Australian Federalism and School Funding Arrangements

!"#$%&'(&)*+,-,%&'(#.*&)-*
#/011'*+")-()2*&%%&)2,.,)$#3**
!)*,4&.()&$(1)*1+*/1.5,$()2*.1-,'#*&)-*%,/"%%,)$*/%($(6",#7*
*
*
8%1)9:)*;()<*#$%&'()*&+,"-."/(01-2)%(3"456--0"-."4-5&70"7%8"9-0&+&570"45&(%5(*:*
;<"===>1)-%=,%6&%?>5-@""A<"16&%?B2%&@(01>(82>72""C<"DE!"#F:GFH"FII"JIE"
*
*
K7%78&7%"9-0&+&570"45&(%5("L**-5&7+&-%"L%%270"K-%.()(%5(3"/-%+)(70"!MN"O2%("HF!F""
*
*
**
)*+,-./#.$! 0121-./#+3! .$2! +5677/! 0*$2#$8! .--.$8131$,+! 6.91! ,-.$+07-312!
+#8$#0#5.$,/:! 791-! ,61! /.+,! ;'! :1.-+<! =61-1! #+! $7>! .$! *$?-15121$,12! /191/! 70! 0121-./!
.5,#9#,:!#$!+,.,1!?7/#5:!273.#$+@!1+?15#.//:!12*5.,#7$@!-1+*/,#$8!#$!6#86/:!573?/1A!.$2!
57$,1+,12! #$,1-8791-$31$,./! -1/.,#7$+<! B1,@! ,61-1! 6.+! C11$! $7! -#87-7*+! .5.213#5!
.$./:+#+! 70! 0121-./#+3! #$! -1/.,#7$! ,7! +5677/! 0*$2#$8! .--.$8131$,+@! 1#,61-! 0-73! .!
?7/#,#5./!+5#1$51!7-!12*5.,#7$!?1-+?15,#91@!.$2!57$+1D*1$,/:@!,61!$.,*-1!.$2!#$0/*1$51!
70! 0121-./#+3! 7$! +5677/! 0*$2#$8! .$2! ?7/#5:3.E#$8! #+! $7,! *$21-+,772<! =6#+! ?.?1-!
2-.>+!,781,61-!,61+1!2#+?.-.,1!21C.,1+!.$2!1A.3#$1+!67>!0121-./#+3!.0015,+!+5677/!
0*$2#$8! ?7/#5#1+@! -107-3! .$2! ?-751++1+! .,! ,61! +*C$.,#7$./! /191/<! F,! #+! C.+12! 7$! .!
21,.#/12! +,*2:! 70! ,61! G#5,7-#.$! 8791-$31$,H+! I45677/+! 70! ,61! J*,*-1H! -107-3+! K(LL&M
(LLLN@!>6#56!2197/912!L;!?1-!51$,!70!,61!+,.,1!8791-$31$,H+!?*C/#5!12*5.,#7$!C*281,!
,7!#$2#9#2*./!+5677/+@!10015,#91/:!.//7>#$8!+5677/+!,7!8791-$!,613+1/91+!>#,6#$!.!+,.,1!
.557*$,.C#/#,:!0-.31>7-E<!=61+1!-107-3+!.-1!21+5-#C12!C:!+*??7-,1-+!.$2!21,-.5,7-+!
./#E1!.+!,61!37+,!-.2#5./!)*+,-./#.$!12*5.,#7$!-107-3!#$!,61!/.+,!51$,*-:<!=6#+!?.?1-!
1A?/7-1+! ,61! ?7/#5:! 3.E#$8! ?-751++! >#,6! -101-1$51! ,7! O7337$>1./,6! .$2!
#$,1-8791-$31$,./! #$0/*1$51+<! F,! 56.//1$81+! -15*--1$,! 5-#,#D*1+! 70! )*+,-./#.$!
0121-./#+3@! 0#$2#$8! ,6.,! 4P=J! C1+,! 57--1+?7$2+! >#,6! ,61! 577-2#$.,1! 9#1>! 70!
0121-./#+3@! 2-#91$! 0#-+,! .$2! 07-137+,! C:! ,61! G#5,7-#.$! 8791-$31$,H+! #3312#.,1!
?7/#,#5./! 7CQ15,#91+! .$2! #217/78#5./! ?-#$5#?/1+@! >#,6! 3#$#3./! .,,1$,#7$! ,7! 0121-./!
?-751++1+@!7,61-!)*+,-./#.$!8791-$31$,+!7-!#$,1-8791-$31$,./!.8-1131$,+R!.$2!,6.,!
#$+,#,*,#7$./! .$2! 0#+5./! .--.$8131$,+! 0.5#/#,.,12! S! -.,61-! ,6.$! 7C+,-*5,12! M! ?7/#5:!
#$$79.,#7$!.$2!,-.$+01-<!F,!.-8*1+!,6.,!0121-./#+3!+67*/2!C1!*$21-+,772!.+!.!573?/1A!
.$2!2:$.3#5!+:+,13!70!?-751++1+!.$2!#$+,#,*,#7$+@!13C12212!#$@!.$2!#$,1-.5,#$8!>#,6!
+75#1,:<!=61!+,*2:!>.+!C.+12!*?7$!7-#8#$./!2.,.!.$2!275*31$,+!0-73!8791-$31$,!.$2!
$7$M8791-$31$,! C72#1+@! 573?/131$,12! C:! #$,1-9#1>+! >#,6! E1:! ?7/#5:! .5,7-+@!
,-#.$8*/.,12! .8.#$+,! +157$2.-:! /#,1-.,*-1@! .$2! .$./:%12! D*./#,.,#91/:! #$! 57$51?,*./!
0-.31! 2-.>#$8! *?7$! 9.-#.$,+! 70! #$+,#,*,#7$./#+3! .$2! T#$827$H+! ?7/#5:! +,-1.3+!
0-.31>7-E<!
"
"
*
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
!"
!"#$%&'(&)*+,-,%&'(#.*&)-*
#/011'*+")-()2*&%%&)2,.,)$#3**
!)*,4&.()&$(1)*1+*/1.5,$()2*.1-,'#*&)-*%,/"%%,)$*/%($(6",#7*
*
=)$%1-"/$(1)"
L2*+)70&7%" .(8()70&*@" 7%8" *56--0" .2%8&%P" 7))7%P(@(%+*" 67'(" +)7%*.-)@(8"
*&P%&.&57%+0," -'()" +6(" 07*+" NF" ,(7)*>" ;6&0(" (8257+&-%" &*" 5-%*+&+2+&-%700," 7" *+7+("
)(*Q-%*&1&0&+,3"K-@@-%=(70+6"P-'()%@(%+"&%'-0'(@(%+"&%"*56--0&%P"67*"&%5)(7*(8"
*-" P)(7+0," +67+" &+" &*" %-=" )(.())(8" +-" 7*" 7" R*67)(8S" )(*Q-%*&1&0&+,3" #9)-825+&'&+,"
K-@@&**&-%" HF!F:3" =6()(" Q)-P)7@*3" *Q(%8&%P3" 7%8" &%+()P-'()%@(%+70" )(07+&-%*"
7)("6&P60,"&%+())(07+(83"5-@Q0(T"7%8"5-%+(*+(8>"C-"87+(3"+6()("67*"1((%"%-")&P-)-2*"
7578(@&5"7%70,*&*"-.".(8()70&*@"&%")(07+&-%"+-"*56--0".2%8&%P"7))7%P(@(%+*3"(&+6()"
.)-@" 7" Q-0&+&570" *5&(%5(" -)" (8257+&-%" Q()*Q(5+&'(>" K-%*(U2(%+0,3" +6(" %7+2)(" 7%8"
&%.02(%5(" -." L2*+)70&7%*" .(8()70&*@" -%" *56--0" .2%8&%P" 7%8" Q-0&5,@7V&%P" &*" %-+"
2%8()*+--83" %-)" &*" +6(" =7," +6(" 8&'&*&-%" -." )(*Q-%*&1&0&+&(*" @&P6+" -1*+)25+" -)"
(%67%5(")(.-)@"7%8"(8257+&-%70"-2+5-@(*>""
C6&*" Q7Q()" 8)7=*" +-P(+6()" +6(*(" 8&*Q7)7+(" 8(17+(*" 7%8" (T7@&%(*" 6-="
.(8()70&*@" 7..(5+*" *56--0" .2%8&%P" Q-0&5&(*" 7%8" Q)-5(**(*" 7+" +6(" *+7+(" 0('(0>" W+" &*"
17*(8" -%" 7" 8(+7&0(8" *+28," -." +6(" X&5+-)&7%" P-'()%@(%+S*" R456--0*" -." +6(" Y2+2)(S"
#4ZCY:" )(.-)@*" #!JJHM!JJJ:3" =6&56" 8('-0'(8" JN" Q()" 5(%+" -." +6(" *+7+("
P-'()%@(%+S*" Q210&5" (8257+&-%" 128P(+" +-" &%8&'&8270" *56--0*3" 7%8" &*" 8(*5)&1(8" 1,"
*2QQ-)+()*"7%8"8(+)75+-)*"70&V("7*"+6("@-*+")78&570"L2*+)70&7%"*56--0")(.-)@"-."+6("
07*+" 5(%+2)," #[7,=7)8" !JJ\]" 4Q720" !JJJ:>" " ;6&0(" +6&*" 70-%(" @()&+*" 4ZCY" .-)"
7%70,*&*3" +6(" .75+" +67+" +6(" )(.-)@*" -552))(8" &%" +6(" !JJF*3" 7" Q()&-8" -." )7Q&8" 7%8"
Q)-.-2%8" +)7%*.-)@7+&-%" -." L2*+)70&7%" .(8()70" Q)-5(**(*" 7%8" &%+()P-'()%@(%+70"
&%*+&+2+&-%*3" Q7)+&5207)0," &%" (8257+&-%3" @7V(*" &+" -." ('(%" P)(7+()" &%+()(*+" +-"
.(8()70&*@"7%8"Q210&5"Q-0&5,"*56-07)*>""
C6&*" Q7Q()" &*" *+)25+2)(8" &%" +6)((" Q7)+*>" C6(" .&)*+" *(5+&-%" Q)(*(%+*" +6("
Q-0&+&570" 7%8" 7578(@&5" 5-%+(T+" -." +6(" *+28,3" +6(" *(5-%8" *(5+&-%" Q)(*(%+*" +6("
@(+6-8-0-P,"7%8")(.-)@*>"C6("+6&)8"*(5+&-%"8&*52**(*"+6("Q-0&5,M@7V&%P"Q)-5(**(*"
7%8" -2+5-@(*3" 7%8" +6(" 8(P)((" +-" =6&56" +6(," =()(" &%.02(%5(8" 1," +6("
&%+()P-'()%@(%+70"Q-0&+&570"7%8".&*570"*(++0(@(%+3"=6&56"&*"+6(%"5-%+)7*+(8"7P7&%*+"
)(52))(%+"5)&+&U2(*"-."L2*+)70&7%".(8()70&*@>"C6("('&8(%5("*2PP(*+*"+67+"4ZCY"1(*+"
5-))(*Q-%8*"=&+6"+6("5--)8&%7+("'&(="-.".(8()70&*@>""C6(")(.-)@*"=()("8)&'(%"1,"
+6(" X&5+-)&7%" P-'()%@(%+S*" &@@(8&7+(" Q-0&+&570" -1^(5+&'(*" 7%8" &8(-0-P&570"
Q)&%5&Q0(*3" 7%8" +67+" -+6()" L2*+)70&7%" P-'()%@(%+*" -)" &%+()P-'()%@(%+70"
7P)((@(%+*" 7%8" 5-0071-)7+&-%" =()(" -." %-" &%.02(%5(>" K-%+(@Q-)7)," L2*+)70&7%"
.(8()70&*@" &%" +6&*" 57*(" .75&0&+7+(8" *+7+(" Q-0&5," &%%-'7+&-%" 7%8" 6-)&?-%+70" Q-0&5,"
+)7%*.()>"K-%*(U2(%+0,3"+6&*"Q7Q()"7)P2(*"+67+".(8()70&*@"*6-208"1("2%8()*+--8"7*"7"
5-@Q0(T" 7%8" 8,%7@&5" *,*+(@" -." Q)-5(**(*" 7%8" &%*+&+2+&-%*3" (@1(88(8" &%3" 7%8"
&%+()75+&%P" =&+6" *-5&(+,3" 7%8" +67+" &+*" -Q()7+&-%" &*" 6(7'&0," 8(Q(%8(%+" -%" +6("
5-%.&P2)7+&-%"-.".&*570"*(++&%P*3"Q-0&+&570"75+-)*"7%8"-QQ-)+2%&+&(*>""
*
>1'($(/&'*&)-*&/&-,.(/*/1)$,4$**
"
L2*+)70&7%".(8()70&*@"
Y-)@(8" &%" !JF!" 1," +6(" 2%&.&57+&-%" -." *&T" &%8(Q(%8(%+" _)&+&*6" 5-0-%&(*3" +6("
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
H"
K-@@-%=(70+6" -." L2*+)70&7" 67*" *('()70" .(7+2)(*" +67+" 8&*+&%P2&*6" &+" .)-@" -+6()"
.(8()7+&-%*>" Z." +6(*(3" +6(" @-*+" Q)-@&%(%+" 7%8" )(0('7%+" +-" +6&*" *+28," 7)(" +6(" 6&P6"
8(P)(("-."5-%52))(%5,"#*67)(8".2%5+&-%*:"1(+=((%"*+7+("7%8".(8()70"P-'()%@(%+*"
)(*20+&%P" &%" '()+&570" 5-@Q(+&+&-%]" 7" 6&P6" 8(P)((" -." '()+&570" .&*570" &@1707%5(" #XYW:"
7%8"6-)&?-%+70".&*570"(U270&?7+&-%"#[YA:]"7%8"7"*+)-%P"5(%+)70&?&%P"+)(%8"-'()"+&@("
#9)-825+&'&+," K-@@&**&-%" HFFE:>" " " C6&*" '()+&570" .&*570" &@1707%5(" 0(7'(*" +6(" *+7+(*"
8(Q(%8(%+" 2Q-%" 7" 5-@Q0(T" *,*+(@" -." .2%8&%P" +)7%*.()*" .)-@" +6(" K-@@-%=(70+6"
P-'()%@(%+" +-" @((+" +6(&)" (TQ(%8&+2)(" )(*Q-%*&1&0&+&(*>" C6(*(" +)7%*.()*" +7V(" +=-"
@7&%" .-)@*" M" P(%()70" )('(%2(" 7**&*+7%5(" -)" 2%+&(8" P)7%+*3" 7%8" *Q(5&.&5" Q2)Q-*("
Q7,@(%+*" #499*:" -)" +&(8" P)7%+*>" W%" +6(" Q()&-8" 2%8()" *+28,3" +6(" K-@@-%=(70+6"
P-'()%@(%+" )7&*(8" 71-2+" IF" Q()5(%+" -." +-+70" Q210&5" *(5+-)" )('(%2(3" ,(+" =7*"
)(*Q-%*&10(" .-)" -%0," 670." -." 700" Q210&5" (TQ(%8&+2)(" #K)7&P" !JJI3" !I`:>" C6&*"
5-@Q0(T&+,"&*"6(&P6+(%(8"1,"62%8)(8*"-."5-@Q0(T"7P)((@(%+*"1(+=((%".(8()70"7%8"
*+7+(" 72+6-)&+&(*" @78(" +6)-2P6" &%+()P-'()%@(%+70" .-)2@*" +67+" 67'(" %-" .-)@70"
72+6-)&+," 2%8()" +6(" L2*+)70&7%" 5-%*+&+2+&-%" #9&%52*3" HFFE3" N`:>" C6(*("
8&*+&%P2&*6&%P" 567)75+()&*+&5*" 67'(" 1(5-@(" @-)(" Q)-%-2%5(8" -'()" +&@(3"
Q7)+&5207)0,".-00-=&%P"+6("[&P6"K-2)+S*"!JGH")20&%P"+67+"(..(5+&'(0,")(*20+(8"&%"+6("
K-@@-%=(70+6"70-%("+7V&%P")(*Q-%*&1&0&+,".-)"+6("5-00(5+&-%"-."&%5-@("+7T3"7%8"+6("
&%+)-825+&-%" &%" HFF!" -." 7" P--8*" 7%8" *()'&5(" +7T" 5-00(5+(8" 1," +6(" K-@@-%=(70+63"
)(Q075&%P"5-@Q7)710("*+7+("+7T(*>""""
"
;6&0(" 700" K-@@-%=(70+6" P-'()%@(%+*" 67'(" )(5-P%&?(8" 7%8" (TQ0-&+(8" +-"
'7),&%P" 8(P)((*" +6(&)" .&*570" 7%8" 5-%*+&+2+&-%70" 8-@&%7%5(" -'()" +6(" *+7+(*3" +6("
%7+2)("7%8"8(P)(("-."K-@@-%=(70+6"Q-=()"-'()"*+7+(*"7%8"&*"5-%*&8()(8"+-"67'("
&%5)(7*(8" *67)Q0," 2%8()" +6(" [7=V(" #!J\NMJ!:" 7%8" a(7+&%P" #!JJ!MJE:"
P-'()%@(%+*3" =6-" 2*(8" &+" +-" &%.02(%5(" *+7+(" Q-0&5&(*" 7%8" Q2)*2(" .(8()70" Q-0&5,"
-1^(5+&'(*" #_(%%(++" 7%8" ;(11" HFFE]" /7+6(=*" 7%8" b)(=70" !JJI:>" C6(&)" Rc(="
Y(8()70&*@S" 7P(%87" =7*" 8)&'(%" &%" Q7)+" 1," +6(" 8(*&)(" +-" )(@-'(" -'()07Q" 7%8"
82Q0&57+&-%" =6&56" =()(" Q()5(&'(8" 7*" -1*+750(*" +-" %7+&-%70" (5-%-@&5" )(.-)@" 7%8"
&%+()%7+&-%70" 5-@Q(+&'(%(**" #97&%+()" !JJ\:>" W+" 5-@Q)&*(8" -." 567%P(*" +-" .&*570"
)(07+&-%*" M" &%" +6(" K-@@-%=(70+6S*" .7'-2)" M" 7%8" 8)7@7+&5" )(%-'7+&-%*" +-"
&%+()P-'()%@(%+70" &%*+&+2+&-%*>" C6(" L8'&*-)," K-2%5&0" -%" W%+()P-'()%@(%+70"
d(07+&-%*"=7*"8&*@7%+0(83"7%8"+6("7%%270"4Q(5&70"9)(@&()*"K-%.()(%5(*"#)(07+&'(0,"
&%.-)@70" @((+&%P*" 7+" =6&56" K-@@-%=(70+6" .2%8&%P" R-..()*S" =()(" Q)(*(%+(8" +-"
*+7+(*:"=()(")(Q075(8"1,"+6("K-2%5&0"-."L2*+)70&7%"b-'()%@(%+*3"=6&56"(@Q67*&?(8"
&%+()P-'()%@(%+70" 5--Q()7+&-%" 7%8" 7P)((@(%+*" -%" Q-0&5&(*" 7%8" R%7+&-%70" &**2(*S>"
#C6&*" =7*" Q7)+&5207)0," Q)('70(%+" &%" (8257+&-%3" ('&8(%5(8" 1," [7=V(S*" 07%8@7)V"
Q-0&5,"R4+)(%P+6(%&%P"L2*+)70&7S*"456--0*S"Q-0&5,"7%8"a(7+&%PS*"Ra%-=0(8P("c7+&-%S"
(0(5+&-%" Q07+.-)@>:" 97)700(0*" 57%" 1(" 8)7=%" 1(+=((%" +6&*" R%(=" .(8()70&*@S" 7%8" +6("
*-M5700(8" (T(52+&'(" .(8()70&*@" &%" K7%7873" =&+6" .-)@70" M" 70+6-2P6" %-+"
5-%*+&+2+&-%700," 8()&'(8" M" @((+&%P*" 1(+=((%" P-'()%@(%+" 0(78()*" 7%8" @&%&*+()*"
#;7++*"HFF\:>"
C6(" P)-=&%P" .&*570" 7%8" 78@&%&*+)7+&'(" 5-@Q0(T&+," )(*20+&%P" .)-@" &%5)(7*(8"
K-@@-%=(70+6" )-0(" 7%8" &%+()P-'()%@(%+70" 7P)((@(%+*" 67*" 5-%+)&12+(8" +-" 7"
5-%*(%*2*"7@-%P"*+7+("7%8".(8()70"Q-0&+&5&7%*3"7578(@&5*3"12*&%(**"Q(-Q0(3"7%8"+6("
P(%()70"5-@@2%&+,"+67+"L2*+)70&7S*".(8()7+&-%")(U2&)(*")(.-)@"7%8"+6("K-%*+&+2+&-%"
&*" (&+6()" &P%-)(8" 7%8" #-):" -2+@-8(8" #A>P>" C=-@(," 7%8" ;&+6()*" HFFI]" [-007%8()"
HF!F:>" C6(" @-*+" 5-@@-%" 5-@Q07&%+*" 5-%5()%" 2%6(0Q.20" 82Q0&57+&-%3" (T5(**&'("
12)(725)75," 7%8" 78@&%&*+)7+&-%3" &%5-%*&*+(%+" )(P207+&-%3" 125VMQ7**&%P" 7%8" 5-*+M
*6&.+&%P3" =6&56" 7)(" *7&8" +-" 0&@&+" Q)-825+&'&+," 7%8" 0-=()" *()'&5(" U270&+," #9&%52*"
HFFE3" NG:>" C6(" @-*+" 5-@@-%" *2PP(*+&-%*" .-)" )(.-)@" &%5028(" +6(" )(700-57+&-%" 7%8"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
N"
507)&.&57+&-%" -." Q-=()*" 7%8" .2%5+&-%*" 1(+=((%" +6(" K-@@-%=(70+6" 7%8" +6(" *+7+(*3"
+6(" )(.-)@" -." K-@@-%=(70+6M*+7+(" .&%7%5&70" )(07+&-%*" 7%8" +6(" &@Q)-'(@(%+" -."
