INFORMATION, INTERDEPENDENCE, AND INTERACTION:
WHERE DOES THE VOLATILITY COME FROM?
By
Dirk Bergemann, Tibor Heumann, and Stephen Morris
December 2013
COWLES FOUNDATION DISCUSSION PAPER NO. 1928
COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
YALE UNIVERSITY
Box 208281
New Haven, Connecticut 06520-8281
http://cowles.econ.yale.edu/
<4=@;/B7=< <B3@23>3<23<13 /<2 <B3@/1B7=<
-63@3 =3A B63 ,=:/B7:7BG =;3 @=;
7@9 3@53;/<<
*70=@ 3C;/<<
)B3>63< #=@@7A
$=D3;03@ )897(*9
-3 /</:GH3 / 1:/AA =4 5/;3A E7B6 7<B3@23>3<23<B D/:C3A /<2 :7<3/@ 03AB @3A>=<A3A *63
>/G=P C<13@B/7<BG 7A 23A1@7032 0G / ;C:B7D/@7/B3 <=@;/: 27AB@70CB7=< B6/B 7<1:C23A B63
>C@3 1=;;=< /<2 >C@3 >@7D/B3 D/:C3 3<D7@=<;3<B /A A>317/: 1/A3A -3 16/@/1B3@7H3 B63
A3B =4 8=7<B 27AB@70CB7=<A =D3@ /1B7=<A /<2 AB/B3A B6/B 1/< /@7A3 /A /G3A $/A6 3?C7:70@7C;
27AB@70CB7=<A C<23@ /<G ;C:B7D/@7/B3 <=@;/::G 27AB@70CB32 A75</:A /0=CB B63 >/G=P AB/B3A
-3 16/@/1B3@7H3 ;/F7;C; /55@35/B3 D=:/B7:7BG 4=@ / 57D3< 27AB@70CB7=< =4 B63 >/G=P AB/B3A
-3 A6=E B6/B B63 ;/F7;/: /55@35/B3 D=:/B7:7BG 7A /BB/7<32 7< / <=7A34@33 3?C7:70@7C; 7<
E6716 B63 /53<BA 1=<4=C<2 727=AG<1@/B71 /<2 1=;;=< 1=;>=<3<BA =4 B63 >/G=P AB/B3 /<2
27A>:/G 3F13AA @3A>=<A3 B= B63 1=;;=< 1=;>=<3<B -3 CA3 / 53<3@/: />>@=/16 B= 723<B74G
B63 1@7B71/: 7<4=@;/B7=< AB@C1BC@3A 4=@ B63 /G3A $/A6 3?C7:70@7C; D7/ B63 <=B7=< =4 /G3A
1=@@3:/B32 3?C7:70@7C; /A 7<B@=2C132 0G 3@53;/<< /<2 #=@@7A 0
# #))!!*!&% .-&() <1=;>:3B3 <4=@;/B7=< /G3A =@@3:/B32 ?C7:70@7C; ,=:/B7:7BG #=;3<BA
(3AB@71B7=<A "7<3/@ 3AB (3A>=<A3A 'C/2@/B71 &/G=PA
-3 /19<=E:3253 I</<17/: AC>>=@B B6@=C56 $) @/<BA )) /<2 ) -3 E=C:2 :793 B=
B6/<9 =C@ 27A1CAA/<B #/@7=A <53:3B=A 4=@ ;/<G >@=2C1B7D3 AC553AB7=<A /<2 B63 /C273<13A /B B63 -=@9A6=> =<
<4=@;/B7=< =;>3B7B7=< /<2 #/@93B @71B7=<A /@13:=</ 4=@ 63:>4C: 1=;;3<BA
3>/@B;3<B =4 1=<=;71A ./:3 +<7D3@A7BG $3E /D3< * +) 27@903@53;/<<G/:332C
3>/@B;3<B =4 1=<=;71A ./:3 +<7D3@A7BG $3E /D3< * +) B70=@63C;/<<G/:332C
3>/@B;3<B =4 1=<=;71A &@7<13B=< +<7D3@A7BG &@7<13B=< $! +) A;=@@7A>@7<13B=<32C
3974+:*9043
< /< 31=<=;G E7B6 E723:G 27A>3@A32 >@7D/B3 7<4=@;/B7=< /0=CB B63 4C<2/;3<B/:A /1B7=<A B/93<
0G /53<BA 7< @3A>=<A3 B= B63 >@7D/B3 7<4=@;/B7=< 53<3@/B3 7<27D72C/: /A E3:: /A /55@35/B3 D=:/B7:7BG
7< B63 31=<=;G
=E 2=3A B63 </BC@3 =4 B63 D=:/B7:7BG 7< B63 4C<2/;3<B/:A B@/<A:/B3A 7<B=
D=:/B7:7BG =4 B63 =CB1=;3A B63 /1B7=<A B/93 0G B63 /53<BA *= E6/B 3FB3<B 2=3A 63B3@=53<37BG 7<
B63 4C<2/;3<B/:A 2/;>3< =@ /113<BC/B3A D=:/B7:7BG 7< B63 7<27D72C/: =@ /55@35/B3 /1B7=<A B
=<3 3FB@3;3 B63 4C<2/;3<B/: AB/B3 B63 >/G=P @3:3D/<B AB/B3 =4 B63 31=<=;G 1=C:2 1=<A7AB =4 /
1=;;=< D/:C3 B6/B /P31BA B63 CB7:7BG =@ B63 >@=2C1B7D7BG =4 /:: B63 /53<BA 7< B63 A/;3 E/G B
B63 =B63@ 3FB@3;3 B63 >/G=P @3:3D/<B AB/B3A 1=C:2 1=<A7AB =4 >C@3:G 727=AG<1@/B71 27AB7<1B /<2
7<23>3<23<B AB/B3A /1@=AA B63 /53<BA
-3 /</:GH3 B63A3 ?C3AB7=<A 7< / 53<3@/: 1:/AA =4 :7<3/@ ?C/2@/B71 31=<=;73A E7B6 / 1=<B7<
CC; =4 /53<BA E67:3 /::=E7<5 4=@ 63B3@=53<37BG 7< B63 4C<2/;3<B/:A @/<57<5 4@=; >C@3 1=;;=<
B= 7<B3@23>3<23<B B= >C@3 >@7D/B3 D/:C3A -3 @3AB@71B =C@ /BB3<B7=< B= 3<D7@=<;3<BA E63@3 B63
4C<2/;3<B/:A /@3 27AB@70CB32 /11=@27<5 B= / ;C:B7D/@7/B3 <=@;/: 27AB@70CB7=< -3 23A1@703 B63
>/G=P @3:3D/<B AB/B3 =4 3/16 /53<B 0G B63 AC; =4 / 1=;;=< 1=;>=<3<B /<2 /< 727=AG<1@/B71 1=;
>=<3<B A E3 D/@G B63 D/@7/<13 =4 B63 1=;;=< /<2 B63 727=AG<1@/B71 1=;>=<3<B E3 16/<53 B63
</BC@3 =4 B63 63B3@=53<37BG 7< B63 4C<2/;3<B/:A /<2 1/< 5= 4@=; >C@3 1=;;=< B= 7<B3@23>3<23<B
B= >C@3 >@7D/B3 D/:C3 3<D7@=<;3<BA
*63 >@3A3<B =0831B7D3 7A B= /</:GH3 6=E B63 D=:/B7:7BG 7< B63 4C<2/;3<B/:A B@/<A:/B3A 7<B=
D=:/B7:7BG =4 B63 =CB1=;3A *63 </BC@3 =4 B63 >@7D/B3 7<4=@;/B7=< B63 7<4=@;/B7=< AB@C1BC@3 =4
B63 /53<BA ;/BB3@A / 5@3/B 23/: 4=@ B63 B@/<A;7AA7=< =4 B63 4C<2/;3<B/: D=:/B7:7BG -3 B63@34=@3
E/<B B= 9<=E E6716 7<4=@;/B7=< AB@C1BC@3 :3/2A B= B63 :/@53AB =@ B63 A;/::3AB D=:/B7:7BG =4 B63
=CB1=;3A 4=@ / 57D3< AB@C1BC@3 7< B63 4C<2/;3<B/: D=:/B7:7BG *6CA E3 /@3 :3/2 B= 7<D3AB75/B3 B63
036/D7=@ =4 B63 31=<=;G 4=@ / 57D3< 27AB@70CB7=< =4 B63 4C<2/;3<B/:A /1@=AA /:: >=AA70:3 7<4=@
;/B7=< =@ A75</: AB@C1BC@3A B6/B B63 /53<BA ;756B 6/D3 G 1=<B@/AB B63 3AB/0:7A632 :7B3@/BC@3
7A ;=AB:G 1=<13@<32 E7B6 B63 16/@/1B3@7H/B7=< =4 B63 036/D7=@ B63 /G3A $/A6 3?C7:70@7C; 4=@ /
!#0( 7<4=@;/B7=< AB@C1BC@3
< 3/@:73@ E=@9 BE= =4 CA AC553AB32 /< />>@=/16 B= /</:GH3 B63 3?C7:70@7C; 036/D7=@ =4 B63
/53<BA 4=@ / 57D3< 23A1@7>B7=< =4 B63 4C<2/;3<B/:A 4=@ && >=AA70:3 7<4=@;/B7=< AB@C1BC@3A
<
3@53;/<< /<2 #=@@7A / E3 23I<3 / <=B7=< =4 1=@@3:/B32 3?C7:70@7C; 4=@ 5/;3A E7B6 7<
1=;>:3B3 7<4=@;/B7=< E6716 E3 1/:: 3- ),,&. +/#&#,#/' -3 3AB/0:7A6 B6/B B67A A=:CB7=<
1=<13>B 16/@/1B3@7H3A B63 A3B =4 =CB1=;3A B6/B 1=C:2 /@7A3 7< /<G /G3A $/A6 3?C7:70@7/ =4 /<
7<1=;>:3B3 7<4=@;/B7=< 5/;3 E63@3 /53<BA ;/G =@ ;/G <=B 6/D3 /113AA B= ;=@3 7<4=@;/B7=<
03G=<2 B63 57D3< 1=;;=< >@7=@ =D3@ B63 4C<2/;3<B/:A < 3@53;/<< /<2 #=@@7A 0 E3
>C@AC3 B67A /@5C;3<B 7< 23B/7: /<2 16/@/1B3@7H3 B63 A3B =4 /G3A 1=@@3:/B32 3?C7:70@7/ 7< B63 1:/AA
=4 5/;3A E7B6 ?C/2@/B71 >/G=PA /<2 <=@;/::G 27AB@70CB32 C<13@B/7<BG 0CB B63@3 E3 @3AB@71B32 =C@
/BB3<B7=< B= B63 A>317/: 3<D7@=<;3<B E7B6 */, )'')( 0&/- /<2 !!,!. #(.,.#)( < B63
>@3A3<B 1=<B@70CB7=< E3 AC0AB/<B7/::G 53<3@/:7H3 B63 3<D7@=<;3<B B= 7<B3@23>3<23<B D/:C3A /<2
;=@3 53<3@/: 7<B3@/1B7=< AB@C1BC@3A /<2 /</:GH3 B63 7<B3@/1B7=< 03BE33< B63 63B3@=53<37BG 7<
B63 4C<2/;3<B/:A /<2 B63 7<4=@;/B7=< AB@C1BC@3 =4 B63 /53<BA -3 1=<B7<C3 B= @3AB@71B /BB3<B7=<
B= ;C:B7D/@7/B3 <=@;/: 27AB@70CB7=< 4=@ B63 4C<2/;3<B/:A /<2 4=@ B63 A75</:A 0CB /::=E7<5 4=@
/@07B@/@7:G 675627;3<A7=</: A75</:A -7B6 B63 @3AC:B7<5 @3AB@71B7=< B= ;C:B7D/@7/B3 <=@;/: 27AB@7
0CB7=<A =4 B63 8=7<B 3?C7:70@7C; 27AB@70CB7=< =D3@ /1B7=<A /<2 4C<2/;3<B/:A E3 1/< 23A1@703 B63
A3B =4 3?C7:70@7/ /1@=AA /:: <=@;/: 7<4=@;/B7=< AB@C1BC@3A 1=;>:3B3:G 7< B3@;A =4 @3AB@71B7=<A =<
B63 I@AB /<2 A31=<2 ;=;3<BA =4 B63 3?C7:70@7C; 8=7<B 27AB@70CB7=<
-3 0357< E7B6 /< 3F/1B 16/@/1B3@7H/B7=< =4 B63 A3B =4 /:: >=AA70:3 /G3A 1=@@3:/B32 3?C7:70@7C;
27AB@70CB7=<A -3 A6=E 7< &@=>=A7B7=< B6/B B63 8=7<B 27AB@70CB7=< =4 /<G 7A 1=;>:3B3:G
16/@/1B3@7H32 0G B6@33 1=@@3:/B7=< 1=3O173<BA < >/@B71C:/@ B63 ;3/< =4 B63 7<27D72C/: /<2 B63
/55@35/B3 /1B7=< 7A C<7?C3:G 23B3@;7<32 0G B63 4C<2/;3<B/:A =4 B63 31=<=;G CB B63 A31=<2
;=;3<BA B63 D/@7/<13 /<2 1=D/@7/<13A 1/< 27P3@ A75<7I1/<B:G /1@=AA 3?C7:70@7/ *63 A3B =4 7A 3F>:717B:G 23A1@7032 0G / B@7>:3 =4 1=@@3:/B7=< 1=3O173<BA B63 1=@@3:/B7=< 1=3O173<B =4 /<G
>/7@ =4 7<27D72C/: /1B7=<A =@ 3?C7D/:3<B:G B63 7<27D72C/: /1B7=< /<2 B63 /D3@/53 /1B7=< B63
1=@@3:/B7=< 1=3O173<B =4 /< 7<27D72C/: /1B7=< /<2 B63 /AA=17/B32 7<27D72C/: >/G=P AB/B3 /<2 B63 1=@@3:/B7=< 1=3O173<B =4 B63 /55@35/B3 /1B7=< /<2 /< 7<27D72C/: AB/B3 *63 23A1@7>B7=< =4 B63
/G3A 1=@@3:/B32 3?C7:70@7C; A3B /@7A3A 4@=; BE= 27AB7<1B A3B =4 1=<27B7=<A *63 @3AB@71B7=<A =<
B63 1=3O173<BA B63;A3:D3A /@3 >C@3:G AB/B7AB71/: 7< </BC@3 /<2 1=;3 4@=; B63 @3?C7@3;3<B B6/B
B63 D/@7/<131=D/@7/<13 ;/B@7F 7A >=A7B7D3 23I<7B3 /<2 B6CA B63A3 1=<27B7=<A 2= <=B 23>3<2 /B
/:: =< B63 </BC@3 =4 B63 7<B3@/1B7=< /<2 63<13 B63 5/;3 7BA3:4 B 7A =<:G B63 23B3@;7</B7=< =4
B63 ;=;3<BA B63;A3:D3A B63 ;3/< /<2 B63 D/@7/<13 B6/B @3J31B B63 03AB @3A>=<A3 1=<27B7=<A
/<2 63<13 B63 7<B3@/1B7=< AB@C1BC@3 =4 B63 5/;3 *67A AB@797<5 231=;>=A7B7=< =4 B63 3?C7:70@7C;
1=<27B7=<A 7<B= AB/B7AB71/: ( 7<13<B7D3 1=<27B7=<A /@7A3A /A E3 /::=E 4=@ /:: >=AA70:3 7<4=@;/B7=<
AB@C1BC@3A 1=<A7AB3<B E7B6 B63 1=;;=< >@7=@ )C0A3?C3<B:G 7< )31B7=< E3 @3AB@71B /BB3<B7=< B=
B63 AC0A3B =4 7<4=@;/B7=< AB@C1BC@3A 7< E6716 3/16 /53<B 9<=EA 67A =E< >/G=P AB/B3 E7B6 13@B/7<BG
*67A @3AB@71B7=< =< B63 7<4=@;/B7=</: 3<D7@=<;3<B 7A 1=;;=<:G 7;>=A32 7< B63 :7B3@/BC@3 /<2
7<2332 E3 /</:GH3 B63 @3AC:B7<5 7;>:71/B7=<A 4=@ B63 3?C7:70@7C; 036/D7=@ CB E7B6 @3A>31B
B= B63 /0=D3 A3>/@/B7=< @3AC:B E3 I<2 B6/B B63 231=;>=A7B7=< 4/7:A E63<3D3@ E3 7;>=A3 /<G
/227B7=</: @3AB@71B7=<A AC16 /A 9<=E7<5 =<3KA =E< >/G=P AB/B3
-3 B63< 16/@/1B3@7H3 B63 C>>3@ 0=C<2/@G =4 B63 /G3A 1=@@3:/B32 3?C7:70@7C; 7< B3@;A =4
B63 1=@@3:/B7=< 1=3O173<BA -3 A6=E 7< &@=>=A7B7=< B6/B B63 C>>3@ 0=C<2/@G 1=<A7ABA =4
3?C7:70@7/ B6/B A6/@3 / >@=>3@BG B6/B E3 @343@ B= /A ()#- , *63 <=7A34@33 3?C7:70@7/ 6/D3 B63
>@=>3@BG B6/B B63 1=<27B7=</: D/@7/<13 =4 B63 7<27D72C/: /<2 /55@35/B3 /1B7=< 7A H3@= 1=<27B7=</:
=< B63 727=AG<1@/B71 /<2 1=;;=< 1=;>=<3<B =4 B63 AB/B3 *6/B 7A 57D3< B63 @3/:7H/B7=< =4 B63
1=;>=<3<BA =4 3/16 /53<BKA >/G=P AB/B3 B63 /1B7=< =4 3/16 /53<B 7A 23B3@;7<7AB71 7< B63 A3<A3 B6/B
7B 7A / 4C<1B7=< =4 B63 1=;;=< /<2 B63 727=AG<1@/B71 1=;>=<3<BA =<:G < 4/1B B67A 23A1@7>B7=< =4
B63 <=7A34@33 3?C7:70@7/ 27@31B:G :7<9A B63 /G3A 1=@@3:/B32 3?C7:70@7/ B= B63 /G3A $/A6 3?C7:70@7/
< &@=>=A7B7=< E3 A6=E B6/B E3 1/< @3>@3A3<B 3D3@G <=7A34@33 /G3A 1=@@3:/B32 3?C7:70@7C; 7<
B3@;A =4 B63 /1B7=< 16=A3< 0G B63 /53<B /A / 1=<D3F 1=;07</B7=< =4 B63 727=AG<1@/B71 /<2 B63
1=;;=< 1=;>=<3<B =4 B63 AB/B3 *6CA / A31=<2 AC@>@7A7<5 @3AC:B =4 =C@ /</:GA7A 7A B6/B B63
0=C<2/@G =4 B63 3?C7:70@7C; A3B 7A 4=@;32 0G /1B7=< AB/B3 27AB@70CB7=<A B6/B 2= <= 1=<B/7< /<G
/227B7=</: <=7A3 =E3D3@ /A 3/16 /53<B 7;>:717B:G @3A>=<2A B= / 1=<D3F AC; =4 B63 1=;>=<3<BA
3/16 /53<B 7A :793:G B= 1=<4=C<2 B63 727=AG<1@/B71 /<2 1=;;=< 1=;>=<3<BA E7B6 E3756BA B6/B
27P3@ 4@=; B63 3?C/: E3756BA 0G E6716 B63G 3<B3@ B63 >/G=P AB/B3 /<2 63<13 :3/2 B= C<23@ =@
=D3@@3/1B7=< @3:/B7D3 B= B63 1=;>:3B3 7<4=@;/B7=< $/A6 3?C7:70@7C;
-3 A6=E 4=@ 3D3@G /G3A 1=@@3:/B32 3?C7:70@7C; B63@3 3F7ABA /< 7<4=@;/B7=< AB@C1BC@3 C<23@
E6716 B63 3?C7:70@7C; 27AB@70CB7=< 1/< 03 7<4=@;/B7=</::G 2313<B@/:7H32 /A / /G3A $/A6 3?C7
:70@7C; /<2 1=<D3@A3:G *63 :=571 =4 &@=>=A7B7=< 4=::=EA /< /@5C;3<B >@3A3<B32 7< 3@53;/<<
/<2 #=@@7A / 4=@ ()(#& I<7B3 5/;3A /<2 7<4=@;/B7=< AB@C1BC@3A *63 /227B7=</: 7<A756B
63@3 7A B6/B 7< B63 >@3A3<B 3<D7@=<;3<B /<G /G3A 1=@@3:/B32 3?C7:70@7C; =CB1=;3 1/< 03 /1673D32
0G / ;7<7;/: 7<4=@;/B7=< AB@C1BC@3 7< E6716 3/16 /53<B =<:G @3137D3A / =<327;3<A7=</: A75</:
*63 3F/1B 1=<AB@C1B7=< =4 B63 7<4=@;/B7=< AB@C1BC@3 7A AC553AB32 0G B63 D3@G AB@C1BC@3 =4 B63
-7B6 B63 =<327;3<A7=</: A75</: 3/16 /53<B @3137D3A / A75</: B6/B 7A :7<3/@ 1=;07</B7=<
=4 B63 1=;;=< /<2 727=AG<1@/B71 >/@B =4 B637@ >/G=P AB/B3 /<2 /< /227B7D3 <=7A3 B3@; >=AA70:G
E7B6 / 1=;>=<3<B 1=;;=< B= /:: /53<BA +<23@ B67A A75</: AB@C1BC@3 B63 /1B7=< =4 3/16 /53<B
7A / 1=<AB/<B B7;3A B63 A75</: /<2 B6CA B63 /53<B =<:G <332A B= 16==A3 B67A 1=<AB/<B =>B7;/::G
*67A 1=<AB@C1B7=< /::=EA CA B= C<23@AB/<2 6=E B63 1=;>=A7B7=< =4 B63 A75</: /P31BA B63 @3/1B7=<
=4 B63 /53<B B= B63 A75</:
-7B6 B63 1=;>/1B 23A1@7>B7=< =4 B63 <=7A34@33 /G3A 1=@@3:/B32 3?C7:70@7C; E3 1/< B63< /A9
E6716 7<4=@;/B7=< AB@C1BC@3 53<3@/B3A B63 :/@53AB /55@35/B3 =@ 7<27D72C/: D=:/B7:7BG /<2 E6716
7<4=@;/B7=< AB@C1BC@3 ;756B AC>>=@B B63 :/@53AB 27A>3@A7=< 7< B63 /1B7=<A B/93< 0G B63 /53<BA
< &@=>=A7B7=< E3 >@=D723 D3@G ;7:2 ACO173<B 1=<27B7=<A 3AA3<B7/::G D3@G E3/9 ;=<=B=<717BG
1=<27B7=<A =< B63 =0831B7D3 4C<1B7=<A AC16 B6/B E3 1/< @3AB@71B /BB3<B7=< B= B63 <=7A34@33 3?C7
-3 E=C:2 :793 B= B6/<9 #/@7=A <53:3B=A =C@ 27A1CAA/<B 4=@ AC553AB7<5 B67A B3@;
:70@7/ <G =4 B63A3 A31=<2 ;=;3<BA 7A ;/F7;7H32 0G / <=7A34@33 3?C7:70@7C; 0CB 7;>=@B/<B:G
<=B /:: =4 B63A3 ?C/<B7B73A /@3 ;/F7;7H32 0G B63 A/;3 3?C7:70@7C; *63 1=;>/1B @3>@3A3<B/B7=<
=4 B63 <=7A34@33 3?C7:70@7/ 23A1@7032 /0=D3 7A >/@B71C:/@:G CA34C: /A E3 1/< I<2 <=7A34@33 3?C7
:70@7/ 0G ;/F7;7H7<5 =D3@ / A7<5:3 D/@7/0:3 E7B6=CB 1=<AB@/7<BA @/B63@ B6/< 6/D7<5 B= A=:D3 /
53<3@/: 1=<AB@/7<32 ;/F7;7H/B7=< >@=5@/; < &@=>=A7B7=< E3 CA3 B67A 7<A756B B= 3AB/0:7A6 B63
1=;>/@/B7D3 AB/B71A 4=@ ;/F7;/: 7<27D72C/: =@ /55@35/B3 D=:/B7:7BG B6/B 1/< /@7A3 7< /<G /G3A
