%&'";!!
R/! .#*0! &'((#! */#$! 8! &#! ('95-#$+#+! 0..$+0)/'(+! 09D-#+>! #++0@#S! &#! 10/(.-#! 1')-#! ,-',-#! #L'! #)!
&#9#$-#S!-P(*.+G"'?#(&."'@&"+W!#)!.0*9#;!"#!+#-0!&7$(#!L-0(&#!0/&#!,'$-!.#*$/!4$/!,0-*#>!,$/+4$7/*!+#!
+#()/-0! 2.'$)2;! "#*0! -#92&/#-0! 8! +'(! +#()/9#()! &#! 3-$+)-0)/'(;! C-#(#S! -0)/'((#**#9#()! .'(+./#(.#! 4$#!
1'$+!0/&#S!1')-#!',,'+0()!90/+!(7#(!30/)#+!,0+!$(#!-0/+'(!&#!1'$+!.-'/-#!+$,2-/#$-!c!!
Q0/)#+!&#!1')-#!9/#$%!,'$-!1'/-!&0(+!4$#**#!9#+$-#!.#!4$/!+7#+)!&/)!#+)!1-0/!8!,-','+!&#!1'$+!J!4$'/!4$#!
.#!+'/)>!+/!.#*0!+701D-#!6$+)#>!9'-&#SK1'$+!*0!*0(L$#!#)!0..#,)#SK*#;!R'@#S!.'()#()!#)!-26'$/++#SK1'$+!J!
,0-.#!4$78!.#!9'9#()>!1'$+!01#S!#$!$(!0,#-X$!9'9#()0(2!&#!1')-#!.'(+./#(.#!A$90/(#>!1'$+!&'((0()!
*7'..0+/'(! &#! 1'$+! &250--0++#-! &7$(#! ,#)/)#! ,$*+/'(! 2L'N4$#;! "A04$#! 3'/+! 4$#! 1'$+! ,'$1#S! 1'$+!
&250--0++#-! &7$(#! ,#)/)#! ,$*+/'(! 2L'N4$#>! 1'$+! ,#-9#))#S! 8! 1')-#! I9#! &701'/-! ,*$+! &#! E!,*0.#! ,'$-!

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

&#! 1$#! &#! *70$)-#! #)! *70..#,)#>! )'$)! #(! *$/! 30/+0()! ,0-)! &#! +'(! ,-',-#! ,'/()! &#! 1$#! #(! +'-)#! 4$7$(!
.'9,-'9/+>!1'/-#!$(!,*#/(!0..'-&!,$/++#!?)-#!0))#/()!&0(+!*7A0-9'(/#;!!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' E?' ,54415'>'
-#+,/-#-!F>!#)!&#!*7#+,0.#!,'$-!.'()-^*#-! ,*$+!0.)/1#9#()!1')-#!,#-+'((0*/)2;!O'$+!1'$+! 2*#1#S! 0$++/!#(!
3-24$#(.#+!1/5-0)'/-#+!&#!.'(+./#(.#!#)!1'$+!1'$+!+#()#S!$(!,#$!,*$+!*$9/(#$%;!!
C0-!.#+!9'@#(+>!1'$+!.-'/++#S!,+@.A'*'L/4$#9#()!J!#)!+,/-/)$#**#9#();!
5@*+?"F#."#$"(("'?&#/"#.;-+?$"L#"A#-.A#S!8!90B)-/+#-!*#!1^)-#!#)!8!1'$+!/&#()/3/#-!0$%!29')/'(+!&#!1')-#!
0&1#-+0/-#;!e#++#()#S!E!+0!F!5*#++$-#>!E!+'(!F!/(&/L(0)/'(>!E!+#+!F!0(%/2)2+;#Z"??"F#."(#%k?$"(#/"#@k?H#
A#"?#("'?"F#."(#(&"''"(L#!
C'+#SK1'$+! *0! 4$#+)/'(!T! +/! 4$#*4$7$(! 1'$+! &/+0/)! '$! 30/+0/)! .#! 4$#! 1'$+! 01#S! &/)! '$! 30/)! 8! *70$)-#>!
.'99#()!1'$+!+#()/-/#SK1'$+!a!R/!1'$+!0--/1#S!8!30/-#!)0/-#!+$33/+099#()!1')-#!#L'!,'$-!?)-#!.0,05*#!&#!
.'(+/&2-#-!.#*0>!0*'-+!1'$+!?)#+!+$-!*#!5'(!.A#9/(!,'$-!10/(.-#!*#!)@,#!&#!,$*+/'(!2L'N4$#!4$/!,*0.#!*#!
E!+'/!F!0$K&#++$+!&#!)'$)#!0$)-#!.'(+/&2-0)/'(!#)!+#!)-'$1#!&0(+!*7/(.0,0./)2!&#!1'/-!)'$)!0$)-#!,'/()!&#!
1$#!4$#!*#!+/#(;!
]10()!&#!,0-*#->!0))#(&#S!.0*9#9#()!#)!#(!+/*#(.#>!6$+4$78!.#!4$#!*#+!&/%!9/($)#+!&#!1')-#!0&1#-+0/-#!
+'/#()!.'9,*D)#9#()!2.'$*2#+!J!9?9#!+7/*!#(!0!)#-9/(2!010()!#)!4$#!.#*0!+/L(/3/#!4$#!1'$+!-#+)/#S!#(!
+/*#(.#!,'$-!$(!/(+)0();!
3"@*''-&(("FI# -+((&# S"'?&G"'?# D+"# ,*((&P."I# D+"# %*+(# -%"F# "'?"'/+# @"# D+;&.# -# /&?# "?# D+"# %*+(#
,*+%"F# @*G,$"'/$"# ,*+$D+*&# &.# "(?# KR@OHL# 9-'(# @"# G*G"'?# /"# G-q?$&("# /"# %*+(AG^G"I# ,$"'"F#
@*'(@&"'@"#D+"#%*+(#-%"F#S-S'H#+'#G&'&G+G#/"#@*'?$k."#(+$#%*+(AG^G"#"?#D+"#%*+(#-%"F#K-&?#."#
,$"G&"$#,-(#%"$(#.-#S+H$&(*'#/"#.-#(&?+-?&*'L#
M70$)-#! ,0-)! J! +/! 1'$+! (701#S! ,0+! 5/#(! .'9,-/+! .#! 4$7/*! 1'$+! 0! &/)>! 0*'-+! .7#+)! 4$#! 1'$+! 5*'4$#S!
9#()0*#9#()!4$#*4$#!.A'+#!4$7/*!1'$+!&/)!#)!4$#!1'$+!(701#S!,0+!#(1/#!&7#()#(&-#!'$!&#!-#.#1'/-;!C0-!
.'(+24$#()>! &#! ('$1#0$>! 1')-#! #L'! 1'$+! .'()-^*#;! b0B)-/+#SK*#! #)!/(1/)#S! 1')-#! 0&1#-+0/-#! 8! +7#%,*/4$#-!
#(.'-#!J!#)!30/)#+!#(.'-#!&#!1')-#!9/#$%!,'$-!1'$+!9#))-#!8!+0!,*0.#;!e#++#()#S!+0!,#/(#;!"'9,-#(#S!
+0!.'*D-#;!!
H'-+4$#!1'$+!0$-#S!-#X$!*70$)-#!,#-+'((#!&0(+!1')-#!.'9,-2A#(+/'(!#)!*70$-#S!-#.'(($>!*#+!&23#(+#+!&#!
+'(!#L'!.'99#(.#-'()!8!&/9/($#->!1'$+!*#!1#--#S!.'99#(.#-! 8!+#!.0*9#-;!O'$+!1'$+!+#()/-#S!9/#$%!
)'$+!*#+!&#$%;!
]@0()!30/)!.#*0!)-0(4$/**#9#()>!*#()#9#()>!0))#()/1#9#()!J1'$+!5-'++#-#S!0*'-+!$(!)05*#0$!2L0*#9#()!.*0/-!
&#! *0! 90(/D-#! &'()! 1'$+! 1'$+! ?)#+! +#()/! &0(+! .#+! ./-.'(+)0(.#+;! V7$)/*/+#S! ,0+! &#! 9')+! &#+)/(2+! 8!
&2,-/9#-!1')-#!',,'+0()!#)!*#!5'$*#1#-+#-;!e0,,#*#SK1'$+!4$#!T!
0i!1'$+!30/)#+!$(!#33'-)!,'$-!.'()-^*#-!1')-#!#L'!.'99#!,-2*$&#!8!*709'$-!/(.'(&/)/'((#*!W!
5i!1'$+!)-010/**#S!8!*72)05*/++#9#()!&#!*0!,0/%!#)!&#!*0!.'9,-2A#(+/'(!#()-#!1'$+!J!(#!.A#-.A#S!,0+!8!
L0L(#-!&#+!,'/()+!W!
.i!1')-#!-2,'(+#!(#!&'/)!,0+!.'(&$/-#!8!$(!('$1#0$!.'(3*/)!,0-.#!4$#!1'$+!01#S!$)/*/+2!&#+!9')+!4$/!
'()!,$!*#!3I.A#-!8!('$1#0$;!R/!.#*0!+#!,-'&$/)!J!0*'-+!1')-#!#L'!0!L0L(2!*0!,0-)/#!@*'?$"#%*+(;!
O')-#!,+@.A2!0!,#-&$;!
R/!1'$+!1/1#S!)'$+!&#$%!&0(+!*#+!3-24$#(.#+!&#!.'(+./#(.#!+,/-/)$#**#+>!/*!+7#(+$/1-0!4$#!1')-#!',,'+0()!
1'$+!0..'-&#-0!*0!9?9#!-2,'(+#!&72.'$)#>!&#!-23*#%/'(!#)!&#!-#.'((0/++0(.#!&#!1')-#!,'+/)/'(!4$#!1'$+!
*$/!01#S!0..'-&2#>!90/+!+7/*!1/)!#()/D-#9#()!&0(+!*#+!3-24$#(.#+!&#!.'(+./#(.#!)#--#+)-#+>!/*!+#!,#$)!4$#!
1'$+! -#(.'()-/#S! &#+! &/33/.$*)2+;! <*! ,#$)! 01'/-! *7/9,-#++/'(! 4$#! 1'$+! #++0@#S! &#! L0L(#-! &#+! ,'/()+! #(!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' E@' ,54415'>'
2)0()!E!$(!+0/()!F>!E!+$,2-/#$-!F!'$!&7$(#! .#-)0/(#!90(/D-#!E!,*$+!L-0(&!F;!"0*9#SK*#>!&/)#+K*$/!4$7/*!#+)!
&'$*'$-#$%! &701'/-! &#+! .'(3*/)+! #()-#! 1'$+;! O'$+! (#! 30/)#+! 4$7#++0@#-! $(#! 92)A'&#! 4$/! 1'$+! 0++$-#! 8!
)'$+!&#$%!&7?)-#!5/#(!#()#(&$+!&#!*70$)-#!#)!&70--/1#-!8!$(#!1-0/#!-2.'(./*/0)/'(!&0(+!*#!,0-&'(!9$)$#*>!0$!
*/#$!&7$(#!,0/%!+$,#-3/./#**#!'[!*#+!+#()/9#()+!&7'33#(+#!.'()/($#()!8!.'$1#-!&0(+!*7#+,-/)>!&0(+!*#!.g$-!#)!
&0(+!*#!.'-,+;!
O'$+! &#1-/#S! 1'$+! &'((#-! 9$)$#**#9#()! *#! &-'/)! &7#%,-/9#-! 1')-#! &2+0..'-&! #(! )#-9#+! L#()/*+! J! #(!
&'((0()!&#!5'((#+!-0/+'(+!8!1')-#!&2+0..'-&;!Y-'$1#S!#(!1'$+K9?9#!*0!3'-.#!&7I9#!&#!-#.'((0B)-#!4$#!
1'$+>!#(!)0()!4$7?)-#!A$90/(>!(#!,'$1#S!,0+!01'/-!)'$6'$-+!-0/+'(!,$/+4$#>!.'99#!)'$)!*#!9'(&#>!1'$+!
?)#+! (2! 01#.! &#+! ,$*+/'(+! 2L'N4$#+! 4$/! 1'$+! .'()-^*#()! #)! 1'$+! 3'-.#()! 8! ,-#(&-#! #)! 8! &23#(&-#!
1/L'$-#$+#9#()! $(#! ,'+/)/'(! &#! E!.A#3! &#! 9#$)#!F;! e0,,#*#SK1'$+! 4$#! +/! 1'$+! .-'@#S! ?)-#! E!*#!
9#/**#$-!F>!*70$)-#!,#(+#!&#!9?9#;!k$90/(#9#()>!/*!,#(+#!?)-#!*$/K9?9#!0$!9'/(+!0$!9?9#!(/1#0$!4$#!
1'$+>!+/('(!+$,2-/#$-;!\$'/!4$#!+'(!#L'!*7'5*/L#!8!,#(+#-!8!,-','+!&#!*$/K9?9#!#)!&#!+'(!,'/()!&#!1$#>!
.7#+)!#%0.)#9#()!*0!9?9#!.A'+#!4$#!.#!4$#!1')-#!#L'!1'$+!,'$++#!8!,#(+#-!8!,-','+!&#!1'+!',/(/'(+!
'$!1'+!/&2#+;!
\$0(&! 1'$+! 0--/1#S! 8! /()-'&$/-#! *0! >*'(@&"'@"# 9&%&'"# /-'(# .;-$J'"# /"# %*?$"# @*'(@&"'@"# O+G-&'">!
1'$+!-#.#1#S!*/))2-0*#9#()!#(!1'$+!J!01#.!$(#!0..#,)0)/'(!#)!$(!09'$-!,*#/(+!&#!.'9,0++/'(!J!*0!-20*/)2!
A$90/(#!&#!.A0.$(!&#!1'$+!&#$%>!1'$+!&/++'*1#S!*0!(2L0)/1/)2!4$/!-2L(0/)!#()-#!1'$+!#)!1'$+!2*#1#S!*#+!
3-24$#(.#+! 1/5-0)'/-#+! &#! 1')-#! .'(+./#(.#>! .#! 4$/! 1'$+! 30/)! 1'$+! +#()/-! ,*$+! *2L#-! #)! ,*$+! 1/5-0();! =)!
.'99#! .#./! 1'$+! *0/++#! ,0-30/)#9#()! #(! ,0/%! #)! ('(! ,*$+! &0(+! *#! .'(3*/)>! .7#+)! #%)-?9#9#()! /9,'-)0()!
,'$-!1')-#!5/#(K?)-#;!
R/>!)'$)#3'/+>!1'$+!-#3$+#S!&72.'$)#-!#)!&#!1'$+!9'()-#-!.'9,-2A#(+/3!#)!&70..#,)#->!01#.!$(!,0-&'(!,*#/(!
&709'$->! *0! E!12-/)2!F! &7$(#! 0$)-#! ,#-+'((#>! *#! -#6#)! .-2#-0! $(#! 2(#-L/#! &#! E!-#6#)! 90L(2)/4$#!F!
29')/'((#*! 4$/! -#6'/(&-0! #)! -#(3'-.#-0! &70$)-#+! -2+/&$+! &#! 3'-.#! &72(#-L/#! &#! -#6#)! &0(+! *#! .A09,!
2*#.)-'90L(2)/4$#! &#! .'(+./#(.#! &#! 1')-#! +@+)D9#! )'$)! #()/#-;! H#! E!90L(2)/+9#! &#! -#6#)!F! 0330/5*/)! *#!
E!90L(2)/+9#!&70))-0.)/'(!F!&#+!.#**$*#+!#()-#!#**#+!#)!*0!90*0&/#!+7/(+)0**#;!
"#))#!$H-.&?H#/"#.-#%&"##+)!*0!50+#!&#!)'$)#!92&#./(#!,+@.A'+'90)/4$#;!H#+!L#(+!4$/!6$L#()!#)!5*I9#()!
.'(+)099#()! *#+! 0$)-#+>! 4$/! L0-&#()! *7#+,-/)! )')0*#9#()! 3#-92! #(! .#! 4$/! .'(.#-(#! *#$-! ,-',-#!
-#+,'(+05/*/)2! &0(+! *#! .'(3*/)>! 3/(/++#()! ,0-! 2,-'$1#-! $(#! #+,D.#! &#! &2,-#++/'(! -0&/.0*#! &0(+! *#$-!
+)-$.)$-#!,A@+/4$#!'$!29')/'((#**#;!R7/*+!0--/1#()!8!&/-/L#-!#)!8!)-010/**#-!+$-!.#))#!)#(&0(.#!8!#%#-.#-!$(!
.#-)0/(! .'()-^*#>! .#))#! )#(&0(.#! 8! 6$L#-! 0$)-$/! #)! 8! +#! +#()/-! /(('.#()+! &#! )'$)! 5*I9#>! /*+! 3/(/-'()! ,0-!
.'(32-#-! 8! *#$-! E!I9#!F!*0!90B)-/+#!.'9,*D)#! &#!*#$-! ,#-+'((0*/)2!#)!*0! &2,-#++/'(>! &#! 4$#*4$#! #+,D.#!
4$7#**#!+'/)>!3/(/-0!,0-!&/+,0-0B)-#!.'9,*D)#9#();!
R/>! &0(+! $(! .'(3*/)! 01#.! 0$)-$/>! 1'$+! &'((#S! &$! )#9,+>! &#! *7#+,0.#! #)! &#! *0! .'9,-2A#(+/'(! #)! (#!
-#(.'()-#S! 4$7$(#! -2+/+)0(.#! 5$)2#! +'$+! 3'-9#! &#! &2.*0-0)/'(+! -2,2)2#+! &7$(! +#()/9#()! ,#-+'((#*! &#!
.'()-0-/2)2>!1'$+!?)#+!0*'-+!#(!)-0/(!&#!&/+.$)#-!01#.! $(!01#$L*#!2L'N4$#!#)!*0!+#$*#!.A'+#!8!30/-#!#+)!
&7#(!-/-#>!&70..#,)#-!*0!&230/)#!#)!&#!1'$+!#(!0**#-;!
]!.'(&/)/'(!&#!1'$+!#(!0**#-!&0(+!*#!,0-&'(!#)!#(!.'9,-#(0()!4$#!*7#L'!&#!1')-#!/()#-*'.$)#$-!*#!.'()-^*#>!
1'$+!0$-#S!,#$)K?)-#!0&9/+!1')-#!&230/)#!90/+!1'$+!0$-#S!+$-)'$)!'5)#($!$(#!1/.)'/-#!+$-!1'$+K9?9#!#)!
1'$+!1'$+!+#-#S!05+)#($!&7/()-'&$/-#!&#+!1/5-0)/'(+!(2L0)/1#+!&0(+!1')-#!.A09,!&#!.'(+./#(.#;!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' EA' ,54415'>'
H0! ,/-#! .A'+#! 4$#! 1'$+! ,$/++/#S! 30/-#! ,'$-! ,-'9'$1'/-! *0! &/+.'-&#! #+)! &#! &/-#! 8! $(#! ,#-+'((#! 4$7#**#!
E!(#!&#1-0/)!,0+!+#!+#()/-!0/(+/!F!'$!E!4$7#**#!(#!,#(+#!,0+!.#!4$7#**#!&/)!F;!"#+!&#$%!30X'(+!&#!,0-*#-!
+'()!$(#!1/'*0)/'(!L-'++/D-#!&#!*0!&/L(/)2!#)!&$!-#+,#.)!&Z!8!0$)-$/!#)!$(!-#6#)!&#!*0!E!-20*/)2!A$90/(#!F!&#!
*70$)-#!,#-+'((#;!
O'$+!,'$1#S!*$/!&#90(&#-!T!E!C#(+#SK1'$+!-2#**#9#()!.#!4$#!1'$+!&/)#+!a!R/!*0!-2,'(+#!#+)!E!'$/!F>!#**#!
&'/)!?)-#!0..#,)2#!#)!*0!&/+.$++/'(!&#1-0/)!+#!,'$-+$/1-#!8!,0-)/-!&#!*8;!
V7/L('-#S!6090/+!.#!4$7$(#!,#-+'((#!#++0/#!&#!1'$+!&/-#!,0-.#!4$#!1'$+!(#!1'$*#S!,0+!30/-#!30.#!8!.#!
4$/!#+)!&/);!"7#+)!&#!*0!.'$0-&/+#!#)!1')-#!#L'!90-4$#!&#+!,'/()+;!R'@#S!.'$-0L#$%!#)!2.'$)#S!J!*#+!&#$%!
'-#/**#+!5/#(!'$1#-)#+>!,'$-!-#.#1'/-!*0!12-/)2!4$/!#+)!&#--/D-#!*#+!9')+;!
O'$+!&#1#S!0..#,)#-!*0!E!-20*/)2!F!&7$(#!,#-+'((#!J!4$#!1'$+!+'@#S!&70..'-&!'$!('(>!9?9#!+/!*7$(!&#+!
0+,#.)+!1'$+!.A'4$#!'$!1'$+!&2,*0B);!e0,,#*#SK1'$+>!1'$+!(#!.'((0/++#S!,0+!)'$)#+!*#+!./-.'(+)0(.#+!
4$7$(#! .'(+./#(.#! A$90/(#! 0! 12.$#+! ,'$-! #(! 0--/1#-! 8! +0! 3'-9#! 0.)$#**#;! R/! 1'$+! 6$L#S>! .-/)/4$#S>!
.'(&09(#S!&7$(#!4$#*.'(4$#!90(/D-#>!1'$+!2-/L#S!#()-#!1'$+!#)!.#))#!,#-+'((#!$(#!50--/D-#!4$/!(#!+#!
*D1#-0!,*$+>! 4$#*4$#!,$/++0()!4$#!+'/)!1')-#!&2+/-! &7'$5*/#-!)'$)!.#!4$/!#+)! (2L0)/3!#(!#**#!#)!&#!&#1#(/-!
09/+! &0(+! *#! 3$)$-;! R0(+! *#! +01'/->! .#! 4$#! 1'$+! -#6#)#S! #(! #**#! -#+)#-0! &0(+! 1')-#! .'(+./#(.#! .'99#!
50+#!&#!&/++#(+/'(+!3$)$-#+>!4$/!/-'()!#(!0$L9#()0()!#)!3/(/-'()!,0-!*7#9,'-)#-!+$-!*7033#.)/'(;!
<(1'*'()0/-#9#()>! 1'$+! &/-#S! &0(+! *#! 3$)$-! &#+! .A'+#+! 4$/! -#3*D)#-'()! 1')-#! +#.-D)#! 923/0(.#! '$! 1')-#!
92.'()#()#9#()!+'$+K60.#();!]$!*/#$!&70..#,)#-!+#+!30/5*#++#+!01#.!09'$-!#)!&#!*70/&#-!8!*#+!)-010/**#-!#)!
8!*#+!+$-9'()#->!1'$+!*0!9#))-#S!#(!L0-&#!.'()-#!1'$+!#)!#**#!(#!1'$+!3#-0!6090/+!.'(3/0(.#;!O')-#!#L'!#)!
*#!+/#(!+#!+#-'()!*/1-2!$(#!50)0/**#!+#.-D)#!&'()!1'$+!(#!+#-#S!.'(+./#()+!(/!*7$(!(/!*70$)-#;!
H709'$-! ,'$--0/)! +#! )-0(+3'-9#-! #(! A0/(#;! e0,,#*#SK1'$+! J! 1')-#! 1/#! #+)! $(! =Y]Y! M=! "UVR"<=V"=!
&0(+!*#4$#*!*#+!,#(+2#+!#)!*#+!+#()/9#()+!+'()!&2,'+2+!.'99#!&0(+!$(!.'33-#K3'-);!Q0/)#+!#(!+'-)#!4$#!
*70..#,)0)/'(!#)!*7033#.)/'(!+'/#()!*70./#-!&'()!#+)!30/)!.#!.'33-#;!
H'-+4$#! 1'$+! -#(.'()-#S! 4$#*4$7$(! 4$/! 1'$+! 0))/-#>! 9?9#! +7/*! (#! +70L/)! 4$#! &7$(#! 09/)/2>! #)! &2.'$1-#S!
4$7/*!@!0!&0(+!+'(!,0++2!&#+!2*29#()+!.'()-0/-#+!8!1'+!,-/(./,#+!J!1'$+!01#S!*#!.A'/%!T!
0i! &#! -#+)#-! #(! .'()0.)! 01#.! *$/! #(! 0..#,)0()! )')0*#9#()! +'(! ,0++2! #)>! +/! ,'++/5*#>! #(! -#*#10()! .#))#!
.0-0.)2-/+)/4$#! &#! 90(/D-#! 0/90()#! #)! *'L/4$#! &0(+! &#+! +/)$0)/'(+! 3$)$-#+>! #(! *70/&0()! 8! .-'B)-#;! U$>! +/!
.#*0!+701D-#!/9,'++/5*#>!
5i! &#! 1'$+! #%)-0/-#!-0,/&#9#()! &#! .#))#! +/)$0)/'(! 6$+4$78! .#! 4$#! 1'$+! ,$/++/#S! 1'/-! +#+! ,-'5*D9#+! &$!
,'/()!&#!1$#!&7$(#!0..#,)0)/'(!0/90()#>!/(+,/-2#!,0-!*0!>*'(@&"'@"#9&%&'"!#)!*#!)-'$1/#S!-2.#,)/3!8!1'+!
,-/(./,#+;!
!
6;-@@+("F#Q-G-&(#+'"#,"$(*''"#/;-S&$#(+$#+'"#,+.(&*'#HS*nD+"L#7*+(#."(#^?$"(#O+G-&'(#(*'?#,.+(#
*+#G*&'(#/*G&'H(#,-$#."+$#"S*L#6"#,$"'"F#Q-G-&(#+'"#,*(&?&*'#D+&#O+G&.&"#-+?$+&L#
#
0*$(D+"# Q;H?-&(# (+$# 7"$$"I# Q"# $"@*GG-'/-&(# -%"@# &'(&(?-'@"# -+W# S"'(# /"# ,-$/*''"$# "?# /"#
(;-P(?"'&$#/"#?*+?#Q+S"G"'?I#@$&?&D+"#*+#@*'/-G'-?&*'L#
!

!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' EB' ,54415'>'
H72L*/+#!*70!30$++#9#()!/()#-,-2)2!.'99#!+/L(/3/0()!4$7/*!30**0/)!E!,*0/-#!F!8!M/#$!#(!0/90()!+'(!,-'.A0/(!#)!
#(!+705+)#(0()!&729')/'(+!(2L0)/1#+;!!
"#!(7#+)!,0+!&$!)'$)!.#!4$#!6#!1'$*0/+!&/-#;!<*!(7@!0!,0+!&#!E!M/#$!F!8!4$/!1'$+!&#1/#S!E!,*0/-#!F!,0-!1')-#!
.'9,'-)#9#();!
O'$+!?)#+!*#+!90B)-#+!&#!1')-#!&#+)/(!#(!.#*0!4$#!)'$6'$-+>!1'$+!E!-2.'*)#S!.#!4$#!1'$+!+#9#S!F;!Y'$)#+!
*#+!,0L#+!,-2.2&#()#+!1/+#()!8!1'$+!&'((#-!&#+!&2)0/*+!+$-!*0!90(/D-#!&721/)#-!&#!+#9#-!&#+!90$10/+#+!
A#-5#+!&0(+!1')-#!,')0L#->!(+$#.-#G-'&J$"!/"#$"(?"$#(-&'I#O"+$"+W#"?#,$*(,J$"L!
#
8'#Q*+$#%&"'/$-#/-'(#%*?$"#H%*.+?&*'#(,&$&?+".."#*T#%*+(#%*+(#$H%"&.."$"F#-+#/*'#H'*$G"#D+"#%*+(#
,*((H/"F# /-'(# %*?$"# ?^?"# X# ."# /*'# /"# ,"'(H"# @$H-?&%"I# *4+.))*9.4+.% U# "?# *T# %*+(# ,$"'/$"F# -+((&#
@*'(@&"'@"#/"#.;H'*$G"#$"(,*'(-P&.&?H#D+"#%*+(#,*$?"F#/-'(#.-#G-'&J$"#/"#.;+?&.&("$L#
!
<*!#%/+)#!&#+!L#(+!3'-9/&05*#+!&0(+!1')-#!9'(&#>!4$/!$)/*/+#()!*#$-!/()#**#.)!&#!90(/D-#!8!)/-#-!+0L#++#!#)!
.-'/++0(.#! &#+! &23/+! 4$')/&/#(+! &#! *#$-! 1/#;! C0+! 8! ,0+>! #(! .A#-.A0()>! #(! 0(0*@+0()>! #(! 0..2&0()! 8! &#!
('$1#0$%!,'/()+!&#!1$#>!8!$(#!.'9,-2A#(+/'(!,*$+!A0$)#>!/*+!+#!3'-L#()!&#!('$1#0$%!/&20$%;!
<*+!0&',)#()!.#+!/&20$%!.'99#!&#+!*/L(#+!&#!.'(&$/)#!,'$-!*#$-!.'9,'-)#9#()!3$)$-;!<*+!0--/1#()!0/(+/!8!
,$-/3/#-!*#$-!,#(+2#>!*#$-+!,0-'*#+>!*#$-+!0.)/'(+>!03/(!&#!-#&23/(/-!*#$-!9'&#!&#!.'(&$/)#!&0(+!*#!9'(&#!#)!
*#$-+!-#*0)/'(+!8!0$)-$/;!
"7#+)!.#!4$7'(!0,,#**#!&#+!,#-+'((#+!4$/!+#!+'()!.'(+)-$/)#+!#**#+K9?9#+nq>!90/+!'(!.'(+)0)#!-0-#9#()!
4$7#**#+! (7'()! ,0+>! #(! 9?9#! )#9,+>! )/-2! &#! *0! 3'-.#>! &#! *0! +0L#++#>! &#! *7/(+,/-0)/'(! #)! &#! *0! +)05/*/)2!
29')/'((#**#! &#! *0! +'$-.#! +$,2-/#$-#! J! &#! *0! H04/2*.42.% >*5*4.! J! '$!&#! *#$-! ,#-.#,)/'(! &#! .#! 4$7/*+!
0,,#**#()!,#$)K?)-#!E!M/#$!F;!
H'-+4$#! 672)0/+! +$-! Y#--#>! 670/! -0.'()2! 0$%! L#(+! $(#! A/+)'/-#! J! *0! ,0-05'*#! &#+! E!M/%! Y0*#()+!F;! l70/! &/)!
4$7$(! +#/L(#$-! )-D+! -/.A#>! ,0-)0()! ,'$-! $(! *'(L! 1'@0L#>! .'(3/0! 8! .A0.$(! &#! +#+! )-'/+! +#-1/)#$-+! $(#!
+'99#!&70-L#();!!
]!*7$(>!/*!&'((0!&/%!)0*#()+>!8!$(!0$)-#!./(4!#)!0$!&#-(/#->!$(!)0*#();!
H'-+4$7/*!-#1/()>!/*!&#90(&0!8!.A0.$(!&#+!+#-1/)#$-+!4$#*!$+0L#!/*!010/)!30/)!&#!*70-L#();!
H#!,-#9/#-!&/)!4$7/*!010/)!&'$5*2!*7/(1#+)/++#9#()!&$!90B)-#>!*#!+#.'(&!&/)!4$7/*!010/)!L0L(2!*0!9'/)/2!#)!*#!
&#-(/#-!&/)!4$7/*!+72)0/)!0++/+!&#++$+>!&#!,#$-!&#!,#-&-#!.#!4$/!*$/!010/)!2)2!&'((2;!
H#!90B)-#!.'9,*/9#()0!*#+!&#$%!,-#9/#-+!+#-1/)#$-+!,'$-!*#$-!#33/.0./)2!#)!*#$-!/(L2(/'+/)2>!90/+!/*!+#!9/)!
#(!.'*D-#!.'()-#!*#!+#-1/)#$-!4$/!(7010/)!,0+!#++0@2!&#!30/-#!4$'/!4$#!.#!+'/)!&$!+#$*!)0*#()!4$/!*$/!010/)!2)2!
.'(3/2;!!
"A0.$(!&#!1'$+>!+$-!Y#--#>!0!+0!,-',-#!+'99#!&#!E!)0*#()+!F!8!)-010/**#-;!R/>!&#!1')-#!,-',-#!/(/)/0)/1#>!
1'$+! (70--/1#S! ,0+! 8! )-'$1#-!*#!9#/**#$-! $+0L#! &#! 1')-#!)0*#()! ,#-+'((#*! #)! &#! 1'+!-#++'$-.#+!,'$-!*#+!
30/-#! 3-$.)/3/#->! ,$/+#S! &0(+! *0! >*'(@&"'@"# 9&%&'">! ,0-! *0! 92&/)0)/'(>! #)! ,#)/)! 8! ,#)/)>! &#+! /&2#+! 1'$+!
1/#(&-'()!+Z-#9#()>!4$/!+70&0,)#-'()!,0-30/)#9#()!8!1')-#!,#-+'((0*/)2;!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
nq
!E!"#$%&'()#!*#+*$#!,!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' EC' ,54415'>'
=(! 9?9#! )#9,+>! 1'@#S! .'99#()! 1'$+! 01#S! $)/*/+2! 1'+! )0*#()+! 0$! .'$-+! &#! 1')-#! 1/#;! ]1#SK1'$+! 2)2!
05+'-52! #()/D-#9#()! &0(+! *0! .-20)/'(! &#! 5'(A#$-! #)! &#! ,*0/+/-! ,'$-! 1'$+K9?9#! J! '$! 01#SK1'$+! 0$++/!
.'(+0.-2!&$!)#9,+!8!*72*210)/'(!'$!*7092*/'-0)/'(!&#!*0!1/#!&70$)-#+!,#-+'((#+!a!
<*! #+)! )#--/5*#! &#! -#.#1'/-! &#+! )0*#()+! +$,2-/#$-+! 8! *0! 9'@#((#! #)! &#! 3/(/-! +0! 1/#! #(! *#+! 0@0()! &/*0,/&2+!
&0(+!*#+!,*0/+/-+!&#!*0!1/#;!Y'$)#+!*#+!*#X'(+!4$#!1'$+!01#S!(2L*/L2!&70,,-#(&-#>!)'$)#!.-'/++0(.#!4$#!
1'$+!01#S!2*$&2#>!)'$)!&21#*',,#9#()!+,/-/)$#*!4$#!1'$+!01#S!&2*/52-29#()!21/)2!J!+'()!&#+!9'()0L(#+!
4$#! 1'$+! 01#S! .-22#+! #)! 4$#! 1'$+! &#1-#S! L-01/-! &0(+! 1'+! ,-'.A0/(#+! 1/#+;! =**#+! '5+)-$#-'()! 1')-#!
.A#9/(!#)!/*!1'$+!30$&-0!*#+!033-'()#-!J!+,/-/)$#**#9#()!J!'$!#**#+!+#!-2,D)#-'()!&0(+!$(#!1/#!$*)2-/#$-#;!!
<*! (7#+)! ,0+! (2.#++0/-#>! ,'$-! 30/-#! 5#0$.'$,! &#! .A#9/(! &0(+! *#! 9'(&#>! &#! &#1#(/-! ,$/++0()>! -/.A#! '$!
.2*D5-#;!
U(!,#$)!$)/*/+#-!+#+!)0*#()+!#(!)0()!4$#!,0-#()>!#(!.A#-.A0()!*#+!9#/**#$-+!9'@#(+!&#!-2$++/-!+'(!)-010/*!
&#! ,-'9')/'(! &$! 5/#(K?)-#! &#! +#+! #(30()+;! \$#**#! ,*$+! A0$)#! 1'.0)/'(! 4$#! &7?)-#! $(! E!5'(! ,0-#()>!
033#.)$#$%!F>! ,*$+! ,0-)/.$*/D-#9#()! +/! *7'(! ,-#(&! ,'$-! 9'&D*#! &#! .#! -^*## )(% H04/2*.42.% >*5*4.% VT-.U
PT-.%4$/!1/+#!#()/D-#9#()!8!*0!.-'/++0(.#>!8!*0!('$--/)$-#!&#!*7#+,-/)!#)!&$!.'-,+>!8!*0!L$2-/+'(!&#!*7#+,-/)!
#)! &$! .'-,+>! 8! *0! -2L2(2-0)/'(! &#! *7#+,-/)! #)! &$! .'-,+>! 8! *0! ,-')#.)/'(! +'$+! )'$)#+! +#+! 3'-9#+! #)! 8! *0!
+0)/+30.)/'(! &## +01+! 5#+'/(! +,/-/)$#*>! 29')/'((#*>! .'-,'-#*! J! &0(+! $(! +@+)D9#! &#! H'/! #)! &7U-&-#! #)!
&7]9'$-! <(.'(&/)/'((#*;! =(! )0()! 4$#! ,0-#()>! 01#SK1'$+! 2)2! 8! *0! A0$)#$-! &#! *0! >*'(@&"'@"! &#! 1')-#!
=*+$@"#9&%&'"#/"#.;r?$"!a!
"#-)0/(#+!&#+!,#-+'((#+!4$/!'()!30/)!*#!9#/**#$-!$+0L#!&#!*#$-+!)0*#()+!+'()!*#+!+#-1/)#$-+!J!.#$%!4$/!'()!
1#/**2! +$-! *#+! #(30()+! &70$)-#+! ,#-+'((#+! 01#.! &21'$#9#()! #)! 09'$->! (#))'@0()! *0! 90/+'(! 01#.! $(#!
0))#()/'(!.'(+./#(./#$+#!0$%!&2)0/*+>!.-20()!,'$-!*#$-!#9,*'@#$-!$(!.0*9#!,0/+/5*#!#)!$(!#(1/-'((#9#()!
0))#()/3>!01#.!09'$-!#)!&'$.#$-;!"#!+'()!*8!&#!L-0(&#+!I9#+>!.#**#+!4$/!'()!)-0.2!,'$-!#**#+K9?9#+!$(#!
1'/#!9#(0()!&/-#.)#9#()!0$!e'@0$9#!&#+!"/#$%;!
M70$)-#!,0-)>!/*!@!0!&#+!L#(+!4$/!$)/*/+#()!*#$-+!)0*#()+!,'$-!&2)-$/-#!*#+!0$)-#+!03/(!&#!('$--/-!*#$-!10(/)2!#)!
*#! 1/&#! L*0./0*! &#! *#$-! .g$-;! =(! 3/(! &#! .'9,)#>! *#$-! $+0L#! &#! *#$-! /()#**#.)! *#+! 9D(#! 8! *#$-! ,-',-#!
&#+)-$.)/'(;!C#(+#S! 0$%! ,#-+'((0L#+! &#!*7A/+)'/-#! #)! &#+!)#9,+! 0.)$#*+! 4$/! '()! ,'$++2!*#+! 0$)-#+! 8! *0!
-25#**/'(! ,0-! $(! *010L#! &#! .#-1#0$;! <*+! &#1/#((#()! &#+! &/.)0)#$-+;! "#+! ,#-+'((#+! '()! 05$+2! &#+!
,-/1/*DL#+! 4$#! *#$-! .'(32-0/)! *#$-! E!,'$1'/-! 9#()0*!F! #)! /*+! #(! ,0/#()! 3/(0*#9#()! *#! ,-/%>! 90/+! ,0+! 010()!
&701'/-!&2)-$/)!&#+!9/**/#-+!&#!1/#!+0(+!9')/3!10*05*#>!.0-!/*!(#!,#$)!6090/+!@!01'/-!&#!E!5'((#!F!-0/+'(!&#!
)-0(+3'-9#-! &#+! ,0@+! #(! S'(#+! &2+#-)/4$#+>! &2.A/-2#+! ,0-! *0! L$#--#>! '$! &#! -$/(#-! $(#! 2.'('9/#!
,-'+,D-#;!
h"'("F#-+W#K-G&.."(#*T#(H%&(("'?#/"(# -P+(#HG*?&*''".(#"?#G"'?-+WL#4.# (;-S&?#.)#/;+'"#+?&.&(-?&*'#
*/&"+("# /+# M#,*+%*&$# G"'?-.#NL# >".-# ("# $H,"$@+?"# (+$# .;-P+("+$# /;+'"# D+-'?&?H# /"# G-'&J$"(#
/&KKH$"'?"(#X#G-+%-&("#(-'?HI#G-.-/&"I#/H,"'/-'@"(I#/H,$"((&*'#"?#,"$?"#/;"(?&G"#/"#(*&L#
"#,#(&0()>! (7$)/*/+#S! ,0+! 1')-#! .#-1#0$>! 1')-#! /()#**#.)>! 1')-#! +0L#++#>! 1')-#! .'((0/++0(.#! '$! 1')-#!
2&$.0)/'(!.'99#!,*0)#3'-9#!8!,0-)/-!&#!*04$#**#!.-/)/4$#->!6$L#-!'$!.'(&09(#-!.#$%!4$/!(70--/1#()!,0+!8!
*0!A0$)#$-!&#!1'+!+)0(&0-&+!&#!,-'&$.)/1/)2!'$!&#!5'()2!&0(+!$(!4$#*.'(4$#!&'90/(#!&#!1')-#!1/#;!
=(! 9?9#! )#9,+! J! ,$/+4$#! *#! 30/)! &#! .-/)/4$#->! &#! 6$L#-! #)! &#! .'(&09(#-! #+)! 0$++/! (0)$-#*! ,'$-! *7#L'!
A$90/(!4$#!&#!-#+,/-#->!'"#@O"$@O"F#,-(#)#'&"$#%*(#,"$@",?&*'(#/"#@"#D+&#,*+$$-&?#^?$"#-GH.&*$H ;!"#!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' E>' ,54415'>'
+#-0/)!(/#-!*0!-20*/)2!&$!,-'.#++$+!&721'*$)/'(;!H#!5$)!&#!*0!1/#!#+)!&7#%,2-/9#()#-!J!#)!&#!1'$+!092*/'-#-!
#(! .'(+24$#(.#! &#! 1'+! #%,2-/#(.#+;! ]/(+/>! (#! 6$L#S! ,0+>! (#! .'(&09(#S! ,0+! #)! (#! -#6#)#S! ,0+! *#+!
&23/./#(.#+! 4$#! 1'$+! .'(+)0)#S! .A#S! *#+! 0$)-#+>! 90/+! -#9#))#S! /992&/0)#9#()! 1'+! ,#-.#,)/'(+! 8! *0!
>*'(@&"'@"# 9&%&'"# "?# /"G-'/"F# @*'(?-GG"'?# .-# 3H(*.+?&*'# 9&%&'"# /+# ,$*P.JG";! Y#(#SK1'$+! #(!
3#-9#9#()!8!*0!.'9,-2A#(+/'(!4$#!.A04$#!3'/+!#)!,0-)'$)!'[!*0!>*'(@&"'@"#9&%&'"!#+)!0))/-2#!&0(+!$(!
,-'5*D9#>!*#!-2+$*)0)!3/(0*!#+)!)'$6'$-+!.-'/++0(.#!#)!&21#*',,#9#()!&#!)'$+!.#$%!4$/!+'()!.'(.#-(2+;!
5((-E"F#/"#?*+Q*+$(#S-$/"$#)#.;"(,$&?#D+"#%*+(#^?"(#(+$#7"$$"#,*+$#K-&$"#/"(@"'/$"#.-#>*'(@&"'@"#
9&%&'"#/-'(#%*?$"#%&"#D+*?&/&"''"I#/-'(#%*(#$".-?&*'(#"?#/-'(#%*?$"#"'%&$*''"G"'?L#2*+(#^?"(#.)#
,*+$#+?&.&("$#%*?$"#"(,$&?#/-'(#@"#P+?#,$H@&(L#
#
\$0(&!670/!&/)!4$#!6#!1#(0/+!1'$+!0/&#-!8!&2.'$1-/-!$(#!M!,="%8)1/%DM043(4+.!N>!6#!1'$*0/+!&/-#!4$#!6#!
1#(0/+! 1'$+! 0/&#-! 8! )-010/**#-! +$-! 1')-#! #+.*010L#! 29')/'((#*! 90L(2)/4$#! #)! 8! &2.'$1-/-! #)! .-2#-! *#!
.'()0.)!12-/)05*#!01#.!*0! ,="%>=,=?"!K!*0!=*+$@"# /"#%*?$"#^?$";!"7#+)!&#!.#!.'()0.)! 4$#!(0B)!$(#! ,="!
,*$+! #(-/.A/++0()#! 4$/! )-0(+.#(&#! &#! *'/(! *0! E!1/#! ,A@+/4$#!F! 4$#! 1'$+! )/-#S! &#! 1')-#! +#$*#! ('$--/)$-#;!
"7#+)!&#!.#!.'()0.)!4$#!(0/++#()!*7'-/#()0)/'(!+,/-/)$#**#>!*0!,-')#.)/'(!#)!$(#!,0*.%>*5*4.7.4+%=4/8*-'.;!
F4%801--(*+%)L(88.).-%<%!(%,0*.%3.%)(%H04/2*.42.%HJ-*/+*;1.%@C%%
H'-+4$#!1'$+!,#-.#1#S!4$#*4$#!12-/)2!,*$+!,-'3'(&#>!6$+4$#!*8!.0.A2#!8!1')-#!.'(+./#(.#>!/*!1'$+!30$)!
0..#,)#-!#)!1'$+!-26'$/-!4$#!.#))#!>*'(@&"'@"#9&%&'"!0/)!,2(2)-2!1')-#!.'(+./#(.#!A$90/(#!#)!,0-*2!8!
1')-#! #+,-/);! e#9#-./#S! +/(.D-#9#()>! .A2-/++#S! .#! .0&#0$! #)! -212-#SK*#;! V#! *#! ,-#(#S! 6090/+! ,'$-!
0.4$/+>!.0-!1'$+!3#-/#S!'5+)0.*#!8!$(!033*$%!$*)2-/#$-!&#!.;4675004c56>5#14Z1675;!
O'$+!1'$+!&#90(&#-/#S!,'$-4$'/!1'$+!1'$+!+#()#S!8!('$1#0$!+/!+#$*;!
!
H#+!L#(+!&/+#()!4$7/*+!+'()!)-0(+3'-92+!,0-!E!*7=+,-/)!/()2-/#$-!F;!
H#!)#-9#!&7E!=+,-/)!/()2-/#$-!F!(7#+)!,0+!30$%;!l70/!#++0@2!,0-!)'$+!*#+!9'@#(+!&#!&250--0++#-!1')-#!#+,-/)!
&#! *0! 1/#/**#! )#-9/('*'L/#! 4$/! ,'$--0/)! 01'/-! $(#! +/L(/3/.0)/'(! /(#%0.)#! 8! 1'+! @#$%;! =(! 9?9#! )#9,+>! 6#!
&2+/-#!4$#!1'$+!.'9,-#(/#S!4$7$(#!3'/+!4$#!1'$+!01#S!+0/+/!@"#D+"#Q"#%"+W#%$-&G"'?#/&$"!h.0-!670/!2)2!+/!
90*!.'9,-/+!&0(+!*#!,0++2!4$#!6#!(#!1#$%!,0+!4$#!.#*0!+#!-#,-'&$/+#i>!/*!(#!30$)!,0+!1'$+!#(!)#(/-!8!*0!
)#-9/('*'L/#! 9?9#;! M$! 9'9#()! 4$#! 1'$+! (-%"F! .#! 4$7#+)! -2#**#9#()! E!*7=+,-/)! /()2-/#$-! K! !D%
HF?EH="?H"% >"% ,="% >=,=?"!@% 0.15-(4+% W% 8(-+*-% 3.% )(% HF?EH="?H"% 6?=,"$E"!!"% =?X=?=" ! #)!
4$7#**#!(70!-/#(!8!1'/-!01#.!E!*7#+,-/)!&#!.#$%!4$/!+'()!,0-)/+!F>!1'$+!,'$1#S!$)/*/+#-!*0!)#-9/('*'L/#!4$/!0!*#!
,*$+!&#!+#(+!8!1'+!@#$%>!8!.'(&/)/'(!4$#!.#!+'/)!*0!+/L(/3/.0)/'(!4$/!1'$+!#+)!&'((2#!&0(+!.#+!0"??$"(;!
C'$-!-#1#(/-!8!90!&2.*0-0)/'(!'-/L/(#**#!30/)#!0$!&25$)!&#!.#))#!('$1#**#!+#.)/'(!T!
U(!&/)!3-24$#99#()!4$#!*7'(!,#$)!?)-#!E!)-0(+3'-92!,0-!*#!,'$1'/-!&#!*7=+,-/)!F;!
G(#! )#**#!)-0(+3'-90)/'(! (7#+)! ,0+! ,'++/5*#;! <*! (7@! 0>! &0(+! 1')-#! +'/! A$90/(>! -/#(! &#! E!-2#*!F! 4$/!,$/++#!
?)-#! )-0(+3'-92;! O')-#! I9#! #+)! )/-2#! &#! *0! M!HF?EH="?H"% >"% ,="% >=,=?"!N# #)! #+)! ,0-! .'(+24$#()!
,0-30/)#;! O')-#! E!,#-+'((0*/)2!F! A$90/(#! #+)! 2,A29D-#! #)! .'9,'+2#! $(/4$#9#()! &7/9,$*+/'(+!
90L(2)/4$#+!29')/'((#**#+!E!&70))-0.)/'(K-#6#)!F;!=(!.'(+24$#(.#>!.-#2&"#9&%&'"#/*&?#,$*S$"((&%"G"'?#
&G,$HS'"$# /"# ,.+(# "'# ,.+(# %*?$"# @*'(@&"'@"# ,*+$# %*+(# K*$@"$# )# %*+(# /HP-$$-(("$# /"# @"(#

