common-law tests of capacity - British Columbia Law Institute

advertisement
!"#$%&'$(
COMMON-LAW
TESTS OF CAPACITY
)*##$%&"+',-.'
!
!
!
!
!
!
!
!
!
!
!
!
!"#$%&'$('
)$**$(+,-.'/"0&0'
$1')-#-23&4'
5'!"#$%&'6%"#-%"7'1$%'&8"'9%3&308')$:;*<3-'
,-.'=(0&3&;&"'<4'&8"'>"*<"%0'$1'&8"'
)$**$(+,-.'/"0&0'$1')-#-23&4'6%$?"2&'
)$**3&&""'
!
!
!
!
!
!
!
!
!
!
!
!
9),='!"#$%&'($@'AB'
C"#&"*<"%'DEFB'
!
9%3&308')$:;*<3-',-.'=(0&3&;&"'
!
!
"#$$!%&'(!)&**+!,-./01'.(2!34!51.(.'6!73*89:.&+!;&-<38/01+!57+!7&-&=&!!;>?!"@"!
!
;3.<0A!B>CDE!#$$FC"D$!!!G&HA!B>CDE!#$$FC"DD!!!%F9&.*A!:<*.I:<*.J31K!
LLLA!6((MANNOOOJ:<*.J31K!
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!
!
?60!51.(.'6!73*89:.&!P&O!Q-'(.(8(0!O&'!<10&(0=!.-!"RRS!:2!.-<31M31&(.3-!8-=01!(60!M13/.-F
<.&*!!"#$%&'()#&J!Q('!'(1&(0K.<!9.''.3-!.'!(3!:0!&!*0&=01!.-!*&O!104319!:2!<&112.-K!38(A!
!
• (60!:0'(!.-!'<63*&1*2!*&O!104319!10'0&1<6!&-=!O1.(.-KT!&-=!
!
• (60!:0'(!.-!38(10&<6!10*&(.-K!(3!*&O!104319J!
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!
!
?60!909:01'!34!(60!Q-'(.(8(0!&10A!
!
UJ!7J!B?.-3E!V.!50**&!B76&.1E!
P.'&!ZJ!W0(01'!B?10&'8101E!
U32!7&99&<\!
W134J!)&1K&10(!QJ![&**!
W134J!U3:01(!]J![3O0**!
[3-J!^0--0(6!7J!)&<\0-_.0+!Y7!
VJ!W0(01!U&9'&2+!Y7!
`(&-*02!?J!U8*0!
W134J!X33'(!5*39+!Y7!B;.<0F<6&.1E!
[3-J!)&1.3-!XJ!Z**&-!
X&-!761.'(.&-'0-!
W134J!V38K*&'!7J![&11.'!
G.3-&![8-(01!
]0344!W*&-(+!Y7!
Z-=10&!PJ!U3**'!
?639&'!PJ!`M1&KK'!
!
?60!909:01'!0901.(8'!34!(60!Q-'(.(8(0!&10A!
!
Z1(681!PJ!7*3'0+!Y7!
]10K312!^J!`(00*0+!Y7!
!
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!
!
!"#$%&'()*+,%-.$%/.0*%&($$#12*%-#,"%,"*%$3$,.#4#45%6#4.4+#.2%$3&&(',%(6%,"*%7.-%8(340.,#(4%(6%
9'#,#$"%:(23/1#.%.40%,"*%;#4#$,'<%(6%=3$,#+*%6('%9'#,#$"%:(23/1#.>%!"*%?4$,#,3,*%5'.,*6322<%.+@
A4(-2*05*$%,"*%$3&&(',%(6%,"*%7.-%8(340.,#(4%.40%,"*%;#4#$,'<%6('%#,$%-('A>%
!
!
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!
a!$C"b+!51.(.'6!73*89:.&!P&O!Q-'(.(8(0J!Z**!1.K6('!10'01/0=J!
!
!
!
=(&%$7;2&$%4'G$&"'
!
!
!"#$%&'$(')$**$(+,-.'/"0&0'
$1')-#-23&4'
!
!
?60!U&(.3-&*._.-K!&-=![&193-._&(.3-!34!57!73993-FP&O!?0'('!34!7&M&<.(2!W13c0<(!
6&'!<3-<01-0=!.('0*4!O.(6!63O!(60!*&O!=0(019.-0'!O60(601!&!M01'3-!6&'!(60!90-(&*!
<&M&<.(2!(3!9&\0!&!*0K&**2!0440<(./0!=0<.'.3-+!(3!0-(01!.-(3!&!(1&-'&<(.3-+!31!(3!4319!&!
10*&(.3-'6.M!O.(6!&-3(601!M01'3-J!G31!&!/012!*3-K!(.90+!(60!*&Od'!:&'.<!M3'.(.3-!6&'!
:00-! (6&(! &! 90=.<&*! =.&K-3'.'! 34! 90-(&*! .**-0''+! =.'&:.*.(2+! 31! .9M&.190-(! .'! -3(!
0-38K6+!'(&-=.-K!3-!.('!3O-+!(3!<39M0*!(60!<3-<*8'.3-!(6&(!&!M01'3-!.'!90-(&**2!.-F
<&M&:*0J!Q-'(0&=+!(60!*&O!6&'!&MM*.0=!&!'01.0'!34!=.'(.-<(./0!(0'('!34!<&M&<.(2+!O6.<6!
&10!K0&10=!(3!(60!'M0<.4.<!(2M0!34!=0<.'.3-+!(1&-'&<(.3-+!31!10*&(.3-'6.M!&(!.''80J!
!
?6.'!M13c0<(!6&'!0H&9.-0=!-.-0!(0'('!34!<&M&<.(2!(6&(!6&/0!=0/0*3M0=+!&-=!(6&(!<3-F
(.-80!(3!:0!09:3=.0=+!.-!<381(!=0<.'.3-'J!?60'0!'0*0<(0=!(0'('!34!<&M&<.(2!<3/01!'390!
9&c31!*0K&*!=0<.'.3-'+!'8<6!&'!(63'0!(6&(!&10!9&=0!O60-!&!M01'3-!O&-('!(3!9&\0!&!
O.**+!(3!9&\0!&!K.4(+!(3!0-(01!.-(3!&!<3-(1&<(+!&-=!(3!9&112!31!'0M&1&(0!4139!&!'M38'0J!
?60!M13c0<(d'!4.-&*!10M31(!9&\0'!b"!10<3990-=&(.3-'!431!104319!34!(60!*&O!K3/01-F
.-K!(60!'0*0<(0=!(0'('!34!<&M&<.(2J!`390!34!(60'0!10<3990-=&(.3-'!<&**!431!*0K.'*&(./0!
<6&-K0'+!O6.<6!(60!10M31(!.**8'(1&(0'!O.(6!&!=1&4(!'(&(8(0J!
!
e-!:06&*4!34!(60!:3&1=!34!=.10<(31'!34!(60!51.(.'6!73*89:.&!P&O!Q-'(.(8(0+!Q!O&-(!(3!
(6&-\!(60!909:01'!34!(60!73993-FP&O!?0'('!34!7&M&<.(2!7399.((00!431!(60.1!6&1=!
O31\!3/01!(60!<381'0!34!(6.'!(O3F20&1!M13c0<(J!?60!57PQ!48**2!'8MM31('!(60.1!10<39F
90-=&(.3-'!&-=!0-=31'0'!(6.'!4.-&*!10M31(J!
!
!
!
!
UJ!7J!B?.-3E!V.!50**&!
76&.1+!
51.(.'6!73*89:.&!P&O!Q-'(.(8(0!
!
`0M(09:01!$C"b!
!
)$**$(+,-.'/"0&0'$1')-#-23&4'6%$?"2&')$**3&&""'
!
!
G3190=!.-!e<(3:01!$C""+!(60!73993-FP&O!?0'('!34!7&M&<.(2!7399.((00!O&'!&-!&**F
/3*8-(001! 57PQ! M13c0<(! <399.((00! =0=.<&(0=! (3! '(8=2.-K! &-=! .**89.-&(.-K! '0*0<(0=!
<3993-F*&O!(0'('!34!90-(&*!<&M&<.(2+!=0(019.-.-K!O6010!(60!<8110-(!*&O!6&'!'631(F
<39.-K'! (6&(! 10f8.10! 93=01-._&(.3-! 31! 6&193-._&(.3-+! &-=! 10<3990-=.-K! *0K.'*&F
(./0!104319'!(3!&==10''!(63'0!'631(<39.-K'J!
?60!909:01'!34!(60!<399.((00!O010A!
Z-=10O!)&<^&2g<6&.1!
! *+,-&.%-/()0%1,.2%-(3"045-.(
( 6%,52$.(7(8,.9(88:;!
UJ!7J!B?.-3E!V.!50**&!
! *,<<"#$,&%/(=,>0(7(65.2".;!
U8''0**!]0(_!
! *0%9,0(#"5.<%0/(?$.$<&-'("@(=5<&$#%(
( @"-(6-$&$<A(B"05C4$,;!
^.9:01*2!^8-(_!
! *+,-&.%-/(6500(3"5<<%-(7(D5++%-(88:;(
U3K01!P00!
! *+,-&.%-/(E,F$<(88:;(
5&1:&1&!P.-='&2!
! *2$-%#&"-G,2F"#,#'( ,.2( +540$#( +"0$#'/(
)0HA%$C%-(!"#$%&'("@(6-$&$<A(B"05C4$,;(
7&(601.-0!U39&-\3!
P&81.0!`&*/&=31!
! *:540$#( I5,-2$,.( ,.2( D-5<&%%( @"-( ! *+-$.#$+,0/(!,0F,2"-(E,F$<(7(B"J(
6-$&$<A(B"05C4$,;!
( K"&,-$%<(:540$#;!
X&<\!`(2&-!
]0344102!L6.(0!
! *C,.,9$.9( 2$-%#&"-/( LE!:( L%<"5-#%( ! *+-$.#$+,0/(I%"@@-%'(NJ(NA$&%(
B%.&-%MF$#%( +-%<$2%.&( @"-( <&-,&%9$#( ( 8,>(B"-+"-,&$".;(
$.$&$,&$F%</( B"CC5.$&'( 8$F$.9( 6-$&$<A(
B"05C4$,;(
^0/.-!@&\10'\.!B'(&44!*&O201+!57PQE!O&'!(60!M13c0<(!9&-&K01J!
!
!"#$%"#&$'()"#%*+'"(,$-'.'+$/.$"($+0&$1"#23$1'3&$1&4$*+5$
0++657788894:2'9"#;74:2#;76#"<&:+.7#*+'"(*2'='(;>*(3>0*#%"('=*+'"(>4:>
:"%%"(>2*8>+&.+.>:*6*:'+?$
$
C;##$%&"7'<4H'
!
!
!
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
/59,J'KL')KG/JG/C'
!
!
@ABCD1EFGHIFCJK 99999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999 L'''$
FMFANJOPF$KNII@QR 999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999 L-$
AS@TJFQ$O9$OCJQDGNAJODC 99999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999 U!
ZJ! 5&<\K138-=!3-!(60!U&(.3-&*._.-K!&-=![&193-._&(.3-!34!57!73993-FP&O!?0'('!34!
7&M&<.(2!W13c0<( JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "!
5J! ?60!73993-FP&O!?0'('!34!7&M&<.(2!W13c0<(!7399.((00JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $!
7J! ?60!73-'8*(&(.3-!W13<0'' JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ >!
VJ! ?60!`(18<(810!34!?6.'!U0M31( JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ S!
AS@TJFQ$OO9$IFCJ@E$A@T@AOJR$@CG$JSF$E@199999999999999999999999999999999999999999999999999999999999999999999999999UU!
ZJ! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ""!
5J! ?019.-3*3K2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ""!
"J! )0&-.-K!34!h7&M&<.(2iJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ""!
$J! )0&-.-K!34!h)0-(&*!7&M&<.(2i JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"$!
bJ! )0&-.-K!34!h?0'(!34!7&M&<.(2i JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"$!
7J! `381<0'!34!73K-.(./0!V0<*.-0 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"b!
"J! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"b!
$J! V090-(.& JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"D!
bJ! V0*.1.89JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"j!
DJ! V0M10''.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"j!
jJ! V18K'JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ">!
VJ! P0K&*!ZMM13&<60'!(3!)0-(&*!7&M&<.(2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ">!
%J! 76&1&<(01.'(.<'!34!73993-FP&O!?0'('!34!7&M&<.(2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"#!
"J! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"#!
$J! W81M3'0'!34!73993-FP&O!?0'('!34!7&M&<.(2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"#!
bJ! 5&'0*.-0!73993-FP&O!?0'(!34!7&M&<.(2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"R!
DJ! 739M&1.-K!73993-FP&O!?0'('!34!7&M&<.(2JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"R!
GJ! U0&'3-'!431!`(8=2.-K!73993-FP&O!?0'('!34!7&M&<.(2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$C!
"J! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$C!
$J! P0K&*!G&<(31'JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$C!
bJ! `3<.&*!?10-=' JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$C!
]J! e/01/.0O!34!(60!7399.((00d'!U0<3990-=&(.3-'JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$b!
AS@TJFQ$OOO9$A@T@AOJR$JD$I@BF$@$1OEE 9999999999999999999999999999999999999999999999999999999999999999999999999999999999VW!
ZJ! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$j!
5J! 5&<\K138-=JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$j!
"J! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$j!
$J! U0*0/&-(!`(&(8(312!W13/.'.3-' JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$j!
bJ! ?0'(!34!?0'(&90-(&12!7&M&<.(2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$>!
B&E! ?60!?0'(JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$>!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
I'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
B:E! ]0-01&*!,-'38-=-0''!34!).-= JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $S!
B<E! `M0<.4.<!V0*8'.3-'JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $#!
DJ! ?.9.-KA!L60-!(60!?0'(&(31!)8'(![&/0!?0'(&90-(&12!7&M&<.(2 JJJJJJJJJJJJJJJJJJJJJJJJJJJ $R!
jJ! 739M&1.'3-!34!?0'(!34!?0'(&90-(&12!7&M&<.(2!(3!e(601!?0'('!34!7&M&<.(2 JJJJJJ bC!
>J! P0K&*!Z=/.'31d'!U0'M3-'.:.*.(.0'!.-!Z''0''.-K!?0'(&90-(&12!7&M&<.(2 JJJJJJJJJJJJJJ b$!
SJ! U0*&(0=!73-<0M('JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ bb!
B&E! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ bb!
B:E! G319&*!;&*.=.(2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ bD!
B<E! ^-3O*0=K0!&-=!ZMM13/&*JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ bD!
B=E! W10'89M(.3-!34!7&M&<.(2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ bD!
B0E! `8'M.<.38'!7.1<89'(&-<0'JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ bj!
B4E! ,-=80!Q-4*80-<0 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ b>!
BKE! `899&12 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ bS!
7J! Q''80'!431!U04319JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ bS!
"J! `638*=!(60!`M0<.4.<FV0*8'.3-!%*090-(!34!(60!?0'(!34!7&M&<.(2!(3!)&\0!&!L.**!50!
Z:13K&(0=kJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ bS!
$J! `638*=! Z-2! 34! (60! %*090-('! 34! ?0'(! 34! 7&M&<.(2! (3! )&\0! &! L.**! U0*&(.-K! (3!
]0-01&*!,-'38-=-0''!34!).-=!50!)3=.4.0=k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DC!
bJ! `638*=! (60! 73993-FP&O! ?0'(! 34! 7&M&<.(2! (3! )&\0! &! L.**! :0! U0'(&(0=! .-!
P0K.'*&(.3-kJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ D$!
DJ! `638*=! P0K.'*&(.3-! 73-(&.-! &! W10'89M(.3-! (6&(! &! W01'3-! 6&'! (60! 7&M&<.(2! (3!
)&\0!&!L.**k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ Db!
jJ! `638*=!P0K.'*&(.3-!W13/.=0!)310!]8.=&-<0!3-![3O!(3!Z''0''!7&M&<.(2!(3!)&\0!
&!L.**kJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ D>!
AS@TJFQ$OP9$1OEEK$!DQ$OCGOPOGN@EK$1SD$E@AB$JFKJ@IFCJ@QR$A@T@AOJR 9999999999999999999999 XY!
ZJ! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DR!
5J! 5&<\K138-= JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ jC!
"J! ,-.(0=!^.-K=39!P0K.'*&(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ jC!
B&E! )0-(&*![0&*(6!Z<(!"RjR!l!)0-(&*![0&*(6!Z<(!"R#bJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ jC!
B:E! )0-(&*!7&M&<.(2!Z<(!$CCj JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ jb!
$J! Z8'(1&*.&-!`8<<0''.3-!P0K.'*&(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ j>!
bJ! e(601!X81.'=.<(.3-' JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ jR!
B&E! m0O!518-'O.<\ JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ jR!
B:E! m0O!@0&*&-= JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ >C!
B<E! 7&*.431-.&JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ >"!
DJ! U&-K0!34!`(&(8(312FL.**!7&'0' JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ >"!
7J! Q''80'!431!U04319JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ >$!
"J! `638*=!51.(.'6!73*89:.&!%-&<(!P0K.'*&(.3-!Z8(631._.-K!(60!)&\.-K+!)3=.42.-K+!
31!U0/3\.-K!34!&!L.**!431!&-!Q-=./.=8&*!L63!P&<\'!?0'(&90-(&12!7&M&<.(2kJJ >b!
$J! ?3!L639!`638*=!51.(.'6!73*89:.&d'!`(&(8(312FL.**!P0K.'*&(.3-!ZMM*2k JJJJJJJJJJ >>!
bJ! L6&(! W8:*.<! Q-'(.(8(.3-+! 53=2+! 31! Q-=./.=8&*! `638*=! [&/0! V0<.'.3-F)&\.-K!
Z8(631.(2!,-=01!51.(.'6!73*89:.&d'!`(&(8(312FL.**!P0K.'*&(.3-k JJJJJJJJJJJJJJJJJJJJJJJJJ >#!
DJ! L63! `638*=! 50! Z**3O0=! (3! ZMM*2! V.10<(*2! 431! Z8(631._&(.3-! 34! &! `(&(8(312!
L.**k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ >R!
I3'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
jJ! L63! `638*=! U0<0./0! m3(.<0! 34! &-=! 50! %-(.(*0=! (3! W&1(.<.M&(0! .-! &! `(&(8(312F
L.**!W13<00=.-Kk JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJS"!
>J! L63!`638*=!%H0<8(0!&!`(&(8(312!L.**kJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJSb!
SJ! `638*=! 51.(.'6! 73*89:.&d'! `(&(8(312FL.**! P0K.'*&(.3-! Z=3M(! &! 50'(FQ-(010'('!
`(&-=&1=!431!V0<.'.3-F)&\.-Kk JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJSb!
#J! `638*=!&!`(&(8(312!L.**!:0!`8:c0<(!(3!U0/.'.3-!8-=01!51.(.'6!73*89:.&d'!L.**'F
;&1.&(.3-!P0K.'*&(.3-kJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJSj!
VJ! W3'('<1.M(A! ZMM*.<&(.3-! 34! `(&(8(312FL.**! P0K.'*&(.3-! (3! Q-=./.=8&*'! L63! &10!
n38-K01!(6&-!(60!`(&(8(312!ZK0!&(!L6.<6!&-!Q-=./.=8&*!50<390'!P0K&**2!7&M&:*0!(3!
)&\0!&!L.**JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJSj!
AS@TJFQ$ P9$ AFQJO!OA@JODC$ D!$ JFKJ@IFCJ@QR$ A@T@AOJR$ ZF!DQF$ JSF$ GF@JS$ D!$ JSF$
JFKJ@JDQ 99999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999[Y!
ZJ! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJSR!
5J! 5&<\K138-=JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJSR!
"J! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJSR!
$J! ).<6.K&-d'!Z-(0931(09FW13:&(0!P0K.'*&(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJSR!
bJ! Z<&=09.<!)3=0*'!431!Z-(0931(09FW13:&(0!P0K.'*&(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ#"!
B&E! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ#"!
B:E! 73-(0'(!)3=0* JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ#$!
B<E! 73-'01/&(31'6.M!)3=0* JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ#b!
B=E! Z=9.-.'(1&(./0!)3=0*JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ#D!
DJ! 78110-(!Z901.<&-!Z-(0931(09FW13:&(0!P0K.'*&(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ#>!
B&E! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ#>!
B:E! m31(6!V&\3(&JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ#>!
B<E! e6.3 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ#S!
B=E! Z1\&-'&'JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ##!
7J! Q''80!431!U04319 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ##!
"J! `638*=! 51.(.'6! 73*89:.&! %-&<(! P0K.'*&(.3-! 710&(.-K! &! W13<0=810! (6&(! L38*=!
Z**3O!&!?0'(&(31!(3!e:(&.-!701(.4.<&(.3-!34!?0'(&90-(&12!7&M&<.(2!504310!(60!
V0&(6!34!(60!?0'(&(31k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ#R!
AS@TJFQ$PO9$A@T@AOJR$JD$I@BF$@$HO!J 99999999999999999999999999999999999999999999999999999999999999999999999999999999999Y\!
ZJ! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJRb!
5J! 5&<\K138-=JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJRb!
"J! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJRb!
$J! P0K&*!73-<0M(.3-!34!&!].4( JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJRD!
bJ! ?0'(!34!7&M&<.(2!(3!)&\0!&!].4( JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJR>!
B&E! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJR>!
B:E! 7&'0'!ZMM*2.-K!%*090-('!34!(60!73-(1&<(8&*!?0'(JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJR#!
B<E! 7&'0'!ZMM*2.-K!%*090-('!34!(60!?0'(&90-(&12!?0'(JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJRR!
B=E! e(601!Z'M0<('!34!(60!P&O!34!7&M&<.(2!(3!)&\0!&!].4( JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "C"!
DJ! P0K.'*&(.3-!ZMM*.<&:*0!(3!7&M&<.(2!(3!)&\0!&!].4( JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "Cb!
B&E! 73-'0f80-<0'!34!?1&-'401!34!W13M01(2!:2!&-!Q-<&M&:*0!Z=8*( JJJJJJJJJJJJJJJJJ "Cb!
B:E! ].4('!:2!W13M01(2!]8&1=.&-' JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "C>!
B<E! ].4('!:2!Z((31-02' JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "CS!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
I33'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
7J! Q''80'!431!U04319JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"CS!
"J! `638*=!Z-2!34!(60!%*090-('!34!(60!?0'(!34!7&M&<.(2!(3!)&\0!&!].4(!50!)3=.4.0=!
:2!P0K.'*&(.3-k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"C#!
$J! `638*=! ].4('! (6&(! Z10! ,'0=! (3! 710&(0! Q-(01! ;./3'! ?18'('! 50! Z-&*2_0=! :2! &!
`M0<.&*!?0'(!34!7&M&<.(2!(6&(!Q'!)310!%HM*.<.(*2!.-!?8-0!O.(6!(60!%*090-('!34!&!
?18'(k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ""C!
AS@TJFQ$POO9$A@T@AOJR$JD$I@BF$@$ZFCF!OAO@QR$GFKOHC@JODC 99999999999999999999999999999999999999999UU\!
ZJ! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ""b!
5J! 5&<\K138-= JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ""b!
"J! L6&(!Q'!&!50-04.<.&12!V0'.K-&(.3-k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ""b!
$J! L6&(!Q'!(60!?0'(!34!7&M&<.(2!(3!)&\0!&!50-04.<.&12!V0'.K-&(.3-kJJJJJJJJJJJJJJJJJJJJJJ"">!
bJ! P0K.'*&(.3-!U0*&(.-K!(3!)0-(&*!7&M&<.(2!&-=!50-04.<.&12!V0'.K-&(.3-' JJJJJJJJJJJ""R!
7J! Q''80'!431!U04319JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"$"!
"J! `638*=! Z-2! 34! (60! %*090-('! 34! (60! ?0'(! 34! 7&M&<.(2! (3! )&\0! &! 50-04.<.&12!
V0'.K-&(.3-!50!)3=.4.0=!:2!P0K.'*&(.3-k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"$"!
$J! `638*=!(60!?0'(!34!7&M&<.(2!(3!)&\0!&!50-04.<.&12!V0'.K-&(.3-!:0!U0'(&(0=!.-!
P0K.'*&(.3-kJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"$b!
AS@TJFQ$POOO9$A@T@AOJR$JD$CDIOC@JF$@$ADIIOJJFF 999999999999999999999999999999999999999999999999999999999UVW!
ZJ! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"$j!
5J! 5&<\K138-= JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"$j!
"J! W&(.0-('!&-=!7399.((00'JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"$j!
$J! L6&(!Q'!&!m39.-&(.3-!34!&!7399.((00kJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"$>!
bJ! L6&(!Q'!(60!?0'(!34!7&M&<.(2!(3!m39.-&(0!&!7399.((00k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"$S!
DJ! Z=8*(!]8&1=.&-'6.M!Z<(!&-=!m39.-&(.-K!&!7399.((00 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"$R!
7J! Q''80!431!U04319JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"bC!
"J! `638*=!Z-2!34!(60!%*090-('!34!(60!?0'(!34!7&M&<.(2!(3!m39.-&(0!&!7399.((00!
50!)3=.4.0=!:2!P0K.'*&(.3-k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"bC!
AS@TJFQ$OM9$A@T@AOJR$JD$FCJFQ$OCJD$@$ADCJQ@AJ9999999999999999999999999999999999999999999999999999999999999U\\!
ZJ! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"bb!
5J! 5&<\K138-= JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"bb!
"J! e/01/.0OJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"bb!
$J! Z! `899&12! 34! (60! 5&'.<! %*090-('! 34! (60! ?0'(! 34! 7&M&<.(2! (3! %-(01! .-(3! &!
73-(1&<(JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"bb!
bJ! `<3M0!34!(60!?0'(!34!7&M&<.(2!(3!%-(01!.-(3!&!73-(1&<(JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"bj!
DJ! W81M3'0'!34!(60!?0'(!34!7&M&<.(2!(3!%-(01!.-(3!&!73-(1&<( JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"b>!
jJ! V0/0*3M90-(!34!(60!?0'(!34!7&M&<.(2A!W13(0<(.-K!(60!e(601!73-(1&<(.-K!W&1(2d'!
Q-(010'('!&-=!`0<81.(2!34!73-(1&<('JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"bS!
>J! %440<(!34!&!73-(1&<(!O.(6!&-!Q-<&M&:*0!W01'3-A!;3.=!31!;3.=&:*0k JJJJJJJJJJJJJJJJJJJJJ"DC!
SJ! Z!G8-<(.3-&*!?0'(A!?60!U&-K0!34!73-(1&<('!73/010=!:2!(60!?0'(!34!7&M&<.(2 "D"!
#J! ?60!U3*0!34!G&.1-0''!.-!(60!?0'(!34!7&M&<.(2!(3!%-(01!.-(3!&!73-(1&<(JJJJJJJJJJJJJJJ"D$!
RJ! e(601!73-(1&<(FP&O!73-<0M(' JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"Db!
B&E! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"Db!
B:E! ,-<3-'<.3-&:.*.(2JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"Db!
I333'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
B<E! ,-=80!Q-4*80-<0JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "DD!
B=E! m3-!%'(!G&<(89 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "Dj!
"CJ!m0<0''&1.0'JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "Dj!
B&E! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "Dj!
B:E! L6&(!Z10!m0<0''&1.0'k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "D>!
B<E! `&*0!34!]33='!Z<( JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "D>!
B=E! ?60!73993-FP&O!U8*0 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "DS!
""J!e(601!U0*0/&-(!P0K.'*&(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "DS!
B&E! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "DS!
B:E! W10'89M(.3-!34!7&M&<.(2!(3!%-(01!.-(3!&!73-(1&<( JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "D#!
B<E! 73-(1&<('!O.(6!W01'3-'!,-=01!&!7399.((00'6.M!e1=01JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "D#!
B=E! `(&(8(312!?0'('!34!7&M&<.(2!431!`M0<.4.<!73-(1&<('JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "DR!
7J! Q''80'!431!U04319 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "DR!
"J! `638*=! (60! 73993-FP&O! ?0'(! 34! 7&M&<.(2! (3! %-(01! .-(3! &! 73-(1&<(! 50!
Z:13K&(0=k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "jC!
$J! `638*=! &-2! Z'M0<('! 34! (60! 73993-FP&O! ?0'(! 34! 7&M&<.(2! (3! %-(01! .-(3! &!
73-(1&<(!:0!)3=.4.0=!:2!P0K.'*&(.3-k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "j$!
bJ! `638*=! P0K.'*&(.3-! W13/.=0! (6&(! (60! 73993-FP&O! ?0'(! 34! 7&M&<.(2! (3! %-(01!
.-(3!&!73-(1&<(!Q-<*8=0!&-!%*090-(!V.10<(.-K!(60!7381(!(3!U0/.0O!(60!G&.1-0''!
34!(60!73-(1&<(k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "jj!
DJ! `638*=!P0K.'*&(.3-!:0!%-&<(0=!(3!,-.42!(60!73993-FP&O!&-=!`(&(8(312!U8*0'!
3-!(60!`8MM*2!34!m0<0''&1.0'!(3!&!W01'3-!L63!V30'!m3(![&/0!(60!7&M&<.(2!(3!
%-(01!.-(3!&!73-(1&<(kJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "j>!
AS@TJFQ$M9$A@T@AOJR$JD$QFJ@OC$EFH@E$ADNCKFE9999999999999999999999999999999999999999999999999999999999999999 UWY!
ZJ! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "jR!
5J! 5&<\K138-=JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "jR!
"J! e/01/.0O JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "jR!
$J! ?0'(!34!7&M&<.(2!(3!U0(&.-!P0K&*!738-'0* JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">C!
B&E! ?60!73-(1&<(8&*!Z'M0<(!34!(60!?0'(!34!7&M&<.(2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">C!
B:E! ?60!ZK0-<2!Z'M0<(!34!(60!?0'(!34!7&M&<.(2JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">"!
B<E! W10'89M(.3-!34!7&M&<.(2JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">$!
B=E! 739M&1.'3-!(3!e(601!?0'('!34!7&M&<.(2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">b!
bJ! P0K&*!`01/.<0'!&'!m0<0''&1.0'JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">b!
DJ! P.&:.*.(2!431!73'('!431!510&<6!34!Q9M*.0=!L&11&-(2!34!Z8(631.(2JJJJJJJJJJJJJJJJJJJJJJJJ ">D!
jJ! W1340''.3-&*!e:*.K&(.3-'!3-!P0K&*!738-'0* JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">j!
B&E! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">j!
B:E! U8*0'!431!P&O201'!?&\.-K!3-!m0O!7*.0-('JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">j!
B<E! U8*0'!431!P&O201'!V0&*.-K!O.(6!%H.'(.-K!7*.0-('JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">>!
B=E! U8*0!431!m3(&1.0'!W8:*.< JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">S!
>J! 7&M&<.(2!(3!73-=8<(!7./.*!P.(.K&(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">S!
7J! Q''80'!431!U04319 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ">R!
"J! `638*=! 51.(.'6! 73*89:.&! %-&<(! P0K.'*&(.3-! `0((.-K! 38(! &! ?0'(! 34! 7&M&<.(2! (3!
U0(&.-!P0K&*!738-'0*kJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ "SC!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
3M'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
$J! `638*=!51.(.'6!73*89:.&!%-&<(!P0K.'*&(.3-!Z**3O.-K!&!W01'3-!O.(6!V.9.-.'60=!
7&M&<.(2! (3! U0(&.-! P0K&*! 738-'0*! 431! Z=/.'.-K! 3-! &-=! V1&4(.-K! &!
U0M10'0-(&(.3-!ZK10090-(!O.(6!`(&-=&1=!W13/.'.3-'kJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"S"!
bJ! `638*=! 51.(.'6! 73*89:.&! %-&<(! P0K.'*&(.3-! (3! 73-4.19! (6&(! &! W01'3-! )&2!
U0(&.-! P0K&*! 738-'0*! (3! Z<(! 431! (60! W01'3-! .-! &! W13<00=.-K! .-! L6.<6! (60!
W01'3-d'!)0-(&*!7&M&<.(2!Q'!&(!Q''80kJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"S$!
AS@TJFQ$MO9$A@T@AOJR$JD$I@QQR 999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999U[W!
ZJ! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"Sj!
5J! 5&<\K138-= JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"Sj!
"J! e/01/.0OJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"Sj!
$J! ?0'(!34!7&M&<.(2!(3!)&112 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"S>!
B&E! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"S>!
B:E! W81M3'0'!34!(60!?0'(!34!7&M&<.(2!(3!)&112JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"SS!
B<E! 5&'.<!%*090-('!34!(60!?0'(!34!7&M&<.(2JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"S#!
B=E! V0*8'.3-'JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"SR!
bJ! Z==.(.3-&*!%*090-('!34!(60!?0'(!34!7&M&<.(2!(3!)&112 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"SR!
B&E! 7&M&<.(2!(3!)&-&K0!e-0'0*4!&-=N31!e-0d'!G.-&-<0' JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"SR!
B:E! 7&M&<.(2!(3!ZMM10<.&(0!%440<(!3-!W10/.38'!)&11.&K0'!&-=!76.*=10- JJJJJJ"#"!
B<E! `899&12 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"#$!
DJ! 739M&1.'3-!(3!e(601!?0'('!34!7&M&<.(2JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"#b!
jJ! `(&-=.-K!(3!76&**0-K0!&!)&11.&K0 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"#j!
>J! e-8'!34!W1334 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"#>!
SJ! 73-'0f80-<0'!34!&!G.-=.-K!(6&(!&!W01'3-!P&<\'!(60!7&M&<.(2!(3!)&112 JJJJJJJJJJJ"#S!
#J! Q-(3H.<&(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"#S!
RJ! P0K.'*&(.3-!U0*&(.-K!(3!(60!?0'(!34!7&M&<.(2!(3!)&112JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"##!
B&E! %H.'(.-K!P0K.'*&(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"##!
B:E! Z8(631.(2! (3! %-&<(! P0K.'*&(.3-! .-! U0*&(.3-! (3! )0-(&*! 7&M&<.(2! &-=!
)&11.&K0 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"#R!
B<E! %f8&*.(2!U.K6('!&-=!P0K.'*&(.3-!3-!(60!?0'(!34!7&M&<.(2!(3!)&112 JJJJJJJJJJ"RC!
7J! Q''80'!431!U04319JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"R"!
"J! `638*=!&-2!Z'M0<(!34!(60!73993-FP&O!?0'(!34!7&M&<.(2!(3!)&112!50!)3=.4.0=!
:2!P0K.'*&(.3-k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"R"!
$J! `638*=!(60!?0'(!34!7&M&<.(2!(3!)&112!50!U0'(&(0=!.-!P0K.'*&(.3-k JJJJJJJJJJJJJJJJJJJJJ"Rj!
AS@TJFQ$ MOO9$ A@T@AOJR$ JD$ !DQI$ JSF$ OCJFCJODC$ JD$ EOPF$ KFT@Q@JF$ @CG$ @T@QJ$ !QDI$ @$
KTDNKF 9999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999UY[!
ZJ! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"RS!
5J! 5&<\K138-= JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"RS!
"J! e/01/.0OJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"RS!
$J! G&9.*2FP&O!P0K.'*&(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"RS!
B&E! Q-(13=8<(.3-JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"RS!
B:E! V./31<0!Z<( JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"R#!
B<E! V0<*&1&(312!X8=K90-('!8-=01!(60!G&9.*2!U0*&(.3-'!Z<( JJJJJJJJJJJJJJJJJJJJJJJJJJJJJ"RR!
B=E! P0K.'*&(./0!Z8(631.(2!(3!%-&<(!G&9.*2FP&O!P0K.'*&(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$CC!
bJ! ?0'(!34!7&M&<.(2!(3!`0M&1&(0JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$C"!
M'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
B&E! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $C"!
B:E! %*090-('!34!(60!?0'(!34!7&M&<.(2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $C"!
B<E! U&(.3-&*0'!431!(60!?0'(!34!7&M&<.(2JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $C$!
B=E! V0*8'.3-' JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $Cb!
B0E! 739M&1.'3-!(3!e(601!73993-FP&O!?0'('!34!7&M&<.(2JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $CD!
7J! Q''80!431!U04319 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $Cj!
"J! `638*=! Z-2! Z'M0<('! 34! (60! 73993-FP&O! ?0'(! 34! 7&M&<.(2! (3! G319! (60!
Q-(0-(.3-! (3! P./0! `0M&1&(0! &-=! ZM&1(! 4139! &! `M38'0! 50! )3=.4.0=! :2!
P0K.'*&(.3-k JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $Cj!
AS@TJFQ$MOOO9$A@T@AOJR$JD$FCJFQ$OCJD$@C$NCI@QQOFG$KTDNK@E$QFE@JODCKSOT 999999999999 V][!
ZJ! Q-(13=8<(.3- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $CS!
5J! 5&<\K138-=JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $CS!
"J! e/01/.0OA!)0-(&*!7&M&<.(2!&-=!,-9&11.0=!`M38'&*!U0*&(.3-'6.M' JJJJJJJJJJJJJJJJJJ $CS!
$J! U&-K0!34!P0K.'*&(.3-!ZMM*2.-K!(3!,-9&11.0=!`M38'&*!U0*&(.3-'6.M' JJJJJJJJJJJJJJJ $CS!
bJ! V04.-.(.3-!34!h`M38'0iJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $C#!
DJ! L6&(!Q'!&!)&11.&K0FP.\0!U0*&(.3-'6.MkJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $CR!
jJ! Q9M*.<&(.3-'!431!)0-(&*!7&M&<.(2JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $"C!
>J! %-=.-K!&-!,-9&11.0=!`M38'&*!U0*&(.3-'6.MJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $"$!
7J! Q''80!431!U04319 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $"b!
"J! `638*=! 51.(.'6! 73*89:.&! %-&<(! P0K.'*&(.3-! `0((.-K! 38(! &! ?0'(! 34! 7&M&<.(2! (3!
%-(01!.-(3!&-!,-9&11.0=!`M38'&*!U0*&(.3-'6.MkJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $"b!
AS@TJFQ$MOP9$ADCAENKODC 99999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999 VU[!
@TTFCGOM$@^EOKJ$D!$QFADIIFCG@JODCK 999999999999999999999999999999999999999999999999999999999999999999999999999VUY$
@TTFCGOM$Z^GQ@!J$EFHOKE@JODC 9999999999999999999999999999999999999999999999999999999999999999999999999999999999999999VV\$
@TTFCGOM$A^KFEFAJFG$EFHOKE@JODC 99999999999999999999999999999999999999999999999999999999999999999999999999999999999V\Y$
@TTFCGOM$G^QFKTDCGFCJK$JD$JSF$ADCKNEJ@JODC$T@TFQ 99999999999999999999999999999999999999999999999VX\$
TQOCAOT@E$!NCGFQK$OC$V]UV99999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999VXW$
!
!
!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
M3'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
5)NGKO,JPQ>JG/C'
!
!
?60!51.(.'6!73*89:.&!P&O!Q-'(.(8(0!(6&-\'!(60!909:01'!34!(60!73993-FP&O!?0'('!
34! 7&M&<.(2! W13c0<(! 7399.((00+! O.(638(! O63'0! =0=.<&(.3-! (6.'! M13c0<(! O38*=! -3(!
6&/0!:00-!M3''.:*0J!7399.((00!909:01'!K0-0138'*2!'6&10=!(60.1!(.90!&-=!0HM01(.'0!
3/01! (60! <381'0! 34! (60! M13c0<(! &'! /3*8-(001'J! Z==.(.3-&*! &<\-3O*0=K90-(! .'! =80! (3!
Z-=10O!)&<^&2+!O63!(33\!3-!(60!10'M3-'.:.*.(2!34!'01/.-K!&'!<399.((00!<6&.1J!
!
?60!57PQ!&*'3!(6&-\'!&**!(63'0!.-=./.=8&*'!&-=!31K&-._&(.3-'!(6&(!M&1(.<.M&(0=!.-!(6.'!
M13c0<(d'!M8:*.<!<3-'8*(&(.3-J!?60.1!10'M3-'0'!&-=!<3990-('!60*M0=!(60!<399.((00!
.-!'6&M.-K!&-=!0/&*8&(.-K!(60!4.-&*!10<3990-=&(.3-'!<3-(&.-0=!.-!(6.'!10M31(J!
!
`0/01&*! 31K&-._&(.3-'! 63'(0=! (&*\'! 31! M10'0-(&(.3-'! :2! 57PQ! '(&44! 31! <399.((00!
909:01'! 3-! (6.'! M13c0<(J! ?60! 57PQ! (6&-\'! (60! m&(.3-&*! Z''3<.&(.3-! 34! W8:*.<! ?18'F
(00'!&-=!]8&1=.&-'+!(60!;.<(31.&!L.**'!&-=!?18'('!&-=!n38-K!P&O201'!`0<(.3-'!34!(60!
7&-&=.&-! 5&1! Z''3<.&(.3-+! (60! ;&-<38/01! &-=! e\&-&K&-! 75Z! L.**'! &-=! ?18'('! `0<F
(.3-'+!(60!;&-<38/01!&-=!^0*3O-&!:1&-<60'!34!(60!%'(&(0!W*&--.-K!738-<.*+!(60!,-.F
/01'.(2!34!51.(.'6!73*89:.&!G&<8*(2!34!P&O+!(60!^&9*33M'!*&O!4.19!G8*(3-!l!739M&-2!
PPW+!&-=!(60!73-(.-8.-K!P0K&*!%=8<&(.3-!`3<.0(2!34!51.(.'6!73*89:.&J!
!
?6.'! M13c0<(! O&'! 9&=0! M3''.:*0! :2! K1&-('! 4139! (60! P&O! G38-=&(.3-! 34! 51.(.'6! 73F
*89:.&!&-=!(60!m3(&12!G38-=&(.3-!34!51.(.'6!73*89:.&J!?60!57PQ!(6&-\'!:3(6!438-F
=&(.3-'! 431! (60.1! K0-0138'! <3-(1.:8(.3-'! (3! (60! M13c0<(J! ?60! 57PQ! &*'3! (6&-\'! (60!
;&-<38/01!*&O!4.19!Z*0H&-=01![3*:81-!50&8=.-!&-=!P&-K!PPW!431!63'(.-K!<399.(F
(00!900(.-K'J!
!
G.-&**2+!(60!'(&44!34!(60!57PQ!M*&20=!&!\02!13*0!.-!=0'.K-.-K+!9&-&K.-K+!&-=!0H0<8(.-K!
(6.'! M13c0<(J! X.9! %9901(3-! B0H0<8(./0! =.10<(31E! M13/.=0=! 0H0<8(./0! M*&--.-K! &-=!
9&-&K090-(! 431! (60! M13c0<(J! [0! &-=! ]10K! 5*80+! Y7! B'0-.31! '(&44! *&O201E! O010! :3(6!
.-/3*/0=! .-! (60! 0&1*2! =0'.K-! &-=! M*&--.-K! 34! (60! M13c0<(J! ^0/.-! @&\10'\.! B'(&44! *&OF
201E!O&'!(60!M13c0<(!9&-&K01+!&-=!O&'!&*'3!10'M3-'.:*0!431!=1&4(.-K!(6.'!10M31(!&-=!
(60!<3-'8*(&(.3-!M&M01!(6&(!M10<0=0=!.(J!Z-=!(60!43**3O.-K!'(&44!909:01'!&*'3!<3-F
(1.:8(0=!(3!(60!10'0&1<6!&-=!&=9.-.'(1&(.3-!34!(60!M13c0<(A!%99&!XJ!58((!B'(&44!*&OF
201E+!`&1&6!76&3!B&=9.-.'(1&(./0!&''.'(&-(E+!V0:31&6!789:01431=!B10'0&1<6!*&O201E+!
U&<60*!^0**2!B&1(.<*0=!'(8=0-(!&-=!10'0&1<6!*&O201E+!%*._&:0(6!W.-'0-(!B344.<0!&=9.-F
.'(1&(31E+!Z-&!7&13*.-&!73'(&!U3=1.K80'!B&=9.-.'(1&(./0!&''.'(&-(E+!&-=!Z1.&=-0!;&-F
_0*&!BQ``!.-(01-EJ!
!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
M333'
'
!
!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
JRJ)S/=TJ'CS>>5!U'
=G/!KPS)/=KG'
?60!U&(.3-&*._.-K!&-=![&193-._&(.3-!34!57!73993-FP&O!?0'('!34!7&M&<.(2!W13c0<(!
O&'!&!9&c31!*&OF104319!M13c0<(!(6&(!'(8=.0=!c8=K0F9&=0!18*0'!3-!(60!*0/0*!34!90-(&*!
<&M&<.(2!10f8.10=!(3!0-(01!.-(3!<01(&.-!(1&-'&<(.3-'!31!10*&(.3-'6.M'!&-=!<3-'.=010=!
O60(601!51.(.'6!73*89:.&!'638*=!0-&<(!*0K.'*&(.3-!(3!104319!(63'0!18*0'J!?60!51.(.'6!
73*89:.&!P&O!Q-'(.(8(0!'(&1(0=!O31\!3-!(60!M13c0<(!.-!e<(3:01!$C""J!L.(6!(60!M8:*.F
<&(.3-!34!.('!4.-&*!10M31(+!(60!M13c0<(!<390'!(3!&!<*3'0J!
!
?6.'! 10M31(! <3-(&.-'! (60! M13c0<(d'! 4.-&*! 10<3990-=&(.3-'! 431! 104319J! %&<6! 34! (60'0!
10<3990-=&(.3-'!'0('!38(!M3*.<2!M13M3'&*'!(6&(!&10!90&-(!(3!<3-(1.:8(0!(3!(60!=0F
/0*3M90-(!34!(60!*&O!.-!(60!&10&'!'(8=.0=!.-!(6.'!M13c0<(J!Q-!'390!<&'0'+!(60!10<39F
90-=&(.3-'! M13M3'0! *0K.'*&(./0! 104319J! V1&4(! *0K.'*&(.3-! .**8'(1&(.-K! 63O! (60'0! 10F
4319'!9&2!:0!.9M*090-(0=!6&'!:00-!.-<*8=0=!.-!&-!&MM0-=.H!(3!(6.'!10M31(J!
!
?60!73993-FP&O!?0'('!34!7&M&<.(2!W13c0<(!6&'!:00-!9&=0!M3''.:*0!:2!48-=.-K!4139!
(60! P&O! G38-=&(.3-! 34! 51.(.'6! 73*89:.&! &-=! (60! m3(&12! G38-=&(.3-! 34! 51.(.'6! 73F
*89:.&J!
!
)K>>KG+,5O'/JC/C'KL')565)=/U'6!KVJ)/')K>>=//JJ'
?60!73993-FP&O!?0'('!34!7&M&<.(2!W13c0<(!O&'!<&11.0=!38(!O.(6!(60!&''.'(&-<0!34!&-!
&**F/3*8-(001!M13c0<(!<399.((00J!?60!M13c0<(!<399.((00!O&'!43190=!'631(*2!&4(01!(60!
<3990-<090-(! 34! (60! M13c0<(+! &-=! .(! 90(! 10K8*&1*2! 4139! V0<09:01! $C""! (3! X&-8F
&12!$C"b+!&-=!&K&.-!4139!X8-0!(3!Z8K8'(!$C"bJ!?60!909:01'!34!(60!<399.((00!O010A!
!
Z-=10O!)&<^&2g<6&.1!
UJ!7J!B?.-3E!V.!50**&!
! *+,-&.%-/()0%1,.2%-(3"045-.(
! *,<<"#$,&%/(=,>0(7(65.2".;!
( 6%,52$.(7(8,.9(88:;!
U8''0**!]0(_!
! *0%9,0(#"5.<%0/(?$.$<&-'("@(=5<&$#%(
( @"-(6-$&$<A(B"05C4$,;!
^.9:01*2!^8-(_!
! *+,-&.%-/(6500(3"5<<%-(7(D5++%-(88:;(
U3K01!P00!
! *+,-&.%-/(E,F$<(88:;(
5&1:&1&!P.-='&2!
! *2$-%#&"-G,2F"#,#'( ,.2( +540$#( +"0$#'/(
)0HA%$C%-(!"#$%&'("@(6-$&$<A(B"05C4$,;(
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
MI'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
7&(601.-0!U39&-\3!
P&81.0!`&*/&=31!
! *:540$#( I5,-2$,.( ,.2( D-5<&%%( @"-( ! *+-$.#$+,0/(!,0F,2"-(E,F$<(7(B"J(
6-$&$<A(B"05C4$,;!
( K"&,-$%<(:540$#;!
X&<\!`(2&-!
]0344102!L6.(0!
! *C,.,9$.9( 2$-%#&"-/( LE!:( L%<"5-#%( ! *+-$.#$+,0/(I%"@@-%'(NJ(NA$&%(
B%.&-%MF$#%( +-%<$2%.&( @"-( <&-,&%9$#( ( 8,>(B"-+"-,&$".;(
$.$&$,&$F%</( B"CC5.$&'( 8$F$.9( 6-$&$<A(
B"05C4$,;(
!
^0/.-! @&\10'\.! B'(&44! *&O201+! 51.(.'6! 73*89:.&! P&O! Q-'(.(8(0E! O&'! (60! M13c0<(!
9&-&K01J!
!
OW5/'5!J')K>>KG+,5O'/JC/C'KL')565)=/UX'
Q(!.'!:&'.<!*&O!(6&(!90-(&*!=.'&:.*.(2+!.**-0''+!31!.9M&.190-(!=30'!-3(+!.-!&-=!34!.('0*4+!
*0&/0!&!M01'3-!.-<&M&:*0!8-=01!(60!*&O!(3!<&112!38(!(1&-'&<(.3-'+!0-(01!.-(3!10*&(.3-F
'6.M'+!31!9&-&K0!6.'!31!601!&44&.1'J!?60!*&Od'!43<8'!.'!3-!(60!=0K100!34!90-(&*!=.'&:.*F
.(2+!.**-0''+!31!.9M&.190-(J!Q4!&!M01'3-d'!90-(&*!=.'&:.*.(2+!.**-0''+!31!.9M&.190-(!0HF
<00='! .-! =0K100! &! *0K&*! (610'63*=+! (60-! (6&(! M01'3-! O.**! :0! <3-'.=010=! .-<&M&:*0! .-!
(60!020'!34!(60!*&OJ!?6.'!*0K&*!(610'63*=!.'!<3993-*2!<&**0=!&!&%<&("@(#,+,#$&'J!
!
?6010!.'!-3!'.-K*0+!K*3:&*!(0'(!34!<&M&<.(2J!Q-'(0&=+!(60!*&O!6&'!=0/0*3M0=!9&-2!=.4F
4010-(!(0'('!34!<&M&<.(2+!0&<6!K0&10=!(3!&!'M0<.4.<!(2M0!34!(1&-'&<(.3-!31!10*&(.3-'6.MJ!
e/01!(60!M&'(!$C!20&1'+!51.(.'6!73*89:.&-!&-=!7&-&=.&-!*&O!6&'!'00-!'.K-.4.<&-(!=0F
/0*3M90-(!34!*0K.'*&(.3-!10*&(.-K!(3!90-(&*!<&M&<.(2+!O6.<6!6&'!2.0*=0=!93=01-!&-=!
'3M6.'(.<&(0=!18*0'!3-!O60-!&!M01'3-!.'!90-(&**2!<39M0(0-(!(3!M014319!<01(&.-!(&'\'!
31!0-(01!.-(3!<01(&.-!10*&(.3-'6.M'J!58(!9&-2!3(601!&10&'!34!(60!*&O!<3-(.-80!(3!10*2!
3-! (0'('! 34! <&M&<.(2! (6&(! 4.-=! (60.1! 0HM10''.3-! .-! <381(! c8=K90-('J! ?6.'! 10M31(! <&**'!
(60'0!(0'('!34!<&M&<.(2!#"CC".O0,>(&%<&<("@(#,+,#$&'J!
!
73993-F*&O! (0'('! 34! <&M&<.(2! 63*=! 'O&2! 3/01! 9&-2! .9M31(&-(! &10&'! 34! (60! *&OJ!
?602!&10!0-K&K0=+!431!0H&9M*0+!O60-!&!M01'3-!O63'0!<&M&<.(2!.'!.-!=38:(!9&\0'!&!
O.**+!0-(01'!.-(3!&!<3-(1&<(+!31!K0('!9&11.0=J!
!
/WJ'C/!S)/S!J'KL'/WJ'!J6K!/'
?60!10M31(!3M0-'!O.(6!&-!.-(13=8<(312!<6&M(01!(6&(!0HM*&.-'!(60!K3&*'!&-=!31K&-._&F
(.3-!34!(60!73993-FP&O!?0'('!34!7&M&<.(2!W13c0<(J!?60!.-(13=8<(312!<6&M(01!.'!43*F
*3O0=!:2!&!<6&M(01!(6&(!M10'0-('!'390!K0-01&*!.-4319&(.3-!3-!90-(&*!<&M&<.(2!&-=!
(60! *&OJ! ?6.'! <6&M(01! =.'<8''0'! &! =./01'0! '0(! 34! (3M.<'+! 1&-K.-K! 4139! (60! 90=.<&*!
'381<0'!34!<3K-.(./0!=0<*.-0!&-=!*0K&*!&MM13&<60'!(3!(0'('!34!<&M&<.(2!(3!<6&1&<(01.'F
MI3'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(.<'!34!90-(&*F<&M&<.(2!c81.'M18=0-<0!&-=!10&'3-'!431!(&\.-K!3-!&!M13c0<(!(3!104319!
<3993-F*&O!(0'('!34!<&M&<.(2J!
!
?60!:8*\!34!(60!10M31(!.'!(&\0-!8M!O.(6!=.'<8''.-K!(60!<8110-(!*&O+!.''80'!431!104319!
&1.'.-K!4139!(60!*&O+!(60!3M(.3-'!(3!&==10''!(63'0!.''80'+!&-=!(60!<399.((00d'!10<F
3990-=&(.3-'! 431! 104319J! ?6.'! =.'<8''.3-! .'! 31K&-._0=! .-(3! '0M&1&(0! <6&M(01'! 431!
0&<6!34!(60!<3993-F*&O!(0'('!34!<&M&<.(2!0H&9.-0=!.-!(6.'!10M31(J!?60'0!<3993-F
*&O!(0'('!34!<&M&<.(2!&10!(60!(0'('!34!<&M&<.(2!(3A!
!
• 9&\0!&!O.**T!
• 9&\0!&-!$.&%-(F$F"<!K.4(T!
• 9&\0!&!:0-04.<.&12!=0'.K-&(.3-T!
• -39.-&(0!&!<399.((00T!
• 0-(01!.-(3!&!<3-(1&<(T!
• 10(&.-!*0K&*!<38-'0*T!
• 9&112T!
• 4319!(60!.-(0-(.3-!(3!*./0!'0M&1&(0!&-=!&M&1(!4139!&!'M38'0T!&-=!
!
• 0-(01!.-(3!&-!8-9&11.0=!'M38'&*!10*&(.3-'6.MJ!
CS>>5!U'KL'/WJ')K>>=//JJYC'!J)K>>JGP5/=KGC'
=(&%$7;2&3$('
?60!<399.((00d'!43<8'!(6138K6!98<6!34!(6.'!10M31(!.'!3-!(60!0*090-('!(6&(!9&\0!8M!
(60'0!-.-0!<3993-F*&O!(0'('!34!<&M&<.(2J!Q-!&''0''.-K!.('!3M(.3-'!431!'8:'(&-(./0!10F
4319!34!(60'0!0*090-('+!(60!<399.((00!<3-'.=010=!O60(601!(60!<3993-!*&O!O&'!=0F
4.<.0-(J!Q4!'3+!(60-!.(!&'\0=!.4!*0K.'*&(.3-!<38*=!:1.-K!&:38(!&!'.K-.4.<&-(!.9M13/090-(!
.-!(60!*&OJ!Q(!438-=!(6&(!(6.'!1.K3138'!'(&-=&1=!<38*=!3-*2!:0!90(!.-!&!40O!<&'0'J!
!
?60! <399.((00! &*'3! <3-'.=010=! &! -89:01! 34! &10&'! <3**&(01&*! (3! (60! <3993-F*&O!
(0'('!34!<&M&<.(2!<3-'.=010=!.-!(6.'!10M31(J!Q(!M13M3'0=!'0/01&*!4.-0F(8-.-K!104319'!.-!
(60'0!&10&'J!
!
)-#-23&4'&$'>-Z"'-'O3::'
?60! <399.((00! .'! -3(! M13M3'.-K! &-2! 104319'! (3! (60! O0**F\-3O-! (0'(! 34! <&M&<.(2! (3!
9&\0!&!O.**J!?6.'!(0'(!34!<&M&<.(2!6&'!(O3!<39M3-0-('A!B"E!&!K0-01&*!<39M3-0-(+!43F
<8''0=!3-!(60!<&M&<.(2!(3!8-=01'(&-=!(60!-&(810!34!(60!O.**+!&-=!63O!.(!&440<('!&!M01F
'3-d'!3O-!.-(010'('+!(60!M01'3-d'!M13M01(2+!&-=!(60!M01'3-d'!4&9.*2!B&-=!3(601'!O63!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
MI33'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
9.K6(!6&/0!&!931&*!<*&.9!3-!(60!M01'3-d'!M13M01(2ET!B$E!&!<39M3-0-(!&.90=!&(!=0*8F
'.3-'!(6&(!=.10<(*2!&440<(!(60!O.**J!
!
?60! <399.((00! .'! M13M3'.-K! &! *0K.'*&(./0! M10'89M(.3-! 34! <&M&<.(2! (3! 9&\0! &! O.**+!
O6.<6! O38*=! :0! 6&193-._0=! O.(6! (60! M10'89M(.3-'! 34! <&M&<.(2! (3! 9&\0! 3(601! .9F
M31(&-(! M01'3-&*FM*&--.-K! =3<890-('+! '8<6! &'! 0-=81.-K! M3O01'! 34! &((31-02! &-=!
10M10'0-(&(.3-!&K10090-('J!
!
O3::0'1$%'=(73I37;-:0'O8$',-2Z'/"0&-*"(&-%4')-#-23&4'
e-0!34!(60!.9M*.<&(.3-'!34!6&/.-K!&!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**!.'!(6&(!<01(&.-!M03F
M*0!O.**!-3(!:0!&:*0!(3!900(!(6.'!(0'(J!?60.1!0'(&(0FM*&--.-K!3M(.3-'!O.**!&<<31=.-K*2!
:0!*.9.(0=+!&-=!(6.'!9&2!<&8'0!6&1='6.M!431!(609!&-=!(60.1!4&9.*.0'J!
!
?60!<399.((00!&==10''0'!(6.'!<3-<01-!:2!10<3990-=.-K!(6&(!51.(.'6!73*89:.&!0-F
&<(!*0K.'*&(.3-!<10&(.-K!&!<381(F:&'0=!M13<0=810!(3!&**3O!M03M*0!O.(6!=.9.-.'60=!<&F
M&<.(2! (3! 9&\0! &! O.**J! ?60! M13<0=810! O38*=! :0! 93=0*0=! 3-! 0H.'(.-K! '(&(8(312FO.**!
M13<0=810'!.-!(60!,-.(0=!^.-K=39!&-=!Z8'(1&*.&J!
!
)"%&3132-&3$('$1'/"0&-*"(&-%4')-#-23&4'9"1$%"'&8"'P"-&8'$1'&8"'/"0&-&$%'
Z-3(601!<3-'0f80-<0!34!6&/.-K!&!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**!.'!(6&(!(60!(0'(!9&2!
'M&O-!0'(&(0!*.(.K&(.3-J!?60!<399.((00!0H&9.-0=!&-!Z901.<&-!M13<0=810!(6&(!.'!34F
(0-!&=/&-<0=!:2!<3990-(&(31'!&'!&!90&-'!(3!10=8<.-K!0'(&(0!*.(.K&(.3-J!?60!M13<0F
=810!0''0-(.&**2!.-/3*/0'!&-!&MM*.<&(.3-!(3!<381(+!3-!-3(.<0!(3!.-(010'(0=!M&1(.0'+!431!&!
=0<*&1&(312! 31=01! (6&(! &! M01'3-! 6&'! (60! 90-(&*! <&M&<.(2! (3! 9&\0! &! O.**! &(! (60! (.90!
O60-!(60!O.**!.'!0H0<8(0=J!
!
Q-!(60!<399.((00d'!/.0O+!(6.'!M13<0=810!O38*=!:0!34!*.9.(0=!8(.*.(2J!Q(!6&'!-3(!M13/0=!
(3!:0!'.K-.4.<&-(*2!0440<(./0!.-!'(099.-K!0'(&(0!*.(.K&(.3-!.-!(60!6&-=48*!34!Z901.<&-!
'(&(0'!(6&(!6&/0!&=3M(0=!.(J!
!
)-#-23&4'&$'>-Z"'-'Q31&'
?60! <3993-F*&O! (0'(! 34! <&M&<.(2! (3! 9&\0! &-! $.&%-( F$F"<! K.4(! 6&'! :0<390! <3-48'0=!
&-=!8-<01(&.-J!?60!<399.((00!10<3990-='!<*&1.42.-K!(60!*&O!:2!&=3M(.-K!&!(0'(!34!
<&M&<.(2!(3!9&\0!&-!$.&%-(F$F"<!K.4(!(6&(!.'!&-&*3K38'!(3!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!
O.**J!?6.'!10<3990-=&(.3-!.'!.-!&<<31=&-<0!O.(6!10<0-(!(10-='!.-!(60!<&'0!*&O!&-=!
O.(6!(60!M13(0<(./0!M81M3'0!34!(60!(0'(!34!<&M&<.(2J!
!
MI333'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)-#-23&4'&$'>-Z"'-'9"("1323-%4'P"03[(-&3$('
?60!<399.((00!.'!M13M3'.-K!-3!<6&-K0'!(3!(60!<3993-F*&O!(0'(!34!<&M&<.(2!(3!9&\0!
&! :0-04.<.&12! =0'.K-&(.3-J! ?60! (0'(! 34! <&M&<.(2! =30'! -3(! &MM0&1! (3! :0! <&8'.-K! &-2!
M13:*09'!.-!M1&<(.<0J!Q('!0*090-('!&10!'.9.*&1!(3!(60!0*090-('!34!(60!(0'(!34!<&M&<.(2!
(3!9&\0!&!O.**J!Z'!&!10'8*(+!(60!0H.'(.-K!(0'(!0440<(./0*2!6&193-._0'!(60!&MM13&<6!(3!
90-(&*!<&M&<.(2!431!(O3!.9M31(&-(!&'M0<('!34!0'(&(0!M*&--.-KJ!
!
)-#-23&4'&$'G$*3(-&"'-')$**3&&""'
Z! 8'048*+! :8(! 34(0-! 3/01*33\0=+! M01'3-&*FM*&--.-K! =0/.<0! .'! (60! -39.-&(.3-! 34! &!
<399.((00! 8-=01! (60! :,&$%.&<( :-"+%-&'( )#&J! ?60! <3993-F*&O! (0'(! 34! <&M&<.(2! (3!
-39.-&(0! &! <399.((00! .'! 3:'<810J! ?60! <399.((00! M13M3'0'! <*&1.42.-K! (60! *&O! :2!
&=3M(.-K! (60! :0((01F\-3O-! *0K.'*&(./0! (0'(! 34! <&M&<.(2! (3! 9&\0! &! 10M10'0-(&(.3-!
&K10090-(! O.(6! -3-F'(&-=&1=! M13/.'.3-'J! Q-! (60! <399.((00d'! /.0O+! (6.'! M13M3'&*!
'638*=! 60*M! (3! 9&\0! (60'0! M*&--.-K! =3<890-('! 9310! &<<0''.:*0! &-=! 9310! O.=0*2!
8'0=J!
!
)-#-23&4'&$'J(&"%'3(&$'-')$(&%-2&'
?60!<399.((00!.'!-3(!M13M3'.-K!'8:'(&-(./0!<6&-K0'!(3!(60!<3993-F*&O!(0'(!34!<&F
M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!Q(!.'!M13M3'.-K!&!<*&1.4.<&(.3-!34!3-0!34!(60!<3**&(01&*!
18*0'!(3!(6.'!(0'(J!,-=01!(6.'!18*0+!&-23-0!O63!M13/.=0'!-0<0''&1.0'!(3!&!M01'3-!O.(6!
=.9.-.'60=!<&M&<.(2!.'!0-(.(*0=!(3!10&'3-&:*0!<39M0-'&(.3-!431!(60!-0<0''&1.0'J!?6.'!
18*0!<8110-(*2!6&'!(O3!&'M0<('A!&!18*0!431!-0<0''&12!K33='!B438-=!.-!(60!!,0%("@(I""2<(
)#&E!&-=!&!18*0!431!-0<0''&12!'01/.<0'!B438-=!.-!(60!<3993-!*&OEJ!?60!<399.((00!.'!
10<3990-=.-K!(60!0-&<(90-(!34!&!6&193-._0=!18*0+!.-!&!9310!&MM13M1.&(0!*3<&(.3-!
.-!(60!'(&(8(0!:33\!(6&-!(60!!,0%("@(I""2<()#&J!
!
)-#-23&4'&$'!"&-3(',"[-:')$;(0":'
?60!<399.((00!.'!-3(!M13M3'.-K!'8:'(&-(./0!<6&-K0'!(3!(60!<3993-F*&O!(0'(!(3!10F
(&.-!*0K&*!<38-'0*J!Q(!.'!M13M3'.-K!(O3!104319'!(6&(!'638*=!60*M!(3!.9M13/0!&<<0''!(3!
*0K&*! '01/.<0'! .-! (O3! 'M0<.4.<! '.(8&(.3-'J! ?60! 4.1'(! '.(8&(.3-! .-/3*/0'! M13<00=.-K'! .-!
O6.<6! &! M01'3-d'! 90-(&*! <&M&<.(2! .'! &(! .''80J! ?60! '0<3-=! .-/3*/0'! (60! <10&(.3-! 34! &!
10M10'0-(&(.3-!&K10090-(J!Q-!:3(6!'.(8&(.3-'+!8-<01(&.-(2!3/01!&!M01'3-d'!90-(&*!<&F
M&<.(2! (3! 10(&.-! *0K&*! <38-'0*! <&-! '01/0! &'! &! :&11.01! (3! -00=0=! *0K&*! '01/.<0'J! ?60!
<399.((00d'!M13M3'&*'!O38*=!1093/0!(63'0!:&11.01'!:2!<*&1.42.-K!(60!*&OJ!
!
)-#-23&4'&$'>-%%4'
W3''.:*2! (60! 93'(! <6&**0-K.-K! '8:c0<(! &==10''0=! .-! (6.'! 10M31(! .'! (60! <3993-F*&O!
(0'(!34!<&M&<.(2!(3!9&112J!?60!<399.((00!.'!'29M&(60(.<!(3!<1.(.<.'9'!34!(60!(0'(d'!*3O!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
M3M'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(610'63*=!34!90-(&*!<&M&<.(2J!58(!.(!O&'!-3(!<3-/.-<0=!(6&(!&!K0-01&*!*0K.'*&(./0!18*0!
O&'!(60!:0'(!90&-'!(3!&==10''!<3-<01-'!&:38(!(60!<3993-F*&O!(0'(!34!<&M&<.(2!(3!
9&112J!?60!<399.((00!.'!-3(!M13M3'.-K!'8:'(&-(./0!<6&-K0'!(3!(60!(0'(!34!<&M&<.(2!(3!
9&112J!
!
)-#-23&4'&$'L$%*'&8"'=(&"(&3$('&$',3I"'C"#-%-&"'-(7'5#-%&'1%$*'-'C#$;0"'
?60!<399.((00!.'!-3(!10<3990-=.-K!&-2!<6&-K0'!(3!(60!<3993-F*&O!(0'(!34!<&M&<F
.(2!(3!4319!(60!.-(0-(.3-!(3!*./0!'0M&1&(0!&-=!&M&1(!4139!&!'M38'0J!?6.'!(0'(!34!<&M&<F
.(2!6&'!(1&=.(.3-&**2!:00-!*.-\0=!(3!(60!(0'(!34!<&M&<.(2!(3!9&112J!Q-!(60!<399.((00d'!
/.0O+!.(!.'!.9M31(&-(!(6&(!(60!*&O!9&.-(&.-!(6.'!*.-\J!
!
)-#-23&4'&$'J(&"%'3(&$'-('S(*-%%3"7'C#$;0-:'!":-&3$(083#'
?60!<399.((00!.'!-3(!M13M3'.-K!'8:'(&-(./0!<6&-K0'!(3!(60!<3993-F*&O!(0'(!34!<&F
M&<.(2!(3!0-(01!.-(3!&-!8-9&11.0=!'M38'&*!10*&(.3-'6.MJ!?6.'!.'!&-!0901K.-K!&10&!34!
(60!*&OJ!?60!<381('!6&/0!3-*2!c8'(!:0K8-!(3!=04.-0!(60!&MM*.<&:*0!(0'(!34!<&M&<.(2J!Q-!
(60!<399.((00d'!/.0O+!(60!(.90!.'!-3(!1.M0!431!*0K.'*&(./0!.-(01/0-(.3-!3-!(6.'!'8:c0<(J!
!
)KG),SC=KG'
?60! M8:*.<&(.3-! 34! (6.'! 10M31(! <3-<*8=0'! (6.'! M13c0<(+! :8(! .(! .'! 3-*2! 3-0! '(0M! 3-! (60!
M&(6!34!104319.-K!(60!*&O!3-!(0'('!34!90-(&*!<&M&<.(2J!?60!<399.((00!<&**'!3-!(60!*0KF
.'*&(810! &-=! (60! <381('! (3! <3-'.=01! .9M*090-(.-K! (60! 10<3990-=&(.3-'! '0(! 38(! .-!
(6.'!10M31(J!
!
MM'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!'=@'=G/!KPS)/=KG'
5@' 9-2Z[%$;(7'$('&8"'!-&3$(-:3\3(['-(7'W-%*$(3\-&3$('$1'9)')$**$(+
,-.'/"0&0'$1')-#-23&4'6%$?"2&'
?60!51.(.'6!73*89:.&!P&O!Q-'(.(8(0!:0K&-!O31\!3-!.('!U&(.3-&*._.-K!&-=![&193-._&F
(.3-! 34! 57! 73993-FP&O! ?0'('! 34! 7&M&<.(2! W13c0<(! .-! e<(3:01! $C""J! ?60! &.9! 34! (60!
M13c0<(!O&'!(3!'(8=2!'0*0<(0=!(0'('!34!90-(&*!<&M&<.(2!&-=!(3!9&\0!10<3990-=&(.3-'!
431! 104319! 34! (60! *&OJ! ?6.'! 10M31(! <3-(&.-'! (60! M13c0<(d'! 4.-&*! 10<3990-=&(.3-'+!
&*3-K! O.(6! =1&4(! *0K.'*&(.3-! (6&(! '63O'! 63O! (60! '8:'0(! 34! (63'0! 10<3990-=&(.3-'!
(6&(!<&**!431!*0K.'*&(./0!<6&-K0!9&2!:0!.9M*090-(0=J"!
!
Q(!.'!:&'.<!*&O!(6&(!90-(&*!=.'&:.*.(2+!.**-0''+!31!.9M&.190-(!=30'!-3(+!.-!&-=!34!.('0*4+!
*0&/0!&!M01'3-!.-<&M&:*0!8-=01!(60!*&O!(3!<&112!38(!(1&-'&<(.3-'+!0-(01!.-(3!10*&(.3-F
'6.M'+!31!9&-&K0!6.'!31!601!&44&.1'J!?60!*&Od'!43<8'!.'!3-!(60!=0K100!34!90-(&*!=.'&:.*F
.(2+!.**-0''+!31!.9M&.190-(J!Q4!&!M01'3-d'!90-(&*!.**-0''+!=.'&:.*.(2+!31!.9M&.190-(!0HF
<00='! .-! =0K100! &! *0K&*! (610'63*=+! (60-! (6&(! M01'3-! O.**! :0! <3-'.=010=! .-<&M&:*0! .-!
(60!020'!34!(60!*&OJ!?6.'!*0K&*!(610'63*=!.'!<3993-*2!<&**0=!&!&%<&("@(#,+,#$&'J!
!
?6010!.'!-3!'.-K*0+!K*3:&*!(0'(!34!<&M&<.(2J!Q-'(0&=+!(60!*&O!6&'!=0/0*3M0=!9&-2!=.4F
4010-(!(0'('!34!<&M&<.(2+!0&<6!K0&10=!(3!&!'M0<.4.<!(2M0!34!(1&-'&<(.3-!31!10*&(.3-'6.MJ!
e/01! (60! M&'(! $C! 20&1'+! 51.(.'6! 73*89:.&-! &-=! 7&-&=.&-! *&O! 6&/0! '00-! '.K-.4.<&-(!
=0/0*3M90-(! 34! *0K.'*&(.3-! 10*&(.-K! (3! 90-(&*! <&M&<.(2+! O6.<6! 6&'! 2.0*=0=! 93=01-!
&-=!'3M6.'(.<&(0=!18*0'!3-!O60-!&!M01'3-!.'!90-(&**2!<39M0(0-(!(3!M014319!<01(&.-!
(&'\'!31!0-(01!.-(3!<01(&.-!(1&-'&<(.3-'J!G31!0H&9M*0+!(60!:">%-("@()&&"-.%'()#&$!O&'!
10<0-(*2!&90-=0=!&-=!-3O!<3-(&.-'!&!*0K.'*&(./0!41&90O31\!431!(60!(0'(!34!<&M&<.(2!
(3!9&\0!&-!0-=81.-K!M3O01!34!&((31-02Jb![0&*(6F<&10!=0<.'.3-'!&10!&*'3!'8:c0<(!(3!&!
*0K.'*&(./0!(0'(!34!<&M&<.(2JD!Z-=!51.(.'6!73*89:.&!6&'!0-&<(0=!B:8(!-3(!20(!:138K6(!
.-(3! 431<0E! <39M1060-'./0! 104319'! (3! .('! &=8*(FK8&1=.&-'6.M! 10K.90g(6&(! .'+! (60!
'2'(09!:2!O6.<6!&!10M10'0-(&(./0!.'!&MM3.-(0=!(3!9&-&K0!(60!=&2F(3F=&2!&44&.1'!34!&!
M01'3-!O.(6!=.9.-.'60=!<&M&<.(2Jj!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"J!
!%%+!:0*3O+!&MM0-=.H!5!&(!$$bJ!
$J!
U`57!"RR>+!<J!bSCJ!
bJ!
!%%($4$2J+!'J!"$J!
DJ!
!%%(3%,0&A(B,-%(*B".<%.&;(,.2(B,-%(P,#$0$&$%<(*)2C$<<$".;()#&+!U`57!"RR>+!<J!"#"+!''J!DoRJ!
jJ!
!%%( )250&( I5,-2$,.<A$+( )#&+! U`57! "RR>+! <J! >+! &'! &90-=0=! :2! )250&( I5,-2$,.<A$+( ,.2( :0,..$.9(
!&,&5&%<()C%.2C%.&()#&/(QRRS+!`57!$CCS+!<J!bD+!''J!DobR!B-3(!.-!431<0EJ!!%%(,0<"(:,&$%.&<(:-"+%-&'(
)#&+!U`57!"RR>+!<J!bDR!B51.(.'6!73*89:.&d'!<8110-(!&=8*(FK8&1=.&-'6.M!'(&(8(0EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
58(!9&-2!&10&'!34!(60!*&O!<3-(.-80!(3!10*2!3-!3*=01!<3993-F*&O!(0'('!34!<&M&<.(2J!
73993-F*&O!(0'('!34!<&M&<.(2!&10!M139.-0-(!.-!O.**'F&-=F0'(&(0'!*&O+!<3-(1&<(!*&O+!
&-=! 4&9.*2! *&OJ! Q-! 31=01! (3! 4.-=! (60! 10*0/&-(! (0'('! 34! <&M&<.(2! .-! (60'0! &10&'! 34! (60!
*&O+!.(!.'!-0<0''&12!(3!(1&<0!(60!18*0'!(6138K6!<381(!=0<.'.3-'+!8-(.*!3-0!&11./0'!B410F
f80-(*2E!&(!&!=04.-.(./0!'(&(090-(!.-!&!-.-0(00-(6F<0-(812!%-K*.'6!c8=K90-(J!?6.'!10F
M31(!43<8''0'+!431!(60!93'(!M&1(+!3-!(60!(0'('!34!<&M&<.(2!(6&(!&MM*2!(3!9&\.-K!&!O.**+!
0-(01.-K!.-(3!&!<3-(1&<(+!9&\.-K!&!K.4(+!&-=!K0((.-K!9&11.0=J!Q(!&*'3!(&<\*0'!&!40O!&==.F
(.3-&*!&10&'!34!(60!*&O!(6&(!&10!<3--0<(0=!(3!(60'0!4381J!
!
?60! 73993-FP&O! ?0'('! 34! 7&M&<.(2! W13c0<(! O&'! K0-0138'*2! '8MM31(0=! :2! K1&-('!
4139!(60!P&O!G38-=&(.3-!34!51.(.'6!73*89:.&!&-=!(60!m3(&12!G38-=&(.3-!34!51.(.'6!
73*89:.&J!
!
9@' /8"')$**$(+,-.'/"0&0'$1')-#-23&4'6%$?"2&')$**3&&""'
?60!51.(.'6!73*89:.&!P&O!Q-'(.(8(0!<&11.0=!38(!(6.'!M13c0<(!O.(6!(60!&''.'(&-<0!34!&-!
&**F/3*8-(001!M13c0<(!<399.((00J!?60!909:01'!34!(60!<399.((00!O010A!
!
Z-=10O!)&<^&2g<6&.1!
UJ!7J!B?.-3E!V.!50**&!
! *+,-&.%-/()0%1,.2%-(3"045-.(
! *,<<"#$,&%/(=,>0(7(65.2".;!
( 6%,52$.(7(8,.9(88:;!
U8''0**!]0(_!
! *0%9,0(#"5.<%0/(?$.$<&-'("@(=5<&$#%(
( @"-(6-$&$<A(B"05C4$,;!
^.9:01*2!^8-(_!
! *+,-&.%-/(6500(3"5<<%-(7(D5++%-(88:;(
U3K01!P00!
! *+,-&.%-/(E,F$<(88:;(
5&1:&1&!P.-='&2!
! *2$-%#&"-G,2F"#,#'( ,.2( +540$#( +"0$#'/(
)0HA%$C%-(!"#$%&'("@(6-$&$<A(B"05C4$,;(
7&(601.-0!U39&-\3!
P&81.0!`&*/&=31!
! *:540$#( I5,-2$,.( ,.2( D-5<&%%( @"-( ! *+-$.#$+,0/(!,0F,2"-(E,F$<(7(B"J(
6-$&$<A(B"05C4$,;!
( K"&,-$%<(:540$#;!
X&<\!`(2&-!
]0344102!L6.(0!
! *C,.,9$.9( 2$-%#&"-/( LE!:( L%<"5-#%( ! *+-$.#$+,0/(I%"@@-%'(NJ(NA$&%(
B%.&-%MF$#%( +-%<$2%.&( @"-( <&-,&%9$#( ( 8,>(B"-+"-,&$".;(
$.$&$,&$F%</( B"CC5.$&'( 8$F$.9( 6-$&$<A(
B"05C4$,;(
!
Z-=10O!)&<^&2!M1&<(.'0'!0'(&(0!M*&--.-K!&-=!0'(&(0!*.(.K&(.3-!&(!Z*0H&-=01![3*:81-!
50&8=.-!l!P&-K!PPWJ![0!6&'!:00-!&!*&O201!431!3/01!$j!20&1'J!)1J!)&<^&2!6&'!M10F
'0-(0=!&-=!O1.((0-!431!(60!73-(.-8.-K!P0K&*!%=8<&(.3-!`3<.0(2!34!51.(.'6!73*89:.&+!
D'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
.-<*8=.-K! <6&M(01'! .-! (60! :-"4,&%( ,.2( T<&,&%( )2C$.$<&-,&$".( :-,#&$#%( ?,.5,0>! &-=!
).."&,&%2(T<&,&%<(:-,#&$#%+S!&-=!.'!&<(./0!O.(6!(60!51.(.'6!73*89:.&!P&O!Q-'(.(8(0!.-!
*0K.'*&(./0!104319!.-!(60!0'(&(0'!&10&J!
!
UJ!7J!B?.-3E!V.!50**&!.'!&!*&O201!O.(6!(60!;.<(31.&!*&O!4.19!X&O*!l!58-=3-+!O63'0!M10F
40110=!&10&'!34!M1&<(.<0!&10!O.**'+!(18'('+!&-=!0'(&(0!*&O+!0*=01!*&O+!:&-\18M(<2!&-=!
.-'3*/0-<2!*&O+!&-=!10&*F0'(&(0!&-=!'(1&(&!*&OJ!)1J!V.!50**&!.'!&!431901!&=c8-<(!M13F
40''31! &(! (60! G&<8*(2! 34! P&O+! ,-./01'.(2! 34! ;.<(31.&+! &-=! &! 410f80-(! *0<(8101! 431! (60!
73-(.-8.-K! P0K&*! %=8<&(.3-! `3<.0(2! 34! 51.(.'6! 73*89:.&+! (60! 7&-&=.&-! 5&1! Z''3<.&F
(.3-!B57!51&-<6E+!&-=!(60!W1340''.3-&*! P0K&*!?1&.-.-K!7381'0!M13K1&9J![0!.'!&!431F
901!M10'.=0-(!34!(60!;.<(31.&!5&1!Z''3<.&(.3-+!(60!%'(&(0!W*&--.-K!738-<.*!34!;.<(3F
1.&+!76&.1!34!(60!L.**'!&-=!?18'('!B;.<(31.&E!`0<(.3-!34!(60!7&-&=.&-!5&1!Z''3<.&(.3-!
B57!51&-<6E+!&!M&'(!909:01!34!(60!`8<<0''.3-!P&O!U04319!7399.((00!34!(60!51.(.'6!
73*89:.&!P&O!Q-'(.(8(0+!&-=!<8110-(!*0K.'*&(./0!*.&.'3-!431!(60!L.**'!&-=!?18'('!B;.<F
(31.&E! `0<(.3-! 34! (60! 7&-&=.&-! 5&1! Z''3<.&(.3-! B57! 51&-<6EJ! Q-! $CC#+! (60! 7&-&=.&-!
5&1!Z''3<.&(.3-!B57!51&-<6E!&MM3.-(0=!)1J!V.!50**&!(3!(60!51.(.'6!73*89:.&!P&O!Q-F
'(.(8(0!:3&1=J!G139!`0M(09:01!$C"C!(3!`0M(09:01!$C"$+!)1J!V.!50**&!'01/0=!&'!/.<0F
<6&.1! &-=! '.-<0! `0M(09:01! $C"$+! 6&'! '01/0=! &'! 76&.1! 34! (60! 57PQJ! Q-! $C"$+! )1J! V.!
50**&!O&'!-&90=!&!c81.'=.<(.3-&*!10M10'0-(&(./0!431!51.(.'6!73*89:.&!(3!(60!,-.4319!
P&O!73-4010-<0!34!7&-&=&J!
!
U8''0**! ]0(_! .'! *0K&*! <38-'0*! .-! (60! X8'(.<0! `01/.<0'! 51&-<6! 34! (60! 51.(.'6! 73*89:.&!
).-.'(12! 34! X8'(.<0J! [.'! &10&! 34! M1&<(.<0! .'! <./.*F*&O! M3*.<2! &-=! *0K.'*&(.3-+! &-=! 60! .'!
(60!9.-.'(12d'!10M10'0-(&(./0!3-!(60!40=01&*!Z=/.'312!]138M!3-!W1./&(0!Q-(01-&(.3-&*!
P&OJ!)1J!]0(_!6&'!&*'3!:00-!&<(./0!.-!*&OF104319!0-=0&/381'!.-!6.'!/3*8-(001!O31\J!
?60'0! <399.(90-('! .-<*8=0! '01/.-K! &'! (60! c81.'=.<(.3-&*! 10M10'0-(&(./0! 431! 51.(.'6!
73*89:.&! (3! (60! ,-.4319! P&O! 73-4010-<0! 34! 7&-&=&J! [0! O&'! <6&.1! 34! (60! <3-401F
0-<0d'!<./.*!'0<(.3-!.-!$CC>+!&-=!M10'.=0-(!34!(60!<3-4010-<0!.-!$CCRo"CJ!)1J!]0(_!6&'!
<3-(1.:8(0=! (3! (60! =0/0*3M90-(! 34! &! -89:01! 34! ,-.4319! P&O! 73-4010-<0! '(&(8(0'+!
&-=!6&'!:00-!<6&.1!31!<3F<6&.1!34!/&1.38'!.-.(.&(./0'+!.-<*8=.-K!(60!M13c0<(!10'M0<(.-K!
&!U.$@"-C(D-5<&%%()#&(B$C"$E+!(60!U.$@"-C(:-%F%.&$".("@()45<%("@(:-"#%<<()#&!B$C"CE+!
(60!U.$@"-C()+"0"9'()#&!B$CCSE+!&-=!(60!U.$@"-C(U.#0,$C%2(V.&,.9$40%(:-"+%-&'()#&!
B$CCbEJ!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>J!
73-(.-8.-K! P0K&*! %=8<&(.3-! `3<.0(2! 34! 51.(.'6! 73*89:.&+! 6-$&$<A( B"05C4$,( :-"4,&%( ,.2( T<&,&%(
)2C$.$<&-,&$".(:-,#&$#%(?,.5,0+!*33'0*0&4!B<3-'8*(0=!3-!$C!X8-0!$C"bE+!$=!0=J+!$!/3*'J!B;&-<38F
/01A!73-(.-8.-K!P0K&*!%=8<&(.3-!`3<.0(2!34!51.(.'6!73*89:.&+!$CCSEJ!
SJ!
73-(.-8.-K! P0K&*! %=8<&(.3-! `3<.0(2! 34! 51.(.'6! 73*89:.&+! ).."&,&%2( T<&,&%<( :-,#&$#%+! $C"b! 0=J!
B;&-<38/01A!73-(.-8.-K!P0K&*!%=8<&(.3-!`3<.0(2!34!51.(.'6!73*89:.&+!$C"bEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
B'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
^.9:01*2!^8-(_!.'!&!M&1(-01!&(!58**+![38''01!l!?8MM01!PPW!&-=!M1&<(.<0'!M1.9&1.*2!
.-!(60!&10&!34!0'(&(0!&-=!(18'(!*.(.K&(.3-J!)'J!^8-(_!10M10'0-('!0H0<8(31'+!:0-04.<.&1F
.0'+!&-=!(18'(00'!.-!&!/&1.0(2!34!0'(&(0F!&-=!(18'(F10*&(0=!=.'M8(0'+!.-<*8=.-K!*.(.K&(.3-!
:138K6(! M81'8&-(! (3! (60! N$00<( W,-$,&$".( )#&J#! )'J! ^8-(_! &*'3! &''.'('! <*.0-('! .-! =.'F
M8(0'!.-/3*/.-K!(60!.-(01M10(&(.3-!34!O.**'!&-=!(18'(!.-'(1890-('+!9&((01'!.-/3*/.-K!
'8'M0<(0=!8-=80!.-4*80-<0!31!.-<&M&<.(2!34!(0'(&(31'!&-=!'0((*31'!34!(18'('+!&-=!&MM*.F
<&(.3-'!431!<399.((00'6.M!34!.-<&M&<.(&(0=!&=8*('J!
!
U3K01!P00!.'!&!M&1(-01!&(!V&/.'!PPWJ!`.-<0!6.'!<&**!(3!(60!:&1!.-!"RRD+!)1J!P00!6&'!=0F
/0*3M0=! &-! 0H(0-'./0! M1&<(.<0! .-! (18'(! &-=! 0'(&(0! *.(.K&(.3-+! &-=! 6&'! =0&*(! O.(6! &**!
9&--01'! 34! <3-(0'(0=! O.**'! &-=! 0'(&(0'J! )1J! P00! &*'3! =0&*'! O.(6! <3-'(18<(.3-! =.'F
M8(0'+! <39901<.&*! 41&8=! &-=! 10<3/012! 34! &''0('+! 931(K&K0! 41&8=+! *0&'0! .''80'+! &-=!
3(601! *&-=F10*&(0=! =.'M8(0'J! )1J! P00! 6&'! :00-! *.'(0=! .-! DA%( 6%<&( 8,>'%-<( $.( B,.,2,!
=.10<(312!8-=01!(18'('!&-=!0'(&(0'!B*.(.K&(.3-E!'.-<0!$CC>+!&-=!.'!10<3K-._0=!:2!P0HF
M01(!&'!&!*0&=.-K!M1&<(.(.3-01!.-!(60!4.0*=!34!0'(&(0!&-=!(18'(!*.(.K&(.3-J!
!
5&1:&1&!P.-='&2!6&'!:00-!O.(6!(60!Z*_60.901!`3<.0(2!34!51.(.'6!73*89:.&!'.-<0!"RRD!
&-=!.'!<8110-(*2!(60!'3<.0(2d'!=.10<(31!34!&=/3<&<2!&-=!M8:*.<!M3*.<2J![01!O31\!O.(6!
(60!'3<.0(2!.-/3*/0'!M*&--.-K+!.9M*090-(.-K+!&-=!0/&*8&(.-K!M8:*.<!M3*.<2!&-=!&=/3F
<&<2+!&-=!*.&.'.-K!O.(6!K3/01-90-(!&K0-<.0'!&-=!10K.3-&*!60&*(6!&8(631.(.0'J!Z!*&OF
201! O63'0! M&''.3-! .'! 431! .9M13/.-K! (60! *./0'! 34! M03M*0! &440<(0=! :2! =090-(.&+! )'J!
P.-='&2! &*'3! &''.'('! '3<.0(2! '(&44! .-! (60.1! O31\! '8MM31(.-K! 4&9.*.0'! 4&<.-K! =090-(.&!
O.(6! &=/3<&<2! &-=! *0K&*! M*&--.-K+! &'! O0**! &'! M13/.=.-K! &=/3<&<2! '\.**'! (1&.-.-K! (3!
'(&44!&-=!/3*8-(001'J!)'J!P.-='&2!.'!<399.((0=!(3!0-'81.-K!(60!/3.<0'!34!M03M*0!O.(6!
=090-(.&+!<&10K./01'+!&-=!4&9.*.0'!&10!60&1=!&'!O0!O31\!(3O&1=!(1&-'4319.-K!51.(F
.'6!73*89:.&d'!=090-(.&!'2'(09!34!<&10J!
!
7&(601.-0!)J!U39&-\3!O&'!&MM3.-(0=!(60!W8:*.<!]8&1=.&-!&-=!?18'(00!34!51.(.'6!73F
*89:.&!3-!"C!e<(3:01!$C""!431!&!'.HF20&1!(019J!W10/.38'!(3!601!&MM3.-(90-(!&'!W]?+!
)'J!U39&-\3!60*=!(60!M3'.(.3-!34!=0M8(2!M8:*.<!K8&1=.&-!&-=!(18'(00+!(60!=.10<(31!34!
*0K&*!'01/.<0'!&-=!<6.04!*0K&*!<38-'0*!(3!(60!M8:*.<!K8&1=.&-!&-=!(18'(00!431!"C!20&1'+!
&-=!:04310!(6&(!*0K&*!<38-'0*!(3!(60!M8:*.<!K8&1=.&-!&-=!(18'(00J!)'J!U39&-\3!O&'!
<&**0=!(3!(60!5&1!34!51.(.'6!73*89:.&!.-!"R#S!&-=!6&'!&!:&<\K138-=!.-!O.**'+!0'(&(0'+!
&-=!K8&1=.&-'6.M!*&OJ!`60!6&'!:&*&-<0=!601!*0K&*!M1&<(.<0!:0(O00-!(60!M1./&(0!&-=!
M8:*.<! '0<(31'J! `60! .'! &-! &<(./0! 909:01! &-=! M&'(! <6&.1! 34! (60! ;&-<38/01! L.**'! &-=!
?18'('! `0<(.3-! 34! (60! 7&-&=.&-! 5&1! Z''3<.&(.3-! B57! 51&-<6E! &-=! '60! .'! &! 410f80-(!
<3-(1.:8(31! (3! <3-(.-8.-K! *0K&*! 0=8<&(.3-! M13K1&9'J! )'J! U39&-\3! <39M*0(0=! 601!
8-=01K1&=8&(0! '(8=.0'! &(! (60! ,-./01'.(2! 34! ?313-(3! &-=! 3:(&.-0=! :3(6! &! )&'(01! 34!
Z1('!&-=!&!5&<60*31!34!P&O'!4139!(60!,-./01'.(2!34!51.(.'6!73*89:.&J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#J!
]'
U`57!"RR>+!<J!DRCJ!
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
P&81.0!`&*/&=31!:0<&90!&!-3(&12!M8:*.<!.-!"R#>J!504310!:0<39.-K!&!57!-3(&12+!)'J!
`&*/&=31!O31\0=!.-!(60!(1&/0*!:8'.-0''!&'!9&-&K01!34!&-!.-:38-=!(381!<39M&-2J!Q-!
(60!0&1*2!"R#C'+!)'J!`&*/&=31!O&'!0H0<8(./0!&''.'(&-(!(3!]1&<0!)<7&1(62+!(60-!9.-.'F
(01!34!689&-!10'381<0'J!?60!<3993-&*.(2!.-!601!O31\!0HM01.0-<0!O&'!'01/.-K!M03F
M*0J! L60-! &'\0=! O62! '60! <63'0! (3! :0<390! &! 57! -3(&12+! )'J! `&*/&=31! 10'M3-=0=+!
hL31\.-K!431!K3/01-90-(!(&8K6(!90!'390(6.-K!.9M31(&-(!&:38(!92'0*4J!Q!O&-(0=!(3!
:0!'0*4F09M*320=Ji![01!4&(601+!`.=-02!-3(&12!X36-!`&*/&=31+!O&'!(6.-\.-K!34!10(.1.-K!
&-=! 0-<381&K0=! )'J! `&*/&=31! (3! (&\0! (60! -3(&12! M13K1&9! O.(6! 6.'! &''.'(&-(! `8'&-!
V&/.'J!)'J!V&/.'!&-=!)'J!`&*/&=31!'(8=.0=!(3K0(601!&-=!O0-(!3-!(3!:0!'8<<0''48*!-3F
(&12! M&1(-01'J! )'J! `&*/&=31! 6&'! M1&<(.'0=! 0H<*8'./0*2! .-! (60! &10&! 34! 0'(&(0! M*&--.-K!
431!$j!20&1'!.-!`.=-02J!`60!6&'!'01/0=!3-!(60!:3&1=!34!(60!`3<.0(2!34!m3(&1.0'!W8:*.<!
34!51.(.'6!73*89:.&!&-=!(60!m3(&12!G38-=&(.3-!34!51.(.'6!73*89:.&!431!(0-!20&1'J!`60!
<8110-(*2! =0/0*3M'! &-=! (0&<60'! 0'(&(0FM*&--.-K! <381'0'! 431! 57! -3(&1.0'! &-=! '01/0'!
&'!&!=.10<(31!3-!(60!`&&-.<6!W0-.-'8*&![3'M.(&*!G38-=&(.3-!:3&1=J!)'J!`&*/&=31!6&'!
&*'3!'01/0=!&'!&!:3&1=!909:01!34!`Zm`[Z!<3998-.(2!6&**!&-=!6&'!:00-!.-/3*/0=!.-!
M3*.(.<'+!5.K!513(601'!&-=!`.'(01'+!&-=!O&'!&!438-=.-K!=.10<(31!34!;.<(31.&!Z)!?381.'(!
Z''3<.&(.3-J!
!
X&<\!`(2&-!6&'!10<0-(*2!c3.-0=!O.(6!Z:.*.(2!?&H!]138M!(3!*&8-<6!(60!UV`W!U0'381<0!
70-(10+! &! '3<.&*FM81M3'0! /0-(810! <399.((0=! (3! M81'8.-K! 4.-&-<.&*! '0<81.(2! 431!
7&-&=.&-'! O.(6! =.'&:.*.(.0'J! Z'! 9&-&K.-K! =.10<(31+! )1J! `(2&-! .'! 10'M3-'.:*0! 431!
38(10&<6+! M&1(-01'6.M'+! &-=! M8:*.<! M3*.<2J! W10/.38'*2! )1J! `(2&-! O&'! 0H0<8(./0!
=.10<(31! &-=! =.10<(31! 34! M8:*.<! M3*.<2! &(! (60! W*&--0=! P.40(.90! Z=/3<&<2! m0(O31\J!
L6.*0! &(! WPZm+! 60! *0=! (60! &=/3<&<2! 04431('! (3! K0(! (60! 40=01&*! K3/01-90-(! (3!
.9M*090-(!(60!10K.'(010=!=.'&:.*.(2!'&/.-K'!M*&-J!Z-!0f8&**2!.9M31(&-(!&<<39M*.'6F
90-(! O&'! K0((.-K! "b! M13/.-<0'! &-=! (011.(31.0'! (3! &<<3993=&(0! (60! UV`W! '3! (6&(!
M03M*0!&10!&:*0!(3!'&/0!.-!(60.1!UV`W!&-=!-3(!*3'0!(60.1!=.'&:.*.(2!:0-04.('J!)1J!`(2&-!
&8(6310=! (60! UV`W! '0<(.3-! .-! WPZmd'! :0'(F'0**.-K! :33\+! !,@%( 7( !%#5-%J! W1.31! (3!
c3.-.-K! WPZm+! )1J! `(2&-! O&'! (60! 0H0<8(./0! =.10<(31! 34! (60! 581-&:2! Z''3<.&(.3-! 431!
73998-.(2!Q-<*8'.3-+!*3-K!10<3K-._0=!&'!3-0!34!51.(.'6!73*89:.&d'!93'(!M13K10''./0!
&-=! .--3/&(./0! <3998-.(2! *./.-K! '01/.<0! M13/.=01'J! )1J! `(2&-! .'! &! 909:01! 34! (60!
L.**'! l! %'(&(0! W*&--.-K! 738-<.*! 34! ;&-<38/01+! (10&'8101! 34! (60! G&9.*2! `8MM31(!
Q-'(.(8(0!34!57+!&-=!63*='!&-!)`L!4139!(60!,-./01'.(2!34!51.(.'6!73*89:.&J!Q-!'M1.-K!
$C"$+! )1J! `(2&-! (33\! &! 3-0F20&1! &MM3.-(90-(! &'! /.<0! M10'.=0-(! 431! '(1&(0K.<!
.-.(.&(./0'!431!73998-.(2!P./.-K!51.(.'6!73*89:.&J!
!
]0344102!LJ!L6.(0!.'!(60!M1.-<.M&*!34!(60!]0344102!LJ!L6.(0!P&O!731M31&(.3-J![0!6&'!
10<0./0=!63-381'!.-!O.**'+!0'(&(0'+!&-=!<*.0-(!<38-'0*.-KJ!)1J!L6.(0!.'!(60!(10&'8101!34!
(60!7&-&=.&-!5&1!Z''3<.&(.3-d'!m&(.3-&*!%*=01!P&O!`0<(.3-+!<6&.1M01'3-!34!(60!51.(F
.'6!73*89:.&!%*=01!P&O!`0<(.3-+!<3F<6&.1!34!(60!L.**'!&-=!?18'('!Be\&-&K&-E!`0<(.3-+!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
&-=!&!909:01!34!(60!76&1.(2!P&O!`0<(.3-!&-=!(60!?&H!P&O!`0<(.3-J![0!.'!M&'(!M10'.F
=0-(! 34! (60! ^0*3O-&! %'(&(0! W*&--.-K! `3<.0(2! &-=! &! M&'(! 909:01! 34! (60! `8<<0''.3-!
P&O! U04319! 7399.((00! 34! (60! 51.(.'6! 73*89:.&! P&O! Q-'(.(8(0J! )1J! L6.(0! .'! &*'3! &!
909:01!34!(60!^0*3O-&!].4(!W*&--.-K!U38-=(&:*0+!(60!70-(1&*!e\&-&K&-!G38-=&(.3-!
]1&-('!7399.((00+!(60!W*&--0=!P.40(.90!Z=/3<&<2!m0(O31\+!(60!7&-&=.&-!?&H!G38-F
=&(.3-+! &-=! (60! Q-(01-&(.3-&*! `3<.0(2! 34! ?18'(! &-=! %'(&(0! W1&<(.(.3-01'! B`?%WEJ! )1J!
L6.(0!.'!<8110-(*2!&!=.10<(31!34!(60!57!70-(10!431!%*=01!Z=/3<&<2!&-=!`8MM31(+!O6.<6!
3M01&(0'!51.(.'6!73*89:.&d'!3-*2!0*=01F*&O!<*.-.<+!O.(6!(60!'8MM31(!34!(60!P&O!G38-F
=&(.3-!34!51.(.'6!73*89:.&J!)1J!L6.(0!.'!&!410f80-(!*0<(8101!431!(60!73-(.-8.-K!P0K&*!
%=8<&(.3-! `3<.0(2! 34! 51.(.'6! 73*89:.&! 3-! (3M.<'! '8<6! &'! (18'(! *&O+! O.**F&-=F0'(&(0'!
9&((01'+!&-=!0*=01!*&OJ!)1J!L6.(0!.'!&!<3F0=.(31!34!57!7P%d'!:-"4,&%(,.2(T<&,&%()2O
C$.$<&-,&$".( :-,#&$#%( ?,.5,0R! &-=! .'! 60*M.-K! (3! =0'.K-! (60! *&O201F0=8<&(.3-! M13F
K1&9!431!51.(.'6!73*89:.&d'!-0O!N$00</(T<&,&%<(,.2(!5##%<<$".()#&J"C!
!
)@'
/8"')$(0;:&-&3$('6%$2"00'
?6.'!10M31(!O&'!M10<0=0=!:2!&!<3-'8*(&(.3-!M&M01+""!O6.<6!O&'!M8:*.'60=!.-!G0:18F
&12! $C"bJ! ?60! B".<50&,&$".( :,+%-( ".( B"CC".O8,>( D%<&<( "@( B,+,#$&'! '0(! 38(! (60!
<399.((00d'! 10'0&1<6! &-=! .('! b"! (0-(&(./0! 10<3990-=&(.3-'! 431! 104319! 431! M8:*.<!
10/.0O! &-=! <3990-(J! ?60! <3-'8*(&(.3-! M&M01! O&'! 9&=0! O.=0*2! &/&.*&:*0+! :3(6!
(6138K6! =3O-*3&=.-K! 4139! (60! 57PQ! O0:'.(0! &-=! (60! M8:*.<&(.3-! 34! M&M01! <3M.0'J!
?60!<3-'8*(&(.3-!M01.3=!431!(60!M13c0<(!1&-!4139!G0:18&12!(3!X8-0!$C"bJ!
!
?60!<3-'8*(&(.3-!M&M01!O&'!.''80=!.-!(O3!/01'.3-'J!?60!48**!<3-'8*(&(.3-!M&M01!<3-F
(&.-0=!&**!b"!34!(60!<399.((00d'!(0-(&(./0!10<3990-=&(.3-'!431!104319!&-=!&-!&-&*2F
'.'!34!&**!34!(60!*0K&*!10'0&1<6!8-=01(&\0-!.-!(60!M13c0<(J!Q-!&==.(.3-+!&!'899&12!<3-F
'8*(&(.3-!=3<890-(!O&'!&/&.*&:*0!431!M8:*.<!10/.0OJ!?60!'899&12!<3-'8*(&(.3-!M13F
/.=0=!'.H!6.K6*.K6(0=!M13M3'&*'!4139!(60!<399.((00d'!b"!(0-(&(./0!10<3990-=&(.3-J!
Q(!<3-(&.-0=!9.-.9&*!:&<\K138-=!.-4319&(.3-J!
!
?60! <399.((00! 10<0./0=! ""! 10'M3-'0'! (3! (60! 48**! <3-'8*(&(.3-! M&M01"$! &-=! (O3! 10F
'M3-'0'! (3! (60! '899&12! <3-'8*(&(.3-J! %&<6! 10'M3-'0! O&'! <&1048**2! <3-'.=010=! .-!
=1&4(.-K!(6.'!4.-&*!10M31(J!?60!<399.((00!.'!K1&(048*!(3!(63'0!.-=./.=8&*'!&-=!31K&-.F
_&(.3-'!(6&(!(33\!(60!(.90!(3!10'M3-=!(3!(60!<3-'8*(&(.3-!M&M01J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RJ!
!5+-,!-3(0!>J!
"CJ! `57!$CCR+!<J!"b!B.-!431<0!b"!)&1<6!$C"DEJ!
""J! 51.(.'6! 73*89:.&! P&O! Q-'(.(8(0+! B".<50&,&$".( :,+%-( ".( B"CC".O8,>( D%<&<( "@( B,+,#$&'! B;&-<38F
/01A!?60!Q-'(.(8(0+!$C"bEJ!
"$J! !%%+!:0*3O+!&MM0-=.H!V!&(!$Db!B431!&!*.'(!34!10'M3-=0-('!(3!(60!48**!<3-'8*(&(.3-!M&M01EJ!
_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
Q-! K0-01&*+! 10'M3-=0-('! &K100=! O.(6! (60! <3-'8*(&(.3-! M&M01d'! (0-(&(./0! 10<3990-F
=&(.3-'J!Z'!O.**!:0!=.'<8''0=!.-!K10&(01!=0(&.*!.-!(60!10*0/&-(!&10&'!34!(6.'!10M31(+!&!
40O!M13M3'&*'!K0-01&(0=!&!'6&1M!=./.'.3-!:0(O00-!'8MM31(!&-=!=.'&K10090-(J!
!
Z*(638K6! (60! -89:01! 34! 10'M3-'0'! O&'! &:38(! &/01&K0! 431! &! *&OF104319! M13c0<(! 43F
<8''0=! 3-! *0K.'*&(./0! <6&-K0+! (60! 1&-K0! 34! M6.*3'3M6.<&*! &MM13&<60'! (3! &-=! (60! 0-F
K&K090-(!O.(6!(60!.''80'!431!104319!.-!(60!10'M3-=0-('!O010!&(!&!-3(&:*2!6.K6!*0/0*J!
L6.*0!'0/01&*!10'M3-=0-('!81K0=!(60!<399.((00!(3!:0!<&8(.38'!.-!(60!4&<0!34!M13M3'F
&*'!431!*0K.'*&(./0!104319+!&(!*0&'(!3-0!10'M3-=0-(!0-<381&K0=!(60!<399.((00!(3!<3-F
'.=01! &! <39M1060-'./0! *0K.'*&(./0! 10'(&(090-(! 34! (60! /&1.38'! <3993-F*&O! (0'('! 34!
<&M&<.(2!&-=!10*&(0=!&10&'J!
!
)&-2!10'M3-=0-('!&*'3!.-<*8=0=!&*(01-&(./0!M13M3'&*'!(3!&==10''!'390!34!(60!.''80'!
431!104319!1&.'0=!.-!(60!<3-'8*(&(.3-!M&M01J!?60'0!&*(01-&(./0'!'(.98*&(0=!<3-'.=01F
&:*0!<399.((00!=.'<8''.3-J!?602!O.**!:0!-3(0=!*&(01!.-!(6.'!10M31(+!.-!<3--0<(.3-!O.(6!
(60!.''80'!431!104319!(6&(!(602!&==10''J!
!
Q-!&==.(.3-!(3!M8:*.'6.-K!(60!<3-'8*(&(.3-!M&M01+!(60!57PQ!'38K6(!(3!0-K&K0!(60!M8:F
*.<!.-!(60!.''80'!<3/010=!:2!(6.'!M13c0<(!:2!M10'0-(&(.3-'!&-=!'M0&\.-K!0-K&K090-('J!
504310!&-=!=81.-K!(60!<3-'8*(&(.3-!M01.3=+!57PQ!'(&44!&-=!<399.((00!909:01'!=.'F
<8''0=!(60!M13c0<(!&(!0/0-('!60*=!:2!(60!43**3O.-K!31K&-._&(.3-'A!
!
• m&(.3-&*!Z''3<.&(.3-!34!W8:*.<!?18'(00'!&-=!]8&1=.&-'T!
• L.**'!&-=!?18'('g;.<(31.&!&-=!n38-K!P&O201'g;.<(31.&!`0<(.3-'!34!(60!
7&-&=.&-!5&1!Z''3<.&(.3-!B57!51&-<6ET!
• L.**'!&-=!?18'('g;&-<38/01!`0<(.3-!34!(60!75Z!B57!51&-<6ET!
• %'(&(0!W*&--.-K!738-<.*!34!;&-<38/01T!
• ,-./01'.(2!34!51.(.'6!73*89:.&!G&<8*(2!34!P&O!&(!Z**&1=![&**T!
• G8*(3-!l!739M&-2!PPWT!
• L.**'!&-=!?18'('ge\&-&K&-!`0<(.3-!34!(60!75Z!B57!51&-<6ET!
• %'(&(0!W*&--.-K!738-<.*!34!^0*3O-&T!
!
• ?60!73-(.-8.-K!P0K&*!%=8<&(.3-!`3<.0(2!34!51.(.'6!73*89:.&J!
P@' /8"'C&%;2&;%"'$1'/830'!"#$%&'
Z(!.('!4.1'(!<399.((00!900(.-K+!(60!<399.((00!=.=!&!M10*.9.-&12!10/.0O!34!(60!9&-2!
&10&'! 34! (60! *&O! (6&(! 40&(810! &! <3993-F*&O! (0'(! 34! <&M&<.(2J! Z4(01! <39M*0(.-K! (6.'!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
A'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
10/.0O+! (60! <399.((00! '0*0<(0=! -.-0! (3M.<'! 431! 481(601! '(8=2J! ?60'0! (3M.<'! &10! (60!
<3993-F*&O!(0'('!34!<&M&<.(2!(3A!
!
• 9&\0!&!O.**T!
• 9&\0!&-!$.&%-(F$F"<!K.4(T!
• 9&\0!&!:0-04.<.&12!=0'.K-&(.3-T!
• -39.-&(0!&!<399.((00T!
• 0-(01!.-(3!&!<3-(1&<(T!
• 10(&.-!*0K&*!<38-'0*T!
• 9&112T!
• 4319!(60!.-(0-(.3-!(3!*./0!'0M&1&(0!&-=!&M&1(!4139!&!'M38'0T!&-=!
• 0-(01!.-(3!&-!8-9&11.0=!'M38'&*!10*&(.3-'6.MJ!
!
?60'0!<3993-F*&O!(0'('!34!<&M&<.(2!O010!<63'0-!:0<&8'0!(602!K&/0!(60!<399.((00!&!
:13&=! 1&-K0! 34! '8:c0<('! (3! (&<\*0! .-! (60! &10&'! 34! 0'(&(0! M*&--.-K+! <3-(1&<(! *&O+! &-=!
4&9.*2!*&Og(6&(!.'+!.-!(60!9&c31!&10&'!34!(60!*&O!(6&(!09M*32!<3993-F*&O!(0'('!34!
<&M&<.(2J!?60!10*&(./0*2!*&1K0!-89:01!34!(3M.<'!<63'0-!431!481(601!'(8=2!104*0<('!(60!
09M6&'.'!34!(6.'!M13c0<(!3-!<39M&1.-K!(0'('!34!<&M&<.(2!&-=!3-!&((09M(.-K!(3!<3/01!
&'!O.=0!&!1&-K0!&93-K!<3993-F*&O!(0'('!34!<&M&<.(2!&'!.'!M1&<(.<&*J!
!
?6.'! 10M31(! .'! '(18<(810=! &138-=! (60'0! -.-0! (3M.<'J! ?60! <6&M(01'! (6&(! 43**3O! =0&*!
O.(6! 0&<6! 34! (60'0! (3M.<'! .-! &! '2'(09&(.<! O&2J! 76&M(01'! (2M.<&**2! :0K.-! O.(6! &-! 0HF
M*31&(.3-! 34! :&<\K138-=! .-4319&(.3-! 3-! &! K./0-! <3993-F*&O! (0'(! 34! <&M&<.(2J! ?6.'!
.-4319&(.3-!.'!M81'80=!.-!=0(&.*A!(3M.<'!<3/010=!8'8&**2!.-<*8=0!(60!6.'(31.<&*!=0/0*F
3M90-(! 34! (60! (0'(! 34! <&M&<.(2! :0.-K! <3-'.=010=+! (60! <8110-(! M3'.(.3-! 34! (60! *&O!
BO6.<6! 431! 9&-2! <3993-F*&O! (0'('! 34! <&M&<.(2! <3-'.'('! -3(! 34! &! '.-K*0+! 8-./01'&**2!
&<<0M(0=! /.0O! :8(! 1&(601! 34! 98*(.M*0! 9&c31.(2! &-=! 9.-31.(2! M3'.(.3-'E+! 63O! (60!
<3993-F*&O! (0'(! 34! <&M&<.(2! (6&(! .'! (60! '8:c0<(! 34! (60! <6&M(01! <39M&10'! (3! 3(601!
<3993-F*&O!(0'('!34!<&M&<.(2+!&-2!&11&-K090-('!(6&(!(60!*&O!9&2!M13/.=0!431!(63'0!
M03M*0! O63! 4&.*! (3! 900(! (60! <3993-F*&O! (0'(! 34! <&M&<.(2+! &-=! 10*0/&-(! *0K.'*&(.3-J!
?6.'!.-4319&(.3-!.'!M13/.=0=!(3!10&=01'!3-!(60!(60312!(6&(!&!<39M1060-'./0!8-=01F
'(&-=.-K!34!(60!<8110-(!*&O!.'!-0<0''&12!(3!9&\0!(60!:0'(!=0<.'.3-'!3-!M3(0-(.&*!10F
4319'!(3!(6&(!:3=2!34!*&OJ!
!
Z4(01!0HM*31.-K!(6.'!:&<\K138-=!.-4319&(.3-+!<6&M(01'!<3-'.=01!&!1&-K0!34!.''80'!431!
104319J!Q-!0&<6!<&'0+!(60'0!.''80'!<3-(09M*&(0!M3(0-(.&*!104319'!(3!(60!0*090-('!34!&!
(0'(!34!<&M&<.(2!.('0*4J!Q-!'390!<&'0'+!(60!.''80'!K3!481(601!(3!<3-'.=01!104319'!.-!<3*F
*&(01&*!&10&'!34!(60!*&OJ!Q-!=.'<8''.-K!.''80'!431!104319+!&!-89:01!34!3M(.3-'!&10!<&-F
`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
/&''0=+! &-=! 10&=01'! &10! M10'0-(0=! O.(6! &1K890-('! 431! &-=! &K&.-'(! (60! &=3M(.3-! 34!
0&<6!3M(.3-J!Z(!(60!0-=!34!(6.'!=.'<8''.3-+!(60!<399.((00d'!10<3990-=&(.3-!431!10F
4319!.'!'0(!38(J!
!
Z'! O.**! :0! '00-+! &! -89:01! 34! (60! <399.((00d'! 10<3990-=&(.3-'! <&**! 431! *0K.'*&(./0!
<6&-K0'!(3!(60!*&OJ!ZMM0-=.H!5!(3!(6.'!10M31("b!M13/.=0'!=1&4(!*0K.'*&(.3-!&-=!<39F
90-(&12+!O6.<6!.**8'(1&(0'!63O!(60'0!10<3990-=&(.3-'!<38*=!:0!.9M*090-(0=J!
!
504310!09:&1\.-K!3-!(60!(3M.<F43<8''0=!<6&M(01'+!(6.'!10M31(!:0K.-'!O.(6!&!<6&M(01!
=.'<8''.-K!'390!K0-01&*!<6&1&<(01.'(.<'!34!<3993-F*&O!(0'('!34!<&M&<.(2J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"bJ! !%%+!:0*3O+!&(!$$bJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
a'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!'==@'>JG/5,')565)=/U'5GP'/WJ',5O'
5@' =(&%$7;2&3$('
?6.'!<6&M(01!0H&9.-0'!90-(&*!<&M&<.(2!&-=!(60!*&O!.-!K0-01&*!(019'J!Q(!.'!&!<6&**0-K0!
(3! 9&\0! K0-01&*! '(&(090-('! &:38(! (60! *&Od'! &MM13&<6! (3! 90-(&*! <&M&<.(2J! ?60! <&'0!
*&O!4&/381'!4*0H.:.*.(2!.-!.('!&MM13&<6+!'3!.(!.'!-3(!(33!=.44.<8*(!(3!4.-=!c8=.<.&*!'(&(0F
90-('!(6&(!8-=01<8(!0/0-!O0**F\-3O-!&-=!*3-KF'(&-=.-K!<3-<*8'.3-'J!e4(0-!(60!*&O!
-00='!(3!:0!=.'<8''0=!&'!6&/.-K!9&c31.(2!&-=!9.-31.(2!M3'.(.3-'J!G81(601+!<3993-F
*&O!(0'('!34!90-(&*!<&M&<.(2!&10!(&'\!'M0<.4.<+!O6.<6!90&-'!(6&(!(602!&10!.-(.9&(0*2!
<3--0<(0=! (3! (60! :3=2! 34! *&O! (3! O6.<6! 0&<6! &MM*.0'J! ?60! <6&1&<(01.'(.<'! 34! &! K./0-!
(0'(! 34! <&M&<.(2! &10! :0'(! 8-=01'(33=! .-! 10*&(.3-! (3! (60! 'M0<.4.<! &10&! 34! (60! *&O! .-!
O6.<6!(60!(0'(!3M01&(0'J!
!
L.(6!(60'0!<&/0&('!.-!9.-=+!(6.'!<6&M(01!O.**!=.'<8''!&!1&-K0!34!(3M.<'!O.(6!&!K3&*!34!
'60==.-K!*.K6(!3-!63O!(60!<399.((00!&-&*2_0=!'M0<.4.<!<3993-F*&O!(0'('!34!<&M&<F
.(2!&-=!63O!.(!<63'0!:0(O00-!3M(.3-'!431!104319J!?60'0!(3M.<'!.-<*8=0!(60!=.'(.-<(./0!
*0K&*! 8'0! 34! (60! 0HM10''.3-'! #,+,#$&'+! C%.&,0( #,+,#$&'+! &-=! &%<&( "@( #,+,#$&'+! (60!
'381<0'!34!<3K-.(./0!=0<*.-0+!:13&=!*0K&*!(10-='!&-=!&MM13&<60'!(3!.''80'!.-/3*/.-K!
90-(&*!<&M&<.(2+!&-=!O62!(60!(.90!.'!1.M0!(3!<3-'.=01!104319!34!<3993-F*&O!(0'('!34!
<&M&<.(2J!?60!<6&M(01!<3-<*8=0'!O.(6!&-!3/01/.0O!34!(60!<399.((00d'!10<3990-=&F
(.3-'!431!104319J!
!
9@' /"%*3($:$[4'
"#!
$%&'(')!*+!,-&.&-(/01!
Q-!0/012=&2!'M00<6+!#,+,#$&'!.'!&!O31=!(6&(!<&-!:0!=04.-0=!.-!98*(.M*0!O&2'J!DA%(K%>(
!A"-&%-( X1@"-2( T.90$<A( E$#&$".,-'! *.'('! '.H! =04.-.(.3-'! 34! <&M&<.(2J! Q('! M1.9&12! 0-(12!
=04.-0'! <&M&<.(2! &'! (60! h9&H.989! &938-(! 31! -89:01! (6&(! 9&2! :0! <3-(&.-0=+!
M13=8<0=+! 0(<Ji! Q-! (6.'! '0-'0+! (60! O31=! .'! 10*&(0=! (3! #,+,#$"5<J! Q(! :1.-K'! (3! 9.-=!
.9&K0'!34!4.**.-K!8M!&!<3-(&.-01J!
!
L60-! <&M&<.(2! .'! 8'0=! .-! *0K&*! O1.(.-K+! .('! 1&-K0! 34! 90&-.-K'! .'! -&113O01+! :8(! (60!
O31=! .'! '(.**! 8'0=! .-! =.44010-(! O&2'J! `M0&\.-K! :13&=*2+! <&M&<.(2! 90&-'! h&! *0K&*!
<39M0(0-<2! 31! f8&*.4.<&(.3-i"D! 31! '.9M*2! h&-! .-6010-(! &:.*.(2i! 34! '3903-0! (3! =3!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"DJ! DA%(K%>(!A"-&%-(X1@"-2(T.90$<A(E$#&$".,-'+!<54(F%-4"!h<&M&<.(2Ji!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FF'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
"j
'390(6.-K!8-=01!(60!*&OJ !Q(!.'!(2M.<&**2!8'0=!.-!=.'<8''.-K!O60(601!&!M01'3-">!6&'!
(60!M3O01!8-=01!(60!*&O!(3!0-(01!.-(3!*0K&*!10*&(.3-'"S!O.(6!&-3(601!M01'3-J!
!
,'8&**2!.-!*0K&*!O1.(.-K!<&M&<.(2!.'!=.'<8''0=!.-!(019'!34!&!'M0<.4.<!M01'3-!O63!O&-('!
(3!M014319!&!'M0<.4.<!&<(!31!<10&(0!&!'M0<.4.<!*0K&*!10*&(.3-'6.MJ!V.44010-(!'0('!34!18*0'!
&MM*2!(3!=.44010-(!'8:c0<('J!G31!.-'(&-<0+!(6010!&10!<&M&<.(2!18*0'!10*&(.-K!(3!<6.*=10-!
&-=!238(6'+"#!&-=!(3!<31M31&(.3-'J"R!
!
2#!
$%&'(')!*+!,$%'/&3!-&.&-(/01!
?6.'!10M31(!.'!<3-<01-0=!O.(6!(60!0440<(!34!90-(&*!=.'&:.*.(2+!.**-0''+!31!.9M&.190-(!
3-!&!M01'3-d'!<&M&<.(2!(3!<10&(0!31!0-(01!.-(3!*0K&*!10*&(.3-'J!?60!'631(0-0=!O&2!(3!
0HM10''! (6.'! .=0&! .'! :2! 104011.-K! (3! &! M01'3-d'! C%.&,0( #,+,#$&'J! 7&'0'! &-=!
<3990-(&12!34(0-!8'0!(60!'631(6&-=!0HM10''.3-!h6&/.-K!90-(&*!<&M&<.(2i!(3!9&\0!&!
=0<.'.3-!31!M014319!&!(&'\J!?6.'!.'!0''0-(.&**2!&!O&2!34!'&2.-K!(6&(!(60!M01'3-!900('!
(60!(0'(!34!<&M&<.(2!(3!9&\0!(6&(!=0<.'.3-!31!M014319!(6&(!(&'\J!
!
4#!
$%&'(')!*+!,/%5/!*+!-&.&-(/01!
e-0!34!(60!'.=0!0440<('!34!(60!<3993-F*&Od'!M&1(.<8*&1!&MM13&<6!(3!90-(&*!<&M&<.(2!
.'!(6&(!.(!9&\0'!.(!1&(601!<39M*.<&(0=!(3!=0(019.-0!O60-!<&M&<.(2!.'!*3'(J$C!?6010!.'!
-3! 3:/.38'! 3:c0<(./0! 4&<(31g'8<6! &'! &! 90=.<&*! =.&K-3'.'! 31! &! 4*&K1&-(*2! .11&(.3-&*!
=0<.'.3-g(3! M3.-(! (3! &'! &! 90&-'! 34! K138-=.-K! (60! =0(019.-&(.3-! 431! &**! <&'0'J!
Q-'(0&=+! (60! <381('! &10! =.10<(0=! (3! &-&*2_0! '8:c0<(./0! 90-(&*! M13<0''0'J! ?60!
=.44.<8*(2! 34! (6.'! (&'\! O&'! &MM10<.&(0=! 1.K6(! &O&2J! Z'! &-! 0&1*2! <&'0! M8(! .(+! O60-! .(!
<390'! (3! 90-(&*! 48-<(.3-.-K+! hp(q6010! .'! -3! M3''.:.*.(2! 34! 9.'(&\.-K! 9.=-.K6(! 4139!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"jJ! Y%.2,00(FJ(Y%.2,00!B"RS#E+!"#!eU!B$=E!b"C!&(!b"$+!#$!VPU!Bb=E!$S#!B[7XE+!53*&-=!XJ!
">J! 50&1!.-!9.-=!6010!(6&(!+%-<".!.'!(2M.<&**2!8-=01'(33=!&'!.-<*8=.-K!:3(6!-&(81&*!M01'3-'!B(6&(!.'+!
689&-! :0.-K'E! &-=! &1(.4.<.&*! M01'3-'! B0-(.(.0'! (6&(! (60! *&O! 10<3K-._0'! &'! 6&/.-K! M01'3-633=+!
'8<6!&'!<31M31&(.3-'EJ!
"SJ! ?6.'! 0HM10''.3-! '638*=! :0! 8-=01'(33=! &'! :13&=*2! 09:1&<.-K! &-2(6.-K! (6&(! <6&-K0'! &! M01'3-d'!
*0K&*!M3'.(.3-!31!(6&(!&440<('!(60!*0K&*!M3'.(.3-!34!&-3(601!M01'3-g431!0H&9M*0+!0-(01.-K!.-(3!&!
<3-(1&<(+!9&\.-K!&!O.**!31!&-!$.&%-(F$F"<!K.4(+!31!<10&(.-K!&!'M38'&*!10*&(.3-'6.MJ!
"#J! !%%(V.@,.&<()#&+!U`57!"RR>+!<J!$$b+!''J!"R!B0-431<0&:.*.(2!34!9.-31d'!<3-(1&<(E+!$"!B<381(!&MM*.<&F
(.3-!431!=0<*&1&(.3-!34!<&M&<.(2EJ!
"RJ! !%%(65<$.%<<(B"-+"-,&$".<()#&+!`57!$CC$+!<J!bS+!'J!bC!BhZ!<39M&-2!6&'!(60!<&M&<.(2!&-=!(60!1.K6('+!
M3O01'!&-=!M1./.*0K0'!34!&-!.-=./.=8&*!34!48**!<&M&<.(2JiEJ!
$CJ! !%%+!:0*3O+!'0<(.3-!QQJV!&(!">!B=.'<8''.3-!34!/&1.38'!*0K&*!&MM13&<60'!(3!90-(&*!<&M&<.(2EJ!
FD'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
-33-+! :8(! &(! O6&(! M10<.'0! 9390-(! (O.*.K6(! :0<390'! =&1\-0''! .'! 6&1=! (3!
=0(019.-0Ji$"!
!
,-=01!(60!<3993-!*&O+!h(60!f80'(.3-!34!p90-(&*q!<&M&<.(2!98'(!:0!10K&1=0=!&'!3-0!
34! =0K100Ji$$! Q4! &! M01'3-d'! 90-(&*! .**-0''! 31! =.'&:.*.(2! 0H<00='! .-! =0K100! &! *0K&*!
(610'63*=+!(60-!(6&(!M01'3-!O.**!:0!<3-'.=010=!.-<&M&:*0!.-!(60!020'!34!(60!*&OJ!?6.'!
*0K&*!(610'63*=!.'!<3993-*2!<&**0=!&!&%<&("@(#,+,#$&'J!
!
)@'
C$;%2"0'$1')$[(3&3I"'P"2:3("'
"#!
('/6*78-/(*'!
`<63*&1'! 6&/0! -3(0=! (6&(! h&! O.=0! /&1.0(2! 34! &.*90-('i$b! 6&/0! :00-! <.(0=! .-! <&'0'!
.-/3*/.-K!90-(&*!<&M&<.(2J!?60!*&O!6&'!*3-K!10<3K-._0=!&-!&*93'(!*.9.(*0''!&11&2!34!
<&8'0'! 34! =.9.-.'60=! 90-(&*! <&M&<.(2+! O6.<6! 9&2! &<(! 3-! =.44010-(! &'M0<('! 31!
48-<(.3-'! 34! (60! 9.-=J! Z! *0&=.-K! -.-0(00-(6F<0-(812! c8=K90-(! M3.-(0=! (3! hp(q60!
'0-'0'+! (60! .-'(.-<('+! (60! &440<(.3-'+! (60! M&''.3-'+! (60! 931&*! f8&*.(.0'+! (60! O.**+!
M01<0M(.3-+!(638K6(+!10&'3-+!.9&K.-&(.3-+!909312i!&'!0H&9M*0'!34!90-(&*!M13<0''0'!
(6&(!9&2!:0!<3-'.=010=!.-!&!<&'0!.-/3*/.-K!90-(&*!<&M&<.(2J$D!
!
m0/01(60*0''+!93=01-!90=.<.-0!6&'!'63-0!&!'M3(*.K6(!3-!h4381!<3-=.(.3-'i!(6&(!6&/0!
M13/0=! (3! 6&/0! &-! 0-6&-<0=! hM13M0-'.(2! (3! .9M&.1! <39M0(0-<0Ji$j! ?60'0! 4381!
<3-=.(.3-'!&10!<3-'.=010=!.-!(81-J$>!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$"J! 6"'<%(FJ(L"<<4"-"59A!B"#jSE+!>![P7!$!&(!Dj+!"C!%U!""R$!B7ZE+!P31=!71&-O31(6J!
$$J! P$%02(FJ(=,C%<+!$CC"!577Z!$>S!&(!M&1&J!#S+!#S!57PU!Bb=E!$bj+!U3O*0'!XZ!B=.''0-(.-KE!pP$%02qJ!
$bJ! Z*0H&-=01! )J! )0.\*0c36-+! h73-(1&<(8&*! &-=! V3-&(./0! 7&M&<.(2i! B"R##E! bR! 7&'0! LJ! U0'J! PJ!
U0/J!bCS!&(!bDbJ!
$DJ! 6,.Z<(FJ(I""2@%00">!B"#SCE+!PU!j!Y5!jDR!&(!j>C!B%-KJ!7ZE+!73<\:81-!7X!B431!(60!<381(EJ!
$jJ! m&(6&-! [0119&--+! h73993-! )0=.<&*! 73-=.(.3-'! (6&(! ).K6(! Z440<(! 739M0(0-<0! .-! (60! %*=01*2A!
?60!DV'!BV0M10''.3-+!V0*.1.89+!V090-(.&+!V18K'E+i!.-!P&O!`3<.0(2!34!,MM01!7&-&=&+!!+%#$,0(8%#O
&5-%<( QR[R\( )( ?%2$#,0O8%9,0( )++-",#A( &"( T<&,&%( :0,..$.9( ,.2( E%#$<$".( ?,Z$.9( @"-( X02%-( B0$%.&<!
B?313-(3A!Q1O.-!P&O+!$C""E!p!+%#$,0(8%#&5-%<(QR[RqJ!
$>J! Q(! '638*=! :0! 09M6&'._0=! (6&(! (60'0! <3-=.(.3-'! O010! '0*0<(0=! 431! =.'<8''.3-! '.9M*2! (3! 104*0<(!
(60.1!M139.-0-<0!.-!(60!<3990-(&12+!&-=!-3(!(3!'8KK0'(!(6&(!(602!&10!(60!3-*2!'381<0'!34!<3K-.F
(./0!=0<*.-0J!)&-2!3(601!<3-=.(.3-'g31!0/0-!0/0-('!.-!&!M01'3-d'!*.40g9&2!M*&2!&!13*0!.-!<&8'F
.-K!=.9.-.'60=!<&M&<.(2J!G31!0H&9M*0+!3-0!10'M3-=0-(!(3!(60!<3-'8*(&(.3-!M&M01!M3.-(0=!(3!(60!
'.K-.4.<&-<0!34!(1&9&8(.<!:1&.-!.-c81.0'+!:0<&8'0!34!(60.1!hM10/&*0-<0!&-=!0440<('!3-!.-'.K6(!&-=!
c8=K90-(i!&-=!:0<&8'0!'8<6!.-c81.0'!h<&-!6&/0!<&(&'(13M6.<!&-=!*.40*3-K!<3-'0f80-<0'!&-=!9&2!
3<<81!O0**!:04310!(60!&K0!&!O.**!<&-!:0!9&=0Ji!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FB'
'
2#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
7%$%'/(&!
V090-(.&! .'! h&! *&1K0! <*&''! 34! =.'31=01'! <6&1&<(01._0=! :2! (60! M13K10''./0!
=0(01.31&(.3-! 34! (6.-\.-K! &:.*.(2! &-=! 909312! &'! (60! :1&.-! :0<390'! =&9&K0=Ji$S!
Z93-K!(60!1&-K0!34!.**-0''0'!(6&(!9&\0!8M!(60!<*&''!34!=090-(.&'+!(60!:0'(!\-3O-!.'!
Z*_60.901d'! =.'0&'0J! hp?q60! '0<3-=! 93'(! <3993-! 4319! 34! =090-(.&i! .'! /&'<8*&1!
=090-(.&J$#! Q(! .'! M3''.:*0! (3! '84401! 4139! :3(6! (2M0'! 34! =090-(.&T! .-! 4&<(+! hp9q&-2!
.-=./.=8&*'!O.(6!Z*_60.901d'!=.'0&'0!&*'3!6&/0!;&'<8*&1!V090-(.&Ji$R!e(601!4319'!34!
=090-(.&! h.-<*8=0! G13-(3(09M31&*! V090-(.&! BG?V+! O6.<6! .-<*8=0'! W.<\d'! V.'0&'0E+!
=090-(.&! O.(6! P0O2! 53=.0'! &-=! 7108(_40*=(FX&<3:! V.'0&'0JibC! Q(! .'! 0'(.9&(0=! (6&(!
jCC!CCC!M03M*0!.-!7&-&=&!'84401!4139!3-0!31!9310!4319'!34!=090-(.&Jb"!
!
Z93-K!(60!0440<('!34!=090-(.&!&10!.9M&.190-('!.-!909312+!h*&-K8&K0!&:.*.(2+i!&-=!
h&:'(1&<(!(6.-\.-K+!M*&--.-K+!31!31K&-._&(.3-!34!&<(./.(.0'Jib$!`8440101'!4139!=090-(.&!
&10!&*'3!*.&:*0!(3!:0!&440<(0=!:2!M01'3-&*.(2!<6&-K0'+!34(0-!&<<39M&-.0=!:2!=0*8'.3-'!
31! M&1&-3.&Jbb! Z! (138:*.-K! &'M0<(! 34! =090-(.&! .'! (6&(! &**! 34! (60'0! 0440<('! 9&2!
h&<<39M&-2!%,-0'!=090-(.&g.-!3(601!O31='+!=090-(.&!(6&(!6&'!-3(!10&<60=!&!M3.-(!
&(!O6.<6!.(!O38*=!<&8'0!.9M&.190-(!(6&(!.'!.990=.&(0*2!3:/.38'JibD!
!
Z*(638K6! .(! <&-! '(1.\0! &(! &-2! (.90! .-! &! M01'3-d'! *.40+bj! =090-(.&! .'! M1.9&1.*2! &-!
&44*.<(.3-! 34! 3*=01! &=8*('J! h?60! 1.'\! 34! =0/0*3M.-K! =090-(.&! .'! *.-\0=! (3! &K0+i! &!
'<63*&1*2!&1(.<*0!-3(0'+!h&-=!&*93'(!bC!M01<0-(!34!M03M*0!3/01!(60!&K0!34!0.K6(2F4./0!
&-=!&:38(!>C!M01<0-(!34!M03M*0!3/01!(60!&K0!34!-.-0(2F4./0!O.**!900(!<1.(01.&!431!(6.'!
=.'31=01Jib>!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$SJ! Z*_60.901!`3<.0(2!34!7&-&=&+!L$<$.9(D$2%\(DA%(VC+,#&("@(E%C%.&$,(".(B,.,2$,.(!"#$%&'!B?313-(3A!
?60!`3<.0(2+!$C"CE!&(!"CJ!
$#J! V4$2J!&(!""!B-3(.-K!(6&(!(60!h(O3!9&.-!(2M0'i!34!/&'<8*&1!=090-(.&!&10!h'(13\0F10*&(0=i!&-=!h'9&**!
/0''0*!=.'0&'0o10*&(0=i!=090-(.&EJ!
$RJ! V4$2J(
bCJ! V4$2J(
b"J! !%%($4$2J!&(!"!
b$J! V38K*&'!)3''9&-!l!Z9&-=&!mJ!`6309&\01+!hQ-<39M0(0-<0!(3!)&.-(&.-!&!V./31<0!Z<(.3-A!L60-!
510&\.-K!,M!.'!e==!(3!V3i!B$C"CE!#D!`(J!X36-d'!PJ!U0/J!""S!&(!"D$J!
bbJ! !%%($4$2J!BhZ!'8:'(&-(.&*!41&<(.3-!34!=090-(0=!.-=./.=8&*'!:0<390!M&1&-3.=Ji!p433(-3(0!39.((0=qEJ!
bDJ! V4$2J!p09M6&'.'!.-!31.K.-&*qJ!
bjJ! 65&( <%%( L$<$.9( D$2%+! <5+-,! -3(0! $S! &(! ""! BhpZ*_60.901d'q! =.'0&'0! -0/01! '0('! .-! 8-(.*! '390! 9.-.F
989!&=8*(!&K0!.'!10&<60=i!p433(-3(0!39.((0=qEJ!
b>J! [0119&--+!<5+-,!-3(0!$j!&(!""bJ!
F]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
4#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
7%3(6(8$!
V0*.1.89!.'!h&-!&<8(0!(1&-'.0-(!M3(0-(.&**2!10/01'.:*0!4*8<(8&(.-K!'2-=1390!3<<811.-K!
.-!(60!<3-(0H(!34!&-!&<8(0!90=.<&*!31!'81K.<&*!<3-=.(.3-JibS!Q('!'29M(39'!.-<*8=0!=.4F
4.<8*(.0'!.-!<3-<0-(1&(.3-+!*&<\!34!&O&10-0''!34!0-/.13-90-(&*!'(.98*.+!*&-K8&K0!=.44.F
<8*(.0'+!&-=!=0*8'.3-'!&-=!6&**8<.-&(.3-'Jb#!
!
?60!4*8<(8&(.-K!-&(810!34!=0*.1.89!M3'0'!&!M&1(.<8*&1!<6&**0-K0!431!<&M&<.(2!&''0''F
90-(JbR! Z! M01'3-! O.(6! =0*.1.89! 9&2! -3(! :0! *0K&**2! <&M&:*0! 34! 9&\.-K! &! =0<.'.3-! &(!
3-0!(.90+!3-*2!(3!10K&.-!<&M&<.(2!&!'631(!(.90!*&(01JDC!
!
V0*.1.89!.'!-3(!(2M.<&**2!438-=!&93-K!M03M*0!*./.-K!.-!(60!<3998-.(2+!:8(!.(!.'!<39F
93-!&93-K!.-=./.=8&*'!O63!&10!.-!&!63'M.(&*JD"!
!
9#!
7%.6%55(*'!
V0M10''.3-! .-/3*/0'! (60! M01'.'(0-<0! 34! &! =0M10''0=! 933=! &-=! &! *3''! 34! .-(010'(! 31!
M*0&'810!.-!M10/.38'*2!0-c320=!&<(./.(.0'J!Q(!9&2!:0!&<<39M&-.0=!:2!3(601!4&<(31'JD$!
V0M10''.3-!.'!&MM&10-(*2!9310!M10/&*0-(!&93-K!238-K01!&=8*('!(6&-!3*=01!&=8*('JDb!
!
V0M10''.3-! 1&.'0'! 9&-.43*=! <3-<01-'! 431! 90-(&*! <&M&<.(2J! Z! M01'3-! '84401.-K! 4139!
=0M10''.3-! 9&2! :0! &44*.<(0=! :2! hM'2<63(.<! '29M(39'! '8<6! &'! =0*8'.3-'JiDD! V0M10'F
'.3-!9&2!h&*'3!p:0q!&''3<.&(0=!O.(6!.9M&.10=!<3K-.(.3-+i!O6.<6+!.-!'0/010!<&'0'+!<&-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bSJ! V4$2J!&(!""$J!
b#J! V4$2J(
bRJ! V4$2J(
DCJ! !%%($4$2J!BhQ(!.'!M3''.:*0!(6&(!&(!3-0!M3.-(!.-!(60!=&2!p&!M&(.0-(!O.(6!=0*.1.89q!O.**!:0!<39M*0(0*2!
=.'31.0-(0=+!&K.(&(0=!&-=!0HM01.0-<.-K!/./.=!6&**8<.-&(.3-'!O6.*0!'0/01&*!6381'!*&(01+!(602!9.K6(!
:0!f8.(0!*8<.=JiEJ!
D"J! !%%($4$2J!BhL6.*0!1&10!.-!(60!<3998-.(2+!&MM13H.9&(0*2!"D!(3!$D!M01<0-(!34!&**!.-=./.=8&*'!&=9.(F
(0=!(3!&-!&<8(0!<&10!63'M.(&*!O.**!6&/0!'390!=0K100!34!=0*.1.89!3-!&=9.''.3-J!Z-2O6010!4139!>!
(3!j>!M01<0-(!34!.-=./.=8&*'!O.**!=0/0*3M!'29M(39'!34!=0*.1.89!&(!'390!M3.-(!.-!(60.1!63'M.(&*.F
_&(.3-J!Q-!0*=01*2!.-=./.=8&*'!O63!8-=01K3!'81K012+!:0(O00-!"j!&-=!jb!M01<0-(!O.**!6&/0!=0*.1F
.89JiEJ!
D$J! !%%( $4$2J! &(! """! B-3(.-K! (60! 43**3O.-K! &<<39M&-2.-K! 4&<(31'A! h&MM0(.(0! &-=N31! O0.K6(! <6&-K0!
B8'8&**2!*3''!34!&MM0(.(0!31!*3''!34!O0.K6(E+!'*00M!=.'(81:&-<0!B8'8&**2!.-'39-.&E+!&K.(&(.3-!31!10F
(&1=&(.3-+!4&(.K80!31!0-01K2!*3''+!400*.-K'!34!O31(6*0''-0''!31!K8.*(+!<3-<0-(1&(.3-!&-=N31!909F
312!M13:*09'+!&-=!'8.<.=&*!.=0&(.3-iEJ!
DbJ! !%%($4$2J!Bh.-!M&(.0-('!:0.-K!'00-!.-!&!M1.9&12!<&10!M62'.<.&-d'!344.<0+!:0(O00-!bC!&-=!jC!M01<0-(!
34!(63'0!.-=./.=8&*'!9.K6(!900(!(60!<1.(01.&!431!=0M10''.3-iEJ!
DDJ! V4$2J(
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
.9M&.1!<3-<0-(1&(.3-!&-=!909312!.-!&!9&--01!&-&*3K38'!(3!'8440101'!4139!=090-F
(.&JDj!V0M10''.3-!6&'!(60!M13M0-'.(2!(3!&440<(!&!M01'3-d'!933=+!<*38=.-K!&-=!=.'(31(F
.-K!c8=K90-(JD>!)33=!=.'31=01'!&10!&<<3993=&(0=!O.(6.-!<3993-F*&O!(0'('!34!<&F
M&<.(2+DS!:8(!(602!M3'0!=.44.<8*(!<6&**0-K0'!431!<&M&<.(2!&''0''90-(J!G.-&**2+!=0M10'F
'.3-!9&2!&*'3!:1.-K!O.(6!.(!'8:'(&-<0!&:8'0!&-=!=18K!M13:*09'JD#!
!
:#!
768)5!
?60! =18K'! (6&(! &10! 8'0=! (3! (10&(! (60'0! <3-=.(.3-'! B&93-K! 3(601'E! 9&2! (609'0*/0'!
<&8'0!&!=.9.-.'690-(!.-!&!M01'3-d'!90-(&*!<&M&<.(2J!h)3'(!=18K'!<&-!M0-0(1&(0!.-(3!
(60!:1&.-!&-=!9&-2!=18K'+i!-3(0'!&!10<0-(!&1(.<*0+!h<&-!<&8'0!=090-(.&+!<3K-.(./0!.9F
M&.190-(+!=0M10''.3-+!=0*.1.89+!&-=!M'2<63(.<!'29M(39'JiDR!
!
Q-(3H.<&(.3-! K0-01&**2g&! <&(0K312! (6&(! .-<*8=0'! .9M&.190-(! :2! &*<363*! &-=! .**0K&*!
=18K'!&'!O0**!&'!=18K'!8'0=!431!90=.<&*!(10&(90-(g6&'!&*O&2'!:00-!8-=01'(33=!.-!
*0K&*!<.1<*0'!&'!1&.'.-K!.''80'!(6&(!&10!'.9.*&1!(3!(63'0!1&.'0=!:2!90-(&*!<&M&<.(2J!Z'!&!
10'8*(+!(60!*&O!6&'!=0/0*3M0=!&!'0(!34!18*0'!(3!=0&*!O.(6!.-(3H.<&(.3-!(6&(!&10!<*3'0*2!
10*&(0=+! (638K6! -3(! .=0-(.<&*+! (3! (60! '0(! 34! 18*0'! (6&(! &MM*2! (3! 90-(&*! <&M&<.(2J! ?6.'!
10M31(!O.**!(&\0!-3(0!34!(63'0!18*0'!3-!.-(3H.<&(.3-!O6010/01!.(!.'!&MM13M1.&(0J!
!
P@' ,"[-:'5##%$-28"0'&$'>"(&-:')-#-23&4'
73990-(&(31'!6&/0!.=0-(.4.0=!(6100!*0K&*!&MM13&<60'!(3!90-(&*!<&M&<.(2J!?60!(6100!
&MM13&<60'!&10!<&**0=!(60!'(&(8'!&MM13&<6+!(60!38(<390!&MM13&<6+!&-=!(60!48-<(.3-&*!
&MM13&<6JjC!
!
?60! '(&(8'! &MM13&<6! hc8=K0'! &-! .-=./.=8&*d'! <&M&<.(2! &<<31=.-K! (3! 6.'! M62'.<&*! 31!
90-(&*!'(&(8'J!J!J!Jij"!,-=01!(6.'!&MM13&<6+!&!=.&K-3'.'!34!&!90-(&*!=.'&:.*.(2!31!.**-0''!
O38*=! :0! 0-38K6! (3! <3-<*8=0! (6&(! &-! .-=./.=8&*! *&<\'! 90-(&*! <&M&<.(2J! ?6.'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DjJ! V4$2J(
D>J! !%%($4$2J(
DSJ! !%%(!A,-+(FJ()2,C+!p$CC>q!%L7Z!7./!DDR!&(!M&1&J!Rb+!p$CC>q!L?PU!"CjR!p!A,-+qJ!
D#J! !%%![0119&--+!<5+-,!-3(0!$j!&(!"""J!
DRJ! V4$2J!&(!""bJ!
jCJ! !%%+!%J9J+!P&O!7399.''.3-!431!%-K*&-=!&-=!L&*0'+!B".<50&,&$".(:,+%-(".(?%.&,00'(V.#,+,#$&,&%2(
)250&<(,.2(E%#$<$".O?,Z$.9\().(XF%-F$%>+!7W!""R!BP3-=3-A![)`e+!"RR"E!&(!jCojbT!P&O!U04319!
7399.''.3-! 34! Q10*&-=+! B".<50&,&$".( :,+%-( ".( W50.%-,40%( )250&<( ,.2( &A%( 8,>\( B,+,#$&'+! PU7! 7W!
bSF$CCj!BV8:*.-A!?60!7399.''.3-+!$CCjE!&(!D"ojCJ!
j"J! B".<50&,&$".( :,+%-( ".( ?%.&,00'( V.#,+,#$&,&%2( )250&<( ,.2( E%#$<$".O?,Z$.9\( ).( XF%-F$%>+! <5+-,!
-3(0!jC!&(!j"J!
F_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
c8=K90-(! .'! h:&'0=! 3-! &! 3-<0F344! p<$#q! *33\! &(! p&! M01'3-d'q! '(&(8'! K0-01&**2Jij$! ?6.'!
M3.-(!6&'!(O3!.9M*.<&(.3-'J!G.1'(+!&!M01'3-!O63!.'!438-=!(3!*&<\!(60!90-(&*!<&M&<.(2!
(3!8-=01(&\0!3-0!(&'\!.'!<3-'.=010=!(3!*&<\!(60!90-(&*!<&M&<.(2!-00=0=!(3!0440<(!,.'!
<6&-K0!.-!(60!M01'3-d'!*0K&*!10*&(.3-'J!`0<3-=+!&!c8=K90-(!(6&(!&!M01'3-!*&<\'!90-(&*!
<&M&<.(2!63*='!.('!431<0!431!(60!10'(!34!(60!M01'3-d'!*.40J!?60!'(&(8'!&MM13&<6!=30'!-3(!
10<3K-._0!4*8<(8&(.-K!90-(&*!<&M&<.(2Jjb!
!
,-=01! (60! 38(<390! &MM13&<6! h<&M&<.(2! .'! =0(019.-0=! :2! (60! <3-(0-(! 34! &-!
.-=./.=8&*d'! =0<.'.3-JijD! ?6.'! =0(019.-&(.3-! .'! =3-0! &4(01! (60! 4&<(A! .4! (60!
<3-'0f80-<0'!31!10'8*('!34!&!M01'3-d'!=0<.'.3-!&MM0&1!-3(!(3!:0!.-!(60!M01'3-d'!:0'(!
.-(010'('! 31! '009! (3! 4*38(! '3<.&*! -319'+! (60-! (6&(! M01'3-! <&-! :0! c8=K0=! (3! *&<\!
90-(&*! <&M&<.(2J! `3! h&! M01'3-! O63! 9&\0'! &! =0<.'.3-! (6&(! 104*0<('! /&*80'! O6.<6! &10!
-3(!O.=0*2!60*=!31!O6.<6!10c0<('!<3-/0-(.3-&*!O.'=39!.'!438-=!(3!*&<\!<&M&<.(2Jijj!
!
?60! 48-<(.3-&*! &MM13&<6! h43<8'0'! 8M3-! (60! M01'3-&*! &:.*.(2! 34! (60! .-=./.=8&*!
<3-<01-0=! (3! 9&\0! &! M&1(.<8*&1! =0<.'.3-! &-=! (60! '8:c0<(./0! M13<0''0'! 43**3O0=! :2!
6.9! .-! &11./.-K! &(! .(Jij>! ?6.'! &MM13&<6! .'! h=0<.'.3-F'M0<.4.<i! &-=! h09M6&'.'0'! (60!
4*8<(8&(.-K! -&(810! 34! <&M&<.(2JijS! ?6&(! .'+! <&M&<.(2! .'! =0(019.-0=! :2! 104010-<0! (3! &!
'M0<.4.<! =0<.'.3-! &(! &! 'M0<.4.<! (.90J! ,-=01! (60! 48-<(.3-&*! &MM13&<6+! hp&q:'3*8(0!
.-<&M&<.(2!O.**!:0!1&10!0H<0M(!.-!(60!<&'0!34!&!<39&(3'0!M&(.0-(Jij#!
!
Z*(638K6!(60!'(&(8'!&-=!38(<390!&MM13&<60'!6&/0!M10/&.*0=!.-!0&1*.01!(.90'!&-=!.-!
<3--0<(.3-! O.(6! 3(601! '8:c0<('+! (60! 48-<(.3-&*! &MM13&<6! .'! <8110-(*2! (60! =39.-&-(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
j$J! B".<50&,&$".(:,+%-(".(W50.%-,40%()250&<(,.2(&A%(8,>\(B,+,#$&'+!<5+-,!-3(0!jC!&(!DbJ!
jbJ! Z-! 0H&9M*0! 34! (60! '(&(8'! &MM13&<6! O38*=! :0! (60! 18*0'! (6&(! M10/&.*0=! 8-(.*! 10<0-(*2! .-! 0*0<(.3-!
*&O!431:.==.-K!&!M01'3-!h=0(&.-0=!.-!&!90-(&*!60&*(6!4&<.*.(2i!4139!/3(.-KJ! !%%(T0%#&$".()C%.2O
C%.&()#&/([]^_+!`57!"R#j+!<J!j+!'J!DJ!!%%(,0<"(B,.,2,(T0%#&$".<()#&+!U`7!"R#j+!<J!%F$+!'J!j"!B4EJ!Q-!(60!
*&(0! "R#C'+! (60! 40=01&*! *&O! O&'! '(18<\! =3O-! &'! :0.-K! .-! /.3*&(.3-! 34! (60! B,.,2$,.( BA,-&%-( "@(
L$9A&<( ,.2( P-%%2"C<T! .-! (60! "RRC'+! 51.(.'6! 73*89:.&! 10M0&*0=! .('! *&OJ! !%%( B,.,2$,.( E$<,4$0$&'(
L$9A&<(B"5.#$0(FJ(B,.,2,+!p"R##q!b!G7!>$$+!p"R##q!G7X!m3J!Rbb!BYPE!B?VEJ(
jDJ! B".<50&,&$".( :,+%-( ".( ?%.&,00'( V.#,+,#$&,&%2( )250&<( ,.2( E%#$<$".O?,Z$.9\( ).( XF%-F$%>+! <5+-,!
-3(0!jC!&(!jCoj"J!
jjJ! B".<50&,&$".( :,+%-( ".( W50.%-,40%( )250&<( ,.2( &A%( 8,>\( B,+,#$&'+! <5+-,! -3(0! jC! &(! DD! p433(-3(0!
39.((0=qJ!
j>J! B".<50&,&$".( :,+%-( ".( ?%.&,00'( V.#,+,#$&,&%2( )250&<( ,.2( E%#$<$".O?,Z$.9\( ).( XF%-F$%>+! <5+-,!
-3(0!jC!&(!j$J!
jSJ! V4$2J(
j#J! V4$2J(
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FA'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
*0K&*!&MM13&<6!(3!90-(&*!<&M&<.(2J!Z**!34!(60!<3993-F*&O!(0'('!34!<&M&<.(2!(6&(!&10!
(&\0-!8M!.-!(6.'!10M31(!<&-!:0!<6&1&<(01._0=!&'!&=3M(.-K!(60!48-<(.3-&*!&MM13&<6JjR!
!
J@'
)8-%-2&"%30&320'$1')$**$(+,-.'/"0&0'$1')-#-23&4'
"#!
('/6*78-/(*'!
Q(! .'! M&1(.<8*&1*2! =.44.<8*(! (3! 9&\0! K0-01&*! '(&(090-('! &:38(! <3993-F*&O! (0'('! 34!
<&M&<.(2J! `8<6! '(&(090-('! 34(0-! -00=! 0*&:31&(0! f8&*.4.<&(.3-'+! (3! (&\0! .-(3! &<<38-(!
<3-4*.<(.-K!<3990-('!4139!c8=K0'!&-=!<3990-(&(31'J!58(!(6010!&10!'0/01&*!(6090'!
(6&(! 10<81! (6138K638(! (60! c81.'M18=0-<0J! Z! 6.K6F*0/0*! 10/.0O! 34! (60'0! (6090'! <&-!
60*M! 10&=01'! (3! K0(! &! K1&'M! 34! (60! *&O! 3-! <3993-F*&O! (0'('! 34! <&M&<.(2J! Z! =0(&.*0=!
<3-'.=01&(.3-!34!(60!.''80'!<390'!.-!(60!<6&M(01'!(6&(!43**3O+!O6.<6!10(81-!(3!9&-2!
34!(60'0!(6090'!.-!=.'<8''.-K!'M0<.4.<!<3993-F*&O!(0'('!34!<&M&<.(2J!
!
2#!
.86.*5%5!*+!-*$$*';3&<!/%5/5!*+!-&.&-(/0!
Z'!&!'(&1(.-K!M3.-(+!.(!'638*=!:0!-3(0=!(6&(!<3993-F*&O!(0'('!34!<&M&<.(2!48-<(.3-!&'!
0H<0M(.3-'! (3! K0-01&*! <3993-F*&O! 18*0'g'8<6! &'! (60! K0-01&*! 18*0'! (6&(! M139.'0'!
9&=0! 431! <3-'.=01&(.3-! &10! :.-=.-K! 3-! (60! M&1(.0'! &-=! (6&(! O.**'! (6&(! 900(! <01(&.-!
4319&*! 10f8.1090-('! &-=! 3(601! '(1.<(810'! '638*=! :0! K./0-! 0440<(J! ?6.'! M3.-(! 1&.'0'!
(60!f80'(.3-!34!O62!(60!<3993-!*&O!'638*=!6&/0!0/3*/0=!'8<6!0H<0M(.3-'J!
!
L60-!(6.'!f80'(.3-!6&'!:00-!(&<\*0=!:2!(60!<381('+!(60!93'(!<3993-!&-'O01!.'!(3!
'&2! (6&(! (60! M81M3'0! 34! &! (0'(! 34! <&M&<.(2! .'! (3! M13(0<(! (60! M01'3-! O.(6! =.9.-.'60=!
<&M&<.(2J>C! ?60! *&O! 10<3K-._0'! (6&(! '8<6! M03M*0! &10! /8*-01&:*0! (3! 0HM*3.(&(.3-! :2!
3(601'! 31! (3! 6&19.-K! (609'0*/0'J! `3! .(! M13/.=0'! &! 1090=2g.-! (60! 4319! 34! '0((.-K!
&'.=0!&!(1&-'&<(.3-!31!10*&(.3-'6.Mg.4!(60!M01'3-!=30'!-3(!900(!(60!&MM*.<&:*0!(0'(!
34!<&M&<.(2J!
!
?60! M13(0<(./0! M81M3'0! 34! <3993-F*&O! (0'('! 34! <&M&<.(2! K./0'! (60! <&'0! *&O! .-! (6.'!
&10&!3-0!34!.('!93'(!=.'(.-<(./0!<6&1&<(01.'(.<'g.('!4*0H.:.*.(2J!7&'0'!&MM*2.-K!(0'('!34!
<&M&<.(2! (0-=! (3! :0! 4&<(! =1./0-J! Q-! (6.'! O&2+! (602! 10'09:*0! <&'0'! &MM*2.-K! 3(601!
M13(0<(./0!<3-<0M('+!'8<6!&'!8-<3-'<.3-&:.*.(2!.-!<3-(1&<(!*&OJ!?60!10'8*(!<&-!34(0-!
:0!&-!09M6&'.'!3-!=3.-K!c8'(.<0!.-!&-!.-=./.=8&*!<&'0+!O6.<6!<&-!'390(.90'!<390!&(!
(60!<3'(!34!(60!3/01&**!<01(&.-(2!&-=!M10=.<(&:.*.(2!34!(60!*&OJ!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jRJ! !%%($4$2J!B48-<(.3-&*!&MM13&<6!h93'(!410f80-(*2!&=&M(0=!.-!(60312!:2!%-K*.'6!*&OiEJ!65&(<%%($4$2J!
B'M0<8*&(.-K!(6&(!'(&(8'!&-=!38(<390!&MM13&<60'!&10!'(.**!34(0-!10*.0=!3-!.-!M1&<(.<0EJ!
>CJ! G31!'390!<3993-F*&O!(0'('!34!<&M&<.(2!(6.'!M13(0<(./0!M81M3'0!.'!41&90=!.-!:13&=01!(019'+!&'!
(60!(0'(!34!<&M&<.(2!.'!.-(0-=0=!(3!M13(0<(!(60!M01'3-!O.(6!=.9.-.'60=!<&M&<.(2!&-=!3(601!M03M*0!
O63!&10!.-!&!<*3'0!10*&(.3-'6.M!O.(6!(60!M01'3-+!'8<6!&'!4&9.*2!909:01'J!
F`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
`390! <&'0'! &-=! <3990-(&12! 6&/0! 438-=! 3(601! M81M3'0'! 431! (0'('! 34! <&M&<.(2+! .-!
&==.(.3-! (3! (60! M13(0<(./0! M81M3'0J! ?60! 93'(! <3993-! 3(601! M81M3'0! (6&(! .'!
90-(.3-0=! .'! 0-6&-<.-K! (60! =0<.'.3-F9&\.-K! &8(3-392! &-=! '0*4F=0(019.-&(.3-! 34!
M03M*0! O.(6! =.9.-.'60=! <&M&<.(2J! ?6.'! M3*.<2! K3&*! <&-! :0! .-! (0-'.3-! O.(6! &! K3&*! 34!
M13(0<(.-K! M03M*0! O.(6! =.9.-.'60=! <&M&<.(2J! 7381('! '390(.90'! 6&/0! (3! :&*&-<0!
<3-'.=01&(.3-'!(3!&<6.0/0!&!10'8*(!(6&(!10'M0<('!:3(6!K3&*'J!
!
4#!
=&5%3('%!-*$$*';3&<!/%5/!*+!-&.&-(/0!
?6010! .'! h&! :&'.<! <3993-! *&O! (0'(! 34! <&M&<.(2+i! O6.<6! 63*='! (6&(! h(60! M01'3-!
<3-<01-0=! 98'(! &(! (60! 10*0/&-(! (.90! 8-=01'(&-=! .-! :13&=! (019'! O6&(! 60! .'! =3.-K!
&-=!(60!*.\0*2!0440<('!34!6.'!&<(.3-Ji>"!?6.'!:&'0*.-0!(0'(!34!<&M&<.(2!4.-='!.('!O&2!.-(3!
0&<6! 34! (60! <3993-F*&O! (0'('! 34! <&M&<.(2! (6&(! &10! (&\0-! 8M! .-! (6.'! 10M31(J! 58(!
\-3O.-K! (60! :&'0*.-0! (0'(! 34! <&M&<.(2! 3-*2! M13/.=0'! M&1(! 34! (60! M.<(810J! )&-2!
<3993-F*&O!(0'('!34!<&M&<.(2!.-<31M31&(0!0*090-('!.-!&==.(.3-!(3!(60!:&'0*.-0!(0'(!
34!<&M&<.(2J!
!
9#!
-*$.&6(')!-*$$*';3&<!/%5/5!*+!-&.&-(/0!
?60!M13*.401&(.3-!34!<3993-F*&O!(0'('!34!<&M&<.(2!6&'!*0=!(3!&!=0'.10!(3!31K&-._0!(60!
(0'('J!?60!93'(!<3993-!31K&-._&(.3-&*!(33*!.'!(3!1&-\!(60!(0'('!34!<&M&<.(2!.-!&!<&F
M&<.(2!h6.01&1<62Ji>$!?60!.=0&!8-=01*2.-K!(6.'!6.01&1<62!.'!(6&(!<01(&.-!=0<.'.3-'!.-F
/&1.&:*2!10f8.10!&!6.K601!*0/0*!34!90-(&*!<&M&<.(2!(6&-!3(601'J!?6.'!.=0&!(.0'!.-(3!(60!
:&'0*.-0!(0'(!34!<&M&<.(2+!&'!(60!<3993-F*&O!(0'('!34!<&M&<.(2!(6&(!:8.*=!(60!93'(!3-!
.('! :&'.<! 0*090-('! (0-=! (3! <390! 38(! 3-! (3M! 34! (60! 6.01&1<62+! O6.*0! (63'0! (6&(! 60O!
<*3'0'(!(3!(60!:&'0*.-0!(0-=!(3!:0!1&-\0=!&(!(60!:3((39J!
!
?6.'!<&M&<.(2!6.01&1<62!<&-!:0!&!60*M48*!O&2!(3!K0(!&!6&-=*0!3-!(60!/&1.38'!<3993-F
*&O! (0'('! 34! <&M&<.(2J! 58(! .(! <&-! &*'3! :0! '390O6&(! &(! 3=='! O.(6! (60! 48-<(.3-&*! &MF
M13&<6!(3!90-(&*!<&M&<.(2!(6&(!(60!<3993-!*&O!4&/381'J!`3!'390!c8=K0'!6&/0!<&8F
(.3-0=! &K&.-'(! (6.-\.-K! 34! <3993-F*&O! (0'('! 34! <&M&<.(2! .-! (6.'! O&2+! M104011.-K! .-F
'(0&=!9&H.989!4*0H.:.*.(2!.-!(60!&MM*.<&(.3-!34!(0'('!34!<&M&<.(2J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>"J! B".<50&,&$".( :,+%-( ".( ?%.&,00'( V.#,+,#$&,&%2( )250&<( ,.2( E%#$<$".O?,Z$.9\( ).( XF%-F$%>+! <5+-,!
