!"#$%#&'()*+,-#.*/%#,'01&,*231%'*+4"05%('%"2(*
6%77#",*
!
!
!
!
!
82&'2*62"32"2*91%&')*+4*!%'%"#,*+((02&5#*
!#3"%2")*:;<;*
<=*>?2'*0,*2*3%77#"@*
"!#$%%&'!()!*!+&)(,-*.&+!)/*0&!#&.1&&-!*,'(0$2.$'*223!45-&+!%*'62*-+!*-+!*-3!-&1!
-5-7*,'(0$2.$'*2! +&8&25/6&-.! 9*! -&1! :5$)(-,! .'*0.;! (-+$).'(*2! 5'! 0566&'0(*2!
%*0(2(.3;! ):5//(-,! 0&-.&';! &.0<=! .:*.! ()! +&)(,-&+! .5! /'5.&0.! %*'62*-+! *-+! '&+$0&!
05-%2(0.!1(.:!*+>*0&-.!$)&)<!
:=*>?)*.1#,*82&'2*62"32"2*91%&')*&##.*2*3%77#"*A1(05)@*
?*-.*! @*'#*'*! A5$-.3! 0$''&-.23! :*)! -5! %5'6*2! #$%%&'! /52(03! (-! /2*0&<! "+5/.(-,! *!
#$%%&'!/52(03!(-!5$'!A5$-.3!1(22!:&2/!.5!/'5.&0.!#5.:!.:&!%*'6&'!*-+!*,'(0$2.$'*2!2*-+!
*-+! .:&! +&8&25/6&-.*2! $)&! 9'&)(+&-.(*2! 5'! 5.:&'! $)&=! %'56! 2*-+! $)&! 05-%2(0.)! .:*.!
05$2+!#&!0'&*.&+!#3!.:&!*+>*0&-.!$)&)<!@$%%&'!/52(0(&)!(-!5.:&'!*,'(0$2.$'*2!05$-.(&)!
9)$0:! *)! ?*-! B$()! C#()/5=! :*8&! #&&-! 8&'3! &%%&0.(8&! .552)! %5'! '&+$0(-,! 05-%2(0.! *-+!
/'&)&'8(-,!%*'62*-+<!
B=*>?)*2"#*'?#"#*C%,#*"#,'"05'01&,D*0&*'?#*3%77#"*E1&#,@*
D%%&0.(8&!#$%%&')!6$).!'&).'(0.!.:&!.3/&)!5%!$)&)!*2251&+!1(.:(-!.:&6!#3!/'5:(#(.(-,!
.:(-,)! .:*.! 15$2+! E=! >&5/*'+(4&! /$#2(0! :&*2.:! 5'! )*%&.3! *-+! F=! >&5/*'+(4&! .:&!
*,'(0$2.$'*2!2*-+G)!/'5+$0.(5-!8(*#(2(.3<!
F=*>?)*0,*'?#"#*2*"2&4#*17*A1'#&'02(*3%77#"*E1&#*G0.'?,*"2'?#"*'?2&*2*70H#.*,0E#*
71"*3%77#"*E1&#,@*
D8&'3! )(.$*.(5-! 5'! 2*-+! /*'0&2! ()! +(%%&'&-.;! >$).! *)! &*0:! +&8&25/6&-.! /'5>&0.! *-+!
*,'(0$2.$'*2! /'5+$0.(5-! 5/&'*.(5-! ()! $-(H$&<! I(-+;! 1*.&';! )5(2;! )25/&;! -*.$'*2!
#*''(&');! -*.$'*2! :*#(.*.);! *-+! 5.:&'! &J().(-,! 05-+(.(5-)! 1(22! *%%&0.! .:&! )(4&! 5%! .:&!
#$%%&'!-&&+&+<!K:&!#$%%&'!):5$2+!#&,(-!1(.:!.:&!:(,:&).!'*-,&!(-!6(-+;!*-+!)$#.'*0.!
%'56!.:*.!).*-+*'+!+&/&-+(-,!$/5-!8*'(5$)!&J().(-,!05-+(.(5-)!5%!/'5/&'.(&)<!
I=* >?)* 2"#* '?#"#* 'G1* .077#"#&'* 3%77#"* ,0E#* "2&4#,* 71"* '?#* .077#"#&'* ')A#,* 17*
24"05%('%"2(*2"#2,J%,#,@*
",'(0$2.$'&! ()! +3-*6(0<! L&0&-.! :().5'3! :*)! ):51-! 6*>5'! ):(%.)! (-! 0'5//(-,!