!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' ED' ,54415'>'
&G,+.(&*'(# S$*((&J$"(# -K&'# /"# $H%H."$# .-# $'()*+'# (,&$&?+".."L# h"+?A^?$"# ,+&(AQ"# G&"+W# %*+(#
.;"W,.&D+"$#"'#+?&.&(-'?#+'"#,-$-P*."L#
G(#!6#$(#!3/**#!&7$(#!L-0(&#!5#0$)2!2)0/)!)#($#!.0.A2#!+'$+!&72,0/+!1'/*#+!L-/+!+$-!*#+4$#*+!2)0/)!&#++/(2!
$(! 033-#$%! 1/+0L#;! ]/(+/>! *0! 12-/)2! &#! +'(! ?)-#! 2)0/)! L0-&2#! +#.-D)#! #)! ,#$! &#! L#(+! +#! -/+4$0/#()! 8!
*70,,-'.A#-!8!.0$+#!&#!+'(!0+,#.)!,#$!0))-0@0();!=(!L-0(&/++0()>!#**#!-20*/+0!4$#!*0!.0$+#!&#!+0!+'*/)$&#!
#)!&#!+0!+'$33-0(.#>!&#!*0!,#-)#!&#!+0!*/5#-)2!&#!9'$1#9#()!#)!&#!+0!+0()2>!2)0/)!&$#!0$%!1'/*#+;!b0/+!#**#!
@!2)0/)!)#**#9#()!0..'$)$92#!4$7#**#!010/)!*7/9,-#++/'(!4$7#**#!(#!+$-1/1-0/)!,0+!+0(+!#$%;!"#,#(&0()>!#**#!
#$)! *0! .A0(.#! &#! -#(.'()-#-! $(! E!9#()'-! /**$9/(2!F! 1#(0()! &7$(! 0$)-#! ,0@+>! 4$/! 3/(/)! ,0-! *0! ,#-+$0&#-!
&7#(*#1#-! *7$(! &#+! 1'/*#+;! ],-D+! 01'/-! *'(L)#9,+! .A#-.A2! *0! 3'-.#! /()2-/#$-#! &#! *#! 30/-#>! #**#! ,-/0! +'(!
E!9#()'-!F!&#!*70/&#-;!<*!*$/!3/)!*#1#-!*#+!90/(+!#)!#(+#95*#>!/*+!#(*#1D-#()!*#!1'/*#!+$-!*#4$#*!010/)!2)2!,#/()!
*7033-#$%!1/+0L#!W!#**#!+#!+#()/)!5#0$.'$,!9/#$%!0,-D+!+7#(!?)-#!&250--0++2#;!=**#!.'99#(X0!8!-#++#()/-!
&#!*0!6'/#;!],-D+!$(!.#-)0/(!)#9,+>!#**#!3$)!/9,0)/#()#!&#!+#!&250--0++#-!&7$(!0$)-#!1'/*#!#)!&#!('$1#0$>!
+'(! E!9#()'-!F! 1/()! *70/&#-! 8! +7#(! &250--0++#-;! =)! .#*0! .'()/($0! 0/(+/;! C*$+! #**#! +#! */52-0/)>! ,*$+! #**#!
&#1#(0/)! *2LD-#! #)! ,-'L-#++/1#9#()>! #**#! #()-#1/)! *0! -20*/)2! &#! *0! (0)$-#! 0$)'$-! &7#**#>! #**#! ,$)! 1'/-!
&/+)/(.)#9#()!*#+!0-5-#+>!*#+!'/+#0$%!+$-!*#+!5-0(.A#+!#)!#**#!2.'$)0/)>!.0,)/12#>!*#$-+!.A0()+!9#-1#/**#$%!W!
#**#! 1/)! *0! 5#0$)2! +$-! *#+! 1/+0L#+! &70$)-#+! L#(+! #)! .'99#(X0! 8! -#++#()/-! *7033*$%! &#! *709'$-! &0(+! +'(!
.g$-;! H0! 1/#! &#1/()! 0*'-+! $(! 12-/)05*#! &'(! M/1/(! 4$7#**#! .A2-/++0/);! =**#! -#9#-./0! 4$')/&/#((#9#()! +'(!
E!9#()'-!F!&#!*701'/-!0/&2#!8!&#1#(/-!+/!A#$-#$+#;!
=(3/(!0--/10!*#!6'$-!'[!#**#!(#!,$)!,*$+!+$,,'-)#-!*#!&#-(/#-!1'/*#!4$/!*7#()'$-0/);!=**#!+010/)!4$7/*!*7#9,?.A0/)!
&#!1'/-!$(#!*$9/D-#>!$(#!5#0$)2>!$(#!A0-9'(/#!&#!,*$+!#(!,*$+!L-0(&#+!#)!&701'/-!$(!.'()0.)!0/90()!01#.!
&70$)-#+! 5#**#+! ,#-+'((#+;! f/#(! 4$7#**#! (#! +Z)! ,0+! .'99#()! #**#! 0**0/)! +#! +#()/-! +0(+! *$/>! #**#! +#! -#)/-0!
&0(+!*#!+/*#(.#!01#.!+'(!9#()'-!#)!,-/0!,'$-!?)-#!&250--0++2#!&#!.#!&#-(/#-!1'/*#;!
"#!3$)!$(!9'9#()!&#!+'$33-0(.#>!.0-!*#!1'/*#!+7012-0!30/-#!,0-)/#!&#!+'(!?)-#;!b0/+!#**#!+$,,*/0!#)!/9,*'-0!
#)!&0(+!$(!9'9#()!&##0+G&J$"#5-/**0()#>!*#!1'/*#!,-/)!3#$!#)!+#!&2)0.A0!&7#**#;!H0!3'-9#!4$/!-#+)0!2)0/)!+0#
$'()*+'#X#"?#".."#-@@H/-#)#+'"#.&P"$?H#&'?H$&"+$"#,-$K-&?"L#
"#,#(&0()>! +0! $'()*+'! /(&/1/&$0*/+2#! &#10/)! 90/()#(0()! )-'$1#-! *#! 9'@#(! &#! 3'(.)/'((#-! &0(+! +'(!
#(1/-'((#9#()>!#)>!&#!90(/D-#!/(0))#(&$#>!.#!3$)!&/33/./*#;!!
M$!30/)!4$#!+#+!,#-.#,)/'(+>!&#!+0!3H-.&?H!/()2-/#$-#!#)!&#!.#**#!4$/!*7#(1/-'((0/)>!2)0/#()!90/()#(0()!+/!
.*0/-#+! #)! )-0(+.#(&0()#+>! *#! )#--0/(! &#! +0! .'99$(/.0)/'(! 01#.! &70$)-#+! ,#-+'((#+! 010/)! -0&/.0**#9#()!
.A0(L2;! =**#! (72)0/)! ,*$+! 8! *70/+#! &0(+! +'(! #(1/-'((#9#()! +'./0*! #)! ,-'3#++/'((#*>! ,0+! ,*$+! 4$7#**#! (#!
,'$10/)!-#+)#-!$(!9#95-#!&#!+0!.'99$(0$)2;!
H#+!L#(+!*0!-#L0-&0/#()!#)!&/+0/#()!T!E!UA>!.7#+)!0/(+/!4$#!1'$+!?)#+!#)!1'$+!(#!,'-)#S!,0+!&#!1'/*#>!4$#**#!
A'--#$-;!O'$+!?)#+!1-0/9#()!5/S0--#!J!9?9#!$(!,#$!3'**#;!F!=)!/*+!*$/!)'$-(D-#()!*#!&'+;!
\$#!,#(+#SK1'$+!4$7#**#!3/)!a!]10/)K#**#!#(1/#!&#!-#1#(/-!0$!)#9,+!'[!#**#!2)0/)!1'/*2#!0$++/!*'$-&#9#()!
4$#!*#+!0$)-#+!a!V'(>!#**#!010/)!&2.'$1#-)!$(#!)#**#!,0/%>!$(#!)#**#!6'/#!#)!$(#!)#**#!-2,'(+#!8!+#+!5#+'/(+!
4$7#**#!4$/))0!+0!.'99$(0$)2!#)!,0-)/)!&0(+!$(#!-#)-0/)#!'[!#**#!-#6'/L(/)!&70$)-#+!I9#+!4$/!-#.'(($-#()!+0!
12-/)05*#!/&#()/)2!#)!@!-2,'(&/-#()!01#.!6'/#!#)!09'$-;!
M/)#+K9'/>! +0! ,#-+'((0*/)2>! +#+! 1'/*#+! +72)0/#()K/*+! )-0(+3'-92+!a! V'(>! -%"@# .;-&/"# /"# (*'# M#G"'?*$#N>!
#**#! +72)0/)! #(*#12! +#+! ,-',-#+! 1'/*#+! *'-+4$7#**#! 010/)! 2)2! .'(10/(.$#! ,0-! +'(! E!9#()'-!F! h!D%
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' =F' ,54415'>'
HF?EH="?H"%>"%,="U>=,=?"i!4$#!.72)0/)!*0!.A'+#!8!30/-#;!=(!+#!&250--0++0()! &#+!&/1#-+#+!.'$.A#+!
&#! +#+! 1'/*#+>! #**#! +72)0/)! -0,,-'.A2#! &#! ,*$+! #(! ,*$+! &#! *0! .'((0/++0(.#! /()/9#! &#! *0! $'()*+'% U% Y7.!
.0.A2#!,0-!+#+!1'/*#+!h+0!,#-+'((0*/)2i;!
O'$+!,'$1#S!,-'505*#9#()!.'9,-#(&-#!90/()#(0()!4$#! *0!E!,#-+'((0*/)2!F!A$90/(#!#+)!.'9,0-05*#!8!
$(#! )'/*#! &70-0/L(2#! 9#()0*#K29')/'((#**#>! ,0-3'/+! $(! 1'/*#! 90*,-',-#! &7/()#-0.)/'(+! 90++/1#+! #()-#!
E!0))-0.)/'(! P! 0))0.A#9#()!F! 90L(2)/4$#! #)! E!-2,$*+/'(! P! -#6#)!F! 90L(2)/4$#;! H#+! ,#-+'((#+!
+,/-/)$#**#9#()!21'*$2#+!,#$1#()!1'/-!.#+!1/*0/(#+!2,0/++#$-+!&#!E!1'/*#+!F!-#.'$1-0()!*0!,#0$!&#+!L#(+!
&'()!*#!*0(L0L#!#+)!1$*L0/-#!#)!*#+!,#(+2#+!.#()-2#+!$(/4$#9#()!+$-!*#+!0.)/1/)2+!)#--#K8K)#--#!&#!*7#L';!
M70$)-#!,0-)>!*'-+4$7$(!/(&/1/&$!*0/++#!&#--/D-#!*$/!*#+!(/1#0$%!L-'++/#-+!&#!,#(+2#!#)!&#!-20.)/'(+>!*0!,#0$!
.'99#(.#!8!+72.*0/-./-!#)!*0!*$9/D-#!)-0(+,0-0B)!&0(+!+#+!@#$%;!C#(&0()!4$#!*0!E!,#-+'((0*/)2!)#--#+)-#!F!
&/+,0-0B)!/9,#-.#,)/5*#9#()>!*#!.'-,+!+#!E!+,/-/)$0*/+#!F;!H#+!L#(+!4$/!'()!*#!&'(!&#!,#-.#,)/'(!+,/-/)$#**#!
*#!1'/#()!.*0/-#9#();!
V70@#S!,0+!,#$-!&7$(!-#('(.#9#()!3$)$-!8!*0!9#()0*/)2!)#--#+)-#;!O'$+!*7050(&'((#-#S!,#)/)!8!,#)/)>!01#.!
$(! +'$*0L#9#()! /(3/(/;! O')-#! 5$)! 12-/)05*#! &0(+! *0! 1/#! 1'$+! &#1/#(&-0! &#! ,*$+! #(! ,*$+! .*0/-! #)! 1')-#!
&2)#-9/(0)/'(!8!*70))#/(&-#!.-'B)-0!&#!,*$+!#(!,*$+;!
O'$+! ,'$--/#S! 0-L$#-! &$! 30/)! 4$#! 1'$+! (#! 1'$+! ?)#+! ,0+! +'$1#()! #(L0L2! 9#()0*#9#()! '$!
29')/'((#**#9#()! &0(+! &#+! ,#(+2#+! #)! +#()/9#()+! 29')/'((#*+! 90L(2)/4$#+;! b0/+! +/! 1'$+! #%09/(#S!
1'+! ,#(+2#+! +,'()0(2#+>! 1'$+! &2.'$1-/-#S! 4$#! 1'$+! ?)#+! .'9,*D)#9#()! &'9/(2! ,0-! &#+! ,#(+2#+!
E!&70))-0.)/'(K0))0.A#9#()!F! #)! &#! E!-2,$*+/'(K-#6#)!F! 90L(2)/4$#+! )'$)! 0$! *'(L! &#! *0! 6'$-(2#!c! O')-#!
9#()0*!#()-#)/#()!$(!5010-&0L#!/(.#++0()!&#!.'99#()0/-#+!#)!&#!6$L#9#()+>!&#!.-/)/4$#+>!&#!&2+/-+>!&#!
('(K&2+/-+>! &#! +#()/9#()+! -20.)/'((0/-#+! .'(3/(0()! 0$! -#++#()/9#()! '$! 0$! -#6#)>! &2+/-0()! .#-)0/(#+!
.A'+#+! #)! .-0/L(0()! 4$#! .#+! &2+/-+! (#! +#! -20*/+#()! ,0+>! 0+,/-0()! 0$! +$..D+! #)! 1'$+! /--/)0()! '$! 1'$+!
9#))0()!#(!.'*D-#!.'()-#!.#$%!4$/!50--#()!*0!-'$)#!8!.#!+$..D+;!
"#*$/! 4$/! #+)! .'()-^*2! ,0-! *7#L'! ,-/#! 01#.! 3'/! #)! 0-&#$-;! b0/+>! 6$+)#! 0,-D+! +0! ,-/D-#>! +/>! #(! -#(.'()-0()!
4$#*4$7$(>!/*!#%,-/9#!)-/+)#9#()!*#!)-0$90)/+9#!4$7/*!1/#()!&#!-#9#))-#!8!E!M/#$!F!,'$-!?)-#!-2+'*$!&#!*0!
5'((#!90(/D-#>!03/(!&7'5)#(/-!*#!-2.'(3'-)!&#!*0!+@9,0)A/#!A$90/(#>!0*'-+!*0!3'-9#!&#!.'(+./#(.#!#)!*0!
3'-.#!*/52-2#+!,#(&0()!*0!,-/D-#>!E!*0!&#90(&#>!*0!3'/!#)!*70-&#$-!F!+'()!0(($*2#+!,0-!+'(!0,/)'/#9#()!+$-!
*$/K9?9#;!!
H#!9#()0*!#+)!#(!L2(2-0*!$(#!)'$-5/D-#>!$(!5'$-5/#-!&7/&2#+!.'()-0&/.)'/-#+;!M0(+!*#!+)-#++>!*0!,#-+'((#!
,#$)!+7#33'-.#-!&#!+#!.'(.#()-#-!+$-!$(#!033/-90)/'(!'$!$(#!/90L#!1/1/3/0()#!90/+>!)#*!$(!.A/')!6'$#$-!4$/!
6#))#! #(! *70/-! $(! +0.! #(! ,0,/#-! -#9,*/! &70/->! .#))#! ,#(+2#! +'-)! -0,/&#9#()! &#! *7#+,-/)! #)! *0! ,#(+2#!
+)-#++0()#!4$#!*0!,#-+'((#!.A#-.A0/)!8!21/)#-!-#,-#(&! +#+!&-'/)+;!=)!0/(+/>!#**#! .'()/($#!8!0**#-!#)! 1#(/-!
&0(+!*#!9#()0*>!6$+4$78!.#!4$#!*0!,#-+'((#!.A#-.A#!8!2.A0,,#-!0$!.'(3*/);!
O')-#!&/0*'L$#!/()2-/#$-!+$/1-0!,-'505*#9#()!*#!.'$-+!&$!L#(-#!T!E!l#!(70/!,0+!#(1/#!&#!9#!*#1#-;!l#!(70/!
,0+!#(1/#!&#!&26#$(#-;!l#!(70/!,0+!#(1/#!&#!30/-#!&#+!+0(&r/.A#+>!l#!(70/!,0+!#(1/#!&70**#-!)-010/**#->!6#!
(70/!,0+!#(1/#!&#!-#(.'()-#-!)#*!'$!)#*!0$6'$-&7A$/>!6#!(70/!,0+!#(1/#!&#!30/-#!*0!*#++/1#>!6#!(70/!,0+!#(1/#!&#!
30/-#!.#./!'$!.#*0;!F!
"7#+)!0/(+/!4$#!*0!*/)0(/#!&$!E!-#6#)!&#!*0!1/#!F!.'()/($#!.A#S!*#+!L#(+!)')0*#9#()!92.'()#()+!)'$)!0$!*'(L!
&#!*0!6'$-(2#;!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' =E' ,54415'>'
"#,#(&0()>! ,*$)^)! 4$#! &#! +#! ,*0/(&-#! 9#()0*#9#()>! *#! &/0*'L$#! ,#$)! )'$-(#-! 0/(+/!T! E!6#! (#! 9#! R=VR!
,0+s!F!Y'$+!.#+!+#()/9#()+!1/#((#()!&#!,$*+/'(+!2L'N4$#+!4$/!-#6#))#()!&#!)#**#+!0.)/1/)2+!,0-.#!4$7#**#+!
+'()!,#-X$#+!.'99#!#(($@#$+#+>!,#$!0L-205*#+>!'$!&#+!30-&#0$%;!
G(#!0$)-#!0*)#-(0)/1#!#+)!&#!+#!-21#/**#-!#)!&#!&/-#!'$!&#!,#(+#-!T!E!"7#+)!+09#&/>!6#!&'/+!9#!&2,?.A#-!&#!
97A05/**#-!,'$-!0**#-!0$!90-.A2>!/*!@!0!&#+!.A'+#+!4$#!6#!1#$%!0.A#)#-;!l#!&'/+!0.A#)#-!$(!,#$!&#!.#+!
3-0/+#+!010()!4$7#**#+!+'/#()!1#(&$#+;!<*!30$)!4$#!670/**#!30/-#!*#+!+'*&#+!,'$-!1'/-!+/!6#!)-'$1#!$(#!5'((#!
0330/-#;!l#!10/+!,0-*#-!L#()/9#()!8!9'(!90-/!,'$-!4$7/*!9#!&'((#!$(!,#$!&70-L#();!l7#+,D-#!5/#(!4$#!6#!
1#--0/!C0)-/.t!4$0(&!67/-0/!8!+'(!5$-#0$;!l#!1#$%!,*0/-#!8!.#!('$1#0$!,0)-'(>!0*'-+!6#!10/+!&'((#-!$(!5'(!
.'$,!&#!.'**/#-!#)!9#!30/-#!6'*/#!,'$-!*$/;!l7#+,D-#!4$#!9'(!90-/!10!0.A#)#-!*0!('$1#**#!1'/)$-#;!l#! +$/+!
+Z-#!4$#!6#!10/+!)-'$1#-!$(!,0-t/(L!+/!6#!-#+)#!,'+/)/1#;!l7#+,D-#!4$#!6#!10/+!-#.#1'/-!$(#!,-/9#;!F!
Y'$)#+!*#+!/&2#+!./K&#++$+!,-'1/#((#()!&7/9,$*+/'(+!&70))0.A#9#()!2L'N4$#;!
U(!,#$)!0$++/!92*0(L#-!4$#*4$#+!+#()/9#()+!&70))0.A#9#()!#)!&#!-#6#)!T!
E!l7#+,D-#! 4$#! 9#+! #(30()+! 1'()! &'-9/-! &#! 5'((#! A#$-#! ,'$-! 4$#! 6#! ,$/++#! 9#! &2)#(&-#>! 6#! &2)#+)#!
4$7/*+! 970,,#**#()! ,'$-! 01'/-! &#! *7#0$! #)! 4$7/*+! 9#! &#90(&#()! &#! *#$-! */-#! $(#! A/+)'/-#! 4$0(&! 6#! +$/+! +/!
30)/L$2#>!90/+!6#!&#1-0/+!?)-#!$(#!5'((#!9D-#!#)!*#$-!.'(+0.-#-!$(!,#$!&#!)#9,+;!F!E!l7#+CD-#!F>!E!,'$-!
4$#! 6#! ,$/++#!F>! E!6#! &#1-0/+!F>! E!5'((#! 9D-#!F! E!.'(+0.-#-! &$! )#9,+!F! +'()! )'$+! -#*/2+! 8! *70))-0.)/'(K
0))0.A#9#()!90L(2)/4$#;!"#!+'()!*8!&#+!.A'+#+!4$#!1'$+!E!1'$&-/#S!F!,'$-!1'$+K9?9#;!"#+!,#(+2#+!
,-'1/#((#()! 0$++/! &#! ,#$-+! J! ,#$-! 4$#! *7'(! 1'$+! &#90(&#! &#! 30/-#! &010()0L#! 4$#! .#! 4$#! 1'$+! 01#S!
*7/9,-#++/'(! &#! ,'$1'/-! 30/-#! 8! .#! 9'9#();! C#$-! &#! (7?)-#! ,0+! $(#! 5'((#! 9D-#;! H0! ,#$-! #+)! $(#!
/9,$*+/'(!&/-#.)#!,-'1#(0()!&#!*7#L'>!*#4$#*!#%/L#!4$#!1'$+!+'@#S!8!*0!A0$)#$->!03/(!&7?)-#!0..#,)05*#!8!
1'+!@#$%!#)!8!.#$%!&70$)-$/!#)!4$/>!,'$-)0()>!#+)!)'$)!8!30/)!.'(+./#()!4$#!1'$+!(#!*7?)#+!,0+!c!
]1#.!*#!&21#*',,#9#()!&#!*0!./1/*/+0)/'(>!*#+!/9,$*+/'(+!90L(2)/4$#+!&70))0.A#9#()K-#6#)!+'()!&#1#($#+!
+/! .'9,*/4$2#+! #)! #()-#9?*2#+! 4$7#**#+! +'()! &/33/./*#+! 8! &/+)/(L$#-! #)! 8! &/+.#-(#-;! E!l#! &2)#+)#!F>!
E!0,,#**#()!,'$-!01'/-!$(!1#--#!&7#0$!F>!E!&#90(&#()!4$#!6#!-0.'()#!$(#!A/+)'/-#!F>!E!6#!+$/+!+/!30)/L$2#!F!
+'()!)'$+!&#+!+#()/9#()+!&#!-#6#)!P!-2,$*+/'(!#)!.'99#!/*!30$)!,*$+!&72(#-L/#!,'$-!-#6#)#-!#)!-#,'$++#-!4$#!
,'$-! 0..#,)#-! #)! +#! -#*/#->! *#! .'(3*/)! #(! 1'$+! +#! )#-9/(#-0! #(! 1'$+! 30/+0()! 1'$+! +#()/-! #(.'-#! ,*$+!
&2.'$-0L2#! #)! 30)/L$2#>! #)! 9?9#! .'$,05*#>! 90/+! /(.0,05*#! &#! )-'$1#-! *0! 3'-.#! &#! 30/-#! .#! 4$#! 1'$+!
1'$&-/#S!1-0/9#()>!0$!3'(&!&#!1'$+!T!E!,0++#-!,*$+!&#!)#9,+!01#.!1'+!#(30()+>!*#$-!*/-#!&#+!A/+)'/-#+!#)!
*#+!u.'.'*#-u;!F!"#*0!1'$+!&'((#-0/)!$(!+#()/9#()!&#!+0)/+30.)/'(!#)!&#!5/#(K?)-#!,0-.#!4$#>!8!$(!(/1#0$!
#(.'-#! ,*$+! ,-'3'(&>! 1'$+! +01#S! 4$#! 1'$+! 1/1-/#S! #)! #%,-/9#-/#S! &#! *709'$->! 0*'-+! 4$#! )'$+! *#+! E!6#!
1#$%!F!#)!E!6#!(#!1#$%! ,0+!F!+'()!$(!-#1?)#9#()!4$/!.0.A#!*#!+#()/9#()!&u09'$-;!\$0(&!1'$+!?)#+!#(!
+@()'(/#!01#.!1')-#!9'/!*#!,*$+!,-'3'(&!#)!1/1#S!#)!#%,-/9#S!E!*709'$-!F!J!1'$+!?)#+!1-0/9#()!#(!,0/%!#)!
A#$-#$%;!
=(! 9?9#! )#9,+>! -#90-4$#S! 4$#! &0(+! .#! 9'('*'L$#! /()2-/#$->! /(.#++0()! .A#S! )'$)#+! *#+! 9D-#+!
0))#()/1#+>! *0! ,#)/)#! #%,-#++/'(!T! E!6#! &#1-0/+! ,0++#-! ,*$+! &#! )#9,+! 01#.! #$%!F! #+)! $(#! /()$/)/'(! 4$/!
,-'1/#()!&/-#.)#9#()!&#!*0!HF?EH="?H"%>"%,="%>=,=?">!90/+!1'$+!,#(+#-#S!,-'505*#9#()!4$#!.7#+)!
1')-#!.'(+./#(.#!4$/!1'$+!&/)!.#!4$#!1'$+!&#1-/#S!30/-#;!
!

!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' ==' ,54415'>'
C#$)K?)-#! .'99#(.#SK1'$+! 8! 1'/-! 4$#! 1')-#! #+,-/)! #)! 1'+! 29')/'(+! +'()! +#95*05*#+! 8! $(! .A09,! &#!
50)0/**#!'[!&#+!/&2#+!.'()-0&/.)'/-#+!+#!+$/1#()!+/!-0,/&#9#()!4$#!1'$+!?)#+!)'$)!8!30/)!/(.'(+./#()!&#!.#!
4$#!1'$+!1'$+!30/)#+!8!1'$+K9?9#;!O')-#!9#()0*!#+)!$(#!L/-'$#))#;!O'+!.-'@0(.#+>!1'+!',/(/'(+!#)!1'+!
-20.)/'(+! .A0(L#()! +#*'(! *#+! .A0(L#9#()+! 4$#! 1'$+! 1'@#S! +#! ,-'&$/-#! &0(+! 1'+! -#*0)/'(+! #)! 1')-#!
#(1/-'((#9#()! J! $(! .0--'$+#*! &#! E!670/9#!F! #)! &#! E!6#! (70/9#! ,0+!F>! &#! -#++#()/9#()! #)! &709/)/2>! &#!
,'++#++/1/)2!#)!&#!-#6#);!Y'$)!.#!5-'$A0A0!,-'1/#()!&#!1')-#!.'9,-2A#(+/'(!+$,#-3/./#**#!&#!)'$)!.#!4$/!0!
1-0/9#()! */#$! &0(+! 1')-#! #(1/-'((#9#()! 8! $(! (/1#0$! +'$)#--0/(;! O'$+! -#++#95*#S! 0$%! 50)#0$%! 4$/!
(01/L$#()!+$-!*#+!9#-+;!O'$+!,'$1#S!1'/-!*#!./#*>!90/+!1'$+!(#!+'$,X'((#S!,0+!*#!9'/(+!&$!9'(&#!*0!
.-'/++0(.#>!*#!9'$1#9#()!#)!*v0.)/1/)2!1/)0*#!4$/!'()!*/#$!+'$+!1')-#!4$/**#;!
"#*0! +/L(/3/#! 4$#! 1'$+! ,#(+#S! ,#$)K?)-#! 01'/-! &#+! */#(+! -2#*+! 01#.! 4$#*4$7$(>! 90/+! +'$+! *0! +$-30.#! #)!
&#--/D-#!+'(!0,,0-#(.#!0L-205*#>!1')-#!09/!+#!+#()!,#$)K?)-#!+#$*!#(!1')-#!,-2+#(.#!#)!/*!0/9#-0/)!?)-#!
.'9,-/+! #)! 4$#! 1'$+! *$/! ,0-*/#S! 8! $(! (/1#0$! ,*$+! +#(+/5*#! #)! #9,0)A/4$#>! ,*$+! 0&0,)2! 8! +#+! 5#+'/(+!
0$)0()!4$70$%!1^)-#+;!
C-#(#S!,0-!#%#9,*#!*0!-23*#%/'(!+$/10()#;!=(!0,,0-#(.#>!#**#!,0-0/)!?)-#!)'$)!8!30/)!/('33#(+/1#!0$++/!5/#(!
,'$-!1'$+!4$#!,'$-!*#+!0$)-#+>!90/+!$(#!0(0*@+#!1'$+!9'()-#-0!4$7#**#!#+)!)'$)!+0$3!/(('.#()#!T!
!E!l7#+,D-#!4$#!.#))#!92.A0()#!3#99#!(#!1/#(&-0!,0+!)-010/**#-!0$6'$-&7A$/;!F!
Y'$)! &705'-&>! ,'$-! ,'$1'/-! 30/-#! $(#! &2.*0-0)/'(! &#! .#! L#(-#>! /-'(# %*?$"# @*'(@&"'@"# @-@OH">! 1'$+!
01#S!'5+#-12!+'(!.'9,'-)#9#()!#)!1'$+!*701#S!.'(&09(2#!,'$-!*#+!,-'5*D9#+!4$#!.0$+#!+'(!90$10/+!
.0-0.)D-#;! O'$+! *$/! 01#S! 9/+! $(#! 2)/4$#))#! E!3#99#! &2+0L-205*#!F! 0$! .'$;! O'$+! 01#S! 0/(+/! .-22! $(#!
3'-.#! &72(#-L/#! &#! .'(+./#(.#! ,'-)0()! +'(! ('9;! "#*0! (#! *$/! 3#-0! ,0+! &#! 5/#(;! O'$+! E!1'$&-/#S!F>!
90L(2)/4$#9#()!h('(!,0+!+,/-/)$#**#9#()i>!4$7#**#!+'/)! -P("'?"#/"# (*'#?$-%-&.!,'$-!1'$+!-#(&-#!*0!1/#!
,*$+! 0L-205*#;! C0-! .#))#! &2.*0-0)/'(>! 1'$+! -212*#S! 4$#! 1'$+! ?)#+! +'$+! *7#9,-/+#! .'9,*D)#! &#! 1')-#!
E!#L'!F>!,$/+4$#!1'$+!(#!1'$+!?)#+!,0+!0--?)2!8!1'$+!&#90(&#-!+/!#**#! 2)0/)!+$6#))#!8!$(!,-'5*D9#!&#!
E!,#-+'((0*/)2!.0-0.)2-/#**#!F>!8!$(#!90*0&/#!.0.A2#>!8!&#!*0!+'$33-0(.#!'$!8!$(!,-'5*D9#!3/(0(./#-!4$/!*0!
-#(&-0/)!&2+0L-205*#;!H7#+,'/-!4$7#**#!+'/)!05+#()#!#+)!&#!*0!(0)$-#!&7$(#!E!90*2&/.)/'(!+$-!#**#!F;!R/!1')-#!
,#(+2#! #+)! +$33/+099#()! 0-&#()#! #)! ,$/++0()#>! #**#! -2.'*)#-0! ,-'505*#9#()! .#))#! 3'-.#! &v2(#-L/#! &#!
.'(+./#(.#!(2L0)/1#!#)!+#!+#()/-0!+'$&0/(!)-',!90*!,'$-!0**#-!)-010/**#-!c!
H#! 9?9#! ,-/(./,#! +70,,*/4$#! 4$0(&! *0! )#(+/'(! 29')/'((#**#! 9'()#! 6$+4$78! &#1#(/-! &#! *72,$/+#9#()!
(#-1#$%;!
]$! &25$)! &#! *0! )#(+/'(! 29')/'((#**#>! *7#+,-/)! #)! *#+! 29')/'(+! .'(.'$-#()! 01#.! &#+! +#()/9#()+!
90L(2)/4$#+K29')/'((#*+!&#!E!-#6#)K-2,$*+/'(K01#-+/'(!F;!H0!,#-+'((#!0!.'(+)099#()!&#+!,#(+2#+!&$!
)@,#!T!E!l#! (7@!0--/1#!,0+!F>!4$/!#+)!$(!-#6#)!#)!$(#!(2L0)/'(!.'9,*D)#!&#!)'$)#!2(#-L/#!#%/+)0()#!4$7#(!
-20*/)2! #**#! ,'++D&#! ,'$-! +$-9'()#-! *0! .-/+#;! E!l#! (#! ,#$%! ,0+! *#! +$,,'-)#-!F! (/#! )'$)! 0$)0()! *72(#-L/#!
,#-+'((#**#;! E!l#! &2)#+)#! 4$#! .#*0! 970--/1#!F>! E!6#! &2)#+)#! *0! ,#-+'((#! 4$/! 9#! 30/)! .#*0!F>! E!6#! &2)#+)#!
&#1'/-!.A0(L#-!&#!+)@*#!&#!1/#!F>!E!6#!&2)#+)#>!6#!(/#>!6#!-#3$+#>!67'56#.)#>!6#!97',,'+#>!6#!(#!92-/)#!,0+!F!
+'()!&#+!3'-9#+!&#!.'(+./#(.#!h&#!,#(+2#i!,0-)/.$*/D-#9#()!1/-$*#()#+;!!