-3(0!jC!&(!"Ro$CJ!
>$J! N"0@C,.O!&"&0,.2( FJ( !&"&0,.2+! $C""! 577Z! "Sj! &(! M&1&J! $>+! ">! 57PU! Bj(6E! $RC+! ^.1\M&(1.<\! XZ!
pN"0@C,.O!&"&0,.2qJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
Fa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
L@'
!"-0$(0'1$%'C&;743([')$**$(+,-.'/"0&0'$1')-#-23&4'
"#!
('/6*78-/(*'!
?6010!O010!&!-89:01!34!10&'3-'!93(./&(.-K!(60!57PQ!(3!(&\0!3-!&!M13c0<(!'(8=2.-K!
104319! 34! <3993-F*&O! (0'('! 34! <&M&<.(2J! ?63'0! 10&'3-'! <&-! :0! =./.=0=! .-(3! (O3!
K138M'J!?60!4.1'(!K138M!43<8''0'!3-!*0K&*!4&<(31'!431!<3-'.=01.-K!104319!34!<3993-F
*&O!(0'('!34!<&M&<.(2!&(!(6.'!(.90J!?60!'0<3-=!K138M!=1&O'!3-!:13&=01!'3<.&*!(10-='J!
!
2#!
3%)&3!+&-/*65!
?6010!O010!(6100!*0K&*!4&<(31'!(6&(!<3-(1.:8(0=!(3!(60!=0<.'.3-!(3!'(8=2!<3993-F*&O!
(0'('!34!<&M&<.(2J!
!
G.1'(+! <3993-F*&O! (0'('! 34! <&M&<.(2! 4319! &! 10*&(./0*2! -0K*0<(0=! &10&! 34! (60! *&OJ!
?6010! &10! -890138'! '(8=.0'! 3-! 90-(&*! <&M&<.(2! &'! .(! 10*&(0'! (3! (60! &=8*(F
K8&1=.&-'6.M! '2'(09+! :8(! <39M&1&(./0*2! 40O! *&OF104319! &K0-<.0'! 6&/0! 0H&9.-0=!
<3993-F*&O!(0'('!34!<&M&<.(2J!?6.'!.'!=0'M.(0!(60!4&<(!(6&(!<3993-F*&O!(0'('!34!<&F
M&<.(2!&10!410f80-(*2!10*.0=!3-!.-!*0K&*!M1&<(.<0J!
!
`0<3-=+!'390!34!(60!<3993-F*&O!(0'('!34!<&M&<.(2!&10!3:'<810!&-=!<3-48'.-KJ!?6.'!
M10'0-('!3MM31(8-.(.0'!(3!<*&1.42!&-=!.9M13/0!(60!*&OJ!
!
?6.1=+! 51.(.'6! 73*89:.&! 6&'! 10<0-(*2! '00-! *0K.'*&(.3-! :138K6(! .-! (3! 10M*&<0! &! <39F
93-F*&O!(0'(!34!<&M&<.(2J!?6.'!=0/0*3M90-(!3<<8110=!431!(60!(0'(!34!<&M&<.(2!(3!9&\0!
&-!0-=81.-K!M3O01!34!&((31-02+!O6.<6!O&'!*3-K!(60!'8:c0<(!34!&!<3993-F*&O!(0'(!34!
<&M&<.(2+>b!&-=!.'!-3O!(60!'8:c0<(!34!&!1043190=!*0K.'*&(./0!(0'(!34!<&M&<.(2J>D!?6.'!0HF
&9M*0!O&'!'00-!&'!M3''.:*2!M3.-(.-K!(60!O&2!(3!*0K.'*&(./0!104319!&-=!10'(&(090-(!
34!3(601!<3993-F*&O!(0'('!34!<&M&<.(2J!
!
4#!
5*-(&3!/6%'75!
?6100!*&1K0F'<&*0!'3<.&*!(10-='!&*'3!.-43190=!(60!=0<.'.3-!(3!0H&9.-0!<3993-F*&O!
(0'('!34!<&M&<.(2J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>bJ! !%%( L%( YJ( *T.25-$.9( :">%-<( "@( )&&"-.%';`( L%( PJ+! p"R##q! "! 76J! b"C! B,^! 7381(! 34! W13(0<(.3-ET! T90$(
*B"CC$&&%%( "@;( FJ( T90$+! $CCD! 57`7! j$R+! $#! 57PU! BD(6E! bSj+! ,@@a2+! $CCj! 577Z! >$S+! D#! 57PU!
BD(6E!RCJ!
>DJ! !%%(:">%-("@()&&"-.%'()#&+!<5+-,!-3(0!$+!'J!"$!B$EJ!
DE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
G.1'(+!(60!'6&10!34!(60!7&-&=.&-!M3M8*&(.3-!9&=0!8M!34!3*=01!&=8*('!.'!.-<10&'.-K!1&MF
.=*2J>j! h`0-.31'! &<<38-(0=! 431! &! 10<31=! 6.K6! 34! "DJ#r! 34! (60! M3M8*&(.3-! .-! $C""+i!
-3(0'!`(&(.'(.<'!7&-&=&+!h8M!4139!"bJSr!4./0!20&1'!0&1*.01Ji>>!e*=01!&=8*('!&<<38-(0=!
431! &-! 0/0-! *&1K01! '6&10! 34! 51.(.'6! 73*89:.&d'! M3M8*&(.3-+! O.(6! (60! M01<0-(&K0! 34!
M03M*0!>j!20&1'!31!3*=01!.-!(6.'!M13/.-<0!9&\.-K!8M!"jJSr!34!(60!M13/.-<0d'!M3M8*&F
(.3-!.-!$C""J>S!
!
?60!4&<(!(6&(!3*=01!&=8*('!9&\0!8M!&!'(0&=.*2!.-<10&'.-K!'6&10!34!(60!M8:*.<!6&'!.9F
M*.<&(.3-'!431!<3993-F*&O!(0'('!34!<&M&<.(2J!L6.*0!3*=01!&=8*('!'638*=!-3(!:0!'00-g
&-=!&10!-3(!'00-!8-=01!(60!*&Og&'!M10'89M(./0*2!'8'<0M(.:*0!(3!=.9.-.'60=!90-(&*!
<&M&<.(2+!(60!&MM*.<&(.3-!34!<3993-F*&O!(0'('!34!<&M&<.(2!(3!3*=01!&=8*('!=30'!&((1&<(!
60.K6(0-0=! '<18(.-2J! P0K&*! M1340''.3-&*'+! '8<6! &'! *&O201'! &-=! -3(&1.0'! M8:*.<+! (0-=!
(3!/.0O!(609'0*/0'!&'!:0.-K!'8:c0<(!(3!&-!.-<10&'0=!*0/0*!34!<&8(.3-!O60-!<&112.-K!
38(! &! 9&c31! (1&-'&<(.3-! .-/3*/.-K! &-! 3*=01! &=8*(J! Q-! &==.(.3-+! 9&-2! 34! (60! 90=.<&*!
<3-=.(.3-'!(6&(!<&-!=.9.-.'6!90-(&*!<&M&<.(2!&10!.-<10&'.-K*2!M10/&*0-(!&'!(60!M3M8F
*&(.3-! &K0'J! G81(601+! (60! (2M0'! 34! (1&-'&<(.3-'! (6&(! &((1&<(! <3993-F*&O! (0'('! 34! <&F
M&<.(2+!'8<6!&'!O.**'!&-=!*&1K0F/&*80!$.&%-(F$F"<!K.4('+!(0-=!(3!:0!M3'(M3-0=!8-(.*!*&(01!
.-!*.40J>#!Z**!34!(60'0!4&<(31'!O.**!*.\0*2!<&8'0!<3993-F*&O!(0'('!34!<&M&<.(2!(3!*339!
*&1K01!.-!(60!*&O!.-!(60!20&1'!(3!<390J!
!
`0<3-=+! (6010! 6&/0! :00-! '.K-.4.<&-(! &=/&-<0'! .-! 10<0-(! 20&1'! .-! '<.0-<0d'! 8-=01F
'(&-=.-K!34!(60!:1&.-J!Z*(638K6!(0'('!34!<&M&<.(2!&10!*0K&*!B-3(!90=.<&*E!(0'('+!=.'<3/F
01.0'! .-! -0813'<.0-<0>R! 6&/0! .9M*.<&(.3-'! 431! <3993-F*&O! (0'('! 34! <&M&<.(2J! )&-2!
<3993-F*&O! (0'('! 34! <&M&<.(2! O010! &1(.<8*&(0=! .-! -.-0(00-(6F<0-(812! c8=K90-('J!
?60! <381('! .-! (60! *0&=.-K! <&'0'! 34(0-! =10O! 3-! 63O! <3-(09M31&12! '<.0-<0! 8-=01F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>jJ! !%%!`(&(.'(.<'!7&-&=&+!DA%(B,.,2$,.(:"+50,&$".($.(QR[[\()9%(,.2(!%1+!`(&(.'(.<'!7&-&=&!<&(&*3K80!
-3J! R#Fb""Fs$C""CC"! Be((&O&A! ).-.'(01! 34! Q-=8'(12+! $C"$E! &(! D! Bh?60! $C""! 70-'8'! <38-(0=!
D+RDj+C>C!M03M*0!&K0=!>j!&-=!3*=01!.-!7&-&=&+!&-!.-<10&'0!34!9310!(6&-!>CR+#"C+!31!"DJ"r+!:0F
(O00-!$CC>!&-=!$C""J!?6.'!1&(0!34!K13O(6!O&'!9310!(6&-!=38:*0!(60!jJRr!.-<10&'0!431!(60!7&F
-&=.&-!M3M8*&(.3-!&'!&!O63*0JiEJ!
>>J! V4$2J!
>SJ! !%%($4$2J!&(!""J!
>#J! !%%+! %J9J+! ).<6&0*! )<^.01-&-+! h[3'M.(&*'! =38:*.-K! &'! 0'(&(0! M*&--.-K! 68:'i! 8,>( D$C%<!
B$C!Z8K8'(!$C"$E+!3-*.-0A!P&O!?.90'!t6((MANNOOOJ*&O(.90'-0O'J<39NuJ!
>RJ! !%%! ?60! p,-.(0=! ^.-K=39q! U32&*! `3<.0(2+! 6-,$.( N,F%<( ?"250%( _\! K%5-"<#$%.#%( ,.2( &A%( 8,>+( U`!
W3*.<2!=3<J!CjN""!BP3-=3-A!?60!U32&*!`3<.0(2+!$C""E!pK%5-"<#$%.#%(,.2(&A%(8,>q!&(!"!Bhm0813F
'<.0-<0! .'! (60! 09M.1.<&*! '(8=2! 34! (60! :1&.-! &-=! (60! <0-(1&*! -01/38'! '2'(09+! &-=! <3-(09M31&12!
-0813'<.0-<0!'00\'!(3!0HM*&.-!63O!689&-!:06&/.381!&1.'0'!4139!:1&.-!&<(./.(2JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DF'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
SC
'(33=!(60!:1&.-!&-=!689&-!:06&/.381J !`3!(60!*&O!9&2!:0!38(!34!(38<6!O.(6!<8110-(!
-0813'<.0-(.4.<!.-'.K6('J!Q4!(6.'!.'!(60!<&'0+!(60!f80'(.3-!(60-!&1.'0'!O60(601!*0K.'*&F
(./0!104319!.'!-0<0''&12+!31!.4!(60!<381('!&10!:0((01!M*&<0=!(3!&=&M(!(60!*&O!(3!-0813F
'<.0-(.4.<!.-'.K6('JS"!e1!.(!9&2!:0!(60!<&'0!(6&(!-0813'<.0-(.4.<!=.'<3/01.0'!'638*=!-3(!
=1./0!O63*0'&*0!<6&-K0'!(3!(60!*&OJS$!
!
?6.1=+! 7&-&=&! 6&'! 10<0-(*2! 1&(.4.0=! B.-! $C"CE! (60! ,m! 73-/0-(.3-! 3-! (60! U.K6('! 34!
W01'3-'!O.(6!V.'&:.*.(.0'J!Z1(.<*0!"$!34!(60!<3-/0-(.3-!&44.19'!(60!1.K6(!34!hM01'3-'!
O.(6!=.'&:.*.(.0'!p(3q!0-c32!*0K&*!<&M&<.(2!3-!&-!0f8&*!:&'.'!O.(6!3(601'i!&-=!<&**'!431!
M&1(.0'!(3!(60!<3-/0-(.3-!(3!h(&\0!&MM13M1.&(0!90&'810'i!(3!0-'810!M13M01!'8MM31(!
&-=!&<<0''!.-!0H01<.'.-K!(6&(!1.K6(J!?6.'!M3(0-(.&**2!3M0-'!8M!&!1.<6!&10&!34!.=0&'!431!
104319+!(638K6!'390!0HM*&-&(.3-!.'!10f8.10=!&'!(3!(60!'.K-.4.<&-<0!34!&1(.<*0!"$!&-=!
.('!&MM*.<&(.3-!(3!<3993-F*&O!(0'('!34!<&M&<.(2J!
!
%HM01('!.-!(60!4.0*=!'00!&1(.<*0!"$!&'!601&*=.-K!&!9&c31!'6.4(!.-!(60!*&OJSb!Q-'(0&=!34!
43<8''.-K!3-!90-(&*!<&M&<.(2+!&-=!=0/.'.-K!(0'('!(3!&''0''!90-(&*!<&M&<.(2+!&1(.<*0!"$!
<6&1&<(01._0'!<&M&<.(2!&'!&!1.K6(SD!&-=!<&**'!431!*&O'!(6&(!'8MM31(!(60!0H01<.'0!34!(6&(!
1.K6(J!?6.'!1&.'0'!(60!f80'(.3-!O60(601!(60!0H.'(.-K!(0'('!34!<&M&<.(2!'638*=!:0!=1&F
9&(.<&**2!'<&*0=!:&<\!&-=!10M*&<0=!31!&8K90-(0=!O.(6!&!'2'(09!(6&(!&**3O'!431!'8MF
M31(./0! =0<.'.3-F9&\.-KJ! G31! 8-=01'(&-=&:*0! 10&'3-'+! 93'(! 34! (60! &-&*2'.'! 34! &1(.F
<*0!"$! (3! =&(0! 6&'! :00-! =.10<(0=! &(! O6&(! .('! .9M*090-(&(.3-! O.**! 90&-! 431! &=8*(!
K8&1=.&-'6.MJ! 58(! '390! 0&1*2! <3990-(&12! 3-! &-=! <381(! =0<.'.3-'! &MM*2.-K! &1(.F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SCJ! !%%( 9%.%-,00'! `8'&--&! PJ! 5*890-(6&*+! h?60! V04&8*(! P0K&*! W01'3-i! B$CCSE! jD! ,7PZ! PJ! U0/J! ""bj!
B0H&9.-.-K! hp(q60! M13c0<(! 34! :1.-K.-K! (60! '<.0-<0! 34! 9&-! &-=! (60! <3993-! *&O! .-(3! K10&(01!
&*.K-90-(i!.-!-.-0(00-(6F<0-(812!Z901.<&-!c81.'M18=0-<0EJ!
S"J! !%%( K%5-"<#$%.#%( ,.2( &A%( 8,>+! <5+-,! -3(0! >R! &(! ">+! -J! bD! B<.(.-K! B,--( FJ( DA"C,<+! p$CC#q!
%L[7!$#jR!B76VE!&'!&!-3(0O31(62!0H&9M*0!34!(60!&MM*.<&(.3-!34!-0813'<.0-<0!.-!&!<&'0!.-/3*/F
.-K!(60!<&M&<.(2!(3!9&\0!&!O.**EJ!
S$J! !%%(K%5-"<#$%.#%(,.2(&A%(8,>+!<5+-,!-3(0!>R!&(!/!B&1K8.-K!(6&(!h=.'<3/01.0'!.-!-0813'<.0-<0!B31!
.-!K0-0(.<'!31!M'2<63*3K2E!O.**!-3(!<39M*0(0*2!10/3*8(.3-._0!(60!(60312!&-=!M1&<(.<0!34!*&O!.-!(60!
-0&1! 48(810iEJ! 65&( <%%! Z1(681! QJ! G.'6+! h73K-.(./0! m0813'<.0-<0! &-=! (60! `3*.<.(31d'! ZMM13&<6! (3!
)0-(&*! Q-<&M&<.(2+i! .-! !+%#$,0( 8%#&5-%<( QR[R+! <5+-,! -3(0! $j+! "bb! &(! "bD! B&1K8.-K! (6&(! h*&O! &'! &!
=.'<.M*.-0!.'!8-&:*0!(3!=04.-0!31!=0'<1.:0!v90-(&*!.-<&M&<.(2d!.-!&!M1&<(.<&**2!8'048*!O&2!O.(638(!
=1&O.-K!3-!:1&.-!'<.0-<0iEJ!
SbJ! !%%+!%J9J+!).<6&0*!5&<6!l!P&-&!^01_-01+!)(K%>(:,-,2$9C(@"-(:-"&%#&$.9()5&"."C'(,.2(&A%(L$9A&(&"(
8%9,0(B,+,#$&'!B?313-(3A!P&O!7399.''.3-!34!e-(&1.3+!$C"CET!Z1*0-0!`J!^&-(01+!h?60!W139.'0!&-=!
76&**0-K0'!34!(60!,-.(0=!m&(.3-'!73-/0-(.3-!3-!(60!U.K6('!34!W01'3-'!O.(6!V.'&:.*.(.0'i!B$CCSE!
bD!`21&<8'0!XJ!Q-(d*!PJ!l!739J!$#SJ!
SDJ! ?6.'!.'!O62!&1(.<*0!"$!10401'!(3!0%9,0!<&M&<.(2+!1&(601!(6&-!C%.&,0!<&M&<.(2J!
DD'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
<*0!"$!6&/0!<3-<*8=0=!(6&(!.('!10&<6!0H(0-='!(3!<3993-F*&O!(0'('!34!<&M&<.(2!&-=!10F
*&(0=!<3993-F*&O!=3<(1.-0'JSj!
!
Q@' KI"%I3".'$1'&8"')$**3&&""Y0'!"2$**"(7-&3$(0'
?60! 3M(.3-'! 431! 104319! <&-/&''0=! :2! (60! <399.((00! &-=! (60! <399.((00d'! 10<39F
90-=&(.3-'!431!104319!&10!'M0**0=!38(!.-!=0(&.*!.-!(60!<6&M(01'!(6&(!43**3OJ!?6.'!'0<F
(.3-!M13/.=0'!&-!3/01/.0O!34!'390!(6090'!(6&(!&MM0&1!.-!(63'0!10<3990-=&(.3-'J!
!
)8<6!34!(60!<399.((00d'!43<8'!(6138K638(!(6.'!M13c0<(!6&'!:00-!3-!(60!0*090-('!34!
0&<6!34!(60!<3993-F*&O!(0'('!34!<&M&<.(2!'(8=.0=!.-!(60!<381'0!34!(6.'!M13c0<(J!?60!
<399.((00! 10M0&(0=*2! .-f8.10=! .-(3! O60(601! (60! <3993-! *&O! O&'! =04.<.0-(! .-! 10F
K&1=!(3!&!'M0<.4.<!(0'(!34!<&M&<.(2J!Q4!.(!O&'!438-=!(3!:0!=04.<.0-(+!(60-!(60!<399.((00!
=0<.=0=!(6&(!.(!O38*=!3-*2!M13M3'0!*0K.'*&(./0!104319!.4!&!<*0&1!&-=!<3-/.-<.-K!<&'0!
<38*=!:0!9&=0!(6&(!*0K.'*&(.3-!O38*=!.9M13/0!(60!*&OJ!;012!40O!<3993-F*&O!(0'('!
34!<&M&<.(2!90(!(6.'!1.K3138'!'(&-=&1=J!`3!(60!<399.((00!.'!3-*2!M13M3'.-K!'8:'(&-F
(./0! *0K.'*&(./0! 104319! 431! (60! (0'('! 34! <&M&<.(2! (3! 9&\0! &-! $.&%-( F$F"<! K.4(! &-=! (3!
-39.-&(0!&!<399.((00J!Q(!.'!-3(!M13M3'.-K!*0K.'*&(./0!104319!431!(60!9&c31!<3993-F
*&O!(0'('!34!<&M&<.(2!(3!9&\0!&!O.**+!(3!0-(01!.-(3!&!<3-(1&<(+!31!(3!9&112J!
!
?60!<399.((00!&*'3!0H&9.-0=!O&2'!.-!O6.<6!(60!*&O!<38*=!M13/.=0!K10&(01!'8MM31(!
431!M01'3-'!O63!=3!-3!900(!&!<3993-F*&O!(0'(!34!<&M&<.(2J!Q-!(6.'!/0.-+!(60!<399.(F
(00! .'! M13M3'.-K! (6&(! 51.(.'6! 73*89:.&! &=3M(! &! '(&(8(312FO.**! M13<0=810+! '.9.*&1! (3!
M13<0=810'!438-=!.-!(60!,-.(0=!^.-K=39!&-=!Z8'(1&*.&J!
!
G.-&**2+!(60!<399.((00!.'!M13M3'.-K!=.'<10(0+!4.-0F(8-.-K!104319'!(3!&!'01.0'!34!*0K.'F
*&(./0!18*0'!(6&(!6&/0!:00-!=0/0*3M0=!(3!&==10''!.''80'!(6&(!&10!<3**&(01&*!(3!&!-89F
:01!34!<3993-F*&O!(0'('!34!<&M&<.(2J!?60'0!M13M3'&*'!&10!.-(0-=0=!(3!<*&1.42!&-=!10F
.-431<0! 0H.'(.-K! 18*0'! 3-! (60! M10'89M(.3-! 34! <&M&<.(2+! <3-(1&<('! 431! -0<0''&1.0'! .-F
/3*/.-K!M03M*0!O.(6!=.9.-.'60=!<&M&<.(2+!&-=!&<<0''!(3!*0K&*!'01/.<0'!431!M03M*0!O.(6!
=.9.-.'60=!<&M&<.(2J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SjJ! !%%(K$#A"0<".(FJ(Y.,99<+!p$CCRq!;`7!>D!pK$#A"0<".q!B10/.'.-K!<3-<0M(!34!(0'(&90-(&12!8-=80!.-F
4*80-<0!.-!*.K6(!34!&1(J!"$ET!5&<6!l!^01_-01+!<5+-,!-3(0!Sb!&(!DjJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DB'
'
P!5L/'!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!'===@')565)=/U'/K'>5NJ'5'O=,,'
5@' =(&%$7;2&3$('
?6.'! <6&M(01! <3-'.=01'! (60! 90-(&*! <&M&<.(2! 10f8.10=! (3! 9&\0! &! O.**gO6.<6! .'!
<3993-*2!<&**0=!(0'(&90-(&12S>!<&M&<.(2J!?60!<6&M(01!0440<(./0*2!6&'!(O3!M&1('J!Q('!
9&.-! 43<8'! .'! <3-<01-0=! O.(6! .=0-(.42.-K! .''80'! 431! 104319! &-=! '0((.-K! 38(! &-=!
0/&*8&(.-K! 3M(.3-'! 431! 10'3*/.-K! (63'0! .''80'J! Z! =.'<8''.3-! 34! 0&<6! .''80! <3-<*8=0'!
O.(6!(60!<399.((00d'!10<3990-=&(.3-!431!104319J!
!
504310! K0((.-K! (3! (60! <3-'.=01&(.3-! 34! 3M(.3-'! 431! 104319+! .(d'! -0<0''&12! (3! M13/.=0!
'390! :&<\K138-=! 9&(01.&*J! ?6.'! 9&(01.&*! .'! &-! 3/01/.0O! 34! (60! <8110-(! *&O! 3-!
(0'(&90-(&12!<&M&<.(2!.-!51.(.'6!73*89:.&J!Q(!.'!M.(<60=!&(!&!4&.1*2!.-(13=8<(312!*0/0*J!
m0/01(60*0''+!.(!.'!.9M31(&-(!(3!6&/0!&!K1&'M!34!(60!<8110-(!*&O!:04310!93/.-K!3-!(3!
<3-'.=01!M13M3'&*'!(3!<6&-K0!(60!*&OJ!
!
9@' 9-2Z[%$;(7'
"#!
('/6*78-/(*'!
?6.'!'0<(.3-!:0K.-'!:2!'0((.-K!38(!(60!:&'.<'!3-!(0'(&90-(&12!<&M&<.(2+!(60-!.(!M13F
/.=0'! '390! .-4319&(.3-! 3-! &! 40O! 10*&(0=! <3-<0M('! (6&(! 34(0-! <13M! 8M! O60-! (0'(&F
90-(&12!<&M&<.(2!.'!&(!.''80J!
!
2#!
6%3%>&'/!5/&/8/*60!.6*>(5(*'5!
51.(.'6!73*89:.&!=30'!-3(!<8110-(*2!6&/0!&-2!*0K.'*&(.3-!3-!(60!90-(&*!<&M&<.(2!10F
f8.10=! (3! 9&\0! &! O.**J! 58(! O60-! (60! N$00</( T<&,&%<( ,.2( !5##%<<$".( )#&SS! <390'! .-(3!
431<0! .(! O.**! &==10''! (0'(&90-(&12! <&M&<.(2! :2! M13/.=.-K! (6&(! hp&q! M01'3-! O63! .'!
">!20&1'!34!&K0!31!3*=01!,.2(>A"($<(C%.&,00'(#,+,40%("@(2"$.9(<"!9&2!9&\0!&!O.**JiS#!
!
?6.'!(2M0!34!'(&(8(312!M13/.'.3-!.'!<3993-!.-!*0K.'*&(.3-!3-!O.**'J!Q(!6&'!&!*3-K!M0=.F
K100A! 3-0! 34! (60! 4.1'(! &90-=90-('! (3! %-K*&-=d'! '.H(00-(6F<0-(812! !&,&5&%( "@( N$00<!
&==0=!&!'.9.*&1!90-(&*F<&M&<.(2!10f8.1090-(!(3!(6&(!*0K.'*&(.3-JSR!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S>J! w!10*&(.-K!(3!31!:0f80&(60=!31!&MM3.-(0=!(6138K6!&!O.**J!
SSJ! !5+-,!-3(0!"C!B.-!431<0!b"!)&1<6!$C"DEJ!
S#J! V4$2J+!'J!b>!B"E!p09M6&'.'!&==0=qJ!
SRJ! !%%! bD! l! bj! [0-J! ;QQQ+! <J! j+! 'J! "D! B"jD$E+! &90-=.-K! b$! [0-J! ;QQQ+! <J! "! B"jDCEJ! !%%( ,0<"! ).*(3-! VJ!
]100-+!hX8=.<.&*!?0'('!34!)0-(&*!Q-<39M0(0-<2i!B"RD"E!>!)3J!PJ!U0/J!"D"!&(!"j$+!-J!jC!BhZ*(638K6!
(60!4.1'(!O.**'!&<(!K1&-(0=!(60!1.K6(!p(3!9&\0!&!O.**q!(3!0/0123-0!O.(638(!f8&*.4.<&(.3-!&'!(3!'&-.(2+!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
D^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
m3(.<0! (6&(! &**! (6.'! *0K.'*&(.3-! '&2'! .'! (6&(! &! M01'3-! 98'(! 900(! '390! (610'63*=! 34!
90-(&*!<&M&<.(2!.-!31=01!(3!9&\0!&!/&*.=!O.**J!Q(!=30'-d(!'&2!O6&(!(6&(!(610'63*=!.'+!
63O!(3!=0(019.-0!O60(601!&-!.-=./.=8&*!6&'!90(!(60!(610'63*=+!31!63O!(60!(610'6F
3*=!(3!9&\0!&!O.**!<39M&10'!(3!(60!(610'63*='!431!3(601!(1&-'&<(.3-'J!?3!4.-=!(60!&-F
'O01'!(3!(60'0!f80'(.3-'+!.(!.'!-0<0''&12!(3!(81-!(3!<381(!=0<.'.3-'J!
!
4#!
/%5/!*+!/%5/&$%'/&60!-&.&-(/0!
!"#$ %&'$%'()$
?60!(0'(!34!(0'(&90-(&12!<&M&<.(2!=0/0*3M0=!.-!&!'01.0'!34!-.-0(00-(6F<0-(812!%-KF
*.'6! =0<.'.3-'+! hO6.<6! =0<.=0=! (6&(! &! (0'(&(31! 98'(! :0! 34! '38-=! 9.-=+! 909312! &-=!
8-=01'(&-=.-KJi#C! ?60! '(&1(.-K! M*&<0! .'! 76.04! X8'(.<0! 73<\:81-d'! h(3O01.-K! c8=KF
90-(i#"! .-! 6,.Z<( FJ( I""2@%00">J#$! Q-! &! 98<6F<.(0=! M&''&K0+! 73<\:81-! 7X! 'M0**0=! 38(!
4381!0*090-('!(3!<3-'.=01!.-!0/&*8&(.-K!(0'(&90-(&12!<&M&<.(2A!
!
Q(!.'!0''0-(.&*!(3!(60!0H01<.'0!34!'8<6!&!M3O01!(6&(!&!(0'(&(31!'6&**!8-=01'(&-=!(60!-&(810!
34!(60!&<(!&-=!.('!0440<('T!'6&**!8-=01'(&-=!(60!0H(0-(!34!(60!M13M01(2!34!O6.<6!60!.'!=.'F
M3'.-KT!'6&**!:0!&:*0!(3!<39M1060-=!&-=!&MM10<.&(0!(60!<*&.9'!(3!O6.<6!60!38K6(!(3!K./0!
0440<(T!&-=+!O.(6!&!/.0O!(3!(60!*&((01!3:c0<(+!(6&(!-3!=.'31=01!34!(60!9.-=!'6&**!M3.'3-!6.'!
&440<(.3-'+! M01/01(! 6.'! '0-'0! 34! 1.K6(+! 31! M10/0-(! (60! 0H01<.'0! 34! 6.'! -&(81&*! 4&<8*(.0'g
(6&(! -3! .-'&-0! =0*8'.3-! '6&**! .-4*80-<0! 6.'! O.**! .-! =.'M3'.-K! 34! 6.'! M13M01(2! &-=! :1.-K!
&:38(!&!=.'M3'&*!34!.(!O6.<6+!.4!(60!9.-=!6&=!:00-!'38-=+!O38*=!-3(!6&/0!:00-!9&=0J#b!
!
?6.'!M&''&K0!'0('!38(!(O3!O&2'!:2!O6.<6!&!(0'(&(31!9&2!*3'0!(0'(&90-(&12!<&M&<.(2A!
:2!/.1(80!34!&!K0-01&*!8-'38-=-0''!34!9.-=!31!:2!90&-'!34!&!4.H0=!&-=!'M0<.4.<!=0*8F
'.3-J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
(O3! 20&1'! *&(01! (60! '(&(8(0! O&'! &90-=0=! (3! 0H<*8=0! .=.3('! v31! &-2! M01'3-! 2%( .".! '&-0! 909F
312Jd!iEJ!
#CJ! B".<50&,&$".( :,+%-( ".( ?%.&,00'( V.#,+,#$&,&%2( )250&<( ,.2( E%#$<$".O?,Z$.9\( ).( XF%-F$%>+! <5+-,!
-3(0!jC!&(!$>!B<.(.-K!6"59A&".(FJ(Y.$9A&!B"#SbE+!PU!b!WJ!l!VJ!>D!B%-KJ!W13:J!l!V./J!7(JE!p6"59AO
&".qT! !C$&A( FJ( D%44$&&! B"#>SE+! "! WJ! l! VJ!bR#! B%-KJ! W13:J! l! V./J! 7(JET! 3,->""2( FJ( 6,Z%-! B"#DCE+!
b!)33J!W7!$#$+!"b!%U!""SEJ!
#"J! B,.,2,(:%-C,.%.&(D"-".&"(I%.%-,0(D-5<&(B"J(FJ(NA$&&".!B"R>jE+!j"!LLU!D#D!&(!D#R+!p"R>jq!57X!
m3J!jb!BYPE!B`7E+!L.*'3-!7X!pNA$&&".qJ!
#$J! !5+-,!-3(0!$DJ!
#bJ! V4$2J!&(!j>jJ!
D_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!*#$ +','-".$/,(01,2,'(($03$45,2$
?60!4.1'(!(6100!0*090-('!.=0-(.4.0=!.-!6,.Z<(FJ(I""2@%00">!=0'<1.:0!(60!.-f8.1.0'!(6&(!
&!<381(!'638*=!9&\0!(3!=0(019.-0!O60(601!31!-3(!&!(0'(&(31!*&<\0=!(0'(&90-(&12!<&F
M&<.(2! =80! (3! K0-01&*! 8-'38-=-0''! 34! 9.-=J! Z*(638K6! (60! M&''&K0! 4139! 6,.Z<( FJ(
I""2@%00">!&MM0&1'!(3!<10&(0!&!'(0MF:2F'(0M!43198*&!431!&''0''.-K!(60!.''80+!(60!(0'(!
.'! K0-01&**2! <3-'.=010=! -3(! (3! :0! :063*=0-! (3! &-2! 'M0<.4.<! 43198*&(.3-! 34! .('! 0*0F
90-('J!Z!*&(01!M&''&K0!.-!6,.Z<(FJ(I""2@%00">!'0(!38(!4381!0*090-('!(3!*33\!431!.-!&'F
'0''.-K!(0'(&90-(&12!<&M&<.(2J#D!?60!`8M1090!7381(!34!7&-&=&!6&'!&*'3!O0.K60=!.-!
3-!(6.'!.''80!O.(6!.('!3O-+!'*.K6(*2!=.44010-(!O31=.-K!34!(60!(0'(J#j!?60!51.(.'6!73*89F
:.&!7381(!34!ZMM0&*!6&'!'&.=!(6&(!(60!=.44010-(!43198*&(.3-'!34!(60!(0'(!h=3!-3(!*0&=!(3!
&-2!10&*!=.44010-<0!34!3M.-.3-!&:38(!(60!&MM*.<&:*0!*&OJi#>!50&1.-K!.-!9.-=!(60!M3.-(!
34(0-!9&=0!(6&(!(0'(&90-(&12!<&M&<.(2!'638*=!-3(!:0!&''0''0=!.-!&!1.K.=!31!90<6&F
-.'(.<! 4&'6.3-+#S! .(! .'! '(.**! M3''.:*0! 431! (60! '&\0! 34! '.9M*.<.(2! (3! '899&1._0! (60! 0*0F
90-('!34!(60!(0'(!&'!10f8.1.-K!(6&(!(60!(0'(&(31!:0!<&M&:*0!34!8-=01'(&-=.-KA!
!
• (60!-&(810!&-=!0440<(!34!9&\.-K!&!O.**T!
• (60!0H(0-(!34!(60!(0'(&(31d'!M13M01(2!(6&(!9&2!:0!=.'M3'0=!:2!&!O.**T!
• (60!M01'3-'!O63!&10!(3!10<0./0!(60!M13M01(2!8-=01!(60!O.**+!&-=!(60!931&*!
<*&.9'!34!M01'3-'!B'8<6!&'!4&9.*2!909:01'!&-=!3(601'!O63!&10!<*3'0!(3!(60!
(0'(&(31E!O63!'638*=!10<0./0!&!'6&10!34!(6&(!M13M01(2T!&-=!
• (60!O&2!.-!O6.<6!(60!&''0('!&10!(3!:0!=.'(1.:8(0=!8-=01!(60!O.**J!
!
Z**!4381!34!(60'0!0*090-('!98'(!:0!90(!431!&!<381(!(3!=0(019.-0!(6&(!(60!(0'(&(31!6&=!
(0'(&90-(&12!<&M&<.(2J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#DJ! V4$2J!&(!j>S!Bf83(.-K!3,--$<".(FJ(L">,.A!h60!38K6(!(3!:0!<&M&:*0!34!9&\.-K!6.'!O.**!O.(6!&-!8-F
=01'(&-=.-K!34!(60!-&(810!34!(60!:8'.-0''!.-!O6.<6!60!.'!0-K&K0=+!&!10<3**0<(.3-!34!(60!M13M01(2!
60! 90&-'! (3! =.'M3'0! 34+! 34! (60! M01'3-'! O63! &10! (60! 3:c0<('! 34! 6.'! :38-(2+! &-=! (60! 9&--01! .-!
O6.<6!.(!.'!(3!:0!=.'(1.:8(0=!:0(O00-!(609iEJ!
#jJ! !%%(8%9%-(FJ(:"$-$%-+!p"RDDq!`7U!"j$!&(!">"+!p"RDDq!b!VPU!"+!U&-=!XJ!p8%9%-q!BhZ!v=.'M3'.-K!9.-=!
&-=!909312d!.'!3-0!&:*0!(3!<39M1060-=+!34!.('!3O-!.-.(.&(./0!&-=!/3*.(.3-+!(60!0''0-(.&*!0*090-('!
34! O.**F9&\.-K+! M13M01(2+! 3:c0<('+! c8'(! <*&.9'! (3! <3-'.=01&(.3-+! 10/3<&(.3-! 34! 0H.'(.-K! =.'M3'.F
(.3-'+!&-=!(60!*.\0J!J!J!JiEJ!
#>J! ?,0#"0C( FJ( L"5.2<+! "RRR! 577Z! Sbb! &(! M&1&J! "b+! b"! %?U! B$=E! RS+! P&9:01(!XZ! B431! (60! <381(E!
p?,0#"0CqJ!
#SJ! !%%+!%J9J+!P$%02+!<5+-,!-3(0!$$!&(!M&1&J!>#J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DA'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
?60! 0H.'(0-<0! 34! &! (0'(! 34! (0'(&90-(&12! <&M&<.(2! =30'! 10'8*(! .-! &-! .-13&=! 3-! &! M01F
'3-d'!4100=39!(3!=.'M3'0!34!M13M01(2!:2!O.**J##!?60!M3*.<2!1&(.3-&*0!431!*.9.(.-K!(0'F
(&90-(&12!4100=39!:2!10f8.1.-K!(6&(!&!(0'(&(31!6&/0!(0'(&90-(&12!<&M&<.(2!.'!(6&(!.(!
.'!-0<0''&12!(3!M13(0<(!(60!(0'(&(31+!(60!(0'(&(31d'!M13M01(2+!&-=!(60!(0'(&(31d'!.990F
=.&(0!4&9.*2J#R!
!
!6#$ 78'65356$9'.1(50,($
?60!'0<3-=!O&2!.-!O6.<6!&!(0'(&(31!9&2!:0!438-=!(3!*&<\!(0'(&90-(&12!<&M&<.(2!.-F
/3*/0'! =0*8'.3-'J! hpZq! =0*8'.3-! &440<(.-K! (60! '8:c0<(! 9&((01! 34! &! O.**+i! &'! &! 10<0-(!
c8=K90-(!M8('!.(+!h&-=!3M01&(.-K!&(!(60!(.90!34!.('!9&\.-K!9&2!:0!&!438-=&(.3-!431!&!
=0(019.-&(.3-!(6&(!(60!=0<0&'0=!*&<\0=!(0'(&90-(&12!<&M&<.(2!0/0-!.4!(60!=0<0&'0=!
.'!M0140<(*2!<39M0(0-(!(3!<3-=8<(!&**!3(601!:8'.-0''JiRC!?6.'!M3.-(!63*='!(180!0/0-!.4!
(60! (0'(&(31! <38*=! M&''! (60! (0'(! 34! (0'(&90-(&12! <&M&<.(2! 10*&(.-K! (3! K0-01&*! 8-F
'38-=-0''!34!9.-=J!
!
h?60! &8(631.(.0'! &10! <*0&1+i! -3(0'! &-3(601! 10<0-(! 51.(.'6! 73*89:.&! <&'0+! h(6&(! 3-*2!
=0*8'.3-'!(6&(!:0&1!=.10<(*2!3-!&-=!.-4*80-<0!(60!(0'(&(31d'!=0*.:01&(.3-'!9&2!:3((39!
&-!&((&<\!3-!(0'(&90-(&12!<&M&<.(2JiR"!?6.'!M3.-(!.'!.**8'(1&(0=!:2!(O3!34!(60!*0&=.-K!
<&'0'!3-!'M0<.4.<!=0*8'.3-'J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
##J! !%%!51&=*02!%J!`J!G3K0*+!h?60!739M*0(0*2!Q-'&-0!P&O!34!W&1(.&*!Q-'&-.(2A!?60!Q9M&<(!34!)3-39&F
-.&!3-!?0'(&90-(&12!7&M&<.(2i!B$CCSE!D$!U0&*!W13MJ!W13:J!l!?1J!XJ!>S!&(!SD!Bh?3!'390!0H(0-(+!(60!
10f8.1090-(! 34! (0'(&90-(&12! <&M&<.(2! .-6010-(*2! <3-4*.<('! O.(6! 10'M0<(! 431! (0'(&90-(&12! 4100F
=39JiEJ!
#RJ! !%%! ).*(3-! VJ! ]100-+! hW8:*.<! W3*.<.0'! ,-=01*2.-K! (60! P&O! 34! )0-(&*! Q-<39M0(0-<2i! B"RDCE! b#!
).<6J!PJ!U0/J!""#R!B&1K8.-K!(6&(!h4100=39!34!(0'(&(.3-+!*.\0!4100=39!34!<3-(1&<(+!.'!10'(1.<(0=!:2!
(60! 3M01&(.3-! 34! M3*.<.0'! *33\.-K! (3O&1=! (60! M13(0<(.3-! 34! (60! 4&9.*2! &'! &! '3<.&*! .-'(.(8(.3-i!
&(!"$"$EJ!
RCJ! BA,0C%-<! FJ( UH%0,#+! $CCD! 577Z! jbb! &(! M&1&J! Dj+! bj! 57PU! BD(6E! $j$+! `38(6.-! XZ! pBA,0C%-<qJ! !%%(
,0<"(8,<H0"(FJ(8,>&".+!$C"b!57`7!bCj!&(!M&1&J!$C#+!p$C"bq!57X!m3J!bbS!BYPE+!5&**&-<0!XJ!p8,<H0"q!
BhZ!=0*8'.3-!.'!9310!(6&-!c8'(!K0((.-K!(60!4&<('!O13-KJ!Q(!.'!&!M01'.'(0-(!:0*.04!.-!&!'8MM3'0=!'(&(0!
34!4&<('!(6&(!-3!1&(.3-&*!M01'3-!O38*=!63*=!(3!:0!(180+!&-=!(68'!0H.'(!&'!10&*!3-*2!.-!(60!9.-=!34!
(60!:0*.0/01Ji!p<.(&(.3-'!39.((0=qEJ!?60!(18(6!31!4&*'.(2!34!(60!:0*.04!.'!-3!*3-K01!3-0!34!(60!<1.(01.&!
10*.0=! 3-! :2! 90=.<&*! M1340''.3-&*'! .-! =.&K-3'.-K! =0*8'.3-'J! !%%! ;&8K6&-! 50**+! hn38! -00=-d(! :0!
O13-K! (3! :0! <&**0=! =0*8'.3-&*i! DA%( X4<%-F%-! BD! Z8K8'(! $C"bE+! 3-*.-0A! ?60! ]8&1=.&-!
t6((MANNOOOJ(60K8&1=.&-J<39u!Bh(60!-0O!=04.-.(.3-!34!=0*8'.3-'!p438-=!.-!(60!M'2<6.&(1.'('d!=.F
&K-3'(.<!9&-8&*+!(60!V`)Fjq!=0'<1.:0'!(609!&'!4.H0=!:0*.04'!(6&(!&10!8-'O&20=!:2!<*0&1!31!10&F
'3-&:*0!<3-(1&=.<(312!0/.=0-<0+!O6.<6!&10!60*=!O.(6!K10&(!<3-/.<(.3-!&-=!&10!*.\0*2!(3!'6&10!(60!
<3993-!(6090'!34!M'2<63'.'A!M&1&-3.&+!K1&-=.3'.(2+!:3=.*2!<6&-K0'!&-=!'3!3-J!?60!:0*.04!:0.-K!
4&*'0!.'!-3!*3-K01!<0-(1&*!&-=!(6.'!'(0M!431O&1=!9&\0'!.(!*0''!*.\0*2!(6&(!8-<39431(&:*0!<*&.9'!<&-!
:0!=.'9.''0=!&'!'.K-'!34!9&=-0''JiEJ!
R"J! P500%-(T<&,&%(FJ(P500%-+!$CC$!57`7!"jS"!&(!M&1&J!b$+!DS!%?U!B$=E!$$#+!U3K01'!XJ!
D`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
?60!4.1'(!<&'0!.'!6,.Z<(FJ(I""2@%00">!.('0*4JR$!?60!(0'(&(31!.-!(6&(!<&'0!6&=!:00-!<3-F
4.-0=!(3!&-!&'2*89!&(!3-0!M3.-(!&-=+!8M3-!6.'!10*0&'0+!h109&.-0=!'8:c0<(!(3!<01(&.-!
4.H0=! =0*8'.3-'JiRb! ?60'0! =0*8'.3-'! <3-<01-0=! :0*.04'! (6&(! (60! (0'(&(31! O&'! :0.-K!
M01'0<8(0=!:2!&!9&-!O63!O&'+!.-!4&<(+!*3-K!=0&=!&-=!(6&(!60!O&'!:0.-K!M81'80=!:2!
0/.*!'M.1.('JRD!?60!(0'(&(31d'!O.**!K&/0!6.'!M13M01(2!(3!6.'!-.0<0+!O63!O&'!6.'!*3-KF(.90!
<&10K./01JRj!?60!<381(!8M60*=!(60!O.**+!4.-=.-K!(6&(!h(60!=0*8'.3-!98'(!:0!(&\0-!-0.F
(601!(3!6&/0!6&=!&-2!.-4*80-<0!3-!(60!M13/.'.3-'!34!(60!O.**+!-31!(3!6&/0!:00-!<&M&:*0!
34!6&/.-K!&-2J!J!J!JiR>!
!
Q-! !C%%( FJ( !C%%+RS! &-3(601! *0&=.-K! <&'0! 3-! =0*8'.3-'+! (60! (0'(&(31! :0*.0/0=! (6&(! 6.'!
:13(601! BO63! O&'! 6.'! <*3'0'(! *./.-K! 10*&(./0E! 6&=! =041&8=0=! 6.9J! ?6.'! :0*.04! O&'! &!
=0*8'.3-J! ?60! <381(! '0(! &'.=0! &! O.**! *0&/.-K! (60! (0'(&(31d'! 0-(.10! 0'(&(0! (3! -3-F
10*&(./0'+!:0<&8'0!(60!=0*8'.3-!&MM0&10=!(3!.-4*80-<0!(60!(0'(&(31d'!=.'M3'.(.3-!34!6.'!
&''0('JR#!
!
9#!
/($(')?!<@%'!/@%!/%5/&/*6!$85/!@&>%!/%5/&$%'/&60!-&.&-(/0!
?0'(&90-(&12! <&M&<.(2! 98'(! :0! M10'0-(! O60-! &! (0'(&(31! 9&\0'! (60! O.**! &(! .''80J! Z!
4.-=.-K! (6&(! &! (0'(&(31! *&<\'! (0'(&90-(&12! <&M&<.(2! =30'! -3(! '0((*0! (60! .''80! 431! (60!
109&.-=01!34!(60!(0'(&(31d'!*.40J!?60!c81.'M18=0-<0!.'!<*0&1!(6&(!.(!.'!M3''.:*0!431!&!(0'F
(&(31!O63!*&<\'!(0'(&90-(&12!<&M&<.(2!&(!3-0!M3.-(!(3!10K&.-!.(!&(!&!*&(01!=&(0+!&-=!(3!
9&\0!&!/&*.=!O.**!=81.-K!(6.'!h*8<.=!.-(01/&*JiRR!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
R$J! !5+-,!-3(0!$DJ!
RbJ! V4$2J!&(!jb"J!
RDJ! V4$2J!
RjJ! V4$2J!&(!jj$J!
R>J! V4$2J!&(!j>"J!
RSJ! B"#SRE+!j!WV!#D!B%-KJ!W13:J!V./JEJ!
R#J! Z*(638K6! K0-01&*! 8-'38-=-0''! 34! 9.-=! &-=! 'M0<.4.<! =0*8'.3-'! 10M10'0-(! (O3! =.'(.-<(! O&2'! .-!
O6.<6!&!<381(!9&2!4.-=!(6&(!&!(0'(&(31!*&<\'!(0'(&90-(&12!<&M&<.(2+!.(!.'!.9M31(&-(!-3(!(3!3/01F
09M6&'._0!(6.'!=.'(.-<(.3-!&-=!=1&O!(33!'6&1M!&!=./.=.-K!*.-0!:0(O00-!(60!(O3!&'M0<('!34!(60!(0'(!
34!<&M&<.(2J!?60'0!M3.-('!O010!=1&O-!38(!.-!(60!(638K6(48*!c8=K90-(!.-!(60!10<0-(!<&'0!8,<H0"+!
<5+-,!-3(0!RCJ!Q-!8,<H0"+!(60!<381(!0H&9.-0=!h-3-F/.(.&(.-K!=0*8'.3-'i!B&(!M&1&J!$$REg(6&(!.'+!=0F
*8'.3-'!(6&(!=3!-3(!6&/0!&!=.10<(!0440<(!3-!(60!K.4('!9&=0!8-=01!&!O.**J!?60!<381(!<3-<*8=0=!(6&(!
'8<6!=0*8'.3-'!9.K6(!-0/01(60*0''!:0!10*0/&-(!(3!.('!&-&*2'.'!8-=01!(60!K0-01&*F8-'38-=-0''F34F
9.-=!:1&-<6!34!(60!(0'(J!
RRJ! 6,.Z<(FJ(I""2@%00">+!<5+-,!-3(0!$D!&(!jj$J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
Da'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
]0-01&**2+! (0'(&90-(&12! <&M&<.(2! 98'(! :0! M10'0-(! :3(6! O60-! &! (0'(&(31! K./0'! .-F
'(18<(.3-'!(3!9&\0!&!O.**!&-=!O60-!(60!O.**!.'!0H0<8(0=J"CC!?6010!.'!&!*.9.(0=!0H<0MF
(.3-!(3!(6.'!K0-01&*!18*0J!?60!0H<0M(.3-!6&'!.('!'381<0!.-!&!-.-0(00-(6F<0-(812!%-K*.'6!
<&'0+"C"!O6.<6!6&'!:00-!43**3O0=!.-!7&-&=&J"C$!Q(!M13/.=0'!(6&(!h(60!*&<\!34!(0'(&90-F
(&12!<&M&<.(2!&(!(60!=&(0!34!0H0<8(.3-!34!&!(0'(&90-(&12!.-'(1890-(!.'!-3(!4&(&*!(3!.('!
/&*.=.(2!M13/.=0=!(6&(!(60!(0'(&(31!6&=!(0'(&90-(&12!<&M&<.(2!&(!(60!(.90!60!K&/0!.-F
'(18<(.3-'! (6010431+! M13/.=0=! &*'3! (6&(! (60! (0'(&90-(&12! .-'(1890-(! O&'! M10M&10=!
M81'8&-(!(3!&-=!.-!<39M*.&-<0!O.(6!(63'0!.-'(18<(.3-'!&-=!481(601!M13/.=0=!(6&(!&(!
(60! (.90! 34! 0H0<8(.3-! (60! (0'(&(31! 6&=! <&M&<.(2! (3! 8-=01'(&-=! &-=! =.=! 8-=01'(&-=!
(6&(!(60!.-'(1890-(!60!'.K-0=!O&'!&!(0'(&90-(&12!.-'(1890-(!M10M&10=!M81'8&-(!(3!
&-=!.-!<39M*.&-<0!O.(6!(63'0!.-'(18<(.3-'Ji"Cb !
!
:#!
-*$.&6(5*'!*+!/%5/!*+!/%5/&$%'/&60!-&.&-(/0!/*!*/@%6!/%5/5!*+!-&.&-(/0!
Q-! 7&-&=.&-! <3990-(&12! &-=! c81.'M18=0-<0+! (0'(&90-(&12! <&M&<.(2! .'! 8'8&**2! '00-!
&'! 10f8.1.-K! &! 6.K601! *0/0*! 34! <&M&<.(2! (6&-! (60! *0/0*! 10f8.10=! (3! 0-(01! .-(3! 3(601!
(2M0'!34!*0K&*!10*&(.3-'J"CD!?60!10&'3-!:06.-=!(6.'!&''0''90-(!.'!(6&(!(60!(0'(!34!(0'F
(&90-(&12!<&M&<.(2!10f8.10'!&!M01'3-!(3!:0!&:*0!(3!<3-'.=01!(60!M01'3-d'!3O-!.-(01F
0'('+!(60!-&(810!&-=!0H(0-(!34!(60!M01'3-d'!M13M01(2+!&-=!(60!.-(010'('!34!(63'0!<*3'0!
(3!(60!M01'3-!B'8<6!&'!.990=.&(0!4&9.*2!909:01'EJ!?2M.<&**2+!&!<3993-F*&O!(0'(!34!
<&M&<.(2!3-*2!10f8.10'!&!M01'3-!(3!:0!<&M&:*0!34!<3-'.=01.-K!(60!4.1'(!34!(60'0!(6.-K'J!
!
?60!:*&-\0(!'(&(090-(!(6&(!(0'(&90-(&12!<&M&<.(2!&*O&2'!10f8.10'!&!6.K6!*0/0*!34!<&F
M&<.(2!'638*=!:0!f8&*.4.0=!'390O6&(!.-!31=01!(3!104*0<(!(60!&<(8&*!'(&(0!34!(60!c81.'F
M18=0-<0J!?6010!&10!(O3!O&2'!.-!O6.<6!<381('!6&/0!'63O-!'390!'\0M(.<.'9!&:38(!
(60!M13M3'.(.3-!(6&(!(60!(0'(!34!(0'(&90-(&12!<&M&<.(2!'0('!&!6.K6!(610'63*=!34!90-(&*!
<&M&<.(2J!
!
G.1'(+!(6010!&10!<&'0'!(6&(!'8KK0'(!(6&(!(60!(0'(!34!<&M&<.(2!<&-!:0!&=&M(0=!(3!<3-4319!
(3!(60!'.9M*.<.(2!31!<39M*0H.(2!34!&!O.**J"Cj!Q-!0''0-<0+!&!'.9M*0!O.**!O38*=!10f8.10!&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"CCJ!!%%(8,<H0"+!<5+-,!-3(0!RC!&(!M&1&J!"#RJ!
"C"J!:,-Z%-(FJ(P%09,&%!B"##bE+!#!WV!"S"!B%-KJ!W13:J!V./JEJ!
"C$J!!%%(L%(E,F$<(T<&,&%+!p"Rb$q!`7U!DCS+!p"Rb$q!b!VPU!bj"J!
"CbJ!L%(?#:A%%!B"R>jE+!j$!VPU!B$=E!j$C!&(!j$j!B57`7E+!73**.-'!XJ!
"CDJ!!%%+! %J9J+! B,0F%-&( *8$&$9,&$".( 95,-2$,.( "@;( FJ( B,0F%-&! B"RRSE+! b$! eU! Bb=E! $#"! &(! $RD+! $S! UGP!
BD(6E!bRD!B]0-J!V./JE+!50-3((3!XJ!pB,0F%-&q!Bh(60!6.K60'(!*0/0*!34!<&M&<.(2!.'!(6&(!10f8.10=!(3!9&\0!&!
O.**iE+!,@@a2!B"RR#E+!bS!eU!Bb=E!$$"+!b>!UGP!BD(6E!">R!B7ZE+!0%,F%(&"(,++%,0(&"(!BB(-%@5<%2+!p"RR#q!
`77Z!m3J!">"!BYPET!X&90'!)&<^0-_.0+!0=J!P%%.%'a<(B,.,2$,.(8,>("@(N$00<+!*33'0*0&4!B<3-'8*(0=!3-!
$"!X8-0!$C"bE+!D(6!0=J!B)&1\6&9+!emA!P0H.'m0H.'!7&-&=&+!$CCCE!&(!x!$JSJ!
"CjJ!!%%+!%J9J+!)-,5b"(FJ(K%&"+!$CC"!57`7!Rbj!&(!M&1&J!"bC+!DC!%?U!B$=E!">R+!`.K81='3-!XJ!p)-,5b"qJ(
BE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
*3O01! *0/0*! 34! <&M&<.(2J! ?6.'! M3.-(! .'! <3-'.'(0-(! O.(6! (60! .=0&! (6&(! (0'('! 34! <&M&<.(2!
'638*=! :0! &MM*.0=! .-! &'! 4*0H.:*0! &! 9&--01! &'! M3''.:*0J! 58(! (6.'! M3.-(! '638*=! -3(! :0!
3/01'3*=J!7381('!(6&(!6&/0!&<<0M(0=!(60!-3(.3-!34!&!h'*.=.-K!'<&*0!34!(0'(&90-(&12!<&F
M&<.(2i"C>!6&/0!34(0-!=3-0!'3!10*8<(&-(*2+!63*=.-K!(60!.=0&!&(!&19d'!*0-K(6J!?6.'!<&8F
(.3-!.'!8-=01'(&-=&:*0+!&'!(6.'!<3-<0M(!6&'!20(!(3!:0!0-=31'0=!<3-<*8'./0*2!:2!&-!&MF
M0**&(0!<381(J!
!
`0<3-=+!(6010!&10!'390!<&'0'!(6&(!'&2!(6&(!M3*.<2!<3-'.=01&(.3-'!'390(.90'!6&/0!(3!
(&\0! M10<0=0-<0! 3/01! &! '(1.<(! &MM*.<&(.3-! 34! (60! (0'(! 34! (0'(&90-(&12! <&M&<.(2J! ?60!
&1K890-(!6010!.'!(6&(!4100=39!(3!9&\0!&!O.**!.'!'8<6!&-!.9M31(&-(!M3*.<2!(6&(!<381('!
'638*=!:0!0'M0<.&**2!O&12!34!10'(1.<(.-K!.(J"CS!?6.'!&1K890-(!.'!4&1!9310!10&=.*2!&<F
<0M(0=!.-!(60!,-.(0=!`(&(0'+!O6010!.(!.'!<3993-!431!<381('!(3!=0'<1.:0!(60!(0'(!34!(0'F
(&90-(&12!<&M&<.(2!&'!'0((.-K!&!<39M&1&(./0*2!*3O!(610'63*=!34!90-(&*!<&M&<.(2J"C#!
!
?60! 4&<(! (6&(! &! M01'3-! *&<\'! (60! 90-(&*! <&M&<.(2! (3! 0-(01! .-(3! '390! 3(601! (2M0! 34!
(1&-'&<(.3-! 31! *0K&*! 10*&(.3-'6.M! =30'! -3(! -0<0''&1.*2! 90&-! (6&(! (60! M01'3-! &*'3!
*&<\'! (0'(&90-(&12! <&M&<.(2J! ?6.'! M3.-(! .'! .**8'(1&(0=! 93'(! <*0&1*2! .-! (60! *.-0! 34!
<&'0'"CR!(6&(!6&/0!<3-'.=010=!O60(601!&!M01'3-!O63!.'!8-=01!&!<399.((00'6.M!31=01!
B(6&(!.'+!&!<381(!31=01!63*=.-K!(6&(!(60!M01'3-!<&--3(!9&-&K0!6.'!31!601!4.-&-<0'!31!
M01'3-&*! <&10+! 31! :3(6E""C! <&-! 9&\0! &! /&*.=! O.**J! ?60! &-'O01! (3! (6.'! f80'(.3-! .'! &!
f8&*.4.0=! h20'Ji! ?6010! &10! <.1<89'(&-<0'! .-! O6.<6! &! M01'3-! 8-=01! &! <399.((00'6.M!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"C>J!6%,5-".%(FJ(6%,5-".%(T<&,&%!B"RRSE+!$j!e?7!D#!&(!M&1&J!"b+!p"RRSq!eX!m3J!jD>!BYPE!B]0-J!V./JE+!
)<V019.=!XJ!
"CSJ!!%%(8,-,Cc%(FJ(P%--".!B"RCRE+!D"!`7U!bR"!&(!DCR+!Q=.-K(3-!XJ!BhL0!98'(!-3(!:2!&-!0H(0-'./0!=3F
.-K!'3!10-=01!.(!.9M3''.:*0!431!3*=!M03M*0!(3!9&\0!O.**'!34!(60.1!*.((*0!O31*=*2!K33='J!?60!020!9&2!
K13O!=.9+!(60!0&1!9&2!*3'0!.('!&<8(0!'0-'0+!&-=!0/0-!(60!(3-K80!9&2!4&*(01!&(!-&90'!&-=!3:c0<('!
.(!&((09M('!(3!=0'<1.:0+!20(!(60!(0'(&90-(&12!<&M&<.(2!:0!&9M*0J!?3!=0M1./0!*.K6(*2!(60!&K0=!(68'!
&44*.<(0=! 34! (60! 1.K6(! (3! 9&\0! &! O.**! O38*=! 34(0-! :0! (3! 13:! (609! 34! (60.1! *&'(! M13(0<(.3-! &K&.-'(!
<180*(2! 31! O13-K! 3-! (60! M&1(! 34! (63'0! '81138-=.-K! (609! &-=! 34! (60.1! 3-*2! 90&-'! 34! &((1&<(.-K!
(3O&1='! (609! '8<6! 60*M+! <39431('! &-=! (0-=01-0''! &'! 3*=! &K0! -00='JiET! ?5-+A'( FJ( 8,C+A$%-!
B"R"DE+! b"! ePU! $#S! &(! b$C+! p"R"Dq! eX! m3J! b$! BYPE! B`7! B[7! V./JEE+! 532=! 7J! p?5-+A'q! Bh<&M&<.(2!
9&2!:0!=.9.-.'60=!&*93'(!(3!(60!/&-.'6.-K!M3.-(!&-=!20(!'844.<.0-(!:0!*04(!(3!'8'(&.-!&!O.**!9&=0!
$.(%1&-%C$<+!0'M0<.&**2!O6010!(60!&*(01-&(./0!.'!.-(0'(&<2iE+!,@@a2!B"R"DE+!b$!ePU!"R+!$C!VPU!RC>!
B`7!BZVEEJ!
"C#J!!%%+!%J9J+!6'%(FJ(?,&&$.90'+!RSj!`L!$=!Dj"!&(!Djj!B^2J!"RR#E+!`(0M60-'!7X!Bh?60!9.-.989!*0/0*!34!
90-(&*!<&M&<.(2!10f8.10=!(3!9&\0!&!O.**!.'!*0''!(6&-!(6&(!-0<0''&12!(3!9&\0!&!=00=!31!&!<3-(1&<(Ji!
p<.(&(.3-'!39.((0=qET!L%(T<&,&%("@(N%%Z<+!b$R!`7!$j"+!DRj!`%!$=!DjD!&(!D>"!B7(J!ZMMJ!"RRSE+!Z-F
=01'3-!XJ!Bh?60!=0K100!34!<&M&<.(2!-0<0''&12!431!(60!0H0<8(.3-!34!&!O.**!.'!*0''!(6&-!(6&(!-00=0=!
431!(60!0H0<8(.3-!34!&!<3-(1&<(Ji!p<.(&(.3-!39.((0=qEJ!
"CRJ!!%%(XaK%$0(FJ(6-">.(T<&,&%+!p"RD>q!`7U!>$$+!p"RD>q!D!VPU!jDjT!L"',0(D-5<&(B"J(FJ(L,C+".%+!p"RSDq!
D!LLU!Sbj!B57`7ET!3,C$0&".(FJ(!5&A%-0,.2!B"RR$E+!>#!57PU!B$=E!""j+!Dj!%?U!$$R!B7ZEJ!
""CJ!!%%+!:0*3O+!'0<(.3-!;QQQJ5J"!&(!"$j!B481(601!=.'<8''.3-!34!<399.((00'6.MEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
BF'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
31=01! '(.**! 6&'! (0'(&90-(&12! <&M&<.(2+! :8(! (60! <381('! O.**! (10&(! '8<6! <&'0'! O.(6! &!
60.K6(0-0=!=0K100!34!'<18(.-2J""" !
!
A#!
3%)&3!&7>(5*6B5!6%5.*'5(=(3(/(%5!('!&55%55(')!/%5/&$%'/&60!-&.&-(/0!
P0K&*!&=/.'31'+!'8<6!&'!*&O201'!&-=!-3(&1.0'!M8:*.<+!&10!.-!9&-2!10'M0<('!(60!K&(0F
\00M01'!34!(60!'2'(09!431!=0(019.-.-K!(0'(&90-(&12!<&M&<.(2J!hQ(!.'!(1.(0!*&O+i!-3(0'!&!
51.(.'6!73*89:.&!c8=K90-(+!h(6&(!&!'3*.<.(31!6&'!&!=8(2!(3!'&(.'42!6.9'0*4!34!(60!(0'F
(&90-(&12!<&M&<.(2!34!&!<*.0-(!:04310!&'\.-K!(6&(!<*.0-(!(3!0H0<8(0!&!O.**Ji""$!
!
?60!<3-(0-(!34!(6.'!=8(2!h/&1p.0'q!O.(6!(60!'.(8&(.3-!&-=!<3-=.(.3-!34!(60!(0'(&(31Ji""b!
?60!<&'0!*&O!63*='!(6&(!&-!&=/.'31!'638*=+!&(!&!9.-.989+!(&\0!hM01'3-&*!.-'(18<(.3-'!
4139! (60! (0'(&(31+i""D! O.(638(! 10*2.-K! 3-! .-(0190=.&1.0'! '8<6! &'! 4&9.*2! 909:01'J!
hp`q.9M*2! (&\.-K! =3O-! &-=! K./.-K! *0K&*! 0HM10''.3-! (3! (60! O31='! 34! (60! <*.0-(i""j! .'!
-3(!'844.<.0-(g(60!&=/.'31!'638*=!f80'(.3-!(60!(0'(&(31!=.10<(*2!3-!(60!0*090-('!34!
(60!(0'(!34!(0'(&90-(&12!<&M&<.(2J!G.-&**2+!h(&\.-K!&-=!M10'01/.-K!M13M01!-3(0'!J!J!Ji"">!
.'!M&1(!34!(60!&=/.'31d'!=8(.0'J!
!
Z!/0H.-K!f80'(.3-!.'!O60(601!&!90=.<&*!3M.-.3-!'638*=!:0!3:(&.-0=J!%-K*.'6!<&'0'!10F
401!(3!h&!'3!<&**0=!vK3*=0-!18*0d!(6&(!(60!9&\.-K!34!&!O.**!:2!&-!3*=!&-=!.-4.19!(0'(&(31!
38K6(!(3!:0!O.(-0''0=!&-=!&MM13/0=!:2!&!90=.<&*!M1&<(.(.3-01!O63!'&(.'4.0'!6.9'0*4!
&'! (3! (60! <&M&<.(2! &-=! 8-=01'(&-=.-K! 34! (60! (0'(&(31! &-=! 9&\0'! &! 10<31=! 34! 6.'! 0HF
&9.-&(.3-!&-=!4.-=.-K'Ji""S!58(!(60!%-K*.'6!<381('!&10!&*'3!'0-'.(./0!(3!(60!:81=0-'!
(6&(! &-! 3/01_0&*38'! &MM*.<&(.3-! 34! (6.'! 18*0! O38*=! M*&<0! 3-! 3*=01F&=8*(! <*.0-('J!
X8=K0'! 6&/0! <&8(.3-0=! *&O201'! -3(! (3! '00\! 90=.<&*! 3M.-.3-'! .-! &! 138(.-0! 31! 90F
<6&-.<&*!4&'6.3-J""#!`3!(60!f80'(.3-!<&-!3-*2!:0!10'3*/0=!:2!(60!&MM*.<&(.3-!34!M13F
40''.3-&*!c8=K90-(!.-!0&<6!<&'0J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"""J!!%%(NA$&&".+!<5+-,!-3(0!#"!&(!DR$J!
""$J!:A$0+(FJ(N""2<!B"R#jE+!>>!57PU!D$!&(!DD+!bD!77P?!>>!B`7E+![8(<6.'3-!PX`7J!
""bJ!?5-+A'+!<5+-,!-3(0!"CS!&(!b"#J!
""DJ!V4$2J!
""jJ!V4$2J(
"">J!BA,0C%-<+!<5+-,!-3(0!RC!&(!M&1&J!$+!`38(6.-!XZJ!
""SJ!!A,-++! <5+-,! -3(0! DS! &(! M&1&J! $S+! )&2! PX! B431! (60! <381(EJ! !%%( ,0<"! 51.(.'6! )0=.<&*! Z''3<.&(.3-! l!
P&O!`3<.0(2!34!%-K*&-=!&-=!L&*0'+!)<<%<<C%.&("@(?%.&,0(B,+,#$&'\(I5$2,.#%(@"-(E"#&"-<(,.2(8,>O
'%-<+!$=!0=J!BP3-=3-A!5)X!533\'+!$CCDE!&(!>>J!
""#J!!%%( DA"-+%( FJ( P%00">%<( !"0$#$&"-<( 88:+! p$C""q! %L[7! >"! &(! M&1&J! S>! BY5E+! `6&1M! XJ! pDA"-+%q!
Bhp?q6010!.'!M*&.-*2!-3!=8(2!8M3-!'3*.<.(31'!.-!K0-01&*!(3!3:(&.-!90=.<&*!0/.=0-<0!3-!0/012!3<<&F
BD'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
Q-!%-K*&-=+!(60!hK3*=0-!18*0i!.'!<3-'.=010=!(3!:0!h&!18*0!34!'3*.<.(31'd!K33=!M1&<(.<0+!
-3(! &! 18*0! 34! *&O! K./.-K! <3-<*8'./0! '(&(8'! (3! 0/.=0-<0! 3:(&.-0=! .-! <39M*.&-<0! O.(6!
(60!18*0Ji""R!?60!7&-&=.&-!M3'.(.3-!.'!*.\0*2!(60!'&90!&'!(60!%-K*.'6!M3'.(.3-A!3:(&.-F
.-K!&!90=.<&*!3M.-.3-!.'!K33=!M1&<(.<0!B.-!&MM13M1.&(0!<&'0'E!:8(!.'!-3(!10f8.10=!:2!
*&O!&-=!.('!10'8*('!&10!-3(!<3-<*8'./0!34!(60!.''80!34!(0'(&90-(&12!<&M&<.(2J!58(!(60!
M3.-(!6&'!-3(!0HM10''*2!&1.'0-!.-!7&-&=.&-!c81.'M18=0-<0J!
!
C#!
6%3&/%7!-*'-%./5!
!"#$ :,)-0216)50,$
?60!(2M.<&*!M&((01-!.-!0'(&(0!*.(.K&(.3-!'00'!(0'(&90-(&12!<&M&<.(2!:0.-K!<3-'.=010=!
&*3-K!O.(6!&!-89:01!34!3(601!.''80'J!73-<0M('!'8<6!&'!\-3O*0=K0!&-=!&MM13/&*+!'8'F
M.<.38'! <.1<89'(&-<0'+! &-=! 8-=80! .-4*80-<0! &10! 34(0-! <3-'.=010=! &*3-K'.=0! (0'(&F
90-(&12! <&M&<.(2J! Z*(638K6! =0(&.*0=! 0H&9.-&(.3-! 34! (60'0! <3-<0M('! .'! 38('.=0! (60!
'<3M0!34!(6.'!10M31(+!.(!.'!O31(6O6.*0!(3!6&/0!'390!'0-'0!34!O6&(!(602!&10!&-=!O6&(!
13*0'!(602!M*&2!.-!0'(&(0!*.(.K&(.3-+!:0<&8'0!(6.'!O.**!'60=!481(601!*.K6(!3-!(0'(&90-F
(&12!<&M&<.(2!&-=!9&2!60*M!.-!&''0''.-K!3M(.3-'!431!104319!34!(0'(&90-(&12!<&M&<.(2J!
!
Q-!0'(&(0!*.(.K&(.3-+!h(60!M13M38-=01!34!&!O.**"$C!6&'!(60!:81=0-!(3!M13/0!(6100!(6.-K'A!
B"E!(60!4319&*.(.0'!34!9&\.-K!(60!O.**!O010!<39M*.0=!O.(6T!B$E!(60!(0'(&(31!M3''0''0=!
(60!10f8.'.(0!<&M&<.(2!(3!9&\0!(60!O.**T!&-=!BbE!(60!(0'(&(31!\-0O!&-=!&MM13/0=!(60!
<3-(0-('! 34! (60! O.**Ji"$"! )8<6! 34! (60! <3990-(&12! 3-! (60! <3-<0M('! 10*&(0=! (3! (0'(&F
90-(&12! <&M&<.(2! <3-<01-'! 63O! (60'0! <3-<0M('! &440<(! (6.'! :81=0-! 34! M1334J! ?6.'!
<3990-(&12!<&-!:0!1&(601!&:'(1&<(+!'3!.(!.'!.9M31(&-(!(3!:0&1!.-!9.-=!O62!&!=.'<8'F
'.3-! 34! (60! :81=0-! 34! M1334! .'! 0'M0<.&**2! '.K-.4.<&-(! 431! 0'(&(0! *.(.K&(.3-J! %'(&(0! =.'F
M8(0'!34(0-!(81-!3-!(60!(0'(&(31d'!.-(0-(.3-'!31!(60!(0'(&(31d'!'(&(0!34!9.-=!O60-!(60!
O.**!O&'!0H0<8(0=J!?6.'!.-f8.12!.'!0'M0<.&**2!=.44.<8*(!:0<&8'0+!34!<381'0+!:2!(60!(.90!
0'(&(0!*.(.K&(.3-!&1.'0'!(60!(0'(&(31!.'!=0<0&'0=!&-=!'3!.'!-3(!&:*0!(3!K./0!0/.=0-<0!.-!
(60!M13<00=.-KJ!?60!*&O!&((09M('!(3!9&\0!8M!431!(60!(0'(&(31d'!&:'0-<0!4139!(60!(1.&*!
:2!&MM*2.-K!&!'0(!34!M10'89M(.3-'J!?60'0!M10'89M(.3-'!&10!.-(0-=0=!(3!K./0!0440<(!(3!
(60!8-=01*2.-K!M81M3'0'!34!(60!<3-<0M('!=.'<8''0=!:0*3O+!O6.<6!B&'!O&'!(60!<&'0!431!
(0'(&90-(&12!<&M&<.(2E!&10!M1.9&1.*2!.-(0-=0=!(3!481(601!(60!M3*.<2!34!M13(0<(.-K!(60!
(0'(&(31!&-=!(60!(0'(&(31d'!4&9.*2!4139!0HM*3.(&(.3-J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
'.3-!8M3-!O6.<6!(602!&10!.-'(18<(0=!:2!&-!0*=01*2!<*.0-(!c8'(!.-!<&'0!(602!*&<\!<&M&<.(2J!`8<6!&!
10f8.1090-(!O38*=!:0!.-'8*(.-K!&-=!8--0<0''&12JiEJ!
""RJ!!A,-++!<5+-,!-3(0!DS!&(!M&1&J!$SJ!
"$CJ!!%%(60,#Za<(8,>(E$#&$".,-'+!R(6!0=J+!<54(F%-4"!hM13M38-=01i!BhZ-!0H0<8(31!31!&=9.-.'(1&(31!O63!
34401'!&!O.**!31!3(601!(0'(&90-(&12!=3<890-(!431!&=9.''.3-!(3!M13:&(0JiEJ!
"$"J!)-,5b"+!<5+-,!-3(0!"Cj!&(!M&1&J!DRJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
BB'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
!*#$ ;0-<".$=".525)>$
?6010!&10!'(1.-K0-(!4319&*!18*0'!(6&(!98'(!:0!43**3O0=!(3!<10&(0!&!/&*.=!O.**J!?60!(0'F
(&(31!98'(!'.K-!(60!O.**!.-!(60!M10'0-<0!34!(O3!O.(-0''0'+!O63!.-!(81-!98'(!'.K-!(60!
O.**!.-!(60!(0'(&(31d'!&-=!0&<6!3(601d'!M10'0-<0J!Q4!(6.'!M13<0=810!.'!-3(!M10<.'0*2!43*F
*3O0=+!(60!O.**!.'!.-/&*.=+!&-=!(60104310!<&--3(!:0!&=9.((0=!(3!M13:&(0J"$$!
!
!6#$ ?,0@.'2A'$",2$B88-0C".$
Z'! &! K0-01&*! 10f8.1090-(! 34! (60! *&O! 34! '8<<0''.3-+! &! O.**! .'! 3-*2! /&*.=! .4! &! (0'(&(31!
\-3O'!&-=!&MM13/0'!34!.('!<3-(0-('J!?6.'!18*0!3/01*&M'!O.(6!(0'(&90-(&12!<&M&<.(2+!
:8(!.(!.'!O.=01!.-!'<3M0J!Z!(0'(&(31!9&2!-3(!:0!&:*0!(3!\-3O!(60!<3-(0-('!34!&!O.**!:0F
<&8'0!(60!(0'(&(31!6&'!&!90-(&*!.9M&.190-(!(6&(!9&\0'!8-=01'(&-=.-K!(60!O.**d'!<3-F
(0-('!.9M3''.:*0J!e-!(60!3(601!6&-=+!&!(0'(&(31!O.(6!(0'(&90-(&12!<&M&<.(2!9&2!-3(!
\-3O!&-=!&MM13/0!34!(60!<3-(0-('!34!&!O.**!:0<&8'0!.(!O&'!3:(&.-0=!:2!41&8=!31!:0F
<&8'0!(60!(0'(&(31!=.=!-3(!10&=!.(J!Q-!0&<6!<&'0+!(60!O.**!*&<\'!/&*.=.(2!:0<&8'0!(60!(0'F
(&(31!=.=!-3(!\-3O!&-=!&MM13/0!34!.('!<3-(0-('J!
!
!2#$ D-'(1<8)50,$03$E"8"65)>$
Z'!-3(0=!&:3/0+!(60!M13M38-=01!34!&!O.**!:0&1'!(60!:81=0-!34!M13/.-K!(6&(!(60!O.**!.'!
/&*.=J!?6.'!:81=0-!.-<*8=0'!'63O.-K!(6&(!(60!(0'(&(31!6&=!(0'(&90-(&12!<&M&<.(2J!Q-!
<&112.-K!38(!(6.'!(&'\!(60!M13M38-=01!.'!&.=0=!:2!(60!43**3O.-K!M10'89M(.3-A!.4!h(60!
O.**!'&(.'4.0=!(60!4319&*.(.0'!&-=!O&'!10&=!3/01!(3!31!:2!(60!(0'(&(31+!O63!&MM0&10=!
(3!8-=01'(&-=!.(+!(0'(&90-(&12!<&M&<.(2!&-=!\-3O*0=K0!&-=!&MM13/&*!34!(60!<3-(0-('!
.'!K0-01&**2!M10'890=Ji"$b!`390!<&'0'!&*'3!'&2!(6&(!(60!M10'89M(.3-!3-*2!&MM*.0'!.4!
(60!O.**!.'!h1&(.3-&*!3-!.('!4&<0Ji"$D!Z-23-0!O63!O.'60'!(3!<6&**0-K0!(6.'!M10'89M(.3-!
O38*=!6&/0!(3!<&**!0/.=0-<0!(3!10:8(!.(J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"$$J!65&(<%%(N$00</(T<&,&%<(,.2(!5##%<<$".()#&+!<5+-,!-3(0!"C+!'J!j#!B09M3O01.-K!<381(!(3!&=9.(!(3!M13F
:&(0!O.**!*&<\.-K!.-!4319&*!/&*.=.(2g.-!431<0!b"!)&1<6!$C"DEJ!
"$bJ!)-,5b"+!<5+-,!-3(0!"Cj!&(!M&1&J!jbJ!
"$DJ!L%(K%0<".(T<&,&%!B"RRRE+!b"!%?U!B$=E!$bC!&(!M&1&J!"D!B57`7E+!W&110((!XJ!
B]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!'#$ 71(856501($E5-61<()",6'($
Q-!0'(&(0!*.(.K&(.3-+!<381('!*33\!&(!&**!(60!<.1<89'(&-<0'!'81138-=.-K!(60!M10M&1&(.3-!
&-=! 0H0<8(.3-! 34! &! O.**J"$j ! Q4! (60'0! <.1<89'(&-<0'! 1&.'0! '8'M.<.3-'+! (60-! (602! 9&2!
6&/0!&-!0440<(!3-!(60!38(<390!34!(60!*.(.K&(.3-J!
!
?60!<3-<0M(!34!'8'M.<.38'!<.1<89'(&-<0'!=30'!-3(!<10&(0!&!*.<0-<0!431!&!4100F4*3O.-K!
.-f8.12! .-(3! &-2(6.-K! (6&(! 9.K6(! :0&1! 3-! (60! O.**J! ?2M.<&**2+! <381('! &10! *33\.-K! 431!
'8'M.<.38'! <.1<89'(&-<0'! .-! 10*&(.3-! (3! 3-0! 31! 9310! 34! (60! 43**3O.-KA! hB"E! <.1<89F
'(&-<0'! '81138-=.-K! M10M&1&(.3-! 34! (60! O.**+! B$E! <.1<89'(&-<0'! (0-=.-K! (3! <&**! .-(3!
f80'(.3-!(60!<&M&<.(2!34!(60!(0'(&(31+!31!BbE!<.1<89'(&-<0'!(0-=.-K!(3!'63O!(6&(!(60!
4100!O.**!34!(60!(0'(&(31!O&'!3/01:31-0!:2!&<('!34!<301<.3-!31!41&8=Ji"$>!
!
`8'M.<.38'! <.1<89'(&-<0'! 6&/0! &! 'M0<.4.<! 0440<(! 3-! 0'(&(0! *.(.K&(.3-J! hL6010! '8'M.F
<.38'! <.1<89'(&-<0'! &10! M10'0-(+i! .-! (60! O31='! 34! (60! *0&=.-K! 7&-&=.&-! <&'0+! h(60-!
(60!M10'89M(.3-!p34!<&M&<.(2q!.'!'M0-(!&-=!(60!M13M38-=01!34!(60!O.**!10&''890'!(60!
*0K&*!:81=0-!34!J!J!J!J!0'(&:*.'6.-K!(0'(&90-(&12!<&M&<.(2Ji"$S!?6.'!90&-'!(6&(!(60!M13F
M38-=01! O.**! 6&/0! (3! <&**! 0/.=0-<0! (6&(! M13/0'! (6&(! (60! (0'(&(31! 6&=! (0'(&90-(&12!
<&M&<.(2J!Q4!(60!M13M38-=01!4&.*'!(3!=3!(6.'+!(60-!(60!O.**!.'!.-/&*.=J!Q(!=30'!-3(!90&-!
(6&(!'8'M.<.38'!<.1<89'(&-<0'!O.**!:0!&-!.''80!.-!0/012!<&'0!.-/3*/.-K!(0'(&90-(&12!
<&M&<.(2J"$#!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"$jJ!!%%+!%J9J+!B"0%C,.(FJ(B"0%C,.+!$CC#!m``7!bR>!&(!M&1&J!bj+!Dj!%?U!Bb=E!""S+!L&1-01!XJ!pB"0%C,.q!
BhL60(601!&!(0'(&(31!6&=!(60!10f8.'.(0!90-(&*!<&M&<.(2!J!J!J!.'!&!f80'(.3-!34!4&<(!=0(019.-0=!4139!
&**!34!(60!<.1<89'(&-<0'J!J!J!JiEJ!
"$>J!W"5&(FJ(3,'+!p"RRjq!$!`7U!#S>!&(!M&1&J!$j+!"$j!VPU!BD(6E!Db"+!`3M.-\&!XJ!B431!(60!<381(E!pW"5&qJ!
!%%( ,0<"+! %J9J+! )-,5b"+! <5+-,! -3(0! "Cj! &(! M&1&J! "$b! B*.'(.-K! 43**3O.-K! 0H&9M*0'! 34! '8'M.<.38'! <.1F
<89'(&-<0'!.-!10*&(.3-!(3!'M0<.4.<!O.**A!h(60!M331!60&*(6!34!(60!&K0=!(0'(&(31T!(60!1093/&*!34!(60!
(0'(&(31! 4139! &! 6390! O6010! 60! 6&=! *./0=! 431! &! *0-K(62! M01.3=T! (60! 4&<(! (6&(! (60! (0'(&(31! O&'!
(&\0-!&*93'(!=.10<(*2!4139!6.'!M*&<0!34!10'.=0-<0!(3!&!*&O201!(3!K./0!.-'(18<(.3-'T!(60!*0-K(62!M0F
1.3=!34!'0M&1&(.3-!4139!p6.'!'(0M'3-qT!(60!M01'3-!=.10<(*2!:0-04.(.-K!4139!(60!O.**T!(60!=1&9&(.<!
<6&-K0!4139!(60!M10/.38'!O.**T!(60!4&<(!(6&(!(60!(0'(&(31!6&=!&!'8:'(&-(.&*!&938-(!34!<&'6!3-!6.9T!
&-=!'.K-.4.<&-(*2!(60!4&<(!(6&(!6.'!M13M3'0=!:0-04.<.&12!B&!M01'3-!4139!O639!60!O&'!0'(1&-K0=!
431!3/01!4./0!20&1'E!K&/0!(60!10*0/&-(!.-'(18<(.3-'!(3!(60!*&O201iEJ!
"$SJ!W"5&+!<5+-,!-3(0!"$>!&(!M&1&J!$SJ!
"$#J!!%%(BA,0C%-<+!<5+-,!-3(0!RC!&(!M&1&J!D"!BhpZq!f80'(.3-!34!(0'(&90-(&12!<&M&<.(2!=30'!-3(!(81-!3-!
(60!M10'0-<0!31!&:'0-<0!34!'8'M.<.38'!<.1<89'(&-<0'JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
B^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!3#$ /,21'$:,3.1',6'$
,-=80!.-4*80-<0!34(0-!&1.'0'!&'!&-!.''80!.-!<&'0'!.-/3*/.-K!(0'(&90-(&12!<&M&<.(2J"$R!
h?60!0''0-<0!34!(60!.=0&!34!8-=80!.-4*80-<0+i!.-!(60!O31='!34!&!*0&=.-K!<3990-(&(31+!
h.'! (6&(! &! <3-4.=0-(.&*! 10*&(.3-'6.M! .'! /.3*&(0=! :2! (60! =39.-&-(! M&1(2! (&\.-K! 8-4&.1!
&=/&-(&K0! 34! (60! '8:'01/.0-(! M&1(2Ji"bC! ?60! h<3-4.=0-(.&*! 10*&(.3-'6.Mi! &(! .''80! .'+!
9310!34(0-!(6&-!-3(+!&!10*&(.3-'6.M!:0(O00-!'M38'0'!31!<*3'0!4&9.*2!909:01'J!,-F
=80F.-4*80-<0! <&'0'! (0-=! (3! :0! '(8=.0'! .-! 4&9.*2! =2-&9.<'J! ,-=80! .-4*80-<0! 34(0-!
&1.'0'!.-!<&'0'!&*'3!.-/3*/.-K!(0'(&90-(&12!<&M&<.(2!:0<&8'0!.-=./.=8&*'!O.(6!=.9.-F
.'60=!<&M&<.(2!&10!(2M.<&**2!/.0O0=!&'!:0.-K!0'M0<.&**2!/8*-01&:*0!(3!'8:(*0!M10''810!
:0.-K!0H01(0=!:2!&!<&10K./01!31!<*3'0!4&9.*2!909:01J"b"!
!
,-=80!.-4*80-<0!.'!9310!(6&-!hp9q010!M01'8&'.3-!31!&=/.<0!4139!&-!.-(010'(0=!M01F
'3-!J!J!JiA!hO6&(!.'!10f8.10=!.'!<301<.3-Ji"b$!h?3!'0(!&'.=0!&!O.**!3-!(60!K138-=!34!8-=80!
.-4*80-<0+i!.-!(60!O31='!34!&!*0&=.-K!c8=K90-(+!h(60!<6&**0-K01!p34!(60!O.**q!98'(!0'F
(&:*.'6!(6&(!(60!.-4*80-<0!O&'!'3!K10&(!&-=!3/01M3O01.-K!(6&(!(60!O.**!104*0<('!(60!.-F
(0-(!34!(60!:0-04.<.&12!&-=!-3(!(60!(0'(&(31Ji"bb!
!
?60!M10<0=.-K!M&1&K1&M6!104*0<('!(60!(1&=.(.3-&*!M3'.(.3-!34!'8<<0''.3-!*&O+!O6.<6!.'!
(6&(! h(60! :81=0-! 34! M1334! 34! 8-=80! .-4*80-<0! J!J!J! .'! &*O&2'! 3-! (60! M&1(2! <6&**0-K.-K!
(60! O.**! (3! M13/0! (6&(! (60! 9.-=! 34! (60! (0'(&(31! O&'! 3/01:31-0! :2! (60! .-4*80-<0! 0HF
01(0=!:2!&-3(601!M01'3-!'8<6!(6&(!(6010!O&'!-3!/3*8-(&12!&MM13/&*!34!(60!<3-(0-('!
34!(60!O.**Ji"bD!L60-!(60!N$00</(T<&,&%<(,.2(!5##%<<$".()#&"bj!<390'!.-(3!431<0+!.(!O.**!
M13/.=0!431!&!<6&-K0!.-!(60!(1&=.(.3-&*!M3'.(.3-!3-!(60!:81=0-!34!M1334J!`0<(.3-!j$!34!
(60!&<(!O.**!'6.4(!(60!:81=0-!34!M1334!.-!(0'(&90-(&12!8-=80F.-4*80-<0!<&'0'!(3!h(60!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"$RJ!!%%!).*(3-!VJ!]100-+!hW1334!34!)0-(&*!Q-<39M0(0-<2!&-=!(60!,-0HM10''0=!)&c31!W109.'0i!B"RDDE!
jb!n&*0!PX!$S"!&(!$RS!p]100-+!hW1334!34!)0-(&*!Q-<39M0(0-<2iq!Bh,-=80!.-4*80-<0!&-=!90-(&*!.-F
<39M0(0-<2!&10!'3!410f80-(*2!&''3<.&(0=!&'!c3.-(!K138-='!431!&((&<\.-K!&!(1&-'&<(.3-+!0'M0<.&**2!
.-!O.**!<3-(0'('+!(6&(!(602!6&/0!:00-!<&**0=!(60!]3*=!V8'(!?O.-'JiEJ!
"bCJ!).*(3-! VJ! ]100-+! hG1&8=+! ,-=80! Q-4*80-<0! &-=! )0-(&*! Q-<39M0(0-<2A! Z! `(8=2! .-! U0*&(0=! 73-F
<0M('i!B"RDbE!Db!73*89J!PJ!U0/J!"S>!&(!"RC!p]100-+!hG1&8=+!,-=80!Q-4*80-<0!&-=!)0-(&*!Q-<39F
M0(0-<2iqJ!
"b"J!!%%!]100-+!hW1334!34!)0-(&*!Q-<39M0(0-<2+i!<5+-,!-3(0!"$R!&(!$RS!Bh)0-(&*!O0&\-0''!9&2!J!J!J!:0!
&-! .9M31(&-(! 0/.=0-(.&12! 4&<(! .-! (60! M1334! 34! 8-=80! .-4*80-<0T! &-=! '390! <381('! 6&/0! 60*=! (6&(!
8-=80! .-4*80-<0! 9&2! :0! &-! 0/.=0-(.&12! 4&<(! .-! M1334! 34! 90-(&*! .-<39M0(0-<2Ji! p433(-3(0! 39.(F
(0=qEJ!
"b$J!)-,5b"+!<5+-,!-3(0!"Cj!&(!M&1&J!"b"J!
"bbJ!B"0%C,.+!<5+-,!-3(0!"$j!&(!M&1&J!jCJ!
"bDJ!V4$2J!&(!M&1&J!D#J!
"bjJ!!5+-,!-3(0!"CJ!
B_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
M&1(2! '00\.-K! (3! =040-=! (60! O.**! 31! (60! M13/.'.3-! 34! .(! (6&(! .'! <6&**0-K0=Ji"b>! ?6.'!
M&1(2!O.**!:0!10f8.10=+!.-!0440<(+!(3!=.'M13/0!8-=80!.-4*80-<0J!`3!(6.'!*0K.'*&(.3-!hO.**!
*0''0-!(60!0/.=0-(.&12!=.44.<8*(.0'!(6&(!*.0!.-!(60!M&(6!34!&!<6&**0-K0!(3!&!O.**!:&'0=!3-!
8-=80!.-4*80-<0!J!J!Ji!&-=!h9&2!*0&=!(3!.-<10&'0=!*.(.K&(.3-!3-!K138-='!34!8-=80!.-4*8F
0-<0J!J!J!Ji"bS!
!
!A#$ 71<<"->$
Z'!-3(0=!&:3/0+!104319!34!(60'0!<3-<0M('!10*&(0=!(3!(0'(&90-(&12!<&M&<.(2!4&**'!38(F
'.=0!(60!'<3M0!34!(6.'!10M31(J!`3!-3-0!34!(60!3M(.3-'!431!104319!=.'<8''0=!.-!(60!M13F
<00=.-K! '0<(.3-'! M13M3'0'! &-2! <6&-K0'! .-! (60! *&O! K3/01-.-K! &-2! 34! (609J! 58(! .(! .'!
.9M31(&-(!(3!:0&1!.-!9.-=!(60!0H.'(0-<0!&-=!3M01&(.3-!34!(60'0!10*&(0=!<3-<0M('!.-!
&''0''.-K! 3M(.3-'! 431! 104319! 34! (0'(&90-(&12! <&M&<.(2J! ?60'0! <3-<0M('! 9&2! &440<(!
63O! 10&=01'! &''0''! (60! 3M(.3-'! 431! 104319! &-=! (60! <399.((00d'! 10<3990-=&(.3-'!
3-!(60!.''80'!431!104319!=.'<8''0=!:0*3OJ!
!
)@'
=00;"0'1$%'!"1$%*'
?60! '0<(.3-'! (6&(! 43**3O! .=0-(.42! .''80'! 431! 104319! (6&(! :0&1! =.10<(*2! 3-! (60! (0'(! 34!
<&M&<.(2!(3!9&\0!&!O.**!&-=!3-!'390!<3**&(01&*!&'M0<('!34!(6&(!(0'(J!?60!4.1'(!.''80!431!
104319! 0H&9.-0'! (60! 93'(! <3-(0-(.38'! &'M0<(! 34! (60! (0'(! 34! (0'(&90-(&12! <&M&<.(2A!
.('!4.H0=F&-=F'M0<.4.<F=0*8'.3-!0*090-(J!?60!-0H(!(O3!.''80'!&10!<3-<01-0=!O.(6!(60!
0*090-('! 34! (60! (0'(! 34! <&M&<.(2! (6&(! 10*&(0! (3! K0-01&*! 8-'38-=-0''! 34! 9.-=J! ?602!
<3-'.=01+!4.1'(+!93=.4.<&(.3-!34!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**+!&-=+!'0<3-=+!*0K.'*&F
(./0!10'(&(090-(!34!(60!<8110-(!(0'(!34!(0'(&90-(&12!<&M&<.(2J!?60!*&'(!(O3!.''80'!431!
104319!<3-'.=010=!.-!(6.'!<6&M(01!=.'<8''!(60!M10'89M(.3-!34!(0'(&90-(&12!<&M&<.(2!
&-=!(60!.=0&!34!8'.-K!*0K.'*&(.3-!(3!M13/.=0!*&O201'+!-3(&1.0'!M8:*.<+!=3<(31'+!&-=!(60!
K0-01&*!M8:*.<!O.(6!=0(&.*0=!K8.=&-<0!3-!&''0''.-K!(0'(&90-(&12!<&M&<.(2J!
!
"#!
5@*837! /@%! 5.%-(+(-;7%385(*'! %3%$%'/! *+! /@%! /%5/! *+! -&.&-(/0! /*! $&D%! &!
<(33!=%!&=6*)&/%7E!
?60!(0'(!34!(0'(&90-(&12!<&M&<.(2!0'(&:*.'60'!(O3!O&2'!.-!O6.<6!&!(0'(&(31!9&2!:0!
438-=!(3!:0!.-<&M&:*0!(3!9&\0!&!O.**J"b#!?0'(&90-(&12!<&M&<.(2!9&2!:0!<39M139.'0=!
.4! (60! (0'(&(31! 0.(601! '84401'! 4139! &! K0-01&*! 8-'38-=-0''! 34! 9.-=! 31! .4! (60! O.**! .-!
f80'(.3-!.'!&!M13=8<(!34!&!4.H0=!&-=!'M0<.4.<!=0*8'.3-!&440<(.-K!(60!(0'(&(31J!e4!(60'0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"b>J!V4$2J+!'J!j$!B.-!431<0!b"!)&1<6!$C"DEJ!
"bSJ!51.(.'6!73*89:.&!P&O!Q-'(.(8(0+!L%+"-&(".(L%#"CC%.2%2(:-,#&$#%<(@"-(N$00<(:-,#&$&$".%-<(L%0,&$.9(
&"(:"&%.&$,0(U.25%(V.@05%.#%\()(I5$2%+!57PQ!U0MJ!-3J!>"!B;&-<38/01A!?60!Q-'(.(8(0+!$C""E!&(!bJ!
"b#J!!%%+!&:3/0+!'0<(.3-!QQQJ5Jb!&(!$>J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
BA'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(O3!O&2'!.-!O6.<6!(0'(&90-(&12!<&M&<.(2!9&2!:0!*3'(+!(60!'M0<.4.<F=0*8'.3-!0*090-(!
6&'!&((1&<(0=!9310!&((0-(.3-!4139!*&O!10431901'J!
!
?60!h0"#5<(#0,<<$#5<!3-!.-'&-0!=0*8'.3-'i"bR!.'!6,.Z<(FJ(I""2@%00">J"DC!73990-(&(31'!
6&/0!10<3K-._0=!(6&(!(6.'!<3-<0M(!.'!.-(.9&(0*2!<3--0<(0=!O.(6!&!-.-0(00-(6F<0-(812!
/.0O!34!(60!9.-=J!G3**3O0=!'(1.<(*2+!(60!<3-<0M(!&'\'!<381('!(3!&<<0M(!(6&(!&!M01'3-!
<38*=! '84401! 4139! &! =0*8'.3-! (6&(! &440<('! 3-*2! 3-0! &'M0<(! 34! &! M01'3-d'! c8=K90-(+!
O6.*0! *0&/.-K! (60! 10'(! 34! (60! M01'3-d'! 90-(&*! 4&<8*(.0'! 8-&440<(0=g(6&(! &! M01'3-!
<38*=! :0! hM&1(.&**2! .-'&-0Ji"D"! )3=01-! M'2<63*3K2! &MM&10-(*2! <&'('! =38:(! 3-! (6.'!
(60312J"D$!58(!.(!.'!(60!*2-<6M.-!34!(60!'M0<.4.<F=0*8'.3-!0*090-(!34!(60!(0'(J!L.(638(!
.(+!(60!0*090-(!.'!'8M014*838'+!&'!(60!(0'(!&*10&=2!&<<38-('!431!K0-01&*!8-'38-=-0''!
34!9.-=J!
!
?60!'M0<.4.<F=0*8'.3-!0*090-(!6&'!&*'3!:00-!<1.(.<._0=!&'!3M0-.-K!&!:&<\=331!O&2!431!
<381('!(3!10/.0O!(0'(&(31'd!0'(&(0!M*&-'+!.-!<3-(1&=.<(.3-!34!(60!9&-2!&8(631.(.0'!(6&(!
63*=! (6&(! 10/.0O.-K! (60! 4&.1-0''! 34! &! O.**! M*&2'! -3! M&1(! .-! =0(019.-&(.3-'! 34! (0'(&F
90-(&12!<&M&<.(2J"Db!71.(.<'!M3.-(!38(!(6&(!*.(.K&-('!10*2.-K!3-!(6.'!<3-<0M(!(0-=!(3!:0!
'8<<0''48*!O60-!(60!O.**!=.'.-601.('!&!'M38'0!31!<6.*=J"DD!?6.'!M&((01-!'8KK0'('!(6&(!
'8<6!<&'0'!.-/3*/0!*0''!34!&-!.-f8.12!.-(3!(60!'(&(0!34!(60!(0'(&(31d'!9.-=!&-=!9310!34!
&-!0/&*8&(.3-!34!(60!<3-(0-('!34!(60!O.**J!`8<6!&-!0/&*8&(.3-!.'!&-!3M0-!.-/.(&(.3-!431!
&! <381(! (3! '8:'(.(8(0! .('! 3O-! c8=K90-(! 431! (6&(! 34! (60! (0'(&(31+! &-=! (3! '(1.\0! =3O-!
O.**'!(6&(!=3!-3(!<3110'M3-=!(3!&!'3<.&**2!&<<0M(&:*0!'(&-=&1=!34!=.'(1.:8(.3-!34!&'F
'0('!(3!<*3'0!4&9.*2!909:01'J"Dj!?3!M8(!.(!&-3(601!O&2+!.(!.'!9310!<3-'.'(0-(!O.(6!&-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"bRJ!Z*:01(![J!e3'(016344+!X"<&%-A"@@(".(N$00<(,.2(!5##%<<$".+!S(6!0=J!B?313-(3A!7&1'O0**+!$C""E!&(!$CbJ!
"DCJ!!5+-,!-3(0!$DJ!
"D"J!!%%!G3K0*+!<5+-,!-3(0!##J!
"D$J!!%%! ).*(3-! VJ! ]100-+! hW1334! 34! )0-(&*! Q-<39M0(0-<2+i! <5+-,! -3(0! "$R! &(! $#C! BhW'2<6.&(1.'('! J!J!J!
O38*=!-3(!&K100!J!J!J!O.(6!(60!O0**F0'(&:*.'60=!*0K&*!=3<(1.-0!34!(60!'3F<&**0=!.-'&-0!=0*8'.3-+!(60!
(60312!(6&(!&!M01'3-!9&2!:0!M0140<(*2!-319&*!0H<0M(!3-!3-0!'8:c0<(!&'!(3!O6.<6!60!0-(01(&.-'!&!
'3F<&**0=!v.-'&-0!=0*8'.3-Jd!iEJ!
"DbJ!!%%+! %J9J+! BA,0C%-<+! <5+-,! -3(0!RC! &(! M&1&J! DR! BhZ! (0'(&(1.H! <&--3(! :0! 438-=! -3(! 34! (0'(&90-(&12!
<&M&<.(2! '.9M*2! :0<&8'0! '60! <633'0'! (3! *0&/0! 601! 0'(&(0! .-! &! 9&--01! (6&(! 9&2! :0! (638K6(! 8-F
\.-=JiET!!A,-++!<5+-,!-3(0!DS!&(!M&1&J!SR!BhZ-!.11&(.3-&*+!8-c8'(!&-=!8-4&.1!O.**!98'(!:0!8M60*=!.4!
(60!(0'(&(31!6&=!(60!<&M&<.(2!(3!9&\0!&!1&(.3-&*+!c8'(!&-=!4&.1!3-0+!:8(!.(!<38*=!-3(!:0!8M60*=!.4!60!
=.=!-3(JiEJ!G31!&!'(&1\!.**8'(1&(.3-!34!(6.'!M3.-(+!<%%(V.(&A%(?,&&%-("@(B0,++%-+!$SR!ZV!$=!SbC+!S"#!
mn`! $=! D>#! B$CC"E! B<381(! 63*=.-K! (6&(! (0'(&(31! 6&=! 90-(&*! <&M&<.(2! (3! 9&\0! &! O.**! (6&(! K&/0!
h"+CCC!*33'0!M0--.0'i!(3!6.'!'3-!&-=!*04(!(60!109&.-=01!34!6.'!0'(&(0!(3!6.'!=&8K6(01EJ!
"DDJ!!%%(G3K0*+!<5+-,!-3(0!##!&(!R#o"CCJ!
"DjJ!!%%($4$2J!&(!"CCoC"!Bh?60!*&O!10K&1=.-K!93-39&-.&!M13/.=0'!&-!0H<0''!34!3MM31(8-.(2!431!4&<(F
4.-=01'!(3!.-'01(!(60.1!3O-!:.&'0'J!Q-=00=+!:2!&'\.-K!4&<(F4.-=01'!(3!=0(019.-0!O6&(!(60!(0'(&(31!
B`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
3*=01+!38(<390F:&'0=!&MM13&<6!(3!90-(&*!<&M&<.(2!(6&-!O.(6!(60!93=01-+!48-<(.3-&*!
&MM13&<6J"D>!
!
Q-! 51.(.'6! 73*89:.&+! (6.'! <1.(.<.'9! 1&.'0'! &-! &==.(.3-&*! <3-<01-J! ?6.'! M13/.-<0! 6&'!
*0K.'*&(.3-!'M0<.4.<&**2!&==10''.-K!=.'.-601.(&-<0!34!'M38'0'!&-=!<6.*=10-J"DS!Z!<39F
93-F*&O!=3<(1.-0!(6&(+!.-!M1&<(.<0+!*&1K0*2!'01/0'!(6&(!M81M3'0!(33!.'!&(!&!9.-.989!
10=8-=&-(!&-=!.'!M3''.:*2!&*'3!&!'381<0!34!:&'0*0''!*.(.K&(.3-J!
!
58(! (6010! =30'! -3(! '009! (3! :0! 98<6! 34! &-! 38(<12! &K&.-'(! (60!'M0<.4.<F=0*8'.3-! 0*0F
90-(!34!(60!(0'(!3(601!(6&-!.-!&<&=09.<!'0((.-K'J!?6.'!.-=.<&(0'!(6&(+!&*(638K6!.(!9&2!
:0!=.44.<8*(!(3!c8'(.42!(6.'!0*090-(!34!(0'(&90-(&12!<&M&<.(2!.-!(60312+!.(!.'!'(.**!&!8'0F
48*! &==.(.3-! (3! (60! *&O! .-! M1&<(.<0J! V0*8'.3-'+! &4(01! &**+! &10! &! <3993-! '29M(39! 34!
=.'0&'0'!&440<(.-K!(60!9.-=+!0/0-!.4!(602!=3!-3(!0H&<(*2!9&\0!(609'0*/0'!9&-.40'(!.-!
(60!O&2!<3-(09M*&(0=!:2!(60!'M0<.4.<F=0*8'.3-!0*090-(!34!(60!(0'(J"D#!Q(!.'!&*'3!-3(0F
O31(62!(6&(+!&MM&10-(*2+!-3!<3993-F*&O!c81.'=.<(.3-!6&'!M&''0=!*0K.'*&(.3-!&:13K&(F
.-K!(6.'!&'M0<(!34!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**J!
!
G81(601+!(60!'M0<.4.<F=0*8'.3-!0*090-(!.'!&MM&10-(*2!&!*0&=.-K!'381<0!34!*.(.K&(.3-!3-!
(0'(&90-(&12! <&M&<.(2J"DR! ?6.'! '8KK0'('! (6&(! *.(.K&(31'! &10! <39431(&:*0! O31\.-K!
O.(6.-! .('! <3-4.-0'J! Z-=! .(! &*'3! '8KK0'('! (6&(! (60! 'M0<.4.<F=0*8'.3-! 0*090-(! 9&2! :0!
10'M3-=.-K!(3!&!-00=!(6&(!-3!3(601!&'M0<(!34!(60!*&O!3-!(0'(&90-(&12!<&M&<.(2g31!
(60!:13&=01!*&O!34!'8<<0''.3-g.'!&:*0!(3!10&<6J"jC!Z:13K&(.-K!(60!'M0<.4.<F=0*8'.3-!
0*090-(!<38*=!*0&/0!(60!*&O!M33101J!
!
Q-! (60312+! .(! '638*=! :0! M3''.:*0! (3! <3-(09M*&(0! 104319'! (6&(! <6&-K0! (60! 'M0<.4.<F
=0*8'.3-! 0*090-(! :8(! =3! -3(! &:13K&(0! .(! 0-(.10*2J! Q-! M1&<(.<0+! <3990-(&(31'! 6&/0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
O38*=! 6&/0! =3-0! &:'0-(! (60! =0*8'.3-+! (60! *&O! &**! :8(! 10f8.10'! (60! 4&<(F4.-=01! (3! '8:'(.(8(0! 6.'!
c8=K90-(!431!(60!(0'(&(31d'JiEJ!
"D>J!!%%+!&:3/0+!'0<(.3-!QQJV!&(!">J!
"DSJ!!%%( N$00<( W,-$,&$".( )#&+! <5+-,! -3(0! #J! !%%( ,0<"( N$00</( T<&,&%<( ,.2( !5##%<<$".( )#&+! <5+-,! -3(0! "C+!
''J!>CoS$!BM13/.'.3-'!3-!/&1.&(.3-!34!O.**'!(6&(!&10!-3(!20(!.-!431<0+!:8(!&10!<3-(09M*&(0=!(3!10F
M*&<0!(60!N$00<(W,-$,&$".()#&EJ!
"D#J!!%%+!&:3/0+!'0<(.3-!QQJ7!&(!"bT!<%%(,0<"!)0.\*0c36-+!<5+-,!-3(0!$b!&(!bDboDD+!-J!"S>J!
"DRJ!!%%(P%%.%'a<(B,.,2$,.(8,>("@(N$00<+!<5+-,!-3(0!"CD!&(!x!$J#!Bh)3'(!&((&<\'!3-!(60!90-(&*!<&M&<.(2!
34!(60!(0'(&(31!&10!34!(O3!\.-='J!?63'0!.-!O6.<6!.(!.'!&**0K0=!(6&(!60!31!'60!'844010=!4139!B&E!'M0F
<.4.<!=0*8'.3-'!(6&(!&440<(0=!(60!=.'M3'.(.3-'!34!(60!O.**T!&-=!B:E!'0-.*0!=090-(.&+!(6&(!.'+!O6010!.(!
.'!&**0K0=!(6&(!6.'!31!601!90-(&*!M3O01'!O010!'3!10=8<0=!:2!&=/&-<0=!3*=!&K0!(6&(!60!31!'60!O&'!
.-<&M&:*0!34!9&\.-K!&!O.**JiEJ!
"jCJ!e4! <381'0+! (6.'! M3.-(! <38*=! <8(! (60! 3(601! O&2A! (60! 4&<(! (6&(! &! *&1K0! M31(.3-! 34! (0'(&90-(&12F
<&M&<.(2!<*&.9'!10*.0'!3-!(60!'M0<.4.<F=0*8'.3-!0*090-(!34!(60!(0'(!<38*=!90&-!(6&(!(6.'!0*090-(!.'!
0-<381&K.-K!(60!M81'8.(!34!=8:.38'!*.(.K&(.3-J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
Ba'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
<3-<*8=0=! (6&(! (6010! .'! *.((*0! *0K.'*&(.3-! <&-! =3! (3! &==10''! <3-<01-'! 1&.'0=! :2! (60!
0*090-(!(6&-!&:13K&(0!.(J"j"!`3!(6.'!.''80!10f8.10'!&-!&**F31F-3(6.-K!&-'O01J!
!
?60!<399.((00!=.'<8''0=!(6.'!.''80!0H(0-'./0*2J!Q(!-3(0=!(6&(!(6.'!0*090-(!34!(60!(0'(!
34!<&M&<.(2!(3!9&\0!&!O.**!.'!O0**!0'(&:*.'60=!.-!(60!<&'0!*&OA!.(!6&'!&!$CCF20&1F3*=!
*.-0! 34! M10<0=0-(! (3! :&<\! .(! 8MJ! ?60! <399.((00! O&'! <3-<01-0=! (6&(! &:13K&(.-K! (6.'!
*.-0!34!&8(631.(2!O38*=!=.*8(0!(60!M13(0<(./0!M81M3'0!34!(60!(0'(!34!(0'(&90-(&12!<&F
M&<.(2J!7&'0'!.-/3*/.-K!4.H0=!&-=!'M0<.4.<!=0*8'.3-'!<3-(.-80!(3!<13M!8M!&**!(60!(.90J!
Q(! .'! -3(! <*0&1! (6&(! &**! 34! (60'0! <&'0'! <38*=! :0! &<<3993=&(0=! O.(6.-! (60! K0-01&*F
8-'38-=-0''F34F9.-=!0*090-(!34!(60!(0'(!34!<&M&<.(2J!Q(!.'!&*'3!8-<*0&1!(6&(!&**!34!(60!
<&'0'!(6&(!<38*=!-3(!:0!'3!&<<3993=&(0=!&10!8-O31(62!34!&!1090=2J!
!
G.-&**2+!.(!'638*=!:0!-3(0=!(6&(!&!'(13-K!9&c31.(2!34!10'M3-=0-('!(3!(60!<3-'8*(&(.3-!
M&M01! &K100=! O.(6! (60! <399.((00d'! (0-(&(./0! 10<3990-=&(.3-! -3(! (3! &:13K&(0! (6.'!
0*090-(!34!(60!<3993-F*&O!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**J!
!
?60!<399.((00!10<3990-='A!
[J(DA%(@$1%2O,.2O<+%#$@$#O2%05<$".(%0%C%.&("@(&A%(&%<&("@(#,+,#$&'(&"(C,Z%(,(>$00(<A"502(
."&(4%(,4-"9,&%2J(
!
2#!
5@*837! &'0!*+!/@%! %3%$%'/5!*+! /%5/!*+! -&.&-(/0!/*! $&D%!&! <(33! 6%3&/(')!/*!
)%'%6&3!8'5*8'7'%55!*+!$('7!=%!$*7(+(%7E!
,-*.\0!(60!'M0<.4.<F=0*8'.3-!0*090-(+!(60!0*090-('!34!(60!(0'(!34!(0'(&90-(&12!<&M&<F
.(2!(6&(!10*&(0!(3!K0-01&*!8-'38-=-0''!34!9.-=!6&/0!-3(!&((1&<(0=!98<6!=.10<(!<1.(.F
<.'9J!?60!:8*\!34!(60!<3990-(&12!3-!(609!=30'!-3(!f80'(.3-!(60.1!'8:'(&-<0J!Q(!.'!
43<8''0=!9310!3-!(60.1!&MM*.<&(.3-!(3!&!'M0<.4.<!'0(!34!4&<('J"j$!
!
m0/01(60*0''+!.(!.'!.9M31(&-(!.-!(6.'!M13c0<(!(3!<3-'.=01!=.10<(*2!(60!0*090-('!34!(60!
(0'(!34!(0'(&90-(&12!<&M&<.(2+!0/0-!(638K6!(6.'!(&'\!9&2!M13/0!(3!:0!=.44.<8*(J!,-*.\0!
(60!3(601!.''80'!431!104319!<3-'.=010=!.-!(6.'!<6&M(01+!(6.'!.''80!6&'!-3(!K0-01&(0=!
&-2! <3-<10(0! 0H&9M*0'! .-! (60! 4319! 34! *0K.'*&(.3-! .-! 3(601! c81.'=.<(.3-'+! *&OF104319!
M13M3'&*'+! 31! '8'(&.-0=! &<&=09.<! <3-'.=01&(.3-! O6.<6! <38*=! '01/0! &'! 93=0*'! 431!
<3-'.=01&(.3-J!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"j"J!!%%!G3K0*+!<5+-,!-3(0!##!&(!"C$!Bh?60!'.(8&(.3-!'638*=!:0!1090=.0=!:2!&!(3(&*!&:13K&(.3-!34!(60!
*&O!34!93-39&-.&!1&(601!(6&-!:2!'9&**!<6&-K0!(3!(60!'(&-=&1='JiEJ!
"j$J!!%%+!%J9J+!B"0%C,.+!<5+-,!-3(0!"$j!&(!M&1&J!bb!Bh?60!K0-01&*!M1.-<.M*0'!&10!-3(!=.44.<8*(!(3!0-8-<.F
&(0T!(60!=.44.<8*(2!.'!(60.1!&MM*.<&(.3-JiEJ!
]E'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
?60!*.9.(0=!<1.(.<&*!<3990-(&12!3-!(60!K0-01&*F8-'38-=-0''F34F9.-=!M31(.3-!34!(60!
(0'(!34!(0'(&90-(&12!<&M&<.(2!6&'!43<8''0=!-3(!3-!<6&-K.-K!(60!0*090-('!34!(60!(0'(!
:8(! 1&(601! 3-! (60! (610'63*=! 34! (0'(&90-(&12! <&M&<.(2J! ?O3! <39M0(.-K! M3*.<2! =.10<F
(.3-'! <&-! :0! =.'<01-0=! 4139! (60'0! <3990-('! 3-! (60! (610'63*=! 34! (0'(&90-(&12! <&F
M&<.(2J!
!
e-0! (6090! (6&(! <13M'! 8M! 3<<&'.3-&**2! .'! (6&(! (60! 0*090-('! 34! (60! (0'(! &10! h(33! *.9F
.(0=Ji"jb!?60'0!*.9.(&(.3-'!<390!(3!*.K6(!O60-!(60!(0'(!6&'!(3!&<<3993=&(0!<39M*0H!
93=01-! -0813'<.0-(.4.<! =&(&! 31! <39M*.<&(0=! 4&9.*2! =2-&9.<'J! h)&-2! <&'0'! 34! <6&*F
*0-K0'!(3!(0'(&90-(&12!<&M&<.(2+i!3-0!&1(.<*0!-3(0'+!h.-/3*/0!<39M*0H!&-=!'8:(*0!.'F
'80'! (6&(! <&**! 431! &! -00=! (3! K3! :023-=! (60! (1&=.(.3-&*! 5&-\'! F<J! ]33=40**3O! <1.(0F
1.&Ji"jD!?60!&8(631'!34!(6.'!&1(.<*0!<&**!431!'8MM*090-(.-K!(60!h(&'\F'M0<.4.<i!B(6&(!.'+!
48-<(.3-&*E!(0'(!34!(0'(&90-(&12!<&M&<.(2!O.(6!&!h'.(8&(.3-F'M0<.4.<i!&-&*2'.'!431!'8<6!
<39M*0H!<&'0'J!?6.'!(O3FM13-K0=!&-&*2'.'!O38*=!&**3O!431!'<&*.-K!8M!(60!(610'63*=!
34! (0'(&90-(&12! <&M&<.(2! 431! 9310! h'01.38'i! =0<.'.3-'J"jj! ?60! &8(631'! 34401! (60! 43*F
*3O.-K!0H&9M*0'!34!h!v'01.38'-0''d!10*&(0=!(3!(0'(&90-(&12!<&M&<.(2iA!
!
B"E! 9&1\0=! h=0M&1(810! 4139! M10/.38'*2! 0HM10''0=! O.'60'! 31! (60! 0H(0-(! (3!
O6.<6!v-319&*d!:0-04.<.&1.0'!&10!0H<*8=0=iT!
B$E! h(60! <3-'0f80-<0'! 34! &! M&1(.<8*&1! =.'M3'.(.3-! 0'M0<.&**2! .-! /012! *&1K0! 0'F
(&(0'iT!
BbE! O.**'!9&=0!h.-!<39M*0H!&-=!<3-4*.<(8&*!0-/.13-90-('Ji"j>!
!
?&\.-K!'8<6!&-!&MM13&<6!O38*=!1031.0-(!51.(.'6!73*89:.&d'!*&O!.-!&!9310!M13(0<(./0!
=.10<(.3-!&-=!O38*=!93/0!.(!<*3'01!(3!(60!M3'.(.3-!(6&(!M10/&.*'!.-!(60!,-.(0=!^.-KF
=39J"jS!
!
58(!.(!.'!&*'3!M3''.:*0!(3!<3-(09M*&(0!104319'!(6&(!O38*=!10*&H!(60!'(&-=&1=!431!9&\F
.-K!&!/&*.=!O.**!:2!'0((.-K!&!*3O01!(610'63*=!34!(0'(&90-(&12!<&M&<.(2J!?6.'!&MM13&<6!
O38*=!09M6&'._0!(60!.9M31(&-<0!34!M1393(.-K!.-=./.=8&*!&8(3-392!&-=!4100=39!(3!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"jbJ!^0--0(6!QJ!`68*9&-+!7&13*0!ZJ!7360-!l!Q&-![8**+!hW'2<6.&(1.<!Q''80'!.-!U0(13'M0<(./0!76&**0-K0'!
34!?0'(&90-(&12!7&M&<.(2i!B$CCjE!$C!Q-(J!XJ!]01.&(1J!W'2<6.&(12!>b!&(!>#J!
"jDJ!V4$2J!&(!>SJ!
"jjJ!V4$2J!&(!>#J!
"j>J!V4$2J(
"jSJ!!%%($4$2J!Bh<&'0!*&O!.-!%-K*&-=!&-=!L&*0'!6&'!'8KK0'(0=!(6&(!(60!9310!'01.38'!(60!=0<.'.3-+!(60!
6.K601!(60!(610'63*=!431!<39M0(0-<0iEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
]F'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
=.'(1.:8(0!M13M01(2!:2!O.**+!K3&*'!(6&(!6&/0!'390!'8MM31(!.-!(60!<&'0!*&OJ"j#!Q(!O38*=!
&*'3!93/0!51.(.'6!73*89:.&d'!M3'.(.3-!3-!(0'(&90-(&12!<&M&<.(2!<*3'01!(3!(6&(!(&\0-!
.-!Z901.<&-!<&'0!*&OJ"jR!
!
?60!<399.((00!O&'!34!(60!/.0O!(6&(!(60!4*0H.:*0!&-=!-8&-<0=!-&(810!34!(6.'!0*090-(!
34!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**!O&'!.9M31(&-(!(3!M10'01/0J!Z*(638K6!*0K.'*&(./0!
<6&-K0!9.K6(!60.K6(0-!(60!*0/0*!34!<01(&.-(2!.-!(60!*&O+!.(!O38*=!6&/0!(3!:0!.-31=.F
-&(0*2! =0(&.*0=! (3! 9&(<6! (60! &:.*.(2! 34! (60! <3993-! *&O! (3! <3/01! /&1.&(.3-'! .-! 4&<(!
M&((01-'!&-=!(3!10'M3-=!(3!0901K.-K!.''80'J!?6.'!M3'.(.3-!O&'!'8MM31(0=!:2!&**!10F
'M3-=0-('!(3!(60!48**!<3-'8*(&(.3-!M&M01J">C!
!
?60!<399.((00!10<3990-='A!
QJ( DA%( 9%.%-,0O5.<"5.2.%<<O"@OC$.2( %0%C%.&( "@( &A%( &%<&( "@( #,+,#$&'( &"( C,Z%( ,( >$00(
<A"502(."&(4%(C"2$@$%2(4'(0%9$<0,&$".J(
!
4#!
5@*837! /@%! -*$$*';3&<! /%5/! *+! -&.&-(/0! /*! $&D%! &! <(33! =%! 6%5/&/%7! ('!
3%)(53&/(*'E!
?60!<399.((00!&*'3!0H&9.-0=!O60(601!&!*0K.'*&(./0!10'(&(090-(!34!(60!(0'(!34!<&M&<F
.(2!(3!9&\0!&!O.**!O38*=!.9M13/0!(60!*&O!.-!51.(.'6!73*89:.&J!
!
?60!1&(.3-&*0!431!10'(&(.-K!(60!(0'(!.-!*0K.'*&(.3-!.'!(6&(!.(!O38*=!9&\0!(60!*&O!9310!
&<<0''.:*0+! M&1(.<8*&1*2! (3! 909:01'! 34! (60! K0-01&*! M8:*.<! O.(638(! *0K&*! (1&.-.-KJ! Q(!
O38*=!&*'3!M1393(0!<01(&.-(2J!Z*(638K6!(60!<&'0!*&O!43<8''0'!3-!&!1&-K0!34!(6100!31!
4381!'8:'(&-(./0!0*090-('+!(60!<381('!6&/0!8'0=!&!O.=0!/&1.0(2!34!M61&'0'!(3!0HM10''!
(60! <3-(0-('! 34! (60'0! 0*090-('J! ?6.'! /&1.0(2! 34! 0HM10''.3-! <&-! :0! '00-! &'! <10&(.-K!
<3-48'.3-J">"!)3/.-K!4139!&!<3993-F*&O!(0'(!(3!&!*0K.'*&(./0!10'(&(090-(!O38*=!-3(!
:0!8-M10<0=0-(0=J!Z!40O!Z901.<&-!c81.'=.<(.3-'!6&/0!10'(&(0=!(60!(0'(!34!(0'(&90-F
(&12!<&M&<.(2J">$!51.(.'6!73*89:.&!6&'!10<0-(*2!3M(0=!431!&!10'(&(090-(!34!(60!(0'(!34!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"j#J!!%%(<5+-,!-3(0!"CSJ!
"jRJ!!%%(<5+-,!-3(0!"C#J!
">CJ!e-!(60!3(601!6&-=+!10'M3-=0-('!(3!(60!'899&12!<3-'8*(&(.3-!=.'&K100=!O.(6!&!(0-(&(./0!10<39F
90-=&(.3-! (6&(! <3/010=! :3(6! 10/.'.-K! &-=! 10'(&(.-K! (60! K0-01&*F8-'38-=-0''F34F9.-=! 0*090-(!
34!(60!(0'(J!
">"J!!%%+! %J9J+! ]100-+! hG1&8=+! ,-=80! Q-4*80-<0! &-=! )0-(&*! Q-<39M0(0-<2+i! <5+-,! -3(0! "bC! &(! "#"!
Bh<381('!&10!.-!63M0*0''!<3-48'.3-!.-!(60.1!/01:&*!43198*&(.3-'!34!(60!'(&-=&1=iEJ!
">$J!!%%!7&*J!W13:J!73=0!x!>"CCJj!BV001.-K!$C"bEJ!!%%(,0<"!]&J!73=0!Z--J!x!jbFDF""!B$C"$E!BM&1(.&*!10F
'(&(090-(g<3/01.-K!4.H0=F&-=F'M0<.4.<F=0*8'.3-!0*090-(!34!(0'(EJ!
]D'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
<&M&<.(2!.-!&!10*&(0=!&10&!34!(60!*&O+!(6&(!K3/01-.-K!(60!9&\.-K!34!0-=81.-K!M3O01'!
34!&((31-02J">b!
!
?60!&=/&-(&K0!34!*0&/.-K!(60!(0'(!(3!(60!<3993-!*&O!.'!(6&(!(6.'!&MM13&<6!.'!K0-01F
&**2!'00-!(3!&**3O!431!K10&(01!4*0H.:.*.(2J!?6.'!'0-'0+!O6.<6!<&-!:0!f8.(0!'(13-K!&93-K!
909:01'!34!(60!*0K&*!<3998-.(2+!63*='!(6&(!*0K.'*&(.3-!6&'!&!(0-=0-<2!(3!'0(!(60!*&O!
.-!'(3-0J!7&'0!*&O!.'!'00-!(3!:0!:0((01!&:*0!(3!10'M3-=!(3!0901K.-K!(10-='!&-=!-0O!
4&<(!M&((01-'J!?6.'!.'!(60!&MM13&<6!.-!(60!/&'(!9&c31.(2!34!<3993-F*&O!c81.'=.<(.3-'!
.-!7&-&=&+!(60!,-.(0=!`(&(0'+!(60!,-.(0=!^.-K=39+!&-=!Z8'(1&*.&J!
!
Q-! (60! <3-'8*(&(.3-+! (6.'! f80'(.3-! K0-01&(0=! &! =./01K0-<0! 34! 3M.-.3-J! Z! '.K-.4.<&-(!
9.-31.(2!34!10'M3-=0-('!4&/3810=!&!*0K.'*&(./0!10'(&(090-(!34!(60!<3993-F*&O!(0'(!
34!<&M&<.(2J!?60'0!10'M3-=0-('!O010!M1.9&1.*2!<3-<01-0=!O.(6!0-6&-<.-K!(60!*&Od'!
&<<0''.:.*.(2!&-=!<*&1.(2J!Q-!(60.1!<3-<01-'+!(602!1&.'0=!&!-89:01!34!/&*.=!M3.-('!&-=!
104*0<(0=!(3!&!'.K-.4.<&-(!=0K100!(60!=.'<8''.3-!(6&(!(60!<399.((00!6&=!&:38(!(6.'!.'F
'80!3/01!'0/01&*!<399.((00!900(.-K'J!58(!&!9&c31.(2!34!<3-'8*(&(.3-!10'M3-=0-('!4&F
/3810=!(60!4*0H.:.*.(2!(6&(!<390'!O.(6!&!<3993-F*&O!(0'(!34!<&M&<.(2J!
!
?60!<399.((00!&MM10<.&(0=!(6&(!'390!:0-04.('!<38*=!4*3O!4139!&!*0K.'*&(./0!10'(&(0F
90-(J!`8<6!*0K.'*&(.3-!<38*=!60*M!(3!0=8<&(0!(60!M8:*.<!3-!(60!*0K&*!B&'!3MM3'0=!(3!
90=.<&*E!<6&1&<(01!34!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**J!Q(!<38*=!&*'3!'01/0!&'!&!104F
010-<0!M3.-(!431!3(601!<3993-F*&O!(0'('!34!<&M&<.(2J!58(+!.-!(60!0-=+!(60!<399.((00!
O&'!-3(!<3-/.-<0=!(6&(!(60!<8110-(!<3993-F*&O!&MM13&<6!O&'!=04.<.0-(J!Q(!O&'!&*'3!
<3-<01-0=!(6&(!*0K.'*&(.3-!O38*=!13:!(60!*&O!34!'390!34!.('!4*0H.:.*.(2J!
!
?60!<399.((00!10<3990-='A!
dJ(DA%(&%<&("@(#,+,#$&'(&"(C,Z%(,(>$00(<A"502(."&(4%(-%<&,&%2($.(0%9$<0,&$".J(
!
9#!
5@*837! 3%)(53&/(*'! -*'/&('! &! .6%58$./(*'! /@&/! &! .%65*'! @&5! /@%! -&.&-(/0!
/*!$&D%!&!<(33E!
L.(6! (6.'! .''80! 431! 104319+! (60! =.'<8''.3-! 93/0'! &O&2! 4139! <3-'.=01.-K! (60! 0*0F
90-('!34!(60!(0'(!34!(0'(&90-(&12!<&M&<.(2!(3!0H&9.-.-K!(63'0!&10&'!34!(60!*&O!(6&(!
9&2!'8MM31(!(0'(&90-(&12!<&M&<.(2J!
!
Q(!.'!<3993-!431!*0K.'*&(.3-!(6&(!<3-(&.-'!&!(0'(!34!<&M&<.(2!(3!.-<*8=0!&!M13/.'.3-!0'F
(&:*.'6.-K!(6&(!&!M01'3-!.'!M10'890=!(3!6&/0!<&M&<.(2!431!(60!M81M3'0'!34!(60!'8:c0<(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
">bJ!!%%(:">%-("@()&&"-.%'()#&+!<5+-,!-3(0!$+!'J!"$J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
]B'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
">D
9&((01! 34! (60! *0K.'*&(.3-J ! ?60! M10'89M(.3-! 10f8.10'! (63'0! O63! <6&**0-K0! &! M01F
'3-d'! <&M&<.(2! (3! M13/.=0! 0/.=0-<0! (3! '8MM31(! (60.1! M3'.(.3-J! P0K.'*&(./0! M10'89MF
(.3-'! &10! (2M.<&**2! <38M*0=! O.(6! &! 481(601! '(&(090-(! =0<*&1.-K! (6&(! <01(&.-! (2M0'! 34!
0/.=0-<0!B8'8&**2!0/.=0-<0!(6&(!43<8''0'!3-!(60!M01'3-d'!hO&2!34!<3998-.<&(.-KiE!.'!
-3(! '844.<.0-(! 431! M13/.-K! (6&(! (60! M01'3-! *&<\'! 90-(&*! <&M&<.(2J">j ! ?60! M81M3'0! 34!
(60'0!*0K.'*&(./0!M13/.'.3-'!.'!(3!<38-(01!'(0103(2M0'!&:38(!M03M*0!O63!'84401!4139!
90-(&*! .**-0''0'! 31! =.'&:.*.(.0'J! ?602! &*'3! 0-'810! (6&(! &-2! M13<00=.-K! (&\0'! &! 48-<F
(.3-&*!&MM13&<6!(3!90-(&*!<&M&<.(2+!1&(601!(6&-!&!'(&(8'!&MM13&<6+!:2!43<8''.-K!(60!
.-f8.12!3-!0/.=0-<0!34!.-<&M&<.(2!(3!9&\0!=0<.'.3-'!10'M0<(.-K!(60!'8:c0<(!9&((01!34!
(60!'(&(8(0+!1&(601!(6&-!3-!(60!M01'3-d'!90-(&*!.**-0''!31!=.'&:.*.(2J!
!
Z'!=.'<8''0=!0&1*.01+">>!(60!<3993-!*&O!3-!(0'(&90-(&12!<&M&<.(2!6&'!=0/0*3M0=!.('!
3O-!M10'89M(.3-!34!<&M&<.(2J!?6.'!M10'89M(.3-!34!<&M&<.(2!=.4401'!4139!(60!(2M.<&*!
*0K.'*&(./0!M10'89M(.3-J!?60!<3993-!*&O!&((&<60'!'390!<3-=.(.3-'!(3!(60!3M01&(.3-!
34! .('! M10'89M(.3-J! ?60! O.**! &(! .''80! 98'(! :0! 4319&**2! /&*.=! &-=! (60! (0'(&(31! 98'(!
6&/0! \-3O-! &-=! &MM13/0=! 34! .('! <3-(0-('! B&-=+! M3''.:*2+! (60! O.**! 98'(! &*'3! :0! 1&F
(.3-&*!3-!.('!4&<0EJ!Q-!&==.(.3-+!(60!M10'89M(.3-!.'!.-0440<(./0!.4!(60!O.**!O&'!0H0<8(0=!
.-!'8'M.<.38'!<.1<89'(&-<0'J!
!
?60!<3993-F*&O!M10'89M(.3-!.'!9310!<39M*0H!(6&-!&!(2M.<&*!*0K.'*&(./0!M10'89MF
(.3-J!Q(!&*'3!=30'!-3(!9&\0!&'!<*0&1!&!'(&(090-(!&K&.-'(!'(0103(2M.<&*!/.0O'!34!.-=.F
/.=8&*'!O.(6!90-(&*!.**-0''0'!31!=.'&:.*.(.0'J!
!
58(!(60!<3993-F*&O!M10'89M(.3-!9&2!:0!9310!.-!(8-0!O.(6!(60!10&*.(.0'!34!0'(&(0!
*.(.K&(.3-J!?60!43<8'!34!0'(&(0!*.(.K&(.3-!.'!3-!&!O.**J!?6010!.'!*0''!-00=!431!&!M13/.'.3-!
10*&(.-K!(3!(60!(0'(&(31d'!O&2!34!<3998-.<&(.-K+!'.-<0!O.**'!98'(!:0!.-!O1.(.-K!&-=!
(60! (0'(&(31! O.**! -3(! :0! K./.-K! 0/.=0-<0! .-! (60! M13<00=.-KJ! ]./0-! (60! 10(13'M0<(./0!
-&(810!34!(60!.-f8.12!.-(3!(0'(&90-(&12!<&M&<.(2+!O6.<6!34(0-!10f8.10'!&!<381(!(3!*33\!
:&<\! '0/01&*! 20&1'! .-(3! (60! M&'(+! &==.(.3-&*! M13(0<(./0! 90&'810'+! '8<6! &'! (63'0! .9F
M3'0=!8-=01!(60!<3-<0M(!34!'8'M.<.38'!<.1<89'(&-<0'+!9&2!&*'3!:0!-0<0''&12!431!0'F
(&(0!*.(.K&(.3-J!
!
?60!<399.((00!:0*.0/0'!(6&(!(6010!.'!&-!3MM31(8-.(2!431!*0K.'*&(.3-!(3!:1.-K!(60!M10F
'89M(.3-! 34! <&M&<.(2! (3! 9&\0! &! O.**! .-(3! *.-0! O.(6! '.9.*&1! *0K.'*&(./0! M10'89M(.3-'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
">DJ!!%%+!%J9J+!:">%-("@()&&"-.%'()#&+!$4$2J+!'J!""!B"EJ!
">jJ!!%%+!%J9J+!:">%-("@()&&"-.%'()#&+!$4$2J+!'J!""!B$E!Bhp&q-!&=8*(d'!O&2!34!<3998-.<&(.-K!O.(6!3(601'!.'!
-3(!K138-='!431!=0<.=.-K!(6&(!(60!&=8*(!.'!.-<&M&:*0!J!J!JiEJ!
">>J!!%%+!&:3/0+!'0<(.3-!QQQJ5JS!B=E!&(!bDJ!
]]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
">S
431! 0-=81.-K! M3O01'! 34! &((31-02 ! &-=! 10M10'0-(&(.3-! &K10090-('J">#! ?6.'! 104319!
O38*=!&**3O!431!<3-'.'(0-(!=0/0*3M90-(!34!(60!*&O!&<13''!(60!(6100!9&c31!M01'3-&*F
M*&--.-K!=3<890-('J!`8<6!=0/0*3M90-(!<38*=!:0!&!:33-!:3(6!431!(60!K0-01&*!M8:*.<!
&-=!431!(60!*0K&*!&-=!-3(&1.&*!M1340''.3-'+!&'!.(!O38*=!9&\0!(60!*&O!9310!&<<0''.:*0+!
<01(&.-+! &-=! M10=.<&:*0J! Z-=! .(! '638*=! :0! -3(0=! (6&(! &! (0-(&(./0! 10<3990-=&(.3-!
M13M3'.-K!(6.'!104319!.-!(60!<3-'8*(&(.3-!M&M01!<399&-=0=!(60!'8MM31(!34!&!'(13-K!
9&c31.(2!34!10'M3-=0-('J!
!
`.9.*&1! (3! (60! M10'89M(.3-'! 431! 0-=81.-K! M3O01'! 34! &((31-02! &-=! 10M10'0-(&(.3-!
&K10090-('+!(60!M13M3'0=!M10'89M(.3-!34!<&M&<.(2!(3!9&\0!&!O.**!&44.19'!(6&(!&!M01F
'3-d'! O&2! 34! <3998-.<&(.-K! .'! -3(! K138-='! 431! =0(019.-.-K! (6&(! (60! M01'3-! *&<\'!
(0'(&90-(&12!<&M&<.(2J!?6.'!M3.-(!.'!-3(!<*0&1*2!9&=0!.-!(60!<3993-F*&O!M10'89MF
(.3-J!Q('!&44.19&(.3-!.-!*0K.'*&(.3-!9&2!60*M!(3!<39:&(!'(0103(2M0'!&:38(!(60!<&M&<.(2!
34!M03M*0!O.(6!=.'&:.*.(.0'J!
!
?60! M13M3'0=! *0K.'*&(./0! M10'89M(.3-! *&2'! *0''! '(10''! (6&-! (60! <3993-F*&O! M10F
'89M(.3-! 3-! =80! 0H0<8(.3-! 34! &! O.**J! ?6.'! &MM13&<6! .'! .-! *.-0! O.(6! &! =0/0*3M90-(!
(6&(!O.**!:0!8'6010=!.-!O.(6!(60!.9M*090-(&(.3-!34!(60!N$00</(T<&,&%<(,.2(!5##%<<$".(
)#&J">R!e-<0!(6.'!&<(!.'!.-!431<0+!.(!O.**!09M3O01!&!c8'(.<0!34!(60!51.(.'6!73*89:.&!`8F
M1090!7381(!(3!&=9.(!(3!M13:&(0!&!O.**!(6&(!.'!-3(!.-!<39M*.&-<0!O.(6!(60!&<(d'!0H0<8F
(.3-!10f8.1090-('J"SC!?6.'!=0/0*3M90-(!O.**!:0!8-M10<0=0-(0=!.-!51.(.'6!73*89:.&J!
?&\.-K!&!<&8(.38'!&MM13&<6+!(60!<399.((00d'!M13M3'&*!O38*=!-3(!0H(0-=!(60!*0K.'*&F
(./0!M10'89M(.3-!34!<&M&<.(2!(3!O.**'!&=9.((0=!(3!M13:&(0!8-=01!(6.'!M13/.'.3-J!50F
<&8'0!(6.'!M13/.'.3-!6&'!20(!(3!:0!&MM*.0=!.-!M1&<(.<0+!.(!.'!8-<*0&1!63O!&!*0K.'*&(./0!
M10'89M(.3-! 34! <&M&<.(2! <38*=! &440<(! .('! 3M01&(.3-J! Q(! O38*=! :0! =0'.1&:*0! (3! 10/.'.(!
(6.'!=0<.'.3-!&4(01!(60!N$00</(T<&,&%<(,.2(!5##%<<$".()#&!6&'!:00-!:138K6(!.-(3!431<0!
&-=!(60!<381('!6&/0!6&=!&-!3MM31(8-.(2!(3!&MM*2!.('!M13/.'.3-'J!
!
?60! <399.((00d'! (0-(&(./0! 10<3990-=&(.3-! 8'0'! (60! (019! >$00OC,Z%-! 1&(601! (6&-!
,250&!.-!/.0O!34!(60!4&<(!(6&(!(60!N$00</(T<&,&%<(,.2(!5##%<<$".()#&!O.**!&**3O!M03M*0!
'.H(00-!20&1'!34!&K0!&-=!3*=01!(3!9&\0!&!O.**J"S"!`.-<0!(6.'!&K0!10f8.1090-(!&**3O'!&!
M01'3-!O63!6&'!-3(!10&<60=!(60!&K0!34!9&c31.(2!(3!9&\0!&!/&*.=!O.**+!.(!O38*=!-3(!:0!
&MM13M1.&(0! (3! 43**3O! (60! 8'&K0! 34! (60! :">%-( "@( )&&"-.%'( )#&! &-=! L%+-%<%.&,&$".(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
">SJ!!%%(:">%-("@()&&"-.%'()#&+!<5+-,!-3(0!$+!'J!""J!
">#J!!%%(L%+-%<%.&,&$".()9-%%C%.&()#&+!U`57!"RR>+!<J!DCj+!'J!bJ!
">RJ!!5+-,!-3(0!"C!B.-!431<0!b"!)&1<6!$C"DEJ!
"SCJ!!%%($4$2J+!'J!j#!B.-!431<0!b"!)&1<6!$C"DEJ!
"S"J!!%%($4$2J+!'J!b>!B.-!431<0!b"!)&1<6!$C"DEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
]^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)9-%%C%.&()#&!M10'89M(.3-'!34!<&M&<.(2!&-=!10'(1.<(!(60!&MM*.<&(.3-!34!(60!M13/.'.3-!
(3!&=8*('J!
!
?60!<399.((00!10<3990-='A!
_J( 6-$&$<A( B"05C4$,( <A"502( %.,#&( 0%9$<0,&$".( &"( +-"F$2%( &A,&\( *,;( 5.&$0( &A%( #".&-,-'( $<(
2%C".<&-,&%2/(%F%-'(>$00OC,Z%-($<(+-%<5C%2(&"(4%(#,+,40%("@(C,Z$.9/(#A,.9$.9/("-(-%O
F"Z$.9(,(>$00`(*4;(&A%(+-%<5C+&$".($.(+,-,9-,+A(*,;(2"%<(."&(,++0'(&"(,(-%#"-2(&A,&($<(
&A%(<54b%#&("@(,.("-2%-(5.2%-(<%#&$".(e^("@(&A%(N$00</(T<&,&%<(,.2(!5##%<<$".()#&`(*#;(,(
>$00OC,Z%-a<(>,'("@(#"CC5.$#,&$.9(>$&A("&A%-<($<(."&(9-"5.2<(@"-(2%#$2$.9(&A,&(A%("-(
<A%($<($.#,+,40%("@(C,Z$.9/(#A,.9$.9/("-(-%F"Z$.9(,(>$00J(
!
:#!
5@*837! 3%)(53&/(*'! .6*>(7%! $*6%! )8(7&'-%! *'! @*<! /*! &55%55! -&.&-(/0! /*!
$&D%!&!<(33E!
?6.'!.''80!<3-<01-'!O60(601!*0K.'*&(.3-!<&-!:0!8'0=!(3!&''.'(!*&O201'+!-3(&1.0'!M8:F
*.<+!&-=!(60!K0-01&*!M8:*.<!.-!8-=01'(&-=.-K!63O!(3!&MM*2!(60!(0'(!34!<&M&<.(2J!
!
e-0!34!(60!.9M31(&-(!<6&**0-K0'!4&<.-K!<381('!=0<.=.-K!<&'0'!3-!(0'(&90-(&12!<&M&<F
.(2!.'!(60!O0.K6(!(3!:0!K./0-!(3!90=.<&*!0/.=0-<0!3-!&MM*2.-K!(60!*0K&*!(0'(!34!<&M&<F
.(2J!Z-!8-=01'(&-=.-K!34!(6.'!(2M0!34!0/.=0-<0!.'!&*'3!/012!.9M31(&-(!431!*0K&*!&=/.F
'31'!.-!<&112.-K!38(!(60.1!3:*.K&(.3-'!(3!(0'(&(31'!O63!9&2!6&/0!=.9.-.'60=!<&M&<.(2J!
!
`390! c81.'=.<(.3-'! 38('.=0! 51.(.'6! 73*89:.&! 6&/0! &((09M(0=! (3! '8MM*090-(! (60!
<3993-F*&O! (0'(! 34! <&M&<.(2! O.(6! 9310! =0(&.*! 3-! (60! 90=.<&*! <&8'0'! 34! .-<&M&<.(2J!
7&*.431-.&!.'!-3(0O31(62!.-!(6.'!&10&J!Q-!"RRj+!7&*.431-.&!0-&<(0=!=0(&.*0=!M13/.'.3-'!
&'!M&1(!34!.('!M13:&(0!<3=0!3-!(60!(2M0'!34!90=.<&*!0/.=0-<0!(6&(!.'!10*0/&-(!(3!&!=0<.F
'.3-!3-!&!M01'3-d'!90-(&*!<&M&<.(2J"S$!?6.'!*0K.'*&(.3-!*.'('!&!-89:01!34!h=04.<.('i!.-!
h90-(&*! 48-<(.3-'Ji"Sb! Z! 4.-=.-K! (6&(! &! M01'3-! *&<\'! (60! <&M&<.(2! (3! 9&\0! &! 'M0<.4.<!
=0<.'.3-!31!<&112!38(!&!'M0<.4.<!&<(!10f8.10'!0/.=0-<0!(6&(!(60!M01'3-!'84401'!4139!&!
*.'(0=! =04.<.(! &-=! h0/.=0-<0! 34! &! <3110*&(.3-! :0(O00-! (60! =04.<.(! 31! =04.<.('! &-=! (60!
=0<.'.3-!31!&<(!.-!f80'(.3-Ji"SD !
!
?6.'! (2M0! 34! *0K.'*&(.3-! 6&'! '0/01&*! &=/&-(&K0'J! Q(! .'! 9310! 0HM*.<.(! 3-! (60! <&8'0! 34!
90-(&*!.-<&M&<.(2!(6&-!(60!<&'0!*&OJ!Q(!<*0&1*2!'0('!38(!.''80'!Bh=04.<.('iE!431!*0K&*!&=F
/.'31'!(3!.-/0'(.K&(0J!?6.'!<39:.-&(.3-!34!0HM*.<.(!43<8'!3-!90=.<&*!.''80'!&-=!<*&1.(2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"S$J!!%%!7&*J!W13:J!73=0!xx!#"Co"b!BV001.-K!$C"bEJ!!%%+!:0*3O+!&MM0-=.H!7!&(!$bR!B(0H(!34!(6.'!*0K.'*&F
(.3-EJ$
"SbJ!7&*J!W13:J!73=0!x!#""!B&E!BV001.-K!$C"bEJ!
"SDJ!7&*J!W13:J!73=0!x!#""!B&E!BV001.-K!$C"bEJ!
]_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
M13/.=0'!'3*.=!K8.=&-<0!431!*0K&*!&=/.'31'!&-=!9&\0'!(60!*&O!9310!3M0-!&-=!&<<0'F
'.:*0!431!(60!K0-01&*!M8:*.<J!
!
58(!(6010!&10!=.'&=/&-(&K0'!(3!(60!7&*.431-.&!&MM13&<6J!Q(!.'!*.&:*0!(3!6&/0!(60!0440<(!
34! 9&\.-K! (60! *&O! 9310! <39M*0HJ! ?6.'! <39M*0H.(2! .'! *0''! *.\0*2! (3! '63O! 8M! 3-! (60!
M&K0!&-=!9310!*.\0*2!(3!6&/0!&-!.9M&<(!O60-!(60!(0'(!34!(0'(&90-(&12!<&M&<.(2!.'!&<F
(8&**2!&MM*.0=J!Q(!M8**'!(60!*&O!&O&2!4139!(60!3*=01!.=0&*!34!&!<3993-F'0-'0!(0'(!(6&(!
<&-!:0!0&'.*2!&MM*.0=!:2!*&2M01'3-'"Sj!&-=!9310!(3O&1=!&!(0'(!(6&(!=09&-='!90=.<&*!
0/.=0-<0!&-=!c8=K90-(J!Z-3(601!<3-<01-!.'!(6&(!*0K.'*&(.3-!9&2!*3<\!.-!(60!<8110-(!
'(&(0!34!90=.<&*!\-3O*0=K0!&-=+!&'!&!10'8*(+!(60!*&O!O.**!4&.*!(3!\00M!M&<0!O.(6!48(810!
=0/0*3M90-('J!`390!0HM01('!:0*.0/0!(6&(!-0813'<.0-<0+!.-!M&1(.<8*&1+!.'!3-!(60!<8'M!
34!9&c31!=.'<3/01.0'!3-!90-(&*!48-<(.3-.-K!&-=!689&-!:06&/.381J"S>!
!
?60!<399.((00!&<<0M(0=!(6&(!(6010!.'!&!-00=!431!9310!.-4319&(.3-!3-!(60!(0'(!34!<&F
M&<.(2!(3!9&\0!&!O.**!B&-=!(60!3(601!<3993-F*&O!(0'('!34!<&M&<.(2E+!:8(!.(!O&'!-3(!
<3-/.-<0=!(6&(!*0K.'*&(.3-!.'!(60!:0'(!/06.<*0!431!M13/.=.-K!(6.'!.-4319&(.3-J!?60!=&-F
K01!.'!(6&(!(60!*0K.'*&(.3-!O38*=!0-=!8M!:0.-K!(33!=0(&.*0=!31!3M0-F0-=0=J!?60!<39F
9.((00!O&'!&*'3!34!(60!/.0O!(6&(!(60!<3993-!*&O!O&'!:0((01!M3'.(.3-0=!(6&-!*0K.'*&F
(.3-! (3! &''.9.*&(0! =0/0*3M90-('! .-! -0813'<.0-<0J! ?60! /&'(! 9&c31.(2! 34! 10'M3-=0-('!
(3!(60!<3-'8*(&(.3-!M&M01!&K100=!O.(6!(60!<399.((00d'!(0-(&(./0!10<3990-=&(.3-J!
!
?60!<399.((00!10<3990-='A!
eJ( 6-$&$<A( B"05C4$,( <A"502( ."&( %.,#&( 0%9$<0,&$".( $.&%.2%2( &"( 9$F%( 95$2,.#%( ".( A">( &"(
,<<%<<(#,+,#$&'(&"(C,Z%(,(>$00J(
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"SjJ!!%%( !A,-++! <5+-,! -3(0! DS! &(! M&1&J! SS! B<6&1&<(01._.-K! -.-0(00-(6F<0-(812! c8=K90-(! &'! '63O.-K!
h(6&(!(60!&938-(!&-=!f8&-(.(2!34!.-(0**0<(!O6.<6!.'!10f8.'.(0!(3!<3-'(.(8(0!(0'(&90-(&12!<&M&<.(2!
.'!09.-0-(*2!&!M1&<(.<&*!f80'(.3-!(6&(!=30'!-3(!=0M0-=!'3*0*2!3-!'<.0-(.4.<!31!*0K&*!=04.-.(.3-iEJ!
"S>J!!%%!K%5-"<#$%.#%(,.2(&A%(8,>+!<5+-,!-3(0!>R!&(!/J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
]A'
'
P!5L/'!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!' =T@' O=,,C' LK!' =GP=T=PS5,C' OWK' ,5)N'
/JC/5>JG/5!U')565)=/U'
5@' =(&%$7;2&3$('
?6.'! <6&M(01! &-=! (60! -0H(! 3-0! &10! <3-<01-0=! O.(6! (60! .9M*.<&(.3-'! (6&(! 4*3O! 4139!
(60!10<3990-=&(.3-'!<3-(&.-0=!.-!(60!M10/.38'!<6&M(01J!e-0!34!(60!.9M*.<&(.3-'!34!
&44.19.-K! &! (0'(! 34! <&M&<.(2! (3! 9&\0! &! O.**! .'! (6&(! '390! M03M*0! O.**! 4&.*! (3! 900(! (60!
'(&-=&1=!'0(!:2!(6&(!(0'(!34!<&M&<.(2J!Z'!&!10'8*(+!(60'0!M03M*0!<&--3(!9&\0!&!O.**g31!
<6&-K0!31!10/3\0!&-!0H.'(.-K!O.**g0/0-!.-!<.1<89'(&-<0'!.-!O6.<6!(60.1!0'(&(0!M*&-!
B31! *&<\! 34! .(E! 9&2! <&8'0! (609! &-=! (60.1! 4&9.*.0'! 6&1='6.MJ! 51.(.'6! 73*89:.&! 6&'!
0-&<(0=!*0K.'*&(.3-!(6&(!K./0'!'390!'8MM31(!(3!M03M*0!O.(6!=.9.-.'60=!<&M&<.(2!O63!
9&2! -00=! (3! 9&\0! =0<.'.3-'! 31! <&112! 38(! <01(&.-! (1&-'&<(.3-'! :2! <3-(1&<(! 31! $.&%-(
F$F"<! K.4(! 0/0-! (638K6! (602! 4&.*! (3! 900(! (60! (0'('! 34! <&M&<.(2! 431! (63'0! =0<.'.3-'! 31!
(1&-'&<(.3-'J"SS! 58(! 51.(.'6! 73*89:.&! 6&'! -3(! =3-0! O6&(! 3(601! c81.'=.<(.3-'! 6&/0A!
0-&<(.-K!*0K.'*&(.3-!(3!<10&(0!&!M13<0''!431!&!M01'3-!O63!*&<\'!(0'(&90-(&12!<&M&<.(2!
(3!9&\0!&!/&*.=!O.**J!?6.'!<6&M(01!0H&9.-0'!O60(601!51.(.'6!73*89:.&!'638*=!0-&<(!
'8<6!*0K.'*&(.3-J!
!
G31!(60!'&\0!34!0<3-392!34!*&-K8&K0+!(6.'!<6&M(01!43**3O'!0'(&:*.'60=!<3-/0-(.3-'!.-!
*0K&*!O1.(.-K!.-!(6.'!&10&!&-=!10401'!(3!&!M01'3-!O63!*&<\'!(0'(&90-(&12!<&M&<.(2!&'!:!
&-=!(3!(60!O.**!(6&(!.'!9&=0!431!W!&'!&!10'8*(!34!(60!'8MM31(./0!M13<0''!&'!&!<&,&5&"-'(
>$00J!
!
Z(!(60!38('0(!.(!'638*=!:0!3:'01/0=!(6&(!&-2!'(&(8(312FO.**!M13<0=810!10f8.10'!9310!
(6&-! c8'(! &! *0K.'*&(./0! 41&90O31\! .4! .(! .'! (3! 48-<(.3-! .-! (60! 10&*! O31*=J! )&\.-K! 31!
109&\.-K!&-!0'(&(0!M*&-!431!&!M01'3-!O63!*&<\'!(0'(&90-(&12!<&M&<.(2!h<3-401p'q!&-!
&O0'390! 10'M3-'.:.*.(2i! 3-! (60! <381(! 31! 3(601! =0<.'.3-F9&\01+! O6.<6! 98'(! '.4(!
(6138K6! &! /&'(! &11&2! 34! 90=.<&*+! 4.-&-<.&*+! &-=! :.3K1&M6.<&*! 0/.=0-<0! &:38(! (60!
M01'3-! .4! .(! .'! (3! 0-'810! (6&(! .('! h=0<.'.3-! .'! -3(! &-! &1:.(1&12! 3-0Ji"S#! ?60! M13M01!
6390!431!18*0'!K3/01-.-K!(60!M13=8<(.3-!34!(6.'!0/.=0-<0+!&'!O0**!&'!18*0'!10*&(.-K!(3!
(60! K./.-K! 34! -3(.<0'! &-=! (60! M&1(.<.M&(.3-! 34! W+! 9&2! :0! (60! 18*0'! 34! <381(! B31!
10K8*&(.3-'EJ! Q-! &==.(.3-+! (60! 0HM01.0-<0! 34! (60! (O3! <3993-F*&O! c81.'=.<(.3-'! (6&(!
6&/0!09:1&<0=!(60!'(&(8(312FO.**!<3-<0M(!O.(6!(60!6.K60'(!=0K100!34!'3M6.'(.<&(.3-!
B(60!,-.(0=!^.-K=39!&-=!Z8'(1&*.&E!'63O'!(6&(!'(&(8(312FO.**!<&'0'!=09&-=!&!/012!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"SSJ!!%%+!%J9J+!)250&(I5,-2$,.<A$+()#&+!<5+-,!-3(0!j+!'J!"S!BK.4('!:2!M13M01(2!K8&1=.&-'g-3(!.-!431<0ET!
:">%-("@()&&"-.%'()#&+!<5+-,!-3(0!$+!'J!$C!BK.4('!:2!&((31-02'EJ!
"S#J!)&1(.-!?0110**!l!51.&-!5&<3-+!h`(&(8(312!L.**'i!6,#Z(&"(6,<$#<!Bm3/09:01!$C"CE+!3-*.-0A!?639F
'3-!`-0**!l!W&''9310!t6((MANNOOOJ('FMJ<3J8\Nu!&(!$J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
]a'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
4.-0FK1&.-0=! 4319! 34! =0<.'.3-F9&\.-KJ! P0K.'*&(.3-! <&-! K3! 3-*2! '3! 4&1! .-! K./.-K!
=0<.'.3-F9&\01'!=.10<(.3-!3-!63O!(3!=0<.=0!&!'M0<.4.<!'(&(8(312FO.**!<&'0J!Q-/&1.&:*2+!
(60! <381('! B31! 3(601! =0<.'.3-F9&\01'E! &10! <&**0=! 3-! (3! 4.**! .-! K&M'! &-=! 43198*&(0!
9310!=0(&.*0=!M1.-<.M*0'!(3!K8.=0!'8:'0f80-(!&MM*.<&(.3-'J!
!
L6.*0!(6.'!<6&M(01!.-<*8=0'!'390!=.'<8''.3-!34!18*0'!&-=!*0&=.-K!<&'0'+"SR!.('!43<8'!.'!
3-!M3(0-(.&*!*0K.'*&(./0!M13/.'.3-'J!Z-=!(63'0!M13/.'.3-'!&10!41&90=!.-!4&.1*2!:13&=!
(019'J!?60!09M6&'.'!.-!(60!.''80'!431!104319!=.'<8''0=!*&(01!.-!(6.'!<6&M(01"#C!.'!3-!
:.KFM.<(810!f80'(.3-'+!'8<6!&'!O60(601!&!'(&(8(312FO.**!'2'(09!.'!=0'.1&:*0!.-!51.(.'6!
73*89:.&+!O63!31!O6&(!.-'(.(8(.3-!'638*=!:0!.-!<6&1K0!34!&=9.-.'(01.-K!.(+!(3!O639!
'638*=!.(!:0!&MM*.<&:*0+!O63!'638*=!6&/0!&<<0''!(3!.(+!3-!O6&(!:&'.'!'638*=!=0<.'.3-'!
:0! 9&=0! 8-=01! .(+! &-=! 63O! '638*=! .(! 10*&(0! (3! 3(601! '(&(8(0'J! 58(! :04310! K0((.-K! (3!
(63'0! f80'(.3-'+! (6.'! <6&M(01! '0('! 38(! '390! :&<\K138-=! .-4319&(.3-! 3-! '(&(8(312F
O.**!*0K.'*&(.3-!&*10&=2!.-!431<0!.-!3(601!c81.'=.<(.3-'J!
!
9@' 9-2Z[%$;(7'
"#!
8'(/%7!D(')7*$!3%)(53&/(*'!
!"#$ 4',)".$F'".)&$B6)$GHIH$J$4',)".$F'".)&$B6)$GHKL$
?60! ,-.(0=! ^.-K=39! O&'! (60! 4.1'(! <3993-F*&O! c81.'=.<(.3-! (3! 0-&<(! '(&(8(312FO.**!
*0K.'*&(.3-J! ?60! 0-&:*.-K! *0K.'*&(.3-! O&'! 0-&<(0=! .-! "R>R+"#" ! &'! &-! &90-=90-(! (3!
O6&(! 9.K6(! :0! =0'<1.:0=! &'! (60! ,-.(0=! ^.-K=39d'! &*10&=2F0H.'(.-K! &=8*(F
K8&1=.&-'6.M!*0K.'*&(.3-+!(60!?%.&,0(3%,0&A()#&([]e]J"#$!?60!'(&(8(312FO.**!M13/.'.3-!
O&'!<3-4.190=!.-!'8:'(&-(.&**2!(60!'&90!4319!&'!31.K.-&**2!0-&<(0=!O60-!(60!,-.(0=!
^.-K=39!10/.'0=!.('!90-(&*F60&*(6!*0K.'*&(.3-!.-!(60!0&1*2!"R#C'J"#b!
!
?6.'!<6&M(01!O.**!-3(!=O0**!3-!(60!90<6&-.<'!34!(60!'(&(8(312FO.**!M13<0=810!.-!(60!
?%.&,0(3%,0&A()#&([]^d+!:0<&8'0!(6&(!&<(!6&'!:00-!O63**2!3/01(&\0-!:2!-0O!*0K.'*&F
(.3-+!O6.<6!.'!(60!'8:c0<(!34!(60!-0H(!'0<(.3-J!58(!(60!*0K.'*&(.3-!O&'!.-!431<0!.-!%-KF
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"SRJ!!%%(L%(E,F%'+!p"R#"q!"!LPU!">D+!p"R#Cq!b!Z**!%U!bD$!B,^!7381(!34!W13(0<(.3-ET!L%(EJ(*=J;+!p"R#$q!
"!76J!$bS!B,^!7381(!34!W13(0<(.3-ET!L%(B(*)(:,&$%.&;+!p"RR"q!b!Z**!%U!#>>!B76VET!6"0&".(FJ(!,.2%-<+!
p$CCDq!;`7Z!""$+!R!;U!DRjT!I(FJ(X@@$#$,0(!"0$#$&"-+!p$CC>q!%L7Z!7./J!#">T!L%(:(*!&,&5&"-'(N$00;+!
p$CCRq! %L[7! ">b+! p$C"Cq! "! 76J! bb! pL%( :qT! L%( P%.>$#Z+! p$CCRq! m`L`7! jbC! pL%( P%.>$#ZqT! L%( ?(
*!&,&5&"-'( N$00;+! p$CCRq! %L[7! $j$j+! p$C""q! "! LPU! bDD! pL%( ?qT! L%( E( *!&,&5&"-'( N$00;+! p$C"Cq!
%L[7!$"jR+!p$C"$q!"!76J!jS!pL%(EqJ!
"#CJ!!%%+!:0*3O+!'0<(.3-!Q;J7!&(!>$J!
"#"J!!%%()2C$.$<&-,&$".("@(=5<&$#%()#&([]f]!B,^E+!<J!j#+!'J!"SJ!
"#$J!B,^E+!S!l!#!%*._J!$+!<J!S$+!'J!"Cb!B"E!B==EJ!
"#bJ!!%%(?%.&,0(3%,0&A()#&([]^d!B,^E+!<J!$C+!'J!R>!B"E!B<EJ!
^E'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
"#D
*&-=!&-=!L&*0' !431!<*3'0!(3!DC!20&1'+!&-=!.-!(6&(!(.90!&!-89:01!34!.9M31(&-(!<&'0'!
