Secretariat of National
Aboriginal and Islander
Child Care
Learning from Good Practice:
Implementing the Early Years
Learning Framework for Aboriginal
and Torres Strait Islander Children
June 2012
!
Secretariat of National
Aboriginal and Islander
Child Care
!"#$%%&'()*+,-./0.1&23.&140*454('*2&246.&'*/&.78.9241.&23'2&23.&5+--+,4*0&
+90'*41'24+*1&3':.&(+*294;<2./&239+<03&23.49&8'924(48'24+*&4*&23.&0++/&89'(24(.&89+54-.1&
'*/&4*2.9:4.,1&23'2&4*5+96&2341&9.8+92=&!"#$%%&09.'2->&'889.(4'2.1&23.49&1<88+92=&&
!
"#$$%&#!'()*+&%,-.!/%&0)1%.!
"#$$%&#!23/4!5)167&)#!
23/4!8%9!/7:6(!;#*%.!<!=:.6&#*)#,!'#$)6#*!>%&&)67&?!
@:+A#(B#(C)#C)#!D='/!
E'F//!23/4!E:%%,.*#,+! !
@:,#)!G)+A!D='/!
=H7&)B),#*!I%.7:&1%!<!D#,#B%C%,6!/:$$7&6!4,)6!J=ID/4KL!23/4!/7:6(!=:.6&#*)#!
M77,)HH#!D='/!
!
D),?#!N:,())!
"7&B#,7$L!23/4!;%.6%&,!=:.6&#*)#!
>#.C#,)#,!=H7&)B),#*!'()*+!'#&%!=..71)#6)7,!J>=''=K!
G:**#-.!D='/!
I%C76%!<!I%B)7,#*!=H7&)B),#*!'()*+&%,!<!/%&0)1%.!/:$$7&6!4,)6!JII='//4KL!23/4!
87&6(%&,!>%&&)67&?!
!""#$%$&""'()*+,%"-&,"".'!)/0&)'
"#9#&&#!'()*+!'#&%!'%,6&%!
O#*?B:&&P@:9#,!D='/!
=H7&)B),#*!'()*+&%,-.!'%,6&%!D='/!
N)&&%*%%!D='/!
@:,+77!D='/!
!"/+&)11'!,*#.!!$&)'!)/0&)'2345)'6)/,)'354)&)7'
&
&
!"#$%%&'-1+&23'*)1&23.&?.8'926.*2&+5&@/<('24+*A&@68-+>6.*2&'*/&B+9)8-'(.&
C.-'24+*1&5+9&23.&5<*/4*0&1<88+92&2+&(+*/<(2&2341&9.1.'9(3=&D3.&:4.,1&4*&2341&8<;-4('24+*&
/+&*+2&*.(.11'94->&9.89.1.*2&23+1.&+5&23.&#<129'-4'*&E+:.9*6.*2=&
&
"#$#%&'(#)!%*)!+&,--#*!./0!
"#$$%!&'(#)*+,-./0!1#$-2%!344-2/50!6789::!
SNAICC
!
Level 1, 252-260 St Georges Rd !
North Fitzroy Victoria 3068
www.snaicc.org.au
Phone: (03) 9489 8099
!
!
!
!
!
A strong voice for our children and
families
!
SNAICC is the national non-government
peak body that advocates on behalf of
Aboriginal and Torres Strait Islander
children and families.
!
!
!"#$%&'(&)'*+%*+,&
!"! #$%&'()*%+'$""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!!
,"! -.%/'('0'12 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""3!
3"! 4.&5+*.67+$%.&5+.8.( """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""9!
9"! :$+;).7<)=0+%+.67=$(74%&.$1%/67'>74.&5+*.6 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""",!
?"! @=&027A.=&67B.=&$+$17C&=D.8'&E7F)%*'D.6"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""G!
?"!7H/+0(&.$7I=5.7=74%&'$174.$6.7'>7#(.$%+%2 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" G!
?",7H/+0(&.$7=&.7H'$$.*%.(7J+%/7=$(7H'$%&+K)%.7%'7L/.+&7J'&0( """"""""""""""""""""""""""""""""""""""""""""""" !?!
?"37H/+0(&.$7I=5.7=74%&'$174.$6.7'>7J.00K.+$1"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !M!
?"97H/+0(&.$7=&.7H'$>+(.$%7=$(7#$5'05.(7B.=&$.&6""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ,M!
?"?7H/+0(&.$7=&.7@>>.*%+5.7H'DD)$+*=%'&6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 3?!
N"! O=&%$.&6/+P678+%/7C=D+0+.67=$(7H'DD)$+%+.6""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 3Q!
G"! @=&027A.=&67B.=&$+$17C&=D.8'&E7O&=*%+*.6 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 9M!
G"!7#$%.$%+'$=07L.=*/+$17=$(7R.6P'$6+5.$.667%'7H/+0(&.$ """""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 9M!
G",7B.=&$+$17@$5+&'$D.$%6""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?3!
G"37S66.66D.$%7>'&7B.=&$+$1""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?G!
G"97F$1'+$17B.=&$+$17=$(7R.>0.*%+5.7O&=*%+*."""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?M!
G"?7H'$%+$)+%27'>7B.=&$+$17=$(7L&=$6+%+'$6""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" N,!
Q"74.&5+*.7R.>0.*%+'$6"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" NN!
Q"!7H/=00.$1.6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" NN!
Q",7:6.>)076)PP'&%6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" NM!
Q"374)PP'&%76%+007$..(.( """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" G9!
M"7H'$*0)6+'$7=$(7R.*'DD.$(=%+'$6""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" G?!
!
7
S$$.T.67
S" -=P7'>74.&5+*.7B'*=%+'$677
U" R.6')&*.7-=%&+T77
!
!
!
-. /*+0'123+4'*&
&
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!-)%*2!34&*+4$$+!-+53)0&$(!)(+!3)%-!678789!.-%:&3-.!$;-%)0-!
)3%$..!"5.0%)*&)!0$!;%$:&+-!-..-(0&)*!.-%:&3-.!0$!3$<<5(&0&-.!&(!5%#)(=!%5%)*!)(+!%-<$0-!)%-).>?!
@-&('!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!$A(-+!)(+!<)()'-+!04-2!$:-%3$<-!<)(2!$B!04-!
3$<;*-C!#)%%&-%.!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!B)<&*&-.!<)2!-C;-%&-(3-!&(!)33-..&('!
7878!.-%:&3-.>D!,4-.-!.-%:&3-.!;%$:&+-!34&*+%-(!)(+!B)<&*&-.!A&04!<$%-!04)(!E5.0!+)20&<-!3)%-=!
04-2!)%-!:&0)*!3$<<5(&02!+-:-*$;<-(0!$%')(&.)0&$(.!04)0!.&'(&B&3)(0*2!-(4)(3-!04-!*&:-.!$B!
34&*+%-(!)(+!B)<&*&-.!04%$5'4!04-!;%$:&.&$(!$B!)!A-)*04!$B!;%$'%)<.!0$!<--0!34&*+%-(F.!
A-**#-&('=!-+53)0&$()*=!+-:-*$;<-(0)*!)(+!35*05%)*!(--+.>!!
!
,4-!<)E$%&02!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!.-%:&3-.!$;-%)0-!5(+-%!04-!@5+'-0!
@).-+!G5(+-+!6@@G9!.2.0-<=!A4&34!.5;;$%0.!-)%*2!34&*+4$$+!.-%:&3-.!A4-%-!<)&(.0%-)<!
.-%:&3-.!)%-!($0!):)&*)#*-!$%!:&)#*->H!"0!;%-.-(0!@@G!.-%:&3-.!)%-!($0!3$:-%-+!#2!04-!I)0&$()*!
J5)*&02!G%)<-A$%K!6IJG9=!A4&34!&.!;)%0!$B!04-!<)E$%!()0&$()*!;$*&32!%-B$%<!)'-(+)!B$%!
-+53)0&$(=!.K&**.!)(+!-)%*2!34&*+4$$+!+-:-*$;<-(0!&(!"5.0%)*&)>!8$(.-L5-(0&)**2!04-2!)%-!)*.$!
($0!35%%-(0*2!)..-..-+!$(!04-&%!&<;*-<-(0)0&$(!$B!04-!7)%*2!M-)%.!N-)%(&('!G%)<-A$%K!67MNG9=!
)(!);;%$:-+!B%)<-A$%K!$%!*-)%(&('!35%%&35*5<!5(+-%!04-!IJG>!1(3*5.&$(!$B!"#$%&'&()*!)(+!
,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!5(+-%!04-!IJG!A&**!#-!3$(.&+-%-+!)0!)!*)0-%!0&<-=!)*04$5'4!).!2-0!
($!+)0-!B$%!04&.!4).!#--(!.;-3&B&-+>!,4&.!-C3*5.&$(!%&.K.!A&+-(&('!04-!-C&.0&('!');!&(!
+-:-*$;<-(0)*!$503$<-.!#-0A--(!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(!)(+!$04-%!
34&*+%-(!#2!-C3*5+&('!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!B%$<!04-!()0&$()*!+%&:-!
0$A)%+.!)!.0)(+)%+&.-+!L5)*&02!.2.0-<>O!!
!
,4-!7)%*2!M-)%.!N-)%(&('!G%)<-A$%K!3$(0)&(.!)!.-%&-.!$B!&(0-%P%-*)0-+!-*-<-(0.!04)0!)%-!
QB5(+)<-(0)*!0$!-)%*2!34&*+4$$+!;-+)'$'2!)(+!35%%&35*5<P+-3&.&$(!<)K&('>RS!10!4&'4*&'40.!B&:-!
K-2!$503$<-.!04)0!4$*&.0&3)**2!3);05%-!04-!Q&(0-'%)0-+!)(+!3$<;*-C!*-)%(&('!)(+!+-:-*$;<-(0!
$B!)**!34&*+%-(R>T!G&:-!K-2!;%&(3&;*-.!)%-!)*.$!$50*&(-+!04)0!)%-!&(0-(+-+!0$!5(+-%;&(!-+53)0$%.!
;%)30&3-!)(+!0$!.5;;$%0!34&*+%-(!0$!)34&-:-!04-!7MNG!$503$<-.>!N).0*2=!04-!G%)<-A$%K!.-0.!$50!
-&'40!K-2!;%)30&3-.!&(B$%<-+!#2!.$5(+!;-+)'$'&3)*!);;%$)34-.!0$!-)%*2!34&*+4$$+!04)0!
-+53)0$%.!3)(!+%)A!$(!0$!;%$<$0-!34&*+%-(F.!*-)%(&('>!!
!
U-.;&0-!#-&('!$50.&+-!04-!.3$;-!$B!04-!IJG=!<)(2!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!
.-%:&3-.!)%$5(+!"5.0%)*&)!)%-!)*%-)+2!+-*&:-%&('!04-!B&:-!7MNG!$503$<-.!04%$5'4!)30&:-*2!
&<;*-<-(0&('!04-.-!G%)<-A$%K!;%&(3&;*-.!)(+!;%)30&3-.>!,4-!&(0%$+530&$(!$B!04-!7MNG!4).!
)..&.0-+!<)(2!.-%:&3-.!0$!%-B&(-!)(+!)+);0!04-&%!;%)30&3-.!0$!;%$+53-!'$$+!$503$<-.!B$%!
34&*+%-(>!V$A-:-%=!)**!.-%:&3-.!&(0-%:&-A-+!04%$5'4!04&.!%-.-)%34!-<;4).&.-!04)0!04-!-..-(0&)*!
G%)<-A$%K!;4&*$.$;42!04)0!34&*+%-(F.!*&:-.!)%-!34)%)30-%&.-+!#2!!"#$%&'%&()!"'%&)*%+)!",$-'%&!
4).!#--(!)!K-2=!'5&+&('!3$(:&30&$(!5(+-%;&((&('!04-!A$%K!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!
1.*)(+-%!.-%:&3-.!B$%!+-3)+-.>!!
!
!
"!
!
!
,4&.!;);-%!5(;)3K.!04-!%-.5*0.!$B!)!.-%&-.!$B!"5.0%)*&)PA&+-!3$(.5*0)0&$(.!A&04!"#$%&'&()*!)(+!
,$%%-.!/0%)&0!1.*)(+-%!7878!.-%:&3-.!)(+!1(+&'-($5.!W%$B-..&$()*!/5;;$%0!X(&0.!61W/X.9!0$!
-C;*$%-!A4-04-%!)(+!4$A!04-.-!7878!.-%:&3-.!)%-!)*%-)+2!&<;*-<-(0&('!04-!7MNG>!,4-!;);-%!
B&%.0*2!-C)<&(-.!04-!5(&L5-!)(+!+-B&(&('!.0%-('04.!$B!.-%:&3-.!04)0!-<-%'-+!+5%&('!04-!
3$(.5*0)0&$(.>!,4-!.-3$(+!.-30&$(!3$(.&+-%.!&(!+-0)&*!-)34!7MNG!$503$<-=!;%&(3&;*-!)(+!;%)30&3-=!
0$!5(;)3K!4$A!04-!.-%:&3-.!&(0-%:&-A-+!&<;*-<-(0!04-.-!04%$5'4!04-&%!;%$'%)<.!)(+!;%)30&3-.>!
,4-!B&(+&('.!4&'4*&'40!04)0!<)(2!.-%:&3-.!4):-!#--(!)#*-!0$!.533-..B5**2!-(')'-!A&04!04-!
G%)<-A$%K!#-3)5.-!&0!)*&'(.!A&04!04-&%!-C&.0&('!;%)30&3-!)(+!;4&*$.$;4&-.>!1(!;)%0&35*)%=!04-!
.-%:&3-.!&(0-%:&-A-+!+-<$(.0%)0-!.0%-('04!)(+!&(($:)0&:-!);;%$)34-.!&(!+-*&:-%&('!K-2!
$503$<-.!.534!).!34&*+%-(F.!&+-(0&02=!A-**#-&('!)(+!3$((-30&$(!A&04!)(+!3$(0%2&$(!0$!04-&%!
A$%*+>!G5%04-%<$%-=!04-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!.-%:&3-.!&(0-%:&-A-+!)%-!
#).-+!5;$(!-<;$A-%&('!)(+!%-.&*&-(0!;)%0(-%.4&;.!A&04!B)<&*&-.!)(+!3$<<5(&0&-.=!)!K-2!7MNG!
;%&(3&;*->!!
!
,4-!;);-%!)*.$!-C)<&(-.!04-!<)&(!34)**-('-.!B$%!04-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
.-%:&3-.!&(0-%:&-A-+!&(!&<;*-<-(0&('!04-!7MNG=!)(+!4$A!04-2!4):-!)00-<;0-+!0$!$:-%3$<-!
04-.->!10!5(;)3K.!04-!K-2!.5;;$%0.!04)0!)..&.0!.-%:&3-.!0$!-(')'-!A&04!04-!7MNG=!#-B$%-!#%&-B*2!
+&.35..&('!$('$&('!.5;;$%0!04)0!.-%:&3-.!B--*!04-2!A&**!(--+!&(!04-!B505%->!G&()**2=!04-!;);-%!
;%$;$.-.!%-3$<<-(+)0&$(.!B$%!B505%-!)30&$(!04)0!)%-!(--+-+!0$!.5;;$%0!"#$%&'&()*!)(+!,$%%-.!
/0%)&0!1.*)(+-%!.-%:&3-.!0$!04%&:-!)(+!0$!3$(0&(5-!0$!;%$:&+-!&<;%$:-+!$503$<-.!B$%!34&*+%-(>!!!
!
#!
!
!
5%+6'1'$'78&
!
,4&.!;);-%!5.-.!)!.-%:&3-!)()*2.&.!);;%$)34!0$!&+-(0&B2!)(+!-C;*$%-!-C)<;*-.!$B!'$$+!;%)30&3-!&(!
;%$<$0&('!;$.&0&:-!$503$<-.!04%$5'4!-)%*2!34&*+4$$+!-+53)0&$(!)(+!3)%-!678789!.-%:&3-.!B$%!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(=!&(!;)%0&35*)%!04%$5'4!);;*&3)0&$(!$B!04-!7)%*2!
M-)%.!N-)%(&('!G%)<-A$%K!67MNG9>!,4-!3%&0-%&)!5.-+!0$!.-*-30!.-%:&3-.!0$!;)%0&3&;)0-!&(!04-!
%-.-)%34!%-L5&%-+Y!
• "(!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!3$<<5(&02!3$(0%$**-+!7878!3-(0%-Z!
• "30&:-*2!-(')'&('!A&04!)(+!&<;*-<-(0&('!04-!7MNG!
• [-3$'(&.-+!).!+-<$(.0%)0&('!'$$+!;%)30&3-!B$%!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
34&*+%-(!)(+!B)<&*&-.Z!)(+!
• "!%)('-!$B!5%#)(=!%-'&$()*!)(+!%-<$0-!7878!3-(0%-!3$(0-C0.!)3%$..!)**!"5.0%)*&)(!.0)0-.!
)(+!E5%&.+&30&$(.>!\4-%-!;$..&#*-!0A$!.-%:&3-.!A-%-!&(0-%:&-A-+!;-%!.0)0-!)(+!
E5%&.+&30&$(!6.--!"((-C!"!B$%!)!<);!$B!.-%:&3-!*$3)0&$(.9>!U5-!0$!.-%:&3-!+-<)(+.!&(!$(-!
3).-=!)(+!*)3K!$B!.-%:&3-.!&(!0A$!E5%&.+&30&$(.=!04&.!A).!($0!;$..&#*-!B$%!"8,=!I$%04-%(!
,-%%&0$%2!)(+!J5--(.*)(+>!!
!
/I"188!+%-A!$(!04-!-C;-%0&.-!$B!1(+&'-($5.!W%$B-..&$()*!/5;;$%0!X(&0.!61W/X.9!B%$<!)%$5(+!
"5.0%)*&)=!/I"188!I)0&$()*!7C-350&:-!)(+!<-<#-%.4&;=!)(+!K-2!7878!.-30$%!%-;%-.-(0)0&:-.!0$!
&+-(0&02!.-%:&3-.!$(!04-!#).&.!$B!04-!)#$:-!3%&0-%&)>!
!
/I"188!&(0-%:&-A-+!)!0$0)*!$B!?O!7878!.-%:&3-.!)(+!.-:-(!1W/X.>!]B!04-.-=!.&C!&(0-%:&-A.!A-%-!
3$(+530-+!&(!;-%.$(!)(+!04-!%-<)&(&('!?S!$:-%!04-!0-*-;4$(->!1(0-%:&-A.!):-%)'-+!#-0A--(!
$(-!0$!0A$!4$5%.>!G$**$AP5;!;4$(-!3$(:-%.)0&$(.!0$$K!;*)3-!A&04!);;%$C&<)0-*2!$(-!04&%+!$B!
04-!.-%:&3-.!0$!')04-%!)(2!<&..&('!&(B$%<)0&$(>![-*-:)(0!+$35<-(0.!A-%-!3$**-30-+!)(+!
%-:&-A-+!0$!.5;;*-<-(0!04-!&(B$%<)0&$(!')04-%-+!+5%&('!&(0-%:&-A.>!!
!
1(0-%:&-A.!A-%-!3$(+530-+!04%$5'4!)!.-<&P.0%5305%-+!<-04$+!50&*&.&('!)!*&.0!$B!+&.35..&$(!
0$;&3.>!,4&.!;%$:&+-+!)!'5&+-!B$%!.-%:&3-.!0$!.;-)K!0$!A&04$50!*&<&0&('!$%!;%-.3%&#&('!04-&%!
)(.A-%.>!U&.35..&$(!0$;&3.!B$35.-+!$(!.-%:&3-!4&.0$%2=!;4&*$.$;42!)(+!$503$<-.Z!
&<;*-<-(0)0&$(!$B!04-!7MNG!$503$<-.=!;%&(3&;*-.!)(+!;%)30&3-.Z!<)&(!34)**-('-.Z!)(+!.5;;$%0!
(--+.>!G%$<!04-!&(0-%:&-A!0%)(.3%&;0.=!'$$+!;%)30&3-!;%$B&*-.!A-%-!+-:-*$;-+!B$%!-)34!$B!04-!?O!
.-%:&3-.>!,4-!)++&0&$()*!+$35<-(0.!3$**-30-+!A-%-!5.-+!0$!&(B$%<!04-!;%$B&*-.>!,4-!;%$B&*-.!)%-!
):)&*)#*-!.-;)%)0-*2!6.--!.-30&$(!H9>!!!
!
,4-!;);-%!+-.3%&#-.!'$$+!;%)30&3-.!&(!+-*&:-%&('!$503$<-.!B$%!"#$%&'&()*!)(+!,$%%-.!/0%)&0!
1.*)(+-%!34&*+%-(!+%)A(!B%$<!04-!+&.35..&$(.!A&04!7878!$%')(&.)0&$(.!)(+!1W/X.>!,4-!;);-%!)*.$!
+%)A.!$(!04-!):)&*)#*-!*&0-%)05%-!0$!3$((-30!04-!%-.-)%34!0$!#%$)+-%!0%-(+.>!!
!
$!
!
!
9. :%0;43%,&4*+%0;4%<%1&
!
,4-!B$**$A&('!?O!-)%*2!34&*+4$$+!.-%:&3-.!A-%-!&(0-%:&-A-+!B$%!04&.!%-.-)%34!;%$3-..Y!
!
!
!
=%,+%0*&>2,+0"$4"&
!",B"*4"&
! 8$$*)#)%$$!I-&'4#$5%4$$+!8-(0%-=!
! "#$%&'&()*!84&*+%-(F.!8-(0%-!`"8/=!
,4$%(*&-!
[&.+$(!8$:-!
! ^)*2'5%%P_5A)(!`"8/=!@%$$<-!
! ,).<)(&)(!"#$%&'&()*!84&*+!8)%-!
!
"..$3&)0&$(!6,"88"9=!N)5(3-.0$(!
?%<&:'2+6&="$%,&
&
! M)A)%%)!84&*+!8)%-!8-(0%-=!`0!
:'2+6&>2,+0"$4"&
U%5&00a@&+A&**!
! b$$(&##)!`"8/=!b$$(&##)!
!
! @&%%-*--!`"8/=!,)<A$%04!
! `&(2)!@5(4&&=!8-+5()!
!
!
@43+'04"&
>2,+0"$4"*&)"C4+"$&!%004+'08&
! M);;-%)!84&*+%-(F.!/-%:&3-.=!`-*#$5%(-!
! _5+E)4')4<&)<&)!`"8/=!\%-3K.!@)2!
! _5()&!N&+E!`"8/=!`$%A-**!
!
! N5**)F.!`"8/=!/4-;;)%0$(!
?'0+6%0*&!%004+'08&
&
! 8$('%-..!84&*+!8)%-!8-(0%-!6"<;-!
A2%%*,$"*1&
b-(4-!";<-%-9=!"*&3-!/;%&('.!
! _5(+$$!`"8/=!84-%#$5%'!
)
"!<);!$B!"5.0%)*&)!+-0)&*&('!-)34!.-%:&3-!*$3)0&$(!&.!):)&*)#*-!).!"((-C!">!!
!
G$%!-)34!.-%:&3-=!)!c_$$+!W%)30&3-!W%$B&*-F!4).!#--(!3$<;&*-+>!,4-.-!;%$B&*-.!-C;*$%-!&(!+-0)&*!
04-!5(&L5-!);;%$)34-.!-)34!.-%:&3-!4).!0)K-(!&(!&<;*-<-(0&('!04-!7MNG!$503$<-.=!;%&(3&;*-.!
)(+!;%)30&3-.>!\4&*.0!($0!3$(0)&(-+!A&04&(!04&.!B&()*!%-;$%0=!04-.-!;%$B&*-.!)%-!):)&*)#*-!
.-;)%)0-*2!)0!AAA>.()&33>$%'>)5!$%!#2!3$(0)30&('!/I"188!6&(B$d.()&33>$%'>)59!$%!
4$**2d.()&33>$%'>)59>!
!
%!
!
!
D. E*4F2%&A2"$4+4%,&"*1&:+0%*7+6,&'(&:%0;43%,&
!
,4-!B$**$A&('!+&)'%)<!;%-.-(0.!04-!5(&L5-!)(+!&(0-%3$((-30-+!L5)*&0&-.!)(+!.0%-('04.!$B!04-!
.-%:&3-.!&(0-%:&-A-+>!,4-.-!3$(3-;0.!)%-!-C;*$%-+!04%$5'4$50!04-!;);-%>!7)34!3&%3*-!3$(0)&(.!)!
B$35.!)%-)!)(+!-C;*)()0$%2!3$(3-;0.!04)0!%-;%-.-(0!04-!5(&L5-!-*-<-(0.!04-!"#$%&'&()*!)(+!
,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!&(0-%:&-A-+!B$35.!$(!0$!+-*&:-%!3)%-!)(+!-+53)0&$(!0$!34&*+%-(!
)(+!B)<&*&-.>!!
!
!
&
&
!
!
!
!
!
#!
!
!
/-%:&3-.!&(0-%:&-A-+!+&.;*)2!)!(5<#-%!$B!+&.0&('5&.4&('!B-)05%-.!04)0!-()#*-!04-<!0$!;%$:&+-!
4&'4!L5)*&02!)(+!35*05%)**2!);;%$;%&)0-!3)%-!04)0!%-B*-30.!04-!7MNG!;%&(3&;*-.=!;%)30&3-.!)(+!
$503$<-.>!,4-!3$(.5*0)0&$(.!&+-(0&B&-+!04)0!04-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!
.-%:&3-.!&(0-%:&-A-+!)%-!&(!K-2!;$.&0&$(.!0$!-(')'-!A&04!04-!G%)<-A$%K!#-3)5.-!$B!04-&%!5(&L5-!
);;%$)34!0$!;%$:&+&('!-)%*2!34&*+4$$+!3)%-!)(+!+-:-*$;<-(0!.-%:&3-.>!,4&.!.-30&$(!$B!04-!;);-%!
3$(0)&(.!)!.();.4$0!$B!04-!3$%-!-*-<-(0.!$B!04-&%!.533-..=!A&04!.-30&$(.!!S=!T!)(+!e!+-0)&*&('!)!
<$%-!%&'$%$5.!-C;*$%)0&$(!$B!04-!;)%0&35*)%!.-%:&3-!B-)05%-.!)(+!;%)30&3-.!).!04-2!%-*)0-!0$!04-!
7MNG!$503$<-.=!;%&(3&;*-.!)(+!;%)30&3-.>!!
!
!
:2BB"08&'(&14,+4*724,64*7&,%0;43%&(%"+20%,&
!
!
• /0%$('=!4&.0$%&3)*!#).-!
!
• 8$<<5(&02!$A(-%.4&;!)(+!<)()'-<-(0!
!
• W)%0(-%.4&;.!A&04!;)%-(0.=!B)<&*&-.!)(+!3$<<5(&0&-.!
!
• ]:-%3$<-!#)%%&-%.!0$!)33-..!
!
• @5&*+!.0%-('04!)(+!.-*BP-.0--<!04%$5'4!)!B$35.!$(!&+-(0&02=!#-&('=!
!
#-*$('&('!)(+!#-3$<&('!
!
• G$35.!$(!A-**#-&('!
!
!
)
."/0',"1)$/'&'%*2")3/$-)*)12/$%&()4'12$/',*#),$--5%'26)!*1")
"!+&.0&(30&:-!B-)05%-!$B!04-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!.-%:&3-.!&(0-%:&-A-+!&.!)!
.0%$('=!4&.0$%&3)*!#).-!)%&.&('!$50!$B!3$<<5(&02!(--+>!`$.0!.-%:&3-.!&(0-%:&-A-+!4):-!#--(!
%5((&('!B$%!#-0A--(!B&B0--(!0$!0A-(02PB&:-!2-)%.=!)(+!)**!)%$.-!B%$<!)!+-.&%-!A&04&(!04-&%!
3$<<5(&02!0$!3%-)0-!#-00-%!-+53)0&$()*!3)%-!)(+!+-:-*$;<-(0!$;;$%05(&0&-.!B$%!;%-P.34$$*!
)'-+!34&*+%-(>!,4-!.0%-('04!$B!04&.!4&.0$%&3)*!3$(0-C0!3)(($0!#-!5(+-%-.0&<)0-+>!@2!'%$A&('!
B%$<!A&04&(!04-!3$<<5(&02=!.-%:&3-.!)%-!0%5*2!;-%3-&:-+!#2!;)%-(0.=!B)<&*&-.!)(+!04-&%!
3$<<5(&0&-.!0$!#-!7*/2)$3!04-!3$<<5(&02=!).!$;;$.-+!0$!)(!-C0-%()**2!&(0%$+53-+!.-%:&3->!!
!
/-%:&3-.!3)%%2!)!%&34!4&.0$%&3)*!5(+-%.0)(+&('!$B!04-&%!3$<<5(&02!&(0$!-:-%2!).;-30!$B!04-&%!3)%-!
0$A)%+.!34&*+%-(=!A&04!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.0)BB!#-&('!:&0)*!Q0$!*-)+!04)0!4&.0$%2!
).!A-**R!6[$.*2(!f$(!/-(+-(=!1W/X!J5--(.*)(+9>!1(!<)(2!3).-.!.0)BB!)(+!3$<<&00--!<-<#-%.!
A-%-!&(:$*:-+!&(!04-!-.0)#*&.4<-(0!$B!04-!.-%:&3-!6.--!B$%!-C)<;*-!N5**)F.=!M);;-%)=!,"88"=!
"#$%&'&()*!84&*+%-(F.!8-(0%-9>!,4&.!<-)(.!04)0!Q04-!4&.0$%2!3)%%&-.!$(=!&0F.!04-%-!)(+!&0F.!)305)**2!
($0!.0)(+&('!.0&**=!&0F.!<$:&('!B$%A)%+R!)(+!4-*;.!.-%:&3-.!0$!&<#5-!34&*+%-(!A&04!)!.-(.-!$B!
QA4$!2$5!)%-!)(+!A4-%-!2$5!3$<-!B%$<R!6[$.*2(!f$(!/-(+-(=!1W/X!J5--(.*)(+9>!/5;;$%0&('!
34&*+%-(F.!.-(.-!$B!&+-(0&02!g!A-**#-&('!&(!04&.!A)2!3)%%&-.!&<<-).5%)#*-!#-(-B&0.=!).!A&**!#-!
+&.35..-+!#-*$A>!
!
8$--5%'26)$9%"/14'7)
W)%-(0!)(+!3$<<5(&02!#$)%+.!$%!3$<<&00--.!)%-!)!5(&L5-!B-)05%-!$B!04-.-!.-%:&3-.=!)(+!#%&('!
<)(2!#-(-B&0.>!W)%-(0!)(+!3$<<5(&02!3$<<&00--.!-()#*-!.-%:&3-.!0$!.0)2!3*$.-*2!&(!0$534!A&04!
04-!(--+.!$B!04-!3$<<5(&02!)(+!B)<&*&-.=!).!$(-!U&%-30$%!3$<<-(0.=!04-%-!&.!Q($!;$&(0!&(!
4):&('!)!A$(+-%B5*!()<-!&(!04-!-)%*2!34&*+4$$+!3$<<5(&02!&B!$5%!$A(!*$3)*!"#$%&'&()*!
!
$!
!
!
3$<<5(&02!+$-.(F0!04&(K!A-F%-!<--0&('!04-&%!(--+.R!6@&%%-*--9>!V):&('!)!;)%-(0!$%!3$<<5(&02!
3$<<&00--!-(.5%-.!04)0!)!.-%:&3-!&.!<)()'-+!#2!04-!*$3)*!3$<<5(&02=!)(+!;%$:&+-.!)!B$%5<!
04%$5'4!A4&34!;)%-(0.!3)(!4):-!)!.)2!&(!.-%:&3-!+-3&.&$(.!h!.534!).!B--.!$%!;%$'%)<<&('>!
8$<<&00--!<-<#-%.!)%-!;%-+$<&()(0*2!3$<<5(&02!<-<#-%.=!)(+!$B0-(!4):-!34&*+%-(!$%!
%-*)0&:-.!)00-(+&('!04-!7878!.-%:&3->!,4-2!04-%-B$%-!5(+-%.0)(+!04-!+2()<&3.=!3$(0-C0=!)(+!
(--+.!$B!04-!3$<<5(&02!)(+!B)<&*&-.>!!
!
8$<<5(&02!3$<<&00--.!-()#*-!04-!.-%:&3-!0$!#-!3$(0%$**-+!)(+!<)()'-+!#2!04-!3$<<5(&02=!
A4&34!)%-!K-2!B-)05%-.!&(!-(.5%&('!04)0!;)%-(0.!)(+!B)<&*&-.!A&**!)33-..!)!.-%:&3->!".!V5034&(.!-0!
)*!($0-=!Q1(+&'-($5.!3$<<5(&0&-.!)**!)%$5(+!"5.0%)*&)!4):-!:-%2!4&'4!-C;-30)0&$(.!%-')%+&('!
04-&%!&(:$*:-<-(0!)(+!$A(-%.4&;!$B!.-%:&3-.!)(+!;%$'%)<.!;%$:&+-+!0$!&<;%$:-!)(+!.5;;$%0!
04-&%!A-**#-&('>!,4&.!%-*)0-.!0$!)**!*-:-*.!$B!+-3&.&$(P<)K&('=!;$*&32!+-:-*$;<-(0=!;%$3-..-.!)(+!
;%)30&3-.>!\&04$50!04&.!&(:$*:-<-(0!04-%-!&.!($!'5)%)(0--!$B!;)%0&3&;)0&$(>Re!"!3$<;%-4-(.&:-!
+-B&(&0&$(!$B!3$<<5(&02!3$(0%$*!B$%!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!&.!04)0!)!
.-%:&3-!&.Y!!
• Q"(!&(3$%;$%)0-+!"#$%&'&()*!$%')(&.)0&$(!
• 1(&0&)0-+!#2!)!*$3)*!"#$%&'&()*!3$<<5(&02!
• @).-+!&(!)!*$3)*!"#$%&'&()*!3$<<5(&02!
• _$:-%(-+!#2!)(!"#$%&'&()*!#$+2!A4&34!&.!-*-30-+!#2!04-!*$3)*!"#$%&'&()*!3$<<5(&02!
• U-*&:-%&('!)!4$*&.0&3!)(+!35*05%)**2!);;%$;%&)0-!4-)*04!.-%:&3-!0$!04-!8$<<5(&02!A4&34!
3$(0%$*.!&0>Ri!
!
\4&*.0!04&.!+-B&(&0&$(!3$<-.!B%$<!04-!I)0&$()*!"#$%&'&()*!8$<<5(&02!8$(0%$**-+!V-)*04!
]%')(&.)0&$(!6I"88V]9=!&0!);;*&-.!<$%-!#%$)+*2!0$!)(2!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
3$<<5(&02!.-%:&3->j0-.!4$A!&<;$%0)(0!04&.!&.!B$%!B)<&*&-.=!QE5.0!;%$:&+&('!04)0!
.5;;$%0!B$%!04-!B)<&*&-.!.$!04)0!04-2!K($A!04)0!($!<)00-%!A4)0F.!4);;-(&('!)0!4$<-!04-&%!
34&*+%-(!.0&**!3)(!)00-(+!.34$$*>R!6M)A)%%)9>!!
!
"!(5<#-%!$B!.-%:&3-.!)*.$!.;$K-!$B!04-!&<;$%0)(3-!$B!4):&('!*$A-%!B--.!0$!-()#*-!04-!<$.0!
+&.)+:)(0)'-+!B)<&*&-.!0$!)33-..!04-!3-(0%-!6^)*2'5%%=!M)A)%%)=!@&%%-*--=!8$('%-..9>?T!!
!
!
&!
!
!
<5'#+'%&)12/"%&24)*%+)1"#3="12""-)24/$5&4)*)3$,51)$%)'+"%2'26()!"'%&()!"#$%&'%&)*%+)!",$-'%&)
"**!.-%:&3-.!4&'4*&'40!04)0!04-&%!3$%-!B$35.!$(!B$.0-%&('!34&*+%-(F.!&+-(0&02!)(+!.-(.-!$B!#-&('=!
#-*$('&('!)(+!#-3$<&('!4).!'&:-(!04-<!)!5(&L5-!.0%-('04!)(+!#).&.!B%$<!A4&34!0$!&<;*-<-(0!
04-!7MNG>!](-!U&%-30$%!-34$-.!04-!.-(0&<-(0.!$B!<)(2!.-%:&3-.!&(0-%:&-A-+!&(!.0)0&('!04)0=!Q,$!
<2!<&(+!04-!7MNG!&0.-*B!h!04-!#-*$('&('=!#-&('!)(+!#-3$<&('=!&0F.!A4)0!A-!A-%-!0%2&('!0$!+$!
)(2A)2!).!-+53)0$%.>R!68$$*)#)%$$9>!"($04-%!U&%-30$%!-C0-(+.!$(!04&.=!-C;%-..&('!04)0!Q&0!4-*;.!
5.!)%0&35*)0-!$5%!35*05%)*!3$((-30&$(!0$!-:-%204&('>!,4-!$503$<-.!)(+!04-!;%&(3&;*-.!)%-!A%&00-(!
&(!)!A)2!04)0!A-!&(0-%;%-0!&0!$5%!A)2>!@-&('=!#-*$('&('!)(+!#-3$<&('!&.!.$!5.=!04)0F.!A4)0!A-F%-!
)#$50R!6@&%%-*--9>!!!
!
,4-!*&0-%)05%-!%-3$'(&.-.!04)0!)!.-%:&3-F.!3);)3&02!0$!B$.0-%!)!34&*+F.!35*05%)*!&+-(0&02!&.!3%&0&3)*>!
".!$(-!%-;$%0!4&'4*&'40.=!Q\4)0-:-%!04-!35*05%-!.;-3&B&3!0$!)(!1(+&'-($5.!B)<&*2=!04-!)#&*&02!$B!)!
34&*+!3)%-!.-%:&3-!0$!%-3$'(&.-!)(+!&(3$%;$%)0-!35*05%)*!;%)30&3-!&(0$!04-!A)2!04-!34&*+!)(+!
B)<&*2!&.!+-)*0!A&04!A).!&+-(0&B&-+!).!04-!<$.0!&<;$%0)(0!).;-30!$B!34&*+!3)%-!B$%!1(+&'-($5.!
34&*+%-(>R?e!"($04-%!)%0&3*-!-<;4).&.-.!04-!&<;$%0)(3-!$B!B$.0-%&('!35*05%-!0$!-(.5%-!04)0!
Q-:-%2!34&*+!B--*.!35*05%)**2!.)B-=!A&04!)!.-(.-!$B!#-*$('&('!)(+!3$((-30&$(=!)(+!)!B--*&('!$B!
#-&('!)0!c4$<-F>R?i!,4-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!&(0-%:&-A-+!B$35.!$(!
#-*$('&('!&(!)!(5<#-%!$B!A)2.!h!04%$5'4!+&.35..&$(.!A&04!34&*+%-(=!)30&:-*2!-(3$5%)'&('!
3$((-30&$(.!0$!B)<&*2!)(+!3$<<5(&02=!&(3$%;$%)0&('!0%)+&0&$()*!34&*+P%-)%&('!;%)30&3-.=!
3-*-#%)0&('!35*05%)*=!3$<<5(&02!)(+!B)<&*2!;%)30&3-.=!)(+!3$((-30&$(!0$!*)(+>!!
!
1(!;)%0&35*)%=!04-!7MNG!$503$<-!04)0!34&*+%-(!+-:-*$;!)!.0%$('!.-(.-!$B!&+-(0&02!&.!)!
B5(+)<-(0)*!0-(-0!$B!)**!.-%:&3-.!&(0-%:&-A-+=!)(+!$(-!A4&34!5(+-%;&(.!-:-%2!).;-30!$B!04-&%!
.-%:&3-!+-*&:-%2>!,4&.!&.!+&.35..-+!&(!+-0)&*!&(!.-30&$(!S>?>!
!
>$,51)$%)9"##!"'%&)
10!&.!'-(-%)**2!%-3$'(&.-+!04)0!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!.-%:&3-.!4):-!#--(!
+-*&:-%&('!)!.2.0-<!$B!-)%*2!34&*+4$$+!3)%-!04)0!3)0-%.!0$!34&*+%-(F.!A-**#-&('!(--+.!&(!)!4$*&.0&3!
)(+!&(0-'%)0-+!B).4&$(!B$%!+-3)+-.!61W/X!I/\!g!"8,9>!"**!3-(0%-.!&(0-%:&-A-+!;%$:&+-!.$<-!
B$%<!$B!B5%04-%!.-%:&3-.!04)0!3)0-%!0$!34&*+%-(F.!.$3&)*=!-<$0&$()*=!;42.&3)*!)(+!35*05%)*!
A-**#-&('>!G5%04-%<$%-=!)**!.-%:&3-.!.;$K-!$B!34&*+%-(F.!A-**#-&('!).!&(0%&(.&3)**2!*&(K-+!0$!04-!
A-**#-&('!$B!04-&%!B)<&*2!)(+!3$<<5(&02>!,4&.!&.!-<;4).&.-+!&(!04-!*&0-%)05%-!).!#-&('!)!
.&'(&B&3)(0!).;-30!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!.-%:&3-.>?j!/-%:&3-.!&(0-%:&-A-+!
&**5.0%)0-!4$A!04-2!;%$:&+-!.5;;$%0!0$!B)<&*&-.!)(+!3$<<5(&0&-.!04%$5'4!;)%-(0&('!)(+!4-)*04!
.-%:&3-.=!35*05%)*!;%$'%)<.!)(+!&(B$%<)0&$(!.4)%&('>![)04-%!04)(!#-&('!.--(!).!c)++!$(.F=!04-.-!
)%-!.--(!).!&(0-'%)*!3$<;$(-(0.!&(!04-&%!;%$:&.&$(!$B!3)%-!0$!34&*+%-(!)(+!B)<&*&-.>!/-%:&3-.!
&(0-%:&-A-+!-C;%-..-+!)(!5(+-%;&((&('!;4&*$.$;42!04)0!34&*+%-(F.!A-**#-&('!(--+.!0$!#-!
&(0-%;%-0-+!&(!)!A&+-!.-(.-=!-(3$<;)..&('!.$3&)*=!-<$0&$()*!)(+!;42.&3)*!A-**#-&('>Dl!".!A-**!).!
;%$:&+&('!4-)*04=!(50%&0&$(!)(+!;)%-(0&('!;%$'%)<.=!.-%:&3-.!)*.$!3$(3-(0%)0-!$(!.$3&)*!)(+!
-<$0&$()*!A-**#-&('!04%$5'4!04-&%!.0%$('!B$35.!$(!B$.0-%&('!34&*+%-(F.!&+-(0&02!)(+!.-*BP-.0--<=!
)(+!04%$5'4!(5%05%&('!)(+!.0)#*-!%-*)0&$(.4&;.!#-0A--(!34&*+%-(!)(+!.0)BB>!,4&.!);;%$)34!&.!
&**5.0%)0-+!&(!+-0)&*!&(!.-30&$(!S>H>!!
!
'!
!
!
G. H"0$8&I%"0,&J%"0*4*7&K0"B%<'0L&M2+3'B%,&
N.-&)64$10%*&O";%&"&:+0'*7&:%*,%&'(&/1%*+4+8&
)
!"#$%&'(#)%"*
,4&.!.-30&$(!-C;*$%-.!4$A!.-%:&3-.!&(0-%:&-A-+!.5;;$%0!34&*+%-(!0$!+-:-*$;!)!.0%$('!.-(.-!$B!
&+-(0&02>!,4-!7MNG!3$(.&+-%.!04-!+-:-*$;<-(0!$B!34&*+%-(F.!&+-(0&02!).!$335%%&('!A&04&(!04-!
3$(0-C0!$B!04-&%!B)<&*&-.!)(+!3$<<5(&0&-.=D?!A4&34!)%-!)*.$!.;$K-(!)#$50!#2!04-!.-%:&3-.!
&(0-%:&-A-+!).!3%&0&3)*!3$(0-C0.!A&04&(!A4&34!0$!B$.0-%!34&*+%-(F.!.-(.-!$B!&+-(0&02>!!
!
,4-!7MNG!)*.$!B%)<-.!&+-(0&02!+-:-*$;<-(0!).!$335%%&('!A4-(=!)<$('.0!$04-%!-*-<-(0.=!
34&*+%-(!B--*!.)B-!)(+!.-35%-=!)(+!+-:-*$;!)50$($<2=!%-.&*&-(3-=!)(+!K($A*-+'-)#*-!)(+!
3$(B&+-(0!.-*BP&+-(0&0&-.>DD!,4-!7MNG!+-0)&*.!)!:)%&-02!$B!A)2.!04)0!-+53)0$%.!3)(!.5;;$%0!04-.-!
$503$<-.=!&(3*5+&('!04%$5'4!&<;*-<-(0&('!*-)%(&('!);;%$)34-.!04)0!5(+-%.0)(+!)(+!#5&*+!$(!)!
34&*+F.!B)<&*2=!3$<<5(&02!)(+!35*05%)*!3$(0-C0>!,4&.!&.!B5%04-%!+-:-*$;-+!#2!04-!7MNG!7+53)0$%F.!
_5&+-=!A4&34!.0)0-.!Q85*05%-!&.!3-(0%)*!0$!)!34&*+F.!&(+&:&+5)*&02=!&+-(0&02!)(+!.-(.-!$B!#-*$('&('!
)(+!.533-..!&(!*&B-*$('!*-)%(&('R>DH!,4&.!&.!)!K-2!04-<-!-34$-+!04%$5'4$50!04-!3$(.5*0)0&$(.=!
A&04!.-%:&3-.!&(0-%:&-A-+!5()(&<$5.*2!.0%-..&('!04)0!B$%!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
34&*+%-(!)!.0%$('!35*05%)*!&+-(0&02!&.!04-!#).&.!B%$<!A4&34!$04-%!B$%<.!$B!&+-(0&02!3)(!'%$A>!!
!
,4-!;);-%!A&**!04-%-B$%-!-C)<&(-!4$A!04-!.-%:&3-.!&(0-%:&-A-+!B$.0-%!&+-(0&02>!U&BB-%-(0!
B-)05%-.!A&**!#-!-C)<&(-+!04)0!)..&.0!04&.Y!
• 7<#-++&('!35*05%)*!&+-(0&02!04%$5'4!);;%$;%&)0-!-L5&;<-(0=!%-.$5%3-.=!+&.35..&$(.!)(+!
.0$%20-**&('Z!!
• 1(3$%;$%)0&('!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+P%-)%&('!;%)30&3-.!&(0$!-:-%2+)2!
;%)30&3-Z!
• G$.0-%&('!34&*+%-(F.!3$((-30&$(!0$!()05%-!)(+!0%)+&0&$()*!5.-.!$B!04-!*)(+Z!
• 85*0&:)0&('!34&*+%-(F.!0%)+&0&$()*!*)('5)'-!.K&**.Z!)(+!
• 1(:$*:&('!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!:&.&0$%.!&(!.4)%&('!35*05%-=!)(+!0)K&('!
34&*+%-(!$(!-C35%.&$(.!0$!-(%&34!04-&%!35*05%)*!5(+-%.0)(+&('!)(+!&+-(0&02>!
!
,A$!.&'(&B&3)(0!04-<-.!&+-(0&B&-+!#2!)!(5<#-%!$B!.-%:&3-.!3$(.5*0-+!)%-!)*.$!-C;*$%-+>!,4-.-!
)%-!04)0!B$.0-%&('!)!34&*+F.!.-(.-!$B!35*05%)*!&+-(0&02!3)(!;*)2!)!:&0)*!%$*-!&(!#5&*+&('!04-&%!.-*BP
-.0--<=!)(+!3)(!)*.$!)..&.0!&(!%-3$((-30&('!04-&%!B)<&*2!0$!35*05%-!)(+!*)('5)'->!!
!
N).0*2=!04&.!.-30&$(!-C;*$%-.!0A$!B)30$%.!&+-(0&B&-+!).!-()#*-%.!&(!.5;;$%0&('!34&*+%-(!0$!+-:-*$;!
)!35*05%)*!&+-(0&02>!"!.0%$('!3$<<5(&02!$%!;)%-(0!#$)%+!3)(!4-*;!*-)+!04-!+&%-30&$(!$B!04-!
.-%:&3-!)(+!-(.5%-!04)0!&0!.5;;$%0.!35*05%-Z!)(+!.-3$(+*2!-<;*$2&('!"#$%&'&()*!)(+!,$%%-.!/0%)&0!
1.*)(+-%!.0)BB!3)(!)..&.0!&(!&<;)%0&('!35*05%-!04%$5'4!-:-%2!).;-30!$B!04-!;%$'%)<>!
!
!
(!
!
!
"P&/1%*+4+8&"*1&3'BB2*4+8&
G$%!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(=!+-:-*$;&('!)!.0%$('!&+-(0&02!&.!3$(3$<&0)(0!
A&04!+-:-*$;&('!&+-(0&02!).!)!<-<#-%!$B!04-&%!3$<<5(&02>!"**!.-%:&3-.!&(0-%:&-A-+!B$35.!$(!
.5;;$%0&('!34&*+%-(!0$!B--*!04)0!04-2!#-*$('!&(!04-&%!3$<<5(&02>!,4&.!&.!$B0-(!;%$<$0-+!04%$5'4!
:&.5)*!+&.;*)2.=!B$%!-C)<;*-!)0!04-!"#$%&'&()*!84&*+%-(F.!8-(0%-!;4$0$.!)(+!;&305%-.!+&.;*)2-+!
$(!04-!A)**.!4-*;!B$.0-%!34&*+%-(F.!&+-(0&02!A&04&(!04-&%!3$<<5(&02!)(+!4&.0$%2!6.--!)*.$!
_5+E)4')4<&)<&)!)(+!_5(+$$9>!,4-!U&%-30$%!+-.3%&#-.!04-!;4$0$'%);4.!04)0!)%-!45('!$(!04-!
A)**.=!Q,4-%-F.!)!A4$*-!#$)%+!$B!7*+-%.!B%$<!$:-%!'-(-%)0&$(.>!,4-%-!)%-!;&305%-.!$B![&.+$(!
8$:-=!]2.0-%!8$:-=!34&*+%-(!04)0!5.-+!0$!3$<-!4-%-=!$%!;$*&0&3)*!%)**&-.!+$(-!#2!04-!,).<)(&)(!
"#$%&'&()*!8-(0%-!04)0!'$0!5.!4-%->!/$!A4-(!;-$;*-!A)*K!&(!4-%-!04-2!)**!B--*!A-*3$<-=!04-2!)**!
B--*!3$((-30-+k&0F.!.;-)K&('!0$!04-!A4$*-!3$<<5(&02>R!,4-!U&%-30$%!$B!@&%%-*--!`"8/!B--*.!
04)0!04-!K-2!0$!B$.0-%&('!34&*+%-(F.!.-(.-!04)0!04-2!#-*$('!)(+!4):-!)!.0%$('!3$<<5(&02!
&+-(0&02!&.!04)0!04-!.-%:&3-!&.!)#$50=!
!
"#$%&'&()*!K&+.!A&04!"#$%&'&()*!K&+.!)(+!"#$%&'&()*!.0)BB>!1!04&(K!04)0!&.!$(-!$B!04-!#&''-.0!
)..-0.!)(+!3$(0%2$%.!0$!$5%!.533-..!&(!04&.!P!&0F.!3$<<5(&02k&0F.!($0!3$(0%&:-+k/$!1!04&(K!
A-!0)K-!B$%!'%)(0-+!04)0!3$<<5(&02!3$((-30&$(=!)(+!4$A!;$A-%B5*!04)0!35*05%)*!3$((-30&$(!
&.!A4-(!&0!3$<-.!0$!*-)%(&('=!.-*BP-.0--<=!&+-(0&02!)(+!#-*$('&('>!
!
Q%($%3+4*7&+6%&3'BB2*4+8R&J2$$"S,&
/-%:&3-.!$B0-(!%-;%-.-(0!)!(5<#-%!$B!
N5**)F.! &.! )(! -C)<;*-! $B! )! .-%:&3-! 04)0! %-;%-.-(0.! 0A$!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
3$<<5(&0&-.=!04-!M$%0)!M$%0)!)(+!04-!@)('-%)('>!,4-.-!
'%$5;.!)%-!#$04!%-;%-.-(0-+!)(+!%-.;-30-+!&(!04-!3-(0%-! '%$5;.!A&04&(!)!3$<<5(&02!)(+!
)(+!+&.35..&$(.!4-*+!A&04!34&*+%-(!$(!04-!&<;$%0)(3-!$B! 04-%-B$%-!%-.;$(+!0$!+&BB-%-(0!'%$5;!
04-!0A$!'%$5;.>!\4-(!04-!3-(0%-!A).!#-&('!3$(.0%530-+! &+-(0&0&-.>!,4&.!$B0-(!&(3*5+-.!
&0! A).! 3$(.&+-%-+! :&0)*! 04)0! 04-! -(:&%$(<-(0! %-B*-30-+! &(3$%;$%)0&('!<$%-!04)(!$(-!
04-.-! 0A$! '%$5;.=! )(+! .$! 04-! $50+$$%! .;)3-! 3$(0)&(.! )! 0%)+&0&$()*!*)('5)'-!6`&(2)!@5(4&&=!
;*)2P.35*;05%-! $B! )! ;*)02;5.! 6)! @)('-%)('! )(&<)*9! )(+! )! 8$('%-..9>!!
05%0*-! 6)! M$%0)! M$%0)! )(&<)*9! .)(+;&0>! ,4-! -(:&%$(<-(0! )
04-%-B$%-!%-B*-30.!04-!35*05%-!)(+!04-!.0$%&-.!$B!04-!)%-)>! #P&/1%*+4+8&"*1&("B4$8&
/-%:&3-.!)*.$!3$(.&+-%!04)0!)!.-(.-!$B!
&+-(0&02!)(+!#-*$('&('!A&04&(!B)<&*2!&.!)!K-2!).;-30!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
34&*+%-(F.!4$*&.0&3!+-:-*$;<-(0>!"!(5<#-%!$B!.-%:&3-.!.0%-..!04-!&<;$%0)(3-!$B!4$($5%&('!)(+!
3-*-#%)0&('!34&*+%-(F.!B)<&*&-.!0$!.5;;$%0!04-&%!&+-(0&02>!G$%!.$<-!.-%:&3-.=!.534!).!
_5+E)4')4<&)<&)=!_5(+$$!)(+!N5**)F.=!B)<&*2!&+-(0&02!&.!.5;;$%0-+!04%$5'4!A)**!+&.;*)2.!$B!
B)<&*2!;4$0$.!)(+!0%--.!h!A4&34!4-*;.!34&*+%-(!B--*!04-&%!B)<&*&-.!)%-!:)*5-+>!"0!`&(2)!@5(4&&!
.0)BB!)(+!34&*+%-(!4):-!3%-)0-+!:&.5)*!cA-#.!$B!#-*$('&('F=!A4&34!-C;*$%-!04-!34&*+F.!
3$((-30&$(.!A&04!-C0-(+-+!B)<&*2!)(+!04-!3$<<5(&02>!`&(2)!@5(4&&!.0)BB!)*.$!B$.0-%!34&*+%-(F.!
.-(.-!$B!&+-(0&02!04%$5'4!&(3$%;$%)0&('!)(!5(+-%.0)(+&('!$B!A4-%-!-)34!34&*+!&.!B%$<!P!04-&%!
B)<&*2!)(+!35*05%)*!3$(0-C0!P!&(0$!4$A!04-2!;%$:&+-!3)%-!B$%!04)0!34&*+>!"0!8$('%-..=!.0)BB!B--*!
04)0!&0!&.!;)%0&35*)%*2!&<;$%0)(0!0$!.5;;$%0!34&*+%-(!&(!$50!$B!4$<-!3)%-!+-:-*$;!04-&%!B)<&*2!
&+-(0&02>!84&*+%-(!&(!3)%-!$B0-(!%-3-&:-!:&.&0.!B%$<!B)<&*2!<-<#-%.!A4&*.0!)0!8$('%-..>!,4-!
U&%-30$%!-C;*)&(.!04)0!+5%&('!04-.-!:&.&0.!.4-!)*A)2.!0)K-.!)!;4$0$!B$%!04-!34&*+%-(=!!
!
!
)!
!
!
k.$!04-2!4):-!)!%-)**2!'$$+!;&305%-!$B!A4-%-!04-2!B&0!&(!04-&%!B)<&*2>!/$!04&.!<&'40!#-!<2!
#&$*$'&3)*!B)<&*2!#50!04&.!&.!04-!B)<&*2!1!*&:-!A&04=!.$!04-2!)%-!)**!&<;$%0)(0!0$!<-kA-!
0)K-!*$0.!$B!;4$0$.!$B!04)0!.$!04)0!04-2!3)(!4):-!04&.!#&'!3$((-30&$(=!.$!<2!B)<&*2!&.(F0!
E5.0!<5<!)(+!+)+!)(+!0A$!K&+.=!&0F.!<5<!)(+!+)+!&(!04&.!B)<&*2!)(+!04-(!1F:-!'$0!<2!
<5<!)(+!+)+!04-%-!)(+!1F:-!'$0!)5(0.!)(+!5(3*-.!$(!)**!.$%0.!$B!B%$(0.>!
!
3P&/1%*+4+8&"*1&32$+20%&
?1'%&),5#25/")2$)"%/',4)*%+)'%3$/-)#"*/%'%&)"@7"/'"%,"1)
"**!.-%:&3-.!-<;4).&.-!04)0!&(3$%;$%)0&('!35*05%-!&.!.$<-04&('!04-2!+$!$(!)!+)&*2=!$('$&('!#).&.!
)(+!04)0!35*05%-!&.!#5&*0!&(0$!)**!*-:-*.!$B!)30&:&0&-.!)(+!*-)%(&('!-C;-%&-(3-.>!8-(0%-.!:&.5)**2!
+&.;*)2!35*05%-!04%$5'4!<)(2!A)2.=!&(3*5+&('!04%$5'4!5.&('!%-+=!#*)3K!)(+!2-**$A=!)(+!'%--(=!
A4&0-!)(+!#*5-!3$*$5%.!&(!+&.;*)2.=!)(+!04%$5'4!;&305%-.=!;$.0-%.!)(+!<)0-%&)*.!04%$5'4$50!04-!
&(+$$%!)(+!$50+$$%!-(:&%$(<-(0.>!G$%!-C)<;*-=!)0!M)A)%%)=!)!B)04-%!A4$!&.!)(!)%0&.0!4).!
+$()0-+!4&.!$A(!0%)+&0&$()*!;)&(0&('.!0$!#-!+&.;*)2-+!)0!04-!.-%:&3->!,4-!U&%-30$%!+-.3%&#-.!4$A!
4&.!.$(!A).!.$!;%$5+!)(+!-C3&0-+!#2!04&.!04)0!4-!04-(!3%-)0-+!4&.!$A(!;)&(0&('.=!A4&34!)%-!($A!
+&.;*)2-+!)*$('.&+-!4&.!B)04-%F.>!`&(2)!@5(4&&!&.!)(!-C)<;*-!$B!)!3-(0%-!04)0!%-;%-.-(0.!04-!
*$3)*!3$<<5(&02F.!35*05%)*!4-%&0)'-!P!+&.;*)2&('!;)&(0&('.!)%$5(+!04-!$50.&+-!A)**.!$B!04-!;*)2!
)%-)!04)0!;$%0%)2!3$(0-<;$%)%2!+-;&30&$(.!$B!04-!35*05%-!)(+!04-!()05%)*!*$3)*!-(:&%$(<-(0>!!
!
/-%:&3-.!&(0-%:&-A-+!5.-!;5mm*-.=!')<-.=!;5;;-0.=!#$$K.!)(+!<5.&3!0$!.4)%-!35*05%-.!B%$<!04-!
*$3)*!)%-)!)(+!$04-%!;)%0.!$B!"5.0%)*&)!$(!)(!&(3&+-(0)*!#).&.>!".!04-!U&%-30$%!B%$<!N5**)F.!
+-.3%&#-.=!Q&0F.!($0!)!$(-!$BB=!&0F.!-:-%2+)2R>!"0!N5**)F.!)30&:&0&-.!%-*)0&('!0$!<5.&3!5.5)**2!
&(3$%;$%)0-!3*);.0&3K.!)(+!+&+'-%&+$$.=!)(+!04-.-!&(.0%5<-(0.!)%-!)*.$!):)&*)#*-!0$!34&*+%-(!0$!
-C;*$%-!)(+!5.-!&(+-;-(+-(0*2>!`)(2!3-(0%-.!5.-!35*05%)**2!%-;%-.-(0)0&:-!0$2.!.534!).!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!+$**.>!,4-.-!<)0-%&)*.!)(+!%-.$5%3-.!4-*;!3%-)0-!.0%$('!
*-)%(&('!-(:&%$(<-(0.!04)0!%-B*-30!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!&+-(0&0&-.>!,4-!U&%-30$%!
$B!@&%%-*--!+-.3%&#-.!4$A!04-&%!-(:&%$(<-(0!.-(+.!$50!)!;$A-%B5*!<-..)'-!04)0!Q&B!2$5F%-!
"#$%&'&()*!2$5!.$!#-*$('!4-%-F>!10!.)2.!04)0!04-!<&(50-!2$5!A)*K!&(!04-!+$$%>!7(:&%$(<-(0!&.!
%-)**2!;$A-%B5*!)(+!A-!%-)**2!#-*&-:-!04)0>R!!
!
".!A-**!).!%-B*-30&('!35*05%-!&(!04-!-(:&%$(<-(0!)(+!*-)%(&('!%-.$5%3-.=!.-%:&3-.!+&.35..!4$A!
35*05%-!&(B$%<.!04-&%!3$(:-%.)0&$(.!)(+!)30&:&0&-.>!"0!@&%%-*--!-+53)0$%.!4$*+!%-'5*)%!+&.35..&$(.!
A&04!34&*+%-(!)%$5(+=!QA4)0!*)(+!A-F%-!$(>>>A4$!A-!)%-=!A4-%-!A-!3$<-!B%$<>R!@&%%-*--!)*.$!
%-B*-30.!35*05%-!04%$5'4!+&.;*)2&('!04-!"#$%&'&()*!B*)'!$50.&+-!04-!.-%:&3-=!).!04-!U&%-30$%!B--*.!
04)0!B*)'.!;%$:&+-!)!;$A-%B5*!3$((-30&$(!0$!&+-(0&02!)(+!35*05%->![-3$'(&.&('!04&.=!04-!3-(0%-!
$B0-(!B$35.-.!)30&:&0&-.!)%$5(+!04-!"#$%&'&()*!B*)'=!0)*K&('!)#$50!04-!<-)(&('!$B!04-!3$*$5%.!$B!
04-!B*)'=!)(+!#5&*+&('!$(!04&.!04%$5'4!)30&:&0&-.!B$%!34&*+%-(!0$!3%-)0-!04-&%!$A(!B*)'.!)(+!
)%0A$%K!04)0!%-B*-30.!04-.-!3$*$5%.>!,4&.!4-*;.!34&*+%-(!+-:-*$;!04-&%!.-(.-!$B!&+-(0&02!#2!)&+&('!
04-&%!3$((-30&$(!0$!04-&%!4&.0$%2=!04-!B*)'!)(+!04-!<-)(&('.!#-4&(+!&0>!!
!
[-B*-30&('!35*05%-!$(!04&.!+--;!*-:-*!&(:$*:-.!5.&('!&0!0$!-(')'-!34&*+%-(!&(!*-)%(&('!-C;-%&-(3-.>!
@&%%-*--!4).!A$%K-+!3$**)#$%)0&:-*2!A&04!`)3L5)%&-!X(&:-%.&02!0$!+$!04&.!P!+-.&'(&('!(5<-%)32!
)(+!*&0-%)32!%-.$5%3-.!04)0!%-B*-30!04-!34&*+%-(F.!35*05%->!!
!
!
*!
!
!
,4-!U&%-30$%!+-.3%&#-.!4$A!04&.!-(')'-.!34&*+%-(!&(!0$;&3.!04-2!<)2!($0!#-!&(0-%-.0-+!&(=!Q/$!
04-!(5<-%)32!<)2!($0!-(')'-!04-!34&*+!#50!04)0!.-(.-!$B!3$((-30&$(!)(+!&+-(0&02!6A&04&(!04-!
%-.$5%3-9!-(')'-.!04-!34&*+>R!/4-!-<;4).&.-.!Q$5%!*-)%(&('!-C;-%&-(3-.!4):-!0$!#-!35*05%)**2!
3-(0%-+=!)(+!1!04&(K!04)0F.!A42!$5%!K&+.!.0%5''*-!)0!.34$$*=!#-3)5.-!&0!#-3$<-.!)!.-3$(+)%2!
04&('!$%!)(!$;0&$()*!-C0%)>!\4-%-).!4-%-!&0F.!$5%!+)&*2!-C;-%&-(3->R!
!
\4&*.0!)**!3-(0%-.!-<;4).&.-!04-!&<;$%0)(3-!$B!&(3$%;$%)0&('!35*05%-!$(!)(!-:-%2+)2!#).&.=!
34&*+%-(!)%-!)*.$!-(3$5%)'-+!0$!3-*-#%)0-!04-&%!35*05%)*!&+-(0&02!04%$5'4!;)%0&3&;)0&$(!&(!.;-3&)*!
-:-(0.!.534!).!I"1U]8!A--K!)(+!I)0&$()*!
"#$%&'&()*!)(+!1.*)(+-%!84&*+%-(F.!U)2>!](-! HB#%114*7&32$+20%R&>#'0474*"$&)64$10%*S,&)%*+0%&
,4-! U&%-30$%! $B! 04-! "#$%&'&()*! 84&*+%-(F.! 8-(0%-!
.-%:&3-!-C;*)&(.!4$A!04-!34&*+%-(!5.5)**2!
+-.3%&#-.! 04-&%! 7).0-%! 3-*-#%)0&$(! ).! )(! &**5.0%)0&$(!
K($A!<)(2!$B!04-!3$<<5(&02!)0!04-.-!
4$A! 35*05%-! &.! -<#-++-+! &(! )**! 04-! )30&:&0&-.! 04-2! +$>!
-:-(0.=!A4&34!4-*;.!04-<!0$!B--*!.0%$('!&(!
/4-=! 04-! 3$$K! )(+! .-:-%)*! -+53)0$%.! A-%-! +&.35..&('!
04-&%!&+-(0&02!3-*-#%)0&('!04-&%!35*05%-!
4$A! 04-! 3-(0%-! 3$5*+! 3-*-#%)0-! 7).0-%! A4&*.0! .0&**!
A&04!04-&%!3$<<5(&02!68$$*)#)%$$9>!!
&(3$%;$%)0&('! 35*05%-=! 4$A! 0$! Q'&:-! )! <-..)'-! 0$! $5%!
!
34&*+%-(!)#$50!A4)0F.!&<;$%0)(0!0$!$5%!3$<<5(&02!)0!
A/"*-'%&)12$/'"1)
04&.! 0&<-! $B! 2-)%>R! ,4-2! +-3&+-+! 04)0! ).! &0! A).! )*.$!
<500$(! #&%+! .-).$(! 04-2! A$5*+! B$35.! $(! 04&.=! )(+! .$!
/4)%&('!U%-)<&('!/0$%&-.!&.!)!:)*5)#*-=!
5.-+! ()05%)*! '%)..-.! 0$! <)K-! <500$(! #&%+! (-.0.! A&04!
3%-)0&:-!)(+!B5(!A)2!0$!.4)%-!35*05%-!)(+!
04-! 34&*+%-(! )(+! 0)*K-+! )#$50! 7).0-%! 04%$5'4! 04&.!
3$((-30!34&*+%-(!A&04!*$3)*!()%%)0&:-.!)(+!
35*05%)*!*-(.>!,4-!U&%-30$%!+-.3%&#-.!4$A!04&.!);;%$)34!
4&.0$%2>!"(!-C)<;*-!$B!04&.!3$<-.!B%$<!
+&+(F0! +-0%)30! B%$<! 34&*+%-(F.! 4$<-P#).-+! 7).0-%!
_5+E)4')4<&)<&)>!,$!3-*-#%)0-!*&0-%)32!
3-*-#%)0&$(.=! #50! #%$5'40! &(! 35*05%)*! ;%)30&3-.! )(+! )!
+)2!$(-!$B!04-!3$<<5(&02!)5(0&-.!:&.&0-+!
3-*-#%)0&$(!$B!)!.&'(&B&3)(0!0&<-!B$%!04-!3$<<5(&02>!!!!!
04-!.-%:&3-!0$!0-**!04-!34&*+%-(!04-!*$3)*!
!
U%-)<0&<-!/0$%2!)#$50!`5')+)(!)(+!^5('))!604-!*&m)%+!)(+!04-!$30$;5.9>!,$!<)K-!04-!.0$%2!
3$<-!)*&:-!.4-!#%$5'40!A&04!4-%!)!3$**-30&$(!$B!.4-**.=!)(!$30$;5.=!)(+!.$<-!;&305%-!3)%+.!0$!
%-3%-)0-!04-!.0$%2>!
!
.577$/2'%&)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/),4'#+=
:2CC'0+4*7&+0"14+4'*"$&,$%%C4*7&
/"*/'%&)7/*,2',"1)))))))))))))))))))))))))))))))))))))))
C0"3+43%,R&T''*4##"&
,4-! U&%-30$%! B%$<! b$$(&##)! `)(2!.-%:&3-.!+&.35..!04-!&<;$%0)(3-!$B!-(.5%&('!3$(0&(5&02!
4&'4*&'40.!4$A!34&*+%-(!)%-!)**$A-+! $B!34&*+%-(F.!-C;-%&-(3-.!B%$<!4$<-!)(+!04-!.-%:&3-!
0$! .*--;! 0$'-04-%! $(! <)0.! $(! 04-! 04%$5'4!&(3$%;$%)0&('!0%)+&0&$()*!"#$%&'&()*!)(+!,$%%-.!
B*$$%=!)(+!)%-!)**$A-+!0$!34$$.-!0$! /0%)&0!1.*)(+-%!34&*+P%-)%&('!;%)30&3-.!)0!04-!3-(0%->!@$04!
.*--;!(-C0!0$!04-&%!%-*)0&:-.!).!04-2! N5**)F.!)(+!b$$(&##)!%)&.-!04&.!&..5-!&(!%-')%+.!0$!.*--;&('!
A$5*+! )0! 4$<->! /4-! K($A.! 04)0! 4)#&0.!)(+!)%%)('-<-(0.>!"!(5<#-%!$B!.-%:&3-.!)*.$!.;-)K!
<$.0!$B!04-&%!34&*+%-(!A$5*+!($0!#-! $B!04-!&<;$%0)(3-!$B!%-;*&3)0&('!)!B)<&*2!)0<$.;4-%-!A&04&(!
3$<B$%0)#*-! .*--;&('! &(! )! 3$0=! ).! 04-&%!;%$'%)<!04%$5'4!3*$.-=!(5%05%&('!%-*)0&$(.4&;.!
04&.!&.!($0!3$(.&.0-(0!A&04!4$A!04-2! #-0A--(!34&*+%-(!)(+!.0)BBZ!B)<&*2!'%$5;&('!.0%5305%-.!)(+!
.*--;! )0! 4$<-=! )(+! 04-%-B$%-! 04&.!
.5;;$%0&('!%-*)0&:-.!0$!3)%-!B$%!)(+!0-)34!-)34!$04-%!6.--!
<-04$+!-(.5%-.!)!3$((-30&$(!A&04!
)*.$!.-30&$(!S>H9>!G5%04-%<$%-=!.-%:&3-.!-<;4).&.-!04-!
04-&%!4$<-!*&B-!)(+!;%)30&3-.>!
&<;$%0)(3-!A&04&(!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
!
"+!
!
!
35*05%-!$B!:&-A&('!34&*+%-(!).!&(+-;-(+-(0=!3);)#*-!#-&('.=!A4&34!-(0)&*.!'&:&('!04-<!B%--+$<!
)(+!)50$($<2!)(+!($0!%-.0%&30&('!04-&%!)30&:&0&-.!
#2!)'-!6.--!)*.$!.-30&$(!S>O9>!,4&.!.5;;$%0.!
M2+1''0&32$+20"$&,C"3%R&54*8"&U2*644&
34&*+%-(!0$!+-:-*$;!3$(B&+-(0=!)50$($<$5.!)(+! "! .-30&$(! $B! `&(2)! @5(4&&F.! $50+$$%! ;*)2!
.;)3-!;%$:&+-.!)(!)33-..&#*-!35*05%)*!$%"0*4*7&
%-.&*&-(0!&+-(0&0&-.>!!
%*;40'*B%*+.& f&.&0$%.! $B0-(! 3$<-! 0$! 04-!
)
8$%%",2'%&)9'24)2/*+'2'$%*#)7/*,2',"1)*%+)%*25/") 3-(0%-!0$!A$%K!A&04!04-!34&*+%-(!&(!04&.!)%-)!
0$! 3$$K! 0%)+&0&$()*! B$$+! .534! ).! K)(')%$$!
`)(2!.-%:&3-.!.;-)K!$B!04-!:)*5-!$B!+-:-*$;&('!
0)&*.! )(+! +)<;-%>! ,4-! 3-(0%-! 4).! )*.$! 4)+!
34&*+%-(F.!.-(.-!$B!35*05%)*!&+-(0&02!#2!
:&.&0.! #2! *$3)*! "#$%&'&()*! A$<-(! 0$! <)K-!
3$((-30&('!04-<!A&04!()05%-!)(+!0%)+&0&$()*!
35*05%)*! $#E-30.! )(+! <5.&3)*! &(.0%5<-(0.!
*)(+!5.-.>!/-:-%)*!.-%:&3-.=!.534!).!8$$*)#)%$$!
.534!).!3*);.0&3K.=!&(3*5+&('!5.&('!4$0!A&%-!0$!
)(+!^)*2'5%%=!B)3&*&0)0-!-C35%.&$(.!0$!(-)%#2!
#5%(!;)00-%(.!&(0$!04-!.0&3K.>!
"#$%&'&()*!4-%&0)'-!;)%K.=!A4-%-!;*)2P#).-+!
*-)%(&('!<-04$+.!#%&('!35*05%-!)*&:-!#2!-()#*&('!34&*+%-(!0$!*-)%(!)#$50!45(0&('=!#5.4!B$$+.=!
.0$%&-.!)(+!0%)+&0&$(.!&(!)(!-(')'&('!)(+!&(0-%)30&:-!A)2>!,4-.-!)30&:&0&-.!3)(!'%$5(+!34&*+%-(!&(!
04-&%!4&.0$%&-.!)(+!35*05%-=!)(+!.5;;$%0!04-!+-:-*$;<-(0!$B!04-&%!$A(!;-%.$()*!&+-(0&0&-.!&(!
%-*)0&$(!0$!04-&%!0%)+&0&$()*!-(:&%$(<-(0.>!/$<-!.-%:&3-.!)*.$!;%$:&+-!)30&:&0&-.!&(!04-&%!$A(!
$50+$$%!.;)3-!A4-%-!34&*+%-(!3)(!3$$K!0%)+&0&$()*!B$$+.!.534!).!K)(')%$$!0)&*.!)(+!4):-!
3)<;B&%-.!68$('%-..=!N5**)F.=!`&(2)!@5(4&&9>!@2!<)&(0)&(&('!)(+!&(!.$<-!3).-.!%-:&:&('!35*05%)*!
3$((-30&$(.!0$!*)(+!34&*+%-(!)%-!0)5'40!0$!)#$50!04-&%!35*05%-!)(+!0$!%-.;-30!04-!-(:&%$(<-(0>!
!
85#25/")*%+)#*%&5*&")
/-%:&3-.!.5;;$%0!34&*+%-(F.!&+-(0&02!)(+!3$<<5(&3)0&$(!.K&**.!#2!B)3&*&0)0&('!0%)+&0&$()*!*)('5)'-!
;%$'%)<.>!@&%%-*--F.!U&%-30$%!+-.3%&#-.!04-!-(045.&).<!34&*+%-(!+&.;*)2!A4-(!*-)%(&('!*&('$=!
)(+!)00%2-.!04&.!0$!Q04)0!35*05%)*!3$((-30&$(=!04)0!&+-(0&02!04)0!*)('5)'-!'&:-.>R!/-%:&3-.!
B$35.!$(!*)('5)'-!04%$5'4!B$%<)*!;%$'%)<.=!:&.5)**2!%-B*-30&('!04-!*)('5)'-!)0!04-!3-(0%-!
04%$5'4!.&'(.!)(+!;&305%-.=!)(+!&(3&+-(0)*!+)&*2!5.->!/-:-%)*!.-%:&3-.=!.534!).!^)*2'5%%!)(+!04-!
"#$%&'&()*!84&*+%-(F.!8-(0%-!5.-!0%)+&0&$()*!()<-.!B$%!-)34!%$$<>!!
!
^)*2'5%%F.!*)('5)'-!;%$'%)<!B$.0-%.!34&*+%-(F.!3$((-30&$(.!A&04!3$<<5(&02!7*+-%.>!,A$!7*+-%.!
%-'5*)%*2!:&.&0!0$!0-)34!04-!34&*+%-(!M)A5%5!04%$5'4!.0$%20-**&('=!%-)+&('!)(+!.$('.>!84&*+%-(!)0!
`&(2)!@5(4&&!5.-!0%)+&0&$()*!*)('5)'-!&(!-:-%2+)2!3$(:-%.)0&$(.!)(+!B$35.!A$%+.=!)(+!)*.$!