!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' =?' ,54415'>'
nn
E!l#! 9#! -0))-0,,#-0/!F ! #+)! $(! 92*0(L#! &70))0.A#9#()K-#6#)! 90L(2)/4$#;! =(! -20*/)2>! *0! E!.'(+./#(.#!F!
&v$(#!)#**#!,A-0+#!#+)!T!
!E!l#!*#!&2)#+)#>!*$/!#)!.#!4$7/*!970!30/)>!)#**#9#()!4$#!6#!10/+!*$/!0,,-#(&-#!8!1/1-#;!l#!*$/!3#-0/!#%0.)#9#()!
.#!4$7/*!970!30/);!l#!10/+!*#!*$/!30/-#!,0@#-!c!F!
<*! +70L/)! *8! &#! ,$-#! 1#(L#0(.#;! H0! 1#(L#0(.#! #+)! $(! 5''9#-0(L! 4$/! -#1/#()! 90L(2)/4$#9#()! +$-! +'(!
#%,2&/)#$->!*$/!.0$+0()!$(#!+'$33-0(.#!&#!4$#*4$#!+'-)#;!Rv/*!#+)!+$-!*0!O'/#!&#!*0!"'(+./#(.#!"A-/+)/4$#>!
.#*0! *$/! 0,,-#(&-0! 0$++/! $(#! *#X'(! )-D+! (2.#++0/-#;! Y'$)#+! .#+! ,#(+2#+! #)! +#()/9#()+>! @! .'9,-/+! *#!
-#++#()/9#()!9#$-)-/#->!,-'1'4$#()!&#+!&2,-#++/'(+!(#-1#$+#+>!1'/-#!,A@+/4$#+;!
"#-)0/(+! *#.)#$-+! &#! .#+! H#))-#+! +#! -0,,#**#-'()! ,#$)K?)-#! 90! .'(3-'()0)/'(! 01#.! *#! 3/L$/#-! ,-D+! &#!
f2)A0(/#;!l7010/+!30/9!#)!670/!+'))#9#()!.A#-.A2!&#+!3/L$#+>!0*'-+!4$#!.#!(7#(!2)0/)!,0+!*0!+0/+'(;!
"'99#!6#!(7#(!)-'$10/+!,0+>!6#!&/+!8!*70-5-#!T!E!\$#!,#-+'((#!(#!90(L#!,*$+!6090/+!&#!)#+!3-$/)+;!F!=)!*#!
3/L$/#-!+#!&#++2.A0!6$+4$70$%!-0./(#+!#)!2)0/)!9'-)!*#!*#(&#90/(>!8!*0!L-0(&#!+)$,#$-!&#!C/#--#;!
"#! 3$)! *8! $(! 9'9#()! '[>! #(! )0()! 4$#! l2+$+>! 6#! 3$+! )')0*#9#()! /--#+,'(+05*#! &0(+! *v$)/*/+0)/'(! &#! 9'(!
E!,'$1'/-!9#()0*!F!#)!.0$+0/!&#+!&'990L#+>!.#!4$#!670/!5#0$.'$,!-#L-#))2;!hlv0/!#%,*/4$2!#(!&2)0/*!*#+!
1-0/#+!-0/+'(+!&#!.#)!/(./&#()!&0(+!*0!0"??$"#si;!"#,#(&0()>!#(!,0-*0()!8!9#+!&/+./,*#+>!6#!*v0/!0$++/!$)/*/+2!
.'99#!$(!#%#9,*#!#)!$(!01#-)/++#9#()!&$!,'$1'/-!#%#-.2!,0-!*#!9#()0*!+$-!&#+!.A'+#+!1/10()#+;!
\$7/*!+'/)!2L0*#9#()!&/)!4$#!.#!6'$-K*8>!6#!3'$#))0/!#)!.A0++0/!*#+!,-?)#$-+!+$-!L0L#+!&$!)#9,*#!#)!&2(/L-0/!
&$-#9#()! #)! '$1#-)#9#()! *#+! +.-/5#+! #)! *#+! CA0-/+/#(+;! Y'$+! .#+! 0.)#+! 2)0/#()! &#+! /9,$*+/'(+!
&70))0.A#9#()K-#6#)! 29')/'((#**#+! 90L(2)/4$#+;! 9H.&PH$HG"'?I# Q"# (@"..-&(# G-# G*$?# K+?+$"# ,-$#
@$+@&K&W&*';!l#!+010/+!#%0.)#9#()!.#!4$#!6#!30/+0/+!.0-!9'(!)#9,+!+$-!Y#--#!)'$.A0/)!8!+0!3/(!#)!8!1-0/!
&/-#>!672)0/+!/9,0)/#()!&#!4$/))#-!1')-#!9'(&#;!
H'-+4$#! *#+! L#(+! +7#(L0L#()! +$-! *#! +#()/#-! +,/-/)$#*! #)! +'()! 8! *0! -#.A#-.A#! &7$(! E!C'$1'/-! R$,2-/#$-!F>!
&#+! #(+#/L(0()+! #(! E!0$)'K0++/+)0(.#!F! *#$-! 0,,-#((#()! +'$1#()! 8! +7/9,*/4$#-! &010()0L#! &0(+! &#+!
,#(+2#+! &70))0.A#9#()!29')/'((#*K90L(2)/4$#>!5/#(! 4$7/*+! (#! +#! -#(&#()! 05+'*$9#()! ,0+! .'9,)#! 4$#!
*#$-+!/(+)-$.)/'(+!+#-1#()!8!-#(3'-.#-!*#!,'$1'/-!&#!*7#L';!
U(!&/)!8!*70+,/-0()!+,/-/)$#*!T!E!R/!1'$+!92&/)#S>!E!M/#$!F!'$!E!*0!C$/++0(.#!&#!1')-#!+$5.'(+./#()!F!1'$+!
0/&#-0!8!+0)/+30/-#!)'$+!1'+!5#+'/(+;!F!
E!l#!10/+!1/+$0*/+#-!*0!90/+'(!&#!9#+!-?1#+! #)!6#!+0/+!4$#!6#!*70$-0/!F>!E!l#!10/+!0.A#)#-! *#+!1?)#9#()+!
&'()!670/!5#+'/(!#)!670/!*0!3'/!4$#!6#!)-'$1#-0/!9'@#(!&#!*#+!,0@#-;!F!<*+!+#!.'(.#()-#()!+$-!*#!30/)!E!&701'/-!*0!
3'/!F!#)!&#!-#.#1'/-!.#!&'()!/*+!'()!5#+'/(!'$!.#!4$7/*+!&2+/-#();!
]$!&25$)!&#!*#$-!.A0(L#9#()!&#!.'(+./#(.#!#)!&#!*7#%#-./.#!&#!*#$-!3'/>!/*+!-#++#()#()!#33#.)/1#9#()!&#!
L-0(&+! .A0(L#9#()+! ,'+/)/3+;! H#+! '56#)+! &2+/-2+! +#! 90)2-/0*/+#()! #(! #33#)! &0(+! *#$-! 1/#>! /*+! 1'/#()! &#+!
,'-)#+! +7'$1-/->! /*+! -2$++/++#();! "#! ,A2('9D(#! -21D*#! 4$#! *#+! ,*0(+! 90)2-/#*+! &#! *#$-! .'(+./#(.#! +#!
+,/-/)$0*/+#()!#)!#(!.'(+24$#(.#>!/*!+7@!,-'&$/)!&#+!092*/'-0)/'(+;!H0!1/#!&#1/#()!9'/(+!&$-#;!
b0/+!1')-#!1/#!#+)!.#(+2#!#%,-/9#-!)'$+!*#+!(/1#0$%!&#!1')-#!.'(+./#(.#!J!+,/-/)$#*>!29')/'((#*>!.'-,'-#*;!
H'-+4$#! 1'$+! 01#S! 90B)-/+2! *#+! -DL(#+! ,A@+/4$#+! &#! .'(+./#(.#>! 1')-#! 01#()$-#! +,/-/)$#**#! +$/10()#!
)'$.A#!0$!-DL(#!&#!1'+!29')/'(+;!"7#+)!,'$-4$'/>!)'$)!8!.'$,>!0$!9/*/#$!&#!1')-#!,-'+,2-/)2>!&#+!1#()+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
nn
!E!-.$$!/#0!'1!+23!4(56!,!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' =@' ,54415'>'
+'$33*#()! #)! &#+! ,*$/#+!)'95#()! +$-! 1')-#! .'(+./#(.#! 29')/'((#**#>! 4$/!2)0/)! +)05*#!6$+4$#!*8>! .-20()! &#!
9$*)/,*#+!+'$33-0(.#+!&#!)'$)#!+'-)#;!<*!,#$)!+70L/)!&#!*0!,#-)#!&7$(!,-'.A#>!&#!1')-#!+0()2!'$!&#!5/#(+>!'$!
&#!+'$&0/(+!-#1#-+!&#!&/1#-+!)@,#+!&0(+!&#!('95-#$%!&'90/(#+!&#!1')-#!1/#;!"7#+)!&0(+!.#+!,2-/'&#+!
4$#!)0()!&#!L#(+!,#-&#()!*0!3'/;!E!H0!C#(+2#!C'+/)/1#!(#!90-.A#!,0+!F>!&/+#()K/*+;!
V'(>!*0!,#(+2#!,'+/)/1#!)'$)#!+#$*#!(#!90-.A#!,0+!J!(/!*#!E!,'$1'/-!&#!1')-#!+$5.'(+./#()!F>!,$/+4$#!.#!
(#! +'()! 4$#! &#+! 30.#))#+! &#! 1')-#! ?)-#! A$90/(! P! +,/-/)$#*! )'$)! #()/#-;! H'-+4$#! 1'+! 29')/'(+! +'()!
5'$*#1#-+2#+>! 1'$+! ?)#+! 0,,#*2! 8! #%09/(#-! 1')-#! .'(+./#(.#! )'$)#! #()/D-#>! 1'+! .-'@0(.#+>! 1'+!
+#()/9#()+!#(1#-+!1'$+K9?9#!#)!*#+!0$)-#+>!1')-#!3'/!#(!*0!&/9#(+/'(!+,/-/)$#**#!J!9?9#!*0!+/L(/3/.0)/'(!
&#! *0! 9'-)! #)! &#! 1')-#! 1/#! 3$)$-#! &0(+! $(#! &/9#(+/'(! +$,2-/#$-#;! "7#+)! *8! $(#! ,2-/'&#! #%)-?9#9#()!
,2(/5*#! &0(+! *0! 1/#! &#+!L#(+;!Y'$+! +'()! +$6#)+!8! .#))#! ,2-/'&#! &#! 5'$*#1#-+#9#()! +'$+! $(#!3'-9#! '$!
$(#!0$)-#;!
"#!,#$)!?)-#!$(#!,2-/'&#!&#!30()0+)/4$#!.-'/++0(.#!/()2-/#$-#!#)!$(!9'$1#9#()!1#-+!*#!5'(A#$->!'$!$(#!
,2-/'&#!4$/!+72)#-(/+#!&709#-)$9#!#)!&#!-#++#()/9#();!"7#+)!*#!9'9#()!&#!1'$+!-21#/**#-!.'9,*D)#9#()!#)!
&#!-20*/+#-!4$#!*7/++$#!&#+!#%,2-/#(.#+!&2,#(&!$(/4$#9#()!&#!1'$+!J!#)!('(!&$!+'-)!'$!&$!&#+)/(!K!&#!
1'$+!+#$*!J!#(!)-010/**0()!+'/)!+$-!1'$+>!+'/)>!,0-!*0!,-/D-#!.'(+)0()#>!01#.!*0! >*'(@&"'@"#9&%&'">!,'$-!
3/(/-!,0-!0--/1#-!0$!+'99#)!&#!*0!32*/./)2;!
>;"(?# -+((&# )# @"# G*G"'?# D+;+'"# ,"$(*''"# "(?# G&("# -+# /HK&# /;+?&.&("$# (*'# G"'?-.# /"# G-'&J$"#
@*'(?$+@?&%"I# -K&'# /;-??"&'/$"# .-# (-S"(("# "?# ."(# &/H-+W# ."(# ,.+(# H."%H(# S$R@"# -+WD+".(# ".."#
G-q?$&("$-#("(#HG*?&*'(L#
0-#/&KKH$"'@"#"'?$"#.-#,"'(H"# $H-@?&%"#X#&((+"#/"#$H,*'("(#&G,+.(&%"(#/"#.;"S*#)#/"(#(&?+-?&*'(#
&'@*'K*$?-P."(#X#"?#.-#,"'(H"#@$H-?&%"I#*4+.))*9.4+.#"?#$HK.H@O&"I#%*+(#/"%&"'/$-#@.-&$"L#
V+-'/#@".-#-$$&%"#X#"?#D+"#.-#(-S"(("#"(?#G&("#"'#,$-?&D+"#D+*?&/&"''"G"'?#AI#.-#G-q?$&("#/"#(*&#
"(?#)#%*?$"#,*$?H"L#
R#$*+! *#+! #(+#/L(0()+! 4$/! ,#$1#()! 1'$+! L$/&#-! 8! )-01#-+! )'$+! *#+! (/1#0$%! &#! -20*/+0)/'(! &#! +'/>! &#!
-#9'-&+>!&721#/*>!&#!.A0(L#9#()!&#!1'+!+.A290+!9#()0$%!P!29')/'((#*+>!03/(!&#!L-01/-!*#+!2.A#*'(+!&#+!
3-24$#(.#+! 1/5-0)'/-#+! +,/-/)$#**#+! 6$+4$78! 0))#/(&-#! *0! 12-/)05*#! E!$H-.&(-?&*'# /"# 9&"+#F! K! +'()! &#!
12-/)05*#+! 5'("&S'-'?(# /"# 2H$&?H! J! 4$/! ,#$1#()! -2#**#9#()! 1'$+! L$/&#-! 6$+4$#! &0(+! *#! e'@0$9#! &#+!
"/#$%;!!
R/! *#! ,-#9/#-! (/1#0$! &#! &21#*',,#9#()>! *0! -#.A#-.A#! &#! +0)/+30.)/'(+! 90)2-/#**#+! L-I.#! 8! *0! ,#(+2#!
,'+/)/1#>! 2)0/)! )'$)! 8! 30/)! +0)/+30/+0()! ,'$-! *#+! .A#-.A#$-+! #)! *#$-! 0,,'-)0/)! )'$)! .#! 4$7/*+! #+,2-0/#()>! *#!
9'(&#!#()/#-!+#-0/)!0$6'$-&7A$/!.'(1#-)/!8!*0!.-'@0(.#!#(!*0!E!,#(+2#!,'+/)/1#!F;!
"#,#(&0()>!.7#+)!*8!*#!,'/()!&#!&2,0-)!&$!.A#9/(!+,/-/)$#*!&#!*7I9#!4$/!2)0/)!#(&'-9/#!#)!/*!(#!30$)!(/!*#!
-#6#)#->! (/! *#! .-/)/4$#-;! H0! ,+@.A2! +#! -21#/**#! 0$! 30/)! 4$70$K&#*8! &#! *0! &/9#(+/'(! )#--#+)-#! +#! )-'$1#! $(#!
&/9#(+/'(! +,/-/)$#**#! 4$7'(! 0,,#**#! E!M/#$!F>! $(! E!,#-+'((0L#! 0++/+! *8KA0$)!F! '$! $(#! E!,$/++0(.#!
$(/1#-+#**#!F!4$/!-2,'(&!8!*0!,-/D-#;!
e0,,#*#SK1'$+! 4$#! ('$+! ,0-*'(+! &#! E!.'(+./#(.#!F;! H0! ,+@.A2! .'99#(.#! 8! .'9,-#(&-#! 4$7/*! @! 0!
&010()0L#>!&0(+!*0!1/#>!4$#!*#+!,-#++/'(+!4$')/&/#((#+!#)!#**#!1#$)!*u#%,2-/9#()#->!E!4$'/!4$#!.#!+'/)!F>!
,0-.#! 4$7$(#! 4$#*.'(4$#! ,-/10)/'(! &0(+! *7$(! &#+! &'90/(#+! &#! *7#%/+)#(.#! J! +0()2>! 9'@#(+! 3/(0(./#-+>!
5'(A#$->!09'$->!#).;!E!*0!F!,'$++#!8!.A#-.A#-!&#!*70/&#;!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' =A' ,54415'>'
U(!1'/)!/./!*#!9?9#!0))0.A#9#()!29')/'((#*!90L(2)/4$#!8!*7g$1-#;!E!l#!1#$%;!F!"#,#(&0()>!)0(&/+!4$#!
*0!,+@.A2!4$/!+721#/**#!&#1/#()!*7'5+#-10)#$-!&#!.#!4$/!+#!,0++#!&0(+!*#!9#()0*!#)!*#+!29')/'(+>!L-I.#!8!
+'(! .'()0.)! +,'-0&/4$#! 01#.! *0! M!HF?EH="?H"% >"% ,="!N>! #**#! .'99#(.#! 8! E!1'/-!F! .#-)0/(#+! &#+!
0.)/1/)2+! 29')/'((#**#+!90L(2)/4$#+! E!&70))0.A#9#()K-#6#)!F! &0(+! *#+4$#**#+! #**#! +7#(L0L#;!Q/(0*#9#()>!
#**#!+#-0!+$33/+099#()!/**$9/(2#!,'$-!+#!&2)'$-(#-!&#+!+#()/9#()+!&#!E!,'++#++/1/)2K-2,$*+/'(!F!#)!,-/#-0!
,'$-!&#90(&#-!&#!*70/&#!03/(!&#!*#+!+$-9'()#-;!"7#+)!#(!L2(2-0*!8!.#!9'9#()!4$#!*#!Z-q?$"!4$/!.'(1/#()!
8!.#))#!I9#!#()-#-0!&0(+!+0!1/#;!R/!*7I9#!0!,0-.'$-$!8!,*$+/#$-+!-#,-/+#+!*#!+#()/#-!&#!*0!1/#>!/*!+70L/-0!
&7$(!Z-q?$"!+$33/+099#()!21'*$2!,'$-!L$/&#-!*7I9#!#(!-#.A#-.A#!A'-+!&#+!.A0B(#+!#)!&#!*7#+.*010L#!&#+!
,$*+/'(+!2L'N4$#+!#)!*709#(#-!1#-+!*0!!17*T-.;!
!
e0,,#*#SK1'$+>!&0(+!1')-#!0,,-'.A#!&#+!0$)-#+>!&7?)-#!0))#()/3!8!*#$-!E!#L'!F;!"7#+)!*#$-!+#$*!9'@#(!&#!
+$-1/#! /()2-/#$-#! )0()! 4$7/*+! (7'()! ,0+! 0.4$/+! $(#! 1/+/'(! -2#**#! #)! &$-05*#! &#! *0! >*'(@&"'@"# 9&%&'"! #)!
4$7/*+!(#!,#-X'/1#()!,0+>!#(!'$)-#>! 4$7/*+!'()!#(!#$%!J!#)!*#+!)-0(+.#(&0()!J! $(#! +'$-.#!&#!,'$1'/->!&#!
3'-.#!#)!&7/(+,/-0)/'(;!
<*!30$&-0/)! 0$++/! 1'$+! -#(&-#! .'9,)#! 4$7#(! 1'$+! /(&/1/&$0*/+0()! &0(+! $(#!3'-9#! .'-,'-#**#! #)! &0(+! $(#!
0.)/1/)2! 29')/'((#**#K9#()0*#>! 1'$+! 1'$+! 0++$6#))/++#S! 0$%! *'/+! &#! *7#%/+)#(.#;! <*! 1'$+! 0! 2)2! &'((2! $(#!
/(&/1/&$0*/)2>!$(#!/&#()/)2!#)!$(!,')#()/#*!/(3/(/!,'$-!0))#/(&-#!*0!>*'(@&"'@"#>O$&(?&D+"!#)!/*!@!0!$(!,-/%!8!
,0@#-!,'$-!.#*0;!
C#(&0()>!,#$)K?)-#>!&#!('95-#$+#+!1/#+!h6$+4$78!.#!4$#!1'$+!#(!0--/1/#S!8!.#))#!-0-#!.'((0/++0(.#!&#!
E!+'/!Fi>!1'$+!#%,2-/9#()#-#S!*#+!.0,-/.#+!#)!*0!9$*)/)$&#!&#+!.'9,*#%/)2+!&#!*0!1/#!#)!&#+!-#*0)/'(+;!M0(+!
&#!('95-#$+#+!1/#+!0()2-/#$-#+>!/*!#+)!,'++/5*#!4$#!1'$+!0@#S!.'99/+!&#+!.A'+#+!2('-9#+>!
.'(+/&2-2#+!,0-!*#+!0$)-#+!.'99#!&#+!E!,2.A2+!,#-+'((/3/2+!F>!90/+!.#+!#%,2-/#(.#+!&#!,#-+'((0*/)2+!
90L(2)/4$#+!'()!.'()-/5$2!8!1'$+!0,,'-)#-!*8!'[!1'$+!?)#+!0$6'$-&7A$/>!&0(+!*0!,#-.#,)/'(!+,/-/)$#**#;!
O'$+!&#1-/#S!&'(.!?)-#!.0,05*#!&70..#,)#-!4$7/*!(7#%/+)#!0$.$(!E!,2.A2!F>!(/!.'()-#!E!M/#$!F>!(/!.'()-#!
*#+!0$)-#+;!E!H7#L'!F!,#$)!&'9/(#-!)')0*#9#()!#)!30/-#!&#+!.A'+#+!-2,-2A#(+/5*#+!$(/4$#9#()!,0-.#!4$#!
E!*7I9#!F!#+)!#(.'-#!#(&'-9/#!&0(+!*7#+.*010L#!&#!*0!*'$-&#!)'/*#!&70-0/L(2#!&#!*0!,#-+'((0*/)2!
90L(2)/4$#;!H'-+4$#!.7#+)!*#!.0+>!/*!(7@!0!0$.$(#!,'++/5/*/)2!&#!,#-+$0&#-!*0!,#-+'((#!4$7#**#!0!.0$+2!&$!
)'-)!8!&70$)-#+;!<*!(7@!0!0$.$(#!/**$9/(0)/'(!/()2-/#$-#!.'(32-2#!,0-!*0!!17*T-.!,'$-!*$/!9'()-#-!$(!9#/**#$-!
9'@#(!&#!1/1-#;!H0!!17*T-.!#+)!#()/D-#9#()!5*'4$2#!,0-!*0!.'(+./#(.#!90L(2)/4$#!&#!*7#L';!
"#,#(&0()>!*0!+'$33-0(.#!4$7#(&$-#!$(#!)#**#!,#-+'((#!h,$/+4$#!)'$)!.#!4$7#**#!30/)!8!0$)-$/!*$/!-#1/#(&-0!
&0(+!*0!9?9#!9#+$-#>!1'/-#!&010()0L#i>!3#-0!4$7#(!&#-(/#-!-#.'$-+>!#**#!+#!,'+#-0!&#+!4$#+)/'(+!0$!
+$6#)!&#!*7#%/+)#(.#>!#)!,'+#-!&#+!4$#+)/'(+!#+)!*#!9'@#(!&#!-#.#1'/-!&#+!-2,'(+#+!&#!*0!M!,="%>=,=?"%@;!
l70/! .'99#(.2! .#))#! +#.)/'(! #(! &/+0()! 4$#! *#+! L#(+! .-'/#()! 4$7/*+! ,#$1#()! ?)-#! )-0(+3'-92+! ,0-!
E!*7=+,-/)!F;!
O'$+!.'9,-#(#S!90/()#(0()!,'$-4$'/!670/!&/)!4$7/*!(7@!010/)!E!-/#(!8!)-0(+3'-9#-!F;!e/#(!(7#+)!E!-2#*!F!'$!
E!2)#-(#*!F!&0(+!*0!,#-+'((0*/)2;!<*!#+)!&7$(#!L-0(&#!(2.#++/)2!&#!*70--0.A#-!-K&'#/"#$H%H."$#."#9&%&'#"'#
".."L!
=(!C0*#+)/(#>!670/!0,,#*2!.#!,-'.#++$+!E!9'$-/-!8!+'/K9?9#!F>!.#!4$/!+7#+)!012-2!?)-#!$(#!&2.*0-0)/'(!4$/!
30/)! ,#$-;! ]! .0$+#! &#! .#*0>! 5#0$.'$,! &#! L#(+! '()! 2)2! &/++$0&2+! &7#()-#-! +$-! *#! .A#9/(! 4$/! 9D(#! 0$%!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' =B' ,54415'>'
&/9#(+/'(+!+,/-/)$#**#+!*#+!,*$+!A0$)#+;!=)!'$/>!.#!&#-(/#-!+)0&#!&$!,-'.#++$+!&70--0.A#9#()!#+)!#(!#33#)!
.'99#! $(#! 9'-);! U(! ,#-&! $(#! ,0-)! #++#()/#**#! &$! +'/! A$90/(! )#--#+)-#! #(! *#! )-01#-+0()>! 90/+! *#!
+'$*0L#9#()!#)!*0!,0/%!/()2-/#$-#!12.$+!*'-+4$#!+#!)#-9/(#!#(3/(!*0!*$))#!+'()!/(&#+.-/,)/5*#+;!H#!.g$-!+#!
-#9,*/)!&#!6'/#;!M0(+!*#!+/*#(.#!&$!9#()0*!-2+/&#()!*0!12-/)05*#!+2.$-/)2>!*#!-#,'+!#)!*0!)-0(4$/**/)2;!=(3/(>!*0!
*$))#! ,'$-! *0! 90B)-/+#! ,#-+'((#**#! #+)! )#-9/(2#;! H0! ,#-+'((#! &#1/#()! $(! E!90B)-#!F;! C$/+! +7#(+$/)! $(!
)#9,+!&#!-#,'+!#)!&#!-2.$,2-0)/'(!+,/-/)$#*+;!
=)!,*$+!)0-&!+$/1-0!*70..D+!8!$(#!('$1#**#!&/9#(+/'(!&#!E!*7?)-#!F;!
e/#(>!&#!*0!+.D(#!A$90/(#>!(70$-0!,*$+!E!&#!,'/&+!F!.'99#!0$,0-010();!
H#+! L#(+! 1'$+! .-/)/4$#()!a! l0&/+>! *0! ,#-+'((0*/)2! 90L(2)/4$#! 1'$+! 0$-0/)! 30/)! 1'$+! 9#))-#! #(! .'*D-#! 8!
.0$+#!&#!1')-#!/(+2.$-/)2>!&#!1')-#!,$*+/'(!&#!&#1'/-!+#95*#-!,0-30/)!0$%!@#$%!&#+!0$)-#+>!03/(!&701'/-!*#$-!
0,,-'50)/'(;!R7/*+!(#!)70,,-'$1#()!,0+>!&/+0/)!1')-#!#L'>!.'99#()!10+K)$!+$-1/1-#!a!]!4$'/!-#++#95*#-0!)0!
1/#!a!
H'-+4$#! *0! 1'/%! &#! E!*7#L'!F! +7#+)! )$#>! ,*$+! 5#+'/(! &#! -#.A#-.A#-! *0! +2.$-/)2>! .0-! 1'$+! ?)#+! =V!
R="Ge<Y=!c! O'$+! +01#S! 4$#! 1'$+! ?)#+! ,-/+! #(! .A0-L#>! 90/()#($>! ('$--/>! ,-')2L2>! L$2-/! ,0-! *0!
HF?EH="?H"%>"%,="%>=,=?">!,#$!/9,'-)#!.#!4$#!*#+!0$)-#+!,#$1#()!,#(+#-!&#!1'$+;!O')-#!6'/#>!1')-#!
.'()#()#9#()>!1')-#!5'(A#$->!1')-#!2,0('$/++#9#()!#)!1')-#!-20*/+0)/'(!,#-+'((#*+!+'()!#(!1'$+;!=(!30/)>!
1'$+!(701#S!)'$)!+/9,*#9#()!,*$+!5#+'/(!&70$)-#!.A'+#;!!
R0$3!4$#!1'$+!30/)#+!,0-)/#!&#!E!)'$)!*#!-#+)#!F>!#)!*'-+4$#!*0!!17*T-.!1'$+!-#9,*/)>!1'$+!01#S!$(!5#+'/(!
/9,$*+/3!&#!)-0(+9#))-#!0$%!0$)-#+!)'$)!.#!4$#!*0!HF?EH="?H"%>"%,="%>=,=?"!&21#-+#!#(!1'$+!)'$)!0$!
*'(L!&#!*0!6'$-(2#!2)0()!&'((2!4$#!1'$+!?)#+!#(!.'()0.)!,#-90(#()!01#.!.#))#!9#-1#/**#$+#!&/9#(+/'(!
#(!1'$+;!
O'$+!(#!-#6#)#S!,*$+!*0!,#-+'((0*/)2!&70$)-$/>!)'$)!*#!9'(&#!#+)!0..#,)05*#!8!1'+!@#$%>!)'$)!*#!9'(&#!#+)!
#(!4$?)#!&709'$-!#)!90/()#(0()>!1'$+!#(!01#S!,*#/(!8!&'((#-;!<*!(7@!0!,*$+!8!30/-#!&7#33'-)!,'$-!E!0/9#-!
/(.'(&/)/'((#**#9#()!F;!"#*0!1'$+!1/#()!+,'()0(29#();!
\$#*4$#+! &230$)+! 4$#! 1'$+! 0@#S! #(.'-#>! 4$#**#+! 4$#! +'/#()! *#+! #--#$-+! 4$#! 1'$+! 30/)#+! &0(+! 1')-#!
0))/)$&#! #(1#-+!*#+! 0$)-#+! #)! -2+$*)0()! &#! -2+/&$+! &#! E!*7#L'!F! 4$#! 1'$+!01#S! 050(&'((2>! /*+! 1'$+! +'()!
-212*2+! #)! 0$! */#$! &721/)#-! .#))#! ,-/+#! &#! .'(+./#(.#! &#! +'/>! 1'$+! *#+! #95-0++#S! 01#.! 09'$-! #)!
-#.'((0/++0(.#;! O'$+! &2.'$1-#S! 4$#! *0! -#.'((0/++0(.#! #)! *70..#,)0)/'(! &#+! -20.)/'(+! (2L0)/1#+!
A$90/(#+! #(! 1'$+! +'()! 0$++/! +0*$)0/-#+! 4$#! .$-0)/1#+;! O'$+! 0..#,)#S! #)! 0++$9#S! 01#.! 5'(A#$-! *0!
-#+,'(+05/*/)2!&#!)'$)#!#--#$-!4$#!1'$+!30/)#+!6$+4$78!.#!4$#!1'$+!&/+.#-(/#S!*0!E!1'/#!&#!*709'$-!F>!,$/+!
1'$+!1'$+!#(!*/52-#S;!O'$+!1/1-#S!*0!,0/%!/()2-/#$-#>!+0.A0()!4$#!1'$+!01#S!&#!('$1#0$!0,,-/+!4$#*4$#!
.A'+#! &#! ,-2./#$%! 4$/! 1'$+! +#-0! &7$(#! L-0(&#! 0/&#! *'-+4$#! +#! ,-2+#()#-'()! &#! ('$1#0$%! &23/+! &#!
*7#%,2-/#(.#!A$90/(#;!H#!)#9,+!&#+!,-'3'(&+!-#9'-&+!#+)!,0++2>!,$/+4$7/*+!'()!90/()#(0()!0..'9,*/!*#$-!
g$1-#!&#!1'$+!&2*/1-#-!&#+!-2,'(+#+!29')/'((#**#+!90L(2)/4$#+!8!*0!1/#!4$/!1'$+!0,,'-)0/#()!60&/+!&#+!
+'$33-0(.#+;!
O'$+!#()-#S!90/()#(0()!&0(+!.#!4$#!670,,#*0/+!E!H#!e'@0$9#!&#+!"/#$%!F!4$0(&!672)0/+!+$-!Y#--#;!O'$+!
0**#S!90/()#(0()!&2.'$1-/-!4$#!)'$+!1'+!5#+'/(+!+'()!+0)/+30/)+!#)!1'$+!R]Ge=w!4$#!)'$+!1'+!5#+'/(+!
3$)$-+!+#-'()!2L0*#9#()!+0)/+30/)+!,-#+4$#!+,'()0(29#();!"#))#!.'((0/++0(.#!1'$+!90/()/#()!#(!.'()0.)!
.'(+)0()!01#.!<%!D%,="%>=,=?"%@!#)!1'$+!&'((#!$(!+#(+!/99#(+#!&#!+2.$-/)2;!]1#.!*0!,0/%!&#!*7#+,-/)!#)!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' =C' ,54415'>'
*0! )-0(4$/**/)2! 1/#((#()! *0! 6'/#! #)! *0! 32*/./)2>! 0/(+/! 4$7$(! ('$1#0$! +#(+! &#! 5/#(K?)-#! 6$12(/*#;! M#+! 90$%!
9/(#$-+!'$!.A-'(/4$#+>!'$!9?9#!&#+!90*0&/#+!#(!,A0+#!)#-9/(0*#!+#!-DL*#-'()!#)!1'$+!#()-#-#S!&0(+!
$(#! ('$1#**#! ,A0+#! &#! *7#%/+)#(.#;! "A04$#! 3'/+! 4$#! 1'$+! 0,,-#(#S! $(#! *#X'(>! 1'$+! *0/++#S! 4$#*4$#!
.A'+#!&#!*0!&/9#(+/'(!A$90/(#!&#--/D-#!1'$+!#)!010(.#S!&0(+!$(#!3-24$#(.#!+$,2-/#$-#!&#!.'(+./#(.#!
+,/-/)$#**#;!
l#!1'$+!&2.-/+!*#+!-2.'9,#(+#+!4$/!1'$+!0))#(&#()!*'-+4$#!1'$+!0$-#S!.'950))$!#)!033-'()2!*7#+.*010L#!
29')/'((#*! 90L(2)/4$#! &70))-0.)/'(! P! 0))0.A#9#()K-#6#)! P! -2,$*+/'(;! "#! +'()! .#+! /9,$*+/'(+! 4$/! 1'$+!
&'((#()!*7/(&/1/&$0*/)2!0$!&2,0-)>!90/+!4$/!&#1/#((#()!&#+!.A0B(#+!&#!*7I9#>!&'()!1'$+!&#1#S!1'$+!*/52-#-!
,'$-!+'-)/-!&#!*0!-'$#;!"#))#!-'$#!#+)!*#!)#9,+!&#!1')-#!1/#!A$90/(#!,-2+#()#>!4$/!)'$-(#!.'()/($#**#9#()!
#)!.'()/($#**#9#()!1'$+!#9,'-)#!&0(+!&#+!#%,2-/#(.#+!4$/!(#!1'$+!-26'$/++#()!,0+;!H'-+4$7#(3/(!1'$+!
0--/1#S!8!)-0(+.#(&#->!#(!#+,-/)>!1'+!-20.)/'(+!29')/'((#**#+!90L(2)/4$#+!8!*0!1/#>!*0!-'$#!.'99#(.#-0!
8!-0*#()/-!#)!,$/+>!)'$)!8!.'$,>!1'$+!&2.'$1-/-#S!4$#!1'$+!?)#+!,-#+4$#!/99'5/*#!#)!1'$+!.'99#(.#-#S!
0*'-+!8!1/1-#!*0!5#**#!4$0*/)2!&#!1/#!4$#!670/!&2.-/)#!./K&#++$+;!
R/! +#$*#9#()! 6#! ,'$10/+! 1'$+! #(*#1#-! .#! 30-&#0$! 4$/! 1'$+! #+)! /9,'+2! ,0-! 1')-#! .'(&/)/'(! A$90/(#!
)#--#+)-#;!l#!.'((0/+!1')-#!+'$33-0(.#>!1'+!9'9#()+!&#!&2+#+,'/->!1')-#!)-/+)#++#!&0(+!*0!($/)!+'*/)0/-#>!
1'+!A#$-#+!&70L/)0)/'(!9#()0*#!#)!29')/'((#**#;!=(!&#+.#(&0()!&0(+!1'+!3-24$#(.#+!&#!.'(+./#(.#!,'$-!
)-0(+9#))-#! 9#+! 9#++0L#+! #)! ,'$-! .'9,-#(&-#! .#! 4$/! &'/)! 1'$+! ?)-#! &/)>! 670/! ,-/+! .'(+./#(.#! &#! 1')-#!
+/)$0)/'(!)#--#+)-#!#)!.#+!,0-'*#+!+'()!90!-2,'(+#!8!1'+!5#+'/(+!*#+!,*$+!$-L#()+!&#!+'$*0L#9#()!#)!&#!
L$2-/+'(;!!
V#!&'$)#S!,0+!4$#!.#+!,0-'*#+!+'()!&#!9'/;!Y/-#SK#(!&$!-2.'(3'-)!#)!R]"k=w!4$7#(!*#+!2)$&/0()>!#**#+!
1'$+! 0,,'-)#-'()>! 01#.! *#! )#9,+>! $(#! ,-'3'(&#! /**$9/(0)/'(! #(! 1')-#! I9#! 4$/! 1'$+! 0,,'-)#-0! *#+!
.A0(L#9#()+!)0()!&2+/-2+!&0(+!1')-#!1/#!#)!1')-#!+'/;!
!
>CZZ567#Z594753#
\$0(&! 1'$+! 92&/)#S>! 0&',)#S! *0! ,'+/)/'(! 4$/! 1'$+! #+)! *0! ,*$+! .'(3'-)05*#;! O'$+! (701#S! ,0+! 5#+'/(! &#!
30/-#!&#+!.'()'-+/'(+!,A@+/4$#+;!e#,'+#SK1'$+!#)!&2)#(&#SK1'$+;!=(6'/L(#SK1'$+!&#!1'$+!-#*0%#-!#)!&#!
&2)#(&-#! )'$+! 1'+! 9#95-#+>! @! .'9,-/+! *0! )?)#>! *0! ($4$#>! *#! 1/+0L#>! 6$+4$78! $(! 2)0)! &#! -#*I.A#9#()!
#%)-?9#;!
!"# /*&(# &G,$&G"$# "'# %*+(# .;&/H"# D+"# @"??"# GH/&?-?&*'# /"%$-&?# K&'&$# ,-$# ^?$"# -+((&# (&G,."# D+"# /"#
S.&(("$#/-'(#."#(*GG"&.L#0"#P+?#/"#.-#GH/&?-?&*'#"(?#/"#,"$G"??$"#)#%*?$"# 204/2*.42.%+01+%.4+*T-.#
/"# /H,-(("$# ."(# K$*'?&J$"(# /"# .;&'?".."@?# "?# /"# .-# $-&(*'L# 4.# E# -# /"(# "'("&S'-'?(# D+&# %*+(# /&$*'?#
M#/;&G-S&'"$#Nl#V+*&#D+"#.;*'#%*+(#/&("#/;&G-S&'"$I#%*+(#,*+%"F#^?$"#(f$#D+"#.;*'#'"#%*+(#-&/"#
,-(#)#-.."$#*T#D+"#@"#(*&?#(-+K#/-'(#D+".D+"#'*+%"-+#$*E-+G"#&G-S&'-&$"#@$HH#,-$#%*?$"#,$*,$"#
,$*@"((+(#/"#,"'(H"L#
>"# D+"# @"??"# GH?O*/"# /"# M#GH/&?-?&*'#N# %-# %*+(#,$*@+$"$# ("$-# +'#(*+.-S"G"'?# /"(#,"'(H"(# "?#
/"(#?"'(&*'(#D+"#%*+(#@$H"'?#."(#,$"((&*'(#/"#%*?$"#"S*L#9-'(#."#G*'/"#&G-S&'-&$"I#.;"S*#,"+?#X#
*+#'*'#X#$"(?"$#&'-@?&KL#
]10()! &#! .'99#(.#-! *0! 92&/)0)/'(>! ,-2,0-#SK1'$+! #(! ,-#(0()! )'$)! 8! 30/)! .'(+./#(.#! 4$#! 1'$+! 0**#S!
2)05*/-! $(! .'()0.)! 01#.! *0# HF?EH="?H"% >=,=?"# X# 0$++/! 5/#(! #(! 1')-#! .'(+./#(.#! 4$70$K&#*8>! #(! *0!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' =>' ,54415'>'
)-0(+.#(&0()#X#5005##+)!,0-!.'(+24$#()!0$++/!5/#(!#(!1'$+!4$70$)'$-!&#!1'$+;!O/+$0*/+#S!#%0.)#9#()!
.#!4$#!.#*0!+/L(/3/#;!!
3-,,"."FA%*+(# "'# ?*+?# ?"G,(# D+"# @"# )# D+*&# %*+(# h56=5i# "(?# @"# )# D+*&# %*+(# -.."F# %*+(#
(E'?*'&("$L#
O'+!,#(+2#+!+'()!&#+!E!,-'6#.)#$-+!F!4$/!1'()!2)05*/-!*#!.'()0.)!01#.!.#!4$#!1'$+!-#.A#-.A#S;!
e0,,#*#SK1'$+! 4$#! .A04$#! E!,#(+2#!F! 0! +0! ,-',-#! 3-24$#(.#! 1/5-0)'/-#! #(! .'(+./#(.#;! "-'@#SK*#>!
(-@O"FA.">!.0-!.7#+)!*0!12-/)2;!C*$+!*0!,#(+2#!#+)!+,/-/)$#**#>!,*$+!*#+!3-24$#(.#+!1/5-0)'/-#+!+'()!2*#12#+;!
H#+! E!3'-9#+! &#! .'(+./#(.#!F! /(.0-(2#+! ,0-! *#+! ,0-'*#+>! (#! +'()! ,0+! 1/+/5*#+! 90/+! +'()! &#+! E!#()/)2+!
+,2./3/4$#+!&#!*7?)-#!F;!
=**#+!,'++D&#()!*0!1/#!&#!*0!.'(+./#(.#!#(!#**#+;!=**#+!+'()!0))/-2#+!1#-+!&#+!E!3'-9#+!&#!.'(+./#(.#!F!
+#95*05*#+;!H#!+#95*05*#!0))/-#!*#!+#95*05*#;!
C#(+#S!E!.A/#(!F!#)!1/+$0*/+#S!.#!4$#!.#*0!+/L(/3/#>!#)!1'+!,#(+2#+!+#!+@()'(/+#-'()!01#.!*0!-0.#!.0(/(#;!
!
C#(+#S#M#>C6=>456>5#864253=5005#N#'$#M#245#942465#NI#-%"@#.-#@*G,$HO"'(&*'#/"#@"#D+"#@".-#
(&S'&K&"#)#%*(#E"+W#X#"?#%*(#,"'(H"(#("#/&$&S"$*'?#%"$(#.-#M#>C6=>456>5#864253=5005#N#X#01#
245#942465L#
E*% 501/% (5.Z% 8(-K(*+.7.4+% 2078-*/% +01+% 2.% ;1.% [L.//(*.% 3.% 501/% 3*-.B% 501/% ED6$"\% ;1.% 50+-.%
7'3*+(+*04%(++.*4+%/04%M1+C%
R0.A#S!*#!#)!1'$+!1#--#S!1')-#!3'/!+#!-#(3'-.#-;!
O')-#! 3'/! -#+)#! 30/5*#! ,0-.#! 4$#! 1'$+! (#! 30/)#+! 4$7#+,2-#->! '$! &2+/-#->! '$! E!1'$*'/-!F! 90L(2)/4$#9#()!
1'$+!+@()'(/+#-!8!01#>C6=>456>5#95#245>!,0-.#!4$#!1'$+!#+,2-#S!)/-#-!4$#*4$#!,-'3/)!&#!*7#%#-./.#;!
6"#%*E"FA%*+(#,-(#@*GP&"'#M#?"$$"A)A?"$$"#N#"(?#+'"#?".."#-,,$*@O"#/"#M#>5#V84#2C8=#1#9C665#
01#245#N#e#
#
=+)K.#!-#+,#.)$#$%!a!=+)K.#!.'(1#(05*#!&#!*0!,0-)!&7$(#!,#-+'((#!4$/!-#.A#-.A#!$(!.'()0.)!+/(.D-#!#)!
+70))#(&!8!.#!4$7/*!+72)05*/++#!a!
]*'-+!4$#!!D%HF?EH="?H"%6?=,"$E"!!"%=?X=?=" !(7#+)!,0+!*#!E!M/#$!F!&$!./#*!9@)A/4$#!&2.-/)!,0-!
*7](./#(!Y#+)09#()!W!
=**#! #+)! *0! $'()*+'% =4K*4*7.4+% V1*//(4+.>! ,0-)'$)! ,-2+#()#>! 4$/! 90(/3#+)#! (*'! ,-',-#! &#++#/(! #)! (*'!
09'$-!0))#()/3>!/()#**/L#()>!21'*$)/'((0/-#!,'$-!)'$)!.#!4$75.."!0!30/)!(0B)-#!8!*0!1/#;!
O'$+! &#1#S! .'9,-#(&-#! 4$#! .7#+)! .#*0! 4$#! 1'$+! 0**#S! #(! 3/(! &#! .'9,)#! 0,,-'.A#-! ,#(&0()! 4$#! 1'$+!
?)#+! #(.'-#! +$-! Y#--#>! *'-+4$#! 1'$+! 0..2&#-#S! 0$%! &/9#(+/'(+! +$5*/9#+>! 0,-D+! 4$#! 1'+! 29')/'(+!
90L(2)/4$#+!+#!+#-'()!&/++'$)#+!('(!+#$*#9#()!&0(+!1')-#!9#()0*>!90/+!0$++/!&0(+!1')-#!+$5.'(+./#()!
#)!1')-#!,*#%$+!+'*0/-#;!
Y'$)!&705'-&>!1'$+!#()-#-#S!#(!.'()0.)!01#.!!D%,="%>=,=?"%V"$"UP"$"!4$/!#+)!8!6090/+!0.)/1#!&0(+!
1')-#!+@+)D9#!)'$)!#()/#-!#)!&0(+!*7$(/1#-+;!
e0,,#*#SK1'$+! 4$7")).! #+)! #(! 24$/*/5-#! &0(+! )(% 3*7.4/*04% 14*5.-/.)).% *4K*4*.! #)! #(! 0.)/1/)2! &0(+! *#!
9'(&#;!