1=@@3:/B32 3?C7:70@7C; /A E3 16/<53 B63 </BC@3 =4 B63 AB@/B3571 7<B3@/1B7=<
-7B6 / 23B/7:32 16/@/1B3@7H/B7=< =4 B63 43/A70:3 3?C7:70@7C; =CB1=;3A E3 /A9 E6/B 2=3A 7<
B3@23>3<23<13 /22 =@ B= 16/<53 @3:/B7D3 B= 3?C7:70@7C; 036/D7=@ 7< / ;=23: E7B6 >C@3 1=;;=<
D/:C3A -7B6 >C@3 1=;;=< D/:C3A /<G @3A72C/: C<13@B/7<BG /0=CB B63 1=;;=< >/G=P AB/B3 :=E
3@A B63 @3A>=<A7D3<3AA =4 B63 /53<B B= B63 7<4=@;/B7=< 7B /BB3<C/B3A B637@ @3A>=<A3 B= B63 B@C3
>/G=P AB/B3 *6CA B63 ;/F7;/: @3A>=<A7D3<3AA 7A /BB/7<32 7< B63 1=;>:3B3 7<4=@;/B7=< 3?C7:70
@7C; 7< E6716 1=<A3?C3<B:G B63 /55@35/B3 D=:/B7:7BG 7A ;/F7;7H32 /1@=AA /:: >=AA70:3 7<4=@;/B7=<
AB@C1BC@3A A33 &@=>=A7B7=< B B63 =B63@ 3<2 =4 B63 A>31B@C; E7B6 >C@3 >@7D/B3 D/:C3A B63
1=;>:3B3 7<4=@;/B7=< $/A6 3?C7:70@7C; 6/A H3@= /55@35/B3 D=:/B7:7BG CB 74 B63 <=7AG 7<4=@;/B7=<
6/A /< 3@@=@ B3@; 1=;;=< /1@=AA B63 /53<BA B63< /55@35/B3 D=:/B7:7BG 1/< /@7A3 E7B6 7<1=;>:3B3
7<4=@;/B7=< 3D3< B6=C56 B63@3 7A <= /55@35/B3 >/G=P C<13@B/7<BG $=E B63 >@3A3<13 =4 B63 3@@=@
B3@; AB7:: :3/2A 3D3@G /53<B B= /BB3<C/B3 67A @3A>=<A3 B= B63 A75</: 1=;>/@32 B= 67A @3A>=<A3 74
63 E3@3 B= =0A3@D3 B63 B@C3 >/G=P AB/B3 /A / /G3A7/< 1=@@31B7=< B= B63 A75</: $=<3B63:3AA
E3 A6=E B6/B /A B63 D/@7/<13 =4 B63 727=AG<1@/B71 1=;>=<3<B 7<1@3/A3A B63 ;/F7;/: /55@35/B3
D=:/B7:7BG 7<1@3/A3A /A E3:: 7< 4/1B :7<3/@:G 7< B63 D/@7/<13 =4 B63 727=AG<1@/B71 1=;>=<3<B A33
&@=>=A7B7=< $=E AB@797<5:G E7B6 7<B3@23>3<23<B D/:C3A B6/B 7A 7< 03BE33< >C@3 >@7D/B3 /<2
>C@3 1=;;=< D/:C3A B63 /55@35/B3 D=:/B7:7BG 7A AB7:: ;/F7;/: 7< B63 >@3A3<13 =4 @3A72C/: C<13@
B/7<BG 0CB B63 @3A>=<A3 =4 B63 /53<B 7A <=B ..(/. /<G;=@3 ?C7B3 B= 1=<B@/@G 7B 2- B63
1=;>:3B3 7<4=@;/B7=< @3A>=<A7D3<3AA 7< A=;3 27;3<A7=<A < B63 <=7A34@33 3?C7:70@7C; E63B63@
7;>:717B 7< B63 =@ 3F>:717B 7< B63 $ B63 7<4=@;/B7=< /0=CB B63 727=AG<1@/B71 1=;>=<3<B 7A
0C<2:32 E7B6 B63 7<4=@;/B7=< /0=CB B63 1=;;=< 1=;>=<3<B < 4/1B B63 A75</: 7< B63 <=7A34@33
$ @3>@3A3<BA B63 727=AG<1@/B71 /<2 B63 1=;;=< 1=;>=<3<B /A / 1=<D3F 1=;07</B7=< *6CA
3D3< B6=C56 B63 A75</: 2=3A <=B 1=<B/7< /<G >/G=P 7@@3:3D/<B 7<4=@;/B7=< 63<13 <=7A34@33 B63
/53<B AB7:: 4/13A C<13@B/7<BG /0=CB 67A >/G=P AB/B3 /A B63 1=<D3F E3756BA BG>71/::G 27P3@ 4@=;
B63 3?C/: E3756BA B63 1=;>=<3<BA @3137D3A 7< B63 >/G=P AB/B3 A / 1=<A3?C3<13 /<G 57D3<
1=<D3F 1=;07</B7=< />/@B 4@=; B63 3?C/: E3756 57D3A 3/16 /53<B / @3/A=< B= @3/1B AB@=<53@ B=
A=;3 1=;>=<3<B =4 B63 4C<2/;3<B/: AB/B3 B6/< 63 E=C:2 74 63 6/2 1=;>:3B3 7<4=@;/B7=< /0=CB
37B63@ 1=;>=<3<B B6CA ;/97<5 7B /< 3F13AA @3A>=<A3 B= /B :3/AB A=;3 1=;>=<3<B $=E 74 B63
3F13AA @3A>=<A3 =11C@A E7B6 @3A>31B B= B63 1=;;=< 1=;>=<3<B B63< E3 1/< =0A3@D3 /< 7<1@3/A3
7< B63 /55@35/B3 D=:/B7:7BG 4/@ 03G=<2 B63 =<3 AC553AB32 0G B63 1=;>:3B3 7<4=@;/B7=< /</:GA7A
#=@3=D3@ /A &@=>=A7B7=< A6=EA B63@3 7A / AB@=<5 >=A7B7D3 7<B3@/1B7=< 3P31B E7B6 @3A>31B B= B63
;/F7;/: /55@35/B3 D=:/B7:7BG 03BE33< B63 D/@7/<13 =4 B63 727=AG<1@/B71 /<2 B63 1=;;=< 1=;
>=<3<B *67A 3;>6/A7H3A B63 4/1B B6/B B63 7<1@3/A32 @3A>=<A7D3<3AA B= B63 1=;;=< 1=;>=<3<B
1/<<=B 03 C<23@AB==2 0G ;3@3:G 1=;07<7<5 B63 A3>/@/B3 7<BC7B7=< 5/7<32 4@=; B63 >C@3 >@7D/B3
/<2 B63 >C@3 1=;;=< D/:C3 1/A3 E7B6 E6716 E3 AB/@B /0=D3
-3 >@=1332 B= 3FB3<2 B63 /</:GA7A 7< BE= 27@31B7=<A 7@AB E3 1=<AB@/7< B63 A3B =4 >=AA70:3
7<4=@;/B7=< AB@C1BC@3A /<2 7;>=A3 B63 1=;;=< @3AB@71B7=< B6/B 3D3@G /53<B 9<=EA 67A =E< D/:C3
0CB ;/G AB7:: 03 C<13@B/7< /0=CB B63 >/G=P AB/B3 =4 B63 =B63@ /53<BA -3 A6=E B6/B B67A 1=;;=<
7<4=@;/B7=</: @3AB@71B7=< 1/< 3/A7:G 03 /11=;;=2/B32 0G =C@ /</:GA7A CB =<13 E3 7;>=A3 /<G
AC16 @3AB@71B7=< =< B63 1:/AA =4 >3@;7AA70:3 7<4=@;/B7=< AB@C1BC@3A B63< B63 A3>/@/07:7BG 03BE33<
B63 1=@@3:/B7=< AB@C1BC@3 /<2 B63 7<B3@/1B7=< AB@C1BC@3 B6/B E3 =0A3@D3 E7B6=CB /<G @3AB@71B7=<
2=3A <=B 6=:2 /<G;=@3 )31=<2 E3 3FB3<2 B63 /</:GA7A B= /11=;;=2/B3 ;=@3 53<3@/: 7<B3@/1B7=<
AB@C1BC@3A < >/@B71C:/@ E3 1=<A723@ B63 1/A3 E63< B63 03AB @3A>=<A3 =4 3D3@G /53<B 7A B= / 1=<D3F
1=;07</B7=< =4 B63 /D3@/53 /1B7=< /<2 B63 /1B7=< =4 / A>317I1 ;/B1632 /53<B *67A /::=EA CA 7<
>/@B71C:/@ B= /</:GH3 B63 1/A3 =4 >/7@E7A3 7<B3@/1B7=< /<2 E3 1=<A723@ 0=B6 @/<2=; ;/B167<5 /A
E3:: /A >=A7B7D3 =@ <35/B7D3 /AA=@B/B7D3 ;/B167<5 *63 4=::=E7<5 /</:GA7A A6=EA B6/B B63 1C@@3<B
4@/;3E=@9 7A ACO173<B:G J3F70:3 B= 3D3<BC/::G /11=;;=2/B3 /< 3D3< ;=@3 /;07B7=CA /</:GA7A =4
53<3@/: 7<4=@;/B7=< /<2 <3BE=@9 7<B3@/1B7=< AB@C1BC@3A
*63 @3;/7<23@ =4 B63 >/>3@ 7A =@5/<7H32 /A 4=::=EA )31B7=< 7<B@=2C13A B63 ;=23: /<2
B63 3?C7:70@7C; 1=<13>B )31B7=< =P3@A B63 /</:GA7A =4 B63 ;=23: E7B6 /55@35/B3 7<B3@/1B7=<
)31B7=< 3AB/0:7A63A B63 :7<9 03BE33< 7<4=@;/B7=< AB@C1BC@3 /<2 D=:/B7:7BG )31B7=< 1=<A723@A
B63 1/A3 =4 @3AB@71B32 7<4=@;/B7=< AB@C1BC@3A 7< >/@B71C:/@ 7B /AAC;3A B6/B 3D3@G /53<B 9<=EA 67A
=E< >/G=P AB/B3 )31B7=< 1=<A723@A B63 ;=@3 53<3@/: 7<B3@/1B7=< AB@C1BC@3A /<2 7< >/@B71C:/@
/</:GH3A B63 1/A3 =4 >/7@E7A3 7<B3@/1B7=< )31B7=< 27A1CAA3A B63 @3:/B7=<A67> =4 =C@ @3AC:BA
B= @313<B 1=<B@70CB7=< 7< ;/1@=31=<=;71A =< B63 A=C@13 /<2 A1=>3 =4 D=:/B7:7BG /<2 1=<1:C23A
)31B7=< 1=<AB7BCB3A B63 />>3<27F /<2 1=<B/7<A ;=AB =4 B63 >@==4A
4+,1
"(>4B8
-3 1=<A723@ / 1=<B7<CC; =4 /53<BA E7B6 ;/AA <=@;/:7H32 B= 53<B 16==A3A /< /1B7=<
/<2 7A /AAC;32 B= 6/D3 / ?C/2@/B71 >/G=P 4C<1B7=< E6716 7A 4C<1B7=< =4 67A /1B7=< B63
;3/< /1B7=< B/93< 0G /53<BA /<2 B63 7<27D72C/: >/G=P AB/B3 < 1=<A3?C3<13 /53<B 6/A / :7<3/@ 03AB @3A>=<A3 4C<1B7=<
E63@3 7A B63 3F>31B/B7=< 1=<27B7=</: =< B63 7<4=@;/B7=< /53<B 6/A >@7=@ B= B/97<5 /<
/1B7=< *63 >/@/;3B3@ =4 B63 03AB @3A>=<A3 4C<1B7=< @3>@3A3<BA B63 AB@/B3571 7<B3@/1B7=<
/;=<5 B63 /53<BA 4 B63< E3 6/D3 / 5/;3 =4 -.,.!# -/-.#./.- 74 B63< E3 6/D3
/ 5/;3 =4 -.,.!# )'*&'(.- -3 A6/:: /AAC;3 B6/B B63 7<B3@/1B7=< >/@/;3B3@ 7A 0=C<232
/0=D3 =@ -3 /AAC;3 B6/B B63 7<27D72C/: >/G=P AB/B3 7A 57D3< 0G B63 :7<3/@ 1=;07</B7=< =4 / )'')(
)'*)((. /<2 /< ##)-3(,.# )'*)((. /16 1=;>=<3<B 7A /AAC;32 B= 03 <=@;/::G 27AB@70CB32 -67:3 7A 1=;;=< B= /:: /53<BA B63
727=AG<1@/B71 1=;>=<3<B 7A 723<B71/::G 27AB@70CB32 /1@=AA /53<BA 7<23>3<23<B =4 B63 1=;;=<
1=;>=<3<B =@;/::G E3 23A1@703 B63 >/G=P C<13@B/7<BG 7< B3@;A =4 B63 >/7@ =4 @/<2=; D/@7/0:3A
B 4=::=EA B6/B B63 >=>C:/B7=< /D3@/53 A/B7AI3A /<2 E3 23<=B3 B63 /D3@/53 B/93<
/1@=AA B63 3<B7@3 >=>C:/B7=< B6/B 7A /1@=AA /:: /A *63 1=;;=< 1=;>=<3<B 1/< 03
7<B3@>@3B32 /A B63 ;3/< =@ /D3@/53 >/G=P AB/B3 /A 7D3< B63 7<23>3<23<13 /<2 B63 AG;;3B@G =4 B63 727=AG<1@/B71 1=;>=<3<B /1@=AA /53<BA
B63 /0=D3 8=7<B 27AB@70CB7=< 1/< 03 3F>@3AA32 7< B3@;A =4 B63 D/@7/<13 =4 B63
7<27D72C/: AB/B3 /<2 B63 1=@@3:/B7=< 1=3O173<B 03BE33< /<G BE= AB/B3A =4 /<G BE= /53<BA /<2 /<2 4B3@ /:: 0G 1=<AB@C1B7=< B63 1=D/@7/<13 =4 /<2 7A 3?C/: B= B63 1=D/@7/<13
03BE33< /<2 /<2 7< BC@< /:A= @3>@3A3<BA B63 D/@7/<13 =4 B63 1=;;=< 1=;>=<3<B =@ -3 /AAC;3 B6/B B63 /0=D3 8=7<B <=@;/: 27AB@70CB7=< 57D3< 0G 7A B63 1=;;=<:G 9<=E<
)'')( *,#), -3 @343@ B= B63 A>317/: 1/A3A =4 /<2 /A B63 1/A3 =4 */, *,#0.
/<2 */, )'')( D/:C3A -3 A6/:: /:;=AB 3F1:CA7D3:G CA3 B63 :/B3@ @3>@3A3<B/B7=< =4 >/G=P
C<13@B/7<BG /<2 =<:G =11/A7=</::G B63 4=@;3@ @3>@3A3<B/B7=< (>,8 477,1(9,+ 6:010)70:2
-3 <=E 23I<3 B63 ;/7< A=:CB7=< 1=<13>B E3 E7:: CA3 B6@=C56=CB B63 >/>3@
,@309043 (>,8 477,1(9,+ 6:010)70:2
" 0,#&- ),' -3''.,# ( (),'&&3 #-.,#/. 3- ),,&. +/#&#
,#/' # ."#, $)#(. #-.,#/.#)( #- !#0( 3 '/&.#0,#. (),'& #-.,#/.#)( ( ), &&
( -3 23<=B3 B63 D/@7/<131=D/@7/<13 ;/B@7F =4 B63 8=7<B 27AB@70CB7=< =4 0G (>,8 477,1(9,+ 6:010)70:2
-3 <=E I<2 1=<27B7=<A AC16 B6/B B63 @/<2=; D/@7/0:3A *63A3 1=<27B7=<A 1/< 03
A3>/@/B32 7<B= BE= 27AB7<1B A3BA =4 @3?C7@3;3<BA B63 I@AB A3B 1=<A7ABA =4 1=<27B7=<A AC16 B6/B B63
D/@7/<131=D/@7/<13 ;/B@7F =4 B63 8=7<B ;C:B7D/@7/B3 27AB@70CB7=< 1=<AB7BCB3A / D/:72 D/@7/<13
1=D/@7/<13 ;/B@7F </;3:G B6/B 7B 7A >=A7B7D3A3;723I<7B3 /<2 / A31=<2 A3B =4 1=<27B7=<A B6/B
5C/@/<B33 B6/B B63 03AB @3A>=<A3 1=<27B7=<A 6=:2A *63 I@AB A3B =4 1=<27B7=<A /@3 >C@3:G
AB/B7AB71/: @3?C7@3;3<BA *63 A31=<2 A3B =4 1=<27B7=<A /@3 <313AA/@G 4=@ /<G /<2 B63A3
:/B3@ 1=<27B7=<A ;3@3:G @3:G =< B63 :7<3/@7BG =4 B63 03AB @3A>=<A3
;>=@B/<B:G 0=B6 A3B =4
1=<27B7=<A /@3 <313AA/@G #(*((. =4 B63 /AAC;>B7=< =4 <=@;/: 27AB@70CB32 >/G=P C<13@B/7<BG
*63 <=@;/:7BG /AAC;>B7=< E7:: A7;>:G 3<AC@3 B6/B B63 3?C7:70@7C; 27AB@70CB7=<A /@3 1=;>:3B3:G
23B3@;7<32 0G B63 I@AB /<2 A31=<2 ;=;3<B *6CA B63 <=@;/:7BG /AAC;>B7=<A /::=EA CA B=
23A1@703 B63 A3B =4 7< B3@;A =4 @3AB@71B7=<A B6/B /@3 <313AA/@G ( ACO173<B
/(7(*9,70?(9043 4- (>,8 477,1(9,+ 6:010)70:2
-3 0357< B63 /</:GA7A =4 B63 /G3A 1=@@3:/B32 3?C7:70@7C; 0G @32C17<5 B63 27;3<A7=</:7BG =4
B63 D/@7/<131=D/@7/<13 ;/B@7F -3 />>3/: B= B63 AG;;3B@G 1=<27B7=< B= 3F>@3AA B63 /55@35/B3
D/@7/<13 7< B3@;A =4 B63 7<27D72C/: D/@7/<13 /<2 B63 1=@@3:/B7=< 03BE33< 7<27D72C/: B3@;A !CAB
/A E3 23A1@7032 /0=D3 B63 D/@7/<13 =4 B63 1=;;=< 1=;>=<3<B 7< B3@;A =4 B63 1=D/@7/<13
03BE33< /<G BE= 7<27D72C/: >/G=P AB/B3A 7< =@ E3 1/< 23A1@703 B63 D/@7/<13 =4
/55@35/B3 /1B7=< 7< B3@;A =4 B63 1=D/@7/<13 =4 /<G BE= 7<27D72C/: /1B7=<A =@ -3
E@7B3 4=@ B63 1=@@3:/B7=< 1=3O173<B 03BE33< /1B7=< /<2 >/G=P AB/B3 =4 >:/G3@ -3 23<=B3 0G B63 1=@@3:/B7=< 1=3O173<B 03BE33< B63 /1B7=< =4 /53<B /<2 B63 >/G=P AB/B3
=4 /< /@07B@/@G =B63@ /53<B *63A3 B6@33 1=@@3:/B7=< 1=3O173<BA >/@/;3B3@7H3 B63 E6=:3 D/@7/<131=D/@7/<13
;/B@7F *= A33 E6G =0A3@D3 B6/B B63 1=D/@7/<13 03BE33< / >C@3:G 727=AG<1@/B71 @/<2=; D/@7/0:3
/<2 / 1=;;=< @/<2=; D/@7/0:3 7A /:E/GA *67A 7;>:73A B6/B 0=B6 B63 1=D/@7/<13 03BE33< B63
/55@35/B3 /1B7=< /<2 B63 >/G=P AB/B3 =4 >:/G3@ /<2 B63 1=D/@7/<13 03BE33< B63 /53<B KA
/1B7=< /<2 B63 1=;;=< 1=;>=<3<B =4 B63 >/G=P AB/B3 /@3 B63 A/;3 /A B63 1=D/@7/<13
03BE33< B63 /1B7=< =4 >:/G3@ /<2 B63 >/G=P AB/B3 =4 >:/G3@ =@ *6CA E3 1/<
@32C13 B63 <C;03@ =4 D/@7/<13 B3@;A /<2 7< >/@B71C:/@ B63 <C;03@ =4 1=@@3:/B7=< 1=3O173<BA
<33232 B= 23A1@703 B63 D/@7/<13 1=D/@7/<13 ;/B@7F E7B6=CB :=AA =4 53<3@/:7BG
,22( $>22,970* (>,8 477,1(9,+ 6:010)70:2
" 0,#&- ),' -3''.,# ( (),'&&3 #-.,#/. 3- ),,&. +/#&#
,#/' # ( )(&3 # .", 2#-. *,'.,- ) ." 5,-. ( -)( ')'(.- -/" .". ." $)#(. #-.,#/.#)( #- !#0( 3
!"
""
!! " !
!"
""
!! " ! ! " !! " !
"" ! "
!! " ! ""
( ), && ( 3<134=@B6 E3 A6/:: B63@34=@3 @343@ B= B63 D/@7/<13 =4 B63 7<27D72C/: /1B7=< /A B63 #(#0#/&
0)&.#&#.3
B= B63 D/@7/<13 =4 B63 /D3@/53 /1B7=< /A B63 !!,!. 0)&.#&#.3
/<2 B= B63 D/@7/<13 =4 /A B63 #-*,-#)(
A 4=@ B63 03AB @3A>=<A3 1=<27B7=< E7B6 / ;C:B7D/@7/B3 <=@;/: 27AB@70CB7=< B63 1=<27B7=</:
3F>31B/B7=<A 6/D3 B63 4/;7:7/@ :7<3/@ 4=@;
! "
!
"
! " ! " /<2 E3 1/< E@7B3 B63 03AB @3A>=<A3 1=<27B7=< /
G B63 :/E =4 7B3@/B32 3F>31B/B7=< E3 =0B/7<
*/97<5 B63 23@7D/B7D3 =4 / E7B6 @3A>31B B= E3 53B
-3 B6CA 6/D3 / 1=;>:3B3 23B3@;7</B7=< =4 B63 I@AB /<2 A31=<2 ;=;3<B :B3@</B7D3:G E3 1=C:2
=0B/7< B63A3 1=<27B7=<A 0G 27@31B:G CA7<5 B63 03AB @3A>=<A3 1=<27B7=< /<2 />>:G7<5 B63 :/E =4
7B3@/B32 3F>31B/B7=< =@ B=B/: 3F>31B/B7=< /<2 A7;7:/@:G B63 :/E =4 B=B/: D/@7/<13 B= =0B/7< B63
;=;3<B 1=<27B7=<A
$=E 4=@ B= 03 / D/:72 D/@7/<131=D/@7/<13 ;/B@7F 7B 6/A B= 03 >=A7B7D3 A3;723I<7B3 $=E
E3 1/< >@=D723 / A6/@> 16/@/1B3@7H/B7=< =4 B63 A3B =4 >/@/;3B3@A B6/B 1=<AB7BCB3 / "7454809043 /(7(*9,70?(9043 4- '/&.#0,#. (),'& #-.,#/.#)( ) #- -3''.,# 3- ),,&. +/#&#,#/' #
( )(&3 # ." '( ) ." #(#0#/& .#)( #-
." -.(, 0#.#)( ) ." #(#0#/& .#)( #-
." ),,&.#)( )6#(.- -.#- 3 ." ()((!.#0#.3 )(#.#)(- (
." #(+/&#.#-
"744- *63 ;=;3<B 3?C/:7B73A /<2 E3@3 3AB/0:7A632 7< /<2 *6CA E3 >@=1332
B= D3@74G B6/B B63 7<3?C/:7BG 1=<AB@/7<BA /@3 <313AA/@G /<2 ACO173<B B= 5C/@/<B33 B6/B B63
;/B@7F 7A >=A7B7D3 A3;723I<7B3
3@3 E3 3F>@3AA B63 3?C7:70@7C; 1=<27B7=<A 0G / 16/<53 =4 D/@7/0:3A 7< B3@;A =4 27P3@3<B
D/@7/0:3A E6716 4/17:7B/B3A B63 1/:1C:/B7=< "3B
!
! !
! *6CA E3 6/D3 B6/B
! "
! "
"
!
! " E63@3
"
"
"
"
"
!! "
"
!! "
!! " " "
!! "
!
! !