#-(-B&0!B%$<!:&.&0.!0$!04-!*$3)*!*)('5)'-!3-(0%-=!A$%K&('!A&04!)!*)('5)'-!0-)34-%!)(+!5.&('!
3$<;50-%!*)('5)'-!;%$'%)<.>!`&(2)!@5(4&&!4).!)*.$!+-:-*$;-+!04-&%!$A(!#$$K.!0$!4-*;!
B)<&*&-.!)(+!34&*+%-(!*-)%(!)#$50!04-!*$3)*!"#$%&'&()*!35*05%-!)(+!0$!-(3$5%)'-!04-!
<)&(0-()(3-!$B!*$3)*!*)('5)'-.>!,"88"!B$.0-%.!*)('5)'-!+-:-*$;<-(0!#2!3$((-30&('!*)('5)'-!
0$!04-&%!B$35.!04-<-=!B$%!-C)<;*-=!&B!04-!<$(04*2!B$35.!&.!$(!)(&<)*.!.0)BB!A&**!04-(!B$35.!$(!
;)*)A)!K)(&!A$%+.!B$%!+&BB-%-(0!)(&<)*.!04%$5'4$50!04-!<$(04>!8$('%-..!.0)BB!B--*!04)0!
.;-)K&('!0$!34&*+%-(!&(!0%)+&0&$()*!*)('5)'-!4-*;.!04-<!0$!.-00*-!)(+!B--*!.)B-!)0!04-!3-(0%-!h!
;)%0&35*)%*2!&B!04&.!&.!)!4$<-!*)('5)'->!!
!
!
""!
!
!
.4*/'%&),5#25/")24/$5&4)E#+"/1)*%+),$--5%'26)0'1'2$/1)
`)(2!.-%:&3-.!&(:&0-!B)<&*2!)(+!3$<<5(&02!<-<#-%.!0$!
"0! _5()&! N&+E! 34&*+%-(! 4):-! #--(!
)#*-! 0$! *-)%(! )#$50! <5.&3! )(+! .4)%-!+&BB-%-(0!.K&**.!)(+!K($A*-+'-!A&04!34&*+%-(=!.534!).!
0%)+&0&$(! B%$<! $(-! $B! 04-! B)04-%.>! +)(3-=!<5.&3=!*)('5)'-=!3$$K&('=!4&.0$%2=!35*05%)*!')<-.!
V-! #%&('.! &(! &(.0%5<-(0.! )(+! 4).! )(+!)%0A$%K>!](-!,"88"!-+53)0$%!#-*&-:-.!04)0!*-)%(&('!
0)5'40! 04-! 34&*+%-(! )#$50! 04-! B%$<!)(+!&(0-%)30&('!A&04!3$<<5(&02!<-<#-%.!4-*;.!B$.0-%!
+&+'-%&+$$! )(+! 3*);.0&3K.=! )(+! 34&*+%-(F.!3$((-30&$(!A&04!04-&%!A$%*+!#2!.5;;$%0&('!04-&%!
A4$!&.!)**$A-+!0$!;*)2!04-.->!,4&.! .-(.-!$B!c#-&('F!)(+!c#-*$('&('F!).!;)%0!$B!)!3$<<5(&02>!"0!
4).! &(:$*:-+! -C;*)&(&('! 0$! 04-! _5+E)4')4<&)<&)!)!*$3)*!3$<<5(&02!<-<#-%!:&.&0-+!04-!
34&*+%-(! 3$(3-;0.! .534! ).! A4&34! 3-(0%-!0$!+$!.4-**!A$%K!A&04!04-!34&*+%-(=!).!04&.!&.!)(!
'-(+-%! &.! 0%)+&0&$()**2! )**$A-+! 0$! &<;$%0)(0!;)%0!$B!04-!*$3)*!35*05%->!,4-!34&*+%-(!A$%K-+!
;*)2! A4&34! &(.0%5<-(0>! ,4-!
A&04!04-!3$<<5(&02!<-<#-%!0$!3%-)0-!)%0!$50!$B!04-!.4-**.!
U&%-30$%!-C;*)&(.!4$A!.$<-!$B!04-!
B%$<!04-!*$3)*!)%-)=!)(+!04-.-!;&-3-.!)%-!($A!+&.;*)2-+!&(!
'&%*.! &(&0&)**2! 34)**-('-+! 04&.=! #50!
04-! B)04-%! 4).! #--(! )#*-! 0$! 04-!3-(0%->!"!#$$K!A).!3%-)0-+!0$!%-3$%+!04&.!-C;-%&-(3-!
-C;*)&(! 04&.! 0$! 04-! 34&*+%-(! &(! )! 04%$5'4!;4$0$.=!)(+!04&.!&.!($A!+&.;*)2-+!$(!04-!34&*+%-(F.!
;$.&0&:-! A)2! 04)0! 0-)34-.! 04-<! #$$K.4-*B!0$!%-<&(+!04-<!$B!04-!)30&:&02=!)(+!0$!.4)%-!A&04!
;)%-(0.!)(+!:&.&0$%.>!/-:-%)*!.-%:&3-.!%5(!0%)+&0&$()*!+)(3-!
)#$50!35*05%-!)(+!0%)+&0&$(>!
)(+a$%!<5.&3!;%$'%)<.!6M);;-%)=!_5()&!N&+E=!N5**)F.9>!N5**)F.!
B$35.-.!$(!+)(3-=!<5.&3!)(+!.&('&('!).!&<;$%0)(0!)(+!-(')'&('!A)2.!0$!0-)34!34&*+%-(!)#$50!
35*05%->!,4-2!$B0-(!%-3-&:-!:&.&0$%.!B%$<!04-!*$3)*!U)<)(<5!@)('-%)('!,%)+&0&$()*!U)(3-!
_%$5;>!,4&.!'%$5;!&.!3$(.&+-%-+!0$!#-!;)%0!$B!N5**)F.F=!)(+!.-:-%)*!N5**)F.!34&*+%-(!)%-!'%$5;!
<-<#-%.!)(+!%-'5*)%*2!;-%B$%<!A&04&(!&0>!I-A.;);-%!3*&;;&('.!)(+!;4$0$.!$B!04-!+)(3-!'%$5;!
)%-!+&.;*)2-+!$(!04-!A)**.>!!
!
F'1'21)$521'+")24"),"%2/")
`&(2)!@5(4&&!&(!8-+5()!&.!B$%05()0-!0$!4):-!)!*$3)*!)%0.!)(+!35*05%-!3-(0%-!A4-%-!04-2!3)(!0)K-!
04-!34&*+%-(!0$!;)%0&3&;)0-!&(!35*05%)*!)30&:&0&-.!B)3&*&0)0-+!#2!7*+-%.!.534!).!;)&(0&('!)(+!
U%-)<&('!.0$%&-.>!"($04-%!.-%:&3-!4).!0)K-(!34&*+%-(!
Q10F.! )#$50! 04)0! -C;$.5%-! 0$! )**! 04$.-!
0$!<--0!)(!"#$%&'&()*!)%0&.0!)(+!:&-A!4&.!;)&(0&('.>!
04&('.k04-&%! )%0=! 04-&%! <5.&3=! 04-&%!
,4&.!-C35%.&$(!A).!)#*-!0$!#5&*+!5;$(!04-!U%-)<&('!
.0$%20-**&('>>>04)0! 04-2! 3)(! #-! ;%$5+! $B!
/0$%&-.!.0)BB!4)+!#--(!.4)%&('!A&04!34&*+%-(!6_5()&!
A4$! 04-2! )%-! %-')%+*-..! $B! A4-04-%!
N&+E9>!!
04-2!)%-!;)*-!.K&((-+!$%!+)%K!.K&((-+!$%!
!
;&(K!.K&((-+!$%!A4)0-:-%>R!68$('%-..9!
%P&K20+6%0&#%*%(4+,&
<5'#+'%&)1"#3="12""-)*%+)7"/1$%*#)'+"%2'26)
/-:-%)*!.-%:&3-.!.;-)K!$B!04-!3$((-30&$(!#-0A--(!34&*+%-(F.!&+-(0&02=!.-*BP-.0--<!)(+!
3$(B&+-(3-!).!*-)%(-%.!6@&%%-*--=!8$$*)#)%$$=!M);;-%)=!8$('%-..9>!/5;;$%0&('!34&*+%-(!0$!
+-:-*$;!)!35*05%)**2!.-35%-!&+-(0&02!*-)+.!0$!&<;%$:-+!.-*BP-.0--<!)(+!&(+-;-(+-(3-=!B$.0-%&('!
34&*+%-(!A4$!QK($A!A4$!04-2!)%-!)(+!A4-%-!04-2F%-!'$&('R!6@&%%-*--9>!"!(5<#-%!$B!.-%:&3-.!
-C;*)&(!4$A!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(!(--+!0$!#-!#%$5'40!5;!0$!#-!;%$5+!$B!
#-&('!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!)(+!$B!04-&%!35*05%-!0$!4):-!3$(B&+-(3-!&(!
04-<.-*:-.>!](-!U&%-30$%!-C;*)&(.!04)0!34&*+%-(!)%-!)#*-!0$!+-:-*$;!)(+!-C;%-..!04-&%!$A(!
&(+&:&+5)*!&+-(0&02!A4-(!04-2!B--*!;%$5+!$B!A4$!04-2!)%-!)(+!+$(F0!B--*!04)0!04-2!4):-!0$!B&0!&(0$!
)!3)0-'$%2!68$('%-..9>!
52,43&"*1&+0"14+4'*R&V2*"4&J41W&
!
"#!
!
!
!
.577$/2'%&),5#25/*#)/",$%%",2'$%)
"!(5<#-%!$B!.-%:&3-.!.;-)K!$B!04-!:)*5-!$B!0-)34&('!34&*+%-(!35*05%-!).!)!A)2!$B!%-3$((-30&('!
04-&%!;)%-(0.!)(+!B)<&*2!0$!35*05%->!/0)BB!$#.-%:-!04)0!#-3)5.-!;)%-(0.!4):-(F0!4)+!04-!
$;;$%05(&02!0$!*-)%(!)#$50!)(+!-C;-%&-(3-!35*05%-=!04-2!B&(+!&0!+&BB&35*0!0$!;)..!04&.!$(!0$!04-&%!
34&*+%-(>!/-%:&3-.!3)(!04-%-B$%-!;*)2!)(!&(:)*5)#*-!%$*-!&(!%-3$((-30&('!B)<&*&-.!0$!04-&%!35*05%->!
G$%!-C)<;*-!)0!8$$*)#)%$$!.0)BB!B&(+!04)0!34&*+%-(!)%-!$B0-(!)#*-!0$!0-)34!I$$(')%!A$%+.!*-)%(0!
)0!04-!3-(0%-!0$!04-&%!;)%-(0.!)(+!B)<&*&-.=!A4$!<)2!($0!.;-)K!04-!*)('5)'-!04-<.-*:-.>!,4-!
"#$%&'&()*!84&*+%-(F.!8-(0%-!U&%-30$%!-C;*)&(.!4$A!&<;$%0)(0!&0!&.!0$!B$.0-%!3$<<5(&02!
%-3$((-30&$(=!.0)0&('!04)0!<)(2!)+5*0.!A4$!)00-(+-+!04-!3-(0%-!).!34&*+%-(!($A!.-(+!04-&%!
$A(!34&*+%-(!04-%->!/4-!-C;*)&(.!04)0!04-.-!34&*+%-(!)%-!)#*-!0$!+-:-*$;!)!.0%$('!.-(.-!$B!
&+-(0&02!#-3)5.-!04-&%!;)%-(0.!3$5*+!+-:-*$;!04-&%!35*05%)*!3$((-30&$(.!)(+!&+-(0&02!)(+!3)(!
04-%-B$%-!;)..!04&.!+$A(!0$!04-<>!
!
%P&H*"#$4*7&(%"+20%,&
8$--5%'26)<$*/+1)*1)*)-",4*%'1-)2$)3$12"/)'+"%2'26)
"**!.-%:&3-.!4):-!.$<-!B$%<!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!3$<<5(&02!$%!;)%-(0!#$)%+!
0$!;%$:&+-!$:-%.&'40=!.5;;$%0!)(+!)33$5(0)#&*&02>!@$)%+!<-<#-%.!)%-!5.5)**2!7*+-%.=!3$<<5(&02!
<-<#-%.=!35%%-(0!$%!B$%<-%!.0)BB!)(+!B)<&*2!<-<#-%.>!`$.0!@$)%+.!3$(0)&(!)0!*-).0!$(-!
<-<#-%!A4$!A).!&(:$*:-+!&(!$%&'&()**2!-.0)#*&.4&('!04-!.-%:&3-=!)(+!A4$!04-%-B$%-!;%$:&+-.!)!
5(&L5-!*&(K!0$!04-!;).0!)(+!0$!04-!$%&'&()*!.-%:&3-!;4&*$.$;42!)'%--+!5;$(!#2!04-!3$<<5(&02>!!
_&:-(!04&.!.0%$('!4&.0$%2=!<)(2!.-%:&3-.!.;-)K!$B!04-&%!@$)%+F.!&<<-(.-!:)*5-!&(!'5&+&('!04-<!
0$!K--;!35*05%-!)(+!&+-(0&02!)0!04-!B$%-B%$(0!$B!)**!04)0!04-2!+$>!G$%!-C)<;*-=!)0!M);;-%)!04-!)**P
"#$%&'&()*!@$)%+!.5;;$%0.!04-!3-(0%-!0$!-(.5%-!04)0!04-&%!5(+-%;&((&('!.-%:&3-!;4&*$.$;42!h!0$!
+-*&:-%!3)%-!A&04&(!)!b$$%&!35*05%)*!B%)<-A$%K!h!'5&+-.!-:-%2!).;-30!$B!.-%:&3-!+-*&:-%2>!
M);;-%)F.!@$)%+!)*.$!'5&+-.!%-3%5&0<-(0!+-3&.&$(.!0$!<)&(0)&(!)(!"#$%&'&()*!U&%-30$%!)0!04-!
3-(0%->!,4-2!B--*!04&.!0$!#-!;)%0&35*)%*2!&<;$%0)(0!).!)(!)**P"#$%&'&()*!.0)BB!0-)<!&.!($0!)*A)2.!
;$..&#*->!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!#$)%+.!)*.$!.--<!0$!#-!&<;$%0)(0!A4-%-!&0!&.!($0!
;$..&#*-!0$!)34&-:-!)(!)**P"#$%&'&()*!)(+!
:+"((&7241"*3%R&I"CC%0"
,$%%-.!/0%)&0!1.*)(+-%!.0)BB!0-)<=!#2!-(.5%&('!
"0!
M);;-%)!
04-! "#$%&'&()*! )(+! ,$%%-.! /0%)&0!
04)0!04-!+&%-30&$(!)(+!;%)30&3-!$B!04-!3-(0%-!
1.*)(+-%! .0)BB! ;%$:&+-! '5&+)(3-! B$%! 04-! ($(P
%-<)&(.!35*05%)**2!%-*-:)(0=!);;%$;%&)0-!)(+!
3$<<&00-+!0$!B$.0-%&('!34&*+%-(F.!35*05%-!)(+! "#$%&'&()*! )(+! ,$%%-.! /0%)&0! 1.*)(+-%! .0)BB!
04%$5'4$50! ;%$'%)<<&('! ;%$3-..-.>! ,4-!
&+-(0&02>!!
U&%-30$%!)..-%0.!04)0!#-3)5.-!04-!.-%:&3-!4).!Q)!
!
B$35.!$(!34&*+%-(F.!+-:-*$;<-(0!&(!04-!3$(0-C0!
C4")'-7$/2*%,")$3)12*33)3$/)'+"%2'26)
$B! 04-! B)<&*2! 5(&0R! &0! &.! )*.$! :&0)*! B$%! 04-! ($(P
`)(2!.-%:&3-.!%-*)0-!04-!:)*5-!$B!4):&('!)!
"#$%&'&()*! .0)BB! 0$! #-! )#*-! 0$! A$%K! A&04! 04-!
4&'4!;%$;$%0&$(!$B!"#$%&'&()*!)(+!,$%%-.!
"#$%&'&()*!.0)BB!B$%!'5&+)(3-!)(+!.5;;$%0!A4-(!
/0%)&0!1.*)(+-%!.0)BB!A4$!3)(!-(.5%-!04)0!
04-2!)%-!*&)&.&('!A&04!B)<&*&-.>!,4&.!<)2!&(:$*:-!
35*05%-!&.!3);05%-+!&(0$!04-!-:-%2+)2!
+&.35..&$(.! A&04! B)<&*&-.! Q)#$50! 04-! 34&*+F.!
+-:-*$;<-(0=! &0! <)2! #-! .0%)0-'&-.! B$%! 0$&*-0P
;%$'%)<.!)(+!3-(0%-!-(:&%$(<-(0=!)(+!04)0!
0%)&(&('=! &0! <)2! #-! .0%)0-'&-.! B$%! <-)*! 0&<-.=!
.-%:&3-!;%)30&3-.!)%-!35*05%)**2!%-*-:)(0!)(+!
A4)0F.! 4);;-(&('! 4-%-=! A4)0F.! 4);;-(&('! )0!
);;%$;%&)0->!!](-!U&%-30$%!&**5.0%)0-.!04&.=!
+-.3%&#&('!4$A!#-3)5.-!.0)BB!)%-!3$<<5(&02! 4$<-=!)(+!04-(!.--&('!4$A!04-2!+&BB-%>R!
!
"$!
!
!
<-<#-%.=!35*05%)*!&+-(0&02!&.!E5.0!Q)!;)%0!$B!A4$!A-!)%-!6)(+9!&0F.!E5.0!-:-%2+)2!;%)30&3-!B$%!5.R!
6_5(+$$9>!!
!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.0)BB!#%&('!3%&0&3)*!K($A*-+'-!$B!)(+!%-.;-30!B$%!04-!
+&BB-%-(0!A)2.!$B!35*05%->!,4-2!$B0-(!)*.$!#%&('!.K&**.!04)0!04-2!3)(!.4)%-!A&04!04-!34&*+%-(=!B$%!
-C)<;*-!0%)+&0&$()*!;)&(0&('!68$('%-..9!$%!K($A*-+'-!$B!#5.4!053K-%!)(+!04-!*$3)*!-(:&%$(<-(0!
6^)*2'5%%=!`&(2)!@5(4&&=!_5+E)4')4<&)<&)=!8$('%-..9>!/-%:&3-.!.;-)K!$B!04-!&<;$%0)(3-!$B!.0)BB!
#-&('!)#*-!0$!.4)%-!04-&%!K($A*-+'-!$B!0%)+&0&$()*!*)('5)'-.>!)
!
,4&.!.5<<)%2!$B!.-%:&3-!;%)30&3-!4&'4*&'40.!)!4&'4!3);)3&02!A&04&(!04-!"#$%&'&()*!)(+!,$%%-.!
/0%)&0!1.*)(+-%!7878!.-%:&3-.!&(0-%:&-A-+!0$!&<;*-<-(0!04-!7MNG!$503$<-!04)0!34&*+%-(!4):-!)!
.0%$('!.-(.-!$B!&+-(0&02>!G$%!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!)(+!3$<<5(&0&-.=!04-!
3$(3-;0!$B!&+-(0&02!&.!&(4-%-(0*2!*&(K-+!0$!04-!3$(3-;0!$B!)!35*05%)*!&+-(0&02=!)(+!04&.!04-%-B$%-!
B$%<.!04-!#).&.!B%$<!A4&34!0$!+-:-*$;!34&*+%-(F.!.-(.-!$B!#-&('=!#-*$('&('!)(+!#-3$<&('>!!
,4%$5'4!04&.!04-&%!B$35.!$(!34&*+%-(F.!B)<&*2=!3$<<5(&02!)(+!35*05%)*!&+-(0&02!-(3$5%)'-.!04-!
'%$A04!$B!34&*+%-(F.!.-*BP&+-(0&02=!.-*BP-.0--<!)(+!3$(B&+-(3->!
!
"%!
!
!
!
N.9&)64$10%*&"0%&)'**%3+%1&=4+6&"*1&)'*+04#2+%&+'&!6%40&='0$1&
&
,4-!.-3$(+!7MNG!$503$<-!B$35.-.!$(!34&*+%-(!3$((-30&('!A&04!04-&%!A$%*+!04%$5'4!04-&%!
%-*)0&$(.4&;.!A&04!$04-%.=!04-&%!3$((-30&$(!0$!04-!-(:&%$(<-(0=!)(+!04-&%!;)%0&3&;)0&$(!A&04&(!
04-&%!3$<<5(&02>!10!+&.35..-.!4$A!34&*+%-(!3)(!#-!.5;;$%0-+!0$!B--*!)!.-(.-!$B!#-*$('&('!0$!)!
'%$5;=!)(+!+-:-*$;!)!.-(.-!$B!B)&%(-..=!.$3&)*!)(+!-(:&%$(<-(0)*!%-.;$(.&#&*&02>!,4-!$503$<-!
)*.$!B$35.-.!$(!%-.;-30!B$%!+&:-%.&02!).!)!K-2!3$<;$(-(0!$B!34&*+%-(F.!3$((-30&$(.!)(+!
3$(0%2&$(.!0$!04-&%!A$%*+>!!!
!
,4&.!.-30&$(!$B!04-!;);-%!+-0)&*.!+&:-%.-!;%)30&3-.!)+$;0-+!#2!.-%:&3-.!0$!<--0!04&.!$503$<->!
\&04!)!.0%$('!B$35.!A&04&(!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!35*05%-.!$(!%-*)0&$(.4&;.!A&04!
B)<&*2=!3$<<5(&02!)(+!()05%-=!)!K-2!B-)05%-!$B!04-!7878!.-%:&3-.!&(0-%:&-A-+!&.!04-&%!.5;;$%0!
B$%!34&*+%-(!0$!#-!3$((-30-+!A&04!)(+!0$!3$(0%2-!0$!04-&%!A$%*+!$(!04-.-!04%--!*-:-*.>!,4-!
3$(.5*0)0&$(.!%-:-)*!04)0!B$%!.-%:&3-.!)(!-..-(0&)*!).;-30!$B!04&.!$503$<-!&.!0$!3$((-30!34&*+%-(!
5;!A&04!04-!()05%)*!A$%*+=!<-(0&$(-+!&(!04-!7MNG!).!&<;$%0)(0!0$!-()#*-!34&*+%-(!0$!*-)%(!
-(:&%$(<-(0)*!%-.;$(.&#&*&02!)(+!%-.;-30>!/-%:&3-.!.;-)K!$B!+&BB-%-(0!)(+!3%-)0&:-!A)2.!04)0!
04-2!-(')'-!34&*+%-(!A&04!()05%-=!&(3*5+&('!04%$5'4!')%+-(.=!$50+$$%!;*)2=!()05%-!A)*K.!)(+!
&(0-%)30&$(!A&04!)(&<)*.>!!
!
/-:-%)*!.-%:&3-.!)*.$!<-(0&$(!5(&L5-!A)2.!04)0!04-2!3$((-30!A&04!04-&%!3$<<5(&02=!*&(K&('!A&04!
04-!7MNG!04-<-!$B!.5;;$%0&('!34&*+%-(!0$!+-:-*$;!)!.-(.-!$B!#-*$('&('!)(+!#-&('!A&04&(!04-&%!
3$<<5(&02>!,4-!7MNG!B$35.!$(!34&*+%-(!*-)%(&('!)#$50!04-!%&'40.!)(+!%-.;$(.&#&*&0&-.!
3$(3$<&0)(0!A&04!#-&('!)!<-<#-%!$B!)!'%$5;!&.!)*.$!)!.0%$('!B-)05%-!$B!)**!.-%:&3-.!&(0-%:&-A-+>!
G&()**2=!.-%:&3-.!)*.$!+&.35..!04-&%!3$<<&0<-(0!0$!-(3$5%)'&('!34&*+%-(!0$!+-:-*$;!%-.;-30!B$%!
+&:-%.&02!)(+!5(+-%.0)(+&('.!$B!+&BB-%-(0!35*05%-.!)(+!A)2.!$B!#-&('>!!
&
8$%%",2'$%)9'24)%*25/")G)24/$5&4)&*/+"%1!
"!:)%&-02!$B!.-%:&3-.!.;-)K!$B!04-!:)*5-!$B!')%+-(.!&(!4-*;&('!34&*+%-(!#5&*+!)!.0%$('!3$((-30&$(!
0$!04-&%!A$%*+!#2!+-:-*$;&('=!)<$('.0!$04-%!04&('.=!-(:&%$(<-(0)*!%-.;$(.&#&*&02=!K($A*-+'-!$B!
'%$A04!323*-.=!;*)(0!3)%-!)(+!#5.4!053K-%>!,4-!.-(.-!$B!#-*$('&('!0$!*)(+!4).!;)%0&35*)%*2!
&<;$%0)(0!35*05%)*!:)*5-!B$%!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(>!,4%$5'4!'%$A&('!
:-'-0)#*-.=!A4&34!)%-!.5#.-L5-(0*2!-)0-(=!34&*+%-(!*-)%(!04)0!%-*)0&$(.4&;.!A&04!*)(+!)%-!
%-3&;%$3)*!P!;%$:&+&('!3)%-!.$!04)0!04-!*)(+!3)(!($5%&.4!&(!%-05%(!6"#$%&'&()*!84&*+%-(F.!8-(0%-9H!
,4-!U&%-30$%!$B!04-!"#$%&'&()*!84&*+%-(F.!8-(0%-!+-.3%&#-.!4$A!;%-.-(0&('!34&*+%-(!A&04!
$;;$%05(&0&-.!0$!A$%K!A&04!()05%-!&.!Q)#$50!&(.0&**&('!&(!04-!34&*+%-(!04)0!04-2!$A(!04&.!;*)3->!
,4&.!&.!04-&%.k2$5!5.-!&0!)(+!*$$K!)B0-%!&0=!&0F.!&<;$%0)(0!-($5'4!0$!*$$K!)B0-%>R!I$0!)**!.-%:&3-.!
3)(!4):-!04-&%!$A(!')%+-(=!#50!M);;-%)!4).!$:-%3$<-!04&.!#2!3$((-30&('!A&04!)!*$3)*!
3$<<5(&02!')%+-(>!84&*+%-(!($A!)00-(+!04&.!$(3-!)!A--K!0$!*-)%(!)#$50!;*)(0!323*-.!)(+!3)%->!
]04-%!A)2.!04)0!.-%:&3-.!B$.0-%!34&*+%-(F.!-(:&%$(<-(0)*!%-.;$(.&#&*&02!&(3*5+-!4-*;&('!04-<!0$!
+-:-*$;!)A)%-(-..!$B!A)0-%!3$(.-%:)0&$(=!)(!);;%-3&)0&$(!)(+!3)%-!B$%!()05%-!6b$$(&##)9=!
;);-%!5.)'-!6@&%%-*--9=!)(+!%-323*&('!6M);;-%)9>!!
!
!
"&!
!
!
8$%%",2'$%)9'24)%*25/")G)$52+$$/)7#*6)"%0'/$%-"%2)
>&*"+20"$&%*;40'*B%*+R&>#'0474*"$&
`)(2!.-%:&3-.!4):-!+-:-*$;-+!04-&%!$50+$$%!
)64$10%*S,&)%*+0%&
-(:&%$(<-(0.!).!K-2!*-)%(&('!.;)3-.!0$!B$.0-%!
,4-! "#$%&'&()*! 84&*+%-(F.! 8-(0%-! 4).! )!
34&*+%-(F.!3$((-30&$(!A&04!04-!()05%)*!A$%*+>!"!
;5%;$.-P#5&*0! $50+$$%! ;*)2! -(:&%$(<-(0!
(5<#-%!$B!.-%:&3-.!.;-)K!$B!04-!&<;$%0)(3-!$B!04-!
+-.&'(-+! B%$<! )-%&)*! ;4$0$'%);4.! $B! 04-!
0%--.!)(+!;*)(0.!&(!04-&%!$50+$$%!)%-).!0$!3%-)0-!)!
G5%(-)5C! 1.*)(+.=! A4&34! )%-! )! 4&'4*2!
.&'(&B&3)(0! )%-)! B$%! 04-! ,).<)(&)(!
:)*5)#*-!-(:&%$(<-(0!0$!-()#*-!34&*+%-(!0$!$#.-%:-!
"#$%&'&()*! ;$;5*)0&$(>! `$5(+.! &(! 04-!
)(+!&(0-%)30!A&04!()05%-!6_5()&!N&+E=!,"88"=!
;*)2'%$5(+! )%-! &(0-(+-+! 0$! %-;*&3)0-! 04-!
"#$%&'&()*!84&*+%-(F.!8-(0%-9>!!
<500$(!#&%+!<$5(+.!$B!04-!&.*)(+.=!)(+!)!
)
<500$(! #&%+! .4-+! .&0.! &(! 04-! ;*)2! )%-)>!
8$%%",2'$%)9'24)%*25/")G)*%'-*#1!
,4&.! *-)%(&('! -(:&%$(<-(0& 4-*;.! 0$!
/-%:&3-.!3$(.&+-%!04)0!&(0-%)30&$(!A&04!)(&<)*.=!&(!
%-;*&3)0-! 04-! ()05%)*! -(:&%$(<-(0! )(+!
;)%0&35*)%!B$%!34&*+%-(!*&:&('!&(!5%#)(!)%-).=!0-)34-.!
35*05%)*! .-00&('! $B! 04-! &.*)(+.>! 1(.&+-! 04-!
:&0)*!*-..$(.!.534!).!3$<;)..&$(=!(5%05%&('!)(+!
3-(0%-!($(-!$B!04-!A&(+$A.!)%-!3$:-%-+!
%-.;$(.&#&*&02=!)(+!3$((-30.!34&*+%-(!0$!04-!()05%)*!
#2!#*&(+.!$%!35%0)&(.=!.$!04)0!04-!A&(+$A.!
A$%*+>!/-:-%)*!3-(0%-.!3%-)0-!$;;$%05(&0&-.!B$%!
;%-.-(0!)(!5(&(0-%%5;0-+!:&-A!$B!()05%->!!
34&*+%-(!0$!&(0-%)30!A&04!)(+!*-)%(!)#$50!)(&<)*.=!
,4-! .-00&('! &.! K-2! 0$! 3$((-30&('! 34&*+%-(!
5;! 0$! 04-! *)(+=! ).! 04-! U&%-30$%! -C;*)&(.=!
$B0-(!&(!%-.;$(.-!0$!34&*+%-(F.!$A(!-C;%-..-+!
&(0-%-.0.>!/$<-!.-%:&3-.!4):-!3$**)#$%)0-+!A&04!*$3)*! Q\-F%-! 3$((-30-+! 0$! 3$5(0%2! -:-%2! +)2>!
)(&<)*!'%$5;.!0$!#%&('!()0&:-!)(+!($(P()0&:-!)(&<)*.! M$5! A)*K! &(! 04-! #5&*+&('! )(+! 04-! ()0&:-!
4-(.!)%-!%5((&('!)0!2$5=!)(+!04-!K&+.!3)(!
0$!04-!3-(0%-=!$%!4):-!0)K-(!34&*+%-(!0$!:&.&0!m$$.!$%!
4-)%!04-!K$$K)#5%%).=!04-%-F.!)!*&00*-!*)K-!
A&*+*&B-!;)%K.!68$$*)#)%$$9>!8$$*)#)%$$!B$.0-%-+!)!
04-2! 3)(! .--! $50! 04%$5'4! 04-!
5(&L5-!*-)%(&('!-C;-%&-(3-!B$%!34&*+%-(!#2!4$.0&('!)(!
A&(+$Ak10F.!)**!#5.4*)(+>R!
&(35#)0$%!A&04!*&:-!-''.!.$!04-!34&*+%-(!3$5*+!A&0(-..! !
04-!34&3K.!4)034&('>!]04-%!.-%:&3-.!5.-!B&.4!0)(K.!0$!0-)34!34&*+%-(!)#$50!04-!%$50&(-.!)(+!
;%$3-..!$B!;%$:&+&('!%-'5*)%!B--+&('!)(+!3)%-!0$!)(&<)*.=!)(+!04-!E$2!&(!3)%&('!B$%!04-<!
6_5+E)4')4<&)<&)!)(+!N5**)F.9>!!
!
8$%%",2'$%)9'24)%*25/")h!%*25/"!9*#I1!
`)(2!.-%:&3-.!B)3&*&0)0-!%-'5*)%!A)*K.!0$!04-!#5.4=!3$).0!)(+!*$3)*!)%-)!6`&(2)!@5(4&&=!^)*2'5%%=!
_5+E)4')4<&)<&)=!_5()&!N&+E=!b$$(&##)9>!,4-.-!-C35%.&$(.!;%$:&+-!:)*5)#*-!$;;$%05(&0&-.!0$!
0-)34!34&*+%-(!)#$50!04-!34)('&('!.-).$(.=!*$3)*!;*)(0.=!#5.4!053K-%!):)&*)#*-!&(!3-%0)&(!
.-).$(.=!)(+!0$!')04-%!()05%)*!<)0-%&)*.!B$%!5.-!&(!)%0.!)(+!$04-%!)30&:&0&-.>!b$$(&##)!.0)BB!0)K-!
04-!34&*+%-(!$(!A--K*2!()05%-!A)*K.!04%$5'4!04-!3$<<5(&02>!,4-.-!4-*;!3$((-30!34&*+%-(!A&04!
04-!-(:&%$(<-(0!&(!A4&34!04-2!*&:-=!)(+!'%$5(+!04-<!&(!04-&%!3$<<5(&02!)(+!4&.0$%2>!"30&:&0&-.!
.534!).!#5&*+&('!A&*0E).!6#5.4!.4-*0-%.9!-(3$5%)'-!34&*+%-(!0$!-C;*$%-!04-!;%)30&3-.!$B!04-&%!
)(3-.0$%.=!)(+!0$!);;%$)34!;%$#*-<P.$*:&('!).!)!'%$5;>!1(0-%)30&$(!A&04!3$<<5(&02!<-<#-%.!
A4$!;)%0&3&;)0-!&(!04-!A)*K.!.5;;$%0.!34&*+%-(F.!*&(K.!A&04!04-&%!3$<<5(&02!)(+!-()#*-.!04-<!
0$!.--!04-&%!*$3)*!()05%)*!-(:&%$(<-(0!).!3$<<5()*!*)(+!B$%!A4&34!04-2!)**!4):-!%-.;$(.&#&*&02!P!
B$%!-C)<;*-!0)K&('!#)%K!$(*2!B%$<!04-!'%$5(+!)(+!($0!;5**&('!&0!$BB!0%--.>!"0!`&(2)!@5(4&&!
34&*+%-(!*-)%(!04-!0%)+&0&$()*!;%)30&3-.!$B!45(0&('!'5*+)!6.*--;2!*&m)%+.9=!#50!+$!($0!)305)**2!
3)034!04-!*&m)%+.=!.5;;$%0&('!04-<!0$!+-:-*$;!)(!)A)%-(-..!$B!-(:&%$(<-(0)*!.5.0)&()#&*&02>!!!
!
!
"'!
!
!
;24"/)*0"%5"1)$3),$--5%'26),$%%",2'$%))
/-:-%)*!$04-%!-C)<;*-.!+-<$(.0%)0-!.-%:&3-.F!3);)3&02!0$!.5;;$%0!34&*+%-(F.!3$<<5(&02!
3$((-30&$(.>!8$(3-%(-+!04)0!34&*+%-(F.!34)**-('&('!-C;-%&-(3-.!A&04!04-!;$*&3-!A).!*-)+&('!0$!
(-')0&:-!)..$3&)0&$(.=!_5()&!N&+E!&(&0&)0-+!)!;%$'%)<!A&04!04-&%!*$3)*!3$<<5(&02!;$*&3&('!
.L5)+F.!b$$%&!X(&0>!f&.&0$%.!B%$<!04-!X(&0!($A!%-'5*)%*2!:&.&0!0$!E$&(!04-!34&*+%-(!&(!-:-%2+)2!
)30&:&0&-.>!,4&.!&.!-()#*&('!04-!34&*+%-(!0$!+-:-*$;!%-*)0&$(.4&;.!$B!0%5.0!)(+!;$.&0&:-!-C;-%&-(3-.!
A&04!04-!;$*&3->!1(!)!B5%04-%!-C)<;*-=!)B0-%!)(!&(&0&)*!.533-..B5*!:&.&0=!`&(2)!@5(4&&!&.!#5&*+&('!)!
%-*)0&$(.4&;!A&04!04-!*$3)*!)'-+!3)%-!4$<-!0$!;%$:&+-!34&*+%-(!A&04!$;;$%05(&0&-.!0$!:&.&0!7*+-%.>!!
!
.$,'*#)/"17$%1'!'#'26)
"(!&<;$%0)(0!-*-<-(0!$B!34&*+%-(!B--*&('!3$((-30-+!)(+!3$(0%2&('!0$!04-&%!A$%*+!&.!B$.0-%&('!
04-&%!.-(.-!$B!.$3&)*!%-.;$(.&#&*&02!)(+!)A)%-(-..!$B!04-!&<;)30!$B!04-&%!)30&$(.!$(!$04-%.>!
/-%:&3-.!B$35.!$(!04&.!&(!)!:)%&-02!$B!A)2.>!/$<-!;%$<$0-!'%$5;!%-.;$(.&#&*&02!#2!-(3$5%)'&('!
34&*+%-(!0$!.4)%-!-L5&;<-(0!)(+!#2!B$.0-%&('!+)&*2!%$50&(-.!)%$5(+!3)%&('!B$%!-L5&;<-(0>!
8$(:-%.)0&$(.!.5;;*-<-(0!04-.-!%$50&(-.!0$!-()#*-!34&*+%-(!0$!5(+-%.0)(+!946)04-2!(--+!0$!
0%-)0!-L5&;<-(0!A&04!%-.;-30!h!.$!04)0!&0!&.!):)&*)#*-!)(+!%-)+2!B$%!04-<!)**!0$!5.-!04-!(-C0!+)2>!
@&%%-*--!.0)BB!B&(+!04)0!%$*-P<$+-**&('!.$3&)**2!%-.;$(.&#*-!#-4):&$5%!04-<.-*:-.!-(3$5%)'-.!
34&*+%-(!0$!)+$;0!04-.-!%$50&(-.!)(+!#-4):&$5%.=!)(+!$B0-(!<-)(.!34&*+%-(!3)(!04-(!.4)%-!
04-.-!3-(0%-!%$50&(-.!A&04!(-A!34&*+%-(>!84&*+%-(!)%-!.5;;$%0-+!0$!+-:-*$;!&(+&:&+5)*!
%-.;$(.&#&*&02!B$%!04-&%!$A(!;$..-..&$(.!04%$5'4!+)&*2!%$50&(-.!)(+!+-+&3)0-+!)%-).!A&04&(!04-!
3-(0%-!B$%!-)34!34&*+!0$!;*)3-!04-&%!04&('.>!b$$(&##)F.!U&%-30$%!4&'4*&'40.!04)0!&0!&.!&<;$%0)(0!0$!
4):-!Q)!*&00*-!)%-)!A4-%-!-)34!34&*+!3)(!#-!%-.;$(.&#*-!)(+!K($A!04)0!04&.!&.!A4-%-!04-&%!
#-*$('&('.!'$>!/$!04-%-F.!04)0!%-.;$(.&#&*&02!h!04-2F%-!2$5%!04&('.=!*$$K!)B0-%!04-<>R!,4%$5'4!
04&.!;%)30&3-!34&*+%-(!4):-!+-:-*$;-+!&(+-;-(+-(3-!h!04-2!3)(!34$$.-!A4-04-%!0$!A-)%!.4$-.!
$%!($0!h!)(+!%-.;$(.&#&*&02!h!&B!04-2!+$(F0!A-)%!.4$-.!04-2!K($A!A4-%-!0$!;*)3-!04-<>!
!
J"17",2)3$/)+'0"/1'26)
[-.;-30!B$%!+&:-%.&02!&.!+-<$(.0%)0-+!#2!)**!.-%:&3-.!$(!)!:)%&-02!$B!*-:-*.=!&(3*5+&('!35*05%)*=!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%=!B)<&*2!)(+!&(+&:&+5)*!+&:-%.&02>!"**!.-%:&3-.!+&.;*)2!)!
3);)3&02!0$!:)*5-!+&:-%.&02!)(+!$04-%!35*05%-.!A4&*.0!.0&**!<)&(0)&(&('!04-&%!;%&<)%2!B$35.!$(!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!35*05%->!/$<-!.-%:&3-.!3$<<-(0!04)0!&0!&.!;)%0&35*)%*2!
&<;$%0)(0!0$!0-)34!34&*+%-(!)#$50!+&BB-%-(3-!&(!)!3-(0%-!A4-%-!04-2!)%-!;%-+$<&()(0*2!B%$<!
$(-!35*05%-!6M);;-%)=!_5+E)4')4<&)<&)9>!U&:-%.-!+$**.=!0$2.=!;&305%-.=!#$$K.!)(+!<5.&3!)%-!)**!
5.-+!0$!3%-)0-!*-)%(&('!-(:&%$(<-(0.!)(+!-C;-%&-(3-.!04)0!-C;$.-!34&*+%-(!0$!+&:-%.&02!04%$5'4!
;*)2=!)(+!3)(!04-(!.;)%K!$BB!+&.35..&$(!)#$50!+&BB-%-(3->!/-%:&3-.!<-(0&$(!04-!&<;$%0)(3-!$B!
0)%'-0&('!-C;-%&-(3-.!)0!)(!)'-P);;%$;%&)0-!*-:-*=!B$%!-C)<;*-!)0!M);;-%)!#)#&-.!)(+!0$++*-%.!
)%-!-C;$.-+!0$!+&:-%.&02!04%$5'4!35*05%)**2!+&BB-%-(0!+$**.!)(+!0$2.=!A4&*.0!;%$'%)<.!B$%!$*+-%!
34&*+%-(!&(0%$+53-!<$%-!3$<;*-C!3$(3-;0.!5.&('!<);.!$B!04-!A$%*+=!#$$K.!)(+!.0$%&-.!04)0!
%-;%-.-(0!+&BB-%-(0!35*05%-.>!W%$:&+&('!34&*+%-(!A&04!$;;$%05(&0&-.!0$!-)0!)(+!+&.35..!+&:-%.-!
B$$+.!3)(!)*.$!0-)34!04-<!)#$50!04-!$;;$%05(&0&-.!):)&*)#*-!04%$5'4!-C;*$%&('!+&BB-%-(3-!
6_5+E)4')4<&)<&)=!_5(+$$=!M);;-%)9>!!
!
U&.35..&$(.!)%$5(+!+&BB-%-(3-=!.&<&*)%&0&-.!)(+!-L5&02!4-*;!34&*+%-(!0$!#-!3$<B$%0)#*-!A&04!
+&BB-%-(3-!)(+!0$!%-.;-30!$04-%!A)2.!$B!#-&('!)(+!+$&('>!`$+-**&('!;$.&0&:-!&(0-%)30&$(!04)0!
!
"(!
!
!
%-.;-30.!+&BB-%-(3-!&.!)!K-2!A)2!0$!.5;;$%0!34&*+%-(!0$!+-:-*$;!04&.!02;-!$B!)33-;0)(3->!/$<-!
.-%:&3-.!A&04!4&'4!(5<#-%.!$B!($(P"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(!4):-!34$.-(!0$!
0-)34!)($04-%!*)('5)'-!6M)A)%%)9!A4&34!-()#*-.!)**!34&*+%-(!0$!B--*!04)0!04-&%!35*05%-!)(+!
*)('5)'-!&.!%-.;-30-+!)(+!:)*5-+>!]04-%!.-%:&3-.!<-(0&$(!04-!&<;$%0)(3-!$B!3-*-#%)0&('!04-!
35*05%)*!-:-(0.!$B!)**!34&*+%-(!)0!04-!.-%:&3->!,"88"!3$(.5*0.!A&04!)**!;)%-(0.!0$!-(.5%-!04)0!04-&%!
35*05%)*!-:-(0.=!.534!).![)<)+)(=!)%-!3-*-#%)0-+>!,4&.!.5;;$%0.!04-!&+-(0&02!$B!34&*+%-(!B%$<!
+&:-%.-!#)3K'%$5(+.=!)(+!&.!)(!-(')'&('!A)2!0$!3-*-#%)0-!35*05%)*!+&BB-%-(3-!A&04!)**!34&*+%-(>!
!
"!(5<#-%!$B!.-%:&3-.!+&.35..!04-!&<;$%0)(3-!$B!04-!35*05%)*!+&:-%.&02!$B!04-&%!3$<<5(&02>!G$%!
`&(2)!@5(4&&=!A4&*.0!04-&%!;%&$%&02!&.!0$!.5;;$%0!04-!"#$%&'&()*!34&*+%-(!&(!04-!3$<<5(&02=!04-&%!
;4&*$.$;42!&.!04)0!A4-%-!;$..&#*-!04-!3-(0%-!.4$5*+!)*.$!%-;%-.-(0!*##!34&*+%-(!&(!04-!
3$<<5(&02!).!04&.!)&+.!5(&02!#$04!A&04&(!)(+!$50!$B!04-!3-(0%->!".!$(-!-+53)0$%!+-.3%&#-.=!Q04-!
A&+-%!3$<<5(&02!.--<.!0$!K($A!04-2!#-*$('!6)0!`&(2)!@5(4&&9=!)(+!A-!+$(F0!*$.-!)(2#$+2>R!
`)(2!.-%:&3-.!-<;4).&.-!04-!:)*5-!$B!35*05%)**2!+&:-%.-!.0)BB!A4$!3)(!.4)%-!04-&%!35*05%-.!A&04!
34&*+%-(!$(!)!+)&*2!#).&.!6^)*2'5%%=!`&(2)!@5(4&&=!8$('%-..=!M);;-%)9>!W)%0&3&;)0&$(!&(!3$<<5(&02!
-:-(0.!.534!).!04-!@%$$<-F.!/4&(E5!`)0.5%&!B-.0&:)*!6^)*2'5%%9!)(+!V)%<$(2!U)2!6N5**)F.9!)%-!
:)*5)#*-!$;;$%05(&0&-.!B$%!34&*+%-(!0$!3-*-#%)0-!04-!+&:-%.&02!$B!04-&%!3$<<5(&02>!!
!
U&:-%.&02!A&04&(!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!'%$5;.!&.!-C;*$%-+!04%$5'4!+&.35..&$(.!
)#$50!:)%&-+!35*05%)*!0%)+&0&$(.!.534!).!#5.4!053K-%!)(+!0%)+&0&$()*!.0$%&-.!6b$$(&##)=!M);;-%)=!
`&(2)!@5(4&&=!N5**)F.=!_5(+$$9>!"0!_5(+$$!04-!3$<<5(&02!&.!;%-+$<&()(0*2!"#$%&'&()*=!)(+!.$!
.0)BB!)%-!-C;*$%&('!A)2.!0$!&(0%$+53-!,$%%-.!/0%)&0!1.*)(+-%!35*05%-!04%$5'4!5.&('!;&305%-.!0$!
-C;*$%-!04-!35*05%-!A&04!34&*+%-(>!,4-2!)%-!)*.$!#5&*+&('!%-*)0&$(.4&;.!A&04!)!*$3)*!,$%%-.!/0%)&0!
1.*)(+-%!B)<&*2!0$!-()#*-!04-<!0$!3$<-!&(!)(+!.4)%-!04-&%!.$('.!)(+!*)('5)'-!)0!04-!3-(0%->!
[-3$'(&.&('!04)0!04-&%!34&*+%-(!<)2!%-;%-.-(0!)!%)('-!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
'%$5;.!<)(2!.-%:&3-.!-C;*$%-!34&*+%-(F.!B)<&*2!#)3K'%$5(+.!)(+!4&.0$%&-.!04%$5'4!B)<&*2!
<);;&('!)(+!+&.35..&$(.!#-0A--(!B)<&*&-.=!.0)BB!)(+!34&*+%-(!6M);;-%)=!b$$(&##)=!_5(+$$9>!
,4-!U&%-30$%!$B!N5**)F.!%-3$5(0.!)!3$(:-%.)0&$(!A&04!04-!34&*+%-(!04)0!B$35.-+!$(!Q4$A!+&BB-%-(0!
A-!)**!)%-!#50!4$A!A-F%-!)**!04-!.)<->!"(+!04-!K&+.!A-%-!*&K-!cA$A!A-F%-!)**!b$$%&!#50!A-F:-!)**!
'$0!+&BB-%-(0!3$*$5%-+!4)(+.nFR!/-:-%)*!.-%:&3-.!<-(0&$(!04-!&<;$%0)(3-!$B!:)*5&('!04-!+&:-%.&02!
$B!B)<&*2!;%)30&3-.!6b$$(&##)=!_5+E)4')4<&)<&)9>!_5+E)4')4<&)<&)!.--K.!&(B$%<)0&$(!B%$<!
B)<&*&-.!0$!-(.5%-!04)0!04-!.-%:&3-!;%)30&3-.!%-B*-30!04-&%!35*05%->!_5()&!N&+E!-(3$5%)'-.!%-.;-30!
B$%!&(+&:&+5)*!+&:-%.&02!#2!%)&.&('!)A)%-(-..!04)0!Q-:-%2$(-!4).!'$0!04-&%!$A(!&+-(0&02=!6)(+9!&0F.!
&<;$%0)(0!B$%!04-&%!&+-(0&02!0$!#-!%-3$'(&.-+>R!
!
1(!.5<<)%2=!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!.-%:&3-.!-()#*-!34&*+%-(!0$!#-!3$((-30-+!
A&04!)(+!3$(0%2-!0$!04-&%!A$%*+!&(!)!:)%&-02!$B!;%)30&3)*!)(+!&(($:)0&:-!A)2.!04)0!*&(K!04-<!
A&04!04-&%!3$<<5(&02=!()05%-!)(+!-)34!$04-%>!84&*+%-(F.!3$((-30&$(!()05%-!&.!;%$<$0-+!
04%$5'4!;%)30&3)*=!4)(+.P$(!)30&:&0&-.!04)0!-()#*-!34&*+%-(!0$!)30&:-*2!-C;-%&-(3-!()05%-!)(+!
&(0-%)30&$(.!A&04!)(&<)*.>!84&*+%-(!)%-!-(3$5%)'-+!0$!+-:-*$;!)!.-(.-!$B!-(:&%$(<-(0)*!
%-.;$(.&#&*&02!)(+!)A)%-(-..!04%$5'4!;%)30&3-.!.534!).!%-323*&('>!U-:-*$;<-(0!$B!.$3&)*!
%-.;$(.&#&*&02!&.!.5;;$%0-+!04%$5'4!-C;*$%&('!%&'40.!)(+!%-.;$(.&#&*&0&-.!).!'%$5;!<-<#-%.>!
G&()**2=!34&*+%-(!)%-!-(3$5%)'-+!0$!%-.;-30=!5(+-%.0)(+!)(+!);;%-3&)0-!+&:-%.&02!04%$5'4!
&(0-%)30&:-!)30&:&0&-.!)(+!+&.35..&$(.!04)0!-C;*$%-!+&BB-%-(3-!$(!&(+&:&+5)*!)(+!35*05%)*!*-:-*.>!
!
")!
!
!
N.D&)64$10%*&O";%&"&:+0'*7&:%*,%&'(&=%$$#%4*7&
!
\-**#-&('!&.!+-B&(-+!A&04&(!04-!7MNG!).!-(3$<;)..&('!#$04!;42.&3)*!)(+!;.234$*$'&3)*!
-*-<-(0.>!W42.&3)*!4-)*04!&.!34)%)30-%&.-+!).!-(3$<;)..&('=!)<$('.0!$04-%!).;-30.=!(50%&0&$(=!
4-)*04=!;-%.$()*!42'&-(-!)(+!;42.&3)*!B&0(-..>!,4-!7MNG!)*.$!.0)0-.!04)0!A-**#-&('!&<;%$:-.!
34&*+%-(F.!3$(B&+-(3-=!%-.&*&-(3-!)(+!)'-(32=!A4&34!)%-!)&+-+!#2!A)%<=!0%5.0&('!%-*)0&$(.4&;.!
#-0A--(!-+53)0$%.!)(+!34&*+%-(=!)!K-2!7MNG!;%&(3&;*->!,4-!7MNG!.0)0-.!04)0!(5%05%&('!
%-*)0&$(.4&;.!)(+!3$(.&.0-(0!-<$0&$()*!.5;;$%0!&.!;)%0&35*)%*2!K-2!&(!04&.>!,4-!7MNG!)*.$!B$35.-.!
$(!4$*&.0&3!);;%$)34-.!A&04&(!04-!;%$:&.&$(!$B!-)%*2!34&*+4$$+!+-:-*$;<-(0=!A4&34!&(:$*:-.!
:&-A&('!34&*+%-(F.!+-:-*$;<-(0!).!-(3$<;)..&('!;42.&3)*=!;-%.$()*=!3$'(&0&:-=!.$3&)*=!
-<$0&$()*!)(+!.;&%&05)*!A-**#-&('!)(+!+-:-*$;<-(0>!,4&.!7MNG!-*-<-(0!)*.$!%-3$'(&.-.!04-!
3$((-30&$(.!#-0A--(!34&*+%-(=!04-&%!B)<&*&-.!)(+!3$<<5(&0&-.!).!&<;$%0)(0!).;-30.!&(!)!34&*+F.!
A-**#-&('>!!
!
"**!.-%:&3-.!&(0-%:&-A-+!-34$!04&.!#%$)+!;4&*$.$;42!$B!A-**#-&('!#2!+-B&(&('!&0!&(!#%$)+!0-%<.!).!
-(3$<;)..&('!34&*+%-(F.!.$3&)*=!-<$0&$()*=!3%-)0&:-=!35*05%)*=!;42.&3)*!)(+!3$'(&0&:-a&(0-**-305)*!
+-:-*$;<-(0>!1<;$%0)(0*2=!)!5(&L5-!B-)05%-!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!
.-%:&3-.!&.!04)0!04-2!#-*&-:-!04)0!34&*+%-(F.!A-**#-&('!3)(($0!#-!:&-A-+!&(!&.$*)0&$(!h!#-&('!
+-;-(+-(0!$(!)(+!&(0%&(.&3)**2!*&(K-+!0$!04-!A-**#-&('!$B!04-&%!B)<&*2!)(+!3$<<5(&02>!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!-)%*2!34&*+4$$+!3-(0%-.!)%-!K-2!.-%:&3-.!0$!3)0-%!0$!04&.!
#%$)+-%!+-B&(&0&$(!$B!A-**#-&('!#-3)5.-!04-2!)%-!:&-A-+!).!7*/2!$B!04-!3$<<5(&02>!"!5(&L5-!
.0%-('04!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!.-%:&3-.!&.!04)0!04-2!)%-!)#*-!0$!4$*&.0&3)**2!
%-.;$(+!0$!)!%)('-!$B!+&:-%.-!A-**#-&('!(--+.=!'-(-%)**2!;%$:&+&('!4-)*04=!+-(0)*=!(50%&0&$()*!
)(+!;)%-(0&('!;%$'%)<.!)(+!.-%:&3-.>!,4-2!)*.$!4):-!)!.0%$('!B$35.!$(!<--0&('!34&*+%-(F.!.$3&)*!
)(+!-<$0&$()*!A-**#-&('!(--+.=!)(!-..-(0&)*!).;-30!$B!A4&34!&.!04-!.0%$('=!(5%05%&('!
%-*)0&$(.4&;.!#-0A--(!.0)BB!)(+!34&*+%-(>!U-.;&0-!04-!$#:&$5.!#-(-B&0.!$B!04&.!4$*&.0&3!);;%$)34!
B$%!34&*+%-(F.!A-**#-&('!(--+.=!<)(2!.-%:&3-.!.5BB-%!B%$<!B5(+&('!34)**-('-.!6+&.35..-+!&(!04-!
B&()*!.-30&$(9>!!
!
8*7*,'26)2$)4$#'12',*##6)/"17$%+)2$)*)/*%&")$3)%""+1!
"!+&.0&(30&:-!34)%)30-%&.0&3!$B!04-!-)%*2!34&*+4$$+!3-(0%-.!&(0-%:&-A-+!&.!04)0!04-2!)%-!)#*-!0$!
-BB-30&:-*2!)(+!4$*&.0&3)**2!%-.;$(+!0$!04-!+&:-%.&02!$B!(--+.!$B!04-&%!34&*+%-(=!B)<&*&-.!)(+!
3$<<5(&0&-.!04%$5'4!04-!;%$:&.&$(!$B!)(!)%%)2!$B!.-%:&3-.=!-34$&('!04-!$%&'&()*!;4&*$.$;42!
#-4&(+!04-!`5*0&B5(30&$()*!"#$%&'&()*!84&*+%-(F.!/-%:&3-!6`"8/9!<$+-*>!,4-!;%$:&.&$(!$B!4$*&.0&3!
.-%:&3-!+-*&:-%2!h!:&-A&('!)**!$B!04-!34&*+F.!(--+.!).!&(0-%3$((-30-+=!)(+!:&-A&('!04-!34&*+!&(!04-!
3$(0-C0!$B!04-&%!B)<&*2!)(+!3$<<5(&02!h!&.!)(!&(0-'%)*!3$(3-;0!+-<$(.0%)0-+!#2!)**!$B!04-!
.-%:&3-.!&(0-%:&-A-+=!+-.;&0-!B5(+&('!34)**-('-.!04)0!($A!*&<&0!04-!<5*0&B5(30&$()*!()05%-!$B!
04-&%!.-%:&3-!+-*&:-%2!3);)#&*&0&-.>!,4&.!&..5-!&.!+&.35..-+!B5%04-%!#-*$A>!!
!
[-.;$(+&('!0$!34&*+%-(F.!A-**#-&('!%-L5&%-<-(0.!&(!04&.!A)2!&.!#).-+!$(!04-!;%-<&.-!04)0!
34&*+%-(!#-.0!+-:-*$;!A4-(!04-2!)%-!4-)*042=!.$3&)**2!)(+!-<$0&$()**2!.-35%-=!)(+!A4-(!04-&%!
B)<&*&-.!)%-!.5;;$%0-+>!/0)BB!5(+-%.0)(+!04)0!3)0-%&('!B$%!)!34&*+F.!A-**#-&('!(-3-..&0)0-.!
;%$:&+&('!4$*&.0&3!.5;;$%0!0$!04-&%!-(0&%-!B)<&*2!6B$%!.;-3&B&3!-C)<;*-.!.--!@&%%-*--!)(+!04-!
!
"*!
!
!
"#$%&'&()*!84&*+%-(F.!8-(0%-9>!`$%-!#%$)+*2=!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!
5(+-%.0)(+!04)0!34&*+!A-**#-&('!&.!#-.0!;%$<$0-+!&(!04-!3$(0-C0!$B!3$<<5(&02!A-**#-&('!)(+!
+-:-*$;<-(0!6@&%%-*--=!"#$%&'&()*!84&*+%-(F.!8-(0%-9>!".!$(-!U&%-30$%!3$<<-(0-+=!&0F.!Q)#$50!
3$<<5(&02!+-:-*$;<-(0k&0F.!)**!)#$50!04$.-!.0%)(+.!04)0!(--+!0$!'$!&(0$!-)%*2!34&*+4$$+!
.-%:&3-.=!04-!4-)*04!.0%)(+=!04-!-+53)0&$(!.0%)(+=!04-!0%)&(&('!)(+!+-:-*$;<-(0!.0%)(+>R!
6"#$%&'&()*!84&*+%-(F.!8-(0%-9>!
!
/-%:&3-.!&(0-%:&-A-+!+&.;*)2!)!5(&L5-!);;%$)34!0$!04-!;%$:&.&$(!$B!3)%-!)(+!.5;;$%0!0$!B)<&*&-.!
)(+!34&*+%-(!A&04!04-&%!.0%$('!3$<<&0<-(0!0$!;%$:&+&('!4$*&.0&3!3)%-!0$!)**!B)<&*&-.!A4$!A)*K!&(!
04-!+$$%>!"0!@&%%-*--!04-!U&%-30$%!&**5.0%)0-.!04)0!04&.!<-)(.!04)0!.0)BB!(--+!0$!#-!)#*-!0$!
%-.;$(+!0$!)!+&:-%.-!:)%&-02!$B!.&05)0&$(.=!Q$(!)(2!'&:-(!+)2!)(2!.&05)0&$(!3$5*+!A)*K!&(!04-!
+$$%=!)(+!A-!4):-!0$!%-.;$(+!0$!04)0!).!)!3$<<5(&02!.-%:&3->!\-!(-:-%!05%(!)(2$(-!)A)2!)(+!
A-!E5.0!0%2!)(+!+$!A4)0!A-!3)(!'&:-(!04-!6+&BB&35*0!B&()(3&)*9!3&%35<.0)(3-.R>!!
!
8-(0%-.!)00%2-!04-&%!)#&*&02!0$!;%$:&+-!.-%:&3-.!&(!04&.!A)2!0$!.-:-%)*!B)30$%.>!G&%.0*2=!)!5(&L5-!
B-)05%-!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!&.!04)0!04-2!.--K!0$!)++%-..!34&*+%-(F.!
3)%-!)(+!+-:-*$;<-(0!(--+.!&(!)!4$*&.0&3!B).4&$(!h!)(+!04&.!B5(+)<-(0)*!3$(3-;0!B$%<.!04-!
#).&.!$B!<$.0!.-%:&3-!;4&*$.$;4&-.!6,"88"9>!!
!
/-:-%)*!.-%:&3-.!3$<<-(0!04)0!#-&('!)!.<)**-%!3-(0%-!04-2!)%-!$B0-(!)#*-!0$!;%$:&+-!<$%-!
;-%.$()*&.-+!3)%-!)(+!3)(!-()#*-!.0)BB!0$!#-00-%!5(+-%.0)(+!04-!3$<;*-C!(--+.!$B!34&*+%-(!
6_5()&!N&+E!)(+!b$$(&##)9>!"0!@&%%-*--!)!*$A-%!34&*+!0$!.0)BB!%)0&$!<-)(.!04)0!.0)BB!)%-!)#*-!0$!
;%$:&+-!)!<$%-!&(+&:&+5)*&.-+=!4&'4!*-:-*!$B!3)%-!0$!-)34!34&*+>!".!04-!U&%-30$%!-C;*)&(.=!*$A-%!
%)0&$.!<-)(!#-00-%!$503$<-.!B$%!34&*+%-(=!!
!
\$%K&('!A&04!$5%!3$<<5(&02!)(204&('!3)(!4);;-(!$(!)(2!'&:-(!+)2k)!34&*+!<)2!(--+!
$(-!0$!$(-!6)00-(0&$(9=!$%!)!B)<&*2!<)2!(--+!)..&.0)(3-!04)0!0)K-.!4)*B!2$5%!+)2>!
\4-04-%!&0!#-!E5.0!.5;;$%0!$%!A4-04-%!&0F.!<)K&('!;4$(-!3)**.!$%!.5;;$%0&('!B)<&*&-.!&(!
+-3&.&$(.!04-2!4):-!0$!<)K-=!$%!A4-04-%!&0F.!A$%K&('!A&04!$04-%!)'-(3&-.!0$!3$((-30!
04-<!0$!04-!B)<&*&-.!.$!04-2!)%-(F0!);;%$)34&('!)'-(3&-.!3$*+!B)3->!
!
".!A-**!).!04-!%5-!"/)$B!.0)BB=!94$!.0)BB!)%-!&.!)!B5%04-%!3%53&)*!).;-30!&(!#-&('!)#*-!0$!;%$:&+-!
04-!3$<;*-C!)%%)2!$B!3)%-!.-%:&3-.!(-3-..)%2>!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.0)BB!A4$!)%-!
;)%0!$B!04-!*$3)*!3$<<5(&02!)%-!K-2!0$!#-&('!)#*-!0$!;%$:&+-!04&.!4$*&.0&3!3)%-!#-3)5.-!04-2!
5(+-%.0)(+!-)34!34&*+F.!3$(0-C0>!@&%%-*--F.!U&%-30$%!-C;)(+.!$(!04&.=!!
!
k&B!A-!+&+(F0!4):-!04-!"#$%&'&()*!.0)BB!4-%-=!A-!A$5*+(F0!4):-!04-!.0%$('!3$<<5(&02!*&(K.=!
$%!04-!5(+-%.0)(+&('!B%$<!04-!3$<<5(&02!$B!04-!34&*+%-(F.!)(+!B)<&*&-.F!&..5-.>!"(+!04)0F.!
A42!$5%!.-%:&3-!3)(!%-.;$(+!.$!A-**!)(+!);;%$;%&)0-*2!0$!+&BB-%-(0!04&('.!04)0!'$!$(>!
!
\&04!*&<&0-+!B5(+&('!&(3%-).-.!0$!<--0!+-<)(+=!<)(2!.-%:&3-.!B$35.!$(!#5&*+&('!.0%$('!
;)%0(-%.4&;.!A&04!-C0-%()*!$%')(&.)0&$(.!0$!#-!)#*-!0$!+-*&:-%!04-!.5;;$%0!04-&%!34&*+%-(!)(+!
B)<&*&-.!(--+>!8-(0%-.!4):-!#5&*0!%-*)0&$(.4&;.!A&04!*$3)*!4-)*04!+-;)%0<-(0.!&(!$%+-%!0$!)33-..!
.3%--(&('!)(+!+-(0)*!3)%-=!)(+!;)%0(-%.4&;.!A&04!-)%*2!&(0-%:-(0&$(!.-%:&3-.!.534!).!I$)4F.!"%K!
!
#+!
!
!
4-*;!.-%:&3-.!0$!+-*&:-%!;)%-(0&('!.5;;$%0!)(+!-)%*2!&(0-%:-(0&$(!;%$'%)<.>!G$%!`&(2)!@5(4&&!
)(+!b$$(&##)!K($A*-+'-P.4)%&('!$(!34&*+%-(F.!3)%-!)(+!+-:-*$;<-(0!0)K-.!;*)3-!)0!*$3)*!c45#F!
<--0&('.!#-0A--(!)**!*$3)*!7878!.-%:&3-.=!A4-%-!&..5-.!.534!).!$335;)0&$()*!04-%);2=!.;--34!
04-%);2!$%!34&*+%-(F.!+-:-*$;<-(0)*!(--+.!)%-!+&.35..-+=!)(+!&+-).!)(+!K($A*-+'-!.4)%-+>!!
!
?2'#'1'%&)24")1577$/2)1"/0',"1)$3)7*/"%2)!$+6)!
"!(5<#-%!$B!.-%:&3-.!.;-)K!$B!04-&%!%-*)0&$(.4&;!A&04!04-&%!;)%-(0!#$+2!).!K-2!0$!04-&%!3);)3&02!
0$!;%$:&+-!)!%)('-!$B!.-%:&3-.!0$!<--0!34&*+%-(F.!A-**#-&('!(--+.!68$('%-..=!"#$%&'&()*!
84&*+%-(F.!8-(0%-=!8$$*)#)%$$=!_5+E)4')4<&)<&)9>!W)%-(0!$%!5<#%-**)!#$+&-.!)%-!"#$%&'&()*!
)(+!,$%%-.!/0%)&0!1.*)(+-%!$%')(&.)0&$(.!04)0!;%$:&+-!)!:)%&-02!$B!34&*+=!B)<&*2!)(+!4-)*04!
.-%:&3-.!0$!04-!*$3)*!3$<<5(&02>!,4&.!-()#*-.!7878!.-%:&3-.!0$!+-*&:-%!&(0-'%)0-+!.-%:&3-.!0$!
<--0!34&*+%-(F.!.$3&)*=!-<$0&$()*!)(+!4-)*04!A-**#-&('!(--+.!68$('%-..=!"#$%&'&()*!84&*+%-(F.!
8-(0%-9>!"0!8$('%-..!)!.0%$('!%-*)0&$(.4&;!A&04!04-!4-)*04!)(+!;)%-(0&('!&(0-%:-(0&$(!;%$'%)<.!
-()#*-.!04-!34&*+!3)%-!.-%:&3-!0$!B)3&*&0)0-!4-)*04!3)%-!)(+!;)%-(0&('!.5;;$%0!;%$'%)<.>!!
!
K"*#24)*%+)+"%2*#)
W)%0!$B!04-!#%$)+!:&.&$(!$B!`"8/!A).!0$!*&(K!;)%-(0.!)(+!34&*+%-(!A&04!4-)*04!.-%:&3-.!&(!)(!
)33-..&#*-=!($(PE5+'-<-(0)*!)(+!.)B-!-(:&%$(<-(0>!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!
.-%:&3-.!3$(0&(5-!0$!;%$:&+-!04&.!.5;;$%0!0$!3$<<5(&0&-.>!8-(0%-.!3$(.5*0-+!+-0)&*-+!)!
3$<;%-4-(.&:-!*&.0!$B!4-)*04!)(+!+-(0)*!.-%:&3-.!):)&*)#*-!0$!34&*+%-(=!&(3*5+&('!-2-!)(+!-)%!
34-3K.Z!A-&'40!)(+!4-&'40!.3%--(&('Z!<)0-%()*!4-)*04!.-%:&3-.Z!+-(0)*!3)%-Z!$335;)0&$()*!
04-%);2Z!&<<5(&.)0&$(.Z!.;--34!;)04$*$'2!)(+!04-!;%$:&.&$(!$B!)+:&3-!)(+!&(B$%<)0&$(!0$!
;)%-(0.!)(+!B)<&*&-.>!`)(2!.-%:&3-.!-(E$2!%-'5*)%!:&.&0.!B%$<!)!34&*+!4-)*04!(5%.-!$%!$04-%!
.;-3&)*&.0.=!$04-%.!;%$:&+-!3)%-!04%$5'4!.34-+5*-+!&(0-%:-(0&$(.!)0!3-%0)&(!0&<-.!$B!04-!2-)%>!
G$%!.$<-!3-(0%-.!)33-..&('!$(P.&0-!4-)*04!.-%:&3-.!3)(!#-!34)**-('&('=!)(+!.$!.0)BB!4):-!
$%')(&.-+!#5.-.!0$!+-*&:-%!34&*+%-(!)(+!B)<&*&-.!0$!*$3)*!4-)*04!)(+!+-(0)*!.-%:&3-.!6b$$(&##)9>!
,4&.!&.!;)%0&35*)%*2!&<;$%0)(0!B$%!.-%:&3-.!A4-%-!;)%-(0.!<)2!($0!4):-!)33-..!0$!0%)(.;$%0>!!
!
/$<-!.-%:&3-.!'$!#-2$(+!0%-)0&('!34&*+%-(!0$!0%-)0&('!B)<&*2!<-<#-%.=!B%$<!04-!#).&.!04)0!
4-)*04&-%!)+5*0.!*-)+!0$!4-)*04&-%!34&*+%-(>!@&%%-*--!;%$:&+-.!)!B%--!A$5(+!3*&(&3!04)0!&.!$;-(!0$!
)(2$(-!&(!04-!3$<<5(&02>!@2!B$35.&('!$(!-+53)0&('!)+5*0.=!@&%%-*--!-(.5%-.!04)0!34&*+%-(!3)(!
)*.$!%-3-&:-!&<;%$:-+!4-)*04!3)%->!,4-!`"8/!4).!)*.$!*&(K-+!&(0$!)!.A&(-!B*5!%-.-)%34!;%$E-30!
A4&34!4).!-()#*-+!04-<!0$!;%$:&+-!&<<5(&.)0&$(!.-%:&3-.!0$!34&*+%-(!)(+!04-&%!B)<&*&-.=!)(+!)!
;)%0(-%.4&;!A&04!8$<<5(&02!V-)*04!4).!.5;;$%0-+!)**!<-<#-%.!$B!B)<&*&-.!A&04!2$5('!#)#&-.!
0$!%-3-&:-!A4$$;&('!3$5'4!:)33&()0&$(.>!!
!
`)(2!3-(0%-.!0)K-!)(!)30&:-!;%-:-(0)0&:-!);;%$)34!0$!34&*+%-(F.!4-)*04=!B$35.&('!$(!-+53)0&('!
;)%-(0.!)(+!34&*+%-(>!@&%%-*--F.!4-)*04!<$+-*=!B$%!-C)<;*-=!3$(3-(0%)0-.!$(!&<;%$:&('!$0"/*##!
4-)*04!)(+!4$*+.!+&.35..&$(.!A&04!34&*+%-(!)(+!;)%-(0.!)%$5(+!).;-30.!$B!'$$+!4-)*04!.534!).!
Q*-)%(&('!0$!#*$A!2$5%!($.-=!'$$+!42'&-(-=!-)0&('!A-**!6)(+9!.*--;&('!A-**>R!,4-!"#$%&'&()*!
84&*+%-(F.!8-(0%-F.!B$35.!$(!4-)*04!)(+!(50%&0&$(!%-B*-30.!04-!B$35.!04)0!04-&%!;)%-(0!#$+2=!04-!
,).<)(&)(!"#$%&'&()*!8-(0%-=!&.!;%$<$0&('!A&04&(!04-!A&+-%!"#$%&'&()*!3$<<5(&02>!".!04-!
8-(0%-!U&%-30$%!-C;*)&(.=!Q\-F%-!<&%%$%&('!4-%-!A4)0!$5%!4-)*04!;%$<$0&$(.!;%$'%)<!)(+!$5%!
4-)*04!.-%:&3-.!)%-!0%2&('!0$!+$!A&04!04-!)+5*0!;$;5*)0&$(!$B!04-!3$<<5(&02>R!,4&.!4-*;.!0$!
!
#"!
!
!
-(.5%-!04)0!34&*+%-(F.!4-)*04!)(+!A-**#-&('!&.!3$(.&+-%-+!A&04&(!04-!3$(0-C0!$B!04-!-(0&%-!
3$<<5(&02!)(+!3)(!04-%-B$%-!3$<;*-<-(0!-C&.0&('!;%$'%)<.!)(+!#-!#-00-%!0)%'-0-+!0$!(--+>!!
!
"!:)*5)#*-!34)%)30-%&.0&3!$B!04-.-!4$*&.0&3!);;%$)34-.!0$!4-)*04!)(+!A-**#-&('!&.!04-!A)2!04)0!
04-2!-(')'-!A&04!B)<&*&-.!).!)30&:-!;)%0(-%.!&(!04-&%!34&*+%-(F.!4-)*04>!/-:-%)*!3-(0%-.!4$*+!
4-)*04P04-<-+!$;-(!+)2.>!G$%!-C)<;*-!)0!N5**)F.!)!+-(0&.0!:&.&0!0$!04-!.-%:&3-!A).!3-*-#%)0-+!
A&04!)**!B)<&*&-.!)(+!34&*+%-(=!A4&34!4-*;-+!04-!34&*+%-(!0$!+-:-*$;!)!;$.&0&:-!)..$3&)0&$(!A&04!
'$&('!0$!04-!+-(0&.0>!@&%%-*--!)*.$!4$*+.!$;-(!+)2!3-*-#%)0&$(.!&(:$*:&('!4-)*04!.-%:&3-.=!B)<&*&-.!
)(+!34&*+%-(!0$!#5&*+!04-.-!;)%0(-%.4&;.!)(+!0$!4&'4*&'40!04-!&<;$%0)(3-!$B!4-)*04>!!
!
8-(0%-.!)30&:-*2!-(3$5%)'-!34&*+%-(!0$!0)K-!%-.;$(.&#&*&02!B$%!04-&%!$A(!4-)*04!04%$5'4!4)(+P
A).4&('=!($.-P#*$A&('!)(+!42'&-(-!4)#&0.!6.--!_5(+$$=!b$$(&##)=!@&%%-*--9>!/0%)0-'&-.!0$!
-(3$5%)'-!34&*+%-(!0$!.5.0)&(!04-&%!$A(!4-)*04!&(3*5+-!04-!+-:-*$;<-(0!$B!+)&*2!42'&-(-!
%$50&(-.=!+&.;*)2.!$(!42'&-(-=!)(+!)30&:&0&-.!
?2+04+4'*&'*&"Ù%+R&U400%$%%&
)(+!+&.35..&$(.!0$!-(3$5%)'-!34&*+%-(!0$!04&(K!
@&%%-*--! 4).! 0)K-(! )! ;)%0&35*)%*2! &(($:)0&:-=!
)#$50!04-&%!4-)*04>!!
3$<;%-4-(.&:-! );;%$)34! 0$! 34&*+%-(F.! (50%&0&$(>!
!
];-%)0&('!A&04&(!)!0&'40!#5+'-0!4).!;%$<;0-+!04-!
0$!A$%K!A&04!)!+&-0&3&)(!0$!+-.&'(!(50%&0&$5.!<-)*.! L52/'2'$%)
#).-+! $(! 04-! A--K*2! B$$+! .;-3&)*.! ):)&*)#*->! ,4-! "*<$.0!)**!.-%:&3-.!<-(0&$(!(50%&0&$(!).!)!K-2!
U&%-30$%! +-.3%&#-.! 04)0! )! B5%04-%! #-(-B&0! &.! #-&('! -*-<-(0!&(!;%$:&+&('!B$%!34&*+%-(F.!A-**#-&('>!
)#*-! 0$! 04-(! .4)%-! 04-.-! %-3&;-.! A&04! B)<&*&-.>! "!(5<#-%!$B!3-(0%-.!.;-)K!$B!04-!&<;$%0)(3-!
"3K($A*-+'&('! 04)0! <)(2! B)<&*&-.! )*.$! $;-%)0-! $B!B$35.&('!$(!4-)*042!-)0&('!)(+!;%$:&+&('!