&%+()P-'()%@(%+70" Q)-5(**(*" 7%8" &%*+&+2+&-%*>" " RY&T&%P" .(8()70&*@S" 7%8" R(%8&%P" +6("
107@(" P7@(S" =7*" 7" @7^-)" Q07%V" -." +6(" e71-)" 97)+,S*" *255(**.20" HFFI" .(8()70"
(0(5+&-%"57@Q7&P%"#Le9"L8'&*-),"b)-2Q"HFFI:>"
C6(" %7+2)(3" 8(P)((" 7%8" (T+(%+" )(.-)@*" +6-2P6+" %(5(**7)," '7)&(*" =&8(0,"
7@-%P" *56-07)*" 7%8" Q)75+&+&-%()*>" Z%" -%(" *&8(3" a(%%(+6" ;&0+*6&)(" #HFF`:3" L>" O>"
_)-=%" #HFFE:" 7%8" +6(" _2*&%(**" K-2%5&0" -." L2*+)70&7" #HFFE:" 7)P2(" .-)" 7" @7^-)"
-'()6720"-."=67+"+6(,"5-%*&8()"7"8,*.2%5+&-%70"*,*+(@>"e&%P7)83"ZS_)&(%"7%8"a%&P6+"
#!JJN:" 7)(" +,Q&570" -." (8257+&-%" *56-07)*" =6-" )(P7)8" K-@@-%=(70+6" &%+()'(%+&-%"
7%8" Q-0&5," 2%&.-)@&+," 7*" 8(*&)710(" 7%8" %(5(**7)," +-" 8)&'(" &@Q)-'(@(%+" 7%8"
756&('("1)-78"P-70*"*256"7*"(U270&+,"-."-QQ-)+2%&+,"7%8"*-5&70"^2*+&5(>"Z%"+6("-+6()"
*&8(3" *56-07)*" *256" 7*" _)&7%" b700&P7%" #HFF\:3" K0&.." ;70*6" #HFFE:3" 7%8" O-%7+67%"
9&%52*"#HFFE:"7)P2("+67+3"-%"+6("=6-0(3"+6("L2*+)70&7%".(8()7+&-%"&*"-Q()7+&%P"=(003"
=&+6"&%+()P-'()%@(%+70"5-@Q(+&+&-%"7%8"-'()07Q"7"*&P%"-."8,%7@&*@"7%8"6(70+6,"7"
*-)+&%P"-.")-0(*>"_(+=((%"+6(*("+=-"(T+)(@(*3"7)("*56-07)*"*256"7*"L%%("C=-@(,"
7%8" b0(%" ;&+6()*" #HFFI:3" L07%" Y(%%7" #HFFI:" 7%8" L%8)(=" 97)V&%" #HFFN:3" =6-"
78'-57+(".-)"+6("@7&%+(%7%5("-.".(8()70"*+)25+2)(*3"12+"=&+6"7"*67)Q()"8(0&%(7+&-%"
-."*+7+("7%8"5-@@-%=(70+6")-0(*"7%8")(*Q-%*&1&0&+&(*3"7%8")(@-'70"-."5-%52))(%5,>"
[-007%8()" #HF!F:" -..()*" 7" )7)(" Q()*Q(5+&'(" &%" +6(" L2*+)70&7%" 8(17+(>" [()" *+28," -."
(%'&)-%@(%+70" Q)-+(5+&-%" &%" L2*+)70&7" .&%8*" +67+" 82Q0&57+&-%3" -'()07Q" 7%8"
)(82%87%5," Q().-)@" 7" 2*(.20" .2%5+&-%3" 7%8" +67+" (..-)+*" +-" )(825(" +6(*(" .75+-)*" 1,"
507)&.,&%P")-0(*"-."*+7+("7%8"K-@@-%=(70+6"67'("&@Q-*(8"7)+&.&5&70"1-2%87)&(*"-%"7"
5-@Q0(T"Q-0&5,"8-@7&%3"7%8")(825(8"+6("56(5V*"7%8"1707%5(*"+67+"7)("+6("6700@7)V"
-." 7" .(8()70" *,*+(@" -." P-'()%@(%+>" " W%+()(*+&%P0,3" 7*" b700&P7%" #HFF\3" Q>EHF:" 67*"
*6-=%3" +6(" =7," &%" =6&56" L2*+)70&7%" .(8()70&*@" &*" 5-%5(Q+270&*(8" &*" 7" *+)-%P"
Q)(8&5+-)"-."=67+")(.-)@*"7)("Q)-Q-*(83"7%8"+6(&)"0&V(0,"567%5(*"-."*255(**3"=6&56"
67*"0&@&+(8"7%8".)7P@(%+(8"+6("8(17+(*"7%8")(*(7)56"&%"L2*+)70&7>"""
"
"/-*+" *56-07)*" 7)P2(" +67+" L2*+)70&7" 7+" .(8()7+&-%" =7*" -)P7%&?(8" -%" +6("
Q)&%5&Q0(" -." 5--)8&%7+&-%3" =&+6" *(5+&-%" `!" -." +6(" K-%*+&+2+&-%" &%" Q7)+&5207)"
*+&Q207+&%P" +6(" 0&@&+*" +-" K-@@-%=(70+6" Q-=()>" Z+6()*3" *256" 7*" b700&P7%" #!JJ`3"
HFF\:"7%8";70*6"#HFFE:3"7)P2("+67+"5-%52))(%5,"7%8"5-@Q(+&+&-%"=()("&%+(%+&-%70"
.(7+2)(*" -." L2*+)70&7S*" 5-%*+&+2+&-%3" Q-&%+&%P" +-" *(5+&-%" JE" =6&56" P&'(*" +6("
K-@@-%=(70+6"Q-=()"+-"@7V("P)7%+*"+-"+6("*+7+(*"-%"*256"+()@*"7%8"5-%8&+&-%*"
7*"&+"*((*".&+"#+6()(.-)("Q)-'&8&%P"5-%*+&+2+&-%70"0(P&+&@75,".-)"&%'-0'(@(%+"&%"*+7+("
*Q6()(*" -." )(*Q-%*&1&0&+,:" 7%8" *(5+&-%" !FJ3" 2%8()" =6&56" +6(" K-@@-%=(70+6" 07=*"
7)("P&'(%"Q)(5(8(%5("-'()"*+7+("07=*"*6-208"+6("+=-"5-%.0&5+>"b700&P7%"#!JJ`]"HFF\:"
P-(*" *-" .7)" 7*" +-" *7," +67+" 5-%52))(%5," &*" R+6(" 8(.&%&%P" .(7+2)(" -." +6(" L2*+)70&7%"
8&'&*&-%"-."Q-=()*S>&""
"
"Z%P-&%P"8(17+("*2))-2%8*"+6("Q-0&5,"*&P%&.&57%5("-."+6("5-%8&+&-%*"7++756(8"
+-" +&(8" P)7%+*>" 4-@(" 0(P70" 7%8" (5-%-@&5" 7%70,*+*" 7)P2(" +67+" +6(" 5-%8&+&-%*" ()-8("
*+7+(" Q-=()" #(>P>" A0*(M/&+56(0" !J\N]" f&%(*" !J\J:3" =6&0(" *-@(" Q-0&+&570" *5&(%+&*+*"
*21@&+" +67+" +6(" *+7+(*" )(+7&%" 7" P)(7+" 8(70" -." Q-0&5," 7%8" Q)-P)7@" 72+-%-@," #(>P>"
b700&P7%"!J\\]"97)V&%"HFFI:>"C6("0&@&+(8"(@Q&)&570")(*(7)56"*2PP(*+*"+67+"8(P)(("-."
*+7+(" *Q(%8&%P" 72+-%-@," 67*" *6&.+(8" -'()" +&@(" 7%8" 1(+=((%" Q-0&5," 7)(%7*>" Y-)"
(T7@Q0(3" *((@&%P0," 8(+7&0(8" 7%8" )(*+)&5+&'(" 5-%8&+&-%*" @7," )(.0(5+" 7" 5-%*(%*270"
-2+5-@("-."P(%2&%("&%+()P-'()%@(%+70"%(P-+&7+&-%>"e&V(=&*(3"*((@&%P"5-@Q0&7%5("
+-" .(8()70" 5-%8&+&-%*" @7," 1(" 12)(725)7+&5" &002*&-%" -%" +6(" Q7)+" -." +6(" *+7+(*" -)"
*&@Q0,"8&*+-)+"Q)(M(T&*+&%P"#-)"Q07%%(8:"*+7+("Q-0&5&(*>"C6("7..(5+"-."+&(8"P)7%+*"-)"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
G"
K-@@-%=(70+6" Q)-P)7@*" -%" *+7+(" (8257+&-%" Q-0&5&(*" 67*" %-+" Q)('&-2*0," 1((%"
(TQ0-)(8>""
"
456--0".2%8&%P"&%"L2*+)70&7"
$%8()" *(5+&-%" `!" -." +6(" L2*+)70&7%" K-%*+&+2+&-%3" (8257+&-%" M" 7%8" 1," &@Q0&57+&-%"
*56--0" .2%8&%P" 7%8" Q)-'&*&-%M" &*" 7" )(*&8270" Q-=()" 7%8" )(*+*" =&+6" +6(" *+7+("
P-'()%@(%+*>" C6&*" =7*" 07)P(0," +6(" 57*(" 2%+&0" !JIG3" =6(%! +6(" K-@@-%=(70+6"
P-'()%@(%+" 1(P7%" *,*+(@7+&5700," .2%8&%P" 1-+6" Q210&5" #P-'()%@(%+:" 7%8" Q)&'7+("
#%-%MP-'()%@(%+:" *56--0*>" C6&*" &%'-0'(@(%+" &*" 07)P(0,3" 12+" %-+" (%+&)(0,3" 17*(8" -%"
*(5+&-%" JE" -." +6(" K-%*+&+2+&-%3" =6&56" 700-=*" &+" +-" @7V(" Q7,@(%+*" +-" +6(" *+7+(*" -%"
*256"+()@*"7%8"5-%8&+&-%*"7*"&+"*((*".&+>""C6&*"&%'-0'(@(%+"67*"&%5)(7*(8"&%")(07+&'("
7%8"71*-02+("+()@*"2%8()"('(),"*255(**&'("K-@@-%=(70+6"P-'()%@(%+3"175V(8"1,"
*+)-%P"Q210&5"*2QQ-)+3"+-"+6("(T+(%+"+67+"(8257+&-%"Q-0&5,"7%8"*56--0".2%8&%P"67'("
(**(%+&700," 1(5-@(" 7" *67)(8" )(*Q-%*&1&0&+," 1(+=((%" +6(" K-@@-%=(70+6" 7%8" *+7+("
P-'()%@(%+*>" C6(" 8(P)((" +-" =6&56" &+" &*" *67)(8" &*" 2%&U2(" 7@-%P" .(8()7+&-%*"
#;7))(%"HFFE3"H:>""
;6&0(" +6(" *+7+(*" 67'(" )(+7&%(8" 0(P&*07+&'(" 7%8" )(P207+-)," )(*Q-%*&1&0&+," .-)"
(8257+&-%" 7%8" +)7&%&%P" #(..(5+&'(0," )(*20+&%P" &%" (&P6+" *(Q7)7+(" Q210&5" *56--0"
*,*+(@*:3"7%8"5-%+&%2("+-"Q)-'&8("J!"Q()"5(%+"-."+6("+-+70"P-'()%@(%+".2%8&%P".-)"
Q210&5" *56--0*3" 7" )7%P(" -." %7+&-%70" 7P)((@(%+*" 7%8" K-@@-%=(70+6" .&%7%5&70"
5-%8&+&-%*" -'()07Q" =&+6" -)" &%.02(%5(" *+7+(" 0(P&*07+&-%3" )(P207+&-%" 7%8" .2%8&%P"
#K9Aee"HFFG3"!NM!G:>"L88&+&-%700,3"+6("K-@@-%=(70+6"&*"07)P(0,"7%8"&%5)(7*&%P0,"
)(*Q-%*&10(" .-)" +6(" .2%8&%P" -." Q)&'7+(" " *56--0*3" 0(7'&%P" +6(" *+7+(*" )(*Q-%*&10(" .-)"
Q210&5" *56--0*" #=6&56" 57+()" +-" 7" 8&*Q)-Q-)+&-%7+(" 7@-2%+" -." 8&*78'7%+7P(8"
*+28(%+*:3" 7*" =(00" 7*" 52))&5202@&&" 7%8" +(756()" 7%8" *56--0" )(P&*+)7+&-%*>" C6&*"
*(++0(@(%+3"Q7)+&5207)0,"+6("K-@@-%=(70+6"P-'()%@(%+S*"(TQ7%8&%P")-0(3"67*"1((%"
07)P(0," 8)&'(%" 1," 7" 5-@1&%7+&-%" -." Q-0&+&570" &8(-0-P," 7%8" Q-0&+&570" Q)7P@7+&*@3"
)7+6()"+67%"5-%*+&+2+&-%70".&8(0&+,"-)".(8()70"Q)&%5&Q0(*"*256"7*"*21*&8&7)&+,3"7%8"67*"
1((%" 7&8(8" 1," &%5)(7*&%P" K-@@-%=(70+6" .&*570" 7%8" 78@&%&*+)7+&'(" Q-=()>" C6&*"
*(++0(@(%+" 67*" )(*20+(8" &%" *&P%&.&57%+" 78@&%&*+)7+&'(" -'()07Q3" &%5-%*&*+(%5," 7%8"
5-@Q0(T&+,3" Q7)+&5207)0," =6(%" 5-@1&%(8" =&+6" 8&..()&%P" .&%7%5&70" ,(7)*3" 755-2%+&%P"
*,*+(@*3"7%8"+6("*(5+-)70"8&'&*&-%*<"Q210&5"7%8"Q)&'7+("#K7+6-0&5"7%8"&%8(Q(%8(%+:>"
4-"P)(7+"&*"+6&*"5-@Q0(T&+,3"+67+"P-'()%@(%+*"7%8"Q-0&5,@7V()*"8-"%-+"V%-="6-="
@256"(756"&%8&'&8270"*56--0")(5(&'(*".)-@"700"P-'()%@(%+"7%8"Q)&'7+("*-2)5(*3"7%8"
+62*"57%%-+")(0&710,"7*5()+7&%"7%"&%8&'&8270"*56--0S*")(07+&'("%((8*"#g-=0&%P"HFF\:>""
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
`"
?(2"%,*@3*>"A'(/*+")-()2*+1%*!"#$%&'(&)*#/011'#*A:*#1"%/,*
*
"
"
47*-51U!)*,67-+!7>$!56.-,@!2.,.!0-73!V-72*5,#9#,:!O733#++#7$!&'('!
*
?(2"%,*B3*>"A'(/*+")-()2*+1%*#/011'#*A:*#,/$1%*
47*-51U!)*,67-+!7>$!56.-,@!2.,.!0-73!V-72*5,#9#,:!O733#++#7$!&'('!
"
!
"
C6&*"78@&%&*+)7+&'("5-@Q0(T&+,"&*"=&8(0,"7++)&12+(8"+-"+6("@(8&7+&-%*"-."L2*+)70&7%"
.(8()70&*@" 7%8" -'()07QQ&%P" 4+7+(" 7%8" K-@@-%=(70+6" )(*Q-%*&1&0&+&(*>&&&" h(+" +6("
8(P)((" +-" =6&56" .(8()70" 75+&'&+," &%" *56--0&%P" -'()07Q*3" 5-@Q(+(*" -)" 5-@Q0(@(%+*"
=&+6" *+7+(" 75+&'&+,3" 7%8" 8(P)((" +-" =6&56" &+" (%67%5(*3" -1*+)25+*" -)" -+6()=&*("
&%.02(%5(*" *+7+(" Q-0&5," 72+-%-@," -)" &%+()P-'()%@(%+70" )(07+&-%*" 67*" %-+" 1((%"
)&P-)-2*0," &%'(*+&P7+(8>" d(*(7)56" 67*" &%*+(78" .-52*(8" -%" +6(" )(07+&'(" .2%8&%P" 7%8"
(%)-0@(%+" *67)(*" -." +6(" Q210&5" 7%8" Q)&'7+(" *(5+-)*3" +6(" '&)+2(*" -)" 87%P()*" -."
