h$ '07A/; !4551$ X505>$ LLJ BOTTTC( MOHeMIL
! OTTT !;/GE@5;; `7::50:G=/N>:?^54;/S( !54;70
+,,) TVILeOKKQ
B#G )+-+%8+/H IGJGKLLL
!"#$%$&$ '&() *%+),&-.$ &"/ *%+).01$&"2 /+) 3.)%#$%0"4516)+-.$#47"%8+)#%$0($ ,& 9%+1: 9%+1: ;+)<0"=
!"#"$%&'(#&)' )* #+" &'+"$&#('," -(##"$' )* +.-"$#+"/&( &'
,(##/" 0. %(1&%2% /&3"/&+))4 ('(/.5&56
!" #$ !%&'( )$ %*+),-. /01 *$ &'2#
72%%($.
' 3456789:;" 39<;7:=51 1/>/?:5> @7>= 8<:546/>780: 80 :935409A54/4" >5/>: B="354>=5;7/C 70 19/;?394?
38:5 ,7AA50>/; @/: 45/0/;":51 <" A/D7A9A?;7E5;7=881$ F=5 1/>/ G8A347:51 HIJ 9045;/>51 /07A/;:
/01 KLM A5A<54: 8N OJ 3/>540/; =/;N?:7< N/A7;75: @7>= E08@0 3=508>"35 8N 5/G= :745$ F=5 N45P950G"
8N ="354>=5;7/ @/: HQR 70 9045;/>51 /07A/;:( HLR 70 N/A7;75: @7>= 90/NN5G>51 :745( /01 JIR 70
N/A7;75: @7>= /NN5G>51 :745:$ ,7D 17NN5450> G/:5: 8N :70S;5?S505 70=547>/0G5 @545 G80:715451$ F=5 =7S=5:>
;8S?;7E5;7=881 @/: 8<>/7051 N84 /117>765 70=547>/0G5 /01 N84 / 45G5::765 3/>>540 @7>= LTTR 3505?
>4/0G5 N84 45G5::765 =8A8U"S8>5: /01 IOR N84 <8>= 8>=54 S508>"35:$ *:>7A/>5: N84 >=5 S505 N45?
P950G" 8N >=5 N/6894/<;5 /;;5;5 @545 T$IM /01 T$OV( 45:35G>765;"$ ,7A3;5 18A70/0G5 84 45G5::76505::
@7>= N9;; 84 70G8A3;5>5 3505>4/0G5 G89;1 <5 5DG;9151$ F=5 38::7<7;7>" 8N W0170S 3/>540/; =/;N?:7<
N/A7;75: @7>= / =5>548U"S89: :745 /: / 45:894G5 N84 / A/3370S 5D3547A50> :55A >8 <5 S881 70 X54A/0
,7AA50>/;$
825(%%"'*(552'9
7"$+)#&-.&"2 /+# >)620"2+# '&() ?=@+)$.+1%+ 6+%< A%"/ <%$$+1# B0C%<&<4D%E+1%.FF/4
5"01=#+
,G=80 N49Y=54 6548YNN50>;7G=5 Z/>50 A7> !58</G=>90S50 U9A '9N>45>50 9Y<54U/Y=;7S54 [7>U50
B."354>=5;75C <57 \;5GE675=>75450 @94150 57054 #/D7A9A?27E5;7=881?'0/;":5 90>54U8S50$ Z/:
#/>547/; <5:>/01 /9: HIJ 90654@/01>50 F75450 901 KLM F75450( 175 /9: OJ 654:G=7515050 6/Y>54;7G=50
./;<S5:G=@7:>54S493350 :>/AA>50( @8<57 154 ]=/Y08>"3 15: ^/>54: _5@57;: <5E/00> @/4$ Z75 45;/>765
./Y9WSE57> 9Y<54U/Y=;7S54 [7>U50 <5>49S HQR <57 90654@/01>50 F75450( HLR <57 )/G=E8AA50 680
07G=> <5>48NN5050 ^/Y>540 901 JIR <57 )/G=E8AA50 680 ^/Y>540( 175 :5;<:> 9Y<54U/Y=;7S5 [7>U50 /9N?
@75:50$ ,5G=: 654:G=751505 #8YS;7G=E57>50 A808S5054 ^5454<90S @94150 90>54:9G=>$ Z75 =8YG=:>50
`54>5 N9Y4 175 ;8S?;7E5;7=881 54S/<50 :7G= N9Y4 57050 /117>7650 *4<S/0S :8@75 N9Y4 5705 ^/47/0>5 A7>
LTTR ]505>4/0U N9Y4 175 45U5::76 .8A8U"S8>50 901 _5@57;: IOR ]505>4/0U N9Y4 175 <57150 /015450
X508>"350$ \9Y4 1/: 54@9Y0:G=>5 ';;5; @9415 70 <57150 ^/47/0>50 5705 /Y=0;7G=5 \45P950U 680 IMR
<U@$ OVR S5:G=/Y>U>$ *70N/G=5 18A70/0>5 8154 45U5::765 *4<S/Y0S5( /9G= A7> 9068;;:>/Y017S54 ]505?
>4/0U( E800>50 /9:S5:G=;8::50 @54150$ Z75 '9::7G=>( N9Y4 &/4>75490S:5D3547A50>5 S557S05>5 6/Y>54;7?