$(! 0&'40! #5+'-0.=! )**! <-)*.! )%-! +-.&'(-+! 0$! #-! 34&*+%-(!A&04!(50%&0&$5.!<-)*.=!).!($0!)**!
5(+-%!o?l!B$%!)!A4$*-!B)<&*2>!,4&.!4).!)*.$!<-)(0! 34&*+%-(!%-3-&:-!04-&%!B5**!(50%&0&$()*!(--+.!
04)0! @&%%-*--! )(+! B)<&*&-.! )%-! )#*-! 0$! A$%K! $50.&+-!04-!3-(0%-!6`&(2)!@5(4&&=!8$$*)#)%$$=!
0$'-04-%! 0$! B$.0-%! 4-)*042! )(+! (50%&0&$5.! -)0&('! _5()&!N&+E9>!X(+-%.0)(+&('!04)0!)!(50%&0&$5.!
B$%! -)34! 34&*+>! /0)BB! .4)%-! A&04! B)<&*&-.! %-3&;-.!
+&-0!4-*;.!0$!;%$<$0-!$:-%)**!4-)*04=!@&%%-*--!
04)0! 04-&%! 34&*+! ;)%0&35*)%*2! -(E$2-+=! )(+! )*.$!
4).!+-:-*$;-+!)!(50%&0&$(!;%$'%)<!04)0!
3%-)0-!)!;4$0$!+&)%2!$B!+&BB-%-(0!3$$K&('!.-..&$(.!
B$%! B)<&*&-.! 0$! :&-A>! ,4-! U&%-30$%! +-.3%&#-.! 04-&%! ;%$:&+-.!34&*+%-(!A&04!04-&%!-(0&%-!(50%&0&$()*!
;4&*$.$;42! $B! A$%K&('! A&04! B)<&*&-.! $(! (50%&0&$(! %-L5&%-<-(0.!B$%!04-!+)2>!".!04-!U&%-30$%!
).! )! .0%-('04.! #).-+=! -(3$5%)'&('! );;%$)34! 04)0! -C;*)&(.=!QA-!3$(.5*0-+!A&04!)!+&-0&3&)(!)(+!
&.! )#$50! &(B$%<)0&$(! .4)%&('=! %)04-%! 04)(! 0-**&('! +-.&'(-+!%-3&;-.!A&04!(50%&0&$()**2!%&34!B$$+!
B)<&*&-.! A4)0! 04-2! .4$5*+! #-! B--+&('! 04-&%! A4&34!A$5*+!'&:-!04-!+)&*2!&(0)K-!B$%!04-!4$5%.!
34&*+%-(>! ,4%$5'4! 04&.! ;%$'%)<! .0)BB! 4):-! 04-2!)%-!4-%->!\4&34!<-)(.!&B!04-2!4):-!0$).0!
$#.-%:-+! 04)0! 34&*+%-(! )%-! .0)%0&('! 0$! 34)('-! B$%!0-)=!($!+%)<)=!04-2!4):-!0$).0!B$%!0-)>R!
04-&%! -)0&('! 4)#&0.=! ).! 04-! U&%-30$%! -C;*)&(.=! Q04-! "($04-%!.-%:&3-!A$%K.!A&04!04-&%!;)%-(0!
34&*+%-(! )%-! %-3-&:&('! 04)0! &(B$%<)0&$(! )(+! 04-(! #$+2F.!4-)*04!3*&(&3!0$!;%$:&+-!.;-3&)*&.-+!3)%-!
04-2!<)K-!04$.-!4-)*042!B$$+!34$&3-.>!/$!04-2F%-!
B$%!B)&*5%-!0$!04%&:-!34&*+%-(!04%$5'4!)!
&(!3$(0%$*!$B!&0>R!/5.0)&(&('!04-&%!A$%K!$(!4-)*042!
(50%&0&$(!B$35.>!".!04-!U&%-30$%!-C;*)&(.=!04&.!&.!
-)0&('! )(+! (50%&0&$(=! 04-! 3-(0%-! ($A! %-'5*)%*2!
0)K-.!&(!+&-0&3&)(!.05+-(0.!A4$!)%-!)#*-!0$!3$<-! )#$50!*$$K&('!)0!QA4)0!.$%0!$B!04&('.!A-!3)(!
+$!0$!&<;%$:-!04-.-!34&*+%-(F.!A-&'40!A4&*-!
&(!0$!+$!c4)(+.!$(F!3$$K&('!A&04!04-!34&*+%-(>!
04-2F%-!&(!3)%-!4-%-R!68$('%-..9>!!
!
`)(2!3-(0%-.!4):-!B$%<-+!3$(.0%530&:-!;)%0(-%.4&;.!0$!+-*&:-%!(50%&0&$(!;%$'%)<.!B$%!34&*+%-(!
)(+!B)<&*&-.>!b$$(&##)!4).!%-3-&:-+!)33%-+&0)0&$(!5(+-%!04-!/$504!"5.0%)*&)(!.2*/2)J'&42)E*2)
!
##!
!
!
J'&42);%$'%)<=!)(+!.0)BB!4):-!%-3-&:-+!0%)&(&('!&(!(50%&0&$(!)(+!B$$+!4)(+*&('>!,4-!U&%-30$%!
#-*&-:-.!04)0!;)%-(0.!B--*!;%&+-!04)0!04-&%!3-(0%-!4).!04&.!)33%-+&0)0&$(=!)(+!04&.!4-*;.!<)K-!&0!)!
3-(0%-!$B!34$&3-!B$%!B)<&*&-.>!_5()&!N&+E!4):-!A$%K-+!A&04!04-!"#$%&'&()*!V-)*04!.-30&$(!$B!04-&%!
.0)0-!4-)*04!+-;)%0<-(0!0$!&<;%$:-!04-&%!(50%&0&$()*!;%$'%)<!)(+!-(')'-<-(0!A&04!B)<&*&-.!$(!
04&.!&..5-=!&(3*5+&('!50&*&.&('!04-!c,53K-%!,)*K!,&;.F!h!)!.-%&-.!$B!%-.$5%3-.!$(!4-)*042!-)0&('!)(+!
)30&:&02!0$!;%$<;0!+&.35..&$(.!)(+!.-..&$(.!$(!4-)*042!-)0&('!)(+!(50%&0&$(!A&04!;)%-(0.>!!
!
/-:-%)*!3-(0%-.!<-(0&$(!.0%)0-'&-.!04-2!5.-!0$!-(3$5%)'-!34&*+%-(!0$!+-:-*$;!.5.0)&()#*-=!
4-)*042!-)0&('!4)#&0.>!"0!_5()&!N&+E!.0)BB!.4)%-!<-)*.!A&04!04-!34&*+%-(!0$!%$*-!<$+-*!4-)*042!
-)0&('=!)(+!5.-!04&.!0&<-!0$!+&.35..!B$$+!34$&3-.!A&04!04-!34&*+%-(>!"0!^)*2'5%%!34&*+%-(!)%-!
-<;$A-%-+!0$!<)K-!34$&3-.!)#$50!04-&%!$A(!-)0&('=!A&04!<$%(&('!0-)!.;%-)+!$:-%!.-:-%)*!
4$5%.!.$!34&*+%-(!3)(!*-)%(!0$!#-!)A)%-!$B!04-&%!$A(!(--+.!)(+!0$!-)0!A4-(!04-2!)%-!45('%2>!
!
7(')'&('!A&04!;)%-(0.!&.!)*.$!)!K-2!).;-30!$B!+-:-*$;&('!34&*+%-(F.!4-)*042!-)0&('!4)#&0.!)0!04-!
.-%:&3-.!3$(.5*0-+>!/4)%&('!&(B$%<)0&$(!)%$5(+!34&*+%-(F.!B$$+!*&K-.!)(+!+&.*&K-.=!(50%&0&$5.!
%-3&;-.!)(+!3$$K&('!$(!)!#5+'-0!)%-!)**!.0%)0-'&-.!)+$;0-+!#2!3-(0%-.!0$!4-*;!;%$<$0-!A-**P
#)*)(3-+!+&-0.!B$%!34&*+%-(!)0!4$<->!G$%!-C)<;*-=!)0!^)*2'5%%!)!A4&0-#$)%+!:&.&#*-!0$!)**!.0)BB=!
34&*+%-(!)(+!;)%-(0.!+&.;*)2.!04-!A--K*2!<-(5=!)(+!&(3*5+-.!)!.-30&$(!B$%!.0)BB!)(+!;)%-(0!
3$<<-(0.!)(+!.5''-.0&$(.!6.--!)*.$!_5(+$$!B$%!)!.&<&*)%!;%)30&3-9>!M)A)%%)!;%$<$0-.!
&(B$%<)0&$(!.4)%&('!04%$5'4!%-'5*)%!(-A.*-00-%!B-)05%-.!$(!4-)*042!-)0&('!)+:&3-!)(+!%-3&;-.>!!
!
:461',*#)"@"/,'1")*%+)15%)1*3"26)
/-:-%)*!.-%:&3-.!<-(0&$(!04-!&<;$%0)(3-!$B!;42.&3)*!-C-%3&.-!;%$'%)<.!B$%!34&*+%-(F.!A-**#-&('>!
]50+$$%!-(:&%$(<-(0.!;%$:&+-!$;;$%05(&0&-.!B$%!.0)BB!0$!+-.&'(!*-)%(&('!-(:&%$(<-(0.!04)0!
-(3$5%)'-!34&*+%-(!0$!#-!;42.&3)**2!)30&:-!)(+!0)K-!;$.&0&:-!%&.K.!6^)*2'5%%=!"#$%&'&()*!84&*+%-(F.!
8-(0%-=!,"88"=!_5(+$$9=!).!A-**!).!+-:-*$;&('!04-&%!<$0$%!.K&**.!)(+!.;)0&)*!)A)%-(-..>!/$<-!
.-%:&3-.!4):-!*&(K-+!&(!A&04!$%')(&.-+!;42.&3)*!)30&:&02!;%$'%)<.=!.534!).!04-!K"*#246)B511'")
M'+1!;%$'%)<!6M);;-%)9!$%!M'+)>'2!6_5(+$$9>!]04-%!.-%:&3-.!.;-3&B&3)**2!<-(0&$(!04-&%!
)33%-+&0)0&$(!5(+-%!04-!/5(!/<)%0!;%$'%)<=!)(+!04-&%!);;%$)34!0$!0-)34&('!34&*+%-(!)#$50!04-!
%&.K.!$B!.5(!-C;$.5%->!/0)BB!+$!04&.!04%$5'4!%$*-P<$+-**&('!);;%$;%&)0-!3*$04-.!0$!A-)%=!
.5(.3%--(!5.-!)(+!3$(:-%.)0&$(.!A&04!04-!34&*+%-(!)%$5(+!04-!%&.K.!$B!.5(!#5%(!)(+!
);;%$;%&)0-!0&<-.!$B!04-!+)2!0$!#-!&(.&+-!)(+!$50.&+-!6^)*2'5%%=!,"88"9>!
)
:*/"%2*#)1577$/2)
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!5(+-%.0)(+!04)0!34&*+%-(F.!A-**#-&('&&.!&(0%&(.&3)**2!
*&(K-+!0$!;)%-(0)*!A-**#-&('=!.K&**.!)(+!K($A*-+'-=!)(+!04)0!4-)*042!34&*+%-(!)%-!#-.0!.5;;$%0-+!
#2!-<;$A-%-+=!.0%$('!B)<&*&-.>!,4&.!5(+-%.0)(+&('!5(+-%;&(.!04-!A)2!04)0!"#$%&'&()*!)(+!
,$%%-.!/0%)&0!1.*)(+-%!-)%*2!34&*+4$$+!.-%:&3-.!&(0-%)30!A&04!;)%-(0.!)(+!B)<&*&-.!h!5.5)**2!.--&('!
04-<.-*:-.!).!3$<<5(&02!+-:-*$;<-(0!$%')(&.)0&$(.!).!A-**!).!-)%*2!34&*+4$$+!.-%:&3-.>!"**!
.-%:&3-.!&(0-%:&-A-+!;%$:&+-+!.$<-!B$%<!$B!;)%-(0&('!.5;;$%0>!W*)2'%$5;.=!.534!).!04-!
N$3)0&$()*!/5;;$%0-+!W*)2'%$5;!4$.0-+!#2!,"88"=!A-%-!&+-(0&B&-+!).!:)*5)#*-!$;;$%05(&0&-.!B$%!
;)%-(0.!)(+!34&*+%-(!0$!&(0-%)30!&(!)!.5;;$%0-+!)(+!-(')'&('!)0<$.;4-%-!04)0!4-*;.!0$!&<;%$:-!
;)%-(0.!.$3&)*!.5;;$%0!(-0A$%K.!6_5+E)4')4<&)<&)=!,"88"9>!
!
!
#$!
!
!
]04-%!.5;;$%0!;%$'%)<.!B$35.!$(!04-!;)%-(0F.!-<$0&$()*!A-**#-&('=!.K&**.!)(+!K($A*-+'-=!A&04!
<)(2!.-%:&3-.!%5((&('!;%$'%)<.!04)0!&(3$%;$%)0-!.-..&$(.!$(!0$;&3.!.534!).!B&%.0!)&+=!;$.&0&:-!
;)%-(0&('=!34&*+!;%$0-30&$(=!#5+'-0&('=!.-C5)*!4-)*04=!*-)%(!0$!.A&<=!3$$K&('!)(+!(50%&0&$(!)(+!
)%0.!)(+!3%)B0.>!/-:-%)*!.-%:&3-.!4):-!<)0-%&)*.!.534!).!;)%-(0&('!%-.$5%3-.!)(+!0$2.!04)0!
;)%-(0.!3)(!#$%%$A!6"#$%&'&()*!84&*+%-(F.!8-(0%-=!_5+E)4')4<&)<&)9>!!
!
7)%*2!34&*+4$$+!.-%:&3-.!)%-!&+-)*!*$3)0&$(.!B$%!04-.-!02;-.!$B!;%$'%)<.=!#-&('!)#*-!0$!%-)+&*2!
;%$:&+-!34&*+!3)%-!B$%!;)%0&3&;)0&('!;)%-(0.!6.--!8$$*)#)%$$9=!)(+!'-(-%)**2!#-&('!;-%3-&:-+!#2!
;)%-(0.!).!($(P04%-)0-(&('=!0%5.0-+!.-%:&3-.!68$('%-..9>!`$%-!&(0-(.-!$%!0)%'-0-+!B$%<.!$B!
.5;;$%0!)%-!;%$:&+-+!#2!.$<-!.-%:&3-.!&(!)%-).!.534!).!c<)()'&('!34)**-('&('!#-4):&$5%.F=!
A4&34!;%$:&+-.!;)%-(0.!A&04!.;-3&)*&.-+!.5;;$%0!0$!+-:-*$;!.0%)0-'&-.!0$!3$;-!A&04!+&BB&35*0!
#-4):&$5%!6.--!_5+E)4')4<&)<&)9=!)(+!04%$5'4!;)%-(0&('!;%$'%)<.!04)0!&(3$%;$%)0-!4$<-!
:&.&0.!6.--!)*.$!_5+E)4')4<&)<&)9>!8$('%-..!&.!)#*-!0$!A$%K!0$!.5;;$%0!B)<&*&-.!A4$!)%-!)0!%&.K!
$B!-C;-%&-(3&('!34&*+!;%$0-30&$(!&(:$*:-<-(0!#2!3$**)#$%)0&('!A&04!04-!0)%'-0-+!B)<&*2!.5;;$%0!
;%$'%)<!A&04&(!04-&%!;)%-(0!#$+2>!,4&.!-()#*-.!04-!3-(0%-!0$!A$%K!<$%-!-).&*2!A&04!B)<&*&-.!
<$.0!&(!(--+>!G)<&*&-.!A&**!$B0-(!3$<-!0$!04-!34&*+!3)%-!3-(0%-!A&04!04-&%!B)<&*2!.5;;$%0!A$%K-%=!
A4&34!3%-)0-.!)(!-).&-%!)33-..!;$&(0!B$%!04-<>!,4&.!&.!)!0A$PA)2!;%$3-..=!).!04-!34&*+!3)%-!
3-(0%-!3)(!)*.$!04-(!%-B-%!B)<&*&-.!A4$!<)2!(--+!<$%-!.5;;$%0!0$!04-&%!;)%-(0!#$+2>!](-!
.-%:&3-!&+-(0&B&-+!04-!+&BB&35*0&-.!&(!;%$:&+&('!;)%-(0&('!.5;;$%0!.-%:&3-.!B$%!B)04-%.=!3&0&('!
3$<;*-C!.4)<-!&..5-.!).!)!#)%%&-%!68$$*)#)%$$9>!!
!
".!A-**!).!04-!;%$:&.&$(!$B!;)%-(0&('!;%$'%)<.=!.-%:&3-.!)*.$!.5;;$%0!B)<&*2!A-**#-&('!04%$5'4!
)..&.0&('!04-&%!%-3$((-30!A&04!35*05%-!6).!+&.35..-+!&(!.-30&$(!S>?9>!,4-!B*$AP$(!-BB-30.!$B!
-()#*&('!34&*+%-(!0$!*-)%(!)#$50!04-&%!35*05%-!3)%%&-.!$(!0$!04-&%!B)<&*&-.!).!34&*+%-(!)%-!)#*-!0$!
%-*)0-!04-!0%)+&0&$(.!)(+!*)('5)'-!04)0!04-2!4):-!*-)%(-+!)0!04-!3-(0%-!0$!04-&%!B)<&*&-.=!A4$!
<)2!($0!4):-!4)+!04-!$;;$%05(&02!0$!-C;-%&-(3-!04&.!+5%&('!04-&%!$A(!34&*+4$$+.>!!
!
.$,'*#)*%+)"-$2'$%*#)9"##!"'%&!
7)%*2!34&*+4$$+!3-(0%-.!&(0-%:&-A-+!3$(:-2!04-!B5(+)<-(0)*!&<;$%0)(3-!$B!.$3&)*!)(+!
-<$0&$()*!A-**#-&('!)(+!.-35%&02>!".!<-(0&$(-+!&(!.-30&$(!S>?=!.0%$('!35*05%)*!&+-(0&02!&.!.--(!
#2!.-%:&3-.!).!:&0)*!0$!-()#*-!34&*+%-(!0$!#-!%-.&*&-(0=!
U24$14*7&'*&0%,4$4%*3%R&X"$87200&
.-35%-!)(+!3$(B&+-(0!)+5*0.!6.--!B$%!-C)<;*-!
^)*2'5%%F.!
8$$%+&()0$%! -C;%-..-+! 04)0!
M);;-%)=!_5()&!N&+E9>!`)(2!-+53)0$%.!.;-)K!$B!04-!
34&*+%-(!)0!04-!.-%:&3-!+&.;*)2!4&'4!*-:-*.!
&<;$%0)(3-!$B!B$.0-%&('!34&*+%-(F.!35*05%)*!&+-(0&02!
$B! %-.&*&-(3-=! A4&34! .4-! )00%2-.! 0$! 04-!
)(+!.4$A&('!34&*+%-(!4$A!:)*5-+!)(+!%&34!04-&%!
B)30! 04)0! <$.0! 34&*+%-(! )%-! .0%$('*2!
35*05%-!).!)!K-2!<-04$+!0$!#5&*+!34&*+%-(F.!.-*BP
3$((-30-+! 0$! 3$5(0%2=! 35*05%-! )(+! B)<&*2!
-.0--<!)(+!%-.&*&-(3-!6.--!B$%!-C)<;*-!@&%%-*--9>!
04%$5'4! %-'5*)%! )30&:&0&-.! A&04! 04-&%!
W)%0&35*)%*2!-..-(0&)*!0$!04&.!&.!;%-.-(0&('!34&*+%-(!
B)<&*&-.! .534! ).! 3)<;&('! )(+! B&.4&('=!
A&04!;$.&0&:-!<-..)'-.!)#$50!04-&%!35*05%->!
Q'$&('!$50!#5.4!.$!04-2F%-!*-)%(&('!)#$50!
8$$*)#)%$$F.!U&%-30$%!B--*.!04)0!B$.0-%&('!;$.&0&:-!
04-&%! 3$5(0%2R>! 7+53)0$%.! )%-! )#*-! 0$!
#5&*+! $(! 04&.! )0! 04-! 3-(0%-! #2!
35*05%)*!&+-(0&02!&.!3%&0&3)*!0$!-()#*-!"#$%&'&()*!
34&*+%-(!0$!#-!.0%$('!&(!04-<.-*:-.=!).!.4-!&(+&3)0-.! &(3$%;$%)0&('! )30&:&0&-.! 04)0! )BB&%<!
34&*+%-(F.!&(0-%-.0.!)(+!35*05%)*!0%)+&0&$(.!
04)0!5(B$%05()0-*2!(-')0&:-!)00&05+-.!0$A)%+.!
h!.534!).!:&.&0.!0$!04-!#-)34!)(+!#5.4>!
"#$%&'&()*!;-$;*-!)%-!.0&**!;%-:)*-(0!&(!.$3&-02=!
!
#%!
!
!
A4&34!3)(!5(+-%<&(-!34&*+%-(F.!.-*BP-.0--<!)(+!&+-(0&02>!M);;-%)F.!U&%-30$%!)++.!0$!04&.!04)0!
;%&+-!&(!04-&%!35*05%-!&.!3%&0&3)*!B$%!34&*+%-(!A4-(!04-2!.0)%0!.34$$*=!.0)0&('!04)0!04&.!)..&.0.!
34&*+%-(!0$!#-'&(!)0!.34$$*!Q;%$5+!$B!04-&%!35*05%-!)(+!A4$!04-2!)%-=!)(+!60$9!4):-!)!.0%$('!
.-(.-!$B!04-<.-*:-.!&(!04-!3$(0-C0!$B!04-&%!B)<&*&-.!).!A-**>R!!
!
7)%*2!34&*+4$$+!.-%:&3-.!)(+!.0)BB!;%$:&+-!)!:&0)*!%$*-!&(!B$.0-%&('!34&*+%-(F.!.-*BP-.0--<!)(+!
.-*BP%-.;-30>!_5(+$$F.!U&%-30$%!-C;*)&(.!4$A!04&.!&.!3%&0&3)*!0$!+-:-*$;!34&*+%-(!A4$!)%-!
3$(B&+-(0!0$!0)3K*-!04-!34)**-('-.!$B!.34$$*=!Q&B!04-2!3)(!#5&*+!04-&%!.-*BP-.0--<!&(!04-!B&%.0!B&:-!
2-)%.!#2!04-!0&<-!04-2!'-0!0$!.34$$*!04-2!)%-!%-)+2!B$%!)(204&('R>!,4&.!&.!B-*0!0$!#-!;)%0&35*)%*2!
&<;$%0)(0!&(!.&05)0&$(.!A4-%-!3$<<5(&02!+&.-<;$A-%<-(0!<)2!&<;)30!(-')0&:-*2!$(!34&*+%-(!
6@&%%-*--9>!](-!U&%-30$%!+-.3%&#-+!4$A!3$(:-%.)0&$(.!)#$50!%-.;-30&('!04-!-(:&%$(<-(0=!
%-.;-30&('!-)34!$04-%=!)(+!%-.;-30&('!$(-.-*B!$B0-(!'$!4)(+!&(!4)(+>!/4-!-C;*)&(.!4$A!04-2!
-<;4).&.-!0$!34&*+%-(!04)0=!
!
,4&.!&.!)!.4)%-+!.;)3-=!)(+!A-!%-.;-30!-)34!$04-%=!#50!2$5!K($A!A4)0!A-!%-.;-30!
$5%.-*:-.>!,4)0F.!)!#&'!&..5-!&(!$5%!3$<<5(&02!A4-(!&0!3$<-.!0$!&+-(0&02=!04)0!;-$;*-!
E5.0!+$(F0!%-.;-30!04-<.-*:-.!-($5'4!0$!#-!)#*-!0$!;)%0&3&;)0-!&(!3$<<5(&02>!\-!A)(0!
04-.-!K&+.!0$!'$!0$!.34$$*!.$!.0%$('!)(+!+-)+*2=!)(+!.$!3$(B&+-(0!)#$50!A4$!04-2!)%-!
)(+!A4)0!04-2!3)(!+$>!6@&%%-*--9!
!
/$<-!.-%:&3-.!5.-!;)%0&35*)%!%-.$5%3-.!.534!).!.0%-('04!3)%+.!0$!;%$<$0-!+&.35..&$(.!A&04!
34&*+%-(!)%$5(+!.-*BP-.0--<!)(+!&+-(0&02!6_5()&!N&+E9>!`)(2!-+53)0$%.!.0%-..!04-!&<;$%0)(3-!$B!
34&*+%-(!B--*&('!04)0!04-&%!-)%*2!34&*+4$$+!3-(0%-!&.!)!.-35%-=!.0)#*-!)(+!(5%05%&('!;*)3->!/0)BB!)0!
8$$*)#)%$$!.0%&:-!0$!-(.5%-!04)0!34&*+%-(!B--*!04)0!04-!.-%:&3-!&.!)!.)B-!)(+!.-35%-!;*)3-!B$%!
04-<=!#).-+!$(!04-!5(+-%.0)(+&('!04)0!B%$<!04&.!#).-!34&*+%-(!Q3)(!+-:-*$;!0$!A4)0-:-%!04-2!
A)(0!0$!#-!*)0-%!$(>R!G$%!.$<-!34&*+%-(=!34)**-('&('!4$<-!*&:-.!3)(!<-)(!04)0!04-!3-(0%-!04-2!
)00-(+!;*)2.!)!;)%0&35*)%*2!&<;$%0)(0!.0)#&*&.&('!%$*-!&(!04-&%!*&:-.=!).!-C;*)&(-+!#2!$(-!U&%-30$%=!
04)0!Q3$<&('!4-%-!&.!.)B-!B%$<!-&'40!0$!B&:->!"(+!A-!<)K-!.5%-!04)0!04-2F%-!*$:-+!)(+!3)%-+!B$%R!
6N5**)F.9>!8$('%-..!A$%K.!A&04!04-&%!;)%-(0!#$+2!0$!.5;;$%0!34&*+%-(!A4$!4):-!)!B)<&*2!<-<#-%!
A&04!)!34%$(&3!+&.-).-=!0$!Q'&:-!04-<!.$<-!($%<)*&02R!&(!04-&%!*&:-.!04%$5'4!)00-(+&('!)(+!
.5;;$%0!)0!34&*+!3)%->!
!
/-:-%)*!.-%:&3-.!.;-)K!$B!04-!-C0%)!3)%-!)(+!.5;;$%0!04-2!;%$:&+-!0$!34&*+%-(!A4$!)%-!&(!$50!$B!
4$<-!3)%-!6`&(2)!@5(4&&=!N5**)F.=!8$('%-..9>!"0!N5**)F.!04&.!&.!;)%0&35*)%*2!;%$<&(-(0=!A&04!B&:-!
;-%3-(0!$B!)**!34&*+%-(!4):&('!.$<-!*-:-*!$B!&(:$*:-<-(0!A&04!34&*+!;%$0-30&$(!.-%:&3-.>!/0)BB!
4):-!A$%K-+!4)%+!0$!-.0)#*&.4!)!%-*)0&$(.4&;!)(+!)'%--+!&(0-%:-(0&$(!;%$3-..!A&04!04-!
U-;)%0<-(0!$B!V5<)(!/-%:&3-.!6UV/9=!0$!-(.5%-!04)0!)(2!&(0-%:-(0&$(!#-0A--(!UV/!.0)BB!)(+!
34&*+%-(!)0!N5**)F.!&.!+$(-!&(!)!%-.;-30B5*!A)2!04)0!3)5.-.!04-!*-).0!.0%-..!B$%!34&*+%-(!)(+!.0)BB=!
)(+!+$-.!($0!3$<;%$<&.-!04-!0%5.0!N5**)F.!4).!A&04!&0.!B)<&*&-.>!8$('%-..!)*.$!4).!)!4&'4!
;%$;$%0&$(!$B!34&*+%-(!&(!3)%-=!)(+!.$!)30&:-*2!-(3$5%)'-.!)(+!.5;;$%0.!B)<&*&-.!A&04!34&*+%-(!!
!
#&!
!
!
&(!3)%-!0$!:&.&0!04-&%!34&*+!)0!04-!3-(0%-!
K"B4$8&70'2C4*7R&)'*70%,,&&
6A4-%-!04&.!&.!&(!04-!#-.0!&(0-%-.0.!$B!04-!
8$('%-..! &<;*-<-(0.! )! 6'$4,+43& "CC0'"36! 0$!
34&*+9>!,4&.!4-*;.!;%-;)%-!34&*+%-(!0$!
0%)(.&0&$(!#)3K!0$!*&:&('!A&04!04-&%!B)<&*&-.>! 3)%&('! B$%! 34&*+%-(! #2! 5.&('! )! B)<&*2! '%$5;!
.0%5305%-! A&04&(! 04-&%! .-%:&3->! ,4&.! )*&'(.! A&04!
8$('%-..!)*.$!A$%K.!A&04!04-!34&*+!
B)<&*2! A&.4-.=! ).! 35*05%)**2! )! B)<&*2! '%$5;!
;%$0-30&$(!+-;)%0<-(0!0$!.5;;$%0!34&*+%-(!
.-00&('! &.! #-00-%! )*&'(-+! A&04! B)<&*&-.F! 4$<-!
+5%&('!0%)(.&0&$(!0&<-.>!,4-!U&%-30$%!
)(+! 3$<<5(&02! -(:&%$(<-(0! )(+! 0%)+&0&$(.>!
+-.3%&#-+!4$A!&0!&.!;)%0&35*)%*2!&<;$%0)(0!
8$(.5*0)0&$(.! A&04! .0)BB! )(+! B)<&*&-.! ;%$+53-+!
B$%!-<$0&$()*!A-**!#-&('!04)0!34&*+%-(!&(!
)!;$.&0&:-!%-)30&$(!0$!04-!;%$;$.-+!34)('-=!)(+!
3)%-!)%-!)#*-!0$!#$(+!)(+!)00)34!0$!04-&%!
.$! .0)BB! 04-(! 3$(+530-+! %-.-)%34! $(! 04-! )%-)>!
B)<&*2!#-B$%-!%-05%(&('!0$!*&:-!A&04!04-<>!
,%)&(&('! $(! 04-! 04-$%2! $B! )00)34<-(0! )(+! 04-!
/4-!B--*.!04)0!.$<-0&<-.!04&.!;%-;)%)0&$(!
&+-)! $B! ;%&<)%2! 3)%-%.! A&04&(! 04-! B)<&*2!
'%$5;&('.! A).! )*.$! ;%$:&+-+! 0$! .0)BB>! 84&*+%-(!
&.!($0!.5;;$%0-+!.0%$('*2!-($5'4!#2!04-!
)%-! ($A! B%--! 0$! %$)<! 04%$5'4$50! 04-! 3-(0%-=!
34&*+!;%$0-30&$(!.-%:&3-.>!
#50! )**! .0&**! 4):-! 04-&%! $A(! c4$<-%$$<F! )(+!
!
;%&<)%2! 3)%-%! 0$! ;%$:&+-! 04-<! A&04! .-35%&02!
"!(5<#-%!$B!.-%:&3-.!50&*&.-!)!B)<&*2!
)(+!)00)34<-(0>!!
'%$5;&('!);;%$)34!B$%!)**!$%!;)%0!$B!04-&%!
!
;%$'%)<=!).!)!A)2!0$!3%-)0-!)!()05%)*=!
"!K-2!#-(-B&0!$B!04&.!);;%$)34!4).!#--(!0$!35%#!
B)<&*2!.02*-!-(:&%$(<-(0!6"#$%&'&()*!
34&*+%-(F.! #-4):&$5%)*! &..5-.=! A4&34! 04-!
84&*+%-(F.!8-(0%-=!,"88"=!^)*2'5%%=!
U&%-30$%! )00%2-.! 0$! %-+53-+! 3$<;-0&0&$(! B$%!
b$$(&##)=!8$('%-..=!_5(+$$9>!".!$(-!
0$2.! #-0A--(! 34&*+%-(! $B! 04-! .)<-! )'-! &(! 04-!
.-%:&3-!-C;*)&(.=!04&.!&.!&<;$%0)(0!#-3)5.-!
.)<-! %$$<>! ,4&.! 4).! %-+53-+! .0)BB! .0%-..! )(+!
QA-F%-!)!B)<&*2=!A-F%-!)!3$<<5(&02R!
%$$<! ($&.-! *-:-*.>! ,4-! U&%-30$%! )*.$! #-*&-:-.!
04)0! &0! 4).! -(3$5%)'-+! .0)BB! 0$! %-B*-30! <$%-!
6"#$%&'&()*!84&*+%-(F.!8-(0%-9>!,A$!
+--;*2! $(! 4$A! 0$! <--0! 04-! (--+.! $B! -)34!
.-%:&3-.!4):-!)!;-%<)(-(0!B)<&*2!'%$5;!
&(+&:&+5)*! 34&*+=! %)04-%! 04)(! )(! )'-! '%$5;>! /4-!
-(:&%$(<-(0!6,"88"=!8$('%-..=!
&**5.0%)0-.! 04-! #-(-B&0.! $B! 04&.! );;%$)34! &(!
b$$(&##)9=!A4-%-!%$$<.!)%-!($0!
.5;;$%0&('! 34&*+%-(! 0$! )..&.0! )(+! (5%05%-! -)34!
.-'%-')0-+!#2!)'-=!#50!&(.0-)+!34&*+%-(!
$04-%>! /4-! +-.3%&#-.! 4$A! .4-! %-3-(0*2!
B%$<!.&C!<$(04.!0$!B&:-!2-)%.!$*+!*-)%(=!
A&0(-..-+! )! 2$5('! 34&*+! 3*&<#&('! )! ;*)(K=! A&04!
;*)2!)(+!+-:-*$;!0$'-04-%>!]04-%!.-%:&3-.!
)(!$*+-%!34&*+!.0)(+&('!#-4&(+!0$!4$*+!04-!;*)(K!
&(3$%;$%)0-!B)<&*2!'%$5;!0&<-!)0!.;-3&B&3!
.0-)+2! B$%! 4&<>! /4-! &**5.0%)0-.! 4$A! 04-! $*+-%!
0&<-.!.534!).!0%)(.&0&$(.!$%!<-)*!0&<-.!
34&*+! QA).! '&:&('! 4&<! )! 34)(3-! 0$! )305)**2!
6"#$%&'&()*!84&*+%-(F.!8-(0%-=!^)*2'5%%=!
-C;*$%-!.*$A*2!#50!4-!A).!04-%-!'5&+&('!4&<>R!
`&(2)!@5(4&&9>!"**!3-(0%-.!B--*!04)0!04&.!&.!)! !
!
5(&L5-!.0%-('04!$B!04-&%!.-%:&3-!04)0!#%&('.!<)(2!#-(-B&0.!B$%!34&*+%-(!.534!).!&<;%$:-+!
3$<<5(&3)0&$(!)(+!.$3&)*!.K&**.=!3$$;-%)0&$(!)(+!.$3&)*!%-.;$(.&#&*&02>!G$%!-C)<;*-=!$*+-%!
34&*+%-(!$B0-(!0)K-!$(!%$*-.!$B!3)%&('!B$%!)(+!0-)34&('!2$5('-%!$(-.=!A4&34!%-B*-30.!0%)+&0&$()*!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+P%-)%&('!;%)30&3-.!)(+!04-!+2()<&3.!$B!3$<<5(&02!*&B-!
6b$$(&##)=!,"88"=!_5(+$$=!8$('%-..9>!,4&.!);;%$)34!3)(!)*.$!#-!;)%0&35*)%*2!:)*5)#*-!B$%!
34&*+%-(!A4$!+$(F0!4):-!.&#*&('.=!).!&0!0-)34-.!04-<!0$!&(0-%)30!A&04!34&*+%-(!$B!+&BB-%-(0!)'-.!
6,"88"=!b$$(&##)9>!10!)*.$!'&:-.!34&*+%-(!)!34)(3-!0$!&(0-%)30=!;*)2!)(+!*-)%(!B%$<!04-&%!.&#*&('.!
)(+!%-*)0&:-.!6^)*2'5%%=!_5(+$$=!b$$(&##)=!`&(2)!@5(4&&=!8$('%-..9>&(! 04&('.! 1! 0-**! 04-!
/0%)&0!1.*)(+-%!.-%:&3-.!)%-!;)%0&35*)%*2!3);)#*-!$B!B$.0-%&('! '&%*.!&.!04)0!A4-(!$5%!34&*+%-(!3$<-!
3)%&('!)(+!(5%05%&('!%-*)0&$(.4&;.!A&04!34&*+%-(!#-3)5.-!
04%$5'4! 04-! ')0-.! )(+! &(0$! $5%!
Q04-!3)%-!#).-!&.!)*%-)+2!04-%-R!6_5()&!N&+E=!)*.$!8$('%-..!
3-(0%-!A-F%-!04-!$(-.!A4$!4):-!0$!
)(+!_5(+$$9>!8-(0%-.!$B0-(!B--*!04)0!04-2!3%-)0-!)!B)<&*2P
<)K-! )! +&BB-%-(3-! &(! 04$.-! *&00*-!
;-$;*-F.! *&:-.>! "(+! '&:-! 04-<! 04-!
*&K-!-(:&%$(<-(0!B$%!34&*+%-(!!",*51"!$B!04-&%!B$35.!$(!
#-.0!A4&*.0!04-2F%-!4-%-!)0!_5(+$$=!
)00)34<-(0!)(+!%-*)0&$(.4&;.>!](-!.-%:&3-!B$.0-%.!04&.!
#-3)5.-kA4-(!04-2F%-!4-%-!&0!&.!5;!
04%$5'4!)**$3)0&('!34&*+%-(!;%&<)%2!3)%-%.!B%$<!)<$('.0!
0$! 5.! 0$! <)K-! 04)0! +&BB-%-(3-! &(!
04-!.0)BB>!8)%-%.!)(+!34&*+%-(!)%-!<)034-+!#).-+!$(!04-!
04-&%!*&:-.>R!6U&%-30$%=!_5(+$$9!
34&*+F.!(--+.!)(+!%-*)0&$(.4&;!A&04!)!.0)BB!<-<#-%=!A4&*.0!
.0&**!0)K&('!&(0$!)33$5(0!3$<<5(&02!+2()<&3.!68$('%-..9>!!
!
,4&.!3)%-!#).-!&.!.--(!).!:&0)*!&(!-()#*&('!34&*+%-(!0$!+-:-*$;!;$.&0&:-!.-*BP-.0--<!)(+!4&'4!
-C;-30)0&$(.!$B!04-<.-*:-.>!10!&.!;)%0&35*)%*2!&<;$%0)(0!B$%!34&*+%-(!A4$!<)2!#-!'%$A&('!5;!&(!
+&.)+:)(0)'-+!.&05)0&$(.!A4-%-!3)%-!)(+!.5;;$%0!<)2!($0!#-!).!3$(.&.0-(0!68$$*)#)%$$9>!](-!
-+53)0$%!-<;4).&.-.!04)0!#2!#-*&-:&('!&(!34&*+%-(!-+53)0$%.!-<;$A-%!04-<!0$!#-*&-:-!&(!)(+!
:)*5-!04-<.-*:-.!68$$*)#)%$$9>!"0!04-!3-(0%-.!3$(.5*0-+=!.0%$('!%-*)0&$(.4&;.!A&04!34&*+%-(!)%-!
)*.$!)#$50!-+53)0$%.!#-&('!)005(-+!0$!34&*+%-(=!).!)(!-+53)0$%!B%$<!,"88"!+-.3%&#-.=!!
!
".!)!3)%-%!2$5!K($A!04-!34&*+%-(k2$5!K($A!A4-(!04-2F%-!4);;2=!A4-(!04-2F%-!.)+=!
A4-(!04-2F%-!%-)**2!;%$5+!$B!A4)0!04-2F:-!+$(->!/$!&0F.!(&3-!0$!#-!)#*-!0$!A%&0-!04)0!
+$A(!)(+!.4$A!04)0!2$5!%-)**2!5(+-%.0)(+!A4)0!A).!4);;-(&('!&(!04)0!3$(0-C0>!
!
"0!<)(2!.-%:&3-.!34&*+%-(!)(+!.0)BB!)%-!$B0-(!%-*)0-+!6b$$(&##)=!_5+E)4')4<&)<&)=!N5**)F.=!
^)*2'5%%=!8$$*)#)%$$=!_5(+$$9>!,4&.!4-*;.!%-;*&3)0-!04-!(5%05%&('!-(:&%$(<-(0!34&*+%-(!
-C;-%&-(3-!A&04&(!04-&%!-C0-(+-+!B)<&*&-.!6.--!_5+E)4')4<&)<&)9=!)(+!&.!B-*0!#2!.-%:&3-.!0$!#-!)!
5(&L5-!B-)05%-!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.>!".!+-.3%&#-+!#2!^)*2'5%%F.!
U&%-30$%=!04-!5(&L5-!B)<&*2P.02*-!)0<$.;4-%-!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!
.5;;$%0.!34&*+%-(!0$!Q.-00*-!&(!)!*$0!-).&-%!#-3)5.-!04-2!K($A!04-!.0)BB=!04-2!)%-!%-*)0-+!0$!
04-<>!10!+$-.(F0!0)K-!04-<!).!*$('R>!/4-!;$&(0.!$50!04)0!04&.!)*.$!#-(-B&0.!;)%-(0.=!A4$!QB--*!
<$%-!3$<B$%0)#*-!*-):&('!604-&%!34&*+%-(9!4-%-!#-3)5.-!04-2!K($A!04-!.0)BB!04)0!4):-!#--(!
4-%-!B$%!)!*$('!0&<-=!)(+!04-2!K($A!04)0!04-&%!3$5.&(.!)%-!4-%-!$%!.$<-$(-!-*.-!04-2!K($A>R!!
!
#(!
!
!
!
`)(2!-+53)0$%.!-C;*)&(!04)0!04-2!3)(!);;%-3&)0-!)(+!$#.-%:-!04-!&<;$%0)(3-!$B!04-&%!
%-*)0&$(.4&;.!A&04!34&*+%-(!04%$5'4!04-!34&*+%-(F.!%-)30&$(.!$(!.--&('!.0)BB!$50.&+-!04-!3-(0%-!
6.--!8$$*)#)%$$9>!W-%3-&:&('!4$A!A)%<*2!)!34&*+!%-.;$(+.!0$!04-&%!-+53)0$%!)*.$!4-*;.!0$!B$.0-%!
)!;)%-(0F.!0%5.0!04-!L5)*&02!$B!04-!%-*)0&$(.4&;!#-0A--(!04-&%!34&*+!)(+!.0)BB!6.--!b$$(&##)9>!!
!
/0)#&*&02!&(!.0)BB!%$.0-%.!&.!&<;$%0)(0!0$!-(.5%-!04)0!34&*+%-(!B--*!.-35%-!&(!04-&%!)00)34<-(0.!
A&04!.0)BB>!7+53)0$%.!B--*!04)0!04&.!&.!)*.$!-..-(0&)*!0$!4-*;!34&*+%-(!B--*!04)0!04-2!)%-!&<;$%0)(0!
0$!.0)BB>!G$%!-C)<;*-=!8$$*)#)%$$F.!U&%-30$%!A$%K.!4)%+!0$!-(.5%-!04)0!34&*+%-(!4):-!+)&*2!
.0)#&*&02!&(!04-!3)%-%.!A4$!*$$K!)B0-%!)(+!-+53)0-!04-<=!-C;%-..&('!Q1!04&(K!04)0F.!&<;$%0)(0!B$%!
04-<=!0$!B--*!04)0!A-F%-!4-%->!,4-2F%-!&<;$%0)(0!0$!5.!).!A-**>!"(+!04)0!A-F%-!)!.0)#*-!;%-.-(3-=!
#-3)5.-!)0!4$<-!&0!<&'40!($0!#-!.0)#*->R!/4-!-C;*)&(.!04)0!<$.0!$B!04-!.0)BB!4):-!A$%K-+!04-%-!
B$%!)!(5<#-%!$B!2-)%.=!A4&34!)*.$!4-*;.!)&+!04-!.-(.-!$B!.0)#&*&02!B$%!34&*+%-(!)(+!B$%!B)<&*&-.>!
!
`)(2!3-(0%-.!.;-)K!$B!4$A!04-2!4):-!3)%-+!B$%!.-:-%)*!'-(-%)0&$(.!$B!B)<&*&-.!68$$*)#)%$$=!
"#$%&'&()*!84&*+%-(F.!8-(0%-=!b$$(&##)9!A4&34!.0)BB!B--*!&.!0-.0)<-(0!0$!04-!;$.&0&:-!-C;-%&-(3-.!
;)%-(0.!4)+=!&(!.4$%0!04)0!Q#-3)5.-!04-2F:-!4)+!)!'$$+!-C;-%&-(3-!4-%-!04-2F:-!#%$5'40!04-&%!
34&*+%-(!#)3KR!68$$*)#)%$$9>!"0!b$$(&##)!34&*+%-(!)(+!)+5*0.!A4$!;%-:&$5.*2!)00-(+-+!04-!
.-%:&3-!$B0-(!:&.&0=!+-<$(.0%)0&('!04-&%!3$(0&(5-+!.0%$('!3$((-30&$(!0$!04-!.-%:&3-!)(+!.0)BB>!
,4&.!4&'4*&'40.!b$$(&##)F.!.533-..!&(!-()#*&('!34&*+%-(F.!.0%$('=!;$.&0&:-!%-*)0&$(.4&;.!A&04!.0)BB>!
!
[-.;-30!B$%!$*+-%!;-$;*-!&.!)(!&<;$%0)(0!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!0%)+&0&$(=!$B0-(!
-:&+-(3-+!#2!3)**&('!$*+-%!;-$;*-!c)5(02F!)(+!c5(3*-F>!,4-!<)E$%&02!$B!.-%:&3-.!<)&(0)&(!04&.!#2!
34&*+%-(!%-B-%%&('!0$!-+53)0$%.!).!c)5(02F=!c5(3*-F=!c()(()F!$%!c')')F!6`&(2)!@5(4&&=!M);;-%)=!
_5+E)4')4<&)<&)=!_5(+$$=!M)A)%%)9>!".!A-**!).!4$($5%&('!)(+!<)&(0)&(&('!04-!0%)+&0&$(.!)(+!
%-.;-30!'$:-%(&('!3$<<5(&02!%-*)0&$(.4&;.=!04&.!4-*;.!34&*+%-(!5(+-%.0)(+!4$A!04-2!#-*$('!
A&04&(!04-&%!*$3)*!3$<<5(&02>!G5%04-%<$%-!&0!%-B*-30.!4$A!04-!34&*+%-(!:&-A!04-&%!3)%-%.!).!;)%0!
$B!04-&%!-C0-(+-+!B)<&*2!(-0A$%K!6.--!B$%!-C)<;*-!`&(2)!@5(4&&9!)(+!&.!Q.$<-04&('!04)0!04-2F%-!
B)<&*&)%!A&04=!&0!<)K-.!04-<!B--*!.-35%-!A&04&(!04-!3-(0%-!A4-(!04-2!3$<-!&(R!6M)A)%%)9>!!
)
>5%+'%&),4*##"%&"1)*%+)1577$/2'%&),4'#+/"%N1)9"##!"'%&)
\&04!B5(+&('!;%$:&('!)!*)%'-!34)**-('-!B$%!)!(5<#-%!$B!3-(0%-.=!<)(2!.-%:&3-.!4):-!B$5(+!04)0!
04-&%!)#&*&02!0$!%-.;$(+!0$!34&*+%-(F.!A-**#-&('!04%$5'4!)!4$*&.0&3!);;%$)34!4).!.&'(&B&3)(0*2!
+-3%-).-+=!).!$(-!U&%-30$%!3$<<-(0.=!Q$5%!B5(+&('!<$+-*!+-B&(&0-*2!+$-.(F0!%-B*-30!04-!A$%K!
04)0!A-!.4$5*+!#-!+$&('=!)(+!04)0!A-!)%-!+$&('>R!6@&%%-*--9>!"++&0&$()*!.-%:&3-.!04)0!B$35.!$(!
34&*+%-(F.!A-**#-&('!)%-!$B0-(!+-*&:-%-+!04%$5'4!)!.;$%)+&3!B).4&$(!04)0!%-*&-.!$(!$(-P$BB!
B5(+&('=!$%!$(!%-*)0&$(.4&;.!A&04!)(+!04-!)..&.0)(3-!$B!$04-%!$%')(&.)0&$(.!6@&%%-*--=!"#$%&'&()*!
84&*+%-(F.!8-(0%-=!b$$(&##)=!"[`/X=!1W/X!I/\!g!"8,=!M$%')($;!1W/X9>!!
!
1(!3$(3*5.&$(=!04-!.-%:&3-.!&(0-%:&-A-+!4$*&.0&3)**2!<--0!34&*+%-(F.!A-**#-&('!(--+.!04%$5'4!
&(0-'%)0-+!.-%:&3-!;%$:&.&$(!);;%$)34-.>!G5%04-%<$%-=!04%$5'4!:&-A&('!34&*+%-(F.!+-:-*$;<-(0!
).!$335%%&('!A&04&(!04-!A&+-%!3$(0-C0!$B!04-!A-**#-&('!$B!04-&%!B)<&*2!)(+!3$<<5(&02=!04-2!
B$35.!$(!;%$'%)<.!04)0!.5;;$%0!04-!A-**#-&('!$B!34&*+%-(=!B)<&*&-.!)(+!3$<<5(&0&-.=!
%-3$'(&.&('!04)0!04-!A-**#-&('!$B!$(-!&.!($0!;$..&#*-!A&04$50!04-!A-**#-&('!$B!04-!$04-%.,!
!
#)!
!
!
!
N.G&)64$10%*&"0%&)'*(41%*+&"*1&/*;'$;%1&J%"0*%0,&
!
,4-!B$5%04!7MNG!$503$<-!-C)<&(-.!4$A!34&*+%-(!3)(!#-!.5;;$%0-+!0$!-C;*$%-=!;%$#*-<P.$*:-!
)(+!0)K-!%-.;$(.&#&*&02!B$%!04-&%!$A(!*-)%(&('>!,4-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!
&(0-%:&-A-+!+-<$(.0%)0-+!04-&%!3);)#&*&02!0$!B)3&*&0)0-!04&.!$503$<-!04%$5'4!04-&%!-<;4).&.!$(!
34&*+%-(!).!)50$($<$5.!)(+!3$<;-0-(0=!)(+!04%$5'4!04-&%!B$35.!$(!&+-(0&02=!.-*BP-.0--<!)(+!
3$(B&+-(3->!`)(2!.-%:&3-.!)+$;0!)!.0%-('04.!#).-+!;4&*$.$;42!$B!34&*+%-(F.!*-)%(&('=!B$35.&('!
$(!#5&*+&('!5;$(!)!34&*+F.!.0%-('04.>!,4%$5'4!-()#*&('!34&*+%-(!0$!+&%-30!04-&%!$A(!*-)%(&('!)(+!
#2!;%$:&+&('!04-<!A&04!5(.0%5305%-+=!$;-(P-(+-+!*-)%(&('!$;;$%05(&0&-.=!.-%:&3-.!)%-!)#*-!0$!
-(3$5%)'-!34&*+%-(F.!3$(B&+-(3-!)(+!)30&:-!&(:$*:-<-(0!&(!04-&%!*-)%(&('>!"!'5&+&('!;%&(3&;*-!
<-(0&$(-+!#2!.-%:&3-.!&(!-(3$5%)'&('!04&.!$503$<-!&.!04)0!.0)BB!4$*+!4&'4!-C;-30)0&$(.!$B!
34&*+%-(!)(+!04-&%!3);)#&*&0&-.=!)!.&'(&B&3)(0!7MNG!;%&(3&;*-!04)0!&(:$*:-.!)30&:-*2!#-*&-:&('!&(!
34&*+%-(F.!)#&*&0&-.!0$!.533--+>!"!.&'(&B&3)(0!-()#*&('!B)30$%!&(!;%$<$0&('!04&.!$503$<-!&.!04)0!
34&*+%-(!-(E$2!;$.&0&:-=!-(3$5%)'&('!%-*)0&$(.4&;.!A&04!.0)BB=!)!B5%04-%!7MNG!;%&(3&;*->!
!
B!$/'&'%*#),4'#+=/"*/'%&)7/*,2',"1)
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!)%-!;)%0&35*)%*2!A-**!;*)3-+!0$!-(3$5%)'-!34&*+%-(!
0$!#-!%-.;$(.&#*-!)(+!0$!*-)%(!04%$5'4!)30&:-!-C;-%&-(3-=!).!)!3-(0%)*!0-(-0!$B!"#$%&'&()*!)(+!
,$%%-.!/0%)&0!1.*)(+-%!34&*+P%-)%&('!;4&*$.$;42!&.!0$!.--!34&*+%-(!).!3);)#*-=!&(+-;-(+-(0!
*-)%(-%.>!/0)BB!)0!`&(2)!@5(4&&!&**5.0%)0-!04&.!;%&(3&;*-!A-**>!,4-!3-(0%-!U&%-30$%!-C;*)&(.!4$A!&(!
"#$%&'&()*!35*05%-!34&*+%-(!)%-!0)5'40!0$!0)K-!%-.;$(.&#&*&02!B$%!04-<.-*:-.=!Q"#$%&'&()*!;-$;*-!
0-**!34&*+%-(!c&B!2$5!+$!04)0=!2$5F%-!'$&('!0$!'-0!45%0>!1B!2$5!'-0!45%0!+$(F0!3$<-!0$!<-!#-3)5.-!
1F:-!0$*+!2$5!($0!0$!+$!04)0F>!,4)0F.!04-!A)2!A-!0-)34!34&*+%-(>!@50!04-(!04-%-F.!)!+&BB-%-(0!A)2!
&(!04-!A4&0-!3$<<5(&02>R!/0)BB!B--*!04)0!04&.!4-*;.!34&*+%-(!0$!*-)%(!&(+-;-(+-(3-!)(+!
3$(B&+-(3-!&(!04-&%!$A(!)30&$(.>!,4&.!U&%-30$%!$B!8$('%-..!)*.$!.;-)K.!$B!04-!5(&L5-!.0%-('04!$B!
"#$%&'&()*!34&*+P%-)%&('!35*05%-!&(!'&:&('!34&*+%-(!B%--+$<!0$!-C;*$%-!)(+!-C;-%&<-(0=!)**!04-!
A4&*-!K($A&('!04)0!.0)BB!)%-!.5;-%:&.&('!04-<!)(+!%-)+2!0$!;%$:&+-!.5;;$%0!A4-%-!(--+-+>!!
!
.2/"%&241)!*1"+)*77/$*,4"1)
,4-!<)E$%&02!$B!.-%:&3-.!0)*K!)#$50!04-!:)*5-!$B!)!.0%-('04.!#).-+!);;%$)34!0$!)..&.0!34&*+%-(!0$!
#-3$<-!3$(B&+-(0!)(+!&(:$*:-+!*-)%(-%.>!"!.0%-('04.!#).-+!);;%$)34!&.!;$%0%)2-+!#2!.-%:&3-.!
).!#-&('!$(-!A4-%-!-+53)0$%.!B$35.!$(!34&*+%-(F.!.0%-('04.=!%)04-%!04)(!04-&%!+-B&3&0.=!&(!)**!$B!
04-&%!-(')'-<-(0!A&04!34&*+%-(>!10!&.!+-.3%&#-+!#2!.-%:&3-.!).!#-&('!)(!);;%$)34!04)0!*$$K.!)0!
Q($0!A4)0!04-!34&*+!3)(!+$!)(+!A4)0!04-!34&*+!3)(F0!+$=!#50!A4)0!04-2!3)(!%"*/#6!+$R!6_5()&!
N&+E9!)(+!).!Q04&(K&('!$50.&+-!04-!#$C=!&(.0-)+!$B!B$35.&('!$(!A4)0!34&*+%-(!3$5*+(F0!+$k&0F.!
+-:-*$;&('!$(!A4)0!04-2!)%-!'$$+!)0=!)(+!K--;!$(!+-:-*$;&('!$(!04)0>!"(+!&B!04-%-!)%-!04&('.!
04)0!04-2!)%-(F0!'$$+!)0k&0F.!*$$K&('!<$%-!)0!04-&%!.0%-('04.>R!6^)*2'5%%9>!!
!
8$('%-..!;%$:&+-.!)!5.-B5*!&**5.0%)0&$(!$B!04&.=!A4-%-!04-!U&%-30$%!-C;*)&(.!04)0!Q&B!)!34&*+!*$:-.!
#5&*+&('!&(!)!.)(+;&0!#50!+$-.(F0!K($A!4$A!0$!5.-!)!;-(3&*=!B$%!<-!1F+!#-!.)2&('!A-**!*-0F.!'-0!
.0&3K.!)(+!+%)A!#-3)5.-!35*05%)**2!04)0F.!A4)0!04-2F:-!#--(!+$&('!)0!4$<->!,4-(!A-!3)(!
)305)**2!#5&*+!5;!04)0!&(0-%-.0!&(!04-!.)(+!)(+!04-(!A-!3)(!)++!3%)2$(.!)(+!#5&*+!$(!04)0>R!,4&.!
!
#*!
!
!
&.!;)%0&35*)%*2!&<;$%0)(0!B$%!34&*+%-(!A4$!<)2!*)3K!-C;-%&-(3-!A4$!<)2!*)3K!-C;-%&-(3-!&(!
3-%0)&(!04&('.!h!*&K-!5.&('!0$$*.!.534!).!.3&..$%.!$%!;-(.!P!).!&0!#5&*+.!$(!04-&%!.K&**.!&(!$04-%!
)%-).>!"!.0%-('04.!#).-+!);;%$)34!&.!04-%-B$%-!)#$50!*$$K&('!)0!04-!%&'40!A)2!0$!0-)34!)!
;)%0&35*)%!34&*+!68$('%-..=!@&%%-*--9=!%)04-%!04)(!-C;-30&('!04-!34&*+!0$!*-)%(!04%$5'4!)!3-%0)&(=!
;%-.3%&#-+!;%$3-..>!!!
!
](-!.-%:&3-!+-.3%&#-.!4$A!)!.0%-('04.!#).-+!);;%$)34!&.!)!<$%-!4$*&.0&3!A)2!$B!*$$K&('!)0!
34&*+%-(F.!+-:-*$;<-(0=!)(+!04)0!A4&*.0!+-:-*$;<-(0)*!<&*-.0$(-.!)%-!.0&**!&<;$%0)(0=!.0)BB!
(--+!0$!%-3$'(&.-!04)0!34&*+%-(!+-:-*$;!&(!+&:-%.-!A)2.>!G$%!-C)<;*-!A4-%-!)!34&*+!&.!+-*)2-+!
&(!A)*K&('=!.0)BB!+$(F0!B$35.!$(!<)K&('!)!34&*+F.!QA4$*-!*&B-!)0!+)23)%-!%-:$*:-!)%$5(+!'-00&('!5;!
)(+!A)*K&('>!1B!04-2F%-!($0!%-)+2!04-(!2$5F%-!E5.0!($0!'$&('!0$R!6,"88"9>!,4&.!);;%$)34!
-(3$5%)'-.!-+53)0$%.!0$!;-%.$()*&.-!04-&%!);;%$)34!0$!-)34!34&*+F.!+-:-*$;<-(0>!".!M)A)%%)F.!
U&%-30$%!-C;*)&(.=!04-!#-(-B&0.!$B!04&.!);;%$)34!&(3*5+-!04)0!Q10!<)K-.!2$5!*$$K!+--;-%!&(0$!
-)34!34&*+>!1!04&(K!04)0!2$5!0-(+!0$!K($A!04-!34&*+!#-00-%!)0!04-!-(+!$B!04-&%!0&<-!)0!04-!3-(0%-!
04)(!2$5!+&+!#-B$%->R!10!3)(!)*.$!-()#*-!-+53)0$%.!0$!#-00-%!.5;;$%0!34&*+%-(!A&04!34)**-('&('!
#-4):&$5%.!).!&0!-(3$5%)'-.!04-<!0$!B$35.!$(!)30&:&0&-.!04)0!4$*+!)!34&*+F.!3$(3-(0%)0&$(!
6M);;-%)9>!
!
"!.0%-('04.!#).-+!);;%$)34!)*.$!4$($5%.!04-!34&*+F.!K($A*-+'-!)(+!-C;-%&-(3-=!Q%-)*&.&('!04)0!
04-2F:-!'$0!)!*$0!$B!&(B$%<)0&$(!04-%-!)(+!0%2&('!0$!#5&*+!$(!04)0!K($A*-+'->R!6M)A)%%)9>!"0!
@&%%-*--=!.0)BB!A-%-!#-3$<&('!&(3%-).&('*2!3$(3-%(-+!04)0!$(-!34&*+!A).(F0!;)%0&35*)%*2!:-%#)*>!
,4%$5'4!)(!&(B$%<)*!+&.35..&$(!A&04!4&.!<$04-%=!04-!U&%-30$%!+&.3$:-%-+!04-!34&*+F.!&(0-%-.0!&(!
+&($.)5%.!)(+!.$!.-0!5;!)!*-)%(&('!-(:&%$(<-(0!04)0!3$(0)&(-+!<)(2!+&($.)5%!)30&:&0&-.!)(+!
0$2.>!,4-!34)('-!&(!04-!34&*+F.!#-4):&$5%!A).!-C0%-<-*2!;$.&0&:-Y!04-!U&%-30$%!+-.3%&#-.!4$A=!!
!
V-!04-(!0)5'40!04-!'%$5;!04-!()<-.!$B!)**!04-!+&($.)5%.=!4-!K(-A!04-!*$0k.$!04-!K&+.!
A-%-!04-(!34$$.&('!04-&%!B):$5%&0-!+&($.)5%.!B%$<!04-!+&.;*)2k"(+!4-!A).!&(!34)%'-!$B!
)**!04)0>!,4&.!A).!)!34&*+!04)0!+&+(F0!.;-)K=!4-!A).!&(!34)%'-!$B!'&:&('!)!(-A!'%$5;!$B!
B%&-(+.!)**!04)0!K($A*-+'->!"(+!&0!A).!.534!)!;$A-%B5*!<$<-(0!B$%!4&<=!#50!)*.$!B$%!5.!h!
A-!5(+-%.0$$+!4&<!)!*$0!<$%-!.$!A-!3)(!3)%-!B$%!4&<!<$%-!-BB-30&:-*2!).!A-**>!!
!
"!.0%-('04.!#).-+!);;%$)34!5(+-%*&-.!4$A!34&*+%-(F.!+-:-*$;<-(0!&.!3);05%-+!&(!
+$35<-(0)0&$(>!"0!@&%%-*--=!.0)BB!.0%&:-!)0!)**!0&<-.!0$!+&.;*)2!34&*+%-(!).!3$(B&+-(0!)(+!3);)#*-!
*-)%(-%.!&(!04-&%!$#.-%:)0&$(.=!;$%0B$*&$.!)(+!*-)%(&('!.0$%&-.>!"(!-+53)0$%!B%$<!,"88"!
&**5.0%)0-.!4$A!04&.!*$$K.!&(!;%)30&3-=!Q&(!04-!;).0!k$#.-%:)0&$(.!A-%-!)!*$0!<$%-!)#$50!4$A!)!
34&*+!A).!+$&('!.$<-04&('=!*&K-!4$*+&('!)!;-(!&(!4&.!%&'40!4)(+!A&04!)!3-%0)&(!'%&;R!$%!Q04-2F%-!
0A-*:-!<$(04.!)(+!($0!A)*K&('=!A4)0!3)(!A-!+$!0$!<)K-!04-<!A)*KpR!I$A!-+53)0$%.!B$35.!$(!
Q$#.-%:&('!A4)0!34&*+%-(!)%-!04&(K&('=!($0!A4)0!04-2F%-!+$&('R>!@2!)..-..&('!34&*+%-(F.!
-<$0&$(.!)(+!$#.-%:&('!)(+!-(')'&('!A&04!04-<!&(!+&BB-%-(0!)30&:&0&-.!.0)BB!)%-!#-00-%!)#*-!0$!
3$((-30!A&04!34&*+%-(!)(+!#5&*+!5;$(!04-&%!&(0-%-.0.!0$!4-*;!04-<!*-)%(>!!
!!
84'#+/"%)+'/",2'%&)24"'/)$9%)#"*/%'%&)
"!3%53&)*!).;-30!$B!34&*+%-(!#-3$<&('!3$(B&+-(0!)(+!&(:$*:-+!*-)%(-%.!&.!B$%!04-<!0$!#-!'&:-(!
$;;$%05(&0&-.!0$!+&%-30!04-&%!$A(!*-)%(&('=!).!04-!U&%-30$%!$B!@&%%-*--!4&'4*&'40.=!B$.0-%&('!
!
$+!
!
!
34&*+%-(!).!3$(B&+-(0!*-)%(-%.!&.!Q($0!)#$50!34&*+%-(!#-&('!0)5'40=!&0F.!)#$50!04-<!-(')'&('!&(!
04-&%!$A(!*-)%(&('!).!A-**>R!"!K-2!A)2!0$!-()#*-!34&*+%-(!0$!+$!04&.!&.!B$%!.0)BB!0$!.3)BB$*+!
*-)%(&('!$BB!34&*+%-(F.!&(0-%-.0.=!.K&**.!)(+!K($A*-+'->!/0)BB!)0!)**!.-%:&3-.!+&.35..!)!:)%&-02!$B!
A)2.!0$!&(&0&)0-!04-.-!;%$3-..-.=!&(3*5+&('!04%$5'4!+&.35..&$(.!A&04!34&*+%-(!)#$50!)30&:&0&-.!
04-2!+$!$50.&+-!04-!.-%:&3-=!-(')'&('!A&04!)!K-2!&(0-%-.0!)!34&*+!<)2!4):-=!$%!04%$5'4!
5(.0%5305%-+=!$;-(P-(+-+!+&.35..&$(.!6.--!B$%!-C)<;*-!M);;-%)9>!"0!_5+E)4')4<&)<&)!.0)BB!
0)*K!)#$50!;%$<;0&('!34&*+%-(!0$!-C;*$%-!A4)0!+&%-30&$(!04-2!A)(0!)(!)30&:&02!0$!'$!&(=!Q,4-!
.0)BB!).K!$;-(P-(+-+!L5-.0&$(.!0$!04-<k04-2!'&:-!04-<!04)0!.0)%0&('!;$&(0=!)(+!34&*+%-(!A&**!
E5.0!%5(!A&04!&0R>!/0)BB!;*)2!)!K-2!%$*-!&(!04&.!;%$3-..!#2!-()#*&('!$;;$%05(&0&-.!B$%!*##)34&*+%-(!0$!
;%$:&+-!&(;50=!)(+!#2!-(.5%&('!04)0!04-&%!.5''-.0&$(.!)(+!K($A*-+'-!)%-!0)K-(!.-%&$5.*2>!,4&.!&(!
05%(!4-*;.!34&*+%-(!B--*!3$(B&+-(0!)(+!-<;$A-%-+!0$!3$(0%2-!04-&%!&+-).!0$!+&.35..&$(.=!).!
04-!U&%-30$%!B%$<!_5+E)4')4<&)<&)!+-.3%&#-.=!34&*+%-(!(--+!0$!#-!.5;;$%0-+!0$!B--*!Q04)0!04-&%!
$;&(&$(!&.!:)*5-+=!#-3)5.-!04-2!.--!&0!3$<-!0$!B%5&0&$(>R!,4&.!.5;;$%0.!34&*+%-(!0$!:&-A!
04-<.-*:-.!).!)30&:-!3$(0%2$%.=!#-3)5.-!Q&0F.!($0!E5.0!04-!$(-!;-%.$(!04)0F.!4):&('!04-!.)2!)**!
04-!0&<-!$%!04-!0-)34-%!#-&('!04-!*-)+-%=!&0F.!5;!0$!04-<!0$!<)K-!04$.-!+-3&.&$(.!).!A-**>R!!
!
;7"%="%+"+)#"*/%'%&)*%+)7/$!#"-=1$#0'%&)24/$5&4)7#*6))
`)(2!-+53)0$%.!-C;%-..!)!;4&*$.$;42!04)0!34&*+%-(!*-)%(!#-.0!04%$5'4!;*)2!6@&%%-*--=!M);;-%)=!
M)A)%%)=!8$('%-..=!,"88"9=!).!;*)2P#).-+!*-)%(&('!Q34)**-('-.!634&*+%-(9k<)K-.!04-<!
&(L5&.&0&:-!)(+!<)K-.!04-<!A)(0!0$!-C;*$%-R!6,"88"9>!1(0-%)30&:-=!;*)2P#).-+!)30&:&0&-.!)%-!)*.$!
B-*0!#2!<)(2!.-%:&3-.!0$!#-!)!K-2!A)2!&(!A4&34!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(!
*-)%(!68$$*)#)%$$=!`&(2)!@5(4&&9>!".!$(-!U&%-30$%!-<;4).&.-.=!34&*+%-(F.!)#&*&02!0$!*-)%(!
04%$5'4!;*)2!<5.0!($0!#-!5(+-%-.0&<)0-+!6"#$%&'&()*!84&*+%-(F.!8-(0%-9>!10!&.!04-!%$*-!$B!
-+53)0$%.!0$!B)3&*&0)0-!04&.!04%$5'4!$('$&('!.5;;$%0!)(+!04%$5'4!04-!;%$:&.&$(!$B!5(.0%5305%-+=!
$;-(P-(+-+!*-)%(&('!$;;$%05(&0&-.!04)0!-(3$5%)'-!34&*+%-(!0$!&(+-;-(+-(0*2!)(+!3$(B&+-(0*2!
&(:-.0&')0-=!&<)'&()0&:-*2!+-.&'(!)(+!+&%-30!04-&%!$A(!;*)2!6,"88"=!_5+E)4')4<&)<&)9>!\4&*.0!
.0)BB!<)2!4):-!)(!&+-)!$B!04-!.0%5305%-!$B!A4)0!04-2!A)(0!0$!+$=!A4)0!34&*+%-(!-C;-%&-(3-!
.4$5*+!#-!)!B*$A&('=!.-*BP+&%-30-+!)(+!B5(!-C;-%&-(3-!6_5()&!N&+E9>!W*)2!4).!<)(2!#-(-B&0.!B$%!
34&*+%-(=!).!$(-!-+53)0$%!-C;*)&(.=!Q1!04&(K!04)0!&0F.!)305)**2!+-:-*$;&('!04-!34&*+F.!$:-%)**!.-(.-!
$B!#-&('=!.-*BP-.0--<=!.$3&)*!.K&**.=!)**!04)0!P!E5.0!#2!;*)2&('R!6_5+E)4')4<&)<&)9>!!
!
W*)2P#).-+!*-)%(&('!)*.$!3%-)0-.!04-!<$.0!()05%)*!-(:&%$(<-(0!&(!A4&34!34&*+%-(!3)(!+-:-*$;=!
).!04-!U&%-30$%!$B!_5()&!N&+E!3$<<-(0.=!Q84&*+%-(!(--+!0$!*-)%(!)(+!-C;*$%-!3$<B$%0)#*2!
04%$5'4!;*)2!A&04$50!#-&('!A)034-+!)(+!;%-..5%&.-+>!]04-%A&.-!04-2F%-!($0!'$&('!0$!*-)%(>R!
/$<-!-+53)0$%.!)*.$!B--*!04)0!&(!04-!-)%*2!2-)%.!&0!&.!;)%0&35*)%*2!&<;$%0)(0!0$!)**$A!34&*+%-(!0$!
+-:-*$;!04%$5'4!;*)2=!).!04&.!-()#*-.!04-<!0$!+-:-*$;!04-!.K&**.!)(+!K($A*-+'-!04)0!04-2!A&**!
04-(!0)K-!$(!0$!04-!B$%<)*=!.0%5305%-+!-(:&%$(<-(0!$B!.34$$*!6`&(2)!@5(4&&9>!"**$A&('!34&*+%-(!
0$!+&%-30!04-&%!*-)%(&('!04%$5'4!;*)2!)*.$!4-*;.!0$!-(.5%-!04)0!&0!A&**!#-!#).-+!$(!04-&%!&(0-%-.0=!
A4&34!&(3%-).-.!04-&%!3$(3-(0%)0&$(!)(+!-(')'-<-(0!&(!)(!)30&:&02!6^)*2'5%%=!@&%%-*--=!
8$('%-..9>!/0)BB!)0!`&(2)!@5(4&&!.;-)K!$B!04-!&<;$%0)(3-!$B!-+53)0$%.!%$*-P<$+-**&('!;$.&0&:-!
#-4):&$5%!04)0!34&*+%-(!3)(!04-(!)30!$50!04-<.-*:-.!04%$5'4!;*)2>!!
!
/0)BB!&(0-%:&-A-+!.;-)K!$B!04-!:)*5-!&(!.-00&('!5;!*-)%(&('!-(:&%$(<-(0!)(+!<)0-%&)*.!04)0!
-(3$5%)'-!&(:-.0&')0&:-=!;*)2P#).-+!*-)%(&('>!/0)BB!.0%-..!04-!&<;$%0)(3-!$B!;%$:&+&('!.5;;$%0!
!
$"!
!
!
0$!34&*+%-(!A&04$50!)305)**2!+$&('!04&('.!B$%!04-<!6.--!B$%!-C)<;*-!_5+E)4')4<&)<&)9>!](-!
.-%:&3-!+-.3%&#-.!4$A!A&04&(!)%0!)30&:&0&-.!04&.!0%)(.*)0-.!&(0$!.4$A&('!34&*+%-(!4$A!0$!5.-!
<)0-%&)*.!)(+!0$$*.=!#50!($0!A4)0!0$!3%-)0-!A&04!04-<!68$$*)#)%$$9>!,4&.!)*.$!4-*;.!34&*+%-(!0$!
B--*!;%$5+!$B!04-&%!A$%K=!).!&0!&.!04-&%!$A(!3%-)0&$(!6@&%%-*--=!8$$*)#)%$$9>!"!B5%04-%!&**5.0%)0&$(!
$B!04&.!3$<-.!B%$<!^)*2'5%%=!A4-%-!.0)BB!4):-!3%-)0-+!)!3$**)'-!0)#*-!A&04!)%0.!)(+!3%)B0.!
<)0-%&)*.!04)0!34&*+%-(!3)(!:&.&0!).!)(+!A4-(!04-2!34$$.-=!0$!3%-)0-!A4)0-:-%!04-2!*&K->!
7+53)0$%.!;%$:&+-!04-!<)0-%&)*.=!)(+!-(.5%-!04)0!04-!.;)3-!&.!-(')'&('!)(+!);;-)*&('!0$!
34&*+%-(=!#50!04-(!*-):-!04-!34&*+%-(!0$!3%-)0-!04-&%!$A(!)%0A$%K!#2!B$**$A&('!04-&%!&<)'&()0&$(!
)(+!&(0-%-.0.>!^)*2'5%%F.!8$$%+&()0$%!B--*.!04)0!04&.!%-B*-30.!04)0!Q.0)BB!)%-(F0!%-)**2!34$$.&('!
A4)0!04-2!A)(0!04-<!0$!+$=!04-!34&*+%-(!)%-!34$$.&('!A4)0!04-2!A)(0!0$!+$!)(+!04-!.0)BB!)%-!
E5.0!04-%-!0$!'5&+-!04-<>R!]04-%!.-%:&3-.!0)K-!)!.&<&*)%!);;%$)34!#2!;%$:&+&('!34&*+%-(!A&04!
<)0-%&)*.!)(+!)!*&00*-!'5&+)(3-!&(!$%+-%!0$!-(3$5%)'-!04-<!0$!0)K-!$(!&(:-.0&')0&:-!%$*-.>!G$%!
-C)<;*-=!B$**$A&('!)!%-3-(0!B$35.!$(!c3$(.0%530&$(F!)0!,"88"=!34&*+%-(!A-%-!'&:-(!0$$*.!0$!;*)2!
A&04!)(+!-C;*$%->!I$0&3&('!04)0!04-!34&*+%-(!A-%-!%-)**2!-C;%-..&('!)(!&(0-%-.0!&(!)(+!)#*-!0$!
3$$%+&()0-!04-!(-A!0$$*.!:-%2!A-**=!04-!.0)BB!3)<-!5;!A&04!04-!&+-)!$B!0)K&('!);)%0!)!%-3-(0*2!
+$()0-+!$*+!0-*-:&.&$(>!,4&.!)30&:&02!)**$A-+!34&*+%-(!0$!+-:-*$;!04-&%!3$(B&+-(3-!).!)30&:-!
;)%0&3&;)(0.!&(!04-&%!*-)%(&('!#-3)5.-!04-2!4)+!&(&0&)0-+!04-!)30&:&02!)(+!A-%-!&(!3$(0%$*!$B!&0>!!
!
"!:)%&-02!$B!.-%:&3-.!5.-!()05%)*!%-.$5%3-.!0$!-(3$5%)'-!34&*+%-(!0$!5.-!04-&%!&<)'&()0&$(!0$!
<)K-!-)34!%-.$5%3-!&(0$!A4)0!04-2!A)(0!&0!0$!#-!6.--!B$%!-C)<;*-!b$$(&##)=!^)*2'5%%9>!,4&.!
-(3$5%)'-.!04-<!0$!#-!)30&:-!)(+!3%-)0&:-!;)%0&3&;)(0.!&(!')<-.!)(+!)30&:&0&-.>!,4-!U&%-30$%!$B!