Q-0&5&(*" Q)-@-+&%P" 56-&5(" 7%8" 755-2%+71&0&+,3" 7%8" +6(" 75+&-%*" -." K-@@-%=(70+6"
P-'()%@(%+" #=6-" 67*" *@700(*+" .2%8&%P" 7%8" Q-0&5," )-0(:3" 7+" +6(" (TQ(%*(" -." +6("
1)-78()" #&%+()P-'()%@(%+70:" Q-0&+&570" *(++0(@(%+" &%" =6&56" *56--0" .2%8&%P" Q-0&5&(*"
-Q()7+(3" -)" *+7+(" P-'()%@(%+*" =6-" )(+7&%" Q)&@7)," )(*Q-%*&1&0&+," .-)" +6(" .2%8&%P"
7%8"@7%7P(@(%+"-."*56--0"*,*+(@*>"C6()("7)("&%6()(%+"7**2@Q+&-%*"i"Q7)+&5207)0,"
7@-%P*+"(8257+&-%"*56-07)*"M"+67+"+6("*,*+(@"%((8*")(.-)@"7%8"+67+"567%P&%P"+6("
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
E"
.2%8&%P")20(*"7%8"507)&.,&%P")(*Q-%*&1&0&+&(*"=&00"0(78"+-"&@Q)-'(@(%+3"=6(%"&%".75+3"
('&8(%5("&*"*57%+"(&+6()"=7,>"C6()("&*"70*-"7%"2%.-2%8(8"Q)(.()(%5(".-)"&%5)(7*(8"
.(8()70" P-'()%@(%+" &%'-0'(@(%+" -)" 7**2@Q+&-%" -." *+7+(" )(*Q-%*&1&0&+&(*>""
Y(8()70&*@"&*"(&+6()"&P%-)(83"@&*2%8()*+--8"7*"7"*+7+&5"*(+"-.")20(*"7%8"&%*+&+2+&-%*3"
-)" '&(=(8" -1*+750(" +67+" %((8*" +-" 1(" -'()5-@(>" W+" &*" %-+" 50(7)" =6&56" %-)@7+&'("
@-8(0" -." .(8()70&*@" i" 5--Q()7+&'(3" 5-0071-)7+&'(3" 5-()5&'(3" 5-@Q(+&+&'(" i" 1(*+"
5-))(*Q-%8*" +-" *56--0" Q-0&5," 7)(%73" 7%8" +6(" '&)+2(*" -)" 6&%8)7%5(*" Q-*(8" 1," +6("
52))(%+"7%8"Q)-Q-*(8"@-8(0>""
"
C/011'#*1+*$0,*?"$"%,***
W%*+&+2+&-%70"7%8"Q-0&+&570"5-%+(T+"
C6(" 456--0*" -." +6(" Y2+2)(" Q)-P)7@" =7*" &%+)-825(8" 1," +6(" X&5+-)&7%" P-'()%@(%+"
2%8()" e&1()70Mc7+&-%70" 9)(@&()" O(.." a(%%(++" *6-)+0," 7.+()" +6(&)" Z5+-1()" !JJH"
(0(5+&-%" 7@&8*+" 7" *+7+(" (5-%-@&5" 7%8" Q-0&5," 5)&*&*>" W+" 5-@Q)&*(8" -." +6)((" 5-)("
(0(@(%+*<" &+" &%5)(7*(8" -Q()7+&%P" 72+-%-@," .-)" P-'()%@(%+" *56--0*" #8('-0'&%P"
.2%8&%P" 7%8" 6&)&%P" 8(5&*&-%*:3" &%+)-825(8" 52))&5202@" 7%8" *+7%87)8*" +67+" =-208"
Q)('7&0" 75)-**" 700" *56--0*" 7%8" &%5)(7*(8" 755-2%+71&0&+," 1," *+7+(M=&8(" 7**(**@(%+"
7%8")(Q-)+&%P>"L*"7")(*20+"-."+6(*(")(.-)@*3"JN"Q()"5(%+"-."+6("X&5+-)&7"P-'()%@(%+S*"
Q210&5" *56--0" (8257+&-%" 128P(+" =7*" 8('-0'(8" +-" &%8&'&8270" *56--0*" #[7,=7)8"
!JJ`:3"5-%*+&+2+&%P"+6("07)P(*+"8('-02+&-%"-."Q210&5"(8257+&-%"*,*+(@"-."&+*"*&?(3"7%8"
(..(5+&'(0,"5)(7+&%P"7"Q210&5"*,*+(@"-."*(0.M@7%7P&%P"*56--0*>"C6(")(.-)@*"7)("*7&8"
+-" 67'(" 678" Q)-.-2%8" )(Q()52**&-%*" 1(,-%8" X&5+-)&7S*" 1-)8()*3" %7@(0," +6("
78-Q+&-%" -." (0(@(%+*" -." +6(" )(.-)@*" 1," -+6()" L2*+)70&7%" P-'()%@(%+*" 7%8" 7%"
('-02+&-%" -." +6(" 5-%5(Q+270" .)7@(=-)V" .-)" *56--0" .2%8&%P" 7%8" 755-2%+71&0&+,"
#K708=(00"HFF\:>";6&0(".200"*(+"-.")(.-)@*"7)("8&*52**(83"-%0,".2%8&%P"(0(@(%+*"7)("
(T7@&%(8" &%" 8(+7&0" i" 7*" +6(*(" 7)(" +6(" @-*+" 5-%+(*+(8" 7%8" -Q7U2(" 0-52*" -."
K-@@-%=(70+6" &%'-0'(@(%+" 7%8" &%+()P-'()%@(%+70" )(07+&-%*" &%" *56--0&%P>" " C6("
*+28,"=7*"17*(8"2Q-%"(T+(%*&'(3"-)&P&%703"U270&+7+&'(")(*(7)56>"g7+7"7%8"8-52@(%+*"
.)-@" *+7+(3" .(8()70" 7%8" Q()*-%70" 7)56&'(*" =()(" 5-@Q0(@(%+(8" 1," &%+()'&(=*" =&+6"
V(," Q-0&5," 75+-)*3" &%5028&%P" +6(" X&5+-)&7%" @&%&*+()3" 6&*" *+7..3" *(%&-)" 12)(725)7+*3"
5-%*20+7%+*>" " C6&*" Q)&@7)," ('&8(%5(" =7*" +6(%" +)&7%P207+(8" 7P7&%*+" 5-%+(@Q-)7),"
8-52@(%+7)," ('&8(%5(" .)-@" %-%MP-'()%@(%+" *-2)5(*" 7%8" *(5-%87)," 0&+()7+2)(3"
7%8" 7%70,?(8" U270&+7+&'(0," &%" 7" 5-%5(Q+270" .)7@(" 8)7=&%P" 2Q-%" '7)&7%+*" -."
&%*+&+2+&-%70&*@"7%8"a&%P8-%S*"Q-0&5,"*+)(7@*".)7@(=-)V>""
"
X&5+-)&73"0-57+(8"&%"+6("*-2+6(7*+"-."+6("5-2%+),3"&*"L2*+)70&7S*"@-*+"8(%*(0,"
Q-Q207+(8" *+7+(3" 7%8" '()," (+6%&5700," 8&'()*(>" L0@-*+" 670." -." +6(" Q-Q207+&-%" (&+6()"
1-)%"-'()*(7*3"-)"67*"-%("-)"@-)("Q7)(%+*"1-)%"-'()*(7*3".)-@"-'()"HFF"8&..()(%+"
5-2%+)&(*" #L_4" HFF\:>" A8257+&-%" &*" 5-@Q20*-)," 2%+&0" !`" ,(7)*" -." 7P(3" 7%8" .)(("
*56--0&%P" &*" Q)-'&8(8" 1," Q210&5" #P-'()%@(%+:" *56--0*3" =6&56" 7)(" (..(5+&'(0,"
78@&%&*+()(8" &%" +6(" (U2&'70(%+" -." 7" *&%P0(" R8&*+)&5+S" 1," +6(" *+7+(" 8(Q7)+@(%+" -."
(8257+&-%3" =&+6" )(*Q-%*&1&0&+," )(*+&%P" =&+6" +6(" X&5+-)&7%" @&%&*+()" .-)" (8257+&-%3" 7"
571&%(+"Q-*&+&-%"&%"+6("P-'()%@(%+".-)@(8"1,"Q7)0&7@(%+7),"@7^-)&+,>"W%"+6("(7)0,"
!JJF*3" 7QQ)-T&@7+(0," -%(" +6&)8" -." +6(" I\F3FFF" X&5+-)&7%" *56--0" *+28(%+*" =()("
(%)-00(8" &%" Q)&'7+(" #%-%MP-'()%@(%+:3" .((M567)P&%P" *56--0*" #X&5+-)&7" L28&+-)"
b(%()70"!JJ`:>""C-+70"(8257+&-%"-2+07,*"&%"X&5+-)&7"7'()7P(8"7)-2%8"HF"Q()"5(%+"-."
*+7+(" 128P(+" (TQ(%8&+2)(" #&%5028&%P" LjN>H" 1&00&-%" &%" K-@@-%=(70+6" P)7%+*" .-)"
Q210&5"*56--0*:"-."=6&56"-'()"JF"Q()5(%+"-."=6&56"=7*"*Q(%+"-%"Q210&5"*56--0*>"9()M
Q2Q&0"(TQ(%8&+2)("=7*"6&P6()"&%"X&5+-)&7"+67%"7%,"-+6()"*+7+("M"=&+6"%-"8&*5()%710("
(8257+&-%70" P7&%" .-)" *+28(%+*" )(07+&'(" +-" -+6()" *+7+(*" #X&5+-)&7%" K-@@&**&-%" -."
L28&+"!JJH:>"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
I"
C6(" +(%" ,(7)*" Q)(5(8&%P" +6(" 4ZCY" )(.-)@*" =()(" 7" +2)120(%+" Q()&-8" &%"
X&5+-)&7%"(8257+&-%3"=&+6"+6("&%+)-825+&-%"-."+6("X&5+-)&7%"K()+&.&57+("-."A8257+&-%"
7" 6&P6" *56--0" P)7827+(" 5()+&.&57+(:]" &%+)-825+&-%" -." 7" 52))&5202@" .)7@(=-)V" 7%8"
P-'()%&%P"1-8,3"+6("(*+710&*6@(%+"7%8"(T+(%*&-%"-."*56--0"5-2%5&0*]"+6("50-*2)("-."
+(56%&570" 7%8" @7%," R*Q(5&70S" *56--0*3" 7%8" +6(" &%+(P)7+&-%" -." +6(&)" *+28(%+*" &%+-"
5-@Q)(6(%*&'(" *(5-%87)," 5-00(P(*]" 7%8" 8(Q7)+@(%+70" )(*+)25+2)&%P3" &%5028&%P"
*6&.+&%P"@256"-."+6("@7%7P(@(%+"-."+6("HFFF"P-'()%@(%+"*56--0*".)-@"+6("5(%+)70"
-..&5("+-"(&P6+")(P&-%70"-..&5(*>""Y2)+6()"8('-02+&-%")(.-)@*"678"1((%"Q)-Q-*(8"1,"
X&5+-)&7%"(8257+&-%"@&%&*+()"W7%"K7+6&("&%"!J\E"7%8"!J\I3"7%8"70+6-2P6"+6(*("=()("
20+&@7+(0," 10-5V(8" 1," +(756()" 2%&-%*" 7%8" +6(&)" *2QQ-)+()*" &%" e71-)" 571&%(+3"
X&5+-)&7S*" *56--0" *,*+(@" )(@7&%(8" +6(" @-*+" R8('-0'(8S" -." 700" *+7+(*" &%" +6(" 07+("
!J\F*>" " _," !JJH" +6()(" 7" 8((Q" 5)&*&*" -." 5-%.&8(%5(" &%" +6(" *+7+(S*" Q210&5" (8257+&-%"
*,*+(@" 7%8" P-'()%@(%+" @7%7P(@(%+" @-)(" P(%()700,3" 82(" &%" Q7)+" +-" (5-%-@&5"
)(5(**&-%3" 7" *+7+(" 128P(+" 8(.&5&+3" 6&P6()" Q7)(%+70" 7%8" 5-@@2%&+," (TQ(5+7+&-%*" -."
*56--0&%P3"7%8"+6("Q-=()"-."+(756()"2%&-%*"&%"8)&'&%P"7%8"10-5V&%P"Q-0&5,>"
C6("07+("!J\F*"7%8"(7)0,"!JJF*"*7="7%8"(T+(%*&-%"-."+6("8(Q+6"7%8"1)(78+6"
-." K-@@-%=(70+6" &%+()(*+" &%" (8257+&-%>" C6(" [7=V(" 7%8" a(7+&%P" P-'()%@(%+*"
&8(%+&.&(8" (8257+&-%" 7*" 7" %7+&-%70" Q)&-)&+,3" Q075&%P" &+" 6&P6" -%" +6(&)" -=%" 7P(%87>"
;6&0("+6(,"5-%5(8(8"+67+"K-@@-%=(70+6"&%'-0'(@(%+"&%"*56--0&%P"=7*")(*+)&5+(8"
1," 5-%*+&+2+&-%70" 7%8" &%*+&+2+&-%70" .75+-)*3" +6(," *7=" 7" )-0(" .-)" *2QQ0,&%P" %7+&-%70"
0(78()*6&Q"7%8"*2QQ0(@(%+7),"#5-%8&+&-%70:".2%8&%P>"C=-"V(,")(7*-%*"=()("P&'(%"
.-)" +6&*" (%67%5(8" K-@@-%=(70+6" )-0(>" C6(" .&)*+" =7*" +6(" %((8" .-)" 7" *V&00(83"
&%'(%+&'(" 7%8" 787Q+710(" =-)V.-)5(3" )(U2&)&%P" &%5)(7*(8" .-)@70" (8257+&-%>" C6("
*(5-%8"=7*")(5-)8M6&P6",-2+6"2%(@Q0-,@(%+3"=6&56"&%5)(7*(8"1-+6"+6("&%8&'&8270"
7%8" Q210&5" &%5(%+&'(*" .-)" *56--0" 5-@Q0(+&-%" 7%8" 6&P6()" (8257+&-%" 7%8" +)7&%&%P>"
_-+6" -." +6(*(" =()(" 8((@(8" 7*" 1(&%P" &%" +6(" %7+&-%70" &%+()(*+3" 1(572*(" +6(," =-208"
Q-+(%+&700,"&@Q)-'("L2*+)70&7S*"52))(%+"(5-%-@&5"5-%8&+&-%"7%8".2+2)("Q)-*Q()&+,>"
L"+6&)83")(07+(83"@-+&'("=7*"+6("Q&'-+70")-0("*56--0&%P"Q07,(8"&%"+6("&@Q)-'(@(%+"-."
*-5&70"-2+5-@(*"-."8&*78'7%+7P(8"P)-2Q*"7%8"&%8&'&8270*"#g7=V&%*"!J\J:>""
"K-@@-%=(70+6" &%'-0'(@(%+" &%" *56--0&%P" +--V" +6(" .-)@" -." P(%()70"
)(52))(%+" +&(8" P)7%+*" 8(0&'()(8" +-" *+7+(" (8257+&-%" 8(Q7)+@(%+*" .-)" *56--0"
(8257+&-%" 2%8()" R)(*-2)5(" 7P)((@(%+*S]" 7" 57Q&+70" P)7%+*" Q)-P)7@" #Q210&5" *56--0"
5-@Q-%(%+" 8(0&'()(8" '&7" *+7+(" (8257+&-%" 8(Q7)+@(%+*]" 7%8" 7" P)-=&%P" %2@1()" -."
8&)(5+0," 7%8" &%8&)(5+0," 78@&%&*+()(8" *Q(5&70" Q)-P)7@*" +7)P(+&%P" *56--0" *+28(%+*3"
&%5028&%P" +6(" c7+&-%70" AU2&+," 9)-P)7@" .-)" 456--0*" #=&+6" 755(**3" (U2&+,3" %7+&-%70"
Q)&-)&+&(*" 7%8" &%5(%+&'(*" (0(@(%+*:3" +6(" 456--0" e7%P27P(" 9)-P)7@3" A8257+&-%"
K(%+)(*" 9)-P)7@3" 7%8" c7+&-%70" 9)&-)&+," Y2%8&%P" 9)-P)7@*" #gAAC" !JJN:3" @7%," -."
=6&56" )(U2&)(8" @7+56&%P" .2%8*" .)-@" +6(" *+7+(*>" C6(" 78@&%&*+)7+&'(" P2&8(0&%(*"
755-@Q7%,&%P" +6(*(" Q)-P)7@*" =()(" 2Q87+(8" 7%%2700,3" &%" 7" R1--V0(+S" -."
