!
!
!
!
!
!
!
!
"#!$%&#!'()#*!
!
!
!
!
!
!
!
!
!
!
!
+%,!'%&-#,-!./%((0!1(2,0!
&32!#%,!456&3!789%#!#(!:25/(3!!
;()#(3<!1&))&/%5),##)!
=(>,6?,-!@ABC!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!"#$%&'(&)'*+%*+,&
!"#$%&'()*+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+-!
./"0+12+"+3/"&04&+5#/''67+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+8!
9/4+:4%"6+;'()*"01')2+'<+3/"&04&+5#/''62+1)+="22"#/(24002+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+>!
9/4+31?16+@1%/0+0'+A*(#"01')+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+--!
9/4+B(C")+@1%/0+0'+A*(#"01')+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+-D!
3/"&04&+5#/''6+E&"#01#4+1)+="22"#/(24002+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+-F!
9&4)*2+1)+#/"&04&+2#/''6+4)&'66C4)0+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+-F!
GHH&'"#/42+0'+2#/''6+*12#1H61)4+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+DI!
9/4+J("610K+'<+4*(#"01')+H&'?1*4*+LK+#/"&04&+2#/''62+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+DF!
3/"&04&+2#/''6+<1)")#4+")*+0/4+&1%/0+0'+4*(#"01')+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+D>!
3/"&04&+5#/''6+;1)")#1)%+")*+E(L61#+5#/''6+!(*%40+3(02+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+DM!
3/"&04&+5#/''62N+G0+./"0+E&1#47+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+I>!
3')#6(21')+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+O-!
!
+
+
+
+
+
+
+
+
+
+
+
+
+
+
G#$)'P64*%4C4)02N+D47E:F)!:G,/5#8>,!H8-,/#(-<!I,>83!15--&J!8)!K-83/8K&0!&5#%(-!(L!#%8)!
-,K(-#<!?5#!8#!M&)!&!#,&6!,LL(-#!#%-(59%(5#N!1&-8&%!1/E800!282!L(532(3&0!-,),&-/%!L(-!8#<!&32!
#%,3!/%&00,39,2!#%,!&))56K#8(3)!(L!,&/%!)5//,,2839!2-&L#N!D-(L,))(-!1&-#%&!H&>8)!&0)(!
-,>8,M,2!2-&L#)<!%(02839!#%,!&-956,3#!#(!%,-!,G&/#839!)#&32&-2)N!;()#(3!D5?08/!./%((0!K&-,3#)!
1,9&3!$(0L!&32!O2,##,!$8008&6)(3!9,3#0J!%,0K,2!#%,!&5#%(-!&>(82!),>,-&0!K8#L&00)N!
=(-#%,&)#,-3!)#52,3#)!&32!-,/,3#!9-&2)!.&-&%!.K(LL(-2<!H&>82!7838<!.&-&%!E0,2%800!&32!.%,0?,J!
$(0L!&00!/(3#-8?5#,2!83>&05&?0,!-,),&-/%!&0(39!#%,!M&J<!&32!:00,3!'(0,##8!,28#,2!#%,!#,G#N!")!
&0M&J)<!#%,!&5#%(-!?,&-)!#%,!-,)K(3)8?808#J!L(-!&00!,--(-)!&32!)%(-#/(6839)N!
!
!
!
!
-+&./"+&0',+1!
!/%&0/"2+%2&,0/''$&3'4%$&"*4&+/%&/53"*&267/+&+'&%450"+6'*&
!
O>,-!#%,!K&)#!2,/&2,<!/%&-#,-!)/%((0)!%&>,!?,/(6,!#%,!6()#!>8)8?0,!,GK-,))8(3!(L!&!K(M,-L50!2-8>,!#(!
-,83>,3#!K5?08/!,25/(3N!+%8)!?8K&-#8)&3!-,L(-6!,LL(-#!%&)!,6K%&)8P,2!)/%((0!/%(8/,!&32!/(6K,#8#8(3<!
&32!6&2,!)#&32&-28P,2!#,)#!)/(-,)!#%,!K-86&-J!&-?8#,-!(L!#%&#!/(6K,#8#8(3N!.83/,!#%,!,6,-9,3/,!(L!
#%,),!)/%((0)!83!#%,!BQQA)<!&!/%&-#,-!R599,-3&5#!%&)!&0#,-,2!#%,!,25/(3&0!0&32)/&K,!83!3,&-0J!,>,-J!
SN.N!)#&#,N!+%,!90(?&0!L83&3/8&0!/(00&K),!(L!@AATUAQ!%&)<!%(M,>,-<!532,-683,2!9(>,-36,3#!)5KK(-#!L(-!
K5?08/!,25/(3!&32!%,0K,2!L(/5)!#%,!&##,3#8(3!(L!6&3J!K5?08/!,25/(3!&2>(/&#,)!(3!#%,!86K&/#!(L!
#%,!9-(M#%!(L!#%,!/%&-#,-!)/%((0!,3#,-K-8),N!!
!
15/%!(L!#%,!,3)5839!2,?&#,!(3!/%&-#,-)!%&)!&//,K#,2!#%,!3(#8(3!#%&#!)#&32&-28P,2!#,)#!)/(-,)!)%(502!
2,#,-683,!#%,!)5//,))!(-!L&805-,!(L!&3J!,25/(3&0!838#8>,N!'8>80!-89%#)U?&),2!/%&00,39,)!#(!/(3#835839!
/%&-#,-!)/%((0!,GK&3)8(3!-,6&83!83!#%,8-!83L&3/JN!+(!2&#,<!#%,!V5,)#8(3!(L!#%,!%56&3!-89%#)!86K&/#!(L!
#%,!,6,-9,3/,!&32!9-(M#%!(L!/%&-#,-!)/%((0)!%&)!?,,3!08##0,!,GK0(-,2N!!
!
+%,!&3&0J)8)!#%&#!L(00(M)!K-,),3#)!#%,!83#,-3(3&0!)#&32&-2)!#%&#!2,L83,!#%,!%56&3!-89%#!#(!,25/(3N!
W#!#%,3!,G&683,)!#%,!,GK,-8,3/,!(L!/%&-#,-!)/%((0)!L-(6!#%,!K,-)K,/#8>,!(L!#%(),!)#&32&-2)N!W#!8)!(5-!
/(3#,3#8(3!#%&#!#%,!%56&3!-89%#)!&3&0J)8)!#%&#!),->,)!&)!#%,!?&)8)!(L!,LL,/#8>,!,25/(3&0!&2>(/&/J!83!&!
>&-8,#J!(L!83#,-3(3&0!/(3#,G#)!689%#!M,00!K0&J!#%,!)&6,!-(0,!83!#%8)!/(53#-JN!!!!
8"0972'5*4&&
!
W3!BQXC<!7&J!;522,<!&3!&))8)#&3#!K-(L,))(-!(L!,25/(3!&#!#%,!S38>,-)8#J!(L!1&))&/%5),##)Y"6%,-)#<!
2,08>,-,2!&!K&K,-!,3#8#0,2<!Z:25/(3!?J!'%&-#,-[!#(!#%,!.(/8,#J!L(-!E,3,-&0!.J)#,6)!7,),&-/%NB!\(-!
;522,<!8#!M&)!#86,!#(!/(3)82,-!&!3,M!]832!(L!)/%((0<!)#&-#,2!?J!9-(5K)!(L!#,&/%,-)<!M8#%!832,K,32,3/,!
L-(6!0(/&0!)/%((0!28)#-8/#)!83!-,#5-3!L(-!6(-,!&//(53#&?808#J!L(-!)#52,3#!&/%8,>,6,3#N!+%,!K&K,-<!M%8/%!
-,/,8>,2!08##0,!3(#8/,!&#!#%,!#86,<!(-8983&#,2!#%,!82,&!#%&#!3(M!)#&32)!&#!#%,!/,3#,-!(L!28)/5))8(3)!(L!
,25/(3!-,L(-6!&/-())!#%,!S38#,2!.#&#,)N@!!!
!
4(M,>,-<!#%,!82,&!282!3(#!9&83!)8938L8/&3#!6(6,3#56!53#80!BQTT<!M%,3!;522,!^!3(M!M(-]839!&)!&3!
,25/(3&0!&26838)#-&#(-!UU!5K2&#,2!&32!-,K5?08)%,2!%8)!,&-08,-!K&K,-!&)!&!?((]!&32!28)#-8?5#,2!8#!65/%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
B
!+,2!;(02,-8,<!!"#$%&''($")'$*+($,-./.)0$12$*+($3+"-*(-$31)4(5*<!:HS'"+WO=!:_O`_W=E!ab53,!@AAcd<!
%##KeYYMMMN,25/(3,>(0>839N(-9YK2LY7&JU;522,UO-8983)UOLU'%&-#,-839NK2L!N!
@
!.5)&3!.&503J<!!"#$%&''(6$786$9.-0*$*1$:-1510($3+"-*(-$;4+11<0$=.(0<!+4:!=:$!fO7I!+W1:.$ab53,!@B<!@AAcd<!
%##KeYYMMMN3J#86,)N/(6Y@AAcYAgY@BY3(3&0Y@B?522,N%#60*h-i@jN!
k
!7&J!;522,<!>'&4"*.1)$?#$3+"-*(-@$!(0*-&4*&-.)/$;4+11<$=.0*-.4*0<!+4:!7:EF`!`";N!\O7!:HS'N!W1D7O_:1:=+!O\!+4:!
=O7+4:".+!j!W.`"=H.!aBQTTd<!%##KeYYL80,)N,-8/N,2N9(>YL500#,G#Y:H@Qc@QTNK2LN!
@
!.5)&3!.&503J<!!"#$%&''(6$786$9.-0*$*1$:-1510($3+"-*(-$;4+11<0$=.(0<!+4:!=:$!fO7I!+W1:.$ab53,!@B<!@AAcd<!
%##KeYYMMMN3J#86,)N/(6Y@AAcYAgY@BY3(3&0Y@B?522,N%#60*h-i@jN!
B!
!
!
!
6(-,!M82,0JNk!+%,!?((]!/&59%#!#%,!&##,3#8(3!(L!"0?,-#!.%&3],-<!D-,)82,3#!(L!#%,!"6,-8/&3!\,2,-(3!(L!
+,&/%,-)<!M%(!%&2!&!)#-(39!83#,-,)#!83!&5#(3(6(5)!)/%((0)!)#&-#,2!?J!#,&/%,-)N!!$8#%83!&!L,M!6(3#%)<!
.%&3],-!K-,),3#,2!#%,!/(3/,K#!&#!#%,!=(3&0!D-,))!'05?N!4,!-,L,-,3/,2!;522,!83!&2>(/͇!L(-!#%,!
82,&!(L!#,&/%,-)!)#&-#839!)5/%!)/%((0)N!4,!&0)(!&2(K#,2!;522,F)!3&6,!L(-!#%,!)/%((0)l/%&-#,-!)/%((0)NC!!
!
.5?),V5,3#0J<!&!9-(5K!/&00,2!#%,!'8#8P,3F)!`,&95,!(L!1833,)(#&!6&2,!#%,!82,&!(L!/%&-#,-!)/%((0)!&!
K(08#8/&0!-,&08#JN!+%,!`,&95,!,39&9,2!.%&3],-!#(!M(-]!M8#%!&!?8UK&-#8)&3!9-(5K!(L!)#&#,!0,98)0&#(-)!#(!
2,>,0(K!&!)#&#,!K(08/J!L-&6,M(-]!L(-!/%&-#,-!)/%((0)!&32!#(!/-,&#,!0,98)0(3!#(!&00(M!#%,!
86K0,6,3#(3!(L!)5/%!&!L-&6,M(-]N!"L#,-!&!L,M!L&0),!)#&-#)<!#%,!0,98)0(3!K&)),2!83!BQQB!&32!/%&-#,-!
)/%((0)l>,-J!65/%!08],!#%(),!,3>8)8(3,2!?J!;522,!&32!.%&3],-!UU!M,-,!0,9&0!83!1833,)(#&N!!
!
O#%,-!)#&#,)!V58/]0J!L(00(M,2!)58#!&32!M8#%83!#%,!J,&-<!1833,)(#&F)!7,K5?08/&3!.,3&#(-!H&>82!
H5-,3?,-9,-!83#-(25/,2!#%,!82,&!83!#%,!SN.N!'(39-,))N!$8#%!#%,!%,0K!(L!'(33,/#8/5#F)!.,3&#(-!b(,!
`8,?,-6&3<!H5-,3?,-9,-!?580#!)8938L8/&3#!)5KK(-#!L(-!&!\,2,-&0!K-(9-&6!#(!)5KK(-#!/%&-#,-!)/%((0)N!W3!
BQQC<!#%,!'083#(3!"26838)#-(3!9582,2!&!?800!#%-(59%!'(39-,))!#%&#!/-,&#,2!)#-(39!\,2,-&0!83/,3#8>,)!
L(-!)#&#,)!#(!K&))!0&M)!&5#%(-8P839!/%&-#,-!)/%((0)!&#!#%,!)#&#,!0,>,0N!"!/(-3,-)#(3,!(L!M%&#!M(502!
?,/(6,!&!K(M,-L50!,25/(3&0!-,L(-6!M&)!)(0820J!83!K0&/,N!+%,!&26838)#-(3!(L!E,(-9,!$N!;5)%!
/(3#835,2!\,2,-&0!)5KK(-#!L(-!#%,!,25/(3!-,L(-6!0&53/%,2!?J!%8)!K-,2,/,))(-<!&32!K-(6(#8(3!(L!
/%&-#,-!)/%((0!,GK&3)8(3!M&)!&3!86K(-#&3#!,0,6,3#!(L!;5)%F)!A1$3+.<'$B(2*$%(+.)'$K(08/JNc!!
!
1(-,!-,/,3#0J<!K5?08/!,25/(3!&2>(/&#,)!M%(!%(K,2!L(-!&!-,(-8,3#(3!(L!,25/(3!K(08/J!532,-!
;&-&/]!O?&6&!%&>,!L&/,2!&!),-8,)!(L!28)&KK(83#6,3#)N!$%80,!83/-,&)839!\,2,-&0!)5KK(-#!#(!,25/(3!
&32!98>839!%8)!K-(9-&6!#(!)5KK(-#!K5?08/!,25/(3!&!6(-,!/(6K,00839!82,3#8#Jl!"4($*1$*+($C15l
D-,)82,3#!O?&6&!&32!%8)!.,/-,#&-J!(L!:25/(3<!"-3,!H53/&3<!%&>,!?,,3!,>,3!6(-,!&/#8>,!&32!
,LL,/#8>,!)5KK(-#,-)!(L!/%&-#,-!)/%((0)!#%&3!#%,8-!K-,2,/,))(-)Ng!+%,!O?&6&!"26838)#-(3!)893&0,2!8#)!
K()8#8(3839!(3!#%,!8))5,!)((3!&L#,-!#&]839!(LL8/,!M%,3!8#!&33(53/,2!#%&#!)#&#,)!-,6(>839!0,98)0>,!/&K)!
(3!/%&-#,-!)/%((0!9-(M#%!M(502!%&>,!K-,L,-,3#8&0!&//,))!#(!mc!?8008(3!83!!"4($*1$*+($C15$L532)NX!!!!
!
+%,!L,2,-&0!)&3/#8(3839!(L!#%8)!3,M!6(2,0!(L!)/%((0839!%&)!)K&M3,2!&3!83#,3),<!2,/,3#-&08P,2!M&>,!(L!
&/#8>8#J!#(!/-,&#,!/%&-#,-!)/%((0)!#%&#!%&)!)(6,!(L!#%,!/%&-&/#,-8)#8/)!(L!&!)(/8&0!6(>,6,3#N!+%,!
6(>,6,3#!&3&0(9J!6&J!?,!(>,-)#&#,2<!?5#!3,8#%,-!,08#,!/(668#6,3#!#(!#%,!82,&!3(-!#%,!&//(6K&3J839!
&>&80&?808#J!(L!L532)!/&3!,GK0&83!#%,!5308],0J!6&))!&2(K#8(3!(L!#%,!/%&-#,-!)/%((0!/(3/,K#!&/-())!#%,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
k
!7&J!;522,<!>'&4"*.1)$?#$3+"-*(-@$!(0*-&4*&-.)/$;4+11<$=.0*-.4*0<!+4:!7:EF`!`";N!\O7!:HS'N!W1D7O_:1:=+!O\!+4:!
=O7+4:".+!j!W.`"=H.!aBQTTd<!%##KeYYL80,)N,-8/N,2N9(>YL500#,G#Y:H@Qc@QTNK2LN!
C
!+,2!;(02,-8,<!!"#$%&''($")'$*+($,-./.)0$12$*+($3+"-*(-$31)4(5*<!:HS'"+WO=!:_O`_W=E!ab53,!@AAcd<!
%##KeYYMMMN,25/(3,>(0>839N(-9YK2LY7&JU;522,UO-8983)UOLU'%&-#,-839NK2LN!
c
!H8&3,!7&>8#/%<$+4:!H:"+4!"=H!`W\:!O\!+4:!E7:"+!"1:7W'"=!.'4OO`!.f.+:1e!4O$!+:.+W=E!"=H!'4OW':!"7:!S=H:71W=W=E!
:HS'"+WO=!BkT!a;&)8/!;((])!@AB@dN!
g
!+%,!/0,&-,)#!,>82,3/,!L(-!#%8)!&)),-#8(3!8)!#%,!&//,0,-&#,2!9-(M#%!(L!#%,!/%&-#,-!),/#(-!25-839!#%,!O?&6&UH53/&3!
J,&-)N!;((!b(J!7,)6(>8#)<!3+"-*(-$;4+11<0$D-1E$!"5'.<#6$F''.)/$8GG6GGG$;*&'()*0@$!(51-*<$4S\\W=E+O=!DO.+!a=(>N!
BC<!@AB@<!BeAA!"1d<!%##KeYYMMMN%5LL839#(3K()#N/(6Y@AB@YBBYBCY/%&-#,-U)/%((0)U9-(M#%h3h@B@c@TgN%#60N!
X
!18/%,0,!1/=,80<!!"4.)/$21-$")$>"-<#$>'/(<!:HS'"+WO=!$::I!ab50J!Q<!@AAQd<!
%##KeYYMMMN,2M,,]N(-9Y,MY&-#8/0,)Y@AAQYAXYAQYkg)#86505)h,KN%@TN%#60N!
@!
!
!
!
/(53#-JN!"L#,-!)0(M!9-(M#%!#%-(59%(5#!#%,!BQQA)<!/%&-#,-!)/%((0!9-(M#%!-&#,)!#((]!(LL!83!#%,!L8-)#!
2,/&2,!(L!#%,!3,M!6800,33856!&32!%&>,!L5-#%,-!&//,0,-&#,2!83!-,/,3#!J,&-)N!"//(-2839!#(!#%,!=(3&0!
"008&3/,!L(-!D5?08/!'%&-#,-!./%((0)<!83!#%,!@ABkUBC!)/%((0!J,&-<!(>,-!@Nc!68008(3!)#52,3#)!M,-,!&##,32839!
&KK-(G86&#,0J!g<CAA!/%&-#,-!)/%((0)!&/-())!#%,!SN.NT!!
!
\(-!)(6,!&3&0J)#)<!8#!8)!K-,/8),0J!#%,!)(/8&0!6(>,6,3#!/%&-&/#,-!(L!#%,!/%&-#,-!)/%((0!K%,3(6,3(3!#%&#!
,GK0&83)!8#)!&)/,32&3/J!83!)5/%!&!)%(-#!K,-8(2!(L!#86,N!"L#,-!3(#839!#%,!9-,&#!28LL8/50#J!L&/,2!?J!&3J!
9-(5K!M8)%839!#(!/(33,/#!,25/(3&0!(5#/(6,)!#(!&!K&-#8/50&-!K(08/J!838#8>,<!D-(L,))(-!H,-,]!;0&/]!(L!
#%,!S38>,-)8#J!(L!.(5#%!'&-(083&!./%((0!(L!`&M!K(83#)!(5#!&3!86K(-#&3#!28LL,-,3/,!?,#M,,3!-,L(-6!
6(>,6,3#)!?&),2!(3!/8>80!-89%#)!&32!#%,!/%&-#,-!)/%((0!6(>,6,3#e!
3+"-*(-$04+11<0$0&22(-$2-1H$*+($0"H($4"&0"<$E("I)(00$J"0$*+($4.K.<$-./+*0$-(21-H$H1K(H()*L6$
?&*$.*$.0$)1*$.H5('.)/$*+(.-$(M5")0.1)$?(4"&0($*+($4+"-*(-$H1K(H()*6$&)<.I($4.K.<$-./+*06$.0$
)1*$?"0('$5-.H"-.<#$1)$(K.'()4(N$O)0*("'6$4+"-*(-$04+11<$"'K14"*(0$(H5+"0.P($.'(1<1/.4"<$
K"<&(0$*+"*$"55("<$*1$?-1"'$41)0*.*&()4.(0N$C+(0($K"<&(Q?"0('$41)0*.*&()4.(0$21-H$"$
H1K(H()*$*+"*$21-4(0$*+($(M5")0.1)$12$4+"-*(-$04+11<0$")'$.0$&)'(*(--('$?#$(K.'()*."-#$
4-.*.R&(NS!
!
$%,#%,-!(-!3(#!8#!M&)!#%,!-,)50#!(L!&!>&05,)U?&),2!)(/8&0!6(>,6,3#<!#%,!9-(M#%!(L!/%&-#,-!)/%((0)!%&)!
?,,3!3,8#%,-!&//82,3#&0!3(-!-&32(6N!D&-,3#)!&32!#,&/%,-)!83#,-,)#,2!83!3,M!&KK-(&/%,)!#(!/5--8/5056!
&32!833(>>,!,LL(-#)!#(!83>(0>,!K&-,3#)!83!)/%((0)!2-(>,!,&-0J!/%&-#,-!L(-6(3N!;5#!#%,!/(3/,K#!
V58/]0J!?,/&6,!K&-#!(L!&!65/%!?-(&2,-!82,(0(98/&0!/-8#8V5,!(L!K5?08/!,25/(3NBA!'%&-#,-)!,6,-9,2!83!
#%,!/(3#,G#!(L!&!9-(M839!),3),!#%&#!#%,!2,#,-8(-͇!V5&08#J!(L!#%,!SN.N!,25/(3!)J)#,6!M&)!
#%-,&#,3839!?(#%!)(/8&0!)#&?808#J!83!SN.N!/8#8,)!&32!#%,!/(53#-JF)!/(6K,#8#8>,3,))!83!#%,!90(?&0!,/(3(6JNBB!!
!
$%80,!/-8#8/)!3(#,2!K-(?0,6)!&/-())!#%,!,25/(3&0!0&32)/&K,<!K5?08/!,25/(3!83!6&3J!(L!#%,!
/(53#-JF)!5-?&3!/,3#,-)!/&6,!83!L(-!#%,!6()#!83#,3),!/-8#8/8)6N!+%8)!083,!(L!#%83]839!82,3#8L8,2!,G/,))8>,!
/,3#-&08P(3!&32!-,950(3<!#%,!K(M,-!(L!#,&/%,-)!538(3)!&32!&!9,3,-&0!0&/]!(L!)/%((0!&//(53#&?808#J!
L(-!,25/(3&0!(5#/(6,)!&)!#%,!-((#)!(L!#%,!K,-/,8>,2!Z/-8)8)[!(L!K5?08/!,25/(3NB@!7,9&-20,))!(L!
M%,#%,-!(-!3(#!)5/%!&!/-8)8)!,G8)#,2<!#%,!/(66(3!K,-/,K#8(3!(L!&!/-8)8)!83!5-?&3!,25/(3lM8#%!/%&-#,-!
)/%((0)!&)!&3!86K(-#&3#!K&-#!(L!#%,!-,)K(3),!#(!#%,!/-8)8)l?,/&6,!&!K(M,-L50!2-8>,-!(L!/%&-#,-!)/%((0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
T
!=(*".<0$2-1H$*+($="0+?1"-'@$>0*.H"*('$A&H?(-$12$3+"-*(-$;4+11<0$T$;*&'()*06$8GUVQ8GUW<!="+F`!"``W"=':!\O7!DS;N!
'4"7+:7!.'4OO`.!a\,?N!@ABCd<!%##KeYYMMMNK5?08//%&-#,-)N(-9YMKU/(3#,3#Y5K0(&2)Y@ABCYA@Y=,MU&32U'0(),2U
7,K(-#U\,?-5&-JU@ABCBNK2LN!
Q
!H,-,]!$N!;0&/]<!3.K.<$!./+*0$")'$3+"-*(-$;4+11<0@$B(001)0$*1$%($B("-)('<!gC!\`"N!`N!7:_N!BX@k!a@AB@dN!
BA
!;()#(3!+,&/%,-)!S38(3<!3+"-*(-$;4+11<0@$C+($:-1H.0(6$*+($X#5(6$*+($!("<.*#6!%##KeYYMMMN?#5N(-9Y%(#U
8))5,)Y/%&-#,-U)/%((0)!a0&)#!>8)8#,2!.,K#N!@C<!@ABCdN!
BB
!+%8)!),3),!(L!9&#%,-839!2((6!&/#5&00J!?,9&3!&!L,M!J,&-)!K-8(-!#(!#%,!,6,-9,3/,!(L!/%&-#,-!)/%((0)!M8#%!#%,!
-,0,&),!(L!&!],J!-,K(-#!?J!&!/(668))8(3!/-,&#,2!?J!#%,!7,&9&3!"26838)#-(3!83!BQTkN!;(($F$A"*.1)$"*$!.0I@$C+($
OH5(-"*.K($21-$>'&4"*.1)"<$!(21-H<!+4:!="+F`!'O11F=!O=!:n':``:=':!W=!:HS'N!a"K-80!BQTkd<!
%##KeYY2&#&/,3#,-N)KK)N(-9Y5K0(&2)Y)(#Mh&h3(3h&#h-8)]hBQTkNK2LN!
B@
!`8)&!.3,00<!9.M$*+($3.*#$;4+11<0@$Y1K.)/$F<<$;4+11<0$*1$3+"-*(-QB.I($F&*1)1H#<!7:".O=!\OS=H"+WO=!DO`W'f!;7W:\!TX!
a1&-/%!@ABAd<!%##KeYY-,&)(3N(-9YL80,)YK?TXhL8Gh)/%((0)h/%&-#,-)NK2LN!
k!
!
!
!
9-(M#%N!:/%(839!D-(L,))(-!;0&/]F)!&)),))6,3#!(L!#%,!/%&-#,-!6(>,6,3#<!&!K-(683,3#!&3&0J)#!(L!#%,!
/%&-#,-!)/%((0!2,?&#,!3(#,2<!Z&3!53L(-#53&#,!)%8L#!(L!)(6,!/%&-#,-!)/%((0!&2>(/&/J!L-(6!&!K-&96/!
V5,)#8(3!#(!82,3#8LJ!)/%((0!86K-(>,6,3#!)#-&#,98,)!#(!&3!82,(0(98/&0!K-,R528/,!&9&83)#!-,950&-!K5?08/!
)/%((0)N[Bk!
!
E8>,3!#%,!-&/8&0!&32!/50#5-&0!/(6K()8#8(3!(L!#%,!5-?&3!)/%((0!28)#-8/#)!532,-!28)/5))8(3<!2,?&#,)!(3!#%,!
/-8)8)!83!K5?08/!,25/(3!%&>,!%&2!)#-(39!-&/8&0!&32!/50#5-&0!(>,-#(3,)N!'%&-#,-!)/%((0!9-(M#%!%&)!?,,3!
6()#!2-&6/!83!K-,/8),0J!#%(),!5-?&3!)/%((0!28)#-8/#)!M%,-,!"L-8/&3U"6,-8/&3!)#52,3#)!&32!:3908)%!
`&395&9,!`,&-3,-)!(L#,3!6&],!5K!#%,!6&R(-8#J!(L!K5?08/!)/%((0!)#52,3#)N!")!(L!#%,!@AB@UBk!)/%((0!J,&-<!
`()!"39,0,)!%&2!6(-,!#%&3!#M8/,!&)!6&3J!/%&-#,-!)#52,3#)!&)!&3J!(#%,-!28)#-8/#!83!#%,!3(3N!=,M!f(-]<!
D%80&2,0K%8&<!H,#-(8#!&32!'%8/&9(<!83!#%&#!(-2,-<!L(00(M,2!`()!"39,0,)!(3!#%,!08)#!(L!SN.N!)/%((0!28)#-8/#)!
M8#%!#%,!9-,&#,)#!356?,-!(L!/%&-#,-!)#52,3#)N!=,M!O-0,&3)<!M%8/%!-,?580#!8#)!28)#-8/#!(3!#%,!/%&-#,-!
6(2,0!&L#,-!45--8/&3,!I&#-83&<!0,2!#%,!/(53#-J!83!#%,!K,-/,3#&9,!(L!/%&-#,-!)#52,3#)<!L(00(M,2!?J!
H,#-(8#!&32!$&)%839#(3<!H'NBC!W3!/(66538#8,)!M%,-,!6&3J!"L-8/&3U"6,-8/&3!L&6808,)!L,0#!K((-0J!),->,2!
?J!#-&28#8(3&0!K5?08/!)/%((0)<!/%&-#,-)!)/%((0)!,6,-9,2!&)!&3!86K(-#&3#!,25/(3&0!&0#,-3>,N!!
!
")!#%,!/%&-#,-!)/%((0!),/#(-!%&)!9-(M3!&32!?-(&2,3,2!8#)!?&),!(L!)(/8&0!&32!K(08#8/&0!)5KK(-#<!)(!%&)!#%,!
/(3#-(>,-)J!(>,-!#%,!K,-L(-6&3/,!(L!#%,),!)/%((0)!&32!#%,!86K&/#!(L!/%&-#,-!,GK&3)8(3!(3!#%,!(>,-&00!
V5&08#J!(L!,25/(3!83!#%(),!28)#-8/#)!83!M%8/%!/%&-#,-)!&-,!#&]839!%(02N!"!356?,-!(L!)#528,)!/(3/052,!
#%&#!)#52,3#)!&##,32839!/%&-#,-!)/%((0)!&-,!&/%8,>839!?,##,-!&/&2,68/!(5#/(6,)!#%&3!)8680&-!)#52,3#)!83!
3,&-?J!#-&28#8(3&0!K5?08/!)/%((0)NBc!OL#,3!5)839!#%,!)&6,!2&#&<!(#%,-!-,),&-/%,-)!-,&/%!>,-J!28LL,-,3#!
/(3/05)8(3)!/(3/,-3839!/%&-#,-!,LL,/#8>,3,))NBg!'0,&-0J<!#%,!,>82,3/,U?&),2!)(/8&0!)/8,3/,!2,?&#,!(3!
/%&-#,-)!8)!3(#!),##0,2<!&32!M800!3(#!?,!),##0,2!83!#%,!3,&-!L5#5-,N!1&3J!(?),->,-)!%&>,!)599,)#,2!#%&#!
#%,!K()8#8(3839!(L!#%(),!V5,)#8(3839!#%,!/%&-#,-!&0#,-3>,!%&)!?,/(6,!R5)#!&)!82,(0(98/&0!&)!#%,!
#%83]839!#%&#!8)!2-8>839!/%&-#,-!,GK&3)8(3NBX!
!
+%,!L(00(M839!&3&0J)8)!,G&683,)!#%,!/%&-#,-!)/%((0!K%,3(6,3(3!L-(6!&!%56&3!-89%#)U?&),2!
K,-)K,/#8>,<!&!K,-)K,/#8>,!#%&#!M,!?,08,>,!8)!/(6K0,6,3#&-J!#(<!-&#%,-!#%&3!/(3#-&28/#(-J!#(!(-!
/(6K,#8#8>,!M8#%<!#%,!6(-,!/(66(30J!>(8/,2!/8>80!-89%#)!K,-)K,/#8>,)N!+%,!/(3/-,#,!K(08/J!(K#8(3!532,-!
28)/5))8(3!83!6&3J!)#&#,)!8)!/(3#835,2!/%&-#,-!)/%((0!,GK&3)8(3<!?5#!#%,!(30J!M&J!#(!K-(R,/#!#%,!08],0J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Bk
!H8&3,!7&>8#/%<!+4:!H:"+4!"=H!`W\:!O\!+4:!E7:"+!"1:7W'"=!.'4OO`!.f.+:1e!4O$!+:.+W=E!"=H!'4OW':!"7:!S=H:71W=W=E!
:HS'"+WO=!BkQ!a;&)8/!;((])!@AB@d!a/8#839!&3!(K838(3!L-(6!1&-#83!'&-3(J!,#!&0N<!C+($3+"-*(-$;4+11<$=&0*QZ5@$
>M"H.).)/$*+($>K.'()4($1)$3+"-*(-$;4+11<$>)-1<<H()*<!:'O=O1W'!DO`W'f!W=.+W+S+:!a@AAcddN!
BC
!_&0,-8,!.#-&5))<!C+($UG$04+11<$'.0*-.4*0$E.*+$*+($H10*$4+"-*(-$04+11<$0*&'()*0<!+4:!$".4W=E+O=!DO.+!aH,/N!BB<!
@ABkd<!%##KeYYMMMNM&)%839#(3K()#N/(6Y?0(9)Y&3)M,-U)%,,#YMKY@ABkYB@YBBY#%,UBAU)/%((0U28)#-8/#)UM8#%U#%,U
6()#U/%&-#,-U)/%((0U)#52,3#)YN!
Bc
!O3,!)5/%!)#52J!#%&#!-,/,8>,2!K&-#8/50&-!&##,3#8(3!M&)!/(325/#,2!83!@ABk!?J!#%,!',3#,-!L(-!7,),&-/%!(3!
:25/(3&0!O5#/(6,)!a'7:HOd!&#!.#&3L(-2!S38>,-)8#JN!;((!A"*.1)"<$3+"-*(-$;4+11<$;*&'#$8GUV<!':=+:7!\O7!7:.:"7'4!
O=!:HS'N!OS+'O1:.!a@ABkd<!%##KeYY/-,2(N)#&3L(-2N,25Y2(/56,3#)Y='..o@A@ABko@A\83&0o@AH-&L#NK2LN!
Bg
!;(($"32-,M!1&50!j!"??J!1/'0,00&32<!!(K.(E$12$A"*.1)"<$3+"-*(-$;4+11<$;*&'#$8GUV<!="+F`!:HS'"+WO="`!DO`W'f!
':=+:7!ab50N!Bg<!@ABkd<!%##KeYY3,K/N/(0(-&2(N,25Y#%83]#&3]Y-,>8,MU/-,2(U@ABkN!
BX
!'(3(-!DN!$8008&6)<!X1E$*+($=(?"*($,K(-$3+"-*(-$;4+11<0$Y"I(0$Z0$=&H?(-<!+"`IW=E!DOW=+.!1:1O!a\,?N!c<!@ABCd<!
%##KeYY#&0]839K(83#)6,6(N/(6Y/&L,Y%(MU#%,U2,?&#,U(>,-U/%&-#,-U)/%((0)U6&],)U5)U256?,-N!
C!
!
!
!
%56&3!-89%#)!,LL,/#!(L!)5/%!,GK&3)8(3!8)!#(!&3&0JP,!#%,!,GK,-8,3/,!#(!2&#,!#%-(59%!&!%56&3!-89%#)!0,3)N!
$%80,!65/%!&3&0J)8)!(L!#%,!K(08/J!8))5,)!)5--(532839!/%&-#,-!)/%((0)!%&)!(>,-0((],2!#%8)!K,-)K,/#8>,<!
M,!?,08,>,!#%&#!%56&3!-89%#)!&3&0J)8)!%&)!#%,!K(#,3#8&0!#(!K-(>82,!K()8#8>,!9582&3/,!#(!#%,!K(08/J!
28)/5))8(3N!
!
O5-!&KK-(&/%!8)!,>82,3/,U?&),2N!!:6K0(J839!&!%56&3!-89%#)!0,3)!86K08,)!>8,M839!/%&-#,-!)/%((0!K-&/#8/,!
L-(6!#%,!>&3#&9,!K(83#!(L!#%,!>&-8,#J!(L!#-,,)!&32!(#%,-!83#,-3(3&0!&9-,,6,3#)!#%&#!,)#&?08)%!#%,!
-89%#!#(!,25/(3!83!83#,-3(3&0!0&MNBT!.5/%!&3&0J)8)!/&33(#!,)/&K,!#%,!M,89%#!(L!#%,!&?532&3#!
,>82,3/,!-,9&-2839!#%,!86K&/#!(L!/%&-#,-!)/%((0)!83!#%,!08>,)!(L!/%802-,3!83)82,!&32!(5#)82,!(L!#%(),!
)/%((0)N!"#!#%,!)&6,!#86,<!#%,!%56&3!-89%#)!L-&6,M(-]!-,)#)!(3!&!),#!(L!%56&3!>&05,)!#%&#!#%,!
83#,-3(3&0!&9-,,6,3#)!&32!#-,,)!),,]!#(!,GK-,))!&32!)5KK(-#N!$,!?,08,>,!#%&#!#%,!%56&3!-89%#)!
&KK-(&/%!%&)!#%,!K(#,3#8&0!#(!?(#%!&)),))!#%,!,>82,3/,!-,9&-2839!,GK,-8,3/,!(L!/%&-#,-!)/%((0)!&32!%,0K!
,6K(M,-!&!)#-(39!>&05,)U!?&),2!,LL(-#!#(!-,L(-6!,25/(3!83!M&J)!#%&#!&-,!/(3)8)#,3#!M8#%!#%,!%56&3!
-89%#)!L-&6,M(-]N!!!
!
\(-!K-&/#8/&0!-,&)(3)<!M,!L(/5)!(5-!&3&0J)8)!(3!&!/&),!)#52J!(L!/%&-#,-!)/%((0!K-&/#8/,!83!&!)8390,!)#&#,<!
1&))&/%5),##)N!$%80,!#%,!)#&#,!8)!3(#!&6(39!#%(),!M8#%!#%,!%89%,)#!356?,-!(L!/%&-#,-!)/%((0!)#52,3#)!
(-!)/%((0)<!#%,!9-(M#%!(L!#%,!/%&-#,-!)/%((0!),/#(-!#%,-,!%&)!?,,3!#%,!(?R,/#!(L!/(3)82,-&?0,!3(3&0!
&##,3#8(3NBQ!W3!&228#8(3<!#%,!9-(M#%!(L!/%&-#,-!)/%((0)!83!#%,!;&J!.#&#,!%&)!?,,3!#%,!)5?R,/#!(L!&!08>,0J!
K(08#8/&0!2,?&#,N!"//(-2839!#(!&!@ABB!)#52J!(L!1&))&/%5),##)!/%&-#,-)!?J!4&->&-2F)!',3#,-!L(-!:25/(3!