04-!"#$%&'&()*!84&*+%-(F.!8-(0%-!-C;*)&(.!4$A!)(!$50+$$%!;*)2!.;)3-!%&34!&(!()05%)*=!$;-(P
-(+-+!<)0-%&)*.!0-)34-.!34&*+%-(!($0!E5.0!)#$50!04-!-(:&%$(<-(0=!#50!Q4$A!0$!;*)2=!0$!*-)%(=!
4$A!0$!#-!&(L5&.&0&:-!*&00*-!*-)%(-%.R>!,4-!U&%-30$%!)*.$!+&.35..-.!4$A!.0)BB!(--+!0$!+-.&'(!
-(:&%$(<-(0.!04)0!34)**-('-!34&*+%-(!0$!#-!3$(B&+-(0!)(+!&(:$*:-+!*-)%(-%.=!)(+!;*)3-!4&'4!
-C;-30)0&$(.!&(!04-&%!3);)3&0&-.>!,4&.!&.!).!<534!)#$50!+-3&+&('!A4)0!%$2!0$!;50!&(0$!)(!
-(:&%$(<-(0!).!A4)0!0$!;50!&(>!/4-!&**5.0%)0-.!04&.!A&04!)(!-C)<;*-!B%$<!A4-(!04-2!B&%.0!<$:-+!
&(0$!04-&%!(-A!3-(0%->!7+53)0$%.!&(&0&)**2!A$%%&-+!04)0!04-!$50+$$%!-(:&%$(<-(0!+&+(F0!3$(0)&(!
-($5'4!0$!.0&<5*)0-!04-!34&*+%-(>!,4-2!L5&3K*2!%-)*&.-+!4$A-:-%!04)0!04-!34&*+%-(!K(-A!-C)30*2!
A4)0!0$!+$=!Q04-!K&+.!)%-!$:-%!04-%-!A$%K&('!$50!A4)0!04)0!'%):-*!#&0!&.!B$%kA$%K&('!$50!&B!2$5!
4$;!&(!04-!+&('42!04)0!.&0.!&(!04-!;*)2'%$5(+!&0!0)K-.!2$5!$:-%!0$!04-!&.*)(+.!)(+!04-(!2$5!3)(!
'$!<500$(P#&%+&('>R!N-)%(&('!04%$5'4!;*)2!)0!04-!3-(0%-!&.!)#$50!'&:&('!34&*+%-(!$;;$%05(&0&-.!
0$!<)K-!5;!04-&%!$A(!')<-.=!<)K-!5;!04-&%!$A(!34)**-('-.!)(+!A$%K!0$'-04-%!0$!-C;*$%-!4$A!
0$!5.-!)!.;)3-!)(+!<)0-%&)*.>!,4&.!3%-)0-.!)(!-(:&%$(<-(0!A4-%-!34&*+%-(=!($0!)+5*0.=!)%-!
+&%-30&('!04-!*-)%(&('=!A4&34!-()#*-.!04-<!0$!#-3$<-!3$(B&+-(0!)(+!&(:$*:-+!*-)%(-%.>!
!
"30&:&0&-.!04)0!B$35.!$(!;%$#*-<P.$*:&('!)%-!)*.$!+&.35..-+!).!:)*5)#*-!A)2.!0$!.5;;$%0!
34&*+%-(F.!+-:-*$;<-(0!).!3$(B&+-(0!)(+!&(:$*:-+!*-)%(-%.>!"(!-C)<;*-!$B!04&.!3$<-.!B%$<!
,"88"=!A4-%-!-+53)0$%.!%-3-(0*2!+-.&'(-+!)(!)30&:&02!5.&('!0$2!3)%!0%)3K.!)(+!:)%&-+!.5%B)3-.!
0$!-(')'-!34&*+%-(!0$!&(+-;-(+-(0*2!-C;*$%-!+&BB-%-(0!.-(.-.!)(+!0-C05%-.=!)(+!-(3$5%)'-!04-&%!
.;)0&)*!)A)%-(-..>!,4&.!&(3*5+-+!5.&('!:)%&-+!'%)+&-(0.!)(+!.5%B)3-.!.534!).!&3-!0%)2.!0$!)**$A!
04-!34&*+%-(!0$!-C;*$%-!.*&;;-%&(-..!)(+!.)(+!0$!)**$A!04-<!0$!-C;*$%-!+-;04!)(+!0-C05%->!
7+53)0$%.!04-(!).K-+!04-!34&*+%-(!L5-.0&$(.!.534!).!QA4&34!$(-!A&**!B*$)0pR!$%!QA4&34!$(-!A&**!
#-!B).0-.0pR!0$!-(3$5%)'-!04-&%!35%&$.&02!)(+!-C;-%&<-(0)0&$(!.K&**.!6.--!)*.$!_5(+$$9>!"0!N5**)F.!
!
$#!
!
!
)!.&<&*)%!;%$#*-<P.$*:&('!);;%$)34!&.!5.-+!A&04!#)#&-.>!7+53)0$%.!B$35.!$(!;%$<$0&('!c0A$!
A)2.F!*-)%(&('!h!)!<-04$+!04)0!B)3&*&0)0-.!34&*+%-(F.!;%$#*-<P.$*:&('!#2!-(3$5%)'&('!04-<!0$!
B&(+!<$%-!04)(!$(-!A)2!0$!0)3K*-!)!;%$#*-<>!
!
K'&4)"@7",2*2'$%1)$3),4'#+/"%)
84&*+%-(!)%-!.5;;$%0-+!0$!#-!3$(B&+-(0!)(+!&(:$*:-+!*-)%(-%.!A4-(!-+53)0$%.!+&.;*)2!4&'4!
-C;-30)0&$(.!$B!04-<=!#$04!&(!04-&%!&(0-%)30&$(.!A&04!04-<!)(+!&(!4$A!04-2!+-.&'(!)30&:&0&-.!)(+!
-C;-%&-(3-.!0$!B)3&*&0)0-!04-&%!+-:-*$;<-(0>!`)(2!.-%:&3-.!+&.35..!04-!&<;$%0)(3-!$B!
.5;;$%0&('!34&*+%-(!0$!+-:-*$;!-C;-30)0&$(.!$B!)(+!3$(B&+-(3-!&(!04-<.-*:-.!)(+!A4)0!04-2!3)(!
;-%.$()**2!)34&-:-!6M)A)%%)=!8$$*)#)%$$=!_5+E)4')4<&)<&)9>!"0!_5+E)4')4<&)<&)!04&.!A).!
-C;%-..-+!04%$5'4!)!;4&*$.$;42!04)0!04-&%!34&*+%-(!)%-!04-!B505%-!$B!04-!3$<<5(&02=!)(+!04)0!&0!
&.!3%53&)*!0$!.5;;$%0!04-<!0$!'%$A!&(0$!.0%$('=!3$(B&+-(0!3$<<5(&02!<-<#-%.>!!
!
/5;;$%0&('!34&*+%-(!0$!+-:-*$;!4&'4!-C;-30)0&$(.!$B!04-<.-*:-.!&.!-<;4).&.-+!).!;)%0&35*)%*2!
&<;$%0)(0!B$%!34&*+%-(!A4$!<)2!3$<-!B%$<!+&.)+:)(0)'-+!#)3K'%$5(+.=!).!#5&*+&('!34&*+%-(F.!
.-*BP-.0--<!)(+!3$(B&+-(3-!3)(!-()#*-!04-<!0$!#%-)K!$50!$B!&(0-%'-(-%)0&$()*!323*-.!$B!
+&.)+:)(0)'-!6M)A)%%)9>!".!+-.3%&#-+!#2!$(-!U&%-30$%=!Q#2!3$<&('!4-%-!)(+!B--*&('!04)0!04&.!&.!)!
.)B-!;*)3-=!634&*+%-(9!3)(!+-:-*$;!04-&%!;$0-(0&)*!)(+!04-2!<&'40!#-!)#*-!0$!#-00-%!04-&%!*&:-.!
)4-)+R!68$$*)#)%$$9>!7<;$A-%&('!34&*+%-(!&(!04&.!A)2!.5;;$%0.!04-<!0$!0%)(.&0&$(!0$!.34$$*!
3$(B&+-(0!&(!04-&%!&+-(0&02=!04-&%!K($A*-+'-!)(+!3);)#&*&0&-.!68$$*)#)%$$9>!!
!
/-:-%)*!.-%:&3-.!+&.35..!4$A!.5;;$%0&('!34&*+%-(!0$!4):-!4&'4!-C;-30)0&$(.!$B!04-<.-*:-.!
-(0)&*.!A$%K&('!)*$('.&+-!04-&%!B)<&*&-.!0$!&<#5-!34&*+%-(!A&04!)!.-(.-!04)0!04-2!3)(!)34&-:-!
)(204&('!04-2!;50!04-&%!<&(+!0$!6M);;-%)=!@&%%-*--9>!](-!<-04$+!0$!)34&-:-!04&.!&.!#2!.0)BB!
;%-.-(0&('!34&*+%-(!).!.0%$('=!3);)#*-!)(+!3$(B&+-(0!*-)%(-%.!04%$5'4$50!)**!04-&%!&(0-%)30&$(.!
A&04!;)%-(0.>!W$%0B$*&$.!)(+!$04-%!+$35<-(0.!04)0!;)%-(0.!:&-A!3)(!#-!;)%0&35*)%*2!4-*;B5*!&(!
+$&('!04&.=!).!04-2!B$35.!$(!34&*+%-(F.!.0%-('04.!&(!.4$A3).&('!04-&%!+-:-*$;<-(0!6,"88"9>!G$%!
-C)<;*-=!)0!@&%%-*--!)!;4$0$!+&)%2!$B!3$$K&('!.-..&$(.!.4$A.!;)%-(0.!4$A!3);)#*-!34&*+%-(!)%-!
)(+!-(3$5%)'-.!04-<!0$!#5&*+!$(!04-&%!34&*+%-(F.!.0%-('04.!)0!4$<->!W4$0$.!)%-!)*.$!:)*5)#*-!
0$$*.!0$!0)*K!A&04!;)%-(0.!)#$50!4$A!34&*+%-(!3)(!*-)%(!04%$5'4!;*)2=!A4&34!3)(!04-(!.5;;$%0!
B)<&*&-.!0$!3$(0&(5-!$(!04-.-!&(0-(0&$()*!;*)2P#).-+!)30&:&0&-.!)0!4$<-!6@&%%-*--9>!!
!
`)(2!.-%:&3-.!+-<$(.0%)0-!4$A!04-&%!;4&*$.$;42!$B!4&'4!-C;-30)0&$(.!$B!34&*+%-(!*-)+.!04-<!0$!
%-'5*)%*2!-(3$5%)'-!34&*+%-(!0$!0%2!(-A!)30&:&0&-.!)(+!-C;-%&-(3-.!6b$$(&##)=!8$('%-..=!
M);;-%)=!@&%%-*--9>!b-2!0$!04&.!&.!%-.;$(+&('!0$!-)34!34&*+F.!3);)#&*&0&-.!).!)(!&(+&:&+5)*>!V):&('!
4&'4!-C;-30)0&$(.!$B!34&*+%-(!&.!)#$50!%-.;-30&('!04-&%!3);)#&*&0&-.!)(+!K($A*-+'-=!)(+!($0!
4$*+&('!04-<!#)3K!#).-+!$(!04-&%!)'-!6_5()&!N&+E=!8$('%-..9>!".!$(-!U&%-30$%!+-.3%&#-.!Q\-F%-!
($0!'$&('!0$!.)2!c($!04-2!3)(F0!+$!&0!#-3)5.-!04-2F%-!0$$!2$5('F>!/$!A-!0%2!0$!-*&<&()0-!04-!A$%+!
($!$50!$B!-:-%204&('>!"(+!.$!&B!&0F.!.)B-!04-(!3-%0)&(*2!04-2!A&**!'-0!04-!$;;$%05(&02!0$!+$!&0>R!
6_5()&!N&+E9>!"!(5<#-%!$B!.-%:&3-.!<-(0&$(!4$A!04-2!+-<$(.0%)0-!04-&%!4&'4!-C;-30)0&$(.!$B!
04-&%!34&*+%-(!04%$5'4!A$%K&('!A&04!04-<!0$!*-)%(!)#$50!.)B-!;*)2=!B$%!-C)<;*-!A&04!.0)&%.=!
A)0-%=!B&%-!$%!3*&<#&('!6N5**)F.=!_5()&!N&+E=!8$('%-..=!b$$(&##)9>!".!04-!U&%-30$%!$B!8$('%-..!
+-.3%&#-.=!Q10F.!)#$50!.5;-%:&.&$(=!&0F.!)#$50!4&'4!-C;-30)0&$(.!)(+!)#$50!34&*+%-(!#-&('!)#*-!0$!
5.-!04&('.!&(!04-!%&'40!A)2>R!_5()&!N&+E!)*.$!#-*&-:-!04)0!)30&:&0&-.!.4$5*+!#-!$BB-%-+!0$!)**!
!
$$!
!
!
34&*+%-(!)0!04-!3-(0%-=!)(+!.$!B$%!-C)<;*-!A4-(!3$$K&('!)30&:&0&-.!)%-!4);;-(&('!)**!34&*+%-(!
)%-!&(:$*:-+!h!A&04!-:-(!04-!2$5('-.0!Q#-&('!'&:-(!)!#$A*!0$!.0&%R>!,4-!U&%-30$%!B--*.!04)0!04&.!
4-*;.!0$!;5.4!34&*+%-(!0$!0%2!(-A!04&('.!)(+!0$!#-!3$(B&+-(0!&(!04-&%!*-)%(&('>!
!
J"#*2'$%14'71)9'24)12*33)
W$.&0&:-=!.5;;$%0&:-!%-*)0&$(.4&;.!A&04!.0)BB!6.--!.-30&$(!S>H9!)%-!)*.$!.--(!).!:&0)*!0$!-()#*-!
34&*+%-(!0$!+-:-*$;!3$(B&+-(3-=!.-*BP-.0--<!)(+!-(')'-<-(0!).!&(:$*:-+!*-)%(-%.!6@&%%-*--9>!
/0)BB!:&-A!.0)#*-!%-*)0&$(.4&;.!).!;%$:&+&('!)!#).-!B%$<!A4&34!34&*+%-(!3)(!B--*!3$(B&+-(0!0$!
0)3K*-!(-A!34)**-('-.!)(+!*-)%(&('!-C;-%&-(3-.>!,4-!U&%-30$%!)0!@&%%-*--!+-.3%&#-.!4$A!04-!
-..-(3-!$B!34&*+%-(F.!3$(B&+-(3-!&.!-<#$+&-+!&(!)(!)00&05+-!04)0=!Qc1F:-!(-:-%!0%&-+!04)0!#-B$%-=!
#50!1!K($A!04)0!2$5!*$:-!<-!)(+!&B!'-0!&0!A%$('!2$5F%-!E5.0!'$&('!0$!.)2!0$!<-!*-0F.!0%2!&0!)')&(=!
.$!1F<!E5.0!'$&('!0$!4):-!)!'$F>R!"!%-3-(0!)30&:&02!)0!@&%%-*--!0-)34&('!34&*+%-(!0$!%-3$'(&.-!04-&%!
$A(!()<-.!$(!B*).4!3)%+.!&**5.0%)0-.!04&.>!"B0-%!;-%3-&:&('!04)0!$(-!34&*+!4)+(F0!%-3$'(&.-+!4-%!
$A(!()<-!$(!)!3)%+=!04-!U&%-30$%!A$%K-+!A&04!04-!34&*+!0$!-(3$5%)'-!4-%!0$!A%&0-!4-%!()<->!
,4%$5'4!04&.!$(-P$(P$(-!&(0-%)30&$(!04-!34&*+!A).!)#*-!0$!*-)%(!4$A!0$!A%&0-!4-%!$A(!()<->!
/4-!+-.3%&#-.!04-!34&*+F.!$#:&$5.!;%&+-!&(!04&.!)34&-:-<-(0!).!.4-!).K-+!0$!0)K-!4-%!A%&0&('!
4$<-!0$!.4$A!4-%!B)<&*2>!,4-!U&%-30$%!-C;*)&(.!04&.!34&*+!A).!)#*-!0$!+$!04&.!#-3)5.-!.4-!4).!)!
.0%$('!.-(.-!$B!4-%!$A(!&+-(0&02!)(+!3$<-.!B%$<!)!;$.&0&$(!$B!A-**#-&('=!-..-(0&)**2!04)0!Q/4-!
K($A.!A4$!.4-!&.=!.4-!K($A.!4$A!.4-!3$((-30.!&(!04&.!'%$5;!)(+!3$<<5(&02=!)(+!.4-!B-*0!&0!
A).!.)B-!0$!0%2!.$<-04&('!(-A>R!6@&%%-*--9>!"**!.-%:&3-.!-C;%-..-+!04)0!)!K-2!0$!+-:-*$;&('!
3$(B&+-(0=!-(')'-+!34&*+%-(!&.!-(3$5%)'&('!04-<!0$!0%2!(-A!)30&:&0&-.>!!
!
,4%--!)++&0&$()*!B)30$%.!)%-!&<;$%0)(0!&(!04&.!);;%$)34>!84&*+%-(!<5.0!#-!.5;;$%0-+!#2!.0)BB!0$!
#5&*+!;$.&0&:-!-C;-%&-(3-.!$50!$B!04-!B%5.0%)0&$(!04-2!B--*!A4-(!04-2!3)(F0!+$!.$<-04&('!
6M);;-%)9>!/0)BB!3)(!)*.$!.5;;$%0!34&*+%-(!04%$5'4!B)3&*&0)0&('!+&.35..&$(.!)#$50!4$A!&0F.!$K!0$!
<)K-!<&.0)K-.=!#50!c&0F.!E5.0!)#$50!4):&('!)!'$R!6b$$(&##)9>!G5%04-%<$%-=!.0)BB!<5.0!<-+&)0-!
04-!#)*)(3-!#-0A--(!-(3$5%)'&('!)(+!'-(0*2!;5.4&('!34&*+%-(=!A&04$50!;5.4&('!04-<!&(0$!
04&('.!04-2!<)2!($0!#-!&(0-%-.0-+!&(!$%!3);)#*-!$B>!".!+&.35..-+!)#$:-=!04&.!<)2!$B0-(!&(:$*:-!)!
.0)BB!<-<#-%!A$%K&('!A&04!)!;)%0&35*)%!34&*+!<$%-!&(0-(.-*2!0$!'&:-!04-<!04-!3$(B&+-(3-!0$!0%2!
.$<-04&('!(-A!6M);;-%)=!@&%%-*--9>!M);;-%)F.!U&%-30$%!-C;*)&(.!04)0!Q&0F.!04)0!$('$&('!;%)&.-!B$%!
34&*+%-(!04)0!'&:-.!04-<!04-!3$(B&+-(3-!04)0!04-2!(--+>!"(+!04)0F.!A4)0!A-!%-)**2!;%$<$0-!
A4-(!)00%)30&('!.0)BB!A$%K&('!A&04!M);;-%)=!)(+!04-!35%%-(0!.0)BB!A$%K&('!4-%-!P!04)0!34&*+%-(!
)%-!)**!3);)#*-!)(+!3$<;-0-(0!*-)%(-%.>R!
!
,4-!7MNG!$503$<-!04)0!34&*+%-(!#-3$<-!3$(B&+-(0!)(+!&(:$*:-+!*-)%(-%.!&.!);;%$)34-+!#2!04-!
.-%:&3-.!&(0-%:&-A-+!&(!)!(5<#-%!$B!+&BB-%-(0!A)2.>!@5&*+&('!$(!04-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!
1.*)(+-%!;4&*$.$;42!$B!:&-A&('!34&*+%-(!).!3);)#*-!)(+!&(+-;-(+-(0!*-)%(-%.=!.-%:&3-.!'-(-%)**2!
)+$;0!)!.0%-('04.!#).-+!);;%$)34!04)0!-C;)(+.!$(!34&*+%-(F.!&(0-%-.0.!)(+!.0%-('04.!0$!
-(3$5%)'-!04-&%!'%$A04!)(+!+-:-*$;<-(0>!"++&0&$()**2!.0)BB!3$(.&.0-(0*2!+-<$(.0%)0-!4&'4!
-C;-30)0&$(.!$B!04-&%!34&*+%-(F.!3);)#&*&0&-.!h!)!.&'(&B&3)(0!7MNG!;%&(3&;*-!P!A4&34!&.!K-2!0$!
#$*.0-%&('!34&*+%-(F.!3$(B&+-(3-!0$!-C;*$%-=!&(:-.0&')0-!)(+!+&%-30!04-&%!$A(!*-)%(&('>!
!
$%!
!
!
N.N&)64$10%*&"0%&H((%3+4;%&)'BB2*43"+'0,&
8$<<5(&3)0&$(!A&04&(!04-!7MNG=!A4&34!&.!04-!B$35.!$B!7MNG!$503$<-!B&:-=!-(3$<;)..-.!
34&*+%-(F.!*&0-%)32=!(5<-%)32!)(+!)#&*&02!0$!3$<<5(&3)0-!A&04!$04-%.!04%$5'4!)!%)('-!$B!:-%#)*!
)(+!($(P:-%#)*!<-04$+.>!,4-!&<;$%0)(3-!$B!4$<-!*)('5)'-!5.-!&.!-<;4).&.-+!).!)!K-2!
-*-<-(0!5(+-%;&((&('!34&*+%-(F.!.-(.-!$B!&+-(0&02!)(+!3$(3-;05)*!+-:-*$;<-(0>!,4-!7MNG!)*.$!
4&'4*&'40.!04-!(--+!B$%!-+53)0$%.!0$!#5&*+!$(!04-!-C;-%&-(3-.!34&*+%-(!4):-!A&04!*)('5)'-=!
*&0-%)32!)(+!3$<<5(&3)0&$(!A&04&(!04-&%!B)<&*2!)(+!3$<<5(&02!3$(0-C0>!!!
!
,4-!B&B04!$503$<-!);;-)%-+!0$!#-!)!4)%+!$(-!B$%!.-%:&3-.!0$!)%0&35*)0-=!).!)**!.-%:&3-.!B--*!04)0!&0!
&.!.$<-04&('!04-2!B$35.!$(!-:-%2+)2!04%$5'4$50!04-&%!&(0-%)30&$(.!A&04!34&*+%-(>!/-%:&3-.!
+-.3%&#-!04)0!3$<<5(&3)0&$(!350.!)3%$..!)**!&(0-%)30&$(.=!)30&:&0&-.!)(+!*-)%(&('!-C;-%&-(3-.=!
)(+!).!.534!&.!3);05%-+!)3%$..!)**!+&.35..&$(.!$B!04-!7MNG!$503$<-.=!;%&(3&;*-.!)(+!;%)30&3-.>!
,4-!B$**$A&('!04-%-B$%-!&.!<-%-*2!)!.5<<)%2!$B!.$<-!$B!04-!;)%0&35*)%!;$&(0.!.-%:&3-.!<)K-!
)#$50!.5;;$%0&('!34&*+%-(!0$!#-3$<-!-BB-30&:-!3$<<5(&3)0$%.>!!!
!
/-%:&3-.!0)*K!$B!04-!+&:-%.-!A)2.!&(!A4&34!04-2!.5;;$%0!34&*+%-(!0$!#-!-BB-30&:-!3$<<5(&3)0$%.!
&(3*5+&('!04%$5'4!B$%<)*!)(+!&(B$%<)*!'%$5;!+&.35..&$(.=!$(-P$(P$(-!&(0-%)30&$(.=!.&('&('=!
#$$K.=!.0$%2!0-**&('!)(+!%$*-P<$+-**&('!;$.&0&:-!3$<<5(&3)0&$(>!,4-2!)*.$!<-(0&$(!04-!
&<;$%0)(3-!$B!5.&('!34&*+%-(F.!0%)+&0&$()*!*)('5)'-!0$!.5;;$%0!04-&%!3$<<5(&3)0&$(!
+-:-*$;<-(0>!!!
!
.2*33)"%&*&"-"%2)9'24),4'#+/"%)
M);;-%)!+-.3%&#-.!4$A!A$%K&('!A&04&(!04-!"#-3-+)%&)(!);;%$)34!)..&.0.!.0)BB!0$!3$(3-(0%)0-!
$(!*)('5)'-=!*&.0-(&('!)(+!3$<<5(&3)0&$(!.K&**.!)(+!0$!)*.$!04&(K!)#$50!4$9!0$!#-.0!
3$<<5(&3)0-!A&04!34&*+%-(!h!B$%!-C)<;*-!'-00&('!+$A(!0$!34&*+%-(F.!-2-!*-:-*!0$!-(')'-!A&04!
04-<!<$%-!04$%$5'4*2>!]04-%!.-%:&3-.!.;-)K!$B!04-!&<;$%0)(3-!$B!L5)*&02!&(0-%)30&$(.!#-0A--(!
.0)BB!)(+!34&*+%-(!+5%&('!)30&:&0&-.=!A&04!.0)BB!5.&('!;*)2!0$!;%$<;0!34&*+%-(!0$!0)*K!)#$50!A4)0!
04-2!)%-!3%-)0&('!$%!+$&('!6b$$(&##)=!_5()&!N&+E9>!"!(5<#-%!$B!-+53)0$%.!+-.3%&#-!04-!#-(-B&0.!
$B!04&.!<$%-!&(0-(.&:-!-(')'-<-(0!).!#-&('!&(3%-).-+!3$(3-(0%)0&$(!)(+!-(')'-<-(0!#2!
34&*+%-(=!'%$A&('!3$(B&+-(3-!)(+!3$<<5(&3)0&$(!.K&**.!6b$$(&##)=!_5()&!N&+E9>!!
!
O/$57)+'1,511'$%1)
`)(2!.-%:&3-.!<-(0&$(!04-!:)*5-!$B!'%$5;!+&.35..&$(.!0$!;%$<$0-!34&*+%-(F.!-BB-30&:-!'%$5;!
3$<<5(&3)0&$(!.K&**.!6_5+E)4')4<&)<&)=!_5()&!N&+E=!,"88"9>!/-:-%)*!-+53)0$%.!.;-)K!$B!4$A!
04-2!5.-!'%$5;!+&.35..&$(.!).!)!0&<-!0$!-(3$5%)'-!34&*+%-(!0$!-C;*$%-!04-<-.!)(+!&+-).=!
&(3*5+&('!.4)%&('!04-&%!04$5'40.=!K($A*-+'-!)(+!-C;-%&-(3-.>!_%$5;!+&.35..&$(.!)*.$!;%$:&+-!)(!
-C3-**-(0!B$%5<!04%$5'4!A4&34!34&*+%-(!3)(!.4)%-!04-&%!&(0-%-.0.!)(+!A4)0!04-2!A$5*+!*&K-!0$!+$!
)0!04-!3-(0%-!6M);;-%)=!_5+E)4')4<&)<&)9>!"**!.-%:&3-.!&**5.0%)0-!4$A!&(!.$<-!B$%<!$%!)($04-%!
04-2!&(3$%;$%)0-!.0$%2!0-**&('=!#$$K.=!.&('&('!)(+!+&.35..&$(.!A4-(!04-2!)%-!-C;)(+&('!)(!
)30&:&02!$(!B%$<!34&*+%-(F.!&(0-%-.0.!6,"88"=!_5+E)4')4<&)<&)=!M);;-%)9>!!
!
!
$&!
!
!
.577$/2'%&),4'#+/"%)2$)'%2"/*,2)9'24)$24"/1)
"!(5<#-%!$B!3-(0%-.!+-.3%&#-!.0%)0-'&-.!04-2!5.-!0$!.5;;$%0!34&*+%-(!*-)%(!;$.&0&:-!<-04$+.!$B!
3$<<5(&3)0&$(!)(+!-(')'-<-(0>!/0)BB!)0!^)*2'5%%!.5;;$%0!34&*+%-(!04%$5'4!Q;$.&0&:-!
&(0-%)30&$(.!)(+!'5&+)(3-R!0$!#-3$<-!-BB-30&:-!3$<<5(&3)0$%.=!B$%!-C)<;*-!%-+&%-30&('!
34&*+%-(!0$!)+$;0!<$%-!3$(.0%530&:-!B$%<.!$B!3$<<5(&3)0&$(!A&04!-)34!$04-%>!"($04-%!.-%:&3-!
0)*K.!)#$50!04-!:)*5-!$B!.0)BB!%$*-P<$+-**&('!-BB-30&:-!3$<<5(&3)0&$(!0$!.5;;$%0!34&*+%-(F.!
-<$0&$()*!)(+!.$3&)*!+-:-*$;<-(0!6M)A)%%)9=!-..-(0&)**2!Q04-!A)2!2$5!&(0-%)30!A&04!04-!
34&*+%-(!6)(+9!-(3$5%)'-!04-!34&*+%-(!0$!&(0-%)30!A&04!-)34!$04-%>R!](-!;)%0&35*)%!B$35.!)0!
M)A)%%)!&.!-(3$5%)'&('!34&*+%-(!Q0$!:$&3-!0$!$04-%!34&*+%-(!4$A!04-2F%-!04&(K&('!$%!B--*&('=!.$!
&(!0-**&('!04-<!c+$(F0!+$!04)0=!1!+$(F0!*&K-!&0F=!0%2&('!0$!-(3$5%)'-!04-<!0$!%-*)0-!946!04-2!+$(F0!
*&K-!&0=!.$!&0F.!($0!)*A)2.!04-!.0)BB!&(0-%:-(&('!&(!04&('.>R!,4&.!4-*;.!34&*+%-(!0$!*-)%(!4$A!0$!
)%0&35*)0-!4$A!04-2F%-!B--*&('=!)(+!)*.$!0$!5(+-%.0)(+!4$A!04-&%!)30&$(.!&<;)30!$(!$04-%.>!"0!
_5()&!N&+E!+&.35..&$(.!B$35.&('!$(!.-*BP-.0--<!6).!+&.35..-+!)#$:-!&(!.-30&$(!S>H9!.5;;$%0!
34&*+%-(!0$!#-3$<-!-BB-30&:-!3$<<5(&3)0$%.!#2!-(3$5%)'&('!04-<!0$!:-%#)*&.-!$%!$04-%A&.-!
3$<<5(&3)0-!4$A!04-2!B--*!A4-(!04-2!)%-!)34&-:&('>!!
!
/0)BB!+-.3%&#-!04)0!A4-(!34&*+%-(!4):-!3$(B&+-(3-!&(!04-&%!3$<<5(&3)0&$(!.K&**.!04-!L5)*&02!$B!
34&*+!;--%!&(0-%)30&$(.!&(3%-).-.!6@&%%-*--=!^)*2'5%%9>!"0!@&%%-*--!.0)BB!4):-!B$5(+!04)0!34&*+%-(!
($A!$B0-(!%$*-P<$+-*!04-!#-4):&$5%!$B!.0)BB!&(!.5;;$%0&('!(-A!34&*+%-(!3$<<-(3&('!&(!04-!
%$$<.=!Q04-%-!)%-!<$<-(0.!A4-%-!04-!%-'5*)%!34&*+%-(!A4$!4):-!#--(!4-%-!B$%!)!A4&*-!.4)%-!
04)0!&(B$%<)0&$(!)(+!04-2!04-<.-*:-.!4-*;!$04-%!34&*+%-(!#-3$<-!.)B-!)(+!.-35%-!)(+!
.5;;$%0-+>!10F.!($0!)**!3$<&('!B%$<!)+5*0.=!&0F.!)305)**2!3$<&('!B%$<!04-!3$<<5(&02!$B!34&*+%-(!
4-%-!).!A-**>R!"($04-%!.-%:&3-!4).!A&0(-..-+!4$A!04-!34&*+%-(!A4$!)00-(+!)!.-;)%)0-!
K&(+-%')%0-(!&(!04-!<$%(&('!)%-!$B0-(!$#.-%:-+!.4)%&('!04-&%!-C;-%&-(3-.!)0!K&(+-%')%0-(!A&04!
04-!*$('!+)2!3)%-!34&*+%-(!)#$50!04-&%!-C;-%&-(3-.!)0!K&(+-%')%0-(!h!$B0-(!;*)2&('!)0!#-&('!
0-)34-%.!04%$5'4!&(0%$+53&('!(-A!)30&:&0&-.!6^)*2'5%%9>!
!
J4+%0"38&+60'276&C"0+*%0,64C,R&
<$$I1)*%+)12$/6)2"##'%&)
)''$"#"0''&
"**!.-%:&3-.!<-(0&$(!)!B$35.!$(!#$$K.=!.0$%2!0-**&('!
8$$*)#)%$$!4):-!;)%0(-%-+!A&04!04-!/<&04!
)(+!*&0-%)32>!/0$%2!0-**&('!&.!5.5)**2!+-.3%&#-+!).!)(!
G)<&*2! 0$! %5(! 04-! *&0-%)32! ;%$'%)<! P"2N1)
J"*+) )0! 04-! 3-(0%->! /0)BB! 4):-! )00-(+-+! &(0-%)30&:-!;%$3-..!A4-%-!34&*+%-(!)%-!-(3$5%)'-+!
P"2N1) J"*+! 0%)&(&('=! )(+! ($A! +-*&:-%! 04-! 0$!-(')'-!A&04!04-!.0$%2!04%$5'4!).K&('!L5-.0&$(.!
;%$'%)<! )0! 04-! `"8/>! ,4-! &(&0&)0&:-! )(+!)30&:-*2!%-)+&('!A&04!04-!-+53)0$%!6b$$(&##)9>!
;%$:&+-.! 04-! 3-(0%-! A&04! #$$K.=! )(+! /$<-!.-%:&3-.!4):-!B$.0-%-+!;)%0(-%.4&;.!A&04!
8$$*)#)%$$! 04-(! %5(.! B)<&*2! &(B$%<)0&$(! *&0-%)32!$%')(&.)0&$(.!6.--!04-!-C)<;*-!B%$<!
.-..&$(.! $(! *&0-%)32! )(+! 4$A! B)<&*&-.! 3)(! 8$$*)#)%$$9>!M)A)%%)!34$$.-.!0$!3-*-#%)0-!*&0-%)32!
;)%0&3&;)0-! &(! )30&:&0&-.! 04)0! .5;;$%0! 04%$5'4!&(3$%;$%)0&('!&0!&(0$!B5(!)30&:&0&-.>!G$%!
34&*+%-(F.!*&0-%)32=!#-B$%-!'&:&('!04-!#$$K.! -C)<;*-!04-2!%-3-(0*2!4-*+!)!B)<&*2!B5(!+)2=!
$50! 0$! 04-! 34&*+%-(>! ,4-2! )%-! )*.$! $(! 04-! A$%K&('!&(!3$(E5(30&$(!A&04!$04-%!*$3)*!
*$3)*! P"21) J"*+) /0--%&('! 8$<<&00--=! #50!
$%')(&.)0&$(.!0$!;%$<$0-!*&0-%)32!+-:-*$;<-(0!
B&(+! 04)0! 0&<-! 3$(.0%)&(0.! 3)(! .$<-0&<-.!
A&04&(!04-!3-(0%->!"!B%--!B)<&*2!#)%#-35-!A).!4-*+=!
*&<&0!04-&%!;)%0&3&;)0&$(!&(!04&.>!
)(+!)++&0&$()*!)30&:&0&-.!B)3&*&0)0-+!B$%!04-!34&*+%-(>!
,4&.!4-*;-+!0$!&(:$*:-!;)%-(0.!&(!04-!3-(0%-=!)(+!0$!.5;;$%0!04-<!0$!5(+-%.0)(+!04-!:)*5-!$B!
*&0-%)32!)(+!04-!%$*-!04-2!3)(!)(+!+$!;*)2!&(!04-&%!34&*+F.!+-:-*$;<-(0>!
!
$'!
!
!
!
/$<-!.-%:&3-.!)*.$!3%-)0-!04-&%!$A(!%-.$5%3-.!.534!).!#$$K.!)(+!')<-.!0$!.5;;$%0!04-&%!
34&*+%-(F.!*&0-%)32!)(+!(5<-%)32!.K&**.!h!#).-+!$(!04-!;%-<&.-!04)0!%-.$5%3-.!04)0!%-B*-30!04-!
*$3)*!3$(0-C0!A&**!#-!<$%-!<-)(&('B5*!B$%!34&*+%-(!6@&%%-*--=!`&(2)!@5(4&&=!b$$(&##)=!
8$$*)#)%$$9>!G$%!<$%-!+-0)&*!$(!04&.!.--!04-!+&.35..&$(!$B!`&(2)!@5(4&&F.!4$<-!'%$A(!#$$K.!
3$(0)&(-+!&(!.-30&$(!S>?>!/0)BB!)0!M)A)%%)!)%-!($A!50&*&.&('!0-34($*$'2!0$!.5;;$%0!34&*+%-(F.!
3$<<5(&3)0&$(>!".!04-!U&%-30$%!-C;*)&(.=!.0)BB!)(+!34&*+%-(!%-'5*)%*2!3$**)#$%)0-!0$!5.-!04-!
&(0-%(-0!0$!-C;*$%-!0$;&3.!$B!&(0-%-.0.=!)(+!04-2!04-(!3%-)0-!#$$K.!0$!%-B*-30!)(+!%-3$%+!04-.-!
*-)%(&('!;%$E-30.>!,4%$5'4!04&.!04-!34&*+%-(!)%-!)*.$!*-)%(&('!4$A!0$!#&(+!)(+!3%-)0-!#$$K.>!
!
,4-!:).0!<)E$%&02!$B!.-%:&3-.!)*.$!.5;;$%0!34&*+%-(!0$!#-3$<-!-BB-30&:-!3$<<5(&3)0$%.!&(!
*)('5)'-.!$04-%!04)(!7('*&.4!04%$5'4!0%)+&0&$()*!*)('5)'-!5.-!)(+!;%$'%)<.>!,4-.-!)%-!
+&.35..-+!&(!+-0)&*!&(!.-30&$(!S>?!)(+!).!.534!A&**!($0!#-!-C;)(+-+!5;$(!4-%->!!
!
8$<<5(&3)0&$(!3)(!04-%-B$%-!#-!.--(!0$!#-!)!B5(+)<-(0)*!B$35.!$B!04-!.-%:&3-.!&(0-%:&-A-+=!)0!
04-!4-)%0!$B!)**!04-&%!)30&:&0&-.!)(+!&(3&+-(0)*!*-)%(&('!-C;-%&-(3-.>!".!A-**!).!-(3$5%)'&('!
*&0-%)32!.K&**.!04%$5'4!%-)+&('!)(+!.0$%2!0-**&('=!.-%:&3-.!)*.$!B$35.!$(!.5;;$%0&('!34&*+%-(!0$!
+-:-*$;!;$.&0&:-!<$+-*.!$B!&(0-%)30&$(!)(+!3$<<5(&3)0&$(!A&04!-)34!$04-%>!_%$5;!+&.35..&$(.!
;%$:&+-!5.-B5*!B$%5<.!0$!-()#*-!34&*+%-(!0$!+-:-*$;!3$(B&+-(3-!0$!-C;%-..!04-<.-*:-.!0$!04-&%!
;--%.!)(+!0$!)+5*0.>!G&()**2=!04-!5.-!$B!34&*+%-(F.!0%)+&0&$()*!*)('5)'-!-()#*-.!04-<!0$!+-:-*$;!
*)('5)'-!.K&**.!#$04!&(!7('*&.4!)(+!04-&%!4$<-!*)('5)'-=!).!A-**!).!.5;;$%0&('!04-<!0$!3$((-30!
0$!35*05%->!!!
!
!
!
$(!
!
!
N. Y"0+*%0,64C,&<4+6&K"B4$4%,&"*1&)'BB2*4+4%,&
!
"!3%&0&3)*!7MNG!;%&(3&;*-!&.!04)0!34&*+%-(F.!*-)%(&('!)(+!+-:-*$;<-(0!$503$<-.!)%-!<$.0!*&K-*2!0$!
#-!)34&-:-+!A4-(!.-%:&3-.!B$.0-%!;)%0(-%.4&;.!#-0A--(!B)<&*&-.=!3$<<5(&0&-.!)(+!.5;;$%0!
$%')(&.)0&$(.>!,4-!7MNG!%-3$'(&.-.!B)<&*&-.!).!34&*+%-(F.!B&%.0!0-)34-%.=!)(+!.0)0-.!04)0!
;)%0(-%.4&;.!)%-!#).-+!$(=!)<$('.0!$04-%!-*-<-(0.=!5(+-%.0)(+&('=!0%5.0=!3$<<5(&3)0&$(!)(+!
.4)%-+!+-3&.&$(P<)K&('>!W)%0(-%.4&;.!)*.$!&(:$*:-!-+53)0$%.=!.5;;$%0!;%$B-..&$()*.!)(+!B)<&*&-.!
A$%K&('!0$'-04-%!0$!<)C&<&.-!)!34&*+F.!*-)%(&('!$;;$%05(&0&-.!#$04!&(!)(+!$50!$B!04-!3-(0%->!
!
/533-..B5*!;)%0(-%.4&;.!#-0A--(!-)%*2!34&*+4$$+!.0)BB!)(+!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
B)<&*&-.!%-3$'(&.-!04)0!04-!3$(3-;0!$B!B)<&*2!&(!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!35*05%-!&.!
#%$)+-%!04)(!0%)+&0&$()*!&(0-%;%-0)0&$(.!#).-+!$(!04-!(53*-)%!B)<&*2!.0%5305%->!"**!.-%:&3-.!
3$(.5*0-+!.;-)K!;)..&$()0-*2!$B!04-!:)*5-!$B!A$%K&('!&(!;)%0(-%.4&;!A&04!B)<&*&-.!).!04-!<$.0!
-BB-30&:-!A)2!0$!-+53)0-!34&*+%-(Y!).!$(-!U&%-30$%!.0)0-.=!Q&0F.!)!;)%0(-%.4&;!#-0A--(!04-!
-+53)0$%!)(+!B)<&*&-.k04-!-+53)0$%!3)(F0!+$!&0!$(!04-&%!$A(>R!/-%:&3-.!)*.$!.--!04-!;%$:&.&$(!$B!
B)<&*2!.5;;$%0!).!)(!&(0-'%)*!).;-30!$B!.5;;$%0&('!34&*+%-(F.!A-**#-&('>!!
!
"!3$((-30&$(!0$!3$<<5(&02!&.!)*.$!)0!04-!4-)%0!$B!04-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!-)%*2!
34&*+4$$+!.-%:&3-.!B-)05%-+!&(!04&.!;);-%=!#).-+!$(!04-!;%-<&.-!04)0!04-!3$<<5(&02!&.!)!B5%04-%!
&(0-'%)*!.5;;$%0!&(!;%$:&+&('!-)%*2!34&*+4$$+!3)%-!)(+!+-:-*$;<-(0!.-%:&3-.!6_5()&!N&+E9>!
/-%:&3-.!3$(.5*0-+!.;$K-!$B!#$04!04-&%!%$*-!).!3$<<5(&02!+-:-*$;<-(0!$%')(&.)0&$(.=!)(+!04-!
K-2!A)2.!04-2!-(')'-!A&04!04-!3$<<5(&02!h!04%$5'4!$50%-)34=!4$.0&('!3$<<5(&02!:&.&0$%.!)0!
04-!3-(0%-=!)(+!04%$5'4!;)%0(-%.4&;.!A&04!#%$)+-%!$%')(&.)0&$(.>!,4-2!)*.$!+&.35..-+!04-!
B5(+)<-(0)*!%$*-!$B!04-&%!;)%-(0!)(+!3$<<5(&02!#$)%+.!).!K-2!<-34)(&.<.!04%$5'4!A4&34!
04-2!-(')'-!A&04!B)<&*&-.!)(+!04-!3$<<5(&02>!!
!
,4&.!.-30&$(!$B!04-!;);-%!04-%-B$%-!-C;*$%-.!4$A!.-%:&3-.!+-B&(-!04-&%!;)%0(-%.4&;.!A&04!
B)<&*&-.!)(+!3$<<5(&0&-.>!/-%:&3-.!'-(-%)**2!+-.3%&#-!)!4$*&.0&3!:&-A!&(!A4&34!B)<&*2!&.!
&(0%&(.&3)**2!3$((-30-+!0$!3$<<5(&02=!A&04!<534!$:-%*);!#-0A--(!04-!0A$>!".!.534!&0!&.!($0!
)*A)2.!;$..&#*-!0$!+&.0&('5&.4!)(!);;%$)34!04)0!-(')'-.!A&04!$(*2!B)<&*2!$%!3$<<5(&02>!!
!
+,$#"-$./)0.*1)#/*0,$-"#.*,"&*2,3)45*
"**!.-%:&3-.!)%-!5(&B&-+!&(!04-&%!-<;4).&.!$(!04-!%$*-!$B!0%5.0!&(!04-&%!;)%0(-%.4&;.!A&04!B)<&*&-.>!
G5%04-%!'$:-%(&('!;%&(3&;*-.!04)0!-<-%'-+!04%$5'4!04-!3$(.5*0)0&$(.!)%-!04)0!;$.&0&:-!
;)%0(-%.4&;.!)%-!B$5(+-+!$(!%-.;-30=!($(P+&.3%&<&()0&$(!)(+!:)*5&('!B)<&*&-.!K($A*-+'->!
/-%:&3-.!)*.$!.;-)K!$B!04-!&<;$%0)(3-!$B!);;*2&('!)!.0%-('04.!#).-+!);;%$)34=!&(3$%;$%)0&('!
%-'5*)%!&(B$%<)0&$(!.4)%&('!6:-%#)*!)(+!($(P:-%#)*9!)(+!50&*&.&('!.0%)0-'&-.!04)0!#5&*+!B)<&*&-.F!
3);)3&02!0$!.5;;$%0!04-&%!34&*+%-(>!
!
!
!
!
$)!
!
!
J"#*2'$%14'71)!5'#2)$%)2/512)
"**!.-%:&3-.!<-(0&$(!04)0!0%5.0!&.!)!:&0)*!B)30$%!&(!-.0)#*&.4&('!)(+!.5.0)&(&('!04-&%!;)%0(-%.4&;.!
A&04!B)<&*&-.>!\&04!.4)<-!#-&('!)!B)30$%!;%-.-(0!&(!<)(2!3$<<5(&0&-.=!&0!&.!:&0)*!04)0!B)<&*&-.!
B--*!04)0!04-!.-%:&3-!&.!)!.)B-=!($(PE5+'<-(0)*=!.5;;$%0&:-!)(+!35*05%)**2!);;%$;%&)0-!.;)3->!,4-!
U&%-30$%!$B!04-!"#$%&'&()*!84&*+%-(F.!8-(0%-!+-.3%&#-.!04)0!%-*)0&$(.4&;.!A&04!B)<&*&-.!)%-!B&%.0!
)(+!B$%-<$.0!#5&*0!$(!0%5.0=!A4&34!&.!-.0)#*&.4-+!$:-%!0&<-!04%$5'4!3$(.&.0-(32!$B!.0)BB>!/4-!
&**5.0%)0-.!04-!5(&L5-!()05%-!$B!04-.-!%-*)0&$(.4&;.=!!
!
,4$.-!3$((-30&$(.!4):-!#--(!#5&*0!$:-%!'-(-%)0&$(.=!)(+!04)0F.!A4)0!<)K-.!04&.!;*)3-!
.;-3&)*=!&0F.!04-!B)30!04)0!.$<-#$+2!3)(!+%$;!04-&%!34&*+!$BB!4-%-!)(+!04-!.)<-!;-%.$(!
A4$!A).!%5((&('!&0!A4-(!04-2!A-%-!4-%-!&.!.0&**!4-%->!"0!04-!<$<-(0!04-%-F.!04%--!.0)BB!
A$%K&('!4-%-!&(!+&BB-%-(0!3);)3&0&-.!04)0!A-%-!34&*+%-(!4-%->!V$A!+$!2$5!+$35<-(0!
04)0p!V$A!+$!2$5!.)2!<2!3$<<5(&02!:)*5-.!<-!).!)!34&*+=!)(+!($A!<2!3$<<5(&02!&.!
:)*5&('!<-!).!)(!)+5*0p!
!
.2*33)*/")/"#*2"+)2$)3*-'#'"1)$/)4*0"),$--5%'26),$%%",2'$%1)
`$.0!.0)BB!)0!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!)%-!;)%0!$B!04-!*$3)*!3$<<5(&02=!)(+!
&(!<)(2!3).-.!)%-!%-*)0-+!0$!34&*+%-(>!"**!.-%:&3-.!3$(.5*0-+!;-%3-&:-!04&.!0$!#-!)!;$.&0&:-!B)30$%!
B$%!04-&%!;)%0(-%.4&;.!A&04!B)<&*&-.=!).!#-&('!%-*)0-+!0$!.0)BB!3)(!4-*;!$:-%3$<-!.4)<-!B)30$%.!
B)<&*&-.!<)2!B--*=!B$%!-C)<;*-!)%$5(+!&..5-.!.534!).!+&BB&35*02!&(!;)2&('!B--.!6N5**)F.9>!!
!
Q%$"+4'*,64C,&('2*1%1&'*&+02,+R&J2$$"S,&
7<;*$2&('!.0)BB!A4$!)%-!;)%0!$B!04-!*$3)*!
N5**)F.! .0)BB! 4):-! #5&*0! 5;! +-0)&*-+! K($A*-+'-! $B! 3$<<5(&02!)*.$!)&+.!)33-..&#&*&02!B$%!
04-&%! 3$<<5(&02! )(+! B)<&*&-.=! )(+! <)&(0)&(! 04&.!
B)<&*&-.=!).!`&(2)!@5(4&&F.!U&%-30$%!-C;*)&(.=!
04%$5'4! 3$(:-%.)0&$(.! A&04! B)<&*&-.=! 3-(0%-! $;-(!
Q\-F%-!*$3)*!"#$%&'&()*!;-$;*-=!A-F%-!#$%(!
+)2.! )(+! 4$<-! :&.&0.>! ,4-! %-*)0&$(.4&;.! #-0A--(!
.0)BB! )(+! B)<&*&-.! 4-*;.! 0$! -(.5%-! 04)0! B)<&*&-.! )(+!#%-+!4-%-=!.$!A-!K($A!04-!3$<<5(&02>!
+$(F0! B--*! .4)<-! A4-(! 04-2! (--+! )++&0&$()*! /$!04)0!<)K-.!&0!-).2!B$%!5.!0$!#-!)#*-!0$!'$!
.5;;$%0>! ,4-! .-%:&3-! %-'5*)%*2! 34-3K.! &(! A&04! $50!&(!04-!3$<<5(&02>R!X0&*&.&('!04-&%!3*$.-!
B)<&*&-.=! ;)%0&35*)%*2! A4-(! 34&*+%-(! 4):-(F0! 3$((-30&$(.!A&04!3$<<5(&02=!`&(2)!@5(4&&!
)00-(+-+! B$%! .$<-! 0&<->! ,4-! U&%-30$%! .0)0-.! 04)0! .0)BB!:&.&0!B)<&*&-.!0$!0)*K!)#$50!-(%$**&('!
34&*+%-(F.! )#.-(3-! &.! $B0-(! 3)5.-+! #2! 04-&%!34&*+%-(!&(!;%-.34$$*>!,4-!U&%-30$%!
-<#)%%)..<-(0!)0!4):&('!($0!;)&+!B--.=!$%!;)%-(0.! +-.3%&#-.!04)0!<)&(0)&(&('!04-.-!*&(K.!
#-&('! Q.4)<-+! A&04! +&BB-%-(0! &..5-.R>! /4-! B--*.! #-0A--(!.0)BB!)(+!04-!3$<<5(&02!&.!)(!
04)0! &(! 04-.-! .&05)0&$(.! 3$<<5(&3)0&$(! )(+! E$&(0! $('$&('!B-)05%-!$B!04-!.-%:&3-F.!A$%K=!).!.4-!
;%$#*-<P.$*:&('! 0$! -C;*$%-! A$%K)#*-! .$*50&$(.! B$%!
.0)0-.!Q&0F.!6)#$509!)!*$0!$B!3$<<5(&3)0&$(!
;)%-(0.! )(+! 04-! 3-(0%-! &.! K-2! h! A&04! 04-! $#E-30! &(!
$50!04-%-!&(!04-!3$<<5(&02!0$$=!)(+!
<&(+! #-&('! 04)0! 34&*+%-(F.! )00-(+)(3-! &.! )*A)2.!
<$%-! &<;$%0)(0! 04)(! B--.>! ,4&.! 3)(! $B0-(! &(:$*:-! ;%$<$0&('!$5%!.-%:&3->R!
.0)BB! A$%K&('! A&04! B)<&*&-.! $(! &..5-.! .534! ).! !
#5+'-0&('=! A4&34! &.! $(*2! ;$..&#*-! #-3)5.-! B)<&*&-.! N$3)*!.0)BB!)%-!)#*-!0$!#%&('!04-&%!K($A*-+'-!
K($A! )(+! 0%5.0! .0)BB>! \4-(! N5**)F.! $33).&$()**2! $B!)!34&*+F.!B)<&*2=!35*05%-!)(+!3$<<5(&02!
%-3-&:-.! )++&0&$()*! <$(-2! .0)BB! A&**! $B0-(! +-*&:-%! &(0$!4$A!04-2!.5;;$%0!04-<!)0!04-!3-(0%->!
B$$+!#).K-0.!0$!B)<&*&-.>!".!04-!U&%-30$%!+-.3%&#-.=! ".!$(-!-+53)0$%!-C;*)&(.=!A4-(!-+53)0$%.!
Q/$<-0&<-.! 2$5! +$(F0! (--+! 0$! .)2! )(204&('=! E5.0! *&:-!)(+!A$%K!&(!04-!34&*+F.!3$<<5(&02!Q04-2!
#-&('!)#*-!0$!4-*;!&(!)(2!A)2k2$5!E5.0!+$!&0>R!
$B0-(!K($A!A42!)!34&*+F.!#-4):&$5%!4).!
!
!
$*!
!
!
34)('-+=!$%!A4)0F.!4);;-(&('!&(!)!B)<&*2F.!*&B->R!6M);;-%)9=!)(+!04-2!3)(!4):-!Q)!<534!#-00-%!
5(+-%.0)(+&('!$B!-)34!34&*+=!)(+!$B!04-!B)<&*&-.!04)0!04-2!3$<-!B%$<k04-&%!B)<&*2!*&B-!)(+!
A4)0F.!4);;-(&('!&(!04-&%!4$<-.>R!6M)A)%%)9>!"($04-%!U&%-30$%!3$<<-(0.!04)0!#-3)5.-!.0)BB!
)%-!;)%0!$B!04-!3$<<5(&02=!QA-!)**!K($A!.$<-!$B!04-!04&('.!04)0!)%-!4);;-(&('!&(!04-!
3$<<5(&02!$(!04-!A--K-(+!$%!04-!(&'40!#-B$%->!10F.!)!'$$+!04&('!04)0!A-!K($A!.$!A-!3)(!A$%K!
)%$5(+!04)0!34&*+!)(+!<)K-!.5%-!04-&%!(--+.!)%-!#-&('!<-0!A4&*.0!04-2F%-!4-%-R!6_5(+$$9>!,4&.!
4-*;.!0$!-(.5%-!04)0!04-!.-%:&3-!3)(!#-!%-.;$(.&:-!0$!34&*+%-(F.!&(+&:&+5)*!(--+.>!
!
G5%04-%<$%-!.-%:&3-.!B--*!04)0!A4-(!;)%-(0.!0%5.0!.0)BB!P!).!;-$;*-!04-2!K($A!)(+!)%-!B)<&*&)%!
A&04!P!04-2!)%-!<$%-!*&K-*2!0$!-(%$*!04-&%!34&*+!)(+!B--*!3$<B$%0)#*-!*-):&('!04-<!&(!3)%-!6`&(2)!
@5(4&&9>!8$$*)#)%$$!&(!;)%0&35*)%!)00%2-.!04-&%!4&'4!)00-(+)(3-!%)0-.!0$!0%5.0>!G$%!"#$%&'&()*!
)(+!,$%%-.!/0%)&0!1.*)(+-%!B)<&*&-.!*-):&('!)!34&*+!&(!34&*+!3)%-!3)(!#-!)!;)%0&35*)%*2!34)**-('&('!
&..5-!+5-!0$!;).0!(-')0&:-!-C;-%&-(3-.!A&04!34&*+!;%$0-30&$(!)(+!$04-%!&(.0&050&$(.!6b$$(&##)9>!
,4&.!0%5.0!&.!04-%-B$%-!:&0)*=!).!N5**)F.!U&%-30$%!-C;*)&(.=!B)<&*&-.!B--*!Q3$<B$%0)#*-!A&04!*-):&('!
04-&%!34&*+%-(!4-%-!-&'40!4$5%.!)!+)2=!B&:-!+)2.!)!A--K=!#-3)5.-!04-%-F.!04)0!3$((-30&$(!A&04!
04-!)5(0&-.>R!,4-!U&%-30$%!B--*.!04)0!-:-(!;)%-(0.!A&04!2$5('!#)#&-.!)%-!3$<B$%0)#*-!*-):&('!
04-&%!34&*+!)0!04-!3-(0%-=!#-3)5.-!04-2!K($A!04)0!04-2!A&**!#-!*$:-+!)(+!(5%05%-+!6N5**)F.9>!!
!
,4-.-!.0%$('!3$<<5(&02!*&(K.!3)(!)*.$!-(.5%-!04)0!04-!<$.0!+&.)+:)(0)'-+!B)<&*&-.!3)(!)33-..!
)!.-%:&3-!6@&%%-*--9>!](-!U&%-30$%!3&0-.!)!%-3-(0!-C)<;*-!$B!)!:5*(-%)#*-!B)<&*2!A4$!3)<-!0$!04-!
3-(0%-!B$%!4-*;!#-3)5.-!04-2!QA-%-!0$*+!04)0!04&.!A).!)!.)B-!;*)3-!0$!'$R=!)(+!)00%2-.!04&.!0$!
04-!3$<<5(&02F.!0%5.0!&(!04-<!).!)!*$3)*!.-%:&3-!A&04!*$3)*!.0)BB>!@-3)5.-!04-!.-%:&3-.!
5(+-%.0)(+!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!35*05%-!04-2!)%-!)*.$!)#*-!0$!;%$:&+-!04-!
B*-C&#&*&02!04)0!B)<&*&-.!(--+=!B$%!-C)<;*-!.5;;$%0&('!B)<&*&-.!04%$5'4!%-0)&(&('!;%$'%)<!.;)3-.!
A4-(!34&*+%-(!(--+!0$!#-!)#.-(0!B$%!35*05%)*!$%!B)<&*2!%-).$(.!68$$*)#)%$$=!@&%%-*--9>!
!
B77/$7/'*2")Q%$%=B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/R)12*33'%&)
/-:-%)*!3-(0%-.!.;-)K!$B!04-!(--+!B$%!3)%-B5*!.-*-30&$(!)(+!.0)BB!0%)&(&('!0$!-(.5%-!04)0!(-A!
.0)BB!5(+-%.0)(+!QA4)0!A-!+$!4-%-!)0!04-!3-(0%-=!)(+!04)0!($0!$(*2!)%-!2$5!*$$K&('!)B0-%!04-!
K&+.!#50!2$5!4):-!04)0!&(:$*:-<-(0!A&04!04-!B)<&*&-.=!.$!#-&('!)A)%-!$B!04-!3$(B&+-(0&)*&02!
&..5-.!).!A-**R!6N5**)F.9>!,4&.!&.!B-*0!0$!#-!;)%0&35*)%*2!&<;$%0)(0!A4-(!.0)BB!)%-!($0!%-*)0-+!0$!04-!
*$3)*!3$<<5(&02>!!
!
J"17",2)
,%5-!;)%0(-%.4&;.!A&04!B)<&*&-.!)%-!#).-+!$(!-L5)*&02!)(+!%-.;-30>!,4&.!-(0)&*.!-+53)0$%.!0)K&('!
)30&:-!.0-;.!0$!-L5)*&.-!;$0-(0&)*!;$A-%!+&BB-%-(3-.!#-0A--(!04-<.-*:-.!).!-)%*2!34&*+4$$+!
;%$B-..&$()*.!)(+!B)<&*&-.>!10!)*.$!&(:$*:-.!-+53)0$%.!%-3$'(&.&('!)(+!%-.;-30&('!B)<&*&-.F!
K($A*-+'-!)(+!3);)3&02>!".!@&%%-*--F.!U&%-30$%!-C;*)&(.=!QA-!5(+-%.0)(+!04)0!A-!4):-!#--(!
0%)&(-+!)(+!A-F%-!L5)*&B&-+!&(!6-)%*2!34&*+4$$+!-+53)0&$(9=!04)0F.!A42!A-!4):-!04)0!K($A*-+'->!
,4)0!+$-.(F0!<)K-!5.!04-!-C;-%0.>!/$!A4)0!A-!+$!&.=!).!A-F%-!*-)%(&('!)#$50!04&('.=!A-!E5.0!
.4)%-!&0!A&04!B)<&*&-.>R!W)%0!$B!%-.;-30&('!B)<&*&-.!34$&3-.!)(+!K($A*-+'-!&.!04-(!*-):&('!04-<!
0$!+-3&+-!A4-04-%!04-2!A)(0!0$!0)K-!$(!04-!&(B$%<)0&$(!$%!($0!6@&%%-*--9>!!
!
!
%+!
!
!
[-3$'(&.&('!04-!%$*-!$B!B)<&*&-.!).!04-!B&%.0!0-)34-%.!&.!)!3%&0&3)*!).;-30!$B!%-.;-30>!/-:-%)*!
.-%:&3-.!+&.35..!04-!:)*5)#*-!-C;-%0&.-!)(+!K($A*-+'-!04-&%!B)<&*&-.!#%&('!6@&%%-*--=!_5()&!N&+E9>!
".!@&%%-*--F.!U&%-30$%!+-.3%&#-.=!Q04-2!)%-!3$<<5(&02!-C;-%0.!h!04-2!.4)%-!.05BB!A&04!5.!)**!04-!
0&<->!\4-04-%!&0F.!#-3)5.-!$B!A4$!04-2!)%-!)(+!A4$!04-&%!<$#!&.=!$%!#-3)5.-!$B!04-!;$.&0&$(!
04-2!4):-!&(!04-!3$<<5(&02!$%!04-&%!A$%K;*)3-k.$!A-F%-!+%)A&('!$(!04-&%!K($A*-+'-!)**!04-!
0&<-=!)(+!&0F.!)!0A$PA)2!04&('=!%-*)0&$(.4&;.!E5.0!)%-=!04)0F.!A4)0!2)%(&('!&.!h!0A$!A)2>R!"($04-%!
U&%-30$%!3$<<-(0.!Q]5%!;)%-(0.!)%-!)!B)(0).0&3!%-.$5%3-!B$%!5.>!6,4-29!:-%2!-).&*2!3$<<5(&3)0-!
A&04!5.=!*-0!5.!K($A!)(204&('!A-!(--+!0$!K($A!3$(3-%(&('!04-&%!34&*+%-(=!)(2!3$(3-%(.!04-2!
<&'40!4):-!)#$50!04-!.-%:&3->R!6_5()&!N&+E9>!
!
L$%=+'1,/'-'%*2'$%)
"!(5<#-%!$B!.-%:&3-.!.;-3&B&3)**2!+-.3%&#-!04-&%!;4&*$.$;42!$B!($(P+&.3%&<&()0&$(!0$A)%+.!
B)<&*&-.>!!](-!.-%:&3-!&**5.0%)0-.!4$A!A4&*.0!3$<<5(&02!;$*&0&3.!3)(!.$<-0&<-.!#-!34)**-('&('=!
04-2!<)K-!&0!:-%2!3*-)%!04)0!)**!B)<&*&-.!)(+!34&*+%-(!)%-!A-*3$<-!)0!04-!3-(0%-=!;%-.-%:&('!#$04!
)!3$(.&.0-(0!)(+!.)B-!-(:&%$(<-(0!B$%!34&*+%-(!)(+!.0)#*-!%-*)0&$(.4&;.!A&04!B)<&*&-.>!`)(2!
.-%:&3-.!+&.35..!04-!:)*5-!$B!)(!c$;-(!+$$%F!;$*&32!6N5**)F.=!b$$(&##)=!8$('%-..9=!)(+!)!(5<#-%!
.;-)K!$B!04-!-).2!%-*)0&$(.4&;.!04-2!4):-!A&04!B)<&*&-.=!A4-%-!B)<&*2!<-<#-%.!B%-L5-(0*2!+%$;!
&(!B$%!)!35;!$B!0-)!)(+!)!34)0!A&04!04-!.0)BB!6_5+E)4')4<&)<&)=!b$$(&##)=!N5**)F.=!_5()&!N&+E=!
8$('%-..9>!,4&.!&.!+-.3%&#-+!#2!$(-!.-%:&3-!).!#-&('!;)%0&35*)%*2!#-(-B&3&)*!0$!.5;;$%0!34&*+%-(!&(!
$50!$B!4$<-!3)%-!0$!+-:-*$;!$%!%-+-:-*$;!%-*)0&$(.4&;.!A&04!04-&%!B)<&*2!68$('%-..9>!
!
E%&*&'%&)$%)*)12/"%&241)!*1'1)
`)(2!-+53)0$%.!+&.35..!4$A!-(')'&('!A&04!B)<&*&-.!04%$5'4!)!.0%-('04.!#).-+!);;%$)34!0$!
04-&%!34&*+F.!+-:-*$;<-(0!4).!)..&.0-+!04-<!0$!B$.0-%!;$.&0&:-!%-*)0&$(.4&;.!)(+!<$%-!$;-(!
3$<<5(&3)0&$(!34)((-*.!6,"88"=!M)A)%%)=!@&%%-*--9>!7+53)0$%.!)0!,"88"!-C;*)&(!04)0!A&04!)!
.0%-('04.!#).-+!+$35<-(0)0&$(!);;%$)34=!B)<&*&-.!)%-!($A!&(B$%<-+!)#$50!A4)0!04-&%!34&*+!
);;-)%-+!0$!#-!B--*&('!)(+!-C;-%&-(3&('!+5%&('!)(!)30&:&02=!A4&34!$(-!-+53)0$%!;-%3-&:-.!&.!
.$<-04&('!B)<&*&-.!)%-!B)%!<$%-!*&K-*2!0$!3$((-30!A&04!)(+!);;%-3&)0->!/4-!B5%04-%!-*)#$%)0-.!
04)0!04&.!)*.$!'&:-.!B)<&*&-.!Q04-!0%5.0!$B!K($A&('!04)0!2$5!3)%-!-($5'4!)#$50!04-&%!34&*+!0$!
K($A!A4-(!04-2F%-!B--*&('!04-.-!-<$0&$(.R>!"($04-%!,"88"!-+53)0$%!)BB&%<.!04&.=!Q&0!.$5(+.!
<$%-!;-%.$()*=!($0!.$!3*&(&3)*>!,4-%-!)%-!.$<-!%-*)0&$(.4&;.!04-%-nR!,4&.!)*.$!4-*;.!B)<&*&-.!0$!
#-00-%!5(+-%.0)(+!04-&%!34&*+F.!+-:-*$;<-(0>!!
!
D%3$/-*2'$%)14*/'%&!
"**!.-%:&3-.!%)&.-!04-!&<;$%0)(3-!$B!B)<&*&-.!)(+!.0)BB!$;-(*2!.4)%&('!&(B$%<)0&$(!04%$5'4!
&(B$%<)*!&(0-%)30&$(.!$%!#5&*0P&(!;%$3-..-.>!/0)BB!3$<<-(0!04)0!04-!*-:-*!$B!-(')'-<-(0!+&BB-%.!
#-0A--(!B)<&*&-.=!)(+!<)(2!.-%:&3-.!-C;*)&(!04)0!04&.!&.!)(!)%-)!04-2!)%-!3$(.0)(0*2!.--K&('!0$!
&<;%$:->!V$A-:-%!.-%:&3-.!'-(-%)**2!.4$A!3$(B&+-(3-!04)0!04-&%!B)<&*&-.!B--*!3$<B$%0)#*-!
;%$:&+&('!&(;50!+5-!0$!04-!.0%$('!%-*)0&$(.4&;.!$B!0%5.0!#-0A--(!B)<&*&-.!)(+!.0)BB!68$$*)#)%$$9>!!!
)
B#2"/%*2'0"1)2$)9/'22"%),$--5%',*2'$%)
"!(5<#-%!$B!.-%:&3-.!-C;*)&(!04)0!#2!-(.5%&('!04)0!B)<&*&-.!)%-!'&:-(!$;;$%05(&0&-.!0$!:-%#)**2!
&(0-%)30!A&04!.0)BB=!B)<&*&-.!A&04!*$A!*&0-%)32!*-:-*.!)%-!)#*-!0$!#-!&(:$*:-+!)(+!;%$:&+-!&(;50!
&(0$!04-!3-(0%-!6M)A)%%)=!"#$%&'&()*!84&*+%-(F.!8-(0%-9>!](-!U&%-30$%!+&.35..-.!4$A!.4-!
!
%"!
!
!
;%&$%&0&.-.!#-&('!):)&*)#*-!B$%!B)<&*&-.!0$!0)*K!0$=!).!)!A)2!0$!$:-%3$<-!04-!#)%%&-%.!.$<-!
B)<&*&-.!<)2!-C;-%&-(3-!&(!)33-..&('!A%&00-(!<)0-%&)*!6"#$%&'&()*!84&*+%-(F.!8-(0%-9>!!!!
!
`)(2!.-%:&3-.!5.-!;4$0$.!).!)!($(P:-%#)*=!);;-)*&('!0$$*!0$!-(')'-!A&04!B)<&*&-.!68$('%-..=!
)(+!)*.$!.--!,"88"F.!&(&0&)0&:-!+&.35..-+!#-*$A9>!".!M);;-%)F.!U&%-30$%!3$<<-(0.=!Q\-!B&(+!
.$<-!$B!$5%!;)%-(0.!+$(F0!%-)+!)!*$0!$B!04-!&(B$%<)0&$(!04-2!0)K-!4$<-=!.$!A-!B&(+!)!:-%2!'$$+!
3$<<5(&3)0&$(!0$$*!&.!0$!4):-!)!A4$*-!#&'!A)**!B5**!$B!;4$0$.=!.$!)!;)%-(0!A4-(!04-2!3$**-30!
04-&%!34&*+!-)34!+)2!3)(!'$!c$4=!$K=!04&.!&.!A4)0!<2!34&*+!&.!+$&('!&(!04-!K&(+-%')%0-(>F!R!10!)*.$!
)..&.0.!34&*+%-(!0$!0)*K!A&04!04-&%!B)<&*&-.!)#$50!A4)0!04-2F:-!#--(!+$&('!68$$*)#)%$$9>!".!A-**!
).!);;-)*&('!0$!B)<&*&-.!A&04!*$A!*&0-%)32!*-:-*.=!04&.!)*.$!)**$A.!B)<&*&-.!A&04!*&<&0-+!0&<-!0$!
3$((-30!A&04!A4)0!04-&%!34&*+!&.!+$&('!)0!04-!3-(0%->!!!
!
;7"%)+*61)
`)(2!.-%:&3-.!4$*+!$;-(!+)2.!$%!;)%-(0!-:-(&('.!0$!&(:&0-!B)<&*&-.!&(!0$!04-!.-%:&3-!0$!.4)%-!
34&*+%-(F.!A$%K!)(+!)34&-:-<-(0.=!&(B$%<)0&$(!$(!:)%&$5.!0$;&3.=!)(+!0$!3-*-#%)0-!;)%0&35*)%!
-:-(0.!.534!).!*&0-%)32!+)2!$%!4-)*04!:&.&0.>!];-(!+)2.!3)(!#-!5.-B5*!B$%5<.!0$!*&(K!5;!B)<&*&-.!
A&04!$04-%!.-%:&3-.!h!.534!).!4-)*04!)(+!*&0-%)32!;%$'%)<.!6^)*2'5%%=!@&%%-*--=!N5**)F.9>!!/$<-!
.-%:&3-.!34$$.-!0$!4$*+!.;-3&B&3!3-*-#%)0$%2!+)2.!B$%!;)%0&35*)%!B)<&*2!<-<#-%.=!.534!).!B)04-%.=!
<$04-%.!)(+!'%)(+<$04-%.!6`&(2)!@5(4&&=!_5+E)4')4<&)<&)9>!"0!M);;-%)!%-'5*)%!&(B$%<)0&$(!
(&'40.!)%-!4-*+!B$%!04-!B)<&*&-.!$B!-)34!)'-!'%$5;>!1(B$%<)0&$(!&.!.4)%-+!:-%#)**2!#2!.0)BB=!)(+!
:&.5)*!;%-.-(0)0&$(.!)(+!4)(+$50.!)*.$!;%$:&+-!&(B$%<)0&$(!$(!+&BB-%-(0!34&*+!3)%-!04-$%&-.!)(+!
04-$%&.0.=!$(!04-!.0)0-!)(+!()0&$()*!-)%*2!34&*+4$$+!B%)<-A$%K.=!;%$'%)<!+-.&'(!)(+!)30&:&0&-.=!
-+53)0&$()*!$503$<-.!)(+!04-!&<;$%0)(3-!$B!04-!-)%*2!2-)%.!&(!)!34&*+F.!+-:-*$;<-(0>!
!
)'*,2$+"+4'*,&('0&"&*%<&,%0;43%R&
J"&5#*/)0"/!*#),$--5%',*2'$%)
>#'0474*"$&)64$10%*S,&)%*+0%&
"!(5<#-%!$B!.-%:&3-.!&**5.0%)0-!)!3$<<&0<-(0!0$!
)(+!)(!);;%-3&)0&$(!B$%!04-!&<;$%0)(3-!$B!%-'5*)%*2! ,4-! 3$(.0%530&$(! $B! 04-! (-A! "#$%&'&()*!
84&*+%-(F.! 8-(0%-! &(! Dl??! A).! +$(-! &(!
0)*K&('!0$!B)<&*&-.!B)3-!0$!B)3-!6M)A)%%)=!M);;-%)=!
;)%0(-%.4&;! A&04! B)<&*&-.>! ,4-! U&%-30$%!
^)*2'5%%9>!,4-.-!&(3&+-(0)*!+&.35..&$(.!)%-!:&0)*!0$!
+-.3%&#-.! 4$A! &0! '):-! 04-<! 0&<-! 0$! .&0!
+-:-*$;!.0%$('!%-*)0&$(.4&;.!A&04!B)<&*&-.!)(+!
+$A(! )(+! 4):-! :)*5)#*-! +&.35..&$(.! A&04!
;%$:&+-!$;;$%05(&0&-.!0$!'-0!04-&%!&(;50>!
;)%-(0.! )#$50! A4)0! 4)+! A$%K-+! $:-%! 04-!
1(B$%<)0&$(!')04-%-+!B%$<!B)<&*&-.!+5%&('!&(B$%<)*! *).0! Dl! 2-)%.! )(+! A4)0! 3$5*+! #-! +$(-!
3$(:-%.)0&$(.!&(3*5+-.!34&*+%-(F.!.0%-('04.=!04-&%!
#-00-%>! 1+-).! )(+! 3$<<-(0.! A-%-! 04-(!
B)<&*2!)(+!4$<-!*&B-=!04-&%!&(0-%-.0.!)(+!)(2!
3);05%-+!)(+!&(3$%;$%)0-+!&(0$!04-!+-.&'(!
;)%0&35*)%!&(B$%<)0&$(!%-*)0&('!0$!04-&%!4-)*04!$%!
0$!-(.5%-!04)0!04-!3-(0%-!3$<;%-4-(.&:-*2!
%$50&(-.>!/0)BB!3)(!04-(!($0-!04&.!&(B$%<)0&$(!+$A(! %-B*-30-+!A4)0!04-!;)%-(0.!)(+!3$<<5(&02!
A)(0-+!B$%!04-&%!34&*+%-(>!!
0$!#-!50&*&.-+!&(!;%$'%)<<&('!6^)*2'5%%9>!,4-.-!
!
3$(:-%.)0&$(.!-()#*-!.0)BB!0$!+--;-(!04-&%!
5(+-%.0)(+&('!$B!-)34!&(+&:&+5)*!34&*+=!#-00-%!&(3$%;$%)0-!04-&%!.0%-('04.!)(+!&(0-%-.0.!&(0$!04-!
;%$'%)<!6M)A)%%)9=!;%$:&+-!&<;%$:-+!.5;;$%0!0$!34&*+%-(=!)(+!-(.5%-!04)0!34&*+%-(!-C;-%&-(3-!
3$(0&(5&02!#-0A--(!4$<-!)(+!04-!.-%:&3-!6^)*2'5%%9>!,4-.-!3$(:-%.)0&$(.!)*.$!-()#*-!.0)BB!0$!
5;+)0-!;)%-(0.!$(!04-&%!34&*+F.!-C;-%&-(3-.!)0!04-!3-(0%-!04)0!+)2!$%!A--K>!!!
!
)
!
%#!
!
!
.4*/'%&)9/'22"%)'%3$/-*2'$%)G)15,4)*1)24/$5&4)+*'#6),$--5%',*2'$%)+'*/'"1)
U)&*2!+&)%&-.!)%-!5.-+!#2!.-:-%)*!.-%:&3-.!).!)!5.-B5*!0$$*!0$!.4)%-!&(B$%<)0&$(!#-0A--(!.0)BB!