G=50 ./;<S5:G=@7:>54N/A7;750 U9 W0150( :G=570> N9Y4 175 %/::5 \;5GE675= S9Y0:>7S U9 :570$
:'#$)42,#&)'
+0 1/74" G/>>;5 <455170S :935409A54/4" >5/>: B="354>=5;7/C /45 /0 9015:7451 G8017>780 195
>8 /5:>=5>7G 45/:80:( 38::7<;5 17:>94</0G5: 8N A/G=705 A7;E70S( /01( 354=/3: A8:> 7A384?
>/0>( <5G/9:5 :935409A54/4" A/AA/4" S;/01: A/" /G> /: / 45:5465 N84 </G>547/ >=/> G/9:5
A/:>7>7: B\%*%&+)X /01 2aFF.'##*% LVQLb ,F*+X*% /01 X%cY)*)\*2Z*% LVQQC$ F=545 7:
08 189<> >=/> >=5 8GG94450G5 8N :935409A54/4" >5/>: /01 /GG5::84" A/AA/4" >7::95
B="354A/:>7/C 70 G/>>;5 7: =547>/<;5$ .547>/<7;7>" 5:>7A/>5: 4/0S5 N48A .O ! T$TV >8 T$KI /01
=/65 45G50>;" <550 45675@51 <" !%&' 5> /;$ BOTTTC$ ^54" 8N>50 <86705 ="354>=5;7/ =/:
<550 G80:715451 /: 38;"S507G( <9> :8A5 45:5/4G=54: 34838:51 15>54A70/>780 <" / :70S;5
S505$
c$,$ -83"47S=> -;5/4/0G5 -50>54 -815 ,>/>5A50>d
TVILeOKKQfOTTTfLJTTeTMOH gLH$TTfT
MOK
BG N)E0: OG A+%"#-. 0"/ >G 901<
' 45G5::765 A815 8N 70=547>/0G5 @/: :9SS5:>51 <" hc2*% BLVOJC( <9> Fc\\ BLVHTC
N/689451 18A70/0G5$ +^')a^' BLVOQC 34838:51 18A70/0> 70=547>/0G5 N84 :935409A54/4"
>5/>: /> >=5 45/4 8N >=5 91154 /01 45G5::765 70=547>/0G5 N84 8>=54 38:7>780:$ F.+*%2*i
BLVKQC W4:> 5:>7A/>51 >=5 N45P950G" 8N / S505 45:380:7<;5 N84 ="354>=5;7/ 90154 >=5
/::9A3>780 8N 18A70/0> 70=547>/0G5 9:70S N45P950G" 1/>/ 8N HLT 9045;/>51 =57N54: /01
:9<:5P950>;" >5:>51 >=7: /::9A3>780 <" G8A3/470S 5D35G>51 /01 8<:54651 N45P950G75: 8N
="354>=5;7/; 1/9S=>54: 70 =/;N?:7< N/A7;75: @7>= E08@0 3=508>"35: 8N :745 /01 1/9S=>54:$
' :7S07WG/0> ;/GE 8N W> @/: N8901 70 >=5 348S50" 8N 90/NN5G>51 <9;;: /01 ;51 F.+*%2*i
BLVKQC >8 45_5G> >=5 ="38>=5:7: 8N / :70S;5 18A70/0> S505 /01 >8 >45/> >=5 >4/7> /: 38;"?
S507G$
.8@5654( >=545 7: 8<6789:;" S881 G8A3/>7<7;7>" <5>@550 8<:54651 1/>/ /01 18A70/0>
:70S;5?S505 70=547>/0G5 70 /> ;5/:> >=455 8>=54 A/AA/;7/0 :35G75:d 70 A8:> =9A/0 3517?
S455: @7>= N/A7;7/; G/:5: 8N ="354>=5;7/ /01f84 ="354A/:>7/( 18A70/0G5 7: >=5 A8:> 348<?
/<;5 3/>>540 8N >4/0:A7::780( /;>=89S= 70 :8A5 N/A7;75: 45G5::765 84 j?;70E51 70=547>/0G5
:55A: >8 <5 A845 ;7E5;" Bc%!')+ /01 !*FF+ LVVKC$ F=5 >4/7> =/: /;:8 <550 7065:>7S/>51 70
:=553 B#'+h'2' /01 &i2* LVQQC @7>= 567150G5 N84 18A70/0G5 45384>51 <" ^'+)+&'+)*)
BLVMHC$ Z8A70/0G5 7: /;:8 @5;; 18G9A50>51 70 S9705/ 37S: @7>= 1/>/ 8N VH /07A/;:
BXa*%F[*) /01 +!,*) LVHLC$
+0 >=5 ;7S=> 8N >=5 45:9;>: N48A 8>=54 A/AA/;7/0 :35G75: 7> :55A51 @84>=@=7;5 >8 45/?
0/;":5 F.+*%2*ik: N/A7;7/; ="354>=5;7/ 1/>/( @=7G= @545 39<;7:=51 70 =7: 18G>84/; >=5:7:
BLVKQC$ F=7: 1/>/?:5> 7: 8N :35G7/; 6/;95 :70G5 3=508>"35: 8N :745: /45 654" 4/45;" 45G84151$
F=5 /7A @/: >8 G8A3/45 :5654/; :7A3;5 :70S;5?S505 ="38>=5:5: 80 >=5 70=547>/0G5 8N
="354>=5;7/ 70 G/>>;5 <" A/D7A9A ;7E5;7=881 /0/;":7:$
;(#"$&(/5 ('4 %"#+)45
!(#(
F.+*%2*i BLVKQC G8;;5G>51 3=508>"37G 70N84A/>780 80 >=5 8GG94450G5 8N ="354>=5;7/ 70
B19/;?39438:5C ,7AA50>/;$ \765 =901451 /01 >50 =57N54: @545 4/018A;" G=8:50 N48A
<455170S :>8GE /9G>780:b ITT 8N >=5A @545 /NN5G>51$ +0 /117>780 >=5 3=508>"35: 8N HM 0/>?