O010!=0<.=0=!8-=01!.(J!`390!&'M0<('!34!(60!=0'.K-!34!(60!*0K.'*&(.3-!&-=!(60!10&'3-F
.-K!34!(63'0!<&'0'!6&/0!M13/0=!(3!:0!.-4*80-(.&*!3-!*0K.'*&(.3-!(6&(!.'!.-!431<0!.-!c81.'F
=.<(.3-'!38('.=0!%-K*&-=!&-=!L&*0'J!
!
?60!4.1'(!M3.-(!(3!:0&1!.-!9.-=!.'!(3!10<&**!(6&(!(60!*&O!34!'8<<0''.3-+!.-!%-K*&-=!&-=!
.-!(63'0!c81.'=.<(.3-'!.-4*80-<0=!:2!(60!%-K*.'6!*0K&*!(1&=.(.3-+!6&'!'.-<0!&(!*0&'(!(60!
-.-0(00-(6! <0-(812! 6&=! &! 4.19! M136.:.(.3-! &K&.-'(! (60! =0*0K&(.3-! 34! O.**F9&\.-K!
M3O01'J! Z! M01'3-! <&--3(! 9&\0+! 93=.42+! 31! 10/3\0! &! O.**! 3-! &-3(601! M01'3-d'! :0F
6&*4J"#j!L60-!(60!?%.&,0(3%,0&A()#&([]e]!O&'!10/.'0=!.-!"R>R!(3!&8(631._0!'(&(8(312!
O.**'!431!W+!.(!=.=!-3(!0H(0-=!&-2!&K0-<2!M1.-<.M*0'!(3!:1.-K!(6.'!104319!.-(3!:0.-KJ"#>!
Q-'(0&=+!.(!K138-=0=!'(&(8(312!O.**'!.-!(60!<381(d'!&8(631.(2!(3!9&\0!=0<.'.3-'!3-!:0F
6&*4!34!M01'3-'!O63!&10!.-<&M&:*0!34!9&\.-K!=0<.'.3-'!431!(609'0*/0'J!?6.'!.'!&!*3-KF
'(&-=.-K!c81.'=.<(.3-+!O6.<6!O&'!31.K.-&**2!M&1(!34!(60!132&*!M1013K&(./0+!&-=!O6.<6!
O&'!0/0-(8&**2!(1&-'40110=!(3!(60!<381('!&-=+!.-!(60!(O0-(.0(6!<0-(812+!K./0-!&!*0K.'F
*&(./0! :&'.'J"#S! ?6.'! :13&=+! 90-(&*F60&*(6! c81.'=.<(.3-! O&'! 8*(.9&(0*2! '0((*0=! 3-! (60!
7381(! 34! W13(0<(.3-+! O6.<6! 6.'(31.<&**2! hpO&'q! -3(! &! <381(+! :8(! &-! 344.<0! 34! (60! `8F
M1090!7381(!O.(6!&!*3-K!&-=!/0-01&:*0!M0=.K100Ji"##!`.-<0!$CCS!(60!7381(!34!W13(0<F
(.3-!6&'!:00-!&!'8M01.31!<381(!.-!.('!3O-!1.K6(J"#R !
!
?60! '0<3-=! M3.-(! (3! :0&1! .-! 9.-=! .'! (60! 3M01&(./0! *&-K8&K0! 34! (60! '(&(8(0+! O6.<6!
&8(631._0=!(60!7381(!34!W13(0<(.3-!(3!31=01!h(60!0H0<8(.3-!431!(60!M&(.0-(!pWq!34!&!O.**!
9&\.-K! &-2! M13/.'.3-! BO60(601! :2! O&2! 34! =.'M3'.-K! 34! M13M01(2! 31! 0H01<.'.-K! &!
M3O01! 31! 3(601O.'0E! O6.<6! <38*=! :0! 9&=0! :2! &! O.**! 0H0<8(0=! :2! (60! M&(.0-(! .4! 60!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#DJ!?60!*0K.'*&(.3-!-0/01!0H(0-=0=!(3!`<3(*&-=J!!%%!`<3((.'6!P&O!7399.''.3-+!L%+"-&(".(!5##%<<$".+!
`<3(J!P&O!739J!-3J!"$D!B%=.-:81K6A![)`e+!"RRCE!&(!M&1&J!DJS#J!
"#jJ!!%%( T,<$.9>""2( FJ( B"#Z#-"@&+! $C"b! 577Z! "#$! &(! M&1&'J! DjoD#+! D$! 57PU! Bj(6E! $>R+! `&8-=01'! XZ!
B431!(60!<381(EJ!!%%(,0<"!VJ!)J!]31=3-+!hV0*0K&(.3-!34!L.**F)&\.-K!W3O01i!B"RjbE!>R!PYU!bbD!&(!
bb>oDC! B10/.0O.-K! (60! *0&=.-K! <&'0'EJ! 65&( <%%( N$00</( T<&,&%<( ,.2( !5##%<<$".( )#&+! <5+-,! -3(0! "C+!
'J!#j!BbE!BM01'3-!K1&-(0=!M3O01!3/01!4.-&-<.&*!&44&.1'!34!&-3(601!:2!0-=81.-K!M3O01!34!&((31-02!
31! 31=01! 34! <399.((00'6.M! 9&2! :0! &8(631._0=! :2! <381(! (3! 9&\0! &! =0'.K-&(.3-! 8-=01! &! :0-04.(!
M*&-g.-!431<0!b"!)&1<6!$C"DEJ!
"#>J!Q-!(60312+!&(!*0&'(+!M&1*.&90-(!<38*=!6&/0!M&''0=!*0K.'*&(.3-!0HM&-=.-K!(60!&8(631.(2!34!'3903-0!
&<(.-K!8-=01+!431!0H&9M*0+!&!M3O01!34!&((31-02J!W&1*.&90-(!=.=!-3(!K3!(6.'!138(0J!
"#SJ!!%%(L%(P%.>$#Z+!<5+-,!-3(0!"SR!&(!M&1&'J!$RoDS+!W&*901!XJ!B(1&<.-K!(60!6.'(31.<&*!&-(0<0=0-('!34!
'(&(8(312! O.**'EJ! !%%( ,0<"! U3'&*.-=! GJ! 7138<601+! h!vZ-! Q-(01/0-(.3-.'(+! W&(01-&*.'(.<! X81.'=.<(.3-dk!
?60!W*&<0!34!`(&(8(312!L.**'!.-!Z8'(1&*.&-!`8<<0''.3-!P&Oi!B$CCRE!b$!,m`LPX!>SD!&(!>SjoS#J!
"##J!P&O!7399.''.3-!431!%-K*&-=!&-=!L&*0'+!L%+"-&(".(?%.&,0(V.#,+,#$&'+!P&O!739J!-3J!$b"!BP3-F
=3-A![)`e+!"RRjE!&(!M&1&J!$JRJ!
"#RJ!!%%(?%.&,0(B,+,#$&'()#&(QRRe!B,^E+!<J!R+!'J!DjJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
^F'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
"RC
O010! -3(! 90-(&**2! =.'31=010=Ji ! Q(d'! 10&=.*2! &MM&10-(! (6&(! (6.'! M13/.'.3-! *0&/0'! &!
*3(!8-'&.=!&:38(!(60!<1.(01.&!3-!O6.<6!(60!7381(!34!W13(0<(.3-!.'!(3!:&'0!.('!=0<.'.3-'J!
`3!(60!c81.'M18=0-<0!0-=0=!8M!0*&:31&(.-K!<3-'.=01&:*2!3-!(6.'!'0<(.3-J!X8=K0'!4.**0=!
.-! (60! 9.''.-K! =0(&.*'! :2! =1&O.-K! 3-! &! <3-<0M(! (6&(! 6&=! =0/0*3M0=! .-! &! '(10&9! 34!
<&'0'! '(10(<6.-K! :&<\! (3! (60! 0&1*2! -.-0(00-(6! <0-(812+! O6.<6! =0&*(! O.(6! <381(F
31=010=! $.&%-( F$F"<! K.4('! 9&=0! 38(! 34! (60! '81M*8'! .-<390! 34! &! M01'3-! 8-=01! (60!
<381(d'! M13(0<(.3-! :0<&8'0! (60! M01'3-! *&<\0=! (60! <&M&<.(2! (3! 9&-&K0! 6.'! 31! 601! &4F
4&.1'J"R"! ?6.'! <3-<0M(! .'! <3993-*2! 1040110=! (3! &'! <54<&$&5&%2( b529C%.&J! `8:'(.(8(0=!
c8=K90-(!.-/3*/0'!(60!<381(!h<6&-Kp.-Kq!p.('q!M3'.(.3-!4139!&-!0H(01-&*!M3.-(!34!/.0O!
(3!&-!.-(01-&*!'8:c0<(./0!3-0+i!.-!0440<(!9&\.-K!.('!=0<.'.3-'!3-!:06&*4!34!W!:2!h10*.-F
f8.'6p.-Kq! p.('q! M3'.(.3-! 34! c8=.<.&*! 3:c0<(./.(2! &-=! 0-(01p.-Kq! pWd'q! 9.-=Ji"R$! Q-! &!
*&-=9&1\! =0<.'.3-"Rb ! 8-=01! (60! ?%.&,0( 3%,0&A( )#&( []e]+! `.1! U3:01(! )0K&112! ;7!
&=&M(0=!(60!=3<(1.-0!34!'8:'(.(8(0=!c8=K90-(!431!'(&(8(312!O.**'!:2!&1(.<8*&(.-K!(60!
43**3O.-K!4./0!6.K6*2!4.<(.3-&*._0=!M1.-<.M*0'!431!&MM*2.-K!(60!*0K.'*&(.3-A!
!
B"E! hpZ''890q! (6&(! (60! M&(.0-(! pWq! .'! 6&/.-K! &! :1.04! *8<.=! .-(01/&*! &(! (60!
(.90!O60-!(60!p'(&(8(312q!O.**!.'!9&=0Ji!
B$E! hpVq81.-K!(60!*8<.=!.-(01/&*!pWq!6&'!&!48**!\-3O*0=K0!34!(60!M&'(+!&-=!&!
48**!10&*._&(.3-!(6&(!&'!'33-!&'!(60!O.**!.'!0H0<8(0=!60!31!'60!O.**!10F
*&M'0! .-(3! (60! &<(8&*! 90-(&*! '(&(0! (6&(! M10/.38'*2! 0H.'(0=+! O.(6! (60!
M13K-3'.'!&'!.(!&<(8&**2!.'Ji!
BbE! hpQq(! .'! (60! &<(8&*! M&(.0-(! O63! 6&'! (3! :0! <3-'.=010=! &-=! -3(! &! 62M3F
(60(.<&*! M&(.0-(J! e-0! .'! -3(! <3-<01-0=! O.(6! (60! M&(.0-(! 3-! (60! 7*&MF
6&9!39-.:8'Ji!
BDE! hpVq81.-K!(60!62M3(60(.<&*!*8<.=!.-(01/&*!pWq!.'!(3!:0!0-/.'&K0=!&'!:0F
.-K!&=/.'0=!:2!<39M0(0-(!'3*.<.(31'Ji!
BjE!hpQq-!&**!-319&*!<&'0'!pWq!.'!(3!:0!0-/.'&K0=!&'!(&\.-K!&!:13&=!:18'6!(3!
(60!<*&.9'!3-!6.'!:38-(2+!1&(601!(6&-!&-!&<<38-(&-(d'!M0-Ji"RD!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"RCJ!?%.&,0(3%,0&A()#&([]^d+!<5+-,!-3(0!"#b+!'J!R>!B"E!B0EJ!
"R"J!!%%(T1(+,-&%(NA$&4-%,2!B"#">E+!$!)01J!RR+!bj!%U!#S#!B76JET!L%(P-%%C,.+!p"R$Sq!"!76J!DSR!B%-KJ!
7ZET!L%(8J(*NJ(=J(IJ;+!p"R>>q!76J!"bj!B%-KJ!76VEJ!
"R$J!P38.'0![&193-+!hG&**.-K!e44!(60!;.-0A!P0K&*!G.<(.3-'!&-=!(60!V3<(1.-0!34!`8:'(.(8(0=!X8=K90-(i!
B"RRCE!"CC!n&*0!PX!"!&(!$$J!!%%(,0<"!7138<601+!<5+-,!-3(0!"#S!&(!>SjoS#J!
"RbJ!L%(EJ(*=J;+!<5+-,!-3(0!"SRJ!
"RDJ!V4$2J!&(!$D$oDbJ!
^D'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
?60'0!4./0!M1.-<.M*0'!6&/0!0H01<.'0=!&-!0-31938'!.-4*80-<0!3/01!(60!=0/0*3M90-(!34!
'(&(8(312FO.**! c81.'M18=0-<0! :3(6! .-! %-K*&-=! &-=! L&*0'! :04310! (60! &=/0-(! 34! (60!
?%.&,0(B,+,#$&'()#&(QRRe!&-=!.-!c81.'=.<(.3-'!38('.=0!%-K*&-=!&-=!L&*0'J!
!
!*#$ 4',)".$E"8"65)>$B6)$MNNI$
?60! 0-&<(90-(! 34! (60! ?%.&,0( B,+,#$&'( )#&( QRRe"Rj! 601&*=0=! &! '.K-.4.<&-(! <6&-K0! 34!
=.10<(.3-!431!&=8*(FK8&1=.&-'6.M!*&O!.-!%-K*&-=!&-=!L&*0'J!?60!M81M3'0!34!(6.'!-0O!
&<(!O&'!(3!0-'61.-0!93=01-!.=0&'!&:38(!&=8*(!K8&1=.&-'6.M!O.(6.-!&-!8MF(3F=&(0!&-=!
<39M1060-'./0! *0K.'*&(./0! 41&90O31\J! ?60! 104319! 04431(! (6&(! O&'! (60! 'M81! 431! (60!
-0O!&<(d'!<10&(.3-!6&=!-0H(!(3!-3(6.-K!(3!'&2!&:38(!'(&(8(312!O.**'J"R>!58(!(60!?%.&,0(
B,+,#$&'()#&(QRRe!=.=!<&112!431O&1=!(60!7381(!34!W13(0<(.3-d'!M3O01'!(3!31=01!(6&(!&!
'(&(8(312!O.**!:0!9&=0!431!WJ!
!
Q-! :1.04+! (60! -0O! &<(d'! '(&(8(312FO.**! M13<0=810! O31\'! &'! 43**3O'J! ?60! *0K.'*&(./0!
41&90O31\!&MM*.0'!(3!&!M01'3-!O63!.'!8-=01!(60!<381(d'!M13(0<(.3-!B$J%J+!M01'3-'!O63!
&10! -3(! <&M&:*0! 34! 9&\.-K! =0<.'.3-'! 10'M0<(.-K! (60.1! &44&.1'E! &-=! O63! &*'3! <&-! :0!
'63O-! (3! *&<\! (0'(&90-(&12! <&M&<.(2J! ?60! '0<3-=! 10f8.1090-(! .'! &! -3=! (3O&1=! (60!
48-<(.3-&*! &MM13&<6! (3! .-<&M&<.(2+! (6&(! .'! (60! 93=01-! .=0&! (6&(! .-<&M&<.(2! .'! -3(! &!
K*3:&*!<3-=.(.3-!:8(!1&(601!3-0!(6&(!10*&(0'!(3!'M0<.4.<!=0<.'.3-'J"RS!701(&.-!<*&''0'!34!
M03M*0!&10!&8(631._0=!(3!&MM*2!(3!(60!7381(!34!W13(0<(.3-+!&'\.-K!(60!<381(!(3!9&\0!&!
'(&(8(312!O.**!431!W!31!(3!93=.42!31!10/3\0!&-!0H.'(.-K!O.**J!?60!&<(!&-=!(60!<381(d'!
18*0'!*.'(!(60'0!<*&''0'T!431!(60!M81M3'0'!34!(6.'!<6&M(01+!(60!3-0'!(3!-3(0!&10!(60!43*F
*3O.-KA!
!
• Wg(6&(!.'+!(60!M01'3-!O63!*&<\'!31!.'!&**0K0=!(3!*&<\!<&M&<.(2T!
• (60!=3-31!31!=3-00!34!&!*&'(.-K!M3O01!34!&((31-02!(3!O6.<6!(60!&MM*.<&(.3-!
10*&(0'T!
• &!=0M8(2!&MM3.-(0=!:2!(60!<381(!B(6.'!.'!0''0-(.&**2!&!K8&1=.&-ET!
• &-!&((31-02!&<(.-K!8-=01!&!10K.'(010=!0-=81.-K!M3O01!34!&((31-02T!
• (60!e44.<.&*!`3*.<.(31!31!W8:*.<!]8&1=.&-T!
• &! M01'3-! O63+! 8-=01! &-2! \-3O-! O.**! 34! W! 31! 8-=01! Wd'! .-(0'(&<2+! 9&2! :0F
<390!0-(.(*0=!(3!&-2!34!Wd'!M13M01(2!31!&-!.-(010'(!.-!.(T!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"RjJ!!5+-,!-3(0!"#RJ!
"R>J!!%%(L%+"-&(".(?%.&,0(V.#,+,#$&'+!<5+-,!-3(0!"##J!
"RSJ!!%%(?%.&,0(B,+,#$&'()#&(QRRe+!<5+-,!-3(0!"#R+!'J!">!B"EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
^B'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
• &!M01'3-!O639!W!9.K6(!:0!0HM0<(0=!(3!:0-04.(!.4!W!6&=!<&M&<.(2J"R#!
!
Z-23-0! 0*'0! O63! O.'60'! (3! &MM*2! 98'(! 4.1'(! 3:(&.-! (60! <381(d'! M019.''.3-! B0''0-F
(.&**2+!*0&/0EJ"RR!m3(.<0!(6&(!&93-K!(60!M01'3-'!O63!98'(!3:(&.-!*0&/0!.'!&-23-0!O63!
6&'!&!M01'3-&*!<3--0<(.3-!(3!W!:8(!O63!=30'!-3(!6&/0!&!4.-&-<.&*!'(&\0!.-!Wd'!0'(&(0J!
!
?60!&MM*.<&(.3-!.'!9&=0!8'.-K!&!'(&-=&1=!4319!<&**0=!&!7eW"J!?60!4319!98'(!:0!'8MF
M31(0=!:2!&-!0H(0-'./0!&938-(!34!0/.=0-<0J!?60!48**!*.'(!.'!'0(!38(!.-!(60!7381(!34!W13F
(0<(.3-d'! W1&<(.<0! V.10<(.3-! RGJ$CC! [.K6*.K6('! 34! (60! '8MM31(.-K! .-4319&(.3-! .-<*8=0!
(60!43**3O.-KA!
!
• &!<3M2!34!(60!=1&4(!O.**!31!<3=.<.*T!
• <3M.0'!34!&-2!0H.'(.-K!O.**'!31!<3=.<.*'T!
• =0(&.*'!34!Wd'!4&9.*2gM10401&:*2!.-!(60!4319!34!&!4&9.*2!(100T!
• &!'<60=8*0!34!Wd'!&''0('+!O.(6!8MF(3F=&(0!/&*8&(.3-'T!
• &!<3M2!34!&-2!10K.'(010=!0-=81.-K!31!*&'(.-K!M3O01!34!&((31-02T!
• <3-4.19&(.3-!(6&(!W!.'!&!10'.=0-(!34!%-K*&-=!31!L&*0'T!
• &-! 8MF(3F=&(0! 10M31(! 34! Wd'! M10'0-(! 90=.<&*! <3-=.(.3-+! *.40! 0HM0<(&-<2+! &-=!
(0'(&90-(&12!<&M&<.(2J$C"!
!
?60!&MM*.<&-(!98'(!-&90!(60!43**3O.-K!&'!10'M3-=0-('!(3!(60!&MM*.<&(.3-A!
!
• &-2!:0-04.<.&12!8-=01!&-!0H.'(.-K!O.**!31!<3=.<.*!O63!.'!*.\0*2!(3!:0!9&(01.F
&**2!31!&=/01'0*2!&440<(0=!:2!(60!&MM*.<&(.3-T!
• &-2!:0-04.<.&12!8-=01!(60!M13M3'0=!O.**!31!<3=.<.*!O63!.'!*.\0*2!(3!:0!9&(0F
1.&**2!31!&=/01'0*2!&440<(0=!:2!(60!&MM*.<&(.3-T!&-=!
• &-2! M13'M0<(./0! :0-04.<.&12! 8-=01! Wd'! .-(0'(&<2! O6010! W! 6&'! -3! 0H.'(.-K!
O.**J$C$!
!
Q-!&==.(.3-!(60!<381(!98'(!h<3-'.=01!&(!(60!0&1*.0'(!3MM31(8-.(2!O60(601!W!'638*=!:0!
c3.-0=! &'! &! M&1(2! (3! (60! M13<00=.-K'! &-=+! .4! 60! .'! '3! c3.-0=+! (60! <381(! O.**! <3-'.=01!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"R#J!!%%(?%.&,0(B,+,#$&'()#&(QRRe+!$4$2J+!'J!jCT!B"5-&("@(:-"&%#&$".(L50%<(QRRS+!`Q!$CCSN"SDD+!11J!j"oj$J!
"RRJ!!%%(?%.&,0(B,+,#$&'()#&(QRRe+!<5+-,!-3(0!"#R+!'J!jCJ!
$CCJ!L6.<6!9&2!:0!/.0O0=+!3-*.-0A!m&(.3-&*!Z1<6./0'!t6((MANNO0:&1<6./0J-&(.3-&*&1<6./0'JK3/J8\NuJ!
$C"J!!%%!W1&<(.<0!V.10<(.3-!RG+!$4$2J!&(!M&1&J!>J!
$C$J!V4$2J!&(!M&1&J!RJ!
^]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
O60(601! (60! e44.<.&*! `3*.<.(31! '638*=! :0! .-/.(0=! (3! &<(! &'! &! *.(.K&(.3-! 41.0-=+! 31!
O60(601!'390!3(601!M01'3-!'638*=!:0!&MM3.-(0=!&'!&!*.(.K&(.3-!41.0-=Ji$Cb!
!
?60!?%.&,0(B,+,#$&'()#&(QRRe!<&11.0=!431O&1=!(60!'&90!3M01&(./0!*&-K8&K0!438-=!.-!
(60!?%.&,0(3%,0&A()#&([]^d!Bh9&\0!&-2!M13/.'.3-!J!J!J!O6.<6!<38*=!:0!9&=0!:2!&!O.**!
0H0<8(0=!:2!W!.4!60!6&=!<&M&<.(2!(3!9&\0!.(iEJ$CD!?6.'!*0=!0&1*2!<3990-(&(31'!3-!(60!
-0O! &<(! (3! 9&\0! (60! 10&'3-&:*0! &''89M(.3-! (6&(! (60! <381('! O38*=! <3-(.-80! (3! 8'0!
(60!6.K6*2!'8:c0<(./0+!'8:'(.(8(0=Fc8=K90-(!&MM13&<6!&'!&!:&'.'!431!9&\.-K!=0<.'.3-'!
&:38(!'(&(8(312!O.**'J$Cj!e-<0!(60!4.1'(!<&'0'!8-=01!(60!-0O!*0K.'*&(.3-!:0K&-!10&<6F
.-K!(60!<381('!.(!f8.<\*2!:0<&90!&MM&10-(!(6&(!(6.'!&''89M(.3-!O38*=!-3(!:0!:31-0!
38(J!
!
[010!.(!.'!.9M31(&-(!(3!-3(0!(6&(!3-0!34!(60!3/01&1<6.-K!M81M3'0'!34!(60!-0O!&<(!O&'!
(3! 0-'61.-0! &! :0'(F.-(010'('! '(&-=&1=! 431! (60! 7381(! 34! W13(0<(.3-d'! =0<.'.3-F
9&\.-KJ$C>! ?6.'! '(&-=&1=! O&'! 0-&<(0=! &'! &! K0-01&*! <1.(01.3-! &MM*2.-K! &<13''! (60!
O63*0!1&-K0!34!=0<.'.3-'!(6&(!9&2!:0!9&=0!8-=01!(60!?%.&,0(B,+,#$&'()#&(QRReJ$CS!
`3! .(! 0-=0=! 8M! &MM*2.-K! (3! '(&(8(312! O.**'+! 0/0-! (638K6! .(! <*0&1*2! O&'! =0/0*3M0=!
O.(638(!&-2!104010-<0!(3!'(&(8(312FO.**!c81.'M18=0-<0J!
!
?60!<381('!O010!f8.<\!(3!<6&1&<(01._0!(60!&=/0-(!34!(6.'!:0'(F.-(010'('!'(&-=&1=!&'!
9&1\.-K!&!h1&=.<&*!<6&-K0i$C#!.-!'(&(8(312FO.**!c81.'M18=0-<0+!3-0!O6.<6!*0&/0'!(60!
*0&=.-K!&8(631.(.0'!8-=01!(60!?%.&,0(3%,0&A()#&([]e]!&-=!(60!?%.&,0(3%,0&A()#&([]^d!
h:0'(!<3-'.K-0=!(3!6.'(312Ji$CR!?60!'8:'(.(8(0=Fc8=K90-(!&MM13&<6!O&'!<&'(!38(+!10F
M*&<0=!:2!h&!=0(019.-&(.3-!(3!:0!9&=0!&MM*2.-K!&-!3:c0<(./0!(0'(!&'!(3!O6&(!O38*=!
:0! .-! (60! M13(0<(0=! M01'3-d'! :0'(! .-(010'('Ji$"C! Z*(638K6! &! <381(! <&-! (&\0! (60! M01F
'3-d'!/.0O'!.-(3!&<<38-(!.-!=0<.=.-K!O6&(!.'!.-!(60!M01'3-d'!:0'(!.-(010'('+$""!(63'0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$CbJ!V4$2J!&(!M&1&J!"CJ!
$CDJ!?%.&,0(B,+,#$&'()#&(QRRe+!<5+-,!-3(0!"#R+!'<6J!$+!'J!$J!
$CjJ!!%%+!%J9J+!Z*:01(&!P&O!U04319!Q-'(.(8(0+!L%+"-&(".(&A%(B-%,&$".("@(N$00<+!ZPUQ!U0MJ!-3J!R>!B%=93-F
(3-A!?60!Q-'(.(8(0+!$CCRE!&(!$j+!-J!S$J!
$C>J!!%%(L%+"-&(".(?%.&,0(V.#,+,#$&'+!<5+-,!-3(0!"##!&(!M&1&'J!bJ$DobJbSJ!
$CSJ!!%%(?%.&,0(B,+,#$&'()#&(QRRe+!<5+-,!-3(0!"#R+!''J!"!BjE+!DJ(
$C#J!L%(:+!<5+-,!-3(0!"SR!&(!Db+!P0O.'3-!XJ!
$CRJ!L%( ?+! <5+-,! -3(0! "SR! &(! bjC+! )8-:2! XJ! !%%( ,0<"( $4$2J! &(! bj"! BhZ-=! (6010! .'+! .-! 92! c8=K90-(+! -3!
M*&<0! .-! (6&(! M13<0''! 431! &-2! 104010-<0! (3g&-2! 6&1\.-K! :&<\! (3gc8=.<.&*! =0<.'.3-'! 8-=01! (60!
0&1*.01!&-=!/012!=.44010-(!'(&(8(312!'<6090J!J!J!JiEJ!
$"CJ!L%(E+!<5+-,!-3(0!"SR!&(!>b+!X8=K0![3=K0+!Y7J!
$""J!!%%($4$2J!BhZ!M13(0<(0=!M01'3-d'!0HM10''0=!.-(010'('!'638*=!-3(!:0!*.K6(*2!3/011.==0-+!'.-<0!&=8*(!
&8(3-392!.'!&-!.9M31(&-(!M&1(!34!(60!3/01&**!M.<(810JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
^^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
/.0O'!&10!-3(!=0(019.-&(./0!34!(60!<381(d'!(&'\J!Q-'(0&=+!(60!<381(!'638*=!4.K81&(./0*2!
h=1&O! 8M! &! :&*&-<0! '600(i$"$! 34! (60! :0-04.('! &-=! =.'&=/&-(&K0'! 34! 9&\.-K! (60! M13F
M3'0=! '(&(8(312! O.**! &-=! 9&\0! .('! =0<.'.3-! &<<31=.-K*2J! hW*&.-*2+i! .-! (60! O31='! 34! &!
*0&=.-K! c8=K90-(+! h(6.'! 0H01<.'0! p.'q! -3(! =.10<(0=! &(! O6&(! (60! /8*-01&:*0! M01'3-!
O38*=!6&/0!=3-0!.4!60!31!'60!6&=!6&=!90-(&*!<&M&<.(2J!J!J!Ji$"b!
!
?6.'!<6&-K0!.-!(60!c81.'M18=0-<0!.'!*.\0*2!=80!(3!9310!(6&-!'(&(8(312!.-(01M10(&(.3-J!
?60!<381('!&MM0&1!(3!6&/0!'3!431<048**2!10c0<(0=!(60!'8:'(.(8(0=Fc8=K90-(!&MM13&<6!
&(! *0&'(! .-! M&1(! 38(! 34! &! 418'(1&(.3-! O.(6! (60! h90-(&*! K29-&'(.<'i$"D ! (60! <381('! 40*(!
431<0=! (3! M014319! .-! &MM*2.-K! (6.'! &MM13&<6J! ?6.'! 418'(1&(.3-! O&'! M&1(.<8*&1*2! 0/.F
=0-(!.-!<&'0'!.-!O6.<6!W!O&'!&!M01'3-!O63!-0/01!6&=!(0'(&90-(&12!<&M&<.(2!&-=!O&'!
8-&:*0!(3!0HM10''!&-2!(0'(&90-(&12!O.'60'J!Q(d'!*.\0*2!(6&(!(60!<381('!4&'(0-0=!3-!(3!&!
<6&-K0!.-!(60!*0K.'*&(./0!41&90O31\!(3!<6&1(!&!-0O!<381'0+!3-0!O6.<6!O&'!9310!=.F
10<(!&-=!*0''!&1(.4.<.&*J!
!
Q4!(60!&MM*.<&(.3-!.'!'8<<0''48*+!(60-!(60!7381(!34!W13(0<(.3-!.''80'!&-!31=01!&8(631._F
.-K!&!-&90=!M01'3-!(3!0H0<8(0!(60!'(&(8(312!O.**!3-!:06&*4!34!WJ!?60!0H0<8(0=!O.**!.'!
(60-!'0-(!(3!(60!<381(!431!'0&*.-KJ!?60!O.**!:0&1.-K!(60!'0&*!34!(60!<381(!.'!(60-!'0-(!(3!
(60!M01'3-!&8(631._0=!(3!63*=!.(+!h8'8&**2!(60!&MM*.<&-(d'!'3*.<.(31Ji$"j!?60!0440<(!34!&!
'(&(8(312! O.**! .'! .-! &**! 10'M0<('! (60! '&90! &'! &-2! 3(601! O.**A! &! '(&(8(312! O.**! .'! -3(!
'390!(2M0!34!*0K.'*&(./0!62:1.=!31!*0''01!4319!34!O.**J!
!
2#!
&85/6&3(&'!58--%55(*'!3%)(53&/(*'!
Z!'(10&9!34!*&OF104319!10M31('!M8:*.'60=!.-!Z8'(1&*.&!.-!(60!"R#C'!&-=!"RRC'!10<F
3990-=0=!(6&(!Z8'(1&*.&-!'(&(0'!&-=!(011.(31.0'!&=3M(!&!'(&(8(312FO.**!M13<0=810J$">!
%/012!Z8'(1&*.&-!c81.'=.<(.3-!BO.(6!(60!0H<0M(.3-!34!(60!Z8'(1&*.&-!7&M.(&*!?011.(312E!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$"$J!L%(:+!<5+-,!-3(0!"SR!&(!DCJ!
$"bJ!V4$2J(
$"DJ!V4$2J!&(!DDJ!!%%(,0<"(L%(?+!<5+-,!-3(0!"SR!&(!bj"!B<.(.-K!(6.'!109&1\!O.(6!&MM13/&*EJ!
$"jJ!?0110**!l!5&<3-+!<5+-,!-3(0!"S#!&(!DJ!
$">J!!%%!;.<(31.&+!76.04!X8'(.<0d'!P&O!U04319!7399.((00+!N$00<(@"-(?%.&,00'(E$<"-2%-%2(:%-<".<!B)0*F
:381-0A!]3/01-90-(!W1.-(01+!"R#jET!W&1*.&90-(!34!;.<(31.&+!P&O!U04319!7399.((00+!L%@"-C$.9(
&A%(8,>("@(N$00<\(L%+"-&(5+".(,.(V.g5$-'($.&"(&A%([]][(E-,@&(N$00<(8%9$<0,&$".+!U0MJ!-3J!#$!B)0*F
:381-0A!]3/01-90-(!W1.-(01+!"RRDE!bDojbT!m0O!`38(6!L&*0'!P&O!U04319!7399.''.3-+!L%+"-&(
".(N$00<(@"-(:%-<".<(8,#Z$.9(N$00O?,Z$.9(B,+,#$&'+!m`LPU7!U0MJ!-3J!>#!B`2=-02A!?60!7399.'F
'.3-+!"RR$EJ!
^_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
8*(.9&(0*2! &<(0=! 3-! (60'0! 10<3990-=&(.3-'+! 0-&<(.-K! *0K.'*&(.3-! .-! (60! *&(0! "RRC'!
&-=!0&1*2!$CCC'J$"S!
!
?60! /&1.38'! Z8'(1&*.&-! '(&(8(0'! =.4401! .-! (60.1! =0(&.*'J! Q-! 31=01! (3! &/3.=! :0.-K!
'O&9M0=!:2!=1&4(.-K!.''80'!(6&(!&10!-3(!(60!9&.-!43<8'!34!(6.'!<6&M(01+!(6.'!'0<(.3-!
O.**! K*3''! 3/01! 9&-2! 34! (60'0! '9&**! =.44010-<0'! .-! =0(&.*J! L6010/01! M3''.:*0+! .(! O.**!
(12!(3!&1(.<8*&(0!&!<3**0<(./0!Z8'(1&*.&-!M3'.(.3-+!8'8&**2!:2!104011.-K!(3!(60!=1&4(!*0KF
.'*&(.3-!(6&(!O&'!M13=8<0=!&'!M&1(!34!&!9&c31!*&OF104319!M13c0<(!&.90=!&(!<10&(.-K!
8-.4319!'8<<0''.3-!&<('!431!(60!Z8'(1&*.&-!'(&(0'!&-=!(011.(31.0'J$"#!
!
?60!Z8'(1&*.&-!*0K.'*&(.3-!&*'3!=.4401'!'.K-.4.<&-(*2!4139!(60!,-.(0=!^.-K=39!*0K.'*&F
(.3-J!Q(!M13/.=0'!&!9&c31!&*(01&(./0!93=0*!431!104319!(3!(60!'(&(8(312FO.**!M13/.'.3-'!
34!(60!?%.&,0(B,+,#$&'()#&(QRReJ$"R!?60!43<8'!34!(60!10'(!34!(6.'!'0<(.3-!.'!3-!(60!M1.F
9&12!=.44010-<0'!:0(O00-!(60!Z8'(1&*.&-!&-=!%-K*.'6!&MM13&<60'!(3!'(&(8(312!O.**'J!
!
?60!4.1'(!M3.-(!34!<3-(1&'(!(3!-3(0!.'!(6&(!&**!(60!Z8'(1&*.&-!M13/.'.3-'!&10!*3<&(0=!.-!
'8<<0''.3-! *0K.'*&(.3-+$$C! 1&(601! (6&-! .-! 90-(&*F60&*(6! *0K.'*&(.3-J! Z'! &! 10'8*(+! (60!
Z8'(1&*.&-! *0K.'*&(.3-! .'! '390O6&(! :13&=01! .-! &MM*.<&(.3-! (6&-! (60! '(&(8(312FO.**!
M13/.'.3-'! 34! (60! ?%.&,0( B,+,#$&'( )#&( QRReJ! P.\0! (60! ?%.&,0( B,+,#$&'( )#&( QRRe+! (60!
Z8'(1&*.&-! *0K.'*&(.3-! 3-*2! &MM*.0'! (3! .-=./.=8&*'! O63! <&-! :0! =093-'(1&(0=! (3! *&<\!
(0'(&90-(&12!<&M&<.(2J$$" !58(!8-=01!(60!Z8'(1&*.&-!&<('!.(!.'!-3(!-0<0''&12!431!W!&*'3!
(3!6&/0!M10/.38'*2!:00-!=0(019.-0=!(3!:0!.-<&M&:*0!34!9&-&K.-K!6.'!31!601!3O-!&4F
4&.1'J!?6.'!.'!&(!*0&'(!&!M1&<(.<&*!=.44010-<0!:0(O00-!(60!(O3!&MM13&<60'!(3!'(&(8(312!
O.**'+!:8(!3-0!<3990-(&(31!6&'!K3-0!481(601!&-=!6.-(0=!&(!.(!:0.-K!&!'.K-.4.<&-(!<3-F
<0M(8&*!=.'(.-<(.3-!(6&(!<10&(0'!3(601!=.44010-<0'!.-!&MM13&<6!&'!O0**J$$$!
!
`(&(8(312FO.**! &MM*.<&(.3-'! .-! Z8'(1&*.&! &10! (2M.<&**2! 60&1=! :2! (60! '(&(0d'! 31! (011.F
(312d'! '8M01.31! <381(! 34! K0-01&*! c81.'=.<(.3-g(6&(! .'+! :2! .('! 0f8./&*0-(! (3! (60! `8F
M1090! 7381(! 34! 51.(.'6! 73*89:.&J! ?6.'! .'! .-! <3-(1&'(! (3! %-K*&-=! &-=! L&*0'+! O6010!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$"SJ!!%%!m0O!`38(6!L&*0'A!!5##%<<$".()#&(QRRf!Bm`LE+!''J!"#o$>T!m31(601-!?011.(312A!N$00<()#&!Bm?E+!
''J! "Ro$>T! Y800-'*&-=A! !5##%<<$".( )#&( []^[! BY*=JE+! ''J! $"o$#T! `38(6! Z8'(1&*.&A! N$00<( )#&( []df!
B`ZE+! 'J! ST! ?&'9&-.&A! N$00<( )#&( QRR^! B?&'JE+! ''J! $"oD"T! ;.<(31.&A! N$00<( )#&( []]S! B;.<JE+! ''J! $"obCT!
L0'(01-!Z8'(1&*.&A!N$00<()#&([]SR!BLZE+!''J!bRoD#J!
$"#J!!%%!V1&4(!L.**'!5.**!"RRS+!:0.-K!ZMM0-=.H!Z!(3!m0O!`38(6!L&*0'!P&O!U04319!7399.''.3-+!L%+"-&(
".( U.$@"-C( !5##%<<$".( 8,><\( DA%( 8,>( "@( N$00<+! m`LPU7! U0MJ! -3J! #j! B`2=-02A! ?60! 7399.''.3-+!
"RR#EJ!
$"RJ!!5+-,!-3(0!"#RJ!
$$CJ!!%%!<5+-,!-3(0!$"SJ!
$$"J!!%%!V1&4(!L.**'!5.**!"RRS+!<5+-,!-3(0!$"#+!'J!$"!B&EJ!
$$$J!!%%!7138<601+!<5+-,!-3(0!"#S!&(!>RjJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
^A'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
'(&(8(312FO.**! M13<00=.-K'! &10! :138K6(! :04310! &! 'M0<.&*._0=! 90-(&*F60&*(6! (1.:8-&*+!
(60! 7381(! 34! W13(0<(.3-J! e-0! Z8'(1&*.&-! '(&(0! =30'+! 63O0/01+! 0H(0-=! <3-<8110-(! c8F
1.'=.<(.3-! (3! &-! &=9.-.'(1&(./0! (1.:8-&*! <3-'(.(8(0=! (3! =0&*! O.(6! K8&1=.&-'6.M! &-=!
&=9.-.'(1&(.3-J$$b !
!
?60!Z8'(1&*.&-!*0K.'*&(.3-!&**3O'!&-23-0!&(!&**!(3!9&\0!&-!&MM*.<&(.3-!431!&!'(&(8(312!
O.**!431!WJ!Z'!&!<3-'0f80-<0!34!(6.'+!(60!Z8'(1&*.&-!&<('!M10'<1.:0!&!(O3F'(&K0!M13<0''!
431!'(&(8(312!O.**'J!?60!4.1'(!'(&K0!.-/3*/0'!3:(&.-.-K!(60!<381(d'!*0&/0!(3!:1.-K!&-!&MF
M*.<&(.3-! 431! &! '(&(8(312! O.**J! 73-(1&'(! (6.'! &MM13&<6! O.(6! (60! %-K*.'6! &MM13&<6+!
O6.<6! &**3O'! <01(&.-! <*&''0'! 34! M03M*0! (3! :1.-K! (60! &MM*.<&(.3-! &'! 34! 1.K6(+! &-=! 10F
f8.10=!3-*2!(63'0!-3(!O.(6.-!(60!*.'(0=!<*&''0'!(3!3:(&.-!(60!<381(d'!*0&/0J!?60!Z8'F
(1&*.&-!<381('!&10!&8(631._0=!(3!4&'(F(1&<\!&MM13M1.&(0!<&'0'g(6&(!.'+!h.4!p(60!<381(q!
.'!'&(.'4.0=!34!(60!M13M1.0(2!34!(60!&MM*.<&(.3-+!p.(!9&2q!&**3O!(60!&MM*.<&(.3-!431!*0&/0!
(3!M13<00=!&'!&-!&MM*.<&(.3-!(3!&8(631._0!(60!9&\.-K+!&*(01&(.3-!31!10/3\.-K!34!&!O.**+!
&-=!&**3O!(60!&MM*.<&(.3-Ji$$D!
!
?60! Z8'(1&*.&-! &MM13&<6! (3! (60! '(18<(810! 34! (60! M13<00=.-K'! &-=! (60! 0/.=0-<0! (6&(!
98'(!:0!M10'0-(0=!(3!(60!<381(!.'!'.9.*&1!(3!(6&(!M10'<1.:0=!8-=01!(60!?%.&,0(B,+,#O
$&'()#&(QRReJ$$j!?60!M13<00=.-K'!&10!6.K6*2!'(18<(810=!&-=!=0(&.*0=+!O.(6!(60!*0K.'*&F
(.3-!=0'<1.:.-K!M10<.'0*2!O6&(!'31('!34!0/.=0-<0!98'(!:0!M10'0-(0=J$$>!?60!&MM*.<&-(!
98'(!0-'810!(6&(!h&=0f8&(0!'(0M'!6&/0!:00-!(&\0-!(3!&**3O!10M10'0-(&(.3-!34!&**!M01F
'3-'!O.(6!&!*0K.(.9&(0!.-(010'(!.-!(60!&MM*.<&(.3-+!.-<*8=.-K!M01'3-'!O63!6&/0!10&'3-!
(3!0HM0<(!&!K.4(!31!:0-04.(!4139!(60!0'(&(0!34!(60!M13M3'0=!(0'(&(31Ji$$S!
!
?60!3M01&(./0!*&-K8&K0!34!(60!/&1.38'!Z8'(1&*.&-!&<('!=.4401'!.-!=0(&.*J!?60!M13/.'.3-!
34!(60!=1&4(!8-.4319!&<(!.'!&!8'048*!10M10'0-(&(./0!34!(60!*0K.'*&(.3-J!Q(!&8(631._0'!(60!
<381(!(3!9&\0!&-!31=01!.4!.(!.'!'&(.'4.0=!(6&(!h(60!M13M3'0=!O.**+!&*(01&(.3-!31!10/3<&F
(.3-!.'!31!9.K6(!:0!3-0!(6&(!O38*=!6&/0!:00-!9&=0!:2!(60!M13M3'0=!(0'(&(31!.4!60!31!
'60! 6&=! (0'(&90-(&12! <&M&<.(2Ji$$#! m3-0! 34! (60! Z8'(1&*.&-! &<('! 6&'! *&-K8&K0! *&2.-K!
'M0<.&*!09M6&'.'!3-!8'.-K!(60!:0'(!.-(010'('!34!W!&'!(60!*0&=.-K!<1.(01.3-!431!=0<.=.-K!
'(&(8(312FO.**!<&'0'J!)&-2!34!(60!Z8'(1&*.&-!<&'0'!=0<.=0=!&4(01!(60!<39.-K!.-(3!431<0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$$bJ!!%%(N$00<()#&(QRR^!B?&'JE+!''J!$RoD"J!
$$DJ!V1&4(!L.**'!5.**!"RRS+!<5+-,!-3(0!$"#+!'J!$$!B4EJ!
$$jJ!!%%+!&:3/0+!'0<(.3-!Q;J5J"!B:E!&(!jbJ!
$$>J!!%%!V1&4(!L.**'!5.**!"RRS+!<5+-,!-3(0!$"#+!'J!$C!B$EJ!
$$SJ!V1&4(!L.**'!5.**!"RRS+!$4$2J+!'J!$"!B0EJ!
$$#J!V1&4(!L.**'!5.**!"RRS+!$4$2J+!'J!$"!B:EJ!
^`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
34!(60!/&1.38'!&<('!*33\0=!(3!)0K&112!;7d'!4./0!M1.-<.M*0'$$R!&-=!&MM*.0=!(60!=3<(1.-0!
34! '8:'(.(8(0=! c8=K90-(! &'! (60! :&'.'! 431! (60.1! =0<.'.3-'! 3-! '(&(8(312! O.**'J$bC! 58(! &!
10<0-(!9&c31!<&'0!6&'!f80'(.3-0=!(6.'!&MM13&<6+!&-=!<&**0=!431!(60!&MM*.<&(.3-!34!h&-!
3:c0<(./0! '(&-=&1=+! $J%J! O6&(! &! 10&'3-&:*0! M01'3-! 34! (0'(&90-(&12! <&M&<.(2! O38*=!
6&/0! =3-0! .-! (60! <.1<89'(&-<0'Ji$b"! ?60! Z8'(1&*.&-! c81.'M18=0-<0! &MM0&1'! (3! :0! .-!
4*8HT!.(!.'-d(!<*0&1!&(!(6.'!9390-(!O60(601!.(!O.**!=0/0*3M!&*3-K!(60!*.-0'!34!(60!%-KF
*.'6!<&'0!*&O!&4(01!(60!0-&<(90-(!34!(60!?%.&,0(B,+,#$&'()#&(QRRe!31!.4!.(!O.**!<3-(.-80!
(3!:0!K8.=0=!.-!(60!9&.-!:2!(60!'8:c0<(./0+!'8:'(.(8(0=Fc8=K90-(!&MM13&<6+!O.(6!(60!
4*0H.:.*.(2!(3!(81-!(3!&-!3:c0<(./0!'(&-=&1=!O6010!<.1<89'(&-<0'!O&11&-(!.(J$b$!
!
Q4!(60!&MM*.<&(.3-!.'!'8<<0''48*+!(60-!(60!10K.'(1&1!34!(60!<381(!'.K-'!(60!'(&(8(312!O.**!
&-=! '0&*'! .(! O.(6! (60! '0&*! 34! (60! <381(J$bb! ?60! '(&(8(312! O.**! h.'! (3! :0! 10K&1=0=! &'! &!
/&*.=!O.**!34!pWqJi$bD!
!
4#!
*/@%6!F86(57(-/(*'5!
L6.*0!98<6!34!(60!43<8'!34!(6.'!<6&M(01!.'!3-!%-K*.'6!&-=!Z8'(1&*.&-!*0K.'*&(.3-+!.(!.'!
O31(6O6.*0!(3!-3(0!(6&(!&!-89:01!34!3(601!<3993-F*&O!c81.'=.<(.3-'!6&/0!&!'(&(8F
(312FO.**!M13<0=810J!
!
!"#$ O'@$P-1,(@56Q$
m0O!518-'O.<\!.'!(60!3-*2!c81.'=.<(.3-!.-!7&-&=&!(3!6&/0!&!'(&(8(312FO.**!M13<0=810J!
?60! 0-&:*.-K! M13/.'.3-'! O010! 0-&<(0=! .-! "RRD+$bj! &'! &-! &90-=90-(! (3! (60! M13/F
.-<0d'!&=8*(FK8&1=.&-'6.M!'(&(8(0J$b>!
!
?60!m0O!518-'O.<\!'(&(8(0!.'!'.9.*&1!(3!(60!3*=01!%-K*.'6!*0K.'*&(.3-+!:8(!.(!<3-(&.-'!
'390! 0<<0-(1.<! =1&4(.-K! <63.<0'J$bS! G31! 0H&9M*0+! &*3-0! &93-K! (60! *0K.'*&(.3-! =.'F
<8''0=! .-! (6.'! <6&M(01+! (60! m0O! 518-'O.<\! &<(! '(&(0'! .('! 3M01&(./0! M13/.'.3-! &'! &!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$$RJ!!%%(L%J(EJ(*=J;+!<5+-,!-3(0!"SR!&(!$D$oDbJ!
$bCJ!!!%%!7138<601+!<5+-,!-3(0!"#S!&(!>#"o#R!B10/.0O.-K!(60!*0&=.-K!Z8'(1&*.&-!<&'0'EJ!
$b"J!L%(P%.>$#Z+!<5+-,!-3(0!"SR!&(!M&1&J!j+!W&*901!XJ!
$b$J!!%%!7138<601+!<5+-,!-3(0!"#S!&(!>RDoRjJ!
$bbJ!!%%!V1&4(!L.**'!5.**!"RRS+!<5+-,!-3(0!$"#+!'J!$DJ!
$bDJ!V4$2J+!'J!$>!B"EJ!
$bjJ!!%%().()#&(&"()C%.2(&A%(V.@$-C(:%-<".<()#&+!`m5!"RRD+!<J!DC+!'J!bJ!
$b>J!!%%(V.@$-C(:%-<".<()#&+!U`m5!"RSb+!<J!QF#+!''J!b!BDE+!""J"+!"jJ"+!bR!B"E+!BjEJ(
$bSJ!!%%!%1.<!PJ!?00=!l!m.<3*0!73633-+!hm0O!L.**'!431!Q-<39M0(0-('i!B"RR>E!">!%J!l!?J!XJ!"!&(!$T!L%+"-&(
".(&A%(B-%,&$".("@(N$00<+!<5+-,!-3(0!$Cj!&(!bjJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
^a'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
-0K&(./0!M13M3'.(.3-A!hp(q60!M3O01!34!(60!<381(!(3!9&\0+!&90-=!31!10/3\0!&!O.**!.-!
(60!-&90!34!&-=!3-!:06&*4!34!&!90-(&**2!.-<39M0(0-(!M01'3-!'6&**!:0!0H01<.'&:*0!.-!
(60!=.'<10(.3-!34!(60!<381(!O6010!(60!<381(!:0*.0/0'!(6&(+!.4!.(!=30'!-3(!0H01<.'0!(6&(!
M3O01+!&!10'8*(!O.**!3<<81!3-!(60!=0&(6!34!(60!90-(&**2!.-<39M0(0-(!M01'3-!(6&(!(60!
90-(&**2!.-<39M0(0-(!M01'3-+!.4!<39M0(0-(!&-=!9&\.-K!&!O.**!&(!(60!(.90!(60!<381(!
0H01<.'0'!(60!M3O01+!O38*=!-3(!6&/0!O&-(0=Ji$b#!?6.'!*&-K8&K0!<38*=+!.-!(60312+!6&/0!
10'8*(0=! .-! m0O! 518-'O.<\d'! <381('! (&\.-K! &! =.'(.-<(./0! &MM13&<6! .-! &MM*2.-K! (60!
'(&(8(0J!58(!(60!3-*2!10M31(0=!c8=K90-(!<3-'.=01.-K!(60!*0K.'*&(.3-$bR!=0<.=0=!(3!43*F
*3O!)0K&112!;7d'!4./0!M1.-<.M*0'J$DC!
!
!*#$ O'@$R'".",2$
m0O!@0&*&-=!6&'!*0K.'*&(.3-!&8(631._.-K!.('!4&9.*2!<381(!(3!9&\0!&!'(&(8(312!O.**!431!
&!M01'3-!O63!.'!'8:c0<(!(3!&!M13M01(2!31=01!B(6.'!.'!138K6*2!(60!0f8./&*0-(!34!&!51.(F
.'6!73*89:.&!<399.((00'6.M!31=01EJ$D"!?60!*0K.'*&(.3-!&MM*.0'!3-*2!.4!.(!<&-!:0!'63O-!
(6&(! W! &*'3! *&<\'! (0'(&90-(&12! <&M&<.(2J! m0O! @0&*&-=d'! M13/.'.3-'! &10! '390O6&(!
'M&10J!Q-!K0-01&*!(019'!(602!&8(631._0!(60!4&9.*2!<381(!(3A!
!
• =.10<(! (6&(! &! (0'(&90-(&12! =.'M3'.(.3-! 431! W! 3-*2! :0! 9&=0! :2! *0&/0! 34! (60!
<381(T$D$!
• <&8'0!.-f8.1.0'!(3!:0!9&=0+!(3!=0(019.-0!.4!&!(0'(&90-(&12!=.'M3'.(.3-!(6&(!
O&'! 9&=0! O60-! W! O&'! .-<&M&:*0! 34! 9&-&K.-K! 6.'! 31! 601! 3O-! &44&.1'! 0HF
M10''0'!(60!M10'0-(!=0'.10!&-=!.-(0-(.3-!34!WT$Db!
• &8(631._0!(60!9&\.-K!34!&!'(&(8(312!O.**!431!WJ$DD!
!
Z*(638K6!m0O!@0&*&-=d'!*0K.'*&(.3-!=.4401'!.-!'390!'.K-.4.<&-(!O&2'!4139!(60!?%.&,0(
B,+,#$&'()#&(QRRe+!(60!m0O!@0&*&-=!<381('!6&/0!60*=!(6&(!)0K&112!;7d'!'8:'(.(8(0=F
c8=K90-(!&MM13&<6!&MM*.0'!(3!=0<.'.3-'!8-=01!m0O!@0&*&-=d'!*0K.'*&(.3-J$Dj!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$b#J!V.@$-C(:%-<".<()#&+!<5+-,!-3(0!$b>+!'J!""J"J!
$bRJ!!%%(L%(?(*B"CC$&&%%("@;!B"RR#E+!$Cj!m5U!B$=E!R>+!$S!%?U!B$=E!>#!BY5EJ!
$DCJ!!%%(L%(EJ(*=J;+!<5+-,!-3(0!"SR!&(!$D$oDbJ!
$D"J!!%%(:-"&%#&$".("@(:%-<".,0(,.2(:-"+%-&'(L$9A&<()#&([]^^!Bm@E+!"R##ND+!''J!jD+!jjJ!
$D$J!!%%!$4$2J+!'J!jD!B$EJ!
$DbJ!!%%!$4$2J+!'J!jD!BjEJ!
$DDJ!!%%!$4$2J+!'J!jD!B>EJ!
$DjJ!!%%(L%(?,.H".$+!p"RRjq!$!m@PU!DR#!&(!jCj!B[7EJ!
_E'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!6#$ E".530-,5"$
7&*.431-.&d'!*0K.'*&(.3-$D>!10'09:*0'!(60!:&10!:3-0'!34!(60!?%.&,0(B,+,#$&'()#&(QRReJ!
?60!M3O01!(3!9&\0!&!'(&(8(312!O.**!<390'!&(!(60!0-=!34!&!*3-K!*.'(!34!M3O01'!(6&(!&!
<381(!6&'!(3!9&\0!=0<.'.3-'!431!&!M01'3-!O63!*&<\'!(60!<&M&<.(2!(3!9&-&K0!6.'!31!601!
3O-! &44&.1'J! ?60! M3O01! (3! 9&\0! &! '(&(8(312! O.**! O&'! &==0=! (3! (6.'! *.'(! .-! (60! 9.=F
"RRC'J!
!
,-*.\0! (60! %-K*.'6! &-=! Z8'(1&*.&-! *0K.'*&(.3-+! 7&*.431-.&d'! M13/.'.3-! =30'! -3(! 0/0-!
:0K.-! (3! 'M0**! 38(! 63O! (60! <381('! &10! (3! &MM*2! (6.'! M3O01J! 7&*.431-.&! &*'3! '009'! (3!
*&<\!&-2!:3=2!34!<&'0!*&O!=0/0*3M.-K!M1.-<.M*0'!431!&MM*2.-K!(60!*0K.'*&(.3-J!
!
9#!
6&')%!*+!5/&/8/*60;<(33!-&5%5!
504310!93/.-K!3-!(3!(60!.''80'!431!104319+!.(!.'!O31(6O6.*0!(3!-3(0!(60!1&-K0!34!<&'0'!
.-!O6.<6!'(&(8(312!O.**'!6&/0!M*&20=!&!M&1(J!?60!*0K.'*&(.3-!=30'!-3(!M8(!&-2!M&1(.<8F
*&1!*.9.('!3-!(60!<&'0'!.-!O6.<6!.(!O.**!:0!&MM*.0=+!:8(!10M31(0=!c8=K90-('!BM&1(.<8F
*&1*2!.-!%-K*&-=!&-=!Z8'(1&*.&E!K./0!&!'0-'0!34!(60!(2M0'!34!4&<(!M&((01-'!(6&(!&10!M&1F
(.<8*&1*2!&90-&:*0!(3!&!'(&(8(312!O.**J!Z!*0&=.-K!%-K*.'6!<3990-(&(31!6&'!*.'(0=!(60!
43**3O.-K!h'.(8&(.3-'!O6010!'(&(8(312!O.**'!&10!8'048*iA!
!
• pWq! 6&'! 109&11.0=! '.-<0! 60! 9&=0! 6.'! *&'(! O.**+! O6.<6! 6&'! (60104310! :00-! 10/3\0=! (3!
(60!=0(1.90-(!34!pWd'q!4&9.*2J!?60!10'8*('!34!&-!.-(0'(&<2!9&2!:0!.-&MM13M1.&(0J!
• Z!M13M01(2!O6.<6!.'!(60!'8:c0<(!9&((01!34!&!'M0<.4.<!*0K&<2!6&'!:00-!=.'M3'0=!34!:2!
(60!10<0./01$DS!&-=!.(!9&2!:0!.-&MM13M1.&(0!431!(60!M13<00='!34!'&*0!(3!:0!M10'01/0=!
J!J!J! 0'M0<.&**2! .4! (60! /&*80! 34! (60! M13M01(2! .'! -3! *3-K01! M13M31(.3-&(0! (3! (60! /&*80! 34!
(60!0'(&(0!O60-!(60!K.4(!O&'!9&=0J!
• Z-!&''0(!O6.<6!.'!(60!'8:c0<(!9&((01!34!&!K.4(!6&'!:00-!=.'M3'0=!34!:2!&-!&((31-02!8-F
=01!&-!p0-=81.-K!M3O01!34!&((31-02qJ!J!J!J!
• Z!*0K&<2!.-!&-!0H.'(.-K!O.**!6&'!&=0090=J!
• Z-!0H0<8(31!31!M1.-<.M&*!:0-04.<.&12!6&'!M10=0<0&'0=!pWq!'3!(6&(!pWq!.'!.-(0'(&(0J!Q4!&!
<38M*0!6&'!-3!.''80+!(60!<38M*0d'!&''0('!O.**!M&''!0-(.10*2!(3!(60!'81/./31d'!-0H(!34!\.-J!
• ?6010!6&'!:00-!&!9&c31!<6&-K0!(3!pWd'q!<.1<89'(&-<0'!31!.-!6.'!10*&(.3-'6.M!O.(6!(60!
:0-04.<.&1.0'!.-!6.'!O.**!31!(63'0!O63!O38*=!(&\0!3-!6.'!.-(0'(&<2J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$D>J!!%%!7&*J!W13:J!73=0!x!$j#C!B:E!B"bE!BV001.-K!$C"bEJ!
$DSJ!hU0<0./01'i! O010! &MM3.-(0=! 8-=01! (60! M10/.38'! *0K.'*&(.3-! B(60! ?%.&,0( 3%,0&A( )#&( []^dET! (602!
O010! 10M*&<0=! :2! h=0M8(.0'i! 8-=01! (60! ?%.&,0( B,+,#$&'( )#&( QRReJ! Z! 10<0./01! .'! 138K6*2! (60!
0f8./&*0-(!34!&!51.(.'6!73*89:.&!<399.((00J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
_F'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
• pWd'q!0H.'(.-K!O.**!31!6.'!.-(0'(&<2!4&.*'!(3!9&\0!M13/.'.3-!431!M01'3-'!431!O639!pWq!
9.K6(!:0!0HM0<(0=!(3!M13/.=0+!&-=!(60!10'8*(!34!-3(!9&\.-K!&!-0O!O.**!O38*=!:0!8-F
c8'(J!J!J!J$D#!
!
Z(!&-!0H(1090!0-=!34!(60!1&-K0+!Z8'(1&*.&!6&'!'00-!'390!<&'0'!.-!O6.<6!Wd'!.-<&M&<F
.(2! .'! &MM&10-(*2! =80! (3! &! /.3*0-(! &((&<\! 4139! &! 'M38'0! 31! 4&9.*2! 909:01+! &-=! (60!
<381(!6&'!&MM13/0=!&!'(&(8(312!O.**!(3!0-'810!(6&(!(60!&((&<\01!=.=!-3(!:0-04.(!4139!
Wd'!0'(&(0J$DR!
!
Z-3(601! <3-'.=01&(.3-! B3-0! (6&(! .'! M&1(.<8*&1*2! &M(! 431! 51.(.'6! 73*89:.&E! .'! (60! &=F
/0-(!34!10K.'(010=!=.'&:.*.(2!'&/.-K'!M*&-'J!G8-='!9&2!&<<898*&(0!.-!&-!UV`W!431!(60!
:0-04.(!34!&!M01'3-!O.(6!=.9.-.'60=!<&M&<.(2J!?6.'!:0-04.<.&12!9&2!*&<\!(60!<&M&<.(2!
(3! 9&\0! &! O.**+! :8(! 9&2! '(.**! 6&/0! O.'60'! &:38(! (60! =.'M3'.(.3-! 34! (60! UV`W! 48-='!
8M3-!(60!M01'3-d'!=0&(6J!Z!'(&(8(312!O.**!9&2!:0!&!O&2!(3!0-'810!(6&(!(63'0!O.'60'!
&10!10'M0<(0=J!
!
Q(!.'!&*'3!O31(6O6.*0!(3!:0&1!.-!9.-=!(6&(!W!6&'!(0-=0=!(3!4&**!.-(3!3-0!34!(O3!K138M'A!
!
• h*3'(! <&M&<.(2! <&'0'igh&! <&'0! .-! O6.<6! &! M01'3-+! 6&/.-K! 9&=0! &! O.**+! *3'0'!
(0'(&90-(&12! <&M&<.(2! &-=! <&--3(! 9&\0! &! *&(01! O.**! 31! <3=.<.*! .-! 31=01! (3!
=0&*!O.(6!<6&-K0=!<.1<89'(&-<0'!J!J!JiT!
• h-.*! <&M&<.(2! <&'0'igh<&'0'! .-/3*/.-K! M01'3-'! O63! 6&/0! -0/01! 6&=! (0'(&F
90-(&12!<&M&<.(2+!8'8&**2!:0<&8'0!34!90-(&*!.-4.19.(2!4139!&-!0&1*2!&K0Ji$jC!
!
)@'
=00;"0'1$%'!"1$%*'
?6.'! '0<(.3-! :0K.-'! :2! &'\.-K! (60! (610'63*=! f80'(.3-! 34! O60(601! (6010! '638*=! :0!
'(&(8(312FO.**!*0K.'*&(.3-!.-!51.(.'6!73*89:.&J!?60-!.(!93/0'!3-!(3!.''80'!<3--0<(0=!
O.(6! (60! =0'.K-! 34! '8<6! *0K.'*&(.3-J! ?60! =.'<8''.3-! 34! (60'0! .''80'! 43<8''0'! 3-! (60!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$D#J!)&1(.-!?0110**+!hL.**'!431!W01'3-'!O.(638(!7&M&<.(2i!B$CCDE!"jD!m0O!PX!R>#!&(!RSCJ!
$DRJ!!%%( !%#-%&,-'/( E%+,-&C%.&( "@( 35C,.( !%-F$#%<( FJ( K,.#,--">+! p$CCDq! ;`7! DjCT! E%( I"$<( FJ( Y"-++!
p$CCjq!;`7!b$>T!B:?)(*!&,&5&"-'(N$00;+!p$CCjq!?Z`]Z5!"J!Z-3(601!0H&9M*0!34!'8<6!&!<&'0!.'!L%(
P%.>$#Z+!<5+-,!-3(0!"SRJ!L%(P%.>$#Z!=0<.=0=!(O3!<3-c3.-0=!&MM0&*'J!e-0!34!(60!&MM0&*'+!L%(BA,-O
0%<+! <3-<01-0=! &! <6.*=! O63! 6&=! '844010=! '0/010! &-=! .110/01'.:*0! :1&.-! .-c812! &(! (60! &K0! 34! 4381!
93-(6'J!?60!<6.*=d'!M&10-('!O010!'(13-K*2!'8'M0<(0=!34!.-4*.<(.-K!(6.'!.-c812+!.-!&!<&'0!34!'6&\0-F
:&:2!'2-=1390+!:8(!O010!8*(.9&(0*2!-0/01!<6&1K0=!O.(6!&!<1.90J!58(!(60!<6.*=!O&'!M*&<0=!.-!(60!
<&10! 34! (60! '(&(0J! ?60! <6.*=d'! 0'(&(0! <3-'.'(0=! 34! &-! Z,`yjC!CCC! /.<(.9d'! <39M0-'&(.3-! &O&1=J!
?60! '(&(0+! <3-<01-0=! (6&(! <6.*=d'! M&10-('! <38*=! .-601.(! (6.'! &O&1=! .4! (60! <6.*=! =.0=! .-(0'(&(0+!
'38K6(! &! '(&(8(312! O.**! :0-04.(.-K! (60! <6.*=d'! '.'(01J! ?60! <381(! K1&-(0=! (60! &MM*.<&(.3-! Bm0O!
`38(6!L&*0'd'!*0K.'*&(.3-!0HM*.<.(*2!&8(631._0'!(60!9&\.-K!34!&!'(&(8(312!O.**!431!&!9.-31EJ!
$jCJ!L%(P%.>$#Z+!$4$2J!&(!M&1&'J!$Do$SJ!
_D'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
9&c31! M3.-('! 34! <3-(1&'(! :0(O00-! (60! %-K*.'6! &-=! (60! Z8'(1&*.&-! &MM13&<60'! (3!
'(&(8(312!O.**'J!
!
"#!
5@*837! =6(/(5@! -*38$=(&! %'&-/! 3%)(53&/(*'! &8/@*6(G(')! /@%! $&D(')H!
$*7(+0(')H! *6! 6%>*D(')! *+! &! <(33! +*6! &'! ('7(>(78&3! <@*! 3&-D5!
/%5/&$%'/&60!-&.&-(/0E!
`8MM31(01'!34!'(&(8(312FO.**!*0K.'*&(.3-!6&/0!&=/&-<0=!&!-89:01!34!M3*.<2!1&(.3-&*0'!
431!(60!*0K.'*&(.3-J!?60!9&c31!1&(.3-&*0!.'!(6&(!'8<6!*0K.'*&(.3-!M13/.=0'!&-!0440<(./0!
90(63=! 431! =0&*.-K! O.(6! <6&-K.-K! <.1<89'(&-<0'! &-=! 3(601! M1&<(.<&*! M13:*09'J! Z'!
(60! *.'(! '0(! 38(! .-! (60! M10/.38'! '0<(.3-! '63O'+$j"! (6010! .'! &! /&'(! &11&2! 34! O&2'! .-!
O6.<6! <6&-K.-K! <.1<89'(&-<0'! <38*=! <&**! 431! .-(01/0-(.3-! 8-=01! (6.'! *0K.'*&(.3-J! Q(!
O38*=! :0! =.44.<8*(g.4! -3(! .9M3''.:*0g431! 0'(&(0! M*&--.-K! (3! &-(.<.M&(0! &-=! =0&*!
O.(6!&**!34!(60'0!<.1<89'(&-<0'!.-!&=/&-<0!34!&-!.-=./.=8&*d'!*3''!34!(0'(&90-(&12!<&F
M&<.(2J!G31!(6.'!10&'3-+!3-0!*0&=.-K!%-K*.'6!M1&<(.(.3-01!6&'!=0'<1.:0=!'(&(8(312FO.**!
*0K.'*&(.3-! &'! <10&(.-K! h&-! 0H(1&31=.-&1.*2! 8'048*! c81.'=.<(.3-Ji$j$! ?60! *0K.'*&(.3-! &*F
*3O'! 431! (60! 9&.-(0-&-<0! 34! (60! (1&=.(.3-&*! (0'(! 34! (0'(&90-(&12! <&M&<.(2+! '8MM*0F
90-(0=!:2!&!M13<0=810!(6&(!60*M'!(3!'34(0-!(60!3<<&'.3-&*!6&1'6!10'8*(!(6&(!9&2!4*3O!
4139!(60!&MM*.<&(.3-!34!(6&(!(0'(J!
!
Z-3(601!&1K890-(!&=/&-<0=!:2!M13M3-0-('!34!'(&(8(312!O.**'!.'!(6&(!'8<6!*0K.'*&(.3-!
hO38*=! K10&(*2! 0-6&-<0! (60! 1.K6('! &-=! =.K-.(2! 34! M01'3-'! O.(6! =.'&:.*.(.0'! :2! 0-&F
:*.-K! (60.1! M13M01(2! (3! :0! =0/.'0=! &MM13M1.&(0*2! :2! 6&/.-K! 10K&1=! (3! (60.1! <8110-(!
'.(8&(.3-Ji$jb!Q-!(6.'!/.0O+!&!'(&(8(0!O.(6!M13M01!M13(0<(.3-'!&-=!O.(6!&!90<6&-.'9!
(3! &**3O! (60! /.0O'! 34! W! (3! :0! *.'(0-0=! (3! &-=! (&\0-! .-(3! &<<38-(! O38*=! &**3O! W! &!
60.K6(0=!=0K100!34!&8(3-392!.-!<39M&1.'3-!(3!(60!<8110-(!*&OJ!?60!(0'(!34!<&M&<.(2!
O38*=!:0<390!*0''!34!&!:&11.01!(3!Wd'!&:.*.(2!(3!0H01<.'0!'390!<3-(13*!3/01!6.'!31!601!
&44&.1'J$jD!
!
Z!10*&(0=!&1K890-(!<38*=!:0!9&=0!.-!<3--0<(.3-!O.(6!&1(.<*0!"$!34!(60!,m!73-/0-F
(.3-!3-!(60!U.K6('!34!W01'3-'!O.(6!V.'&:.*.(.0'J!7&-&=&!6&'!1&(.4.0=!(6.'!<3-/0-(.3-J!
Z1(.<*0!"$!<&**'!431!'(&(0'!M&1(.0'!(3!(60!<3-/0-(.3-!(3!h10<3K-._0!(6&(!M01'3-'!O.(6!
=.'&:.*.(.0'! 0-c32! *0K&*! <&M&<.(2! 3-! &-! 0f8&*! :&'.'! O.(6! 3(601'! .-! &**! &'M0<('! 34! *.40i!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$j"J!!%%+!&:3/0+!'0<(.3-!Q;J5JD!&(!>"J!
$j$J!?0110**+!<5+-,!-3(0!$D#!&(!R>#J!
$jbJ!N$00<(@"-(:%-<".<(8,#Z$.9(N$00O?,Z$.9(B,+,#$&'+!<5+-,!-3(0!$">!&(!M&1&J!$JDJ!!
$jDJ!!%%(7138<601+!<5+-,!-3(0!"#S!&(!>RS!BhL6010!(60!M01'3-!*&<\'!<&M&<.(2+!60!31!'60!*&<\'!(60!&:.*F
.(2!(3!0H01<.'0!(6&(!&8(3-392!(3!9&\0!=0<.'.3-'g.-<*8=.-K!&:38(!(60.1!M13M01(2!3-!=0&(6J!?60!
'(&(8(312!O.**F9&\.-K!M3O01+!:2!&**3O.-K!&!<381(!(3!'(0M!.-(3!&!M01'3-d'!M*&<0+!<&-!:0!'00-!(3!:0!
K./.-K!:&<\!(6&(!&8(3-392+!(638K6!0H01<.'0=!:2!&!c8=K0JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
_B'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
&-=!(3!h(&\0!&MM13M1.&(0!90&'810'!(3!M13/.=0!&<<0''!:2!M01'3-'!O.(6!=.'&:.*.(.0'!(3!
(60!'8MM31(!(602!9&2!10f8.10!.-!0H01<.'.-K!(60.1!*0K&*!<&M&<.(2Ji!73990-(&(31'!6&/0!
&1K80=! (6&(! (6.'! *&-K8&K0! 601&*='! h&! M13438-=! '6.4(! .-! (60! *&O! 34! *0K&*! <&M&<.(2+i$jj!
O6.<6!O38*=!93/0!(60!*&Od'!09M6&'.'!4139!&''0''.-K!90-(&*!<&M&<.(2!(3!=0'.K-&(F
.-K!'8MM31(./0!M13<0=810'!(6&(!O38*=!&**3O!431!(60!0H01<.'0!34!*0K&*!<&M&<.(2J$j>!53(6!
<&'0! *&O! &-=! <3990-(&12! 6&/0! '&.=! (6&(! '(&(8(312$jS! &-=! <3993-F*&O$j#! <&M&<.(2!
(0'('!&-=!<3-<0M('!&10!=80!431!10/.'.3-!.-!*.K6(!34!(60!=09&-='!34!&1(.<*0!"$J!Z*(638K6!
-3!3-0!.'!3-!(60!10<31=!&'!'&2.-K!(6&(!0-&<(.-K!&!'(&(8(312FO.**!M13<0=810!O38*=+!:2!
.('0*4+!48*4.**!&1(.<*0!"$d'!<&**!431!0-6&-<0=!'8MM31(./0!=0<.'.3-F9&\.-K+!.(!.'!-3(!6&1=!
(3!'00!63O!0-&<(.-K!'8<6!*0K.'*&(.3-!O38*=!:0!&(!*0&'(!&!'(0M!(3O&1=!:1.-K.-K!(1&=.F
(.3-&*!18*0'!.-(3!*.-0!O.(6!(60!<3-/0-(.3-J!
!
71.(.<'!34!'(&(8(312FO.**!*0K.'*&(.3-!(0-=!(3!6&/0!&!=1&9&(.<&**2!=.44010-(!/.0O!34!(60!
0440<(! 34! '8<6! *0K.'*&(.3-J! )8<6! 34! (60! 3MM3'.(.3-! (3! '(&(8(312! O.**'! '009'! (3! :0!
K138-=0=! .-! &! '0-'0! (6&(! (6.'! (2M0! 34! *0K.'*&(.3-! 10M10'0-('! &-! 3/0110&<6! 431! (60!
<381('+! 31! h&! 08M609.'9! 431! &! 1&=.<&*! 93=0! 34! <39M8*'312! M13M01(2! =.'(1.:8(.3-!
4139! (60! 0'(&(0'! 34! M01'3-'! O63! O010! /8*-01&:*0! (3! *0K&*! M13<0''! .-! (60.1! *.40F
(.90'Ji$jR!`(&(8(312FO.**!*0K.'*&(.3-!.'!'00-!&'!&-!&''&8*(!3-!3-0!34!(60!:0=13<\!M1.-F
<.M*0'!34!'8<<0''.3-!*&OA!(0'(&90-(&12!4100=39+!(60!.=0&!(6&(!&!M01'3-!'638*=!:0!4100!
(3!=.'M3'0!34!6.'!31!601!M13M01(2!3-!=0&(6!O.(638(!'(&(0!.-(014010-<0J$>C!Q-!(60!020'!
34!'390!<1.(.<'+!(60!*0K.'*&(.3-!.-!0440<(!=.'<1.9.-&(0'!&K&.-'(!W+!:0<&8'0!.(!=0M1./0'!W!
34!(60!4100=39!&4431=0=!(3!M01'3-'!O63!6&/0!(0'(&90-(&12!<&M&<.(2J$>"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$jjJ!5&<6!l!^01_-01+!<5+-,!-3(0!Sb!&(!j#J!
$j>J!V4$2J!
$jSJ!!%%( $4$2J! &(! >S! Bhe-! (60.1! 4&<0+! 90-(&*! <&M&<.(2! '(&(8(312! M13/.'.3-'! O6.<6! &1(.<8*&(0! <3K-.(./0!
(0'('! 431! 6&/.-K! 3-0d'! *0K&*! <&M&<.(2! 10<3K-._0=! &-=! M13(0<(0=! &MM0&1! (3! :0! .-! /.3*&(.3-! 34! (60!
7UWVJiEJ!
$j#J!!%%( K$#A"0<".+! <5+-,! -3(0! Sj! B10/.'.-K! <3-<0M(! 34! (0'(&90-(&12! 8-=80! .-4*80-<0! .-! *.K6(! 34!
&1(J!"$EJ!
$jRJ!m0/.**0!71&K3+!hU04319!34!(60!P&O!34!L.**'i!B"RRjE!$j!,LZ!PJ!U0/J!$jj!&(!$>CJ!
$>CJ!!%%!7138<601+!<5+-,!-3(0!"#S!&(!>SD!B-3(.-K!(6&(!431!<1.(.<'!h(60!/012!.=0&!34!'(&(8(312!O.**'!O0-(!
(3!(60!60&1(!&-=!'38*!34!(0'(&90-(&12!4100=39iET!?00=!l!73633-+!<5+-,!-3(0!$bS!&(!b!BhQ'!(6.'!-3(!
&-3(601!0H&9M*0!34!(60!v5.K!513(601d!'2-=1390!O6010!(60!'(&(0!<&-!.-(014010!O.(6!(60!=.'<10(.3-!
34!(60!.-=./.=8&*!O.(638(!(60!.-=./.=8&*d'!\-3O*0=K0k!?3!O6&(!0H(0-(!'638*=!(60!'(&(0!<3-(.-80!
(3!.-(014010!O.(6!(60!.-=./.=8&*k!L6&(!-0H(k!Q-!(60!O1.(01'd!3M.-.3-+!(6.'!.'!&!:810&8<1&(.<!0-&<(F
90-(! 34! <3-(13*! O.(638(! c8'(.4.<&(.3-! &-=+! &'! '8<6+! '8:c0<(! (3! =&-K0138'! =0/0*3M90-(! :2! (60!
<381('JiEJ!
$>"J!!%%! ?00=! l! 73633-+! $4$2J! &(! $! BhQ(! .'! .13-.<! (6&(! .4! &! 90-(&**2! <39M0(0-(! M01'3-! <633'0'! -3(! (3!
9&\0!&!O.**+!'3!:0!.(J![3O0/01+!.4!(60!M01'3-!.'!90-(&**2!.-<39M0(0-(+!(60!*&O!6&'!-3O!<10&(0=!&!
'8:'(.(8(0!O.**F9&\.-K!M3O01!K./0-!(3!&-3(601!M01'3-+!&*:0.(!&!c8=K0JiEJ!
_]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
e(601!<1.(.<'!6&/0!43<8''0=!*0''!3-!(60!0440<(!34!(60!*0K.'*&(.3-!3-!W!&-=!9310!3-!63O!
'(&(8(312! O.**'! 4.(! .-(3! K0-01&*! '8<<0''.3-! *0K.'*&(.3-J! ?60.1! &1K890-(! .'! (6&(! '(&(8F
(312!O.**'!<&-!:0!'00-!&'!8-=019.-.-K!(60!K0-01&*!*0K.'*&(.3-J!Q-!(6.'!/.0O+!(60!M13F
/.-<.&*!*0K.'*&(810!6&'!&*10&=2!=0<.=0=!3-!(60!<3-'0f80-<0'!34!=2.-K!O.(638(!&!O.**!
31! O.(6! &! O.**! (6&(! 9&\0'! .-'844.<.0-(! M13/.'.3-! 431! 4&9.*2! 909:01'J! ?60'0! K0-01&*!
10'8*('!'638*=!M10/&.*!3/01!(60!<381(d'!&((09M(!(3!109&\0!&!'M0<.4.<!0'(&(0!M*&-J$>$ !
!
G.-&**2+!<1.(.<'!34!'(&(8(312!O.**'!6&/0!M3.-(0=!38(!(6&(!'8<6!&!9&c31!<6&-K0!.-!(60!*&O!
'638*=!0-c32!&!K138-='O0**!34!'8MM31(J!58(!.(!6&'!:00-!<*3'0!(3!$C!20&1'!'.-<0!m0O!
518-'O.<\!0-&<(0=!.('!*0K.'*&(.3-!&-=!-3!3(601!c81.'=.<(.3-!.-!7&-&=&!6&'!'00-!4.(!(3!
43**3O! .('! *0&=J! G81(601+! (60! Z*:01(&! P&O! U04319! Q-'(.(8(0! 10<0-(*2! <3-'.=010=! &!
'(&(8(312FO.**!M13M3'&*!&-=!=0<*.-0=!(3!93/0!3-!.(+!.-!M&1(!=80!(3!(60!*&<\!34!0-(68'.F
&'9!'63O-!:2!10'M3-=0-('!.-!&!M8:*.<!<3-'8*(&(.3-J$>b!
!
U0'M3-=0-('!(3!(60!<3-'8*(&(.3-!M&M01!O010!'6&1M*2!=./.=0=!3-!(6.'!.''80J!Z!9&c31F
.(2!4&/3810=!(60!M13M3'&*!(3!0-&<(!'(&(8(312FO.**!*0K.'*&(.3-J!58(!3M.-.3-'!3-!(6.'!.'F
'80!O010!9310!M3*&1._0=!(6&-!O&'!(60!<&'0!431!93'(!34!(60!3(601!.''80'!431!104319!
1&.'0=!.-!(60!<3-'8*(&(.3-!M&M01J!
!
U0'M3-=0-('!O63!'8MM31(0=!(60!M13M3'&*!(0-=0=!(3!:0!'(13-K*2!.-!4&/381!34!.(J!e-0!
10'M3-=0-(!1040110=!(3!(60!0-&<(90-(!34!'(&(8(312FO.**!*0K.'*&(.3-!&'!h&-!.9M31(&-(!
0f8.(2!.''80Ji!Z-3(601!O0-(!481(601!&-=!'&.=!(6&(!hp*q0K.'*&(.3-!!0-&:*.-K! (60! <10&(.3-!
&-=! <6&-K.-K! 34! &! '(&(8(312! O.**! .'! 3-0! 34! (60! 93'(! M13K10''./0! '(0M'! (6&(! <38*=! :0!
&<6.0/0=!.-!&-2!93=01-._&(.3-!34!0'(&(0!*&O!.-!57Ji!
!
U0'M3-=0-('! O63! 3MM3'0=! (60! M13M3'&*! &*'3! (0-=0=! (3! 6&/0! 0-K&K0=! =00M*2! O.(6!
(60! .''80J! ?602! 34(0-! M13/.=0=! =0(&.*0=! 0HM*&-&(.3-'! 34! (60.1! <3-<01-'! &-=+! .-! 3-0!
<&'0+!K&/0!(60!<399.((00!&-!&*(01-&(./0!M13M3'&*!(3!<3-'.=01J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$>$J!!%%!71&K3+!<5+-,!-3(0!$jR!&(!$>CJ!!%%(,0<"!L%+"-&(".(&A%(B-%,&$".("@(N$00<+!<5+-,!-3(0!$Cj!&(!bS!
Bm3(.-K! h(60! /.0O! (6&(! (60! '(&(8(312! *&O'! 34! .-(0'(&<2! &-=! =0M0-=0-('! 10*.04! &*10&=2! 10M10'0-(!
'3<.0(2d'!<3-'.=010=!*0K&*!10'M3-'0!(3!'.(8&(.3-'!O6010!&!M01'3-!=30'!-3(!6&/0!&!O.**!B431!O6&(F
0/01!10&'3-E!31!O6010!(60!O.**!31!.-(0'(&<2!*&O'!=3!-3(!&=0f8&(0*2!M13/.=0!431!&!=0M0-=0-(!10*&F
(./0J!?6.'!/.0O!&1K80'!(6&(!(60!.-(0K1.(2!34!(60'0!'(&(8(312!'&40(2!-0('!'638*=!:0!M10'01/0=!O.(6F
38(!'M0<.&*!(10&(90-(!431!&!<01(&.-!<*&''!34!M01'3-'!B(63'0!O.(638(!(0'(&90-(&12!<&M&<.(2E!O63'0!
0'(&(0'!&10!(60-!6&-=*0=!:2!&*(01-&(./0!90&-'JiEJ!
$>bJ!!%%($4$2J!&(!b#obRJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
_^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
?6.'!&*(01-&(./0!M13M3'&*!<&**0=!431+!.-!(60!M*&<0!34!'(&(8(312FO.**!M13<0=810+!&!'.-K*0!
&90-=90-(!(3!(60!N$00</(T<&,&%<(,.2(!5##%<<$".()#&$>D!(6&(!O38*=!&==10''!h(60!'<0F
-&1.3!O6010!&!M01'3-!O63!.'!10'M3-'.:*0!431!(60!=0&(6!31!.-<&M&<.(2!34!&-!.-=./.=8&*!
(&\0'! 8-=01! (60.1! 0H.'(.-K! O.**! 31! 3-! .-(0'(&<2Ji! ?60! <381(! O38*=! :0! &8(631._0=! (3!
9&\0!&!=0<*&1&(.3-!.-!(60'0!<.1<89'(&-<0'+!O6.<6!O38*=!6&/0!(60!0440<(!34!0-'81.-K!
(6&(!(60!&((&<\01!=.=!-3(!(&\0!&-2!M13M01(2!8-=01!(60!M01'3-d'!O.**!31!8M3-!(60!.-(0'F
(&(0!=.'(1.:8(.3-!34!(60!M01'3-d'!0'(&(0J$>j!
!
Q-!(60!<399.((00d'!/.0O+!(6.'!&*(01-&(./0!M13M3'&*!O38*=!-3(!9&\0!&-!&=0f8&(0!'8:F
'(.(8(.3-!431!&!'(&(8(312FO.**!M13<0=810+!O6.<6!O38*=!:0!8'048*!.-!&!-89:01!34!3(601!
'.(8&(.3-'J! 58(! (60! &*(01-&(./0! M13M3'&*! .'! &-! .-(010'(.-K! .=0&! .-! .('! 3O-! 1.K6(J! Q('!
&=3M(.3-!O38*=!-3(!<3-4*.<(!O.(6!&!'(&(8(312FO.**!M13<0=810J!Q(!O38*=!:0!O31(6O6.*0!
(3!<3-'.=01!(60!&*(01-&(./0!M13M3'&*!431!481(601!'(8=2+!&'!&!M3''.:*0!=.'<10(0!&90-=F
90-(!(3!(60!N$00</(T<&,&%<(,.2(!5##%<<$".()#&J!
!
?60! <399.((00! K&/0! (6.'! (610'63*=! .''80! &-=! &**! 10'M3-'0'! (3! .(! <&1048*! <3-'.=01&F
(.3-J! ?60! <399.((00! 8*(.9&(0*2! =0<.=0=! (6&(! 51.(.'6! 73*89:.&! '638*=! 0-&<(! *0K.'*&F
(.3-! &8(631._.-K! '(&(8(312! O.**'J! ?6.'! *0K.'*&(.3-! O.**! <10&(0! &! 8'048*! 1090=2! (6&(!
<38*=!60*M!M03M*0!O.(6!=.9.-.'60=!<&M&<.(2!&-=!(60.1!4&9.*.0'!&/3.=!6&1='6.M'J!L.(6!
(60!&=/0-(!34!10K.'(010=!=.'&:.*.(2!'&/.-K'!M*&-'+!&-=!3(601!=0/0*3M90-('+!9310!&-=!
9310!M03M*0!O.(6!=.9.-.'60=!<&M&<.(2!&10!63*=.-K!/&*8&:*0!&''0('J!?60!*0K&*!'2'(09!
'638*=! 10'M3-=! (3! (60'0! =0/0*3M90-('! &-=! M13/.=0! &! '8MM31(./0! 0'(&(0FM*&--.-K!
M13<0=810!.-!(60'0!<.1<89'(&-<0'J!
!
?60!<399.((00!10<3990-='A!
fJ(6-$&$<A(B"05C4$,(<A"502(%.,#&(0%9$<0,&$".(,5&A"-$H$.9(&A%(C,Z$.9/(C"2$@'$.9/("-(-%O
F"Z$.9("@(,(>$00(@"-(,(+%-<".(>A"(0,#Z<(&%<&,C%.&,-'(#,+,#$&'J(
!
2#!
/*!<@*$!5@*837!=6(/(5@!-*38$=(&B5!5/&/8/*60;<(33!3%)(53&/(*'!&..30E!
?6.'! .''80! <3-<01-'! (60! '<3M0! 34! (60! *0K.'*&(.3-J! Q(! .'! <*0&1*2! 8-=0'.1&:*0! 431! '(&(8F
(312FO.**!*0K.'*&(.3-!(3!6&/0!&!K0-01&*!&MM*.<&(.3-J!W03M*0!O.(6!(0'(&90-(&12!<&M&<.(2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$>DJ!!5+-,!-3(0!"C!B.-!431<0!b"!)&1<6!$C"DEJ!
$>jJ!!%%! 7&-&=.&-! 5&1! Z''3<.&(.3-! B57! 51&-<6E+! L.**'! &-=! ?18'('! `0<(.3-+! U0'M3-'0! (3! B".<50&,&$".(
:,+%-(".(B"CC".O8,>(D%<&<("@(B,+,#$&'!B8-M8:*.'60=+!&1<6./0=!O.(6!(60!51.(.'6!73*89:.&!P&O!
Q-'(.(8(0E!&(!b!Bhe-!&MM*.<&(.3-+!(60!<381(!9&2!9&\0!&!=0<*&1&(.3-!(6&(!431!(60!M81M3'0'!34!.-601.F
(&-<0+!&!M01'3-!O63!6&'!:00-!<1.9.-&**2!<3-/.<(0=!34!<&8'.-K!6&19!(3!&-3(601!M01'3-!10'8*(.-K!
.-!(60!*3''!34!<&M&<.(2!31!=0&(6!34!(6&(!M01'3-!'6&**!:0!M10'890=!(3!6&/0!M10=0<0&'0=!(6&(!M01F
'3-J!`8<6!&-!&MM*.<&(.3-!9&2!:0!:138K6(!:2!&-2!M01'3-!O63!O38*=!(&\0!8-=01!&!(0'(&90-(&12!
.-'(1890-(!31!3-!.-(0'(&<2+!31!:2!(60!W8:*.<!]8&1=.&-!&-=!?18'(00!BW]?E!.-!(60!<&'0!O6010!(60!
M01'3-!O63!<&8'0=!(60!6&19!.'!(60!'3*0!:0-04.<.&12!34!(60!6&190=!M01'3-d'!0'(&(0JiEJ!
__'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
=3!-3(!-00=!(3!8'0!&!'(&(8(312FO.**!M13<0''!&-=!'638*=!-3(!:0!'8:c0<(!(3!&MM*.<&(.3-'!
8-=01!.(J!?60!*0K.'*&(.3-!'638*=!3-*2!&MM*2!(3!&!*.9.(0=!K138MJ!
!
?60!93=0*'!431!104319!=.'<8''0=!.-!(60!4.1'(!M&1(!34!(6.'!<6&M(01!&**!8'0!(0'(&90-(&12!
<&M&<.(2!&'!&!*.9.(.-K!4&<(31!431!(60!'<3M0!34!(60!*0K.'*&(.3-J!Z'!M&1(!34!(60!&MM*.<&(.3-!
431!&!'(&(8(312!O.**!(60!&MM*.<&-(!98'(!M13=8<0!0/.=0-<0!(6&(!'63O'!(6&(!W!*&<\'!(0'F
(&90-(&12!<&M&<.(2J!?6.'!&MM0&1'!(3!:0!&!'0-'.:*0!&MM13&<6J!Q(!=.10<(*2!&==10''0'!(60!
60&1(!34!(60!9&((01+!&-=!.(!.'!.-!(8-0!O.(6!(60!93=01-!48-<(.3-&*!&MM13&<6!(3!90-(&*!
<&M&<.(2J!
!
?60! .''80+! (60-+! 10&**2! .'! O60(601! (0'(&90-(&12! <&M&<.(2! '638*=! '(&-=! &*3-0! &'! (60!
*.9.(.-K!4&<(31!431!(60!'<3M0!34!(60!*0K.'*&(.3-!31!.4!&-3(601!4&<(31!'638*=!:0!&==0=J!
?60!Z8'(1&*.&-!&<('!&**!10'(!3-!(0'(&90-(&12!<&M&<.(2!&*3-0J!58(!%-K*&-=!&-=!L&*0'+!
m0O! 518-'O.<\+! &-=! m0O! @0&*&-=! &**! (&\0! &! =.44010-(! &MM13&<6J! ,-=01! (63'0! c81.'F
=.<(.3-'d!*0K.'*&(.3-+!.-!&==.(.3-!(3!*&<\.-K!(0'(&90-(&12!<&M&<.(2+!W!98'(!&*'3!:0!'8:F
c0<(!(3!&-!31=01!(6&(!W!.'!.-<&M&:*0!34!9&-&K.-K!6.9'0*4!31!601'0*4!31!6.'!31!601!&4F
4&.1'J$>>!
!
?60!&=/&-(&K0!34!(6.'!=38:*0F:&110*0=!&MM13&<6!.'!(6&(!.(!M*&<0'!'(&(8(312FO.**!M13F
/.'.3-'!O.(6.-!&!O0**F=0/0*3M0=!&-=!'3M6.'(.<&(0=!*0K&*!41&90O31\!B(6.'!.'!0'M0<.&**2!
(60!<&'0!.-!%-K*&-=!&-=!L&*0'E+!O6.<6!6&'!K0-01&*!(33*'!&-=!M3*.<.0'!431!(60!M13(0<F
(.3-!34!M01'3-'!*&<\.-K!90-(&*!<&M&<.(2J!?6.'!&MM13&<6!<38*=!M13/.=0!&-3(601!*&201!
34!'8MM31(!431!WJ!
!
?60!=.'&=/&-(&K0!34!*3<&(.-K!'(&(8(312FO.**!M13/.'.3-'!O.(6.-!(60!&=8*(FK8&1=.&-'6.M!
'2'(09!.'!(6&(+!.-!51.(.'6!73*89:.&+!(6&(!'2'(09!*&<\'!98<6!34!(60!*0K.'*&(./0!'3M6.'F
(.<&(.3-! &-=! 9&-2! 34! (60! M3*.<.0'! &-=! .-'(.(8(.3-'! B'8<6! &'! &! 'M0<.&*._0=! (1.:8-&*E!
(6&(!&10!438-=!.-!%-K*&-=!&-=!L&*0'J!G81(601+!04431('!(3!104319!&=8*(!K8&1=.&-'6.M!.-!
(6.'!M13/.-<0!6&/0!:00-!'*3O!93/.-KJ!Q(!.'!-3(!<*0&1!(6&(!&-!&==0=!10f8.1090-(!(6&(!
W!:0!'8:c0<(!(3!&-!31=01!M*&<.-K!W!O.(6.-!(60!&=8*(FK8&1=.&-'6.M!'2'(09!O38*=!M13F
/.=0!98<6!.-!(60!O&2!34!&==.(.3-&*!M13(0<(.3-'!31!:0-04.('!431!WJ!51.(.'6!73*89:.&d'!
0HM01.0-<0! 9&2! :0! <*3'01! (3! Z8'(1&*.&d'+! O6.<6! *3<&(0=! '(&(8(312FO.**! M13/.'.3-'! .-!
1043190=!&-=!<39M1060-'./0!'8<<0''.3-!*0K.'*&(.3-J!
!
`3!(60!10'3*8(.3-!34!(6.'!.''80!.'!&*'3!M13:&:*2!34!&!M.0<0!O.(6!&!*&1K01!/.0O!34!'(&(8F
(312FO.**!*0K.'*&(.3-J!e-0d'!/.0O'!3-!.(!&10!*.\0*2!K8.=0=!:2!O60(601!3-0!'00'!'(&(8F
(312!O.**'!&'!M&1(!34!90-(&*F60&*(6!*0K.'*&(.3-!31!&'!M&1(!34!O.**'F&-=F0'(&(0'!*0K.'*&F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$>>J!!%%(:,&$%.&<(:-"+%-&'()#&+!<5+-,!-3(0!j+!'J!D!B51.(.'6!73*89:.&!0f8./&*0-(!34!'8<6!&-!31=01EJ!!%%(
,0<"+! :0*3O+! '0<(.3-! ;QQQJ5J"! &(! "$j! B481(601! =.'<8''.3-! 34! <399.((00'6.M! 31=01'! 8-=01! (60! :,O
&$%.&<(:-"+%-&'()#&EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
_A'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(.3-J! Q-! (60! <399.((00d'! /.0O+! 51.(.'6! 73*89:.&d'! '(&(8(312FO.**! *0K.'*&(.3-! '638*=!
3-*2!&MM*2!(3!M03M*0!O63!=3!-3(!6&/0!(60!<&M&<.(2!(3!9&\0!&!O.**J!Z==.-K!&!'0<3-=!
10f8.1090-(! 34! 3:(&.-.-K! &! <399.((00'6.M! 31=01! O38*=! &938-(! (3! M*&<.-K! &-! 8-F
-00=0=!:&11.01!(3!8'.-K!(3!(60!*0K.'*&(.3-J!
!
?60!<399.((00!10<3990-='A!
SJ( 6-$&$<A( B"05C4$,a<( <&,&5&"-'O>$00( 0%9$<0,&$".( <A"502( ".0'( ,++0'( &"( +%-<".<( >A"( 0,#Z(
&%<&,C%.&,-'(#,+,#$&'J(
!
^J(6-$&$<A(B"05C4$,a<(<&,&5&"-'O>$00(0%9$<0,&$".(<A"502(."&(-%g5$-%(&A,&(&A%(+%-<".(>A"(
0,#Z<(&%<&,C%.&,-'(#,+,#$&'(C,'(".0'("4&,$.(,(<&,&5&"-'(>$00($@(&A,&(+%-<".($<(,0<"(<54O
b%#&(&"(,.("-2%-(2%#0,-$.9(&A,&(&A%(+%-<".($<($.#,+,40%("@(C,.,9$.9(A$C<%0@("-(A%-<%0@(
"-(A$<("-(A%-(,@@,$-<J(
!
4#!
<@&/! .8=3(-! ('5/(/8/(*'H! =*70H!*6! ('7(>(78&3! 5@*837! @&>%! 7%-(5(*';$&D(')!
&8/@*6(/0!8'7%6!=6(/(5@!-*38$=(&B5!5/&/8/*60;<(33!3%)(53&/(*'E!
%H.'(.-K! '(&(8(312FO.**! *0K.'*&(.3-! 0440<(./0*2! K./0'! (O3! &-'O01'! (3! (60! f80'(.3-! 34!
O63! .'! 8*(.9&(0*2! 10'M3-'.:*0! 431! 9&\.-K! =0<.'.3-'! &:38(! '(&(8(312! O.**'J! ?60! Z8'F
(1&*.&-!&MM13&<6!.'!(3!/0'(!=0<.'.3-F9&\.-K!&8(631.(2!.-!(60!'(&(0d'!31!(011.(312d'!'8F
M01.31! <381(! 34! K0-01&*! c81.'=.<(.3-J! m0O! 518-'O.<\! &*'3! /0'('! (6.'! &8(631.(2! .-! .('!
7381(! 34! Y800-d'! 50-<6! B:8(! .(! &MM0&1'! (3! :0! 0H01<.'0=! :2! (6&(! <381(d'! 4&9.*2! =./.F
'.3-EJ!m0O!@0&*&-=d'!*0K.'*&(.3-!.'!3/01'00-!:2!.('!4&9.*2!<381(+!O6.<6!.'!&!=./.'.3-!34!
(60!<38-(12d'!=.'(1.<(!<381(J!%&<6!34!(60'0!<&'0'!10M10'0-('!(60!0f8./&*0-(!34!M*&<.-K!
=0<.'.3-F9&\.-K! &8(631.(2! 431! '(&(8(312! O.**'! .-! (60! 6&-='! 34! &! c8=K0! 34! (60! 51.(.'6!
73*89:.&!`8M1090!7381(J!
!
%-K*&-=! &-=! L&*0'+! 3-! (60! 3(601! 6&-=+! 9&\0! '(&(8(312! O.**'! (60! 10'M3-'.:.*.(2! 34! &!
'M0<.&*._0=!<381(!(6&(!=0&*'!O.(6!&=8*(FK8&1=.&-'6.M!9&((01'!K0-01&**2+!(60!7381(!34!
W13(0<(.3-J! ?&'9&-.&! &*'3! 43**3O'! (6.'! &MM13&<6+! &4(01! &! 4&'6.3-+! :2! K./.-K! <3-<81F
10-(!c81.'=.<(.3-!431!'(&(8(312!O.**'!(3!&!'M0<.&*._0=!K8&1=.&-'6.M!&=9.-.'(1&(./0!(1.F
:8-&*J!
!
`.-<0!51.(.'6!73*89:.&!*&<\'!&!'M0<.&*._0=!K8&1=.&-'6.M!<381(!31!(1.:8-&*+!&-=!'.-<0!
.(! .'! 8-*.\0*2! (6&(! '8<6! &-! .-'(.(8(.3-! O38*=! :0! <10&(0=! '.9M*2! (3! .9M*090-(! '(&(8F
(312FO.**!*0K.'*&(.3-+!(60!=04&8*(!<63.<0!(6&(!0901K0'!4139!(6.'!10/.0O!34!(60!0H.'(.-K!
93=0*'!34!'(&(8(312FO.**!*0K.'*&(.3-!.'!(3!/0'(!10'M3-'.:.*.(2!431!=0<.'.3-F9&\.-K!8-F
=01!(6&(!*0K.'*&(.3-!O.(6!(60!'8M1090!<381(J!?6.'!<381(!O38*=!<*0&1*2!6&/0!(60!<&M&<F
.(2!&-=!(60!0HM01(.'0!(3!=0&*!O.(6!'(&(8(312FO.**!<&'0'+!&'!.(!.'!(60!=0<.'.3-F9&\01!3-!
(0'(&90-(&12! <&M&<.(2! &-=! 3(601! O.**'F&-=F0'(&(0'! 9&((01'! .-! (6.'! M13/.-<0J! ?60!
_`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
=3O-'.=0!34!/0'(.-K!&8(631.(2!.-!(60!'8M1090!<381(!O38*=!:0!(60!K0-01&*!M3.-(!(6&(!
'8M1090F<381(!*.(.K&(.3-!(0-='!(3!:0!0HM0-'./0+!&=/01'&1.&*+$>S!&-=!(.90!<3-'89.-KJ!
!
U0'M3-=0-('! (3! (60! <3-'8*(&(.3-! M&M01! (0-=0=! (3! &K100! O.(6! (60! <399.((00d'! M13F
M3'&*'!10K&1=.-K!(60!=0(&.*'!34!&!'(&(8(312FO.**!'2'(09+!0H<0M(!.-!(60!<&'0!34!(6.'!.'F
'80J!L6.*0!&!9&c31.(2!'8MM31(0=!(60!<399.((00d'!(0-(&(./0!10<3990-=&(.3-+!'0/01&*!
10'M3-=0-('!f80'(.3-0=!O60(601!(60!'8M1090!<381(!.'!(60!:0'(!43189!431!'(&(8(312F
O.**!M13<00=.-K'J!?60'0!10'M3-=0-('!O010!M&1(.<8*&1*2!<3-<01-0=!&:38(!(60!<3'(!34!
*.(.K&(.3-!.-!(60!'8M1090!<381(+!&-=!O.(6!(60!M3(0-(.&*!431!'8<6!*.(.K&(.3-!(3!=0/0*3M!
&-!&=/01'&1.&*!<6&1&<(01J!
!
m0/01(60*0''+!(60!<399.((00!'00'!-3!M1&<(.<&*!&*(01-&(./0!(3!/0'(.-K!=0<.'.3-F9&\.-K!
&8(631.(2!3-!'(&(8(312!O.**'!.-!(60!'8M1090!<381(J!Q(!.'!8-10&*.'(.<!(3!0HM0<(!(60!<10&F
(.3-!34!'M0<.&*._0=!(1.:8-&*!(3!'8MM31(!(6.'!M13<0=810+!&-=!3(601!&*(01-&(./0!=.'M8(0!
10'3*8(.3-!M13<0=810'!6&/0!-3!(1&<\!10<31=!O60-!.(!<390'!(3!'(&(8(312!O.**'J!
!
?60!<399.((00!10<3990-='A!
]J(6-$&$<A(B"05C4$,a<(<&,&5&"-'O>$00(0%9$<0,&$".(<A"502(F%<&(&A%(+">%-(&"(C,Z%/(C"2$@'/(
"-(-%F"Z%(,(>$00(@"-(,(+%-<".(>A"(0,#Z<(&%<&,C%.&,-'(#,+,#$&'($.(&A%(<5+-%C%(#"5-&J(
!
9#!
<@*! 5@*837! =%! &33*<%7!
5/&/8/*60!<(33E!
/*!
&..30! 7(6%-/30!
+*6!
&8/@*6(G&/(*'!
*+! &!
?60!10'3*8(.3-!34!(6.'!.''80!O.**!6&/0!&!<3-'.=01&:*0!.9M&<(!3-!(60!=0'.K-!34!'(&(8F
(312FO.**!*0K.'*&(.3-J!?60!<63.<0'!&10!10M10'0-(0=!:2!(60!Z8'(1&*.&-!&MM13&<6+!O6.<6!
=30'! -3(! &**3O! &-23-0! (3! &MM*2! &'! 34! 1.K6(! 431! &! '(&(8(312! O.**+! &-=! (60! %-K*.'6! &MF
M13&<6+! O6.<6! =30'! &**3O! <01(&.-! <*&''0'! 34! M03M*0! (3! 9&\0! &! =.10<(! &MM*.<&(.3-! (3!
(60!7381(!34!W13(0<(.3-!431!&!'(&(8(312!O.**J!
!
Z8'(1&*.&-! *0K.'*&(.3-! &<(8&**2! 6&'! &! *.:01&*! 18*0! 3-! O63! 9&2! &MM*2! 431! &! '(&(8(312!
O.**g.(!&**3O'!&-23-0!(3!:0!(60!&MM*.<&-(J!?6.'!104*0<('!(60!4&<(!(6&(!.(!<&-!:0!=.44.<8*(!
(3! \-3O! &60&=! 34! (.90! 431! 0/012! M3''.:*0! <&'0! c8'(! O63! 9.K6(! :0! (60! M01'3-! :0'(!
M*&<0=!(3!'00\!&!'(&(8(312!O.**!431!WJ!?60!:0'(!&MM*.<&-(!<38*=+!431!0H&9M*0+!:0!&!<&10F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$>SJ!!%%(L%(P%.>$#Z+!<5+-,!-3(0!"SR!&(!M&1&J!"b$+!W&*901!XJ!BV0'<1.:.-K!(60!'(&(8(312FO.**!M13<0=810!
.-!(60!m0O!`38(6!L&*0'!`8M1090!7381(!&'!h&!1090=.&*!&-=!M13(0<(./0!c81.'=.<(.3-!p(6&(q!.'+!&<F
<31=.-K*2+!-3(!K3/01-0=!:2!(60!18*0'!34!&=/01'&1.&*!*.(.K&(.3-J!Q-!3(601!O31='+!(60!X8=K0!.'!-3(!&!
1040100T!1&(601+!(60!X8=K0!.'!(3!0-=0&/381!(3!10<(.42!&!M13:*09!O6.<6!.'!&440<(.-K!M03M*0d'!*./0'+!.-!
(60!:0'(!M3''.:*0!O&2JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
_a'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
K./01!O63!.'!-3(!10*&(0=!(3!W!&-=!O63!0HM0<('!-3!:0-04.(!4139!Wd'!0'(&(0J$>#!?60!M1.<0!
M&.=!431!(6.'!4*0H.:.*.(2!.'!(6&(!(60!&MM*.<&-(!.'!-3(!&:*0!(3!&MM*2!=.10<(*2!(3!(60!<381(!
431!&-!31=01J!U&(601+!(60!&MM*.<&-(!98'(!4.1'(!3:(&.-!(60!<381(d'!*0&/0!(3!&MM*2J!?6.'!
<10&(0'! &! (O3F'(&K0! M13<0''J! ?60! 4.1'(! '(&K0! .'! -0<0''&12! (3! 0-'810! (6&(! 41./3*38'+!
/0H&(.38'+!31!&:8'./0!M13<00=.-K'!=3!-3(!M13K10''!(3!(60!4.-&*!&MM*.<&(.3-!'(&K0J$>R!Q(!
=30'! &MM0&1! (3! 10'8*(! .-! &! *3-K01+! 9310! 0HM0-'./0! M13<0''+! :8(! (60'0! <3-<01-'! &10!
9.(.K&(0=!(3!&!=0K100!:2!K./.-K!(60!<381(!(60!M3O01!(3!4&'(!(1&<\!<01(&.-!<&'0'J!
!
?60!3(601!&MM13&<6!O38*=!:0!(3!43**3O!%-K*&-=!&-=!L&*0'd'!*0&=!&-=!=0'.K-&(0!<01F
(&.-!<*&''0'!34!M03M*0!O63!9&2!&'!34!1.K6(!&MM*2!431!&!'(&(8(312!O.**J!G31!0H&9M*0+!.-!
51.(.'6!73*89:.&!(60'0!<*&''0'!<38*=!09:1&<0!(60!43**3O.-K!M03M*0A!
!
• WT!
• Wd'!&((31-02!&<(.-K!8-=01!&-!0-=81.-K!M3O01!34!&((31-02T!
• Wd'!10M10'0-(&(./0!&<(.-K!8-=01!&!10M10'0-(&(.3-!&K10090-(T!
• Wd'!<399.((00T$SC!
• &! M01'3-! O63+! 8-=01! &-2! \-3O-! O.**! 34! W! 31! 8-=01! Wd'! .-(0'(&<2+! 9&2! :0F
<390!0-(.(*0=!(3!&-2!34!Wd'!M13M01(2!31!&-!.-(010'(!.-!.(T!
• &!M01'3-!O639!W!9.K6(!:0!0HM0<(0=!(3!:0-04.(!.4!W!6&=!<&M&<.(2+!.-<*8=.-K!&!
M01'3-!O.(6!&!<*&.9!8-=01!(60!N$00<(W,-$,&$".()#&T!
• (60!M8:*.<!K8&1=.&-!&-=!(18'(00J!
!
Z-23-0! 0*'0! O63! O.'60=! (3! &MM*2! O38*=! -00=! (3! 3:(&.-! (60! <381(d'! *0&/0J! ?6.'! &MF
M13&<6! '638*=! &**3O! 431! &! 4&'(01+! *0''F0HM0-'./0! M13<0''! .-! 93'(! <&'0'J! 58(! .(! =30'!
-3(!=.10<(*2!&==10''!(60!<3-<01-!&:38(!41./3*38'!31!/0H&(.38'!&MM*.<&(.3-'J!`8<6!&-!
&MM*.<&(.3-!<38*=!<3-<0./&:*2!<390!4139!'3903-0!O.(6.-!(60!*.'(0=!<*&''0'J!
!
?60!<399.((00!4&/3810=!10'(1.<(.-K!0*.K.:.*.(2!(3!&MM*2!431!&!'(&(8(312!O.**!(3!&!*.9F
.(0=!<*&''!34!M03M*0J!Q(!O&'!<3-<01-0=!(6&(!&-!3M0-F0-=0=!&MM13&<6!O38*=!=1./0!8M!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$>#J!!%%(N$00<(@"-(:%-<".<(8,#Z$.9(N$00O?,Z$.9(B,+,#$&'+!<5+-,!-3(0!$">!&(!M&1&J!$JR!Bh`3*.<.(31'+!'3<.&*!
O31\01'!&-=!60&*(6!<&10!O31\01'!O63!9&2!:0!<*3'0*2!.-/3*/0=!O.(6!(60!M01'3-!'638*=!:0!0-(.F
(*0=!(3!9&\0!&MM*.<&(.3-'JiEJ!
$>RJ!!%%(3"@@C,..(FJ(N,&%-<+!p$CCSq!`Z`7!$Sb!&(!M&1&J!"C+!V0:0**0!XJ!Bh?6.'!10f8.1090-(!6&'!:00-!.-F
<*8=0=!(3!M13/.=0!&!M13<0''!:2!O6.<6!(3!'<100-!38(!:&'0*0''!31!8-901.(31.38'!&MM*.<&(.3-'!&-=+!
.-!M&1(.<8*&1+!:&'0*0''!<*&.9'!(6&(!&!M01'3-!*&<\'!(0'(&90-(&12!<&M&<.(2Ji!p<.(&(.3-'!39.((0=qEJ!
$SCJ!!%%+!:0*3O+!'0<(.3-!;QQQJ5J"!&(!"$j!B481(601!=.'<8''.3-!34!<399.((00'!8-=01!(60!:,&$%.&<(:-"+%-&'(
)#&EJ!
AE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(60!<3'('!34!&MM*2.-K!431!&!'(&(8(312!O.**!&-=!<38*=!&*'3!M10'0-(!3MM31(8-.(.0'!431!0HF
M*3.(&(.3-!&-=!41&8=J!
!
?60!<399.((00!10<3990-='A!
[RJ(6-$&$<A(B"05C4$,a<(<&,&5&"-'O>$00(0%9$<0,&$".(<A"502(,00">(&A%(@"00">$.9(+%-<".<(&"(
,++0'(@"-(,(>$00(&"(4%(C,2%/(C"2$@$%2/("-(-%F"Z%2(".(4%A,0@("@(,(+%-<".(>A"(0,#Z<(&%<O
&,C%.&,-'(#,+,#$&'\(*,;(&A%(+%-<".(>A"(0,#Z<(&%<&,C%.&,-'(#,+,#$&'`(*4;(&A%(+%-<".a<(
,&&"-.%'(,#&$.9(5.2%-(,.(%.25-$.9(+">%-("@(,&&"-.%'`(*#;(&A%(+%-<".a<(-%+-%<%.&,&$F%(
,#&$.9(5.2%-(,(-%+-%<%.&,&$".(,9-%%C%.&`(*2;(&A%(+%-<".a<(#"CC$&&%%`(*%;(,.'".%(>A"/(
5.2%-(,.'(Z.">.(>$00("@(&A%(+%-<".("-(5.2%-(&A%(+%-<".a<($.&%<&,#'/(C,'(4%#"C%(%.&$O
&0%2( &"( ,.'( "@( &A%( +%-<".a<( +-"+%-&'( "-( ,.( $.&%-%<&( $.( $&`( *@;(,.'".%( >A"C( &A%( +%-<".(
C$9A&(4%(%1+%#&%2(&"(4%.%@$&($@(&A%(+%-<".(A,2(#,+,#$&'/($.#052$.9(,.'".%(>$&A(,(#0,$C(
5.2%-(>$00<OF,-$,&$".(0%9$<0,&$".`(*9;(&A%(+540$#(95,-2$,.(,.2(&-5<&%%J(
!
:#!
<@*! 5@*837! 6%-%(>%! '*/(-%!
5/&/8/*60;<(33!.6*-%%7(')E!
*+! &'7!
=%! %'/(/3%7!
/*!
.&6/(-(.&/%!
('! &!
?6010!&10!0''0-(.&**2!(6100!<*&''0'!34!M03M*0!O63!'638*=!:0!<3-'.=010=!431!-3(.<0!34!
&!'(&(8(312FO.**!M13<00=.-KJ!
!
?60!4.1'(!<*&''!09:1&<0'!M03M*0!O63!9&2!6&/0!&!4.-&-<.&*!31!3(601!.-(010'(!.-!Wd'!0'F
(&(0J!?6.'!K138M!.'!.=0-(.4.0=!.-!&!M1&<(.<0!=.10<(.3-!'0(!38(!8-=01!(60!%-K*.'6!*0K.'*&F
(.3-!&'!<39M1.'.-K!(60!43**3O.-K!M03M*0A!
!
• &-2!:0-04.<.&12!8-=01!&-!0H.'(.-K!O.**!31!<3=.<.*!O63!.'!*.\0*2!(3!:0!9&(01.F
&**2!31!&=/01'0*2!&440<(0=!:2!(60!&MM*.<&(.3-T!
• &-2!:0-04.<.&12!8-=01!&!M13M3'0=!O.**!31!<3=.<.*!O63!.'!*.\0*2!(3!:0!9&(01.F
&**2!31!&=/01'0*2!&440<(0=!:2!(60!&MM*.<&(.3-T!&-=!
• &-2! M13'M0<(./0! :0-04.<.&12! 8-=01! Wd'! .-(0'(&<2! O6010! W! 6&'! -3! 0H.'(.-K!
O.**J$S"!
!
Z*(638K6!.(!9&2!&==!(3!(60!<3'(!&-=!<39M*0H.(2!34!M13<00=.-K!8-=01!(60!*0K.'*&(.3-+!
.(!.'!*.\0*2!O31(6O6.*0!(3!6&/0!&!:13&=!18*0!.-!M*&<0!431!(6.'!<*&''+!:3(6!&'!&!'&40K8&1=!
&K&.-'(!&:8'0!8-=01!(60!*0K.'*&(.3-!&-=!(3!0-'810!(6&(!(60!=0<.'.3-F9&\01!.'!48**2!.-F
43190=!34!&**!10*0/&-(!4&<('J!
!
?60!-0H(!<*&''!(3!<3-'.=01!.'!W!6.9'0*4!31!601'0*4J!Z(!4.1'(!K*&-<0+!.(!'009'!3:/.38'!(3!
.-<*8=0! W+! '.-<0! (60! '(&(8(312! O.**! 6&'! &! =.10<(! .9M&<(! 3-! Wd'! .-(010'('J$S$! 58(! '390!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$S"J!!%%!W1&<(.<0!V.10<(.3-!RG+!<5+-,!-3(0!$CC+!&(!M&1&J!RJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
AF'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
c81.'=.<(.3-'!6&/0!(&\0-!&!9310!=.'<10(.3-&12!&MM13&<6J!G31!0H&9M*0+!(60!M13<0=810!
.-!%-K*&-=!&-=!L&*0'!=.10<('!(60!7381(!34!W13(0<(.3-!(3!h<3-'.=01!&(!(60!0&1*.0'(!3MF
M31(8-.(2! O60(601! W! '638*=! :0! c3.-0=! &'! &! M&1(2! (3! (60! M13<00=.-K'Ji$Sb! ?6.'! &MF
M13&<6!&MM0&1'!(3!:0!&-!.9M*.<.(!&<\-3O*0=K090-(!34!M1&<(.<&*!=.44.<8*(.0'!(6&(!9&2!
:0!M10'0-(!.-!0-'81.-K!(60!M&1(.<.M&(.3-!34!&!M01'3-!O63!*&<\'!(0'(&90-(&12!<&M&<F
.(2J!
!
?60!(6.1=!<*&''!(6&(!'390(.90'!6&'!1.K6('!(3!-3(.<0!&-=!M&1(.<.M&(.3-!.'!&!M8:*.<!344.F
<.&*! O63! <&-! &<(! (3! M13(0<(! (60! 1.K6('! 34! WJ! G31! 0H&9M*0+! (60! M13<0=810! .-! %-K*&-=!
&-=!L&*0'!=.10<('!(60!7381(!34!W13(0<(.3-!(3!<3-'.=01!hO60(601!(60!e44.<.&*!`3*.<.(31!
'638*=!:0!.-/.(0=!(3!&<(!&'!&!*.(.K&(.3-!pK8&1=.&-qi!431!W+!.4!W!.'!c3.-0=!&'!&!M&1(2!(3!(60!
M13<00=.-K'J$SD!?6.'!&MM13&<6!<38*=!:0!(&\0-!481(601+!:2!0-'81.-K!(6&(!(60!344.<.&*!.'!
-3(.4.0=!34!0&<6!M13<00=.-K!8-=01!(60!*0K.'*&(.3-!&-=!K./0-!(60!1.K6(!(3!M&1(.<.M&(0+!.4!
.(! =0<.=0'! (6&(! .(! O.'60'! (3! M&1(.<.M&(0J$Sj! ?&\.-K! (6.'! &MM13&<6! O38*=! &==! &-3(601!
/&*8&:*0! '&40K8&1=! (3! (60! *0K.'*&(.3-J! 58(! .(! <38*=! &*'3! M*&<0! &! :81=0-! 3-! (60! 10F
'381<0'!34!(60!344.<.&*+!O63!O38*=!6&/0!(3!10/.0O!&MM*.<&(.3-'!8-=01!(60!*0K.'*&(.3-!
&-=!=0<.=0!O60(601!31!-3(!(3!M&1(.<.M&(0!.-!(60!M13<00=.-K'J!
!
?60!<399.((00!4&/3810=!&!:13&=!&MM13&<6!(3!-3(.<0!34!&!'(&(8(312FO.**!M13<00=.-K+!
&'!.(!M13/.=0'!&-!&==.(.3-&*!'&40K8&1=!&K&.-'(!&:8'0J!
!
?60!<399.((00!10<3990-='A!
[[J(6-$&$<A(B"05C4$,a<(<&,&5&"-'O>$00(0%9$<0,&$".(<A"502(+-"F$2%(@"-(."&$#%(&"(,.2(,(-$9A&(
&"(+,-&$#$+,&%(@"-\(*,;(,.'(4%.%@$#$,-'(5.2%-(,.(%1$<&$.9(>$00("@(&A%(+%-<".(>A"($<(&A%(
<54b%#&("@(&A%(,++0$#,&$".("-(5.2%-(&A%(+-"+"<%2(>$00("@(&A%(+%-<".(>A"($<(&A%(<54b%#&("@(
&A%(,++0$#,&$".(>A"($<(0$Z%0'(&"(4%(C,&%-$,00'("-(,2F%-<%0'(,@@%#&%2(4'(&A%(,++0$#,&$".`(
*4;($@(&A%(+%-<".(A,<(."(>$00/(,.'(+-"<+%#&$F%($.&%<&,&%(<5##%<<"-("@(&A%(+%-<".(>A"($<(
&A%(<54b%#&("@(&A%(,++0$#,&$".($.(%1$<&%.#%(,&(&A%(&$C%("@(&A%(,++0$#,&$".(>A"($<(0$Z%0'(&"(
4%( C,&%-$,00'( "-( ,2F%-<%0'( ,@@%#&%2( 4'( &A%( ,++0$#,&$".`( *#;( ,.'".%( >A"C( &A%( +%-<".(
C$9A&(4%(%1+%#&%2(&"(4%.%@$&($@(&A%(+%-<".(A,2(#,+,#$&'/($.#052$.9(,.'".%(>$&A(,(#0,$C(
5.2%-(>$00<OF,-$,&$".(0%9$<0,&$".`(*2;($@(&A%(+%-<".(A,<(,(0$@%O$.<5-,.#%(+"0$#'("-(4%.%@$&(
+0,./(,.'(4%.%@$#$,-'(5.2%-(&A%(+"0$#'("-(+0,.`(*%;(&A%(+%-<".(>A"($<(&A%(<54b%#&("@(&A%(
,++0$#,&$".`(*@;(&A%(+540$#(95,-2$,.(,.2(&-5<&%%`(*9;(,.'("&A%-(+%-<".(&A,&(&A%(#"5-&(2$O
-%#&<J(
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$S$J!!%%!L%+"-&(".(N$00<(@"-(:%-<".<(8,#Z$.9(N$00O?,Z$.9(B,+,#$&'+!<5+-,!-3(0!$">!&(!M&1&J!$J"CJ!
$SbJ!!%%!W1&<(.<0!V.10<(.3-!RG+!<5+-,!-3(0!$CC+!&(!M&1&J!"CJ!
$SDJ!V4$2J(
$SjJ!!%%!L%+"-&(".(N$00<(@"-(:%-<".<(8,#Z$.9(N$00O?,Z$.9(B,+,#$&'+!<5+-,!-3(0!$">!&(!M&1&'J!$J"$o$J"bJ!
AD'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
A#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
<@*!5@*837!%I%-8/%!&!5/&/8/*60!<(33E!
%-K*&-=! &-=! L&*0'! &-=! Z8'(1&*.&! M13/.=0! (O3! =.44010-(! &-'O01'! (3! (60! f80'(.3-! 34!
O63!'638*=!0H0<8(0!&!'(&(8(312!O.**J!Q-!%-K*&-=!&-=!L&*0'+!(60!<381(!31=01'!(6&(!(60!
&MM*.<&-(!0H0<8(0!(60!=1&4(!O.**!(6&(!O&'!M&1(!34!(60!&MM*.<&(.3-!9&=0!3-!:06&*4!34!WJ!
Q-! Z8'(1&*.&+! (60! <381(d'! 10K.'(1&1! '.K-'! (60! O.**! &-=! M*&<0'! .(! 8-=01! (60! '0&*! 34! (60!
<381(J!`3!'(&(8(312!O.**'!.-!Z8'(1&*.&!&10!0''0-(.&**2!<381(F31=010=!O.**'J!
!
?60! <399.((00! M1040110=! (60! &MM13&<6! (&\0-! .-! %-K*&-=! &-=! L&*0'J! Q4! (60! O.**! .'!
09:3=.0=!.-!&!<381(!31=01+!(60-!(6.'!<38*=!M3(0-(.&**2!<&8'0!<3-48'.3-J!Q(!.'!O31(6F
O6.*0!(3!4310<*3'0!(6.'!M3''.:.*.(2J!
!
?60!<399.((00!10<3990-='A!
[QJ(6-$&$<A(B"05C4$,a<(<&,&5&"-'O>$00(0%9$<0,&$".(<A"502(+-"F$2%(&A,&(,(<&,&5&"-'(>$00(4%(
%1%#5&%2(4'(&A%(,++0$#,.&/(".(4%A,0@("@(&A%(+%-<".(>A"(0,#Z<(&%<&,C%.&,-'(#,+,#$&'/(,&(
&A%(2$-%#&$".("@(&A%(#"5-&J(
!
C#!
5@*837! =6(/(5@! -*38$=(&B5! 5/&/8/*60;<(33! 3%)(53&/(*'! &7*./!
('/%6%5/5!5/&'7&67!+*6!7%-(5(*';$&D(')E!
&!
=%5/;
)3'(! '(&(8(312FO.**! *0K.'*&(.3-! 8'0'! 3M01&(./0! *&-K8&K0! '.9.*&1! (3! (6&(! 438-=! .-! (60!
?%.&,0( B,+,#$&'( )#&( QRRe+! O6.<6! &8(631._0'! (60! 7381(! 34! W13(0<(.3-! (3! h9&\0! &-2!
M13/.'.3-!J!J!J!O6.<6!<38*=!:0!9&=0!:2!&!O.**!0H0<8(0=!:2!W!.4!60!6&=!<&M&<.(2!(3!9&\0!
.(Ji$S>! ?6.'! *&-K8&K0! 6&'! :00-! '00-! &'! &8(631._.-K! &! 6.K6*2! '8:c0<(./0+! '8:'(.(8(0=F
c8=K90-(!4319!34!=0<.'.3-F9&\.-KJ!L60-!%-K*&-=!&-=!L&*0'!&=3M(0=!&-!3/01&1<6F
.-K! :0'(F.-(010'('! <1.(01.3-! 431! (60! ?%.&,0( B,+,#$&'( )#&( QRRe! &'! &! O63*0+! (60! <381('!
10'M3-=0=! :2! 93/.-K! (3O&1=! &-! 3:c0<(./0+! :&*&-<0F'600(! &MM13&<6! (3! =0<.'.3-F
9&\.-KJ!`3!.-!10'3*/.-K!(6.'!.''80!.(!.'!.9M31(&-(!(3!:0&1!.-!9.-=!(6&(!O6&(!.'!*.\0*2!&(!
'(&\0!.'!(60!'0*0<(.3-!34!(60!<1.(01.3-!(6&(!O.**!K8.=0!63O!'(&(8(312FO.**!<&'0'!&10!=0F
<.=0=J$SS!
!
%-'61.-.-K!&!:0'(F.-(010'('!<1.(01.3-!&'!(60!K8.=.-K!M1.-<.M*0!34!'(&(8(312FO.**!*0K.'F
*&(.3-! O38*=+! .-! &**! *.\0*.633=+! &*.K-! 51.(.'6! 73*89:.&! O.(6! 10<0-(! =0/0*3M90-('! .-!
%-K*.'6! c81.'M18=0-<0J$S#! ?6.'! <38*=! :0! '00-! &! M3'.(./0! *.K6(+! &'! .(! 9.K6(! 9&\0! (60!
93/0!(3!&!'(&(8(312FO.**!M13<0=810!*0''!41&8K6(!O.(6!8-<01(&.-(2!.4!3-0!<38*=!(.0!.(!(3!
(60! 0HM01.0-<0! &-=! c81.'M18=0-<0! .-! %-K*&-=! &-=! L&*0'J! Z! :0'(F.-(010'('! <1.(01.3-!
O38*=! &*'3! '0(! &! '8.(&:*2! 6.K6! '(&-=&1=! 34! =0<.'.3-F9&\.-K+! O6.<6! 9&2! &**&2! &-2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$S>J!?%.&,0(B,+,#$&'()#&(QRRe+!<5+-,!-3(0!"#R+!'<6J!$+!'J!$J!
$SSJ!!%%!L%+"-&(".(?%.&,0(V.#,+,#$&'+!<5+-,!-3(0!"##!&(!M&1&J!bJ$DJ!
$S#J!!%%(L%(:+!<5+-,!-3(0!"SRT!L%(?+!<5+-,!-3(0!"SRT!L%(E+!<5+-,!-3(0!"SRJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
AB'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
<3-<01-'!&:38(!&!'(&(8(312FO.**!M13<0=810!:0.-K!8'0=!&!/06.<*0!431!&:8'0!31!0HM*3.F
(&(.3-! 34! WJ! G.-&**2+! &'! =093-'(1&(0=! .-! 10<0-(! %-K*.'6! &-=! Z8'(1&*.&-! <&'0! *&O+! &!
:0'(F.-(010'('!'(&-=&1=!9&2!:0!(60!3-*2!O31\&:*0!'(&-=&1=!O60-!(60!'(&(8(312FO.**!
&MM*.<&(.3-!.-/3*/0'!&!M01'3-!O.(6!-.*!<&M&<.(2+!(6&(!.'!'3903-0!O63!6&'!-0/01!:00-!
&:*0!(3!0HM10''!&-2!(0'(&90-(&12!O.'60'J$SR!
!
58(!'390!<3990-(&(31'!6&/0!0HM10''0=!10'01/&(.3-'!&:38(!(60!&=3M(.3-!34!&!:0'(F
.-(010'('!'(&-=&1=!431!'(&(8(312!O.**'J!?60!<3-<0M(!<&-!:0!'00-!&'!&-!.=0&!4139!&=8*(F
K8&1=.&-'6.M!*&O!(6&(!O38*=!:0!&!c&11.-K!&*.0-!.9M31(!.-(3!(60!*&O!34!O.**'!&-=!0'F
(&(0'J!Q-!(60!O31='!34!3-0!<1.(.<+!h(60!.-(13=8<(.3-!34!&!<3-<0M(!34!v:0'(!.-(010'('d!.-(3!
(60!O.**'!&10-&!=30'!-3(!'.(!<39431(&:*2!O.(6!.('!<3-<0M(8&*!6.'(312!&-=!(60310(.<&*!
8-=01M.--.-K'Ji$#C!Q-!(6.'!/.0O+!&!'8:c0<(./0+!'8:'(.(8(0=Fc8=K90-(!&MM13&<6!.'!*.\0*2!
(3!:0!9310!10'M0<(48*!34!Wd'!O.'60'!&-=!(0'(&90-(&12!4100=39J!V.10<(.-K!(60!<381(!(3!
9&\0!=0<.'.3-'!:&'0=!3-!.('!'0-'0!34!Wd'!:0'(!.-(010'('!<38*=!K./0!(60!<381(!(33!98<6!
'&2!3/01!(60!=.'M3'.(.3-!34!Wd'!M13M01(2J!
!
G.-&**2+! .(! '638*=! :0! -3(0=! (6&(! 0/0-! '(&8-<6! '8MM31(01'! 34! (60! :0'(F.-(010'('! &MF
M13&<6! <3-<0=0! (6&(! .(! =30'! -3(! -00=! (3! :0! '(&1\*2! 3MM3'0=! (3! (60! '8:'(.(8(0=F
c8=K90-(! &MM13&<6J$#"! Q(! 9&2! :0! M3''.:*0! (3! 4.-0''0! (6.'! .''80! .-! &-2! -89:01! 34!
O&2'J!G31!.-'(&-<0+!3-0!&MM13&<6!O38*=!:0!(3!6&/0!(60!*0K.'*&(.3-!'0(!38(!&!*.'(!34!4&<F
(31'! (6&(! '638*=! :0! <3-'.=010=! .-! '(&(8(312FO.**! <&'0'J$#$! Z! :0'(F.-(010'('! '(&-=&1=!
<38*=!:0!3-0!4&<(31!3-!(6.'!*.'(J!`8<6!&-!&MM13&<6!<38*=!&**3O!-.*F<&M&<.(2!<&'0'!(3!:0!
=0<.=0=! 3-! (60! :&'.'! 34! Wd'! :0'(! .-(010'('! &-=! *3'(F<&M&<.(2! <&'0'! (3! :0! K8.=0=! :2! &!
<*3'01!0H&9.-&(.3-!34!Wd'!M10/.38'*2!0HM10''0=!(0'(&90-(&12!O.'60'J!
!
?60! <399.((00! 4&/3810=! &-! &MM13&<6! (6&(! O38*=! 09M6&'._0! '8:c0<(./0! =0<.'.3-F
9&\.-KJ!?6.'!&MM13&<6!O38*=!:0!9310!.-!(8-0!O.(6!(1&=.(.3-&*!<3-'.=01&(.3-'!.-!O.**!
=1&4(.-K!&-=!.-(01M10(&(.3-J!Q(!O38*=!&*'3!M*&<0!9310!09M6&'.'!3-!.-=./.=8&*!&8(3-F
392!(6&-!O38*=!:0!438-=!8-=01!&!:0'(F.-(010'('!'(&-=&1=J!
!
?60!<399.((00!10<3990-='A!
[dJ(6-$&$<A(B"05C4$,a<(<&,&5&"-'O>$00(0%9$<0,&$".(<A"502(,2"+&(,(<54b%#&$F%(<&,.2,-2("@(
2%#$<$".OC,Z$.9/( >A$#A( %C+A,<$H%<( &A%( $C+"-&,.#%( "@( -%<+%#&$.9( ,.'( &%<&,C%.&,-'(
>$<A%<(%1+-%<<%2(4'(&A%(+%-<".(>A"(0,#Z<(&%<&,C%.&,-'(#,+,#$&'J(
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$SRJ!!%%(L%(P%.>$#Z+!<5+-,!-3(0!"SRJ!
$#CJ!7138<601+!<5+-,!-3(0!"#S!&(!>RjJ!
$#"J!!%%(L%+"-&(".(?%.&,0(V.#,+,#$&'+!<5+-,!-3(0!"##!&(!M&1&J!bJ$jJ(
$#$J!!%%(L%+"-&(".(N$00<(@"-(:%-<".<(8,#Z$.9(N$00O?,Z$.9(B,+,#$&'+!<5+-,!-3(0!$">!&(!M&1&J!$J$RJ!
A]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
J#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
5@*837! &! 5/&/8/*60! <(33! =%! 58=F%-/! /*! 6%>(5(*'! 8'7%6! =6(/(5@! -*38$=(&B5!
<(335;>&6(&/(*'!3%)(53&/(*'E!
Q(!9.K6(!:0!'81M1.'.-K!&(!4.1'(!K*&-<0!(6&(!&!'(&(8(312!O.**!<38*=!:0!'8:c0<(!(3!51.(.'6!
73*89:.&d'! O.**'F/&1.&(.3-! *0K.'*&(.3-J$#b! Q(! <&-! '009! *.\0! &! (011.:*0! O&'(0! 34! 10F
'381<0'! (3! K3! (6138K6! &-! 0H(0-'./0! M13<0''! (3! 9&\0! &! '(&(8(312! O.**+! 3-*2! (3! 6&/0!
(6&(!O.**d'!M13/.'.3-'!'8:'0f80-(*2!10/.'0=!.-!&!O.**'F/&1.&(.3-!M13<00=.-KJ$#D!m0/01F
(60*0''+! Z8'(1&*.&-! &-=! %-K*.'6! '(&(8(312FO.**! *0K.'*&(.3-! =30'! M13/.=0! (6&(! &! '(&(8F
(312! O.**! .'! '8:c0<(! (3! 10/.'.3-! 8-=01! (63'0! c81.'=.<(.3-'d! 0f8./&*0-(! 34! 51.(.'6! 73F
*89:.&d'!N$00<(W,-$,&$".()#&J!
!
?60!10&'3-!431!(6.'!.'!*.\0*2!&!=0'.10!(3!0-'810!(6&(!'(&(8(312FO.**!M13<00=.-K'!109&.-!
(.K6(*2!43<8''0=!3-!(60!.''80'!1&.'0=!:2!(60!*0K.'*&(.3-J!W1&<(.(.3-01'!.-!%-K*&-=!6&/0!
<&8(.3-0=! &K&.-'(! 8'.-K! '(&(8(312FO.**! *0K.'*&(.3-! &'! &! 90&-'! (3! <810! 8-10*&(0=! =0F
40<('!.-!0'(&(0!M*&--.-KJ$#j!G81(601+!&!*0-K(62!&938-(!34!(.90!9&2!M&''!:0(O00-!(60!
9&\.-K! 34! &! '(&(8(312! O.**! &-=! Wd'! =0&(6J! `3! O.**'F/&1.&(.3-! .''80'! 9&2! 3-*2! &1.'0!
'390(.90!&4(01!(60!'(&(8(312FO.**!M13<00=.-KJ!W10F09M(.-K!O.**'F/&1.&(.3-!M13<00=F
.-K'!:2!90&-'!34!&!'(&(8(312!O.**!<38*=!*0&=!(3!8-4&.1!10'8*('J!
!
?60!<399.((00!10<3990-='A!
[_J( )( <&,&5&"-'( >$00( <A"502( 4%( <54b%#&( &"( F,-$,&$".( 5.2%-( 6-$&$<A( B"05C4$,a<( >$00<O
F,-$,&$".(0%9$<0,&$".J(
!
P@' 6$0&02%3#&H' 5##:32-&3$(' $1' C&-&;&$%4+O3::' ,"[30:-&3$(' &$' =(73I37;-:0'
O8$' -%"' U$;(["%' &8-(' &8"' C&-&;&$%4' 5["' -&' O8328' -(' =(73I37;-:'
9"2$*"0',"[-::4')-#-<:"'&$'>-Z"'-'O3::'
Z**!c81.'=.<(.3-'!.-!(60!<3993-F*&O!O31*=!6&/0!*0K.'*&(.3-!0'(&:*.'6.-K!&!9.-.989!
&K0!&(!O6.<6!&-!.-=./.=8&*!.'!*0K&**2!<&M&:*0!(3!9&\0!&!O.**J!Q-!51.(.'6!73*89:.&+!(60!
N$00<()#&!'0('!(6.'!9.-.989!&K0!&(!"R!20&1'J$#>!?60!N$00<()#&!&*'3!<3-(&.-'!(O3!0H<0MF
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$#bJ!!%%( N$00<( W,-$,&$".( )#&+! <5+-,! -3(0! #J! !%%( ,0<"( N$00</( T<&,&%<( ,.2( !5##%<<$".( )#&+! <5+-,! -3(0! "C+!
''J!>CoS$!B.-!431<0!b"!)&1<6!$C"DEJ!
$#DJ!!%%(L%(P%.>$#Z+!<5+-,!-3(0!"SR!&(!M&1&J!"RD!BhQ(!O38*=!M13=8<0!-00=*0''!&-=!O&'(048*!*.(.K&(.3-!
(3! &8(631._0! &! '(&(8(312! O.**! O6.<6! O&'! :38-=! (3! M13/3\0! &! '8<<0''48*! <*&.9! 8-=01! (60! 4&9.*2!
M13/.'.3-!*0K.'*&(.3-J!J!J!J!?60!M3*.<2!34!(60!*&O!.'!(3!f80**!=.'M8(0'+!-3(!(3!<10&(0!(609JiEJ!
$#jJ!!%%!?0110**!l!5&<3-+!<5+-,!-3(0!"S#!&(!$!Bh(60!c81.'=.<(.3-!'638*=!-3(!:0!&:8'0=!(3!10'3*/0!=.'F
M8(0'!3/01!&!O.**!9&=0!.-!(60!(0'(&(31d'!*.40(.90iEJ!
$#>J!U`57!"RR>+!<J!D#R+!'J!S!B"EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
A^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(.3-'!(3!.('!K0-01&*!18*0J!Q4!(60!.-=./.=8&*!.'!31!6&'!:00-!9&11.0=$#S!31!.'!&!909:01!34!
(60!7&-&=.&-!431<0'!3-!&<(./0!'01/.<0+$##!(60-!(60!.-=./.=8&*!9&2!9&\0!&!/&*.=!O.**+!
0/0-!(638K6!(60!.-=./.=8&*!.'!238-K01!(6&-!"R!20&1'J!?60!N$00</(T<&,&%<(,.2(!5##%<O
<$".()#&!O.**+!O60-!.(!<390'!.-(3!431<0+!*3O01!(60!'(&(8(312!&K0!(3!">!20&1'J$#R!
!
?60!*0K.'*&(.3-!.-!431<0!.-!'390!34!Z8'(1&*.&d'!'(&(0'!0HM10''*2!09M3O01'!(60!'(&(0'd!
<381('!(3!&8(631._0!'(&(8(312!O.**'!431!<6.*=10-!O63!*&<\!(60!90-(&*!<&M&<.(2!(3!9&\0!
&!O.**J$RC !)3'(!Z8'(1&*.&-!'8<<0''.3-!&<('!&*'3!<3-(&.-!&!M&1&**0*!M13<0''!.-!O6.<6!(60!
<381(!9&2!&8(631._0!&!'(&(8(312!O.**!431!&!<6.*=!431!O639!(6010!.'!-3!.''80!3/01!90-F
(&*!<&M&<.(2J$R"!
!
?60! 1&(.3-&*0! 431! 09M3O01.-K! (60! <381(! (3! 9&\0! &! '(&(8(312! O.**! 431! &-2! .-<&M&:*0!
.-=./.=8&*+!10K&1=*0''!34!(60!.-=./.=8&*d'!&K0+!.'!(6&(!.(!O38*=!K./0!(60!<381(!K10&(01!
4*0H.:.*.(2!(3!K1&-(!&!1090=2!.-!<&'0'!(6&(!O38*=!3(601O.'0!2.0*=!&!6&1'6!31!8-4&.1!10F
'8*(J! Z! <6.*=! 9&2! 6&/0! :00-! .-c810=! .-! &-! .-(0-(.3-&*! &((&<\! 31! (6138K6! (60! -0K*.F
K0-<0!34!'3903-0!&-=!9&2!-3O!6&/0!&!'._&:*0!0'(&(0!=80!(3!&!=&9&K0!&O&1=J!n0(!.(!
9&2!:0!.-&MM13M1.&(0!431!(6&(!0'(&(0!(3!K3!3-!.-(0'(&<2!(3!(60!<6.*=d'!M&10-(+!.4!B431!
0H&9M*0E! (60! M&10-(! .'! 10'M3-'.:*0! 431! (60! .-c812! 31! h(60! M&10-(! 6&'! =0'01(0=! (60!
4&9.*2Ji$R$!Q(!9&2!:0!-3!&-'O01!.-!'390!<&'0'!(3!'&2!(6&(!(60!&MM*.<&(.3-!<&-!'.9M*2!
:0! :138K6(! &4(01! (60! <6.*=! 10&<60'! (60! '(&(8(312! &K0+! &'! (60! 0/.=0-<0! 9&2! :0! <*0&1!
(6&(!(60!<6.*=!<&--3(!:0!0HM0<(0=!(3!*./0!(3!(6&(!&K0J!`.-<0!(60'0!(2M0'!34!<&'0'!:0&1!
=.10<(*2!3-!(60!10&'3-'!431!6&/.-K!&!'(&(8(312FO.**!M13<0=810!.-!(60!4.1'(!M*&<0+!.(!9&2!
:0!418'(1&(.-K!.4!(6&(!M13<0=810!O010!-3(!&/&.*&:*0!=80!(3!&-!&K0!10f8.1090-(J!L.(6!
&-!020!(3!(60'0!0H&9M*0'+!(60!m0O!`38(6!L&*0'!P&O!U04319!7399.''.3-+!.-!.('!10F
M31(!3-!8-.4319!'8<<0''.3-!*0K.'*&(.3-!431!Z8'(1&*.&+!<3-<*8=0=!hp(q6010!.'!-3!10&'3-!
O62!(60!c81.'=.<(.3-!p(3!&8(631._0!&!'(&(8(312!O.**q!'638*=!:0!=0-.0=!9010*2!:0<&8'0!
(60!M01'3-!.'!&!9.-31Ji$Rb!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$#SJ!V4$2J+!'J!S!B"E!B&EJ!
$##J!V4$2J+!'J!S!B"E!B:EJ!!%%(,0<"!$4$2J+!'J!jJ!
$#RJ!!5+-,!-3(0!"C+!'J!b>!B$E!B.-!431<0!b"!)&1<6!$C"DEJ!m3(0!(6&(!(60!N$00</(T<&,&%<(,.2(!5##%<<$".()#&!
M10'01/0'!(60!0H<0M(.3-!431!909:01'!34!(60!7&-&=.&-!431<0'!3-!&<(./0!'01/.<0!:8(!=30'!-3(!<&112!
431O&1=!(60!0H<0M(.3-!431!.-=./.=8&*'!O63!&10!31!6&/0!:00-!9&11.0=J!!%%(N$00</(T<&,&%<(,.2(!5#O
#%<<$".()#&+!$4$2J+!'J!b#!B"E!B.-!431<0!b"!)&1<6!$C"DEJ!
$RCJ!!%%+!%J9J+!!5##%<<$".()#&([]^[!BY*=JE+!'J!$"!BSE!B=04.-.-K!hM01'3-!O.(638(!(0'(&90-(&12!<&M&<.(2i!(3!
.-<*8=0!&!9.-31EJ!65&(<%%(N$00<()#&([]SR!BLZE+!'J!DC!B$E!B:E!BM13/.=.-K!(6&(!<381(!9&2!&8(631._0!
'(&(8(312!O.**!3-*2!.4!hM01'3-!<3-<01-0=i!h6&'!10&<60=!(60!&K0!34!"#!20&1'iEJ!
$R"J!!%%+!%J9J+!!5##%<<$".()#&([]^[!BY*=JE+!'J!$bT!N$00<()#&([]]S!B;.<JE+!'J!$CJ!
$R$J!L%+"-&(".(U.$@"-C(!5##%<<$".(8,><\(DA%(8,>("@(N$00<+!<5+-,!-3(0!$"#!&(!M&1&J!jJbbJ!
$RbJ!V4$2J(
A_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
?6.'!.''80!.'!=.44.<8*(!:3(6!.-!(019'!34!(60!M3*.<2!f80'(.3-'!.-/3*/0=!&-=!:0<&8'0!.(!.'!
(.0=!8M!O.(6!.''80'!10*&(0=!(3!*0K&*!<&M&<.(2!&-=!&K0!(6&(!&10!38('.=0!(60!9&-=&(0!34!
(6.'!M13c0<(!<399.((00J!Z*(638K6!(60!<399.((00!<3-'.=010=!(60!.''80!0H(0-'./0*2+!.(!
=0<.=0=! (6&(! .(! '638*=! -3(! 9&\0! &! 10<3990-=&(.3-! .-! 10'M0<(! 34! (6.'! .''80+! &'! .(!
O38*=!:0!'(1&2.-K!4139!(60!M13c0<(d'!9&-=&(0!.4!.(!=.=!'3J!?6.'!M3'('<1.M(!.'!.-<*8=0=!
(3!'(.98*&(0!481(601!=.'<8''.3-!34!(6.'!.''80+!O6.<6!9&2!:0!O31(62!34!<3-'.=01&(.3-!
431!104319!.-!.('!3O-!1.K6(J!
!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
AA'
'
P!5L/'!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!' T@' )J!/=L=)5/=KG' KL' /JC/5>JG/5!U'
)565)=/U'9JLK!J'/WJ'PJ5/W'KL'/WJ'/JC/5/K!'
5@' =(&%$7;2&3$('
?60!0H.'(0-<0!34!&!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**!:100='!0'(&(0!*.(.K&(.3-J!L6.*0!(6.'!
4&<(!&*3-0!O&'!-3(!0-38K6!(3!<&8'0!(60!<399.((00!(3!M13M3'0!(60!0*.9.-&(.3-!34!(60!
(0'(! 34! <&M&<.(2+! (60! <399.((00! =.=! 0H&9.-0! .-! =0(&.*! &! 90<6&-.'9! (6&(! 6&'! :00-!
8'0=! .-! 3(601! c81.'=.<(.3-'! (6&(! 9&2! 10=8<0! -00=*0''! 0'(&(0! *.(.K&(.3-J! ?6.'!
90<6&-.'9! .'! &! M13<0=810! (3! <01(.42! <3-<*8'./0*2! (6&(! &! (0'(&(31! 6&'! (0'(&90-(&12!
<&M&<.(2!&(!(60!(.90!(6&(!(60!O.**!.'!0H0<8(0=J$RD!
!
G31!(60!'&\0!34!0<3-392!34!*&-K8&K0+!(6.'!<6&M(01!O.**!43**3O!(60!<3-/0-(.3-!.-!*0K&*!
O1.(.-K! &:38(! (6.'! '8:c0<(! &-=! 10401! (3! (60! M13<0''! 34! <01(.42.-K! &! M01'3-d'!
(0'(&90-(&12!<&M&<.(2!:04310!(6&(!M01'3-d'!=0&(6!&'!,.&%C"-&%C(+-"4,&%J!
!
9@' 9-2Z[%$;(7'
"#!
('/6*78-/(*'!
51.(.'6!73*89:.&!=30'!-3(!6&/0!&-(0931(09FM13:&(0!*0K.'*&(.3-+!-31!=30'!&-2!3(601!
c81.'=.<(.3-!.-!7&-&=&J!Q(!.'!&*'3!-3(!438-=!.-!(60!,-.(0=!^.-K=39+!Z8'(1&*.&+!31!m0O!
@0&*&-=J! 58(! (60! ,-.(0=! `(&(0'! 6&'! *3-K! 6&=! 0HM01.0-<0! O.(6! &-(0931(09! M13:&(0+!
'(10(<6.-K!:&<\!(3!(60!-.-0(00-(6!<0-(812J!?6.'!M&1(!34!(60!<6&M(01!0H&9.-0'!(6&(!0HF
M01.0-<0+!&*3-K!O.(6!'390!&<&=09.<!M13M3'&*'!431!104319+!O.(6!(60!K3&*!34!0H(1&<(.-K!
.-4319&(.3-!(6&(!9&2!:0!8'048*!.-!<3-'.=01.-K!M3''.:*0!104319'!431!51.(.'6!73*89:.&J!
!
2#!
$(-@()&'B5!&'/%$*6/%$;.6*=&/%!3%)(53&/(*'!
).<6.K&-!0-&<(0=!&-!&-(0931(09FM13:&(0!'(&(8(0!.-!"##bJ$Rj!58(!(6.'!0&1*2!&((09M(!
(3! <10&(0! &! O31\&:*0! &-(0931(09FM13:&(0! '2'(09! 0-=0=! 8M! :0.-K! *0''! &! 93=0*! 431!
104319!&-=!9310!&!<&8(.3-&12!(&*0J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$RDJ!!%%(6,.&".(FJ(6,.&".!B"RR#E+!">D!VPU!BD(6E!"S>!&(!M&1&J!">$+!>>!e?7!">"!B]0-J!V./JE+!78**.(2!XJ!
p6,.&".q!B7&-&=.&-!c8=K0!<&**.-K!431!&!93=.4.0=!&-(0931(09FM13:&(0!M13<0=810!(3!:0!<10&(0=!:2!
0H(0-=.-K!0H.'(.-K!c81.'=.<(.3-!8-=01!e-(&1.3d'!!54<&$&5&%(E%#$<$".<()#&E+!,@@a2!B$CC"E+!B<54(."CJ(
6,.&".(FJ(BV6B(D-5<&(B"-+JE!jb!eU!Bb=E!j>S+!"RS!VPU!BD(6E!$"$+!0%,F%(&"(,++%,0(&"(!BB(-%@5<%2+!
p$CC"q!`77Z!m3J!$D$!BYPEJ!
$RjJ!!%%!"##b!).<6J!W8:J!Z<('!"SJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
Aa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
Q-!"##j+!(60!).<6.K&-!`8M1090!7381(!'(18<\!=3O-!(60!&<(+!=0<*&1.-K!.(!8-<3-'(.(8F
(.3-&*J$R> !?60!<&'0!<3-<01-0=!(60!8'0!34!(60!&-(0931(09FM13:&(0!M13<0=810!(3!<01F
(.42!&!O.**!(6&(!&((09M(0=!(3!=.'.-601.(!3-0!34!(60!(0'(&(31d'!'3-'!&-=!6.'!O.40J$RS!76.04!
X8'(.<0!733*02+!O63!=0*./010=!(60!<381(d'!*0&=!c8=K90-(+!-3(0=!(O3!:&'0'!3-!O6.<6!
(60! '(&(8(0! O&'! .-/&*.=A! hB"E! .(! 0-&:*0=! (60! (0'(&(31! (3! &/3.=! (60! 1.K6('! 34! &! 'M38'0!
&-=! <6.*=T! &-=! B$E! .(! 4&.*0=! (3! M13/.=0! 431! 4.-&*.(2! 34! c8=K90-(Ji$R#! ?60! 4.1'(! K138-=!
O&'!M1.9&1.*2!<3-<01-0=!O.(6!-3(.<0+!O6.*0!(60!'0<3-=!O&'!:&'0=!3-!(60!(0'(&(31d'!
&:.*.(2!(3!93=.42!31!10/3\0!&!O.**!(6&(!6&=!:00-!K1&-(0=!&-(0931(09!M13:&(0J!
!
?60!).<6.K&-!'(&(8(0!=.=!-3(!<3-(&.-!&-2!0HM10''!-3(.<0!M13/.'.3-J!Q-'(0&=+!.(!<&**0=!
431! &! (0'(&(31! '.9M*2! (3! 4.*0! .-! (60! <38-(2! <381(! &! M0(.(.3-! O.(6! (60! O.**! &--0H0=J$RR!
?60!M0(.(.3-!O&'!(3!*.'(!h(60!-&90'!&-=!&==10''0'!34!0/012!M01'3-!O63!&(!(60!(.90!34!
9&\.-K! &-=! 4.*.-K! (60! '&90! O38*=! :0! .-(010'(0=! .-! (60! 0'(&(0! 34! (60! 9&\01! 34! '8<6!
O.**! &'! 60.1J!J!J!JibCC! ?60! <381(! O&'! (60-! (3! .''80! <.(&(.3-'! (3! (63'0! *.'(0=! M03M*0! &-=!
M8:*.'6!-3(.<0!34!&!60&1.-K!34!(60!M0(.(.3-JbC"!733*02!7X!O&'!<3-<01-0=!(6&(!(6.'!'2'F
(09!*04(!(33!98<6!1.'\!(6&(!&!'M38'0!O38*=!-3(!10<0./0!-3(.<0!34!(60!M13<00=.-KJbC$!
G81(601+!0/0-!.4!(60!'M38'0!*0&1-0=!34!(60!M13<00=.-K+!-3!M13/.'.3-!O&'!9&=0!431!(60!
(0'(&(31d'!'M38'0!(3!:0!60&1=!4139!.-!(60!60&1.-KJbCb!Q(!O&'!&1K80=!3-!:06&*4!34!(60!
(0'(&(31!(6&(!&!'M38'0!O&'!&*O&2'!4100!(3!<3-(0'(!&!O.**!K1&-(0=!&-(0931(09!M13:&(0!
:2! <3990-<.-K! &-! &<(.3-! &4(01! (60! (0'(&(31d'! =0&(6! 8-=01! ).<6.K&-d'! 4&9.*2F
M13/.'.3-!'(&(8(0+!:8(!(60!<381(!60*=!(6&(!(6.'!O&'!-3(!&-!&=0f8&(0!10&'3-!(3!=0-2!&!
'M38'0!-3(.<0!34!&-=!'(&-=.-K!.-!(60!&-(0931(09FM13:&(0!60&1.-KJbCD!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$R>J!!%%(80"'2(FJ(N,'.%(B$-#5$&(=529%+!j>!).<6J!$b>+!$b!mL!$#!B"##jE!p80"'2!<.(0=!(3!mLqJ!
$RSJ!V4$2J!&(!$#J!
$R#J!Z*32'.8'!ZJ!P03M3*=!l!]0112!LJ!50201+!hZ-(0F)31(09!W13:&(0A!Z!;.&:*0!Z*(01-&(./0i!B"RRCE!Db!
Z1\J!PJ!U0/J!"b"!&(!"jbJ!
$RRJ!!%%!"##b!).<6J!W8:J!Z<('!"S+!'J!"J!?60!M0(.(.3-!O&'!(3!h<3-(&.-!&/0190-('!(6&(!'8<6!O.**!O&'!=8*2!
0H0<8(0=! :2! (60! M0(.(.3-01! O.(638(! 40&1+! 41&8=+! .9M&1(.&*.(2+! 31! 8-=80! .-4*80-<0+! &-=! O.(6! &! 48**!
\-3O*0=K0!34!.('!<3-(0-('+!&-=!(6&(!(60!(0'(&(31!.'!34!'38-=!9.-=!&-=!909312!&-=!48**!(0'(&90-F
(&12!<&M&<.(2!J!J!J!i!B$4$2J+!'J!$EJ!
bCCJ!V4$2J+!'J!$!
bC"J!!%%($4$2J+!'J!bJ!
bC$J!!%%![3O&1=!G.-\+!hZ-(0F931(09!W13:&(0!U0/.'.(0=A!7&-!Z-!Q=0&![&/0!&!P.40!Z4(01!V0&(6ki!B"RS>E!
bS!e6.3!`(&(0!PX!$>D!&(!$>R!B'M0<8*&(.-K!(6&(!(6.'!<3-<*8'.3-!O&'!=80!(3!(60!'M38'0!h-3(!p:0.-Kq!
<3-'.=010=!(3!:0!.-<*8=0=!.-!(63'0!O63!O38*=!(&\0!,<(A%$-!.4!(60!(0'(&(31!=.0=!.-(0'(&(0i!p09M6&F
'.'!.-!31.K.-&*T!433(-3(0!39.((0=qEJ!
bCbJ!!%%(80"'2+!<5+-,!-3(0!$R>!&(!$#o$RJ!
bCDJ!V4$2J!
`E'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
m3(6.-K!.-!(60!).<6.K&-!'(&(8(0!M10/0-(0=!&!(0'(&(31!4139!93=.42.-K!31!10/3\.-K!&!
O.**!(6&(!6&=!:00-!K1&-(0=!&-(0931(09!M13:&(0J!?6.'!1&.'0=!9310!<3-<01-'!431!733F
*02!7XJbCj!Q4!(60!O.**!<38*=!:0!93=.4.0=!31!10/3\0=+!(60-!.(!O&'!40*(!(6&(!(60!M13<0''!=.=!
-3(!*0&=!(3!&!4.-&*!c8=K90-(J!`3!.(!O&'!M109&(810!(3!&'\!(60!<381(!(3!9&\0!&!18*.-KJbC>!
!
Q-!&!<3-<811.-K!c8=K90-(+!7&9M:0**!XJ!<&'(!'390!=38:('!3-!:13&=01!.''80'!O.(6!&-F
(0931(09FM13:&(0! *0K.'*&(.3-J! m3(&:*2+! 60! M3.-(0=! (3! (60! M3(0-(.&*! 431! '8<6! *0K.'*&F
(.3-!(3!'(.1!8M!4&9.*2!=.'<31=JbCS!
!
4#!
&-&7%$(-!$*7%35!+*6!&'/%$*6/%$;.6*=&/%!3%)(53&/(*'!
!"#$ :,)-0216)50,$
Q-(010'(!.-!&-(0931(09!M13:&(0!O&H0=!&-=!O&-0=!4139!(60!"#RC'!(3!(60!"RSC'JbC#!
?6010! O&'! &! :81'(! 34! &<&=09.<! .-(010'(! .-! (60! *&(0! "RSC'+! O6.<6! M13=8<0=! (6100!
93=0*'!431!104319!(6&(!O010!=0'.K-0=!(3!1090=2!(60!4*&O'!(6&(!O010!=.'<3/010=!.-!
(60!).<6.K&-!*0K.'*&(.3-J!?60'0!&<&=09.<!93=0*'!M13/.=0!&!:*80M1.-(!431!93=01-!&-=!
O31\&:*0!&-(0931(09FM13:&(0!*0K.'*&(.3-J(
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bCjJ!V4$2J!&(!$RJ!7&9M:0**!XJd'!<3-<811.-K!c8=K90-(!.'!0/0-!9310!0HM*.<.(!3-!(6.'!M3.-(J!!%%($4$2J!&(!$R!
BhpQq-&'98<6! &'! (60! '(&(8(0! 3-*2! 9&\0'! (60! =0<100! 0440<(./0! .-! (60! '.-K*0! <&'0! 34! (60! 0'(&:*.'6F
90-(!34!(60!O.**!&-=!'8:'0f80-(!=0&(6!O.(638(!10/3<&(.3-!31!&*(01&(.3-+!&-=!*0&/0'!.(!3M0-!(3!(60!
(0'(&(31! (3! 9&\0! &-2! '8:'0f80-(! &11&-K090-(! O6.<6! 60! 9&2! =0'.10! J!J!J! (60! M13<00=.-K! .'! '(.**!
9310! &-39&*38'J! Q! &9! =.'M3'0=! (3! (6.-\! J!J!J! (6&(! (6.'! .'! -3(! .-! &-2! '0-'0! &! c8=.<.&*! M13<00=F
.-KJ!J!J!JiE+!b"!Bh?60!:13&=0'(!=04.-.(.3-!0/01!K./0-!(3!(60!c8=.<.&*!M3O01!<3-4.-0'!.(!(3!<3-(13/01F
'.0'!:0(O00-!<3-4*.<(.-K!M&1(.0'!.-!.-(010'(+!&-=!'8<6!<&-!-0/01!:0!(60!<3-=.(.3-!34!&!*./.-K!9&-!
&-=!6.'!60.1'JiEJ!
bC>J!?6.'!&'M0<(!34!(60!c8=K90-(!(81-'!.-!M&1(!3-!&!40&(810!34!-.-0(00-(6F<0-(812!Z901.<&-!c81.'M18F
=0-<0!(6&(!9&2!:0!'390O6&(!&*.0-!(3!(O0-(2F4.1'(F<0-(812!51.(.'6!73*89:.&!*&OJ!Q-!:&'.<!(019'+!
(60!Z901.<&-!<381('!.-!(60!-.-0(00-(6!<0-(812!:0*.0/0=!(6&(!(602!=.=!-3(!6&/0!(60!c81.'=.<(.3-!(3!
.''80!&!=0<*&1&(312!c8=K90-(J!Z'!3-0!<3990-(&(31!0HM*&.-0=+!h10*.&-<0!O&'!M*&<0=!3-!(60!<3-F
(13**.-K!*&O!34!(60!(.90!O6.<6!'0(!431(6!(60!M1010f8.'.(0!34!&!v<&'0!31!<3-(13/01'2d!:04310!c8=.<.&*!