)(+!B)<&*&-.!6"#$%&'&()*!84&*+%-(F.!8-(0%-=!@&%%-*--9>!,4&.!3)(!#-!;)%0&35*)%*2!&<;$%0)(0!B$%!
34&*+%-(!A4$!50&*&.-!)!3-(0%-F.!#5.!.-%:&3-=!).!&0!3)(!#-!34)**-('&('!B$%!.0)BB!0$!B&(+!$;;$%05(&0&-.!
0$!.--!04-.-!B)<&*&-.!B)3-!0$!B)3->!U)&*2!+&)%&-.!$%!3$<<5(&3)0&$(!#$$K.!3)(!&(3*5+-!&(B$%<)0&$(!
$(!A4)0!04-!34&*+!)0-!)(+!A4-(!04-2!.*-;0=!)(+!)*.$!)#$50!04-&%!-(')'-<-(0!A&04!04-!;%$'%)<!
h!A4)0!)30&:&0&-.!04-2!+&+=!A4)0!04-2!*-)%(-+=!)(+!A4)0!04-2!-(E$2-+!+$&('!6"#$%&'&()*!
84&*+%-(F.!8-(0%-=!@&%%-*--9>!G)<&*&-.!3)(!04-(!%-3&;%$3)0-!A&04!&(B$%<)0&$(!.534!).!A--K-(+!
)30&:&0&-.!04-!34&*+!;)%0&3&;)0-+!&(>!](-!U&%-30$%!-C;*)&(.!04)0!.4-!)*.$!-<)&*.!.3)(.!$B!04-!+&)%2!
0$!B)<&*&-.!A4$!;%-B-%!0$!%-3-&:-!3$;&-.!-*-30%$(&3)**2!6@&%%-*--9>!!
!
,"88"!4).!B$35.-+!$(!')&(&('!B)<&*&-.!&(:$*:-<-(0!&(!)(+!3$(0%2&$(!0$!04-!3-(0%-!04%$5'4!
04-!)++&0&$(!$B!)!cB)<&*2!&(;50F!.-30&$(!$(!04-&%!;%$'%)<<&('!;*)(.!0$!-()#*-!B)<&*&-.!0$!
3$(0%2-!&+-).!)(+!&(;50!B$%!;%$'%)<.>!,4%$5'4!04&.!04-2!)%-!'%)+5)**2!A&0(-..&('!B)<&*&-.!
'-00&('!<$%-!)(+!<$%-!&(:$*:-+>!](-!-+53)0$%!3$<<-(0.!04)0!04&.!&.!;)%0&35*)%*2!&<;$%0)(0!B$%!
"#$%&'&()*!B)<&*&-.!).!B)<&*2!&.!.534!)!.0%$('!35*05%)*!B$35.!&(!34&*+%-(F.!+-:-*$;<-(0>!/0)BB!4):-!
B$5(+!04)0!)!.533-..B5*!A)2!0$!&(:$*:-!B)<&*&-.!&.!0$!).K!04-<!0$!#%&('!&(!;4$0$.!$B!04-&%!34&*+%-(!
-(')'-+!&(!+&BB-%-(0!)30&:&0&-.!)0!4$<->!,4-!3-(0%-!B$35.-.!$(!&(&0&)**2!-(')'&('!A&04!B)<&*&-.!
A4$!04-2!B--*!A&**!#-!<$%-!%-3-;0&:-!0$!04&.!02;-!$B!.4)%&('=!B&(+&('!04)0!04&.!04-(!-(3$5%)'-.!
$04-%!B)<&*&-.!A4$!<)2!#-!*-..!&(:$*:-+!&(!04-!3-(0%->!](-!-+53)0$%!+-.3%&#-.!4$A!.--&('!
B)<&*2F.!;4$0$.!+&.;*)2-+!$(!04-!A)**!;%$<;0.!$04-%.!0$!04&(K!Q04-2F%-!5;!$(!04-!A)**=!A-**!A-F**!
#%&('!&(!)!;4$0$!B%$<!4$<-=!A-F**!.4$A!A4)0!A-!+&+R>!
!
[-'5*)%!&(B$%<)0&$(!.4)%&('!3)(!)*.$!#-!)!:)*5)#*-!$;;$%05(&02!0$!5;+)0-!;)%-(0.!$(!04-&%!
34&*+F.!;)%0&3&;)0&$(!)0!04-!3-(0%-!)(+!;)%0&35*)%!)34&-:-<-(0.!04-2!4):-!-C;-%&-(3-+>!\4&*.0!
;)%-(0.!'-(-%)**2!%-3-&:-!04-&%!34&*+F.!;$%0B$*&$!)0!04-!-(+!$B!04-!2-)%=!.4)%&('!)!34&*+F.!A$%K!
<$%-!%-'5*)%*2!&.!)(!&<;$%0)(0!A)2!0$!-(')'-!;)%-(0.!&(!+)2P0$P+)2!)30&:&0&-.!)(+!+-:-*$;<-(0>!!
".!M)A)%%)F.!U&%-30$%!3$<<-(0.=!Q/$!-:-(!04$5'4!04-2!'-0!04-&%!;$%0B$*&$.!)0!04-!-(+!604&.!&.9!
E5.0!.$<-04&('!*&00*-!0$!'$!cA$A!*$$K!)0!04&.=!A-F%-!.$!-C3&0-+!0$+)2!)#$50!04-<!+$&('!04&.nF!"(+!
&0!'&:-.!04-!;)%-(0.!.$<-04&('!0$!0)*K!0$!04-!K&+.!)#$50!).!A-**!A4-(!04-2!'$!4$<->R!!!!
!
8$--5%',*2'$%)24/$5&4)2/*%1'2'$%)2'-"1)
"!B$35.!$(!3$<<5(&3)0&$(!h!#$04!&(B$%<)**2!)(+!04%$5'4!$%&-(0)0&$(.!h!)0!04-!#-'&((&('!$B!04-!
2-)%!$%!A4-(!34&*+%-(!0%)(.&0&$(!&(0$!04-!3-(0%-!$%!)!(-A!;%$'%)<!;%$:&+-.!)++&0&$()*!.5;;$%0!
0$!)**!;)%0&-.>!@2!B)<&*&-.!&(&0&)**2!;%$:&+&('!+-0)&*-+!&(B$%<)0&$(!$(!04-&%!34&*+=!.0)BB!3)(!-(.5%-!
04)0!04-2!%-.;$(+!);;%$;%&)0-*2!0$!4-*;!-)34!34&*+!.-00*-!&(!)(+!+-.&'(!;%$'%)<.!04)0!<--0!
04-&%!(--+.!)(+!&(0-%-.0.>!10!&.!)*.$!)(!$;;$%05(-!0&<-!0$!B)<&*&)%&.-!B)<&*&-.!A&04!04-!3-(0%-F.!
;%$'%)<!6.--!B$%!-C)<;*-!_5+E)4')4<&)<&)9>!`$%-!B$%<)*!$%&-(0)0&$(.!B$%!(-A!;)%-(0.!-()#*-!
B)<&*&-.=!34&*+%-(!)(+!.0)BB!0$!'-0!0$!K($A!-)34!$04-%=!)(+!;%$:&+-!B)<&*&-.!A&04!)(!-).2!A)2!0$!
.4)%-!&<;$%0)(0!&(B$%<)0&$(!$(!04-&%!34&*+!)(+!04-&%!%$50&(-.>!,4&.!&.!;)%0&35*)%*2!&<;$%0)(0!B$%!
#)#&-.!A4$!<)2!4):-!.;-3&B&3!3)%-!(--+.=!B--+&('!)(+!.*--;!%$50&(-.!6^)*2'5%%9>!!!
!
/-%:&3-.!+&.35..!04-!&<;$%0)(3-!$B!3$<<5(&3)0&$(!A&04!B)<&*&-.!0$!.5;;$%0!34&*+%-(!)(+!04-&%!
B)<&*&-.!04%$5'4!34)**-('&('!0&<-.=!.534!).!A4-(!)!34&*+!&.!4):&('!0%$5#*-!.-00*&('!&(!0$!04-!
!
%$!
!
!
3-(0%->!,4&.!3)(!$#:&$5.*2!#-!)!:-%2!.0%-..B5*!-C;-%&-(3-!B$%!#$04!;)%-(0!)(+!34&*+>!](-!.0%)0-'2!
0$!3$<#)0!04&.!&.!B$%!-+53)0$%.!0$!A%&0-!)!($0-!B$%!;)%-(0.!4&'4*&'40&('!)!;$.&0&:-!-C;-%&-(3-!
04-&%!34&*+!4)+!+5%&('!04-!+)2=!B$%!-C)<;*-!04)0!04-2!-(')'-+!A-**!A&04!)(!)30&:&02!6M);;-%)9>!
!
D%3$/-*2'$%=14*/'%&)2$)!5'#+)7*/"%2N1),*7*,'26)2$)1577$/2)24"'/),4'#+/"%)
@5&*+&('!B)<&*&-.F!3);)3&02!0$!;)%-(0!04%$5'4!.5;;$%0!)(+!&(B$%<)0&$(!.4)%&('!&.!4&'4*&'40-+!#2!)!
(5<#-%!$B!.-%:&3-.!6.--!N5**)F.=!@&%%-*--=!M);;-%)9>!/-%:&3-.!+-.3%&#-!4$A!04&.!%-B*-30.!04-!
;4&*$.$;42!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!3-(0%-.!04)0!04-2!)%-!Q($0!.-;)%)0-!B%$<!04-!
3$<<5(&02>!]5%!A$%K!+$-.(F0!E5.0!#-*$('!&(!04-.-!A)**.R!6@&%%-*--9>!\4&*.0!;)%-(0&('!;%$'%)<.!
)%-!+&.35..-+!5(+-%!.-30&$(!S>H=!04-%-!)%-!.-:-%)*!.;-3&B&3!&(&0&)0&:-.!%-*-:)(0!0$!-(*)%'-!$(!
4-%->!,4-!<)E$%&02!$B!.-%:&3-.!<-(0&$(!04)0!04-2!%-'5*)%*2!+&.0%2-!(-A.*-00-%.!)(+!$04-%!
5.-B5*!&(B$%<)0&$(!0$!B)<&*&-.>!"!(5<#-%!$B!.-%:&3-.!)*.$!+&.;*)2!-).&*2!)33-..&#*-!%-)+&('!
<)0-%&)*=!B$%!-C)<;*-!)0!M);;-%)!<)0-%&)*.!.534!).!04-!M$$/')S*'#!$%!F'!"!6"#$%&'&()*!)(+!,$%%-.!
/0%)&0!1.*)(+-%!.;-3&B&3!;5#*&3)0&$(.9!)%-!):)&*)#*-!B$%!B)<&*&-.!0$!#%$A.->!!
!
"0!N5**)F.!.0)BB!B--*!&0!&.!:)*5)#*-!0$!.4)%-!&(B$%<)0&$(!$(!04-!'$)*.!)(+!+-0)&*.!$B!04-&%!
-+53)0&$()*!;%$'%)<>!/0)BB!%-3-(0*2!$;-(-+!5;!+&.35..&$(.!A&04!;)%-(0.!)%$5(+!04-!7MNG!)(+!
04-!"#-3-+)%&)(!);;%$)34!04-2!)%-!0%&)**&('!)0!04-!3-(0%->!,4&.!02;-!$B!&(B$%<)0&$(!.4)%&('!
)..&.0.!B)<&*&-.!0$!5(+-%.0)(+!4$A!04-2!3)(!3$(+530!*-)%(&('!)30&:&0&-.!)0!4$<->!!
!
Y"0%*+&C"0+*%0,64C,R&V21W"67"6B4"B4"&
N5**)F.!&.!)*.$!+-:-*$;&('!)!4$<-P
_5+E)4')4<&)<&)!4):-!0)K-(!)(!&(($:)0&:-!);;%$)34!0$!
#).-+!K&0!0$!)..&.0!B)<&*&-.!0$!%5(!
-+53)0&$()*!)(+!B5(!)30&:&0&-.!)0!4$<-! ')04-%&('! &(B$%<)0&$(! B%$<! ;)%-(0.=! 3)**-+! 04-! cW)%-(0!
W)%0(-%.4&;F>! ,4-! )&<! $B! 04&.! &.! 0$! +-0-%<&(-! 4$A! .0)BB!
A&04!04-&%!34&*+%-(>!!@-B$%-!0)K&('!04-!
3)(! #-00-%! B$35.! $(! )34&-:&('! 04-! 7MNG! $503$<-.! B$%!
K&0.!4$<-!B)<&*&-.!A&**!#-!'&:-(!&(&0&)*! -)34!34&*+>!W)%-(0.!)%-!'&:-(!&(B$%<)0&$(!.4--0.!0$!B&**!&(=!
.5;;$%0!)0!N5**)F.!0$!5.-!04-<>!
A&04! 04-! B&:-! 7MNG! $503$<-.! *&.0-+! )(+! 04-(! #%$K-(!
@&%%-*--!B$35.-.!$(!;%$:&+&('!;)%-(0.! +$A(! &(0$! +&BB-%-(0! 3$<;$(-(0.>! ,4-! ;)%-(0.! 3$<<-(0!
A&04!;%)30&3)*!%-.$5%3-.!04-2!3)(!5.-!
$(! 4$A! 04-2! B--*! 04-&%! 34&*+! &.! +-:-*$;&('! 5(+-%! 04-!
A&04!04-&%!34&*+%-(>!/0)BB!-(.5%-!04)0!
+&BB-%-(0! 3$<;$(-(0.=! )(+! 04-! -+53)0$%.! +$! 04-! .)<->!
,4&.!&(&0&)0&:-!4).!;%$:&+-+!)(!$;;$%05(&02!B$%!;)%-(0.!0$!
B)<&*&-.!3)(!)33-..!)(2!%-.$5%3-.!04-!
.-%:&3-!3%-)0-.>!,4-!U&%-30$%!-C;*)&(.! ')&(! )! +--;-%! );;%-3&)0&$(! B$%! 04-! +-;04! $B!
5(+-%.0)(+&('!04)0!-+53)0$%.!4):-!)#$50!04-&%!34&*+%-(F.!
QG)<&*&-.!(--+!0$!K($A!04-!:)*5-!$B!
+-:-*$;<-(0>!](-!-+53)0$%!+-.3%&#-.!4$A!04&.!3)(!4-*;!
A4)0!<)04-<)0&3)*!*-)%(&('!34&*+%-(!
0$! &(B$%<! ;)%-(0.! )#$50! 4$A! 04-! -+53)0$%.! A$%K! A&04!
)%-!+-:-*$;&('!A4-(!04-2!;*)2!04)0!
04-&%!34&*+=!)(+!04)0!Q10F.!*&K-!)!:)*&+)0&$(!B$%!04-<!P!A-!
')<-=!$%!A4)0!*&0-%)32!)(+!*)('5)'-!
K($A! A4)0! A-F%-! +$&('>! \-F%-! ($0! E5.0! #)#2P.&00&('=!
+-:-*$;<-(0!&.!$335%%&('!A4-(!2$5!
A-F%-!-+53)0&('!04-&%!34&*+%-(>R!
.4)%-!)!#$$K>R!G$%!-C)<;*-=!@&%%-*--!
!
%-3-(0*2!3%-)0-+!)!UfU!0$!.5;;$%0!34&*+%-(!0$!*-)%(!*&('$>!,4-2!-(.5%-+!04)0!04-2!%-3-&:-+!
.5BB&3&-(0!B5(+&('!0$!'&:-!-)34!B)<&*2!)!3$;2=!#-3)5.-!).!04-!U&%-30$%!-C;*)&(.!Q,4-%-F.!($!;$&(0!
&(!K--;&('!*&('$!4-%-!)(+!&0!($0!#-&('!0)5'40!)(2A4-%-!-*.->R!,4-!%-.$5%3-!&.!+-.&'(-+!).!)!
.&<;*-=!-(3$5%)'&('!)(+!B5(!0$$*!B$%!B)<&*&-.!0$!.4)%-!)(+!*-)%(!0$'-04-%=!A&04!0&<-!0$!4-)%=!
.;-)K!)(+!04-(!%-;-)0!04-!A$%+.>!!
)
!
%%!
!
!
C/*%17$/2)*%+)#$9)3""1)
,A$!)++&0&$()*!B)30$%.!)%-!%-*-:)(0!0$!#5&*+&('!;)%0(-%.4&;.!A&04!B)<&*&-.!)(+!3$<<5(&0&-.>!"!
*)%'-!(5<#-%!$B!.-%:&3-.!.;-)K!$B!04-!:)*5-!$B!%5((&('!)!#5.!.-%:&3-!0$!.5;;$%0!B)<&*&-.!A4$!
<&'40!($0!$04-%A&.-!#-!)#*-!0$!)33-..!04-!3-(0%-!6"#$%&'&()*!84&*+%-(F.!8-(0%-=!8$('%-..=!`&(2)!
@5(4&&=!N5**)F.=!@&%%-*--=!M)A)%%)=!8$$*)#)%$$9>!M)A)%%)F.!U&%-30$%!&**5.0%)0-.!4$A!&<;$%0)(0!04&.!
&.=!QE5.0!;%$:&+&('!04)0!.5;;$%0!B$%!04-!B)<&*&-.!.$!04)0!04-2!K($A!04)0!($!<)00-%!A4)0F.!
4);;-(&('!)0!4$<-!04-&%!34&*+%-(!.0&**!3)(!)00-(+!.34$$*>R!\4&*.0!04&.!3)(!<-)(!04)0!;)%-(0.!
+$(F0!%-'5*)%*2!:&.&0!04-!3-(0%-=!&0!3)(!)*.$!;%-.-(0!(-A!$;;$%05(&0&-.!B$%!.0)BB!0$!+-:-*$;!
+--;-%!5(+-%.0)(+&('.!$B!34&*+%-(!)(+!04-&%!B)<&*&-.!6N5**)F.=!M)A)%%)9>!](-!U&%-30$%!-C;*)&(.!Q10!
'&:-.!2$5!L5&0-!)!5(&L5-!&(.&'40!&(0$!B)<&*2!*&B-!).!A-**>!M$5!'-0!0$!.--!)(+!*-)%(!04&('.!)#$50!
B)<&*&-.!04)0!2$5!A$5*+(F0!($%<)**2!*-)%(!B%$<!;)%-(0.!A4$!+%$;!04-&%!34&*+%-(!)0!04-!3-(0%->R!
6M)A)%%)9>[email protected].!3)(!)*.$!#-!5.-+!0$!3$**-30!34&*+%-(!B%$<!K&(+-%')%0-(!&(!04-!<&++*-!$B!04-!
+)2=!A4&34!A$5*+!#-!34)**-('&('!B$%!<$.0!;)%-(0.!A4$!A$%K!$%!.05+2!6^)*2'5%%9>!/$<-!.-%:&3-.!
3$<<-(0!04)0!)!#5.!.-%:&3-!)*.$!4-*;.!0$!&<;%$:-!)00-(+)(3-!6M)A)%%)9>!
!
,4-!*$A-%-+!B--.!04)0!04-!.-%:&3-.!3$(.5*0-+!)%-!)#*-!0$!;%$:&+-!&.!)*.$!3$(.&+-%-+!0$!#-!)(!
&(0-'%)*!B)30$%!&(!-(.5%&('!B)<&*&-.!3)(!)33-..!)!35*05%)**2!.5;;$%0&:-!-)%*2!34&*+4$$+!.-%:&3-!
6^)*2'5%%=!M)A)%%)=!@&%%-*--=!8$('%-..9>!
)
Q\4)0!<)K-.!6_5(+$$9!5(&L5-!&.!604)09!&0!&.!
+,$#"-$./)0.*1)#/*(%33'")#5*&
)! 3$<<5(&02! 3-(0%-=! %5(! #2! 3$<<5(&02!
".!A-**!).!A$%K&('!&(!;)%0(-%.4&;!A&04!04-&%!
;-$;*->! 1! 04&(K! A-! )**! A$%K! A-**! 0$'-04-%>!
3$<<5(&02=!<)(2!.-%:&3-.!.--!04-&%!%$*-!).!#-&('! \-! .5;;$%0! -)34! $04-%! )(+! A-! 0%2! )(+! '$!
;%$)30&:-*2!-(')'-+!&(!04-!+-:-*$;<-(0!$B!04-&%!
04)0! $(-! .0-;! B5%04-%! 0$! <)K-! )! +&BB-%-(3-!
&(! $5%! 3$<<5(&02! ).! A-**! ).! B$%! $5%! *&00*-!
*$3)*!3$<<5(&02>!](-!U&%-30$%!B--*.!04)0!
34&*+%-(>! 10! &.! 04)0>>>3$<<5(&02! #).-! )(+!
;)%0(-%.4&;.!A&04&B)<&*&-.!.0%-('04-(.!
3$<<5(&02!3$((-30&$(>R!6U&%-30$%=!_5(+$$9!!
;)%0(-%.4&;.&A&04!04-!3$<<5(&02=!-C;*)&(&('!
!
04)0=!Q1!+$(F0!04&(K!A-F:-!-:-%!04$5'40!04&.!;*)3-!
&.!)#$50!.0%-('04-(&('!E5.0!34&*+%-(=!04&.!;*)3-!&.!)#$50!#5&*+&('!)!.0%$('-%!3$<<5(&02>R!/4-!
!
B--*.!04)0!04&.!3$<<5(&02!+-:-*$;<-(0!);;%$)34!4).!<2%&)+!#-(-B&0.!B$%!34&*+%-(=!4-*;&('!0$!
#5&*+!)!.0%$('-%!3$<<5(&02!)(+!;)%-(0.!A4$!3)(!.5;;$%0!04-&%!+-:-*$;<-(0=!)(+!4-*;&('!0$!
.0%-('04-(!34&*+%-(F.!&+-(0&02!)(+!3$((-30&$(>!/4-!+-.3%&#-.!04)0!Q`"8/!3-(0%-.!)%-(F0!E5.0!
.-%:&3-.!2$!04-!3$<<5(&02=!04-2F%-!;)%0!$3)04-!3$<<5(&02R!6"#$%&'&()*!84&*+%-(F.!8-(0%-9>!&
!
8$--5%'26)$52/"*,4)
]50%-)34!&(0$!04-!3$<<5(&02!&.!)!:&0)*!A)2!$B!#5&*+&('!;)%0(-%.4&;.!A&04!B)<&*&-.=!3$<<5(&0&-.!
)(+!&(3%-).&('!04-!;%$B&*-!$B!04-!.-%:&3->!`)(2!.-%:&3-.!.;-)K!$B!04-!&<;$%0)(3-!$B!'-00&('!$50!
&(0$!04-!3$<<5(&02!6`&(2)!@5(4&&=!^)*2'5%%9!).!)!K-2!A)2!0$!-(')'-!A&04!B)<&*&-.>!"**!.-%:&3-.!
+&.35..!04-!:)*5-!$B!3-*-#%)0&$(.!.534!).!I"1U]8!A--K!)(+!I)0&$()*!"#$%&'&()*!)(+!1.*)(+-%!
84&*+%-(F.!U)2!).!-C3-**-(0!$;;$%05(&0&-.!0$!-(')'-!A&04!04-!A&+-%!3$<<5(&02>!1(!@%$$<-!
^)*2'5%%!B$5(+!04)0!)B0-%!;)%0&3&;)0&('!&(!04-!*$3)*!/4&(E5!`)0.5%&!B-.0&:)*=!)!*)%'-!)((5)*!
3$<<5(&02!-:-(0=!-(%$*<-(0.!&(3%-).-+!0$!04-!;$&(0!04)0!04-2!($A!$;-%)0-!)0!B5**!3);)3&02>!!
!
,4-!#-(-B&0.!$B!-<;*$2&('!*$3)*!.0)BB!3)(!<-)(!04)0!.0)BB!)%-!%-;%-.-(0)0&:-!$B!)(+!-(')'-+!
A&04!04-!3$<<5(&02!#-2$(+!04-&%!A$%K!)0!04-!.-%:&3->!U&%-30$%.!)(+!.0)BB!<-<#-%.!$B0-(!4):-!
!
%&!
!
!
;%$B-..&$()*!$%!3$<<5(&02!)..$3&)0&$(.!h!.534!
)'BB2*4+8&,C"3%R&>#'0474*"$&)64$10%*S,&
).!@$)%+!;$.&0&$(.!h!#-2$(+!04-&%!%$*-!)0!04-!
)%*+0%&&
-)%*2!34&*+4$$+!3-(0%-!6`&(2)!@5(4&&=!@&%%-*--9>!
1(!
,).<)(&)!
04-!
(-A!
"#$%&'&()*! 84&*+%-(F.!
,4&.!-()#*-.!.0)BB!0$!#5&*+!)(+!<)&(0)&(!.0%$('!
8-(0%-! #5&*+&('! )0! [&.+$(! 8$:-! ;%$:&+-.!
%-*)0&$(.4&;.!A&04!04-!#%$)+-%!3$<<5(&02>!
%-(-A-+!$;;$%05(&0&-.!04%$5'4!&0.!-C;)(+-+!
"!(5<#-%!$B!.-%:&3-.!)*.$!B$.0-%!%-*)0&$(.4&;.!
.;)3-=! )(+! .$! 04-! .-%:&3-! -(E$2.! %-'5*)%!
A&04!$04-%!-)%*2!34&*+4$$+!.-%:&3-.!h!#$04!
:&.&0.! #2! 7*+-%.! B%$<! 04-! ,).<)(&)(!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!)(+!
"#$%&'&()*! 3$<<5(&02! A4$! A&**! $B0-(! 3$<-!
<)&(.0%-)<!6`&(2)!@5(4&&=!b$$(&##)=!"#$%&'&()*! 0$!0)*K!0$!$%!4):-!*5(34!A&04!04-!34&*+%-(>!"!
84&*+%-(F.!8-(0%-9>!](-!.-%:&3-!%-*)0-.!4$A!04-&%! 3$<<5(&02! %$$<! 3)(! )*.$! #-! 50&*&.-+! B$%!
%-*)0&$(.4&;.!A&04!.-%:&3-.!)3%$..!04-!.0)0-!
3$<<5(&02! <--0&('.! )(+! 2$504! '%$5;.>! G$%!
<-)(0!04)0!A4-(!B)<&*&-.!)%-!:&.&0&('!04-&%!)%-)!
04-! %-3-(0! )((5)*! W50)*&()! $%! ]2.0-%! 8$:-!
B-.0&:)*=! 04-! 34&*+%-(! A-%-! )#*-! 0$! #-!
04-2!)%-!)#*-!0$!-(%$*!04-&%!34&*+%-(!&(!04-!
&(:$*:-+!A&04!)**!04-!;%-;)%)0&$(.!)(+!<5.&3!
3-(0%-!B$%!.4$%0!;-%&$+.!$B!0&<-!6`&(2)!@5(4&&9>!
%-4-)%.)*.! 04)0! 0$$K! ;*)3-! $(! .&0->! "! *$3)*!
!
;*)2'%$5;!)*.$!%-'5*)%*2!:&.&0.!04-!84&*+%-(F.!
8$--5%'26)0'1'21)2$)24"),"%2/")
"!5(&L5-!34)%)30-%&.0&3!$B!.-%:&3-.!&(0-%:&-A-+!&.! 8-(0%-=! .0%-('04-(&('! 34&*+%-(F.! )(+! .0)BB!
3$((-30&$(.! #-0A--(! 04-! 0A$! .-%:&3-.>! ,4-!
04-!A)2!04-2!&(3$%;$%)0-!B)<&*2!)(+!3$<<5(&02!
3-(0%-!U&%-30$%!+-.3%&#-.!4$A!04-.-!$('$&('!
&(0$!04-&%!-:-%2+)2!)30&:&0&-.>!`)(2!3-(0%-.!
&(0-%)30&$(.! )%-! ;)%0! $B! #5&*+&('! )! .-(.-! $B!
-(E$2!:&.&0.!B%$<!3$<<5(&02!<-<#-%.!A&04!
3$<<5(&02!B$%!34&*+%-(!)(+!B)<&*&-.>!!
;)%0&35*)%!.K&**.!)(+!K($A*-+'-=!.534!).!)%0.=!
!
3$$K&('=!<5.&3=!+)(3&('=!.0$%2!0-**&('=!0%)+&0&$()*!*)('5)'-!$%!$04-%!).;-30.!$B!35*05%-!6.--!B$%!
-C)<;*-!M);;-%)=!M)A)%%)=!_5+E)4')4<&)<&)=!,"88"9>!/$<-!.-%:&3-.!)%-!3$P*$3)0-+!A&04!
*)%'-%!$%')(&.)0&$(.!)(+!.$!3$<<5(&02!-(')'-<-(0!&(!04-!3-(0%-!4);;-(.!$(!)!+)&*2!#).&.>!
5'#4$%&'2+0%"36&,%0;43%R&X"$87200&
"0!^)*2'5%%!;)%0(-%.4&;.&A&04!04-!3$<<5(&02!)(+!B)<&*&-.!)%-!B$.0-%-+!)!<$#&*-!$50%-)34!.-%:&3->!,4-!
<$#&*-!.-%:&3-!A).!3$(3-&:-+!$50!$B!)!.0%$('!;)%0(-%.4&;!A&04!04-!U-;)%0<-(0!B$%!8$<<5(&0&-.=!)(+!
)B0-%!)!.533-..B5*!0%&)*!&(!Dl??!&0!A&**!3$(0&(5-!0$!%5(!&(!Dl?D>!];-%)0&('!$:-%!04-!04%--P<$(04!3$$*-%!
.-).$(!&0!%-)34-.!)#$50!0-(!34&*+%-(!)(+!B)<&*&-.!)!A--K!A4$!A$5*+(F0!($%<)**2!)33-..!<)&(.0%-)<!
.-%:&3-.>! ,4-! <$#&*-! .-%:&3-! )*.$! A$%K.! A&04! )(+! .5;;$%0.! 04-! @5%+-K&(! M$504! )(+! U%$;P&(! 3-(0%->!
,4-!.-%:&3-!5.5)**2!<--0.!$(!)!*$3)*!$:)*=!)(+!;%$:&+-.!B%--!)30&:&0&-.!B$%!#)#&-.!5;!0$!B&:-!2-)%.!$B!
)'-=! A&04! $*+-%! 34&*+%-(! $33).&$()**2! )*.$! E$&(&('! &(>! ,4-! .-%:&3-! %-'5*)%*2! ;)%0(-%.! A&04! $04-%!
$%')(&.)0&$(.! .534! ).! @%$$<-! [-'&$()*! "#$%&'&()*! `-+&3)*.! /-%:&3-! 6@["`/9=! b&<#-%*-2! "#$%&'&()*!
`-+&3)*!/-%:&3-.!8$5(3&*!6b"`/89!)(+!/):-!04-!84&*+%-(!0$!%5(!+&BB-%-(0!)30&:&0&-.>!G%--!%-.$5%3-.!)%-!
$B0-(!;%$:&+-+!).!)!5.-B5*!A)2!0$!+%)A!B)<&*&-.!&(>!@&'!-:-(0.!.534!).!c34&*+!;%$0-30&$(!A--KF!+%)A!
<$%-! ;-$;*-! A&04! -(')'&('! )30&:&0&-.! B$%! 34&*+%-(! .534! ).! E5<;&('! 3).0*-.! )(+! B)3-P;)&(0&('>! ,4-!
U&%-30$%!+-.3%&#-.!4$A!04-2!0$$K!04-!^)*2'5%%!34&*+%-(!0$!04&.!)30&:&02=!A4&34!.4-!B--*.!'-(-%)0-+!Q)!
%-)*!3$<<5(&02!B--*R!A4&*.0!.0&**!;%$<$0&('!&<;$%0)(0!<-..)'-.!)#$50!34&*+!4-)*04!)(+!A-*B)%->!/4-!
:&-A.! 04&.! 02;-! $B! -(')'-<-(0! ).! K-2! 0$! -(')'&('! 04-! 3$<<5(&02! A&04! 04-! .-%:&3->! ^)*2'5%%! &.!
;*)((&('!0$!%5(!)!.0)**!)0!04&.!2-)%.!c34&*+!;%$0-30&$(!A--KF=!).!04-!U&%-30$%!B--*.!04)0!Q4):&('!5.!$50!
04-%-!&(!04-!3$<<5(&02!;-$;*-!04-(!+$!%-)*&.-!04)0!A-!)%-!)!.-%:&3-!.;-3&)**2!B$%!1(+&'-($5.!B)<&*&-.=!
)(+!&0F.!B$%!*$AP&(3$<-!B)<&*&-.!).!A-**>R!!
!
!
!
%'!
!
!
:*/2%"/14'71)9'24)$24"/)$/&*%'1*2'$%1)
"!*)%'-!(5<#-%!$B!.-%:&3-.!+-<$(.0%)0-!.0%$('!;)%0(-%.4&;.!A&04!$%')(&.)0&$(.!&(!04-!A&+-%!
3$<<5(&02>!\4&*.0!04&.!&.!+&.35..-+!<$%-!-C0-(.&:-*2!&(!.-30&$(!S>H=!04-%-!)%-!.-:-%)*!)++&0&$()*!
;$&(0.>!"!(5<#-%!$B!.-%:&3-.!<-(0&$(!04)0!04-&%!;)%0(-%.4&;.!A&04!*$3)*!,"G7!)(+!0%)&(&('!
$%')(&.)0&$(.!4-*;!04-<!0$!.5;;$%0!04-&%!.0)BB!5(+-%0)K-!B5%04-%!0%)&(&('!)(+!;%$B-..&$()*!
+-:-*$;<-(0!6_5(+$$=!8$$*)#)%$$=!@&%%-*--=!^)*2'5%%=!8$('%-..9>!@-(-B&0.!$B!04-.-!;)%0(-%.4&;.!
&(3*5+-!*$3)*!*-305%-%.!.5;;$%0&('!.0)BB!$(P.&0-!.-%:&3-!0%)&(&('!6^)*2'5%%=!8$$*)#)%$$=!8$('%-..=!
_5(+$$9=!)(+!3-(0%-.!4$.0&('!.05+-(0!;*)3-<-(0.!6^)*2'5%%9>!!!
!
"!B5%04-%!-C)<;*-!3$<-.!B%$<!M)A)%%)>!,4-!.-%:&3-!-(E$2.!A-**P-.0)#*&.4-+!%-*)0&$(.4&;.!A&04!)!
(5<#-%!$B!3$<<5(&02!$%')(&.)0&$(.=!A4&34!04-!U&%-30$%!-C;*)&(.!-()#*-.!04-<!0$!Q-:$*:-!04-!
02;-!$B!.-%:&3-!04)0!A-F%-!$BB-%&('!0$!B)<&*&-.=!)(+!A4)0!A-!+$!A&04&(!04-!3$<<5(&02>R!,4-2!)%-!
)*.$!;)%0!$B!04-!.533-..B5*!0-(+-%!B$%!04-!@*)3K0$A(!"#$%&'&()*!84&*+!)(+!G)<&*2!8-(0%-=!)(+!A&**!
#-!%5((&('!04-!84&*+%-(F.!/-%:&3-!.-30&$(>!,4-!U&%-30$%!B--*.!04)0!#-3)5.-!04-2!)*%-)+2!4):-!
-.0)#*&.4-+=!0%5.0&('!%-*)0&$(.4&;.!A&04!B)<&*&-.=!)(+!A&**!#-!0)K&('!M)A)%%)F.!()<-!0$!04-!(-A!
3-(0%-=!B)<&*&-.!A&**!4):-!'%-)0-%!0%5.0!)(+!B--*!<$%-!;$.&0&:-!)#$50!)33-..&('!04-!<)(2!.-%:&3-.!
$BB-%-+!#2!04-!84&*+!)(+!G)<&*2!8-(0%->!/4-!#-*&-:-.!04)0!04&.!A&**!-()#*-!B)<&*&-.!0$!<$%-!-).&*2!
)33-..!)!4$*&.0&3!%)('-!$B!3)%-!.-%:&3-.!B$%!04-&%!34&*+%-(=!+-.3%&#&('!4$A!Q)0!04-!<$<-(0!
04-2F:-!'$0!0$!'$!)(+!B&(+!-:-%204&('!04)0!04-2!(--+=!A4-%-).!)!*$0!$B!A4)0!04-2!(--+!A&**!#-!
04-%->R!M)A)%%)!4).!0A$!(-A!0%)&(--.!B%$<!04-!*$3)*!"#$%&'&()*!3$<<5(&02!A4$!)%-!3$<;*-0&('!
04-&%!8-%0&B&3)0-.=!)(+!A&**!A$%K!)0!04-!84&*+!)(+!G)<&*2!8-(0%->!,4-!84&*+%-(F.!/-%:&3-.!.-30&$(!
A&**!3)%%2!$:-%!04-!M)A)%%)!&+-(0&02=!A4&34!A&**!4-*;!#5&*+!0%5.0!#-0A--(!B)<&*&-.=!04-!
3$<<5(&02!)(+!04-!.-%:&3->!!
!
6%33'")#5*7,",8-3-"#*6%33)##--.&
,4&.!.-30&$(!#5&*+.!$(!04-!-)%*&-%!+&.35..&$(!$(!3$<<5(&02!3$<<&00--.!6.-30&$(!S>?9!04%$5'4!
-C)<&(&('!04-!.;-3&B&3!).;-30.!%-*)0&('!0$!04-.-!3$<<&00--.!)(+!;)%0(-%.4&;.!A&04!;)%-(0.=!
B)<&*2!)(+!3$<<5(&02>!8$<<5(&02!<)()'-<-(0!3$<<&00--.DO!)%-!&+-(0&B&-+!).!5(&L5-=!
&(0-'%)*!.0%5305%-.!0$!B)3&*&0)0-!;)%0(-%.4&;.!#-0A--(!.-%:&3-.=!B)<&*&-.!)(+!3$<<5(&0&-.>!"**!
.-%:&3-.!-.;$5.-!04-!:)*5-!$B!04-&%!3$<<&00--!&(!.5;;$%0&('!04-&%!A$%K=!)(+!'-(-%)**2!.;-)K!$B!
.0%$('=!0%5.0&('!%-*)0&$(.4&;.!#-0A--(!04-!3$<<&00--!)(+!.-%:&3-!6.--!b$$(&##)=!M);;-%)9>!
8$<<5(&02!<)()'-<-(0!3$<<&00--.!'-(-%)**2!$:-%.--!)**!<)E$%!.-%:&3-!+-3&.&$(.=!)(+!;%$:&+-!
.5;;$%0!&(!)%-).!.534!).!B5(+%)&.&('=!;$*&32!+-:-*$;<-(0!$%!<$+&B&3)0&$(=!%-3%5&0<-(0=!
+-:-*$;<-(0!$B!;)%-(0!4)(+#$$K.!)(+!&(B$%<)0&$(=!)(+!.0%)0-'&-.!B$%!-(')'-<-(0!A&04!
;)%-(0.>!,4-2!)%-!)!B5(+)<-(0)*!<-34)(&.<!&(!-(.5%&('!04)0!)!3$<<5(&02!7878!.-%:&3-.!&.!
0%5*2!<)()'-+!#2!04-!*$3)*!3$<<5(&02!6@&%%-*--9>!!
!
/-%:&3-.!.0%$('*2!B--*!04)0!04-&%!3$<<&00--!;%$:&+-+!)!:&0)*!.5;;$%0!&(!-()#*&('!04-<!0$!.0)2!
0%5-!0$!04-&%!<)(+)0-!0$!;%$:&+-!)!.-%:&3-!04)0!%-.;$(+.!-BB-30&:-*2!0$!04-!(--+.!$B!04-&%!
B)<&*&-.!)(+!3$<<5(&02!6M)A)%%)=!@&%%-*--9>!".!A-**!).!-(.5%&('!)!.-%:&3-!%-0)&(.!&0.!
3$<<&0<-(0!0$!&0.!4&.0$%2!)(+!;4&*$.$;42=!3$<<5(&02!3$<<&00--.!)*.$!4-*;!0$!K--;!.-%:&3-.!&(!
0$534!A&04!34)('&('!3$<<5(&02!(--+.!68$$*)#)%$$9>!8$<<&00--!<-<#-%.!A&**!$B0-(!4):-!
34&*+%-(=!'%)(+34&*+%-(!$%!%-*)0&:-.!)0!04-!3-(0%-=!A4&34!-(.5%-.!04)0!04-2!4):-!)!.$*&+!
5(+-%.0)(+&('!$B!04-!3-(0%-!6^)*2'5%%9>!M)A)%%)F.!U&%-30$%!-C;*)&(.!04)0!B)<&*&-.!QK($A!A4)0!
!
%(!
!
!
04-&%!34&*+%-(!A)(0!)(+!(--+!B%$<!)!.-%:&3->!/$!604-!3$<<&00--9!'&:-.!2$5!)!'$$+!&(.&'40!&(0$!
A4)0!04-2!.--!).!&<;$%0)(0!B$%!04-&%!34&*+%-(=!%)04-%!04)(!E5.0!A4)0!A-!04&(K!04-2!.4$5*+!4):->R!
@&%%-*--F.!U&%-30$%!-C;*)&(.!04)0!04-&%!8$<<&00--!&.!)(!-<#$+&<-(0!$B!04-&%!;4&*$.$;42!04)0!04-!
3$<<5(&02!&.!04-!0$;!;%&$%&02=!-C;*)&(&('!04)0!).!.0)BB!QA-!)**!A$%K!B$%!04-<R>!"0!M);;-%)!&0!&.!
B-*0!04)0!4):&('!)!3$<<&00--!<)+-!5;!$B!;)%-(0.=!'%)(+;)%-(0.!$%!$04-%!B)<&*2!<-<#-%.!A4$!
)%-!#$04!)30&:-*2!&(:$*:-+!)(+!&(:-.0-+!&(!04-!.-%:&3-!*%+!&(!04-!*$3)*!3$<<5(&02=!04-!.-%:&3-!&.!
)#*-!0$!#-00-%!%-.;$(+!0$!3$<<5(&02!(--+.>!8$<<&00--!<-<#-%.!)%-!)*.$!$B0-(!*&K-*2!0$!4):-!
.0%$('!4&.0$%&3)*!3$((-30&$(.!A&04!04-!3-(0%-!h!A&04!)!(5<#-%!$B!@$)%+!<-<#-%.!4):&('!#--(!
&(:$*:-+!A&04!M);;-%)!B$%!$:-%!?l=!)(+!&(!.$<-!3).-.!5;!0$!Dl=!2-)%.>!@$)%+!<-<#-%.!)%-!
04-%-B$%-!&(:)*5)#*-!;)%0(-%.!&(!-(.5%&('!04)0!M);;-%)!%-<)&(.!3$((-30-+!0$!&0.!4&.0$%2!)(+!
*$('P0-%<!$#E-30&:-.=!)(+!%-0)&(.!)!.0%$('!3$((-30&$(!A&04!04-!3$<<5(&02>!
!
8$<<&00--.!)*.$!;%$:&+-!)!B$%5<!04%$5'4!A4&34!;)%-(0.!3)(!;%$:&+-!&+-).!)(+!B--+#)3K=!)(+!
4-*;!0$!-(.5%-!)33$5(0)#&*&02!&(!&<;*-<-(0&('!B--+#)3K!6M)A)%%)9>!,4&.!&.!&**5.0%)0-+!#2!
M)A)%%)=!A4-%-!04-!3$<<&00--!%-3-(0*2!<)+-!)!+-3&.&$(!04)0!A).!&<;*-<-(0-+!#2!04-!.-%:&3-!
0$!($!*$('-%!;%$:&+-!<-)*.!&(!$%+-%!0$!*$A-%!B--.!)(+!04-%-B$%-!&(3%-).-!.-%:&3-!)33-..&#&*&02>!!!
)
/-%:&3-.!:&-A!3$<<&00--.!).!:&0)*!0$!#5&*+&('!;)%-(0.F!0%5.0!0$!)33-..!04-!.-%:&3-=!#2!;%$:&+&('!)!
0%)(.;)%-(0!)(+!.0%$('!*&(K!0$!04-!3$<<5(&02!h!-..-(0&)**2!.0)BB!B-*0!04)0!;)%-(0.!A-%-!<$%-!
*&K-*2!0$!:&-A!)(!7878!3-(0%-!A&04!)!@$)%+!).!#-&('!7*/2!$B!04-&%!3$<<5(&02=!%)04-%!04)(!)(!
-C0-%()**2!&(0%$+53-+!$%')(&.)0&$(!6.--!B$%!-C)<;*-!M)A)%%)9>!!!
!
`)(2!.-%:&3-.!B&(+!04)0!04-&%!3$<<&00--.!)%-!)#*-!0$!.5;;$%0!*&(K)'-.!A&04!%-*-:)(0!.-%:&3-.!&(!
04-!A&+-%!3$<<5(&02!04%$5'4!;%$B-..&$()*!$%!;-%.$()*!3$((-30&$(.!3$<<&00--!<-<#-%.!<)2!
4):-!6M);;-%)=!8$$*)#)%$$=!_5(+$$9>!^)*2'5%%F.!;)%-(0!3$<<&00--=!B$%!-C)<;*-=!&(3*5+-.!
%-;%-.-(0)0&:-.!A$%K&('!&(!)%-).!.534!).!<-(0)*!4-)*04=!34&*+!;%$0-30&$(!)(+!1(+&'-($5.!"BB)&%.>!
/-%:&3-.!'$:-%(-+!#2!)!*$3)*!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!3$$;-%)0&:-!3)(!;%$:&+-!)(!
-:-(!<$%-!+&%-30!*&(K!0$!)++&0&$()*!.-%:&3-.>!"0!8$$*)#)%$$=!B$%!-C)<;*-=!04-!5<#%-**)!#$+2!&.!)!
*$3)*!"#$%&'&()*!$%')(&.)0&$(!04)0!+-*&:-%.!)!:)%&-02!$B!3$<<5(&02!.-%:&3-.=!&(3*5+&('!4$5.&('>!
,4-!"..$3&)0&$(!V$5.&('!`)()'-%!)*.$!)00-(+.!04-!<$(04*2!8$$*)#)%$$!3$<<&00--!<--0&('.=!
)(+!04&.!-()#*-.!04-!0A$!.-%:&3-.!0$!3$$%+&()0-!04-&%!A$%K!0$!<--0!04-!(--+.!$B!04-&%!B)<&*&-.>!!
!
:/$-$2'%&)24")1"/0',")9'24'%)24")9'+"/),$--5%'26)
8$<<&00--.!4):-!'%-)0!3);)3&02!0$!)+:$3)0-!B$%!)(+!%)&.-!)A)%-(-..!$B!04-!.-%:&3-!&(!04-!A&+-%!
3$<<5(&02=!4-*;&('!0$!;%$<$0-!&0!0$!;$0-(0&)*!B)<&*&-.!)(+!0$!-C0-%()*!$%')(&.)0&$(.!)(+!
'$:-%(<-(0!6N5**)F.=!M);;-%)9>!8$<<&00--.!;*)2!)!B5%04-%!:&0)*!%$*-!&(!<)&(0)&(&('!.0)BB!
3$(B&+-(3-=!+&%-30&$(!)(+!<$%)*->!,4-!N5**)F.!U&%-30$%!+-.3%&#-.!4$A!04-&%!@$)%+!4):-!'%-)0!
%-.;-30!B$%!04-!.0)BB!)(+!04-!%$*-!04-2!;*)2!Q0$!3)%-!)(+!(5%05%-!$5%!34&*+%-(!)(+!<)K-!.5%-!04)0!
04-2F%-!.)B->R!b$$(&##)F.!U&%-30$%!+-.3%&#-.!4$A!04-!%-*)0&$(.4&;!#-0A--(!04-!8$<<5(&02!
8$5(3&*!)(+!04-!.-%:&3-!P!#5&*0!$(!0%5.0!)(+!%-.;-30!P!&.!)!;$.&0&:-!B)30$%!B$%!.0)BB!).!04-!8$5(3&*F.!
0%5.0!&(!04-<!'&:-.!04-<!3$(B&+-(3->!
!
%)!
!
!
Z. H"0$8&I%"0,&J%"0*4*7&K0"B%<'0L&Y0"3+43%,&
[.-&/*+%*+4'*"$&!%"364*7&"*1&Q%,C'*,4;%*%,,&+'&)64$10%*&
&
1(0-(0&$()*!0-)34&('!)(+!%-.;$(.&:-(-..!0$!34&*+%-(!)%-!0A$!;-+)'$'&3)*!);;%$)34-.!$50*&(-+!&(!
04-!7MNG!).!3%&0&3)*!0$!)34&-:&('!$503$<-.!B$%!34&*+%-(>!".!04-!7MNG!$50*&(-.=!)(!&(0-(0&$()*!
0-)34&('!);;%$)34!&(:$*:-.!-+53)0$%.!+-:-*$;&('!;5%;$.-B5*!;%$'%)<.!)(+!*-)%(&('!
-C;-%&-(3-.!04)0!%-.;$(+!0$!34&*+%-(F.!(--+.=!.0%-('04.!)(+!&(0-%-.0.>!,4-!&(0%$+530&$(!$B!04-!
7MNG!4).!;%$<;0-+!.$<-!.-%:&3-.!0$!<$+&B2!04-&%!;%$'%)<<&('!);;%$)34!)(+!%-)*&'(!0-)34&('!
)(+!*-)%(&('!;%$3-..-.!0$!%-.;$(+!0$!34&*+%-(F.!&(0-%-.0.!)(+!.0%-('04.!%)04-%!04)(!)!.-0!
35%%&35*5<>!"**!.-%:&3-.!+-.3%&#-!.0%$('!&(0-(0&$()*!0-)34&('!&(!04-&%!35%%&35*5<!+-3&.&$(P<)K&('!
)(+!;%$'%)<<&('!<-04$+.>!,4&.!.-30&$(!*$$K.!)0!4$A!.-%:&3-.!+&.35..!04-&%!;%$'%)<<&('!
<-04$+.=!4$A!04-2!3$(.&+-%!04-!.$3&)*!3$(0-C0!A&04&(!A4&34!*-)%(&('!0)K-.!;*)3-=!)(+!4$A!
;%$'%)<.=!)30&:&0&-.=!)(+!-C;-%&-(3-.!%-.;$(+!0$!)(+!)%-!#).-+!$(!34&*+%-(F.!&(0-%-.0.>!!!
!
:/$&/*--'%&)
/-%:&3-.!&(0-%:&-A-+!+&.;*)2!.0%$('!&(0-(0&$()*!0-)34&('!<-04$+.!&(!04-&%!);;%$)34!0$!;*)((&('!
)(+!;%$'%)<<&('>!`$.0!.-%:&3-.!&(:$*:-!)**!.0)BB!h!&(3*5+&('!0%)&(--.!h!&(!$#.-%:)0&$(.!)(+!
;%$'%)<<&('=!5(+-%.0)(+&('!04)0!-)34!.0)BB!<-<#-%!#%&('.!3-%0)&(!:)*5)#*-!.0%-('04.!)(+!
;-%.;-30&:-.!6M);;-%)=!,"88"=!"#$%&'&()*!84&*+%-(F.!8-(0%-=!8$$*)#)%$$=!_5+E)4')4<&)<&)9>!
/-%:&3-.!)*.$!3$(.&+-%!04&.!;%$3-..!5.-B5*!0$!-(3$5%)'-!.0)BB!0$!%-B*-30!$(!)30&:&02!$#E-30&:-.!)(+!
04-&%!%$*-.!).!-+53)0$%.>!_%$5;!)(+!&(+&:&+5)*!34&*+!;*)((&('!&.!'-(-%)**2!+$(-!$(!)!A--K*2!$%!
B$%0(&'40*2!#).&.>!"!(5<#-%!$B!3-(0%-.!4):-!+-:-*$;-+!04-&%!$A(!;%$'%)<<&('!0-<;*)0-.!0$!+$!
04&.!6_5+E)4')4<&)<&)=!,"88"9>!W*)((&('!;%$3-..-.!;%-+$<&()(0*2!)+$;0!323*&3)*!;%$'%)<<&('!
<-04$+.!#).-+!$(!$#.-%:)0&$(.=!34&*+!)(+!B)<&*2!&(;50=!+$35<-(0)0&$(=!;%$'%)<<&('=!
&<;*-<-(0)0&$(!)(+!#)3K!0$!$#.-%:)0&$(.!6.--!,"88"9=!A4&34!)&+.!3$(0&(5&02!$B!-C;-%&-(3-!)(+!
*-)%(&('!B$%!34&*+%-(>!"**!.-%:&3-.!3$<<-(0!04)0!04-&%!;%$'%)<.!3%-)0-!*-)%(&('!$;;$%05(&0&-.!
#).-+!$(!34&*+%-(F.!&(0-%-.0.=!A&04!.;)3-!)**$A-+!B$%!B*-C&#*-!)(+!-C0-(+-+!*-)%(&('!
$;;$%05(&0&-.!&(!%-.;$(.-!0$!4$A!04-!)30&:&02!&.!;%$'%-..&('!$(!04-!+)2>!
!
U5%&('!04-!;*)((&('!;4).-!.0)BB!)*.$!3$(+530!%-B*-30&$(.!$(!04-!;%-:&$5.!;%$'%)<!0$!&+-(0&B2!
$;;$%05(&0&-.!0$!-C0-(+!$(!*-)%(&('!)(+!A4-%-!)<-(+<-(0.!)%-!%-L5&%-+!6.--!_5()&!N&+E9>!
`)(2!.-%:&3-.!($0-!04)0!%-:&-A&('!34&*+%-(F.!;%$B&*-.!)(+!;4$0$.!B%$<!04-!;%-:&$5.!A--K.!3)(!
)*.$!-(.5%-!04)0!-+53)0$%.!#5&*+!$(!-)34!34&*+F.!.0%-('04.!)(+!&(0-%-.0.!)(+!-C0-(+!5;$(!04-&%!
*-)%(&('!6`&(2)!@5(4&&=!b$$(&##)=!8$$*)#)%$$9>!]04-%!.-%:&3-.!+&.35..!+&BB-%-(0!'5&+-*&(-.!h!
.534!).!35*05%)*!$%!;42.&3)*!)30&:&02!P!04)0!04-2!%-B-%!0$!&(!;*)((&('!6"#$%&'&()*!84&*+%-(F.!8-(0%-9>!
"!(5<#-%!$B!.-%:&3-.!<-(0&$(!04)0!04-2!4):-!&(3$%;$%)0-+!04-!7MNG!$503$<-.=!;%&(3&;*-.!)(+!
;%)30&3-.!&(0$!04-&%!;*)(.=!)(+!04)0!04&.!)..&.0.!04-<!0$!;%$'%)<!B$%!)30&:&0&-.!04)0!A&**!#-00-%!
.5;;$%0!34&*+%-(F.!+-:-*$;<-(0!6M);;-%)=!,"88"=!`&(2)!@5(4&&9>!!
!
!
%*!
!
!
/-%:&3-.!:&-A!04-&%!;%$'%)<.!).!4$*&.0&3!;*)(.!B$%!34&*+%-(F.!3)%-!)(+!+-:-*$;<-(0>!".!04-!
U&%-30$%!$B!"#$%&'&()*!84&*+%-(F.!8-(0%-!-C;*)&(.=!)**!).;-30.!$B!3)%-!)%-!B)30$%-+!&(0$!04-&%!
;%$'%)<!).!04&.!)%-!;)%0!$B!QA4)0!<-..)'-.!A-!A)(0!0$!'&:-!04-!34&*+%-(!)#$50!4-)*042!-)0&('!
;%)30&3-.=!$50+$$%!;*)2!6)(+9!'$$+!;42.&3)*!)30&:&02R>!^)*2'5%%!&(0-'%)0-.!)!;*)((&('!.-'<-(0!$(!
%-*-:)(0!3$<<5(&02=!35*05%)*!$%!B)<&*2!-:-(0.!04)0!)!34&*+!<)2!#-!&(:$*:-+!&(=!.;)3-!B$%!.0)BB!
%-B*-30&$(=!)(+!3$<<-(0.!B%$<!B)<&*&-.!)(+!34&*+%-(!04)0!%-L5&%-!B$**$AP5;>!
!
"!(5<#-%!$B!.-%:&3-.!+-0)&*!04)0!)(!&(0-(0&$()*!0-)34&('!);;%$)34!0$!;*)((&('!&(:$*:-.!*$$K&('!
B$%!*-)%(&('!$;;$%05(&0&-.!&(!-)34!)30&:&02=!%)04-%!04)(!E5.0!4):&('!)30&:&02P+%&:-(!;%$'%)<<&('!
$%!Q+$&('!04&('.!B$%!04-!.)K-!$B!+$&('!04&('.R!6,"88"=!M);;-%)=!8$('%-..9>!](-!-+53)0$%!-C0$*.!
04-!#-(-B&0.!B$%!34&*+%-(!$B!04&.!02;-!$B!;%$'%)<<&('=!QV):&('!)!%-)**2!3*-)%!&+-)!$B!A4-%-!2$5!
A)(0!2$5%!;%$'%)<!0$!'$!)(+!A4)0!*-)%(&('!2$5!A)(0!0$!4);;-(=!2$5!3)(!.--!04-!34)('-!&(!K&+.!
$(!04-!B*$$%>R!/4-!B5%04-%!&**5.0%)0-.!04)0!A4-(!-+53)0$%.!B$35.!$(!2"*,4'%&=!%)04-%!04)(!E5.0!$(!
)30&:&0&-.=!34&*+%-(F.!3$(3-(0%)0&$(!)(+!&(:$*:-<-(0!'%$A.!-($%<$5.*2!6,"88"=!.--!)*.$!
b$$(&##)9>!](-!.-%:&3-!)*.$!<-(0&$(-+!04-!:)*5-!$B!&(3*5+&('!&(;50!B%$<!$04-%!;-$;*-!A4$!
.5;;$%0!04-&%!;%$'%)<!h!.534!).!A$%K-%.!B%$<!I$)4F.!"%K!6_5+E)4')4<&)<&)9>!!
!
/-:-%)*!.-%:&3-.!+&.35..!-<;*$2&('!04-!<-04$+!$B!cB$35.!34&*+%-(F!0$!-(.5%-!04)0!-)34!34&*+F.!
&(+&:&+5)*!*-)%(&('!(--+.!)%-!<-0!6_5()&!N&+E=!`&(2)!@5(4&&=!_5+E)4')4<&)<&)=!^)*2'5%%=!
b$$(&##)9>!,4&.!-(0)&*.!B$35.&('!$(!5;!0$!.-:-%)*!34&*+%-(!A&04&(!-)34!;*)((&('!323*-!0$!+-:-*$;!
;)%0&35*)%!)30&:&0&-.!0$!<--0!04-&%!.;-3&B&3!+-:-*$;<-(0)*!*-:-*!)(+!(--+.>!!
!
?%+"/12*%+'%&)24*2)#"*/%'%&)$,,5/1)9'24'%)1$,'*#),$%2"@21)
/-%:&3-.!+-<$(.0%)0-!)!3$<;%-4-(.&:-!5(+-%.0)(+&('!04)0!*-)%(&('!$335%.!&(!.$3&)*!3$(0-C0.>!
G$%!.$<-!.-%:&3-.=!04&.!&(:$*:-.!)(!5(+-%.0)(+&('!04)0!;%$'%)<.!(--+!0$!Q-(')'-!-:-%2!).;-30!
$B!04-!34&*+F.!*&B-R!6_5+E)4')4<&)<&)9>!"0!@&%%-*--=!B$%!-C)<;*-=!.0)BB!+-<$(.0%)0-!&(0-(0&$()*!
0-)34&('!<-04$+.!#2!50&*&.&('!-C&.0&('!'%$5;!;)00-%(.!)(+!B%&-(+.4&;.!0$!;%$:&+-!.5;;$%0&('!
-(:&%$(<-(0.!&(!A4&34!34&*+%-(!3)(!*-)%(>!".!04-!U&%-30$%!.0)0-.=!Q-:-%204&('!&.!+$(-!&(!'%$5;.!
)(+!3$<<5(&0&-.>R!N-)%(&('!&.!5(+-%.0$$+!0$!#-!3$(0-C05)*=!A4&34!&(:$*:-.!A$%K&('!A&04!04-!
34&*+!A&04&(!04-&%!;*)2!-(:&%$(<-(0!%)04-%!04)(!0)K&('!04-<!$50!$B!&0!0$!B$35.!$(!04-<!
&(+&:&+5)**2>!,4-%-B$%-=!&B!)(!-+53)0$%!A)(0.!0$!B$35.!$(!.5;;$%0&('!)!34&*+!A&04!04-&%!
3$(.0%530&$(!.K&**.=!04-2!A&**!A$%K!A&04!04-!34&*+!A&04&(!04-&%!;--%!'%$5;!0$!-(.5%-!04)0!04-2!
4):-!)!.5;;$%0&:-!)(+!()05%)*!-(:&%$(<-(0>!,4-!-+53)0$%!A&**!)*.$!-(.5%-!04)0!04-2!+$(F0!4):-!
)!Q;%-3$(3-&:-+!&+-)!$B!A4)0!04-!$503$<-!&.!'$&('!0$!#-R=!5(+-%.0)(+&('!04)0!04-!;%$3-..!&.!
<$%-!&<;$%0)(0!04)(!04-!$503$<->!,4&.!<-)(.!04)0!*-)%(&('!-C;-%&-(3-.!3)(!#-!)+);0-+!0$!
34&*+%-(F.!&(0-%-.0.!)(+!)%-!)#*-!0$!<)C&<&.-!04-!*-)%(&('!+5%&('!04)0!)30&:&02>!".!04-!U&%-30$%!
-C;*)&(.=!&0!+$-.(F0!<)00-%!Q&B!)0!04-!-(+!$B!04-!+)2!&0!+&+(F0!-(+!5;!#-&('!)#$50!3$(.0%530&$(=!&0!
-(+-+!5;!#-&('!)#$50!4&.!<)04-<)0&3)*!04&(K&('=!04-!A)2!4-!*&K-.!0$!$%')(&.-!)(+!<)034=!
3*)..&B2!)(+!.$%0k&0!A).!)#$50!4&.!&(0-%-.0!&(!04$.-!04&('.=!A4&34!*-+!5.!$BB!&(!)!3$<;*-0-*2!$04-%!
A)2>R!!
!
,4&.!);;%$)34!-(.5%-.!04)0!.0)BB!)%-!)*A)2.!%-.;$(.&:-!0$!4$9!34&*+%-(!*-)%(=!($0!3$(3-(0%)0&('!
.$*-*2!$(*2!$(!A4)0!04-2!14$5#+)#-!*-)%(&('>!_5()&!N&+EF.!U&%-30$%!-C;*)&(.!4$A!%-.;$(.&:-(-..!
0$!34&*+%-(!&(:$*:-.!#-&('!)A)%-!$B!%$$<!+2()<&3.!0$!-(.5%-!04)0!04-!(--+.!$B!)**!34&*+%-(!)%-!
!
&+!
!
!
#-&('!<-0>!,4-!U&%-30$%!+-.3%&#-.!4$A!04-2!%-3-(0*2!(--+-+!0$!<)K-!)+E5.0<-(0.!0$!)!%$$<!0$!
-(.5%-!04)0!)!<$%-!+$<&()(0!34&*+!A).(F0!+&.%5;0&('!04-!$04-%.>!/0)BB!B&%.0!%-B*-30-+!$(!04-!
34&*+F.!&(0-%-.0.=!)(+!04-(!+-.&'(-+!)!.0%)0-'2!0$!<&(&<&.-!+&.%5;0&$(!0$!$04-%!34&*+%-(!#2!
-(.5%&('!04)0!4-!3$5*+!#-!$335;&-+!).!4-!-(0-%-+!04-!%$$<>!,4&.!&.!A$%K&('!.533-..B5**2=!#50!04-!
U&%-30$%!-C;*)&(.!04)0!#-&('!%-.;$(.&:-!0$!34&*+%-(!&.!)#$50!&(&0&)0&('!(-A!.0%)0-'&-.!).!(--+-+>!!
)
:/$&/*--'%&)!*1"+)$%),4'#+/"%N1)'%2"/"121)
G$35.&('!$(!34&*+%-(F.!&(0-%-.0.!A&04&(!;%$'%)<<&('!&.!:-%2!<534!)#$50!-<;*$2&('!)!.0%-('04.!
#).-+!);;%$)34!h!-..-(0&)**2!5(+-%.0)(+&('!04)0!34&*+%-(!*-)%(!#-.0!A4-(!04-2!)%-!&(0-%-.0-+!
)(+!-(')'-+!&(!)(!)30&:&02>!](-!U&%-30$%!-C;*)&(.!04&.!).!0)K&('!04-!*-)%(&('!0$!A4-%-!34&*+%-(F.!
.0%-('04.!)(+!&(0-%-.0.!)%-=!Q"(+!2$5!0-(+!0$!B&(+!04-!04&('.!04)0!04-2F%-!($0!:-%2!'$$+!)0!'-0!
B$35.-+!$(!A&04&(!04-.-!.0%-('04.k2$5!+$(F0!(--+!.&0!+$A(!)(+!0-)34!04-<!04&.!&.!%-+=!04&.!&.!
#*5-=!&0!A&**!3$<-!$(3-!04-2F%-!;)%0&3&;)0&('!&(!04&('.!04)0!04-2F%-!&(0-%-.0-+!&(!)(+!04-2!A)(0!0$!
.;-(+!0&<-!$(R!6M)A)%%)9>!,4&.!&(:$*:-.!Q$#.-%:&('!A4)0!34&*+%-(!)%-!04&(K&('=!($0!A4)0!04-2F%-!
+$&('R!6,"88"9>!!@2!)..-..&('!
34&*+%-(F.!-<$0&$(.!)(+!-(')'&('! :%0;43%&C0'70"BB4*7&B%+6'1,R&)''$"#"0''&"*1&I"<"00"&
A&04!04-<!&(!+&BB-%-(0!)30&:&0&-.!
8$$*)#)%$$F.! ;%$'%)<.! )%-! 34&*+P#).-+! )(+! %-;%-.-(0-+!
.0)BB!)%-!#-00-%!)#*-!0$!3$((-30!
04%$5'4! cA-#.F! $B! 04-<-.! %)04-%! 04)(! .;-3&B&3! )30&:&0&-.>!
A&04!34&*+%-(!)(+!#5&*+!5;$(!04-&%! 7+53)0$%.!.0)%0!A&04!)!3-(0%)*!04-<-!04%$5'4!A4&34!04-2!A)(0!
&(0-%-.0.!0$!4-*;!04-<!*-)%(!
0$! 0-)34! 3-%0)&(! 04&('.=! )(+! 04-(! B%$<! 04&.! #5&*+! )! A-#! $B!
+&BB-%-(0!-C;-%&-(3-.!)(+!)30&:&0&-.!B$%!04-!34&*+%-(>!G*-C&#&*&02!
6@&%%-*--=!b$$(&##)=!,"88"9>!!
A&04&(!04&.!)**$A.!B$%!.;$(0)(-$5.!*-)%(&('!)(+!34&*+P+&%-30-+!
!
-C;-%&-(3-.>! G$%! -C)<;*-! ')%+-(P#).-+! ;*)2! )(+! *-)%(&('!
/-%:&3-.!-C;*)&(!04)0!0$!-<#-+!
<&'40! 5(3$:-%! +&BB-%-(0! ;*)(0.! $%! 3%-)05%-.! 04)0! 3)(! 04-(! #-!
04&.!;%$3-..!&0!&.!&<;$%0)(0!0$!
-C;*$%-+!04%$5'4!B$**$AP5;!)30&:&0&-.!.534!).!)%0!$%!.0$%&-.>!,4-!
&(3$%;$%)0-!34&*+%-(F.!&(0-%-.0.!
U&%-30$%!4&'4*&'40.=!Q&0!E5.0!B*$A.!$(!B%$<!A4)0!04-!34&*+%-(!)%-!
)(+!&(;50!&(0$!04-!;%$'%)<!).!&0!&.!
&(0-%-.0-+!&(k604-%-F.9!)!#&0!<$%-!&(:$*:-<-(0!B%$<!04-!K&+.!h!
#-&('!A%&00-(>!,4&.!&(:$*:-.!
2$5! +$(F0! E5.0! .&0! +$A(! )(+! 04-! 0-)34-%! +-3&+-.! A4)0! A-F%-!
.4)%&('!Q04-!35%%&35*5<P<)K&('!
+$&('>R! /4-! $50*&(-.! 04-! #-(-B&0.! B$%! 34&*+%-(=! QA4-(! &0F.!
A&04!34&*+%-(>!/$!&0F.!+-B&(&0-*2!)!
.$<-04&('! 04-2F%-! &(0-%-.0-+! &(=! 04-2! #-3$<-! )! #&0! <$%-!
0A$PA)2!.0%--0>R!6@&%%-*--9>!G)<&*2! &(:$*:-+! )(+! 3$(3-(0%)0-+! #-3)5.-! &0F.! .$<-04&('! 04-2! A)(0!
&(;50!&.!)*.$!)(!&<;$%0)(0!;)%0!$B!
0$!K($A>R!
!
;%$'%)<<&('>!`)(2!.-%:&3-.!
M)A)%%)F.! .0)BB! +-<$(.0%)0-! &(0-(0&$()*! 0-)34&('! )(+!
50&*&.-!&(B$%<)*!+&.35..&$(.!A&04!
%-.;$(.&:-(-..! 0$! 34&*+%-(! #2! B$**$A&('! 04-! -<-%'-(0!
;)%-(0.!)(+!<$%-!.0%5305%-+!
35%%&35*5<! ;%&(3&;*-Z! #5&*+&('! 04-&%! *-)%(&('! ;%$'%)<! )%$5(+!
<-04$+.!0$!-(.5%-!04)0!04-&%!
34&*+%-(F.! &(0-%-.0.! )(+! .0%-('04.! A4&*.0! .0&**! &(3$%;$%)0&('!
&(;50!&.!%-3$%+-+!6`&(2)!@5(4&&=!
Q0-)34-%! *-+! -C;-%&-(3-.! )(+! &+-).=! )(+! 04&('.! 04)0! A-! 04&(K!
,"88"=!"#$%&'&()*!84&*+%-(F.!
04-2! (--+! 0$! *-)%(! )#$50>R! "! ;%$3-..! $B! 7$12P;%$'%)<<&('!
8-(0%-=!M);;-%)9>!G$%!-C)<;*-=!)0! %-B*-30.! -<-%'-(0! 35%%&35*5<! ;%&(3&;*-.>! ,4&.! &(:$*:-.! #5&*+&('!
,"88"=!.0)BB!%-'5*)%*2!).K!B)<&*&-.! $BB! .0%-('04.! $B! ;%-:&$5.! )30&:&0&-.! )(+! ;*)(.! A4-(! +-.&'(&('!
0$!#%&('!&(!;4$0$.!$B!+&BB-%-(0!
(-A! $(-.=! )(+! 04-(! .-00&('! 5;! )! *-)%(&('! -(:&%$(<-(0! 0$!
4$<-P#).-+!)30&:&0&-.=!)(+!04&.!
B)3&*&0)0-! 04&.>! /0)BB! )**$A! 04-! 34&*+%-(F.! &(0-%-.0.! )(+! )#&*&0&-.!
4-*;.!04-<!0$!-C0-(+!$(!04-.-!
0$!+&%-30!04-!B*$A!$B!)30&:&0&-.=!%-B*-30&('!$(!04-.-!)0!04-!-(+!$B!
-)34!+)2!)(+!04-(!%-3$%+&('!04-!;%$'%)<>!!
)30&:&0&-.!0$!%-&(B$%3-!34&*+%-(F.!
!
4$<-!*-)%(&('!)(+!&(0-%-.0.>!!
!
&"!
!
!
!
,4&.!);;%$)34!3)(!)*.$!$335%!+5%&('!)!
:3"(('$14*7R&!>))>&"*1&V21W"67"6B4"B4"&
;%$'%)<!323*-!#2!.;$(0)(-$5.*2!.3)BB$*+&('!
/0)BB!)0!,"88"!%-)*&.-+!04)0!)!(5<#-%!$B!34&*+%-(!
)30&:&0&-.!$BB!34&*+%-(F.!&(0-%-.0.!6.--!
A-%-! &(0-%-.0-+! &(! 3$(.0%530&$(! )(+! %-3)**&('!
M);;-%)9>!`)(2!.-%:&3-.!+-.3%&#-!04&.!).!)!
:)%&$5.!)30&:&0&-.!)0!4$<-!4-*;&('!;)%-(0.!0$!;)&(0!
;%$3-..!A4-%-!34&*+%-(F.!&(0-%-.0.!;%$<;0!
%$$<.=!#5&*+!)!+$**.!4$5.-!)(+!%-($:)0-!)!K&034-(>!
)(!&(&0&)*!)30&:&02=!)(+!+&.35..&$(.!A&04!
,4&.! ;%$<;0-+! .0)BB! 0$! +-.&'(! )! <$(04! *$('!
34&*+%-(!+5%&('!)(+!)B0-%!04&.!04-(!&(B$%<.!
;%$'%)<! B$35.! $(! c3$(.0%530&$(F>! 7+53)0$%.!
04-!(-C0!.0)'-!$B!04-!*-)%(&('!-C;-%&-(3->!
&(&0&)0-+! )(! -C35%.&$(! 0$! )! 4)%+A)%-! .0$%-! )(+!
,4&.!3$5*+!&(3*5+-!B5%04-%!)30&:&0&-.!.534!).!
)30&:&0&-.! B$35.&('! $(! #5&*+&('=! 3$(.0%530&('! )(+!
-C35%.&$(.=!)%0=!;*)2!+$5'4=!3$(.0%530&$(=!
+-3$(.0%530&('!04&('.!5.&('!%-)*!#5&*+&('!<)0-%&)*.!
.&('&('!$%!<5.&3=!'%$5;!+&.35..&$(.=!%-)+&('! .534! ).! 0&<#-%! )(+! %-323*-+! <)0-%&)*.>! /0)BB! )(+!
34&*+%-(! .5('! .$('.! )#$50! #5&*+&('! 0$! -(3$5%)'-!
)(+!.0$%2!0-**&('=!)(+!:&.&0$%.!0$!04-!3-(0%-!
34&*+%-(F.! 3$<<5(&3)0&$(=! +&.35..-+! +&BB-%-(0!
6_5(+$$=!8$$*)#)%$$=!,"88"=!`&(2)!
#5&*+&('! %$*-.! &(! 04-! .534! ).! %$)+! A$%K-%.! $%!
@5(4&&9>!!
+-.&'(-%.=!)(+!4)+!)!3$<<5(&02!<-<#-%!:&.&0!04-!
!
3-(0%-!0$!0)*K!)#$50!3$(.0%530&$(>!!
[-B*-30&('!34&*+%-(F.!&(0-%-.0.!&.!)!5.-B5*!
!
.0%)0-'2!0$!-(')'-!A&04!&(+&:&+5)*!34&*+%-(!
"0! _5+E)4')4<&)<&)! B&.4&('! &.! )! ;$;5*)%!
6@&%%-*--=!_5+E)4')4<&)<&)9>!@2!#5&*+&('!$(! 3$<<5(&02!)30&:&02=!)(+!.$!.0)BB!%-3-(0*2!;*)((-+!
)!34&*+F.!.0%-('04.!)(+!&(0-%-.0.!-+53)0$%.!
B$%!)%0!)30&:&0&-.!)%$5(+!04&.>!84&*+%-(!3%-)0-+!)(+!
3)(!.5;;$%0!04-&%!+-:-*$;<-(0!&(!)(!
45('! B&.4! &(! )! B&.4&('! (-0! +&.;*)2-+! &(! $(-! $B! 04-!
-(')'&('=!<-)(&('B5*!A)2>!"0!@&%%-*--=!.0)BB! %$$<.>! "! #-)34! -C35%.&$(! '):-! 34&*+%-(! 04-!
34)(3-! 0$! ')04-%! .4-**.! )(+! $04-%! .-)! <)0-%&)*.>!
5(+-%.0)(+!04)0!B$$0#)**!&.!)!45'-!
7+53)0$%.! B$35.-+! $(! .0$%&-.! )(+! ;&305%-.! 04)0!
3$<<5(&02!&(0-%-.0>!,4-!U&%-30$%!+-.3%&#-.!
%-*)0-+!0$!04-!.-)=!A4&34!;%$:&+-+!)!.0)%0&('!;$&(0!
04&.!).!Q5(+-%.0)(+&('!04-!35*05%-.!A&04&(!
B$%!34&*+%-(!)(+!.0)BB!0$!.4)%-!;-%.$()*!.0$%&-.!$(!
$5%!35*05%->R!/0)BB!50&*&.-!)(+!-<#%)3-!04&.!
04-!04-<->!"!B&.4!0)(K!A).!#%$5'40!&(!B$%!34&*+%-(!
&(!4$A!04-2!-(')'-!A&04!34&*+%-(>!G$%!
0$!$#.-%:-!)(+!*-)%(!0$!3)%-!B$%!B&.4>!,4-!U&%-30$%!
-C)<;*-=!$(-!34&*+!&.!;)..&$()0-*2!
B--*.! 04)0! 04&.! ;%$3-..! #-(-B&00-+! 34&*+%-(! #2!
&(0-%-.0-+!&(!B$$0#)**!)(+!)*%-)+2!)!K--(!
50&*&.&('! 04-&%! &(0-%-.0! 0$! -(3$5%)'-! 04-&%!
;*)2-%>!,4-!U&%-30$%!-C;*)&(.!04)0!A4&*.0!4-!
-(')'-<-(0!&(!)(+!*-)%(&('!B%$<!)!;%$'%)<>!