94/; :5467G5 <9;;: N48A IK 17NN5450> 67;;/S5: @545 G8;;5G>51$ \84 OJ 8N >=5:5 <9;;: 80;"
>=574 8@0 3=508>"35 @/: 39<;7:=51 BLL /NN5G>51C( <9> N84 >=5 8>=54 OJ <9;;: <8>= >=5
09A<54 8N 5D/A7051 1/9S=>54: B<5>@550 LO /01 MLC /01 >=5 09A<54 8N /NN5G>51 1/9S=>54:
/45 >/<9;/>51 80 3/S5: IT /01 IL 70 F.+*%2*ik: >=5:7: F.+*%2*i BLVKQC$ F=5 >8>/; 09A<54
8N 1/9S=>54: 8N >=5:5 OJ :745: @/: KLMb ITT 8N >=5:5 @545 N48A LM /NN5G>51 :745: /01 ILM
@545 N48A >=5 LI 90/NN5G>51 :745:$ F=5 /654/S5 N45P950G" 8N /NN5G>51 1/9S=>54: @/: JIR
70 N/A7;75: @7>= /NN5G>51 :745: BOLV N48A ITTC /01 HLR 70 N/A7;75: @7>= 90/NN5G>51 :745:
BLHV N48A ILMC$
7#(#&5#&,(/ ('(/.5&5
\84 ;7E5;7=881 /0/;":7: >=5 HLT =57N54: /01 OJ <9;;: @7>=89> 348S50" 70N84A/>780 @545
/::9A51 >8 <5 / S4893 8N /07A/;: 4/018A;" G=8:50 N48A / 3839;/>780 @7>= >@8 /;;5;5: Z
/01 1 :5S45S/>70S /> / :70S;5 ;8G9: 45:380:7<;5 N84 >=5 8GG94450G5 8N :935409A54/4" >5/>:$
F=5 G8445:380170S /;;5;5 N45P950G75: /45 G80:715451 /: @ /01 M ! L " @( /01 >=5 S508>"35
N45P950G75: @545 /::9A51 >8 N8;;8@ / ./41"e`570<54S 5P97;7<479A$ F=5 :745: 8N >=5 OJ
=/;N?:7< N/A7;75: @7>= E08@0 3=508>"35: 8N >=5 1/9S=>54: @545 >45/>51 /: 9045;/>51( 4/0?
18A;" G=8:50( /01 4/018A;" A/>51 >8 9045;/>51 1/A:$
F=5 ;7E5;7=881 N90G>780 153501: 80 >=5 S505 N45P950G" @ /01 >=5 3505>4/0G5: 2L( 2O(
/01 2I N84 >=5 S508>"35: ZZ( Z1( /01 11( 45:35G>765;"( /01 7: G8A38:51 N48A G80>47<9?
>780: 8N 5/G= 8N >=5 OJ =/;N?:7< N/A7;75: /01 805 G80>47<9>780 8N >=5 S4893 8N HIJ 9045?
;/>51 =57N54: /01 <9;;:$ \84 / :70S;5 =/;N?:7< N/A7;" 8N :7U5 "% @7>= /0 /NN5G>51 :745 /01 E%
!".+)%$0"-+ @0$$+)" F' .=@+)$.+1%0 %" -0$$1+
MOJ
/NN5G>51 1/9S=>54: >=5 ;7E5;7=881 DL @/: 5D345::51 /: / @57S=>51 :9A 8N <708A7/; 348<?
/<7;7>75:d
DL !
I
!
@P!0
P!L
"
#
"% E%
@ #L " @0!P $"% "E%
E% 0!P
@=545 >=5 7015D P :>/01: N84 >=5 17NN5450> S508>"35: ZZ( Z1( /01 11 / :745 G/0 =/65 /01
>=5 348</<7;7>75: @P(0 /01 @0(P /45 N90G>780: 8N >=5 N894 A815; 3/4/A5>54: A50>78051 /<865
/01 /45 15:G47<51 <5;8@$ F=5 5P976/;50> ;7E5;7=881 DO N84 / =/;N?:7< N/A7;" @7>= 90/N?
N5G>51 :745 @/: G/;G9;/>51 /:d
DO !
I
!
@P!&
P!L
"
#
"% E%
@ #L " @0!P $"% "E%
E% 0!P
)705 17NN5450> 348</<7;7>75: /335/4 70 >=5 N84A9;/: N84 DL /01 DOd @P(0 1508>5: >=5 348<?
/<7;7>" >=/> /0 /NN5G>51 :745 =/: S508>"35 ZZ( Z1( 84 11( N84 P ! L( O( 84 I( 45:35G>765;"$
F=5 >=455 17NN5450> 6/;95: N84 @P(0 /45 5P9/; >8 @O2L( O@M2O( /01 MO2I( 5/G= 1767151 <" @0 !