! "
"
"
"
-3 CA3 B= 23<=B3 B63 D/@7/<131=D/@7/<13 ;/B@7F 3F>@3AA32 7< B3@;A =4 B
7A 3/AG B= D3@74G B6/B 7A >=A7B7D3 A3;723I<7B3 74 /<2 =<:G 74 B63 7<3?C/:7BG 1=<27B7=<A /@3
A/B7AI32 *= 16319 B67A 7B 7A ACO173<B B= <=B3 B6/B B63 :3/27<5 >@7<17>/: ;7<=@A /@3 >=A7B7D3 74 /<2
=<:G 74 B63A3 1=<27B7=<A /@3 A/B7AI32 /<2 B6CA 7A >=A7B7D3 A3;723I<7B3 74 /<2 =<:G 74 B63A3
1=<27B7=<A /@3 A/B7AI32
*63 =@B6=5=</: @3>@3A3<B/B7=< =4 B63 @/<2=; D/@7/0:3A 7< B3@;A =4 B63 727=AG<1@/B71 /<2 B63
1=;;=< 1=;>=<3<B </;3:G /<2 =@ /<2 /A @3>@3A3<B32 0G B63 D/@7/<131=D/@7/<13
;/B@7F 7< 7A CA34C: 7< ;/<G E/GA < >/@B71C:/@ 7B 3AB/0:7A63A E6G /55@35/B3 D/@7/<13 7A
B63 >@=2C1B =4 B63 7<27D72C/: D/@7/<13 /<2 B63 1=@@3:/B7=< 1=3O173<B *63@3 /@3 BE= /A>31BA =4 / B6/B E3 E=C:2 :793 B= 6756:756B 7@AB <=B3 B6/B 1=<27B7=<
=4 &@=>=A7B7=< 1=;>:3B3:G >7<A 2=E< B63 3F>31B32 D/:C3 =4 B63 /1B7=< 7< B3@;A =4 B63 4C<2/
;3<B/:A E6716 7;>:73A B6/B /<G 27P3@3<13 /1@=AA /G3A 1=@@3:/B32 3?C7:70@7/ E7:: ;/<743AB 7BA3:4
7< B63 A31=<2 ;=;3<BA =<:G *6CA 2C@7<5 B63 @3AB =4 B63 >/>3@ E3 E7:: /2=>B B63 <=@;/:7H/B7=<
B6/B /A /<G 16/<53 7< E7:: /P31B =<:G B63 3F>31B32 /1B7=< =4 3/16 /53<B /<2 B63< 0G
/ 1=<AB/<B D/:C3 /1@=AA /:: )31=<2 B63 @3AB@71B7=<A =< B63 3?C7:70@7C; 1=@@3:/B7=< 1=3O173<BA 2= <=B /B /:: 23>3<2 =<
B63 7<B3@/1B7=< >/@/;3B3@ B 7A 3/AG B= A33 4@=; B63 >@==4 =4 &@=>=A7B7=< B6/B B63 @3AB@71
B7=<A =< B63 A3B =4 3?C7:70@7C; 1=@@3:/B7=<A /@3 >C@3:G AB/B7AB71/: *63G 1=;3 3F1:CA7D3:G 4@=;
B63 1=<27B7=< B6/B B63 1=@@3:/B7=< ;/B@7F 7A / D/:72 D/@7/<131=D/@7/<13 ;/B@7F </;3:G B6/B
7A >=A7B7D3 A3;723I<7B3 ;/B@7F A E3 E7:: A6=E :/B3@ B67A 27A3<B/<5:3;3<B =4 B63 A3B =4
43/A70:3 1=@@3:/B7=<A /<2 B63 7<B3@/1B7=< >/@/;3B3@ 7A =<:G >=AA70:3 E63< E3 /::=E 4=@ /:: >=AA70:3
7<4=@;/B7=< AB@C1BC@3A 73 E63< E3 2= 7;>=A3 /<G @3AB@71B7=<A =< B63 >@7D/B3 7<4=@;/B7=< B6/B
/53<BA ;/G 6/D3 G 1=<B@/AB B63 ;3/< /<2 B63 D/@7/<13 =4 B63 7<27D72C/: /1B7=<A 2=3A
23>3<2 =< B63 7<B3@/1B7=< >/@/;3B3@ /A 7B 7A 23B3@;7<32 0G B63 03AB @3A>=<A3 1=<27B7=< -3 <=B3 B6/B 7< B63 A>317/: 1/A3 =4 >C@3 >@7D/B3 =@ >C@3 1=;;=< D/:C3A B63 A3B =4 =CB1=;3A
7< B3@;A =4 B63 1=@@3:/B7=< 1=3O173<BA 7A =<:G BE= 27;3<A7=</: *63 @32C1B7=< 7< 27;3<A7=</:7BG
/@7A3A /A B63 1=@@3:/B7=< 03BE33< B63 /D3@/53 /1B7=< /<2 B63 7<27D72C/: AB/B3 7A 37B63@ H3@= /A
7< B63 >C@3 >@7D/B3 D/:C3 1/A3 =@ 7A 7< / 1=<AB/<B :7<3/@ @3:/B7=<A67> B= 1=@@3:/B7=< 03BE33< B63
7<27D72C/: /1B7=< /<2 7<27D72C/: AB/B3 /A 7< B63 >C@3 1=;;=< D/:C3 1/A3 /<2 B6CA @32C<2/<B
7< 37B63@ 1/A3
,42,970* #,57,8,39(9043 4- 34=@3 E3 1=<B7<C3 E7B6 B63 /</:GA7A 7B 7A CA34C: B= D7AC/:7H3 B63 A3B =4 43/A70:3 /G3A 1=@@3:/B32
3?C7:70@7/ /<2 A33 6=E B63 ;316/<71A =4 B63 27P3@3<B 1=<AB@/7<BA 16/<53 B63 A3B =4 43/A70:3
3?C7:70@7/ *= D7AC/:7H3 B63 1=<AB@/7<BA =4 =4 &@=>=A7B7=< E3 >:=B B63 43/A70:3 @357=<A 7< B63
A>/13 E6716 /@3 B63 ;=AB @3:3D/<B 4=@ D=:/B7:7BG /<2 B6CA B63 ;=AB @3:3D/<B 4=@ CA B=
>:=B )7<13 B67A 23>3<2A =< B63 D/:C3A =4 /<2 E3 2= B67A 7< A3D3@/: >:=BA
< 75C@3 E3 D/@G /<2 I<2 B63 4C:: A3B =4 43/A70:3 3?C7:70@7/ 7< B63 A>/13 A
E3 E7:: A6=E :/B3@ 4=@ /<G 57D3< B63 C>>3@ 0=C<2 =< B63 D/:C3A =4 B6/B 1/< 03 /1673D32
7A 4=C<2 0G 7;>=A7<5 B6/B B63 1=<AB@/7<BA =4 &@=>=A7B7=< 07<2 -3 53B B63 4=::=E7<5
0
12
1
0.8
0.8
0.8
0.6
0.6
0.6
a
1.0
a
1.0
a
1.0
0.4
0.4
0.4
0.2
0.2
0.2
0.0
0.0
0.0
0.2
0.4
0.6
0.8
1.0
0.0
0.0
0.2
0.4
aa
0.6
0.8
1.0
0.0
aa
0.2
0.4
0.6
0.8
aa
75C@3 *63 A3B =4 7< B63 A>/13 D/@G7<5 < 75C@3 E3 IF /<2 7;>=A3 / :7<3/@ @3:/B7=<A67> 03BE33< B63 1=@@3:/B7=< 1=3O
173<B /<2 /<2 >:=B B63 3?C7:70@7C; A3B 4=@ 27P3@3<B D/:C3A =4 A E3 E7:: A6=E :/B3@ B63 1/A3 /<2
E7:: 03 B63 1/A3A 7< E6716 /53<B =<:G @3A>=<2A B= D/@7/B7=<A 7< B63 727=AG<1@/B71 /<2 B63
1=;;=< 1=;>=<3<B =4 67A >/G=P AB/B3 @3A>31B7D3:G B6/B 7A /<2 A3>/@/B3:G E67:3 B63 1/A3
=4 7A B63 1/A3 7< E6716 3/16 /53<B @3A>=<2A B= /<2 E7B6 3?C/: 7<B3<A7BG /<2 B6CA
=<:G @3A>=<2A B= B63 AC; 57D3< 0G A6=E< 7< B63 :/AB >:=B #=@3 53<3@/::G 7<1@3/A7<5 E7::
1=@@3A>=<2 B= 7<1@3/A7<5 B63 7<4=@;/B7=< /53<BA 6/D3 /0=CB /<2 231@3/A7<5 B63 7<4=@;/B7=<
B63G 6/D3 /0=CB -3 1/< A33 B6/B B63 1/A3 =4 /<2 7A / >/@B71C:/@ 1/A3 =4 /</:GH7<5 >@7D/B3 /<2
1=;;=< D/:C3A /A /53<B =<:G 6/D3 7<4=@;/B7=< =< /<2 @3A>31B7D3:G *6CA B63 A7;7:/@7BG
7< 0=B6 =4 B63 >:=BA 4=@ B63 1/A3A /<2 E7B6 /<2 @3A>31B7D3:G :A=
<=B3 B6/B B63 3<D3:=>3 =4 B63 97<9A 7< 75C@3 1=@@3A>=<2 B= B63 4@=<B73@ =4 7< B63
75C@3 A E3 E7:: A6=E <3FB B67A E7:: /:A= 03 / @3AC:B =4 B63 4/1B B6/B B67A 4@=<B73@ 7A 57D3< 0G
1.0
1.0
0.8
0.5
a
0.6
0.4
0.2
a
0
a
.33
a
.5
a
.66
a
1
a
a
a
a
a
0.0
0.0 0.2 0.4 0.6 0.8 1.0
aa
75C@3 *63 A3B =4 7< B63 A>/13 D/@G7<5 <=7A34@33 3?C7:70@7/
408,7,, 6:010)70(
-3 1/< 231=;>=A3 B63 /1B7=< =4 3/16 /53<B 7< B3@;A =4 67A @3A>=<A7D3<3AA B= B63 1=;>=<3<BA
=4 67A >/G=P AB/B3 </;3:G B63 727=AG<1@/B71 1=;>=<3<B /<2 B63 1=;;=< 1=;>=<3<B /<2 /<G @3A72C/: @3A>=<A7D3<3AA 6/A B= 03 /BB@70CB32 B= <=7A3 7D3< B63 ;C:B7D/@7/B3 <=@;/:
27AB@70CB7=< B63 @3A>=<A7D3<3AA =4 B63 /53<B B= B63 1=;>=<3<BA =4 67A >/G=P AB/B3 7A 27@31B:G
3F>@3AA32 0G B63 1=D/@7/<13
*63 /1B7=< 7BA3:4 /:A= 6/A /< 727=AG<1@/B71 /<2 / 1=;;=< 1=;>=<3<B /A *63
1=<27B7=</: D/@7/<13 =4 B63A3 1=;>=<3<BA =4 1/< 03 3F>@3AA32 7< B3@;A =4 B63 1=@@3:/B7=<
1=3O173<BA E6716 /@3 AC0831B B= B63 @3AB@71B7=<A =4 &@=>=A7B7=< G CA7<5
B63 4/;7:7/@ >@=>3@BG =4 B63 ;C:B7D/@7/B3 <=@;/: 27AB@70CB7=< 4=@ B63 )(#.#)(& 0,#( E3
=0B/7< / 27/5=</: ;/B@7F
4 B63 1=;>=<3<BA /<2 =4 B63 /53<BKA /1B7=< /@3 1=;>:3B3:G 3F>:/7<32 0G B63 1=;>=<3<BA
=4 B63 >/G=P AB/B3 /<2 B63< B63 1=<27B7=</: D/@7/<13 =4 B63 /1B7=< 1=;>=<3<BA /<2 /
4=@B7=@7 =4 B63 /1B7=< 7BA3:4 7A 3?C/: B= H3@= $=E 0G 1=;>/@7<5 B63 1=<27B7=</: D/@7/<13A /0=D3
E7B6 B63 1=<27B7=<A =4 &@=>=A7B7=< 7B 7A 3/AG B= A33 B6/B B63 1=<27B7=</: D/@7/<13A /@3 3?C/:
B= H3@= 74 /<2 =<:G 74 B63 1=<27B7=<A =4 &@=>=A7B7=< /@3 A/B7AI32 /A 3?C/:7B73A #=@3=D3@ 0G
B63 1=<27B7=<A =4 &@=>=A7B7=< 7< /<G B63 1=<27B7=</: D/@7/<13 =4 /1B7=< 1/< 03 3?C/:
B= H3@= 74 /<2 =<:G 74 B63 1=<27B7=</: D/@7/<13A =4 B63 1=;>=<3<BA /<2 /@3 3/16 3?C/: B=
H3@= *67A AC553ABA B63 4=::=E7<5 23I<7B7=<
,@309043 408,7,, #- <=7A34@33 # "- 4,) 0,#( )(#.#)(& )( ( -3 =0A3@D3 B6/B B63 /0=D3 ;/B@7F =4 1=<27B7=</: D/@7/<13A 7A =<:G E3::23I<32 4=@ 7<B3@23>3<
23<B D/:C3A B6/B 7A 4=@ =@ B63 1/A3 =4 >C@3 >@7D/B3 =@ >C@3 1=;;=< D/:C3A =@ =<:G =<3 =4 B63 =P 27/5=</: B3@;A 7A ;3/<7<54C: /A B63 =B63@ 1=<27B7=<7<5 B3@;A =@ 6/D3 H3@= D/@7/<13 0G 23I<7B7=< +A7<5 B63 3?C7:70@7C; 1=<27B7=<A =4 &@=>=A7B7=< E3
B63@34=@3 =0B/7< /< 3F>:717B 16/@/1B3@7H/B7=< =4 B63 <=7A34@33 /G3A 1=@@3:/B32 3?C7:70@7/
"7454809043 /(7(*9,70?(9043 4-
408,7,, ), && ." -. ) ()#- , #( ." -* ) ),,&.#)( )6#(.- #- !#0( 3
$
*= D7AC/:7H3 B63 <=7A34@33 3?C7:70@7/ 7< B63 A>/13 E3 >:=B B63; 7< 75C@3 *63 A3B
a
1.0
0.8
0.6
0.25
0.4
0.5
0.75
0.2
0.0
0.2
0.4
0.6
0.8
1.0
75C@3 *63 A3B =4 <=7A34@33 aa
=4 <=7A34@33 3?C7:70@7/ 7A 23A1@7032 0G B63 BE= @==BA =4 / ?C/2@/B71 3?C/B7=< D7AC/::G A3>/@/B32
0G B63 2/A632 :7<3 7< B63 /0=D3 7::CAB@/B7=< *63 >=A7B7D3 @==B 1=@@3A>=<2A B= B63 C>>3@ >/@B
=4 B63 3::7>A3 B63 <35/B7D3 @==B B= B63 :=E3@ >/@B *63 97<9 7< B63 :=E3@ A35;3<B /@7A3A /A B63
A75< =4 B63 B3@; 7<A723 B63 /0A=:CB3 D/:C3 =4 16/<53A =@ =C@ >C@>=A3A 7B 7A 3F1:CA7D3:G B63
>=A7B7D3 @==B B6/B 7A =4 7<B3@3AB $/;3:G 7< B63 A3B =4 && /G3A 1=@@3:/B32 3?C7:70@7/ 7B 23A1@703A
4=@ /<G 57D3< 1=@@3:/B7=< 1=3O173<B B63 67563AB /BB/7</0:3 1=@@3:/B7=< 1=3O173<BA =4 (
A7;C:B/<3=CA:G =@ B67A @3/A=< E3 A6/:: @343@ 4@=; <=E =< B= B63 >=A7B7D3 @==B =<:G E63<
E3 A>3/9 =4 B63 <=7A34@33 3?C7:70@7/ B6/B 7A
$
4=@ /:: $=E 0G 1=<AB@C1B7=< B63 D/@7/<13 =4 B63 7<27D72C/: /1B7=<A 1=<27B7=</: =< B63 1=;>=<3<BA
/<2 =4 B63 >/G=P AB/B3 7A H3@= 7< /:: <=7A34@33 < =B63@ E=@2A B63 /1B7=< =4 3/16
/1B7=< 6/A B= 03 / 23B3@;7<7AB71 4C<1B7=< =4 B63 1=;>=<3<BA /<2 =<:G 7D3< B63 :7<3/@7BG
=4 B63 03AB @3A>=<A3 4C<1B7=< /<2 =4 B63 1=<27B7=</: 3F>31B/B7=< 7< B63 <=@;/: 3<D7@=<;3<B
B67A AC553ABA B6/B E3 1/< 3F>@3AA B63 /1B7=< =4 3/16 /53<B /A / :7<3/@ 1=;07</B7=< =4 B63
1=;>=<3<BA /<2 =4 B63 AB/B3 < 4/1B E3 1/< >@=D723 / 1/<=<71/: 1=<AB@C1B7=< =4 B63
/1B7=< 16=A3< 7< /<G <=7AG 4@33 0G ;3/<A =4 / 1=<D3F 1=;07</B7=< =4 B63 727=AG<1@/B71
1=;>=<3<B /<2 B63 1=;;=< 1=;>=<3<B =4 B63 7<27D72C/: AB/B3 E7B6 -3 @343@ B= B63 1=<D3F 1=;07</B7=< =4 /<2 /A / LA75</:M /A B63 >@3A3<B 1=<AB@C1B7=<
E7:: A6=@B:G /:A= :3/2 CA B= / 1/<=<71/: 7<4=@;/B7=< AB@C1BC@3 B= 2313<B@/:7H3 B63 /G3A 1=@@3:/B32
3?C7:70@7C; /A / /G3A $/A6 3?C7:70@7C; < /<G 1/A3 57D3< B63 1=<D3F 1=;07</B7=< @3>@3A3<B32
0G E3 1/< B63< /A9 6=E AB@=<5:G B63 /53<B @3A>=<2A B= B63 LA75</:M /<2 E3 23<=B3 B63
@3A>=<A7D3<3AA 0G *63 <3FB @3AC:B 3AB/0:7A63A B6/B B63 3<B7@3 A3B =4 <=7A34@33 /G3A 1=@@3
:/B32 3?C7:70@7/ 1/< 03 23A1@7032 0G / 4/;7:G =4 4C<1B7=<A 7<23F32 0G /<2 :7<3/@ 7< /<2 ;>=@B/<B:G 57D3< B63 /1B7=< =4 3/16 /53<B 7A 23B3@;7<32 0G B63 @3/:7H/B7=<A =4 /<2 /A 4=::=EA
< /227B7=< B63 <3FB >@=>=A7B7=< 3AB/0:7A63A B6/B 4=@ 3D3@G E3756B E3 1/< C<7?C3:G
/<2 3F>:717B:G 23B3@;7<3 B63 @3A>=<A7D3<3AA =4 B63 /53<B B= B63 A75</: 7D3< / E3756B E3 1/< B63< 1=;>CB3 B63 8=7<B 27AB@70CB7=< =4 B63 D/@7/0:3A
"7454809043 ,9,72030890* (3+ 43;,= #,57,8,39(9043 4-
408,-7,, 0,3 ()#- , #- /(#+/&3 ",.,#4 3 ( ." --)#. ),,&.#)( ) 5#(.- ,
%
%
< B63 1/A3 =4 >C@3 >@7D/B3 =@ >C@3 1=;;=< D/:C3A /<2 @3A>31B7D3:G B63
>/G=P C<13@B/7<BG 7A 23A1@7032 1=;>:3B3:G 0G 37B63@ =@ /<2 7< B67A A3<A3 7A =<3 27;3<A7=</:
< 0=B6 1/A3A B63@3 /@3 =<:G BE= >=AA70:3 <=7A34@33 3?C7:70@7/ >:/G3@A 37B63@ @3A>=<2 >3@431B:G B=
B63 AB/B3 =4 B63 E=@:2 1=;>:3B3 7<4=@;/B7=< =@ >:/G3@A 2= <=B @3A>=<2 /B /:: H3@= 7<4=@;/B7=<
G 1=<B@/AB 7< B63 53<3@/: ;=23: E7B6 7<B3@23>3<23<B D/:C3A B63 >/G=P C<13@B/7<BG
=4 3/16 >:/G3@ 7A 23A1@7032 0G B63 >/7@ /<2 63<13 3/16 >:/G3@ 4/13A / BE= 27;3<A7=</:
C<13@B/7<BG +<:793 B63 1/A3 =4 >C@3 >@7D/B3 =@ >C@3 1=;;=< D/:C3A B63@3 7A <=E / 1=<B7<CC;
=4 <=7A34@33 3?C7:70@7/ E7B6 7<B3@23>3<23<B D/:C3A *63 1=<B7<CC; =4 3?C7:70@7/ /@7A3A /A 3/16
>:/G3@ ;/G @3A>=<2 B= / :7<3/@ 1=;07</B7=< =4 /<2 0CB B63 E3756BA ;/G <=B 03 3?C/: B= /A B63G E=C:2 03 7< / 1=;>:3B3 7<4=@;/B7=< E=@:2 E63@3 7A 9<=E< B= 03 B63 AC; =4 /<2
</;3:G B 7A B63< 3D723<B B6/B B63@3 7A / 27A1=<B7<C7BG /B 7< E6/B E3 23A1@703 /A B63 A3B =4
<=7A34@33 /G3A 1=@@3:/B32 3?C7:70@7/ *63 @3/A=< 7A A7;>:3 /<2 1=;3A 4@=; B63 4/1B B6/B /A />>@=/163A H3@= =@ =<3 =<3 =4 B63 27;3<A7=<A =4 B63 C<13@B/7<BG /0=CB 4C<2/;3<B/:A D/<7A63A
.3B E3 A6=C:2 3;>6/A7H3 B6/B 3D3< /A B63 >/G=P BG>3A />>@=/16 B63 1/A3 =4 >C@3 1=;;=< =@
>C@3 >@7D/B3 D/:C3A B63 >/@B =4 B63 4C<2/;3<B/: B6/B 031=;3A A;/:: 1/< 03 /@07B@/@7:G /;>:7I32
0G B63 E3756B =@ 3F/;>:3 /A B63 3<D7@=<;3<B 031=;3A /@07B@/@7:G 1:=A3 B= >C@3
1=;;=< D/:C3A G3B B63 A6=19 AB7:: 1/< 03 /;>:7I32 0G :3BB7<5 7< B63 1=<AB@C1B7=<
=4 A75</: /0=D3 *6CA B63 1=;>=<3<B /1BA A7;7:/@:G B= / >C@3:G 727=AG<1@/B71 <=7A3 7<
/< 3<D7@=<;3<B E7B6 >C@3 1=;;=< D/:C3A 4B3@ /:: B63 1=;>=<3<B =<:G /P31BA B63 >/G=PA
7< / <35:7570:3 E/G 0CB E7B6 / :/@53 3<=C56 E3756B 7B 6/A / <=<<35:7570:3 3P31B =< B63 /1B7=<A
B6/B B63 >:/G3@A B/93 *6CA 4=@ B63 1/A3 7< E6716 B63 B63 1=@@3:/B7=< =4 BG>3A />>@=/16 B63 1/A3
=4 >C@3 1=;;=< =@ >C@3 7<23>3<23<B D/:C3A B63@3 7A <= :=<53@ / A6/@> 27AB7<1B7=< 03BE33< E6/B
7A <=7A3 /<2 E6/B 7A 4C<2/;3<B/:A *6CA /:B6=C56 B63@3 7A / 27A1=<B7<C7BG 7< B63 A3B =4 <=7A34@33
B63 C>>3@ 0=C<2/@G =4 B63 /G3A 1=@@3:/B32 3?C7:70@7/ 23A1@7032 0G @3;/7<A D/:72 3D3<
4=@ CB /B B63 3<2 >=7<BA B63 A3B =4 3?C7:70@7/ E7:: 1=<B/7< <=7A3 @3:/B7D3
B63 4C<2/;3<B/: 1=;>=<3<BA /<2 /A 37B63@ B63 727=AG<1@/B71 =@ B63 1=;;=< 1=;>=<3<B
=4 B63 4C<2/;3<B/: AB/B3 13/A3 B= 6/D3 D/@7/<13 /<2 63<13 1/<<=B AC>>=@B B63 @3?C7A7B3 D/@7/<13
7< B63 /1B7=<A /<G;=@3
*63 /0=D3 @3>@3A3<B/B7=< =4 B63 <=7A34@33 /G3A 1=@@3:/B32 3?C7:70@7/ 7< B3@;A =4 / 1=<D3F
1=;07</B7=< =4 B63 727=AG<1@/B71 /<2 B63 1=;;=< 1=;>=<3<B =4 >/G=P AB/B3 </BC@/::G AC553ABA /
A75</: AB@C1BC@3 B6/B 1/< 7;>:3;3<B B63 <=7A34@33 /G3A 1=@@3:/B32 3?C7:70@7/ /A B63 1=@@3A>=<27<5
/G3A $/A6 3?C7:70@7/ -3 B63@34=@3 BC@< =C@ /BB3<B7=< <=E B= B63 @3:/B7=<A67> 03BE33< B63 /G3A
1=@@3:/B32 /<2 /G3A $/A6 3?C7:70@7/ /<2 E7:: I<2 B6/B B63 :7<9 AC553AB32 /0=D3 3FB3<2A ;=@3
53<3@/::G 03G=<2 B63 <=7A34@33 3?C7:70@7/
(>,8
(8/ 6:010)70:2
)= 4/@ =C@ A=:CB7=< 1=<13>B 6/A 033< B63 /G3A 1=@@3:/B32 3?C7:70@7C; /<2 E3 <=E >@=D723
B63 1=<<31B7=< 03BE33< /<2 /G3A $/A6 ?C7:70@7C; $ 7@AB 1=<A723@ B63 $/A6
3?C7:70@7C; C<23@ 1=;>:3B3 7<4=@;/B7=< 3@3 B63 :7<3/@ 03AB @3A>=<A3 5/;3 6/A / C<7?C3 $/A6
3?C7:70@7C; 7< E6716 B63 /1B7=< =4 /53<B 7A 57D3< 0G
/<2 B63 ;3/< /1B7=< 7A 57D3< 0G
%4 1=C@A3 B63 $/A6 3?C7:70@7C; C<23@ 1=;>:3B3 7<4=@;/B7=< 7A 7<2332 / <=7A34@33 /G3A 1=@@3
:/B32 3?C7:70@7C; E7B6 D/:C3A 57D3< 0G
/<2
*63 D/:C3 =4 E7:: 03 /< 7;>=@B/<B 03<16;/@9 /A E3 /</:GH3 6=E B63 7<4=@
;/B7=< AB@C1BC@3 16/<53A B63 @3A>=<A7D3<3AA =4 B63 /53<BA @3:/B7D3 B= B63 1=;>:3B3 7<4=@;/B7=<
3?C7:70@7C; #=@3=D3@ 74 E3 7<A3@B B63 3F>@3AA7=< 7< &@=>=A7B7=< B63< E3 =0B/7< B63 1=@@3
:/B7=< 1=3O173<BA B6/B 4=@; B63 8=7<B 27AB@70CB7=< =4 B63 1=;>:3B3 7<4=@;/B7=< $/A6 3?C7:70@7C;
/<2 E3 723<B74G B63 1=;>:3B3 7<4=@;/B7=< $/A6 3?C7:70@7C; =CB1=;3A <=B/B7=</::G 0G 47411(7> (8/ 6:010)70:2 08970):9043
" (),'& #-.,#/.#)( ) ." )'*&. #( ),'.#)( -" +/#&#,#/' #-
." '( ) ." #(#0#/& .#)(
." -.(, 0#.#)( ) ." #(#0#/& .#)(
&
( ." ),,&.#)( )6#(.-
$
$
-3 =0A3@D3 B6/B B63 1=;>:3B3 7<4=@;/B7=< $/A6 3?C7:70@7C; 1=C:2 /:A= 03 /1673D32 0G :3AA
B6/< 1=;>:3B3 7<4=@;/B7=<
< >/@B71C:/@ 74 3/16 /53<B E=C:2 =<:G @3137D3 / =<327;3<A7=</:
A75</: =4 B63 4=@; 57D3< 0G 3D/:C/B32 /B /<2 @3A>=<2 E7B6 B63 1=@@3A>=<27<5 7<B3<A7BG
B63< E3 E=C:2 /:A= /1673D3 B63 1=;>:3B3 7<4=@;/B7=< $/A6 3?C7:70@7C; CB B63 A75</: E=C:2 =4 1=C@A3 1=<AB7BCB3 / <=7AG A75</: 7< B63 A3<A3 B6/B 7B E=C:2 7<2C13 / >=AB3@7=@ 03:734 =D3@
B63 >/G=P AB/B3 /<2 B63 1=;>=<3<BA /<2 0CB AC16 B6/B B63 >=AB3@7=@ 03:734 E=C:2 03 /
ACO173<B AB/B7AB71 E7B6 @3A>31B B= B63 3?C7:70@7C; /1B7=<
*= 57D3 / 1=;>:3B3 23A1@7>B7=< =4 B63 /G3A7/< $/A6 3?C7:70@7C; E3 <332 B= A>3174G / BG>3
A>/13 =@ /< 7<4=@;/B7=< AB@C1BC@3 -67:3 E3 1/< /::=E 4=@ /<G I<7B327;3<A7=</: <=@;/::G
27AB@70CB32 7<4=@;/B7=< AB@C1BC@3 4=@ B63 >@3A3<B >C@>=A3 7B E7:: ACO13 B= 1=<A723@ B63 4=::=E7<5
=<327;3<A7=</: 1:/AA =4 A75</:A
E63@3 7A <=@;/::G 27AB@70CB32 E7B6 ;3/< H3@= /<2 D/@7/<13 )7;7:/@ B= B63 23I<7B7=< =4 B63
>/G=P @3:3D/<B 4C<2/;3<B/:A B63 7<27D72C/: 3@@=@ B3@; 1/< 6/D3 / 1=;;=< 1=;>=<3<B
/<2 /< 727=AG<1@/B71 1=;>=<3<B
E67:3 037<5 7<23>3<23<B =4 B63 4C<2/;3<B/: 1=;>=<3<B A= B6/B B63 8=7<B 27AB@70CB7=< =4 B63
AB/B3A /<2 A75</:A 7A 57D3< 0G
""
! "
!! " !