7QQ)-T&@7+(0," H`F" Q7P(*>" /-*+" -." +6(*(" Q)-P)7@*" =()(" +6(%" .200," -)" Q7)+&700,"
8(0&'()(8" 1," *+7+(" (8257+&-%" 8(Q7)+@(%+*" &%" 755-)87%5(" =&+6" K-@@-%=(70+6"
5-%8&+&-%*3"*Q(%8&%P"P2&8(0&%(*"7%8")(Q-)+&%P"Q)-5(82)(*>"L%%270"=)&++(%")(Q-)+*"
=()(" *21@&++(8" 1," +6(" *+7+(*" 7%8" %-%MP-'()%@(%+" *56--0" 72+6-)&+&(*" +-" +6("
5-@@-%=(70+6"(8257+&-%"8(Q7)+@(%+".-)"7**(**@(%+"-."+6(&)"5-@Q0&7%5("&%"P)7%+"
5-%8&+&-%*>"
C6(" *Q(5&.&5" -1^(5+&'(*" -." +6(" b(%()70" d(52))(%+" b)7%+*" 9)-P)7@" =()(" R+-"
Q)(Q7)("+6("%7+&-%S*",-2%P"Q(-Q0("+-"2%8()+7V("Q-*+M*56--0"(8257+&-%"7%8"+)7&%&%P3"
+-" Q7)+&5&Q7+(" *255(**.200," &%" +6(" 071-2)" @7)V(+3" 7%8" +-" 5-%+)&12+(" +-3" 7%8" 1(%(.&+"
.)-@3" L2*+)70&7%" *-5&(+," #gAAC" !JJN3" J:>" C6(" P)7%+*" =()(" &%+(%8(8" .-)" +6("
-Q()7+&%P" (TQ(%8&+2)(" &%52))(8" *56--0" *,*+(@*" &%" &@Q0(@(%+&%P" +6(" *+)7+(P&(*3"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
\"
Q)-P)7@*" 7%8" -1^(5+&'(*" *Q(5&.&(8" &%" +6(" )(*-2)5(" 7P)((@(%+>" C6(" P)7%+*" #=-)+6"
jNFI" Q()" Q)&@7)," *+28(%+" 7%8" jG``" *(5-%87)," *+28(%+" &%" +6(" Q210&5" *,*+(@*" &%"
!JJN:" =()(" Q7&8" @-%+60," 7%8" 5-208" 1(" *Q(%+" -%" *+7.." *707)&(*" 7%8" +)7&%&%P3"
52))&5202@" 8('(0-Q@(%+3" @7&%+(%7%5(" 7%8" P(%()70" -Q()7+&-%" Q)-'&*&-%*" #gAAC"
!JJN3" !F:>" C6(" 0(P&*07+&'(" 17*&*" .-)" +6(*(" P)7%+*" =7*" Q)-'&8(8" 1," +6("
K-@@-%=(70+6S*" 4+7+(*" b)7%+*" #456--0*" L**&*+7%5(:" L5+" !J\N3" !J\G3" !J\\" 7%8"
4+7+(*"b)7%+*"#9)&@7),"7%8"4(5-%87),"A8257+&-%:"L5+>"
Y-)@70"&%+()P-'()%@(%+70"5-0071-)7+&-%"M"6-)&?-%+70"7%8"'()+&570"M"-552))(8"
2%8()"+6("72*Q&5(*"-."+6("L2*+)70&7%"A8257+&-%"K-2%5&0"#LAK:"7%8"&+S*"*255(**-)"+6("
/&%&*+()&70" K-2%5&0" -." A8257+&-%3" A@Q0-,@(%+" 7%8" C)7&%&%P" 7%8" h-2+6" L..7&)*"
#/KAAChL:>" " C6(*(" &%*+&+2+&-%*" P7+6()(8" (8257+&-%" @&%&*+()*" .)-@" +6("
K-@@-%=(70+6"7%8"(756"*+7+("7%8"+())&+-),"+=-"-)"+6)(("+&@(*"7",(7)"+-"8(0&1()7+("
5-%+(@Q-)7)," (8257+&-%" &**2(*" 7%8" =-)V" +-=7)8*" 7" @-)(" %7+&-%700," 5--)8&%7+(8"
7QQ)-756" +-" *56--0&%P3" =&+6" *(%&-)" 12)(725)7+*" .)-@" (756" *+7+(" 7%8" 7" *@700"
*(5)(+7)&7+"=-)V&%P"1(+=((%"@((+&%P*>"C6(")7+&-%70("1(6&%8"+6&*"=-)V"(56-(*"+6("
)6(+-)&5" -." +6-*(" -QQ-*(8" +-" -)" 7@1&'70(%+" +-=7)8*" .(8()70&*@<" &+" =-208" 0&.+"
*+7%87)8*3" )(825(" 2%%(5(**7)," 8&..()(%5(*" 1(+=((%" *+7+(*3" *67)(" )(*-2)5(*" 7%8"
(TQ()+&*(3"(0&@&%7+("82Q0&57+&-%"7%8"&@Q)-'("(5-%-@&(*"-."*570(>";6&0("%-@&%700,"7"
.-)2@" -." &%+()P-'()%@(%+70" 5-0071-)7+&-%3" +6(" Q)((@&%(%+" &%.02(%5(" -." +6("
K-@@-%=(70+6"=7*"2%&'()*700,"75V%-=0(8P(8"#g280(,"7%8"X&'-'&56"!JJ`3"`GM``:>""
"
9-0&5,"8('(0-Q@(%+"7%8"&@Q0(@(%+7+&-%"
C6(" 4ZCY" )(.-)@*" =()(" 5-%5(&'(8" 7%8" 8('(0-Q(8" 1," g-%" [7,=7)83" +6(" .2+2)("
X&5+-)&7%" (8257+&-%" @&%&*+()3" =6&0(" +6(" e&1()70" Q7)+," =7*" *+&00" &%" -QQ-*&+&-%>"
[7,=7)8".()'(%+0,"1(0&('(8"+67+"'&(="+67+"U270&+,"-2+5-@(*"-."*56--0&%P"5-208"-%0,"
1("7**2)(8"=6(%"8(5&*&-%M@7V&%P"-552))(8"7+"+6("*56--0"0('(0>"[("5-%5028(8"+67+"
+6()(" =7*" 7" 5)&*&*" -." (8257+&-%" &%" X&5+-)&73" %(5(**&+7+&%P" 7" R07%8@7)V" *6&.+" &%"
7++&+28(*"7%8"7"%(=".)7@(=-)V".-)"*56--0"(8257+&-%S>"[("*-2P6+"+-"8&*@7%+0("R+6("
*,*+(@S" M" +6(" *+7+(" (8257+&-%" 8(Q7)+@(%+" 7%8" +(756()*" 2%&-%*" i" =6&56" 6(" .(0+"
8&*+-)+(8" (8257+&-%70" 755-2%+71&0&+," 7%8" -1*+)25+(8" Q)&%5&Q70*" .)-@" &@Q)-'&%P"
(8257+&-%70"-2+5-@(*"&%"+6(&)"*56--0*>"4()'&%P"7*"&%*Q&)7+&-%".-)"7"8('-0'(8"@-8(0"
=()(" X&5+-)&7S*" %-%MP-'()%@(%+" *56--0*3" 7%8" +6(" A8@-%+-%" *56--0" 8&*+)&5+" &%"
L01()+73" K7%787>" RW." -%(" =&*6(8" +-" P&'(" .7@&0&(*" 7%8" *+28(%+*" +6(" 71&0&+," +-" 755(**"
+6(" (8257+&-%" *()'&5(*" +67+" 1(*+" @(+" +6(&)" &%8&'&8270" %((8*3" -%(" 678" +-" (%710("
*56--0*"&%"+6("P-'()%@(%+"*,*+(@"+-"1(5-@("72+-%-@-2*3"&%8(Q(%8(%+"Q)-'&8()*S"
#[7,=7)8"!JJ\3"N!MNG:>""
L.+()" *(++&%P" -%" 7" .)7@(=-)V" i" *(0.M@7%7P&%P3" Q210&50,M.2%8(8" *56--0*" i"
[7,=7)8"5-@@(%5(8"(T+(%*&'("7%8"-%P-&%P"5-%*20+7+&-%*"=&+6"7578(@&5*3"*56--0"
Q)&%5&Q70*3" +(756()*3" Q7)(%+*" 7%8" 12*&%(**" Q(-Q0(>" g('-02+&-%3" [7,=7)8"
(@Q67*&*(83" =7*" %-+" &%" U2(*+&-%3" 12+" +6(&)" 78'&5(" =7*" *-2P6+" -%" +6(" 8(+7&0*" 7%8"
&@Q0(@(%+7+&-%"*+)7+(P,3"&%"Q7)+&5207)"+6("128P(+"7*Q(5+*>"C(756()"2%&-%*"=()("%-+"
.-)@700," 5-%*20+(8>" _)&7%" K708=(003" 7%" L2*+)70&7%" (8257+&-%" (5-%-@&*+" =6-" 678"
=-)V(8" -%" 8('-02+&-%" )(.-)@*" &%" A8@-%+-%" 7%8" -+6()" L2*+)70&7%" *+7+(*" =7*"
7QQ-&%+(8"7*"7%"&%8(Q(%8(%+"Q-0&5,"5-%*20+7%+>"d(P207)"@((+&%P*"1(+=((%"e&1()70"
@&%&*+()*"7%8"*678-="@&%&*+()*".-)"(8257+&-%"=()("7%-+6()"i"+7%P(%+&70"M"*-2)5("-."
&%.-)@7+&-%" 7%8" &%*Q&)7+&-%>" W+" =7*" +6)-2P6" +6(*(" R2%Q)-825+&'(S" @((+&%P*" +67+"
[7,=7)8" @(+" b(-.." 4Q)&%P3" 4(5)(+7)," -." +6(" c-)+6()%" C())&+-),S*" g(Q7)+@(%+" -."
A8257+&-%3"=6-"6("07+()"6&)(8"7*"KAZ"-."+6("X&5+-)&7%"8(Q7)+@(%+"7%8"6(78"-."+6("
)(.-)@"Q)-5(**"#[7,=7)8"!JJ\3"NE:>"A&P6+"@-%+6*"7.+()"[7,=7)8S*"7QQ-&%+@(%+"+-"
*678-=" 571&%(+3" 7%8" !\" @-%+6*" Q)&-)" +-" +6(" *+7+(" (0(5+&-%3" +6(" )(.-)@" @-8(0" 7%8"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
J"
-1^(5+&'(*"=()("78-Q+(8"7*"K-70&+&-%"Q-0&5,>"C6(*("&%5028(8"7"*21*+7%+&70")(825+&-%"
-."+6("*&?("7%8".2%5+&-%*"-."+6("(8257+&-%"8(Q7)+@(%+3"+6("+)7%*.()"-.".2%8&%P"7%8"
*56--0" @7%7P(@(%+" )(*Q-%*&1&0&+&(*" +-" &%8&'&8270" *56--0*" &%" 755-)87%5(" =&+6"
567)+()*"8('(0-Q(8"1,"*56--0"5-2%5&0*"7%8"7QQ)-'(8"1,"+6("*+7+("P-'()%@(%+3"7%8"
72+6-)&+,".-)"Q)&%5&Q70*"+-"6&)(3".&)("7%8")(=7)8"+(756&%P"*+7.."#[7,=7)8"!JJF:>""
;6&0(" 5-%*20+7+&-%" =&+6" Q7)+," 5-00(7P2(*" =7*" @&%&@70" 7%8" &%.-)@70" &%"
%7+2)(3"[7,=7)8S*"*56--0"8('-02+&-%"Q-0&5,"=7*")(78&0,"755(Q+(8"7*"K-70&+&-%"Q-0&5,"
1(572*("&+"=7*"5-%*&*+(%+"=&+6"+6("K-70&+&-%S*"8(*&)("+-")(825("(TQ(%8&+2)("7%8"&+*"
1(0&(." &%" *@700" P-'()%@(%+" 7%8" @7)V(+" Q)&%5&Q0(*" 7*" 1-+6" Q-0&5," (%8*" 7%8" @(7%*>"
e72%56&%P" +6(" Q-0&5," &%" !JJ!3" -QQ-*&+&-%" 0(78()" L07%" _)-=%" *Q-V(" -." R7%" 6&*+-)&5"
*6&.+3" &%" =6&56" e&1()70*" =&00" 8&*@7%+0(" e71-)S*" 5(%+)70&?(8" (8257+&-%" @756&%(" 7%8"
)(+2)%" *56--0*" +-" +6(" 5-@@2%&+,3" +-" =6-@" +6(," 7)(" 755-2%+710(S" #_)-=%" !JJ!:>"
C6(*(" =()(" 755-@@-87+(8" =&+6&%" 7" 1)-78()" *6&.+" +-=7)8*" 8('-02+&-%" 7%8" %(="
Q210&5" @7%7P(@(%+3" 1-+6" -." =6&56" 678" 1((%" P7&%&%P" 755(Q+7%5(" 7@-%P"
Q-0&5,@7V()*" 7+" +6(" *+7+(3" .(8()70" 7%8" &%+()%7+&-%70" 0('(0*" -'()" +6(" Q)('&-2*" +=-"
8(578(*3"Q7)+&5207)0,"&%"*56--0&%P>&'""
"
C6("8(+7&0"-."+6(")(.-)@*"7%8"&@Q0(@(%+7+&-%"*+)7+(P,"=7*"8('(0-Q(8"1-+6"
Q)&-)" 7%8" 82)&%P" +6(&)" &@Q0(@(%+7+&-%" 1," 7" +7*V.-)5(" -." *56--0" Q)&%5&Q70*"
7QQ-&%+(8" 1," [7,=7)83" 7%8" 7" 8(Q7)+@(%+70" =-)V&%P" P)-2Q*3" &%" 5-%*20+7+&-%" =&+6"
+6("@&%&*+()"7%8"7578(@&5"5-%*20+7%+"_)&7%"K708=(00>"K-@Q0(@(%+&%P"+6(*("P)-2Q*"
=()("*+7+(M=&8("5-%*20+7+&-%*"=&+6"+(756()*"7%8"Q7)(%+*3"7%8"Q210&5".-)2@*3"1-+6"
-." =6&56" 5-%+)&12+(8" )(.&%(@(%+" -." +6(" )(.-)@*" 7%8" &@Q0(@(%+7+&-%" Q)-5(**>"
[7,=7)83" 0&V(" -+6()" @&%&*+()*" &%" X&5+-)&7%" a(%%(++" P-'()%@(%+3" =7*" P&'(%" .200"
8&*5)(+&-%" -'()" 6&*" Q-)+.-0&->" C6()(" =7*" @&%&@70" 8&*52**&-%3" 7%8" %-" 8&)(5+&-%" -)"
5-%*+)7&%+"i"-+6()"+67%"P-'()%@(%+M=&8("128P(+"52+*M"&@Q-*(8"1,"+6("9)(@&()"-)"
571&%(+"7+"7%,"+&@("-.")(.-)@"8(*&P%"7%8"&@Q0(@(%+7+&-%>"
"
456--0*" -." +6(" Y2+2)(" 5-@Q)&*(8" -." +6)((" 5-)(" (0(@(%+*<" &+" &%5)(7*(8"
-Q()7+&%P"72+-%-@,".-)"P-'()%@(%+"*56--0*"M"(**(%+&700,"5)(7+&%P"7"*+7+(M*,*+(@"-."
567)+()" *56--0*" M3" &%+)-825(8" 7" *+7+(M=&8(" R5-)(" Q02*S" 52))&5202@" 7%8" 7578(@&5"
*+7%87)8*3"7%8"(T+(%8(8"*+7+(M=&8("+(*+&%P"7%8")(Q-)+&%P>""456--0*"=()(")(U2&)(8"
+-" =)&+(" 567)+()*" +67+" *(+" +6(&)" 52))&5202@3" 0(7)%&%P" Q)&-)&+&(*" 7%8" *+)7+(P&(*3" 7%8"
+6(&)"*6-)+"7%8"0-%PM+()@"-1^(5+&'(*>"421^(5+"+-"@&%&*+()&70"7QQ)-'703"+6(*("567)+()*"
*()'(8" 7*" 7" 5-%+)75+" 1(+=((%" +6(" *56--03" &+*" *+28(%+*" 7%8" +6(" *+7+(3" =&+6" *56--0*"
)(U2&)(8" +-" Q)-825(" 7%%270" =)&++(%" )(Q-)+*" -%" +6(&)" (8257+&-%70" Q().-)@7%5(" &%"
+()@*"-."+6(&)"567)+()>""C6("%(=".2%8&%P"*+)25+2)("8('-0'(8"JN"Q()"5(%+"-."+6("%(="
g&)(5+-)7+("-."456--0"A8257+&-%S*"128P(+"+-"&%8&'&8270"*56--0*>"A756")(5(&'(8"7"-%(M
0&%("RP0-170"128P(+S3"=6&56"5-@Q)&*(8"-."7"17*("5-@Q-%(%+"7%8"(U2&+,"5-@Q-%(%+*3"
8()&'(8" .)-@" 567)75+()&*+&5*" -." +6(" *56--0S*" *+28(%+" Q-Q207+&-%" #*256" 7*" +6("
%2@1()" -." *+28(%+*" =&+6" 0(7)%&%P" -)" Q6,*&570" &@Q7&)@(%+*3" -." &%8&P(%-2*"
175VP)-2%83"-)".)-@"*-5&-M(5-%-@&5700,"8&*78'7%+7P(8"6-@(*:3"*56--0")2)70&+,"7%8"
*56--0"*&?(>"456--0*"678"8&*5)(+&-%"&%"+6("=7,"&%"=6&56"+6(,"+72P6+"+6("(&P6+"5-)("
*21^(5+*"#&%5028&%P"507**"*&?(*"7%8"+(T+"1--V*:3"7%8"&%"+6("56-&5("-."7%,"788&+&-%70"
*21^(5+*" +67+" .-)@(8" +6(&)" 52))&5202@>" 4&P%&.&57%+" )('&*&-%*" =()(" 70*-" @78(" +-"
&%82*+)&70")(07+&-%*<"*56--0"5-2%5&0*"Q07,(8"P)(7+()")-0("&%"*(0(5+&%P"+6(&)"Q)&%5&Q703"
=6-" +6(%" *(0(5+(8" 7%8" Q)-@-+(8" +(756&%P" 7%8" %-%M+(756&%P" *+7..>" " C6(" *&?(" 7%8"
)(*Q-%*&1&0&+&(*" -." +6(" 5(%+)70" 7%8" )(P&-%70" X&5+-)&7%" (8257+&-%" 12)(725)75," =7*"
)(825(8"1,"EF"Q()"5(%+>"
W@Q0(@(%+7+&-%" 5-@@(%5(8" *--%" 7.+()" +6(" e&1()70Mc7+&-%70" K-70&+&-%S*""
'&5+-)," &%" Z5+-1()" !JJH" *+7+(" (0(5+&-%3" 701(&+" =&+6" )(.&%(@(%+*>" C6(" 8&*5-'()," -."