M3O01!<38*=!:0!.-/3\0=J!J!J!J!pVq0<*&1&(312!c8=K90-('!O010!<3-'.=010=!(3!:0!38('.=0!(60!10&*9!34!
c8=.<.&*!<39M0(0-<0Ji!!%%!P03M3*=!l!50201+!<5+-,!-3(0!$R#!&(!"jjJ!
bCSJ!!%%(80"'2+!<5+-,!-3(0!$R>!&(!bC!BhQ(!.'!&!'.-K8*&1+!&-=!.-!92!c8=K90-(+!&!/012!8-431(8-&(0!'M0<(&F
<*0!(3!'00!&!9&-!<39M0**0=!(3!0-(01!8M3-!&!<3-(0'(!O.(6!(60!68-K12!0HM0<(&-('!34!6.'!3O-!0'(&(0+!
&-=!*.(.K&(0!O6.*0!*./.-K!O.(6!(63'0!O63!6&/0!-3!*0K&*!<*&.9'!O6&(0/01!8M3-!6.9+!:8(!O63!9&2!
'8:c0<(! 6.9! (3! 18.-38'! <3'('! &-=! =0*&2'! .-! 900(.-K! '8<6! (0'(.93-2! &'! .'! &M(! (3! :0! M&1&=0=! .-!
'8<6!<&'0'JiEJ!
bC#J!!!%%!V&-.0*![J!U0=40&1-+!hZ-(0F)31(09!W13:&(0i!B"RbbE!b#!739J!PX!jS"T!V&/.=!GJ!7&/01'+!hZ-(0!
)31(09!W13:&(0A!Z-!%''&2!.-!W10/0-(&(./0!P&Oi!B"RbDE!"!,J!76.J!PJ!U0/J!DDCJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
`F'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!*#$ E0,)'()$402'.$
,-=01!(60!<3-(0'(!93=0*+!&-(0931(09!M13:&(0!.'!'(18<(810=!&'!&-!&=/01'&1.&*!<381(!
M13<00=.-KJ! Q-! 0440<(+! (60! 93=0*! h&<<0*01&(0p'q! (60! <3-(0'(! pM3(0-(.&*! *.(.K&(.3-! 3/01!
(60!(0'(&(31d'!<&M&<.(2q!.-(3!(60!(0'(&(31d'!*.40(.90JibCR!
!
e-<0!&!O.**!.'!0H0<8(0=+!.4!&!(0'(&(31!O.'60'!(3!3:(&.-!&-(0931(09!M13:&(0+!(60-!(60!
(0'(&(31!98'(!&MM*2!(3!<381(!431!&!=0<*&1&(312!c8=K90-(Jb"C!?60!(0'(&(31!.'!10f8.10=!
(3! '01/0! h&**! (63'0! -&90=! &'! :0-04.<.&1.0'! 8-=01! (60! O.**! &-=! &**! (63'0! O63! O38*=!
(&\0!:2!.-(0'(&(0!'8<<0''.3-!'638*=!(60!O.**!:0!=0<*&10=!.-/&*.=!&-=!(60!(0'(&(31!=.0!
M10'0-(*2Jib""!?60'0!M03M*0!O38*=!&**!:0<390!3MM3'.-K!M&1(.0'!.-!(60!&-(0931(09F
M13:&(0!&MM*.<&(.3-J!
!
Z! M3(0-(.&*! M13:*09! O.(6! (6.'! &MM13&<6! .'! (6&(+! .4! &! *3-K! M01.3=! 34! (.90! M&''0'! :0F
(O00-! (60! M13<00=.-K! &-=! (60! (0'(&(31d'! =0&(6+! (6010! .'! &! K33=! <6&-<0! (6&(! hp&q!
O63**2!=.44010-(!&11&2!34!.-(0'(&(0!'8<<0''31'!9.K6(!:0!.-!0H.'(0-<0!&(!(60!(.90!34!(60!
(0'(&(31d'! =0&(6! (6&-! O010! M&1(.0'! (3! (60! &-(0F931(09! M13<00=.-KJib"$! ?60! 93=0*!
&==10''0'!(6.'!M13:*09!:2!M13/.=.-K!431!(60!&MM3.-(90-(!34!&!*.(.K&(.3-!K8&1=.&-!(3!
hM13(0<(!(63'0!48(810!.-(010'('Jib"b!?60!93=0*!&*'3!M13/.=0'!(6&(!(63'0!*&(01!.-(0'(&(0!
'8<<0''31'!O38*=!:0!:38-=!:2!(60!38(<390!34!(60!M13<00=.-K'Jb"D!
!
?60!60&1.-K!43<8''0'!3-!O60(601!(60!(0'(&(31!6&'!(0'(&90-(&12!<&M&<.(2+!.'!4100!4139!
8-=80!.-4*80-<0+!&-=!6&'!0H0<8(0=!(60!O.**!.-!&<<31=&-<0!O.(6!(60!10f8.10=!4319&*.F
(.0'J!Q4!(60!(0'(&(31!'&(.'4.0'!(60!<381(!3-!(60'0!M3.-('+!(60-!h&!c8=K90-(!O38*=!:0!0-F
(010=J!J!J!J!p&-=q!(60!O.**!O38*=!(60-!:0!M*&<0=!3-!4.*0!O.(6!(60!<381(Jib"j!Q4!(60!(0'(&(31!
'8:'0f80-(*2!O.'60=!(3!93=.42!31!10/3\0!&!O.**!(6&(!6&=!:00-!K1&-(0=!&-(0931(09!
M13:&(0+! (60! (0'(&(31! O38*=! 6&/0! (3! K3! (6138K6! (60! &-(0931(09FM13:&(0! M13<0''!
3-<0!&K&.-Jb"> !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bCRJ!!%%!X36-![J!P&-K:0.-+!hP./.-K!W13:&(0A!?60!73-'01/&(31'6.M!)3=0*i!B"RS#E!SS!).<6J!PJ!U0/J!>b!
&(!SbJ!
b"CJ!!%%!G.-\+!<5+-,!-3(0!bC$!&(!$SjJ!
b""J!V4$2J(
b"$J!V4$2J!&(!$#>J!
b"bJ!V4$2J(
b"DJ!V4$2J(
b"jJ!V4$2J!&(!$S>J!
b">J!!%%($4$2J!Q-!10'M3-'0!(3!(60!h1.'\!(6&(!=.'K18-(*0=!*3'01'!34!(60!431901!c8=K90-(!O38*=!(610&(0-!
(3! =1&K! (60! (0'(&(31! (6138K6! 10M0&(0=! <381(! :&((*0'! 0/012! (.90! 60! O&-(0=! (3! <6&-K0! 6.'! O.**+i!
W134J!G.-\!-3(0=!(6&(!h(3!(60!0H(0-(!(6&(!.''80'!O6.<6!6&=!:00-!=0(019.-0=!.-!&!M1.31!=0<*&1&(312!
`D'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
!6#$ E0,('-C")0-(&58$402'.$
P.\0!(60!<3-(0'(!93=0*+!(60!<3-'01/&(31'6.M!93=0*!=1&O'!.('!.-'M.1&(.3-!4139!<381(!
M13<00=.-K'J!?60!=.'(.-<(.3-!:0(O00-!(60!(O3!93=0*'!*.0'!.-!(60!<63.<0!34!M13<00=F
.-K'! (6&(! .-'M.10=! (60! 93=0*J! ?60! <3-(0'(! 93=0*! =1&O'! 3-! M3'(931(09! O.**'! *.(.K&F
(.3-J!?60!<3-'01/&(31'6.M!93=0*!=1&O'!3-!&=8*(FK8&1=.&-'6.M!M13<00=.-K'+!h&=&M(F
.-K!&!*3-KF0'(&:*.'60=!M13<0=810!431!=0(019.-.-K!(60!<39M0(0-<0!34!(60!*./.-K!(6&(!
6&'!:00-!<3-'(18<(0=!O.(6!=80!10K&1=!431!(60!.-(010'('!34!(60!M01'3-!O63'0!M13M01(2!
.'!&(!'(&\0+!6.'!10*&(./0'+!&-=!3(601'Jib"S!
!
,-=01! (60! <3-'01/&(31'6.M! 93=0*+! hp(q60! (0'(&(31! O38*=! M0(.(.3-! (60! <381(! p.-! (6.'!
M13/.-<0+!(60!51.(.'6!73*89:.&!`8M1090!7381(q!(6&(!-3O!9&\0'!<&M&<.(2!=0(019.-&F
(.3-'! .-! <3-'01/&(31'6.M! &-=! K8&1=.&-'6.M! <&'0'! p$J%J+! .-! 51.(.'6! 73*89:.&+! <399.(F
(00'6.M! <&'0'q! 431! &! =0<*&1&(.3-! (6&(! 60! M3''0''0'! <&M&<.(2! (3! 0H0<8(0! &! M&1(.<8*&1!
O.**+!&-=!60!O38*=!&((&<6!(60!O.**!.-!0H0<8(0=!4319!(3!6.'!M0(.(.3-Jib"#!?60!M13<00=F
.-K'!O38*=!:0!M8:*.<Jb"R!Q4!&MM13M1.&(0+!&!90=.<&*!0H&9.-&(.3-!O38*=!:0!<3-=8<(0=!
:04310!(60!M0(.(.3-!.'!60&1=Jb$C!
!
?60!'&90!h*.:01&*!M13/.'.3-!431!-3(.<0!&-=!1.K6(!34!&MM0&1&-<0!.-!0H.'(.-K!<3-'01/&F
(31'6.M!M1&<(.<0i!O38*=!:0!9&=0!431!&-(0931(09FM13:&(0!M13<00=.-K'Jb$"!58(!&!*.(.F
K&(.3-!K8&1=.&-!O38*=!:0!&MM3.-(0=!(3!h10M10'0-(!&**!M01'3-'!O63'0!8*(.9&(0!M13MF
01(2!.-(010'('!9.K6(!:0!&=/01'0*2!&440<(0=!:2!&!9.'(&\0-!=0(019.-&(.3-!(6&(!(60!(0'F
(&(31!M3''0''0=!<&M&<.(2!(3!0H0<8(0!&!O.**Jib$$ !BQ-!(60!0/0-(!34!h&!'.K-.4.<&-(!<3-4*.<(!
34!.-(010'(i!9310!(6&-!3-0!*.(.K&(.3-!K8&1=.&-!<38*=!:0!&MM3.-(0=JEb$b!?60!*.(.K&(.3-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
M13<00=.-K! O38*=! &1.'0! .-! &! '8:'0f80-(! 3-0+! (60! 431901! 4.-=.-K'! O38*=! :0! <3-(13**.-K! 3-! (60!
'&90!M&1(.0'!O63!6&=!M10/.38'*2!*.(.K&(0=!(60!.''80'+!:2!(60!=3<(1.-0!34!10'!c8=.<&(&!31!<3**&(01&*!
0'(3MM0*i!B$4$2J!&(!$S>oSSE!p433(-3(0!39.((0=qJ!
b"SJ!P&-K:0.-+!<5+-,!-3(0!bCR!&(!SSJ!Z!#".<%-F,&"-!.-!(60!,-.(0=!`(&(0'!.'!138K6*2!(60!0f8./&*0-(!34!&!
<399.((00!34!(60!0'(&(0!.-!51.(.'6!73*89:.&J!
b"#J!V4$2J! !%%+! :0*3O+! '0<(.3-! ;QQQJ5J"! &(! "$j! B481(601! =.'<8''.3-! 34! <399.((00'! 8-=01! (60! :,&$%.&<(
:-"+%-&'()#&EJ!
b"RJ!!5+-,!-3(0!bCR!&(!SSJ(
b$CJ!V4$2J!&(!#CJ!
b$"J!V4$2J!&(!S#J!
b$$J!V4$2J(
b$bJ!V4$2J!&(!S#+!-J!jDJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
`B'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
K8&1=.&-!hO38*=!6&/0!M3O01'!34!=.'<3/012i!&-=!hO38*=!:0!3:*.K0=!(3!M8(!(60!(0'(&F
(31!(3!4&.1!M1334i!34!6.'!31!601!(0'(&90-(&12!<&M&<.(2Jb$D!
!
ZMM3.-(90-(!34!&!*.(.K&(.3-!K8&1=.&-!O38*=!:0!h9&-=&(312Jib$j!?60!93=0*d'!&8(631!
:0*.0/0'!(6&(!(60!0H.'(0-<0!34!(60!*.(.K&(.3-!K8&1=.&-!O38*=!<10&(0!&!'(13-K!.-<0-(./0!
431!4&9.*2!909:01'!&-=!3(601'!(3!&**3O!(60!K8&1=.&-!(3!10M10'0-(!(60.1!.-(010'('!.-!
(60!60&1.-KJb$>!58(!-3(6.-K!.-!(60!93=0*!O38*=!<39M0*!&-23-0!O63'0!.-(010'(!9&2!
:0!&440<(0=!:2!(60!O.**!(3!&<<0M(!10M10'0-(&(.3-!:2!(60!*.(.K&(.3-!K8&1=.&-J!Z!M01'3-!
O63'0!.-(010'('!O010!&(!'(&\0!O38*=!'(.**!6&/0!&!1.K6(!(3!M&1(.<.M&(0!.-!(60!60&1.-KJ!
!
?60!38(<390!34!(60!M13<00=.-K!O38*=!:0!&!<381(!31=01A!hp.q4!M01'8&=0=!(6&(!(60!(0'F
(&(31!M3''0''0=!(60!10f8.'.(0!<&M&<.(2!&-=!4100=39!4139!8-=80!.-4*80-<0+!(60!<381(!
O38*=! .''80! &-! &-(0F931(09! c8=K90-(! (6&(! O38*=! :0! <3-<*8'./0! 3-! (60! M3.-(! .-!
M3'(F931(09! M13<00=.-K'! (3! M13:&(0! (60! O.**Jib$S! ?60! 93=0*! =30'! -3(! <3-(09M*&(0!
h.9M3'p.-Kq!p&-2q!M&1(.<8*&1!10f8.1090-(!431!(60!10/3<&(.3-!31!&90-=90-(!34!&!O.**!
(6&(! 6&'! :00-! (60! '8:c0<(! 34! &! '8<<0''48*! *./.-K! M13:&(0! &<(.3-Jib$#! ?60! <3'('! 34! (60!
M13<00=.-K+! .-<*8=.-K! h(60! 10&'3-&:*0! <3'('! 34! (60! p*.(.K&(.3-! K8&1=.&-qi! O38*=! :0!
:31-0!'3*0*2!:2!(60!(0'(&(31Jb$R!
!
!2#$ B2<5,5()-")5C'$402'.$
?60!&=9.-.'(1&(./0!93=0*!.'!:&'0=!3-!h&-!&=9.-.'(1&(./0!M13<00=.-K+!pO6.<6!.'q!-0.F
(601!&=c8=.<&(./0!-31!&=/01'&1.&*JibbC!?6.'!93=0*!.'!M&((01-0=!&4(01!(60!<3-'01/&(31F
'6.M!93=0*+!:8(!O.(6!98<6!9310!*.9.(0=!10f8.1090-('!431!-3(.<0!&-=!M8:*.<!=.'<*3F
'810J!?60!&=9.-.'(1&(./0!93=0*!h.'!-3(!&-!&<<0*01&(0=!O.**!<3-(0'(+!:8(!1&(601!&-!0H!
M&1(0!M13<00=.-K!.-!O6.<6!(60!'(&(0!'&(.'4.0'!.('!.-(010'(!.-!<01(&.-!4&<(8&*!<3-=.(.3-'!
34!(0'(&(0!'8<<0''.3-Jibb"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
b$DJ!V4$2J!&(!SRJ!
b$jJ!V4$2J!&(!S#J!
b$>J!!%%($4$2J!Bh?60!60.1'!O38*=+!(60104310+!6&/0!(60!&((1&<(./0!<63.<0!34!=0<*.-.-K!(3!<3-(0'(!(60!(0'(&F
(31d'!'8.(!.-!(60.1!3O-!-&90'+!O6.*0!'(.**!:0.-K!10M10'0-(0=!:2!(60!K8&1=.&-!&=!*.(09J!?602!O38*=!
:0!&:*0!(3!<3998-.<&(0!&-2!10*0/&-(!.-4319&(.3-!31!'8'M.<.3-'!(3!(60!K8&1=.&-!&=!*.(09!.-!<3-F
4.=0-<0+!O.(638(!6&/.-K!(3!(&\0!&<(.3-'!3/01(*2!63'(.*0!(3!(60!(0'(&(31JiEJ!
b$SJ!V4$2J!&(!#CJ!
b$#J!V4$2J!&(!#"J!
b$RJ!V4$2J!&(!SRJ!
bbCJ!]10K312! `J! Z*0H&-=01! l! Z*:01(! )J! W0&1'3-+! hZ*(01-&(./0! )3=0*'! 34! Z-(0F931(09! W13:&(0! &-=!
W13<0=81&*!V80!W13<0''!P.9.(&(.3-'!3-!`8<<0''.3-i!B"RSRE!S#!).<6J!PJ!U0/J!#R!&(!""$J!
bb"J!V4$2J(
`]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
Z-(0931(09FM13:&(0!M13<00=.-K'!8-=01!(6.'!93=0*!hO38*=!:0!.-.(.&(0=!O.(6!&!M0(.F
(.3-! (3! (60! <3-'01/&(31'6.M! <381(! 431! &! =0<*&1&(.3-! (6&(! (60! (0'(&(31! =8*2! 0H0<8(0=!
(60! O.**+! M3''0''0=! (60! 10f8.'.(0! <&M&<.(2+! &-=! O&'! 4100! 4139! 8-=80! .-4*80-<0Jibb$!
?60!(0'(&(31!O38*=!'8:9.(!h(60!O.**!(6&(!(60!p(0'(&(31q!O.'60'!(3!<01(.42i!O.(6!(60!M0F
(.(.3-+!:8(!hp(q3!0-'810!<3-4.=0-(.&*.(2!34!(60!(0'(&90-(&12!M*&-+!J!J!J!(60!O.**!'638*=!:0!
.-'M0<(0=!3-*2!:2!(60!(1.01+!.-!<&901&Jibbb !
!
P.\0!(60!<3-'01/&(31'6.M!93=0*+!(60!&=9.-.'(1&(./0!93=0*!<&**'!431!(60!&MM3.-(90-(!
34! &! *.(.K&(.3-! K8&1=.&-+! :8(! (60! K8&1=.&-! .'! .-(0-=0=! (3! M*&2! &! =.44010-(! 13*0! .-! (60!
M13<00=.-K'J!U&(601!(6&-!&<(.-K!&'!(60!10M10'0-(&(./0!34!(63'0!M01'3-'!O.(6!&!M3(0-F
(.&*!.-(010'(!.-!(60!0'(&(0+!(60!*.(.K&(.3-!K8&1=.&-!O38*=!&<(!h&'!(60!<381(d'!&K0-(JibbD!
?60! K8&1=.&-d'! 13*0! O38*=! :0! h&-&*3K38'! (3! &! <381(F&MM3.-(0=! 'M0<.&*! 9&'(01Jibbj!
?60!K8&1=.&-d'!M1.9&12!10'M3-'.:.*.(2!O38*=!:0!.-/0'(.K&(312T!.('!M3O01'!O38*=!h0HF
(0-=!(3!.-(01/.0O.-K!(60!(0'(&(31+!J!J!J!909:01'!34!(60!4&9.*2+!&-=!3(601!10*&(./0'!&-=!
41.0-='Jibb>!Q-!(60!31=.-&12!<381'0+!(60!K8&1=.&-!O38*=!-3(!K0(!(3!'00!(60!O.**d'!<3-F
(0-('+!:8(!(60!<381(!O38*=!6&/0!(60!h=.'<10(.3-i!(3!K1&-(!&<<0''!(3!.(JbbS!
!
,-=01! (60! &=9.-.'(1&(./0! 93=0*+! -3(.<0! 34! (60! M13<00=.-K! O38*=! (2M.<&**2! 3-*2! :0!
K./0-!(3!(60!*.(.K&(.3-!K8&1=.&-Jbb#!?60!M13<00=.-K!O38*=!0''0-(.&**2!:0!%1(+,-&%JbbR!
Q-! /.0O! 34! (6.'! 0H(1090*2! 10'(1.<(0=! -3(.<0! 10f8.1090-(+! (60! &8(631'! 34! (60! 93=0*!
'8KK0'(!(6&(!h&!'(&(0!9.K6(!<633'0!(3!0H09M(!(60!-8<*0&1!4&9.*2!4139!(60!:.-=.-K!04F
40<('!34!(60!&-(0F931(09!M13<00=.-KJibDC!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bb$J!V4$2J(
bbbJ!V4$2J!&(!""$o"b!p433(-3(0!39.((0=qJ!
bbDJ!V4$2J!&(!""bJ!
bbjJ!V4$2J!Z!<+%#$,0(C,<&%-!.'!hp&q!M&1&c8=.<.&*!344.<01!B'8<6!&'!&!1040100+!&-!&8=.(31+!&-!0H&9.-01+!31!&-!
&''0''31E! 'M0<.&**2! &MM3.-(0=! (3! 60*M! &! <381(! O.(6! .('! M13<00=.-K'Ji! !%%( 60,#Za<( 8,>( E$#&$".,-'+!
R(6! 0=J+! <54( F%-4"! h9&'(01Ji! !%%( ,0<"! G0=J! UJ! 7./J! WJ! jb! B0H&9M*0! 34! Z901.<&-! 40=01&*! <381(d'!
&8(631.(2! (3! &MM3.-(! &! 9&'(01EJ! Q-! 51.(.'6! 73*89:.&+! &! <+%#$,0( -%@%-%%! O38*=! :0! 138K6*2! (60!
0f8./&*0-(! 34! &-! Z901.<&-! 'M0<.&*! 9&'(01J! !%%! 51.(.'6! 73*89:.&+! !5+-%C%( B"5-&( B$F$0( L50%<+!
1J!"#!B"EJ!
bb>J!!5+-,!-3(0!bbC!&(!""bo"DJ!
bbSJ!V4$2J(
bb#J!V4$2J!&(!""jJ!
bbRJ!V4$2J(
bDCJ!V4$2J(
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
`^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
Q4!(60!<381(!.'!'&(.'4.0=!(6&(!(60!O.**!O&'!=8*2!0H0<8(0=+!O.(6!(0'(&90-(&12!<&M&<.(2!
&-=!4100!4139!8-=80!.-4*80-<0+!(60-!h.(!O38*=!.''80!&-!31=01!=0<*&1.-K!(6&(!(60!O.**!
6&'!:00-!=8*2!0H0<8(0=!&-=!4100!4139!(0'(&90-(&12!=040<('JibD"!?60!31=01!O38*=!:0!
&!h<3-<*8'./0i!=0(019.-&(.3-!34!(60'0!9&((01'T!.(!<38*=!-3(!:0!<6&**0-K0=!.-!M3'(931F
(09!M13<00=.-K'JbD$ !Q4!(60!(0'(&(31!'8:'0f80-(*2!O.'60=!(3!10/3\0!31!93=.42!(60!O.**+!
(60! (0'(&(31! O38*=! 6&/0! (3! K./0! -3(.<0! (3! (60! <381(! 34! (60! 10/3<&(.3-! 31! 93=.4.<&F
(.3-JbDb!
!
9#!
-866%'/!&$%6(-&'!&'/%$*6/%$;.6*=&/%!3%)(53&/(*'!
!"#$ :,)-0216)50,$
?6100!Z901.<&-!'(&(0'!6&/0!0-&<(0=!&-(0931(09FM13:&(0!*0K.'*&(.3-J!Z**!(6100!'(&(F
8(0'!&=6010!<*3'0*2!(3!(60!<3-(0'(!93=0*J!
!
!*#$ O0-)&$9"Q0)"$
m31(6!V&\3(&!O&'!(60!4.1'(!'(&(0!(3!93/0!3-!&-(0931(09!M13:&(0+!0-&<(.-K!.('!*0K.'F
*&(.3-!.-!"RSSJbDD!?60!*0K.'*&(.3-!6&'!:00-!=0'<1.:0=!&'!hM13/.=.-K!&!'.9M*0!90(63=!
431! (60! (0'(&(31! (3! 3:(&.-! &! =0<*&1&(312! c8=K90-(! 10K&1=.-K! /&1.38'! &'M0<('! 34! 6.'!
O.**JibDj!
!
?60!*0K.'*&(.3-!&8(631._0'!hp&q-2!M01'3-!O63!0H0<8(0'!&!O.**i!(3!&MM*2!(3!<381(!h431!&!
c8=K90-(! =0<*&1.-K! (60! /&*.=.(2! 34! (60! O.**! &'! (3! (60! '.K-&(810! 3-! (60! O.**+! (60! 10F
f8.10=!-89:01!34!O.(-0''0'!(3!(60!'.K-&(810!&-=!(60.1!'.K-&(810+!&-=!(60!(0'(&90-F
(&12!<&M&<.(2!&-=!4100=39!4139!8-=80!.-4*80-<0!34!(60!M01'3-!0H0<8(.-K!(60!O.**JibD>!
!
?60! (0'(&(31! 98'(! -&90! &**! :0-04.<.&1.0'! *.'(0=! .-! (60! O.**! &'! O0**! &'! (60! (0'(&(31d'!
hM10'0-(!.-(0'(&(0!'8<<0''31'i!&'!3MM3'.-K!M&1(.0'!(3!(60!&MM*.<&(.3-!&-=!'01/0!(609!
O.(6!-3(.<0!34!(60!&MM*.<&(.3-JbDS!Q4!(60!&MM*.<&(.3-!.'!'8<<0''48*+!(60!<381(!h=0<*&10p'q!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bD"J!V4$2J!&(!"">J!
bD$J!V4$2J(
bDbJ!!%%($4$2J!&(!""RJ!
bDDJ!!%%!mV!70-(J!73=0!xx!bCJ"FC#J"FC"!(3!FCD!B$C"bEJ!
bDjJ!P03M3*=!l!50201+!<5+-,!-3(0!$R#!&(!"SCJ!
bD>J!mV!70-(J!73=0!x!bCJ"FC#J"FC"!B$C"bEJ!
bDSJ!mV!70-(J!73=0!x!bCJ"FC#J"FC$!B$C"bEJ!
`_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(6&(!(60!O.**!p.'q!/&*.=!&-=!31=01p'q!.(!M*&<0=!3-!4.*0!O.(6!(60!<381(JibD#!?6.'!=0<*&1&F
(312!c8=K90-(!.'!<3-'.=010=!(3!h<3-'(.(8(0!&-!&=c8=.<&(.3-!34!M13:&(0i!431!(60!O.**JbDR!
!
?60!(0'(&(31!.'!-3(!M019.((0=!(3!93=.42!31!10/3\0!(60!O.**+!8-*0''!60!31!'60!h0H0<8(0'!
&! -0O! O.**! &-=! .-'(.(8(0'! &! -0O! M13<00=.-Ki! 431! &-(0931(09! M13:&(0JbjC! Z-2! 4&<('!
438-=!.-!(60!&-(0931(09FM13:&(0!M13<00=.-K'!&10!-3(!&=9.''.:*0!.-!&-2!3(601!M13F
<00=.-K!(3!=0(019.-0!(60!O.**d'!/&*.=.(2+!&-=!(60!38(<390!34!(60!&-(0931(09FM13:&(0!
M13<00=.-K! .'! -3(! :.-=.-K! 3-! (60! M&1(.0'! .-! &-2! M13<00=.-K! h-3(! :138K6(! (3! =0(01F
9.-0!(60!/&*.=.(2!34!&!O.**Jibj" !
!
!6#$ S&50$
%-&<(0=! .-! "RS#+! e6.3d'! *0K.'*&(.3-! .'! (60! *3-K0'(! &-=! 93'(! <39M*0H! 34! (60! (6100!
Z901.<&-! &-(0931(09FM13:&(0! &<('Jbj$! Z(! .('! <310+! .(! 0'(&:*.'60'! &! M13<0=810! 431! &!
(0'(&(31!(3!M0(.(.3-!(60!'(&(0!M13:&(0!<381(!431!&!=0<*&1&(312!c8=K90-(!34!&!O.**d'!/&F
*.=.(2Jbjb !?60!:0-04.<.&1.0'!'0(!38(!.-!(60!O.**!&-=!&-23-0!hO63!O38*=!:0!0-(.(*0=!(3!
.-601.(!4139!(60!(0'(&(31!J!J!J!6&=!(60!(0'(&(31!=.0=!.-(0'(&(0!3-!(60!=&(0!(60!pM0(.(.3-q!
O&'!4.*0=i!98'(!:0!-&90=!&'!=040-=&-('!.-!(60!&<(.3-JbjD!
!
?60! M13:&(0! <381(! <3-=8<('! &! 60&1.-K! (6&(! h'6&**! :0! &=/01'&12! .-! -&(810i! (3! =0(01F
9.-0!(60!/&*.=.(2!34!(60!O.**Jbjj!Q4!(60!O.**!.'!438-=!(3!:0!hM13M01*2!0H0<8(0=i!&-=!(60!
(0'(&(31! .'! 438-=! (3! 6&/0! h(60! 10f8.'.(0! (0'(&90-(&12! <&M&<.(2! &-=! p-3(! 6&/0! :00-q!
8-=01!&-2!10'(1&.-(+i!(60!O.**!.'!=0<*&10=!(3!:0!/&*.=Jbj>!?6.'!=0<*&1&(.3-!34!/&*.=.(2+!
&*3-K!O.(6!(60!O.**+!.'!'0&*0=!&-=!60*=!:2!(60!M13:&(0!<381(+!O6.<6!=30'!-3(!9&\0!.(!
&/&.*&:*0! (3! &-23-0! 3(601! (6&-! (60! (0'(&(31JbjS! U093/&*! 34! (60! O.**! 4139! (60! <381(!
10-=01'!(60!=0<*&1&(.3-!34!/&*.=.(2!/3.=Jbj#!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bD#J!mV!70-(J!73=0!x!bCJ"FC#J"FCb!B$C"bEJ!
bDRJ!mV!70-(J!73=0!x!bCJ"FC#J"FCb!B$C"bEJ!
bjCJ!mV!70-(J!73=0!x!bCJ"FC#J"FCb!B$C"bEJ!
bj"J!mV!70-(J!73=0!x!bCJ"FC#J"FD!B$C"bEJ!
bj$J!!%%!e6.3!U0/J!73=0!Z--J!xx!$"CSJC#"oJC#j!BP0H.'m0H.'!$C"bEJ!
bjbJ!!%%!e6.3J!U0/J!73=0!Z--J!x!$"CSJC#"!BZE!BP0H.'m0H.'!$C"bEJ!
bjDJ!e6.3!U0/J!73=0!Z--J!x!$"CSJC#"!BZE!BP0H.'m0H.'!$C"bEJ!
bjjJ!e6.3!U0/J!73=0!Z--J!x!$"CSJC#b!BP0H.'m0H.'!$C"bEJ!
bj>J!e6.3!U0/J!73=0!Z--J!x!$"CSJC#D!BZE!BP0H.'m0H.'!$C"bEJ!
bjSJ!!%%!e6.3!U0/J!73=0!Z--J!x!$"CSJC#D!B5E!BP0H.'m0H.'!$C"bEJ!
bj#J!!%%!e6.3!U0/J!73=0!Z--J!x!$"CSJC#D!B5E!BP0H.'m0H.'!$C"bEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
`A'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
?60!*0K.'*&(.3-!6&'!'(1.<(!18*0'!3-!10/3<&(.3-!31!93=.4.<&(.3-!34!&!O.**!(6&(!6&'!:00-!
K1&-(0=! &! =0<*&1&(.3-! 34! /&*.=.(2J! Z! (0'(&(31! .'! 10f8.10=! (3! K3! (6138K6! (60! M13<0''!
&K&.-! (3! 9&\0! &-! 0440<(./0! 10/3<&(.3-! 31! 93=.4.<&(.3-! 34! (60! O.**JbjR! `.9.*&1! (3! (60!
m31(6! V&\3(&! &<(+! (60! e6.3! &<(! 10'(1.<('! (60! 8'0! 34! 4&<('! 438-=! &-=! =0(019.-&(.3-'!
9&=0!.-!&-!&-(0931(09FM13:&(0!M13<00=.-K!.-!3(601!(2M0'!34!M13<00=.-K'Jb>C!
!
,-*.\0!m31(6!V&\3(&d'!&-=!Z1\&-'&'d'!*0K.'*&(.3-+!e6.3d'!'(&(8(0!6&'!:00-!K./0-!'390!
<3-'.=01&(.3-!:2!(60!'(&(0d'!<381('J!m3(&:*2+!e6.3d'!'8M1090!<381(!6&'!10<0-(*2!<3-F
4.190=!(60!<3-'(.(8(.3-&*.(2!34!(60!'(&(8(0Jb>" !
!
!2#$ B-Q",("($
Z1\&-'&'! O&'! (60! *&(0'(! '(&(0! (3! 0-&<(! &-(0931(09FM13:&(0! *0K.'*&(.3-+! :1.-K.-K! .-!
.('! '(&(8(0! .-! "RSRJb>$! Z1\&-'&'d'! '(&(8(0! O&'! h<*3'0*2! 93=0*0=! &4(01! (60! m31(6! V&F
\3(&!M13/.'.3-'+ib>b!O.(6!(60!43**3O.-K!'.K-.4.<&-(!<6&-K0'A!
!
• Z1\&-'&'d'!*0K.'*&(.3-!K./0'!(60!<381(!&!:13&=!c81.'=.<(.3-!(3!.''80!&!=0<*&1&F
(312!c8=K90-(!3-!h(60!/&*.=.(2!34!(60!O.**+i!1&(601!(6&-!&!c81.'=.<(.3-!(6&(!.'!
<.1<89'<1.:0=! .-! '<3M0! (3! .''80'! 34! 4319&*! /&*.=.(2+! (0'(&90-(&12! <&M&<.(2+!
&-=!8-=80!.-4*80-<0Tb>D!
• Z1\&-'&'d'! *0K.'*&(.3-! M13/.=0'! (6&(! &! O.**! (6&(! 6&'! :00-! K1&-(0=! &-(0931F
(09! M13:&(0! 9&2! :0! 10/3\0=! 31! 93=.4.0=! h:2! '8:'0f80-(*2! 0H0<8(0=! /&*.=!
O.**'+!<3=.<.*'+!&-=!3(601!(0'(&90-(&12!.-'(1890-('igO6.<6!.'!&!98<6!9310!
*.:01&*! &MM13&<6! (3! (6.'! .''80! (6&-! .'! 438-=! .-! 0.(601! m31(6! V&\3(&! 31!
e6.3Jb>j!
!
)@'
=00;"'1$%'!"1$%*'
?6.'!<6&M(01!<3-<*8=0'!:2!<3-'.=01.-K!(60!&1K890-('!431!&-=!&K&.-'(!(60!:&'.<!.''80!
431!104319+!O6.<6!.'!O60(601!51.(.'6!73*89:.&!'638*=!43**3O!(60!*0&=!34!(60'0!(6100!
Z901.<&-!c81.'=.<(.3-'!&-=!0-&<(!&!4319!34!&-(0931(09!M13:&(0J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bjRJ!!%%!e6.3!U0/J!73=0!Z--J!x!$"CSJC#D!B7EoBVE!BP0H.'m0H.'!$C"bEJ!
b>CJ!!%%!e6.3!U0/J!73=0!Z--J!x!$"CSJC#j!BP0H.'m0H.'!$C"bEJ!
b>"J!!%%(3,'%<(?%C"-$,0(U.$&%2(?%&A"2$<&(BA5-#A(FJ()-&H+!$C""!e6.3!b#DSJ!
b>$J!!%%!Z1\J!73=0!Z--J!xx!$#FDCF$C"!(3!$Cb!B$C"$EJ!
b>bJ!P03M3*=!l!50201+!<5+-,!-3(0!$R#!&(!"SDJ!
b>DJ!Z1\J!73=0!Z--J!xx!$#FDCF$C$+!$#FDCF$Cb!B&E!B$C"$EJ!
b>jJ!Z1\J!73=0!Z--J!x!$#FDCF$Cb!B:E!B$C"$EJ!
``'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
"#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
5@*837! =6(/(5@! -*38$=(&! %'&-/! 3%)(53&/(*'! -6%&/(')! &! .6*-%786%! /@&/!
<*837! &33*<!&! /%5/&/*6!/*! *=/&('! -%6/(+(-&/(*'!*+! /%5/&$%'/&60! -&.&-(/0!
=%+*6%!/@%!7%&/@!*+!/@%!/%5/&/*6E!
W13M3-0-('! 34! &-(0931(09! M13:&(0! 6&/0! (2M.<&**2! 9&=0! (O3! <*3'0*2! 10*&(0=! &1K8F
90-('!.-!4&/381!34!(60!M13<0=810J!
!
G.1'(+!&-(0931(09!M13:&(0!.'!'00-!&'!&!O&2!(3!M1393(0!<01(&.-(2!&-=!(0'(&90-(&12!
4100=39J!?6.'!10'8*(!.'!'&.=!(3!4*3O!4139!(60!*.\0*.633=!(6&(!h&-!&-(0F931(09!M13<0F
=810!O38*=!K10&(*2!<8(!=3O-!3-!O.**!<3-(0'('Jib>>!?60!&1K890-(!.'!(6&(!&!'.K-.4.<&-(!
&938-(!34!(6&(!*.(.K&(.3-!4*3O'!4139!&**0K&(.3-'!34!.-<&M&<.(2!&-=!8-=80!.-4*80-<0+!'3!
.4! (63'0! (O3! .''80'! O010! <3-<*8'./0*2! =0&*(! O.(6! .-! &=/&-<0! 34! (60! (0'(&(31d'! =0&(6!
(6010!O.**!:0!*.((*0!.-<0-(./0+!.-!9&-2!<&'0'+!(3!<6&**0-K0!(60!O.**!M3'(931(09Jb>S!
!
`0<3-=+!M13M3-0-('!&1K80!(6&(!&-(0931(09!M13:&(0!.9M13/0'!(60!0/.=0-<0!&/&.*&:*0!
(3!(60!<381(!.-!&!K./0-!(0'(&90-(&12F<&M&<.(2!<&'0J!?6.'!.'!:0<&8'0!h(60!'(&1!O.(-0''+!
(60!(0'(&(31i!.'!&:*0!(3!M10'0-(!0/.=0-<0!=.10<(*2!(3!(60!<381(Jb>#!?0'(&90-(&12!<&M&<F
.(2!.'!&''0''0=!&'!34!(60!=&(0!34!0H0<8(.-K!(60!O.**+!:8(!.-!(1&=.(.3-&*!M3'(931(09!0'F
(&(0!*.(.K&(.3-!'390!(.90+!34(0-!&!*0-K(62!(.90+!O.**!6&/0!0*&M'0=!:0(O00-!(60!O.**d'!
0H0<8(.3-!&-=!(60!*.(.K&(.3-J!Q-!&-(0931(09!M13:&(0+!(60!<381(!6&'!(60!&=/&-(&K0!34!
<3-'.=01.-K!(6.'!.''80!&!10*&(./0*2!'631(!(.90!&4(01!(60!O.**!6&'!:00-!0H0<8(0=Jb>R!
!
eMM3-0-('!34!&-(0931(09!M13:&(0!6&/0!(0-=0=!(3!43<8'!(60.1!&1K890-('!3-!Z901.F
<&-!<3-'(.(8(.3-&*!.''80'!(6&(!&10!34!*.9.(0=!10*0/&-<0!431!51.(.'6!73*89:.&J!58(!'390!
<3990-(&(31'!6&/0!&*'3!&=/&-<0=!M3*.<2!<3-<01-'!&:38(!&-(0931(09!M13:&(0J!
!
?60!9&.-!<3-<01-!.'!(6&(!0&<6!34!(60!9&c31!93=0*'!34!&-(0931(09!M13:&(0!.'!8-4&.1+!
(3!&!/&12.-K!=0K100+!(3!&-2!34!(60!(0'(&(31d'!M3(0-(.&*!:0-04.<.&1.0'!31!.-(0'(&(0!'8<F
<0''31'!O63!9&2!:0!=.'&=/&-(&K0=!:2!(60!O.**JbSC!?60!<3-(0'(!&-=!<3-'01/&(31'6.M!
93=0*'!M*&<0!(60'0!M03M*0!.-!(60!M3'.(.3-!34!h6&/.-K!(3!<633'0!:0(O00-!8-&((1&<(./0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
b>>J!G.-\+!<5+-,!-3(0!bC$!&(!$#RoRCJ!
b>SJ!!%%!P&-K:0.-+!<5+-,!-3(0!bCR!&(!>DJ!
b>#J!P03M3*=!l!50201+!<5+-,!-3(0!$R#!&(!"bRJ!!
b>RJ!!%%(P&-K:0.-+!<5+-,!-3(0!bCR!&(!>S!Bh?60!:&'.<!.-'.K6(!.'!(6&(!'.-<0!(60!'8:'(&-(./0!f80'(.3-!.'!
<&M&<.(2! &'! 34! (60! (.90! 34! 0H0<8(.3-! 34! (60! (0'(&90-(+! 0H0<8(.3-! O38*=! :0! (60! .=0&*! (.90! (3! =0F
(019.-0!<&M&<.(2J!?60!*3-K01!&=c8=.<&(.3-!34!&-2!f80'(.3-!.'!M3'(M3-0=+!(60!9310!*.\0*2!.(!.'!(6&(!
(60!f8&*.(2!34!(60!0/.=0-<0!&/&.*&:*0!(3!(60!(1.01!O.**!=0(01.31&(0JiEJ!
bSCJ!!%%! )&12! P38.'0! G0**3O'+! h?60! 7&'0! ZK&.-'(! P./.-K! W13:&(0i! B"R#CE! S#! ).<6J! PJ! U0/J! "C>>! &(!
"CRjT!?1&<2!73'(0**3Fm311.'+!hQ'!Z-(0F931(09!W13:&(0!&!;.&:*0!`3*8(.3-!(3!(60!W13:*09'!Z''3<.F
&(0=!O.(6!W3'(F931(09!W13<0=810'ki!B"RRjE!R!73--J!W13:J!PX!b$S!&(!bj"J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
`a'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
&*(01-&(./0'A! (602! <&-! 0.(601! 109&.-! '.*0-(+! &**3O.-K! (60! O.**! (3! :0! /&*.=&(0=! &-=! (3!
0H(.-K8.'6!(60.1!0HM0<(&-<.0'+!31!(602!<&-!<6&**0-K0!(60!O.**+!=.'18M(.-K!4&9.*2!6&1F
93-2! &-=! .-<811.-K! *.(.K&(.3-! <3'('! 0&1*.01! (6&-! 3(601O.'0! -0<0''&12! (3! 10(&.-! (60!
M3''.:.*.(2!34!.-601.(.-K!&-!.-=0(019.-&(0!&938-(!34!M13M01(2JibS"!Q4!'8<6!&!<6&**0-K0!
.'!8-'8<<0''48*+!(60-!(60!(0'(&(31!.'!(2M.<&**2!4100!(3!9&\0!<6&-K0'!(3!(60!O.**+!481(601!
=.'&=/&-(&K.-K! (60! <6&**0-K01'J! Z-=+! 0/0-! .4! (60! <6&**0-K0! .'! '8<<0''48*+! .(! <38*=!
&938-(!(3!&!M2116.<!/.<(312+!&'!(60!(0'(&(31!9&2!'(.**!:0!&:*0!(3!0HM0-=!(60!<6&**0-KF
01'd!'6&10!34!(60!0'(&(0!:2!3(601!90&-'+!'8<6!&'!$.&%-(F$F"<!K.4('JbS$!?60!&=9.-.'(1&F
(./0!93=0*+!O6.<6!=30'!-3(!0/0-!M13/.=0!431!-3(.<0!(3!M3(0-(.&*!:0-04.<.&1.0'!31!.-F
(0'(&(0!'8<<0''31'+!.'!0/0-!9310!8-4&/381&:*0!(3!(60.1!.-(010'('J!
!
eMM3-0-('!34!&-(0931(09!M13:&(0!6&/0!&*'3!&1K80=!(6&(!'8MM31(01'!6&/0!3/01'3*=!
.('! :0-04.('J! ?6.'! &1K890-(! (0-='! (3! :0! *.-\0=! .-(3! (60! 4.1'(! &1K890-(J! ?60! <*&.9! .'!
(6&(!(60!9&c31!93=0*'!34!&-(0931(09!M13:&(0!0440<(./0*2!=0(01!=.'&MM3.-(0=!M3(0-F
(.&*!:0-04.<.&1.0'!&-=!.-(0'(&(0!'8<<0''31'!4139!<39.-K!431O&1=+!'3!(60!<381(!.'!*04(!
(3!=0<.=0!(60!.''80'!O.(6!3-*2!'390!34!(60!10*0/&-(!0/.=0-<0JbSb!
!
Z!(6.1=!&1K890-(!(6&(!<38*=!:0!&=/&-<0=!&K&.-'(!&-(0931(09!M13:&(0!.'!*0''!M3*.<2F
:&'0=!&-=!9310!&-!0/&*8&(.3-!34!(60!M1&<(.<&*!.9M&<(!34!(60!(6100!Z901.<&-!'(&(8(0'J!
e4!(60'0!(6100+!3-*2!e6.3d'!&<(!&MM0&1'!(3!:0!8'0=!O.(6!&-2!410f80-<2+bSD!&-=!0/0-!.-!
e6.3d'!<&'0!(60!-89:01!34!(0'(&(31'!8'.-K!(60!M13<0=810!.'!1&(601!'9&**J!G81(601+!.(!
6&'!:00-!3/01!bC!20&1'!'.-<0!(60!(6100!'(&(8(0'!O010!0-&<(0=+!&-=!-3!3(601!'(&(0!6&'!
43**3O0=! (60! *0&=! 34! (60'0! (6100J! Q-! 7&-&=&+! (6010! =30'! -3(! 0/0-! &MM0&1! (3! :0! &-2!
K138M!(6&(!.'!&<(./0*2!M1393(.-K!(6.'!104319J!
!
L6.*0!(60!<399.((00!'&O!'390!&=/&-(&K0'!(3!&-(0931(09!M13:&(0+!.(!O&'!10*8<(&-(!
(3! M13M3'0! (6&(! 51.(.'6! 73*89:.&! .-/0'(! (60! (.90! &-=! 10'381<0'! -00=0=! (3! =0/0*3M!
(6.'!M13<0=810J!?60!Z901.<&-!0HM01.0-<0!'63O'!(6&(!&-(0931(09!M13:&(0!.'!1&10*2!
8'0=!:2!(0'(&(31'J!?60!<3'(!34!*.(.K&(.3-!O38*=!*.\0*2!<3-'(.(8(0!&!:&11.01!(3!.('!O.=0F
'M10&=! &=3M(.3-! .-! 51.(.'6! 73*89:.&J! Q-! &==.(.3-+! .(! .'! 8-*.\0*2! (6&(! 9&-2! (0'(&(31'!
O38*=!:0!O.**.-K!(3!M8:*.<._0!(60.1!0'(&(0!M*&-'!.-!(60.1!*.40(.90'J!58(!10*2.-K!3-!&-!
&=9.-.'(1&(./0! '2'(09! (6&(! <.1<89/0-('! (60! M8:*.<.(2! 34! <381(! M13<00=.-K'! O38*=!
18-!(60!1.'\!34!&:8'0!34!&-=!M10c8=.<0!(3!4&9.*2!909:01'J!G.-&**2+!Z901.<&-!c81.'=.<F
(.3-'! (6&(! 6&/0! 0-&<(0=! &-(0931(09! M13:&(0! =.=! -3(! 6&/0! (3! K1&MM*0! O.(6! O.**'F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bS"J!G0**3O'+!<5+-,!-3(0!bSC!&(!"CRjJ!
bS$J!!%%($4$2J(
bSbJ!!%%!73'(0**3Fm311.'+!<5+-,!-3(0!bSC!&(!bjCJ!
bSDJ!!%%!P03M3*=!l!50201+!<5+-,!-3(0!$R#!&(!"S"oSjJ!
aE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
/&1.&(.3-!*0K.'*&(.3-!34!(60!\.-=!438-=!.-!51.(.'6!73*89:.&JbSj!`3!*3-K!&'!.''80'!8-=01!
(6.'! *0K.'*&(.3-! &10! -3(! 10'3*/0=! :2! &-(0931(09! M13:&(0! B&-=! (6010! .'! -3! M1&<(.<&*!
O&2!(3!.-<31M31&(0!O.**'F/&1.&(.3-!.''80'!O.(6.-!(60!M13<0=810E+!(6010!O.**!:0!&!'.KF
-.4.<&-(!K&M!.-!(60!M13<0=810d'!<3/01&K0J!?6.'!K&M!O.**!8-=01<8(!.('!&:.*.(2!(3!63*=!0'F
(&(0!*.(.K&(.3-!.-!<60<\J!
!
?60! 9&c31.(2! 34! 10'M3-=0-('! &K100=! O.(6! (60! <399.((00d'! M13M3'&*! -3(! (3! M81'80!
*0K.'*&(.3-!.-!(6.'!&10&J!58(!'0/01&*!10'M3-=0-('!40*(!(6&(!&-(0931(09!M13:&(0!<38*=!
9&\0!&!8'048*!&==.(.3-!(3!&!<39M1060-'./0!&-=!O.=0F1&-K.-K!'(&(8(312!10K.90!K3/F
01-.-K!90-(&*!<&M&<.(2J!
!
?60!<399.((00!10<3990-='A!
[eJ(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(#-%,&$.9(,(+-"#%25-%(&A,&(>"502(,0O
0">(,(&%<&,&"-(&"("4&,$.(#%-&$@$#,&$".("@(&%<&,C%.&,-'(#,+,#$&'(4%@"-%(&A%(2%,&A("@(&A%(
&%<&,&"-J(
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bSjJ!!%%(N$00<(W,-$,&$".()#&+!<5+-,!-3(0!#J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
aF'
'
P!5L/'!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!'T=@')565)=/U'/K'>5NJ'5'Q=L/'
5@' =(&%$7;2&3$('
L.(6! (6.'! <6&M(01+! (6.'! 10M31(! 93/0'! 4139! <3-'.=01.-K! (0'(&90-(&12! K.4('! (3! K.4('!
9&=0!:0(O00-!*./.-K!M01'3-'gO6&(!(60!*&O!(2M.<&**2!<&**'!$.&%-(F$F"<!9$@&<J!G31!(60!
'&\0!34!:10/.(2+!(6.'!<6&M(01!10401'!(3!$.&%-(F$F"<!K.4('!'.9M*2!&'!9$@&<JbS>!
!
?6.'! <6&M(01! :0K.-'! :2! M13/.=.-K! '390! :&<\K138-=! .-4319&(.3-! 3-! K.4(! *&O! .-!
K0-01&*! &-=! 3-! <&M&<.(2! (3! 9&\0! &! K.4(! 'M0<.4.<&**2J! ?60-! .(! =.'<8''0'! .''80'! 431!
104319+!O.(6!&!43<8'!3-!104319!34!(60!0*090-('!34!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!K.4(J!
!
9@' 9-2Z[%$;(7'
"#!
('/6*78-/(*'!
?6.'!'0<(.3-!<3-(&.-'!:&<\K138-=!.-4319&(.3-!3-!(6100!(3M.<'J!G.1'(+!.(!=0'<1.:0'!(60!
*0K&*!<3-<0M(.3-!34!&!K.4(J!`0<3-=+!.(!=.'<8''0'!(60!(0'(!34!90-(&*!<&M&<.(2!(3!9&\0!&!
K.4(J!?6.1=+!.(!-3(0'!*0K.'*&(.3-!.-!431<0!B31!<39.-K!.-(3!431<0E!.-!51.(.'6!73*89:.&!(6&(!
.'!10*0/&-(!(3!<&M&<.(2!(3!9&\0!&!K.4(J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bS>J!?6010!.'!&!(6.1=!(2M0!34!K.4(g(2M.<&**2!=0'<1.:0=!.-!*0K&*!O1.(.-K!:2!.('!P&(.-!-&90!2".,&$"(C"-&$<(
#,5<,!Bw!K.4(!.-!/.0O!34!=0&(6EJ!Z!2".,&$"(C"-&$<(#,5<,!6&'!'390!34!(60!f8&*.(.0'!34!&!(0'(&90-(&12!
K.4(! &-=! '390! 34! (60! f8&*.(.0'! 34! &-! $.&%-( F$F"<! K.4(J! Q(! .'! :0'(! =04.-0=! .-! (60! O31='! 34! &! *0&=.-K!
<&'0+! O6.<6! .=0-(.4.0=! (6100! 0''0-(.&*! 0*090-('! -00=0=! (3! 9&\0! &! /&*.=! 2".,&$"( C"-&$<( #,5<,A!
hB"E!(60! K.4(! 31! =3-&(.3-! 98'(! 6&/0! :00-! 9&=0! .-! <3-(09M*&(.3-+! (638K6! -3(! -0<0''&1.*2! .-! 0HF
M0<(&(.3-+!34!=0&(6T!B$E!(6010!98'(!6&/0!:00-!=0*./012!(3!(60!=3-00!34!(60!'8:c0<(F9&((01!34!(60!
K.4(T!BbE!(60!K.4(!98'(!:0!9&=0!8-=01!'8<6!<.1<89'(&-<0'!&'!'60O!p<$#q!(6&(!(60!(6.-K!.'!(3!10/01(!
(3!(60!=3-31!.-!<&'0!60!'638*=!10<3/01Ji!!%%(B,$.(FJ(?"".+!p"#R>q!$!Y5!$#b!&(!$#>!B%-KJ!V./J!7(JE+!
P31=!U8''0**!7XJ!Z!'._&:*0!:3=2!34!<&'0!*&O!&-=!<3990-(&12!3-!2".,&$"(C"-&$<(#,5<,!6&'!K13O-!
8M!'.-<0!(60!0.K6(00-(6!<0-(812+!3-0!O6.<6!'63O'!(60!<39M*0H.(2!34!*3<&(.-K!(60'0!0*090-('!.-!
'M0<.4.<!4&<(!M&((01-'J!781.38'*2+!K./0-!(6&(!2".,&$".%<(C"-&$<(#,5<,!&10!9&=0!:2!=04.-.(.3-!O60-!
&!M01'3-!.'!4&<.-K!(60!10&*!M13'M0<(!34!=0&(6+!/012!*.((*0!34!(6.'!<&'0!*&O!31!<3990-(&12!&==10''0'!
(60!90-(&*!<&M&<.(2!10f8.10=!(3!9&\0!&!2".,&$"(C"-&$<(#,5<,J!G31!(6.'!10&'3-+!&-=!:0<&8'0!&!2"O
.,&$"(C"-&$<(#,5<,!.'!&!1&10!3<<8110-<0!.-!<3-(09M31&12!51.(.'6!73*89:.&+!(6.'!10M31(!=30'!-3(!
&==10''! 2".,&$"( C"-&$<( #,5<,J! U0&=01'! O63! &10! .-(010'(0=! .-! M81'8.-K! (6.'! (3M.<! .-! =0(&.*! 9&2!
<3-'8*(!(60!43**3O.-K!<381(!=0<.'.3-'+!(0H(:33\'+!&-=!&1(.<*0'A!Y"A(BA%".9(3%.9(FJ(3"(h%%(P".9+!
p$C""q!`][7!D#+!p$C""q!b!`PU!"$jT!!%.(FJ(3%,20%'+!p"RR"q!76J!S$#+!p"RR"q!$!LPU!"bC#!B%-KJ!7ZE!
B:3(6!<&'0'!(1&<0!(60!6.'(31.<&*!=0/0*3M90-(!34!2".,&$"(C"-&$<(#,5<,+!10/.0O.-K!(60!*0&=.-K!%-KF
*.'6! <&'0'! &-=! .-(01-&(.3-&*! <3990-(&12ET! V3-3/&-! LJ!)J! L&(01'+! )&1\! UJ! ].**0-! l! P.3-0*! VJ!
`9.(6+!0='J+!N,&%-<a(8,>("@(D-5<&<($.(B,.,2,+!D(6!0=J!B?313-(3A!7&1'O0**+!$C"$E!&(!"#So##+!$bjo
DCT! Z-=10O! 531\3O'\.+! E%,&A4%2( I$@&<\( DA%( 8,>( "@( E".,&$"( ?"-&$<( B,5<,! BP3-=3-A! 5*&<\'(3-0!
W10''+! "RRRE! B<%%( %<+%#$,00'! &(! $#o$R! 431! &! 1&10! '<63*&1*2! =.'<8''.3-! 34! (60! (0'(! 34! <&M&<.(2! (3!
9&\0! &! 2".,&$"( C"-&$<( #,5<,ET! X&90'! `<638*01+! he1&*! L.**'! &-=! V0&(6F:0=! ].4('i! B"##>E! $!
PYU!DDDJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
aB'
'
!
2#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
3%)&3!-*'-%./(*'!*+!&!)(+/!
Q(!.'!=.44.<8*(!(3!43198*&(0!&!<3-<.'0!=04.-.(.3-!34!9$@&!431!(60!M81M3'0'!34!*0K&*!O1.(.-K!
:0<&8'0+!8-*.\0!<3-(1&<('+!K.4('!&10!h-3(!<3-'(.(8(0=!:2!(60!*&O!:8(!9010*2!10K8*&(0=!
:2!.(JibSS !?6.'!=.44.<8*(2!.'!<39M38-=0=!:2!(O3!3(601!f8&*.(.0'!34!(60!*&OJ!G.1'(+!<&'0'!
&-&*2_.-K! 'M0<.4.<! (2M0'! 34! K.4('! 6&/0! 43198*&(0=! '390! =.44.<8*(! &-=! <39M*0H! 18*0'J!
`0<3-=+! (6010! .'! &-! 3/011.=.-K! '0-'0! (6&(! (60! -&(810! 34! &! K.4(! .'! '3! '(1&.K6(431O&1=!
&-=!3:/.38'!(6&(!.(!.'!-3(!O31(6O6.*0!(3!=O0**!3-!.(!&(!*0-K(6JbS#!
!
Q(!.'-d(!(60!M81M3'0!34!(6.'!<6&M(01!(3!<3/01!&**!&'M0<('!34!(60!*&O!34!K.4('!.-!(60.1!48**!
<39M*0H.(2J!Q(d'!'844.<.0-(!431!(60!<6&M(01d'!M81M3'0'!(3!'0(!38(!&!O31\.-K!=04.-.(.3-!
34!K.4(!(6&(!.'!'8.(&:*0!(3!K138-=!(60!=.'<8''.3-!34!90-(&*!<&M&<.(2!(6&(!.'!(6.'!10M31(d'!
43<8'J!G31!(6.'!M81M3'0+!.(!.'!M3''.:*0!(3!=04.-0!&!K.4(!&'!'390(6.-K!(6&(!.'!B"E!K1&(8.F
(38'+!B$E!9&=0!O.(6!=3-&(./0!.-(0-(+!BbE!9&=0!$.&%-(F$F"<+!&-=!BDE!&!(1&-'401!34!M13MF
01(2!1.K6('!h1&(601!(6&-!'01/.<0'!31!3(601!(2M0'!34!&=/&-(&K0JibSR!Q(!.'!O31(6O6.*0!(3!
'M0-=!&!*.((*0!(.90!<3-'.=01.-K!0&<6!34!(60'0!0*090-('J!
!
• H#*+/'+"/.(&..9!?6.'!f8&*.(2!.'!h/&1.38'*2!=04.-0=!.-!(019'!34!&!*&<\!34!f8.=!
M13!f83!31!<3-'.=01&(.3-+!(60!&:'0-<0!34!&-!3:*.K&(.3-!3-!(60!M&1(!34!(60!=3F
-31+!31!(60!M10'0-<0!34!*.:01&*.(2!31!K0-013'.(2Jib#C!?6.'!90&-'!(6&(!K.4('!(&\0!
M*&<0!38('.=0!:&1K&.-.-K!&-=!(60!9&1\0(M*&<0+!O6.<6!.'!(60!=39&.-!34!<3-F
(1&<('J!
• G"(*+'-&$'(+&(+9!V3-&(./0!Bw!6&/.-K!(60!-&(810!34!&!K.4(!31!=3-&(.3-E!.-(0-(!
6&'! :00-! =0'<1.:0=! &'! h(60! 0''0-<0! 34! &! K.4(Jib#"! h?60! 10*0/&-(! <1.(01.3-+i!
O6.<6!0'(&:*.'60'!(60!0H.'(0-<0!34!&!=3-&(./0!.-(0-(+!h.'!.-(0-(!(3!(1&-'401!&-!
3O-01'6.M! .-(010'(! K1&(8.(38'*2+! &'! 3MM3'0=! (3! 0-K&K.-K! .-! &-! 0H<6&-K0!
(1&-'&<(.3-!31!9&\.-K!&-!.-/3*8-(&12!(1&-'401Jib#$!V3-&(./0!.-(0-(!.'!8'8&**2!
=.'(.-K8.'60=! 4139! &! M01'3-d'! 93(./0! 431! 9&\.-K! &! K.4(J! Z''0''.-K! 93(./0'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bSSJ!U.<6&1=! [2*&-=+! I$@&<\( )( !&52'( $.( B"C+,-,&$F%( 8,>! BeH431=A! eH431=! ,-./01'.(2! W10''+! $CCRE! &(!
x!$C#J!
bS#J!!%%($4$2J!Bh?60!&''89M(.3-!p.-!98<6!*0K&*!O1.(.-Kq!'009'!(3!:0!(6&(!O6&(!<3-'(.(8(0'!&!K.4(!.'!:3(6!
'3!=.44.<8*(!(3!10'3*/0!.-(3!0*090-('!&-=!20(!'3!3:/.38'!(6&(!&!M13M01!=04.-.(.3-!.'!-3(!-00=0=JiEJ!
bSRJ!V4$2J!&(!x!"CJ!
b#CJ!V4$2J!&(!x!$$DJ!
b#"J!L%<&,&%C%.&( *DA$-2;( "@( &A%( 8,>( "@( :-"+%-&'( *N$00<( ,.2( X&A%-( E".,&$F%( D-,.<@%-<;! x!>J"+! <399J! :!
B$CC"EJ!
b#$J!V4$2J(
a]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
M*&2'!-3!13*0!.-!<*&''.42.-K!&!(1&-'&<(.3-!&'!&!K.4(!31!=0(019.-.-K!&!M01'3-d'!
<&M&<.(2!(3!9&\0!&!K.4(J!b#b!
• ?4,*'%B#B($>!].4('!9&2!:0!9&=0!=81.-K!&!M01'3-d'!*.40(.90!31!(3!(&\0!0440<(!3-!
&!M01'3-d'!=0&(6J!Q-!*0K&*!O1.(.-K+!(60!4.1'(!<&(0K312!34!K.4('!.'!8'8&**2!93=.F
4.0=!:2!(60!P&(.-!O31='!$.&%-(F$F"<J!V.&%-(F$F"<!K.4('!&10!(60!'3*0!'8:c0<(!34!(6.'!
<6&M(01J! ?60! '0<3-=! <&(0K312! 34! K.4('! .'! <&**0=! &%<&,C%.&,-'( 9$@&<J! Z'! (60!
-&90!'8KK0'('+!&!(0'(&90-(&12!K.4(!.'!9&=0!:2!&!M01'3-d'!O.**+!&-=!(60104310!
.(!98'(!900(!(60!4319&*.(.0'!(6&(!&MM*2!(3!(60!9&\.-K!34!&!/&*.=!O.**J!
• T#"6&#+?$#';0+.9!].4('!&10!<3-<01-0=!O.(6!(60!(1&-'401!34!.-(010'('!.-!M13MF
01(2+!-3(!O.(6!(60!K1&(8.(38'!M014319&-<0!34!'01/.<0'Jb#D!
!
`390!<&'0'!&-&*2_0!K.4('!*0''!.-!(019'!34!&-!&:'(1&<(!=04.-.(.3-!&-=!9310!.-!(019'!34!
O6&(!(60!=3-31!Bw!(60!M01'3-!O63!9&\0'!&!K.4(E!98'(!=3!(3!M0140<(!&!K.4(J!51.(.'6!73F
*89:.&!<&'0'!(0-=!(3!10f8.10!(O3!'(0M'A!B"E!=3-&(./0!.-(0-(g(6&(!.'+!&-!.-(0-(.3-!(3!
9&\0!&!K.4(T!&-=!B$E!=0*./012!34!(60!'8:c0<(!9&((01!34!(60!K.4(!(3!(60!=3-00!Bw!(60!M01F
'3-!O63!10<0./0'!&!K.4(EJb#j!`390!<&'0'!6&/0!.=0-(.4.0=!&!(6.1=!0*090-(A!&<<0M(&-<0!34!
(60!K.4(!:2!(60!=3-00Jb#>!
!
?60!93'(!.9M31(&-(!34!(60'0!0*090-('+!:3(6!431!<&'0'!.-!O6.<6!<&M&<.(2!.'!&-!.''80b#S!
&-=!431!<&'0'!.-!O6.<6!.(!.'-d(+!.'!(60!.-(0-(.3-!(3!9&\0!&!K.4(Jb##!50<&8'0!h.-(0-(.3-!.'!
34(0-!=.44.<8*(!(3!&'<01(&.-ib#R!(60!<381('!'390(.90'!&MM*2!&!'01.0'!34!M10'89M(.3-'!
.-!<&'0'!.-/3*/.-K!K.4('J!`3!.4!h0/.=0-<0!&'!(3!(60!p=3-31d'q!.-(0-(.3-!.'!8-&/&.*&:*0!31!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
b#bJ!!%%+!%J9J+!$4$2JT!)<<%<<C%.&("@(?%.&,0(B,+,#$&'\(I5$2,.#%(@"-(E"#&"-<(,.2(8,>'%-<+!<5+-,!-3(0!""S!
&(! S"! BhZ-23-0! O63! .'! &'\0=! (3! &''0''! O60(601! &! M01'3-! .'! <&M&:*0! 34! 9&\.-K! &! K.4(! '638*=!
B&E!-3(!*0(!(60!8-=01*2.-K!M81M3'0!31!93(./0!&440<(!(60!&''0''90-(+!8-*0''!.(!.'!'3!M01/01'0!&'!(3!
<&'(!=38:(!3-!<&M&<.(2J!J!J!JiEJ!
b#DJ!!%%( L%<&,&%C%.&( *DA$-2;( "@( &A%( 8,>( "@( :-"+%-&'( *N$00<( ,.2( X&A%-( E".,&$F%( D-,.<@%-<;! x!>J"+!
<399J!&!B$CC"ET![2*&-=+!<5+-,!-3(0!bSS!&(!x!bjbJ!
b#jJ!!%%+! %J9J+( !$.9A( T<&,&%( *D-5<&%%( "@;( FJ( !A,.2$0+! $CCS! 577Z! bCb! &(! M&1&J! R+! >#! 57PU! BD(6E! "C#+!
?6&<\1&2! XZ! B431! (60! <381(ET! Y"".%-( FJ( Y"".%-! B"RSRE+! "CC! VPU! Bb=E! S>+! p"RSRq! "! Z7L`! b#"!
B57`7EJ!
b#>J!!%%+! %J9J+( !&J( X.9%( T<&,&%( FJ( 6-%,5+! $CCR! m57Z! b>! &(! M&1&J! $#+! D#! %?U! Bb=E! ">$+! U3:01('3-! l!
Y8.KK!XXZ!p!&J(X.9%qT!L"4%-&<".(*)&&"-.%'(@"-;(FJ(3,'&".!B$CCbE+!D!%?U!Bb=E!""j!&(!M&1&J!bC+!"$>!
Z7L`!Bb=E!Sb#!Be-(J!`7XE+!P34<6.\!XJ!
b#SJ!!%%(!&J(X.9%+!<5+-,!-3(0!b#>!&(!M&1&J!$#!Bh90-(&*!<&M&<.(2!&-=!.-(0-(.3-!&10!.-0H(1.<&:*2!*.-\0=iEJ!
b##J!!%%(:%#"-%(FJ(:%#"-%+!$CCS!`77!"S!&(!M&1&J!j+!p$CCSq!"!`7U!SRj+!U3(6'(0.-!XJ!p:%#"-%q!Bh(60!43<8'!.-!
&-2!=.'M8(0!3/01!&!K1&(8.(38'!(1&-'401!.'!(60!&<(8&*!.-(0-(.3-!34!(60!(1&-'40131!&(!(60!(.90!34!(60!
(1&-'401iEJ!
b#RJ!V4$2J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
a^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
bRC
8-M01'8&'./0+i ! (60! hK0-01&*! 18*0i! .'! (6&(! (60! +-%<5C+&$".( "@( ,( -%<50&$.9( &-5<&! &MF
M*.0'JbR"!Q-!3(601!O31='+!(60!=3-00!63*='!(60!'8:c0<(!9&((01!34!(60!M81M31(0=!K.4(!.-!
(18'(!431!(60!=3-31JbR$!
!
?6.'! K0-01&*! 18*0! .'! '8:c0<(! (3! '390! 0H<0M(.3-'J! ?60! 9&c31! 0H<0M(.3-! &MM*.0'! O60-!
(60! =3-00! .'! .-! &! <01(&.-! (2M0! 34! 10*&(.3-'6.M! O.(6! (60! =3-31JbRb! Q4! (60! =3-00! .'! (60!
=3-31d'! O.40bRD! 31! 9.-31! <6.*=+bRj! (60-! (60! +-%<5C+&$".( "@( ,2F,.#%C%.&! &MM*.0'+bR>!
&-=!h.(!O.**!4&**!3-!(60!M&1(2!<6&**0-K.-K!(60!(1&-'401!(3!10:8(!(60!M10'89M(.3-!34!&!
K.4(JibRS!U0<0-(!<&'0!*&O!6&'!9&=0!.(!<*0&1!(6&(!(60!M10'89M(.3-!34!&=/&-<090-(!=30'!
-3(!&MM*2!(3!(1&-'401'!4139!&!M&10-(!(3!&-!&=8*(!<6.*=JbR# !
!
4#!
/%5/!*+!-&.&-(/0!/*!$&D%!&!)(+/!
!"#$ :,)-0216)50,$
?60!<&'0!*&O!3-!<&M&<.(2!(3!9&\0!&!K.4(!6&'!-3(!=0/0*3M0=!&-!.-=0M0-=0-(!(0'(!34!<&F
M&<.(2J!Q-'(0&=+!.(!6&'!43<8''0=!.('!&((0-(.3-!3-!&MM*2.-K!0*090-('!34!(O3!(0'('!&MM*.F
<&:*0!(3!3(601!(2M0'!34!(1&-'&<(.3-'J!?60'0!&10!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**!&-=!
(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bRCJ!W,.(E%(Y%%-%(FJ(W,.(E%(Y%%-%(T<&,&%+!$C"$!)5Y5!bb!&(!M&1&J!b"+!$SD!)&-J!UJ!B$=E!""R+!`M./&\!XJ!
pW,.(E%(Y%%-%qJ!
bR"J!!&J(X.9%+!<5+-,!-3(0!b#>!&(!M&1&J!$>J!!%%(,0<"(Y%--(FJ(6,-,.">+!$C""!`77!"C!&(!M&1&J!"R+!p$C""q!"!
`7U!$>R+!7139O0**!XJ!B431!(60!<381(E!p6,-,.">qJ!
bR$J!!%%!N,&%-<a(8,>("@(D-5<&<($.(B,.,2,+!<5+-,!-3(0!bS>!&(!bRD!BhpZq!10'8*(.-K!(18'(!&1.'0'!O60-0/01!
*0K&*!31!0f8.(&:*0!(.(*0!(3!M13M01(2!.'!.-!3-0!M&1(2d'!-&90+!:8(!(6&(!M&1(2!.'!8-=01!&-!3:*.K&(.3-!(3!
10(81-!.(!(3!(60!31.K.-&*!(.(*0!3O-01+!31!(3!(60!M01'3-!O63!M&.=!(60!M81<6&'0!93-02!431!.(Ji!p433(F
-3(0!39.((0=qEJ!!%%(,0<"($4$2J!&(!$"!BhW13M01(2!v10'8*('d!O60-!.(!K30'!:&<\!(3!(60!(1&-'40131J!J!J!JiEJ!
bRbJ!!%%(:%#"-%+!<5+-,!-3(0!b##!&(!M&1&J!$ST!6,-,.">+!<5+-,!-3(0!bR"!&(!M&1&J!$CJ!
bRDJ!!%%(?%A&,(T<&,&%(FJ(?%A&,(T<&,&%!B"RRbE+!"CD!VPU!BD(6E!$D+!##!)&-J!UJ!B$=E!jD!B7ZEJ!51.(.'6!73F
*89:.&! &-=! )&-.(3:&! &10! (60! 3-*2! M13/.-<0'! (6&(! 6&/0! -3(! &:3*.'60=! (60! M10'89M(.3-! 34! &=F
/&-<090-(! 431! (1&-'401'! 4139! &! 68':&-=! (3! &! O.40J! !%%+! %J9J+! P,C$0'( 8,>( )#&+! U`e! "RRC+! <J! GJb+!
'J!"DJ!
bRjJ!!%%(:%#"-%+!<5+-,!-3(0!b##!B4&(601!(3!<6.*=ET!?#8%,-(FJ(?#8%,-(T<&,&%+!p$CCCq!e?7!jCj+!bb!%?U!
B$=E!$S$!B`7XE!B93(601!(3!<6.*=EJ!
bR>J!!%%!)&1\!UJ!].**0-!l!G&20!L33=9&-+!0='J+!DA%(8,>("@(D-5<&<\()(B".&%1&5,0()++-",#A+!$=!0=J!B?3F
13-(3A!%93-=!)3-(K39012+!$CC#E!&(!DR$+!-J!"R!Bh?60!(019!v&=/&-<090-(d!.'!1&10*2!8'0=!-3OJ!Q(!
O&'!8'0=!(3!10401!(3!&!'.(8&(.3-!.-!O6.<6!&!68':&-=!31!4&(601!.'+!=81.-K!6.'!*.40(.90+!M13/.=.-K!&!
M31(.3-!34!6.'!&''0('!(3!&!O.40!31!<6.*=!O63!9.K6(!6&/0!10&'3-&:*2!0HM0<(0=!(3!10<0./0!&!'6&10!34!
(60!&''0('!34!(60!68':&-=!31!4&(601!3-!(60!=0&(6!34!(60!68':&-=!31!4&(601JiEJ!
bRSJ!:%#"-%+!<5+-,!-3(0!b##!&(!M&1&J!$SJ!
bR#J!!%%!$4$2J!&(!M&1&'J!bDoD"J!
a_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
G31! 0&'0! 34! 104010-<0+! (60! (0'(&90-(&12! (0'(! 9&2! :0! '899&1._0=bRR! &'! <3-(&.-.-K!
(O3!K138-='J!G.1'(+!(60!(0'(&(31!98'(+!.-!&!K0-01&*!'0-'0+!6&/0!&!'38-=!&-=!=.'M3'.-K!
9.-=! &-=! 909312+! O6.<6! 10f8.10'! (6&(! (60! (0'(&(31! :0! <&M&:*0! (3! 6&/0! &-! 8-=01F
'(&-=.-K!34A!
!
• (60!-&(810!&-=!0440<(!34!9&\.-K!&!O.**T!
• (60!0H(0-(!34!(60!(0'(&(31d'!M13M01(2!(6&(!9&2!:0!=.'M3'0=!:2!&!O.**T!
• (60!M01'3-'!O63!&10!(3!10<0./0!(60!M13M01(2!8-=01!(60!O.**+!&-=!(60!931&*!
<*&.9'!34!M01'3-'!B'8<6!&'!4&9.*2!909:01'!&-=!3(601'!O63!&10!<*3'0!(3!(60!
(0'(&(31E!O63!'638*=!10<0./0!&!'6&10!34!(6&(!M13M01(2T!&-=!
• (60!O&2!.-!O6.<6!(60!&''0('!&10!(3!:0!=.'(1.:8(0=!8-=01!(60!O.**J!
!
`0<3-=+!(60!(0'(&(31!98'(!&*'3!:0!4100!4139!&-2!4.H0=!&-=!'M0<.4.<!=0*8'.3-'!&440<(.-K!
(60!'8:c0<(!9&((01!34!(60!O.**J!
!
?60!<3-(1&<(8&*!(0'(!6&'!(60!43**3O.-K!0*090-('A!
!
• &!<3-(1&<(.-K!M&1(2!98'(!:0!&:*0!(3!h8-=01'(&-=!p(60!<3-(1&<(d'q!(019'iT!
• (6.'!<3-(1&<(.-K!M&1(2!98'(!&*'3!:0!&:*0!hp(3!4319q!&!1&(.3-&*!c8=K90-(!34!.('!
0440<(!8M3-!6.'!.-(010'('iT!&-=!
• (60! 3(601! <3-(1&<(.-K! M&1(2! 98'(! -3(! 6&/0! h&<(8&*! 31! <3-'(18<(./0i! \-3O*F
0=K0!34!(60!4.1'(!<3-(1&<(.-K!M&1(2d'!h90-(&*!.-<39M0(0-<2JiDCC!
!
?60!h10&*!=.44010-<0i!:0(O00-!(60!(O3!(0'('!.'!(6&(!h(60!<3-(1&<(31!.'!10f8.10=!(3!:0!
<&M&:*0!34!&MM10<.&(.-K!6.'!3O-!.-(010'(!O6010&'!(60!(0'(&(31!.'!10f8.10=!(3!:0!<&M&F
:*0!34!&MM10<.&(.-K!(60!.-(010'('!34!3(601!M01'3-'+!(63'0!.-(010'('!<3-'.'(.-K!34!(60.1!
<*&.9'!(3!6.'!:38-(2JiDC"!Z'!&!10'8*(!34!(6.'!=.44010-<0+!(60!(0'(&90-(&12!(0'(!<&-!:0!
'00-!&'!'0((.-K!&!6.K601!'(&-=&1=!(6&-!(60!<3-(1&<(8&*!(0'(+!(638K6!'390!c8=K0'!6&/0!
'&.=!3(601O.'0JDC$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
bRRJ!!%%(6,.Z<(FJ(I""2@%00">+!<5+-,!-3(0!$DT!8%9%-+!<5+-,!-3(0!#j+!?,0#"0C+!<5+-,!-3(0!#>T!BA,0C%-<+!
<5+-,!-3(0!RCJ!
DCCJ!6,.Z("@(K"F,(!#"&$,(FJ(Y%00'(B"RSbE+!D"!VPU!Bb=E!$Sb!&(!$Sj+!j!m4*=J!l!W%QU!"!BW%Q`7E+!m.<63*'3-!X!
pY%00'qJ!
DC"J!L%(L"9%-<!B"R>bE+!bR!VPU!B$=E!"D"!&(!"D#+!D$!LLU!$CC!B577ZE+!L.*'3-!XZ!pL"9%-<!B7ZEqJ!
DC$J!!%%($4$2J!BhQ!=3!-3(!(6.-\!(6&(!&!9&-!10f8.10'!&-2!6.K601!31!*3O01!=0K100!34!<&M&<.(2!(3!<3-'.=01!
6.'!3O-!.-(010'(!(6&-!60!-00='!(3!<3-'.=01!(60!.-(010'('!34!3(601!M01'3-'JiEJ!!%%(,0<"(h"-Z(FJ(h"-Z+!
$C""!577Z!b">!&(!M&1&J!bS+!p$C""q!57X!m3J!"bC#!BYPE+!]&1'3-!XZ!ph"-ZqJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
aA'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
!*#$ E"('($B88.>5,A$T.'<',)($03$)&'$E0,)-"6)1".$%'()$
?60!h'(&1(.-K!M3.-(!431!&!<3-'.=01&(.3-+!.-!(6.'!M13/.-<0+!34!O6&(!<3-'(.(8(0'!&!*&<\!34!
<&M&<.(2iDCb! (3! 9&\0! &! K.4(! .'! (60! *0&=.-K! <&'0! 34! L"',0( D-5<&( B"J( FJ( E$,C,.&JDCD! Z(!
'(&\0!.-!(6.'!<&'0!O&'!(60!3O-01'6.M!34!&!'0&*0=!M&1<0*!&-=!'8.(<&'0J!?60!<3-(0-('!34!
(60!M&1<0*!&-=!'8.(<&'0!O010!<*3&\0=!.-!92'(012T!.(!O&'!&**0K0=!(6&(!(602!<3-(&.-0=!
/&*8&:*0! .(09'! 34! <12'(&*+! '.*/01O&10+! &-=! c0O0*12JDCj! ?60! '8.(<&'0! &-=! M&1<0*! :0F
*3-K0=! (3! )'J! V.&9&-(J! [01! '3-+! (60! =040-=&-(+! &**0K0=! (6&(! '60! 6&=! 9&=0! &! K.4(! 34!
(609!(3!6.9JDC>!?6.'!&**0K0=!K.4(!(33\!M*&<0!3-!(60!0/0!34!)'J!V.&9&-(d'!&=9.''.3-!(3!
&!'0-.31'd!6390+!&(!&!(.90!O60-!601!h90-(&*!<3-=.(.3-!6&=!:0<390!9310!&-=!9310!
<3-48'0=JiDCS! `631(*2! (6010&4(01+! )'J! V.&9&-(! =.0=J! Q-! M13<00=.-K'! (3! '0(! &'.=0! (60!
K.4(!(60!0H0<8(31!34!601!O.**!&1K80=!B&93-K!3(601!(6.-K'E!(6&(!(60!=040-=&-(!3:(&.-0=!
M3''0''.3-!34!(60!'8.(<&'0!&-=!M&1<0*!&(!&!(.90!O60-!)'J!V.&9&-(!O&'!-3(!90-(&**2!
<&M&:*0!34!9&\.-K!&!K.4(J!
!
)1J!X8'(.<0!L6.((&\01!=0(019.-0=!(6&(!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!K.4(!.'!0''0-(.&**2!
9&=0!8M!34!(60!4.1'(!(O3!0*090-('!34!(60!<3-(1&<(8&*!(0'(J!Q-!6.'!/.0O+!hp(q60!=0K100!34!
90-(&*!.-<&M&<.(2!O6.<6!98'(!:0!0'(&:*.'60=!.-!31=01!(3!10-=01!&!(1&-'&<(.3-!$.&%-(
F$F"<! .-/&*.=! .'! '8<6! &! =0K100! 34! .-<&M&<.(2! &'! O38*=! .-(014010! O.(6! &A%( #,+,#$&'( &"(
5.2%-<&,.2(<54<&,.&$,00'(&A%(.,&5-%(,.2(%@@%#&("@(&A%(&-,.<,#&$".JiDC#!L6.((&\01!XJ!&*'3!
M3.-(0=!38(!(6&(!(60!(0'(!3-*2!10f8.10'!M1334!(6&(!(60!=3-31!O&'!-3(!#,+,40%!34!8-F
=01'(&-=.-K!(60!-&(810!&-=!0440<(!34!(60!K.4(+!-3(!(6&(!(60!=3-31!,#&5,00'(@,$0%2!(3!8-F
=01'(&-=!.(JDCR!
!
E$,C,.&!6&'!:00-!<.(0=!4&/381&:*2!.-!&!*&1K0!-89:01!34!'8:'0f80-(!<&'0'!3-!<&M&<F
.(2!(3!9&\0!&!K.4(JD"C!58(!(6010!.'!&*'3!&!'(10&9!34!<&'0'!(6&(!'&2'+!.-!0440<(+!(6&(!E$,O
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DCbJ!T>,-&(FJ()4-,A,C<!B"R##E+!$$!57PU!B$=E!"b#!&(!"Db+!#!Z7L`!Bb=E!"#C!B7ZE+!P&9:01(!XZ!B431!(60!
<381(E!pT>,-&qJ!
DCDJ!p"Rjbq!b!VPU!"C$+!p"Rjbq!57X!m3J!"$>!BYPE!B`7E!pE$,C,.&!<.(0=!(3!VPUqJ!
DCjJ!!%%($4$2J!&(!"CD+!L6.((&\01!XJ!
DC>J!!%%($4$2J!&(!"C>J!
DCSJ!V4$2J!
DC#J!V4$2J!&(!"""!p09M6&'.'!&==0=qJ!
DCRJ!!%%($4$2J!
D"CJ!!%%+!%J9J+!T>,-&+!<5+-,!-3(0!DCb!&(!"DbT!E,A0%C(*I5,-2$,.(,2(0$&%C("@;(FJ(DA"-%!B"RRDE!$!%?U!B$=E!
bCC!&(!M&1&J!Dj+!DS!Z7L`!Bb=E!DDC!B57`7E+!)0*-.<\!XJ!pE,A0%CqT!6""&A(T<&,&%(FJ(?#I">,.!B"RR#E+!
S$! e?7! ""j+! p"RR#q! eX! m3J! bD>D! &(! M&1&J! j$! BYPE! B]0-J! V./JE+! `60&1=! XJT! 8"29%( *)&&"-.%'( @"-;( FJ(
a`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
C,.&! =30'! -3(! M13/.=0! (60! 48**! &-'O01! (3! (60! f80'(.3-! 34! O6&(! (0'(! (3! &MM*2! (3! =0F
(019.-0!<&M&<.(2!(3!9&\0!&!K.4(J!
!
!6#$ E"('($B88.>5,A$T.'<',)($03$)&'$%'()"<',)"->$%'()$
`390!<381('!6&/0!60*=!(6&(!0H&9.-.-K!'.9M*2!O60(601!(60!=3-31!O&'!<&M&:*0!34!8-F
=01'(&-=.-K!(60!-&(810!&-=!0440<(!34!(60!K.4(!.'!&MM13M1.&(0!431!(60!:13&=!18-!34!K.4('!
<&'0'+!:8(!.-!<01(&.-!<&'0'g-&90*2!(63'0!.-!O6.<6!(60!K.4(!&(!.''80!10M10'0-('!&!*&1K0!
M31(.3-!34!(60!=3-31d'!M13M01(2g<381('!'638*=!'8MM*090-(!(6.'!(0'(!34!<&M&<.(2!:2!
&*'3!&MM*2.-K!0*090-('!34!(60!(0'(&90-(&12!(0'(J!?60!*0&=.-K!0HM3-0-(!34!(6.'!/.0O!.'!
(60!c8=K90-(!.-!(60!%-K*.'6!<&'0!L%(6%,.%'JD""!
!
6%,.%'!<3-<01-0=!&!K.4(!34!&!638'0!4139!&!93(601!(3!(60!0*=0'(!34!601!(6100!<6.*=10-J!
?60! =3-31d'! h90-(&*! <3-=.(.3-! :0K&-! (3! =0(01.31&(0i! .-! (60! *&(0! "R>C'! &-=! 0&1*2!
"RSC'JD"$ !?6.'!h=0(01.31&(.3-!K3(!M13K10''./0*2!O31'0!&4(01!601!68':&-=d'!=0&(6i!.-!
"RS"!&-=!O&'!8*(.9&(0*2!438-=!(3!:0!<&8'0=!:2!'0-.*0!=090-(.&JD"b!?60!=3-31!O&'!
&=9.((0=!(3!&!63'M.(&*!.-!)&2!"RSbJ!Z!40O!O00\'!*&(01+!(60!=3-31!0H0<8(0=!&!=00=!34!
(1&-'401!431!(60!638'0!.-!4&/381!34!(60!=3-00J!?60!=00=!O&'!O.(-0''0=!:2!(60!=3-31d'!
'3*.<.(31+! O63! 9&=0! &! 18=.90-(&12! 0H&9.-&(.3-! 34! (60! =3-31d'! 90-(&*! <&M&<.(2JD"D!
?60!638'0!O&'!(60!=3-31d'!h3-*2!&''0(!34!/&*80JiD"j!Z4(01!(60!=3-31d'!=0&(6+!601!3(601!
(O3!<6.*=10-!<6&**0-K0=!(60!K.4(+!&1K8.-K!(6&(!(60!=3-31!=.=!-3(!6&/0!(60!<&M&<.(2!(3!
9&\0!.(J!
!
?60!<381(!40*(!(6&(!(6010!O&'!-3!&MM*.<&:*0!&8(631.(2!&'!(3!h(60!=0K100!31!0H(0-(!34!
8-=01'(&-=.-K!10f8.10=!431!(60!/&*.=.(2!34!&!/3*8-(&12!=.'M3'.(.3-!9&=0!:2!=00=+i!'3!
.(!:&'0=!.('!=0<.'.3-!3-!hK0-01&*!M1.-<.M*0'JiD">!?60!<381(!&<<0M(0=!h(60!M1.-<.M*0!(6&(!
(60!f80'(.3-!.-!0&<6!<&'0!.'!O60(601!(60!M01'3-!.'!<&M&:*0!34!8-=01'(&-=.-K!O6&(!60!
=30'!:2!0H0<8(.-K!(60!=00=!.-!f80'(.3-!O60-!.('!K0-01&*!M81M31(!6&'!:00-!48**2!0HF
M*&.-0=!(3!6.9JiD"S!58(!hp(q60!=0K100!31!0H(0-(!34!8-=01'(&-=.-Ki!.'!h10*&(./0!(3!(60!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L"',0( D-5<&( B"-+J( "@( B,.,2,+! $CCb! 57`7! "D">! &(! M&1&J! j"+! p$CCbq! 57X! m3J! "D">! BYPE+! ]30M0*! XJ!
p8"29%qT!!&J(X.9%+!<5+-,!-3(0!b#>!&(!M&1&J!$RT!h"-Z+!<5+-,!-3(0!DC$!&(!M&1&J!b#J!
D""J!B"RSSE+!p"RS#q!"!LPU!SSC+!p"RS#q!$!Z**!%U!jR>!B76VE!p6%,.%'!<.(0=!(3!LPUqJ!
D"$J!V4$2J!&(!SS$+!m381'0+!Y7J!
D"bJ!V4$2J(
D"DJ!!%%($4$2J!&(!SSjoS>J!
D"jJ!V4$2J!&(!SS$J!
D">J!V4$2J(
D"SJ!V4$2J!&(!SSbJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
aa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
D"#
M&1(.<8*&1!(1&-'&<(.3-Ji !`3!h.4!(60!'8:c0<(!9&((01!&-=!/&*80!34!&!K.4(!&10!(1./.&*!.-!10F
*&(.3-!(3!(60!=3-31d'!3(601!&''0('!&!*3O!=0K100!34!8-=01'(&-=.-K!O.**!'844.<0JiD"R !58(!
h.4!p(60!K.4(d'q!0440<(!.'!(3!=.'M3'0!34!(60!=3-31d'!3-*2!&''0(!34!/&*80!&-=!(68'+!431!M1&<F
(.<&*!M81M3'0'+!(3!M10F09M(!=0/3*8(.3-!34!6.'!0'(&(0!8-=01!6.'!O.**!31!3-!6.'!.-(0'(&<2+!
(60-!(60!=0K100!34!8-=01'(&-=.-K!.'!&'!6.K6!&'!(6&(!10f8.10=!431!&!O.**+!&-=!(60!=3-31!
98'(!8-=01'(&-=!(60!<*&.9'!34!&**!M3(0-(.&*!=3-00'!&-=!(60!0H(0-(!34!(60!M13M01(2!(3!
:0!=.'M3'0=!34JiD$C!
!
Z! -89:01! 34! c8=K0'! 4139! 51.(.'6! 73*89:.&! &-=! 0*'0O6010! .-! 7&-&=&! 6&/0! &MM*.0=!
0*090-('!34!(60!(0'(&90-(&12!(0'(!.-!<.1<89'(&-<0'!'.9.*&1!(3!(63'0!(6&(!(60!%-K*.'6!
<381(! 4&<0=! .-! 6%,.%'J! `390! 34! (60'0! c8=K0'! &11./0=! &(! (6.'! M3'.(.3-! &4(01! <.(.-K!
6%,.%'!&MM13/.-K*2JD$"!e(601'!&MM0&1!(3!6&/0!10&<60=!(6.'!<3-<*8'.3-!.-=0M0-=0-(*2!
31!(6138K6!<3-'.=01&(.3-!34!3(601!&8(631.(2JD$$!
!
Q4!6%,.%'!.'!<3110<(!&-=!(60!(0'(&90-(&12!(0'(!'0('!&!6.K601!(610'63*=!34!90-(&*!<&F
M&<.(2!(6&-!(60!<3-(1&<(8&*!(0'(+!(60-!.(!O38*=!'009!(3!:0!.9M31(&-(!(3!\-3O!O6&(!
(2M0'!34!K.4('!'638*=!:0!&-&*2_0=!c8'(!.-!(019'!34!0*090-('!34!(60!<3-(1&<(8&*!(0'(!&-=!
O6&(! (2M0'! '638*=! &*'3! &((1&<(! '<18(.-2! 8-=01! 0*090-('! 34! (60! (0'(&90-(&12! (0'(J!
6%,.%'d'!M3'.(.3-!3-!(6.'!.''80!'0('!&!/012!6.K6!'(&-=&1=!B(60!0440<(!34!(60!K.4(!98'(!
:0!'8<6!(6&(!.(!M10F09M('!=0/3*8(.3-!34!(60!=3-31d'!0'(&(0!:2!O.**!31!.-(0'(&<2EJ!m3(!
9&-2!K.4('!O.**!10&<6!(6.'!'(&-=&1=J!58(+!&'!3-0!<3990-(&(31!6&'!M3.-(0=!38(+!7&-&F
=.&-! <&'0! *&O! &MM&10-(*2! h.9M3'0'! (60! '(&-=&1=! 34! (0'(&90-(&12! <&M&<.(2! 431! K.4('!
(6&(!<39M1.'0!*0''!(6&-!(60!9&c31.(2!34!(60!0'(&(0JiD$b!Z!10<0-(!Z*:01(&!<&'0!6&'!K3-0!
0/0-! 481(601! &-=! '&.=! (6&(! (60! (0'(&90-(&12! (0'(! &MM*.0'! (3! &**! K.4('+! 10K&1=*0''! 34!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
D"#J!V4$2J!&(!SSDJ!
D"RJ!V4$2J(
D$CJ!V4$2J(
D$"J!!%%(B,.,2,(D-5<&(B"J(FJ(L$.9-"<%+!$CCR!57`7!"S$b!&(!M&1&J!"CC+!p$CCRq!57X!m3J!$jbC!BYPE+!`&/F
&K0!XJ!pL$.9-"<%qT!?,#I-"&&'(FJ().2%-<".!B"RRjE+!R!%?U!B$=E!"SR!&(!M&1&J!$C+!jS!Z7L`!Bb=E!$jb!
B57`7E+! X3'0M6'3-! XJT! W,.( E%( Y%%-%+! <5+-,! -3(0! bRC! &(! M&1&J! $ST! 8'.#A( T<&,&%( FJ( 8'.#A( T<&,&%!
B"RRbE+!#!Z*(&J!PU!Bb=E!$R"!&(!M&1&J!R>+!"b#!ZU!D"!BY5E+!W.<&1=!XJ!
D$$J!!%%( h"-Z+! <5+-,! -3(0! DC$! &(! M&1&J! bST! i5,00$%( FJ( W,.2%-F%02%+! $CCR! 57`7! j! &(! M&1&J!R+! Dj! %?U!
Bb=E!bCS+! )&<&8*&2! XJT! 6-'2".( FJ( ?,0,C,<+! $CC#! 57`7! SDR! &(! M&1&J! $bC+! D"! %?U! Bb=E! "CD+!
[&*42&1=!XJ!p6-'2".qT!!AZ5-,&"@@(FJ(B,-&%-(T<&,&%+!$CCS!57`7!"C>"!&(!M&1&J!DD+!bb!%?U!Bb=E!$jb+!
U39.**2! XJT! E,#'<A'.( FJ( E,#'<A'.( T<&,&%! B"RR>E+! >$! Z7L`! Bb=E! $C#+! p"RR>q! 57X! m3J!>$>! BYPE! &(!
M&1&J!$j!B`7E+!)&<^0-_.0!XJ!
D$bJ!^.9:01*2!L6&*02+!B"C+,-$.9(&A%(W,-$"5<(D%<&<("@(B,+,#$&'!Bm3/09:01!$C"CE+!3-*.-0A!L6&*02!%'F
(&(0! P.(.K&(.3-! tOOOJO6&*020'(&(0*.(.K&(.3-J<39u! &(! "R! pL6&*02+! D%<&<( "@( B,+,#$&'q! B<.(.-K! 431!
'8MM31(!34!(6.'!&''01(.3-!?,&A$%5(FJ(!,$.&O?$#A%0+!p"Rj>q!`7U!DSS+!b!VPU!B$=E!D$#EJ!
FEE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
D$D
(60.1!/&*80J !,-431(8-&(0*2+!(6.'!.''80!6&'!-3(!:00-!K./0-!'8'(&.-0=!<3-'.=01&(.3-!
.-!&-2!7&-&=.&-!<&'0+!'3!.(!.'!=.44.<8*(!(3!'(&(0!O.(6!&-2!M10<.'.3-!c8'(!O6010!(3!=1&O!
(60!*.-0!=./.=.-K!K.4('!(6&(!O.**!:0!&-&*2_0=!3-*2!.-!(019'!34!0*090-('!34!(60!<3-(1&<F
(8&*!(0'(!&-=!(63'0!(6&(!O.**!&*'3!:0!&-&*2_0=!.-!(019'!34!0*090-('!34!(60!(0'(&90-F
(&12!(0'(J!
!
!2#$ S)&'-$B(8'6)($03$)&'$U"@$03$E"8"65)>$)0$4"Q'$"$+53)$
?60!9&c31!.''80!431!(60!*&O!34!<&M&<.(2!(3!9&\0!&!K.4(!.'!O60(601+!.-!&-2!K./0-!<&'0+!
(60! (0'(! 34! <&M&<.(2d'! 0*090-('! '638*=! <3-4319! (3! (60! <3-(1&<(8&*! (0'(! 31! (60! (0'(&F
90-(&12!(0'(J!?6010!&10!&!40O!9.-31!&'M0<('!34!(60!(0'(!&-=!(60!*&O!'81138-=.-K!.(!
(6&(!'638*=!&*'3!:0!-3(0=J!?602!<&-!:0!'899&1._0=!.-!M3.-(!4319J!
!
• Z!K.4(!9&2!:0!'0(!&'.=0!.4!.(!.'!(60!M13=8<(!34!&!=0*8'.3-JD$j !58(!(6010!&10!10*&F
(./0*2!40O!10M31(0=!<&'0'!.-!O6.<6!=0*8'.3-'!6&/0!M*&20=!&!'.K-.4.<&-(!13*0!.-!
&! <381(d'! 10&'3-.-K! &:38(! &! =3-31d'! <&M&<.(2! (3! 9&\0! &! K.4(J! `3! =0*8'.3-'!
=3-d(!*339!&'!*&1K0!.-!(60!*&O!34!<&M&<.(2!(3!9&\0!&!K.4(!&'!(602!=3!.-!(60!*&O!
34!<&M&<.(2!(3!9&\0!&!O.**J!m3(0!(6&(!(60!4.H0=F&-=F'M0<.4.<F=0*8'.3-!<3-<0M(!
&MM*.0'!(3!:3(6!(60!<3-(1&<(8&*!&-=!(60!(0'(&90-(&12!(0'('!34!<&M&<.(2JD$>!
• ?6010! .'! '390! &8(631.(2! (6&(! '8MM31('! 0H&9.-.-K! (60! =3-31d'! <&M&<.(2! (3!
8-=01'(&-=!(60!-&(810!&-=!0440<(!34!&!K.4(!.-!<&'0'!.-!O6.<6!(6&(!K.4(!.'!8'0=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
D$DJ!!%%(:%&-"><Z$(FJ(:%&-"><Z$(T<&,&%+!$CCR!Z5Y5!"R>!&(!M&1&J!bR$+!DS!%?U!Bb=E!">"+!)30-!XJ!Bh?60!
90-(&*!<&M&<.(2!10f8.10=!(3!K./0!0440<(!(3!&-!$.&%-(F$F"<!(1&-'401!.'!(60!'&90!&'!(6&(!431!(60!0H0<8F
(.3-!34!&!O.**J!?60!'(&-=&1=!431!<&M&<.(2!&MM*.0=!(3!&-!$.&%-(F$F"<!(1&-'401!.'!-3!*0''!'(1.-K0-(!(6&-!
(6&(!431!(0'(&90-(&12!=.'M3'.(.3-'Ji!p<.(&(.3-'!39.((0=qEJ!
D$jJ!!%%(L$.9-"<%+!<5+-,!-3(0!D$"!&(!M&1&J!RR!BhQ-!92!3M.-.3-+!.-!&!<&'0!'8<6!&'!(6.'+!.(!9&\0'!-3!'0-'0!
(3!'&2!(6&(!&-!$.&%-(F$F"<!(1&-'401!.'!/&*.=!.4!(60!=3-31!v8-=01'(&-='d!(60!-&(810!&-=!0440<(!34!(60!
(1&-'&<(.3-! :8(! .'! 8-=01! &-! 8-438-=0=! 31! .-'&-0! =0*8'.3-! (6&(! .-4*80-<0=! 31! M10<.M.(&(0=! (60!
(1&-'401J!Q-!3(601!O31='+!.-!&!<&'0!O6010!(6010!&10!8-438-=0=!31!.-'&-0!=0*8'.3-'+!.(!.'!-3(!'844.F
<.0-(!431!&!<381(!(3!4.-=!9010*2!(6&(!(60!=3-31!8-=01'(&-='!(60!-&(810!&-=!0440<(!34!(60!(1&-'&<F
(.3-!.-!'390!&:'(1&<(!'0-'0JiET!6-'2".+!<5+-,!-3(0!D$$!&(!M&1&J!$bC!BhQ-!92!3M.-.3-+!.-!31=01!(3!
10:8(! (60! M10'89M(.3-! 34! 10'8*(.-K! (18'(+! (60! =040-=&-('! 98'(! M13/0! -3(! 3-*2! (6&(! `(0**&! .-F
(0-=0=!(3!9&\0!K.4('+!:8(!&*'3!(6&(!601!.-(0-(.3-!.-!(6.'!10K&1=!O&'!-3(!&440<(0=!:2!&-2!.-'&-0!=0F
*8'.3-JiEJ!
D$>J!!%%!]J![J!PJ!G1.=9&-+!h)0-(&*!Q-<39M0(0-<2i!B"R>bE!SR!PYU!jC$!&(!j"j!l!B"R>DE!#C!PYU!#D!BhQ4!
&!<3-(1&<(.-K!M&1(2!.'!'84401.-K!4139!=0*8'.3-'!&(!(60!(.90!34!<3-(1&<(.-K+!(602!98'(!6&/0!&440<(0=!
(60!9&\.-K!34!(60!<3-(1&<(!31!3(601!=.'M3'.(.3-!.4!(602!&10!(3!10-=01!(60!=0*8=0=!M01'3-!.-<&M&F
:*0!34!<3-(1&<(.-KJ!G139!(6.'!.(!O38*=!'009!(6&(!(60!90&-.-K!34!v8-'38-=-0''!34!9.-=d!.-!10*&(.3-!
(3!<3-(1&<(8&*!<&M&<.(2!.'!(60!'&90!&'!.-!10'M0<(!34!(0'(&90-(&12!<&M&<.(2JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FEF'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
D$S
(3!<10&(0!&-!$.&%-(F$F"<!(18'(J !58(!3-0!<3990-(&(31!6&'!M3.-(0=!38(!(6&(!
(60!<&'0!*&O!3-!(6.'!.''80!.'!-3(!/012!<*0&1JD$#!
• ?60!10*0/&-(!(.90!(3!=0(019.-0!(60!=3-31d'!<&M&<.(2!.'!&(!(60!(.90!(60!K.4(!.'!
9&=0JD$R!
• ?60!M&1(2!O63!&**0K0'!.-<&M&<.(2!.-!&!*&O'8.(!:0&1'!(60!3-8'!34!M13/.-K!.-F
<&M&<.(2JDbC!Z-!3MM3'.-K!31!.-(010'(0=!M&1(2!.-!&!M13<00=.-K!:2!31!&K&.-'(!h&!
M01'3-!O63!.'!438-=!(3!:0!34!8-'38-=!9.-=i!31!&!M01'3-!O63!.'!&!M&(.0-(!.-!
&!90-(&*F60&*(6!4&<.*.(2!h.'!-3(!0-(.(*0=!(3!3:(&.-!&!/01=.<(+!c8=K90-(!31!=0<.F
'.3-+! 3-! 6.'! 31! 601! 3O-! 0/.=0-<0+! 8-*0''! (6&(! 0/.=0-<0! .'! <3113:31&(0=! :2!
3(601!9&(01.&*!0/.=0-<0JiDb"!
• 7&M&<.(2!(3!9&\0!&!K.4(!'638*=!:0!&''0''0=!48-<(.3-&**2J!?60!4&<(!(6&(!&!=3F
-31!.'!.-<&M&:*0!34!<&112.-K!38(!3(601!(1&-'&<(.3-'!=30'!-3(!-0<0''&1.*2!*0&=!
(3!(60!<3-<*8'.3-!(6&(!(60!=3-31!.'!.-<&M&:*0!(3!9&\0!&!K.4(J!G81(601+!(60!&MF
M3.-(90-(!34!&!<399.((00!(3!9&-&K0!(60!=3-31d'!4.-&-<0'!&-=!&44&.1'!=30'!
-3(+!.-!&-=!34!.('0*4+!=0(019.-0!(6&(!(60!=3-31!.'!.-<&M&:*0!34!9&\.-K!&!K.4(+!
:8(!.(!=30'!1&.'0!&!10:8((&:*0!M10'89M(.3-!34!.-<&M&<.(2JDb$!?6.'!<3-<*8'.3-!
4*3O'!4139!(60!.-(01M10(&(.3-!34!&!'(&(8(312!M13/.'.3-!3-!M3.-(+!O6.<6!.'!(60!
'8:c0<(!34!(60!-0H(!'0<(.3-!34!(6.'!<6&M(01J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
D$SJ!!%%(8"29%+!<5+-,!-3(0!D"CJ!
D$#J!!%%!L6&*02+!D%<&<("@(B,+,#$&'+!<5+-,!-3(0!D$b!&(!$bJ!
D$RJ!!%%(L$.9-"<%+!<5+-,!-3(0!D$"!&(!M&1&J!"CCJ!65&(<%%!8"29%+!<5+-,!-3(0!D"C!&(!M&1&J!jC!Bh?60!10*0F
/&-(!(.90!431!=0(019.-.-K!<&M&<.(2!.'!O60-!.-'(18<(.3-'!&10!K./0-!431!(60!M10M&1&(.3-!34!(60!.-F
'(1890-(JiEJ!
DbCJ!!%%()-#A%-(FJ(!&J(="A.+!$CC#!Z5Y5!R!&(!M&1&J!$$+!bS!%?U!Bb=E!"C"+!%1:!XJ!Bh?60!3-8'!34!0'(&:*.'6.-K!
O60(601!&-!.-=./.=8&*!6&'!(60!*0K&*!<&M&<.(2!(3!9&\0!&-!$.&%-(F$F"<!K.4(!10M3'0'!O.(6!(60!M&1(2!&*F
*0K.-K!.-<&M&<.(2J!J!J!JiEJ!
Db"J!TF$2%.#%()#&+!U`57!"RR>+!<J!"$D+!'J!RJ!!%%(,0<"(8,<Z'(*:540$#(D-5<&%%("@;(FJ(:-">,0!B"RRDE+!S!%?U!
B$=E!SC!&(!M&1&'J!D$oDb+!jC!Z7L`!Bb=E!"DS!B57`7E+!^30-.K':01K!XJ!B&MM*2.-K!'0<(.3-!REJ!
Db$J!!%%(D,'0"-(FJ(=%.Z$.<!B"R#>E+!"!57PU!B$=E!$CS!&(!$CR+!bS!Z7L`!B$=E!b#!B`7E+!)&<=3-0**!XJ!pD,'O
0"-qJ! !%%+! :0*3O+! '0<(.3-! ;QQQJ5J"! &(! "$j! B481(601! =.'<8''.3-! 34! <399.((00'! 8-=01! (60! :,&$%.&<(
:-"+%-&'()#&EJ!
FED'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
9#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
3%)(53&/(*'!&..3(-&=3%!/*!-&.&-(/0!/*!$&D%!&!)(+/!
!"#$ E0,('V1',6'($03$%-",(3'-$03$D-08'-)>$*>$",$:,6"8"*.'$B21.)$
,-=01!'0<(.3-!>CJ$!34!(60!)250&(I5,-2$,.<A$+()#&+Dbb!&!(1&-'401!34!M13M01(2!:2!&-!.-F
<&M&:*0! &=8*(! .'! h/3.=&:*0! &K&.-'(! (60! &=8*(+i! 8-*0''! (60! (1&-'40100! M&.=! h48**! &-=!
/&*8&:*0i!<3-'.=01&(.3-!431!(60!M13M01(2!31!(60!(1&-'40100!6&=!-3!10&'3-&:*0!O&2!34!
\-3O.-K!(6&(!(60!&=8*(!O&'!.-<&M&:*0J!?6.'!'0<(.3-!3-*2!10<0-(*2!<&90!.-(3!431<0!B3-!
"! `0M(09:01! $C""EJ! Q(! 10M*&<0=! '0<(.3-! $C! 34! (60! :,&$%.&<( :-"+%-&'( )#&+DbD! &! *3-KF
'(&-=.-K!M13/.'.3-!(6&(!60*=!(6&(!&!hK.4(+!K1&-(+!&*.0-&(.3-+!<3-/02&-<0!31!(1&-'401!34!
M13M01(2i!O&'!h=0090=!(3!:0!41&8=8*0-(!&-=!/3.=i!&K&.-'(!&!M01'3-d'!<399.((00!.4!.(!
O&'!h9&=0!:2!&!M01'3-!O63!.'!31!:0<390'!&!M&(.0-(+i!8-*0''!(60!(1&-'401!O&'!9&=0!
431! h48**! &-=! /&*8&:*0! <3-'.=01&(.3-i! 31! (60! (1&-'40100! =.=! -3(! 6&/0! -3(.<0! 34! h(60!
90-(&*!<3-=.(.3-i!34!(60!M01'3-J!
!
)&-2!c81.'=.<(.3-'!6&/0!'.9.*&1!*0K.'*&(.3-J!?2M.<&**2+!(60!1&(.3-&*0!431!'8<6!*0K.'*&F
(.3-!.'!(6&(!.(!.'!-0<0''&12!(3!0-&:*0!&-!.-<&M&:*0!&=8*(d'!<399.((00!(3!<&112!38(!(60!
9&-&K090-(!34!(60!&=8*(d'!4.-&-<0'!&-=!&44&.1'!O.(638(!(60!M3''.:.*.(2!34!:0.-K!8-F
=01<8(! :2! <3-4*.<(.-K! (1&-'&<(.3-'! 9&=0! :2! (60! &=8*(JDbj! 58(! (60! 51.(.'6! 73*89:.&!
<381('!438-=!&!=.44010-(+!&-=!:13&=01+!M81M3'0!431!'0<(.3-!$C!:2!63*=.-K!.-!&!-89:01!
34! <&'0'! (6&(! (60! 1&(.3-&*0! 431! (60! *0K.'*&(.3-! O&'! M13(0<(.3-! 34! &-! .-<&M&:*0! M01F
'3-JDb>!
!
`0<(.3-!$C!O&'!<3-'.=010=!&!-89:01!34!(.90'!.-!(60!51.(.'6!73*89:.&!<381('JDbS!?60!
'0<(.3-!O&'!O.=0*2!/.0O0=!&'!:0.-K!M331*2!=1&4(0=JDb#!U0&=!*.(01&**2+!(60!'0<(.3-!&MF
M0&10=!(3!'&2!(6&(!h&-2!<3-/02&-<0!(6&(!.'!-3(!9&=0!431!48**!&-=!/&*8&:*0!<3-'.=01&F
(.3-!:2!&!M01'3-!O63!:0<390'!&!M&(.0-(!<&-!:0!'0(!&'.=0+!-3!9&((01!63O!*3-K!:04310!
(60! <399.((&*! (60! (1&-'401! (33\! M*&<0JiDbR! ?6.'! .-(01M10(&(.3-! O38*=! 6&/0! <&'(! &!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DbbJ!!5+-,!-3(0!jJ!!%%+!:0*3O+!&MM0-=.H!7!&(!$bR!431!(60!(0H(!34!(60!*0K.'*&(.3-!=.'<8''0=!.-!(6.'!'0<F
(.3-J!
DbDJ!!5+-,!-3(0!jjJ!
DbjJ!!%%(6%,.%'+!<5+-,!-3(0!D""!&(!SS$J!
Db>J!!%%(D,'0"-+!<5+-,!-3(0!Db$!&(!$CRT!E,A0%C+!<5+-,!-3(0!D"C!&(!M&1&J!b#J!
DbSJ!!%%(B,."5(FJ(Y$.9!B"R>#E+!SC!VPU!B$=E!"D"+!p"R>#q!57X!m3J!"R#!BYPE!B`7E!pB,."5!<.(0=!(3!VPUqT!
D,'0"-+! <5+-,! -3(0! Db$T! E,A0%C+! <5+-,! -3(0! D"CT! 3%CC$.9%-( *I5,-2$,.( ,2( 0$&%C( "@;( FJ( !,.2%+!
$CC"!57`7!S$#+!bR!%?U!B$=E!"R>!p3%CC$.9%-qT!L$.9-"<%+!<5+-,!-3(0!D$"J!
Db#J!!%%+!%J9J+!!$C".(*:540$#(D-5<&%%("@;(FJ(!$C".+!p"RRjq!57X!m3J!$SD#!BYPE!&(!M&1&J!D!B`7E+!)010=.(6!XJ!
!%%(,0<"!]01&*=!5J!U3:01('3-+!?%.&,0(E$<,4$0$&'(,.2(&A%(8,>($.(B,.,2,+!$=!0=J!B`<&1:3138K6+!emA!
7&1'O0**+!"RRDE!&(!$CboCDJ!
DbRJ!D,'0"-+!<5+-,!-3(0!Db$!&(!$C#J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FEB'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
'6&=3O!34!=38:(!3/01!0/012!K.4(!9&=0!.-!51.(.'6!73*89:.&+!&'!-3!3-0!<38*=!:0!<01(&.-!
O60(601!&(!'390!*&(01!=&(0!&!<399.((00!O38*=!:0!&MM3.-(0=!(3!9&-&K0!(60!4.-&-<0'!
&-=!&44&.1'!34!(60!=3-31!&-=+!:2!/.1(80!34!'0<(.3-!$C+!(60!K.4(!h'6&**!:0!=0090=i!(3!:0!
h41&8=8*0-(!&-=!/3.=!&K&.-'(!(60!<399.((00Ji!?60!<381('!10c0<(0=!(6.'!.-(01M10(&(.3-+!
10&=!(60!'0<(.3-!h4139!&!M1&<(.<&*!M3.-(!34!/.0O+i!&-=!=0<.=0=!(6&(!h(60!'0-'.:*0!&MF
M13&<6! .'! (3! .-f8.10! .-(3! (60! <&M&<.(2! 34! (60! =3-31! &(! (60! (.90! 34! (60! K.4(! 31! (1&-'F
401JiDDC!?60!&MM3.-(90-(!34!&!<399.((00!O38*=!3-*2!6&/0!(60!0440<(!34!1&.'.-K!h&!10F
:8((&:*0!M10'89M(.3-!34!.-<39M0(0-<0!&(!(60!(.90!34!(60!(1&-'401JiDD"!
!
`0<(.3-!>CJ$!34!(60!)250&(I5,-2$,.<A$+()#&!6&'!'390!-3(0O31(62!=.44010-<0'!4139!(60!
M13/.'.3-!.(!10M*&<0=+!'0<(.3-!$C!34!(60!:,&$%.&<(:-"+%-&'()#&J!G.1'(!&-=!431093'(+!'0<F
(.3-! >CJ$! =30'! -3(! 10401! (3! (60! &MM3.-(90-(! 34! &! M13M01(2! K8&1=.&-! BO6.<6! .'! (60!
)250&( I5,-2$,.<A$+( )#&d'! 0f8./&*0-(! 34! &! <399.((00! 34! &! M01'3-d'! 0'(&(0! &MM3.-(0=!
8-=01! (60! :,&$%.&<( :-"+%-&'( )#&EJ! `0<(.3-! >CJ$! '.9M*2! &MM*.0'! (3! (1&-'401'! 9&=0!
hO6.*0! (60! &=8*(! O&'! .-<&M&:*0Ji! ?6.'! <6&-K0! .-! O31=.-K! '638*=! &==10''! (60! &O\F
O&1=-0''! 6.K6*.K6(0=! .-! (60! <&'0'! (6&(! .-(01M10(0=! '0<(.3-! $CJ! Q(! '638*=! &*'3! :1.-K!
(60!=1&4(.-K!34!(60!*0K.'*&(.3-!.-(3!<*3'01!&*.K-90-(!O.(6!(60!:13&=+!M13(0<(./0!M81F
M3'0!(6&(!(60!<&'0!*&O!8-=01!'0<(.3-!$C!.=0-(.4.0=!&'!(60!*0K.'*&(.3-d'!1&(.3-&*0J!58(!
.-!M1&<(.<0!.(!90&-'!(6&(!'0<(.3-!>CJ$!.'!&*'3!:13&=01!.-!'<3M0!(6&-!'0<(.3-!$CJ!Q(!O.**!
&MM*2!(3!9310!<&'0'J!
!
`0<3-=+!'0<(.3-!>CJ$!M13/.=0'!(6&(!&!(1&-'401!(6&(!.'!'8:c0<(!(3!.('!M13/.'.3-'!.'!h/3.=F
&:*0i!&K&.-'(!(60!(1&-'40131J!?6.'!10'8*(!.'!.-!<3-(1&'(!(3!'0<(.3-!$Cd'!=0<*&1&(.3-!(6&(!
'8<6!&!(1&-'401!.'!h=0090=!(3!:0!41&8=8*0-(!&-=!/3.=Ji!L60-!&!<381(!=0(019.-0'!(6&(!
&! (1&-'401! .'! /3.=+! .(! .'! '&2.-K! .-! 0440<(! (6&(! (60! (1&-'401! -0/01! 0H.'(0=J! Z! /3.=&:*0!
(1&-'401+! 3-! (60! 3(601! 6&-=+! .'! 3-0! (6&(! <38*=! :0! 1&(.4.0=! :2! (60! .-c810=! M&1(2J! ?6.'!
=.'(.-<(.3-! K0-01&(0'! (O3! .9M31(&-(! <3-'0f80-<0'J! e-0! .'! (6&(! &! /3.=&:*0! (1&-'401!
O.**!:0!0-431<0&:*0!31!8-0-431<0&:*0!&(!(60!3M(.3-!34!(60!.-c810=!M&1(2J!`3+!8-=01!(6.'!
M13/.'.3-+!&-!&=8*(!(1&-'40131!O.(6!=.9.-.'60=!<&M&<.(2!B31!(6&(!M01'3-d'!10M10'0-(&F
(./0E!9&2!31!9&2!-3(!3M(!(3!6&/0!(60!(1&-'&<(.3-!'0(!&'.=0J!?60!3(601!<3-'0f80-<0!.'!
(6&(!&!4.-=.-K!(6&(!&!(1&-'401!.'!/3.=&:*0!&4431='!(60!<381('!O.(6!(33*'!(3!M13(0<(!(60!
.-(010'('!34!&-2!(6.1=!M&1(2!O63!6&'+!.-!K33=!4&.(6+!10*.0=!3-!(60!(1&-'401JDD$!
!
?6.1=+!8-=01!:3(6!'0<(.3-!>CJ$!&-=!'0<(.3-!$C+!&!(1&-'40100!<38*=!0'<&M0!(60!<3-'0F
f80-<0'! 34! (60! *0K.'*&(.3-! .4! (60! (1&-'40100! =.=! -3(! 6&/0! \-3O*0=K0! 34! (60! (1&-'F
40131d'!.-<&M&<.(2J!58(!'0<(.3-!>CJ$!K30'!481(601!(6&-!'0<(.3-!$C!&-=!9&\0'!.(!<*0&1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DDCJ!V4$2J!&(!$CRJ!
DD"J!V4$2J!!%%(,0<"(E,A0%C+!<5+-,!-3(0!D"C!&(!M&1&J!D$T!3%CC$.9%-+!<5+-,!-3(0!DbS!&(!M&1&J!#jJ!
DD$J!!%%!X36-!VJ!)<7&98'+!DA%(8,>("@(B".&-,#&<+!$=!0=J!B?313-(3A!Q1O.-!P&O+!$C"$E!&(!b#$o#bJ!
FE]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(6&(! (60! (1&-'40100d'! \-3O*0=K0! .'! '8:c0<(! (3! &-! 3:c0<(./0! (0'(! BO6&(! &! h10&'3-&:*0!
M01'3-i! O38*=! 6&/0! \-3O-! .-! (60! <.1<89'(&-<0'E! &-=! (6&(! (60! :81=0-! .'! 3-! (60!
(1&-'40100!(3!M13/0!(6&(!.(!=.=!-3(!6&/0!\-3O*0=K0!34!(60!(1&-'40131d'!.-<&M&<.(2J!
!
?60!*&'(!(O3!M3.-('!&10!&1K8&:*2!.-'(&-<0'!.-!O6.<6!(60!=1&4(01'!34!'0<(.3-!>CJ$!9&=0!
M3*.<2! =0<.'.3-'! (6&(! &938-(! (3! 10'(&(090-('! 34! (60! <3993-F*&O! M3'.(.3-! 3-! <3-F
(1&<('!0-(010=!.-(3!:2!.-<&M&:*0!M01'3-'+!:8(!(6&(!&10!&*'3!<6&-K0'!(3!(60!<3993-F
*&O!M3'.(.3-!3-!K.4('!9&=0!:2!.-<&M&:*0!M01'3-'J!Z(!<3993-!*&O+!<3-(1&<('!9&=0!:2!
.-<&M&:*0!M01'3-'!O010!/3.=&:*0+DDb!:8(!K.4('!O010!/3.=JDDD!Q-!&==.(.3-+!\-3O*0=K0!34!
(60!.-<&M&:*0!M01'3-d'!.-<&M&<.(2!.'!&-!.9M31(&-(!0*090-(!34!(60!(0'(!34!<&M&<.(2!(3!
0-(01! .-(3! &! <3-(1&<(+! :0<&8'0! (6&(! (0'(! 6&'! h6&=! (3! <38-(01:&*&-<0! (O3! .9M31(&-(!
M3*.<2!<3-'.=01&(.3-'iA!M13(0<(.-K!(60!.-<&M&:*0!M01'3-!&-=!M1393(.-K!<01(&.-(2!34!
<3-(&<('!:2!h0-'81p.-Kq!(6&(!3(601!M01'3-'!&10!-3(!M10c8=.<0=!:2!(60!&<(.3-'!34!M01F
'3-'!O63!&MM0&1!(3!6&/0!48**!<&M&<.(2JiDDj!G31!K.4('+!\-3O*0=K0!34!(60!=3-31d'!.-<&F
M&<.(2! .'! -3(! M&1(! 34! (60! (0'(! 34! <&M&<.(2JDD>! ?60! *0&=.-K! 51.(.'6! 73*89:.&! <&'0+! E$,O
C,.&+!-3(&:*2!*0&/0'!(6.'!0*090-(!38(!.-!=.'<8''.-K!(60!0*090-('!34!(60!<3-(1&<(8&*!
(0'(!(6&(!&10!&MM*.<&:*0!.-!<&'0'!<3-'.=01.-K!K.4('JDDS!
!
e-0!(6.-K!(6&(!'0<(.3-!>CJ$!=30'!-3(!=3!.'!=04.-0!O6&(!h.-<&M&:*0i!90&-'!431!.('!M81F
M3'0'J! ?6.'! *0&/0'! &-! 3M0-.-K! 431! (60! <3993-! *&O! (3! 3M01&(0J! Z*(638K6! (60! <381('!
6&/0-d(!20(!<3-4.190=!.(+DD#!.(!.'!10&'3-&:*0!(3!&''890!(6&(!(60!<381('!O.**!10*2!3-!0&1F
*.01!<&'0'!<3-'.=01.-K!(0'(!34!<&M&<.(2!(3!9&\0!&!K.4(!.-!&MM*2.-K!'0<(.3-!>CJ$J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DDbJ!!%%!]J![J!PJ!G1.=9&-+!DA%(8,>("@(B".&-,#&($.(B,.,2,+!>(6!0=J!B?313-(3A!7&1'O0**+!$C""E!&(!"j#ojR!
B.-!<&'0'!.-!O6.<6!-3!M13M01(2!K8&1=.&-!31!<399.((00!6&'!:00-!&MM3.-(0=!431!(60!.-<&M&:*0!M01F
'3-+!(60!<381('!34!7&-&=&!&-=!%-K*&-=!6&/0!60*=!(6&(!<3-(1&<('!0-(010=!.-(3!:2!&!M01'3-!O.(638(!
(60!<&M&<.(2!(3!<3-(1&<(!&10!h/3.=&:*0!&(!(60!3M(.3-!34!(60!.-'&-0!M01'3-iEJ!
DDDJ!!%%(8,9"<Z$(FJ(!A,."!B$CCSE+!$b$!eZ7!$"+!bS!%?U!Bb=E!"D"!&(!M&1&J!Dj!BV./J!7(JE+!G011.01!XJ!B431!(60!
<381(E!p8,9"<Z$q!BhpZq!9310!'(1.-K0-(!18*0!&MM*.0'!O6010!(60!(1&-'&<(.3-!.'!.-!(60!-&(810!34!&!K.4(!
&'!3MM3'0=!(3!&!<3-(1&<(J!J!J!J!Q4!&!=3-31!34!&!K.4(!*&<\'!<&M&<.(2+!(60!K.4(!.'!/3.=+!-3(!9010*2!/3.=F
&:*0Ji!p<.(&(.3-'!39.((0=qEJ!
DDjJ!)<<%<<C%.&("@(?%.&,0(B,+,#$&'\(I5$2,.#%(@"-(E"#&"-<(,.2(8,>'%-<+!<5+-,!-3(0!""S!&(!#jJ!
DD>J!!%%(K"F,(!#"&$,(D-5<&(B"J(FJ(B"-Z5C!B"R>"E+!b"!VPU!B$=E!$S!&(!D"!Bm``7E+!Q*'*02!7X!BhQ4!(6010!.'!
&-2!10f8.1090-(!J!J!J!(6&(!:04310!&!=.'M3'.(.3-!<&-!:0!'0(!&'.=0!3-!(60!K138-=!34!90-(&*!=.'31=01+!
.(!98'(!:0!'63O-!-3(!3-*2!(6&(!(60!M01'3-!9&\.-K!.(!O&'!'84401.-K!4139!'8<6!90-(&*!=.'31=01!:8(!
(6&(!.(!O&'!\-3O-!(3!(60!M01'3-!31!M01'3-'!.-!O63'0!4&/381!.(!O&'!9&=0+!Q!&9!'&(.'4.0=!(6&(!(6.'!
10f8.1090-(!=30'!-3(!&MM*2!(3!/3*8-(&12!=.'M3'.(.3-'JiEJ!
DDSJ!!%%(<5+-,!-3(0!DCD!&(!"""J!
DD#J!?6010!&10!-3!10M31(0=!<&'0'!(6&(!<3-'.=01!'0<(.3-!>CJ$J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FE^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!*#$ +53)($*>$D-08'-)>$+1"-25",($
`0<(.3-!"S!34!(60!)250&(I5,-2$,.<A$+()#&!O.**+!O60-!.(!.'!:138K6(!.-(3!431<0+!&8(631._0!
&! M13M01(2! K8&1=.&-! (3! 9&\0! &! K.4(! 3-! :06&*4! 34! &-! .-<&M&:*0! &=8*(JDDR! Z! M13M01(2!
K8&1=.&-! O.**! :0! &8(631._0=! (3! 9&\0! &! K.4(! 8-=01! (60! '0<(.3-! (6138K6! 3-0! 34! (O3!
O&2'J!
!
?60!4.1'(!O&2!.'!.4!(60!M13M3'0=!K.4(!900('!(6100!'(&(8(312!<3-=.(.3-'+!O6.<6!&10A!
!
• &4(01!(60!K.4(!.'!9&=0+!(60!&=8*(!O.**!6&/0!'844.<.0-(!M13M01(2!(3!900(!(60!M01F
'3-&*!<&10!&-=!60&*(6!<&10!-00='!34!(60!&=8*(!&-=!&-2!34!(60!&=8*(d'!=0M0-=F
0-('!&-=!(3!:0!&:*0!(3!900(!(60!*0K&*!3:*.K&(.3-'!34!(60!&=8*(T!
• (60!&=8*(!9&=0!K.4('!34!(60!(2M0!M13M3'0=!O60-!(60!&=8*(!O&'!<&M&:*0T!&-=!
• (60!(3(&*!/&*80!34!(60!K.4(!.'!*0''!(6&-!&!/&*80!M10'<1.:0=!:2!10K8*&(.3-JDjC!
!
?60!'0<3-=!O&2!(3!9&\0!&!K.4(!8-=01!(60!*0K.'*&(.3-!.'!(3!&MM*2!(3!(60!51.(.'6!73*89F
:.&!`8M1090!7381(!&-=!3:(&.-!(6&(!<381(d'!M019.''.3-!431!(60!K.4(JDj"!?60!*0K.'*&(.3-!
M*&<0'!-3!<3-=.(.3-'!3-!(60!<381(d'!K1&-(.-K!34!M019.''.3-!(3!9&\0!&!K.4(+!3(601!(6&-!
(3!'&2!(6&(!.('!M019.''.3-!h98'(!:0!0HM10''JiDj$!?60!<381(!9&2!K1&-(!.('!M019.''.3-!
(3!&!'M0<.4.<!K.4(!31!(3!K.4('!K0-01&**2Djb!&-=!.(!9&2!M019.(!(60!M13M01(2!K8&1=.&-!(3!
10<0./0!&!K.4(!4139!(60!.-<&M&:*0!&=8*(JDjD!
!
?60!'0<3-=!O&2!(3!9&\0!&!K.4(!8-=01!'0<(.3-!"S!<*0&1*2!:0&1'!&!10'09:*&-<0!(3!(60!
<3-<0M(!34!'(&(8(312!O.**'!431!.-=./.=8&*'!O63!*&<\!(0'(&90-(&12!<&M&<.(2+!O6.<6!O&'!
(60!'8:c0<(!34!&!M10/.38'!<6&M(01JDjj!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DDRJ!!%%()250&(I5,-2$,.<A$+()#&+!&'!&90-=0=!:2!)250&(I5,-2$,.<A$+(,.2(:0,..$.9(!&,&5&%<()C%.2C%.&(
)#&/( QRRS+! <5+-,! -3(0! j+! 'J! D! B-3(! .-! 431<0EJ! ?60! M13/.'.3-! &MM*.0'! (3! K.4('+! *3&-'+! &-=! <6&1.(&:*0!
K.4('+!:8(!(60!(0H(!O.**!3-*2!10401!(3!K.4('+!&'!K.4('!&*3-0!&10!(60!'8:c0<(!34!(6.'!<6&M(01J!
DjCJ!!%%()250&(I5,-2$,.<A$+()#&+!<5+-,!-3(0!j+!'J!"S!BjE!B&EoB<E!B-3(!.-!431<0EJ!?6010!.'+!&'!20(+!-3!10K8F
*&(.3-!M10'<1.:.-K!(60!/&*80!1040110=!(3!.-!(60!(6.1=!:8**0(!M3.-(J!
Dj"J!!%%!$4$2J+!'J!"S!BjE!B-3(!.-!431<0EJ!
Dj$J!V4$2J+!'J!"S!BSE!B&E!B-3(!.-!431<0EJ!
DjbJ!!%%($4$2J+!'J!"S!BSE!B:E!B-3(!.-!431<0EJ!
DjDJ!!%%($4$2J+!'J!"S!B>E!B-3(!.-!431<0EJ!
DjjJ!!%%+!&:3/0+!<6&M(01!Q;!&(!DRJ!
FE_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!6#$ +53)($*>$B))0-,'>($
Z-!&((31-02!&<(.-K!8-=01!&-!0-=81.-K!M3O01!34!&((31-02!34!&!M01'3-!O63!*&<\'!(60!
90-(&*!<&M&<.(2!(3!9&\0!&!K.4(!9&2!9&\0!&!K.4(!3-!:06&*4!34!(60!M01'3-JDj>!?60!*0K.'F
*&(.3-! &8(631._.-K! (60'0! K.4('! 6&'! (60! '&90! '381<0! &'! (60! *0K.'*&(.3-! 09M3O01.-K! &!
M13M01(2!K8&1=.&-!(3!9&\0!&!K.4(!3-!:06&*4!34!&-!.-<&M&:*0!&=8*(JDjS!P.\0!'0<(.3-!"S!
34! (60! )250&( I5,-2$,.<A$+( )#&+! '0<(.3-! $C! 34! (60! :">%-( "@( )&&"-.%'( )#&! 34401'! (O3!
O&2'!(3!9&\0!&!K.4(!3-!:06&*4!34!&!M01'3-!O63!*&<\'!(60!<&M&<.(2!(3!=3!'3J!?60!4.1'(!
O&2! .-/3*/0'! 900(.-K! (6100! '(&(8(312! <3-=.(.3-'! (6&(! M&1&**0*! (60! <3-=.(.3-'! 438-=!
.-!(60!)250&(I5,-2$,.<A$+()#&!&-=!'0(!38(!.-!(60!M10/.38'!'0<(.3-!34!(6.'!<6&M(01JDj#!
?60!'0<3-=!O&2!.'!.4!(60!0-=81.-K!M3O01!34!&((31-02!M019.('!(60!K.4(!(3!:0!9&=0JDjR!
`8<6! M019.''.3-! 9&2! 10*&(0! (3! &! 'M0<.4.<! K.4(! 31! (3! K.4('! K0-01&**2JD>C! Q(! 9&2! 0/0-!
M019.(!(60!&((31-02!(3!10<0./0!(60!K.4(JD>"!Q-!&**!10'M0<('+!63O0/01+!(60!M019.''.3-!(3!
9&\0!&!K.4(!:2!M3O01!34!&((31-02!h98'(!:0!0HM10''JiD>$!
!
)@'
=00;"0'1$%'!"1$%*'
?60!.''80'!431!104319!34!(60!*&O!34!<&M&<.(2!(3!9&\0!&!K.4(!&10!98<6!'9&**01!.-!-89F
:01!(6&-!(63'0!.=0-(.4.0=!431!(60!*&O!34!<&M&<.(2!(3!9&\0!&!O.**J!?6.'!=.44010-<0!.'+!.-!
M&1(+! &! 48-<(.3-! 34! *0K.'*&(.3-! 51.(.'6! 73*89:.&! 6&'! .-! M*&<0! B31! .'! K3.-K! (3! M8(! .-!
M*&<0E!(6&(!&==10''0'!&!-89:01!34!&'M0<('!34!(60!*&O!34!<&M&<.(2!(3!9&\0!&!K.4(J!?6.'!
*0K.'*&(.3-! .'! &**! 10*&(./0*2! -0O+! O6.<6! 9&\0'! .(! =.44.<8*(! (3! =0(019.-0! O60(601! .(!
9.K6(!:0!<&8'.-K!M13:*09'!.-!M1&<(.<0!(6&(!<38*=!<&**!38(!431!104319J!Z'!&!10'8*(+!(6.'!
<6&M(01!43<8''0'!'.9M*2!3-!.''80'!=01./0=!4139!(60!<&'0!*&O!&-=!<3990-(&12!3-!(60!
0*090-('!34!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!K.4(J!Q(!=30'!-3(!=0*/0!.-(3!&-2!.''80'!(6&(!
9&2!:0!10*&(0=!(3!(6&(!<310!K138M!34!.''80'J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Dj>J!!%%(:">%-("@()&&"-.%'()#&+!<5+-,!-3(0!$+!'J!$CJ!
DjSJ!!%%()250&(I5,-2$,.<A$+(,.2(:0,..$.9(!&,&5&%<()C%.2C%.&()#&/(QRRS+!<5+-,!-3(0!j+!'J!b#J(
Dj#J!G31! (60! (6.1=! <3-=.(.3-+! &! 10K8*&(.3-! 6&'! 0'(&:*.'60=! (6&(! (60! h(3(&*! /&*80! 34! &**! K.4('+! *3&-'! &-=!
<6&1.(&:*0!K.4('!9&=0!:2!&-!&((31-02!.-!&!20&1!98'(!-3(!:0!9310!(6&-!(60!*0''01!34!B&E!"Cr!34!(60!
&=8*(d'!(&H&:*0!.-<390!431!(60!M10/.38'!20&1+!&-=!B:E!yj!CCCJi!!%%(:">%-("@()&&"-.%'(L%950,&$".+!
57!U0KJ!$CN$C""+!'J!bJ!
DjRJ!!%%(:">%-("@()&&"-.%'()#&+!<5+-,!-3(0!$+!'J!$C!B"EJ!
D>CJ!!%%($4$2J+!'J!$C!BbE!B:EJ!
D>"J!!%%($4$2J+!'J!$C!B$EJ!
D>$J!V4$2J+!'J!$C!BbE!B&EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FEA'
'
"#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
5@*837! &'0! *+! /@%! %3%$%'/5! *+! /@%! /%5/! *+! -&.&-(/0! /*! $&D%! &! )(+/! =%!
$*7(+(%7!=0!3%)(53&/(*'E!
?60!<8110-(!*&O!3-!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!K.4(!<&-!:0!<6&1&<(01._0=!&'!3:'<810!
&-=!<3-48'.-KJ!?60!<&'0!*&O!6&'!/&1.38'*2!&MM*.0=!0*090-('!34!(O3!=.44010-(!(0'('!34!
<&M&<.(2+!6&'!0HM10''*2!&<\-3O*0=K0=!(6&(!(60'0!(0'('!'0(!/012!=.44010-(!'(&-=&1='!34!
(60!=0K100!34!90-(&*!<&M&<.(2!-00=0=!(3!0440<(!&!/&*.=!K.4(+!&-=!6&'!-3(!M13/.=0=!&-2!
<3-'.'(0-(! K8.=0*.-0'! 3-! O60-! (3! &MM*2! &! (0'(! :&'0=! 3-! 3-0! &MM13&<6! 31! (60! 3(601J!
G81(601+!O6.*0!9&-2!10<0-(!<&'0'!6&/0!:00-!93/.-K!.-!(60!=.10<(.3-!34!&!(0'(!:&'0=!
3-! (60! (0'(! 34! <&M&<.(2! (3! 9&\0! &! O.**+! '(.**! 9310! 10<0-(! *0K.'*&(.3-! &MM0&1'! (3! 6&/0!
(60! 0440<(! 34! .-<31M31&(.-K! 0*090-('! 34! (60! (0'(! (3! 9&\0! &! <3-(1&<(! O6.<6! 6&/0! -3(!
M10/.38'*2!40&(810=!.-!&-2!'.K-.4.<&-(!O&2!.-!(60!<3993-!*&Od'!&MM13&<6!(3!<&M&<.(2!
(3!9&\0!&!K.4(J!Z'!&!10'8*(+!.(!<&-!:0!&!<6&**0-K0!(3!&-'O01!:&'.<!f80'(.3-'!&:38(!(60!
&MM*.<&(.3-! 34! (60! *&O+! '8<6! &'! O60(601! &! M01'3-d'! <&M&<.(2! (3! 9&\0! &! 'M0<.4.<! K.4(!
'638*=!:0!0H&9.-0=!.-!(019'!34!O60(601!(60!M01'3-!6&'!(60!<&M&<.(2!(3!8-=01'(&-=!
(60! -&(810! 34! (60! K.4(! &-=! (60! 0440<(! 34! .(! 3-! (60! M01'3-d'! .-(010'('! 31! O60(601! .(!
'638*=!:0!0H&9.-0=!.-!(63'0!(019'!M*8'!.-!(019'!34!(60!0440<(!34!(60!K.4(!3-!(60!.-(01F
0'('! 34! <*3'0! 4&9.*2! 909:01'! &-=! 3(601'! O63! 9&2! :0! 0HM0<(0=! (3! :0-04.(! 4139! (60!
M01'3-d'!M13M01(2+!&4(01!(60!M01'3-d'!=0&(6J!
!
?6.'! M13:*09! <&-! :0! &==10''0=! :2! 0-&<(.-K! *0K.'*&(.3-! (6&(! <*0&1*2! 'M0**'! 38(! (60!
0*090-('! 34! (60! (0'(! 34! <&M&<.(2! (3! 9&\0! &! K.4(J! `8<6! *0K.'*&(.3-! -00=! -3(! :0! &! =1&F
9&(.<!=0M&1(810!4139!(60!<3993-!*&OJ!Q-!4&<(+!(60!<&'0!*&O!.('0*4!M13/.=0'!(O3!3MF
(.3-'!431!104319!(3!<3-'.=01J!
!
?60!4.1'(!3M(.3-!O38*=!:0!(3!M13M3'0!(60!0-&<(90-(!34!*0K.'*&(.3-!(6&(!M13/.=0'!(6&(!
<&M&<.(2!(3!9&\0!&!K.4(!.'!(3!:0!&''0''0=!:2!8'.-K!(60!0*090-('!34!(60!(0'(!34!<&M&<.(2!
(3!9&\0!&!O.**J!`8<6!&!M13M3'&*!O38*=!<*&1.42!(60!*&O!&-=!9&\0!.(!9310!&<<0''.:*0+!
M&1(.<8*&1*2! (3! .-=./.=8&*'! O.(638(! *0K&*! (1&.-.-KJ! Q(! O38*=! &*'3! 0-6&-<0! (60! 9&.-!
M81M3'0!34!(60!(0'(!34!<&M&<.(2+!O6.<6!.'!(3!M13(0<(!(60!.-(010'('!34!(60!M01'3-!O63!
*&<\'!<&M&<.(2!&-=!(60!.-(010'('!34!(6&(!M01'3-d'!4&9.*2J!?60!&==.(.3-&*!0*090-('!&-=!
6.K601!=0K100!34!<&M&<.(2!10f8.10=!8-=01!(60!(0'(&90-(&12!(0'(!O38*=!'01/0!&'!'&40F
K8&1='! &K&.-'(! (60! =.''.M&(.3-! 34! (60! M01'3-d'! M13M01(2J! 58(! (60! (0'(&90-(&12! (0'(!
<38*=!&*'3!:0!.-&MM13M1.&(0!431!<01(&.-!(2M0'!34!K.4('J!71.(.<'!<38*=!'&2!(6&(!.(!'638*=!
-3(! :0! -0<0''&12! (3! &-&*2_0! *3OF/&*80! K.4('! .-! (60! '&90! O&2! &'! 9&c31! K.4('! (6&(!
<*0&1*2!6&/0!&-!.9M&<(!3-!(60!=3-31d'!0'(&(0J!G81(601+!'0((.-K!&!6.K6!(610'63*=!34!<&F
M&<.(2! <38*=! 6&/0! (60! 0440<(! 34! 0-<381&K.-K! 9&1K.-&*! *.(.K&(.3-! 3/01! K.4('+! &'! =.'&MF
M3.-(0=!4&9.*2!909:01'!<38*=!400*!(6&(!(60!K.4(!.'!/8*-01&:*0!8-=01!&!'(1.-K0-(!(0'(!
34!<&M&<.(2J!
!
FE`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
?60! '0<3-=! 3M(.3-! O38*=! :0! (3! M13M3'0! (60! 0-&<(90-(! 34! *0K.'*&(.3-! (6&(! :3.*'! (60!
(0'(!34!<&M&<.(2!(3!9&\0!&!K.4(!=3O-!(3!(60!(O3!0*090-('!.=0-(.4.0=!.-!E$,C,.&AD>b!(60!
<&M&<.(2!34!(60!=3-31!(3!8-=01'(&-=!(60!-&(810!34!(60!(1&-'&<(.3-!&-=!(60!<&M&<.(2!(3!
8-=01'(&-=! (60! 0440<(! 34! (60! (1&-'&<(.3-! 3-! (60! =3-31d'! .-(010'('J! P.\0! (60! 4.1'(! 3MF
(.3-+!(6.'!3M(.3-!O38*=!6&/0!(60!:0-04.(!34!<*&1.42.-K!(60!*&O!&-=!9&\.-K!.(!9310!&<F
<0''.:*0J!Z!(0'(!:&'0=!3-!(6.'!3M(.3-!O38*=!&*'3!:0!'.9M*01!(3!&MM*2!&-=!*.\0*2!9310!
4*0H.:*0!.-!M1&<(.<0J!Z-!&1K890-(!<38*=!&*'3!:0!9&=0!(6&(!&!*3O01!(610'63*=!34!<&M&<F
.(2!(3!9&\0!&!K.4(!<38*=!:0!09M3O01.-K!431!M01'3-'!O63'0!<&M&<.(2!.'!&(!31!-0&1!(6&(!
(610'63*=J!58(!.(!<38*=!&*'3!:0!&1K80=!(6&(!&!*3O01!(610'63*=!O38*=!*0&/0!'8<6!M01F
'3-'! 9310! /8*-01&:*0! (3! 0HM*3.(&(.3-! &-=! &:8'0J! Q-! &==.(.3-+! &=3M(.-K! &! (0'(! :&'0=!
3-!0*090-('!34!(60!<3-(1&<(8&*!(0'(!<38*=!:0!'00-!&'!:0.-K!&(!3=='!O.(6!(60!(10-=!.-!
10<0-(! <&'0'+! O6.<6! 6&/0! .-<10&'.-K*2! *33\0=! (3! (60! (0'(&90-(&12! (0'(+! 0'M0<.&**2!
O60-!=0&*.-K!O.(6!K.4('!34!'.K-.4.<&-(!/&*80J!
!
Z!(6.1=!3M(.3-!O38*=!:0!'.9M*2!-3(!(3!M13M3'0!(60!0-&<(90-(!34!*0K.'*&(.3-!93=.42F
.-K!(60!<8110-(!*&OJ!Z*(638K6!(60!<&'0'!3-!<&M&<.(2!(3!9&\0!&!K.4(!&10!=.44.<8*(!(3!10<F
3-<.*0+!&-=!(60!<&'0!*&O!.'!=.44.<8*(!(3!10<3-<.*0!O.(6!'0<(.3-!>CJ$!34!(60!)250&(I5,-2$O
,.<A$+( )#&+! .(! .'! -3(! <*0&1! O60(601! (60'0! =3<(1.-&*! .-<3-'.'(0-<.0'! &10! <&8'.-K! &-2!
10&*!M13:*09'!.-!M1&<(.<0J!?60!c81.'M18=0-<0!<38*=!:0!<&'(!.-!&!M3'.(./0!*.K6(!&'!K./F
.-K!(60!<381('!&!4*0H.:*0!'0(!34!M1.-<.M*0'+!O6.<6!9&2!:0!8'0=!(3!10&<6!(60!:0'(!10'8*('!
.-!.-=./.=8&*!<&'0'J!?6.'!M3.-(!<&-!=1&O!'8MM31(!4139!(60!4&<(!(6&(!(6010!6&/0!:00-!
10*&(./0*2! 40O! /3.<0'! 1&.'0=! &K&.-'(! (60! *&O! 34! <&M&<.(2! (3! 9&\0! &! K.4(J! P&OF104319!
&K0-<.0'+!<381('+!&-=!<3990-(&(31'!6&/0!(0-=0=!-3(!(3!<1.(.<._0!(6.'!:3=2!34!*&OJ!Z**!
(6&(!'&.=+!<633'.-K!-3(!(3!M13M3'0!(60!0-&<(90-(!34!*0K.'*&(.3-!(6&(!O38*=!<*&1.42!(60!
(0'(!34!&!<&M&<.(2!(3!9&\0!&!K.4(!<38*=!:0!&!9.''0=!3MM31(8-.(2!431!104319J!Q(!O38*=!
*0&/0! 8-&==10''0=! <3-<01-'! &:38(! (60! 3:'<81.(2! &-=! .-&<<0''.:.*.(2! 34! (6.'! :3=2! 34!
*&OJ!
!
Q-!(60!<399.((00d'!/.0O+!(60!<8110-(!'(&(0!34!(60!<3993-!*&O!.'!=04.<.0-(J!P0K.'*&(./0!
.-(01/0-(.3-!.'!-00=0=!(3!<*&1.42!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!K.4(J!?60!M13M3'0=!*0KF
.'*&(./0!(0'(!34!<&M&<.(2!'638*=!:0!&-&*3K38'!(3!(60!<3993-F*&O!(0'(!34!<&M&<.(2!(3!
9&\0!&!O.**J!?60!6.K601!'(&-=&1=!34!90-(&*!<&M&<.(2!8-=01!(6.'!(0'(!.'!&MM13M1.&(0!431!
$.&%-( F$F"<( K.4('J! Q(! :0((01! '01/0'! (60! M13(0<(./0! M81M3'0! 34! (60! *&O! (6&-! (60! *3O01!
'(&-=&1=!'0(!:2!(60!<3-(1&<(8&*!(0'(!34!<&M&<.(2J!Q(!.'!&*'3!9310!.-!(8-0!O.(6!10<0-(!
=0/0*3M90-('!.-!(60!<&'0!*&OJ!
!
Z!<*0&1!9&c31.(2!34!<3-'8*(&(.3-!10'M3-=0-('!'8MM31(0=!(60!<399.((00d'!M13M3'&*!.-!
(60!<3-'8*(&(.3-!M&M01J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
D>bJ!!5+-,!-3(0!DCDJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FEa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
?60! <399.((00! O10'(*0=! O.(6! (60! f80'(.3-! 34! O60(601! (6.'! 6.K601! '(&-=&1=! '638*=!
3-*2!&MM*2!(3!6.K6F/&*80!K.4('J!Q-!(60!0-=+!.(!438-=!-3!M1&<(.<&*!O&2!(3!.-<31M31&(0!&!
*&2010=!&MM13&<6!(3!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!K.4(!.-!*0K.'*&(.3-J!Z-2!*.-0!(6&(!(60!
*0K.'*&(.3-!O38*=!=1&O!O38*=!0-=!8M!:0.-K!&1:.(1&12J!L31'0+!(6010!O&'!&!M3(0-(.&*!
(6&(! (6.'! &MM13&<6! <38*=! :0! 0HM*3.(0=J! Z! M01'3-! O.(6! =.9.-.'60=! <&M&<.(2! <38*=!
9&\0!&!'01.0'!34!*3OF/&*80!K.4('!(6&(!0-='!8M!=0M*0(.-K!(60!M01'3-d'!0'(&(0!c8'(!&'!&!
'.-K*0!6.K6F/&*80!K.4(!O38*=!6&/0!=3-0J!Z!'.-K*0!(0'(!O38*=!:0!0&'.01!(3!&=9.-.'(01J!
Z-=+!.-!M1&<(.<0+!.(!'638*=!-3(!M3'0!(33!9&-2!=.44.<8*(.0'!.-!<&'0'!.-/3*/.-K!3-0F344+!
*3OF/&*80!K.4('J!U0&*.'(.<&**2+!(60!.-<0-(./0!(3!<3990-<0!*.(.K&(.3-!3/01!'8<6!K.4('!.'!
/012!*3OJ!
!
?60! <399.((00! 09M6&'._0=! (6&(! .('! (0-(&(./0! 10<3990-=&(.3-! .'! 3-*2! .-(0-=0=! (3!
&MM*2!(3!(60!(0'(!34!<&M&<.(2!(3!9&\0!&-!$.&%-(F$F"<(K.4(J!Q(!.'!-3(!.-(0-=0=!&'!&!<39F
90-(!3-+!31!&!M13M3'&*!(3!<6&-K0+!(60!<3993-F*&O!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**+!31!
&-2!3(601!<3993-F*&O!(0'(!34!<&M&<.(2J!
!
?60!<399.((00!10<3990-='A!
[fJ( 6-$&$<A( B"05C4$,( <A"502( %.,#&( 0%9$<0,&$".( &A,&( +-"F$2%<( &A,&/( $.( "-2%-( @"-( ,.( $.2$O
F$25,0(&"(C,Z%(,(F,0$2($.&%-(F$F"<(9$@&/(*[;(&A%($.2$F$25,0(C5<&(A,F%(&A%(#,+,#$&'(&"(5.O
2%-<&,.2(*,;(&A%(.,&5-%("@(C,Z$.9(&A%(9$@&/(*4;(&A%(%@@%#&("@(C,Z$.9(&A%(9$@&(".(&A%($.2$O
F$25,0a<($.&%-%<&</(*#;(&A%(%1&%.&("@(&A%($.2$F$25,0a<(+-"+%-&'(&A,&($<(,@@%#&%2(4'(C,Z$.9(
&A%(9$@&/(,.2(*2;(&A%(#0,$C<("@(+"&%.&$,0(4%.%@$#$,-$%<(5.2%-(&A%($.2$F$25,0a<(>$00("-($.O
&%<&,#'/("-(4'("&A%-(C%,.</(&"(>A$#A(&A%($.2$F$25,0("59A&(&"(9$F%(%@@%#&`(,.2(*Q;(&A%(9$@&(
C5<&(."&(4%(&A%(+-"25#&("@(,.'(2%05<$".(,@@%#&$.9(&A%($.2$F$25,0J(
!
2#!
5@*837! )(+/5! /@&/! &6%! 85%7! /*! -6%&/%! ('/%6! >(>*5! /685/5! =%! &'&30G%7! =0! &!
5.%-(&3!/%5/!*+!-&.&-(/0!/@&/!(5!$*6%!%I.3(-(/30!('!/8'%!<(/@!/@%!%3%$%'/5!*+!
&!/685/E!
e-0!<3990-(&(31!6&'!10<0-(*2!&1K80=!(6&(!O60-!&!K.4(!.'!8'0=!(3!<10&(0!&!(18'(!(60!
=3-31d'!<&M&<.(2!'638*=!:0!0H&9.-0=!:2!h&!9310!<39M1060-'./0!<&M&<.(2!(0'(i!(6&-!
(60!(0'(!=01./0=!4139!0*090-('!34!(60!<3-(1&<(8&*!(0'(JD>D!`8<6!&!(0'(!<38*=!0H&9.-0!
(60!=3-31d'!<&M&<.(2!(3!8-=01'(&-=!.''80'!(6&(!&10!'M0<.4.<!(3!(18'('+!'8<6!&'!h(60!4&<(!
(6&(! &! (18'(! 9&2! :0! .110/3<&:*0+! &-=! (6&(! &-3(601! M01'3-! 6&-=*0'! (60! p(18'(q!
48-='J!J!J!JiD>j!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
D>DJ!L6&*02+!D%<&<("@(B,+,#$&'+!<5+-,!-3(0!D$b!&(!$bJ!
D>jJ!V4$2J(
FFE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
?60!<3990-(&(31d'!'(&(0=!1&(.3-&*0!431!&=3M(.-K!&!9310!<39M1060-'./0!(0'(!.'!(6&(!
.(!O38*=!<*&1.42!(60!*&OJD>>!?6.'!9&2!:0!(60!10'8*(!34!9&\.-K!0HM*.<.(!f80'(.3-'!(6&(!
O38*=!:0!.9M*.<.(!.-!&-2!0H&9.-&(.3-!34!(60!-&(810!34!(60!(1&-'&<(.3-!431!(60!M81M3'0!
34!&''0''.-K!(60!=3-31d'!<&M&<.(2J!G31!.-'(&-<0+!.-!&''0''.-K!O60(601!(60!=3-31!8-F
=01'(&-='!(60!-&(810!34!&!K.4(+!'390!&((0-(.3-!<38*=!:0!M&.=!(3!.110/3<&:.*.(2!&-=!(60!
13*0!34!(60!(18'(00J!
!
Z-3(601!1&(.3-&*0!431!&=3M(.-K!&!9310!<39M1060-'./0!(0'(!O38*=!:0!(3!:8.*=!.-!9310!
'&40K8&1='!(3!M13(0<(!&!M3(0-(.&**2!/8*-01&:*0!M3M8*&(.3-J!Z!(0'(!(6&(!10f8.10=!&!=3F
-31!(3!43<8'!3-!9310!(6&-!(60!=3-31d'!3O-!.-(010'('!O38*=!:0!&!(0'(!(6&(!10f8.10=!&!
6.K601!*0/0*!34!<&M&<.(2!(6&-!(60!:&'0*.-0!(0'(!431!<&M&<.(2!(3!9&\0!&!K.4(J!?6.'!<38*=!
0-6&-<0!(60!M13(0<(./0!M81M3'0!(6&(!'01/0'!&'!(60!1&(.3-&*0!431!(6.'!(0'(!34!<&M&<.(2J!
!
Q(!.'!M3''.:*0!(3!'00!93/.-K!(3!&!9310!'(1.-K0-(!(0'(!34!<&M&<.(2!431!K.4('!(6&(!<10&(0!
(18'('!&'!&!'(0M!:&<\O&1=J!?0'('!34!<&M&<.(2!(2M.<&**2!=3!-3(!10f8.10!&!*&2M01'3-!(3!:0!
<&M&:*0! 34! 8-=01'(&-=.-K! (60! *0K&*! 0440<(! 34! &! (1&-'&<(.3-+! :8(! (6.'! M13M3'0=! (0'(!
93/0'!'.K-.4.<&-(*2!.-!(6&(!=.10<(.3-J!Q-!=3.-K!'3+!.(!9&2!'0(!(60!:&1!(33!6.K6J!Q-!&==.F
(.3-+!.(!.'!3M0-!(3!f80'(.3-!O60(601!*0K.'*&(.3-!.'!-00=0=!(3!&<6.0/0!(60!10'8*(!=0'.10=!
:2!(60!<3990-(&(31J!7381(!<&'0'!(2M.<&**2!43<8'!3-!(60!-&(810!&-=!0440<(!34!&!K.4(T!.-F
(01M10(0=! K0-0138'*2+! (63'0! 0*090-('! &**3O! 431! &! <3-'.=01&(.3-! 34! 4&<(31'! (6&(! 9&2!
:0!34!.9M31(&-<0!.-!&!'M0<.4.<!K.4(!(6&(!<10&(0'!&!(18'(J!
!
Q-!(60!<3-'8*(&(.3-!M&M01+!(60!<399.((00!(0-(&(./0*2!10<3990-=0=!-3(!0-&<(.-K!*0KF
.'*&(.3-!(3!.9M*090-(!(6.'!M13M3'0=!<6&-K0!(3!(60!*&OJ!?60!9&c31.(2!34!10'M3-=0-('!
&K100=!O.(6!(6.'!M13M3'&*+!O.(6!'0/01&*!<6&1&<(01._.-K!(60.1!'8MM31(!&'!h'(13-KJi!
!
?60!<399.((00!10<3990-='A!
[SJ(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(&"(#-%,&%(,(2$<&$.#&(&%<&("@(#,+,#$&'(@"-(
9$@&<(&A,&(-%<50&($.(&A%(#-%,&$".("@(,.($.&%-(F$F"<(&-5<&J(
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
D>>J!V4$2J(
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FFF'
'
P!5L/'!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!' T==@' )565)=/U' /K' >5NJ' 5' 9JGJL=)=5!U'
PJC=QG5/=KG'
5@' =(&%$7;2&3$('
50-04.<.&12! =0'.K-&(.3-'! &10! &! <3993-! 0'(&(0FM*&--.-K! =0/.<0J! ?6.'! <6&M(01!
0HM*310'!M3(0-(.&*!104319'!(3!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!:0-04.<.&12!=0'.K-&(.3-J!
Q(! :0K.-'! :2! '0((.-K! 38(! :&<\K138-=! .-4319&(.3-! 3-! (60! -&(810! 34! :0-04.<.&12!
=0'.K-&(.3-'+! (60! (0'(! 34! <&M&<.(2! (3! 9&\0! &! :0-04.<.&12! =0'.K-&(.3-+! &-=! 51.(.'6!
73*89:.&!*0K.'*&(.3-!10*&(.-K!(3!:0-04.<.&12!=0'.K-&(.3-'J!
!
9@' 9-2Z[%$;(7'
"#!
<@&/!(5!&!=%'%+(-(&60!7%5()'&/(*'E!
Z-23-0!O63!6&'!M81<6&'0=!*.40!.-'81&-<0!31!3M0-0=!&!10K.'(010=!10(.1090-(!'&/.-K'!
M*&-! *.\0*2! 10<&**'! :0.-K! &'\0=! (3! M13/.=0! (60! -&90! 34! (60! M01'3-! O63! .'! (3! :0! (60!
M3*.<2d'!31!M*&-d'!:0-04.<.&12J!?60!M3.-(!34!(6.'!.-f8.12!.'!(3!&**3O!&!M3*.<263*=01!31!&!
M*&-63*=01!(3!=0'.K-&(0!&!M01'3-!(3!10<0./0!.-'81&-<0!93-02!31!M*&-!48-='!=.10<(*2!
8M3-!(60!M3*.<263*=01d'!31!M*&-63*=01d'!=0&(6JD>S!?6.'!.'!(60!93'(!<3993-!4319!34!
:0-04.<.&12!=0'.K-&(.3-J!
!
50-04.<.&12! =0'.K-&(.3-'! &10! -3(! *.9.(0=! (3! *.40F.-'81&-<0! M3*.<.0'! &-=! UU`W'J! ?602!
<&-!&*'3!:0!9&=0!8-=01!&<<.=0-(F&-=F'.<\-0''F.-'81&-<0!M3*.<.0'!&-=!8-=01!&**!'31('!
34! 09M*3200! M0-'.3-+! 10(.1090-(! .-<390+! &-=! 3(601! (2M0'! 34! 10(.1090-(! '&/.-K'!
M*&-'J!
!
50-04.<.&12! =0'.K-&(.3-'! =3! -3(! 6&/0! (3! :0! 9&=0! O60-! &! M3*.<2! .'! M81<6&'0=! 31! &!
M*&-!.'!3M0-0=J!?602!<&-!:0!9&=0D>#!&(!&-2!(.90!(6010&4(01!:2!O&2!34!&!4100'(&-=.-K!
=3<890-(! <&**0=! &! 2%#0,-,&$".J! ?602! <&-! &*'3! :0! 9&=0! &'! M&1(! 34! &! O.**J! [3O0/01!
9&=0+!&!:0-04.<.&12!=0'.K-&(.3-!.'!&!'.9M*0!=3<890-(!B31!&!'.9M*0!<*&8'0!.-!&!*&1K01!
=3<890-(E+! O6.<6+! (6&-\'! (3! '390! *0K.'*&(.3-! =.'<8''0=! *&(01! .-! (6.'! <6&M(01+D>R ! 10F
f8.10'!3-*2!&!9.-.9&*!*0/0*!34!4319&*.(2!(3!:0!0440<(./0J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
D>SJ!Q4! -3! '0*0<(.3-! .'! 9&=0+! (60! 48-='! :2! =04&8*(! K3! .-(3! (60! M3*.<263*=01d'! 31! M*&-63*=01d'! 0'(&(0!
8M3-!(6&(!M01'3-d'!=0&(6J!
D>#J!G31! '.9M*.<.(2d'! '&\0+! (6.'! <6&M(01! O.**! 10401! <3-'.'(0-(*2! (3! C,Z$.9! &! :0-04.<.&12! =0'.K-&(.3-J!
)0-(&*!<&M&<.(2!<&-!&*'3!:0!&-!.''80!O60-!&!:0-04.<.&12!=0'.K-&(.3-!.'!10/3\0=!31!<6&-K0=J!U04F
010-<0'!(3!C,Z$.9!&!:0-04.<.&12!=0'.K-&(.3-!'638*=!:0!10&=!(3!.-<*8=0!10/3\.-K!&-=!<6&-K.-K!&!
:0-04.<.&12!=0'.K-&(.3-J!
