?@A?>?BCDE3?3#EF#>CFB3?GCBAE
Transcript of ?@A?>?BCDE3?3#EF#>CFB3?GCBAE
!"#$"$%&'!#$(#)!#'*+,$%!#-!),!.'#,")/&)!%'!#01#2345.$"+6!"'#"&!#"!789.:'8,.:!%,;6!)
<=3#>?@A?>?BCDE3?3#EF#>CFB3?GCBAE<?3#HCIG?3
!"#$%&%#'#()#$%*&$+!,-./0/'!#(!1&$$/!2./%,*3$%!4#%,/$0/%!0/5*/%/.!6#'.&7-!8/.9:/.
;$,'&'3'!(9.!1<.9+!9+!=.)0/.0,-9>>3$&-#'&9$?#$%/*,)@5,-9*/$A!B#.)3,!C$&0/.,&'/'
D#$3#.!EFGG
A<B3E@JIBAE<!KL#A")%!)",";#!!!"#"#!$%&'()*+,-((-./!!!!!!!!!!!!"#"#"#!$%&'()*0&%*1()%-./!!!!!"#2#!30/%4.+.-./!!!!!"#5#!6)/%)'+708(7%-./!ML#>!7$7!*.!7,':#.$--!!!!!2#"!9-:).+87'+,)&%-!!!!2#2#!;)&%-!&/!*),&:)!!!!!!!!!!!!2#2#"#!<*=-%-!
!!!!!!!!!!!2#2#2#!>.:)%+?/)(+)+:)+-/.!
@?G#A#HCIG?<@?#>?@A?>?BCDE3?3#A#?B#<?BHN3IOE3A?<B?3?B#>?@A?GC<@OICPQL#@!7#"!789.:'*.,!"7!.!)!#-!),!%$")':$5#!!!5#"#!@&A-7()!*):-)%!B!<.!:)C.-,-&.!!!!5#2#!D),E4%8+*)..)+8),+!+)(E-+A).)+4,,)(+)!!!!!!!!!!!!!5#2#"#!$&=1(4%)!=&%,7()%!-!).!=&+,*&:)%.)!,-:!!!!!!!!!!!!!5#2#2#!F:).,-,),++87')(+)!/)..)*!'%1/!70!+&A-7()!*):-)%!!!!5#5#!DG)!*)87.-+*)%!-!:),!.),E4%8+&%-).,)%):)!*):-)(7.:+87'!!!!!!!!!!!!!5#5#"#!3%,-8)(:)(-./!=H!+&A-7()!*):-)%!!!!!!!!!!!!!5#5#"#"#!@)(E-+A).)+4,,)(+)!/)..)*!7%,-8)(:)(-./!
!!!!!!!!!!!!5#5#2#!D),E4%8+I&1%.7(-+,-8!
!!!!!!!!!!!!5#5#2#"#!J).!*),78&**1.-8)%).:)!7%,-8)(/%1==)!
!!!!!!!!!!!!5#5#2#2#!J).!8-(:)%)0)%)%).:)!7%,-8)(/%1==)!
!!!!!!!!!!!!5#5#2#5#!J).!78,-E-,),+/)./-E).:)!7%,-8)(/%1==)!!!!5#K#!L=+1**)%-./!RL#H$:%!")!#-!),!-!7$(*.!.#!!!K#"#!M7,)N8))=-./!!!!!!!!!!!!!K#"#"#!DGO):+8%-,)%-)%.)!
!!!!!!!!!!!!K#"#"#"#!DG)!.GO):+8%-,)%-)%!-!:),!.),E4%8+&%-).,)%):)!*):-)(7.:+87'
!!!K#2#!P%7*-./!&/!=%-*-./!!!K#5#!3/).:7N+),,-./!!!!!!!!!!!!!K#5#"#!3/).:7N+),,-./!-!:),!.),E4%8+&%-).,)%):)!*):-)(7.:+87'
!!!!!!!!!!!!K#5#2#!QE)%:7/).+!E)IE-+)%!
!!!!!!!!!!!!K#5#5#!DGO):)%.)+!A-%81(4%)!A-%81(7,-&.!
!!!K#K#!J)(8&.8(1+-&.!
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
M55RRSST"2"K
KT"T22252R2U2U5"5U5TK"K2KRRUKVKUKTR"RKRVVWV2VV
@?G#AA#>?@A?GC<@OICP?BO#>CFBDE3OIV@<A<F?3!UL#>!),!%$")':$5!7'#-$;7(*.':&)",";!.#!!!R#"#!$1'(-A!X)(7,-&.+!!!!R#2#!J)!C%)!$1'(-A!X)(7,-&.+N*&:)(()%!!!!!!!!!!!!!!R#2#"#!J).!&*E).:,)!7+G**),%-+8)!$XN*&:)(!
!!!!!!!!!!!!!R#2#"#"#!Y7/,0&%+8G:.-./)%!-!:),!.),E4%8+&%-).,)%):)!*):-)(7.:+87'!
!!!R#5#!Y7/,!,-(!:)!*7%/-.7(-+)%):)!!!!R#K#!J)(8&.8(1+-&.!
@?G#AAA#234P3C<WX?<O#<V?#<?BHN3IOHA3I?GAFX?@#SL#2345.$"+6!"'#"&!#"!789.:'8,.:!%,;6!)#!!!V#"#!$1'(-A!X)(7,-&.+!B!-.0&%*7,-&.!-!7.:),!():!!!!V#2#!D),E4%8+%),&%-88).!!!!V#5#!$XN'%7.AO).+!,-==).:)!,-(+,7.:!!!V#K#!$1'(-A!X)(7,-&.+!=H!.G)!=%4*-++)%!!!!!!!!!!V#K#"#!F.:,4.8.-./++,%7,)/-).!!!!!!!!!!!!!V#K#2#!$X!-!:),!.),E4%8+&%-).,)%):)!*):-)(7.:+87'
!!!!!!!!!!!!V#K#2#"#!D),E4%8+%1*!
!!!!!!!!!!!!V#K#2#2#!D),E4%8+*)::)()(+)%!
!!!!!!!!!!!!V#K#2#5#!D),E4%8+=)%A)=,-&.!
!!!!!!!!!!!!V#K#2#K#!D),E4%8++=-.!
!!!!!!!!!!!!V#K#2#R#!D),E4%8+%)78,-&.)%!
!!!!!!!!!!!!V#K#2#V#!D),E4%8+:)'7,!
!!!!!!!!!!!!V#K#2#S#!D),E4%8+*&,-E7,-&.!
!!!!!!!!!!!!V#K#2#U#!D),E4%8++,%7,)/-)%!
CD3J<@A<F#YL#I*":%Z',*"#[L#3\'Z-\#(.$"]$,'#TL#G,77!.$7Z.%,'7!#!!!T#"#!6?/)%!!!!T#2#!3%,-8()%!!!!T#5#!<()8,%&.-+8)!8-(:)%#K^L#P,%$;!
3.+(7/Z!"SR#SUKD&%*7(+-:)%Z!ST[T
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
STVTS2SRSUU5UV
[[UUUTT5TKTRTSTSTUTT"WW"W""W5"WK"WR
K^YK^TKKM""2""K""RKKS
A<B3E@JIBAE<
KL#A<@G?@<A<F
I!"#$%&'()%$*%$($(&'+&,)-!-#$IA!I.$&/010"&102$&*$&2$%&3&!4"%%$(IA!I.567(-''$&*80#$(&
90:$#))8#))2;<!I=0($>&*?7$(&*"%�(>*&@0(&'+&,)-!-#$IA!I.0/A&B070&%)'*&CD&2"11")>&90:$#))8&
@0>*IA!IE":)10*!F0(8)GA&">%$(()7$&1$*&9(0>H0"*&*-(&90:$#))8;I
1J%#$!*:%/.!/'!3%<*3-!#(!%/'!,/$/,'/!J.,!90/.,-.&('/.!(.#!/$!.K--/!#$/.-/$%'/!$#'&9$#*/!
9+!&$'/.$#'&9$#*/!$:)/%,>/%&/.H!L>!/$%!.3M.&--/.$/!./<.K,/$'/./.!#.'&-*/.A!)0&,!&$%)9*%!
.K--/.!*&+/!(.#!<9<3*K.!3$%/.)9*%$&$+!'&*!,/.&@,/A!<9*&'&,-/!/>$/.A!)#.!%/!#**/!N'!(K**/,!
9>%./5$&$+,<3$-'O!$3'&%/$,!,97&#*/!>/%&/.H!
P/$%/$,/$!,:$/,!-*#.H!B-'&0&'/'/.!<J!%/!,97&#*/!>/%&/.!(9.M*&0/.!&--/!*K$+/./!&!%/!0&.'3/**/!
$/'(9.#A!>/$!9>%#$$/,!#(!593.$#*&,'/.!'&*!$:)/%,)&,'9.&/.A!%/.!0&%/./M.&$+/,!'&*!9((/$'*&+)/%/$!0&#!
>#,,/>/%&/.$/H!Q/'!/.!>/%!#$%./!9.%!&--/!3,K%0#$*&+'!#'!*K,/!/$!#0&,#.'&-/*A!%/.!M/./''/.!9>!
<9<3*K./!+.3<</.!<J!2#7/M99-A!#'!)@./!9>!<9*&'&,-/&%4$$%*!&!,&$!.#%&9#0&,!/**/.!#'!0K./!0&%$/!
'&*!/$!'0R./<9.'#+/!9>!/$!,/$,#'&9$,<.K+/'!S93P3M/R0&%/9H!?0#%!%/.!(9./+J.!<J!%/!,97&#*/!
$/'0K.-!)>1">$!M/0K+/.!,&+!&!%#+!&!/$!5K0$!,'.@>!(.#!%/$!%&+&'#*/!'&*!%/$!#$#*9+/!0/.%/$H!
Q/$$/!#$%/.*/%/,!$:)/%,<.&9.&'/.&$+!&$%/$!(9.!>#,,/>/%&/.$/!)K$+/.!&!,#+/$,!$#'3.!,#>>/$!
>/%!M9.+/.$/,!,'9./!'&*,*3'$&$+!'&*!%/!,97&#*/!>/%&/.H!6J!0/.%/$,<*#$!)#.!90/.!TFF!>&**&9$/.!
M.3+/./!&!%#+!/$!<.9U*!<J!2#7/M99-GA!9+!%/!,97&#*/!$/'0K.-!)#.!,J*/%/,!(9.!#*09.!03$%/'!
'/..K$!M*#$%'!&$'/.$/'M.3+/./!&!#**/!#*%./H!C%0&-*&$+/$!#(,</5*/,!/$%0&%/./!&!>/%&/.$/,!&$'/.$/!
9.+#$&,#'&9$,,'.3-'3./.A!&%/'!/-,/></*0&,!QV!&!(9.J./'!#$,#''/!/$!,K.*&+!90:$#))86J)-(>01"*%KA!
9+!W/.*&$+,-/!4/%&/.!/$!:)22->"%A&20>07$(A!%/.!M*#$%'!#$%/'!)#.!'&*!9<+#0/!#'!9<,'@0/!
$:)/%,)&,'9.&/.!&$%/$!(9.!.#>>/.$/!#(!%/!,97&#*/!$/'0K.-,(9.#XH!
B%(K.%,K$%.&$+/$!-#$!&>&%*/.'&%!&--/!3%/*3--/$%/!'&*,-.&0/,!>#,,/>/%&/.$/,!
$:)/%,<.9%3-'&9$A!>/$!M/.@./.!'&*,0#./$%/!$:)/%,-9$,3>/$'/.$/A!%/.!,9>!#*%.&+!(@.!%/*/.!
$:)/%,)&,'9.&/.!>/%!%/./,!$/'0K.-!<J!%/!,97&#*/!>/%&/.H!D/+!9M,/.0/./.!/'!0K*%!#(!0&.#*/!
>/-#$&,>/.A!$J.!&$'/.$/'M.3+/.$/!')*%$(!$:)/%,)&,'9.&/.A!,/$%/.!%/>!%&./-'/!'&*!9+!#$M/(#*/.!
%/>!'&*!%/./,!:A#$(*'0:$R0/$$/.A!9+!&--/!>&$%,'!$J.!%/!-$:''/.!-9>>/$'#./.!%/.'&*A!%/.!
(3*%,'K$%&+'!9+!#*%/*/,!-#$!K$%./!/$!+&0/$!#.'&-/*,!0&$-/*!9+!M3%,-#MH!
Y:)/%/.!(9.M.3+/,!%/.>/%!&--/!*K$+/./!-3$!>/%!%/'!(9.>J*!#'!)9*%/!,&+!9.&/$'/./'A!>/$!
&$%+J.!,9>!*/%!&!%/!,97&#*/!&$'/.#-'&9$/.A!%/.!(9./+J.!<J!$/''/'H!?&,'9.&/.$/!)5K*</.!%/.(9.3%/$!
%/$!/$-/*'/!M.3+/.!'&*!#'!&,7/$/,K''/!,&+!,/*0!R!)/*'!&!'.J%!>/%!%/!@0.&+/!<.97/,,/.A!%/.!U$%/.!
G!Z#[!69*&'&-/$!E!Z#[!D93.$#*&,'/$!X!Z#[!QV!6G! E
,'/%!&!)>1">$&:)22->"%"$*H!C%'.:-'!<J!/$!#$%/$!>J%/!/.!$:)/%/.A!>/%!%/!,97&#*/!>/%&/.,!
&$%'.K%/$A!M*/0/'!./%37/./'!'&*!)#*0(#M.&-#'#A!%#!%/!&!3%0/-,*&$+/$!(9.'9*-/,A!-9>>/$'/./,A!
9>-9%/,!9+!./>&-,/,!<J!(9.,-/**&+/!>J%/.A!,J!%/!-#$!'&*<#,,/,!M.3+/.$/,!</.,9$*&+/!3%'.:-!9+!
&%/$'&'/',(9.0#*'$&$+!&!%/!(9.,-/**&+/!$/'0K.-!Z\).&,'/$,/$A!EFGF[H!
Q/''/!K$%./%/!>/%&/*#$%,-#M!>/%(@./.!$:/!M/'&$+/*,/.!(9.!/$!.K--/!&><*&7/./%/!#-'@./.H!29.!
593.$#*&,'/.$/!JM$/.!,&+!/$!0/.%/$!#(!$:/!-&*%/./*#'&9$/.!9+!#.M/5%,>/'9%/.A!&%/'!593.$#*&,'&--/$!
M/0K+/.!,&+!&!./'$&$+!>9%!/$!,#>'#*/$%/!+/$./A!)09.!9+,J!M9.+/./!>J!,/!,&+!&$09*0/./'!&!
,-#M/*,/$!#(!$:)/%,)&,'9.&/.H!P&*,0#./$%/!M@.!0&.-,9>)/%/.!9+!9.+#$&,#'&9$/.!'#+/!)@5%/!(9.!
%/''/!K$%./%/!&$(9.>#'&9$,]9 A!$J.!%/$!,'.#'/+&,-/!-9>>3$&-#'&9$!<*#$*K++/,H!L+!&!%/$!
(9.M&$%/*,/!&--/!>&$%,'!>/%&#'9./.$/A!&!(9.>!#(!%/$!<.9(/,,&9$#*&,/./%/!-9>>3$&-#'&9$,R!9+!
6VRM.#$7)/A!%/.!$@%0/$%&+0&,!9+,J!>J!&$%%.#+/!%/$!$/'0K.-,9.&/$'/./%/!>/%&/0&.-/*&+)/%!&!
%/./,!#.M/5%/!>/%!<./,,/)J$%'/.&$+!9+!-#><#+$/<*#$*K+$&$+H!
KLKL#2.*5%!-'7,%%,";#
1&%,'$K0$'/!#-'@.A!%/$!<.9(/,,&9$#*&,/./%/!-9>>3$&-#'&9$,M.#$7)/A!/.!&!,</7&#*/',!(9-3,A!&%/'!
%/$!9<.&%,/%/!3%0&-*&$+!,:$/,!,K.*&+'!&$'/./,,#$'!&!/'!63M*&7!V/*#'&9$,R</.,</-'&0H!Q/.!/.!'#*/!
9>!/'!M#$/M.:%/$%/!$:)/%,>@$,'/.A!)09.!&$(9.>#'&9$/.!&!,'&+/$%/!+.#%!]:%/.!(.#!9((/$'*&+)/%!
'&*!>/%&/.!9+!&--/!>9%,#'H!?&%'&*!)#.!%/.!/-,&,'/./'!/$!3%M./%'!>/%/$'.&,-!9<(#''/*,/!#(!
,#>(3$%/',!&$(9.>#'&9$,]9 A!%/.!&!/$!,&><*&U7/./'!3%+#0/!-#$!9<,'&**/,!>/%!9.+#$&,#'&9$/.!
9+!0&.-,9>)/%/.!<J!%/$!/$/!,&%/A!9((/$'*&+)/%/$!<J!%/$!#$%/$A!9+!&>/**/>!%&,,/!#-'@./.A!
>/%&/.$/!&!>&%'/$!Z_#*'3$+!`!V3+/A!GabTc!47\9>M,!`!1)# A!GadEc!83$%A!EFFE[H!
4/%!%/!,97&#*/!>/%&/.,!&$%]:%/*,/!<J!>/%&/0/.%/$/$,!#-'@./.A!#(,*@./,!&>&%*/.'&%!/'!'/9./'&,-!
0#-33>H!Q/.!/.!9<,'J/'!/'!M/)90!(9.!#'!,/!-*#,,&,-/!>/%&/'/9.&/.!/('/.!&!,@>>/$/!9+!(9.!#'!
,-#M/!/$!$:!'.#$,%&,7&<*&$#.&'/'!>/**/>!%&,,/!9+!$:/./!'/9.&/.!9>!%/!$:/!,97&#*/!>/%&/.H!
KLKLKL#2.*5%!-(*.-Z%!.,";
4/%!%/!(@.$K0$'/!-*#,,&,-/!>/%&/'/9.&/.!)/$':%/,!<.&>K.'!'&*!K*%./A!3%M./%'/!'/9.&/.!,9>!
70%$68$$'">7&9+!07$>/06*$%%">7H!1&%/$!47\9>M,!`!1)#^,!M#$/M.:%/$%/!3$%/.,@+/*,/!
&!GadE!)#.!%/'!,#>*/$%/!,:$,<3$-'!&$%/$!(9.!%/''/!'/9.&(/*'!0K./'A!#'!>#,,/>/%&/.$/A!&!
,'@../!/**/.!>&$%./!+.#%A!,K''/.!%#+,9.%/$/$!(9.A!)0&*-/!"**-$*A!%/.!%9>&$/./.!%/$!9((/$'*&+/!
M/0&%,')/%H!P/9.&/$!./<.K,/$'/./.!>/%!#$%./!9.%!/'!,:$!<J!593.$#*&,'/.!,9>!,*3,/<#,,/./A!
X
%/.!&$%'#+/.!/$!<.&0&*/+/./'!<9,&'&9$!&!-.#('!#(!%/./,!$:)/%,,/*/-'&9$!9+!(3$-'&9$!,9>!/$!(5/.%/!
,'#',>#+'H!4/%!%/!$:/!,97&#*/!>/%&/.,!&$%'9+!,K''/.!5/+!&>&%*/.'&%!,<@.+,>J*,'/+$!0/%!%/$$/!
>/%/$'.&,-/!'&*+#$+!'&*!-9>>3$&-#'&9$A!,9>!&$,&,'/./.!<JA!#'!593.$#*&,'/.A!3$%/.!&$%]:%/*,/!
(.#!M*#$%'!#$%./!6VRM.#$7)/$A!-9$,'.3/./.!%/$!0&.-/*&+)/%A!9((/$'*&+)/%/$!#+/./.!&H!D/+!3$%./.!
>&+!90/.A!9>!%&,,/!$:/!M/'&$+/*,/.!&--/!]:''/.!<J!>#+'M#*#$7/$!9+!&$09*0/./.!$:/!#-'@./.!
&!07$>/06*$%%">7R<.97/,,/$H!6J!'.9%,!#(!'/9.&/$,!3%0&-*&$+!&+/$$/>!J./$/!>9%!/$!,'#%&+'!
)@5/./!-9><*/-,&'/',+.#%A!(9./-9>>/.!593.$#*&,'/.$/,!.9**/!,9>!70%$68$$'$($!$/>*&+!#'!0K./!
(9.M*/0/'!&$'#-'!9+!&!(9.*K$+/*,/!)/.#(!*&+/*/%/,!%/./,!.9**/!,9>!%#+,9.%/$,K''/./H!1</7&#*/'!
0&*!%/.(9.!,'.KM/!/('/.!#'!9<.&%,/!/$!>/./!-9><*/-,!9+!#-'3/*!(9.,'J/*,/!#(!>/%&/*#$%,-#M/',!
>/-#$&,>/.H!
e/%!)5K*<!#(!/'!,J%#$'!9<%#'/./'!>/%&/M&**/%/!)#.!5/+!/$%0&%/./!'&*!)/$,&+'!#'!<J0&,/A!)09.%#$!
%/$!-*#,,&,-/A!#,:>>/'.&,-/!6VR>9%/*!-#$!M/'.#+'/,!&!/'!9>0/$%'!</.,</-'&0H!?/.>/%!
./(/././,!'&*!%/$!/$/!#(!_.3$&+!9+!?3$',!U./!&%/#*':</.!&$%/$!(9.!-9>>3$&-#'&9$,]9^!9+!
6VR)J$%'/.&$+A!%/.!./<.K,/$'/./.!MJ%/!'.#$,>&,,&9$,<#.#%&+>/'!9+!/$!'&*+#$+!'&*!6V!,9>!
'90/5,-9>>3$&-#'&9$H!1/*09>!(9.(#''/.$/!,/*0!M/-/$%/.!,&+!'&*!%/$!,:>>/'.&,-/!>9%/*A!%/.!/.!
M#,/./'!<J!%&#*9+!9+!+/$,&%&+!(9.,'J/*,/!ZGafgOEGREX[A!/.-/$%/.!%/A!#'!%/$!#,:>>/'.&,-/!6VR
>9%/*!&!<.#-,&,!+@.!,&+!>/./!+K*%/$%/!&!%/'!,'.#'/+&,-/!-9>>3$&-#'&9$,#.M/5%/H!Q/.!/.!>/%!
%/$$/!&%/#*':</!'#*/!9>!6VR#-'&0&'/'/.A!%/.!'&*,'.KM/.!#'!:%/!&$%]:%/*,/!<J!9((/$'*&+)/%/$,!
(9.0/$'$&$+/.!9+!#%(K.%A!9+!,9>!<.&>K.'!(#*%/.!3%!'&*!(9.%/*!(9.!0&.-,9>)/%/.$/!9+!
9.+#$&,#'&9$/.$/!ZL<H7&'HOEb[H!
D/+!>/$/.!&>&%*/.'&%A!>#$!-#$!#.+3>/$'/./!(9.A!#'!%/$$/!'&*,'#$%!/.!K$%./'H!1:>>/'.&/$!'&<</.A!
M@''/$!,:$/,!,J!#'!,&+/!#'!0K./!0/$%'!<J!)90/%/'A!9+!9((/$'*&+)/%/$!)#.!>/%!%/!,97&#*/!>/%&/.!
>/./!/$%!$9+/$,&$%/!(@.!&$%]:%/*,/!<J!>/%&/.$/,!%#+,9.%/$H!L+!%/'!/$%%#!&!/$!,J%#$!+.#%A!
#'!%/.!-#$!0K./!'#*/!9>!/'!9>0/$%'!>#+'(9.)9*%H!4/%!%/''/!,</7&#*/!#.M/5%/.!5/+!>&+!%/.(9.!
,:,'/>#'&,-!&+/$$/>!$3'&%/$,!>/%&/*#$%,-#M!>/%!)/$M*&-!<J!#'!<J0&,/A!)09.%#$!%/$!-*#,,&,-/!
#,:>>/'.&,-/!6VR>9%/*!&!%#+!-#$!M/'.#+'/,!&!/'!9>0/$%'!</.,</-'&0H!!
4/%!3%+#$+,<3$-'!&!%/!'9!90/$,'J/$%/!3$%/.,@+/*,/,9>.J%/.!M*&0/.!,</7&#*/',!(9.>J*!#'!JM$/!
9<!(9.!/$!</.,</-'&0/./$%/!%&,-3,,&9$!9>!6VRM.#$7)/$,!$:/!#.M/5%,M/'&$+/*,/.H!4/%!,&$!<*#%,!
&!-.:%,(/*'/'!>/**/>!9((/$'*&+)/%A!>#,,/>/%&/.!9+!9.+#$&,#'&9$/.A!>J!K$%.&$+/$!$@%0/$%&+0&,!
>/%(@./!$:/!0&*-J.!9+!>3*&+)/%/.!(9.!%/$!<.9(/,,&9$#*&,/./%/!-9>>3$&-#'&9$,M.#$7)/A!)09.(9.!
#()#$%*&$+/$!(J.!(@*+/$%/!9.%*:%O!
gX
;L$/&$(8$>/$1*$>&0@&/$&*):"01$&2$/"$(*&">/MA/$1*$&'+&20**$2$/"$(>$*&>AN$/*'()/-8%")>&)7&
>AN$/*8)>*-2$>%$(>$*&0/@O(/<&P"1&J$7&0(7-2$>%$($&@)(&2">&0>%07$1*$&)2<&0%&/$>&0*A22$%("*8$&
QR62)/$1&80>&#$%(07%$*&"&$%&)2P$>/%&'$(*'$8%"PS&$>&*+/0>&($P"*")>&P"1&+#>$&)'&@)(&$%&2$($&
0/O8P0%&#"11$/$&0@&>-%"/$>*&P"(01$&)7&>$%PO(8*)("$>%$($/$&2$/"$10>/*80#6&)7&($10%")>$(T&
U&@)(1O>7$1*$&N$(0@&N0(&*'$:"01$%&%"1&@)(2+1&0%&/"*8-%$($<&NP"18$&#$%">7$1*$(&/$>>$&-/P"81">7&
2$/@?($(&@)(&QR6#(0>:N$>*&@($2%"/"7$&0(#$J/*2$%)/$(T;&&&
#
KLML#C(;.9"'",";
Q/!,97&#*/!$/'0K.-!-9$,'&'3/./.!/$!M./%!-#'/+9.&!#(!>/%&/.A!,J,9>!P^&''/.A!S93P3M/A!2#7/M99-A!