D(08/J!7,),&-/%<!Z+%,!V5,)#8(3!(L!M%,#%,-!/%&-#,-!)/%((0)!?(()#!&/%8,>,6,3#!%&)!?,,3!&#!#%,!%,&-#!(L!
#%,!,25/(3!K(08/J!2,?&#,!)#&#,M82,!&32!3(3M82,<!M8#%!)K,/8&0!&##,3#8(3!#(!#%,!-(0,!#%&#!/%&-#,-!
)/%((0)!689%#!K0&J!83!28)&2>&3#&9,2!5-?&3!/(66538#8,)N[@A!\5-#%,-6(-,<!&3!83L05,3#8&0!@ABk!)#52J!L832)!
K&-#8/50&-0J!%89%!0,>,0)!(L!K,-L(-6&3/,!&#!1&))&/%5),##)!/%&-#,-)<!&32!)8390,2!(5#!;()#(3!/%&-#,-!
)/%((0)!&)!&6(39!#%,!%89%,)#!K,-L(-6839!/%&-#,-!)/%((0)!83!#%,!3(3N@B!!
!
W3!b50J!@ABC<!&L#,-!#M(!2,/&2,)!(L!>8-#5&00J!5383#,--5K#,2!)5KK(-#!L(-!9-&25&0!,GK&3)8(3!(L!#%,!/%&-#,-!
)/%((0!),/#(-!83!#%,!)#&#,<!#%,!1&))&/%5),##)!.,3&#,!2,L,&#,2!&3!838#8>,!#(!L5-#%,-!,3&?0,!/%&-#,-!
)/%((0!9-(M#%N@@!$%80,!&!)8390,!&/#8(3!/,-#&830J!2(,)!3(#!)893&0!&!#5-3839!K(83#!83!#%,!K(08#8/&0!2,?&#,!
&-(532!/%&-#,-)<!8#!2(,)!)599,)#!&!)%8L#!83!#%,!#,-6)!(L!#%&#!2,?&#,N@k!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
BT
!.,,!O)*(-)"*.1)"<$B"E<!7WE4+!+O!:HS'"+WO=!D7Ob:'+<!%##KeYYMMMN-89%#U#(U,25/(3N(-9YK&9,Y83#,-3(3&0U0&M!
a0&)#!>8)8#,2!.,K#N!@C<!@ABCd<!L(-!&!)566&-J!(L!83#,-3(3&0!0&M!)(5-/,)!,)#&?08)%839!#%,!-89%#!#(!,25/(3N!
BQ
!3+"-*(-$;4+11<$:(-21-H")4($.)$Y"00"4+&0(**0<!':=+:7!\O7!7:.:"7'4!O=!:HS'N!OS+'O1:.!a\,?N!@T<!@ABkd<!
%##KeYY/-,2(N)#&3L(-2N,25Y2(/56,3#)Y1"7,K(-#\83&0hAAANK2LN!!!!!
@A
!b()%5&!HN!"39-8)#!,#!&0N<!;*&'()*$F4+.(K(H()*$.)$Y"00"4+&0(**0[$3+"-*(-$;4+11<0<!':=+:7!\O7!:HS'N!DO`W'f!7:.:"7'4!
"+!4"7_"7H!S=W_:7.W+f!ab&3N!@ABBd<!%##KeYY,/(3(68/)N68#N,25YL80,)YgCQkN!
@B
!':=+:7!\O7!7:.:"7'4!O=!:HS'N!OS+'O1:.<!0&5-"!3(#,!BQN!
@@
!'0&8-,!1/=,800<!Y"00N$;()"*($-(\(4*0$?.<<$*1$-".0($4+"-*(-$04+11<$<.H.*<!+4:!;O.+O=!E`O;:!ab50N!Bg<!@ABCd<!
%##KeYYMMMN?()#(390(?,N/(6Y6,#-(Y@ABCYAXYBgY),3&#,U-,R,/#)U?800U-&8),U/%&-#,-U)/%((0U
0868#YO_'$&]5CPSX%H\=fJBW8+1Y)#(-JN%#60N!
@k
!O'N!
c!
!
!
!
W3!#%,!&3&0J)8)!#%&#!L(00(M)<!M,!,)#&?08)%!#%,!2,L838#8(3!(L!/%&-#,-!)/%((0)!&32!2,)/-8?,!#%,8-!0,9&0!
L(532(3)!83!1&))&/%5),##)N!O3!#%&#!?&)8)<!M,!2,)/-8?,!#%,!,0,6,3#)!(L!#%,!/%&-#,-!)/%((0!,GK,-8,3/,!
#%&#!&-,!6()#!-,0,>&3#!#(!&!%56&3!-89%#)!&3&0J)8)!(L!#%,!K%,3(6,3(3!&32!#%,3!)599,)#!#%,!08],0J!%56&3!
-89%#)!,LL,/#)!(L!/(3#835,2!,GK&3)8(3!(L!#%,!/%&-#,-!)/%((0!),/#(-N!$%80,!(5-!,G&683(3!(L!/%&-#,-!
)/%((0)!L(/5),)!(3!1&))&/%5),##)<!#%-(59%(5#!#%,!&3&0J)8)!M,!-,L,-,3/,!2,>,0(K6,3#)!83!(#%,-!)#&#,)!
#(!)599,)#!#%&#!#%,!2J3&68/)!2,)/-8?,2!83!1&))&/%5),##)!&-,!3(#!538V5,!&32!#%&#!#%,!/(3/05)8(3)!2-&M3!
6&J!M,00!%&>,!?-(&2,-!-,0,>&3/,N!
:/"+&6,&"&)/"2+%2&;0/''$1&
!
+%,!/%&-#,-!)/%((0!6(2,0!8)!3(#!,&)80J!2,L83,2N!.83/,!#%,!0,98)0(3!,3&?0839!/%&-#,-)!(//5-)!&#!#%,!)#&#,!
0,>,0<!#%,!-,)50#839!)/%((0)!/&3!28LL,-!)8938L8/&3#0J!L-(6!)#&#,!#(!)#&#,N!+%,),!)/%((0)!2(<!%(M,>,-<!)%&-,!
/,-#&83!/%&-&/#,-8)#8/)!&/-())!)#&#,!,GK,-8,3/,)N!+%,!=(3&0!'(3L,-,3/,!(L!.#&#,!`,98)0-,)!/8#,)!#%,!
L(00(M839!/(66(3&08#8,)!(L!&00!/%&-#,-!)/%((0)e!
!
• +%,J!&-,!K5?08/!)/%((0)!U!L-,,!#(!&##,32<!K5?08/0J!L532,2<!K&-#!(L!#%,!)#&#,!)/%((0!)J)#,6<!&32!
&//(53#&?0,!#(!K5?08/!?(28,)!L(-!#%,8-!-,)50#)N!
• +%,J!&-,!)/%((0)!(L!/%(8/,<!)(!#%,J!2(!3(#!,3-(00!)#52,3#)!)(0,0J!?&),2!(3!M%,-,!#%,J!08>,N!
• +%,J!&-,!K-8>&#,0J!6&3&9,2!?J!&3!(-9&38P(3!#%&#!%&)!&!/%&-#,-<!(-!/(3#-&/#<!M8#%!&3!
&5#%(-8P,-N@C!
!
$%,#%,-!(-!3(#!/%&-#,-!)/%((0)!&-,!ZK5?08/[!8)!2,?&#&?0,N!+%,!9,385)!(L!#%,8-!2,)893!8)!#%&#!#%,J!/(6?83,!
,0,6,3#)!(L!K5?08/!&32!K-8>&#,!,25/(3!83!&!K&/]&9,!#%&#!%&)!?,,3!&?0,!#(!&//,))!K5?08/!L532839N!+%,J!
2(!K()),))!#%,!K5?08/!/%&-&/#,-8)#8/)!3(#,2!?J!#%,!=(3&0!'(3L,-,3/,<!?5#!#%,J!&-,!&0)(!K-8>&#,0J!
9(>,-3,2!&32!(L#,3!(K,-&#,!V58#,!832,K,32,3#0J!(L!K5?08/!&5#%(-8#JN!WL!#%,J!&-,!#(!?,!]3(M3!&)!ZK5?08/[!
)/%((0)<!#%,3!#%,!/%&-#,-!6(>,6,3#!%&)!)5//,,2,2!83!?-(&2,3839!#%,!2,L838#8(3!(L!K5?08/!)/%((0)N!
!
+%,!K-(/,))!(L!/-,͇!&!/%&-#,-!)/%((0!?,983)!M8#%!&3!(-9&38P(3!K-(K()839!&!/(3/,K#!L(-!&!)/%((0!
&32!#&]839!-,)K(3)8?808#J!L(-!#%,!86K0,6,3#(3!(L!#%&#!/(3/,K#N!+%,!(-9&38P(3!65)#!K-,),3#!#%&#!
/(3/,K#!#(!&3!,3#8#J!M8#%!#%,!0,9&0!&5#%(-8#J!#(!&5#%(-8P,!/%&-#,-!)/%((0)!83!#%&#!)#&#,N!O3/,!#%,!
(-9&38P(3!9&83)!&KK-(>&0!(L!8#)!&KK08/(3<!8#)!?(&-2!&32!)/%((0!0,&2,-)%8K!(K,-&#,!M8#%!65/%!6(-,!
L0,G8?808#J!#%&3!#%,!0,&2,-)%8K!(L!#-&28#8(3&0!K5?08/!)/%((0)N!!
!
1&3J!/%&-#,-!)/%((0)!&-,!3(#!?(532!?J!/(00,/#8>,!?&-9&83839!&9-,,6,3#)!/(>,-839!#%,!28)#-8/#)!83!M%8/%!
#%,J!&-,!0(/&#,2N!!+%,J!,G,-#!/(3)82,-&?0,!/(3#-(0!(>,-!/5--8/5056!2,>,0(K6,3#<!&32!5)5&00J!,G,-/8),!&!
9-,&#!2,&0!6(-,!L-,,2(6!#(!&00(/&#,!L532)!83!&//(-2!M8#%!0(/&0!/(328#8(3)N!1()#!86K(-#&3#0J<!#%,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@C
!3+"-*(-$;4+11<0<!="+WO="`!'O=\:7:=':!O\!.+"+:!`:EW.`"+S7:.<!%##KeYYMMMN3/)0N(-9Y-,),&-/%Y,25/(3Y/%&-#,-U
)/%((0)U(>,->8,MN&)KG!a0&)#!>8)8#,2!.,K#N!@C<!@ABCdN!
g!
!
!
!
#-5)#,,)!9(>,-3839!/%&-#,-!)/%((0)!&06()#!&0M&J)!(K,-&#,!832,K,32,3#0J!(L!0(/&0!)/%((0!?(&-2)N@c!.#&#,)!
9-&3#!/%&-#,-!)/%((0)!#%8)!832,K,32,3/,!M8#%!#%,!,GK,/#(3!#%&#!#%,!-,)50#839!)/%((0)!M800!L&/,!&!
%89%,-!0,>,0!(L!&//(53#&?808#J!L(-!,25/(3&0!(5#/(6,)N!W3!6()#!)#&#,)<!#%,!(-9&38P(3!K-(K()839!#%,!
/%&-#,-!8)!L-,,!#(!)5?U/(3#-&/#!#%,!&/#5&0!(K,-(3!(L!#%,!)/%((0!#(!&3(#%,-!,3#8#JN!!!
!
W3!#%,!,&-0J!2&J)!(L!#%,!/%&-#,-!,GK,-86,3#<!9-(5K)!(L!K&-,3#)!(-!#,&/%,-)!M%(!M&3#,2!#(!5),!&!
K&-#8/50&-!,25/(3&0!#,/%38V5,!#(!86K-(>,!#%,!(5#/(6,)!L(-!532,-),->,2!)#52,3#)!&KK08,2!#(!)#&-#!
)/%((0)N!O>,-!#86,<!&!>&-8,#J!(L!&/#(-)!%&>,!?,/(6,!83>(0>,2!83!2,>,0(K839!&32!83!6&3&9839!/%&-#,-!
)/%((0)N!E-&))-((#)!9-(5K)!)#800!K-(K(),!&32!(K,-&#,!/%&-#,-!)/%((0)<!?5#!#(2&J<!/%&-#,-)!&-,!(L#,3!-53!
#%-(59%!,25/(3!6&3&9,6,3#!(-9&38P(3)!a:1O)dN!.(6,!:1O)!&-,!3(3&0<!L(-UK-(L8#!
/(-K(-(3)N@g!!!
!/%&<%7"$&='5*4"+6'*,&'(&)/"2+%2&;0/''$,&6*&>",,"0/5,%++,&
!
1&))&/%5),##)!R(83,2!#%,!M&>,!(L!)#&#,)!K&))839!0,98)0(3!#(!,3&?0,!/%&-#,-!)/%((0!L(-6(3!83!#%,!
J,&-)!866,28&#,0J!&L#,-!#%,!K&))&9,!(L!#%,!(-8983&0!1833,)(#&!/%&-#,-!?800N!C+($>'&4"*.1)$!(21-H$F4*$12$
USSV$&00(M,2!L(-!#%,!/-,(3!(L!5K!#(!@c!/%&-#,-!)/%((0)!83!1&))&/%5),##)<!K-(>82,2!#%&#!#(#&0!/%&-#,-!
,3-(006,3#!282!3(#!K&))!NXco!akYC!(L!(3,!K,-!/,3#d!(L!#(#&0!K5?08/!)/%((0!,3-(006,3#N @X!+%&#!0&M!&0)(!
K,-68##,2!#M(!#JK,)!(L!/%&-#,-!)/%((0)e!'(66(3M,&0#%!'%&-#,-)<!M%8/%!&-,!&06()#!,3#8-,0J!
832,K,32,3#!(L!0(/&0!)/%((0!28)#-8/#)<!&32!4(-&/,!1&33!(-!Z83U28)#-8/#[!/%&-#,-)N!4(-&/,!1&33!/%&-#,-)!
&-,!9(>,-3,2!?J!832,K,32,3#!?(&-2)<!?5#!-,6&83!3(683&00J!532,-!#%,!L83&3/8&0!(>,-)89%#!(L!#%,!0(/&0!
)/%((0!?(&-2!&32!#%,!)5K,->8)8(3!(L!)/%((0!28)#-8/#!0,&2,-)%8KN@T!+,&/%,-)!&32!(#%,-!)#&LL!83!4(-&/,!
1&33!/%&-#,-)!&-,!9,3,-&00J!6,6?,-)!(L!#%,!28)#-8/#F)!/(00,/#8>,!?&-9&83839!538#N!'(66(3M,&0#%!
/%&-#,-)<!(3!#%,!(#%,-!%&32<!&-,!,)),3#8&00J!),K&-&#,<!832,K,32,3#!)/%((0!28)#-8/#)!(>,-!M%8/%!#%,!0(/&0!
K5?08/!)/%((0!28)#-8/#!,G,-#)!3(!/(3#-(0N!+,&/%,-)!&32!)#&LL!6&J!538(38P,<!?5#!#%,J!&-,!3(#!&5#(6/&00J!
K&-#!(L!#%,!0(/&0!?&-9&83839!538#N!
!
\(00(M839!#%,!BQQk!)##,<!#%,!1&))&/%5),##)!`,98)0-,!-,0&G,2!0868#)!(3!/%&-#,-)!9-&25&00J<!#%-(59%!&!
356?,-!(L!6,&)5-,)!53#80<!83!@ABA<!E(>,-3(-!H,>&0!D&#-8/]!)893,2!83#(!0&M!F)$F4*$!(<"*.K($*1$*+($
F4+.(K(H()*$D"5N$+%&#!)M,,K839!,25/(3!-,L(-6!-,6(>,2!#%,!(>,-&00!/&K!(3!#%,!K,-/,3#&9,!(L!K5?08/!
)/%((0!)#52,3#)!#%&#!/(502!?,!,3-(00,2!83!/%&-#,-)!)#&#,M82,N!W#!&0)(!,3/(5-&9,2!#%,!L(-6(3!(L!6(-,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@c
!.,,!"2&6!:6,-)(3<!D1K(-)")4($.)$*+($3+"-*(-$;4+11<$;(4*1-@$C.H($21-$"$!(?11*<!+4:!\O7H4"1!W=.+W+S+:!a@ABkd<!
L(-!&!28)/5))8(3!(L!#%8)!&32!(#%,-!&)K,/#)!(L!/%&-#,-!)/%((0!9(>,-3&3/,N!
@g
!.,,!.&-&%!'&--!j!"338,!E80?,-#)(3<!A(E$;I(5*.4.0H$12$21-Q5-12.*$41H5").(0$H")"/.)/$5&?<.4$04+11<06$+4:!
4:'4W=E:7!7:DO7+!a\,?-5&-J!B<!@ABkd<!%##KeYY%,/%839,--,K(-#N(-9Y/(3#,3#Y3,MU)],K#8/8)6U(LUL(-UK-(L8#U/(6K&38,)U
6&3&9839UK5?08/U)/%((0)hBBA@TY<!L(-!&3!&3&0J)8)!(L!#%,),!L(-UK-(L8#!(K,-&#(-)N!
@X
!1&))N!E,3N!`&M)!"33N!/%)N!XA<!XB!a$,)#!@ABCdN!
@T
!:&/%!4(-&/,!1&33!/%&-#,-!-,&/%,)!&!1,6(-&3256!(L!S32,-)#&32839!M8#%!8#)!28)#-8/#!2,#&80839!#%,!2,9-,,!&32!
L(-6)!(L!28)#-8/#!(>,-)89%#N!E,3,-&00J<!4(-&/,!1&33!,6K0(J,,)!-,6&83!M8#%83!#%,!28)#-8/#!?&-9&83839!538#N!\532)!&-,!
&00(/&#,2!#(!#%,!)/%((0!?&),2!(3!#%,!)&6,!L(-650&!5),2!L(-!(#%,-!28)#-8/#!)/%((0)<!?5#!)/%((0!0,&2,-)%8K!,G,-#)!
)8938L8/&3#!&5#(3(6J!-,9&-2839!#%,!&00(/(3!(L!#%,!L532)!-,/,8>,2!L-(6!#%,!28)#-8/#N!
X!
!
!
!
/%&-#,-!)/%((0)!83!Z0(M!K,-L(-6839[@Q!28)#-8/#)!?J!3(#!/(53#839!#%(),!)/%((0)!&9&83)#!#%,!)#&#,M82,!/&K!
(3!#%,!#(#&0!356?,-!(L!/%&-#,-)N!.8680&-0J<!#%,!0&M!-,#&83,2!&!6&G8656!K,-/,3#&9,!(L!K5?08/!)/%((0!
28)#-8/#!?529,#)!aQo<!9,3,-&00J<!?5#!BTo!83!0(M!K,-L(-6839!28)#-8/#)d!#%&#!/(502!?,!28>,-#,2!#(!/%&-#,-!
)/%((0!#58#8(3<!?5#!2(,)!3(#!/(53#!4(-&/,!1&33!/%&-#,-)!83!0(M!K,-L(-6839!28)#-8/#)!&9&83)#!#%&#!
K,-/,3#&9,NkA!+%,!0&M!),#!&3!(>,-&00!/&K!(L!B@A!/%&-#,-!)/%((0)!83!#%,!)#&#,!aX@!'(66(3M,&0#%<!CT!
4(-&/,!1&33d!?5#!?,/&5),!(L!#%,!>&-8(5)!,G/05)8(3)!L&>(-839!/%&-#,-)!83!)#-5990839!28)#-8/#)<!#%,-,!8)!3(!
,LL,/#8>,!0868#!(3!#%,!9-(M#%!(L!/%&-#,-!)/%((0)!83!28)#-8/#)!2,,6,2!#(!?,!0(M!K,-L(-6839N!$%80,!
1&))&/%5),##)!0&M!K,-68##,2!#%,!/-,(3!(L!/%&-#,-!)/%((0)!?,L(-,!@ABA<!F)$F4*$!(<"*.K($*1$*+($
F4+.(K(H()*$D"5$6&2,!8#!)#&#,!K(08/J!#(!,3/(5-&9,!#%,!,GK&3)8(3!(L!#%,!/%&-#,-!),/#(-!83!M%&#!#%,!
'(66(3M,&0#%!2,,6,2!#(!?,!0(MUK,-L(-6839!28)#-8/#)NkB!
!
+%,!@ABA!0&M!&32!/(3#835839!2,6&32!L(-!/%&-#,-!),&#)!&6(39!K&-,3#)!)#8650&#,2!&!3,M!M&>,!(L!/%&-#,-!
)/%((0!9-(M#%!83!#%,!)#&#,N!;J!@ABk<!#%,-,!M,-,!TA!/%&-#,-!)/%((0)!83!#%,!)#&#,<!XA!'(66(3M,&0#%!&32!
BA!4(-&/,!1&33!/%&-#,-)Nk@!!
!
\895-,!Be!Q120&1L(01')+'<+3/"&04&+5#/''62+1)+="22"#/(24002+310142+")*+9'P)2+
aOL!/8#8,)!%()#839!6(-,!#%&3!#M(!/%&-#,-!)/%((0)<!@ABCd!
!
!
.(5-/,e!H:.:!
!
")!\895-,!B!)%(M)<!Cc!/%&-#,-)!(K,-&#,!83!R5)#!)8G!1&))&/%5),##)!5-?&3!/,3#,-)N!"!L5-#%,-!@B!
6538/8K&08#8,)!%()#!(3,!/%&-#,-!)/%((0<!&32!,89%#!%()#!#M(Nkk!O3,U#%8-2!(L!#%,!)#&#,F)!/%&-#,-!)/%((0)!&-,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@Q
!\(-!H:.:<!0(M!K,-L(-6839!28)#-8/#)!&-,!#%(),!BAo!(L!28)#-8/#)!#%&#!K,-L(-6!M(-)#!(3!#%,!'(66(3M,&0#%F)!
Z1&))&/%5),##)!'(6K-,%,3)8>,!")),))6,3#!.J)#,6[!a1'".dN!S3#80!@ABC<!H:.:!6&2,!#%8)!2,#,-683(3!)#-8/#0J!
?&),2!(3!-&M!#,)#!)/(-,)N!W3!@ABC<!#%,!H,K&-#6,3#!83#,9-&#,2!&!/(3)82,-(3!(L!&!28)#-8/#F)!9-(M#%!83!#,)#!)/(-,)!
83#(!#%8)!2,#,-683(3<!?5#!1'".!)/(-,)!-,6&83!#%,!)(0,!?&)8)!5K(3!M%8/%!28)#-8/#!K,-L(-6&3/,!8)!&)),)),2!83!
2,#,-683839!0(M!K,-L(-6839!28)#-8/#)N!
kA
!H&3!\-,3/%<!:2NHN!,#!&0N<!CE()*#$]("-0$F2*(-$>'&4"*.1)$!(21-H@$3+110.)/$"$:"*+$91-E"-'$*1$>R&.*#$")'$>M4(<<()4($
21-$F<<<!'W+Wp:=.!\O7!DS;`W'!.'4OO`.!cX!ab53,!@ABkd<!%##KeYYMMMN/8#8P,3)L(-K5?08/)/%((0)N(-9YMKU
/(3#,3#Y5K0(&2)Y@ABkYAgY'D.U-,K(-#U(3083,U2-&L#UgUBAUBkh-,25/,2h@NK2LN!
kB
!+%,!0&M!,GK08/8#0J!/&00)!L(-!#%,!L(-6(3!(L!BC!3,M!4(-&/,!1&33!/%&-#,-)!83!0(MUK,-L(-6839!28)#-8/#)!&32!K5#)!83!
K0&/,!&!356?,-!(L!83/,3#8>,)!L(-!2(839!)(N!
k@
!Y"00"4+&0(**0$3+"-*(-$;4+11<0$9"4*$;+((*<!1".."'4S.:++.!H:D"7+1:=+!O\!:`:1:=+"7f!"=H!.:'O=H"7f!:HS'"+WO=<!
%##KeYYMMMN2(,N6&))N,25Y/%&-#,-YL&/#)%,,#NK2L!a0&)#!>8)8#,2!.,K#N!@c<!@ABCdN!
T!
!
!
!
83!;()#(3<!%(6,!#(!0,))!#%&3!go!(L!1&))&/%5),##)!K5?08/!)/%((0!)#52,3#)NkC!+%,!>&)#!6&R(-8#J!(L!
1&))&/%5),##)F)!/8#8,)!&32!#(M3)!2(!3(#!%()#!&3J!/%&-#,-!)/%((0)N!+%,!H,K&-#6,3#!(L!:0,6,3#&-J!&32!
.,/(32&-J!:25/(3!aH:.:d!,)#86&#,)!#%&#!)#&#,M82,<!-(59%0J!kNgo!(L!IUB@!)#52,3#)!&##,32!&!/%&-#,-!
)/%((0<!(-!&KK-(G86&#,0J!kC<gAA!)#52,3#)N!W3!#%(),!5-?&3!28)#-8/#)!M%,-,!/%&-#,-)!&-,!/(3/,3#-&#,2<!
%(M,>,-<!#%,!356?,-)!0((]!28LL,-,3#e!83!;()#(3<!&?(5#!Bco!(L!)#52,3#)!&-,!83!&!/%&-#,-!)/%((0<kc!83!
.K-839L8,02<!&?(5#!To<kg!&32!83!`&M-,3/,<!&?(5#!QoNkX!
!
;,/&5),!(L!#%8)!53,>,3!K&##,-3<!,>,3!M%80,!(>,-&00!/%&-#,-!)/%((0!9-(M#%!M&)!)#800!/(6L(-#&?0J!532,-!
0,98)0>,!0868#)!&#!#%,!)#&#,!0,>,0<!9-(M#%!&KK-(&/%,2!0,9&0!0868#)!83!],J!5-?&3!28)#-8/#)<!6()#!3(#&?0J!
;()#(3N!+%8)!)8#5(3<!83!/(6?83(3!M8#%!/(3#835839!2,6&32!L(-!/%&-#,-!),&#)!&6(39!K&-,3#)kT!
/-,&#,2!K-,))5-,!L(-!0,98)0>,!&/#8(3!#(!,3)5-,!#%&#!6(-,!'(66(3M,&0#%!/%&-#,-)!/(502!?,!/-,&#,2!83!
;()#(3N!E-(M#%!83!'(66(3M,&0#%!/%&-#,-)!83!5-?&3!28)#-8/#)!(5#)82,!(L!;()#(3!)599,)#,2!#%&#!/%&-#,-)!
M(502!)((3!&KK-(&/%!0,9&0!0868#)!83!)(6,!(L!#%(),!28)#-8/#)<!&)!M,00N!!
!
=,M!0,98)0(3!K-(K(),2!83!@ABk!-,)K(32,2!#(!#%8)!)8#5(3!?J!08L#839!#%,!K,-/,3#&9,!(L!&3J!28)#-8/#F)!
?529,#!#%&#!/(502!?,!28>,-#,2!#(!/%&-#,-!)/%((0)N!W#!M(502!&0)(!%&>,!&00(M,2!#%,!/-,(3!(L!6(-,!
'(66(3M,&0#%!/%&-#,-)!83!28)#-8/#)!/(3)82,-,2!#(!?,!0(M!K,-L(-6839<!83/052839!;()#(3N!\5-#%,-6(-,<!
#%,!0&M!M(502!%&>,!538L8,2!/%&-#,-!&32!28)#-8/#!)/%((0!&))8936,3#!K-(/,)),)!83!1&))&/%5),##)<!&32!K5#!
L(-#%!&!356?,-!(L!(#%,-!/%&39,)!#(!,3/(5-&9,!#%,!/-,(3!(L!6(-,!/%&-#,-!)/%((0)N!!
!
'%&-#,-!&2>(/&#,)!,3#%5)8&)#8/&00J!)5KK(-#,2!#%,!K-(K(),2!0,98)0(3<!?5#!#%,!?800!M&)!&0)(!6,#!?J!
)#-(39!(KK()8#8(3!L-(6!K&-,3#!9-(5K)<!)/%((0!&26838)#-&#(-)!&32!(#%,-!&2>(/&#,)!(L!K5?08/!,25/(3<!83!
&228#8(3!#(!#%,!#,&/%,-)F!538(3)!#%&#!%&2!(KK(),2!6()#!/%&-#,-!,GK&3)8(3!6,&)5-,)!(>,-!#%,!K&)#!#M(!
2,/&2,)N!+%(),!(KK()839!#%,!?800!&-95,2!#%&#!L5-#%,-!/%&-#,-!9-(M#%!M(502!532,-683,!#%,!V5&08#J!(L!
#-&28#8(3&0!K5?08/!)/%((0)!83!28)#-8/#)!M8#%!0&-9,!356?,-)!(L!/%&-#,-)N!+%8)!(KK()8#8(3!%&2!#%,!,LL,/#!(L!
83/-,&)839!#%,!356?,-!(L!0,98)0&#(-)!-&8)839!V5,)#8(3)!&?(5#!#%,!-,L(-6!0,98)0(3N!W3!b50J!@ABC<!#%,!
1&))&/%5),##)!`,98)0-,!L(-!#%,!L8-)#!#86,!2,L,&#,2!&!6,&)5-,!2,)893,2!#(!,3/(5-&9,!/%&-#,-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
kk
!'&0/50(3!?J!&5#%(-<!L-(6!83L(-6(3!K-(>82,2!?J!#%,!H,K&-#6,3#!(L!:0,6,3#&-J!&32!.,/(32&-J!:25/(3!
aH:.:dN!;(($.'N$
kC
!;&),2!(3!,3-(006,3#!2&#&!K-(>82,2!?J!H:.:!&32!#%,!;()#(3!D5?08/!./%((0)<!83!@ABk<!#%,-,!M,-,!Qck<kgQ!K5?08/!
)/%((0!)#52,3#)!83!1&))&/%5),##)<!cX<BAA!(L!M%(6!&##,32,2!)/%((0!83!;()#(3N!
kc
!;()#(3!%&)!#%,!%89%,)#!/(3/,3#-(3!(L!)#52,3#)!83!/%&-#,-!)/%((0)!&/-())!#%,!)#&#,<!&32!&0)(!)8G!(L!#%,!BA!
4(-&/,!1&33!/%&-#,-!)/%((0)N!!
kg
!OL!#%,!)8G!/%&-#,-)!83!.K-839L8,02<!?(#%!D%(,38G!"/&2,6J!&32!.K-839L8,02!D-,K&-&#(-J!M,-,!-,/,3#0J!9-&3#,2!
/%&-#,-)<!&32!2(!3(#!%&>,!,3-(006,3#!2&#&!J,#N!+%,J!&-,!08/,3),2!L(-!&!/(6?83,2!Xkg!)#52,3#)N!!
kX
!+%,!356?,-)!%,-,!&-,!&!-(59%!,)#86&#,!^!3(#!,>,-J!)#52,3#!83!&!/%&-#,-!83!;()#(3<!.K-839L8,02!(-!`&M-,3/,!08>,)!
83!#%(),!/8#8,)!&32!M(502!9(!#(!#%(),!K5?08/!)/%((0)!(#%,-M8),N!1&3J!/%&-#,-)!&//,K#!)#52,3#)!L-(6!(#%,-!28)#-8/#)N!
kT
!+%&#!#%,-,!8)!2,6&32!L(-!/%&-#,-!),&#)!83!;()#(3!8)!?,J(32!28)K5#,N!+%,!286,3)8(3)!(L!#%&#!2,6&32!&-,!%(#0J!
2,?&#,2N!'%&-#,-)!/0&86!M&8#839!08)#)!(L!#%(5)&32)!(L!)#52,3#)<!M%80,!#%,!2&#&!)599,)#)!#%&#!#%(),!/0&86)!&-,!
(>,-)#&#,2N!;((!b&6,)!_&P38)<!3+"-*(-$04+11<$'(H")'$.)$Y"00N$'.05&*('6$+4:!;O.+O=!E`O;:!a"K-80!T<!@ABkd<!
%##KeYYMMMN?()#(390(?,N/(6Y6,#-(Y@ABkYACYAXYM&8#839U08)#)UL(-U/%&-#,-U)/%((0)U(>,-)#&#,U2,6&32U-,>8,MU
)%(M)Yp9A4D]Qb#_%,?SLS;+Q,DDY)#(-JN%#60N!
Q!
!
!
!
,GK&3)8(3NkQ!.K,&]839!(3!#%,!L0((-!(L!#%,!.#&#,!.,3&#,<!M%,-,!#%,!?800!M,3#!2(M3!#(!2,L,&#<!6,6?,-)!
/8#,2!#%,!2-&83!(3!28)#-8/#!-,)(5-/,)!-,)50#839!L-(6!/%&-#,-!)/%((0)<!V5,)#8(3)!&?(5#!#%,!,LL8/&/J!(L!
/%&-#,-!)/%((0)!&)!&!)#-&#,9J!#(!3&--(M!#%,!)/%((0!&/%8,>,6,3#!9&K<!&32!/(3/,-3!M8#%!#%,!K())8?808#J!
#%&#!/(3#835839!/%&-#,-!,GK&3)8(3!M&)!/-,͇!&!Z#M(U#8,-,2[!,25/(3&0!)J)#,6!83!#%,!.#&#,!&)!
-,&)(3)!L(-!#%,8-!(KK()8#8(3!#(!#%,!?800NCA!
!
H,)K8#,!#%8)!53K-,/,2,3#,2!&/#8(3!?J!#%,!`,98)0-,<!1&))&/%5),##)!/(3#835,)!#(!/-,&#,!3,M!/%&-#,-!
)/%((0)N!'5--,3#!0&M!)#800!,)#&?08)%,)!3(!0,9&0!0868#!(3!#%,!/-,(3!(L!4(-&/,!1&33!/%&-#,-)!83!0(M!
K,-L(-6839!28)#-8/#)!&32!),>,-&0!)5/%!K-(R,/#)<!83/052839!#M(!83!;()#(3<!,6,-9,2!83!#%,!866,28&#,!
&L#,-6&#%!(L!#%,!b50J!>(#,<CB!)599,)#839!#%&#<!2,)K8#,!&3!86K(-#&3#!0,98)0>,!),#?&/]<!/%&-#,-!)/%((0!
,GK&3)8(3!-,6&83)!&3!86K(-#&3#!K&-#!(L!#%,!,25/(3!&9,32&!83!1&))&/%5),##)NC@!!!!
!
")!83!(#%,-!)#&#,)<!1&))&/%5),##)!/%&-#,-)!-,/,8>,!/(-,!(K,-͇!)5KK(-#!L-(6!.#&#,!L532)<!83/052839!
28-,/#!&00(/(3)!L-(6!'%&K#,-!XA!L532)<!?&),2!(3!#%,!356?,-!(L!)#52,3#)!#%,J!),->,NCk!'%&K#,-!XA!8)!&!
0(/&0!&82!L532!,)#&?08)%,2!83!#%,!M&],!(L!Y4=&22#$K0N$;(4-(*"-#$aBQQkd<$&!/&),!83!M%8/%!#%,!.5K-,6,!
b528/8&0!'(5-#!(L!1&))&/%5),##)!L(532!#%&#<!?,/&5),!K5?08/!,25/(3!8)!L532,2!&06()#!,G/05)8>,0J!L-(6!
0(/&0!K-(K,-#J!#&G,)<!)#52,3#)!83!0,))!&LL05,3#!/(66538#8,)!Z&-,!3(#!-,/,8>839!#%,8-!/(3)#8#5#8(3&0!
,3#8#0,6,3#!(L!,25/(3!&)!83#,32,2!&32!6&32&#,2!?J!#%,!L-&6,-)!(L!#%,!1&))&/%5),##)!
'(3)#8#5#8(3NqCC!
!!
+%,!Y4=&22#!2,/8)8(3!6&32&#,2!#%,!,)#&?08)%6,3#!(L!&!K((0!(L!)#&#,!L532)!2,)893,2!#(!)5KK0,6,3#!#%,!
-,)(5-/,)!&>&80&?0,!83!0(/&0!?529,#)!#(!)5KK(-#!K5?08/!,25/(3N!\(-!28)#-8/#)!83!K&-#8/50&-0J!28)#-,)),2!
5-?&3!&-,&)!a`&M-,3/,!&32!.K-839L8,02<!L(-!,G&6K0,d<!'%&K#,-!XA!&00(#6,3#)!/&3!)5KK(-#!M,00!(>,-!cAo!
(L!#%,!0(/&0!)/%((0!?529,#N!E8>,3!#%,!6&32&#,2!K5-K(),!(L!'%&K#,-!XA!6(38,)<!L532839!/%&-#,-!)/%((0)!
28-,/#0J!(5#!(L!#%8)!L532!K()8#8(3)!/%&-#,-!)/%((0!/-,(3!&)!&!],J!)#&#,!)#-&#,9J!#(!,3)5-,!#%&#!)#52,3#)!
83!0,))!&LL05,3#!/(66538#8,)!%&>,!,V58#&?0,!&//,))!#(!V5&08#J!,25/(3N!+%,!6,/%&38)6)!L(-!L532839!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
kQ
!1&##!15-K%J<!>221-*$*1$<.2*$4"5$1)$4+"-*(-$04+11<0$'.(0$.)$;()"*(6!$O7':.+:7!+:`:E7"1!j!E"p:++:!ab50N!Bg<!@ABCd<!
%##KeYYMMMN#,0,9-&6N/(6Y&-#8/0,Y@ABCAXBgY=:$.YBCAXBQQCCYBBBgN!
CA
!;(($'0&8-,!1/=,800<!0&5-"!3(#,!@@r!1&##!15-K%J<!Y"00"4+&0(**0$;()"*($K1*(0$*1$-(\(4*$?.'$*1$<.2*$4"5$1)$)(E$
4+"-*(-$04+11<0<!1"..!`W_:!ab50J!Bg<!@ABC<!XeCQ!D1d<!
%##KeYYMMMN6&))08>,N/(6Y3,M)Y832,GN))LY@ABCYAXY6&))&/%5),##)h),3&#,h>(#,)h#(hkN%#60N!!
CB
!.#,>,3!"N!7(),3?,-9<!>./+*$)(E$"-("$4+"-*(-$04+11<0$"-($5-1510('<!+4:!;O.+O=!E`O;:!a"59N!B@<!@AB@d<!
%##KeYYMMMN?()#(3N/(6Y3,M)Y0(/&0Y6&))&/%5),##)Y&-#8/0,)Y@AB@YATYB@Y,89%#h3,Mh/%&-#,-h)/%((0)hK-(K(),2hL
(-h3(-#%YN!
C@
!W3#,-,)#8390J<!R5)#!?,L(-,!#%,!b50J!.,3&#,!>(#,!#%,!'(66(3M,&0#%F)!;(&-2!(L!:0,6,3#&-J!&32!.,/(32&-J!