! "
"
!! " !
"
"" !
" !! " !
! "
!! " !
""
/<2 /<2 /@3 B63 >/@/;3B3@A =4 B63 4C::G A>317I32 7<4=@;/B7=< AB@C1BC@3
,@309043 (>,8
(8/ 6:010)70:2
" ,()' 0,#&- ),' (),'&&3 #-.,#/. 3- -" +/#&#,#/' /(, #(
),'.#)( -.,/./, # ( )(&3 # ." ,()' 0,#&- , (),'&&3 #-.,#/. (
< /< 3<D7@=<;3<B E7B6 ;C:B727;3<A7=</: A75</:A E7B6 B63 23I<7B7=<A E=C:2
3FB3<2 /<2 E3 E=C:2 6/D3 B= A>3174G B63 D/@7/<13 /<2 1=@@3:/B7=< =4 B63 3@@=@ =4 3/16 A75</: B63 1=;>=A7B7=< =4 3/16 A75</: /<2 /:A= B63 1=@@3:/B7=< 03BE33< B63 3@@=@A =4 B63 27P3@3<B
A75</:A
.3B /A B63 <3FB @3AC:B 3AB/0:7A63A B63A3 ;=@3 53<3@/: 7<4=@;/B7=< AB@C1BC@3A /@3 <=B <33232
7< B63 A3<A3 B6/B /<G 27AB@70CB7=< =D3@ /1B7=< /<2 >/G=P AB/B3 B63G E=C:2 7<2C13 1/< /:@3/2G
03 /1673D32 E7B6 B63 /0=D3 =<327;3<A7=</: 1:/AA =4 7<4=@;/B7=< AB@C1BC@3A A33 /<2 #=@3=D3@ B63 3<B7@3 A3B =4 /G3A 1=@@3:/B32 3?C7:70@7/ 1/< /:@3/2G 0G 2313<B@/:7H32 /A /G3A
$/A6 3?C7:70@7/ =4 B63A3 =<327;3<A7=</: 7<4=@;/B7=< AB@C1BC@3A
"7454809043 6:0;(1,3*, ,9<,,3 (3+ " 0,#&- ),' (),'& 3- ),,&. +/#&#,#/' # ( )(&3 # .",
2#-.- -)' #( ),'.#)( -.,/./, /(, 1"#" ." 0,#&- ),' 3- -"
+/#&#,#/'
%<3 =4 B63 7;>=@B/<B 7<A756BA 4@=; B63 /</:GA7A =4 7A B6/B B63 A3B =4 =CB1=;3A B6/B 1/<
03 /1673D32 /A / $ 4=@ A=;3 7<4=@;/B7=< AB@C1BC@3 1/< /:A= 03 23A1@7032 /A / *6CA B63
A=:CB7=< 1=<13>B =4 /::=E CA B= ABC2G B63 A3B =4 =CB1=;3A B6/B 1/< 03 /1673D32 /A / $
E7B6=CB B63 <332 B= A>3174G 7<4=@;/B7=< AB@C1BC@3A
*63 3?C7D/:3<13 03BE33< /G3A 1=@@3:/B32 3?C7:70@7C; /<2 /G3A $/A6 3?C7:70@7C; 7A 3AB/0
:7A632 4=@ 1/<=<71/: I<7B3 5/;3A /<2 /@07B@/@G 7<4=@;/B7=< AB@C1BC@3A 7< 3@53;/<< /<2 #=@@7A
/ /A *63=@3; *63 >@=>=A7B7=< A>317/:7H3A B63 >@==4 B= B63 3<D7@=<;3<B E7B6 :7<3/@ 03AB
@3A>=<A3A /<2 ;C:B7D/@7/B3 <=@;/: 27AB@70CB32 =CB1=;3A *63 /227B7=</: @3AC:B 63@3 7A B6/B B63
3<B7@3 A3B =4 ;C:B7D/@7/B3 /G3A 1=@@3:/B32 3?C7:70@7/ 1/< 03 2313<B@/:7H32 /A /G3A $/A6 3?C7:70@7/
E7B6 B63 1:/AA =4 =<327;3<A7=</: 7<4=@;/B7=< AB@C1BC@3A 57D3< 0G /<2 < B63 1/A3 =4
>C@3 1=;;=< D/:C3A 3@53;/<< /<2 #=@@7A 0 A6=E B6/B /<G 1/< 03 2313<B@/:7H32 0G
1=<A723@7<5 / >/7@ =4 <=7AG A75</:A / >@7D/B3 /<2 / >C0:71 A75</: =4 B63 >/G=P AB/B3 G 1=<B@/AB
7< B63 >@3A3<B 53<3@/: 3<D7@=<;3<B B67A 1:/AA =4 07</@G 7<4=@;/B7=< AB@C1BC@3A 1/<<=B 2313<B@/:7H3
B63 3<B7@3 A3B =4 /A 7B 7A <=B >=AA70:3 B= 3F>@3AA /:: :7<3/@ 1=;07</B7=<A =4 B63 4C<2/;3<B/:
1=;>=<3<BA 0G ;3/<A =4 B63 BE= 27;3<A7=</: 1:/AA =4 A75</:A 7< E6716 =<:G B63 >/G=P AB/B3 7BA3:4 @3137D3A / >@7D/B3 /<2 >C0:71 3@@=@ B3@;
..7,.(9, '41(90109> (3+ 3-472(9043
< B67A )31B7=< E3 CA3 B63 16/@/1B3@7H/B7=< =4 B63 /G3A 1=@@3:/B32 3?C7:70@7/ /<2 7< >/@B71C:/@
B63 16/@/1B3@7H/B7=< =4 B63 <=7A34@33 3?C7:70@7/ B= /</:GH3 E6/B 2@7D3A B63 D=:/B7:7BG =4 B63 =CB
1=;3A 7< >/@B71C:/@ B63 /55@35/B3 =CB1=;3 7< B67A 1:/AA =4 :7<3/@ ?C/2@/B71 3<D7@=<;3<BA -3
0357< E7B6 B63 A>317/: 1/A3 =4 >C@3 1=;;=< D/:C3A 7< )31B7=< /<2 B63< /</:GH3 B63 53<3@/:
3<D7@=<;3<B 7< )31B7=< -3 4=1CA ;/7<:G =< /55@35/B3 D=:/B7:7BG /A 7B 7A =4B3< B63
;=AB 7<B3@3AB7<5 3;>7@71/: ?C/<B7BG /<2 B67A :3<A 933>A =C@ 27A1CAA7=< 4=1CA32 0CB E3 /:A= AB/B3
@3AC:BA 4=@ B63 7<27D72C/: D=:/B7:7BG /<2 B63 27A>3@A7=< 34=@3 E3 >@=1332 E3 <332 /< /CF7:7/@G @3AC:B E6716 3AB/0:7A63A B6/B E3 1/< @3AB@71B /BB3<B7=<
E7B6=CB :=AA =4 53<3@/:7BG B= B63 <=7A34@33 /A 23I<32 3/@:73@ 7D3< =C@ 16/@/1B3@7H/B7=<
=4 B63 A3B =4 /G3A 1=@@3:/B32 3?C7:70@7/ E3 9<=E B6/B B63 ;3/< /<2 D/@7/<13 7A 23B3@;7<32 0G
B63 7<B3@/1B7=< AB@C1BC@3 /<2 B63 1=@@3:/B7=< 1=3O173<BA E63@3 B63 :/B3@ /@3 @3AB@71B32 0G B63
7<3?C/:7B73A 23@7D32 7< &@=>=A7B7=< *6CA 74 E3 /@3 7<B3@3AB32 7< 723<B74G7<5 B63 3?C7:70@7C;
E7B6 B63 ;/F7;/: /55@35/B3 =@ 7<27D72C/: D=:/B7:7BG =@ 3AA3<B7/::G /<G =B63@ 4C<1B7=< =4 B63 I@AB
/<2 B63 A31=<2 ;=;3<BA =4 B63 3?C7:70@7C; 27AB@70CB7=< E3 3AA3<B7/::G :==9 /B A=;3 4C<1B7=<
E63@3 B63 2=;/7< 7A 57D3< 0G B63 B@7>:3 =4 1=@@3:/B7=< 1=3O173<BA "7454809043 (=02(1 6:010)70(
. ( ,#.,,3 )(.#(/)/- /(.#)( -.,#.&3 #(,-#(! #( ( 1%&3
#(,-#(! #( "( ." .". '2#'#4- #- ( ()#- , < 7;;327/B3 1=<A3?C3<13 =4 B63 /0=D3 @3AC:B 7A B63 4=::=E7<5
47411(7> '41(90109> (3+ 085,78043
" #(#0#/& 0)&.#&#.3 ." !!,!. 0)&.#&#.3 ( ." #-*,-#)( , &&
)(.#(/)/- /(.#)(- ) -.,#.&3 #(,-#(! #( ( 1%&3 #(,-#(! #( *6CA E3 1/< /:@3/2G 1=<1:C23 B6/B 3?C7:70@7/ B6/B ;/F7;7H3 37B63@ /55@35/B3 D=:/B7:7BG =@
7<27D72C/: D=:/B7:7BG =@ B63 27A>3@A7=< /@3 /:: <=7A34@33 *67A ;3/<A B6/B E3 1/< /:E/GA @3>
@3A3<B B63 7<27D72C/: /1B7=< /A / :7<3/@ 1=;07</B7=< =4 B63 BE= A=C@13A =4 4C<2/;3<B/: C<13@B/7<BG
/<2 < B63 >@3A3<B 1=<B@70CB7=< E3 /@3 ;=AB:G 7<B3@3AB32 7< B63 </@@=E 7<B3@>@3B/B7=<
=4 &@=>=A7B7=< /A 57D3< 0G =@=::/@G CB 1:3/@:G B63 1=<B3<B =4 &@=>=A7B7=< E=C:2 03
@3:3D/<B 74 E3 E3@3 B= 1=<2C1B / ;=@3 1=;>@363<A7D3 E3:4/@3 /</:GA7A /A B63 /AA=17/B32 =0831B7D3
4C<1B7=<A 7< >/@B71C:/@ 74 7B E3@3 :7<3/@ ?C/2@/B71 /A E3:: E=C:2 A/B7A4G B63 ;7:2 ;=<=B=<717BG
1=<27B7=<A =4 &@=>=A7B7=< < >/@B71C:/@ E3 <=B3 B6/B B63 1=<27B7=<A =4 &@=>=A7B7=< /@3 A7:3<B
/0=CB B63 1=@@3:/B7=< 1=3O173<B /<2 B6CA E3 1/< /11=;;=2/B3 /@07B@/@G 036/D7=@ 7< >/@
B71C:/@ E3 1/< /11=;;=2/B3 3<D7@=<;3<BA /<2 >/G=PA /<2 /AA=17/B32 =0831B7D3 4C<1B7=<A E7B6
AB@/B3571 AC0AB7BCB3A =@ 1=;>:3;3<BA
'41(90109> %/, (8, 4- ":7, 42243 '(1:,8
A / 03<16;/@9 7B 7A 7<AB@C1B7D3 B= @31/:: 6=E B63 /55@35/B3 D=:/B7:7BG 036/D3A 7< / ;=23: E7B6
>C@3 1=;;=< D/:C3A /A /</:GH32 7< 3@53;/<< /<2 #=@@7A 0
"7454809043 ..7,.(9, '41(90109> <09/ 42243 '(1:,8
#." )'')( 0&/- ." '2#'/' !!,!. 0)&.#&#.3 ,)-- && #- !#0( 3
" '2#'& !!,!. 0)&.#&#.3 #- #(,-#(! #( ( #- ..#( 3 ." )'*&. #( ),'.#)(
-" +/#&#,#/'
*6CA E7B6 >C@3 1=;;=< D/:C3A B63 ;/F7;C; /55@35/B3 D=:/B7:7BG 7A 0=C<232 0G B63 /55@3
5/B3 D=:/B7:7BG 7< B63 1=;>:3B3 7<4=@;/B7=< 3?C7:70@7C; /<2 B63 @3A>=<A7D3<3AA =4 B63 /53<BA B=
B63 1=;;=< AB/B3 7A /:E/GA 0=C<232 /0=D3 0G B63 @3A>=<A7D3<3AA /1673D32 7< B63 1=;>:3B3 7<
4=@;/B7=< 3?C7:70@7C; <B3@3AB7<5:G B67A >@=>3@BG 7A <=B 5=7<5 B= 6=:2 /<G;=@3 7< 3<D7@=<;3<BA
E7B6 7<B3@23>3<23<B D/:C3A *6/B 7A 7<4=@;/B7=< AB@C1BC@3A E7B6 :3AA B6/< 1=;>:3B3 7<4=@;/B7=<
E7:: :3/2 B= :/@53@ /55@35/B3 D=:/B7:7BG B6/< 1=C:2 03 =0A3@D32 E7B6 1=;>:3B3 7<4=@;/B7=<
'41(90109> 3-472(9043 (3+ :3+(2,39(18
-3 <=E 3AB/0:7A6 B6/B 7< /< 3<D7@=<;3<B E7B6 7<B3@23>3<23<B D/:C3A 3?C7:70@7/ B6/B ;/F7;7H3
D=:/B7:7BG =@ 27A>3@A7=< /@3 <=B 1=;>:3B3 7<4=@;/B7=< 3?C7:70@7/ /<2 63<13 E7:: 7<D=:D3 @3A72C/:
C<13@B/7<BG 4@=; B63 >=7<B =4 D73E =4 3/16 7<27D72C/: /53<B -7B6 >C@3 1=;;=< D/:C3A /<G
@3A72C/: C<13@B/7<BG /0=CB B63 >/G=P AB/B3 7<3D7B/0:G @32C13A B63 @3A>=<A7D3<3AA =4 B63 7<27D72C/:
/53<B B= B63 1=;;=< AB/B3 /<2 63<13 C:B7;/B3:G @32C13A B63 /55@35/B3 @3A>=<A7D3<3AA G
1=<B@/AB E7B6 >C@3 >@7D/B3 D/:C3A B63 @3A72C/: C<13@B/7<BG ;756B 03 1=@@3:/B32 /1@=AA /53<BA
/<2 63<13 /::=E 4=@ /55@35/B3 D=:/B7:7BG B= /@7A3 7< B63 /0A3<13 =4 /55@35/B3 C<13@B/7<BG )B7:: 4=@
3/16 7<27D72C/: /53<B B63 @3A72C/: C<13@B/7<BG /BB3<C/B3A B63 @3A>=<A7D3<3AA B= 67A >/G=P AB/B3
$=E E7B6 7<B3@23>3<23<B D/:C3A B63 7<B3@/1B7=< 03BE33< B63 727=AG<1@/B71 /<2 B63 1=;;=<
1=;>=<3<B 7< B63 >/G=P AB/B3 1/< 1=@@3:/B3 B63 @3A>=<A7D3<3AA =4 B63 /53<BA E7B6=CB /BB3<C/B7<5
B63 7<27D72C/: @3A>=<A3 B B6CA /::=EA 4=@ /55@35/B3 036/D7=@ B= 3;3@53 B6/B 1/<<=B /@7A3 C<23@
37B63@ >C@3 1=;;=< =@ >C@3 >@7D/B3 D/:C3A #=@3 >@317A3:G B63 @3A72C/: C<13@B/7<BG /0=CB
727=AG<1@/B71 1=;>=<3<B 1/< 03 >@3A3<B 031/CA3 7B 7A 0C<2:32 E7B6 0CB <=B 27AB7<5C7A6/0:3 4@=;
7<4=@;/B7=< /0=CB B63 1=;;=< 1=;>=<3<B CB B67A 0C<2:7<5 =4 7<4=@;/B7=< 1/< 03 /1673D32
>@317A3:G 0G B63 1=<D3F 1=;07</B7=<A =4 B63 1=;>=<3<BA AC553AB32 3/@:73@ 7< B63 16/@/1B3@7H/B7=<
=4 B63 <=7A34@33 3?C7:70@7/ A33 <2 7;>=@B/<B:G 7B =11C@A E7B6=CB B63 7<B@=2C1B7=< =4
/227B7=</: <=7A3
$=E 74 E3 /@3 1=<13@<32 E7B6 D=:/B7:7BG B63< 0G =@=::/@G 7B 7A 7<2332 ACO173<B B= 1=<A723@
>@317A3:G B63A3 <=7A34@33 3?C7:70@7/ 7< E6716 3/16 /53<B @3A>=<2A B= / :7<3/@ 1=;07</B7=< =4 B63
BE= 4C<2/;3<B/: A=C@13A =4 C<13@B/7<BG A B63 A75</: 1=<4=C<2A B63 A=C@13A B63 /53<BA 1/<<=B
27A3<B/<5:3 B63; /<2 7< BC@< :3/2 B63 /53<B B= =D3@@3/1B B= =<3 1=;>=<3<B /<2 C<23@@3/1B B=
B63 =B63@ < B63 <=7A34@33 3?C7:70@7/ B63 @3A>=<A7D3<3AA =4 B63 /53<B B= B63 4C<2/;3<B/:A 1/<
03 3F>@3AA32 27@31B:G 7< B3@;A =4 B63 E3756B B6/B B63 727=AG<1@/B71 1=;>=<3<B @3137D3A 7< B63
1=<D3F 1=;07</B7=<
E7B6 -3 <=B3 B6/B E3 1/< CA3 /<2 7<B3@>@3B 7< BE= 27P3@3<B 0CB 1:=A3:G @3:/B32 E/GA B 7A 37B63@
/ >/@/;3B@7H/B7=< =4 B63 <=7A34@33 /G3A 1=@@3:/B32 3?C7:70@7/ /A AC553AB32 0G &@=>=A7B7=< =@ 7B
7A / A>317I1 7<4=@;/B7=< AB@C1BC@3 =4 B63 4=@; 57D3< 0G B6/B :3/2A B= /G3A $/A6 3?C7:70@7/
E6716 7<4=@;/B7=</::G 2313<B@/:7H3 B63 <=7A34@33 /G3A 1=@@3:/B32 3?C7:70@7/ /A AC553AB32 0G
&@=>=A7B7=< < 37B63@ 1/A3 B63 E3756B 7A ;3/AC@3 =4 6=E 1=<4=C<232 B63 727=AG<1@/B71 /<2
B63 1=;;=< 1=;>=<3<B /@3
"7454809043 #,854380;,3,88 94 :3+(2,39(18
( (3 ()#- , *6CA B63 @3A>=<A7D3<3AA =4 B63 /1B7=< B= =<3 =4 B63 1=;>=<3<BA =4 B63 >/G=P AB/B3 7A BG>71/::G
AB@=<53@ B6/< 7< B63 1=;>:3B3 7<4=@;/B7=< 3<D7@=<;3<B < 75C@3 E3 >:=B B63 @3A>=<A7D3<3AA B=
B63 BE= 1=;>=<3<BA =4 B63 4C<2/;3<B/: AB/B3 4=@ B63 1/A3 =4 /<2 27P3@3<B 7<B3@/1B7=<
>/@/;3B3@A *63 B6@3A6=:2 D/:C3A A7;>:G 1=@@3A>=<2 B= B63 1@7B71/: D/:C3 4=@ 3/16 =4
B63 1=<A723@32 7<B3@/1B7=< >/@/;3B3@A *63 6=@7H=<B/: 0:/19 :7<3A @3>@3A3<B
B63 @3A>=<A7D3<3AA B= 1=;;=< 1=;>=<3<B 7< B63 1=;>:3B3 7<4=@;/B7=< 3?C7:70@7C; E6716 7A
3?C/: B= /<2 B63 @3A>=<A7D3<3AA B= B63 727=AG<1@/B71 >/@B E6716 7A /:E/GA 3?C/: B=
G 1=<B@/AB B63 @32 1C@D3A @3>@3A3<B B63 @3A>=<A7D3<3AA B= B63 1=;;=< 1=;>=<3<B /:=<5
B63 <=7A34@33 3?C7:70@7C; /<2 B63 0:C3 1C@D3A @3>@3A3<B B63 @3A>=<A7D3<3AA B= B63 727=AG<1@/B71
1=;>=<3<B *6CA 74 B63< B63 @3A>=<A7D3<3AA B= B63 1=;;=< 1=;>=<3<B 7A :/@53@
1
cov ai ,
i
, r 0.75
1 0.75
cov ai , ,, r 0.75
cov ai ,
i
,r 0
cov ai , , r 0
cov ai ,
i
cov ai , , r
,r
0.75
0.75
1
1
1 0.75
0,0
3
4
3
0
1
4
75C@3 (3A>=<A7D3<3AA B= C<2/;3<B/:A 4=@ B6/< 7< B63 1=;>:3B3 7<4=@;/B7=< 3?C7:70@7C; /<2 1=<D3@A3:G 4=@ #=@3=D3@ E3 =0A3@D3
B6/B B63 ;/F7;C; @3A>=<A7D3<3AA B= B63 1=;;=< 1=;>=<3<B 7A <3D3@ /BB/7<32 7< B63 1=;>:3B3
7<4=@;/B7=< 3?C7:70@7C; =@ /B B63 0=C<2/@G D/:C3 =4 B6/B 7A /B =@ *67A 7;;327/B3:G 7;>:73A
B6/B B63 @3A>=<A7D3<3AA 7A <=B ;=<=B=<71 7< B63 7<4=@;/B7=</: 1=<B3<B -3 <=E >@=D723 A=;3
53<3@/: 1=;>/@/B7D3 AB/B71 @3AC:BA
"7454809043 425(7(90;, $9(90*8
), && ." '2#'& #(#0#/& 0)&.#&#.3 ." '2#'& !!,!. 0)&.#&#.3 (
." '2#'& #-*,-#)( , -.,#.&3 #(,-#(! #( ." ),,-*)(#(! 1#!".- )( ." ##)-3(,.# )'*)((. , -.,#.&3 ,-#(! #( ." ),,-*)(#(! 1#!".- )( ." ##)-3(,.# )'*)((. -.#- 3
*6CA B63 ;/F7;/: D=:/B7:7BG 0=B6 7<27D72C/: /<2 /55@35/B3 7A 7<1@3/A7<5 7< B63 :3D3: =4 1=;
>:3;3<B/@7BG D3< B63 ;/F7;/: 27A>3@A7=< 7A 7<1@3/A7<5 7< < B63 ;/F7;/::G 27A>3@A7D3
3?C7:70@7C; B63 /53<BA 1=<4=C<2 B63 727=AG<1@/B71 /<2 /55@35/B3 1=;>=<3<B =4 B63 >/G=P BG>3
/<2 =D3@@3/1B B= B63 727=AG<1@/B71 >/@B B67A 3P31B 7<1@3/A3A E7B6 *67A 7;>:73A B6/B B63 @3A>=<
A7D3<3AA B= B63 1=;;=< 1=;>=<3<B 7<1@3/A3A /<2 63<13 B63 =D3@@3/1B7=< B= B63 727=AG<1@/B71
1=;>=<3<B 7<1@3/A3A /A E3:: #=@3=D3@ B63 =>B7;/: E3756B =< B63 /55@35/B3 1=;>=<3<B
7<1@3/A3A 7< 4=@ /:: =4 B63 A31=<2 ;=;3<BA
-3 1/< 1=<B@/AB B63 036/D7=@ =4 /55@35/B3 D=:/B7:7BG E7B6 >C@3 1=;;=< D/:C3A /<2 E7B6 7<B3@
23>3<23<B D/:C3A 3D3< ;=@3 2@/;/B71/::G +> B= <=E E3 AB/B32 =C@ @3AC:BA E7B6 / @3>@3A3<B/B7=<
=4 B63 >/G=P C<13@B/7<BG 7< B3@;A =4 B63 B=B/: D/@7/<13 =4 B63 >/G=P AB/B3 /<2 B63 1=@@3:/B7=<
1=3O173<B A33 *63 /:B3@</B7D3 >/@/;3B@7H/B7=< A33 @3>@3A3<B32 B63 C<13@B/7<BG 0G
B63 D/@7/<13 =4 B63 1=;;=< 1=;>=<3<B /<2 B63 D/@7/<13 =4 B63 727=AG<1@/B71 1=;>=<3<B
A3>/@/B3:G /<2 B63< B63 1=@@3:/B7=< 1=3O173<B /1@=AA /53<BA 7A 23B3@;7<32 0G B63 BE= D/@7
/<13A B3@;A =@ B63 <3FB @3AC:B E3 A6/:: /2=>B B67A A31=<2 >/@/;3B@7H/B7=< /A E3 E/<B B= /A9
E6/B 6/>>3<A B= B63 /55@35/B3 D=:/B7:7BG /A E3 933> B63 D/@7/<13 =4 B63 1=;;=< 1=;>=<3<B
1=<AB/<B /<2 7<1@3/A3 B63 D/@7/<13 =4 B63 727=AG<1@/B71 1=;>=<3<B =@ 1=<D3@A3:G
"7454809043 ..7,.(9, '41(90109>
), && ." '2#'& !!,!. 0)&.#&#.3 #- +/& .)