@OSL % O@M2O % MO2I$ F=5 P9/0>7>75: @P(& /45 >=5 >=455 5P976/;50> 348</<7;7>75: N84 /0 90/N?
N5G>51 :745 /01 @545 G8A39>51 /: @OBL " 2LC( O@MBL " 2OC( /01 MOBL " 2IC( 5/G= 1767151 <" L
" @0$ \70/;;"( @0(P 7: >=5 348</<7;7>" >=/> / 4/018A;" G=8:50 1/9S=>54 8N / :745 @7>= S508?
>"35 P 7: /NN5G>51$ c0154 >=5 /::9A3>780 8N 4/018A A/>70S @0(L ! @2L % M2O( @0(O ! T$HB @2L
% 2O % M2IC( /01 @0(I ! @2O % M2I$
\84 / A7D>945 8N :5654/; 9045;/>51 N/A7;75: @7>= 57>=54 /NN5G>51 84 90/NN5G>51 :745: >=5
;7E5;7=881 D 7: / G8A<70/>780 8N G80>47<9>780: 8N >"35 DL /01 DOd
D!
$Q
%!L
#D!L!% DL"!
O!% $
@=545 Q ! OJ 7: >=5 09A<54 8N =/;N?:7< N/A7;75: /01 ! 7: /0 7017G/>84 6/47/<;5 @7>= 6/;95 L
7N >=5 :745 7: /NN5G>51 /01 T 7N >=5 :745 7: 90/NN5G>51$
F=5 G80>47<9>780 8N >=5 S4893 8N HLT =57N54: /01 OJ <9;;: 7: >=5 <708A7/; 348</<7;7>" >8
8<:5465 ILL /NN5G>51: 70 HIJ /07A/;: @7>= 8GG94450G5 348</<7;7>" @0
"
#
HIJ ILL
@ #L " @0 $OOK
ILL 0
@=545 @0 ! @OSL % O@M2O % MO2I$
F=5 ;8S?;7E5;7=881 N90G>780 ; N84 /;; 8<:546/>780: 7: >=50d
+ %
'
).
&
" #
" #
Q ,
I
I
/
!
!
!
"% E%
"
E
%
"% "E%
"
"E
%
%
%
*
!;0
@P!0
@P!&
1!
% #L " !$;0(
@0!P #L " @0!P $
@0!P #L " @0!P $
E
E
0
%
%
%!L
%!L
P!L
% ILL;0@0 % OOK;0#L " @0 $
,7D 17NN5450> G/:5: 8N :70S;5?S505 70=547>/0G5 @545 7065:>7S/>51 <" A/E70S 17NN5450>
/::9A3>780: 80 >=5 3505>4/0G5: N84 /;; S508>"35:$ \84 G8A3;5>5 18A70/0G5 8N Z 8654 1
2L /01 2O @545 :5> >8 L /01 2I >8 T$ \84 70G8A3;5>5 18A70/0G5 2L /01 2O @545 /::9A51 >8
<5 5P9/; /01 5:>7A/>51 N48A >=5 1/>/( @=545/: 2I /S/70 =/1 / WD51 6/;95 8N U548$ F=5
;8S?;7E5;7=881 N84 45G5::76505:: @7>= N9;; 3505>4/0G5 @/: 8<>/7051 <" :5>>70S 2L /01 2O
5P9/; >8 U548 /01 2I 5P9/; >8 805( @=545/: N84 45G5::76505:: @7>= 70G8A3;5>5 3505>4/0G5
/0 5:>7A/>5 N84 2I @/: G/;G9;/>51$ F=5 WN>= /;>540/>765 7: G=/4/G>547U51 <" >=5 80;"
MOQ
BG N)E0: OG A+%"#-. 0"/ >G 901<
/::9A3>780 8N 5P9/;7>" 8N 2L /01 2O( @=7G= 70G;915: 17NN5450> 15S455: 8N 18A70/0G5 84
45G5::76505:: @7>=89> >=5 /::9A3>780 8N / U548 N45P950G" N84 / 3/4>7G9;/4 S508>"35$ \84
>=5 :/E5 8N G8A3;5>505:: /;; N894 3/4/A5>54: @545 /;:8 5:>7A/>51 @7>=89> /0" 45:>47G>780:
80 >=5A$ F/<;5 L G80>/70: / :9AA/4" 8N /;; G/:5: G80:715451$
F=5 A/D7A9A 1G 8N 5/G= ;8S?;7E5;7=881 N90G>780 B- ! L( $ $ $ (K 7: /0 7015D N84 >=5 G/:5 70
>=5 :/A5 84154 /: 15:G47<51C @/: 15>54A7051 <" / :":>5A/>7G S471 :5/4G= 8654 >=5 50>745
3/4/A5>54 :3/G5 <" 70G45A50>70S /;; 5:>7A/>51 3/4/A5>54: 70 :>53: 8N T$TL N48A >=574 ;8@?
5:> >8 >=574 =7S=5:> 6/;95 /01 56/;9/>70S /;; 38::7<;5 G8A<70/>780: 8N 3/4/A5>54 6/;95:$ '>
5/G= 3/4>7G9;/4 S505 N45P950G" >=5 =7S=5:> ;8S?;7E5;7=881 @/: 45>/7051 >8S5>=54 @7>= >=5
83>7A9A G8A<70/>780 8N 3505>4/0G5 6/;95: /> >=7: 3870>$ ': / 45:9;> >=5 A/D7A9A ;8S?