*&P%&.&57%+" P-'()%@(%+" 8(1+" 7%8" &%78(U27+(" )('(%2(" )(*20+(8" &%" 571&%(+M&@Q-*(8"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
!F"
128P(+" 52+*" &%" 700" 8(Q7)+@(%+*>" W%" +6(" =((V*" .-00-=&%P" +6(" (0(5+&-%3" [7,=7)8"
(*+710&*6(8" HGJ" +7*V.-)5(*" 75)-**" +6(" *+7+(" +-" 8(5&8(" -%" *56--0" 50-*2)(*3"
7@70P7@7+&-%*" 7%8" )(*+)25+2)(*3" 7%8" 5)(7+(8" +=-" 6&P6M0('(0" +7*V.-)5(*" i+6("
k270&+,"9)-'&*&-%"Y)7@(=-)V"+7*V.-)5("+-"(071-)7+("+6("8(+7&0*"-."+6(")(.-)@*"7%8"
%(=" *+7+(=&8(" .)7@(=-)V*3" 7%8" +6(" 456--0*" -." +6(" Y2+2)(" +7*V.-)5(" +-" 8('(0-Q"
&@Q0(@(%+7+&-%" 7%8" *,*+(@" )(*+)25+2)(" *+)7+(P&(*>" " C6&*" 2%(TQ(5+(8" 128P(+"
*6-)+.700" )(*20+(8" &%" 7" )(025+7%+" )(825+&-%" -." (%'&*7P(8" *2QQ-)+" *()'&5(*" 7%8"
Q)-P)7@*" .-)" *56--0*" 7%8" Q)&%5&Q70*" +)7%*&+&-%&%P" +-" *56--0M17*(8" @7%7P(@(%+]"
0-=()" .2%8&%P" 700-57+&-%*]" *+7.." )(82%87%5&(*" 7%8" +6(" &@@(8&7+(" 50-*2)(" -." `F"
*56--0*" =&+6" .700&%P" (%)-0@(%+*" +67+" 678" 1((%" Q)('&-2*0," &8(%+&.&(8" 7*" %-%M'&710("
#[7,=7)8"HFFJ:>"C6(*("52+*"&%5)(7*(8"8&*+)2*+"7%8"-QQ-*&+&-%"7@-%P*+"+6("+(756()"
2%&-%*"7%8"*-@("*(P@(%+*"-."+6("Q-Q207+&-%3"=6-"5-%*&8()(8"+6(")(.-)@*"+-"1("7"
R5-*+M52++&%P" )75V(+S" #b&1*-%" !JJN:" 7%8" R7++75V" -%" *+7+(" (8257+&-%" (%+&+0(@(%+*S"
#Y(8()7+&-%" -." C(756()*" $%&-%" -." X&5+-)&7" !JJN:>" [7,=7)8" )(P)(++(8" +6("
7**2@Q+&-%"-."572*7+&-%3")7+6()"+67%"5-))(07+&-%3"1(+=((%"+6(")(.-)@*"7%8"128P(+"
52+*"6("=7*".-)5(8"+-"78@&%&*+()"#[7,=--8"HF!F:>"
W%"O7%27),"!JJN3"7"Q)(0&@&%7),"Q7Q()"-2+0&%&%P"+6(")(.-)@*"=7*"8&*+)&12+(8"
+-" 700" Q210&5" *56--0*" &%" X&5+-)&73" &%'&+&%P" +6(@" +-" Q7)+&5&Q7+(" M" *21^(5+" +-" *56--0"
5-2%5&0"7QQ)-'70"#g4A"!JJN:>"L0@-*+"670."-."X&5+-)&7S*"!IHF"*56--0*"'-02%+(()(8"+-"
^-&%"+6(".&)*+"&%+7V(3"-."=6&56"N!J"*56--0*"(%5-@Q7**&%P"7"'7)&(+,"-."8(@-P)7Q6&53"
P(-P)7Q6&5"7%8"*-5&-M(5-%-@&5"*&+27+&-%*"=()("*(0(5+(8>"C6(*("Q&0-+"*56--0*"=()("
&%'-0'(8" &%" +6(" +)7%*07+&-%" -." +6(" Q)(0&@&%7)," Q7Q()" &%+-" P-'()%@(%+" Q-0&5,>" L"
%2@1()" -." .2%8&%P" 7%8" @7%7P(@(%+" @-8(0*" =()(" +)&70(8" 7%8" ('7027+(83" =6&56"
8&)(5+0," &%.-)@(8" .2+2)(" Q-0&5,>" C6(" )(*20+*" 5-@@2%&57+(8" +-" *56--0*" '&7" )(P207)"
.-)2@*"7%8"*(@&%7)*3"-%"=6&56".((8175V"=7*"*-2P6+>""Y-2)"&%+7V(*".-00-=(8"7+"*&TM
@-%+6" &%+()'70*3" (756" 5-@Q)&*&%P" -." 1(+=((%" N\F" 7%8" `!F" *56--0*3" =&+6" +6(" .&.+6"
&%+7V(" 1(5-@&%P" -Q()7+&-%70" &%" O20," !JJ`>" A756" &%+7V(" =(%+" +6)-2P6" 7" *&TM@-%+6"
&%825+&-%" Q67*(3" =&+6" +6(" P-'()%@(%+" Q)-'&8&%P" +)7&%&%P3" 8-52@(%+7+&-%" 7%8"
Q()*-%%(0" *2QQ-)+" &%" +6(&)" +)7%*&+&-%" +-" 1(5-@(" *(0.M@7%7P&%P" =&+6&%" +6(" %(="
*+7%87)8*"7%8"755-2%+71&0&+,".)7@(=-)V>""
4+7PP()&%P" +6(" )(.-)@*S" &@Q0(@(%+7+&-%" 678" *('()70" 1(%(.&+*>" W+" 5)(7+(8" 7"
@-)(" @7%7P(710(" =-)V0-78" .-)" +6(" 8(Q7)+@(%+" 7%8" 700-=(8" +6(" P-'()%@(%+" +-"
@7V(" 78^2*+@(%+*" +-" +6(" 128P(+" .-)@2073" 755-2%+71&0&+," .)7@(=-)V3" +)7&%&%P" 7%8"
*2QQ-)+" *()'&5(*" .-)" (756" *255(**&'(" &%+7V(3" 17*(8" -%" 2%.-)(*((%" &@Q0(@(%+7+&-%"
8&..&520+&(*" .75(8" 1," Q)('&-2*" &%+7V(*>" K-%*(U2(%+0,3" -%0," *&T" Q()" 5(%+" -." *56--0*"
=(%+"&%+-"-'()8)7.+"82("+-"&%78(U27+("57*6M.0-="128P(+&%P3"8(*Q&+("!F"Q()"5(%+"-."
*56--0*" 075V&%P" 7" *56--0" 5-2%5&0" @(@1()" =&+6" 12*&%(**" -)" .&%7%5(" (TQ()+&*("
#L28&+-)"b(%()70"-."X&5+-)&7"!JJI:>"d(U2&)&%P"*56--0*"+-"'-02%+(()"+-"1(5-@("*(0.M
@7%7P&%P" =(7V(%(8" 507&@*" +67+" +6(" )(.-)@*" =()(" .-)5(8" 2Q-%" *56--0*" 7P7&%*+"
+6(&)"5-%*(%+"7*"7"5-*+M52++&%P"@(7*2)(>""Z%0,"+=-"*56--0*")(.2*(8"+-"Q7)+&5&Q7+(3"7"
@7^-)"'&%8&57+&-%".-)"+6("P-'()%@(%+>""
L*" 7" )(*20+" -." +6(" )(.-)@*3" +6(" g&)(5+-)7+(" -." 456--0" .2%8&%P" =(%+" .)-@"
5-%+)-00&%P"-'()"JF"Q()"5(%+"-."+6("(TQ(%8&+2)("+-"^2*+"*('(%"Q()"5(%+>"C6()("=7*"7"
!H"Q()"5(%+")(825+&-%"&%"X&5+-)&7%"P-'()%@(%+"(TQ(%8&+2)("Q()"*+28(%+3"82("8-"+6("
5-%*-0&87+&-%" -." 6(78" -..&5(" 7%8" )(P&-%70" 78@&%&*+)7+&-%*3" 52+*" &%" -'()6(78"
(TQ(%*(*3" 7%8" +6(" 5-%+)75+&%P" -2+" -." *56--0" 50(7%&%P" 7%8" -+6()" *()'&5(*>" _(+=((%"
O20,"!JJH"7%8"O2%("!JJG"70-%(3"+6("8(Q7)+@(%+S*"*+7.."=7*"52+"1,"!!3FFF"#-."=6&56"
EIFF"=()("+(756()*:>"g(*Q&+("+6(&)")78&570"%7+2)(3"+6(")(.-)@*"=()("755-@@-87+(8"
=&+6&%"+6("(T&*+&%P"0(P&*07+&'(".)7@(=-)V>"Z%0,"-%("@&%-)"567%P("=7*")(U2&)(8"+-"
+6(" !J`\" X&5+-)&7%" A8257+&-%" L5+" M" +-" @&%&@&?(" &%82*+)&70" )(07+&-%*" 8&*Q2+(*" =&+6"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
!!"
+(756()*"M=6&56"Q7**(8"=&+6-2+"8&..&520+,"82("+-"+6("K-70&+&-%S*"@7^-)&+&(*"&%"1-+6"
6-2*(*"-."X&5+-)&7%"Q7)0&7@(%+>""
4ZCY")(.-)@*"=()("07+()"(T+(%8(8"1,"[7,=7)8S*"e&1()70"Q7)+,"5-00(7P2("7%8"
*255(**-)" 7*" (8257+&-%" @&%&*+()" 96&0" b28(3" 7%8" 1," +6(" e71-)" 97)+,3" =6-" =-%" +6("
!JJJ" X&5+-)&7%" (0(5+&-%>" W%" HFFJ3" X&5+-)&7" 678" +6(" 6&P6(*+" 7'()7P(" *+28(%+"
Q().-)@7%5(3"6&P6(*+"*56--0")(+(%+&-%")7+(*"7%8"0-=(*+"Q()"Q2Q&0"(TQ(%8&+2)("-."700"
*+7+(*"#9)-825+&'&+,"K-@@&**&-%"HF!F:>'""
"
W%+()P-'()%@(%+70"5-0071-)7+&-%"7%8"&+*"&%.02(%5("-%"+6("X&5+-)&7%")(.-)@*"
C6("8(*&P%"7%8"&@Q0(@(%+7+&-%"-."+6("4ZCY")(.-)@*"5-%*+&+2+(8"7"2%&07+()70"75+&-%"
1," +6(" X&5+-)&7%" P-'()%@(%+>" C6(" 5(%+)70" Q-0&5," 75+-)*" =()(" +6(" /&%&*+()3" g-%"
[7,=7)83" *(%&-)" Q-0&5," 78'&*()" O-6%" d-*V7@3" 8(Q7)+@(%+" 8&)(5+-)" b(-.." 4Q)&%P3"
*(%&-)" 12)(725)7+" b)7(@(" /7)*67003" 7%8" 7578(@&5" 5-%*20+7%+" _)&7%" K708=(00>" W%"
&%+()'&(=*3" +6(," 67'(" &%8(Q(%8(%+0," 7%8" )(Q(7+(80," (@Q67*&?(8" +6(" %-%M(T&*+(%+"
)-0(" 7%8" &%.02(%5(" -." +6(" K-@@-%=(70+6>" C6&*" &*" *2QQ-)+(8" 1," +6(" Q-0&5,"
8-52@(%+*3" P-'()%@(%+" 7%8" @(8&7" 7)56&'(*3" 7%8" 7578(@&5" 7%70,*&*" +-" 87+(>"
_(,-%8" +6(" LAKl/KAAChL" @((+&%P*3" +6()(" =7*" %-" .-)@70" 5-0071-)7+&-%" 1(+=((%"
+6("X&5+-)&7%"7%8"K-@@-%=(70+6"(8257+&-%"@&%&*+()*3"=&+6"+6("X&5+-)&7%"@&%&*+()"
7%8"6&*"*+7.."2%710("+-")(5700"7"*&%P0("0(++()"-)"Q6-%("5700"(T567%P("=&+6"6&*".(8()70"
5-2%+()Q7)+"&%")(07+&-%"+-"+6(")78&570"*+7+(")(.-)@*3"8(*Q&+("6&P60,M5-%8&+&-%70"+&(8M
P)7%+*".-)"*56--0&%P3"8)&'(".-)"P)(7+()"2%&.-)@&+,3"7%8"7"5-%*+7%+"+(%*&-%"1(+=((%"
K-@@-%=(70+6"7%8"*+7+("P-'()%@(%+*"5-%5()%&%P"^2)&*8&5+&-%70"0(P&+&@75,"&%"+6("
(8257+&-%"*Q6()(3"7%8"8&..()&%P"7++&+28(*"1(+=((%"+6("+=-"P-'()%@(%+*"-%"%7+&-%70"
5-%*&*+(%5,3" 7PP)7'7+(8" 1," +6(&)" 5-@Q-*&+&-%" -." -QQ-*&%P" Q-0&+&570" Q7)+&(*"
#[7,=7)8"HFFJ3"d-*V7@"HFFJ3"/7)*6700"HFFJ:>""
C6()(" &*" %-" ('&8(%5(" +-" *2PP(*+" +67+" +6(" K-@@-%=(70+6" -)" +6(" 5-%8&+&-%*"
7++756(8"+-"&+*"+&(8"P)7%+*".-)"*56--0&%P"&@Q75+(8"-%"+6("4ZCY")(.-)@*"&%"7%,"=7,>"
C6&*" &*" %-+(=-)+6,3" 5-%*&8()&%P" +6(" )(.-)@*" =()(" .2%87@(%+700," 71-2+" *56--0"
.2%8&%P"7%8"6-="&+"=7*"*Q(%+>"_2+"+6&*".&%8&%P"&*"5-%+)7),"+-"+6("120V"-."7578(@&53"
7%8"Q210&5"7%70,*(*3"&%5028&%P")(Q-)+*"1,"+6("X&5+-)&7%"#1&Q7)+&*7%:"97)0&7@(%+7),"
K-@@&++((" -%" W%+()P-'()%@(%+70" d(07+&-%*" &%" +6(" !JJF*3" =6&56" (@Q67*&?("
K-@@-%=(70+6"&%.02(%5("7%8"&%+().()(%5("&%"*+7+("*Q6()(*3"7%8"+6(")(*+)&5+&'("7%8"
8&*+-)+&'(" (..(5+" -." +&(8" P)7%+*" -%" =6&56" *+7+(*" 7)(" 8(Q(%8(%+>" c('()+6(0(**3" +6&*"
7%70,*&*" &*" *2QQ-)+(8" 1," ;7+*-%" #!JJ\:" =6-" .-2%8" +67+" +6(" K-@@-%=(70+6" =7*"
2%710("+-"(..(5+&'(0,"(%*2)("+67+"+6("5-%8&+&-%*"7%8"Q2)Q-*(*"-."&+*")(52))(%+"P)7%+*"
.-)" P-'()%@(%+" *56--0*" =()(" @(+" 1," +6(" *+7+(*>" 4&@&07)" -1*()'7+&-%*" 67'(" 1((%"
@78(" &%" )(07+&-%" +-" .(8()70" P)7%+*" .-)" (8257+&-%" Q2)Q-*(*" &%" +6(" $%&+(8" 4+7+(*"
#C*7%P"7%8"e('&%"!J\N]"b-)8-%"HFFI:>"
"
g2)&%P" +6(" 4ZCY" )(.-)@*3" K-@@-%=(70+6" +&(8" P)7%+*" .-)" *56--0&%P" =()("
*&@Q0," Q--0(8" =&+6" +6(" X&5+-)&7%" P-'()%@(%+S*" (T&*+&%P" .2%8&%P" .-)" *56--0&%P>""
;6&0(" +6(" )(*-2)5(" 7P)((@(%+*" =&+6" +6(" K-@@-%=(70+6" )(U2&)(8" *+7+("
P-'()%@(%+*"+-"*Q(%8"+&(8"P)7%+*".-)"*56--0&%P"-%"7)(7*"-."R%7+&-%70"Q)&-)&+,S3"+6(*("
Q)&-)&+&(*" i" *256" 7*" &@Q)-'&%P" 0&+()75,3" -)" &@Q)-'&%P" (8257+&-%70" -2+5-@(*" -."