4:1<#7/A!?&T!>/%!0&%/./!ZW9:%!`!=**&,9$A!EFFdOT[H!1</7&#*/'!,K''/.!%9+!<.&>K.'!(9-3,!<J!%/!
'./!(@.,'$K0$'/!$/'0K.-,(9.#A!&%/'!%/!(9./-9>>/.!#'!3%+@./!%/!>/,'!#$0/$%'/!,97&#*/!>/%&/.!
)/.)5/>>/!9+!&!%/$!0/,'*&+/!0/.%/$H!
YJ.!,</7&#*/'!M/,-K('&+/.!,&+!>/%!63M*&7!V/*#'&9$,!&!(9.)9*%!'&*!%/!$:/!,97&#*/!>/%&/.A!0&**/!%/'!
0K./!./*/0#$'!#'!'.K--/!,'@../!*&$5/.!'&*!>3*&+)/%/$!(9.!>#.-/%,(@.&$+!9+!#$$9$7/.&$+!<J!%&,,/H!
D/+!#(+.K$,/.!>&+!&>&%*/.'&%!(.#!%/''/!/>$/A!&%/'!5/+!3%/*3--/$%/!(9.)9*%/.!>&+!'&*!,#>,<&**/'!
>/**/>!%/!,97&#*/!>/%&/.!9+!'.#%&'&9$/**/!$:)/%,-#$#*/.A!,#>'!6VR%&,7&<*&$/$!&!>/./!-*#,,&,-!
(9.,'#$%A!9('/!-/$%/'/+$/'!0/%!#$1)46%N$61">$R#-'&0&'/'/.!Z?/3%/A!EFFXOGFERGGX[H!!
6J!'.9%,!#(!#'!,</7&#*/'!#.+3>/$'/./.!(9.!/'!9>0/$%'!>#+'(9.)9*%!9+!/$!,'@../!&$%]:%/*,/!(.#!
M9.+/.$/!<J!>#,,/>/%&/.$/,!%#+,9.%/$A!/.!%/'!&--/!>&$!)/$,&+'!#'!3$%/.,@+/!-9$,/-0/$,/.!
3%!(.#!/'!%/>9-.#'&,-!9+!<9*&'9*9+&,-!</.,</-'&0H!Q/'!-3$$/!0K./!&$'/./,,#$'!#'!3$%/.,@+/A!9>!
%/'!$:/!&$(9.>#'&9$,]9^!]:''/.!<9*&'&,-/!,'/>>/.A!9+!9>!9((/$'*&+)/%/$,!.@,'!&!)@5/./!+.#%!0&**/!
)#0/!&$%]:%/*,/!<J!%/$!<9*&'&,-/!%#+,9.%/$H!Q/''/!&$'/./,,/(/*'!#(+.K$,/.!5/+!>&+!&>&%*/.'&%!(.#A!
&%/'!)0/.-/$!>&$!>/'9%/!/**/.!<.9M*/>(9.>3*/.&$+!*K++/.!9<!'&*!/$!,J%#$!3$%/.,@+/*,/H!!
KLQL#P!;.!5'$(:%$.,";
YJ.!M/+./M/'!20**$2$/"$(!#$0/$%/,!&!,</7&#*/'A!,-#*!%/'!&--/!(9.,'J,!3%!(.#!'/.>/$,!9<.&$%/*&+'!
$/+#'&0/!M/':%$&$+A!)09.!>9%'#+/./$!9<(#''/,!,9>!')/!20**&0-/"$>:$<&%/.!(3$+/./.!,9>!9M5/-'!
(9.!>#$&<3*#'&9$!Z47h3#&*A!EFFFOgF[H!Q/.'&*!/.!$3'&%/$,!(9.M.3+/.M&**/%/!#*'!(9.!(.#+>/$'/./'!
9+!(9.,'J/*,/$!#(!-9>>3$&-#'&9$,<.97/,,/.!*#$+'!>/./!-9><*/-,H!D/+!M.3+/.!%/.&>9%!
3%/*3--/$%/!M/+./M/'!,9>!/$!(K**/,M/'/+$/*,/!(9.!%/!,'9./!$:)/%,-#$#*/.!)/.)5/>>/!9+!&!
3%*#$%/'A!%/.!)/$0/$%/.!,&+!'&*!/'!M./%'!<3M*&-3>H!
T
1</7&#*/'!M/,-K('&+/.!,&+!'&*,0#./$%/!>/%!M/+./M/'!)@@$>%1"7N$/H!D/+!*K$/.!>&+!9<!#%!8#.,!
h09.'.3<,!%/U$&'&9$!#(!M/+./M/'!,9>!.3>>/$%/!'./!M/':%$&$+,#,</-'/.O!7(O>*$A!#1"8&9+&
*$1P($7-1$(">7H!!?0#%!#$+J.!%/$$/!+.K$,/A!&$%+J.!M/+./M/'!9('/!&!/$!,-/*$/$!>/**/>!%/'!
9((/$'*&+/!9+!<.&0#'/!%9>K$/H!19>!M*&-!M*&0/.!9((/$'*&+)/%/$!%/.&>9%!/'!M/+./M!(9.A&)0&*-/$!
9<'&-A!%/.!*K++/,!<J!M/,'/>'/!</.,9$/.!9+!,#+/.H!WJ%/!,9>!M*&-!9+!+.K$,/!/.!9((/$'*&+)/%/$!
%9+!&(@*+/!h09.'.3<!,/*0./+3*/./$%/A!&%/'!%/'!/.!<3M*&-3>!,/*0A!%/.!#([email protected]!)09.!+.K$,/$!+J.A!9+!
)0&*-/'!M*&-!%/.!,-#*!-#,'/,!ZGaafOEgEREgX[H
h09.'.3<!#.+3>/$'/./.!,J*/%/,!(9.A!#'!9((/$'*&+)/%/$!-#$!#$,-3/,!,9>!/$!-9$,'#$'!
&#+''#+/*,/,9</.#'&9$A!9+!#'!%/''/!M*&-!)/*/!'&%/$!./''/,!>9%!/'!/>$/!9+!>9%!,&+!,/*0H!Q/.0/%!
(#,'*K++/.!9+!(9.#$%./.!%/'!*@M/$%/!,&$/!/+$/!-.&'/.&/.A!9+!,J*/%/,!-#$!>#$!&(@*+/!(9.(#''/./$!
<J,'JA!#'!%/$!9((/$'*&+/!>/$&$+!3%+@.!%/'!7/$'.3>*@,/A!):</.-9><*/-,/!,#>(3$%,!7/$'.3>!
R!/'!7/$'.3>!%/.!39<)@.*&+'!%/U$/./.!9+!9>%/U$/./.!,&+!,/*0H!Q/.>/%!'#+/.!)#$!#(,'#$%!(.#!
?#M/.>#,i!-*#,,&,-/!'/9.&!>/%!9<%/*&$+!#(!%/$!<.&0#'/!,(K./!9+!,(K./$!(9.!9((/$'*&+!>:$%&+)/%!
ZGaafOEggREgd[H
Y/'9<!%/M#''/$!9>-.&$+!%/!,97&#*/!>/%&/.!)#.!%./5/'!,&+!>/+/'!9>A!)09.%#$!+.K$,/$!>/**/>!
%/$!<.&0#'/!9+!9((/$'*&+/!,(K./!*#$+,9>'!3%0&,-/,A!&!'#-'!>/%!#'!M/(9*-$&$+/$!/-,/></*0&,!
M.3+/.!>/%&/'!2#7/M99-!MJ%/!<.9(/,,&9$/*'!9+!<.&0#'A!9+!&!-.#('!#(!#'!M.3+/.$/!,-.&0/.!>/./!9+!
>/./!<.&0#'/!M3%,-#M/.!3%!'&*!%/./,!,#>*/%/!$/'0K.-gH!e/%!#'!M/-/$%/!>&+!'&*!h09.'.3<,!>/./!
%:$#>&,-/!'&*+#$+!'&*!9((/$'*&+)/%/$!,9>!M/+./MA!3$%+J,!%/$$/!,-#.</!,-/*$/$!9+!M/+./M/'!-#$!
,J*/%/,!&!)@5/./!+.#%!#$0/$%/,!&!#$#*:,/$!,9>!/$!M./%!#-'@.!9+!>9%'#+/.!#(!$:)/%/.H
ML#>?BCB?E3?BAOI#3C>>?
Q/'!(@*+/$%/!-#<&'/*!0&*!./%/+@./!(9.!#()#$%*&$+/$,!0&%/$,-#M,'/9./'&,-/!,'J,'/%H!4/%!!
3%+#$+,<3$-'!&!%/''/!0K*+/.!5/+!%/$!'/9./'&,-/!9+!>/'9%&,-/!.#>>/A!%/.!,-#*!*/%/!>&+!(.#!>&$!
<.9M*/>(9.>3*/.&$+!'&*!>&$!-9$-*3,&9$H!;!%/''/!-#<&'/*!M*&0/.!*&+/*/%/,!#()#$%*&$+/$,!/><&.&,-/!
+.3$%*#+!(./>*#+'A!9+!,*3''/*&+'!9<,'&**/,!/$!U+3.!90/.!>&'!3$%/.,@+/*,/,%/,&+$A!%/.!,-#*!M/*:,/!
,</7&#*/',!,'.3-'3.!9+!%/!/$-/*'/!-#<&'*/.,!&$'/.$/!,#>>/$)K$+H
g!='!/-,/></*!<J!%/$$/!'/$%/$,A!(./>+J.!#(!#.'&-*/$!(.#!8/!49$%/!IDi#77937)/A!<*/#,/!./'^//'I!ZW&*#+!G[A!)09.&!%/.!M/./''/,!9>!/$!!!!-0&$%/A!%/.!*&0/!9<%#'/./%/!,&$!P^&''/.R<.9U*!3$%/.!(@%,*/$!#(!,&'!M#.$H
bT
MLK#H,)!"':$5'7!*.,
4&'!,</7&#*/!/.!(9.#$-./'!&!/$!)/.>/$/3'&,-!9+!,97&#*-9$,'.3-'&0&,'&,-!<9,&'&9$!9+!
(9.,'J/*,/,.#>>/H!
Y/'9<!%/'!,97&#*-9$,'.3-'&0&,'&,-/!<#.#%&+>/!/+$/.!,&+!M/%,'!'&*!#'!M/,0#./!,</7&#*/',!
<.9M*/>(9.>3*/.&$+A!(9.%&!%/'!/.!-/$%/'/+$/'!0/%!/$!./*#'&0&,'&,-!9$'9*9+&A!/$!,3M5/-'&0!
/<&,'/>9*9+&!9+!/$!-9><*/-,!>/'9%9*9+&!ZY:+##.%A!EFFdOET[H!
197&#*-9$,'.3-'&0&,>/$!M:++/.!$/>*&+!<J!/$!+.3$%(9.,'J/*,/!#(A!#'!#*'!/.!>/$$/,-/,-#M'H!
e&.-/*&+)/%/$!/-,&,'/./.!&--/!,9>!$9+/'!$#'3.*&+'A!>/$!,-#M/,!&!,'/%/'!+/$$/>!-9>>3$&-#'&9$A!
&$'/.#-'&9$!>/%!#$%./!>/$$/,-/.!,#>'!+/$$/>!09./,!(K**/,!)&,'9.&/!ZQ#:>9$!`!
?9**9^#:A!EFFEOgRT[H!j/$$/M/.+!9<'/+$/.!*&+/*/%/,!%/'!(K**/,!9>%./5$&$+,<3$-'!(9.!%/$!
,97&#*-9$,'.3-'&0&,'&,-/!./'$&$+A!#'!%/'!%/.!9<(#''/,!,9>!:)22)>&*$>*$!&--/!'#+/,!(9.!+&0/'A!
>/$!%/.&>9%!3%(9.,-/,H!4/%!,97&#*-9$,'.3-'&0&,>/$!,9>!0&%/$,-#M/*&+'!3%+#$+,<3$-'!
,<@.+/,!%/.!&--/!'&*A!)09.0&%'!0&%/$!/.!,#$%!/**/.!+:*%&+A!>/$!'&*!)09.%#$!%/$!/.!,-#M'!/**/.!
-9$,'.3/./'!ZEFFEOXd[H!C$%/.,@+/./$!/.-/$%/.A!#'!%/'!&--/!/.!>3*&+'!#'!3$%/.,@+/!$9+/'!3%/$!
#'!&$'/.#+/./!>/%A!<J0&.-/!9+!M*&0/!<J0&.-/'!#(!%/'!3$%/.,@+'/A!)09.(9.!%/.!&--/!U$%/,!$9+/$!
9M5/-'&0!,#$%)/%A!>/$!%/.&>9%!-3$!/'!./,3*'#'A!%/.!/.!,-#M'!&!,#>,<&*!>/**/>!3$%/.,@+/.!9+!%/'!
3$%/.,@+'/!ZY:+##.%A!EFFdOEfREa[H
D/+!'0&0*/.!&--/!<JA!#'!%/.!/-,&,'/./.!/$!(:,&,-!0&.-/*&+)/%!9+!'&*,-.&0/.!>&+!,J*/%/,!&--/!/$!
.#%&-#*!./'$&$+!&$%/$!(9.!,97&#*-9$,'.3-'&0&,>/$H!D/+!/.-/$%/.!%9+A!#'!>&$!0&%/$!9>!%/$!$:/!
>/%&/0&.-/*&+)/%A!,9>!/.!&!,</7&#*/',!(9-3,A!/.!,97&#*'!-9$,'.3/./'!&!>&$!&$'/.#-'&9$!>/%!#$%./!
&$%&0&%/.H!;--/!>&$%,'!&!&$'/.#-'&9$!>/%!>#,,/>/%&/.$/!,9>!&$,'&'3'&9$!9+!>/%!%/!,97&#*/!
>/%&/.A!,9>!$/'9<!/.!/$!$:!(9.>!(9.!>/%&/./'!&$'/.#-'&9$!>/**/>!>&'!$/'0K.-!9+!>&+!,/*0!,9>!
<.&0#'</.,9$H!
4&$!%&,-3.,&0/!'&*+#$+!'&*!>&$!#$#*:,/!-#$!'&**&+/!'&*,-.&0/,!,97&#*-9$,'.3-'&0&,>/$,!9<(#''/*,/!#(A!
#'!0&%/$!/.!/$!-9$,'.3/./'!,'@../*,/A!%/.!9<,'J.!0/%!/.-/$%/*,/!+/$$/>!,<.9+*&+/!M/+./M/.A!,9>!
0&!)#.!'&**K.'!9,!&!09./,!9<0K-,'H!1<.9+/'!./<.K,/$'/./.!/$!,97&#*'!-9$,'.3/./'!,'@../*,/A!(9.%&!
>/$$/,-/.!,-#M/.!%/'!&!&$'/.#-'&9$!>/%!)&$#$%/$!Zj/$$/M/.+A!EFFEOXbRXd[H
6.&>K.'!M/-/$%/.!5/+!>&+!%9+!'&*!%/'!,97&#*-9$,'.3-'&0&,'&,-/!<#.#%&+>/A!(9.%&!%/$$/!
0&%/$,-#M,'/9./'&,-/!'&*+#$+!/.!./*/0#$'!(9.!#'!(9.,'J!%/$!$/'0K.-,0&.-/*&+)/%A!,</7&#*/'!
7&.-3*/./.!9>-.&$+H!Y/'0K.-,M/+./M/'!/.!&!,&+!,/*0!/'!+9%'!/-,/></*!<J!/$!,97&#*!-9$,'.3-'&9$A!
d
(9.%&!</.,9$*&+/!./*#'&9$/.!-3$!/-,&,'/./.!&!%/'!9>(#$+!%/!&><*&7/./%/!#-'@./.!9<*/0/.!%/>A!
9+!,9>!%/.(9.!-9$,'#$'!/.!3$%/.*#+'!(9.#$%.&$+/.H!Q/.(9.3%/$!/.!#()#$%*&$+/$!(9.#$-./'!
&!,97&#*-9$,'.3-'&0&,>/$A!(9.%&!%/$!3$%/.,@+/.A!)09.%#$!&$'/.$/'M.3+/./!%/*/.!'/-,'/.!<J!
,97&#*/!>/%&/.!9+!%/.&+/$$/>!(3$+/./.!,9>!>/%,-#M/./!#(!593.$#*&,'&,-/!<.9%3-'&9$/.H!D/+!
&$'/./,,/./.!>&+!,J*/%/,!(9.!%/'!(9.)9*%A!#'!0&.-/*&+)/%/$!,-#M/,!&!&$'/.#-'&9$!>/**/>!&$%&0&%/.!
k!/**/.!./''/./!>/**/>!593.$#*&,'/.!9+!M.3+/./!#(!,97&#*/!>/%&/.H!P&*,0#./$%/!/.!>&'!(9-3,!<J!
>#,,/>/%&/.$/,!K$%./%/!$:)/%,<.9%3-'&9$!/'!&$'/./,,#$'!(K$9>/$A!,/'!&!(9.)9*%!'&*!)09.%#$!
#-'3#*&'/'!9+!593.$#*&,'/.$/,!I9M5/-'&0/I!,#$%)/%!,-#M/,!&!,#>,<&*!>/%!M9.+/.$/,!#-'&0&'/'/.!&!
:A#$(*'0:$H!
4/%!%/$$/!'&*+#$+!'&*!0&.-/*&+)/%/$!,9>!/$!,3M5/-'&0R./*#'&0&,'&,-!,'@../*,/A!(9.,@+/.!5/+!#*',J!
&--/!#'!M/,-.&0/!0/.%/$!3%!(.#!/'!.#'&9$/*'!</.,</-'&0A!>/$!3%!(.#!%/$!)/.>/$/3'&,-/!(9./,'&**&$+!
9>A!#'!(9.'9*-$&$+!(@./.!'&*!/.-/$%/*,/H!?/.>/$/3'&--/$,!(9.>J*!/.!$/'9<!#'!(9.,'J!%/'A!>#$!
3$%/.,@+/.A!9+!(9.,'J!,&$!/+/$!(9.'9*-$&$+!#(!%/''/H!
?/.>/$/3'&--/$!./<.K,/$'/./.!N$!#(!)90/%./'$&$+/.$/!&$%/$!(9.!0&%/$,-#M/$!9+!,'J.!&!
%&./-'/!9<<9,&'&9$!'&*!<9,&'&0&,>/$A!%/.!<*K%/./.!(9.!9M5/-'&0/A!+:*%&+/!/.-/$%/*,/.A!%/.!9<$J,!
0&#!&#+''#+/*,/.!>/%!09./,!,#$,/.!9+!M/./+$&$+/.!0/%!)5K*<!#(!*9+&--/$H!69,&'&0&,'/.$/!/.!
9<>K.-,9>>/!<JA!#'!/><&.&,-/A!I)J.%/I!(#-'#!-#$!0K./!(#*,-/A!)09.(9.!*9+&--/$!#*'&%!.J%/.!&!
,&%,'/!/$%/H!69,&'&0&,>/$!#$0/$%/,!9('/!&$%/$!(9.!%/!$#'3.0&%/$,-#M/*&+/!(#+!9+!#.M/5%/.!':<&,-!
>/%!/$!):<9'/,/A!%/.!,:,'/>#'&,-!M/R!/**/.!#(-.K('/,!ZP)3.N$A!EFFEOGXRGd[H
?/.>/$/3'&--/$!%/.&>9%!#$0/$%/,!9('/,'!&$%/$!(9.!%/$!)3>#$&,'&,-/!0&%/$,-#MA!%#!%/$$/!
M:++/.!<J!/$!./*#'&0&,'&,-!'#$-/+#$+H!1J*/%/,!#.+3>/$'/./,!%/.!&$%/$!(9.!%/$!)/.>/$/3'&,-/!
./'$&$+!(9.A!#'!(9.,'J/*,/!/'#M*/./,!+/$$/>!(9.R(9.,'J/*,/A!9+!#'!%/'!,9>!(9.,-/.!%/.(9.!/.!
#(+@./$%/!#'!,-#M/!,&+!M/0&%,')/%!9>!(9.R(9.,'J/*,/$!&!'&*-$:'$&$+!'&*!(9.,'J/*,/$,!9M5/-'H!
8&+/+:*%&+'!)0#%!>#$!,-#*!(9.,@+/!#'!(9.,'J!+/$$/>!,/*0!,'.&$+/$'/!3$%/.,@+/*,/.A!0&*!
>/$$/,-/'!#*'&%!)#0/!/$!(9.,'J/*,/!<#.#'!<J!(9.)J$%!ZW&.-*/.A!EFFbOaTRaf[H!4/%!#$%./!9.%!'9*-/.!
0&!#*'A!)0#%!0&!9<*/0/.!*)2!$9+/'!ZP)3.N$A!EFFbOTT[H!Q/'!/.!$/'9<!%/$$/!(9.,'J/*,/A!%/.!,-#*!
,K''/,!&!,<&*!3%!(.#!/$!)/.>/$/3'&,-!+.3$%'#$-/H!4#$!>J!+.#$,-/!,&'!3%+#$+,<3$-'!9+!M/,-.&0/!
%/'!,J!%/'#*5/./'!,9>!>3*&+'!>/%!)/$M*&-!<J!#'!#.M/5%/!>/%!,&$/!(9.3%,K'$&$+/.!9+!&--/!&>9%!
%/>!ZW&.-*/.A!EFFbOGFGRGFX[H!
6J!'.9%,!#(!%/$$/!(9.3%&$%'#+/%/!(9.,'J/*,/,)9.&,9$'!/.!%/'!%9+!,'#%&+!>3*&+'!#'!,-#M/!/$!$:!
(9.,'J/*,/H!29.-*#.&$+/$!<J!%/''/!*&++/.!&!%/'!7/$'.#*/!M/+./M!/$>&N$(2$>$-%"*8$&:"(8$1A!%/.!
fd
%K--/.!90/.!/'!M/,'J/$%/!7&.-3*K.'!(9.)9*%!>/**/>!%/*R!9+!)/*)/%,(9.,'J/*,/$A!)09.!%/*/$/!-3$!
(9.,'J,A!)0&,!)/*)/%/$!&$%%.#+/,!9+!0&7/!0/.,#!ZW&.-*/.A!EFFbOaf[H!Q/'!%./5/.!,&+!>/%!#$%./!9.%!
9>!/'!0/-,/*(9.)9*%!>/**/>!(9.R(9.,'J/*,/!9+!/.(#.&$+H!
P.9%,!&$'.9%3-'&9$/$!#(!%/$!)/.>/$/3'&,-/!7&.-/*A!-#$!)/.>/$/3'&--/$!%9+!-.&'&,/./,!(9.!,&'!
3,&-./!0&%/$,-#M/*&+/!3%+#$+,<3$-'H!YJ.!>#$!'9*-/.!#$%./!>/$$/,-/.,!9<*/0/*,/.!3%!(.#!,&$/!
/+$/!(@*/*,/.!9+!9<*/0/*,/.A!M/U$%/.!>#$!,&+!<J!3,&--/.!+.3$%H!L<*/0/*,/.!9+!(@*/*,/.!-#$!
$/>*&+!&--/!'/,'/,!&$'/.,3M5/-'&0'H!Q/!)/.>/$/3'&,-/!'9*-$&$+/.!/.!,J*/%/,!/$%$3!>/./!3,&-./!
/$%!%/!<9,&'&0&,'&,-/!<J!+.3$%!#(!./*#'&0&,>/$H!P&*!+/$+K*%!/.!%/$,!-9$-*3,&9$/.!.&+/./!9+!>/./!
$3#$7/./%/!ZP)3.N$A!EFFEOgTRgb[H
=$!,'9.!%/*!#(!%/$!0&%/$,-#M,'/9./'&,-/!%&,-3,,&9$!)#$%*/.!,J*/%/,!,9>!$K0$'!9>A!)09.%#$!
>#$!,-#*!,'&**/!,&+!&!(9.)9*%!'&*!(9.,-/**&+/!(9.>/.!#(!(9.R(9.,'J/*,/$H!;!7/$'.3>!,'J.!)/*/!'&%/$!
,<@.+,>J*/'!9>A!)09.0&%'!>#$!-#$!9<$J!$9+/$!,&--/.!/.-/$%/*,/A!/**/.!9>!/.-/$%/*,/$!/.!
./*#'&0H!
D/+!0&*!&>&%*/.'&%!&--/!&!%/''/!,</7&#*/!+J!&!%:M%/$!>/%!#'!+.#$,-/!>&'!/+/'!3%+#$+,<3$-'!(9.!
#()#$%*&$+/$H!W*9'!0&*!5/+!-9$,'#'/./A!#'!5/+A!(9.!#'!-3$$/!U$%/!(./>!'&*!,</7&#*/',!<.9M*/>,'&**&$+A!
&!,#+/$,!$#'3.!)#.!)#('!/$!(9.3%&$%'#+/'!)9*%$&$+!9+!#$'#+/*,/!9>!/>$/'H!;!*@M/'!#(!!
,</7&#*/<.97/,,/$!)#.!5/+!%9+!>J''/'!$3#$7/./!%/$$/!&!'#-'!>/%A!#'!>&'!/.(#.&$+,$&0/#3!
/.!M*/0/'!3%0&%/'A!+#$,-/!&!'.J%!>/%!%/$!)/.>/$/3'&,-/!7&.-/*,!9<(#''/*,/!#(!*K.&$+!,9>!
/$!0/-,/*0&.-/$%/!<.97/,!>/**/>!%/*!9+!)/*)/%H!e&+'&+,'!(9.!>&+!/.!%/'!#'!,*J!(#,'A!#'!5/+!
+/$$/>+J/$%/!&!,</7&#*/'!/.!9<>K.-,9>!<JA!#'!%/.!&!>&$/!#$#*:,/.!/.!'#*/!9>!>&$/!</.,9$*&+/!
(9.'9*-$&$+/.A!%/.!M:++/.!<J!>&$/!/.(#.&$+/.!9+!>&$!(9.,'J/*,/!#(!0/.%/$H!4&$/!./,3*'#'/.!0&*!