!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' =D' ,54415'>'
M!0;-@?&%&?H# hJ$"#N! 3/%#! *#! 5$);! M!0;-G*+$AZJ$"!N! &2./&#! &$! 9'@#(! &#! &21#*',,#-! *#+! ,*0(+! ,'$-!
,-'9'$1'/-!*#!5/#(!+$,-?9#!&#!.#!4$/!#(!)-0/(!&#!+70&0,)#->!&#!L$2-/-!'$!&7?)-#!,-')2L2;!
hM7/(('95-05*#+! ,#-+'((#+! &/-'()! 4$#! *#+! 033/-90)/'(+! ./K&#++$+! (#! +'()! 4$7/90L/(0)/'(;! =**#+! ,#$1#()!
+#! 9'4$#-! )0()! 4$7#**#+! 1#$*#();! "#$%! 4$/! 0--/1#()! 8! 2)05*/-! $(! .'()0.)! 01#.! *0! M!H04/2*.42.% 3.% ,*.%
VT-.UPT-.% N!J!$(!0$)-#!('9!,'$-!*0!HF?EH="?H"%>"%,="%>=,=?" !90/+!&2(')0()!+0!&'$5*#!4$0*/)2!J!
12-/3/#-'()!4$#!.#!4$/!,-2.D&#!#+)!$(#!&#+.-/,)/'(!#%0.)#!&#!*721'*$)/'(!+,/-/)$#**#!4$/!+$/)!$(!)#*!.'()0.);i!
C'$-!#(!-#1#(/-!8!1')-#!92&/)0)/'(;!
Y'$)!&705'-&>!010()!&7#++0@#-!&7#()-#-!#(!92&/)0)/'(>!929'-/+#S!*0!,-/D-#!+$/10()#!&#!90(/D-#!8!.#!4$#!
*#+!,0-'*#+!&#1/#((#()!1^)-#+;!
H'-+4$#! 1'$+! +#-#S! ,0-30/)#9#()! -#*0%2>! .'99#(.#S! 1')-#! 92&/)0)/'(! 01#.! .#))#! ,-/D-#;! M/)#+K*0!
*#()#9#()! #)! 1/+$0*/+#S! *0! +/L(/3/.0)/'(! &#! .A04$#! ,0-'*#! 03/(! &#! 1'$+! ,#-9#))-#! &7#()-#-! &0(+! *0!
.'(+./#(.#!&$!9')!#)!&#!,#-9#))-#!8!*0!.'(+./#(.#!2(#-L2)/4$#!&$!9')!&7#()-#-!0$!,*$+!,-'3'(&!&#!1')-#!
+'/;!C#(&0()!4$#!1'$+!,-'('(.#S!.#))#!,-/D-#>!1'$+!&#1-/#S!3#-9#-!*#+!@#$%!#)!&/-/L#-!1')-#!-#L0-&!+$-!*#!
3-'();!
M#245#h535AZ535I#?+#"(#G-#%&"I#G*'#(*+?&"'#@*'(?-'?I#G-#(-'?HI#G-#,$*?"@?&*'I#.-#(-?&(K-@?&*'#
,-$K-&?"#/"#?*+(#G"(#P"(*&'(#"?#G*'#&'(,&$-?&*'#.-#,.+(#O-+?"L#
!"# ?"#,$&"#/"# G"#$H%H."$# .-# %H$&?-P."#3H-.&?H#/"# 7*&AG^G"L# !"# (-&(#D+"# @;"(?# ?-#2C0C675# D+"#Q"#
(*&(#?*?-."G"'?#&..+G&'HI#-K&'#D+"#Q"#,+&(("#G&"+W#,$"'/$"#@*'(@&"'@"#/"#7-#h$H("'@"#"'#G*&#"?#
-+?*+$#/"#G*&L#!"#@$*&(# "?#Q"#(-&(#D+"#@;"(?#,*((&P."L#!"#@$*&(#D+"#?+# G"#,$*?JS"(#"?#G"#S-$/"(#
/-'(#.;1ZC83#,-$K-&?L#!"#(-&(#D+"#G*'#P+?#K&'-.#"(?#/"#7;5<h34Z53L#
5'# G;-/$"((-'?# )# ?*&I# Q"# (-&(# D+"# ?+# "(# ,-$K-&?"G"'?# $H@",?&%"# )# G"(# ,-$*."(# @-$# ?+# "(#
0;4675004c56>5# 14Z1675# 864253=5005# D+&# -# (&# G"$%"&.."+("G"'?# @*'b+# @"# G*'/"# "?# ."#
G-'&K"(?"#/-'(#(-#K*$G"#%&(&P."L#
!"#(-&(#D+;"'#7"#/"G-'/-'?#/"#G"#,-$."$I#Q"#,$*Q"??"#+'#K-&(@"-+#/"#.+G&J$"#/"#@*'(@&"'@"#/-'(#
?-# >*'(@&"'@"# 9&%&'"# "?# D+"# .*$(D+"# Q;H@*+?"$-&I# 78# ,H'H?$"$-(# G-# @*'(@&"'@"# O+G-&'"# "?# ?"#
$-,,$*@O"$-(#/"#,.+(#"'#,.+(#/"#G*'#"(,$&?#"?#/"#G*'#@j+$#/"#,.+(#"'#,.+(#$H@",?&K(L##
!"#@*'K&"#G*'#^?$"#"?#G-#%&"#)#?-#S-$/"L#N#
h"A04$#!3'/+!4$#!1'$+!&/)#+!#)!1/+$0*/+#S!.#))#!,-/D-#>!1'$+!.-2#S!$(#!K*$G"#/"#@*'(@&"'@"#(,&$&?+".."!
4$/! &#1/#(&-0! &#! ,*$+! #(! ,*$+! 3'-)#! #)! 2*#12#! #(! 3-24$#(.#+! 1/5-0)'/-#+>! 0$! 3$-! #)! 8! 9#+$-#! 4$#! *0!
12-/)05*#! +/L(/3/.0)/'(! &#! *0! ,-/D-#! +70,,-'3'(&/)! #(! 1')-#! #+,-/)! #)! 1')-#! .g$-! #)! 4$#! 1'+! ,#-.#,)/'(+!
+72*D1#();i!
],-D+! *0! ,-/D-#>! -#*0%#SK1'$+! #(.'-#! ,*$+! ,-'3'(&29#()! #)! *0/++#S! 1')-#! #+,-/)! +#! 1/&#-! 0$)0()! 4$#!
,'++/5*#;!R/!&#+!,#(+2#+!3'()!/()-$+/'(>!-2./)#SK1'$+!&'$.#9#()!M!2&"#9&%&'"!F!*+!M!%&"#,J$"AGJ$"!N##)!
)-0(4$/**/+#S!8!('$1#0$!1')-#!#+,-/);!],-D+!&#!('95-#$%!9'/+!&#!92&/)0)/'(!+/(.D-#>!/*!+#!,#$)!4$#!1'$+!
+#()/#S!1')-#!.'-,+!+#!9#))-#!)'$)K8K.'$,!8!+$-+0$)#->!.'99#!$(#!,#-+'((#!+70,,-?)0()!8!+7#(&'-9/-!#)!
4$/!+#!-21#/**#!+$5/)#9#();!R/!.#*0!1'$+!0--/1#>!+'@#S!-#.'((0/++0()!.0-!1')-#!.'(+./#(.#!#+)!#(!)-0/(!&#!
,2(2)-#-! *#+! 50--/D-#+! &#! 1'+! 3'-.#+! &#! .'(+./#(.#! 4$#! 1'$+! 01/#S! .-22#+! #)! 4$/! #(.0,+$*0/#()! 1')-#!
I9#;!

!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' ?F' ,54415'>'
H'-+4$#! 1'$+! 1'$+! +#()#S! 0..2&#-! 8! $(! 2)0)! &#! .'(+./#(.#! &/332-#()>! ,-'3'(&>! +/! ,-'3'(&! 4$#! 1'$+!
-#+,/-#S! 8! ,#/(#>! +0.A#S! 4$#! 1'$+! .'99#(.#S! 8! 0))#/(&-#! 1')-#! 5$);! ]! *0! 3/(! &#! 1')-#! 92&/)0)/'(>!
-#9#-./#S!01#.!6'/#!#)!-#.'((0/++0(.#;!
e0,,#*#SK1'$+!4$#!-/#(!&#!.#!4$#!1'$+!,#(+#S>!&/)#+!'$!30/)#+!(#!,#$)!#(!0$.$(#!30X'(!-2&$/-#!)'$)!.#!
4$7#+)!*0!M!204/2*.42.%3.%5*.%8T-.U7T-.!N;!
"#,#(&0()>!)'$)!+.#,)/./+9#!3'-9#-0!$(#!50--/D-#!#()-#!1'$+!#)!*0!5*.%8T-.U7T-.;!
!
l70/9#-0/+!1'$+!01#-)/-!T!4$0(&!1'$+!#++0@#S!&#!.0*9#-!1')-#!9#()0*!#)!1'+!,#(+2#+>!/*!+#!,#$)!4$#!1'$+!
1'$+! +#()/#S! 90*! 8! *70/+#>! 4$#! 1'$+! -#++#()/#S! $(! .#-)0/(! /(.'(3'-)! ,A@+/4$#! #)! 9?9#! &#! *0! &2)-#++#;!
"v#+)! ,0-.#! 4$#! J! 0$! &25$)! K! 1'$+! 1'$+! A#$-)#-#S! 0$! 9$-! ('/-! &#! 1')-#! ,-',-#! E!.'(+./#(.#!F! #)! .#*0!
,#$)!?)-#!#%)-?9#9#()!&2.'(.#-)0()!J!#)!9?9#!&'$*'$-#$%;!
f2(/++#S!*7#%,2-/#(.#!#)!&#90(&#S!8!*0%<%5*.%8T-.%@%3.%8'4'+-.-%50+-.%204/2*.42.%)(%8-02J(*4.%K0*/%
;1.%501/%'201+.-.ZC%
C$/+!*#1#SK1'$+!#)!)'$-(#S!*#!&'+!8!*7#%,2-/#(.#;!
H'-+4$#!1'$+!1#--#S!4$#!1'$+!#()-#S!#(3/(!&0(+!*#!+/*#(.#>!0*'-+!-#+)#SK@!&0(+!*0!+2-2(/)2>!+0.A0()!4$#!
1'$+!01#S!90/()#(0()!0..2&2!8!.#!4$#!*7'(!,'$--0/)!0,,#*#-!*#!E!+0/()!&#+!+0/()+!F!,0-.#!4$#>!3/(0*#9#()>!
1'$+! 2)05*/++#S! *#! .'()0.)! 01#.! *0! M!5*.% 8T-.U7T-.!N# #(! 1'$+;! <*! 30$&-0! &$! )#9,+! ,'$-! 4$#! .#))#!
#%,2-/#(.#!A0$)#9#()!+,/-/)$#**#!&$!R/*#(.#!&#1/#((#!$(#!-'$)/(#!4$')/&/#((#;!!
e0,,#*#SK1'$+!4$#!1'$+!01#S!&#+!50L0L#+!2L'N4$#+!&7$(#!1/#!#()/D-#!8!6#)#-!#)!8!&/++'$&-#;!
\$'/!4$#!1'$+!+#()/#S!'$!.'9,-#(/#S!,#(&0()!1')-#!92&/)0)/'(>!*'-+4$#!1'$+!#(!+'-)#S>!0))#(&#SK1'$+!8!
-#++#()/-!$(#!&/332-#(.#!&0(+!1')-#!1/#;!e0,,#*#SK1'$+!4$#!*70))#()#!#+)!$(#!3'-9#!&#!E!.'(+./#(.#!F!#)!
4$7#(!E!1'$+!0))#(&0()!8!F!4$#*4$#!.A'+#>!1'$+!'$1-#S>!8!.#!4$#!1'$+!0))#(&#S>!*0!1'/#!,0-!*04$#**#!#**#!
+#-0! 0))/-2#! &0(+! 1')-#! 12.$>! 4$#**#! 4$#! +'/)! *0! .A'+#! &'()! 1'$+! 01#S! 5#+'/(! '$! 8! *04$#**#! 1'$+! ?)#+!
.'(3-'()2;!
=&#%*+(#'"#$"(("'?"F#,-(#D+".D+"#'*+%".."#.HSJ$"?H#/;"(,$&?I#G-.S$H#%*(#-??"'?"(#(&'@J$"(I#'"#'&"F#
,-(#."(#@O-'S"G"'?(#"?#'"#/*+?"F#,-(#/"#."+$#,*((&P&.&?HL#
e0,,#*#SK1'$+! 4$#! 1')-#! .'(+./#(.#! #+)! 2*#.)-'90L(2)/4$#>! &#! *0! 9?9#! +$5+)0(.#! 4$#! 1')-#! .'-,+!
,A@+/4$#>! #)! 4$#!.7#+)!*0! 50+#! &#!)'$)#+! 1'+! #%,2-/#(.#+! &#!1/#;!"'()/($#S! 8! 0))#(&-#! J! #(!*#!30/+0()>!
1'$+!0$L9#()#S!*#!,'$1'/->!*72(#-L/#!&#!1'+!E!3'-9#+!&#!.'(+./#(.#!&70))#()#!F!4$/!0))/-#-'()!8!#**#+!*0!
90(/3#+)0)/'(!&#!)'$)!.#! 4$#! 1'$+!0))#(&#S;!E!0-#@*'(@&"'@"#/"#%&"#,J$"AGJ$"!F!(#!,#$)!?)-#!0))/-2#!
&0(+! 1')-#! .'(+./#(.#! /(&/1/&$#**#! 4$#! ,0-! *0! 3'/>! $(#! 0))#()#! +/(.D-#! #)! *0! 1'*'()2! &#! 1'$+! '$1-/-! 8! *0!
,$-/3/.0)/'(!&#!1'+!/9,$*+/'(+!29')/'((#**#+K90L(2)/4$#+!E!&70))0.A#9#()K-#6#)!F;!!
"'95/#(! &7#()-#! 1'$+>! 0.)$#**#9#()>! #()-#()! #(! 92&/)0)/'(! &#! .#))#! 90(/D-#! #)! #(! +'-)#()! /-'(#
.;5<h5>717425!&#!.A0(L#9#()+!a!
"'95/#(!+#!&2.'$-0L#()!0,-D+!01'/-!+#()/!4$#*4$#!.A0(L#9#()!,$/+!,*$+!-/#(!,#(&0()!4$#*4$#!)#9,+!a!
x0-&#S! 8! *7#+,-/)! 4$#! 6#! 1'$+! 0/! &/)! 4$#! 1'$+! 2)/#S! +$6#)! 8! &#+! -@)A9#+! &#! E!A0$)+!F! #)! &#! E!50+!F;!
H'-+4$#!1'$+!?)#+!&0(+!*#+!E!50+!F>!*#!3*$%!&#!O/#!M/1/(#!&0(+!1')-#!+@+)D9#!50/++#!#)!*#+!3-24$#(.#+!
1/5-0)'/-#+!&#!1')-#!.'(+./#(.#!50/++#()!0$++/;!=(!.'(+24$#(.#>!*#!.'()0.)!01#.!*0! M!!>*'(@&"'@"#/"#
2&"#hJ$"AZJ$"#N>!,#(&0()!.#+!9'9#()+>!0$!&25$)!&#!1')-#!4$?)#>!#+)!,-#+4$#!/9,'++/5*#;!]$!&25$)!&#!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' ?E' ,54415'>'
1')-#! -#.A#-.A#! &#! *0! 2H$&?H>! ,#(&0()! 1')-#! 92&/)0)/'(>! 1'$+! ?)#+! +$-)'$)! #(! .'()0.)! 01#.! 1')-#!
+$5.'(+./#()>!#)!1'$+!&2.'$1-/-#S!4$7/*!@!0$-0!$(#!-2+$-L#(.#!/--/)0()#!&#!)'$)#+!*#+!1/#/**#+!,#(+2#+!#)!
*#+!1/#$%!+'$1#(/-+!(2L0)/3+!4$#!1'$+!,#(+/#S!01'/-!90B)-/+2+;!
\$0(&!1'$+!0..2&#-#S!8!1'+!E!A0$)+!F>!1'$+!&2.'$1-/-#S!$(#!-2+$-L#(.#!&#!1')-#!+'/!+,/-/)$#*!#)!1'$+!
1'$+! #(! -26'$/-#S;! O'+! 92&/)0)/'(+! +#-'()! ,*$+! ,'+/)/1#+! #)! ,*$+! ,-'&$.)/1#+! #(! .'()0.)! 01#.! *0!
E!>*'(@&"'@"#/"#2&"#hJ$"AZJ$"#N;!R/!1'$+!01#S!*#!.'$-0L#!&#!,#-+212-#-!#)!&#!1'$+!#()-0B(#-!8!1'$+!
0$)'K&/+./,*/(#-!,#(&0()!*#+!E!50+!F!0$++/!5/#(!4$#!&0(+!*#+!5'(+!9'9#()+>!1'$+!&2.'$1-/-#S!3/(0*#9#()!
4$#!*#+!E!50+!F!+#-'()!9'/(+!E!50+!F!#)!)'$)#!3'-9#!&#!&2,-#++/'(!0(./#((#!&/+,0-0B)-0;!
e0,,#*#SK1'$+! 4$#!.A04$#! /(+)0()! &#! E!.'(+./#(.#! #(! ,-/D-#!F! 1'$+!-0,,-'.A#! &#! 1')-#! 5$)>! 5/#(! 4$#!
1'$+! ,$/++/#S! #(! ?)-#! )')0*#9#()! /(.'(+./#();! =)! (20(9'/(+>! /*! +#! ,-'&$/)! .#-)0/(#+! .A'+#+! ,'$-! 1')-#!
5/#(!+$,-?9#!J!.-'@#S!#(!#**#+;!
\$0(&!672)0/+!+$-!Y#--#>!6#!&/+0/+!T!
!"#%&"'(#%*+(#/*''"$#.-#04]5375#
!"#%&"'(#%*+(#-,,*$?"$#+'"#M#245#h08=#1]C691675#N#`#
#
H#! +#.-#)! &#! 1')-#! 30)/L$#>! 1')-#! 2,$/+#9#()>! 1')-#! /(.'A2-#(.#>! 1')-#! /(+)05/*/)2>! 1')-#! ,#$->! 1')-#!
&2+#+,'/-! #)! 1')-#! &2,-#++/'(! -2+/&#! &0(+! 1'+! -2,'(+#+! 29')/'((#**#+K90L(2)/4$#+! E!&70))0.A#9#()K
-#6#)!F!8!*0!1/#!#)!&0(+!*#+!9'&D*#+!+$5.'(+./#()+!4$/!,0-3'/+!,-#((#()!*#!&#++$+!#)!1'$+!,-'6#))#()!&0(+!
&#+!+/)$0)/'(+!4$#!1'$+!(701/#S!6090/+!#$!*7/()#()/'(!&#!.-2#-;!M$!30/)!&#!.#+!E!/9,$*+/'(+!(0)$-#**#+!&#!
*7/(&/1/&$0*/)2!F>! 1'$+! (7?)#+! .#-)0/(#9#()! ,0+! */5-#+>! 1'$+! ?)#+! &'9/(2! ,0-! *7#+.*010L#! 29')/'((#*K
90L(2)/4$#!&#!1')-#!.'(+./#()!0$)0()!4$#!&#!1')-#!/(.'(+./#();!2*+(#%&%"F#/-'(#."(#S$&KK"(#/"#.;5S*#
D+&#%*+(#-#/*''H#%*?$"#&'/&%&/+-.&?H#"?#%*+(#.&"#/-'(#."(#@O-q'"(#/"(#$H,*'("(#HG*?&*''".."(#)#.-#
%&"L#
!
"#,#(&0()>!*#!9'9#()!0--/1#>!,'$-!*#!.A#-.A#$-!+/(.D-#!#)!0-&#()>!.#*$/!4$/!+$/)!01#.!6'/#!*#!+#()/#-!&#!*0!
M!>*'(@&"'@"# >O$&(?&D+"!N# A# 01# 2C45# >U34=74V85! K>! '[>! #(! 92&/)0()! #)! #(! ,2(2)-0()! &0(+! *#+!
+#.)#$-+!29')/'((#*+K90L(2)/4$#+!&$!.#-1#0$>!/*!-#X'/)!*7/**$9/(0)/'(!4$/!+7/9,-/9#-0!&0(+!*#+!,0-)/#+!*#+!
,*$+! A0$)#+! &$! .#-1#0$>! +'$+! *#! .-I(#;! M#! ('$1#**#+! .#**$*#+! +#-'()! /9,-/92#+! &#! .#))#! ('$1#**#!
.'((0/++0(.#;!!
<*!+70L/)!*8!&7$(!,-'.#++$+!,#-90(#()!#)!1'$+!+#()/-#S!,-'505*#9#()!.#))#!E!'$1#-)$-#!F!+#!,-'&$/-#!&0(+!
1')-#!.#-1#0$;!!
O'$+!.'99#(.#S!90/()#(0()!8!3'(.)/'((#-!&#!,*$+!#(!,*$+!8!,0-)/-!&$!.#-1#0$!+$,-0K.'(+./#()!4$/!#+)!
#(! .'()0.)! &#! ,*$+! #(! ,*$+! 2)-'/)! 01#.! *0! M!@*'(@&"'@"# /"# %&"#,J$"AGJ$"!N>! 6$+4$70$! 6'$-! '[! 1'$+! (#!
,'$--#S!,*$+!+$,,'-)#-!4$#!*#+!,#(+2#+!#)!+#()/9#()+!&#!E!*7#L'!F! &'9/(#()!1')-#!.'(+./#(.#!('-90*#!
&#! )'$+! *#+! 6'$-+! #)! '[! 1'$+! 9'$--#S! *0! 9'-)! &#! *0! -#&&/)/'(! )')0*#! &#! +'/;! H'-+4$#! .#*0! 0--/1#-0>! *0!
M!@*'(@&"'@"#/"#%&"#,J$"AGJ$"!N#-#9,*/-0!1')-#!1/+/'(!8!*7#%.*$+/'(!&#!)'$)#!0$)-#;!O'$+!#()-#-#S!&0(+!
*#+!E!3-24$#(.#+!&#!.'(+./#(.#!F!&#!.#!4$#!670/!0,,#*2>!+$-!Y#--#>!*#!E!-'@0$9#!&#+!./#$%!F;!"#))#!,A0+#!
+#!.0-0.)2-/+#-0!,0-!$(!-#)-0/)!,-'L-#++/3!&$!L#(-#!&#!1/#!4$#!1'$+!0/9/#S!0$,0-010();!O')-#!,#(+2#!+#!
,$-/3/#-0!&#!,*$+!#(!,*$+!#)!1'$+!1'$+!1#--#S!-2,'(&-#!0$%!+/)$0)/'(+>!0$%!212(#9#()+!#)!0$%!L#(+!&7$(#!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' ?=' ,54415'>'
90(/D-#! ,*$+! /9,0-)/0*#;! ]*'-+! 4$#! 1'$+! ,'$--#S! ?)-#! 29')/'((#**#9#()! 9'/(+! .A0$&! '$! 3-'/&!
4$70$,0-010()>!1'$+!+#-#S!0*'-+!&0(+!*#+!,-#9/D-#+!*'(L$#$-+!&7'(&#!&#!.#!4$#!1'$+!0,,#*#S!E!*709'$-!
/(.'(&/)/'((#*!F!#)!1'$+!3#-#S!)'$)#+!.A'+#+!&$!,'/()!&#!1$#!&#!*0!,-'9')/'(!&$!5/#(!+$,-?9#!&#!.A0.$(>!
8!+01'/-!#(!1$#!&#!+0!.-'/++0(.#>!&#!+0!($)-/)/'(>!&#!+0!L$2-/+'(>!&#!+0!,-')#.)/'(>!&#!*0!+0)/+30.)/'(!&#!
+#+!5#+'/(+!*2L/)/9#+>!&0(+!$(!+@+)D9#!&#!*'/!#)!&7'-&-#;!O'$+!0/9#-#S!,*$+!,-'3'(&29#()!4$#!6090/+!
90/+! /*! (7@! 0$-0! ,*$+! .#!+#()/9#()! E!A$90/(!F! 4$/! ,#$)! .0$+#-!)0()! &7#--#$-+! &0(+! *0! .'99$(/.0)/'(! #)!
*70.)/'(;!
\$0(&!1'$+!0$-#S!0.4$/+!*0!12-/)05*#!.'((0/++0(.#!/()2-/#$-#>!1'$+!+#-#S!#(!9#+$-#!&#!)-0(+.#(&#-!*#!
50L0L#! 29')/'((#*>! 1'$+! +#-#S! #(!9#+$-#! &#!92&/)#-! #)! &#! ,$/+#-! &0(+! *0! M!%&"#,J$"AGJ$"!N# #)!1'$+!
+#()/-#S!$(#!('$1#**#!2(#-L/#!,2(2)-#-!&0(+!1')-#!+@+)D9#>!1'$+!.'(32-0()!$(!('$1#*!',)/9/+9#;!O'$+!
-/-#S>! +#-#S! ,*$+! #+,/DL*#>! )-'$1#-#S! *#! 5'(A#$-! &0(+! &#! ,#)/)#+! .A'+#+>! 1'$+! 0/9#-#S! *#! 9'(&#>!
-#++#()/-#S! *0! L-0)/)$&#! 1'$+! -#9,*/-! 8! .A04$#! ,#)/)! 5/#(30/)! #()-0()! &0(+! 1')-#! 1/#;! O'$+! 1#--#S! *#+!
5/#(30/)+!+#!9$*)/,*/#-!&0(+!1')-#!#%,2-/#(.#!#)!+#!-2,0(&-#!+$-!1')-#!.A#9/(!4$')/&/#(;!
"'99#()!+#!.'9,'-)#!*0!,#-+'((#!4$/!0!-2$++/!8!+#!*/52-#-!&#!*7#L'!a!
Q/(0*#9#()>! $(#! )#**#! ,#-+'((#! +#-0! )')0*#9#()! */52-2#! &#! *0! ,#$-;! =**#! 0$-0! *705+'*$#! .'(1/.)/'(! 4$#!
,0-)'$)!'[!#**#!+#!-#(&>!#**#!#+)!,-')2L2#;!f/#(!4$7#**#!,$/++#!)-01#-+#-!&#+!#%,2-/#(.#+!,')#()/#**#9#()!
&0(L#-#$+#+>!#**#!#(!+'-)/-0!/(&#9(#;!=**#!+0$-0!4$7#**#!(70!($*!5#+'/(!&72,2#!'$!&70-9#!8!3#$!,'$-!+#!
,-')2L#-;!=**#!#+)!,-')2L2#!.'()-#!)'$)#!21#()$0*/)2!(2L0)/1#>!'[!4$7#**#!+#!)-'$1#;!
=**#!(#!.-0/(&-0!($**#!90*0&/#>!,$/+4$7#**#!+0$-0!4$#!.A04$#!&/+,'+/)/3!&#!+'(!.'-,+!.#(+2!*#!L0-&#-!#(!
5'((#!+0()2!#+)!)')0*#9#()!',2-0)/'((#*!#)!3'(.)/'((#!#33/.0.#9#();!
=**#!+0$-0!4$7#**#!(70$-0!6090/+!5#+'/(!&#! E!+'$A0/)#-!F!*#+!.A'+#+!(2.#++0/-#+!8!$(#!1/#!A#$-#$+#!#)!
.'(3'-)05*#;!=**#!*'$#-0!#)!-#9#-./#-0!.'()/($#**#9#()!*0!E!245#h535AZ535!F!,'$-!)'$)#+! .A'+#+!&268!
-#X$#+!#)!.#**#+!4$7#**#!-#.#1-0!&0(+!*#!3$)$-;!
=**#!+0/)!4$7#**#!+#-0!L$/&2#!,'$-!?)-#!8!*0!5'((#!,*0.#!0$!5'(!9'9#();!
=**#!+0/)!0$++/!4$7#**#!,#$)!&#90(&#-!)'$)!.#!&'()!#**#!0!5#+'/(!#)!4$#!*0!-2,'(+#!1/#(&-0!-0,/&#9#();!
b0/+! *0! &#90(&#! 290(#-0! &#! +'(! .#()-#! +,/-/)$#**#9#()! /**$9/(2! #)! #**#! (#! .A#-.A#-0! 6090/+! -/#(! &#!
90(/D-#! 2L'N+)#>! 90/+! ,-/#-0! )'$6'$-+! ,'$-! &#+! .A'+#+! &0(+! *#! .0&-#! &#! .#! 4$/! +#-0! 5'(! ,'$-! +'(!
#(1/-'((#9#()>!+0!.'99$(0$)2>!+0!309/**#>!+#+!09/+;!
=**#!0$-0!*7#+,-/)!'$1#-)>!+0.A0()!4$#!*0!O=e<Y=!#+)!/(3/(/#!#)!4$#!9?9#!+/!#**#!+0/)!5#0$.'$,!&#!.A'+#+>!
/*! @! 0! )'$6'$-+! $(#! &/9#(+/'(! $*)2-/#$-#! 8! #%,*'-#-;! "7#+)! .#! 4$/! -#(&! *0! 1/#>! &0(+! )'$)#! &/9#(+/'(>! #)!
9?9#!&0(+!*#+!e'@0$9#+!"2*#+)#+!&#!*0!.'(+./#(.#>!+/!#%0*)0()#!#)!+/!,*#/(#!&#!+/L(/3/.0)/'(;!!
M0(+! +0! 1/#! 4$')/&/#((#>! *7I9#! /**$9/(2#! +#! -21#/**#-0! *u#+,-/)! 1/&#! &#! )'$)! +0$3! &#! *'$0(L#+! #)! &#!
-#.'((0/++0(.#;! Q/(0*#9#()>! #**#! +#-0! .'(+./#()#! &#+! .'-12#+! 4$/! *70))#(&#()! #)! -#(&-0! L-I.#+! ,'$-!
*72(#-L/#!#)!*0!1'*'()2!&70..'9,*/-!.#+!)I.A#+!W!#**#!+70,,-?)#-0!8!*#+!0..'9,*/-!+0(+!0$.$(#!-2+/+)0(.#!
/()2-/#$-#!(/!0$.$(#!-2,$L(0(.#!8!+7@!0))#*#-;!
=(! -2+$*)0)! &#! .#))#! 0))/)$&#! #(1#-+! *0! -'$)/(#! 4$')/&/#((#>! #**#! (#! L0+,/**#-0! ,0+! +#+! 2(#-L/#+! #(!
-2+/+)0(.#!&70$.$(#!+'-)#;!R7/*!@!0!$(#!-0/+'(!,0-)/.$*/D-#!&#!-2+/+)#-!8!4$#*4$#!+$LL#+)/'(!'$!.'()-0/()#>!
#**#!*#!3#-0!.0*9#9#()! #)!-0/+'((05*#9#()>!+0(+!+#()/9#()+!90L(2)/4$#+K29')/'((#*+!&7/--/)0)/'(!'$!&#!
-#6#);!
!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!01234'#5625748'$9'-24'%;')<124<' ??' ,54415'>'
=**#!&#1/#(&-0!*7'5+#-10)#$-!/9,0-)/0*>!0..'9,*/++0()!*0!.A'+#!6$+)#!0$!5'(!9'9#();!
=**#!90B)-/+#-0!+'(! I9#!&0(+!*0!,0)/#(.#>!0))#(&0()!*7/(+,/-0)/'(>!0))#(&0()!4$#!+7'$1-#!*0!5'((#!,'-)#>!
0))#(&0()!.'(3/-90)/'(!4$#!)'$+!+#+!,*0(+!+'()!5/#(!,0++2+!&#!*0!1'*'()2!&/1/(#!&0(+!+'(!?)-#!8!)-01#-+!
+'(!#+,-/)>!+'(!.g$-!#)!+'(!2(#-L/#;!
"#))#!,#-+'((#!&#1/#(&-0!$(!?)-#!A$90/(!12-/)05*#>!90(/3#+)0()!*0!M!@*'(@&"'@"#/"#%&"#,J$"AGJ$"#N;!
0;O*GG"! +#! .A0-L#-0! #(! '$)-#! &#! .0-0.)2-/+)/4$#+! 329/(/(#+! &709'$-! $(/1#-+#*! #)! &#1/#(&-0! *0!
,#-+'((/3/.0)/'(!&#!*709'$-!/()#**/L#()!'$!&#!*7/()#**/L#(.#!0/90()#;!
0-# K"GG"! +#! .A0-L#-0! &#! .0-0.)2-/+)/4$#+! ,*$+! 90+.$*/(#+! &#! 3'-.#! #)! &7$(! +#(+! ,-'('(.2! &#! *0!
&/-#.)/'(;!
R/! $(! )/#-+! 0! 5#+'/(! &7/(+)-$.)/'(>! /*! '$! #**#! 3#-0! ,-#$1#! &7/()#**/L#(.#! 0/90()#! #)! *72&$4$#-0! ,0-! +#+!
,0-'*#+;!R7/*!0!5#+'/(!&#!L$2-/+'(>!/*!'$!#**#!3#-0!,-#$1#!&709'$-!/()#**/L#()!#)!*0!,#-+'((#!+#-0!L$2-/#;!
O'/*8!*#!5$)!4$#!6#!1'$+!-#.'990(&#!033#.)$#$+#9#();!
0"#>O"G&'#/"#.-#>*'(@&"'@"#>O$&(?&D+"#"(?#"(D+&((H#/-'(#@"(#057735=L#
H'-+4$#!1'$+!*70))#/(&-#S>!1'$+!1'$+!-26'$/-#S!#)!&/-#S!4$7/*!10*0/)!)'$+!*#+!9'9#()+!&/33/./*#+!&$!+#()/#-!
-'.0/**#$%! #)! .0A')0()>! 4$/! +#-'()! 0*'-+! 8! 6090/+! &#--/D-#! 1'$+;! O'$+! +#-#S! */5-#! &70..2&#-! 8! &#+!
&/9#(+/'(+!+$,2-/#$-#+>!.A0.$(#!1'$+!0,,'-)0()!&#!('$1#**#+!#%,2-/#(.#+!#)!&#!('$1#**#+!6'/#+;!
O'$+!&#1/#(&-#S!*#+!3'(&0)#$-+!&7$(!('$1#*!'-&-#!+$-!*0!Y#--#>!*#4$#*!+#-0!*7010()KL0-&#!&7$(#!('$1#**#!
10L$#!&721'*$)/'(!+,/-/)$#**#;!
\$0(&!.#))#!21'*$)/'(!+,/-/)$#**#!+#!&/33$+#-0!8!*0!L-0(&#!90++#!&#+!A$90/(+>!&0(+!5/#(!&#+!0((2#+!8!
1#(/->!*#+!L#(+!0,,-#(&-'()!3/(0*#9#()!8!1/1-#!#(!,0/%;!
>"(# @O*("(# -$$&%"$*'?# (f$"G"'?I# @-$# ."(# c31465=# /o+'# ?".# -%"'&$# *'?# H?H# ("GH"(# /-'(# @"(#
057735=L#V+&@*'D+"#."(#-@@+"&.."#"'#(-#@*'(@&"'@"#"?#@*'("$%"#.-#K*&#."(#%"$$-#K&'-."G"'?#K."+$&$#
"'#P"-+?HI#Q*&"#"?#O-$G*'&"I#,$*/+&(-'?#."+$(#K$+&?(#/-'(#(-#%&"#D+*?&/&"''"L#
>$*E"F#A#@-$#G*&I#."#>O$&(?I#Q;-&#,-$.HL#
yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy!
Z*'#/H(&$#."#,.+(#@O"$I#)#G*&I#."#>O$&(?I#"(?#D+"#@"(#057735=#(*&"'?#$-,&/"G"'?#,+P.&H"(#"?#
/&(?$&P+H"(#-+W#S"'(#"'#D+^?"#/"#2H$&?HL#5'#@&?-'?#G"(#057735=I#%"+&.."F#(o&.#%*+(#,.-q?#"'#
&'/&D+"$#.-#(*+$@"#?$J(#@.-&$"G"'?#B#
057735=#98#>U34=7I#tttL%*&"@O$&(?&D+"L@*LF-I##
_7&?$"#/+#0&%$"#B#>U34=7#3524567#X#40#947#=12[347[a#
>U34=7;=#057753=I#tttL@O$&(?(t-EL@*LF-I#_]**u#7&?."B#>U34=7#357836=#X#=h51v=#U4=#7387Ua

!
l#!1/(+!K!#)!6#!1/#(+!90/()#(0()!K!,'$-!1'$+!0/&#-!8!)-'$1#-!*0!mO<=!,*$+!05'(&0()#m!#)!*0!mlU<=!/(3/(/#!
!
!"#$%&'#()$(*&'+'$,'-$&'%.)/#$&/'
!"##$"%&%
!
!"#$%&'%()*+,-"!#$!%&$'(!)*+!,$!-./$'!0$!1$(!./--*/,%)*+1$!23$!#$!'$!)$34!+$%$'&+!0*'(!3'$!5.+-$!
1.+).+$,,$! 6! .3! +$)+$'0+$! 3'$! )$+(.''*,&78! 93-*&'$"! %3! 23$! #$!+8(&0$! 0*'(! ;! $7! ).((<0$"!-.&;-=-$!;!
3'$!5+823$'1$!%&>+*7.&+$!0$!1.'(1&$'1$!(&!5&'$!$7!8,$%8$!23?*313'$!5.+-$!)9/(&23$!'$!).3++*&7!1.'7$'&+!
-*!1.'(1&$'1$!()&+&73$,,$@!!
A$! ($3,! -./$'! )*+! ,$23$,! #$! )$34! %.3(! *77$&'0+$! $(7! 0$! )*(($+! )*+! ,?&'7$+-80&*&+$! 0?3'! =7+$! 93-*&'! 6!
($'(&>,$"!1,*&+;*30&$'7"!.>8&((*'7!$7!1.'(*1+8!B!CD&$3E"!'8!).3+!=7+$!,$!1*'*,!)*+!,$23$,!#?*&!)3!.>($+%$+!,$!
73-3,7$!0$!(*!%&$!*17&%$!$7!-.3%$-$'78$!*&'(&!23$!,$(!8%8'$-$'7(!-.'0&*34@!!
F?*&!*&'(&!)3!$4*-&'$+!&'7&-$-$'7!,$!1.'5,&7!$7!,*!0.3,$3+"!&'1.''3(!0*'(!,$(!(&<1,$(!)*((8("!)*+1$!23$!,$(!
081.3%$+7$(! (1&$'7&5&23$(! $7! 7$19'.,.G&23$(! $7! ,*! 0&-&'37&.'! 0$! ,*! -.+*,&78! $7! 0$(! %*,$3+(!
1.'%$'7&.''$,,$(!$'7+*H'$'7!0$!'.3%$,,$(!1.'0&7&.'(!7+<(!(7+$((*'7$(!0$!,*!%&$!-.0$+'$!$7!0$!'.3%$,,$(!
+$,*7&.'(!93-*&'$(!$'7+$!,$(!9.--$(@!
I*+!,?&'7$+-80&*&+$!0$!1$7!$()+&7!5,$4&>,$"!,*! 1.'0&7&.'!93-*&'$!-.0$+'$!-?$(7!0$%$'3$!*11$((&>,$!0*'(!
3'$!1$+7*&'$!-$(3+$@!!
J*'(!1$77$!1.''*&((*'1$!0$!,K$4)8+&$'1$!93-*&'$"!1$(!A$77+$(!'?*3+*&$'7!)*(!)3!=7+$!81+&7$(!0*'(!3'$!
5.+-$!23&!($!%.3,*&7!37&,$!B!,*!1.'0&7&.'!93-*&'$!0$!1$77$!8).23$@!
A$! )+.1$((3(! 0?*0.->+$-$'7LM! )*+7&$,! *! 1.--$'18! *%*'7! (*! '*&((*'1$! $7! *! 1.'7&'38! )$'0*'7! (*!
#$3'$(($!$7!7.37!*3!,.'G!0$!(*!%&$@!
N'!1.--$'O*'7!)*+!,*!08)+.G+*--*7&.'!-&'37&$3($!0$!(.'!$()+&7!$7!,?8,&-&'*7&.'!1.-),<7$!0$!($(!%&$34!
1.'1$)7("! -*! P!).+7$;)*+.,$!Q! *! 878! 08,&>8+8-$'7! (.3-&($! B! 7.37$(! (.+7$(! 0K$4)8+&$'1$(! 93-*&'$("!
78-.&G'*'7!*&'(&!0$(!,377$(!$7!0$(!(.355+*'1$(!23?&-),&23$!,*!%&$!-.0$+'$@!R%$1!-$(!&'(7+317&.'("!$,,$!$(7!
(.+7&$! 0$! ($(! '.->+$34! $7! 0&%$+(! *>H-$(! 0$! 087+$(($"! 13,-&'*'7! 0*'(! ,*! -.+7! 0$! (.'! 8G.! $7! 0$! (.'!
$(1,*%*G$! -$'7*,! S! 8-.7&.''$,! 03! -*78+&*,&(-$!T! $,,$! *))+$'0! B! $'7+$+! 0*'(! ,$(! 5+823$'1$(! 0$!
1.'(1&$'1$! 0$! ,?*-.3+! 3'&%$+($,! $7! *! 5*&7! ,?$4)8+&$'1$! )$+(.''$,,$! 0$! ,*! U8*,&78! 0$! ,*! !"#$!%&#!&'
(#%)&*$&++&V! W?$(7! *&'(&! 23?$,,$! (?$(7! (355&(*--$'7! )3+&5&8$! ).3+! +$1$%.&+"! 0$! ),3(! $'! ),3(!
1,*&+$-$'7"!-$(!$'($&G'$-$'7(!B!0&553($+!0*'(!,$!-.'0$@!
J.3(! -.'! &'5,3$'1$"! $,,$! (?$(7! +$7&+8$! 0$! ,*! %&$! (.1&*,$! 0*'(! ,*! (.,&730$! $7! ,?&(.,$-$'7"! $(7! 5&'*,$-$'7!
0$%$'3$! 08)$'0*'7$! 0$! -.&! ).3+! (*! X%.,.'78! 0$! %&%+$X! 23.7&0&$''$! $7! #$! 7+*%*&,,$! B! 7+*%$+(! (*! 7.7*,$!
0&().'&>&,&78"! -&'37$! )*+! -&'37$"! B! +$1$%.&+! -$(! )*+.,$(! 19*23$! 5.&(! 23$! ($(! 8'$+G&$(! 0$! 1.'(1&$'1$!
)$+(.''$,,$(!$7!,$(!8'$+G&$(!1.(-&23$(!,3&!)$+-$77$'7!0$!-K$'7$'0+$!$7!-$!+$1$%.&+@!F?*&!1.'5&*'1$!$'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
!"
# D*'(!,*!7$+-&'.,.G&$!0$!,K8(.78+&(-$!$7!),3(!)*+7&13,&<+$-$'7!0$!,*!-*G&$!>,*'19$"!,K01"234'2'56!$(7!
3'! -.0$! 0$! ).(($((&.'! )*+! 3'$! $'7&78! ()&+&73$,,$-$'7! *%*'18$! *%$1! ,$! ),$&'! *11.+0! 0$! ,K$'7&78! *&'(&!
01"2347'8! AK*0.->+$-$'7! )$+-$77+*&7! B! ,K$'7&78! 0K8%&7$+! ,K.>,&G*7&.'! 0$! (K&'1*+'$+"! 1$! 23&! ($+*&7! )8'&>,$!
%.&+$"!0*'(!1$+7*&'(! 1*("!&-).((&>,$@!W$!7$+-$!$(7!(3+7.37!37&,&(8!0*'(!,*!,&778+*73+$!8(.78+&23$!YZ3%+$(!
0KR,&1$![*&,$/"!0K\8,8'*![,*%*7(]/"!0KR''&$![$(*'7"!0$!W9*+,$(!A$*0>$*7$+"!$7!23$,23$(!*37+$(!*37$3+(^!!