:25/(3!a;:.:d!/%&39,2!#%,!L(-650&!?J!M%8/%!#%,!'(66(3M,&0#%!82,3#8L8,)!#%,!0(M,)#UK,-L(-6839!28)#-8/#)!83!
1&))&/%5),##)N!+%8)!2,/8)8(3!#(!#&],!83#(!&//(53#!9-(M#%!83!#,)#!)/(-,)!a&)!M,00!&)!-&M!#,)#!)/(-,)d!83!,>&05͇!
28)#-8/#!K,-L(-6&3/,!-,6(>,)!)(6,!28)#-8/#)!M8#%!%89%!/%&-#,-!9-(M#%!K(#,3#8&0!L-(6!#%,!08)#!(L!0(M!K,-L(-6839!
28)#-8/#)N!;((!b&6,)!_&P38)<!:")(<[0$K1*($-("22.-H0$4+"-*(-$04+11<$21-H&<"6!+4:!;O.+O=!E`O;:!ab53,!@C<!@ABCd<!
%##KeYYMMMN?()#(390(?,N/(6Y6,#-(Y@ABCYAgY@CY)#&#,U,25/(3UK&3,0U-,L5),)U&?&32(3UL(-650&UL(-U/%&-#,-U
)/%((0UL(-650&Y%Bb'VT7(:8`gQpg'?@Vf(WY)#(-JN%#60N!
Ck
!1&))N!E,3N!`&M)!"33N!/%N!XA!a$,)#!@ABCdN!
CC
!O'Nr!1/H5LLJ!>N!.,/sJ!(L!:G,/5#8>,!OLL8/,!(L!:25/N<!gBc!=N:N@2!cBg!aBQQkdr!B.*./"*.1)@$Y"00"4+&0(**0<!="+WO="`!
:HS'N!"'':..!=:+$O7I!a0&)#!5K2&#,2!\,?N!@AATd<!$%##KeYYMMMN)/%((0L532839N83L(Y)#&#,)Y6&Y08#h6&NK%KkN!
BA!
!
!
!
/%&-#,-!)/%((0)!&-,!/-8#8/&0!#(!&!%56&3!-89%#)!&3&0J)8)!(L!#%,!/%&-#,-!K%,3(6,3(3<!&32!M,!M800!-,#5-3!#(!
#%,),!6,/%&38)6)!83!&!0&#,-!),/#8(3!(3!)/%((0!L83&3/839N!!!
!/%&)6?6$&@67/+&+'&A450"+6'*&
!
W3!#%,!BQXk!!1'-./&(P$/&),<!#%,!SN.N!.5K-,6,!'(5-#!%,02!#%&#!,25/(3!Z8)!3(#!&6(39!#%,!-89%#)!
&LL(-2,2!)K,/8L8/!K-(#,/#8(3!532,-!#%,!\,2,-&0!'(3)#8#5#8(3N[Cc!+%,!2,/8)8(3!532,-683,2!,LL(-#)!#(!
,)#&?08)%!&!\,2,-&0!-89%#!#(!,25/(3!83!#%,!S38#,2!.#&#,)<!&32!)%8L#,2!#%,!L(/5)!(L!2,?&#,)!&?(5#!,V5&0!
,25/(3!#(!#%,!.#&#,)N!+%,!-,)50#!8)!&!K&#/%M(-]!(L!,25/(3!-89%#)<!M8#%!@@!)#&#,)!2,L83839!,25/(3!
&)!&!L532&6,3#&0!-89%#!&32!#%,!(#%,-!@T!-,/(938P839!#%&#!)#52,3#)!%&>,!#%8)!-89%#<!83!)(6,!L(-6NCg!!")!
)#&#,2!&?(>,<!8#!M&)!&!BQQk!-89%#!#(!,25/(3!/&),!aY4=&22#^$#%&#!0,2!#(!#%,!2-&6/!/%&39,!83!K5?08/!
,25/(3!L532839!#%&#!,>,3#5&00J!6&2,!K())8?0,!K5?08/!)5KK(-#!L(-!/%&-#,-!)/%((0)N!!
!
.5?),V5,3#!)#&#,!/(5-#!2,/8)8(3)<!%(M,>,-<!%&>,!)8938L8/&3#0J!3&--(M,2!#%8)!-89%#!83!1&))&/%5),##)!?J!
%(02839!#%&#!#%,-,!8)!3(!L532&6,3#&0!-89%#!#(!,25/(3!83!#%,!'(66(3M,&0#%N!\(-!,G&6K0,<!83!#%,!/&),!
_")($=1($K0N$;&5(-.)*()'()*$12$;4+11<0$12$`1-4(0*(-6$&!)#52,3#!,GK,00,2!L(-!%&>839!&!08K)#8/]U]38L,!83!
)/%((0!/0&86,2!#%&#!#%,!2,/8)8(3!#(!,GK,0!%,-!>8(0&#,2!%,-!-89%#!#(!,25/(3!?,/&5),!$(-/,)#,-!282!3(#!
K-(>82,!&3J!&0#,-3>,!,25/(3!#(!,GK,00,2!)#52,3#)<!530,))!#%,J!M,-,!.K,/8&0!:25/(3!)#52,3#)NCX!
+%,!R529,!-50,2!#%&#!#%,!2,/8)8(3!#(!,GK,0!M&)!-(3&0<!98>,3!#%,!(?089(3!(L!(LL8/8&0)!#(!K-(#,/#!(#%,-!
)#52,3#)<!&32!#%&#!#%,!L&/#!#%&#!$(-/,)#,-!(LL,-,2!3(!&0#,-3>,!K0&/,6,3#!#(!#%,!)#52,3#!282!3(#!
>8(0&#,!&3J!L532&6,3#&0!-89%#!#(!,25/(3!83!#%8)!/&),NCT!!!
!
+%8)!#,32,3/J!8)!3(#!0868#,2!#(!1&))&/%5),##)!/(5-#)N!O3,!0,9&0!)/%(0&-!L832)!#%&#!#%8)!3&--(M839!%&)!
?,,3!&06()#!538>,-)&0!83!)#&#,!/(5-#)<!&32!%,!&##-8?5#,)!#%,!L&805-,!#(!K-(#,/#!#%,!8328>825&0!-89%#!#(!
,25/(3!#(!&!R528/8&0!#,32,3/J!#(!#&],!&!)J)#,68/!&KK-(&/%!#(!83L05,3/839!,25/(3!K-&/#8/,e!
!
O)$"<<$0&4+$4"0(0$J.)K1<K.)/$a('&4"*.1)"<$-./+*0b$4<".H0L6$*+1&/+6$?1*+$*+($(K.'()4($5-(0()*('$")'$
*+($ -(H('.(0$ *+($ 41&-*0$ 1-'(-$ 214&0$ 1)$ *+($ 0*"*($ ('&4"*.1)$ 0#0*(H$ "0$ "$ E+1<(6$ -"*+(-$ *+")$ 1)$
")#$ .)'.K.'&"<$ 0*&'()*$ -./+*0Q+1<'(-0N$ C+&06$ 1*+(-$ *+")$ "0$ "$ H(")0$ 12$ 0&-H1&)*.)/$ *+-(0+1<'$
1?0*"4<(0$ *1$ -(<.(26$ ")$ .)'.K.'&"<$ -./+*$ *1$ ('&4"*.1)$ &)'(-$ 0*"*($ 41)0*.*&*.1)0$ .0$ H1-($ -+(*1-.4$
*+")$-("<.*#NWS$$
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Cc
!.&3!"3#(38(!W32,KN!./%N!H8)#N!>N!7(2-895,P<!CBB!SN.N!B<!kAUkc!aBQXkdN!
!+-8)%!;-,33&3UE&/<!>'&4"*.1)"<$!./+*0$.)$*+($;*"*(0<!CAe@!"1:7W'"=!;"7!"..F=!4S1"=!7WE4+.!1"E"pW=:<!@ABC<!&#!B@U
BCr!;(($/()(-"<<#$`,,!'N!;(00839,-<!>'&4"*.1)"<$>R&.*#$")'$c&"<.*#@$%-1E)$")'$!1'-./&(P$")'$C+(.-$F2*(-H"*+<!+4:!
'O``:E:!;O"7H!\O7S1<!'O`S1;W"!S=W_:7.W+f!a=(>N!k<!@AAkd<!%##KeYYMMMN/(056?8&N,25Y3(2,YT@CXN%#60N!
CX
!H(,!>N!.5K,-83#,32,3#!(L!./%N!(L!$(-/,)#,-<!gck!=N:N@2!BATT!aBQQcdN!
CT
!O'N!
CQ
!./(##!7N!;&5-8,)<!F$31HH1)$B"E$31)0*.*&*.1)"<.0H$21-$*+($!./+*$*1$>'&4"*.1)<!CT!E"!`N!7:_N!QCQ<!Qck!a.566,-!
@ABCdN!
Cg
BB!
!
!
!
W#!8)!83!#%8)!/(3#,G#!(L!M,&]!)5KK(-#!L(-!#%,!8328>825&0!-89%#!#(!,25/(3!83!2(6,)#8/!0&M!#%&#!#%,!%56&3!
-89%#!#(!,25/(3<!-((#,2!83!83#,-3(3&0!0&M<!?,/(6,)!86K(-#&3#!#(!&!28)/5))8(3!(L!/%&-#,-!)/%((0)N!!
!/%&B53"*&@67/+&+'&A450"+6'*&
!
456&3!-89%#)!&-,!83#,-3(3&00J!-,/(938P,2<!538>,-)&0!-89%#)<!M8#%!)(5-/,)!83!83#,-3(3&0!)#&32&-2)!
/(3#&83,2!83!#-,,)!&32!(#%,-!&9-,,6,3#)N!456&3!-89%#)!)#&32&-2)!,)#&?08)%!&!L532&6,3#&0!-89%#!#(!
,25/(3<!M%8/%!8)!3(#!&0M&J)!#%,!/&),!83!2(6,)#8/!0&MN!+%,!S38>,-)&0!H,/0&-(3!(L!456&3!789%#)!
aSH47d!?,9&3!#%,!&/]3(M0,296,3#!(L!,25/(3!&)!&!%56&3!-89%#!83!BQCTNcA!!+%,!2,/0&-(3!&LL8-6)!
#%&#<!Z:25/(3!)%&00!?,!L-,,<!&#!0,&)#!83!#%,!,0,6,3#&-J!&32!L532&6,3#&0!)#&9,)N!:0,6,3#&-J!,25/(3!
)%&00!?,!/(6K50)(-JN[cB!
!
.,>,-&0!83#,-3(3&0!83)#-56,3#)!%&>,!)5?),V5,3#0J!-,83L(-/,2!#%8)!-89%#<!83/052839!#%,!W3#,-3(3&0!
'(>,3&3#!(3!'8>80!&32!D(08#8/&0!789%#)!aW''D7d<!#%,!W3#,-3(3&0!'(3>,3#8(3!(3!#%,!:08683(3!(L!"00!
\(-6)!(L!7&/8&0!H8)/-8683(3!aW':7Hd<!#%,!'(3>,3#8(3!(3!#%,!789%#)!(L!#%,!'%802!a'7'd!&32!#%,!
'(3>,3#8(3!(3!#%,!:08683(3!(L!"00!\(-6)!(L!H8)/-8683(3!&9&83)#!$(6,3!a':H"$dN!+%,!'7'<!L(-!
,G&6K0,<!)K,/8L8/&00J!)#&#,)!#%&#!ZD&-#8,)!-,/(938P,!#%,!-89%#!(L!#%,!/%802!#(!,25/(3<!&32!M8#%!&!>8,M!#(!
&/%8,>839!#%8)!-89%#!K-(9-,))8>,0J!&32!(3!#%,!?&)8)!(L!,V5&0!(KK(-#538#J<!#%,J!)%&00t!u6v&],!K-86&-J!
,25/(3!/(6K50)(-J!&32!&>&80&?0,!L-,,!L(-!&00N[c@!!+%,!S38#,2!=(3)!E,3,-&0!")),6?0J<!L(-!8#)!K&-#<!
K&)),2!&!-,)(05#8(3!2,/0&-839!#%&#!6,6?,-!.#&#,)!65)#!Z,3)5-,!#%&#!,25/(3!8)!&86,2!&#!
)#-,39#%,3839!-,)K,/#!L(-!%56&3!-89%#)!&32!L532&6,3#&0!L-,,2(6)N[ck!
!
+%,!6()#!-(?5)#!&32!(L#,3!/8#,2!)5KK(-#!L(-!#%,!83#,-3(3&0!%56&3!-89%#!#(!,25/(3!/(6,)<!
%(M,>,-<!L-(6!"-#8/0,!Bk!(L!#%,!W3#,-3(3&0!'(>,3&3#!(3!:/(3(68/<!.(/8&0!&32!'50#5-&0!789%#)!aW':.'7d<!
M%8/%!#%,!S=!E,3,-&0!")),6?0J!K&)),2!83!H,/,6?,-!(L!BQggNcC!!+%,!S38#,2!.#&#,)!)893,2!#%8)!#-,&#J!83!
O/#(?,-!(L!BQXX<!?5#!%&)!3,>,-!-L8,2!8#Ncc!!"-#8/0,!Bk!(L!#%,!W':.'7!)#&#,)!#%&#!,25/(3!8)!&!538>,-)&0!
-89%#!&32!8#!65)#!?,!Z28-,/#,2!#(!#%,!L500!2,>,0(K6,3#!(L!%56&3!K,-)(3&08#J!&32!#%,!),3),!(L!28938#J<!
&32!)%&00!)#-,39#%,3!#%,!-,)K,/#!L(-!%56&3!-89%#)!&32!L532&6,3#&0!L-,,2(6)N[cg!1(-,!)K,/8L8/&00J<!
&-#8/0,!BkaBd!(L!#%,!W':.'7!-,V58-,)!#%&#!K-86&-J!,25/(3!65)#!?,!/(6K50)(-J!&32!L-,,!#(!&00r!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
cA
!S38>,-)&0!H,/0&-(3!(L!456&3!789%#)<!EN"N!7,)N!@BX!aWWWd!"<!SN=N!H(/N!"Y7:.Y@BXaWWWd!aH,/N!BA<!BQCTdN!
!O'N!&#!&-#N!@gN!
c@
!S38#,2!=(3)!'(3>,3#8(3!(3!#%,!789%#)!(L!#%,!'%802!&-#N!@T<!=(>N!@A<!BQTQ<!BcXX!SN=N+N.N!kN!
ck
!EN"N!7,)N!ggYBkX<!SN=N!H(/N!"Y7:.YggYBkX!a\,?N!Bg<!@AB@dN!
cC
!W3#,-3(3&0!'(>,3&3#!(3!:/(3(68/<!.(/8&0!&32!'50#5-&0!789%#)<!H,/N!Bg<!BQgg<!QQk!SN=N+N.N!kN!
cc
!"0#%(59%!#%,!S38#,2!.#&#,)!%&)!3(#!-L8,2!#%,!W':.'7!&32!8)!#%,-,L(-,!3(#!?(532!#(!/(6K0J!M8#%!&00!(L!8#)!#,-6)!
3(-!#(!-,K(-#!K-(9-,))!(3!86K0,6,3#839!#%,!#-,&#J!#(!#%,!S=<!532,-!#%,!_8,33&!'(3>,3#8(3!(3!#%,!`&M!(L!+-,,)!
M%8/%!#%,!S38#,2!.#&#,)!%&)!)893,2!&32!-L8,2<!#%,!S.!65)#!-,L-&83!L-(6!&/#)!#%&#!M(502!2,L,&#!#%,!(?R,/#!&32!
K5-K(),!(L!#%,!#-,&#JN!;(($E8008&3!1&/=&59%#(3!j!1&-8&%!1/E800<!>41)1H.4$")'$;14."<$!./+*0$.)$*+($Z).*('$;*"*(0@$
OH5<(H()*"*.1)$`.*+1&*$!"*.2.4"*.1)<!Ce@!=O7+4:".+:7=!S=W_N!`NbN!kgc<!kXC!a@AB@d!a/8#839!#%,!_8,33&!'(3>,3#8(3!(3!
#%,!`&M!(L!+-,,)!&-#!BTN<!,5()('$21-$0./)"*&-($1&J!@k<!BQgQ<!BBcc!SN=N+N.N!kkB!a,3#,-,2!83#(!L(-/,!b&3N!@X<!
BQTAddN!+%,!-89%#!#(!,25/(3!8)!&0)(!83/052,2!83!),>,-&0!#-,,)!#%&#!#%,!S38#,2!.#&#,)N!
cg
!W3#,-3(3&0!'(>,3&3#!(3!:/(3(68/<!.(/8&0!&32!'50#5-&0!789%#)!&-#N!Bk<!H,/N!Bg<!BQgg<!QQk!SN=N+N.N!kN!
cB
B@!
!
!
!
),/(32&-J!,25/(3!65)#!?,!9,3,-&00J!&>&80&?0,!&32!&//,))8?0,!#(!&00r!,25/(3!65)#!?,!&>&80&?0,!L(-!
#%(),!M%(!M,-,!3(#!&?0,!#(!L838)%!#%,8-!K-86&-J!)/%((0839r!&32!#%&#!#%,!)#&#,!M800!/(3#835,!#(!2,>,0(K!&!
)J)#,6!(L!)/%((0)!#%&#!86K-(>,)!#%,!6&#,-8&0!/(328#8(3)!(L!#,&/%839!)#&LLNcX!
!
W3!BQQQ<!#%,!S=!'(668##,,!(3!:/(3(68/<!.(/8&0!&32!'50#5-&0!789%#)!K-(>82,2!K-&/#8/&0!9582&3/,!L(-!#%,!
86K0,6,3#(3!(L!#%,!-89%#)!(5#083,2!83!#%,!'(>,3&3#NcT!+%8)!9582&3/,!83/052,2!#%,!)(U/&00,2!ZC"!
D-83/8K0,)<[!M%8/%!,)#&?08)%!#%,!?&)8)!L(-!2,#,-683839!K-(9-,))!(3!86K0,6,3#(3!(L!#%,!-89%#!#(!
,25/(3N!!!!!!!
!
+%,!C"!D-83/8K0,)!&-,e!
!
">&80&?808#Je!,25/(3&0!),->8/,)!65)#!?,!&>&80&?0,!83!)5LL8/8,3#!V5&3#8#J!#(!),->,!#%,!)#52,3#)!#%&#!5),!
#%,6N!./%((0!)J)#,6)!65)#!%&>,!,3(59%!)/%((0!?5802839)<!/0&))-((6)<!#,&/%,-)<!&32!)5KK08,)!#(!,3)5-,!
#%&#!&00!)#52,3#)!/&3!K&-#&],!83!#%,!,25/(3!(LL,-,2N!
"//,))8?808#Je!)#52,3#)!65)#!?,!&?0,!#(!6&],!K-&/#8/&0!5),!(L!#%,!,25/(3!#%&#!8)!&>&80&?0,N!;&--8,-)!#%&#!
K-,>,3#!)#52,3#)!L-(6!&//,))839!,25/(3!^!83#,3#8(3&0!28)/-8683(3<!/()#!?&--8,-)<!)#-5/#5-&0!8))5,)<!
/(665#839!28)#&3/,)<!,#/N!^!65)#!?,!-,6(>,2N!!
"//,K#&?808#Je!#%,!V5&08#J!(L!,25/(3!65)#!6,,#!6838656!)#&32&-2)N!W3!#%,!/(3#,G#!(L!#%,!
83#,-3(3&0!%56&3!-89%#<!#%8)!2(,)!3(#!-,0&#,!)K,/8L8/&00J!#(!#,)#!)/(-,)!(-!(5#/(6,)r!-&#%,-<!#%8)!8)!&!
-,V58-,6,3#!#%&#!,25/(3!8)!-,0,>&3#!#(!)#52,3#)<!/50#5-&00J!&KK-(K-8&#,<!&32!(L!9((2!V5&08#Jr!!
"2&K#&?808#Je!,25/(3&0!)J)#,6)!65)#!?,!L0,G8?0,!,3(59%!#(!),->,!#%,!/%&39839!3,,2)!(L!)(/8,#J!&32!
#%,!/(66538#8,)!#%,J!),->,<!&32!#(!-,)K(32!#(!#%,!3,,2)!(L!&!28>,-),!)#52,3#!?(2J!a/50#5-&00J<!
,/(3(68/&00J<!&32!)(/8&00JdN!
!
$,!5),!#%,),!/-8#,-8&!#(!,G&683,!#%,!,GK,-8,3/,!(L!/%&-#,-!)/%((0)!#(!2&#,!&32<!,>,3#5&00J<!#(!28)/,-3!
#%,!%56&3!-89%#)!86K&/#!(L!#%,!,6,-9,3/,!(L!#%8)!),/#(-N!W3!&228#8(3!#(!#%8)!)K,/8L8/!9582&3/,<!&!L,M!],J!
/(3/,K#)!532,-08,!#%,!86K0,6,3#(3!(L!&00!-89%#)N!O3,!)5/%!/(3/,K#!8)!#%,!&).K(-0"<.*#$(L!-89%#)N!
"//(-2839!#(!#%8)!/(3/,K#<!%56&3!-89%#)!&KK0J!#(!&00!K,(K0,<!M8#%(5#!28)/-8683(3!83!&3J!L(-6NcQ!
D(08/8,)!83#,32,2!#(!&2>&3/,!%56&3!-89%#)!)%(502!M(-]!#(!,G#,32!#%,!-89%#!83!V5,)#8(3!#(!&00!K,-)(3)N!
!
"##,6K#)!#(!86K0,6,3#!#%8)!9582&3/,!65)#!&0)(!#&],!83#(!&//(53#!#%,!/(3/,K#!(L!Z.)*(-0(4*.1)"<.*#[e!#%,!
)(/8&0!-,&08#J!#%&#<!25,!#(!)J)#,6/!K&##,-3)!(L!28)/-8683(3<!6,6?,-)!(L!)(/8,#J!L&/,!28LL,-,3#8&0!
?&--8,-)!#(!#%,!-,&08P(3!(L!#%,8-!%56&3!-89%#)<!83/052839!#%,!-89%#!#(!,25/(3N!$%80,!#%,!%56&3!-89%#!
#(!,25/(3!8)!&3!8328>825&0!-89%#<!28LL,-,3#!9-(5K)!(L!K,(K0,!83!)(/8,#J!L&/,!53,V5&0!?&--8,-)!#(!#%,!
L50L8006,3#!(L!#%,8-!-89%#)N!!+%,!q.)*(-0(4*.1)"<.*#q!L-&6,!K-(>82,)!)5KK(-#!#(!#%,!-,0&#,2!82,&!#%&#!-89%#)U
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
cX
!O'N$
!S38#,2!=(3)<!:/(3N!j!.(/N!'(53/80<!'(66N!(3!:/(3N<!.(/N!&32!'50#5-&0!789%#)<!W6K0,6,3#(3!(L!#%,!
W3#,-3(3&0!'(>,3&3#!(3!:/(3(68/<!.(/8&0!&32!'50#5-&0!789%#)<!SN=N!H(/N!:Y'NB@YBQQQYBA!aH,/N!T<!BQQQdN!
cQ
!H-N!D,#,-!I8-/%)/%0&,9,-<!Z).K(-0"<.*#$12$X&H")$!./+*0<$+4:!:S7OD:"=!$:7E:`"=H!':=+7:!.+"+:1:=+!W..S:.!B!@@U@c!
a@ABBd<!
%##KeYYMMMN#%,,M/N(-9Y5K0(&2)YL80,)YS38>,-)&08#Jo@A(Lo@A456&3o@A789%#)o@A?Jo@AD,#,-o@AI8-/%)/%0&,9,@NK2LN!
cT
Bk!
!
!
!
L-8,320J!K(08/8,)!689%#!?,!#&-9,#,2!83!&3!&LL8-6>,!M&J!#(M&-2!&!)K,/8L8/!9-(5K!(L!K,(K0,!L&/839!
K&-#8/50&-!(?)#&/0,)!#(!&//,))839!#%&#!-89%#N!!!
!
"//(-2839!#(!#%,!-,K(-#!(L!#%,!:GK,-#!E-(5K!1,,#839!%,02!83!K-,K&-(3!L(-!#%,!$(-02!'(3L,-,3/,!
"9&83)#!7&/8)6<!83!p&9-,?<!'-(&!83!@AAA<!83#,-),/#8(3&08#J<!
!
Zt05(4.2.4"<<#$"''-(00(0$*+($H"))(-$.)$E+.4+$-"4.0H6$5"*-."-4+#6$")'$(41)1H.4$'.0"'K")*"/($")'$1*+(-$
'.04-.H.)"*1-#$0#0*(H0$41)*-.?&*($*1$4-("*($<"#(-0$12$.)(R&"<.*#$*+"*$0*-&4*&-(0$*+($-(<"*.K($510.*.1)0$12$
E1H()$")'$H()6$-"4(0$")'$1*+(-$/-1&50N$Y1-(1K(-6$.*$"''-(00(0$*+($E"#$*+"*$05(4.2.4$"4*0$")'$51<.4.(0$
4-("*($?&-'()0$*+"*$2<1E$"H1)/0*$*+(0($.)*(-0(4*.)/$"M(0$41)*-.?&*.)/$(22(4*.K(<#$*1$4-("*($"$'#)"H.4$12$
'.0(H51E(-H()*NbgA!!
!
:25/(3!&32!(#%,-!)(/8&0!K(08/8,)!65)#!#&],!#%8)!2J3&68/!(L!28),6K(M,-6,3#!83#(!&//(53#!8L!#%,J!&-,!
#(!,LL,/#8>,0J!K-(#,/#!&32!&2>&3/,!#%,!-89%#!#(!,25/(3!(-!(#%,-!%56&3!-89%#)!83!&3J!)(/8&0!/(3#,G#N!
!!!!
W3#,-3(3&0!0&M<!#%,3<!K-(>82,)!#%,!(>,-&-/%839!L-&6,M(-]!L(-!%56&3!-89%#)<!83/052839!#%,!-89%#!#(!
,25/(3<!?5#!#%,!)#&32&-2)!L(-!&)),))839!-,&08P(3!(L!#%8)!-89%#!&-,!>,-J!65/%!2,#,-683,2!?J!0(/&0!
/(328#8(3)N!7,/(938P839!#%8)<!#%,!.K,/8&0!7&KK(-#,5-!(3!#%,!789%#!#(!:25/(3!/&00)!L(-!#%,!&KK08/(3!(L!
#%,!9,3,-&0!K-83/8K0,!(L!Z5-1/-(00.K($-("<.P"*.1)[!(L!#%,!-89%#NgB!+%8)!6,&3)!#%&#!9(>,-36,3#)!65)#!6&],!
#%,!?,)#!K())8?0,!5),!(L!&>&80&?0,!-,)(5-/,)!#(!K-(#,/#!&32!9-&25&00J!L50L800!#%,!-89%#!#(!,25/(3!83!#%,8-!
/(53#-8,)N!+%,!?,)#!K())8?0,!5),!(L!-,)(5-/,)!83/052,)!-,L-&83839!L-(6!&/#8(3)<!)5/%!&)!&-?8#-&-J!
?529,#&-J!/5#)<!#%&#!532,-683,!#%,!86K0,6,3#(3!(L!#%,!-89%#N!"!-89%#)UL-8,320J!K(08/J!3,,2!3(#!
&/%8,>,!#%,!L500!86K0,6,3#(3!(L!&!98>,3!%56&3!-89%#<!?5#!)%(502!?,!&?0,!#(!2,6(3)#-&#,!6,&3839L50!
K-(9-,))!#(M&-2!#%,!-89%#<!83!#%,!0(/&0Y3(3&0!/(328#8(3)!83!M%8/%!#%,!K(08/J!8)!86K0,6,3#,2N!
!
'-8#8/&0!&6(39!#%(),!0(/&0!/(328#8(3)!#%&#!2,L83,!#%,!-89%#!#(!,25/(3!83!&3J!/(3#,G#!&-,!0(/&0!0&M)!&32!
K5?08/!K(08/8,)N!!"0)(!W6K(-#&3#!&-,!#%,!M&J)!83!M%8/%!0(/&0!-./+*0$+1<'(-0d)#52,3#)!&32!#%,8-!L&6808,)<!83!
#%,!/&),!(L!#%,!-89%#!#(!,25/(3l532,-)#&32!&32!2,L83,!#%,8-!-89%#N!W3!#%,!/&),!(L!1&))&/%5),##)<!#%,!
/(6K0,G!&32!/(3#,3#8(5)!K5?08/!28)/5))8(3!&?(5#!/%&-#,-!)/%((0)!0,&2839!#(!#%,!b50J!@ABC!0,98)0>,!
2,/8)8(3!M&)!&3!86K(-#&3#!)#,K!83!#%,!2,L838#8(3!(L!#%,!'(66(3M,&0#%F)!-89%#!#(!,25/(3N!W3!
2,)/-8?839!&!ZK,(K0,U/,3#,-,2[!&KK-(&/%!#(!%56&3!-89%#)<!#%,!L(-6,-!:G,/5#8>,!H8-,/#(-!(L!#%,!S38#,2!
.#&#,)!456&3!789%#)!=,#M(-]!6&],)!#%,!K(83#!83!#%8)!M&Je!
!
`+.<($*+.0$"55-1"4+$-(41/).P(0$*+($.H51-*")4($12$*+(0($J.)*(-)"*.1)"<$<"EL$*(M*0$")'$*+($<(/"<$
")'$(*+.4"<$5-.)4.5<(0$.H5<.('$.)$*+(H6$*+($&<*.H"*($H(").)/$12$*+($<")/&"/($.)$*+($*(M*06$*+($
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
gA
!SN=N!H8>N!L(-!#%,!"2>&3/,6,3#!(L!$(6,3<!OLL8/,!(L!#%,!489%!'(66F-!L(-!456&3!789%#)<!SN=N!H,>N!\532!L(-!
$(6,3<!7,K(-#!(L!#%,!:GK,-#!9-(5K!1,,#839!(3!E,32,-!&32!7&/8&0!H8)/-8683(3!a=(>N!@BU@C<!@AAAd<!
%##KeYYMMMN53N(-9YM(6,3M&#/%Y2&MY/)MY9,3-&/Y-,K(-#N%#6N!
gB
!;5(4."<$!"551-*(&-$1)$*+($-./+*$*1$('&4"*.1)<!O\\W':!O\!+4:!4WE4!'O11W..WO=:7!\O7!4S1"=!7WE4+.<!
%##KeYYMMMN(%/%-N(-9Y:=Y8))5,)Y:25/(3Y.7:25/(3YD&9,)Y.7:25/(3832,GN&)KG<!a0&)#!>8)8#,2!"595)#!T<!
@ABCdN!
BC!
!
!
!
0415($12$*+($-./+*0$*+"*$E.<<$?($-(41/).P('6$")'$*+($H1'"<.*.(0$21-$-./+*0$.H5<(H()*"*.1)$"-($
'(5()'()*$1)$515&<"-$51<.*.4"<$0*-&//<(0$")'$014.(*"<$'.05()0"*.1)0$12$51E(-N$e8$$
)/"2+%2&;0/''$&C2"0+60%&6*&>",,"0/5,%++,&
+
+%,!/(-,!(?R,/#8>,!(L!#%8)!&3&0J)8)!8)!#(!&)),))!#%,!%56&3!-89%#)!86K&/#!(L!/%&-#,-!)/%((0!K-&/#8/,!&32<!
?&),2!(3!#%&#!&)),))6,3#<!K-(R,/#!#%,!08],0J!,LL,/#!(L!/(3#835,2!,GK&3)8(3!(L!#%,!/%&-#,-!)/%((0!),/#(-!
(3!#%,!-,&08P(3!(L!#%,!-89%#!#(!,25/(3!83!1&))&/%5),##)N!E8>,3!#%,!)/(K,!&32!/(6K0,G8#J!(L!#%,!
,GK,-8,3/,!83!2(P,3)!(L!)/%((0)!(>,-!#M(!2,/&2,)<!#%,!,G,-/8),!83>(0>,)!)(6,!/%(8/,)!/(3/,-3839!#%,!
2&#&!#%&#!8)!6()#!-,0,>&3#!#(!&!%56&3!-89%#)!&)),))6,3#!(L!#%&#!,GK,-8,3/,N!+%,!K-,),3#(3!#%&#!
L(00(M)!L(/5),)!(3!L(5-!,0,6,3#)!(L!#%,!/%&-#,-!)/%((0!,GK,-8,3/,e!
!
BN +-,32)!83!/%&-#,-!)/%((0!,3-(006,3#!&32!K())8?0,!?&--8,-)!#(!,3-(006,3#!L&/,2!?J!/,-#&83!9-(5K)!
(L!K5?08/!)/%((0!)#52,3#)r!
@N +%,!K&-#8/50&-!&KK-(&/%,)!(L!/%&-#,-!)/%((0)!#(!#%,!5),!(L!)/%((0!28)/8K083,!&32!)#52,3#!
,G/05)8(3!&)!6,&3)!(L!,)#&?08)%839!&3!&KK-(K-8&#,!0,&-3839!,3>8-(36,3#r!!
kN +%,!V5&08#J!(L!#%,!,25/(3&0!,GK,-8,3/,!(L!)#52,3#)!&##,32839!/%&-#,-!)/%((0)r!&32!
CN +%,!L83&3/839!(L!#%,!/%&-#,-!)/%((0!)J)#,6!&32!#%,!K())8?0,!86K&/#)!(L!/%&-#,-!)/%((0!9-(M#%!(3!
#%,!-,)(5-/,)!&>&80&?0,!L(-!#-&28#8(3&0!K5?08/!)/%((0)N!!
!
+%,-,!&-,!/,-#&830J!(#%,-!,0,6,3#)!(L!#%,!/%&-#,-!)/%((0!,GK,-8,3/,!#%&#!/(502!?,!,G&683,2l#,&/%,-!
-,/-58#6,3#!&32!0&?(-!-,0(3)<!)/%((0!/50#5-,<!&32!L83&3/8&0!&//(53#&?808#J<!#(!3&6,!#%-,,l?5#!M,!
?,08,>,!#%&#!&3!,G&683(3!(L!#%,!L(5-!&)K,/#)!(L!#%,!,GK,-8,3/,!08)#,2!&?(>,!K-(>82,!#%,!?&)8)!(L!#%,!
%56&3!-89%#)!&3&0J)8)!#%&#!8)!(5-!9(&0N!
!
$%80,!&/]3(M0,29839!#%,!28>,-)8#J!(L!#%,!/%&-#,-!)/%((0!,GK,-8,3/,!&32!#%,!2&39,-)!83>(0>,2!83!
9,3,-&08P839!&?(5#!)5/%!&!28>,-),!?(2J!(L!,GK,-8,3/,<!#%,!#-&/]!-,/(-2!(L!/%&-#,-)!8)!3(M!)5?)#&3#8&0!&32!
0,39#%J!,3(59%!#(!/(3L8-6!#%,!,G8)#,3/,!(L!/,-#&83!86K(-#&3#!K&##,-3)!83!#%&#!,GK,-8,3/,N!$%80,!(5-!
(M3!&3&0J)8)!K-83/8K&00J!L(/5),)!(3!1&))&/%5),##)<!#%,),!K&##,-3)!&-,!3(#!538V5,!#(!#%,!'(66(3U
M,&0#%N!!!!
!2%*4,&6*&0/"2+%2&,0/''$&%*2'$$3%*+&
!
"3!86K(-#&3#!L&/#(-!83!&!%56&3!-89%#)!&3&0J)8)!(L!/%&-#,-)!)/%((0)!8)!M%(!&##,32)!#%,!)/%((0)N!WL!/%&-#,-)!
),->,!8328>825&0)!(-!9-(5K)!(L!)#52,3#)!M%(!&-,!3(#!?,839!M,00U),->,2!?J!#-&28#8(3&0!K5?08/!)/%((0)<!#%,3!
#%,J!&-,!6&]839!&3!86K(-#&3#!/(3#-8?5#8(3!#(!#%,!-,&08P(3!(L!#%,!-89%#!#(!,25/(3N!;J!#%,!)&6,!
#(],3<!8L!#%,-,!&-,!?&--8,-)!#(!,3-(006,3#!83!/%&-#,-!)/%((0)!L(-!)#52,3#)!M8#%!/,-#&83!/%&-&/#,-8)#8/)<!#%&#!
/(502!-&8),!%56&3!-89%#)!/(3/,-3)N!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
g@
!"R&65!;&-&]&<!a:(15<(Q4()*(-('b$+&H")$-./+*0$"0$"$2-"H(E1-I$21-$014."<$*-")021-H"*.1)<!"!_OW':!\7O1!+4:!
1"7EW=.!aH,/N!BA<!@ABkd<!%##KeYYMMMN&R&65?&-&]&N/(6Y#%,U%56&3U-89%#)UK-(R,/#U2,#,-683,2U?JU#%,U3,,2)U(LU
#%,UK(M,-L50YN!
Bc!
!
!
!
!
")!6,3#8(3,2!&?(>,<!#%,!S=!%&)!(LL,-,2!L(5-!/-8#,-8&!5K(3!M%8/%!#%,!86K0,6,3#(3!(L!#%,!-89%#!#(!
,25/(3!83!&3J!/(3#,G#!/&3!?,!&)),)),2N!+%,),!L(5-!/-8#,-8&e!&>&80&?808#J<!&//,))8?808#J<!&//,K#&?808#J!&32!
&2&K#&?808#J!&-,!&00!(L!5),!83!532,-)#&32839!#%,!K-&/#8/,!(L!/%&-#,-!)/%((0)!&32!#%,!K())8?0,!86K&/#!(L!#%,!
,GK&3)8(3!(L!#%,!),/#(-N!
!
\(-!,G&6K0,<!#%,!)#&32&-2!(L!,25/(3&0!Z&//,))8?808#J[!2(,)!3(#!-,L,-!)(0,0J!#(!#%,!K%J)8/&0!&//,))8?808#J!
(L!)/%((0!L&/808#8,)<!&0#%(59%!#%8)!8)!&3!86K(-#&3#!K&-#!(L!#%,!-89%#!#(!,25/(3N!"//,))8?0,!,25/(3!
-,6(>,)!&3J!&32!&00!?&--8,-)!#(!#%,!K&-#8/8K(3!(L!&00!9-(5K)!(L!)#52,3#)!83!#%,!,25/(3!,GK,-8,3/,N!!
!
.8680&-0J<!&3!,25/(3!#%&#!8)!Z&2&K#&?0,[!2(,)!3(#!K5-)5,!&!Z(3,!)8P,!L8#)!&00[!&KK-(&/%!#(!#,&/%839!&32!
0,&-3839N!W#!8)!L0,G8?0,!83!-,)K(3),!#(!#%,!3,,2)!(L!28LL,-,3#!/(66538#8,)!&32!)#52,3#)!M8#%!28LL,-,3#!