,J*/%/,!&--/!(#,',*J!$9+/$!/$%/+:*%&+!,#$%)/%A!>/$!/.!%/.&>9%!/$!./*#'&0&,'&,-!/.(#.&$+A!
M#,/./'!<J!/$!-9><*/-,!>/'9%/A!%/.!0&*!M*&0/!<.K,/$'/./'!&!,</7&#*/',!(@*+/$%/!#(,$&'H!
MLML#B!*.,#*;#-!7*)!
;!(9.*K$+/*,/!#(!>&'!,97&#*-9$,'.3-'&0&,'&,-/!,'#$%<3$-'!M*&0/.!,</7&#*/',!(9.>J*!/-,<*9.#'&0'H!Q/'!
/.!,J*/%/,!&--/!>&$!)/$,&+'!#'!9<$J!/$%/+:*%&+/!./,3*'#'/.A!>/$!#'!3%(9.,-/!(9.)9*%A!)09.9>!
%/.!)/.,-/.!.&$+/!0&%/$!ZB$%/.,/$A!EFFbOEG[A!&!%/''/!'&*(K*%/!%/$!>#$+*/$%/!'.#$,%&,7&<*&$#.&'/'!
>/**/>!K*%./A!%9>&$/./$%/!>/%&/'/9.&/.!9+!'/9.&/.!9>!%/!$:/A!,97&#*/!>/%&/.H!B(!,</7&#*/',!
<.9M*/>(9.>3*/.&$+!(./>+J.!%/'A!#'!(9.>J*/'!>/%!#()#$%*&$+/$!M*&0/.!#'!9<'/+$/!/'!>/./!
#%K-0#'!>/%&/*#$%,-#M!9+!&!(9.*K$+/*,/!)/.#(!#'!%&,-3'/./!%/''/,!M/':%$&$+!(9.!6VRM.#$7)/$H!
a
19>!(@*+/!#(!%/''/!$:/!3$%/.,@+/*,/,(/*'A!>J!5/+!$@%0/$%&+0&,!<*#7/./!#()#$%*&$+/$!&!/$!
]/.%&,7&<*&$K.!-9$'/-,'A!%/.!9>(#''/.!/'!,J0/*!U*9,9U,-A!,97&9*9+&,-A!-9>>3$&-#'&9$,(#+*&+'!,9>!
>/%&/'/9./'&,-!</.,</-'&0H!
1J*/%/,!(9.%/*/.!%/!./<.K,/$'/./%/!'/9.&/.!&!,</7&#*/'!,&+!<J!-9>>3$&-#'&9$,R!9+!>/%&/'/9.&A!
)09.!(9-3,!/.!*#+'!<J!MJ%/!-*#,,&,-/!9+!$:/./!>/%&/'/9.&/.A!,#>'!<J!'/9.&!9>!63M*&7!V/*#'&9$,H!
Q/.'&*!&$%%.#+/,!'/9.&!9>!%/$!,#>(3$%,>K,,&+/!3%0&-*&$+A!%/.!<.&>K.'!M/,-K('&+/.!,&+!>/%!
%/$!<9,'>9%/.$&,'&,-/!'#$-/+#$+!9+!%/$$/,!&$%0&.-$&$+!<J!MJ%/!$:)/%,-9$,3>/$'/.!9+!
$:)/%,<.9%37/$'/.,!#%(K.%H!1#>>/$)K$+/$!>/**/>!%&,,/!'./!'/9./'&,-/!9>.J%/.!(./>+J.!#(!
U+3.!EHGH!
9"7-(&KTC&5P$()(/>$%&%$)($%"*8&(022$&@)(&*'$:"01$%&V$7$>&%"1P"(8>">7W
e#*+/'!#(!%/!/$-/*'/!'/9.&/.!0&*!M*&0/!M/+.3$%/'!&!./%/+@./*,/$!(9.!,</7&#*/',!
3$%/.,@+/*,/,%/,&+$!ZEHXH[A!>/$!%/'!,-#*!&!%/$$/!9>+#$+!3$%/.,'./+/,A!#'!#()#$%*&$+/$!
<.&>K.'!/.!#(!'/9./'&,-!#.'H!1J*/%/,!(3$+/./.!$/'9<!'/9.&+.3$%*#+/'!%/*,!,9>!#$#*:'&,-/!
0K.-'@5/.A!%/*,!,9>!/><&.&H!YJ.!5/+!&!>&$!#()#$%*&$+!)#.!'&*!)/$,&+'!#'!,K''/!,<@.+,>J*,'/+$!0/%!
#*>&$%/*&+'!#77/<'/./%/!>/%&/'/9.&/.A!'.#$,(9.>/./,!%&,,/!'&*!#$#*:,/9M5/-'/.A!&%/'!%/!,K''/,!&!
./*#'&9$!'&*!/'!>/./!>9%/.$/!>/%&/*#$%,-#MA!)09.!,97&#*/!>/%&/.!(9.!#*09.!)#.!03$%/'!&$%<#,H!
Q/$$/!'/9.&./0&,&9$!&0K.-,K''/,!0/%!)5K*<!#(!,</7&#*/',!]/.%&,7&<*&$K./!9+!/-*/-'&,-/!>/'9%/!
9+!0/%!&$%%.#+/*,/!#(!#()#$%*&$+/$,!@0.&+/!/><&.&,-/!%#'#+.3$%*#+A!,9>!0&*!M*&0/!<.K,/$'/./'!&!
%/'!(@*+/$%/!#(,$&'H!
e/%.@./$%/!$/'9<!>&$!>/'9%/M.3+A!/.!%/.!'#*/!9>!/$!-0#*&'#'&0!3$%/.,@+/*,/A!)0&*-/'!)K$+/.!
3*@,/*&+'!,#>>/$!>/%!>&'!(9.'9*-/$%/A!-9$,'.3-'&0&,'&,-/!0/.%/$,M&**/%/!ZQ#:>9$!`!?9**9^#:A!
EFFEOT[H!
!
!
!
!"#$%&'()*'+,
'-*,'*./0%1+#
/2%1*324)*5,
6*7%2,78,5*',+&89:'5+80++24*,:5/2132'4;,,,
<*,+7(2&3*,8*52*%+,2'5/2%1'2'4,=>,
'-)*5+17'+:8*'.*%'*+,&590%5,74,
8&++*8*52*%'*+,'-)*5+=%75:1.27',
6*7%2,78,!:$32(,"*3&.27'+,?*52*.*7%2,
,
GFa
Q/$!>/'9%&,-/!.#>>/!(9.!,</7&#*/',!#$#*:,/>9%/*!/.!&**3,'././'!#(!$/%/$,'J/$%/!U+3.A!
%/.!<*#7/./.!,</7&#*/',!'./!)90/%%/*/!&$%/$!(9.!)/$)9*%,0&,!%/$!%/%3-'&0/!9+!&$%3-'&0/!
0&%/$,-#M/*&+/!M/+.3$%/*,/,(9.>O!
!!!!
9"7-(&KTKT&5P$()(/>$%&2$%)/"*8&(022$&@)(&*'$:"01$%&V$7$>&%"1P"(8>">7W
Q/%3-'&9$!#$+&0/.!/$!(./>+#$+,>J%/A!)09.>/%!,*3'$&$+/.!%.#+/,!0&#!M/0&,(@./*,/$,!
0/5H!Q/%3-'&0/!,*3'$&$+/.!/.!,J*/%/,A!$J.!>#$!>/%!3%+#$+,<3$-'!&!+/$/./**/!<.&$7&<</.!
-9$-*3%/./.!9>!/$-/*'/!)K$%/*,/.A!)0&*-/'!&$%/$!(9.!(9.,-$&$+/$!9('/!0&*!M/':%/A!#'!>#$!
M/$:''/.!,&+!#(!/-,&,'/./$%/!'/9.&/.!(9.!#'!-3$$/!%.#+/!/$!,*3'$&$+!9>!/$!+&0/$!<.9M*/>,'&**&$+!
ZB$%/.,/$A!EFFbOXE[H!"/$%/'/+$/$%/!(9.!%/%3-'&9$!/.!%/,3%/$A!#'!*9+&--/$!/.!%/$!7/$'.#*/!
/.-/$%/*,/,-&*%/A!9+!(9.%/*/$!M*&0/.A!#'!>#$!>/%!%/$!%/%3-'&0/!>/'9%/!9<$J.!/$!,&--/.!0&%/$A!
&%/'!>#$!0/%!/$!#77/<'!#(!<.K>&,,/.$/!#*'&%!0&*!$J!'&*!/$!,#$%!-9$-*3,&9$H!W/+.K$,$&$+/$!
%/.&>9%!M/,'J.!&A!#'!%/.!&--/!3%*/%/,!$:!0&%/$!#%!%/%3-'&9$/$,!0/5!ZW&.-*/.A!EFFbObbRba[H!
;$%3-'&9$!%/.&>9%!3%+@.!'K$-$&$+/$,!0/5H!4/%!&$%3-'&0/!,*3'$&$+/.!'#+/,!%/.!3%+#$+,<3$-'!
&!/$!/$-/*'!)K$%/*,/!>/%!)/$M*&-!<J!#'!M/,'/>>/!/'!<.&$7&<!/**/.!/$!+/$/./*!*90>K,,&+)/%H!
?/.!'#+/,!%/.!#*',J!9>0/$%'!3%+#$+,<3$-'!&!/><&.&/$!9+!/.(#.&$+/$!(9.!#'!,*3''/!/$!+/$/./*!
0&%/$!9>!'/9.&/$!ZB$%/.,/$A!EFFbOXE[H!29.%/*/$!0/%!%/$!&$%3-'&0/!>/'9%/!/.A!#'!%/.!0/%!
)5K*<!#(!+/$/.#*&,/.&$+/.!,-#M/,!$:!0&%/$A!)0&*-/'!%9+!*&+/*/%/,!(9.M*&0/.!>/'9%/$,!,0#+)/%A!
&%/'!>#$!#*%.&+!-#$!0K./!,&--/.!<J!,&$/!,*3'$&$+/.H!Q/.!/.!,J*/%/,!'#*/!9>!,#$%,:$*&+!9+!&--/!
,&--/.!0&%/$A!)09.(9.!%/'!/.!#(+@./$%/!#'!0K./!9<>K.-,9>!<J!&$%3-'&9$,<.9M*/>/'!>/%!%/$!
/><&.&,'&,-/!'#$-/!9>!/.-/$%/*,/!9+!M/+.3$%/*,/!0&#!/.(#.&$+H!?0&,!%/.!,-#*!<.9%37/./,!$:!
0&%/$!/.!>#$!%9+!&(@*+/!W&.-*/.!$@%'!'&*!#'!+/$/.#*&,/./T&Q/'!/.!M*9'!#(+@./$%/A!#'!/.(#.&$+/$!
M:++/.!<J!9M,/.0#'&9$/.A!,9>!9<(:*%/.!$9+*/!+.3$%*K++/$%/!-.#0!,J!,9>!0#.&#'&9$A!,'.&$+/$,!
9+!$@5#+'&+)/%!ZEFFbObaRdG[H
!
!!!!!
!
! ! !!!!"#$%&'()! ! ! ! ! !!!!!!!*+,!""!
!
!
!
*+$%&'()! ! ! !!!!!!!*+$%&'()! !!!!!!!!*+,!"! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*+,!"""
! ! ! ! !
!
!
!
!! !
!
! ! ! !!!!!!!
!
!
!!!!!!!!!!!!!!!
! ! ! ! !
!
GG
Q/%3-'&9$!9+!&$%3-'&9$!/.!-9><*/>/$'K./!>/'9%/.!&!%/$!(9.,'#$%A!#'!%/!0&*!M/+.3$%/!$9+/'!&!
,<K$%&$+,(/*'/'!>/**/>!%/'A!%/.!,*3''/,!(.#!Z-/$%,+/.$&$+/.A!9M,/.0#'&9$/.A!%#'#[A!9+!%/'A!%/.!
,*3''/,!'&*!Z'/9.&A!*90>K,,&+)/%[H!1J*/%/,!M*&0/.!%/$!%/U$&'9.&,-/!(9.,-/*!(9.$3('!79$'.#!/.(#.&$+A!
,#>'!/$!#$%/$!0K,/$'*&+!(9.,-/*!M/+.3$%/*,/,./'$&$+/$!ZW&.-*/.A!EFFbOdE[H!
;!&$%/0K./$%/!,</7&#*/A!)#.!5/+!,9>!$K0$'!M/-/$%'!>&+!'&*!/$!,97&#*-9$,'.3-'&0&,'&,-!9+!
)/.>/$/3'&,-!0&%/$,-#M,'/9./'&,-!.#>>/A!%/.!(9.%./.!/$!-9><*/-,!>/'9%9*9+&H!1J*/%/,!+J.!
5/+!>/%!>&$!3$%/.,@+/*,/!MJ%/!#%!%/%3-'&9$/$!9+!&$%3-'&9$/$,!0/5A!,9>!%/'!(./>+J.!#(!U+3.!
EHEH!;!,</7&#*/',!(@.,'/!%/*!(9.,@+/.!5/+!,J*/%/,!0/%!)5K*<!#(!/-,&,'/./$%/!'/9.&/.!9+!/><&.&,-!
%#'#!(.#!$:)/%,./%#-'&9$/.!9+!M.3+/./!#(!,97&#*/!>/%&/.!#'!./%/+@./!(9.!%/!,97&#*/!>/%&/.,!
&$%0&.-$&$+!<J!%/'!$3'&%&+/!>/%&/*#$%,-#MH!;!#()#$%*&$+/$,!#$%/$!%/*!%/.&>9%A!#.+3>/$'/./.!
5/+!<J!M#++.3$%!#(!90/$,'J/$%/!9M,/.0#'&9$/.A!0&#!/$!&$%3-'&0!>/'9%/!(9.A!#'!_.3$&+!9+!?3$',!
#,:>>/'.&,-/!6VR>9%/*!-#$!0/$%/,!<J!)90/%/'A!(9.!/$%/*&+!&!,</7&#*/',!'./%5/!9+!,&%,'/!%/*!
#'!#$0/$%/!%/$$/!>9%/*!%/%3-'&0'!'&*!#'!%&,-3'/./A!)0&*-/$!&$%]:%/*,/!%/''/!(9.)9*%!)#.!<J!
6VRM.#$7)/$,!$:/!$/'0K.-,0&.-/*&+)/%H!2&+3.!EHEH!9<'/+$/.!,J*/%/,!,</7&#*/',!90/.9.%$/%/A!
>/'9%&,-/!9<M:+$&$+H!Q/'!M@.!&>&%*/.'&%!3$%/.,'./+/,A!#'!5/+!&!'#-'!>/%!>&$!#$#*:,/!9+!7#,/R
&$%%.#+/*,/!*@M/$%/!0/-,*/.!>/**/>!%/%3-'&0/!9+!&$%3-'&0/!M/+.3$%/*,/,(9.>/.A!&%/'!5/+!
/-,/></*0&,!./0&%/./.!/$!.K--/!@0.&+/!>9%/**/.!-9$'&$3/.*&+'!+/$$/>!,</7&#*/'H!;!(9.*K$+/*,/!
)/.#(!/.!]/./!#(!,</7&#*/',!#$#*:,/.!,'.3-'3././'!,J*/%/,A!#'!/$!'/9.&./%/+@./*,/!/('/.(@*+/,!#(!/'!
7#,/,'3%&/H!e/%!)5K*<!#(!/$!,J%#$!(9.'*@M/$%/A!0/-,*/$%/!%&,-3,,&9$!9+!#$#*:,/!#(!MJ%/!'/9.&!
9+!7#,/,A!#$*K++/,!$:/!</.,</-'&0/.!<J!>/%&/'/9.&/$H!
MLMLKL#?-0,.,
29.3%/$!,</7&#*/',!'/9./'&,-/!/><&.&A!&$%%.#+/.!5/+!*@M/$%/!/'!-0#*&'#'&0'!%#'#+.3$%*#+A!%/.!
M/,'J.!&!/$!&$%]/'$&$+!#(!<.#-'&,-/!/-,/><*/.A!%/.!(3$+/./.!,9>!/$!,/.&/!/.(#.&$+,M#,/./%/!
&#+''#+/*,/.H!Q/.!/.!>/%!#$%./!9.%!'#*/!9>!/$!,377/,,&0!7#,/R>/'9%/A!%/.!0&*!(3$+/./!,9>!
I$K.&$+I!'&*!>&$!'/9./'&,-/!%&,-3,,&9$A!9+!,9>!)#.!'&*!(9.>J*!#'!M/*:,/!3%0&-*&$+/$!&$%/$!(9.!
>/%&/M.#$7)/$A!MJ%/!)0#%!#$+J.!>#,,/>/%&/.$/,!$:)/%,<.9%3-'&9$!9+!&$'/.$/'M.3+/.$/,!
$:)/%,-9$,3>/.&$+H
Q#!5/+!'&*,'.KM/.!/$!#$#*:,/!#(!%&,,/!$:/!>/-#$&,>/.!,9>!)/*)/%A!)#.!5/+!&!3%0K*+/*,/$!#(!
>&'!%#'#+.3$%*#+!*#+'!0K+'!<J!#'!&$-*3%/./!/$!M./%!0&('/!#(!$:)/%,>/%&/.H!1J*/%/,!)#.!5/+!
(9./'#+/'!/$!,:,'/>#'&,-!,@+$&$+!&!#.'&-/*#.-&0/'!<J!69*&'&-/$A!D:**#$%,R69,'/$!9+!=-,'.#!W*#%/',!
^/M#0&,/.!0/%!)5K*<!#(!,@+/9.%/$/!I2#7/M99-IA!IP^&''/.I!9+!IS93P3M/IA!,9>!3%+@.!%/!,97&#*/!
GE
>/%&/.A!,</7&#*/'!)90/%,#+*&+'!-9$7/$'././.!,&+!9>H!Y/'9<!%&,,/!%#$,-/!%#+M*#%/!/.!>/%'#+/'!
(9.!#'!&$%(#$+/!MJ%/!,/.&@,/!%#+M*#%/!9+!>/./!,/$,#'&9$,<.K+/%/A!*#$%,%K--/$%/!#0&,/.H!
4/%!)/$M*&-!<J!#'!M/*:,/!'/$%/$,/$!&!#$%./!$:)/%,-#$#*/.A!)#.!5/+!(9./'#+/'!/$!*&+$/$%/!
,@+$&$+!<J!QVi,!9+!PeEi,!$:)/%,,&%/H!1J*/%/,!(#0$/.!%/'!/><&.&,-/!%#'#+.3$%*#+!/$!63M*&7!
1/.0&7/R3$%/.*#+'!>/%&/&$,'&'3'&9$A!%/.!9+,J!.3>>/.!.#%&9>/%&/'A!,#>'!/$!>/./!-9>>/.7&/*'!
9.&/$'/./'!'0R$:)/%,-#$#*H!
29.!#'!$3#$7/./!/>$/'!&!(9.)9*%!'&*!MJ%/!/$!(.#$,-!9+!+*9M#*!-9$'/-,'A!)#.!5/+!(9./'#+/'!
'&*,0#./$%/!,:,'/>#'&,-/!,@+$&$+/.!<J!%/!,'9./!(.#$,-/!%#+M*#%/!8/!49$%/!9+!8/!2&+#.9!
9+!*&+/*/%/,!<J!/$+/*,-/!P)/!_3#.%&#$!9+!#>/.&-#$,-/!P)/!Y/^!S9.-!P&>/,i!)5/>>/,&%/.H!
Q&,,/!(.#$,-/!9+!/$+/*,-/!$:)/%,>/%&/.!/.!3%0#*+'A!&%/'!%/!./<.K,/$'/./.!'9!,'@../!9+!
M/':%$&$+,(3*%/!$#'&9$/.!&!=CA!9+!(9.%&!%/.!/.!'#*/!9>!+*9M#*'!#$/.-/$%'/!%#+M*#%/H!P)/!Y/^!
S9.-!P&>/,!/.!*&+/*/%/,!&$'/./,,#$'!(9.!,</7&#*/',!3$%/.,@+/*,/,(/*'A!(9.%&!5/+!>/%!%/''/!
%#+M*#%!M/0K+/.!>&+!3%/$!(9.!=3.9<#,!+.K$,/.!9+!%/.>/%!-#$!9M,/.0/./A!9>!3%0&-*&$+/$!&!
&$(9.>#'&9$,]9^/'!'&*,0#./$%/!/.!'.#$,#'*#$'&,-!9+!'&*,'/%/!&!%/!,97&#*/!>/%&/.,!)5/>*#$%H!
1/'!&!*:,/'!#(!%/'!/><&.&,-/!>#'/.&#*/,!-9><*/-,/!-#.#-'/.!9+!,'@../!9>(#$+A!3$%/.,'./+/,!%/'A!
#'!&$%,#>*&$+/$!#(!%#'#!9+!#$#*:,/$!(9.M*&0/.!/-,<*9.#'&0!9+!&--/!/-,)#3,'&0H!P&*!%/'!/><&.&,-/!
%#'#+.3$%*#+!/.!%/.!&$%,#>*/'!/$!,'9.!>K$+%/!%#'#!'&*!#'!3$%/.M:++/!>&$/!9M,/.0#'&9$/.!#(!%/'!
#-'3/**/!>/%&/*#$%,-#Mc!#(!)/$,:$!'&*!,</7&#*/',!9>(#$+!%9+!&--/!(.#!,#>'*&+/!#0&,/.!)/.)5/>>/!
/**/.!&!%/!3%0#*+'/!@0.&+/!$#'&9$/.H!?/.'&*!,-#*!%/'!%9+!$K0$/,A!#'!5/+!&!>&$!./,/#.7)!/.!,'@%'!<J!
>#$+/!,#>>/$(#*%!&!%/'!./%#-'&9$/**/!&$%)9*%!<J!'0K.,!#(!$#'&9$#*/!9+!&$'/.$#'&9$#*/!%#+M*#%/H!
8&+/*/%/,!/.!%/.!,9>!M/-/$%'!3%/*3--/$%/!'#*/!9>!*#$%,%K--/$%/!>/%&/.A!&--/!*9-#*/A!*&+/,9>!
#**/!>/%&/+/$./.!&--/!/.!>/%'#+/'!&!,</7&#*/',!/><&.&H!Q/.(9.3%/$!,-#*!%/'!$K0$/,A!#'!&--/!#**/!
%#'#!%&./-'/!&$%%.#+/,!'&*!,</7&#*/',!>&$&R7#,/R#$#*:,/.H!;!,'/%/'!(./>+J.!#(!M&*#+!GGA!Gd!9+!EX!
/$!.K--/!.3M.&--/.!(.#!#.'&-*/.A!%/.!&$%,-.&0/.!,&+!&!%/!$:/!'/$%/$,/.!&$%/$!(9.!>#,,/>/%&/.$/,!
$:)/%,<.9%3-'&9$A!)0&*-/'!'5/$/.!'&*!#'!%9-3>/$'/./A!#'!,</7&#*/',!#$#*:,/!&$+/$*3$%/!M#,/./.!,&+!
<J!/'!,<&$-/*'!+.3$%*#+H!
C%!(.#!>&$!,:,'/>#'&,-/!,@+$&$+!/('/.!/><&.&A!)#.!5/+!-3$$/'!-#'/+9.&,/./!%/!'.#%&'&9$/**/!
>#,,/>/%&/.,!$:)/%,%K-$&$+!#(!%/!,97&#*/!>/%&/.H!Q/.!/.!'#*/!9>!'./!90/.9.%$/%/!
-#'/+9.&/.A!%/.!,<K$%/.!(.#!2$%08)22->"8$($>/$!#.'&-*/.A!90/.!8"1/$($@$($($>/$!'&*!%/!%&./-'/!
08%"P"%$%*7$>7"P$>/$H!D/+!3%%:M/.!%/$$/!,-/*$/$!&!,</7&#*/',!#$#*:,/%/*A!>/$!0&*!&!%/$$/!
>/'9%&,-/!./%/+@./*,/!<J</+/A!#'!>&$!,:,'/>#'&,/.&$+!<9'/$'&/*'!-#$!(9./-9>>/!(9.7/./'A!9+!#'!
%/$!3%/*3--/$%/!/.!&0K.-,#'!#(!)/$,:$!'&*!#'!,-K.</!,</7&#*/',!(9-3,H!
GX
Q/'!,-#*!'&*>/%!3$%/.,'./+/,A!#'!%/'!&--/!/.!>&$!)/$,&+'!#'!M/)#$%*/!%#'#+.3$%*#+/'!3%!(.#!
-0#$'&'#'&0/!<.&$7&<</.!0/%!/-,/></*0&,!#'!9<,'&**/!,'#'&,'&--/.!(9.A!)0&*-/!#.'&-/*':</.A!%/.!):<<&+,'!
9<'.K%/.!&!>/%&/.$/H!D/+!-9$,'#'/./.!M*9'A!#'!$:)/%,#.'&-*/.$/!9<'.K%/.!3$%/.!/$!.K--/!
(9.,-/**&+/!593.$#*&,'&,-/!0&$-*&$+/.!>/%!)/$M*&-!<J!#'!9<'/+$/!,J!$3#$7/./'!/'!>/%&/M&**/%/!,9>!
>3*&+'H!;!'.J%!>/%!>&'!,97&#*-9$,'.3-'&0&,'&,-/!9+!)/.>/$/3'&,-/!,'J,'/%!/.!%/'!,J*/%/,!&--/!>&$!
)/$,&+'!#'!3$%/.,@+/!)2!>&$!0&%/$!/.!,#$%!/**/.!+:*%&+A!>/$!%/.&>9%A!NP)(/0>&>&$!0&%/$!9>!
>/%&/M.#$7)/$,!$:/!>/-#$&,>/.!/.!,-#M'H!
C%90/.!90/$$K0$'/!#.'&-/*/-,/><*/.A!.3>>/.!,</7&#*/',!/><&.&,-/!%#'#+.3$%*#+!*&+/*/%/,!
/-,/><*/.!)/$'/'!(.#!%/!,97&#*/!>/%&/.A!<.&>K.'!2#7/M99-A!&%/'!%/''/!>/%&/!M/%,'!/+$/.!,&+!'&*!
$:)/%,%/*&$+!R!/$!#-'&0&'/'A!,9>!,</7&#*/'!,K.*&+'!,'&**/.!,-#.<'!<JH!1J*/%/,!&$%%.#+/.!5/+!7#,/,A!