!
!01234'#5625748'$9'-24'%;')<124<' =' ,54415'>'
(.'! 9.''=7$78! $7! $'! (*! 0&().(&7&.'! B! ,--./01.! 0$! -K$'7$'0+$! )+81&(8-$'7! $7! #$! ,3&! 5*&(! 1.-)+$'0+$!
1,*&+$-$'7!23*'0!1?$(7!-.&!23&!)*+,$@!_*'7!23$!#$!'$!)*+,$!)*(!;!$,,$!$(7!&'1*)*>,$!0K81+&+$@!
F$! %.3(! *&! 0&7! 1$,*! *5&'! 23$! %.3(! )3&((&$`! 1.-)+$'0+$! B! )*+7&+! 0$! 23$,,$(! 8'$+G&$(! 0$! (9;,(+/;(/%
()*+,-+<=/!1$(!A$77+$(!.'7!)+&(!5.+-$@!
>%>%???%>%>%
@'%A#'5B%C%5"DA'0D%105B%E'66'%.'664'%F"D4%40BB'23&'4%6"DB%&'B%G#&B%1'%2'B%HD#6%0D64'B%./--*/,%'6%
&'B% F47B'56'4% IJ;,% =;% (9;-/K-/% !9;I+J. $% 2"564056% C% LD'&% F"#56% E'B% '5B'#M5'2'56B% B"56%
0FF4"F4#7B%105B%EH0LD'%0BF'E6%1'%A"B%A#'B%6'44'B64'B%'6%F"D4%6"D6'B%&'B%506#"5B8%%
('B% ./--*/,% B"56% 7E4#6'B% F"D4% N64'% D5'% #2FD&B#"5% O% D5% 0#MD#&&"5% O% A#B056% C% D5'% "DA'46D4'%
F'4B"55'&&'%1P'BF4#6%'6%1'%EQD4%C%A"64'%,9=*(/%IRS-*/%'6%G#50&'2'56$%F"D4%1'A'5#4%F"D4%A"DB%&'%
2"T'5%1'%E"2F4'514'%F04G0#6'2'56%&'B%'GG'6B%1'%&0%F'5B7'%'6%1D%E"2F"46'2'56%#51#A#1D'&B%'6%1'%
20BB'%BD4%EH0LD'%G0E'66'%1'%A"64'%'U#B6'5E'%6'44'B64'8%
R,.+(! 23$"! 0*'(! ,$! )*((8"! ,$(! ,.&(! 23&! %.3(! 87*&$'7! 0.''8$(! ).3+! ,$! 1.-).+7$-$'7! '*7&.'*,! 87*&$'7!
)+&'1&)*,$-$'7!5.+-3,8$(!$'!&'7$+0&17&.'(!a!P!b.3(!'$!5$+$`V!)*(!@@@@!(&!%.3(!,$!5*&7$(!6!%.&,B!1$!23$!($+*!
,*!)8'*,&78!Q"!,$(!%+*&$(!,.&(!()&+&73$,,$(!(.'7!7.7*,$-$'7!0&558+$'7$(@!
N,,$(!(?$4)+&-$'7!1.--$!(3&7!a!
P!N7*'7! 0.''8! 23$! %.3(! $7! %.7+$! ),*1$! 0*'(! ,K$4&(7$'1$! 7$++$(7+$! *%$`! 878! 1+88(! 0$! 1$77$! -*'&<+$@@@! (&!
%.3(!7+*%*&,,$`!$'!9*+-.'&$!*%$1!,$(!."#B%1'%A"64'%/U#B6'5E'@@@!%.3(!.3%+&+$`!%.7+$!(/(7<-$!7.37!$'7&$+"!
c-$"!$()+&7"!8-.7&.'("!1.+)(!$7!1&+1.'(7*'1$(!)$+(.''$,,$("!B!,K*55,34!1.'(7*'7!0$!,*!("5BE#'5E'%I#A#5'"!
%.7+$!V"4E'%1'%W#'@!A$(!5+3&7(!0$!%.7+$!1.-).+7$-$'7!$'!*0823*7&.'!*%$1!1$(!,.&(!%.3(!+$%&$'0+.'7!).3+!
%.3(!>8'&+!$7!%.3(!1.'58+$+!(*'78"!9*+-.'&$!$7!)+.()8+&78@!
P!J&"! *3! 1.'7+*&+$"! %.3(! &G'.+$`! 1$(! ."#B% 1'% &R/U#B6'5E'! $7! 1.'7&'3$`! B! %&%+$! 1.--$! %.3(! ,?*%$`! 5*&7!
*%*'7! 0?*%.&+! +$O3! 1$! -$((*G$"! *,.+(! %.7+$! %&$! 1.'7&'3$+*! B! =7+$! ).'1738$! 0$! 7+.3>,$("! 0$! 1.'0&7&.'(!
1,&-*7&23$(! 0&55&1&,$("! 0$! )*+*(&7$(! 0*'(! %.(! +81.,7$("! 0$! 08(*(7+$(! 81.'.-&23$("! 0$! 5*-&'$(! $7! 0$!
7$'(&.'(@!Q!
!
@'%F04&'%C%640A'4B%E'B%.'664'B%BF7E#0&'2'56%F"D4%A"DB%F'42'664'%1R066'#514'%&0%F0#U%#5674#'D4'%A40#'%
'6% 1D403&'$% &R02"D4% '6% &0% X"#'% BF#4#6D'&B% '6% &0% MD74#B"5% #5674#'D4'% 1'% &P'BF4#6$% 1'B% 72"6#"5B% '6% 1D%
E"4FB8%
%
W"DB%1'A4#'Y%0A"#4%E"2F4#B%C%E'%X"D4%LD'%ER760#6%0DBB#%&'%3D6%D5#LD'%1'%20%1'45#Z4'%2#BB#"5%F042#%
&'B%M'5B%BD4%-'44'%[%&'D4%2"564'4%E"22'56%#&B%E470#'56%'DU[2N2'B%&'D4%F4"F4'%2#BZ4'8%
A$(!8G,&($(!P!19+87&$''$(!Q!%.3(!.'7!*))+&(!23$!%.3("!23&!*%$`!878!1+88(!)*+!P!D&$3!Q!0$%$`!P!*0.+$+!$7!
),*&+$!B!D&$3!Q!$'!+$()$17*'7!($(!A.&(@!
d*&(!1$!'K$(7!)*(!,*!%8+&78@!R0.+$+!D&$3!$(7!3'!+&73$,!)*e$'@!f3*'0!,$(!G$'(!P!*0.+$'7!D&$3!Q"!&,(!-$77$'7!
P!D&$3!Q!B!)*+7!$7!*3;0$((3(!0K$34!6!P!&'*11$((&>,$!$7!B!1+*&'0+$!;!1*+!23&!(*&7!23$,!-*,!&,!).3++*&7!$'%./$+!
(3+!_$++$!(&!,$(!G$'(!'K*G&((*&$'7!)*(!($,.'!(*!%.,.'78!Q@!

!
!01234'#5625748'$9'-24'%;')<124<' ?' ,54415'>'
!0#B% E'% 5R'B6% F0B% E'% 2'BB0M'% LD'% XR0#% 0FF"467% C% &0% -'44'8% @R0#% F04&7% 1D% \%]Z4'%^% LD#% BD3A'50#6% C%
6"DB% &'B% 3'B"#5B$% 47F"510#6% 0DU% 0FF'&B$% MD74#BB0#6% LD051% "5% &'% &D#% 1'20510#6$% LD#% 760#6%
6405BE'51056%0DU%M'5B%0D6056%LDP\%'5%'DU%^$%E'%LD#%B#M5#G#0#6%LD'%&'%(4706'D4%760#6%D5#A'4B'&8%
%
A*! +$,&G&.'!#3&%$!$'($&G'*&7!23$!($3,(!,$(!g+*'0(!I+=7+$(!).3%*&$'7!(K*))+.19$+!03!J*&'7!0$(!J*&'7(!$7!
5*&+$!0$(!(3)),&1*7&.'(!).3+!,$!)$3),$@!
A$! )$3),$! '$! ).3%*&7! (K*))+.19$+! 0$! F89.%*9! 23$! )*+! ,?&'7$+-80&*&+$! 0$(! )+=7+$("! $'! *)).+7*'7! 0$(!
.&($*34!$7!0$(!*'&-*34!23&!($+*&$'7!.55$+7(!$'!9.,.1*3(7$!).3+!*)*&($+!F89.%*9!).3+!P!,$(!)8198(!Q!0$(!
9.--$(@!I*+!1$(!-./$'("!,$(!F3&5(!.>7$'*&$'7!P!,$!+*19*7!0$(!)8198(!Q@!
FK*&!$'($&G'8!0$!-*'&<+$!+8)878$!*34!G$'(!23K&,(!+$1$%+*&$'7!,$!F041"5%\%1D%]Z4'%^%F"D4%&'D4B%F7EH7B!
($,.'!,$3+!$-)+$(($-$'7!B!)*+0.''$+!B!*37+3&!6!1*+!&,!,$3+!($+*&7!5*&7!($,.'!1$!23?&,(!*%*&$'7!$34;-=-$!
P!($-8!Q@! FK*&! *3((&! $'($&G'8! *34! G$'(! B! (K*))+.19$+! 0&+$17$-$'7! 03! \!]Z4'%^! $7! B! )+&$+! $'! 7$+-$(!
(&-),$("!0$-*'0*'7!1$!0.'7!&,(!*%*&$'7!>$(.&'!0*'(!,*!%&$!$7!#$!,$3+!*((3+*&(!23?&,(!($+*&$'7!$'7$'03(!$7!
23$! ,$3+(! )+&<+$(! ($+*&$'7! $4*318$("! B! 1.'0&7&.'! 23?&,(! )+&$'7! *%$1! 3'$! 5.&! 7.7*,$! ;! (*'(! 0.37$+! $'! ,$3+!
$()+&7@!h,!5*37!23$!%.3(!1.-)+$'&$`!23$!7.37!1$!23$!#K*&!$'($&G'8!*34!F3&5(!87*&7!$'!1.'5,&7!$7!$'!.)).(&7&.'!
0&+$17$!*%$1!1$!23$!,$3+(!D&G'&7*&+$(!U$,&G&$34!,$3+!$'($&G'*&$'7"!1$!23&!87*&7!,*!+*&(.'!).3+!,*23$,,$!,$(!
I+=7+$(! -$! 087$(7*&$'7! ;! $7! -K.'7! 1+31&5&8"! )3&(23$! #$! ,$(! )+&%*&(! 0$! ,$3+! ).(&7&.'! 8,$%8$! P!0$! 5*%.+&(!
)$+(.''$,(!Q!03!P!_.37;I3&((*'7!Q@!
N7*'7! 0.''8! 23$"! )*+! 1+*&'7$! 0$! +$)+8(*&,,$(! *)+<(! -*! -.+7"! ,$(! 0&(1&),$(! '$! ($! (.'7! )*(! $'7&<+$-$'7!
,&>8+8(!0$!,KR'1&$'!_$(7*-$'7"!3'$!G+*'0$!)*+7&$!0$!,*!)$'(8$!0$!,KR'1&$'!_$(7*-$'7!*!878!+$)+&($!0*'(!
,*!+$,&G&.'!P!W9+87&$''$!Q@!
A$!1.+)(!$7!,$!(*'G!0$!P!F8(3(!Q!.'7!+$-),*18!,$(!(*1+&5&1$(!0?*'&-*34!.55$+7(!)*+!,$(!)+=7+$(!(3+!,K*37$,@!
R)+<(!0$!'.->+$3($(!*''8$(!$7!,K*11$((&.'!0$!U.-$!*3!7&7+$!0$!)+.7$17+&1$!0$!,*!+$,&G&.'!P!19+87&$''$!Q"!
$7!1.--$!,$(!)+=7+$(!#3&5(!*%*'7!$,,$"!,$(!)+=7+$(!P!+.-*&'(!Q!($!(.'7!+$%=73(!0$!%=7$-$'7(!0$!18+8-.'&$!
1.i7$34!$7!.'7!37&,&(8!0$(!*11$((.&+$(!0K*+G$'7!$7!0K.+!).3+!,$(!18+8-.'&$(!+$,&G&$3($(@!
R3!7$-)(!0$!I*3,"!1$,*!*3+*&7!878!&-)$'(*>,$@!J.'!-$((*G$!87*&7!3'!-$((*G$!(&-),$!0$!P!(*,37!)*+!-*!
-.+7! (3+! ,*! 1+.&4!Q"! 1$! 23&! 'K87*&7! )*(! ,$! -$((*G$! 23$! #K*&! *)).+78! B! -$(! 1.'1&7./$'(! $'! I*,$(7&'$@! h,!
)$+)873*&7! ,*! 7+*0&7&.'! #3&%$! 03! P!(*1+&5&1$! 0?3'! *37+$! ).3+! )*/$+! ).3+! ($(! )+.)+$(! )8198(!Q@! f3$,,$!
,c19$78!9.'7$3($!j!I.3+7*'7"!I*3,!*!*3((&!+$'03!3'!G+*'0!($+%&1$!B!,K93-*'&78"!)3&(23$!&,!*!081,$'198!3'!
-.3%$-$'7! 23&! *,,*&7! =7+$! 3'! -./$'! 0$! >8'&+! 7.37$(! ,$(! +*1$(! 8G*,$-$'7@! h,! *! $(23&((8! 3'! -.0$! 0$!
)$'(8$!$7!0$!1.'03&7$!23.7&0&$''$!23&!*)).+7$+*&7!,K9*+-.'&$!0*'(!,*!%&$!0$!1$34!23&!$((*/*&$'7!0$!%&%+$!
($,.'!($(!$'($&G'$-$'7(@!
J$,.'!7.37$!)+.>*>&,&78"!23$,23$(!7+*0&7&.'*,&(7$(! #3&5(!+$#$77$+.'7!B!'.3%$*3!>+3/*--$'7!-$(! )*+.,$(!B!
-*!($1.'0$!%$'3$"!&,(!-?$'!%.30+.'7!B!1*3($!0$!-$(!*,,3(&.'(!1.'(7*'7$(!B!,*!)+*7&23$!#3&%$!*'7&23$!0$!
(*1+&5&$+! 0$(! *'&-*34! $7! 0$(! .&($*34! 0*'(! ,$! _$-),$! ).3+! ),*&+$! B! D&$3! $7! .>7$'&+! ,*! +8-&((&.'! 0$(!
)8198("!-*&(!'.'.>(7*'7!,$3+(!.>#$17&.'("!,$!5*&7!9&(7.+&23$!0$-$3+$!23$!,$!_$-),$!87*&7!3'!,&$3!.k!,?.'!
.55+*&7!0$(!9.,.1*3(7$(!$7!,$3+!.0$3+!),*'*&7!(3+!F8+3(*,$-@!N7!)$'0*'7!7.37!1$!7$-)("!#$!(*%*&(!23$!7.37!
,?80&5&1$! 03! _$-),$! 87*&7! 1.'(*1+8! B! 3'! -/79$"! 3'$! &'%$'7&.'! 7&+8$! 0$! ,K&-*G&'*7&.'! 0$! ,K9.--$"! 3'$!
+*7&.'*,&(*7&.'!0$!1$!23$!,?$()+&7!0$!,K9.--$!'$!).3%*&7!)*(!1.-)+$'0+$!()&+&73$,,$-$'7@!

!
!01234'#5625748'$9'-24'%;')<124<' @' ,54415'>'
FK/!87*&(!j!FK*&!($'7&!,$(!)&$++$(!19*30$(!(.3(!-$(!)&$0(!19*3((8(!0$!(*'0*,$(!$7!,$!(.,$&,!(3+!-*!7=7$@!F$!
-$! (3&(! 0&()378! *%$1!,$(! I9*+&(&$'("! #?*&! (3)).+78! ,$3+(!-.23$+&$(! $7! ,$3+(! (*+1*(-$(! *%$1! 3'!1$+7*&'!
*-3($-$'7! $7! ,$(! *&! .>($+%8(! $'($&G'$+! 0.G-*7&23$-$'7! 3'! -.0$! 0$! %&$! )$(*'7"! 0$! (.3-&((&.'!
)$+-*'$'7$!B!3'$!7+*0&7&.'!(*'(!%*,$3+!1.'1$+'*'7!,$!-*'G$+!$7!,$!>.&+$"!23&!87*&7!1.-),<7$-$'7!&'37&,$!j!
FK/!87*&(!j!D$!7$-)(!$'!7$-)("!-.'!*-3($-$'7!*,,3-*&7!3'$!87&'1$,,$!0$!-*,&1$!0*'(!-.'!$()+&7!$7!#$!
+$'0*&(!*34!I9*+&(&$'(!,*!-=-$!(.+7$!0$!-.23$+&$!*'*,/7&23$!0$!,$3+(!9*>&730$(!)$+(.''$,,$("!0$!,$3+(!
%=7$-$'7(!.(7$'7*7.&+$(!$7!0$!,$3+(!,.&(!23?&,(!-?*0+$((*&$'7"!B!-.&!$7!B!-$(!$'($&G'$-$'7(@!
P!W?$(7!3'!&->81&,$!j!Q!0&(*&$'7;&,(!$'!+&0&13,&(*'7!>+3/*--$'7!-*!081,*+*7&.'!P!,$!U./*3-$!0$!D&$3!$(7!
$'!%.3(!Q@!
P!D&(;'.3("!1.--$'7!P!D&$3!Q!).3++*&7;&,!=7+$!0*'(!3'$!)$+(.''$"!1+&*&$'7;&,(!0K3'!7.'!-.23$3+!l!
m(*'7! 0?3'! >*++*G$! 0K*+G3-$'7(! 080*&G'$34"! &,(! $'! *))$,*&$'7! *34! )+.)9<7$(! $7! 1.-)*+*&$'7! ,$3+!
1.'1$)7&.'!0$!@7H"A0H%-"D6[]D#BB056!*%$1!-$(!0$(1+&)7&.'(!0?3'!\!]Z4'%^!(&-),$!23&!%$&,,*&7!-=-$!(3+!
,$(!.&($*34@!W.--$'7!1$,*!).3++*&7;&,! =7+$!0$-*'0*&$'7;&,("!*,.+(!23$!,$(!.&($*34!87*&$'7!+8G3,&<+$-$'7!
(*1+&5&8(!0*'(!,$!_$-),$!).3+!,$!)*&$-$'7!0$(!)8198(!0$(!9.--$(!l!d.e($!*3+*&7;&,!&'(7&738!,*!)+*7&23$!
(&! (*&'7$! 0$(! 9.,.1*3(7$(! (&! ,$(! .&($*34! $7! ,$(! >=7$(! *%*&$'7! 3'$! 23$,1.'23$! &-).+7*'1$! *34! /$34! 03!
_.37;I3&((*'7!l!
F$!+$(7*&(!&-)*((&>,$!0$%*'7!,$3+(!*77*23$(!%$+>*,$(@!h,(!'?*%*&$'7!23$!,$3+!1.'%&17&.'!0$!,*!7+*0&7&.'!#3&%$!
).3+!(.37$'&+!,$3+(!081,*+*7&.'(!;!*,.+(!23$!-.'!$()+&7!*%*&7!878!&-)+8G'8!0$!,*!%+*&$!1.''*&((*'1$!0$!
,K$4&(7$'1$! -=-$! )$'0*'7! -$(! $4)8+&$'1$(! 0?&,,3-&'*7&.'! 0*'(! ,$! 08($+7@! h,! -K*%*&7! 878! 0.''8! ,*!
1.-)+89$'(&.'! 0$! ,K3'&%$+(*,&78! $7! 0$! ,*! [hNnbNhAARnWN! 1+8*7+&1$! 03! \!]Z4'%^! 23&! -K*%*&7! )$+-&(! 0$!
)$+1$%.&+!$7!0$!5*&+$!0$(!19.($(!23K*313'!g+*'0!I+=7+$"!I9*+&(&$'"!J*00318$'!.3!(1+&>$!'$!).3++*&$'7!
#*-*&(!5*&+$@!
I*+1$!23$!#$!1.-)+$'*&(!,*!'*73+$!0$!'.7+$!,9=*(/%I/%.RS-*/"!#$!).3%*&("!*%$1!1.'5&*'1$"!&-).($+!
,$(!-*&'(!(3+!3'!9.--$!$(7+.)&8!$7!,$!+$'0+$!B!(.'!&'78G+&78@!f3&!).3%*&7!-$(3+$+!1$77$!1.''*&((*'1$!
*34! ,.&(! 7+*0&7&.''$,,$(! +&0&13,$(! 0$(! I+=7+$(! l! A$(! I+=7+$("! ,$(! I9*+&(&$'(! $7! 7.37! ,$! +$(7$! 03! 5*7+*(!
+$,&G&$34!(*%*&$'7!23K*313'!0K$34!'$!).3%*&7!*11.-),&+!0$!7$,,$(!19.($(!;!$7!1?$(7!).3+!1$77$!+*&(.'!23?&,(!
-$!087$(7*&$'7!0$!085&$+!,$3+!*37.+&78"!23?&,(!-$!087$(7*&$'7!).3+!-*!5.+1$!5*1$!B!,$3+!.)).(&7&.'!$7!23?&,(!
-?&'(3,7*&$'7!).3+!*%.&+!*77&+8!,$(!5.3,$(!23*'0!3'$!G38+&(.'!87*&7!5*&7$!23$!)$+(.''$!'$!).3%*&7!'&$+@!!
W?87*&7!,B"!1?87*&7!*11.-),&!*3!G+*'0!#.3+"!7.37!,$!-.'0$!).3%*&7!,$!%.&+!;!3'!*17$!0K*-.3+!0.'7!,$(!I+=7+$(!
0&(*&$'7!23?&,!'$!).3%*&7!=7+$!*11.-),&!23$!)*+!D&$3!($3,!$7!23$!#$!0$%*&(!0.'1!=7+$!3'!$'5*'7!0$!J*7*'!j!
N'! .37+$"! &,(! '$! %./*&$'7! )*(! ,*! G38+&(.'! 1.--$! 3'! *17$! 0K*-.3+! -*&(! ),37o7! 1.--$! 3'$! 3(3+)*7&.'!
>,*()98-*7.&+$!&'$4),&1*>,$!03!+o,$!0$!P!D&$3!Q!;!&,(!-K*113(*&$'7!0$!P!5*&+$!87*,*G$!Q!0$!-$(!).3%.&+(!
-*G&23$("!-*&(!'$!).3%*&$'7!)*(!-$!0&+$!1.--$'7!#$!-$!)+.13+*&(!0$!7$,(!).3%.&+(!-*G&23$("!0.'1!&,(!
081&0*&$'7!23$!#$!0$%*&(!=7+$!3'!5&,(!0$![$,`8>379@!
d*&'7$'*'7!23$!#K*&!$4),&238!,*!(&73*7&.'"!&,!0$%+*&7!-*&'7$'*'7!%.3(!=7+$!*3((&!1,*&+"!B!%.3(!23&!,&($`!1$(!
-.7("!23$!1$!,K87*&7!).3+!-.&!B!1$!-.-$'7;,B!$'! I*,$(7&'$! ;!23$!,*!9&8+*+19&$!7.37!$'7&<+$!03!#30*e(-$!
87*&7!1.-).(8$!0?9.--$(!8G.1$'7+&23$("!(355&(*'7("!)+8(.-)73$34"!23&!'$!%&%*&$'7!23$!($,.'!0$(!+<G,$(!
$7!0$(!,.&(@!A.+(23?&,(!87*&$'7!-&(!*3!085&!0?37&,&($+!,$3+!$()+&7"!,$3+!&'7$,,&G$'1$"!&,(!'$!).3%*&$'7!)*(!/!5*&+$!
5*1$"!-*&(!180*&$'7!B!0$(!(3+(*37(!9/)$+;8-.7&.''$,(!0?&'0&G'*7&.'!%&+3,$'7$@!p*37;&,!*,.+(!(?87.''$+!23$"!

!
!01234'#5625748'$9'-24'%;')<124<' A' ,54415'>'
,.+(23$!#$!53(!).+78!0$%*'7!,$3+! 1.'($&,"!#$!G*+0*&!-*!)*&4!$7!+$53(*&!0$!1.--3'&23$+!*%$1!0$(!$()+&7(!
*3((&!.>73(!l!
q3&"! #K87*&(! %+*&-$'7! ,B"! $'! I*,$(7&'$"! &,! /! *! rsss! *'(@! FK*&! %813! )*+-&! ,$(! 9.--$(! $7! ,$(! 5$--$(!
.+0&'*&+$(! B! 23&! .'! *%*&7! *))+&(! B! 1+*&'0+$! F89.%*9! 0K3'$! 5*O.'! 7+<(! +8$,,$T! 23&! 87*&$'7! .>(808(! )*+! ,$!
)*&$-$'7!)*+!0$(!9.,.1*3(7$("!).3+!)*+$+!B!,*!)3'&7&.'!).3+!,$3+(!)8198(@!FK*&!878!8,$%8"!$'0.17+&'8!0*'(!
,*!1+*&'7$!0$!F89.%*9!;!-*&(!#?87*&(!'8!).3+!(.+7&+!,$(!F3&5(!0$!,$3+!,.'G!(.--$&,!0*'(!,$(!-/79$(!$7!,$(!
1+./*'1$(!$++.'8$(!;!).3+!,$(!,&>8+$+!0?3'$!9&(7.&+$!,.3+0$!0$!G3$++$(!$7!0$!1*+'*G$("!0$!>*G*++$(!$7!0$!
0&()37$("! 0$! ,*! 7+*0&7&.'!0K$4&G$+! 3'$! 7=7$! ).3+! ,*! )$+7$! 0K3'! .$&,"! 0$! 1*19$+! $7!-$77+$! (.3(! ,$! 7*)&(! ,$(!
)8198(! 23&! '?*%*&$'7! *313'$! &-).+7*'1$! (?&,(! '?87*&$'7! )*(! 081.3%$+7(@! J&! ,$! )819$3+! 87*&7! 081.3%$+7"!
*,.+(! ,$! ).&0(! $'7&$+! 0$! ,*! A.&! -.(*e23$! 0$(1$'0*&7! (3+! (*! 7=7$"! (*'(! 1.-)*((&.'! '&! )&7&8"! '&! -=-$! ,*!
-.&'0+$!)$'(8$!98(&7*'7$!23*'7!*34!%+*&$(!1&+1.'(7*'1$(!0$!,*!7+*'(G+$((&.'@!
D3!5*&7!23$!#?87*&(!'8!*%$1!,*!-&((&.'!0K.3%+&+!,$(!$()+&7(!$7!,$(!1.$3+(!0$(!F3&5(!B!,*!$'()*+'!23&!,$3+!*%*&7!
0.''8! ,*! %&$! $7! ,?=7+$"! #K*&! +$#$78! 08#B! 0<(! -*! #$3'$(($! ,$(! $'($&G'$-$'7(! #3&5(@! f3$,23$! )+.5.'0$3+!
($1+<7$!0$!-.'!&'(7&'17!()&+&73$,!($!+$>$,,*&7!1.'7+$!,K&'7$'7&.'!(813,*&+$!0$(!F3&5(!0$!,*&(($+!23$,23$!*37+$!
=7+$!%&%*'7!).+7$+!,*!+$().'(*>&,&78!$7!P!)*/$+!,$!)+&4!Q!0$!,$3+!)+.)+$!$'7=7$-$'7!$7!,$3+(!)8198(@!d=-$!
),3(! 23$! 1$,*"! #$! '$! ).3%*&(! )*(! *11$)7$+! 23$! P!D&$3!Q"! 23&! 87*&7! 1$'(8! *%.&+! 1+88! 3'! -.'0$! (&!
-$+%$&,,$34"!($!+8#.3H7!0$(!9.,.1*3(7$(!0?*'&-*34!23?&,!*%*&7!,3&;-=-$!1+88(!$7!).3+!,$(23$,(!&,!).3+%./*&7!
$'!*>.'0*'1$@!
F$! 7+.3%*&(!&-).((&>,$! 0$! +$()$17$+! 0$! 7$,,$(! 1+./*'1$(! $7! )+*7&23$(!&,,.G&23$(@! R)+<(!-.'! &,,3-&'*7&.'!
0*'(!,$!08($+7"!#$!(3&(!0$%$'3!)*((&.''8!0*'(!-.'!+$#$7!0$(!7+*0&7&.'(!#3&%$(@!
D$!-=-$!23$!#$!(3&(!$'7+8!0*'(!3'!1.+)(!93-*&'!&,!/!*!rsss!*'("!*5&'!0$!(*3%$+!,*!'*7&.'!#3&%$!0K3'!
-.'3-$'7!0$!)+*7&23$(!+$,&G&$3($(!5*(7&0&$3($(!$7!*+7&5&1&$,,$(!&'(7&738$(!)*+!,?9.--$"!0$!-=-$"!#$!%&$'("!
)*+!,$!-./$'!0$!1$(!.'664'B!0&(7+&>38$(!0*'(!,$!-.'0$!$'7&$+"!+*))$,$+!7+<(!1,*&+$-$'7!23$!P!,*!U$,&G&.'!
W9+87&$''$!Q!'$!+$5,<7$!'3,,$-$'7!-.'!%+*&!-$((*G$!()*+,-+<=/!7$,!23$!#$!,K*&!$'($&G'8!$'!I*,$(7&'$"!
.3!$'!1$!-.-$'7"!23*'0!1$(!.'664'B!8%$&,,$+.'7!,*!53+$3+!$7!,*!1.'0*-'*7&.'!0$!P!19+87&$'(!Q!
.+79.0.4$(@!A*!+$,&G&.'!19+87&$''$"!7$,,$!23?$,,$!$(7!$'!1$!-.-$'7"!'?$(7!23?3'!+*-*((&(!0$!)$'(8$(!
1.'53($(!)+.%$'*'7!0$(!(.3%$'&+(!,')-.+*/,!0$!-$(!0&(1&),$("!0$(!9.-8,&$(!%*,*>,$(!0$!I*3,!$7!0K*37+$(!
81+&7(!*'1&$'(@!!
[$*31.3)!),3(!7*+0"!23*'0!,K&-)*17!03!19+&(7&*'&(-$!'?*!),3(!>8'85&1&8!0$!,K$55$7!%&(3$,!0$(!0&$34!$7!0$(!
08$(($(!0$(!U.-*&'("!,*!+$,&G&.'!19+87&$''$!(?$(7!.+'8$!0$!'.';($'(!P!798c7+*,!Q!-*&(!P!.)).+73'!Q!).3+!
&-)+$((&.''$+!1$34!23$!,KN-)&+$!N11,8(&*(7&23$!0$!U.-$!08(&+*&7!*77&+$+!0*'(!($(!+*'G(@!I,3(!7*+0"!1$7!
$-)&+$!*!&-).(8!*3!)$3),$!1+803,$!0$(!7+&>37(!-.'87*&+$(!$'1.+$!),3(!&'&23$(!23$!,$(!&-)o7(!23$!
,KN-)&+$!+.-*&'!,*e23$!$4&G$*&7!0$(!'*7&.'(!1.'23&($(@!d=-$!W8(*+!'K*!)*(!$4&G8!0$!)*&$-$'7!
)$+-$77*'7!*34!c-$(!0?$'7+$+!*3!1&$,!j!
b.3(! ).3%$`! %.3(! 0$-*'0$+! ).3+23.&! #$! (3&(! (&! $4),&1&7$! 0*'(! -.'! +$#$7! 03! P!#30*e(-$!Q! $7! 03!
P!19+&(7&*'&(-$!Q@!h,!$(7!$(($'7&$,!).3+!,$!(311<(!0$!,*!0&(7+&>37&.'!0$!-.'!!/,,J_/%()*+,-+<=/!23$!
,$(!G$'(!1.-)+$''$'7!$'7&<+$-$'7!,*!%+*&$!'*73+$!0$(!+$,&G&.'(!23&!.'7!7$'3!,K93-*'&78!(.3(!,$3+!$-)+&($!
#3(23K*3!%&'G7&<-$!(&<1,$@!_*'7!23K&,(!'$!($!+$'0+.'7!)*(!%+*&-$'7!1.-)7$!0$(!5.'0$-$'7(!-/79&23$(!(3+!

!
!01234'#5625748'$9'-24'%;')<124<' B' ,54415'>'
,$(23$,(!&,(!.'7!>*(8!7.37$(!,$3+(!1.'%&17&.'("!,$(!9.--$(!7+.3%$+.'7!0&55&1&,$!0$!,c19$+!,$3+(!1+./*'1$(!
>&$';*&-8$(@!
W.-)+$'$`! (K&,! %.3(! ),*H7! 23$! 23*'0! #$! 5*&(! 0$! 7$,,$(! 081,*+*7&.'("! #$! -$! +85<+$! B! P!,*! +$,&G&.'!
19+87&$''$!Q"! *34! P!)+&'1&)$(! 0$! ,*! 5.&!Q"! *3! P!0.G-$!Q! $7! B! ,*! P!798.,.G&$!Q@! F$! '$! -$! +85<+$! )*(! *34!
G+*'0$(! c-$(! ()&+&73$,,$(! 23&! .'7! 19$+198! ;! $7! 1.'7&'3$'7! B! 19$+19$+! ;! D&$3! $7! ,*! b8+&78! *3;0$,B! 0$(!
0.G-$(! $7! 0$(! 1+./*'1$(@! [$*31.3)! 0K$'7+$! 1$,,$(;1&! .'7! +$O3! -.'! &'()&+*7&.'! 0*'(! ,$3+! $()+&7! $7! ,$3+!
1.$3+"!-*&(!.'7!)$3+!0$!,c19$+!,$3+(!)+81&$3($(!1+./*'1$(@!h,(!(.'7!G='8(!)*+!,$(!)+*7&23$(!+$,&G&$3($(@!
A$!7$-)(!$(7!%$'3!).3+!$34!0$!,$(!*>*'0.''$+!$7!0$!1+.H7+$!0*'(!,*!()&+&73*,&78!$7!,*!1.'(1&$'1$!0$!,$3+!
%+*&$!,9=*(/%I/%.RS-*/!$7!0$!)+$'0+$!,$3+(!1.'G+8G*7&.'(!*%$1!$34@!
R34!tG,&($(!P!W9+87&$''$(!Q!0$!7.37$!08'.-&'*7&.'"!#$!0&(!P!U8%$&,,$`;%.3(!j!Q@!
A$!7$-)(!$(7!%$'3!).3+!%.3(!0$!%.3(!+8%$&,,$+!0K3'!,.'G!(.--$&,!*+7&5&1&$,!.k!,*!+*&(.'!*!878!(3))+&-8$!
)*+!0$(!7+*0&7&.'(!9/)'.7&23$(!$7!8-.7&.''$,,$(@!W$,,$(;1&!.'7!878!7+*'(-&($(!B!7+*%$+(!,$(!(&<1,$(!)*+!3'$!
(311$((&.'! 0$! G$'(! +$%$'0&23*'7! ,K*37.+&78! ,*! ),3(! 9*37$! B! )+.).(! 0$! 7.37! 1$! 23$! #K*&! $'($&G'8! $'!
I*,$(7&'$@! n?*/$`! )*(! )$3+! 0$(! 1.'(823$'1$(!$'! $4*-&'*'7! %.(! 1+./*'1$(! )*((8$(! $7! $'! %.3,*'7!,$(!
8,&-&'$+!0$!%.7+$!)$'(8$@!D8>*++*(($`;%.3(!0$(!7.&,$(!0K*+*&G'8$!0$!,K&,,3(&.'!$7!6!UNpANW\hJJNu!j!
f3*'0! ,$(! -&'&(7+$(! 03! 13,7$! P!19+87&$'(!Q! *11$)7$+.'7! $'7&<+$-$'7! ,$! 5*&7! 23$! 2"#$% &'% (H4#B6"! #$! (3&(!
%+*&-$'7!+$%$'3!P!1.--$! 3'!81,*&+!7+*%$+(*'7!,$!1&$,!0KN(7!$'!q3$(7!Q!).3+!)*+,$+!*34! G$'(!03!-.'0$!
$'7&$+!$7!($+.'7!)+=7(!B!$'($&G'$+!-.'!%8+&7*>,$!-$((*G$!03!9*37!0$(!19*&+$(!;!%.3(!%$++$`!%.(!8G,&($(!
($!+$-),&+!B!'.3%$*3!0$(!G$'(!08(&+*'7!7+.3%$+!$7!87*>,&+!3'!1.'7*17!*%$1!,*!$'()*+'!23&!,$(!).3(($+*!B!
%&%+$!0*'(!,K9*+-.'&$!7.7*,$!*%$1!)-01%23$4#3%567#$"@!J&'.'"!%.3("!,$(!-&'&(7+$(!03!13,7$"!23&!1.'7&'3$`!
08,&>8+8-$'7!$7!8G.e(7$-$'7!B!$'($&G'$+!,$!0.G-$! 03!P!19+&(7&*'&(-$!Q!).3+!(*3%$+!,*!P!5*1$!Q!$7!%.(!
7+*&7$-$'7("!%.3(!%$++$`!%.7+$!+$,&G&.'!-.3+&+!0$!-.+7!'*73+$,,$!0*'(!,$(!7+$'7$!*'(!B!%$'&+!$7!%.3(!($+$`!
*>*'0.''8(! )*+! %.(! 1.'G+8G*7&.'(! 23&! ($'7$'7! 08#B! 23$! %.(! )*+.,$(! '$! (.'7! 23$! 0$(! -.7(! ;! 0*'(!
,$(23$,(!&,!'K/!*!*313'$!%&$!()&+&73$,,$@!!
b.3(!%$++$`!,$!1.'7+o,$!0$!%.(!8G,&($(!)*(($+!B!1$34!23&!($!(.'7!+$'03!1.-)7$!23$!#$!(3&(!+8$,,$-$'7!
+$%$'3!$'!)$+(.''$!%$+(!,?93-*'&78!).3+!,3&!-.'7+$+!,*!%.&$!).3+!7+.3%$+!,$!P!U./*3-$!0$(!W&$34!Q!$7!/!
$'7+$+@!
h,!/!*3+*!*3((&!1$34!0.'7!,*!).(&7&.'!0?*37.+&78!($+*!-$'*18$!)*+!1$(!.'664'B%1'%()*+,-%O%2'B%&'664'B@!
h,(!(?/!.)).($+.'7!)3&((*--$'7@!h,!/!*3+*!0$!,*!0&55*-*7&.'!0$!7.37$!(.+7$!B!7+*%$+(!,$(!($+%&1$(!0$!7.3(!
,$(! 7/)$(! 0$! -80&*(! 6! 0$! ,*! )*+7! 0$! G$'(! 23&! '?.'7! *313'! (1+3)3,$! B! (3(1&7$+! 0$! ,?&'0&G'*7&.'! 0*'(! ,$!
)3>,&1!*5&'!0$!5*&+$!0$!,?*+G$'7!*%$1!03!($'(*7&.'*,&(-$!0$(7+317$3+!$7!%&'0&1*7&5@!
F$!0.&(!%.3(!0&+$!23$!),3(!G+*'0!($+*!,$!7*)*G$!0*'(!,$!-.'0$!$'7&$+"!),3(!%&7$!-$(!.'664'B!*77$&'0+.'7!
$7! 1.'%*&'1+.'7! ,$(! G$'(! 5*7&G38(! 0$(! %&$&,,$(! 1+./*'1$(! 23?&,(! $'7$'0$'7! $'5&'! ,*! (&-),$! W`*+-`% 1'%
.PS-*/@! h,(! +8).'0+.'7! +*)&0$-$'7! B! (.'! *-.3+! $7! (.'! *))$,! B! 23&77$+! ,$(! '&%$*34! &'58+&$3+(! 0$!
1.'(1&$'1$! 93-*&'$! ).3+! 1.--$'1$+! ,$3+! *(1$'(&.'! %$+(! ,$(! '&%$*34! ()&+&73$,(! (3)8+&$3+(! .k! &,(!
1.--$'1$+.'7!B!$4)8+&-$'7$+!,$!)+$-&$+!&'5,34!0$!)*&4!$7!0$!1.'7$'7$-$'7!&'78+&$3+(@!
h,!/!*3+*!0$(!1.'5,&7(!0*'(!7.37!,$!-&,&$3!0$!,?&'03(7+&$!03!0&%$+7&(($-$'7"!)3&(23$!0$!),3(!$'!),3(!0$!G$'(!
+$1.''*H7+.'7! 6! $7! ($! +$7.3+'$+.'7! 1.'7+$! 6! ,*! %&.,$'1$! $7! ,*! 08G+*0*7&.'! *%$1! ,*23$,,$! ,$3+! $'7&<+$!
1.'(1&$'1$! -$'7*,$"! 8-.7&.''$,,$! $7! 1.+).+$,,$! *! 878! '.3++&$! )*+! 0$(! \!I/_/;/*/,!^% .>(808(! )*+!