3,,2)!-,0&#,2!#(!#%,8-!,25/(3N!+%,!,G8)#,3/,!(L!(?)#&/0,)!#(!#%,!83/05)8(3!(L!&3J!K&-#8/50&-!9-(5K!(L!
)#52,3#)!M(502!/,-#&830J!?,!/(3)82,-,2!&!?&--8,-!#(!#%,!-,&08P(3!(L!#%,!%56&3!-89%#!#(!,25/(3N!
!
H:.:!,)#86&#,)!#%&#!kC<kBB!)#52,3#)!M800!&##,32!1&))&/%5),##)!/%&-#,-!)/%((0)!83!#%,!@ABCUBc!)/%((0!
J,&-N!+%&#!#(#&0!/(3#835,)!#(!83/-,&),!-&K820JN!")!-,/,3#0J!&)!@ABB<!#%,!H:.:!,3-(006,3#!/&0/50(3!M&)!
@g<A@c<!)599,)#839!9-(M#%!(L!k@o!(>,-!#%-,,!J,&-)Ngk!!!
!
"6(39!#%(),!)#52,3#)!&-,!&!0&-9,!356?,-!(L!)#52,3#)!(L!/(0(-<!,)K,/8&00J!"L-8/&3U"6,-8/&3!)#52,3#)N!
=(#!)5-K-8)8390J<!98>,3!#%,!28)#-8/#)!83!M%8/%!/%&-#,-)!&-,!/(3/,3#-&#,2<!#%,!K,-/,3#&9,!(L!"L-8/&3U
"6,-8/&3!)#52,3#)!83!/%&-#,-!)/%((0)!8)!65/%!9-,&#,-!#%&3!83!#%,!K5?08/!)/%((0!K(K50(3<!&)!&!M%(0,<!83!
1&))&/%5),##)N!;5#!,>,3!#%,!6(-,!-,0,>&3#!28)#-8/#U0,>,0!/(6K&-8)(3!83!5-?&3!28)#-8/#)!)5/%!&)!;()#(3!
)599,)#)!#%&#!"L-8/&3U"6,-8/&3!L&6808,)!&-,!K&-#8/50&-0J!2-&M3!#(!/%&-#,-)!&)!&3!&0#,-3>,!0,&-3839!
,3>8-(36,3#!L(-!#%,8-!/%802-,3NgC!+%,!)&6,!2&#&!#%&#!8328/&#,!%89%,-!"L-8/&3!"6,-8/&3!K&-#8/8K(3!83!
/%&-#,-!)/%((0)!&0)(!8328/&#,!#%&#!`S(!&32!")8&3!/%802-,3!&-,!0,))!08],0J!#(!&##,32!/%&-#,-!)/%((0)!#%&3!
#%,J!&-,!#-&28#8(3&0!K5?08/!)/%((0)N!!
!
\(-!/%&-#,-!&2>(/&#,)<!#%,!-,&)(3!L(-!#%8)!K-,L,-,3/,!8)!/0,&-e!"L-8/&3U"6,-8/&3!/%802-,3!K,-L(-6!?,##,-!
83!/%&-#,-!)/%((0)!#%&3!#%,J!2(!83!#-&28#8(3&0!)/%((0)<!&!L&/#!#%&#<!L(-!#%,),!&2>(/&#,)<!8)!,>82,3#!#(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
gk
!"5#%(-F)!/&0/50(3<!?&),2!(3!2&#&!L-(6!Y"00"4+&0(**0$3+"-*(-$;4+11<0@$C&.*.1)6$!(.H?&-0(H()*0$")'$
>)-1<<H()*<!1".."'4S.:++.!H:D"7+1:=+!O\!:`:1:=+"7f!"=H!.:'O=H"7f!:HS'"+WO=<!
%##KeYYMMMN2(,N6&))N,25Y/%&-#,-YL83&3/,Y#58#8(3Y!a0&)#!>8)8#,2!O/#N!C<!@ABCdN!
gC
!H&#&!)&6K0,)!/(00,/#,2!L(-!&!)#52J!/(668))8(3,2!?J!#%,!;()#(3!\(532(3!)%(M!#%&#<!25-839!#%,!#,3UJ,&-!
K,-8(2!?,#M,,3!@AAk!&32!@AB@<!L8L#%<!)8G#%!&32!383#%!9-&2,!)#52,3#)!83!/%&-#,-!)/%((0)!M,-,!)5?)#&3#8&00J!6(-,!
08],0J!#(!?,!"L-8/&3!"6,-8/&3!#%&3!)#52,3#)!83!#-&28#8(3&0!;()#(3!D5?08/!./%((0)N!;((!.&-&%!'(%(2,)!,#!&0N<!3+"-*(-$
;4+11<$=(H")'$")'$>22(4*.K()(00@$F$%10*1)$Z5'"*(<!+4:!;O.+O=!\OS=H"+WO=!j!=:$.'4OO`.!_:=+S7:!\S=H!c!aO/#N!
@ABkd<!
%##KeYYMMMN#?LN(-9YwY6,28&Y+;\O-9Y\80,)Y7,K(-#)Y'%&-#,-o@A./%((0o@AH,6&32o@A&32o@A:LL,/#8>,3,))O/#(?
,-@ABkNK2LN!
Bg!
!
!
!
28)/,-3839!K&-,3#)Ngc!"!6(-,!)J)#,6/!)#52J!(L!K&-,3#!/%(8/,!(L!/%&-#,-)!83!W328&3&K(08)<!W=<!&LL8-6)!
#%&#!#%8)!K,-/,K#8(3!#%&#!/%&-#,-!)/%((0)!),->,!"L-8/&3U"6,-8/&3!/%802-,3!?,##,-!#%&3!#-&28#8(3&0!K5?08/!
)/%((0)!2-8>,)!#%,!/%(8/,!(L!/%&-#,-)!L(-!6&3J!"L-8/&3U"6,-8/&3!L&6808,)N!+%,!)#52J!&0)(!)599,)#)!#%&#!
#%,!-&/8&0!/(6K()8#8(3!(L!)/%((0)!8)!&3!86K(-#&3#!2,#,-683839!L&/#(-!83!#%,!)/%((0!/%(8/,)!(L!"L-8/&3U
"6,-8/&3!L&6808,)Ngg!
!
1()#!K5?08/!)/%((0!28)#-8/#)!&32!/%&-#,-!)/%((0)!9&#%,-!2&#&!&?(5#!)#52,3#)F!L&680J!83/(6,!#(!2,#,-683,!
M%,#%,-!(-!3(#!)#52,3#)!&-,!,0898?0,!L(-!L-,,!(-!-,25/,2UK-8/,!)/%((0!053/%,)NgX!!;(#%!/%&-#,-!)/%((0)!&32!
#-&28#8(3&0!K5?08/!)/%((0)!),->,!-(59%0J!,V5&0!K,-/,3#&9,)!(L!0(MU83/(6,!)#52,3#)!,0898?0,!L(-!-,25/,2U
K-8/,!053/%N!")!)%(M3!83!\895-,!@<!%(M,>,-<!&3&0J)8)!(L!#%,!K-,),3/,!(L!/%802-,3!,0898?0,!L(-!L-,,!)/%((0!
053/%!a?,/&5),!(L!L&680J!83/(6,!532,-!BkAo!(L!#%,!K(>,-#J!0,>,0d!-,>,&0)!&!3(#,M(-#%J!28LL,-,3/,N!
+-&28#8(3&0!K5?08/!)/%((0)!),->,!&!%89%,-!K,-/,3#&9,!(L!)#52,3#)!83!#%,!L-,,U053/%U,0898?0,!/&#,9(-JN!+%8)!
)599,)#)!#%&#<!M%80,!?(#%!/%&-#,-)!&32!#-&28#8(3&0!K5?08/!)/%((0)!&-,!),->839!&3!,/(3(68/&00J!
28)&2>&3#&9,2!K(K50(3<!/%&-#,-)!&##-&/#!6(-,!)#52,3#)!/(6839!L-(6!L&6808,)!08>839!83!)089%#0J!6(-,!
)#&?0,!,/(3(68/!/(328#8(3)N!$%80,!&3J(3,!/&3!&KK0J!#(!/%&-#,-!)/%((0)<!#%,-,!&-,!&KK&-,3#0J!)(6,!
(?)#&/0,)!#(!#%,!,3-(006,3#!(L!/%802-,3!L-(6!L&6808,)!L-(6!#%,!0(M,)#!83/(6,!9-(5K)NgT!!!!!
!
;1%(&4+DN+
E4)0"%4+'<+50(*4)02+@4#41?1)%+;&44+:()#/R++
!'20')+E(L61#+5#/''62+")*+!'20')+3/"&04&+5#/''62+
!
TAo!
;()#(3!
D5?08/!
./%((0)!
gAo!
CAo!
;()#(3!
'%&-#,-)!
@Ao!
Ao!
@ABA!
@AB@!
@ABC!
.(5-/,e!H:.:!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
gc
!7(3&02!$N!4(06,)<!D%H<!`+#$=1$;1H($:"-()*0$3+110($3+"-*(-$;4+11<0$21-$C+(.-$3+.<'-()f$'4"7+:7!"H_O'"+:<!
%##KeYYMMMN/%&-#,-&2>(/&#,N(-9Y/%&-#,-U(KK(3,3#)YBAXUM%JU2(U)(6,UK&-,3#)U/%((),U/%&-#,-U)/%((0)UL(-U#%,8-U
/%802-,3o@A/(3)50#,2o@A"595)#o@ABA!a0&)#!>8)8#,2!O/#N!C<!@ABCdN!
gg
!1&-/!`N!.#,83<!$%(!'%((),)!&32!$%J*!'%&-#,-!./%((0!'%(8/,!D&##,-3)!"6(39!W328&3&K(08)!D&-,3#)<!D&K,-!
K-,),3#,2!&#!#%,!"335&0!'(3L,-,3/,!(L!#%,!"6,-8/&3!:25/(3!7,),&-/%!"))(/8(3!a"K-80!@AAQd<!
"K".<"?<($"*$%##KeYYMMMN>&32,-?80#N,25Y)/%((0/%(8/,Y2(/56,3#)YM%(h/%((),)NK2LN!
gX
!"//(-2839!#(!\,2,-&0!9582,083,)<!)#52,3#)!L-(6!L&6808,)!-,K(-#839!83/(6,!(L!?,#M,,3!BkAo!&32!BTco!(L!#%,!
\,2,-&0!K(>,-#J!0,>,0!&-,!,0898?0,!L(-!-,25/,2UK-8/,!053/%!2,08>,-,2!83!K5?08/!)/%((0)N!.#52,3#)!M%(),!L&6808,)!,&-3!
?,0(M!BkAo!(L!#%,!K(>,-#J!0,>,0!&-,!,0898?0,!#(!-,/,8>,!L-,,!053/%N!!
gT
!;((!.#,K%&38,!.86(3<!;5(4."<$!(51-*@$3<"00$;*-&//<($g$X1E$4+"-*(-$04+11<0$/(*$*+($0*&'()*0$*+(#$E")*<!7:S+:7.!
a\,?N!Bc<!@ABk<!ATeC@!"1d<!%##KeYYMMMN-,5#,-)N/(6Y&-#8/0,Y@ABkYA@YBcY5)U5)&U/%&-#,-)U&268))8(3)U
82S.;7:QB:A4\@ABkA@BcN!
BX!
!
!
!
!
D5?08/!,25/(3!&2>(/&#,)!-&8),!6(-,!V5,)#8(3)!-,9&-2839!/%&-#,-!)/%((0!,3-(006,3#!(L!:3908)%!
`&395&9,!`,&-3,-)!a:``)d!&32!.#52,3#)!M8#%!.K,/8&0!=,,2)!a..=)dN!:3908)%U0&395&9,!0,&-3,-)!&-,!
)#52,3#)!ZM%(!&-,!53&?0,!#(!/(66538/&#,!L05,3#0J!(-!0,&-3!,LL,/#8>,0J!83!:3908)%<!M%(!(L#,3!/(6,!L-(6!
3(3U:3908)%U)K,&]839!%(6,)!&32!?&/]9-(532)<!&32!M%(!#JK8/&00J!-,V58-,!)K,/8&08P,2!(-!6(28L8,2!
83)#-5/#8(3!83!?(#%!#%,!:3908)%!0&395&9,!&32!83!#%,8-!&/&2,68/!/(5-),)N[gQ!.#52,3#)!M8#%!.K,/8&0!=,,2)!
&-,!#%(),!)#52,3#)!Z#%&#!-,V58-,!&))8)#&3/,!25,!#(!K%J)8/&0<!6,3#&0<!?,%&>8(-&0<!(-!6,28/&0!28)&?808#8,)!(-!
2,0&J)N!+%8)!#,-6!8)!5),2!83!/0838/&0!28&93()#8/)!&)!M,00!&)!83!L53/#8(3&0!&32!,25/(3&0!),##839)N!"5#8)6<!
0,&-3839!28)&?808#8,)<!&32!H(M3!)J32-(6,!&-,!&00!,G&6K0,)!(L!s)K,/8&0!3,,2)s.”70
O>,-!#%,!K&)#!#M(!2,/&2,)<!;()#(3!&32!(#%,-!5-?&3!28)#-8/#)!83!1&))&/%5),##)!%&>,!,GK,-8,3/,2!&3!
83L05G!(L!:3908)%!`&395&9,!`,&-3,-)<!6&830J!&)!#%,!-,)50#!(L!%89%!-&#,)!(L!689-(3!L-(6!3(3U:3908)%!
)K,&]839!/(53#-8,)!#(!#%,!S38#,2!.#&#,)N!;,#M,,3!@AAB!&32!@AB@<!#%,!356?,-!(L!:``!)#52,3#)!83!
1&))&/%5),##)!K5?08/!)/%((0)!83/-,&),2!?J!gCo!#(!&!#(#&0!(L!XNQo!(L!&00!)#52,3#)NXB!$%80,!#%8)!9-(M#%!%&)!
(//5--,2!&/-())!#%,!)#&#,<!8#!%&)!?,,3!/(3/,3#-&#,2!83!#%(),!5-?&3!)/%((0!28)#-8/#)!M%,-,!/%&-#,-!)/%((0!
9-(M#%!%&)!?,,3!6()#!K-(3(53/,2N!!
!
H5-839!#%,!)&6,!K,-8(2<!)/%((0!28)#-8/#)!%&>,!82,3#8L8,2!83/-,&)839!356?,-)!(L!.#52,3#)!M8#%!.K,/8&0!
=,,2)!M8#%83!#%,!K5?08/!,25/(3!)J)#,6N!+%8)!8)!08],0J!#%,!-,)50#!(L!83/-,&)839!&M&-,3,))!(L!#%,!)K,/8&0!
0,&-3839!(?)#&/0,)!L&/,2!?J!)(6,!/%802-,3!&32!6(-,!2,#,-683,2!&2>(/&/J!(3!?,%&0L!(L!#%(),!/%802-,3N!
")!#%,!/(5-#)!%&>,!2,L83,2!#%,!-,)K(3)8?808#8,)!(L!)/%((0!28)#-8/#)!83!-,0(3!#(!)#52,3#)!M8#%!)K,/8&0!
3,,2)!a&32!)/%((0!28)#-8/#)!%&>,!)0(M0J!?,953!#(!&))56,!#%(),!-,)K(3)8?808#8,)d<!#%,!/()#)!&))(/8&#,2!
M8#%!,25/͇!#%,),!/%802-,3!%&>,!83/-,&),2!2-&6/&00JN!;,#M,,3!@AAg!&32!@AB@<!M%80,!(>,-&00!K5?08/!
,25/(3!/()#)!83/-,&),2!?J!kgo!83!1&))&/%5),##)<!#%,!/()#)!(L!,25/͇!.#52,3#)!M8#%!.K,/8&0!=,,2)!
83/-,&),2!?J!cgoNX@!!
!
+%,!#,32,3/J!(L!/%&-#,-!)/%((0)!83!#%,!'(66(3M,&0#%!#(!,3-(00!K-(K(-#8(3&#,0J!0,))!)#52,3#)!83!,&/%!(L!
#%,),!9-(5K)!%&)!?,,3!#%,!)5?R,/#!(L!/(3)82,-&?0,!28)/5))8(3!83!K(08/J!/8-/0,)N!W3!@AAQ<!-(59%0J!Bc!J,&-)!
&L#,-!/%&-#,-!)/%((0)!/&6,!83#(!,G8)#,3/,!83!1&))&/%5),##)<!#%,!;()#(3!+,&/%,-)!S38(3!a;+Sd!-,0,&),2!&!
)#52J!(3!#%,!/(6K()8#8(3!(L!/%&-#,-!)/%((0!,3-(006,3#NXk!W3!&228#8(3!#(!6&]839!#%,!&L(-,6,3#8(3,2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
gQ
!>)/<.0+QB")/&"/($B("-)(-<!+4:!E`O.."7f!O\!:HS'"+WO=!7:\O71!a"59N!@Q<!@ABkd<!%##KeYY,290())&-JN(-9Y,3908)%U
0&395&9,U0,&-3,-YN!
XA
!:"-()*0$12$3+.<'-()$E.*+$;5(4."<$A(('0<!D"7:=+`W=I<!
%##KeYY,25/(3N68))(5-8N,25Y(-9)YK&-,3#083]YD&-,3#)o@A(Lo@A/%802-,3o@AM8#%[email protected],/8&0o@A=,,2)NK%K<!a0&)#!
>8)8#,2!O/#N!C<!@ABCdN!
XB
!>)/<.0+$<")/&"/($<("-)(-0$)(('$+(<56$)1*$")$.)2<(M.?<($0*"*($H")'"*(<!+4:!;O.+O=!E`O;:!a"K-N!@A<!@ABCd<!
%##KeYYMMMN?()#(390(?,N/(6Y(K838(3Y,28#(-8&0)Y@ABCYACYBQY,3908)%U0&395&9,U0,&-3,-)U3,,2U%,0KU3(#U83L0,G8?0,U
866,-)8(3U6&32&#,Yc]29b,#`KD'fx4gM`84b#1Y)#(-JN%#60N!
X@
!C+($%1**1H$B.)($!(51-*@$Z)'(-0*")'.)/$!.0.)/$;5(4."<$>'&4"*.1)$310*0$.)$Y"00"4+&0(**0$")'$*+($!("<$310*$*1$
;*"*($C"M5"#(-0<!+4:!1".."'4S.:++.!"..O'W"+WO=!O\!Xgg!"DD7O_:H!D7W_"+:!.'4OO`.!a1""D.d!B!aH,/N!@AB@d<!
%##K)eYY3,#L(-56N&>,/#-&N/(6Y#,6KY'08,3#W6&9,)Y1""D.YXBX&L&XcU,,XTUC,gCUT@&TUCA??TB,?X2QcNK2LN!
Xk
!I&#%0,,3!bN!.]833,-<!3+"-*(-$;4+11<$;&44(00$1-$;(<(4*.K($,&*QY./-"*.1)$12$B1EQF4+.(K(-0f$>22(4*0$12$>)-1<<H()*$
Y")"/(H()*$1)$;*&'()*$F4+.(K(H()*<$;O.+O=e!1".."'4S.:++.!+:"'4:7.!"..O'W"+WO=$a.,K#N!BX<!@AAQd<!
%##KeYYMMMN?#5N(-9Y)8#,)Y2,L&50#YL80,)Y1+"h'%&-#,-h./%((0h7,K(-#ho@AQhAQNK2LN!
BT!
!
!
!
K(83#!&?(5#!-,25/,2UK-8/,!>)N!L-,,!053/%!,0898?0,!)#52,3#)<!#%,!-,),&-/%!L(532!#%&#!/%&-#,-)!,3-(00,2!
L,M,-!:``)!&32!..=)!^!&!L832839!#%&#!,/%(,)!3(3&0!#-,32)NXC!!
!
\(00(M839!(3!#%,!%,,0)!(L!#%,!;+S!-,K(-#<!#%,!@ABA!0&M!#%&#!0((),3,2!#%,!/&K!(3!/%&-#,-!)/%((0!9-(M#%!
83/052,2!&!),#!(L!3,M!&//(53#&?808#J!6,&)5-,)!L(-!/%&-#,-!)/%((0)NXc!.,>,-&0!(L!#%,),!6,&)5-,)!)K(],!
)K,/8L8/&00J!#(!#%,!3,,2!#(!?-839!/%&-#,-!)/%((0!,3-(006,3#!(L!#%,!&L(-,6,3#8(3,2!9-(5K)!6(-,!83!083,!
M8#%!#%&#!(L!#-&28#8(3&0!K5?08/!)/%((0)N!WL!L500J!86K0,6,3#,2<!#%,),!6,&)5-,)!M(502!08],0J!3&--(M!#%,!
Z,3-(006,3#!9&K[!?,#M,,3!/%&-#,-)!&32!#-&28#8(3&0!K5?08/!)/%((0)<!?5#!;:.:<!#%,!?(2J!-,)K(3)8?0,!L(-!
%(02839!/%&-#,-)!&//(53#&?0,!#(!#%,),!6,&)5-,)!%&)!)%(M3!08##0,!&KK,#8#,!L(-!,3L(-/839!#%,6N!!")!)%(M3!
83!\895-,)!k!&32!C<!?,0(M<!#%,-,!%&>,!?,,3!)(6,!86K-(>,6,3#)!83!#%,!,3-(006,3#!(L!..=)!&32!:``)!83!
/%&-#,-!)/%((0)!)83/,!#%,!K&))&9,!(L!#%,!@ABA!0&M<!?5#!#%,!,3-(006,3#!9&K!#%&#!9&>,!-8),!#(!
&//(53#&?808#J!6,&)5-,)!K,-)8)#)N!!
;1%(&4+IN++
E4)0"%4+'<+A)%612/S:")%("%4+:4"&)4&2R+!'20')+E(L61#+5#/''62+")*+!'20')+3/"&04&+5#/''62he!
!
CAo!
;()#(3!
D5?08/!
./%((0)!
kAo!
@Ao!
;()#(3!
'%&-#,-)!
BAo!
Ao!
@ABA!
@AB@!
@ABC!
!
;1%(&4+ON++
E4)0"%4+'<+50(*4)02+P10/+Q12"L1610142R+!'20')+E(L61#+5#/''62+")*+!'20')+3/"&04&+5#/''62+
!
@co!
;()#(3!
D5?08/!
./%((0)!
@Ao!
Bco!
BAo!
;()#(3!
'%&-#,-)!
co!
Ao!
@ABA!
@AB@!
@ABC!
.(5-/,e!H:.:!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!
XC
!=("*+$%#$"$C+1&0")'$3&*0@$!"4.0H6$;4+11<$3<10&-(06$")'$:&?<.4$;4+11<$;"?1*"/(<$bOS7=:f!\O7!bS.+W':!"``W"=':!BB!
a1&J!@ABCd<!%##KeYYMMMN,6K(M,-2/N(-9Y5K0(&2)YbCb7,K(-#UH,&#%h?Jh&h+%(5)&32h'5#)NK2LN!
Xc
!:08P&?,#%!D&50,J<!C1E"-'$3<10.)/$*+($F4+.(K(H()*$D"5@$F$,)(Q]("-$:-1/-(00$!(51-*$1)$>'&4"*.1)$!(21-H$.)$
Y"00"4+&0(**0<!7"':!+O!+4:!+OD!'O"`W+WO=!BB!a=(>,6?,-!@ABBd<!
%##KeYYMMMN#?LN(-9YwY6,28&Y+;\O-9Y\80,)Y7,K(-#)Y7+++7,K(-#h=(>@ABBNK2LN!
Xg
!+%,!;()#(3!'%&-#,-!K,-/,3#&9,)!83!\895-,)!k!&32!C!&-,!)566,2!&>,-&9,)!L(-!,&/%!(L!#%,!@X!/%&-#,-)!,&/%!J,&-N!
BQ!
!
!
!
O?>8(5)0J<!3(#!&00!.#52,3#)!M8#%!.K,/8&0!=,,2)!(-!:3908)%!`&395&9,!`,&-3,-)!&-,!&08],!83!#%,8-!
,25/(3&0!-,V58-,6,3#)e!+%,-,!8)!&!)K,/#-56!(L!3,,2)!83!,&/%!/&),<!&32!)#52,3#)!M8#%!6(-,!),>,-,!
)K,/8&0!3,,2)!-,V58-,!)K,/8&08P,2!&##,3#8(3!83!#%,!)/%((0)!#%,J!&##,32N!H&#&!K-(>82,2!?J!H:.:!)%(M)!
#%&#<!83!#%,!@ABB!)/%((0!J,&-<!'(66(3M,&0#%!/%&-#,-!)/%((0)!&/#5&00J!),->,2!&!)089%#0J!%89%,-!
K,-/,3#&9,!(L!..=)!83!#%,!ZL500!83/05)8(3[!/&#,9(-J!#%&3!282!28)#-8/#!)/%((0)!&/-())!1&))&/%5),##)N!+%,),!
&-,!..=)!M%(!/&3!?,!#&59%#!83!&!-,950&-!/0&))-((6!,3>8-(36,3#N!W3!#%,!/&#,9(-J!(L!..=)!-,V58-839!
Z)5?)#&3#8&00J!),K&-&#,[!&//(66(2(3)l#%,!)#52,3#)!M8#%!3,,2)!#%&#!/&33(#!?,!&22-,)),2!L500J!83!
#%,!/0&))-((6l1&))&/%5),##)!28)#-8/#!)/%((0)!),->,!&!65/%!%89%,-!K,-/,3#&9,!#%&3!'(66(3M,&0#%!
/%&-#,-)N!+%8)!28)K&-8#J!8)!,>,3!6(-,!2-&6/!83!#%,!;()#(3!28)#-8/#NXX!!
!
"6(39!#%,!K())8?0,!-,&)(3)!&2>&3/,2!L(-!#%8)!K,-)8)#,3#!,3-(006,3#!9&K!&-,e!
+
:"#$+'<+ATH4&14)#4+")*+@42'(*N+.5//,))L50!,25/(3!(L!..=)!&32!:``)!(L#,3!-,V58-,)!#,&/%,-)!&32!
(#%,-!K-(L,))8(3&0!)#&LL!M8#%!)K,/8L8/!V5&08L8/(3)!&32!,GK,-8,3/,N!W#!&0)(!86K08,)!&!6&R(-!-,)(5-/,!
/(668#6,3#!M8#%!)(6,!-,0>,0J!%89%!L8G,2!/()#)N!'%&-#,-)<!,&/%!(L!M%8/%!L53/#8(3)!&)!&!),K&-&#,!
)/%((0!28)#-8/#<!6&J!3(#!%&>,!,&)J!&//,))!#(!)5/%!)K,/8&08P,2!)#&LL!&32!6&J!3(#!-,&/%!&!)/&0,!(L!),->8/,!
M%,-,!#%,!3,/,))&-J!%89%!L8G,2!83>,)#6,3#)!&-,!>8&?0,N!D5?08/!)/%((0!28)#-8/#)!6&J!%&>,!&!)#-(39!
/(6K&->,!&2>&3#&9,!83!),->839!/,-#&83!)#52,3#)<!&32!(3/,!#%,J!?,/(6,!&M&-,!(L!#%8)!&2>&3#&9,<!
K&-,3#)!(L!:``)!&32<!,)K,/8&00J<!..=)!#,32!3(#!#(!&KK0J!#(!/%&-#,-!)/%((0)NXT+
+
E"&4)0"6+3')0&"#02N+.(6,!/%&-#,-)!-,V58-,!K&-,3#&0!/(3#-&/#)!#%&#!2,6&32!&!%89%!2,9-,,!(L!L(-6&0!
K&-#8/8K(3!?J!K&-,3#)!83!)/%((0!&/#8>8#8,)NXQ!.5/%!/(3#-&/#)!6&J!?,!&!?&--8,-!#(!/%&-#,-!,3-(006,3#!L(-!
L&6808,)!M8#%!K&-,3#)!M%(!M(-]!(3,!(-!#M(!R(?)<!)K,&]!&!28LL,-,3#!0&395&9,<!%&>,!/(938#8>,<!K%J)8/&0!(-!
?,%&>8(-&0!/%&00,39,)!#%,6),0>,)<!&-,!83/&-/,-&#,2<!(-!L(-!6J-8&2!-,&)(3)!&-,!53&?0,!#(!&))56,!&!6&R(-!
#86,!/(668#6,3#!-,0&#,2!#(!#%,!,25/(3!(L!#%,8-!/%802-,3NTA!
+
U3'()2461)%+V(0WN++")!K&-#!(L!#%,!)/%((0!/%(8/,!K-(/,))<!6&3J!K&-,3#)!),,]!(KK(-#538#8,)!#(!)K,&]!#(!
)#&LL!&32!0,&2,-)%8K!(L!#%,!)/%((0)!#%,J!&-,!/(3)82,-839!L(-!#%,8-!/%802-,3N!+%,),!/(3>,-)(3)!&00(M!
)#&LL!#(!%89%089%#!#%,!)/%((0F)!/(6K&->,!&2>&3#&9,)!&32!/%&00,39,)!83!),->839!/,-#&83!#JK,)!(L!
)#52,3#)<!&32<!#%,-,L(-,<!689%#!)5?#0J!28)/(5-&9,!L&6808,)!(L!/,-#&83!#JK,)!(L!/%802-,3!L-(6!&KK0J839!#(!
#%&#!K&-#8/50&-!)/%((0N!:G,-#839!#%8)!)(-#!(L!83L05,3/,!(>,-!#%,!2,/8)8(3)!(L!K(#,3#8&0!K&-,3#)!6&J!?,!(3,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
XX
!H&3!\-,3/%<!:2NHN!,#!&0N<!CE()*#$]("-0$F2*(-$>'&4"*.1)$!(21-H@$3+110.)/$"$:"*+$91-E"-'$*1$>R&.*#$")'$>M4(<<()4($
21-$F<<<$'W+Wp:=.!\O7!DS;`W'!.'4OO`.!gBUg@!ab53,!@ABkd<!%##KeYYMMMN/8#8P,3)L(-K5?08/)/%((0)N(-9YMKU
/(3#,3#Y5K0(&2)Y@ABkYAgY'D.U-,K(-#U(3083,U2-&L#UgUBAUBkh-,25/,2h@NK2LN!
XT
!I&#%0,,3!;(532J<!3+"-*(-$;4+11<0$")'$;*&'()*0$E.*+$=.0"?.<.*.(0@$:-(<.H.)"-#$F)"<#0.0$12$*+($B(/"<$O00&(0$")'$
F-("0$12$31)4(-)<$',3#,-!L(-!`&M!&32!:25/(3!j!'(53/80!(L!D&-,3#!"##(-3,J)!&32!"2>(/&#,)!a@AB@d<!
%##KeYY/NJ6/23N/(6Y)8#,)YMMMN/(K&&N(-9Y-,)(5-/,Y/(00,/#8(3YXHX@;QBCU@:'XUCggCUQB@CU
"k@cQTH"B";:Y'%&-#,-U./%((0)U&32U.#52,3#)UM8#%UH8)&?808#8,)\W="`NK2LN!
XQ
!4532-,2)!(L!/%&-#,-!)/%((0)!-,L,-,3/,!)5/%!/(3#-&/#)!(3!#%,8-!M,?)8#,)N!.,,!:"-()*$31)*-"4*<!IW=E.`:f!'4"7+:7!
:`:1:=+"7f!.'4OO`!a@ABCd<!%##KeYYMMMN]839)0,J/%&-#,-N(-9YK&-,3#U/(3#-&/#)N%#60<!L(-!&3!,G&6K0,!(L!(3,!)5/%!
/(3#-&/#!5),2!?J!&!)/%((0!3,&-!"#0&3#&<!E"N!
TA
!.86(3<!0&5-"$3(#,!gTN!
@A!
!
!
!
-,&)(3!#%&#!#%,!/(6K()8#8(3!(L!/%&-#,-!)/%((0)!28LL,-)!L-(6!M%&#!&!-&32(6!28)#-8?5#8(3!(L!)#52,3#)!
M(502!)599,)#NTB!$
!
+%,!,3-(006,3#!9&K!&6(39!:``)!&32!..=)!%&)!-,/,8>,2!/(3)82,-&?0,!&##,3#8(3!L-(6!K(08/J!6&],-)<!/-8#8/)!
(L!/%&-#,-!)/%((0)<!&32!/%&-#,-!)/%((0!&))(/8(3)<!&08],NT@!+%,!28LL,-,3/,!83!#,-6)!(L!#%,!,3-(006,3#!(L!
:``)!8)!K&-#8/50&-0J!2-&6/<!2,)K8#,!#%,!L&/#!#%&#!)(6,!/%&-#,-!)/%((0)!%&>,!?,,3!,)#&?08)%,2!M8#%!&!
K&-#8/50&-!L(/5)!(3!),->839!#%,!0(/&0!:``!K(K50(3NTk!W3!1&))&/%5),##)<!),>,-&0!K-(>8)8(3)!83!#%,!@ABA!
,25/(3!-,L(-6!0,98)0(3!)K,/8L8/&00J!&##,6K#,2!#(!,6K(M,-!;:.:!#(!%(02!/%&-#,-)!&//(53#&?0,!L(-!
,3-(00839!6(-,!..=)!&32!:``)NTC!H&#&!L-(6!H:.:!)%(M!#%&#!#%,!0,98)0(3!%&)!-,)50#,2!83!6(2,)#!-,0>,!
83/-,&),)!83!#%,!,3-(006,3#!(L!.#52,3#)!M8#%!.K,/8&0!=,,2)!83!/%&-#,-!)/%((0)!&32!6(-,!K-(9-,))!83!
-,0(3!#(!:``)N!4(M,>,-<!25,!#(!#%,!9-(M#%!(L!#%,!K(K50(3!83!,&/%!(L!#%,),!&-,&)<!#%,!,3-(006,3#!
9&K!?,#M,,3!/%&-#,-!)/%((0)!&32!#-&28#8(3&0!K5?08/!)/%((0)!K,-)8)#)N!
!
X4P+V&64")2N+E4&<'&C1)%+P10/'(0+"+)40+
W3!0&#,!"595)#!@AAc<!#%,!Z%532-,2!J,&-!)#(-6[!45--8/&3,!I&#-83&!6&2,!0&32L&00!&0(39!#%,!SN.N!
E50L!'(&)#N!;,/&5),!(L!8#)!>503,-&?808#J!#(!L0((2839!&32!8#)!0&-9,!K(K50(3<!=,M!O-0,&3)!M&)!
(3,!(L!#%,!&-,&)!%&-2,)#!%8#!?J!#%,!)#(-6N!W3!#%,!682)#!(L!#%,!9,3,-&08P,2!2,>&)#(3<!#%,!=,M!
O-0,&3)!K5?08/!)/%((0)!)5LL,-,2!6&))8>,!2&6&9,<!M8#%!#%,!6&R(-8#J!(L!)/%((0!?5802839)!),-8(5)0J!
2&6&9,2<!6&3J!?,J(32!-,K&8-N!
.(6,!)&M!(KK(-#538#J!83!#%,!28)&)#,-N!O3!.,K#,6?,-!@B<!?,L(-,!#%,!/8#J!%&2!,>,3!2-8,2!(5#<!
D&50!+N!4800!(L!#%,!',3#,-!L(-!7,83>,3#839!D5?08/!:25/(3!)&82<!ZW3!#%,!/&),!(L!K()#U%5--8/&3,!
=,M!O-0,&3)<!"6,-8/&3!)/%((0!K0&33,-)!M800!?,!&)!/0(),!&)!#%,J!%&>,!,>,-!/(6,!#(!&!9-,,3!L8,02!
(KK(-#538#Jt[Tc!4800!6,&3#!#%&#!-,L(-6,-)!M(502!%&>,!#%,!(KK(-#538#J!#(!-,?5802!#%,!/8#JF)!
)/%((0!)J)#,6!L-(6!#%,!9-(532!5K<!5)839!&!M%(0,!3,M!),#!(L!K-83/8K0,)N!
'%&-#,-!)/%((0!&2>(/&#,)!%&>,!#&],3!L500!&2>&3#&9,!(L!#%,!9-,,3!L8,02<!&32!383,!J,&-)!0&#,-!#%,!
-,)50#)!&-,!?,/(6839!/0,&-N!'%&-#,-!&2>(/&#,)!K(83#!#(!86K-(>,2!9-&25(3!-&#,)!&32!#,)#!
)/(-,)N!'-8#8/)!(L!#%,!/%&-#,-!M&>,!)&J!#%&#!8#!8)!86K())8?0,!#(!/(6K&-,!K-,U!&32!K()#UI&#-83&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
TB
!.,,!"00,,3!;-(M3<!31&)0(<('$,&*@$X1E$01H($CE.)$3.*#$4+"-*(-$04+11<0$5&0+$I.'0$E.*+$'.0"?.<.*.(0$*1E"-'$'.0*-.4*$
04+11<0<$+$W=!'W+W:.!H"W`f!D`"=:+!a.,K#,6?,-!kA<!@AB@d<!%##KeYYMMMN#/2&80JK0&3,#N3,#Y3,M)Y@AB@YAQYkAY/(53),0,2U
(5#U%(MU)(6,U#M83U/8#8,)U/%&-#,-U)/%((0)UK5)%U]82)U28)&?808#8,)U#(M&-2)U28N!$%80,!#%,-,!,G8)#)!&?532&3#!&3,/2(#&0!
,>82,3/,!(L!)5/%!Z/(53),0839!(5#[!(3!#%,!K&-#!(L!/%&-#,-)<!#%,!L,M!)#528,)!#%&#!,G8)#!(LL,-!)#&-]0J!28LL,-,3#!
/(3/05)8(3)!/(3/,-3839!#%,!86K&/#!(L!#%8)!L&/#(-!(3!#%,!/%&-#,-!,3-(006,3#!9&KN!
T@
!;((!!"#$%&'()"**+'U!"#"#$%$&"'()*+$,-.')/UO-(P/(<!>)/<.0+$B")/&"/($B("-)(-$;*&'()*0$")'$3+"-*(-$;4+11<0$.)$
A(E$]1-I$;*"*(@$3+"<<()/(0$")'$,551-*&).*.(0<!=NfN!EO_:7=O7F.!`:"H:7.4WD!+:"1!\O7!4WE4!xS"`W+f!'4"7+:7!DS;N!
.'4OO`.!a@AB@d<!%##KeYY/,3#,-L(-)/%((0/%&39,N(-9YMKU/(3#,3#Y5K0(&2)Y@AB@YAQY:``U7,K(-#UNK2LN!!
Tk
!.5380!1&3)5]%&38<!;(-K.)/$>)/<.0+$B")/&"/($B("-)(-0@$F$C11<I.*$21-$:&?<.4$3+"-*(-$;4+11<0<!="+WO="`!"``W"=':!\O7!