D>RJ!!%%+!:0*3O+!'0<(.3-!;QQJ5Jb!&(!""RJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FFB'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
50-04.<.&12!=0'.K-&(.3-'!&10!M3M8*&1!:0<&8'0!(602!M13/.=0!&!'.9M*0+!'(1&.K6(431O&1=!
90&-'!(3!&<6.0/0!&!-89:01!34!6.K6*2!=0'.1&:*0!10'8*('J!?60!M81M3'0!34!&!:0-04.<.&12!
=0'.K-&(.3-!.'!(3!M13/.=0!431!M&290-(!34!.-'81&-<0!93-02!31!48-='!.-!&!M*&-!=.10<(*2!
(3!&!(6.1=!M01'3-!3-!(60!M3*.<263*=01d'!31!M*&-63*=01d'!=0&(6J!?6.'!&11&-K090-(!6&'!
&! -89:01! 34! M1&<(.<&*! &=/&-(&K0'J! `.-<0! (60! :0-04.(! 48-='! =3! -3(! K3! .-(3! (60! =0F
<0&'0=d'! 0'(&(0+! =0*&2'! &''3<.&(0=! O.(6! M13:&(0! &10! &/3.=0=! &-=! (60! 48-='! <&-! :0!
M&.=! 38(! f8.<\01! (3! (60! :0-04.<.&12J! ?60! 48-='! &10! &*'3! -3(! '8:c0<(! (3! M13:&(0! 400'J!
G.-&**2+!(60!48-='!<&-!:0!M13(0<(0=!4139!<10=.(31'J!
!
Z*(638K6!:0-04.<.&12!=0'.K-&(.3-'!&10!4&9.*.&1+!M3M8*&1+!&-=!'.9M*0!=3<890-('+!(602!
6&/0!M13/0=!(3!:0!6.K6*2!10'.'(&-(!(3!*0K&*!&-&*2'.'J!?602!6&/0!:00-!<&**0=!h3==!<10&F
(810'JiDSC! ?60! *0&=.-K! <&'0'! hM13/.=0! *.((*0! 60*M! 3-! (60.1! -&(810JiDS"! V0'M.(0! &! 4&.1*2!
0H(0-'./0! :3=2! 34! <3990-(&12! 3-! :0-04.<.&12! =0'.K-&(.3-'+! (60.1! h0''0-(.&*! -&(810!
J!J!J!'(.**!'009'!0*8'./0JiDS$!
!
?6010!&10!&!-89:01!34!10&'3-'!431!(6.'!=.44.<8*(2J!G.1'(+!(60!10'8*('!(6&(!4*3O!4139!&!
:0-04.<.&12!=0'.K-&(.3-!9&2!:0!&<6.0/0=!:2!&!-89:01!34!*0K&*!=0/.<0'J!Z!:0-04.<.&12!
=0'.K-&(.3-!<38*=!:0!'0(!8M!&'!&!\.-=!34!(0'(&90-(&12!=3<890-(g(6&(!.'+!.(!<38*=!:0!
9&=0!(3!(&\0!0440<(!3-!(60!M3*.<263*=01d'!31!M*&-63*=01d'!=0&(6JDSb!e-!(60!3(601!6&-=+!
.(!<38*=!:0!'(18<(810=!8'.-K!<3-(1&<(8&*!31!(18'(F*&O!M1.-<.M*0'+!31!:2!10*.&-<0!3-!&!
M3O01!34!&MM3.-(90-(JDSD!
!
`0<3-=+!10<&**!(6&(!:0-04.<.&12!=0'.K-&(.3-'!&10!'0(!8M!8-=01!&!-89:01!34!=.44010-(!
(2M0'!34!.-'81&-<0!M3*.<.0'!&-=!10(.1090-(!M*&-'J!?60!&MM13&<6!(3!:0-04.<.&12!=0'.KF
-&(.3-'! (&\0-! 8-=01+! 431! 0H&9M*0+! &! *.40F.-'81&-<0! M3*.<2! 9&2! =.4401! 4139! (60! &MF
M13&<6!(&\0-!8-=01!&-!UU`WJ!
!
?6.1=+!:0&1!.-!9.-=!(6&(!(60'0!.-'81&-<0!M3*.<.0'!&-=!10(.1090-(!M*&-'!&10!0&<6!M1.F
/&(0!<3-(1&<('J!?60!M&1(.0'!(3!(609!6&/0!&!<01(&.-!&938-(!34!4*0H.:.*.(2!.-!63O!(602!
'(18<(810! (60! =3<890-(d'! M13/.'.3-'J! `3+! 431! 0H&9M*0+! 3-0! <39M&-2d'! 10(.1090-(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DSCJ!L%(E,.$<A(6,#".(B"J(8&2J(!&,@@(:%.<$".(P5.2(D-5<&<!B"RSCE+!p"RS"q!"!LPU!$D#!&(!$j>+!p"RS"q!"!Z**!
%U!D#>+!)0K&112!XJ!
DS"J!V4$2J(
DS$J!U&*M6!%J!`<&-0+!hm3-F.-'81&-<0!50-04.<.&12!V0'.K-&(.3-'i!B"RRbE!S$!7&-J!5&1!U0/J!"S#!&(!"SRJ!!
DSbJ!!%%(B"#Z(FJ(B""Z%!B"#>>E+!PU!"!W13J!l!V./J!$DC!&(!$Db+!`.1!XJ!WJ!L.*=0!B-3(.-K!(6&(!(60!<*&''!34!(0'F
(&90-(&12! =3<890-('! 0H(0-='! :023-=! c8'(! O.**'! (3! 09:1&<0! &**! =3<890-('! (6&(! 10*2! 3-! &! M01F
'3-d'!=0&(6!431!(60.1!h/.K381!&-=!0440<(iEJ!
DSDJ!!%%! N,&%-<a( 8,>( "@( D-5<&<( $.( B,.,2,+! <5+-,! -3(0! bS>! &(! ""Sb! BhZ! M3O01! 34! &MM3.-(90-(! .'! (60!
&8(631.(2!K./0-!(3!&!M01'3-!(3!<633'0!O63!'6&**!:0!(60!(1&-'40100!34!'3903-0!0*'0d'!M13M01(2JiEJ!
FF]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
M*&-!9&2!<10&(0!&!:0-04.<.&12!=0'.K-&(.3-!(6&(!.'!:&'0=!3-!(0'(&90-(&12!M1.-<.M*0'!
O6.*0!&-3(601!9&2!=1&O!3-!M3O01'!34!&MM3.-(90-(!&'!(60!93=0*!431!.('!:0-04.<.&12!
=0'.K-&(.3-'J!
!
`3!(3!K1&'M!(60!-&(810!34!&!'M0<.4.<!:0-04.<.&12!=0'.K-&(.3-!.(!.'!-0<0''&12!(3!.-(01F
M10(! &! M3*.<2d'! 31! &! M*&-d'! K3/01-.-K! =3<890-('J! ?6.'! .'! -3(! 9010*2! &-! &<&=09.<!
f80'(.3-J!?60!<6&1&<(01._&(.3-!34!&!:0-04.<.&12!=0'.K-&(.3-!<&-!6&/0!'390!'.K-.4.<&-(!
<3-'0f80-<0'!431!(60!:0-04.<.&12!=0'.K-&(.3-d'!/&*.=.(2!&-=!3M01&(.3-J!
!
e-0!0H&9M*0!34!63O!(60!<6&1&<(01._&(.3-!34!&!:0-04.<.&12!=0'.K-&(.3-!<&-!&440<(!.('!
/&*.=.(2!.-/3*/0'!(60!4319&*.(.0'!(6&(!&10!10f8.10=!(3!0H0<8(0!&!/&*.=!:0-04.<.&12!=0'F
.K-&(.3-J!Q4!(60!:0-04.<.&12!=0'.K-&(.3-!.'!<3-(1&<(8&*!.-!-&(810+!(60-!&!10*&(./0*2!*3O!
*0/0*! 34! 4319&*.(2! .'! 10f8.10=J! 58(! .4! .(! .'! (0'(&90-(&12! .-! -&(810+! (60-! (60! <3-'0F
f80-<0!34!(6.'!<6&1&<(01._&(.3-!.'!(6&(!(60!:0-04.<.&12!=0'.K-&(.3-!98'(!:0!0H0<8(0=!
.-!&!9&--01!(6&(!'&(.'4.0'!(60!10f8.1090-('!34!(60!N$00<()#&JDSj!P0K.'*&(.3-!6&'!:00-!
0-&<(0=! (3! 9&\0! .(! <*0&1! (6&(! &**! (2M0'! 34! :0-04.<.&12! =0'.K-&(.3-'! B-3! 9&((01! 63O!
(602!&10!<6&1&<(01._0=E!-00=!3-*2!900(!(60!*3O01+!<3-(1&<(8&*!(610'63*=!34!4319&*.F
(.0'!.-!31=01!(3!:0!/&*.=*2!0H0<8(0=JDS>!
!
Z!'0<3-=!0H&9M*0!.-/3*/0'!&!<3-'0f80-<0!(6&(!9&2!4*3O!4139!<6&1&<(01._.-K!&!:0-0F
4.<.&12! =0'.K-&(.3-! &'! &! <3-(1&<(8&*! .-'(1890-(J! Q4! (6.'! <6&1&<(01._&(.3-! .'! &<<81&(0!
431!&!K./0-!<&'0+!(60-!(60!:0-04.<.&12!=0'.K-&(.3-!18-'!&438*!34!*3-K'(&-=.-K!18*0'!10F
*&(.-K!(3!M1./.(2!34!<3-(1&<(DSS!&-=!h.(!<38*=!4&.*!&'!8-0-431<0&:*0!:2!(60!(6.1=FM&1(2!
'(1&-K01!(3!(60!<3-(1&<(JiDS#!e-<0!&K&.-+!*0K.'*&(.3-!O&'!0-&<(0=!(3!=0&*!O.(6!&!M3(0-F
(.&*!M13:*09JDSR!Z'!O&'!(60!<&'0!O.(6!(60!M10/.38'!0H&9M*0!3-!0H0<8(.3-!4319&*.(.0'+!
(6.'!0H&9M*0!.-/3*/.-K!M1./.(2!34!<3-(1&<(!O&'!90(!O.(6!&!*0K.'*&(./0!M13/.'.3-!-&1F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DSjJ!!5+-,!-3(0!$#>+!'J!D!BO.**!-3(!/&*.=!8-*0''!B&E!&(!.('!0-=!.(!.'!'.K-0=!:2!(60!(0'(&(31!31!'.K-0=!.-!(60!
(0'(&(31d'!-&90!:2!'390!3(601!M01'3-!.-!(60!(0'(&(31d'!M10'0-<0!&-=!:2!(60!(0'(&(31d'!=.10<(.3-+!
B:E!(60!(0'(&(31!9&\0'!31!&<\-3O*0=K0'!(60!'.K-&(810!.-!(60!M10'0-<0!34!(O3!31!9310!&((0'(.-K!
O.(-0''0'!M10'0-(!&(!(60!'&90!(.90+!&-=!B<E!(O3!31!9310!34!(60!&((0'(.-K!O.(-0''0'!'8:'<1.:0!(60!
O.**!.-!(60!M10'0-<0!34!(60!(0'(&(31EJ!!%%(,0<"(?,#V..%<(FJ(?,#V..%<!B"RbDE+!p"Rbjq!`7U!$CC+!B<54(
."CJ(L%(?,#V..%<(T<&,&%E!p"Rbjq!"!VPU!DC"J!
DS>J!!%%(V.<5-,.#%()#&+!U`57!$C"$+!<J!"+!''J!jR+!>"+!""ST!8,>(,.2(Tg5$&'()#&+!U`57!"RR>+!<J!$jb+!''J!DRo
j"J!!%%(,0<"(N$00</(T<&,&%<(,.2(!5##%<<$".()#&+!<5+-,!-3(0!"C+!'J!#j!B.-!431<0!b"!)&1<6!$C"DEJ!
DSSJ!!%%(D>%220%(FJ()&Z$.<".!B"#>"E+!"!5J!l!`J!bRb!&(!bR#+!"$"!%U!S>$!BY5E+!L.K6(9&-!XJ!Bh-3!'(1&-K01!
(3!(60!<3-'.=01&(.3-!<&-!(&\0!&=/&-(&K0!34!&!<3-(1&<(+!&*(638K6!9&=0!431!6.'!:0-04.(iEJ!
DS#J!V&/.=!m31O33=!l!X36-!WJ!L0.1+!0='J+!K"->""2(".(8$@%(V.<5-,.#%($.(B,.,2,+!b=!0=J!B?313-(3A!7&1F
'O0**+!$CC$E!&(!$R"oR$J!
DSRJ!!%%( V.<5-,.#%( )#&+! <5+-,! -3(0! DS>+! ''J! >D+! "$$J! !%%( ,0<"( N$00</( T<&,&%<( ,.2( !5##%<<$".( )#&+! <5+-,!
-3(0!"C+!'J!Rb!B.-!431<0!b"!)&1<6!$C"DEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FF^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
13O*2! &==10''.-K! (60! 'M0<.4.<! M13:*09! &-=! -3(! O.(6! *0K.'*&(.3-! &.90=! &(! 9&\.-K! &!
K0-01&*!<6&1&<(01._&(.3-!34!&**!(2M0'!34!:0-04.<.&12!=0'.K-&(.3-'J!
!
e(601!*0K&*!.''80'!.-/3*/.-K!:0-04.<.&12!=0'.K-&(.3-'+!O6.<6!6&/0!-3(!&((1&<(0=!*0K.'F
*&(.3-+!6&/0!:00-!'0((*0=!:2!(60!<381('!.-(01M10(.-K!(60!M3*.<2!31!M*&-!=3<890-('!&-=!
<6&1&<(01._.-K!(60!:0-04.<.&12!=0'.K-&(.3-JD#C!
!
2#!
<@&/!(5!/@%!/%5/!*+!-&.&-(/0!/*!$&D%!&!=%'%+(-(&60!7%5()'&/(*'E!
e-0!O&2!(3!&MM13&<6!(60!.''80!34!(60!90-(&*!<&M&<.(2!10f8.10=!(3!9&\0!&!/&*.=!:0-0F
4.<.&12!=0'.K-&(.3-!O38*=!:0!(3!&=3M(!(60!<6&1&<(01._&(.3-!0H01<.'0!=0'<1.:0=!.-!(60!
M10/.38'! '0<(.3-J! ?60! M3*.<2! 31! M*&-! =3<890-('! O38*=! :0! 0H&9.-0=! <*3'0*2! (3! =0F
(019.-0!(60!-&(810!34!(60!:0-04.<.&12!=0'.K-&(.3-!&-=!(60!(0'(!34!<&M&<.(2!O38*=!:0!
K0&10=!(3!.('!-&(810J!`3!.4!&!:0-04.<.&12!=0'.K-&(.3-!O010!(0'(&90-(&12!.-!-&(810+!(60!
(0'(!34!<&M&<.(2!O38*=!:0!'.9.*&1!(3!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**J!Q4!(60!:0-04.<.F
&12! =0'.K-&(.3-! 10*.0=! 3-! 3(601! *0K&*! =0/.<0'+! (60-! '390(6.-K! '.9.*&1! (3! (60! (0'(! 34!
<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!O38*=!:0!9310!&MM13M1.&(0JD#" !
!
L%( L"9%-<+D#$! (60! *0&=.-K! 51.(.'6! 73*89:.&! <&'0! 3-! <&M&<.(2! (3! 9&\0! &! :0-04.<.&12!
=0'.K-&(.3-+!'(&1(0=!=3O-!(6.'!M&(6!:8(!0-=0=!8M!/001.-K!.-!&-3(601!=.10<(.3-J!?60!
<&'0! .-/3*/0=! &! :0-04.<.&12! =0'.K-&(.3-! 8-=01! &! *.40F.-'81&-<0! M3*.<2J! U3K01'+! (60!
M3*.<263*=01+!6&=!(&\0-!38(!(60!M3*.<2!.-!"Rj#+!=0'.K-&(.-K!6.'!M&10-('!&'!:0-04.<.&1F
.0'JD#b!Q-!X8*2!"R>"+!U3K01'!9&11.0=J!Z:38(!&!93-(6!&4(01!6.'!O0==.-K+!60!4.**0=!38(!
&-=! '.K-0=! &! <6&-K0! 34! :0-04.<.&12! 4319! &(! 6.'! .-'8101'd! 344.<0J! L6.*0! hp(q6010! O&'!
-3(6.-K!38(!34!(60!31=.-&12!&:38(!6.'!:06&/.381!&(!(6&(!(.90+iD#D!U3K01'!6&=!.-!4&<(!
h'844010=!&!-01/38'!:10&\=3O-!&!O00\!:04310!p(60q!9&11.&K0iD#j!&-=!O&'!=.'M*&2.-K!
'.K-'!34!90-(&*!.**-0''!(6138K638(!(60!'631(!9&11.&K0JD#>!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
D#CJ!!%%!`<&-0+!<5+-,!-3(0!DS$!&(!"RSJ!
D#"J!!%%($4$2J!&(!"RRJ!
D#$J!B"R>$E+!b>!VPU!B$=E!>>"+!DC!LLU!b"S!B57`7E!pL"9%-<!B`7E!<.(0=!(3!VPUq+!,@@a2(L"9%-<!B7ZE+(<5O
+-,!-3(0!DC"J!
D#bJ!L"9%-<!B`7E+!<5+-,!-3(0!D#$!&(!>>b+!U8((&-!XJ!
D#DJ!V4$2J!&(!>>jJ!
D#jJ!V4$2J!&(!>>DJ!
D#>J!!%%($4$2J!B-3(.-K!(6&(!U3K01'!hO&'!<3-(.-8&**2!=0M10''0=+i!h=1&-\!60&/.*2+i!hO&'!K./0-!(3!4.('!34!
0H(1090!1&K0+i!&-=!h*&:3810=!8-=01!(60!=0*8'.3-!(6&(!60!O&'!:0.-K!M01'0<8(0=!:2!(60!50-<601'!
34!(60!P&O!`3<.0(2+!&-=!&*'3!(6&(!60!O&'!:0.-K!8-c8'(*2!&<<8'0=!34!41&8=!:2!(60!9&-&K01!34!(60!
:&-\!O6010!60!\0M(!6.'!&<<38-('iEJ!
FF_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
Z!*.((*0!3/01!(O3!O00\'!&4(01!0H0<8(.-K!(60!:0-04.<.&12!=0'.K-&(.3-+!U3K01'!<399.(F
(0=!'8.<.=0JD#S !U3K01'd'!O.40!&-=!6.'!M&10-('!=.'M8(0=!&!-89:01!34!.''80'!'81138-=F
.-K! (60! 9&11.&K0! &-=! U3K01'd'! 0'(&(0! M*&-J! ?6.'! =.'M8(0! 8*(.9&(0*2! *&-=0=! .-! <381(+!
O.(6!U3K01'd'!O.40!&MM*2.-K!431!=.10<(.3-'!3-!&!-89:01!34!'(&(0=!.''80'JD## !
!
e-0!34!(60!.''80'!O&'!O60(601!U3K01'!h6&=!(60!90-(&*!<&M&<.(2!(3!0H0<8(0!(60!'&.=!
<6&-K0!34!:0-04.<.&12JiD#R!?60!(1.&*!c8=K0!&MM13&<60=!(6.'!.''80!:2!M&2.-K!M&1(.<8*&1!
600=!(3!(60!0HM01(!&-=!*&2!0/.=0-<0!34!U3K01'd'!90-(&*!'(&(0!&(!(60!(.90!60!<6&-K0=!
6.'! :0-04.<.&12! =0'.K-&(.3-JDRC! [0! =0'<1.:0=! (6.'! 0/.=0-<0! &'! '63O.-K! (6&(! hU3K01'!
pO&'q! 90-(&**2! =.'(81:0=+! :8(! -3(! '84401.-K! 4139! =0*8'.3-'! '3! &'! (3! :0! 8-&O&10! 34!
(60!-&(810!&-=!f8&*.(2!34!6.'!&<('JiDR" !
!
?60!*&'(!M&1(!34!(6.'!f83(&(.3-!.-/3\0'!(60!9&.-!0*090-('!34!(60!(0'(!34!<&M&<.(2!(3!
0-(01! .-(3! &! <3-(1&<(J! ?60! <381(! <3-<*8=0=! (6&(! U3K01'! 6&=! (60! 90-(&*! <&M&<.(2! (3!
9&\0! &! :0-04.<.&12! =0'.K-&(.3-! 8-=01! (6.'! (0'(JDR$! 58(! (60! <381(! .990=.&(0*2! M13F
<00=0=!(3!60=K0!3-!(60!&MM*.<&:*0!(0'(!34!<&M&<.(2J!Q-!(60!-0H(!'0-(0-<0!.-!(60!c8=KF
90-(+!(60!<381(!&==0=+!hp9q2!=0<.'.3-!.'!-3(!&*(010=!.4!Q!&MM*2!(3!(6.'!(1&-'&<(.3-!(60!
18*0'!34!(0'(&90-(&12!<&M&<.(2JiDRb !
!
U3K01'd'! M&10-('! &MM0&*0=! (60! (1.&*! =0<.'.3-JDRD! e-0! 34! (60! .''80'! 3-! &MM0&*! O&'!
U3K01'd'!90-(&*!<&M&<.(2J!U3K01'd'!M&10-('!&1K80=!(6&(!(60!<3110<(!(0'(!(3!&MM*2!O&'!
(60!(0'(&90-(&12!(0'(!&-=!(6&(+!:2!(6.'!'(&-=&1=+!U3K01'!=.=!-3(!6&/0!(60!<&M&<.(2!(3!
<6&-K0!6.'!:0-04.<.&12!=0'.K-&(.3-JDRj!?6.'!&1K890-(!M8(!(60!f80'(.3-!34!(60!<3110<(!
(0'(!(3!&MM*2!'f8&10*2!:04310!(60!<381(!34!&MM0&*J!?60!c8=K90-('!.-!(6&(!<381(!(33\!
(O3!=.44010-(!&MM13&<60'!(3!10'3*/.-K!(60!f80'(.3-J!
!
`60MM&1=!XZ!43<8''0=!'(1.<(*2!3-!<6&1&<(01._.-K!(60!:0-04.<.&12!=0'.K-&(.3-!&(!.''80J!
Q-!6.'!/.0O+!U3K01'd'!:0-04.<.&12!=0'.K-&(.3-!<38*=!-3(!:0!<6&1&<(01._0=!&'!h&!(0'(&F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
D#SJ!!%%($4$2J!&(!>>jJ!
D##J!!%%($4$2J!&(!>>$o>bJ!
D#RJ!V4$2J!&(!>>bJ!
DRCJ!!%%($4$2J!&(!>S"!Bh[010!(60!0/.=0-<0!34!(6100!O.(-0''0'!.'!34!'.K-.4.<&-(!/&*80JiEJ!
DR"J!V4$2J!
DR$J!!%%($4$2J!
DRbJ!V4$2J!!%%(,0<"($4$2J!&(!>S$!BhQ!4.-=!(60104310!(6010!.'!-3!0/.=0-<0!34!90-(&*!.-<&M&<.(2!O60(601!.(!
:0!(0'(&90-(&12!31!3(601O.'0JiEJ!
DRDJ!!%%(L"9%-<!B7ZE+!<5+-,!-3(0!DC"J!
DRjJ!!%%($4$2J!&(!"DDJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FFA'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
90-(&12! =.'M3'.(.3-i! :0<&8'0! h.(! (&\0'! 0440<(! -3(! &(! =0&(6! :8(! .990=.&(0*2JiDR>! Q-F
'(0&=! hp(q60! (1&-'&<(.3-! O&'! 0''0-(.&**2! &! <6&-K0! 34! <3-(1&<(! :0(O00-! (60! .-'810=!
&-=! (60! .-'81.-K! <39M&-2! &-=! (60104310! (60! /&*.=.(2! 34! (60! <6&-K0'! 34! :0-04.<.&12!
O38*=!=0M0-=!3-!(60!.-'810=d'!<&M&<.(2!(3!<3-(1&<(JiDRS!`60MM&1=!XZ!&MM*.0=!(60!(0'(!
34! <&M&<.(2! (3! 0-(01! .-(3! &! <3-(1&<(! &-=! 438-=! (6&(+! 3-! (60! 0/.=0-<0+! U3K01'! M3'F
'0''0=!<3-(1&<(8&*!<&M&<.(2!O60-!60!<6&-K0=!6.'!:0-04.<.&12!=0'.K-&(.3-JDR#!
!
L.*'3-!XZ!BV&/02!XZ!<3-<811.-KE!&K100=!(6&(!U3K01'!O&'!<&M&:*0!34!9&\.-K!&!/&*.=!
:0-04.<.&12! =0'.K-&(.3-+! :8(! h431! 3(601! 10&'3-'i! (6&-! (63'0! 10*.0=! 3-! :2! `60MF
M&1=!XZJDRR! L.*'3-! XZ! :0K&-! :2! 10/.0O.-K! (60! &MM*.<&:*0! *0K.'*&(.3-jCC! &-=! (60-!
93/0=!3-!(3!<6&1&<(01._0!(60!:0-04.<.&12!=0'.K-&(.3-!&(!.''80J!L.*'3-!XZ!438-=!(6&(!
(60!:0-04.<.&12!=0'.K-&(.3-!O&'!-3(!&!(0'(&90-(&12!=3<890-(+!:8(!1&(601!h&!'M0<.&*!
M3O01! 34! &MM3.-(90-(! *.9.(0=! (3! &! <*&''+! (60! M3O01! .-<*8=.-K! (60! 1.K6(! (3! 10/3\0!
M10/.38'!&MM3.-(90-('JijC"!58(!431!L.*'3-!XZ!(6.'!<6&1&<(01._&(.3-!34!(60!:0-04.<.&12!
=0'.K-&(.3-!=.=!-3(!=0(019.-0!O6.<6!(0'(!34!<&M&<.(2!(3!&MM*2J!
!
L.*'3-!XZ!M13<00=0=!(3!<3-'.=01!(60!M3*.<2!1&(.3-&*0'!431!(60!(0'(&90-(&12!&-=!<3-F
(1&<(8&*!(0'('J!Q-!6.'!/.0O+!&!\02!=.'(.-<(.3-!.'!h(6&(!(60!<3-(1&<(31!.'!10f8.10=!(3!:0!
<&M&:*0!34!&MM10<.&(.-K!6.'!3O-!.-(010'(!O6010&'!(60!(0'(&(31!.'!10f8.10=!(3!:0!<&M&F
:*0!34!&MM10<.&(.-K!(60!.-(010'('!34!3(601!M01'3-'+!(63'0!.-(010'('!<3-'.'(.-K!34!(60.1!
<*&.9'! (3! 6.'! :38-(2JijC$! L.*'3-! XZ! &*'3! -3(0=! (6&(! (60! <3-(1&<(8&*! (0'(! 34! <&M&<.(2!
6&=! &-! &==.(.3-&*! 0*090-(+! K3.-K! (3! (60! \-3O*0=K0! 34! (60! 3(601! <3-(1&<(.-K! M&1(2A!
(60!&==.(.3-&*!0*090-(!M13:0'!O60(601!(6&(!<3-(1&<(.-K!M&1(2!\-0O+!31!'638*=!10&F
'3-&:*2!:0!0HM0<(0=!(3!\-3O+!(6&(!(60!<3-(1&<(!O&'!:0.-K!9&=0!O.(6!&!M01'3-!O.(6!
=.9.-.'60=! <&M&<.(2J! L.*'3-! XZ! <3-<*8=0=! (6&(! (6.'! 0*090-(! O&'! .-&MM13M1.&(0! 431!
:0-04.<.&12!=0'.K-&(.3-'JjCb!e-!(60!3(601!6&-=+!(60!h=3-00!34!(60!M3O01!p$J%J+!U3K01'q!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DR>J!V4$2J!
DRSJ!V4$2J!&(!"DjJ!
DR#J!!%%($4$2J!&(!"DjoD>J!
DRRJ!V4$2J!&(!"D>J!
jCCJ!!%%(V.<5-,.#%()#&+!U`57!"R>C+!<J!"RS+!'J!"D#J!
jC"J!L"9%-<!B7ZE+!<5+-,!-3(0!DC"!&(!"DSJ!
jC$J!V4$2J!&(!"D#J!
jCbJ!!%%($4$2J!L.*'3-!XZ!'&.=!(6&(!(60!10&'3-!(6.'!0*090-(!O&'!.-&MM*.<&:*0!O&'!3:/.38'J!L6&(!60!&MF
M0&1'!(3!6&/0!.-!9.-=!.'!(6&(!(60!:0-04.(!34!&!:0-04.<.&12!=0'.K-&(.3-!=30'!-3(!4*3O!(3!(60!3(601!
<3-(1&<(.-K!M&1(2!B(60!.-'81&-<0!<39M&-2E!:8(!1&(601!(3!&!(6.1=!M01'3-!O63!.'!-3(!&!M&1(2!(3!(60!
<3-(1&<(J!
FF`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
O&'!<3-<01-0=!O.(6!(60!.-(010'('!34!3(601'!1&(601!(6&-!6.'!3O-!.-(010'(+!p'3q!(60!(0'F
(&90-(&12!(0'(!.'!(60!1.K6(!3-0!(3!&MM*2JijCD!
!
?6010!6&/0!:00-!&!-89:01!34!10<0-(!<&'0'jCj!.-/3*/.-K!90-(&*!<&M&<.(2!&-=!:0-04.<.F
&12!=0'.K-&(.3-'+!:8(!(602!(0-=!(3!(10&(!(60!f80'(.3-!34!O6.<6!(0'(!34!<&M&<.(2!(3!&MF
M*2!&'!&!9&((01!34!'0((*0=!M10<0=0-(J!?60!(2M.<&*!&MM13&<6!.'!(3!<.(0!0.(601!L.*'3-!XZd'!
c8=K90-(!.-!L%(L"9%-<!31!&!*0&=.-K!e-(&1.3!=0<.'.3-JjC>!?60-+!(60!<381(!:1.04*2!<3-F
<*8=0'!(6&(!h(60!(0'(!p(3!9&\0!&!:0-04.<.&12!=0'.K-&(.3-!.'q!(60!'&90!&'!(6&(!431!(0'F
(&90-(&12!<&M&<.(2JijCS!
!
?6010!.'!&(!*0&'(!3-0!10M31(0=!<381(!=0<.'.3-!(6&(!<&90!(3!&!=.44010-(!<3-<*8'.3-!&-=!
&MM*.0=!&!(0'(!34!<&M&<.(2!(3!9&\0!&!:0-04.<.&12!=0'.K-&(.3-!(6&(!9310!<*3'0*2!10'09F
:*0=!(60!<3-(1&<(8&*!(0'(JjC#!58(!(60!<381(!.-!(6.'!<&'0!=.=!-3(!0-K&K0!.-!(60!\.-=!34!
O0.K6.-K!34!(60!901.('!34!/&1.38'!(0'('!34!<&M&<.(2!(6&(!O&'!=3-0!.-!L%(L"9%-<J!Q(!'.9F
M*2!&MM*.0=!(60!<3-(1&<(8&*!(0'(!O.(638(!<3990-(J!
!
4#!
3%)(53&/(*'!6%3&/(')!/*!$%'/&3!-&.&-(/0!&'7!=%'%+(-(&60!7%5()'&/(*'5!
?6010! .'! '390! *0K.'*&(.3-! :0&1.-K! 3-! 90-(&*! <&M&<.(2! &-=! :0-04.<.&12! =0'.K-&(.3-'!
(6&(!.'!O31(6!-3(.-KJ!?60!*0K.'*&(.3-!09M3O01'!'3903-0!&<(.-K!.-!&!10M10'0-(&(./0!
<&M&<.(2! 431! &! M01'3-! O.(6! =.9.-.'60=! <&M&<.(2! (3! 9&\0! <01(&.-! 'M0<.4.0=! =0<.'.3-'!
O.(6!10'M0<(!(3!(6&(!M01'3-d'!:0-04.<.&12!=0'.K-&(.3-J!`.-<0!9&-2!:0-04.<.&12!=0'.KF
-&(.3-'!<&-!:0!<6&1&<(01._0=!&'!(0'(&90-(&12!=3<890-('+!(602!&10!<&8K6(!:2!&!*3-KF
'(&-=.-K! 18*0! (6&(! M13/.=0'! (6&(! &! M01'3-! <&--3(! =0*0K&(0! O.**F9&\.-K! &8(631.(2! (3!
&-! &K0-(+! '8<6! &'! &-! &((31-02! &<(.-K! 8-=01! &! M3O01! 34! &((31-02JjCR ! P0K.'*&(.3-! 6&'!
:00-!0-&<(0=!(3!'34(0-!(60!6&1=!0=K0'!34!(6.'!18*0J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jCDJ!V4$2J!&(!M&1&J!$RJ!
jCjJ!!%%(8$&&0%(T<&,&%(FJ(Y."0!B$CC>E+!$"!%?U!Bb=E!bCR+!"DD!Z7L`!Bb=E!""b$!Be-(J!`7XE!p8$&&0%(T<&,&%!
<.(0=!(3!%?UqT(B,-&%-(FJ(B,-&%-(B"RRRE+!#j!e?7!bS"+!$>!%?U!B$=E!SR!B]0-J!V./JET!D5-.%-(T<&,&%(FJ(
6%H,.<".!B"RRjE+!"bR!m`U!B$=E!$R>+!>!%?U!B$=E!$#$!B`7E+!,@@a2!B"RRjE+!"Db!m`U!B$=E!"$b+!#!%?U!
B$=E! ">R! B7ZE+! 0%,F%( &"( ,++%,0( &"( !BB( -%@5<%2+! p"RRjq! `77Z! m3J! Db#! BYPET! P".&,.,( FJ( P".&,.,!
B"R#SE+!$#!77PQ!$b$+!p"R#Sq!57X!m3J!Dj$!BYPE!B`7EJ!
jC>J!!&%>,-&(FJ(K,<A!B"R##E+!>j!eU!B$=E!$"#+!bC!%?U!#j!B[7XEJ!
jCSJ!8$&&0%(T<&,&%+!<5+-,!-3(0!jCj!&(!M&1&J!$CJ!
jC#J!!%%(?#V..$<(T<&,&%(FJ(3%#Z4%-&+!$CCb!W%`7?V!"$+!jC!%?U!B$=E!$DDJ!
jCRJ!!%%(9%.%-,00'!V&O-!V8=*02!e3'(016344+!hZ*.<0d'!L3-=01*&-=A!Z8(631.(2!34!&-!Z((31-02!431!W13MF
01(2!(3!Z90-=!&!50-04.<.&12!V0'.K-&(.3-i!B$CC$E!$$!%?WX!">J!!%%(,0<"(E%<A,-.,$<(FJ(D"-".&"(E"O
C$.$".( 6,.Z+! $CC"! 57`7! ">Rj+! D$! %?U! B$=E! "R$+! F,-$%2( ".( "&A%-( 9-"5.2<+! $CC$! 577Z! >DC+!
R!57PU!BD(6E!$b>J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FFa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
?60!M13/.'.3-'!34!3-0!34!(60!10*0/&-(!'(&(8(0'!&10!&*10&=2!.-!431<0J!,-=01!(60!:">%-(
"@()&&"-.%'()#&j"C!&-!&((31-02!&<(.-K!8-=01!&-!0-=81.-K!M3O01!34!&((31-02!.'!&8(631F
._0=!(3A!
!
• <6&-K0!(60!=3-31d'!0H.'(.-K!:0-04.<.&12!=0'.K-&(.3-+!'3!*3-K!&'!(60!&((31-02!
3:(&.-'!(60!'8M1090!<381(d'!&MM13/&*!34!(60!M13M3'0=!<6&-K0T!31!
• 9&\0!&!-0O!:0-04.<.&12!=0'.K-&(.3-!431!(60!=3-31!.4!
o (60!-0O*2!=0'.K-&(0=!:0-04.<.&12!.'!(60!=3-31d'!0'(&(0+!31!
o (60!=0'.K-&(.3-!.'!9&=0!.-!&-!.-'(1890-(!h(6&(!.'!10-0O.-K+!10M*&<.-K+!31!
<3-/01(.-K!&!'.9.*&1!.-'(1890-(i!(60!=3-31!9&=0!O6.*0!<&M&:*0!&-=!(60!
-0O! .-'(1890-(! =0'.K-&(0'! (60! '&90! :0-04.<.&12! (6&(! O&'! =0'.K-&(0=!
8-=01!(60!.-'(1890-(!.(!.'!10M*&<.-KJj""!
!
?60! h.-'(1890-(i! 1040110=! (3! .-! (60! &:3/0! M&''&K0! <&-! :0! &-2! (2M0! 34! =3<890-(+!
3(601!(6&-!&!O.**Jj"$!
!
?6010!&10!(O3!'(&(8(0'!(6&(!6&/0!:00-!M&''0=!:2!(60!*0K.'*&(810!:8(!(6&(!6&/0!-3(!20(!
:00-!:138K6(!.-(3!431<0!(6&(!&*'3!=0&*!O.(6!(60!&8(631.(2!34!10M10'0-(&(./0'!(3!9&\0!
=0<.'.3-'!&:38(!&-!.-<&M&:*0!M01'3-d'!:0-04.<.&12!=0'.K-&(.3-J!
!
G.1'(+! (60! )250&( I5,-2$,.<A$+( )#&+j"b ! &'! &90-=0=! .-! $CCS+j"D! 0H(0-='! '390! *.9.(0=!
M3O01'! (3! &! M13M01(2! K8&1=.&-! (3! 9&\0! 31! &90-=! &! :0-04.<.&12! =0'.K-&(.3-! 431! &!
M01'3-!O63!6&'!:00-!=0(019.-0=!(3!*&<\!(60!<&M&<.(2!(3!9&-&K0!6.'!31!601!4.-&-<.&*!
&44&.1'J!?60!&8(631.(2!K1&-(0=!.-!(60'0!M13/.'.3-'!M&1&**0*'!(60!&8(631.(2!K1&-(0=!(3!
&((31-02'!&<(.-K!8-=01!0-=81.-K!M3O01'!34!&((31-02Jj"j!
!
`0<3-=+!(60!N$00</(T<&,&%<(,.2(!5##%<<$".()#&j">!<3-(&.-'!M13/.'.3-'!3-!(60!&8(631.(2!
34!&!h10M10'0-(&(./0i!(3!9&\0!=0<.'.3-'!10K&1=.-K!&-!.-<&M&:*0!M01'3-d'!:0-04.<.&12!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
j"CJ!!5+-,!-3(0!$J!
j""J!V4$2J+!'J!$C!BjEJ!
j"$J!!%%($4$2J+!'J!$C!BjEJ!
j"bJ!!5+-,!-3(0!jJ!
j"DJ!)250&(I5,-2$,.<A$+(,.2(:0,..$.9(!&,&5&%<()C%.2C%.&()#&/(QRRS+!<5+-,!-3(0!j+!'J!D!B-3(!.-!431<0EJ!
j"jJ!!%%()250&(I5,-2$,.<A$+()#&+!<5+-,!-3(0!j+!'J!"S!BDE!B-3(!.-!431<0EJ(
j">J!!5+-,!-3(0!"C!B.-!431<0!b"!)&1<6!$C"DEJ!
FDE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
j"S
=0'.K-&(.3-J !?60'0!M13/.'.3-'!&10!'.9.*&1!(3!B:8(!-3(!0H&<(*2!(60!'&90!&'E!(60!M13F
/.'.3-'!.-!(60!:">%-("@()&&"-.%'()#&!&-=!(60!)250&(I5,-2$,.<A$+()#&J!
!
)@'
=00;"0'1$%'!"1$%*'
?6.'!.'!&-! &10&!(6&(! 6&'! &((1&<(0=! /012!*.((*0!&((0-(.3-! 4139! *&OF104319!&K0-<.0'Jj"#!
?6010!&MM0&1'!(3!:0!3-*2!&!'9&**!'0(!34!.''80'!431!104319!431!(60!(0'(!34!<&M&<.(2!(3!
9&\0!&!:0-04.<.&12!=0'.K-&(.3-J!Q-!4&<(+!(60!3-*2!10*0/&-(!.''80'!431!(60!M81M3'0'!34!
(6.'! 10M31(! <3-<01-! (60! 0*090-('! 34! (60! (0'(! .('0*4! &-=! O60(601! (602! '638*=! :0! 10F
43190=!:2!31!10'(&(0=!.-!*0K.'*&(.3-J!
!
"#!
5@*837! &'0! *+! /@%! %3%$%'/5! *+! /@%! /%5/! *+! -&.&-(/0! /*! $&D%! &! =%'%+(-(&60!
7%5()'&/(*'!=%!$*7(+(%7!=0!3%)(53&/(*'E!
Z'!=.'<8''0=!&:3/0+!(60!/&'(!9&c31.(2!34!<381('+!O60-!<3-413-(0=!O.(6!&-!.''80!10*&(F
.-K!(3!(60!90-(&*!<&M&<.(2!(3!9&\0!&!:0-04.<.&12!=0'.K-&(.3-+!6&/0!'.9M*2!'&.=!(6&(!
(60!(0'(!34!<&M&<.(2!(3!9&\0!&!:0-04.<.&12!=0'.K-&(.3-!.'!(60!'&90!&'!(60!(0'(!34!<&F
M&<.(2!(3!9&\0!&!O.**J!?6.'!<3-<*8'.3-!'009'!(3!10'(!3-!(60!M3*.<2!=0<.'.3-!9&=0!.-!
(60! *0&=.-K! <&'0+! L"9%-<! B7ZEJj"R! 58(! (6.'! M3*.<2! =0<.'.3-! =30'-d(! -00=! (3! :0! '0(! .-!
'(3-0J!?6010!9&2!:0!3(601+!:0((01!&MM13&<60'!(3!(6.'!&10&!34!(60!*&OJ!
!
e-0!&MM13&<6!O38*=!:0!(3!0-&<(!*0K.'*&(.3-!0'(&:*.'6.-K!(6&(!(60!(0'(!34!<&M&<.(2!(3!
9&\0!&!:0-04.<.&12!=0'.K-&(.3-!.'!&!93=.4.0=!/01'.3-!34!(60!(0'(!34!<&M&<.(2!(3!0-(01!
.-(3!&!<3-(1&<(J!?60!<3-(1&<(8&*!(0'(!34!<&M&<.(2!6&'!(60!43**3O.-K!0*090-('A!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
j"SJ!!%%(<5+-,!-3(0!"C+!''J!#j!BbE+!RC!B.-!431<0!b"!)&1<6!$C"DEJ!`0<(.3-!RC!M13/.=0'!(6&(!&!10M10'0-(&F
(./0!h.-<*8=0'!3-0!34!(60!43**3O.-KA!B&E!&!<399.((00!&<(.-K!8-=01!(60!:,&$%.&<(:-"+%-&'()#&T!B:E!&-!
&((31-02!&<(.-K!8-=01!&-!0-=81.-K!M3O01!34!&((31-02!&'!=0'<1.:0=!.-!'0<(.3-!#!34!(60!:">%-("@(
)&&"-.%'( )#&T! B<E! &! 10M10'0-(&(./0! &<(.-K! 8-=01! &! 10M10'0-(&(.3-! &K10090-(! 9&=0! 8-=01! '0<F
(.3-!R!B"E!BKE!34!(60!L%+-%<%.&,&$".()9-%%C%.&()#&T!B=E!&!M01'3-!&MM3.-(0=!8-=01!'0<(.3-!j"!B$E!
34!(60!V.2$,.()#&!B7&-&=&E!31!(60!).-.'(01!34!Q-=.&-!Z44&.1'!&-=!m31(601-!V0/0*3M90-(i!B$4$2JEJ!
j"#J!?6010! 6&/0! :00-! &! -89:01! 34! *&OF104319! 10M31('! (6&(! &==10''! :0-04.<.&12! =0'.K-&(.3-'+! :8(!
(60.1!43<8'!6&'!(0-=0=!(3!:0!3-!.''80'!10*&(0=!(3!(60!0H0<8(.3-!34!(63'0!=3<890-('!&-=!*0K.'*&F
(.3-! M13/.=.-K! &! 41&90O31\! 431! &! 10*&(./0*2! .-4319&*! 90(63=! 34! 0H0<8(.3-J! !%%! P&O! U04319!
7399.''.3-!34!51.(.'6!73*89:.&+!L%+"-&(".(&A%(?,Z$.9(,.2(L%F"#,&$".("@(N$00<+!PU7!j$!B;&-<38F
/01A!?60!7399.''.3-+!"R#"E!&(!#"oR"T!)&-.(3:&!P&O!U04319!7399.''.3-+!L%+"-&(".(!&,&5&"-'(
E%<$9.,&$".<(,.2(&A%(L%&$-%C%.&(:0,.(6%.%@$#$,-$%<()#&+!)PU7!U0MJ!-3J!Sb!BL.--.M0KA!?60!739F
9.''.3-+!"RRCET!Z*:01(&!P&O!U04319!Q-'(.(8(0+!L%+"-&(".(6%.%@$#$,-'(E%<$9.,&$".<\(LL!:</(LLVP<(
,.2(!%#&$".(_S("@(&A%(D-5<&%%()#&+!ZPUQ!U0MJ!-3J!>#!B%=93-(3-A!?60!Q-'(.(8(0+!"RRbET!51.(.'6!73F
*89:.&!P&O!Q-'(.(8(0+!L%+"-&(".(N$00</(T<&,&%<(,.2(!5##%<<$".\()(?"2%-.(8%9,0(P-,C%>"-Z+!57PQ!
U0MJ!-3J!Dj!B;&-<38/01A!?60!Q-'(.(8(0+!$CC>E!&(!S"o#D+!"S"o#>J!
j"RJ!!5+-,!-3(0!DC"J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FDF'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
• &!<3-(1&<(.-K!M&1(2!98'(!:0!&:*0!(3!h8-=01'(&-=!p(60!<3-(1&<(d'q!(019'iT!
• (6.'!<3-(1&<(.-K!M&1(2!98'(!&*'3!:0!&:*0!hp(3!4319q!&!1&(.3-&*!c8=K90-(!34!.('!
0440<(!8M3-!6.'!.-(010'('iT!&-=!
• (60! 3(601! <3-(1&<(.-K! M&1(2! 98'(! -3(! 6&/0! h&<(8&*! 31! <3-'(18<(./0i! \-3O*F
0=K0!34!(60!4.1'(!<3-(1&<(.-K!M&1(2d'!h90-(&*!.-<39M0(0-<2Jij$C!
!
Z'!L.*'3-!XZ!M3.-(0=!38(!(60!(6.1=!0*090-(!34!(6.'!(0'(!.'!.-&MM13M1.&(0!431!:0-04.<.F
&12!=0'.K-&(.3-'Jj$"!58(!(60!4.1'(!(O3!0*090-('!<38*=!:0!8'0=!&'!(60!(0'(!34!<&M&<.(2!
(3!9&\0!&**!:0-04.<.&12!=0'.K-&(.3-'!B-3!9&((01!63O!&-2!K./0-!:0-04.<.&12!=0'.K-&F
(.3-!.'!<6&1&<(01._0=EJ!
!
?6010! O38*=! :0! '0/01&*! &=/&-(&K0'! (3! (&\.-K! (6.'! &MM13&<6J! Q(! O38*=! 0'(&:*.'6! &!
'.9M*01! (0'(! 34! <&M&<.(2J! )&-2! :0-04.<.&12! =0'.K-&(.3-'! &10! 9&=0! .-! .-4319&*! '0(F
(.-K'+! (2M.<&**2! O60-! &-! .-'81&-<0! M3*.<2! .'! M81<6&'0=! 31! &! 10(.1090-(! M*&-! .'!
3M0-0=J! ?60! M01'3-'! M10'0-(! 9&2! -3(! 6&/0! (60! (1&.-.-K! 31! 0HM01(.'0! (3! &MM*2! (60!
9310!.-(1.<&(0!(0'(&90-(&12!(0'(!34!<&M&<.(2J!?6.'!.'!.-!<3-(1&'(!(3!O.**'+!O6.<6!'(.**!
(2M.<&**2!.-/3*/0!&!/.'.(!(3!&!*&O201d'!31!&!-3(&12!M8:*.<d'!344.<0J!Z!'.9M*01!*0K.'*&(./0!
(0'(!34!<&M&<.(2!O38*=!&*'3!:0!.-!6&193-2!O.(6!3(601!*0K.'*&(./0!=0/0*3M90-('!10*&(F
.-K! (3! :0-04.<.&12! =0'.K-&(.3-'J! )8<6! 34! (6.'! *0K.'*&(.3-! .'! =0=.<&(0=! (3! <10&(.-K! &-!
.-4319&*! 90&-'! 34! 0H0<8(.-K! :0-04.<.&12! =0'.K-&(.3-'+! :&'0=! 3-! <3-(1&<(8&*! M1.-<.F
M*0'+!&-=!&/3.=.-K!(60!9310!0*&:31&(0!4319&*.(.0'!-00=0=!(3!0H0<8(0!&!O.**J!
!
?6.'! &MM13&<6! <38*=! :0! f80'(.3-0=+! (638K6J! 50-04.<.&12! =0'.K-&(.3-'! &10! 8'8&**2!
'00-!&'!M&1(!34!&-!0'(&(0!M*&-J!Z-!&1K890-(!<38*=!:0!9&=0!(6&(!(60!(0'(&90-(&12!(0'(!
34! <&M&<.(2! .'! &! :0((01! 4.(! 431! (609J! Z=3M(.-K! (60! <3-(1&<(8&*! (0'(! 34! <&M&<.(2! O38*=!
&*'3!10M10'0-(!&!'.K-.4.<&-(!<6&-K0!.-!(60!*&OJ!?3!c8'(.42!.(!(6010!'638*=!:0!'390!<*0&1!
0/.=0-<0! (6&(! (60! <8110-(! &MM13&<6! .'! <&8'.-K! '390! M13:*09'! .-! M1&<(.<0J! 58(! (60!
<&'0'! &-=! <3990-(&12! =3! -3(! &MM0&1! (3! M13/.=0! &-2! 0/.=0-<0! 34! '8<6! =.44.<8*(.0'J!
?60! /&'(! 9&c31.(2! 34! <&'0'! '.9M*2! &MM*2! (60! (0'(&90-(&12! (0'(! 34! <&M&<.(2+! O.(638(!
&-2!<3990-(J!
!
Q-!(60!<399.((00d'!/.0O+!(60!<8110-(!(0'(!34!<&M&<.(2!(3!9&\0!&!:0-04.<.&12!=0'.K-&F
(.3-!.'!-3(!.-!-00=!34!104319J!?60!(0'(!=30'!-3(!&MM0&1!(3!:0!=04.<.0-(!31!(3!:0!<&8'F
.-K!M13:*09'!.-!M1&<(.<0J!Z'!.(!<8110-(*2!'(&-='+!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!:0-04.F
<.&12!=0'.K-&(.3-!.'!6&193-._0=!O.(6!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**J!`.-<0!(60'0!
=3<890-('! &10! <3993-*2! 9&=0! &'! M&1(! 34! &! <39M1060-'./0! 0'(&(0! M*&-+! .(! 9&\0'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
j$CJ!Y%00'+!<5+-,!-3(0!DCC!&(!$SjJ!
j$"J!!%%(L"9%-<(B7ZE+(<5+-,!-3(0!DC"!&(!"D#J!
FDD'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
'0-'0!(3!10(&.-!&!(0'(!34!<&M&<.(2!(6&(!(10&('!(609!3-!&-!0f8&*!433(.-KJ!G.-&**2+!<3-'8*F
(&(.3-!10'M3-=0-('!'8MM31(0=!(60!<399.((00d'!M13M3'&*!:2!&!O.=0!9&1K.-J!
!
?60!<399.((00!10<3990-='A!
[^J(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(&A,&(#A,.9%<(&A%(#"CC".O0,>(&%<&("@(
#,+,#$&'(&"(C,Z%/(#A,.9%/("-(-%F"Z%(,(4%.%@$#$,-'(2%<$9.,&$".J(
!
2#!
5@*837!/@%! /%5/!*+! -&.&-(/0!/*! $&D%!&! =%'%+(-(&60! 7%5()'&/(*'!=%! 6%5/&/%7!
('!3%)(53&/(*'E!
Z!'0<3-=!*0K.'*&(./0!104319!(6&(!'638*=!:0!<3-'.=010=!.'!(60!M3''.:.*.(2!34!10'(&(.-K!
(60!(0'(!34!<&M&<.(2!(3!9&\0!&!:0-04.<.&12!=0'.K-&(.3-J!Z!10'(&(090-(!O38*=!'0(!(60!
<8110-(! <3993-F*&O! (0'(! 34! <&M&<.(2! .-! *0K.'*&(.3-! O.(638(! <6&-K.-K! &-2! 34! .('! 0*0F
90-('J!
!
U0'(&(.-K!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!:0-04.<.&12!=0'.K-&(.3-!O38*=!6&/0!(60!&=F
/&-(&K0! 34! 9&\.-K! (60! (0'(! 9310! &<<0''.:*0+! M&1(.<8*&1*2! (3! (60! K0-01&*! M8:*.<J! Q(!
<38*=! &*'3! 60*M+! M3(0-(.&**2+! (3! <*&1.42! (60! *&OJ! ?60! <381('! 6&/0! (0-=0=! -3(! (3! =0*/0!
.-(3!<3-'(18.-K!(60!M3*.<2!31!M*&-!=3<890-('!(6&(!9&\0!8M!:0-04.<.&12!=0'.K-&(.3-'J!
58(!.4!(602!=.=!.-!(60!48(810!&=3M(!(6.'!&MM13&<6+!.(!<38*=!*0&=!(3!=.4401.-K!(10&(90-(!
34! :0-04.<.&12! =0'.K-&(.3-'+! '.-<0! (60! 8-=01*2.-K! *0K&*! 9&\08M! 34! /&1.38'! (2M0'! 34!
:0-04.<.&12! =0'.K-&(.3-'! 9&2! =.4401J! Q(! O38*=! :0! &=/&-(&K038'+! .-! '8<6! <.1<89F
'(&-<0'+!(3!6&/0!*0K.'*&(.3-!(6&(!0'(&:*.'60'!&!<3-'.'(0-(!&MM13&<6!(3!(60!(0'(!34!<&F
M&<.(2!(3!9&\0!&!:0-04.<.&12!=0'.K-&(.3-J!
!
e-!(60!3(601!6&-=+!(60!*&O!&'!.(!<8110-(*2!'(&-='!'009'!(3!:0!O0**!'0((*0=J!Q(!&MM0&1'!
(3!:0!<*0&1!(6&(!(60!(0'(!34!<&M&<.(2!(3!&MM*2!(3!=0(019.-0!O60(601!'3903-0!6&'!(60!
90-(&*!<&M&<.(2!(3!9&\0!&!:0-04.<.&12!=0'.K-&(.3-!.'!(60!(0'(&90-(&12!(0'(J!G81(601+!
(6.'!(0'(!=30'!-3(!&MM0&1!(3!:0!<&8'.-K!'.K-.4.<&-(!M13:*09'!.-!M1&<(.<0J!
!
L6.*0!(6010!9.K6(!:0!&-!0=8<&(.3-&*!/&*80!(3!10'(&(.-K!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!
:0-04.<.&12!=0'.K-&(.3-+!(60!<399.((00!O&'!-3(!<3-/.-<0=!(6&(!(6.'!10&'3-!&*3-0!O&'!
0-38K6!(3!'8MM31(!&!<&**!431!*0K.'*&(.3-J!?60!(0'(!34!<&M&<.(2!&MM0&10=!(3!:0!O0**!'0(F
(*0=!&-=!10&'3-&:*2!O0**!\-3O-J!Z-=!(6.'!M13M3'&*!O&'!'8MM31(0=!:2!&!'(13-K!9&F
c31.(2!34!10'M3-=0-('!(3!(60!<3-'8*(&(.3-!M&M01J!
!
?60!<399.((00!10<3990-='A!
[]J(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(&A,&(-%<&,&%<(&A%(#"CC".O0,>(&%<&("@(
#,+,#$&'(&"(C,Z%/(#A,.9%/("-(-%F"Z%(,(4%.%@$#$,-'(2%<$9.,&$".J(
!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FDB'
'
P!5L/'!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!' T===@' )565)=/U'
)K>>=//JJ'
/K'
GK>=G5/J'
5'
5@' =(&%$7;2&3$('
P0K.'*&(.3-! &**3O'! 431! &! M01'3-! (3! -39.-&(0! '3903-0! (3! '01/0! &'! (60! M01'3-d'!
<399.((00g(6&(!.'+!'3903-0!O63!O.**!9&\0!=0<.'.3-'!3-!(60!M01'3-d'!:06&*4!.4!(60!
M01'3-! .'! 0/01! c8=K0=! (3! :0! .-<&M&:*0! 34! 9&-&K.-K! 6.'! 31! 601! M01'3-! 31! &44&.1'Jj$$!
?6.'! 34(0-F3/01*33\0=! M&1(! 34! (60! 0'(&(0FM*&--.-K! M13<0''! .'! (60! '8:c0<(! 34! (6.'!
<6&M(01J! ?60! <6&M(01d'! 9&.-! 43<8'! .'! <3-'.=01.-K! 104319'! (3! (60! (0'(! 34! <&M&<.(2! (3!
-39.-&(0! &! <399.((00J! 504310! K0((.-K! (3! (6.'! .''80! 431! 104319! .(! M13/.=0'!
:&<\K138-=! .-4319&(.3-! 3-! (60! -&(810! 34! <399.((00'+! (60! M13<0''! 34! -39.-&(.-K! &!
<399.((00+! (60! (0'(! 34! <&M&<.(2! (3! -39.-&(0! &! <399.((00+! &-=! 63O! (60! 48**!
.9M*090-(&(.3-!34!(60!)250&(I5,-2$,.<A$+()#&!O.**!&440<(!(6.'!&10&!34!(60!*&OJ!
!
9@' 9-2Z[%$;(7'
"#!
.&/(%'/5!&'7!-*$$(//%%5!
?60! :,&$%.&<( :-"+%-&'( )#&j$b ! 0'(&:*.'60'! &! <381(F:&'0=! M13<0''! 431! =0(019.-.-K!
O60(601!&!M01'3-!.'!.-<&M&:*0!34!9&-&K.-K!6.'!31!601!&44&.1'!31!.-<&M&:*0!34!9&-&KF
.-K!6.9'0*4!31!601'0*4!B31!:3(6EJ!Z'!&!10'8*(!34!(6&(!M13<0''+!&!<381(!9&2!9&\0!&-!31F
=01!=0<*&1.-K!&!M01'3-!(3!:0!B"E!.-<&M&:*0!34!9&-&K.-K!6.'!31!601!&44&.1'+!B$E!.-<&M&F
:*0!34!9&-&K.-K!6.9'0*4!31!601'0*4+!31!BbE!.-<&M&:*0!34!9&-&K.-K!6.9'0*4!31!601'0*4!31!
6.'!31!601!&44&.1'J!Z!M01'3-!O63!.'!=0<*&10=!.-<&M&:*0!.-!3-0!34!(60'0!O&2'!.'!1040110=!
(3!.-!(60!&<(!&'!&!+,&$%.&J!
!
L60-!&!M01'3-!.'!=0<*&10=!&!M&(.0-(!(60!<381(!O.**!(2M.<&**2!&*'3!&MM3.-(!&!<399.((00!
431!(60!M&(.0-(J!Q-!:&'.<!(019'+!&!#"CC$&&%%!.'!hp&q!M01'3-!0-(18'(0=!O.(6!(60!<6&1K0!
34!&-3(601!31!34!6.'!31!601!M13M01(2Jij$D!
!
Z'! (6.'! =04.-.(.3-! .9M*.0'+! (6010! &10! (O3! (2M0'! 34! <399.((00'J! e-0! (2M0! .'! <&**0=! &!
#"CC$&&%%( "@( &A%( +%-<".J! Q-! (60! *&-K8&K0! 34! (60! &<(+! &! <399.((00! 34! (60! M01'3-! 6&'!
h<8'(3=2!34!(60!M01'3-!34!(60!M&(.0-(Jij$j!Q-!M1&<(.<0+!(6.'!90&-'!(6&(!(60!<399.((00!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
j$$J!!%%(:,&$%.&<(:-"+%-&'()#&+!<5+-,!-3(0!j+!'J!R!!%%(,0<"()250&(I5,-2$,.<A$+()#&+!<5+-,!-3(0!j+!'J!#!BDE!
B<&112.-K!431O&1=!(6.'!<3-<0M(!431!K8&1=.&-'!8-=01!(6.'!&<(g-3(!.-!431<0EJ!
j$bJ!!5+-,!-3(0!jJ!
j$DJ!DA%(K%>(!A"-&%-(X1@"-2(T.90$<A(E$#&$".,-'+!<54(F%-4"!h<399.((00Ji!
j$jJ!!5+-,!-3(0!j+!'J!"j!B"E!B:E!B..EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FD^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
34!(60!M01'3-!.'!09M3O010=!(3!9&\0!M01'3-&*!&-=!60&*(6F<&10!=0<.'.3-'!431!(60!M&F
(.0-(J!?60!3(601!(2M0!34!<399.((00!.'!<&**0=!&!#"CC$&&%%("@(&A%(%<&,&%J!Z!<399.((00!34!
(60!0'(&(0!.'!09M3O010=!(3!9&\0!4.-&-<.&*!=0<.'.3-'!431!(60!M&(.0-(J!Z'!(60!&<(!M8('!
.(+!&!<399.((00!34!(60!0'(&(0!h6&'!&**!(60!1.K6('+!M1./.*0K0'!&-=!M3O01'!O.(6!10K&1=!(3!
(60!0'(&(0!34!(60!M&(.0-(!&'!(60!M&(.0-(!O38*=!6&/0!.4!34!48**!&K0!&-=!34!'38-=!&-=!=.'F
M3'.-K!9.-=Jij$>!
!
Z!M&(.0-(!9&2!6&/0!0.(601!&!<399.((00!34!(60!M01'3-!31!&!<399.((00!34!(60!0'(&(0g
31! :3(6J! ?60! (2M0! 34! <399.((00! &MM3.-(0=! 10*&(0'! :&<\! (3! (60! -&(810! 34! (60! <381(d'!
=0<*&1&(.3-!34!.-<&M&<.(2J!Q4!(60!<381(!=0<*&10=!(6&(!(60!M&(.0-(!.'!.-<&M&:*0!34!9&-&KF
.-K! 6.'! 31! 601! &44&.1'+! (60-! &! <399.((00! 34! (60! 0'(&(0! .'! &MM3.-(0=J! Q4! (60! <381(! =0F
<*&10=!(6&(!(60!M&(.0-(!.'!.-<&M&:*0!34!9&-&K.-K!6.9'0*4!31!601'0*4+!(60-!&!<399.((00!
34!(60!M01'3-!.'!&MM3.-(0=J!G.-&**2!.4!(60!<381(!=0<*&10=!(6&(!(60!M&(.0-(!.'!.-<&M&:*0!
34! 9&-&K.-K! 6.9'0*4! 31! 601'0*4! 31! 6.'! 31! 601! &44&.1'+! (60-! :3(6! (2M0'! 34! <399.((00!
'638*=!:0!&MM3.-(0=J!Z!'.-K*0!M01'3-!9&2!&<(!&'!:3(6!(60!M&(.0-(d'!<399.((00!34!(60!
M01'3-!&-=!<399.((00!34!(60!0'(&(0J!58(+!.-!M1&<(.<0+!(60!13*0'!&10!34(0-!&''.K-0=!(3!
=.44010-(!M03M*0Jj$S!
!
2#!
<@&/!(5!&!'*$('&/(*'!*+!&!-*$$(//%%E!
?60!&<(!M13/.=0'!&!90<6&-.'9!431!&!M&(.0-(!(3!.-4*80-<0!(60!'0*0<(.3-!34!&!<399.((00J!
h)3'(! pM&(.0-('q+i! -3(0'! &! *0&=.-K! M1&<(.<0! K8.=0+! hO.**! 6&/0! '(13-K! /.0O'! &:38(!
O639!(602!O38*=!*.\0!(3!9&-&K0!(60.1!4.-&-<0'!&-=!9&\0!60&*(6F10*&(0=!=0<.'.3-'!
431!(609!.4!(602!&10!.-<&M&<.(&(0=Jij$#!
!
Q4!(63'0!/.0O'!&10!-3(!10<31=0=!:04310!(60!<381(!&MM*.<&(.3-!.'!9&=0+!(60-!.(!9&2!:0!
(33!*&(0!431!(60!M&(.0-(!(3!.-4*80-<0!(60!M13<00=.-K'J!Z(!(6.'!M3.-(+!(60!M&(.0-(d'! <&F
M&<.(2!.'!.-!=38:(!&-=!(60!<381(!&MM*.<&(.3-!.'!:0.-K!<&11.0=!38(!:2!&-3(601!M01'3-!
B'8<6!&'!&!4&9.*2!909:01E!31!&!M8:*.<!:3=2!B'8<6!&'!(60!e44.<0!34!(60!W8:*.<!]8&1=.&-!
&-=!?18'(00EJ!Z!-39.-&(.3-!34!&!<399.((00!.'!&!M*&--.-K!=3<890-(!(6&(!&**3O'!(60!
M&(.0-(+!O6.*0!(60!M&(.0-(!.'!<&M&:*0+!(3!.=0-(.42!(60!M01'3-!31!M01'3-'!O639!(60!M&F
(.0-(!O38*=!O&-(!(3!&<(!&'!<399.((00+!.4!(60!M&(.0-(!.'!0/01!=0<*&10=!.-<&M&:*0!8-=01!
(60!&<(J!?60!*0K.'*&(.3-!M13/.=0'!(6&(!(60!-39.-&(.3-!98'(!:0!K./0-!0440<(+!O.(6!(60!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
j$>J!V4$2J+!'J!"j!B"E!B:E!B.EJ!
j$SJ!!%%!W0(01!LJ!53K&1=8'!l!)&12!5J![&9.*(3-+!N$00<(:-%#%2%.&<\().().."&,&%2(I5$2%+!*33'0*0&4!B<3-F
'8*(0=! 3-! $D! X8-0! $C"bE+! B;&-<38/01A! 73-(.-8.-K! P0K&*! %=8<&(.3-! `3<.0(2! 34! 51.(.'6! 73*89:.&+!
"RR#E!&(!x!$RJ"J!
j$#J!V4$2J!
FD_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
-39.-00!&MM3.-(0=!&'!<399.((00+!h8-*0''!(6010!.'!K33=!&-=!'844.<.0-(!10&'3-!431!10F
48'.-K!(60!&MM3.-(90-(Jij$R!
!
?60!:,&$%.&<(:-"+%-&'()#&!<3-(&.-'!'390!=.10<(.3-'!3-!63O!(3!<10&(0!&!/&*.=!-39.-&F
(.3-! 34! <399.((00J! ?60! -39.-&(.3-! 98'(! :0! h0H0<8(0=! .-! &<<31=&-<0! O.(6! (60! 10F
f8.1090-('!431!(60!9&\.-K!34!&!O.**!8-=01!(60!N$00<()#&JijbC!Z-=+!34!9310!.9M31(&-<0!
431! (6.'! 10M31(+! (60! -39.-&(.3-! 98'(! :0! h9&=0! &-=! '.K-0=! :2! (60! M&(.0-(! &(! &! (.90!
O60-! (60! M&(.0-(! O&'! 34! 48**! &K0! &-=! 34! '38-=! &-=! =.'M3'.-K! 9.-=Jijb"! ?63'0! *&'(!
O31='!.9M31(!&!90-(&*F<&M&<.(2!10f8.1090-(!.-(3!(60!0H0<8(.3-!34!&!-39.-&(.3-!34!&!
<399.((00J! `.-<0! (60! *0K.'*&(.3-! =30'! -3(! <3-(&.-! &! (0'(! 34! <&M&<.(2! &MM*.<&:*0! (3!
-39.-&(.3-'!34!<399.((00'+!.(!.'!-0<0''&12!(3!*33\!(3!(60!<3993-!*&OJ!
!
4#!
<@&/!(5!/@%!/%5/!*+!-&.&-(/0!/*!'*$('&/%!&!-*$$(//%%E!
?60!3-*2!<&'0!=.10<(*2!3-!M3.-(!.'!&!10*&(./0*2!10<0-(!=0<.'.3-+!P-,<%-(FJ(P-,<%-Jjb$!?60!
3-*2!h.''80!.-!=.'M8(0!p.-!P-,<%-!O&'q!(60!&MM13M1.&(0!<399.((00!431!(60!0'(&(0!&-=!
M01'3-!34!Z-=10O!G1&'01!`1Jijbb!
!
)1J!G1&'01!6&=!4./0!:.3*3K.<&*!<6.*=10-!&-=!(O3!&=3M(0=!<6.*=10-J![0!'844010=!4139!
8-(10&(&:*0! /&'<8*&1! =090-(.&JjbD! e/01! (60! 20&1'+! &1K890-('! 3/01! 6.'! <&10! &-=! (60!
9&-&K090-(!34!6.'!M13M01(2!6&=!<10&(0=!&-!h&<1.93-.38'!=.'M8(0!&93-K!909:01'!
34! (60! G1&'01! 4&9.*2Jijbj! e-0! '3-! 6&=! (&\0-! M1.9&12! 10'M3-'.:.*.(2! 431! )1J! G1&'01d'!
<&10J!Z<(.-K!8-=01!&!M3O01!34!&((31-02!K1&-(0=!:2!)1J!G1&'01+!(6.'!'3-!6&=!&*'3!:00-!
*&1K0*2!10'M3-'.:*0!431!9&-&K.-K!6.'!4.-&-<.&*!&44&.1'J!e(601!4&9.*2!909:01'!*0/0**0=!
hp&q<<8'&(.3-'!34!8-=80!.-4*80-<0+!O&-(!34!M13M01!<&10+!(604(+!41&8=+!&-=!3(601!&<('!34!
=.'63-0'(2!J!J!Ji!&K&.-'(!(6.'!'3-Jjb>!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
j$RJ!!5+-,!-3(0!j+!'J!RJ!
jbCJ!V4$2J+!'J!R!B:EJ!!%%(,0<"(N$00<()#&+(<5+-,!-3(0!DSj+!'J!D!BO.**!-3(!/&*.=!8-*0''!.(!.'!.-!O1.(.-K!&-=!B&E!&(!
.('!0-=!.(!.'!'.K-0=!:2!(60!(0'(&(31!31!'.K-0=!.-!(60!(0'(&(31d'!-&90!:2!'390!3(601!M01'3-!.-!(60!
(0'(&(31d'!M10'0-<0!&-=!:2!(60!(0'(&(31d'!=.10<(.3-+!B:E!(60!(0'(&(31!9&\0'!31!&<\-3O*0=K0'!(60!
'.K-&(810! .-! (60! M10'0-<0! 34! (O3! 31! 9310! &((0'(.-K! O.(-0''0'! M10'0-(! &(! (60! '&90! (.90+! &-=!
B<E!(O3!31!9310!34!(60!&((0'(.-K!O.(-0''0'!'8:'<1.:0!(60!O.**!.-!(60!M10'0-<0!34!(60!(0'(&(31EJ(
jb"J!!5+-,!-3(0!j+!'J!R!B&EJ!
jb$J!$CC#!57`7!"Sbb+!DDj!%?U!Bb=E!$#j!pP-,<%-qJ!
jbbJ!V4$2J!&(!M&1&J!>+!518<0!XJ!
jbDJ!!%%($4$2J!&(!M&1&J!jJ!
jbjJ!V4$2J!&(!M&1&J!#!
jb>J!V4$2J!&(!M&1&J!"CJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FDA'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
Q-!$CC>+!<3-<01-0=!&:38(!M*&-'!(6&(!6.'!'3-!6&=!(3!93/0!6.9!.-(3!&!<&10!4&<.*.(2+!)1J!
G1&'01!'38K6(!*0K&*!&=/.<0J!?60!10'8*(!34!(6.'!&=/.<0!O&'!(60!<10&(.3-!34!&!-0O!0'(&(0!
M*&-!(6&(!4&/3810=!3(601!<6.*=10-!3/01!(60!'3-!O63!6&=!M10/.38'*2!:00-!M13/.=.-K!
)1J!G1&'01d'!<&10J!Q-!M&1(.<8*&1+!)1J!G1&'01!0H0<8(0=!&!-39.-&(.3-!34!<399.((00!(6&(!
-39.-&(0=!(O3!34!6.'!3(601!'3-'J!
!
Q-!$CCS+!(60!9&((01!O&'!:138K6(!(3!&!60&=!.-!&-!&MM*.<&(.3-!(3!=0<*&10!)1J!G1&'01!(3!
:0!.-<&M&:*0!34!9&-&K.-K!6.9'0*4!&-=!6.'!&44&.1'J!Z**!'.=0'!&K100=!(6&(!)1J!G1&'01!O&'!
.-<&M&:*0T! (60! 43<8'! 34! (60! =.'M8(0! O&'! 3-! O63! '638*=! :0! -&90=! <399.((00J! ?60!
<381(!6&=!(3!<3-'.=01!(60!-39.-&(.3-!34!<399.((00J!Q-!=3.-K!'3+!(60!<381(!109&1\0=!
(6&(!hp(q6010!.'!&!f8&*.(&(./0!=.44010-<0!:0(O00-!9&-&K.-K!3-0d'!:8'.-0''!&44&.1'!&-=!
&((0-=.-K! (3! 3-0d'! =&.*2! <&10! -00='! &-=! <633'.-K! O63! &93-K! 4&9.*2! 909:01'! 3-0!
O.'60'!(3!6&/0!.-!<6&1K0!34!(60'0!9&((01'JijbS!?60!<3-(1&'(!=1&O-!6010!&MM0&1'!(3!:0!
:0(O00-!(60!(0'(!34!<&M&<.(2!431!&!=0<*&1&(.3-!8-=01!(60!:,&$%.&<(:-"+%-&'()#&!&-=!(60!
(0'(!34!<&M&<.(2!(3!0H0<8(0!&!/&*.=!-39.-&(.3-!34!<399.((00J!?60!M3.-(!.'!(6&(!(60!<&F
M&<.(2! 10f8.10=! (3! -39.-&(0! &! <399.((00! .'! *3O01! (6&-! (60! *0/0*! 34! <&M&<.(2! (6&(!
O38*=!c8'(.42!&!=0<*&1&(.3-!8-=01!(60!&<(J!
!
?60! <381(! O0-(! 3-! (3! '&2! (6&(! (60! (0'(! 34! <&M&<.(2! (3! -39.-&(0! &! <399.((00! O&'!
hp'q.9.*&1!(3!(0'(&90-(&12!<&M&<.(2J!J!J!Jijb#!58(!(6.'!109&1\!&MM&10-(*2!=.=!-3(!90&-!
(6&(!(60!(0'(!34!<&M&<.(2!(3!-39.-&(0!&!<399.((00!'6&10=!(60!'&90!0*090-('!&'!(60!
(0'(!34!<&M&<.(2!(3!9&\0!&!O.**J!Q-'(0&=+!(60!<381(!&MM&10-(*2!90&-(!(6&(!(60!(O3!(0'('!
3<<8M2!O6&(!.(!/.0O0=!(3!:0!&!'.9.*&1*2!*3O!18-K!3-!(60!<&M&<.(2!6.01&1<62JjbR!?60!
<381(! <3-<*8=0=! hp)1J! G1&'01q! O&'+! &(! (60! 10*0/&-(! (.90+! <&M&:*0! 34! 8-=01'(&-=.-K!
(60!-39.-&(.3-!&-=!'0*0<(.-K!O639!60!O.'60=!(3!9&-&K0!6.'!0'(&(0!&-=!M01'3-JijDC!
?6.'!<3-<*8'.3-!9&\0'!.(!'38-=!&'!.4!(60!<381(!&MM*.0=!&!(0'(!O.(6!0*090-('!'.9.*&1!(3!
'390! 34! (60! 0*090-('! 34! (60! (0'(! 34! <&M&<.(2! (3! 0-(01! .-(3! &! <3-(1&<(JjD"! L6&(! (60!
<381(!&MM0&1'!(3!:0!'&2.-K!.'!(6&(!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!/&*.=!-39.-&(.3-!34!
<399.((00! 6&'! (O3! 0*090-('+! 10f8.1.-K! &! M01'3-! (3! :0! <&M&:*0! 34! 8-=01'(&-=.-K!
B"E!(60!-&(810!34!&!-39.-&(.3-!34!<399.((00!&-=!B$E!(60!0440<(!(6&(!9&\.-K!&!-39.F
-&(.3-!34!<399.((00!6&'!3-!(60!M01'3-d'!.-(010'('J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jbSJ!V4$2J!&(!M&1&J!$CJ!
jb#J!V4$2J!
jbRJ!!%%($4$2J!B<.(.-K!?#8%,.(FJ(I".H,0%HOB,0F"+!$CCS!57`7!>D>+!b>!%?U!Bb=E!jD+!&'!'8MM31(!431!&''01F
(.3-!(6&(!9&\.-K!&!O.**!10f8.10'!3-*2!&!93=0'(!*0/0*!34!<&M&<.(2EJ!
jDCJ!V4$2J!&(!M&1&J!"RJ!
jD"J!!%%(Y%00'+(<5+-,!-3(0!DCC!&(!$SjJ(
FD`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
P-,<%-d'!&MM13&<6!(3!6&-=*.-K!<&M&<.(2!(3!-39.-&(0!&!<399.((00!O&'!<.(0=!O.(6!&MF
M13/&*! .-! &! '8:'0f80-(! <&'0+! :8(! .(! O&'! -3(! &! <&'0! =0&*.-K! O.(6! &! -39.-&(.3-! 34! &!
<399.((00JjD$!
!
9#!
&783/!)8&67(&'5@(.!&-/!&'7!'*$('&/(')!&!-*$$(//%%!
?60!)250&(I5,-2$,.<A$+()#&jDb!<3-(&.-'+!&93-K!3(601!M13/.'.3-'+!'0<(.3-'!0'(&:*.'6F
.-K! &! -0O! &=8*(FK8&1=.&-'6.M! 10K.90! 431! 51.(.'6! 73*89:.&+! 3-0! (6&(! O38*=! 10M*&<0!
(60!:,&$%.&<(:-"+%-&'()#&JjDD!?60'0!'0<(.3-'!34!(60!)250&(I5,-2$,.<A$+()#&!&10!-3(!.-!
431<0+!&-=!.(!.'!-3(!<*0&1!O60-!(60!K3/01-90-(!M*&-'!(3!:1.-K!(609!.-(3!431<0+!:8(!.(!.'!
O31(6O6.*0!M&2.-K!'390!&((0-(.3-!(3!(609+!&'!(602!<38*=!M3.-(!(3!O6010!K8&1=.&-F
'6.M!*&O!.-!51.(.'6!73*89:.&!.'!60&=0=J!
!
?60! )250&( I5,-2$,.<A$+( )#&! =30'! <&112! 431O&1=! -39.-&(.3-'! 34! <399.((00'! 9&=0!
8-=01! (60! :,&$%.&<( :-"+%-&'( )#&! &-=! .(! &*'3! <3-(&.-'! &! '.9.*&1! 41&90O31\! 431! (60!
-39.-&(.3-!34!&!K8&1=.&-JjDj!BZ!95,-2$,.!8-=01!(60!)250&(I5,-2$,.<A$+()#&!.'!48-<F
(.3-&**2!(60!0f8./&*0-(!34!&!<399.((00JE!
!
?60!)250&(I5,-2$,.<A$+()#&!&*'3!<3-(&.-'!&-3(601!10*0/&-(!M13/.'.3-!10*&(.-K!(3!(60!
&MM3.-(90-(!34!&!K8&1=.&-J!?6.'!M13/.'.3-!'.9M*2!M13/.=0'!(6&(!h(60!<381(!98'(!<3-F
'.=01!(60!O.'60'!(60!&=8*(+!O60-!<&M&:*0+!0HM10''0=!31&**2!31!.-!O1.(.-K!10'M0<(.-K!
O63!'638*=+!31!'638*=!-3(+!&<(!&'!K8&1=.&-JijD>!`3+!.-!(60!M*&<0!34!&!10*&(./0*2!4319&*!
=3<890-(+!(6.'!M13/.'.3-!34!(60!)250&(I5,-2$,.<A$+()#&!&**3O'!hO.'60'i!(3!:0!<3-'.=F
010=J!?60'0!hO.'60'i!=3!-3(!0/0-!6&/0!(3!:0!.-!O1.(.-KJ!Z-=!(60!<381(!.'!K1&-(0=!0-F
6&-<0=! 4*0H.:.*.(2! .-! =0&*.-K! O.(6! (60'0! O.'60'J! ?602! 3-*2! 6&/0! (3! :0! h<3-'.=010=Ji!
,-=01!(60!:,&$%.&<(:-"+%-&'()#&+!(60!<381(!98'(!&MM3.-(!(60!M01'3-!-39.-&(0=!.-!&!
-39.-&(.3-! 34! <399.((00! (3! :0! (60! <399.((00+! h8-*0''! (6010! .'! K33=! &-=! '844.<.0-(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jD$J!!%%(L%(:,0,C,-%Z+!$C""!57`7!j>b!&(!M&1&'J!"j#ojR+!p$C""q!57X!m3J!#b"!BYPE+![&11.'!XJ!
jDbJ!!5+-,!-3(0!$J!
jDDJ!!5+-,!-3(0!jJ!
jDjJ!!%%(<5+-,!-3(0!j+!'J!#!BDE!Bh,-*0''!(6010!.'!K33=!&-=!'844.<.0-(!10&'3-!431!1048'.-K!(60!&MM3.-(F
90-(+! (60! <381(! 98'(! &MM3.-(! &'! K8&1=.&-! &! <399.((00! -39.-&(0=! 8-=01! (60! :,&$%.&<( :-"+%-&'(
)#&+!:04310!(6&(!Z<(!O&'!10M0&*0=+!31!&!M01'3-!-39.-&(0=!:2!(60!&=8*(!&'!&!K8&1=.&-+!.4!(60!-39.F
-&(.3-! O&'! B&E! 9&=0! .-! O1.(.-K! &-=! '.K-0=! :2! (60! &=8*(! &(! &! (.90! O60-! (60! &=8*(! O&'! :3(6! &-!
&=8*(!&-=!90-(&**2!<&M&:*0!34!-39.-&(.-K!&!<399.((00!31!K8&1=.&-+!&-=!B:E!0H0<8(0=!.-!&<<31F
=&-<0!O.(6!(60!10f8.1090-('!431!(60!9&\.-K!34!&!O.**!8-=01!(60!N$00<()#&JiE!B&'!&90-=0=!:2!)250&(
I5,-2$,.<A$+(,.2(:0,..$.9(!&,&5&%<()C%.2C%.&()#&/(QRRS+!<5+-,!-3(0!j+!'J!"g-3(!.-!431<0EJ!
jD>J!!5+-,!-3(0!j+!'J!#!BbEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FDa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
jDS
10&'3-!431!1048'.-K!(60!&MM3.-(90-(Ji !?60!M13M3'0=!)250&(I5,-2$,.<A$+()#&!M13/.F
'.3-d'!&MM13&<6!.'!<*3'01!(3!(6&(!34!*0K.'*&(.3-!438-=!0*'0O6010!.-!7&-&=&JjD#!
!
)@'
=00;"'1$%'!"1$%*'
?6.'! .'! &! 1&(601! 3:'<810! &10&! 34! (60! *&OJ! m39.-&(.3-'! 34! <399.((00'! 6&/0! -3(! &(F
(1&<(0=! 98<6! <3990-(&12J! m3! 3(601! *&OF104319! &K0-<2! 6&'! 0H&9.-0=! (609J! `.-<0!
-39.-&(.3-'!34!<399.((00'!&MM0&1!(3!:0!8-.f80!(3!51.(.'6!73*89:.&d'!*0K.'*&(.3-!B-3!
3(601!M13/.-<0!6&'!(609!.-!(60!'&90!4319E+!(6010!.'!-3(6.-K!4139!3(601!c81.'=.<(.3-'!
(3!&''.'(!10&=01'!.-!<3-'.=01.-K!3M(.3-'!431!104319J!m0/01(60*0''+!(60!3-*2!10&*!.''80!
431!(6.'!(3M.<!.'!O60(601!*0K.'*&(.3-!.'!-0<0''&12!(3!104319!&-2!34!(60!0*090-('!34!(60!
<3993-F*&O!(0'(!34!<&M&<.(2!(3!-39.-&(0!&!<399.((00J!
!
"#!
5@*837! &'0! *+! /@%! %3%$%'/5! *+! /@%! /%5/!
-*$$(//%%!=%!$*7(+(%7!=0!3%)(53&/(*'E!
*+!
-&.&-(/0!
/*!
'*$('&/%!
&!
e-0!&MM13&<6!(3!104319.-K!(60!(0'(!34!<&M&<.(2!(3!-39.-&(0!&!<399.((00!O38*=!:0!(3!
:1.-K!(6&(!(0'(!.-(3!&*.K-90-(!O.(6!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**J!?6010!&10!(O3!
10&'3-'!431!4&/381.-K!(6.'!3M(.3-!431!104319J!G.1'(+!.(!&MM0&1'!(3!6&/0!&!:&'.'!.-!(60!
*&-K8&K0!34!(60!:,&$%.&<(:-"+%-&'()#&J!?60!'0<(.3-!(6&(!0-&:*0'!-39.-&(.3-'!34!<39F
9.((00'! <&**'! 431! (60! '&90! 4319&*.(.0'! 34! 0H0<8(.3-! &'! &10! 8'0=! 431! O.**'J! G81(601+! .(!
=0'<1.:0'!90-(&*!<&M&<.(2!.-!(019'!34!&!h'38-=!&-=!=.'M3'.-K!9.-=Ji!?6.'!*&-K8&K0!
6&'! :00-! <3993-*2! 8'0=! (3! =0'<1.:0! (60! *0/0*! 34! <&M&<.(2! -00=0=! (3! 9&\0! &! /&*.=!
O.**JjDR!
!
`0<3-=+!&!-39.-&(.3-!34!<399.((00!(0-='!(3!:0!<10&(0=!&'!M&1(!34!&!:13&=01!0'(&(0!
M*&-J!Q-!&!(2M.<&*!'<0-&1.3+!&!M01'3-!O.**!0-K&K0!&!*0K&*!&=/.'31!&-=!9&\0!&!O.**+!9&\0!
&-!0-=81.-K!M3O01!34!&((31-02+!&-=!-39.-&(0!&!<399.((00JjjC!?60!(0'('!34!<&M&<.(2!
(3!9&\0!&!O.**!&-=!(3!9&\0!&-!0-=81.-K!M3O01!34!&((31-02jj"!10f8.10!9310!(6&-!&-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jDSJ!!5+-,!-3(0!j+!'J!RJ!
jD#J!!%%+!%J9J+!)250&(I5,-2$,.<A$+(,.2(D-5<&%%<A$+()#&+!`Z!$CC#+!<J!ZFDJ$+!'J!$#!B"E!B:E!B.ET!!54<&$&5&%(E%O
#$<$".<()#&/([]]Q+!`e!"RR$+!<J!bC+!'J!$D!BjE!B:EJ!
jDRJ!!%%(<5+-,!-3(0!#C!&-=!&<<39M&-2.-K!(0H(J!
jjCJ!!%%!53K&1=8'!l![&9.*(3-+!<5+-,!-3(0!j$S!&(!x!$RJ"J!
jj"J!!%%(:">%-("@()&&"-.%'()#&+!<5+-,!-3(0!$+!'J!"$!BhB"E!Z-!&=8*(!9&2!9&\0!&-!0-=81.-K!M3O01!34!&(F
(31-02!8-*0''!(60!&=8*(!.'!.-<&M&:*0!34!8-=01'(&-=.-K!(60!-&(810!&-=!<3-'0f80-<0'!34!(60!M13F
M3'0=! 0-=81.-K! M3O01! 34! &((31-02J! B$E! Z-! &=8*(! .'! .-<&M&:*0! 34! 8-=01'(&-=.-K! (60! -&(810! &-=!
<3-'0f80-<0'!34!(60!M13M3'0=!0-=81.-K!M3O01!34!&((31-02!.4!(60!&=8*(!<&--3(!8-=01'(&-=!&**!34!
(60!43**3O.-KA!B&E!(60!M13M01(2!(60!&=8*(!6&'!&-=!.('!&MM13H.9&(0!/&*80T!B:E!(60!3:*.K&(.3-'!(60!
&=8*(!3O0'!(3!6.'!31!601!=0M0-=&-('T!B<E!(6&(!(60!&=8*(d'!&((31-02!O.**!:0!&:*0!(3!=3!3-!(60!&=8*(d'!
:06&*4!&-2(6.-K!.-!10'M0<(!34!(60!&=8*(d'!4.-&-<.&*!&44&.1'!(6&(!(60!&=8*(!<38*=!=3!.4!<&M&:*0+!0H<0M(!
FBE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
8-=01'(&-=.-K!34!(60!-&(810!&-=!0440<(!34!(63'0!=3<890-('J!`3!(6.'!M13M3'0=!104319!
<38*=!&*'3!6&/0!(60!0440<(!34!6&193-._.-K!(60!*&O!3-!(0'('!34!90-(&*!<&M&<.(2!431!=.4F
4010-(!(2M0'!34!0'(&(0FM*&--.-K!=3<890-('J!
!
58(! .(! <38*=! :0! &1K80=! (6&(! (60! (0'(! 34! <&M&<.(2! (3! 9&\0! &! O.**+! O6.<6! .'! K0-01&**2!
/.0O0=!&'!10f8.1.-K!&!6.K601!(610'63*=!34!90-(&*!<&M&<.(2!(6&-!3(601!(2M0'!34!<39F
93-F*&O! (0'('! 34! <&M&<.(2+! .'! -3(! &MM13M1.&(0! 431! &! -39.-&(.3-! 34! &! <399.((00J! Z!
9310!93=0'(!(0'(!34!<&M&<.(2!.'!&!:0((01!4.(!431!-39.-&(.3-'!34!<399.((00'J!Z!*3O01!
(610'63*=!O38*=!&*'3!0-&:*0!9310!M03M*0!(3!<10&(0!(60'0!M*&--.-K!=3<890-('J!
!
?60! <399.((00! =0<.=0=! (6&(! (60! <3993-! *&O! 6&'! 4&.*0=! (3! M13/.=0! &! '844.<.0-(*2!
<*0&1!&-=!<01(&.-!(0'(!34!<&M&<.(2!431!-39.-&(.-K!&!<399.((00J!P0K.'*&(.3-!.'!-00=0=J!
Q-!(60!<399.((00d'!/.0O+!-39.-&(.-K!&!<399.((00!.'!&!8'048*!M01'3-&*FM*&--.-K!=0F
/.<0+!O6.<6!'638*=!:0!0-<381&K0=J!G31!(6.'!10&'3-+!(60!<399.((00!4&/3810=!&!(0'(!34!
<&M&<.(2!(6&(!'0(!&!*3O01!(610'63*=!34!90-(&*!<&M&<.(2!(6&-!.'!10f8.10=!8-=01!0.(601!
(60! <3993-F*&O! (0'(! 34! <&M&<.(2! (3! 9&\0! &! O.**! 31! (60! '(&(8(312! (0'(! 34! <&M&<.(2! (3!
9&\0!&-!0-=81.-K!M3O01!34!&((31-02J!Q-!(60!<399.((00d'!/.0O+!(60!'(&(8(312!(0'(!34!
<&M&<.(2!(3!9&\0!&!10M10'0-(&(.3-!&K10090-(!8-=01!'0<(.3-!R!34!(60!L%+-%<%.&,&$".(
)9-%%C%.&( )#&! '(1.\0'! (60! 1.K6(! :&*&-<0! :0(O00-! <01(&.-(2! &-=! 4*0H.:.*.(2Jjj$! ?60!
<399.((00!<3-'.=010=!O60(601!(60!*3O01!'(&-=&1=!34!90-(&*!<&M&<.(2!10f8.10=!431!
10M10'0-(&(.3-! &K10090-('! 8-=01! '0<(.3-! S! 34! (60! &<(jjb! O&'! &MM13M1.&(0! 431! (60!
-39.-&(.3-!34!&!<399.((00!34!(60!M01'3-+!:8(!=0<.=0=!(6&(!:.481<&(.-K!(60!(0'(!34!<&F
M&<.(2!O38*=!.-(13=8<0!&-!8-=0'.1&:*0!0*090-(!34!<39M*0H.(2!.-(3!(60!*&OJ!
!
Z!*&1K0!9&c31.(2!34!10'M3-=0-('!O63!<3990-(0=!3-!-39.-&(.-K!&!<399.((00!.-!(60!
<3-'8*(&(.3-!&K100=!O.(6!(60!<399.((00d'!(0-(&(./0!10<3990-=&(.3-J!
!
?60!<399.((00!10<3990-='A!
QRJ(6-$&$<A(B"05C4$,(<A"502(%.,#&(0%9$<0,&$".(&A,&(+-"F$2%<(&A,&(&A%(&%<&("@(#,+,#$&'(&"(
."C$.,&%(,(#"CC$&&%%(5.2%-(<%#&$".(]("@(&A%(:,&$%.&<(:-"+%-&'()#&("-(,(95,-2$,.(5.O
2%-(<%#&$".(^("@(&A%()250&(I5,-2$,.<A$+()#&($<(&A%(<,C%(,<(&A%(&%<&("@(#,+,#$&'(<%&("5&($.(
<%#&$".([R("@(&A%(L%+-%<%.&,&$".()9-%%C%.&()#&J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
9&\0!&!O.**+!'8:c0<(!(3!(60!<3-=.(.3-'!&-=!10'(1.<(.3-'!'0(!38(!.-!(60!0-=81.-K!M3O01!34!&((31-02T!
B=E! (6&(+! 8-*0''! (60! &((31-02! 9&-&K0'! (60! &=8*(d'! :8'.-0''! &-=! M13M01(2! M18=0-(*2+! (60.1! /&*80!
9&2!=0<*.-0T!B0E!(6&(!(60!&((31-02!9.K6(!9.'8'0!(60!&((31-02d'!&8(631.(2T!B4E!(6&(!(60!&=8*(!9&2+!.4!
<&M&:*0+!10/3\0!(60!0-=81.-K!M3O01!34!&((31-02T!BKE!&-2!3(601!M10'<1.:0=!9&((01JiEJ!
jj$J!!%%(<5+-,!-3(0!">#+!'J!"C!BhZ-!&=8*(!9&2!&8(631._0!&!10M10'0-(&(./0!(3!=3!&-2!31!&**!34!(60!(6.-K'!
1040110=! (3! .-! '0<(.3-! R! 8-*0''! (60! &=8*(! .'! .-<&M&:*0! 34! 8-=01'(&-=.-K! (60! -&(810! &-=! <3-'0F
f80-<0'!34!(60!M13M3'0=!&K10090-(JiEJ!
jjbJ!!%%($4$2J+!'J!#J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FBF'
'
P!5L/'!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!'=R@')565)=/U'/K'JG/J!'=G/K'5')KG/!5)/'
5@' =(&%$7;2&3$('
L.(6! (6.'! <6&M(01! (60! 43<8'! 34! (6.'! 10M31(! '6.4('! 4139! &10&'! 34! (60! *&O! M1.9&1.*2!
<3-<01-0=! O.(6! 0'(&(0! M*&--.-K! (3! (60! *&O! 34! <3-(1&<('J! Z! M01'3-! 9&2! 0-(01! .-(3! &!
<3-(1&<(! .-! &! O.=0! /&1.0(2! 34! '.(8&(.3-'! &-=! (6010! .'! &! '(&KK01.-K! 1&-K0! 34! (2M0'! 34!
<3-(1&<('J! ?60! <3993-F*&O! (0'(! 34! <&M&<.(2! (3! 0-(01! .-(3! &! <3-(1&<(! 6&'! '390!
40&(810'!(6&(!'0(!.(!&M&1(!4139!3(601!<3993-F*&O!(0'('!34!<&M&<.(2J!?60!10*&(.3-'6.M!
:0(O00-! (60! (0'(! 34! <&M&<.(2! &-=! (60! :13&=01! '0(! 34! *0K&*! 18*0'! (6&(! K3/01-! (60!
'8:c0<(!B.-!(6.'!<&'0+!<3-(1&<(!*&OE!.'!&*'3!9&1\0=*2!=.44010-(!4139!(60!3(601!'8:c0<('!
<3-'.=010=! .-! (6.'! 10M31(J! ?60'0! 4&<(31'! 6&/0! .-4*80-<0=! (60! .''80'! 431! 104319!
<3-'.=010=! .-! (6.'! <6&M(01+! O6.<6! 10*&(0! (3! (60! 48-=&90-(&*! f80'(.3-! 34! O60(601!
51.(.'6!73*89:.&!'638*=!10(&.-!.('!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(+!O60(601!
(6&(! (0'(! 34! <&M&<.(2! '638*=! :0! 93=.4.0=! :2! 31! 10'(&(0=! .-! *0K.'*&(.3-+! &-=! O60(601!
18*0'! 10*&(.-K! (3! (60! (0'(! 34! <&M&<.(2! &-=! <3-(1&<('! 431! -0<0''&1.0'! '638*=! :0!
1043190=J!
!
9@' 9-2Z[%$;(7'
"#!
*>%6>(%<!
?6.'!:&<\K138-=!'0<(.3-!'899&1._0'!(60!*&O!3-!90-(&*!<&M&<.(2!&-=!<3-(1&<('J!?6.'!
&10&!34!(60!*&O!6&'!'390!&'M0<('!(6&(!6&/0!-3!0f8./&*0-('!.-!(60!3(601!'8:c0<('!0HF
&9.-0=! .-! (6.'! 10M31(J! Z'! &! 10'8*(+! (6.'! <6&M(01! 6&'! (3! =0&*! O.(6! &! O.=01! 1&-K0! 34!
:&<\K138-=!(3M.<'!(6&-!.-!3(601!<6&M(01'+!.-!31=01!(3!M10'0-(!&!<39M*0(0!M.<(810!34!
(60!*&OJ!?60!'0<(.3-'!(6&(!43**3O!&10!'390(6.-K!34!&!9.'<0**&-2!'899&1._.-K!(60!43*F
*3O.-K!'8:c0<('A!(60!:&'.<!0*090-('!34!(60!(0'(!34!<&M&<.(2T!(60!'<3M0!34!(60!(0'(!34!<&F
M&<.(2T!(60!(0'(d'!8-=01*2.-K!M81M3'0'T!63O!(60!*&O!=0/0*3M0=!(3!M13/.=0!M13(0<(.3-!
431!&!<&M&:*0!<3-(1&<(.-K!M&1(2d'!.-(010'('!&-=!(3!&==10''!(60!.''80!34!O60(601!&!<3-F
(1&<(!O.(6!&-!.-<&M&:*0!M01'3-!.'!/3.=!31!/3.=&:*0T!(60!48-<(.3-&*!&-=!4*0H.:*0!-&(810!
34!(60!(0'(T!(60!13*0!34!4&.1-0''!.-!(60!(0'(T!3(601!10*0/&-(!<3-(1&<(F*&O!<3-<0M('T!(60!
.''80!34!-0<0''&1.0'T!&-=!10*0/&-(!51.(.'6!73*89:.&!*0K.'*&(.3-J!
!
2#!
&! 58$$&60! *+! /@%! =&5(-! %3%$%'/5! *+! /@%! /%5/! *+! -&.&-(/0! /*! %'/%6! ('/*! &!
-*'/6&-/!
?60!*0&=.-K!<&'0!6,.Z("@(K"F,(!#"&$,(FJ(Y%00'jjD!6&'!'899&1._0=!(60!:&'.<!0*090-('!
34!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!&'!43**3O'A!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jjDJ!!5+-,!-3(0!DCCJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FBB'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
• &!<3-(1&<(.-K!M&1(2!98'(!:0!&:*0!(3!h8-=01'(&-=!p(60!<3-(1&<(d'q!(019'iT!
• (6.'!<3-(1&<(.-K!M&1(2!98'(!&*'3!:0!&:*0!hp(3!4319q!&!1&(.3-&*!c8=K90-(!34!.('!
0440<(!8M3-!6.'!.-(010'('iT!&-=!
• (60! 3(601! <3-(1&<(.-K! M&1(2! 98'(! -3(! 6&/0! h&<(8&*! 31! <3-'(18<(./0i! \-3O*F
0=K0!34!(60!4.1'(!<3-(1&<(.-K!M&1(2d'!h90-(&*!.-<39M0(0-<2Jijjj!
!
?60!4.1'(!(O3!0*090-('!34!(6.'!(0'(!&10!4&9.*.&1!M&1('!34!(60!h:&'.<!<3993-!*&O!(0'(!34!
<&M&<.(2+ijj>! O6.<6! '63O'! 8M! &'! &! M&1(! 34! 0&<6! 34! (60! (0'('! 34! <&M&<.(2! (6&(! &10!
0H&9.-0=! .-! (6.'! 10M31(J! Z'! .'! (60! <&'0! 431! &**! <3993-F*&O! (0'('! 34! <&M&<.(2+! (60'0!
0*090-('!34!(60!<3-(1&<(8&*!(0'(!34!<&M&<.(2!&10!=.10<(0=!(3O&1=!&!M01'3-d'!&:.*.(2!31!
<&M&<.(2! (3! 8-=01'(&-=! (60! -&(810! &-=! 0440<(! 34! &! (1&-'&<(.3-J! ?60! (0'(! =30'! -3(!
10f8.10! &! <381(! (3! =0(019.-0! (6&(! &! M01'3-! O&'! &<(8&**2! <3-'.=01.-K! (60! <3-(1&<(d'!
-&(810!&-=!0440<(!&(!(60!(.90!.(!O&'!0-(010=!.-(3JjjS !
!
?60!'0<3-=!0*090-(!.'!<3-<01-0=!-3(!O.(6!h(60!*0K&*!0440<(!34!(60!<3-(1&<(!K0-01&**2+i!
:8(!1&(601!O.(6!h(60!0440<(!3-!(6.'!M&1(.<8*&1!pM01'3-!O.(6!=.9.-.'60=!<&M&<.(2q!.-!6.'!
M&1(.<8*&1! <.1<89'(&-<0'Jijj#! ?60! 104010-<0! (3! h4319.-K! &! 1&(.3-&*! c8=K90-(i! 8M3-!
(6&(!0440<(!.'!-3(!.-(0-=0=!(3!.9M31(!&!1&(.3-&*.(2!'(&-=&1=!(3!=0<.'.3-F9&\.-K!8-=01!
(60!(0'(!34!<&M&<.(2J!?60!<381(!'638*=!-3(!&((09M(!(3!O0.K6!(60!901.('!34!(60!<3-(1&<(!
&K&.-'(! &-! 3:c0<(./0! 90&'810! 34! O6&(! &! 1&(.3-&*! M01'3-! O38*=! =3! .-! (60! <.1<89F
'(&-<0'J!U&(601+!(60!43<8'!'638*=!:0!3-!&!M01'3-d'!<&M&<.(2!(3!M13/.=0!10&'3-'!431!0-F
(01.-K!.-(3!(60!<3-(1&<(+!0/0-!.4!(63'0!10&'3-'!=./01K0!4139!3:c0<(./0!31!<3998-.(2!
'(&-=&1='!34!1&(.3-&*.(2JjjR!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jjjJ!V4$2J! &(! $Sj+! m.<63*'3-! XJ! !%%( ,0<"( VC+%-$,0( 8",.( B"J( 8&2J( FJ( !&".%+! p"#R$q! "! Y5! jRR+! #! ?PU! DC#!
B%-KJ!7ZE!p!&".%!<.(0=!(3!Y5qT!h"-Z(I0,<<(B"J(FJ(=544!B"R$jE+!D$!?PU!"+!"bD!P?!b>!B%-KJ!7ZET!I$4O
4".<( FJ( N-$9A&+! p"RjDq! [7Z! "S+! R"! 7PU! D$b! pI$44".<! <.(0=! (3! 7PUqT! 3,-&( FJ( XaB".."-+! p"R#jq!
,^W7!"!B5ZQPQQE+!p"R#jq!"!Z7!"CCC!p3,-&!<.(0=!(3!Z7qJ!
jj>J!B".<50&,&$".( :,+%-( ".( ?%.&,00'( V.#,+,#$&,&%2( )250&<( ,.2( E%#$<$".O?,Z$.9\( ).( XF%-F$%>+! <5+-,!
-3(0!jC!&(!M&1&J!$J"CJ!
jjSJ!!%%!U3:01('3-+!<5+-,!-3(0!Db#!&(!"RD!BhQ(!.'!&*'3!<*0&1!(6&(!(60!10*0/&-(!.''80!.'!-3(!O60(601!(60!
M01'3-!=.=!.-!4&<(!8-=01'(&-=!(60!-&(810!34!(60!<3-(1&<(!J!J!J!:8(!1&(601!O60(601!(60!M01'3-!O&'!
<&M&:*0!34!'8<6!8-=01'(&-=.-KJi!p433(-3(0!39.((0=qEJ!
jj#J!V4$2J!&(!"RjoR>J!!%%(,0<"!m.<\!edm0.**!l!7&190**0!W0.'&6+!B,+,#$&'(,.2(&A%(8,>!B`2=-02A!`2=-02!
,-./01'.(2!W10''+!$C""E!&(!x!bJbJ$!BhQ(!.'!(60!8-=01'(&-=.-K!34!(60!0440<(!34!(60!(1&-'&<(.3-!O6.<6!
6&'! (60! :13&=0'(! .-(01M10(&(.3-! &-=! M13:&:*2! 10f8.10'! &! 4&.1*2! 6.K6! *0/0*! 34! <3K-.(./0! 48-<(.3-+!
M&1(.<8*&1*2!413-(&*!*3:0!48-<(.3-'!34!M*&--.-K+!c8=K90-(+!10&'3-.-K!&-=!O31\.-K!909312JiEJ!
jjRJ!!%%(U3:01('3-+!<5+-,!-3(0!Db#!&(!"R>!Bh?60!(019!v1&(.3-&*d!.'!M3(0-(.&**2!&9:.K838'+!&-=!.('!8'0!
.-!(60!M10'0-(!<3-(0H(!.'!&M(!(3!3:'<810!&-!.9M31(&-(!=.'(.-<(.3-!:0(O00-!<&M&<.(2!(3!9&\0!&!-%,O
<".%2! c8=K90-(! &-=! <&M&<.(2! (3! 9&\0! &! -%,<".,40%! c8=K90-(J! ?60! <381(! '638*=! :0! <3-<01-0=!
O.(6!(60!431901!:8(!-3(!O.(6!(60!*&((01Ji!p09M6&'.'!.-!31.K.-&*qEJ!
FB]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
?60!(6.1=!0*090-(!.'!&!=.'(.-<(./0!M&1(!34!(60!<3-(1&<(8&*!(0'(!34!<&M&<.(2!(6&(!6&'!-3!
0f8./&*0-(!.-!3(601!<3993-F*&O!(0'('!34!<&M&<.(2J!Q(!.'!=.'<8''0=!.-!'390!=0(&.*!*&(01!
.-!(6.'!<6&M(01Jj>C!58(!.(!.'!O31(6O6.*0!(3!-3(0!6010!(6&(!(6.'!0*090-(!<&**'!431!&<(8&*!
"-!<3-'(18<(./0!\-3O*0=K0!34!&!<3-(1&<(.-K!M&1(2d'!=.9.-.'60=!<&M&<.(2J!73-'(18<(./0!
\-3O*0=K0!.'!hp\q-3O*0=K0!p(6&(q!O.**!:0!.9M8(0=!.-!<.1<89'(&-<0'!O6010!3-0!M&1(2!
38K6(! (3! 6&/0! \-3O-! 34! (60! 3(601d'! 90-(&*! <&M&<.(2! 31! 38K6(! (3! 6&/0! :00-! '844.F
<.0-(*2!'8'M.<.38'!&'!(3!O&11&-(!9&\.-K!481(601!.-f8.1.0'Jij>"!
!
?60'0!0*090-('!34!(60!<3-(1&<(8&*!(0'(!34!<&M&<.(2!&10!=0'<1.:0=!&'!h:&'.<!0*090-('i!
34! (60! (0'(! :0<&8'0! (6010! .'! -3! <3-(13/01'2! 3/01! (60.1! .-<*8'.3-! .-! (60! (0'(J! `390!
<381('!&-=!<3990-(&(31'!6&/0!M3'.(0=!(60!.-<*8'.3-!34!&!4381(6!0*090-(+!<3-<01-.-K!
(60! 4&.1-0''! 34! (60! <3-(1&<(! &(! .''80J! ?60! '(&(8'! 34! (6.'! M3(0-(.&*! 4381(6! 0*090-(! .-!
7&-&=.&-!*&O!.'!8-<*0&1J!?60!.''80!.'!=.'<8''0=!.-!9310!=0(&.*!*&(01!.-!(6.'!<6&M(01Jj>$!
!
G.-&**2+!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!6&'!&!4.H0=F&-=F'M0<.4.<F=0*8'.3-!
0*090-(! (6&(! 3M01&(0'! .-! &! 9&--01! '.9.*&1! (3! (60! 'M0<.4.<F=0*8'.3-! 0*090-(! 431! (60!
(0'(!34!<&M&<.(2!(3!9&\0!&!O.**J!?6&(!.'+!hp0q/0-!O6010!(60!=0*8'.3-!.'!'63O-!(3!6&/0!
:00-! 10*&(0=! (3! (60! '8:c0<(! 9&((01! 34! (60! (1&-'&<(.3-+! .(! 98'(! '(.**! :0! =0(019.-0=!
O60(601!.(!M10/0-(0=!(60!M&1(2!4139!8-=01'(&-=.-K!(60!-&(810!&-=!0440<(!34!(60!<3-F
(1&<(Jij>b!58(!.(!'638*=!:0!-3(0=!(6&(!(6010!&10!/&'(*2!40O01!<&'0'!.-/3*/.-K!=0*8'.3-'!
&-=!<3-(1&<('!(6&-!(63'0!.-/3*/.-K!=0*8'.3-'!&-=!O.**'J!
!
4#!
5-*.%!*+!/@%!/%5/!*+!-&.&-(/0!/*!%'/%6!('/*!&!-*'/6&-/!
Q-!51.(.'6!73*89:.&+!(60!:,&$%.&<(:-"+%-&'()#&j>D!M13/.=0'!431!&!<381(F:&'0=!M13<0''!
(3!=0(019.-0!O60(601!31!-3(!&-!.-=./.=8&*!6&'!(60!90-(&*!<&M&<.(2!(3!9&-&K0!6.'!31!
601!&44&.1'Jj>j!Q4!(60!<381(!=0(019.-0'!(6&(!(60!.-=./.=8&*!*&<\'!(6.'!<&M&<.(2+!(60-!.(!
9&2!&MM3.-(!&-3(601!M01'3-!B<&**0=!&!#"CC$&&%%("@(&A%(%<&,&%E!(3!9&-&K0!(60!.-<&F
M&:*0!M01'3-d'!&44&.1'J!?6.'!10'8*(!O38*=!'009!(3!6&/0!'390!:0&1.-K!3-!(60!.-<&M&:*0!
M01'3-d'!<&M&<.(2!(3!0-(01!.-(3!<3-(1&<('J!`3!63O!=30'!(60!&MM3.-(90-(!34!&!<399.(F
(00!34!(60!0'(&(0!431!&!M01'3-!10*&(0!(3!(60!&MM*.<&(.3-!34!(60!<3993-F*&O!(0'(!34!<&F
M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!(3!(6&(!M01'3-k!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
j>CJ!!%%+!:0*3O+!'0<(.3-!QsJ5Jj!&(!"bSJ!
j>"J!U3:01('3-+!<5+-,!-3(0!Db#!&(!"RS!p433(-3(0!39.((0=qJ!
j>$J!!%%+!:0*3O+!'0<(.3-!QsJ5J#!&(!"D$J!
j>bJ!U3:01('3-+!<5+-,!-3(0!Db#!&(!"RS!p433(-3(0!39.((0=qJ!
j>DJ!!5+-,!-3(0!jJ!
j>jJ!V4$2J+!'J!bJ!!%%(,0<"+!&:3/0+!'0<(.3-!;QQQJ5J"!&(!"$j!B481(601!=.'<8''.3-!34!<399.((00'EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FB^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
?60!'631(!&-'O01!.'!(6&(!&-!&MM3.-(90-(!34!&!<399.((00!34!(60!0'(&(0!431!&!M01'3-!
(&\0'! (6&(! M01'3-! 38('.=0! (60! '<3M0! 34! (60! <3-(1&<(8&*! (0'(! 34! <&M&<.(2J! ?6010! .'! &!
*3-K'(&-=.-K!=.'(.-<(.3-!.-!(60!*&O!:0(O00-!(60!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!34!&!
M01'3-!O63!.'!'8:c0<(!(3!&!<399.((00'6.M!31=01!&-=!34!&!M01'3-!O63!.'!-3(Jj>>!Z'!&!
*0&=.-K! <&'0! 0HM*&.-'+! <&'0'! .-/3*/.-K! &! M01'3-! O63! .'! '8:c0<(! (3! &! <399.((00'6.M!
31=01!h'638*=!:0!M8(!3-!3-0!'.=0!&(!(60!38('0(i!34!&-2!.-f8.12!.-(3!(60!<3993-F*&O!
(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!431!(60!43**3O.-K!10&'3-A!hp'q8<6!&!M01'3-!.'!
60*=!.-<39M0(0-(!(3!=.'M3'0!34!6.'!M13M01(2+!-3(!:0<&8'0!34!&-2!*&<\!34!8-=01'(&-=F
.-K!B.-=00=!60!109&.-'!.-<39M0(0-(!0/0-!.-!&!*8<.=!.-(01/&*E+!:8(!:0<&8'0!(60!<3-F
(13*+!<8'(3=2!&-=!M3O01!34!=.'M3'.(.3-!34!6.'!M13M01(2!6&'!M&''0=!(3!(60!p<399.((00q!
(3!(60!0H<*8'.3-!34!6.9'0*4Jij>S!
!
?60!:&<\K138-=!=.'<8''.3-!.-!(6.'!<6&M(01!43**3O'!(6.'!=.'(.-<(.3-J!?60!9&.-!43<8'!.'!
3-! <3-(1&<('! .-/3*/.-K! M01'3-'! O.(6! =.9.-.'60=! <&M&<.(2! O63! &10! -3(! '8:c0<(! (3! &!
<399.((00'6.M! 31=01J! ?60! '(&(8(312! &=8*(FK8&1=.&-'6.M! '2'(09! .'! 3-*2! (38<60=! 3-!
O6010!.(!<390'!.-(3!<3-(&<(!O.(6!(60!<3993-F*&O!(0'(!34!<&M&<.(2J!Z**!(60!.''80'!431!
104319!1&.'0=!*&(01!.-!(6.'!<6&M(01!10*&(0!(3!(60!<3993-F*&O!(0'(!34!<&M&<.(2!&*3-0J!
!
9#!
.86.*5%5!*+!/@%!/%5/!*+!-&.&-(/0!/*!%'/%6!('/*!&!-*'/6&-/!
?6010!&10!&(!*0&'(!(6100!:13&=!M81M3'0'!8-=01*2.-K!(60!<3993-F*&O!(0'(!34!<&M&<.(2!
(3! 0-(01! .-(3! &! <3-(1&<(J! ?60! 4.1'(! M81M3'0+! O.=0*2! .=0-(.4.0=! :2! <381('j>#! &-=! <39F
90-(&(31'+j>R!.'!(3!M13(0<(!(60!.-(010'('!34!(60!M01'3-!O.(6!=.9.-.'60=!<&M&<.(2J!?6.'!
M81M3'0!'638*=!:0!4&9.*.&1+!&'!.(!.'!'6&10=!O.(6!&**!(60!<3993-F*&O!(0'('!34!<&M&<.(2!
(6&(!&10!:0.-K!'(8=.0=!.-!(6.'!10M31(J!
!
58(!(60!<3-(1&<(8&*!(0'(!34!<&M&<.(2!=.4401'!4139!3(601!<3993-F*&O!(0'('!34!<&M&<.(2!
.-!(6&(!(60!(0'(!.'!41&90=!&*'3!(3!(&\0!.-(3!&<<38-(!&-=!M13(0<(!3(601!.-(010'('J!?60'0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
j>>J!!%%+!%J9J+!L%<&,&%C%.&(*!%#".2;("@(B".&-,#&<!xx!"b+!"j!B"RSREJ!
j>SJ!I$44".<+!<5+-,!-3(0!jjj!&(!DbRoDC+!V.H3-!7X+!^.((3+!&-=!?&2*31!XXJ!
j>#J!!%%+!%J9J+!L"<<,.2%-(FJ(L"<<,.2%-!B"RR#E+!DD!57PU!Bb=E!$bb!&(!M&1&J!Db+!$C!%?U!B$=E!j>!B`7E+!)0*F
-.<\! XJ! pL"<<,.2%-q! BhW13/.'.3-'! .-! *&O! 10*&(.-K! (3! 9&\.-K! '8<6! <3-(1&<('! O.(6! .-<39M0(0-('!
/3.=&:*0!p&10q+!.-!*&1K0!90&'810+!431!(60!M13(0<(.3-!34!(60!.-<39M0(0-(JiEJ!
j>RJ!!%%+! %J9J+! X&<\! 50&('3-+! Z-=10O! 58113O'! l! X36-! 7&1(O1.K6(+! 0='J+! ).<".a<( 8,>( "@( B".&-,#&+! $R(6!
0=J!BeH431=A!eH431=!,-./01'.(2!W10''+!$C"CE!&(!$Dj!Bh?60!8-=01*2.-K!M3*.<2!34!18*0'!*.9.(.-K!<3-F
(1&<(8&*!<&M&<.(2!.'!(3!M13(0<(!(63'0!8-=01!(60!.-<&M&<.(2JiEJ!
FB_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
&10!(60!9&(01.&*!.-(010'('!34!(60!3(601!<3-(1&<(.-K!M&1(2jSC!&-=!(60!:13&=01!'3<.&*!.-F
(010'(!.-!'0<81.(2!34!<3-(1&<('JjS"!`3!3-0!34!(60!(0'(d'!8-=01*2.-K!M81M3'0'!.'!(3!'(1.\0!
&-!&MM13M1.&(0!:&*&-<0!.-!M13(0<(.-K!(60'0!<39M0(.-K!.-(010'('J!?60!0440<(!(6&(!<&1F
12.-K!38(!(6.'!M81M3'0!6&'!6&=!3-!(60!*&O!.'!=.'<8''0=!.-!9310!=0(&.*!.-!(60!-0H(!'0<F
(.3-!34!(6.'!<6&M(01J!
!
?6010!.'!M3(0-(.&**2!&!(6.1=!M81M3'0!(3!:0&1!.-!9.-=J!?60!P&O!U04319!7399.''.3-!34!
Q10*&-=! 6&'! .=0-(.4.0=! (6.'! (6.1=! M81M3'0! &'! (60! hK3&*! 34! 4&<.*.(&(.-K! M01'3-'! O.(6! &!
90-(&*! =.'&:.*.(2! (3! *./0! (60.1! *./0'! &'! .-=0M0-=0-(*2! &'! M3''.:*0JijS$! ?6.'! M81M3'0!
6&'!-3(!10<0./0=!&-2O6010!-0&1!(60!&((0-(.3-!34!(60!4.1'(!(O3!M81M3'0'+!'3!.(!9&2!:0!
&!10&<6!(3!M*&<0!.(!3-!(60!'&90!433(.-K!&'!(63'0!(O3!M81M3'0'J!?6&(!'&.=+!.('!0H.'(0-<0!
O38*=!0HM*&.-!'390!&'M0<('!34!(60!*&OjSb!&-=!O38*=!:0!8'048*!(3!<3-'.=01!.-!10*&(.3-!
(3!104319!34!(60!*&OJ!
!
:#!
7%>%3*.$%'/! *+! /@%! /%5/! *+! -&.&-(/0?! .6*/%-/(')! /@%! */@%6! -*'/6&-/(')!
.&6/0B5!('/%6%5/5!&'7!5%-86(/0!*+!-*'/6&-/5!
Z'!-3(0=!.-!(60!M10/.38'!'0<(.3-+!&!8-.f80!40&(810!34!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!
&!<3-(1&<(!.'!(6&(!(0'(d'!&((09M(!(3!:&*&-<0!M13(0<(.3-!34!&-!.-<&M&:*0!M01'3-d'!.-(01F
0'('! O.(6! M13(0<(.3-! 34! (60! .-(010'('! 34! (60! 3(601! <3-(1&<(.-K! M&1(2! &-=! 34! '3<.0(2d'!
:13&=01! .-(010'(! .-! '0<81.(2! 34! (1&-'&<(.3-'J! Z'! (60! *&O! .-! (6.'! &10&! 6&'! =0/0*3M0=+!
(6.'!:&*&-<0!6&'!(0-=0=!(3!93/0!4139!3-0!'.=0!(3!(60!3(601+!*0&/.-K!0.(601!(60!.-(01F
0'('!34!(60!.-<&M&:*0!M01'3-!31!(60!3(601!<3-(1&<(.-K!M&1(2!.-!(60!&'<0-=0-<2JjSD!?6.'!
93/090-(! 6&'! 6&=! &! 9&1\0=! 0440<(! 3-! (60! *&O+! (3! (60! 0H(0-(! (6&(! (3! 8-=01'(&-=! .(!
48**2!.(!.'!-0<0''&12!(3!(1&<0!(60!6.'(31.<&*!=0/0*3M90-(!34!(6.'!0*090-(!34!(60!(0'(!34!
<&M&<.(2J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jSCJ!?6&(!.'+!(60!M&1(2!31!M&1(.0'!O63'0!<&M&<.(2!.'!-3(!.-!.''80!&-=!O63!6&'!31!6&/0!0-(010=!.-(3!(60!
M81M31(0=! <3-(1&<(! O.(6! (60! M01'3-! O.(6! =.9.-.'60=! <&M&<.(2! (6&(! .'! &(! .''80J! G31! (60! '&\0! 34!
'.9M*.<.(2+!(6.'!<6&M(01!O.**!10401!'.9M*2!(3!h(60!3(601!<3-(1&<(.-K!M&1(2Ji!
jS"J!!%%!L%<&,&%C%.&(*!%#".2;("@(B".&-,#&<!x!"j+!<399J!&!B"RSRE!BhZ!<3-(1&<(!9&=0!:2!&!M01'3-!O63!
.'!90-(&**2!.-<39M0(0-(!10f8.10'!(60!10<3-<.*.&(.3-!34!(O3!<3-4*.<(.-K!M3*.<.0'A!(60!M13(0<(.3-!34!
c8'(.4.&:*0!0HM0<(&(.3-'!&-=!34!(60!'0<81.(2!34!(1&-'&<(.3-'+!&-=!(60!M13(0<(.3-!34!M01'3-'!8-&:*0!
(3!M13(0<(!(609'0*/0'!&K&.-'(!.9M3'.(.3-JiEJ!
jS$J!B".<50&,&$".(:,+%-(".(W50.%-,40%()250&<(,.2(&A%(8,>\(B,+,#$&'+!<5+-,!-3(0!jC!&(!M&1&J!jJC"J!!%%(
,0<"( P">0%-( T<&,&%( FJ( 6,-.%<! B"RR>E+! "D$! m4*=J! l! W%QU! $$b+! "b! %?U! B$=E! "jC! &(! M&1&J! $S! BmG`7!
B?VEE+!]100-!XJ!p6,-.%<q!BhQ-!=0(019.-.-K!<3-(1&<(8&*!<&M&<.(2!34!&-!&K0=!M01'3-!(60!<381(!98'(!
:0!<&1048*!-3(!(3!'8:'(.(8(0!'8'M.<.3-!431!M1334!'3!&'!(3!1093/0!4139!0*=01*2!M03M*0!&-!.9M31(&-(!
&'M0<(!34!.-=./.=8&*!&8(3-392+!(60!1.K6(!(3!9&\0!:&1K&.-'!&<<31=.-K!(3!(60.1!3O-!/.0O'!34!O6&(!
.'!.-!(60.1!:0'(!.-(010'('JiEJ!
jSbJ!!%%+!:0*3O+!'0<(.3-!QsJ5J"C!&(!"Dj!B-0<0''&1.0'EJ!
jSDJ!!%%!L%<&,&%C%.&(*!%#".2;("@(B".&-,#&<!x!"j+!<399J!&!B"RSREJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FBA'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
Z'! &! 4.1'(! '(0M+! .(! .'! O31(6O6.*0! (3! K0(! &! 6&-=*0! 3-! (60! M13:*09! (6&(! (60! *&O! .'! &(F
(09M(.-K!(3!&==10''J!?6.'!M13:*09!.'!(O343*=J!G.1'(+!&(!&-!.-=./.=8&*!*0/0*+!&!M01'3-!
9.K6(! .-! K33=! 4&.(6! 0-(01! .-(3! &! <3-(1&<(! O.(6! '3903-0! O.(6! =.9.-.'60=! <&M&<.(2+!
&-=!M014319!(60!3:*.K&(.3-'!10f8.10=!34!(6&(!M01'3-!8-=01!(60!<3-(1&<(+!3-*2!(3!4.-=!
38(!(6&(!(60!<381('!O.**!-3(!0-431<0!(60!3:*.K&(.3-'!.9M3'0=!3-!(60!.-<&M&:*0!M01'3-J!
Z'!&!10'8*(+!(60!3(601!<3-(1&<(.-K!M&1(2!<38*=!:0!.-!<39M*0(0!.--3<0-<0!&-=!20(!'84F
401!&!93-0(&12!*3''J!?60!<381('!6&/0!&*O&2'!<6&40=!&K&.-'(!18*0'!(6&(!.9M3'0!'8<6!&!
:*8-(!&-=!1.K.=!&**3<&(.3-!34!*3''0'J!
!
`0<3-=+! &(! &! '3<.0(&*! *0/0*+! &-! 3/01*2! *.:01&*! &MM13&<6! (3! '(1.\.-K! =3O-! &K10090-('!
<&-!013=0!M8:*.<!<3-4.=0-<0!.-!(60!'0<81.(2!34!<3-(1&<('J!Q4!M03M*0!1&(.3-&**2!<3-<*8=0!
(6&(!(602!<&--3(!6&/0!<3-4.=0-<0!(6&(!&!<3-(1&<(!9&2!:0!0-431<0=!.-!(60!<381('+!(60-!
(602!9&2!(&\0!.-=./.=8&*!'(0M'!(3!M13(0<(!(609'0*/0'!(6&(!<38*=!6&19!:3(6!(60!9&1F
\0(M*&<0!&-=!3(601!M&1(.<.M&-('!.-!.(J!`M0<.4.<&**2!.-!(6.'!<&'0+!M03M*0!9&2!=0<.=0!(6&(!
.(!.'!-3(!O31(6!(60!1.'\!(3!0-(01!.-(3!&!<3-(1&<(!O.(6!'3903-0!O63!4.('!.-(3!&!'(0103F
(2M0!34!&-!.-<&M&:*0!M01'3-+!'8<6!&'!&-!3*=01!&=8*(!31!&!M01'3-!O63!'84401'!4139!&!
90-(&*!=.'&:.*.(2J!Z'!&!10'8*(+!'8<6!M03M*0!9&2!0-=!8M!=.'&=/&-(&K0=!.-!(60!9&1\0(F
M*&<0!:2!&!18*0!(6&(!.'!90&-(!(3!M13(0<(!(60.1!.-(010'('J!
!
m3(.<0!(6&(!(6010!.'!-3!10&*!&-&*3K80!(3!(60'0!<3-<01-'!.-!(60!3(601!&10&'!:0.-K!'(8=F
.0=!.-!(6.'!10M31(J!
!
?6010!&10!&!40O!(O.'('!&-=!(81-'!(3!(60!'(312!34!63O!(60!<3993-!*&O!&11./0=!&(!.('!
<8110-(!:&*&-<0!:0(O00-!M13(0<(.-K!(60!.-(010'('!34!.-<&M&:*0!M03M*0!&-=!3(601!<3-F
(1&<(.-K!M&1(.0'!.-!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!?60!31.K.-&*!M3'.(.3-!
34!(60!<3993-!*&O!'009'!(3!6&/0!:00-!(6&(!&-!.-<&M&:*0!M01'3-!O&'!&:'3*8(0*2!0-F
c3.-0=!4139!0-(01.-K!.-(3!&!<3-(1&<(g(60!h<3-(1&<(i!O&'!(10&(0=!&'!&!-8**.(2JjSj !`3+!&(!
(6.'!(.90+!(60!*&O!K3/01-.-K!<&M&<.(2!&-=!$.&%-(F$F"<!(1&-'&<(.3-'!10'09:*0=!(60!*&O!
K3/01-.-K!(0'(&90-(&12!<&M&<.(2J!58(!(6.'!M3'.(.3-!O38*=!-3(!'81/./0!(60!1.'0!34!(60!
93=01-!*&O!34!<3-(1&<('!.-!(60!*&(0!'.H(00-(6!<0-(812+!O6.<6!=09&-=0=!(60!138(.-0!
0-431<090-(!34!M139.'0'!'8MM31(0=!:2!<3-'.=01&(.3-+!.-!(60!-&90!34!'0<81.(2!34!<3-F
(1&<('JjS>!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jSjJ!!%%!XJ!ZJ!738(('+!h73-(1&<('!34!)0-(&*!Q-<39M0(0-('+i!.-!!+%#$,0(8%#&5-%<("@(&A%(8,>(!"#$%&'("@(U+O
+%-(B,.,2,!B?313-(3A!V0!533+!"R>bE!DR!&(!DR!BhQ(!.'!'&.=!(6&(!(60!0&1*.0'(!18*0!34!(60!<3993-!*&O!
O&'!(6&(!&!*8-&(.<!<38*=!<*&.9!(3!&/3.=!(60!(1&-'&<(.3-g0/0-!&!=00=Ji!p433(-3(0!39.((0=qET!)&-F
-.0!513O-+!h7&-!(60!Q-'&-0!73-(1&<(k!Z!U0/.0O!34!(60!P&O!U0*&(.-K!(3!(60!73-(1&<('!34!W01'3-'!
34!,-'38-=!).-=i!B"RbbE!""!7&-J!5&1!U0/J!>CC!&(!>C$J(
jS>J!!%%($4$2J!&(!>Cj!BhQ(!.'!M13:&:*0!(6&(!(60!10&'3-!431!(60!=0M&1(810!4139!(60!'(1.<(!18*0!34!.998-.(2!
4139!*.&:.*.(2!.'!(3!:0!438-=!.-!(60!4&<(!(6&(!%-K*&-=!O&'!&(!(6.'!(.90!1&M.=*2!:0<39.-K!&!-&(.3-!34!
(1&=01'+!&-=!'8<6!&!18*0!O38*=!34!<381'0!4.-=!-3!4&/381!.-!&!901<&-(.*0!<3998-.(2JiEJ!
FB`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
?60!*&O!=.=!-3(!=.10<(*2!&==10''!(60'0!M3*.<2!<3-<01-'!:2!&=3M(.-K!'8:'(&-(./0!10F
4319'J! Q-'(0&=+! (60! 90<6&-.'9! .(! <63'0! (3! =0&*! O.(6! (60! .''80'! O&'! &! M13<0=81&*!
18*0JjSS!Q-!&!'01.0'!34!<&'0'!=0<.=0=!.-!(60!*&(0!'.H(00-(6!<0-(812jS#!(60!<381('!&1(.<8F
*&(0=! &! h18*0! &K&.-'(! =.'&:*.-K! p&! *.(.K&-(d'q! 3O-! M01'3-+! 31! '(8*(.42.-K! 6.9'0*4JijSR!
?6.'!18*0!34!M*0&=.-K!60*=!(6&(!h-3!9&-!34!48**!&K0!'638*=!:0!60&1=!(3!'0(!8M!.-!(60!
<381('! 6.'! 3O-! .-'&-.(2Jij#C! ! ?60! 18*0! O&'! =04.-.(./0*2! <3-4.190=! .-! (60! O&(01'60=!
c8=K90-(! .-! 6%F%-0%'a<( B,<%Jj#"! Q-! (6&(! <&'0+! `-3O! 6&=! 9&=0! &! :3-=! (3! 50/01*02J! Q(!
O&'! <3993-! K138-=! (6&(! `-3O! *&<\0=! (60! <&M&<.(2! (3! 0-(01! .-(3! &! <3-(1&<(! &(! (60!
(.90!(60!:3-=!O&'!9&=0J![&/.-K!10K&.-0=!<&M&<.(2+!`-3O!&MM*.0=!(3!<381(!(3!'0(!(60!
:3-=!&'.=0J!?60!<381(!60*=!(6&(!`-3O!<38*=!-3(!M*0&=!(6.'!<&'0J!
!
?60!0440<(!34!(6.'!18*0!O&'!(6&(!&!M01'3-!O63!=.=!-3(!900(!(60!(0'(!34!<&M&<.(2!(3!0-F
(01!.-(3!&!<3-(1&<(!O&'!8-&:*0!(3!3:(&.-!&!1090=2!.-!(60!<381('Jj#$!?6.'!&MM13&<6!10F
'3*/0'! (60! .''80! 34! :&*&-<.-K! <39M0(.-K! .-(010'('! :2! =1&9&(.<&**2! 4&/381.-K! (60! .-F
(010'('!34!(60!3(601!<3-(1&<(.-K!M&1(2+!O.(6!O6&(!9&2!:0!6&1'6!10'8*('!4*3O.-K!(3!(60!
.-<&M&:*0! M01'3-J! ?60! <381('! 8*(.9&(0*2! :0<&90! =.''&(.'4.0=! O.(6! 63O! (60! :&*&-<0!
O&'! '0(J! ?60.1! '3*8(.3-! O&'! -3(! (3! =.'<&1=! 6%F%-0%'a<( B,<%! BO6.<6! 6&'! -0/01! :00-!
3/0118*0=E!:8(!1&(601!(3!<6.M!&O&2!&(!.('!10&<6!:2!4.-=.-K!0H<0M(.3-'!(3!.('!&MM*.<&F
(.3-Jj#b! 52! (60! -.-0(00-(6! <0-(812+! h(60! 0H<0M(.3-'! p6&=! :0<390q! 9310! -890138'!
(6&-!(60!18*0!.('0*4Jij#D !
!
?6.'!'(&(0!34!&44&.1'!<10&(0=!3:/.38'!M13:*09'!431!(60!<*&1.(2!&-=!<3-'.'(0-<2!34!(60!
*&OJ!?60!'3*8(.3-!(3!(6.'!M13:*09!0/3*/0=!3/01!(60!<381'0!34!&!'01.0'!34!-.-0(00-(6F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jSSJ!!%%($4$2J!&(!>CD!B-3(.-K!(6&(!104319'!h31.K.-&(0=+!34!<381'0+!&'!&!18*0!34!M*0&=.-K!.-!&!=&2!O60-!.(!
O&'!f8.(0!(60!/3K80!(3!=0<.=0!<&'0'!8M3-!(0<6-.<&*.(.0'!.-!(60!M*0&=.-K'iEJ!
jS#J!!%%(!&-"52(FJ(?,-<A,00!B"jRjE+!713J!%*._J!bR#+!S#!%U!>Db!BY5ET!B-"<<(FJ().2-%><!B"jR#E+!713J!%*._J!
>$$+!S#!%U!#>b!BY5EJ!
jSRJ!I$44".<+!<5+-,!-3(0!jjj!&(!DDCJ!!%%(,0<"(DA%(!A"-&%-(X1@"-2(T.90$<A(E$#&$".,-'+!<54(F%-4"!h'(8*F
(.42i!Bh"!Z**0K0!31!M13/0!(3!:0!.-'&-0!31!34!8-'38-=!9.-=+!0'MJ!.-!31=01!(3!0/&=0!'390!10'M3-'.F
:.*.(2J!$!7&8'0!(3!:0!31!&MM0&1!433*.'6+!1.=.<8*38'+!31!&:'81=*2!.-<3-'.'(0-(T!10=8<0!(3!433*.'6-0''!
31!&:'81=.(2JiEJ!
j#CJ!I$44".<+!<5+-,!-3(0!jjj!&(!DDCJ!
j#"J!B">CbE+!D!73J!U0MJ!"$b:+!S>!%U!"""#!B^5EJ!
j#$J!`3903-0! <*&.9.-K! (6138K6! (60! .-<&M&:*0! M01'3-+! '8<6! &'! (6&(! M01'3-d'! 60.1! 31! 10M10'0-(&(./0+!
O&'!-3(!<&8K6(!:2!(60!18*0!&-=+!(60104310+!<38*=!3:(&.-!&!1090=2!:2!M*0&=.-K!(6&(!M01'3-d'!.-<&F
M&<.(2J!!%%(I$44".<+!<5+-,!-3(0!jjj!&(!DDCJ(
j#bJ!!%%($4$2J!
j#DJ!513O-+!<5+-,!-3(0!jSj!&(!>CjJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FBa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
<0-(812! %-K*.'6! =0<.'.3-'+! O6.<6! K1&=8&**2! <10&(0=! &! 13*0! 431! &''0''.-K! (60! 3(601!
<3-(1&<(.-K! M&1(2d'! \-3O*0=K0! 34! (60! .-<&M&:*0! M01'3-d'! =.9.-.'60=! <&M&<.(2! &'! &-!
0*090-(!34!(60!(0'(!34!<&M&<.(2!&-=!&MM*.0=!(6&(!0*090-(!(3!9310!&-=!9310!(2M0'!34!
<3-(1&<('Jj#j!?6010!O010!'390!f80'(.3-'!&:38(!(60!'<3M0!34!(6.'!-0O!&MM13&<6!(3!(60!
(0'(!34!<&M&<.(2!BM&1(.<8*&1*2!3/01!O60(601!.(!&MM*.0=!(3!0H0<8(312!<3-(1&<('E+j#>!:8(!
(60'0!f80'(.3-'!O010!10'3*/0=!:2!(60!0-=!34!(60!-.-0(00-(6!<0-(812Jj#S!
!
A#!
%++%-/!*+!&!-*'/6&-/!<(/@!&'!('-&.&=3%!.%65*'?!>*(7!*6!>*(7&=3%E!
L60-!&!<381(!=0(019.-0'!(6&(!&!(1&-'&<(.3-!.'!/3.=+!(60!<381(!.'!'&2.-K!.-!0440<(!(6&(!
(60! (1&-'&<(.3-! -0/01! 0H.'(0=A! .(! .'! &! -8**.(2J! Z! /3.=&:*0! (1&-'&<(.3-+! 3-! (60! 3(601!
6&-=+!.'!3-0!(6&(!<38*=!:0!1&(.4.0=!:2!&!<3-(1&<(.-K!M&1(2J!
!
G31!93'(!&10&'!34!(60!*&O!(6&(!&10!'8:c0<(!(3!&!<3993-F*&O!(0'(!34!<&M&<.(2+!&-!&<(!:2!
&!M01'3-!O63!*&<\'!<&M&<.(2!8-=01!(60!<3993-F*&O!(0'(!.'!<3-'.=010=!(3!:0!/3.=J!Z!
h/3.=&:*0! O.**+i! 431! 0H&9M*0+! .'! '390(6.-K! 8-\-3O-! (3! (60! *&OJ! `.9.*&1*2+! (60! <39F
93-F*&O! M3'.(.3-! 3-! &-! $.&%-( F$F"<! K.4(! :2! &-! .-<&M&:*0! M01'3-! .'! (6&(! (60! K.4(! .'!
/3.=Jj##!
!
?60!<3993-F*&O!M3'.(.3-!3-!&!<3-(1&<(!9&=0!:2!&!M01'3-!O63!4&.*'!(3!900(!(60!(0'(!
34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!.'!=.44010-(J!`8<6!&'!<3-(1&<(!.'!<3-'.=010=!(3!:0!
/3.=&:*0Jj#R! ?60! *&O! '009'! (3! 6&/0! &11./0=! &(! (6.'! M3'.(.3-! 431! 10&'3-'! 10*&(0=! (3!
(63'0!=.'<8''0=!.-!(60!M10<0=.-K!'0<(.3-!<3-<01-.-K!(60!-00=!(3!:&*&-<0!M13(0<(.3-!
34! (60! .-<&M&:*0! M01'3-d'! .-(010'('! O.(6! M13(0<(.3-! 34! (60! 3(601! <3-(1&<(.-K! M&1(2d'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
j#jJ!!%%+!%J9J+!I"-%(FJ(I$4<".!B"#DjE+!"b!)J!l!LJ!>$b+!"jb!%U!$>C!B%HJET!?"0&".(FJ(B,C-"51!B"#D#E+!$!%HJ!
D#S+!"jD!%U!j#D!B%HJE!p?"0&".!<.(0=!(3!%Uq+!,@@a2!B"#DRE+!D!%HJ!"S+!"jD!%U!""CS!B%HJ!76JEJ!!%%(,0<"!
513O-+!<5+-,!-3(0!jSj!&(!>CSo">!B10/.0O.-K!(60!<&'0'!.-!=0(&.*EJ!
j#>J!!%%( 60,#Za<( 8,>( E$#&$".,-'+! R(6! 0=J+! <54( F%-4"! h0H0<8(312! <3-(1&<(i! BhZ! <3-(1&<(! (6&(! 109&.-'!
O63**2!8-M0143190=!31!431!O6.<6!(6010!109&.-'!'390(6.-K!'(.**!(3!:0!=3-0!3-!:3(6!'.=0'+!34(0-!
&'!&!<39M3-0-(!34!&!*&1K01!(1&-'&<(.3-J!J!J!JiEJ!
j#SJ!!%%(!&".%+!<5+-,!-3(0!jjj!&(!>C"+!P31=!%'601!)U!BhL60-!&!M01'3-!0-(01'!.-(3!&!<3-(1&<(+!&-=!&4F
(01O&1='!&**0K0'!(6&(!60!O&'!'3!.-'&-0!&(!(60!(.90!(6&(!60!=.=!-3(!\-3O!O6&(!60!O&'!=3.-K+!&-=!
M13/0'!(60!&**0K&(.3-+!(60!<3-(1&<(!.'!&'!:.-=.-K!3-!6.9!.-!0/012!10'M0<(+!O60(601!.(!.'!0H0<8(312!
31!0H0<8(0=+!&'!.4!60!6&=!:00-!'&-0!O60-!60!9&=0!.(+!8-*0''!60!<&-!M13/0!481(601!(6&(!(60!M01'3-!
O.(6!O639!60!<3-(1&<(0=!\-0O!6.9!(3!:0!'3!.-'&-0!&'!-3(!(3!:0!<&M&:*0!34!8-=01'(&-=.-K!O6&(!
60!O&'!&:38(JiEJ!
j##J!!%%(8,9"<Z$+!<5+-,!-3(0!DDD!&(!M&1&J!DjJ!51.(.'6!73*89:.&!6&'!<6&-K0=!(6.'!<3993-F*&O!18*0!:2!
*0K.'*&(.3-J! !%%( )250&( I5,-2$,.<A$+( )#&+! <5+-,! -3(0! j+! 'J! >CJ$J! !%%( ,0<"+! &:3/0+! '0<(.3-! ;QJ5JD! B&E!
&(!"Cb!B=.'<8''.-K!(6.'!<6&-K0!.-!(60!*&OEJ!
j#RJ!!%%+!%J9J+!I$44".<+!<5+-,!-3(0!jjjT!Y%00'+!<5+-,!-3(0!DCCJ!
F]E'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
.-(010'('J!Z!4.-=.-K!(6&(!&!<3-(1&<(!.'!/3.=&:*0!&*'3!&4431='!(60!<381('!(33*'!(3!M13(0<(!
(60!.-(010'('!34!&-2!(6.1=!M&1(2!O63!6&'+!.-!K33=!4&.(6+!10*.0=!3-!(60!<3-(1&<(JjRC!
!
[3*=.-K!(6&(!(60!<3-(1&<(!.'!/3.=&:*0!90&-'!(6&(!h(60!<3-(1&<(!.'!-3(!:.-=.-K!8-*0''!
1&(.4.0=+!1&(601!(6&-!:0.-K!:.-=.-K!8-(.*!10M8=.&(0=J!J!J!JijR"!Z!M01'3-!O38*=!-00=!(3!
900(!(60!<3-(1&<(8&*!(0'(!34!<&M&<.(2!(3!1&(.42!&!<3-(1&<(+!'3!(6.'!<38*=!3-*2!:0!=3-0!
:2! (60! .-<&M&:*0! M01'3-! =81.-K! &! *8<.=! .-(01/&*J! Z! 10M10'0-(&(./0! 34! (60! .-<&M&:*0!
M01'3-+!'8<6!&'!&-!&((31-02!&<(.-K!8-=01!&-!0-=81.-K!M3O01!34!&((31-02+!<38*=!1&(.42!
(60!<3-(1&<(!3-!(60!.-<&M&:*0!M01'3-d'!:06&*4J!
!
C#!
&!+8'-/(*'&3!/%5/?!/@%!6&')%!*+!-*'/6&-/5!-*>%6%7!=0!/@%!/%5/!*+!-&.&-(/0!
?60! (0'(! 34! <&M&<.(2! (3! 0-(01! .-(3! &! <3-(1&<(! &MM*.0'! (3! &**! (2M0'! 34! <3-(1&<('J! ?6.'!
(&\0'! .-! &! O.=0! /&1.0(2! 34! (1&-'&<(.3-'g0/012(6.-K! 4139! 98-=&-0+! 0/012=&2! M81F
<6&'0'!(3!<39M*0H!<39901<.&*!&11&-K090-('JjR$!?60!4&<(!(6&(!(60!(0'(!34!<&M&<.(2!6&'!
(3!<3/01!'8<6!&!O.=0!1&-K0!34!<3-(1&<('!6&'!(O3!<3-'0f80-<0'J!
!
G.1'(+!(60!*&O!98'(!(&\0!&!/012!4*0H.:*0!&-=!48-<(.3-&*!&MM13&<6!(3!=0(019.-.-K!<&F
M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!Z'!&!*0&=.-K!<&'0!M8('!.(!hp(q60!*&O!=30'!-3(!M10'<1.:0!
&-2! 4.H0=! '(&-=&1=! 34! '&-.(2! &'! &! 10f8.'.(0! 431! (60! /&*.=.(2! 34! &**! (1&-'&<(.3-'JijRb! Z!
=0(019.-&(.3-! (6&(! &! M01'3-! <&-! 0-(01! .-(3! 3-0! (2M0! 34! <3-(1&<(! 6&'+! .-! (60312+! -3!
:0&1.-K!3-!O60(601!&!M01'3-!6&'!(60!<&M&<.(2!(3!0-(01!.-(3!&-3(601!(2M0!34!<3-(1&<(J!
%&<6! <&'0! 98'(! :0! 0H&9.-0=! 3-! .('! 3O-! 901.('J! ?6.'! &MM13&<6! 9&2! :0! <3-(1&'(0=!
O.(6! (60! &MM13&<6! (60! <381(! (&\0'! 3-! &! <399.((00'6.M! &MM*.<&(.3-+! O6010! .(! h98'(!
<3-'.=01!(60!(3(&*.(2!34!(60!M13M01(2!&-=!&44&.1'!34!(60!&**0K0=!M&(.0-(J!J!J!JijRD!
!
`0<3-=+!.(!<&-!:0!=.44.<8*(!(3!=0(019.-0!.-!&!K0-01&*!O&2!63O!(60!(0'(!34!<&M&<.(2!(3!
0-(01!.-(3!&!<3-(1&<(!<39M&10'!(3!3(601!(0'('!34!<&M&<.(2g31!O6010!.(!4.('!.-(3!&-2!
<&M&<.(2! 6.01&1<62J! ?60! <3-'0-'8'! .-! %-K*.'6! &-=! 7&-&=.&-! *&O! .'! (6&(! (60! 90-(&*!
<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!3<<8M.0'!&!9.==*.-K!M3'.(.3-!.-!(6&(!6.01&1<62J!?6&(!
.'+!(60!90-(&*!<&M&<.(2!10f8.10=!(3!0-(01!.-(3!&!<3-(1&<(!.'!(2M.<&**2!*3O01!(6&-!(6&(!
10f8.10=! (3! 9&\0! &! O.**+! :8(! 6.K601! (6&-! (6&(! 431! 4&9.*2F*&O! 9&((01'+! '8<6! &'! 9&1F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jRCJ!!%%!)<7&98'+!<5+-,!-3(0!DD$!&(!b#$o#bJ!
jR"J!U3:01('3-+! <5+-,! -3(0! Db#! &(! "Rb! p433(-3(0! 39.((0=qJ! U3:01('3-! K30'! 3-! (3! -3(0! h(60! 3MM3'.(0!
&MM*.0'!.-!<&'0'!34!(09M31&12!.-<&M&<.(2!<&8'0=!:2!.-(3H.<&(.3-i!B$4$2JE!p433(-3(0!39.((0=qJ!
jR$J!!%%! )<<%<<C%.&( "@( ?%.&,0( B,+,#$&'\( I5$2,.#%( @"-( E"#&"-<( ,.2( 8,>'%-<+! <5+-,! -3(0! ""S! &(! #D!
BhL.(638(!10&**2!:0.-K!&O&10!34!.(+!93'(!M03M*0!0-(01!.-(3!'390!'31(!34!<3-(1&<(!0/012=&2J!J!J!JiEJ!
jRbJ!I$44".<+!<5+-,!-3(0!jjj!&(!DbSJ!
jRDJ!?,<&%-C,.O8$<&%-(FJ(6-5&&".(7(B"J+!p$CC$q!%L7Z!7./J!"##R!&(!M&1&J!"R+!p$CCbq!b!Z**!%U!">$+!^0-F
-0=2!PXJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F]F'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
1.&K0J!58(!(6.'!M3.-(!6&'!(3!:0!f8&*.4.0=!(3!(&\0!.-(3!&<<38-(!(60!9&-2!=.44010-(!(2M0'!
34!<3-(1&<('J!Z'!&!*0&=.-K!<&'0!M8(!.(A!hQ-!(60!<&'0!34!&!O.**!(60!=0K100!p34!8-=01'(&-=F
.-Kq!10f8.10=!.'!&*O&2'!6.K6J!Q-!(60!<&'0!34!&!<3-(1&<(!J!J!J!(60!=0K100!10f8.10=!/&1.0'!
O.(6!(60!<.1<89'(&-<0'!34!(60!(1&-'&<(.3-JijRj!Z!M&1(.<8*&1*2!<39M*0H!<3-(1&<(!<38*=!
10f8.10!&!6.K601!*0/0*!34!90-(&*!<&M&<.(2!(6&-!&!'.9M*0!O.**J!Z-=+!4.-&**2+!'390!<381('!
6&/0!f80'(.3-0=!O60(601!(6010!.'!&-2!6.01&1<62!&(!&**!B(638K6!(6.'!'009'!(3!:0!&!9.F
-31.(2!M3'.(.3-EJjR> !
!
J#!
/@%!6*3%!*+!+&(6'%55!('!/@%!/%5/!*+!-&.&-(/0!/*!%'/%6!('/*!&!-*'/6&-/!
e-0!.''80!(6&(!6&'!-3(!:00-!10'3*/0=!.-!(60!c81.'M18=0-<0!.'!O60(601!<381('!'638*=!
0/&*8&(0!(60!4&.1-0''!34!(60!<3-(1&<(!&'!M&1(!34!(60!(0'(!34!<&M&<.(2J!Y80'(.3-'!34!4&.1F
-0''! =3! -3(! 4.K810! .-! 3(601! (0'('! 34! <&M&<.(2+! :8(! (602! 6&/0! &MM0&10=! 10M0&(0=*2! .-!
<&'0'!.-/3*/0!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!?6.'!(1&.*!34!M10<0=0-(!'(10(<60'!:&<\!
(3! '390! 34! (60! *0&=.-K! %-K*.'6! =0<.'.3-'! 34! (60! -.-0(00-(6! <0-(812JjRS! Q(! 09:1&<0'!
'0/01&*!9&c31!7&-&=.&-!<&'0'!4139!(60!0&1*2!(O0-(.0(6!<0-(812!(33JjR#!
!
58(!'390!34!(60!9310!10<0-(!*0&=.-K!<&'0'!6&/0!<1.(.<._0=!(6.'!.-<31M31&(.3-!34!4&.1F
-0''!.-(3!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!Q-!Y%00'+!(60!<381(!-3(0=!(6&(!
9&-2!34!(60!3*=01!<&'0'!(10&(0=!4&.1-0''!&'!&-!h0''0-(.&*!0*090-(i!34!(60!(0'(!:8(!.(!
4*&(*2! 10c0<(0=! (6.'! &MM13&<6JjRR! Q-! (60! <381(d'! /.0O+! (6010! O010! 3(601! <3-(1&<(F*&O!
<3-<0M('! (6&(! O010! :0((01! M3'.(.3-0=! (3! &==10''! 4&.1-0''J>CC! 3,-&+! &! =0<.'.3-! 34! (60!
X8=.<.&*!7399.((00!34!(60!W1./2!738-<.*!3-!&MM0&*!4139!m0O!@0&*&-=+!10/.0O0=!(60!
=0/0*3M90-(!34!(60!.=0&!(6&(!4&.1-0''!'638*=!M*&2!&!13*0!.-!(60!(0'(!34!<&M&<.(2!(3!0-F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jRjJ!6%,.%'+!<5+-,!-3(0!D""!&(!SSDJ!
jR>J!!%%(L"9%-<!B7ZE+!<5+-,!-3(0!DC"!&(!"D#J!
jRSJ!!%%+!%J9J+!?"0&".+!<5+-,!-3(0!j#j!&(!jRC+!W3**3<\!75!BhpLq60-!&!M01'3-+!&MM&10-(*2!34!'38-=!9.-=+!
&-=!-3(!\-3O-!(3!:0!3(601O.'0+!0-(01'!.-(3!&!<3-(1&<(!431!(60!M81<6&'0!34!M13M01(2!>A$#A($<(@,$-(
,.2(4".j(@$2%+!&-=!O6.<6!.'!0H0<8(0=!&-=!<39M*0(0=+!&-=!(60!M13M01(2+!(60!'8:c0<(F9&((01!34!(60!
<3-(1&<(+!6&'!:00-!M&.=!431!&-=!48**2!0-c320=+!&-=!<&--3(!:0!10'(310=!'3!&'!(3!M8(!(60!M&1(.0'!.-!
'(&(8!f83+!'8<6!&!<3-(1&<(!<&--3(!&4(01O&1='!:0!'0(!&'.=0+!0.(601!:2!(60!&**0K0=!*8-&(.<!31!(63'0!
O63! 10M10'0-(! 6.9Ji! p09M6&'.'! &==0=qET! !&".%+! <5+-,! -3(0! jjj! &(! >Cb+! P3M0'! PX! BhQ-! 31=01! (3!
&/3.=!,(@,$-(#".&-,#&!3-!(60!K138-=!34!.-'&-.(2+!(60!90-(&*!.-<&M&<.(2!34!(60!3-0!98'(!:0!\-3O-!
(3!(60!3(601!34!(60!<3-(1&<(.-K!M&1(.0'Ji!p09M6&'.'!&==0=qEJ!
jR#J!!%%(P'#Z%<(FJ(BA$<A"0C!B"R""E+!b!eLm!$"!&(!$$+!"R!eLU!RSS!B[7XE+!)8*3<\!7X!Bh?60!<3-(1&<(!34!&!
*8-&(.<!31!M01'3-!90-(&**2!.-<&M&:*0!34!9&-&K.-K!6.'!&44&.1'!O.(6!&!M01'3-!6&/.-K!-3!-3(.<0+!&<F
(8&*!31!<3-'(18<(./0+!34!'8<6!*8-&<2!31!.-<&M&<.(2+!<&--3(!:0!9&.-(&.-0=!5.0%<<(&A%("&A%-(+,-&'(&"(
<5#A( #".&-,#&( <A%><! p<$#q! &A,&( $&( >,<( @,$-( ,.2( 4".j( @$2%Ji! p<.(&(.3-'! 39.((0=T! 09M6&'.'! &==0=qET!
N$0<".(FJ(B,.,2,+!p"Rb#q!`7U!b"S!&(!bb"ob>+!p"Rb#q!b!VPU!Dbb+!V&/.'!XJ!
jRRJ!!5+-,!-3(0!DCC!&(!$S>J!
>CCJ!!%%($4$2J!&(!$S>oSSJ!
F]D'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
>C"
(01!.-(3!&!<3-(1&<(!.-!K10&(!=0(&.*J !?60!M1./2!<38-<.*!<3-<*8=0=!(6&(!4&.1-0''!M*&2'!
-3! M&1(! .-! (60! (0'(! 34! <&M&<.(2+! :8(! 9&2! :0! .-/3\0=! 8-=01! 3(601! <3-(1&<(F*&O! <3-F
<0M('J>C$!
!
58(+!=0'M.(0!(60!<3-<*8'.3-'!344010=!.-!(60'0!(O3!*0&=.-K!<&'0'+!10<0-(!7&-&=.&-!=0F
<.'.3-'! <3-(.-80! (3! .-<*8=0! 104010-<0'! (3! 10/.0O.-K! (60! 4&.1-0''! 34! (60! <3-(1&<(! &'!
3-0! 34! (60! 0*090-('! 34! (60! (0'(! 34! <&M&<.(2! (3! 0-(01! .-(3! &! <3-(1&<(J>Cb! e-! (60! 3(601!
6&-=+!&!-89:01!34!10<0-(!<&'0'!6&/0!-3(!.-<*8=0=!4&.1-0''!&'!&!<3-'.=01&(.3-!(3!(&\0!
.-(3!&<<38-(!.-!&MM*2.-K!(60!(0'(!34!<&M&<.(2J>CD!`3!0/0-!(638K6!(60!O0.K6(!34!&8(631F
.(2!&MM0&1'!(3!4&/381!(60!/.0O!(6&(!4&.1-0''!=30'!-3(!4.K810!.-!(60!(0'(!34!<&M&<.(2!(3!
0-(01!.-(3!&!<3-(1&<(+!(60!*&O!.-!7&-&=&!'(.**!'009'!(3!:0!8-=0<.=0=!3-!(6.'!M3.-(J!
!
K#!
*/@%6!-*'/6&-/;3&<!-*'-%./5!
!"#$ :,)-0216)50,$
Q(! .'! O31(6O6.*0! (3! -3(0! 6010! (6&(! <3-(1&<(! *&O! 6&'! =0/0*3M0=! 3(601! <3-<0M('! (6&(!
9&2!<390!.-(3!M*&2!.-!&!<&'0!(6&(!&*'3!.-/3*/0'!(60!(0'(!34!<&M&<.(2J!?60!M81M3'0!34!
(6.'!<6&M(01!.'!-3(!(3!M13/.=0!&!<39M1060-'./0!10/.0O!34!(60'0!10*&(0=!<3-<0M('J!?60!
=.'<8''.3-!(6&(!43**3O'!'.9M*2!=0'<1.:0'!(60!<3-<0M('+!.-!/012!:&'.<!(019'+!&-=!-3(0'!
0H&9M*0'! 34! <&'0'! .-! O6.<6! &! 10*&(0=! <3-<0M(! O&'! <3-'.=010=! &*3-K'.=0! (60! (0'(! 34!
<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!
!
!*#$ /,60,(650,"*5.5)>$
Z-!8-<3-'<.3-&:*0!<3-(1&<(!.'!3-0!(6&(!3<<81'!O60-!&!<3-(1&<(.-K!M&1(2!0HM*3.('!&-!
.-0f8&*.(2! 34! :&1K&.-.-K! M3O01! &1.'.-K! 4139! (60! .K-31&-<0+! -00=+! 31! =.'(10''! 34! (60!
3(601! <3-(1&<(.-K! M&1(2! .-! 31=01! (3! M13=8<0! &! '8:'(&-(./0*2! 3-0F'.=0=! <3-(1&<(J>Cj!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>C"J!!%%(<5+-,!-3(0!jjj!&(!"C"Ro$D+!P31=!51.K6(9&-J!
>C$J!!%%($4$2J!&(!"C$S!Bhp?q60!/&*.=.(2!34!&!<3-(1&<(!0-(010=!.-(3!:2!&!*8-&(.<!O63!.'!3'(0-'.:*2!'&-0!.'!
(3!:0!c8=K0=!:2!(60!'&90!'(&-=&1='!&'!&!<3-(1&<(!:2!&!M01'3-!34!'38-=!9.-=+!&-=!.'!-3(!/3.=&:*0!
:2!(60!*8-&(.<!31!6.'!10M10'0-(&(./0'!:2!10&'3-!34!v8-4&.1-0''d!8-*0''!'8<6!8-4&.1-0''!&938-('!(3!
0f8.(&:*0!41&8=!O6.<6!O38*=!6&/0!0-&:*0=!(60!<39M*&.-.-K!M&1(2!(3!&/3.=!(60!<3-(1&<(!0/0-!.4!60!
6&=!:00-!'&-0JiEJ!
>CbJ!!%%+! %J9J+! B,.,2$,.( VC+%-$,0( 6,.Z( "@( B"CC%-#%( FJ( ?$0A"C%.<+! $CCD! `^Y5! ">#! &(! M&1&'J! ""o"$+!
p$CCDq!`X!m3J!$#S!BYPE+!5&1<*&2!XJT!?,&A%<".(T<&,&%(FJ(!&%@,.Z$>+!$CCC!`^Y5!"$S!&(!M&1&J!D"+!"R"!
`&'\J!UJ!$D"+!@&1_0<_-2!XJ!p!&%@,.Z$>qT!L"<<,.2%-+!<5+-,!-3(0!j>#!&(!M&1&J!D$J!
>CDJ!!%%+!%J9J+!L%(!500$F,.+!$CCC!W%`7?V!#!&(!M&1&'J!"Ro$C+!p$CCCq!W%QX!m3J!"C!BYPE+!X0-\.-'!XJT!:$<#$&%00$(
FJ(E$.%00%+!p"RRRq!eX!m3J!DbR>!BYPE!&(!M&1&J!>>!B`7XE+!5.-\'!XJ!p:$<#$&%00$qT!6,-.%<+!<5+-,!-3(0!jS$!&(!
M&1&'J!$jo$>J!
>CjJ!!%%( ?"--$<".( FJ( B",<&( P$.,.#%( 8&2J! B"R>jE+! jj! VPU! B$=E! S"C+! jD! LLU! $jS! B577ZET! 3,--'( FJ(
Y-%5&H$9%-!B"RS#E+!Rj!VPU!Bb=E!$b"+!b!57PU!bD#!B7ZEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F]B'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
,-<3-'<.3-&:.*.(2! .'! 3-0! 34! <3-(1&<(! *&Od'! 9&c31! (33*'! (3! <81:! 8-4&.1! <3-(1&<('J>C>!
?60!(2M0'!34!90=.<&*!<3-=.(.3-'!(6&(!9&2!=.9.-.'6!&!M01'3-d'!90-(&*!<&M&<.(2!9&2!
&*'3!10'8*(!.-!&-!.-0f8&*.(2!34!:&1K&.-.-K!M3O01J!?6010!&10!&!-89:01!34!10<0-(!<&'0'!
.-!O6.<6!(60!<381('!6&/0!:00-!&'\0=!(3!<3-'.=01!:3(6!8-<3-'<.3-&:.*.(2!&-=!(60!(0'(!
34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J>CS!
!
!6#$ /,21'$:,3.1',6'$
,-=80!.-4*80-<0!.'!.-(0-=0=!(3!K8&1=!&K&.-'(!8-4&.1!:&1K&.-'!3:(&.-0=!:2!(60!8'0!34!
.9M13M01! M10''810! .-! .-(.9&(0! 31! <3-4.=0-(.&*! 10*&(.3-'6.M'J>C#! Z! 10*&(0=! <3-<0M(!