&.!0)*-(0-+!)0!B$$0#)**=!QA-!3)(F0!'-0!4&<!0$!
!
3$(3-(0%)0-!$(!$04-%!04&('.>!/$!A-!5.-!04-!B$$0#)**!h!A-!<)+-!5;!04&.!<)K-.4&B0!'$)*!)(+!A-!
4)+!0$!3$5(0!4$A!<)(2!0&<-.!4-!3$5*+!'-0!&0!&(>!/$!A-!'$0!c$(-=!0A$=!04%--=!B$5%!h!4)('!$(!
04-%-F.!)!B$5%!$(!<2!+&3-=!*-0F.!B&(+!&0>!]K!*-0F.!+$!&0!)')&(>!,4&.!0&<-!04-%-F.!)!.&C!$(!<2!+&3-=!
*-0F.!B&(+!&0F>!/$!2$5!E5.0!0)K-!04$.-!$;;$%05(&0&-.!)(+!2$5!:)*5-!04-<>R!
!
/-%:&3-.!&(0-%:&-A-+!+-<$(.0%)0-!)!.0%$('!)#&*&02!0$!&(3$%;$%)0-!&(0-(0&$()*!0-)34&('!<-04$+.!
A&04&(!04-&%!;%$'%)<<&('!B$%<)0.>!,4-.-!4):-!34)('-+!.$<-A4)0!A&04!04-!&(0%$+530&$(!$B!04-!
7MNG=!#50!.-%:&3-.!&(0-%:&-A-+!4):-!-(')'-+!A&04!04&.!&(!3%-)0&('!)(!)%%)2!$B!;%$'%)<<&('!
);;%$)34-.!)(+!0-<;*)0-.>!,4-.-!-()#*-!04-<!0$!3$(.0%530!)30&:&0&-.!)(+!-C;-%&-(3-.!04)0!
.3)BB$*+!$BB!34&*+%-(F.!&(0-%-.0.!)(+!.0%-('04.>!
!
&#!
!
!
!
[.9&J%"0*4*7&H*;40'*B%*+,&
!
N-)%(&('!-(:&%$(<-(0.!)%-!04-!.&C04!7MNG!;%)30&3-=!)(+!)!K-2!3$<;$(-(0!&(!+-*&:-%&('!-)%*2!
34&*+4$$+!-+53)0&$(>!,4-!7MNG!.-0.!$50!04)0!*-)%(&('!-(:&%$(<-(0.!.4$5*+!%-B*-30=!-(%&34!)(+!
%-.;$(+!0$!04-!*&:-.!)(+!&+-(0&0&-.!$B!34&*+%-(!)(+!B)<&*&-.!)0!)!.-%:&3-=!).!A-**!).!&(3$%;$%)0&('!
)(+!-(3$5%)'&('!04-&%!&(;50!&(0$!04-!+-.&'(>!]50+$$%!*-)%(&('!-(:&%$(<-(0.!)%-!<-(0&$(-+!).!
;%$:&+&('!5(&L5-!$;;$%05(&0&-.!B$%!$;-(P-(+-+!)(+!3%-)0&:-!;*)2!04)0!50&*&.-.!()05%)*!<)0-%&)*.>!
,4-!7MNG!+&.35..-.!4$A!%-.$5%3-.!.4$5*+!%-B*-30!()05%)*!B$%<.!)(+!<)0-%&)*.=!;%$:$K-!
34&*+%-(F.!3%-)0&:&02!)(+!)#.0%)30!04&(K&('=!)(+!)*.$!-(3$5%)'-!04-<!0$!+-:-*$;!-(:&%$(<-(0)*!
)A)%-(-..>!!!
!
/-%:&3-.!&(0-%:&-A-+!+&.35..!4$A!*-)%(&('!-(:&%$(<-(0.!)%-!;$A-%B5*!0$$*.!0$!.0&<5*)0-!
34&*+%-(F.!3%-)0&:&02=!&<)'&()0&$(=!;%$#*-<P.$*:&('!)(+!;42.&3)*!)30&:&02>!`)(2!.-%:&3-.!.;-)K!
;)..&$()0-*2!)#$50!04-!:)*5-!$B!5.&('!()05%)*!<)0-%&)*.!)(+!&(3$%;$%)0&('!()05%-!&(0$!04-&%!
$50+$$%!)(+!&(+$$%!-(:&%$(<-(0.>!G5%04-%<$%-=!.-%:&3-.!3$<<5(&3)0-!04)0!*-)%(&('!
-(:&%$(<-(0.!(--+!0$!#-!($(P.0)0&3!)(+!3$(.0)(0*2!-:$*:&('!0$!%-.;$(+!0$!04-!&(0-%-.0.!)(+!
(--+.!$B!&(+&:&+5)*!34&*+%-(=!)(+!0$!04-!+2()<&3.!$B!)!'%$5;!).!)!A4$*->!
!
?1'%&)%*25/*#)-*2"/'*#1)*%+)1"22'%&1)
`)(2!.-%:&3-.!.;-)K!$B!04-!&<;$%0)(3-!$B!+-.&'(&('!*-)%(&('!-(:&%$(<-(0.!04)0!-&04-%!<&<&3!
()05%)*!$50+$$%!-(:&%$(<-(0.!6_5+E)4')4<&)<&)=!_5(+$$=!^)*2'5%%9=!$%!50&*&.-!()05%)*!
<)0-%&)*.!0$!-(3$5%)'-!3%-)0&:-!;*)2>!"!(5<#-%!<-(0&$(-+!5.&('!()05%)*!$#E-30.!.534!).!.4-**.=!
A$$+=!.0$(-.=!;&(-!3$(-.!$%!'5<!(50.!0$!;%$<;0!34&*+%-(!0$!-C;*$%-!04-!<)0-%&)*.!)(+!
&(3$%;$%)0-!04-<!&(0$!B%--=!5(.0%5305%-+!;*)2!6_5(+$$=!_5()&!N&+E=!@&%%-*--=!M);;-%)=!b$$(&##)=!
_5+E)4')4<&)<&)=!8$('%-..9>!,4-.-!<)0-%&)*.!3)(!)*.$!#-!5.-+!&(!<$%-!.0%5305%-+!;*)2!.534!).!
)%0=!3$(.0%530&$(!$%!;*)2+$5'4!6_5+E)4')4<&)<&)=!b$$(&##)9!h!B$%!-C)<;*-!.-:-%)*!.-%:&3-.!
<-(0&$(!3$**-30&('!#)%K!0$!5.-!&(!#)%K!;)&(0&('!6_5()&!N&+E=!b$$(&##)9>!N-)%(&('!-(:&%$(<-(0.!
04-%-B$%-!)*.$!*&(K!5;!A&04!B$.0-%&('!34&*+%-(F.!.-(.-!$B!35*05%)*!&+-(0&02!)(+!0%)+&0&$()*!5.-.!$B!
*)(+!6.--!.-30&$(!S>?9>!!
!
"!(5<#-%!$B!.-%:&3-.!.-0!5;!()05%)*!-(:&%$(<-(0.!A&04&(!04-!3-(0%-!6^)*2'5%%=!
_5+E)4')4<&)<&)=!_5(+$$9>!G$%!-C)<;*-!_5+E)4')4<&)<&)!$B0-(!+-:-*$;.!.;)3-.!04)0!
%-3%-)0-!04-!*$3)*!#-)34!4)#&0)0=!5.&('!.)(+!)(+!<)%&(-!B*$0.)<>!,4&.!-(3$5%)'-.!34&*+%-(!0$!
5.-!04-&%!&<)'&()0&$(.!)(+!.-(.$%2!;-%3-;0&$(!0$!-C;*$%-!+&BB-%-(0!-(:&%$(<-(0.=!0-C05%-.!)(+!
.4);-.>!!
!
X.&('!.534!<)0-%&)*.!)(+!-(:&%$(<-(0.!4).!<)(2!#-(-B&0.!B$%!34&*+%-(>!](-!U&%-30$%!+-.3%&#-.!
4$A!04-2!4-*;!&(!Q3$((-30&('!34&*+%-(!#)3K!0$!3$5(0%2!)(+!0$!()05%-R!#-3)5.-!Q04-%-F.!.$!<534!
$50!04-%-!&(!04)0!()05%)*!-(:&%$(<-(0!0$!*&.0-(!0$=!0$!.--=!0$!0$534=!0$!.<-**>R!6"#$%&'&()*!
84&*+%-(F.!8-(0%-9>!,4-2!.5;;$%0!34&*+%-(!0$!+-:-*$;!%&34!&<)'&()0&$(.=!;%$#*-<P.$*:&('!.K&**.!
)(+!3%-)0&:&02>!".!^)*2'5%%F.&8$$%+&()0$%!&(+&3)0-.=!Q)!*$0!$B!;-$;*-!04&(K!2$5!(--+!%-.$5%3-.!0$!
4):-!)!.-%:&3-!%5((&('=!A4-%-).!)!*$0!$B!04-.-!K&+.!A$5*+!5.-!)!.0&3Kk)(+!;%-0-(+!04)0!04-2F%-!
!
&$!
!
!
B&.4&('>R!,4&.!0-)34-.!34&*+%-(!0$!5.-!04-&%!&<)'&()0&$(!0$!3%-)0-!;*)2=!&(.0-)+!$B!%-*2&('!$(!04-!
-(:&%$(<-(0!)(+!0$2.>!"($04-%!U&%-30$%!&**5.0%)0-.!4$A!.4-!%-3-(0*2!$#.-%:-+!)!2$5('!'&%*!
3$**-30&('!c;&3K*-.F!B$%!04-!K&034-(!h!)3$%(.!B%$<!)!0%--!h!A4-%-!#-B$%-!.4-!A$5*+!4):-!#--(!
5.&('!;*).0&3!K&034-(!0$2.>!,4-.-!-C)<;*-.!+-<$(.0%)0-!4$A!5.&('!()05%)*!<)0-%&)*.!34)**-('-.!
34&*+%-(!0$!-C;*$%-!A4)0!.$<-04&('!,$5#+!#-=!&(.0-)+!$B!A4)0!&0!'1>!!
!
/534!-(:&%$(<-(0.!)(+!<)0-%&)*.!3)(!)*.$!0-)34!34&*+%-(!04)0!&(-C;-(.&:-!;$..-..&$(.!3)(!#-!
.;-3&)*!)(+!(--+!0$!#-!*$$K-+!)B0-%>!".!@&%%-*--F.!U&%-30$%!+-.3%&#-.!4$A!Q\-!4):-!:-%2!
;%-3&$5.!%$3K.!04)0!A-!B$5(+!04)0!A-!A).4-+=!)(+!04-2!+&+(F0!3$.0!5.!)(204&('k,4-2F%-!;50!&(!
)!#-)50&B5*!A$$+-(!#).K-0=!)(+!04-!A)2!04-.-!%$3K.!)%-!0%-)0-+!2$5F+!04&(K!A-!;)&+!)!<&**&$(!
+$**)%.!B$%!04-<>!/$!&0F.!)#$50!%-.;-30>R!!
!
;52+$$/)#"*/%'%&)"%0'/$%-"%21)
]50+$$%!*-)%(&('!-(:&%$(<-(0.!)%-!+-.3%&#-+!#2!<)(2!.-%:&3-.!).!.;)3-.!&(!A4&34!0$!
-(3$5%)'-!34&*+%-(F.!;42.&3)*!)30&:&02=!;%$#*-<P.$*:&('!)(+!&(:-.0&')0&:-!.K&**.!6"#$%&'&()*!
84&*+%-(F.!8-(0%-=!^)*2'5%%=!`&(2)!@5(4&&9>!,4-!U&%-30$%!$B!04-!"#$%&'&()*!84&*+%-(F.!8-(0%-!
+-.3%&#-.!04-&%!$50+$$%!.;)3-!).!)!*-)%(&('!-(:&%$(<-(0&&(!&0.-*B>!84&*+%-(!3)(!-C;-%&-(3-!
+&BB-%-(0!0-C05%-.!04%$5'4!'%):-*!)(+!.)(+!.5%B)3-.=!.0$(-!.0-;.!;%$:&+-!)!3*&<#&('!B%)<-=!)(+!
34)**-('-.!)%-!;%$:&+-+!&(!04-!B$%<!$B!A$$+!)(+!%$3K.!0$!3*&<#!$:-%>!1(.;&%-+!#2!04-!;4&*$.$;42!
$B!8*)&%-!\)%+-(!)(+!04-!/3$00&.4!()05%-!K&(+-%')%0-(.=!.0)BB!)%-!-C;*$%&('!A)2.!0$!)**$A!
34&*+%-(!0$!-C;-%&-(3-!()05%-!&(!)**!A-)04-%>!,4-.-!-C;-%&-(3-.!3$(0%2-!0$!34&*+%-(!B--*&('!
3'**%3+%1&+'&+6%40&<'0$1!#-&('!Q]50!$(!3$5(0%2=!*-)%(&('!B%$<!-)34!$04-%=!*-)%(&('!)#$50!
()05%-F.!*-..$(.=!)#$50!04-!0%--.=!04-!*-):-.=!04-!#5.4=!04-!3$5(0%2=!04-!#5.4!053K-%>R!]50+$$%!
*-)%(&('!-(:&%$(<-(0.!3)(!04-%-B$%-!#-!&<;$%0)(0!.;)3-.!0$!%-B*-30!04-!*$3)*!35*05%-!)(+!
-(:&%$(<-(0!6N5**)F.=!`&(2)!@5(4&&9=!B$%!-C)<;*-!)0!`&(2)!@5(4&&!)!.-;)%)0-!)%-)!$B!04-!;*)2!
.;)3-!;%$:&+-.!)!5(&L5-!35*05%)*!-(:&%$(<-(0!&(!A4&34!34&*+%-(!3)(!*-)%(!)#$50!0%)+&0&$()*!
B$$+.!)(+!3%)B0.!6).!+&.35..-+!&(!.-30&$(!S>?9>!
!
A",$%12/5,2'%&)!*//'"/1)9'24'%)#"*/%'%&)"%0'/$%-"%21)
!"!(5<#-%!$B!.0)BB!)*.$!3$<<-(0!04)0!04-2!4):-!0%&-+!0$!+-3$(.0%530!#)%%&-%.!A&04&(!04-&%!
*-)%(&('!-(:&%$(<-(0.!h!.534!).!04-!+&:&+-!#-0A--(!$50+$$%!)(+!&(+$$%!*-)%(&('!.;)3-.>!
,4%$5'4!04&.!04-2!.--K!0$!'&:-!34&*+%-(!34$&3-!$:-%!A4-%-!04-2!A)(0!0$!;*)2!P!%-.;$(+&('!0$!
04-&%!*-)%(&('!(--+.!)(+!&(0-%-.0.!6^)*2'5%%=!M)A)%%)9>!G$%!-C)<;*-!)0!M)A)%%)=!.0)BB!B&(+!04)0!Q"!
*$0!$B!$5%!34&*+%-(!+$!;%-B-%!0$!#-!$50.&+-!B$%!<$.0!$B!04-!0&<-=!.$!&0F.!E5.0!0%2&('!0$!A$%K!$50!
A)2.!04)0!A-!3)(!;%$:&+-!B$%!)**!04-&%!)%-).!$B!
>*&'C%*&%*;40'*B%*+R&T''*4##"&
+-:-*$;<-(0!A4&*-!04-2F%-!$50.&+->!,%2&('!0$!
b$$(&##)! &.! 5(&L5-! &(! :&-A&('! 04-&%! -(0&%-! .;)3-! .-0!5;!04-!%$$<=!<)K-!(-A!A)2.!0$!*&(K!04-!
).! )! *-)%(&('! -(:&%$(<-(0! P! 34&*+%-(! )%-! )**$A-+! &(.&+-!)(+!$50.&+-!;*)2=!.$!04)0!&B!04-2!A)(0!0$!
)(+!-(3$5%)'-+!0$!-C;*$%-!04-!-(0&%-!.-%:&3->!,4-!
#-!$50.&+-!04-2!3)(=!)(+!A-F%-!($0!0-**&('!
U&%-30$%! B--*.! 04)0! 04&.! &.! )#$50! '&:&('! 34&*+%-(!
04-<!3$(.0)(0*2!$K!2$5!(--+!0$!#-!&(.&+-!($A=!
34$&3-! $:-%! A4&34! *-)%(&('! -(:&%$(<-(0! 04-2!
A&.4! 0$! -(')'-! A&04! h! B$%! -C)<;*-! &B! 04-2! A)(0! $%!2$5!4):-!0$!#-!$50.&+-!($A>!/$!A-F%-!0%2&('!
L5&-0!0&<-!)A)2!B%$<!04-!$04-%!34&*+%-(!04-2!3)(! 0$!B&(+!A)2.!0$!<)K-!$5%!;%$'%)<!A$%K!.$!
04)0!04-!34&*+%-(!4):-!04-!34$&3-!$B!A4)0!)%-)!
34$$.-!0$!;*)2!A&04!04-!0$2.!&(!04-!$BB&3->!!
A$%K.!B$%!04-<>R!!
!
!
&%!
!
!
!
!
/$<-!3-(0%-.!3%-)0-!04-&%!*-)%(&('!-(:&%$(<-(0.!0$!0)K-!&(0$!)33$5(0!04-!%$$<!+2()<&3.!
6_5()&!N&+E=!8$('%-..9>!G$%!-C)<;*-=!)0!_5()&!N&+E!.0)BB!4):-!%-3-(0*2!%-:&-A-+!4$A!0$!.-0!5;!
04-&%!*-)%(&('!-(:&%$(<-(0.!0$!*$A-%!%$$<!($&.-!*-:-*.!)(+!0$!;%$:&+-!34&*+%-(!A&04!34$&3-.!$B!
L5&-0-%!)%-).>!](-!%$$<!($A!4).!)!A$$+-(!B%)<-!+%);-+!A&04!<)0-%&)*!.$!04)0!34&*+%-(!3)(!
34$$.-!0$!0)K-!04-<.-*:-.!$50!$B!)!($&.&-%!-(:&%$(<-(0!0$!)!3)*<-%!.;)3->!,4-!3-(0%-!&.!)*.$!
.-00&('!5;!(-A!0)#*-.!0$!)**$A!34&*+%-(!0$!;)%0&3&;)0-!&(!.-*BP+&%-30-+!)30&:&0&-.=!).!.0)BB!B--*!04)0!
04&.!&.!&<;$%0)(0!0$!)**$A!34&*+%-(!0&<-!$(!04-&%!$A(!)(+!)!#%-)K!B%$<!.0)BB!)(+!$04-%!34&*+%-(>!
!
P"*/%'%&)"%0'/$%-"%21)24*2)/"3#",2),4'#+/"%N1)'%2"/"121!
"**!.-%:&3-.!+-.3%&#-!4$A!04-&%!*-)%(&('!-(:&%$(<-(0.!)%-!3%-)0-+!0$!%-B*-30!34&*+%-(F.!&(0-%-.0.>!
"0!,"88"!.0)BB!B$35.!$(!;%$:&+&('!+&BB-%-(0!*-)%(&('!$;;$%05(&0&-.!)(+!-(:&%$(<-(0.!B$%!
34&*+%-(!A&04&(!04-!$(-!.;)3->!7+53)0$%.!B$35.!$(!A4)0!04-2!A)(0!0$!B)3&*&0)0-!04%$5'4!)(!
-(:&%$(<-(0=!)(+!%-B*-30!$(!04-!:)%&-02!$B!-C;-%&-(3-.!04)0!04-!34&*+%-(!3$5*+!'-0!$50!$B!04-!
)30&:&02>!!
:C"3%&('0&F24%+&+4B%R&)'*70%,,&
!
8$('%-..! 4).! ;)&+! ;)%0&35*)%! )00-(0&$(! 0$! +-.&'(&('! 04-&%! "!B5%04-%!&<;$%0)(0!-*-<-(0!
*-)%(&('! -(:&%$(<-(0.! 0$! )33$<<$+)0-! 04-&%! B)<&*2! +&.35..-+!#2!.-%:&3-.!&.!04)0!
'%$5;! .-00&('>! ,$! <--0! 04-! 34)**-('-! $B! <5*0&;*-! )'-.! &(!
-(:&%$(<-(0.!(--+!0$!#-!+-.&'(-+!0$!
$(-! .-00&('=! 04-2! 4):-! +-.&'(-+! -(:&%$(<-(0.! 04)0! 3)0-%!
)**$A!<$+&B&3)0&$(!04%$5'4$50!04-!
0$! )(2! )'-! '%$5;=! )(+! 4):-! $;-(-+! 04-! 3-(0%-! 5;! .$!
34&*+%-(!)%-!B%--!0$!;*)2!&(+$$%.!$%!$50+$$%.>!1(&0&)**2!04-2! +)2!6M);;-%)=!_5+E)4')4<&)<&)9>!G$%!
B$5(+! 04)0! #2! 4):&('! )**! )30&:&0&-.! ):)&*)#*-! &(! )**! %$$<.! -C)<;*-=!&B!34&*+%-(!)%-!$#.-%:-+!0$!
.$<-! )30&:&0&-.! A-%-(F0! '-00&('! 5.-+=! ).! 04-! U&%-30$%! #-!*-..!-(')'-+!&(!)(!)30&:&02!04-(!
-C;*)&(.! Q#-3)5.-! 04-%-! A).(F0! -($5'4! $B! 04-<! &(! -:-%2! 04-!-+53)0$%.!Q(--+!0$!%-B*-30!)(+!
%$$<! )(+! 04-%-! A).(F0! )! '$$+! .;)3-R>! ,4-2! 04-%-B$%-! *$$K!)0!A4)0!4).!4);;-(-+=!A4)0!
%-+-.&'(-+! 04-&%! );;%$)34! 0$! 3%-)0-! .;-3&)*&.-+! %$$<.! 04-2!(--+!0$!+$!+&BB-%-(0*2k0$!#-!
A&04&(! 04-! 3-(0%->! ,4-2! 04-%-B$%-! %-+-.&'(-+! 04-&%! )#*-!0$!:)%2!04-&%!-(:&%$(<-(0!0$!
);;%$)34! 0$! 3%-)0-! .;-3&)*&.-+! %$$<.! A&04&(! 04-! 3-(0%-=! -(')'-!04-&%!34&*+%-(>R!6M);;-%)9>!
&(3*5+&('!%$$<.!B$%!3%-)0&:-!)%0.=!)!.3&-(0&B&3!+&.3$:-%2!)(+! N-)%(&('!-(:&%$(<-(0.!)%-!)*.$!.-0!
3$(.0%530&$(=! B&(-%! )%0.=! )(+! )! %$$<! B$%! L5&-0-%! )30&:&0&-.!
5;!0$!%-B*-30!)(!$('$&('!)30&:&02!
)(+!B&(-%!3$'(&0&:-!A$%K>!\4&*.0!04-2!4):-!)!.0)(+)%+!A)2!
34&*+%-(!<)2!#-!-(')'-+!&(!$:-%!+)2.!
04)0! -)34! %$$<! &.! .-0! 5;=! -+53)0$%.! -C;*$%-! A4)0! 04-2!
(--+! 0$! )++=! 0)K-! )A)2! $%! 34)('-! 0$! -(4)(3-! 04-! $%!)!A--K>!G$%!-C)<;*-!)0!,"88"=!
34&*+%-(F.! -C;-%&-(3-! &(! 04&.! )%-)! )33$%+&('! 0$! 04-&%! +5%&('!)!%-3-(0!B$35.!$(!3$(.0%530&$(!
&(0-%-.0>! G$**$A&('! .0)BB! 0%)&(&('! $(! #%)&(! +-:-*$;<-(0! 04-!&(+$$%!-(:&%$(<-(0!A).!)+);0-+!
)(+! 0%)5<)=! .0)BB! )+E5.0-+! 04-! -(:&%$(<-(0! 0$! )BB$%+! .$!04)0!04-!c4$<-!3$%(-%F!A).!
34&*+%-(! A&04! $;;$%05(&0&-.! B$%! 0&<-! $50! +5%&('! 04-! +)2>! 34)('-+!0$!)!cA$%K.4$;F!A&04!
84&*+%-(!)%-!B%--!0$!'$!$50.&+-=!$%!0$!'$!0$!)!L5&-0!.;)3->! %-*-:)(0!0$$*.!)(+!+%-..!5;.!.534!).!
,4-!U&%-30$%!#-*&-:-.!04)0!04&.!&.!:&0)*!B$%!34&*+%-(=!0$!4):-! 4-*<-0.=!-)%!<5BB.!)(+!4&'4!:&.&#&*&02!
0&<-! A4-(! 04-2! 3)(! A&04+%)A! )(+! #-! L5&-0=! )(+! )*.$! 0$! :-.0.>!8$(.0%530&$(P04-<-+!#$$K.!
4):-!3$(0%$*!$:-%!04-&%!-(:&%$(<-(0!)(+!A4-%-!04-2!A)(0! )(+!;5mm*-.!A-%-!&(3*5+-+=!)(+!04-!
0$! #->! /4-! 3$<<-(0.! 04)0! Q1! 04&(K! 04)0F.! )($04-%! $(-! $B!
$50+$$%!)%-)!5;+)0-+!0$!&(3*5+-!
04-! %-).$(.! A42! .$<-! $B! 04-! #-4):&$5%! &..5-.! 4):-!
3$(.0%530&$(!<)0-%&)*.!.534!).!
+&.);;-)%-+! 0$$=! .$! 04)0! 34&*+%-(! A4$! A)(0! 0$! #-! #2!
A&034-.!4)0.>!
04-<.-*:-.!3)(!)305)**2!B&(+k)!L5&-0!.;)3-!%&'40!)A)2>R!
!
!!
&&!
!
!
!
5'14(84*7&$%"0*4*7&%*;40'*B%*+,R&U400%$%%&
]:-%!04-!*).0!.-:-%)*!2-)%.!@&%%-*--!4).!4)+!)!3$(3-%0-+!B$35.!$(!04-&%!*-)%(&('!-(:&%$(<-(0>!,4-!
U&%-30$%!+-.3%&#-.!4$A!;%-:&$5.*2!Q04-!-(:&%$(<-(0!+&+(F0!.4$A!%-.;-30!B$%!04-!34&*+%-(!)0!)**k&0!
.4$A-+!:-%2!*&00*-!04)0!%-.;-30-+!)(2$(->R!/0)BB!#-')(!04&.!%-+-:-*$;<-(0!;%$3-..!A&04!)(!)30&$(!
%-.-)%34!;%$E-30!B$35.&('!$(!04-&%!3-(0%-=!&(3*5+&('!)!:&.&0!0$!)(+!'5&+)(3-!B%$<!`&)P`&)!84&*+!)(+!
G)<&*2!/05+2!8-(0%-!&(!/2+(-2!0$!#5&*+!04-&%!K($A*-+'-!)#$50!-(:&%$(<-(0.>!,4-!U&%-30$%!+-.3%&#-.!
04)0!04&.!QA).(F0!)#$50!&<&0)0&('!$%!%-3%-)0&('!&0=!&0!A).!)#$50!04-!;$..&#&*&0&-.!$B!A4)0!2$5!A)(0-+!
)(+! 4$A! 0$! )34&-:-! &0>R! @&%%-*--! ($A! B$**$A.! 04-! ;4&*$.$;42! 04)0! 04-! -(:&%$(<-(0! &.! *&K-! )! 04&%+!
0-)34-%=!04)0!Q1B!2$5!;*)(!2$5%!-(:&%$(<-(0!%-)**2!A-**!&0!0-)34-.!P!&0!0)K-.!$(!)(!-+53)0$%F.!%$*->R!
,4-! U&%-30$%! B&%<*2! #-*&-:-.! 04)0! 04-! 3)%-! )(+! *$:-! 04)0! &.! -C4&#&0-+! &(! )(! -(:&%$(<-(0! .4$A.!
34&*+%-(!04)0!04-2!)%-!)*.$!3)%-+!B$%!)(+!*$:-+=!)(+!04)0!04-2!)*.$!(--+!0$!+-<$(.0%)0-!04&.!0$A)%+.!
04-!.;)3->!/4-!+-.3%&#-.!4$A!Q7:-%204&('!&.!;*)3-+!#-)50&B5**2!)(+!A&04!3)%->R!!
!
,4-! U&%-30$%! -C;*)&(.! 04)0! 04-&%! -(:&%$(<-(0! B$35.! &.! )(! $('$&('! E$5%(-2>! /4-! B--*.! 04)0! 04-!
-(:&%$(<-(0!3)(!#-!)!;$A-%B5*!<$0&:)0&$(!B$%!.0)BB=!-C;*)&(&('!4$A!.4-!%-3-(0*2!%-B%-.4-+!<)(2!$B!
04-&%!*-)%(&('!)%-).!)(+!04)0!04&.!4)+!)!;$.&0&:-=!<$0&:)0&('!-BB-30!$(!.0)BB>!,4&.!.0&<5*)0-+!04-!.0)BB!
0$!04&(K!5;!(-A!&+-).!B$%!04-!.;)3-=!)(+!&(.;&%-+!$(-!-+53)0$%!0$!)+E5.0!04-!-(0%)(3-!)%-)!0$!3%-)0-!
)! A-*3$<&('! .;)3-! B$%! B)<&*&-.! 0$! .&0! )(+! .4)%->! ,4-! U&%-30$%! .0)0-.! 4$A! Q04)0! E5.0! .4$A.! 4$A!
;$A-%B5*!)!<-..)'-!)(!-(:&%$(<-(0!3)(!.-(+=!)(+!604-!-+53)0$%9!5(+-%.0$$+!04)0!)(+!.$!3%-)0-+!
04)0! &(! 4-%! A$%K! )%-)>R! /4-! +-.3%&#-.! 4$A! 3%-)0&('! )! #-)50&B5*! *-)%(&('! -(:&%$(<-(0! &.! )#$50!
.4$A&('!34&*+%-(!Q04-!%-.;-30!A-!4):-!B$%!04-<!A4-(!A-!%-.;-30!04-&%!;*)2!.;)3->!"(+!04-!34&*+%-(!
04-(! 0)K-! $(! 04)0! %-.;-30>! ,4-2! 04-(! ;)3K! &0! )A)2=! )(+! 04-2! 04-(! %-.;-30! 04-<.-*:-.>! /$! &0F.! 04&.!
A4$*-!323*->R!
!
G$%!.$<-!.-%:&3-.=!04-!7MNG!4).!;%$<;0-+!)!(-A!);;%$)34!)(+!<-04$+!$B!3$(.0%530&('!*-)%(&('!
!
-(:&%$(<-(0.>!G$%!$04-%.=!*-)%(&('!-(:&%$(<-(0.!4):-!#--(!)!B$35.!$B!-(')'-<-(0!B$%!.$<-!
0&<->!"**!.-%:&3-.!+-<$(.0%)0-!)!3$<;%-4-(.&:-!5(+-%.0)(+&('!$B!04-!(--+!B$%!*-)%(&('!
-(:&%$(<-(0.!0$!#-!#).-+!$(!34&*+%-(F.!&(0-%-.0.=!)(+!0$!%-B*-30!04-!+2()<&3.!$B!)!%$$<!)(+!
'%$5;>!7+53)0$%.!)*.$!.;-)K!$B!04-!:)*5-!$B!*-)%(&('!-(:&%$(<-(0.!&(!-(')'&('!34&*+%-(F.!
.-(.$%2=!<$0$%!.K&**.=!3%-)0&:-!)(+!3$'(&0&:-!)%-).!$B!+-:-*$;<-(0>!"!(5<#-%!$B!.-%:&3-.!
-<;4).&.-!04-&%!5.-!$B!()05%)*!<)0-%&)*.!)(+!3$.0P-BB-30&:-!A)2.!0$!3%-)0-!&<)'&()0&:-!)(+!
-(')'&('!*-)%(&('!-(:&%$(<-(0.>!!
!
&'!
!
!
!
[.D&>,,%,,B%*+&('0&J%"0*4*7&
&
,4-!7MNG!.-0.!$50!04)0!)..-..<-(0!B$%!*-)%(&('!&.!)!323*&3)*!;%$3-..!04)0!-(0)&*.!')04-%&('!)(+!
)()*2.&('!&(B$%<)0&$(!)#$50!34&*+%-(F.!)#&*&0&-.=!K($A*-+'-!)(+!5(+-%.0)(+&('.=!A&04!04-!B&:-!
7MNG!$503$<-.!.-%:&('!).!K-2!%-B-%-(3-!;$&(0.>!"..-..<-(0!3)(!#-!+$(-!&(!)!:)%&-02!$B!A)2.>!!
\4&*.0!<534!$B!04-!+$35<-(0)0&$(!B$35.!&.!(-A!5(+-%!04-!7MNG=!.-%:&3-.!&(0-%:&-A-+!+&.;*)2!)!
3);)3&02!0$!)+);0!04-&%!);;%$)34-.!0$!B$35.!$(!04-!7MNG!;%)30&3-!$B!)..-..<-(0!B$%!*-)%(&('!
04%$5'4!;%$3-..-.!$B!&(B$%<)0&$(!')04-%&('=!)()*2.&.!)(+!;%-.-(0)0&$(>!"**!.-%:&3-.!
+-<$(.0%)0-!04-&%!3$<;-0-(3-!&(!-(')'&('!A&04!:)%&$5.!0$$*.!.534!).!*-)%(&('!.0$%&-.=!
&(+&:&+5)*!34&*+!;$%0B$*&$.!)(+!;4$0$.!0$!3);05%-!34&*+%-(F.!*-)%(&('>!,4-!<-04$+.!+&.35..-+!
#-*$A!4-*;!.-%:&3-.!0$!#-00-%!3$<<5(&3)0-!)!34&*+F.!;%$'%-..!)(+!+-:-*$;<-(0!0$!04-&%!
;)%-(0.=!A4&34!&(!05%(!-()#*-.!-+53)0$%.!)(+!;)%-(0.!0$!+-:-*$;!.0%)0-'&-.!B$%!;)%-(0.!0$!)..&.0!
04-&%!34&*+!$50.&+-!04-!.-%:&3-=!045.!-()#*&('!3$(0&(5&02!$B!*-)%(&('!)(+!;)%0(-%.4&;.!A&04!
;)%-(0.!6M);;-%)=!_5+E)4')4<&)<&)=!"#$%&'&()*!84&*+%-(F.!8-(0%-=!8$$*)#)%$$=!,"88"9>!,4-.-!
<-04$+.!)%-!)*.$!:&0)*!&(!&(B$%<&('!04-!(-C0!;*)((&('!;%$3-..>!!
&
P"*/%'%&)12$/'"1)
)"C+204*7&0%($%3+4'*,&+60'276'2+&+6%&1"8R&
"!:).0!(5<#-%!$B!.-%:&3-.!<-(0&$(!5.&('!
!>))>&
*-)%(&('!.0$%&-.!0$!3);05%-!34&*+%-(F.!
,"88"! 4).! )! ;)%0&35*)%! .0%)0-'2! B$%! <)K&('!
-C;-%&-(3-.!)(+!+-:-*$;<-(0!6"#$%&'&()*!
$#.-%:)0&$(.=!K--;&('!)!*)%'-!($0-#$$K!&(!04-!<)&(!
84&*+%-(F.!8-(0%-=!_5+E)4')4<&)<&)=!
%$$<! 0$! +$35<-(0! -+53)0$%F.! 04$5'40.! )#$50!
_5(+$$=!8$$*)#)%$$=!^)*2'5%%=!8$('%-..=!
34&*+%-(F.! *-)%(&('>! V):&('! 04&.! -).&*2! )33-..&#*-!
N5**)F.=!M);;-%)9>!_%$5;!$%!&(+&:&+5)*!
<-)(.! 04)0! $#.-%:)0&$(.! 3)(! #-! %-3$%+-+! ).! 04-2!
*-)%(&('!.0$%&-.!&(3$%;$%)0-!;4$0$.!)(+!)!
4);;-(! )(+! 3)(! 04-(! B--+! &(0$! ;%$'%)<<&('! )(+!
34&*+%-(F.! ;$%0B$*&$.! -)34! +)2>! ,4-.-! $#.-%:)0&$(.!
+-.3%&;0&$(!$B!)(!)30&:&02!)(+!04-!
)%-! .4)%-+! A&04! B)<&*&-.! $(! )! +)&*2! #).&.>! @-3)5.-!
3$%%-.;$(+&('!*-)%(&('!-C;-%&-(3-=!A4&34!
.0)BB! +$! ($0! B--*! ;%-..5%-! 0$! %-3$%+! )! 3$<<-(0!
3)(!#-!3%-)0-+!B%$<!+)&*2!($0-.!)(+!
)#$50! -:-%2! 34&*+! -:-%2! +)2=! 04-! B$35.! &.! $(! 04-!
$#.-%:)0&$(.>!,4-2!3)(!)*.$!&(3*5+-!B$**$AP
:)*5-!$B!04-!$#.-%:)0&$(.!%)04-%!04)(!04-!L5)(0&02=!
5;!-C;-%&-(3-.=!-+53)0$%!-:)*5)0&$(.!)(+!
)(+!3)(!;%$:&+-!)!#)*)(3-+!:&-A!$B!04-!+)2>!".!$(-!
3$<<-(0.!B%$<!34&*+%-(!)(+!B)<&*&-.!
-+53)0$%!+-.3%&#-.=!&0F.!)#$50!3);05%&('!Q;)%0&35*)%!
6^)*2'5%%9>!`)(2!.-%:&3-.!B--*!04)0!04-2!)%-!)! <$<-(0.! $B! 04-! +)2! 04)0! %-)**2! .0$$+! $50! 0$! -)34!
5.-B5*!)(+!-(')'&('!0$$*!0$!.4)%-!A&04!
3)%-%>!10!'&:-.!04-!A4$*-!0-)<F.!:&-A!$(!)!+)2k($0!
;)%-(0.!)(+!B)<&*&-.!6_5+E)4')4<&)<&)=!
E5.0!$(-!;-%.$(!A%&0&('!+$A(!A4)0!04-2!04&(K>R!
8$('%-..=!"#$%&'&()*!84&*+%-(F.!8-(0%-=!
!
8$$*)#)%$$=!M);;-%)9=!)(+!)%-!$B0-(!+&.;*)2-+!)#$50!04-!3-(0%-!h!&(3*5+&('!)0!-2-!*-:-*!.$!04)0!
34&*+%-(!3)(!)*.$!:&-A!04-<!6_5+E)4')4<&)<&)9>!!
!
/-:-%)*!.-%:&3-.!3%-)0-!.;-3&B&3!*-)%(&('!.0$%&-.!*&(K&('!0$!K-2!7MNG!)(+!+-:-*$;<-(0!$503$<-.!
6_5+E)4')4<&)<&)=!8$$*)#)%$$=!8$('%-..=!^)*2'5%%9>!"0!8$$*)#)%$$!;4$0$.!0)K-(!&(!04-!#)#&-.F!
%$$<!A-%-!&(3*5+-+!&(!)!%-3-(0!#$$K!+-:-*$;-+!#2!)(!-+53)0$%=!.4$A3).&('!04-!+&BB-%-(0!
+-:-*$;<-(0!'%$5;.!)(+!3$%%-.;$(+&('!;&305%-.!$B!04-!34&*+%-(!-(')'-+!&(!)30&:&0&-.!04)0!
.5;;$%0!04-.->!!_5+E)4')4<&)<&)!.0)BB!3%-)0-!*-)%(&('!.0$%&-.!04)0!)%-!.;-3&B&3!0$!04-!B&:-!7MNG!
!
&(!
!
!
$503$<-.>!,4-.-!;%$:&+-!)!#%&-B!+-.3%&;0&$(!$B!04-!$503$<-!)(+!)!:&.5)*!%-;%-.-(0)0&$(!
04%$5'4!)!;4$0$>!,4-.-!$503$<-P#).-+!*-)%(&('!.0$%&-.!4-*;!.0)BB!%-B*-30!$(!04-!$503$<-.!04-2!
)&<!0$!)34&-:-!B$%!34&*+%-(=!#50!)*.$!4-*;!;)%-(0.!0$!5(+-%.0)(+!04-&%!34&*+F.!+-:-*$;<-(0!&(!
04-!3$(0-C0!$B!04-!7MNG!$503$<-.>!N-)%(&('!.0$%&-.!$B0-(!&(3$%;$%)0-!04-!34&*+%-(F.!:$&3-=!)(+!
.-:-%)*!.-%:&3-.!4):-!&(.0&')0-+!&(&0&)0&:-.!0$!A$%K!A&04!;)%-(0.!0$!3);05%-!04&.!6^)*2'5%%=!`&(2)!
@5(4&&=!8$('%-..9>!G$%!-C)<;*-=!)0!^)*2'5%%!.0)BB!4):-!+-:-*$;-+!)!.&<;*-!*-)%(&('!.0$%2!
0-<;*)0-!B$%!;)%-(0.!0$!0)K-!4$<-!)(+!3$<;*-0-!).!)!A)2!$B!'-00&('!04-<!<$%-!&(:$*:-+!&(!
04-&%!34&*+F.!*-)%(&('>!
)
:$/23$#'$1))
1(+&:&+5)*!34&*+!;$%0B$*&$.!)%-!<-(0&$(-+!#2!04-!<)E$%&02!$B!.-%:&3-.!6^)*2'5%%=!_5(+$$=!N5**)F.=!
_5()&!N&+E=!_5+E)4')4<&)<&)=!b$$(&##)=!8$('%-..=!`&(2)!@5(4&&=!M)A)%%)=!M);;-%)=!,"88"9>!
/-%:&3-.!+-.3%&#-!4$A!04-.-!)%-!)!%-3$%+!$B!-)34!34&*+F.!*-)%(&('!)(+!-C;-%&-(3-.!$:-%!04-!2-)%=!
)(+!)%-!5;+)0-+!%-'5*)%*2!0$!&(3*5+-=!)<$('.0!$04-%!04&('.=!;4$0$.=!$#.-%:)0&$(.=!)%0A$%K=!
*-)%(&('!.0$%&-.!)(+!)..-..<-(0.>!,4-.-!)%-!'&:-(!0$!;)%-(0.!)0!04-!-(+!$B!04-!2-)%>!,4-2!)%-!
.$<-0&<-.!3%-)0-+!&(!3$**)#$%)0&$(!A&04!34&*+%-(!6_5()&!N&+E=!_5(+$$=!8$('%-..9!04%$5'4!.0)BB!
3);05%&('!)!34&*+F.!3$<<-(0.!)#$50!A4)0!&.!4);;-(&('!A&04&(!)!;)%0&35*)%!;4$0$>!,4&.!4-*;.!0$!
+$35<-(0!)!<5*0&+&<-(.&$()*!%-3$%+!$B!04-!-C;-%&-(3-!6_5()&!N&+E=!8$('%-..9>!
!
:4$2$1))
W4$0$.!)%-!&(3%-).&('*2!5.-+!#2!.-%:&3-.!).!-).2=!:&.5)*=!+-;&30&$(.!$B!)!*-)%(&('!-C;-%&-(3-!
6M);;-%)=!`&(2)!@5(4&&=!N5**)F.=!8$('%-..=!b$$(&##)=!_5()&!N&+E=!8$$*)#)%$$9>!G&(+&('!0&<-!0$!
%-3$%+!$#.-%:)0&$(.!3)(!#-!34)**-('&('=!)(+!.$!;4$0$.!;%$:&+-!)!L5&3K!A)2!0$!3);05%-!)(!
-C;-%&-(3-!A&04$50!+$35<-(0&('!*)%'-!)<$5(0.!$B!&(B$%<)0&$(!6`&(2)!@5(4&&=!8$$*)#)%$$9>!
,4-2!;%$:&+-!)!5(&L5-!&(.&'40!&(0$!)(!-C;-%&-(3-=!).!$(-!,"88"!-+53)0$%!+-.3%&#-.=!04-2!Q0-**!)!
.0$%2>!M$5!3)(!.--!604-2!)%-9!-:&+-(3-!$B!)!34&*+!+$&('!.$<-04&('>R!W4$0$.!4-*;!3);05%-!
34&*+%-(F.!B)3&)*!-C;%-..&$(.=!3$(3-(0%)0&$(!)(+!&(0-%-.0!&(!)(!)30&:&02=!A4&34!3)(!#-!+&BB&35*0!0$!
+$!04%$5'4!A%&00-(!$#.-%:)0&$(.!)*$(-!6,"88"=!b$$(&##)9>!,4-2!04-%-B$%-!)..&.0!-+53)0$%.!)(+!
;)%-(0.!0$!*-)%(!<$%-!B%$<!)#$50!04-!*&(K.!#-0A--(!)!34&*+F.!-(')'-<-(0!A&04!)(!)30&:&02!)(+!
04-&%!+-:-*$;<-(0=!B$%!-C)<;*-!)!;4$0$!)(+!3);0&$(!$B!A4)0!04-!34&*+!.)&+!+5%&('!)!;)%0&35*)%!
)30&:&02!;%$:&+-.!-:&+-(3-!$B!04-&%!.;--34!)(+!3$<<5(&3)0&$(!+-:-*$;<-(0!6`&(2)!@5(4&&9>!!
!
/-%:&3-.!-C;*)&(!04)0!;4$0$.!(--+!0$!#-!5(;$.-+!)(+!0$!3);05%-!34&*+%-(!-(')'-+!&(!%-)*!
)30&:&0&-.!6,"88"=!b$$(&##)9>!/0)BB!)0!_5()&!N&+E!%-3$%+!-(0&%-!)30&:&0&-.!5.&('!)!:&+-$!3)<-%)=!
)(+!3)(!04-(!A%&0-!5;!04-&%!$#.-%:)0&$(.!B%$<!04-.->!W4$0$.!)(+!:&+-$.!)30!).!)!5.-B5*!;%$<;0!
A4-(!.0)BB!)%-!A%&0&('!5;!$#.-%:)0&$(.!)(+!*-)%(&('!.0$%&-.!68$$*)#)%$$9>!!
!
"!:)%&-02!$B!0$$*.!B$%!3);05%&('!34&*+%-(F.!)..-..<-(0!)%-!+-.3%&#-+!#2!.-%:&3-.=!&(3*5+&('!
*-)%(&('!.0$%&-.=!;$%0B$*&$.!)(+!;4$0$.>!8%&0&3)**2=!.$<-!.-%:&3-.!($0-!04)0!04-!7MNG!4).!&(+53-+!
04-<!0$!0%2!(-A!)..-..<-(0!<-04$+.=!)(+!<)(2!.-%:&3-.!+&.;*)2!&(($:)0&:-!)(+!3%-)0&:-!A)2.!
$B!+$&('!04&.>!,4-!&<;$%0)(3-!$B!B&(+&('!);;-)*&('!)(+!)33-..&#*-!A)2.!0$!.4)%-!34&*+%-(F.!
*-)%(&('!A&04!;)%-(0.!&.!)*.$!4&'4*&'40-+!).!)(!&<;$%0)(0!).;-30!$B!04&.!;%)30&3->!!
!
&)!
!
!
!
[.G&M*7'4*7&J%"0*4*7&"*1&Q%($%3+4;%&Y0"3+43%&
)
X(+-%!04-!B&B04!7MNG!;%&(3&;*-!$B!$('$&('!*-)%(&('!)(+!%-B*-30&:-!;%)30&3-=!04-!7MNG!.-0.!$50!04)0!
-+53)0$%.!<5.0!#-3$<-!c3$P*-)%(-%.F!A&04!34&*+%-(=!)(+!04)0!)!:&0)*!;)%0!$B!04&.!$('$&('!*-)%(&('!
&.!%-B*-30&:-!;%)30&3->!,4&.!&(:$*:-.!-+53)0$%.!3%&0&3)**2!)()*2.&('!04-&%!;%)30&3-!)(+!:)*5-.!A&04&(!
)!%-B*-30&:-!323*-=!$50!$B!A4&34!(-A!&+-).!)%-!04-(!'-(-%)0-+>!!!
!
/-%:&3-.!&(0-%:&-A-+!;%-.-(0!)!.0%$('!);;%-3&)0&$(!$B!04-!:)*5-!$B!.-*BP%-B*-30&:-!;%)30&3-=!A&04!
)**!.-%:&3-.!:&-A&('!04&.!).!)(!&(B$%<)0&:-!)(+!(-3-..)%2!;%$3-..!0$!Q*$$K!#)3K!)0!04-<.-*:-.!).!
0-)34-%.=!)0!04-&%!.0%-('04.!)(+!A4)0!04-2!A-%-!)*%-)+2!+$&('=!)(+!A4)0!04-2!A$5*+!4):-!0$!
34)('->R!6M);;-%)9>!/-%:&3-.!)%0&35*)0-!04)0!04&.!04-(!*-)+.!0$!&<;%$:-+!&(0-(0&$()*!0-)34&('!
;%)30&3-.!04%$5'4!-(3$5%)'&('!.0)BB!0$!+-:-*$;!)!+--;-%!5(+-%.0)(+&('!$B!04-&%!%$*-.!).!
-+53)0$%.>!!
!
,4-!.-%:&3-.!&(0-%:&-A-+!-<;*$2!)!+&:-%.-!)%%)2!$B!<-04$+.!&(!+$&('!04&.=!&(3*5+&('!
&(3$%;$%)0&('!.-*BP%-B*-30&$(!&(0$!;%$'%)<<&('!B$%<)0.=!0-<;*)0-.!)(+!;-%.$()*!$%!'%$5;!
E$5%()*.>!/-%:&3-.!+&.;*)2!)!;)%0&35*)%!B$35.!$(!$%)*!3$<<5(&3)0&$(!)(+!2)%(&('>!M)%(&('!&.!.--(!
0$!#-!)!:)*5)#*-!<-04$+!).!&0!3)(!4);;-(!&(3&+-(0)**2!04%$5'4$50!04-!+)2=!)(+!+$-.(F0!%-L5&%-!
.0%$('!*&0-%)32!.K&**.>!!"!(5<#-%!$B!.-%:&3-.!)*.$!.;-)K!$B!)!35*05%-!$B!3$(0&(5&('!;%$B-..&$()*!
+-:-*$;<-(0=!&(3*5+&('!04%$5'4!$('$&('!*-)%(&('!)(+!0%)&(&('!$;;$%05(&0&-.=!)(+!.5;;$%0&('!
.0)BB!0$!5(+-%0)K-!;%$B-..&$()*!L5)*&B&3)0&$(.>!!
!
J"3#",2'$%)9'24'%)7/$&/*--'%&)7/$,"11"1)
"**!.-%:&3-.!&(3*5+-!.$<-!B$%<!$B!%-B*-30&$(!A&04&(!04-&%!;%$'%)<<&('!;%$3-..>!"!(5<#-%!$B!
.-%:&3-.!4$*+!%-'5*)%!+&.35..&$(.!0$!%-B*-30!$(!04-!;%-:&$5.!A--KF.!;%$'%)<=!$B0-(!#).-+!$(!
%-:&-A.!$B!+)&*2!($0-.=!$#.-%:)0&$(.!)(+!34&*+%-(F.!;$%0B$*&$.!6.--!B$%!-C)<;*-!,"88"=!`&(2)!
@5(4&&=!M);;-%)9>!](-!U&%-30$%!-<;4).&.-.!04)0!<534!.0)BB!%-B*-30&$(!&.!&(3&+-(0)*!)(+!0)K-.!
;*)3-!A4&*-!$#.-%:&('!34&*+%-(=!+-.&'(&('!)(+!)+);0&('!)30&:&0&-.>!/4-!+-.3%&#-.!4$A!Q1!+$(F0!
04&(K!)!+)2!'$-.!#2!A4-(!.0)BB!)%-(F0!%-B*-30&('=!#-3)5.-!2$5!3)(!3*-)%*2!.--!A&04$50!A%&0&('!
+$A(!A4)0!&.!A$%K&('!A&04&(!2$5%!;%$'%)<>!1(!$%+-%!0$!+-:-*$;!)!(-A!;%$'%)<!-)34!A--K!2$5!
(--+!0$!#-!)#*-!0$!%-B*-30!$(!A4)0!A$%K-+!A-**=!)(+!A4)0!+&+(F0!&(!04-!A--K!;%&$%>R!6M);;-%)9>!
](-!.-%:&3-!B&(+.!)(!)++&0&$()*!#-(-B&0!$B!%-:&-A&('!34&*+%-(F.!;$%0B$*&$.!&.!04)0!.0)BB!.0)2!5;!0$!
+)0-!$(!)!34&*+F.!)00-(+)(3-!$%!3)(!#-!%-<&(+-+!$B!B5%04-%!)30&:&0&-.!0$!)..&.0!)!34&*+!&(!04-&%!
+-:-*$;<-(0!6`&(2)!@5(4&&9>!!
!
"!(5<#-%!$B!.-%:&3-.!-C;*)&(!04)0!04-&%!;%$'%)<<&('!0-<;*)0-!&(3*5+-.!)!.-30&$(!B$%!.0)BB!
%-B*-30&$(.!$(!)!+)2!$%!.;-3&B&3!)30&:&02!6_5()&!N&+E=!^)*2'5%%=!N5**)F.=!,"88"=!M)A)%%)=!
_5+E)4')4<&)<&)=!8$$*)#)%$$9>0!.4-!B$35.-.!$(!+-:-*$;&('!.0)BB!)A)%-(-..!04)0!Q&B!A-!)%-!<)K&('!
34)('-.!0$!04-!;%$'%)<!04-%-!(--+.!0$!#-!)!%-).$(!B$%!&0R!6M)A)%%)9>!W%-:&$5.!;%$'%)<<&('!
!
&*!
!
!
B$%<)0.!$B0-(!%-L5&%-+!)!;%$'%)<!0$!#-!34)('-+!#).-+!$(!04-!*-('04!$B!0&<-!&0!4)+!#--(!
%5((&('!6.--!B$%!-C)<;*-!M);;-%)9=!#50!($A!-+53)0$%.!*$$K!)0!A42!)!;)%0&35*)%!)30&:&02!&.(F0!
A$%K&('=!)(+!4$A!&0!3$5*+!#-!)+);0-+!0$!%-(-A!34&*+%-(F.!&(0-%-.0!6M)A)%%)9>!,4&.!):$&+.!.0)BB!
.-00&('!5;!)30&:&0&-.!A&04$50!3$(.&+-%&('!A42!04-2!)%-!+$&('!04&.>!8$('%-..F!U&%-30$%!-C;*)&(.!
04)0!04-.-!02;-.!$B!+&.35..&$(.!.--K!0$!'$!+--;-%!04)(!-C;*$%&('!A4-04-%!)(!)30&:&02!A$%K-+!$%!
($0=!04-2!)%-!)#$50!4$A!)!.0)BB!<-<#-%F.!;%)30&3-!)(+!:)*5-.!).!)(!-+53)0$%!)BB-30.!)!3-%0)&(!
$503$<-!$%!-C;-%&-(3-!B$%!)!34&*+>!
!
T$5/%*#1)G)7"/1$%*#)*%+)14*/"+)
/-:-%)*!.-%:&3-.!+&.35..!5.&('!;-%.$()*!E$5%()*.!6M);;-%)=!@&%%-*--=!_5+E)4')4<&)<&)9>!,4-.-!
;%$:&+-!5(.0%5305%-+=!3$(B&+-(0&)*!)(+!$;-(P-(+-+!$;;$%05(&0&-.!B$%!-+53)0$%.!0$!%-3$%+!04-&%!
04$5'40.!)(+!%-B*-30&$(.!$(!;%$'%)<.=!)30&:&0&-.=!;%)30&3-=!34&*+%-(!)(+!B)<&*&-.=!)(+!04-&%!$A(!
A$%K!).!-+53)0$%.!P!A4-04-%!)30&:&0&-.!A$%K-+!)(+!)(2!&..5-.!$%!34)('-.!04)0!(--+!0$!#-!
)++%-..-+>!,4-.-!04-(!4-*;!-+53)0$%.!A4-(!+-.&'(&('!B505%-!;%$'%)<.!6_5+E)4')4<&)<&)9>!
](-!U&%-30$%!-C;*)&(.!04)0!;-%.$()*!+&)%&-.!3%-)0-!.;)3-!B$%!;-$;*-!0$!%-B*-30!&(!A)2.!04)0!.5&0!
04-&%!$A(!;-%.$()*!(--+.=!Q.$<-!;-$;*-!A)(0!0$!A%&0-!04&('.!+$A(=!.$<-!;-$;*-!E5.0!A)(0!0$!
4):-!)!2)%(>!/$!&0!A).!)(!$;0&$(!B$%!
Q%($%3+4*7&'*&0''B&18*"B43,&"*1&%*;40'*B%*+R&
;-$;*-!04)0!+&+(F0!(-3-..)%&*2!A)(0!0$!
V2*"4&J41W&
0)*K!)#$50!&0!&(!)!.0)BB!<--0&('R!
_5()&!N&+EF.!U&%-30$%!+-.3%&#-+!)!%-3-(0!.&05)0&$(!A4-%-! 6@&%%-*--9>!!
.0)BB! &(! $(-! $B! 04-! %$$<.! A-%-! B&(+&('! 04)0! 04-&%!
!
-(:&%$(<-(0! A).! ($0! %-B*-30&('! 04-! (--+.! $B! 04-&%!
"0!)!(5<#-%!$B!.-%:&3-.!.0)BB!3$**)#$%)0-!
%$$<>! /4-! .5;;$%0-+! 04-<! 04%$5'4! 04&.! #2! $#.-%:&('!
04-! %$$<! 4-%.-*B! $(-! )B0-%($$(! )(+! 0)K&('! ($0-.>! /4-! 0$!3%-)0-!+)&*2!$%!A--K*2!%-B*-30&$(.!
04-(!<-0!A&04!.0)BB!B%$<!04)0!%$$<!.$!04)0!04-2!3$5*+! 04%$5'4!E$5%()*.!$%!($0-.!
)**! .4)%-! 04-&%! 04$5'40.! )(+! &+-).>! /4-! +-.3%&#-.! 4$A! 6_5+E)4')4<&)<&)=!@&%%-*--=!^)*2'5%%9>!
QA4-(!A-!%-B*-30!A-F**!*$$K!)0!A4)0!A-F%-!+$&('=!A4)0! ,4-.-!)%-!$B0-(!+&.;*)2-+!B$%!)**!.0)BB=!
A-F%-!$BB-%&('=!A4)0!A-F%-!($0!$BB-%&('=!)(+!A-F**!*$$K! 34&*+%-(!)(+!B)<&*&-.!0$!:&-A!
)0!04-!+2()<&3.!$B!04-!34&*+%-(!)(+!04-!%$$<=!)(+!A-F**! 6_5+E)4')4<&)<&)9=!)(+!B$35.!$(!
*$$K!)0!04-&%!+-:-*$;<-(0!)(+!A4-%-!A-!04&(K!04-2F%-! 3);05%&('!'%$5;!)(+!&(+&:&+5)*!
)0! )0! 04)0! ;)%0&35*)%! .0)'->! "(+! 04-(! B%$<! 04-%-! A4)0! -C;-%&-(3-.>!/534!'%$5;!%-B*-30&$(.!
.0%)0-'&-.! 3)(! A-! ;50! &(0$! ;*)3-! .$! 04)0! &0! A$%K.! B$%! -(3$5%)'-!.0)BB!0$!%-:&-A!)30&:&0&-.=!
.0)BB! )(+! B$%! 34&*+%-(>R! 1(! 04&.! %-3-(0! 3).-=! #$04! 04-!
'%$5;!+2()<&3.!)(+!$503$<-.!$:-%!)!
U&%-30$%! )(+! 04-! .0)BB! B-*0! 04)0! 04-! <)&(! ;%$#*-<! A).!
;%$'%)<<&('!;-%&$+!6.534!).!)!+)2=!
04)0! 04-! +2()<&3.! $B! 04-! %$$<! A-%-(F0! )**$A&('! )**!
34&*+%-(! 0$! ;)%0&3&;)0-=! #50! &(.0-)+! .-:-%)*! <$%-! A--K!$%!B$%0(&'409>!](-!U&%-30$%!.;-)K.!
3$(B&+-(0!34&*+%-(!A-%-!0-(+&('!0$!+$<&()0-!)30&:&0&-.>! $B!4$A!.4-!-(3$5%)'-.!4-%!.0)BB!0$!
/0%)0-'&-.!.0)BB!+-3&+-+!0$!)+$;0!A-%-!0$!+-3%-).-!04-! .;-3&B&3)**2!+$35<-(0!4$A!04-2!
($&.-!*-:-*.!&(!04-!%$$<!#2!0)K&('!$50!3-%0)&(!0$2.!)(+! ;-%3-&:-+!04-&%!%$*-!).!-+53)0$%.!A&04&(!
<)K&('! 04-! %$$<! &(0$! )! .$B0-%=! A)%<-%! -(:&%$(<-(0! &(!-)34!)30&:&02!h!).!04&.!04-(!;%$:&+-.!
04)0! A).! <$%-! -(3$5%)'&('! $B! 3)*<! ;*)2>! ,4-2! )*.$! 04-<!A&04!<)0-%&)*!0$!%-B*-30!$(!h!
5;+)0-+!04-!)30&:&0&-.!0$!;%$:&+-!<$%-!)'-P);;%$;%&)0-! &(3*5+&('!4$A!04-2!3)%%&-+!$50!)30&:&0&-.=!
34)**-('-.! B$%! 04-! 34&*+%-(>! ,4-! U&%-30$%! B--*.! 04)0! B$%! A4)0!04-2!A-%-!4);;2!A&04!)(+!A4)0!
.0)BB!A4$!)%-!&(!04-!%$$<.!-:-%2+)2!&0!3)(!#-!5.-B5*!0$! 04-2!A$5*+!34)('-!6@&%%-*--9>!`)(2!
4):-! )(! $50.&+-! ;-%.;-30&:-! 0$! -()#*-! 04-<! 0$! %-B*-30!
.-%:&3-.!+&.35..!4$A!;4$0$.!)%-!)!5.-B5*!
&(! 04&.! A)2=! )(+! 04)0! .5;;$%0&('! .0)BB! &(! 04&.! <)((-%!
0$$*!0$!.5;;$%0!.0)BB!.-*BP%-B*-30&$(=!).!
-()#*-.!04-<!0$!3$<-!5;!A&04!.$*50&$(.!04-<.-*:-.>!!
!
!
'+!
!
!
04%$5'4!%-:&-A&('!04-<!04-2!3)(!-C;*$%-!A4)0!04-!34&*+%-(!)%-!*-)%(&('!)(+!-C;-%&-(3&('!)(+!
4$A!0$!-C;)(+!$(!04-.-!&(!B505%-!;%$'%)<<&('!6"#$%&'&()*!84&*+%-(F.!8-(0%-=!`&(2)!@5(4&&9>!!
!
U*/%'%&)*%+)$/*#)14*/'%&)
/0)BB!.;-)K!$B!04-!:)*5-!$B!&(B$%<)*!)(+!&(3&+-(0)*!2)%(&('!&(!%-B*-30&('!$(!)30&:&0&-.=!;%)30&3-.=!
)(+!B505%-!&+-).!6"#$%&'&()*!84&*+%-(F.!8-(0%-=!,"88"=!M);;-%)=!@&%%-*--=!`&(2)!@5(4&&=!
8$('%-..9>!".!$(-!U&%-30$%!-C;*)&(.=!2)%(&('!)(+!$%)*!.4)%&('!&.!;)%0&35*)%*2!&<;$%0)(0!).!Q.$<-!
04&('.!3)(F0!#-!+$35<-(0-+>R!6@&%%-*--9>;;%$)34!0$!.0)BB!<--0&('.=!Q&B!A-!4):-!)!
<--0&('!)(+!;-$;*-!)%-!E5.0!A)(0&('!0$!.4)%-!A-!4):-!.$<-$(-!04)0!0)K-.!04$.-!<&(50-.!)(+!
A%&0-.!&0!)**!+$A(>!/$!-:-(!04$5'4!04)0!;-%.$(!6.4)%&('9!<)2!($0!4):-!04-!*&0-%)32!.K&**.!$%!A)(0!
0$!A%&0-!&0!+$A(!&0F.!.0&**!+$35<-(0-+!.$<-A4-%->!G$%!04-&%!$A(!E$5%(-2!).!A-**R!6@&%%-*--9>!
)
;%&$'%&)7/$3"11'$%*#)+"0"#$7-"%2)*%+)#"*/%'%&)
/-:-%)*!.-%:&3-.!)%-!0%&)**&('!+&BB-%-(0!0-)34&('!);;%$)34-.!.534!).!`$(0-..$%&!)(+!04-!
"#-3-+)%&)(!);;%$)34!6M);;-%)=!N5**)F.9>!/-%:&3-.!;%$:&+-!.0)BB!A&04!;%$B-..&$()*!+-:-*$;<-(0!
$;;$%05(&0&-.!A4-%-:-%!;$..&#*-=!3$:-%&('!0$;&3.!.534!).!34&*+!;%$0-30&$(=!4-)*04!)(+!(50%&0&$(=!
)..-..<-(0!0$$*.=!)(+!*)('5)'-=!3$'(&0&:-!)(+!.$3&)*!+-:-*$;<-(0!68$('%-..=!@&%%-*--=!^)*2'5%%=!
N5**)F.=!b$$(&##)=!,"88"9>!".!<-(0&$(-+!&(!.-30&$(!S>H!)!(5<#-%!$B!.-%:&3-.!4):-!.0%$('!
%-*)0&$(.4&;.!A&04!)!*$3)*!,"G7=!A4&34!.5;;$%0.!.0)BB!04%$5'4!$;;$%05(&0&-.!B$%!;%$B-..&$()*!
+-:-*$;<-(0!)(+!B5%04-%!.05+2>!/-:-%)*!.-%:&3-.!%-*)0-!04-!(--+!0$!-(.5%-!04)0!.0)BB!%-3-&:-!
;%$B-..&$()*!+-:-*$;<-(0!04)0!3$%%-.;$(+.!A&04!04-!;)%0&35*)%!(--+.!$B!04-&%!34&*+%-(!6^)*2'5%%=!
,"88"=!8$('%-..9>!!G$%!-C)<;*-!)0!^)*2'5%%!.-:-%)*!.0)BB!%-3-(0*2!3$<;*-0-+!)!`)K)0$(!3$5%.-!
0$!#-00-%!.5;;$%0!04-!(--+.!$B!)!34&*+!A&04!)!4-)%&('!&<;)&%<-(0>!,4-2!4):-!($A!#%$5'40!04&.!
K($A*-+'-!#)3K!0$!04-!.-%:&3-!)(+!)%-!0-)34&('!34&*+%-(!`)K)0$(!04%$5'4!+&.;*)2.!)(+!;&305%-.!
)%$5(+!04-!%$$<.>!"($04-%!.-%:&3-!<-(0&$(.!)%%)('&('!B$**$AP5;!;%-.-(0)0&$(.!)0!04-&%!3-(0%-!
0$!-C0-(+!$(!;%$B-..&$()*!+-:-*$;<-(0!0$;&3.!6^)*2'5%%9>!,"88"!&.!&(3%-).&('*2!B$35.&('!$(!
3$(+530&('!.0)BB!0%)&(&('!-:)*5)0&$(.!0$!-(3$5%)'-!.0)BB!0$!%-B*-30!<$%-!+--;*2!$(!*-)%(&('!B%$<!
)(+!&<;*-<-(0&('!04-!*-..$(.!*-)%(-+>!](-!-+53)0$%!4&'4*&'40.!04)0!A&04!*&00*-!0&<-!0$!;%$'%)<=!
04-!<)(2!&+-).!'-(-%)0-+!+5%&('!0%)&(&('!3)(!.*&;!)A)2!)(+!.$!&0!&.!3%53&)*!0$!3$(3%-0-*2!3);05%-!
04-<!;$.0P0%)&(&('>!!
!
/-%:&3-.!&(0-%:&-A-+!-(3$5%)'-!04-&%!.0)BB!0$!-(')'-!&(!%-B*-30&:-!;%)30&3-!04%$5'4!:)%&-+!
<-)(.>!`)(2!.-%:&3-.!-<;4).&.-!04-!&<;$%0)(3-!$B!$%)*!.4)%&('!h!A4&34!3)(!0)K-!;*)3-!$(!)(!
&(B$%<)*=!$('$&('!#).&.>!"!(5<#-%!$B!.-%:&3-.!+-.3%&#-!;%$3-..-.!.534!).!.0)BB!<--0&('.=!A--K*2!
%-B*-30&$(.!)(+!;-%.$()*!E$5%()*.>!"(!-<;4).&.!&.!+&.;*)2-+!#2!)**!.-%:&3-.!$(!B&(+&('!%-B*-30&:-!
<-04$+.!04)0!%-B*-30!.0)BB!(--+.=!3);)3&0&-.!)(+!3$<<5(&3)0&$(!<-04$+.>!"!B5%04-%!-*-<-(0!
<-(0&$(-+!&.!04-!&<;$%0)(3-!$B!.5;;$%0&('!.0)BB!0$!;)%0&3&;)0-!&(!;%$B-..&$()*!+-:-*$;<-(0!)(+!
0$!')&(!04-&%!L5)*&B&3)0&$(.>!,4&.!+-<$(.0%)0-.!4$A!:&0)*!.-%:&3-.!3$(.&+-%!04-&%!.0)BB!0$!#-!)(+!
04-&%!3$<<&0<-(0!0$!04-&%!+-:-*$;<-(0!)(+!%-0-(0&$(>!!
!
'"!
!
!
!
[.N&)'*+4*24+8&'(&J%"0*4*7&"*1&!0"*,4+4'*,&
&
7(.5%&('!3$(0&(5&02!$B!*-)%(&('!#-0A--(!34&*+%-(F.!-C;-%&-(3-.!)0!4$<-=!A&04&(!04-&%!
3$<<5(&02!)(+!)0!04-!-)%*2!34&*+4$$+!3-(0%-!&.!:&0)*!&(!-()#*&('!04-<!0$!B--*!.-35%-!)(+!
3$(B&+-(0=!)(+!&.!04-!.-:-(04!7MNG!;%)30&3->!10!&.!+&.35..-+!#2!.-%:&3-.!&(!04%--!+&.0&(30!A)2.=!
3$(0&(5&02Z!#-0A--(!;%$'%)<.!)0!)!3-(0%-=!#2!&(3$%;$%)0&('!4$<-!;%)30&3-.!)(+!-C;-%&-(3-.!
&(0$!04-!3-(0%-Z!)(+!#2!.5;;$%0&('!;)%-(0.!0$!-C0-(+!$(!34&*+%-(F.!3-(0%-P#).-+!*-)%(&('!)0!
4$<->!/5;;$%0&('!34&*+%-(!04%$5'4!0%)(.&0&$(.!&.!)*.$!)(!-..-(0&)*!).;-30!$B!04&.!7MNG!;%)30&3->!
,4-!7MNG!+&.35..-.!4$A!34&*+%-(!3)(!#-!.5;;$%0-+!04%$5'4!0%)(.&0&$(.!#2!-+53)0$%.!;)%0(-%&('!
A&04!;)%-(0.!0$!.5;;$%0!34&*+%-(!0$!(-'$0&)0-!)(+!5(+-%.0)(+!&+-(0&02!04%$5'4!0%)(.&0&$(!
;-%&$+.>!,4-!.-%:&3-.!&(0-%:&-A-+!+&.35..!4$A!04-2!.5;;$%0!34&*+%-(!04%$5'4!04%--!<)&(!
0%)(.&0&$(.Z!B)3&*&0)0&('!(-A!34&*+%-(!0$!0%)(.&0&$(!.<$$04*2!&(0$!04-!3-(0%-Z!.5;;$%0&('!34&*+%-(!
04%$5'4!04-&%!+)&*2!0%)(.&0&$(.!&(0$!)(+!$50!$B!04-!3-(0%-Z!)(+!.5;;$%0&('!04-<!0$!0%)(.&0&$(!
)A)2!B%$<!04-!3-(0%-!0$!.34$$*>!!
!
8$%2'%5'26)!"29""%)7/$&/*-1)*2)24")1"/0',"!
8$(0&(5&02!#-0A--(!;%$'%)<.!A&04&(!)!.-%:&3-!4-*;.!34&*+%-(!B--*!.-35%-!)(+!3$(B&+-(0!&(!04-&%!
*-)%(&('!)(+!&(0-%)30&$(.!A&04&(!04)0!.;)3->!G$%!-C)<;*-=!)0!M);;-%)!)(!-<;4).&.!$(!.0)BB!
)*&'(&('!04-&%!0-)34&('!.02*-.!4-*;.!34&*+%-(!0$!-C;-%&-(3-!3$(0&(5&02!#-0A--(!04-!;%$'%)<.=!.$=!
).!04-!U&%-30$%!+-.3%&#-.=!QM$5!)**!-(+!5;!A&04!04-!.)<-!0-)34&('!.02*-!)(+!04-!$503$<-.!B$%!
04-!34&*+%-(!-(+!5;!#-&('!04-!.)<-!)3%$..!04-!#$)%+=!%&'40!B%$<!#)#&-.>!/$!&0F.!)305)**2!)**$A-+!
04-!34&*+%-(!0$!0%)(.&0&$(!-).&-%!04%$5'4!04-!;%$'%)<.kR!,4-!323*&3)*!B$%<!$B!;%$'%)<<&('!
+&.35..-+!#2!<)(2!.-%:&3-.!6.--!e>?!$(!1(0-(0&$()*!,-)34&('9!)*.$!4-*;.!.0)BB!0$!#5&*+!5;$(!
34&*+%-(F.!*-)%(&('!04%$5'4$50!04-!2-)%!6.--!B$%!-C)<;*-!,"88"9>!!!
!
8$%2'%5'26)!"29""%)24")4$-")"%0'/$%-"%2)*%+)24"),"%2/")
7(.5%&('!3$(0&(5&02!#-0A--(!4$<-!;%)30&3-.!)(+!04-!-)%*2!34&*+4$$+!3-(0%-!&.!;)%0&35*)%*2!
&<;$%0)(0!B$%!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!B)<&*&-.!A4$!<)2!4):-!;)%0&35*)%!0%)+&0&$()*!
34&*+P%-)%&('!;%)30&3-.>!G$%!-C)<;*-=!)!(5<#-%!$B!.-%:&3-.!.;-)K!$B!04-!&<;$%0)(3-!$B!
%-;*&3)0&('!34&*+%-(F.!4$<-!-(:&%$(<-(0!)(+!-C;-%&-(3-!&(!.*--;&('!)%%)('-<-(0.=!).!+&.35..-+!
&(!.-30&$(!S>?>!,4&.!4-*;.!04-<!0$!B--*!.-35%-!)(+!3$((-30-+!0$!04-&%!4$<-!*&B-!)(+!;%)30&3-.>!
,4-!B)<&*2!'%$5;!.-00&('!)+$;0-+!#2!)!(5<#-%!$B!.-%:&3-.!6.--!.-30&$(!S>H9!)*.$!%-3%-)0-.!)(!
-(:&%$(<-(0!.&<&*)%!0$!A4)0!34&*+%-(!-C;-%&-(3-!)0!4$<->!/-:-%)*!.-%:&3-.!6M)A)%%)=!^)*2'5%%=!
8$('%-..9!-C;*)&(!04)0!04&.!<-)(0!04)0!%-*)0&:-.!)%-!)#*-!0$!.5;;$%0!-)34!$04-%>!G$%!-C)<;*-!
$(-!U&%-30$%!-C;*)&(.!04)0!&(!B)<&*&-.!04-!$*+-%!34&*+%-(!4-*;!%)&.-!04-!2$5('-%!34&*+%-(=!)(+!.$!
)0!04-!3-(0%-!.0)BB!QK--;!04&.!0%)+&0&$(!4);;-(&('!A&04&(!04-!3-(0%-R!#2!.5;;$%0&('!$*+-%!
34&*+%-(!0$!0-)34!04-!2$5('-%!$(-.=!$%!4-*;&('!$*+-%!%-*)0&:-.!.-00*-!&(!2$5('-%!34&*+%-(!
6M)A)%%)9>!!
!
8$%2'%5'26)!"29""%)24"),"%2/")*%+)4$-")#"*/%'%&)
8-(0%-.!)*.$!.;-)K!)#$50!A$%K&('!A&04!;)%-(0.!0$!&<;*-<-(0!34&*+%-(F.!3-(0%-P#).-+!*-)%(&('!
)0!4$<->!,4&.!&.!+$(-!&(!)!:)%&-02!$B!A)2.=!B$%!-C)<;*-!;%$:&+&('!%-.$5%3-.!04)0!A&**!)..&.0!
!
'#!
!
!
;)%-(0.!0$!3)%%2!$50!*-)%(&('!)30&:&0&-.=!)(+!0)*K&('!0$!04-<!)#$50!04-!3-(0%-!;%$'%)<=!)30&:&0&-.=!
'$)*.!)(+!;%)30&3-.!6M);;-%)=!N5**)F.=!@&%%-*--9>!
!
C/*%1'2'$%1)2$)1577$/2),4'#+/"%)*2)24")!"&'%%'%&)$3)24")6"*/)$/)94"%)"%2"/'%&)24")1"/0',")
"!(5<#-%!$B!.-%:&3-.!.;-)K!$B!;)%0&35*)%!.0%)0-'&-.!04-2!-<;*$2!)0!04-!#-'&((&('!$B!04-!2-)%!$%!
A4-(!)!(-A!34&*+!-(0-%.!04-!.-%:&3-=!0$!-(.5%-!04)0!04-!0%)(.&0&$(!&.!).!.<$$04!).!;$..&#*-!
6M);;-%)=!@&%%-*--=!^)*2'5%%9>!/-:-%)*!.-%:&3-.!<-(0&$(!04)0!)0!04-!#-'&((&('!$B!-)34!2-)%!