!
!01234'#5625748'$9'-24'%;')<124<' C' ,54415'>'
,?&08$! 0$! 5*&+$! 5.+73'$@! W$(! G.3,$(! ()&+&73$,,$(! .'7! 1.-)+&(! ,?87+*'G$! 5*(1&'*7&.'! ).3+! ,$! -*,(*&'! $7! ,$!
-*1*>+$! 0$! G$'(! &G'.+*'7(! 23&! (.'7! (&! +$)3(! 0$! ,*! (813+&78"! 03! 1.'5.+7! $7! 03! ,34$! 03! %&'G7&<-$! (&<1,$!
23?&,(! '?/! 7+.3%$'7! ),3(! 0$! 1.'7$'7$-$'7@! h,(! .'7! >$(.&'! 0?$41&7*7&.'! *5&'! 0$! (7&-3,$+! ,$3+! 1.'(1&$'1$!
>,*(8$@!
J&!,*!%&$!0$(!G$'(!87*&7!%+*&-$'7!*3((&!9.++&>,$!23$!1$,,$(!23&!(.'7!081+&7$(!0*'(!,$(!5&,-(!23?&,(!+$G*+0$'7!
19*23$! #.3+"! &,(! ($! 087.3+'$+*&$'7! 0$! ,$3+(! 81+*'(! B! ,*! +$19$+19$! 0$! 23$,23$! 19.($! 0$! >$*3! $7! 0$!
+81.'5.+7*'7!*5&'!0$!+$).($+!,$3+!(/(7<-$!'$+%$34!7.+73+8@!N7!).3+7*'7"!(&!%.3(!+85,819&(($`!9.''=7$-$'7!
*34!1.'0&7&.'(!0$!%.7+$!%&$!)+8($'7$"!%.3(!+8*,&($+$`!23?$,,$!0$%&$'7!08#B!3'$!&-*G$;-&+.&+!$55+*/*'7$!0$!
7.37!1$!23$!,?&'03(7+&$!03!0&%$+7&(($-$'7!%.3(!0.''$!0$)3&(!1&'23*'7$!*'(@!
A$(!G$'(!(.'7!'.3++&(!0$(!)&+$(!(18'*+&.(!).((&>,$(!)*+!,$!1&'8-*"!,*!78,8%&(&.'"!,$(!,&%+$(!$7!,$(!-80&*(!B!
($'(*7&.'!$7!($!),*&G'$'7!-*&'7$'*'7!23$!,$!($'7&-$'7!0$!(813+&78!0.'7!&,(!#.3&((*&$'7!#*0&(!*!0&()*+3@!F$!
%.3(!%.&(!(3+!_$++$"!%.3(!>*++&1*0$+!0$++&<+$!0$(!1,o73+$(!8,$17+&23$("!0$!9*37(!-3+(!98+&((8(!0$!).&'7$("!
$(1.+78(!)*+!0$(!G*+0$(!03!1.+)(!23&!$34;-=-$(!*((*((&'$'7!7+*H7+$3($-$'7!,$(!G$'(!23?&,(!$(1.+7$'7"!#$!
%.&(!0$(!9.--$(!$7!0$(!5$--$(!23&!#*0&(!-*+19*&$'7!0$!'3&7!0*'(!,$(!+3$(!$7!,$(!19$-&'(!0$!1*-)*G'$!
(*'(! 1+*&'7$"! B! )+8($'7! $'5$+-8(! 0$++&<+$! 0$(! ).+7*&,(! 0$! (813+&78! 6! 1+*&G'*'7! 0$(! *77*23$(! ,$(! ),3(!
>+37*,$(! $7! -8)+&(*>,$(@! F$! %.&(! 0$(! +*1$(! 7+*3-*7&(8$(! )*+! ,$3+(! )+.)+$(! 1.-)*7+&.7$(@! F$! %.&(! 0$(!
G8'.1&0$("!0$(!+8%.,37&.'("!0$(!>.->*+0$-$'7("!0$(!*((*((&'*7("!0$(!73$+&$(!G+*73&7$(!0$!7.37$(!(.+7$(@!
A$(! %&17&-$(! +$%&$''$'7! 0*'(! ,$3+! $4&(7$'1$! (3&%*'7$"! $'1.+$! 7+*3-*7&(8$(! )*+! ,$! 19.1! 0$! ,$3+! 7+8)*(!
&'*77$'03@! F$! ,$(! %.&(! $7! #$! ,$(! *((&(7$! 6! (?&,(! (.'7! 1*)*>,$(! 0$! -$! %.&+! $7! 0$! -$! +$1$%.&+@! [$*31.3)"!
>$*31.3)!0$!G$'(!(.'7!,.&'!0?=7+$!)+=7(!B!)*(($+!B!3'$!5.+-$!0?$4&(7$'1$!),3(!8,$%8$!$7!1?$(7!*&'(&!23?&,(!
0$-$3+$'7! 0*'(! ,$(! .->+$(! #3(23?B! 1$! 23?&,(! (.&$'7! ,&>8+8(! )*+! ,*! +$'*&((*'1$@! A*! %&$! 7$++$(7+$! $(7!
0$%$'3$!,?$'5$+!23$!%.3(!081+&%$`!(3+!%.(!81+*'(!$7!0*'(!%.7+$!,&778+*73+$@!I.3+23.&!l!I*+1$!23$!%.7+$!
P!13,73+$!Q! (.&;0&(*'7! 1&%&,&(8$! *37.+&($!,*! >+37*,&78! 0*'(! 7.37$(! ($(!5.+-$(! )$+%$+7&$(! B! $'7+$+! 0*'(! %.(!
5./$+(!)*+!,?&'7$+-80&*&+$!0$!%.7+$!78,8%&(&.'!).3+!7&7&,,$+!$7!$41&7$+!%.(!>*(!&'(7&'17(@!b.3(!,*!%.3,&$`!6!$7!
-*&'7$'*'7! %.3(! ,?*%$`! 0*'(! (*! 5.+-$! ,*! ),3(! +8$,,$! 6! 0*'(! %.7+$! %&$! 23.7&0&$''$@! I$+(.''$! '?$(7!
&--3'&(8!1.'7+$!1$(!08(*(7+$(!23$!%.3(!*%$`!5*&7!+$7.->$+!(3+!%.(!7=7$(@!
N7!%.3(!%.3(!87.''$`!23$!2"#$%&'%(H4#B6"!#$!+$%&$''$!%$+(!%.3(!$'!1$77$!8).23$!).3+!%.3(!$4),&23$+!1$!
23$!%.3(!%.3(!5*&7$(!B!%.3(;-=-$(!l!
W.--$'7! ($+*&7;&,! ).((&>,$! B! 3'$! &'1*+'*7&.'! ()&+&73$,,$! 0$! ,?RdqmU! 0$! +$(7$+! 87+*'G<+$! B! 3'$! 7$,,$!
*G.'&$!0$!,?$()+&7!$7!0$!'8G,&G$+!0$!($!7.3+'$+!%$+(!%.3(!).3+!%.3(!*&0$+"!(&!3'$!*&0$!$(7!).((&>,$!l!W?$(7!
).3+23.&"! 1.--$! #$! ,?*&! 08#B! 0&7"! #$! '$! (3&(! )*(! ($3,! 0*'(! -.'! 7+*%*&,@% @'% F04&'% 0D% 5"2% 1'% 6"DB% &'B%
!0a64'B%'5%A"DB%F04&056%C%640A'4B%E'B%.'664'B8%
(H0LD'% !0a64'% 0BB#B6'% E'DU% LD#% BD#A'56% B'B% '5B'#M5'2'56B% 6'44'B64'B8% (H0LD'% !0a64'% 1'2051'%
#5B6022'56%C%B'B%01H74'56B%1'%&#4'$%1'%6'5#4%E"2F6'$%1'%F4#'4%0G#5%1'%F"DA"#4%03B"43'4%&0%W/*+-/%
E"56'5D'% 105B% E'B% F0M'B$% 1'% BP'GG"4E'4% 1'% FD4#G#'4% &'D4% 'BF4#6% '6% &'D4B% 0E6#"5B% '6% 1'% 1'A'5#4%
&P#5E04506#"5%1'%&P02"D4%'5A'4B%6"DB8%
!0#B%E'B%.'664'B%A"56%#5#6#'4%D5'%,0#B"5%1'%(H05M'2'568%%
A.+(23$!,$(!G$'(!.3%+&+.'7!$'5&'!,$(!/$34!(3+!1$!23&!*!878!5*&7!B!,$3+!1.'(1&$'1$"!0*'(!,$!-.'0$!$'7&$+"!
)*+! 0$(! -*G'*7(! *%&0$("! 08'38(! 0$! (1+3)3,$! $7! 08G8'8+8("! &,(! $'7+$+.'7! 0*'(! 3'$! 1.,<+$! $47+=-$@! A$!

!
!01234'#5625748'$9'-24'%;')<124<' D' ,54415'>'
)3>,&1!1.--$'1$+*!B!+$1.''*H7+$!,$(!-./$'(!&'(&0&$34!$7!(.3+'.&(!)*+!,$(23$,(!&,!*!)+.G+$((&%$-$'7!878!
*77&+8!0*'(!,$(!5&,$7(!0$!,?*>.-&'*7&.'@!
N7! 2"#$% &'% (H4#B6"! #$! 0.&(! %.3(! 0&+$! 23$! ,.+(23$! 1$,*! *++&%$+*"! %.3(! '$! 7+.3%$+$`! ),3(! ,$! 7$+-$!
P!0?*>.-&'*7&.'!Q! %&$34;#$3! $7! 08)*((8@! b.3(! ($'7&+$`! 1,*&+$-$'7! ,*! 0&558+$'1$! $'7+$! ,$(! 5.+-$(! 6! .3!
)*+.,$(!;!0$!1.'(1&$'1$!(*&'$(!$7!%&%&5&*'7$(!$7!,$(!(198-*(!0$!1.'(1&$'1$!0$(7+317$3+(@!
b.3(!%.3(!+$>$,,$+$`!$7!*))$,,$+$`"!0*'(!7.37$(!,$(!,*'G3$("!1$(!5.+-$(!0$!1.'(1&$'1$!0$(7+317&%$(!
P!0$(!*>.-&'*7&.'(!Q@!
A$(! )*+$'7(! 1.'(1&$'1&$34! $7! %+*&-$'7! *&-*'7(! 8,<%$+.'7! )*+7&13,&<+$-$'7! ,*! %.&4! 1.'7+$! ,$(! 5.+-$(!
*173$,,$(! 0$! 0&%$+7&(($-$'7! $7! $-)=19$+.'7! ,$3+(! $'5*'7(! 0$! 1.'7&'3$+! B! +$G*+0$+! ,*! 081*0$'1$! 03!
,*'G*G$!08),*&(*'7!$7!8-.7&.''$,"!0$!,*!%&.,$'1$!$55+8'8$!$7!0$!,*!($43*,&78!08>+&08$!$7!8-.7&.''$,,$-$'7!
(3)$+5&1&$,,$"!23&!(?.55+$'7!*173$,,$-$'7!(3+!%.(!81+*'("!0*'(!%.(!,&%+$(!$7!0*'(!,$(!-80&*(@!b.7+$!(.1&878!
$(7!G*'G+$'8$!)*+!1$(!1+8*7&.'(!0$!1.'(1&$'1$!>*(($(!$7!-8)+&(*>,$(!23&!($!+$).+7$'7!0*'(!,$(!%&$(!$7!
,$(!*17&.'(!93-*&'$(@!
A$(! )*+$'7(! $'! %&$'0+.'7! *3((&! B! +8*,&($+! 23$! )3&(23$! ,$(! V9*!/,% I/% (9;,(+/;(/! 1+88$(! 0*'(!
,?$()+&7!0$!,$3+(!$'5*'7(!(.'7!,$(!5.'0*7&.'(!$'!$4)*'(&.'!1.'7&'3$,,$!0$!,*!%&$!5373+$!0$!,$3+(!$'5*'7(!B!
,?cG$!*03,7$"!&,(!1.--$'1$+.'7!B!'5LDN6'4%BD4%&'B!WJ./=*,%/-)+<=/,!'5B'#M57'B%105B%&'B%7E"&'B@!
A$(! )*+$'7(! '$! ($! (.31&$+.'7! ),3(! 0$(! +$,&G&.'(! $'($&G'8$(! B! ,?81.,$"! )3&(23$! 1$,,$(;1&! '?&'78+$(($+.'7!
),3(! 23?3'$! -&'.+&78! 0$! G$'("! -*&(! &,(! ($+.'7! 7+<(! &'78+$((8(! )*+! ,$! G$'+$! 0$! )9&,.(.)9&$(! 0$! %&$"! 0$!
1.-).+7$-$'7("!0$!0&()37$("!0$!1.'5,&7("!0$!081,*+*7&.'("!$'1.3+*G8(!.3!7.,8+8(!0*'(!,$(!81.,$(!03!5373+!
6!*3((&!>&$'!)*+!,$(!$'($&G'*'7(!23$!)*+!,$(!8,<%$(@!
D$(!*((.1&*7&.'(!($!5.+-$+.'7!).3+!1+8$+!0$!)$7&7$(!81.,$(!(3+!,*!>*($!0$!1$(!.'664'B!)3&(23$!,$!%&$34!
-*78+&$,!5*173$,"!#3G8!.>(.,<7$"!($+*!*>*'0.''8@!A?*11$'7!($+*!-&(!(3+!,$(!,*'G3$("!,$(!*+7("!,*!,.G&23$"!
,v*+7! 0$! ,*! 1.--3'&1*7&.'! $55&1*1$! $7! &'()&+*7+&1$"! ,$! 08%$,.))$-$'7! 0$! ,?&-*G&'*7&.'! 1+8*7+&1$!
1.'(7+317&%$"!,$(!-*798-*7&23$(!$7!,*!(1&$'1$"!*&'(&!23$!,$(!7+*%*34!-*'3$,(@!!
A$!)+.G+*--$!0?8730$(!($!1$'7+$+*!*37.3+!03!08%$,.))$-$'7!0$!,*!1*)*1&78!0$!0&(7&'G3$+!,$!-/79$!0$!,*!
%8+&78"! 0$! ($'7&+! 1,*&+$-$'7! ,$(! %*,$3+(! ,$(! ),3(! 9*37$(! B! *0.)7$+! $7! B! 13,7&%$+"! $7! 03! -./$'! ,$! ),3(!
1.'(7+317&5!$7!)+.0317&5!0$!,$(!37&,&($+!0*'(!,*!%&$!6!*5&'!0?*-8,&.+$+!($(!)+.)+$(!1.'0&7&.'(!*&'(&!23$!1$,,$(!
0$! ,*! '*7&.'! $7! 03! -.'0$! $'! G8'8+*,@! q'! *))+$'0+*! *3((&! B! ,?$'5*'7! B! 0$%$'&+! 1.-)87$'7! 0*'(! ,$(!
(1&$'1$(! $7! ,$(! 7+*%*34! -*'3$,(! 23&! ,3&! )$+-$77+.'7! 0$! 7+*%*&,,$+! *%$1! ),*&(&+! $7! *%$1! (311<(! 0*'(! ,$!
0.-*&'$! 0?*17&%&78! 23?&,! *3+*! 19.&(&@! A$(! $'5*'7(! ($+.'7! (3&%&(! *%$1! 3'$! '.3%$,,$! *3+*! 0$! (.,,&1&730$! $7!
0?*-.3+! $7! .'! ,$3+! -.'7+$+*! 1.--$'7! &,(! )$3%$'7! 1.'7+&>3$+! B! 1$77$! (.,,&1&730$! $7! 1$7! *-.3+! 0*'(! ,$(!
1,*(($(@!h,(!($+.'7!$'1.3+*G8(!B!7+*%*&,,$+!0*'(!,*!#.&$!$7!,$!>.'9$3+@!J&!1$,*!'$!%&$'7!)*(!*&(8-$'7"!.'!
-.'7+$+*!B!,?$'5*'7!-*,9$3+$34!1.--$'7!*++&%$+!B!,*!#.&$!$7!*3!>.'9$3+!$7!.'!,$!+81.-)$'($+*!,.+(23?&,!/!
*++&%$+*@!
A$(!G$'(!($+.'7!$(7&-8(!$'!5.'17&.'!0$!,$3+!$'G*G$-$'7!B!+$19$+19$+!0$(!'&%$*34!(3)8+&$3+(!0$!)$'(8$!
()&+&73$,,$!$7!0$!,$3+!08%.3$-$'7!B!($+%&+!,$(!&'78+=7(!0$(!085*%.+&(8(!$7!0$(!1.--3'*378(!$'!G8'8+*,@!
+&%'B6%1PD5'%'U64N2'%D4M'5E'%LD'%&'B%M'5B%1D%2"51'%'56#'4%4'E"550#BB'56%LDP'5%W/*+-/$%#&B%B"56%
57B% F"D4% #51#A#1D0&#B'4% '6% -891*;-1% &P=;+W/*,/.% O% &0% ,9=*(/% 1'% &'D4% /-*/% O% 1PD5'% 205#Z4'%

!
!01234'#5625748'$9'-24'%;')<124<' >' ,54415'>'
7A"&D6#A'$% F"D4% G#50&'2'56% 066'#514'% &'% B"22'6% 1'% &0% 205#G'B606#"5% +;I+W+I=J.+,//% 1'% &'D4%
,9=*(/%1P/-*/%O%%
.J%(9;,(+/;(/%()*+,-+<=/8%
"#% A"DB% 0A'Y% 7M0&'2'56% 767% E477B% F"D4% N64'% B"#M57B$% 5"D44#B$% B06#BG0#6B% '5% EH0ED5% 1'% A"B%
3'B"#5B$%0G#5%1P0BBD4'4%A"64'%B0567$%A"64'%F04G0#6%3#'5[N64'%'6%D5'%F4"BF74#67%H042"5#'DB'%F'51056%
&'% A"T0M'% 1'% A"64'% b2'% A'4B% B0% 47[D5#"5% #51#A#1D0&#B7'% 0A'E% A"64'% ,"D4E'% 1'% &Pc64'% O% .0%
("5BE#'5E'%I#A#5'8%
_*'7!23$!%.3(!'$!(*&(&(($`!)*(!1$77$!W/*+-/%I/%.PS-*/"!%.3(!'?*77$&'0+$`!#*-*&(!%.7+$!+8$,!).7$'7&$,!
(3+!_$++$"!23$!1$!(.&7!)9/(&23$-$'7!.3!()&+&73$,,$-$'7@!
JDED5% F0TB$% 0DED5'% "4M05#B06#"5% 4'&#M#'DB'$% 0DED5% #51#A#1D$% 0DBB#% 7&'A7% HD20#5'2'56% LD'% &P"5%
FD#BB'%&'%E"5B#174'4$%5'%B'40%E0F03&'%1P0&674'4%&'%E"56'5D%1'%E'B%&'664'B%FD#BLD'%
!"#$%&'%()*+,-$%
XP#4401#'%0DBB#%&0%W/*+-/%I/%.PS-*/%105B%&'%2"51'%'56#'4%'6%A'4B%6"DB%E'DU%LD#%B'%64"DA'56%C%D5%
5#A'0D% 1'% G47LD'5E'B% BF#4#6D'&&'% F'42'66056% 1'% 4'E'A"#4% &0% W/*+-/8% ('DU[&C% .J% 4'E'A4"56$% .J%
47A74'4"56% '6% .P01"F6'4"56% F&'#5'2'56$% B05B% 47B'4A'$% E"22'% &#M5'% 1'% E"51D#6'% F"D4% &'D4B%
F'5B7'B%'6%&'D4B%0E6#"5B8%
,P#&% T% '5% 0%LD#%5'%F'DA'56% E"2F4'514'% "D% 4'E'A"#4% E'B%.'664'B$% E'% B'40%D5#LD'2'56%F04E'%LDP#&B%
5P"56% F0B% '5E"4'% 0EE717% 0D% 5#A'0D% 1'% E"5BE#'5E'% 57E'BB0#4'% F"D4% F"DA"#4% B'% BT56"5#B'4% 0A'E%
'&&'B8%.'D4%E4"#BB05E'%B'%G'40%F&DB%60418%
W?$(7!).3+23.&!#$!0&(!B!1$34!23&!'?.'7!)*(!$'1.+$!$4)8+&-$'78!,*!23*,&78!0$!%&$!23$!#$!081+&(!1.--$!87*'7!
,*!,$3+! )*+!W9.9;-/% I#A#5'$% '$!%.3(! 0$-*'0$`! )*(! 1$! 23&! '$! %*! )*(!0*'(! ,*! %&$"! 19$`! ,$(! G$'(! .3!
0*'(!,$(!1&+1.'(7*'1$(!6!.3!$'!%.3(V!
U$G*+0$`!$'!%.3(;-=-$"!%.(!)+.)+$(!)+.1$((3(!0$!)$'(8$"!%.(!)+.)+$(!*77&730$(!%&(;B;%&(!0$!,*!%&$!$'!
G8'8+*,"!%.(!($'7&-$'7(!%&(;B;%&(!0$(!*37+$(!$7!0$!%.3(;-=-$!6!$7!081.3%+$`!B!23$,!G$'+$!0$!)$'(8$(!6!
$7! 0?*77$'7$(! 6! %.3(! %.3(! ,*&(($`! *,,$+! +8G3,&<+$-$'7@! N,,$(! 1+8$'7! 3'$! 5.+1$! 0?8'$+G&$! 0$! 1.'(1&$'1$!
1+8*7+&1$!)3&((*'7$!23$!%.3(!8-$77$`!7.37!*3!,.'G!0$!,*!#.3+'8$@!W$,*!*77&+$+*!B!%.3(!$4*17$-$'7!1$!23$!
%.3(!1+*&G'&$`!.3!*77$'0$`@!I*+5.&("!,*!5.+-$!'8G*7&%$!0$!1.'(1&$'1$!1+8*7+&1$!$(7!)+.5.'08-$'7!$'5.3&$!
0*'(! %.7+$! (3>1.'(1&$'7"! .k! $,,$! *! 878! &-),*'78$! &,! /! *! 0$! '.->+$3($(! *''8$("! 03! 5*&7! 0$! 1$+7*&'$(!
1&+1.'(7*'1$(@!q3!*,.+(!,?&-)3,(&.'!0$!1.'(1&$'1$!1+8*7+&1$!'8G*7&%$!)$37!)+.%$'&+!0?3'$!%&$!*'78+&$3+$@!
D*'(! 7.3(! ,$(! 1*("! (&! %.3(! 5*&7$(! 1.'(7*--$'7! 0$! -*3%*&($(! $4)8+&$'1$("! $4*-&'$`! %.7+$! 87*7! 0$!
1.'(1&$'1$! &'78+&$3+! $7! %./$`! 23$,! G$'+$! 0?*77$'7$(! '8G*7&%$(! 0.-&'$! %.7+$! (3>1.'(1&$'7@! D81.3%+$`!
*3((&!23$,,$(!(.'7!%.(!*77&730$(!$7!%.(!($'7&-$'7(!$'%$+(!,$(!*37+$(!l!
W#A'Y[A"DB% E"5B6022'56% 105B% &PH042"5#'% 1'B% ."#B% 1'% &P/U#B6'5E'%d% /UF4#2'Y[A"DB% \%&P02"D4%
#5E"51#6#"55'&%^%C%6"DB%&'B%5#A'0DU%1'%A"64'%A#'%O%'5A'4B%EH0ED5'%1'B%EH"B'B%1'%A"64'%A#'%d%/6'B[
A"DB%E0F03&'%1'%A"#4%&0%\%&D2#Z4'%1'%&Pb2'%^%'5%6"D6'B%EH"B'B%A#A056'B%O%"D%5'%F"DA'Y[A"DB%A"#4%
LD'%&'D4%FD&B#"5%7M"eLD'%O%&'D4%5"#4E'D4%d%%
*70&#B'Y[A"DB%LD'%F"D4%&'B%M'5B%LD'%A"DB%4'X'6'Y%"D%E4#6#LD'Y%F'D6[N64'$%2"#$%&'%(H4#B6%O%X'%5"D44#B%
&P02"D4%'6%&0%E"2F0BB#"5%&'B%F&DB%7&'A7B%'5%6"D6%6'2FB%d%<D#%LD'%A"DB%FD#BB#'Y%4'X'6'4$%XP#4401#'%
2"5%02"D4%#5E"51#6#"55'&%BD4%&D#8%

!
!01234'#5625748'$9'-24'%;')<124<' EF' ,54415'>'
%
g*+0$`!B!,?$()+&7"!$'!7.37!7$-)("!23$!%.7+$!,9=*(/%I/%.PS-*/!$(7!0*'(!0$34!87*7(!6!
N'!7LD#&#34'!$7!$'!0E6#A#67@!
A?87*7!J(-+V!0$!%.7+$!,9=*(/%I/%.PS-*/!$(7!,*!0&-$'(&.'!0*'(!,*23$,,$!%.3(!*%$`!878!1.'O3!$7!%.3(!
*%$`!+$O3!,?&'0&%&03*,&(*7&.'@!
.P/<=+.+f*/!0$!,*!(9;,(+/;(/%=;+W/*,/../!$(7!,*!0&-$'(&.'!0$!(&,$'1$!$7!0?&--.>&,&78!)*+5*&7("!
0*'(! ,*23$,,$! ,$(! +!]=.,+9;,% I/% (*/J-+W+-/! (.3(;#*1$'7$(! (.'7! 87+.&7$-$'7! ,&8$("! 0*'(! 3'!
$->+*(($-$'7!0$!1.'7+*&'7$!-373$,,$@!
."4BLD'% A"DB% F4'5'Y% E"5BE#'5E'$% 0EE'F6'Y$% E"2F4'5'Y% F&'#5'2'56% LDPC% EH0LD'% \%B705E'%
1P0FF4'56#BB0M'%C%&P7E"&'%1'%&0%-'44'%^$%A"DB%0A'Y%6"DX"D4B%0EEZB%C%&P+56'&&#M'5E'%I#A#5'%J#2056'$%
LD#% 47B"D6% 6"D6% F4"3&Z2'% 1PD5'% 205#Z4'% F04G0#6'$% A"DB% A"DB% 7&'A'Y% 0&"4B% H"4B% 1'% F"467'% 1'% &0%
F05#LD'%'6%1'%&0%B"DGG405E'8%
W"DB%47M&'Y%A"B%F4"3&Z2'B%40F#1'2'56%'6%'5%1"DE'D4$%'6%470&#B'Y%LD'%A"64'%47B'4A'%1'%B0M'BB'%'6%
1'%E"550#BB05E'%BP'54#EH#6%1'%5"234'DB'B%205#Z4'B8%
(P'B6%0#5B#%LD'%A"DB%7A"&D'Y%C%EH0LD'%5#A'0D%1'%A"64'%N64'8%
N'!-=-$!7$-)(!23$!-.'!>37"!$'!%$'*'7!B!%.3(!)*+!,$!-./$'!0$!1$(!A$77+$("!87*&7!0$!%.3(!-.'7+$+!,$!
-./$'!0$!%&%+$!$'!9*+-.'&$!*%$1!,$(!."#B%1'%&P/U#B6'5E'"!0$!%.3(!*&0$+!B!8%&7$+!0$(!(.355+*'1$("!0$(!
,&-&7*7&.'(!$7!0$(!)+&%*7&.'(!&'37&,$("!1*3(8$(!)*+!%.7+$!&G'.+*'1$!0$(!."#B"!#?*&-$+*&(!*3((&!&-)+&-$+!$'!
%.7+$!1.'(1&$'1$!23$!7.37!,$!-.'0$!$(7!(3#$7!B!0$(!+/79-$(!0*'(!(*!%&$@!_.37!,$!-.'0$!)*(($!)*+!0$(!
)8+&.0$(!5*(7$(!.k!3'!*55,34!0$!>&$'5*&7(!%.3(!*)).+7$!7.37$(!,$(!19.($(!23$!%.3(!08(&+$`!$7!.k!%.3(!=7$(!
*3!(.--$7!03!>.'9$3+!$7!03!(311<(!93-*&'(@!b.3(!%.3(!+8#.3&(($`!j!I3&(!%&$'7!3'!7$-)(!.k"!(.30*&'"!,$!
+/79-$!0$!,*!%&$!19*'G$"!,$(!+$((.3+1$(!($!7*+&(($'7"!,$(!+$,*7&.'(!0$%&$''$'7!0&55&1&,$(!$7!)+81*&+$("!%.7+$!
1*++&<+$! +$0$(1$'0"! .3! 0$(! .>(7*1,$(! (3+G&(($'7! 23&! %.3(! ),.'G$'7! 0*'(! ,$! -*+*(-$! ).3+! ,.'G7$-)(@!
b.3(! ).3++&$`! %.3(! 0$-*'0$+! 23$,,$! $++$3+! %.3(! *%$`! 5*&7$@! F*0&("! %.3(! 7+*%*&,,&$`! *%$1! >$*31.3)! 0$!
(311<(!0*'(!,$(!.9+,%1'%.P/K+,-/;(/!$7!-*&'7$'*'7"!&,!/!*!0$(!)+.>,<-$(!23.7&0&$'(!$7!+&$'!0$!1$!23$!
%.3(!)$'($`!.3!5*&7$(!'$!(.3,*G$!%+*&-$'7!,$!(7+$((!0$!%.7+$!%&$!23.7&0&$''$@!
<D051% O% B#% O% E'B% 2"2'56B% A"DB% 044#A'56$% O% B"T'Y% 6405LD#&&'% '6% '5% F0#U% '5% A"64'% EQD4% '6% A"64'%
'BF4#6% O% '6% B0EH'Y% LD'% EP'B6% 6"D6% 1'% 2N2'% 1'% &0% ("5BE#'5E'% I#A#5'% LD'% A"DB% 6#4'Y% A"64'% A#'% '6%
A"64'% "4#'5606#"5$% 20&M47% &'B% 0FF04'5E'B% E"5640#4'B$% 20&M47% A"B% 6"D42'56B% BDF'4G#E#'&B8% /5% E'B%
2"2'56B$% #&% 'B6% 'BB'56#'&% 1'% A"DB% 4'6#4'4% '6% 1'% G0#4'% &P#5A'560#4'% 1'B% 2"T'5B% F04% &'BLD'&B% A"DB%
0A'Y% FD% M&#BB'4% 105B% &0% E"5BE#'5E'% F'51056% A"B% 2"2'56B% 1'% \%H0D6B%^% [% '6% 4'5G"4E'4% A"64'%
17F'5105E'%C%&0%("5BE#'5E'%I#A#5'8%%
,05B%E'B%F74#"1'B%B"234'B%1'%17F4'BB#"5$%A"DB%5'%E4"a64#'Y%F0B%'5%B606D4'%BF#4#6D'&&'8%/&&'B%A"DB%
17&#A4'56% D5% 2'BB0M'% BF7E#0&%g% 5'% A"DB% &0#BB'Y% 1"5E% F0B% B"234'4% 105B% &'% 17B'BF"#4% "D%
&P02'46D2'8%f#'5%LD'%A"DB%FD#BB#'Y%A"DB%B'56#4%G40M#&'$%EP'B6%A"64'%B0#B"5%H#A'450&'%1'%17E"DA'46'%
1'%B"#%'6%1'%4'5"DA'&&'2'56%#5674#'D4%LD#$%'5%G#5%1'%E"2F6'$%BP0A74'40%N64'%D5%3#'5G0#6%'5E"4'%F&DB%
M4051%LD'%5'%&P760#'56%A"B%\%F74#"1'B%G0B6'B%^8%*'F4'5'Y%E"D40M'%'6%5'%F'41'Y%F0B%&0%G"#8%J66'51'Y%
F06#'22'56%XDBLDPC%E'%LD'%&PH#A'4%EZ1'%1'%5"DA'0D%&0%F&0E'%C%A"64'%F4#56'2FB%BF#4#6D'&8%

!
!01234'#5625748'$9'-24'%;')<124<' EE' ,54415'>'
]'4B7A74'Y% '5% A"DB% 176'51056% '6% '5% 066'51056% 0A'E% E"5G#05E'% &'% 2"2'56% "h% &0% W#'% I#A#5'%
BP7E"D&'40% C% 5"DA'0D% 105B% A"64'% 'BF4#6$% A"64'% EQD4% '6% A"64'% A#'% 6'44'B64'% '6% 6"D6% E'% LD'% A"DB%
'BF74#'Y% E"22'5E'40% C% B'% 205#G'B6'4% 105B% A"64'% A#'8% /6% F'51056% 6"D6% E'% 6'2FB$% F4'5'Y%
E"5BE#'5E'% '6% 0EE4"EH'Y[A"DB% 0D% G0#6% LD'% B#% A"DB% 5PN6'B% F&DB% E"5BE#'56% 1'% &P0GG&DU% 1'% &0%
("5BE#'5E'% I#A#5'% F'51056% A"B% 271#606#"5B$% E'% 5P'B6% F0B% F04E'% LD'% A"DB% 0A'Y% 767% 03051"557$%
20#B% F04E'% LD'% A"B% A#3406#"5B% E"B2#LD'B% O% '6% F04% E"5B7LD'56% A"B% A#3406#"5B% 1'% E"5BE#'5E'%
F'4B"55'&&'% O%B"56%C%2047'%30BB'%'6%LD'% A"DB%5PN6'B%F&DB%'5%2'BD4'%1'%A"DB%7&'A'4%F"D4%A#A4'%
&'B%A#3406#"5B%1'%&0%("5BE#'5E'%I#A#5'%E"22'%A"DB%&'%G0#B#'Y%0DF040A0568%f#'5%LD'%A"DB%FD#BB#'Y%
5'% F0B% &'B% B'56#4$% B"T'Y% 0BBD47% LD'% A"DB% N6'B% 6"DX"D4B% '5A'&"FF7% '5% '&&'B% '6% 105B% &PJ!9=*%
I+W+;8%
F?*&-$+*&(! *3((&! %.3(! +*))$,$+! $7! &-)+&-$+! $'! %.7+$! 1.'(1&$'1$! 23?*3! -.-$'7! .k! ,$! ),3(! )*3%+$! 0$(!
=7+$(! 93-*&'(! +83((&7! B! 1.-)+$'0+$! ,*! %8+&7*>,$! '*73+$! 0$! ($(! .+&G&'$(! $7! )$37! 5*&+$! 3(*G$! 0$! 1$77$!
1.''*&((*'1$"!&,!)$37!1.--$'1$+!B!($!(.+7&+!0$!($(!.+'&<+$(!$7!)$37!*,.+(!(?8,$%$+!B!7.37$!9*37$3+!23?&,!($!
19.&(&+*!6!B!1.'0&7&.'!23$"!23.7&0&$''$-$'7"!&,!($!(/'7.'&($!B!,*!,9=*(/%I/%,9;%S-*/!$7!)3&($!B!,0%
]D#BB05E'%+5G#5#'$%C%B0%W#'$%B"5%"4#'5606#"5$%B"5%#5BF#406#"5%'6%B0%1#4'E6#"58 !
b.3(!'?=7$(!)*(!%&17&-$!03!0$(7&'!6!%.3(!=7$(!%&17&-$!0$!%.7+$!)+.)+$!1.'(1&$'1$!1+8*7+&1$"!#3(23?*3!#.3+!
.k! %.3(!+8*,&($+$`! 23$!1?$(7! %.3(;-=-$! 23&!-.0$,$`! %.7+$! 1.'(1&$'1$@! A.+(23$! 1$77$! b8+&78! G,.+&$3($!
5$+*! (.'! 19$-&'! 0*'(! %.7+$! 1.'(1&$'1$"! %.3(! 1.--$'1$+$`! B! 19*'G$+! ,?.+&$'7*7&.'! 0$! %.7+$! %&$! $7!
081.3%+&+$`! $'5&'! 23$! %.3(! ).3%$`! 7+*%*&,,$+! B! 0$%$'&+! 3'! d*H7+$! $7! *77$&'0+$! ,*! ,&>$+78! 7.7*,$! 0*'(! ,*%
(9;,(+/;(/%I+W+;/8%
%
N((*/$`!0$!%.3(!+*))$,$+!23$"!0*'(!%.7+$!+$19$+19$!()&+&73$,,$"!%.7+$!.>#$17&5!0$%+*&7!=7+$!0$!-*&'7$'&+!
%.(! 5+823$'1$(! 0$! 1.'(1&$'1$"! *3((&! 1.'(7*--$'7! 23$! ).((&>,$"! 0*'(! %.(! )$+1$)7&.'(! ()&+&73$,,$(! ,$(!
),3(!9*37$(@!W?$(7!$47+=-$-$'7!0&55&1&,$!B!5*&+$!).3+!,?$()+&7!93-*&'"!)3&(23$!&,!($!7.3+'$!&-)*7&$--$'7!
%$+(!0$!'.3%$,,$(!(7&-3,*7&.'(!-$'7*,$(!S!()&+&73$,,$(!19*23$!5.&(!23$!(.'!&'78+=7!$(7!8%$&,,8@!!
d*&(!#$!0.&(!%.3(!0&+$!23?&,!'?$(7!)*(!(355&(*'7!0$!,&+$! 1$(!A$77+$(!).3+! ($!7.3+'$+!$'(3&7$! %$+(!0?*37+$(!
,&%+$(!$'!$()8+*'7!/!7+.3%$+!23$,23$!%8+&78!),3(!9*37$!.3!),3(!&'()&+*'7$@!
d.&"!,$!W9+&(7"!#$!%.3(!0&("!$'!%8+&78"!23?&,!'?$4&(7$!)*(!0$!%8+&78!),3(!9*37$"!'&!0$!%.&$!),3(!9*37$!B!%.7+$!
0&().(&7&.'!B!1$!#.3+@!
h,! ).3++*! )*+5.&(! %.3(! ($->,$+! *%.&+! 7+.3%8! 23$,23$! 19.($! 0$! -&$34"! )*+1$! 23?*3! '&%$*3! 0$! %.7+$!
1.'(1&$'1$!93-*&'$!)+8($'7$"!%.3(!).3%$`!%.3(!+$,&$+!),3(!5*1&,$-$'7!B!1$!23&!/!$(7!81+&7!6!-*&(!%.3(!
).3%$`! =7+$! (i+! 23$! AR! bNUh_N! JIhUh_mNAAN! 0$! A?NwhJ_NnWN! $(7! ,*! ($3,$! WqnnRhJJRnWN! 23&!
%.3(!1.'03&+*!5&'*,$-$'7!B!,*!WqnJWhNnWN!W\UhJ_hfmN"!23&!$(7!%.7+$!%+*&$!0$(7&'*7&.'"!B!,?$41,3(&.'!
0$!7.37$!*37+$@!
A*!WqnJWhNnWN!W\UhJ_hfmN!$(7!,*!1.'(1&$'1$!()&+&73$,,$!0$!7.3(!,$(!G+*'0(!d*H7+$(@!h,!'?/!$'!*!)*(!
0$!),3(!9*37$@!I.3+!)*+5*&+$!%.7+$!1.-)+89$'(&.'"!%.3(!).3%$`!19$+19$+!0$(!*37$3+(!23&!.'7!08#B!7+.3%8!
,$3+! %.&$! $7! 23&! )+*7&23$'7! 1$! 23&! $(7! 81+&7! 0*'(! 1$(! A$77+$("! -*&(! '$! (3&%$`! )*(! 1$34! 23&! (3&%$'7! 08#B!
0?*37+$(! 81+&%*&'(!$7!1&7$'7!0?*37+$(!*37.+&78("!$7!23&!19$+19$'7!$'1.+$"!B!7+*%$+(!,*!)$'(8$!93-*&'$"!,$!
-./$'!0$!)8'87+$+!,?&--$'(&78!0$!,*!b8+&78!()&+&73$,,$6!23&!$(7!*3;0$,B!0$!,*!)$'(8$!93-*&'$@!W$34;,B"!