%/.!'K**/.!(9.,-/**&+/!(9.>/.!(9.!$:)/%,%/*&$+!9+!'&*)@./$%/!-9>>/$'#./.A!%/.!,-#*!3$%/.,'@''/!
>&$!<J,'#$%!9>!$:)/%,-9$,3>/$'/.$/,!#%(K.%,K$%.&$+H!;!&$%,#>*&$+/$!#(!%/$$/!/><&.&!)#.!
5/+!&!,#+/$,!$#'3.!-3$!)#('!#%+#$+!'&*!>&$!/+/$!2#7/M99-R<.9U*A!)0&*-/'!M/+.K$,/.!>&$!,@+$&$+!
0K,/$'*&+'H!;!-.#('!#(!#'!>&$!<.9U*!'K**/.!>/./!/$%!gFF!./*#'&9$/.!&!(9.>!#(!I0/$$/.IA!-#$!>#$!
%9+!#.+3>/$'/./!(9.A!#'!%/'A!%/.!3%,<&**/.!,&+!<J!>&'!,97&#*/!$/'0K.-A!'&*!/$!0&,!+.#%!-#$!(3$+/./!
./<.K,/$'#'&0'!(9.A!)0#%!%/.!(9./+J.!<J!#$%./!,97&#*/!$/'0K.-,<.9U*/.H!!
29.3%/$!#$#*:,//-,/><*/.!<J!$:)/%,%/*&$+!&$%%.#+/.!5/+!#$%./!2#7/M99-R7#,/,A!%/.!,-#*!
3$%/.M:++/!>&$!./0&,&9$!#(!%/!-*#,,&,-/!>/%&/'/9.&/.A!*&+/,9>!5/+!0&*!9<,'&**/!9M,/.0#'&9$/.!#(!
$:/!'&*'#+!<J!,97&#*/!>/%&/.!&$%/$!(9.!-9>>3$&-#'&9$!9+!6VA!%/.!,-#*!&$%+J!&!>&$!%&,-3,,&9$!#(!
6VRM.#$7)/$,!$:/!#.M/5%,>/'9%/.H!
?0#%!#$+J.!#$#*:,/$!#(!,</7&#*/',!,377/,,&0/!7#,/R,'3%&/.A!M/,'J.!%/$$/!&!/$!/-*/-'&,-!>/'9%/A!
%/.!M/U$%/.!,&+!<J!/'!MJ%/!%&,-3.,&0'A!./'9.&,-!9+!>&-.9,<.9+*&+'!$&0/#3H!
MLMLML#J")!.'_;!%'!')!',;"
29.3%/$!&$'.9%3-'&9$!9+!#(.3$%&$+!M/,'J.!,</7&#*/'!#(!(/>!-#<&'*/.H!6J!'0K.,!#(!%&,,/!/.!
#()#$%*&$+/$!,'.3-'3././'!9>-.&$+!'./!)90/%%/*/A!,0#./$%/!'&*!%/$!9<,'&**/%/!U+3.!EHE!&!,</7&#*/',!
>/'9%/#(,$&'!9+!'&*!%/$!'./'.&$,.#-/'A!<.9M*/>(9.>3*/.&$+/$!&$%/)9*%/.H
B()#$%*&$+/$,!(@.,'/!%/*!3%+@.!/$!9<-.&%'$&$+!#(!M#$/$A!/**/.!,#+'!<J!/$!#$%/$!>J%/O!%/$!
/.-/$%/*,/!/**/.!<.K>&,A!,9>!,</7&#*/'!(9.*#%/.!,&+!<JH!Q/''/!&**3,'././,!&!>/%&/3%0&-*&$+/$!9+!&!
>&$!'&*,'.KM'/!'.#$,%&,7&<*&$#.&'/'!>/**/>!-*#,,&,-/!>/%&/'/9.&/.!9+!'/9.&/.!9>!,97&#*/!>/%&/.H!
Gg
1J*/%/,!'#+/.!#()#$%*&$+/$,!'/9.&!,&'!#(,K'!&!/$!#(+.K$,$&$+!9+!%/U$&'&9$!#(!M/+./M/'!,97&#*/!
>/%&/.A!)09.'&*!5/+!#$0/$%/.!W9:%!`!=**&,9$A!W//.!,#>'!1'/$+/.!`!\93'#$'A!%/.!&!/$!,/.&/!
&$'/.#+/./$%/!#.'&-*/.!9<'/+$/.!/$!'/9./'&,-!%/U$&'&9$!(9.!%/'!$:/!>/%&/(K$9>/$A!9+!,9>!
%/.>/%!M&%.#+/.!>/%!/$!#$0/$%/*&+!(9.,'J/*,/,.#>>/!(9.!,</7&#*/'H!
D/+!3%M:++/.!%/$$/!(9.,'J/*,/!>/%!/$!<9,'>9%/.$&,'&,-!'&*+#$+!'&*!%/!,97&#*/!>/%&/.A!&%/'!5/+!
&$%%.#+/.!%/!,'9./A!(.#$,-/!'K$-/./!8:9'#.%!9+!W#3%.&**#.%!>/%!)/$M*&-!<J!#'!./%/+@./!(9.!%/$!
,#>(3$%,>K,,&+/!3%0&-*&$+A!%/.!*&++/.!'&*!M#++.3$%!(9.!%/!,97&#*/!>/%&/.,!+/$$/>,*#+,-.#('!
)9,!M/(9*-$&$+/$H!29.!#'!9<$J!/$!M./%/./!9+!>/./!$3#$7/./'!(9.,'J/*,/!(9.!3%0&-*&$+/$A!
,3<<*/./.!5/+!(@.,'!>/%!/$!,/$>9%/.$&,'&,-!0&$-/*A!%/.$K,'!>/%!h09.'.3<,!9<(#''/*,/!#(!%/'!
$3'&%&+/!,#>(3$%!,9>!0K./$%/!):</.-9><*/-,'H!='!,J%#$'!,#>>/$,#'!'/9.&#<<#.#'!'5/$/.!
'&*!M/%,'!>3*&+'!#'!&$%-#<,*/!%/'!-9><*/-,/!(K$9>/$A!,9>!%/!,97&#*/!>/%&/.!3%[email protected]!9+!&--/!
>&$%,'!%/!>/$$/,-/*&+/!9+!,#>(3$%,>K,,&+/!>/-#$&,>/.A!%/.!*&++/.!'&*!M#++.3$%!(9.!%/./,!
<9<3*#.&'/'!M*#$%'!&$'/.$/'M.3+/.$/H!
=$!0K,/$'*&+!%/*!#(!,</7&#*/',!<9&$'/!M*&0/.A!#'!%/!,97&#*/!>/%&/.!M&%.#+/.!'&*!&$'/.$/'M.3+/.$/,!
,/*0&,7/$/,K''/*,/H!P&*!#'!M/*:,/!%/''/!#,</-'A!M/$:''/.!5/+!W9:%!9+!%/.(9.3%/$!%/!)5/>*&+/!
(9.,-/./!17).@%/.A!B*M./7)',*3$%!9+!\).&,'/$,/$H!19>!$9+*/!#(!%/!/$/,'/!(9.,-/./!&$%/$!(9.!
(/*'/'A!M/,-K('&+/.!%&,,/!,&+!$/>*&+!>/%!%/!&%/$'&'/',,-#M/$%/!<.97/,,/.A!%/.!U$%/.!,'/%!<J!%/!
,97&#*/!>/%&/.H
?0#%!#$+J.!>&$!%&,-3,,&9$!#(!-*#,,&,-/!>/%&/'/9.&/.A!-#,'/.!5/+!*:,!90/.!'.#%&'&9$/**/A!
3%/$*#$%,-/!(9.,-/./!,9>!_#*'3$+!`!V3+/A!47\9>M,!`!1)# A!V9+/.!`!Q/#.&$+A!W93.%&/3A!
,#>'!%#$,-/!83$%H!X7$>/06*$%%">7R!9+!70%$68$$'">7R'/9.&/$A!,9>!,K.*&+'!/.!&!#()#$%*&$+/$,!
&$'/./,,/A!/.!&!)&,'9.&/$,!*@M!M*/0/'!./0&%/./'!9+!$3#$7/./'!]/./!+#$+/H!L0/$,'J/$%/A!
'.#%&'&9$/**/!(9.,-/./!%#$$/.!%9+!3%+#$+,<3$-'!(9.!&$%/0K./$%/!,</7&#*/,!'/9.&./0&,&9$A!(9.%&!
%/!)0/.!&,K.!3%+@.!0&+'&+/!9+!'9$/#$+&0/$%/!$#0$/!&$%/$!(9.!>/%&/(9.,-$&$+/$H!2K**/,!(9.!
%/>!/.!*&+/*/%/,A!#'!%/!)0/.!&,K.!(9.)9*%/.!,&+!-.&'&,-!'&*!>/%&/&$,'&'3'&9$/$,!>#+'!9+!%/.>/%!
./<.K,/$'/./.!%/'!>/%/$'.&,-/!(9-3,A!,9>!,</7&#*/'!@$,-/.!#'!<.9M*/>#'&,/./H
;!#$%/$!%/*!(@*+/.!,</7&#*/',!'/9./'&,/.&$+A!&%/'!%/$!#,:>>/'.&,-/!6VR>9%/*!0/$%/,!<J!
)90/%/'H!4&$!#.+3>/$'#'&9$!(9.!%/$$/!9>0/$%'/!#,:>>/'.&,-/!6VR>9%/*!-./%,/.!9>!_.3$&+!
`!?3$',!'/9.&/.A!9+!,3<<*/./,!%/.(9.3%/$!>/%!_#*'3$+!9+!V3+/,!(9.,'J/*,/!#(!,#>(3$%/',!
&$(9.>#'&9$,]9 H!_&0/'0&,!U$%/,!/$!3/$%/*&+!>K$+%/!*&''/.#'3.A!%/.!9>)#$%*/.!63M*&7!V/*#'&9$,R
GT
'/9.&/$H!?/.3$%/.!9+,J!$:/./!9+!>/./!./'0&,/$%/!M&%.#+A!,9>!/-,/></*0&,!\99>M,!9+!
?9**#%#:,!6VR3%+&0/*,/A!%/.!/.!9<%#'/./'!&!(9.)9*%!'&*!%/$!#-'3/**/!^/M0&.-/*&+)/%A!9+!,9>!%/.(9.!
9+,J!3%+@.!/$!0K,/$'*&+!%/*!#(!#()#$%*&$+/$,!'/9.&+.3$%*#+H!
Q/'!,-#*!)/.'&*!(@5/,A!#'!5/+!+/$/./*'!(9.)9*%/.!>&+!-.&'&,-!'&*!_.3$&+!9+!?3$',!6VR>9%/**/.A!%/.!
-#$!(9./-9>>/!$9+/'!,-/>#'&,-/!9+!(9./$-*/%/!&!(9.)9*%!'&*!$3'&%/$,!-9><*/-,/!>/%&/*#$%,-#M!
9+!3%0&-*&$+/$!&$%/$!(9.!-9>>3$&-#'&9$,'/9.&(/*'/'H!YJ.!_.3$&+!9+!?3$'!,<&**/.!,J!,'9.!/$!
.9**/!&!,</7&#*/'!9+!%#$$/.!3%+#$+,<3$-'!(9.!9<,'&**&$+/$!#(!/$!$:!>9%/*A!,-:*%/,!%/'!%9+A!
#'!%/./,!'/9.&!'&*!,'#%&+)/%!%#$$/.!3%+#$+,<3$-'!(9.!3$%/.0&,$&$+/$!&!63M*&7!V/*#'&9$,A!9+!
%/,3%/$!/.!#$0/$%/*&+/!'&*!#'!9<'/+$/!/$!90/.,&+'!90/.!%/!(9.,-/**&+/!(9.>/.!(9.!-9>>3$&-#'&9$!
9.+#$&,#'&9$/.!9+!9((/$'*&+)/%!&>/**/>H!D/+!(9.,'J.!,J*/%/,!6VR>9%/**/.$/!,9>!/$!,&><*&U7/./'!
$/%M.:%$&$+!9+!&**3,'.#'&9$!<J!%/!>/,'!7/$'.#*/!(9.)9*%!&!6VR%&,7&<*&$/$,!0#.&/./%/!'&*+#$+/H!
;!,</7&#*/',!'./%5/!9+!,&%,'/!%/*!JM$/,!9<!(9.!/$!%&,-3,,&9$!#(A!)0#%!3%0&-*&$+/$!&$%/$!(9.!
>/%&/*#$%,-#M/'!)#.!#(!-9$,/-0/$,/.!(9.!6VRM.#$7)/$,!(./>'&%&+/!#.M/5%,>/'9%/.H!4/%!#$%./!
9.%!3%+@.!%/$$/!,&%,'/!%/*!#()#$%*&$+/$,!>/./!9</.#'&9$/**/!9+!</.,</-'&0/./$%/!%/*A!&%/'!
%/$!$:/!6VR>9%/*!)/.!(9.,@+/,!#<<*&7/./'H!Q/$$/!</.,</-'&0/./$%/!%&,-3,,&9$!0&*!<.&>K.'!
M#,/./!,&+!<J!QN7#3%&$,!9+!\99>M,!9+!?9**#%#:,!63M*&7!V/*#'&9$,R3%+&0/*,/.A!%/.!)/$)9*%,0&,!
./<.K,/$'/./.!/$!'.#%&'&9$/*!9+!>/./!9<%#'/./'!'&*+#$+!'&*!6VR(#+/'H!=$!,J%#$!,&%/,'&**&$+!0&*!
M&%.#+/!'&*!#'!%&,-3'/./!%&,7&<*&$/$,!)&%'&%&+/!#.M/5%,>/'9%/.!9+!'&*!#'!#$*K++/!$:/!</.,</-'&0/.!
9+!2">/*$%*!<J!9>.J%/'H!
Q/!/$-/*'/!-#<&'*/.,!(9.%/*&$+!<J!,</7&#*/',!'./!)90/%%/*/!9+!%/./,!&$'/.$/!,#>>/$)K$+/!
/.!9<,'&**/'!&!U+3./$!<J!%/$!(@*+/$%/!,&%/A!%/.!)#.!'&*!(9.>J*!#'!&**3,'././!,</7&#*/',!
3$%/.,@+/*,/,%/,&+$O!
Gb
9"7-(&KTYT&F'$:"01$%*&->/$(*?7$1*$*/$*"7>&V$7$>&%"1P"(8>">7W
Gd
!"#$%
%&'()!*+'%)&
!"#$%%
!"#$%%%
,-(*&!%&.
!
+/01234$5$
!"#$%#"&"'()*+,-$%./,+.0$%+&"'(1/'+2"3"&"'()4%'+%-356$5+&"'
+/01234$6$
7%8)"%892:3,+&%"8%+%#%.%#&%$5"#3:5-
+/01234$7$
;%#&%$5"#3:5-%83).5'<,+3:=#"&"'%+
+/01234$8
*>?-+5"@A%"3)"=%)"%892+:39&+:%$&'A%#
+/01234$9
B,":$03&,"
+/01234$:
>C30.C)/+5"D5&3
+/01234$5;
4&$5'3$&38%
+/01234$<
E&F%+580+$&38%
+/01234$=$
G5:$%"#%).%#&%.%85/,+%+
+/01234$>$
G&#%"3:5-38%,+&()H%,+&),').%8,#%(I"#%+3J'%$3%3#%3&'"
HCIG?<@?#>?@A?>?BCDE3?3#A#?B#<?BHN3IOE3A?<B?3?B#>?@A?GC<@OICP
@?G#A
QL#@?B#<?BHN3IOE3A?<B?3?@?#>?@A?GC<@OICP#
Q/'!(@*+/$%/!-#<&'/*!0&*!./%/+@./!(9.!9+!#(+.K$,/!(K$9>/$/'!,97&#*/!>/%&/.!>/%!%/'!
(9.>J*!#'!%&,-3'/./A!)09.%#$!%&,,/!M&%.#+/.!'&*!&$'/.$/'M.3+/./,!,/*0&,7/$/,K''/*,/H!?/./('/.!
,#>>/$-9M*/,!%/$$/!%&,-3,,&9$!>/%!$:)/%,-9$,3>/$'/.$/,!#.'&-/*%/*&$+!<J!%/!,97&#*/!
>/%&/.!0/%!&$%%.#+/*,/!#(!7#,/R/-,/><*/.A!9+!,*3''/*&+'!3%%:M/,!>#,,/>/%&/.$/,!K$%./%/!
$:)/%,<.&9.&'/.&$+!<J!'&*,0#./$%/!0&,H!1</7&#*/',!'./%5/!-#<&'/*!)#.!,J*/%/,!'&*!(9.>J*!#'!9<'/+$/!
/'!'&%,,0#./$%/A!-9><*/-,'!9+!$/'0K.-,9.&/$'/./'!>/%&/M&**/%/H!
QLKL#O*+,$%!#-!),!.#`#?"#)!a",7,*"
1&%/$!%/'!(@.,'/!,97&#*/!>/%&3>A!%/.!&!*&''/.#'3./$!9('/,'!M/$K0$/,!F):"01&E$%4)(8&F"%$*A!&!
Gaad!M*/0!*#$7/./'A!)#.!%/$$/!>/%&/+/$./!+/$$/>+J/'!/$!.&0/$%/!3%0&-*&$+H!1&lQ/+.//,H
79>&0#.!%/'!(@.,'/!>/%&/A!%/.!+59.%/!%/'!>3*&+'!(9.!M.3+/./!MJ%/!#'!9<./''/!/$!</.,9$*&+!<.9U*A!
,-#M/!/$!0/$$/<9.'/(@*5/!9+!(@*+/!>/%!&!%/$$/,!+@./$!9+!*#%/$H!Q/.(9.!)#.!%/''/!$/'0K.-!
0K./'!,K.*&+'!'9$/#$+&0/$%/!&$%/$!(9.!3%0&-*&$+/$!#(!,97&#*/!>/%&/.H!1/$/./!(3*+'/!/$!,'.&M/!
,97&#*/!$/'0K.-,,&%/.!&!</.&9%/$!GaadREFFGA!)/.3$%/.!M*#$%'!#$%./!B,&#$B0/$3/A!W*#7-6*#$/'A!
4&_/$'/A!\:^9.*%!9+!83$#.1'9.>!ZW9:%!`!=**&,9$A!EFFdOg[H!!!
2.#!EFFG!9<,'9%!#$%/$!M@*+/!#(!%/!,97&#*/!$/'0K.-,,&%/.A!)09.>/%!3%M:+$&$+!9+!(#,')9*%/*,/!
#(!<.9(/,,&9$/**/!$/'0K.-!&$%'9+!/$!7/$'.#*!.9**/!R!/-,/></*0&,!>/%!$/'0K.-/'!V:m/H79>H!
19>!</$%#$'!'&*!%/$$/!':</!$/'0K.-!9+!'&*!%#'&$+,&'/'!4#'7)H79>!*#$7/./%/,!2.&/$%,'/.A!%/.!
'&*M:%/.!,97&#*!&$'/.#-'&9$!0/$$/.!&>/**/>A!9+!,9>!)3.'&+'!9<$J/%/!,'9.!<9<3*#.&'/'!&!C1B!9+A!&!
*@M/'!#(!-9.'!'&%A!9+,J!&!]/./!#$%./!%/*/!#(!0/.%/$H!"9$-3../$7/$!>/**/>!%/!/$-/*'/!<*#'(9.>/!
M*/0!,-K.</'A!9+!,J*/%/,!90/.*/0/%/!-3$!%/!$/'0K.-,<9.'#*/.A!%/.!(9.>J/%/!#'!,-#M/!,&+!
/$!$&7)/A!,9>!/-,/></*0&,!8&$-/%;$A!%/.!/.!,K.*&+'!>J*./''/'!(9../'$&$+,(9*-!Z;M&%[H!C$%/.!
>#$'.#/'!,XFEF&Z,$%&X>)%N$(&F):"01&E$%4)(8">7&F$(P":$[!M*9>,'./%/!(.#!EFFX!/$!.K--/!
,97&#*/!>/%&/.!9<A!)/.3$%/.!(9.!/-,/></*!\#./EA!%/.!+.3<</./.!#-'&0&,'/.!/**/.!4:\)3.7)A!%/.!
(9./$/.!-.&,'$/!>/$&+)/%/.!&!%/$!%&+&'#*/!0/.%/$H!?/.3%90/.!9<,'9%!-/$%'/!,97&#*/!$/'0K.-!,9>!
2*&7-.A!S93P3M/&9+!4:1<#7/A!%/.!#**/!'&*M:%/.!M.3+/.$/!#'!#$0/$%/!>3*'&>/%&#*/!0&.-/>&%*/.A!
9+!%/!,97&#*/!$/'0K.-!3$%/.+&-!,9>!(@*+/!)/.#(!(9.!#*09.!/$!+*9M#*&,/.&$+,<.97/,H!;!EFFg!
,-#M'/,!2#7/M99-A!,9>!&!M/+:$%/*,/$!3%/*3--/$%/!)/$0/$%'/!,&+!'&*!79**/+/,'3%/./$%/!<J!
?#.0#.%!C$&0/.,&':A!>/$!,9>!&!'&%/$,!*@M!/.!M*/0/'!3%0&%/'!'&*!#'!9>(#''/!(@.,'!#>/.&-#$,-/!
+:>$#,&//*/0/.A!,&%/$)/$!#**/!&$'/.$/'M.3+/./!<J!'0K.,!#(!#*%/.,R!9+!*#$%/+.K$,/.!ZW9:%!`!
=**&,9$A!EFFdOdRa[H!B(!U+3.!XHGH!(./>+J.!/$!'&%,*&$5/!9+!/'!90/.M*&-!90/.!*#$7/.&$+/$!#(!%/$!M./%/!
<#*/'!#(!F):"01&E$%4)(8&F"%$*O!!
Ga
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!
9"7-(&YTCT&5P$(*"7%&)P$(&@($28)2*%$>&0@&F):"01&E$%4)(8&F"%$*&VZ)A/&[&\11"*)><&KDD]W
B*/$/!>/%!%/''/!)&,'9.&,-/!.&%,!90/.!%/!,97&#*/!>/%&/.,!9<,'J/$A!M/0K+/.!,</7&#*/'!,&+!&$%!<J!
%&,-3,,&9$/$!9>!%&,,/,!#(+.K,$&$+H!e/%!#'!'#+/!3%+#$+,<3$-'!&!W9:%!`!=**&,9$,!'&%,*&$5/A!>J!
,</7&#*/'!$@%0/$%&+0&,!*K$/!,&+!9<!#%!%&,,/!(9.,-/./,!%/U$&'&9$!#(!F):"01&E$%4)(8&F"%$*A!%/.!
3%+@.!N$!#(!'/9.&/$,!(@.,'/!M/,'.KM/*,/.!<J!#'!9<,'&**/!/$!,J%#$O!
I^$&/$_>$&*):"01&>$%4)(8&*"%$*&0*!4$#6#0*$/&*$(P":$*&%N0%&011)4&">/"P"/-01*&%)&VCW&:)>*%(-:%&
0&'-#1":&)(&*$2"6'-#1":&'()_1$&4"%N">&0&#)->/$/&*A*%$2<&VKW&0(%":-10%$&0&1"*%&)@&)%N$(&-*$(*&4"%N&
4N)2&%N$A&*N0($&0&:)>>$:%")><&0>/&VYW&P"$4&0>/&%(0P$(*$&%N$"(&1"*%&)@&:)>>$:%")>*&0>/&%N)*$&
20/$&#A&)%N$(*&4"%N">&%N$&*A*%$2I!ZW9:%!`!=**&,9$A!EFFdOE[H
2K**/,!9+!/$/,'J/$%/!(9.!,97&#*/!>/%&/.!/.!#*',JA!#'!%/!+@.!%/'!>3*&+'!(9.!M.3+/./!#'!,-#M/!9+!
,:$*&++@./!%/./,!</.,9$*&+/!<.9U*!9+!0/$$/<9.'/(@*5/H!29.,-/.$/!*K++/.!%/,3%/$!0K+'!<J!#'!
#$0/$%/!M/+./M/'!`197&#*!E$%4)(8&1&'/,I!&!>9%,K'$&$+!'&*!n197&#*!E$%4)(8">7!1&'/,IA!&%/'&(9.>/$!
>$%4)(8">7!3$%/.,'./+/.!/'#M*/.&$+/$!#(!-9$'#-'!'9!(./>>/%/!&>/**/>H!W9:%!`!=**&,9$!</+/.!
%/.>/%!<JA!#'!&$'/.#-'&9$/.$/!<J!/$!,97&#*!$/'0K.-,,&%/!9('/,'!(9./+J.!&!(9.*K$+/*,/!#(!%/'!
#$#*9+/!.3>A!9+!%/.>/%!>/**/>!M.3+/./A!%/.!&!(9.0/5/$!&$%+J.!&!</.,9$*&+/!./*#'&9$/.!ZEFFdOE[H!
EF
=$%/*&+!(./>)K0/.!(9.,-/.$/!%/'!-/$%/'/+$!(9.!F):"01&E$%4)(8&F"%$*A!#'!$/'0K.-,,'.3-'3./$!/.!
/+97/$'.&,-!9+!,J*/%/,!/.!#$*#+'!9>-.&$+!%/$!/$-/*'/!M.3+/.!&!,'/%/'!(9.!#'!)#0/!/'!+&0/'!/>$/!
/**/.!'/>#!,9>!9>%./5$&$+,<3$-'!ZW9:%!`!=**&,9$A!EFFdOa[H!
W9:%!`!=**&,9$,!%/U$&'&9$!#(!,97&#*/!>/%&/.!#77/$'3/./.!#*',J!/$!+/$$/>+J/$%/!(3$-'&9$#*&'/'!
<J!'0K.,!#(!%/'!,'9./!3%M3%!#(!<*#'(9.>/H!Q#0&%!W//.!./''/.!&>&%*/.'&%!/$!-.&'&-!>9%!%/$$/!M./%/!
%/U$&'&9$!#(!(K$9>/$/'H!;!,'/%/'!(9.!#'!'&*,'.KM/!/$!(9.7/./'A!+/$/./*!%/U$&'&9$!#(!%/!,97&#*/!