-+53)0$%.!B$35.!)00-(0&$(!$(!)30&:&0&-.=!+&.35..&$(.!)(+!.0$%&-.!$(!&+-(0&02!)(+!3$((-30&$(=!0$!
.5;;$%0!34&*+%-(!0$!B&'5%-!$50!A4-%-!04-2!#-*$('!A&04&(!)!(-A!;%$'%)<!)(+!A&04&(!04-!.-%:&3-!
).!)!A4$*-!6@&%%-*--=!M);;-%)9>!G$%!-C)<;*-!)0!M);;-%)!.0)BB!4-*;!34&*+%-(!+-)*!A&04!04-!
3$<;*-C!-<$0&$(.!04)0!<)2!)%&.-!+5%&('!0%)(.&0&$(.>!".!04-!U&%-30$%!-C;*)&(.=!QI$A!04)0!A-F%-!
)0!04-!#-'&((&('!$B!04-!2-)%!)!*$0!$B!&0!&.!)#$50!&+-(0&02!)(+!3$((-30&$(!B$%!04-!34&*+%-(=!.$!
04-2F%-!0%2&('!0$!B&(+!04-&%!;*)3-!&(!;%$'%)<.=!&(!;)%0&35*)%!$5%!(-A!34&*+%-(>R!/0)BB!A$%K!A&04!
34&*+%-(!0$!4-*;!04-<!5(+-%.0)(+!0%)(.&0&$(.=!0$!B&(+!04-&%!&+-(0&02!)(+!3$((-30&$(!A&04&(!04-!
(-A!;%$'%)<=!)(+!0$!<)()'-!04-&%!B--*&('.!)(+!-<$0&$(.!).!04-2!+$!04&.>!,4-2!+$!04&.!#2!
B$35.&('!$(!Q.0$%&-.!.534!).!4-*;&('=!.4)%&('=!.)+!)(+!4);;2!)(+!04&('.!*&K-!04)0>R!"0!@&%%-*--!
.0)BB!-(3$5%)'-!;--%P.5;;$%0!)<$('.0!34&*+%-(!#2!%$*-P<$+-**&('!4$A!0$!A-*3$<-!)(+!.5;;$%0!
(-A!34&*+%-(!&(0$!04-!3-(0%-=!)(+!-(3$5%)'&('!34&*+%-(!0$!04-(!+$!04&.!04-<.-*:-.>!".!04-!
U&%-30$%!-C;*)&(.=!Q04-%-!)%-!<$<-(0.!A4-%-!04-!%-'5*)%!34&*+%-(!A4$!4):-!#--(!4-%-!B$%!)!
A4&*-!.4)%-!04)0!&(B$%<)0&$(!)(+!04-2!04-<.-*:-.!4-*;!$04-%!34&*+%-(!#-3$<-!.)B-!)(+!.-35%-!
)(+!.5;;$%0-+>!10F.!($0!)**!3$<&('!B%$<!)+5*0.!&0F.!)305)**2!3$<&('!B%$<!04-!3$<<5(&02!$B!
34&*+%-(!4-%-!).!A-**>R!!
!
A*'#6)2/*%1'2'$%1)*2)24"),"%2/")
"0!M);;-%)!.0)BB!%-:&-A!34&*+%-(F.!;$%0B$*&$.!)(+!B)<&*2!4&.0$%2!B%$<!04-!;%-:&$5.!%$$<!0$!'-0!0$!
K($A!04-!34&*+!)(+!-(.5%-!04)0!04-2!)%-!%-)+2!0$!3)0-%!0$!04-&%!&(0-%-.0.!)(+!(--+.!).!.$$(!).!
04-2!-(0-%!04-!(-A!;%$'%)<>!/0)BB!)0!@&%%-*--!.5;;$%0!34&*+%-(!0$!0%)(.&0&$(!04%$5'4!04-!3-(0%-=!
B$%!-C)<;*-!B%$<!04-!(5%.-%2!0$!04-!;%-.34$$*!%$$<=!#2!<)K&('!.5%-!04)0!Q04-%-F.!)!#&0!$B!04)0!
34&*+!&(!04)0!(-A!.;)3-R!h!.$<-04&('!04)0!04-!34&*+!3)(!%-3$'(&.-!).!04-&%.!)(+!04-%-B$%-!4-*;.!
04-<!0$!B--*!04)0!04-2!#-*$('!&(!04-!(-A!%$$<>!"!(5<#-%!$B!.-%:&3-.!.;-)K!$B!04-!:)*5-!$B!
B)<&*2!'%$5;!0&<-!&(!)&+&('!0%)(.&0&$(.!6.--!.-30&$(!S>H9>!"0!^)*2'5%%!B)<&*2!'%$5;!0&<-!$335%.!)0!
+%$;P$BB!)(+!;&3KP5;!0&<-.>!,4&.!)..&.0.!34&*+%-(!h!;)%0&35*)%*2!2$5('-%!34&*+%-(!P!0$!.-00*-!&(!)(+!
*-):-!04-!3-(0%-=!).!04-&%!.&#*&('.!)(+!3$5.&(.!)%-!)#*-!0$!.5;;$%0!04-<!04%$5'4!04-!0%)(.&0&$(>!
!
C/*%1'2'$%1)2$)1,4$$#)
,%)(.&0&$(.!0$!.34$$*!$%!K&(+-%')%0-(&)%-!#$04!)!34)**-('&('!)(+!-C3&0&('!0&<-!B$%!34&*+%-(!)(+!
04-&%!B)<&*&-.>!`)(2!.-%:&3-.!.5;;$%0!34&*+%-(!)(+!B)<&*&-.!04%$5'4!04&.!0&<-!04%$5'4!B$%<)*!
0%)(.&0&$(!0$!.34$$*!;%$'%)<.=!$%!04%$5'4!04-!;%$:&.&$(!$B!&(B$%<)*!.5;;$%0!).!(--+-+!
6M)A)%%)=!_5(+$$=!b$$(&##)=!`&(2)!@5(4&&=!@&%%-*--=!^)*2'5%%=!"#$%&'&()*!84&*+%-(F.!8-(0%-=!
_5+E)4')4<&)<&)=!_5()&!N&+E=!N5**)F.=!8$('%-..9>!)
!
'$!
!
!
"!(5<#-%!$B!.-%:&3-.!4&'4*&'40!04)0!#5&*+&('!;$.&0&:-!%-*)0&$(.4&;.!A&04!.34$$*.!)(+!
K&(+-%')%0-(.!&.!K-2!&(!.533-..B5*!0%)(.&0&$(!0$!
.34$$*!;%$'%)<.!6M)A)%%)=!@&%%-*--=!b$$(&##)=!
V0"12"+4'*&)%0%B'*8R&>#'0474*"$&
^)*2'5%%=!"#$%&'&()*!84&*+%-(F.!8-(0%-=!
)64$10%*S,&)%*+0%&
_5+E)4')4<&)<&)=!`&(2)!@5(4&&9>!!
,4-! "#$%&'&()*! 84&*+%-(F.! 8-(0%-! .5;;$%0.!
!
34&*+%-(! )(+! B)<&*&-.! 04%$5'4! 04-! 0%)(.&0&$(!
M)A)%%)!B$35.-.!$(!*&(K&('!5;!B)<&*&-.!$B!
0&<-! 04%$5'4! )(! )((5)*! '%)+5)0&$(! 3$(3-%0! B$%!
)**! 34&*+%-(=! .0)BB=! B)<&*&-.! )(+! 3$<<5(&02!
34&*+%-(!A4$!A&**!#-!)00-(+&('!04-!.)<-!
<-<#-%.>! ,4-! 3$(3-%0! <)%K.! )(! &<;$%0)(0!
.34$$*=!Q.$!04)0!04-2F%-!)A)%-!$B!A4&34!$04-%!
34&*+%-(!B%$<!04-!.-%:&3-!A&**!#-!)00-(+&('!04-! 0%)(.&0&$(! B$%! 34&*+%-(! A4$! )%-! <$:&('! $(! 0$!
.34$$*!A&04!04-<=!$%!A4)0!34&*+%-(!&(!04-!;).0! K&(+-%')%0-(!$%!*-):&('!04-!]/V8!;%$'%)<>!,4-!
3$(3-%0!.4$A3).-.!A4)0!04-!34&*+%-(!4):-!#--(!
04)0!04-&%!34&*+!<)2!K($A!&.!)00-(+&('!04)0!
;)%0&3&;)0&('! &(! )(+! *-)%(&('! )#$50! 04%$5'4$50!
.34$$*!).!A-**>R!,4&.!4-*;.!0$!-(.5%-!04)0!04-!
04-! 2-)%! 04%$5'4! ;-%B$%<)(3-.! #2! 04-! 34&*+%-(!
34&*+!)(+!B)<&*2!4):-!;%-P-C&.0&('!.5;;$%0!
04)0! B$35.! $(! Q*)(+=! *)('5)'-! )(+! 3$5(0%2R>!
(-0A$%K.!5;$(!04-!34&*+!-(0-%&('!.34$$*>!!
7)34!34&*+!&.!<)+-!0$!B--*!.;-3&)*!).!04-2!%-3-&:-!
!
04-&%! '%)+5)0&$(! 3-%0&B&3)0-! B%$<! )(! 7*+-%>! ,4-!
/5;;$%0&('!;)%-(0.!0$!B&**!$50!-(%$*<-(0!B$%<.!! U&%-30$%! +-.3%&#-.! 4$A! 04&.! .&'(&B&3)(0! -:-(0! &.!
6M)A)%%)=!_5()&!N&+E=!@&%%-*--9!)(+!)00-(+&('!
04-! Q;%&+-! $B! 04-! 3$<<5(&02! -:-%2! 2-)%k)!
'%)+5)0&$(!3-%-<$(2!B$%!2$5%!3$<<5(&02k)(+!
<--0&('.!#-0A--(!B)<&*&-.!)(+!04-!.34$$*!
3-*-#%)0&('!34&*+4$$+!&(!.534!)!<)..&:-!A)2>R!1(!
4-*;.!B)<&*&-.!3$<<5(&3)0-!04-&%!34&*+F.!
-..-(3-!&0!&.!Q)!3-*-#%)0&$(!$Bk35*05%)**2!.0%$('!
(--+.!0$!.34$$*.!6M)A)%%)=!^)*2'5%%=!_5()&!
34&*+%-(!.-00&('!$BB!&(0$!04-!A$%*+>R!!
N&+E=!@&%%-*--9>!!
!
!
".!$(-!U&%-30$%!-C;*)&(.=!4):&('!B)<&*&)%!-)%*2!
Y0%C"04*7&('0&+6%&3$",,0''BR&
34&*+4$$+!.0)BB!)0!&(&0&)*!.34$$*!<--0&('.!
V21W"67"6B4"B4"*
-<;$A-%.!B)<&*&-.!0$!B--*!Q3$(B&+-(0!&(!
_5+E)4')4<&)<&)! %5(.! )! ;%$'%)<! &(! 3$(E5(30&$(! -C;%-..&('!A4)0!04-&%!34&*+!(--+.!)0!.34$$*>R!
A&04!I$)4F.!"%K!0$!-(.5%-!04)0!34&*+%-(!-C;-%&-(3-!
6M)A)%%)9>!"0!^)*2'5%%!.0)BB!.5;;$%0!)!34&*+!A&04!
3$(0&(5&02!$B!*-)%(&('!)(+!0%)(.&0&$(.>!](3-!)!A--K!
)!+-:-*$;<-(0)*!+-*)2!#2!5.&('!)!
)! 0-)34-%! B%$<! 04-! *$3)*! .34$$*! :&.&0.!
_5+E)4')4<&)<&)! 0$! .;-(+! )! <$%(&('! A&04! 04-! 3$<<5(&3)0&$(!#$$K!0$!B)3&*&0)0-!
$*+-.0! 34&*+%-(>! "! .-;)%)0-! %$$<! .-0! 5;! 0$! 3$<<5(&3)0&$(!#-0A--(!04-!K&(+-%')%0-(!4-!
%-;*&3)0-! )! K&(+-%')%0-(! 3*)..%$$<! 4-*;.! 34&*+%-(! )00-(+.!&(!04-!<$%(&('=!^)*2'5%%!.0)BB!)(+!04-!
)+E5.0! 0$! )! <$%-! .0%5305%-+! .34$$*! -(:&%$(<-(0>! 34&*+F.!;)%-(0.>!!
,4-! 0-)34-%! A$%K.! A&04! 04-! 34&*+%-(! $(! *-)%(&('! !
)30&:&0&-.!0$!;%-;)%-!04-<!B$%!.34$$*>!,4-!U&%-30$%! /-:-%)*!.-%:&3-.!A$%K!3$**)#$%)0&:-*2!A&04!$04-%!
+-.3%&#-.!04)0!04-!#-(-B&0!$B!04&.!-(:&%$(<-(0!)%-! $%')(&.)0&$(.!0$!<--0!)++&0&$()*!(--+.!34&*+%-(!
04)0! 04-! 34&*+%-(! )%-! )#*-! 0$! A$%K! A&04$50! <)2!4):-!A4-(!0%)(.&0&$(&('!0$!.34$$*!6N5**)F.=!
+&.0%)30&$(! B%$<! 04-! 2$5('-%! 34&*+%-(=! 8$('%-..9>!8$('%-..F!;%-.34$$*!%-)+&(-..!
3$<<-(0&('! 04)0! Q&0F.! E5.0! )! #&0! <$%-!
;%$'%)<=!&<;*-<-(0-+!&(!%-.;$(.-!0$!3$(3-%(.!
;-%.$()*&.-+R>! ,4-! 0-)34-%! )(+! 4-%! )..&.0)(0! )*.$!
$B!*)%'-!(5<#-%.!$B!34&*+%-(!($0!)00-(+&('!
#%&('!+&BB-%-(0!%-.$5%3-.!A&04!04-<!0$!;%$<;0!04-!
;%-.34$$*=!B$35.-.!$(!)!4$*&.0&3!%-.;$(.-!04)0!
34&*+%-(F.!&(0-%-.0!)(+!*-)%(&('>!
)*.$!.5;;$%0.!34&*+!)(+!;)%-(0)*!(--+.>!
!
!
'%!
!
!
/0)BB!4):-!B$5(+!04)0!-(%$**&('!)!34&*+!&(!04-!34&*+!3)%-!3-(0%-!)(+!#5&*+&('!34&*+!)(+!;)%-(0!
3$(B&+-(3-!)..&.0.!&(!$:-%3$<&('!B)<&*2F.!5(+-%.0)(+)#*-!<&.0%5.0!$B!&(.0&050&$(.>!](3-!04-!
B)<&*2!&.!%-)+2=!04-!34&*+!0%)(.&0&$(.!0$!
K"B4$8&,2CC'0+&"*1&,36''$&3'**%3+4'*,R&
;%-.34$$*>!!
U400%$%%&
!
"0! @&%%-*--! .0)BB! B$35.! $(! -<;$A-%&('! B)<&*&-.! ];;$%05(&0&-.!B$%!-)%*2!34&*+4$$+=!.34$$*!)(+!
04%$5'4!0%)(.&0&$(!0&<-.>!,4-2!&(:&0-!*$3)*!.34$$*! K&(+-%')%0-(!.0)BB!0$!:&.&0!-)34!$04-%F.!.-%:&3-.!
;%&(3&;)*.! )(+! K&(+-%')%0-(! 0-)34-%.! 0$! @&%%-*--! .5;;$%0.!5(+-%.0)(+&('!$B!-)34!$04-%F.!
0$!0)*K!A&04!B)<&*&-.!$:-%!0-)!)(+!3)K-=!)(+!04-(!&B!
;%$'%)<.!)(+!)&+.!3$(.&.0-(0!3)%-!)(+!
(--+-+! .0)BB! )00-(+! 04-! .34$$*! $%&-(0)0&$(! A&04!
-+53)0&$(!#-0A--(!04-!+&BB-%-(0!-(:&%$(<-(0.!
04-! 34&*+! )(+! B)<&*2>! /0)BB! )*.$! )..&.0! A&04!
0%)(.;$%0!B$%!34&*+%-(!A4$!)00-(+!)!K&(+-%')%0-(! 6^)*2'5%%9>!/-:-%)*!.-%:&3-.!&(3$%;$%)0-!
;%$'%)<! &(! 04-! )B0-%($$(! )(+! @&%%-*--! &(! 04-! K&(+-%')%0-(!)30&:&0&-.!A&04&(!04-&%!$A(!
<$%(&('>!,4-!U&%-30$%!+-.3%&#-.=!QA-!E5.0!.5;;$%0! ;%$'%)<.!6_5+E)4')4<&)<&)=!^)*2'5%%9!0$!4-*;!
&0!).!<534!).!A-!3)(=!).!<534!).!(--+-+=!)(+!A-! 34&*+%-(F.!3$(0&(5&02!$B!*-)%(&('!#-0A--(!04-!
#)3K! $BB! $(3-! A-F%-! ($0! (--+-+>R! /4-! #-*&-:-.! 0A$!.-%:&3-.>!`&(2)!@5(4&&!)(+!_5(+$$!0)K-!
04)0!.0)BB!;*)2!)(!&<;$%0)(0!%$*-!&(!-(.5%&('!04)0! 04-&%!$*+-.0!34&*+%-(!0$!:&.&0!04-!*$3)*!.34$$*!0$!
.34$$*! .0)BB! )(+! ;)%-(0.! )%-! $(! )(! -L5)*! B$$0&('! #-3$<-!B)<&*&)%!)(+!#5&*+!3$((-30&$(.!A&04!
)(+! 04)0! ;)%-(0.! )%-! 3$<B$%0)#*-! 0$! %)&.-! )(2! 04-!0-)34-%.!)(+!-(:&%$(<-(0>!"0!`&(2)!
&..5-.! 04-2! A&.4>! /0)BB! )*.$! 0)*K! A&04! .34$$*! .0)BB! @5(4&&!%-*)0&:-.!)0!04-!.34$$*!)%-!&(:$*:-+!&(!
)#$50!.0%)0-'&-.!0$!<)()'-!34&*+%-(F.!#-4):&$5%>!
04-.-!:&.&0.!0$!4-*;!.5;;$%0!04-!34&*+F.!
,4-! U&%-30$%! B--*.! 04)0! 04&.! -(3$5%)'-.! 0-)34-%.!
-C;-%&-(3-!$B!)(+!;%-;)%)0&$(!B$%!.34$$*>!/0)BB!
($0! 0$! *)#-*! 34&*+%-(! $(! 04-&%! B&%.0! +)2! $B! .34$$*=!
#50! &(.0-)+! 0$! )+$;0! 04-! <-04$+.! 04)0! @&%%-*--! )*.$!B--*!04)0!B$%!<)(2!34&*+%-(!04-!
.0)BB! K($A! A$%K.! A&04! )! ;)%0&35*)%! 34&*+>! /4-! 3$((-30&$(.!)(+!B%&-(+.4&;.!04-2!<)K-!)0!
-C;*)&(.!4$A!04&.!3$(:-%.)0&$(!&.!)#$50!.)2&('!0$! `&(2)!@5(4&&!)%-!3)%%&-+!$(!04%$5'4!)(+!
.34$$*.! 04)0! .5;;$%0&('! 04&.! 34&*+! );;%$;%&)0-*2! .5;;$%0!04-<!A4-(!04-2!'%)+5)0-!$(!0$!
Q<)2!<-)(!04)0!2$5!4):-!0$!34)('-!.$<-!$B!2$5%! .34$$*>!/-:-%)*!.-%:&3-.!.;-)K!$B!04-!
;%)30&3-.=!#50!&B!2$5!%-)**2!A)(0!04&.!K&+!0$!-(')'-! &<;$%0)(3-!$B!;%-;)%&('!34&*+%-(!B$%!#$04!04-!
&(! *-)%(&('=! 4-%-! )%-! 04-! 04&('.! 2$5F%-! '$&('! 0$! )3)+-<&3!34)**-('-.!$B!.34$$*=!)(+!04-!
4):-!0$!+$>R&
+&BB-%-(0!-(:&%$(<-(0!6_5+E)4')4<&)<&)=!
!
b$$(&##)9>!!
@&%%-*--! &.! )*.$! )! <-<#-%! $B! 04-! *$3)*! "#$%&'&()*!
!
7+53)0&$(! 8$(.5*0)0&:-! _%$5;>! ,4&.! -()#*-.! 04-&%!
,4-!.-%:&3-.!&(0-%:&-A-+!5(+-%.0)(+!04)0!04-&%!
;)%0&3&;)0&$(! &(! A&+-%! 3$(:-%.)0&$(.! $(! .34$$*!
0%)(.&0&$(=! B$%! -C)<;*-! @&%%-*--! 4).! .5;;$%0-+! A$%K!4).!)(!&<;)30!#-2$(+!04-&%!A)**.!)(+!
.34$$*.! 0$! 34)('-! 4$A! 04-2! 3$<<5(&3)0-! A&04! 3$(0)30!4$5%.>!,$!-()#*-!34&*+%-(!0$!
"#$%&'&()*! B)<&*&-.! +5%&('! 04-! $%&-(0)0&$(! ;4).->! .533-..B5**2!3$(0&(5-!04-&%!*-)%(&('!)(+!
,4-! U&%-30$%! +-.3%&#-.! 4$A! Q$(-! $B! 04-! .34$$*.! +-:-*$;<-(0!)B0-%!04-2!*-):-!04-!3-(0%-!
4).!;50!*$0.!$B!"#$%&'&()*!)%0A$%K!$(!04-&%!B*2-%.=! .-%:&3-.!+&.;*)2!)!3$<<&0<-(0!0$!.5;;$%0&('!
04-2F:-! '$0! %-+=! #*)3K! )(+! 2-**$A=! 04-2F:-! '$0! 34&*+%-(!04%$5'4!.34$$*!0%)(.&0&$(.>!
;&305%-.! $B! "#$%&'&()*! .05+-(0.! )(+! B)<&*&-.! $(! [-*)0&$(.4&;.!A&04!.34$$*.=!B$%<)*!)(+!
04-&%! B*2-%.>! /$! B)<&*&-.! 3)(! &+-(0&B2! A&04! &0! &(B$%<)*!.34$$*!;%-;)%)0&$(!;%$3-..-.!)%-!
.0%)&'40)A)2=! #50! <$%-! &<;$%0)(0*2! 04-! K&+.! .--! &<;$%0)(0!.0%)0-'&-.!0$!)..&.0!34&*+%-(!)(+!
04)0!04-2!#-*$('!04-%-!.0%)&'40)A)2>R!
B)<&*&-.!04%$5'4!04-!0%)(.&0&$(>
!
!
'&!
!
!
!
\.&:%0;43%&Q%($%3+4'*,&
\.-&)6"$$%*7%,&
/-%:&3-.!+-0)&*!)!(5<#-%!$B!34)**-('-.!04-2!-C;-%&-(3-!).!04-2!A$%K!0$A)%+.!&<;*-<-(0&('!04-!
7MNG>!,4-.-!%)('-!B%$<!34)**-('-.!A&04!04-!0-34(&3)*!*)('5)'-!A&04&(!04-!+$35<-(0=!#)%%&-%.!0$!
)33-..&('!.0)BB!0%)&(&('=!)(+!(-A!%-L5&%-<-(0.!A&04&(!04-!G%)<-A$%K!.534!).!+$35<-(0)0&$(!
)(+!;%$'%)<<&('>!,4-!B$**$A&('!&.!)!.5<<)%2!$B!04-!<)&(!34)**-('-.!-C;-%&-(3-+>!!
•
•
•
•
•
•
•
•
•
•
•
•
•
1()33-..&#*-!0-34(&3)*!*)('5)'-!!
G$%<)0!$B!+$35<-(0!
X(+-%.0)(+&('!%-).$(&('!#-4&(+!).;-30.!$B!04-!+$35<-(0!
U-<$(.0%)0&('!&<;*-<-(0)0&$(!04%$5'4!+$35<-(0)0&$(!
1(3%-).-+!+$35<-(0)0&$(!A$%K*$)+!!
84)**-('-.!&(!3);05%&('!34&*+%-(F.!&(+&:&+5)*!+-:-*$;<-(0!+5-!0$!04-!;)3-!$B!34&*+!
+-:-*$;<-(0!)(+!%-'5*)%&02!$B!)00-(+)(3-!
,)%'-0&('!$#.-%:)0&$(.!0$!$(-!;)%0&35*)%!$503$<-!
7(.5%&('!)**!$503$<-.!)%-!%-B*-30-+!&(!+$35<-(0)0&$(!
I-A!;%$'%)<<&('!B$%<)0!)(+!%-L5&%-<-(0.!
84)**-('&('!#$04!B$%!*$('P0-%<!.0)BB!A4$!<)2!B&(+!)+);0)0&$(!+&BB&35*0=!)(+!(-A-%!
.0)BB!A4$!)%-!%-3-(0*2!0%)&(-+!
@)%%&-%.!0$!)33-..&('!0%)&(&('!.534!).!.0)BB!0&<-=!<$(-2=!)(+!0%):-**&('!0$!0%)&(&('!
6*)00-%!);;*&-.!0$!%-<$0-!.-%:&3-.9!!
/;--+!A&04!A4&34!04-!7MNG!.5;-%.-+-+!04-!;%-:&$5.!.0)0-P#).-+!B%)<-A$%K.!
8$<<5(&3)0&('!04-!(-A!B$%<)0!0$!B)<&*&-.!
!
/-%:&3-.!)*.$!+-.3%&#-!)!:)%&-02!$B!.0%)0-'&-.!04-2!4):-!0)K-(!0$!$:-%3$<-!04-.-!34)**-('-.=!
A4&34!<)2!;%$:&+-!5.-B5*!*-)%(&('!B$%!$04-%!3-(0%-.>!
!
S*%*&'%&)9$/I#$*+)*%+)+$,5-"%2*2'$%)
/$<-!$B!04-!.0%)0-'&-.!.-%:&3-.!4):-!)+$;0-+!%-*)0-!0$!<)()'&('!04-!&(3%-).-+!A$%K*$)+!)(+!
+$35<-(0)0&$(!%-L5&%-<-(0.=!.534!).!.;%-)+&('!04-!A$%K*$)+!)<$('.0!)**!.0)BB!h!&(3*5+&('!
0%)&(--.=!)(+!50&*&.&('!.&<;*-%!<-04$+.!$B!$#.-%:)0&$(.!)(+!($0-.!04)0!3)(!#-!A%&00-(!5;!+5%&('!
04-!+)2!6.--!04-!,"88"!-C)<;*-!&(!.-30&$(!e>H9>!W4$0$'%);4.!)%-!#-&('!-<#%)3-+!#2!)!*)%'-!
(5<#-%!$B!.-%:&3-.!).!L5&3K=!-).2!)(+!&(B$%<)0&:-!0$$*.!0$!5.-!&(!A%&0&('!5;!$#.-%:)0&$(.=!
*-)%(&('!.0$%&-.=!;$%0B$*&$.!$%!A4-(!-(')'&('!A&04!;)%-(0.>!/$<-!.-%:&3-.!4):-!B$5(+!&0!4-*;B5*!
0$!.-0!5;!3$<;50-%.!A&04&(!04-!%$$<.!.$!04)0!.0)BB!3)(!L5&3K*2!02;-!5;!($0-.>!W%$:&+&('!.0)BB!
A&04!)++&0&$()*!$BBPB*$$%!0&<-!0$!3$<;*-0-!+$35<-(0)0&$(!&.!)($04-%!);;%$)34!+&.35..-+>!!
!
!
''!
!
!
.2*33)1577$/2)*%+)#"*+"/14'7)
`)(2!.-%:&3-.!+&.35..!04-!:)*5-!&(!.0)BB!.5;;$%0&('!-)34!$04-%!0$!&<;*-<-(0!04-!7MNG!04%$5'4!
$;-(!3$<<5(&3)0&$(!)(+!.4)%&('!&+-).>!!M);;-%)F.!U&%-30$%!B--*.!04)0!04-!A)2!.0)BB!4):-!.4)%-+!
&(B$%<)0&$(!)(+!%-.$5%3-.!A&04!-)34!$04-%!4).!3$(0%2-+!0$!04-&%!.<$$04!7MNG!0%)(.&0&$(>!
/0)BB!4):-!)30&:-*2!+-:-*$;-+!7MNG!0-<;*)0-.!)(+!.4)%-+!04-.-!)<$('.0!04-!0-)<>!,4-!U&%-30$%!
+-.3%&#-.!4$A!04-!7MNG!4).!'&:-(!$(-!.0)BB!<-<#-%!&(!;)%0&35*)%!)(!$;;$%05(&02!0$!;5%.5-!4-%!
&(0-%-.0!&(!;%$'%)<<&('!<-04$+$*$'2=!)(+!.$!.4-!4).!%-.-)%34-+!+&BB-%-(0!0-<;*)0-.=!34)%0.!
)(+!%-.$5%3-.!04)0!*&(K!0$!04-!7MNG=!)(+!+&.0%2-+!04-.-!0$!.0)BB>!!
!
"!B5%04-%!3%&0&3)*!B)30$%!&+-(0&B&-+!&.!.0)BB!*-)+-%.4&;!P!4):&('!.0)BB!<-<#-%.!A4$!)%-!<$%-!
3$(B&+-(0!A&04!04-!7MNG!)(+!)%-!)#*-!0$!.4)%-!04-&%!-(045.&).<!)(+!K($A*-+'-!A&04!$04-%.!
6,"88"=!8$$*)#)%$$=!M);;-%)9>!](-!U&%-30$%!.0)0-.!04)0!&0!&.!-($%<$5.*2!4-*;B5*!0$!4):-!.0)BB!)0!
04-!.-%:&3-!A4$!%-)**2!-<#%)3-!04-!7MNG!)(+!)+:$3)0-!B$%!&0>!/4-!-C;*)&(.!04)0=!
!
1!3$5*+(F0!+$!&0!$(!<2!$A(!).!)!<)()'-%=!2$5!4)+!0$!4):-!.0)BB!04)0!A-%-!A&**&('!0$!.0-;!5;!
$50.&+-!$B!04-&%!%$*-!)(+!0)K-!)!%-)*!*-)+-%.4&;!%$*-!&(!04-!-(:&%$(<-(0!)(+!#-!)#*-!0$!)..&.0!
04-&%!.0)BB=!)(+!4):-!04-!;)0&-(3-!0$!#-!)#*-!0$!-C;*)&(!0$!.0)BB>!/$!A-!A-%-!*53K2!4-%-!0$!
4):-!04)0>!6M);;-%)9!!
:+"((&$%"1%0,64CR&I"<"00"&
)
](-!
U&%-30$%!
+-.3%&#-.! 4$A! -()#*&('! .0)BB! 0$!
.577$/2'%&)12*33)2$)7/$&/*-)
0)K-!)!*-)+!&(!+&BB-%-(0!)%-).!$B!04-!G%)<-A$%K!
".!04-!;%$'%)<<&('!B$%<)0!5(+-%!04-!7MNG!
<)%K.!)!34)('-!B%$<!;%-:&$5.!);;%$)34-.=!)! &(:$*:-+!)!.0-;P#2P.0-;!);;%$)34>!1(&0&)**2=!.0)BB!
<-0! A&04! 04-! 1W/X! $BB&3-%! Q)(+! 0)*K-+! )#$50!
(5<#-%!$B!U&%-30$%.!-C;*)&(!04)0!.0)BB!4):-!
A4)0!04-2!A-%-!3$<B$%0)#*-!A&04!&<;*-<-(0&('!
(--+-+!-C0%)!.5;;$%0!0$!)+E5.0>!"(!);;%$)34!
)(+!A4)0!04-2!.0&**!A)(0-+!0$!*-)%(!<$%-!)#$50>!
0)K-(!#2!$(-!U&%-30$%!&.!0$!A$%K!A&04!.0)BB!B$%!
"(+! B%$<! 04)0! -)34! .0)BB! <-<#-%! ;&3K-+! )!
04-!B&%.0!4)*B!4$5%!$B!04-&%!;%$'%)<<&('!0&<->! ;)%0&35*)%!$503$<-!)(+!4).!%-)**2!#--(!B$35.&('!
,4&.!-()#*-.!04-<!0$!.4)%-!QA4-%-!04-2!A)(0! $(! '-00&('! 0$! K($A! 04)0! $503$<-! %-)**2! A-**>R!
0$!4-)+=!A4)0!04-2!A)(0!0$!*$$K!)0=!4$A!
,4-! U&%-30$%! B--*.! 04)0! 04&.! );;%$)34! 4).! #--(!
04-2F%-!B--*&('!04&('.!4):-!'$(-!$:-%!04-!
:-%2! .533-..B5*=! ).! &0! 4).! -<;$A-%-+! .0)BB! 0$!
;).0!0A$!A--K.>R!"B0-%!04&.!&(&0&)*!.5;;$%0!.4-! #-3$<-! *-)+-%.! &(! )! ;)%0&35*)%! )%-)>! 7+53)0$%.!
4):-! #--(! )#*-! 0$! .4)%-! 04-&%! K($A*-+'-! A&04!
04-(!*-):-.!.0)BB!0$!3$<;*-0-!04-&%!;*)((&('=!
-)34! $04-%=! ).! 04-! U&%-30$%! -C;*)&(.! Q"(+! 04-(!
.$!04)0!A4&*.0!04-2!3)(!.0&**!.--K!$50!.5;;$%0!
04-2F%-!04-!;-%.$(!0$!'$!0$=!.$!&B!2$5F%-!4):&('!
B%$<!4-%!04-2!)%-!A$%K&('!0$A)%+.!
0%$5#*-!A&04!)%-)!0A$=!04-(!2$5!3)(!'$!0$!04)0!
&(+-;-(+-(0!;*)((&('!6_5()&!N&+E9>!/4-!)*.$!
;-%.$(=! )(+! .)2! cA-**! 1! %-)**2! +$(F0! 5(+-%.0)(+!
-(.5%-.!04)0!.0)BB!4):-!)**!$B!04-!%-.$5%3-.!
04&.!#&0=!3)(!2$5!4-*;!<-pF!10F.!'&:&('!04-<!<$%-!
04-2!(--+!0$!;*)(=!&(3*5+&('!B$*+-%.=!
$B! %$*-! &(! &0=! .$! &0F.! ($0! )*A)2.! 3$<&('! #)3K! 0$!
.0)0&$()%2!)(+!%-*-:)(0!7MNG!#$$K.!)(+!
<-! B$%! 04-! )(.A-%.>R! ](3-! .0)BB! )%-! 3$(B&+-(0!
'5&+-.>!!
&(! $(-! )%-)! 04-2! )%-! 04-(! )#*-! 0$! <$:-! 04-&%!
!
B$35.!0$!)($04-%!)%-)>!@2!#%-)K&('!04-!7MNG!5;!
E%15/'%&)*)7$1'2'0")2/*%1'2'$%)3$/)12*33)
&(0$!.<)**-%!;&-3-.!04-!U&%-30$%!B--*.!04)0!&0!4).!
"!(5<#-%!$B!.-%:&3-.!-C;*)&(!04)0!K-2!0$!
#--(! *-..! $:-%A4-*<&('! B$%! 04-! -+53)0$%.=!
.-35%&('!.0)BB!-(')'-<-(0!&.!4-*;&('!04-<!0$! Q04-2F%-!($0!0%2&('!0$!*-)%(!&0!)**!)0!$(3->R!
!
5(+-%.0)(+!04-!#-(-B&0.!)(+!<)K&('!04-!
34)('-!)!;$.&0&:-!-C;-%&-(3-!6_5()&!N&+E=!M)A)%%)=!^)*2'5%%9>!".!04-!#-(-B&0.!#-3$<-!3*-)%-%!
!
'(!
!
!
.0)BB!3$(B&+-(3-!A&**!)*.$!'%$A!h!A4&34!
A&**!4-*;!-(3$5%)'-!B5%04-%!-(')'-<-(0>!
@&%%-*--!5(;)3K-+!04-!7MNG!&(0$!)!+$35<-(0!04)0!04-2! ".!04-!U&%-30$%!$B!M)A)%%)!($0-.=!Q&0F.!
3$5*+! A$%K! A&04>! ,4&.! &(:$*:-+! *&0-%)**2! 0)K&('! 04-!
'$$+!#-3)5.-!&0!A&**!)*A)2.!34)**-('-!
+$35<-(0! );)%0=! ).! 04-! U&%-30$%! -C;*)&(-+! QA-! 0$$K!
04-<=!)(+!A&**!)*A)2.!'&:-!04-<!.$<-!
04-! .0);*-.! $50! $B! 04-! #$$K*-0k)(+! A-! .;%-)+! &0! $50!
04-! A)2! A-! 5(+-%.0$$+! &0! )(+! %-)+! &0=! #-3)5.-! &0! A)2.!0$!&<;%$:->!/$!-:-(!04$5'4!04-2F%-!
+$-.(F0! %-)+! *&K-! )! #$$K>R! /4-! +-.3%&#-.! 4$A! Q/$! A-! &<;*-<-(0&('!&0=!&0F.!)*A)2.!.$<-04&('!
04-(! 04$5'40=! A4)0! )%-! 04-! ;%&(3&;*-.=! A4)0! &.! #-&('=! 04)0!3)(!#-!A$%K-+!$(>R!"0!^)*2'5%%!04-!
#-*$('&('! )(+! #-3$<&('p! V$A! +$! A-! &+-(0&B2! A&04! U&%-30$%!4).!<$0&:)0-+!.0)BB!#2!
04)0p! 1.! &0! 35*05%)**2! );;%$;%&)0-p! U$! A-! A)(0! 0$! -<;4).&.&('!04)0!04)0!04-!7MNG!&.!)(!
34)('-! &0! .$! &0! &.! 35*05%)**2! );;%$;%&)0-pR! ,4&.! 4-*;-+! $;;$%05(&02!B$%!04-<!0$!Q.0)%0!B%-.4=!)**!
04-<!).!)!.-%:&3-!0$!5(+-%.0)(+!4$A!04-!7MNG!B&0!A&04! 4-*;!-)34!$04-%!)(+!)305)**2!'-0!
)(+! 3$5*+! .5;;$%0! 04-&%! ;%)30&3-.=! :)*5-.! )(+! 04-! .$<-04&('!4);;-(&('k04)0!A-!)**!*&K->R!
$503$<-.!04-2!A)(0-+!0$!)34&-:->!
"0!_5()&!N&+E!04-.-!;%$3-..-.!A-%-!
!
$;;$%05(&0&-.!B$%!.0)BB!0$!Q.&0!)(+!0)*K!)#$50!04-!%-).$(.!B$%!604-!7MNG9=!)(+!4$A!A-!B&(+!04)0!&0!
<--0.!$5%!(--+.!P!A4)0!A-F:-!#--(!*$$K&('!B$%!)(+!;*)((&('!B$%!B$%!04-!34&*+%-(>R!W)%0!$B!04&.!&.!
-<;$A-%&('!.0)BB!0$!0)K-!$A(-%.4&;!$B!04-!7MNG>!](-!U&%-30$%!+-.3%&#-.!4-%!:&.&$(!$B!4$A!-)34!
.0)BB!<-<#-%!3)(!0)K-!$(!04-!7MNG=!Q1B!A-!'&:-!-)34!.0)BB!<-<#-%!.$<-!-<;$A-%<-(0!&(!04-&%!
%$$<=!04-2F**!-<#%)3-!04&.!#-00-%>!!,4)0F.!<2!'$)*>R!/4-!#-*&-:-.!04)0!)**!.0)BB!(--+!0$!#-!
&(:$*:-+!)(+!0$!5(+-%.0)(+!A4)0!&.!4);;-(&('!&(!04-&%!%$$<!&(!0-%<.!$B!34&*+%-(F.!+-:-*$;<-(0!
6_5()&!N&+E9>!!
!
Q"(+!&(!$5%!A$%K>>>A-!)%-!0%2&('!0$!
"($04-%!K-2!A)2!0$!.5;;$%0!.0)BB!4).!#--(!04%$5'4!
3$5(0-%!04)0!B-)%!$B!.0)%0&('=!)(+!$B!
B$35.&('!$(!5.&('!04-!7MNG!).!)(!$;;$%05(&02!B$%!
$:-%P04&(K&('!&0>!!\-!)%-!.)2&('Y!!c]K)2=!
04-<!0$!-C;*$%-!04-&%!$A(!.0%-('04.!)(+!&(0-%-.0.>!
*-0F.!'$!#)3K!0$!04-!:-%2!#-'&((&('!)(+!
G$%!-C)<;*-=!.$<-!.0)BB!)%-!B&(+&('!04-!(-A!B$35.!$(! *$$K!)0!04-!f&.&$(F>!!\-!.)2Y!c@-*$('&('=!
3);05%&('!*-)%(&('!04%$5'4!;4$0$'%);4.!0$!#-!)(!
@-&('!)(+!@-3$<&('!)%-!04%--!%-)**2!
-(')'&('!)(+!&(0-%-.0&('!(-A!34)**-('-!6_5()&!N&+E=!
'$$+!3$(3-;0.!B$%!2$5!0$!04&(K!)#$50>!1B!
,"88"9>!
2$5!+$!($04&('!<$%-!04)(!%-)**2!-(')'-!
A&04!04-!&+-)!$B!4$A!34&*+%-(!)00-(+&('!
!
04&.!.-%:&3-!@-*$('!0$!04&.!'%$5;=!P!)(+!
C*I'%&)1-*##)12"71)2$)!5'#+),$%3'+"%,"!
0$!04-&%!B)<&*2!)(+!3$<<5(&02Z!)(+!4$A!
"**!.-%:&3-.!&**5.0%)0-!&(!$(-!A)2!$%!)($04-%!04)0!K-2!
04-2!@-!A4$!04-2!)%-!&(!04&.!<$<-(0=!
0$!-(')'&('!A&04!04-!7MNG!4).!#--(!0$!0)K-!.<)**!
%&'40!($AZ!)(+=!A4$!+$!A-!A)(0!04-<!
.0-;.!0$!)**$A!.0)BB!0$!#5&*+!5;!04-&%!3$(B&+-(3-!)(+!
0$!#-3$<-pR>!!,4)0F.!)!.0%$('!#).&.!B$%!
K($A*-+'-=!)(+!0$!+-3$(.0%530!04-!+$35<-(0!0$!
-+53)0$%.!)(+!.-%:&3-.!0$!.0)%0!04-&%!
&+-(0&02!)!0)%'-0-+!&(&0&)*!)%-)!$B!B$35.!6.--!,"88"=!
;%$'%)<<&('=!)(+!B$%!04-<!0$!.0)%0!
_5+E)4')4<&)<&)=!b$$(&##)9>!!
04-&%!3$((-30&$(!&(0$!04-!7MNG>R!
!
684%&.0&(-!U&<$:&34=!M$%')($;!1W/X9!
\&04!<)(2!.-%:&3-.!)3K($A*-+'&('!04)0!04-2!)%-!
)*%-)+2!)305)**2!&<;*-<-(0&('!04-!7MNG=!)!(5<#-%!$B!.-%:&3-.!&+-(0&B2!04)0!&0!&.!3%&0&3)*!0$!B$35.!
$(!#5&*+&('!$(!A4)0F.!)*%-)+2!4);;-(&('!A&04&(!04-!3-(0%-!6b$$(&##)=!8$$*)#)%$$=!_5(+$$=!
`&(2)!@5(4&&=!,"88"9>!!
!
E*C"3L4*7&+6%&HIJKR&U400%$%%&
!
')!
!
!
/$<-!.-%:&3-.!4):-!&(&0&)0-+!)!'%)+5)0-+!&<;*-<-(0)0&$(!)<$('.0!.0)BB=!A&04!$(*2!)!.<)**!
(5<#-%!$B!.0)BB!&(&0&)**2!#-&('!&(:$*:-+!&(!;*)((&('!5(+-%!04-!(-A!B%)<-A$%K>!,4&.!-()#*-+!
04-<!0$!QB--*!3$(B&+-(0!&(!A4)0!04-2!A-%-!+$&('R!)(+!0$!04-(!;%$:&+-!.5;;$%0!0$!$04-%!.0)BB=!.$!
04)0!($A!)**!.0)BB!)%-!;*)((&('!5(+-%!04-!7MNG>!6_5()&!N&+E9>!!
!
\.9&E,%(2$&,2CC'0+,&
,4&.!.-30&$(!-C;*$%-.!04-!0%)&(&('=!%-.$5%3-.!)(+!.5;;$%0.!.0)BB!4):-!B$5(+!4-*;B5*!&(!)..&.0&('!
04-<!0$!&<;*-<-(0!04-!7MNG>!1(!;)%0&35*)%=!04-!1(+&'-($5.!W%$B-..&$()*!/5;;$%0!X(&0.!61W/X.9!
)%-!+-.3%&#-+!).!)!:)*5)#*-!.$5%3-!$B!.5;;$%0Z!;%$:&+&('!0%)&(&('=!&(B$%<)0&:-!%-.$5%3-.!)(+!
&(B$%<)*!.5;;$%0>!8-(0%-.!)*.$!-C;*)&(!04)0!#-&('!)#*-!0$!:&.&0!$04-%!7878!3-(0%-.!0$!0)*K!0$!.0)BB!
)(+!0$!.--!7MNG!&<;*-<-(0)0&$(!&(!)30&$(!4).!#--(!)!'%-)0!$;;$%05(&02!0$!%-3-&:-!(-A!&+-).!
)(+!&(.;&%)0&$(>!G5%04-%<$%-=!0%)&(&('!$(!)!:)%&-02!$B!0$;&3.!4).!)..&.0-+!.0)BB!0$!'%);;*-!A&04!
.$<-!$B!04-!34)('-.!5(+-%!04-!7MNG=!.534!).!+&BB-%-(0!+$35<-(0)0&$(!)(+!;%$'%)<<&('!.02*-.>!!
&
FEUP>)*%+)EUP>)2/'*#1)*%+)"%&*&'%&)9'24)EUP>)9/'2"/1)
,A$!.-%:&3-.!A-%-!&(:$*:-+!&(!)!0%&)*!$B!04-!f&30$%&)(!7)%*2!M-)%.!N-)%(&('!G%)<-A$%K!6M);;-%)=!
_5()&!N&+E9!)(+!B--*!04)0!04&.!;%-;)%-+!04-<!A-**!0$!5(+-%.0)(+!)(+!&<;*-<-(0!04-!7MNG>!,4&.!
&(+&3)0-.!04)0!0&<-!&.!)!K-2!B)30$%!&(!)!.-%:&3-F.!3);)3&02!0$!&<;*-<-(0!)!(-A!B%)<-A$%K>!
,4%$5'4!)!;%$)30&:-!);;%$)34!0$!.-%:&3-!+-:-*$;<-(0=!)(+!#2!50&*&.&('!04-&%!.0%-('04.!&(!
%-*)0&$(.4&;!#5&*+&('=!@&%%-*--!-(')'-+!A&04!04-!A%&0-%.!$B!04-!7MNG!0$!%-3-&:-!0%)&(&('!)(+!
'5&+)(3-!$(!&<;*-<-(0&('!&0>!,4-2!B-*0!04)0!04&.!A).!)(!-C0%-<-*2!:)*5)#*-!-C-%3&.-=!)(+!
)..&.0-+!04-<!0$!+-3$(.0%530!04-!7MNG!)(+!)+);0!&0!0$!04-&%!$A(!.-%:&3-!3$(0-C0>!!
!
D%+'&"%$51):/$3"11'$%*#).577$/2)?%'21)
/-%:&3-.!&(!)**!.0)0-.!3&0-+!04-!1(+&'-($5.!W%$B-..&$()*!/5;;$%0!X(&0!61W/X9!).!)!<)E$%!.$5%3-!$B!
.5;;$%0=!A&04!'%-)0!+-;04!$B!K($A*-+'-!)(+!)33-..&#&*&02!6.--!&(!;)%0&35*)%!^)*2'5%%!)(+!
M);;-%)9>!/-%:&3-.!&(!/$504!"5.0%)*&)!B-*0!04)0!04-!L5)%0-%*2!"#$%&'&()*!.-%:&3-.!<--0&('.!4$.0-+!
#2!04-!/$504!"5.0%)*&)(!1W/X!B$%!)**!"#$%&'&()*!-)%*2!34&*+4$$+!.-%:&3-.!A-%-!;)%0&35*)%*2!4-*;B5*!
6`&(2)!@5(4&&=!b$$(&##)9>!!
!
8$##*!$/*2'$%)*%+)0'1'21)9'24)$24"/)E8E8)1"/0',"1)
/-:-%)*!.-%:&3-.!)*.$!<-(0&$(!3$**)#$%)0&('!A&04!$04-%!-)%*2!34&*+4$$+!.-%:&3-.!0$!.4)%-!
K($A*-+'-=!;%)30&3-.!)(+!0$!+&.35..!)!:)%&-02!$B!0$;&3.!6b$$(&##)=!`&(2)!@5(4&&9>!](-!-+53)0$%!
#).-+!)0!)!%-<$0-!.-%:&3-!.0)0-.!04)0!)!;)%0&35*)%!B-)05%-!$B!%5%)*!.-%:&3-.!&.!04)0!Q2$5!*-)%(!4$A!
0$!%-*)0-!)(+!.4)%-R!6b$$(&##)9>!"($04-%!-+53)0$%!%-3)**.!)!3$(B-%-(3-!.4-!)00-(+-+!04)0!
;%$:&+-+!)!B$%5<!B$%!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!)(+!&(+&'-($5.!.-%:&3-.!
$:-%.-).>!/4-!-C;*)&(.!04)0!04&.!;%$:&+-+!)(!&(:)*5)#*-!$;;$%05(&02!0$!*-)%(!B%$<!)(+!.4)%-!
&+-).!A&04!$04-%!.-%:&3-.=!Q6&09!A).!'%-)0!0$!0)*K!0$!$04-%!.-%:&3-.!B%$<!)%$5(+!04-!()0&$(=!#50!
)*.$!0$!'-0!4$A!04&('.!A-%-!A$%K&('!&(!+&BB-%-(0!35*05%-.>!/$!4$A!2$5!3$5*+!)+);0!A4)0!04-2!
A-%-!+$&('!)(+!<)K-!&0!2$5%!$A(>R!/4-!3&0-.!*-)%(&('!)#$50!4$A!.4-!B$5(+!*&.0-(&('!0$!3-(0%-.!
B%$<!I-A!q-)*)(+!+-.3%&#-!04-&%!);;%$)34!0$!&(:$*:&('!-C0-(+-+!B)<&*2!&(0$!04-!3-(0%-!04%$5'4!
<5.&3!)(+!.&('&('!).!)!;)%0&35*)%*2!5.-B5*!-C-%3&.-!6`&(2)!@5(4&&9>!!
!
!
'*!
!
!
"!(5<#-%!$B!3-(0%-.!;)%0&3&;)0-+!&(!:&.&0.!0$!$04-%!-)%*2!*-)%(&('!
3-(0%-.!6^)*2'5%%=!,"88"=!@&%%-*--=!`&(2)!@5(4&&=!b$$(&##)=!
Q10! A).! '%-)0! 0$! 0)*K! 0$!
M)A)%%)9>!@2!0)*K&('!0$!.0)BB!)(+!:&-A&('!$04-%!3-(0%-.!.0)BB!A-%-! $04-%! .-%:&3-.! B%$<!
)%$5(+!04-!()0&$(k.$!2$5!
)#*-!0$!')&(!5(&L5-!&(.&'40.!$(!)!:)%&-02!$B!0$;&3.=!&(3*5+&('!
;%$'%)<<&('!6,"88"9=!*-)%(&('!-(:&%$(<-(0.!6@&%%-*--9=!*&0-%)32! 3$5*+! )+);0! A4)0! 04-2!
A-%-! +$&('! )(+! <)K-! &0!
6`&(2)!@5(4&&9=!)(+!E5.0!).!)!34)(3-!0$!-C;*$%-!)($04-%!.-%:&3-.!
2$5%!$A(R!6`&(2)!@5(4&&9>!
;%)30&3-.!<$%-!'-(-%)**2!6b$$(&##)=!,"88"9>!/-%:&3-.!3$<<-(0!
04)0!A4&*.0!04-.-!:&.&0.!A-%-(F0!)#$50!04-(!%-;*&3)0&('!A4)0!04-2!
.)A!6@&%%-*--9=!04-2!-()#*-+!-+53)0$%.!0$!0)K-!&+-).!B%$<!04-!+&BB-%-(0!.-%:&3-.=!)(+!3$<#&(-!
04-.-!A&04!04-&%!$A(!&+-).=!B$%!-C)<;*-!&(!&<;*-<-(0&('!04-!7MNG!6,"88"9>!"($04-%!.-%:&3-!
+&.35..-.!4$A!04-2!4):-!;)%0(-%-+!&(!)!c.&.0-%!.-%:&3-F!)%%)('-<-(0!A&04!)!<)&(.0%-)<=!
3$<<5(&02P#).-+!-)%*2!34&*+4$$+!.-%:&3-!&(!04-!*$3)*!)%-)>!,4-2!)%-!35%%-(0*2!;*)((&('!0$!
3$(+530!c.0)BB!.A);.F!#-0A--(!04-!0A$!.-%:&3-.!.$!04)0!.0)BB!3)(!:&-A!;%)30&3-!)0!+&BB-%-(0!
.-%:&3-.>!,4-!U&%-30$%!B--*.!04)0!04&.!A&**!#-!#-(-B&3&)*!B$%!.0)BB!Q0$!.--!04-!+&BB-%-(0!A)2.!h!04)0!
;-$;*-!)%-!+$&('!&0!04&.!A)2!)(+!&0F.!($0!04-!$(*2!A)2!04)0!&0!3)(!#-!+$(->R!6M)A)%%)9>!!
!
C/*'%'%&)
"**!.-%:&3-.!+-0)&*!04)0!04-2!4):-!%-3-&:-+!5.-B5*!0%)&(&('!$(!:)%&$5.!0$;&3.=!A4-04-%!%-*)0-+!
+&%-30*2!$%!&(+&%-30*2!0$!04-!7MNG>!,4-.-!)%-!.5<<)%&.-+!#-*$AY!!
• U$35<-(0)0&$(=!&(3*5+&('!;%)30&3)*!-C)<;*-.!$B!*-)%(&('!.0$%&-.!)(+!4$A!0$!3%-)0-!04-.-!
6,"88"=!8$$*)#)%$$9!
• 704&3.!3$+-.=!;$*&3&-.!)(+!;%$3-+5%-.!6_5(+$$9!
• \$%K&('!A&04&(!)!.0%-('04.!#).-+!);;%$)34>!G$%!-C)<;*-!$(-!;)%0&35*)%!A$%K.4$;!
B$35.-+!)%$5(+!)!.-%&-.!$B!;4$0$.!$B!)!34&*+!-)0&('>!U&.35..&$(.!%-:$*:-+!)%$5(+!4$A!
-+53)0$%.!3$5*+!;-%3-&:-!04&.!h!04%$5'4!)!+-B&3&0!);;%$)34!04)0!<&'40!($0-!04)0!04-!34&*+!
A).!3%-)0&('!)!<-..!)(+!04)0!04-2!A-%-(F0!3);)#*-!$B!B--+&('!04-<.-*:-.!P!$%!04%$5'4!)!
.0%-('04.!#).-+!);;%$)34!04)0!-C;*$%-+!A4)0!04-!34&*+!A).!)34&-:&('=!04-!;%&+-!04)0!4-!
A).!-:&+-(0*2!B--*&('!&(!)33$<;*&.4&('!04&.!B$%!4&<.-*B=!)(+!04-!+&BB-%-(0!.K&**.!4-!A).!
*-)%(&('!6,"88"9>!!
• W%$'%)<<&('!)(+!;*)((&('!6^)*2'5%%=!,"88"=!_5()&!N&+E=!_5(+$$9>!7+53)0$%.!)0!$(-!
.-%:&3-!%-*)2!04)0!)!;)%0&35*)%*2!5.-B5*!<-04$+!-<;*$2-+!#2!04-!0%)&(&('!$BB&3-%!&(:$*:-+!
).K&('!.0)BB!%-B*-30&:-!L5-.0&$(.!0$!34)**-('-!04-<!0$!04&(K!)#$50!04-!7MNG=!0$!#-00-%!
5(+-%.0)(+!34&*+%-(F.!04&(K&('=!)(+!A4)0!0$!*$$K!B$%!A4-(!04&(K&('!)#$50!4$A!34&*+%-(!
*-)%(>!,4&.!4).!)..&.0-+!04-<!0$!+-:-*$;!)!323*&3)*!B$%<!$B!;%$'%)<<&('!6,"88"9>!_5()&!
N&+E!)*.$!%-3-&:-+!0%)&(&('!$(!04&.=!A&04!-+53)0$%.!%-B*-30&('!04)0!&0!-()#*-+!04-<!0$!
-:)*5)0-!A4)0!04-2!;-%.$()**2!B-*0!L5)*&02!;%$'%)<<&('!*$$K-+!*&K-=!)(+!A4)0!34)('-.!
04-2!(--+-+!0$!<)K-!0$!$BB-%!L5)*&02!;%$'%)<.!B$%!04-!34&*+%-(>!
• U-:-*$;&('!&(+&:&+5)*!*-)%(&('!;*)(.!B$%!34&*+%-(!6b$$(&##)9!
• X.&('!%-.$5%3-.!0$!&<;*-<-(0!04-!7MNG>!/0)BB!)0!8$$*)#)%$$!B$5(+!)!A$%K.4$;!+-*&:-%-+!
#2!8)%$*&(-!G-A.0-%!;)%0&35*)%*2!5.-B5*!$(!04&.!0$;&3>!,4&.!;%$:&+-+!:)*5)#*-=!;%)30&3)*!
&+-).!B$%!34-);!)(+!.&<;*-!%-.$5%3-.!0$!5.-!A&04!34&*+%-(!)(+!4$A!0$!5.-!04-.-!0$!
&<;*-<-(0!7MNG!;%&(3&;*-.=!;%)30&3-.!)(+!$503$<-.!P!B$%!-C)<;*-!+-.&'(&('!)%0!3)%%&-%.!
B$%!34&*+%-(!0$!;%$0-30!04-&%!)%0A$%K!A4-(!04-2!3)%%2!&0!4$<-!h!A4&34!4-*;.!04-<!0$!B--*!
04)0!04-&%!)%0!&.!:)*5-+!)(+!&<;$%0)(0>!!
!
(+!
!
!
•
•
•
84)('-.!5(+-%!04-!I)0&$()*!J5)*&02!G%)<-A$%K!P!&(3*5+&('!A4)0!.-%:&3-.!(--+!0$!+$!0$!
)+);0!0$!04-!34)('-.!)(+!4$A!.0)BB!3)(!+$!04&.!6M);;-%)9>!!
8$<<5(&3)0&$(!P!&(3*5+&('!)(!$;;$%05(&02!B$%!.0)BB!0$!-:)*5)0-!04-!A)2!04-2!
3$<<5(&3)0-!A&04!34&*+%-(=!)(+!)*.$!4$A!.5;;$%0!34&*+%-(!0$!+-:-*$;!3$<<5(&3)0&$(!
.K&**.!6_5()&!N&+E9>!!
,%)&(&('! (--+.! 0$! #5&*+! $(!
,%)&(&('!&(!04-BB!<-(0$%&('!0$!-:)*5)0-!&(+&:&+5)*!;%)30&3-!6M)A)%%)=!M);;-%)9=!)(+!0$!
-(.5%-!)!%-*)0&$(.4&;!#-0A--(!04-!0%)&(-%!)(+!.0)BB!6M);;-%)9>!,4&.!4-*;-+!0$!-(.5%-!
04)0!+&.35..&$(.!0)K-!;*)3-!)0!-)34!.0)BBF.!*-:-*!)(+!)%-!%-.;$(.&:-!0$!04-&%!(--+.>!!
• ];;$%05(&0&-.!0$!)**$A!.0)BB!0$!-C;*$%-!3$(3-;0.!)(+!.4)%-!&+-).!A&04!-)34!$04-%!&(!)!
%-*)C-+=!&(B$%<)*!<)((-%!6_5(+$$=!_5()&!N&+E9>!"(!&**5.0%)0&$(!$B!04&.!&.!04-!M)%(&('!
8&%3*-!0%)&(&('!_5(+$$!%-3-&:-+!B%$<!04-!J5--(.*)(+!1W/X>!,4-!U&%-30$%!+-.3%&#-.!04)0!
04&.!;%$:&+-+!04-<!A&04!)(!$;;$%05(&02!0$!.&0!+$A(!)(+!0)*K!04%$5'4!04-!7MNG!)(+!A4)0!
34)('-.!04-2!A)(0-+!0$!.--!).!)!%-.5*0!&(!04-&%!3-(0%-!)(+!3$<<5(&02>!/4-!B-*0!04)0!04&.!
A).!)!;)%0&35*)%*2!5.-B5*!<-04$+!).!
&0!)**$A-+!Q-:-%2$(-!0$!$;-(!5;!
:6"04*7&,%,,4'*,R&54*8"&U2*644&
)(+!#-3$<-!<$%-!%-*)C-+!A&04!$(-! 7+53)0$%.! )0! `&(2)! @5(4&&! -<;4).&.-! 04)0! .4)%&('!
)($04-%>R!
.-..&$(.! )%-! <$%-! 5.-B5*! 04)(! B$%<)*! 0%)&(&('=! ).!
$(-! -+53)0$%! ;$&(0.! $50=! &0! A$5*+! #-! '$$+! 0$! 4-)%!
)#$50! Q%-)*! .05BB! 0$! .--! 4$A! $04-%! ;-$;*-! )%-!
3$;&('>R!"!;$0-(0&)*!B$%<)0!3$5*+!#-!)!B)3&*&0)0$%!0$!
;%$:&+-!)!#).&3!$50*&(-=!)(+!04-(!)(!$;;$%05(&02!B$%!
.-%:&3-.!0$!.4)%-!A4)0!04-2F%-!+$&('=!A4)0F.!A$%K&('!
)(+! A4)0! &.(F0>! ](-! -+53)0$%! B%$<! 04-! 3-(0%-!
4&'4*&'40.!04-!:)*5-!&(!04&.=!Q1B!A-!4)+!$;;$%05(&0&-.!
0$! #%&('! 5.! )*0$'-04-%=! &0F.! 04-! #-.0! *-)%(&('! 0$$*!
04-%-!&.>!\&04!.$<-$(-!0$!B)3&*&0)0-!&0!&(!04-!K($A>R!
!
!
("!
!
!
W-0-%!U-<$;$5*$.=!W%$B-..&$()*!/5;;$%0!]BB&3-%!
B%$<!1W/X!J5--(.*)(+=!+-.3%&#-.!4$A!04-.-!)%-!)!
'%-)0!A)2!$B!Q&(0%$+53&('!04-!0-%<&($*$'2=!.0)%0&('!
0$!0)*K!5;!04-!(-A!A$%*+!)(+!-C;-30)0&$(.!A&04&(!
!
04)0!A$%*+=!)(+!#5&*+&('!5;!.$<-!#-*&-B!04)0!04&.!
.05BB!&.!)305)**2!4);;-(&('R=!A4&34!4-*;.!0$!;%$:&+-!;$.&0&:-!)BB&%<)0&$(!B$%!04-!.0)BB!04)0!
04-2!)%-!)*%-)+2!&<;*-<-(0&('!<)(2!$B!04-!;%)30&3-.>!!
V&'4!3)*&#%-!)(+!-(045.&).0&3!0%)&(-%.!A4$!3)(!&(.;&%-!.0)BB!6,"88"=!_5()&!N&+E9>![-'5*)%!
0%)&(&('!&.!B-*0!#2!.-%:&3-.!0$!#-!)!
/0)BB! )0! "[`/X! 61W/X! /"9! -C;*)&(! 04)0!
;)%0&35*)%*2!:)*5)#*-!A)2!0$!<$0&:)0-!
.0)BB!)(+!0$!;%$:&+-!(-A!&+-).!B$%!04&('.! 0%)&(&('! (--+.! 0$! 0)K-! <)(2! B$%<.=!
&(3*5+&('!
.0%5305%-+!
;%$B-..&$()*!
04-2!3)(!0%2!&(!04-&%!3-(0%-!6_5(+$$9>!
+-:-*$;<-(0!
A$%K.4$;.=!
&(B$%<)*!
)(+!
G$%!-C)<;*-!.0)BB!)0!,"88"!+-.3%&#-+!)!
&(3&+-(0)*! .4)%&('! #-0A--(! .-%:&3-.=! )(+!
A4$*-!+)2!A$%K.4$;!A&04!`)''&-!U-(0!
$(P.&0-!+&%-30=!;%)30&3)*!.5;;$%0>!,4-2!B&(+!
).!)!'5-.0!.;-)K-%!0$!#-!;)%0&35*)%*2!
04)0! $B0-(! A4)0! 7878! .0)BB! %-.;$(+! 0$!
4-*;B5*!#-3)5.-!.0)BB!B$5(+!4-%!0$!#-!)!
#-.0! )(+! <$.0! A)(0! &.! $(-P$(P$(-!
4&'4*2!<$0&:)0&$()*!.;-)K-%>!!
&(0-%)30&$(! A&04&(! 04-&%! 3-(0%-! h! ).! 04&.!
,%)&(&('!04)0!#5&*+.!$(!.0)BBF.!
.5;;$%0.! 04-<! A&04! ;%)30&3)*! &+-).! )(+!
3$(B&+-(3-=!;%$:&+-.!04-<!A&04!;$.&0&:-! '5&+)(3-! $(! 4$A! 0$! )305)**2! &<;*-<-(0!
%-&(B$%3-<-(0!68$$*)#)%$$9!)(+!
04-!-*-<-(0.!$B!04-!7MNG!A&04&(!04-&%!$A(!
.-%:&3-! 3$(0-C0>! /4)%$*2(! ,)*#$0=! "[`/X!
.5;;$%0.!04-<!0$!B--*!04)0!04-&%!A$%K!&.!
8$$%+&()0$%=! +-.3%&#-.! 04-! -<;$A-%&('!
:)*5)#*-!6M);;-%)=!_5(+$$9>!!
-BB-30!04&.!4).!$(!.0)BB!&(!-()#*&('!04-<!0$!
,%)&(&('!04)0!%-3$'(&.-.!04)0!.0)BB!)%-!
%-)*&.-! 04)0! 04-2! )%-! )*%-)+2!
$B0-(!)*%-)+2!&<;*-<-(0&('!)!3-%0)&(!
&<;*-<-(0&('! <)(2! $B! 04-! 7MNG! ;%)30&3-.!
;%)30&3-!$%!;%&(3&;*-=!)(+!04-%-B$%-!
)(+! ;%&(3&;*-.>! "! 3%&0&3)*! ).;-30! $B! 04&.! &.!
50&*&.-.!.0)BB!K($A*-+'-!).!)!.0%-('04>!
04)0!04-!1W/X!.0)BB!)%-!K($A(!0$!04-!7878!
,%)&(&('!$B0-(!(--+.!0$!#-!<$%-!$B!)!
A$%K-%.>! I-0A$%K! /"! 7C-350&:-! ]BB&3-%!
%-B%-.4-%!$B!946!.0)BB!(--+!0$!K--;!$(!
`)5%--(! `3_5&%-! +-.3%&#-.! 04)0! 04&.! &.!
+$&('!)!;)%0&35*)%!;%)30&3-!68$$*)#)%$$9>!! )#$50! Q#5&*+&('! %-*)0&$(.4&;.! .$! 04)0!
,%)&(-%.!(--+!0$!5(+-%.0)(+!04-!3$(0-C0! /4)%$*2(! )(+! )**! $5%! .0)BB! )%-! K($A(! 0$!
)(+!35*05%-!&(!A4&34!)!.-%:&3-!&.!A$%K&('! 04-! ;-$;*-! &(! 04-! .-%:&3-.>! "(+! 04-%-B$%-!
&0F.! $K! 0$! ).K! 4-%! )! L5-.0&$(=! $%! 0$! 4):-!
6_5()&!N&+E9>!!
4-%! .&0! +$A(! A&04! 2$5! $(! 04-! B*$$%! A&04!
,%)&(&('!04)0!&.!5;!0$!+)0-!)(+!%-*-:)(0!
04-!K&+.=!)(+!E5.0!2)%(!B$%!)!#&0>R!
6_5()&!N&+E9>!!
W%)30&3)*!0%)&(&('!04)0!)**$A.!.0)BB!0$!.--! !
4$A!04-2!3)(!)(+!)*%-)+2!)%-!&<;*-<-(0&('!04-!7MNG!)0!04-&%!.-%:&3-!6_5()&!N&+E=!
_5(+$$=!8$$*)#)%$$=!`&(2)!@5(4&&9!)(+!04-%-B$%-!+$-.!($0!3%-)0-!-C3-..&:-!)<$5(0.!$B!
)++&0&$()*!A$%K!6M);;-%)9>!,%)&(&('!.4$5*+!04-%-B$%-!;%$:&+-!.0)BB!A&04!;%)30&3)*!
0-34(&L5-.!)(+!0$$*.!6M);;-%)9=!).!$(-!U&%-30$%!;$&(0-.!$50!Q;-$;*-!A)(0!04-!#).&3.=!
)(+!A4)0!04-2!3)(!5.-!-:-%2+)2>R!68$$*)#)%$$9>!!
,%)&(&('!04)0!&.!E)%'$(!B%--!)(+!04-%-B$%-!)33-..&#*-!0$!)**!.0)BB!68$$*)#)%$$9>!/-..&$(.!
.4$5*+!)*.$!($0!3$(0)&(!0$$!<534!&(B$%<)0&$(=!).!04&.!3)(!#-!+)5(0&('!B$%!.0)BB!
6^)*2'5%%9>!!
QW-$;*-!A)(0!04-!#).&3.=!
)(+!A4)0!04-2!3)(!5.-!
-:-%2+)2R!68$$*)#)%$$9>!
•
•
•
•
•
•
•
!
(#!
!
!
•
,%)&(&('!04)0!0)K-.!&(0$!)33$5(0!04-!*&<&0-+!B5(+&('!.$<-!.-%:&3-.!<)2!-C;-%&-(3-=!
-(.5%&('!04)0!)30&:&0&-.!+&.35..-+!3)(!#-!+$(-!34-);*2!)(+!A&04!):)&*)#*-!%-.$5%3-.!
68$$*)#)%$$=!`&(2)!@5(4&&9>!,%)&(&('!)*.$!(--+.!0$!0)K-!&(0$!)33$5(0!04-!*&<&0-+!0&<-!
04)0!.0)BB!<)2!4):-!h!B$%!-C)<;*-!$(-P$BB!)30&:&0&-.!04)0!B$35.!$(!&(+&:&+5)*!34&*+%-(!)%-!
.&<;*2!($0!.5.0)&()#*-!6`&(2)!@5(4&&9>!
)
J"1$5/,"1)51"+)
,4-!B$**$A&('!&.!)!*&.0!$B!%-.$5%3-.!.-%:&3-.!<-(0&$(-+!).!5.-B5*!0$!)&+!04-&%!5(+-%.0)(+&('!$B!
)(+!0%)(.&0&$(!0$!04-!7MNG>!G5%04-%!&(B$%<)0&$(!$(!04-.-!%-.$5%3-.!3)(!#-!B$5(+!&(!"((-C!@Y!
[-.$5%3-!`)0%&C>!
!
• 7MNG!W%$B-..&$()*!N-)%(&('!W%$'%)<!(-A.*-00-%.!)(+!0&;.!
• 7MNG!W%$B-..&$()*!N-)%(&('!W%$'%)<!6$(*&(-9!
• 7MNG!W%$B-..&$()*!N-)%(&('!W%$'%)<!G)3-#$$K!;)'-!
• EUP>)E+5,*2$/1)O5'+")
• J"-$2")D%+'&"%$51):/$3"11'$%*#)A"0"#$7-"%2):*,I*&")
• 7)%*2!84&*+4$$+!"5.0%)*&)!(-A.*-00-%.!)(+!$(*&(-!B$%5<!
• M$%')($;!1W/X!(-A.*-00-%.!
• 84&*+.3);-.!;%$'%)<<&('!%-.$5%3-.!)(+!0-<;*)0-.!
• >$5%+*2'$%1)3$/).5,,"11)G)&5'+"#'%"1)3$/)*%)"*/#6)#"*/%'%&)7/$&/*-)'%)B!$/'&'%*#)*%+)
C$//"1).2/*'2)D1#*%+"/),$--5%'2'"1!6U-;)%0<-(0!$B!7+53)0&$(=!,%)&(&('!)(+!04-!"%0.=!
J5--(.*)(+9!
• J"17",2()J"3#",2()J"#*2")6U-;)%0<-(0!B$%!7+53)0&$(!)(+!84&*+!U-:-*$;<-(0=!/$504!
"5.0%)*&)9)
• C4/$5&4)U$5%&)<#*,I)E6"1!)(+!$04-%!/I"188!%-.$5%3-.!
!
C",4%'V5"1)'%)51'%&)/"1$5/,"1)
"!(5<#-%!$B!U&%-30$%.!-C;*)&(!04)0!04-2!%-'5*)%*2!;%&(0!$50!:)%&$5.!(-A.*-00-%.=!0&;.!)(+!
%-*-:)(0!&(B$%<)0&$(!0$!.4)%-!A&04!.0)BB!6M)A)%%)=!8$$*)#)%$$=!_5()&!N&+E=!^)*2'5%%9>!,4-.-!)%-!
$B0-(!3$<;&*-+!&(0$!)!B$*+-%!B$%!B505%-!5.-!h!&(!;)%0&35*)%!A4&*.0!.0)BB!)%-!;%$'%)<<&('=!$%!)%-!
;50!$50!&(!04-!*5(34%$$<!B$%!.0)BB!0$!#%$A.->!!
!
!
($!
!
!
\.D&:2CC'0+&,+4$$&*%%1%1&
,4&.!.-30&$(!-C)<&(-.!04-!0%)&(&('!)(+!%-.$5%3-.!04)0!.-%:&3-.!&(+&3)0-!A&**!#-!(--+-+!).!
$('$&('!.5;;$%0!0$!-()#*-!04-<!0$!3$(0&(5-!)(+!&<;%$:-!04-&%!&<;*-<-(0)0&$(!$B!04-!7MNG>!!
!
C/*'%'%&)
,%)&(&('!(--+.!)%-!&+-(0&B&-+!&(!04-!B$**$A&('!)%-).Y!
• U$35<-(0)0&$(!P!0$!-()#*-!.-%:&3-.!0$!#-00-%!5(+-%.0)(+!4$A!0$!+$35<-(0!)(+!+&.;*)2!
34&*+%-(F.!.0%-('04.!6@&%%-*--9!
• 8%-)0&('!*-)%(&('!-(:&%$(<-(0.!6,"88"=!^)*2'5%%9!
• W%$'%)<<&('!5(+-%!04-!7MNG!6N5**)F.9!
• N&(K&('!7MNG!;%)30&3-.!)(+!;%&(3&;*-.!0$!$503$<-.!6^)*2'5%%9!
• [-B*-30&:-!;%)30&3-!h!A&04!)(!-<;4).&.!$(!.5;;$%0&('!.0)BB!0$!0)K-!)30&$(!;$.0P%-B*-30&$(!
)(+!0$!)30!$(!04-!*-)%(&('!6@&%%-*--9>!!
• ,%)&(&('!04)0!%-B*-30.!.0)BB!&(0-%-.0.!6,"88"9!
• /0)BB!-C34)('-.!A&04!$04-%!.-%:&3-.!6N5**)F.9!
!
G5%04-%<$%-=!)!(5<#-%!$B!.-%:&3-.!-C;*)&(!04)0!7MNG!0%)&(&('!(--+.!0$!#-!$('$&('!)(+!B*-C&#*-!
0$!%-B*-30!(--+.!).!04-2!#-3$<-!);;)%-(0!6_5()&!N&+E=!_5(+$$=!,"88"=!M);;-%)=!M$%')($;!
1W/X9>!,4&.!&.!;)%0&35*)%*2!&<;$%0)(0!).!.-%:&3-.!
Q,4-! +$35<-(0! A&**! 3$(.0)(0*2! -:$*:-!
<$+&B2!04-!7MNG!0$!.5&0!04-&%!(--+.!$:-%!0&<-!
)(+! ;-$;*-! A&**! B&(+! (-A! A)2.! $B!
6M)A)%%)9>!/0)BB!)*.$!(--+!0$!#-!)#*-!0$!)33-..!
&(0-%;%-0&('! )(+! &<;*-<-(0&('! &0>! /$! 1!
0%)&(&('!04)0!<--0.!04-!34)('&('!)(+!+&:-%.-!
04&(Kk2$5!(--+!0$!*$$K!)0!(-A!A)2.!0$!
(--+.!$B!04-!34&*+%-(!&(!04-!3-(0%-=!B$%!-C)<;*-!
&<;*-<-(0! 6&09! )(+! ($0! E5.0! '$! cA-F%-!
B$%!34&*+%-(!A&04!)++&0&$()*!(--+.!6,"88"9>!
+$&('! &0! 04&.! A)2! ($A! )(+! 04)0F.! 04-!
!
A)2!&0F.!.0)2&('F>R!6M)A)%%)9!
J"1$5/,"1)
!
/-%:&3-.!&+-(0&B2!.-:-%)*!%-.$5%3-!(--+.Y!
• /&<;*-!B)30.4--0.!$(!+&BB-%-(0!).;-30.!$B!04-!7MNG!6N5**)F.9!)(+!0$!4-*;!-C;*)&(!04-!7MNG!