/*..&'-)M%'56! '*-,&2*-+! .5! 8(-&3*'+);! %'56! 8&,&.*#2&! '51! 0'5/)! .5! #&''(&);! %'56!
0(.'$)!.5!*850*+5);!>$).!.5!-*6&!*!%&1<!K:&)&!0:*-,&)!*'&!2*',&23!6*'N&.!+'(8&-;!*-+!
(.!()!:*'+!.5!/'&+(0.!1:*.!.:&!-&J.!#(,!0'5/!()!,5(-,!.5!#&<!O5).!*,'(0$2.$'*223!45-&+!
2*-+!(-!?*-.*!@*'#*'*!A5$-.3!:*)!.:&!/5.&-.(*2!.5!:*8&!*!:(,:!P(-.&-)(.3P!0'5/;!*-+!
)56&!2*-+!()!-5.!)$(.*#2&!*-+!1(22!-5.!#&!)$(.*#2&!(-!.:&!%$.$'&!.5!)$//5'.!(-.&-)(8&!
5/&'*.(5-)<! K:&)&! Q$-)$(.*#2&R! 2*-+)! 6*3! 0*22! %5'! )6*22&'! #$%%&'! 45-&)! 1(.:5$.!
-&,*.(8&!(6/*0.!5-!.:&!%*'6(-,!5/&'*.(5-!5'!.:&!+&8&25/6&-.<!
K=*>?2'*0,*2*CL#7#""2(*M"1N#5'D@*
K:()! .&'6;! *)! $)&+! 1(.:(-! .:&! #$%%&'! +50$6&-.;! '&%&')! .5! *! Q+()0'&.(5-*'3R!
+&8&25/6&-.! /'5>&0.! /'5/5)*2! 95-&! .:*.! .'(,,&')! &-8('5-6&-.*2! '&8(&1! $-+&'! .:&!
",'(0$2.$'&!@$%%&'!S'&H$&-.23!")N&+!T$&).(5-)!
Page 2!
A*2(%5'-(*!D-8('5-6&-.*2!T$*2(.3!"0.!UADT"V=!.:*.!6$).!*2)5!$-+&',5!*!#$%%&'!45-&!
*))&))6&-.!#3!05$-.3!).*%%!*-+W5'!.:&!",!X2*--&')!5%%(0&<!
O=*P1G*.1#,*'?#*6%77#"*M1(05)*277#5'*A#,'050.#*%,#@*
DJ().(-,! '&,$2*.(5-)! *++'&))! Q)/'*3! #$%%&')R! *-+! 5.:&'! '&).'(0.(5-)! %5'! /&).!
6*-*,&6&-.! /'*0.(0&)! 5-! %*'6)<! K:&)&! Q)/'*3! #$%%&')R! /&'.*(-! .5! .:&! 2*-+! #&(-,!
%*'6&+!*-+!*'&!)&.!#*0N!5-.5!%*'62*-+!%'56!.:&!&+,&!5%!.:&!/'5/&'.3!2(-&<!K:&3!*'&!
.:&! '&)/5-)(#(2(.3! 5%! .:&! %*'6&'! *-+! 058&'&+! $-+&'! &J().(-,! '&,$2*.(5-)<! Y.! ()!
15'.:1:(2&!.5!-5.&!.:*.!*!L&%&''*2!X'5>&0.!#$%%&'!*++)!*!6*',(-!5%!)*%&.3!05-0&'-(-,!
$-1*-.&+!)/'*3!+'(%.!1:&-!056#(-&+!1(.:!*!P)/'*3!#$%%&'P!*)!'&H$('&+!#3!&J().(-,!
'&,$2*.(5-)<!
Q=*>?#&*.1#,*'?#*3%77#"*A1(05)*2AA()@*
K:&! #$%%&'! /52(03! 15$2+! *%%&0.! 5-23! $-(-05'/5'*.&+;! -5-7*,! 45-&+! 2*-+! .:*.! ()!
250*.&+! 1(.:(-! ?*-.*! @*'#*'*! A5$-.3<! Y%! *! +()0'&.(5-*'3! +&8&25/6&-.! ()! /'5/5)&+!