DS;`W'!'4"7+:7!.'4OO`.!a"K-N!@ABkd<!%##KeYYMMMNK5?08//%&-#,-)N(-9YMKU
/(3#,3#Y5K0(&2)Y@ABCYABY="D'.h:``h+((0]8#hACNA@NBkh@ABkACA@+BBCkBkNK2L!a%89%089%#839!#%,!\(0]!"-#)!'50#5-&0!
+-,&)5-,)!'%&-#,-!./%((0!83!D%80&2,0K%8&<!M%8/%!),->,)!&!K-,2(683&3#0J!")8&3!86689-&3#!K(K50(3!83!#%&#!/8#JdN!
TC
!;&HH"-.(0$12$%.<<0$!(/"-'.)/$3+"-*(-$;4+11<0$")'$F441&)*"?.<.*#<!'W+Wp:=.!\O7!DS;`W'!.'4OO`.<!
%##KeYYMMMN/8#8P,3)L(-K5?08/)/%((0)N(-9Y/%&-#,-U)/%((0)Y)566&-8,)U(LU?800)U-,9&-2839U/%&-#,-U)/%((0)U&32U
&//(53#&?808#JY!a0&)#!>8)8#,2!O/#N!c<!@ABCdN!!
Tc
!`,89%!H839,-)(3<!=.0H")*<.)/$"$31HH&).*#$C.H(<.)(<!QAe@!489%!./%((0!b(5-3&0!T!ab&3N!@AAXdN!
@B!
!
!
!
=,M!O-0,&3)!83!#%8)!M&J!25,!#(!#%,!6&))!28)K0&/,6,3#!(L!)#52,3#)!&32!#%,!-,)50#839!/%&39,!83!
#%,!/(6K()8#8(3!(L!#%,!)#52,3#!K(K50(3N!7&/,!/(3#835,)!#(!?,!&!%59,!L&/#(-!83!&//,))!#(!
V5&08#J!,25/(3!&)!#%,!?,)#UK,-L(-6839!/%&-#,-)!#,32!#(!&##-&/#!6&3J!6(-,!M%8#,!)#52,3#)!
&32!)#-5990839!)/%((0)!/(3#835,!#(!?,!/(6K(),2!&06()#!,3#8-,0J!(L!"L-8/&3!"6,-8/&3)NTg!+%,!/8#J!
/(3#835,)!#(!?,!%(6,!#(!6&3J!(L!#%,!0(M,)#UK,-L(-6839!)/%((0)!83!#%,!`(58)8&3&N!!!
W3!1&J!@ABC<!#%,!/0()5-,!(L!#%,!0&)#!#-&28#8(3&0!K5?08/!)/%((0)!83!=,M!O-0,&3)!6&2,!#%,!/8#J!
)/%((0!28)#-8/#!#%,!L8-)#!&00U/%&-#,-!28)#-8/#!83!#%,!3(3N!"3!86K(-#&3#!K&-#!(L!#%,!/%&-#,-!6(2,0!
#(!2&#,!%&)!?,,3!#%,!,G8)#,3/,!(L!&!)J)#,6!(L!#-&28#8(3&0!K5?08/!)/%((0)!&)!&!]832!(L!)&L,#J!3,#N!
$8#%!/%&-#,-)!(K,-͇!&0(39)82,!&!#-&28#8(3&0!28)#-8/#<!)#52,3#)!,GK,00,2!(-!(#%,-M8),!,G/052,2!
L-(6!/%&-#,-!)/%((0)!/&3!&0M&J)!-,#5-3!#(!#%,!K5?08/!)/%((0)N!+%&#!)&L,#J!3,#!3(!0(39,-!,G8)#)!83!
=,M!O-0,&3)N!+%,!0&/]!(L!&!#-&28#8(3&0!K5?08/!)/%((0!)J)#,6!6&32&#,2!#(!),->,!&00!/%802-,3!%&)!
?,,3!K&-#8/50&-0J!K-(?0,6/!L(-!)(6,!L&6808,)!(L!.#52,3#)!M8#%!.K,/8&0!=,,2)<!M%(!83)8)#!#%&#!
#%,J!&-,!%&>839!&!%&-2!#86,!L832839!&KK-(K-8&#,!K0&/,6,3#)!L(-!#%,8-!/%802-,3NTX!!
+%8)!K-(?0,6!M&)!,>82,3#!,>,3!?,L(-,!=,M!O-0,&3)!?,/&6,!L500J!Z/%&-#,-8P,2N[!W3!b50J!@ABA<!
#%,!.(5#%,-3!D(>,-#J!`&M!',3#,-!a.D`'d!L80,2!&!0&M)58#!/0&86839!#%&#!=,M!O-0,&3)!)/%((0)!M,-,!
,G/052839!)(6,!.#52,3#)!M8#%!.K,/8&0!=,,2)!&32!3(#!-,)K(32839!#(!#%,!,25/(3&0!3,,2)!(L!
6&3J!)5/%!)#52,3#)!M%(!2(!9&83!,3#-&3/,!#(!)/%((0)N!+%,!)58#!L5-#%,-!K(83#)!#(!2&#&!)%(M839!
#%&#!)#52,3#)!M8#%!&3!W328>825&0!:25/(3!D0&3!aW:Dd!&-,!?,839!28)/8K083,2<!)5)K,32,2!&32!
,GK,00,2!&#!65/%!%89%,-!-&#,)!#%&3!(#%,-!)#52,3#)NTT!+%&#!0&M)58#!8)!)#800!K,32839<!?5#<!&)!(L!1&J!
@ABC!,LL(-#)!M,-,!532,-M&J!#(!),##0,!8#NTQ!W#!)%(502!&0)(!?,!)&82!#%&#!6&3J!6&R(-!5-?&3!K5?08/!
)/%((0!28)#-8/#)!83!#%,!SN.N<!83/052839!;()#(3<!%&>,!L&/,2!0&M)58#)!-,9&-2839!#%,!,25/(3!#%,J!
K-(>82,!#(!.#52,3#)!M8#%!.K,/8&0!=,,2)<!?5#!#%8)!L&/#!83!3(!M&J!,G/5),)!#%,!K-(?0,6!&)!8#!8)!
6&38L,)#,2!83!/%&-#,-)!)/%((0)!&-(532!#%,!/(53#-JNQA!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Tg
!\(-!&!K&-#8/50&-0J!-8/%!28)/5))8(3!(L!#%,!%8)#(-8/&0!/(3#,G#!(L!-&/8&0!L&/#(-)!83!K5?08/!,25/(3!83!=,M!O-0,&3)<!),,!
.&-&%!`,;0&3/!E(LL<!`+()$>'&4"*.1)$3("0(0$*1$%($:&?<.4@$C+($:-.K.*.P"*.1)$12$*+($A(E$,-<(")0$;4+11<$;#0*(H$F2*(-$
i"*-.)"<!S=W_:7.W+f!O\!=:$!O7`:"=.!.'4O`"7$O7I.yS=O!a1&J!Bc<!@AAQd<!
%##KeYY)/%(0&-M(-])N53(N,25Y/98Y>8,M/(3#,3#N/98*&-#8/0,iBTQ@j/(3#,G#i#2N!
TX
!;(($.%&]#8!;,0M&J<!F44(00$=().('@$A(E$,-<(")0$;*&'()*0$")'$:"-()*0$O'()*.2#$%"--.(-0$*1$:&?<.4$>'&4"*.1)<!
.OS+4:7=!DO_:7+f!`"$!':=+:7!aH,/N!@ABAd<!
%##KeYYMMMN)K0/,3#,-N(-9Y)8#,)Y2,L&50#YL80,)Y2(M30(&2)YK5?08/(3Y.D`'h-,K(-#h"//,))hH,38,2NK2LN!!!
TT
!;-,3#83!1(/]<!A(E$,-<(")0$F44&0('$12$9".<.)/$=.0"?<('$;*&'()*0<!=:$.$::I!aO/#N!g<!@ABA<!CeAA!D1d<!
%##KeYYMMMN3,M)M,,]N/(6Y3,MU(-0,&3)U&//5),2UL&80839U28)&?0,2U)#52,3#)UXkQQBN!
TQ
!"))(/8&#,2!D-,))<!;(**<(H()*$(221-*$*1$?(/.)$.)$8GUG$A(E$,-<(")0$04+11<0$05(4."<$('&4"*.1)$<"E0&.*<$+4:!+W1:.U
DW'"fS=:!a1&J!@C<!@ABC<!Tecc!D1d<!
%##KeYYMMMN3(0&N/(6Y,25/(3Y832,GN))LY@ABCYAcY),##0,6,3#h,LL(-#h#(h?,983h83N%#60N!!
QA
!;((!1N1N!>N!`&L&J,##,!./%N!H8)#N<!XgX!\Nk2!TC@!aQ#%!'8-N!@ABCd<!&)!&6,32,2!aO/#N!B<!@ABCdr!7,J,)!,G!-,0N!7NDN!>N!
=,M!f(-]!'8#J!H,Ks#!(L!:25/N<!XgA!\Nk2!@BB!a@2!'8-N!@ABCdr!&32!b,LL,-)(3!'3#JN!;2N!(L!:25/N!>N!`(08#&!.N<!QXX!\N!.5KKN!
@2!BAQB<!BB@Q!a=NHN!"0&N!@ABkd!a+%-,,!,G&6K0,)!(L!0&M)58#)!83!M%8/%!K&-,3#)!)5,2!#%,8-!0(/&0!)/%((0!28)#-8/#!L(-!
L&805-,!#(!K-(>82,!\-,,!"KK-(K-8&#,!D5?08/!:25/(3!a\"D:d!#(!#%,8-!/%802-,3!M8#%!)K,/8&0!3,,2)N!+%,!)58#)!M,-,!
L80,2!83!'&08L(-38&<!=,M!f(-]<!&32!"0&?&6&!-,)K,/#8>,0JNdN!
@@!
!
!
!
W3!8#)!@ABk!-,K(-#!(3!#%,!.#&#,!(L!D5?08/!:25/(3!83!=,M!O-0,&3)<!+50&3,!S38>,-)8#J!K(83#)!#(!
#%,!(638K-,),3#!K-(?0,6!(L!/%&-#,-!&//(53#&?808#Je!Z$8#%(5#!&3!&//(53#&?808#J!)J)#,6!#%&#!
#&],)!28)&?808#J!83#(!&//(53#<!)/%((0)!%&>,!&!28)83/,3#8>,!#(!,3-(00!)#52,3#)!M8#%!28)&?808#8,)N[QB!!
W3!#%,!3(3F)!L8-)#!&00U/%&-#,-!28)#-8/#<!,>,-J!)#52,3#!8)!K,-L(-6839!M8#%(5#!&!3,#!&32!#%8)!/&3!?,!
,)K,/8&00J!2&39,-(5)!L(-!.#52,3#)!M8#%!.K,/8&0!=,,2)N!!
-DD2'"0/%,&+'&,0/''$&46,06D$6*%&&
!
7,950&#(-J!L-&6,M(-])!83!&00!)#&#,)!,)#&?08)%!#%,!K&-&6,#,-)!(L!&KK-(K-8&#,!)/%((0!28)/8K083,!K-(/,25-,)!
83!#%(),!R5-8)28/#8(3)N!./%((0!28)#-8/#)!#%,3!L&)%8(3!#%,8-!(M3!28)/8K083,!K(08/8,)!83!&//(-2!M8#%!#%(),!
-,950(3)N!.83/,!#%,J!(L#,3!L53/#8(3!&)!832,K,32,3#!)/%((0!28)#-8/#)<!/%&-#,-!)/%((0)!,G,-/8),!
/(3)82,-&?0,!&5#(3(6J!83!#%,!/-,(3!(L!#%,8-!28)/8K083,!K(08/8,)NQ@!
+
1&3J!/%&-#,-!)/%((0)!%&>,!&2(K#,2!&3!&KK-(&/%!#(!)/%((0!28)/8K083,!#%&#!),,])!#(!/-,&#,!&!K()8#8>,!
0,&-3839!,3>8-(36,3#!83!#%,!)/%((0!#%-(59%!#%,!,)#&?08)%6,3#!&32!K,-)8)#,3#!,3L(-/,6,3#!(L!)#-8/#!
28)/8K083&-J!/(2,)<!M8#%!,)/&0͇!/(3),V5,3/,)!#(!#%,!)#52,3#!L(-!,>,3!683(-!83L-&/#8(3)N!H8)/8K083&-J!
&/#8(3)!&9&83)#!)#52,3#)!&-,!83/-,&)839!83!&00!)/%((0)!J,#<!83!9,3,-&0<!28)/8K083&-J!&/#8(3!(//5-)!&#!&!%89%,-!
-&#,!83!/%&-#,-!)/%((0)!#%&3!83!#-&28#8(3&0!K5?08/!)/%((0)N!W3!;()#(3<!25-839!#%,!@AB@UBk!)/%((0!J,&-<!
)#52,3#)!83!/%&-#,-!)/%((0)!M,-,!&06()#!#%-,,!#86,)!6(-,!08],0J!#(!?,!)5?R,/#!#(!)5)K,3)8(3<!K,-6&3,3#!
,GK50)8(3<!(-!-,6(>&0!#(!&0#,-3>,!L&/808#8,)!#%&3!)#52,3#)!83!#-&28#8(3&0!;()#(3!D5?08/!./%((0)NQk!"!
-,/,3#!3(3&0!)#52J!(3!K5?08/!&//(53#&?808#J!L(-!/%&-#,-!)/%((0)!8328/&#,)!#%&#!;()#(3!8)!3(#!&0(3,!83!
#%8)!28)/8K083,!28)K&-8#JNQC!
!
"!-,K(-#!K5?08)%,2!83!@ABC!?J!#%,!SN.N!H,K&-#6,3#!(L!:25/(3!OLL8/,!(L!'8>80!789%#)!&LL8-6)!#%,!
,G8)#,3/,!(L!&0&-6839!-&/8&0!&32!(#%,-!28)K&-8#8,)!83!28)/8K083,!83!#%,!3(3F)!K5?08/!)/%((0)NQc!
W32,K,32,3#0J!6&3&9,2!/%&-#,-!)/%((0)!M,-,!3(#!83/052,2!83!#%,!)5->,J<!)(!8#!8)!3(#!K())8?0,!#(!
2,#,-683,!M8#%!/,-#&83#J!#%&#!#%,),!28)K&-8#8,)!&0)(!,G8)#!83!/%&-#,-!)/%((0)N!W3/-,&)8390J<!)#&#,)!&-,!
-,V58-839!/%&-#,-!)/%((0)!#(!/(00,/#!&32!-,K(-#!2,#&80,2!28)/8K083,!2&#&<Qg!M%8/%!M800!,3&?0,!#%,!/-,(3!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
QB
!C+($;*"*($12$:&?<.4$>'&4"*.1)$.)$A(E$,-<(")06$8GUV$!(51-*<!+4:!.'O++!.N!'O$:=!W=.+W+S+:!\O7!DS;`W'!:HS'"+WO=!
W=W+W"+W_:.!@g!ab53,!@ABkd<!%##KeYYMMMN/(M,383)#8#5#,N/(6YMKU/(3#,3#Y5K0(&2)Y@[email protected]:=ONK2LN!
Q@
!W3U28)#-8/#!/%&-#,-!)/%((0)<!08],!4(-&/,!1&33!/%&-#,-)!83!1&))&/%5),##)<!&-,!6(-,!&//(53#&?0,!#(!0(/&0!)/%((0!
28)#-8/#)!83!,)#&?08)%839!#%,8-!28)/8K083,!K(08/8,)<!?5#!)#800!,G,-/8),!)(6,!&5#(3(6J!83!#%8)!-,9&-2N!W32,K,32,3#!
/%&-#,-)<!)5/%!&)!'(66(3M,&0#%!/%&-#,-)<!/&3!,)#&?08)%!&3J!28)/8K083,!K(08/J!#%&#!8)!3(#!83!>8(0(3!(L!)#&#,!0&MN!
Qk
!8GU8QUV$;*&'()*$=.04.5<.)($="*"$!(51-*<!1"..N!H:DF+!O\!:`:1:=+"7f!"=H!.:'O=H"7f!:HS'N<!
%##KeYYK-(L80,)N2(,N6&))N,25Y)#&#,h-,K(-#Y))2-N&)KG!a0&)#!>8)8#,2!=(>N!C<!@ABCdN!
QC
!`,89%!H839,-)(3<!:&?<.4$F441&)*"?.<.*#$21-$3+"-*(-$;4+11<0@$;*")'"-'0$")'$:1<.4#$!(41HH()'"*.1)0$21-$>22(4*.K($
,K(-0./+*<!!"==:=;:7E!W=.+W+S+:!\O7!.'4OO`!7:\O71!Q!a@ABCd<!
%##KeYY&33,3?,-983)#8#5#,N(-9Y)8#,)Y2,L&50#YL80,)Y'%&-#,-"//(53#&?808#J.#2)NK2LN!
Qc
!3.K.<$!./+*0$="*"$31<<(4*.1)@$="*"$;)"50+1*$j;4+11<$=.04.5<.)(^<!SN.N!H:DF+!O\!:HS'N!O\\W':!\O7!'W_W`!7WE4+.!a1&-N!@B<!
@ABCd<!%##KeYYMMM@N,2N9(>Y&?(5#Y(LL8/,)Y08)#Y(/-Y2(/)Y/-2/U28)/8K083,U)3&K)%(#NK2LN!
Qg
!'&))&32-&!$,)#<!O)$*+($A(E0@$;*-.4*$-(51-*.)/$1)$'.04.5<.)($*"-/(*0$-"4."<$'.05"-.*.(0<!'"+"`f.+!'4W'"EO!ab53,!C<!
@ABCd<!%##KeYYMMMN/&#&0J)#U/%8/&9(N(-9Y3(#,?((]Y@ABCYAgYACYgcQTBY83U3,M)U)#-8/#U-,K(-#839U28)/8K083,U#&-9,#)U
-&/8&0U28)K&-8#8,)N!
@k!
!
!
!
(L!&!6(-,!/(6K0,#,!K8/#5-,!(L!#%,!83/82,3/,!(L!/%&-#,-!)/%((0!28)/8K083,<!&32<!#%,-,L(-,<!&00(M!L(-!6(-,!
/(3L82,3#!/(6K&-8)(3!(L!/%&-#,-)!&32!K5?08/!)/%((0)!83!#%8)!-,9&-2N!!
!
$%&#!/&3!?,!2,#,-683,2!M8#%!/,-#&83#J!8)!#%&#<!5308],!#-&28#8(3&0!K5?08/!)/%((0)<!/%&-#,-!)/%((0)!/&3!
/&--J!(5#!),-8(5)!28)/8K083&-J!&/#8(3)!5380&#,-&00J<!M8#%(5#!25,!K-(/,))NQX!+%,!28)/8K083&-J!&KK-(&/%!(L!
/%&-#,-!)/%((0)!6&J!>,-J!M,00!/(3#-8?5#,!#(!#%,!0(M,-!356?,-)!(L!..=)!,3-(00839!83!#%,6N!+%,!2&#&!
)599,)#839!#%&#!#%8)!6&J!#%,!/&),!L(-!..=)!&0)(!8328/&#,!#%&#!#%,!28)/8K083&-J!&KK-(&/%!8)!0,))!08],0J!#(!?,!
&!L&/#(-!83!#%,!,3-(006,3#!2,/8)8(3)!(L!:``)NQT!!
!
+%,!28)/8K083,!&KK-(&/%!83!/%&-#,-!)/%((0)!83!(3,!/(3#-8?5#(-!#(!#%,!%89%!-&#,)!(L!)#52,3#!&##-8#8(3!(L#,3!
-,L,--,2!#(!&)!#%,!ZK5)%(5#[!,LL,/#!83!/%&-#,-!)/%((0)N!"##-8#8(3!-,L,-)!#(!#%,!-&#,!(L!2,K&-#5-,!(L!
)#52,3#)!L-(6!&!)/%((0!(>,-!#%,!K,-8(2!(L!#86,!#%&#!#%,J!M(502!3(-6&00J!&##,32!#%&#!)/%((0N!!"00!)/%((0)!
0(),!)(6,!)#52,3#)!&32!)(6,!#-&28#8(3&0!)/%((0)!%&>,!&0&-68390J!%89%!-&#,)!(L!&##-8#8(3<!?5#!&!356?,-!(L!
#%,!?,)#U]3(M3!/%&-#,-!)/%((0)!83!1&))&/%5),##)!0(),!)#&-#0839!356?,-)!(L!)#52,3#)!#%-(59%!&!
/(6?83(3!(L!&26838)#->,!,G/05)8(3!&32!L&680J!M8#%2-&M&0NQQ!W3!1&))&/%5),##)<!&)!83!6&3J!(#%,-!
)#&#,)<!/%&-#,-!)/%((0)!&-,!3(#!-,V58-,2!#(!,3-(00!3,M!)#52,3#)!#(!Z?&/]UL800[!>&/&3/8,)!/-,&#,2!?J!#%,!
2,K&-#5-,!(L!L(-6,-!)#52,3#)N!"!%89%!-&#,!(L!)#52,3#!2,K&-#5-,lM8#%(5#!#%,!3,/,))8#J!(L!&268##839!3,M!
)#52,3#)l/,-#&830J!83L05,3/,)!#%,!#,)#!-,)50#)!&/%8,>,2!?J!)(6,!)/%((0)<!&32!&##-8#8(3!-&#,)!&0)(!&LL,/#!
#%,!)#52,3#!/(6K()8#8(3!(L!#%,),!)/%((0)!(>,-!#86,N!
!
\-(6!&!%56&3!-89%#)!K,-)K,/#8>,<!/%&-#,-!)/%((0!28)/8K083,!8)!3(#!)(0,0J!&!L&/#(-!83!#%,!0(M!0,>,0)!(L!..=!
,3-(006,3#N!"3!,GK&32839!?(2J!(L!2&#&!&32!&3&0J)8)!/(33,/#)!#%,),!ZP,-(U#(0,-&3/,[!&KK-(&/%,)!M8#%!
#%,!83/-,&)839!08],08%((2!#%&#!J(5#%!,G/052,2!L-(6!)/%((0)!M800!,>,3#5&00J!L&/,!83/&-/,-(3!(L!)(6,!
L(-6NBAA!"99-,))8>,!28)/8K083,!K(08/8,)!&-,!?,839!86K0,6,3#,2!83!#-&28#8(3&0!K5?08/!)/%((0)<!&)!M,00!&)!
/%&-#,-)<!?5#!?,/&5),!(L!#%,8-!K&-#8/50&-0J!)#-8/#!28)/8K083,!/(2,)!&32!08?,-&0!5),!(L!)#52,3#!,G/05)8(3!&)!&!
-,6,2J!L(-!>8(0(3)!(L!#%(),!/(2,)<!/%&-#,-!)/%((0)!&-,!),,3!?J!)(6,!&3&0J)#)!&)!6&]839!&3!86K(-#&3#!
/(3#-8?5#8(3!#(!#%,!/(3)#-5/#8(3!(L!#%8)!Z)/%((0U#(UK-8)(3[!K8K,083,NBAB!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
QX
!'(5-#!2,/8)8(3)!%&>,!5K%,02!#%,!-89%#!(L!/%&-#,-!)/%((0)!#(!28)68))!)#52,3#)!M8#%(5#!25,!K-(/,))<!(3!#%,!
&))56K#8(3!#%&#!#%(),!)#52,3#)!/&3!866,28&#,0J!-,U,3-(00!83!&!0(/&0!K5?08/!)/%((0N!;(($/()(-"<<#!7()&!IN!48-R8<!F-($
3+"-*(-$;4+11<0$Z5+1<'.)/$;*&'()*$!./+*0f<!"1:7W'"=!;"7!"..O'W"+WO=!ab&3N!BC<!@ABCd<!
%##KeYY&KK)N&6,-8/&3?&-N(-9Y08#89(3Y/(668##,,)Y/%802-89%#)Y/(3#,3#Y&-#8/0,)YM83#,-@ABCUABBCU/%&-#,-U)/%((0)U
5K%(02839U)#52,3#U-89%#)N%#60N!
QT
!SN.N!H:DF+!O\!:HS'N!O\\W':!\O7!'W_W`!7WE4+.<!0&5-"$3(#,!QcN!
QQ
!`8],!>8-#5&00J!,>,-J!(#%,-!/%&-&/#,-8)#8/!(L!/%&-#,-!)/%((0)<!&##-8#8(3!-&#,)!&-,!&!6&##,-!(L!28)K5#,!?,#M,,3!#%,!
)/%((0)!&32!#%,8-!/-8#8/)N!"#!0,&)#!83!1&))&/%5),##)<!2&#&!K-(>82,2!?J!#%,!H,K&-#6,3#!(L!:25/(3!/0,&-0J!)%(M!
#%&#!)(6,!(L!#%,!%89%,)#!K,-L(-6839!/%&-#,-!)/%((0)!0((),!)#52,3#)!&#!,G#-&(-283&-80J!%89%!-&#,)N!;((!\-,3/%<!0&5-"$
3(#,!TBN!
BAA
$;4+11<Q*1Q:-.01)$:.5(<.)(<!"1:7W'"=!'W_W`!`W;:7+W:.!S=WO=<!%##K)eYYMMMN&/05N(-9Y)/%((0UK-8)(3UK8K,083,!a0&)#!
>8)8#,2!=(>N!C<!@ABCdN$$
BAB
!b508&33,!4839<!!"4(6$=.0"?.<.*#$")'$*+($;4+11<Q*1Q:-.01)$:.5(<.)(<$'O`O7`W=:.!a1&J!Bk<!@ABC<!XeAA!"1d<!
%##KeYY/(0(-083,)N/(6Y&-/%8>,)Y@ABCYAcY-&/,h28)&?808#Jh&32h#%,h)/%((0h#(hK-8)(3hK8K,083,N%#60N!
@C!
!
!
!
&
!/%&E5"$6+F&'(&%450"+6'*&D2'?64%4&#F&0/"2+%2&,0/''$,&
!
$%80,!&!%56&3!-89%#)!&3&0J)8)!(L!/%&-#,-!)/%((0)!3,,2!3(#!2,>(0>,!83#(!&3!53K-(25/#8>,!2,?&#,!&?(5#!
ZM%(!2(,)!8#!?,##,-<[!8#!8)!/0,&-!#%&#!#%,!-89%#!#(!,25/(3!83/052,)!&//,))!#(!,25/(3!(L!&//,K#&?0,!
V5&08#J<!)(!#%,!V5,)#8(3!(L!V5&08#J!8)!&!6&##,-!(L!%56&3!-89%#)!/(3/,-3N!!
!
S32,-)#&32839!M%,#%,-!(-!3(#!#%,!,25/(3!K-(>82,2!?J!/%&-#,-!)/%((0)!8)!(L!&//,K#&?0,!V5&08#J!
-,V58-,)!)(6,!2,L838#8(3!(L!#%,!6,&3839!(L!V5&08#J!,25/(3N!"6(39!%56&3!-89%#)!2(/56,3#)<!8#!8)!#%,!
'(3>,3#8(3!(3!#%,!789%#)!(L!#%,!'%802!#%&#!9(,)!L5-#%,)#!83!K-(>82839!)5/%!&!2,L838#8(3N!W#!2,L83,)!L8>,!
Z&86)!(L!,25/(3<[!&)!L(00(M)e!
!
BN +%,!2,>,0(K6,3#!(L!#%,!/%802F)!K,-)(3&08#J<!#&0,3#)!&32!6,3#&0!&32!K%J)8/&0!&?808#8,)!#(!#%,8-!
L500,)#!K(#,3#8&0r!
@N +%,!2,>,0(K6,3#!(L!-,)K,/#!L(-!%56&3!-89%#)!&32!L532&6,3#&0!L-,,2(6)<!&32!L(-!#%,!K-83/8K0,)!
,3)%-83,2!83!#%,!'%&-#,-!(L!#%,!S38#,2!=(3)r!
kN +%,!2,>,0(K6,3#!(L!-,)K,/#!L(-!#%,!/%802F)!K&-,3#)<!%8)!(-!%,-!(M3!/50#5-&0!82,3#8#J<!0&395&9,!
&32!>&05,)<!L(-!#%,!3(3&0!>&05,)!(L!#%,!/(53#-J!83!M%8/%!#%,!/%802!8)!08>839<!#%,!/(53#-J!L-(6!
M%8/%!%,!(-!)%,!6&J!(-8983&#,<!&32!L(-!/8>808P(3)!28LL,-,3#!L-(6!%8)!(-!%,-!(M3r!
CN +%,!K-,K&-(3!(L!#%,!/%802!L(-!-,)K(3)8?0,!08L,!83!!&!L-,,!)(/8,#J<!83!#%,!)K8-8#!!(L!532,-)#&32839<!
K,&/,<!#(0,-&3/,<!,V5&08#J!(L!),G,)<!&32!L-8,32)%8K!&6(39!&00!K,(K0,)<!,#%38/<!3(3&0!&32!
-,0898(5)!9-(5K)!&32!K,-)(3)!(L!83289,3(5)!(-8983r!&32!
cN +%,!2,>,0(K6,3#!(L!-,)K,/#!L(-!#%,!3-&0!,3>8-(36,3#NBA@!
!
.5?),V5,3#!%56&3!-89%#)!#-,,3#)!(L!,25/(3!V5&08#J!%&>,!(L#,3!5),2!#%,),!&86)!(L!,25/(3!&32!
2,L83,2!V5&08#J!,25/(3!&)!,25/(3!#%&#!&/%8,>,2<!(-!&#!0,&)#!2,6(3)#-&#,2!)8938L8/&3#!K-(9-,))!
#(M&-2<!#%,),!&86)NBAk!
!
+%,!,3#8-,!2,?&#,!&?(5#!/%&-#,-!)/%((0!V5&08#J!83!#%,!S38#,2!.#&#,)!%&)!5),2!&!>,-J!28LL,-,3#!2,L838#8(3!
(L!V5&08#J!,25/(3N!W3!#%8)!/(3#,G#<!V5&08#J!,25/(3!8)!#,&/%839!#%&#!86K&-#)!?&)8/!/(938#8>,!)]800)<!
K-86&-80J!:3908)%!0&395&9,!)]800)!&32!6&#%,6/&0!&?808#8,)N!.#&32&-28P,2!#,)#!)/(-,)!%&>,!?,/(6,!#%,!
9(02!)#&32&-2l>8-#5&00J!#%,!(30J!)#&32&-2lL(-!#%,!6,&)5-,6,3#!(L!,25/(3&0!V5&08#JNBAC!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
BA@
!S38#,2!=(3)!'(3>,3#8(3!(3!#%,!789%#)!(L!#%,!'%802!&-#N!@Q<!=(>N!@A<!BQTQ<!BcXX!SN=N+N.N!kr!;(($"<01!SN=N!
'(668##,,!(3!#%,!789%#)!(L!#%,!'%802<!3!3$D()(-"<$31HH()*$A1N$U@$C+($F.H0$12$>'&4"*.1)<!"K-80!BX<!
@AAB<!'7'YE'Y@AABYBN!
BAk
!>'&4"*.1)$21-$F<<$D<1?"<$Y1).*1-.)/$!(51-*@$C+($c&"<.*#$OH5(-"*.K(<!SN=N!:HS'N<!.'W:=+W\W'!"=H!'S`+S7"`!O7EN!
aS=:.'Od!@XUkX!a@AACd<!%##KeYY53,)2(/N53,)/(N(-9Y86&9,)YAABkYAABkXkYBkXkkk,NK2LN!!
BAC
!+%,!;()#(3!D5?08/!./%((0!/(668))8(3,2!&!./%((0!x5&08#J!$(-]839!E-(5K<!&!9&#%,-839!(L!(5#)82,!,GK,-#)!M%(!
M(-],2!L(-!&!J,&-!#(!2,L83,!6,&)5-,)!(L!)/%((0!V5&08#J!#%&#!M(502!9(!?,J(32!1'".!)/(-,)N!+%,!.x$E!K-,),3#,2!
8#)!L832839)!#(!#%,!;()#(3!./%((0!'(668##,,!83!.,K#,6?,-!@BAC!&32!#%,!6&R(-8#J!(L!#%,!-,/(66,32,2!8328/&#(-)!
M,-,!?&),2!(3!#%,!6()#!,&)80J!&//,))8?0,!2&#&!),#<!1'".!)/(-,)N!.,,!Y("0&-.)/$c&"<.*#<!;()#(3!./%((0!x5&08#J<!
@c!
!
!
!
!
+%,!6()#!)5?)#&3#8&0!-,>8,M!(L!SN.N!K5?08/!,25/(3!L-(6!&!%56&3!-89%#)!K,-)K,/#8>,!M&)!#%,!
&L(-,6,3#8(3,2!@AAB!7,K(-#!(L!#%,!.K,/8&0!7&KK(-#,5-!(3!#%,!789%#!#(!:25/(3!(3!%,-!>8)8#!#(!#%,!
S38#,2!.#&#,)N!+%&#!-,K(-#<!M%80,!-8/%!83!8#)!&3&0J)8)!(L!#%,!%56&3!-89%#)!/%&00,39,)!L&/839!#%,!SN.N!
,25/(3!)J)#,6<!282!3(#!L(/5)!(3!#%,!V5,)#8(3!(L!#%,!V5&08#J!(L!SN.N!,25/(3!&)!2,L83,2!?J!#%,!'7'N!!
.8680&-0J<!&!),-8(5)!-,>8,M!(L!#%,!V5&08#J!(L!,25/(3!K-(>82,2!?J!/%&-#,-!)/%((0)!L-(6!#%,!K,-)K,/#8>,!
(L!#%,!&86)!(L!,25/(3!L-&6,M(-]!%&)!3(#!J,#!?,,3!532,-#&],3<!&32!)5/%!&!-,>8,M<!M%80,!/,-#&830J!
3,,2,2<!8)!?,J(32!#%,!)/(K,!(L!#%8)!&3&0J)8)N!!
!
W#!8)<!#%,-,L(-,<!28LL8/50#!#(!/(6K&-,!,25/(3&0!V5&08#J!83!/%&-#,-)!&32!83!#-&28#8(3&0!K5?08/!)/%((0)!5)839!
&!6(-,!%(08)#8/!3(#8(3!(L!V5&08#J!,25/(3<!?5#!/(6K&-8)(3)!&-,!&>&80&?0,!5)839!#%,!3&--(M,-!3(#8(3!(L!
V5&08#J!&)!8328/&#,2!?J!#,)#!)/(-,)N!.(6,!-,),&-/%,-)!&)),-#!#%&#!/%&-#,-!)/%((0)!2,08>,-!,25/(3!(L!
%89%,-!V5&08#J<!M%,3!/(6K&-,2!M8#%!#%,!#-&28#8(3&0!K5?08/!)/%((0)!83!#%,!-,0,>&3#!9,(9-&K%8/&0!&-,&NBAc!
1(-,!)(K%8)#8/&#,2!/(6K&-8)(3)!2,>8),!&!)#)#8/&0!Z>8-#5&0!#M83[!#(!-,K-,),3#!&!/(6K&-&?0,!)#52,3#!
#%&#!)#&J)!83!#%,!K5?08/!)/%((0)<!&32!#%,3!6&],!#%,!/(6K&-8)(3!?,#M,,3!#%,!-,&0!)/(-,)!(L!#%,!/%&-#,-!
)#52,3#!&32!#%,!)/(-,)!(L!#%,!>8-#5&0!#M83NBAg!O#%,-!-,),&-/%,-)!-&8),!86K(-#&3#!V5,)#8(3)!&?(5#!#%,!
6,#%(2(0(9J!5),2!83!)5/%!)#528,)!&32<!#%,-,L(-,<!#%,!/(3/05)8(3)!&?(5#!#%,!)5K,-8(-8#J!(L!/%&-#,-!
K,-L(-6&3/,N!BAX!!!
!
+%,!R(?!(L!,25/(3!K(08/J!6&],-)!689%#!?,/(6,!0,))!/(6K0,G!8L!#%,!2&#&!/(502!-,)(0>,!#%,!2,?&#,!(>,-!
/%&-#,-!)/%((0!>)N!#-&28#8(3&0!)/%((0!V5&08#J<!?5#!#%,-,!8)!3(!)5/%!)(05#8(3!83!)89%#N!O3,!&3&0J)#!
)566&-8P,)!#%,!-,)50#)!(L!#%,!3(3&0!/%&-#,-!)/%((0!)#52J!/&--8,2!(5#!?J!.#&3L(-2F)!'7:HO!83!#%,!
L(00(M839!M&Je!
!
JC+($0*&'#[0L$04+11<Q<(K(<$"4+.(K(H()*$)&H?(-0$"-($5"-*.4&<"-<#$"H()"?<($*1$.'(1<1/.4"<$H"00"/.)/N$,)$
1)($+")'6$*+(#$4<("-<#$0+1E$*+"*$"$H"\1-.*#$12$4+"-*(-$04+11<0$5(-21-H$*+($0"H($1-$E1-0($*+")$
*-"'.*.1)"<$5&?<.4$04+11<0$.)$H"*+$jWG$5(-4()*$*+($0"H($k$VU$5(-4()*$E1-0(^$")'$-("'.)/$jle$5(-4()*$*+($
0"H($k$US$5(-4()*$E1-0(^NNNO*[0$0(**<('@$4+"-*(-$04+11<0$"-($"$'.0"0*(-m$
$
%&*$E".*m$C+($'"*"$"<01$4<("-<#$0+1E$*+"*$"$H"\1-.*#$12$4+"-*(-$04+11<0$5(-21-H$*+($0"H($1-$?(**(-$*+")$
*-"'.*.1)"<$5&?<.4$04+11<0$.)$H"*+$jWG$5(-4()*$0"H($k$8S$5(-4()*$?(**(-^$")'$-("'.)/$jle$5(-4()*$0"H($k$
8l$5(-4()*$?(**(-^NNNO*[0$0(**<('@$4+"-*(-$04+11<0$"-($"$*-.&H5+mBAT!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%##KeYY?()#(3)/%((0V5&08#JN(-9Y6,&)5-839UV5&08#JY!a0&)#!>8)8#,2!=(>N!C<!@ABCd<!L(-!8328/&#(-)!K-,),3#,2!?J!#%,!
$(-]839!E-(5KN!
BAc
!;(($/()(-"<<#$'(%(2,)!,#!&0N<!0&5-"$3(#,!ggN!
BAg
!3+"-*(-$;4+11<$:(-21-H")4($.)$Y"00"4+&0(**0<!':=+:7!\O7!7:.:"7'4!O=!:HS'N!OS+'O1:.!TUBB!a\,?N!@T<!@ABkd<!
%##KeYY/-,2(N)#&3L(-2N,25Y2(/56,3#)Y1"7,K(-#\83&0hAAANK2LN!
BAX
!.,,$"32-,M!1&50!j!"??J!1/'0,00&32<!!(K.(E$12$A"*.1)"<$3+"-*(-$;4+11<$;*&'#$8GUV<!="+F`!:HS'"+WO="`!DO`W'f!