0$!;)%-(0.!6&(!;)%0&35*)%!$503$<-.!)(+!04-!(-A!;%$'%)<<&('!B$%<)09!
6_5+E)4')4<&)<&)9!
• /&<;*-!-:)*5)0&$(!0$$*.!0$!-()#*-!.0)BB!0$!5(+-%.0)(+!4$A!04-2!3)(!#-00-%!%-3$%+!)(+!
-(4)(3-!34&*+%-(F.!+-:-*$;<-(0!6_5()&!N&+E9!
• [-.$5%3-.!0$!.5;;$%0!.0)BB!0$!&<;*-<-(0!04-!7MNG!&(!)!35*05%)**2!);;%$;%&)0-!<)((-%!
6M);;-%)9!
• W%)30&3)*!%-.$5%3-.!A&04!0&;.!B$%!.-00&('!5;!)(+!&<;*-<-(0&('!)30&:&0&-.=!.534!).!04$.-!
;%$:&+-+!#2!M$%')($;!1W/X!)(+!04-!7MNG!W%$B-..&$()*!N-)%(&('!W%$'%)<!6^)*2'5%%9>!!
!
!
!
(%!
!
!
].&)'*3$2,4'*&"*1&Q%3'BB%*1"+4'*,&
&
,4&.!%-.-)%34!4&'4*&'40.!04)0!04-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!-)%*2!34&*+4$$+!-+53)0&$(!
)(+!3)%-!678789!.-%:&3-.!&(0-%:&-A-+!)%-!&<;*-<-(0&('!04-!7)%*2!M-)%.!N-)%(&('!G%)<-A$%K!
67MNG9!)(+!;*)2!)(!&<;$%0)(0!%$*-!&(!&<;%$:&('!04-!-)%*2!34&*+4$$+!$503$<-.!B$%!04-!34&*+%-(!&(!
04-&%!3)%->!1(!<)(2!G%)<-A$%K!-*-<-(0.!04-2!*-)+!04-!A)2!&(!;%$:&+&('!)504-(0&3!)(+!:)*5)#*-!
-C)<;*-.!$B!'$$+!;%)30&3->!1(!;)%0&35*)%!04-!4$*&.0&3=!35*05%)**2!-<;$A-%&('!)(+!3$<;%-4-(.&:-!
);;%$)34!0$A)%+.!34&*+%-(F.!+-:-*$;<-(0!+-<$(.0%)0-+!#2!04-!.-%:&3-.!&(0-%:&-A-+!)*%-)+2!
&(3$%;$%)0-.!K-2!G%)<-A$%K!$503$<-.=!;%&(3&;*-.!)(+!;%)30&3-.>!!
!
"!5(&L5-!).;-30!$B!04-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!.-%:&3-.!&(0-%:&-A-+!&.!04)0!
04-2!:&-A!34&*+%-(F.!A-**#-&('!&(!)!#%$)+=!4$*&.0&3!.-(.-!04)0!0)K-.!&(0$!)33$5(0!04-!3$(0-C0!$B!
B)<&*2!)(+!3$<<5(&02!A-**#-&('>!\-**#-&('!&.!+-B&(-+!).!-(3$<;)..&('!;42.&3)*=!.$3&)*=!
-<$0&$()*!)(+!35*05%)*!).;-30.>!W%$'%)<.!0$!<--0!04-.-!(--+.!A$%K!A&04&(!)!35*05%)*!
;-%.;-30&:-!)(+!&(3$%;$%)0-!04-!3$<<5(&02F.!35%%-(0!)(+!4&.0$%&3)*!3$(0-C0>!1(!$%+-%!0$!-(.5%-!
&<;%$:-+!A-**#-&('!)(+!+-:-*$;<-(0!$503$<-.!B$%!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
34&*+%-(=!.-%:&3-.!%-L5&%-!$('$&('!)(+!.0)#*-!.5;;$%0>!V$A-:-%!A4&*.0!04-!.-%:&3-.!&(0-%:&-A-+!
A-%-!&+-(0&B&-+!)(+!;%$B&*-+!#-3)5.-!04-2!)%-!&<;*-<-(0&('!04-!7MNG!-BB-30&:-*2=!$04-%.!<)2!
($0!4):-!.5BB&3&-(0!.5;;$%0!0$!#-!&<;*-<-(0&('!&0!0$!04-!.)<-!-C0-(0>!G5(+&('=!A$%KB$%3-!
+-:-*$;<-(0!)(+!&(B%).0%5305%-!.5;;$%0!&.!%-L5&%-+!B$%!)**!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
7878!.-%:&3-.!0$!%-)*&.-!04-!.0%-('04.!+&.;*)2-+!#2!04-!.-%:&3-.!&(0-%:&-A-+>!85%%-(0!B5(+&('!
*-:-*.!)%-!($0!.5BB&3&-(0!0$!+$!04&.>DS!,4-%-B$%-!)3K($A*-+'&('!04-!B5(+&('!34)**-('-.!&+-(0&B&-+!
#2!.-%:&3-.!&(0-%:&-A-+!).!)!#)%%&-%!0$!04-!;%$:&.&$(!$B!4$*&.0&3!3)%-!B$%!"#$%&'&()*!)(+!,$%%-.!
/0%)&0!1.*)(+-%!34&*+%-(=!/I"188!%-3$<<-(+.Y!
)
D%,/"*1"+()12*!#")*%+)-5#2'=6"*/)35%+'%&)7#*%%"+)*%+)!5+&"2"+)2$)*##$9)1"/0',"1)2$)
$7"/*2")*1)-5#2'35%,2'$%*#)1"/0',"1)"V5'77"+)2$)/"17$%+)2$)24")+'0"/1")9"##!"'%&)%""+1)
$3)24"'/),4'#+/"%)*%+)3*-'#'"1H).LBD88)/",$--"%+1)24*2)24")O$0"/%-"%2)/"0'"9)1577$/2)
2$)*##)"@'12'%&)1"/0',"1)2$)"%15/")1533','"%2)35%+'%&)*%+)1577$/2)2$)7/$0'+")V5*#'26)
'%2"&/*2"+)1"/0',"1H))
^Q%3'BB%*1"+4'*&-P&
!
,4-!B&(+&('.!-<-%'&('!B%$<!04-!%-;$%0!&(+&3)0-!04)0!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!
$%')(&.)0&$(.!)%-!&(0-'%)*!;)%0.!$B!04-&%!3$<<5(&02!)(+!4):-!)!.0%$('!#-*&-B!&(!04-&%!%$*-!&(!
3$<<5(&02!+-:-*$;<-(0>!,4-2!#5&*+!.5.0)&()#*-!;)%0(-%.4&;.!A&04!04-!3$<<5(&02=!)!K-2!7MNG!
3$<;$(-(0=!04%$5'4!<-34)(&.<.!.534!).!)!3$<<5(&02!$%!;)%-(0!#$)%+>!,4-2!)%-!3$<<5(&02!
$A(-+!)(+!<)()'-+=!A4&34!4-*;.!0$!#5&*+!04-!3$<<5(&02F.!0%5.0!&(!04-<!)(+!-(.5%-.!04)0!04-2!
)%-!%-.;$(.&:-!0$!3$<<5(&02!(--+.>!,4-2!A$%K!&(!;)%0(-%.4&;!A&04!B)<&*&-.!04%$5'4!
%-*)0&$(.4&;.!#).-+!$(!0%5.0=!%-.;-30=!$;-(!3$<<5(&3)0&$(!)(+!)!3$<<&0<-(0!0$!-<;$A-%&('!
)(+!.5;;$%0&('!B)<&*&-.!04%$5'4!)!.0%-('04.!#).-+!);;%$)34>!@-&('!:&-A-+!).!;)%0!$B!)(+!
3$(0%$**-+!#2!04-!3$<<5(&02!&.!)!K-2!B)30$%!04)0!-<-%'-+!&(!04&.!%-.-)%34!B$%!"#$%&'&()*!)(+!
!
(&!
!
!
,$%%-.!/0%)&0!1.*)(+-%!7878!.-%:&3-.!0$!&<;*-<-(0!04-!7MNG!-BB-30&:-*2!)(+!)34&-:-!$503$<-.!B$%!
34&*+%-(>.!04-!&<;$%0)(3-!04)0!04-!.-%:&3-.!)00%2-+!
0$!-+53)0$%.F!+--;!5(+-%.0)(+&('!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!35*05%-!)(+!%-3-(0!
4&.0$%2!h!)(+!3%&0&3)**2!h!04-!&<;*&3)0&$(.!$B!04&.!B$%!4$A!-+53)0$%.!.5;;$%0!-)34!34&*+F.!
+-:-*$;<-(0>!/-%:&3-.!.;-)K!$B!)!34&*+F.!.0%$('!35*05%)*!&+-(0&02!).!#-&('!04-!B$5(+)0&$(!B%$<!
A4&34!$04-%!B$%<.!$B!&+-(0&02!3)(!+-:-*$;>!,4-2!+&.35..!4$A!04-2!.5;;$%0!34&*+%-(!0$!+-:-*$;!)!
.0%$('!35*05%)*!&+-(0&02!04%$5'4!-<#-++&('!)**!04-2!+$!A&04&(!35*05%-Z!.$!04)0!35*05%-!&(B*5-(3-.!
)(+!B$%<.!04-!#).&.!$B!04-!+&.35..&$(.=!.0$%&-.=!*-)%(&('!-(:&%$(<-(0.=!)30&:&0&-.=!%-.$5%3-.=!
%-*)0&$(.4&;.!A&04&(!)(+!;4&*$.$;42!$B!04-!.-%:&3->!,4-!3$(.5*0)0&$(.!;$A-%B5**2!+-<$(.0%)0-!
4$A!B$.0-%&('!34&*+%-(F.!35*05%)*!&+-(0&02!3)(!)..&.0!&(!%-3$((-30&('!04-&%!B)<&*&-.!h!<)(2!$B!
A4$<!<)2!4):-!#-3$<-!.-;)%)0-+!B%$<!35*05%-!h!0$!04-&%!4-%&0)'-=!3$<<5(&02!)(+!0%)+&0&$(.=!
)(+!04-!-(.5&('!;$.&0&:-!#-(-B&0.!04&.!#%&('.!B$%!#$04!04-!34&*+!)(+!04-&%!B)<&*2>!/-%:&3-.!)*.$!
3$(:-2-+!04-!;$.&0&:-!)(+!<2%&)+!-BB-30.!35*05%-!4).!$(!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
34&*+%-(F.!.-*BP-.0--<!)(+!3$(B&+-(3-!B$%!*-)%(&('>!!
!
"(!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+F.!-C;-%&-(3-!$B!04-!A$%*+!)%$5(+!04-<!&.!
-C0-(.&:-*2!+-B&(-+!)(+!&(B$%<-+!#2!4&.0$%&3)*!B)30$%.=!#$04!;%-P3$*$(&.)0&$(!604-!35*05%)*!*-(.!
)(+!3$(0-C09!)(+!;$.0P3$*$(&.)0&$(!6&(3*5+&('!+&.;$..-..&$(=!B)<&*2!.-;)%)0&$(!)(+a$%!
+&.)+:)(0)'-9>!"!+--;!5(+-%.0)(+&('!$B!04-!3$(0-C0!&(!A4&34!"#$%&'&()*!)(+!,$%%-.!/0%)&0!
1.*)(+-%!34&*+%-(!+-:-*$;!&.!04-%-B$%-!3%&0&3)*!B$%!-+53)0$%.!0$!#-!)#*-!0$!;%$:&+-!04-!#-.0!
;$..&#*-!.5;;$%0!0$!-)34!34&*+=!0$!+-.&'(!*-)%(&('!-C;-%&-(3-.!04)0!%-.;$(+!0$!04)0!34&*+F.!
5(+-%.0)(+&('!$B!04-&%!A$%*+=!)(+!0$!-BB-30&:-*2!B$.0-%!04-!B&:-!7MNG!$503$<-.!B$%!)!34&*+>!G$%!
-C)<;*-=!-()#*&('!)!34&*+!0$!+-:-*$;!3$((-30&$(.!A&04!04-&%!A$%*+!&.!$(*2!;$..&#*-!A4-(!)(!
-+53)0$%!5(+-%.0)(+.!04-!A$%*+!04)0!04-!34&*+!-C;-%&-(3-.!)(+!&.!+-:-*$;&('!A&04&(>!!
!
/I"188!<)K-.!04-!B$**$A&('!%-3$<<-(+)0&$(.!0$!-(.5%-!04)0!04-!&<;$%0)(3-!$B!35*05%-!&.!
);;%$;%&)0-*2!%-3$'(&.-+!)(+!-<#-++-+!)0!04-!()0&$()*!;$*&32!*-:-*=!)(+!04)0!"#$%&'&()*!)(+!
,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(!%-3-&:-!35*05%)**2!3$<;-0-(0=!)(+!&(B$%<-+!3)%-!)(+!
+-:-*$;<-(0!-C;-%&-(3-.>!,4-.-!%-3$<<-(+)0&$(.!)*.$!;%$:&+-!)**!34&*+%-(!A&04!$;;$%05(&0&-.!
0$!*-)%(!)#$50!)(+!5(+-%.0)(+!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!35*05%->!
!
!
!!
!
('!
!
!
D%)XYZ[)O$0"/%-"%2)2$)"0*#5*2")24")L*2'$%*#):*/2%"/14'7)B&/""-"%2)$%)D%+'&"%$51)
E*/#6)84'#+4$$+)A"0"#$7-"%2()'%,#5+'%&)'%)/"#*2'$%)2$)24")*+"V5*,6)$3)'21)/",$&%'2'$%)
*%+)7/$-$2'$%)$3)=)Q*R),5#25/*##6),$-7"2"%2),*/")*%+)Q!R)B!$/'&'%*#)*%+)C$//"1).2/*'2)
D1#*%+"/)7*/2','7*2'$%)'%)7$#',6)*%+)7/$&/*-)+"0"#$7-"%2)*%+)'-7#"-"%2*2'$%=)*1)
"11"%2'*#)"#"-"%21)3$/)'-7/$0"+)"*/#6),4'#+4$$+)$52,$-"1)3$/)B!$/'&'%*#)*%+)C$//"1)
.2/*'2)D1#*%+"/),4'#+/"%H)C4'1)14$5#+)!")+$%")9'24)*)0'"9)2$)*)7/$7$1*#)3$/)*)3525/")8;BO)
*&/""-"%2)/"V5'/"+)2$)1577$/2)24")8#$1'%&)24")O*7)*&"%+*)3$/)"*/#6),4'#+4$$+H))
^Q%3'BB%*1"+4'*&DP!
)
C4"):/$3"11'$%*#).577$/2)8$$/+'%*2$/1)Q:.81R)"%15/")24*2)24"'/)2/*'%'%&1)$%)24")EUP>()
&"%"/*##6)*%+)17",'3',*##6)3$/)1"/0',"1)24*2)1"/0")B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)
,4'#+/"%()'%,$/7$/*2")1533','"%2)3$,51)$%)24")5%'V5"),$%2"@2()%""+1)*%+)*77/$*,4"1)3$/)
'-7#"-"%2'%&)24")EUP>)3$/)$52,$-"1)3$/)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/),4'#+/"%H)
C4'1),$5#+)+/*9)$%)&$$+)7/*,2',")7/'%,'7#"1)*%+)"@*-7#"1)3/$-)24'1)7*7"/H))
^Q%3'BB%*1"+4'*&GP&
&
O$0"/%-"%2),$%2/*,21)9'24)1"/0',")7/$0'+"/1)/"V5'/")24*2)*##)"+5,*2$/1)"-7#$6"+)-512)
4*0")5%+"/2*I"%)*)17",'3',)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/),5#25/*#),$-7"2"%,")
7/$&/*-)9'24'%)24"'/)125+'"1)$/)7/$3"11'$%*#)+"0"#$7-"%2),$5/1"H)W4"/")"+5,*2$/1)4*0")
%$2)5%+"/2*I"%)15,4)*),$5/1"()O$0"/%-"%2)14$5#+)7/$0'+")*)35%+'%&)7$$#)2$)1577$/2)
%"9)"+5,*2$/1),$-7#"2")*%)*77/$7/'*2"),$5/1")!"3$/"),$--"%,'%&)"-7#$6-"%2)*2)24")
1"/0',"H):$1'2'$%)+"1,/'72'$%1)14$5#+)*#1$)'%,#5+")24")/"V5'/"+)I%$9#"+&"()1I'##1)*%+)
*22'25+"1)3$/),5#25/*##6),$-7"2"%2)7/*,2',"H)
^Q%3'BB%*1"+4'*&NP&
)
O$0"/%-"%2)7/$0'+")'%,"%2'0"1)3$/)"*/#6),4'#+4$$+)"+5,*2'$%),$5/1"1)Q,"/2'3',*2"()
+'7#$-*)*%+)+"&/"")#"0"#R)9'24)*)12/$%&)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/),5#25/*#)
,$-7"2"%,"),$-7$%"%2H)C4'1),$5#+)2*I")24")3$/-)$3)7/$3'#'%&)4'&4)V5*#'26),5#25/*#)
,$-7"2"%,"),$5/1"1\)*11'12'%&)2/*'%'%&)7/$0'+"/1)2$)#'%I)2$)&$0"/%-"%2)]$!=1""I"/)
7/$&/*-1\)3"")/"+5,2'$%1)$/)9*'0"/1)3$/),$5/1"1\)$/)1"%+'%&)$52)*#"/21)2$)B!$/'&'%*#)*%+)
C$//"1).2/*'2)D1#*%+"/)1"/0',"1)2$)'%3$/-)24"-)$3)%"9)/",/5'21H))
^Q%3'BB%*1"+4'*&ZP&
)
."/0',"1)9'24)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)*%+^$/),4'#+/"%)94$)*/"),5#25/*##6)*%+)
#'%&5'12',*##6)+'0"/1")-512)+"0"#$7)*),5#25/*#),$-7"2"%,")7#*%)+"-$%12/*2'%&)4$9)24"6)
9'##)'-7#"-"%2)"*,4)*17",2)$3)24")L*2'$%*#)_5*#'26).2*%+*/+1)QL_.R)*%+)EUP>)3$/)24$1")
,4'#+/"%H)C4'1)7#*%)14$5#+)!")*)#'0'%&)+$,5-"%2)24*2)'1)/"&5#*/#6)/"3#",2"+)$%)!6)*##)12*33)
*%+)3$/-1)7*/2)$3)12*33)*%+)$/&*%'1*2'$%*#)7"/3$/-*%,")"0*#5*2'$%1H!
^Q%3'BB%*1"+4'*&[P&
!
!
/-%:&3-.!-C;*)&(-+!&(!+&:-%.-!A)2.!04%$5'4$50!04-!%-.-)%34!04)0!04-!-<;*$2<-(0!$B!"#$%&'&()*!
)(+!,$%%-.!/0%)&0!1.*)(+-%!.0)BB!&.!)!:&0)*!;)%0!$B!04-&%!);;%$)34>!/534!.0)BB!;*)2!)!K-2!%$*-!&(!
4-*;&('!0$!B$.0-%!)(+!<)&(0)&(!;)%0(-%.4&;.!A&04!04-!3$<<5(&02!)(+!;)%-(0.=!)(+!.5;;$%0!($(P
!
((!
!
!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.0)BB!0$!.0%-('04-(!04-&%!35*05%)*!3$<;-0-(3-!)(+!
-(')'-<-(0!A&04!34&*+%-(!)(+!B)<&*&-.>!I$0!*-).0!$B!)**=!04-2!3)(!-(.5%-!04)0!34&*+%-(F.!35*05%)*=!
A-**#-&('=!*-)%(&('!)(+!&+-(0&02!(--+.!)%-!%&34*2!)(+!.-)<*-..*2!<-0>!,4&.!&.!%-3$'(&.-+!&(!04-!
I)0&$()*!7)%*2!84&*+4$$+!U-:-*$;<-(0!.0%)0-'2=!A4&34!.0)0-.!04)0!+-:-*$;&('!04-!A$%KB$%3-!Q0$!
%-B*-30!04-!3$<;$.&0&$(!$B!04-!*$3)*!3$<<5(&02!r!-.;-3&)**2!A4-%-!04-%-!)%-!4&'4!(5<#-%.!$B!
1(+&'-($5.!)(+!35*05%)**2!)(+!*&('5&.0&3)**2!+&:-%.-!B)<&*&-.r&.!)(!&<;$%0)(0!.0%)0-'2!B$%!
)++%-..&('!A$%KB$%3-!.4$%0)'-.!)(+!%-+53&('!35*05%)*!#)%%&-%.!0$!)33-..>RDT!"3K($A*-+'&('!04-!
&<;$%0)(3-!$B!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.0)BB!0$!-(.5%-!04)0!.-%:&3-.!)%-!35*05%)**2!
);;%$;%&)0-=!)(+!04-&%!%$*-!&(!B)3&*&0)0&('!;)%0(-%.4&;.!A&04!B)<&*&-.!)(+!3$<<5(&0&-.=!/I"188!
%-3$<<-(+.Y!!
!
C4")+"0"#$7-"%2)$3)*%)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)E8E8)9$/I3$/,")7#*%(X`)9'24)
7/$7"/)/"1$5/,'%&)*%+)'-7#"-"%2*2'$%)$3)2*/&"2"+)12/*2"&'"1)9'24'%)24")7#*%)2$)1577$/2)
24")/",/5'2-"%2()2/*'%'%&)*%+)/"2*'%-"%2)$3)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)E8E8)
"+5,*2$/1H)D%)7*/2',5#*/()35%+'%&)3$/)$%&$'%&)7/$3"11'$%*#)+"0"#$7-"%2)7/$&/*--"1)3$/)
B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)"+5,*2$/1)'1)/",$--"%+"+()*1)9"##)*1)7*/2%"/14'71)
!"29""%)O$0"/%-"%2()"+5,*2'$%*#)'%12'252"1)*%+)E8E8)1"/0',"1)3$/)24")"33",2'0")
'-7#"-"%2*2'$%)$3)'%%$0*2'0")7/$&/*-1)2$)'%,/"*1")24")7$$#)$3)125+"%21)*%+)&/*+5*2"1H))
^Q%3'BB%*1"+4'*&\P&
&
"!B5%04-%!B&(+&('!$B!04-!3$(.5*0)0&$(.!A).!04-!;-%.&.0-(0!34)**-('-!$B!%-3%5&0&('!)(+!%-0)&(&('!
-+53)0$%.!&(!.$<-!)%-).=!;)%0&35*)%*2!%-<$0->Di!/-%:&3-.!.;-)K!$B!04-!&<;$%0)(3-!$B!*$('P0-%<!
*$3)*!-+53)0$%.!&(!<)&(0)&(&('!B)<&*&-.F!0%5.0=!)(+!B$%!04-&%!+--;!K($A*-+'-!)(+!5(+-%.0)(+&('!
$B!04-!34&*+%-(=!B)<&*&-.!)(+!3$<<5(&02>!,4-!+-:-*$;<-(0!$B!)!L5)*&B&-+!*$3)*!A$%KB$%3-!&.!
04-%-B$%-!3%&0&3)*!B$%!*$('P0-%<!.0)BB!.5.0)&()#&*&02=!)(+!04-!;%$:&.&$(!$B!)!4&'4!L5)*&02!.-%:&3-!
0)%'-0-+!0$!04-!*$3)*!3$(0-C0>Dj!/I"188!%-3$<<-(+.!04)0Y!!
!
O$0"/%-"%2),$%2/*,21)9'24)1"/0',")7/$0'+"/1)/"V5'/")24")1"/0',")2$)"12*!#'14)*%+)
'-7#"-"%2)7/$&/*-1)2$)"@7*%+)*%+)12/"%&24"%)24")#$,*#)9$/I3$/,"()'%,#5+'%&)12/*2"&'"1)
3$/)/",/5'2-"%2()2/*'%'%&()7/$3"11'$%*#)+"0"#$7-"%2)*%+)/"2*'%-"%2)$3)#$,*#)"+5,*2$/1H)
C4'1),$5#+)2*I")24")3$/-)$3)*)/",/5'2-"%2)7$#',6)]$'%2#6)+"0"#$7"+)!"29""%)24")
&$0"/%-"%2),$%2/*,2),$%2*,2)*%+)24")1"/0',"()9'24)-525*##6)*&/""+)/"17$%1'!'#'2'"1()
/"1$5/,'%&()*%+)&$*#1H)D2),$5#+)*#1$)'%0$#0")-"%2$/'%&)*//*%&"-"%21)2$)1577$/2)#$,*#)
"+5,*2$/1)24/$5&4)'%3$/-*#()$%=24"=]$!),*7*,'26)!5'#+'%&)*%+)1577$/2H)8$-7#"-"%2'%&)
24'1()O$0"/%-"%2)2$)'-7#"-"%2)'%,"%2'0"1)3$/)15,,"1135#)1"/0',")7/$&/*-1)24*2)
+"-$%12/*2")#$%&=2"/-)/"2*'%-"%2)$3)#$,*#)12*33)*%+)'%%$0*2'0")12/*2"&'"1)2$)'%0"12)'%)
24"'/)7/$3"11'$%*#)+"0"#$7-"%2)*%+)2/*'%'%&H))
^Q%3'BB%*1"+4'*&]P)
)
O$0"/%-"%2)2$),$--'11'$%)/"1"*/,4)'%2$)"33",2'0")-$+"#1)2$)!5'#+)24"),*7*,'26)$3)24")
#$,*#)9$/I3$/,")24/$5&4)'%%$0*2'0")*77/$*,4"1)2$)2/*'%'%&)*%+)7/$3"11'$%*#)
+"0"#$7-"%2()15,4)*1)24")"@*-7#"1)$52#'%"+)'%)24"):/$+5,2'0'26)8$--'11'$%1)E8E8)
9$/I3$/,")/"7$/2HaY))
^Q%3'BB%*1"+4'*&-_P&
!
()!
!
!
&
O$0"/%-"%2)2$)35%+)*%+)/"1$5/,")*%)'%,"%2'0"1)1,4"-")3$/)B!$/'&'%*#)*%+)C$//"1).2/*'2)
D1#*%+"/)E8E8)9$/I"/1)94$)/"-*'%)'%)*)1"/0',")3$/)$%")6"*/)$/)-$/"()'%)*%)*/"*),#*11'3'"+)
*1)bJ"-$2"N)Q[R)$/)bF"/6)J"-$2"N)QcR)$%)24")B512/*#'*%).2*%+*/+)O"$&/*74',*#)
8#*11'3',*2'$%)=)J"-$2"%"11).2/5,25/")QB.O8=JBRH)))
^Q%3'BB%*1"+4'*&--P)
&
\4-%-!&0!&.!($0!;$..&#*-!0$!-<;*$2!*$3)*!.0)BB=!B)3&*&0)0&('!04-!($(P*$3)*!-+53)0$%!0$!#5&*+!)!
%-*)0&$(.4&;!A&04!34&*+%-(=!;)%-(0.!)(+!04-!3$<<5(&02!&.!3%&0&3)*!0$!04-!+-:-*$;<-(0!)(+!
<)&(0-()(3-!$B!.0%$('=!0%5.0&('!;)%0(-%.4&;.=!)(+!B$%!04-!-+53)0$%!0$!')&(!)(!&(P+-;04!
5(+-%.0)(+&('!$B!)!34&*+F.!3$(0-C0>H?!"++&0&$()*!.5;;$%0!3)(!)*.$!4):-!)++-+!#-(-B&0.!B$%!04-!
%-0)&(<-(0!$B!-+53)0$%.>HD!/I"188!%-3$<<-(+.!04)0Y!!
!
D%)24"),'/,5-12*%,")94"/")*%)"+5,*2$/)'1)"-7#$6"+)3/$-)$521'+")*),$--5%'26()24")
1"/0',")7/$0'+"/),$%2/*,21)/"V5'/")24*2)24")1"/0',")4*0")'%)7#*,")*)1'@)-$%24)7#*%)3$/)
!5'#+'%&)*)/"#*2'$%14'7)!"29""%)24")%"9)1"/0',")"-7#$6""()24"),4'#+/"%()7*/"%21)*%+)
,$--5%'26H)C4'1)'1)2$)'%,#5+")*)$%")9""I)$/'"%2*2'$%)!"3$/")24")"+5,*2$/),$--"%,"1)
"-7#$6-"%2H!D2),$5#+)*#1$)'%,#5+")*11'&%'%&)24")"+5,*2$/)*)#$,*#)b-"%2$/N)2$)*11'12)24"-)
2$)#"*/%)*!$52),5#25/")*%+)24"),$--5%'26H))
^Q%3'BB%*1"+4'*&-9P!
)
,4-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!&(0-%:&-A-+!)30!).!:)*5)#*-!-C)<;*-.!0$!$04-%!
-)%*2!34&*+4$$+!3-(0%-.!#2!;%$:&+&('!&+-).!)(+!.5''-.0&$(.!B$%!&<;*-<-(0&('!04-!7MNG!0$!
;%$+53-!&<;%$:-+!$503$<-.!B$%!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(>!`$%-!#%$)+*2!
04-2!+&.;*)2!*-)+-%.4&;!&(!04-!)%-)!$B!&(0-'%)0-+!.-%:&3-!+-*&:-%2!)(+!35*05%)**2!3$<;-0-(0!-)%*2!
34&*+4$$+!-+53)0&$(!)(+!3)%-=!)(+!+-<$(.0%)0-!<)(2!:)*5)#*-!*-)%(&('.!&(!3%-)0&('!
;)%0(-%.4&;.!A&04!B)<&*&-.=!3$<<5(&0&-.!)(+!$04-%!.-%:&3-.!0$!;%$<$0-!34&*+%-(F.!)(+!B)<&*&-.!
A-**#-&('!)(+!+-:-*$;<-(0>!"3K($A*-+'&('!04&.=!/I"188!%-3$<<-(+.Y!
!
;%&$'%&)1577$/2()3*,'#'2*2"+)24/$5&4)"*,4)12*2")D%+'&"%$51):/$3"11'$%*#).577$/2)
8$$/+'%*2$/)?%'2)QD:.?R)*%+):/$3"11'$%*#).577$/2)8$$/+'%*2$/)Q:.8R()2$)3*,'#'2*2")#"*/%'%&)
24/$5&4)7/$3'#'%&)&$$+)7/*,2',")3/$-)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)E8E8)1"/0',"1H)
:$11'!#")'%'2'*2'0"1)'%,#5+"d)
o .2*33)"@,4*%&")7/$&/*-1\))
o F'1'21)!"29""%),"%2/"1)2$)0'"9)&$$+)7/*,2',")'%)*,2'$%\)
o .2*2"=9'+")-""2'%&1)$3)*##)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)E8E8)1"/0',"1)2$)
14*/")'+"*1)*%+)1577$/2)3$/)&$$+)7/*,2',"\))
o :/$-$2'$%)$3)#$,*#)7*/2%"/14'71)!"29""%)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)
*%+)-*'%12/"*-)E8E8)1"/0',"1\)*%+))
o W'+")7/$-$2'$%()+'12/'!52'$%)*%+)51")$3)24'1)/"7$/2)*%+)*,,$-7*%6'%&)O$$+)
:/*,2',")>*,2).4""21H))
^Q%3'BB%*1"+4'*&-D)
)
!
(*!
!
!
)
AEEWJ)'1)*#1$)9"##)7#*,"+)2$)7/$-$2")*%+)1577$/2)#$,*#)7*/2%"/14'71)!"29""%)B!$/'&'%*#)
*%+)C$//"1).2/*'2)D1#*%+"/)*%+)-*'%12/"*-)E8E8)1"/0',"1)24/$5&4)'21)-*%*&"-"%2)*%+)
$0"/1'&42)/"#*2'$%14'71H)
^Q%3'BB%*1"+4'*&-GP&
8*7'2*#'1'%&)$%)24")12/$%&)"@*-7#"1)$3)7/*,2',")'%)24'1)7*7"/().LBD88()24")D:.?1)*%+)
AEEWJ),$5#+)'%'2'*2")*)7/$,"11)2$)14*/")24")*,,$-7*%6'%&)3*,2)14""21)9'24)*##)E8E8)
1"/0',"1)*,/$11)B512/*#'*)*%+)'%0'2")24"-)2$)14*/")24"'/)$9%)7/*,2',"1H)C4")*++'2'$%*#)
&$$+)7/*,2',"1),$5#+)!"),$-7'#"+)*%+)*%)57+*2"+)0"/1'$%)$3)24")3*,2)14""21)+"0"#$7"+)
*%+),'/,5#*2"+H)!
^Q%3'BB%*1"+4'*&-NP)
)
)
,4&.!3$5*+!;%$:&+-!)(!-BB-30&:-!A)2!0$!.5;;$%0!.-%:&3-.!0$!%-B*-30!$(!04-!;%)30&3-.!04-2!4):-!
+-:-*$;-+!04)0!)%-!;%$:&('!0$!#-!-BB-30&:-!&(!&<;*-<-(0&('!04-!7MNG!$503$<-.=!;%&(3&;*-.!)(+!
;%)30&3-.!&(!%-*)0&$(!0$!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(>!,4&.!3$5*+!.5;;$%0!B5%04-%!
%-B*-30&$(=!*-)%(&('!)(+!-C34)('-!$(!.0%-('04-(&('!;%)30&3-!$(!)!#%$)+-%!.3)*->!!
!
,4-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!&(0-%:&-A-+!+-<$(.0%)0-!)(+!-<#$+2!&(!
-:-%2+)2!;%)30&3-!)!+--;!5(+-%.0)(+&('!$B!)(+!%-.;-30!B$%!*$3)*!35*05%-!A4&34!.5;;$%0.!)(+!
-(4)(3-.!'-(5&(-!*-)%(&('!B$%!04-!34&*+=!)(+!04-!+-:-*$;<-(0!$B!)!.0%$('!&+-(0&02>!N-)%(&('!&.!
*&(K-+!0$!)(+!0)K-.!;*)3-!&(!04-!3$(0-C0!$B!)!34&*+F.!35*05%-!P!04-!*)(+!)(+!-(:&%$(<-(0=!)(&<)*.=!
.0$%&-.=!B)<&*2!)(+!3$<<5(&02>!10!&.!-:&+-(0!04)0!'$$+!;%)30&3-!&(!-)%*2!34&*+4$$+!-+53)0&$(!)(+!
3)%-!B$%!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(!(--+.!0$!50&*&.-!35*05%-!).!)!#).-=!)(+!04)0!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!.-%:&3-.!<)2!04-%-B$%-!*$$K!+&BB-%-(0!0$!<)&(.0%-)<!
.-%:&3-.!&(!04-&%!;4&*$.$;4&-.=!);;%$)34-.!)(+!;%)30&3-.>!1(!04&.!%-')%+=!/I"188!%-3$<<-(+.Y))
)
B77/$7/'*2"),5#25/*#),$-7"2"%,")2/*'%'%&)!")7/$0'+"+)3$/)*##)B512/*#'*%)84'#+/"%e1)
E+5,*2'$%)*%+)8*/")_5*#'26)B524$/'26)QB8E8_BR)*11"11$/1)2$)"%15/")24*2)24"6)
5%+"/12*%+)24")5%'V5"),4*/*,2"/'12',1()0*#5"1()*77/$*,4"1)*%+)7/*,2',"1)$3)B!$/'&'%*#)
*%+)C$//"1).2/*'2)D1#*%+"/)E8E8)1"/0',"1()*1)9"##)*1)3$/)$24"/)E8E8)1"/0',"1)9$/I'%&)9'24)
B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/),4'#+/"%)*%+)3*-'#'"1H)
^Q%3'BB%*1"+4'*&-ZP&
&
,4-!I)0&$()*!J5)*&02!/0)(+)%+.!6IJ/9!($A!B$%<!04-!#-(34<)%K!B$%!4&'4!L5)*&02!-)%*2!34&*+4$$+!
3)%-!)(+!+-:-*$;<-(0!&(!"5.0%)*&)>!U-.;&0-!04&.=!04-!IJ/!3$(0)&(!*&00*-!$(!04-!&<;$%0)(3-!$B!
35*05%)*!3$<;-0-(3-!A&04&(!7878!.-00&('.>!\4&*.0!&0!<-(0&$(.!04)0!35%%&35*5<!+-3&.&$(P<)K&('!
<5.0!3$(0%2-!0$=!)<$('.0!$04-%!04&('.=!04-!+-:-*$;<-(0!$B!)!34&*+F.!&+-(0&02=!)(+!04-!
;%$'%)<!<5.0!#-!#5&*0!$BB!-*-<-(0.!.534!).!)!34&*+F.!35*05%-=!&0!+$-.!($0!;%$:&+-!)!+-B&(&0&$(!$B!
35*05%)*!3$<;-0-(3-!($%!.0)(+)%+.!04)0!.-%:&3-.!<5.0!%-)34!0$!-BB-30&:-*2!%-)*&.-!&0>!/I"188!
%-3$<<-(+.!04)0Y!
)
!
)+!
!
!
B8E8_B),$%15#2)9'24)/"#"0*%2)12*I"4$#+"/1)2$)+"0"#$7),$-7/"4"%1'0"),5#25/*#)
,$-7"2"%,")&5'+"#'%"1)3$/)E8E8)1"/0',"1)9$/I'%&)9'24)B!$/'&'%*#)*%+)C$//"1).2/*'2)
D1#*%+"/),4'#+/"%()*1)7"/)24")/",$--"%+*2'$%)3/$-)24")E*/#6)84'#+4$$+)A"0"#$7-"%2)
W$/I3$/,"):/$+5,2'0'26)J"7$/2Haa)B8E8_B)14$5#+)*#1$)35/24"/)/"0'"9)24")L_.)2$)'+"%2'36)
94"/")24"6)%""+)12/"%&24"%'%&)2$)7/$7"/#6)/"3#",2)24'1)'115")*%+)2$)'+"%2'36)*77/$7/'*2")
*-"%+-"%21H)
^Q%3'BB%*1"+4'*&-[P)
!
".!-:&+-(3-+!&(!04&.!%-;$%0=!04-!1(+&'-($5.!W%$B-..&$()*!/5;;$%0!X(&0.!61W/X.9!4):-!)(+!
3$(0&(5-!0$!;*)2!)!:&0)*!%$*-!&(!.5;;$%0&('!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!.-%:&3-.!0$!
&<;*-<-(0!04-!7MNG>!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!7878!.-%:&3-.!4):-!;)%0&35*)%!.5;;$%0!
(--+.=!)(+!%-L5&%-!35*05%)**2!);;%$;%&)0-!%-.$5%3-.>!"3K($A*-+'&('!04&.=!/I"188!%-3$<<-(+.!
04)0Y))
)
AEEWJ),$--'21)2$),$%2'%5"+()"%4*%,"+)*%+)12*!#")35%+'%&)2$)D%+'&"%$51):/$3"11'$%*#)
.577$/2)?%'21)QD:.?1R)2$),/"*2")*%+)'-7#"-"%2),$%2"@2)17",'3',)/"1$5/,"1)*%+)2/*'%'%&)2$)
1577$/2)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)E8E8)1"/0',"1)5%+"/12*%+)*%+)'-7#"-"%2)
24")EUP>H)D%)*++'2'$%()/"1$5/,"1)*/")/"V5'/"+)2$)"%15/")%*2'$%*#),$$/+'%*2'$%)$3)D.:?)
1"/0',"1)1$)24*2)/"1$5/,"1)*%+)"@7"/2'1"),*%)!")"33','"%2#6)+"0"#$7"+)*%+)14*/"+H)
^Q%3'BB%*1"+4'*&-\P&
&
\4&*.0!.0%$('!)(+!;$.&0&:-!-:&+-(3-!+-<$(.0%)0-.!04-!3$%%-*)0&$(!#-0A--(!)00-(+)(3-!)0!)(!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!3$<<5(&02!3$(0%$**-+!7878!.-%:&3-!)(+!&<;%$:-+!34&*+!
$503$<-.!&(!4-)*04=!A-**#-&('!)(+!+-:-*$;<-(0=!04&.!0-(+.!0$!#-!*)%'-*2!)(-3+$0)*>!\&04$50!
+-:)*5&('!04-!.&'(&B&3)(3-!$B!.534!-:&+-(3-=!&0!&.!3*-)%!04)0!04-!.-30$%!A$5*+!#-(-B&0!B%$<!*$('P
0-%<=!-:&+-(3-P#).-+!%-.-)%34=!).!04-!8]"_!I)0&$()*!7)%*2!84&*+4$$+!U-:-*$;<-(0!/0%)0-'2!
%-3$'(&.-.=!QG5%04-%!*$('&05+&()*!%-.-)%34!)(+!%$#5.0!-:)*5)0&$(!&.!(--+-+!0$!K($A!A&04!
3$(B&+-(3-!A4)0!;%$'%)<.!)(+!.-%:&3-!+-*&:-%2!);;%$)34-.!%-;%-.-(0!04-!#-.0!&(:-.0<-(0.!B$%!
34&*+%-(!&(!04-!"5.0%)*&)(!3$(0-C0>RHO!G5%04-%!%&'$%$5.=!-:&+-(3-P#).-+!%-.-)%34!&.!;)%0&35*)%*2!
(--+-+!0$!5(;)3K!A4)0!A$%K.!0$!#%&('!)#$50!&<;%$:-+!-)%*2!34&*+4$$+!$503$<-.!B$%!"#$%&'&()*!
)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(>![-3$'(&.&('!04&.=!/I"188!%-3$<<-(+.!04)0Y!
)
O$0"/%-"%2),$--'11'$%)*%+)/"1$5/,")*)7/$]",2)2$)-$%'2$/)*%+)"0*#5*2")24")#$%&"/=2"/-)
'-7*,21)3$/),4'#+/"%)*22"%+'%&)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/),$--5%'26)
,$%2/$##"+)1"/0',"1H).LBD88)*%+)24")D:.?1)9$5#+)!")9"##)7#*,"+)2$)9$/I)9'24)*)/"1"*/,4)
'%12'252")2$),$%+5,2)24'1H))
^Q%3'BB%*1"+4'*&-]P&
&
O$0"/%-"%2)1577$/2)'1)7/$0'+"+)3$/)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)E8E8)1"/0',"1)2$)
+"0"#$7)24"'/)$9%)'-7*,2)-$%'2$/'%&)1612"-)2$)"%*!#")24"-)2$)+$,5-"%2)24"'/)#$%&=
2"/-)'-7*,2)*%+)"33",2'0"%"11H)
^Q%3'BB%*1"+4'*&9_P&
)
!
)"!
!
!
N).0*2=!04-!3$(.5*0)0&$(.!&+-(0&B&-+!04)0!)!(5<#-%!$B!.-%:&3-.!4):-!34&*+%-(!-(%$**-+!A4$!
35%%-(0*2!4):-!.$<-!B$%<!$B!&(:$*:-<-(0!A&04!34&*+!;%$0-30&$(!.-%:&3-.>!,4-!%$*-!$B!04-!7878!
.-%:&3-.!&(!04&.!%-')%+!)%-!:)%&-+!)(+!.&'(&B&3)(0!h!;%$:&+&('!.5;;$%0!0$!B)<&*&-.Z!B)3&*&0)0&('!
%-*)0&$(.4&;!<)&(0-()(3-!$%!%-#5&*+&('!#-0A--(!B)<&*&-.!)(+!34&*+%-(!&(!3)%-Z!)(+!-(.5%&('!04)0!
34&*+%-(!&(!$50!$B!4$<-!3)%-!.0&**!%-3-&:-!)33-..!0$!35*05%)**2!);;%$;%&)0-!.5;;$%0!)(+!-+53)0&$(!
)0!)!0&<-!$B!.&'(&B&3)(0!34)('-!)(+!+&.*$3)0&$(>!/-%:&3-.!);;-)%-+!0$!#-!;%$:&+&('!04&.!
<5*0&B)3-0-+!.5;;$%0!A&04!*&00*-!B$%<)*!%-3$'(&0&$(!$%!%-.$5%3&('>!".!.534!04-!;%$:&.&$(!$B!04&.!
.5;;$%0!%-*&-.!$(!)!.-%:&3-!4):&('!04-!3);)3&02!0$!3$((-30!A&04!34&*+!;%$0-30&$(!.-%:&3-.!
04-<.-*:-.>!/I"188!%-3$<<-(+.!04)0Y!
)
O$0"/%-"%2)2$)#'%I)E8E8)1"/0',"1)9'24)#$,*#),4'#+)7/$2",2'$%)1"/0',"1()'%)$/+"/)2$)"%15/")
,$##*!$/*2'$%)!"29""%)!$24)1"/0',"1)$%)24")+"0"#$7-"%2)*%+)'-7#"-"%2*2'$%)$3)*),4'#+N1)
,5#25/*#)1577$/2)7#*%()14*/"+)+",'1'$%=-*I'%&()'%3$/-*2'$%=14*/'%&()*%+)24")
"12*!#'14-"%2)$3)1512*'%*!#")*%+)7/$+5,2'0")7*/2%"/14'71H!!
^Q%3'BB%*1"+4'*&9-P!
&
1(!3$(3*5.&$(=!04&.!;);-%!4).!4&'4*&'40-+!04-!+&:-%.-!A)2.!&(!A4&34!"#$%&'&()*!)(+!,$%%-.!/0%)&0!
1.*)(+-%!7878!.-%:&3-.!.533-..B5**2!#5&*+!5;$(!04-&%!+-B&(&('!.0%-('04.!0$!-BB-30&:-*2!&<;*-<-(0!
04-!$503$<-.=!;%&(3&;*-.!)(+!;%)30&3-.!)%0&35*)0-+!&(!04-!7MNG>!,4-&%!+&.0&(30&:-!L5)*&0&-.=!
);;%$)34-.!)(+!3$<<&0<-(0!0$!-<#-++&('!)**!04)0!04-2!+$!A&04&(!35*05%)*=!B)<&*2!)(+!
3$<<5(&02!B%)<-A$%K.!<-)(.!04)0!04-2!)%-!5(&L5-*2!;*)3-+!0$!)34&-:-!;$.&0&:-!$503$<-.!B$%!
"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!34&*+%-(!)(+!B)<&*&-.>!,);;&('!&(0$!)(+!-()#*&('!04&.!
3);)3&02!4$A-:-%!%-L5&%-.!.;-3&B&3!.5;;$%0!)005(-+!0$!04-&%!.;-3&B&3!3$(0-C0>!10!&.!&<;-%)0&:-!&(!
04-!(-C0!;4).-!04)0!.534!.5;;$%0!&.!):)&*)#*-!0$!-()#*-!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
7878!.-%:&3-.!0$!%-)*&.-!04-&%!;$0-(0&)*!).!4$*&.0&3=!35*05%)**2!);;%$;%&)0-!)(+!4&'4!L5)*&02!
;%$:&+-%.!$B!-)%*2!34&*+4$$+!-+53)0&$(!)(+!3)%-!0$!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!
34&*+%-(>!!
)
!
!
)#!
!
!
&
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
?
!,4-.-!&(3*5+-!)!:)%&-02!$B!+&BB-%-(0!.-%:&3-!02;-.=!&(3*5+&('!*$('!+)2!3)%-=!`5*0&B5(30&$()*!"#$%&'&()*!84&*+%-(F.!
/-%:&3-.!6`"8/9=!;*)2'%$5;.=!K&(+-%')%0-(.=!;%-.34$$*.=!$50!$B!.34$$*!4$5%.!6]/V89!3)%-!)(+!<$#&*-!.-%:&3-.>!
D
!!,4-.-!&(3*5+-!)!*)3K!$B!0%)(.;$%0Z!;%$4&#&0&:-!B--.Z!5(<-0!B)<&*2!.5;;$%0!(--+.Z!B-)%!$B!%)3&.<!$%!(-')0&:-!
E5+'-<-(0.Z!(-')0&:-!)..$3&)0&$(.!A&04!&(.0&050&$(.Z!)(+!.0)BB&('!&..5-.=!&(3*5+&('!)!*)3K!$B!"#$%&'&()*!)(+!,$%%-.!
/0%)&0!1.*)(+-%!.0)BB>!G$%!<$%-!.--!/-3%-0)%&)0!$B!I)0&$()*!"#$%&'&()*!)(+!1.*)(+-%!84&*+!8)%-!6/I"1889>!6Dl?D9>!
D-7/$0"+);52,$-"1)3$/)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)84'#+/"%)*%+)>*-'#'"1)'%)E*/#6)84'#+4$$+)E+5,*2'$%)
*%+)8*/")."/0',"1d)P"*/%'%&)3/$-)O$$+):/*,2',">!`-*#$5%(-=!SPTZ!/-3%-0)%&)0!I)0&$()*!"#$%&'&()*!)(+!1.*)(+-%!84&*+!
8)%-!6/I"1889>!6Dl?l9>!C$9*/+1)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)*,,"11)*%+)"%&*&"-"%2d)$0"/,$-'%&)!*//'"/1)
2$),4'#+)*%+)3*-'#6)1"/0',"1>!`-*#$5%(->!
$!G$%!<$%-!&(B$%<)0&$(!$(!04-!@@G!;%$'%)<!.--!
400;YaaAAA>+--A%>'$:>)5a7)%*234&*+4$$+aW%$'%)<.a84&*+8)%-B$%/-%:&3-.aW)'-.aI$(`)&(.0%-)</-%:&3-.>).;C,!!
O
!W%$+530&:&02!8$<<&..&$(>!6Dl??9>!E*/#6)84'#+4$$+)A"0"#$7-"%2)W$/I3$/,")J"1"*/,4)J"7$/2H)8$<<$(A-)*04!$B!
"5.0%)*&)>!8)(#-%%)=!HTO>!
&!U-;)%0<-(0!$B!7+53)0&$(=!7<;*$2<-(0!)(+!\$%K;*)3-![-*)0&$(.!6U77\[9>!6Dl?l9>!<"#$%&'%&()<"'%&()<",$-'%&d)
C4")E*/#6)U"*/1)P"*/%'%&)>/*-"9$/I)3$/)B512/*#'*H)8)(#-%%)=!j>!
'!1#&+=!?j>!
e
!V5034&(.!-0!)*>!6Dlle9>!c1(+&'-($5.!7)%*2!N-)%(&('!)(+!8)%-F>!"5.0%)*&)(![-.-)%34!"**&)(3-!B$%!84&*+%-(!)(+!M$504!
6"["8M9=!DS>!
i
!I)0&$()*!"#$%&'&()*!8$<<5(&02!8$(0%$**-+!V-)*04!]%')(&.)0&$(!6I"88V]9=!:&-A-+!D?!I$:-<#-%!Dl??=!
400;YaaAAA>()334$>$%'>)5a+-B&(&0&$(.a3$<<5(&023$(0>40<*,!
j!/--!/-3%-0)%&)0!I)0&$()*!"#$%&'&()*!)(+!1.*)(+-%!84&*+!8)%-!6/I"1889>!Dl?D>!1<;%$:-+!]503$<-.!B$%!"#$%&'&()*!
)(+!,$%%-.!/0%)&0!1.*)(+-%!84&*+%-(!)(+!G)<&*&-.!&(!7)%*2!84&*+4$$+!7+53)0&$(!)(+!8)%-!/-%:&3-.Y!N-)%(&('!B%$<!
_$$+!W%)30&3->!`-*#$5%(-=!?l>!
?l
!G*)C<)(!-0!)*>!6Dllj9>!c1(+&'-($5.!B)<&*&-.!)(+!34&*+%-(Y!3$$%+&()0&$(!)(+!;%$:&.&$(!$B!.-%:&3-.F>!I)0&$()*!
7:)*5)0&$(!8$(.$%0&5<H!]33).&$()*!W);-%!I$>!DH=!HH>!
??
!/&<.!-0!)*>!6Dlli9>!Q1(+&'-($5.!34&*+!3)%-%.!*-)+&('!04-!A)2R>!B512/*#'*%)T$5/%*#)$3)E*/#6)84'#+4$$+=!HH!6?9=!OZ!
b&0.$(=![>!g!@$A-.=!^>!6Dl?l9>!c1(3$%;$%)0&('!1(+&'-($5.!A)2.!$B!K($A&('!&(!-)%*2!-+53)0&$(!B$%!1(+&'-($5.!
34&*+%-(F>!B512/*#'*%)T$5/%*#)$3)E*/#6)84'#+4$$+>!f$*>!HS!6O9=!iS>!
?D
!G$%!)!+&.35..&$(!$B!04-.-!#)%%&-%.!.--!/I"188>!6Dl?D9>!D-7/$0"+);52,$-"1)3$/)B!$/'&'%*#)*%+)C$//"1).2/*'2)
D1#*%+"/)84'#+/"%)*%+)>*-'#'"1)'%)E*/#6)84'#+4$$+)E+5,*2'$%)*%+)8*/")."/0',"1d)P"*/%'%&)3/$-)O$$+):/*,2',">!
`-*#$5%(-=!?H>!
?H
!"#$%&'&()*!)(+!,$%%-.!/0%)&0!1.*)(+-%!/$3&)*!^5.0&3-!8$<<&..&$(-%>!6Dlle9>!.$,'*#)T512',")J"7$/2)XYYf(!HS=!3&0-+!#2!
/I"188>!6Dl?l9>!C$9*/+1)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)*,,"11)*%+)"%&*&"-"%2d)$0"/,$-'%&)!*//'"/1)2$),4'#+)
*%+)3*-'#6)1"/0',"1>!W$*&32!;);-%>!`-*#$5%(-=!eZ!)(+!,%5+'-00=!`>!g!_%)3-=![>!c7(')'&('!A&04!-)%*2!34&*+4$$+!
-+53)0&$(!)(+!3)%-!.-%:&3-.Y!,4-!;-%.;-30&:-.!$B!1(+&'-($5.!"5.0%)*&)(!<$04-%.!)(+!04-&%!2$5('!34&*+%-(F>!
M5#5-5%)D%+'&"%$51);%#'%")T$5/%*#>!f$*>!?=!?e>!
"%!/--!/I"188>!6Dl?D9>!D-7/$0"+);52,$-"1)3$/)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)84'#+/"%)*%+)>*-'#'"1)'%)E*/#6)
84'#+4$$+)E+5,*2'$%)*%+)8*/")."/0',"1d)P"*/%'%&)3/$-)O$$+):/*,2',">!`-*#$5%(-=!?H>!
?S
!W%$+530&:&02!8$<<&..&$(>!6Dl??9>!E*/#6)84'#+4$$+)A"0"#$7-"%2)W$/I3$/,")J"1"*/,4)J"7$/2H)8$<<$(A-)*04!$B!
"5.0%)*&)=!HSSZ!V5034&(.!-0!)*>!6Dlle9>!Q1(+&'-($5.!7)%*2!N-)%(&('!)(+!8)%-F>!"5.0%)*&)(![-.-)%34!"**&)(3-!B$%!
84&*+%-(!)(+!M$504!6"["8M9=!iZ!)(+!/I"188>!6Dl?l9>!C$9*/+1)B!$/'&'%*#)*%+)C$//"1).2/*'2)D1#*%+"/)*,,"11)*%+)
"%&*&"-"%2d)$0"/,$-'%&)!*//'"/1)2$),4'#+)*%+)3*-'#6)1"/0',"1>!W$*&32!W);-%>!`-*#$5%(-=!i>!
?T
!/--!W%$+530&:&02!8$<<&..&$(>!6Dl??9>!E*/#6)84'#+4$$+)A"0"#$7-"%2)W$/I3$/,")J"1"*/,4)J"7$/2>)8$<<$(A-)*04!
$B!"5.0%)*&)=!DTT>!
?e
!U-;)%0<-(0!$B!G)<&*&-.=!V$5.&('!)(+!8$<<5(&02!/-%:&3-.!)(+!1(+&'-($5.!"BB)&%.!6G)V8/1"9>!6DllT9>!C$9*/+1)*%)
D%+'&"%$51)84'#+)8*/")."/0',"1):#*%d)B)15--*/6)$3)24")3'%+'%&1)3/$-),$%15#2*2'$%1)9'24)D%+'&"%$51),$--5%'2'"1)
XYYf=Yf>!8$<<$(A-)*04!$B!"5.0%)*&)=!j!
!
)$!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
?i
!V5034&(.!-0!)*>!6Dlle9>!c1(+&'-($5.!7)%*2!N-)%(&('!)(+!8)%-F>!"5.0%)*&)(![-.-)%34!"**&)(3-!B$%!84&*+%-(!)(+!M$504!
6"["8M9=!j>!
?j
!/--!/&<.>!6Dl??9>!7)%*2!34&*+4$$+!)(+!-+53)0&$(!.-%:&3-.!B$%!1(+&'-($5.!34&*+%-(!;%&$%!0$!.0)%0&('!.34$$*F>!8*$.&('!
04-!_);!8*-)%&('4$5.-=!"5.0%)*&)(!_$:-%(<-(0>![-.$5%3-!.4--0!($>!eZ!/&<.!-0!)*>!6Dlli9>!c1(+&'-($5.!34&*+!3)%-%.!
*-)+&('!04-!A)2F>!B512/*#'*%)T$5/%*#)$3)E*/#6)84'#+4$$+=!HH!6?9=!S>!
Dl
!/--!V5034&(.!-0!)*>!6Dlle9>!c1(+&'-($5.!7)%*2!N-)%(&('!)(+!8)%-F>!"5.0%)*&)(![-.-)%34!"**&)(3-!B$%!84&*+%-(!)(+!
M$504!6"["8M9=!HS>!
#"!!U-;)%0<-(0!$B!7+53)0&$(=!7<;*$2<-(0!)(+!\$%K;*)3-![-*)0&$(.!6U77\[9>!6Dl?l9>!<"#$%&'%&()<"'%&()<",$-'%&d)
C4")E*/#6)U"*/1)P"*/%'%&)>/*-"9$/I)3$/)B512/*#'*H)8)(#-%%)=!Dl>!!
##!U-;)%0<-(0!$B!7+53)0&$(=!7<;*$2<-(0!)(+!\$%K;*)3-![-*)0&$(.!6U77\[9>!6Dl?l9>!<"#$%&'%&()<"'%&()<",$-'%&d)
C4")E*/#6)U"*/1)P"*/%'%&)>/*-"9$/I)3$/)B512/*#'*H)8)(#-%%)=!D?PDH>!
#$!U-;)%0<-(0!$B!7+53)0&$(=!7<;*$2<-(0!)(+!\$%K;*)3-![-*)0&$(.!6U77\[9>!6Dl?l9>!E+5,*2$/1)<"#$%&'%&()<"'%&)
*%+)<",$-'%&d)E+5,*2$/1N)O5'+")2$)24")E*/#6)U"*/1)P"*/%'%&)>/*-"9$/I)3$/)B512/*#'*>!8)(#-%%)=!OD!
DO
!\4&*.0!0-%<&($*$'2!3)(!+&BB-%=!04&.!%-;$%0!%-B-%.!0$!.534!@$)%+.!$%!8$<<&00--.!).!c3$<<&00--.F>!
#&!W%$+530&:&02!8$<<&..&$(>!6Dl??9>!E*/#6)84'#+4$$+)A"0"#$7-"%2)W$/I3$/,")J"7$/2>!"5.0%)*&)(!_$:-%(<-(0=!HSDZ!
@$(+=!U!6Dlll9!`5*0&B5(30&$()*!"#$%&'&()*!84&*+%-(F.!/-%:&3-.!I)0&$()*![-;$%0>!`-*#$5%(->!
#'!8$5(3&*!$B!"5.0%)*&)(!_$:-%(<-(0.!68]"_9>!6Dllj9>!D%0"12'%&)'%)24")E*/#6)U"*/1gB)L*2'$%*#)E*/#6)84'#+4$$+)
A"0"#$7-"%2).2/*2"&6>!8)(#-%%)=!Dl>!
De
!8$(.&.0-(0!A&04![-3$<<-(+)0&$(!?S>O!&(!W%$+530&:&02!8$<<&..&$(>!6Dl??9>!E*/#6)84'#+4$$+)A"0"#$7-"%2)
W$/I3$/,")J"1"*/,4)J"7$/2H)8$<<$(A-)*04!$B!"5.0%)*&)>!8)(#-%%)=!HTO>!
#)!/--!)*.$!W%$+530&:&02!8$<<&..&$(>!6Dl??9>!E*/#6)84'#+4$$+)A"0"#$7-"%2)W$/I3$/,")J"7$/2>!"5.0%)*&)(!
_$:-%(<-(0=!HSePHSj>!
#*!8$5(3&*!$B!"5.0%)*&)(!_$:-%(<-(0.>!6Dllj9>!D%0"12'%&)'%)24")E*/#6)U"*/1)G)B)L*2'$%*#)E*/#6)84'#+4$$+)
A"0"#$7-"%2).2/*2"&6>!8)(#-%%)=!Dl>!
$+!W%$+530&:&02!8$<<&..&$(>!6Dl??9>!E*/#6)84'#+4$$+)A"0"#$7-"%2)W$/I3$/,")J"7$/2>!"5.0%)*&)(!_$:-%(<-(0=!HTD>!
$"!/--!G)%<-%=![>!)(+!G).$*&=!N>!6Dl?l9>!U$5N/")'%)L"9)8$5%2/6\)B+0',")3$/)L$%=D%+'&"%$51)E*/#6)84'#+4$$+)S"%2$/1()
C/*'%"/1)*%+)C"*,4"/1>!@)034-*$%!1(.0&050-!$B!1(+&'-($5.!,-%0&)%2!7+53)0&$(!6@11,79!&(!;)%0(-%.4&;!A&04!84)%*-.!/05%0!
X(&:-%.&02>!!
$#!W%$+530&:&02!8$<<&..&$(>!6Dl??9>!E*/#6)84'#+4$$+)A"0"#$7-"%2)W$/I3$/,")J"7$/2>!"5.0%)*&)(!_$:-%(<-(0=!HT?>!
$$!W%$+530&:&02!8$<<&..&$(>!6Dl??9>!E*/#6)84'#+4$$+)A"0"#$7-"%2)W$/I3$/,")J"7$/2>!"5.0%)*&)(!_$:-%(<-(0=!HTj>!
$%!8$5(3&*!$B!"5.0%)*&)(!_$:-%(<-(0.>!6Dllj9>!D%0"12'%&)'%)24")E*/#6)U"*/1)G)B)L*2'$%*#)E*/#6)84'#+4$$+)
A"0"#$7-"%2).2/*2"&6>!8)(#-%%)=!?D>!
!
)%!
!""#$%!%&%'()%*+%!,*-./."(0%("1%2*--#3%45-(.5%630("1#-%7878%3#-9.:#3%("1%6"1./#"*;3%<-*+#33.*"(0%
4;))*-5%=".53%>6<4=3?%:*"3;05#1%
!
!
!
Boigu
Dauan
Saibai
Stephens
Darnley
Yam
Murray
Mabuiag
Coconut
Badu
Moa
Hammond
Wednesday
Thursday
Horn
Prince of Wales
Darwin
Jalygurr, Broome
IPSU Qld, Townsville
NT
Congress Child Care, Alice Springs
RRACSSU Central, Alice springs
QLD
WA
Gundoo, Cherbourg
Brisbane
SA
Koonibba
Yorganop IPSU, Perth
Perth
Coolabaroo, Thornlie
Minya Bunhii, Ceduna
ARMSU, Adelaide
Adelaide
Birrelee, Tamworth
NSW
Yawarra Child Care Centre, Mt Druitt
ACT
Canberra
Lulla’s, Shepparton
VIC
Yappera Children’s Service, Thornbury
Sydney
IPSU NSW & ACT, Alexandria
Gudjahgahmiamia, Wreck Bay
Gunai Lidj, Morwell
Melbourne
TACCA – Launceston
TAS
Aboriginal Children’s Centre, Risdon Cove
Hobart
!
!
!
!
!""#$%&%'%(#)*+,-#%./0,1$%
!
2,3/"1)/01*"!
4/5#%*6%(#)*+,-#7)8%
/"9:*,%;,/1"1"3!
!@*,131"/=%
(#)*+,-#%/"9%
./"/3#5#"0%
A+BB*,0%C"10%
7!(.AC8D%A*+0E%
!+)0,/=1/%FGAC%
"#$%&'(!$)(&'$*)(!
H><%FGAC%
"#$%&'(!$)(&'$*)(!
!
<#0/1=)%*6%(#)*+,-#7)8%/"9:*,%;,/1"1"3!
•
•
•
•
•
•
•
•
I*,3/"*BD%FGAC%
J!%
"#$%&'(!$)(&'$*)(!
!
•
•
•
•
•
•
!
>1"?!
+&',-!.'(,$#/%#!0#()1%
.0&$%2%3#/!#31!4&$$)(!+,$#%,!5(/#31)$!(6)*%7%*%
8)(&'$*)!(-)),(!,-#,!#$)!1)(%23)1!,&!#((%(,!.0&$%2%3#/!
#31!4&$$)(!+,$#%,!5(/#31)$!*-%/1$)39(!()$:%*)(!,&!0)*&;)!
7#;%/%#$!<%,-!#31!'()!,-)!=>?@!A7$))B%
8)(&'$*)(!#/(&!#:#%/#0/)!7&$!6'$*-#()%
-,,6CDD<<<E%6('(#E&$2E#'
D7$))8)(&'$*)(E-,;/!!
F'))3(/#31!0#()1!
.0&$%2%3#/!#31!4&$$)(!+,$#%,!5(/#31)$!(6)*%7%*!
8)(&'$*)!(-)),(!1)(%23)1!,&!#((%(,!.0&$%2%3#/!#31!
4&$$)(!+,$#%,!5(/#31)$!=G=G!()$:%*)(!&3!#!:#$%),H!&7!
,&6%*(I!%3*/'1%32!%;6/);)3,%32!,-)!=>?@!A7$))B!
J)<(/),,)$(!*&3,#%3!%37&$;#,%&3!&3!7&*'(!%((')(!('*-!#(!
/)#1)$(-%6E!
8)(&'$*)(!#/(&!#:#%/#0/)!7&$!6'$*-#()!
.0&$%2%3#/!#31!4&$$)(!+,$#%,!5(/#31)$!(6)*%7%*!
"#$%),H!&7!7$))!$)(&'$*)!#31!%37&$;#,%&3!(-)),(!
8)(&'$*)(!#/(&!#:#%/#0/)!7&$!6'$*-#()!
4<)3,HL7&'$!$)(&'$*)!(-)),(!&3!,-)!=>?@!,&!('66&$,!
.4+5!)#$/H!*-%/1-&&1!<&$M)$(!%;6/);)3,!,-)!=>?@!A7$))B!
N&3,-/H!3)<(/),,)$(!<%,-!#11%,%&3#/!,%6(!
-,,6CDD<<<E%6('E*&;E#'D
7#*,K(-)),(E-,;!!!!
!
-,,6CDD<<<E%6('<#E&$2E#
'D!
"!
!""#$$%&'!()%&!*+! !"#$%&'(#)'%&#*)'(
(
•
•
•
•
•
,-./012-31!45!
!"#$"%&'(!")*"%&'(!"*+&"(
6789/1:43!;!
(
$<:=70-3>?!%-0@:9-?!
A,6$%B'!%481<!
#8?10/=:/!
•
•
•
•
,-./012-31!45!
6789/1:43'!+0/:3:3C!
/37!62.=4D2-31!
A,6+6B!5402/==D!!
,-./012-31!45!
6789/1:43'!+0/:3:3C!
/37!1<-!#01?!
A,6+#B!
E8--3?=/37!
!
!
,-./0+&1-/#()-2(3.%%"##(4(
5.10"*1/"#()-2(+/("+2*6(
*"+2/1/5($2-52+7(1/(
89-2151/+*(+/0(:-22"#(
3&2+1&(;#*+/0"2(
%-77./1&1"#(
•
+,(-"').(
/-%#$0$1"2("1.(,%##)'(34#"$4(5'2"1.)#('6)*$7$*(
!"#$)48(%7(7#))(.%912%"."-2)(#)'%&#*)':($1*2&.$10(%1(
4;)(<=>?(
@)'%&#*)'("2'%("A"$2"-2)(7%#(6&#*;"')(
B"A)(.)A)2%6).(4;)(+C3(51.$0)1%&'(@)'%&#*)(D"*E"0)(
4%('&66%#4().&*"4%#'($1(/-%#$0$1"2("1.(,%##)'(34#"$4(
5'2"1.)#(<F<F(')#A$*)'("*#%''(4;)(+,(4%($G62)G)14(4;)(
+C3("1.(<=>?H(
L"$1'4#)"G(-&4(;"'(-))1('&662$).(4%("22(')#A$*)':(
G"$1'4#)"G("1.(1%1MG"$1'4#)"GH(
?#))((
/1()"#28(8)"#'("'')''G)14(4%%2(7%#(2)"#1$10("1.(
.)A)2%6G)14(&'$10(%-')#A"4$%1('*"2)'(
,%("''$'4(%#0"1$'"4$%1'(4%(*#$4$N&)("1.($17%#G(4;)$#(
6#"*4$*)(4;#%&0;(')27M#)72)*4$%1("1.($1N&$#8(
(
D#%A$.)'().&*"4%#'(9$4;("(7#"G)9%#E(7%#(62"11$10:(
$G62)G)14$10("1.(#)72)*4$10(%1("(N&"2$48()"#28(2)"#1$10(
6#%0#"G(7%#(/-%#$0$1"2("1.(,%##)'(34#"$4(5'2"1.)#(
*;$2.#)1("0).(Q(R(4%(S(R(8)"#'(%7("0)H((
;446IJJ##"*''&*)14#"2H-"4*
;)2%#H).&H"&J$1.)KH6;6!
;446IJJ999H)"#288)"#'H'"H
).&H"&J6"0)'J@)'%&#*)'J
#)'%&#*)JO#)?2"0P(!
;446IJJ).&*"4$%1HN2.H0%AH
"&J'*;%%2'J$1.$0)1%&'J6#
%T)*4'J7%&1."4$%1'H;4G2!
"!
!"#$%&'()$*(++*&
,-./#"$)"&"0*&
123"#/420/&+5&
!*-6"/)+07&
!43$+%420/&"0*&
8+#93$"62&
:2$"/)+0.&;1!!8:<&
!"#$%&'()$*(++*&
,-./#"$)"&;!',<&
!"#$%&"'()*"'$#+(
,#"&-".-(/.%0122$%&"'(
31".&$&4(/.%4."5(6!),(
/3/7(60%.51.'+(8&%9&("2(
:;3<(/3/7(
•
•
•
•
•
J".$%*2(.12%*.?12("&-(
#."$&$&4(
(
•
•
•
•
•
!
!"#$%&"'(
="$&2#.1"5(
<.11(
>&?'*-12(#@1(!),(/3/(&192'1##1.2A(1B'1".&$&4(C$-1%2A(
%&'$&1(0%.*5A(<"?1D%%8(E"41("&-(;%*F*D1(2$#1G(
>&?'*-12(!),(/3/(1B&192'1##1.A($&0%.5"#$%&("D%*#(!),A(
:;3<(E.%0122$%&"'('1".&$&4(9%.82@%E2A(!)<(/3/(
$."?#$C1(%&'$&1(0%.*5A(1B'1".&$&4(C$-1%2A(#."$&$&4(
C$-1%2A(".#$?'12A(.121".?@(?@"E#1.2("&-(%#@1.(.12%*.?12(
"D%*#($5E'151&#$&4(#@1(:;3<G(
!"#$%&"'(9$#@(2#"#1BD"21-(D."&?@12(
="$&2#.1"5(
K12%*.?12("C"$'"D'1(0%.(E*.?@"21("&-(-%9&'%"-"D'1(0%.(
0.11(
K12%*.?1(#@151H(L1$&4A(L1'%&4$&4(M(L1?%5$&4(
$&?'*-12H((
#
3$&82(#%(#@1(:;3<(
#
>&0%.5"#$%&(0%.(E".1(
#
3$&82(#%(1C$-1&?1("D%*#(@$4@(N*"'$#+(1".'+(
?@$'-@%%-(E."?#$?1O((
#
3$&82("&-(D%%82(#%(2*EE%.#(1-*?"#%.2(#%(
*&-1.2#"&-(#@1(:;3<O("&-((
#
3$&82(#%(:PQ(E*D'$?"#$%&2(#@"#(@"C1(D11&(
2E1?$0$?"''+(9.$##1&(#%(2*EE%.#(E."?#$#$%&1.2(#%(
9%.8(9$#@(2*??1220*''+(9$#@(#@1(:;3<G(
!"#"$%&'()*(+%$&,)&"(-"%)"#(6E"+BD"2$27(0%?*2$&4(%&(
E."?#$?"'("2E1?#2(%0(1".'+(?@$'-@%%-(1-*?"#$%&G(F@1(0$.2#(
#9%(:;3<(2E1?$0$?(.12%*.?12($&(#@$2(21.$12(".1H(F@1(:;3<H(
R1##$&4(,#".#1-O("&-(:;3<H(L*$'-$&4(P%&0$-1&#(31".&1.2(
@##EHII999G1".'+?@$'-@%%
-"*2#."'$"G%.4G"*I1+'0E'EI7(!
="$&(91D2$#1H(
@##EHII999G1".'+?@$'-@%%
-"*2#."'$"G%.4G"*I!
K12%*.?1(#@151H(
@##EHII999G1".'+?@$'-@%%
-"*2#."'$"G%.4G"*I.12%*.?
1S#@1512I1+'0S1".'+S+1".
2S'1".&$&4S0."519%.8G@#
5'!
K121".?@($&(/."?#$?1(
21.$12H(
@##EHII999G1".'+?@$'-@%%
-"*2#."'$"G%.4G"*I.121".?
@S$&SE."?#$?1S21.$12I"D%
*#S.$E2G@#5'(!
!
"!
!"#$%&''
!"#$%&'(#)'%&#*)'("+,(
-#"$+$+.(
(
•
•
•
•
•
()%*+$&,-.'/&$0%1&.' !"#$%&'(#)'%&#*)'("+,(
(&,2$3*'
-#"$+$+.(
(
•
•
•
•
•
()%*+.134&.'
!"#$%&'(#)'%&#*)'("+,(
-#"$+$+.(
•
•
•
•
!
/"-$%+"0(1"2"$0"30)($+("00('-"-)'4(
5"$+'-#)"6(
7)'%&#*)'("+,(-#"$+$+.(%+("(8"9(3"'$'(
:#%2$,)(-#"$+$+.(;($+*0&,$+.(*&'-%6$'),(-#"$+$+.(%+(<=>?(
"+,(/@?A((
!"#$%&'(#)'%&#*)'B($+*0&,$+.("(+&63)#(%+(-C)(<=>?(
/DQ(3"'),(
5"$+'-#)"6(
:#%2$,)(-#"$+$+.B();0)"#+$+.("+,(#)'%&#*)'B($+*0&,$+.(%+(
-C)(<=>?(
?))(3"'$'(3&-(F$-C('%6)(E#))(,%F+0%","30)(#)'%&#*)'(
"2"$0"30)(
<=>?();-$8'(F))K09()6"$0(')#2$*)(8#%2$,$+.(.&$,"+*)B(
'&88%#-("+,(#)'%&#*)'A((
/"-$%+"0(
:#%2$,)(-#"$+$+.("+,(#)'%&#*)'(%+("(E))(3"'$'(
J#"$+$+.(-%8$*'($+*0&,)H(0)"#+$+.('-%#$)'B(0)"#+$+.(
)+2$#%+6)+-'B(8#%.#"66$+.(&+,)#(-C)(<=>?("+,(
+"-&#"0(%&-,%%#(80"9A(
D&88%#-(8#%.#"6("+,(#)'%&#*)("2"$0"30)(E%#(8&#*C"')H(
R5"K$+.(P$'*%2)#$)'(:#%.#"66$+.(D9'-)6S(-%(.&$,)(
),&*"-%#'(-%(8#%.#"6(&+,)#(-C)(<=>?(-C#%&.C("+(
$+-)#"*-$2)(80"++$+.(T%&#+"0A(
D))('-"-)("+,(-)##$-%#9(
'8)*$E$*(F)3'$-)'A(?%#(
)G"680)(!$*-%#$"(
1C--8HIIFFFA.%F#$)2$*-%#
$"A%#.A"&IJ#"$+$+.I<"#09=)
"#'>)"#+$+.?#"6)F%#KI-"
3$,ILLMI0"+.&".)I)+NOI
P)E"&0-A"'8G4("+,(/DQ(
1C--8HIIFFFA.%F#$);
A*%6A"&I*C$0,;*"#);
-#"$+$+.I-#"$+$+.;
%2)#2$)FAC-604!
C--8HIIFFFA*'*)+-#"0A%#.A
"&I((!
C--8HII*C$0,'*"8)'A*%6A"&
I<=>?;"+,;?DNU;
P%*&6)+-"-$%+A8C8!
"!
!"#$%"&'()*&+,&
!"#$%&'(#)'%&#*)'(
•
•
•
+",$%-".(
4,,9=>>;;;?:.%@".<$2'%A?
/"$-',#)"0(
*%0?"&>).BCDD4%;D,%D:&$
1-*.&2)'(3"#$%&'(%-.$-)(#)'%&#*)'(%-(,4)(5678(,4",(
2)?949(!
9#%3$2)("*,$3$,$)'("-2('&::)',$%-'(,%("''$',()2&*",%#'(,%(
'&99%#,(0&.,$*&.,&#".()2&*",$%-(&'$-:(,4)(9#$-*$9.)'(."$2(
%&,($-(,4)(-);(5768(8#"0);%#<(
(
!
"!
© Copyright 2026 Paperzz