(6&(! K30'! :2! (60! '&90! -&90! &-=! &MM*.0'! (3! O.**'! O&'! <3-'.=010=! 0&1*.01! .-! (6.'! 10F
M31(J>CR!?60!9&c31!=.44010-<0!:0(O00-!<3-(1&<(8&*!&-=!(0'(&90-(&12!8-=80!.-4*80-<0!
.'!(6&(!<3-(1&<(8&*!8-=80!.-4*80-<0!10*.0'!3-!&!<39M*0H!'01.0'!34!M10'89M(.3-'!(6&(!
'01/0!(3!'6.4(!(60!3-8'!34!M1334!431!<01(&.-!<*&''0'!34!M03M*0!B(2M.<&**2!4&9.*2!909F
:01'E+!M8((.-K!(63'0!M03M*0!.-!(60!M3'.(.3-!34!=.'M13/.-K!&**0K&(.3-'!34!8-=80!.-4*8F
0-<0! .-! *.(.K&(.3-J>"C! W03M*0! O.(6! =.9.-.'60=! <&M&<.(2! &10! (2M.<&**2! /.0O0=! &'! :0.-K!
0'M0<.&**2!/8*-01&:*0!(3!'8:(*0!M10''810!:0.-K!0H01(0=!:2!&!<&10K./01!31!<*3'0!4&9.*2!
909:01+! '3! <&M&<.(2! .''80'! &-=! 8-=80! .-4*80-<0! <&-! K3! 6&-=! .-! 6&-=! .-! '390!
<&'0'J>""!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>C>J!!%%! 51.(.'6! 73*89:.&! P&O! Q-'(.(8(0+! B".<50&,&$".( :,+%-( ".( :-"+"<,0<( @"-( U.@,$-( B".&-,#&<( L%0$%@!
B;&-<38/01A!?60!Q-'(.(8(0+!$C"CE!&(!$job$J!
>CSJ!!%%+! %J9J+! W,.( E%( I%%-( T<&,&%( FJ( :%..%-+! $CCD! `^Y5! $jb+! p$CCjq! $! LLU! b"! p:%..%-qT! !&%@,.Z$>+!
<5+-,!-3(0!>CbT!!#"&&(FJ(B0,.#'+!p"RR#q!>!LLU!DD>+!">D!`&'\J!UJ!"C#!BY5EJ!
>C#J!!%%!%J!Z**&-!G&1-'O31(6+!P,-.<>"-&A(".(B".&-,#&<+!$=!0=J+!/3*J!"!Bm0O!n31\A!Z'M0-!P&O!l!58'.F
-0''+!"RR#E!&(!x!DJ$C!Bh?60!<3-<0M(!34!8-=80!.-4*80-<0!=0/0*3M0=!.-!(60!<381('!34!0f8.(2!(3!K./0!
10*.04!(3!/.<(.9'!34!8-4&.1!(1&-'&<(.3-'!(6&(!O010!.-=8<0=!:2!.9M13M01!M01'8&'.3-J!Q-!<3-(1&'(!(3!
(60!<3993-!*&O!-3(.3-!34!=810''+!(60!0''0-<0!34!O6.<6!O&'!'.9M*0!40&1!.-=8<0=!:2!(610&(+!(60!
0f8.(&:*0!<3-<0M(!34!8-=80!.-4*80-<0!O&'!&.90=!&(!(60!M13(0<(.3-!34!(63'0!&440<(0=!O.(6!O0&\F
-0''+!'631(!34!.-<&M&<.(2+!&K&.-'(!.9M13M01!M01'8&'.3-+!'631(!34!9.'10M10'0-(&(.3-!31!=810''+!:2!
(63'0!.-!&!'M0<.&*!M3'.(.3-!(3!0H01<.'0!'8<6!M01'8&'.3-Ji!p433(-3(0!39.((0=qEJ!
>CRJ!!%%+!&:3/0+!'0<(.3-!QQQJ5JS!B4E!&(!b>J!
>"CJ!!%%()00#,-2(FJ(!Z$..%-!B"##SE+!b>!76V!"Dj!B%-KJ!7ZET!I%@@%.(FJ(I""2C,.(T<&,&%+!p"RR"q!$!`7U!bjb+!
#"! VPU! BD(6E! $""J! !%%( ,0<"( N$00</( T<&,&%<( ,.2( !5##%<<$".( )#&+! <5+-,! -3(0! "C+! 'J! j$! B'6.4(.-K! (60!
:81=0-!34!M1334!.-!(0'(&90-(&12!8-=80F.-4*80-<0!<&'0'!(3!h(60!M&1(2!'00\.-K!(3!=040-=!(60!O.**!
31!(60!M13/.'.3-!34!.(!(6&(!.'!<6&**0-K0=ig.-!431<0!b"!)&1<6!$C"DEJ!
>""J!!%%+!%J9J+!:%..%-+!<5+-,!-3(0!>CST!:$<#$&%00$+!<5+-,!-3(0!>CDT!:$#Z%-$.9(FJ(:$#Z%-$.9!B"R#jE+!b#!`&'\J!
UJ!$""+!b$!Z7L`!B$=E!#j!BY5EJ!
F]]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!2#$ O0,$T()$;"6)1<$
h?60!=3<(1.-0!34!.".(%<&(@,#&5C+i!0HM*&.-'!&!*0&=.-K!(0H(:33\+!h63*='!(6&(!&!/012!M&1F
(.<8*&1!\.-=!34!41&8=8*0-(!.-=8<090-(!(6&(!*0&='!&!M&1(2!(3!'.K-!&!O1.((0-!=3<890-(+!
.-<*8=.-K!&-!&K10090-(+!.'!/3.=!&(!<3993-!*&O!3-!(60!:&'.'!(6&(!(60!M01'3-!&44.H.-K!
(60!'.K-&(810!6&'!-3(!K0-8.-0*2!&K100=!(3!(60!=3<890-(Ji>"$ !K".(%<&(@,#&5C!Bw!.(!.'!
-3(! 92! =00=E! (1&=.(.3-&**2! 6&=! &! /012! -&113O! &MM*.<&(.3-gM13:&:*2! 0H(0-=.-K! -3!
481(601! (6&-! (3! :*.-=! &-=! .**.(01&(0! M03M*0J! )310F10<0-(! <&'0'! 6&/0! M13/.=0=! 431! &!
'390O6&(!O.=01!&MM*.<&(.3-!34!(60!=3<(1.-0J>"b!?6010!9&2!:0!'.(8&(.3-'!O6010!90-F
(&*!<&M&<.(2!3/01*&M'!O.(6!9.'(&\0!:&'0=!3-!.".(%<&(@,#&5CJ!58(!(60!(610'63*=!431!&!
'8<<0''48*! M*0&! 34! .".( %<&( @,#&5C! 109&.-'! /012! 6.K6J! m0/01(60*0''+! (6010! &10! '390!
<&'0'!.-!O6.<6!.".(%<&(@,#&5C!.'!&1K80=!B(2M.<&**2!8-'8<<0''48**2E!&*3-K'.=0!90-(&*!
<&M&<.(2J>"D!
!
"L#! '%-%55&6(%5!
!"#$ :,)-0216)50,$
Z!M01'3-!O63!=30'!-3(!6&/0!(60!90-(&*!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!9&2!'(.**!:0!
*.&:*0!(3!&!'8MM*.01!34!K33='!31!'01/.<0'!.4!(60!K33='!31!'01/.<0'!<&-!:0!<6&1&<(01._0=!
&'! -0<0''&1.0'J! ?60! '381<0! 34! (6.'! 3:*.K&(.3-! .'! -3(! (60! *&O! 34! <3-(1&<('! B'.-<0! (60!
M01'3-! *&<\'! (60! <&M&<.(2! (3! 0-(01! .-(3! &! <3-(1&<(E! :8(! 1&(601! (60! *&O! 34! 8-c8'(! 0-F
1.<690-(J!m0/01(60*0''+!'.-<0!(6.'!&10&!34!(60!*&O!<*0&1*2!6&'!&!<3--0<(.3-!(3!(60!<3-F
(1&<(8&*!(0'(!34!<&M&<.(2+!<3990-(&(31'!(0-=!(3!.-<*8=0!.(!O.(6.-!(60.1!<3-'.=01&(.3-!
34!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J>"j!?60!*&O!3-!-0<0''&1.0'!.'!M&1(.&**2!
<3=.4.0=+>">! :8(! (6010! .'! &*'3! &! <3993-F*&O! 18*0! (6&(! .'! :13&=01! .-! '<3M0! (6&-! (60!
'(&(8(0+!'3!.(!98'(!&*'3!:0!<3-'.=010=J!
!
?60!*&O!3-!-0<0''&1.0'!60*M'!(3!M1393(0!'390!34!(60!M3*.<2!K3&*'!(6&(!8-=01*.0!(60!
<3993-F*&O!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!52!M13/.=.-K!&!90<6&-.'9!431!
M03M*0!O.(6!=.9.-.'60=!<&M&<.(2!(3!3:(&.-!K33='!&-=!'01/.<0'!-00=0=!431!=&2F(3F=&2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>"$J!)<7&98'+! <5+-,! -3(0! DD$! &(! jD#J! !%%( ,0<"( !,5.2%-<( FJ( ).90$,( 65$02$.9( !"#$%&'+! p"RSCq! ,^[P! j!
B5ZQPQQE+! p"RS"q! Z7! "CCDT! ?,-F#"( B"0"-( L%<%,-#A( 8&2J( FJ( 3,--$<+! p"R#$q! $! `7U! SSD+! "D"! VPU!
Bb=E!jSSJ!
>"bJ!!%%!)<7&98'+!<5+-,!-3(0!DD$!&(!jDRoj>!B(1&<.-K!(60!6.'(31.<&*!=0/0*3M90-(!34!.".(%<&(@,#&5CEJ!
>"DJ!!%%+!%J9J+!?"A-(FJ(3,'%<+!"RRR!`^Y5!$>C+!"#S!`&'\J!UJ!$S>T!B,.,2$,.(VC+%-$,0(6,.Z("@(B"CC%-#%(FJ(
)04%-&,(*:540$#(D-5<&%%;!B"RRbE+!"bS!ZU!bj$+!#!Z*(&J!PU!Bb=E!#>!BY5ET!B,C%-".(FJ(E"-#$#!B"R#SE+!
#C! m`U! B$=E! "j$+! >! Z7L`! Bb=E! "CC! B`7!B?VEE+! ,@@a2! B"R##E+! #b! m`U! B$=E! #j+! R! Z7L`! Bb=E! b!
B`7!B7ZEEJ!
>"jJ!!%%+!%J9J+!edm0.**!l!W0.'&6+!<5+-,!-3(0!jj#!&(!x!bJbJbT!U3:01('3-+!<5+-,!-3(0!Db#!&(!$CjoC>J!
>">J!!%%(!,0%("@(I""2<()#&+!U`57!"RR>+!<J!D"C+!'J!SJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F]^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
*.40+!(60!18*0!60*M'!(3!0-&:*0!(609!(3!*./0!.-=0M0-=0-(*2J!?60!18*0!&*'3!'8MM31('!(60!
M13(0<(./0!M81M3'0!34!(60!(0'(!34!<&M&<.(2J!Q(!=30'!(6.'!:2!*.9.(.-K!(60!0H(0-(!34!10<3/F
012!&/&.*&:*0!(3!&!'8MM*.01!34!-0<0''&1.0'J>"S!
!
!*#$ W&")$B-'$O'6'(("-5'(X$
K%#%<<,-$%<!<3-'(.(8(0'!&!'390O6&(!0*&'(.<!<&(0K312!34!K33='!&-=!'01/.<0'J!?60!!,0%(
"@( I""2<( )#&! =04.-0'! (60! (019! (3! 90&-! hK33='! '8.(&:*0! (3! (60! <3-=.(.3-! .-! *.40! 34! &!
M01'3-+! &-=! (3! (60! M01'3-d'! &<(8&*! 10f8.1090-('! &(! (60! (.90! 34! (60! '&*0! &-=! =0*./F
012Ji>"#! ?60! <&'0! *&O! M13/.=0'! 0H&9M*0'! 34! 'M0<.4.<! (2M0'! 34! -0<0''&1.0'J! Z'! 3-0!
<3990-(&(31! 6&'! -3(0=+! .%#%<<,-$%<! h6&'! :00-! (10&(0=! &'! &! :13&=! (019! :2! (60!
c8=K0'+i! O6.<6! h.-<*8=0'! (60! M13/.'.3-! 34+! &(! *0&'(+! 90&(+! =1.-\+! &MM&10*+! 90=.<.-0+!
90=.<&*!'01/.<0'+!0=8<&(.3-!&-=!(1&-'M31(&(.3-!'01/.<0'Ji>"R!58(!M&'(!<&'0'!&10!3-*2!
34!*.9.(0=!/&*80!.-!=0(019.-.-K!O60(601!'390(6.-K!4.('!O.(6.-!(60!<&(0K312!34!-0<0'F
'&1.0'J!?6.'!.'!:0<&8'0!(60!.(09'!(6&(!9&\0!8M!(60!<&(0K312!&10!/.0O0=!&'!<6&-K.-K!
O.(6!(60!(.90'J>$C!
!
!6#$ 7".'$03$+002($B6)$
,-=01!(60!!,0%("@(I""2<()#&+!&!M01'3-!O63!*&<\'!(60!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!
.'! -0/01(60*0''! 3:*.K&(0=! (3! M&2! h&! 10&'3-&:*0! M1.<0i! 431! -0<0''&1.0'+! .4! (60! -0<0'F
'&1.0'!h&10!'3*=!&-=!=0*./010=i!(3!(6&(!M01'3-J>$"!Z'!(60!-&90!34!(60!&<(!.9M*.0'+!(6.'!
*0K.'*&(.3-!3-*2!&MM*.0'!(3!-0<0''&12!K33='J!`.-<0!(60!K33='!98'(!:0!=0*./010=!(3!(60!
.-<&M&:*0!M01'3-+!h&-!0H0<8(312!<3-(1&<(!431!(60!'&*0!34!-0<0''&1.0'!(3!&!90-(&**2!.-F
<39M0(0-(! M81<6&'01! .'! 8-0-431<0&:*0Ji>$$! Z! 10&'3-&:*0! M1.<0! 431! (60! K33='! .'! 3-0!
(6&(!O.**!8*(.9&(0*2!:0!=0(019.-0=!:2!(60!<381('T!.(!=30'!-3(!6&/0!(3!:0!(60!M81<6&'0!
M1.<0J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>"SJ!!%%!P&O!U04319!7399.''.3-!34!Q10*&-=+!L%+"-&(".(W50.%-,40%()250&<(,.2(&A%(8,>+!PU7!#bF$CC>!
BV8:*.-A!?60!7399.''.3-+!$CC>E!&(!M&1&J!bJCD!B3:'01/.-K!(6&(!(60!-0<0''&1.0'!18*0!h6&'!&!8'048*!
=8&*!48-<(.3-iEJ!
>"#J!!5+-,!-3(0!>">+!'J!S!B"EJ!
>"RJ!edm0.**!l!W0.'&6+!<5+-,!-3(0!jj#!&(!x!bJbJbJ!
>$CJ!!%%($4$2J!B'M0<8*&(.-K!hO60(601+!.-!(60!$"'(!<0-(812+!'390!(6.-K'!(6&(!&10!8'0=!3-!&!=&.*2!:&'.'!:2!
9&-2! M03M*0! '8<6! &'! 93:.*0! M63-0'! &-=! (0*0/.'.3-! '0('! &10! -0<0''&1.0'! 431! &**! M03M*0! 31! 3-*2!
'390!M03M*0!31!-3(!-0<0''&1.0'!&(!&**iET!B".<50&,&$".(:,+%-(".(W50.%-,40%()250&<(,.2(&A%(8,>\(B,O
+,#$&'+!<5+-,!-3(0!jC!&(!M&1&J!jJ$D!Bhp?q60!10*0/&-(!<&'0F*&O!.'!<3-<01-0=!O.(6!*.40'(2*0'!.-!(60!
"S(6!(3!(60!0&1*2!$C(6!<0-(812!O6.<6!6&/0!*.((*0!M&1&**0*!.-!(3=&2d'!O31*=JiEJ!
>$"J!!5+-,!-3(0!>">+!'J!S!BbEJ!
>$$J!U3:01('3-+!<5+-,!-3(0!Db#!&(!$CjJ!
F]_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!2#$ %&'$E0<<0,YU"@$Z1.'$
?6010!.'!&!<3993-F*&O!18*0!10K&1=.-K!-0<0''&1.0'!(6&(!M10F=&(0'!(60!0-&<(90-(!34!
(60!!,0%("@(I""2<()#&J>$b!?60!<3993-F*&O!18*0!.'!:13&=01!(6&-!(60!'(&(8(312!18*0J!Q(!
&MM*.0'!(3!-0<0''&12!K33='!,.2!'01/.<0'J>$D!Q-!&==.(.3-+!hp&q(!<3993-!*&O+!10<3/012!
0H(0-='!(3!93-02!(6&(!6&'!:00-!*0-(!.-!31=01!(3!M81<6&'0!-0<0''&1.0'Ji>$j!`.9.*&1!(3!
(60! '(&(8(312! 18*0+! (60! <3993-F*&O! 18*0! *.9.('! (60! .-<&M&:*0! M01'3-d'! *.&:.*.(2! (3! &!
10&'3-&:*0!M1.<0!431!(60!-0<0''&1.0'J!
!
?60!!,0%("@(I""2<()#&!.'!-3(!<3-'.=010=!(3!:0!&!<39M*0(0!<3=0J!?60!&<(!3-*2!&MM*.0'!(3!
&!'8:'0(!34!<3-(1&<('!B$J%J+!<3-(1&<('!431!(60!'&*0!34!K33='E!&-=+!0/0-!431!(6&(!'8:'0(+!
(60!<3993-!*&O!<3-(.-80'!(3!&MM*2!8-*0''!.(!.'!.-<3-'.'(0-(!O.(6!(60!&<(J>$> !`3!(6010!
.'! '390! 'M&<0! 431! (60! <3993-F*&O! 18*0! (3! 3M01&(0J! ?60! 93'(! .9M31(&-(! &10&! 34! .('!
3M01&(.3-! <3-<01-'! -0<0''&12! '01/.<0'J! ?6010! &10! 10<0-(! =0<.'.3-'+! 4139! c81.'=.<F
(.3-'! 38('.=0! 51.(.'6! 73*89:.&+! (6&(! &MM*2! (60! <3993-F*&O! 18*0! 3-! -0<0''&1.0'! (3!
'01/.<0'J>$S!
!
""#! */@%6!6%3%>&'/!3%)(53&/(*'!
!"#$ :,)-0216)50,$
?6.'!'0<(.3-!.=0-(.4.0'!&-=!:1.04*2!=.'<8''0'!(6100!(3M.<'!3-!O6.<6!51.(.'6!73*89:.&!
6&'!*0K.'*&(.3-!(6&(!.'!10*0/&-(!(3!(60!<3-'.=01&(.3-!34!104319!34!(60!<3993-F*&O!(0'(!
34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!?60'0!(3M.<'!&10!(60!M10'89M(.3-!34!<&M&<.(2!(3!
0-(01! .-(3! &! <3-(1&<(+! <3-(1&<('! O.(6! M01'3-'! 8-=01! &! <399.((00'6.M! 31=01+! &-=!
'(&(8(312!(0'('!34!<&M&<.(2!431!'M0<.4.<!<3-(1&<('J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>$bJ!51.(.'6!73*89:.&d'!&<(+!*.\0!(63'0!34!93'(!%-K*.'6F'M0&\.-K!c81.'=.<(.3-'+!.'!:&'0=!3-!&-!%-K*.'6!
'(&(8(0!0-&<(0=!.-!"#RbJ!!%%(!,0%("@(I""2<()#&([^]d!B,^E+!j>!l!jS!;.<(J+!<J!S"J!
>$DJ!!%%(L%(LA"2%<!B"#RCE+!DD!76V!RD!B%-KJ!7ZET!K"-&A%-.(L$F%-<(BA,-$&'(L,#$.9()<<"#$,&$".(FJ(80"'2+!
p$CC$q!m`L7Z!"$R!p80"'2qJ!
>$jJ!U3:01('3-+!<5+-,!-3(0!Db#!&(!$CjJ!
>$>J!!%%(<5+-,!-3(0!>">+!'J!Sb!B"E!Bh%H<0M(!'3!4&1!&'!(602!&10!.-<3-'.'(0-(!O.(6!(60!0HM10''!M13/.'.3-'!
34!(6.'!Z<(+!(60!18*0'!34!(60!<3993-!*&O+!.-<*8=.-K!(60!*&O!901<6&-(!&-=!.-!M&1(.<8*&1!(60!18*0'!
10*&(.-K! (3! (60! *&O! 34! M1.-<.M&*! &-=! &K0-(! &-=! (60! 0440<(! 34! 41&8=+! 9.'10M10'0-(&(.3-+! =810''! 31!
<301<.3-+! 9.'(&\0! 31! 3(601! .-/&*.=&(.-K! <&8'0+! <3-(.-80! (3! &MM*2! (3! <3-(1&<('! 431! (60! '&*0! 34!
K33='JiEJ!
>$SJ!!%%+!%J9J+!80"'2+!<5+-,!-3(0!>$D!BM13/.'.3-!34!<&10K./.-K!'01/.<0'EJ!!%%(,0<"(!,0%("@(I""2<()#&([]Qd!
Bm`LE+!'J!S!Bm0O!`38(6!L&*0'd'!0f8./&*0-(!(3!51.(.'6!73*89:.&d'!*0K.'*&(./0!18*0EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F]A'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!*#$ D-'(1<8)50,$03$E"8"65)>$)0$T,)'-$5,)0$"$E0,)-"6)$
?6010!O&'!&!<3993-F*&O!M10'89M(.3-!(3!(60!0440<(!(6&(!&-!&=8*(!98'(!:0!M10'890=!
(3!6&/0!(60!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J>$#!?6.'!M10'89M(.3-!-3O!&MM0&1'!(3!:0!
10'(&(0=! .-! '0<(.3-! b! 34! (60! )250&( I5,-2$,.<A$+( )#&+! O6.<6! :13&=*2! M13/.=0'! (6&(!
h0/012! &=8*(! .'! M10'890=! (3! :0! <&M&:*0! 34! 9&\.-K! =0<.'.3-'! &:38(! (60! &=8*(z'! M01F
'3-&*!<&10+!60&*(6!<&10!&-=!4.-&-<.&*!&44&.1'Ji>$R!
!
?60!0440<(!34!(6.'!M10'89M(.3-!.'!(6&(!&-23-0!O63!&**0K0'!.-!*.(.K&(.3-!(6&(!&!M01'3-!
=.=!-3(!6&/0!(60!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!:0&1'!(60!:81=0-!34!M13/.-K!&**!(60!
0*090-('!34!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!
!
!6#$ E0,)-"6)($@5)&$D'-(0,($/,2'-$"$E0<<5))''(&58$S-2'-$
Q(!O&'!-3(0=!&(!(60!'(&1(!34!(6.'!<6&M(01>bC!(6&(!(60!*&O!(1&=.(.3-&**2!=10O!&!=.'(.-<F
(.3-! :0(O00-! &! M01'3-! O63! O&'! -3(! <&M&:*0! 34! 0-(01.-K! .-(3! &! <3-(1&<(! 8-=01! (60!
<3993-F*&O! (0'(! 34! <&M&<.(2! &-=! &! M01'3-! O63! O&'! -3(! <&M&:*0! 34! 0-(01.-K! .-(3! &!
<3-(1&<(!:0<&8'0!&!<399.((00!34!(60!0'(&(0!6&=!:00-!&MM3.-(0=!431!(6&(!M01'3-!8-F
=01! &=8*(FK8&1=.&-'6.M! *0K.'*&(.3-J! Z(! <3993-! *&O+! &! <3-(1&<(! O.(6! &! M01'3-! O63!
O&'! 8-=01! &! <399.((00'6.M! 31=01! O&'! 60*=! (3! :0! /3.=J! ?60! 1&(.3-&*0! 431! (6.'! 18*0!
O&'!(3!0-'810!(6&(!(60!<399.((00!<38*=!<&112!38(!(60!9&-&K090-(!34!(60!.-<&M&:*0!
M01'3-d'!4.-&-<0'!&-=!&44&.1'!O.(638(!(60!M3''.:.*.(2!34!:0.-K!8-=01<8(!:2!<3-4*.<(.-K!
(1&-'&<(.3-'J>b"!
!
51.(.'6!73*89:.&!6&'!10'(&(0=!(60!<3993-F*&O!18*0!.-!*0K.'*&(.3-J!,-(.*!/012!10<0-(*2!
.(!O&'!438-=!.-!'0<(.3-!$C!34!(60!:,&$%.&<(:-"+%-&'()#&J>b$!58(!3-!"!`0M(09:01!$C""!
(6&(!'0<(.3-!O&'!10M0&*0=!O60-!'0<(.3-!>CJ$!34!(60! )250&(I5,-2$,.<A$+()#&>bb!<&90!
.-(3! 431<0J! Z'! O&'! =.'<8''0=! 9310! 48**2! 0&1*.01! .-! (6.'! 10M31(+>bD! '0<(.3-! >CJ$! =30'!
-3(+!3-!.('!4&<0!&(!*0&'(+!&MM0&1!(3!:0!&!10'(&(090-(!34!(60!<3993-F*&O!18*0!3-!<3-F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>$#J!!%%!edm0.**!l!W0.'&6+!<5+-,!-3(0!jj#!&(!x!bJ$!BhpZq**!M01'3-'!O63!6&/0!10&<60=!(60!&K0!34!9&c31.(2!
J!J!J!&10!M10'890=!(3!6&/0!(60!<&M&<.(2!(3!0-(01!.-(3!<3-(1&<('!&-=!3(601!(1&-'&<(.3-'!&-=!(3!0H0F
<8(0!=3<890-('!(6&(!6&/0!*0K&*!0440<(J!?60!3-8'!34!M13/.-K!(6&(!(602!*&<\!*0K&*!<&M&<.(2!*.0'!O.(6!
(60!M01'3-!&**0K.-K!(60!*&<\!34!<&M&<.(2J!?60'0!'(&1(.-K!M3.-('!6&/0!:00-!*3-K!0'(&:*.'60=!.-!(60!
<3993-!*&OJi!p433(-3(0!39.((0=qEJ!
>$RJ!!5+-,!-3(0!jJ!
>bCJ!!%%+!&:3/0+!'0<(.3-!QsJ5Jb!&(!"bjJ!
>b"J!!%%(6%,.%'+!<5+-,!-3(0!D""!&(!SS$J!
>b$J!!5+-,!-3(0!jJ!
>bbJ!!5+-,!-3(0!jJ!
>bDJ!!%%+!&:3/0+!'0<(.3-!;QJ5JD!B&E!&(!"CbJ!
F]`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(1&<('!O.(6!&!M01'3-!O63!.'!8-=01!&!<399.((00'6.M!31=01J!Q-'(0&=+!.(!10&='!*.\0!&!10F
'(&(090-(! 34! '390! 34! (60! <3-'0f80-<0'! 34! 0-(01.-K! .-(3! &! <3-(1&<(! O.(6! &! M01'3-!
O63! =30'! -3(! 900(! (60! <3993-F*&O! (0'(! 34! <&M&<.(2J! `.-<0! '0<(.3-!>CJ$! 6&'! 3-*2!
:00-!.-!431<0!431!&!/012!'631(!M01.3=+!.(!.'!.9M3''.:*0!(3!\-3O!&(!(6.'!M3.-(!O60(601!
(60'0!=.44010-<0'!3-!M&M01!O.**!10'8*(!.-!&!'.K-.4.<&-(!K&M!.-!63O!(60!*&O!6&'!&MM*.0=!
.-!M1&<(.<0J!Z*(638K6!'0<(.3-!>CJ$!=30'!-3(!10'(&(0!(60!18*0!3-!<3-(1&<('!O.(6!&!M01F
'3-! 8-=01! &! <399.((00'6.M! 31=01+! .('! M13/.'.3-'! <38*=! :0! .-(01M10(0=! :13&=*2! (3!
<3/01!&-2!'8<6!<&'0!O60-!.(!&1.'0'J!
!
!2#$ 7)")1)0->$%'()($03$E"8"65)>$30-$78'65356$E0,)-"6)($
Z!'9&**!-89:01!34!'M0<.4.<!(2M0'!34!<3-(1&<('!6&/0!'M0<.&*!'(&(8(312!(0'('!34!<&M&<.(2J!
?60!*0&=.-K!0H&9M*0!34!'8<6!&!<3-(1&<(!.'!&!10M10'0-(&(.3-!&K10090-(J!`M0&\.-K!.-!
:13&=! (019'+! 10M10'0-(&(.3-! &K10090-('! &10! 8'0=! (3! &8(631._0! &! 'M0<.4.<! (2M0! 34!
&K0-<2! &11&-K090-(J! ?60! K3/01-.-K! *0K.'*&(.3-! 'M0**'! 38(! &! '0(! 34! '(&-=&1=! M13/.F
'.3-'! 431! 10M10'0-(&(.3-! &K10090-('J>bj! ?60! *0K.'*&(.3-! K30'! 3-! (3! M13/.=0! (6&(! &-!
&=8*(!9&2!9&\0!&!10M10'0-(&(.3-!&K10090-(!O.(6!&-2!34!(60'0!'(&-=&1=!M13/.'.3-'+!
'3!*3-K!&'!(60!&=8*(!<&-!900(!(60!'(&(8(312!(0'(!34!<&M&<.(2J>b>!?6.'!'(&(8(312!(0'(!34!
<&M&<.(2!.'!0HM10''*2!60*=!38(!&'!'0((.-K!&!*3O01!(610'63*=!(6&-!(60!<3993-F*&O!(0'(!
34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J>bS!
!
)@'
=00;"0'1$%'!"1$%*'
?60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!6&'!&((1&<(0=!'390!'6&1M!<1.(.<.'9!.-!(60!
<&'0!*&O>b#!&-=!<3990-(&12J>bR!]./0-!(60!<3-48'.3-!3/01!(60!0*090-('!34!(60!(0'(+!.(!
.'!=.44.<8*(!(3!M13M3'0!&!*0K.'*&(./0!10'(&(090-(!34!(60!*&OJ!58(!(6010!6&/0!:00-!'390!
*&OF104319!M13M3'&*'!.-/3*/.-K!<6&-K0'!(3!(63'0!0*090-('J!?60!18*0'!3-!-0<0''&1.0'!
6&/0! &*'3! &((1&<(0=! '390! &((0-(.3-J! 58(! :04310! K0((.-K! (3! (63'0! .''80'! .(! .'! O31(6F
O6.*0!(3!&'\!O60(601!(60!*&O!'638*=!0/0-!10(&.-!(60!<3993-F*&O!(0'(!34!<&M&<.(2J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>bjJ!!5+-,!-3(0!">#+!'J!SJ!
>b>J!V4$2J+!'J!#!B$EJ!
>bSJ!V4$2J+!'J!#!B"E!B&EJ!
>b#J!!%%(Y%00'+!<5+-,!-3(0!DCC!&(!$##o#R!Bh?60!*&O!10*&(.-K!(3!(60!<3-(1&<('!34!90-(&**2!.-<39M0(0-(!
M01'3-'!.'!-3(!-3O+!&-=!'3!4&1!&'!Q!<&-!(0**+!-0/01!O&'!.-!&!'&(.'4&<(312!'(&(0JiEJ!
>bRJ!!%%! ZJ![J! [8='3-+! h)0-(&*! Q-<&M&<.(2! .-! (60! P&O! 34! 73-(1&<(! &-=! W13M01(2i! B"R#DE! D#! 73-/02F
&-<01!b$!&(!D$!BhQ(!O38*=!:0!&!'(1&-K0!.13-2!.4!18*0'!(3!M13(0<(!(60!.11&(.3-&*!O010!(609'0*/0'!(3!
109&.-!9&1\0=*2!.11&(.3-&*JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F]a'
'
"#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
5@*837! /@%! -*$$*';3&<! /%5/! *+! -&.&-(/0! /*! %'/%6! ('/*! &! -*'/6&-/! =%!
&=6*)&/%7E!
)&-2!<3990-(&(31'!6&/0!-3(.<0=!(60!6.K6!=0K100!34!3/01*&M!:0(O00-!(60!(0'(!34!<&F
M&<.(2! (3! 0-(01! .-(3! &! <3-(1&<(! &-=! 3(601! <3-(1&<(F*&O! <3-<0M('J>DC! ?6.'! 3/01*&M! .'!
M&1(.<8*&1*2!'(13-K!.-!&10&'!=0/3(0=!(3!10/.0O.-K!(60!4&.1-0''!34!&!<3-(1&<(J!,-<3-F
'<.3-&:.*.(2!&-=+!(3!&!*0''01!0H(0-(+!8-=80!.-4*80-<0!<3/01!98<6!34!(60!K138-=!(6&(!.'!
3<<8M.0=!:2!(60!(0'(!34!90-(&*!<&M&<.(2J!
!
?60! 3/01*&M! &93-K! (60'0! <3-<0M('! 6&'! *0=! '390! '<63*&1'! (3! <3-(09M*&(0+>D"! &-=!
3(601'!(3!<&**!431+>D$ !(60!&:13K&(.3-!34!(60!<3993-F*&O!(0'(!34!<&M&<.(2!3-!(60!8-=01F
'(&-=.-K! (6&(! 4&.1-0''! <3-<0M('! '8<6! &'! 8-<3-'<.3-&:.*.(2! &-=! 8-=80! .-4*80-<0! <&-!
<3-(.-80!(3!'8MM31(!(60!M3*.<2!34!M13(0<(.-K!M01'3-'!O.(6!=.9.-.'60=!90-(&*!<&M&<F
.(2J!?6010!&MM0&1!(3!:0!(6100!9&.-!&1K890-('!.-!'8MM31(!34!(6.'!M13M3'&*J!
!
G.1'(+! M13M3-0-('! 6&/0! &1K80=! (6&(! 3(601! <3-(1&<(F*&O! <3-<0M('g.-! M&1(.<8*&1! 8-F
<3-'<.3-&:.*.(2g<&-!=3!&!:0((01!c3:!34!&=/&-<.-K!(60!K3&*!34!M13(0<(.-K!M03M*0!O.(6!
=.9.-.'60=! <&M&<.(2J! ?60! &1K890-(! .'! (6&(! (60! 9&.-! 0*090-(! 34! 8-<3-'<.3-&:.*.(2!
BO6.<6! .'! &-! .-0f8&*.(2! 34! :&1K&.-.-K! M3O01E! '0('! 8M! &! :13&=01! <1.(01.3-! 431! 10*.04!
(6&-!.'!438-=!.-!&-2!34!(60!0*090-('!34!(60!<3993-F*&O!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!
&!<3-(1&<(J>Db!Q-!(60312+!O6&(!O38*=!:0!9&1K.-&*!<&'0'!8-=01!(60!<3993-F*&O!(0'(!34!
<&M&<.(2!O38*=!:0+!:&11.-K!'390!3(601!=040<(!.-!(60!<&'0+!10'3*/0=!.-!4&/381!34!(60!
M01'3-!O.(6!=.9.-.'60=!<&M&<.(2!8-=01!8-<3-'<.3-&:.*.(2J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>DCJ!!%%+! %J9J+! `J!)J! L&==&9'+! DA%( 8,>( "@( B".&-,#&<+! >(6! 0=J! B?313-(3A! 7&-&=&! P&O! 533\+! $C"CE! &(!
M&1&J!>jSJ!
>D"J!!%%!L&==&9'+!$4$2J!&(!M&1&J!>j#!Bh.(!O38*=!'009!(6&(!(60!*&O!34!90-(&*!.-<39M0(0-<0!<38*=!:0!
8'048**2! &''.9.*&(0=! O.(6! (60! K0-01&*! =3<(1.-0! 34! 10*.04! .-! <&'0'! 34! .-0f8&*.(2! 34! :&1K&.-.-K!
M3O01i!p433(-3(0!39.((0=qEJ!
>D$J!!%%!]031K0!XJ!Z*0H&-=01!l!?639&'!`J!`_&'_+!hG139!73-(1&<(!(3!`(&(8'!;.&!W'2<6.&(12i!B"RSbE!"b!
`&-(&!7*&1&!PJ!U0/J!jbS!&(!jjR!BhQ-!'631(+!O0!4&/31!=3.-K!&O&2!O.(6!(60!*0K&*!10<3K-.(.3-!34!90-F
(&*!.-<39M0(0-<2!&'!&!K138-=!34!&/3.=.-K!<3-(1&<('J!J!J!JiEJ!
>DbJ!!%%!L&==&9'+!<5+-,!-3(0!>DC!&(!M&1&J!>jSJ!!%%(,0<"!ZJ![J![8='3-+!h`390!W13:*09'!34!)0-(&*!Q-F
<39M0(0-<0!.-!(60!P&O!34!73-(1&<(!&-=!W13M01(2i!B"R>"E!$j!73-/02&-<01!b"R!&(!b$D!Bhp?q6.'!c8F
1.'=.<(.3-!.-!0f8.(2!(3!10*.0/0!&K&.-'(!8-<3-'<.3-&:*0!:&1K&.-'!0H(0-='!4&1!:023-=!(60!*.9.('!34!
&-2(6.-K!O6.<6!O38*=!-319&**2!:0!<&**0=!90-(&*!=040<(!31!=01&-K090-(!:8(!0f8&**2!90-(&*!=0F
40<(!31!=01&-K090-(!6&'!:00-!(60!K138-=!8M3-!O6.<6!.(!6&'!:00-!0H01<.'0=!.-!9&-2!34!(60!10F
M31(0=! <&'0'J! ZK&.-! .(! .'! <*0&1! (6&(! &! 4&1! *3O01! '(&-=&1=! 34! .-<39M1060-'.3-! 31! O0&\-0''! (6&-!
(60!'(1.<(!<3993-!*&O!10f8.1090-(!34!v-3(!\-3O.-K!O6&(!60!O&'!=3.-Kd!O.**!K./0!K138-=!431!0fF
8.(&:*0!10*.04JiEJ!
F^E'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
`0<3-=+!&:13K&(.-K!(60!<3993-F*&O!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!(60!<3-(1&<(!O38*=!
'.9M*.42! (60! *&OJ! Q-! (60! M*&<0! 34! 3/01*&MM.-K! <3-<0M('! 3-! 90-(&*! .-<&M&<.(2+! 8-=80!
.-4*80-<0+!&-=!8-<3-'<.3-&:.*.(2!O38*=!:0!c8'(!18*0'!3-!8-<3-'<.3-&:.*.(2!&-=!8-=80!
.-4*80-<0J>DD!G81(601+!(6010!.'!&!98<6!*&1K01!:3=2!34!<&'0'!3-!8-<3-'<.3-&:.*.(2!&-=!
8-=80!.-4*80-<0!(6&-!0H.'('!3-!90-(&*!.-<&M&<.(2J!?6.'!'638*=!<3-(1.:8(0!(3!&!K10&(01!
'0-'0!34!4&9.*.&1.(2!&-=!<01(&.-(2!&138-=!(63'0!<3-<0M('+!&'!3MM3'0=!(3!O6&(!0H.'('!
431!90-(&*!.-<&M&<.(2J!
!
?6.1=+!.(!6&'!:00-!&1K80=!(6&(!0*.9.-&(.-K!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!
O38*=!&=/&-<0!(60!M3*.<2!K3&*!34!0-6&-<.-K!(60!=.K-.(2!&-=!.-=0M0-=0-<0!34!M01'3-'!
O.(6!=.9.-.'60=!<&M&<.(2J!?6.'!K3&*!.'!481(6010=!:2!'6.4(.-K!(60!43<8'!34!(60!<381(d'!
.-f8.12J! Q-! 8-<3-'<.3-&:.*.(2! <&'0'+! (60! <381(! .'! &'\0=! 4.1'(! (3! =0(019.-0! O60(601!
(6010! .'! &-! .-0f8&*.(2! 34! :&1K&.-.-K! M3O01+! 1&(601! (6&-! O60(601! 3-0! <3-(1&<(.-K!
M&1(2!O&'!.-<&M&:*0!34!8-=01'(&-=.-K!(60!-&(810!&-=!0440<(!34!(60!<3-(1&<(J!`0<3-=+!
(60!<381(d'!.-f8.12!.'!=.10<(0=!(3!(60!&<(8&*!(019'!34!(60!<3-(1&<(+!&'!(60!<381(!98'(!
=0<.=0!O60(601!(63'0!(019'!O010!'8:'(&-(./0*2!8-4&.1J!Z'!&!10'8*(+!8-<3-'<.3-&:.*.(2!
M*&<0'!9310!09M6&'.'!3-!(60!M81M31(0=!<3-(1&<(+!1&(601!(6&-!3-!(60!<6&1&<(01.'(.<'!
34!3-0!34!(60!<3-(1&<(.-K!M&1(.0'J>Dj!
!
?6.'!.''80!6&'!K0-01&(0=!'390(6.-K!34!&!3-0F'.=0=!<3-/01'&(.3-J!?6010!&10!40OF(3F
-3-0!M8:*.'60=!=040-<0'!34!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!58(!.(!.'!-3(!
=.44.<8*(!(3!'00!O6010!(60!09M6&'.'!34!'8<6!&!=040-<0!O38*=!*.0J!?60!(0'(!34!<&M&<.(2!
O38*=!6&/0!(3!:0!c8'(.4.0=!&'!M13/.=.-K!&!*0/0*!34!M13(0<(.3-!(3!M01'3-'!O.(6!=.9.-F
.'60=! <&M&<.(2! (6&(! .'! -3(! 9&(<60=! .-! 8-<3-'<.3-&:.*.(2+! 8-=80! .-4*80-<0+! 31! &-2!
3(601! <3-(1&<(F*&O! <3-<0M(J! Q(! O38*=! :0! -0<0''&12! (3! M3.-(! (3! <&'0'! (6&(! O38*=! 4&**!
38('.=0! 8-<3-'<.3-&:.*.(2! :8(! O38*=! :0! 09:1&<0=! :2! 90-(&*F.-<&M&<.(2! 18*0'J! ?60!
M13:*09!.'!(6&(+!&(!*0&'(!3-!M&M01+!90-(&*!.-<&M&<.(2!'009'!(3!:0!98<6!9310!10'(1.<F
(./0!(6&-!8-<3-'<.3-&:.*.(2J!?60!3-0!3:/.38'!&10&!34!=.44010-<0!.'!(60!43<8'!3-!'8:F
'(&-(./0!8-4&.1-0''!8-=01!8-<3-'<.3-&:.*.(2J!?6.'!.'!-3(!&!40&(810!34!(60!(0'(!34!<&M&<F
.(2J!Q-!(60312+!.(!'638*=!:0!M3''.:*0!(3!'0(!&'.=0!&!'8:'(&-(.&**2!4&.1!<3-(1&<(!8-=01!(60!
<3993-F*&O! (0'(! 34! <&M&<.(2J! 58(! (6.'! 1&.'0'! (60! f80'(.3-! 34! O62+! .-! M1&<(.<0+! .(!
O38*=!:0!-0<0''&12!(3!'0(!&'.=0!&!'8:'(&-(.&**2!4&.1!<3-(1&<(J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>DDJ!!%%(,0<"!51.(.'6!73*89:.&!P&O!Q-'(.(8(0+!L%+"-&(".(:-"+"<,0<(@"-(U.@,$-(B".&-,#&<(L%0$%@+!57PQ!U0MJ!
-3J!>C!B;&-<38/01A!?60!Q-'(.(8(0+!$C""E!B10<3990-=.-K!481(601!.-(0K1&(.3-!34!8-<3-'<.3-&:.*.(2!
&-=!8-=80!.-4*80-<0EJ!
>DjJ!!%%!Z*0H&-=01!l!`_&'_+!<5+-,!-3(0!>D$!&(!jj#!Bh.(!O38*=!'009!9310!'0-'.:*0+!&-=!*0''!=&-K0138'!
(3! (60! 1.K6('! 34! (60! &**0K0=! .-<39M0(0-(! &-=! (60! v60&*(62d! M&1(2+! (3! *33\! &(! (60! :&1K&.-+! 1&(601!
(6&-!&(!(60!M&1(.0'iEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F^F'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
Z!'0<3-=&12!&1K890-(!.-!4&/381!34!10(&.-.-K!(60!(0'(!34!<&M&<.(2!<38*=!:0!938-(0=!
3-!(60!/.0O!(6&(!(60!(0'(!.'!=00M*2!09:0==0=!.-!(60!*&OJ!Z'!(60!0&1*.01!:&<\K138-=!
=.'<8''.3-!.-!(6.'!<6&M(01!-3(0=+!&!-89:01!34!'(&(8(312!18*0'!10401!(3!&-=!10*2!3-!(60!
<3993-F*&O!(0'(!34!<&M&<.(2J!e-0!0H&9M*0!O38*=!:0!(60!18*0!3-!-0<0''&1.0'!.-!(60!
!,0%("@(I""2<()#&T>D>!&-3(601!O38*=!:0!'0<(.3-!>CJ$!34!(60!)250&(I5,-2$,.<A$+()#&J>DS!
Z:13K&(.-K!(60!<3993-F*&O!(0'(!34!<&M&<.(2!O38*=!.-/3*/0!10/.'.-K!(60'0!3(601!&1F
0&'!34!(60!*&O!(6&(!10401!(3!31!10*2!3-!(60!(0'(J!
!
Q-!(60!<399.((00d'!/.0O+!(6010!.'!&!1&-K0!34!<&'0'!(6&(!O38*=!4&**!:0(O00-!(60!<1&<\'!
.4!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!O010!&:13K&(0=J!?6010!&10!0H&9M*0'!34!
M03M*0! 3:'0''./0*2! M81<6&'.-K! (60! '&90! .(09! 34! M13M01(2J! %&<6! .-=./.=8&*! (1&-'&<F
(.3-!O38*=!:0!<3-'.=010=!4&.1+!:8(!(60!<898*&(./0!0440<(!34!(60!(1&-'&<(.3-'!O38*=!:0!
/012!=&9&K.-KJ!Q(!.'!8-*.\0*2!(6&(!0/0-!&-!0HM&-=0=!<3-<0M(.3-!34!8-<3-'<.3-&:.*.(2!
<38*=!M13/.=0!&!1090=2!.-!(60'0!<.1<89'(&-<0'J!?60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!
<3-(1&<(!M13/.=0'!&!/&*8&:*0!*&201!34!M13(0<(.3-!431!M01'3-'!O.(6!=.9.-.'60=!<&M&<F
.(2J!
!
Z!'3*.=!9&c31.(2!34!<3-'8*(&(.3-!10'M3-=0-('!&K100=!O.(6!(60!<399.((00d'!M13M3'&*!
3-!(6.'!.''80J!
!
?60!<399.((00!10<3990-='A!
Q[J(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(&A,&(,4-"9,&%<(&A%(#"CC".O0,>(&%<&(
"@(#,+,#$&'(&"(%.&%-($.&"(,(#".&-,#&J(
!
2#!
5@*837! &'0! &5.%-/5! *+! /@%! -*$$*';3&<! /%5/! *+! -&.&-(/0! /*! %'/%6! ('/*! &!
-*'/6&-/!=%!$*7(+(%7!=0!3%)(53&/(*'E!
`0/01&*!*&OF104319!:3=.0'!6&/0!M13M3'0=!<6&-K.-K!&'M0<('!34!(60!<3993-F*&O!(0'(!
34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!
!
?60!93'(!4&1F10&<6.-K!M13M3'&*'!&MM0&10=!.-!&!10<0-(!M8:*.<&(.3-!34!(60!P&O!U04319!
7399.''.3-!34!Q10*&-=J>D#!?60!<399.''.3-!M13M3'0=!10M*&<.-K!(60!<3993-F*&O!(0'(!
34!<&M&<.(2!O.(6!&!'0(!34!'(&(8(312!M13/.'.3-'J>DR!?60!4.1'(!34!(60'0!M13/.'.3-'!O38*=!
:0!h&!10:8((&:*0!*0K&*!M10'89M(.3-!34!<&M&<.(2!(3!<3-(1&<(Ji>jC!`0<3-=+!(60!M10'89MF
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>D>J!!5+-,!-3(0!>">J(
>DSJ!!5+-,!-3(0!jJ!
>D#J!!5+-,!-3(0!jCJ!
>DRJ!!%%($4$2J!&(!M&1&J!jJbDJ!
>jCJ!V4$2J(
F^D'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(.3-!O38*=!:0!10:8((0=!:2!'63O.-K!(6&(!(60!M01'3-!O63'0!<&M&<.(2!O&'!&(!.''80!O&'!
-3(!<&M&:*0!34!8-=01'(&-=.-K!(60!-&(810!&-=!0440<(!34!(60!<3-(1&<(J!?60!<399.''.3-!
M13M3'0=!0*.9.-&(.-K!(60!10f8.1090-(!h34!O60(601!&!*&<\!34!<&M&<.(2!O38*=!:0!10&F
'3-&:*2!&MM&10-(!(3!(60!3(601!M&1(2!4139!(60!<.1<89'(&-<0'Ji>j"!?6.1=+!(60!<399.'F
'.3-!M13M3'0=!<6&-K.-K!(60!0440<(!34!&!<3-(1&<(!O.(6!&-!.-<&M&:*0!M01'3-!4139!:0.-K!
/3.=&:*0!(3!:0.-K!/3.=J>j$ !
!
?6010! &10! &(! *0&'(! (O3! 10&'3-'! '8MM31(.-K! (60'0! M13M3'&*'J! G.1'(+! (602! O38*=! <01F
(&.-*2!6&/0!(60!0440<(!34!<*&1.42.-K!(60!*&OJ!?60!*&O!<8110-(*2!6&'!8-10'3*/0=!<3-4*.<('!
3/01!(60!(0'(d'!:&'.<!0*090-('J!Q(!&*'3!09:3=.0'!(60!=.44.<8*(.0'!.-6010-(!.-!(12.-K!(3!
'(1.\0!&!:&*&-<0!:0(O00-!<39M0(.-K+!&-=!0''0-(.&**2!.110<3-<.*&:*0+!M3*.<2!K3&*'J!?60!
<399.''.3-d'!M13M3'&*'!10M10'0-(!3-0!O&2!34!93/.-K!M&'(!(60'0!<3-<01-'J!
!
`0<3-=+!(60!<399.''.3-!M3.-(0=!38(!(6&(!hp&qMM13&<6.-K!<&M&<.(2!(3!<3-(1&<(!.-!(6.'!
9&--01!&**3O'!431!&!<3-'.'(0-(!&MM13&<6!(3!<&M&<.(2!.''80'Ji>jb!?6.'!&1K890-(!10*.0'!
3-!(60!4&<(!(6&(!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!.-!&!<3-(1&<(!6&'+!&(!*0&'(!'.-<0!(60!
*&(0!4.4(00-(6!<0-(812+!=.44010=!'.K-.4.<&-(*2!4139!(60!3(601!<3993-F*&O!(0'('!34!<&F
M&<.(2J!?60!<399.''.3-d'!M13M3'&*'!O38*=!6&/0!(60!0440<(!34!9&\.-K!(6.'!(0'(!34!<&F
M&<.(2!3M01&(0!.-!&!9&--01!'.9.*&1!(3+!431!0H&9M*0+!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**J!
?602!O38*=!&*'3!6&/0!(60!0440<(!34!:1.-K.-K!(60!<3993-!*&O!.-(3!*.-0!O.(6!(60!&MF
M13&<6!(3!<3-(1&<(8&*!<&M&<.(2!(6&(!.'!43**3O0=!.-!<./.*F*&O!<38-(1.0'J!
!
?60! =3O-'.=0'! (3! (60! <399.''.3-d'! M13M3'&*'! &10! (6&(! (602! =1&9&(.<&**2! '6.4(! (60!
*&O!.-!4&/381!34!(60!.-<&M&:*0!M01'3-d'!.-(010'('!&-=!(602!<10&(0!&!10&*!M3(0-(.&*!431!
*3''0'!&93-K!K33=F4&.(6!<3-(1&<(.-K!M&1(.0'J!?60!<399.''.3-!O&'!&O&10!34!(6.'!&1F
K890-(!&-=!'8KK0'(0=!(6&(!.(!<38*=!:0!h<3-'.=01&:*2!(09M010=!:2!(60!&==.(.3-!34!&!
10/.'0=!v-0<0''&1.0'!18*0Jd!i>jD!58(!(6.'!M13M3'&*!O38*=!3-*2!M13/.=0!M&1(.&*!10*.04J!Z'!
(60! <399.''.3-! &<\-3O*0=K0=+! (1&-'&<(.3-'! 38(! 34! (60! 31=.-&12! <381'0! 34! &44&.1'!
O38*=!:0!48**2!0HM3'0=!(3!&!1&(601!:*8-(!-0O!18*0J>jj!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>j"J!V4$2J!&(!M&1&J!jJbjJ!
>j$J!!%%($4$2J(
>jbJ!V4$2J!&(!M&1&J!jJbDJ!
>jDJ!V4$2J!&(!M&1&J!jJbjJ!
>jjJ!!%%($4$2J!Q(!'638*=!&*'3!:0!-3(0=!(6&(!(60!<399.''.3-d'!M13M3'&*'!=.=!-3(!&MM0&1!.-!(60.1!M13c0<(d'!
4.-&*!10M31(J!!%%!L%+"-&(".(W50.%-,40%()250&<(,.2(&A%(8,>+!<5+-,!-3(0!>"SJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F^B'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
e(601!104319!M13M3'&*'!6&/0!&938-(0=!(3!'390(6.-K!9310!*.\0!&!4.-0F(8-.-K!34!(60!
0H.'(.-K! (0'(J! e-0! &MM13&<6+! O6.<6! O&'! 0HM*310=! .-! (O3! *0&=.-K! Z901.<&-! <&'0'+>j>!
.-/3*/0=!0HM&-=.-K!(60!(1&=.(.3-&*!(0'(!34!<&M&<.(2!(3!09:1&<0!-0O!M'2<63*3K.<&*!.-F
'.K6('J!?60!&1K890-(!.'!(6&(!(60!<3993-F*&O!(0'(!34!<&M&<.(2!.'!h*&1K0*2!&!<3K-.(./0!
(0'(Ji>jS!?60!(1&=.(.3-&*!(0'(!.'!<*3'0*2!<3--0<(0=!O.(6!(60!'(&(0!34!M'2<63*3K2!.-!(60!
M01.3=! .-! O6.<6! (60! (0'(! &13'0+! O6.<6! O&'! (60! -.-0(00-(6! <0-(812J>j#! ?60! <381(! 0HF
(0-=0=!(60!(0'(!34!<&M&<.(2!(3!<3/01!<&'0'!<3-<01-0=!O.(6!h&440<(./0!31!93(./&(.3-&*i!
.9M&.190-('J>jR! Q-! M&1(.<8*&1+! (60! <381(! =0<.=0=! (6&(! (60! (0'(! 34! <&M&<.(2! h'638*=!
M13/.=0!M13(0<(.3-!(3!(63'0!M01'3-'!O63'0!<3-(1&<('!&10!9010*2!8-<3-(13**0=!10&<F
(.3-'!(3!(60.1!90-(&*!.**-0''+!&'!O0**!&'!431!(63'0!O63!<38*=!-3(!8-=01'(&-=!(60!-&F
(810!&-=!<3-'0f80-<0'!34!(60.1!&<(.3-'Ji>>C!
!
?60! 4&<('! 34! (60! X-&%0%-%! <&'0! .**8'(1&(0! 63O! (6.'! &MM13&<6! O38*=! O31\! .-! M1&<(.<0J!
)'J!e1(0*010!O&'!&!'<633*(0&<601!O63+!&(!&K0!>C+!'844010=!&!-01/38'!:10&\=3O-!&-=!
O0-(! 3-! &! *0&/0! 34! &:'0-<0J! `631(*2! (6010&4(01+! '60! O&'! =.&K-3'0=! O.(6! M'2<63'.'J!
`60! O&'! &*'3! '8'M0<(0=! (3! 6&/0! <010:1&*! &1(01.3'<*013'.'! BO6.<6! O&'! *&(01! <3-F
4.190=EJ>>"!Z'!601!*0&/0!34!&:'0-<0!0-=0=+!)'J!e1(0*010!9&=0!&!10(.1090-(FM*&-!0*0<F
(.3-!431!&!*&1K01!&--8.(2!M&290-(!O.(6!-3!=0&(6!:0-04.(J!Q-!/.0O!34!601!10=8<0=!*.40!
0HM0<(&-<2+!(6.'!0*0<(.3-!O&'!'.K-.4.<&-(*2!&=/01'0!(3!601!4.-&-<.&*!.-(010'('+!&'!O0**!
&'!(63'0!34!601!68':&-=J!?60!<381(d'!9&c31.(2!60*=!(6&(!)'J!e1(0*010!O&'!<&M&:*0!34!
8-=01'(&-=.-K!(60!-&(810!&-=!0440<(!34!(60!0*0<(.3-+!:8(!O&'!8-&:*0+!=80!(3!601!M'2F
<63'.'+!(3!9&\0!&!1&(.3-&*!=0<.'.3-!<3-<01-.-K!.(J>>$!
!
?60! .-4*80-(.&*! Z901.<&-! L%<&,&%C%.&! &<<0M(0=! (6.'! &-&*2'.'! &-=! .-<*8=0=! &-! &==.F
(.3-&*!0*090-(!.-!.('!=0'<1.M(.3-!34!(60!<3993-F*&O!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>j>J!P,4%-( FJ( !>%%&( !&'0%( ?@9J( B"-+J+! DC! ).'<J! $=! $"$+! $D$! mn`! $=! S>b! B`8MJ! 7(J! "R>bET! X-&%0%-%( FJ(
D%,#A%-<a(L%&$-%C%.&(6",-2("@(&A%(B$&'("@(K%>(h"-Z+!$j!mn!$=!"R>+!$jC!m%!$=!D>C!B"R>RE!pX-&%0O
%-%!<.(0=!(3!m%qJ!
>jSJ!X-&%0%-%+!$4$2J!&(!D>D+!510.(0*!XJ!
>j#J!!%%( $4$2J! Bh?60! (1&=.(.3-&*! '(&-=&1='! K3/01-.-K! <39M0(0-<2! (3! <3-(1&<(! O010! 43198*&(0=! O60-!
M'2<6.&(1.<!\-3O*0=K0!O&'!f8.(0!M1.9.(./0JiEJ!
>jRJ!L%<&,&%C%.&(*!%#".2;("@(B".&-,#&<!x!"j+!10MJ!-3(0!B"RSREJ!
>>CJ!X-&%0%-%+!<5+-,!-3(0!>j>!&(!D>j!Bf83(.-K!U3:01(!)J!518<\0-!%&(,0J+!h)0-(&*!Q**-0''!&-=!(60!P&O!34!
73-(1&<('i!B"RjSE!jS!).<6J!PJ!U0/J!"C$C!&(!"Cb>EJ!
>>"J!X-&%0%-%+!<5+-,!-3(0!>j>!&(!D>$J!
>>$J!!%%($4$2J!&(!D>>J!
F^]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
>>b
<3-(1&<(J !?60!9&.-!&=/&-(&K0!34!'8<6!&!104319!.'!(6&(!.(!93=01-._0'!(60!*&OJ!Z*F
(638K6!(60!(0'(!34!<&M&<.(2!.'!&!*0K&*!(0'(!1&(601!(6&-!&!90=.<&*!(0'(+!.(!=30'!:0-04.(!
4139! \00M.-K! &:10&'(! O.(6! &=/&-<0'! .-! (60! 90=.<&*! 4.0*=J! ?60! =.'&=/&-(&K0! .'! (6&(!
&=3M(.-K!&!-0O!0*090-(!431!(60!(0'(!34!<&M&<.(2!.-/&1.&:*2!9&\0'!(60!*&O!9310!<39F
M*0HJ!
!
?60!<399.((00!=30'!-3(!4&/381!<6&-K0'!(3!(60!<3993-F*&O!(0'(!34!<&M&<.(2!(3!0-(01!
.-(3!&!<3-(1&<(J!Q-!(60!<399.((00d'!/.0O+!.(!.'!-3(!<*0&1!(6&(!(60!<3993-F*&O!(0'(!34!
<&M&<.(2! .'! =04.<.0-(! 31! .'! <&8'.-K! M13:*09'! .-! M1&<(.<0J! Q-! 4&<(+! .(! .'! *.\0*2! (6&(! (60!
<3993-F*&O!(0'(!34!<&M&<.(2!O.**!:0!&:*0!(3!&<<3993=&(0!0901K.-K!.''80'!'8<6!&'!
(60!.''80'!=.'<8''0=!.-!X-&%0%-%J>>D!?60!Q1.'6!<399.''.3-d'!M13M3'&*!&MM0&10=!(3!(60!
<399.((00! (3! :0! 38(! 34! '(0M! O.(6! (10-='! .-! 51.(.'6! 73*89:.&+! M&1(.<8*&1*2! (60!
&44.19&(.3-! 34! (60! /3.=&:.*.(2! 34! &! <3-(1&<(! O.(6! '3903-0! O63! *&<\'! <3-(1&<(8&*!
<&M&<.(2!438-=!.-!'0<(.3-!>CJ$!34!(60!)250&(I5,-2$,.<A$+()#&J>>j!
!
?60! <399.((00d'! M13M3'&*! O&'! '8MM31(0=! :2! &**! <3-'8*(&(.3-! 10'M3-=0-('! O63!
<3990-(0=!3-!(6.'!.''80J!
!
?60!<399.((00!10<3990-='A!
QQJ(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(C"2$@'$.9(,.'(%0%C%.&<("@(&A%(#"CO
C".O0,>(&%<&("@(#,+,#$&'(&"(%.&%-($.&"(,(#".&-,#&J(
!
4#!
5@*837!3%)(53&/(*'!.6*>(7%!/@&/!/@%!-*$$*';3&<!/%5/!*+!-&.&-(/0!/*!%'/%6!
('/*! &! -*'/6&-/! ('-387%! &'! %3%$%'/! 7(6%-/(')! /@%! -*86/! /*! 6%>(%<! /@%!
+&(6'%55!*+!/@%!-*'/6&-/E!
Z'!=.'<8''0=!0&1*.01+>>>!(60!O0.K6(!34!&8(631.(2!&MM0&1'!(3!4&/381!(60!/.0O!(6&(!<3-F
'.=01&(.3-'! 34! (60! 4&.1-0''! 34! (60! <3-(1&<(! =3! -3(! 4319! &-! 0*090-(! 34! (60! <3993-F
*&O!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(&<(J!U&(601+!4&.1-0''!.'!&!'8:c0<(!431!3(601!<3-F
(1&<(F*&O! <3-<0M('J! m0/01(60*0''+! 9&-2! 10<0-(! 7&-&=.&-! <&'0'! =3! 10<.(0! 4&.1-0''! &'!
&-!0*090-(!34!(60!(0'(!34!<&M&<.(2J!?6.'!10'8*('!.-!<3-48'.3-!3/01!(60!.=0-(.(2!34!(60!
0*090-('!34!(60!(0'(!34!<&M&<.(2J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>>bJ!!%%(L%<&,&%C%.&(*!%#".2;("@(B".&-,#&<!x!"j!B"E!B:E!B"RSRE!Bh60!p$J%J+!(60!M01'3-!O.(6!=.9.-.'60=!
<&M&<.(2q! .'! 8-&:*0! (3! &<(! .-! &! 10&'3-&:*0! 9&--01! .-! 10*&(.3-! (3! (60! (1&-'&<(.3-! &-=! (60! 3(601!
M&1(2!6&=!10&'3-!(3!\-3O!34!6.'!<3-=.(.3-iEJ!
>>DJ!!5+-,!-3(0!>j>J!
>>jJ!!5+-,!-3(0!jJ!
>>>J!!%%+!&:3/0+!'0<(.3-!QsJ5J#!&(!"D$J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F^^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
e-0!O&2!(3!10'3*/0!(6.'!<3-48'.3-!.'!(3!<3-'.=01!(60!8-=01*2.-K!M3*.<2!&1K890-('!431!
&-=!&K&.-'(!.-<*8=.-K!4&.1-0''!.-!(60!(0'(!34!<&M&<.(2J!?60!<&'0'!(6&(!'8MM31(!.-<*8=F
.-K! 4&.1-0''! .-! (60! (0'(! 34! <&M&<.(2! (0-=! (3! '00! .('! 13*0! &'! 4.**.-K! .-! &! K&M! (6&(! &1.'0'!
4139!(60!43<8'!3-!(60!3(601!<3-(1&<(.-K!M&1(2d'!\-3O*0=K0J!Q-!(6.'!/.0O+!(60!<381('!
<&-! =0<*&10! &! <3-(1&<(! (3! :0! /3.=&:*0! 0/0-! .4! (60! 3(601! <3-(1&<(.-K! M&1(2! =.=! -3(!
\-3O!(6&(!(60!<3-(1&<(!O&'!O.(6!&!M01'3-!O.(6!=.9.-.'60=!<&M&<.(2+!'3!*3-K!&'!(60!
<3-(1&<(!<&-!:0!<3-'.=010=!(3!:0!8-4&.1J!?6.'!M3'.(.3-!O&'!10c0<(0=!.-!3,-&+>>S!:8(!(60!
M1./2!<38-<.*d'!c8=K90-(!.-!(6&(!<&'0!.'!-3(!:.-=.-K!3-!7&-&=.&-!<381('J!?6010!9&2!
:0!'390!M1&<(.<&*!/&*80!.-!&=3M(.-K!(6.'!18*0+!0/0-!(638K6!.(!O&'!10c0<(0=!.-!3,-&J!
!
58(!(6010!&10!'0/01&*!=.'&=/&-(&K0'!(3!.-<*8=.-K!4&.1-0''!.-!(60!(0'(!34!<&M&<.(2!(3!0-F
(01!.-(3!&!<3-(1&<(J!G.1'(+!.(!<10&(0'!&!6.K6!=0K100!34!3/01*&M!:0(O00-!(60!(0'(!34!<&F
M&<.(2! &-=! 8-<3-'<.3-&:.*.(2J! Q(! <390'! /012! <*3'0! (3! <10&(.-K! &! 10=8-=&-<2! .-! (60!
*&OJ! `0<3-=+! (60! &MM13&<6! (3! (60! 3(601! <3-(1&<(.-K! M&1(2d'! \-3O*0=K0! .-! (6.'! M13F
M3'&*! .'! 38(! 34! '(0M! O.(6! /012! 10<0-(! <&'0'! 3-! 8-<3-'<.3-&:.*.(2+! O6.<6! .-'.'(! 3-!
\-3O*0=K0!&'!&-!0''0-(.&*!0*090-(!(3!3:(&.-!10*.04!431!8-<3-'<.3-&:.*.(2J>>#!?6.1=+!&-!
0*090-(!(6&(!<&**'!3-!(60!<381('!'.9M*2!(3!10/.0O!(60!4&.1-0''!34!&!<3-(1&<(+!O.(638(!
M13/.=.-K! (60! <381('! O.(6! '390! K8.=.-K! M1.-<.M*0'! (3! &MM*2! (6&(! c81.'=.<(.3-+! <38*=!
'01.38'*2!8-=01<8(!(60!M3*.<2!K3&*!34!'0<81.(2!34!<3-(1&<('J!
!
Z**!<3-'8*(&(.3-!10'M3-=0-('!O63!&==10''0=!(6.'!.''80!&K100=!O.(6!(60!<399.((00d'!
M13M3'&*!-3(!(3!0-&<(!*0K.'*&(.3-!M13/.=.-K!431!&!10/.0O!34!(60!4&.1-0''!34!&!<3-(1&<(!
&'!M&1(!34!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!(60!<3-(1&<(J!
!
?60!<399.((00!10<3990-='A!
QdJ(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(&A,&(+-"F$2%<(&A,&(,(#".<$2%-,&$".("@(
&A%(@,$-.%<<("@(,(#".&-,#&($.F"0F$.9(,(+%-<".(>$&A(2$C$.$<A%2(#,+,#$&'(@"-C<(+,-&("@(&A%(
#"CC".O0,>(&%<&("@(#,+,#$&'(&"(%.&%-($.&"(,(#".&-,#&J(
!
9#!
5@*837! 3%)(53&/(*'! =%! %'&-/%7! /*! 8'(+0! /@%! -*$$*';3&<! &'7! 5/&/8/*60!
683%5! *'! /@%! 58..30! *+! '%-%55&6(%5! /*! &! .%65*'! <@*! 7*%5! '*/! @&>%! /@%!
-&.&-(/0!/*!%'/%6!('/*!&!-*'/6&-/E!
%&1*.01!(6.'!<6&M(01!-3(0=!(6&(!(60!*&O!3-!&!'8MM*2!34!-0<0''&12!K33='!&-=!'01/.<0'!
(3!&!M01'3-!O.(6!=.9.-.'60=!<&M&<.(2!.'!438-=!M&1(*2!.-!*0K.'*&(.3-!&-=!M&1(*2!.-!(60!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>>SJ!!5+-,!-3(0!jjjJ!
>>#J!!%%( D$&5<( FJ( N$00$,C( PJ( B""Z%( T.&%-+-$<%<( V.#J+! $CCS! em7Z! jSb! &(! M&1&'J! b#+! j"oj$+! $#D! VPU!
BD(6E!SbDT! B,$.( FJ( B0,-$#,( 8$@%( V.<5-,.#%( B"J+! $CCj! Z57Z! DbS! &(! M&1&'J! b$+! S$oSb+! $>b! VPU!
BD(6E!b>#+!73({!XZ!B&(!M&1&J!b$+!*.'(.-K!&93-K!h0*090-('!O6.<6!&MM0&1!(3!:0!-0<0''&12!431!8-<3-F
'<.3-&:.*.(2!J!J!J!3(601!M&1(2d'!\-3O.-K*2!(&\.-K!&=/&-(&K0!34!p(60!O0&\01!M&1(2d'q!/8*-01&:.*.(2iEJ!
F^_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
>>R
<3993-!*&OJ !?60!P&O!7399.''.3-!34!%-K*&-=!&-=!L&*0'!6&'!10<3990-=0=!(6&(!
(6.'!18*0!:0!8-.4.0=!.-!&!'.-K*0!'(&(8(312!M13/.'.3-J>SC!?60!P&O!U04319!7399.''.3-!
34!Q10*&-=!&K100=!O.(6!(6.'!10<3990-=&(.3-+!-3(.-K!(6&(!h(60!&MM*.<&(.3-!34!(60!-0F
<0''&1.0'! 18*0! .'+! .-! '390! 10'M0<('+! -3(! 4100! 4139! =38:(Ji>S"! Z! 8-.4.0=! 18*0! O38*=!
9&\0!(60!*&O!<*0&101+!&-=!'390O6&(!9310!&<<0''.:*0J!?60!!,0%("@(I""2<()#&!.'!-3(!&!
-&(81&*!4.(!431!*0K.'*&(.3-!3-!90-(&*!<&M&<.(2J!?60!,-.(0=!^.-K=39!6&'!.9M*090-(0=!
(60!*&O!<399.''.3-d'!10<3990-=&(.3-!&'!M&1(!34!.('!?%.&,0(B,+,#$&'()#&(QRReJ>S$!
!
e-!M&M01+!.(!.'!6&1=!(3!'00!&!=3O-'.=0!(3!(6.'!M13M3'&*J!Q('!3-0!=1&O:&<\!9&2!:0!(6&(!
40O! M03M*0! .-! 51.(.'6! 73*89:.&! &MM0&1! (3! :0! <&**.-K! 431! (6.'! <6&-K0J! Q(! <38*=! :0! &1F
K80=!(6&(!(60!<8110-(!*&O!O31\'!'844.<.0-(*2!O0**!.-!M1&<(.<0+!'3!(6010!.'-d(!&!M10''.-K!
-00=!431!*0K.'*&(./0!104319J!
!
?60! <399.((00! 4&/3810=! &! 8-.4.0=! 18*0! 3-! -0<0''&1.0'J! ?60! 18*0'! K3/01-.-K! -0<0'F
'&1.0'!<&-!:0!=.44.<8*(!(3!*3<&(0+!0/0-!(638K6!(602!<390!8M!410f80-(*2!.-!M1&<(.<0J!Q(!
O38*=! :0! 60*M48*! .4! (60! 18*0'! <38*=! :0! 8-.4.0=! &-=! 10*3<&(0=! (3! &! 9310! &MM13M1.&(0!
M*&<0!.-!(60!'(&(8(0!:33\J!
!
73-'8*(&(.3-! 10'M3-=0-('! 8-&-.938'*2! 4&/3810=! (60! <399.((00d'! M13M3'&*! 3-! (6.'!
.''80J!
!
?60!<399.((00!10<3990-='A!
Q_J( 6-$&$<A( B"05C4$,( <A"502( %.,#&( 0%9$<0,&$".( &A,&( -%+0,#%<( <%#&$".( S( "@( &A%( !,0%( "@(
I""2<()#&(>$&A(,(5.$@$%2(<&,&5&"-'(-50%(".(&A%(<5++0'("@(.%#%<<,-'(9""2<("-(<%-F$#%<(&"(,(
+%-<".(>A"($<(."&(C%.&,00'(#,+,40%(&"(%.&%-($.&"(,(#".&-,#&J(
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>>RJ!!%%+!&:3/0+!'0<(.3-!QsJ5J"C!&(!"DjJ!
>SCJ!!%%(L%+"-&(".(?%.&,0(V.#,+,#$&'+!<5+-,!-3(0!"##!&(!M&1&J!DJRJ!
>S"J!B".<50&,&$".(:,+%-(".(W50.%-,40%()250&<(,.2(&A%(8,>\(B,+,#$&'+!<5+-,!-3(0!jC!&(!M&1&J!jJD"J!!%%(
,0<"(L%+"-&(".(W50.%-,40%()250&<(,.2(&A%(8,>+!<5+-,!-3(0!>"S!&(!M&1&J!bJC>!B10<3990-=.-K!0-F
&<(90-(!34!10'(&(0=!-0<0''&1.0'!18*0EJ!
>S$J!!5+-,!-3(0!"#R+!'J!S!BhB"E!Q4!-0<0''&12!K33='!31!'01/.<0'!&10!'8MM*.0=!(3!&!M01'3-!O63!*&<\'!<&F
M&<.(2!(3!<3-(1&<(!431!(60!'8MM*2+!60!98'(!M&2!&!10&'3-&:*0!M1.<0!431!(609J!B$E!vm0<0''&12d!90&-'!
'8.(&:*0!(3!&!M01'3-d'!<3-=.(.3-!.-!*.40!&-=!(3!6.'!&<(8&*!10f8.1090-('!&(!(60!(.90!O60-!(60!K33='!
31!'01/.<0'!&10!'8MM*.0=JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F^A'
'
P!5L/'!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!'R@')565)=/U'/K'!J/5=G',JQ5,')KSGCJ,'
5@' =(&%$7;2&3$('
`M0<.&*!18*0'!&MM*2!O60-!&!<3-(1&<(!.-/3*/0'!10(&.-.-K!*0K&*!<38-'0*J>Sb!?6.'!<6&M(01!
0H&9.-0'! 63O! (63'0! 18*0'! .-(01&<(! O.(6! 90-(&*F<&M&<.(2! .''80'! &-=! 10<3990-='!
'390!43<8''0=!104319'!(6&(!'01/0!(3!4.-0F(8-0!63O!(60!<3993-F*&O!(0'(!34!<&M&<.(2!
(3!10(&.-!*0K&*!<38-'0*!3M01&(0'!.-!'M0<.4.<!<.1<89'(&-<0'J!
!
9@' 9-2Z[%$;(7'
"#!
*>%6>(%<!
?6.'!(3M.<!6&'!'390!40&(810'!(6&(!'0(!.(!&M&1(!4139!(60!3(601!(3M.<'!=.'<8''0=!.-!(6.'!
10M31(J!?6010!&10!(6100!M3.-('!(3!:0&1!.-!9.-=!&'!238!10&=!(60!:&<\K138-=!=.'<8'F
'.3-!(6&(!43**3O'J!
!
)8<6!34!(60!<&'0!*&O!&-=!<3990-(&12!3-!(6.'!(3M.<!*33\'!&(!(60!.''80'!(6138K6!(60!
020'!34!(60!*0K&*!<38-'0*!O63!.'!10(&.-0=+!1&(601!(6&-!4139!(60!M3.-(!34!/.0O!34!(60!
M01'3-!O.(6!=.9.-.'60=!<&M&<.(2J!Z'!&!10'8*(+!(6010!.'!&!O0**F=0/0*3M0=!:3=2!34!O1.(F
.-K!3-!O6&(!*0K&*!<38-'0*d'!3:*.K&(.3-'!&10!.-!=0&*.-K!O.(6!&!M01'3-!O.(6!=.9.-.'60=!
<&M&<.(2+!:8(!10*&(./0*2!*.((*0!3-!(60!&<(8&*!(0'(!34!<&M&<.(2!(3!10(&.-!*0K&*!<38-'0*J!`3!
.-!31=01!(3!K0(!&!<39M*0(0!K1&'M!3-!(6.'!'8:c0<(+!.(!.'!-0<0''&12!(3!<3-'.=01!:3(6!(60!
(0'(!34!<&M&<.(2!&-=!&!:3=2!34!18*0'!(6&(!.'!'3*0*2!&MM*.<&:*0!(3!(60!*0K&*!<38-'0*!=0&*F
.-K! O.(6! (60! M01'3-! O.(6! =.9.-.'60=! <&M&<.(2J! ?6.'! :3=2! 34! 18*0'! <3/01'! &! O.=01!
1&-K0!34!9&(01.&*'!(6&-!.'!<&-/&''0=!.-!(60!3(601!<6&M(01'!34!(6.'!10M31(J!Q-!&==.(.3-!
(3!'(&(8(0'!&-=!c8=K90-('+!.(!.'!-0<0''&12!(3!0H&9.-0!M1340''.3-&*!<3=0'!34!<3-=8<(!
&-=!18*0'!34!<381(J!
!
Z'!&!48-<(.3-!34!(60!O&2!.-!O6.<6!(60'0!M1340''.3-&*!3:*.K&(.3-'!&10!41&90=+!90-(&*!
<&M&<.(2!.'!&-!.''80!:3(6!O60-!&!<*.0-(!0-(01'!.-(3!&!10*&(.3-'6.M!O.(6!*0K&*!<38-'0*!
Bh10(&.-.-K!*0K&*!<38-'0*iE!&-=!(6138K638(!(60!<381'0!34!(6&(!10*&(.3-'6.M!&'!(60!<*.F
0-(!.-(01&<('!O.(6!*0K&*!<38-'0*!Bh.-'(18<(.-K!*0K&*!<38-'0*iEJ!?6.'!<6&M(01d'!'8:c0<(!.'!
10(&.-.-K!*0K&*!<38-'0*+!:8(!.(!.'!-0<0''&12!.-!M*&<0'!(3!=.'<8''!.-'(18<(.-K!*0K&*!<38-F
'0*!.-!31=01!(3!6&/0!&!<39M*0(0!'0-'0!34!(60!.''80'!&(!M*&2J!?6.'!.'!.-!<3-(1&'(!O.(6!(60!
3(601!'8:c0<('!B'8<6!&'!<&M&<.(2!(3!9&\0!&!O.**!31!&!K.4(!31!(3!0-(01!.-(3!&!<3-(1&<(E!
&-&*2_0=!.-!(6.'!10M31(+!O6.<6!&10!43<8''0=!3-!<&M&<.(2!&(!&!'.-K*0!9390-(!&-=!-3(!
&'!&!M&1(!34!&-!3-K3.-K!10*&(.3-'6.MJ!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>SbJ!?6.'! 0HM10''.3-! 6&'! :00-! =0*.:01&(0*2! 8'0=! (6138K638(! (6.'! <6&M(01J! Q(! .'! .-(0-=0=! (3! .-<*8=0!
:3(6!*&O201'!&-=!-3(&1.0'!M8:*.<J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F^a'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
Q''80'!10*&(0=!(3!.-'(18<(.-K!*0K&*!<38-'0*!9&2!&1.'0!O.(6!10'M0<(!(3!&-2!(2M0!34!*0K&*!
O31\J! `.9.*&1*2+! *0K&*! <38-'0*d'! M1340''.3-&*! 3:*.K&(.3-'! &10! 34! K0-01&*! &MM*.<&(.3-J!
?6&(!'&.=+!.(!.'!-3(0O31(62!(6&(!:3(6!<390!.-(3!(60!'6&1M0'(!43<8'!.-!<&'0'!.-/3*/.-K!
(60! *.(.K&(.3-! M13<0''J! `3! .(! .'! -0<0''&12! (3! =.'<8''! 63O! 90-(&*! <&M&<.(2! .-(01&<('!
O.(6!<./.*!*.(.K&(.3-!.-!31=01!(3!K0(!&!48**!'0-'0!34!(6.'!'8:c0<(J!
!
2#!
/%5/!*+!-&.&-(/0!/*!6%/&('!3%)&3!-*8'5%3!
!"#$ %&'$E0,)-"6)1".$B(8'6)$03$)&'$%'()$03$E"8"65)>$
Z! <3990-(&(31! O1.(.-K! .-! "R##! &''01(0=! (6&(! (60! (0'(! 34! <&M&<.(2! (3! 10(&.-! *0K&*!
<38-'0*! .'! &! '8:c0<(! (6&(! .'! h-0/01! =.'<8''0=! :2! (60! <381('Ji>SD! L6.*0! (6.'! <3990-(!
9&2!:0!(&\.-K!(6.-K'!(33!4&1+!.(!=30'!K0(!&(!3-0!34!(60!.9M31(&-(!<6&1&<(01.'(.<'!34!(60!
*&O! .-! (6.'! &10&J! ?60! (0'(! 34! <&M&<.(2! (3! 10(&.-! *0K&*! <38-'0*! *&<\'! &! =04.-.-K! <381(!
<&'0J! ?6010! .'! -3! c8=K90-(! (6&(+! 431! 0H&9M*0+! M*&2'! (60! 13*0! (6&(! 6,.Z<( FJ( I""2@%0O
0">>Sj!M*&2'!431!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**J!?60!<&'0'!(6&(!=3!&==10''!(6.'!.'F
'80!=3!-3(!0/0-!&((09M(!(3!&1(.<8*&(0!&!K0-01&*!(0'(!(6&(!O38*=!&MM*2!(3!&**!<&'0'!&=F
=10''.-K!(60!<&M&<.(2!(3!10(&.-!*0K&*!<38-'0*J!Q-'(0&=+!(602!&==10''!(60!.''80!'(1.<(*2!
&'!&!9&((01!34!&''0''.-K!(60!4&<('!34!&!K./0-!<&'0J>S>!
!
73990-(&(31'! 6&/0! 10&'3-0=! (6&(! &! (0'(! 34! <&M&<.(2! (3! 10(&.-! *0K&*! <38-'0*! <&-! :0!
=01./0=!4139!&-!0H&9.-&(.3-!34!K0-01&*!M1.-<.M*0'J>SS!?60!'(&1(.-K!M*&<0!.'!(6&(!(60!
10(&.-01!.'!&!4319!34!<3-(1&<(J!`3!&!M01'3-!98'(!&(!&!9.-.989!:0!<&M&:*0!34!8-=01F
'(&-=.-K!(60!10(&.-01d'!(019'!&-=!34!4319.-K!h&!1&(.3-&*!c8=K90-(!34!.('!0440<(!8M3-!
6.'!.-(010'('Ji>S#!
!
?60!4.-&*!0*090-(!34!(60!<3-(1&<(8&*!(0'(!34!<&M&<.(2!10*&(0'!(3!(60!\-3O*0=K0!34!(60!
3(601!<3-(1&<(.-K!M&1(2g.-!(6.'!<&'0+!(60!*0K&*!<38-'0*J!P0K&*!<38-'0*!98'(!6&/0!h&<F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>SDJ!m31.-0!ZJ!)&<V3-&*=+!h?0'('!431!7&M&<.(2!.-!;&1.38'!?1&-'&<(.3-'+i!.-!m31.-0!ZJ!)&<V3-&*=+!0=J+!
V.#,+,#$&'\(?,&%-$,0<(+-%+,-%2(@"-(,(B".&$.5$.9(8%9,0(T25#,&$".(<%C$.,-(A%02($.(W,.#"5F%-/(6JBJ(
".()+-$0([d/([]^^!B;&-<38/01A!73-(.-8.-K!P0K&*!%=8<&(.3-!`3<.0(2!34!51.(.'6!73*89:.&+!"R##E!"J"!
&(!"J"JCSJ!
>SjJ!!5+-,!-3(0!$DJ!
>S>J!!%%+!%J9J+!?J(DJ(LJ(FJ(VJ(!J(LJ+!$CCb!577Z!j"b!&(!M&1&J!"R+!D#!UGP!Bj(6E!b#j+!?6&<\1&2!XZ!B<381(!&<F
<0M(.-K!*0K&*!<38-'0*d'!&''01(.3-!h&'!&-!344.<01!34!(60!<381(i!(6&(!<*.0-(!6&=!<&M&<.(2!(3!10(&.-!*0K&*!
<38-'0*ET! 6$<"5Z$<( FJ( 6-,C+&".( *B$&'( "@;! B"RRRE+! D>! eU! Bb=E! D"S! &(! M&1&'J! "Ro$C+! "#C! VPU!
BD(6E!jSS!B7ZE+!531.-'!XZ!B431!(60!<381(E+!0%,F%(&"(,++%,0(&"(!BB(-%@5<%2+!p$CCCq!`77Z!m3J!j$!BYPEJ!
>SSJ!!%%!U3:01('3-+!<5+-,!-3(0!Db#!&(!b"Sob$"T!)&<V3-&*=+!<5+-,!-3(0!>SDJ!
>S#J!Y%00'+!<5+-,!-3(0!DCC!&(!$SjJ!
F_E'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(8&*!31!<3-'(18<(./0i!\-3O*0=K0!34!(60.1!M3(0-(.&*!<*.0-(d'!h90-(&*!.-<39M0(0-<2Ji>SR!
Z<(8&*! \-3O*0=K0! .'! '.9M*2! O6&(! &! M01'3-! &<(8&**2! \-0O! &(! (60! 10*0/&-(! (.90+! :8(!
<3-'(18<(./0! \-3O*0=K0! 1&.'0'! '390! =.44.<8*(! f80'(.3-'J! L60-! <&-! &! <381(! '&2! (6&(!
(60!0H.'(0-<0!34!<01(&.-!4&<('!&-=!<.1<89'(&-<0'!&**3O!.(!(3!=1&O!(60!.-4010-<0!(6&(!&!
M01'3-!'638*=!\-3O!'390(6.-Kk!Q'!&!M01'3-!8-=01!&!=8(2!(3!9&\0!481(601!.-f8.1.0'!
.-! (60! 4&<0! 34! <01(&.-! 4&<('k! `638*=! *0K&*! <38-'0*! :0! 60*=! (3! &! 6.K601! '(&-=&1=! (6&-!
3(601!M03M*0+!:0<&8'0!(602!&10!M1340''.3-&*'k!
!
?6010!.'!&!10<0-(!%-K*.'6!<&'0!(6&(!=0*/0'!.-(3!(60'0!.''80'!.-!10-=01.-K!c8=K90-(!3-!
&! <*&.9! 34! '3*.<.(31'd! -0K*.K0-<0J>#C! ?60! <381(! <3-<*8=0=! hp&q! '3*.<.(31! .'! K0-01&**2!
3-*2!10f8.10=!(3!9&\0!.-f8.1.0'!&'!(3!&!M01'3-d'!<&M&<.(2!(3!<3-(1&<(!.4!(6010!&10!<.1F
<89'(&-<0'!'8<6!&'!1&.'0!=38:(!&'!(3!(6.'!.-!(60!9.-=!34!&!10&'3-&:*2!<39M0(0-(!'3F
*.<.(31Ji>#"! Q-! <39.-K! (3! (6.'! <3-<*8'.3-+! (60! <381(! 0HM10''*2! 10c0<(0=! &-! &1K890-(!
(6&(!*0K&*!<38-'0*!'638*=!:0!60*=!(3!&!6.K601!'(&-=&1=!34!<&10J>#$!
!
!*#$ %&'$BA',6>$B(8'6)$03$)&'$%'()$03$E"8"65)>$
`(1.<(*2!'M0&\.-K+!.(!'638*=!:0!M3''.:*0!(3!'(3M!&(!(60!<3-(1&<(8&*!(0'(!34!<&M&<.(2!&-=!
<3-<*8=0! (6&(! .(! 48**2! <3/01'! (60! (0'(! 34! <&M&<.(2! (3! 10(&.-! *0K&*! <38-'0*J! %H&9.-.-K!
(60!3-K3.-K!10*&(.3-'6.M!:0(O00-!&!<*.0-(!&-=!*0K&*!<38-'0*!<38*=!:0!'00-!&'!<13''F
.-K!(60!*.-0!.-(3!(60!10*&(0=!:8(!=.'(.-<(!&10&!34!.-'(18<(.-K!*0K&*!<38-'0*J!m0/01(60F
*0''+!<3990-(&(31'!138(.-0*2!<13''!(6.'!*.-0!&-=!.-<31M31&(0!&-!&-&*2'.'!34!(6&(!3-F
K3.-K!10*&(.3-'6.M!.-!(60!(0'(!34!<&M&<.(2J>#b!
!
Z'!&!10'8*(!34!(6.'!&-&*2'.'+!93'(!<3990-(&(31'!<3-<*8=0!(6&(!(60!(0'(!34!<&M&<.(2!(3!
10(&.-! *0K&*! <38-'0*! <3-(&.-'+! .-! &==.(.3-! (3! .('! <3-(1&<(8&*! 0*090-('+! 0*090-('! =0F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>SRJ!V4$2J(
>#CJ!!%%(DA"-+%+!<5+-,!-3(0!""#J!
>#"J!V4$2J!&(!M&1&J!Sj!p<.(&(.3-'!39.((0=qJ!
>#$J!V4$2J! &(! M&1&J! S>! Bh?60! 10*0/&-(! (0'(! O6010! M1340''.3-&*! -0K*.K0-<0! .'! &**0K0=! .'! -3(! O60(601!
'3903-0!'638*=!6&/0!:00-!9310!<&1048*J!?60!'(&-=&1=!34!<&10!.'!-3(!(6&(!34!&!M&1(.<8*&1*2!90F
(.<8*38'! &-=! <3-'<.0-(.38'! M1&<(.(.3-01J! ?60! (0'(! .'! O6&(! &! 10&'3-&:*2! <39M0(0-(! M1&<(.(.3-01!
O38*=! =3! 6&/.-K! 10K&1=! (3! (60! '(&-=&1='! -319&**2! &=3M(0=! .-! 6.'! M1340''.3-Ji! p<.(&(.3-! 39.(F
(0=qEJ!
>#bJ!73990-(&(31'! M13:&:*2! (&\0! (6.'! &MM13&<6! :0<&8'0! <3=0'! 34! M1340''.3-&*! 3:*.K&(.3-'! 431! *0K&*!
<38-'0*!=3!-3(!=1&O!&!'6&1M!=.'(.-<(.3-!:0(O00-!10(&.-.-K!&-=!.-'(18<(.-K!*0K&*!<38-'0*J!Q-'(0&=+!
(60!<3=0'!'(&(0!(60.1!3:*.K&(.3-'!.-!'8<6!&!O&2!&'!(3!:*81!(6.'!=.'(.-<(.3-J!?60!<3=0'!&10!=.'<8''0=!
.-!9310!=0(&.*+!:0*3O+!'0<(.3-!sJ5Jj!&(!">jJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F_F'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
>#D
1./0=!4139!(60!*&O!34!&K0-<2J !?60!(0'(!34!<&M&<.(2!(3!&MM3.-(!&-!&K0-(!h.-/3*/0'!&-!
&:.*.(2!(3!8-=01'(&-=!(60!-&(810!&-=!0440<(!34!(60!&MM3.-(90-(Ji>#j!?60!(0'(!&*'3!.-F
<31M31&(0'!(60!<3-(1&<(8&*!(0'(!34!<&M&<.(2J>#>!
!
?6010! .'! &-! .9M31(&-(! =.44010-<0! :0(O00-! (60! (0'(! 34! <&M&<.(2! (3! &MM3.-(! &-! &K0-(!
&-=! (60! 3(601! (0'('! 34! <&M&<.(2! =.'<8''0=! .-! (6.'! 10M31(J>#S! 7&M&<.(2! (3! &MM3.-(! &-!
&K0-(!98'(!:0!M10'0-(!(6138K638(!(60!&K0-<2!10*&(.3-'6.MJ!Z!h'8M01/0-.-K!.-<&M&<F
.(2! 34! (60! M1.-<.M&*! (019.-&(0'! (60! &K0-(d'! &8(631.(2! &-=! 9&\0'! (60! &K0-(! *.&:*0! 431!
:10&<6!34!O&11&-(2!34!&8(631.(2Ji>##!
!
!6#$ D-'(1<8)50,$03$E"8"65)>$
?6010! .'! &! M10'89M(.3-! 34! <&M&<.(2! (3! 10(&.-! B&-=! .-'(18<(E! *0K&*! <38-'0*J>#R! `3! (60!
3-8'!34!M13/.-K!(6&(!&!M01'3-!4&.*'!(3!900(!(60!(0'(!34!<&M&<.(2!(3!10(&.-!*0K&*!<38-'0*!
4&**'!3-!(60!M01'3-!&**0K.-K!.-<&M&<.(2J!
!
Z'!.'!(60!<&'0!431!3(601!(0'('!34!<&M&<.(2+!(60!38(<390!34!(60!(0'(!34!<&M&<.(2!(3!10(&.-!
*0K&*!<38-'0*!.'!-3(!=0(019.-0=!:2!&!M01'3-d'!.-<&M&<.(2!(3!<&112!38(!3(601!(1&-'&<F
(.3-'J>RC!`.9M*2!:0<&8'0!&!M01'3-!<&--3(!M&''+!'&2+!(60!(0'(!34!<&M&<.(2!(3!9&\0!&!O.**!
=30'!-3(!-0<0''&1.*2!90&-!(6&(!(60!M01'3-!*&<\'!(60!<&M&<.(2!(3!10(&.-!*0K&*!<38-'0*J!
58(+!(6&(!'&.=+!(60!<&M&<.(2!(3!10(&.-!B&-=!.-'(18<(E!*0K&*!<38-'0*!<&-d(!:0!'0M&1&(0=!
4139!(60!(1&-'&<(.3-!31!M13<00=.-K!431!O6.<6!(60!*0K&*!<38-'0*!6&'!:00-!10(&.-0=!(3!
10M10'0-(!(60!<*.0-(J!P0K&*!<38-'0*!10(&.-0=!(3!=1&4(!&!O.**!431!&!<*.0-(+!431!0H&9M*0+!
98'(!:0!'&(.'4.0=!34!(60!<*.0-(d'!(0'(&90-(&12!<&M&<.(2!&(!(60!(.90!34!(&\.-K!.-'(18<F
(.3-'!4139!(60!<*.0-(J>R"!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>#DJ!!%%! U3:01('3-+! <5+-,! -3(0! Db#! &(! b"S! Bh&! M01'3-! O63! .'! 90-(&**2! .-<&M&:*0! 34! &MM3.-(.-K! &-!
&K0-(!<&--3(!/&*.=*2!&8(631._0!&!'3*.<.(31!(3!&<(!3-!6.'!31!601!:06&*4iEJ!
>#jJ!V4$2J!&(!b"#J!
>#>J!!%%! W0(01! L&(('! l! GJ!)J!5J! U02-3*='+! 0='J+! 6"><&%,2( ,.2( L%'."02<( ".( )9%.#'+! "R(6! 0=J! BP3-=3-A!
`O00(!l!)&HO0**+!$C"CE!&(!x!$oCCS!B<&M&<.(2!(3!&MM3.-(!&K0-(!h<3F0H(0-'./0!O.(6!(60!<&M&<.(2!34!
(60!M1.-<.M&*!6.9'0*4!(3!9&\0!(60!<3-(1&<(iEJ!
>#SJ!!%%! `0/&! 5&(\.-! l! ;&*01.0! V.H3-+! h7&M&<.(2! (3! Q-'(18<(! 738-'0*i! B$C""E! >R! Z=/3<&(0! $R! &(! b>!
B<39M&1.-K!(0'(&90-(&12!<&M&<.(2!O.(6!<&M&<.(2!(3!.-'(18<(!*0K&*!<38-'0*EJ!
>##J!6"><&%,2(,.2(L%'."02<(".()9%.#'+!<5+-,!-3(0!>#>!&(!x!$oCCR!p433(-3(0!39.((0=qJ!!%%+!:0*3O+!'0<F
(.3-!sJ5Jb!&(!">b!431!9310!=.'<8''.3-!34!(6.'!M3.-(J!
>#RJ!!%%(DA"-+%+!<5+-,!-3(0!""#!&(!M&1&J!SjJ!
>RCJ!!%%! U3:01('3-+! <5+-,! -3(0! Db#! &(! b"#! BhQ-<&M&<.(2! (3! 10(&.-! <38-'0*! '638*=! -3(! :0! M10'890=!
9010*2!:0<&8'0!(60!<*.0-(!.'!90-(&**2!=.'&:*0=!31!*&<\'!<&M&<.(2!.-!<01(&.-!*0K&*!&10&'JiEJ!
>R"J!!%%!)<<%<<C%.&("@(?%.&,0(B,+,#$&'\(I5$2,.#%(@"-(E"#&"-<(,.2(8,>'%-<+!<5+-,!-3(0!""S!&(!"bJ!
F_D'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!2#$ E0<8"-5(0,$)0$S)&'-$%'()($03$E"8"65)>$
Z! M&.1! 34! <3990-(&(31'! 6&/0! &1K80=! (6&(! hp.q-! &! 6.01&1<62! 34! <&M&<.(.0'+! O.(6! (60!
6.K60'(! :0.-K! (0'(&90-(&12! <&M&<.(2+! <&M&<.(2! (3! .-'(18<(! <38-'0*! 1&-\'! &(! (60! 6.K6!
0-=!34!(60!'<&*0!'.-<0!.(!10f8.10'!&-!8-=01'(&-=.-K!34!4.-&-<.&*!&-=!*0K&*!.''80'Ji>R$!
?6.'!M3.-(!*.\0*2!&*'3!&MM*.0'!(3!(60!(0'(!34!<&M&<.(2!(3!10(&.-!*0K&*!<38-'0*J!Z-3(601!
4&<(31! (6&(! O38*=! (0-=! (3! M*&<0! (6.'! (0'(! 34! <&M&<.(2! &(! (60! 6.K601! 0-=! 34! (60! '<&*0!
O38*=!:0!.('!8'0!34!0*090-('!=01./0=!4139!(60!<3-(1&<(8&*!&-=!&K0-<2!(0'('!34!<&M&<F
.(2J!
!
4#!
3%)&3!5%6>(-%5!&5!'%-%55&6(%5!
?60!4&<(!(6&(!&!M01'3-!=30'!-3(!900(!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(!.'!
-3(!(60!0-=!34!(60!'(312!431!*.&:.*.(2J!Z!M01'3-!O.(6!=.9.-.'60=!<&M&<.(2!9&2!'(.**!:0!
*.&:*0+! .4! (60! K33='! 31! '01/.<0'! '8MM*.0=! (3! (6&(! M01'3-! &10! <3-'.=010=! (3! :0! -0<0'F
'&1.0'J>Rb!?6.'!*.&:.*.(2!=30'!-3(!4*3O!4139!(60!*&O!34!<3-(1&<('!:8(!4139!&!'0M&1&(0!
:3=2!34!*&O+!(60!*&O!34!8-c8'(!0-1.<690-(J!
!
Z10!*0K&*!'01/.<0'!-0<0''&1.0'k!?60!4.1'(!'(0M!(3!&-'O01.-K!(6.'!f80'(.3-!.-/3*/0'!=0F
4.-.-K!.%#%<<,-$%<J!?6.'!(019!6&'!&!/&K80!&-=!'*.MM012!90&-.-K+!:8(!(60!=04.-.(.3-!.-F
<*8=0=!.-!(60!!,0%("@(I""2<()#&!M13/.=0'!&!K33=!0-<&M'8*&(.3-!34!(60!<3-<0M(J!,-=01!
(60!&<(+!-0<0''&1.0'!&10!hK33='!'8.(&:*0!(3!(60!<3-=.(.3-!.-!*.40!34!&!M01'3-+!&-=!(3!(60!
M01'3-d'!&<(8&*!10f8.1090-('!&(!(60!(.90!34!(60!'&*0!&-=!=0*./012Ji>RD!52!0H(0-'.3-+!
-0<0''&12!'01/.<0'!&10!'01/.<0'!(6&(!&10!'8.(&:*0!(3!(60!<3-=.(.3-!.-!*.40!34!&!M01'3-+!
&-=!(3!(60!M01'3-d'!&<(8&*!10f8.1090-('!&(!(60!(.90!34!M014319&-<0!34!(60!'01/.<0'J!
!
?6010!&10!<&'0'!4139!%-K*&-=>Rj!&-=!Z8'(1&*.&>R>!(6&(!6&/0!60*=!(6&(!&!'8MM*2!34!*0K&*!
'01/.<0'!<&-!<390!O.(6.-!(60!18*0!3-!-0<0''&1.0'J!Q-!:3(6!<&'0'+!(60!*0K&*!'01/.<0'!.-F
/3*/0=!10M10'0-(&(.3-!34!&!M01'3-!O.(6!=.9.-.'60=!<&M&<.(2!.-!&!<381(!M13<00=.-K!(3!
&MM3.-(!&!<399.((00!431!(6&(!M01'3-J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>R$J!5&(\.-!l!V.H3-+!<5+-,!-3(0!>#S!&(!b>J!
>RbJ!!%%!L%(LA"2%<+!<5+-,!-3(0!>$DT(80"'2+!<5+-,!-3(0!>$DT!!,0%("@(I""2<()#&+!<5+-,!-3(0!>">+!'J!S!BM&1F
(.&**2!<3=.42.-K!(60!<3993-F*&O!18*0+!431!-0<0''&12!K33='EJ!
>RDJ!V4$2J+!'J!S!B"EJ!!%%+!&:3/0+!'0<(.3-!QsJ5J"C!&(!"Dj!B481(601!=.'<8''.3-!34!90-(&*!<&M&<.(2!&-=!-0<0'F
'&1.0'EJ!
>RjJ!!%%(!&%2C,.(FJ(3,-&!B"#jDE+!^&2J!>CS+!>R!%U!$j#!B76JEJ!
>R>J!!%%(?#8,59A0$.(FJ(P-%%A$00+!p"RC#q![7Z!"j+!j!7PU!#j#J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F_B'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
,-431(8-&(0*2+! (60! 7&-&=.&-! <381('! =3! -3(! &MM0&1! (3! 6&/0! <3-'.=010=! (6.'! .''80J>RS!
`3! .(! .'-d(! M3''.:*0! (3! K./0! &! =04.-.(./0! &-'O01! 3-! O60(601! &! 7&-&=.&-! <381(! O38*=!
<3-'.=01!*0K&*!'01/.<0'!(3!:0!-0<0''&1.0'J!Q(!&*'3!.'-d(!<*0&1!63O!4&1!(60!<6&1&<(01._&F
(.3-! 34! *0K&*! '01/.<0'! &'! -0<0''&1.0'! O38*=! 0H(0-=J! Z! <&'0! .-/3*/.-K! *0K&*! '01/.<0'!
'8MM*.0=!(3!&!M01'3-!.-!&-!&=8*(FK8&1=.&-'6.M!M13<00=.-K!O38*=!&MM0&1!(3!:0!3-!(60!
4.190'(!K138-=+!'.-<0!.(!O38*=!10'09:*0!(60!<&'0'!4139!%-K*&-=!&-=!Z8'(1&*.&!(6&(!
6&/0! 60*=! *0K&*! '01/.<0'! (3! :0! -0<0''&1.0'J! e(601! <&'0'! O38*=! *.\0*2! :0! 10'3*/0=! :2!
&MM*.<&(.3-!34!&!=04.-.(.3-!34!.%#%<<,-$%<!&*3-K!(60!*.-0'!34!(60!3-0!<.(0=!0&1*.01J!
!
9#!
3(&=(3(/0!+*6!-*5/5!+*6!=6%&-@!*+!($.3(%7!<&66&'/0!*+!&8/@*6(/0!
P0K&*!<38-'0*!9&2!4.-=!(609'0*/0'!*.&:*0!.-!<01(&.-!<.1<89'(&-<0'!.4!(602!<3-(.-80!(3!
&<(!431!&!M01'3-!O63!*&<\'!(60!<&M&<.(2!(3!.-'(18<(!*0K&*!<38-'0*J!?6.'!10'8*(!43**3O'!
4139!(60!&MM*.<&(.3-!34!18*0'!4139!(60!*&O!34!&K0-<2J!
!
ZK0-('!.9M*.<.(*2!O&11&-(!(3!(6.1=!M&1(.0'!(6&(!(602!6&/0!(60!&8(631.(2!(3!&<(!3-!:0F
6&*4!34!(60.1!M1.-<.M&*'J!58(!.4!&!M1.-<.M&*!:0<390'!.-<&M&:*0!34!.-'(18<(.-K!(60!&K0-(+!
(60-! (60! &K0-(d'! &8(631.(2! .'! (019.-&(0=J! ?60! &K0-(! 9&2! :0! 60*=! *.&:*0! .4! (60! &K0-(!
<3-(.-80'!(3!&<(!431!(60!M1.-<.M&*!.-!(60'0!<.1<89'(&-<0'J!
!
?60'0!18*0'!6&/0!:00-!.-/3\0=!&K&.-'(!*0K&*!<38-'0*!.-!<&'0'!.-!O6.<6!*0K&*!<38-'0*!
.'!10M10'0-(.-K!&!M01'3-!O63!*3'0'!<&M&<.(2!=81.-K!(60!<381'0!34!*.(.K&(.3-J>R#!eMM3'F
.-K!M&1(.0'!.-!'8<6!*.(.K&(.3-!6&/0!:00-!&O&1=0=!<3'('!&K&.-'(!*0K&*!<38-'0*!M01'3-F
&**2J>RR!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>RSJ!65&(<%%(L%(3,..,+!$CC$!`^Y5!"$D+!p$CC$q!`X!m3J!"S#!BYPEJ!Q-!(6.'!<&'0+!&!*&O!4.19!M13/.=0=!*0K&*!
'01/.<0'!(3!&!:&-\18M(!M01'3-!&-=!&1K80=!(6&(!.('!400'!&938-(0=!(3!&!=0:(!(6&(!'638*=!'81/./0!
:&-\18M(<2!:0<&8'0!(602!10*&(0=!(3!&!'8MM*2!34!-0<0''&1.0'J!?60!10K.'(1&1!10c0<(0=!(6.'!&1K890-(+!
:8(! 431! 10&'3-'! (6&(! (81-0=! 0-(.10*2! 3-! .-(01M10(&(.3-! 34! :&-\18M(<2! *0K.'*&(.3-J! `3! (6.'! <&'0! .'!
*.\0*2! 34! *.9.(0=! /&*80! 431! (60! .''80! 34! O60(601! *0K&*! '01/.<0'! '8MM*.0=! (3! &! M01'3-! O.(6! =.9.-F
.'60=!<&M&<.(2!&938-(!(3!-0<0''&1.0'J!
>R#J!!%%( h".9%( FJ( D"'.4%%+! p"RCDq! ^5! $"j! B%-KJ! 7ZET! L%( )F%-'+! p"Rj$q! eLm! DSj! B[7XET! Y%..%2'( FJ(
Y%..%2'! B"RjRE+! ">! VPU! B$=E! >CD! B57`7ET! D-,.( FJ( 3,+! $C""! 57`7! "CSS+! p$C""q! 57X! m3J! "j"D!
BYPEJ!
>RRJ!!%%!U3:01('3-+!<5+-,!-3(0!Db#!&(!b"R!B10/.0O.-K!(60!<&'0'!&-=!-3(.-K!(6&(!(60!h18*0!6&'!1.K6(*2!
:00-! <1.(.<._0=! &'! <10&(.-K! &! =.'.-<0-(./0! (3! *&O201'! (3! &<(! 431! 90-(&**2! =.'&:*0=! <*.0-('i! p433(F
-3(0!39.((0=qEJ!
F_]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
:#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
.6*+%55(*'&3!*=3()&/(*'5!*'!3%)&3!-*8'5%3!
!"#$ :,)-0216)50,$
P0K&*!<38-'0*!98'(!M1&<(.<0!(60.1!M1340''.3-'!.-!&<<31=&-<0!O.(6!<3=0'!34!0(6.<'!&MF
M13/0=!:2!(60.1!K3/01-.-K!:3=.0'JSCC!?60'0!0(6.<&*!18*0'!'0(!38(!'(&-=&1='!431!*0K&*!
<38-'0*! .-! =0&*.-K! O.(6! M01'3-'! O63'0! 90-(&*! <&M&<.(2! .'! =.9.-.'60=J! Z*(638K6!
<3=0'!34!0(6.<'!=3!-3(!<3-(&.-!(0'('!34!<&M&<.(2!B(602!&MM0&1!(3!10*2!3-!(60!<3993-!
*&O!(3!M13/.=0!'8<6!(0'('E+!(602!=3!6&/0!&!'.K-.4.<&-(!M1&<(.<&*!.9M&<(!3-!63O!(60!*&O!
3M01&(0'!.-!(6.'!&10&J!
!
?60! <8110-(! <3=0! 34! <3-=8<(! 431! 51.(.'6! 73*89:.&! *&O201'! 3-*2! <&90! .-(3! 0440<(! 3-!
"!X&-8&12!$C"b+!&'!(60!<399.((00!O&'!<39M*0(.-K!.('!4.-&*!10/.0O!34!.('!<3-'8*(&(.3-%
M&M01JSC"!?60!-0O!<3=0!=30'!-3(!&MM0&1!(3!'8:'(&-(./0*2!<6&-K0!(60!18*0'!3-!(6.'!.'F
'80+! (638K6! (60! O31=.-K! 34! (60! 18*0'! 6&'! <6&-K0=J! ?60! =.'<8''.3-! (6&(! 43**3O'! O.**!
-3(0!.-!(60!433(-3(0'!M&1&**0*!M13/.'.3-'!34!(60!M10/.38'!<3=0JSC$!
!
!*#$ Z1.'($30-$U"@>'-($%"Q5,A$0,$O'@$E.5',)($
G31! *&O201'+! &! =.'(.-<(.3-! <&-! :0! =1&O-! .-! 63O! 90-(&*F<&M&<.(2! .''80'! '638*=! :0!
(10&(0=!431!-0O!<*.0-('!&-=!431!0H.'(.-K!<*.0-('JSCb!hZ!*&O201!O63!:0*.0/0'!&!M01'3-!(3!
:0!.-<&M&:*0!34!K./.-K!.-'(18<(.3-'+i!&=/.'0'!(60!B"2%("@(:-"@%<<$".,0(B".25#&(@"-(6-$&O
$<A(B"05C4$,+!h'638*=!=0<*.-0!(3!&<(JiSCD!?6.'!&=/.<0!=30'!-3(!&938-(!(3!&!(3(&*!M13F
6.:.(.3-!3-!&<(.-K!431!&-!.-<&M&:*0!<*.0-(J!Q-!<&'0'!.-!O6.<6!(60!*&O201!:0*.0/0'!(60!
<*.0-(!<&--3(!3:(&.-!10M10'0-(&(.3-!&-=!h&!4&.*810!(3!&<(!<38*=!10'8*(!.-!.99.-0-(!&-=!
.110M&1&:*0!6&19+!(60!*&O201!9&2!(&\0!&<(.3-!3-!:06&*4!34!&!M01'3-!*&<\.-K!<&M&<.(2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SCCJ!!%%!?60!P&O!`3<.0(2!34!51.(.'6!73*89:.&+!B"2%("@(:-"@%<<$".,0(B".25#&(@"-(6-$&$<A(B"05C4$,+!;&-F
<38/01A!P&O!`3<.0(2!34!51.(.'6!73*89:.&+!$C"bT!?60!`3<.0(2!34!m3(&1.0'!W8:*.<!34!51.(.'6!73*89F
:.&+!:-$.#$+0%<(@"-(T&A$#,0(7(:-"@%<<$".,0(B".25#&(I5$2%0$.%+!;&-<38/01A!`3<.0(2!34!m3(&1.0'!W8:*.<!
34!51.(.'6!73*89:.&+!$C""J!
SC"J!?60!B"2%("@(:-"@%<<$".,0(B".25#&(@"-(6-$&$<A(B"05C4$,!O&'!:&'0=!3-!&!93=0*!<3=0!(6&(!(60!<39F
9.((00!O&'!&:*0!(3!<3-'.=01!&'!.(!=.'<8''0=!(6.'!'8:c0<(J!!%%!G0=01&(.3-!34!P&O!`3<.0(.0'!34!7&-F
&=&+!?"2%0(B"2%("@(:-"@%<<$".,0(B".25#&!B&'!&90-=0=!3-!"b!V0<09:01!$C""E+!3-*.-0A!G0=01&(.3-!
34!P&O!`3<.0(.0'!34!7&-&=&!t6((MANNOOOJ4*'<J<&NuJ!
SC$J!!%%!?60!P&O!`3<.0(2!34!51.(.'6!73*89:.&+!:-"@%<<$".,0(B".25#&(3,.24""Z+!;&-<38/01A!P&O!`3<.F
0(2!34!51.(.'6!73*89:.&+!"RRbJ!
SCbJ!!%%!5&(\.-!l!V.H3-+!<5+-,!-3(0!>#S!&(!$Rob"J!
SCDJ!!%%(<5+-,!-3(0!SCC+!1J!bJ$FR+!<3990-(&12!M&1&J!$J!!%%(,0<"(:-"@%<<$".,0(B".25#&(3,.24""Z+(<5+-,!
-3(0!SC$+!<6J!b+!433(-3(0!D!BhZ!*&O201!9&2!-3(!4319!&!<*.0-(F*&O201!10*&(.3-'6.M!O.(6!&!M01'3-!
O63!6&'!-0/01!:00-!(60!*&O201d'!<*.0-(!&-=!O63!*&<\'!(60!<&M&<.(2!(3!.-'(18<(!(60!*&O201J!J!J!hEJ(
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F_^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
3-*2!(3!(60!0H(0-(!-0<0''&12!(3!M13(0<(!(60!M01'3-!8-(.*!&!*0K&*!10M10'0-(&(./0!<&-!:0!
&MM3.-(0=JiSCj !
!
?60! M10/.38'! 18*0'! <3-(09M*&(0=! &! -89:01! 34! 'M0<.4.<! 0H<0M(.3-'! (3! (60! K0-01&*!
M1.-<.M*0!(6&(!&!*&O201!'638*=!-3(!(&\0!3-!&!-0O!<*.0-(!.4!(6&(!<*.0-(d'!<&M&<.(2!.'!.-!
=38:(J!?60'0!0H<0M(.3-'!O010A!
!
• &!*&O201!:0.-K!&MM3.-(0=!(3!&<(!431!&!M01'3-!O.(6!=.9.-.'60=!<&M&<.(2!h:2!&!
<381(!31!(1.:8-&*iT!
• &! *&O201! O63! &<('! 431! &! M01'3-! O.(6! =.9.-.'60=! <&M&<.(2! h:2! 3M01&(.3-! 34!
'(&(8(0iT!
• &!*&O201!O63!&<('!431!&!M01'3-!O.(6!=.9.-.'60=!<&M&<.(2!h.-!&!M13<00=.-K!.-!
O6.<6!'390!&'M0<(!34!(60!<*.0-(d'!90-(&*!<&M&<.(2!.'!.-!.''80JiSC>!
!
?60!\02!0H<0M(.3-!.'!(60!(6.1=!3-0J!Q(!&**3O0=!&!M01'3-!(3!3:(&.-!*0K&*!10M10'0-(&(.3-!
.-!&!<381(!M13<00=.-K!(3!=0(019.-0!&!M01'3-d'!<&M&<.(2!8-=01!(60!:,&$%.&<(:-"+%-&'(
)#&JSCS!58(!(60!0H<0M(.3-!.'!41&90=!.-!'390O6&(!:13&=01!(019'J!)0-(&*!<&M&<.(2!9&2!
:0!&-!.''80!.-!3(601!'31('!34!M13<00=.-K'JSC#!?6.'!1&.'0'!(60!=.44.<8*(!.''80!34!<&M&<.(2!
(3!=.10<(!<./.*!*.(.K&(.3-+!O6.<6!O.**!:0!=.'<8''0=!.-!9310!=0(&.*!:0*3OJSCR!
!
Q(d'!8-<*0&1!O60(601!(60'0!'M0<.4.<!0H<0M(.3-'!&10!<&M(810=!.-!(60!9310FK0-01&*!*&-F
K8&K0!34!(60!B"2%("@(:-"@%<<$".,0(B".25#&(@"-(6-$&$<A(B"05C4$,J!
!
!6#$ Z1.'($30-$U"@>'-($9'".5,A$@5)&$T[5()5,A$E.5',)($
Q4!&-!0H.'(.-K!<*.0-(!B(6&(!.'+!3-0!O63!6&'!&*10&=2!10(&.-0=!(60!*&O201E!:0<390'!.-<&F
M&:*0!34!.-'(18<(.-K!(60!*&O201+!(60-!(60!*&O201d'!M1340''.3-&*!3:*.K&(.3-!.'+!h&'!4&1!&'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SCjJ!!5+-,!-3(0!SCC+!1J!bJ$FR+!<3990-(&12!M&1&J!$J!!%%(,0<"(:-"@%<<$".,0(B".25#&(3,.24""Z+(<5+-,!-3(0!
SC$+!<6J!b+!'J!$JD!B*&O201!O63!.'!hM10/0-(0=i!4139!(&\.-K!3-!&!-0O!<*.0-(!:2!&MM*.<&(.3-!34!(60'0!
18*0'! 9&2! '(.**! hM13/.=0! 10&'3-&:*0! &-=! -0<0''&12! 9.-.9&*! &''.'(&-<0! (3! (60! M01'3-iEJ! !%%( ,0<"(
$4$2J+!<6J!b+!433(-3(0!j!BhG31!0H&9M*0+!'8<6!&''.'(&-<0!9.K6(!<3-'.'(!34!&MM0&1.-K!&(!&!'<60=8*0=!
<381(!&MM0&1&-<0!(3!M13(0<(!(60!M01'3-d'!.-(010'('!31!&=/.'.-K!(60!W8:*.<!]8&1=.&-!&-=!?18'(00+!
4&9.*2!909:01'!31!3(601'!34!(60!M01'3-d'!-00=!431!&''.'(&-<0JiEJ!
SC>J!:-"@%<<$".,0(B".25#&(3,.24""Z+!<5+-,!-3(0!SC$+!<6J!b+!433(-3(0!DJ!
SCSJ!!5+-,!-3(0!jJ!
SC#J!!%%!X#%,.(FJ(T#"."C$#,0(?5&5,0(V.<5-,.#%(B"J+!$CCR!m`7Z!#"!&(!M&1&J!>"+!S>!77PQ!BD(6E!"+!5&(0F
9&-! XZ! BhZ! M&1(2d'! 90-(&*! <3-=.(.3-! .'! .-! .''80! 3-*2! .4! 601! 90-(&*! <39M0(0-<2! 98'(! :0! 0'(&:F
*.'60=!.-!31=01!(3!M13/0!601!<&8'0!34!&<(.3-JiEJ!
SCRJ!!%%+!:0*3O+!'0<(.3-!sJ5J>!&(!">SJ!
F__'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
10&'3-&:*2! M3''.:*0+! p(3q! 9&.-(&.-! &! -319&*! *&O201! &-=! <*.0-(! 10*&(.3-'6.MJiS"C! Q-!
(60'0!<.1<89'(&-<0'+!(60!*&O201!6&'!h&-!0(6.<&*!3:*.K&(.3-!(3!0-'810!(6&(!(60!<*.0-(d'!
.-(010'('!&10!-3(!&:&-=3-0=JiS""!739M*2.-K!O.(6!(6.'!0(6.<&*!3:*.K&(.3-!9&2!10f8.1F
.-K!(&\.-K!'(0M'!(3!&MM3.-(!&!*.(.K&(.3-!K8&1=.&-S"$!431!&!<*.0-(!31!3:(&.-.-K!(60!&''.'F
(&-<0!34!&!M8:*.<!:3=2!*.\0!(60!e44.<0!34!(60!W8:*.<!]8&1=.&-!&-=!?18'(00!(3!&''.'(!(60!
<*.0-(JS"b!
!
!2#$ Z1.'$30-$O0)"-5'($D1*.56$
?60!&MM*.<&:*0!18*0!431!-3(&1.0'!M8:*.<!.-!(60'0!<.1<89'(&-<0'!.'!9310!'8<<.-<(J!m3F
(&1.0'!M8:*.<!&10!'.9M*2!&=/.'0=!:2!(60.1!<3=0!34!M1340''.3-&*!3:*.K&(.3-'!(3!h:0!<&8F
(.38'! &:38(! &<<0M(.-K! .-'(18<(.3-'! 4139! 31! 3-! :06&*4! 34! <*.0-('! O63'0! <&M&<.(2! &MF
M0&1'!(3!:0!*.9.(0=+!O60(601!:0<&8'0!34!&K0+!90-(&*!=.'&:.*.(2!31!431!'390!3(601!10&F
'3-JiS"D!
!
A#!
-&.&-(/0!/*!-*'78-/!-(>(3!3(/()&/(*'!
Q(!O&'!-3(0=!0&1*.01!(6&(!(60!(0'(!34!<&M&<.(2!(3!10(&.-!*0K&*!<38-'0*!(0-='!(3!:0!<3-F
-0<(0=!(3!(60!(&'\!431!O6.<6!(60!*0K&*!<38-'0*!.'!:0.-K!10(&.-0=J!P0K&*!<38-'0*!<3-F
'.=01.-K!&!10(&.-01!(3!=1&4(!&!O.**!31!-0K3(.&(0!&!<3-(1&<(!431!&!<*.0-(!O38*=!-&(81&**2!
:0!.-(010'(0=!.-!(60!<*.0-(d'!<&M&<.(2!(3!9&\0!&!O.**!31!0-(01!.-(3!&!<3-(1&<(J!?6.'!10F
M31(!6&'!0H&9.-0=!(63'0!<3993-F*&O!(0'('!34!<&M&<.(2!.-!=0(&.*J!58(!3-0!(0'(!34!<&F
M&<.(2!(6&(!.'!38('.=0!(60!'<3M0!34!(6.'!10M31(!<13M'!8M!34(0-!.-!(60!<381'0!34!&''0''F
.-K! &! M01'3-d'! <&M&<.(2! (3! 10(&.-! B&-=! .-'(18<(E! *0K&*! <38-'0*J! ?6.'! (0'(! 34! <&M&<.(2!
9&2!:0!<&**0=!(60!(0'(!34!<&M&<.(2!(3!<3-=8<(!<./.*!*.(.K&(.3-JS"j!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S"CJ!!5+-,!-3(0!SCC+!1J!bJ$FRJ!!%%(,0<"(:-"@%<<$".,0(B".25#&(3,.24""Z+!<5+-,(-3(0!SC$+!<6J!b+!'J!$J"J(
S""J!!5+-,!-3(0!SCC+!1J!bJ$FR+!<3990-(&12!M&1&J!bJ!
S"$J!!%%( $4$2J( !%%+! :0*3O+! '0<(.3-! sJ5J>! &(! ">S! B431! 9310! 3-! *.(.K&(.3-! K8&1=.&-'! &-=! (60! <&M&<.(2! (3!
<3-=8<(!<./.*!*.(.K&(.3-EJ!
S"bJ!!%%(<5+-,!-3(0!SCC+!1J!bJ$FR+!<3990-(&12!M&1&J!bJ!!%%(,0<"(:-"@%<<$".,0(B".25#&(3,.24""Z+!<5+-,!
-3(0!SC$+!<6J!b+!'J!$J$!B*&O201!9&2!(&\0!hM13(0<(./0!&<(.3-i!(3!&''.'(!(60!<*.0-(+!'8<6!&'!h'00\p.-Kq!
(60!&MM3.-(90-(!34!&!K8&1=.&-+i!:8(!(6.'!&<(.3-!O&'!3-*2!&8(631._0=!.4!(60!43**3O.-K!'M0<.4.<!<3-F
=.(.3-'!O010!90(A!h.4!(60!*&O201!B&E!10&'3-&:*2!:0*.0/0'!(6&(!(60!<*.0-(!<&--3(!.-'(18<(!<38-'0*+!
B:E! 10&'3-&:*2! :0*.0/0'! (60! &MM3.-(90-(! 31! 3(601! M13(0<(./0! &<(.3-! .'! -0<0''&12! (3! M13(0<(! (60!
<*.0-(d'!.-(010'(+!&-=!B<E!=30'!-3(!(&\0!&-2!&<(.3-!<3-(1&12!(3!&-2!.-'(18<(.3-'!K./0-!(3!(60!*&O201!
:2! (60! <*.0-(! O60-! (60! <*.0-(! O&'! <&M&:*0! 34! K./.-K! '8<6! .-'(18<(.3-'JiE! Z! *&O201! O63! =.=! '00\!
(60!&MM3.-(90-(!34!&!*.(.K&(.3-!K8&1=.&-!<38*=!h<3-(.-80!(3!&<(i!&'!(60!<*.0-(d'!*&O201+!:8(!3-*2!
h(3!(60!0H(0-(!(6&(!.-'(18<(.3-'!&10!.9M*.0=!31!&'!3(601O.'0!M019.((0=!:2!*&Oi!B$4$2JEJ!
S"DJ!:-$.#$+0%<(@"-(T&A$#,0(7(:-"@%<<$".,0(B".25#&(I5$2%0$.%+!<5+-,!-3(0!SCC+!K8.=0*.-0!DF]bJ!
S"jJ!h73-=8<(.-Ki!<./.*!*.(.K&(.3-!.'!90&-(!(3!09:1&<0!<3990-<.-K!&-=!=040-=.-K!&!<./.*!B(6&(!.'+!-3(!
<1.9.-&*E!M13<00=.-K!.-!<381(+!&-=!'8'(&.-.-K!(6&(!M13<00=.-K!(3!c8=K90-(J!?60!.''80!34!<&M&<.(2!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F_A'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
?60! !5+-%C%( B"5-&( B$F$0( L50%<! <3-(&.-! 'M0<.&*! 18*0'! 431! <01(&.-! M&1(.0'JS"> ! e-0! 34!
(60'0!'M0<.&*!18*0'!&MM*.0'!(3!hM01'3-'!8-=01!=.'&:.*.(2+iS"S!O6.<6!.-<*8=0'!&!M01'3-!
O.(6!=.9.-.'60=!90-(&*!<&M&<.(2JS"#!?60!\02!M3.-(!34!(6.'!18*0!.'!(6&(!&!M01'3-!8-=01!
*0K&*!=.'&:.*.(2!98'(!-3(!<3-=8<(!&!M13<00=.-KJ!Q-'(0&=+!'8<6!&!M01'3-!98'(!:0!10MF
10'0-(0=!:2!&!*.(.K&(.3-!K8&1=.&-JS"R!
!
?6.'!18*0!6&'!:00-!<3-'.=010=!(3!6&/0!&!M13(0<(./0!M81M3'0+S$C!O6.<6!*.-\'!.(!(3!(60!
3(601!&10&'!34!*&O!'(8=.0=!.-!(6.'!10M31(J!Z-=!'.-<0!(60!!5+-%C%(B"5-&(B$F$0(L50%<!=3!
-3(!<3-(&.-!&!(0'(!34!<&M&<.(2!(3!=0(019.-0!O60-!&!M01'3-!.'!8-=01!&!*0K&*!=.'&:.*.(2!.(!
.'!-0<0''&12!(3!(81-!(3!(60!<3993-!*&O!431!K8.=&-<0J!?6010!&10!&<(8&**2!f8.(0!&!40O!
<&'0'!(6&(!6&/0!<3-'.=010=!O6&(!9&2!:0!<&**0=!(60!(0'(!34!<&M&<.(2!(3!<3-=8<(!<./.*!
*.(.K&(.3-JS$"!58(!(60'0!<&'0'!6&/0!(&\0-!'390!=.44010-(!&MM13&<60'!(3!63O!&!(0'(!34!
<&M&<.(2!'638*=!:0!43198*&(0=J!
!
e-0!&MM13&<6!6&'!&((09M(0=!(3!:&*&-<0!(60!M13(0<(./0!M81M3'0!34!(60!18*0!O.(6!h(60!
'3<.0(&*!/&*80!34!10'M0<(!431!(60!.-=./.=8&*+!&-=!(60!'3<.&*!0HM0<(&(.3-!(6&(!(60!.-=.F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
(3!10(&.-!B&-=!.-'(18<(E!*0K&*!<38-'0*!M13:&:*2!&1.'0'!93'(!410f80-(*2!.-!<3--0<(.3-!O.(6!&!M13F
M3'0=!10(&.-01!(3!10M10'0-(!&!M01'3-!.-!<./.*!*.(.K&(.3-J!?6.'!.'!:0<&8'0!.(!<&-!:0!=.44.<8*(!(3!'0M&F
1&(0!.''80'!10*&(0=!(3!10(&.-.-K!&-=!.-'(18<(.-K!*0K&*!<38-'0*!&-=!*.(.K&(.3-!.'!'390(6.-K!(6&(!<&**'!
431!&!<*.0-(!(3!9&\0!98*(.M*0!=0<.'.3-'!3/01!&-!0H(0-=0=!(.90J!
S">J!!%%!51.(.'6!73*89:.&+!!5+-%C%(B"5-&(B$F$0(L50%<+!M&1(!$CJ!
S"SJ!V4$2J+!1J!$CF$J!
S"#J!!%%(TJ(?J(TJ(FJ(EJ()J(NJ+!$CCb!57`7!"#S#!&(!M&1&J!">+!D!%?U!Bb=E!"#"+!`*&=0!XJ!pTJ(?J(TJq!BhQ(!&MM0&1'+!
3-!&-!0H&9.-&(.3-!34!(60!18*0!.-!.('!0-(.10(2+!(6&(!M01'3-'!O63!&10!.-4&-('!31!v90-(&**2!.-<39M0F
(0-(d!&10!M01'3-'!8-=01!*0K&*!=.'&:.*.(2!431!(60!M81M3'0!34!(60!&MM*.<&(.3-!34!(60!18*0JiEJ!
S"RJ!!%%(51.(.'6!73*89:.&+!!5+-%C%(B"5-&(B$F$0(L50%<+!11J!$CFb+!$CFbJ!!%%(,0<"!1J!$CF$!B>E!B$4$2JE!B<39F
9.((00!34!M01'3-!O.(6!=.9.-.'60=!<&M&<.(2!98'(!&<(!&'!(6&(!M01'3-d'!*.(.K&(.3-!K8&1=.&-+!8-*0''!
<381(! 31=01'! 3(601O.'0ET! 1J!$CF$! BjE! B$4$2JE! B<381(! &MM3.-(90-(! 34! *.(.K&(.3-! K8&1=.&-! -3(! 10F
f8.10=!.4!*.(.K&(.3-!K8&1=.&-!.'!31=.-&1.*2!10'.=0-(!.-!51.(.'6!73*89:.&!&-=!<381(!31!0-&<(90-(!=3!
-3(!M13/.=0!3(601O.'0ET!1J!$CF$!BDE!B$4$2JE!B*.(.K&(.3-!K8&1=.&-!98'(!&<(!:2!&!*&O201+!8-*0''!M8:*.<!
K8&1=.&-!&-=!(18'(00!.'!*.(.K&(.3-!K8&1=.&-EJ!
S$CJ!!%%(B0%-C".&(FJ(P-,<%-(3%,0&A()5&A"-$&'(*#J"J4J(:%,#%()-#A(3"<+$&,0;+!$CC#!57`7!">"!&(!M&1&J!$"+!
jb! 7W7! B>(6E!b#R+! Z**&-! XJ! pB0%-C".&q! B4.-=.-K! (O343*=! M81M3'0! 34! 18*0A! B"E! M13(0<(.3-! 34! (63'0!
8-=01!90-(&*!=.'&:.*.(2T!&-=!B$E!M13(0<(.3-!34!*.(.K&-('!3MM3'.-K!&!M&1(2!8-=01!&!90-(&*!=.'&:.*F
.(2EJ!
S$"J!!%%( 3"00,.2( *I5,-2$,.( ,2( 0$&%C( "@;( FJ( ?,-<A,00+! $CCR! 577Z! b""+! R>! 57PU! BD(6E! jj! p?,-<A,00qT!
B0%-C".&+!<5+-,!-3(0!S$CT!:,F0$#Z(FJ(35.&+!$CCj!57`7!$#j+!p$CCjq!57X!m3J!b$jD!BYPE!p:,F0$#ZqT!
TJ(?J(TJ+! <5+-,! -3(0! S"#T! I-%$9( FJ( !&-%&#A+! $CC"! 57`7! jS>+! ""! 7W7! Bj(6E! $R"! pI-%$9qT! P$..%9,.(
*I5,-2$,.(,2(0$&%C("@;(FJ(I-".">!B"RR#E+!jb!57PU!Bb=E!bj>+!"R!7W7!BD(6E!"Sb!B`7ET!).2%-<".(FJ(
3%'25#Z!B"RSRE+!"D!57PU!$#j+!p"RSRq!b!Z7L`!RR!B`7EJ!
F_`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
/.=8&*!O.**!(&\0!10'M3-'.:.*.(2!431!6.'!31!601!<63.<0'J!J!J!JiS$$!?6.'!&MM13&<6!10c0<(0=!&!
(0'(!(6&(!(81-'!3-!&!10*&(./0*2!*3O!(610'63*=!431!<381(!.-(01/0-(.3-!:&'0=!3-!(60!M13F
/.'.3-'! 34! (60! ?%.&,0( 3%,0&A( )#&JS$b! Q-'(0&=+! (60! (0'(! '638*=! :0! h<39M&1&:*0! (3! (6&(!
0'(&:*.'60=!.-!3(601!'.9.*&1!0-&<(90-('+i!O6.<6!43<8'!&((0-(.3-!3-!h(60!*&1K01!<39F
98-.(2! 34! O6.<6! (60! M01'3-! O&'! &! M&1(+! &-=! -3(! c8'(! (60! 0-/.13-90-(! 34! (60! <381(!
'2'(09! &-=! M13<0''JiS$D! ,-=01! (6.'! &MM13&<6! &! M01'3-! 98'(! :0! h'.K-.4.<&-(*2! .9F
M&.10=!.-!(60!&:.*.(2!(3!<3-=8<(!6.'!&44&.1'!K0-01&**2iS$j!31!h'01.38'*2!.9M&.10=!.-!p(60!
M01'3-d'q!&:.*.(2!(3!&<(!&MM13M1.&(0*2!(3!&!9.-.9&*!'(&-=&1=!(6&(!O38*=!0-&:*0!601!(3!
48-<(.3-!.-!(60!:13&=01!0-/.13-90-(!34!601!<3998-.(2iS$> !(3!:0!438-=!.-<&M&:*0!34!
<3-=8<(.-K!<./.*!*.(.K&(.3-J!
!
Z!'0<3-=!&MM13&<6!0'<60O'!(60'0!:13&=01!f80'(.3-'!(3!43<8'!'M0<.4.<&**2!3-!&'M0<('!
34!(60!*.(.K&(.3-!M13<0''J!?6.'!&MM13&<6!=1&O'!3-!&-!%-K*.'6!c8=K90-(JS$S!Q(!43198F
*&(0'!(60!(0'(!34!<&M&<.(2!&'!hpOq60(601!(60!M01'3-!.-!f80'(.3-!.'!<&M&:*0+!&'.=0!4139!
&-2!=.'&:.*.(2!0'(&:*.'60=!:2!*&O+!'8<6!&'!.-4&-<2+!(3!.-'(18<(!738-'0*!&-=!(3!0H01<.'0!
c8=K90-(!.-!10*&(.3-!(3!(60!<*&.9'!.-!.''80!&-=!(60!M3''.:*0!'0((*090-(+!&'!&!10&'3-F
&:*0!M01'3-!O38*=!:0!0HM0<(0=!(3!=3JiS$#!
!
?60'0!&MM13&<60'!'009!*.\0*2!(3!K0-01&(0!=.44010-(!10'8*('+!:8(+!'3!4&1+!-3!<381(!<&'0!
6&'!&((09M(0=!(3!10<3-<.*0!(609!31!<633'0!3-0!.-!4&/381!34!(60!3(601J!
!
)@'
=00;"0'1$%'!"1$%*'
?6010!6&'!:00-!*.((*0!(3!-3!*&OF104319!10'0&1<6!&-=!O1.(.-K!3-!(60!9&.-!'8:c0<(!34!
(6.'!<6&M(01+!O6.<6!.'!(60!(0'(!34!<&M&<.(2!(3!10(&.-!*0K&*!<38-'0*J!`(&1(.-K!4139!K0-F
01&*!M1.-<.M*0'+!(60!4.1'(!.''80!431!104319!(3!<3-'.=01!.'!O60(601!*0K.'*&(.3-!'638*=!:0!
0-&<(0=! .-! 10*&(.3-! (3! (6.'! (0'(! 34! <&M&<.(2J! ?6.'! '0<(.3-! &*'3! <3-'.=01'! 4.-0F(8-.-K!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S$$J!TJ(?J(TJ+!<5+-,!-3(0!S"#!&(!M&1&J!bbJ!
S$bJ!U`57!"RR>+!<J!$##+!'J!"!B=04.-.-K!hM01'3-!O.(6!&!90-(&*!=.'31=01i!(3!90&-!h&!M01'3-!O63!6&'!&!
=.'31=01!34!(60!9.-=!(6&(!10f8.10'!(10&(90-(!&-=!'01.38'*2!.9M&.1'!(60!M01'3-d'!&:.*.(2!B&E!(3!10F
&<(!&MM13M1.&(0*2!(3!(60!M01'3-d'!0-/.13-90-(+!31!B:E!(3!&''3<.&(0!O.(6!3(601'JiEJ!!%%(TJ(?J(TJ+!<5O
+-,!-3(0!S"#!&(!M&1&'J!$Do$jJ(
S$DJ!!%%(?,-<A,00+!<5+-,!-3(0!S$"!&(!M&1&J!$R+!m0.*'0-!XZ!B431!(60!<381(EJ!
S$jJ!V4$2J!
S$>J!TJ(?J(TJ+!<5+-,!-3(0!S"#!&(!M&1&J!D"J!!%%(,0<"(B0%-C".&+!<5+-,!-3(0!S$C!&(!M&1&'J!$bo$#J(
S$SJ!Y$-4'(FJ(8%,&A%-+!p"R>jq!$!Y5!b>S+!p"R>jq!$!LPU!"b"#!B%-KJ!7ZE!pY$-4'!<.(0=!(3!Y5qJ!
S$#J!!%%(I-$%9+!<5+-,!-3(0!S$"!&(!M&1&J!S+![33=!XJT!:,F0$#Z+!<5+-,!-3(0!S$"!&(!M&1&J!"R+!?18'<3((!XJ!?60!
f83(0=!M&''&K0!=30'!-3(!&MM0&1!.-!Y$-4'+!<5+-,!-3(0!S$SJ!Q(!&MM0&1'!(3!:0!*0K&*!<38-'0*d'!M&1&F
M61&'0!34!<01(&.-!M&''&K0'!.-!(60!10M31(0=!&1K890-('!34!<38-'0*!&-=!P31=!V0--.-Kd'!c8=K90-(J!
!%%(Y$-4'+!$4$2J!&(!bSSoS#+!b#bo#DJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F_a'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
18*0'! (6&(! &MM*2! .-! (O3! 'M0<.4.<! &10&'A! 10M10'0-(&(.3-! &K10090-('! &-=! <01(&.-! M13F
<00=.-K'!.-!O6.<6!&!M01'3-d'!90-(&*!<&M&<.(2!.'!&(!.''80J!
!
"#!
5@*837!=6(/(5@!-*38$=(&!%'&-/!3%)(53&/(*'!5%//(')!*8/!&!/%5/!*+!-&.&-(/0!/*!
6%/&('!3%)&3!-*8'5%3E!
?60!3-0!<3990-(&(31!O63!6&'!K1&MM*0=!O.(6!(6.'!.''80!6&'!M13M3'0=!(60!43**3O.-K!
&'!&!(0'(!34!<&M&<.(2!(3!10(&.-!*0K&*!<38-'0*A!
!
• (60!<*.0-(!'638*=!8-=01'(&-=!(6&(!(60!M01'3-!'60!31!60!.'!=0&*.-K!O.(6!.'!&!*&O201T!
• (60!<*.0-(!'638*=!8-=01'(&-=!K0-01&**2!(60!&=/.<0!K./0-T!
• (60!<*.0-(!'638*=!8-=01'(&-=!(6&(!(60!*&O201!O.**!&<(!3-!(60!.-'(18<(.3-'!34!(60!<*.0-(!&-=!&'!
&K0-(!:.-=!601!31!6.9!B(60!&K0-<2!M31(.3-!34!(60!10*&(.3-'6.MET!
• (60!<*.0-(!98'(!8-=01'(&-=!(6&(!'60!31!60!.'!10'M3-'.:*0!431!(60!'3*.<.(31d'!M1340''.3-&*!400'!
B(60!<3-(1&<(8&*!M31(.3-!34!(60!10*&(.3-'6.MEJS$R!
!
Z=3M(.-K!(6.'!(0'(!O38*=!<*&1.42!&-!3:'<810!&10&!34!(60!*&OJ!Q(!9.K6(!&*'3!9&\0!(60!
*&O!9310!&<<0''.:*0J!58(!(6.'!/01'.3-!34!(60!(0'(!<38*=!6&/0!'390!=3O-'.=0'J!Q(!=30'!
&MM0&1!(3!'0(!&!10*&(./0*2!6.K6!'(&-=&1=!431!10(&.-.-K!*0K&*!<38-'0*J!`8<6!&!6.K6!'(&-F
=&1=!<38*=!.9M&.1!&<<0''!(3!c8'(.<0!431!M01'3-'!O.(6!=.9.-.'60=!<&M&<.(2J!
!
?60!9&c31.(2!34!10'M3-=0-('!(3!(60!<3-'8*(&(.3-!M&M01!&K100=!O.(6!(60!<399.((00d'!
M13M3'&*!-3(!(3!0-&<(!*0K.'*&(.3-!'0((.-K!38(!(60!<3993-F*&O!(0'(!34!<&M&<.(2!(3!10F
(&.-! *0K&*! <38-'0*J! e-0! 10'M3-=0-(! =.=! M13M3'0! (6&(! (60! <399.((00! 0-<381&K0! (60!
:0-<601'!34!(60!P&O!`3<.0(2!34!51.(.'6!73*89:.&!h(3!10/.0O!76&M(01!b+!`0<(.3-!bJ$FR!
34!(60!-0O!pB"2%("@(:-"@%<<$".,0(B".25#&q+!6&/.-K!10K&1=!(3!(60!p<399.((00d'!4.-&*!10F
M31(qJiSbC !Z'!(60!10'M3-=0-(!10<3K-._0=+!<6&-K0'!(3!(60!B"2%("@(:-"@%<<$".,0(B".25#&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S$RJ!)&<V3-&*=+!<5+-,!-3(0!>SD!&(!"J"JCSJ!
SbCJ!7&-&=.&-!5&1!Z''3<.&(.3-!B57!51&-<6E+!L.**'!&-=!?18'('!`0<(.3-+!U0'M3-'0!(3!B".<50&,&$".(:,+%-(
".( B"CC".O8,>( D%<&<( "@( B,+,#$&'! B8-M8:*.'60=+! &1<6./0=! O.(6! (60! 51.(.'6! 73*89:.&! P&O! Q-'(.F
(8(0E! &(! boD! B'8KK0'(.-K! h&! <*&1.4.<&(.3-! p.-! (60! <3990-(&12! (3! '0<(.3-! bJ$Rq! (6&(! (60! '(&-=&1=!
0HM0<(0=!34!*&O201'!.'!(3!0-'810!(6&(A!B"E!L60-!&!*&O201!.'!.-.(.&**2!10(&.-0=+!(60!*&O201!98'(!:0!
'&(.'4.0=!(6&(!(60!<*.0-(!6&'!(60!<&M&<.(2!(3!10(&.-!(60!*&O201!B'8:c0<(!(3!(60!-3(0=!0H<0M(.3-'!(3!
&<(!.-!M13<00=.-K'!=0&*.-K!O.(6!(60!<*.0-(d'!.-<&M&<.(2+!&-=!(3!'(&(8(312!0H<0M(.3-'E!&-=!(6&(!(60!
(0'(!431!(60!=0(019.-&(.3-!34!<&M&<.(2!(3!10(&.-!&!*&O201!.'!(6&(!(60!<*.0-(!.'!&:*0!(3!8-=01'(&-=A!
B&E!(60!M01'3-!(60!<*.0-(!.'!=0&*.-K!O.(6!.'!&!*&O201T!B:E!K0-01&**2+!(60!&=/.<0!K./0-T!B<E!(60!*&OF
201!O.**!&<(!3-!(60!.-'(18<(.3-'!34!(60!<*.0-(!&-=!&'!&K0-(!431!(60!<*.0-(+!&-=!(6&(!(60.1!&<(.3-'!8-F
=01!.-'(18<(.3-!31!&'!&K0-(!:.-=!(60!<*.0-(T!&-=!B=E!(60!<*.0-(!.'!10'M3-'.:*0!431!(60!*&O201d'!400'J!
pZq-=!B$E!L60-!&!*&O201!6&'!<3-<01-'!&:38(!(60!<&M&<.(2!34!&!<*.0-(!(3!<3-(.-80!(3!.-'(18<(!(60!
*&O201+!(60!*&O201!98'(!:0!'&(.'4.0=!(6&(!(60!<*.0-(!6&'!<&M&<.(2!(3!.-'(18<(!(60!*&O201!&-=!(6&(!
(60!(0'(!431!(60!=0(019.-&(.3-!34!<&M&<.(2!(3!.-'(18<(!(60!*&O201!.'!=0M0-=0-(!3-!(60!(0'(!431!<&F
M&<.(2!34!(60!M&1(.<8*&1!9&((01!(60!*&O201!6&'!:00-!10(&.-0=!(3!M014319!B0JKJ!=1&4(!&!L.**E!&-=+!.-!
FAE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
&10!:023-=!(60!'<3M0!34!(6.'!M13c0<(+!:8(!(60!<399.((00!=30'!&K100!(6&(!(6.'!.=0&!.'!
O31(62!34!481(601!'(8=2!:2!(60!P&O!`3<.0(2!34!51.(.'6!73*89:.&J!
!
?60!<399.((00!=.=!-3(!4&/381!*0K.'*&(.3-!(6&(!=0&*'!K0-01&**2!O.(6!(60!(0'(!34!<&M&<F
.(2!(3!10(&.-!*0K&*!<38-'0*+!:8(!=.=!M13M3'0!(O3!'M0<.4.<!104319'+!O6.<6!&10!=.'<8''0=!
.-!(60!-0H(!(O3!'0<(.3-'J!
!
?60!<399.((00!10<3990-='A!
QeJ(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".($.(-%0,&$".(&"(&A%(#"CC".O0,>(&%<&("@(
#,+,#$&'(&"(-%&,$.(0%9,0(#"5.<%0J(
!
2#!
5@*837! =6(/(5@! -*38$=(&! %'&-/! 3%)(53&/(*'! &33*<(')! &! .%65*'! <(/@!
7($('(5@%7!-&.&-(/0!/*!6%/&('!3%)&3!-*8'5%3!+*6!&7>(5(')!*'!&'7!76&+/(')!&!
6%.6%5%'/&/(*'!&)6%%$%'/!<(/@!5/&'7&67!.6*>(5(*'5E!
51.(.'6!73*89:.&d'!L%+-%<%.&,&$".()9-%%C%.&()#&!'01/0'!&!=8&*!M81M3'0A!.(!&**3O'!&-!
&=8*(!(3!0-(01!.-(3!&!'M0<.4.0=!4319!34!&K10090-(!(6&(!M13/.=0'!431!&!10M10'0-(&(./0!
(3!9&\0!<01(&.-!=0<.'.3-'!3-!(60!&=8*(d'!:06&*4!.4!(60!&=8*(!:0<390'!.-<&M&:*0T!&-=!.(!
&/3.='! (60! -00=! 431! .-(01/0-(.3-! :2! (60! <381(F:&'0=! &=8*(FK8&1=.&-'6.M! '2'(09! .-!
(60'0!<.1<89'(&-<0'JSb" !`0<(.3-!S!34!(60!&<(!&8(631._0'!(60!9&\.-K!34!&!10M10'0-(&F
(.3-!&K10090-(!O.(6!'(&-=&1=!M13/.'.3-'J!?60!'(&-=&1=!M13/.'.3-'!9&2!.-<*8=0!M13F
/.'.3-'!&8(631._.-K!(60!10M10'0-(&(./0!(3!60*M!(60!&=8*(!.-!9&\.-K!=0<.'.3-'!10'M0<(F
.-K!(60!&=8*(d'!M01'3-&*!<&10+!138(.-0!4.-&-<.&*!9&-&K090-(+!&-=!<01(&.-!60&*(6F<&10!
=0<.'.3-'+!31!(3!9&\0!(63'0!=0<.'.3-'!3-!:06&*4!34!(60!&=8*(J!Z!'(&(8(312!(0'(!34!<&M&<F
.(2!&MM*.0'!(3!(60!9&\.-K!34!(60'0!'0<(.3-!S!&K10090-('JSb$ !e-0!34!(60!40&(810'!34!(6.'!
'(&(8(312!(0'(!34!<&M&<.(2!.'!(6&(!.(!'0('!&!/012!*3O!(610'63*=!34!90-(&*!<&M&<.(2J!G31!
.-'(&-<0+!&-!&=8*(!9&2!0-(01!.-(3!&!'0<(.3-!S!&K10090-(+!0/0-!(638K6!(60!&=8*(!.'!h.-F
<&M&:*0!34!9&\.-K!&!<3-(1&<(JiSbb!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
(60!<&'0!34!*.(.K&(.3-+!(6&(!(60!<*.0-(!.'!&:*0!(3!0H01<.'0!c8=K90-(!.-!10*&(.3-!(3!(60!9&((01!.-!.'F
'80JiE!
Sb"J!!5+-,!-3(0!">#+!'J!$!Bh?60!M81M3'0!34!(6.'!Z<(!.'!(3!M13/.=0!&!90<6&-.'9!B&E!(3!&**3O!&=8*('!(3!&1F
1&-K0!.-!&=/&-<0!63O+!O60-!&-=!:2!O639+!=0<.'.3-'!&:38(!(60.1!60&*(6!<&10!31!M01'3-&*!<&10+!
(60!138(.-0!9&-&K090-(!34!(60.1!4.-&-<.&*!&44&.1'+!31!3(601!9&((01'!O.**!:0!9&=0!.4!(602!:0<390!
.-<&M&:*0!34!9&\.-K!=0<.'.3-'!.-=0M0-=0-(*2+!&-=!B:E!(3!&/3.=!(60!-00=!431!(60!<381(!(3!&MM3.-(!
'3903-0!(3!60*M!&=8*('!9&\0!=0<.'.3-'+!31!'3903-0!(3!9&\0!=0<.'.3-'!431!&=8*('+!O60-!(602!&10!
.-<&M&:*0!34!9&\.-K!=0<.'.3-'!.-=0M0-=0-(*2JiEJ!
Sb$J!!%%($4$2J+!'J!#J!
SbbJ!V4$2J+!'J!#!B"E!B&EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FAF'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
`3!.(!.'!M3''.:*0+!8-=01!(60!/&1.38'!&MM*.<&:*0!'(&(8(312!&-=!<3993-F*&O!(0'('!34!<&F
M&<.(2+!431!&!M01'3-!(3!:0!&:*0!(3!9&\0!&!'0<(.3-!S!&K10090-(!:8(!&*'3!(3!:0!.-<&M&:*0!
(3!10(&.-!*0K&*!<38-'0*!(3!&=/.'0!3-!(6&(!&K10090-(J!?6.'!<3-<*8'.3-!4*3O'!4139!(60!
4&<(!(6&(!&!M01'3-!O63!*&<\'!(60!90-(&*!<&M&<.(2!(3!9&\0!&!<3-(1&<(!9&2!0-(01!.-(3!&!
'0<(.3-!S!&K10090-(J!58(!<3-(1&<(8&*!<&M&<.(2!.'!&-!.-(0K1&*!M&1(!34!(60!(0'(!34!<&M&<F
.(2!(3!10(&.-!*0K&*!<38-'0*J!Z!M01'3-!O63!*&<\'!.(!.'!-3(!&:*0!(3!900(!(60!(0'(!34!<&M&<F
.(2+!&-=!'3!<&--3(!10(&.-!*0K&*!<38-'0*J!
!
Q-! (60! <399.((00d'! /.0O+! (6.'! &-39&*38'! '(&(0! 34! &44&.1'! <&-! :0! 1090=.0=! :2! &-!
&90-=90-(!(3!(60!L%+-%<%.&,&$".()9-%%C%.&()#&+!9&\.-K!.(!<*0&1!(6&(!&!M01'3-!O63!
6&'!(60!<&M&<.(2!(3!9&\0!&!'0<(.3-!S!&K10090-(!&*'3!6&'!(60!<&M&<.(2!(3!10(&.-!&!*&OF
201!431!(60!M81M3'0'!34!&=/.'.-K!3-!&-=!=1&4(.-K!(6&(!&K10090-(J!?6.'!M13M3'&*!=30'!
-3(!<39M0*!&!M01'3-!(3!:0!10M10'0-(0=!:2!*0K&*!<38-'0*!.-!9&\.-K!&!'0<(.3-!S!&K100F
90-(+!:8(!.(!=30'!09M3O01!&!M01'3-!O63!O&-('!*0K&*!10M10'0-(&(.3-!(3!3:(&.-!.(J!Q-!
(6.'!O&2+!.(!O38*=!0-6&-<0!(60!M81M3'0'!34!(60!&<(!&-=!(60!M13(0<(./0!M81M3'0'!34!(60!
(0'(!34!<&M&<.(2J!G.-&**2+!.(!.'!O31(6!-3(.-K!(6&(!&**!<3-'8*(&(.3-!10'M3-=0-('!O63!&=F
=10''0=!(6.'!.''80!'8MM31(0=!(6.'!M13M3'0=!104319J!
!
?60!<399.((00!10<3990-='A!
QfJ(6-$&$<A(B"05C4$,(<A"502(,C%.2(&A%(L%+-%<%.&,&$".()9-%%C%.&()#&(&"(+-"F$2%(&A,&(
,(+%-<".(>$&A(&A%(C%.&,0(#,+,#$&'(&"(C,Z%(,(-%+-%<%.&,&$".(,9-%%C%.&(>$&A(<&,.2,-2(
+-"F$<$".<(5.2%-(<%#&$".(S("@(&A%(,#&(,0<"(A,<(&A%(C%.&,0(#,+,#$&'(&"(-%&,$.(,.2($.<&-5#&(
0%9,0( #"5.<%0( @"-( &A%( +5-+"<%( "@( ,2F$<$.9( ".( ,.2( 2-,@&$.9( &A%( -%+-%<%.&,&$".( ,9-%%O
C%.&J(
!
4#!
5@*837! =6(/(5@! -*38$=(&! %'&-/! 3%)(53&/(*'! /*! -*'+(6$! /@&/! &! .%65*'! $&0!
6%/&('! 3%)&3! -*8'5%3! /*! &-/! +*6! /@%! .%65*'! ('! &! .6*-%%7(')! ('! <@(-@! /@%!
.%65*'B5!$%'/&3!-&.&-(/0!(5!&/!(558%E!
Z! M01'3-! O63'0! 90-(&*! <&M&<.(2! .'! &(! .''80! .-! &! <381(! M13<00=.-K! <&-! :0! .-! &-!
&-39&*38'!M3'.(.3-J!?60!!5+-%C%(B"5-&(B$F$0(L50%<!<&**!431!(60!&MM3.-(90-(!34!&!*.(.F
K&(.3-!K8&1=.&-!.4!(60!M01'3-!*&<\'!<&M&<.(2!(3!10(&.-!B&-=!.-'(18<(E!*0K&*!<38-'0*J!Z!
M01'3-!9&2!:0!8-=01'(&-=&:*2!10*8<(&-(!(3!'8:9.(!(3!(6.'!&11&-K090-(!.-!M13<00=F
.-K'!(6&(!&10!90&-(!(3!0'(&:*.'6!O60(601!31!-3(!(60!M01'3-!*&<\'!90-(&*!<&M&<.(2!(3!
M014319!'390!&<(J!58(!.(!<&-!:0!=.44.<8*(!431!'8<6!&!M01'3-!(3!10(&.-!*0K&*!<38-'0*J!V0F
'M.(0!'390!10<3K-.(.3-!(6&(!&!M01'3-!.-!(60'0!<.1<89'(&-<0'!'638*=!:0!M10'890=!(3!
6&/0! (60! <&M&<.(2! (3! 10(&.-! *0K&*! <38-'0*+SbD! .-! M1&<(.<0! *0K&*! <38-'0*! (0-=! (3! '62!
&O&2!4139!&<<0M(.-K!&!10(&.-01!4139!&!M01'3-!O63'0!90-(&*!<&M&<.(2!.'!.-!.''80!.-!&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SbDJ!!%%!5&(\.-!l!V.H3-+!<5+-,!-3(0!>#S!&(!b"J!
FAD'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
Sbj
<381(!M13<00=.-KJ !`3!'8<6!M03M*0!<&-!4.-=!(609'0*/0'!<&8K6(!.-!&!K102!&10&!.-!(60!
*&OJ!
!
Q-!(60!<399.((00d'!/.0O+!(6.'!M13:*09!.'!0'M0<.&**2!&<8(0!.-!M13<00=.-K'!(6&(!9&2!10F
'8*(!.-!&!'8:'(&-(.&*!=0M1./&(.3-!34!&!M01'3-d'!*.:01(2J!`8<6!M13<00=.-K'!&1.'0!8-=01!
(60!?%.&,0(3%,0&A()#&Sb>!&-=!(60!:,&$%.&<(:-"+%-&'()#&JSbS!BZ-=!(602!O.**!&1.'0!8-=01!
(60! )250&( I5,-2$,.<A$+( )#&+Sb#! 3-<0! (6&(! &<(d'! M13/.'.3-'! 3-! &=8*(! K8&1=.&-'6.M! &10!
:138K6(! .-(3! 431<0+! 10M*&<.-K! (60! :,&$%.&<( :-"+%-&'( )#&JE! ?60! <399.((00! M13M3'0'!
&==.-K!(3!(63'0!(6100!&<('!&!M13/.'.3-!93=0*0=!3-!&!'0<(.3-!438-=!.-!e-(&1.3d'!!54O
<&$&5&%(E%#$<$".<()#&/([]]QJSbR !`8<6!&!M13/.'.3-!O38*=!9&\0!.(!<*0&1!(6&(!&!M01'3-!.-!
M13<00=.-K'! 8-=01! (63'0! &<('! 6&'! (60! 1.K6(! (3! 10(&.-! &-=! .-'(18<(! *0K&*! <38-'0*J! Q-!
&==.(.3-! (3! <*&1.42.-K! (60! *&O+! (6.'! M13M3'&*! O38*=! '01/0! (3! 09M3O01! .-=./.=8&*'!
O.(6! =.9.-.'60=! <&M&<.(2! &-=! (3! 0-6&-<0! (60! :13&=*2! M13(0<(./0! M81M3'0'! 34! (60'0!
&<('J!
!
?60! <399.((00d'! (0-(&(./0! 10<3990-=&(.3-! 3-! (6.'! .''80! O&'! 4&/3810=! :2! &**! 10F
'M3-=0-('!O63!&==10''0=!.(!.-!(60!<3-'8*(&(.3-J!e-0!10'M3-=0-(!=.=!'8KK0'(!(6&(!(60!
<399.((00! <3-'.=01! 0H(0-=.-K! .('! (0-(&(./0! 10<3990-=&(.3-! (3! .-<*8=0! &93-K! (60!
*.'(! 34! &90-=0=! '(&(8(0'! (60! 3%,0&A( B,-%( *B".<%.&;( ,.2( B,-%( P,#$0$&'( *)2C$<<$".;(
)#&JSDC!Z!M13/.'.3-!.-!(6.'!&<(!(6&(!10<0-(*2!<&90!.-(3!431<0!&**3O'!431!<381(!&MM*.<&F
(.3-'! (6&(! 9&2! M*&<0! (60! 90-(&*! <&M&<.(2! 34! &-! &=8*(! &(! .''80JSD" ! ?60! <399.((00!
&K100=!O.(6!(6.'!'8KK0'(.3-+!&-=!.-<31M31&(0=!.(!.-(3!.('!10<3990-=&(.3-J!
!
?60!<399.((00!10<3990-='A!
QSJ(6-$&$<A(B"05C4$,(<A"502(,C%.2(&A%()250&(I5,-2$,.<A$+()#&/(&A%(3%,0&A(B,-%(*B".O
<%.&;(,.2(B,-%(P,#$0$&'(*)2C$<<$".;()#&/(&A%(?%.&,0(3%,0&A()#&/(,.2(&A%(:,&$%.&<(:-"+O
%-&'()#&(&"(+-"F$2%(&A,&($@(&A%(#,+,#$&'("@(,(+%-<".($<($.($<<5%($.(,(+-"#%%2$.9(5.2%-(&A%(
,#&(&A%(+%-<".($<(2%%C%2(&"(A,F%(#,+,#$&'(&"(-%&,$.(,.2($.<&-5#&(#"5.<%0(@"-(&A%(+5-O
+"<%("@(-%+-%<%.&,&$".($.(&A%(+-"#%%2$.9J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SbjJ!!%%!$4$2J(
Sb>J!!5+-,!-3(0!S$bJ!
SbSJ!!5+-,!-3(0!jJ!
Sb#J!!5+-,!-3(0!jJ!
SbRJ!!%%(<5+-,!-3(0!jD#+!'J!b!B"E!BhQ4!(60!<&M&<.(2!34!&!M01'3-!O63!=30'!-3(!6&/0!*0K&*!10M10'0-(&(.3-!
.'!.-!.''80!.-!&!M13<00=.-K!8-=01!(6.'!Z<(+!J!J!J!B:E!(60!M01'3-!'6&**!:0!=0090=!(3!6&/0!<&M&<.(2!(3!
10(&.-!&-=!.-'(18<(!<38-'0*JiEJ!
SDCJ!!5+-,!-3(0!DJ!
SD"J!!%%($4$2J+!'J!bbJD!B.-!431<0!"!`0M(09:01!$C""EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FAB'
'
P!5L/'!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!'R=@')565)=/U'/K'>5!!U'
5@' =(&%$7;2&3$('
?6.'!<6&M(01!.'!(60!4.1'(!34!(6100!<6&M(01'!=0&*.-K!O.(6!4&9.*2F*&O!9&((01'J!?6.'!&10&!
6&'! '00-! '.K-.4.<&-(! =0/0*3M90-(! .-! 10<0-(! 20&1'J! Q(! -3O! 63'('! '390! 34! (60! 93'(!
/0H.-K!M13:*09'!431!104319!34!<3993-F*&O!(0'('!34!<&M&<.(2J!
!
9@' 9-2Z[%$;(7'
"#!
*>%6>(%<!
?60!'(&1(.-K!M*&<0!431!(6.'!=.'<8''.3-!.'!(60!*0K&*!<*&''.4.<&(.3-!34!9&11.&K0J!?60!*&O!