':=+:7!ab50N!Bg<!@ABkd<!%##KeYY3,K/N/(0(-&2(N,25Y#%83]#&3]Y-,>8,MU/-,2(U@ABk<!L(-!&!-,>8,M!M%8/%!/(3)82,-)!
'7:HOF)!6,#%(2(0(9J!83!&!3(3&0!)#52J!/(6K0,#,2!&#!#%,!)&6,!#86,!&)!#%,!1&))&/%5),##)!)#52J<!5)839!#%,!)&6,!
6,#%(2(0(9JN!
BAT
!'(3(-!DN!$8008&6)<!X1E$*+($=(?"*($,K(-$3+"-*(-$;4+11<0$Y"I(0$Z0$=&H?(-<!+"`IW=E!DOW=+.!1:1O!a\,?N!c<!@ABCd<!
%##KeYY#&0]839K(83#)6,6(N/(6Y/&L,Y%(MU#%,U2,?&#,U(>,-U/%&-#,-U)/%((0)U6&],)U5)U256?,-N!
@g!
!
!
!
$
1()#!(L!#%8)!/(6K&->,!28)/5))8(3!%&)!83>(0>,2!#%,!/(6K&-8)(3!(L!)#52,3#!,GK,-8,3/,)!&/-())!0&-9,!
356?,-)!(L!)/%((0)N!W#!8)!86K(-#&3#!#(!3(#,<!%(M,>,-<!#%&#!M%80,!&99-,9͇!#%,!K,-L(-6&3/,!(L!0&-9,!
356?,-)!(L!)/%((0)!6&J!?,!#%,!?,)#!M&J!#(!&3&0JP,!#%,8-!)#)#8/&0!K,-L(-6&3/,<!#%,!-89%#!#(!,25/(3!
(L!8328>825&0!/%802-,3!8)!3(#!-,&08P,2!&#!#%&#!&99-,9&#,!0,>,0N!$%,3!K&-,3#)!(L!8328>825&0!/%802-,3!&)),))!
#%,!V5&08#J!(L!/%&-#,-)!>)N!#-&28#8(3&0!K5?08/!)/%((0)<!#%,J!/%((),<!#(!#%,!,G#,3#!#%&#!)/%((0!V5&08#J!2-8>,)!
#%,8-!/%(8/,<!(3!#%,!?&)8)!(L!&!/(6K&-8)(3!(L!#%,!V5&08#J!K-(>82,2!?J!#%,8-!"4*&"<$K5?08/!)/%((0!(K#8(3)!
>)N!#%,!K,-/,8>,2!V5&08#J!(L!,25/(3!83!/%&-#,-!)/%((0)!K(#,3#8&00J!&>&80&?0,!#(!#%,8-!/%802N!+%&#!(L#,3!
6,&3)!&!/(6K&-8)(3!?,#M,,3!)#-5990839!#-&28#8(3&0!)/%((0)!&32!#%,!?,)#!/%&-#,-!)/%((0)!83!#%,8-!&-,&N!
+%&#!/(6K0,G!Z/%(8/,[!8)!V58#,!28LL,-,3#!#%&3!&!/(6K&-8)(3!(L!#,)#!)/(-,)!&#!9-(5K)!(L!)/%((0)!(>,-!&!
?-(&2!9,(9-&K%8/!&-,&N!!!!
)/"2+%2&,0/''$&(6*"*0%&"*4&+/%&267/+&+'&%450"+6'*&
!
+%,!&00(/(3!(L!)5LL8/8,3#!K5?08/!L532)!#(!K5?08/!,25/(3!8)!(3,!(L!#%,!K-86&-J!M&J)!#%&#!9(>,-36,3#!
,GK-,)),)!8#)!)5KK(-#!L(-!#%&#!),->8/,!&32!&2>&3/,)!#%,!-89%#!#(!,25/(3N!+%,!%56&3!-89%#!#(!,25/(3!
2(,)!3(#!)K,/8LJ!&!Z-89%#!#(!&2,V5&#,0J!L532,2!,25/(3<[!?5#!#%,!K-(9-,))8>,!-,&08P(3!(L!,&/%!(L!#%,!
C")!-,V58-,)!#%,!K-(>8)8(3!(L!&2,V5&#,!L532839!?J!#%,!.#&#,N!"2,V5&#,!L532839!8)!&!3,/,))&-J<!?5#!3(#!
)5LL8/8,3#<!/(328#8(3!L(-!#%,!-,&08P(3!(L!#%,!%56&3!-89%#!#(!,25/(3N!W3!L&/#<!-,V58-839!&228#8(3&0<!
#&-9,#,2!K5?08/!L532839!8)!(3,!(L!#%,!K-86&-J!0,>,-)!?J!M%8/%!/(5-#)!%&>,!)(59%#!#(!6&32&#,!6(-,!
,LL,/#8>,!&32!6(-,!,V58#&?0,!)#&#,!83#,->,3#8(3!83!)5KK(-#!(L!,25/(3N!+%,!&L(-,6,3#8(3,2!Y4=&22#$
/&),!8)!(30J!(3,!,G&6K0,!(L!%(M!#%,!/(5-#)!%&>,!&##,6K#,2!#(!83L05,3/,!K5?08/!L532839!(L!,25/(3NBAQ!
+M,0>,!J,&-)!&L#,-!Y4=&22#<!#%,!1&))&/%5),##)!.5K-,6,!b528/8&0!'(5-#!2,/8)8(3!83!#%,!X")414I$K0N$
=-.041<<$/&),!)599,)#,2!#%&#!#%,!'(66(3M,&0#%!M&)!)#800!L&00839!)%(-#!(L!8#)!(?089(3)!83!#%8)!-,)K,/#NBBA!!!
!
W3!#%,!#M(!2,/&2,)!K-8(-!#(!@AAT<!1&))&/%5),##)F!)K,32839!(3!IUB@!,25/(3!9-,M!?J!BAo!&)!&!
K,-/,3#&9,!(L!)#&#,!EHD<!?5#!#%,!L8)/&0!/-8)8)!-,)50#839!L-(6!#%,!L83&3/8&0!/-8)8)!(L!@AAXU@AAT!&?-5K#0J!
-,>,-),2!#%8)!#-,32N!;J!@ABA<!#%,!J,&-!83!M%8/%!1&))&/%5),##)!K&)),2!#%,!,25/(3!-,L(-6!?800!
6&32͇!L5-#%,-!83/,3#8>,)!L(-!#%,!/-,(3!(L!/%&-#,-!)/%((0)<!#%,!)#&#,!-,>,35,!)%(-#L&00!M&)!@Ao!(L!
#%,!#(#&0!K-(R,/#,2!)#&#,!?529,#N!BBB!!
!
+%,!86K&/#!(L!#%,!/-8)8)!(3!)#&#,!)5KK(-#!(L!,25/(3!&#!#%,!0(/&0!0,>,0!M&)!2-&6/N!W3!#%,!J,&-)!
866,28&#,0J!&L#,-!@AAT<!kC!)#&#,)!&32!#%,!H8)#-8/#!(L!'(056?8&!6&2,!/5#)!#(!IUB@!,25/(3!K-(9-&6)<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
BAQ
!1/H5LLJ!>N!.,/sJ!(L!:G,/5#8>,!OLL8/,!(L!:25/N<!gBc!=N:N@2!cBg!aBQQkdN!
!4&3/(/]!>N!'(66s-!(L!:25/N<!T@@!=N:N@2!BBkC!a@AAcdr!;(($=(-6&!.%&K8-(<!C+($0*"*($0*.<<$'1(0)[*$5-1K.'($(R&"<$
('&4"*.1)<!'O11O=$:"`+4!aH,/N!B<!@AACd<!
%##KeYYMMMN/(66(3M,&0#%6&9&P83,N(-9Y_(8/,)Y\(-56)Y@AACY\&00Y+4:U4"='O'IU'".:U+%,U)#&#,U)#800U2(,)3#U
K-(>82,U,V5&0U,25/(3N&)KGN!
BBB
!b(%3!4((2<!C+($;*"*(0$.)$3-.0.0<!g!="+WO="`!"\\"W7.!a$83#,-!@ABBd<!
%##KeYYMMMN3(3&0&LL&8-)N/(6YK5?08/(3)Y2,#&80Y#%,U)#&#,)U83U/-8)8)N!
BBA
@X!
!
!
!
,>,3!&)!#%,!3,,2!L(-!)5/%!),->8/,)!83/-,&),2NBB@!1&))&/%5),##)!/5#!mBBcNg!68008(3!L-(6!8#)!IUB@!
,25/(3!?529,#!83!@ABB!akod!&32!&0)(!/5#!,&-0J!83#,->,3#8(3!),->8/,)!2,)893,2!#(!K-,K&-,!..=)!L(-!
)/%((0!?J!BgoNBBk!+%,!9-(M#%!(L!#%,!/%&-#,-!)/%((0!),/#(-!&L#,-!#%,!@ABA!K&))&9,!(L!F)$F4*$!(<"*.K($*1$
*+($F4+.(K(H()*$D"5!#((]!K0&/,!83!&3!,G#-,6,0J!28LL8/50#!?529,#&-J!/(3#,G#!L(-!K5?08/!,25/(3!83!
1&))&/%5),##)N!+%,!V5,)#8(3<!(L!/(5-),<!8)!M%,#%,-!(-!3(#!/%&-#,-!,GK&3)8(3!,G&/,-?&#,2l&32!
/(3#835,)!#(!,G&/,-?&#,l#%,!L83&3/8&0!)V5,,P,!(3!#-&28#8(3&0!K5?08/!)/%((0)<!#%,-,?J!532,-683839!#%,8-!
&?808#J!#(!K-(>82,!&2,V5&#,!),->8/,)!#(!#%(),!/%802-,3!-,6&83839!83!#-&28#8(3&0!)/%((0)N!WL!)(<!)5/%!&!
Z2,9-&2(3!,LL,/#[!M(502!?,!&!%56&3!-89%#)!/(3/,-3<!3(#!L(-!#%,!/%802-,3!M%(!&-,!&?0,!#(!&##,32!
/%&-#,-!)/%((0)l&32!)#&J!83!#%,6l?5#!L(-!#%,!65/%!0&-9,-!9-(5K!(L!)#52,3#)!-,6&83839!83!#-&28#8(3&0!
K5?08/!)/%((0)N!!
!
")!6,3#8(3,2!83!#%,!,&-08,-!08)#!(L!/%&-&/#,-8)#8/)!#%&#!2,L83,!/%&-#,-!)/%((0)<!&00!/%&-#,-)!-,/,8>,!K5?08/!
L532)!83!)(6,!L(-6N!+%8)!8)!&!/-8#8/&0!,0,6,3#!(L!#%,!?5)83,))!6(2,0!(L!/%&-#,-)N!")!#%,!/%&-#,-!),/#(-!%&)!
9-(M3<!#%,!2,28/(3!(L!K5?08/!L532)!#(!/%&-#,-)!%&)!83/-,&),2!&//(-28390JN!+%8)!?529,#&-J!)%8L#!%&)!
(//5--,2!K-,/8),0J!&#!#%,!)&6,!#86,!#%&#!6&3J!(L!#%,!K5?08/!)/%((0!28)#-8/#)!#%&#!),32!/%802-,3!#(!
/%&-#,-)!&-,!L&/839!,G#-&(-283&-J!?529,#&-J!/(3)#-&83#)<!)(!#%,!V5,)#8(3!(L!M%,#%,-!(-!3(#!/%&-#,-!
9-(M#%!8)!Z2-&83839[!-,)(5-/,)!L-(6!K5?08/!)/%((0)!V58#,!3-&00J!&-8),)N!"3)M,-839!#%,!V5,)#8(3!
-,V58-,)!&3!,G&683(3!(L!#%,!M&J)!83!M%8/%!?(#%!/%&-#,-)!&32!#-&28#8(3&0!)/%((0)!&-,!L83&3/,2N!+%,!
M&J!)#&#,)!L532!/%&-#,-)!28LL,-)!V58#,!&!?8#<!L-(6!)#&#,!#(!)#&#,N!O3/,!&9&83<!(5-!L(/5)!8)!(3!%(M!#%8)!
2J3&68/!53L(02)!83!#%,!/&),!(L!1&))&/%5),##)N!!
!
B'P+="22"#/(24002+;1)")#42+A*(#"01')+
W3!BQQk<!#%,!1&))&/%5),##)!.5K-,6,!b528/8&0!'(5-#!2,/82,2!#%&#!#%,!K-(K,-#JU#&G!?&),2!)J)#,6!5),2!#(!
L532!)/%((0)!>8(0&#,2!#%,!)#&#,F)!/(3)#8#5#8(3&0!-89%#!#(!,25/(3N!`,98)0&#(-)!/-,&#,2!&!3,M!L532839!
)J)#,6!#(!&##,6K#!#(!/-,&#,!6(-,!,V58#J!83!)/%((0)!&/-())!1&))&/%5),##)N!!
+%,!/(-,!(L!#%8)!3,M!)J)#,6!M&)!#%,!/-,(3!(L!28)#-8/#U)K,/8L8/!<'()*"01')+L(*%402e!M%&#!28)#-8/#)!65)#!
)K,32!83!(-2,-!#(!))LJ!#%,!'(66(3M,&0#%F)!,25/(3!L532839!-,V58-,6,3#N!+%,!L(532(3!?529,#!8)!
&!/(6?83(3!(L!),>,-&0!28LL,-,3#!/&0/50(3)e!
%"0($!"*(e!&!/&0/50(3!L(-!#%,!-&M!&6(53#!(L!6(3,J!&!28)#-8/#!)%(502!?,!)K,32839!(3!,&/%!*#5(!(L!
)#52,3#!a%89%!)/%((0<!68220,!)/%((0<!:3908)%U0&395&9,!0,&-3,-)<!,#/dN!+%,),!356?,-)!2(!3(#!>&-J!?J!
28)#-8/#!^!#%,J!&-,!/(3)8)#,3#!#%-(59%(5#!#%,!)#&#,N!+%,!?&),!-&#,!&0)(!83/052,)!/,-#&83!/&#,9(-8,)!(L!
)#52,3#)!M%(!-,V58-,!&228#8(3&0!L532839r!K-86&-80J!)K,/8&0!,25/(3!)#52,3#)N!
91&)'"*.1)$>)-1<<H()*e!#%,!356?,-!(L!)#52,3#)!#%,!28)#-8/#!,25/&#,)N!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
BB@
!=8/%(0&)!b(%3)(3!,#!&0N<!F)$Z5'"*($1)$;*"*($%&'/(*$3&*0@$F*$B("0*$We$;*"*(0$X"K($OH510('$3&*0$C+"*$X&-*$
n&<)(-"?<($!(0.'()*0$")'$*+($>41)1H#<!':=+:7!O=!;SHE:+!"=H!DO`W'f!D7WO7W+W:.!a\,?N!Q<!@ABBd<!
%##KeYYMMMN/?KKN(-9Y/6)Y*L&i>8,Mj82iB@BCN!
BBk
!O'N$
@T!
!
!
!
`"/($!"*(e!&!/&0/50(3!#%&#!2,#,-683,)!#%,!/()#!(L!0&?(-!83!&!K&-#8/50&-!),/#8(3!(L!#%,!)#&#,N!W#!&KK08,)!&!
650#8K08,-!#(!#%,!?&),!-&#,N!
=(#!,>,-J!28)#-8/#!/(3#-8?5#,)!#%,!)&6,!5(-4()*"/($#(!8#)!L(532(3!?529,#<!%(M,>,-N!H:.:!/(3)82,-)!&!
28)#-8/#F)!)8P,<!8#)!K-(K,-#J!#&G!?&),<!&32!(>,-&00!&?808#J!#(!/(3#-8?5#,!#(!6,,#839!8#)!L(532(3!?529,#<!
&32!2,#,-683,)!8#)!Z3,#!6838656!/(3#-8?5#8(3N[!H8)#-8/#)!M8#%!0868#,2!#&G!?&),)!&32!0(M!K-(K,-#J!#&G!
83/(6,!-,0>,!#(!)/%((0!K(K50(3!/(3#-8?5#,!0,))!#(!#%,!L(532(3!?529,#N!`&M-,3/,<!
1&))&/%5),##)<!L(-!,G&6K0,<!(30J!/(3#-8?5#,)!&?(5#!To!(L!#%,!#(#&0!L(532(3!?529,#!L(-!8#)!)/%((0!
28)#-8/#N!;()#(3F)!&)),))6,3#!83!@ABC!M&)!mgAC!68008(3!(5#!(L!&!L(532(3!?529,#!(L!-(59%0J!mXcA!
68008(3!^!&?(5#!TAoNBBC!!
+%,!9&K!?,#M,,3!M%&#!&!28)#-8/#!%&)!#(!K&J!#(M&-2)!8#)!L(532(3!?529,#!&32!#%,!?529,#!8#),0L!8)!
L532,2!?J!#%,!)#&#,!83!#%,!L(-6!(L!6'#"6+"1*,!+%8)!)#&#,!)5KK(-#!#(!0(/&0!,25/(3!/(6,)!&06()#!,3#8-,0J!
L-(6!'%&K#,-!XA!L532)N!'%&K#,-!XA!8)!#%,!)#&#,!0&M!#%&#!6&32&#,)!)#&#,!)K,32839!#(!)5KK0,6,3#!#%,!
L532839!#%&#!6538/8K&08#8,)!/&3!K-(>82,!#(!#%,8-!K5?08/!)/%((0)N!
E(L61#+<()*1)%+'<+#/"&04&+2#/''62+
1&))&/%5),##)!#-,&#)!/%&-#,-)!&)!,)),3#8&00J!&!)5?),#!(L!&!28)#-8/#F)!)/%((0!)J)#,6N!+%,!'(66(3M,&0#%!
28>,-#)!#(!/%&-#,-!)/%((0)!&!K(-#8(3!(L!#%,!0(/&0!&82!8#!M(502!(-283&-80J!#-&3)L,-!#(!#%,!0(/&0!6538/8K&08#J!
L(-!8#)!28)#-8/#!)/%((0!)J)#,6<!83!(-2,-!#(!K&J!L(-!/%&-#,-!)#52,3#!#58#8(3N!'%&-#,-)!),32!,3-(006,3#!
K-(R,/#8(3)!#(!#%,!)#&#,<!&32!5)839!#%,!)&6,!L(532(3!?&),!-&#,)<!H:.:!/&0/50&#,)!#%,!&6(53#!(L!0(/&0!
&82!&!),32839!28)#-8/#!M(502!3(-6&00J!-,/,8>,!#(!,25/&#,!#%(),!K&-#8/50&-!)#52,3#)!83!28)#-8/#!)/%((0)<!&32!
&00(/&#,)!#%&#!&6(53#!#(!/%&-#,-)!83)#,&2N!+%8)!-,25/#8(3!83!0(/&0!&82!#(!#%,!K5?08/!)/%((0!28)#-8/#!8)!
&5#(6/!532,-!#%,!@ABA!0&MN!+%8)!L532839!8)!-,L,--,2!#(!&)!&!28)#-8/#F)!#/"&04&+0(101')R+L(0+10+12+
1CH'&0")0+0'+)'04+0/"0+0/4+*120&1#0+)4?4&+2442+0/12+0(101'),+9/4+0&")2<4&+12+C"*4+*1&4#06K+<&'C+0/4+
3'CC')P4"60/+0'+4"#/+#/"&04&+2#/''6,+
)/"2+%2&;0/''$&=6*"*06*7&"*4&C5#$60&;0/''$&8547%+&)5+,&
!
W3!)%(-#!(-2,-<!'%&K#,-!XA!L532839!a),,!?(Gd!?,/&6,!&3!86K(-#&3#!K&-#!(L!#%,!'(66(3M,&0#%F)!)/%((0!
L532839!K8/#5-,N!+%8)!)#&#,!&82!#(!0(/&0!)/%((0!28)#-8/#)!M&)!6()#!86K(-#&3#!83!28)#-8/#)!M8#%!08##0,!0(/&0!
/&K&/8#J!#(!L532!#%,8-!)/%((0)<!?5#!8#!?,/&6,!&!)8938L8/&3#!)(5-/,!(L!)/%((0!L532839!L(-!&00!?5#!#%,!)#&#,F)!
M,&0#%8,)#!/8#8,)!&32!#(M3)N!+%,!2,/8)8(3!#(!5),!'%&K#,-!XA!L532)!#(!L83&3/,!/%&-#,-!)/%((0)l6&2,!
>8-#5&00J!&#!#%,!)&6,!#86,!&)!'%&K#,-!XA!/&6,!83#(!,G8)#,3/,l),#!5K!&!0&#,3#!/(3L08/#!?,#M,,3!#%,!
9-(M#%!(L!#%,!/%&-#,-!),/#(-!&32!K5?08/!)/%((0!L532839<!,)K,/8&00J!83!K((-,-!/8#8,)!&32!#(M3N!")!0(39!&)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
BBC
!.,,!;4+11<$9.)")4(@$3+"5*(-$hG$:-1/-"H$g$9]UW$3+"5*(-$hG$F.'$")'$A(*$;4+11<$;5()'.)/$!(R&.-(H()*0<!
1&))&/%5),##)!H,K&-#6,3#!(L!:0,6,3#&-J!&32!.,/(32&-J!:25/(3!ab50J!B@<!@ABkd<!
%##KeYYMMMN2(,N6&))N,25YL83&3/,Y/%&K#,-XAY/%&K#,-hBCN%#60<!#(!2(M30(&2!&!/(KJ!(L!#%,!Z.566&-J!/%&-#[!
)K-,&2)%,,#!M%8/%!83/052,)!#%,!L(532(3!?529,#!356?,-)!L(-!;()#(3!&32!&00!(#%,-!1&))N!)/%((0!28)#-8/#)N!
!
@Q!
!
!
!
#%,!/%&-#,-!),/#(-!-,6&83,2!)6&00<!&32!#%,!'%&K#,-!XA!K(#!9-,M!)#,&280J<!#%8)!/(3#-&28/#8(3!M&)!3(#!
,>82,3#!&32<!#%,-,L(-,<!M&)!3(#!&!/&5),!(L!9-,&#!/(3/,-3!#(!#-&28#8(3&0!K5?08/!)/%((0)!(-!,25/(3!
&2>(/&#,)N!!!D-,28/#&?0J<!#%,!#,3)8(3!/-,&#,2!?J!#%8)!L532839!)#-&#,9J!L(-!/%&-#,-!)/%((0)!?,9&3!#(!
83#,3)8LJ!83!#%,!L&/,!(L!#%,!28LL8/50#!/(6?83(3!(L!L8)/&0!K-,))5-,!(3!K5?08/!,25/(3!?529,#)!&32!
0,98)0>,!-,L(-6)!,3/(5-&9839!/%&-#,-!)/%((0!,GK&3)8(3N!")!#%,!/%&-#,-!),/#(-!?,9&3!#(!9-(M!6(-,!
V58/]0J!#%&3!#%,!)8P,!(L!#%,!'%&K#,-!XA!&KK-(K-8(3<!/%&-#,-!)/%((0!#58#8(3!K&J6,3#)!?,/&6,!&3!,>,-U
9-,&#,-!K,-/,3#&9,!(L!'%&K#,-!XA!&82N!!
!
O>,-!#86,<!#%8)!%&)!6,&3#!0,))!0(/&0!&82!L(-!)/%((0!28)#-8/#)<!,)K,/8&00J!#%(),<!)5/%!&)!;()#(3<!M%8/%!%&>,!
)(6,!L83&3/8&0!/&K&/8#J!#(!)5KK(-#!#%,8-!(M3!)/%((0)N!W3!;()#(3<!'%&K#,-!XA!L532)!&//(53#,2!L(-!kBo!(L!
#%,!;D.!?529,#!83!BQQQN!W3!#%,!3,M!@ABCUBc!?529,#<!#%(),!L532)!&//(53#,2!L(-!(30J!Bko!(L!K-(R,/#,2!
K5?08/!)/%((0!(5#0&J)N!;()#(3!8)!9-&25&00J!-,#5-3839!#(!#%,!K-(K,-#J!#&GU?&),2!)J)#,6!(L!L532839!
#-&28#8(3&0!)/%((0)!#%&#!M&)!)#-5/]!2(M3!?J!#%,!Y4=&22#!2,/8)8(3N!.(!/0,&-!8)!#%,!#-,32!#%&#!W3#,-86!;D.!
.5K,-83#,32,3#!b(%3!1/H(3(59%!-,6&-],2!#(!#%,!;()#(3!E0(?,!#%&#!%,!/(502!,3>8)8(3!&!2&J!M%,3!&00!
'%&K#,-!XA!L532839!M800!,32!5K!83!/%&-#,-!)/%((0)NBBc!!\895-,)!@!j!k<!?,0(M<!8005)#-&#,!#%,!2(5?0,U
M%&66J!(L!#%,!2,/083,!83!(>,-&00!'%&K#,-!XA!&00(/(3)!#(!;()#(3!&32!#%,!&//,0,-&#,2!28>,-)8(3!(L!#%&#!
)%-83]839!K8,/,!(L!#%,!K8,!#(!/%&-#,-!)/%((0)N!!!
;1%(&4+F+
9&4)*2+1)+3/"H04&+>Y+"1*+0'+!'20')+DY-YS-O--8+
+
A%&A%),D#0#&"E&>()?$+*&@1&8$)$+&A0B&$"&!"#$"%
$!!
:",,)*#&;<0,,0"%#=
+
+
+
+
+
+
+
+
+
+
+
+
#"!
!"#$"%&567,0'&8'("",#
#!!
%&-&2.9&0%&.12/
!"#$"%&'()*$+*
#'("",#
%&-&./&0%&.12/
"!
!
.114
.121
.122
.12.
.123
.12/
>()?$+*&@1&A0B&C&>0$D&"E&!"#$"%
!"#$%&'(&)"*+,*-&./%-+/-0&1/+,/-&23'4*5&65%//4&$#"7-,
8#,#&9"/:&;#++#5%3+7,,+&87$#",:7-,&/9&<=35#,*/-&>7'+*,7?&%,,$?@@$"/9*47+A=/7A:#++A7=3@
B*,(&/9&1/+,/-&13=C7,&;#-#C7:7-,&>7'+*,7?&%,,$+?@@DDDA5*,(/9'/+,/-AC/E@'3=C7,@
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
BBc
!b&6,)!_&P38)<!3&*0$.)$0*"*($".'$+"K($%10*1)[0$04+11<0$0*-".).)/<!+%,!;()#(3!E0(?,$ab&3N!@B<!@ABCd<!
%##KeYYMMMN?()#(390(?,N/(6Y6,#-(Y@ABCYABY@BY?()#(3U)/%((0U2,K&-#6,3#U/(3#,32)UM8#%U)%-83]839U)#&#,U
&82YcX>>bBM3`S7-A1HkC$296OY)#(-JN%#60N!
BBg
!E-&K%8/!/-,&#,2!?J!;()#(3!D5?08/!./%((0)!K&-,3#<!I-8)#83!b(%3)(3<!L-(6!2&#&!K5?08)%,2!?J!1&))N!H,KF#!(L!
:0,6,3#&-J!&32!.,/(32&-J!:25/N!&32!#%,!'8#J!(L!;()#(3!OLL8/,!(L!;529,#!1&3&9,6,3#N!;((!:-12.<(0<!1"..N!H:DF+!O\!
:`:1:=+"7f!"=H!.:'O=H"7f!:HS'N<!%##KeYYK-(L80,)N2(,N6&))N,25Y!a0&)#!>8)8#,2!=(>N!c<!@ABCdr!9]Ul$F'15*('$%&'/(*$
j_&<#$U6$8GUWQ_&)($VG6$8GUl^<!'W+f!O\!;O.+O=!O\\W':!O\!;SHE:+!1"="E:1:=+<!%##KeYYMMMN/8#J(L?()#(3N9(>Y?529,#Y!
a0&)#!>8)8#,2!=(>N!c<!@ABCdN!
kA!
!
!
!
;1%(&4+8+
G66'#"01')+'<+3/"H04&+>Y+;()*2+0'+!'20')+
#/"&04&+2#/''62+")*+0&"*101')"6+H(L61#+2#/''62-->+
+
!""#$%&'()*+#,&#(-,*./%0&12*34*2151(617*89:4;<
!"37=44!*"#$%&'#"()'(*+(,-./#&/("0-112"(/&0&)3&*<:>**14(#-&('&#(,-.5#&/(67(4$'%)'8
!"?374449**"#$%&'#"()'(!*:(;1"#1'(<$=2)0(>0-112"(/&0&)3&(?@>**14(#-&('&#(,-.5#&/(67(4$'%)'8
+#,&#(
*C6D"'$
**E$/##",*,&6B1(&,
<:>
,-.5#&/(67((((((
4$'%)'8((((((((
./%2&12
,$/##"
,&6B1(&,
?@>
((((,-.5#&/(67((((((
(((((((4$'%)'8(((((((
A*;7444*,&6B1(&,
!""#$%&'(")*"+,-!.("/0'12"!34"8&,'#5(#"94:7.-,(#9#&.,-(5&;-&.9(-%7('%#"-7"('#$(#"7(0<7"=,-#-7>?(#2&"567869":%6;&<
((((%--$@AABBB?)0,-0.950)7?'0:ACDEFADGAEHA;&,'#5=#"94:7.-,=#9#&.,-=5&;-&.9='%#"-7"='#$=#"7=0<7"=,-#-7>A3I0BJC43E"KL$MNOP$Q&R3A,-0"*?%-:5
,""=0>9?7("@"+,-!.("@09A0'$",!4"N4-,(&.(,-#-7(#&>(%#<7(20,-0.S,(,'%005,(,-"#&.&.9?(#2&"567869":%6;&<
(((%--$@AABBB?)0,-0.950)7?'0:A:7-"0ACDEFADEACEA)0,-0.=,'%005=>7$#"-:7.-='0.-7.>,=B&-%=,%"&.T&.9=,-#-7=#&>AUH<</EB.VJW"DXYGFR>9:ZA,-0"*?%-:5
B""C0187("C?DA'&7"09E"*&F6'87("20,-0.(34)5&'(6'%005,@(288FGHHIII<;67869FA;%?171266%7<6'DHE6J0?9H,BK
!"#$%&'()*(+"&,-&.(/0%.,0.1(20,-0.(34)5&'(6'%005($#"7.-
!
+
+%,!2,/083,!83!'%&K#,-!XA!L532839!L(-!;()#(3F)!#-&28#8(3&0!K5?08/!)/%((0)!8)!?,J(32!28)K5#,N!\(-!/%&-#,-!
&2>(/&#,)<!%(M,>,-<!#%8)!2(,)!3(#!6,&3!#%&#!/%&-#,-!9-(M#%!8)!532,-683839!#%,!#-&28#8(3&0!K5?08/!
)/%((0)N!+%,J!?&),!#%8)!&-956,3#!(3!#M(!6&83!K(83#)e!
BN $%,3!'%&K#,-!XA!L532)!Z9(!M8#%!#%,!)#52,3#[!#(!/%&-#,-)<!#%,!,GK,3),)!-,0&#,2!#(!,25/͇!
#%&#!/%802!&0)(!9(!M8#%!#%,!)#52,3#!)83/,!#%,!),32839!)/%((0!3(!0(39,-!%&)!#(!,25/&#,!#%&#!/%802N!
")!&!-,)50#<!#%,-,!8)!3(!3,#!L83&3/8&0!0())!#(!#%,!),32839!)/%((0r!&32!
@N :>,3!8L!)(6,!,GK,3),)!2(3F#!Z9(!M8#%!#%,!)#52,3#<[!#%,!'(66(3M,&0#%!%&)!,)#&?08)%,2!&!
),K&-&#,!L532!a3+"5*(-$We@$F)$F4*$!(<"*.K($*1$3+"-*(-$;4+11<0UU7d!#(!-,86?5-),!K5?08/!)/%((0!
28)#-8/#)!L(-!#%,!L532)!#%,J!0(),!83!/%&-#,-!#58#8(3NBBQ!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
BBX
!E-&K%8/!/-,&#,2!?J!;()#(3!D5?08/!./%((0)!K&-,3#<!I-8)#83!b(%3)(3<!?&),2!(3!83L(-6(3!L-(6!+%,!;()#(3!E0(?,!
&32!;()#(3!D5?08/!./%((0)N!;(($!.&65,0!7N!+J0,-<!9.04"<$"-/&H()*0$"/".)0*$<.2*.)/$*+($4+"-*(-$4"5$"-($1K(-Q0*"*('<!
+4:!;O.+O=!E`O;:!a1&-/%!BX<!@ABCd<!%##KeYYMMMN?()#(390(?,N/(6Y@ABCYAkYBXYL8)/&0U&-956,3#)U&9&83)#U08L#839U
/%&-#,-U/&KU&-,U(>,-U)#&#,2YDR(MS@5DB-_fKx'n+KV8$DY)#(-JN%#60r!_&P38)<!0&5-"!3(#,!BBcr!9"4*06$9./&-(0$")'$
!(51-*0<!;O.+O=!DS;`W'!.'4OO`.<!%##KeYYMMMN?()#(3K5?08/)/%((0)N(-9Y2(6&83Y@kT!a0&)#!>8)8#,2!=(>N!c<!@ABCdN!
BBT
!'%&K#,-!Cg!M&)!K&)),2!83!BQQX<!&L#,-!#%,!`,98)0-,!-,&08P,2!#%,!L83&3/8&0!K-(?0,6)!/-,&#,2!?J!#%,!M&J!/%&-#,-)!
M,-,!L83&3/,2N!+%,!K-86&-J!-,)50#!(L!#%,!?800!M&)!#%,!/-,(3!(L!&!-,86?5-),6,3#!L(-650&!#%-(59%!M%8/%!#%,!
'(66(3M,&0#%!M(502!-,86?5-),!)/%((0!28)#-8/#)!0()839!/%&-#,-!)/%((0)!L(-!&!K&-#!(L!#%,!-,>,35,)!0()#!M%,3!
L532839!ZM,3#!M8#%!#%,!)#52,3#N[!:LL,/#8>,0J<!'%&K#,-!Cg!)%8L#)!&!K&-#!(L!#%,!?5-2,3!(L!L532839!/%&-#,-)!#(!#%,!
.#&#,<!>8&!&!)(5-/,!),K&-&#,!L-(6!0(/&0!&82!#(!)/%((0)N!!
kB!
!
!
!
!
+%,!L8-)#!K(83#!8)!/0,&-0J!3(#!#%,!/&),<!&32!#%,!,G8)#,3/,!(L!#%,!'%&K#,-!Cg!-,86?5-),6,3#!K-(9-&6!
)599,)#)!#%&#!#%,!0,98)0-,!8)!&M&-,!(L!#%,!6&3&9,6,3#!K-(?0,6!K(),2!?J!#%,!0())!(L!-,>,35,!#(!
/%&-#,-!#58#8(3N!+%,!-,86?5-),6,3#)!%,0K<!?5#!?(#%!#%,8-!)#-5/#5-,!&32!#%,!L&/#!#%&#!#%,J!2(!3(#!(//5-!
,>,-J!J,&-!6,&3!#%&#!#%,J!2(!3(#!,08683&#,!#%,!L83&3/8&0!K-(?0,6)!/&5),2!?J!/%&-#,-!9-(M#%N!!
W3!L&/#<!#%,!2,/083,!83!'%&K#,-!XA!L532)!#(!)/%((0)!),32839!)#52,3#)!#(!/%&-#,-)!0,&>,)!28)#-8/#)!M8#%!&!
6&R(-!6&3&9,6,3#!/%&00,39,N!1()#!28)#-8/#)!83!M%8/%!#%,!,G(25)!#(!/%&-#,-)!%&)!?,,3!-,0>,0J!)6&00l
#%,!>&)#!6&R(-8#J!(L!K5?08/!28)#-8/#)l%&>,!9,3,-&00J!?,,3!&?0,!#(!6&3&9,!&-(532!#%,!0())N!+%,!5-?&3!
28)#-8/#)!#%&#!%&>,!0()#!#%,!6()#!)#52,3#)!#(!/%&-#,-)!%&>,!L&/,2!#%,!?899,)#!L83&3/8&0!/%&00,39,!25,!#(!
/%&-#,-!,GK&3)8(3N!+%,!/%&00,39,!%&)!/(6,!&#!&!#86,!(L!9,3,-&08P,2!L83&3/8&0!)#-,))<!M%,3!#%,),!28)#-8/#)!
%&>,!?,,3!0,&)#!&?0,!#(!2,&0!M8#%!8#N!+%,!/0()839!(L!650#8K0,!)/%((0)!%&)!?,,3!#%,!(30J!M&J!#%&#!)5/%!
28)#-8/#)!/&3!/5#!,GK,3),)!(3!&!)/&0,!#%&#!?,983)!#(!6&#/%!0()#!-,>,35,)N!$%80,!#%8)!&KK,&-)!&)!&!
K,-L,/#0J!(?>8(5)!)(05#8(3<!83!-,&0!08L,!8#!%&)!?,,3!&!K&83L50!&32!/(3#,3#8(5)!K-(/,))!#%&#!#&],)!#86,!&32!
/-,&#,)!#-,6,32(5)!28)0(/(3!83!#%,!08>,)!(L!K,(K0,!/(33,/#,2!#(!)/%((0)!),0,/#,2!L(-!/0()5-,NB@A!!
W3!@ABk<!1((2JF)!W3>,)#(-!.,->8/,)!/(325/#,2!&!)#52J!(L!#%,!L83&3/8&0!-8)])!#(!6538/8K&08#8,)!-,)50#839!
L-(6!#%,!9-(M#%!(L!#%,!/%&-#,-!),/#(-N!1((2JF)!K5-K(),!M&)!#(!/(66,3#!(3!#%,!/-,28#!M(-#%83,))!(L!
#%,!6538/8K&08#8,)!L532839!)/%((0!28)#-8/#)N!+%,!-,K(-#<!,3#8#0,2!Z'%&-#,-!./%((0)!D(),!E-(M839!78)])!L(-!
S-?&3!D5?08/!./%((0)<[B@B!)599,)#)!#%&#!/%&-#,-!&2>(/&#,)!6&J!?,!532,-,)#86͇!#%,!86K&/#!(L!/%&-#,-!
9-(M#%!(3!#-&28#8(3&0!)/%((0)N!1((2JF)!(M3!K-,))!-,0,&),!(3!#%,!-,K(-#!V5(#,)!(3,!(L!#%,!&5#%(-)!(L!
#%,!-,K(-#!)&J839e!!