$/'0K.-A!,/.!)#$!/'!M/)90!(9.!#'!-*#,,&U7/./!%/!/$-/*'/!,&'/,!&!./'$&$+/$!>9%!/$!>/./!%/,-.&<'&0!
#$#*:,/!ZEFFfOTGf[H!Q/!(9.,-/**&+/!)>1">$R-3*'3./.R!9+!#-'&0&'/'/.!M@.!>/%!#$%./!9.%!%K--/,!
#(!<#.#<*:M/+./M/.!,9>!(9.!/-,/></*!^$#&KTD!/**/.!>J,-/!/$%%#!F):"01&E$%4)(8&F"%$*A!(9.!
%/./('/.!#'!M*&0/!3$%/.-#,'/'!,/*0,'K$%&+/!#$#*:,/.A!%/.!-#$!%/U$/./!%/'!/$-/*'/!>/%&3>,!
(3$-'&9$!9+!,K.<.K+H!=-,/></*0&,!$K0$/.!W//.!3$%/.-#'/+9.&/.!,9>!IZo[!4"8"a*<&@)18*)>)2"$*<&
20*N-'*&0>/&*):"01&>$%4)(8">7&*"%$*&VIWI!ZL<H7&'HOTGa[H!?#$!M/,-K('&+/.!,&+!>/%!'/.>/$!
>$%4)(8">7A!&%/'!)#$,!<9&$'/!M*&0/.A!#'!$9+*/!,97&#*/!>/%&/.!$/'9<!)#.!3%0&%/*,/!#(!</.,9$*&+/!9+!
<.9(/,,&9$/**/!$/'0K.-!,9>!90/.,-:++/$%/!(9.>J*!ZL<H7&'HOTGf[H!W//.,!#.'&-/*!,'.KM/.!&>&%*/.'&%!
&--/!/('/.!#'!M&%.#+/!>/%!/$!./0&%/./'!%/U$&'&9$!#(!(K$9>/$/'A!>/$!,&+'/.!M*9'!/('/.A!>/%!,&$/!
-.&'&-<3$-'/.!#'!JM$/!9<!(9.!%/M#''/$!9>-.&$+!%/$!'/9./'&,-/!#(+.K$,$&$+!#(!F):"01&E$%4)(8&
F"%$*T
1'/$+/.!`!\93'#$'!'&*,*3''/.!,&+!%/$$/!%/M#'A!&%/'!%/!'&*,0#./$%/!#.+3>/$'/./.!(9.A!#'!%/.!
&--/!U$%/,!/$!(:*%/,'+@./$%/!%/U$&'&9$!<J!%/!>#$+/!&$'/.$/'M#,/./%/!$/'0K.-,<9.'#*/.H!Q/!
M/$:''/.!,&+!%9+!*&+/*/%/,!#(!M/'/+$/*,/$!Rb*$0-c&F):"0-c&E-2b("d-$*A!%/.!#*',J!>9%,0#./.!
%/'!/$+/*,-/!M/+./M!F):"01&E$%4)(8&F"%$*A!)09.>/%!%/!9<(9.%./.!'&*!./]/-,&9$!90/.!%/$!):<<&+'!
M.3+'/!(K**/,M/'/+$/*,/!*):"01$&2$/"$(A!,9>!&(@*+/!(9.,-/.$/!3%+@.!/'!*&%/'!>/$&$+,(3*%'!
M/+./MO
;.$&%$(2$&:)>*%"%-$&$>&*)"&->&'1b)>0*2$&'-"*d-$&*"&:$*&2b/"0*&*)>%&*):"0-c<&>)-*&')-P)>*&
>)-*&">%$(()7$(&*-(&:$&d-$&*$(0"$>%&/$*&2b/"0*&>)>&*):"0-c;&Z1'/$+/.!`!\93'#$'A!EFGFOEGF[H!
Q/$$/!&#+''#+/*,/!/.!+&0/'0&,!-9../-'A!>/$!%/'!M@.!,#>'&%&+!<J</+/,A!#'!M/$K0$/*,/$!,97&#*/!
$/'0K.-!/.!'&*,0#./$%/!<*/9$#,'&,-H!Q/'!-#$!&!#*!(#*%!0K./!0#$,-/*&+'!#'!(9./,'&**/!,&+!/'!&--/R
,97&#*'!$/'0K.-H!YJ.!5/+!&!#()#$%*&$+/$!M/,-K('&+/.!>&+!>/%!F):"01&E$%4)(8&F"%$*!0&*!>&$!
,<.9+M.3+!%/.(9.A!#(!<.#-'&,-/!J.,#+/.A!<.&>K.'!M/.9!,&+!<J!M/'/+$/*,/$!,97&#*/!>/%&/.A!
0/*0&%/$%/!#'!%/$$/!&--/!/.!(:*%/,'+@./$%/!'&*!#'!&$%-#<,*/!%/'!-9><*/-,/!(K$9>/$A!,9>!%/$$/!
>/%&/':</!3%[email protected]!
EG
1'/$+/.!`!\93'#$',!)/$*/%$&$+!<J!>&,0&,/$%/!M/+./M/.!&$%/$!(9.!'/9./'&,/.&$+/$!#(!,97&#*/!
$/'0K.-,<9.'#*/.A!-#$!,#>>/$-9M*/,!>/%!W//.,!0&%/./!-.&'&-!#(!W9:%!`!=**&,9$,!'/9.&A!%/.!
,-/*$/.!>/**/>!2$/"0%$/!9+!->2$/"0%$/&*%(-:%-($*H!Q/'!/.!&(@*+/!W//.!0#$,-/*&+'!#'!(9./,'&**/!
,&+!,97&#*/!,'.3-'3./.!9+!,&'3#'&9$/.A!%/.!(9.M*&0/.!)/*'!3>/%&/./%/A!&!,K.%/*/,)/%!&!/'!>9%/.$/A!
0/,'*&+'!,#>(3$%A!)09.!MK.M#./!79><3'/./A!*20(%'N)>$*&9+!*&+$/$%/!)@5'/-$9*9+&,-/!
)5K*</>&%*/.!/.!/$!&$'/+././'!%/*!#(!(9.M.3+/.$/,!)0/.%#+O!
;VIW&4N$($&%N$*$&%$:N>)1)7"$*&0($&*)&2->/0>$&0>/&">%$7(0%$/&">&N)4&4$&1"P$<&4NA&%(A&%)&
->/$(*%0>/&%N$2&#A&*$'0(0%">7&%N$2&)-%&)@&)-(&()-%">$*<&N)4&4$&1"P$<&N)4&4$&:)>>$:%&4"%N&
'$)'1$&0>/&@)(2&($10%")>*N"'*&0>/&*)&)>T;&ZW//.A!EFFfOTEG[
Q/.!/.!,J*/%/,!'#*/!9>!$:/!-9><*/-,/!>/%&/,'.3-'3./.A!%/.!M/.@./.!/'!,'9.'!#$'#*!M.3+/./A!9+!
,9>!-#$!0K./!0#$,-/*&+/!#'!3$%/.*K++/!(K**/,!-#.#-'/.&,'&-#H!1'/$+/.!`!\93'#$',!%/U$&'&9$!#(!
%/!,97&#*/!>/%&/.!M*&0/.!%#!9+,JA!#'!%&,,/!/.!-/$%/'/+$/%/!0/%A!#'!&$'/.$/'M.3+/.$/!*$1P!#(+@.!
%/./,!(9.>J*!>/%!M.3+/$H!?0&*-/'!-#$!,/,!,9>!/$!(9.*K$+/*,/!#(!W9:%!`!=**&,9$,!M/,-.&0/*,/!
#(!>/%&/.$/!,9>!/+97/$'.&,-/!,'.3-'3./.H!Q/''/!$9+/'!0#+/!(K**/,'.K-!9<0/5/,!&>&%*/.'&%!#(!
/$!&$'/./,,#$'!&#+''#+/*,/!(.#!(9.,-/.$/,!,&%/A!%/.!/.!,K.%/*/,!./*/0#$'!(9.!,</7&#*/',!(9-3,H!;!
7/$'.3>!(9.!M.3+/$!#(!%/!,97&#*/!>/%&/.!,'J.!$/>*&+A!&(@*+/!(9.(#''/.$/A!%/$!>3*&+/A!</.,9$*&+/!
&,7/$/,K''/*,/O
;VIW&1$*&RFE&@):01"*$>%&1a0:%"P"%b&*-(&10&:(b0%")>&$%&10&2"*$&$>&*:e>$&/$&:$%%$&@0:$&'-#1"d-$&VIW&
d-$&:)>*%"%-$&1$&'()_1<&>)%022$>%&'0(&1a">%$(2b/"0"($&/$&1a)*%$>%0%")>&/$*&1"$>*&>)-b*&0P$:&
/a0-%($*&2$2#($*T;&Z1'/$+/.!`!\93'#$'A!EFGFOEEG[H
6J!'0K.,!#(!%/'!>#$+(9*%&+/!3%M3%!#(!$/'0K.-,<9.'#*/.!M*&0/.!%/'!-/$%/'/+$/$%/!(K**/,'.K-!
#*',JA!#'!M.3+/.$/!M/$:''/.!%/!,97&#*/!>/%&/.!'&*!#'!3%,'&**/!9+!<.9U*/./!,&+!,/*0!<J!(9.,-/**&+!0&,!
90/.!(9.!%/./,!$/'0K.-H!='!(9.)9*%!%/.!0&*!M*&0/!3%%:M/'!$K.>/./!&!,</7&#*/',!(@*+/$%/!#(,$&'H!
QLML#<!789.:'-!""!':!7'#'!%8,'+!"!'977!%'!
4/$$/,-/',!M/)90!(9.!#'!3%'.:--/!,&$!&%/$'&'/'!90/.!(9.!#$%./!(9./-9>>/.!>3*&+0&,!#'!0K./!/$!
(9.K*%/'!,0#%#A!>/$!&!'#-'!>/%!%/!,97&#*/!>/%&/.,!9<,'J/$!,:$/,!%/$$/!(9.>!(9.!</.,9$*&+!
M.#$%&$+!#'!9<'.K%/!&!>/./!/-,<*&7&'!(9.>!/$%!$9+/$,&$%/!(@.H!Q/$$/!3%0&-*&$+!/.!M#++.3$%/$!
(9.!,</7&#*/',!#$0/$%/*,/!#(!M/+./M/'!>$%PO(8*2$>>$*8$%A!%/.!(9./-9>>/.!M/%,'!#'!
&$%-#<,*/!$3'&%/$,!(9.M.3+/./A!)0&,!+.3$%0&*-J.!M*&0/.!#'!$#0&+/./!%/'!&!$/'0K.-,9.&/$'/./%/!
EE
>/%&/*#$%,-#MH!;!,</7&#*/',!(@*+/$%/!#(,$&'!0&*!5/+!%/.(9.!>/%!/$!<9,'>9%/.$&,'&,-A!
,/$>9%/.$&,'&,-!9+!):</.-9><*/-,!'&*+#$+!'&*!%/!,97&#*/!>/%&/.A!%&,-3'/./!M#++.3$%/$!(9.!%/!
,97&#*/!>/%&/.,!<9<3*#.&'/'!M*#$%'!&$'/.$/'M.3+/.$/!9+!,J*/%/,!<J0&,/A!)09.%#$!%/!,97&#*/!
>/%&/.!-#$!#$,-3/,!,9>!/$!(./>'.K%/$%/!>/'#(9.!(9.!/$!+#>>/*A!3%M./%'!,#>(3$%,(9.>A!)09.!
&$%&0&%/',!,/*0&,7/$/,K''/*,/!/.!&!(9-3,H!!
QLMLKL#2*0Z%9.!#0*.7$%!.#,#!"#0*'7-*)!."!#7,)
;!(9.*K$+/*,/!#(!%/U$&'&9$/$!#(!,97&#*/!>/%&/.!,9>!/+97/$'.&,-/!,'.3-'3./.A!)09.!%/$!&$%&0&%3/**/!
M.3+/.,!M/)90!9+!,/*0&,7/$/,K''/*,/!9<'.K%/.!,9>!/'!7/$'.#*'!9>%./5$&$+,<3$-'A!M*&0/.!/$!
<9,'>9%/.$&,'&,-!'#$-/+#$+!&$'/./,,#$'!>/%!)/$M*&-!<J!#'!(9.,'J!%/!,97&#*/!$/'0K.-,,&%/.,!
&><9$/./$%/!+/$)@.!)9,!&$'/.$/'M.3+/.$/H!
;!>9%,K'$&$+!'&*!>9%/.$&,>/$A!%/.!#$,-3/.!>/$$/,-/'!,9>!/'!.#'&9$#*'!0K,/$A!/.!
<9,'>9%/.$&,>/$!$/>*&+!&!,'/%/'!-#.#-'/.&,/./'!0/%!/'!'#M!#(!'.9/$!<J!/$!9M5/-'&0!0/.%/$!9+!/$!
#(,'#$%'#+/$!(.#!>/'#'/9./'&,-/!*/+&'&>/.&$+,$#..#'&0/.!ZD#$,/$!`!D/$,/$A!EFFXOEf[H!
Q/$!(.#$,-/!U*9,9(!D/#$R2.#$p9&,!8:9'#.%!3%+@.!N$!#(!%/!)/*'!,'9./!<9,'>9%/.$/!'K$-/./H!?#$!
%/U$/./.!(9.,-/**/$!>/**/>!%/'!>9%/.$/!9+!<9,'>9%/.$/!3%!(.#!,<@.+,>J*/'!9>!*/+&'&>/.&$+H!
Q/$!>9%/.$/!>J%/!#'!*/+&'&>/./!/$!'/9.&A!/$!)#$%*&$+!9+!*&+$/$%/!<JA!/.!0/%!#'!./(/././!'&*!
/'!>/'#R$#..#'&0A!)09.&>9%!%/$!<9,'>9%/.$/!'&*+#$+!/.!/$!-.&'&-!#(!%/'!I,#$%/I!+/$$/>!/$!
#(,'#$%'#+/$!(.#!$/'9<!%/'!>/'#R$#..#'&0/!ZL<H7&'HOEfREa[O!
;VIW&)>&%"$>%&')-(&;')*%2)/$(>$;&1a">:(b/-1"%b&3&1ab70(/&/$*&2b%0b:("%*;!Z8:9'#.%A!GadaOd[H!
;!%/$!<9,'>9%/.$/!'&%!%/*/.!>/$$/,-/'!&--/!]/./!,'9./!(9.'K**&$+/.A!,J,9>!./*&+&9$/$A!)09.(9.!
%/'!*9-#*/!M*&0/.!*#$+'!>/./!0/%-9>>/$%/O!
;.0&@)>:%")>&>0((0%"P$&'$(/&*$*&@)>:%$-(*<&1$&7(0>/&Nb()*<&1$*&7(0>/*&'b("1*<&1$*&7(0>/*&'b("'1$*&
$%&1$&7(0>/&#-%T&\11$&*$&/"*'$(*$&$>&>-07$*&/ab1b2$>%*&10>707"$(*&>0((0%"@*<&20"*&0-**"&
/b>)%0%"@*<&'($*:("'%"@*<&/$*:("'%"@*&$%:T<&:N0:->&PbN":-10>%&0P$:&*)"&/$*&P01$>:$*&'(0720%"d-$*&
*-"&7$>$("*T&fN0:->&/$&>)-*&P"%&0-c&:0(($@)-(*&/$&#$0-:)-'&/$&:$11$*6:"T;!Z8:9'#.%A!GadaOf[H!
Q/.!/.!>/%!#$%./!9.%!(./>+#$+!(9.!%/!*9-#*/A!$K./!9+!<#.'&-3*K./!$#..#'&0/.A!,9>!0/%-9>>/.!
%/$!/$-/*'/,!%#+*&+/!*&0,(@./*,/!ZD#$,/$!`!D/$,/$A!EFFXOEfREa[H!
;(@*+/!D#$,/$!`!D/$,/$!-#$!>#$!>/%!%/$$/!<9,'>9%/.$&,'&,-/!'#$-/+#$+!'#*/!9>!/$!./R
EX
$#..#'&0/.&$+!#(!-3*'3./$A!)09.&!,97&#*/!)#$%*&$+/.!9+!-9>>3$&-#'&9$/$,!.9**/!(9.!MJ%/!>9%'#+/.!
9+!#(,/$%/.!(./>)K0/,!ZD#$,/$!`!D/$,/$A!EFFXOEa[H!YJ.!M/)90/'!(9.!%/!$K./!$#..#'&0/.!09-,/.!
&!'#-'!>/%!9>0/.%/$/$,!,'&+/$%/!-9><*/-,&'/'A!)#.!>/$$/,-/'!,J*/%/,!M.3+!(9.!#'!(9.'K**/!
)&,'9.&/.!9>!,&+!,/*0!9+!)@./!)&,'9.&/.!9>!>/$$/,-/$/!9>-.&$+!,&+!k!/'!M/)90A!%/.!&!)@5!+.#%!
-#$!&$%(.&/,!<J!%/!,97&#*/!$/'0K.-,,&%/.A!9+!,9>!0&*!M*&0/!M/)#$%*/'!$K.>/./!&!,</7&#*/',!$K,'/!
#(,$&'H!
;!%/$!,#>>/$)K$+!/.!%/$!(.#$,-/!<9,'>9%/.$&,'!D/#$!W#3%.&**#.%!*&+/*/%/,!&$'/./,,#$'!#'!
&$%%.#+/H!?#$!M/,-K('&+/.!,&+!&!,&$!'/9.&!>/%A!)09.%#$!+.K$,/$!>/**/>!(#$'#,&!9+!0&.-/*&+)/%!
&$%/$!(9.!>/%&/.$/!M.:%/,!$/%!9+!/.,'#''/,!#(!/$!):</../#*&'/'A!%/.!M/,'J.!&!/$!0/.%/$!#(!
,/*0./(/././$%/!'/+$H!
;.$&(b$1&$*%&'()/-"%&3&'0(%"(&/$&:$11-1$*&2">"0%-("*b$*<&/$&20%(":$*&$%&/$&2b2)"($*<&/$&
2)/e1$*&/$&:)220>/$2$>%&g&$%&"1&'$-%&h%($&($'()/-"%*&->&>)2#($&">/b_>"&/$&@)"*&3&'0(%"(&/$&
13T&VIW&\>&@0"%<&:$&>a$*%&'1-*&/-&(b$1<&'-"*d-a0-:->&"207">0"($&>$&1a$>P$1)''$&'1-*T&fa$*%&->&
NA'$((b$1<&'()/-"%&/$&*A>%Ne*$&"((0/"0>%&/$&2)/e1$*&:)2#">0%)"($*&/0>*&->&NA'$($*'0:$&*0>*&
0%2)*'Ne($;&ZW#3%.&**#.%A!GafGOGG[H
Q/'!%/.!/.!'&*M#+/!/.!#*',J!'/+$A!%/.!./(/././.!'&*!#$%./!'/+$!9+!'/-,'/.A!%/.!./(/././.!'&*!#$%./!
'/-,'/.H!;$'/'!-#$!,'J!#*/$/A!&%/'!%/.!/.!'#*/!9>!&$'/../*#'&9$/.!&!#**/!'K$-/*&+/!#(#.'/.!ZD#$,/$!`!
D/$,/$A!EFFXOEa[H!=$!9<(#''/*,/A!%/.!&!)@5!+.#%!-#$!,&%/,'&**/,!>/%!%/'!,#>>/$,3.&3>!#(!'/+$!
9+!'/-,'/.A!%/.!<J!>3*'&>/%&#*!0&,!3%0/-,*/,!90/.!%/!,97&#*/!>/%&/.A!9+!,9>!'&*,#>>/$!3%+@.!/'!
3$&0/.,A!%/.!M#*#$7/./.!>/**/>!0&.-/*&+)/%!9+!(#$'#,&A!>/**/>!)>1">$!9+!)@M">$R./*#'&9$/.H!!
29.3%/$!/$!<9,'>9%/.$&,'&,-!'#$-/+#$+A!(9./-9>>/.!%/'!*&+/*/%/,!./*/0#$'!#'!&$%%.#+/!
M/+./M/'!/$%&($M$8*"P%&2)/$(>$A!>/%!)/$M*&-!<J!#'!-#,'/!/'!-*#././!*:,!90/.!%/!,97&#*/!>/%&/.,!
<9<3*#.&'/'!&!,#>(3$%/'H!4/$,!>#$!>/%!<9,'>9%/.$&,>/$!-#$!(9.,'J!%/$$/!3%!(.#!/$!'#$-/!9>!
%/!$K./!$#..#'&0/.,!#]@,$&$+!#(!,#>(3$%/',!,'9./!(9.'K**&$+/.A!-#$!>#$!>/%!/$!,/$>9%/.$/!
'&*+#$+!'&*!,#>(3$%/'!,K''/!(9-3,!<J!&$%&0&%/',!#(+@./$%/!M/'&$+/*,/c!./]/-,&0&'/'/$H!;!/$!
,/$>9%/.$/!'&%!/.!%/'!>/%!#$%./!9.%!/'!*/0/0&*-J.!#'!'#+/!#-'&0!%/*!&!#'!3%0&-*/!,&+!,9>!&$%&0&%H!
4#$!-#$!&--/!,9>!'&%*&+/./A!)/*'!&!'.J%!>/%!8:9'#.%,!'/9.&A!(@*+/!&!#$%./,!(9%,<9.A!>/$!>J!,-#M/!
,&$!/+/$!0/5!+/$$/>!*&0/'H!Q/'!M*&0/.!7/$'.#*'!#'!./]/-'/./!90/.!,&'!*&0A!,</5*/!,&+!9+!<.95/-'/./!%/'!
3%!'&*!9((/$'*&+)/%/$!(9.!#'!,/!%/'!/('/.!&!,@>>/$/!9+!(9.!#'!+&0/!%/'!/$!./'$&$+!9+!/$!>/$&$+H!
?#$%*&$+!M*&0/.!%/.>/%!/'!,<@.+,>J*!9>!0#*+A!9+!0#*+/'!-.K0/.!./]/-,&9$!ZL<H7&'HOXg[H!Q/$$/!
M/0&%,')/%!9>-.&$+!&%/$'&'/',,-#M/*,/!M/)#$%*/,!$K.>/./!&!,</7&#*/',!(@*+/$%/!#(,$&'!9>!
,/*0&,7/$/,K''/*,/!<J!%/!,97&#*/!>/%&/.H!
Eg
4/%!W#3%.&**#.%,!):</../#*&'/'!&$!>/$'/A!/.!%/'!%/,3%/$!./*/0#$'!9+,J!#'!M/'.#+'/!%/!
,97&#*/!>/%&/.!>/%!,97&9*9+/$!8#.,!h09.'.3<,!):</.-9><*/-,/!'&*+#$+!'&*!%/'!$3'&%&+/!
,#>(3$%H!h09.'.3<!,-/*$/.!>/**/>!'./!,#>(3$%,':</.A!%/.!)0/.!&,K.!,-#*!(9.,'J,!3%!(.#!
+.#%/$!#(!-9><*/-,&'/'A!9+!,9>!)0/.!&,K.!./<.K,/$'/./.!/'!<#.#%&+>/,-&('H!Q/'!/$):$>%("*8$!
,#>(3$%!3%+@.!%/'!(@.,'/!<#.#%&+>/A!%/.!/.!-/$%/'/+$/'!0/%!/$!,#>(3$%,9.%/$A!)09.!
_3%!3%+@.!%/'!3$&0/.,#*/!(9.,'J/*,/,<.&$7&<!ZGaafOGXg[H!1#>(3$%/'!-#$!,J*/%/,!#$,-3/,!
,9>!,&></*-9><*/-,'A!&%/'!>/$$/,-/'!-#$!90/.,-3/!%/$!9>+&0/$%/!0/.%/$!(.#!N'!,'/%H!=$!
,J%#$!,#>(3$%,(9.>!0#.!(./>)/.,-/$%/!&!>&%%/*#*%/./$A!>/$!M*/0!&!M/+:$%/*,/$!#(!%/'!GTH!
J.)3$%./%/!3%(9.%./'!<J!,&'!0K.%&,K'!#(!%/'!0>%()'):$>%("*8$!,#>(3$%A!%/.!&!,'&+/$%/!+.#%!
,/.!%/'!>/$$/,-/*&+/!,3M5/-'!,9>!7/$'.3>!(9.!0/.%/$A!9+!,9>!%/.(9.!-/$%/'/+$/,!0/%!/$!
-9><*/-,!-9><*/-,&'/'H!Zh09.'.3<A!GaafOGXT[H!='!,J%#$'!0/.%/$,M&**/%/!,'J.!,&$!<.@0/!)/*'!&$%'&*!
M/+:$%/*,/$!#(!%/'!(9..&+/!J.)3$%./%/A!)09.!%/.!9<,'J.!/$!M/0K+/*,/!>9%!%/'!')1A:$>%("*8$!
,#>(3$%H!Y/'9<!%/'!<9*:7/$'.&,-/!,#>(3$%!,0#./.!'&*!%/$!#-'3/**/!'&*,'#$%!9+!/.!-#.#-'/.&,/./'!
0/%!&--/!#'!)#0/!$9+/'!%/U$/./'!7/$'.3>A!>/$!%/.&>9%!]/./!7/$'./H!1#+'!<J!/$!#$%/$!>J%/!/.!
,#>(3$%/'!-/$%/'/+$/'!0/%!&--/!#'!0K./!9.&/$'/./'!>9%!N'!9.+#$&,/./$%/!<.&$7&<A!>/$!>9%!/$!
.K--/!(9.,-/**&+/!0K.%&/.H!ZL<H7&'HOGXb[H!"9$,/-0/$,/$!)/.#(!M*&0/.!/'!):</.-9><*/-,'!,#>(3$%A!
9+!/0$/$!'&*!#'!-3$$/!$#0&+/./!.3$%'!&!%/$$/!)&%'&*!3,/'/!-9><*/-,&'/'!M*&0/.!/'!+.3$%*K++/$%/!
/-,&,'/$,0&*-J.!(9.!>/$$/,-/'H!;!(9.*K$+/*,/!)/.#(!%/U$/./.!h09.'.3<!,#>(3$%/'!,9>O!