%
( #- -.,#.&3 #(,-#(! 1#.")/. )/( #( - ."#- )(0,!- .) ."
1"#" #- &-) ." !!,!. 0)&.#&#.3 #( ." )'*&. #( ),'.#)( +/#&#,#/' - ."#)(0,!- .)
< =B63@ E=@2A /A E3 ;=D3 /E/G 4@=; B63 ;=23: =4 >C@3 1=;;=< D/:C3A B6/B 7A B63 /55@35/B3 D=:/B7:7BG :/@53@ E7B6 A=;3 /;=C<B =4 7<1=;>:3B3 7<4=@;/B7=<
< 1=<A3?C3<13
B63 ;/F7;C; /55@35/B3 D=:/B7:7BG 7A <=B 0=C<232 0G B63 /55@35/B3 D=:/B7:7BG C<23@ B63 1=;>:3B3
7<4=@;/B7=< 3?C7:70@7C; /A 7B 7A B63 1/A3 E7B6 1=;;=< D/:C3A < 4/1B B63 /55@35/B3 D=:/B7:7BG
7A 7<1@3/A7<5 E7B6=CB 0=C<2A 7< B63 D/@7/<13 =4 B63 727=AG<1@/B71 1=;>=<3<B 3D3< 7< B63 /0A3<13
=4 D/@7/<13 =4 B63 1=;;=< 1=;>=<3<B *63 :/BB3@ @3AC:B 7< AB/@9 1=<B@/AB B= B63 1=;>:3B3
7<4=@;/B7=< 3?C7:70@7C; 7< E6716 B63 /55@35/B3 D=:/B7:7BG 7A C</P31B32 0G B63 D/@7/<13 =4 B63
727=AG<1@/B71 1=;>=<3<B *67A 7::CAB@/B3A 7< / A7;>:3 E/G B6/B 7< B67A ;=23: B63 /55@35/B3
D=:/B7:7BG ;/G @3AC:B 4@=; C<13@B/7<BG /0=CB B63 /55@35/B3 4C<2/;3<B/: =@ B63 727=AG<1@/B71
4C<2/;3<B/:
/@:73@ E3 AC553AB32 B6/B B63 7;>/1B =4 B63 1=<4=C<27<5 7<4=@;/B7=< =< B63 3?C7:70@7C;
036/D7=@ 7A 27AB7<1B 7< B63 7<B3@23>3<23<B D/:C3 3<D7@=<;3<B @3:/B7D3 B= 37B63@ B63 >C@3 >@7D/B3
/<2 >C@3 1=;;=< D/:C3 3<D7@=<;3<B -3 1/< ;/93 B67A <=E >@317A3 0G 3D/:C/B7<5 B63 7;>/1B
B63 7<B@=2C1B7=< =4 / >C0:71 1=;>=<3<B 6/A 7< / E=@:2 =4 >C@3 727=AG<1@/B71 C<13@B/7<BG G
3D/:C/B7<5 B63 /55@35/B3 D=:/B7:7BG /<2 /A9 6=E ;C16 1/< 7B 03 7<1@3/A32 0G /227<5 / 1=;;=<
>/G=P A6=19 E7B6 /@07B@/@7:G A;/:: D/@7/<13 E3 I<2 4@=; B6/B
#=@3 53<3@/::G B63@3 7A >=A7B7D3 7<B3@/1B7=< 03BE33< B63 D/@7/<13 =4 B63 727=AG<1@/B71 /<2 B63
1=;;=< B3@; E7B6 @3A>31B B= B63 /55@35/B3 D=:/B7:7BG B6/< 1/< >@3D/7: 7< 3?C7:70@7C; /A B63
1@=AA23@7D/B7D3 7<4=@; CA
<B3@3AB7<5:G 4=@ / 57D3< D/@7/<13 =4 B63 1=;;=< 1=;>=<3<B B63 >=A7B7D3 7<B3@/1B7=< 3P31B /A
;3/AC@32 0G B63 1@=AA 23@7D/B7D3A =11C@A /B I<7B3 D/:C3A =4 B63 D/@7/<13 =4 B63 727=AG<1@/B71
1=;>=<3<B
-3 1=;>:3B3 =C@ 27A1CAA7=< 0G @3BC@<7<5 B= B63 A>317/: 1/A3A =4 >C@3 1=;;=< /<2 >C@3 >@7
D/B3 D/:C3A < &@=>=A7B7=< E3 A6=E32 B6/B E7B6 1=;;=< D/:C3A B63 7<4=@;/B7=< AB@C1BC@3 B6/B
;/F7;7H3A /55@35/B3 D=:/B7:7BG 7A /:E/GA B63 1=;>:3B3 7<4=@;/B7=< 3?C7:70@7C; G 1=<B@/AB 4=@
>C@3 >@7D/B3 D/:C3A B63 7<4=@;/B7=< AB@C1BC@3 B6/B ;/F7;7H3A /55@35/B3 D=:/B7:7BG 6/A B= 7<D=:D3
/ 1=;;=< 3@@=@ B3@; /A B63 /55@35/B3 D=:/B7:7BG E=C:2 =B63@E7A3 03 H3@= G / A7;7:/@ /@5C
;3<B B63 7<4=@;/B7=< AB@C1BC@3 B6/B ;/F7;7H3A 27A>3@A7=< E7B6 1=;;=< D/:C3A 6/A B= 7<D=:D3
727=AG<1@/B71 <=7A3 /A =B63@E7A3 B63 3?C7:70@7C; E=C:2 B@7D7/::G 6/D3 <= 27A>3@A7=< -63< E3
723<B74G B63 7<4=@;/B7=< AB@C1BC@3A B6/B ;/F7;7H3 7<27D72C/: D=:/B7:7BG C<23@ >C@3 1=;;=< =@
>C@3 >@7D/B3 D/:C3A B63 @3AC:BA /@3 ;=@3 AC0B:3 /<2 23>3<2 =< B63 </BC@3 =4 B63 7<B3@/1B7=<
"7454809043 425(7(90;, $9(90*8 -47 42243 (3+ 3+,5,3+,39 '(1:,8
( ."( ." '2#'& #(#0#/& 0)&.#&#.3 #- "#0 #( ." )'*&.
#( ),'.#)( +/#&#,#/' ( # ."( ." '2#'& #(#0#/& 0)&.#&#.3 #- "#0
3 -#!(& 1#." ##)-3(,.# ()#- ( ."( ." '2#'& #(#0#/& 0)&.#&#.3 #- "#0 #( ." )'*&.
#( ),'.#)( +/#&#,#/' ( # ."( ." '2#'& #(#0#/& 0)&.#&#.3 #- "#0
3 -#!(& 1#." )'')( ()#- *63 @3AC:B =4 &@=>=A7B7=< 4=::=EA 4@=; B63 /</:GA7A 7< 3@53;/<< /<2 #=@@7A 0
*63@3 E3 A6=E 7< &@=>=A7B7=< B6/B 7< B63 ;=23: E7B6 >C@3 1=;;=< D/:C3A 74 B63< B63
;/F7;/: 7<27D72C/: D=:/B7:7BG @3?C7@3A :3AA B6/< >3@431B 1=@@3:/B7=< /1@=AA /1B7=<A =@ < 4/1B 7< 3@53;/<< /<2 #=@@7A 0 E3 1=<A723@ /< />>:71/B7=< B= :/@53 =C@<=B ;/@93BA
/<2 I<2 B6/B B63 A=17/::G =>B7;/: 7<4=@;/B7=< 7A 7< 4/1B >@=D7232 0G B63 <=7AG 7<4=@;/B7=<
AB@C1BC@3 723<B7I32 7< B63 /0=D3 &@=>=A7B7=< #=@3 0@=/2:G B67A 7<271/B3A B6/B B63 >@3A3<B
@3AC:BA =< 7<27D72C/: /<2 /55@35/B3 D=:/B7:7BG E=C:2 6/D3 27@31B 7;>:71/B7=<A 4=@ / ;=@3 3FB3<A7D3
E3:4/@3 /</:GA7A =<3 B6/B E3 2= <=B >C@AC3 63@3
*63 /0=D3 @3AC:B 7::CAB@/B3A B6/B 4=@ >C@3 >@7D/B3 /<2 >C@3 1=;;=< D/:C3 3<D7@=<;3<BA 7B 7A
7;>=@B/<B B= 1=<A723@ <=7AG A75</:A B= I<2 B63 3?C7:70@7/ B6/B ;/F7;7H3 /55@35/B3 =@ 7<27D72C/:
D=:/B7:7BG &CB 27P3@3<B:G 7< B63 3F13>B7=</: 17@1C;AB/<13A =4 >C@3 >@7D/B3 /<2 >C@3 1=;;=<
D/:C3A B63 <=7A3 6/A B= >719 C> E6/B =B63@E7A3 B6/B 7A 7< 7<B3@23>3<23<B D/:C3 3<D7@=<;3<BA
E=C:2 03 >71932 C> 0G >/G=P @3:3D/<B 7<4=@;/B7=< /A 7< >C@7I1/B7=< /@5C;3<BA -7B6 7<B3@23
>3<23<B D/:C3A B63 4C<2/;3<B/: 1=;>=<3<BA /<2 >@=D723 3<=C56 @716<3AA B= 7<1@3/A3 =@
231@3/A3 B63 3?C7:70@7C; 1=@@3:/B7=< =4 B63 /1B7=<A /<2 B6CA 7B 7A <=B <313AA/@G B= @31C@ B= <=7A3
"70470 #,8970*90438 43 3-472(9043 $97:*9:7,8
< B63 /</:GA7A =4 5/;3A =4 7<1=;>:3B3 7<4=@;/B7=< B63 1=<B3FB /<2 B63 A>317I1 />>:71/B7=< ;756B
AC553AB </BC@/: @3AB@71B7=<A =< B63 7<4=@;/B7=< AB@C1BC@3 =@ 3F/;>:3 7< =:75=>=:G 5/;3A 3/16
I@; ;/G 9<=E 7BA =E< ;/@57</: 1=AB 0CB 03 C<13@B/7< /0=CB B63 1=AB =4 B63 1=;>3B7<5 I@;A <
/ B@/27<5 3<D7@=<;3<B /A 7< <53:3B=A /<2 "/K% B63 B@/23@ 9<=EA 67A =E< B316<=:=5G
0CB 7A C<13@B/7< /0=CB B63 B316<=:=5G =4 B63 =B63@ /53<BA
< B67A A31B7=< E3 7<D3AB75/B3 6=E
B63 A3B =4 43/A70:3 16/<53A 57D3< 13@B/7< / >@7=@7 @3AB@71B7=<A =< B63 7<4=@;/B7=< AB@C1BC@3A
>/@B71C:/@:G @3:3D/<B /<2 </BC@/: @3AB@71B7=< 7A B63 1/A3 7< E6716 3/16 /53<B 9<=EA 67A =E<
>/G=P AB/B3 E6716 E3 A6/:: /</:GH3 7< B67A A31B7=< %4 1=C@A3 /:: =4 B63 7<4=@;/B7=< AB@C1BC@3A
7< E6716 3/16 /53<B 9<=EA 67A >/G=P AB/B3 /@3 1=<B/7<32 7< B63 A3B =4 C<@3AB@71B32 7<4=@;/
B7=< AB@C1BC@3A /<2 B6CA E3 A6/:: 16/@/1B3@7H3 / AC0A3B =4 B6/B /@3 3?C7D/:3<B 7< B3@;A =4
=CB1=;3A B= B63 A3B =4 /G3A $/A6 3?C7:70@7/ 7< E6716 /53<BA 9<=E B637@ =E< >/G=P AB/B3
-3 A/G B6/B B63 D/@7/0:3A 4=@; / <=@;/: /G3A 1=@@3:/B32 3?C7:70@7C; 7< E6716
3/16 /53<B 9<=EA 67A =E< >/G=P AB/B3 74 B63 8=7<B 27AB@70CB7=< 7A 57D3< 0G /<2 7< /227B7=<
B63 03AB @3A>=<A3 7A 1=<27B7=<7<5 =< B63 /1B7=< /<2 B63 AB/B3 *63 A3B =4 43/A70:3 E63< 3/16 /53<B 9<=EA 67A >/G=P AB/B3 1/< 03 23A1@7032 0G /<
/@5C;3<B A7;7:/@ B= B63 C<@3AB@71B32 1/A3 -3 A7;>:G 6/D3 B= /22 /< /227B7=</: 1=<AB@/7<B
B6/B @3J31BA B63 4/1B B6/B /53<B 9<=EA /<2 63<13 1=<27B7=<A =< 67A >/G=P AB/B3 @=; /
?C/:7B/B7D3 >=7<B =4 D73E B63 ;=AB 7;>=@B/<B /A>31B =4 @3AB@71B7<5 B63 A3B =4 >=AA70:3 7<4=@;/B7=<
AB@C1BC@3A 7A B63 @3AC:B B6/B B63 A3B =4 43/A70:3 1=@@3:/B7=<A 7A <=E () &)(!, 7<23>3<23<B =4 B63
7<B3@/1B7=< AB@C1BC@3
"7454809043 /(7(*9,70?(9043 .,398 34< !<3 "(>4B
" 0,#&- ),' (),'& # ( )(&3 # ." )(#.#)(- ) ,)*)-#.#)( ")& ( #( #.#)(
*6CA 7;>=A7<5 B63 @3AB@71B7=< B6/B 3/16 /53<B 9<=EA 67A =E< >/G=P AB/B3 /22A / @3AB@71B7=<
B= B63 16/@/1B3@7H/B7=< =4 B63 43/A70:3 CB B63 </BC@3 =4 B63 @3AB@71B7=< 7A AC16 B6/B B63 A3B
=4 43/A70:3 1=@@3:/B7=<A 7A <= :=<53@ 7<23>3<23<B =4 B63 7<B3@/1B7=< AB@C1BC@3 @3>@3A3<B32 0G -3 1=<B7<C3 B= 23A1@703 B63 A3B =4 43/A70:3 1=@@3:/B7=<A 7< B63 A>/13 =4 1=@@3:/B7=< 1=3O173<BA
/<2 1/< 1=<B@/AB 7B 27@31B:G E7B6 B63 1/A3 =4 C<@3AB@71B32 7<4=@;/B7=< AB@C1BC@3A *63
16/@/1B3@7H/B7=< 1=<A7ABA =4 BE= >/@BA 7@AB E3 23A1@703 B63 A3B =4 43/A70:3 /1B7=< 1=@@3:/B7=<A
E63< /53<BA 9<=E B637@ =E< >/G=P AB/B3 4 3/16 /53<B =<:G 9<=EA 67A =E< >/G=P AB/B3 B63<
B63 1=@@3:/B7=< /1@=AA /1B7=<A 7A 3?C/: B= )7<13 B63 =<:G 7<4=@;/B7=< =4 /53<B
7A 67A >/G=P AB/B3 B63 /1B7=<A =4 BE= /53<BA 1/< =<:G 03 1=@@3:/B32 B= B63 3FB3<B B6/B B637@
>/G=P AB/B3A /@3 1=@@3:/B32 G 1=<B@/AB 74 B63 /53<BA 6/D3 1=;>:3B3 7<4=@;/B7=< B63 1=@@3:/B7=<
7A 57D3< /A 3AB/0:7A632 3/@:73@ 0G -3 I<2 B6/B B63 A3B =4 43/A70:3 /1B7=< 1=@@3:/B7=<A
7A /:E/GA 03BE33< B63A3 BE= ?C/<B7B73A >@=D727<5 B63 :=E3@ /<2 C>>3@ 0=C<2A 4 B63<
B63 1=;>:3B3 7<4=@;/B7=< 0=C<2 7A B63 C>>3@ 0=C<2 74 7B 7A B63 :=E3@ 0=C<2 /<2 B63G
1=7<1723 4=@ )31=<2 E3 23A1@703 B63 A3B =4 43/A70:3 1=@@3:/B7=<A 03BE33< /1B7=< /<2 AB/B3
4=@ /<G 43/A70:3 #=@3 >@317A3:G B63 A3B =4 43/A70:3 7A 23B3@;7<32 0G BE= 4C<1B7=<A =4
E6716 >@=D723 B63 :=E3@ /<2 C>>3@ 0=C<2 4=@ B63 43/A70:3 -3 23<=B3 B63A3 4C<1B7=<A 0G
/<2 /A B63A3 0=C<2A /@3 /1673D32 0G 7<4=@;/B7=< AB@C1BC@3A 7< E6716 B63 /53<BA 37B63@ 53B
/ <=7AG A75</: =4 B63 4=@; 57D3< 0G E7B6 37B63@ / )'')( 3@@=@ B3@; =@ E7B6 /< ##)-3(,.#
3@@=@ B3@; *63 3?C7:70@7/ E7B6 /<2 1=@@3A>=<2 B= /G3A $/A6 3?C7:70@7/ 7< E6716 3/16
/53<B 53BA /< /227B7=</: A75</: =4 B63 4=@; 23I<32 0G 3/@:73@
E7B6 37B63@ / 1=;;=< =@ /< 727=AG<1@/B71 3@@=@ B3@; *63 D/:C3 =4 B63 1=<D3F E3756B 7BA3:4 7A
7@@3:3D/<B /A :=<5 /A /A B63 /53<B 1/< /:E/GA I:B3@ B63 /227B7=</: 7<4=@;/B7=< @3:/B7D3
B= 67A 9<=E:3253 =4 67A =E< >/G=P AB/B3 =@ / 57D3< /<2 @3>@3A3<B B63 A=:CB7=<A
=4 B63 4=::=E7<5 3?C/B7=<A
$
"7454809043 4:3+8 43 477,1(9043 4,A*0,398
" .#)( ),,&.#)( #- -#& # ( )(&3 # ), && ." ),,&.#)( *#, #- -#&
# ( )(&3 #
< 75C@3 E3 7::CAB@/B3 B63 /G3A 1=@@3:/B32 3?C7:70@7C; A3B 4=@ 27P3@3<B D/:C3A =4 B63
7<B3@/1B7=< >/@/;3B3@ E7B6 / 57D3< 7<B3@23>3<23<1G /16 7<B3@/1B7=< D/:C3 7A
@3>@3A3<B32 0G / 27P3@3<B:G 1=:=@32 >/7@ =4 :=E3@ /<2 C>>3@ 0=C<2A =@ 3/16 D/:C3 =4 B63
3<B7@3 A3B =4 7A 57D3< 0G B63 /@3/ 3<1:=A32 0G B63 :=E3@ /<2 C>>3@ 0=C<2 $=B/0:G B63
0=C<2A /<2 7<B3@A31B 7< BE= >=7<BA 1=@@3A>=<27<5 B= 3/16 /53<B 9<=E7<5 67A
>/G=P AB/B3 =<:G /B /<2 B= 1=;>:3B3 7<4=@;/B7=< /B B63 :=E =@ 6756 3<2 =4
23>3<27<5 =< B63 </BC@3 =4 B63 7<B3@/1B7=< @3A>31B7D3:G < 4/1B B63A3 /<2 =<:G B63A3 BE=
>=7<BA /@3 /:A= <=7A34@33 3?C7:70@7/ =4 B63 C<@3AB@71B32 A3B =4 -63< B63 C>>3@ 0=C<2
7A 57D3< 0G A75</:A E7B6 727=AG<1@/B71 3@@=@ B3@;A E67:3 B63 :=E3@ 0=C<2 7A 57D3< 0G A75</:A E7B6
1=;;=< 3@@=@ B3@;A /<2 1=<D3@A3:G 4=@ -7B6 /A B63 /227B7=</: A75</: 1=<B/7<A /<
727=AG<1@/B71 3@@=@ 7B 4=@13A B63 /53<B B= AB/G 1:=A3:G B= 67A 9<=E< >/G=P AB/B3 /A B67A 7A E63@3
B63 23A7@32 1=@@3:/B7=< E7B6 B63 =B63@ /53<BA /@7A3A /<2 =<:G A:=E:G 7<1=@>=@/B3 B63 7<4=@;/B7=<
/0=CB B63 727=AG<1@/B71 AB/B3 B6CA =D3@/:: B@/197<5 /A 1:=A3 /A >=AA70:3 67A =E< >/G=P AB/B3 /<2 /1673D7<5 B63 C>>3@ 0=C<2 *63 /@5C;3<B 4=@ B63 :=E3@ 0=C<2 4=::=EA / A7;7:/@ :=571
*6CA B63 >@3A3<B @3AB@71B7=< B= 7<4=@;/B7=< AB@C1BC@3A 7< E6716 3/16 /53<B 9<=EA /B :3/AB 67A
=E< >/G=P AB/B3 2@/;/B71/::G @32C13A B63 A3B =4 >=AA70:3 -7B6 B63 3F13>B7=< =4 B63A3 BE=
>=7<BA /:: 3:3;3<BA =4 B63 A;/::3@ A3B /@3 7< B63 7<B3@7=@ =4 C<@3AB@71B32 A3B =4 #=@3=D3@
B63 </BC@3 =4 B63 7<B3@/1B7=< 6/A / >@=4=C<2 7;>/1B =< B63 A6/>3 =4 B63 1=@@3:/B7=< B6/B 1/< /@7A3
7< 3?C7:70@7C; 0=B6 7< B3@;A =4 B63 A7H3 /A E3:: /A B63 :=1/B7=< =4 B63 A3B 7< B63 C<7B A?C/@3 =4
a
1.0
0.8
BCE Frontier
0.6
r
50
r
2
0.4
r 0.75
0.2
0.0
r 0.99
0.2
0.4
0.6
0.8
1.0
aa
75C@3 E7B6 &@7=@ <4=@;/B7=< 7</::G E3 =0A3@D3 B6/B 4=@ B63 1/A3 =4 >C@3 1=;;=< =@ >C@3 >@7D/B3 D/:C3A B63 A3B =4 /G3A
1=@@3:/B32 3?C7:70@7/ E63< /53<BA 9<=E B637@ =E< >/G=P AB/B3 7A 2353<3@/B3 +<23@ 37B63@ >C@3
1=;;=< =@ >C@3 >@7D/B3 D/:C3A 74 /53<BA 9<=E B637@ =E< >/G=P AB/B3 B63< B63@3 7A <= C<13@B/7<BG
:34B /<2 B6CA B63 =<:G >=AA70:3 =CB1=;3 1=@@3A>=<2A B= B63 1=;>:3B3 7<4=@;/B7=< =CB1=;3 <
1=<A3?C3<13 B63@3 7A B63< 37B63@ <= /55@35/B3 D=:/B7:7BG 74 B63 >/G=P AB/B3A /@3 >C@3 >@7D/B3 D/:C3A
=@ B63@3 7A <= 27A>3@A7=< 7< /1B7=<A 74 >/G=P AB/B3A /@3 >C@3 1=;;=< D/:C3A /<2 1=@@3A>=<27<5:G
0CB 7A 37B63@ =@ 23>3<27<5 =< >@7D/B3 =@ 1=;;=< D/:C3A
"(07<08, 39,7(*9043
-3 <=E 3FB3<2 =C@ ;=23: B= /::=E 4=@ 63B3@=53<=CA 7<B3@/1B7=< /;=<5 /53<BA -3 A6/:: <=B
>@3A3<B B63 ;=AB 53<3@/: >=AA70:3 4@/;3E=@9 0CB @/B63@ >@=>=A3 / AG;;3B@71 ;=23: =4 7<B3@/1B7=<
B6/B 7<1:C23A 7<27D72C/: /A E3:: /A /55@35/B3 7<B3@/1B7=< < >/@B71C:/@ 3/16 /53<BKA 03AB @3A>=<A3
7A <=E 57D3< 0G / :7<3/@ 4C<1B7=< E7B6 E3756BA =< B63 /55@35/B3 =@ /D3@/53 /1B7=< /<2 /<
7<27D72C/: /1B7=< =4 / A>317I1/::G ;/B1632 /53<B *63 7<B3@/1B7=< E7B6 /< 7<27D72C/: /53<B 7A B63
@3AC:B =4 ;/B16 03BE33< /53<B /<2 /<2 B63 ;/B1632 >/7@ 1/< /@7A3 /A B63 @3AC:B =4 / @/<2=;
;/B167<5 =@ /< /AA=@B/B7D3 ;/B167<5
$9(90890*(1 4+,1 4- "(07<08, 39,7(*9043
53<B 16==A3A /< /1B7=< /<2 7A /AAC;32 B= 6/D3 / ?C/2@/B71 >/G=P 4C<1B7=<
E6716 7A 4C<1B7=< =4 67A /1B7=< B63 /1B7=< B/93< 0G 67A ;/B16 B63 /D3@/53 /1B7=< B/93<
0G B63 3<B7@3 >=>C:/B7=< /<2 67A 7<27D72C/: >/G=P AB/B3 < 1=<A3?C3<13 E3 E@7B3 B63 03AB @3A>=<A3 4C<1B7=< =4 /53<B /A 4=::=EA
4 B63< E3 6/D3 / ;=23: =4 /55@35/B3 7<B3@/1B7=<A /A >@3D7=CA:G ABC2732 4 B63<
B63@3 7A =<:G >/7@E7A3 7<B3@/1B7=< 03BE33< /53<BA %4 1=C@A3 E3 ;/7<B/7< B6/B B63 >/G=P AB/B3A 7<
B63 3<B7@3 >=>C:/B7=< 6/D3 / 57D3< 27AB@70CB7=< B= E6716 B63 >/G=P AB/B3A =4 >/@B71C:/@ >/7@A ;CAB
1=<4=@; B= E63< /55@35/B32 *= 933> B63 03AB @3A>=<A3A 0=C<232 E3 /AAC;3 B6/B -3 E7:: /::=E 4=@ ;/B1632 /53<BA B= 03 /AA=@B32 /11=@27<5 B= B637@ >/G=P AB/B3A B6CA E3
/AAC;3 B6/B 74 /53<BA /@3 ;/B1632 B63<
E63@3 B63 <3E 1=@@3:/B7=< 1=3O173<B 6/A B= A/B7A4G +<23@ @/<2=;
;/B167<5 E3 6/D3 B6/B G3B B67A E7:: <=B 03 B63 53<3@/: 1/A3 /<2 B6CA E7:: 03 B63
>/@/;3B3@ =4 /AA=@B/B7D3 ;/B167<5 -3 A/G B63@3 7A *)-#.#0 --),..#0 '."#(! 74 /<2 E3 E7:: A/G B63@3 7A (!.#0 --),..#0 '."#(! 74 *6CA 57D3< / ;/B1632 >/7@ =4 /53<BA E3 1/< 23A1@703 B63 0/A71 C<13@B/7<BG 0G
"
!! " ! ""
!