!
o`+.<($*+($K"0*$H"\1-.*#$12$*-"'.*.1)"<$5&?<.4$'.0*-.4*0$"-($H")"/.)/$*+-1&/+$*+($-.0($12$4+"-*(-$
04+11<0$E.*+1&*$"$)(/"*.K($4-('.*$.H5"4*6$"$0H"<<$?&*$/-1E.)/$)&H?(-$2"4($2.)")4."<$0*-(00$'&($
*1$*+($H1K(H()*$12$0*&'()*0$*1$4+"-*(-0NoU88!
!
+%,!-,K(-#F)!/(U&5#%(-!/(3#835,)e!
!
![.+.2*0$.)$0*&'()*$()-1<<H()*$2-1H$'.0*-.4*$04+11<0$*1$4+"-*(-06$E+.<($-(0&<*.)/$.)$"$*-")02(-$12$"$
51-*.1)$12$'.0*-.4*$-(K()&(0$*1$4+"-*(-$04+11<06$'1$)1*$*#5.4"<<#$-(0&<*$.)$"$2&<<$0+.2*$12$15(-"*.)/$
410*0$"E"#$2-1H$'.0*-.4*$5&?<.4$04+11<0NbU8V!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
BBQ
!\(-!#%,!K,-)K,/#8>,!(L!#%,!1&))&/%5),##)!'%&-#,-!D5?08/!./%((0!"))(/8(3!(3!/%&-#,-!)/%((0!86K&/#!(3!K5?08/!
)/%((0!L83&3/839<!),,!3+"-*(-$;4+11<$Y#*+0$")'$!("<.*.(0<!1"..N!'4"7+:7!DS;`W'!.'4N!"..F=<!
%##KeYY6&))/%&-#,-)/%((0)N(-9Y6J#%)*L8,02h8))5,)h#82iC!a0&)#!>8)8#,2!=(>N!c<!@ABCdN!
B@A
!;(($_&0,-8,!.#-&5))<!F$'1P()$5-1?<(H0$E.*+$4+"-*(-$04+11<0<$+4:!$".4W=E+O=!DO.+!a1&J!@A<!@ABCd<!
%##KeYYMMMNM&)%839#(3K()#N/(6Y?0(9)Y&3)M,-U)%,,#YMKY@ABCYAcY@AY&U2(P,3UK-(?0,6)UM8#%U/%&-#,-U)/%((0)Yr!
.#,>,3!f&//83(!j!1(#(](!78/%<!3+.4"/1$;"#0$O*$`.<<$3<10($lW$:&?<.4$;4+11<0<!+4:!=:$!fO7I!+W1:.!a1&-/%!@B<!@ABkd<!
%##KeYYMMMN3J#86,)N/(6Y@ABkYAkY@@Y,25/(3Y/%8/&9(U)&J)U8#UM800U/0(),UcCUK5?08/U)/%((0)N%#60*h-iAN!
B@B
!E0(?&0!'-,28#!7,),&-/%<!Y11'#[0@$3+"-*(-$04+11<0$510($/-("*(0*$4-('.*$4+"<<()/($*1$04+11<$'.0*-.4*0$.)$
(41)1H.4"<<#$E("I$&-?")$"-("0<!1OOHfF.!W=_:.+O7.!.:7_W':!aO/#N!Bc<!@ABkd<!
%##K)eYYMMMN6((2J)N/(6Y-,),&-/%Y1((2J)U'%&-#,-U)/%((0)UK(),U9-,&#,)#U/-,28#U/%&00,39,U#(U)/%((0U28)#-8/#)UU
D7h@TCcAcN!
B@@
!O'N!!
k@!
!
!
!
!
.8G!6(3#%)!&L#,-!#%,!1((2JF)!-,K(-#!M&)!-,0,&),2<!&!$&)%839#(3!D()#!?0(99,-!)566&-8P,2!8#)!L832839)!
&)!L(00(M)e!
!
`+.<($4+"-*(-0$"-($(K(-#E+(-($d$.)$"*$<("0*$WU$0*"*(0$d$*+(#$*()'$*1$H"I($&5$"$?.//(-$0+"-($12$
*1*"<$()-1<<H()*$.)$&-?")$"-("0N$F)'$01H($&-?")$'.0*-.4*0$2"4($"$'1E)E"-'$05.-"<$'-.K()$?#$
515&<"*.1)$'(4<.)(0N$O*$?(/.)0$E.*+$5(15<($<("K.)/$*+($4.*#$1-$'.0*-.4*N$C+()$-(K()&($'(4<.)(06$
<("'.)/$*1$5-1/-"H$")'$0(-K.4($4&*0N$C+($4&*0$<("'$5"-()*0$*1$0((I$1&*$"<*(-)"*.K(06$")'$4+"-*(-0$
4"5*&-($H1-($0*&'()*0N$F0$()-1<<H()*$0+.2*0$*1$4+"-*(-06$5&?<.4$'.0*-.4*0$<10($H1-($-(K()&(6$")'$
*+"*$4")$<("'$*1$H1-($4&*0N$!.)0(6$-(5("*NU8W$
$
$
1&))&/%5),##)!28)#-8/#)!%&>,!%&2!6&3J!&2>&3#&9,)!83!#%8)!-,9&-2!(>,-!#%(),!83!(#%,-!)#&#,)N!$%,3!#%,!
L83&3/8&0!/-8)8)!%8#<!)#&#,!,25/(3!?529,#)!%&2!?,,3!(3!&!)#,,K!83/-,&),!L(-!),>,-&0!J,&-)N!;()#(3F)!
,/(3(6J!M&)!83!?,##,-!L8)/&0!)%&K,!#%&3!(#%,-!/8#8,)<!)5/%!&)!H,#-(8#!(L!D%80&2,0K%8&N!"32<!L83&00J<!3(#!&00!
)#&#,)!K5#!83!K0&/,!&!-,86?5-),6,3#!K0&3!08],!#%,!'%&K#,-!Cg!?800N!$%80,!#%,!L8)/&0!/-8)8)!83!;()#(3F)!
)/%((0)!%&)!?,,3!)0(M,-!#(!53L(02!&32!0,))!),>,-,!#%&3!#%&#!(L!)(6,!(#%,-!/8#8,)<!#%,!28>,-)8(3!(L!
'%&K#,-!XA!L532)!#(!/%&-#,-!)/%((0)!%&)!%,0K,2!/-,&#,!L83&3/8&0!K-(?0,6)!83!#%,!5-?&3!)/%((0!28)#-8/#)<!
>,-J!65/%!&)!1((2JF)!2,)/-8?,)N!!
!
1&3J!,GK,3),)!&))(/8&#,2!M8#%!K5?08/!,25/(3!&-,!,8#%,-!L8G,2!(-!83,0&)#8/<!2,/083839!>,-J!08##0,!M8#%!
#%,!2,K&-#5-,!(L!)6&00!356?,-)!(L!)#52,3#)N!.5/%!,GK,3),)!2(!3(#!)86K0J!>&38)%!M%,3!&!356?,-!(L!
)#52,3#)!2,K&-#!L(-!/%&-#,-!)/%((0)N!'%&K#,-!Cg!-,86?5-),6,3#)<!,>,3!M%,3!#%,J!&-,!L500J!L532,2!?J!
#%,!`,98)0-,<!2(!3(#!/(>,-!#%(),!L8G,2!,GK,3),)N!!
D,-)(33,0!/()#)<!/&K8#&0!(5#0&J)!&32!#-&3)K(-#(3!/()#)!&-,!&6(39!#%,!/()#)!#%&#!(K,-&#,!83!#%8)!M&JN!W3!
#%,!/&),!(L!#-&3)K(-#(3<!#%,!0&M!-,V58-,)!28)#-8/#)!#(!K-(>82,!#%,!)&6,!#-&3)K(-#(3!#(!/%&-#,-!
)/%((0!)#52,3#)!M8#%83!#%,!28)#-8/#!&)!#%,J!K-(>82,!#(!K5?08/!)/%((0!)#52,3#)N!'%&-#,-)!2(!3(#!-,86?5-),!
28)#-8/#)!L(-!#%8)!,GK,3),N!!
S)839!;()#(3!&)!&3!,G&6K0,<!8#!/()#)!#%,!28)#-8/#!mB<kCk!K,-!/&K8#&<!&335&00J<!#(!#-&3)K(-#!)#52,3#)N!")!(L!
.,K#,6?,-!(L!\fBC<!k<TCX!/%&-#,-!)/%((0!)#52,3#)!M,-,!#-&3)K(-#,2!?J!#%,!;D.!&#!&!/()#!(L!-(59%0J!mc!
68008(3NB@c!$%,3!&!)#52,3#!#-&3)L,-)!#(!&!/%&-#,-<!#%,-,!8)!3(!/()#!)&>839!530,))!#%&#!)#52,3#!M&)!,0898?0,!
L(-!#-&3)K(-#!M%,3!&##,32839!&!#-&28#8(3&0!K5?08/!)/%((0<!?5#!08>,)!)(!/0(),!#(!#%,!/%&-#,-!)/%((0!#%&#!)Y%,!
8)!3(!0(39,-!,0898?0,!L(-!28)#-8/#!#-&3)K(-#(3N!+-&3)K(-#(3!8)!&3!535)5&0!/&),!?,/&5),!#%,!)/%((0!
28)#-8/#!65)#!/(3#835,!#(!&?)(-?!#%,!/()#)!(L!/%&-#,-!)#52,3#)!?J!0&M<!?5#!#%,-,!&-,!6&3J!(#%,-!/()#)!L(-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
B@k
!O'N!!
!=8-&R!'%(])%8<!3+"-*(-$04+11<0$"-($+&-*.)/$&-?")$5&?<.4$04+11<06$Y11'#[0$0"#0<$+4:!$".4W=E+O=!DO.+!aO/#(?,-!Bc<!
@ABkd<!%##KeYYMMMNM&)%839#(3K()#N/(6Y?0(9)Y9(>?,&#YMKY@ABkYBAYBcY/%&-#,-U)/%((0)U&-,U%5-#839U5-?&3U
K5?08/U)/%((0)U6((2J)U)&J)YN!
B@c
!;()#(3!153N!7,),&-/%!;5-,&5<!.D:'W"`!7:DO7+e!'4"7+:7!.:"+!E7O$+4!.4OS`H!H7W_:!;D.!7:\O71!c!a.,KN!BT<!@ABkdN!
+%,!;17;!3(#,)!#%&#!8#!M(502!?,!/(3),->>,!#(!5),!#%,!)&6,!/()#!K,-!K5K80!,)#86&#,!L(-!;D.!&32!/%&-#,-!)/%((0!
)#52,3#)<!?,/&5),!/%&-#,-!)#52,3#)!2(!3(#!3,/,))&-80J!08>,!3,&-!#%,8-!)/%((0)!&32!&//(53#!L(-!&!%89%,-!356?,-!(L!
680,)!#-&>,0,2!83!#%,!28)#-8/#!#%&3!#%,J!2(!),&#)!(3!#%,!?5),)N!
B@C
kk!
!
!
!
M%8/%!(K,-(3&0<!-&#%,-!#%&3!0,9&0<!86K,->,)!0,&2!#(!&!)8680&-!-,)50#N!WL!#%-,,!)#52,3#)!0,&>,!&!28)#-8/#!
)/%((0!#(!&##,32!&!/%&-#,-!)/%((0!L(-!E-&2,!g<!#%,!28)#-8/#!/&33(#!0&J!(LL!&!)8G#%!9-&2,!#,&/%,-e!#%,!)/%((0!
(K,-&#,)!#%,!)8G#%!9-&2,!/0&))!M8#%!#%-,,!L,M,-!)#52,3#)<!&32!K-(K(-#8(3&00J!0,))!-,>,35,!#(!/(>,-!8#)!
,GK,3),)!L(-!E-&2,!gN!+%,!)&6,!&-956,3#!&KK08,)!#(!&00!L8G,2!/()#)!-,0&#,2!#(!#%,!)/%((0!?5802839<!M%8/%!
2(!3(#!&5#(6/&00J!2,/083,!M%,3!&!L,M!)#52,3#)!0,&>,!#%,!)/%((0N!!
$%,3!/%&-#,-!)/%((0)!,GK&32!83!)8P,!&32!356?,-<!#%,-,L(-,<!#%,!),32839!28)#-8/#!0(),)!6(-,!83!#58#8(3!
K&J6,3#)!#%&3!8#!9&83)!L-(6!/()#!)&>839)N!+%,!#58#8(3!9(,)!M8#%!#%,!)#52,3#<!?5#!6&3J!(L!#%,!/()#)!2(!
3(#N!W3!#%,!?,9833839<!#%8)!8)!3(#!&!)8938L8/&3#!L&/#(-!L(-!&!0&-9,!)/%((0!28)#-8/#<!?5#!&)!#%,!/%&-#,-!),/#(-!
9-(M)<!#%8)!-,)(5-/,!2-&83!%&)!6(-,!(L!&3!,LL,/#N!!!
")!)599,)#,2!&?(>,<!6&3J!/%&-#,-!)5KK(-#,-)!&/]3(M0,29,!#%&#!)/%((0!28)#-8/#)!/&33(#!-,/(>,-!&00!0()#!
#58#8(3!K&J6,3#)!83!/()#!)&>839)<!?5#!#%,J!83)8)#!#%&#!'%&K#,-!Cg!L532839!/(6,)!#(!#%,!-,)/5,NB@g!S32,-!
'%&K#,-!Cg<!#%,!'(66(3M,&0#%!-,86?5-),)!),32839!28)#-8/#)!L(-!BAAo!(L!0()#!#58#8(3!L(-!#%,!L8-)#!J,&-!
#%&#!&!)#52,3#!0,&>,)!L(-!&!/%&-#,-!&32!#%,3!-,K0&/,)!@co!(L!#%(),!0()),)!L(-!J,&-)!@UcN!"L#,-!#%&#<!#%,!
),32839!28)#-8/#!-,/,8>,)!3(!-,86?5-),6,3#!>8&!'%&K#,-!CgN!!
'%&K#,-!Cg!-,86?5-),6,3#)!&22-,))!)(6,!(L!#%,!L83&3/8&0!8))5,)!/-,&#,2!?J!/%&-#,-!9-(M#%<!?5#!#%,J!2(!
3(#!)(0>,!#%,!K-(?0,6N!+%,!(-8983&0!L(-650&!L(-!-,86?5-),6,3#!M&)!BAAUgAUCA<!6,&3839!#%&#!28)#-8/#)!
M(502!-,/,8>,!L500!K&J6,3#!L(-!0()#!#58#8(3!83!#%,!L8-)#!J,&-<!gA!K,-/,3#!(L!#%&#!&6(53#!83!J,&-!@<!&32!CA!
K,-/,3#!83!J,&-!kN!"00!-,86?5-),6,3#!M(502!)#(K!&L#,-!J,&-!#%-,,<!(3!#%,!&))56K#8(3!#%&#!28)#-8/#)!M(502!
%&>,!-,)#-5/#5-,2!#(!,08683&#,!&00!(L!#%,!3,/,))&-J!,GK,3),)!?J!#%&#!#86,N!H8)#-8/#)!6&2,!&!)#-(39!/&),!
#%&#!8#!M&)!86K())8?0,!#(!-,)#-5/#5-,!&M&J!,GK,3),)!83!#%&#!)%(-#!#86,!L-&6,<!)(!#%,!0,98)0-,!/%&39,2!
#%,!L(-650&!#(!#%,!/5--,3#!&--&39,6,3#!aBAAU@cU@cU@cU@cdN!+%8)!,G#,32,2!#%,!#86,L-&6,!(L!
-,86?5-),6,3#)<!?5#!0(M,-,2!-,86?5-),6,3#)!83!J,&-)!#M(!&32!#%-,,N!+%8)!(?>8(5)0J!6&],)!#%,!,V5&00J!
V5,)#8(3&?0,!&))56K#8(3!#%&#!28)#-8/#)!/&3!-,)#-5/#5-,!&M&J!Xco!(L!#%,!,GK,3),)!-,0&#,2!#(!/%&-#,-!
#58#8(3!0()),)!83!#%,!L8-)#!J,&-!&L#,-!#%,!0()),)N!"3!(//&)8(3&0!28)#-8/#!6&J!?,!&?0,!#(!2(!#%8)<!?5#!#%8)!8)!
/,-#&830J!3(#!#%,!/&),!L(-!#%,!6&R(-8#J!(L!5-?&3!)/%((0!28)#-8/#)!0()839!)8938L8/&3#!356?,-!(L!)#52,3#)!#(!
/%&-#,-)!,&/%!J,&-N!!
$%80,!#%,),!-,86?5-),6,3#)!&-,!0,9&00J!6&32&#,2<!#%,J!&-,!3(#!&5#(6/N!+%,!0,98)0-,!65)#!
&KK-(>,!&!)K,/8&0!&KK-(K-8(3!L(-!#%8)!K5-K(),<!&32!#%&#!&KK-(>&0!8)!3,>,-!)#-&89%#L(-M&-2N!W3!&#!0,&)#!
L(5-!),K&-&#,!J,&-)!)83/,!#%,!K-(9-&6!?,9&3<!83/052839!@ABC<!#%,!`,98)0-,!L&80,2!#(!&KK-(>,!#%,!L500!
-,86?5-),6,3#!&KK-(K-8(3<!&32!6538/8K&08#8,)!&32!)/%((0!28)#-8/#)!)86K0J!(K,-&#,2!M8#%(5#!#%(),!
L532)N!O3,!M&J!(-!&3(#%,-<!)5/%!)%(-#L&00)!,>,3#5&00J!83/-,&),!K-,))5-,!(3!)/%((0!28)#-8/#!?529,#)N!!
'%&K#,-!Cg!8)!&3!86K(-#&3#!K-(9-&6!&32!#%,!`,98)0-,!)%(502!&KK-(>,!#%,),!0,9&00J!6&32&#,2!
-,86?5-),6,3#)N!+%,J!&-,!3(#<!%(M,>,-<!&!K&3&/,&!L(-!#%,!L83&3/8&0!K-(?0,6)!/-,&#,2!?J!#%,!M&J!
/%&-#,-!)/%((0)!&-,!L83&3/,2!83!1&))&/%5),##)N!"!?,##,-!)(05#8(3!M(502!?,!#(!)86K0J!L83&3/,!/%&-#,-!
)/%((0)!(5#!(L!&!),K&-&#,!&KK-(K-8(3!08],!'%&K#,-!Cg<!-&#%,-!#%&3!2,25/#!#%,!L532)!28-,/#0J!L-(6!L0(M)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
B@g
!1"..N!'4"7+:7!DS;`W'!.'4N!"..F=<!0&5-"$3(#,!BBQN!
kC!
!
!
!
2,)893&#,2!L(-!K5?08/!)/%((0)NB@X!+%&#!M(502!)%8L#!#%,!?5-2,3!L(-!/%&-#,-!)/%((0)!28-,/#0J!#(!#%,!
'(66(3M,&0#%<!&32!M(502!/,-#&830J!/%&39,!#%,!3-,!(L!#%,!2,?&#,!&?(5#!/%&-#,-!)/%((0!,GK&3)8(3N!!
W3!@ABC<!&)!#%,!1&))&/%5),##)!`,98)0-,!/(3)82,-,2!K-(K()&0)!#(!0((),3!#%,!/&K!(3!/%&-#,-!)/%((0!
9-(M#%!83!#%,!.#&#,<!;()#(3!M&)!83!#%,!682)#!(L!&!K&83L50!?529,#!/5##839!,G,-/8),N!W3!8#)!@ABkUBC!L8)/&0!
J,&-<!#%,!;()#(3!D5?08/!./%((0)!0()#!mTC!68008(3!#(!/%&-#,-!#58#8(3!K&J6,3#)!a3,#<!&L#,-!-,86?5-),6,3#)dN!
\(-!#%,!@ABCUBc!J,&-<!#%,!)J)#,6!L&/,)!&!?529,#!)%(-#L&00!(L!mBAX!68008(3N!!
\&-!L-(6!53-,0&#,2<!#%,),!#M(!L&/#)l#%,!0())!(L!K5?08/!,25/(3!L532)!#(!/%&-#,-!#58#8(3!K&J6,3#)!&32!
#%,!L8)/&0!)%(-#L&00l&-,!83#86&#,0J!/(33,/#,2N!!+(!#%,!,G#,3#!#%&#!'%&K#,-!Cg!2(,)!3(#!L500J!-,86?5-),!
28)#-8/#)!L(-!L532839!28>,-#,2!#(!/%&-#,-!)/%((0!#58#8(3<!#%(),!#58#8(3!K&J6,3#)!&-,!(3,!)(5-/,!(L!#%,!
L8)/&0!)%(-#L&00N!+%,!&3&0J)8)!&?(>,!)599,)#)!#%&#!#%8)!8)!>,-J!08],0J!#%,!/&),N!+%,!?529,#!)%(-#L&00!8)!L(-/839!
#%,!;D.!#(!/5#!K,-)(33,0!&32!K-(9-&6)<!83/052839!#%,!K-(R,/#,2!0())!(L!@cA!R(?)<!&6(39!#%,6!TQ!
#,&/%,-)!&32!BBk!K&-&UK-(L,))8(3&0)N!"00!#%8)!8)!#&]839!K0&/,!83!#%,!1&))&/%5),##)!/8#J!?,)#!,V58KK,2!#(!
2,&0!M8#%!#%,!0())!(L!L532)!28>,-#,2!#(!/%&-#,-!)/%((0)N!+%,!)(U/&00,2!Z9&#,M&J[!/8#8,)<!)5/%!&)!
$(-/,)#,-<!.K-839L8,02!&32!`&M-,3/,<!%&>,!6&3J!L,M,-!-,)(5-/,)!M8#%!M%8/%!#(!/(6K,3)&#,!L(-!#%,!0())!
(L!'%&K#,-!XA!L532)!#(!/%&-#,-!#58#8(3!K&J6,3#)N!!!!
+%,!L83&3/8&0!/%&00,39,)!L&/,2!?J!5-?&3!K5?08/!)/%((0!28)#-8/#)!&-,!)J)#,68/!83!3-,!&32!%&>,!3(!)8390,!
)(5-/,N!"!/(6K0,G!-&39,!(L!,G#,-3&0!L(-/,)!a86689-(3<!83/-,&)839!83,V5&08#J<!)#&32&-28P,2!#,)#!
ZL,>,-<[!83/-,&)839!356?,-)!(L!)#52,3#)!M8#%!)K,/8&0!3,,2)<!,#/Nd!&-,!650#8K0J839!#%,!2,6&32)!(3!K5?08/!
)/%((0!28)#-8/#)!&#!K-,/8),0J!#%,!6(6,3#!M%,3!9(>,-36,3#<!&#!&00!0,>,0)<!8)!#-J839!#(!-,/(>,-!L-(6!&!6&R(-!
L83&3/8&0!/-8)8)N!")!#%,!ZR(?0,))[!-,/(>,-J!)%5LL0,)!&0(39<!0,98)0&#(-)!L&/,!K(M,-L50!K(08#8/&0!K-,))5-,)!#(!
-,25/,!)K,32839N!!!
+%,!2,/8)8(3!#(!L83&3/,!/%&-#,-!)/%((0)!L-(6!#%,!)&6,!K((0!(L!L532)!#%-(59%!M%8/%!#%,!'(66(3M,&0#%!
)5KK(-#)!K5?08/!)/%((0!28)#-8/#)!%&)!/-,&#,2!&!/(3L08/#!?,#M,,3!#%,!#M(N!")!#%,!/%&-#,-!),/#(-!%&)!9-(M3!
&32!K-,))5-,!(3!&00!K5?08/!?529,#)!%&)!83/-,&),2<!#%8)!/(3L08/#!%&)!83#,3)8L8,2N!`&M6&],-)!&32!-,950&#(-)!
%&>,!#-8,2!#(!#&],!)#,K)!#(!0868#!#%,!2&6&9,!#(!K5?08/!)/%((0!28)#-8/#)!L-(6!/%&-#,-!9-(M#%<!?5#!#%,),!
)#,K)!a)5/%!&)!/%&-#,-!9-(M#%!/&K)!&32!'%&K#,-!Cg!-,86?5-),6,3#)d!%&>,!?,,3!83&2,V5&#,0J!
-,),&-/%,2<!83/(3)8)#,3#0J!)5KK(-#,2!&32!(30J!K&-#8&00J!)5//,))L50N!
+%,!L832839!#%&#!/%&-#,-!)/%((0)!%&>,!&!3,9>,!,LL,/#!(3!#%,!L83&3/8&0!/&K&/8#J!(L!#-&28#8(3&0!K5?08/!
)/%((0)!83!/,-#&83!1&))&/%5),##)!28)#-8/#)!%&)!86K08/(3)!L(-!&>&80&?808#J<!&//,))8?808#J<!&//,K#&?808#J!&32!
&2&K#&?808#J!(L!,25/(3^&32<!#%,-,L(-,<!#%,!-,&08P(3!(L!#%,!%56&3!-89%#!#(!,25/(3l83!#%(),!
28)#-8/#)N!+%,!L&/#!#%&#!/%&-#,-!,3-(006,3#!K&##,-3)!#,32!#(!/(3/,3#-&#,!:``)!&32!..=)!83!#-&28#8(3&0!
K5?08/!)/%((0)!(30J!,G&/,-?&#,)!#%8)!#-,32N!+%8)!L83&3/8&0!,LL,/#!(L!/%&-#,-!)/%((0)!(3!#%,!-,&08P(3!(L!
#%,!%56&3!-89%#!#(!,25/(3!L(-!&00!)#52,3#)!8)!3(#!866,28&#,!(-!&?-5K#<!?5#!,GK-,)),)!8#),0L!83!&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
B@X
!"#!&!K5?08/!,25/(3!/(3L,-,3/,!%()#,2!?J!4&->&-2!`&M!./%((0<!L(-6,-!1&))&/%5),##)!.,/-,#&-J!(L!:25/(3<!
D&50!7,>800,!a&!)#-(39!)5KK(-#,-!(L!/%&-#,-)!&)!.,/-,#&-Jd!%83#,2!&#!)5/%!&!)(05#8(3!M%,3!%,!83)8)#,2!#%&#!8L!#%,!
`,98)0-,!%&2!M&3#,2!#(!/-,&#,!/%&-#,-)!&)!/,3#,-)!(L!833(>(3!#(!)#8650&#,!/%&39,!83!#%,!K5?08/!)/%((0)<!8#!
M(502!3(#!%&>,!L532,2!#%,6!?J!#&]839!L532)!L-(6!#%,!>,-J!#-&28#8(3&0!K5?08/!)/%((0)!#%,J!M,-,!6,&3#!#(!Z83)K8-,N[!
D&50!7,>800,<!K&3,08)#!&#!4&->&-2!`&M!./%((0!'(3L,-,3/,<!;(-K.)/$F<<$;*&'()*0@$>M"H.).)/$O))1K"*.K($;4+11<$
Y1'(<0<!a1&-N!@g<!@ABkd<!%##KeYY,25/(3/(3L,-,3/,N?-(M3K&K,-#8/],#)N/(6YN!
kc!
!
!
!
9-&25&0!,-()8(3!(L!#%,!/&K&/8#J!(L!#-&28#8(3&0!K5?08/!)/%((0)!#(!K-(>82,!&2,V5&#,!,25/(3&0!),->8/,)!#(!
#%,8-!)#52,3#)N!
!!
E/16"*46H/1"N+G+;'&C(6"+<'&+Q12"204&+
D%80&2,0K%8&F)!)/%((0!28)#-8/#!8)!)5?)#&3#8&00J!0&-9,-!#%&3!;()#(3F)<!?5#!)8680&-!83!#%,!/(6K()8#8(3!(L!8#)!
)#52,3#)e!#%,!K5?08/!)/%((0)!),->,!0&-9,!356?,-)!(L!)#52,3#)!08>839!83!K(>,-#J<!:3908)%!`&395&9,!`,&-3,-)!
&32!)K,/8&0!3,,2)!)#52,3#)NB@T!\-(6!@AAA!#(!@ABCUBc!aK-(R,/#,2d<!D%80&2,0K%8&F)!/%&-#,-!K(K50(3!9-,M!
L-(6!B@<AAA!)#52,3#)!#(!/0(),!#(!CA<AAA<!(-!L-(6!go!#(!@@o!(L!#%,!28)#-8/#F)!#(#&0!)#52,3#)N B@Q!
D%80&2,0K%8&!&0)(!,GK,-8,3/,2!&!),-8(5)!?529,#!/-8)8)r!)#&-#839!83!#%,!0&#,!BQQA)<!D%80&2,0K%8&!1&J(-!:2!
7,32,00!)5,2!#%,!)#&#,!(L!D%80&2,0K%8&!L(-!L&80839!#(!L532!#%,!28)#-8/#!&#!&!0,>,0!3,/,))&-J!#(!6,,#!#%,!
3,,2)!(L!)#52,3#)NBkA!!W3!@AAB<!#%,!)#&#,!#((]!(>,-!#%,!)/%((0!28)#-8/#!25,!#(!8#)!L83&3/8&0!8))5,)!&32!8#)!
K((-!&/&2,68/!-,)50#)!(3!)#&32&-28P,2!#,)#)N!+%,!)#&#,!(-9&38P(3!#&)],2!M8#%!-533839!#%,!)/%((0)!
(>,-)&M!#%,!,GK&3)8(3!(L!/%&-#,-!)/%((0)N!W3!@AB@<!#%,!28)#-8/#!a532,-!)#&#,!/(3#-(0d!/5#!k<TAA!
,6K0(J,,)N!+%,!3,G#!J,&-<!8#!/0(),2!@A!)/%((0)NBkB!+%,!/0()839)!L(-/,2!)#52,3#)!#(!6(>,!83#(!/-(M2,2!
)/%((0)<!&32!#%,!?529,#&-J!&32!0(98)#8/&0!28LL8/50#8,)!#%-,&#,3,2!#(!K-,>,3#!)/%((0)!L-(6!(K,3839!(3!
#86,!(-!M8#%!,3(59%!)#&LLNBk@!
")!,0),M%,-,<!D%80&2,0K%8&F)!?529,#!M(,)!&-,!25,!#(!&!/(3L05,3/,!(L!L&/#(-)!^!#%,!/8#JF)!%89%!K(>,-#J!
-&#,<!0(M!&>&80&?0,!#&G!?&),!25,!#(!#%&#!K(>,-#J<!6&R(-!/5#)!L-(6!L,2,-&0!&32!)#&#,!L532839!)(5-/,)<!?5#!
)5K,-83#,32,3#!$8008&6!48#,!&0)(!82,3#8L8,2!/%&-#,-!)/%((0)<!)#͇!#%&#!!"#$%&'!()&!*(+,-(,+&!./!()&!
*-)..0!-.1&2!,'34'45&12!*&0/61$+&-(&1!-)4+(&+!*-)..0!5+.7()!-.,01!/.+-&!()&!8$*(+$-(!$'(.!4!9&+9&(,40!
1&/$-$(:;Bkk!48#,!&0)(!3(#,2!#%&#!#%,!D%80&2,0K%8&!)/%((0!/(2,!282!3(#!6&],!8#!,&)J!L(-!#%,!28)#-8/#!#(!%(02!
/%&-#,-)!&//(53#&?0,!(3!&/&2,68/!8))5,)!(-!V5,)#8(3)!(L!L83&3/8&0!K-(K-8,#JNBkC!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
B@T
!'0&528(!.&3/%,P<!i.'0$:"#$C+($:-.4($O)$9./+*$,K(-$:+.<"'(<5+."$;4+11<0<!="+F`!DS;`W'!7"HWO!a=(>N!@B<!@ABk<!ke@c!
"1d<!%##KeYYMMMN3K-N(-9Y@ABkYBBY@BY@CgBQkcgBY]82)UK&JU#%,UK-8/,U83UL89%#U(>,-UL8G839UK%80&2,0K%8&U)/%((0)N!
D%80&2,0K%8&F)!)/%((0!?529,#!8)!&?(5#!m@NC!?8008(3<!&?(5#!&!#%8-2!(L!M%8/%!9(,)!#(!/%&-#,-!)/%((0)N!
B@Q
!:1<.4#$%-.(2@$9-1H$A(./+?1-+11'$;4+11<0$*1$3+"-*(-$;4+11<0<!1,#-(K(08#&3!D%80&2,0K%8&!W328/&#(-)!D-(R,/#!k!a\,?N!
@T<!@AB@d<!%##KeYY6K8KN#,6K0,N,25Y6K8KY2(/56,3#)YD(08/Jh;-8,Lh'%&-#,-h./%((0)NK2LN!
BkA
!1&--,-(!,G!-,0N!+&?&0&)!>N!'(6N<!XkQ!"N@2!BBA!aD&N!BQQQd!a/&),!28)68)),2!&)!3(3UR5)#8/8&?0,dN!
BkB
!.&3/%,P<!0&5-"$3(#,!B@TN!
Bk@
!H&0,!1,PP&/&KK&<!,K(-$\((-0$")'$0+1&*06$;!3$0&05()'0$5"-*0$12$04+11<$41'(<!D4W`"H:`D4W"!DS;`W'!.'4OO`.e!+4:!
=O+:;OOI!a"59!Bc<!@ABkd<!%##KeYY#%,3(#,?((]N(-9Y?0(9YBkgkB@Y(>,-UR,,-)U&32U)%(5#)U)-/U)5)K,32)UK&-#)U)/%((0U
/(2,N!
Bkk
!O'N!
BkC
!"!3,M!-,K(-#!?J!W3#,9-8#J!83!:25/(3<!&3!&2>(/&/J!(-9&38P(3!K-(6(#839!)/%((0!-,L(-6<!L(532!#%&#!/%&-#,-!
)/%((0)!&-,!>503,-&?0,!#(!L83&3/8&0!L-&52!&32!&?5),!25,!#(!K((-!)#&#,!&32!L,2,-&0!(>,-)89%#N!!+%,!S.!H,K&-#6,3#!(L!
:25/(3F)!OLL8/,!(L!#%,!W3)K,/#(-!E,3,-&0!-,K(-#,2!)8680&-!8))5,)!83!8#)!O/#(?,-!@AB@U1&-/%!@ABk!.,68&335&0!
7,K(-#!#(!'(39-,))N!;(($3+"-*(-$;4+11<$n&<)(-"?.<.*.(0$*1$`"0*(6$9-"&'6$F)'$F?&0(<!+4:!':=+:7!\O7!DODS`"7!
H:1O'7"'f!j!W=+:E7W+f!W=!:HS'"+WO=!a1&J!@ABCd<!%##KeYY83#,9-8#J83,25/(3N(-9Y/%&-#,-UL-&52Yr!SN.N!H,KF#!(L!:25/N!
OLL8/,!(L!#%,!W3)K,/#(-!E,3,-&0<!;(H."))&"<$!(51-*$*1$31)/-(006$A1N$ee6$,4*N$U$8GU8QY"-4+$VU6$8GUV!a1&J!@ABkd<!
&>&80&?0,!&#e!%##KeYYMMM@N,2N9(>Y&?(5#Y(LL8/,)Y08)#Y(89Y),68&33Y)&-ggNK2LN!
kg!
!
!
!
O3,!6,28&!-,K(-#!K(83#)!#(!#%,!.86(3!E-&#P!1&)#,-J!'%&-#,-!489%!./%((0!&)!&3!,G&6K0,!(L!%(M!#%,!
/%&-#,-!6(2,0!%&)!?,,3!&?0,!#(!#5-3!&-(532!)#-5990839!)/%((0)N!"#!#%,!E-&#P<!&!/%&-#,-!6&3&9,6,3#!
/(6K&3J!%&)!5),2!K-8>&#,!L532)!#(!2,6(3)#-&#,!#%&#!ZK(>,-#J!8)!3(#!2,)#83J[!&)!8#!-,>8#&08P,)!&!%89%!
)/%((0!83!(3,!(L!D%80&2,0K%8&F)!K((-,)#!3,89%?(-%((2)N!
$%80,!0&52839!#%,!K-(9-,))!6&2,!&#!#%,!E-&#P<!S38>,-)8#J!(L!D,33)J0>&38&!%8)#(-8&3!+(6!.59-5,<!>8,M)!
#%,!,GK,-8,3/,!83!#%,!/(3#,G#!(L!#%,!,3#8-,!D%80&2,0K%8&!,GK,-8,3/,N!!
oF-($01H($12$*+($(M5(-.H()*0$0&44(002&<f$](0N$X"K($*+(#$5-1K('$*1$?($*+"*$0.<K(-$?&<<(*$21-$*-")021-H.)/$
&-?")$5&?<.4$('&4"*.1)f$A1NNN C+($2&)'.)/$21-H&<"6$"<1)/$E.*+$5(-0.0*()*$-"4."<$0(/-(/"*.1)6$.0$"$21-H&<"$
21-$'.0"0*(-N$31)4()*-"*($511-6$'.0"'K")*"/('6$H.)1-.*#$0*&'()*0$*1/(*+(-$.)$04+11<$'.0*-.4*0$E.*+$
4-&H?<.)/$.)2-"0*-&4*&-(6$E.*+$<"-/($4<"00(0N$F)'$*+()$/.K($*+(H$<(00$H1)(#$*1$'1$*+($\1?No$UVl!
.59-5,!&0)(!V5,)#8(3)!#%,!-,0,>&3/,!(L!#%,!E-&#P!6(2,0!L(-!#%,!28)#-8/#!&)!&!M%(0,<!)83/,!K-8>&#,!
L(532(3)!83>,)#,2!mBNc!68008(3!83!#%,!#5-3&-(532!#%,-,<!&#!#%,!)&6,!#86,!#%&#!#%,!.#&#,!(L!
D,33)J0>&38&!M&)!6&]839!6&))8>,!/5#)!#(!8#)!IUB@!?529,#N!!
)/"2+%2&;0/''$,G&-+&:/"+&C260%1&
!
O5-!,G&683(3!(L!],J!&)K,/#)!(L!/%&-#,-!)/%((0!K-&/#8/,!)599,)#)!#%&#!#%,!,GK,-8,3/,!%&)!-,)50#,2!83!
)(6,!86K(-#&3#!&/%8,>,6,3#)<!L-(6!&!%56&3!-89%#)!K,-)K,/#8>,N!"0(39)82,!#%,),!&/%8,>,6,3#)<!#%,!
9-(M#%!(L!/%&-#,-)!%&)!&0)(!K0&/,2!)(6,!(?)#&/0,)!83!#%,!M&J!(L!#%,!-,&08P(3!(L!#%,!-89%#!#(!,25/(3!
L(-!6&3J!/%802-,3N!+%,),!(?)#&/0,)!&-,!)(5-/,)!(L!/(3/,-3<!L-(6!&!%56&3!-89%#)!K,-)K,/#8>,N!E8>,3!#%,!
V5&08#>,!3-,!(L!6&3J!(L!#%,!>&-8&?0,)!532,-!28)/5))8(3<!#-&28#8(3&0!/()#U?,3,L8#!&3&0J)8)<!?&),2!(3!