;7E5;7=881 6/;95 N84 5/G= A815 8N 70=547>/0G5 7: 345:50>51$ '117>780/;;" S4/3=: 8N >=5
;8S?;7E5;7=881 G9465 /01 3505>4/0G5 6/;95: @545 3;8>>51 /S/70:> S505 N45P950G75:$
F=5 5NN5G> 8N 45;/D70S >=5 /::9A3>780: 80 2% @/: :9GG5::765;" >5:>51 <" / :5475: 8N W65
;7E5;7=881 4/>78 >5:>:$ F=5 /::9A3>780 8N N9;; 3505>4/0G5 @/: >5:>51 N84 18A70/0> /01
45G5::765 70=547>/0G5 <" G8A3/470S 1O @7>= 1L( /01 1M @7>= 1I( 45:35G>765;"$ ' >5:> N84 >=5
/::9A3>780 8N U548 70G7150G5 N84 3/4>7G9;/4 S508>"35: 70 >=5 A815;: @7>= 70G8A3;5>5
3505>4/0G5 @/: 8<>/7051 N48A >=5 17NN5450G5: <5>@550 1H /01 1O( /01 1H /01 1I$ \70/;;" >=5
5P9/;7>" 8N >=5 3505>4/0G5: 2L /01 2O @/: 5D/A7051 <" G8A3/470S 1K /01 1H$ \84 / :9A?
A/4" 8N /;; ="38>=5:5: >5:>51 :55 F/<;5 O$
F=5 54484 348</<7;7>75: N84 /;; ;7E5;7=881 4/>78 >5:>: @545 G8A39>51 @7>= >=5 ]%a!-.+
N90G>780 8N >=5 ,', 3/GE/S5 B,', LVVTC( /;; 8>=54 G8A39>/>780: @545 G/44751 89> @7>=
894 8@0 \a%F%') 348S4/A:$
<"52/#5 ('4 4&5,255&)'
*:>7A/>5: 8N >=5 S505 N45P950G"( 3505>4/0G5:( /01 >=5 A/D7A9A 8N >=5 ;8S?;7E5;7=881 /45
:=8@0 70 F/<;5 L N84 /;; :7D G/:5:$ F5:> :>/>7:>7G: /01 54484 348</<7;7>75: N84 /;; ="38>=5:7:
>5:>: /45 :9AA/47U51 70 F/<;5 O$
F=5 ;8S?;7E5;7=881 N84 <8>= E701: 8N 45G5::765 70=547>/0G5 BG/:5 I /01 MC @545 45A/4E?
/<;" ;8@54 >=/0 N84 >=5 8>=54 G/:5:$ F=5 A/D7A9A 8N >=5 ;8S?;7E5;7=881 G80>70989:;"
70G45/:51 N48A G/:5 L >8 G/:5: O( H( /01 K BF/<;5 LC$ ' G8A3/47:80 8N G/:5: L /01 O
15A80:>4/>5: >=/> 18A70/0G5 @7>= /0 70G8A3;5>5 3505>4/0G5 8N VTR W>: :7S07WG/0>;" <5>?
>54 B54484 348</<7;7>" T$TOC >8 >=5 1/>/ >=/0 18A70/0G5 @7>= N9;; 3505>4/0G5 BF/<;5 OC$
*:>7A/>5: N84 >=5 S505 N45P950G" @545 G;8:5 >8 T$H 70 <8>= G/:5: BF/<;5 LC$
' :7A7;/4 45:9;> @/: 8<>/7051 N84 45G5::765 70=547>/0G5d \9;; 3505>4/0G5 @/: 45_5G>51
@7>= /0 54484 348</<7;7>" <5;8@ T$TTL N48A / G8A3/47:80 8N G/:5: I /01 M BF/<;5 OC$ F=5
A/D7A9A ;7E5;7=881 5:>7A/>5 N84 >=5 3505>4/0G5 N84 11 S508>"35: @/: T$JH$ F=5 5:>7A/>5
*061+ RG =)9>/&3"/&+))4 ('4 "5#&%(#"5 )* #+" 9"'" *$"?2"',. ('4 -"'"#$(',"5 *)$ 5&1 ,(5"5 )* 5&'>
9/">9"'" &'+"$&#(',"@ A(/2"5 B&#+ 4",&%(/5 ($" "5#&%(#"5C #+)5" B&#+)2# 4",&%(/5 D6 )$ EF ($"
-$&)$ (552%-#&)'5
-/:5
L
O
I
M
H
K
+0=547>/0G5
]505>4/0G5
e;01
@S
2lL
2lO
2lI
18A70/0>
18A70/0>
45G5::765
45G5::765
18A70/0>f45G5::765
/4<7>4/4"
N9;;
70G8A3;5>5
N9;;
70G8A3;5>5
/4<7>4/4"( 2L ! 2O
/4<7>4/4"
QK$OT
QI$HK
LTL$LM
VL$LH
JQ$VL
JJ$VL
T$MV
T$HO
T$OI
T$TQ
T$OV
T$IM
L
T$VT
T
T
T$IO
T$TL
L
T$VT
T
T
T$IO
T$MQ
T
T
L
T$JH
L$TT
L$TT
MOV
!".+)%$0"-+ @0$$+)" F' .=@+)$.+1%0 %" -0$$1+
*061+ KG G"5# 5#(#&5#&,5 ('4 "$$)$ -$)0(0&/&#&"5 *)$ HI" ,)%-($&5)'5 0"#B""' 4&**"$"'# ,(5"5 )* 5&'>