! " !! " ! "" E63@3 E3 @31/:: B6/B 7A CA32 B= 23<=B3 B63 /D3@/53 B/93< /1@=AA B63 3<B7@3 >=>C:/B7=< /<2
B6CA 7A B63 1=;;=< 1=;>=<3<B =4 B63 >/G=P AB/B3 =4 3D3@G /53<B -3 /AAC;3 B6/B B63
8=7<B <=@;/: 27AB@70CB7=< 57D3< 0G 7A B63 )'')( *,#),
-3 @3?C7@3 A=;3 /227B7=</: <=B/B7=< B= 23A1@703 B63 @/<2=; D/@7/0:3A /AA=17/B32 E7B6 B63
;/B167<5 =4 /53<BA 7D3< / ;/B16 E3 23I<3
/<2 /<2 AC0A3?C3<B:G E3 CA3 B63 /<2 AC>3@A1@7>B B= 23<=B3 B63 /D3@/53 /<2 E3756B32 27P3@3<13
=4 /<G >/7@ =4 D/@7/0:3A B6/B 7A 53<3@/B32 0G / >/7@ =4 ;/B1632 /53<BA *6CA /< 3?C7D/:3<B
E/G B= 23A1@703 B63 0/A71 C<13@B/7<BG 7A 57D3< 0G E63@3 E3 23<=B3 0G 3FB3<A7=< ! "
!! " !
""
! " !! " !
"" $=B3 B6/B B63 4=@;C:/B7=<A /<2 /@3 3?C7D/:3<B G3B 0G E@7B7<5 B63 ;=23: 7< B3@;A =4
=@B6=5=</: @/<2=; D/@7/0:3A E3 1/< A7;>:74G B63 /</:GA7A /<2 7<B3@>@3B B63 @3AC:BA 7< / 3/A73@
E/G 7</::G /A A6=@B6/<2 <=B/B7=< E3 23I<3
/<2 E3 =0A3@D3 B6/B C<23@ @/<2=; ;/B167<5 <09/ "(07<08, (9*/03.
A 034=@3 E3 E7:: 23I<3 / E7B6 >/7@E7A3 ;/B167<5 /<2 16/@/1B3@7H3 7B
,@309043 (>,8 477,1(9,+ 6:010)70:2
" 0,#&- ),' -3''.,# ( (),'&&3 #-.,#/. 3- ),,&.
+/#&#,#/' 1#." *#,1#- '."#(! # ."#, $)#(. #-.,#/.#)( #- !#0( 3 '/&.#0,#. (),'&
#-.,#/.#)( ( ), 0,3 '." !(. .) -)' ( ), && -7B6 ;7<=@ /0CA3 =4 <=B/B7=< E3 <=E @343@ B= /A B63 :/@53@ D/@7/<131=D/@7/<13 ;/B@7F =4
B63 8=7<B 27AB@70CB7=< =4 *63 ;/B@7F 1/< 03 @32C132 7< 7BA 27;3<A7=<A 0G
B63 A/;3 CA3 =4 AG;;3B@G /<2 =@B6=5=</: @/<2=; D/@7/0:3A /A 3/@:73@ 7< "3;;/ (3:/B7D3 B=
B63 03<16;/@9 ;=23: E7B6 /55@35/B3 7<B3@/1B7=< E3 7<B@=2C13 =<3 <3E 3F=53<=CA D/@7/0:3 B63
1=@@3:/B7=< 1=3O173<B =4 >/G=P AB/B3 03BE33< ;/B1632 /53<BA -3 B63< @3?C7@3 BE= 3FB@/
3<2=53<=CA 1=@@3:/B7=< 1=3O173<BA B= 4C::G A>3174G /< 3?C7:70@7C; B63 1=@@3:/B7=< =4 /1B7=<A
03BE33< ;/B1632 /53<BA 23<=B32 0G /A =>>=A32 B= B63 1=@@3:/B7=< 03BE33< B63 /1B7=< =4
/< 7<27D72C/: /<2 B63 /55@35/B3 /1B7=< <=E 23<=B32 0G /<2 B63 1=@@3:/B7=< 03BE33<
/< 7<27D72C/: /53<BKA /1B7=< /<2 B63 >/G=P AB/B3 =4 67A ;/B16 23<=B32 0G A 034=@3 B63
A3B =4 7A 3?C7D/:3<B B= B63 A3B =4 $ 4=@ A=;3 7<4=@;/B7=< AB@C1BC@3 0G B63 A/;3 53<3@/:
/@5C;3<B /A 7< 3@53;/<< /<2 #=@@7A / </:=5=CA B= B63 03<16;/@9 ;=23: E3 <=E
16/@/1B3@7H3 B63 A3B =4 "7454809043 " 0,#&- ),' 3- ),,&. +/#&#,#/' # ( )(&3 # ." #(#0#/& 0,#( #- ." !!,!. 0,#( #- ." ),,&.#)( )6#(.- -.#- 3
(
$=B3 B6/B B63 16/@/1B3@7H/B7=< >@=1332A 7< B63 A/;3 E/G /A 7< B63 03<16;/@9 ;=23: A
034=@3 B63 1=<AB@/7<BA =< B63 43/A70:3 1=@@3:/B7=<A /@3 >C@3:G AB/B7AB71/: /<2 B6CA 2= <=B 23>3<2
=< B63 </BC@3 =4 B63 7<B3@/1B7=< AB@C1BC@3 *6CA 7B 7A 3/AG B= A33 B6/B /:: @3AB@71B7=<A =< 1=@@3:/B7=<A
4=@ B63 03<16;/@9 ;=23: ;CAB /:A= 6=:2 E7B6 @/<2=; ;/B167<5 /A B63A3 /@3 >C@3:G AB/B7AB71/:
1=<AB@/7<BA -3 A6=C:2 /22 B6/B B63 A3>/@/B7=< 03BE33< AB/B7AB71/: 1=<AB@/7<BA /<2 7<13<B7D3A
1=<AB@/7<BA @3;/7<A B= 6=:2 7< 53<3@/: :7<3/@ 7<B3@/1B7=< <3BE=@9A /<2 B6CA E3 1=C:2 3FB3<2 B63
>@3A3<B /</:GA7A B= <3BE=@9 ;=23:A AC16 /A 13;=5:C /@D/:6= %H2/5:/@ /<2 */60/H)/:367
0CB <=E /::=E7<5 4=@ 7<1=;>:3B3 7<4=@;/B7=<
)7;7:/@ /A 7< B63 03<16;/@9 ;=23: E7B6 /55@35/B3 7<B3@/1B7=< E3 1/< 23I<3 / E7B6
;/B167<5 /<2 C<23@ B63 @3AB@71B7=< B6/B 3/16 /53<B 9<=EA 67A >/G=P AB/B3 A 034=@3 B63
8=7<B 27AB@70CB7=< =4 D/@7/0:3A 7A 57D3< 0G /<2 B63 03AB @3A>=<A3 1=<27B7=<A /@3 57D3< 0G
< B67A 1/A3 B63 16/@/1B3@7H/B7=< =4 B63 E7B6 ;/B167<5 7< E6716 /53<BA 9<=E B637@ =E<
>/G=P AB/B3 7A 57D3< 0G
"7454809043 /(7(*9,70?(9043 4- </,3 .,398 34< !<3 "(>4B $9(9,
" 0,#&- ),' (),'& 3- ),,&. +/#&#,#/' # ( )(&3 # ."
)(#.#)(- ) ,)*)-#.#)( ")& (
<09/ "(07<08, (9*/03. 425(7(90;, $9(90*8
*63 >/7@E7A3 ;/B167<5 /22A A=;3 43/BC@3A B= =C@ 03<16;/@9 ;=23: E6716 /@3 E=@B6 6756:756B7<5
3<134=@B6 E3 E7:: /AAC;3 @/<2=; ;/B167<5 B6/B 7A C<:3AA =B63@E7A3 <=B32 7@AB
B63 1=;>/@/B7D3 AB/B71A E7B6 @3A>31B B= B63 >/7@E7A3 7<B3@/1B7=< >/@/;3B3@ /@3 27AB7<1B 4@=;
B6=A3 E7B6 B63 /55@35/B3 7<B3@/1B7=< >/@/;3B3@ =@ B63 ;=23: E7B6 /55@35/B3 7<B3@/1B7=<
E3 A6=E32 B6/B B63 D=:/B7:7BG 7<27D72C/: /55@35/B3 /<2 27A>3@A7=< E3@3 ;=<=B=<3 7<1@3/A7<5
7< A33 &@=>=A7B7=< CB B67A 7A <= :=<53@ B@C3 E7B6 @3A>31B B= B63 >/7@E7A3 7<B3@/1B7=<
-3 7::CAB@/B3 B67A 7< B63 /0A3<13 =4 /55@35/B3 7<B3@/1B7=< B6/B 7A E3 A3B < B67A
1/A3 B63 ;/F7;C; 7<27D72C/: /<2 /55@35/B3 D=:/B7:7BG 6/A /< 7<B3@7=@ ;7<7;C; /<2 ;/F7;/
/B B63 >=A7B7D3 ( B63 <35/B7D3 0=C<2/@G =4 B63 7<B3@/1B7=< </;3:G /B /A 7::CAB@/B32
0G 75C@3 /<2 -7B6 7<27D72C/: 7<B3@/1B7=< E3 6/D3 >=A7B7D3 1=@@3:/B7=< /;=<5 B63 /1B7=<A
E7B6 AB@/B3571 1=;>:3;3<BA /<2 <35/B7D3 1=@@3:/B7=< E7B6 AB@/B3571 AC0AB7BCB3A $=E 7< B63
/55@35/B3 7<B3@/1B7=< ;=23: B63 7<27D72C/: /1B7=<A 1/<<=B && 03 <35/B7D3:G 1=@@3:/B32 0CB B67A
@3AB@71B7=< 7A <=B >@3A3<B /<G;=@3 /B B63 :3D3: =4 >/7@E7A3 7<B3@/1B7=< 3@3 /A B63 AB@/B3571
AC0AB7BCB3 >@=>3@BG 031=;3A AB@=<53@ B6/B 7A /A 231@3/A3A /<2 />>@=/163A B63 7<27D72C/:
/53<B A339A B= @3A>=<2 AB@=<5:G ( <35/B7D3:G B= 67A 3F>31B/B7=< /0=CB B63 ;/B1632 /53<BKA
/1B7=< CB <=E / 1=;;=< 3@@=@ 7< B63 7<4=@;/B7=< 4=@ 0=B6 /53<BA E7:: 7<B@=2C13 >=A7B7D3
D=:/B7:7BG /;=<5 B63 >/7@ /<2 7< 4/1B /1@=AA /:: B63 >/7@A 63<13 /::=E7<5 4=@ /55@35/B3 D=:/B7:7BG
3D3< 7< B63 >@3A3<13 =4 AB@=<5 <35/B7D3 7<B3@/1B7=<
< 75C@3 E3 27A>:/G B63 ;/F7;C; 7<27D72C/: D=:/B7:7BG 4=@ B63 03<16;/@9 ;=23: /<2 B63 >/7@E7A3 7<B3@/1B7=< ;=23: E7B6 ,()' '."#(! 4=@ 27P3@3<B >/@/;3B3@A
=4 7<B3@23>3<23<13 E7B6=CB /<G @3AB@71B7=<A =< B63 7<4=@;/B7=< AB@C1BC@3 -7B6 >/7@E7A3
7<B3@/1B7=< B63 ;/F7;C; 7<27D72C/: D=:/B7:7BG 7A 7< ;7<7;/: /B /< 7<B3@7=@ :3D3: =4 E67:3
E7B6 /55@35/B3 7<B3@/1B7=< B63 ;/F7;C; 7<27D72C/: D=:/B7:7BG 7A /:E/GA 7<1@3/A7<5 7< -3
=0A3@D3 7< 75C@3 B6/B B63 /55@35/B3 D=:/B7:7BG @3?C7@3A / :/@53@ /0A=:CB3 :3D3: =4 AC0AB7BCB/07:7BG
B= 27A>:/G 7<1@3/A7<5 /55@35/B3 D=:/B7:7BG 0CB 3D3<BC/::G /A 7B 036/D3A /A B63 7<27D72C/:
D=:/B7:7BG
)31=<2 /A B63 7<B3@/1B7=< /@7A3A 7< ;/B1632 >/7@A B63@3 7A /< /227B7=</: 3:3;3<B =4 C<13@B/7<BG
4=@ 3/16 /53<B </;3:G B63 >/G=P AB/B3 =4 B63 ;/B1632 /53<B *67A 7<2C13A >/@B71C:/@:G AB@797<5
75C@3 #/F7;/: 7<27D72C/: D=:/B7:7BG /55@35/B3 DA >/7@E7A3 7<B3@/1B7=<
75C@3 #/F7;/: /55@35/B3 D=:/B7:7BG /55@35/B3 DA >/7@E7A3 7<B3@/1B7=<
@3AC:BA 7< B63 >C@3 >@7D/B3 D/:C3 ;=23: E63@3 B63 >/G=P AB/B3A /@3 7<23>3<23<B:G 27AB@70CB32
/<2 B63 /53<BA 9<=E B637@ =E< >/G=P AB/B3 +<23@ B63A3 /AAC;>B7=<A B63 ;=23: E7B6
/55@35/B3 7<B3@/1B7=< 6/A / C<7?C3 3?C7:70@7C; B63 1=;>:3B3 7<4=@;/B7=< $/A6 3?C7:70@7C; 7<
E6716 B63@3 7A H3@= /55@35/B3 D=:/B7:7BG G 1=<B@/AB 74 E3 7;>=A3 @/<2=; ;/B167<5 /<2 >/7@E7A3
7<B3@/1B7=<A B63< B67A @3AC:B 2=3A <= :=<53@ 6=:2 B@C3 *63 /53<BA 2= <=B 6/D3
1=;>:3B3 7<4=@;/B7=< /<G;=@3 E63< B63G 9<=E B637@ >/G=P AB/B3 /A B63@3 7A AB7:: C<13@B/7<BG
/0=CB B63 >/G=P AB/B3 =4 B637@ ;/B1632 >/@B<3@ *63 @3A72C/: C<13@B/7<BG /0=CB B63 A>317I1
>/G=P AB/B3 =4 B63 ;/B1632 >/@B<3@ ;3/<A B6/B 7B 7A >=AA70:3 B= AC>>=@B 3?C7:70@7/ 7< E6716 B63
/55@35/B3 D=:/B7:7BG =4 /1B7=<A 7A <=B 723<B71/::G 3D3< B6=C56 B63@3 7A <= /55@35/B3 C<13@B/7<BG
/0=CB B63 >/G=P AB/B3A
< 75C@3 E3 >:=B B63 ;/F7;C; /55@35/B3 D=:/B7:7BG 4=@ B63 ;=23: E7B6 /55@35/B3 7<B3@/1
B7=< /<2 B63 ;=23: E7B6 >/7@E7A3 7<B3@/1B7=< 4=@ 27P3@3<B >/@/;3B3@A =4 >/G=P
7<B3@23>3<23<1G E67:3 7;>=A7<5 B63 7<4=@;/B7=</: @3AB@71B7=< B6/B 3/16 /53<B 9<=EA 67A =E<
75C@3 #/F7;/: /55@35/B3 D=:/B7:7BG E7B6 9<=E< >/G=P BG>3 /55@35/B3 DA >/7@E7A3 7<B3@/1
B7=<
>/G=P AB/B3 %<13 /5/7< B63 1=;>/@/B7D3 AB/B71A /<2 B63 036/D7=@ =4 B63 3?C7:70@7C; 16/<53A
E7B6 @3A>31B B= B63 7<B3@/1B7=< >/@/;3B3@ /<2 B63 >/G=P 7<B3@23>3<23<1G A 3/16 /53<B @3/1BA AB@=<5:G B= B63 727=AG<1@/B71 A6=19 =4 67A >/@B<3@ /A 63 A339A <35/B7D3 1=@@3:/
B7=< < 1=<A3?C3<13 B63 67563AB /55@35/B3 D/@7/<13 7A /1673D32 E63< 3/16 /53<B 1=<4=C<2A B63
727=AG<1@/B71 A6=19 =4 67A >/@B<3@ E7B6 B63 /55@35/B3 A6=19 /<2 B6CA @3/1B D3@G AB@=<5:G B= B63
/55@35/B3 A6=19 *67A /:A= 3F>:/7<A B63 A6/>3 =4 B63 ;/F7;C; /55@35/B3 D=:/B7:7BG E7B6 @3A>31B
B= B63 >/7@E7A3 7<B3@/1B7=< >/@/;3B3@ 7< 75C@3 =@ /< 7<1@3/A3 7< B63 /55@35/B3 D=:/B7:7BG B=
=11C@ 7B 7A <313AA/@G 4=@ /53<BA B= 03 >=A7B7D3:G 1=@@3:/B32 E7B6 B63 >=>C:/B7=< /D3@/53 /A B67A
;3/<A B6/B 4=@ / IF32 7<27D72C/: D=:/B7:7BG B63 /;=C<B =4 /55@35/B3 D=:/B7:7BG 7A 07553@ CB
E63< B63< 7B 7A =>B7;/: 4=@ / 57D3< /53<B B= 03 <35/B7D3:G 1=@@3:/B32 E7B6 67A >/@B<3@ B=
7<1@3/A3 B63 @3A>=<A7D3<3AA =4 3/16 /53<B B= 67A A75</: .3B B63@3 7A / AB/B7AB71/: 1=<AB@/7<B =<
6=E ;C16 /53<BA 1/< <35/B7D3:G 1=@@3:/B3 E7B6 B637@ >/@B<3@ /<2 G3B >=A7B7D3:G 1=@@3:/B3 E7B6 B63
>=>C:/B7=< /D3@/53 *67A @3AB@71B7=< 7;>=A3A / 0/:/<13 =< 6=E ;C16 B63 /53<BA 1/< 03 >=A7B7D3:G
1=@@3:/B32 E7B6 B63 /D3@/53 E67:3 AB7:: 03 <35/B7D3:G 1=@@3:/B32 E7B6 B637@ 7<27D72C/: >/@B<3@A
:3/27<5 B= :=E3@ /55@35/B3 D=:/B7:7BG E7B6 AB@/B3571 AC0AB7BCB3A B6/< E7B6 AB@/B3571 1=;>:3;3<BA
*67@2 B63 036/D7=@ 7< B63 >/7@E7A3 7<B3@/1B7=< ;=23: 7A 7< 3D3< AB/@93@ 1=<B@/AB B= B63
/55@35/B3 7<B3@/1B7=< ;=23: 74 E3 E3@3 B= 27A>:/G >=A7B7D3 =@ <35/B7D3 /AA=@B/B7D3 ;/B167<5
< 75C@3 E3 @3;/7< E7B6 B63 >/7@E7A3 ;/B167<5 ;=23: /<2 >C@3 >@7D/B3 D/:C3A -3
27A>:/G B63 ;/F7;C; /55@35/B3 D=:/B7:7BG E7B6 @3AB@71B32 7<4=@;/B7=< AB@C1BC@3A /<2 C<@3AB@71B32
7<4=@;/B7=< AB@C1BC@3A :34B B= @756B @3A>31B7D3:G G 1=;>/@7A=< E7B6 75C@3 E6716 1=<A723@A
@/<2=; ;/B167<5 /B / @/<53 =4 <B3@23>323<B D/:C3A E3 I<2 7< 75C@3 B6/B E3 1/< @31=D3@
/ D3@G A7;7:/@ >/BB3@< =4 /55@35/B3 D=:/B7:7BG E7B6 /AA=@B/B7D3 ;/B167<5 @/<57<5 4@=; @/<2=;
;/B167<5 E7B6 B= >3@431B >=A7B7D3 /AA=@B/B7D3 ;/B167<5 /:=<3 E7B6=CB @3:G7<5
/B /:: =< 1=@@3:/B7=< 7< B63 1=;;=< 1=;>=<3<B
75C@3 #/F7;/: /55@35/B3 D=:/B7:7BG 4=@ /AA=@B/B7D3 ;/B167<5 E7B6 >C@3 >@7D/B3 D/:C3A @3
AB@71B32 DA C<@3AB@71B32 7<4=@;/B7=< AB@C1BC@3A
08*:88043
< B67A A31B7=< E3 @3D73E B63 ;/7< @3AC:BA =4 B63 >/>3@ /<2 /B B63 A/;3 B7;3 >@=D723 / D3@G 0@=/2
1=<<31B7=< B= =B63@ >/>3@A 4=C<2 7< B63 :7B3@/BC@3 -3 E7:: 3F>:/7< 6=E =C@ @3AC:BA 1=<<31B B=
B63 @3AC:BA 4=C<2 7< 27P3@3<B >/>3@A /<2 3F>:/7< 6=E =<3 1/< C<23@AB/<2 B63; 7< / 1=;;=<
4@/;3E=@9
%/, 70;,78 4- #,854380;,3,88 94 :3+(2,39(18 :7B3@/BC@3 7< E6716 B63 @3A>=<A7D3<3AA
B= 4C<2/;3<B/:A 6/A 033< E723:G ABC2732 7A B63 ABC2G =4 <=;7</: @75727B73A 2@7D3< 0G 7<4=@;/B7=</:
4@71B7=<A "C1/A 3AB/0:7A632 7<4=@;/B7=</: 4@71B7=<A 1/< 1/CA3 /< 31=<=;G B= @3A>=<2 B=
;=<3B/@G A6=19A B6/B E=C:2 <=B 6/D3 @3/: 3P31BA C<23@ 1=;>:3B3 7<4=@;/B7=<
< B63 ;=23:
/53<BA /@3 AC0831B B= @3/: /<2 ;=<3B/@G A6=19A 0CB =<:G =0A3@D3 >@713A )7<13 B63 C<7?C3 A75</:
B63G =0A3@D3 2=3A <=B /::=E B63; B= 27A3<B/<5:3 B63 BE= A6=19A B63 23;/<2 =4 /53<BA 7< @3/:
B3@;A @3A>=<2A B= ;=<3B/@G A6=19A *6CA 3D3< E63< C<23@ 1=;>:3B3 7<4=@;/B7=< B63@3 E=C:2
03 <= L@3/:M 3P31BA =4 ;=<3B/@G A6=19A /A B63 /53<BA 1=<4=C<2 B63 A6=19A E6716 /::=EA ;=<3B/@G
A6=19A B= 6/D3 @3/: 3P31BA
< ;=@3 @313<B 1=<B@70CB7=<A 3::E75 /<2 ,3<9/B3AE/@/< /<2 #/19=E7/9 /<2 -7323@
6=:B 0=B6 >@3A3<B 2G</;71 ;=23:A 7< E6716 B63 7<B3@B3;>=@/: 2G</;71A /@3 >C@3:G 7<4=@
;/B7=</: /<2 7< E6716 B63 ;/F7;7H/B7=< >@=0:3; 7< 3/16 >3@7=2 7A AB@/B3571/::G 3?C7D/:3<B B= B63
=<3 7< B63 >@3A3<B ;=23: E7B6 /55@35/B3 7<B3@/1B7=<A =<:G *63 7<4=@;/B7=</: /AAC;>B7=<A 7< 3::E75 /<2 ,3<9/B3AE/@/< /@3 23@7D32 4@=; /
;71@=4=C<232 ;=23: /16 /53<B =0A3@D3A / A75</: B6/B 7A / @3AC:B =4 67A >/AB B@/<A/1B7=< B6CA /
@3AC:B =4 >/AB /1B7=<A /<2 >/AB A6=19A *63 >3@A7AB3<13 =4 A6=19A ;3/<A B6/B AC16 / A75</: A3@D3A
/A / >@3271B=@ =4 4CBC@3 A6=19A *63 ;/7< 43/BC@3 =4 B63 A75</: 7A B63 >@=>3@BG B6/B 7B 7A 1=;>=A32