8&*78'7%+7P(8"*+28(%+*"M"=()("1)-78"(%-2P6"+-"1("*2QQ-)+(8"1,"700"P-'()%@(%+*"
-."700"0('(0*"7%8"Q-0&+&570"Q7)+&(*3"7%8"+6(")(U2&)(8")(Q-)+&%P"=7*".0(T&10("(%-2P6".-)"
X&5+-)&7S*" )(.-)@*" +-" 1(" Q2)*2(8" =&+6-2+" 7@(%8@(%+" -)" K-@@-%=(70+6"
&%+().()(%5(>" W%8((83" +6(" P0-170" 128P(+S*" Q)((@&%(%+" 7++(%+&-%" -%" &@Q)-'(8"
(8257+&-%70" -2+5-@(*3" 7%8" +6(" 788&+&-%70" R(U2&+,S" .2%8&%P" Q)-'&8(8" +-" *56--0*"
(%)-00&%P" *+28(%+*" =&+6" 788&+&-%70" %((8*3" .)-@" 8&*78'7%+7P(8" 175VP)-2%8*" -)" &%"
)2)70" 7%8" )(@-+(" 7)(7*3" =()(" 5-%*&*+(%+" =&+6" +6(*(" %7+&-%70" Q)&-)&+&(*" 7%8"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
!H"
755-@@-87+(8"=&+6&%"@7%87+(8"*Q(%8&%P"P2&8(0&%(*"7%8")(Q-)+&%P")(U2&)(@(%+*>"
Y)-@" +6(" K-@@-%=(70+6S*" Q()*Q(5+&'(3" +6(" 5-%8&+&-%*" 7++756(8" +-" +6(" +&(8" P)7%+"
=()(" *7+&*.&(83" 7%8" +6(," 678" %(&+6()" +6(" &%50&%7+&-%" %-)" &%*+&+2+&-%70" 57Q75&+," +-"
&%'(*+&P7+("-)"56700(%P("X&5+-)&7S*"*56--0"Q)-P)7@"*Q(%8&%P>""
L%" 7)P2@(%+" 57%" 70*-" 1(" @78(" +67+" +6(" K-@@-%=(70+6" P-'()%@(%+" =7*"
*2QQ-)+&'("-."+6("4ZCY".)7@(=-)V3"=&+6"+6("[7=V(Ma(7+&%P"P-'()%@(%+"78-Q+&%P"
Q)&%5&Q0(*" -." (5-%-@&5" )7+&-%70&*@" 7%8" %(=" Q210&5" @7%7P(@(%+" &%" +)78(" Q-0&5,3"
&%82*+)&70")(07+&-%*3"7%8"+6("8(0&'(),"-."%7+&-%70"*-5&70"*()'&5(*>""[-007%8()"#HF!F:"
*2PP(*+*" +67+" 2%8()" +6(" Rc(=" Y(8()70&*@S" 7))7%P(@(%+*3" +6(" [7=V(" 7%8" a(7+&%P"
P-'()%@(%+*" *7=" +6(&)" )-0(" 7*" *(++&%P" 1)-78" %7+&-%70" P-70*3" =&+6" *+7+(*" .)((" +-"
Q2)*2("+6(*("7*"+6(,"*7=".&+>"C6&*"*+28,"*2QQ-)+*"+6&*"7)P2@(%+"&%")(07+&-%"+-"*56--0"
.2%8&%P"i"8(*Q&+("&+"5-%+)7*+&%P"=&+6"K-@@-%=(70+6"P-'()%@(%+")6(+-)&5>"
C6(" &%.02(%5(" -." +6(" LAK" 7%8" /KAAChL" -%" +6(" 8('(0-Q@(%+" 7%8"
&@Q0(@(%+7+&-%"-."+6("X&5+-)&7%")(.-)@*"=()("8(*5)&1(8"7*"0&V(=&*("%-%M(T&*+(%+3"
=&+6" +6(" 1&M" 7%8" +)&(%%&70" @((+&%P*" 8(*5)&1(8" 1," X&5+-)&7%" Q-0&5," 75+-)*" 7*"
R%(5(**7),"8&*+)75+&-%*S"R&))(0('7%+S"7%8"R+6("P)(7+(*+"=7*+("-."+&@(S"i"Q()*Q(5+&'(*"
*21*+7%+&7+(8" 1," +6(" 8-52@(%+7)," ('&8(%5(>" C6(*(" @((+&%P" 7P(%87*" =()("
8-@&%7+(8" 1," +6(" K-@@-%=(70+63" 7%8" 5-%5(%+)7+(8" -%" &**2(*" +7%P(%+&70" +-" +6("
X&5+-)&7%")(.-)@*3"*256"7*"7"%7+&-%70"52))&5202@"*+7+(@(%+3"*56--0"*+7)+&%P"7P(3"7%8"
6&P6()" (8257+&-%" 7%8" +)7&%&%P3" 7%8" =67+" [7,=7)8" 5700(8" R(*-+()&5" U2(*+&-%*3" .7)"
)(@-'(8" .)-@" +6(" &@@(8&7+(" U2(*+&-%*" -." *56--0&%PS" #[7,=--8" HFFJ:>" Y-)@70"
6-)&?-%+70"5-0071-)7+&-%"=7*"0&@&+(8"7%8"8)&'(%"07)P(0,"1,"Q7)+&*7%*6&Q>""A8257+&-%"
@&%&*+()*" .)-@" e&1()70" 7%8" c7+&-%70" *+7+(" P-'()%@(%+*" =-208" 57252*" 1(.-)(" +6("
.-)@70"&%+()P-'()%@(%+70"@((+&%P*3"7%8"&%.-)@70"8&%%()"8&*52**&-%*"=()("7"*-2)5("
-." 78'&5(" 7%8" @-)70(3" =&+6" +6(" c(=" 4-2+6" ;70(*" @&%&*+()" 67'&%P" Q)('&-2*0,"
&@Q0(@(%+(8" 0&@&+(8" 8('-02+&-%" )(.-)@*>" " ;6&0(" +6&*" 5-0071-)7+&-%" =7*" .75&0&+7+(8"
1,"Q7)+,"700(P&7%5("#7%8"*67)(8"Q-0&+&570"'702(*"7%8"&8(-0-P&570".)7@(=-)V*:3"&+"=7*"
%(&+6()" %(5(**7)," .-)3" %-)" 7" P27)7%+((" -.3" Q-0&5," 5--Q()7+&-%" 7%8" 5)(7+&-%>"
/&%&*+()*" )(@7&%(8" @-*+" 5-%5()%(8" =&+6" @7&%+7&%&%P" *+7+(" (0(5+-)70" *2QQ-)+" 7%8"
Q2)*2&%P"+6(&)"-=%"*+7+("7P(%87*>"
C6&*" 71*(%5(" -." (..(5+&'(" 5-0071-)7+&-%" &*" 7++)&12+710(" +-" +=-" .75+-)*>" Y&)*+3"
X&5+-)&7" =7*" .200," Q)(M-552Q&(8" =&+6" &+*" -=%" )(.-)@*" 7%8" 075V(8" +6(" +&@(" 7%8"
.&%7%5&70")(*-2)5(*"+-"8('-+("+-"-2+*&8("Q)-^(5+*"#&%5028&%P"%7+&-%70"Q)-^(5+*:"7%8"
12&08&%P"&%+()P-'()%@(%+70")(07+&-%*>"4(5-%83".)-@"7"@&%&*+()&70"-..&5("Q()*Q(5+&'(3"
+6()(" =7*" %-" )(7*-%" +-" *((V" 50-*()" )(07+&-%*" =&+6" -+6()" *+7+(*" =6-*(" *56--0"
*,*+(@*" =()(" @-)(" 5(%+)70&?(83" 7%83" =6-" 7+" +6(" +&@(3" +6(," 8(@-%*+)7+(8" %-"
&%+()(*+"&%".-00-=&%P"&%"X&5+-)&7S*".--+*+(Q*"#[7,=7)8"HFFJ3"d-*V7@"HFFJ:>"""
[-=('()3" 1," !JJ\" 700" *+7+(*" 678" 8('-0'(8" 788&+&-%70" 128P(+" 7%8"
@7%7P(@(%+"72+-%-@,"+-"*56--0*"&%"+6(&)"*,*+(@*>"C6("%(="K-@@-%=(70+6"70*-"
8(@-%*+)7+(8" &%+()(*+" &%" +6(" X&5+-)&7%" )(.-)@*3" 5-@@&**&-%&%P" _)&7%" K708=(00" +-"
=)&+("7")(Q-)+"(%+&+0(8"4(0.M/7%7P&%P"456--0*"7%8"W@Q)-'(8"e(7)%&%P"Z2+5-@(*3"+-"
Q)-'&8(" R7" *+7+(M-.M+6(" M7)+" 755-2%+" -." )(*(7)56" 7%8" Q)75+&5(" -%" 572*(M7%8M(..(5+"
)(07+&-%*6&Q*" 1(+=((%" (%67%5(8" *56--0" 72+-%-@," 7%8" -2+5-@(*" .-)" *+28(%+*S"
#K708=(00" !JJ\3" N:>" C6&*" *2PP(*+*" 1-+6" 6-)&?-%+70" 7%8" '()+&570" Q-0&5," 0(7)%&%P" 7%8"
+)7%*.()3" .75&0&+7+(8" &%" Q7)+" 1," V(," Q-0&5," 75+-)*" @-'&%P" 75)-**" ^2)&*8&5+&-%70"
1-2%87)&(*>"
"
A'&8(%5(" .)-@" +6&*" 57*(" *+28," *2PP(*+*" +67+" +6(" 5--)8&%7+(" @-8(0" M" )7+6()" +67%"
5-0071-)7+&'(" -)" 5-()5&'(" @-8(0*" i" 1(*+" 8(*5)&1(" 75+270" +6(" 8&'&*&-%" -."
)(*Q-%*&1&0&+&(*" 7%8" -Q()7+&-%" -." *+7+(" 7%8" K-@@-%=(70+6" 75+&'&+&(*" &%" *56--0&%P3"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
!N"
8(*Q&+("+6("5-%52))(%5,"+67+"(T&*+(8"&%"+6(".-)@"-."K-@@-%=(70+6"Q)-P)7@*"7%8"
.2%8&%P".-)"*56--0*>"W+"70*-"7)P2(*3"6-=('()3"+67+"+6&*"5-%52))(%5,".75&0&+7+(8")7+6()"
+67%" -1*+)25+(8" +6(" 72+-%-@-2*" *+7+(M0('(0" )(.-)@>" C6(" +&(8" P)7%+*" 8(0&'()(8" +-"
+6("X&5+-)&7%"(8257+&-%"8(Q7)+@(%+"@(8&7+(8"7P7&%*+"+6("128P(+"52+*"&@Q(00(8"1,"
+6("*+7+("(5-%-@&5"5)&*&*>"W%"*6-)+3"&%"+6&*"*+28,3"L2*+)70&7%".(8()70&*@"=7*".-2%8"+-"
1("1)-780,".2%5+&-%&%P"&%"0&%("=&+6"+6("5-%*+&+2+&-%3"700-=*"*+7+("72+-%-@,3"Q-0&5,"
&%%-'7+&-%" 7%8" K-@@-%=(70+6" .&%7%5&70" 7**&*+7%5(" &%" 7)(7*" 8((@(8" +-" 1(" -."
%7+&-%70" Q)&-)&+,>" C6&*" &*" &%5-%P)2(%+" =&+6" +6(" @7^-)&+," -." 5-%+(@Q-)7)," 7%8"
*21*(U2(%+" 7%70,*&*" -." L2*+)70&7%" .(8()70&*@" i" 1-+6" Q210&5" 7%8" 7578(@&5M" =6&56"
7)P2(*" +67+" L2*+)70&7%" .(8()70&*@" &*" 1)-V(%3" +6(" 5-%*+&+2+&-%" -2+@-8(8" 7%8"
&P%-)(83" 7%8" .(8()70" &%+)2*&-%" &%+-" *+7+(" Q-0&5," 8-@7&%*" '&7" +&(8" P)7%+*" 7%8"
Q)-P)7@*" 67*" 7" 8(+)&@(%+70" (..(5+" -%" *+7+(" 72+-%-@,3" Q-0&5," (..(5+&'(%(**" 7%8"
P-'()%@(%+" 755-2%+71&0&+,>" " W+" 70*-" 2%8()@&%(*" +6(" 1(0&(.3" Q)-@&%(%+" (*Q(5&700,"
7@-%P*+"(8257+&-%"7578(@&5*3"@(8&7"5-@@(%+7+-)*"7%8".(8()70"Q-0&+&5&7%*3"+67+"7"
P)(7+()" .(8()70" )-0(" 7%8" Q-0&5," 2%&.-)@&+," &*" %(5(**7)," +-" &@Q)-'(" -2+5-@(*" 7%8"
755-2%+71&0&+,"&%"*56--0"(8257+&-%>"""
AT7@&%7+&-%" -." K7%78&7%" .(8()70&*@" 7%8" *56-07)*6&Q" *6(8*" 0&P6+" -%" +6&*"
&%5-%P)2(%5(>" K7%787" 67*" -%(" -." +6(" =-)08S*" +-QMQ().-)@&%P" (8257+&-%" *,*+(@*"
7%8"Q-**(**(*"50-*("5-%'()P(%5("7@-%P"Q)-'&%5&70"*56--0"*,*+(@"-)P7%&?7+&-%"7%8"
Q()MQ2Q&0" (TQ(%8&+2)(3" 8(*Q&+(" +6(" 71*(%5(" -." %7+&-%70" P-'()%@(%+" Q)-P)7@*3"
8&)(5+&'(*3"-)"+&(8"P)7%+*".-)"*56--0&%P"#;700%()"HFFJ:>""";700%()"7++)&12+(*"+6&*"+-"
5-%+(T+270" .(7+2)(*" -." K7%78&7%" .(8()70&*@3" %7@(0," .&*570" .(8()70&*@3" *-5&(+70"
Q)(**2)(*3"7%8"+6("5-%.&P2)7+&-%"-."+6("Q-0&5,"*(5+-)3"=6&56"5-@1&%(8"+-".75&0&+7+("
+6(" .0-=" -." Q-0&5," &8(7*" 7%8" (TQ(5+7+&-%*" 75)-**" )(P&-%70" 1-)8()*" +6)-2P6" .-)@70"
7%8" &%.-)@70" &%*+&+2+&-%*>" 46(" 7)P2(*" +67+" *+7V(6-08()*" #*256" 7*" +(756()*" 7%8"
Q7)(%+*:" Q-**(**(8" *&@&07)" &%+()(*+*" 7%8" Q-0&5," Q)(.()(%5(*3" 7%8" .-)@(8"
7**-5&7+&-%*"+67+"+)7%*5(%8(8"Q)-'&%5&70"1-)8()*>"C6&*"(%5-2)7P(8"+6("5)(7+&-%"-."
Q-0&5," 5-@@2%&+&(*" +67+" .-*+()(8" Q-0&5," (TQ()&@(%+7+&-%" 7%8" (@207+&-%" &%" (..-)+*"
+-"756&('("-)"@7&%+7&%"6&P6"Q().-)@&%P"*56--0"*,*+(@*")(07+&'("+-"-+6()"Q)-'&%5(*"
i" 7&8(8" 1," #07)P(0," 2%+&(8:" 6-)&?-%+70" .&*570" (U270&?7+&-%" Q7,@(%+*" +67+" 700-=(8"
+6(@"+-"*Q(%8"5-@Q7)710("7@-2%+*"#HFFJ:>"4&@&07)"7)P2@(%+*"67'("1((%"@78("1,"
K-0(@7%8" 7%8" 4V-P*+78" #!JJF:" =6-" Q-*&+" +67+" &%" 7" .(8()7+&-%3" *+7V(6-08()*"
*&@20+7%(-2*0," (%67%5(" +6(" (T567%P(" -." Q-0&5," &8(7*" 7@-%P" +6(" )(P&-%70"
P-'()%@(%+*3"=6&0("(T()+&%P"Q)(**2)(*".-)"5-@Q7)710("Q-0&5&(*".)-@"72+6-)&+7+&'("
75+&-%*" &%" (756" ^2)&*8&5+&-%3" 1," 75+&%P" 7*" Q-0&5," 5-@@2%&+&(*" 7%8" %(+=-)V*>" " C6&*"
7QQ0&57+&-%" -." &%*+&+2+&-%70&*@" 7%8" &+*" '7)&7%+*" 507)&.," +6(" &@Q-)+7%5(" -." +6("
&%*+&+2+&-%70"7%8"Q-0&+&570"*(++0(@(%+"&%".75&0&+7+&%P"Q-0&5,"&%%-'7+&-%"7%8"(@207+&-%"
7+"+6("*+7+("0('(0>"""
LQQ0,&%P"+6(*("7)P2@(%+*"7%8"7%70,+&570".)7@(=-)V"+-"+6&*"*+28,3"W"*2PP(*+"
+67+"+67+"+6(".&*570"7))7%P(@(%+*"+67+"567)75+()&?("L2*+)70&7%".(8()70&*@"i"%-+710,"
6-)&?-%+70" .&*570" (U270&?7+&-%" '&7" K-@@-%=(70+6" .2%8&%P" +)7%*.()*3" .75&0&+7+(8" 1,"
'()+&570".&*570"&@1707%5("i"67*"700-=(8"*+7+(*"+-"8('(0-Q"*56--0"*,*+(@*"-Q()7+&%P"
7+" *&@&07)" )(*-2)5(*" 0('(0*3" =6&0(" &%*+&+2+&-%70" 7))7%P(@(%+*" *256" 7*" +6("
&%+()P-'()%@(%+70"@&%&*+()&70"5-2%5&0*3"7"%7+&-%70"@(8&73"7%8"5-@Q7)710("&%+()(*+"
P)-2Q*" 7%8" Q)(**2)(*" 75)-**" *+7+(*" 67'(" 5)(7+(8" &**2(" %(+=-)V*" =6&56" *Q2))(8"
6-)&?-%+70"Q-0&5,"(@207+&-%>""W%"+6&*"57*(3"8('-02+&-%"7*"7".)7@(=-)V".-)".&%7%5&%P"
7%8" @7%7P&%P" *+7+(" *56--0" *,*+(@*" (@()P(8" P)782700," .)-@" +6(" !JIF*" =&+6-2+"
75+&-%".)-@"+6(".(8()70"P-'()%@(%+3"=&+6"+6("X&5+-)&7%")(.-)@*"-."+6("(7)0,"!JJF*"
75+&%P" 7*" 7" +)&PP()" .-)" )(07+&'(0," )7Q&8" Q2%5+27+(8" 5-%'()P(%5(" 7@-%P*+" *+7+(*" &%"
+6(" @&8" !JJF*3" 1(.-)(" )(756&%P" &%" 7" %(=" (U2&0&1)&2@" &%" +6(" *56--0" .2%8&%P"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
!G"
*(++0(@(%+>" " C6(" K-@@-%=(70+6" )(U2&)(@(%+" .)-@" !J\\" +67+" *+7+(*" )(Q-)+"
7%%2700,"-%"(8257+&-%70"-2+5-@(*"-%"7")7%P("-."*(++&%P*"&%5)(7*(8"+6("57Q75&+,".-)"
R,7)8M*+&5VS" 5-@Q7)&*-%*" 1(+=((%" *56--0" *,*+(@*3" 7%8" Q-**&10," 5-%+)&12+(8" +-"
-+6()" *+7+(*" 78-Q+&%P" 5-@Q-%(%+*" -." X&5+-)&7S*" )(.-)@*" &%" U2&5V" *255(**&-%>""
K-@@-%=(70+6" .2%8&%P" .-)" *56--0*" =7*" 7" 5)&+&570" 788&+&-%" +-" +6(" *+7+(" (8257+&-%"
5-..()*"&%"7"Q()&-8"-."*+7+(".&*570"72*+()&+,"7%8"(5-%-@&5"5)&*&*>""[-007%8()S*".&%8&%P*"
.-)" (%'&)-%@(%+70" Q-0&5," M+67+" -'()07Q" 7%8" 82Q0&57+&-%" Q-0&5," )(*Q-%*&1&0&+&(*" &*" 7"
*+)(%P+63" )7+6()" +67%" 7" =(7V%(**" 7QQ(7)" (U2700," '70&8" .-)" +6(" *56--0" .2%8&%P"
*Q6()(>" C6&*" *2PP(*+*" +67+" )(.-)@*" *((V&%P" +-" 507)&.," )(*Q-%*&1&0&+&(*" &@Q-*("
7)+&.&5&70" 8&'&*&-%*" -%" 7" 5-@Q0(T" Q-0&5," 8-@7&%3" 0&@&+" -QQ-)+2%&+&(*" .-)" Q-0&+&570"
(%P7P(@(%+3"7%8")(@-'("&@Q-)+7%+".7&0*7.("@(567%&*@*"+67+"Q)-+(5+"7P7&%*+"Q-0&5,"
.7&02)(>""W%"!JEJ"e7%872"7)P2(8"+67+")(82%87%5,"#5-%52))(%5,:"R*()'(*"@7%,"'&+70"
.2%5+&-%*m" &+" Q)-'&8(*" *7.(+," .75+-)*3" Q()@&+*" .0(T&10(" )(*Q-%*(*" +-" 7%-@70-2*"
*&+27+&-%*3" 7%8" Q)-'&8(*" 7" V&%8" -." 5)(7+&'(" Q-+(%+&70>S" C6(*(" +6)((" .(7+2)(*" 7QQ(7)"
Q)(*(%+"&%"+6("456--0*"-."+6("Y2+2)("57*(>"
W+" &*" 8&..&520+" +-" &@7P&%(" +6&*" 8(P)((" -." Q-0&5," &%%-'7+&-%" 7%8" (@207+&-%" &."