;VIW&$%&*):"01%&*A*%$2<&@)(&NP"18$%&7(->/P"18+($%&$(&8)22->"80%")><&N)P$/-/@)(/(">7$>&$(&
8)2'1$8*"%$%<&)7&2+1$%&$(&8)2'1$8*"%$%*N+>/%$(">7;!Zh09.'.3<A!EFFGOET[H!
Q/$$/!-9><*/-,&'/'!/.!9<,'J/'A!(9.%&!+*9M#*&,/.&$+/$!)#.!,-#M'!*#$+'!]/./!-9>>3$&-#'&0/!
'&*-9M*&$+,>3*&+)/%/.A!/$%!>/$$/,-/'!.//*'!-#$!.3>>/H!Q/'!>J!%/.(9.!,/*/-'/./A!)0&*-/!(9.)9*%!&!
0/.%/$A!%/'!0&*!./#+/./!<JA!(9.!90/.)90/%/'!#'!-3$$/!$#0&+/./!&!,#>(3$%/'H!1/*/-'&9$/$!(9./+J.!
<J!M#++.3$%!#(!&$%&0&%/',!/+$/!./(/./$7/.!9+!,/*0M/0&%,')/%!Zh09.'.3<A!GaafOEa[H!Q/!,#>>/!
<.97/,,/.!3%,<&**/.!,&+!<J!%/!,97&#*/!>/%&/.A!$J.!/$!M.3+/.!/-,/></*0&,!'&*,*3''/.!,&+!/$!+&0/$!
+.3<</A!#77/<'/./.!/'!M/-/$%',-#M!/**/.!M*&0/.!(#$!#(!/$!M/,'/>'!9.+#$&,#'&9$A!-3$,'$/.!/**/.!
*&+$/$%/H!4J*/'!M*&0/.!,J*/%/,!/$!-9><*/-,&'/',)J$%'/.&$+!0&#!%/!,97&#*/!$/'0K.-,,&%/.!k!&--/!
/$!-9><*/-,&'/',90/.0&$%/*,/A!%/.!&!h09.'.3<,!9<'&-!&--/!./<.K,/$'/./.!/$!.//*!>3*&+)/%H!
QLMLML#A)!"7,7!7'':$5!%'!#;!""!-#5.Z;#$(#'*+,$%!#-!),!.
;!)/$)9*%!'&*!90/$,'J/$%/!M*&0/.!%/!,97&#*/!>/%&/.!#*',J!/'!#(+@./$%/!0K.-'@5!&!
$/'0K.-,>/$$/,-/',!%#+*&+/!&%/$'&'/',,-#M/*,/H!4/$,!%/$$/!&!%/$!#$#*9+/!0/.%/$!9('/,'!
ET
,-#M/,!&!,#>,<&*!>/**/>!0/.M#*/!9+!$9$R0/.M#*/!,&+$#*/.A!>J!M.3+/.$/!&>&%*/.'&%!&!,&$!)>1">$R
-9>>3$&-#'&9$!;4("%$&%N$2*$1P$*&">%)&#$">7;k!/'!3%'.:-!13,#$!W9:%!#$0/$%/.!&!,&$!#.'&-/*!
9>!'//$#+/./,!(9.M.3+!#(!,97&#*/!>/%&/.H!?3$!3$%/.,'./+/.A!#'!>/$$/,-/'A!(9.%&!%/'!&--/!/.!
(:,&,-!'&*!,'/%/!&!%/!>/%&/./%/!-9$'/-,'/.A!&!,'/%/'!>J!M.3+/!,<.9+/'!'&*!#'!(9.'9*-/!9+!,':./!%/!
,&+$#*/.A!%/'!3%,/$%/.!ZW9:%A!EFFdOGE[H!;$%&0&%/'!)#.!,J*/%/,!>/./!-9$'.9*!90/.A!)0&*-/!,&+$#*/.!
%/'!3%,/$%/.A!9+!,K.*&+'!M/0&%,')/%/$!9>-.&$+!%/''/!(9.)9*%A!/.!&$'/./,,#$'!&!%/'!9>'#*'/!
,/$>9%/.$&,'&,-/!</.,</-'&0A!)09.!%/'!/.!#(+@./$%/!#'!0K./!./]/-'/./$%/!9+!#-'&0!,-#M/.!#(!,&$!
/+/$!&%/$'&'/'H!
;!%/$!(9.M&$%/*,/!/.!9+,J!8:9'#.%!#''/.!0K,/$'*&+!#'!&$%%.#+/A!&%/'!)#$!&$%(@./.!/$!,<.9+*&+!9+!
%&,-3.,&0!'&*+#$+!'&*!(9.,'J/*,/$!#(!I,/*0/'IH!;!8:9'#.%,!9<'&-!M*&0/.!%/!,<.9+*&+/!9+!%&,-3.,&0/!
<.97/,,/.!$/>*&+!-9$,'&'3/./$%/!(9.!,/*0/'!9+!%/.>/%!,/*0&%/$'&'/'/$O!
;F$1P$%&$(&#+/$&$>&/"*8-(*"P&8)>*%(-8%")>&)7&$>&08%-$1<&1$P$%&$(@0(">7&Zo[A!q,9>r!$8*"*%$($(&"&
/$&)'1$P$1*$(&"&/$>&-/*%(O8>">7<&/$&80>&@)(2-1$($*&)7&8)22->"8$($*&">/$>@)(!$%&@)(*%+$>/$&
@O11$**80#;!ZD#$,/$!`!D/$,/$A!EFFXOgb[H!
1J*/%/,!-#$!,<.9+M.3+/$!#*',J!0&%/$,-#M/*&+'!M.3+/,!'&*!#'!(9.,'JA!)09.%#$!>/$$/,-/'!,-#M/.!
/$!</.,9$*&+!&%/$'&'/'A!9+!>/%!%/$$/!%&,-3.,&0/!'&*+#$+!'&*!,/*0/'A!&$%'.K%/.!$#..#'&0&'/'/$!
&+/$!,9>!/'!7/$'.#*'!M/+./MH!Q/'!M*&0/.!>/%!#$%./!9.%!&$'/./,,#$'A!)0&*-/$!(9.'K**&$+!
&$%&0&%/'!3%0K*+/.!(9.!#'!-9$,'&'3/./!,&$!&%/$'&'/'H!=$!)&,'9.&/!/.!&--/!M#./!/$!)&,'9.&/A!>/$!
/$!M/':%$&$+,(3*%!9<'.K%/$A!%/.!/$'/$!-#$!./<.9%37/./!/**/.!K$%./!%/!,97&#*/!./*#'&9$/.,!
0/.%/$!9+!,J*/%/,!0K./!>/%,-#M/.!#(!%/$!/$-/*'/,!&%/$'&'/'H!C%'.:-'!<J!/$!#$%/$!>J%/!
M*&0/.!%/!</.,9$*&+/!$#..#'&0/.!/$!&,7/$/,K''/*,/A!)09.&+/$$/>!&$%&0&%/'!(./>(@./.!,&+!,/*0H!=$!
(./>(@./*,/A!%/.!MJ%/!/.!,#'!&!,7/$/!#(!>/$$/,-/'!,/*0A!9+!,9>!)#.!%/$!%9MM/*'/!(3$-'&9$A!#'!
%/$!,#>'&%&+!,-#M/.!%/'!ZL<H7&'HOgdRgf[H!Q/.!/.!,J*/%/,!'#*/!9>!<.97/,,/.A!%/.!<J!N$!+#$+!/.!
-9$,'&'3/./%/!9+!-9$,'&'3/./$%/H!
Q/$$/!,/*0&,7/$/,K''/*,/!U$%/.!(9.!/-,/></*!,'/%A!$J.!/$!M.3+/.!9<./''/.!/$!<.9U*!<J!
2#7/M99-A!$/%(K*%/.!&$(9.>#'&9$/.!9>!,&+!,/*0!9+!0K*+/.!,&'!<.9U*M&**/%/H!Q/.!/.!&(@*+/!W9:%!
'#*/!9>!/$!,/*0R./]/-,&0!<.97/,A!%/.!(9.%./.A!#'!M.3+/./$!&!/$!,J%#$!,&'3#'&9$A!#-'&0'!'#+/.!,'&**&$+!
'&*!,&$!(./>'.K%/$!ZEFFdOGE[H!1J*/%/,!%/*/.!W9:%!#*',JA!(9.3%/$!%/$!,/$>9%/.$&,'&,-/!'&*+#$+!
'&*!&%/$'&'/',,-#M/*,/$!,9>!/$!M/0&%,'!9+!$@%0/$%&+!)#$%*&$+A!8:9'#.%,!%&,-3.,&0/!9<(#''/*,/!#(!
,/*0&,7/$/,K''/*,/$H!Q/'!/.!%9+!0&+'&+'!#'!3$%/.,'./+/A!#'!<.97/,,/$!&!*&+/!,J!)@5!+.#%!3%+@.!
/$!3%#%0/$%'!9+!,97&#*'!-9$,'.3/./'!#-'&0&'/'A!(9.>/'!#(!+/$,&%&+!<J0&.-$&$+!9+!9M,/.0#'&9$H!
Eb
4/$$/,-/',!&%/$'&'/'!-#$!&--/!,':./,!(3*%,'K$%&+'!<J!%/!,97&#*/!>/%&/.A!>/$!,-#M/,!&!
&$'/.#-'&9$!>/%!#$%./O!
;!N()-7N&'()_1$*<&%$$>*&:0>&$c'($**&*01"$>%&0*'$:%*&)@&%N$"(&"/$>%"%A&@)(&)%N$(*&%)&*$$&0>/&
">%$('($%T&!N$A&:)>*%(-:%&%N$*$&'()_1$*&@)(&%N$"(&@("$>/*&0>/&'$$(*&%)&P"$4;&ZW9:%A!EFFdOGX[H!
?/.!M@.!%/'!'&*(@5/,A!#'!%/''/!(9.)9*%!!&--/!-3$!0/%.@./.!'//$#+/./A!>/$!&!*&+/!,J!)@5!+.#%!%/!
@0.&+/!M.3+/./!#(!,97&#*/!>/%&/.A!%/.!,&%/$!3%+&0/*,/$!#(!W9:%,!3$%/.,@+/*,/!9+,J!9>(#''/.!/$!
,'@../A!K*%./!>J*+.3<</H!
\).&,'/$,/$!#.+3>/$'/./.!*&+/*/%/,!(9.!%/$$/!)>1">$!&,7/$/,K''/*,/!<J!%/!,97&#*/!>/%&/.O!
;i$%&2$*%$&">/N)1/&$(&0@&$>&*$1P"*:$>$*O%%$>/$&80(08%$(<&)7&P"&$(&"P("7$&$@%$(&0%&@)(%O11$&0>/($&
)2&)*&*$1P;&Z\).&,'/$,/$A!EFGF[H!
?#$!3$%/.,'./+/.A!#'!,/*0<.9>90/.&$+!&!/-,/></*0&,!/$!5#$'/*90,<.K+/'A!%#$,-!-3*'3.!9('/!/.!
.&$+/#+'/'A!)09.(9.!%/!,97&#*/!>/%&/.!(J.!/$!(3$-'&9$!,9>!/$!,*#+,!4N"*%1$)4$(A!%/.!M/0&.-/.A!
#'!%/$!&$(9.>#'&9$A!,9>!M.3+/./$!)#.!,0K.'!0/%!,/*0!#'!<.9>90/./A!#**&+/0/*!/$%/.!>/%!#'!
7&.-3*/./!&!%&+&'#*/!-#$#*/.!Z;M&%[H!;!%/$!(9.M&$%/*,/!/.!%/'!*&+/*/%/,!&$'/./,,#$'!#'!&$%%.#+/!
W9:%,!M/+./M!%N$&"207">$/&0-/"$>:$A!%/.!&$%-#<,*/.!%/'!(9.)9*%A!#'!M.3+/.$/!<J!%/!,97&#*/!
>/%&/.!-9>>3$&-/./.!3%/$!$@5#+'&+'!#'!0&%/A!)0/>!%/./,!M3%,-#M/.!$J.!3%!'&*H!YJ.!%/!,-.&0/.!
,'#'3,9<%#'/.&$+/.A!3<*9#%/.!M&**/%/.!9+!*&+$/$%/A!%#$$/.!%/!,&+!/$!(9./,'&**&$+!9>!%/./,!
>9%'#+/.A!)0&,!,'@../*,/!9+!%&0/.,&'/'!#()K$+/.!(3*%,'K$%&+'!#(!%/$!/$-/*'/!#(,/$%/.!ZEFFdOGg[H
;!(9.*K$+/*,/!#(!%/''/!I3,:$*&+/I!#(,/$%/.R>9%'#+/.R(9.)9*%A!,:$/,!9+,J!B$%/.,!B*M./7)',*3$%!
&$'.9%37/./%/!M/+./M!'0(%":"'0%)(A&*-(P$"110>:$!./*/0#$'H&;(@*+/!B*M./7'),*3$%!M@.!>#$!&!
(9.,'J/*,/$!#(!#-'&0&'/'/.$/!<J!%/!,97&#*/!>/%&/.A!#$0/$%/!/$!>/./!)9.&,9$'#*!'&*+#$+!'&*!
90/.0J+$&$+A!&%/'!%/.!&--/!/.!'#*/!9>!)&/.#.-&,-/!9+!>#+'%9>&$/./$%/!(9.>/.A!>/$!,$#././!
9>!/$!,97&#*!#%(K.%!M:++/'!<J!+/$,&%&+!9M,/.0#'&9$H!B.+3>/$'#'&9$/$!)/.(9.!/.!M*#$%'!#$%/'A!
#'!M.3+/.$/!+#$,-/!(.&0&**&+'!9+!39<(9.%./'!,'&**/.!&$(9.>#'&9$/.!9>!%/>!,/*0!'&*!.J%&+)/%!(9.!
#$%./A!)0&*-/'!*&+/*/%/,!(J.!B*M./7'),*3$%!'&*!#'!,#>>/$-9M*/!<.97/,,/.$/!>/%!M.3+/.$/,!
&%/$'&'/',,-#M/*,/O!
;VIW&%N$&2)>"%)(">7&0>/&($7"*%(0%")>&@0:"1"%0%$*&>$4&40A*&)@&:)>*%(-:%">7&"/$>%"%A<&2$$%">7&@("$>/*&
0>/&:)11$07-$*&0*&4$11&0*&*):"01"G">7&4"%N&*%(0>7$(*;!ZB*M./7)',*3$%A!EFFfOd[H&
Q/'!#'!90/.0J+/!(J.!,J*/%/,!/$!$:!M/':%$&$+A!&%/'!M.3+/.$/!(3$+/./.!,9>!#-'&0/!#-'@./.A!
Ed
%/.!&$'/.#+/./.!<J!%/!,97&#*/!$/'0K.-!(9.!%/.>/%!&!,#>,<&*!#'!,-#M/!9+!%/*/!-9$,'.3/./%/!
&%/$'&'/'/.!ZB*M./7)',*3$%A!EFFfOf[H!
QLQL#<&!#-!:$",'-!.#,#)!7#"!789.:'*.,!"7!.!)!#-!),!%$")':$5
4/%!3%+#$+,<3$-'!&!&$%/0K./$%/!-#<&'/*,!./%/+@./*,/!(9.!%/!,97&#*/!>/%&/.!9+!
$/'0K.-,>/$$/,-/'A!0&*!,</7&#*/'!&!%/'!(@*+/$%/!%&,-3'/./!%/$!,/$/,'/!3%0&-*&$+!&$%/$!(9.!
>/%&/*#$%,-#M/'!>/%!)/$M*&-!<J!#'!9<'/+$/!/$!>/./!-9><*/-,!(9.,'J/*,/!#(!%/''/H!P9!<.&>K./A!
$:/!>/-#$&,>/.!0&*!&!%/$!(9.M&$%/*,/!M*&0/!M/*:,'A!$K.>/./!M/,'/>'!M.3+/.$/,!3%0/-,*&$+!#(!
$:)/%/.!<J!%/!,97&#*/!>/%&/.A!9+!593.$#*&,'/.$/,!$:)/%,<.9%3-'&9$!>/%!#(,K'!&!%/!,97&#*/!
>/%&/.H!
QLQLKL#C.7,:!%)!%,";#01#'*+,$%!#-!),!.
=$!M/>K.-/*,/,0K.%&+!>/-#$&,>/A!%/.!/.!9<,'J/'!>/%!%/!,97&#*/!>/%&/.,!(./>-9>,'!/.!
$:)/%,(9.M.3+/.$/,!90/$$K0$'/!'/$%/$,!'&*!#'!*&$-/!$:)/%,#.'&-*/.!%&./-'/!'&*!%/./,!,97&#*/!
$/'0K.-H!e/%!/0/$'3/*'!9+,J!#'!-$:''/!/$!-9>>/$'#.!'&*!%&,,/A!&$%+J.!$:)/%,#.'&-*/.$/!,9>!*/%!
&!M.3+/.$/,!)9*%$&$+,'&*-/$%/+&0/*,/A!9+!/$!,J%#$!>3*&+)/%!/.!&$'/./,,#$'!&!(9.)9*%!'&*!%/''/!
-#<&'/*,!%&,-3,,&9$!#(!$/'0K.-,>/$$/,-/',!,/*0&,7/$/,K''/*,/H!8#.,!?9*>+##.%!\).&,'/$,/$A!
%/.!(9.,-/.!&$%/$!(9.!%/''/!(/*'A!M/,-.&0/.!&!%/$!(9.M&$%/*,/!-9$,/-0/$,/$!(9.!%/$!593.$#*&,'&,-/!
+/$./O!
Ii$%&P"1&7?($&>AN$/*N"*%)("$(&%"1&N01P@0#("80%0&)7&#A77$*%$>&"&"/$>%"%$%**80#$>/$&)7&1$7$>/$&
@)(*%+$1*$*'():$**$(<&NP)(&N"*%)("$>*&a*0>/N$/a&$(&%"1&@)(N0>/1">7;&Z\).&,'/$,/$A!EFGF[H!
?#$!#.+3>/$'/./.!,J*/%/,!(9.A!#'!&$'/.$/'M.3+/.$/!#-'&0'!#$0/$%/.!^/M#.'&-*/.!'&*!#'!&,7/$/,K''/!
,&+!,/*0A!,#>'&%&+!>/%!#'!593.$#*&,'&--/$!&!(9.*K$+/*,/!)/.#(A!M/0K+/.!,&+!>9%!/$!>/./!
,#>'#*/$%/!+/$./H!\).&,'/$,/$!M/,-.&0/.!+/$$/>+J/$%/!3%0&-*&$+/$!#(!$:)/%,(9.M.3+/'!
,9>!/$!M/0K+/*,/!(.#!;>$4*&A)-&:0>&-*$;&'&*!;>$4*&A)-&:0>&'10A&4"%N;&Z;M&%[H!Q/.!/.!'#*/!9>!
/$!'&*+#$+A!%/.!$9-!-#$!(9./-9>>/!/$!,>3*/!90/.]#%&,-A!&%/'!M/+./M/'!3%/*3--/$%/!(#0$/.!
$:)/%,%/*&$+/$,!0&.#*/!9+!*/+/$%/!-#.#-'/.H!Q/''/!(9.)9*%!'&*!'.9%,A!#$0/$%/.!5/+!\).&,'/$,/$,!
'/9.&A!&%/'!%/$A!,9>!90/$$K0$'/!7&'#'!)/$':%/.A!9+,J!,K''/.!(9-3,!<J!M.3+/.$/,!&$%%.#+/*,/!#(!
%/$!593.$#*&,'&,-/!+/$./!,9>!*/%!&!%/$!</.,9$*&+/!,/*0&,7/$/,K''/*,/H!
1K.*&+'!%/$$/!$:/!'/$%/$,!,:$/,!#'!'/+$/!/'!M&**/%/!#(!/'!<#.#%&+>/,-.&('!&$%/$!(9.!
$:)/%,-9$,3>/$'/.$/,!#%(K.%H!?09.!>#$!&!*K$+/./!'&%!)#.!#$,-3/'!$:)/%,(9.M.3+/'!,9>!
Ef
T!4/%!'.#$,>&,,&9$,<#.#%&+>/'!./(/././.!5/+!'&*!%/$!'.#%&'&9$/**/!9<(#''/*,/!#(!-9>>3$&-#'&9$!,9>!/$!*&$/K.!<.97/,A!)09.>/%!!!>9%'#+/.!#$,-3/,!,9>!/$!<#,,&0!,'@../*,/A!%/.!3-.&'&,-!<J0&.-/,!/('/.!#(,/$%/.,!&$'/$'&9$!Z2.#$%,/$!/'!#*HA!GaadOXT[Hb!Z#[!Q#$,-!C$+%9>,!2K**/,.J%
&$%&0&%3/*'!9+!,/*/-'&0'!9.&/$'/./'A!(9./-9>>/.!(9.M.3+/'!$3!#'!3%0&-*/!,&+!)/$!&!>9%!/$!
&,7/$/,K''/$%/!9+!0&.#*!(9.M.3+,-#.#-'/.H!2@.,'$K0$'/!<#.#%&+>/A!)09.>/%!$:)/%,#.'&-*/.!
<.&>K.'!#$,-3/,!,9>!/'!<.9%3-'A!%/.!(9.M.3+/,!/('/.!M9.+/.$/,!(9.+9%'M/U$%/$%/A!/.!%9+!
,'#%&+!#*>/$'!#77/<'/./'!&$%/$!(9.!(9.,-$&$+/$!9+!/.!M*#$%'!#$%/'!./<.K,/$'/./'!&!>/%&/(9.,-/.!
"&>!17).@%/.,!#.'&-/*!(.#!EFGFA!%/.!-9.'*K++/.!%#$,-/.$/,!M.3+!#(!$:)/%,>/%&/.H!
17).@%/.,!9<,'&**&$+!#(!/'!'&%,,0#./$%/!>/%&/*#$%,-#M!'&*,-.&0/.!,&+!$/'9<!/$!&$%&0&%9.&/$'/./'!
9<(#''/*,/!#(!>/%&/(9.M.3+/'A!&%/'!)#$!(9./,*J.A!#'!$:)/%,(9.M.3+/.$/!M/0&%,'!,/*/-'/./.!$:)/%/.!
3%!(.#!%/./,!./*/0#$,!/**/.!./''/./!3%!(.#!M/+./M/'!4)(%N4N"1$>$**A!,9>!)#$!#$0/$%/.!&!>#$+/*!
<J!/$!%K--/$%/A!%#$,-!K-0&0#*/$'H!W/+./M/'!90/.,K''/,!M/%,'!>/%!$:)/%,(9.M.3+A!%/.!(9.!
%/$!/$-/*'/!/.!I3>#+/$!0K.%IA!)0&*-/'!%9+!'&*!/$!0&,!+.#%!-9$$9'/./.!<*&+'!9+!#$,'./$+/*,/!
<J!%#$,-!ZEFGFOGF[H!W/+./M/'!,-#*!&>&%*/.'&%!,$#././!(9.,'J,!,9>!>9%'#+/./$,!/0#*3/.&$+!#(!
%/'!/$-/*'/!$:)/%,>/%&/,!0K.%&!&!(9.)9*%!'&*!%&>/$,&9$/.$/&%"/A!@)(#">/$1*$&%"1!@O11$**80#$%A!
>)(20%"P%&'($*A!/$1%07$(')%$>%"01$!9+!'("*H!D/+!0&*!&--/!+J!>/+/'!&!%:M%/$!>/%!#'!%/U$/./!%&,,/!
<#.#>/'./A!>/$!M*9'!(./>)K0/!17).@%/.,!<9&$'/A!%/.!M*&0/.A!#'!%/$!/$-/*'/!(9.M.3+/.!3%!(.#!
90/$,'J/$%/!-.&'/.&/.!,#>>/$,K''/.!/$!I$:)/%,<#--/I!/**/.!/$!I>/%&/R>#'.&lIA!,9>!9<(:*%/.!
0/%-9>>/$%/,!&$(9.>#'&9$,M/)90!ZL<H7&'HOGd[H!
17).@%/.,!'&*+#$+!'&*!$:)/%,(9.M.3+/'!/.!./*/0#$'!&!%/'!9>(#$+A!#'!%/$!.3>>/.!/$!0&,!
-9><*/-,&'/'!9+!#(,'#$%'#+/$!(.#!%/'!'.#%&'&9$/**/!'.#$,>&,,&9$,<#.#%&+>/TH!W*9'!(9./-9>>/.!
3$%/.,@+/*,/$A!'.9%,!,&$!#-'3#*&'/'A!&--/!#'!'/+$/!/'!'&*,'.K--/*&+'!$3#$7/./'!M&**/%/!#(!
>/%&/*#$%,-#M/'!9+!%#$,-/.$/,!$:)/%,(9.M.3+H!L0/$$K0$'/!%&>/$,&9$!/$1%07$(')%$>%"01$%A!
%/.!3$%/.,'./+/.!M.3+/./$,!>3*&+)/%!(9.!#'!>/%0&.-/!,9>!#-'&0!%/*'#+/.!&!$:)/%,'/-,'/$,!
0&%/./!*&0!&!,#>(3$%/'!ZL<H7&'HOGT[A!&$%%.#+/,!#(!17).@%/.!,9>!#(+@./$%/!<#.#>/'/.!&!
(9.,'J/*,/$!#(!$:)/%,>/%&/.$/,!4)(%N4N"1$>$**H!Q/!,97&#*/!>/%&/.!/.!$/'9<!-/$%/'/+$/'!
0/%!,&$!&$'/.#-'&0/!-#.#-'/.A!)09.(9.!%/'!-#$!3$%./A!#'!%&,,/!&--/!&$%+J.!,9>!0#*+>3*&+)/%!&!
17).@%/.,!-#'/+9.&,/.&$+!#(!4)(%N4N"1$!$:)/%,>/%&/.A!%/.!/**/.,!,<K$%/.!*&+/!(.#!PeRB0&,/$!
'&*!>9M&*'/*/(9$$:)/%/.!ZL<H7&'HOEF[H!1K.*&+'!(9.%&!)0/.!'&/$%/!3$+!>/**/>!Gb!9+!ET!J.A!&!/$!$:*&+!
3$%/.,@+/*,/!(.#!Q#$,-!C$+%9>,!2K**/,.J%A!/.-*K./.!#'!2#7/M99-!9+!#$%./!,97&#*/!>/%&/.!