9/">9"'" &'+"$&#('," )* +.-"$#+"/&(@ G+" 4"9$"" )* *$""4)% &5 6 *)$ (// #"5#5
."38>=5:7:
BG/:5: G8A3/451C
OdL
MdI
HdO
HdM
KdH
F5:> :>/>7:>7G
"O
*4484 348</<7;7>"
H$OQ
LV$VQ
V$IT
OM$MQ
O$TT
T$TOLK
T$TTTT
T$TTOI
T$TTTT
T$LHJI
8N >=5 S505 N45P950G" 1483351 N48A T$OI >8 T$TQ @=50 2I @/: /;;8@51 >8 17NN54 N48A
907>"$
-/:5 H 70G;915: G/:5: LeM( <5G/9:5 7> 45:>: 80 >=5 80;" /::9A3>780 >=/> >=5 3505>4/0G5
8N <8>= >"35: 8N G/44754: 8N >=5 Z /;;5;5 7: 5P9/;$ F=5 _870> 5:>7A/>5 N84 2L( /01 2O @/:
T$IO( <9> N84 2I 7> @/: L$TT( S505 N45P950G" :=8@51 /0 5:>7A/>5 8N T$OV$ ,9G= 5:>7A/>5:
@89;1 <5 5D35G>51 7N / 45G5::765 S505 7: /G>70S( <9> / </:5;705 70G7150G5 8N /<89> IOR 7:
345:50> 195 >8 080?S505>7G N/G>84: B84 195 >8 8>=54 S505:( 7N >=5 /::9A3>780 8N :70S;5
S505?70=547>/0G5 7: 1483351C$ F=5 G8A3/47:80: 8N G/:5 H @7>= G/:5: O /01 M <8>= "75;151
54484 348</<7;7>75: <5;8@ T$TL BF/<;5 OC$
`=50 >=5 ;/:> /::9A3>780 8N 5P9/;7>" 8N 2L /01 2I @/: 45;/D51( >=5 ;8S?;7E5;7=881 :>7;;
70G45/:51 :8A5@=/>( <9> >=5 17NN5450G5 <5>@550 G/:5: H /01 K @/: 08> :7S07WG/0>$ F=7:
70G45/:5 @/: G/9:51 <" / :;7S=>;" =7S=54 5:>7A/>5 8N >=5 S505 N45P950G" /01 / G=/0S5 70
>=5 3/>>540 8N 5:>7A/>51 3505>4/0G5 3/4/A5>54:( @=7G= 05/4;" 354N5G>;" 15:G47<5: /0 /117?
>765 A815 8N 70=547>/0G5 BF/<;5 LC$
\7S945 L :=8@: 3;8>: 8N ;8S?;7E5;7=881 G9465: /S/70:> S505 N45P950G" N84 /;; G/:5:$ \84
5/G= S505 N45P950G" >=5 =7S=5:> ;8S?;7E5;7=881 >8S5>=54 @7>= >=5 <5:> G8A<70/>780 8N
3505>4/0G5 6/;95: 7: 3;8>>51$ F=5 ;7E5;7=881 G9465: N84 G/:5: LeM /45 A/4E51;" m/>>54 >=/0
>=8:5 N84 G/:5: H /01 K( >=7: A/" <5 70>54345>51 /: / ;8@54 :/A3;70S 6/47/0G5 N84 >=5 S505
N45P950G" 70 >=5:5 G/:5:$ .8@5654( 7> :=89;1 <5 E53> 70 A701 >=/> >=5 ;/:> >@8 3;8>: 8N
;7E5;7=881 G9465: /45 80;" >4/0:5G>780: >=489S= / >=455? /01 N894?17A50:780/; ;7E5;7=881
:94N/G5$ \84 G/:5: H /01 K >=5 83>7A9A 6/;95 8N 2I 7: /> / =7S= ;565; 84 5650 /> >=5 93354
<8901 8N >=5 3/4/A5>54 :3/G5 N84 /;; 6/;95: 8N >=5 S505 N45P950G"$ '08>=54 70>545:>70S
45:9;> 7: >=/> >=5 <5:> 5:>7A/>5 N84 2O :>/": /;A8:> /;@/": 70 >=5 A711;5 <5>@550 2L /01 2I(
7$5$ /117>767>" 7: 489S=;" >=5 <5:> /::9A3>780( 45S/41;5:: 8N >=5 S505 N45P950G"$ F=5 A/70
G80G;9:780 N48A >=7: :>91" >=545N845 7: >=/> :7A3;5 18A70/0G5 84 45G5::76505::( 5650 @7>=
70G8A3;5>5 3505>4/0G5 BG/:5: LeMC( 7: 08> 70 /GG841/0G5 @7>= 5A3747G/; 1/>/ /01 A845
G8A3;5D 3505>4/0G5 3/>>540: /45 ;7E5;"$ ' 348384>780 8N /NN5G>51 =5>548U"S89: 70176719/;:
:8A5@=545 <5>@550 IT /01 HTR 7: 5D35G>51 195 >8 >=5 45:9;>: N84 G/:5: H /01 K$
': /;45/1" A50>78051 70 >=5 70>4819G>780 :8A5 567150G5 N84 18A70/0> :70S;5?S505
70=547>/0G5 =/: <550 /GG9A9;/>51 70 8>=54 A/AA/;7/0 :35G75:$ F=7: A/" 345650> G/>>;5