*+>*0&-.!.5!*,745-&+!2*-+!*-+!:*)!.:&!/5.&-.(*2!.5!*%%&0.!(.;!(.!1(22!#&!'&8(&1&+!*-+!*!
#$%%&'! 6*3! #&! '&H$('&+<! K:&! #$%%&'! /52(03! 15$2+! -5.! *%%&0.! *-3! 0(.3! 2*-+;! *2.:5$,:!
*--&J*.(5-)! (-.5! 0(.(&)! 1(.:! .:&! /5.&-.(*2! .5! *%%&0.! )$''5$-+(-,! *,'(0$2.$'*2! 2*-+!
):5$2+!#&!05-+(.(5-&+!.5!(-05'/5'*.&!#$%%&'!/52(03!/'58()(5-)<!
R=*>?1*5"#2'#,*2&.*S20&'20&,*'?#*3%77#",*1&5#*'?#)*2"#*0SA(#S#&'#.@*
@$%%&')! 1(22! #&! 0'&*.&+! *)! /*'.! 5%! .:&! /'5>&0.! *//'58*2! /'50&));! *-+! 1(22! #&!
6*(-.*(-&+! #3! .:&! +&)(,-*.&+! /*'.3! 9&<,<;! :56&51-&')! *))50(*.(5-;! 5'! 5.:&'!
)/&0(%(&+!&-.(.3=!(-!/&'/&.$(.3<!Y%!.:&!/'5/5)&+!#$%%&'!/52(03!()!*+5/.&+;!.:&!A5$-.3!
1(22! '&H$('&!.:&!'&)/5-)(#2&!/*'.3!.5!6*(-.*(-!*-+!65-(.5'!#$%%&'!'&H$('&6&-.)! (-!
/&'/&.$(.3! 98(*! *! 05-)&'8*.(5-! &*)&6&-.! 5'! +&&+! '&).'(0.(5-=<! A5-+(.(5-)! .:*.! *'&!
(6/5)&+! *)! /*'.! 5%! .:&! #$%%&'! 1(22! #&! 15'+&+! )$0:! .:*.! .:&)&! 6*(-.&-*-0&!
'&H$('&6&-.)! *'&! 02&*'23! +&%(-&+! *-+! 0*-! #&! 65-(.5'&+! #3! A5$-.3! ).*%%! 5-;! *.! *!
6(-(6$6;! *! #(7*--$*2! #*)()<! Y%! *! Z56&51-&')! "))50(*.(5-! 9Z"=! ()! +&)(,-*.&+! *)!
'&)/5-)(#2&! %5'! #$%%&'! 6*(-.&-*-0&;! .:()! 1(22! #&! 6*+&! *! 05-+(.(5-! 5%! /'5>&0.!
*//'58*2!)$0:!.:*.!.:&!Z"!0*--5.!0:*-,&!.:()!6*(-.&-*-0&W65-(.5'(-,!'&H$('&6&-.!
*-+! '&)/5-)(#(2(.3<! Y.! ):5$2+! #&! -5.&+! .:*.! $-+&'! .:&! /'5/5)&+! /52(03;! .:&! ?*-.*!
@*'#*'*! A5$-.3! @5*'+! 5%! ?$/&'8()5')! 9@C?=! 6*3! *$.:5'(4&! .:&! *#*-+5-6&-.! *-+!
'&$)&! 5%! #$%%&'! *'&*)! (%! *,'(0$2.$'*2! $)&)! 5-! *22! *+>*0&-.! /*'0&2)! 1(.:(-! *! F[[! %55.!
'*+($)!5%!.:&!/'5>&0.!)(.&!:*8&!/&'6*-&-.23!0&*)&+;!*-+!.:&!2*-+!$)&!+&)(,-*.(5-)!%5'!
.:5)&!/*'0&2)!+5!-5.!05-.*(-!*,'(0$2.$'*2!45-(-,<!!
<;=*>?2'*0,*2*T,#&,0'0U#*,0'#@T**
"! )&-)(.(8&! )(.&! '&%&')! .5! *! 2*-+! $)&! +&8&25/6&-.! .:*.! 15$2+! /$.! :$6*-)! 1(.:!
)/&0(*2!)&-)(.(8(.(&)!%5'!-&,*.(8&!*%%&0.)!5%!/&).(0(+&!+'(%.;!)$0:!*)!35$-,!0:(2+'&-!5'!