3%+@.!%/./,!<.&>K./!$:)/%,-&*%/!&!)0/.%#+/$bH!YJ.!17).@%/.!&--/!>/%'#+/.!%/''/!>/%&/!&!,&$!
#$#*:,/A!,-:*%/,!%/'!%9+!,#$%,:$*&+0&,A!#'!%/!,97&#*/!>/%&/.!3>&%%/*M#.'!3%+@.!/'!,/-3$%K.'!
$:)/%,>/%&/A!&%/'!$:)/%,#.'&-*/.$/!&!,#+/$,!$#'3.!)/$'/,!(.#!>/./!'.#%&'&9$/**/!-#$#*/.!,9>!
$/'#0&,/.$/!(9.!%/./('/.!#'!M*&0/!3%0/-,*/'!9+!-9>>/$'/./'H
Ea
9"7-(&YTKT&i0>*8$(>$*&%)'6Cj&)P$(&4)(%N4N"1$&>AN$/*2$/"$(&VF:N(?/$(<&KDCDkKDW
C$%/.!#**/!9>,'K$%&+)/%/.!</+/.!>&$/!9M,/.0#'&9$/.!%9+!<JA!#'!$:)/%,(9.M.3+/.$/!&--/!
*K$+/./!M*9'!,/*/-'/./.!%/!$:)/%/.A!%/.!)#.!%/./,!&$'/./,,/H!Q/!'#+/.!(9.M.3+/'!/'!,-.&%'!
0&%/./A!&%/'!%/!,9>!$K0$'!&$%%.#+/.!$:)/%/.$/!&!0&.#*/!9+!%&#*9+(./>>/$%/!#-'&0&'/'/.H!
1#+'!<J!/$!#$%/$!>J%/!-#$!>#$!&!,'/%/'!(9.!">@)(20%")>!'#*/!9>!8)22->"80%")>&/**/.!9>!
$:)/%,-9$,3>/$'/.A!%/.!&!,'@../!+.#%!(9.)9*%/.!,&+!@($20/1O>$%!/$%!%"1#07$1O>$%!(9.!#'!
#$0/$%/!6&79$/,!'/.>&$9*9+&!&!,&$!,-&*%.&$+!#(!$3'&%/$,!$:)/%,-9$,3>/$'/.!Q/.!/.!,J*/%/,!
'#*/!9>!$:)/%,-9$,3>/$'/.A!%/.!&--/!M*9'!$@5/,!>/%!#'!*K,/A!*:''/!/**/.!,/A!>/$!,9>!#-'&0'!
-9>>/$'/./.!/**/.!M&%.#+/.!>/%!&$<3',!'&*!/$!$:)/%,)&,'9.&/!Z6&79$/A!EFFd[H!
YJ.!$:)/%,-9$,3>/$'/.$/!9<'.K%/.!<J!,J%#$!&$'/.#+/./$%/!0&,A!'5/$/.!%/'!,9>!$K0$'!9('/!
/'!,/*0&,7/$/,K''/$%/!(9.>J*H!e/%!#''/.!#'!'.K--/!*&$5/.!'&*!<9,'>9%/.$&,'&,-/!</.,</-'&0/.A!-#$!
%/$$/!,/*0&,7/$/,K''/*,/!(9.,'J,!,9>!./#*&,/./'!&+/$$/>!,<.9+M.3+!9+!</.,9$*&+/!$#..#'&0/.A!
%/.!'.K--/.!<J!+K$+,/!%&,-3.,/.H!;(@*+/!D#$,/$!9+!D/$,/$!-#$!&$%&0&%/'!%9+!0/%!#'!'.K--/!
<J!$:/!-9>M&$#'&9$/.!#(!%&,-3.,/.!9<'.K%/!<J!/$!>/./!3$&-!9+!&$%&0&%3/*!>J%/A!&!/$!,J%#$!
+.#%A!#'!>#$!-#$!'#*/!9>!I$#..#'&0!&$$90#'&9$I!ZD#$,/$!`!D/$,/$A!EFFXOTd[H!;!(9.*K$+/*,/!
#(!%/$$/!'#$-/+#$+A!-#$!$:)/%,%/*&$+/$!<J!%/!,97&#*/!>/%&/.!(9.,'J,!,9>!/$!$:!(9.>!(9.!
XF
d!W&*#+!E
&$'/.%&,-3.,&0&'/'H!4/%!#$%./!9.%!&$%%.#+/,!%/$!593.$#*&,'&,-/!%&,-3.,!&!M.3+/.$/,!</.,9$*&+/!
$#..#'&0/.!9+!,<&**/.!,#>>/$!>/%!%&,,/H!Y:)/%,#.'&-*/.$/!&$%'#+/.!,J*/%/,!/$!(./>'.K%/$%/!
.9**/!&!!,/*0&,7/$/,K''/*,/,#-'&0&'/'/.$/!9+!./%37/./,!(.#!$:)/%,-9$,3>/$'/$,!,:$,<3$-'!
%/.>/%!'&*!/'!<.9%3-'!/**/.!,<.9+,<&*A!%/.!'5/$/.!'&*!#'!#%,-&**/!%/$!/$-/*'/!&!,'@../!(K**/,,-#M/.H!!
QLQLKLKL#O!%8,'+!"!'977!%'!#;!""!-#$.7,:!%)!%,";
L0/$$K0$'/!$:/!(9.M.3+,'/$%/$,!M*&0/.!&!%/'!(@*+/$%/!&**3,'././'!0/%!)5K*<!#(!/'!3%%.#+!#(!
,</7&#*/',!>&$&R7#,/,H!=$!.K--/!%#'#!0&*!M*&0/!3$%/.-#,'/'!>&$!#$#*:,/A!&%/'!5/+!0&,/.!/-,/><*/.!
<J!%/*&$+!#(!$:)/%/.!>/%!,</7&U--/!)>1">$R-9$'#-'/.!9+!>/%!)/*/!$/'0K.-A!,J0/*!>/%!,9>!
3%/$!'&*-$:''/%/!M.3+/.-9>>/$'#./.H!\).&,'/$,/$!*K++/.!&!,&$!#.'&-/*!0K+'!<JA!)09.%#$!$:)/%/.!
&!%/*&$+,<.97/,,/$!9>%#$$/,!'&*O!
;VTTW&$%&'$(*)>1"7%&-/%(A8&)7&$>&N)1/>">7*%"18$>/$7"P$1*$<&/$(&1$/*07$%&0@&$>&'$(*)>1"7&%$8*%&80>&
N0P$&$>&'()P)8$($>/$&$11$(&*021$>/$&$@@$8%&'+&($*%$>&0@&>$%PO(8$%T;!Z\).&,'/$,/$A!EFGF[H!
4/%!%/$!(@*+/$%/!7#,/R#$#*:,/!-#$!%/.!&>&%*/.'&%!#.+3>/$'/./,!(9.A!#'!%&,,/!<.909-/./$%/!9+!
,#>*/$%/!/((/-'/.!-3$!3%+@.!/$!M.@-%/*!#(!$:)/%,%/*&$+/$,!#]/%'/!/((/-'/.H!2./>#%./''/'!0&,/,!
/-,/><*/.!<J!#.'&-/*%/*&$+!(.#!%/!,97&#*/!>/%&/.A!9+!%/!<J+K*%/$%/!#.'&-*/.!0/%*K++/,!,9>!
M&*#+H!
&
\8*$2'$1&YTCT&;90>/%&YKTDDD&'+&7$>#(-7*'10/*;&&]
XG
f!W&*#+!X
\8*$2'$1&YTKT&;Z$%J$>%&#"/%&"&0(2$>;&&l
1</7&#*/',!(@.,'/!>&$&R7#,/,!3%+@.!/-,/><*/.!<J!$:)/%,%/*&$+!'9!2#7/M99-R0/$$/.!&>/**/>H!
?/.!-#$!%/.!>/%!./''/!'#*/,!9>!*/+/$%/!<.97/,,/.A!&%/'!$:)/%,%/*&$+/$A!#'!%@>>/!3%!(.#!
M.3+/.$/,!-9>>/$'#./.A!(9./-9>>/.!#'!)#0/!/'!90/.,-:++/$%/!3$%/.)9*%$&$+,(9.>J*H!
?&,'9.&/.$/A!%/.!9>)#$%*/.!/'!(3$%!<J!/$!*9,,/<*#%,!9+!/$!#.M/5%,3*:--/!&$%/$!(9.!<9*&'&/'A!
,:$/,!&!#*!(#*%!&--/!#'!)#0/!$9+/$!)@5!$:)/%,0K.%&!&!,&+!,/*0!(9.!%/!&$09*0/./%/!#-'@./.H!;!
/-,/></*!XHGH!/.!$:)/%/$!,J*/%/,!&$'/./,,#$'!(9.!>9%'#+/./$A!(9.%&!0/%-9>>/$%/!9<.&$%/*&+'!
/.!(.#!_.&$%,'/%A!)09.!)&,'9.&/$,!9M5/-'A!/'!</$+/M/*@MA!/.!(3$%/'H!Q/.>/%!-#$!)&,'9.&/$!%#$$/!
3%+#$+,<3$-'!(9.!/$!0&''&+)/%!>/**/>!%/!'9!0/$$/.H!Q/'!/.!)/.!0K.%!#'!*K++/!>K.-/!'&*A!
)09.%#$!>9%'#+/.!,<&**/.!>/%!<J!*/+/$A!,J*/%/,!#'!#.'&-*/$!%#$$/.!3%+#$+,<3$-'!(9.!/$!%&#*9+!
>/**/>!%/!'9!M.3+/./H!P&*,0#./$%/!/-,/><*&U7/./.!XHEH!/$!&$'/.$!0&''&+)/%!'9!0/$$/.!&>/**/>A!
&%/'!#(,/$%/.!#$0/$%/.!/$!#.'&-/*!9>!/'!)3,,</-'#-/*!'&*!#'!./(/././!'&*!/$!(K**/,!9<*/0/*,/!/**/.!
0&%/$A!,9>!%9+!(9.M*&0/.!+J%/(3*%!(9.!3%/(.#-9>>/$%/H!;!%/$!(9.M&$%/*,/!/.!%/'!&>&%*/.'&%!0K.%!
#'!)3,-/A!#'!#.'&-/**&$-/'A!,/*09>!%/'!,/$%/,!%&./-'/!'&*!/$!:A#$(*'0:$R-9$'#-'A!&--/!3%+@.!/'!
<.&0#'!#$*&++/$%/A!>/$!%/.&>9%!/.!,:$*&+!(9.!)/*/!M.3+/./$,!$/'0K.-A!/**/.!)0#%!W9:%!0&**/!
9>'#*/!,9>!%N$&"207">$/&0-/"$>:$H!1J*/%/,!/.!$:)/%,3%0/-,*&$+/$!&--/!M*9'!3$%/.)9*%$&$+!
(9.!%/!&><*&7/./%/!#-'@./.A!>/$!&!*&+/!,J!)@5!+.#%!/$!&,7/$/,K''/*,/!#(!#(,/$%/.!9+!>9%'#+/.,!
0/$,-#MH
XE
a!W&*#+!gGF!W&*#+!T
\8*$2'$1&YTYT&;B))71$6%$1$@)>$(&)P$(N01$(&"QN)>$;&m&
='!'&*,0#./$%/!/-,/></*!<J!%/$$/!/-,<9$/.&$+!#(!</.,9$*&+/!./*#'&9$/.!U$%/.!,'/%!&!/-,/></*!
XHXHA!)09.!#.'&-/**&$-/'!%/*/,!>/**/>!'9!M.3+/./!3%/$!/$!'&*-$:''/'!)3>9.&,'&,-!-9>>/$'#.H!;!%/''/!
'&*(K*%/!-#$!>#$!+K''/!<JA!#'!#(,/$%/.!>/%!,&$!)/$0/$%/*,/!#$/.-/$%/.!>9%'#+/.,!&$'/./,,/A!
(@*+/.!9<!<J!/$!'&%*&+/./!,#>'#*/!/**/.!*&+$/$%/H!1J*/%/,!<.95&7/./,!M.3+/.$/,!./*#'&9$!3%!'&*!
$/'0K.-/'!*&+/!,J0/*!,9>!0/%-9>>/$%/,!&$'/./,,/9>.J%/H!
29.3%/$!%/$!%&./-'/!$:)/%,3%0/-,*&$+!>/**/>!'9!&$'/.$/'M.3+/./A!/.!#*>&$%/*&+!<.#-,&,!<J!%/!
,97&#*/!>/%&/.!*&+/*/%/,!#'!')*%$!#.'&-*/.A!%/.!/.!,:$*&+/!(9.!,#>'*&+/!-9$'#-'/.!&!%/$!/$-/*'/!
M.3+/.,!$/'0K.-H!L('/,'!'&*-$:''/.!#(,/$%/./$!&!/'!,J%#$'!'&*(K*%/!/$!)9*%$&$+,'&*-/$%/+&0/$%/!
-9>>/$'#.A!>/$!%/.!U$%/,!*&+/,9>!&!/-,/></*!XHgA!'&*(K*%/A!)09.!%/$!%/*'/!#.'&-/*!>J!'#*/!(9.!
,&+!,/*0O
\8*$2'$1&YTnT&;F1"'8>)%6#0**"*%&@->/$%&/?/;&CD
L0/$,'J/$%/!#.'&-/*!&$(9.>/./.!9>!/$!-/$%'!)/#0:R>/'#*R>3,&-/.,!%@%H!;%/'!$:)/%/$!&--/!
/.!*/%,#+/'!#(!$9+/$!)9*%$&$+,'&*-/$%/+&0/*,/A!>J!>#$!'9*-/A!#'!%/$!/.!<3M*&7/./'A!(9.%&!%/$!&!
2#7/M99-6M.3+/./$,!9<'&-!./<.K,/$'/./.!/$!0/%-9>>/$%/!$:)/%!(9.!)#>!,/*0!9+!/0/$'3/*'!
(9.!)#$,!$/'0K.-H!Q#!M.3+/.$/!$#'3.*&+0&,!,-#*!)9*%/,!#$9$:>/!&!&$%/0K./$%/!,</7&#*/A!/.!
,#>'*&+/!</.,9$*&+/!%#'#!&!/><&.&/$!,*@./'A!>/$!$/'9<!%/$$/!2#7/M99-6M.3+/.!/.!&$'/./,,#$'A!
(9.%&!0/%-9>>/$%/,!<.9U*M&**/%/!3%+@.!/'!(/,','/>'!M&**/%/!#(!)#>A!%/.!':%/*&+0&,!/.!'#+/'!<J!
V9,-&*%/!2/,'&0#*H!1*&<-$9'!./<.K,/$'/./.!N'!#(!%/!M#$%$#0$/A!%/.!)#.!9<'.J%'!]/./!+#$+/!
XX
GG!W&*#+!b
<J!V9,-&*%/!2/,'&0#*A!9+!,J*/%/,!9<,'J.!/$!,*#+,!,:$/.+&/((/-'!>/**/>!$:)/%/$,!&$%)9*%!9+!
M.3+/./$,!<.9U*A!9+!&,7/$/,K''/*,/$!#(!M.3+/./$!,9>!/$!V9,-&*%/!2/,'&0#*R/$'3,&#,'!9+!&--/!
>&$%,'!>3,&-&$'/./,,/./'!/.!%/.>/%!>3*&++59.'H!;$%/$!(9.!%/$$/!,3M-3*'3.!#(!(/,'&0#*+K$+/./A!
>J!$:)/%/$!0K./!#(!)@5!0K.%&A!)09.(9.!%/$$/!$:)/%,%/*&$+!*&+/*/%/,!%#$$/.!/'!M&**/%/!#(!
%/$!<J+K*%/$%/!2#7/M99-6M.3+/.!,9>!/$!</.,9$A!%/.!)9*%/.!,&+!9.&/$'/./'!&$%/$!(9.!%/''/!
&$'/./,,/(/*'H!1K.*&+'!%/''/!(9.)9*%!,:$/,!)#$,!#.'&-/**&$-!#'!,&+$#*/./A!&%/'!)#$!>/%!,&$!
>#$+*/$%/!-9>>/$'#.!)0/.-/$!3%'.:--/.!,9.+A!7)9-!/**/.!*&+$/$%/!(@*/*,/,'&*,'#$%/!90/.!(9.!
'#M/'A!>/$!,$#././!@$,-/.!#'!,&+$#*/./!)&,'9.&/$,!#-'3#*&'/'H!Q/.(9.3%/$!/.!%/''/!7#,/R/-,/></*!
,K.*&+'!M/>K.-/*,/,0K.%&+'A!(9.%&!M.3+/./$,!,/*0&,7/$/,K''/*,/!&--/!#*/$/!(9./+J.!0&#!
,<.9+*&+/A!>/$!9+,J!0&#!0&,3/**/!%&,-3.,/.H!W&**/%%/*&$+/$!9+!&!,K.%/*/,)/%!<.9U*M&**/%/'!<J!%/!
,97&#*/!>/%&/.!M&%.#+/.!>/%!#$%./!9.%!#*',J!*&+/*/%/,!'&*!%/$!/$-/*'/,!,/*0&,7/$/,K''/*,/H!
\8*$2'$1&YToT&&;i9&P"1&8->&7"P$&#?(>$:N$:8&%"1&/0>*8$($;&&CC
Xg
\8*$2'$1&YTjT&;i9&P"1&*%)''$&">/P0>/(">7&@(0&"88$6P$*%1"7$&10>/$;&CK
\#,/!XHTH!9+!XHbH!/.!*&+/*/%/,!/-,/><*/.!<J!/$!$:)/%,%/*&$+!>/%!/'!,#>*/'!$/'0K.-H!29.,-/**/$!
M/,'J.!%9+!&!%&,,/!'&*(K*%/!&A!#'!M.3+/.$/!#-'&0'!)#.!-$:''/'!/$!-9>>/$'#.!'&*!#.'&-*/$A!%/.!&!(@.,'/!
/-,/></*!)#.!9.%*:%/$O!;i$%&N$(&$(&-NA77$1"7%I;T!B.'&-*/$!9>)#$%*/.!/'!$:'!*90(9.,*#+!(.#!Q#$,-!
29*-/<#.'&A!%/.!+/.$/!,JA!#'!M@.$/7)/7-/$!,-3**/!(9.M/)9*%/,!%#$,-/!,'#',M9.+/./H!=$!)9*%$&$+!
'&*!,97&#*<9*&'&-A!,9>!%/$!<J+K*%/$%/!2#7/M99-6M.3+/.!>/%!,&$!-9>>/$'#.!'#+/.!':%/*&+'!
#(,'#$%!(.#H!P9!#(!0/%-9>>/$%/,!0/$$/.!,'@''/.!&!(9.*K$+/*,/!)/.#(!9<!9>!M.3+/./$,!>/$&$+!
0&#!-9>>/$'#./.$/O!;\>"7;!9+!;pXpX&i$&$(&)2&>)7$>&*A7$&"&80**$>;H!4#$!-#$!,J+#.!'#*/!9>!
/$!*#''/.*&++@./*,/!#(!%/'!<9*&'&,-/!(9.,*#+A!%/.!M*&0/.!%./5/'!'&*!$9+/'!+#$,-/!#M,3.%!,9>!(@*+/!#(!
%&,,/!'./!-9>>/$'#./.H!
;!,&$!(./>,'&**&$+!#(!$:)/%,)&,'9.&/.!/.!%/'!#*>&$%/*&+'!-/$%'A!#'!593.$#*&,'/.!</.!'.#%&'&9$!M@.!
9<'.K%/!9M5/-'&0'H!;!%/''/!'&*(K*%/!-#$!>#$!#.+3>/$'/./!(9.A!#'!593.$#*&,'/$!0/%!#'!&$%%.#+/!
-&*%/$!2#>&*&/$!P9>#,A!,9>!/.!.:,'/%/!90/.!Q#$,-!29*-/<#.'&,!3%'#*/*,/A!0K*+/.!,&%/!9+!
(./>,'&**/.!(9.,*#+/'!3%!(.#!/$!$/+#'&0!0&$-/*H!Q/'!&$'/./,,#$'/!0/%!%/''/!/-,/></*!/.!&>&%*/.'&%A!
#'!%/$$/!0&$-*&$+!(@*+/,!'&*!%@.,!#(!M.3+/.$/H!4#$!/.!>/%!#$%./!9.%!&$+/$*3$%/!&!'0&0*!9>A!#'!
%/'!%./5/.!,&+!9>!/$!$/+#'&0'!*#%/'!)&,'9.&/A!/('/.!%/$$/!/.!M*/0/'!I(K.%&+,-./0/'I!#(!!2#7/M99-6
M.3+/.$/H!
Q/.(9.3%/$!/.!%/'!0K.%!#'!*K++/!>K.-/!'&*A!)09.%#$!%/$!<J+K*%/$%/!M.3+/.!0/%!#'!%/*/!9+!
-9>>/$'/./!#.'&-*/$!(./>)K0/.!,&$!/+/$!<9*&'&,-/!)9*%$&$+H!W/,@+/.!>#$!0/%-9>>/$%/!
<.9U*!9+!$K.*K,/.!)#$,!</.,9$*&+/!&$(9.>#'&9$/.A!U$%/.!>#$!3$%/.!)#$,!I<9*&'&,-/!)9*%$&$+/.I!
9<*:,$&$+/$!I.@%IH!?#$!,'@''/.!,J*/%/,!>/%!#.'&-*/$!9<!9>!9+!M/-.K('/.!%/$!,/*0./]/-,&0/!
<.97/,A!)#$!+/$$/>+&-A!%#!)#$!9<./''/%/!,&$!<.9U*!9+!'9+!,'&**&$+!'&*!%/$!.K--/!#(!(9.,-/**&+/!
<#.#>/'./A!%/.!&!%/$!(9.M&$%/*,/!,-#*!3%(:*%/,H!Q/$!-9.'/!-9>>/$'#.A!%/.!&--/!*/%,#+/,!#(!
$9+/$!0&%/./!#.+3>/$'#'&9$!,:$/,!,*/'!9+!./'!#'!3%+@./!/'!-*#.'!9+!3'0/':%&+'!<9*&'&,-!>#$&(/,'!
GE!W&*#+!d
XT
(.#!M.3+/./$,!,&%/H!1*3''/*&+'!,:$/,!%/!'./!<3$-'3>>/.A!%/.!(@*+/.!-9>>/$'#./$!#'!9<(9.%./!'&*!
./]/-,&9$!9+!/('/.'#$-/!)9,!0/%-9>>/$%/,!$/'0K.-H!
='!*&+$/$%/!/-,/></*!U$%/,!&!#.'&-/*%/*&$+!XHbH!?/.!/.!M.3+/./$,!')*%&*/%,#+/'!#(!/$!'&*,0#./$%/!
-.&'&,-!)9*%$&$+,'&*-/$%/+&0/*,/A!)09.!#.+3>/$'#'&9$/$!&>&%*/.'&%!/.!>/./!3%%:M/'O!;*'$8-1$($(&
'+&)2&"88$&i9&$(&'+&P$J&N$1%&-/&0@&#-*8$>T&q$7&8->>$&@08%"*8&7)/%&%O>8$&2"7&0%&*'?(7$&i9<&
'(O:"*%&NP"18$%&+(&/$&7$(>$&P"1&N0P$&)*&%"1#07$&%"1T;!Q/.!/.!':%/*&+0&,!'#*/!9>!/$!,#.-#,'&,-!
M/>K.-$&$+A!%/.!#(0&,/.!Q#$,-!29*-/<#.'&,!(9.,*#+!9+!(./>,'&**/.!%/'!,9>!/$!+#>>/*%#+,!>J%/!
#'!(@./!<9*&'&-!<JH!=$%$3!/'!/-,/></*!<J!/$!>J%/A!)09.<J!/$!2#7/M99-RM.3+/.A!%9+!<J!>/./!
)3>9.&,'&,-!0&,A!>#$&(/,'/./.!,&$!<9*&'&,-/!)9*%$&$+!90/.!(9.!,&'!$/'0K.-H!L+!&--/!>&$%,'A!)09.%#$!
/$!593.$#*&,',!(9.)9*%,0&,!$/3'.#*/!$:)/%,#.'&-/*!9<$J.!/$!,K.%/*/,!$/+#'&0!9+!*#''/.*&++@./$%/!
0&$-/*H!
\8*$2'$1&YT]T&;=0>&U&>-&@)(*%+<&0%&/$%&$(&*PO(%r;&CY
1#>>/!2#7/M99-RM.3+/.!,'J.!M#+!90/$,'J/$%/!7#,/A!%/.!/.!,<.9+*&+'!&$'/./,,#$'A!&%/'!M.3+/./$!
>/%!,&$!-9>>/$'#.!;80>&7)/%&@)(*%+&/$%&$(&*PO(%;&%&./-'/!,0#./.!<J!593.$#*&,'/$,!/**/.,!./'9.&,-/!
,<@.+,>J*H!V3M.&--/$!/.!/'!7&'#'!(.#!#.'&-*/$,!&$'/.0&/^</.,9$A!9+!/.!,#$%,:$*&+0&,!#$0/$%'!(9.!
#'!(#$+/!*K,/./$,!9<>K.-,9>)/%!k!/$!593.$#*&,'&,-!,'.#'/+&A!%/.!'&*)@./.!%/'!'&%*&+/./!9>'#*'/!
$:)/%,,/*/-'&9$,<#.#%&+>/A!)09.!M.3+/./$,!&$%&0&%3/**/!M/)90!/.!&!(9-3,H!Q/'!(#-'3>A!#'!
M.3+/./$!,0#./.!<J!#.'&-*/$,!,<@.+,>J*!/.!/'!+9%'!3%'.:-!(9.!%/$!%&#*9+M#,/./%/!593.$#*&,'&-A!
,9>!\).&,'/$,/$!>/%!,&$!'/9.&!+@.!9<>K.-,9>!<J!ZEFGF[H!e&#!%/$!&$%&./-'/!%&#*9+!>/%!
593.$#*&,'/$!9+!&$'/.0&/^</.,9$/$!&,7/$/,K''/.!2#7/M99-6M.3+/./$!,&+!&!@0.&+'!,9>!/$!</.,9$A!