6&'!*3-K!10K&1=0=!9&11.&K0!(3!:0!&!(2M0!34!<3-(1&<(JSD$!58(!(60!*&O!6&'!&*'3!*3-K!<3-F
'.=010=!9&11.&K0!(3!:0!&!'M0<.&*!\.-=!34!<3-(1&<(gh(60!93'(!.9M31(&-(!<3-(1&<(!34!
*.40JiSDb!L6&(!'0('!9&11.&K0!&M&1(!4139!3(601!<3-(1&<('!&10!.('!133('!.-!10*.K.3-!&-=!
0<<*0'.&'(.<&*!*&O+!(60!.-(.9&(0!<6&1&<(01!34!.('!M139.'0'!B31!h/3O'iE+!&-=!.('!6.'(31.F
<&**2!8-.f80!13*0!.-!(60!31K&-._&(.3-!34!'3<.0(2J!
!
?60!(0'(!34!<&M&<.(2!(3!9&112!.'!'6&M0=!:2!(60'0!<3-'.=01&(.3-'J!Z'!(60!'0<(.3-'!(6&(!
43**3O!O.**!=.'<8''+!(60!(0'(!34!<&M&<.(2!(3!9&112!.-<31M31&(0'!0*090-('!(6&(!&10!'.9.F
*&1!(3!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(J!`390!10<0-(!c8=K90-('!6&/0!'8KF
K0'(0=!&==.-K!0*090-('!(3!(6.'!:&'.<!(0'(+!(3!0-'810!(6&(!(60!(0'(!\00M'!M&<0!O.(6!*0F
K&*!&-=!'3<.&*!=0/0*3M90-('J!58(+!9310!(6&-!(60!0*090-('!34!(60!(0'(+!(60!\02!40&(810!
34!(60!(0'(!34!<&M&<.(2!(3!9&112!.'!.('!M*&<0!.-!10*&(.3-!(3!3(601!(0'('!34!<&M&<.(2J!Z'!
O.**!:0!=.'<8''0=!:0*3O+!(60!(0'(!34!<&M&<.(2!(3!9&112!6&'!(1&=.(.3-&**2!:00-!60*=!(3!
10f8.10! &! *3O01! *0/0*! 34! <&M&<.(2! (6&-! 3(601! (0'('! 10f8.10J! ?6.'! :&<\K138-=! M&1(! 34!
(60! <6&M(01! O.**! <3-<*8=0! O.(6! =.'<8''.3-'! 34! &'M0<('! 34! <6&**0-K.-K! &! 9&11.&K0! .-!
<381(!B'(&-=.-K+!3-8'!34!M1334+!&-=!1090=.0'E+!.-(3H.<&(.3-!&-=!(60!(0'(!34!<&M&<.(2!(3!
9&112+!&-=!*0K.'*&(.3-!10*&(.-K!(3!<&M&<.(2!(3!9&112J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SD$J!!%%+!%J9J+!D5-.%-(FJ(?%'%-<!B"#C#E+!"![&KJ!73-J!D"D+!">"!%U!>CC!&(!>C"!B73-'.'(J!7(JE+!`.1!L.**.&9!
`<3((!pD5-.%-q!BhQ-!9310!93=01-!(.90'!p9&11.&K0q!6&'!:00-!<3-'.=010=+!.-!.('!M13M01!*.K6(+!&'!&!
<./.*!<3-(1&<(+!&'!O0**!&'!&!10*.K.38'!/3O+!&-=!*.\0!&**!<./.*!<3-(1&<('+!O.**!:0!.-/&*.=&(0=!:2!O&-(!34!
<3-'0-(!34!<&M&:*0!M01'3-'JiEJ!
SDbJ!6-">.$.9(FJ(L%,.%!B"#"$E+!$!W6.**J!%<<J!>R+!">"!%U!"C#C!&(!"C#"!B73-'.'(J!7(JE+!`.1!X36-!m.<63**!
p6-">.$.9qJ!!%%(,0<"(Y%--(FJ(Y%--+!p"Rj$q!D!VPU!jS#!&(!j#R+!j!LLU!Bm`E!b#j!B)&-J!7ZE+!V2'&1(!XZ!
pY%--q!Bh)&11.&K0+!34!<381'0+!.'!&!<3-(1&<(+!:8(!.(!.'!9310JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FA^'
'
2#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
/%5/!*+!-&.&-(/0!/*!$&660!
!"#$ :,)-0216)50,$
,-(.*! /012! 10<0-(*2+! <381('! &-=! <3990-(&(31'! <3-'.=010=! (60! (0'(! 34! <&M&<.(2! (3!
9&112!(3!6&/0!h*3-K!:00-!'0((*0=JiSDD!?6010!.'!&!*3-K!*.-0!34!*0&=.-K!<&'0'+!'(10(<6.-K!
:&<\!(3!(60!-.-0(00-(6!<0-(812!.-!(60!%-K*.'6!<381('SDj!&-=!(60!0&1*2!(O0-(.0(6!<0-F
(812!.-!(60!7&-&=.&-!<381('+SD>!O6.<6!K0-01&**2!&K100=!3-!(60!:&'.<!0*090-('!34!(60!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SDDJ!6,--%&&(T<&,&%(FJ(E%1&%-+!$CCC!Z5Y5!jbC!&(!M&1&J!j"+!bD!%?U!B$=E!"+!L.*\.-'!XJ!pE%1&%-qJ!
SDjJ!!%%(6-">.$.9+!<5+-,!-3(0!SDb!&(!"C#j!Bhp6q010!(60-!.'!&!238-K!9&-+!.-!(60!9.==*0!34!*.40+!9&112F
.-K! &-! 3*=! O39&-! 34! '0/0-(2+! &-! 6&:.(8&*! =18-\&1=+! &-=! *&:381.-K! 8-=01! K10&(! .-4.19.(.0'+! :8(!
M3''0''0=! 34! &! <3-'.=01&:*0! M13M01(2+! O6.<6! .'! (3! :0! &<f8.10=! :2! (6.'! 9&11.&K0+! O.(638(! (60!
\-3O*0=K0!34!&-2!34!601!41.0-='+!31!&-2!'0((*090-(!31!'0<81.(2!O6&(0/01ig<381(!4.-=.-K!(6&(!L!
*&<\0=!<&M&<.(2!(3!9&112ET!:"-&<C"5&A(FJ(:"-&<C"5&A!B"#$#E+!"![&KJ!%<<J!bjj+!">$!%U!>""!B7(J!34!
Z1<60'E!p:"-&<C"5&A!<.(0=!(3!%Uq!B[+!&!M01'3-!34!h<3-'.=01&:*0!-&(81&*!O0&\-0''!34!9.-=i!9&1F
1.0=!L+!O63!.'!(60!=&8K6(01!34![d'!'3*.<.(31!&-=!(18'(00!34!6.'!M13M01(2gO0==.-K!(33\!M*&<0!.-!
'0<10(+! '631(*2! &4(01! =0&(6! 34! [d'! 4.1'(! O.40g<381(! 4.-=.-K! 9&11.&K0! -8**! &-=! /3.=ET! E5-A,C( FJ(
E5-A,C!B"##jE+!"C!WV!#C+!p"##jq!"!?PU!bb#!B%-KJ!WVZE!pE5-A,C!<.(0=!(3!WVq!BL!=0'<1.:0=!&'!
h'62i!238-K!O39&-!h34!*3O!.-(0**0<(8&*!M3O01'ig&4(01!9&11.&K0+!601!90-(&*!60&*(6!=0<*.-0'g[!
&'\.-K! <381(! (3! '0(! &'.=0! 9&11.&K0g<381(! 4.-=.-K! (6&(+! &(! (60! (.90! 34! (60! 9&11.&K0+! L! 90(! (60!
(0'(!34!<&M&<.(2ET!35.&%-(FJ(T2.%'!B"##jE+!"C!WV!Rb!B%-KJ!WVZE!p35.&%-q!BL+!'84401.-K!4139!=0*8F
'.3-'+! &((09M('! '8.<.=0! 3-! O0==.-K! -.K6(gL! '8:'0f80-(*2! <399.((0=! (3! &'2*89g[! &'\.-K!
<381(! (3! '0(! &'.=0! 9&11.&K0gL! -3(! <3-(0'(.-K! &MM*.<&(.3-ET! :,-Z( FJ( :,-Z! B"RjbE+! p"RjDq! WJ! #R+!
p"Rjbq!$!Z**!%U!DC#!BW13:J!V./JE!p:,-Z!BW13:J!V./JE!<.(0=!(3!WJq+!,@@a2!B"RjbE+!p"RjDq!WJ!""$+!p"Rjbq!
$!Z**!%U!"D""!B7ZE!p:,-Z!B7ZE!<.(0=!(3!WJq!B[+!&!K1&/0*2!.**!S#!20&1!3*=+!9&11.0=!Lg*&(01!3-!6.'!
O0==.-K!=&2+![!0H0<8(0=!&!-0O!O.**g.-!&!M13:&(0!&<(.3-+!&!c812!438-=!(6&(![!*&<\0=!(0'(&90-F
(&12! <&M&<.(2! O60-! 60! 0H0<8(0=! 6.'! -0O! O.**g<381(! 4.-=.-K! (6&(! [! 6&=! <&M&<.(2! (3! 9&112g
=0<.'.3-!&44.190=!3-!&MM0&*EJ!
SD>J!!%%(BA%-&Z">(FJ(P%$.<&%$.+!p"R$Rq!b!VPU!bbR+!$D!Z*(&J!PU!"##!B`7!BZVEE!pBA%-&Z">!<.(0=!(3!VPUq+!
,@@a2+!p"RbCq!`7U!bbj+!p"RbCq!"!VPU!"bS!BL!h'8:c0<(!&(!(.90'!(3!'M0**'!34!933=.-0''!&-=!0<<0-F
(1.<!<3-=8<(i!:3(6!:04310!&-=!&4(01!9&11.&K0g=.&K-3'0=!O.(6!=090-(.&!M1&0<3Hg[!&MM*.0=!431!
=0<100!34!-8**.(2!4./0!20&1'!&4(01!9&11.&K0gK1&-(0=!&(!(1.&*g3/01(81-0=!3-!&MM0&*ET!6-"<<%,5(FJ(
6%00,.2+!p"Rb$q!$!LLU!>b$+!p"Rb$q!ZX!m3J!$$!BYPE!B`7E!BL!'844010=!4139!h9&-.<!=0M10''./0!.-F
'&-.(2! 34! &! 9.H0=! (2M0igO&'! &! M&(.0-(! &(! &! 90-(&*F60&*(6! 4&<.*.(2! .990=.&(0*2! M1.31! (3! 9&1F
1.&K0gO&'! 10<399.((0=! (3! 4&<.*.(2! "C! =&2'! &4(01! 9&11.&K0gL! &MM*.0=! B(6138K6! K8&1=.&-! ,2(
0$&%CE!431!=0<*&1&(.3-!34!-8**.(2gK1&-(0=!:2!<381(ET!XaK%$00(FJ(XaK%$00+!p"RDjq!$!LLU!bR>+!p"RDjq!
57X! m3J! "CS! BYPE! B`7E! BM1.31! (3! 9&11.&K0! [! =.&K-3'0=! &'! '84401.-K! 4139! '<6._3M610-.&g<381(!
4.-=.-K! *&<\! 34! <&M&<.(2! (3! 9&112ET( ?$0<".( FJ( 3"59A+! p"Rj"q! b! VPU! S$j+! p"Rj"q! eLm! DjC! B[7XE!
p?$0<".!<.(0=!(3!VPUq!BL+!O63!9&11.0=!&(!"#+!h'844010=!&!93'(!8-431(8-&(0!<6.*=633=i!&(!6&-='!
34! 76.*=10-d'! Z.=! `3<.0(2g<3-'.=010=! (3! 6&/0! &! /.3*0-(! (09M01g'8:'0f80-(*2! =.&K-3'0=! O.(6!
'<6._3M610-.&+! (O3! 20&1'! &4(01! 9&11.&K0g[! &MM*.0=! (3! <381(! 431! =0<*&1&(.3-! 34! -8**.(2g<381(!
=.'9.''.-K! &MM*.<&(.3-ET!NA$&,Z%-( FJ( ?#K%$00'! B"RjSE+! ""! VPU! B$=E! RC+! $b! LLU! $"C! B57`7E! B[!
9&112.-K! L! 8M3-! =.'<6&1K0! 4139! &190=! 431<0'! .-! "RDjg9&-.40'(&(.3-'! 34! 011&(.<! &-=! /.3*0-(!
<3-=8<(!.-.(.&**2!=.'9.''0=!&'!hO&1!-01/0'ig<38M*0!<0&'.-K!(3!*./0!(3K0(601!&4(01!:.1(6!34!<6.*=!
.-!"RDRg[!8*(.9&(0*2!=.&K-3'0=!O.(6!'<6._3M610-.&!&-=!<399.((0=!(3!&'2*89!.-!"Rjjg<381(!
4.-=.-K!(6&(![!*&<\0=!<&M&<.(2!(3!9&112ET!L%(?#T0-"'!B"RS#E+!$$!eU!B$=E!b#"+!Rb!VPU!Bb=E!j$$!
FA_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(0'(!34!<&M&<.(2!&-=!.('!10*&(.3-'6.M!(3!3(601!(0'('!34!<&M&<.(2J!58(!'390!10<0-(!<&'0'!
6&/0! 1&.'0=! (60! M13'M0<(! 34! 10(6.-\.-K! '390! &'M0<('! 34! (60! (0'(! 34! <&M&<.(2! (3!
9&112JSDS!
!
504310!=0*/.-K!.-(3!(60!0*090-('!34!(60!(0'(!34!<&M&<.(2!&-=!<39M&1.-K!.(!O.(6!3(601!
(0'('!34!<&M&<.(2+!(6.'!<6&M(01!O.**!:1.04*2!=.'<8''!(60!M81M3'0'!34!(60!(0'(!34!<&M&<.(2!
(3!9&112J!
!
!*#$ D1-80('($03$)&'$%'()$03$E"8"65)>$)0$4"-->$
?60!M1.9&12!M81M3'0!34!(60!(0'(!34!<&M&<.(2!(3!9&112!.'!M13(0<(./0JSD#!)&11.&K0!<&-!
6&/0! &! '.K-.4.<&-(! .9M&<(! 3-! &! M01'3-d'! 4.-&-<.&*! .-(010'('J! Q-=./.=8&*'! O.(6! =.9.-F
.'60=!<&M&<.(2!<&-!:0!0HM*3.(0=!:2!90&-'!34!9&11.&K0JSDR!
!
Z-3(601!.9M31(&-(!M3*.<2!M1393(0=!:2!(60!(0'(!34!<&M&<.(2!(3!9&112!.'!0-6&-<.-K!(60!
=.K-.(2! &-=! &8(3-392! 34! M01'3-'! O.(6! =.9.-.'60=! <&M&<.(2JSjC! ?6.'! M3*.<2! K3&*! <&-!
:0!.-!(0-'.3-!O.(6!(60!M13(0<(./0!M3*.<2!34!(60!(0'(!34!<&M&<.(2J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
B`811J!7(JE!B[+!&K0=!S#!20&1'+!0H0<8(0=!&!O.**!.-!<3-(09M*&(.3-!34!9&11.&K0!3-0!O00\!:04310!9&1F
1.&K0gO.**!-3(!&=9.((0=!(3!M13:&(0!=80!(3!*&<\!34!(0'(&90-(&12!<&M&<.(2g[!438-=!(3!6&/0!<&F
M&<.(2!(3!9&112EJ!
SDSJ!!%%(3,-&(FJ(B""+%-!B"RRDE+!$!%?U!B$=E!">#+!Dj!Z7L`!Bb=E!$#D!B57`7E!pB""+%-!<.(0=!(3!%?Uq!B[!
.-43190=!3-0!93-(6!:04310!9&11.&K0!(3!L!(6&(!60!6&=!(019.-&*!<&-<01!&-=!31K&-.<!:1&.-!'2-F
=1390g<381(! 4.-=.-K! (6&(! [! 6&=! <&M&<.(2! (3! 9&112ET( 6,.&".+! <5+-,! -3(0! $RD! B[+! O63! O&'! ##!
20&1'!3*=!&-=!'(1.<\0-!O.(6!<&-<01+!9&11.0=!L+!&!b"F20&1F3*=!O&.(10''!&(![d'!10(.1090-(!6390g
[!'8:'0f80-(*2!0H0<8(0=!O.**'!&-=!M3O01!34!&((31-02!.-!Ld'!4&/381g<381(!4.-=.-K!(6&(![!*&<\0=!
(0'(&90-(&12!<&M&<.(2+!:8(!6&=!<&M&<.(2!(3!9&112ET!E%1&%-+!<5+-,!-3(0!SDD!B&(!(.90!34!9&11.&K0![!
O&'!Rb!20&1'!3*=!&-=!'84401.-K!<3K-.(./0!=0<*.-0gL!O&'!jD!20&1'!3*=g<381(!4.-=.-K![!*&<\0=!
<&M&<.(2! (3! 9&112ET! P%.9( FJ( !5.9( T<&,&%! B$CCbE+! "! %?U! Bb=E! $R>+! bS! UGP! Bj(6E! DD"! B`7XE! pP%.9!
<.(0=!(3!%?Uq+!,@@a2!B$CCDE+!""!%?U!Bb=E!">R+!R!UGP!B>(6E!$$R!B7ZE!B[!O&'!SC!20&1'!3*=!&-=!'84F
401.-K!4139!<&-<01g9&11.0=!L+!6.'!DSF20&1F3*=!638'0\00M01g[!'8:'0f80-(*2!=.&K-3'0=!O.(6!
W&1\.-'3-d'!=.'0&'0g<381(!4.-=.-K!9&11.&K0!/3.=!=80!(3![d'!*&<\!34!<&M&<.(2!(3!9&112g=0<.'.3-!
&44.190=!3-!&MM0&*EJ!
SD#J!!%%!`.93-!UJ!G3==0-+!P,C$0'(8,>!B?313-(3A!Q1O.-!P&O+!"RRRE!&(!"S!Bh?60!18*0!&:38(!90-(&*!<&F
M&<.(2!.'!&!9&-.40'(&(.3-!34!(60!:&'.<!10f8.1090-(!.-!<3-(1&<(!*&O+!&-=!.-=00=!.-!<./.*!*&O!K0-01F
&**2+!(6&(!&!M01'3-!98'(!6&/0!&-!&MM13M1.&(0!=0K100!34!90-(&*!48-<(.3-.-K!.-!31=01!(3!:0!60*=!&<F
<38-(&:*0!431!&-!&<(JiEJ!
SDRJ!!%%(9%.%-,00'!Z'6*02!%J!U&(6:81-+!h)&112.-K!.-(3!G.-&-<.&*!Z:8'0A!Z!`3*8(.3-!(3!W13(0<(!(60!%*=F
01*2!.-!7&*.431-.&i!B$C"CE!DS!`&-!V.0K3!PJ!U0/J!$$SJ!
SjCJ!!%%(B,0F%-&+!<5+-,!-3(0!"CD!&(!$Rb!BhZ!M01'3-d'!1.K6(!34!'0*4F=0(019.-&(.3-!.'!&-!.9M31(&-(!M6.F
*3'3M6.<&*!&-=!*0K&*!M1.-<.M*0JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FAA'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!6#$ P"(56$T.'<',)($03$)&'$%'()$03$E"8"65)>$
Q-! (60! *0&=.-K! -.-0(00-(6F<0-(812! <&'0! E5-A,C( FJ( E5-A,C+Sj"! `.1! X&90'! [&--0-! WJ!
'(&(0=!(6&(!(3!6&/0!(60!90-(&*!<&M&<.(2!(3!9&112!&!M01'3-!98'(!6&/0!(60!h<&M&<.(2!(3!
8-=01'(&-=!(60!-&(810!34!(60!<3-(1&<(!p34!9&11.&K0q+!&-=!(60!=8(.0'!&-=!10'M3-'.:.*.F
(.0'!O6.<6!.(!<10&(0'JiSj$!?6.'!'(&(090-(!6&'!:00-!<.(0=!.-!9&-2!7&-&=.&-!=0<.'.3-'+!
1.K6(! 8M! (3! (60! M10'0-(JSjb! Z'! &! c8=K0! .-! &! 10<0-(! 51.(.'6! 73*89:.&! <&'0! M8(! .(+!
hp=q0'M.(0!p(60q!/.-(&K0!&-=!31.K.-!p34!`.1!X&90'![&--0-!WJd'!<3990-('q+!(6010!'009'!
(3!:0!-3!:0((01!31!9310!&8(631.(&(./0!'(&(090-(!34!(60!*&OJiSjD !
!
?6.'! (0'(! 34! <&M&<.(2! 10f8.10'! '390(6.-K! 9310! (6&-! h&! 9010! <39M1060-'.3-! 34! (60!
O31='!34!(60!M139.'0'!0H<6&-K0=J!J!J!JiSjj!Z!:&'.<!8-=01'(&-=.-K!34!(60!M01'3-&*!&-=!
'3<.&*! '.K-.4.<&-<0! 34! 9&11.&K0! 98'(! &*'3! :0! M10'0-(J! ?6.'! :&'.<! 8-=01'(&-=.-K! 6&'!
(0-=0=!(3!0/3*/0!O.(6!(60!(.90'J!L6010!3*=01!<&'0'!09M6&'._0=!(60!13*0!34!hM13(0<F
(.3-!3-!(60!M&1(!34!(60!9&-+!&-=!'8:9.''.3-!3-!(60!M&1(!34!(60!O39&-+iSj>!9310!10F
<0-(!<&'0'!6&/0!0H<*8=0=!(60'0!104010-<0'JSjS!m3O+!&'!&!<3990-(&(31!6&'!M8(!.(+!h.4!
(60! M&1(.0'! &10! <&M&:*0! 34! 8-=01'(&-=.-K! (6&(! (60! 10*&(.3-'6.M! .'! *0K&**2! 93-3K&F
938'+!.-=0(019.-&:*0!0H<0M(!:2!=0&(6!31!=./31<0+!&-=!.-/3*/0'!98(8&*!'8MM31(!&-=!
<36&:.(&(.3-+!<&M&<.(2!.'!M10'0-(JiSj# !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Sj"J!!5+-,!-3(0!SDjJ!
Sj$J!V4$2J!&(!#$J!
SjbJ!!%%+! %J9J+! BA%-&Z">+! <5+-,! -3(0! SD>! &(! bD$+! [&1/02! 7X! B431! (60! <381(ET! E%1&%-+! <5+-,! -3(0! SDD! &(!
M&1&J!j"J!
SjDJ!E,F$<".(FJ(!>%%.%'+!$CCj!57`7!SjS!&(!M&1&J!$S+!D$!57PU!BD(6E!>R+!501-&1=!XJ!pE,F$<".qJ!
SjjJ!E5-A,C+(<5+-,!-3(0!SDj!&(!#$J!
Sj>J!V4$2J!&(!#$J!
SjSJ!!%%(:,-Z!BW13:J!V./JE+!<5+-,!-3(0!SDj!&(!RR+!^&19.-'\.!XJ!Bh?60!9.-='!34!(60!M&1(.0'!98'(!&*'3!:0!
<&M&:*0!34!8-=01'(&-=.-K!(60!-&(810!34!(60!<3-(1&<(!.-(3!O6.<6!(602!&10!0-(01.-KJ!?60!M10<.'0!-&F
(810! 34! (6&(! <3-(1&<(! 9&2! /&12! O.(6! (60! 10*.K.38'! :0*.04'! O6.<6! (60! M&1(.0'! M1&<(.<0! 31! M1340''J!
`390!M03M*0!9&2!10K&1=!9&11.&K0!&'!&!'&<1&90-(T!3(601'+!O6.*0!'(.**!10K&1=.-K!9&11.&K0!&'!&!'&F
<10=! &-=! '3*09-! 3:*.K&(.3-+! =3! -3(! :0*.0/0! .-! .('! '&<1&90-(&*! <6&1&<(01J! 58(! &'! `.1! X&90'! [&-F
-0-!WJ!M3.-(0=!38(+!(60!0''0-<0!34!(60!<3-(1&<(!.'!&-!0-K&K090-(!:0(O00-!&!9&-!&-=!&!O39&-!(3!
*./0!(3K0(601!&-=!(3!*3/0!3-0!&-3(601!&'!68':&-=!&-=!O.40!(3!(60!0H<*8'.3-!34!&**!3(601'J!Q(!9&2!
:0!.-!(60!M10'0-(!(.90'!(6&(!'8:9.''.3-!3-!(60!M&1(!34!(60!O39&-!.'!-3!*3-K01+!&'!.(!O&'!.-!"##j+!
&-!0''0-(.&*!M&1(!34!(60!<3-(1&<(J!58(!'3!4&1!&'!(60!68':&-=!.'!<3-<01-0=!(6010!109&.-'!(60!=8(2!
(3!9&.-(&.-!601!O6.<6!.'+!Q!(6.-\+!.9M*.<.(!.-!O6&(!`.1!X&90'![&--0-!WJ!=0'<1.:0=!&'!(60!=8(2!(3!
M13(0<(JiEJ!
Sj#J!U3:01('3-+!<5+-,!-3(0!Db#!&(!$jDJ!!%%(,0<"(8,#%'(FJ(8,#%'(*:540$#(D-5<&%%("@;+!p"R#bq!57X!m3J!"C">!
BYPE!&(!M&1&J!b"!B`7E+!L3-K!PX`7!p8,#%'q!Bh?68'!&(!*&O+!(60!0''0-<0!34!&!9&11.&K0!<3-(1&<(!.'!&-!
0-K&K090-(!:0(O00-!&!9&-!&-=!&!O39&-!(3!*./0!(3K0(601!&-=!(3!*3/0!3-0!&-3(601!&'!68':&-=!
&-=!O.40!(3!(60!0H<*8'.3-!34!&**!3(601'JiEJ!
FA`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
!2#$ 9'.1(50,($
?60!(0'(!34!<&M&<.(2!(3!9&112!.-<31M31&(0'!&-!0*090-(!=0&*.-K!O.(6!=0*8'.3-'JSjR!Z'!
.'!(60!<&'0!431!3(601!(0'('!34!<&M&<.(2!=.'<8''0=!.-!(6.'!10M31(+!(60!(0'(!34!<&M&<.(2!(3!
9&112!=30'!-3(!=.'f8&*.42!&!M01'3-!O63!'84401'!4139!&-2!4319!34!=0*8'.3-J!?60!=0*8F
'.3-!&(!.''80!98'(!:0!=.10<(*2!*.-\0=!(3!(60!M01'3-d'!10&'3-'!431!9&112.-KJ!
!
?6010! &10! /012! 40O! <&'0'! .-! O6.<6! &! =0*8'.3-! 10'8*(0=! .-! &! <381(! <3-<*8=.-K! (6&(!
'3903-0!=.=!-3(!900(!(60!(0'(!34!<&M&<.(2!(3!9&112JS>C!,-*.\0!(60!<&'0!431!O.**'+!431!
9&11.&K0!(6.'!0*090-(!34!(60!(0'(!34!<&M&<.(2!=30'!-3(!&MM0&1!(3!:0!(33!'.K-.4.<&-(J!
!
4#!
&77(/(*'&3!%3%$%'/5!*+!/@%!/%5/!*+!-&.&-(/0!/*!$&660!
!"#$ E"8"65)>$)0$4","A'$S,'('.3$",2\0-$S,']($;5,",6'($
?60!0*090-('!34!(60!(0'(!34!<&M&<.(2!(3!9&112!=.'<8''0=!&:3/0!&10!8-<3-(13/01'.&*J!
?6.'!(3M.<!&-=!(60!-0H(!(38<6!3-!&==.(.3-&*!0*090-('!(6&(!'390!<381('!6&/0!<3-'.=F
010=!&==.-K!(3!(60!(0'(!34!<&M&<.(2!(3!9&112J!?60.1!'(&(8'!8-=01!(60!*&O!.'!8-<*0&1J!
!
?60!4.1'(!K138M!34!&==.(.3-&*!0*090-('!10*&(0'!(3!(60!<&M&<.(2!34!&!M01'3-!(3!9&-&K0!
6.9'0*4!31!601'0*4!&-=!(3!9&-&K0!6.'!31!601!4.-&-<0'!&-=!&44&.1'J!?60'0!&10!(60!(1&=.F
(.3-&*!<3-<01-'!34!(60!&=8*(FK8&1=.&-'6.M!'2'(09JS>"!?60!4.1'(!10401'!(3!(60!<&M&<.(2!
34! &! M01'3-! (3! 9&\0! =0<.'.3-'! <3-<01-.-K! 60&*(6! <&10! &-=! 3(601! M01'3-&*! 9&((01'J!
?60!'0<3-=!10401'!(3!(60!<&M&<.(2!(3!9&\0!=0<.'.3-'!&:38(!4.-&-<.&*!9&((01'J!
!
?60!.=0&!(6&(!(60!(0'(!34!<&M&<.(2!(3!9&112!.-<31M31&(0'!&-!0*090-(!M13:.-K!O60(601!
&!'M38'0!6&=!(60!<&M&<.(2!(3!9&-&K0!(60!'M38'0d'!3O-!M01'3-!&-=!4.-&-<0'!<&-!:0!
(1&<0=!:&<\!(3!&-!0&1*2!-.-0(00-(6F<0-(812!%-K*.'6!=0<.'.3-+!6-">.$.9JS>$!?60!c8=K0!
.-!(6.'!<&'0!:0K&-!:2!=1&O.-K!&!=.'(.-<(.3-!:0(O00-!h(3(&*!4&(8.(2!4139!(60!:.1(6i!&-=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SjRJ!!%%(35.&%-+!<5+-,!-3(0!SDj!&(!Rj+!`.1!X&90'![&--0-!WJ!Bh?60!f80'(.3-!O6.<6!Q!6&/0!(3!=0(019.-0!
.'! -3(! O60(601! '60! O&'! &O&10! (6&(! '60! O&'! K3.-K! (6138K6! (60! <01093-2! 34! 9&11.&K0+! :8(!
O60(601!'60!O&'!<&M&:*0!34!8-=01'(&-=.-K!(60!-&(810!34!(60!<3-(1&<(!'60!O&'!0-(01.-K!.-(3+!@-%%(
@-"C(&A%($.@05%.#%("@(C"-4$2(2%05<$".<(".(&A%(<54b%#&Ji!p09M6&'.'!&==0=qEJ!
S>CJ!!%%( :"-&<C"5&A+! <5+-,! -3(0! SDj! &(! >"b+! `.1! X36-! m.<63**! BhQ-! 10'M0<(! (3! P31=! W31('938(6d'! 8-F
'38-=-0''! 34! 9.-=+! (60! <&'0! '0(! 8M! .'! 34! &! 9.H0=! -&(810J!J!J!J! p7q3-'.=01&:*0! -&(81&*! O0&\-0''+!
K13O.-K! &(! *0-K(6+! 4139! :0.-K! *04(! (3! .('0*4! &-=! 8-<3-(13**0=! J!J!J! &-=! J!J!J! &<(8&*! =0*8'.3-g&! M01F
/01'.3-!34!9.-=+!&!=01&-K0=!.9&K.-&(.3-+!&!4&-<2!&-=!:0*.04!34!(60!0H.'(0-<0!34!(6.-K'!O6.<6!-3!
1&(.3-&*! :0.-K+! -3! M01'3-! M3''0''0=! 34! (60! M3O01'! 34! 10&'3-! &-=! c8=K90-(+! <38*=! M3''.:*2! :0F
*.0/0!(3!0H.'(JiEJ!
S>"J!!%%(:,&$%.&<(:-"+%-&'()#&+!<5+-,!-3(0!jJ!
S>$J!!5+-,!-3(0!SDjJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FAa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
h90-(&*! O0&\-0''! &-=! .9:0<.*.(2+! .-<10&'0=! &'! &! M01'3-! K13O'! 8M! &-=! &=/&-<0'! .-!
&K0+! 4139! /&1.38'! '8M01/0-.-K! <&8'0'+! '3! &'! (3! M13=8<0! 8-'38-=-0''! 34! 9.-=JiS>b!
?6.'! =.'(.-<(.3-! <3110'M3-='! (3! &! (1&=.(.3-&*! =.'(.-<(.3-! 9&=0! .-! %-K*.'6! &=8*(F
K8&1=.&-'6.M!*&O!(6&(!O38*=!6&/0!:00-!<8110-(!&(!(60!(.90!34!(60!c8=K90-(JS>D!`3!&*F
(638K6!(60!c8=K0!8*(.9&(0*2!'&.=!(6&(!(6.'!=.'(.-<(.3-!.'!-3(!'.K-.4.<&-(!431!(60!(0'(!34!
<&M&<.(2!(3!9&112+!.(!9&2!6&/0!.-4*80-<0=!6.'!43198*&(.3-!34!(0'(+!O6.<6!O&'!&'!43*F
*3O'A!hp.q4!(60!.-<&M&<.(2!:0!'8<6+!&1.'.-K!4139!0.(601!31!:3(6!<&8'0'+!(6&(!(60!M&1(2!.'!
.-<&M&:*0! 34! 8-=01'(&-=.-K! (60! -&(810! 34! (60! <3-(1&<(! .('0*4+! &-=! .-<&M&:*0+! 4139!
90-(&*!.9:0<.*.(2+!(3!(&\0!<&10!34!6.'!31!601!3O-!M01'3-!&-=!M13M01(2+!'8<6!&-!.-=.F
/.=8&*!<&--3(!=.'M3'0!34!601!M01'3-!&-=!M13M01(2!:2!9&(1.93-.&*!<3-(1&<(+!&-2!9310!
(6&-!:2!&-2!3(601!<3-(1&<(JiS>j!
!
?6.'!/01'.3-!34!(60!(0'(!34!<&M&<.(2!(3!9&112!.-<31M31&(0'!&!<3-(1&<(8&*!(0'(!Bh.-<&F
M&:*0!34!8-=01'(&-=.-K!(60!-&(810!34!(60!<3-(1&<(!.('0*4iE!.-(3!&!:13&=01!.-f8.12!(6&(!
&==10''0'!.''80'!(6&(!9310!(2M.<&**2!&1.'0!.-!<3--0<(.3-!O.(6!(60!&MM3.-(90-(!34!&!
<399.((00! 431! &! M01'3-! Bh.-<&M&:*0! J!J!J! (3! (&\0! <&10! 34! 6.'! 31! 601! 3O-! M01'3-! &-=!
M13M01(2iEJS>>!m3-0!34!(60!*0&=.-K!%-K*.'6!<&'0'!3-!(60!(0'(!34!<&M&<.(2!(3!9&112!(6&(!
O010!6&-=0=!=3O-!*&(01!.-!(60!-.-0(00-(6!<0-(812!90-(.3-0=!(6.'!:13&=01!.-f8.12!
.-!<3--0<(.3-!O.(6!(60!(0'(!34!<&M&<.(2JS>S!
!
?6.'! .=0&! =.=! <13M! 8M! &K&.-! .-! L%( !+$%-+S># ! &-! %-K*.'6! <&'0! 4139! (60! 9.=F(O0-(.0(6!
<0-(812J!?60!10M31(0=!'899&12!34!(60!=0<.'.3-!.-!(6.'!<&'0!.-=.<&(0'!(6&(!(60!c8=K0!
=10O! 3-! 6-">.$.9! .-! 43198*&(.-K! (60! (0'(! 34! <&M&<.(2! (3! 9&112JS>R! ?60! &==.(.3-&*!
0*090-(!4139!6-">.$.9!&MM0&1'!(3!6&/0!:00-!=0<.'./0!.-!(60!c8=K0d'!=0(019.-&(.3-!
(6&(!(60!'M38'0!&(!.''80!*&<\0=!(60!<&M&<.(2!(3!9&112JSSC!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S>bJ!V4$2J!&(!"C#"J!
S>DJ!!%%!7138<601+!<5+-,!-3(0!"#S!&(!>SjoS#!B10/.0O.-K!h(60!31.K.-'!34!=0<.'.3-!9&\.-K!431!3(601'i!.-!
%-K*.'6!*&OEJ!
S>jJ!!5+-,!-3(0!SDj!&(!"C#"J!
S>>J!!%%+!&:3/0+!'0<(.3-!;QQQJ5J"!&(!"$j!B481(601!=.'<8''.3-!34!<399.((00'!8-=01!(60!:,&$%.&<(:-"+%-&'(
)#&EJ!
S>SJ!!%%(E5-A,C+!<5+-,!-3(0!SDj!&(!#$T!35.&%-+!<5+-,!-3(0!SDj!&(!RjJ!
S>#J!p"RDSq!Lm!D>!B%-KJ!WVZE!p!+$%-qJ!
S>RJ!!%%($4$2J!&(!D>!Bh?6010!98'(!:0!<&M&<.(2!(3!8-=01'(&-=!(60!-&(810!34!(60!<3-(1&<(!&-=!(60!=8(.0'!
&-=!10'M3-'.:.*.(.0'!O6.<6!.(!<10&(0=+!&-=!4139!6-">.$.9!/J!L%,.%!J!J!J!60!p$J%J+!L.**901!XJq!60*=!(6&(!
(6010!98'(!&*'3!:0!&!<&M&<.(2!(3!(&\0!<&10!34!6.'!31!601!3O-!M01'3-!&-=!M13M01(2JiE!
SSCJ!!%%($4$2J!Bh[.'!P31='6.M!&*'3!438-=!(6&(!(60!=0<0&'0=+!(638K6!60!\-0O!M0140<(*2!O0**!(6&(!60!O&'!
K3.-K!(6138K6!&!<01093-2!34!9&11.&K0+!O&'!*&<\.-K!.-!&!M13M01!<&M&<.(2!(3!(&\0!<&10!34!6.'!3O-!
M01'3-! &-=! M13M01(2+! &-=! (6&(! (60! /012! -&(810! 34! (60! =.'0&'0! O&'! '8<6! &'! (3! &<(! (3O&1='! .-<&F
F`E'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
m3!7&-&=.&-!<381(!1040110=!(3!(6.'!.=0&!34!&-!&==.(.3-&*!0*090-(!431!(60!(0'(!34!<&M&<F
.(2!(3!9&112!8-(.*!.(!O&'!<3-'.=010=!.-!&-!e-(&1.3!<&'0!4139!(60!*&(0!"RRC'J!Q-!6,.O
&".+SS"!(60!<381(!0H&9.-0=!(60!&==.(.3-&*!0*090-(!&'!.(!&MM0&1'!.-!(60!c8=K90-('!.-!
6-">.$.9!&-=!!+$%-J!Q-!(60!<381(d'!.-(01M10(&(.3-+!(60!(O3!c8=K90-('!&10!h-3(!-0<0'F
'&1.*2! <3-'.'(0-(JiSS$! ?60! &==.(.3-&*! 0*090-(! &'! =0'<1.:0=! .-! 6-">.$.9! h&MM0&1'! (3!
6&/0!10f8.10=!:3(6!.-<&M&<.(2!(3!9&-&K0!3-0'0*4!&'!O0**!&'!3-0d'!M13M01(2JiSSb!!+$%-+!
h3-!(60!3(601!6&-=+!<&-!:0!.-(01M10(0=!&'!(10&(.-K!.-<&M&<.(2!(3!9&-&K0!M13M01(2!:2!
.('0*4+!&'!'844.<.0-(!(3!K./0!1.'0!(3!.-<&M&<.(2!(3!9&112JiSSD!
!
?60!<381(!.-!6,.&".!40*(!<3-'(1&.-0=!(3!<633'0!:0(O00-!(60'0!(O3!.-(01M10(&(.3-'J!Q(!
4&/3810=! (60! 43198*&(.3-! 34! (60! &==.(.3-&*! 0*090-(! .-! 6-">.$.9JSSj! L6.*0! &**3O.-K!
(6&(!(6010!.'!&!4.-&-<.&*!=.90-'.3-!(3!9&11.&K0+!.-!(60!<381(d'!/.0O!h(3!(10&(!(60!&:.*F
.(2!(3!9&-&K0!M13M01(2!&'!0''0-(.&*!(3!(60!10*&(.3-'6.M!O38*=!J!J!J!&((1.:8(0!.-31=.-&(0!
O0.K6(!(3!(60!M13M1.0(&12!&'M0<('!34!9&11.&K0!&-=!O38*=!:0!8-431(8-&(0JiSS>!
!
?60!<381(d'!<3990-('!.-!6,.&".!6&/0!:00-!=.'<8''0=!.-!&!'8:'0f80-(!e-(&1.3!=0<.F
'.3-+SSS! :8(! (60! =.'(.-<(.3-! :0(O00-! (60! (O3! &MM13&<60'! (3! (60! &==.(.3-&*! 0*090-(!
O&'!9010*2!-3(0=!.-!(6.'!*&(01!=0<.'.3-JSS#!
!
m3!51.(.'6!73*89:.&!<381(!6&'!=.'<8''0=!(6.'!&==.(.3-&*!0*090-(!(3!(60!(0'(!34!<&M&<F
.(2!(3!9&112J!`3!.('!'(&(8'!.-!(60!*&O!34!(6.'!M13/.-<0!.'!8-<01(&.-J!
!
!*#$ E"8"65)>$)0$B88-'65")'$T33'6)$0,$D-'C501($4"--5"A'($",2$E&5.2-',$
?60!'0<3-=!M3(0-(.&*!&==.(.3-&*!0*090-(!431!(60!(0'(!34!<&M&<.(2!(3!9&112!M13:0'!(60!
<&M&<.(2!34!&!'M38'0!(3!&MM10<.&(0!(60!0440<(!34!(60!9&11.&K0!3-!M10/.38'!9&11.&K0'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
M&<.(&(.-K!6.9!4139!=0<.=.-K!O60(601!6.'!3O-!60&*(6!c8'(.4.0=!6.9!.-!(&\.-K!(6.'!/012!.9M31(&-(!
'(0MJiEJ!
SS"J!!5+-,!-3(0!$RDJ!
SS$J!V4$2J!&(!M&1&J!"">J!
SSbJ!V4$2J(
SSDJ!V4$2J(
SSjJ!V4$2J!&(!M&1&J!""#!BhQ!M10401!(60!31.K.-&*!'(&(090-(!34!M1.-<.M*0!.-!6-">.$.9(FJ(L%,.%JiEJ!
SS>J!V4$2J!&(!M&1&J!"$DJ!
SSSJ!!%%(P%.9+!<5+-,!-3(0!SDS!&(!M&1&'J!jjojS+!]1001!XJ!
SS#J!!%%($4$2J!&(!M&1&'J!j>ojS!B[!O&'!8-&:*0!(3!<&10!431!6.'!M01'3-+!'3!.(!O&'!8--0<0''&12!431!(60!<381(!
(3!=0<.=0!O60(601!.-<&M&<.(2!(3!9&-&K0!M13M01(2!&-=!&44&.1'!O&'!'844.<.0-(!(3!K138-=!&!4.-=.-K!
34!*&<\!34!<&M&<.(2!(3!9&112EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F`F'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
&-=! <6.*=10-J! ,-*.\0! (60! 3(601! M3(0-(.&*! &==.(.3-&*! 0*090-(! 431! (60! (0'(+! (6.'! 0*0F
90-(d'! 31.K.-! .'! -3(! .-! 3*=01! %-K*.'6! c81.'M18=0-<0! :8(! 1&(601! .-! 10<0-(! 7&-&=.&-!
<&'0! *&OJ! Q(! O&'! 4.1'(! 90-(.3-0=! .-! &! <&'0! =0<.=0=! &! *.((*0! 3/01! &! =0<&=0! &K3! .-! Z*F
:01(&J!
!
Q-! E%1&%-+SSR ! (60! 68':&-=! O&'! Rb! 20&1'! 3*=! &(! (60! (.90! 34! 6.'! '0<3-=! 9&11.&K0J! [0!
6&=!M10/.38'*2!:00-!9&11.0=!431!jj!20&1'!&-=!6&=!(6100!&=8*(!<6.*=10-J!?60!O.40!O&'!
jD!20&1'!3*=!&-=!6&=!9&11.0=!(60!68':&-=!&:38(!'.H!93-(6'!&4(01!900(.-K!6.9!&(!&!
'0-.31'd!<*8:J!
!
?60!<381(!60&1=!0HM01(!90=.<&*!(0'(.93-2J!Q(!<.(0=!3-0!0HM01(d'!3M.-.3-!3-!(60!(0'(!34!
<&M&<.(2!(3!9&112+!O6.<6!60!41&90=! &'! 43**3O'A! h&! M01'3-! 98'(!8-=01'(&-=! (60! -&F
(810! 34! (60! 9&11.&K0! <3-(1&<(+! (60! '(&(0! 34! M10/.38'! 9&11.&K0'+! 3-0d'! <6.*=10-! &-=!
63O!(602!9&2!:0!&440<(0=JiS#C!?60!<381(!438-=!(6&(!(60!68':&-=!*&<\0=!<&M&<.(2!(3!
9&112+S#"!:8(!.(!.'!8-<*0&1!4139!(60!10&'3-'!431!c8=K90-(!O60(601!(6.'!0HM&-=0=!(0'(!
34!<&M&<.(2!(3!9&112!4.K810=!.-!&-2!O&2!.-!(60!<381(!10&<6.-K!(6&(!<3-<*8'.3-J!
!
?60! 0HM01(d'! <3990-('! O010! <.(0=! &K&.-! .-! &! c8=K90-(! 4139! &-! e-(&1.3! <381(J!
P%.9+S#$!*.\0!E%1&%-+!40&(810=!&-!0*=01*2+!M10/.38'*2!9&11.0=!68':&-=!O.(6!&=8*(!<6.*F
=10-! 9&112.-K! &! 98<6! 238-K01! O39&-J! ?60! <381(! 1&.'0=! (60! .=0&! 34! &-! 0HM&-=0=!
(0'(!34!<&M&<.(2!(3!9&112!&*3-K'.=0!&!<3-'.=01&(.3-!34!8-=80!.-4*80-<0JS#b!Z*(638K6!
(60! 9&11.&K0! O&'! 8*(.9&(0*2! '0(! &'.=0! 3-! (60! :&'.'! 34! 8-=80! .-4*80-<0+! (60! e-(&1.3!
<381(!'.K-&*0=!(6&(!.(!O&'!O.**.-K!(3!&<<0M(!(6.'!:13&=01!43198*&(.3-!34!(60!(0'(!34!<&F
M&<.(2!(3!9&112JS#D!
!
!6#$ 71<<"->$
?6010! .'! O.=0'M10&=! &K10090-(! 3-! (60! :&'.<! 0*090-('! 34! (60! (0'(! 34! <&M&<.(2! (3!
9&112J!?60'0!:&'.<!0*090-('!&10!&-&*3K38'!(3!(60!:&'.<!0*090-('!34!(60!<3-(1&<(8&*!
(0'(!34!<&M&<.(2J!?602!M13:0!O60(601!&!M01'3-!.'!<&M&:*0!34!8-=01'(&-=.-K!(60!-&(810!
34!(60!<3-(1&<(!34!9&11.&K0!&-=!.('!0440<('J!,-*.\0!(60!<3-(1&<(8&*!(0'(+!(60!:&'.<!0*0F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SSRJ!!5+-,!-3(0!SDDJ!
S#CJ!V4$2J!&(!M&1&J!S$J!
S#"J!!%%($4$2J!&(!M&1&J!#RJ!
S#$J!!%%(<5+-,!-3(0!SDSJ!
S#bJ!!%%($4$2J!&(!M&1&J!j#J!
S#DJ!!%%( $4$2J! &(! M&1&J! >"! BhQ4! Q! 6&=! -3(! 438-=! (6&(! `8-K! O&'! 8-=8*2! .-4*80-<0=! &-=! <301<0=! .-(3! 6.'!
9&11.&K0!O.(6!G0-K+!Q!&9!'&(.'4.0=!3-!(60!0/.=0-<0!(6&(!`8-K!*&<\0=!(60!90-(&*!<&M&<.(2!&'!'0(!
38(!:2!V1J!)&**32!p$J%J+!(60!90=.<&*!0HM01(!O63!43198*&(0=!(60!0HM&-=0=!(0'(!34!<&M&<.(2!.-!E%1O
&%-q!(3!0-(01!.-(3!(60!9&11.&K0JiEJ!
F`D'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
90-('!34!(60!(0'(!34!<&M&<.(2!(3!9&112!&10!-3(!43<8''0=!3-!&!M01'3-d'!4.-&-<.&*!.-(01F
0'('J!Q-'(0&=+!(602!&10!43<8''0=!3-!(60!.-(.9&(0!&-=!'3<.&*!&'M0<('!34!(60!10*&(.3-'6.MJ!
!
?60! (O3! M13M3'0=! &==.(.3-&*! 0*090-('! M3(0-(.&**2! :13&=0-! (60! (0'(! 34! <&M&<.(2! (3!
<3-'.=01!4.-&-<.&*!.-(010'('!&-=!(60!0440<(!34!(60!9&11.&K0!3-!<*3'0!4&9.*2!909:01'J!
Q-! (6.'! O&2+! (60'0! &==.(.3-&*! 0*090-('! O38*=! 9&\0! (60! (0'(! 34! <&M&<.(2! (3! 9&112!
9310!*.\0!(60!(0'('!34!<&M&<.(2!(3!9&\0!&!O.**!31!&-!$.&%-(F$F"<!K.4(J!Q(d'!O31(6!:0&1.-K!
(6.'!M3.-(!.-!9.-=!=81.-K!(60!=.'<8''.3-!34!(60!-0H(!(3M.<J!
!
9#!
-*$.&6(5*'!/*!*/@%6!/%5/5!*+!-&.&-(/0!
?60!(0'(!34!<&M&<.(2!(3!9&112!.'!34(0-!<39M&10=!(3!3(601!<3993-F*&O!(0'('!34!<&M&<F
.(2+!O6.<6!<&-!&**!:0!'00-!&'!9&\.-K!8M!&!<&M&<.(2!6.01&1<62J!W13:&:*2!(60!93'(!=.'F
(.-<(./0!40&(810!34!(60!(0'(!34!<&M&<.(2!(3!9&112!.'!63O!.(!.'!/.0O0=!&'!'0((.-K!&!*3O01!
(610'63*=!34!<&M&<.(2!B31!&'!3<<8M2.-K!&!*3O01!M3'.(.3-!.-!(60!6.01&1<62E!(6&-!3(601!
(0'('!34!<&M&<.(2J!)&-2+!9&-2!<381('S#j!&-=!<3990-(&(31'S#>!6&/0!9&=0!(6.'!M3.-(J!
`.-<0!(6.'!40&(810!.'!60*=!(3!:0!'8<6!&-!.9M31(&-(!M&1(!34!(60!(0'(!34!<&M&<.(2!(3!9&112!
.(!.'!O31(6!.-/0'(.K&(.-K!.(!&!*.((*0!=00M01J!
!
?6010!&MM0&1'!(3!:0!(O3!'390O6&(!=.44010-(!O&2'!34!9&\.-K!(60!M3.-(!(6&(!<&M&<.(2!
(3!9&112!6&'!&!*3O!M3'.(.3-!.-!&-2!90-(&*F<&M&<.(2!6.01&1<62J!53(6!&MM13&<60'!(81-!
8M!.-!'390!34!(60!*&-=9&1\!-.-0(00-(6F<0-(812!%-K*.'6!<&'0'!.-!(6.'!4.0*=JS#S!
!
?60!4.1'(!&MM13&<6!.'!(3!M3.-(!(3!<01(&.-!.-6010-(!f8&*.(.0'!34!(60!9&11.&K0!<3-(1&<(!
.('0*4J!Q-!9&-2!<&'0'!<381('!'.9M*2!&''01(+!h(60!<3-(1&<(!34!9&11.&K0!.'!&!'.9M*0!3-0+!
O6.<6!=30'!-3(!10f8.10!&!6.K6!=0K100!34!.-(0**.K0-<0!(3!<39M1060-=JiS##!7381('!(0-=!
(3!*0&/0!.(!&(!(6&(T!(602!1&10*2!K3!3-!(3!0HM*&.-!O62!(60!9&11.&K0!<3-(1&<(!'638*=!:0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S#jJ!!%%+!%J9J+!E5-A,C+!<5+-,!-3(0!SDj!&(!#$T!:,-Z!BW13:J!V./JE+!<5+-,!-3(0!SDj!&(!"CCT!:,-Z!B7ZE+!<5+-,!
-3(0!SDj!&(!"b$obbT!6,.&".+!<5+-,!-3(0!$RD!&(!M&1&J!""C!Bh-3(!M&1(.<8*&1*2!1.K3138'!(0'(iET!B""O
+%-+!<5+-,!-3(0!SDS!&(!M&1&J!bCJ!
S#>J!!%%+! %J9J+! Z*:01(! [J! e3'(016344+! h73-'0f80-<0'! 34! &! X&-8&12NV0<09:01! )&11.&K0A! Z! 7&8(.3-&12!
?&*0i!B"RRRE!"#!%?WX!$>"!&(!$S"oS$!pe3'(016344+!h73-'0f80-<0'iqT!)&1.3-!Z**&-+!533\!U0/.0O!34!
60""2(7(?".%'\(NA'(P,C$0$%<(P$9A&(XF%-(V.A%-$&,.#%(,.2(NA,&(D"(E"()4"5&(V&!:2!WJ!)&1\!Z<<0(F
(81&+! B$C"$E! SC! Z=/3<&(0! "b$! &(!"bD! Bh&! M01'3-! 10f8.10'! '.K-.4.<&-(*2! *3O01! <&M&<.(2! (3! 9&112!
(6&-!(3!9&\0!&!O.**iEJ!!%%(,0<"!U&(6:81-+!<5+-,!-3(0!SDR!&(!$DboDD!B0HM10''.-K!Z901.<&-!/.0O!
(6&(!hp3q-!&!:&'.<!'<&*0+!9&1.(&*!<&M&<.(2!10f8.10'!(60!*0&'(!&938-(!34!<&M&<.(2+!43**3O0=!:2!(0'F
(&90-(&12!<&M&<.(2+!&-=!*&'(*2+!<&M&<.(2!(3!0-(01!.-(3!<3-(1&<('i!p433(-3(0!39.((0=qEJ!
S#SJ!!%%(E5-A,C+(<5+-,!-3(0!SDjT!6"59A&".+!<5+-,!-3(0!#CJ!
S##J!E5-A,C+(<5+-,!-3(0!SDj!&(!#$J!!%%(,0<"(BA%-&Z">+!<5+-,!-3(0!SD>!&(!bD$T!P"0%'(FJ(P"0%'+!p"Rjjq!"!
VPU!j#C!&(!j#D!BmG`7E+!V8-4.0*=!XJT!8,#%'+!<5+-,!-3(0!Sj#!&(!M&1&J!b"T!B""+%-+!<5+-,!-3(0!SDS!&(!
M&1&J!bCJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F`B'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
'00-! &'! .-6010-(*2! '.9M*0J! 58(! (60'0! '(&(090-('! &10! 8'8&**2! 9&=0! .-! (60! <381'0! 34!
09M6&'._.-K! (60! M01'3-&*+! .-(.9&(0+! &-=! '3<.&*! &'M0<('! 34! 9&11.&K0J! ?60! .9M*.<.(!
90''&K0!.'!(6&(!(60'0!f8&*.(.0'!&10!0&'.01!(3!K1&'M!(6&-!(60!4.-&-<.&*!&-=!*0K&*!.-431F
9&(.3-!(6&(!98'(!:0!<3-'.=010=!.-!31=01!(3!<&112!38(!3(601!(2M0'!34!(1&-'&<(.3-'JS#R!
!
U&(601!(6&-!43<8''.-K!3-!&-2!'M0<.4.<!f8&*.(.0'!34!9&11.&K0+!(60!'0<3-=!&MM13&<6!.-F
/3*/0'!9&\.-K!&!=.10<(!<39M&1.'3-!:0(O00-!(60!(0'(!34!<&M&<.(2!(3!9&112!&-=!3(601!
(0'('!34!<&M&<.(2J!?2M.<&**2+!(6.'!&MM13&<6!.-/3*/0'!<39M&1.-K!9&112.-K!(3!9&\.-K!&!
O.**J!?60!<381(!3:'01/0'!(6&(!9&\.-K!&!O.**!10f8.10'!&!6.K601!*0/0*!34!90-(&*!<&M&<.(2!
(6&-+!431!0H&9M*0+!9&112.-KJ!?6.'!(2M0!34!<39M&1.'3-!<13MM0=!8M!4.1'(!.-!&!=0<.'.3-!
34! `.1! X&90'! [&--0-! WJ! BO63! &8(6310=! '0/01&*! 34! (60! *0&=.-K! -.-0(00-(6F<0-(812!
<&'0'!3-!<&M&<.(2!(3!9&112EJSRC!?60!<&'0SR"!&<(8&**2!.-/3*/0=!(0'(&90-(&12!<&M&<.(2+!
:8(!.-!(60!<381'0!34!K./.-K!10&'3-'!431!c8=K90-(!`.1!X&90'![&--0-!WJ!=0'<1.:0=!&!'0F
1.0'!34!3(601!(0'('!34!<&M&<.(2!B.-<*8=.-K!(60!(0'(!34!<&M&<.(2!(3!9&112E!&-=!<3-<*8=0=!
(6&(!h(60!6.K60'(!=0K100!34!&**+!.4!=0K100'!(6010!:0+!.'!10f8.10=!.-!31=01!(3!<3-'(.(8(0!
<&M&<.(2!(3!9&\0!&!(0'(&90-(&12!=0<.'.3-JiSR$ !
!
?6.'! <3990-(! O&'! '0._0=! 3-! .-! :,-Z! BW13:J! V./JEJSRb! ?60! 4&<('! 34! (6.'! <&'0! :138K6(!
(60!.''80!34!<39M&1.-K!(0'(&90-(&12!<&M&<.(2!(3!<&M&<.(2!(3!9&112!(3!(60!4310K138-=J!
Q-!:,-Z+!(60!'M38'0!O63'0!<&M&<.(2!O&'!&(!.''80!0H0<8(0=!&!O.**!&!40O!6381'!&4(01!K0(F
(.-K!9&11.0=J!Z4(01!6.'!=0&(6+!&!c812!1048'0=!(3!&=9.(!(60!O.**!(3!M13:&(0!3-!(60!:&'.'!
(6&(!60!*&<\0=!(0'(&90-(&12!<&M&<.(2!&(!(60!(.90!(60!O.**!O&'!0H0<8(0=J!G&9.*2!909F
:01'!'8:'0f80-(*2!*&8-<60=!&-!&<(.3-!(3!=0<*&10!(60!9&11.&K0!/3.=!=80!(3!*&<\!34!<&F
M&<.(2!(3!9&112J!?60!c8=K0!0HM10''*2!'&.=!(6&(!60!h&MM13&<6p0=q!(60!4&<('!34!(6.'!<&'0!
3-!(60!:&'.'!(6&(!&!*0''01!=0K100!34!<&M&<.(2!.'!10f8.10=!(3!<3-'0-(!(3!&!9&11.&K0!(6&-!
.-!(60!9&\.-K!34!&!O.**JiSRD!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S#RJ!!%%(E5-A,C+!<5+-,!-3(0!SDj!&(!#$J!!%%(,0<"!8,#%'+!<5+-,!-3(0!Sj#!&(!M&1&J!b"!Bhp)&11.&K0q!=30'!
-3(! .-/3*/0! <3-'.=01&(.3-! 34! &! *&1K0! /&1.0(2! 34! <.1<89'(&-<0'! 10f8.10=! .-! 3(601! &<('! .-/3*/.-K!
3(601'+!'8<6!&'!.-!(60!9&\.-K!34!&!L.**J!Q-!&==.(.3-+!(60!<6&1&<(01!34!<3-'0-(!431!(6.'!M&1(.<8*&1!
9&11.&K0!=.=!-3(!.-/3*/0!<3-'.=01&(.3-!34!3(601!<.1<89'(&-<0'!-319&**2!10f8.10=!:2!3(601!M01F
'3-'!<3-(09M*&(.-K!9&11.&K0g'8<6!&'!0'(&:*.'6.-K!&!'381<0!34!.-<390+!9&.-(&.-.-K!&!6390+!31!
<3-(09M*&(.3-!34!<6.*=10-JiEJ!
SRCJ!!%%( E5-A,C+! <5+-,! -3(0! SDjT! 35.&%-+! <5+-,! -3(0! SDjT! B,.".( FJ( !C,00%'! B"##jE+! "C! WV! R>! B%-KJ!
WVZEJ!
SR"J!!%%(6"59A&".+!<5+-,!-3(0!#CJ!
SR$J!V4$2J!&(!S$J!
SRbJ!!5+-,!-3(0!SDjJ!
SRDJ!V4$2J!&(!RS+!^&19.-'\.!XJ!
F`]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
Q-(010'(.-K*2+!&*(638K6!:,-Z!BW13:J!V./JE!O&'!&44.190=!3-!&MM0&*+!0&<6!34!(60!&MM0*F
*&(0!c8'(.<0'!9&=0!&!M3.-(!34!<1.(.<._.-K!(6.'!&MM13&<6J!Q(!O&'!-3(0=!(6&(+!.-!&!'8:'0F
f80-(!<&'0+!`.1!X&90'![&--0-!WJ!&MM0&10=!(3!(&\0!:&<\!6.'!<3990-('!.-!6"59A&".JSRj!
?O3!34!(60!&MM0**&(0!c8'(.<0'!<3990-(0=+!.-!0440<(+!(6&(!0&<6!<&'0!'638*=!:0!=0<.=0=!
3-! .('! 3O-! 4&<('! O.(638(! &((09M(.-K! (3! '0(! =3O-! &! K0-01&*! 18*0+SR>! O6.*0! (60! (6.1=!
O0-(!481(601!&-=!&''01(0=!h(6010!.'!-3!'*.=.-K!'<&*0!34!'38-=-0''!34!9.-=!(3!O6.<6!
=.44010-(! 9&((01'! 3-! O6.<6! (60! *&O! .'! 10f8.10=! (3! (&\0! <3K-._&-<0! 9&2! :0! 90&'F
810=JiSRS !m0/01(60*0''+!(6010!&10!10<0-(!7&-&=.&-!c8=K90-('!(6&(!(&\0!(6.'!<39M&1&F
(./0!&MM13&<6JSR#!
!
:#!
5/&'7(')!/*!-@&33%')%!&!$&66(&)%!
?60!18*0!3-!O63!<&-!<6&**0-K0!&!9&11.&K0d'!/&*.=.(2!3-!(60!:&'.'!34!90-(&*!<&M&<.(2!.'!
&<(8&**2!f8.(0!*.:01&*J!Z!M01'3-!-00=!3-*2!6&/0!&!4.-&-<.&*!.-(010'(!.-!(60!38(<390!34!
(60!<&'0!(3!6&/0!'(&-=.-KJSRR!Q-!(60!/&'(!9&c31.(2!34!<&'0'+!(6.'!O.**!(81-!38(!(3!:0!&!
4&9.*2!909:01+!:8(!(60!18*0!.'!-3(!'3!*.9.(0=!.-!M1.-<.M*0J!
!
Z! 'M38'0! 9&2! 0/0-! '8'(&.-! &-! &<(.3-! (3! '0(! &'.=0! &! 9&11.&K0! 3-! (60! :&'.'! 34! (60!
'M38'0d'!3O-!4&.*810!(3!900(!(60!(0'(!34!<&M&<.(2J#CC!?60!&1K890-(!.-!(6.'!<&'0!O38*=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SRjJ!!%%(65-2%&&(FJ(DA"C<".+!10M31(0=!&'!&!433(-3(0!(3!6"59A&".+!<5+-,!-3(0!#C!&(!Sb!BhQ(!6&'!:00-!01F
13-038'*2!'8MM3'0=!(6&(!Q!'&.=!(6&(!.(!10f8.10'!&!K10&(01!=0K100!34!'38-=-0''!34!9.-=!(3!9&\0!&!
O.**!(6&-!(3!=3!&-2!3(601!&<(J!Q!-0/01!'&.=+!&-=!Q!-0/01!90&-(!(3!'&2!'3J!L6&(!Q!6&/0!'&.=+!&-=!Q!10F
M0&(!.(+!.'+!(6&(!.4!238!&10!&(!*.:01(2!(3!=1&O!=.'(.-<(.3-'!:0(O00-!/&1.38'!=0K100'!34!'38-=-0''!34!
9.-=+!(60-+!O6&(0/01!.'!(60!6.K60'(!=0K100!34!'38-=-0''!34!9.-=!.'!10f8.10=!(3!9&\0!&!O.**JiEJ!
SR>J!!%%(:,-Z!B7ZE+!<5+-,!-3(0!SDj!&(!"$$+!`.-K*0(3-!PX!BhQ4!&!9&-d'!90-(&*!<3-=.(.3-!.'!'8<6!(6&(!60!.'!
-3(!<&M&:*0!34!9&\.-K!&!'.9M*0!O.**!J!J!J!93'(!M03M*0!O38*=!<3-'.=01!(6&(!60!.'!-3(!.-!&!4.(!<3-=.F
(.3-!(3!0-(01!.-(3!&!<3-(1&<(!34!9&11.&K0J!G81(601!<3-'.=01&(.3-'!9&2!O0**!&1.'0!O60-!&!<39M*.F
<&(0=!(0'(&90-(&12!=3<890-(!.'!M13M38-=0=J!J!J!JiE+!"bb+!5.1\0((!PX!Bh`390!90-!&10!/012!&:*0!&-=!
'390! &10! -3(+! &-=! .(! .'! 8-=01'(&-=&:*0+! 431! 0H&9M*0+! (6&(! 3-0! 9.K6(! 6&/0! &-! .**.(01&(0+! 8-0=8F
<&(0=!9&-!M0140<(*2!'38-=!34!9.-=+!:8(!-3(!34!6.K6!f8&*.(2+!O63!O&'!&:*0!(3!8-=01'(&-=!(60!<3-F
(1&<(!34!9&11.&K0!.-!.('!'.9M*.<.(2+!:8(!O63!(60-!<&90!.-(3!&!'8==0-!'8<<0''.3-!34!O0&*(6!J!J!J!O63!
9.K6(!:0!f8.(0!.-<&M&:*0!34!9&\.-K!&-2(6.-K!.-!(60!-&(810!34!&!<39M*.<&(0=!O.**+!f8.(0!&M&1(!4139!
8-'38-=-0''!34!9.-=J!J!J!JiEJ!
SRSJ!V4$2J!&(!"bj+![3='3-!PXJ!
SR#J!!%%+!%J9J+!8,#%'+!<5+-,!-3(0!Sj#!&(!M&1&J!b"J!
SRRJ!!%%(B""+%-+!<5+-,!-3(0!SDS!&(!M&1&J!$S!BhpZq!M01'3-!3(601!(6&-!&!M&1(2!(3!&!9&11.&K0!9&2!<6&*F
*0-K0! (60! <&M&<.(2! 34! (60! M&1(.0'! (3! 0-(01! .-(3! &! 9&11.&K0! <3-(1&<(! M13/.=.-K! (6&(! M01'3-! 6&'!
'390!4.-&-<.&*!.-(010'(!.-!0'(&:*.'6.-K!.('!.-/&*.=.(2J!%/0-!&!/012!'*.K6(!&-=!/012!<3-(.-K0-(!.-(01F
0'(!O.**!'844.<0JiEJ!
#CCJ!!%%(D5-.%-+!<5+-,!-3(0!SD$!&(!>C"!BhQ(!.'+!Q!<3-<0./0+!M0140<(*2!<*0&1!.-!*&O!(6&(!&!M&1(2!9&2!<390!
431O&1=!(3!9&.-(&.-!6.'!3O-!M&'(!.-<&M&<.(2+!&-=!&*'3!(6&(!&!=040<(!34!.-<&M&<.(2!.-/&*.=&(0'!(60!
<3-(1&<(!34!9&11.&K0+!&'!O0**!&'!&-2!3(601!<3-(1&<(JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F`^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
:0!(6&(!(60!'M38'0!=.=!-3(!900(!(60!(0'(!34!<&M&<.(2!&(!(60!(.90!34!(60!9&11.&K0+!:8(!
6&'!10K&.-0=!<&M&<.(2!(3!<3-=8<(!*.(.K&(.3-J!
!
A#!
*'85!*+!.6**+!
?60!M01'3-!<6&**0-K.-K!(60!9&11.&K0!:0&1'!(60!3-8'!34!M13/.-K!(6&(!&!M&1(2!(3!(6&(!
9&11.&K0!4&.*'!(3!900(!(60!(0'(!34!<&M&<.(2J#C"!`390!<&'0'!9&\0!(6.'!M3.-(!:2!10401F
1.-K!(3!&!M10'89M(.3-!.-!4&/381!34!(60!/&*.=.(2!34!&!9&11.&K0!(6&(!O&'!'3*09-._0=!.-!&!
4319&**2!10K8*&1!<01093-2J#C$!
!
`390!3*=01!<&'0'!6&/0!60*=!(6&(!M1334!:023-=!&!10&'3-&:*0!=38:(!O&'!-0<0''&12!(3!
'0(! &'.=0! &! 9&11.&K0J#Cb! ?6.'! '(&-=&1=! -3! *3-K01! &MM0&1'! (3! :0! &MM*.<&:*0J! W1334! 34!
*&<\!34!<&M&<.(2!-00=!3-*2!:0!'63O-!3-!(60!<./.*!'(&-=&1=!34!&!M10M3-=01&-<0!34!(60!
0/.=0-<0J! 58(! 3-! 3<<&'.3-! <381('! '&2! (6&(+! &*(638K6! (60! <./.*! '(&-=&1=! '(.**! &MM*.0'+!
(60!<6&**0-K01!98'(!481-.'6!M&1(.<8*&1*2!<*0&1!&-=!<3-/.-<.-K!0/.=0-<0#CDg&*(638K6!
(6.'!M3.-(!&MM0&1'!(3!6&/0!:00-!3/01(&\0-!:2!(60!10<0-(!<3990-('!34!(60!`8M1090!
7381(!34!7&-&=&!3-!(60!3-8'!34!M1334!.-!<./.*!M13<00=.-K'!K0-01&**2J#Cj!
!
?60!1&(.3-&*0!:06.-=!(60'0!3*=01!<3990-('!.'!(60!M8:*.<!M3*.<2!.-!4&/381!34!0-<381F
&K.-K!9&11.&K0J#C>!Z'!&!c8=K0!.-!&-!%-K*.'6!<&'0!M8(!.(+!hpMq&1(.0'!&<(8&**2!c3.-0=!(3F
K0(601!&10!-3(!*.K6(*2!(3!:0!M8(!&'8-=01Ji#CS!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#C"J!!%%(B""+%-+!<5+-,!-3(0!SDS!&(!M&1&J!b"J!
#C$J!!%%(E%,0(FJ(E%,0!B"R>>E+!>C!VPU!B$=E!D""!&(!D$D+!jb!)WU!>b!Bm``7E+!73O&-!XJ!BhQ(!.'!O0**!'0((*0=!
(6&(!(60!:81=0-!10'('!8M3-!(60!M0(.(.3-01!(3!M13/0!(6&(!&!9&11.&K0+!10K8*&1!.-!4319!O&'+!.-!4&<(+!
.-/&*.=!(6138K6!(60!.-<&M&<.(2!34!(60!10'M3-=0-(!(3!<3-'0-(!(3!.(JiEJ!
#CbJ!!%%( :"&%-'Z"( FJ( ?,0'Z+! p"RjCq! $! VPU! "Sb! &(! "S>+! p"RjCq! "! LLU! D>R! B)&-J! 7ZE+! Z=&9'3-! XZ!
B)<W601'3-! 7X! &-=! U.<6&1='! &-=! 732-0! XXZ! <3-<811.-KET( Y%--( FJ( Y%--! B"Rj"E+! $! LLU! Bm`E! >j$!
&(!>j>!B)&-J!Y5E+!50&8:.0-!XJ+!-%Fa2+!Y%--+!<5+-,!-3(0!SDbJ(
#CDJ!!%%(B""+%-+!<5+-,!-3(0!SDS!&(!M&1&J!b"!Bh?60!0/.=0-<0!98'(!:0!34!&!'844.<.0-(*2!<*0&1!&-=!=04.-.(0!
<6&1&<(01! &'! (3! <3-'(.(8(0! 9310! (6&-! &! v9010d! M10M3-=01&-<0! &'! .'! 10f8.10=! .-! 31=.-&12! <./.*!
<&'0'JiEJ!
#CjJ!!%%(PJ(3J(FJ(?#E"59,00+!$CC#!`77!jb!&(!M&1&J!DC+!p$CC#q!b!`7U!D"+!U3(6'(0.-!XJ!B431!(60!<381(E!Bh.(!.'!
(.90!(3!'&2+!3-<0!&-=!431!&**!.-!7&-&=&+!(6&(!(6010!.'!3-*2!3-0!<./.*!'(&-=&1=!34!M1334!&(!<3993-!
*&O!&-=!(6&(!.'!M1334!3-!&!:&*&-<0!34!M13:&:.*.(.0'iEJ!
#C>J!!%%(Y%--+!<5+-,!-3(0!SDb!&(!j##!Bh?60!.-(010'(!34!(60!M8:*.<!.-!8M63*=.-K!9&11.&K0'!.'!10<3K-._0=!
.-!*&O!:2!(60!18*0!(6&(!0/012(6.-K+!.-<*8=.-K!<&M&<.(2!34!(60!M&1(.0'+!.'!M10'890=!.-!4&/31!34!9&1F
1.&K0'JiEJ!
#CSJ!!500$F,.(FJ(!500$F,.!B"#"RE+!b!W6.**J!%<<J!Dj+!">"!%U!"$jb!B7(J!34!Z1<60'E+!`.1!X36-!m.<63**J!!%%(,0<"(
?$0<".+! <5+-,! -3(0! SD>! &(! S$>+! ]&*0! XJ! Bh)&11.&K0! .'! &! '&<10=! '(&(0+! -3(! *.K6(*2! (3! :0! <&'(!
&'.=0J!J!J!JiEJ!
F`_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
C#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
-*'5%M8%'-%5!*+!&!+('7(')!/@&/!&!.%65*'!3&-D5!/@%!-&.&-(/0!/*!$&660!
Q4!3-0!34!(60!'M38'0'!.-!&!9&11.&K0!.'!438-=!-3(!(3!6&/0!6&=!(60!90-(&*!<&M&<.(2!(3!
0-(01!.-(3!(60!9&11.&K0+!(60-!(6&(!'8MM3'0=!9&11.&K0!.'!<3-'.=010=!(3!:0!/3.=!,4($.$O
&$"J#C#!?6.'!90&-'!(6&(+!.-!(60!020'!34!(60!*&O+!.(!.'!&'!.4!(60!9&11.&K0!-0/01!6&=!0HF
.'(0=J!?6.'!10'8*(!.'!.-!<3-(1&'(!(3!(60!10'8*(!(6&(!4*3O'!4139!&!4.-=.-K!(6&(!&!9&11.&K0!
.'!/3.=&:*0J!Z!/3.=&:*0!9&11.&K0!.'!3-0!(6&(+!=0'M.(0!'390!*0K&*!=040<(+!<3-(.-80'!.-!
0440<(!8-(.*!&!'M38'0!3:(&.-'!&!<381(!31=01!'0((.-K!(60!9&11.&K0!&'.=0J!?60!M&1(.0'!(3!&!
/3.=!9&11.&K0!=3!-3(!-00=!(3!(&\0!&-2!'(0M'!(3!'0(!(60!9&11.&K0!&'.=0J!58(+!.-!M1&<F
(.<0+!93'(!M03M*0!O.**!3:(&.-!&!=0<*&1&(312!c8=K90-(!4139!&!<381(!(3!(60!0440<(!(6&(!&!
9&11.&K0!.'!/3.=+!'.9M*2!431!(60!'&\0!34!<*&1.(2!&-=!<01(&.-(2J#CR!
!
J#!
('/*I(-&/(*'!
Z!M&1&**0*!'0(!34!18*0'!0H.'('!431!9&11.&K0'!0-(010=!.-(3!:2!&!'M38'0!O63!O&'!.-(3H.F
<&(0=J#"C!?60!(0'(!34!<&M&<.(2!.'!'.9.*&1!(3!(60!3-0!=0'<1.:0=!&:3/0!431!9&11.&K0'!.-F
/3*/.-K!&!'M38'0!34!=.9.-.'60=!90-(&*!<&M&<.(2J!?60!(0'(!M13:0'!O60(601!(60!.-(3H.F
<&(0=! 'M38'0! O&'! <&M&:*0! 34! 8-=01'(&-=.-K! (60! -&(810! 34! (60! <3-(1&<(! 34! 9&11.&K0!
&-=! .('! 10'M3-'.:.*.(.0'J#""! ?60! 3-8'! 34! M1334! .'! 3-! (60! M&1(2! &1K8.-K! (6&(! (60! 9&1F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#C#J!!%%+!%J9J+!P%.9+!<5+-,!-3(0!SDS!&(!M&1&J!>>T!L%'."02<(FJ(L%'."02<!B"R>>E+!j#!LLU!#S+!p"R>>q!57X!
m3J!$"!BYPE!B`7EJ!
#CRJ!!%%( E,F$<".+! <5+-,! -3(0! SjD! &(! M&1&J! #! BhZ! 9&11.&K0! /3.=! ,4( $.$&$"! -0/01! 0H.'(0=! &(! *&O+! &-=! &!
/3.=&:*0!9&11.&K0!0H.'('!8-(.*!.(!.'!&--8**0=!:2!<381(!31=01J!L60-!&!M&1(2!'00\'!&-!&--8*90-(!3-!
&! K138-=! (6&(! 10-=01'! &! 9&11.&K0! /3.=! ,4( $.$&$"+! (60! <381(d'! 31=01! .'! 9010*2! =0<*&1&(312g(60!
<381(!'.9M*2!=0<*&10'!(6&(!(60!9&11.&K0!-0/01!6&MM0-0=J!L60-!&!9&11.&K0!.'!/3.=&:*0+!&-!31=01!
431! &--8*90-(! =.''3*/0'! &-! 0H.'(.-K! 9&11.&K0! &-=! <6&-K0'! (60! *0K&*! 10*&(.3-'6.M! :0(O00-! (60!
M&1(.0'JiEJ!
#"CJ!!%%(E,F$<".+!$4$2J!BhQ-!(60!O00!6381'!34!(60!931-.-K!3-!X8*2!"#+!$CCD+!&(!(60!P.((*0!L6.(0!76&M0*!
.-!P&'!;0K&'+!m0/&=&+!pLq!&-=!p[q!9&11.0=!3-0!&-3(601J!?602!6&=!90(!3-*2!6381'!0&1*.01!38('.=0!
&! *3<&*! 63(0*J! Z4(01! (60! <01093-2+! (602! 10(.10=! (3! (60.1! 10'M0<(./0! 63(0*! 1339'J! ?602! 6&/0! -3(!
'00-!0&<6!3(601!'.-<0Jig<381(!4.-=.-K!(6&(!h0/.=0-<0!4&**'!4&1!'631(!34!'63O.-K!(6&(!pLq!O&'!.-F
<&M&:*0!34!8-=01'(&-=.-K!(6&(!'60!O&'!0-(01.-K!.-(3!&!9&11.&K0iET!N,-2(FJ(N,-2!B"R#jE+!>>!m5U!
B$=E! DD+! ">R! ZWU!DD!BY5E! pN,-2!<.(0=!(3!m5Uq!B[!h'63O0=!8M!.-!&!'(&(0!34!.-(3H.<&(.3-!O6.<6!
O&'! '3! &=/&-<0=! (6&(! 60! 6&=! (3! :0! 60*=! 8M! (3! K0(! (6138K6! (60! <01093-2ig[! 109&.-.-K! h<3-F
'(&-(*2!.-(3H.<&(0=i!431!Dj!=&2'!&4(01!9&11.&K0+!&(!O6.<6!(.90!60!=0'01('!Lg'0/01&*!20&1'!*&(01+!
L! 9&112.-K! [d'! :13(601g<381(! K1&-(.-K! &MM*.<&(.3-! (3! =0<*&10! 4.1'(! 9&11.&K0! /3.=ET! ?%$0%.( FJ(
).2%-<<".!B"RSSE+!>!ZU!D$S+!p"RSSq!$!Z7L`!$#b!B`7!B?VEE!p?%$0%.!<.(0=!(3!ZUq!B[!h(1.<\0=i!.-(3!
(&\.-K!-&1<3(.<'!&-=!'8:'0f80-(*2!\0M(!8-=01!(60.1!.-4*80-<0!:2!L!&-=!41.0-=g<381(!=0<*&1.-K!
9&11.&K0!/3.=EJ!
#""J!!%%(E,F$<".+!<5+-,!-3(0!SjD!&(!M&1&J!bC!BhJ!J!J!Q!&<<0M(!(6&(!(60!(0'(!(3!&MM*2!.'!(60!43**3O.-KA!O&'!
(60!M*&.-(.44!'3!.-(3H.<&(0=!(6&(!'60!O&'!.-<&M&:*0!34!8-=01'(&-=.-K!(6&(!'60!O&'!0-(01.-K!.-(3!&!
9&11.&K0kiET!N,-2+!<5+-,!-3(0!#"C!&(!M&1&J!bCJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F`A'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
1.&K0!'638*=!:0!'0(!&'.=0!=80!(3!&!'M38'0d'!.-(3H.<&(.3-J#"$!Z!'M38'0!9&2!1&.'0!6.'!31!
601!3O-!.-(3H.<&(.3-!&'!&!10&'3-!(3!'0(!&'.=0!&!9&11.&K0J#"b!Q4!&!'M38'0!*&<\0=!(60!<&F
M&<.(2!(3!9&112!=80!(3!.-(3H.<&(.3-+!(60-!(60!9&11.&K0!.'!<3-'.=010=!(3!:0!/3.=J#"D!
!
K#!
3%)(53&/(*'!6%3&/(')!/*!/@%!/%5/!*+!-&.&-(/0!/*!$&660!
!"#$ T[5()5,A$U'A5(.")50,$
51.(.'6! 73*89:.&d'! ?,--$,9%( )#&#"j ! <3-(&.-'! &! M13/.'.3-! (6&(! &==10''0'! <&M&<.(2! (3!
9&112J!?60!M13/.'.3-!=30'!-3(!'0(!38(!&!(0'(!34!<&M&<.(2J!Q-'(0&=+!.(!<10&(0'!&-!3440-<0!
&MM*.<&:*0! (3! 9&11.&K0F*.<0-'0! .''801'+! 9&11.&K0! <399.''.3-01'+! &-=! 10*.K.38'! 10MF
10'0-(&(./0'J! Q4! &-2! 3-0! 34! (60'0! 344.<.&*'! .''80'! &! 9&11.&K0! *.<0-'0! 31! '3*09-._0'! &!
9&11.&K0!h\-3O.-K!31!6&/.-K!10&'3-!(3!:0*.0/0i!(6&(!3-0!34!(60!M13'M0<(./0!'M38'0'!
.'!&!h90-(&**2!=.'31=010=!M01'3-i!31!.'!.-(3H.<&(0=+!(60-!(6&(!344.<.&*!<399.('!&-!34F
40-'0!&-=!9&2!:0!*.&:*0!(3!M&2!&!4.-0!34!8M!(3!yjCCJ#"> !
!
?60!M13/.'.3-!.'!8-8'8&*!.-!(6&(!.(!&MM*.0'!-3(!(3!(60!M01'3-!31!M01'3-'!O63'0!<&M&<F
.(2!9&2!:0!&(!.''80+!:8(!1&(601!(3!&-!&=9.-.'(1&(./0!344.<.&*!O63!&<('!&'!'390(6.-K!34!
&!K&(0\00M01J!Q(!&*'3!10*.0'!3-!&!=04.-.(.3-!34!C%.&,00'(2$<"-2%-%2(+%-<".!(6&(!=30'!-3(!
<3110'M3-=! 0H&<(*2! O.(6! (60! <*&''! 34! M03M*0! O63! =3-d(! 900(! (60! (0'(! 34! <&M&<.(2! (3!
9&112J#"S!
!
?60!?,--$,9%()#&!&*'3!<3-(&.-'!&!M13/.'.3-!(6&(!&**3O'!h&!M01'3-!p(3q!*3=K0!&!<&/0&(!
O.(6!&-!.''801!34!9&11.&K0!*.<0-<0'!&K&.-'(!(60!.''8.-K!34!&!*.<0-<0!431!(60!9&11.&K0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#"$J!!%%(E,F$<".+!<5+-,!-3(0!SjD!&(!M&1&J!bjT!N,-2+!<5+-,!-3(0!#"C!&(!M&1&J!$RJ!
#"bJ!!%%(E,F$<".+!<5+-,!-3(0!SjDJ!
#"DJ!!%%(E,F$<".+!$4$2J!&(!M&1&J!$T!N,-2+!<5+-,!-3(0!#"C!&(!M&1&J!j"T!?%$0%.+!<5+-,!-3(0!#"C!&(!M&1&J!>+!
)<V3-&*=!XJ!Bh?6010!.'!'390!f80'(.3-!O60(601!(60!9&11.&K0!.'!/3.=!,4($.$&$"!31!/3.=&:*0J!J!J!J!Q!&<F
<0M(!(60!/.0O!(6&(!(60!9&11.&K0!.'!/3.=!,4($.$&$"JiEJ!
#"jJ!U`57!"RR>+!<J!$#$J!
#">J!V4$2J+!'J!bj!BhZ-!.''801!34!9&11.&K0!*.<0-<0'!O63!.''80'!&!*.<0-<0!431!&!9&11.&K0+!&-=!&!10*.K.38'!
10M10'0-(&(./0! 31! 9&11.&K0! <399.''.3-01! O63! '3*09-._0'! &! 9&11.&K0+! \-3O.-K! 31! 6&/.-K! 10&F
'3-!(3!:0*.0/0!(6&(!0.(601!34!(60!M&1(.0'!(3!(60!.-(0-=0=!9&11.&K0!31!(3!(60!9&11.&K0!.'!&!90-(&**2!
=.'31=010=!M01'3-!31!.'!.9M&.10=!:2!=18K'!31!&*<363*+!<399.('!&-!3440-<0!&-=!.'!*.&:*0!3-!<3-/.<F
(.3-!(3!&!M0-&*(2!34!-3(!9310!(6&-!yjCCJiEJ!
#"SJ!!%%(V.&%-+-%&,&$".()#&+!U`57!"RR>+!<J!$b#+!'J!$R!Bh!v90-(&**2!=.'31=010=!M01'3-+d!v90-(&**2!.-<39F
M0(0-(! M01'3-+d!v90-(&**2!.**!M01'3-+d!31! vM01'3-! O.(6! &! 90-(&*! =.'31=01d!90&-'!&!M01'3-!O.(6!&!
90-(&*! =.'31=01! &'! =04.-0=! .-! '0<(.3-! "! 34! (60! ?%.&,0( 3%,0&A( )#&iET! ?%.&,0( 3%,0&A( )#&+! <5+-,!
-3(0!S$b+!'J!"!Bh!vM01'3-!O.(6!&!90-(&*!=.'31=01d!90&-'!&!M01'3-!O63!6&'!&!=.'31=01!34!(60!9.-=!
(6&(!10f8.10'!(10&(90-(!&-=!'01.38'*2!.9M&.1'!(60!M01'3-d'!&:.*.(2!B&E!(3!10&<(!&MM13M1.&(0*2!(3!
(60!M01'3-d'!0-/.13-90-(+!31!B:E!(3!&''3<.&(0!O.(6!3(601'JiEJ!
F``'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
#"#
34!&!M01'3-!-&90=!.-!(60!<&/0&(Ji !Q4!(60!<&/0&(!'(&(0'!(60!hK138-=!34!3:c0<(.3-i!3-!
O6.<6!.(!.'!438-=0=!&-=!900('!3(601!M13<0=81&*!10f8.1090-('+!(60-!h-3!9&11.&K0!*.F
<0-<0!9&2!:0!.''80=!:2!(60!.''801i!8-(.*!(60!.''801!6&'!.-f8.10=!.-(3!(60!K138-=!34!
3:c0<(.3-!&-=!h.'!'&(.'4.0=!(6&(!.(!38K6(!-3(!(3!3:'(18<(!(60!.''8.-K!34!(60!*.<0-<0i!31!
(60! <&/0&(31! O.(6=1&O'! (60! <&/0&(J#"R! ?6.'! M13/.'.3-! <38*=! :0! 8'0=! (3! (12! (3! M10F
09M(!&!9&11.&K0!.-/3*/.-K!&!M01'3-!O.(6!=.9.-.'60=!<&M&<.(2J!
!
!*#$ B1)&0-5)>$ )0$ T,"6)$ U'A5(.")50,$ 5,$ Z'.")50,$ )0$ 4',)".$ E"8"65)>$ ",2$
4"--5"A'$
?60!B".<&$&5&$".()#&/([^fS+#$C !=./.=0'!*0K.'*&(./0!&8(631.(2!431!(3M.<'!<3-<01-.-K!9&1F
1.&K0!:0(O00-!(60!40=01&*!M&1*.&90-(!&-=!(60!M13/.-<.&*!*0K.'*&(810'J!W&1*.&90-(!6&'!
(60!&8(631.(2!(3!*0K.'*&(0!O.(6!10'M0<(!(3!9&11.&K0!&-=!=./31<0+#$"!O6.*0!(60!*0K.'*&F
(810'!9&2!M&''!*&O'!10*&(.-K!(3!(60!'3*09-._&(.3-!34!9&11.&K0J#$$!
!
P0K&*!<&M&<.(2!(3!9&112!'638*=!4&**!'f8&10*2!O.(6.-!(60!40=01&*!60&=!34!M3O01!(3!*0KF
.'*&(0!3-!9&11.&K0!&-=!=./31<0J!Q-=00=+!M&1*.&90-(!6&'!0-&<(0=!'390!*0K.'*&(.3-!(6&(!
(38<60'!3-!*0K&*!<&M&<.(2!(3!9&112J#$b!?60!<39M*.<&(.-K!4&<(31!<390'!.-!(60!4319!34!
M13/.-<.&*! &K0! 10'(1.<(.3-'! 3-! 9&11.&K0J! Z**! M13/.-<0'! 6&/0! *0K.'*&(.3-! '0((.-K! (60!
9.-.989!&K0!&(!O6.<6!&!M01'3-!<&-!9&112J#$D!e-!.('!4&<0+!(6.'!*0K.'*&(.3-!*33\'!*.\0!.(!
.'!&==10''.-K!(60!(2M0!34!*0K&*F<&M&<.(2!.''80!(6&(!'638*=!4&**!O.(6.-!(60!c81.'=.<(.3-!
34! M&1*.&90-(J! ?60'0! &K0! 10'(1.<(.3-'! 6&/0! :00-! <6&**0-K0=! 3-! (6&(! :&'.'+! :8(! (60!
<381('!6&/0!8M60*=!(60'0!*&O'!&'!&!/&*.=!0H01<.'0!34!(60!M13/.-<0'd!'3*09-._&(.3-F34F
9&11.&K0!M3O01J#$j!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#"#J!!5+-,!-3(0!#"j+!'J!$b!B"EJ!
#"RJ!V4$2J+!'J!$b!B$EJ!
#$CJ!B,^E+!bC!l!b"!;.<(J+!<J!b+!10M1.-(0=!.-!U`7!"R#j+!ZMMJ!QQ+!m3J!jJ!
#$"J!!%%($4$2J+!'J!R"!B$>EJ!
#$$J!!%%($4$2J+!'J!R$!B"$EJ!?60!?,--$,9%()#&+!<5+-,!-3(0!#"j+!.'!&-!0H&9M*0!34!(60!0H01<.'0!34!(6.'!*0K.'F
*&(./0!M3O01J!
#$bJ!!%%(?,--$,9%(*:-"A$4$&%2(E%9-%%<;()#&+!`7!"RRC+!<J!D>!BM136.:.(.-K!9&11.&K0!:0(O00-!10*&(0=!M01F
'3-'ET! B$F$0( ?,--$,9%( )#&+! `7! $CCj+! <J! bb! B0H(0-=.-K! 0f8&*! &<<0''! (3! 9&11.&K0! (3! '&90F'0H! <38F
M*0'EJ!
#$DJ!!%%+!%J9J+!?,--$,9%()#&+!<5+-,!-3(0!#"j+!'J!$R!B9&11.&K0!34!M01'3-!8-=01!">!20&1'!34!&K0EJ!!%%(,0<"(
$4$2J+!'J!$#!B<3-'0-(!10f8.10=!(3!9&11.&K0!34!M01'3-!8-=01!"R!20&1'!34!&K0EJ!
#$jJ!!%%(L"<<(FJ(?,#i5%%.+!p"RD#q!$!VPU!jb>!&(!jDC+!p"RD#q!"!LLU!$j#!BZ*(&J!`7E+!)<P&81.-!XJ!B8MF
63*=.-K!*0K.'*&(.3-!3-!(60!:&'.'!(6&(!hp(q60!10'(1.<(.3-'!M*&<0=!:2!'J!$D!3-!(60!9&11.&K0!34!M01'3-'!
8-=01!(60!&K0!34!">!20&1'+!=3!-3(!K3!(3!(60!9&((01!34!<&M&<.(2!:8(!(3!(60!f80'(.3-!34!(60!'3*09-.F
_&(.3-! 34! 9&11.&K0! .-! (60! W13/.-<0! J!J!JiET! 3"4<".( FJ( I-,'! B"Rj#E+! "b! VPU! B$=E! DCD+! $j! LLU! #$!
BZ*(&J!`7EJ!!%%(,0<"(Y%--(FJ(Y%--+!p"RbDq!`7U!S$+!p"RbDq!$!VPU!b>R!B8M63*=.-K!M&10-(&*F<3-'0-(!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
F`a'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
Z**! (6.'! M8('! (60! .''80! 34! 90-(&*F<&M&<.(2! *0K.'*&(.3-! 3-! 9&11.&K0! .-! &! K102! &10&J#$>!
?60! 40=01&*! K3/01-90-(! '638*=! 6&/0! (60! &8(631.(2! (3! 0-&<(! *0K.'*&(.3-! <3-<01-.-K!
90-(&*!<&M&<.(2!&-=!9&11.&K0!8-=01!.('!9&11.&K0F&-=F=./31<0!M3O01J!58(+!&'!&!M1&<F
(.<&*! 9&((01+! M&1*.&90-(! 6&'! =093-'(1&(0=! 3/01! (60! 20&1'! (6&(! .(! 8'0'! (6.'! M3O01!
'M&1.-K*2J! ?60! M13/.-<0'! 6&/0! '63O-! 9310! 3M0--0''! (3! 0H01<.'.-K! (60.1! M3O01'! .-!
(6.'!&10&J!Q(!<38*=!:0!&1K80=!(6&(!*0K.'*&(.3-!3-!(60!(0'(!34!<&M&<.(2!(3!9&112!.'!&-&*3F
K38'!(3!*0K.'*&(.3-!'0((.-K!&!9.-.989!&K0!34!9&11.&K0J!58(!'8<6!&-!&1K890-(!O38*=!
:0!/8*-01&:*0!(3!<6&**0-K0!.-!(60!<381('J!
!
Q(!98'(!:0!&<\-3O*0=K0=!(6&(!-0.(601!M&1*.&90-(!-31!&-2!M13/.-<.&*!*0K.'*&(810!6&'!
0-&<(0=! &-2! *0K.'*&(.3-! =0&*.-K! O.(6! (60! (0'(! 34! 90-(&*! <&M&<.(2! (3! 9&112J! `3! (60!
f80'(.3-!34!O6.<6!*0/0*!34!K3/01-90-(!6&'!(60!&8(631.(2!(3!0-&<(!'8<6!*0K.'*&(.3-!.'!
(60310(.<&*!&(!(6.'!(.90J!
!
!6#$ TV1".5)>$Z5A&)($",2$U'A5(.")50,$0,$)&'$%'()$03$E"8"65)>$)0$4"-->$
e-0! 34! (60! 1.K6('! K8&1&-(00=! :2! (60! B,.,2$,.( BA,-&%-( "@( L$9A&<( ,.2( P-%%2"C<#$S! .'!
h0f8&*.(2! :04310! &-=! 8-=01! *&O! &-=! 0f8&*! M13(0<(.3-! &-=! :0-04.(! 34! *&OJi#$#! ?6.'!
1.K6(! 6&'! 10<0./0=! 0H(0-'./0! <3-'.=01&(.3-! .-! '0/01&*! 10<0-(! <&'0'! =0&*.-K! O.(6! 10F
'(1.<(.3-'! 3-! &<<0''! (3! 9&11.&K0J#$R! `390! 34! (60! 10&'3-.-K! &=3M(0=! .-! (60'0! <&'0'!
<38*=!&MM*2+!:2!&-&*3K2+!(3!&-2!*0K.'*&(.3-!=0&*.-K!O.(6!(60!(0'(!34!<&M&<.(2!(3!9&112J!
?60!.''80'!&-=!63O!(602!O38*=!:0!10'3*/0=!&10!9&((01'!34!'M0<8*&(.3-!&(!M10'0-(J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
*0K.'*&(.3-!&'!/&*.=!0H01<.'0!34!M13/.-<0d'!'3*09-._&(.3-F34F9&11.&K0!M3O01ET!8%9%4"Z"@@(FJ(8%9%O
4"Z"@@!B"R#$E+!"b>!VPU!Bb=E!j>>+!$#!UGP!B$=E!$"$!B57`7E!B9&11.&K0!34!"jF20&1F3*=!K.1*!8M60*=!
.-!(60!4&<0!34!57!?,--$,9%()#&!&K0!10'(1.<(.3-g<381(!0HM10''.-K!-3!3M.-.3-!3-!<3-'(.(8(.3-&*.(2!
34!M13/.'.3-EJ!
#$>J!!%%!U3:01('3-+!<5+-,!-3(0!Db#!&(!$j>!Bh`0/01&*!O1.(01'!6&/0!&1K80=!(6&(!(60!90-(&*!60&*(6!10F
'(1.<(.3-'!p3-!9&11.&K0q!&10!.-!'8:'(&-<0!10*&(0=!(3!<&M&<.(2!(3!9&112!&-=!&10!(60104310!:023-=!
(60! *0K.'*&(./0! &8(631.(2! 34! (60! M13/.-<0'J! Z*(638K6! (6.'! &1K890-(! 6&'! <3-'.=01&:*0! 901.(+! (60!
<&'0F*&O! 3-! M13/.-<.&*! 10K8*&(.3-! 34! M&10-(&*! <3-'0-(! &-=! (60! &K0! 34! <3-'0-(! (3! 9&11.&K0! '8KF
K0'('!(6&(!(60!<381('!9&2!O0**!/.0O!(60!90-(&*!60&*(6!10'(1.<(.3-'!&'!=0&*.-K!O.(6!'3*09-._&(.3-!
&-=!(68'!O.(6.-!M13/.-<.&*!*0K.'*&(./0!&8(631.(2Ji!p433(-3(0'!39.((0=qEJ!
#$SJ!W&1(!Q!34!(60!B".<&$&5&$".()#&/([]^Q+!:0.-K!`<60=8*0!5!(3!(60!B,.,2,()#&([]^Q!B,^E+!"R#$+!<J!""J!
#$#J!V4$2J+!'J!"j!B"EJ!
#$RJ!!%%+!%J9J+!3,0+%-.(FJ(B,.,2,(*)&&"-.%'(I%.%-,0;!B$CCbE+!>j!eU!Bb=E!">"+!$$j!VPU!BD(6E!j$R!B7ZE!
p3,0+%-.! <.(0=! (3! eUq! B10/.0O.-K! <3993-F*&O! M136.:.(.3-! 3-! '&90F'0H! 9&11.&K0! .-! *.K6(! 34!
0f8&*.(2F1.K6('!K8&1&-(00EJ!!%%(,0<"(K"F,(!#"&$,(*)&&"-.%'(I%.%-,0;(FJ(N,0<A+!$CC$!`77!#b+!p$CC$q!
D!`7U!b$j!pN,0<Aq!B<3-'.=01.-K!&<<0''!(3!'(&(8(312!M13M01(2F=./.'.3-!10K.90!431!<38M*0'!*./.-K!
.-!&!9&11.&K0F*.\0!10*&(.3-'6.MEJ!
FaE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
)@'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
=00;"0'1$%'!"1$%*'
?6.'! '0<(.3-! <3-'.=01'! (O3! .''80'! 431! 104319J! ?60! 4.1'(! .''80! 1&.'0'! (60! f80'(.3-! 34!
<6&-K.-K!(60!0*090-('!34!(60!(0'(J!?60!'0<3-=!0H&9.-0'!O60(601!(60!(0'(!34!<&M&<.(2!
'638*=!:0!10'(&(0=!.-!*0K.'*&(.3-J!
!
"#!
5@*837! &'0! &5.%-/! *+! /@%! -*$$*';3&<! /%5/! *+! -&.&-(/0! /*! $&660! =%!
$*7(+(%7!=0!3%)(53&/(*'E!
Z!-89:01!34!<3990-(&(31'!6&/0!10<0-(*2!<&**0=!431!104319'!(3!(60!<3993-F*&O!(0'(!
34!<&M&<.(2!(3!9&112J#bC!U04319!.'!-0<0''&12+!.-!(60.1!/.0O+!:0<&8'0!(60!*&O!6&'!4&.*0=!
(3!10'M3-=!(3!<6&-K.-K!'3<.&*!<3-=.(.3-'J#b"!
!
?60!(10-='!&10!-3(.<0&:*0!0/0-!.-!&!<81'312!0H&9.-&(.3-!34!(60!*0&=.-K!<&'0'!3-!(60!
(0'(!34!<&M&<.(2!(3!9&112J!?60!<&'0'!4139!(60!-.-0(00-(6!&-=!93'(!34!(60!(O0-(.0(6!
<0-(81.0'!<3-<01-0=!9&.-*2!238-K!&=8*('!O63!O010!9&112.-K!431!(60!4.1'(!(.90J!58(!
:2!&:38(!(60!"RRC'+!(60!<6&1&<(01.'(.<!4&<(!M&((01-!6&=!'00-!&!<6&-K0J!m3O!(60!(2M.F
<&*! <&'0! .-/3*/0'! &-! 3*=01! &=8*(+! O63! 6&'! 9&11.0=! &(! *0&'(! 3-<0! :04310+! 9&112.-K! &!
98<6!238-K01!M01'3-J!
!
73990-(&(31'! =0/0*3M0=! &! -&90! 431! (6.'! (2M0! 34! 9&11.&K0A! &! hM10=&(312! 9&1F
1.&K0Ji#b$! W10=&(312! 9&11.&K0'! 0HM*3.(! (60! M13M01(2! 1.K6('! (6&(! 4*3O! 4139! 9&11.&K0J!
L6.*0! (60'0! 1.K6('! 9&2! :0! .-'.K-.4.<&-(! .-! (60! <&'0! 34! 238-K! M03M*0+! O63! &10! c8'(!
'(&1(.-K!38(!.-!*.40+!(602!<&-!:0!6.K6*2!/&*8&:*0!431!3*=01!&=8*('+!O63!6&/0!&!*.40(.90!
34!O31\!&-=!'&/.-K!:06.-=!(609J!?60!.-(01&<(.3-!34!9&11.&K0!&-=!0'(&(0!M*&--.-K!.'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#bCJ!!%%!^.9:01*2!L6&*02!%&(,0J+!B,+,#$&'(&"(?,--'(,.2(&A%(T<&,&%(:0,.!BZ8131&+!emA!7&-&=&!P&O!533\+!
$C"CE!pL6&*02+!B,+,#$&'(&"(?,--'qT!L0-=2!PJ!]1.0'=314+!h71&_2!.-!P3/0A!7&10K./01!)&11.&K0'!.-!
(60! 73-(0H(! 34! %'(&(0! V.'M8(0'i! B$CC>E+! $j! %?WX! b"jT! e3'(016344+! h73-'0f80-<0'+i! <5+-,! -3(0!
S#>J!!%%(,0<"!U&(6:81-+!<5+-,!-3(0!SDRT!?0112!PJ!?81-.M'00=+!h[3O!V3!Q!P3/0!?600+!P0(!)0!738-(!
(60!V&2'A!V0&(6:0=!)&11.&K0'!.-!Z901.<&i!B$CC#E!R>!^2J!PX!$Sj!B10<0-(!0H&9M*0'!34!Z901.<&-!
<&**'!431!104319EJ!
#b"J!!%%! e3'(016344+! h73-'0f80-<0'+i! <5+-,! -3(0! S#>! &(! $#D! Bh(60! *&O! -00='! (3! :0! :138K6(! .-(3! *.-0!
O.(6!93=01-!10&*.(.0'iEJ!
#b$J!!%%! L6&*02+! B,+,#$&'( &"( ?,--'+! <5+-,! -3(0! #bC! &(! >R! BM10=&(312! 9&11.&K0'! h&10! 9&11.&K0'! 0-F
(010=!.-(3!431!(60!'.-K8*&1!M81M3'0!34!0HM*3.(&(.3-+!M01'3-&*!K&.-!31!M134.(!:2!8-M1.-<.M*0=!.-=.F
/.=8&*'! O63! &10! (&\.-K! &=/&-(&K0! 34! (60! /8*-01&:*0+! =0M0-=&-(+! 0*=01*2+! <3K-.(./0*2! .9M&.10=+!
&-=!.-<&M&:*0iET!^.9:01*2!L&**.'+!h?60!<&M&<.(2!(3!9&112i!DA%(8,<&(N"-2\(B6)(K,&$".,0(N$00</(T<O
&,&%<( ,.2( D-5<&<( K%><0%&&%-! BV0<09:01! $C"$E+! 3-*.-0A! 7&-&=.&-! 5&1! Z''3<.&(.3-!
t6((MANNOOOJ<:&J31Ku!BhL.(6!:3(6!*3-K0/.(2!&-=!*&(0F.-F*.40!'0M&1&(.3-!&-=!=./31<0!3-!(60!1.'0+!
M10=&(312!9&11.&K0'!9&2!&*'3!:0!.-<10&'.-KJiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FaF'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
&*'3!'.K-.4.<&-(J!,-=01!(60!<8110-(!*&O+!9&11.&K0!10/3\0'!&!O.**#bb!B:8(+!.-!51.(.'6!73F
*89:.&+! (60! =&2'! &10! -89:010=! 431! (6.'! 18*0E+#bD! &-=! &! 'M38'0! 10<0./0'! &! M1040110=!
'6&10! 34! &-! .-(0'(&(0! 'M38'0d'! 0'(&(0J#bj! ?60! <39:.-&(.3-! 34! =093K1&M6.<! <6&-K0'!
*0&=.-K!(3!&-!3*=01!M3M8*&(.3-!&-=!18*0'!=0/0*3M0=!.-!10*&(.3-!(3!-.-0(00-(6F<0-(812!
'3<.&*! <3-=.(.3-'! <10&(0'! &-! 3MM31(8-.(2! 431! 41&8='(01'! (3! 0HM*3.(! (60! h(0-'.3-! :0F
(O00-!(60!<8110-(!*3O!(610'63*=!431!<&M&<.(2!(3!9&112!&-=!(60!4.-&-<.&*!&-=!0'(&(0!
.9M*.<&(.3-'!34!9&11.&K0Ji#b> !
!
Q4!hp.q(d'!0&'2!(3!K0(!9&11.0=+!9&2:0!(33!0&'2+i#bS!&-=!(6.'!<10&(0'!M13:*09'+!(60-!(60!
'3*8(.3-!(3!(60'0!M13:*09'!431!M13M3-0-('!34!104319!.-/3*/0'!1&.'.-K!(60!(610'63*=!
34!90-(&*!<&M&<.(2!(3!9&112J#b#!Z!M1&<(.<&*!O&2!(3!&<6.0/0!(6.'!10'8*(!O38*=!:0!(3!0-F
&<(!*0K.'*&(.3-!(6&(!09:1&<0'!(60!=.10<(.3-!'390!<381('!6&/0!:00-!93/.-K!.-!:2!&==F
.-K!0*090-('!(3!(60!(0'(!34!<&M&<.(2!(3!9&112J#bR !Z==.-K!0*090-('!(3!(60!(0'(!34!<&M&<F
.(2!(6&(!43<8'!3-!&!M3(0-(.&*!'M38'0d'!<&M&<.(2!(3!9&-&K0!6.'!31!601!4.-&-<0'!&-=!(3!
&MM10<.&(0!(60!0440<(!34!(60!9&11.&K0!3-!(60!.-(010'('!34!3(601!4&9.*2!909:01'!O38*=!
=.10<(*2! &==10''! (60! <3-<01-'! 1&.'0=! :2! M10=&(312! 9&11.&K0'! &-=! O38*=! &*'3! 1&.'0!
(60!*0/0*!34!<&M&<.(2!10f8.10=!(3!900(!(60!(0'(!34!<&M&<.(2!(3!9&112J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#bbJ!!%%(N$00<()#&+!<5+-,!-3(0!DSj+!'J!"j!BhZ!O.**!.'!10/3\0=!:2!(60!9&11.&K0!34!(60!(0'(&(31+!8-*0''!B&E!
(6010!.'!&!=0<*&1&(.3-!.-!(60!O.**!(6&(!.(!.'!9&=0!.-!<3-(09M*&(.3-!34!(60!9&11.&K0+!31!B:E!(60!O.**!
.'!9&=0!.-!0H01<.'0!34!&!M3O01!34!&MM3.-(90-(!34!M13M01(2!O6.<6!O38*=!-3(!.-!=04&8*(!34!(60!&MF
M3.-(90-(!M&''!(3!(60!60.1+!0H0<8(31!31!&=9.-.'(1&(31!34!(60!(0'(&(31!31!(3!(60!M01'3-'!0-(.(*0=!(3!
(60!0'(&(0!34!(60!(0'(&(31!.4!(60!M01'3-!=.0=!.-(0'(&(0JiEJ!
#bDJ!!%%(L%+"-&(".(N$00</(T<&,&%<(,.2(!5##%<<$".\()(?"2%-.(8%9,0(P-,C%>"-Z+!<5+-,!-3(0!j"#!&(!bbobD!
B10<3990-=.-K! &:3*.(.3-! 34! 10/3<&(.3-! 34! O.**! :2! '8:'0f80-(! 9&11.&K0EJ! !%%( ,0<"! N$00</( T<&,&%<(
,.2(!5##%<<$".()#&+!<5+-,!-3(0!"C!B-3(!<&112.-K!431O&1=!N$00<()#&!M13/.'.3-!3-!10/3<&(.3-!34!O.**!
:2!'8:'0f80-(!9&11.&K0g.-!431<0!b"!)&1<6!$C"DEJ!
#bjJ!!%%(T<&,&%()2C$.$<&-,&$".()#&+!U`57!"RR>+!<J!"$$+!''J!#b!B.-(0'(&(0!*0&/.-K!'M38'0!:8(!-3!.''80E+!
#j!B.-(0'(&(0!*0&/.-K!'M38'0!&-=!.''80EJ!!%%(,0<"(N$00</(T<&,&%<(,.2(!5##%<<$".()#&+!<5+-,!-3(0!"C+!
'J!$C!B'M38'0!:8(!-3!=0'<0-=0-('E+!$"!B'M38'0!&-=!=0'<0-=0-('E!B.-!431<0!b"!)&1<6!$C"DEJ!
#b>J!L6&*02+!B,+,#$&'(&"(?,--'+!<5+-,!-3(0!#bC!&(!RjJ!
#bSJ!7&190**0!W0.'&6+![0-12!513=&(2!l!)&1.0!51.=K01+!hZ:8'0!:2!)&11.&K0A!?60!%HM*3.(&(.3-!34!)0-F
(&**2!Q**!e*=01!W03M*0i!B$CC#E!$b!Q-(d*!XJ!]01.&(1.<!W'2<6.&(12!##b!&(!##bJ!
#b#J!!%%!L6&*02+!B,+,#$&'(&"(?,--'+!<5+-,!-3(0!#bC!&(!DT!e3'(016344+!h73-'0f80-<0'+i!<5+-,!-3(0!S#>!
&(!$SbJ!L6&*02!&-=!e3'(016344+!&'!O0**!&'!]1.0'=314+!<5+-,!-3(0!#bC+!'M0-(!(.90!=.'<8''.-K!&-!&*F
(01-&(./0! M&(6! (3! 104319+! O6.<6! .-/3*/0'! =3.-K! &O&2! O.(6! (60! 18*0! (6&(! &! '8:'0f80-(! 9&11.&K0!
10/3\0'!&!O.**J!Q-!*.K6(!34!(60!4&<(!(6&(!(6.'!18*0!.'!-3(!M10'01/0=!.-!(60!N$00</(T<&,&%<(,.2(!5##%<O
<$".()#&+!<5+-,!-3(0!"C!B.-!431<0!b"!)&1<6!$C"DE+!(6.'!<6&M(01!=30'!-3(!=O0**!3-!(6.'!&'M0<(!34!
(60.1!&1K890-(J!
#bRJ!!%%!L6&*02+!B,+,#$&'(&"(?,--'+!<5+-,!-3(0!#bCJ!
FaD'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
?6010!&10!'0/01&*!&=/&-(&K0'!(3!(6.'!M13M3'&*J!Q(!O38*=!0-6&-<0!(60!M13(0<(./0!M81F
M3'0!34!(60!*&OJ!Q(!O38*=!93=01-._0!(60!*&O!:2!10<3K-._.-K!(6&(!'3<.&*!(10-='!6&/0!
<6&-K0=!(60!0440<(!34!9&11.&K0!431!9&-2!M03M*0J!?60!M13M3'0=!<6&-K0'!O38*=!&*'3!
'01/0!(3!6&193-._0!(60!(0'(!34!<&M&<.(2!(3!9&112!O.(6!3(601!.9M31(&-(!(0'('!34!<&M&<F
.(2+!'8<6!&'!(60!(0'('!34!<&M&<.(2!(3!9&\0!&!O.**!&-=!(3!9&-&K0!4.-&-<0'!&-=!&44&.1'J!
?6.'!9&2!60*M!(3!'.9M*.42!(60!*&O+!&'!40O01!=.'(.-<(!(0'('!34!<&M&<.(2!O38*=!:0!3-!(60!
:33\'J!Q(!9&2!&*'3!'933(6!(60!.9M*090-(&(.3-!34!&!1043190=!(0'(!34!<&M&<.(2!.-!M1&<F
(.<0+!&'!.(!O38*=!=1&O!3-!:3(6!(10-='!.-!(60!<&'0!*&O!&-=!3-!0H.'(.-K+!O0**F=0/0*3M0=!
(0'('!34!<&M&<.(2J!
!
?6010! &10! M3(0-(.&*! =1&O:&<\'! (3! 0-=31'.-K! (6.'! M13M3'&*J! ?60! =3O-'.=0'! (3! (60'0!
M13M3'0=!104319'!&10!M016&M'!:0'(!=1&O-!38(!:2!-3(.-K!(60!M3'.(./0!<&'0!431!(60!*&O!
&'!.(!<8110-(*2!'(&-='J!Q(!.'!6&1=!(3!4.-=!<3990-(&(31'!O63!6&/0!938-(0=!&!=040-<0!
34! (60! (0'(! 34! <&M&<.(2! (3! 9&112! &-=! .('! 93'(! =.'(.-<(./0! 40&(810+! (60! 10*&(./0*2! *3O!
(610'63*=! 34! <&M&<.(2! (3! 9&112J! 58(! .(! .'! M3''.:*0! (3! K1&'M! (60! M3*.<2! (6&(! '8MM31('!
6&/.-K!&!*3O!(610'63*=!34!<&M&<.(2!(3!9&112J!
!
?60!'(&1(.-K!M*&<0!431!'8<6!&-!&1K890-(!O38*=!:0!(60!M3.-(!9&=0!:2!<38-'0*!.-!&1K8F
.-K!:,-Z!B7ZEA!hp.q(!O38*=!:0!<3-(1&12!(3!M8:*.<!.-(010'(!(3!M8(!(33!6.K6!(60!'(&-=&1=!
34! 90-(&*! <&M&<.(2! 10f8.10=! 431! &! /&*.=! 9&11.&K0+! &-=! M&1(.<8*&1*2! =&-K0138'! (3! &<F
<0M(!&'!3-0!34!(60!10f8.'.(0'!(60!<&M&<.(2!(3!(&\0!<&10!34!3-0d'!3O-!M13M01(2Ji#DC!?60!
=&-K01!4*3O'!4139!(60!*3-K'(&-=.-K!M3'.(.3-!34!(60!*&O!O6.<6!/.0O'!9&11.&K0!&'!h(60!
<6.04!438-=&(.3-!3-!O6.<6!(60!'8M01'(18<(810!34!'3<.0(2!10'('Ji#D"!%440<(./0*2!:&11.-K!
<01(&.-! .-=./.=8&*'! O.(6! =.9.-.'60=! <&M&<.(2! 4139! (6.'! .9M31(&-(! .-'(.(8(.3-! 18-'!
<38-(01! (3! (6.'! '3<.0(&*! .-(010'(J! Q-! &==.(.3-+! 9310F10<0-(! <&'0'! 3-! 9&11.&K0! 6&/0!
'(10''0=!(60!h.-(0-'0*2!M01'3-&*i#D$!-&(810!34!(60!=0<.'.3-!(3!9&112!&-=!9&11.&K0d'!
13*0! .-! h0-6&-<.-K! &-! .-=./.=8&*d'! '0-'0! 34! '0*4FO31(6! &-=! =.K-.(2Ji#Db ! ?60'0! <39F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#DCJ!!5+-,!-3(0!SDj!&(!"">J!
#D"J!)0<+%#&"-(FJ()0<+%#&"-+!p"RjSq!eU!"D!&(!$"+!S!VPU!B$=E!$Cb!B`7E+!)<U801!7X!Bf83(.-K!TF%-<0%'(".(
E"C%<&$#(L%0,&$".<+!>(6!0=J!&(!DEJ!
#D$J!N,0<A+!<5+-,!-3(0!#$R!&(!M&1&J!Db+!5&'(&1&<60!XJ!B)<P&<6*.-!7X!&-=!Q&<3:8<<.+!)&c31+!5.--.0+!Z1F
:381+!&-=!P050*!XX!<3-<811.-KE!Bh?60!=0<.'.3-!(3!9&112!31!-3(!.'!.-(0-'0*2!M01'3-&*!&-=!0-K&K0'!&!
<39M*0H!.-(01M*&2!34!'3<.&*+!M3*.(.<&*+!10*.K.38'+!&-=!4.-&-<.&*!<3-'.=01&(.3-'!:2!(60!.-=./.=8&*JiEJ!
#DbJ!3,0+%-.+!<5+-,!-3(0!#$R!&(!M&1&J!j+!(60!<381(!Bh)&11.&K0!.'+!O.(638(!=.'M8(0+!3-0!34!(60!93'(!'.KF
-.4.<&-(!4319'!34!M01'3-&*!10*&(.3-'6.M'J!G31!<0-(81.0'+!9&11.&K0!6&'!:00-!&!:&'.<!0*090-(!34!'3F
<.&*!31K&-._&(.3-!.-!'3<.0(.0'!&138-=!(60!O31*=J!?6138K6!(60!.-'(.(8(.3-!34!9&11.&K0+!.-=./.=8&*'!
<&-!M8:*.<*2!0HM10''!(60.1!*3/0!&-=!<399.(90-(!(3!0&<6!3(601J!?6138K6!(6.'!.-'(.(8(.3-+!'3<.0(2!
M8:*.<*2!10<3K-._0'!0HM10''.3-'!34!*3/0!&-=!<399.(90-(!:0(O00-!.-=./.=8&*'+!K1&-(.-K!(609!10F
'M0<(! &-=! *0K.(.9&<2! &'! &! <38M*0J! ?6.'! M8:*.<! 10<3K-.(.3-! &-=! '&-<(.3-! 34! 9&1.(&*! 10*&(.3-'6.M'!
104*0<(!'3<.0(2d'!&MM13:&(.3-!34!(60!M01'3-&*!63M0'+!=0'.10'!&-=!&'M.1&(.3-'!(6&(!8-=01*.0!*3/.-K+!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FaB'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
90-('!<38*=!0&'.*2!:0!&MM*.0=!(3!&-!0-6&-<0=!(0'(!34!<&M&<.(2!(3!9&112+!<6&1&<(01._F
.-K!'8<6!&!(0'(!34!<&M&<.(2!&'!8-=01<8((.-K!3-0!34!(60!M81M3'0'!34!(60!*&O+!O6.<6!.'!(3!
M1393(0!(60!=.K-.(2!34!M01'3-'!O.(6!=.9.-.'60=!<&M&<.(2J!
!
?60! <399.((00! 438-=! (6.'! .''80! (3! :0! 3-0! 34! (60! 93'(! =.44.<8*(! .(! 0-<38-(010=! 3/01!
(60! <381'0! 34! (6.'! M13c0<(J! ?60! <399.((00! &K100'! (6&(! '390! 34! (60! 3*=01! c8=K90-('!
(6&(!6&/0!60*M0=!(3!'6&M0!(60!(0'(!34!<&M&<.(2!(3!9&112!&10!38(!34!'(0M!O.(6!93=01-!
'3<.&*!(10-='J!G81(601+!<3-<01-'!&:38(!M10=&(312!9&11.&K0'!M3.-(!(3!&!10&*!&-=!(138F
:*.-K!.''80J!?60!*3O!(610'63*=!34!90-(&*!<&M&<.(2!'0(!:2!(60!(1&=.(.3-&*!(0'(!34!<&M&<F
.(2!(3!9&112!6&'!3M0-0=!(60!=331!(3!0HM*3.(&(.3-!.-!'390!<&'0'J!
!
58(!(60!<399.((00!&*'3!6&=!<3-<01-'!&:38(!8'.-K!*0K.'*&(.3-!(3!93=.42!(60!(0'(!34!<&F
M&<.(2! (3! 9&112+! <10&(.-K! &! 6.K601! '(&-=&1=! 34! 90-(&*! <&M&<.(2J! ?60! 9&.-! <3-<01-!
O&'!(6&(!*0K.'*&(.3-!&.90=!&(!'(&9M.-K!38(!M10=&(312!9&11.&K0'!O38*=!0-=!8M!&<(.-K!
&'!:&11.01!(3!9&11.&K0!431!3(601!M03M*0!O.(6!=.9.-.'60=!<&M&<.(2J!?60!:13&=!31.0-(&F
(.3-!34!*0K.'*&(.3-!9&\0'!.(!/012!=.44.<8*(!(3!=1&O!*.-0'!:0(O00-!<&'0'!O.(6!'8:(*0!=.4F
4010-<0'J!7&'0!*&O!9&2!:0!:0((01!'.(8&(0=!(3!6&-=*0!(6.'!(&'\J!?60!&=/0-(!34!(60!N$00</(
T<&,&%<(,.2(!5##%<<$".()#&+#DD!O6.<6!O.**!-3(!<3-(&.-!(60!18*0!(6&(!&!9&11.&K0!10/3\0'!
&!M1.31!O.**+!9&2!&*'3!60*M!(3!&==10''!M10=&(312!9&11.&K0'J!G81(601+!(60!<39M*0H!'0(!
34!<3-'(.(8(.3-&*F*&O!=.<(&(0'!(6&(!3M01&(0!.-!(6.'!&10&!9&\0'!.(!/012!=.44.<8*(!(3!<1&4(!
*0K.'*&(.3-! (6&(! O38*=! -3(! &((1&<(! &! <6&**0-K0! .-! (60! <381('J! G.-&**2+! (60! <399.((00!
O&'!<3-<01-0=!(6&(!1&.'.-K!(60!(610'63*=!34!90-(&*!<&M&<.(2!10f8.10=!8-=01!(60!(0'(!
34!<&M&<.(2!(3!9&112!<38*=!<10&(0!.-<0-(./0'!431!(6.1=!M&1(.0'!(3!<6&**0-K0!9&11.&K0'J!
!
Z! 9&c31.(2! 34! <3-'8*(&(.3-! 10'M3-=0-('! '8MM31(0=! (60! <399.((00d'! (0-(&(./0! 10<F
3990-=&(.3-! 3-! (6.'! .''80J! 58(! '0/01&*! 10'M3-=0-('! O010! '(13-K*2! 3MM3'0=! (3! .(+!
&-=!344010=!&*(01-&(./0!M13M3'&*'+!O6.<6!&10!-3(0=!:0*3OJ!
!
?60!<399.((00!10<3990-='A!
Q^J(8%9$<0,&$".(<A"502(."&(4%(%.,#&%2(&"(C"2$@'(,.'("@(&A%(%0%C%.&<("@(&A%(#"CC".O0,>(
&%<&("@(#,+,#$&'(&"(C,--'J(
!
Z!-89:01!34!10'M3-=0-('!(3!(60!<3-'8*(&(.3-!M&M01!M13M3'0=!<6&-K0'!(3!&!'01.0'!34!
'(&(8(0'!(6&(!=0&*!O.(6!(60!4.-&-<.&*!B&-=+!431!'390!10'M3-=0-('+!3(601!*0K&*E!<3-'0F
f80-<0'! 34! 9&11.&K0! &'! &! O&2! (3! M13/.=0! 0-6&-<0=! M13(0<(.3-! &K&.-'(! M10=&(312!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
<399.((0=!<3-c8K&*!10*&(.3-'6.M'J!?6.'!<&-!3-*2!0-6&-<0!&-!.-=./.=8&*d'!'0-'0!34!'0*4FO31(6!&-=!
=.K-.(2JiEJ!
#DDJ!!5+-,!-3(0!"C!B.-!431<0!b"!)&1<6!$C"DEJ!
Fa]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
9&11.&K0'!O.(638(!<6&-K.-K!(60!(0'(!34!<&M&<.(2!(3!9&112J#Dj!?6.'!'(18<\!(60!<399.(F
(00!&'!.-(1.K8.-K!.=0&!(6&(!O38*=!:0!O31(6!481(601!'(8=2J!Q=0&**2+!.(!O38*=!:0!(60!'8:F
c0<(! 34! &! *&OF104319! M13c0<(! .-! .('! 3O-! 1.K6(+! &'! &'M0<('! 34! (6.'! M13M3'&*! &10! 4&1F
10&<6.-K!&-=!O38*=!10f8.10!<&1048*!<3-'.=01&(.3-!&-=!&==.(.3-&*!<3-'8*(&(.3-J!
!
2#!
5@*837!/@%!/%5/!*+!-&.&-(/0!/*!$&660!=%!6%5/&/%7!('!3%)(53&/(*'E!
Z-3(601!M3''.:*0!104319!O38*=!:0!(3!<&**!431!*0K.'*&(.3-!(3!0-(10-<6!(60!(1&=.(.3-&*!
(0'(! 34! <&M&<.(2! (3! 9&112J! ?60! 9&.-! 1&(.3-&*0! 431! '8<6! &! 104319! O38*=! :0! (3! <*&1.42!
&-=!*0-=!<01(&.-(2!(3!(60!*&OJ!Z'!&!<3990-(&(31!6&'!M3.-(0=!38(+!51.(.'6!73*89:.&!
<&'0!*&O!.'!O.=0*2!'00-!&'!43**3O.-K!(60!(1&=.(.3-&*!/.0O!(6&(!(60!(0'(!34!<&M&<.(2!(3!
9&112!.-/3*/0'!M13:.-K!&!'M38'0d'!<&M&<.(2!(3!8-=01'(&-=!(60!9&11.&K0!<3-(1&<(!&-=!
(60!10'M3-'.:.*.(.0'!.(!<10&(0'J#D>!58(!=0<.'.3-'!.-!3(601!c81.'=.<(.3-'!(6&(!=1&O!3-!&!
-.-0(00-(6F<0-(812! %-K*.'6! M10<0=0-(! 9&2! M&/0! (60! O&2! 431! (60! 51.(.'6! 73*89:.&!
<381('! (3! &<<0M(! &-! 0-6&-<0=! (0'(! 34! <&M&<.(2! (3! 9&112J! `3! (60! *&O! h.'! -3(! 0-(.10*2!
<*0&1Ji#DS!
!
P0K.'*&(.3-! <*0&1*2! 0'(&:*.'6.-K! (6&(! (60! (1&=.(.3-&*! /.0O! 34! (60! (0'(! 34! <&M&<.(2! (3!
9&112!109&.-'!(60!*&O!O38*=!6&/0!(60!:0-04.(!34!9&\.-K!(60!*&O!'.9M*01!&-=!9310!
&<<0''.:*0J!58(!(6.'!9&2!-3(!:0!(60!:0'(!(.90!(3!M13M3'0!'8<6!*0K.'*&(.3-J!?60!*&O!&MF
M0&1'!(3!:0!.-!&!'(&(0!34!4*8H!&<13''!7&-&=&J!52!&=601.-K!(3!(60!(1&=.(.3-&*!/.0O+!51.(F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#DjJ!!%%+!%J9J+!7&-&=.&-!5&1!Z''3<.&(.3-!B57!51&-<6E+!L.**'!&-=!?18'('!`0<(.3-+!U0'M3-'0!(3!B".<50&,O
&$".(:,+%-(".(B"CC".O8,>(D%<&<("@(B,+,#$&'!B8-M8:*.'60=+!&1<6./0=!O.(6!(60!51.(.'6!73*89:.&!
P&O!Q-'(.(8(0E!&(!D!BM13M3'.-K!(6&(!h(60!M13M01(2!1.K6('!(6&(!4*3O!4139!9&11.&K0!:0!=0-.0=!(3!(60!
M10=&(312!'M38'0!:2!&90-=.-K!(60!P,C$0'(8,>()#&+!(60!T<&,&%()2C$.$<&-,&$".()#&!&-=!(60!N$00<!
W,-$,&$".( )#&! B&-=! (60! pN$00</( T<&,&%<( ,.2( !5##%<<$".( )#&q! O60-! M13<*&.90=EJ! Z90-=90-('! (3!
(63'0!&<('!'638*=!:0!0-&<(0=!(3!M13/.=0!(6&(!&!'M38'0+!O63!6&'!9&11.0=!&!M01'3-!O63!&(!(60!(.90!
34!(60!9&11.&K0!O&'!-3(!<&M&:*0!34!9&-&K.-K!6.'!31!601!4.-&-<.&*!&44&.1'!&-=!-3(!<&M&:*0!34!&MF
M10<.&(.-K!(60!0440<(!34!(60!9&11.&K0!3-!(60!.-(010'('!34!6.'!31!601!4&9.*2!909:01'+!'6&**!-3(!:0!
0-(.(*0=!(3A!B"E!&!=./.'.3-!34!4&9.*2!&''0('!8-=01!W&1(!j!31!(3!'8MM31(!8-=01!W&1(!S!34!(60!P,C$0'!
8,>()#&T!B$E!:0-04.(!4139!(60!0'(&(0!34!(60!M01'3-!8-=01!W&1(!"C!34!(60!T<&,&%()2C$.$<&-,&$".()#&!
BW&1(! b! 34! p(60! N$00</( T<&,&%<( ,.2( !5##%<<$".( )#&qE! 4139! &-! .-(0'(&<2T! &-=! BbE! M&1(.<.M&(0! .-! 31!
:0-04.(!4139!&-!&<(.3-!8-=01!(60!N$00<(W,-$,&$".()#&!BW&1(!D!34!p(60!N$00</(T<&,&%<(,.2(!5##%<<$".(
)#&qEJ!
#D>J!Z--&)&1.0!P&.-K+!h7&M&<.(2!(3!)&112+i!.-!V&/.=!7J!V8-=00!l![8K6!`J!)<P0**&-+!0='J+!)9$.9/(E%,&A(
,.2(E$F"-#%\(?,&%-$,0<(+-%+,-%2(@"-(&A%(B".&$.5$.9(8%9,0(T25#,&$".(<%C$.,-/()9$.9/(E%,&A/(7(E$O
F"-#%\(DA%(6$9(DA-%%(,.2(&A%(:%-@%#&(!&"-C/(A%02($.(W,.#"5F%-/(6JBJ/(".(P%4-5,-'(Q/(QRRS!B;&-<38F
/01A!73-(.-8.-K!P0K&*!%=8<&(.3-!`3<.0(2!34!51.(.'6!73*89:.&+!$CCSE!>J"J"!&(!>J"J"CJ!
#DSJ!!%%($4$2J!Bh?60!*&O!&'!.(!10*&(0'!(3!90-(&*!<&M&<.(2!(3!9&112!.-!57!.'!-3(!0-(.10*2!<*0&1J!?60!O1.(01!
:0*.0/0'!&!<10=.:*0!&1K890-(!<&-!:0!9&=0!(6&(!(60!(0'(!.'!9310!'(1.-K0-(!(6&-!<3993-*2!8-=01F
'(33=! :8(! (6&(+! 4139! &! '3<.&*! M3*.<2! '(&-=M3.-(+! <381('! O.**! :0! *3&(60! (3! .9M3'0! (60! 9310! '(1.-F
K0-(!(0'(JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
Fa^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
.'6!73*89:.&!<38*=!4.-=!.('0*4+!.-!&!40O!20&1'+!38(!34!'(0M!O.(6!(60!10'(!34!(60!M13/F
.-<0'J!Q-!&==.(.3-+!.(!<38*=!:0!&1K80=!(6&(!&44.19.-K!(60!(1&=.(.3-&*!/.0O!<38*=!*0&/0!
/8*-01&:*0!M01'3-'!O.(6!=.9.-.'60=!<&M&<.(2!O.(6!*0''!M13(0<(.3-!4139!(60!*&O!(6&-!
(602!-00=J!G.-&**2+!.(!.'!4&1!4139!<*0&1!(6&(!51.(.'6!73*89:.&!<38*=!&<(!3-!.('!3O-!.-!
(6.'!&10&J!G0=01&*!*0K.'*&(.3-!9&2!:0!-00=0=J!
!
Z!'(13-K!9&c31.(2!34!<3-'8*(&(.3-!10'M3-=0-('!'8MM31(0=!(60!<399.((00d'!(0-(&(./0!
10<3990-=&(.3-!3-!(6.'!.''80J!
!
?60!<399.((00!10<3990-='A!
Q]J(8%9$<0,&$".(-%<&,&$.9(&A%(#"CC".O0,>(&%<&("@(#,+,#$&'(&"(C,--'(<A"502(."&(4%(%.O
,#&%2J!
Fa_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
P!5L/'!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!' R==@' )565)=/U' /K' LK!>' /WJ' =G/JG/=KG'
/K',=TJ'CJ65!5/J'5GP'565!/'L!K>'5'C6KSCJ'
5@' =(&%$7;2&3$('
?60! 3(601! '.=0! 34! (60! <3.-! 34! (60! (0'(! 34! <&M&<.(2! (3! 9&112! .'! (60! (0'(! 34! <&M&<.(2! (3!
(019.-&(0! &! 9&11.&K0J! )&11.&K0! :10&\=3O-! 0-K&K0'! &! 63'(! 34! .''80'! &<13''! 40=01&*!
&-=!M13/.-<.&*!4&9.*2F*&O!*0K.'*&(.3-J!G139!(60!M3.-(!34!/.0O!34!90-(&*!<&M&<.(2+!(60!
\02!.''80!10*&(0'!(3!4319.-K!(60!.-(0-(.3-!(3!*./0!'0M&1&(0!&-=!&M&1(!4139!&!'M38'0+!
O6.<6! 431! (60! :10/.(2d'! '&\0! .'! 1040110=! (3! .-! (6.'! <6&M(01! &'! (60! h<&M&<.(2! (3!
'0M&1&(0Ji! ?6.'! <6&M(01! <3-'.=01'! 104319! 34! (60! 0*090-('! 34! (60! (0'(! 34! <&M&<.(2! (3!
'0M&1&(0+! :8(! 4.1'(! .(! 0H&9.-0'! =0/0*3M90-('! .-! (60! *&O! 10*&(0=! (3! (6.'! (0'(! 34!
<&M&<.(2J!
!
9@' 9-2Z[%$;(7'
"#!
*>%6>(%<!
?60!9&.-!M81M3'0!34!(60!:&<\K138-=!'0<(.3-!34!(6.'!<6&M(01!.'!(3!10/.0O!'0/01&*!10F
<0-(!<381(!<&'0'!3-!(60!<3993-F*&O!(0'(!34!<&M&<.(2!(3!'0M&1&(0J!58(!.-!31=01!(3!K0(!&!
<39M*0(0!K1&'M!3-!<&M&<.(2!(3!'0M&1&(0+!.(!.'!-0<0''&12!(3!'(&1(!O.(6!&!*33\!&(!.('!M*&<0!
.-!4&9.*2F*&O!*0K.'*&(.3-J!
!
2#!
+&$(30;3&<!3%)(53&/(*'!
!"#$ :,)-0216)50,$
G&9.*2!*&O!.'!&!/&'(!'8:c0<(J!G&9.*2F*&O!*0K.'*&(.3-!&-=!M13<00=.-K'!(0-=!(3!(&<\*0!&!
O.=0! &11&2! 34! .-(01<3--0<(0=! .''80'J! ?60! 43**3O.-K! '899&12! .'! -3(! .-(0-=0=! &'! &!
<39M1060-'./0!M.<(810!34!&**!34!(60'0!.''80'J#D#!Q-'(0&=+!.(!.'!90&-(!(3!'0(!38(!'390!
.-4319&(.3-! 3-! (60! (O3! &10&'! 34! 4&9.*2F*&O! *0K.'*&(.3-! O6010! 90-(&*! <&M&<.(2! 6&'!
&1.'0-!&'!&-!.''80!431!c8=.<.&*!<3-'.=01&(.3-J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#D#J!!%%+! %J9J+! X36-FW&8*! %J! 532=! %&( ,0J+! 0='J+! 6-$&$<A( B"05C4$,( P,C$0'( :-,#&$#%( ?,.5,0+! *33'0*0&4! B<3-F
'8*(0=!3-!$j!X8-0!$C"bE+!D(6!0=J!B;&-<38/01A!73-(.-8.-K!P0K&*!%=8<&(.3-!`3<.0(2!34!51.(.'6!73F
*89:.&+!$CC>ET!`<3((!533(6!%&(,0J+!0='J+!P,C$0'(8,>(!"5-#%4""Z\()(:-"b%#&("@(&A%(W,.#"5F%-(P,C$0'(
8,>( !%#&$"./( 6-$&$<A( B"05C4$,( 6-,.#A/( B,.,2$,.( 6,-( )<<"#$,&$".+! *33'0*0&4! B<3-'8*(0=! 3-!
$j!X8-0!$C"bE+! b=! 0=J! B;&-<38/01A! 73-(.-8.-K! P0K&*! %=8<&(.3-! `3<.0(2! 34! 51.(.'6! 73*89:.&+!
$CC$ET!X&90'!7J!)&<V3-&*=!l!^J!G011.01+!B,.,2$,.(E$F"-#%(8,>(,.2(:-,#&$#%+!*33'0*0&4!B<3-'8*(0=!
3-!$j!X8-0!$C"bE+!$=!0=J!B?313-(3A!7&1'O0**+!"R#>ET!X8*.0-!VJ!W&2-0!l!)&1.*2-!ZJ!W&2-0+!B,.,O
2$,.(P,C$0'(8,>+!D(6!0=J!B?313-(3A!Q1O.-!P&O+!$C""EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
FaA'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!*#$ 95C0-6'$B6)$
?60! E$F"-#%( )#&#DR ! M13/.=0'! 431! 3-*2! 3-0! K138-=! 431! 3:(&.-.-K! &! =./31<0A! &! h:10&\F
=3O-i!34!(60!9&11.&K0J#jC !Z!:10&\=3O-!34!(60!9&11.&K0!<&-!:0!0'(&:*.'60=!.-!3-0!34!
(6100! O&2'A! B"E! :2! &=8*(012T! B$E! :2! <180*(2T! 31! BbE! :2! h(60! 'M38'0'! 6&/p.-Kq! *./0=!
'0M&1&(0!&-=!&M&1(!431!&(!*0&'(!3-0!20&1!.990=.&(0*2!M10<0=.-K!(60!=0(019.-&(.3-!34!
(60!=./31<0!M13<00=.-K!&-=!J!J!J!*./.-K!'0M&1&(0!&-=!&M&1(!&(!(60!<3990-<090-(!34!(60!
M13<00=.-KJi#j"!Q-!(60!/&'(!9&c31.(2!34!<&'0'!(60!'M38'0'!10*2!3-!(60!(6.1=!O&2!(3!0'F
(&:*.'6!(60.1!0-(.(*090-(!(3!&!=./31<0J!
!
?60!<381('!6&/0!*3-K!60*=!(6&(!*./.-K!'0M&1&(0!&-=!&M&1(!.'!&!h=.'c8-<(./0i!<3-<0M(J#j$!
Q-!31=01!(3!*./0!'0M&1&(0!&-=!&M&1(+!(60!'M38'0'!98'(!:3(6!:0!M62'.<&**2!'0M&1&(0=!
4139!3-0!&-3(601!&-=!.-(0-=!(6.'!'0M&1&(.3-!(3!0-=!(60!9&11.&K0J#jb!?6.'!.-(0-(.3-&*!
0*090-(!:1.-K'!.''80'!34!90-(&*!<&M&<.(2!.-(3!M*&2J!Z!'M38'0!98'(!900(!&!(0'(!34!<&F
M&<.(2!.-!31=01!(3!:0!&:*0!(3!4319!(60!.-(0-(.3-!(3!*./0!'0M&1&(0!&-=!&M&1(J!
!
Q(!.'!-3(!-0<0''&12!431!:3(6!'M38'0'!(3!4319!(60!.-(0-(.3-!(3!*./0!'0M&1&(0!&-=!&M&1(!
.-!31=01!(3!3:(&.-!&!=./31<0+!-31!.'!.(!-0<0''&12!431!(60!'M38'0'!(3!10&<6!'390!'31(!34!
h<3-'0-'8'i! 3-! (6.'! .''80J#jD! Z! =./31<0! 9&2! :0! K1&-(0=! .-! <&'0'! .-! O6.<6! 3-*2! 3-0!
'M38'0!6&'!(6.'!.-(0-(.3-J#jj!
!
Z!'M38'0!=30'!-3(!6&/0!(3!'8'(&.-!(60!<&M&<.(2!(3!'0M&1&(0!3/01!(60!0-(.10!<381'0!34!
(60!3-0F20&1!M01.3=J!Q(!.'!'844.<.0-(!.4!(60!'M38'0!6&'!(6.'!<&M&<.(2!&(!(60!'(&1(!34!(60!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#DRJ!U`7!"R#j!B$=!`8MMJE+!<J!bJ!
#jCJ!V4$2J+!'J!#!B"EJ!
#j"J!V4$2J+!'J!#!B$E!B&EJ!!%%(,0<"!U3:01('3-+!<5+-,!-3(0!Db#!&(!$>>oSC!B=.'<8''.-K!90-(&*!<&M&<.(2!.-!10F
*&(.3-!(3!&=8*(012!&-=!<180*(2EJ!
#j$J!L5<A&".(FJ(L5<A&".!B"R>#E+!$!VPU!Bb=E!$j!&(!$S+!>>!LLU!S>D!B57`7E+!)<Q-(210!XJ!pL5<A&".qJ!
#jbJ!!%%(L5<A&".+!$4$2J!Bhp?q6010!98'(!:0!&!O.(6=1&O&*!4139!(60!9&(1.93-.&*!3:*.K&(.3-!O.(6!(60!.-F
(0-(! 34! =0'(132.-K! (60! 9&(1.93-.&*! #".<"-&$5C+! &'! O0**! &'! M62'.<&*! '0M&1&(.3-J! ?60! (O3! <3-=.F
(.3-'!98'(!:0!90(JiET!E5+%-%(FJ(E5+%-%!B"RSDE+!R!m5U!B$=E!jjD!&(!M&1&J!"S+!"R!UGP!$SC!B`7!BY5!
V./JEE+! `(0/0-'3-! XJ! Bh?3! 900(! (60! '(&(8(0! (6010! 98'(! :0! :3(6! B&E! M62'.<&*! '0M&1&(.3-! &-=! B:E! &!
O.(6=1&O&*!:2!3-0!31!:3(6!'M38'0'!4139!(60!9&(1.93-.&*!3:*.K&(.3-!O.(6!(60!.-(0-(!34!=0'(132F
.-K!(60!9&(1.93-.&*!<3-'31(.89JiE+!,@@a2!B"RSDE+!"C!m5U!B$=E!jjD!B`7!BZVEET!!A"-&%.(FJ(!A"-&%.!
B"R#jE+!>j!m5U!B$=E!D$R!&(!M&1&'J!"So"#+!">S!ZWU!D$R!BY5!BG&9J!V./JEE+!V0'<6|-0'!XJ!
#jDJ!Y%..%2'(FJ(Y%..%2'!B"R>#E+!$!VPU!Bb=E!DCj!&(!DCS+!>S!LLU!R"!B57`7E+!)<Q-(210!XJ!
#jjJ!!%%(E$F"-#%()#&+!<5+-,!-3(0!#DR+!'J!#!BbE!B&E!Bh'M38'0'!'6&**!:0!=0090=!(3!6&/0!*./0=!'0M&1&(0!&-=!
&M&1(! 431! &-2! M01.3=! =81.-K! O6.<6! (602! *./0=! &M&1(! &-=! %$&A%-( "@( &A%C( A,2( &A%( $.&%.&$".! (3! *./0!
'0M&1&(0!&-=!&M&1(!4139!(60!3(601i!p09M6&'.'!&==0=qEJ!
Fa`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
M01.3=J!%/0-!.4!(60!'M38'0!*3'0'!(60!<&M&<.(2!(3!'0M&1&(0!:04310!(60!20&1!.'!8M+!(60!=.F
/31<0!M13<00=.-K!9&2!/&*.=*2!<3-(.-80J#j>!
!
Z! 'M38'0! O63! *&<\'! (60! <&M&<.(2! (3! '0M&1&(0! 9&2! :0! 10M10'0-(0=! .-! &! =./31<0! M13F
<00=.-K! :2! (60! 'M38'0d'! <399.((00! 31! *.(.K&(.3-! K8&1=.&-J#jS! Z! <399.((00#j# ! 9&2!
0/0-!<3990-<0!=./31<0!M13<00=.-K'!3-!:06&*4!34!&-!.-<&M&:*0!'M38'0+!'3!*3-K!.'!.(!.'!
<*0&1*2!.-!(60!'M38'0d'!:0'(!.-(010'('!(3!=3!'3J#jR!
!
!6#$ 9'6."-")0->$^12A<',)($1,2'-$)&'$;"<5.>$Z'.")50,($B6)$
?60!3(601!&10&!(6&(!6&'!'00-!c8=.<.&*!<3990-(&12!3-!(60!(0'(!34!<&M&<.(2!(3!'0M&1&(0!
6&'! :00-! .-! <&'0'! .-/3*/.-K! &! =./.'.3-! 34! 4&9.*2! &''0('! 8-=01! (60! P,C$0'( L%0,&$".<(
)#&J#>C! m3O+! (6.'! &<(! 6&'! 10<0-(*2! :00-! 10M0&*0=! &-=! 10M*&<0=! O.(6! (60! P,C$0'( 8,>(
)#&J#>"!?60!P,C$0'(8,>()#&!(&\0'!&!=.44010-(!&MM13&<6!(3!=./.'.3-!34!4&9.*2!&''0('!3-!
(60!:10&\=3O-!34!&!10*&(.3-'6.MJ!Q(!.'!(33!'33-!(3!'&2!63O!90-(&*!<&M&<.(2!O.**!4.K810!
.-(3!.('!&MM13&<6J!58(+!0/0-!(638K6!(60!P,C$0'(L%0,&$".<()#&d'!&MM13&<6!(3!=./.'.3-!34!
4&9.*2!&''0('!6&'!:00-!3/01(&\0-+!.(!.'!O31(6O6.*0!(3!'0(!.(!38(!:1.04*2!6010+!&'!:&<\F
K138-=!.-4319&(.3-!(6&(!9&2!60*M!(3!.**89.-&(0!'390!34!(60!<&'0'!&MM*2.-K!(60!(0'(!
34!<&M&<.(2!(3!'0M&1&(0J!
!
,-=01! (6.'! P,C$0'( L%0,&$".<( )#&+! h0&<6! 'M38'0! pO&'q! 0-(.(*0=! (3! &-! .-(010'(! .-! 0&<6!
4&9.*2!&''0(i!O60-!&!(1.KK01.-K!0/0-(!3<<8110=J#>$!?60!&<(!<3-(&.-0=!4381!(1.KK01.-K!
0/0-('J#>b! e-0! 34! (60'0! (1.KK01.-K! 0/0-('! O&'! h&! =0<*&1&(312! c8=K90-(! 8-=01! '0<F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#j>J!!%%($4$2J+!'J!#!BbE!B:E!B.EJ!
#jSJ!!%%(6%,20%(*I5,-2$,.(,2(0$&%C("@;(FJ(6%,20%!B"R#DE+!S!VPU!BD(6E!S>$+!j>!57PU!b#>!B7ZE!p6%,20%!
<.(0=!(3!57PUqT!?J(YJ(XJ(*8$&$9,&$".(I5,-2$,.("@;(FJ(?J(TJ(BJ+!$CCj!57`7!"Cj"+!DS!57PU!BD(6E!bbb!
p?J(YJ(XJqJ!
#j#J!!%%+!&:3/0+!'0<(.3-!;QQQJ5J"!&(!"$j!B481(601!=.'<8''.3-!34!<399.((00'!8-=01!(60!:,&$%.&<(:-"+%-&'(
)#&EJ!
#jRJ!!%%(6%,20%+!<5+-,!-3(0!#jS!&(!bRC+!)&<4&1*&-0!XZT!?J(YJ(XJ+!<5+-,!-3(0!#jS!&(!M&1&J!b>+!%61<\0!XJ!
65&(<%%()250&(I5,-2$,.<A$+()#&+!<5+-,!-3(0!j+!'J!"S!B"CE!B:E!BM13M01(2!K8&1=.&-g(60!&<(d'!0f8./&F
*0-(!34!&!<399.((00g-3(!&8(631._0=!(3!<3990-<0!=./31<0!M13<00=.-K'!3-!:06&*4!34!&-!.-<&M&:*0!
'M38'0+!8-*0''!(60!<381(!31=01'!3(601O.'0g-3(!.-!431<0EJ(
#>CJ!U`57!"RR>+!<J!"$#!B10M0&*0=EJ!
#>"J!`57!$C""+!<J!$j!B.-!431<0!"#!)&1<6!$C"bEJ!
#>$J!V4$2J+!'J!j>!B"E!B10M0&*0=EJ!
#>bJ!!%%(<5+-,!-3(0!#>C+!'J!j>!B"E!B10M0&*0=EJ!?60!P,C$0'(8,>()#&+!.-!<3-(1&'(+!10*.0'!3-!3-0!(1.KK01.-K!
0/0-(A!(60!'0M&1&(.3-!34!'M38'0'J!!%%(<5+-,!-3(0!#>"+!'J!#DJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
Faa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
#>D
(.3-!jSi! 34! (60! &<(J ! ?60! '8M1090! <381(! O&'! &8(631._0=! K1&-(! '8<6! &! =0<*&1&(312!
c8=K90-(!.4!.(!<38*=!6&/0!:00-!'63O-!h(6&(!(60!'M38'0'!6&/0!-3!10&'3-&:*0!M13'M0<(!
34! 10<3-<.*.&(.3-! O.(6! 0&<6! 3(601Ji#>j! ?60'0! =0<*&1&(312! c8=K90-('! 6&/0! -3(! :00-!
<&11.0=!431O&1=!.-!(60!P,C$0'(8,>()#&J!
!
7381('!=.=!<3-'.=01!(60!90-(&*!<&M&<.(2!34!&!'M38'0!.-!=0<.=.-K!O60(601!(3!K1&-(!&!
=0<*&1&(312! c8=K90-(J! ?60! (0'(! 34! <&M&<.(2! (6&(! O&'! &MM*.0=! .-! (60'0! <&'0'! O&'! (60!
(0'(!34!<&M&<.(2!(3!'0M&1&(0J!
!
V0<*&1&(312!c8=K90-('!8-=01!(60!P,C$0'(L%0,&$".<()#&!O010!34(0-!3:(&.-0=!0&1*2!.-!
(60!<381'0!34!&!=./31<0!M13<00=.-K+!O0**!.-!&=/&-<0!34!&!4.-&*!31=01!34!=./31<0J!
!
!2#$ U'A5(.")5C'$B1)&0-5)>$)0$T,"6)$;"<5.>YU"@$U'A5(.")50,$
,-=01!(60!B".<&$&5&$".()#&/([^fS+#>>!(60!M&1*.&90-(!34!7&-&=&!6&'!(60!'3*0!&8(631.(2!
(3!0-&<(!*0K.'*&(.3-!<3-<01-.-K!9&11.&K0!&-=!=./31<0J#>S!58(!(6.'!M3O01!=30'!-3(!3<F
<8M2!(60!0-(.10!4.0*=!34!4&9.*2F*&O!*0K.'*&(.3-J!W13/.-<.&*!*0K.'*&(810'!9&2!&*'3!0-&<(!
*0K.'*&(.3-! .-! (6.'! &10&J! G31! 0H&9M*0+! (60! M13/.'.3-! 4139! 51.(.'6! 73*89:.&d'! P,C$0'(
L%0,&$".<()#&!=.'<8''0=!.-!(60!M10/.38'!'0<(.3-!=0&*'!O.(6!(60!4.-&-<.&*!<3-'0f80-<0'!
34!&!:10&\=3O-!34!&!9&11.&K0!&-=!O&'!&!/&*.=!0H01<.'0!34!(60!M13/.-<0d'!&8(631.(2!(3!
*0K.'*&(0!3-!M13M01(2!&-=!<./.*!1.K6('!.-!(60!M13/.-<0J#>#!
!
m0.(601!(60!40=01&*!M&1*.&90-(!-31!&-2!M13/.-<.&*!*0K.'*&(810!6&'!0-&<(0=!*0K.'*&(.3-!
=0&*.-K! =.10<(*2! O.(6! (60! (0'(! 34! <&M&<.(2! (3! '0M&1&(0J! 53(6! *0/0*'! 34! K3/01-90-(!
O38*=!*.\0*2!6&/0!(60!&8(631.(2!(3!0-&<(!'8<6!*0K.'*&(.3-J!?60!<18<.&*!f80'(.3-!O38*=!
:0!(60!.-(0-(!34!(60!*0K.'*&(.3-J!Q4!.(!O010!.-(0-=0=!(3!&440<(!&!M01'3-d'!<&M&<.(2!(3!3:F
(&.-!&!=./31<0+!(60-!.(!O38*=!6&/0!(3!:0!0-&<(0=!:2!(60!M&1*.&90-(!34!7&-&=&J!58(!.4!
(60! *0K.'*&(.3-! =0&*(! O.(6! (60! 4.-&-<.&*! <3-'0f80-<0'! 34! 9&1.(&*! :10&\=3O-+! (60-! .(!
O38*=!:0!O.(6.-!(60!M3O01'!34!&!M13/.-<.&*!*0K.'*&(810J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#>DJ!!5+-,! -3(0! #>C+! 'J! j>! B"E! B:E! B10M0&*0=EJ! ?60! 3(601! (1.KK01.-K! 0/0-('! O010A! B"E! &! '0M&1&(.3-!
&K10090-(T!B$E!&-!31=01!431!=.''3*8(.3-!34!9&11.&K0!31!c8=.<.&*!'0M&1&(.3-T!&-=!BbE!&-!31=01!=0F
<*&1.-K!(60!9&11.&K0!-8**!&-=!/3.=J!
#>jJ!V4$2J+!'J!jS!B10M0&*0=EJ!
#>>J!!5+-,!-3(0!#$CJ!
#>SJ!V4$2J+!'J!R"!B$>EJ!
#>#J!V4$2J+!'J!R$!B"bEJ!
DEE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
4#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
/%5/!*+!-&.&-(/0!/*!5%.&6&/%!
!"#$ :,)-0216)50,$
?60! (0'(! 34! <&M&<.(2! (3! '0M&1&(0! O&'+! 8-(.*! 10<0-(*2+! &! 10*&(./0*2! 3:'<810! &-=! -0F
K*0<(0=!&10&!34!(60!*&OJ!Q(!=30'!-3(!40&(810!&!*3-K!6.'(312!34!<&'0!*&O!(6&(!<3-'.=01'+!
.-!&!M1.-<.M*0=!O&2+!O6&(!(60!0*090-('!34!(60!(0'(!'638*=!:0J#>R!58(!(6010!&10!'0/01&*!
10<0-(! =0<.'.3-'+! 4139! 51.(.'6! 73*89:.&#SC! &-=! 0*'0O6010+#S"! (6&(! M13/.=0! '390!
K8.=&-<0!3-!(60!0*090-('!34!(60!(0'(!34!<&M&<.(2!(3!'0M&1&(0J!
!
!*#$ T.'<',)($03$)&'$%'()$03$E"8"65)>$
?60! 93'(! 10<0-(! =0<.'.3-! 3-! <&M&<.(2! (3! '0M&1&(0! :2! (60! 51.(.'6! 73*89:.&! 7381(! 34!
ZMM0&*#S$!(81-0=!(3!&!*0&=.-K!&<&=09.<!<3990-(&(31#Sb!3-!(60!*&O!.-!43198*&(.-K!&!
(0'(!34!<&M&<.(2!(3!'0M&1&(0J!?60!<381(!&=3M(0=!(60!<3990-(&(31d'!*&-K8&K0!&-=!<3-F
<*8=0=!(6&(!(60!(0'(!34!<&M&<.(2!(3!'0M&1&(0!h.-/3*/0'!&-!&:.*.(2!(3!&MM10<.&(0!(60!-&F
(810!&-=!<3-'0f80-<0'!34!&:&-=3-.-K!(60!9&1.(&*!10*&(.3-'6.MJi#SD!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#>RJ!B"C+,-%!6,.Z<(FJ(I""2@%00">+!<5+-,!-3(0!$D!B<&M&<.(2!(3!9&\0!&!O.**ET!Y%00'+!<5+-,!-3(0!DCC!B<&F
M&<.(2!(3!0-(01!.-(3!&!<3-(1&<(EJ!
#SCJ!!%%(N"0@C,.O!&"&0,.2+!<5+-,!-3(0!>$!BL!O&'!R$!20&1'!3*=!&-=!'84401.-K!4139!=090-(.&g[!O&'!
Rb!20&1'!3*=g9&11.0=!jS!20&1'gL!'00\.-K!=0<*&1&(312!c8=K90-(!8-=01!P,C$0'(L%0,&$".<()#&g
<3-<01-0=! (6&(! 4&9.*2! M13M01(2! O38*=+! &4(01! 601! =0&(6+! 4&**! .-(3! 6&-='! 34! -0M60Og3-*2! <39F
M*&.-(! &:38(! [! O&'! (6&(! 60! h40**! &'*00M! M*&2.-K! :.-K3ig90=.<&*! 0HM01(! <3-<*8=.-K! (6&(! L! 6&=!
<&M&<.(2! (3! .-'(18<(! <38-'0*! 3-! 4.-&-<.&*! &'M0<('! 34! =./31<0+! :8(! =.=! -3(! 6&/0! <&M&<.(2! (3! '0M&F
1&(0g'8M1090! <381(! &=3M(.-K! 0HM01(d'! 3M.-.3-g<381(! 34! &MM0&*! 10/01'.-KET! )J(6J( FJ( BJ(EJ+! $CC#!
57`7! ""jj+! >C! UGP! B>(6E! "b$! p)J(6J! B`7Eq+! ,@@a2+! $CCR! 577Z! $CC+! RD! 57PU! BD(6E! b#! p)J(6J! B7ZEq+!
0%,F%(&"(,++%,0(&"(!BB(-%@5<%2+!p$CCRq!`77Z!m3J!$#S!BYPE!BM&1(.0'!O010!9&11.0=!431!Db!20&1'g[!
O&'!>#!20&1'!3*=+!L!O&'!>>!20&1'!3*=g[!&**0K.-K!(6&(!L!O&'!'84401.-K!4139!M&1&-3.=!=0*8'.3-'!
(6&(!O010!(60!=.10<(!<&8'0!34!601!=0'.10!(3!'0M&1&(0g<381(!4.-=.-K!L!&:*0!(3!4319!.-(0-(.3-!(3!
'0M&1&(0g=0<.'.3-!8M60*=!3-!&MM0&*ET!?J(YJ(XJ+!<5+-,!-3(0!#jS!B[!O&'!#j!20&1'!3*=!&-=!'84401.-K!
4139!Z*_60.901d'!=.'0&'0gL!O&'!#b!20&1'!3*=g'0<3-=!9&11.&K0!431!:3(6![!&-=!Lg[d'!.**-0''!
8*(.9&(0*2!*0=!(3!6.9!:0.-K!M*&<0=!.-!&!<&10!4&<.*.(2g[d'!'3-!O&'!&MM3.-(0=![d'!<399.((00g'3-!
O.(6=10O![!4139!<&10!4&<.*.(2!&-=!<3990-<0=!=./31<0!M13<00=.-K'!3-![d'!:06&*4g<381(!4.-=.-K!
[!*&<\0=!<&M&<.(2!(3!4319!.-(0-(.3-!(3!'0M&1&(0EJ!
#S"J!!%%( B,0F%-&+! <5+-,! -3(0! "CD! BL! '84401.-K! 4139! Z*_60.901d'! =.'0&'0g<3990-<.-K! =./31<0! M13F
<00=.-K!(6138K6!*.(.K&(.3-!K8&1=.&-g<381(!4.-=.-K!L!<&M&:*0!34!4319.-K!.-(0-(.3-!(3!'0M&1&(0EJ!
#S$J!!%%(N"0@C,.O!&"&0,.2+!<5+-,!-3(0!>$J!
#SbJ!!%%!U3:01('3-+!<5+-,!-3(0!Db#J!
#SDJ!N"0@C,.O!&"&0,.2+!<5+-,!-3(0!>$!&(!M&1&J!$D!Bf83(.-K!U3:01('3-+!<5+-,!-3(0!Db#!&(!$S$EJ!!%%(,0<"(
)J(6J!B`7E+!<5+-,!-3(0!#SC!&(!M&1&J!$b+!^0**0601!XJ(
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DEF'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
?6.'!43198*&(.3-!34!(60!(0'(!34!<&M&<.(2!.'!'.9.*&1!(3!(60!:&'0*.-0!<3993-F*&O!(0'(!34!
<&M&<.(2#Sj! (6&(! (0-='! (3! 4.-=! .('! O&2! .-(3! (60! 0*090-('! 34! &**! <3993-F*&O! (0'('! 34!
<&M&<.(2J#S>!58(+!8-*.\0!(63'0!3(601!(0'('!34!<&M&<.(2+!(60!(0'(!34!<&M&<.(2!(3!'0M&1&(0!
=30'!-3(!&MM0&1!(3!.-<31M31&(0!&-2!0*090-('!.-!&==.(.3-!(3!(60!:&'0*.-0!(0'(J!
!
!6#$ Z")50,".'($30-$)&'$%'()$03$E"8"65)>$
?60! M1.9&12! 10&'3-! (3! 6&/0! &! (0'(! 34! <&M&<.(2! (3! '0M&1&(0! .'! (3! M13(0<(! (60! M01'3-!
O.(6!=.9.-.'60=!<&M&<.(2J#SS!`0M&1&(.3-!&-=!=./31<0!<&-!6&/0!'01.38'!4.-&-<.&*!<3-F
'0f80-<0'! 431! &! M01'3-J! ?602! <&-! &*'3! 6&/0! &! -0K&(./0! 0440<(! 3-! &! M01'3-d'! 90-(&*!
60&*(6J#S#!?60!(0'(!34!<&M&<.(2!(3!'0M&1&(0!.'!.-(0-=0=!(3!K8&1=!&K&.-'(!(60!8'0!34!*0KF
.'*&(.3-! &-=! <381(! M13<0=810'! .-! &! O&2! (6&(! 9&2! 8*(.9&(0*2! M13/0! 6&1948*! (3! (6&(!