L2*+)70&7" 678" 1((%" 7" 2%&+7)," *+7+(3" -)" 678" Q-**(**(8" 7" @-)(" &%+()'(%+&-%&*+" 7%8"
5-()5&'("K-@@-%=(70+6"P-'()%@(%+"+67+"8&*5-2)7P(8"*+7+("8&'()*&+,"&%"&+*"(..-)+*"
+-" 756&('(" 7" R%7+&-%70S" *56--0&%P" *,*+(@>" " W+" &*" (U2700," 8&..&520+" +-" &@7P&%(" +6("
)(.-)@*" 7%8" *21*(U2(%+" Q-0&5," 0(7)%&%P" 7%8" +)7%*.()" -552))&%P" 2%8()" 7" 8&..()(%+"
5-%*+(007+&-%"-."Q-0&+&570"75+-)*"7%8"-QQ-)+2%&+&(*>"C6&*"Q)-'&8(*".2)+6()"*2QQ-)+".-)"
7%" 2%8()*+7%8&%P" -." .(8()70&*@" 7*" (%5-@Q7**&%P" +6(" 8,%7@&5" )(07+&-%*" 7%8"
Q)-5(**(*" 1(+=((%" 0('(0*" -." P-'()%@(%+3" Q-0&+&570" &%*+&+2+&-%" 7%8" 75+-)*" i" )7+6()"
+67%"*+7+&5"&%*+&+2+&-%*"8&*5-%%(5+(8".)-@"+6(&)"Q-0&+&570"7%8"&%*+&+2+&-%70"5-%+(T+>"
O-6%"a&%P8-%S*"@-8(0"-."7P(%87M*(++&%P"5-@Q0(@(%+*"&%*+&+2+&-%70"7%70,*&*3"
Q)-'&8&%P"&%*&P6+"&%+-"Q-0&5,M@7V&%P"Q)-5(**(*"7+"+6("*+7+("0('(03"7%8"6-="7%8"=6,"
+6("456--0*"-."+6("Y2+2)(")(.-)@*"=()("*255(**.200,"&@Q0(@(%+(8"1,"+6("K-70&+&-%"
P-'()%@(%+3"=6(%"(7)0&()"7++(@Q+*"1,"+6("e71-)"P-'()%@(%+"+-"(T+(%8"8('-02+&-%"
678" .7&0(8>" " W+" 70*-" Q)-'&8(*" 7%" (TQ07%7+&-%" -." =6," +6(" )(.-)@*" *255((8(8" &%" +6("
(7)0," !JJF*" #=6(%" +6(" *56--0" Q-0&5," *Q6()(" =7*" 567)75+()&?(8" 1," 7" 5--)8&%7+("
@-8(0"-.".(8()70&*@"7%8"0--*("K-@@-%=(70+6"5-%8&+&-%*"7%8"-'()*&P6+:"7%8"@7,"
%-+" *255((8" +-87,3" P&'(%" +6(" (T+(%*&-%" -." &%+()P-'()%@(%+70" 7%8" %7+&-%70"
7P)((@(%+*" -%" *56--0&%P3" 7%8" &%5)(7*(" &%" *5-Q(" 7%8" 5-@Q0(T&+," K-@@-%=(70+6"
*56--0"Q-0&5,"7%8"+&(8"P)7%+*>"
a&%P8-%" Q-*&+*" +67+" Q-0&5," )(.-)@*" -552)" =6(%" +6)((" *(Q7)7+(" 7%8"
&%8(Q(%8(%+" *+)(7@*" i" Q)-10(@3" Q-0&5," 7%8" Q-0&+&5*" i" 7)(" 70&P%(8" &%" 7" R=&%8-=" -."
-QQ-)+2%&+,S" =6&56" &*" +6(%" (TQ0-&+(8" 1," 7" RQ-0&5," (%+)(Q)(%(2)S>" 9)(5(8&%P" +6("
70&P%@(%+" -." +6(*(" *+)(7@*" &*" =67+" a&%P8-%" 8(*5)&1(*" 7*" R&%&+&7+&-%S3" 2%*(++0&%P"
5-%8&+&-%*"-)"*()&(*"-."('(%+*"+67+"Q)-'-V(*"8&**7+&*.75+&-%"=&+6"+6("*+7+2*"U2-"7%8"
8&*Q-*&+&-%" +-=7)8*" Q-0&5," 75+&-%" i" &%" +6(" 57*(" -." 4ZCY3" +6(" (5-%-@&5" 5)&*&*" 7%8"
6&P60,MQ210&5&?(8")(.-)@".7&02)(*"-."+6("Q)('&-2*"*+7+("P-'()%@(%+>"C6("RQ)-10(@S"
*+)(7@")(.()*"+-"7"Q-0&+&570"Q)-10(@3"*256"7*".7&02)("-."Q-0&5,"-."*(+"-)"Q-0&5&(*"i"+6("
Q()5(&'(8"R5)&*&*"-."(8257+&-%S"7%8"0&@&+(8"755-2%+71&0&+,>"C6("Q-0&5,"*+)(7@")(.()*"
+-" 7" *-5&(+,S*" Q210&5" Q-0&5," Q)(.()(%5(*" 7%8" +6(" Q)(*(%5(" -." 70+()%7+&'(" Q-0&5&(*"
)(*Q-%8&%P" +-" +6(" Q)-10(@" =&+6&%" +6-*(" Q)(.()(%5(*" i" &%" +6&*" 57*(" Q210&5" *2QQ-)+"
.-)"8)7@7+&5"(T+(%*&-%"-."Q)('&-2*"8('-02+&-%")(.-)@*>"C6("Q-0&+&570"*+)(7@")(.()*"
+-" .7'-)710(" Q-0&+&5*" i" &%" +6&*" 57*(3" 7" Q7)0&7@(%+7)," @7^-)&+," &%" 1-+6" 6-2*(*3"
&%(..(5+270" -QQ-*&+&-%" .)-@" 7%" (0(5+-)700," =(7V" -QQ-*&+&-%" Q7)+," 7%8" +(756()"
2%&-%*3"=6&56"=()("2%710("+-"V((Q"2Q"=&+6"+6("*Q((8"-."*255(**&'(")(.-)@*"=6&0("
2%8()P-&%P" +6(&)" -=%" &%+()%70" )(-)P7%&?7+&-%*>" [7,=7)8" 57%" 1(" '&(=(8" 7*" +6("
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
!`"
Q-0&5," (%+)(Q)(%(2)3" =&+6" 5-%+(@Q-)7)," 7%8" *21*(U2(%+" Q)&@7)," 7%8" *(5-%87),"
('&8(%5("&8(%+&.,&%P"6&@"7*"+6(")(.-)@*S"&%&+&7+-)"7%8"8)&'()>"
"
D1)/'"#(1)*
C6&*" *+28," -." X&5+-)&7S*" 456--0*" -." +6(" Y2+2)(" )(.-)@*" *2PP(*+*" +67+" *+7+("
P-'()%@(%+*" &%" +6(" !JJF*" 5-%+&%2(8" +-" Q-**(**" 72+-%-@," &%" *56--0" Q-0&5,3" 7%8"
+67+" -+6()" P-'()%@(%+*3" +&(8" P)7%+*" 7%8" &%+()P-'()%@(%+70" &%*+&+2+&-%*" =()(" -."
@&%&@70" &%.02(%5(" -%" *+7+(M0('(0" (8257+&-%" Q-0&5,>" 4ZCY" )(.-)@*" 1(*+" 5-))(*Q-%8"
=&+6" +6(" 5--)8&%7+(" '&(=" -." .(8()70&*@" i" 70+6-2P6" +6(" Q)(*(%5(" -." 5-%52))(%5,"
*2PP(*+*" +6(" 0&@&+7+&-%*" -." *+7+&5" %-)@7+&'(" @-8(0*>" " C6&*" *+28," .2)+6()" *2PP(*+*"
+67+" 5-%+(@Q-)7)," .(8()70" 7))7%P(@(%+*" M" +6(" 8&'&*&-%" -." .&*570" 7%8" Q-0&5,"
)(*Q-%*&1&0&+&(*" M" -Q()7+(8" 7*" &%+(%8(8" 1," 5-%*+&+2+&-%70" 8)7.+()*>" 9)&@7)," *+7+("
)(*Q-%*&1&0&+," Q)-'&8(8" Q-0&5," 72+-%-@," 7%8" -QQ-)+2%&+," .-)" Q-0&5,"
(TQ()&@(%+7+&-%>" " ;6&0(" 7++(@Q+*" 7+" &%+()P-'()%@(%+70" Q-0&5,@7V&%P" =()("
&%(..(5+2703" +6(" Q)(*(%5(" -." &%+()P-'()%@(%+70" &%*+&+2+&-%*" 7%8" Q)-5(**(*3" 7%8"
6-)&?-%+70" .&*570" (U270&*7+&-%3" (%5-2)7P(8" 6-)&?-%+70" 7%8" '()+&570" Q-0&5," 0(7)%&%P"
7%8" +)7%*.()>" " K-%*+&+2+&-%70" Q)-'&*&-%*" .-)" 5-%52))(%5," i" &%" +6&*" 57*(" 5-%8&+&-%70"
K-@@-%=(70+6"+&(8MP)7%+*".-)"*56--0&%P"i"8&8"%-+"-1*+)25+"+6("X&5+-)&7%")(.-)@*3"
12+")7+6()".75&0&+7+(8"&%%-'7+&-%"7%8"75+(8"7*"7"*7.(+,".(7+2)("1,"@(8&7+&%P"7P7&%*+"
*+7+(M0('(0"128P(+"52+*>"""
"
a&%P8-%S*"@-8(0"-."7P(%87M*(++&%P"=7*".-2%8"+-"1("'70&8".-)"+6&*"57*("-."*21M
%7+&-%70" Q-0&5," )(.-)@3" 7%8" +-P(+6()" =&+6" &%*+&+2+&-%70&*@" 6(0Q(8" (TQ07&%" +6("
8,%7@&*@"-.".(8()70&*@"i"7*"7"*(+"-."&%*+&+2+&-%*"7%8"Q)-5(**(*"(@1(88(8"&%3"7%8"
&%+()75+&%P" &%" *-5&(+,>" W+" 70*-" 2%8()0&%(*" +6(" 8(P)((" +-" =6&56" )(.-)@*" =&+6&%" 7"
.(8()70" *,*+(@" -." P-'()%7%5(" &*" *(%*&+&'(" +-" +6(" 5-%.&P2)7+&-%" -." Q-0&+&570" 75+-)*3"
&%*+&+2+&-%*"7%8"-QQ-)+2%&+&(*>"
Y2+2)(" )(*(7)56" =&+6&%" +6&*" Q)-^(5+" (T7@&%(*" +6(" &%.02(%5(" L2*+)70&7S*"
.(8()70" *(++0(@(%+" 7+" +6(" K-@@-%=(70+6" 0('(0" 7%8" &%+()P-'()%@(%+70" #%7+&-%70:"
*Q6()(*3""7%8"+6("(T+(%+"+-"=6&56"+6(*("&%*+&+2+&-%*"7%8"Q)-5(**(*"-."67'("567%P(8"
-'()"+6("07*+"8(578(>"d(5-P%&?&%P"+67+"+6("(**(%5("-.".(8()70&*@"0&(*"&%"+6("*-5&(+,"
&+*(0."#;6(7)("!JGE:"7%8"+67+"5-@Q7)&*-%*"=&+6"-+6()".(8()7+&-%*"57%"6(0Q"&8(%+&.,"
.(7+2)(*"7%8"5-%*(U2(%5(*"-."Q7)+&5207)"7))7%P(@(%+*"#;7++*"HFF\:3"5-@Q7)7+&'("
7%70,*&*"-."*56--0".2%8&%P"Q-0&5&(*"7%8".&*570"7))7%P(@(%+*"&%"+6("$%&+(8"4+7+(*"7%8"
K7%787"7)("2%8()=7,>""
Y&%700,3" +6&*" *+28," *2QQ-)+*" [-007%8()S*" +6(*&*" +67+" 7%" 7)+&.&5&70" 8&'&*&-%" -."
)(*Q-%*&1&0&+&(*3"Q-0&5,"2%&.-)@&+,3"7%8"+6(")(@-'70"-."5-%52))(%5,3"57%"2%8()@&%("
+6(" '&)+2(*" -." 7" .(8()70" *,*+(@3" =&+6" Q-+(%+&700," 8(+)&@(%+70" (..(5+*" -%" *56--0&%P"
Q-0&5," 7%8" -2+5-@(*>" ;&+6" 7" %7+&-%70" )('&(=" -." *56--0" .2%8&%P" 7%8"
&%+()P-'()%@(%+70" 7))7%P(@(%+*" &%" (8257+&-%" 52))(%+0," 2%8()=7,3" +6(*(" .&%8&%P*"
-%" +6(" 8,%7@&*@" 7%8" Q-+(%+&70" '&)+2(*" -." L2*+)70&7S*" &%+()P-'()%@(%+70" *56--0"
.2%8&%P"*(++0(@(%+"67'("%('()"1((%"@-)(")(0('7%+>""
"
*
8=8E=FGH!>;I**
L_4"#HFF\:"W#8-.,#7$!&''XM&''Y<!K7%1())7<"L2*+)70&7%"_2)(72"-."4+7+&*+&5*>"
Le9"L8'&*-),"b)-2Q"-%"Y(8()70M4+7+("d(.-)@"#HFFI:"RL"Y)7@(=-)V"+-"b2&8("+6("
Y2+2)("g('(0-Q@(%+"-."4Q(5&.&5"92)Q-*("97,@(%+*S>"4,8%(,<"L2*+)70&7%"e71-)"
97)+,>"
L%P2*3"/>"#HFFI:"RK-@@-%=(70+6M4+7+("d(07+&-%*"7%8"+6("Y2%8&%P"-."L2*+)70&7n*"
456--0*S3"&%"e>"K-%%-)*"#(8>:"W.E#$8!J121-./#+3!Z7-E!07-!45677/+U![*1!V-751++@!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
!E"
=-.$+?.-1$5:@!F$07-312!O7$+1$,@"4,8%(,<"c4;"9210&5"A8257+&-%"L00&7%5(3"!!HM
!E>""
L28&+-)"b(%()70"-."X&5+-)&7"#!JJ`:"=61!O6.$8#$8!V-70#/1!70!4,.,1!\2*5.,#7$U!45677/!
]17-8.$#+.,#7$+3"4?15#./!]1?7-,!^7<!;_<"/(01-2)%(<"X&5+-)&7%"L28&+-)M
b(%()70n*"Z..&5(>"
L2*+)70&7%"9)&@7),"9)&%5&Q70*"L**-5&7+&-%"#HF!F:"[1+#8$#$8!.!J*$2#$8!W721/!07-!
)*+,-./#.$!V-#3.-:!45677/+>"[&%8@7)*63"4L<"L99L>"
_(%%(++3"4>"7%8"d>";(11"#HFFE:"=61!V7/#,#5+!70!,61!)*+,-./#.$!J121-./!4:+,13>"
K7%1())7<"L2*+)70&7%"97)0&7@(%+7),"e&1)7),>"
_)-=%3"L>"O>"#HFFE:"Rd(.-)@"-."L2*+)70&7S*"Y(8()70"4,*+(@<"W8(%+&.,&%P"+6("_(%(.&+*>"
L"g&*52**&-%"97Q()S3"4,8%(,<"b)&..&+6"$%&'()*&+,"7%8"+6("c4;"Y7)@()*S"
L**-5&7+&-%>"
_2*&%(**"K-2%5&0"-."L2*+)70&7"#HFFE:"]1+6.?#$8!)*+,-./#.H+!J121-.,#7$<!)!^1>!
O7$,-.5,!07-!J121-./M4,.,1!]1/.,#7$+>"/(01-2)%(<"_KL>"
K708=(003"_>"#!JJ\:"41/0MW.$.8#$8!45677/+!.$2!F3?-7912!`1.-$#$8!P*,5731+3"
)*,7$73:!.$2!a*./#,:!#$!45677/!\2*5.,#7$<"K7%1())7<"g(Q7)+@(%+"-."
A@Q0-,@(%+3"A8257+&-%3"C)7&%&%P"7%8"h-2+6"L..7&)*>"
K708=(003"_>"#HFF\:"Rd(5-%5(Q+270&?&%P"+6("4(0.M/7%7P&%P"456--0S"\2*5.,#7$./!
W.$.8131$,!)23#$#+,-.,#7$!b!`1.21-+6#?@"NE#H:<"HN`M`H>"
K708=(003"_>"#HF!F:"W%+()'&(=>"/(01-2)%(<"\"Y(1)27),>"
K9Aee"#K(%+)(".-)"9-*+5-@Q20*-),"A8257+&-%"7%8"e&.(0-%P"e(7)%&%P:"#HFFG:")!^1>!
^.,#7$./!)81$2.!07-!\2*5.,#7$!.$2!=-.#$#$8!#$!)*+,-./#.<!P91-9#1>!]1?7-,!07-!
,61![1?.-,31$,!70!,61!V-13#1-!.$2!O.C#$1,@!G#5,7-#.>"/(01-2)%(<"K9Aee>"
K-0(@7%3";>"g>"7%8"b>"4V-P*+78"#!JJF:>"R9-0&5,"K-@@2%&+&(*"7%8"9-0&5,"c(+=-)V*<"
L"4+)25+2)70"LQQ)-756S"&%";>"g>"K-0(@7%"7%8"b>"4V-P*+78"#(8*:"V7/#5:!
O733*$#,#1+!.$2!V*C/#5!V7/#5:!#$!O.$.2.U!)!4,-*5,*-./!)??-7.56>"/&**&**72P73"
Zc<"K-QQ"K07)V"9&+@7%"e+83"!GiNN>"
K)7&P3"O>"#HFFI:"RL2*+)70&7S"&%"C>"C()M/&%7**&7%"#(8>:"J#+5./!J121-./#+3!#$!=617-:!.$2!
V-.5,#51>";7*6&%P+-%<"W%+()%7+&-%70"/-%(+7),"Y2%83"!I`MHFF>""
g7=V&%*3"O>"#!J\J:"4,-1$8,61$#$8!)*+,-./#.H+!45677/+<!K7%1())7<"L2*+)70&7%"
b-'()%@(%+"9210&*6&%P"4()'&5(*>"
gAAC"#K-@@-%=(70+6"g(Q7)+@(%+"-."A@Q0-,@(%+3"A8257+&-%"7%8"C)7&%&%P""
#!JJN:"O7337$>1./,6!V-78-.3+!07-!45677/+!(LL;!)23#$#+,-.,#91!c*#21/#$1+<!
K7%1())7<"L2*+)70&7%"b-'()%@(%+"9210&*6&%P"4()'&5(>"
g&)(5+-)7+("-."456--0"A8257+&-%"#X&5+-)&7:"#!JJN:"45677/+!70!,61!J*,*-1!KV-1/#3#$.-:!
V.?1-N>"/(01-2)%(<"g&)(5+-)7+("-."456--0"A8257+&-%>"
g-=0&%P3"L>"#HFF\:"Ro$%6(0Q.200,"K-@Q0(T"7%8"AT5((8&%P0,"ZQ7U2(p<"L2*+)70&7n*"
456--0"Y2%8&%P"4,*+(@S3")*+,-./#.$!d7*-$./!70!\2*5.,#7$@"`H#H:<"!HJM!`F"
g280(,3"O>"7%8"e>"X&'-'&56"#!JJ`:"C6("9-0&+&5*"-."A8257+&-%>"K-@@-%=(70+6"456--0*"
9-0&5,"!JINM!JJ`3")*+,-./#.$!\2*5.,#7$!]19#1>3"NE>"
A0*(M/&+56(003"d>"#!J\N:"R$%&+,"-)"$%&.-)@&+,qS"&%"O>"L08)(8"7%8"O>";&0V(*"#(8*:")!