!
!01234'#5625748'$9'-24'%;')<124<' E=' ,54415'>'
1.--$! %.3(;-=-$"! $'! (.'7! $'1.+$! *34! 1.'7+$5.+7(! 0$! ,*! 1.'(1&$'1$! 6! &,(! '?.'7! )*(! $'1.+$! )8'87+8!
,?.`.'$!-$'7*,!S!8-.7&.''$,!23&!,$3+!)$+-$77+*&7!0$!($!+*))+.19$+!0$(!1.'5&'(!0$!,?NJIRWN@!!
n$!(3&%$`!)*(!1$34!23&!7+.3%$'7!03!),*&(&+!B!6!$7!81+&%$'7!6!0$(!P!-$+%$&,,$(!Q!0$!)+*7&23$(!.113,7$(!$7!
23&! 19$+19$'7! B! %.3(! *-$'$+! B! ,$(! )+*7&23$+! *3((&"! )+o'*'7! ,?3(*G$! 0$! (3>(7*'1$(! -*78+&$,,$(! ).3+!
*3G-$'7$+! %.7+$! 8'$+G&$! 0*'(! 0&%$+(! 0.-*&'$(! 0$! %.7+$! %&$@! f3*'0! %.3(! 37&,&($`! 0$(! (3>(7*'1$(!
-*78+&$,,$(!7$,,$(!0$(!1+&(7*34"!0$(!>.3G&$("!0$!,?$'1$'(!.3!0$(!>c7.''$7(!)*+53-8("!%.3(!5.1*,&($`!%.7+$!
1.'(1&$'1$!93-*&'$!(3+!0$(!19.($(!23&!.'7!3'$!(&G'&5&1*7&.'!93-*&'$!B!%.(!/$34!$7!23&!%.3(!0.''$'7!03!
),*&(&+@!W?$(7!*&'(&!23?$,,$(!*'1+$'7!%.7+$!1.'(1&$'1$!93-*&'$!*34!P!$55$7(!Q!0$!,*!1.'(1&$'1$!93-*&'$"!
1$! 23&! %.3(! +*-<'$! 1.'(7*--$'7! B! 0$(! '&%$*34! 5&4$(! 0$! 1.'(1&$'1$! 93-*&'$@! _*'0&(! 23$! (&! %.3(!
%.3,$`! *(1$'(&.''$+! 0*'(! ,$(! %8+&7*>,$(! 0&-$'(&.'(! ()&+&73$,,$(! 0$! 1.'(1&$'1$"! %.7+$! .>#$17&5! $(7! 0$!
)8'87+$+!)3&(!0$!7+*'(1$'0$+!,*!0&-$'(&.'!7$++$(7+$!0$!,*!1.'(1&$'1$!93-*&'$@!A*!($3,$!%+*&$!8'$+G&$"!,*!
($3,$!%+*&$!p.+1$!0$!b&$!0/'*-&23$!0$!G38+&(.'!%&$'7!0$!%.7+$!1.'7*17!1.'(7*'7!*%$1!,*!(9;,(+/;(/%
I+W+;/@!N'!1.'7&'3*'7!%.7+$!%./*G$!%$+(!,$!9*37"!%.3(!5$+$`!1.''*&((*'1$!*%$1!,$(!%&>+*7&.'(!),3(!5&'$(!
0$(!),*'(!*(7+*34!-*&(!'$!%.3(!*77*+0$`!)*(!B!1$(!'&%$*34"!1*+!&,(!'$!(.'7!23$!0$(!-*'&5$(7*7&.'(!0$!
5.+-$(!)9/(&23$(!(3)8+&$3+$(!0$!1.'(1&$'1$!$7!'$!(.'7!)*(!1$'(8(!=7+$!%.7+$!%8+&7*>,$!0$(7&'*7&.'@!
.0%BT56"5#B06#"5%0A'E%&0%("5BE#'5E'%I#A#5' !$7!,*!7.7*,$!-*H7+&($!0$!(.&!0$%+*&$'7!=7+$!%.7+$!+*&(.'!0$!
%&%+$!$7!%.7+$!3'&23$!>37@!A.+(23$!%.3(!,?*3+$`!*77$&'7"!7.37!1$!23$!%.3(!*3+$`!#*-*&(!08(&+8!).3+!%.3(;
-=-$!($+*!%o7+$!6!0?3'$!-*'&<+$!'.3%$,,$"!7+*'(1$'0*'7$!$7!87$+'$,,$@!
!
b.3(!).3++&$`!,&+$!1$(!A$77+$(!$7!081&0$+!0$!%.3,.&+!1.'7&'3$+!1.--$!%.3(!=7$(!6!0*'(!%.7+$!1.'(1&$'1$!
8G.e23$"!5*&(*'7!1.'5&*'1$!B!,*!("5BE#'5E'%I#A#5'!).3+!%.3(!*&0$+!0*'(!,$(!-.-$'7(!0&55&1&,$(@!d*&(!#$!
)$34!%.3(!0&+$!23$!,*!%&$!$,,$;-=-$!5&'&+*!)*+!%.3(!1.'%*&'1+$!23$!7.37$!*37+$!%.&$!'$!%.3(!*)).+7$+*!
)*(!,$(!+81.-)$'($(!23$!%.7+$!c-$"!1*198$!$7!*77$'0*'7!(&,$'1&$3($-$'7!(*!,&>8+*7&.'"!*()&+$!B!%&%+$!6!
)*+7&13,&<+$-$'7!1$,,$!0$!(*!1.-),<7$!+83'&.'!B!,*!("5BE#'5E'%I#A#5'@!
!
A$! ),3(! G+*'0! 1*0$*3! 23$! %.3(! )3&((&$`! A"DB% G0#4'% O% "D% C% LD'&LDPD5% 1P0D64'! 6! $(7! 0?*11$)7$+! *%$1!
G+*7&730$!$'!%.7+$!$()+&7!6!$7!0$!7$'7$+!0$!,?&'(7&,,$+!$'!0?*37+$(!$()+&7(!+81$)7&5(!6!,*!1.-)+89$'(&.'!),$&'$!
$7! &'()&+8$! 0$! 23&! \%A"DB% '6% &'B% 0D64'B%^% N6'B% '5% 470&#67% '6% 1'% E'% LD#% F'D6% A40#2'56% BP0EE"2F&#4 !
,.+(23$!P!%.3(!$7!,$(!*37+$(!Q!*>*'0.''$`!%.7+$!%.,.'78!)+.)+$!$7!19$+19$`!%.7+$!*&0$"!%.7+$!.+&$'7*7&.'!
$7!,*!(*7&(5*17&.'!0$!7.3(!%.(!>$(.&'(!*3)+<(!0$!,*!,9=*(/%1'%A"64'%/-*/@!
5-<-=->%0=-%!0;*?1-%9@01%<@0,A;B;-%C%-+%9@01%D0*.@=D0-%9-0+%)(%1-.-<@*1E%%
N'!-=-$!7$-)("!)$+(.''$!'$!)$37!*>(.+>$+!3'!$'($&G'$-$'7!,?$(7.-*1!%&0$!T!1?$(7!).3+23.&!3'$!
1$+7*&'$!23*'7&78!0$!'.3++&73+$!)9/(&23$!0$%+*&7!=7+$!0.''8$!).3+!*&0$+!,$!)+.1$((3(!0$!08%$,.))$-$'7!
()&+&73$,;)9/(&23$!8%.,37&5"!(&!%.3(!19$+19$`!B!$'($&G'$+!0$(!G$'(!-*78+&$,,$-$'7!)*3%+$(@!J./$`!)+=7!B!
0.''$+!$7!(*19$`!23?$'!0.''*'7"!%.3(!5*&7$(!)*+7&$!03!(/(7<-$!0$!P!0.''$+!$7!+$1$%.&+!Q!0$!,?3'&%$+(!7.37!
$'7&$+@!
h,!$(7!&-).((&>,$!0$!0.''$+!$7!0$!'$!)*(!+$1$%.&+!$'!+$7.3+!6!B!-.&'(!23$!%.3(;-=-$!'$!1+./&$`!%&%+$!
3'&23$-$'7! 23$! 0$(! +$%$'3(! 0$! %.7+$! 7+*%*&,"! 0$! %.7+$! 1.-)7$! >*'1*&+$! $7! 0$! %.(! &'%$(7&(($-$'7(@! J&!
1?$(7!,B!1$!23$!%.3(!1+./$`"!*,.+(!1?$(7!1$!23$!%.3(!%&%+$`@!

!
!01234'#5625748'$9'-24'%;')<124<' E?' ,54415'>'
!

_*'7! 23$! ,$(! G$'(! '$! ($! +8%$&,,$+.'7! )*(! %+*&-$'7! $7! '?.3%+&+.'7! )*(! ,$(! /$34! #3(23?B! 1.-)+$'0+$!
%+*&-$'7! 23?&,(! (.'7! ,?&'0&%&03*,&(*7&.'! 0$! ,*! ,9=*(/% 1'% &'D4% S-*/"! 23&! $(7! 3'$! 1.->&'*&(.'! 0$(!
+!]=.,+9;,% ]J*VJ+-/,% 1'% (4706#A#67% '6% 1PJ2"D4 "! &,(! +$(7$+.'7! *77&+8(! )*+! ,$(! 7$'7*7&.'(! 03!
-*78+&*,&(-$"!)*+!,*!(*7&(5*17&.'!0$!,$3+(!08(&+(!1.+).+$,(!$7!)*+!,$!08(&+!0$!,$3+!)+.-.7&.'!)$+(.''$,,$!*3!
087+&-$'7! 0$(! *37+$(! 6! *,,*'7! 0$(! )+&($(! 0$! 1.'7+o,$! $7! 0$(! G+<%$(! 0*'(! ,$(! *55*&+$(! $7! 0*'(! ,?&'03(7+&$!
#3(23?*34! 0&()37$(! G+.((&<+$(! 0*'(! ,$(! +$,*7&.'("! *34! -$3+7+$("! *34! %&.,(! $7! B! ,*! G3$++$@! W9*23$! 5.&(!
23?3'$!)$+(.''$!$4$+1$!(.'!$G.!*3!087+&-$'7!0?*37+3&"!,*!0&(1.+0$!$7!,*!1.,<+$!(?&'(7*,,$'7@!
!
(P'B6%&C%&0%."#%F4#2"41#0&'%1'%&P/U#B6'5E'$%LD#%1"#6%N64'%4'51D'%FD3&#LD'%105B%&'%2"51'%'56#'48%
%
W.--$'7"! *,.+("! ,*! '*73+$! 93-*&'$! 0$%+*&7;$,,$! (?$55.+1$+! 0$! %&%+$! 23.7&0&$''$-$'7! 0*'(! 3'! -.'0$!
'*73+$,,$-$'7!0.-&'8!)*+!,$(!)3,(&.'(!8G.e23$(!6!,$!08(&+!5.+1$'8!0$!(*7&(5*17&.'!)$+(.''$,,$!l!
A*! +8).'($! +8(&0$! 0*'(! -*! 081,*+*7&.'!a! \%V0#6'B% C% 0D64D#% E'% LD'% A"DB% A"D14#'Y% LD'% &P"5% A"DB%
G0BB'8%^!
W?$(7!,$!)+$-&$+!)*(!).3+!-*H7+&($+!,*!)3,(&.'!8G.e23$@!
."4BLD'% A"DB% N6'B% #2F&#LD7% 105B% D5'% 1#BFD6'$% LD'% XDB6#E'% F&'#5'% '6% '56#Z4'% B"#6% 4'51D'% F04%
EH0ED5'%1'B%F046#'B%C%&P0D64'8%
/E"D6'Y%O%03B"43'Y%O%6'5'Y%E"2F6'%O%G0#6'B%02'51'%H"5"403&'%0D6056%LD'%F"BB#3&'8%
R((3+$`;%.3(! 23$! 0*'(! %.(! $4&G$'1$("! %.3(! '?$-)&87$`! )*(! (3+! ,$! >&$';=7+$! 0?*37+3&! 6! 23$! 1$! (.&7! *3!
'&%$*3!)$+(.''$,"!0$(!),*&(&+("!0$(!*55*&+$(!.3!0$!,?$'7+$)+&($@!
*0FF'&'Y[A"DB% LD'% E'% LD'% A"DB% G0#6'B% C% 0D64D#% A"DB% B'40% G#50&'2'56% G0#6 @!U*))$,$`;%.3(! 23$! %.(!
)$'(8$("!%.(!)*+.,$(!$7!%.(!*17$(!0?*3#.3+0?93&!)+$'0+.'7!5.+-$!0*'(!%.7+$!%&$!0*'(!,$(!#.3+("!,$(!-.&(!
.3!,$(!*''8$(!B!%$'&+@!I*+5.&("!&,!5*30+*!0$(!*''8$(!).3+!23$!1$!23$!%.3(!*%$`!($-8!1+.&(($!#3(23?B!(*!
+81.,7$! $7! %.3(! *3+$`! .3>,&8! 23$! %.3(! ,?*%&$`! ($-8@! W$)$'0*'7"! (./$`! 1$+7*&'! 23$! 1$! 23$! %.3(! 5*&7$(!
*3#.3+0?93&!%.3(!($+*!+$7.3+'8!(.3(!3'$!5.+-$!),3(!.3!-.&'(!*'*,.G3$"!>&$'!23$!%.3(!)3&((&$`!)$37;=7+$!
'$!#*-*&(!,$!+$1.''*H7+$!.3!$'!)$+1$%.&+!,$!,&$'@!
('%LD'%A"DB%A"D14#'Y%LD'%&P"5%1#B'%1'%A"B%G0D6'B "!0&7$(;,$!6!$7!)$'($`;,$!;!0$(!5*37$(!23$!).3++*&$'7!
1.--$77+$!,$(!*37+$(!6!*-&(!.3!87+*'G$+(@!
9GG4'Y%&P0EE'F606#"5%'6%&'%F041"5%LD'%A"DB%0#2'4#'Y%4'E'A"#48%<DP'B6[E'%LD'%&'%A40#%F041"5%d%(P'B6%
D5% 7606% 1'% E"2F47H'5B#"5% 1'% &P0D64'% '6% 1'B% 40#B"5B% 1'% B"5% E"2F"46'2'56$% B#% E&0#4'% LD'% A"DB%
FD#BB#'Y%1#4'%'5%6"D6'%H"55N6'67%LDP#&%5PT%0%4#'5%C%F041"55'48%
%
.0%&"T0D67$%&0%3"567%'6%&0%M7574"B#67%LD'%A"DB%A"D14#'Y%4'E'A"#4%&"4BLD'%A"DB%0A'Y%1'B%'55D#B !6!
0.''$`;,$(! *34! *37+$(! ,.+(23?&,(! ,377$'7! (.3(! 0$! )$(*'7(! 5*+0$*34@! n$! ,$3+! 7.3+'$`! #*-*&(! ,$! 0.(!
5+.&0$-$'7@!
!
JFF4'5'Y% C% 4'M041'4% &'B% 0D64'B% "D% D5'% B#6D06#"5% 0A'E% D5% 1#BE'45'2'56 ! 3#'5A'#&&056@! b./$`;,$(!
1.--$!&,(!(.'7!$'!1$!-.-$'7"!)3&(!40FF'&'Y[A"DB%LD'%X'%&'B%4'M041'%0A'E%02"D4%'6%E"2F0BB#"58%

!
!01234'#5625748'$9'-24'%;')<124<' E@' ,54415'>'
J&!%.3(!%./$`!$'!$34!3'!+8$,!>$(.&'!0?*-8,&.+*7&.'!6!).3+!,$3+!)+.)+$!>&$'!$7!,?*-8,&.+*7&.'!5373+$!0$!,$3+!
>&$';=7+$! 6! +$G*+0$`;,$(! 3'&23$-$'7! B! 7+*%$+(! ,$(! /$34! 03! 1Z3+! $7! 0$! ,?*-.3+! $7! %./$`;,$(! 7$,(! 23?&,(!
).3++.'7!=7+$!0*'(!,$!5373+@!N'!)$'(8$"!1.'03&($`;,$(!%$+(!,$3+!,9=*(/%1'%&P/-*/!$7!(*19$`!23$!%.7+$!
)+&<+$! ,$(! *! 1$+7*&'$-$'7! >8'&(! $7! .3%+$! ,*! ).+7$! B! ,$3+! 08%$,.))$-$'7@! A*&(($`;%.3(! G3&0$+! )*+! ,*!
("5BE#'5E'% I#A#5'! ).3+! (*%.&+! (&! %.3(! ).3%$`! *>.+0$+! ,$! (3#$7! 0$! ,$3+!P!*-8,&.+*7&.'!Q! $7! 0$-*'0$`!
1.--$'7! 1$,*! ).3++*&7! ($! 5*&+$! ).3+! 23?&,(! *11$)7$'7! %.,.'7&$+(! ,$(! 1.'($&,(! $7! ,$! (311<(! 5&'*,! 0$! ,$3+!
08%$,.))$-$'7!)$+(.''$,@!
,#%LD'&LDPD5%A'D6%A"DB%1#4'%C%LD'&%F"#56%A"DB%&P0A'Y%3&'BB7%C%D5%LD'&E"5LD'%2"2'56%O% 7$'$`;%.3(!
6!.3!*(($/$`;%.3(!6!7+*'23&,,$-$'7!&--.>&,$!$7!B0EH'Y!23?&,!(?*G&7!,B!0?3'!%8+&7*>,$!085&!B!%.7+$!)3,(&.'!
8G.e23$@!W?$(7!3'!-.-$'7!1+31&*,!).3+!%.3(!6!%.7+$!),3(!G+*'0!7$(7@!!
W.--$'7! %.3(! $'! 7&+$+$`;%.3(!l! b.3(! 7+.3%$+$`;%.3(! 0$(! $413($(! $7! %.3(! 085$'0+$`;%.3(! $'!
1.'(&08+*'7"! $7! -=-$! $'! 0&(*'7! 23$! %.(! *17$(! '$! 0$%+*&$'7! )*(! *%.&+! >,$((8! ,?*37+$! 6! $7! 23?&,(! 87*&$'7!
$'7&<+$-$'7!#3(7&5&8(!%3!,*!(&73*7&.'!l!J&!1?$(7!,B!%.7+$!+8).'($"!*,.+(!%.7+$!)3,(&.'!8G.e23$!0.-&'$!$'1.+$!
1.-),<7$-$'7!%.7+$!1.'(1&$'1$@!
%
J&"!7.37$5.&("!%.3(!).3%$`!)+$'0+$!1.'(1&$'1$!23$!%.7+$!&'(7*'7!0$!%8+&78!$(7!,B!6!$7!03!5*&7!0$!1$77$!)+&($!
0$!1.'(1&$'1$!6!%.3(!*++&%$`!B!+$(7$+!7+*'23&,,$!$7!1*,-$!$7!B!,?81.37$+!081+&+$!,*!(.355+*'1$!23$!%.3(!,3&!
*%$`!1*3(8$"!%.3(!*%$`!+83((&!).3+!,*!)+$-&<+$!5.&(!B!(3+-.'7$+!%.7+$!$G.@!
N'(3&7$"!,*!19.($!3+G$'7$!B!5*&+$!$(7!0?81*+7$+!5$+-$-$'7!%.7+$!>$(.&'!0$!%.3(!085$'0+$!$7!0?$((*/$+!0$!
1.-)+$'0+$!(&'1<+$-$'7!1$!23?&,!%.3(!0&7@!b.3(!'$!).3++$`!,$!5*&+$!(&'1<+$-$'7!23$!(&!%.3(!).3%$`!%.3(!
$55*1$+! (355&(*--$'7! ).3+! $'7+$+! 0*'(! 3'$! `.'$! 0$! (&,$'1$! &'78+&$3+! .k! %.3(! ).3%$`! $'7+$+!
1.-),<7$-$'7!0*'(!(*!(.355+*'1$"!81.37$+!1$!23?&,!*!B!0&+$!$7!+$1$%.&+!(*!)$&'$!0*'(!%.7+$!1Z3+@!J&!%.3(!!
).3%$`!,$!5*&+$"!%.3(!($+$`!$'7+8!0*'(!(*!)$*3@!N7!23*'0!%.3(!*3+$`!)3!$'7+$+!0*'(!(*!)$*3!$7!+$(($'7&+!
(*!)$&'$"!%.3(!*3+$`!$'%&$!0?$4)+&-$+!03!5.'0!03!1Z3+!%.7+$!+$G+$7!).3+!1$!23$!%.3(!*%$`!5*&7!T!,*!)$&'$!
23$! %.3(! *%$`! &'5,&G8$! (*'(! ,$! (*%.&+"! )*+! &G'.+*'1$"! 0$%&$'0+*! %.7+$! )+.)+$! )$&'$! $7! %.3(! '?*3+$`! 0$!
1$(($! 23$! %.3(! +83((&((&$`"! )*+! 0$(! )*+.,$(! *55$173$3($("! B! 8,&-&'$+! 7.37! +8(&03! 0$! )$&'$! 0$! (*!
1.'(1&$'1$@! b.3(! *3+$`! *,.+(! G38+&! ,*! >,$((3+$! 23&! ($+*! 8G*,$-$'7! 8,&-&'8$! 0$! %.7+$! (/(7<-$! 0$!
1.'(1&$'1$! 8,$17+.-*G'87&23$@! b.3(! *3+$`! +$-).+78! 3'$! G+*'0$! %&17.&+$! (3+! %.3(;-=-$@! b.3(! *3+$`!
*77$&'7!1$!).&'7!0$!5.+1$!&'78+&$3+$!$7!0?$'03+*'1$!.k!%.3(!).3%$`!(&'1<+$-$'7!)$+1$%.&+! 23$!,*!+8*,&78!
0?*37+3&!$(7!0?8G*,$!%*,$3+!B!,*!%o7+$@!b.3(!*3+$`!+$1.''3!$7!*11$)78!23$!,$(!*37+$(!)$3%$'7!=7+$!>,$((8(!
)*+!%.(!*17$(!$4*17$-$'7!1.--$!%.3(!*%$`!878!>,$((8!)*+!0?*37+$(@!
m'$!5.&(!*77$&'7!1$!M4051% 2"2'56%1'% A74#67!0*'(!%.7+$!%&$"!%.3(!%.3(!7+.3%$+$`!1*)*>,$!0$!'*%&G3$+!
$'7+$!%.3(!$7!,$(!*37+$(!0$!-*'&<+$!7.37!B!5*&7!*G+8*>,$"!1*)*>,$!0$!%.&+!,$(!8%8'$-$'7(!0$!,$3+!).&'7!0$!
%3$!*3((&!5*1&,$-$'7!23$!03!%o7+$@!h,!(?87*>,&+*!3'!G+*'0!823&,&>+$!$'7+$!,$(!>$(.&'(!0?*37+3&!$7!,$(!%o7+$(!
$7!%.3(!$'7+$+$`!0*'(!3'!87*7!0$!)*&4"!)3&(23$!%.3(!($+$`!*,.+(!(i+!0$!7+*&7$+!,$(!*37+$(!*%$1!823&78!$7!
G8'8+.(&78! 0?$()+&7@! b.3(! *%$`! -*&'7$'*'7! 1.--$'18! B! ,$%$+! ,$(! >*++&<+$(! $'7+$! %.3(! $7! ,$(! *37+$(! $7!
%.3(!,$(!+$1$%$`!0*'(!%.7+$!1Z3+@!
!

!
!01234'#5625748'$9'-24'%;')<124<' EA' ,54415'>'
b.3(!*%$`!*3((&!1.--$'18!B!*>*&(($+!%.(!085$'($(!$7!0$!1$!5*&7"!%.3(!%$++$`!23$!6!5&'*,$-$'7!6%A"DB%
F04A'5'Y%C%&P'B6#2'%1'%B"#%'6%C%&0%F0#U%1'%&P'BF4#68%
W$77$!'.3%$,,$!1.-)+89$'(&.'!0$(!($'7&-$'7(!0?*37+3&!%.3(!&'()&+$+*!3'!G+*'0!+$()$17!).3+!$34@!b.3(!
*3+$`!7.3#.3+(!$'%&$!0$!,$(!7+*&7$+!#3(7$-$'7"!0$!,$3+!0.''$+!,$3+!0i!T!%.3(!'?*3+$`!)*(!$'%&$!0$!)+.5&7$+!
0$! ,$3+! >.'! 1Z3+"! 0$! ,$(! 93-&,&$+"! 0$! +*>*&(($+! ,$3+! *-.3+;)+.)+$!T! %.3(! ($+$`! 7.3#.3+(! )+=7! B! ,$(!
$'1.3+*G$+!$7!B!,$(!+$,$%$+!,.+(23?&,(!($+.'7!0*'(!,*!)$&'$!6!)9/(&23$!.3!8-.7&.''$,,$@!
b.3(! %.3(! %$++$`! 5*&+$! 1$(! 19.($(! ).3+! %.3(! *3((&@! b.3(! 0$%&$'0+$`! %.7+$! )+.)+$! 1.'($&,,$+"! (.37&$'"!
G38+&(($3+@!
b.3(!%$++$`!19*13'"!23$,!23$!(.&7!(.'!(7*737"!(3+!,$!-=-$!)&$0!0?8G*,&78!23$!%.3(!$7!%.3(!%$++$`!23$!
%.3(! =7$(! ,?8G*,! 0$! 7.37! *37+$"! 5i7;&,! +.&"! )*)$! .3! )+8(&0$'7! 1*+! (.3(! ,$(! *))*+$'1$("! %.3(! (.+7$`% 6"DB%
1'DU%0$!,*%_*J;I/%=;+-/%I/%.PS-*/8%
(P'B6%F"D4LD"#%A"DB%5'%A"DB%B'56#4'Y%F&DB%'5%#5017LD06#"5%'5%0DED5'%B#6D06#"5$%F04E'%LD'%A"DB%
0D4'Y%0A05E7%105B%&0%G"4E'%'6%&0%B0M'BB'%LD'%A"DB%6#4'Y%1'%&0%("5BE#'5E'%I#A#5'%'6%4'E"550#BB'Y%
LD'%A"DB%0DBB#$%A"DB%0A'Y%1'B%14"#6B%7M0DU%C%E'DU%1P0D64D#8%
_+*'23&,,$-$'7"! 1*,-$-$'7"! %.3(! '$! )$+-$77+$`! )*(! B! *37+3&! 0$! )+.5&7$+! 0$! %.3(@! b.3(! ($+$`! 1*)*>,$!
0?$4)+&-$+! 1,*&+$-$'7! $7! 9.''=7$-$'7! %.7+$! )$'(8$"! *%$1! ,$! +$()$17! 0i! *34! ($'7&-$'7(! 0?*37+3&@! b.3(!
'?*3+$`! ),3(! $'%&$! 0$! 08'&G+$+! ,$(! *37+$(! .3! 0$! ,$(! +*>*&(($+@!R3! 1.'7+*&+$"! %.3(!5$+$`! 7.3(! ,$(! $55.+7(!
).((&>,$(! ).3+! (*3%$G*+0$+! ,$3+! $(7&-$! 0?$34;-=-$(! 7.37! $'! $4),&23*'7! %.7+$! %8+&78! *%$1! 1,*+78"! -*&(!
*3((&!*%$1!*-.3+@!
U*))$,$`;%.3("!,.+(23$!%.3(!$4)+&-$`!%.7+$!%8+&78!B!*37+3&"!23?&,!'?$(7!)*(!0$!%.7+$!+$((.+7!0$!,3&!0&+$!1$!
23?&,!0$%+*&7!5*&+$!$'!3'$!23$,1.'23$!1&+1.'(7*'1$!.3!1.--$'7!&,!0$%+*&7!+8*G&+!B!%.(!)*+.,$(@!!
('F'51056$% 6"D6% '5% 4'BF'E6056% &'B% WJ./=*,% =;+W/*,/../,% 1'% F04G0#6'% H"55N6'67$% 1'% 640A0#&%
E"5BE#'5E#'DU$% 1'% 3"55'% A"&"567% '5A'4B% &'B% 0D64'B% '6% 1P0#1'% 0DU% 7E"5"2#LD'2'56% G0#3&'B$% 6"D6%
N64'% 0% &'% 14"#6% 1P'U#M'4% LD'% E'B% A0&'D4B% 0#'56% &0% F4#"4#67% BD4% 6"D6'% 0D64'% E"5B#17406#"5% 1'%
(9;W/;J;(/%105B%&'%M4"DF'$%&P'564'F4#B'%E"22D50D60#4'%"D%&P0E6#"5%506#"50&'8%
%
b.3(!*%$`!*3((&!)*+5*&7$-$'7!,$!0+.&7!0$!0&+$!,?$55$7!23$!%.3(!5*&7!,$!1.-).+7$-$'7!93-&,&*'7!$'%$+(!%.3(%
O% B#% A"DB% 0A'Y% E"5BE#'5E'% 1P'5% 0A"#4% 3'B"#58% (P'B6% F4"303&'2'56% LD'% A"64'% H"55N6'67% '6% A"64'%
B"&&#E#6D1'% F"D440#'56% N64'% 57E'BB0#4'B% F"D4% 47B"D14'% "D% E&04#G#'4% D5'% E'460#5'% B#6D06#"5% F"D4% &'%
3#'5%1'%6"DB8%
N4),&23$`! %.7+$! 1*(! *%$1! G$'7&,,$(($! 6! 0&7$(! G$'7&-$'7! B! ,?*37+$! 1$! 23$! %.3(! +$(($'7$`! 0*'(! ,$(!
1&+1.'(7*'1$(! 08(*G+8*>,$(! )+8($'7$(! $7! $4),&23$`! 1$! 23&! %.3(! *! 5*&7! %.3(! ($'7&+! *&'(&@! n$! 0&7$(! )*(!a!
P!b.3(!*%$`!5*&7!1$1&!$7!1$,*!Q!)*+1$!23$!,?*37+$!*3+*!,?&-)+$((&.'!23$!%.3(!,?*113($`!$7!%.3(!8%$&,,$+$`!
&--80&*7$-$'7! ,$! -81*'&(-$! 0$! 085$'($! 0$! (.'! $G.@! N'(3&7$"! ,*! 1.'5+.'7*7&.'! 0$%&$'0+*&7! 0&55&1&,$! $7!
08(*G+8*>,$!).3+!%.3(!0$34@!I.3+!1.--3'&23$+!*%$1!3'$!)$+(.''$!0.-&'8$!)*+!(.'!$G."!%.3(!0$%$`!
1.'7&'3$,,$-$'7! )*+,$+! 0$! 7$,,$! -*'&<+$! 23?$,,$! '$! ($! ($'7$! #*-*&(! -$'*18$@! W?$(7! 1$,*"! ,?*+7! 0$! ,*!
1.--3'&1*7&.'!*&-*'7$!$7!%.3(!'$!).3%$`!,?*))+$'0+$!23$!)*+!$((*&!$7!819$1!$7!)*+!,*!)+*7&23$@!
W9*23$!5.&(!23$!%.3(!+$-).+7$`!3'$!%&17.&+$!(3+!%.7+$!$G."!&,!%.3(!0$%&$'7!0?*37*'7!),3(!5*1&,$!0$!%.3(!
+$,&$+!B!*37+3&!)*+1$!23$!%.3(!*++&%$`!B!1.-)+$'0+$!,$!5.'17&.''$-$'7!0$!,?$G.!$'!7.3(!,$(!*37+$(@!

!
!01234'#5625748'$9'-24'%;')<124<' EB' ,54415'>'
R%$1!,$!7$-)(!$7!%.7+$!,&>8+*7&.'!)+.G+$((&%$!0$(!G+&55$(!0$!%.7+$!$G."!%.3(!081.3%+&+$`!23$"!0$!),3(!$'!
),3("!%.3(!).3%$`!81.37$+!,$(!*37+$(!*%$1!,?$-)*79&$!0$!,?c-$!$7!*%$1!*-.3+@!J?&,(!($!1.-).+7$'7!0?3'$!
5*O.'!23&!%.3(!*3+*&7!#*0&(!>,$((8!.3!.55$'(8"!%.3(!($'7&+$`"!$'!,&$3!$7!),*1$"!,$!+&+$!-.'7$+!$'!%.3(@!b.3(!
(*3+$`!*,.+(!23$!%.7+$!c-$!$(7!$'!1.'7*17!0&+$17!*%$1!,*!("5BE#'5E'%I#A#5'!6!1*+!,"5!87*7!'*73+$,!$(7!,$!
+&+$@!
A$!+&+$!$(7!3'$%#2FD&B#"5%1'%E"5BE#'5E'% 23&!($!)+.)*G$!B!7+*%$+(!%.(!1&$34"!0?3'$!),*'<7$!B!,v*37+$"!B!
7+*%$+(!%.7+$!%.&$!,*178$!$7!#3(23?*34!1.'5&'(!0$!,?&'5&'&@!R3((&!&'5&'&!23$!,*%I#A#5'%("5BE#'5E'$%&,!$(7!%$'3!
B!,?$4&(7$'1$!*3!-.-$'7!03%f#M%f05M8%
<DP'B6[E'% LD'% &'% *#4'%d! W?$(7! 3'$! +8*17&.'! ().'7*'8$! 0$! ,*! 1.'(1&$'1$! B! 3'$! (&73*7&.'! .k! 0$34!
8%8'$-$'7("! .3! &'1&0$'7("! .3! )$+(.''$(! (.'7! &'1.-)*7&>,$(! 6! 0*'(! ,?.+0+$! '*73+$,! 0$(! 19.($(! 6! $,,$(!
(.'7!87+*'G<+$(!,?3'$!B!,?*37+$!6!$'!08(*11.+0!.3!$'!.)).(&7&.'@!
W?$(7! 3'$! 470E6#"5% '5% EH0a5'! 23$! %&%$'7! 7.37$(! ,$(! 19.($(! 0$(! $()<1$(! (3)8+&$3+$("! 1*)*>,$(! 0$!
#3G$-$'7!.3!0$!)$+1$)7&.'@!+&%7&#2#5'%&'B%6'5B#"5B@!A*!P!+8*17&.'!$'!19*H'$!Q!($!+$(($'7!*3!'&%$*3!03!
0&*)9+*G-$!23&!)+.7<G$!,$!1Z3+!$7!,$!(/(7<-$!'$+%$34@!
W.--$! %.3(! ,?*%$`! %3! $'! $4*-&'*'7! ,*! '*73+$! 0$! ,*! 1+8*7&.'"! 7.37! 1$! 23&! $(7! ).((&>,$! *! 878!5*&7"! 0*'(!
,?8%.,37&.'! 0$! ,*! 1.'1$)7&.'! $7! 0$! ,*! 1+.&((*'1$! 0$(! 1.+)(! %&%*'7("! ).3+! 1+8$+! 3'! 1.+)(! )*+5*&7$-$'7!
*0*)78!$7!1.'%$'*'7!B!,v$'%&+.''$-$'7"!*5&'!0$!)$+-$77+$!B!,?.113)*'7!03!1.+)(!0?=7+$!B!,?*&($!$7!9$3+$34!
$7!0$!%&%+$!(*'(!7$'(&.'(@!A$(!7$'(&.'(!(.'7!,$(!$''$-&$(!0$!,*!(*'78@!
N,,$(!(.'7!1.'7+*&+$(!B!,*%W9.9;-/%1'%&0%(9;,(+/;(/%I+W+;/8%
m'!81,*7!0$!+&+$!().'7*'8!$7!1.+0&*,!$(7!7.37!0?*>.+0!%813!1.--$!3'!#*&,,&(($-$'7!0$!1.'(1&$'1$!23&!($!
)+.)*G$!0*'(!,*!7=7$"!)+.%.23*'7!,?*,,<G$-$'7!0$!7.37$!,*!1.'(1&$'1$@!h,!$(7!&--80&*7$-$'7!(3&%&!0$!,*!
P!+8*17&.'! $'! 19*H'$!Q! )9/(&23$! 03! +&+$"! %813$! 1.--$! 3'! ,8G$+! >*77$-$'7! 0$! ,*! +$()&+*7&.'! (3+! ,$!
0&*)9+*G-$!).3+!8,&-&'$+!7.37$!7$'(&.'!$7!5*&+$!0&()*+*H7+$!7.37!+8(&03!0?*-$+73-$@!
I*+5.&("!,$!+&+$!)+.%.238!)*+!3'$!(&73*7&.'!7+<(!*-3(*'7$!($!)+.,.'G$!7$,,$-$'7!23$!,*!)$+(.''$!5&'&7!)*+!
=7+$!1.-),<7$-$'7!$478'38$!6!-*&(!*3((&!9$3+$3($!$7!+$G+$77*'7!23$!,$!+&+$!($!(.&7!7$+-&'8@!
A*!),3)*+7!0$(!G$'(!78-.&G'$+.'7!23$!,$!+&+$!$'G$'0+$!3'!($'7&-$'7!0$!>&$';=7+$"!-=-$!(?&,!/!*%*&7!0$!,*!
0&(1.+0$!3'$!-&'37$!*3)*+*%*'7@!J&!23$,23?3'!)$37!+&+$!(&'1<+$-$'7!$'!%./*'7!,?*>(3+0&78!0?3'$!(&73*7&.'"!
,B!.k!&,!/!*%*&7!*3)*+*%*'7!&++&7*7&.'!.3!.55$'($"!,*!7$'(&.'!0&()*+*H7!$7!0$(!+$,*7&.'(!*-&1*,$(!($!+$(7*3+$'7!
().'7*'8-$'7@!
A$! +&+$! $(7! 3'! %8+&7*>,$! 0.'! 0?*-.3+! ).3+! ,*! 1+8*73+$! ).((808$! )*+! (.'! $G.! $7! 23&! *! >$(.&'! 0$! (?$'!
,&>8+$+@!
!
A*! )3,(&.'! 8G.e23$! +$,c19*'7! )+.G+$((&%$-$'7! (.'! $-)+&($! (3+! %.7+$! $()+&7! $7! %.(! 8-.7&.'("! %.3(!
081.3%+&+$`! 23$! ,$! +&+$! %.3(! %&$'0+*! ().'7*'8-$'7! $7! %.3(! *)).+7$+*! 3'$! -$+%$&,,$3($! ($'(*7&.'! 0$!
,&>8+*7&.'@! A*! P!+8*17&.'! $'! 19*H'$!Q! 03! +&+$! 8,<%$! %.(! 5+823$'1$(! %&>+*7.&+$(! 0$! 1.'(1&$'1$! '.'!
($3,$-$'7!)*+1$!23$!1?$(7!0$!,?8'$+G&$!,&>8+8$!,B!.k!%.3(!$'!*%$`!,$!),3(!>$(.&'!6!*3;0$((3(!03!1Z3+"!
0*'(!%.7+$!0&*)9+*G-$"!,$!(&<G$!0$!%.(!8-.7&.'(!;"!-*&(!)*+1$!23$!,$!*+*/!$(7!0$!,*!)3+$!("5BE#'5E'%
I#A#5'@!
J#5B#$%&'%4#4'%'B6%I#A#58%

!
!01234'#5625748'$9'-24'%;')<124<' EC' ,54415'>'
%
!-%$4$"%-+% <@+1-%-=/(=+%*=+'1*-01E% N'!,&(*'7!1$(! .'664'B!$7!$'!-80&7*'7"!)$'0*'7!23$!%.(!'&%$*34!0$!
5+823$'1$(!%&>+*7.&+$(!0$!1.'(1&$'1$!(?8,<%$'7"!%.3(!081.3%+&+$`!23$!%.7+$!$()+&7!'?$(7!),3(!B!,?*&($!*%$1!
,$(! %&$34! (198-*(! -$'7*34@! b.3(! +$19$+19$+$`! 0$(! -./$'(! $7! 0$(! 5*O.'(! 0$! ,$(! 8#$17$+! 0$! %.7+$!
1.'(1&$'1$@!N'!%.3(!8,$%*'7!()&+&73$,,$-$'7!$7!$'!87*'7!0$!),3(!$'!),3(!08(&+$34!0$!%.3(!0819*+G$+!0$!
90),*@=,% 'F@GD0-,% H0;(*=-,!&'08(&+*>,$("!,$!1.'5,&7! 0*'(! %.7+$! ($'(&>&,&78!%.3(! 0$%&$'0+*! 0$!),3(! $'!
),3(!)$(*'7"!$7!%.3(!*()&+$+$`!*,.+(!B!)+&$+!).3+!+$1$%.&+!03!(.3,*G$-$'7@!b.3(!081.3%+&+$`!23?$'!%.3(!
7.3+'*'7! %$+(! ,*! ("5BE#'5E'% I#A#5'% '6% '5% 1'2051056% 041'22'56% &PJ#1'% I#A#5'$% E'66'% 0#1'% A"DB%
A#'5140% Bi4'2'56@! b.3(! *++&%$+$`! B! %.3(! ,&>8+$+! 0$! )$'(8$(! $7! 0$! +8*17&.'(! &'08(&+*>,$("! $7! %.3(!
081.3%+&+$`! $'(3&7$! 23$! ,$! +&+$! 0$%&$'7! 0$! ),3(! $'! ),3(! ().'7*'8@! b.3(! 081.3%+&+$`! *3((&! 23$! ,$(!
7$'(&.'(!0&()*+*&(($'7!$7!23$!%.(!)$'(8$(!0$%&$''$'7!>$*31.3)!),3(!,8G<+$("!%.(!+$,*7&.'(!),3(!5*1&,$("!
),3(! *55$173$3($("! >$*31.3)! ),3(! *))+.>*7+&1$("! ),3(! 1.'(1&$'7$(! 0$! ,*! %&$! $,,$;-=-$! $7! 0$! 7.37! 1$!
23?$,,$! *! B! %.3(! .55+&+"! B! %.&+! $7! B! %&%+$@!b.3(!7&+$+$`! 0*%*'7*G$! 0$! #.&$!0$! ),*&(&+(! (&-),$("! %.3(! ($+$`!
-.&'(! >,*(8! 0*'(! %.(! *))87&7("! %.3(! *3+$`! >$(.&'! 0$! -.&'(! 0$! '.3++&73+$"! 0$! 0&%$+7&(($-$'7(!T! %.3(!
($+$`! ),3(! 9$3+$34! 0$! %.7+$! )+.)+$! 1.-)*G'&$! $7! 1.--$'1$+$`! 5&'*,$-$'7! B! %.3(! +8#.3&+! $'! <@+1-%
91@91-%.@;9(F=*-%9(1.-%D0-%)(%IJKLI4"KI"%5424K"%*=/0,-1(%<@+1-%.@=,.*-=.-%H0;(*=-%M-%L@=%
91@91-!"+(+%,0N)*;-%M-%O4"KA7#$"E%
P-+*+%Q%9-+*+%<@0,%1-+@01=-1->%Q%<@+1-%'+(+%R%MS-=/(=+%TU%D0*%.@=+-;9)-%)-%;@=M-%MS0=%V*)%H-01-08%
-+%.01*-08E%
h,!'$!(?*G&7!)*(!0$!(8'&,&78!T!&,!(?*G&7!0?3'!87*7!),3(!1.'(1&$'7!$7!),3(!%&>+*'7"!23$,!23$!(.&7!%.7+$!cG$@!!
!
IS-,+%R%)S'+(+%MSB+1-%T%M@=+%W-%9(1)(*,%D0(=M%W-%M*,(*,%X%R%Y%;@*=,%D0-%<@0,%=-%1-M-<-=*->%.@;;-%
M-%9-+*+,%-=/(=+,U%<@0,%=S-=+1-1->%9(,%M(=,%)-%$@Z(0;-%M-,%I*-08%TE%"=%/(*+U%WS(*%M*+%D0-%)@1,D0-%
<@0,% -=+1->% M(=,% )-% $@Z(0;-% M-,% I*-08U% <@0,% M-<-=->% .@;;-% 0=% 9-+*+% -=/(=+% C% 0=% -=/(=+%
';-1<-*))'%-+%W@Z-08E%%
[-%M@==-%.-,%!-++1-,%(0%;@=M-%(/*=%D0-%.-08%D0*%)-,%)*,-=+%-+%)-,%(N,@1N-=+%90*,,-=+%/*=()-;-=+%
-=+1-1% M(=,% )-% R%$@Z(0;-% M-,% I*-08%T% -+% (++-*=M1-% .-+% '+(+% M-% W@*-% D0*% 91@<*-=+% M-% )(% 901-+'%
MS-,91*+%-+%M-%)S*==@.-=.-E%
%
./,%/K/*(+(/,%,]+*+-=/.,%
J&!0$(!G$'(!%.3(!0&($'7!0$!)*+7&1&)$+!B!0$(!P!$4$+1&1$(!()&+&73$,(!Q!$7!P!0?&-*G&'$+!Q!1$+7*&'$(!1.'0&7&.'(!
6! (./$`! (i+! 23$! (&! %.3(! (3&%$`! 1$(! &'(7+317&.'("! %.3(! '$! 5$+$`! 23$! +$(7$+! $'+*1&'8! 0*'(! ,*! 0&-$'(&.'!
-*78+&$,,$! 0$! ,?$G.@! A?&-*G&'*7&.'! '?*! +&$'! B! %.&+! *%$1! P!,?$()+&7!Q@! A?&-*G&'*7&.'! $(7! ,?$4$+1&1$! 0$! %.7+$!
)+.)+$! 1.'(1&$'1$! 93-*&'$! 23$! %.3(! 0$%+&$`! $((*/$+! 0$! 7+*'(1$'0$+! $'! *1180*'7! B! 0$(! '&%$*34!
(3)8+&$3+(!0$!1.'(1&$'1$!()&+&73$,,$@!W$(!'&%$*34!'$!(.'7!)*(!0$(!'&%$*34!&-*G&'*&+$(!-*&(!0$(!'&%$*34!
0$! P!U8*,&78!Q! ;! 0$(! '&%$*34! ()&+&73$,(! +8G3,&$+(! 0$! 5+823$'1$(! %&>+*7.&+$(! 0$! ,*! 1.'(1&$'1$! ()&+&73$,,$@!
A$(!5+823$'1$(!()&+&73$,,$(!(.'7!1$,,$(!0$!,*!1.'(1&$'1$!()&+&73$,,$!D&%&'$"!$7!'.'!1$,,$(!0$!,?&-*G&'*7&.'!
-$'7*,$!7$++$(7+$@!J./$`!0.'1!%&G&,*'7!23*'7!B!,*!)$+(.''$!23$!%.3(!*11$)7$+$`!1.--$!$'($&G'*'7@!!