=4 727=AG<1@/B71 /<2 1=;;=< A6=19A /<2 63<13 B63 7<4=@;/B7=</: 1=<B3<B =4 B63 A75</: 7A A7;7:/@
B= B63 =<327;3<A7=</: A75</: /</:GH32 7< )31B7=< *63G AC553AB B6/B 7< 3;>7@71/::G @3:3D/<B
7<4=@;/B7=< AB@C1BC@3 B63 727=AG<1@/B71 A6=19A ;756B 03 ;C16 :/@53@ B6/< B63 1=;;=< A6=19A
/<2 B6CA /53<BA 6/D3 D3@G :7BB:3 7<4=@;/B7=< /0=CB B63 @3/:7H/B7=< =4 B63 1=;;=< A6=19A *6CA
3D3< E63< /53<BA 6/D3 :7BB:3 7<4=@;/B7=< /0=CB B63 1=;;=< A6=19A B63G @3A>=<2 AB@=<5:G B=
B63 727=AG<1@/B71 A6=19 7< =@23@ B= 03 /0:3 B= @3A>=<2 B= B63 1=;;=< A6=19 /B /::
G 1=<B@/AB B63 7<4=@;/B7=</: /AAC;>B7=<A 7< #/19=E7/9 /<2 -7323@6=:B /@3 23@7D32
4@=; / ;=23: =4 @/B7=</: 7</BB3<B7=< 3@3 B63 /53<BA @3137D3 A3>/@/B3 A75</:A =< B63 727=AG<1@/B71
/<2 1=;;=< >/@B =4 B637@ A6=19A < 1=<A3?C3<13 B63 @3A>=<A3 B= 3/16 A75</: 1/< 03 1=;>CB32
7<23>3<23<B:G /<2 B63 @3A>=<A7D3<3AA B= 3/16 A75</: 7A >@=>=@B7=</: B= B63 ?C/:7BG =4 7<4=@;/B7=<
=E3D3@ B63 /;=C<B =4 <=7A3 =< 3/16 A75</: 7A 16=A3< =>B7;/::G 0G B63 /53<BA AC0831B B= /
5:=0/: 7<4=@;/B7=</: 1=<AB@/7<B ;=B7D/B32 0G :7;7B32 /BB3<B7=< 5/7< ;=B7D/B32 0G 3;>7@71/:
=0A3@D/B7=<A 7B 7A /AAC;32 B6/B B63 727=AG<1@/B71 A6=19A /@3 ;C16 :/@53@ B6/< 1=;;=< A6=19A
*67A 7< BC@< @3AC:BA 7< /53<BA 16==A7<5 B= 6/D3 03BB3@ 7<4=@;/B7=< =< B63 727=AG<1@/B71 A6=19A
@/B63@ B6/< B63 1=;;=< A6=19A *67A 7;>:73A B6/B B63 @3A>=<A3 B= B63 1=;;=< A6=19 7A A:C557A6
/A B63 7<4=@;/B7=< =< 7B 7A >==@
=B6 >/>3@A 6/D3 D3@G 1=<B@/AB7<5 @3AC:BA =< B63 @3A>=<A3 =4 B63 31=<=;G B= 1=;;=< A6=19A
/:B6=C56 B63 C<23@:G7<5 /AAC;>B7=<A /@3 ?C7B3 A7;7:/@ $=B3 B6/B <=B =<:G B63 AB@/B3571 3<D7@=<
;3<B 7A A7;7:/@ 0CB /:A= B63 4/1B B6/B /53<BA 6/D3 :7BB:3 7<4=@;/B7=< =< 1=;;=< D/:C32 A6=19A
*637@ 1=<B@/AB7<5 /</:GA7A B6CA 7<271/B3A B63 3FB3<B B= E6716 B63 @3A>=<A3 B= B63 4C<2/;3<B/:A
;/G 03 2@7D3< 0G B63 7<4=@;/B7=</: 1=;>=A7B7=< =4 B63 A75</:A
%/, #41, 4- ,9,74.,3,4:8 39,7(*90438 (3+ 9/, 02,380438 4- &3*,79(039>
< /
@313<B >/>3@ <53:3B=A /<2 "/K% 23;=<AB@/B3 6=E 7<4=@;/B7=</: 4@71B7=<A 1/< 53<3@/B3
/55@35/B3 JC1BC/B7=<A 7< / 31=<=;G 3D3< E7B6=CB /<G /55@35/B3 C<13@B/7<BG *63G 1=<A723@ /
<3=1:/AA71/: 31=<=;G E7B6 B@/23 E6716 7< 7BA @32C132 4=@; 1/< 03 7<B3@>@3B32 E7B6 :7<3/@ 03AB
@3A>=<A3A /A 7< E7B6 /<2 < B637@ 3<D7@=<;3<B 3/16 /53<B 7A /:A= /AAC;32 B=
9<=E 67A =E< >/G=P AB/B3 < AC16 / ;=23: 0CB E7B6 /55@35/B3 @/B63@ B6/< >/7@E7A3 7<B3@/1B7=<
B63@3 E=C:2 03 / C<7?C3 3?C7:70@7C; /A B63 /53<BA E=C:2 4/13 <= C<13@B/7<BG /B /:: .3B 57D3<
B63 >/7@E7A3 7<B3@/1B7=< B63@3 7A / 27;3<A7=< =4 C<13@B/7<BG E6716 3</0:3A /55@35/B3 JC1BC/B7=<A
B= /@7A3 7< B63 /0A3<13 =4 /55@35/B3 >/G=P C<13@B/7<BG 4 3/16 /53<B =0A3@D3A B63 >/G=P AB/B3 =4
67A >/@B<3@A B6@=C56 / <=7AG A75</: E7B6 / 1=;;=< 3@@=@ B3@; B63< B63 /55@35/B3 D=:/B7:7BG E7::
<=B 03 3?C/: B= /A 3/16 /53<B @3A>=<2A B= A/;3 1=;;=< 3@@=@ B3@; 7< B63 7<27D72C/: A75</:
%C@ /</:GA7A AC553AB B63 3;3@53<13 =4 /55@35/B3 D=:/B7:7BG 4@=; B63 >/7@E7A3 B@/27<5 2=3A <=B
67<53 =< /<G >/@B71C:/@ 7<B3@/1B7=< AB@C1BC@3 *63 =<:G <313AA/@G 1=<27B7=< 4=@ B63 /55@35/B3
D=:/B7:7BG B= 3;3@53 7A B63 >@3A3<13 =4 A=;3 @3A72C/: C<13@B/7<BG #=@3=D3@ 3D3< B6=C56 =<3 ;756B
03 A93>B71/: /0=CB JC1BC/B7=<A /@7A7<5 ;3@3:G 4@=; 1=;;=< <=7A3 3@@=@ B3@;A 7B A6=C:2 03 1:3/@
B6/B B63 A/;3 ;316/<7A; 1=C:2 3F>:/7< 6=E B63 @3A>=<A3 B= / A;/:: /55@35/B3 4C<2/;3<B/: 1=C:2
03 /;>:7I32 *6CA 7B 7A <=B <313AA/@G B= 6/D3 AB@=<5 /55@35/B3 JC1BC/B7=<A 7< B63 4C<2/;3<B/:A
=@ AB@=<5 /55@35/B3 7<B3@/1B7=<A B= 53<3@/B3 :/@53 /55@35/B3 JC1BC/B7=<A 0CB B63A3 1/< /@7A3 4@=;
AB@=<5 :=1/: 7<B3@/1B7=<A /A 7< B63 ;=23: =4 <53:3B=A /<2 "/K% E7B6 >/7@E7A3 7<B3@/1B7=<A
#=@3 53<3@/::G B63 >@3A3<B /</:GA7A /:A= 23;=<AB@/B3A B6/B 27P3@3<B A=C@13A =4 C<13@B/7<BG /<2
B637@ 7;>/1B =< B63 D=:/B7:7BG =4 =CB1=;3A 1/<<=B 03 /</:GH32 7<23>3<23<B:G 7< B63 /0A3<13 =4
1=;>:3B3 7<4=@;/B7=<
< B67A >/>3@ E3 6/D3 4=1CA32 =< B63 7<4=@;/B7=< AB@C1BC@3A B6/B /@3 1=;>:3B3:G 3F=53<=CA
B= B63 /1B7=< B/93< 0G >:/G3@A B6/B 7A /:: 7<4=@;/B7=< /53<BA 53B 7A 1=<13@<7<5 B63 4C<2/;3<
B/:A -3 1=C:2 6/D3 /:A= 1=<A723@32 7<4=@;/B7=< AB@C1BC@3A 7< E6716 3/16 /53<B 53BA / A75</:
B6/B 7A 7<4=@;/B7D3 /0=CB B63 /D3@/53 /1B7=< B/93< 0G =B63@ >:/G3@A /<2 B63< 1=;>CB3 B63 A3B
=4 =CB1=;3A B6/B /@3 1=<A7AB3<B E7B6 / @/B7=</: 3F>31B/B7=<A 3?C7:70@7C; *63 A3B =4 43/A70:3
=CB1=;3A B6/B /@3 1=<A7AB3<B E7B6 / @/B7=</: 3F>31B/B7=< 3?C7:70@7C; E=C:2 1=<AB7BCB3 / AC0A3B
=4 B63 =CB1=;3A E63< =<:G 7<4=@;/B7=< =< B63 4C<2/;3<B/:A 7A 1=<A723@32 G3B E3 :3/D3 B63 16/@
/1B3@7H/B7=< =4 AC16 =CB1=;3A /A E=@9 4=@ 4CBC@3 @3A3/@16 @313<B 1=<B@70CB7=< 0G 3<6/070
-/<5 /<2 -3< /<2 @3:/B32 3<6/070 -/<5 /<2 -3< 1=<A723@ / ;=23: E7B6
B67A 97<2 =4 7<4=@;/B7=< AB@C1BC@3 *637@ ;=23: 6/A 7< 7BA @32C132 4=@; / :7<3/@ AB@C1BC@3 :793
B63 =<3 E3 6/D3 /</:GH32 G3B /53<BA 1/< 53B / <=7AG A75</: =< B63 /D3@/53 /1B7=< B/93< 0G =B63@
>:/G3@A *63G A6=E B6/B B63 3?C7:70@7/ 1/< 27A>:/G <=<4C<2/;3<B/: C<13@B/7<BG E6716 1/< 03
B6=C56B =4 /A A3<B7;3<BA @=; / >C@3:G 5/;3 B63=@3B71 >3@A>31B7D3 B637@ ;=23: 7A 3?C7D/:3<B B=
=C@ 03<16;/@9 ;=23: E7B6 1=;;=< D/:C3A 0CB /53<BA =<:G @3137D3 / >=AA70:G <=7AG A75</: =<
B63 /D3@/53 /1B7=< B/93< 0G /:: >:/G3@A
%/, 70;,78 4- 44;,2,39 03 *90438 %<3 =4 B63 I@AB @3AC:BA >@3A3<B32 63@3 7A B63
4/1B B63 1=;=D3;3<B 7< /1B7=<A 7A <=B =<:G 2@7D3< 0G 4C<2/;3<B/:A 0CB /:A= 0G B63 A>317I1
7<4=@;/B7=< AB@C1BC@3 B6/B B63 /53<BA 6/D3 /113AA B= %4 1=C@A3 C<23@ / IF32 7<4=@;/B7=< AB@C1
BC@3 7< E6716 /53<BA @3137D3 >=AA70:G ;C:B727;3<A7=</: A75</:A B63 1=;=D3;3<B 7< B63 /1B7=<A
1/< =<:G 16/<53 E7B6 B63 7<B3@/1B7=< >/@/;3B3@A CB ;=@3 53<3@/::G 0G 16/<53A 7< B63 7<4=@
;/B7=</: 3<D7@=<;3<B E=C:2 /:A= :3/2 B= 16/<53A 7< B63 1=;=D3;3<B =4 /1B7=<A #=@3=D3@ E3
A6=E32 B6/B /<G 43/A70:3 1=@@3:/B7=<A AB@C1BC@3 1/< 03 @/B7=</:7H32 4=@ A=;3 7<4=@;/B7=< AB@C1
BC@3 7<23>3<23<B =4 B63 7<B3@/1B7=< >/@/;3B3@A *63 7;>=@B/<13 =4 B63 7<4=@;/B7=< AB@C1BC@3
6/A 033< @31=5<7H32 7< ;/1@=31=<=;71A B= =P3@ 3F>:/</B7=<A B= =>3< 3;>7@71/: >CHH:3A =@ 3F
/;>:3 ,3:29/;> /<2 -=:43@A >@=D723 /< 3F>:/</B7=< =4 E6G B63@3 7A ;=@3 1=;=D3;3<B
7< =CB>CB /1@=AA 7<2CAB@73A B6/< B63 =<3 B6/B 1=C:2 03 >@3271B32 0G 1=;=D3;3<B 7< *& A6=19A
/<2 1=;>:3;3<B/@7B73A 7< >@=2C1B7=< *63G AC553AB B6/B B63 A31B=@/: 7<2CAB@73A ;756B 03 03BB3@
7<4=@;32 /0=CB B63 1=;;=< A6=19A B6/< /0=CB B63 727=AG<1@/B71 A6=19A E6716 7< BC@< E=C:2
53<3@/B3 B63 3F13AA 1=;=D3;3<B *63G AC553AB B6/B B67A 7<4=@;/B7=< AB@C1BC@3 ;756B 03 >@3D/
:3<B A7<13 7<4=@;/B7=< 6/A / IF32 1=AB 4=@ /1?C7@7<5 0CB <= 1=AB =4 @3>:71/B7<5 /<2 B6CA 27P3@3<B
7<2CAB@73A ;/G BG>71/::G 6/D3 ;=@3 7<4=@;/B7=< =< 1=;;=< A6=19A B6/< =< 727=AG<1@/B71 A6=19A
55,3+0=
*63 />>3<27F 1=::31BA B63 =;7BB32 >@==4A 4@=; B63 ;/7< 0=2G =4 B63 B3FB
"744- 4- ,22( :3/@:G E3 6/D3 B6/B /A 7B 4=::=EA 4@=; B63 :/E =4 7B3@/B32
3F>31B/B7=<A G B63 >@3D7=CA 23I<7B7=< /<2 231=;>=A7B7=< =4 B63 727=AG<1@/B71 AB/B3 E3
=0A3@D3 B6/B B63 3F>31B/B7=<A =4 B63 4=::=E7<5 >@=2C1BA /:: /5@33 *67A 1/< 03 3/A7:G A33< /A 4=::=EA
) (' *
E63@3 E3 8CAB CA3 B63 :/E =4 7B3@/B32 3F>31B/B7=<A /<2 B63 4/1B B6/B B63 3F>31B32 D/:C3 =4 /
727=AG<1@/B71 D/@7/0:3 1=<27B7=<32 =< /< /55@35/B3 D/@7/0:3 ;CAB 03 *6CA
)7;7:/@:G A7<13 E3 1=<A723@ / AG;;3B@71 /G3A 1=@@3:/B32 3?C7:70@7C; B63 1=D/@7/<13 =4 B63
/1B7=<A =4 /<G BE= 7<27D72C/:A /<2 E6716 7A 23<=B32 0G 7A 3?C/: B= B63 /55@35/B3
D/@7/<13 %<13 /5/7< B67A 1/< 03 3/A7:G A33< /A 4=::=EA
E63@3 7< B67A 1/A3 E3 <332 B= CA3 B6/B B63 3?C7:70@7C; 7A AG;;3B@71 /<2 B6CA *6CA E3 6/D3
"744- 4- "7454809043 @=; B63 I@AB =@23@ 1=<27B7=<A E3 9<=E B6/B
/<2 7< B67A 1/A3 E3 9<=E B6/B B6CA #C:B7>:G7<5
0G /<2 />>3/:7<5 B= B63 :/E =4 7B3@/B32 3F>31B/B7=<A
7;>:73A B6/B
/<2 A=:D7<5 4=@ G73:2A B63 3F>@3AA7=< 7< -3 1/< 1=;>CB3 B63 D/@7/<13 /<2 1=@@3:/B7=< 1=3O173<BA 0G 7<A3@B7<5 /<2 =0B/7<
/<2 4@=;
E3 =0B/7<
A7;7:/@:G 4@=;
E3 =0B/7<
/<2 I</::G 4@=;
%
E3 =0B/7<
%
"744- 4- "7454809043 -3 I@AB >@=D3 B6/B 74 B63 D/@7/0:3A 4=@; / $
4=@ A=;3 7<4=@;/B7=< AB@C1BC@3 /<2 /AA=17/B32 A75</:A B63< B63 D/@7/0:3A /:A=
4=@; / =<A723@ B63 1/A3 7< E6716 /53<BA @3137D3 <=@;/::G 27AB@70CB32 A75</:A B6@=C56 B63
7<4=@;/B7=< AB@C1BC@3 E6716 0G ;7<=@ /0CA3 =4 <=B/B7=< /:A= A3@D3A /A 1=<27B7=<7<5 3D3<B
*63< 7< /<G $ =4 B63 5/;3 E3 6/D3 B6/B B63 /1B7=<A =4 B63 /53<BA /@3 57D3< 0G
/<2 A7<13 B63 7<4=@;/B7=< 7A <=@;/::G 27AB@70CB32 B63 D/@7/0:3A /@3 8=7<B:G <=@;/: /A
E3:: G B/97<5 B63 3F>31B/B7=< =4 1=<27B7=</: =< B63 7<4=@;/B7=< A3B E3 53B
< =B63@ E=@2A /53<BA 9<=E B63 @31=;;3<232 /1B7=< B63G /@3 AC>>=A32 B= B/93 /<2 B6CA E3
1/< /AAC;3 B6/B B63 /53<BA 1=<27B7=< =< B637@ =E< /1B7=<A G B/97<5 3F>31B/B7=<A =4 1=<27B7=</: =< E3 53B
E63@3 E3 CA32 B63 :/E =4 7B3@/B32 3F>31B/B7=<A < =B63@ E=@2A B63 7<4=@;/B7=< 1=<B/7<32 7< 7A / ACO173<B AB/B7AB71 4=@ /53<BA B= 1=;>CB3 B637@ 03AB @3A>=<A3 /<2 B6CA B63 /53<BA 1=;>CB3
B63 A/;3 03AB @3A>=<A3 74 B63G 9<=E =@ 74 B63G 8CAB 9<=E .3B :==97<5 /B 0G
23I<7B7=< 4=@; / -3 <=E >@=D3 B6/B 74 4=@; / B63< B63@3 3F7ABA /< 7<4=@;/B7=< AB@C1BC@3
AC16 B6/B B63 D/@7/0:3A 4=@; / $ E63< /53<BA @3137D3 B67A 7<4=@;/B7=< AB@C1BC@3
-3 1=<A723@ B63 1/A3 7< E6716 B63 D/@7/0:3A 4=@; / /<2 B6CA B63 D/@7/0:3A /@3
8=7<B:G <=@;/: /<2
)7<13 B63 D/@7/0:3A /@3 8=7<B:G <=@;/: E3 1/< /:E/GA I<2 /<2 AC16 B6/B
E63@3 B63 D/@7/0:3A /<2 B63 @/<2=; D/@7/0:3 /@3 23I<32 0G B63 4=::=E7<5 3?C/B7=<A =4
B63 3?C7:70@7C; 27AB@70CB7=<
/<2
$=E 1=<A723@ B63 1/A3 7< E6716 /53<BA @3137D3 / =<327;3<A7=</: A75</:
*63< 0G 23I<7B7=< E3 6/D3 B6/B
E63@3 E3 CA3 B63 4/1B B6/B 1=<27B7=<7<5 =< 7A 3?C7D/:3<B B= 1=<27B7=<7<5 =< *6CA E63< /53<B
@3137D3A 7<4=@;/B7=< AB@C1BC@3 /<2 /AA=17/B32 A75</: B63< /53<B B/97<5 /1B7=<
1=<AB7BCB3A / /G3A $/A6 3?C7:70@7C; /A 7B 1=;>:73A E7B6 B63 03AB @3A>=<A3 1=<27B7=<
*6CA B63 27AB@70CB7=< 4=@;A / $ E63< /53<BA @3137D3 A75</:A "744- 4- "7454809043 G @3E@7B7<5 B63 1=<AB@/7<BA =4 &@=>=A7B7=< E3 =0B/7<
4 7A AB@71B:G 7<1@3/A7<5 B63< 7< B63 =>B7;C; B63 /0=D3 7<3?C/:7BG ;CAB
07<2 #=@3=D3@ 74 B63 1=<AB@/7<B 2=3A <=B 07<2 B63< E3 1/< 8CAB 7<1@3/A3 /<2 7<
3?C/: /;=C<BA E7B6=CB D7=:/B7<5 /<2 7<1@3/A7<5 B63 D/:C3 =4 *6CA 7< B63 ;/F7;C; =4
E3 ;CAB 6/D3 B6/B 0=B6 07<2 #=@3=D3@ A7<13 7A AB@71B:G 7<1@3/A7<5 7< /<2
E3/9:G 7<1@3/A7<5 7< 7B 7A 1:3/@ B6/B B63 ;/F7;C; E7:: 03 /1673D32 >=A7B7D3 @==B =4 "744- 4- "7454809043 4 B63< E3 ;CAB A=:D3
AC16 B6/B -3 =0A3@D3 B6/B B63 =0831B7D3 4C<1B7=< 7A 7<1@3/A7<5 7< /<2 /<2
B6CA E3 ;CAB 6/D3 B6/B B63 1=<AB@/7<B 7A A/B7AI32 /A /< 3?C/:7BG *6CA B63 >@=0:3; 7A 3?C7D/:3<B
B=
)7<13 E3 =<13 /5/7< 6/D3 B6/B B63 =0831B7D3 4C<1B7=< 7A 7<1@3/A7<5 7< B6CA B63
;/F7;C; 7A /1673D32 /B E6716 7A B63 1=;>:3B3 7<4=@;/B7=< 3?C7:70@7C; "744- 4- "7454809043 7D3< / <=7A34@33 3?C7:70@7C; >/@/;3B@7H32 0G E3 6/D3 B6/B
CB <=B3 B6/B 74 B63<
0CB B63<
E7B6 AB@71B 7<3?C/:7BG 74 *6CA B63 @3A>=<A3 B= B63 727=AG<1@/B71 1=;>=<3<B 7A 5@3/B3@ B6/<
7< B63 1=;>:3B3 7<4=@;/B7=< 3?C7:70@7C; 74 =@ B63 A31=<2 >/@B E3 @3>3/B B63 A/;3
/@5C;3<B $=B3 B6/B 74 B63< 0CB B63<
E7B6 AB@71B 7<3?C/:7BG 74 "744- 4- "7454809043 *63 1=;>/@/B7D3 AB/B71A E7B6 @3A>31B B= B63 ;/F7;C; /@3 27@31B
4@=; B63 3<D3:=>3 B63=@3; *63 1=;>/@/B7D3 AB/B71A E7B6 @3A>31B B= B63 /@5;/F /@3 A6=E< 0G
>@=D7<5 B6/B B63 ?C/<B7B73A 6/D3 / C<7?C3 ;/F7;C; E6716 7A 7<B3@7=@ /<2 B63< CA3 B63 A75< =4
B63 1@=AA 23@7D/B7D3A B63 23@7D/B7D3 E7B6 @3A>31B B= /<2 7</::G B63 :/AB >/@B 7A >@=D32 0G
1=;>/@7<5 B63 23@7D/B7D3A
/<2 -3 0357< E7B6 B63 7<27D72C/: D/@7/<13 /<2 CA7<5 E3 1/< E@7B3 7B 7< B3@;A
=4 ! E63@3
$=B3 B6/B
$
!