/(6K&-8)(3)!(L!V5&3#8L8&?0,!>&05,)<!8)!86K())8?0,N!W3)#,&2<!M,!/(3/052,!?J!/%&-&/#,-8P839!#%,!K()8#8>,!
&32!3,9>,!%56&3!-89%#)!86K&/#)!&32!#%,3!2-&M!&!L,M!/(3/05)8(3)!&?(5#!#%,!%56&3!-89%#)!,LL,/#!(L!
/%&-#,-!)/%((0)!#(!2&#,<!&32!#%,!08],0J!,LL,/#)!(L!#%,!L5-#%,-!,GK&3)8(3!(L!#%,!/%&-#,-!),/#(-N!!
!
+%,!C")!L-&6,M(-]!%&)!?,,3!5),2!#%-(59%(5#!#%,!&3&0J)8)!#(!9582,!(5-!&)),))6,3#!(L!%(M!#%,!%56&3!
-89%#!#(!,25/(3!(59%#!#(!?,!86K0,6,3#,2N!+%8)!L-&6,M(-]!&0)(!K-(>82,)!&!5),L50!)#-5/#5-,!L(-!
&)),))839!%56&3!-89%#)!86K&/#)N!!
!
G?"16"L1610KN+4*(#"01')"6+24&?1#42+C(20+L4+"?"16"L64+1)+2(<<1#14)0+J(")010K+0'+24&?4+0/4+20(*4)02+0/"0+
(24+0/4C,+5#/''6+2K204C2+C(20+/"?4+4)'(%/+2#/''6+L(16*1)%2R+#6"22&''C2R+04"#/4&2R+")*+2(HH6142+0'+
4)2(&4+0/"0+"66+20(*4)02+#")+H"&0"$4+1)+0/4+4*(#"01')+'<<4&4*,+
!
+%,!9-(M#%!(L!#%,!/%&-#,-!)/%((0!),/#(-!%&)!83/-,&),2!#%,!-&39,!(L!(K#8(3)!&>&80&?0,!#(!L&6808,)!83!)(6,!
)/%((0!28)#-8/#)<!?5#!#%&#!2(,)!3(#!3,/,))&-80J!6,&3!#%&#!#%8)!9-(M#%!%&)!6&2,!,25/(3&0!),->8/,)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Bkc
!:-8/!$,)#,->,0#<!3+"-*(-$;4+11<0$O)$:+.<"'(<5+."@$>'&4"*.)/$`.*+1&*$F$%<&(5-.)*<!="+F`!DS;`W'!7"HWO!a=(>N!@@<!
@ABk<!@ecT!"1d<!%##KeYYMMMN3K-N(-9Y@ABkYBBY@@Y@CgCBkgQgY/%&-#,-U)/%((0)U83UK%80&2,0K%8&U,25/͇UM8#%(5#U
&U?05,K-83#N!
kX!
!
!
!
6(-,!&>&80&?0,N!+%(),!28)#-8/#)!83!M%8/%!0&-9,!356?,-)!(L!/%802-,3!%&>,!(K#,2!#(!,3-(00!83!/%&-#,-!)/%((0)!
%&>,!,>,3#5&00J!3,,2,2!#(!/0(),!)/%((0)!83!(-2,-!#(!(K,-&#,!M8#%83!#%,8-!3,M!?529,#&-J!-,&08#JN!.#52,3#)!
83!#-&28#8(3&0!)/%((0)!L&/,!2,/083,)!83!#%,!0,>,0!(L!),->8/,)!K-(>82,2<!M%80,!),->8/,)!&>&80&?0,!83!#%,!
/%&-#,-!),/#(-!83/-,&),!&)!#%,!),/#(-!,GK&32)N!'%&-#,-!)/%((0)!/,-#&830J!0,>,-&9,!)(6,!K-8>&#,!L532)!83!
)5KK(-#!(L!,25/(3<!&32!#%,),!L532)!689%#!M,00!3(#!%&>,!?,,3!&>&80&?0,!83!#%,!&?),3/,!(L!#%,!/%&-#,-!
&0#,-3>,N!+%,),!-,)(5-/,)<!)K,/8L8/&00J!28-,/#,2!#(!/%&-#,-!)/%((0)<!K-(25/,!)(6,!83/-,&),!83!#%,!
/&K&/8#J!(L!#%,!/%&-#,-!),/#(-<!?5#!8#!8)!28LL8/50#!#(!&-95,!#%&#!#%8)!)5?)#&3#8&00J!83/-,&),)!#%,!&>&80&?808#J!
(L!K5?08/!,25/(3!#(!&00!L&6808,)!83!3,,2!(L!#%&#!),->8/,N!
!
+%,!)/%((0!/0()839)!3,/,))&-J!#(!2,&0!M8#%!#%,!L83&3/8&0!0()),)!#(!/%&-#,-!)/%((0)!/(6K08/&#,!#%,!8))5,!(L!
&>&80&?808#J!(L!,25/(3!L(-!6&3J!L&6808,)N!+(!#%,!,G#,3#!#%&#!/%&-#,-!)/%((0!,GK&3)8(3!-,V58-,)!#%,!
/0()839!(L!#-&28#8(3&0!K5?08/!)/%((0)<!)5/%!,GK&3)8(3!8)!(L!/(3/,-3!L-(6!#%,!K,-)K,/#8>,!(L!#%,!&>&80&?808#J!
(L!,25/(3N!
!
'(3)82,-(3)!(L!#%,!&>&80&?808#J!(L!,25/(3!-&8),!&!V5,)#8(3!#%&#!-,/5-)!/(3#835(5)0J!83!28)/5))8(3)!
-,9&-2839!/%&-#,-!)/%((0)N!'%&-#,-!)/%((0!K-&/#8/,!&32<!#%,-,L(-,<!&!K(08/J!(L!/%&-#,-!)/%((0!,GK&3)8(3!
&LL,/#)!#%,!/%802-,3!&##,32839!/%&-#,-!)/%((0)!>,-J!28LL,-,3#0J!#%&3!8#!86K&/#)!#%(),!83!#%,!#-&28#8(3&0!
K5?08/!)/%((0)N!"!%56&3!-89%#)!&3&0J)8)!65)#!#&],!83#(!&//(53#!#%,!,LL,/#!(L!&!K(08/J!(3!/%802-,3!M8#%83!
/%&-#,-)<!?5#!?&),2!(3!#%,!3(#8(3!(L!#%,!%56&3!-89%#)!&)!538>,-)&0<!)5/%!&3!&3&0J)8)!65)#!&0)(!/(3)82,-!
#%,!86K&/#!(L!/%&-#,-)!(3!#%,!#JK8/&00J!0&-9,-!9-(5K!(L!/%802-,3!M%(!/(3#835,!#(!&##,32!#-&28#8(3&0!K5?08/!
)/%((0)N!!!
!
G##4221L1610KN+20(*4)02+C(20+L4+"L64+0'+C"$4+H&"#01#"6+(24+'<+0/4+4*(#"01')+0/"0+12+"?"16"L64,+!"&&14&2+
0/"0+H&4?4)0+20(*4)02+<&'C+"##4221)%+4*(#"01')+Z+1)04)01')"6+*12#&1C1)"01')R+#'20+L"&&14&2R+20&(#0(&"6+
122(42R+#'CC(01)%+*120")#42R+40#,+Z+C(20+L4+&4C'?4*,+
!
;J!0&M<!/%&-#,-!)/%((0)!&-,!L-,,!#(!&00!&##,32,,)!&32!#%,J!6&J!3(#!28)/-8683&#,!&9&83)#!&!)#52,3#!(3!&3J!
9-(532)N!7,),&-/%!&3&0JP,2!83!#%8)!-,K(-#!)599,)#)!#%&#<!&)!&!K-&/#8/&0!6&##,-<!)(6,!9-(5K)!(L!)#52,3#)!
%&>,!6(-,!28LL8/50#J!&//,))839!#%,!),->8/,)!(L!/%&-#,-!)/%((0)!#%&3!#%(),!K-(>82,2!?J!#-&28#8(3&0!K5?08/!
)/%((0)N!:3908)%!`&395&9,!`,&-3,-)!,3-(00!83!1&))&/%5),##)!/%&-#,-!)/%((0)!&#!-&#,)!)8938L8/&3#0J!0(M,-!
#%&3!#%,8-!K-,),3/,!83!#%,!(>,-&00!)#52,3#!K(K50(3N!.#52,3#)!M8#%!)K,/8&0!3,,2)!&32!)#52,3#)!L-(6!
#%,!6()#!,/(3(68/&00J!28)&2>&3#&9,2!L&6808,)!aL-,,!053/%U,0898?0,!L&6808,)d!)%(M!#%,!)&6,!#,32,3/J<!
&0?,8#!#(!&!0,)),-!,G#,3#!#%&3!:``)N!H&#&!L-(6!(#%,-!)#&#,)!)599,)#!#%&#!1&))&/%5),##)!8)!3(#!&0(3,!83!8#)!
K&##,-3)!(L!/%&-#,-!)/%((0!>)N!#-&28#8(3&0!K5?08/!)/%((0!,3-(006,3#N!',-#&830J<!)(6,!(L!#%8)!,3-(006,3#!
9&K!8)!25,!#(!K,-)(3&0!K-,L,-,3/,)!(L!)#52,3#)!&32!L&6808,)<!M%80,!/%&-#,-!)/%((0)F!(M3!K(08/8,)!&32!
&/#8(3)!a83/052839!Z/(53),0839!(5#[!(L!)(6,!)#52,3#)d!&0)(!%&>,!&3!86K&/#N!!
!
WL!)(6,!9-(5K)!&-,!532,-U-,K-,),3#,2!83!/%&-#,-!)/%((0)<!(#%,-!9-(5K)!&-,!K-(K(-#8(3&00J!(>,-U
-,K-,),3#,2!83!#%(),!)/%((0)N!W3!#%,!),/#(-!&)!&!M%(0,<!"L-8/&3U"6,-8/&3!)#52,3#)!&32!)#52,3#)!M%(),!
L&680J!83/(6,!6&],)!#%,6!,0898?0,!L(-!-,25/,2UK-8/,!053/%!&-,!6(-,!K-,),3#!83!/%&-#,-!)/%((0)!#%&3!83!
#%,!9,3,-&0!)/%((0!K(K50(3!(L!#%,8-!),32839!28)#-8/#)N!\&6808,)!,0898?0,!L(-!-,25/,2UK-8/,!053/%!%&>,!
0(MU83/(6,)<!?5#!2(!3(#!L&00!83#(!#%,!0(M,)#!83/(6,!/&#,9(-J<!&//(-2839!#(!\,2,-&0!)#&32&-2)N!WL!L&6808,)!
kT!
!
!
!
83!532,-U-,K-,),3#,2!9-(5K)!L&/,!)(6,!)(-#!(L!?&--8,-)!#(!&//,))<!#%,3!L&6808,)!83!#%,),!(>,-U
-,K-,),3#,2!/&#,9(-8,)!65)#!,GK,-8,3/,!&!/,-#&83!,&),!(L!&//,))!#(!/%&-#,-!)/%((0)N!!!!!
!
O3!?&0&3/,<!/%&-#,-!)/%((0)!83!1&))&/%5),##)!2,6(3)#-&#,!%89%,-!-&#,)!(L!&##-8#8(3!#%&3!#-&28#8(3&0!
K5?08/!)/%((0)N!+%,),!%89%!-&#,)!(L!2,K&-#5-,l?(#%!?J!)#52,3#!/%(8/,!&32!?J!28)/8K083&-J!,G/05)8(3l
&0)(!?,&-!(3!#%,!V5,)#8(3!(L!#%,!&//,))8?808#J!(L!/%&-#,-!)/%((0)N!!!
!!
=(#!&00!9-(5K)!(L!)#52,3#)!%&>,!%&2!,V5&0!&//,))!#(!/%&-#,-!)/%((0)<!&32!#%8)!28LL,-,3#8&0!&//,))!8)!&3!
8))5,!L-(6!&!%56&3!-89%#)!K,-)K,/#8>,N!1&))&/%5),##)!&32!(#%,-!)#&#,)!%&>,!K5#!83!K0&/,!-,950(3)!
2,)893,2!#(!%(02!/%&-#,-!)/%((0)!&//(53#&?0,!L(-!#%,8-!0,9&0!-,)K(3)8?808#J!#(!),->,!)#52,3#)!L-(6!&00!
9-(5K)!83!&3!,V58#&?0,!6&33,-<!M8#%(5#!28)/-8683(3!(L!&3J!)(-#N!H,)K8#,!#%,),!-,950(3)<!#%,!
,3-(006,3#!9&K!K,-)8)#)N!S3#80!/%&-#,-!)/%((0)!6&],!&228#8(3&0!K-(9-,))!(3!#%8)!86K(-#&3#!&//,))8?808#J!
8))5,<!#%,!2,28/(3!(L!K5?08/!-,)(5-/,)!#(!#%,!)/%((0)!M800!?,!&!/(3/,-3!L-(6!&!%56&3!-89%#)!
K,-)K,/#8>,N!
!!!!
G##4H0"L1610KN+0/4+J("610K+'<+4*(#"01')+C(20+C440+C1)1C(C+20")*"&*2,+[)+0/4+#')04T0+'<+0/4+
1)04&)"01')"6+/(C")+&1%/0R+0/12+*'42+)'0+&46"04+2H4#1<1#"66K+0'+0420+2#'&42+'&+'(0#'C42\+&"0/4&R+0/12+12+"+
&4J(1&4C4)0+0/"0+4*(#"01')+12+&464?")0+0'+20(*4)02R+#(60(&"66K+"HH&'H&1"04R+")*+'<+%''*+J("610K\++
!
15/%!(L!#%,!/%&-#,-!)/%((0!2,?&#,!%&)!#&],3!K0&/,!(3!#%,!#,--&83!(L!)/%((0!V5&08#JN!"!%56&3!-89%#)!
&3&0J)8)!(L!#%,!V5,)#8(3!(L!/%&-#,-!)/%((0)!&32!,25/(3&0!V5&08#J!)599,)#)!#%&#!#%,!K(08/J!6&J!?,3,L8#!
#%,!%56&3!-89%#)!(L!)(6,!K,(K0,!M%80,!532,-683839!#%(),!(L!(#%,-!9-(5K)!M8#%83!)(/8,#JN!.5/%!&3&0J)8)!
-,V58-,)!/&-,L50!/(3)82,-(3!(L!#%,),!-89%#)!Z#-&2,(LL)[!#(!28)/,-3!M%,#%,-!(-!3(#!#%,!86K0,6,3#(3!
(L!&!98>,3!K(08/J!-,K-,),3#)!#%,!K-(9-,))8>,!-,&08P(3!(L!#%,!-89%#!#(!,25/(3N!!
!
W3!#%,!S38#,2!.#&#,)<!,25/(3&0!-,L(-6!&2>(/&#,)!%&>,!0&-9,0J!)5//,,2,2!83!L(/5)839!#%,!2,?&#,!
&-(532!)/%((0!V5&08#J!(3!&!/(3)82,-(3!(L!/(6K&->,!)#52,3#!K,-L(-6&3/,!(3!)#&32&-28P,2!#,)#)N!"!
9,3583,!%56&3!-89%#)!&3&0J)8)!65)#<!50#86&#,0J<!(K,-&#,!M8#%!&!6(-,!%(08)#8/!3(#8(3!(L!,25/(3&0!
V5&08#J!#%&3!#,)#!-,)50#)N!;5#!,>,3!&3&0J)8)!?&),2!)#-8/#0J!(3!#,)#!)/(-,)!)599,)#)!#%&#!/%&-#,-!)/%((0)!>&-J!
M82,0J!83!V5&08#J<!&)!2(!#-&28#8(3&0!K5?08/!)/%((0)N!+%,-,!8)!08##0,!,>82,3/,!#%&#<!83!9,3,-&0<!/%&-#,-!)/%((0)!
K-(>82,!,25/(3!(L!2,6(3)#-&?0J!%89%,-!V5&08#J!#%&3!#-&28#8(3&0!K5?08/!)/%((0)N!!
!
+%&#!)&82<!&!)8938L8/&3#!356?,-!(L!L&6808,)!,3#,-!/%&-#,-!)/%((0!0(##,-8,)!?&),2!(3!#%,!),3),l/,-#&830J!
#-5,<!83!)(6,!/&),)l#%&#!/%&-#,-!)/%((0)!(LL,-!#%,8-!/%802-,3!#%,!K())8?808#J!(L!,25/(3!(L!%89%,-!
V5&08#J!#%&3!#%,!#-&28#8(3&0!K5?08/!)/%((0)!&>&80&?0,!#(!#%,6!#%-(59%!#%,!)/%((0!&))8936,3#!K-(/,))!83!
#%,8-!/(66538#8,)N!"!K,-/,3#&9,!(L!#%,),!L&6808,)!,3-(00!83!/%&-#,-!)/%((0)<!M%80,!(#%,-)!-,6&83!(3!
M&8#839!08)#)<!%(K839!L(-!),&#)!#(!(K,3!5KN!'%&-#,-)!(>,-)#&#,!#%8)!ZK,3#U5K!2,6&32[!L(-!#%,8-!),->8/,)<!
?5#!)(6,!,G/,))!2,6&32!L(-!/%&-#,-!)/%((0)!/,-#&830J!,G8)#)N!
!
489%!&##-8#8(3!-&#,)!)599,)#!#%&#!6&3J!/%&-#,-!)#52,3#)!0,&>,!#%(),!)/%((0)!83!#%,!L8-)#!L,M!J,&-)!&L#,-!
,3-(006,3#<!?5#!(#%,-!)#52,3#)!&-,!&?0,!#(!&2&K#!#(!#%,!/%&-#,-!,3>8-(36,3#!&32!)(6,!#%-8>,!#%,-,N!\(-!
#%,!L&6808,)!(L!#%,),!)#52,3#)<!#%,!/%&-#,-!(K#8(3!K-(>82,2!&3!(KK(-#538#J!#(!&//,))!,25/(3!(L!&!
kQ!
!
!
!
V5&08#J!#%&#!6&J!3(#!%&>,!?,,3!&>&80&?0,!#(!#%,6!83!#-&28#8(3&0!K5?08/!)/%((0)N!+%,J!6&J!3(#!,GK-,))!
#%,8-!,GK,-8,3/,!83!%56&3!-89%#)!#,-6)<!?5#!#%,!,G8)#,3/,!(L!#%,!/%&-#,-!)/%((0)!&00(M,2!#%,8-!/%802!#(!
-,&08P,!&3!86K(-#&3#!&)K,/#!(L!#%,!-89%#!#(!,25/(3N!
!
E8>,3!#%,!/(6K()8#8(3!(L!/%&-#,-!)/%((0!,3-(006,3#<!6&3J!(L!#%,),!/%&-#,-!)/%((0!)5//,))!)#(-8,)!
83>(0>,!"L-8/&3U"6,-8/&3!/%802-,3!L-(6!L&6808,)!(L!0868#,2!,/(3(68/!6,&3)N!'%802-,3!08>839!&#!#%8)!
83#,-),/#8(3!(L!-&/,!&32!K(>,-#J!%&>,!L&/,2!%8)#(-8/!28)/-8683(3!83!K5?08/!)/%((0)!83!;()#(3!&32!&/-())!
#%,!S38#,2!.#&#,)N!+%&#!#%,),!/%802-,3!&32!#%,8-!L&6808,)!/&3!L832!,25/(3!#%&#!#%,J!/(3)82,-!#(!?,!(L!
%89%!V5&08#J!83!/%&-#,-!)/%((0)!8)!&!%56&3!-89%#)!&//(6K08)%6,3#!L-(6!&3J!K,-)K,/#8>,N!;5#!&#!M%&#!/()#!
2(!/%&-#,-!)/%((0)!2,08>,-!#%8)!86K(-#&3#!&//(6K08)%6,3#*!
!
1&))&/%5),##)!&32!6()#!(#%,-!)#&#,)!%&>,!2,/82,2!#(!L83&3/,!/%&-#,-!)/%((0)!28-,/#0J!(5#!(L!?529,#)!
2,)#83,2!L(-!#-&28#8(3&0!K5?08/!)/%((0)N!S308],!6&3J!(#%,-!)#&#,)<!1&))&/%5),##)<!#%-(59%!8#)!'%&K#,-!Cg!
/%&-#,-!-,86?5-),6,3#!0&M<!%&)!&##,6K#,2!#(!-,/(938P,!#%,!,LL,/#!(L!#%8)!L83&3/839!)#-&#,9J!(3!
#-&28#8(3&0!K5?08/!)/%((0)N!+%,!-,),&-/%!&3&0JP,2!L(-!#%8)!-,K(-#!)599,)#)!#%&#!/%&-#,-!)/%((0!9-(M#%!%&)!
%&2!#%,!,LL,/#!(L!/(3/,3#-͇!)#52,3#)!-,V58-839!%89%,-!0,>,0)!(L!,25/(3&0!),->8/,)!a:``)!&32!..=)<!
L(-!,G&6K0,d!83!#-&28#8(3&0!K5?08/!)/%((0)N!S30,))!#-,32)!83!/%&-#,-!,3-(006,3#!/%&39,!V58#,!2-&6/&00J<!
,GK&3)8(3!(L!#%,!),/#(-!M800!/(3#835,!#(!%&>,!#%8)!,LL,/#!(3!#%,!/(6K()8#8(3!(L!#-&28#8(3&0!K5?08/!)/%((0)N!!
!
\5-#%,-6(-,<!?,/&5),!(L!#%,!M&J!83!M%8/%!/%&-#,-)!&-,!L83&3/,2<!#%,!9-(M#%!(L!#%,!),/#(-!%&)!9-&25&00J!
2,9-&2,2!#%,!L83&3/8&0!/&K&/8#J!(L!K5?08/!)/%((0!28)#-8/#)!M8#%!%89%!/%&-#,-!2,3)8#J!#(!K-(>82,!),->8/,)!(L!
&//,K#&?0,!V5&08#J!L(-!#%,8-!)#52,3#)N!+%8)!,LL,/#!8)!6()#!>8)8?0,!83!0&-9,!28)#-8/#)!#%&#!),32!%89%!356?,-)!
(L!)#52,3#)!#(!/%&-#,-!)/%((0)N!+%,!,GK,-8,3/,)!(L!28)#-8/#)!)5/%!&)!D%80&2,0K%8&!)599,)#!#%&#!#%8)!9-&25&0!
,-()8(3!(L!/&K&/8#J!6&J!-,&/%!&!/-8#8/&0!K(83#!?,J(32!M%8/%!#%,!28)#-8/#!8)!53&?0,!#(!K-(>82,!),->8/,)!(L!
,>,3!68386&00J!&//,K#&?0,!V5&08#J!#(!0&-9,!356?,-)!(L!#%,!)#52,3#)!#%,J!),->,NBkg!!
!
O3!#%,!(3,!%&32<!/%&-#,-!)/%((0)!&2>&3/,!#%,!%56&3!-89%#!#(!,25/(3!?J!K-(>82839!%89%!V5&08#J!
,25/(3!#(!&!-,0>,0J!)6&00!356?,-!(L!)#52,3#)!M%(!6&J!3(#!%&>,!?,,3!&?0,!#(!&//,))!#%&#!,25/(3!
83!#-&28#8(3&0!K5?08/!)/%((0)N!+%(),!)#52,3#)!&32!#%,8-!L&6808,)!%&>,!?,/(6,!K(M,-L50!&2>(/&#,)!L(-!&!
)J)#,6!#%&#!%&)!M(-],2!L(-!#%,6<!&32!2,6&32!#%&#!#%,!/%&-#,-!)/%((0!(K#8(3!?,!(K,3,2!#(!6(-,!
/%802-,3N!!O3!#%,!(#%,-<!#%,!,GK&3)8(3!(L!#%,!/%&-#,-!Z)J)#,6[!532,-683,)!#%&#!)&6,!-89%#!L(-!6&3J!
)#52,3#)!M%(!-,6&83!83!#%,!)&6,!#-&28#8(3&0!K5?08/!)/%((0)!L-(6!M%8/%!#%,!/%&-#,-!)#52,3#)!/&6,N!+%,!
9-(5K!M%(),!-89%#)!&-,!532,-683,2!83/052,)!6&3J!)#52,3#)!M%(!M,-,!(3/,!,3-(00,2!83!/%&-#,-!)/%((0)<!
?5#!M%(<!L(-!M%&#,>,-!-,&)(3<!282!3(#!#%-8>,!#%,-,!&32!%&>,!,32,2!5K!?&/]!83!#-&28#8(3&0!)/%((0)N!"!
/(6K0,#,!%56&3!-89%#)!&3&0J)8)!M(502!-,V58-,!&!6(-,!9-&350&-<!2&#&U?&),2!&3&0J)8)!(L!#%,!2,#&80)!(L!#%8)!
/(6K0,G!#-&2,(LL<!?5#!#%,!#-&2,(LL!-,6&83)!&!/(3/,-3!L-(6!&!%56&3!-89%#)!K,-)K,/#8>,<!83!&3J!/&),N!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Bkg
!\(-!&!28)/5))8(3!(L!#%8)!2J3&68/<!M%8/%!83>(0>,)!3(#!R5)#!#%,!2,9-&2(3!(L!L83&3/8&0!/&K&/8#J<!?5#!&0)(!#%,!0())!
(L!K(08#8/&0!)5KK(-#!L-(6!0&M6&],-)<!),,!.&3/%,P<!0&5-"$3(#,!B@TN$
CA!
!
!
!
G*"H0"L1610KN+4*(#"01')"6+2K204C2+C(20+L4+<64T1L64+4)'(%/+0'+24&?4+0/4+#/")%1)%+)44*2+'<+2'#140K+")*+
0/4+#'CC()10142+0/4K+24&?4R+")*+0'+&42H')*+0'+0/4+)44*2+'<+"+*1?4&24+20(*4)0+L'*K+]#(60(&"66KR+
4#')'C1#"66KR+")*+2'#1"66K^,+
+
'%&-#,-!)/%((0)!M,-,!(-8983&00J!2,)893,2!#(!98>,!9-(5K)!(L!#,&/%,-)!&32!K&-,3#)!#%,!&5#(3(6J!#(!
K-(>82,!3,M!(K#8(3)!#(!/%802-,3<!83!#,-6)!(L!/5--8/5056<!#,&/%839!)#J0,<!)/%((0!,3>8-(36,3#<!&32!(#%,-!
,25/(3&0!/(6K(3,3#)N!W3!)%(-#<!8#!M&)!%(K,2!#%&#!/%&-#,-)!M(502!0,&2!#(!,25/(3&0!833(>(3!#%&#!
/(502!,>,3#5&00J!?,!86K0,6,3#,2<!&#!)/&0,<!83!)/%((0!28)#-8/#)N!
!
+(!&3!,G#,3#<!/%&-#,-)!%&>,!L()#,-,2!%89%,-!0,>,0)!(L!&2&K#&?808#J!83!#%,!,25/(3&0!)J)#,6)!(L!#%,!&-,&)!
83!M%8/%!#%,J!%&>,!L0(5-8)%,2N!W-(38/&00J<!%(M,>,-<!/%&-#,-)!#%,6),0>,)!%&>,!)%(M3!08##0,!&2&K#&?808#JN!
+%,J!%&>,!(L#,3!&2(K#,2!-8982!/5--8/50&<!K(08/8,)!&32!K-(/,25-,)!#%&#!%&>,!?,,3!)0(M!#(!&2&K#<!,>,3!83!
#%,!L&/,!(L!&KK&-,3#!)%(-#/(6839)N!\(-!,G&6K0,<!6&3J!/%&-#,-!&))(/8(3)!%&>,!82,3#8L8,2!#%,!0(M!
0,>,0)!(L!:``!,3-(006,3#!&)!&!),-8(5)!K-(?0,6!83!#%,8-!6,6?,-!)/%((0)<!?5#!)/%((0)!%&>,!?,,3!)0(M!#(!
&2&K#!#(!6,,#!#%,!3,,2)!(L!#%8)!K(K50(3N!.8680&-0J<!/%&-#,-!&2>(/&#,)!%&>,!&/]3(M0,29,2!#%&#!
-,0>,0J!0(M!)#52,3#!-,#,3#8(3!8)!&3!8))5,!83!)(6,!/%&-#,-!)/%((0)<!?5#!)/%((0)!%&>,!%&2!&!%&-2!#86,!
82,3#8LJ839!&32!&2(K#839!K(08/8,)!&32!&KK-(&/%,)!#%&#!/(502!6&],!)#52,3#!-,#,3#8(3!&!%89%!K-8(-8#J!(L!
#%,!)/%((0)F!K,2&9(98/&0!K-&/#8/,N!
!
")!83!#%,!/&),!(L!#%,!(#%,-!86K0,6,3#(3!/-8#,-8&!(L!#%,!-89%#!#(!,25/(3<!/%&-#,-)!%&>,!%&2!&!68G,2!
86K&/#!(3!#%,!&2&K#&?808#J!(L!,25/(3N!;J!#%,8-!3-,<!/%&-#,-!)/%((0)!&-,!&2&K#(3)!#(!#%,!
/(328#8(3)!83!K5?08/!)/%((0!28)#-8/#)N!"#!#%,!)&6,!#86,<!6&3J!/%&-#,-)!%&>,!)%(M3!#%,!)&6,!28LL8/50#J!83!
&2&K#839!#(!0(/&0!/(328#8(3)!L(-!M%8/%!#-&28#8(3&0!K5?08/!)/%((0)!&-,!(L#,3!/-8#8/8P,2N!.83/,!#%,),!
83)#8#5#8(3&0!-89828#8,)!),,6!#(!?,!)%&-,2!?J!&00!)(-#)!(L!)/%((0)<!&32!#%,!)K,/8L8/!0&/]!(L!&2&K#&?808#J!(L!
/%&-#,-)!&LL,/#!(30J!#%,!683(-8#J!(L!)#52,3#)!M%(!&##,32!#%,6<!M,!L832!0,))!/&5),!L(-!%56&3!-89%#)!
/(3/,-3)!-,0&#,2!#(!&2&K#&?808#J!#%&3!#(!)(6,!(L!#%,!(#%,-!/-8#,-8&N!!
)'*0$5,6'*&
!!!!!!!
")!)599,)#,2!&?(>,<!#%,!650#8UL&/,#,2!K(08/J!&KK-(&/%!#%&#!%&)!&00(M,2!#%,!/-,(3!&32!,GK&3)8(3!(L!
/%&-#,-!)/%((0)!83!1&))&/%5),##)!%&)!%&2!/(3#-&28/#(-J!,LL,/#)!(3!#%,!-,&08P(3!(L!#%,!-89%#!#(!
,25/(3N!$%80,!#%,!K(08/J!6()#!/,-#&830J!&2>&3/,)!#%,!-89%#!#(!,25/(3!L(-!&!K(-#8(3!(L!#%,!)#52,3#)!
&?0,!#(!,3-(00!83!/%&-#,-!)/%((0)<!#%&#!-,&08P(3!(L!-89%#)!#&],)!K0&/,!&#!&!/()#N!+%,!(39(839!,GK&3)8(3!(L!
#%,!/%&-#,-!),/#(-<!&0(39!M8#%!#%,!&//(6K&3J839!K-,))5-,!(3!K5?08/!)/%((0!?529,#)<!532,-683,)!#%,!
&?808#J!(L!)(6,!0(/&0!28)#-8/#)!#(!K-,),->,!&32!K-(#,/#!#%,!-89%#)!(L!#%,!0&-9,-!9-(5K!(L!/%802-,3!-,6&83839!
83!#-&28#8(3&0!K5?08/!)/%((0)N!./%((0!/0()839)<!#%,!K-86&-J!#((0!&>&80&?0,!#(!28)#-8/#)!#(!-,)#-5/#5-,!
?529,#)!#(!2,&0!M8#%!/%&-#,-!)/%((0!,GK&3)8(3<!(L#,3!-,V58-,!2,>&)#͇!&2R5)#6,3#)!L(-!#%,!28)#-8/#)!83!
M%8/%!#%,J!#&],!K0&/,N!!
!
;,/&5),!/%&-#,-!)/%((0)!2(!3(#!),->,!:3908)%!`&395&9,!`,&-3,-)!&32!.#52,3#)!M8#%!.K,/8&0!=,,2)!&#!#%,!
0,>,0)!#%(),!9-(5K)!&-,!K-,),3#!83!#%,!(>,-&00!)/%((0!K(K50(3<!#%,!2,28/(3!(L!K5?08/!L532)!#(!#%,),!
CB!
!
!
!
)/%((0)!532,-683,)!#%,!-,&08P(3!(L!#%,!%56&3!-89%#!#(!,25/(3!L(-!/%802-,3!83!#%(),!9-(5K)N!
\5-#%,-6(-,<!#%,!28)/8K083&-J!&KK-(&/%,)!(L!/%&-#,-!)/%((0)!&32!#%,8-!08?,-&0!5),!(L!)#52,3#!,G/05)8(3!&)!
&!-,)K(3),!#(!)#52,3#!?,%&>8(-!8))5,)!8)!&!%56&3!-89%#)!/(3/,-3!L(-!)#52,3#)!&##,32839!a&32!,G/052,2!
L-(6d!/%&-#,-!)/%((0)N!BkX!
!
\(-!K-&/#8/&0!-,&)(3)<!(5-!&3&0J)8)!(L!#%,),!,LL,/#)!%&)!L(/5),2!(3!1&))&/%5),##)<!&32!(5-!/(3/05)8(3)!
K,-#&83!#(!#%&#!)#&#,N!+%,-,!8)!&6K0,!,>82,3/,!#(!)599,)#<!%(M,>,-<!#%&#!#%,!#-,32)!82,3#8L8,2!83!#%,!;&J!
.#&#,!&-,!&0)(!K-,),3#!83!(#%,-!)#&#,)!M8#%!0&-9,!5-?&3!)/%((0!28)#-8/#)!#%&#!%&>,!,GK,-8,3/,2!-&K82!
9-(M#%!(L!/%&-#,-!)/%((0)!(>,-!#%,!K&)#!#M(!2,/&2,)N!'(3#835,2!9-(M#%!(L!#%,!/%&-#,-!),/#(-!M800!
-,V58-,!2,/8)8(3)!83!6&3J!)#&#,)!#(!0((),3!/5--,3#!0,9&0!-,)#-8/#8(3)!(3!/%&-#,-!,GK&3)8(3N!D(08/J!6&],-)!
83!#%(),!)#&#,)!M(502!2(!M,00!#(!/&-,L500J!/(3)82,-!#%,!L500!86K&/#!(L!/%&-#,-!)/%((0!,GK&3)8(3!(3!#%,!
%56&3!-89%#!#(!,25/(3!(L!/%802-,3!83)82,!&32!(5#)82,!(L!#%(),!)/%((0)!?,L(-,!,3/(5-&9839!)5/%!
,GK&3)8(3N!'%&-#,-!)/%((0)!M,-,!(-8983&00J!,)#&?08)%,2!M8#%!#%,!K-(68),!#%&#<!83!-,#5-3!L(-!?,839!
-,0,&),2!L-(6!6&3J!(L!#%,!-,950(3)!&KK08/&?0,!#(!K5?08/!)/%((0!28)#-8/#)<!/%&-#,-!)/%((0)!M(502!?,!
6(-,!&//(53#&?0,!#(!K5?08/!&5#%(-8#8,)N!.#&#,!&/#(-)!-,)K(3)8?0,!L(-!/%&-#,-)!)/%((0)!65)#!,3)5-,!#%&#!
&//(53#&?808#J<!?(#%!(3!&/&2,68/!8))5,)!&32!(3!)(/8&0!8))5,)<!)5/%!&)!#%,!/(6K()8#8(3!(L!)/%((0!
,3-(006,3#N!!
!
"!%56&3!-89%#)!&3&0J)8)!(L!#%,!/%&-#,-!)/%((0!,GK,-8,3/,!#(!2&#,!2(,)!3(#!R5)#8LJ!&3!Z&3#8U/%&-#,-[!
K()8#8(3!#%&#!),,)!#%,!,G8)#,3/,!(L!#%,!)/%((0)!&)!83%,-,3#0J!83/(3)8)#,3#!M8#%!%56&3!-89%#)!)#&32&-2)<!
(-!-,L0,G8>,0J!(KK(),)!#%,!,GK&3)8(3!(L!#%,!)/%((0)!83!&3J!/8-/56)#&3/,N!+%,!&3&0J)8)<!%(M,>,-<!2(,)!
&LL8-6!#%,!M8)2(6!(L!#%,!/%(8/,!6&2,!?J!#%,!1&))&/%5),##)!.,3&#,!M%,3<!83!b50J!@ABC<!8#!(K#,2!3(#!#(!
0((),3!#%,!/&K!(3!/%&-#,-!)/%((0!9-(M#%!M8#%(5#!L8-)#!&/%8,>839!&!2,,K,-!532,-)#&32839!(L!#%,!86K&/#!(L!
)5/%!,GK&3)8(3!(3!,25/(3!(5#/(6,)!&/-())!#%,!,3#8-,!K5?08/!,25/(3!)J)#,6N!!\&-!L-(6!?,839!
8--,0,>&3#!#(!28)/5))8(3)!(L!,25/(3!83!#%,!S38#,2!.#&#,)<!#%,!%56&3!-89%#)!L-&6,M(-]!K-(6(#,)!&32!
/(3#-8?5#,)!#(!R5)#!)5/%!&3!532,-)#&32839N!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
BkX
!W3!&228#8(3!#(!#%,!-89%#!#(!,25/(3!/(3/,-3)!#%&#!&-,!#%,!L(/5)!(L!#%8)!&3&0J)8)<!#%,!08?,-&0!5),!(L!,G/05)8(3!
M8#%(5#!25,!K-(/,))!&0)(!-&8),)!/(3/,-3)!-,9&-2839!#%,!/8>80!&32!K(08#8/&0!-89%#)!(L!,G/052,2!)#52,3#)N!\(-!&!
28)/5))8(3!(L!#%,!86K&/#!(L!)(6,!/%&-#,-!28)/8K083,!K(08/8,)!83!=,M!f(-]!'8#J<!),,!.&-&%!+&3<!:&0+('$,&*@$3+"-*(-$
;4+11<0$31)*-.?&*($*1$*+($3.*#[0$D-1E.)/$;&05()0.1)$!"*(06$./%((0!.#(-8,)e!,25/(3!-,K(-#839!83!=,M!f(-]!'8#J<!
a1&J!BB<!@AB@d<!%##KeYY)/%((0U)#(-8,)N(-9Y@AB@YAcYK5)%,2U(5#U/%&-#,-U)/%((0)U/(3#-8?5#,U#(U#%,U/8#J)U9-(M839U
)5)K,3)8(3U-&#,)YN!
C@!
!
© Copyright 2026 Paperzz