J-.5,*-12!J121-.,#7$e!)*+,-./#.!#$!,61!(LY'+>"4,8%(,<"b(-)P("L00(%"r"$%=&%>"
Y(%%73"L>"#HFFI:"RC6("/707&*("-."Y(8()70&*@<"K-@Q7)7+&'("d(.0(5+&-%*"-%"
K-@@-%=(70+6M4+7+("d(07+&-%*S3=61!)*+,-./#.$!d7*-$./!70!V*C/#5!
)23#$#+,-.,#7$3"EE#N:<"HJ\MNFE>"
b700&P7%3"_>"#!JJ`:")!J121-./!]1?*C/#5U!)*+,-./#.f+!O7$+,#,*,#7$./!4:+,13!70!
c791-$31$,>"/(01-2)%(<"K7@1)&8P("$%&'()*&+,"9)(**>"
b700&P7%3"_>"#HFF\:"R9)-5(**(*".-)"d(.-)@&%P"L2*+)70&7%"Y(8()70&*@S"g^4Z!`.>!
d7*-$./@!N!#H:<"E!IMEGH>"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
!I"
b-)8-%3"c-)7"#HFFI:"RK6700(%P(*"&%"d(8&*+)&12+&%P"d(*-2)5(*"L55)-**"e-570"456--0"
g&*+)&5+*<"A'&8(%5(".)-@"C&+0("!"7%8"4+7+("456--0"Y&%7%5("AU270&?7+&-%*S3"&%"K>"
Y>"a7(*+0("7%8"L>"e-8(=&5V"#(8*:"=7!\2*5.,1!.!^.,#7$<!J121-./!.$2!^.,#7$./!
4,-.,18#1+!70!45677/!]107-3>"e7=)(%5(3"a7<"$%&'()*&+,"9)(**"-."a7%*7*3"J`M!!E>"
[7,=7)83"g>"#!JJF:"e&1()70"97)+,"4+7+("K-2%5&0"A8257+&-%"4Q((56>"/(01-2)%(>""
[7,=7)83"g>"#!JJ`:"RW@Q)-'&%P"4+28(%+"e(7)%&%P"&%"456--0*"-."+6("Y2+2)(S"
Q)(*(%+7+&-%"+-"\A,1$2#$8!,61!]1.2!70!]107-3@!;',6!)$$#91-+.-:!^.,#7$./!
J7-*3!70!,61!\2*5.,#7$!O733#++#7$!70!,61!4,.,1+>"g(%'()3"K-0-)78->"!HM!G"O20,>"
[7,=7)8"#!JJ\:""R456--0*"-."+6("Y2+2)(S"&%"_>"K708=(00"7%8"g>"[7,=7)8"#(8*:"=61!
J*,*-1!70!45677/+<!`1++7$+!0-73!,61!]107-3!70!V*C/#5!\2*5.,#7$>"e-%8-%<"
Y70@()"9)(**3"NJM\F>""
[7,=7)8"#HF!F:"W%+()'&(=>"/(01-2)%(<"!H"Y(1)27),>""
[-007%8()"#HF!F:"Rd(+6&%V&%P"Z'()07Q"7%8"g2Q0&57+&-%<"Y(8()70&*@"7%8"
A%'&)-%@(%+70"L**(**@(%+"&%"L2*+)70&7S"V*C/#*+U!=61!d7*-$./!70!J121-./#+3"
GF#!:<"!NEMIF>"
a&%P8-%3"O3";>"#!J\G:")81$2.+@!)/,1-$.,#91+!.$2!V*C/#5!V7/#5#1+>"_-*+-%<"e&++0(3"_(7)"
7%8"K-@Q7%,>"
e7%8723"/>"#!JEJ:"Rd(82%87%5,3")7+&-%70&+,3"7%8"+6("Q)-10(@"-."82Q0&57+&-%"7%8"
-'()07QS3"V*C/#5!)23#$#+,-.,#7$!]19#1>3"HJ#G:<"NGEiN`\>""
e&%P7)83"_>3"9>"Zn_)&(%"O>"a%&P6+>"#!JJN:"R4+)(%P+6(%&%P"L2*+)70&7n*"456--0*"+6)-2P6"
K-)Q-)7+("Y(8()70&*@S")*+,-./#.$!d7*-$./!70!\2*5.,#7$@"NI#N:<"HN!MGI>"
/7+6(=*3"d>e>"7%8"_>"b)(=70"#!JJI:"=61!V*C/#5!415,7-!#$!d17?.-2:U!)*+,-./#.$!
J121-./#+3!0-73!Z6#,/.3!,7!T1.,#$83"/(01-2)%(<"X&5+-)&7"$%&'()*&+,>""
97&%+()3"/>"#!JJ\:"O7//.C7-.,#91!J121-./#+3<!\57$73#5!]107-3!#$!)*+,-./#.!#$!,61!
(LL'+>"K7@1)&8P(<"K7@1)&8P("$%&'()*&+,"9)(**>"
97)V&%3"L>"#HFFN:"RC6("4+7+(*3"Y(8()70&*@"7%8"9-0&+&570"45&(%5(<"L"Y&.+,Mh(7)"
LQQ)7&*70S")*+,-./#.$!d7*-$./!70!V*C/#5!)23#$#+,-.,#7$@"EH#H:<"!F!M!H>"
9&%52*3"O>"#HFFE:"R9)-825+&'("d(.-)@"&%"7"Y(8()70"4,*+(@S"&%"V-72*5,#91!]107-3!#$!.!
J121-./!4:+,133"(8&+(8"1,"9)-825+&'&+,"K-@@&**&-%3"K7%1())7<"9)-825+&'&+,"
K-@@&**&-%3"H`M`H>"
9)-825+&'&+,"K-@@&**&-%"#(8>:"#HFFE:"V-72*5,#91!]107-3!#$!.!J121-./!4:+,13>"
K7%1())7<"9)-825+&'&+,"K-@@&**&-%"
9)-825+&'&+,"K-@@&**&-%"#HF!F:"]1?7-,!7$!c791-$31$,!41-9#51+!&'('>"K7%1())7<"
9)-825+&'&+,"K-@@&**&-%>""
d-*V7@3"O>"#HFFJ:"W%+()'&(=>"/(01-2)%(3"!I"g(5(@1()>"
4Q72003"L>"#!JJJ:""RC6("A%8"-."+6("4+7+("456--0"4,*+(@<"A8257+&-%"9-0&5,"2%8()"+6("
sa(%%(++"d('-02+&-%on"&%"_>"K-*+7)"7%8"c>"A5-%-@-2"#(8*:"=61!T1$$1,,!
]197/*,#7$<!G#5,7-#.$!V7/#,#5+!#$!,61!(LL'+3"4,8%(,<"$c4;"9)(**3"H!G"M"HG>"
C-=%*(%83"C>"#!JJI:"R456--0*"-."+6("Y2+2)(<"L"K7*("4+28,"&%"4,*+(@7+&5"A8257+&-%70"
g('(0-Q@(%+S"C>"C-=%*(%8"#(8>:"]1+,-*5,*-#$8!.$2!a*./#,:U!F++*1+!07-!
=737--7>f+!45677/+<!e-%8-%<"d-2+0(8P(>"
C*7%P3"/2%3"7%8"[>"/"e('&%"#!J\N:"RC6("W@Q75+"-."W%+()P-'()%@(%+70"b)7%+*"-%"
A8257+&-%70"ATQ(%8&+2)(S"]19#1>!70!\2*5.,#7$./!]1+1.-56"`N#N:<"NHJMEI>"
C=-@(,3"L>"#HFFI:"=61!]107-3!70!)*+,-./#.H+!J121-./!4:+,133"e(P70"4+28&(*"
d(*(7)56"97Q()"c->"FIl\F3"4,8%(,"e7="456--03"4,8%(,3"$%&'()*&+,"-."4,8%(,>"
L'7&0710("-%0&%("7+"t6++Q<ll**)%>5-@l71*+)75+u!FNN!\Fv"wL55(**(8"!"
c-'(@1()"HFF\x>"
C=-@(,3"L%%(3"7%8"b";&+6()*>"#HFFI:")*+,-./#.f+!J121-./!J*,*-1U![1/#91-#$8!c-7>,6!
.$2!V-7+?1-#,:<!/(01-2)%(<"K-2%5&0".-)"+6("L2*+)70&7%"Y(8()7+&-%>"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
!\"
X&5+-)&7%"Y(8()70M4+7+("d(07+&-%*"K-@@&++(("!JJJ"]1?7-,!7$!,61!]18#+,1-!70!4?15#0#5!
V*-?7+1!V.:31$,+!]151#912!C:!G#5,7-#.@!/(01-2)%(<"97)0&7@(%+"-."X&5+-)&73"
-%0&%("7+"6++Q<ll===>Q7)0&7@(%+>'&5>P-'>72l.*)5l)(Q-)+Gl8(.720+>6+@""
;700%()3"O>"#HFFJ:"R_(,-%8"c7+&-%70"4+7%87)8*<"d(5-%5&0&%P"C(%*&-%"1(+=((%"
Y(8()70&*@"7%8"+6(";(0.7)("4+7+(S3"V*C/#*+U!=61!d7*-$./!70!J121-./#+3@"NJ<!MHE>"
;70*63"K>"#HFFE:"RK-@Q(+&+&'("Y(8()70&*@"M";7*+(.20"-.";(0.7)("A%67%5&%PS"&%"
9)-825+&'&+,"K-@@&**&-%"#(8>:"V-72*5,#91!]107-3!#$!.!J121-./!4:+,13>"
K7%1())7<"9)-825+&'&+,"K-@@&**&-%3"`NM\G>"
;7))(%3"c>"#HFFE:"h1$563.-E#$8!)*+,-./#.H+!F$,1-8791-$31$,./!J#+5./!
)--.$8131$,+3"4,8%(,3"c(="4-2+6";70(*"b-'()%@(%+>"
;7+*-%3"e>"#!JJ\:"RW%+(%+&-%*3"ZQQ-)+2%&+&(*"7%8"Z2+5-@(*<"C6("W@Q75+"-."
K-@@-%=(70+6"W%'-0'(@(%+"&%"L2*+)70&7%"456--0&%PS"96g"C6(*&*"&%"9-0&+&570"
45&(%5(3"L2*+)70&7%"c7+&-%70"$%&'()*&+,3"K7%1())7>"
;7++*3"d>"#HFF\:"O73?.-#$8!J121-./!4:+,13+>"N)8"(8>"a&%P*+-%3"K7%787<"W%*+&+2+(".-)"
W%+()%7+&-%70"d(07+&-%*3"k2((%n*"$%&'()*&+,>"
;6(7)(3"a>"K>"#!JGE:"J121-./!c791-$31$,@!e-%8-%3"ZT.-)8"$%&'()*&+,"9)(**>"
;&0+*6&)(3"a>""#HFF`:"RY(8()70&*@<"L"46&.+"&%"+6("K(%+)("-."b)7'&+,"p")*+,-./#.$!V7/#5:!
P$/#$1<"N"/7)56>"
f&%(*3"e>"#!JJF:"RK-%*+&+2+&-%70"9-=()"-'()"+6("A5-%-@,S3"V*C/#*+U!=61!d7*-$./!70!
J121-./#+3<"HF#G:<"!JMNG>"
"
"
"
"
""""""""""""""""""""""""""""""""""""""""""""""""""""""""
&"W+"@2*+"1("%-+(8"+67+"+6&*"&*"%-+"2%2*270"7@-%P".(8()7+&-%*>"L*"b-8?&%(*"#!JEE:"@(@-)710,"Q2+"&+3"
.(8()70&*@"=7*"@-)("0&V("7"@7)10("+67%"7"07,()"57V(3"=&+6"7"@&T&%P"7%8"10(%8&%P"-.".(8()70"7%8"*+7+("
P-'()%@(%+"75+&'&+&(*>""
&&"C6(")-0(*"-."*+7+("7%8".(8()70"P-'()%@(%+*"-%"*56--0"52))&5202@"7)("52))(%+0,"2%8()")(.-)@3"7*"
Q7)+"-."7%"#K-@@-%=(70+6M8)&'(%:"7++(@Q+"+-"8('(0-Q"7"%7+&-%70"52))&5202@>"
&&&"4((".-)"(T7@Q0(<"e>"K-%%-)*"#(8>:"#HFFI:"W.E#$8!J121-./#+3!Z7-E!07-!45677/+U![*1!V-751++@!
=-.$+?.-1$5:@!F$07-312!O7$+1$,@!4,8%(,3"c(="4-2+6";70(*"9210&5"A8257+&-%"L00&7%5(]"_>"e&%P7)8"
#HFFF:"RY(8()70&*@"&%"456--0&%P"4&%5("+6("a7)@(0"d(Q-)+<"Y)-@"/-8()%&*+"[-Q("+-"9-*+@-8()%&*+"
9().-)@7+&'&+,S3")*+,-./#.$!\2*5.,#7$./!]1+1.-561-@!HI#H:"QQ>H`ME!]"O>"/5/-))-="#HFF\:"]19#1>#$8!
,61!\9#21$51U!F++*1+!#$!O7337$>1./,6!J*$2#$8!70!8791-$31$,!.$2!$7$M8791-$31$,!+5677/+!#$!,61!
"7>.-2!.$2!]*22!:1.-+@!/(01-2)%(3"L2*+)70&7%"A8257+&-%"$%&-%]"9)-825+&'&+,"K-@@&**&-%"#HFF\:"
7?<!5#,<R!W%8(Q(%8(%+"456--0*"K-2%5&0"-."L2*+)70&7"#HFFE:"V7/#5:!V7+#,#7$+!7$!,61!J*$2#$8!70!
F$21?1$21$,!45677/+@!K7%1())73"W4KL3"L'7&0710("-%0&%("7+"t6++Q<ll===>&*57>(82>72v"we7*+"755(**(8"
HG"g(5(@1()"HFFIx]!O>"a(7+&%P"#Y-)+65-@&%P:")!^1>!J121-./#+3!#$!)*+,-./#.$!\2*5.,#7$@"/(01-2)%(3"
Y-2%87+&-%".-)"h-2%P"L2*+)70&7%*]"K-2%5&0".-)"+6("L2*+)70&7%"Y(8()7+&-%"#HFFI:"J121-./#+,!V.?1-!&U!
=61!J*,*-1!70!45677/#$8!#$!)*+,-./#.<!!)!]1?7-,!C:!,61!4,.,1+!.$2!=1--#,7-#1+>"/(01-2)%(3"K-2%5&0".-)"
+6("L2*+)70&7%"Y(8()7+&-%]"K(%+)(".-)"9-*+5-@Q20*-),"A8257+&-%"7%8"e&.(0-%P"e(7)%&%P"#HFFG:")!
^1>!^.,#7$./!)81$2.!07-!\2*5.,#7$!.$2!=-.#$#$8!#$!)*+,-./#.<!P91-9#1>!]1?7-,!07-!,61![1?.-,31$,!70!
,61!V-13#1-!.$2!O.C#$1,@!/(01-2)%(3"X&5+-)&7%"b-'()%@(%+3"!L'7&0710("-%0&%("7+"
tt6++Q<ll===>8Q5>'&5>P-'>72lKLH`Eg\FFFHI_!FHle--V2QlK-@@-%=(70+64+7+(d(07+&-%*yc7+&-%
70)(Q-)+lj.&0(l7zHF%(=zHF%7+&-%70zHF7P(%87>Q8.vv"we7*+"755(**(8"!I"O7%27),"HFF\x"
&'"_)&7%"K708=(00"7%8"O&@"4Q&%V*"8(*5)&1(8"8('-02+&-%"-."*56--0"@7%7P(@(%+"7*"7"&%+()%7+&-%70"
R@(P7+)(%8S3"8)&'(%"1,".&'("&%+()M)(07+(8"5-%5()%*<"(..&5&(%5,"7%8"(..(5+&'(%(**"&%"+6("8(0&'(),"-."
Q210&5"*()'&5(*]"H:"&8(-0-P,"+67+"(@1)75(*"7".7&+6"&%"+6("@7)V(+"@(567%&*@"&%"+6("Q210&5"7*"=(00"7*"
&%"+6("Q)&'7+("*(5+-)]"N:"(U2&+,"&%"+6("700-57+&-%"-."*57)5(")(*-2)5(*]"7"1)-78"*-5&(+70"'702&%P"-."
(@Q-=()@(%+"&%"+6("5-@@2%&+,"7%8"`:".&%8&%P*"&%")(*(7)56"-%"*56--0"7%8"507**)--@"&@Q)-'(@(%+>"
K708=(00"!JJ\3"NGMN`>""W%"+6("O2%("!JJG"1)-562)("+-"*56--0"5-@@2%&+&(*3"+6("X&5+-)&7%"P-'()%@(%+"
8)(="(TQ0&5&+"Q7)700(0*"1(+=((%"+6("456--0*"-."+6("Y2+2)("7%8"c(="9210&5"/7%7P(@(%+<"R8)7@7+&5""
567%P(*"&%"Q)&'7+("(%+()Q)&*("7%8"Q210&5"*()'&5("@7%7P(@(%+")(*+)25+2)("67'(")(Q075(8"+)78&+&-%70"
6&()7)56&(*"7%8"@-'(8")(*-2)5(*"7%8"8(5&*&-%*"50-*()"+-"+6("Q-&%+"-."8(0&'(),"-."P--8*"7%8"*()'&5(*>"
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
!J"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
A@Q67*&*"&*"%-="Q075(8"-%"+(7@=-)V3"U270&+,"5-%+)-03"50&(%+"*()'&5(3".0(T&1&0&+,m7%8"755-2%+71&0&+,>"
C6(*("*7@("Q)&%5&Q0(*"7QQ0,"+-"456--0*"-."+6("Y2+2)(>S"#g4A"!JJG3"N:"
J*[&P6()"7'()7P("*+28(%+"Q().-)@7%5("&%"*+7%87)8&*(8"+(*+*"@7,"70*-"1("Q7)+&700,"7++)&12+710("+-"
X&5+-)&7S*")(07+&'(0,"8(%*(3"%-%M)2)70"Q-Q207+&-%3"7%8"&+*"0-=()"Q)-Q-)+&-%"i")(07+&'("+-"-+6()"*+7+(*"i"
-."&%8&P(%-2*"*+28(%+*"7%8"*+28(%+*".)-@"'(),"8&*78'7%+7P(8"*-5&-M(5-%-@&5"175VP)-2%8*>"g760("
42PP(++3"RcL9eLc"7%8"+6("*+7+(*<"7%"&%+)&P2&%P")(*20+S3")*+,-./#.$!V7/#5:!P$/#$1>"
6++Q<ll===>7Q->-)P>72l5-@@(%+7),l%7Q07%M7%8M*+7+(*M&%+)&P2&%PM)(*20+*#L55(**(8"!J"/7,"HF!F:*
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*+,-./#.$!0121-./#+3!.$2!45677/!0*$2#$8!
HF"