S505>7G7:>: 8N >81/" N48A 45_5G>70S >=5 38::7<;5 5D7:>50G5 8N / :70S;5 S505 B84 / A/_84 S505
@7>= ;/4S5 5NN5G>C N84 :935409A54/4" >5/>: >88 5/4;"$ +> :=89;1 =8@5654( <5 08>51 >=/>
80;" :70S;5?S505 ="38>=5:5: @545 5D/A7051 /01 38;"S507G 70=547>/0G5 G/0 08> <5 49;51
89>$ -8?5D7:>50G5 8N / :70S;5 S505 @7>= / ;/4S5 5NN5G> /01 :8A5 8>=54 ;8G7 @7>= A7084
5NN5G> A/" <5 /<;5 >8 34819G5 >=5 :/A5 45:9;>:( 5:35G7/;;" @7>= 45:35G> >8 3505>4/0G5(
@=50 >=5 1/>/ /45 /0/;":51 70 / :70S;5?S505 A/0054$ +0G8A3;5>5 3505>4/0G5 /> ;5/:> N84
3/4>7G9;/4 S508>"35: /: 70 G/:5: H /01 K 7: 08> 80;" 3;/9:7<;5 <5G/9:5 8N >=5 :>/>7:>7G/;
45:9;>: 70 894 :>91"$ +> G89;1 <5 38::7<;5 >=/> 70G8A3;5>5 3505>4/0G5 7: 3/4>7/;;" /0 /4>7N/G>
MIT
BG N)E0: OG A+%"#-. 0"/ >G 901<
Q%2G RG */G= 3/05; :=8@: / 3;8> 8N >=5 ;8S?;7E5;7=881 B:8;71 ;705( :G/;5 80 ;5N> 654>7G/; /D7:C /S/70:>
S505 N45P950G" N84 805 8N >=5 :7D G/:5: 8N :70S;5?S505 70=547>/0G5$ \84 5/G= S505 N45P950G" >=5 =7S=?
5:> 6/;95 8N >=5 ;8S?;7E5;7=881 >8S5>=54 @7>= >=5 83>7A9A G8A<70/>780 8N 5:>7A/>51 3505>4/0G5
6/;95: B:G/;5 80 47S=> 654>7G/; /D7:C 7: 3;8>>51
!".+)%$0"-+ @0$$+)" F' .=@+)$.+1%0 %" -0$$1+
MIL
<5G/9:5 /GG5::84" 0733;5: /45 :8A5>7A5: 45A8651 <" :94S54"$ .8@5654( F.+*%2*i BLVKQb
3$LQC :>/>51 >=/> ,7AA50>/; <455154: 70 >=5 LVKT: 171 08> G/45 /<89> :935409A54/4" >5/>:$
F=5 <78;8S7G/; 45/:80 N84 70G8A3;5>5 3505>4/0G5 7: >=/> ="354>=5;7/ /01f84 ="354A/:>7/ 7:
:8A5>7A5: 17NWG9;> >8 15>5G>$ F.+*%2*i BLVKQC 15:G47<51 G/:5: 8N :935409A54/4" >5/>: 70
<9;;: >=/> @545 80;" 70:709/>51( /01 &cY,F*% BLVHLC 45384>51 >=/> :935409A54/4" >5/>:
@545 :8A5>7A5: 80;" 67:7<;5 /: =/74;5:: :38>:$ ,7A7;/4 8<:546/>780: @545 A/15 70 =9A/0:
Bc%!')+ /01 !*FF+ LVVKC$ `*+)!*%X /01 #aFc2,&i BLVJKC 15:G47<5 / =9A/0 >=455?S50?
54/>780 N/A7;" @7>= ="354A/:>7/ <9> @7>=89> ="354>=5;7/( >=/> G89;1 80;" <5 17/S08:51 70
@8A50 /N>54 345S0/0G"( <9> 08> /> /;; 70 A/;5:$ ';; >=5:5 N/G>: :>480S;" :93384> >=5 5D7:?
>50G5 8N 0/>94/;;" 8GG94470S 70G8A3;5>5 3505>4/0G5 N84 :935409A54/4" >5/>:( <5:715: /4>7?
WG7/; G/:5:$ +0 84154 >8 S5> A845 70:7S=> 70>8 >=5 S505>7G: 8N :935409A54/4" >5/>: 70 G/>>;5
N94>=54 :>9175: 80 =7S= P9/;7>" 1/>/ 8N /15P9/>5 :>49G>945 /45 055151$ ,70G5 >=5 N45P950G"
8N ="354>=5;7/ 7: :>7;; =7S= 70 G94450> ,7AA50>/; G8@:( 7> G/0 <5 5D35G>51 >=/> >=5 S505 N45?
P950G" 8N / 39>/>765 S505 N84 :935409A54/4" >5/>: =/: 08> G=/0S51 14/A/>7G/;;"$ F=5
S505 N45P950G75: 5:>7A/>51 N48A G/:5: L( O( H( /01 K G8445:3801 >8 5D35G>51 348384>780:
8N =5>548U"S8>5 S508>"35: 70 >=5 4/0S5 <5>@550 T$MT /01 T$HT$ F=9: 7> :=89;1 <5 5/:" >8
W01 45:894G5 N/A7;75: N84 / A/3370S 5D3547A50>$ ' :97>/<;5 N84A >8 7150>7N" ;70E51 A/4?