M01'3-J!
!
Z-3(601! .9M31(&-(! (6090! 18--.-K! (6138K6! =.'<8''.3-'! 34! (60! (0'(! 34! <&M&<.(2! (3!
'0M&1&(0!.'!(6&(!(60!(0'(!'638*=!:0!<3-<0./0=!34!.-!&!O&2!(6&(!0-6&-<0'!(60!&8(3-392!
34!M03M*0!O.(6!=.9.-.'60=!<&M&<.(2J!Z'!3-0!<381(!10<0-(*2!M8(!.(+!h(3!(60!0H(0-(!(6&(!
(60! *&O! .'! &:*0! (3! =3! '3+! Q! O38*=! 0-=31'0! &-! &MM13&<6! (6&(! 10'M0<('! (60! M01'3-&*!
&8(3-392! 34! (60! .-=./.=8&*! .-! 9&\.-K! =0<.'.3-'! &:38(! 6.'! 31! 601! *.40Ji#SR! ?6.'! .=0&!
(0-='! (3! <13M! 8M! *0''! .-! 10*&(.3-! (3! (60! 0*090-('! 34! (60! (0'(! 34! <&M&<.(2! (3! '0M&1&(0!
&-=! 9310! .-! 63O! (60! (0'(! '638*=! :0! 1&-\0=! .-! <39M&1.'3-! (3! 3(601! (0'('! 34! <&M&<F
.(2J##C!
!
`8:'.=.&12!1&(.3-&*0'!431!(60!(0'(!34!<&M&<.(2!(3!'0M&1&(0!.-<*8=0!M10'01/.-K!(60!h=.KF
-.(2!&-=!.-(0K1.(2!34!*0K&*!M13<0''0'i##"!&-=!0-6&-<.-K!(60!(601&M08(.<!&'M0<(!34!(60!
*&OJ##$!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#SjJ!!%%!B".<50&,&$".(:,+%-(".(?%.&,00'(V.#,+,#$&,&%2()250&<(,.2(E%#$<$".O?,Z$.9\().(XF%-F$%>+!<5+-,!
-3(0!jC!&(!"Ro$CJ!
#S>J!!%%+!%J9J+!6,.Z<(FJ(I""2@%00">+!<5+-,!-3(0!$DJ!
#SSJ!!%%!)3''9&-!l!`6309&\01+!<5+-,!-3(0!b$!&(!"SRo#CJ!
#S#J!!%%($4$2J!&(!"#Co#$J!
#SRJ!)J(6J!B7ZE+!<5+-,!-3(0!#SC!&(!M&1&J!bC+!`9.(6!XZ!B431!(60!<381(EJ!!%%(,0<"(B,0F%-&+!<5+-,!-3(0!"CD!
&(!$RbT!)3''9&-!l!`6309&\01+!<5+-,!-3(0!b$!&(!"#DJ!
##CJ!!%%+!:0*3O+!'0<(.3-!sQQJ5Jb!B0E!&(!$CDJ!
##"J!)3''9&-!l!`6309&\01+!<5+-,!-3(0!b$!&(!"#$J!
##$J!!%%($4$2J!&(!"#bo#DJ!
DED'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!2#$ 9'.1(50,($
Z! 10<0-(! 51.(.'6! 73*89:.&! <&'0! 6&'! <3-'.=010=! (60! &MM*.<&(.3-! 34! (60! 4.H0=F&-=F
'M0<.4.<F=0*8'.3-! =3<(1.-0! (3! <&M&<.(2! (3! '0M&1&(0J! Q-! )J(6J! (60! O.40! '38K6(! &-! 31=01!
431! =./31<0+! =./.'.3-! 34! 4&9.*2! &''0('+! &-=! 3(601! <313**&12! 10*.04J! ?60! 68':&-=! (603F
1._0=!(6&(!(60!O.40!O&'!h'84401.-K!4139!&!<3-=.(.3-!<&**0=!v=0*8'.3-&*!=.'31=01Jd!i##b!
[0!'38K6(!&-!31=01!4139!(60!<381(!=.10<(.-K!(60!O.40!(3!'8:9.(!(3!&!90=.<&*!0H&9.F
-&(.3-J##D!
!
?60! <6&9:01'! c8=K0! 1048'0=! (3! K1&-(! (60! 31=01! '38K6(J! Z*(638K6! (60! 68':&-=! 6&=!
90(!(60!4.1'(!<3-=.(.3-!.-!(60!18*0!34!'63O.-K!(6&(!(60!O.40d'!90-(&*!'(&(0!O&'!&-!.'F
'80! .-! (60! M13<00=.-K+! (60! 31=01! 109&.-0=! &! =.'<10(.3-&12! 3-0! &-=! (60! c8=K0! =0F
<*.-0=!(3!0H01<.'0!6.'!=.'<10(.3-!.-!4&/381!34!(60!68':&-=J##j!?60!c8=K0!-3(0=!(6&(!(60!
68':&-=!6&=!<3-<0=0=!(6&(!(60!O.40!6&=!hK0-01&*i!<&M&<.(2+!.-<*8=.-K!(60!<&M&<.(2!(3!
.-'(18<(!*0K&*!<38-'0*J##>!`.-<0+!.-!(60!c8=K0d'!/.0O+!<&M&<.(2!(3!'0M&1&(0!O&'!'0(!&(!&!
*3O01!(610'63*=+##S!(60!O.40!<38*=!:0!<3-'.=010=!(3!6&/0!<&M&<.(2!(3!'0M&1&(0!(33J###!
!
e-!&MM0&*+!(60!<381(!&44.190=!(60!<6&9:01'!c8=K0d'!=0<.'.3-J!58(!(60!<381(!&*'3!9&=0!
'390! <3990-('! 3-! 63O! (60! =0*8'.3-'! (6&(! (60! 68':&-=! &**0K0=! (6&(! (60! O.40! O&'!
'84401.-K!&440<(0=!601!<&M&<.(2!(3!'0M&1&(0J!Q(!=0<*.-0=##R !(3!43**3O!(O3!%-K*.'6!=0<.F
'.3-'#RC!(6&(!6&=!60*=!(6&(!4.H0=+!'M0<.4.<!=0*8'.3-'!9&2!4319!&!:&'.'!431!=0<.=.-K!(6&(!
&! 'M38'0! *&<\'! (60! <&M&<.(2! (3! '0M&1&(0J! Q-'(0&=+! (60! <381(! 4&/3810=! &-! .-(0K1&(0=!
(0'(!34!<&M&<.(2J!V0*8'.3-'!&10!3-*2!10*0/&-(!.-!(6.'!.-(0K1&(0=!(0'(!(3!(60!0H(0-(!(6&(!
(602! h.-(014010! O.(6! (60! &:.*.(2! (3! 9&-&K0! p(60! M01'3-d'! 3O-! &44&.1'q! &-=! .-'(18<(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
##bJ!)J(6J!B`7E+!<5+-,!-3(0!#SC!&(!M&1&J!">J!
##DJ!!%%(51.(.'6!73*89:.&+(!5+-%C%(B"5-&(B$F$0(L50%<+!1J!SF>!B"E!BhQ4!(60!M62'.<&*!31!90-(&*!<3-=.(.3-!34!
&!M01'3-!.'!.-!.''80!.-!&-!&<(.3-+!(60!<381(!9&2!31=01!(6&(!(60!M01'3-!'8:9.(!(3!0H&9.-&(.3-!:2!&!
90=.<&*!M1&<(.(.3-01!31!3(601!f8&*.4.0=!M01'3-J!J!J!JiEJ!
##jJ!!%%()J(6J!B`7E+!<5+-,!-3(0!#SC!&(!M&1&'J!$#o$RJ(
##>J!V4$2J!&(!M&1&J!$$J!
##SJ!!%%($4$2J!&(!M&1&J!$jJ!
###J!!%%($4$2J!&(!M&1&J!b$J!
##RJ!!%%()J(6J!B7ZE+!<5+-,!-3(0!#SC!&(!M&1&J!bCJ!
#RCJ!:%--'(FJ(:%--'!B"R>bE+!p"R>Dq!"!LPU!R"+!p"R>bq!b!Z**!%U!S>>!BWVZET!6-,..,.(FJ(6-,..,.!B"RS$E+!
p"RSbq!"!G&9J!"$C+!p"RSbq!"!Z**!%U!b#!BV7EJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DEB'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
#R"
<38-'0*Ji ! Q-! (60! <381(d'! /.0O+! (10&(.-K! =0*8'.3-'! .-! (6.'! O&2! O38*=! 0-6&-<0! (60!
&8(3-392!34!(60!M01'3-!O.(6!=.9.-.'60=!<&M&<.(2J#R$!
!
?6.'! &MM13&<6! (3! =0*8'.3-'! .'! '.K-.4.<&-(*2! 38(! 34! '(0M! O.(6! (60! &MM13&<6! (&\0-! .-!
<&'0'!.-/3*/.-K!3(601!(0'('!34!<&M&<.(2J!G31!.-'(&-<0+!(60!<&'0!*&O!.'!<*0&1!(6&(!&!O.**!
9&2!:0!'0(!&'.=0!.4!.(!.'!(60!=.10<(!10'8*(!34!&!4.H0=!&-=!'M0<.4.<!=0*8'.3-+!0/0-!.4!(60!
(0'(&(31! 6&'! O6&(! 9&2! :0! <&**0=! K0-01&*! (0'(&90-(&12! <&M&<.(2J#Rb ! Z! '.9.*&1! &MF
M13&<6!6&'!:00-!&=3M(0=!431!<3-(1&<('+#RD !K.4('+#Rj!&-=!9&11.&K0'J#R>!Q-!0&<6!34!(60'0!
<&'0'+!=0*8'.3-'!&10!(10&(0=!&'!&!'0M&1&(0!:&'.'!431!&''0''.-K!90-(&*!<&M&<.(2J!
!
?60! (0'(! 34! <&M&<.(2! (3! '0M&1&(0! O&'! -3(! =.10<(*2! &(! .''80! .-! )J(6J! B7ZEJ! ?60! <381(d'!
<3990-('!3-!.(!<&-!:0!'00-!&'!"4$&%-(2$#&,J!`3!.(!.'-d(!<39M*0(0*2!<*0&1!O60(601!(60!
<381(!.-(0-=0=!(3!<6&-K0!(60!31(63=3H!&MM13&<6!(3!=0*8'.3-'!431!(60!=.'<10(0!&10&!34!
<&M&<.(2!(3!'0M&1&(0J!e-*2!(.90!O.**!(0**!O60(601!*&(01!<381('!O.**!&=3M(!(6.'!&MM13&<6!
(3!=0*8'.3-'!&-=!(60!<&M&<.(2!(3!'0M&1&(0J!
!
!'#$ E0<8"-5(0,$)0$S)&'-$E0<<0,YU"@$%'()($03$E"8"65)>$
?60!(0'(!34!<&M&<.(2!(3!'0M&1&(0!.'!34(0-!*.-\0=!(3!(60!(0'(!34!<&M&<.(2!(3!9&112J#RS!?60!
(O3!(0'('!&10!'&.=!(3!'6&10!&!'.9.*&1*2!*3O!M3'.(.3-!3-!&-2!<&M&<.(2!6.01&1<62J#R# !
!
?60!*3O!(610'63*=!34!<&M&<.(2!(3!'0M&1&(0!.'!3<<&'.3-&**2!'00-!&'!:0.-K!(60!93'(!'.KF
-.4.<&-(! 40&(810! 34! (6.'! (0'(! 34! <&M&<.(2+! 9310! .9M31(&-(! (6&-! &-2! 34! (60! &<(8&*! 0*0F
90-('!34!(60!(0'(J!`3!&!M01'3-!O63!6&'!(60!<&M&<.(2!(3!M014319!3(601!(&'\'+!'8<6!&'!
9&\.-K!4.-&-<.&*!=0<.'.3-'!31!.-'(18<(.-K!<38-'0*+!<&-!:0!(&\0-!(3!6&/0!(60!<&M&<.(2!
(3!'0M&1&(0J#RR!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#R"J!!%%()J(6J!B7ZE+!<5+-,!-3(0!#SC!&(!M&1&J!b>!BhQ-!'899&12+!=.'31=010=!31!=0*8'.3-&*!(6.-\.-K!O6.<6!
9&2!<3-(1.:8(0!(3!&-!.-=./.=8&*d'!.-(0-(.3-!(3!*./0!'0M&1&(0!&-=!&M&1(+!=30'!-3(!=.9.-.'6!(6&(!.-F
=./.=8&*d'!<&M&<.(2!(3!4319!(6&(!.-(0-(.3-+!M13/.=0=!.(!=30'!-3(!10&<6!(60!*0/0*!34!.-<&M&<.(2!(6&(!
.-(014010'!O.(6!(60!&:.*.(2!(3!9&-&K0!6.'!31!601!3O-!&44&.1'!&-=!.-'(18<(!<38-'0*JiEJ!
#R$J!!%%($4$2J!&(!M&1&J!bCJ!
#RbJ!!%%(6,.Z<(FJ(I""2@%00">+!<5+-,!-3(0!$D!&(!j>jJ!
#RDJ!!%%!U3:01('3-+!<5+-,!-3(0!Db#!&(!"RSJ!
#RjJ!!%%(L$.9-"<%+!<5+-,!-3(0!D$"!&(!M&1&J!RRJ!
#R>J!!%%(35.&%-+!<5+-,!-3(0!SDj!&(!RjJ(
#RSJ!!%%+!%J9J+!N"0@C,.O!&"&0,.2+!<5+-,!-3(0!>$!&(!M&1&J!$ST!U3:01('3-+!<5+-,!-3(0!Db#!&(!$S$J!
#R#J!!%%(B,0F%-&+!<5+-,!-3(0!"CD!&(!$RDT!N"0@C,.O!&"&0,.2+!<5+-,!-3(0!>$!&(!M&1&J!$SJ!
#RRJ!!%%(N"0@C,.O!&"&0,.2+!$4$2J!&(!M&1&J!b"J!
DE]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
)@'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
=00;"'1$%'!"1$%*'
?60!3-*2!10&*!.''80!431!104319!.'!O60(601!*0K.'*&(.3-!'638*=!:0!0-&<(0=!(3!93=.42!(60!
(0'(! 34! <&M&<.(2! (3! '0M&1&(0J! ?6.'! .''80! 6&'! -3(! 10<0./0=! 98<6! &((0-(.3-! 4139! <39F
90-(&(31'!&-=!*&O!10431901'+!:8(!(6010!.'!3-0!10<0-(!&<&=09.<!M13M3'&*!431!104319J!
!
"#!
5@*837! &'0! &5.%-/5! *+! /@%! -*$$*';3&<! /%5/! *+! -&.&-(/0! /*! +*6$! /@%!
('/%'/(*'! /*! 3(>%! 5%.&6&/%! &'7! &.&6/! +6*$! &! 5.*85%! =%! $*7(+(%7! =0!
3%)(53&/(*'E!
Q-!&!10<0-(!'(8=2!34!63O!Z901.<&-!<381('!6&/0!6&-=*0=!<&M&<.(2!(3!'0M&1&(0+!(O3!*0F
K&*!&<&=09.<'!10<3990-=0=!(60!0-&<(90-(!34!&!93=0*!'(&(8(0!(3!&==10''!&!-89:01!
34!.''80'!&1.'.-K!4139!(60!<&'0'JRCC!?60!60&1(!34!(6.'!93=0*!'(&(8(0!.'!&!10FO31\0=!(0'(!
34!<&M&<.(2!(3!'0M&1&(0+!O6.<6!10&='!&'!43**3O'A!
!
Z!M&1(2!.'!<39M0(0-(!.4!(6&(!M&1(2A!
• <&-!0HM10''!&!<*0&1+!<3-'.'(0-(!M104010-<0!&'!(3!O60(601!(3!=./31<0T!
• <&-!&''.9.*&(0!&-=!8-=01'(&-=!10*0/&-(!4&<('!<3-<01-.-K!(60!=./31<0!M13<00=.-K'!
&-=!<3-'0f80-<0'!34!(60!M13<00=.-K'T!
• <&-!&MM10<.&(0!(60!M&1(2d'!'.(8&(.3-!O.(6!10K&1=!(3!(63'0!4&<('T!
• <&-!M&1(.<.M&(0!.-!(60!=./31<0!M13<00=.-K'!8'.-K!1&(.3-&*!(638K6(!M13<0''0'T!
• <&-! M13/.=0! &-=! =30'! &1(.<8*&(0! 10&*.(2F:&'0=! 10&'3-'! 431! '00\.-K! 31! M81'8.-K! &!
=./31<0!&-=!431!O.'6.-K!(3!M&1(.<.M&(0!.-!=./31<0!M13<00=.-K'JRC"!
!
Z*(638K6!(6.'!M13M3'0=!M13/.'.3-!10401'!3-*2!(3!h=./31<0i!.(!<38*=!0&'.*2!:0!&=&M(0=!
(3!10401!(3!h'0M&1&(0Ji!
!
?6.'!(0'(!34!<&M&<.(2!O&'!344010=!&'!&!90&-'!(3!1090=2!(60!'631(<39.-K'!34!Z901.F
<&-!<&'0!*&OJ!?6010!&10!10*&(./0*2!40O!Z901.<&-!=0<.'.3-'!3-!<&M&<.(2!(3!'0M&1&(0+RC$!
&-=!(60!<&'0'!(6&(!=3!0H.'(!34401!*.((*0!.-!(60!O&2!34!M1.-<.M*0=!10&'3-.-K!&:38(!(60!
0*090-('!34!(60!(0'(!34!<&M&<.(2!(3!'0M&1&(0JRCb!G81(601+!(3!(60!0H(0-(!(6&(!&!<*0&1!(0'(!
34! <&M&<.(2! <&-! :0! =.'<01-0=+! .(! 4&**'! O0**! '631(! 34! (60! M13(0<(.3-! -00=0=! :2! M03M*0!
O.(6!=.9.-.'60=!<&M&<.(2J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RCCJ!!%%!)3''9&-!l!`6309&\01+!<5+-,!-3(0!b$J!
RC"J!V4$2J!&(!"#S!p433(-3(0!39.((0=qJ!%&1*.01+!(60!93=0*!'(&(8(0!=04.-0=!h<39M0(0-(i!(3!90&-!h<39M0F
(0-(!(3!.-.(.&(0+!9&.-(&.-+!&-=!M&1(.<.M&(0!.-!=./31<0!M13<00=.-K'i!B$4$2J!&(!"#>EJ!
RC$J!!%%($4$2J!&(!"jjo>b!B10/.0O.-K!(60!'0/0-!10M31(0=!Z901.<&-!<&'0'!3-!<&M&<.(2!(3!'0M&1&(0!(6&(!
(60!&8(631'!O010!&:*0!(3!*3<&(0EJ!
RCbJ!!%%($4$2J!&(!">DJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DE^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
%-&<(.-K!&!(0'(!34!<&M&<.(2!*.\0!(60!3-0!M13M3'0=!O38*=!6&/0!'0/01&*!&=/&-(&K0'J!Q(!
O38*=!0-6&-<0!(60!*&Od'!M13(0<(.3-!34!/8*-01&:*0!M03M*0!O.(6!=.9.-.'60=!<&M&<.(2J!
`0M&1&(.3-! &-=! =./31<0! <&-! 6&/0! '0/010! 4.-&-<.&*+! 093(.3-&*+! &-=! '3<.&*! <3-'0F
f80-<0'J! `0((.-K! &! 6.K601! (610'63*=! 431! (60! (0'(! 34! <&M&<.(2g&-=! &! (610'63*=! (6&(!
=0&*'! 9310! 0440<(./0*2! O.(6! =0*8'.3-'g10=8<0'! (60! M3''.:.*.(2! 34! &! /8*-01&:*0! M01F
'3-!8'.-K!=./31<0!M13<00=.-K'!(3!6&19!6.9'0*4!31!601'0*4J!?60!M13M3'0=!(0'(!34!<&F
M&<.(2!O38*=!&*'3!<*&1.42!&-=!*0-=!<01(&.-(2!(3!&-!3:'<810!&10&!34!(60!*&OJ!G.-&**2+!.(!
O38*=!'(10-K(60-!(60!.-(0K1.(2!34!<381(!M13<00=.-K'!&-=!*0-=!&!6&-=!.-!0-'81.-K!(6&(!
/0H&(.38'!M13<00=.-K'!&10!-3(!'8'(&.-0=!.-!<381(J!
!
58(! (6010! 9&2! &*'3! :0! '390! =3O-'.=0'! (3! (6.'! M13M3'0=! *0K.'*&(.3-J! G.1'(+! .(! <38*=!
8-=019.-0!(60!&8(3-392!34!'390!M03M*0!O.(6!=.9.-.'60=!<&M&<.(2J!?60!*3-K'(&-=F
.-K! (10-=! .-! 4&9.*2F*&O! *0K.'*&(.3-! .'! (3O&1=! *.:01&*._&(.3-! 34! &<<0''! (3! '0M&1&(.3-!
&-=! =./31<0J! Z! 60.K6(0-0=! (0'(! 34! <&M&<.(2! (3! '0M&1&(0! O38*=! 13**! :&<\! (6&(! (10-=!
'390O6&(!431!M03M*0!O.(6!=.9.-.'60=!<&M&<.(2J!?60!M13M3'0=!*0K.'*&(.3-!O38*=!&*'3!
'0/01!(60!*.-\!:0(O00-!<&M&<.(2!(3!9&112!&-=!<&M&<.(2!(3!'0M&1&(0J!G.-&**2+!.-!31=01!
(3!&440<(!&**!&'M0<('!34!<&M&<.(2!(3!'0M&1&(0+!(6.'!(0'(!34!<&M&<.(2!O38*=!6&/0!(3!:0!0-F
&<(0=!:2!:3(6!(60!40=01&*!M&1*.&90-(!&-=!(60!51.(.'6!73*89:.&!*0K.'*&(810J!?6.'!(2M0!
34!<331=.-&(.3-!<&-!:0!=.44.<8*(!(3!&<6.0/0!.-!M1&<(.<0J!
!
?60!<399.((00!=.=!-3(!4&/381!104319.-K!(60!(0'(!34!<&M&<.(2!(3!'0M&1&(0!.-!(6.'!9&-F
-01J!Q-!(60!<399.((00d'!/.0O+!10f8.1.-K!&!60.K6(0-0=!'(&-=&1=!34!90-(&*!<&M&<.(2!(3!
'0M&1&(0!O38*=!.9M.-K0!0H<0''./0*2!3-!M01'3-&*!&8(3-392J!Q-!&==.(.3-+!(60!<399.(F
(00! 4&/3810=! 9&.-(&.-.-K! (60! *.-\! :0(O00-! (60! (0'('! 34! <&M&<.(2! (3! 9&112! &-=! (3!
'0M&1&(0J!G.-&**2+!(60!<399.((00!6&=!<3-<01-'!&:38(!(60!M1&<(.<&*!=.44.<8*(.0'!34!K0(F
(.-K!(60!40=01&*FM13/.-<.&*!<3F3M01&(.3-!-00=0=!(3!'0((*0!&**!&'M0<('!34!(6.'!.''80J!
!
Z!<*0&1!9&c31.(2!34!<3-'8*(&(.3-!10'M3-=0-('!'8MM31(0=!(60!<399.((00d'!M13M3'&*!3-!
(6.'!.''80!431!104319J!
!
?60!<399.((00!10<3990-='A!
dRJ( 8%9$<0,&$".( <A"502( ."&( 4%( %.,#&%2( &"( C"2$@'( &A%( #"CC".O0,>( &%<&( "@( #,+,#$&'( &"(
@"-C(&A%($.&%.&$".(&"(0$F%(<%+,-,&%(,.2(,+,-&(@-"C(,(<+"5<%J(
!
DE_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
P!5L/'!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!' R===@' )565)=/U' /K' JG/J!'
SG>5!!=JP'C6KSC5,'!J,5/=KGCW=6'
=G/K' 5G'
5@' =(&%$7;2&3$('
?6.'!<6&M(01!<3-'.=01'!&-!&10&!(6&(!.'!1&10*2!=.'<8''0=!.-!(019'!34!90-(&*!<&M&<.(2J!
?6.'! .'! &-! 8-9&11.0=! 'M38'&*! 10*&(.3-'6.Mg(6&(! .'+! (60! <10&(.3-! 34! &! 'M38'&*!
10*&(.3-'6.M!:2!&!<38M*0!(6&(!*./0'!(3K0(601!.-!&!9&11.&K0F*.\0!10*&(.3-'6.MJ!
!
9@' 9-2Z[%$;(7'
"#!
*>%6>(%<?!$%'/&3!-&.&-(/0!&'7!8'$&66(%7!5.*85&3!6%3&/(*'5@(.5!
m3! <381('! 31! <3990-(&(31'! .-! 51.(.'6! 73*89:.&! 31! 0*'0O6010! .-! 7&-&=&! 6&/0! <3-F
'.=010=!O60(601!&!(0'(!34!90-(&*!<&M&<.(2!'638*=!&MM*2!(3!.-=./.=8&*'!O63!0-(01!.-(3!
8-9&11.0=!'M38'&*!10*&(.3-'6.M'J!58(!(6010!.'!&!'._&:*0!&938-(!34!<381(!=0<.'.3-'!3-!
(60! =04.-.(.3-! 34! &-! 8-9&11.0=! 'M38'&*! 10*&(.3-'6.M! &-=! 3-! 63O! (3! =0(019.-0!
O60(601! .-=./.=8&*'! &10! .-! &-! 8-9&11.0=! 'M38'&*! 10*&(.3-'6.MJ! %H&9.-.-K! (60'0!
<&'0'!9&2!'60=!'390!*.K6(!3-!(60!13*0!(6&(!&!(0'(!34!<&M&<.(2!<38*=!M*&2!.-!(6.'!&10&!34!
(60!*&OJ!
!
?6.'!:&<\K138-=!'0<(.3-!:0K.-'!:2!-3(.-K!(60!1&-K0!34!'(&(8(0'!(6&(!&MM*2!(3!8-9&1F
1.0=!'M38'&*!10*&(.3-'6.M'J!?60-!.(!<3-'.=01'!(60!=04.-.(.3-!34!&-!8-9&11.0=!'M38'&*!
10*&(.3-'6.M!&-=!0H&9.-0'!63O!(60!<381('!6&/0!&MM*.0=!(6&(!=04.-.(.3-!(3!.-=./.=8&*!
<&'0'J!
!
2#!
6&')%!*+!3%)(53&/(*'!&..30(')!/*!8'$&66(%7!5.*85&3!6%3&/(*'5@(.5!
)310!&-=!9310!7&-&=.&-!<38M*0'!&10!*./.-K!(3K0(601!&'!8-9&11.0=!'M38'0'JRCD!?6.'!
.'!&!*3-KF1&-K0!(10-=+!O6.<6!6&'!=0/0*3M0=!3/01!'0/01&*!K0-01&(.3-'J!e/01!(6&(!(.90+!
M13/.-<.&*!*0K.'*&(810'!6&/0!10'M3-=0=!:2!0H(0-=.-K!<01(&.-!1.K6('!&-=!3:*.K&(.3-'!(3!
8-9&11.0=!'M38'0'J!
!
?60! /06.<*0! 431! 0H(0-=.-K! 1.K6('! &-=! 3:*.K&(.3-'! 6&'! :00-! &-! 0HM&-=0=! *0K.'*&(./0!
=04.-.(.3-! 34! (60! O31=! <+"5<%J! Q-! 51.(.'6! 73*89:.&+! D"! '(&(8(0'! 6&/0! '8<6! &-! 0HF
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RCDJ!!%%! `(&(.'(.<'! 7&-&=&+! :"-&-,$&( "@( P,C$0$%<( ,.2( 8$F$.9( )--,.9%C%.&<( $.( B,.,2,\( P,C$0$%</( 3"5<%O
A"02<( ,.2( ?,-$&,0( !&,&5</( QR[[( B%.<5<( "@( :"+50,&$".+! `(&(.'(.<'! 7&-&=&! <&(&*3K80! -3J! R#Fb"$F
s$C""CC"!Be((&O&A!).-.'(01!34!Q-=8'(12+!$C"$E!&(!b!B4.-=.-K!(6&(!hp:q0(O00-!$CC>!&-=!$C""+!(60!
-89:01! 34! <3993-F*&O! <38M*0'! 13'0! "bJRr+! 9310! (6&-! 4381! (.90'! (60! bJ"r! .-<10&'0! 431! 9&1F
1.0=!<38M*0'i!&-=!(6&(+!.-!$C""+!h<3993-F*&O!<38M*0'!&<<38-(0=!431!9310!(6&-!">JSr!34!&**!<0-F
'8'!4&9.*.0'iEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DEA'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
M&-=0=!=04.-.(.3-J!Z!'&9M*0!34!(60!1.K6('!&-=!3:*.K&(.3-'!0H(0-=0=!:2!(6.'!*0K.'*&(.3-!
.-<*8=0'!(60!43**3O.-KA!
!
• &!1.K6(!(3!'8MM31(!3-!:10&\=3O-!34!(60!10*&(.3-'6.MTRCj!
• &! 1.K6(! (3! =./.'.3-! 34! 4&9.*2! M13M01(2! 3-! (60! :10&\=3O-! 34! (60! 10*&(.3-F
'6.MTRC>!
• &!1.K6(!(3!&!M1040110=!'6&10!34!&!=0<0&'0=!'M38'0d'!0'(&(0!3-!.-(0'(&<2TRCS!
• &!1.K6(!(3!<*&.9!<39M0-'&(.3-!431!(60!=0&(6!34!&!'M38'0!.-!&!4&(&*!&<<.=0-(TRC#!
!
4#!
• &!1.K6(!(3!'00\!/&1.&(.3-!34!&!'M38'0d'!O.**JRCR!
7%+('(/(*'!*+!,5.*85%1!
Z*(638K6! (6010! &10! &! 40O! 9.-31! /&1.&(.3-'! 8'0=! .-! '390! '(&(8(0'+! (60! =04.-.(.3-! 34!
'M38'0!.'!<3-'.'(0-(!&<13''!93'(!34!(6.'!*0K.'*&(.3-J!?6.'!<3-'.'(0-<2!O&'!&<6.0/0=!:2!
(60!0-&<(90-(!34!(O3!&90-=.-K!&<('+!3-0!.-!"RRRR"C!&-=!(60!3(601!.-!$CCCJR""!
!
Q-!&==.(.3-!(3!&!9&11.0=!<38M*0+!(6.'!=04.-.(.3-!34!'M38'0!.-<*8=0'!h&!M01'3-!O63!J!J!J!
.'! *./.-K! O.(6! &-3(601! M01'3-! .-! &! 9&11.&K0F*.\0! 10*&(.3-'6.M+! .-<*8=.-K! &! 9&11.&K0F
*.\0!10*&(.3-'6.M!:0(O00-!M01'3-'!34!(60!'&90!K0-=01Ji!?6.'!*&-K8&K0!.-<31M31&(0'!
8-9&11.0=!'M38'0'!O.(6.-!(60!=04.-.(.3-!34!'M38'0!&-=!0440<(./0*2!M*&<0'!8-9&11.0=!
'M38'0'! 3-! (60! '&90! 433(.-K! &'! 9&11.0=! 'M38'0'! 431! (60! M81M3'0'! 34! =0(019.-.-K!
1.K6('!&-=!3:*.K&(.3-'!8-=01!(60!*0K.'*&(.3-!(6&(!&=3M('!'8<6!&!=04.-.(.3-!34!'M38'0J!
!
?6.'!*0K.'*&(.3-!M13/.=0'!*.((*0!K8.=&-<0!3-!O6&(!10*&(.3-'6.M'!&10!9&11.&K0F*.\0!10*&F
(.3-'6.M'J!?6.'!f80'(.3-!6&'!:00-!*&1K0*2!*04(!(3!(60!<381('J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RCjJ!!%%(P,C$0'(8,>()#&+!<5+-,!-3(0!#>"+!''J!"!h'M38'0+i!b+!">CJ!
RC>J!!%%($4$2J+!''J!"!h'M38'0+i!b+!#"J!
RCSJ!!%%(T<&,&%()2C$.$<&-,&$".()#&+!<5+-,!-3(0!#bj+!''J!"!h<3993-!*&O!'M38'0+i!#jJ!
RC#J!!%%(P,C$0'(B"C+%.<,&$".()#&+!U`57!"RR>+!<J!"$>+!''J!"!h'M38'0+i!b!B"EJ!
RCRJ!!%%(N$00<(W,-$,&$".()#&+!<5+-,!-3(0!#+!''J!"!h'M38'0+i!$J!!%%(,0<"(N$00</(T<&,&%(,.2(!5##%<<$".()#&+!
<5+-,!-3(0!"C+!''J!>CoS$!B.-!431<0!b"!)&1<6!$C"DEJ!
R"CJ!!%%(E%@$.$&$".("@(!+"5<%()C%.2C%.&()#&/([]]]+!`57!"RRR+!<J!$RJ!
R""J!!%%(E%@$.$&$".("@(!+"5<%()C%.2C%.&()#&/(QRRR+!`57!$CCC+!<J!$DJ!53(6!&<('!<&90!.-(3!431<0!3-!(60!
'&90!=&(0'A!$#!X8*2!$CCC!B.-!M&1(E!&-=!"!m3/09:01!$CCCJ!!%%!57!U0KJ!$#CN$CCCJ!
DE`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
9#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
<@&/!(5!&!$&66(&)%;3(D%!6%3&/(*'5@(.E!
?60!h'(&1(.-K!M3.-(iR"$!431!&-&*2_.-K!O60(601!&!10*&(.3-'6.M!.'!&-!8-9&11.0=!'M38'&*!
10*&(.3-'6.M!.'!(60!h*0&=.-K!&8(631.(2iR"b!I"<&0$.(FJ(Y%-9$.JR"D!Q-!I"<&0$.!(60!<381(!0'F
(&:*.'60=!&!h(0'(i!O.(6!h(O3!&'M0<('JiR"j!
!
?60!4.1'(!&'M0<(!34!(60!(0'(!.'!<3-<01-0=!O.(6!h(60!<38M*0d'!'8:c0<(./0!.-(0-(.3-JiR">!Q-!
&MM*2.-K!(6.'!&'M0<(+!(60!<381(!'638*=!:0!hK8.=0=!:2!(60!'<6090!&-=!.-(0-(.3-!34!(60!
Z<(!.('0*4JiR"S!?6&(!.'+!(60!<381(!'638*=!*33\!(3!(60!M&1(.<8*&1!*0K.'*&(./0!1.K6('!&-=!3:F
*.K&(.3-'!(6&(!&10!&(!.''80!.-!&!K./0-!=.'M8(0J!`3!.-!&!<&'0!*.\0! I"<&0$.!(6&(!O&'!<3-F
<01-0=! O.(6! '8MM31(! 1.K6('! &-=! 3:*.K&(.3-'! 8-=01! (60! 3*=! P,C$0'( L%0,&$".<( )#&+! (60!
<381(! '638*=! <3-'.=01! O60(601! (60! M&1(.0'! (3! (60! 10*&(.3-'6.M! O38*=! /.0O! (609F
'0*/0'!&'!:0.-K!:38-=!(3!M13/.=0!'8MM31(!.4!(60.1!M&1(-01!O010!'8==0-*2!(3!:0<390!
=.'&:*0=JR"#!?60!M81M3'0!34!(6.'!&'M0<(!34!(60!(0'(!.'!(3!h*0p&/0q!1339!431!<63.<0JiR"R!
!
58(!(60!M10'0-<0!34!&-!0HM10''!.-(0-(.3-!10'(.-K!3-!&!<*0&1F<8(!<63.<0!&:38(!(60!-&F
(810!34!(60!10*&(.3-'6.M!3-*2!<13M'!8M!.-!'390!<&'0'J!Q-!3(601!<&'0'+!(60!'M38'0'!O.**!
'.9M*2!=1.4(!.-(3!(60!10*&(.3-'6.MJR$C!Z-=!.-!'(.**!3(601!<&'0'+!h<3-=8<(!'M0&\'!*38=01!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
R"$J!D,Z,#<(FJ(I,00"!B"RR#E+!"jS!VPU!BD(6E!>$b+!D#!57PU!Bb=E!$>j!&(!M&1&J!jb+![8==&1(!XZ!B=.''0-(.-KE!
pD,Z,#<q+!0%,F%(&"(,++%,0(&"(!BB(-%@5<%2+!p"RR#q!`77Z!m3J!$b#!BYPEJ!
R"bJ!=J(8J(!J(FJ(EJ(NJ+!$C"C!57`7!"jbS!&(!M&1&J!$j+!p$C"Cq!57X!m3J!$"bb!BYPE+!V.**3-!XJ!p=J(8J(!JqJ!
R"DJ!B"R#>E+!b!57PU!B$=E!$>D+!"!UGP!Bb=E!DD#!B7ZE!pI"<&0$.!<.(0=!(3!57PUqJ!
R"jJ!D,Z,#<+!<5+-,!-3(0!R"$!&(!M&1&J!bSJ!
R">J!V4$2J!!%%(,0<"(I"<&0$.+!<5+-,!-3(0!R"D!&(!$>So>#+!P&9:01(!XZ!B431!(60!<381(EJ!
R"SJ!I"<&0$.+!$4$2J!&(!$>SJ!
R"#J!!%%($4$2J!&(!$>So>#!Bh`3!Q!O38*=!&'\!O60(601!(60!8-9&11.0=!<38M*0d'!10*&(.3-'6.M!O&'!*.\0!(60!10F
*&(.3-'6.M!34!&!9&11.0=!<38M*0!.-!(6&(!(60!8-9&11.0=!<38M*0!6&/0!'63O-!(6&(!(602!6&/0!/3*8-(&1F
.*2! 09:1&<0=! (60! M019&-0-(! '8MM31(! 3:*.K&(.3-'! 34! p(60! P,C$0'( L%0,&$".<( )#&qJ! Q4! 0&<6! M&1(-01!
6&=!:00-!&'\0=!&(!&-2!(.90!=81.-K!(60!10*0/&-(!M01.3=!34!9310!(6&-!(O3!20&1'+!O60(601+!.4!(60.1!
M&1(-01!O010!(3!:0!'8==0-*2!=.'&:*0=!431!*.40+!O38*=!(602!<3-'.=01!(609'0*/0'!<399.((0=!(3!*.40F
*3-K! 4.-&-<.&*! &-=! 931&*! '8MM31(! 34! (6&(! M&1(-01+! &-=! (60! &-'O01! 34! :3(6! 34! (609! O38*=! 6&/0!
:00-! vn0'+d! (60-! (602! &10! *./.-K! (3K0(601! &'! 68':&-=! &-=! O.40J! Q4! (60! &-'O01! O38*=! 6&/0! :00-!
vm3+d!(60-!(602!9&2!:0!*./.-K!(3K0(601+!:8(!-3(!&'!68':&-=!&-=!O.40JiEJ!
R"RJ!D,Z,#<+!<5+-,!-3(0!R"$!&(!M&1&J!DCJ!I"<&0$.+!<5+-,!-3(0!R"D!&(!$>SJ!
R$CJ!!%%(h,Z$>#A5Z(FJ(X,Z<+!$CCb!`^Y5!"$D!&(!M&1&J!"C+!"!7%PU!Bb=E!b"C+!U2&-FG13'*.0!XJ!BhL.(6!9&1F
1.0=!<38M*0'+!(60!10*&(.3-'6.M!.'!0&'2!(3!0'(&:*.'6J!?60!9&11.&K0!<01093-2!.'!&!M8:*.<!=0<*&1&(.3-!
34! (60.1! <399.(90-(! &-=! .-(0-(J! U0*&(.3-'6.M'! 38('.=0! 9&11.&K0! &10! 98<6! 9310! =.44.<8*(! (3! &'F
<01(&.-J!U&10*2!.'!(6010!&-2!(2M0!34!vM8:*.<d!=0<*&1&(.3-!34!.-(0-(J!e4(0-!M03M*0!:0K.-!<36&:.(.-K!
O.(6!*.((*0!4310(638K6(!31!M*&--.-KJ!?60.1!93(./&(.3-!.'!34(0-!-3(6.-K!9310!(6&-!O&-(.-K!(3!v:0!
(3K0(601Jd! `390! .-=./.=8&*'! 6&/0! <63'0-! (3! 0-(01! 10*&(.3-'6.M'! 38('.=0! 9&11.&K0! :0<&8'0! (602!
=.=!-3(!O&-(!(60!*0K&*!3:*.K&(.3-'!.9M3'0=!:2!(6&(!'(&(8'J!`390!.-=./.=8&*'!6&/0!'.9M*2!K./0-!-3!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DEa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(6&-!O31='J!?60!.-(0-(.3-!=093-'(1&(0=!:2!<3-=8<(!9&2!0/0-!:0!.-<3-'.'(0-(!O.(6!
(60!&1(.<8*&(0=!.-(0-(.3-JiR$"!G31!(60'0!<&'0'+!.(!.'!-0<0''&12!(6&(!(60!<381(!93/0!3-!
(3!(60!'0<3-=!&'M0<(!34!(60!(0'(+!O6.<6!0H&9.-0'!O60(601!h3(601+!9310!3:c0<(./0!.-F
=.<&(31'!9&2!'63O!(60!O&2i!(3!(60!&<<81&(0!<6&1&<(01._&(.3-!34!(60!10*&(.3-'6.MJR$$!
!
?60!&-&*2'.'!8-=01!(60!'0<3-=!&'M0<(!34!(60!(0'(!h.'!*&1K0*2!4&<(F=1./0-!&-=!=0M0-='!
3-! (60! .-=./.=8&*! <.1<89'(&-<0'! 34! 0&<6! <&'0JiR$b! 58(! (60! <381('! 6&/0! =0/0*3M0=!
h-890138'!.-=.<.&iR$D!(3!&''.'(!.-!9&\.-K!=0(019.-&(.3-'!:&'0=!3-!3:c0<(./0!.-=.<&F
(31'J! ?60! 93'(! <39M1060-'./0! *.'(! 34! .-=.<.&! O&'! '0(! 38(! .-! (60! e-(&1.3! <&'0! ?"0"O
2">$#A(FJ(:%.&&$.%.JR$j!?"0"2">$#A!*.'(0=!'0/0-!&10&'!34!0H&9.-&(.3-+!O.(6!98*(.M*0!
f80'(.3-'!M3'0=!8-=01!0&<6!&10&JR$>!?6.'!&MM13&<6!(3!(60!'0<3-=!&'M0<(!34!(60!(0'(!
6&'!:00-!0-=31'0=!.-!'8:'0f80-(!51.(.'6!73*89:.&!=0<.'.3-'JR$S!
!
:#!
($.3(-&/(*'5!+*6!$%'/&3!-&.&-(/0!
?60!<&'0!*&Od'!&MM13&<6!(3!63O!(60!'M38'&*!10*&(.3-'6.M!.'!=04.-0=!6&'!'0/01&*!.9F
M31(&-(!.9M*.<&(.3-'!431!90-(&*!<&M&<.(2J!
!
G.1'(+!(60!(0'(!'0(!38(!.-!(60!<&'0'!40&(810'!&-!0*090-(!=0/3(0=!(3!.-(0-(.3-J!?6.'!0*0F
90-(!.'!'.K-.4.<&-(!:0<&8'0!.(!M13/.=0'!'390!'M&<0!3-!O6.<6!&!(0'(!34!<&M&<.(2!9&2!
3M01&(0J! Z'! 3-0! <381(! M8(! .(! .-! &-3(601! <3-(0H(+! h90-(&*! <&M&<.(2! &-=! .-(0-(.3-! &10!
.-0H(1.<&:*2!*.-\0=JiR$#!Q-(0-(.3-!.'!(60!\02+!34(0-!=0<.'./0+!0*090-(!34!&**!34!(60!3(601!
&10&'! 34! (60! *&O! '(8=.0=! .-! (6.'! 10M31(J! ?60! 4&<(! (6&(! .(! M*&2'! '390! 13*0! .-! 0-(01.-K!
.-(3!&-!8-9&11.0=!'M38'&*!10*&(.3-'6.M!*.-\'!(60'0!10*&(.3-'6.M'!(3!(63'0!3(601!&10&'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
(638K6(!&'!(3!63O!(60.1!10*&(.3-'6.M!O38*=!3M01&(0J!e4(0-!(60!=&(0!O60-!(60!<36&:.(&(.3-!&<(8F
&**2! :0K&-! .'! :*8110=! :0<&8'0! M03M*0! v0&'0! .-(3d! '.(8&(.3-'+! 'M0-=.-K! 9310! &-=! 9310! (.90! (3F
K0(601J!ZK10090-('!:0(O00-!M03M*0!/01.42.-K!O60-!(60.1!10*&(.3-'6.M!:0K&-!&-=!63O!.(!O.**!3MF
01&(0!34(0-!=3!-3(!0H.'(JiEJ!
R$"J!D,Z,#<+!<5+-,!-3(0!R"$!&(!M&1&J!DCJ!
R$$J!I"<&0$.+!<5+-,!-3(0!R"D!&(!$>#J!
R$bJ!L",#A(FJ(E5&-,+!$C"C!577Z!$>D!&(!M&1&J!">+!j!57PU!Bj(6E!Rj!pE5&-,q+!W13O'0!XZ!B431!(60!<381(EJ!
R$DJ!V4$2J!&(!M&1&J!$"!
R$jJ!B"R#CE+!"S!UGP!B$=E!bS>+!$!Z7L`!B$=E!D#>!Be-(J!V.'(J!7(JE!p?"0"2">$#A!<.(0=!(3!UGPqJ!
R$>J!!%%($4$2J!&(!b#"o#$!B<&**.-K!431!<3-'.=01&(.3-!34!(60!43**3O.-K!&10&'A!B"E!'60*(01T!B$E!'0H8&*!&-=!
M01'3-&*!:06&/.381T!BbE!'01/.<0'T!BDE!'3<.&*T!BjE!'3<.0(&*T!B>E!'8MM31(!B0<3-39.<ET!BSE!<6.*=10-EJ!
R$SJ!!%%(E5&-,+!<5+-,!-3(0!R$b!&(!M&1&J!"$T!=J(8J(!J+!<5+-,!-3(0!R"b!&(!M&1&J!$>!BhZMM*.<&(.3-!34!&-!3:c0<F
(./0!(0'(!9&2!.-/3*/0!<3-'.=01&(.3-!34!4&<(31'!10*&(0=!(3!'60*(01+!'0H8&*!&-=!M01'3-&*!:06&/.381+!
'01/.<0'+!'3<.&*+!'3<.0(&*+!0<3-39.<!'8MM31(+!&-=!<6.*=10-+!=0M0-=.-K!3-!(60!<.1<89'(&-<0'!34!(60!
<&'0+!&'!*.'(0=!&-=!0HM&-=0=!.-!?"0"2">$#AJ!J!J!JiEJ!
R$#J!!&J(X.9%(T<&,&%+!<5+-,!-3(0!b#>!&(!M&1&J!$#J!
DFE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
34!(60!*&OJ!Q(!&*'3!'8KK0'('!(6&(!8-9&11.0=!'M38'&*!10*&(.3-'6.M'!<38*=!:0!&-&*2_0=!.-!
'.9.*&1!O&2'!&'!(60!3(601!&10&'!'(8=.0=!.-!(6.'!M13c0<(!O.(6!10'M0<(!(3!90-(&*!<&M&<F
.(2J!
!
`0<3-=+!(6.'!.-(0-(.3-&*!0*090-(!.'!-3(!&*O&2'!&-!0''0-(.&*!M&1(!34!O6&(!9&\0'!8M!&-!
8-9&11.0=!'M38'&*!10*&(.3-'6.MJ!Q-!(6.'!O&2+!(60'0!10*&(.3-'6.M'!'(&-=!.-!<3-(1&'(!(3!
&**!(60!3(601!(3M.<'!(&\0-!8M!.-!(6.'!10M31(J!G31!0H&9M*0+!(3!9&\0!&!/&*.=!$.&%-(F$F"<!
K.4(+!&!M01'3-!98'(!6&/0!(60!.-(0-(.3-!(3!9&\0!&!K.4(JR$R!Q4!&!M01'3-!*&<\'!(60!90-(&*!
<&M&<.(2!(3!4319!(6.'!.-(0-(.3-+!(60-!(60!K.4(!<&-!:0!<3-'.=010=!.-/&*.=J!?60!<&'0!*&O!
3-!8-9&11.0=!'M38'&*!10*&(.3-'6.M'!'8KK0'('!(6&(!.(!O38*=!-3(!:0!M3''.:*0!(3!=1&O!
(6.'!<3-<*8'.3-!.-!&**!<&'0'!.-!O6.<6!&!M01'3-!*&<\'!(60!90-(&*!<&M&<.(2!(3!0-(01!.-(3!
'8<6!&!10*&(.3-'6.MJ!?60!'M38'&*!10*&(.3-'6.M!<38*=!'(.**!:0!0'(&:*.'60=!3-!3:c0<(./0!
4&<(31'+!O6.<6!=3!-3(!10f8.10!=0*/.-K!.-(3!(60!'M38'0'd!.-(0-(.3-'J!
!
?6.1=+! h6&/.-K! 10K&1=! (3! (60! 0/3*8(.3-+! 6.'(312! &-=! M81M3'0! 34! (60! /&1.38'! 0-&<(F
90-('! O6.<6! 10<3K-._0! O6&(! &10! =0'<1.:0=! (3=&2! &'! v9&11.&K0F*.\0! 10*&(.3-'6.M'+d!
&-=!(3!(60!<3-(0H(!.-!O6.<6!(6.'!0HM10''.3-!.'!8'0=+i!<381('!.-!51.(.'6!73*89:.&!6&/0!
h<3-<*8=0p=q! (6&(! '8<6! 10*&(.3-'6.M'! <&-! 0H.'(! 0/0-! (638K6! 3-0! 31! :3(6! M&1(-01'!
*&<\'!(60!<&M&<.(2!(3!9&112JiRbC!?6.'!'(&(090-(!'638*=!-3(!:0!3/01F.-(01M10(0=+!&'!.(!
=30'!-3(!-0<0''&1.*2!90&-!(6&(!&!M01'3-!9&2!4&.*!(60!(0'(!34!<&M&<.(2!(3!9&112!&-=!
'(.**! :0! &:*0! (3! 4319! &! /&*.=! 8-9&11.0=! 'M38'&*! 10*&(.3-'6.MJ! ?60! 51.(.'6! 73*89:.&!
<381('!6&/0!20(!(3!(&<\*0!(6&(!.''80J!58(!(6010!&10!<&'0'!.-!O6.<6!&!M01'3-d'!*&<\!34!
*0K&*!<&M&<.(2!(3!9&112!6&'!-3(!M13/0=!(3!:0!&!:&11.01!(3!(6&(!M01'3-!0-(01.-K!.-(3!&!
/&*.=!8-9&11.0=!'M38'&*!10*&(.3-'6.MJ!?60!<381('!6&/0!60*=!(6&(!(60!4&<(!(6&(!&!M01F
'3-!<&--3(!*0K&**2!9&112!:0<&8'0!(6&(!M01'3-!.'!&*10&=2!.-!&!9&11.&K0!=30'!-3(!:&1!
(60! M01'3-! 4139! 0-(01.-K! .-(3! &! /&*.=! 8-9&11.0=! 'M38'&*! 10*&(.3-'6.MJRb"! Q-! 3(601+!
98<6!1&101+!<&'0'!h(60!.9M0=.90-(!9&2!'(09!4139!&!10*&(.3-'6.M!O.(6.-!(60!M136.:F
.(0=!=0K100'!34!<3-'&-K8.-.(2!31!&44.-.(2+iRb$ !&-=!9&2!'(.**!-3(!4319!&!<39M*0(0!:&1!(3!
(60!4319&(.3-!34!&!/&*.=!8-9&11.0=!'M38'&*!10*&(.3-'6.MJ!G.-&**2+!&*(638K6!.(!.'!3-*2!34!
6.'(31.<&*!.-(010'(!-3O+!'&90F'0H!<38M*0'!O010!&:*0!(3!4319!8-9&11.0=!'M38'&*!10*&F
(.3-'6.M'!&(!&!(.90!O60-!(602!O010!8-&:*0!(3!9&112J!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
R$RJ!!%%! L%<&,&%C%.&( *DA$-2;( "@( &A%( 8,>( "@( :-"+%-&'( *N$00<( ,.2( X&A%-( E".,&$F%( D-,.<@%-<;! x!>J"+!
<399J!:!B$CC"E!B=3-&(./0!.-(0-(!=0'<1.:0=!&'!h(60!0''0-<0!34!&!K.4(iEJ!
RbCJ!)5<&$.(FJ(I"%-H+!$CCS!577Z!j#>!&(!M&1&J!j"+!SD!57PU!BD(6E!bR+!G1&-\0*!XZ!B431!(60!<381(E!p)5<&$.qJ!
Rb"J!!%%($4$2J(
Rb$J!L.--.410=! [J! [3**&-=! l! 5&1:13! %J! `(&*:0<\01FW38-(-02+! 0='J+! B"A,4$&,&$".\( DA%( 8,>( $.( B,.,2,+!
*33'0*0&4!B<3-'8*(0=!3-!$j!X8-0!$C"bE+!/3*J!"!B?313-(3A!7&1'O0**+!"RRCE!&(!x!"J"JbJ!!%%(,0<"(?,-O
-$,9%(*:-"A$4$&%2(E%9-%%<;()#&+!<5+-,!-3(0!#$bJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DFF'
'
A#!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
%'7(')!&'!8'$&66(%7!5.*85&3!6%3&/(*'5@(.!
%-=.-K! &-! 8-9&11.0=! 'M38'&*! 10*&(.3-'6.M! <&-! :1.-K! .-(3! 0H.'(0-<0! &! '.9.*&1! '0(! 34!
*0K&*!.''80'!&'!(63'0!(6&(!9&2!<3-413-(!&!<381(!3-!=0(019.-.-K!O60(601!&-!8-9&1F
1.0=!'M38'&*!10*&(.3-'6.M!6&'!<390!.-(3!:0.-KJ!?60!<3-(1&'(!O.(6!9&11.&K0!63*='!(180!
6010J!L6.*0!9&11.&K0'!6&/0!=04.-.(0!M8:*.<!:0K.--.-K'!B(60!9&11.&K0!<01093-2E!&-=!
0-=.-K'! B=0&(6! 31! =./31<0E+! 8-9&11.0=! 'M38'&*! 10*&(.3-'6.M'! 34(0-! 6&/0! /&K80! :0F
K.--.-K'!31!0-=.-K'+!:0<&8'0!(602!*&<\!(60!\.-=!34!M8:*.<!<01093-.0'!31!M13<00=.-K'!
(6&(!0H.'(!431!9&11.&K0'JRbb!
!
?60! '(&1(.-K! M3.-(! 431! &-&*2_.-K! O60(601! &-! 8-9&11.0=! 'M38'&*! 10*&(.3-'6.M! 6&'!
0-=0=! .'! (3! -3(0! (6&(! (60! 10*&(.3-'6.M! =30'! -3(! -0<0''&1.*2! 0-=! .4! (60! 'M38'0'! &10!
M62'.<&**2!'0M&1&(0=JRbD!Q-'(0&=+!h(60!\02!.''80!.'!O60-!(60!v9&11.&K0F*.\0d!f8&*.(2!34!
(60!10*&(.3-'6.M!(019.-&(0=J!J!J!JiRbj!Z-=!(60!9&c31!f80'(.3-!(3!<3-'.=01!.-!0H&9.-.-K!
(6.'!\02!.''80!.'!(60!M&1(.0'd!.-(0-(.3-'J!Z'!&!*0&=.-K!<&'0!M8('!.(+!h'8:c0<(!(3!O6&(0/01!
M13/.'.3-! 9&2! :0! 9&=0! .-! &! '(&(8(0+! &! <3993-! *&O! 10*&(.3-'6.M! 0-='! vO60-! 0.(601!
M&1(2!10K&1='!.(!&'!:0.-K!&(!&-!0-=!&-=+!:2!6.'!31!601!<3-=8<(+!6&'!=093-'(1&(0=!.-!&!
<3-/.-<.-K!9&--01!(6&(!(6.'!M&1(.<8*&1!'(&(0!34!9.-=!.'!&!'0((*0=!3-0Jd!iRb>!58(+!&'!O&'!
(60!<&'0!431!=0(019.-.-K!O60(601!&!M01'3-!6&=!0-(010=!.-(3!&-!8-9&11.0=!'M38'&*!
10*&(.3-'6.M+!(6.'!.-(0-(.3-!.'!-3(!&*O&2'!<*0&1!&-=!98'(!:0!'8MM*090-(0=!:2!&-!0HF
&9.-&(.3-!34!h3:c0<(./0i!4&<(31'JRbS!?60!h\02!4&<(31'i!.-<*8=0!h(60!&:'0-<0!34!'0H8&*!
10*&(.3-'+i!&!h<*0&1!'(&(090-(i!34!&!'M38'0d'!.-(0-(.3-!(3!0-=!(60!10*&(.3-'6.M+!hM62'.F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RbbJ!!%%![3**&-=!l!`(&*:0<\01FW38-(-02+!<5+-,!-3(0!Rb$!&(!x!"J"J$J!
RbDJ!!%%(T$<%.%-(FJ(6,Z%-+!$CCS!57`7!#b!&(!M&1&J!b>+!>j!57PU!BD(6E!"D>+!U8''0**!XJ!pT$<.%-q!BhpQq(!.'!<*0&1!
4139!(60!<&'0'!(6&(!(60!M3.-(!&(!O6.<6!(60!M&1(.0'!<0&'0=!*./.-K!.-!(60!'&90!10'.=0-<0!.'!-3(!-0<F
0''&1.*2! =0(019.-&(./0! 34! (60! =&(0! (60.1! 9&11.&K0F*.\0! 10*&(.3-'6.M! (019.-&(0=J!J!J!JiEJ! !%%( ,0<"(
DA"C+<".( FJ( P0"'2+! $CC"! 577Z! S#! &(! M&1&J! b>+! #>! 57PU! Bb=E! j>+! )<%&<601-!7X! BV3-&*=! &-=!
P3O!XXZ! <3-<811.-KE! B8-9&11.0=! 'M38'0! <3-(1&<(.-K! *8M8'g*0&/.-K! 'M38'&*! 6390! (3! *./0! O.(6!
601! 4&9.*2! .-! &-3(601! M13/.-<0! (3! 10<0./0! <&10g<381(! 63*=.-K! (6&(! hp.q-! (60! &:'0-<0! 34! 9310!
<39M0**.-K!0/.=0-<0!34!4.-&*.(2!:1.-K.-K!(6.'!*3-K!10*&(.3-'6.M!(3!&-!0-=+i!8-9&11.0=!'M38'&*!10F
*&(.3-!-3(!0-=0=!=80!(3!'0M&1&(.3-!431!60&*(6!10&'3-'EJ!
RbjJ!V4$2J(
Rb>J!3"29%(FJ(B,.,2,(*?$.$<&%-("@(35C,.(L%<"5-#%<(E%F%0"+C%.&;+!$CCD!`77!>j!&(!M&1&J!D$+!p$CCDq!b!
`7U! bjS+! 5.--.0! XJ! B431! (60! <381(E! Bf83(.-K! L%( !,.2%-<".( ,.2( L5<<%00! B"RSRE+! $D! eU! B$=E! D$R!
&(!Db$+!RR!VPU!Bb=E!S"b!B7ZE+!)31=0-!XZEJ!
RbSJ!=J(=J(IJ(FJ(YJ(?J()J+!$CCR!57`7!"Cj>!&(!M&1&J!bD+!S"!UGP!B>(6E!bDR+!V&1=.!XJ!Bh?60!43<8'!34!(60!.-f8.12!
.'!3-!(60!M&1(.0'd!.-(0-(.3-!(3!*./0!&'!v68':&-=!&-=!O.40d!31!.-!&!v9&11.&K0F*.\0d!10*&(.3-'6.M!&'!v=.F
/.-0=d!4139!&-!3:c0<(./0!3/01/.0O!34!(60!4&<('JiEJ!
DFD'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
<&*!'0M&1&(.3-+i!&-=!(60!'M38'0'!-3!*3-K01!=0'<1.:.-K!(609'0*/0'!&'!&!<38M*0!(3!(60!
38('.=0!O31*=JRb#!
!
Z*(638K6! (60! <&'0! *&O! =30'! -3(! =.'<8''! &! (0'(! 34! <&M&<.(2! (3! 0-=! &-! 8-9&11.0=!
'M38'&*! 10*&(.3-'6.M+! (60! 10*.&-<0! 3-! (60! 'M38'0'd! .-(0-(.3-'! K./0'! '390! 'M&<0! 431!
'8<6! &! (0'(! (3! 3M01&(0J! 5&'0=! 3-! 63O! (60! <&'0'! 6&/0! &MM13&<60=! (60! K0-01&*! .''80!
4139! 4.1'(! M1.-<.M*0'+! .(! .'! M3''.:*0! (3! 'M0<8*&(0! (6&(! &-2! (0'(! 34! <&M&<.(2! (3! 0-=! &-!
8-9&11.0=!'M38'&*!10*&(.3-'6.M!O38*=!:0!&-&*3K38'!(3!&-2!(0'(!34!<&M&<.(2!(3!0-(01!
.-(3!'8<6!&!10*&(.3-'6.MJ!
!
)@'
=00;"'1$%'!"1$%*'
?60!3-*2!.''80!431!104319!(3!<3-'.=01!.'!O60(601!*0K.'*&(.3-!.'!-00=0=!(3!0'(&:*.'6!&!
(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&-!8-9&11.0=!'M38'&*!10*&(.3-'6.M!&-=+!.4!'3+!O6&(!(6&(!
(0'(!34!<&M&<.(2!'638*=!:0J!
!
"#!
5@*837!=6(/(5@!-*38$=(&!%'&-/!3%)(53&/(*'!5%//(')!*8/!&!/%5/!*+!-&.&-(/0!/*!
%'/%6!('/*!&'!8'$&66(%7!5.*85&3!6%3&/(*'5@(.E!
?6010! .'! -3! K8.=&-<0! (3! :0! 438-=! 3-! (6.'! .''80! 431! 104319! .-! (60! <&'0! *&O! 31! (60!
<3990-(&12J!`3!.(!.'!-0<0''&12!(3!(81-!(3!4.1'(!M1.-<.M*0'!.-!<3-'.=01.-K!.(J!
!
?60!9&.-!1&(.3-&*0!431!(0'('!34!<&M&<.(2!.-!(60!&10&'!34!*&O!'(8=.0=!3/01!(60!<381'0!34!
(6.'!M13c0<(!.'!(3!M13/.=0!M13(0<(.3-!431!M03M*0!O.(6!=.9.-.'60=!90-(&*!<&M&<.(2J!?6.'!
1&(.3-&*0!O38*=!*.\0*2!6&/0!(3!:0!0'(&:*.'60=!(3!9&\0!&!M01'8&'./0!<&'0!431!&!*0K.'*&F
(./0!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&-!8-9&11.0=!'M38'&*!10*&(.3-'6.MJ!Z*(638K6!(6010!
&10!-3!M8:*.'60=!'(8=.0'!(6&(!'63O!(6&(!8-9&11.0=!'M38'&*!10*&(.3-'6.M'!&10!:0.-K!
8'0=!&'!&!/06.<*0!(3!=041&8=!31!&:8'0!M01'3-'!O.(6!=.9.-.'60=!<&M&<.(2+!.(!.'!M3''.:*0!
(3! '00! (609! M3(0-(.&**2! :0.-K! 8'0=! 431! (60'0! M81M3'0'J! P.\0! 9&11.&K0+! 8-9&11.0=!
'M38'&*!10*&(.3-'6.M'!<10&(0!&!*&1K0!-89:01!34!4.-&-<.&*!1.K6('!&-=!3:*.K&(.3-'!(6&(!
<38*=!:0!&MM13M1.&(0=!(3!(60!:0-04.(!34!&-!&:8'01!31!&!41&8='(01J!
!
Z-3(601!1&(.3-&*0!431!0-&<(.-K!&!*0K.'*&(./0!(0'(!34!<&M&<.(2!.'!(6&(!.(!O38*=!*0-=!<*&1F
.(2!&-=!<01(&.-(2!(3!(60!*&OJ!78110-(*2+!(6010!&MM0&1'!(3!:0!'390(6.-K!34!&!/&<889!3-!
(6.'!M3.-(+!&'!(6010!.'!-3!c8=.<.&*!31!&<&=09.<!<3990-(&12!3-!O6&(!(60!(0'(!34!<&M&<F
.(2!(3!0-(01!.-(3!&-!8-9&11.0=!'M38'&*!10*&(.3-'6.M!'638*=!:0J!%-&<(.-K!&!*0K.'*&(./0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Rb#J!T$<%.%-+(<5+-,!-3(0!RbD!&(!M&1&J!b>!Bh?60!\02!4&<(31'!.-!=0(019.-.-K!O60-!&!<38M*0!6&/0!<0&'0=!
*./.-K!.-!&!9&11.&K0F*.\0!10*&(.3-'6.M!.-<*8=0!(60!&:'0-<0!34!'0H8&*!10*&(.3-'+!&!<*0&1!'(&(090-(!:2!
3-0! 34! (60! M&1(.0'! 34! 6.'! 31! 601! =0'.10! (3! (019.-&(0! (60! 10*&(.3-'6.M+! M62'.<&*! '0M&1&(.3-! 34! (60!
M&1(.0'!.-(3!=.44010-(!1339'!34!(60!'&90!638'0!31!=.44010-(!10'.=0-<0'+!31!(60!<38M*0!-3!*3-K01!
M10'0-(.-K!(609'0*/0'!(3!(60!38('.=0!O31*=!&'!&!<38M*0JiEJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DFB'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(0'(!34!<&M&<.(2!O38*=!4.**!(6&(!/&<889!&-=!M13/.=0!K8.=&-<0!.-!&-!.-<10&'.-K*2!.9F
M31(&-(!&10&!34!(60!*&OJ!
!
?6010!&10!<38-(01&1K890-('!(3!0&<6!34!(60'0!M3.-('J!`.-<0!B.-!93'(!<&'0'E!(O3!20&1'!
98'(!0*&M'0!:04310!&-!8-9&11.0=!'M38'&*!10*&(.3-'6.M!<390'!.-(3!:0.-K+!(60'0!10*&F
(.3-'6.M'! 9&\0! M331! /06.<*0'! 431! 41&8=! .-! <39M&1.'3-! (3! 9&11.&K0J! ,-9&11.0=!
'M38'&*! 10*&(.3-'6.M'! 9&2! '.9M*2! -3(! :0! 8'0=! .-! (60! '&90! O&2! &'! M10=&(312! 9&1F
1.&K0'J!Q-!&==.(.3-+!(60!4&<(!(6&(!(6010!6&/0!:00-!-3!<381('!31!<3990-(&(31'!<&**.-K!
431!&!<*0&1!(0'(!34!<&M&<.(2!9&2!.-=.<&(0!(6&(!(60!&:'0-<0!34!&!(0'(!34!<&M&<.(2!.'!-3(!
M13=8<.-K!=0(1.90-(&*!0440<('J!53(6!M3.-('!O38*=!(0-=!(3!'63O!(6&(!(60!(.90!.'!-3(!
1.M0!431!*0K.'*&(.3-J!
!
Q4!&!*0K.'*&(./0!(0'(!34!<&M&<.(2!O010!(3!:0!0-&<(0=+!&-!3:/.38'!'(&1(.-K!M*&<0!(3!*33\!
431!.-'M.1&(.3-!3-!(60!(0'(d'!0*090-('!O38*=!:0!(60!(0'(!34!<&M&<.(2!(3!9&112J![&193F
-._.-K!(60!(O3!(0'('!34!<&M&<.(2!O38*=!M13/.=0!'390!<01(&.-(2!(3!(60!*&O!:2!&*.K-.-K!
(6.'!&10&!O.(6!(60!*&1K0!&938-(!34!<&'0!*&O!&-=!<3990-(&12!3-!(60!(0'(!34!<&M&<.(2!
(3!9&112J!58(!(60!(0'(!34!<&M&<.(2!(3!9&112!.'!-3(!&**!(6&(!<01(&.-!.('0*4+!&-=!(6.'!8-<01F
(&.-(2!<38*=!8-=01<8(!&-2!:0-04.('!4139!6&193-._.-K!.(!O.(6!(60!(0'(!34!<&M&<.(2!(3!
0-(01!.-(3!&-!8-9&11.0=!'M38'&*!10*&(.3-'6.MJ!
!
Z-3(601! &MM13&<6! O38*=! :0! (3! <10&(0! &! *0K.'*&(./0! (0'(! 34! <&M&<.(2! (3! 0-(01! .-(3! &-!
8-9&11.0=! 'M38'&*! 10*&(.3-'6.M! (6&(! 6&'! &! *3O01! (610'63*=! (6&-! (6&(! 34! (60! (0'(! 34!
<&M&<.(2! (3! 9&112J! ?6.'! &MM13&<6! O38*=! (81-! 3-! (60! &MM&10-(! *3O01! M3(0-(.&*! 431!
41&8=! &-=! &:8'0! .-! 8-9&11.0=! 'M38'&*! 10*&(.3-'6.M'! &'! <39M&10=! (3! 9&11.&K0'J! Q(!
O38*=! &*'3! 10<3K-._0! (60! (10-=! (3O&1=! *3O01! :&11.01'! (3! 0-(12! .-(3! '8<6! 10*&(.3-F
'6.M'!O.(6!10'M0<(!(3!3(601!*0K&*F<&M&<.(2!.''80'J!58(!(6.'!&MM13&<6!O38*=!&*'3!M13F
/.=0!*0''!M13(0<(.3-!431!M01'3-'!O.(6!=.9.-.'60=!<&M&<.(2!&-=!.(!O38*=!*0&=!(3!481F
(601!41&K90-(&(.3-!&93-K!(0'('!34!<&M&<.(2J!
!
Z!(6.1=!&MM13&<6!O38*=!:0!(3!'0(!&!6.K601!(610'63*=!(6&-!<&M&<.(2!(3!9&112!431!(60!
(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&-!8-9&11.0=!'M38'&*!10*&(.3-'6.MJ!e-0!O&2!(3!=3!(6.'!
O38*=!:0!(3!.-<31M31&(0!(60!104.-090-('!M13M3'0=!:2!<3990-(&(31'!3-!(60!(0'(!34!
<&M&<.(2!(3!9&112!.-(3!(60!(0'(!34!<&M&<.(2!0-(01!.-(3!&-!8-9&11.0=!'M38'&*!10*&(.3-F
'6.MJ!?60'0!104.-090-('!O38*=!0-'810!(6&(!(60!(0'(!34!<&M&<.(2!(3!0-(01!.-(3!&-!8-F
9&11.0=! 'M38'&*! 10*&(.3-'6.M! M13:0'! (60! <&M&<.(2! (3! 8-=01'(&-=! 4.-&-<.&*! <3-'0F
f80-<0'!34!(60!10*&(.3-'6.M!&-=!(60!0440<(!34!(60!10*&(.3-'6.M!3-!<*3'0!4&9.*2!909F
:01'J! Q-! &==.(.3-+! (60! <39M*0H! <3-'(.(8(.3-&*! .''80'! (6&(! &1.'0! .-! <3--0<(.3-! O.(6!
'8<6!M13M3'&*'!(3!104319!(60!(0'(!34!<&M&<.(2!(3!9&112!O38*=!-3(!&1.'0!.-!(6.'!<&'0J!
51.(.'6! 73*89:.&! O38*=! <*0&1*2! :0! &:*0! (3! 0-&<(! (60! -00=0=! *0K.'*&(.3-J! 58(! (6010!
O38*=! :0! '390! =1&O:&<\'! (3! (6.'! &MM13&<6J! G.1'(! &-=! 431093'(+! .(! .'! -3(! <*0&1! (6&(!
DF]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(6.'!60.K6(0-0=!*0/0*!34!M13(0<(.3-!.'!-00=0=J!`0<3-=+!&=3M(.-K!(6.'!&MM13&<6!O38*=!
*0&=!(3!481(601!41&K90-(&(.3-!&93-K!(0'('!34!<&M&<.(2J!
!
?60!<399.((00!O&'!34!(60!/.0O!(6&(!(6.'!&10&!34!(60!*&O!M10'0-('!0901K.-K!.''80'!431!
90-(&*!<&M&<.(2J!?6010!O.**!*.\0*2!:0!9310!&-=!9310!<&'0'!&1.'.-K!.-!(6.'!&10&J!?60!
(2M.<&*! 4&<(! M&((01-! O.**! *.\0*2! .-/3*/0! &! M01'3-! 0-K&K0=! &'! &! <&10K./01! O63! '8:'0F
f80-(*2!<*&.9'!(6&(!(60!10*&(.3-'6.M!O&'!&<(8&**2!&-!8-9&11.0=!'M38'&*!10*&(.3-'6.MJ!
58(!(60!<399.((00!O&'!-3(!<3-/.-<0=!(6&(!(60!(.90!.'!1.M0!(3!0-&<(!&!*0K.'*&(./0!(0'(!
34!<&M&<.(2J!V3.-K!'3!O38*=!M8(!(60!*0K.'*&(810!38(!.-!413-(!34!(60!<381('J!Q-!(60!<39F
9.((00d'!/.0O+!.(!O38*=!:0!:0((01!(3!O&.(!(3!'00!O6&(!M1.-<.M*0'!0901K0!4139!<&'0'!.-!
(6.'!&10&J!
!
?60!<399.((00!10<3990-='A!
d[J(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(<%&&$.9("5&(,(&%<&("@(#,+,#$&'(&"(%.&%-(
$.&"(,.(5.C,--$%2(<+"5<,0(-%0,&$".<A$+J(
!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DF^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
)W56/J!'R=T@')KG),SC=KG'
Q''80'!<3-<01-.-K!90-(&*!<&M&<.(2!&-=!(60!*&O!&10!*.\0*2!(3!.-<10&'0!.-!M139.-0-<0!
.-!(60!20&1'!(3!<390+!&'!(60!M3M8*&(.3-!&K0'!&-=!&'!90=.<&*!'<.0-<0!<3-(.-80'!(3!.-F
<10&'0!.('!'3M6.'(.<&(.3-!.-!8-=01'(&-=.-K!(60!9.-=J!?60!<399.((00!<&**'!3-!(60!*0KF
.'*&(810!&-=!(60!<381('!(3!<3-'.=01!(60!104319'!10<3990-=0=!.-!(6.'!10M31(+!&-=!(3!
93/0!3-!.9M*090-(.-K!(609J!
!
!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DFA'
'
!
!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
566JGP=R'5'
8$<&("@(L%#"CC%.2,&$".<(
!
!
[J(DA%(@$1%2O,.2O<+%#$@$#O2%05<$".(%0%C%.&("@(&A%(&%<&("@(#,+,#$&'(&"(C,Z%(,(>$00(<A"502(
."&(4%(,4-"9,&%2J!!!_\[`X]a$
!
QJ( DA%( 9%.%-,0O5.<"5.2.%<<O"@OC$.2( %0%C%.&( "@( &A%( &%<&( "@( #,+,#$&'( &"( C,Z%( ,( >$00(
<A"502(."&(4%(C"2$@$%2(4'(0%9$<0,&$".J!!!_X]`XVa$
!
dJ(DA%(&%<&("@(#,+,#$&'(&"(C,Z%(,(>$00(<A"502(."&(4%(-%<&,&%2($.(0%9$<0,&$".J!!!_XV`X\a$
!
_J( 6-$&$<A( B"05C4$,( <A"502( %.,#&( 0%9$<0,&$".( &"( +-"F$2%( &A,&\( *,;( 5.&$0( &A%( #".&-,-'( $<(
2%C".<&-,&%2/(%F%-'(>$00OC,Z%-($<(+-%<5C%2(&"(4%(#,+,40%("@(C,Z$.9/(#A,.9$.9/("-(-%O
F"Z$.9(,(>$00`(*4;(&A%(+-%<5C+&$".($.(+,-,9-,+A(*,;(2"%<(."&(,++0'(&"(,(-%#"-2(&A,&($<(
&A%(<54b%#&("@(,.("-2%-(5.2%-(<%#&$".(e^("@(&A%(N$00</(T<&,&%<(,.2(!5##%<<$".()#&`(*#;(,(
>$00OC,Z%-a<(>,'("@(#"CC5.$#,&$.9(>$&A("&A%-<($<(."&(9-"5.2<(@"-(2%#$2$.9(&A,&(A%("-(
<A%($<($.#,+,40%("@(C,Z$.9/(#A,.9$.9/("-(-%F"Z$.9(,(>$00J!!!_X\`Xba$
!
eJ( 6-$&$<A( B"05C4$,( <A"502( ."&( %.,#&( 0%9$<0,&$".( $.&%.2%2( &"( 9$F%( 95$2,.#%( ".( A">( &"(
,<<%<<(#,+,#$&'(&"(C,Z%(,(>$00J!!!_Xb`X[a$
!
fJ(6-$&$<A(B"05C4$,(<A"502(%.,#&(0%9$<0,&$".(,5&A"-$H$.9(&A%(C,Z$.9/(C"2$@'$.9/("-(-%O
F"Z$.9("@(,(>$00(@"-(,(+%-<".(>A"(0,#Z<(&%<&,C%.&,-'(#,+,#$&'J!!!_b\`bba$
!
SJ( 6-$&$<A( B"05C4$,a<( <&,&5&"-'O>$00( 0%9$<0,&$".( <A"502( ".0'( ,++0'( &"( +%-<".<( >A"( 0,#Z(
&%<&,C%.&,-'(#,+,#$&'J!!!_bb`bca$
!
^J(6-$&$<A(B"05C4$,a<(<&,&5&"-'O>$00(0%9$<0,&$".(<A"502(."&(-%g5$-%(&A,&(&A%(+%-<".(>A"(
0,#Z<(&%<&,C%.&,-'(#,+,#$&'(C,'(".0'("4&,$.(,(<&,&5&"-'(>$00($@(&A,&(+%-<".($<(,0<"(<54O
b%#&(&"(,.("-2%-(2%#0,-$.9(&A,&(&A%(+%-<".($<($.#,+,40%("@(C,.,9$.9(A$C<%0@("-(A%-<%0@(
"-(A$<("-(A%-(,@@,$-<J!!!_bb`bca$
!
]J(6-$&$<A(B"05C4$,a<(<&,&5&"-'O>$00(0%9$<0,&$".(<A"502(F%<&(&A%(+">%-(&"(C,Z%/(C"2$@'/(
"-( -%F"Z%( ,( >$00( @"-( ,( +%-<".( >A"( 0,#Z<( &%<&,C%.&,-'( #,+,#$&'( $.( &A%( <5+-%C%(
#"5-&J!!!_bc`bYa$
!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DFa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
[RJ(6-$&$<A(B"05C4$,a<(<&,&5&"-'O>$00(0%9$<0,&$".(<A"502(,00">(&A%(@"00">$.9(+%-<".<(&"(
,++0'(@"-(,(>$00(&"(4%(C,2%/(C"2$@$%2/("-(-%F"Z%2(".(4%A,0@("@(,(+%-<".(>A"(0,#Z<(&%<O
&,C%.&,-'(#,+,#$&'\(*,;(&A%(+%-<".(>A"(0,#Z<(&%<&,C%.&,-'(#,+,#$&'`(*4;(&A%(+%-<".a<(
,&&"-.%'(,#&$.9(5.2%-(,.(%.25-$.9(+">%-("@(,&&"-.%'`(*#;(&A%(+%-<".a<(-%+-%<%.&,&$F%(
,#&$.9(5.2%-(,(-%+-%<%.&,&$".(,9-%%C%.&`(*2;(&A%(+%-<".a<(#"CC$&&%%`(*%;(,.'".%(>A"/(
5.2%-(,.'(Z.">.(>$00("@(&A%(+%-<".("-(5.2%-(&A%(+%-<".a<($.&%<&,#'/(C,'(4%#"C%(%.&$O
&0%2( &"( ,.'( "@( &A%( +%-<".a<( +-"+%-&'( "-( ,.( $.&%-%<&( $.( $&`( *@;(,.'".%( >A"C( &A%( +%-<".(
C$9A&(4%(%1+%#&%2(&"(4%.%@$&($@(&A%(+%-<".(A,2(#,+,#$&'/($.#052$.9(,.'".%(>$&A(,(#0,$C(
5.2%-(>$00<OF,-$,&$".(0%9$<0,&$".`(*9;(&A%(+540$#(95,-2$,.(,.2(&-5<&%%J!!!_bY`[Ua$
!
[[J(6-$&$<A(B"05C4$,a<(<&,&5&"-'O>$00(0%9$<0,&$".(<A"502(+-"F$2%(@"-(."&$#%(&"(,.2(,(-$9A&(
&"(+,-&$#$+,&%(@"-\(*,;(,.'(4%.%@$#$,-'(5.2%-(,.(%1$<&$.9(>$00("@(&A%(+%-<".(>A"($<(&A%(
<54b%#&("@(&A%(,++0$#,&$".("-(5.2%-(&A%(+-"+"<%2(>$00("@(&A%(+%-<".(>A"($<(&A%(<54b%#&("@(
&A%(,++0$#,&$".(>A"($<(0$Z%0'(&"(4%(C,&%-$,00'("-(,2F%-<%0'(,@@%#&%2(4'(&A%(,++0$#,&$".`(
*4;($@(&A%(+%-<".(A,<(."(>$00/(,.'(+-"<+%#&$F%($.&%<&,&%(<5##%<<"-("@(&A%(+%-<".(>A"($<(
&A%(<54b%#&("@(&A%(,++0$#,&$".($.(%1$<&%.#%(,&(&A%(&$C%("@(&A%(,++0$#,&$".(>A"($<(0$Z%0'(&"(
4%( C,&%-$,00'( "-( ,2F%-<%0'( ,@@%#&%2( 4'( &A%( ,++0$#,&$".`( *#;( ,.'".%( >A"C( &A%( +%-<".(
C$9A&(4%(%1+%#&%2(&"(4%.%@$&($@(&A%(+%-<".(A,2(#,+,#$&'/($.#052$.9(,.'".%(>$&A(,(#0,$C(
5.2%-(>$00<OF,-$,&$".(0%9$<0,&$".`(*2;($@(&A%(+%-<".(A,<(,(0$@%O$.<5-,.#%(+"0$#'("-(4%.%@$&(
+0,./(,.'(4%.%@$#$,-'(5.2%-(&A%(+"0$#'("-(+0,.`(*%;(&A%(+%-<".(>A"($<(&A%(<54b%#&("@(&A%(
,++0$#,&$".`(*@;(&A%(+540$#(95,-2$,.(,.2(&-5<&%%`(*9;(,.'("&A%-(+%-<".(&A,&(&A%(#"5-&(2$O
-%#&<J!!!_[U`[Va$
!
[QJ(6-$&$<A(B"05C4$,a<(<&,&5&"-'O>$00(0%9$<0,&$".(<A"502(+-"F$2%(&A,&(,(<&,&5&"-'(>$00(4%(
%1%#5&%2(4'(&A%(,++0$#,.&/(".(4%A,0@("@(&A%(+%-<".(>A"(0,#Z<(&%<&,C%.&,-'(#,+,#$&'/(,&(
&A%(2$-%#&$".("@(&A%(#"5-&J!!!_[\a$
!
[dJ(6-$&$<A(B"05C4$,a<(<&,&5&"-'O>$00(0%9$<0,&$".(<A"502(,2"+&(,(<54b%#&$F%(<&,.2,-2("@(
2%#$<$".OC,Z$.9/( >A$#A( %C+A,<$H%<( &A%( $C+"-&,.#%( "@( -%<+%#&$.9( ,.'( &%<&,C%.&,-'(
>$<A%<(%1+-%<<%2(4'(&A%(+%-<".(>A"(0,#Z<(&%<&,C%.&,-'(#,+,#$&'J!!!_[\`[Xa$
!
[_J( )( <&,&5&"-'( >$00( <A"502( 4%( <54b%#&( &"( F,-$,&$".( 5.2%-( 6-$&$<A( B"05C4$,a<( >$00<O
F,-$,&$".(0%9$<0,&$".J!!!_[Wa$
!
[eJ(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(#-%,&$.9(,(+-"#%25-%(&A,&(>"502(,0O
0">(,(&%<&,&"-(&"("4&,$.(#%-&$@$#,&$".("@(&%<&,C%.&,-'(#,+,#$&'(4%@"-%(&A%(2%,&A("@(&A%(
&%<&,&"-J!!!_cY`YUa$
!
[fJ( 6-$&$<A( B"05C4$,( <A"502( %.,#&( 0%9$<0,&$".( &A,&( +-"F$2%<( &A,&/( $.( "-2%-( @"-( ,.( $.2$O
F$25,0(&"(C,Z%(,(F,0$2($.&%-(F$F"<(9$@&/(*[;(&A%($.2$F$25,0(C5<&(A,F%(&A%(#,+,#$&'(&"(5.O
2%-<&,.2(*,;(&A%(.,&5-%("@(C,Z$.9(&A%(9$@&/(*4;(&A%(%@@%#&("@(C,Z$.9(&A%(9$@&(".(&A%($.2$O
DDE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
F$25,0a<($.&%-%<&</(*#;(&A%(%1&%.&("@(&A%($.2$F$25,0a<(+-"+%-&'(&A,&($<(,@@%#&%2(4'(C,Z$.9(
&A%(9$@&/(,.2(*2;(&A%(#0,$C<("@(+"&%.&$,0(4%.%@$#$,-$%<(5.2%-(&A%($.2$F$25,0a<(>$00("-($.O
&%<&,#'/("-(4'("&A%-(C%,.</(&"(>A$#A(&A%($.2$F$25,0("59A&(&"(9$F%(%@@%#&`(,.2(*Q;(&A%(9$@&(
C5<&(."&(4%(&A%(+-"25#&("@(,.'($.<,.%(2%05<$".(,@@%#&$.9(&A%($.2$F$25,0J!!!_U]c`U]a$
!
[SJ(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(&"(#-%,&%(,(2$<&$.#&(&%<&("@(#,+,#$&'(@"-(
9$@&<(&A,&(-%<50&($.(&A%(#-%,&$".("@(,.($.&%-(F$F"<(&-5<&J!!!_UU]`UUa$
!
[^J(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(&A,&(#A,.9%<(&A%(#"CC".O0,>(&%<&("@(
#,+,#$&'(&"(C,Z%/(#A,.9%/("-(-%F"Z%(,(4%.%@$#$,-'(2%<$9.,&$".J!!!_UVU`V\a$
!
[]J(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(&A,&(-%<&,&%<(&A%(#"CC".O0,>(&%<&("@(
#,+,#$&'(&"(C,Z%/(#A,.9%/("-(-%F"Z%(,(4%.%@$#$,-'(2%<$9.,&$".J!!!_UV\a$
!
QRJ(6-$&$<A(B"05C4$,(<A"502(%.,#&(0%9$<0,&$".(&A,&(+-"F$2%<(&A,&(&A%(&%<&("@(#,+,#$&'(&"(
."C$.,&%(,(#"CC$&&%%(5.2%-(<%#&$".(]("@(&A%(:,&$%.&<(:-"+%-&'()#&("-(,(95,-2$,.(5.O
2%-(<%#&$".(^("@(&A%()250&(I5,-2$,.<A$+()#&($<(&A%(<,C%(,<(&A%(&%<&("@(#,+,#$&'(<%&("5&($.(
<%#&$".([R("@(&A%(L%+-%<%.&,&$".()9-%%C%.&()#&J!!!_U\]`\Ua$
!
Q[J(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(&A,&(,4-"9,&%<(&A%(#"CC".O0,>(&%<&(
"@(#,+,#$&'(&"(%.&%-($.&"(,(#".&-,#&J!!!_UW]`WVa$
!
QQJ(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(C"2$@'$.9(,.'(%0%C%.&<("@(&A%(#"CO
C".O0,>(&%<&("@(#,+,#$&'(&"(%.&%-($.&"(,(#".&-,#&J!!!_UWV`WWa$
!
QdJ(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(&A,&(+-"F$2%<(&A,&(,(#".<$2%-,&$".("@(
&A%(@,$-.%<<("@(,(#".&-,#&($.F"0F$.9(,(+%-<".(>$&A(2$C$.$<A%2(#,+,#$&'(@"-C<(+,-&("@(&A%(
#"CC".O0,>(&%<&("@(#,+,#$&'(&"(%.&%-($.&"(,(#".&-,#&J!!!_UWW`Wba$
!
Q_J( 6-$&$<A( B"05C4$,( <A"502( %.,#&( 0%9$<0,&$".( &A,&( -%+0,#%<( <%#&$".( S( "@( &A%( !,0%( "@(
I""2<()#&(>$&A(,(5.$@$%2(<&,&5&"-'(-50%(".(&A%(<5++0'("@(.%#%<<,-'(9""2<("-(<%-F$#%<(&"(,(
+%-<".(>A"($<(."&(C%.&,00'(#,+,40%(&"(%.&%-($.&"(,(#".&-,#&J!!!_UWb`W[a$
!
QeJ(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".($.(-%0,&$".(&"(&A%(#"CC".O0,>(&%<&("@(
#,+,#$&'(&"(-%&,$.(0%9,0(#"5.<%0J!!!_U[U`[Ua$
!
QfJ(6-$&$<A(B"05C4$,(<A"502(,C%.2(&A%(L%+-%<%.&,&$".()9-%%C%.&()#&(&"(+-"F$2%(&A,&(
,(+%-<".(>$&A(&A%(C%.&,0(#,+,#$&'(&"(C,Z%(,(-%+-%<%.&,&$".(,9-%%C%.&(>$&A(<&,.2,-2(
+-"F$<$".<(5.2%-(<%#&$".(S("@(&A%(,#&(,0<"(A,<(&A%(C%.&,0(#,+,#$&'(&"(-%&,$.(,.2($.<&-5#&(
0%9,0( #"5.<%0( @"-( &A%( +5-+"<%( "@( ,2F$<$.9( ".( ,.2( 2-,@&$.9( &A%( -%+-%<%.&,&$".( ,9-%%O
C%.&J!!!_U[U`[Va$
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DDF'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
QSJ(6-$&$<A(B"05C4$,(<A"502(,C%.2(&A%()250&(I5,-2$,.<A$+()#&/(&A%(3%,0&A(B,-%(*B".O
<%.&;(,.2(B,-%(P,#$0$&'(*)2C$<<$".;()#&/(&A%(?%.&,0(3%,0&A()#&/(,.2(&A%(:,&$%.&<(:-"+O
%-&'()#&(&"(+-"F$2%(&A,&($@(&A%(#,+,#$&'("@(,(+%-<".($<($.($<<5%($.(,(+-"#%%2$.9(5.2%-(&A%(
,#&(&A%(+%-<".($<(2%%C%2(&"(A,F%(#,+,#$&'(&"(-%&,$.(,.2($.<&-5#&(#"5.<%0(@"-(&A%(+5-O
+"<%("@(-%+-%<%.&,&$".($.(&A%(+-"#%%2$.9J!!!_U[V`[\a$
!
Q^J(8%9$<0,&$".(<A"502(."&(4%(%.,#&%2(&"(C"2$@'(,.'("@(&A%(%0%C%.&<("@(&A%(#"CC".O0,>(
&%<&("@(#,+,#$&'(&"(C,--'J!!!_UYU`YWa$
!
Q]J(8%9$<0,&$".(-%<&,&$.9(&A%(#"CC".O0,>(&%<&("@(#,+,#$&'(&"(C,--'(<A"502(."&(4%(%.O
,#&%2J!!!_UYW`Yba$
!
dRJ( 8%9$<0,&$".( <A"502( ."&( 4%( %.,#&%2( &"( C"2$@'( &A%( #"CC".O0,>( &%<&( "@( #,+,#$&'( &"(
@"-C(&A%($.&%.&$".(&"(0$F%(<%+,-,&%(,.2(,+,-&(@-"C(,(<+"5<%J!!!_V]W`]ba$
!
d[J(6-$&$<A(B"05C4$,(<A"502(."&(%.,#&(0%9$<0,&$".(<%&&$.9("5&(,(&%<&("@(#,+,#$&'(&"(%.&%-(
$.&"(,.(5.C,--$%2(<+"5<,0(-%0,&$".<A$+J!!!_VU\`UWa$
!
DDD'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!
!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
566JGP=R'9'
E-,@&(8%9$<0,&$".(
!
!
T&#."(*2$*(3$F.+*+&$T2*(('(;$K+*+/+&.$@%&(3%&(+$
_I&(+*2$A*6*:'+?a$@:+$
!
[%U!)ZX%`?n+!:2!&-=!O.(6!(60!&=/.<0!&-=!<3-'0-(!34!(60!P0K.'*&(./0!Z''09:*2!34!(60!
W13/.-<0!34!51.(.'6!73*89:.&+!0-&<('!&'!43**3O'A!
!
C032,%D3.'0#.4$"#&%C+,%
E%
!"*% C032,% D3.'0#.4$"#&% C+,F% G>H>9>:>% EIIJF% +>% JF% #$% ./*40*0% 1<% .00#45% ,"*%
6(22(-#45%$*+,#(4$K%
,"[-:'2$;(0":'1$%'-7;:&'.8$0"'2-#-23&4'30'3('300;"'
\9U! Q4!(60!<&M&<.(2!34!&-!&=8*(!O63!=30'!-3(!6&/0!*0K&*!10M10'0-(&(.3-!.'!.-!
.''80!.-!&!M13<00=.-K!8-=01!(6.'!Z<(!(60!&=8*(!.'!=0090=!(3!6&/0!<&M&<F
.(2!(3!10(&.-!&-=!.-'(18<(!<38-'0*J!
!
Q&:"%%&(3*+'"($("9$_V[a$
!
Comment: This section is intended to address a dilemma that can arise in proceedings
under the Adult Guardianship Act. When this act is fully brought into force, it will establish
a court-based procedure for the appointment of a guardian for adults who are mentally
incapable of making decisions about their finances or personal care (or both). The focus
of such proceedings is on the adultʼs mental capacity; this is the very issue that the court
is being asked to determine. Although adults benefit from a presumption of capacity in
proceedings under the act, in practice many adults involved in proceedings in which their
capacity is in issue find it difficult to obtain representation from legal counsel. Legal
counsel are often inhibited from taking on such clients out of sense of caution in applying
the rules governing their profession. This can leave adults with diminished capacity at a
significant disadvantage in the proceedings. The proposed section is intended to allay
legal counselʼs concerns in acting for adults with diminished capacity, which will enhance
proceedings under the Adult Guardianship Act.
Parallel sections are recommended for the Health Care (Consent) and Care Facility
(Admission) Act, the Mental Health Act and the Patients Property Act. See, below, sections 3, 5–6.
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DDB'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
This section is based on section 3 (1) (b) of the Substitute Decisions Act, which has been
in force in Ontario since 1995.
!
6-4*"(&'1$%'("2"00-%4'[$$70'-(7'0"%I32"0'
\9V! B"E! Q-!(6.'!'0<(.3-+!d(&:&..*#?e!90&-'!'8.(&:*0!(3!&!M01'3-d'!<3-=.(.3-!
.-! *.40! &-=! (3! 6.'! 31! 601! &<(8&*! 10f8.1090-('! &(! (60! (.90! O60-! (60!
K33='!31!'01/.<0'!&10!'8MM*.0=J!
B$E! Q4! -0<0''&12! K33='! 31! '01/.<0'! &10! '8MM*.0=! (3! &! M01'3-! O63! *&<\'!
<&M&<.(2!(3!<3-(1&<(!431!(60!'8MM*2+!60!31!'60!98'(!M&2!&!10&'3-&:*0!
M1.<0!431!(609J!
!
Q&:"%%&(3*+'"($("9$_VXa$
!
Comment: This section is intended to unify the law on contracts for necessaries with
persons with diminished capacity. Currently, a rule applying to contracts for necessary
goods is found in section 7 of the Sale of Goods Act, while a broader rule, applying to
contracts for necessary goods and services, continues to exist at common law.
An amendment to section 7 of the Sale of Goods Act, removing the potential redundancy
of two statutory provisions applying to contracts for necessary goods with people with
diminished capacity is set out, below, at section 9.
The section is based on section 7 of the United Kingdomʼs Mental Capacity Act 2005.
!
L%
H*+,#(4%M%#$%./*40*0%1<%.00#45%,"*%6(22(-#45%$31$*+,#(4K%
BDJ"E!Z-! &=8*(! .'! 90-(&**2! <&M&:*0! 34! -39.-&(.-K! &! <399.((00! 31!
K8&1=.&-! 8-*0''! (60! &=8*(! .'! .-<&M&:*0! 34! 8-=01'(&-=.-K! (60! -&F
(810!&-=!<3-'0f80-<0'!34!(60!M13M3'0=!-39.-&(.3-J!
!
Q&:"%%&(3*+'"($("9$_V]a$
!
Comment: Section 8 of the Adult Guardianship Act will, when it is brought into force,
carry forward the concept of nominating a committee that is currently found in section 9
of the Patients Property Act. (Under the Adult Guardianship Act a guardian will be the
equivalent of a committee.) This amendment to section 8 will change the common-law
test of capacity to nominate a committee (or guardian), which is understood to be similar
to the test of capacity to make a will. This proposed amendment replaces the commonlaw test of capacity with a test of capacity that is the equivalent of the statutory test of
capacity to make a representation agreement with non-standard provisions. That statutory test of capacity is found in section 10 of the Representation Agreement Act, which
provides that “[a]n adult may authorize a representative to do any or all of the things re-
DD]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
ferred to in section 9 unless the adult is incapable of understanding the nature and consequences of the proposed agreement.” The operative language of this test is found in
the reference to being capable of “understanding the nature and consequences of the
proposed agreement,” which sets a much lower threshold than the common-law test of
capacity to make a will. In the committeeʼs view, the proposed amendment will improve
the law by encouraging people to nominate committees or guardians (which is a useful
personal planning device), by making the applicable test of capacity clearer and more
certain, and by harmonizing this test of capacity with the test of capacity for another personal-planning document (a representation agreement).
An equivalent amendment for section 9 of the Patients Property Act is found in section 7,
below.
!
N*.2,"%:.'*%O:(4$*4,P%.40%:.'*%8.+#2#,<%OC0/#$$#(4P%C+,%
Q%
!"*%N*.2,"%:.'*%O:(4$*4,P%.40%:.'*%8.+#2#,<%OC0/#$$#(4P%C+,F%G>H>9>:>%EIIJF%
+>%EMEF%#$%./*40*0%1<%.00#45%,"*%6(22(-#45%$*+,#(4K%
,"[-:'2$;(0":'1$%'#"%0$('.8$0"'2-#-23&4'30'3('300;"'
!
\\9W! Q4!(60!<&M&<.(2!34!&!M01'3-!O63!=30'!-3(!6&/0!*0K&*!10M10'0-(&(.3-!.'!.-!
.''80! .-! &! M13<00=.-K! 8-=01! (6.'! Z<(! (60! M01'3-! .'! =0090=! (3! 6&/0! <&F
M&<.(2!(3!10(&.-!&-=!.-'(18<(!<38-'0*J!
Q&:"%%&(3*+'"($("9$_V[a$
!
Comment: This section will make it clear that a person whose capacity is at issue in
proceedings under the Health Care (Consent) and Care Facility (Admission) Act will not
be barred from obtaining legal representation due to the personʼs diminished capacity.
Section 33.4 of the act, which has been in force since 1 September 2011, authorizes an
application to the supreme court for directions and orders. A personʼs capacity may be at
issue in an application under section 33.4. This section parallels the provisions recommended for the Adult Guardianship Act (see, above, section 1), the Mental Health Act
(see, below, section 5), and the Patients Property Act (see, below, section 6).
!
T%
7.-%.40%RS3#,<%C+,%
!"*%7.-%.40%RS3#,<%C+,F%G>H>9>:>%EIIJF%+>%LUQF%#$%./*40*0%1<%.00#45%,"*%6(2@
2(-#45%$*+,#(4K%
/"0&'$1'*"(&-:'2-#-23&4'&$'*-Z"'-('!"#$%&'!'()'[31&'
X[9U! B"E! Q-!(6.'!'0<(.3-+!d;')+e!=30'!-3(!.-<*8=0!&!(0'(&90-(&12!K.4(J!
B$E! ?3!9&\0!&!/&*.=!K.4(+!
B&E! &!M01'3-!98'(!6&/0!(60!90-(&*!<&M&<.(2!(3!8-=01'(&-=!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DD^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
B.E!(60!-&(810!34!9&\.-K!(60!K.4(+!
B..E!(60! 0440<(! 34! 9&\.-K! (60! K.4(! 3-! (60! .-=./.=8&*d'! .-(01F
0'('+!
B...E!(60! 0H(0-(! 34! (60! M01'3-d'! M13M01(2! (6&(! .'! &440<(0=! :2!
9&\.-K!(60!K.4(+!&-=!
B./E!(60!*0K&*!&-=!931&*!<*&.9'!3-!(60!M01'3-d'!M13M01(2!34!&!
M3(0-(.&*! :0-04.<.&12! 8-=01! (60! M01'3-d'! O.**! 31! 8M3-!
(60!M01'3-d'!.-(0'(&<2T!&-=!
B:E! (60! K.4(! 98'(! -3(! :0! (60! M13=8<(! 34! &-2! =0*8'.3-! &440<(.-K!
(60!M01'3-J!
!
Q&:"%%&(3*+'"($("9$_Uba$
!
Comment: This section is intended to clarify the test of capacity to make an inter vivos
gift. Some cases on this issue have applied a test of capacity that is similar to the contractual test, while others have endorsed a test that is similar to the testamentary test.
This section will make it clear that the test of capacity to make an inter vivos gift should
be similar in nature to the test of capacity to make a will.
Subsection (1) sets out the scope of this section by defining the key term gift to exclude
testamentary gifts. The section is not intended to affect the law relating to capacity to
make a will.
Subsection (2) contains the restated test of capacity to make an inter vivos gift.
!
;*4,.2%N*.2,"%C+,%
U%
!"*%;*4,.2%N*.2,"%C+,F%G>H>9>:>%EIIJF%+>%LMMF%#$%./*40*0%1<%.00#45%,"*%6(2@
2(-#45%$*+,#(4K%
,"[-:'2$;(0":'1$%'#"%0$('.8$0"'2-#-23&4'30'3('300;"'
Uc9U! Q4!(60!<&M&<.(2!34!&!M01'3-!O63!=30'!-3(!6&/0!*0K&*!10M10'0-(&(.3-!.'!.-!
.''80! .-! &! M13<00=.-K! 8-=01! (6.'! Z<(! (60! M01'3-! .'! =0090=! (3! 6&/0! <&F
M&<.(2!(3!10(&.-!&-=!.-'(18<(!<38-'0*J!
!
Q&:"%%&(3*+'"($("9$_V[a$
!
Comment: This section will make it clear that a person whose capacity is at issue in
proceedings under the Mental Health Act will not be barred from obtaining legal representation due to the personʼs diminished capacity. This section parallels the provisions
recommended for the Adult Guardianship Act (see, above, section 1), the Health Care
DD_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
(Consent) and Care Facility (Admission) Act (see, above, section 3), and the Patients
Property Act (see, below, section 6).
!
J%
V.,#*4,$%V'(&*',<%C+,%
!"*%V.,#*4,$%V'(&*',<%C+,F%G>H>9>:>%EIIJF%+>%QTIF%#$%./*40*0%1<%.00#45%,"*%
6(22(-#45%$*+,#(4K%
,"[-:'2$;(0":'1$%'#"%0$('.8$0"'2-#-23&4'30'3('300;"'
V9U! Q4!(60!<&M&<.(2!34!&!M01'3-!O63!=30'!-3(!6&/0!*0K&*!10M10'0-(&(.3-!.'!.-!
.''80! .-! &! M13<00=.-K! 8-=01! (6.'! Z<(! (60! M01'3-! .'! =0090=! (3! 6&/0! <&F
M&<.(2!(3!10(&.-!&-=!.-'(18<(!<38-'0*J!
!
Q&:"%%&(3*+'"($("9$_V[a$
!
Comment: This section will make it clear that a person whose capacity is at issue in
proceedings under the Patients Property Act will not be barred from obtaining legal representation due to the personʼs diminished capacity. This section parallels the provisions
recommended for the Adult Guardianship Act (see, above, section 1), the Health Care
(Consent) and Care Facility (Admission) Act (see, above, section 3), and the Mental
Health Act (see, above, section 5).
!
W%
H*+,#(4%I%#$%./*40*0%
O.P% 1<%'*43/1*'#45%,"*%$*+,#(4%.$%$31$*+,#(4%OEPF%.40%
O1P% 1<%.00#45%,"*%6(22(-#45%$31$*+,#(4K%
!
B$E! Z! M&(.0-(! .'! 34! '38-=! &-=! =.'M3'.-K! 9.-=! 431! (60! M81M3'0! 34!
-39.-&(.-K!&!<399.((00!8-*0''!(60!M&(.0-(!.'!.-<&M&:*0!34!8-=01F
'(&-=.-K!(60!-&(810!&-=!<3-'0f80-<0'!34!(60!M13M3'0=!-39.-&F
(.3-J!
Q&:"%%&(3*+'"($("9$_V]a$
!
Comment: This amendment is a parallel provision to the amendment recommended for
the Adult Guardianship Act, which is discussed at section 1, above.
!
G*&'*$*4,.,#(4%C5'**/*4,%C+,%
M%
'
!"*% G*&'*$*4,.,#(4% C5'**/*4,% C+,F% G>H>9>:>% EIIJF% +>% TXUF% #$% ./*40*0% 1<%
.00#45%,"*%6(22(-#45%$*+,#(4K%
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DDA'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
,"[-:'2$;(0":'
c9U! Z-!&=8*(!O63!6&'!(60!<&M&<.(2!(3!9&\0!&!10M10'0-(&(.3-!&K10090-(!<3-F
'.'(.-K! 34! 3-0! 31! 9310! 34! (60! '(&-=&1=! M13/.'.3-'! &8(631._0=! :2! '0<F
(.3-!S!k<&,.2,-2(+-"F$<$".<l!.'!=0090=!(3!6&/0!(60!<&M&<.(2!(3!10(&.-!&-=!
.-'(18<(!<38-'0*!431!(60!M81M3'0!34!&=/.'.-K!3-!&-=!=1&4(.-K!(60!10M10F
'0-(&(.3-!&K10090-(J!
!
Q&:"%%&(3*+'"($("9$_V[a$
!
Comment: An adult may make a representation agreement with standard provisions under section 7 of the Representation Agreement Act if the adult meets the “test of incapability for standard provisions” set out in section 8 of the act. It is generally accepted that
section 8 sets a very low threshold of mental capacity: an adult may meet its test of capacity even if, for example, the adult is “incapable of making a contract.” This low threshold of capacity has created an anomaly in the law, where an adult may have the mental
capacity needed to make a representation agreement with standard provisions, but may
be unable to obtain legal advice on and assistance to prepare the agreement, because
the adultʼs diminished capacity makes it unclear whether the adult has the capacity to retain and instruct legal counsel. This section will alleviate this anomaly, by making it clear
that that the adult has the capacity to retain and instruct legal counsel for the purpose of
advising on and drafting the representation agreement. The section should enhance access to representation agreements, a valuable personal-planning document, and
strengthen the safeguards in place around the creation of those agreements.
!
H.2*%(6%D((0$%C+,%
I%
H*+,#(4% W% OQP% (6% ,"*% H.2*% (6% D((0$% C+,F% G>H>9>:>% EIIJF% +>% TEXF% #$% ./*40*0% 1<%
$,'#A#45%(3,%Y90-(&*!<&M&<.(2!31Z>%
!
Q&:"%%&(3*+'"($("9$_VXa$
!
Comment: This amendment is necessary to remove a potential redundancy in British
Columbiaʼs statutory law. The committee has recommended unifying the two rules regarding contracts for necessaries with a person who has diminished capacity. These
rules are a common-law rule that applies to contracts for necessary goods or services
and a narrower statutory rule—currently found in the Sale of Goods Act—that applies
only to contracts for necessary goods. The committeeʼs proposed unified rule is set out,
above, at section 1. This unified rule is to be located in the Adult Guardianship Act, which
is a more logical place to find provisions dealing with mental capacity. But its enactment
would raise the question of what to do with the existing statutory rule in section 7 of the
Sale of Goods Act. It would obviously be undesirable to have two statutes addressing the
same subject. But section 7 addresses a broader range of topics than contracts for necessary goods with a person who has diminished capacity, so it canʼt simply be repealed.
DD`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
Subsection (3)—the provision in the section dealing with necessaries—also has a
broader reach than contracts involving a person with diminished capacity. In addition to
dealing with this topic, the subsection also states a rule for contracts for necessary goods
with a person who is intoxicated. As it would be anomalous for a rule on intoxication to
be located in the Adult Guardianship Act, the committee recommends striking out the
reference to mental capacity in subsection (3) and leaving the rest of the subsection in
place to deal with the intoxication issue. After it is amended by this section of the draft
legislation, subsection (3) will read as follows: “[d]espite subsection (2), if necessaries
are sold and delivered to a person who because of drunkenness is incompetent to contract, that person must pay a reasonable price for them.”
!
[#22$F%R$,.,*$%.40%H3++*$$#(4%C+,%
EX% !"*%[#22$F%R$,.,*$%.40%H3++*$$#(4%C+,F%H>9>:>%LXXIF%+>%EQF%#$%./*40*0%1<%.00@
#45%,"*%6(22(-#45%$*+,#(4K%
O3::+*-Z"%'#%"0;*"7'&$'&8"'<"'2-#-<:"'
X]9U! B"E! ,-(.*! (60! <3-(1&12! .'! =093-'(1&(0=+! 0/012! O.**F9&\01! .'! M10F
'890=!(3!:0!<&M&:*0!34!9&\.-K+!<6&-K.-K!31!10/3\.-K!&!O.**J!
B$E! ?60! M10'89M(.3-! .-! '8:'0<(.3-! B"E! =30'! -3(! &MM*2! (3! &! 10<31=!
(6&(!.'!(60!'8:c0<(!34!&-!31=01!8-=01!'0<(.3-!j#!k#"5-&("-2%-(#5-O
$.9(2%@$#$%.#$%<lJ!
BbE! Z!O.**F9&\01d'!O&2!34!<3998-.<&(.-K!.'!-3(!K138-='!431!=0<.=.-K!
(6&(!60!31!'60!.'!.-<&M&:*0!34!9&\.-K+!<6&-K.-K!31!10/3\.-K!&!O.**J!
!
Q&:"%%&(3*+'"($("9$_Xa$
!
Comment: Subsections (1) and (3) of this section add a presumption of capacity to the
Wills, Estates and Succession Act that is similar to the presumptions of capacity found in
section 11 of the Power of Attorney Act and section 3 of the Representation Agreement
Act. Subsection (2) relates to an issue that is unique to wills. Under section 58 of the
Wills, Estates and Succession Act a court is empowered to admit to probate a record that
does not meet all the formalities required of a will. This power is new to British Columbia
law, so the committee decided that the presumption of capacity should not immediately
be extended to records that are the subject of an order under section 58. This decision
should be revisited once the courts have had some time to apply this power.
This section is not intended to affect the common-law presumption of capacity to make a
will or the common-law doctrine of suspicious circumstances.
!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DDa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
EE% !"*%6(22(-#45%\#B#$#(4%#$%.00*0%,(%V.',%TK%
!
G'-'.'"($U]$`$1'22.$)"#$T&#."(.$10"$G"$C"+$S*-&$
J&.+*%&(+*#?$A*6*:'+?$
Introductory comment: This new division will implement the committeeʼs proposal to
create a court-based system that would allow the creation of a will for a person who lacks
testamentary capacity. The provisions that follow are largely based on Australian legislation, particularly sections 21–28 of Queenslandʼs Succession Act 1981 and sections 39–
48 of Western Australiaʼs Wills Act 1970. But this division does not follow the Australian
legislation in providing for a two-stage application, so it departs significantly from its
models in certain areas. Note also that this division is drafted in an inclusive manner, to
give a full picture of the committeeʼs proposals. There may be some scope to implement
some of its provisions as regulations or rules of court, rather than as legislation.
!
P"13(3&3$('
c\9U! Q-! (6.'! V./.'.3-+! d6&#."($ :"(:&#(&3e! 90&-'! (60! M01'3-! O63! .'! (60!
'8:c0<(! 34! &-! &MM*.<&(.3-! 8-=01! '0<(.3-! #bJ$! k#"5-&( C,'( ,5&A"-$H%( ,(
>$00(&"(C,2%/(,0&%-%2("-(-%F"Z%2(@"-(,(+%-<".(>$&A"5&(&%<&,C%.&,-'(#,O
+,#$&'lJ!
Q&:"%%&(3*+'"($(7*$
!
Comment: This definition is included to allow for a relatively simple way to refer to the
person without testamentary capacity who is the subject of a court application under this
division.
!
)$;%&'*-4'-;&8$%3\"'-'.3::'&$'<"'*-7"b'-:&"%"7'$%'%"I$Z"7'1$%'-'#"%0$('.3&8$;&'
&"0&-*"(&-%4'2-#-23&4'
c\9V! B"E! ?60! <381(! 9&2+! 3-! &MM*.<&(.3-! :2! &-2! M01'3-! 90-(.3-0=! .-! '0<F
(.3-!#bJb!k+%-<".<(>A"(C,'(,++0'(@"-(,.("-2%-(5.2%-(&A$<(E$F$<$".l+!
9&\0!&-!31=01!&8(631._.-K!
B&E! (60!9&\.-K!31!&*(01&(.3-!34!&!O.**!.-!'M0<.4.<!(019'!&MM13/0=!
:2!(60!<381(+!31!
B:E! (60!10/3<&(.3-!34!(60!O63*0!31!&-2!M&1(!34!&!O.**+!
3-!:06&*4!34!&!M01'3-!O63!=30'!-3(!6&/0!(0'(&90-(&12!<&M&<.(2J!
B$E! ?60!<381(!9&2!9&\0!(60!31=01!8-=01!'8:'0<(.3-!B"E!3-*2!.4!
B&E! (60!M01'3-!<3-<01-0=!*&<\'!(0'(&90-(&12!<&M&<.(2+!
B:E! (60!M01'3-!.'!&*./0!O60-!(60!31=01!.'!9&=0+!
DBE'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
B<E! (60!M01'3-!6&'!10&<60=!(60!&K0!34!">!20&1'+!&-=!
B=E! (60! <381(! 6&'! &MM13/0=! (60! M13M3'0=! O.**+! &*(01&(.3-! 31!
10/3<&(.3-J!
BbE! Z-!31=01!8-=01!'8:'0<(.3-!B"E!9&2!&8(631._0!
B&E! (60!9&\.-K!31!&*(01&(.3-!34!&!O.**!(6&(!=0&*'!O.(6!(60!O63*0+!
31!O.(6!3-*2!M&1(+!34!(60!M13M01(2!34!(60!M01'3-!<3-<01-0=+!
31!
B:E! (60!&*(01&(.3-!34!3-*2!M&1(!34!(60!M01'3-d'!O.**J!
BDE! G31!(60!31=01+!(60!<381(!9&2!9&\0!31!K./0!&-2!-0<0''&12!10*&(0=!
31=01'!31!=.10<(.3-'J!
BjE! ?60!<381(!9&2!9&\0!(60!31=01!3-!(60!<3-=.(.3-'!(60!<381(!<3-F
'.=01'!&MM13M1.&(0J!
Q&:"%%&(3*+'"($(".9$_ba,$_[a,$_ca,$_Ya$
!
Comment: This section is the heart of the division. It authorizes, in subsection (1), the
British Columbia Supreme Court to order the making, alteration, or revocation of a will for
a person who lacks testamentary capacity. (“Court” is defined in section 1 of the Wills,
Estates and Succession Act to mean the supreme court.) Subsection (2) restricts the operation of this division to persons who lack testamentary and who are older than 16 years
(the age at which the Wills, Estates and Succession Act allows a person to make a valid
will). Subsections (3), (4), and (5) provide the court with additional powers in carrying out
its jurisdiction under this section.
!
6"%0$(0'.8$'*-4'-##:4'1$%'-('$%7"%';(7"%'&830'P3I303$('
c\9\! ?60!43**3O.-K!M01'3-'!9&2!&MM*2!(3!(60!<381(!431!&-!31=01!8-=01!'0<F
(.3-! #bJ$! k#"5-&( C,'( ,5&A"-$H%( ,( >$00( &"( 4%( C,2%/( ,0&%-%2( "-( -%F"Z%2(
@"-(,(+%-<".(>$&A"5&(&%<&,C%.&,-'(#,+,#$&'lA!
B&E! (60!M01'3-!<3-<01-0=T!
B:E! (60! M01'3-d'! &((31-02! &<(.-K! 8-=01! &-! 0-=81.-K! M3O01! 34!
&((31-02T!
B<E! (60! M01'3-d'! 10M10'0-(&(./0! &<(.-K! 8-=01! &! 10M10'0-(&(.3-!
&K10090-(T!
B=E! (60!M01'3-d'!<399.((00!31!K8&1=.&-T!
B0E! &-23-0!O63+!8-=01!&-2!\-3O-!O.**!34!(60!M01'3-!31!3-!(60!
M01'3-d'! .-(0'(&<2+! 9&2! :0<390! 0-(.(*0=! (3! &-2! 34! (60! M01F
'3-d'!M13M01(2!31!&-!.-(010'(!.-!.(T!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DBF'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
B4E! &-23-0! O639! (60! M01'3-! 9.K6(! :0! 0HM0<(0=! (3! :0-04.(! .4!
(60! M01'3-! 6&=! (0'(&90-(&12! <&M&<.(2+! .-<*8=.-K! &! M01'3-!
O.(6!&!<*&.9!8-=01!V./.'.3-!>T!
BKE! (60!W8:*.<!]8&1=.&-!&-=!?18'(00J!
!
Q&:"%%&(3*+'"($("9$_U]a$
!
Comment: This section represents a significant departure from the Australian legislation
that serves a model for much of this division. The section sets out an expansive list of
persons who are entitled to apply for an order from the court making, altering, or revoking
a will for a person who does not have testamentary capacity. This is in contrast to the
Australian approach, which places no limits on who may apply for such an order. The
benefit of restricting the pool of potential applicants is that it allows this proposed division
to avoid the need for a two-step court application, which is used in Australian legislation
as a means to weed out frivolous or vexatious applications. Note that “Division 6” concerns variation of wills. A person with a claim under that division is a spouse or child of a
will-maker, who asserts that the will fails to make adequate provision for his or her proper
maintenance and support.
!
=(1$%*-&3$('%"c;3%"7'3('0;##$%&'$1'-##:32-&3$('
c\9X! Q-!&-!&MM*.<&(.3-!8-=01!'0<(.3-!#bJ$!k#"5-&(C,'(,5&A"-$H%(,(>$00(&"(4%(
C,2%/(,0&%-%2("-(-%F"Z%2(@"-(,(+%-<".(>$&A"5&(&%<&,C%.&,-'(#,+,#$&'l+!
(60! &MM*.<&-(! 98'(! K./0! (60! <381(! (60! 43**3O.-K! .-4319&(.3-+! 8-*0''!
(60!<381(!=.10<('!3(601O.'0A!
B&E! '&(.'4&<(312!0/.=0-<0!34!(60!*&<\!34!(0'(&90-(&12!<&M&<.(2!34!
(60!M01'3-!<3-<01-0=T!
B:E! &-2!0/.=0-<0!&/&.*&:*0!(3!(60!&MM*.<&-(+!31!(6&(!<&-!:0!=.'F
<3/010=! O.(6! 10&'3-&:*0! =.*.K0-<0+! 34! (60! *.\0*.633=! 34! (60!
M01'3-!&<f8.1.-K!31!10K&.-.-K!(0'(&90-(&12!<&M&<.(2T!
B<E! &!10&'3-&:*0!0'(.9&(0+!43190=!4139!(60!0/.=0-<0!&/&.*&:*0!
(3!(60!&MM*.<&-(+!34!(60!'._0!&-=!<6&1&<(01!34!(60!M01'3-d'!0'F
(&(0T!
B=E! &!=1&4(!34!(60!M13M3'0=!O.**+!&*(01&(.3-!31!10/3<&(.3-!.-!10*&F
(.3-!(3!O6.<6!(60!31=01!.'!'38K6(T!
B0E! &-2! 0/.=0-<0! &/&.*&:*0! (3! (60! &MM*.<&-(! 34! (60! M01'3-d'!
O.'60'T!
DBD'
B4E! 0/.=0-<0!&/&.*&:*0!(3!(60!&MM*.<&-(!34!(60!(019'!34!&-2!O.**!
M10/.38'*2! 9&=0! :2! (60! M01'3-+! &-=! 0/.=0-<0! (6&(! (60! &MF
M*.<&-(!6&'!9&=0!10&'3-&:*0!.-f8.12!(3!*3<&(0!'8<6!&!O.**+!31!
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
=0(&.*'! 34! (60! <3-(0-('! 34! '8<6! &! O.**+! &'! 9&2! 6&/0! :00-!
9&=0!:2!(60!M01'3-T!
BKE! 0/.=0-<0!(6&(!(60!&MM*.<&-(!6&'!9&=0!&!10&'3-&:*0!.-f8.12!
<3-<01-.-K!(60!.-(010'('!34!&-2!M01'3-!O63!O38*=!:0!0-(.F
(*0=! (3! 10<0./0! &-2! M&1(! 34! (60! 0'(&(0! 34! (60! M01'3-! <3-F
<01-0=!8-=01!&!M10/.38'!O.**!31!.4!(60!M01'3-!O010!(3!=.0!.-F
(0'(&(0+! &-=! &-2! 0/.=0-<0! 34! (63'0! .-(010'('! '3! 4&1! &'! (602!
&10!\-3O-!(3!(60!&MM*.<&-(T!
B6E! 0/.=0-<0!(6&(!(60!&MM*.<&-(!6&'!9&=0!&!10&'3-&:*0!.-f8.12!
<3-<01-.-K! (60! *.\0*.633=! 34! &-! &MM*.<&(.3-! 8-=01! V./.F
'.3-!>+!&-=!0/.=0-<0!34!&-2!4&<('!\-3O-!(3!(60!&MM*.<&-(!.-F
=.<&(.-K!'8<6!&!*.\0*.633=T!
B.E! 0/.=0-<0!(6&(!(60!&MM*.<&-(!6&'!9&=0!&!10&'3-&:*0!.-f8.12!
<3-<01-.-K!(60!<.1<89'(&-<0'!34!&-2!M01'3-!431!O639!(60!
M01'3-! <3-<01-0=! 9.K6(! 10&'3-&:*2! :0! 0HM0<(0=! (3! 9&\0!
M13/.'.3-! 8-=01! &! O.**+! &-=! &-2! 0/.=0-<0! 34! (63'0! <.1<89F
'(&-<0'!'3!4&1!&'!(602!&10!\-3O-!(3!(60!&MM*.<&-(T!
BcE! &-2!0/.=0-<0!&/&.*&:*0!(3!(60!&MM*.<&-(!34!&!K.4(!431!&!<6&1.F
(&:*0!31!3(601!M81M3'0!(6&(!(60!M01'3-!9.K6(!10&'3-&:*2!:0!
0HM0<(0=!(3!K./0!:2!O.**T!
!
B\E! 0/.=0-<0! 34! &-2! 3(601! 4&<('! (6&(! (60! &MM*.<&-(! <3-'.=01'! (3!
:0!10*0/&-(!(3!(60!&MM*.<&(.3-J!
Q&:"%%&(3*+'"($(7*$
!
Comment: The court must have as full a picture as possible of the person who is the
subject of an application under this division and that personʼs property, if the court is to
be in a position to make an order under this division. This section requires an applicant to
provide the court with a comprehensive set of information about the person, the personʼs
property and relationships, and the application itself.
!
6"%0$(0'.8$'*;0&'%"2"3I"'($&32"'$1'-##:32-&3$('
c\9W! ?60! 43**3O.-K! M01'3-'! 98'(! 10<0./0! -3(.<0! 34+! &-=! :0! &**3O0=! (3! :0!
10M10'0-(0=!.-+!&-!&MM*.<&(.3-!8-=01!'0<(.3-!#bJ$!k#"5-&(C,'(,5&A"-O
$H%( ,( >$00( &"( 4%( C,2%/( ,0&%-%2( "-( -%F"Z%2( @"-( ,( +%-<".( >$&A"5&( &%<&,O
C%.&,-'(#,+,#$&'lA!
'
B&E! &-2! :0-04.<.&12! 8-=01! &-! 0H.'(.-K! O.**! 34! (60! M01'3-! <3-F
<01-0=!31!8-=01!(60!M13M3'0=!O.**!O63!.'!*.\0*2!(3!:0!9&(0F
1.&**2!31!&=/01'0*2!&440<(0=!:2!(60!&MM*.<&(.3-T!
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DBB'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
B:E! .4! (60! M01'3-! <3-<01-0=! 6&'! -3! 0H.'(.-K! O.**+! &-2! M13'M0<F
(./0! .-(0'(&(0! '8<<0''31! 34! (60! M01'3-! .-! 0H.'(0-<0! &(! (60!
(.90!34!(60!&MM*.<&(.3-!O63!.'!*.\0*2!(3!:0!9&(01.&**2!31!&=F
/01'0*2!&440<(0=!:2!(60!&MM*.<&(.3-T!
B<E! &-23-0! O639! (60! M01'3-! <3-<01-0=! 9.K6(! :0! 0HM0<(0=! (3!
:0-04.(!.4!(60!M01'3-!6&=!(0'(&90-(&12!<&M&<.(2+!.-<*8=.-K!&!
M01'3-!O.(6!&!<*&.9!8-=01!V./.'.3-!>T!
B=E! .4!(60!M01'3-!<3-<01-0=!6&'!&!*.40!.-'81&-<0!M3*.<2!31!:0-0F
4.(!M*&-+!&-2!:0-04.<.&12!8-=01!(60!M3*.<2!31!M*&-T!
B0E! (60!M01'3-!<3-<01-0=T!
B4E! (60!W8:*.<!]8&1=.&-!&-=!?18'(00T!
BKE! &-2!3(601!M01'3-!&'!(60!<381(!=.10<('J!
!
Q&:"%%&(3*+'"($("9$_UUa$
!
Comment: This section is intended as an additional safeguard for applications under this
division. The section provides an extensive list of persons who must be notified of an application and given a right to participate in it. As with the previous section, the goal is to
ensure that the court has as full and complete a picture of the circumstances surrounding
the person before making an order under this division. But there may be practical difficulties in some cases in locating all the people embraced by this section. For example,
some applicants (particularly those who do not have authority over the personʼs financial
affairs) might find it difficult to determine the identity of a beneficiary under a lifeinsurance policy. In other cases, it might be difficult to locate a prospective intestate successor. Subsection 83.7 (1) (a), which gives the court a wide jurisdiction to give directions on an application under this division, may be a source of relief for applicants who
encounter such practical problems.
!
>-&&"%0'2$;%&'*;0&'<"'0-&3013"7'$1'
c\9b! B"E! Q-! 0H01<.'.-K! .('! M3O01'! 8-=01! (6.'! V./.'.3-+! (60! <381(! 98'(! 10F
48'0!&-!&MM*.<&(.3-!.4!.(!.'!-3(!'&(.'4.0=!(6&(!
B&E! (60!M01'3-!<3-<01-0=!.'!.-<&M&:*0!34!9&\.-K!&!/&*.=!O.**!31!
34!&*(01.-K!31!10/3\.-K!(60!M01'3-d'!O.**+!&'!(60!<&'0!9&2!:0+!
B:E! (60!'8KK0'(0=!O.**+!&*(01&(.3-!31!10/3<&(.3-+!31!(6&(!O.**+!&*F
(01&(.3-!31!10/3<&(.3-!&'!10/.'0=!8-=01!'0<(.3-!#bJS!B"E!B<E!
k@5-&A%-( +">%-<( "@( #"5-&l+! .'! 3-0! (6&(! M01'3-! <3-<01-0=!
O38*=!9&\0!.4!(60!M01'3-!O010!(3!6&/0!(0'(&90-(&12!<&M&<F
.(2+!
DB]'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
B<E! (60!&MM*.<&-(!.'!&-!&MM13M1.&(0!M01'3-!(3!9&\0!(60!&MM*.<&F
(.3-+!&-=!
B=E! &=0f8&(0!'(0M'!6&/0!:00-!(&\0-!(3!&**3O!&**!M01'3-'!*.'(0=!
.-! '0<(.3-! #bJj! k+%-<".<( >A"( C5<&( -%#%$F%( ."&$#%( "@( &A%( ,+O
+0$#,&$".l!(3!:0!10M10'0-(0=!.-!(60!M13<00=.-KJ!
!B$E!m3(6.-K! .-! '8:'0<(.3-! B"E! M10/0-('! (60! <381(! 4139! 1048'.-K! &-!
&MM*.<&(.3-!431!&-2!3(601!10&'3-J!
!
Q&:"%%&(3*+'"($("9$_U\a$
!
Comment: The key provision in this section is found in paragraph (1) (b). This paragraph
calls on the court to take a substituted-judgment approach to decision-making under this
division. This means that the court, in crafting its order, should aim to adopt the subjective wishes of the person who is the subject of the application, to the extent that those
wishes are known.
!
L;%&8"%'#$."%0'$1'2$;%&'
c\9[! B"E! Q-!M13<00=.-K'!8-=01!(6.'!V./.'.3-+!(60!<381(!9&2!
B&E! K./0! =.10<(.3-'+! .-<*8=.-K! =.10<(.3-'! &:38(! O63! 98'(! 10F
<0./0! -3(.<0! 8-=01! '0<(.3-! #bJj! k+%-<".<( >A"( C5<&( -%#%$F%(
."&$#%("@(,++0$#,&$".l!&-=!(60!&((0-=&-<0!34!&-2!M01'3-!&'!&!
O.(-0''+! &-=+! .4! .(! (6.-\'! 4.(+! (60! &((0-=&-<0! 34! (60! M01'3-!
<3-<01-0=+!
B:E! 10/.'0!(60!(019'!34!(60!'8KK0'(0=!=1&4(!34!(60!M13M3'0=!O.**+!
&*(01&(.3-! 31! 10/3<&(.3-! 481-.'60=! (3! (60! <381(! 8-=01! '0<F
(.3-! #bJD!B0E! k$.@"-C,&$".( -%g5$-%2( $.( <5++"-&( "@( ,++0$#,O
&$".l+!
B<E! .-4319! .('0*4! &'! (3! &-2! 9&((01! .-! &-2! 9&--01! .(! (6.-\'! 4.(+!
&-=!
B=E! 9&\0!&-2!31=01!.(!(6.-\'!4.(!&'!(3!(60!<3'('!34!&-=!.-<.=0-(&*!
(3!(60!M13<00=.-K'+!.-<*8=.-K!10f8.1.-K!(60!4.*.-K!34!&!-3(.<0!
34!&!O.**+!31!&!-3(.<0!34!10/3<&(.3-!34!&!O.**+!9&=0!M81'8&-(!
(3!&-!31=01!8-=01!(6.'!V./.'.3-J!
!B$E!?60! <381(! .'! -3(! :38-=! :2! (60! 18*0'! 34! 0/.=0-<0! .-! M13<00=.-K'!
8-=01!(6.'!V./.'.3-J!
!
Q&:"%%&(3*+'"($(7*$
!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DB^'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
Comment: This section is meant to support the broadly remedial purpose of the division.
It gives the court a flexible array of powers and relaxes some of the stricter aspects of
civil procedure and evidence. Subsection (1) (d) refers to notices of wills and revocations
of wills, which are enabled under division 7 of part 4 of the Wills, Estates and Succession
Act. Such notices are useful safeguards. This reference confirms that the court may direct such a filing for a will, or a revocation of a will, made by way of an order under this
division.
!
JM"2;&3$('$1'.3::'
c\9c! Z!O.**+!31!&-!.-'(1890-(!&*(01.-K!31!10/3\.-K!&!O.**+!9&=0!M81'8&-(!(3!
&-!31=01!8-=01!(6.'!V./.'.3-!98'(!:0!'.K-0=!:2!(60!&MM*.<&-(!3-!:0F
6&*4!34!(60!M01'3-!<3-<01-0=J!
!
Q&:"%%&(3*+'"($("9$_UVa$
!
Comment: This section is intended to make it clear that the applicant is the proper person to execute a will (or other instrument) made under this division.
!
T-:373&4'$1'.3::'$%'$&8"%'3(0&%;*"(&'*-7"';(7"%'&830'P3I303$('
c\9Y! B"E! Z! O.**! 9&=0! 8-=01! (6.'! V./.'.3-! 6&'! (60! '&90! 0440<(! 431! &**! M81F
M3'0'!&'!.4!(60!M01'3-!<3-<01-0=!
B&E! O010!<&M&:*0!34!9&\.-K!&!/&*.=!O.**+!&-=!
B:E! 6&=!0H0<8(0=!(60!O.**!8-=01!'0<(.3-!bS!kA">(&"(C,Z%(,(F,0$2(
>$00lJ!
B$E! Z-!.-'(1890-(+!10/3\.-K!&!O.**!31!M&1(!34!&!O.**+!9&=0!8-=01!(6.'!
V./.'.3-!6&'!(60!'&90!0440<(!431!&**!M81M3'0'!&'!.4!(60!M01'3-!<3-F
<01-0=!
B&E! O010!<&M&:*0!34!/&*.=*2!10/3\.-K!&!O.**!31!M&1(!34!&!O.**+!&-=!
B:E! 6&=!0H0<8(0=!(60!.-'(1890-(!8-=01!'0<(.3-!jj!B"E!B:E!kA">(
&"(-%F"Z%(>$00lJ!
BbE! Z-!.-'(1890-(+!&*(01.-K!&!O.**+!9&=0!8-=01!(6.'!V./.'.3-!6&'!(60!
'&90!0440<(!431!&**!M81M3'0'!&'!.4!(60!M01'3-!<3-<01-0=!
B&E! O010!<&M&:*0!34!9&\.-K!&!/&*.=!&*(01&(.3-!34!&!O.**+!&-=!
B:E! 6&=!0H0<8(0=!(60!.-'(1890-(!8-=01!'0<(.3-!jD!B"E!kA">(&"(
,0&%-(>$00lJ!
!
Q&:"%%&(3*+'"($(7*$
DB_'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!
Comment: This section is included to remove any doubts as to the status of a will—or a
revocation or an alteration of a will—made under this division. They are to have the same
effect under the law as a will or an instrument executed by a will-maker with testamentary capacity.
!
5:&"%-&3$('$%'%"I$2-&3$('$1'.3::'*-7"';(7"%'&830'P3I303$('
c\9U]! B"E! ?6.'!'0<(.3-!&MM*.0'!.4!
B&E! &!O.**!6&'!:00-!9&=0!3-!:06&*4!34!&!M01'3-!8-=01!(6.'!V./.F
'.3-+!&-=!
B:E! (60!M01'3-!&<f8.10'!31!10K&.-'!(0'(&90-(&12!<&M&<.(2J!
B$E! ?60!O.**!
B&E! 9&2! :0! &*(010=! :2! (60! M01'3-! .-! &<<31=&-<0! O.(6! '0<F
(.3-!jD!B"E!kA">(&"(,0&%-(>$00l+!&-=!
B:E! 9&2!:0!10/3\0=!.-!O63*0!31!.-!M&1(!:2!(60!M01'3-!.-!&<<31F
=&-<0!O.(6!'0<(.3-!jj!B"E!B:E!kA">(&"(-%F"Z%(>$00l+!
&'!.4!.(!O010!&!O.**!0H0<8(0=!.-!&<<31=&-<0!O.(6!'0<(.3-!bS!kA">(&"(
C,Z%(,(F,0$2(>$00lJ!
!
Q&:"%%&(3*+'"($(7*$
!
Comment: This section is included to make it clear that a will made under this division
may be altered or revoked by the person for whom it has been made, if that person subsequently regains or acquires testamentary capacity. An alteration or a revocation in
these circumstances does not require a further application to court.
!
T-%3-&3$('$1'.3::'*-7"';(7"%'&830'P3I303$('
c\9UU! Z!O.**+!31!&-!.-'(1890-(!&*(01.-K!&!O.**+!9&=0!8-=01!(6.'!V./.'.3-!9&2!
:0!/&1.0=!8-=01!V./.'.3-!>J!
!
Q&:"%%&(3*+'"($("9$_U\a$
!
Comment: This section is included to confirm that wills (or instruments altering wills)
made under this division may be the subject of an application for variation on the basis
that the will fails to make adequate provision for the maintenance and support of a
spouse or child of the person concerned. This is consistent with the point made expressly in section 83.9, above, that a will made under this division is in all respects the
same as a will made in other circumstances.
!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DBA'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!"2$[(3&3$('$1'0&-&;&$%4'.3::0'
c\9UV! B"E! Q-!(6.'!'0<(.3-+!d.+*+/+"#?$8'22e!90&-'!&!O.**!0H0<8(0=!:2!/.1(80!
34!&!'(&(8(312!M13/.'.3-!3-!:06&*4!34!&!M01'3-!O63+!&(!(60!(.90!34!
0H0<8(.3-+!*&<\0=!(0'(&90-(&12!<&M&<.(2+!&-=!.-<*8=0'!&-!&*(01&F
(.3-!(3!&-=!&!10/3<&(.3-!34!&!'(&(8(312!31!3(601!O.**J!
!B$E!Z!'(&(8(312!O.**!9&=0!&<<31=.-K!(3!(60!*&O!34!&!M*&<0!O6010!(60!
=0<0&'0=!O&'!10'.=0-(!&(!(60!(.90!34!0H0<8(.3-!.'!(3!:0!10K&1=0=!
&'!&!/&*.=!O.**!34!(60!=0<0&'0=!31!&!/&*.=!&*(01&(.3-!31!10/3<&(.3-!
34!&!O.**+!&'!(60!<&'0!9&2!:0+!431!(60!M81M3'0'!34!(60!*&O!34!(6.'!
W13/.-<0J!
!
Q&:"%%&(3*+'"($(7*$
!
Comment: This section applies the principle that statutory wills are to be recognized under the law of British Columbia as being the equivalent to any other will to statutory wills
that are created outside this province. At this time, such a provision is forward looking: although statutory wills have been on the scene in Australia and the United Kingdom for
some time, only one Canadian province (New Brunswick) has legislation in place authorizing them. Nevertheless, it is useful to state this reciprocal principal in the legislation, in
the hope that in the future more provinces will take up this type of legislation.
!
)$**"(2"*"(&'
UV!
!
?6.'! Z<(! <390'! .-(3! 431<0! :2! 10K8*&(.3-! 34! (60! P.08(0-&-(! ]3/01-31! .-!
738-<.*J!
Q&:"%%&(3*+'"($(7*$
!
Comment: This section allows the Lieutenant Governor in Council (i.e., the executive
arm of the government) to bring the legislation into force at some time after it is enacted
by the legislature. It is a standard provision, commonly found in British Columbia legislation.
!
DB`'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
566JGP=R')'
!
!
!%0%#&%2(8%9$<0,&$".(
!
!
)KG/JG/C'
ZQOJOKS$ADENIZO@ 9999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999 V\Y!
Z=8*(! ]8&1=.&-'6.M! Z<(+! U`57! "RR>+! >+! &'! &9J! :2! Z=8*(! ]8&1=.&-'6.M! &-=! W*&--.-K!
`(&(8(0'!Z90-=90-(!Z<(+!$CCS+!`57!$CCS+!<J!bDJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $bR!
W&(.0-('!W13M01(2!Z<(+!U`57!"RR>+!<J!bDR JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $DC!
W3O01!34!Z((31-02!Z<(+!U`57!"RR>+!<J!bSC JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $DC!
A@EO!DQCO@ 9999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999 VXU!
W13:&(0!73=0 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ $D"!
!
!
ZQOJOKS$ADENIZO@$
@3/2+$H/*#3'*(.0'6$@:+,$QKZA$UYYb,$b,$*.$*%9$4?$@3/2+$
H/*#3'*(.0'6$*(3$T2*(('(;$K+*+/+&.$@%&(3%&(+$@:+,$V]][,$
KZA$V]][,$:9$\X$
6$."%0'$1'#%$#"%&4'[;-%73-('d($&'3('1$%2"e'
U[!
B"E! ?60!<381(!9&2!&8(631._0!&!M13M01(2!K8&1=.&-!(3!=3+!3-!&-!&=8*(d'!:06&*4+!&-2(6.-K!.-!
10'M0<(!34!(60!&=8*(d'!4.-&-<.&*!&44&.1'!(6&(!(60!&=8*(!<38*=!=3!.4!(60!&=8*(!O010!<&M&:*0J!
fff$
BjE! Z!M13M01(2!K8&1=.&-!9&2!9&\0!&!K.4(!31!*3&-+!31!<6&1.(&:*0!K.4(+!4139!(60!&=8*(d'!M13MF
01(2!.4!(60!<381(!M019.('!(60!M13M01(2!K8&1=.&-!(3!=3!'3!31!.4!
B&E! (60!&=8*(!O.**!6&/0!'844.<.0-(!M13M01(2!109&.-.-K!(3!900(!(60!M01'3-&*!<&10!&-=!
60&*(6! <&10! -00='! 34! (60! &=8*(! &-=! (60! &=8*(d'! =0M0-=&-('+! &-=! (3! '&(.'42! (60!
&=8*(d'!*0K&*!3:*.K&(.3-'+!.4!&-2+!
B:E! (60!&=8*(+!O60-!<&M&:*0+!9&=0!K.4('!31!*3&-'+!31!<6&1.(&:*0!K.4('+!34!(6&(!-&(810+!
&-=!
B<E! (60!(3(&*!/&*80!34!&**!K.4('+!*3&-'!&-=!<6&1.(&:*0!K.4('!.-!&!20&1!.'!0f8&*!(3!31!*0''!
(6&-!&!M10'<1.:0=!/&*80J!
B>E! Z!M13M01(2!K8&1=.&-!9&2!10<0./0!&!K.4(!31!*3&-!8-=01!'8:'0<(.3-!BjE!.4!(60!<381(!M01F
9.('J!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
DBa'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
BSE! W019.''.3-!34!(60!<381(!8-=01!'8:'0<(.3-!BjE!31!B>E!
B&E! 98'(!:0!0HM10''+!&-=!
B:E! 9&2!:0!.-!10*&(.3-!(3!&!'M0<.4.<!K.4(!31!*3&-+!31!<6&1.(&:*0!K.4(+!31!(3!K.4('!31!*3&-'+!
31!<6&1.(&:*0!K.4('+!K0-01&**2J!
!
fff$
!
/%-(01"%'$1'#%$#"%&4'<4'3(2-#-<:"'-7;:&'
b]9V!
B"E! Q4!&-!&=8*(!(1&-'401'!&-!.-(010'(!.-!(60!&=8*(d'!M13M01(2!O6.*0!(60!&=8*(!.'!.-<&M&:*0+!(60!
(1&-'401!.'!/3.=&:*0!&K&.-'(!(60!&=8*(!8-*0''!
B&E! (60! .-(010'(! O&'! (1&-'40110=! 431! 48**! &-=! /&*8&:*0! <3-'.=01&(.3-+! &-=! (6&(! <3-F
'.=01&(.3-!O&'!&<(8&**2!M&.=!31!'0<810=!(3!(60!&=8*(+!31!
B:E! &(!(60!(.90!34!(60!(1&-'401+!&!10&'3-&:*0!M01'3-!O38*=!-3(!6&/0!\-3O-!(6&(!(60!
&=8*(!O&'!.-<&M&:*0J!
B$E! Q-!&!M13<00=.-K!.-!10'M0<(!34!&!(1&-'401!=0'<1.:0=!.-!'8:'0<(.3-!B"E+!(60!3-8'!34!M13/F
.-K!&!9&((01!=0'<1.:0=!.-!'8:'0<(.3-!B"E!B:E!.'!3-!(60!M01'3-!(3!O639!(60!.-(010'(!O&'!
(1&-'40110=J!
!
T*+'&(+.$T#"6&#+?$@:+,$QKZA$UYYb,$:9$\XY$
)$(I"4-(2"0'd%"#"-:"7e'
V]!
%/012!K.4(+!K1&-(+!&*.0-&(.3-+!<3-/02&-<0!31!(1&-'401!34!M13M01(2!9&=0!:2!&!M01'3-!O63!.'!31!
:0<390'!&!M&(.0-(!.'!=0090=!(3!:0!41&8=8*0-(!&-=!/3.=!&K&.-'(!(60!<399.((00!.4!
B&E! (60!K.4(+!K1&-(+!&*.0-&(.3-+!<3-/02&-<0!31!(1&-'401!.'!-3(!9&=0!431!48**!&-=!/&*8F
&:*0!<3-'.=01&(.3-!&<(8&**2!M&.=!31!'844.<.0-(*2!'0<810=!(3!(60!M01'3-+!31!
B:E! (60!=3-00+!K1&-(00+!(1&-'40100!31!M01'3-!(3!O639!(60!M13M01(2!O&'!&*.0-&(0=!31!
<3-/020=! 6&=! -3(.<0! &(! (60! (.90! 34! (60! K.4(+! K1&-(+! &*.0-&(.3-+! <3-/02&-<0! 31!
(1&-'401!34!(60!90-(&*!<3-=.(.3-!34!(60!M01'3-J!
!
T"8&#$")$@++"#(&?$@:+,$QKZA$UYYb,$:9$\[]$
5&&$%("4Y0'#$."%0'
V]!
B"E! Z-!&((31-02!9&2!9&\0!&!K.4(!31!*3&-+!31!<6&1.(&:*0!K.4(+!4139!(60!&=8*(d'!M13M01(2!.4!(60!
0-=81.-K!M3O01!34!&((31-02!M019.('!(60!&((31-02!(3!=3!'3!31!.4!
B&E! (60!&=8*(!O.**!6&/0!'844.<.0-(!M13M01(2!109&.-.-K!(3!900(!(60!M01'3-&*!<&10!&-=!
60&*(6! <&10! -00='! 34! (60! &=8*(! &-=! (60! &=8*(d'! =0M0-=&-('+! &-=! (3! '&(.'42! (60!
&=8*(d'!3(601!*0K&*!3:*.K&(.3-'+!.4!&-2+!
B:E! (60!&=8*(+!O60-!<&M&:*0+!9&=0!K.4('!31!*3&-'+!31!<6&1.(&:*0!K.4('+!34!(6&(!-&(810+!
&-=!
B<E! (60!(3(&*!/&*80!34!&**!K.4('+!*3&-'!&-=!<6&1.(&:*0!K.4('!.-!&!20&1!.'!0f8&*!(3!31!*0''!
(6&-!&!M10'<1.:0=!/&*80J!
D]E'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
B$E! Z-!&((31-02!9&2!10<0./0!&!K.4(!31!*3&-!8-=01!'8:'0<(.3-!B"E!.4!(60!0-=81.-K!M3O01!34!
&((31-02!M019.('J!
BbE! W019.''.3-'!8-=01!'8:'0<(.3-'!B"E!&-=!B$E!
B&E! 98'(!:0!0HM10''+!&-=!
B:E! 9&2!:0!.-!10*&(.3-!(3!&!'M0<.4.<!K.4(!31!*3&-+!31!<6&1.(&:*0!K.4(+!31!(3!K.4('!31!*3&-'+!
31!<6&1.(&:*0!K.4('+!K0-01&**2J!
fff$
!
A@EO!DQCO@$
T#"4*+&$A"3&$
cU]9!!?60!P0K.'*&(810!4.-='!&-=!=0<*&10'!(60!43**3O.-KA!
!!!B&E! G31! M81M3'0'! 34! (6.'! M&1(+! (6010! '6&**! 0H.'(! &! 10:8((&:*0! M10'89M(.3-! &440<(.-K! (60! :81=0-! 34!
M1334!(6&(!&**!M01'3-'!6&/0!(60!<&M&<.(2!(3!9&\0!=0<.'.3-'!&-=!(3!:0!10'M3-'.:*0!431!(60.1!&<('!31!=0<.F
'.3-'J!
!!!B:E!Z!M01'3-!O63!6&'!&!90-(&*!31!M62'.<&*!=.'31=01!9&2!'(.**!:0!<&M&:*0!34!<3-(1&<(.-K+!<3-/02.-K+!
9&112.-K+!9&\.-K!90=.<&*!=0<.'.3-'+!0H0<8(.-K!O.**'!31!(18'('+!&-=!M014319.-K!3(601!&<(.3-'J!
!!!B<E!Z!c8=.<.&*!=0(019.-&(.3-!(6&(!&!M01'3-!.'!(3(&**2!O.(638(!8-=01'(&-=.-K+!31!.'!34!8-'38-=!9.-=+!
31!'84401'!4139!3-0!31!9310!90-(&*!=04.<.('!'3!'8:'(&-(.&*!(6&(+!8-=01!(60!<.1<89'(&-<0'+!(60!M01'3-!
'638*=!:0!=0090=!(3!*&<\!(60!*0K&*!<&M&<.(2!(3!M014319!&!
'M0<.4.<!&<(+!'638*=!:0!:&'0=!3-!0/.=0-<0!34!&!=04.<.(!.-!3-0!31!9310!34!(60!M01'3-d'!90-(&*!48-<(.3-'!
1&(601!(6&-!3-!&!=.&K-3'.'!34!&!M01'3-d'!90-(&*!31!M62'.<&*!=.'31=01J!
!
cUU9!!B&E!Z!=0(019.-&(.3-!(6&(!&!M01'3-!.'!34!8-'38-=!9.-=!31!*&<\'!(60!<&M&<.(2!(3!9&\0!&!=0<.'.3-!31!
=3! &! <01(&.-! &<(+! .-<*8=.-K+! :8(! -3(! *.9.(0=! (3+! (60! .-<&M&<.(2! (3! <3-(1&<(+! (3! 9&\0! &! <3-/02&-<0+! (3!
9&112+!(3!9&\0!90=.<&*!=0<.'.3-'+!(3!0H0<8(0!O.**'+!31!(3!0H0<8(0!
(18'('+! '6&**! :0! '8MM31(0=! :2! 0/.=0-<0! 34! &! =04.<.(! .-! &(! *0&'(! 3-0! 34! (60! 43**3O.-K! 90-(&*! 48-<(.3-'+!
'8:c0<(!(3!'8:=./.'.3-!B:E+!&-=!0/.=0-<0!34!&!<3110*&(.3-!:0(O00-!(60!=04.<.(!31!=04.<.('!&-=!(60!=0<.F
'.3-!31!&<('!.-!f80'(.3-A!
!!!B"E!Z*01(-0''!&-=!&((0-(.3-+!.-<*8=.-K+!:8(!-3(!*.9.(0=!(3+!(60!43**3O.-KA!
!!!BZE!P0/0*!34!&138'&*!31!<3-'<.38'-0''J!
!!!B5E!e1.0-(&(.3-!(3!(.90+!M*&<0+!M01'3-+!&-=!'.(8&(.3-J!
!!!B7E!Z:.*.(2!(3!&((0-=!&-=!<3-<0-(1&(0J!
!!!B$E!Q-4319&(.3-!M13<0''.-K+!.-<*8=.-K+!:8(!-3(!*.9.(0=!(3+!(60!
43**3O.-KA!
!!!BZE!`631(F!&-=!*3-KF(019!909312+!.-<*8=.-K!.990=.&(0!10<&**J!
!!!B5E!Z:.*.(2!(3!8-=01'(&-=!31!<3998-.<&(0!O.(6!3(601'+!0.(601!/01:&**2!31!3(601O.'0J!
!!!B7E!U0<3K-.(.3-!34!4&9.*.&1!3:c0<('!&-=!4&9.*.&1!M01'3-'J!
!!!BVE!Z:.*.(2!(3!8-=01'(&-=!&-=!&MM10<.&(0!f8&-(.(.0'J!
!!!B%E!Z:.*.(2!(3!10&'3-!8'.-K!&:'(1&<(!<3-<0M('J!
!!!BGE!Z:.*.(2!(3!M*&-+!31K&-._0+!&-=!<&112!38(!&<(.3-'!.-!3-0d'!3O-!1&(.3-&*!'0*4F.-(010'(J!
!!!B]E!Z:.*.(2!(3!10&'3-!*3K.<&**2J!
!!!BbE!?638K6(!M13<0''0'J!V04.<.('!.-!(60'0!48-<(.3-'!9&2!:0!=093-'(1&(0=!:2!(60!M10'0-<0!34!(60!43*F
*3O.-KA!
!!!BZE!`0/010*2!=.'31K&-._0=!(6.-\.-KJ!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
D]F'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
!!!B5E![&**8<.-&(.3-'J!
!!!B7E!V0*8'.3-'J!
!!!BVE!,-<3-(13**&:*0+!10M0(.(./0+!31!.-(18'./0!(638K6('J!
!!!BDE! Z:.*.(2! (3! 93=8*&(0! 933=! &-=! &440<(J! V04.<.('! .-! (6.'! &:.*.(2! 9&2! :0! =093-'(1&(0=! :2! (60! M10'F
0-<0!34!&!M01/&'./0!&-=!M01'.'(0-(!31!10<8110-(!'(&(0!34!08M631.&+!&-K01+!&-H.0(2+!40&1+!M&-.<+!=0M10'F
'.3-+!63M0*0''-0''!31!=0'M&.1+!60*M*0''-0''+!&M&(62!31!.-=.44010-<0+!(6&(!
.'!.-&MM13M1.&(0!.-!=0K100!(3!(60!.-=./.=8&*d'!<.1<89'(&-<0'J!
!!!B:E!Z!=04.<.(!.-!(60!90-(&*!48-<(.3-'!*.'(0=!&:3/0!9&2!:0!<3-'.=010=!3-*2!.4!(60!=04.<.(+!:2!.('0*4!31!.-!
<39:.-&(.3-!O.(6!3-0!31!9310!3(601!90-(&*!48-<(.3-!=04.<.('+!'.K-.4.<&-(*2!.9M&.1'!(60!M01'3-d'!&:.*F
.(2!(3!8-=01'(&-=!&-=!&MM10<.&(0!(60!<3-'0f80-<0'!34!6.'!31!601!&<(.3-'!O.(6!10K&1=!(3!(60!(2M0!34!&<(!
31!=0<.'.3-!.-!f80'(.3-J!
!!!B<E!Q-!=0(019.-.-K!O60(601!&!M01'3-!'84401'!4139!&!=04.<.(!.-!90-(&*!48-<(.3-!'3!'8:'(&-(.&*!(6&(!(60!
M01'3-!*&<\'!(60!<&M&<.(2!(3!=3!&!<01(&.-!&<(+!(60!<381(!9&2!(&\0!.-(3!<3-'.=01&(.3-!(60!410f80-<2+!'0F
/01.(2+!&-=!=81&(.3-!34!M01.3='!34!.9M&.190-(J!
!!!B=E!?60!9010!=.&K-3'.'!34!&!90-(&*!31!M62'.<&*!=.'31=01!'6&**!-3(!:0!'844.<.0-(!.-!&-=!34!.('0*4!(3!'8MF
M31(!&!=0(019.-&(.3-!(6&(!&!M01'3-!.'!34!8-'38-=!9.-=!31!*&<\'!(60!<&M&<.(2!(3!=3!&!<01(&.-!&<(J!
!!!B0E!?6.'!M&1(!&MM*.0'!3-*2!(3!(60!0/.=0-<0!(6&(!.'!M10'0-(0=!(3+!&-=!(60!4.-=.-K'!(6&(!&10!9&=0!:2+!&!
<381(!=0(019.-.-K!(60!<&M&<.(2!34!&!M01'3-!(3!=3!&!<01(&.-!&<(!31!9&\0!&!=0<.'.3-+!.-<*8=.-K+!:8(!-3(!
*.9.(0=!(3+!9&\.-K!90=.<&*!=0<.'.3-'J!m3(6.-K!.-!(6.'!M&1(!'6&**!
&440<(!(60!=0<.'.3-9&\.-K!M13<0''!'0(!431(6!.-!`0<(.3-!"D"#J#!34!(60![0&*(6!&-=!`&40(2!73=0+!-31!.-F
<10&'0! 31! =0<10&'0! (60! :81=0-'! 34! =3<890-(&(.3-! 3-+! 31! M3(0-(.&*! *.&:.*.(2! 34+! 60&*(6! <&10! M13/.=01'!
O63+!38('.=0!(60!c8=.<.&*!<3-(0H(+!=0(019.-0!(60!<&M&<.(2!34!M&(.0-('!
(3!9&\0!&!90=.<&*!=0<.'.3-J!
!
cUV9! ! %H<0M(! O6010! 3(601O.'0! M13/.=0=! :2! *&O+! .-<*8=.-K+! :8(! -3(! *.9.(0=! (3+! `0<(.3-! #"b! &-=! (60!
'(&(8(312!&-=!=0<.'.3-&*!*&O!34!(0'(&90-(&12!<&M&<.(2+!&!M01'3-!*&<\'!(60!<&M&<.(2!(3!9&\0!&!=0<.'.3-!
8-*0''!(60!M01'3-!6&'!(60!&:.*.(2!(3!<3998-.<&(0!/01:&**2+!31!:2!&-2!3(601!90&-'+!(60!=0<.'.3-+!&-=!(3!
8-=01'(&-=!&-=!&MM10<.&(0+!(3!(60!0H(0-(!10*0/&-(+!&**!34!(60!43**3O.-KA!
!!!B&E!?60!1.K6('+!=8(.0'+!&-=!10'M3-'.:.*.(.0'!<10&(0=!:2+!31!&440<(0=!:2!(60!=0<.'.3-J!
!!!B:E!?60!M13:&:*0!<3-'0f80-<0'!431!(60!=0<.'.3-9&\01!&-=+!O6010!&MM13M1.&(0+!(60!M01'3-'!&440<(0=!
:2!(60!=0<.'.3-J!
!!!B<E!?60!'.K-.4.<&-(!1.'\'+!:0-04.('+!&-=!10&'3-&:*0!&*(01-&(./0'!.-/3*/0=!.-!(60!=0<.'.3-J!
!
cU\9!!B&E!G31!M81M3'0'!34!&!c8=.<.&*!=0(019.-&(.3-+!&!M01'3-!6&'!(60!<&M&<.(2!(3!K./0!.-43190=!<3-'0-(!
(3!&!M13M3'0=!90=.<&*!(10&(90-(!.4!(60!M01'3-!.'!&:*0!(3!=3!&**!34!(60!43**3O.-KA!
!!!B"E!U0'M3-=!\-3O.-K*2!&-=!.-(0**.K0-(*2!(3!f801.0'!&:38(!(6&(!90=.<&*!(10&(90-(J!
!!!B$E!W&1(.<.M&(0!.-!(6&(!(10&(90-(!=0<.'.3-!:2!90&-'!34!&!1&(.3-&*!(638K6(!M13<0''J!
!!!BbE!,-=01'(&-=!&**!34!(60!43**3O.-K!.(09'!34!9.-.989!:&'.<!90=.<&*!(10&(90-(!.-4319&(.3-!O.(6!10F
'M0<(!(3!(6&(!(10&(90-(A!
!!!BZE!?60!-&(810!&-=!'01.38'-0''!34!(60!.**-0''+!=.'31=01+!31!=040<(!(6&(!(60!M01'3-!6&'J!
!!!B5E! ?60! -&(810! 34! (60! 90=.<&*! (10&(90-(! (6&(! .'! :0.-K! 10<3990-=0=! :2! (60! M01'3-d'! 60&*(6! <&10!
M13/.=01'J!
!!!B7E!?60!M13:&:*0!=0K100!&-=!=81&(.3-!34!&-2!:0-04.('!&-=!1.'\'!34!&-2!90=.<&*!.-(01/0-(.3-!(6&(!.'!
:0.-K! 10<3990-=0=! :2! (60! M01'3-d'! 60&*(6! <&10! M13/.=01'+! &-=! (60! <3-'0f80-<0'! 34! *&<\! 34! (10&(F
90-(J!
!!!BVE!?60!-&(810+!1.'\'+!&-=!:0-04.('!34!&-2!10&'3-&:*0!&*(01-&(./0'J!
!!!B:E!Z!M01'3-!O63!6&'!(60!<&M&<.(2!(3!K./0!.-43190=!<3-'0-(!(3!&!M13M3'0=!90=.<&*!(10&(90-(!&*'3!
6&'!(60!<&M&<.(2!(3!1048'0!<3-'0-(!(3!(6&(!(10&(90-(J!
!
D]D'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
'
!
!
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
566JGP=R'P'
8$<&("@(L%<+".2%.&<(&"(&A%(B".<50&,&$".(:,+%-(
!
kK"&%\(DA$<(0$<&(-%#"-2<(-%<+".2%.&<(&"(&A%(@500(#".<50&,&$".(".0'J()(@$-C("-("-9,.$H,&$".(
2$-%#&0'(4%0">(,.($.2$F$25,0a<(.,C%($<($.#052%2(@"-($2%.&$@$#,&$".(+5-+"<%<(".0'Jl(
!
• 51.(.'6!73*89:.&!70-(10!431!%*=01!Z=/3<&<2!&-=!`8MM31(!
• 51.(.'6!73*89:.&!)0=.<&*!Z''3<.&(.3-!
• P.-=&!7&.'*02!
m3(&12!W8:*.<!
• [0&(601!7&9M:0**!
5&11.'(01!&-=!`3*.<.(31!
;&-(&K0!W3.-(!P&O!
• 7&-&=.&-!5&1!Z''3<.&(.3-!B57!51&-<6E+!L.**'!&-=!?18'('!`0<(.3-!
• [.*=0!V0M10_!
m3(&12!W8:*.<!
V0M10_!l!Z''3<.&(0'!
• Q&-!)J![8**!
5&11.'(01!&-=!`3*.<.(31!
[8**!l![8**!PPW!
• G.3-&![8-(01!
5&11.'(01!&-=!`3*.<.(31!
[31-0!738M&1!
• P0'!`60*=3-+!)V!
)0-(&*![0&*(6!&-=!Z==.<(.3-!`01/.<0'!
m31(601-![0&*(6!
• `3<.0(2!34!m3(&1.0'!W8:*.<!34!51.(.'6!73*89:.&!
!
!
'
• `?%W!7&-&=&!B`3<.0(2!34!?18'(!&-=!%'(&(0!W1&<(.(.3-01'E!
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
D]B'
'
!"#$%&'$(')$**$(+,-.'/"0&0'$1')-#-23&4'
'
'
6!=G)=65,'LSGPJ!C'=G'DEFD'
!
!
?60! 51.(.'6! 73*89:.&! P&O! Q-'(.(8(0! 0HM10''0'! .('! (6&-\'! (3! .('! M1.-<.M&*! 48-=01'! .-!
(60!M&'(!20&1A!
!
• ?60!P&O!G38-=&(.3-!34!51.(.'6!73*89:.&T!
• ?60!m3(&12!G38-=&(.3-!34!51.(.'6!73*89:.&T!
• ?60!U0&*!%'(&(0!G38-=&(.3-!34!51.(.'6!73*89:.&T!
• ).-.'(12!34!X8'(.<0!431!51.(.'6!73*89:.&T!
• 73-(.-8.-K!P0K&*!%=8<&(.3-!`3<.0(2!34!51.(.'6!73*89:.&T!
• ,-.(0=!L&2!34!(60!P3O01!)&.-*&-=T!&-=!
• 538K6(3-!P&OJ!
!
?60! 57PQ! &*'3! 10.(01&(0'! .('! (6&-\'! (3! &**! (63'0! .-=./.=8&*'! &-=! 31K&-._&(.3-'! O63!
6&/0!M13/.=0=!4.-&-<.&*!'8MM31(!431!.('!M10'0-(!&-=!M&'(!&<(./.(.0'J!
!
'
'
'
9%3&308')$:;*<3-',-.'=(0&3&;&"'
D]^'
Download