!
!01234'#5625748'$9'-24'%;')<124<' ED' ,54415'>'
J$3,(! P!,?h--.>&,&78!Q! $7! ,$! P!J&,$'1$!Q! *>(.,3(! 0$! %.7+$! 1.'(1&$'1$! %.3(! .3%+&+.'7! ,$(! ).+7$(! 23&!
)$+-$77+.'7!B!,*!("5BE#'5E'%I#A#5'!0?$'7+$+! 0*'(!%.7+$!$()+&7!$7!1?$(7!,B!1$!23$!7.37!,$!-.'0$!0$%+*&7!
+$19$+19$+@! J&! %.3(! *%$`! (.&5! $7! *%$`! >$(.&'! 0$! >.&+$! 6! ).3+23.&! &-*G&'$+! 23$! %.3(! =7$(! B! 1o78! 0?3'!
,*1!l! R,,$`! %$+(! ,$! ,*1! $7! >3%$`;$'! ,?$*3! )3+$! $7! +*5+*H19&((*'7$@! F$! +8)<7$"! ,?&-*G&'*7&.'! '?$(7! )*(!
()&+&73$,,$!6!1?$(7!,?$4$+1&1$!0$!%.7+$!%.,.'78!*3!($&'!0$!%.7+$!'&%$*3!*173$,!0$!1.'(1&$'1$@!
%
./%*J(+,!/%
I.3+!%.3(!23&!=7$(!*++&%8!B!1.-)+$'0+$!,*!%8+&78!1.'1$+'*'7!P!23&!%.3(!=7$(!$'!+8*,&78!Q"!#?*&-$+*&(!%.3(!
)*+,$+!0$!,*!)+8.113)*7&.'!-.'0&*,$!*3!(3#$7!03!P!+*1&(-$!Q@!!
F$!%.30+*&(!23$!%.3(!(*19&$`!23$!1$!)+.).(!(3+!,$!URWhJdN!'$!'*H7!23$!0$!,*!)3,(&.'!8G.e23$!0$!1$34!
23&!($! (.'7!$34;-=-$(!($'7&(!-8)+&(8(!$7!+$#$78(!03!5*&7!0$!,$3+(!0&558+$'1$(!+*1&*,$(@!W$(!($'7&-$'7(!
(.'7! (&! )+.5.'08-$'7! $'+*1&'8(! 0*'(! ,$! P!-.&!Q! 23$! 6! 23$,(! 23$! (.&$'7! ,$(! 19*'G$-$'7(! 23$! ,$(!
1&+1.'(7*'1$(! ,$3+! *)).+7$'7! $7! 23$,,$! 23$! (.&7! ,$3+! )+.G+$((&.'! 0*'(! ,*! %&$"! ,$3+! )$+-$77*'7! -=-$! 0$!
0$%$'&+!0$(!)$+(.''*G$(!0?3'$!$47+=-$!&-).+7*'1$!(3+!,*!(1<'$!-.'0&*,$"!&,!+$(7$+*!7.3#.3+(!$'!$34!3'!
($'7&-$'7!0?&'*0823*7&.'!$7!0$!+$(($'7&-$'7!1.'7+$!,$(!G$'(!23&!,$(!5&+$'7!B!,?.+&G&'$!($!($'7&+!&'58+&$3+(@!
h,!0$%+*&7!=7+$!1.-)+&(!23$!0$!7$,(!($'7&-$'7(!0?&'58+&.+&78!'$!(.'7!)*(!,$!)+.)+$!0$(!+*1$(!'.&+$(@!
W$(!($'7&-$'7(!P!0?$47+=-$!&'58+&.+&78!Q!(.'7!%813(!)*+!,*!-*#.+&78!0$(!)$+(.''$(!(.3-&($(!*3!(/(7<-$!
0$(!1*(7$(!$'!h'0$"!*34!0&(7&'17&.'(!0$!1,*(($(!0*'(!,*!13,73+$!$3+.)8$''$!$7!0*'(!,$(!)*/(!.k!,?.'!5*&7!
3'$! -.'7*G'$! 0$(! P!0&558+$'1$(!Q! $'7+$! 3'$! )$+(.''$! $7! ,?*37+$@! W$(! ($'7&-$'7(! 0.3,.3+$34! $7!
08(7*>&,&(*'7(! 0$! P!1.'0&7&.'! (.1&*,$! &'58+&$3+$!Q! (.'7! 8)+.3%8(! -=-$! )*+! ,$(! )$+(.''*G$(! 0&7(!
&-).+7*'7(!23&!'$!(.'7!#*-*&(!7.37!B!5*&7!B!,?*&($!0*'(!,$3+!).(&7&.'!0?*37.+&78@!
W$! ($'7&-$'7! 0?&'*0823*7&.'! $7! 0?&'58+&.+&78! $(7! $'08-&23$! 0*'(! ,*! +*1$! 93-*&'$"! 23$,,$! 23$! (.&7! ,*!
).(&7&.'"!,*!+*1$!.3!,?8031*7&.'!0?3'!&'0&%&03@!
A$!($'7&-$'7!0?&'58+&.+&78!)+.%&$'7!$'!G+*'0$!)*+7&$!0$!,*!1.'(1&$'1$!7+<(!)+.5.'0$!0$!,*!)(/198!23$!,$!
1.-).+7$-$'7!8G.e23$!$(7!1.'7+*&+$!*34!)+&'1&)$(!,$(!),3(!8,$%8(!0$!,?$4&(7$'1$!93-*&'$@!A.+(23$!1$77$!
)3,(&.'! 0?&'58+&.+&78! '*73+$,,$! $7! &''8$! $(7! +$'5.+18$! )*+! ,*! )+.4&-&78! 0?*37+$(! )$+(.''$(! *))*+$--$'7!
),3(! )+$(7&G&$3($(! .3! */*'7! -&$34! +83((&"! 1$! ($'7&-$'7! '*73+$,! 0?&'*0823*7&.'! )+$'0! *,.+(! 0$(!
1.''.7*7&.'(!&'7.,8+*>,$(@!
A$!($3,!-./$'!0$!(3+-.'7$+!0$(!($'7&-$'7(!$79'&23$(!0.3,.3+$34!0$!+$#$7"!-=-$!19$`!0$(!G$'(!23&!.'7!
+83((&! 0*'(! ,*! %&$"! $(7! 0?*++&%$+! B! )+$'0+$! 1,*&+$-$'7! 1.'(1&$'1$! 23$! (?&,! '?/! *%*&7! )*(! $3! 7.3(! 1$(!
>.3,$%$+($-$'7(! $79'&23$("! 1$(! 08),*1$-$'7("! 1$(! *++&%8$(! 0?87+*'G$+(! $7! 0?&--&G+8(! *%$1! ,$3+(!
0&558+$'7(!,*'G*G$"!13,73+$!$7!8031*7&.'!$7!,$3+!(.3-&((&.'!B!%.7+$!87*7!$7!B!%.7+$!-.0$!0$!%&$!'*73+$,("!
,$(! 0&%$+($(!+*1$(! '?.113)$+*&$'7! )*(!-*&'7$'*'7! 0$(! ).(7$(! B! +$().'(*>&,&78!$7! 0$(! (7*737(!-.'0&*34!
23$!1$+7*&'(!*77$&G'$'7!*3#.3+0?93&@!
I*+!1.'(823$'7"!,$!($3,!*17$!0$!G38+&(.'!.3!0$!+$'.3%$,,$-$'7!0$!%&$!$(7"!(3+!1$!(3#$7"!0$!-80&7$+"!0$!
+85,819&+"!0$!)$'($+!$7!0?&'7$++.G$+!,*!A3-&<+$!D&%&'$!#3(23?B!1$!23$!%.3(!)3&((&$`!0&+$!$'!7.37!9.''=7$78!a!
P!J$&G'$3+"!#$!(3&(!(&'1<+$-$'7!1.'7$'7!$7!9$3+$34!23$!7.37$(!1$(!19.($(!7$++&>,$(!*&$'7!$3!,&$3@!g+c1$!B!
$,,$("! #$! (3&(! .k! #$! (3&(! *3#.3+0?93&"! G+c1$! B! $,,$(! &,! -?*! 878! 0.''8! ,?.11*(&.'! 0$! 7$(7$+! $7! 0$! 5*&+$!
,?$4)8+&$'1$! 0$(! ,&-&7$(! 0$! -.'! $'03+*'1$"! 0$! -.'! &'7$,,$17"! 0$! -$(! 8-.7&.'(! $7! 0$! -$(! 7*,$'7(@! F$!

!
!01234'#5625748'$9'-24'%;')<124<' E>' ,54415'>'
)$34!-$!-$(3+$+!*34!*11.-),&(($-$'7(!0?*37+$(!+*1$(!6!$7!)$37;=7+$!1.'7&'3$+!B!*))+$'0+$!B!-?8,$%$+!
$'1.+$! 0*%*'7*G$! )*+! +*)).+7! B! -$(! 08>37(@! F$! _$! +$-$+1&$! 0$! +$1$%.&+! ,*! 5.+1$! $7! ,?&'()&+*7&.'! 0$!
08-.'7+$+! -.'! 8G*,&78! 5.'0*-$'7*,$! *%$1! 7.3(! ,$(! *37+$(! 6! #?$'%.&$! -$(! )$'(8$(! 0$! G+*7&730$! $7!
0?*-.3+!B!1$34!23&!.'7!).(8"!&,!/!*!7*'7!$7!7*'7!0?*''8$("!,$(!>*($(!0$!-.'!>&$'!)+8($'7@!Q!
b.3(!).3%$`!*3((&!+85,819&+!*3!5*&7!23?&,!*!878!&'8%&7*>,$"!($,.'!,$(!.9+,%1'%&P/K+,-/;(/"!23$!1$34!23&!
87*&$'7!&-),&238(!0*'(!,*!7+*&7$!0$(!$(1,*%$(!$7!*37+$(!8%8'$-$'7(!7+*G&23$("!.3!87*&$'7!+$().'(*>,$(!0$!
,*!0.3,$3+!.3!0$!7.+73+$(!0?*37+$(!=7+$(!93-*&'("!(.&$'7!+$%$'3(!0*'(!3'$!'.3%$,,$!&'1*+'*7&.'!$'!7*'7!
23$!-$->+$(!0$!+*1$(!)&87&'8$(!$7!(.355+$'7!7$++&>,$-$'7@!J?&,(!(.'7!'8(!0$!1.3,$3+!'.&+$"!&,!$(7!),3(!23$!
)+.>*>,$!23?&,(!*&$'7!$4&G8!*%$1!%&.,$'1$!,?8G*,&78!$7!,$!7+*&7$-$'7!93-*&'!0$(!'.&+(@!D$!7$,,$(!)$+(.''$(!
)$3%$'7! -=-$! *%.&+! 878! %.7+$! *++&<+$;G+*'0;)<+$! .3! %.7+$! )<+$! 6! $7! %.3(! ).3++&$`! %.3(! 0$-*'0$+!
).3+23.&! ,*! %&$! *! (&! -*,! 7+*&78! 1$77$! P!)*3%+$! c-$!Q@! h'%$+(8-$'7"! ,$(! P!>,*'1(!Q! 23&! )*((*&$'7! 0$(!
-$'.77$(! *34! '.&+(! $7! ,$(! $-)+&(.''*&$'7! 0*'(! 0$(! 1*19.7("! ).3++*&$'7! $'! 1$! -.-$'7! =7+$! $'1.+$! $'!
7+*&'! 0$! 1+8$+! ,$! 19*.(! 19$`! 0?*37+$(! G$'(! $'! .113)*'7! ,*! 1,*(($! (.1&*,$! 0$! 7.37$(! ,$(! +*1$(! 23&! ($!
+$>$,,$'7! $'! %.1&58+*'7! 1.'7+$! ,$! )*((8@! h,! ).3++*&7! >&$'! (?*G&+! 0?3'! )*((8! 23?&,(! *%*&$'7! $34;-=-$!
1.'7+&>38!B!1+8$+@!
!
W?NJ_!mn!pRh_!23$!,$(!G$'(!($!+8&'1*+'$'7!0*'(!0&%$+($(!1.319$(!0$!,*!(.1&878"!0*'(!0&%$+($(!+*1$("!
*5&'! 0$! )$+-$77+$! B! ,?c-$! 0?*))+$'0+$! 23$,23$! ,$O.'! (&G'&5&1*7&%$! *3! 1.3+(! 0$! (.'! .0/((8$! %$+(! ,*!
WqnJWhNnWN!W\UhJ_hfmN@!
n?.3>,&$`!)*(!,$!)+&'1&)$!5.'0*-$'7*,!0$!,?$4&(7$'1$@!b.3(!1+8$`!%.3(;-=-$!%.(!,$'0$-*&'(@!
b.3(!*)).+7$`!B!-*'&5$(7*7&.'"!*3((&"!7.37!1$!0.'7!%.3(!*%$`!>$(.&'!).3+!%.7+$!8,8%*7&.'!$'!*,,*'7!0*'(!
1$! ($'(@! f3$! %.3(! $'! (./$`! 1.'(1&$'7! .3! '.'"! $'! $((*/*'7! 0?*-8,&.+$+! %.(! 1.'0&7&.'(! 0$! %&$"! %.3(!
*1180$`!().'7*'8-$'7!B!0$(!'&%$*34!(3)8+&$3+(!0$!1.'(1&$'1$!()&+&73$,,$@!
W.--$! #$! %.3(! ,?*&! 08#B! 0&7"! ,*! bqAqn_N! DhbhnN! $(7! 0$! ,&>8+$+! ,*! 1+8*7&.'! 0$! 7.37$! 7$'(&.'! $7! )*+!
1.'(823$'7"! ,$(! ,$O.'(! '81$((*&+$(! ).3+! %.3(! 5*&+$! *1180$+! B! ,*! W.'(1&$'1$! D&%&'$! ($! -*'&5$(7$+.'7!
0*'(!%.7+$!%&$@!!
IRUDqnnNu! 0.'1"! 1*+! %.3(! '$! (*%$`! )*(! %+*&-$'7! 23$,! $(7! ,$! %./*G$! 0$! %.7+$! c-$! B! 7+*%$+(! 0$!
'.->+$34!(&<1,$(!0?$4&(7$'1$!7$++$(7+$@!b.3(!'?*%$`!*313'$!1.''*&((*'1$!0$!1$!23$!%.3(;-=-$!*%$`!
5*&7!0*'(!0$(!%&$(!*'78+&$3+$(@!I*+0.''$`!,$!)+8($'7"!)*+0.''$`!,$!)*((8!$7!*11$)7$`!23$!>$*31.3)!0$!
>&$'!$'!*&7!081.3,8"!*))+$'$`!B!>8'&+!$7!B!*&-$+!1$34!0.'7!%.3(!)$'($`!23?&,(!%.3(!.'7!>,$((8"!%.3(!.3!
%.(!*'1=7+$(@!
N7!%.3("!23&!.113)$`!*173$,,$-$'7!3'$!)$*3!23&!$(7!5.+7$!0$!($(!)+&%&,<G$("!1.'(&08+$`!,$(!*37+$(!+*1$(!
$7!,$3+(!)+.>,<-$(!$7!+85,819&(($`!*3!5*&7!23$!%.3(!).3++&$`"!0*'(!3'$!%&$!5373+$"!.113)$+!3'!1.+)(!0$!
085*%.+&(8!$7!$'!%$'&+!B!(*%.&+!6!0$!)+$-&<+$!-*&'!6!B!23.&!+$(($->,$!,$!5*&7!0?=7+$!'8!*%$1!,$!($'7&-$'7!
0?=7+$!3'!1&7./$'!0$!0$34&<-$!1,*(($@!U85,819&(($`!*3((&!B!%.(!%&$(!*'78+&$3+$("!-80&7$`!1$!23$! %.3(!
).3%$`!*%.&+!5*&7!.3!'$!)*(!*%.&+!5*&7!).3+!1*3($+!%.7+$!(&73*7&.'!)+8($'7$@!
A*!%8+&78!*3!(3#$7!03!URWhJdN!$(7!,*!(3&%*'7$!a!
W9*13'$! 0$(! $'7&78(! %&%*'7! (.3(! ,$! (.,$&,! 0$(1$'0! 0$! ,*! W.'(1&$'1$! D&%&'$! 0?3'$! -*'&<+$! .3! 0?3'$!
*37+$@!R34!+*1&'$(!,$(!),3(!)+.5.'0$(!$7!&'7&-$(!0$!,$3+!=7+$"!7.3(!(.'7!3'&(!0*'(!,?mnh_N@!!

!
!01234'#5625748'$9'-24'%;')<124<' =F' ,54415'>'
!
I*+!1.'(823$'7"!.k!$(7!,*!0&558+$'1$!l!
N,,$! )+.%&$'7! 0$! ,?8%.,37&.'! 0$(! $()<1$("! 0$! ,*! G8'87&23$"! 03! 1.'0&7&.''$-$'7"! 0$! ,?$'($&G'$-$'7!
7+*0&7&.''$,"! 0$(! 1.373-$(! $7! 0$(! 9*>&730$(! 8031*7&%$(! $7! 5*-&,&*,$(! 0$! +$,*7&.'! B! *37+3&! $7! 0$(!
0&558+$'1$(!0*'(!,*!-*'&<+$!0$!)$'($+@!!
W$!'?$(7!)*(!,*!1.3,$3+!0$!)$*3!23&!%.3(!0&%&($@!m'!)$7&7!$'5*'7"!23$,,$!23$!(.&7!(*!+*1$!$7!(*!1.3,$3+"!
7+.3%$+*"!03!5*&7!0$!(.'!&''.1$'1$!$7!0$!(*!().'7*'8&78!0?$4)+$((&.'!0$!(.&"!>.'!*113$&,!0*'(!,$!1Z3+!0$!
,*!),3)*+7!0$(!*03,7$(@!W?$(7!,*!WqnJWhNnWN!23&!%.3(!0&%&($!$7!23&!($!+$(($'7!B!19*23$!'&%$*3!0$!%.7+$!
=7+$! 6! 1*+! %.3(! =7$(! 7.3("! $'! 08)&7! 0$! %.7+$! 1.+)(! -*78+&*,&(8"! 0$(! pqUdNJ! DN! WqnJWhNnWN!
$4)+&-*'7!0$(!-.0<,$(!0$!1.'(1&$'1$!$7!0$(!pqUdNJ!DN!WqnJWhNnWN!+$1$%*'7"!0$!,*!)*+7!0?*37+3&"!
0$(!-.0<,$(!0$!1.'(1&$'1$@!A*!1.'(1&$'1$!0$!19*23$!&'0&%&03!$(7!(*!+8*,&78!6!$7!'.'!,*!1.3,$3+!0$!(*!
)$*3!.3!(.'!*))*+$'1$!6!$7!1?$(7!,*!1.'(1&$'1$!0$(!G$'(!23&!*77&+$!.3!+$#$77$!*37+3&@!
b.3(! ).3%$`! =7+$! (i+! 23$! %.3(! '$! (3+-.'7$+$`! %.7+$! ($'(! 0$! ,*! 0&558+$'1$! +*1&*,$! 23$! ,.+(23$! %.(!
(198-*(! 0$! )$'(8$! -$'7*34! S! 8-.7&.''$,(! ($+.'7! $'! 9*+-.'&$"! 0$! -=-$! 23$! ,$(! bRANmUJ! ($,.'!
,$(23$,,$(!%.3(!19.&(&(($`!0$!%&%+$!7.37!*3!,.'G!0$!,*!#.3+'8$@!_*'7!23$!1$,*!'$!($+*!)*(!,$!1*("!&,!$(7!
&'37&,$! 23$! ,$(! G$'(! ($! -$77$'7! $'! 1.,<+$! ,$(! 3'(! 1.'7+$! ,$(! *37+$(! )*+1$! 23?&,(! %&%$'7! 0$(! 0&558+$'1$(!
+*1&*,$(@N,,$(!(.'7!$'08-&23$(!0*'(!,*!1.'0&7&.'!93-*&'$@!
J&!%.3(!%.3,$`!=7+$!7.7*,$-$'7!*11$)78!*3!($&'!0?3'$!*37+$!+*1$"!&,!%.3(!5*30+*!19*'G$+!%.(!%*,$3+("!
%.7+$!)$+1$)7&.'"!%.(!&08$("!%.7+$!-.0$!0$!%&$!$7!%.(!+$,*7&.'(!B!*37+3&!*5&'!0$!,$(!*0*)7$+!B!1$34!0$!
1$77$!+*1$@!A$(!0&558+$'1$(!+*1&*,$(!-.3++.'7!*,.+(!0$!,$3+!-.+7!'*73+$,,$@!!
J&!%.3(!'?=7$(!)*(!)+=7!B!*((3-$+!,*!P!1.'(1&$'1$!Q!0$!,*!+*1$!B!,*23$,,$!%.3(!(.39*&7$`!%.3(!#.&'0+$"!
+$1.''*&(($`"! *11$)7$`! $7! UNJINW_Nu! *%$1! RdqmU! ,$(! 0&558+$'1$(! 0$! 1.'(1&$'1$@! I$+(.''$! '?*! ,$!
0+.&7!0?$4&G$+!23$!%.3(!0$%&$`!&G'.+$+!,$(!0&558+$'1$(@!
%
"#U% P!\L% 4]PJ$#YK#% ^\"% #J\#%X% .H@*,*,,->% )-,% ,+(=M(1M,% )-,% 9)0,% ')-<',% D0-% )-% ;@=M-% (% Q%
<@0,% @//1*1U%+1(<(*))->% Q% )-,% -;N1(,,-1% -+% Q% )-,% 0+*)*,-1U% -+% ()@1,U% +@0+-,% )-,% .@0)-01,%M-%9-(08% ,-%
.H(1F-1@=+% MS0=-% N-(0+'% *=+'1*-01-% =@0<-))-% Q% )(D0-))-% 9-1,@==-% =-% 9@011(% 1',*,+-1E% #@0,% )-,%
H@;;-,%.1'-1@=+%()@1,%M-,%)*-=,%-=%9(1/(*+-%H(1;@=*-E%
!S(99(1-=.-% 9HZ,*D0-% M-% .H(D0-% .@0)-01% .H(=F-1(% -+% 1-<B+*1(U% -))-% (0,,*U% 0=-% =@0<-))-% N-(0+'%
*=+'1*-01-E%
%
."4BLD'%E'B%.'664'B%0D4"56%767%1#B64#3D7'B%105B%&'%2"51'%'56#'4%'6%LD'%1'B%M4"DF'B%1'%M'5B%B'%
47D5#4"56%F"D4%A#A4'%B'&"5%&'B%&"#B%1'%&P'U#B6'5E'$%E'B%M4"DF'B%17E"DA4#4"56%LDP#&B%A#A'56%1'B%A#'B%
H042"5#'DB'2'56%F4"67M7'B$%2N2'%B#%0D6"D4%1P'DU%#&%F'D6%T%0A"#4%1D%EH0"B8%%
9h%LD'% E'% B"#6$% E'DU%LD#% BPD5#BB'56%F"D4% 0FF4'514'% C% '564'4% '6% C% A#A4'% 105B%&0% -"60&#67%1'% &P/64'%
LD'%XP0#%0FF'&7%&'%\%*"T0D2'%1'B%(#'DU%^%#&% T%0%jkkk%05B%17E"DA4#4"56%E'460#5'2'56%LD'%&'D4% A#'%
EH05M'408%

!
!01234'#5625748'$9'-24'%;')<124<' =E' ,54415'>'
@'% A"DB% '5E"D40M'% A#A'2'56% C% A"DB% 40BB'23&'4% &'% 1#205EH'% F"D4% F04&'4% 1'% A"B% 5"234'DB'B%
37571#E6#"5B$%F"D4%4'2'4E#'4%B#5EZ4'2'56%'6%1D%G"51%1D%EQD4%'6%F"D4%7&'A'4%A"64'%'BF4#6%'5%&"D056%
('%<D#%A"DB%0%1"557%&P/64'8%
!71#6'Y%'5B'23&'%0G#5%1P066#4'4%&0%("5BE#'5E'%I#A#5'$%C%640A'4B%A"64'%'BF4#6$%105B%&0%E"5BE#'5E'%1D%
2"51'$%0G#5%LD'%&0%506D4'%1D%I#A#5%FD#BB'$%1'%F&DB%'5%F&DB$%#2F47M5'4%&0%506D4'%1'%&0%FBTEH7%1D%
2"51'%1'%,"5%J2"D4%6405BE'510568%
W"B% M4"DF'B% 72'664"56% D5'% 75'4M#'% 1'% E"5BE#'5E'% BF#4#6D'&&'% LD#% #5G&D'5E'40% &'B% 75'4M#'B%
2'560&'B%0D6"D4%1'%A"DB8%
@P0#2'40#B% LD'% A"DB% A"DB% 40FF'&#'Y% LD'% &'% 2"51'% 5'% B'% 64"DA0#6% F0B% 105B% D5'% B#6D06#"5% 0DBB#%
GbEH'DB'% '6% 105M'4'DB'% LD051% &'B% 7M&#B'B% 1D% 2"51'% '56#'4% B'% 4'5E"5640#'56% &'% 1#205EH'% F"D4%
01"4'4%I#'D8%
('B%6'2FB%B"56%20#56'5056%F0BB7B8%W"DB%5P01"4'4'Y%F0B%I#'D8%%
W"DB% A"DB% E"5B6#6D'4'Y% D5'% B"&#1'% E"2F47H'5B#"5% 1'% &0% ("5BE#'5E'% I#A#5'% D5#A'4B'&&'2'56%
F47B'56'8%,"5%D5#A'4B0&#67%'6%&P76'51D'%1'%,0%E4706#A#67%BP'540E#5'4"56%1'%F&DB%'5%F&DB%G'42'2'56%
105B% A"64'%'BF4#6%F04%&'%2"T'5%1'%&"D05M'B%B#5EZ4'B8%I05B%&'%B#&'5E'%'6%&P#22"3#&#67$% A"DB%A"DB%
014'BB'4'Y% C% &0% (9;,(+/;(/% I+W+;/% '6% .P#5A#6'4'Y% 0A'E% 02"D4% C% F4'514'% F"BB'BB#"5% 1'% A"64'%
'BF4#6%'6%1'%A"64'%EQD48%J#5B#$%F'6#6%C%F'6#6$%A"DB%A"DB%D5#G#'4'Y%'6%&0%("5BE#'5E'%I#A#5'%F4'5140%1'%
F&DB%'5%F&DB%F"BB'BB#"5%1D%2"51'%E"22'%/&&'%'5%0A0#6%&P#56'56#"5%1ZB%&'%173D68%
%
*/+;(J*;J-+9;%
[$*31.3)!0$!G$'(!0$-*'0$+.'7!1.--$'7!&,!($!)$37"!*3!-.-$'7!0$!,*!1.'1$)7&.'"!23?3'$!c-$!)3&(($!
=7+$!7&+8$!0$!,*!("5BE#'5E'%I#A#5'"!-*&(!23$!,$!1.+)(!,3&;-=-$!)3&(($!=7+$!37&,&(8"!0*'(!,*!%&$!23?&,!%*!
%&%+$"!1.--$!%89&13,$!0?$4)+$((&.'!0$!(.&!)*+!3'$!*37+$!c-$!23&!$(7!)+=7$!B!($!+8&'1*+'$+@!!
A.+(23?3'$! c-$! $(7! )+=7$! B! $'7+$+! 0*'(! ,*! %&$! 7$++$(7+$! ).3+! (*! )+.19*&'$! )8+&.0$! 0?*))+$'7&((*G$!
7$++$(7+$"! $,,$! $(7! *77&+8$! %$+(! ,$! .3! ,$(! )*+$'7(! 23&! )$3%$'7! .55+&+! ,$(! 1.'0&7&.'(! 23&! ,3&! )$+-$77+.'7! 0$!
+8*,&($+!,?87*)$!(3&%*'7$!0$!(.'!8%.,37&.'!()&+&73$,,$@!R3!-.-$'7!0$!,*!1.'1$)7&.'"!,*!%&$&,,$!c-$!&'53($!(*!
1.'(1&$'1$!)$+(.''$,,$!0$(!%&$(!*'78+&$3+$(!$7!0$!(*!)+.G+$((&.'!()&+&73$,,$!)*((8$!0*'(!,$!)+.1$((3(!
0$!,*!1.'1$)7&.'!$7!$,,$!0$%&$'7!,?c-$!0$!,?.%3,$!5$+7&,&(8@!!
W$+7*&'$(! -<+$(! (.'7! )+$(23$! &--80&*7$-$'7! 1.'(1&$'7$(! 0?3'$! 1.'(1&$'1$! 87+*'G<+$! $'! $,,$(@! A*!
'.3%$,,$!1.'(1&$'1$!23$!,*!-<+$!+$O.&7!$'!(.'!($&'!*55$17$!)*+5.&(!)+.5.'08-$'7!,$!1.3+(!0$!(*!)$'(8$"!
(*!G+.(($(($!$7!(.'!87*7!0$!(*'78@!m'$!5.&(!,?$'5*'7!'8"!,*!-<+$!($'7!23?$,,$!+$7.3+'$!B!(.'!(.&!'.+-*,@!
A$(!-<+$(!($'(&>,$(!5.'7!(.3%$'7!,?$4)8+&$'1$!0?3'$!)+&($!0$!1.'(1&$'1$!0$!,*!0&+$17&.'!23$!)+$'0+*!,*!
%&$! 0$! ,$3+! $'5*'7! $7! )$3%$'7! )$'($+! 23$! 1$77$!)+&($! 0$! 1.'(1&$'1$! $(7! %+*&-$'7! '8$! 0$!,$3+! $'%&$! 0$!
>8>8@!
A*!+8&'1*+'*7&.'!'?$(7!)*(!9*(*+0$3($!.3!08'38$!0$!),*'&5&1*7&.'!1.98+$'7$!0&+&G$*'7!(.'!*17&.'@!
A$! >37! $(7! 7.3#.3+(! 0$! 5.3+'&+! B! ,?c-$! 23&! *11.-),&7! (.'! %./*G$! 0$! '.->+$3($(! $4)8+&$'1$(!
1.-),<7$-$'7!0&558+$'7$(!23&!*,&-$'7$+.'7!$'!1.''*&((*'1$!03!-.'0$!,*!+8($+%$!1*198$!0$!,?c-$@!h,!,3&!
5.3+'&7! 0$(! 19*'G$-$'7(! (7&-3,*'7(! $7! '81$((*&+$(! 0$! (18'*+&."! 0$! 5*-&,,$"! 0$! )$+(.''*,&78(! 0*'(! (.'!
$'7.3+*G$"!0$!($(!1*+*178+&(7&23$(!7&+8$(!0$!,*!G8'87&23$"!-*&(!6"DX"D4B"!1$!5&,!78'3!03!%./*G$!0$!,?c-$!

!
!01234'#5625748'$9'-24'%;')<124<' ==' ,54415'>'
($+*! $'5.3&! 0*'(! ,$! (3>1.'(1&$'7! $7! 5$+*! (3+5*1$! ).3+! &'5,3$'1$+! ,*! )+8($'7$! &'1*+'*7&.'"! >&$'! 23$! ,*!
)$+(.''$!)3&(($!$'!=7+$!7.7*,$-$'7!&'1.'(1&$'7$@!W?$(7!).3+23.&!&,!($!)$37!23$!,$(!1*+*178+&(7&23$("!,$(!
.)&'&.'(!7+<(!-*+238$(!.3!,$(!*->&7&.'(!)*((&.''8$(!($!)$+)873$'7!0?3'$!&'1*+'*7&.'!B!,?*37+$@!I*+5.&("!
,$(! *->&7&.'(! ($! 5.+-3,$'7! *3! 1.3+(! 0?3'$! &'1*+'*7&.'! $7! '$! ($! -*'&5$(7$'7! *%$1! (311<(! 23$! 0*'(!
,?&'1*+'*7&.'! (3&%*'7$"! 0*'(! 0$(! 1.'0&7&.'(! $'7&<+$-$'7! 0&558+$'7$(@! D*'(! 0$! 7$,(! 1*("! *%*'7! ,*!
+$'*&((*'1$"! ,?c-$! 0$%+*! *77$'0+$! 23$! ,$(! 1.'0&7&.'(! 03! -.'0$! 5*%.+&($'7! ,$! (311<(! 0$(! *->&7&.'(!
1*198$(!0$!,?c-$@!
J&! %.3(! *++&%$`! B! &-*G&'$+! 3'$! c-$! 23&! ),.'G$! 0*'(! 3'! >*((&'! +.3G$"! $'! +$((.+7! +.3G$! %&5! $7! 5*&7! (.'!
$'7+8$! 0*'(! ,*! %&$! $'! 7*'7! 23$! )$+(.''$! +.3G$! *%$1! 7.37$(! ($(! 7$'0*'1$(! +*1&*,$(! '*73+$,,$(! +.3G$("!
803238$!0*'(!(.'!$'5*'1$!B!%&%+$!3'$!%&$!P!0$!+.3G$!Q"!%.3(!1.-)+$'0+$`!23$!1$77$!c-$!23&77$!1$77$!
%&$!*%$1!>$*31.3)!0$!+.3G$!0*'(!(*!1.'(1&$'1$@!
N'(3&7$"!$,,$!),.'G$+*!0*'(!3'!>*((&'!>,$3!$7!$'!8-$+G$+*!>,$3$"!*%$1!7.37$(!,$(!1*+*178+&(7&23$(!0$!,*!
1.3,$3+!>,$3$!$7!,$!(7/,$!0$!%&$!03!)$3),$!>,$3@!N'!23&77*'7!B!'.3%$*3!,$!-.'0$"!$,,$!*3+*!*113-3,8!0$(!
5*1$77$(! 0$! 1.'(1&$'1$! >,$3$! -8,*'G8$(! *34! +.3G$(@! N7! *&'(&! 0$! (3&7$"! %&$! *)+<(! %&$"! ,*! -=-$! c-$!
8%.,3$!B!7+*%$+(!0&%$+($(!$4)8+&$'1$(!0$! 1.3,$3+("!0$!+$,&G&.'("!0$!(7*737("!0$!-*+&*G$("! 0$!($4$("!0$!
)*/("!0$!).,&7&23$(!0&558+$'7$("!#3(23?B!1$!23$"!5&'*,$-$'7"!$,,$!(?8%$&,,$!*3!5*&7!23$!1?$(7!1$!23&!,3&!*++&%$"!
23?$,,$!081&0$!23?$,,$!$(7!5*7&G38$!0$!7.37$(!1$(!1.->&'*&(.'(!0$!1.3,$3+(!6!$7!23?$,,$!'$!0$-*'0$!),3(!
23?B! *(1$'(&.''$+! 0*'(! ,*! AmdhNUN@! W?$(7! *,.+(! 23$! (.'! %8+&7*>,$! %./*G$! ()&+&73$,! 1.--$'1$!T! $7!
)+.G+$((&%$-$'7"!$'!)*((*'7!0?3'$!%&$!B!,?*37+$"!$,,$!($!08>*++*(($!03!+.3G$"!03!>,$3"!03!#*3'$"!03!%$+7"!
03! '.&+"!03!>+3'"!03!).3+)+$!*113-3,8(!0*'(!($(!%&$(!)*((8$("!#3(23?B!1$!23$"!5&'*,$-$'7"!,&>8+8$!0$!
7.37$(! ,$(! &,,3(&.'(! $7! 5*34! 1.'1$)7(! 0$! ($(! %&$(! )*((8$("! ,?c-$! (.+7$! 0*'(! ,*! AmdhNUN! $7! 23$! ,*!
+8&'1*+'*7&.'! '$! (.&7! ),3(! '81$((*&+$@! A?c-$! $(7! 5.+7$"! ),$&'$! 0$! +$((.3+1$("! 1+8*7&%$! 6! -*&(! (.'!
&'0&%&03*,&78! $(7! $'1.+$! &'7*17$! $7! $,,$! 1.--$'1$! B! *(1$'(&.''$+! 0*'(! ,$(! 0&558+$'7(! '&%$*34! 0$!
AmdhNUN!()&+&73$,,$"!*3;0$,B!0$(!5+823$'1$(!%&>+*7.&+$(!03!-.'0$@!
("22'% X'% &P0#% 1#6% 105B% E'66'% .'664'$% X'% BD#B% 6"DX"D4B% 0A'E% A"DB$% #4401#056% &0% W/*+-/% I/% .PS-*/%
105B% &'B% E"5BE#'5E'B8% ]&DB% A"DB% &#4'Y% E'B% .'664'B$% F&DB% A"DB% F4'514'Y% E"5BE#'5E'% 1'% 20%
]47B'5E'% '6% 1'% 2"5% J2"D4% '6% C% 640A'4B% E'% E"560E6$% 2'B% 0GG'E6D'DU% "3X'E6#GB% F"D4% A"DB%
BP0EE"2F&#4"568%W"DB%B'D&%B'4'Y%'5%2'BD4'%1'%34#B'4%&'%E"560E68%@P#4401#'%&PJ2"D4%LD"#%LD'%A"DB%
4'BB'56#'Y8%
@'% A"DB% &0#BB'% 2"5% J!9=*% '6% XP0BF#4'% 041'22'56% C% A"64'% F4"2F6% A"T0M'% 105B% &0% .D2#Z4'%
,F#4#6D'&&'8%
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>%
!"5% AQD% &'% F&DB% EH'4$% C% 2"#$% (H4#B6$% 'B6% LD'% E'B% ./--*/,% B"#'56% 40F#1'2'56% FD3&#7'B% '6%
1#B64#3D7'B% 0DU% M'5B% '5% LDN6'% 1'% W74#678% ,#% A"DB% E#6'Y% 2'B% ./--*/,$% A'D#&&'Y% '5% #51#LD'4% &0%
B"D4E'%64ZB%E&0#4'2'56%l%
./--*/,%I=%()*+,-$%mmm8A"#'EH4#B6#LD'8E"8Y0$%%
n-#64'%1D%.#A4'%l%./%()*+,-%*/W+/;-%O%+.%I+-%,JW`*+-`o%
()*+,-P,% ./--/*,$% mmm8EH4#B6Bm0T8E"8Y0$% nf""p% -#6&'l% ()*+,-% */-=*;,% O% ,]/Jq,% )+,% -*=-)o %
%