.:&!&2+&'23<!
<<=* >?2'* 0,* '?#* +4* !%'%"#,* +((02&5#* V+!+W* 17* 82&'2* 62"32"2* 2&.* G?)* .0.* '?#*
4"1%A!A"#A2"#*2*"#51SS#&.#.*3%77#"*A1(05)@*
",'(0$2.$'&!@$%%&'!S'&H$&-.23!")N&+!T$&).(5-)!
Page 3!
Y-! \$23! 5%! F[[];! ?*-.*! @*'#*'*! A5$-.3! #&0*6&! .:&! %5$'.:! 05$-.3! (-! A*2(%5'-(*! .5!
2*$-0:!*-!",!S$.$'&)!"22(*-0&<!K:&!,'5$/^)!250*2!%5$-+(-,!/*'.-&')!9?*-.*!@*'#*'*!
A5$-.3! S*'6! @$'&*$! *-+! .:&! D-8('5-6&-.*2! _&%&-)&! A&-.&'=;! *)! 1&22! *)! *!
'&/'&)&-.*.(8&! ,'5$/! 5%! ,'51&');! &-8('5-6&-.*2().);! *-+! 0566$-(.3! 2&*+&')! :*8&!
6&.! &*0:! 65-.:! *.! .:&! "26*! L5)*! I(-&'3! (-! @$&22.5-! .5! +()0$))! (6/5'.*-.! ())$&)!
'&2*.&+!.5!.:&!%$.$'&!5%!*,'(0$2.$'&!(-!?*-.*!@*'#*'*!A5$-.3<!K:'5$,:!.:&)&!6&&.(-,)!
*-+!+()0$))(5-);!.:&!,'5$/!)&&N)!.5!%(-+!05-)&-)$)!)52$.(5-)!.5!N&&/(-,!*,'(0$2.$'&!
*-+!.:&!250*2!&-8('5-6&-.!:&*2.:3!(-!/&'/&.$(.3<!
!
K:&!6&6#&')!5%!.:&!"S"!:*8&!+&0(+&+!.5!*++'&))!())$&)!.:*.!:*8&!#&&-!:().5'(0*223!
+(8()(8&!*65-,).!+(%%&'&-.!%*0.(5-)!5%!.:&!0566$-(.3<!K:&!"S"!#&,*-!1(.:!.:&!.&-&.!
.:*.! .:&! *,'(0$2.$'*2! 2*-+W:&'(.*,&! 5%! ?*-.*! @*'#*'*! A5$-.3! ):5$2+! #&! /'&)&'8&+;!
*-+! .:&! (6/2&6&-.*.(5-! 5%! *-! *,'(0$2.$'*2! #$%%&'! /52(03! 1*)! (+&-.(%(&+! *)! *! 6*>5'!
-&&+!%5'!6*-(%&).(-,!.:()!,5*2!250*223<!K:&!"S"!:*)!.:&'&%5'&!0'*%.&+!*-!*,'(0$2.$'*2!
#$%%&'! /52(03! %5'! )$#6(..*2! .5! .:&! A5$-.3! 5%! ?*-.*! @*'#*'*<! K:&! $',&-.! -&&+! .5!
(6/2&6&-.! )$0:! *! /52(03! (-! 5$'! '&,(5-! 0*--5.! #&! 58&'&6/:*)(4&+;! *)! 2*-+! .:*.! ()!
+&8&25/&+! *+>*0&-.! .5! *,'(0$2.$'&! 05-.(-$&)! .5! 0'&*.&! 2*-+! $)&! 05-%2(0.)! .:*.!
.:'&*.&-!.5!(6/&+&!-5'6*2!*,'(0$2.$'*2!5/&'*.(5-)<!K:&!+(8&')&!6&6#&'):(/!5%!.:&!
"S"!:*)!/$.!%5'.:!*!+50$6&-.!'&%2&0.(-,!*!#'5*+!)/&0.'$6!5%!8(&1)!*-+!-&&+);!.:*.!
1(22! :&2/! &J/&+(.&! .:&! 250*2! /'50&))! %5'! *+5/.(-,! )$0:! *! /52(03<! S5'! *++(.(5-*2!
(-%5'6*.(5-!5-!.:&!"S";!/2&*)&!8()(.!5$'!1&#!)(.&!*.`!:../`WW)*-.*#*'*05*%*<5',<!
!