E54: A/" <5 >=5 /33;7G/>780 8N /0 /183>51 654:780 8N >=5 /NN5G>51 :7<?3/74 A5>=81 B]*)?
%a,* LVIHC$ +N 80;" /NN5G>51 =/;N?:7<: /45 S508>"351 N84 / ;70E51 A/4E54( <8>= 3/>540/;
A/4E54 /;;5;5: G/0 <5 5D35G>51 >8 8GG94 70 / 4/>78 17NN5450> N48A L d L$ +0:>5/1 >=5 5D35G>51
4/>78 @89;1 <5 489S=;" OQ d JO N84 G/:5: H /01 K 90154 354N5G> ;70E/S5$
J,3')B/"49"%"'#5
F=7: @84E @/: :93384>51 <" >=5 X54A/0 'G/15A7G *DG=/0S5 ,5467G5 BZ''ZC$
<"*"$"',"5
!%&'( #$b %*+),-.( )$b hc)X*( `$b &'2#( *$( OTTTd ./Y9WSE57> 901 *4<;7G=E57> 9Y<54U/Y=;7S54 [7>U50
<57 Z59>:G=50 .8;:>570:$ [9YG=>90S:E9015 KLd LJeOJ$
\%*%&+)X( .$b 2aFF.'##*%( &$ .$( LVQLd +0N5E>780:4/>5 901 *4<;7G=E57> 9Y<54U/Y=;7S54 [7>U50/0;/?
S50 <57A %701$ F754U9YG=>54 MMd KMeKV$
Xa*%F[*)( !$ 2$b +!,*)( .$ 2$( LVHLd ,935409A54/4" A/AA/5 70 S9705/ 37S:$ h$ .5451 NLd ITJeILL$
Y <54 ^5454<90S 154 #5=4U7>U7SE57> <57A %701$ [$ F754U9YG=>S$ c [9YG=>90S:?
+^')a^'( a$ +$( LVOQd c
<78;$ 6Ld LLVeLIQ$
hc2*%( h$( LVOJd !57>4/S U94 &500>07: 154 'N>54U7>U50 15: %7015:( 7=45 !5@54>90S /;: #7;G=U57G=50
901 7=4 ^54=/;>50 7A *4<S/0S5$ [$ F754U9YG=>S$ 9$ [9YG=>90S:<78; 6Ed IJJeMLJ$
&cY,F*%( .$ '$( LVHLd c0>54:9G=90S 154 [7>U50/0;/S50 <57 &/Y;<540 90>54 M #80/>50$ F=5:7:( F754/Y4U?
>;7G=5 .8G=:G=9;5 ./008654$
#'+h'2'( &$b &i2*( !$( LVQQd ]8::7<7;7>75: 8N 1565;8370S :=553 @=7G= :9GE;5 N48A :5654/; >5/>:$ h$
'S47G ,G7$ \70;/01 OEd KTQeKLV$
,',( LVVTd c:54k: X9715( ^54:780 K$ L:> 510( ,', +0:>7>9>5 +0G$( -/4"( )-$
]*)%a,*( 2$ ,$( LVIHd F=5 15>5G>780 8N /9>8:8A/; ;70E/S5 70 1/>/ @=7G= G80:7:> 8N 3/74: 8N <48>=54:
/01 :7:>54: 8N 90:35G7W51 3/450>/S5$ '00$ *9S50$ Od LIIeLIQ$
,F*+X*%( .$ c$b X%cY)*)\*2Z*%( %$( LVQQd [9:/>UU7>U50$ ,7AA50>/;54?\;5GE675= QKeVH$
F.+*%2*i( #$( LVKQd c0>54:9G=90S50 U9A ^84E8AA50 901 U94 X505>7E 154 ]8;">=5;75 <57 \;5GE?
675= 70 !/150?`9Y4>>5A<54S$ F=5:7:( h9:>9:?275<7S?c07654:7>/Y>( X75n50$
Fc\\( ]$( LVHTd ^5454<90S 680 9Y<54U/Y=;7S50 [7>U50$ 2/01<49E:9E/( VH$
c%!')+( -$ *$b !*FF+( %$( LVVKd 'GG5::84" #/AA/4" F7::95 70 -;707G/; ]4/G>7G5$ #GX4/@?.7;; 27<47
+>/;7/ :4;( #7;/0$
^'+)+&'+)*)( ^$( LVMHd a0 >=5 =547>/<7;7>" 8N :935409A54/4" 0733;5: 70 \7007:= =8A5?<451 :=553$
#//>$ '7E/E$ 6Kd LLeLQ$
`*+)!*%X( ,$ &$b #aFc2,&i( '$ X$( LVJKd '<544/0> /D7;;/4" <45/:> >7::95d / 45384> 8N / N/A7;" @7>=
:7D /NN5G>51 @8A50 70 >@8 S5054/>780:$ -;70$ X505>$ 6Ed IOHeIOQ$
'1145:: 8N /9>=84:d #$ !%&'( )$ %*+),-. BN84 G8445:380150G5C( *$ &'2#( +0:>7>9> N9Y4 F754U9G=> 901
F754=/;>90S 154 -=47:>7/0?';<45G=>:?c07654:7>/Y> U9 &75;( a;:=/9:50:>4/n5 MT( OMLLQ &75;( X54A/0"
© Copyright 2025 Paperzz