7A AB@71B:G 7<1@3/A7<5 7< /<2 74 B63<
E7B6 @3A>31B B=
23@7D/B7D3 E3 53B
/<2 B6CA ;/F7;7H7<5
7A 3?C7D/:3<B B= ;/F7;7H7<5 E7B6 @3A>31B B= 7<27<5 B63
! B 7A 3/AG B= A33 B6/B
7A >=A7B7D3 /B
B63 ;/F7;C; ;CAB 03 7<
6/A / C<7?C3 @==B 7<
! ! /<2 <35/B7D3 74 E3 B/93 /
:/@53 3<=C56 /<2 B6CA
-3 E=C:2 :793 B= A6=E B6/B B63 >=:G<=;7/:
!
!
4 =@ E3 9<=E 7B 6/A / C<7?C3 @==B 7<
=@ E3 23I<3 B63 23B3@;7</<B =4 B63 1C071 3?C/B7=<
-3 9<=E B6/B 74 B63< B63 >=:G<=;7/: 6/A / C<7?C3 @==B (3>:/17<5 0G B63 @3A>31B7D3
D/:C3A =4 B63 1C071 >=:G<=;7/: E3 53B
! ! CA7<5 B63 4/1B B6/B 4=@ E3 6/D3 B6/B /<2 E3 9<=E B6/B B63
B3@; E7B6 ! /<2 E7B6=CB ! /@3 <35/B7D3 -3 8CAB <332 B= 16319 B63 B3@; E7B6 ! 0CB B67A 7A
/:A= <35/B7D3 4=@ *6CA /<2 B6CA 4=@ B63 >=:G<=;7/: 6/A /
C<7?C3 @==B
*6CA E3 6/D3 B6/B B63@3 3F7ABA / C<7?C3 B6/B ;/F7;7H3A 7</::G E3 6/D3 B6/B
$=B3 B6/B
/<2 B6CA /B B63 ;/F7;C;
/<2 B6CA /@5;/F 7A 231@3/A7<5 7< 7</::G E3 9<=E B6/B /<2 B6CA
B6CA E3 6/D3 B6/B
! ! ! ! ! B6CA /@5;/F 74 /<2 =<:G 74 $3FB E3 1=<A723@ B63 /55@35/B3 D/@7/<13 /<2 E@7B3 7B 7< B3@;A =4 ! E63@3
/<2 ! /@3 23I<32 /A 7< #/F7;7H7<5 E7B6 @3A>31B B=
;/F7;7H7<5 E7B6 @3A>31B B= 7<27<5 B63 23@7D/B7D3 E3 53B
7A 3?C7D/:3<B B=
! ! 5/7< E3 6/D3 B6/B ! 6/A / C<7?C3 @==B 7< *6CA E3 6/D3 B6/B B63@3
3F7ABA / C<7?C3 B6/B ;/F7;7H3A 7</::G E3 6/D3 B6/B
$=B3 B6/B
/<2 B6CA /B B63 ;/F7;C;
B6/B /<2 B6CA
/<2 B6CA /@5;/F 7A 231@3/A7<5 7< 7</::G E3 9<=E
! B63@3 E3 6/D3 B6/B
! ! ! ! B6CA /@5;/F 7</::G E3 1=<A723@ B63 27A>3@A7=< 3F>@3AA32 7< B3@;A =4 ! E63@3
/<2 ! /@3 23I<32 7< A 034=@3 ;/F7;7H7<5 E7B6 @3A>31B B=
B= ;/F7;7H7<5 E7B6 @3A>31B B= 7<27<5 B63 23@7D/B7D3 E3 53B
7A 3?C7D/:3<B
! ! 5/7< E3 6/D3 B6/B B6/B ;/F7;7H3A ! 6/A / C<7?C3 @==B 7< *6CA B63@3 3F7ABA / C<7?C3
7</::G E3 6/D3 B6/B
$=B3 B6/B
/<2 B6CA /B B63 ;/F7;C;
9<=E B6/B /<2 B6CA /@5;/F 7A 231@3/A7<5 7< 7</::G E3
/<2 B6CA /B
! E3 6/D3 B6/B
! ! ! ! B6CA /@5;/F 7</::G E3 E/<B B= A6=E B6/B /@5;/F /@5;/F /@5;/F *63A3 7<3?C/:7B73A 4=::=EA 4@=; 1=;>/@7<5 B63 23@7D/B7D3A =4 /<2 E7B6 @3A>31B
B= )7<13 B63 23@7D/B7D3A A/B7A4G B63 >@3D7=CA 7<3?C/:7B73A B63 ;/F7;C; ;CAB /:A= A/B7A4G B63
A/;3 7<3?C/:7B73A "744- 4- "7454809043 -3 I@AB A=:D3 4=@ G A3BB7<5 3?C/: B= E3 6/D3
B6/B B63 /55@35/B3 D=:/B7:7BG 7A ;/F7;7H32 /B
$
! !
)C0AB7BCB7<5 B63 A=:CB7=< 7< /<2 CA7<5 B63 23I<7B7=<A =4
/<2 ! E3 53B B6/B B63 ;/F7;C;
D=:/B7:7BG 7A 3?C/: B=
$
+A7<5 B63 23I<7B7=< =4 /<2 E3 53B B 4=::=EA 4@=; B6/B
B 7A /:A= 7;;327/B3 B6/B 7A B63 /55@35/B3 D=:/B7:7BG 7< B63 1=;>:3B3 7<4=@;/B7=<
3?C7:70@7C; *6CA E3 /@3 =<:G :34B E7B6 >@=D7<5 B6/B
*63 :7;7B 1/< 03 3/A7:G 1/:1C:/B32 CA7<5 "K=>7B/:KA @C:3 *6/B 7A 8CAB <=B3 B6/B /A E3
6/D3 B6/B
%
/<2 63<13 E3 53B B63 @3AC:B "744- 4- "7454809043 *63 A=:CB7=< 1/< 03 4=C<2 7< 3@53;/<< /<2 #=@@7A 0
*63 B6/B ;/F7;7H3A B63 7<27D72C/: D/@7/<13 7A 57D3< 0G
*= I<2 B63 A75</: B6/B 2313<B@/:7H3A AC16 / 8CAB <=B3 B6/B E63< B63 A75</: 7A =4 B63 4=@;
E63@3 7A / >C@3:G 727=AG<1@/B71 <=7A3 B63< B63 1=@@3:/B7=< 1=3O173<B =4 B63 /1B7=<A
7A 57D3< 0G
*6CA E3 6/D3 B6/B
*63 A=:CB7=< 7A >@=D7232 0G B63 4=::=E7<5 >@=0:3; E63@3 E3 B/93 B63 :7;7B =4
B63 7< &@=>=A7B7=< AC0831B B=
*63 1=<AB@/7<BA E7:: 1:3/@:G 07<2 /B B63 =>B7;C; B6CA E3 6/D3 B6/B E3 <332 B= A=:D3
E7B6
*67A G73:2A B63 4=::=E7<5 A=:CB7=<
B 7A 1:3/@ B6/B 4=@ B63 1=;>:3B3 7<4=@;/B7=< 3?C7:70@7C; 7A B63 A=:CB7=< E67:3 4=@
B63 A=:CB7=< E7:: <=B 03 B63 1=;>:3B3 7<4=@;/B7=< 3?C7:70@7C; -3 I<2 B63 A75</: B6/B
2313<B@/:7H3A AC16 / E7B6 A75</: E63@3 7A / 1=;;=< <=7A3 /<2 /A B63
1=@@3:/B7=< 1=3O173<B /1@=AA /1B7=<A 7A 57D3< 0G
E3 I<2 B6/B
E6716 1=;>:3B3A B63 /@5C;3<B "744- 4- "7454809043 :3/@:G /:: 1=<AB@/7<BA 4@=; B63 E7B6 C<@3AB@71B32 7<4=@;/B7=<
AB@C1BC@3 ;CAB 1=<B7<C3 B= 6=:2 -3 I@AB >@=D3 B6/B 7< /<G 7< E6716 /53<BA 9<=E B637@ =E<
>/G=P AB/B3 1=<AB@/7<B ;CAB 6=:2 *63 >@==4 7A 8CAB ;C:B7>:G7<5 0G 7< E6716 1/A3
E3 53B
/<2 B/97<5 3F>31B/B7=<A /<2 27D727<5 0G E3 53B B63 @3AC:B
-3 <=E >@=D3 ACO173<1G *6/B 7A E3 /AAC;3 B6/B /:: 1=<27B7=<A =4 &@=>=A7B7=< /@3
A/B7AI32 0CB
E63@3 E3 <=B3 B6/B E3 /:@3/2G >@=D32 B6/B B63 1=<27B7=<A =4 &@=>=A7B7=< 7;>:G B6/B B63
D/@7/<131=D/@7/<13 ;/B@7F =4 B63 @/<2=; D/@7/0:3A 7A >=A7B7D3 A3;723I<7B3 4 B63< 0G 23I<7B7=< E6716 7;>:73A B6/B E3 1/< CA3 B63 A/;3 /@5C;3<B /A 7< &@=>=A7B7=<
*6CA E3 /AAC;3 /<2 >@=1332 0G 1=<B@/271B7=< < B67A 1/A3 A7<13 /@3
<=@;/::G 27AB@70CB32 E3 9<=E B6/B B63@3 3F7ABA 1=<AB/<BA /<2 AC16 B6/B
-3 <332 B= >@=D3 B6/B 74 =@ B63< 37B63@ =@ =@ 0=B6 2= <=B 6=:2
#C:B7>:G7<5 B63 >@3D7=CA 3?C/B7=< 0G /<2 B/97<5 3F>31B/B7=< /<2 :/B3@ 2=7<5 B63 A/;3 4=@ E3 53B
/<2 /A B63 AGAB3; =4 3?C/B7=<A 7A 7<D3@B70:3 4=@ /<2 E3 6/D3 / C<7?C3 A=:CB7=< 4=@ B63A3
D/@7/0:3A -3 9<=E B6/B B63 A=:CB7=< E63< /<2 6=:2 7A /<2 B6CA 74 =@ B63< 37B63@ =@ 2= <=B 6=:2 *6CA E3 =0B/7< ACO173<1G /A E3:: "744- 4- "7454809043 @=; B63 03AB @3A>=<A3 1=<27B7=<A E3 6/D3 B6/B
/<2 ;C:B7>:G7<5 0G /<2 B/97<5 3F>31B/B7=<A <=B3 B6/B 031/CA3 7A 7< E3 6/D3 B6/B
E3 I<2 B6/B
-3 /:A= CA3 B63 4/1B B6/B
/<2 63<13 7<A3@B7<5 7< E3 =0B/7<
*6CA B63 7<3?C/:7B73A 7< 1/< 03 E@7BB3< /A 4=::=EA
=@ 0=B6 =4 B63 >@3D7=CA 7<3?C/:7B73A B63 @756B 6/<2 A723 7A / 1=<D3F 4C<1B7=< =4 *6CA 4=@
/ IF32 7<3?C/:7B73A /<2 7<23>3<23<B:G 1=<AB@/7<B B63 A3B =4 43/A70:3 B= 03 7< /
1=<D3F 7<B3@D/: E7B6 <=<3;>BG 7<B3@7=@ 4=@ /:: 7B 7A 3/AG B= 16319 B6/B B63@3 3F7ABA
D/:C3A =4 AC16 B6/B 37B63@ 7<3?C/:7BG 7A AB@71B *6CA 74 E3 7;>=A3 0=B6 7<3?C/:7B73A 8=7<B:G E3
E7:: I<2 B63 7<B3@A31B7=< =4 0=B6 7<B3@D/:A E6716 7A /:A= / 1=<D3F 7<B3@D/: -3 I@AB I<2 B63 A3B =4
43/A70:3 /<2 >@=D3 B6/B 7B 7A /:E/GA 1/A3 B6/B =<3 =4 B63 7<3?C/:7B73A >@=D723A B63 :=E3@ 0=C<2
/<2 B63 =B63@ 7<3?C/:7BG >@=D723A B63 C>>3@ 0=C<2 =< B63 A3B =4 43/A70:3 4=@ 3/16 43/A70:3 =@ B67A E3 ;/93 A3D3@/: =0A3@D/B7=<A
7@AB E63< /53<BA 9<=E B637@ =E< >/G=P BG>3 B63@3 /@3 =<:G BE= <=7A34@33 3?C7:70@7/ =<3
7< E6716 /53<BA 9<=E =<:G B637@ BG>3 /<2 B63 1=;>:3B3 7<4=@;/B7=< 3?C7:70@7/ *67A 7;>:73A B6/B
B63@3 /@3 =<:G BE= >/7@ =4 D/:C3A 4=@ AC16 B6/B 7<3?C/:7B73A /<2 0=B6 6=:2 E7B6
3?C/:7BG )31=<2 B63 >@3D7=CA >=7<B 7;>:73A B6/B B63@3 /@3 =<:G BE= >/7@A =4 D/:C3A 4=@ AC16 B6/B B63 0=C<2 =4 B63 7<B3@D/:A 7;>=A32 0G 7<3?C/:7B73A /<2 /@3 B63 A/;3 *67@2
B63 >@3D7=CA BE= >=7<BA 7;>:G B6/B B63@3 /@3 =<:G BE= >=AA70:3 AC16 B6/B B63 A3B =4 43/A70:3
7A / A7<5:3B=< *63A3 D/:C3A /@3 E6716 1=@@3A>=<2A B= B63 =4 B63 1=;>:3B3
7<4=@;/B7=< 3?C7:70@7/ /<2 B63 3?C7:70@7/ 7< E6716 /53<BA =<:G 9<=E B637@ BG>3 =C@B6 7B 7A
1:3/@ B6/B B63@3 /@3 <= 43/A70:3 E7B6 74B6 B63 C>>3@ /<2 :=E3@ 0=C<2 =< B63
43/A70:3 B6/B /@3 7;>=A32 0G 7<3?C/:7B73A /<2 ;=D3 A;==B6:G E7B6 )7FB6 B67A
7;>:73A B6/B B63 A3B =4 43/A70:3 7A 0=C<232 0G B63 D/:C3A =4 7< E6716 B63 A3B =4 43/A70:3
7A / A7<5:3B=< *6CA B63 A3B =4 43/A70:3 7A 7< #=@3=D3@ 7B
7A 3/AG B= A33 B6/B 4=@ /:: 7< B63 7<B3@7=@ =4 B67A 7<B3@D/: =<3 =4 B63 7<3?C/:7B73A >@=D723A B63
C>>3@ 0=C<2 4=@ E67:3 B63 =B63@ 7<3?C/:7BG E7:: >@=D723 B63 :=E3@ 0=C<2
-3 <=E >@=D723 B63 3F>:717B 4C<1B7=</: 4=@;A 4=@ B63 C>>3@ /<2 :=E3@ 0=C<2A *= 16319
E6716 =4 B63 7<3?C/:7B73A >@=D723A B63 C>>3@ /<2 :=E3@ 0=C<2 @3A>31B7D3:G E3 1/< 8CAB :==9 /B
B63 3?C7:70@7/ 7< E6716 /53<BA 9<=E =<:G B637@ =E< BG>3 /<2 B6CA < B67A 1/A3 E3
6/D3 B63 4=::=E7<5 7<3?C/:7B73A 4=@ A 3F>31B32 7B 7A 3/AG B= 16319 B6/B A/B7AI3A 0=B6 7<3?C/:7B73A #=@3=D3@ 7B 7A 3/AG B=
A33 B6/B 74 B63< >@=D723A / :=E3@ 0=C<2 =< B63 A3B =4 B6/B A/B7AI3A B63 I@AB
7<3?C/:7BG E67:3 >@=D723A /< C>>3@ 0=C<2 =< B63 A3B =4 B6/B A/B7AI3A B63 A31=<2
7<3?C/:7BG 4 E3 53B B63 =>>=A7B3 >@=D723A / C>>3@ 0=C<2 =< B63 A3B =4 B6/B
A/B7AI3A B63 I@AB 7<3?C/:7BG E67:3 >@=D723A / :=E3@ 0=C<2 =< B63 A3B =4 B6/B A/B7AI3A
B63 A31=<2 7<3?C/:7BG *6CA 74 B63< B63 7<3?C/:7BG >@=D723A B63 :=E3@ 0=C<2 4=@ /<2 B63 7<3?C/:7BG >@=D723A /< C>>3@ 0=C<2 =< B63 A3B =4 43/A70:3 4=@ /:: 4 E3 53B B63 =>>=A7B3 @3AC:B $=B3 B6/B B63 1=<1:CA7=<A /0=CB B63 0=C<2A E63< 1/< 03
3FB3<232 4=@ /:: 43/A70:3 031/CA3 E3 9<=E B6/B B63 0=C<2A =4 B63 7<B3@D/:A /@3 27P3@3<B 4=@
/:: /<2 B63G ;=D3 1=<B7<C=CA:G B6CA B63 @3:/B7D3 =@23@ 7A >@3A3@D32 7</::G 0G
B/97<5 B63 @756B @==BA 8CAB 16319 E6716 =<3 G73:2A E63< E3 23I<3 7;>:717B:G
B63 4C<1B7=<A /<2 $
*63@34=@3 4=@ /:: 43/A70:3 7< E6716 /53<BA 9<=E B637@ =E< BG>3 E67:3 B63 A3B =4 7A 0=C<232 0G B63 4C<1B7=<A /<2 4 B63< 4C<1B7=< >@=D723A
B63 C>>3@ 0=C<2 E67:3 >@=D723A B63 :=E3@ 0=C<2 4 B63< B63 4C<1B7=< >@=D723A
B63 C>>3@ 0=C<2 E67:3 >@=D723A B63 :=E3@ 0=C<2 "744- 4- "7454809043 -3 I@AB >@=D3 B6/B /<2 7A 3?C7D/:3<B B= 037<5 >=A7B7D3
A3;723I<7B3 E63@3 <=E 7A
!
! ! !
! !
! ! !
! 57D3< 0G
"
"
"
"
"
"
"
"
"
"
AG;;3B@71 E7B6 /53<BA 7A 57D3< 0G / 27AB@70CB7=<
! "
! !
""
"
! "
! !
"
! " ! ! "" ! "
! ! "
"
E63@3 B63 D/@7/<131=D/@7/<13 ;/B@7F 7A >=A7B7D3 A3;723I<7B3 /<2 B63 03AB @3A>=<A3 1=<27B7=<A
*63 1=<27B7=<A 1=;3 4@=; B63 1=<27B7=< B6/B B63 D/@7/<131=D/@7/<13 ;/B@7F 7A >=A7B7D3
A3;723I<7B3 *= 53B / A7;>:3 3F>@3AA7=< 4=@ B63 1=<27B7=<A B6/B B63 D/@7/<131=D/@7/<13 ;/B@7F
7A >=A7B7D3 A3;723I<7B3 E3 ;/93 A=;3 16/<53 =4 D/@7/0:3A -3 I@AB CA3 B63 23I<7B7=<A 4=@ /<2
/<2 <=B3 B6/B
! !
!
! "
! "
! "
! " ! " ! "
! "
"
" ! " " ! "
CA7<5 B63 :7<3/@7BG <=@;/::G 27AB@70CB32 @/<2=; D/@7/0:3A
!
! "!
"
! "
! !
"!
! "
"
" ! " ! " ! !
! " ! ! "
" !
! "
!
"
!
"
!
"
"
"
"
"
*6CA B63 8=7<B 27AB@70CB7=< =4 7A 57D3< 0G
! ! ! "
""
"
! !
! "
"
! " ! !
"" ! ! ! "
""
/<2 E3 <=B3 B6/B B63 D/@7/<131=D/@7/<13 ;/B@7F 7A >=A7B7D3 A3;723I<7B3 74 /<2 =<:G 74
AC0831B B= $=B3 B6/B
/<2 B6/B B63 =@B6=5=</: B3@;A G73:2
E63@3 E3 <=B3 B6/B /<2
*6CA B63 D/@7/<131=D/@7/<13
;/B@7F =4 7A 57D3< 0G
! "
"
! "
! "
!
"
!
"
!
!
"
!
"
"
!
"
!
-7B6 =<3 ;=@3 16/<53 =4 D/@7/0:3 /<2 23I<7<5
E3 I<2 B6/B
! " !
! " ! !
" !
! " ! " ! "
! "
"
" ! " "
"
!
*6CA E3 I<2 B6/B B63 D/@7/<131=D/@7/<13 ;/B@7F =4 7A 57D3< 0G
!
!
!
!
"
"
"
"
*67A /::=EA CA B= 1=<1:C23 B6/B B63 D/@7/<131=D/@7/<13 ;/B@7F =4 7A 57D3<
0G
!
! ! !
!
!
!
!
!
!
"
"
"
"
"
"
"
"
"
"
)7<13 /:: 16/<53 =4 D/@7/0:3A ;/23 /@3 7<D3@B70:3 E3 9<=E B6/B B63 D/@7/<131=D/@7/<13 ;/B@7F
23I<32 0G 7A 7<D3@B70:3 74 /<2 =<:G 74 7A 7<D3@B70:3 .3B A7<13 B63 /0=D3 ;/B@7F 7A 23I<32
0:=19E7A3 7B 7A 3/AG B= A33 B6/B 7B 7A >=A7B7D3A3;723I<7B3 74 /<2 =<:G 74
/<2
E6716 G73:2A B63 23A7@32 @3AC:B
-3 <=E >@=D3 B6/B 57D3< @/<2=; D/@7/0:3A &@=>=A7B7=< 6=:2A 74 /<2
=<:G 74
A CAC/: B63 L=<:G 74M >/@B 7A >@=D3< 0G ;C:B7>:G7<5 B63 03AB @3A>=<A3 1=<27B7=<A 0G /<2
B/97<5 3F>31B/B7=<A A 034=@3 B63 L74M >/@B 7A 8CAB >@=D3< 0G 1=<B@/271B7=< *6/B 7A 0G B63
<=@;/:7BG =4 B63 @/<2=; D/@7/0:3A B63@3 3F7ABA AC16 B6/B
#C:B7>:G7<5 0G /<2 B/97<5 3F>31B/B7=<A E3 53B
CB 74 &@=>=A7B7=< 7A A/B7AI32 B63< =0D7=CA:G E3 ;CAB 6/D3 B6/B 3<13 E3 53B B63
@3AC:B "744- 4- "7454809043 *63 >@==4 7A 1=;>:3B3:G /</:=5=CA B= B63 >@==4 =4 &@=>=A7B7=< A 034=@3 7A / <313AA/@G 1=<27B7=< 4=@ B63 I@AB =@23@ 1=<27B7=<A B= 03 A/B7AI32 /<2 B67A 1/<
03 =0B/7<32 0G ;C:B7>:G7<5 0G /<2 B/97<5 3F>31B/B7=<A *63 L74M >/@B 1/< /:A= 03 2=<3
7< 3F/1B:G B63 A/;3 E/G 0G 1=<B@/271B7=<
#,-,7,3*,8
$&#+ (,# & /#( % /# ! L*63 $3B
E=@9 %@757<A =4 55@35/B3 :C1BC/B7=<AM )()'.,# N
%#*&) % 0 L)3<B7;3<BAM )()'.,# N
% ! % % % L)3<B7;3<BA /<2 55@35/B3 :C1BC/B7=<AM
7A1CAA7=< >/>3@ $3E .=@9 +<7D3@A7BG
L+<13@B/7<BG /<2 )3<B7;3<B@7D3< ?C7:70@7/M 7A1CAA7=< >/>3@ $3E .=@9
+<7D3@A7BG
($%% % &((!) / L*63 =;>/@7A=< =4 <4=@;/B7=< )B@C1BC@3A 7<
/;3A /G3A =@@3:/B32 ?C7:70@7C; /<2 <27D72C/: )CO173<1GM 7A1CAA7=< &/>3@ =E:3A =C<2/B7=< 4=@ (3A3/@16 7< 1=<=;71A ./:3 +<7D3@A7BG
0 L(=0CAB &@3271B7=<A 7< /;3A E7B6 <1=;>:3B3 <4=@;/B7=<M )()'.,#
N
##-! % %"*)-(% L)3BB7<5 B63 @756B >@713A 4=@ B63 E@=<5 @3/
A=<AM )/,(& ) )(.,3 )()'#- )C>>:3;3<B
) N )
+) LF>31B/B7=<A /<2 B63 $3CB@/:7BG =4 #=<3GM )/,(& ) )()'# "),3
N
"&-!" % !( &#* L%>B7;/: )B719G &@713A C<23@ (/B7=</: </B
B3<B7=<M ',#( )()'# 0#1 N
#"$' % &#() L55@35/B3 )6=19A =@ 55@35/B3 <4=@;/B7=< =AB:G
<4=@;/B7=< /<2 CA7<3AA G1:3 =;=D3;3<BM )/,(& ) )(.,3 )()'#- ) N