(9.!)0/>!,97&#*<9*&'&--/$!,<&**/.!/$!#(+@./$%/!.9**/H!?#$!,:$/,!%/.(9.3%/$!#'!,&+$#*/./!/><#'&!
9+!9>'#$-/!>/%!,&$!3%>/*%&$+H!
GX!W&*#+!f
Xb
!
\8*$2'$1&YTlT&;E$4&,)(8&2$%&jD&'"0>)*&3&10&/"*')*"%")>&/-&'-#1":;&Cn&
Q/.!U$%/,!&>&%*/.'&%!9+,J!/-,/><*/.!<J!%/*&$+!#(!>&$%./!,/.&@,/!#.'&-*/.!,J,9>!90/$,'J/$%/!
(.#$,-/!M.3+/.A!%/.!')*%$(!/$!#.'&-/*!9>!M.3+/.&$09*0/./$%/!&$,'#**#'&9$,-3$,'!&!Y/^!S9.-!\&':A!
*/%,#+/'!#(!-9>>/$'#./$!;s0&:a$*%&->$&P"11$t;A!)0&*-/'!3>&%%/*M#.'!'5/$/.!'&*!#'!(./>)K0/!)#>!
,9>!/$!-3*'3.R!9+!>3,&-&$'/./,,/./'!,'9.M:/*,-/.H!
4/%!90/$,'J/$%/!>&$&R7#,/,!)#.!5/+!<J0&,'A!)09.%#$!M.3+/./!<J!%/!,97&#*/!>/%&/.A!0/%!)5K*<!
#(!593.$#*&,'&,-/!#.'&-*/.A!-#$!,:$*&++@./!%/./,!(9.M.3+!#(!$:)/%/.!9+!$:)/%,>/%&/.!,#>'!%/!
/>$/.A!%/.!*&++/.!%/>!<J!,&$%/H!e/%!#'!,-.&0/!/$!)9*%$&$+,'&*-/$%/+&0/$%/!-9>>/$'#.!'&*!
#.'&-*/.$/A!9<(9.%./.!M.3+/.$/!'&*!%&#*9+!>/%!%/./,!)>1">$R0/$$/.A!9+!(9.>J*/$/!)/.>/%!-#$!
0K./!>#$+/,&%/%/H!Y:)/%,%/*&$+/$!-#$!,J*/%/,!(9.,'J,!,9>!</.,9$*&+/!$#..#'&0/.A!%/.!&$%+J.!
&!%/$!</.,9$*&+/!&%/$'&'/',,-#M/*,/!9+!,/*0&,7/$/,K''/*,/A!%/.!+/$$/>,:./.!#-'&0&'/'/.$/!<J!%/!
,97&#*/!>/%&/.H!!
B(,*3'$&$+,0&,!(9./-9>>/.!%/'!./*/0#$'!#'!)/$0&,/!'&*!,</7&#*/',!)/.>/$/3'&,-/!
(9.,'J/*,/,.#>>/H!YJ.!5/+!(9.'9*-/.!90/$,'J/$%/!7#,/,A!,<&**/.!>&$!(9.R(9.,'J/*,/!9+!>&'!
-/$%,-#M!'&*!%/!/$-/*'/!)>1">$R-9$'#-'/.!&!,#+/$,!$#'3.!/$!#(+@./$%/!.9**/!&!>&$!#(-9%$&$+!#(!
%/./,!&%/$'&'/',,-#M/*,/H!Q/'!/.!,J*/%/,!0K,/$'*&+'!#'!3$%/.,'./+/A!#'!%/$!/$-/*'/!>9%'#+/.!
#*'&%!0&*!'9*-/!,/*0&,7/$/,K''/*,/$A!>/%!/**/.!3%/$!#.'&-/*%/*&$+A!<J!%/!,97&#*/!>/%&/.!&$%&0&%3/*'H!
6J!'.9%,!#(!%/''/A!/.!90/$,'J/$%/!#$#*:,/!./*/0#$'!&!%/$!3%,'.K-$&$+A!#'!%/$!M/*:,/.!$9+*/!#(!
%/!<.97/,,/.A!%/.!(9./+J.A!$J.!%/$!593.$#*&,'&,-/!+/$./!9<'.K%/.!,9>!*/%!&!&%/$'&'/',,-#M/$%/!
<.97/,,/.!<J!%/!,97&#*/!$/'0K.-,,&%/.H!P&*,0#./$%/!0&*!,</7&#*/',!(@*+/$%/!#(,$&'!./%/+@./!
(9.!9+!#$#*:,/./!%/!$:/!>/-#$&,>/.!&!>/%&/*#$%,-#M/'A!,9>!9+,J!9>(#''/.!593.$#*&,'/.$/,!
#.M/5%/H!!
Gg!W&*#+!a
Xd
QLQLML#<!789.:'b*Z."$%,'7,:
Q/$!M/*:,'/!(9.M.3+,'/$%/$,!9>-.&$+!#.'&-/*%/*&$+/$!<J!%/!,97&#*/!>/%&/.!)#.!,-#M'!+/$*:%!
)9,!%/!'.#%&'&9$/**/!$:)/%,-#$#*/.A!,9>!$3!#**/!+@.!%/'!>3*&+'!(9.!M.3+/./$A!<J!>/%&/.$/,!
$/'3%+#0/.A!#'!-*&--/!<J!/'!/$-/*'!*&$-!9+!%/.&+/$$/>!%/*/!/$!+&0/$!$:)/%!<J!2#7/M99-!/**/.!
P^&''/.A!9('/!3$%/.!<#.9*/$!;Z$&%N$&_(*%&)@&A)-(&@("$>/*&%)&($:)22$>/&%N"*;!
\8*$2'$1&YTmT&;Z$&%N$&_(*%&)@&A)-(&@("$>/*&%)&($:)22$>/&%N"*;&
Q/$$/!(3$-'&9$!/.!&$'/./,,#$'!#(!]/./!J.,#+/.H!Q/'!/.!+&0/'A!#'!>#,,/>/%&/.$/!)#.!/$!,'9.!
&$'/./,,/!&A!#'!%/./,!)&,'9.&/.!%&,'.&M3/./,!'&*!,J!>#$+/!*K,/./!,9>!>3*&+'H!Q/'!(#-'3>A!#'!
%/!9<(9.%./.!'&*!$K.>/,'!-9$-3../$7/*&+$/$%/!'&*,'#$%/!>/**/>!$:)/%,-9$,3>/$'/.$/A!
/.!%/.&>9%!#(+@./$%/!(9.!,</7&#*/',!(9-3,H!4/%!%/$$/!9<(9.%.&$+!(9./-9>>/.!%/'!
$/>*&+A!#'!$:)/%,<.9%37/$'/.$/!)#.!(9.,'J/'!M/'&$+/*,/.$/!<J!%/!,97&#*/!>/%&/.A!)09.!%/!
&%/$'&'/',,-#M/$%/!<.97/,,/.!,'J.!&!7/$'.3>H!1J*/%/,!,:$/,!>#,,/>/%&/.$/,!#'!'&*M:%/!,&+!,9>!
>/%<.9%37/$'!#(!&$'/.$/'M.3+/.$/,!,/*0&,7/$/,K''/*,/A!)09.!%/'!#'!)9*%/!,&+!9.&/$'/./'!,<&**/.!
/$!#(+@./$%/!.9**/H!!
Xf
;!%/'!)/*/!'#+/'!,:$/,!9((/$'*&+)/%/$,!,'9./!'&*,*3'$&$+!'&*!%/!,97&#*/!>/%&/.!#'!)#0/!0#-'!%/!
'.#%&'&9$/**/!>#,,/>/%&/.,!&$'/./,,/!9+!/.-/$%/*,/!#(A!#'!'&*,'/%/0K./*,/$!<J!%&,,/!$/'(9.#!
/.!#*(#!9+!9>/+#H!=-,/></*0&,!,-.&0/.!Q#$>#.-,!V#%&9!&!9<,*#+/'!(9.!%/$!9>'#*'/!,'&**&$+!,9>!
90:$#))8RJ)-(>01"*%A!#'!%/!0&*!;2?/$&/0>*8$(>$&/b(<&NP)(&/$&$(;CoH!Q/$$/!59MM/,-.&0/*,/!/.!
%/.(9.3%/$!&$'/./,,#$'A!(9.%&!%/$!-9.'!9+!<.K7&,'!9<,3>>/./.!%/!$:/!'/$%/$,/.!9+!>/-#$&,>/.A!
5/+!9M,/.0/./.!&!$3'&%/$,!&$(9.>#'&9$,]9 H!Y:)/%/.!,-#*!&--/!M*9'!%&,'.&M3/./,!#%!'.#%&'&9$/**/!
-#$#*/.A!>/$!,<./%/,!0&#!M.3+/.$/,!</.,9$*&+/!$/'0K.-!<J!%/!,97&#*/!>/%&/.A!9+!%/.(9.3%/$!
,-#*!593.$#*&,'/.$/!*K./!#'!M/'5/$/!,&+!#(!2#7/M99-!9+!#$%./!,97&#*/!>/%&/.!(9.!M*#$%'!#$%/'!
#'!-3$$/!9<,'@0/!$:)/%/.!&$%/$!(9.!.#>>/.$/!#(!%&,,/H!1J*/%/,!-#$!>#$!#.+3>/$'/./!(9.!
/$!&'#*/,K''/*,/!#(!%/!,97&#*/!>/%&/.!,9>!/'!0&.'3/*'!(/*'A!)09.!%/'!$:/!(K$9>/$A!%/.!-3$$/!
M/'/+$/,!>$%PO(8*J)-(>01"*%$>A!(9./'#+/.!,&'!./<9.'#+/#.M/5%/H!;!,'/%/'!(9.!#'!5#+/!)&,'9.&/.!&!%/$!
(:,&,-/!0/.%/$A!-#$!593.$#*&,'/$!,J*/%/,!&!%#+!U$%/!%/>9$,'.#'&9$/.A!9<.@.!9+!3%'#*/*,/.!(.#!
M9.+/.$/!%&./-'/!&!%/$!%&+&'#*/!0/.%/$H!C%90/.!#'!>3*&++@./!#.'&-/*%/*&$+!9+!,J*/%/,!%&,'.&M3/./!
$:)/%/.!'&*!,97&#*/!>/%&/.A!MK./.!>/%&/.$/,!$:)/%,<.9%3-'&9$R!9+!<.&9.&'/.&$+!#*',J!9+,J!,K.*&+'!
<.K+!#(!%/!,97&#*/!>/%&/.,!,'9./!&$%]:%/*,/!<J!,#>(3$%/'H!
19>!-9.'!$K0$'!&!>&$!./%/+@./*,/!(9.!,</7&#*/',!/><&.&,-/!(3$%#>/$'A!&#+''#+/.!5/+!/$!
M./%!$:)/%,%K-$&$+!>/%!#(,K'!&!%/!,97&#*/!>/%&/.A!,9>!-#$!3$%/.9<%/*/,!&$%/$!(9.!'./!
)90/%-#'/+9.&/.A!$K.>/./!M/'/+$/'!%/!2$%08)22->"8$($>/$<&%/!8"1/$($@$($($>/$!,#>'!%/!
08%"P"%$%*7$>7"P$>/$&#.'&-*/.H!"#'/+9.&/.!&$%/$!(9.!$:)/%,<.9%3-'&9$/$A!,9>!,</7&#*/'!&!%/'!
(@*+/$%/!0&*!9<'/+$/!/$!%/U$&'&9$!(9.H!&!
QLQLMLKL#@!"#-!7$:*--Z",:!.!")!#$.7,:!%;.Z00!
4/%!-#'/+9.&/$!2$%08)22->"8$($>/$!#.'&-*/.A!)/$0&,/,!'&*!%/$!,#>*&$+!$:)/%/.A!%/.!9>'#*/.!
,97&#*/!>/%&/.!<J!/'!>/'#-9>>3$&-/./$%/!$&0/#3GbH!YK.>/./!M/,'/>'!/.!%/.!'#*/!9>!/$!.K--/!
M#++.3$%,#.'&-*/.A!%/.!M/,-K('&+/.!,&+!>/%!%/!,97&#*/!>/%&/.,!&$%0&.-$&$+!<J!9+!-9$,/-0/$,/.!
(9.!,#>(3$%/'A!9+!%/.(9.3%/$!9>!#.'&-*/.A!%/.!<J!%/$!/$/!/**/.!#$%/$!>J%/!'#+/.!#(,K'!&!9+!
./#+/./.!<J!#-'&0&'/'/.!<J!%/!,97&#*/!>/%&/.H!1*3''/*&+'!,<&**/.!9+,J!/.)0/.0,593.$#*&,'&--/$!/$!
0K,/$'*&+!.9**/!&$%/$!(9.!%/$$/!-#'/+9.&A!&%/'!2#7/M99-A!P^&''/.A!S93P3M/!9+!*&+$/$%/!,97&#*/!
>/%&/.!*&+/*/%/,!3%+@.!0&.-,9>)/%/.!>/%!@-9$9>&,-/!&$'/./,,/.H!
L<,3>>/./'!%/U$/./.!5/+!%/$!>/'#-9>>3$&-/./$%/!#.'&-/*+.3<</!,9>!/$!$:)/%,<.9%3-'&9$A!
%/.!(9-3,/./.!<J!%/!,97&#*/!>/%&/.!>/%!%/'!(9.>J*!#'!,-#M/!,#>(3$%,%/M#'A!#'!(@*+/!9<!<J!
GT!W&*#+!GFGb!W&*#+!GG
Xa
#-'&0&'/'/.!<J!%/!,97&#*/!>/%&/.A!9+!,9>!#$,-3/.!%/!,97&#*/!>/%&/.!,9>!(9../'$&$+,/$)/%/.!
>/%!*3-.#'&0/!(9.>J*H!Y/%/$,'J/$%/!>9%/*!&**3,'././.!M/+./M/'O
9"7-(&YTYT&i$>&2$%08)22->"8$($>/$&0(%"8$17(-''$&V$7$>&%"1P"(8>">7W&
19>!/-,/><*/.!<J!90/$$K0$'/!M#++.3$%,#.'&-*/.A!%/.!%&,-3'/./.!%/!,97&#*/!>/%&/.!3%!(.#!
/'!,#>(3$%,-.&'&,-!</.,</-'&0A!/.!%/'!./*/0#$'!#'!(./>)K0/!#.'&-*/$!;90:$#))8&8)*%$(&/A(%&"&
%0#%&0(#$J/$;!Gd!(.#!PeEA!,#>'!;90:$#))8&N0*&:N0>7$/&0/)'%")>*&@)($P$(;!Gf!(.#!M.&'&,-/!P)/!
_3#.%&#$H!?/.!/.!'#*/!9>!'9!#.'&-*/.A!%/.!M/++/!,K''/.!(9-3,!<J!,#>(3$%,./*/0#$'/!/>$/.A!9+!
,9>A!>/%!#(,K'!&!(9.,-$&$+A!M/,-.&0/.!%/!,97&#*/!>/%&/.,!&$%]:%/*,/!<J!%&,,/H!
?0#%!#$+J.!%/$!#.'&-/*+.3<</A!)0&,!/>$/!3%,<.&$+/.!#(!/$!+&0/$!#-'&0&'/'!<J!,97&#*/!>/%&/.A!
U$%/,!)/.!/$!&><9$/./$%/!,<K$%0&%%/!#(!)&,'9.&/.A!%/.!.K--/.!(.#!.3M.&--/.$/!;=->*%>$(&@+(&
#->8$(&0@&N0/$20"1*&@)(&/0>*$P"/$);Cm!90/.!;!)&"2'($**<&!-@%*&'()*'$:%*&%-(>&%)&,)-!-#$;EF!
'&*!;u>&0'b()&7b0>%&">%$(/"%&3&."11$;KC!2@.,'$K0$'/!#.'&-/*!M/./''/.!9>!/'!<.909-/./$%/!
0&%/9-3$,'0K.-A!%/.!<9.'.K''/./.!/$!)9*97#3,'R90/.*/0/$%/A!%/.!%#$,/.!'&*!/0/.+.//$/$!I;!
^&**!,3.0&0/I!(9.#$!/$!-9$7/$'.#'&9$,*/5.H!e&%/9/$!)#.!,-#M'!(3.9./!<J!S93P3M/A!9+!%/$!,'9./!
M.3+/.%/M#'!)#.!'&*,-:$%/'!69*&'&-/$!'&*!#'!(@*+/!9<!<J!%/M#''/$!0/%!#'!&$'/.0&/^/!-3$,'$/./$!M#+!
0K.-/'H!Q/.$K,'!,'&**/.!)&,'9.&/$!9>!%/'!#>/.&-#$,-/!3$&0/.,&'/'!P3(',!,-#.<'!<JA!)09.%#$!3$+/!
79**/+/R#,<&.#$'/.!(@*/.!,&+!$@%,#+/'!'&*!#'!'#+/!$:/!>/'9%/.!9+!>/%&/.!&!M.3+!(9.!#'!M*&0/!9<'#+/'!
<J!%/$!<./,'&+/(:*%'/!3%%#$$/*,/,&$,'&'3'&9$H!L+!/$%/*&+'!)#$%*/.!#.'&-*/$!9>!%/'!(.#$,-/!
(K$9>/$!1$*&0'b()*&7b0>%*&9>!/$%$3!/'!<9*&'&,-!(9.M3%!>9%!%/!3$+/,!9((/$'*&+/!(/,'/.A!%/.!
9.+#$&,/./,!0&#!2#7/M99-H!='!<.9M*/>A!%/.!/.!,K.%/*/,!9>%&,-3'/./'!&!2.#$-.&+!9+!,9>!%/.(9.!
9<*/0/.!/$!,'9.!>/%&/M/0J+/$)/%H!
B(!,&%,'$K0$'/!$:)/%,-#'/+9.&A!%/.!M/)#$%*/.!%/!,97&#*/!>/%&/.!,9>!/.)0/.0,,'9(A!-#$!
$K0$/,!#.'&-*/.$/!;90:$#))8&@0:">7&104*-"%&0*&E$4&,)(8$(&:10"2*&lnv&)@&_(2;KK&(.#!P)/!
Gd!W&*#+!GEGf!W&*#+!GXGa!W&*#+!GgEF!W&*#+!GTEG!W&*#+!GbEE!W&*#+!Td
!
!
!
!
!
!
!
!"#$%&''()*%"+"),"-$+#*%."+-
!"#$%&'('&)*+,#-'./.01+2) 3456046//27#)
gF
_3#.%&#$A!;90:$#))8&($P$>/"d-$&oDD&2"11")>*&/a0:%$-(*&0:%"@*;KY!(.#!8/!2&+#.9!9+!/$%/*&+!
69*&'&-/$,!;!4"%%$(&*:)($(&*%)(%&'+&wL62+1;KnT!Q/.!/.!,J*/%/,!'#*/!9>!#.'&-*/.A!%/.!M/,-K('&+/.!
,&+!>/%!$/'0K.-,<9.'#*/.$/!,9>!(9../'$&$+,>K,,&+/!/$)/%/.A!%/.!/-,/></*0&,!>J!(9.)9*%/!
,&+!'&*!53.&%&,-/!,#+/.A!9+!,9>!)#.!,'9.!&$'/./,,/!&!#'!-9>>3$&-/./!,&$!(./>+#$+!'&*!>/%&/.$/!9+!
9((/$'*&+)/%/$H!
Q/$!>/'#-9>>3$&-/./$%/!#.'&-/*-#'/+9.&!/.!&$'/./,,#$'!&!%/$!3%,'.K-$&$+A!#'!%/$!3$%/.M:++/.!
%/$!,'9./!<9<3*#.&'/'A!%/!,97&#*/!>/%&/.!)#.!9<$J/'!&!%/'!#-'3/**/!,#>(3$%H!2#7/M99-A!P^&''/.!
9+!S93P3M/!,:$/,!#'!0K./!<J!#**/,!*KM/.!9+!(:*%/.!,J*/%/,!9+,J!/$!0K,/$'*&+!%/*!&!>/%&/.$/,!
$:)/%,<.&9.&'/.&$+H!Q/$$/!(./>,'&**&$+!3%+@.!$#'3.*&+0&,!/$!(9./$-*&$+!#(!%/$!,#>>/$)K$+A!%/.!
U$%/,!>/**/>!>/%&/.$/,!9+!9((/$'*&+)/%/$,!%#+,9.%/$A!/**/.!>/%!#$%./!9.%!07$>/06*$%%">7R
'/9.&/$A!,9>!0&*!M*&0/!<.K,/$'/./'!&!,</7&#*/',!(@*+/$%/!-#<&'/*H!4/%!3%+#$+,<3$-'!&!,</7&#*/',!
%#'#+.3$%*#+A!(9./-9>>/.!(#-'3>!%9+!#'!0K./A!#'!%&,,/!':</.!#.'&-*/.!9<'.K%/.!&!>#,,/0&,!<J!
'0K.,!#(!>/%&/+/$./.!9+!*#$%/+.K$,/.A!9+!#'!%/!#**/!M/,-K('&+/.!,&+!>/%!,97&#*/!>/%&/.!<J!
*#$+'!>/./!/$%!/'!'/-$9*9+&,-!$&0/#3H
QLQLMLML#@!"#:,%)!.!(!.!.!")!#$.7,:!%;.Z00!
29.3%/$!%/$$/!>/'#-9>>3$&-/./$%/!#.'&-/*-#'/+9.&!&#+''#+/.!5/+!,9>!$K0$'!*&+/*/%/,!/$!
+.3<</!#(!#.'&-*/.A!%/.!-#$!M/'/+$/,!,9>!8"1/$($@$($($>/$KoH!Q/$$/!-#$!&$%%/*/,!&!'9!+.3<</.!
#(!$:)/%/.c!%/$!/$/!9<M:++/.!$:)/%,)&,'9.&/.!<J!M#++.3$%!#(!,</7&U--/!:'.&$+/.!<J!,97&#*/!
>/%&/.A!%/$!#$%/$!&$%%.#+/.!&!(9.M&$%/*,/!>/%!/$!#.'&-/*!-&*%/3%'#*/*,/.!(.#!$/'0K.-,,&%/.$/H!
19>!/-,/></*!<J!%/$!(@.,'/!3$%/.-#'/+9.&!-#$!$K0$/,!D:**#$%,R69,'/$,!)&,'9.&/!;ZQ6:N$@&
->/*8A1/$(&'+&90:$#))8;KjA!)09.&!/$!3$%,-:*%/$%/!,'#'3,9<%#'/.&$+!(.#!%/$!*/%/$%/!%&./-'@.!(9.!
%/'!-.&,/.#>'/!9*&/,/*,-#M!W6!M*&0/.!%/'!7/$'.#*/!9>%./5$&$+,<3$-'!&!/$!593.$#*&,'&,-!)&,'9.&/H!='!
'&*,0#./$%/!/-,/></*!U$%/,!>/%!=-,'.#!W*#%/',!$:)/%,)&,'9.&/!;F0(0N&Q01">&$(81O($(&8("7&2)/&
*%)(2)*8b;K]A!%/.!'#+/.!,&'!#(,K'!&!%/$!#>/.&-#$,-/!<9*&'&-/.,!P^&''/.R9<%#'/.&$+A!%/.!./''/.!-.&'&-!
>9%!M:++/<*#$/.$/!(9.!_.93$%!s/.9!&!Y/^!S9.-!\&':H!L+,J!(.#!%/$!%#$,-/A!<9*&'&,-/!,7/$/!-#$!
)/$'/,!,J%#$$/!)&,'9.&/.A!/-,/></*0&,!./<.K,/$'/./'!&!69*&'&-/$,!)&,'9.&/!;.?88$&7+(&"&8("7&2)/&
w"11A&'+&90:$#))8IEfA!%/.!./(/././.!,'#',>&$&,'/./$,!0/.M#*/!#$+./M!<J!e&**:!1@0$%#*,!2#7/M99-R
<.9U*A!9+!,9>!,J*/%/,!./<.K,/$'/./.!/$!#$%/.*/%/,!%K-$&$+!#(!%/$!<9*&'&,-/!%/M#'H!
e/%.@./$%/!%/$!#$%/$!+.3<</!#(!-&*%/./(/././$%/!#.'&-*/.!-#$!$K0$/,!8/!2&+#.9,!,<9.',#.'&-/*!
;f)>%0/)(&/"%&)-"&3&R""*;KmA!%/.!9>)#$%*/.!7:-/*)9*%/'!P/#>!1#l9M#$-,!-9$'.#-'!>/%!B*M/.'9!
EX!W&*#+!TfEg!W&*#+!TaET!W&*#+!GdEb!W&*#+!GfEd!W&*#+!GaEf!W&*#+!EFEa!W&*#+!EG
gG
\9$'#%9.A!9+!,9>!7&'/./.!7:-/*.:''/./$,!3%'#*/*,/.!<J!P^&''/.!&!(9.M&$%/*,/!>/%!#('#*/$H!
P&*,0#./$%/!-#$!(./>)K0/,!/-,/><*/'!(.#!69*&'&-/$!;F%-/$>%&@->/$%&*8A1/"7&"&N0:8">70>7($#&
2)/&Q01">;YDA!)09.!/$!#(+@./*,/!#(!/$!./',,#+!%K--/,!9+!(@*+/,!9<!#(!/$!593.$#*&,'A!&%/'!)3$!
&$%%.#+/.!1#.#)!6#*&$,!-9>>/$'#.!'&*!3%(#*%/'!#(!%9>>/$!(.#!%/$!#>/.&-#$,-/!<9*&'&-/.,!
2#7/M99-6<.9U*T&
Q/!-&*%/./(/././$%/!#.'&-*/.!-#$!,J*/%/,!%/U$/./,!,9>!/$!-#'/+9.&!&$%/$!(9.!
$:)/%,<.9%3-'&9$/$A!%/.!M/,-K('&+/.!,&+!>/%!<.&>K.'!9((/$'*&+/!</.,9$/.,!:'.&$+/.!<J!%/!
,97&#*/!>/%&/.A!%/.!/$'/$!'5/$/.!,9>!3%+#$+,<3$-'!(9.!9<M:+$&$+/$!#(!/$!$:)/%,)&,'9.&/!/**/.!
,9>!,3<<*/./$%/!7&'#'/.!&!/$!+&0/$!#.'&-/*H!Q/U$&'&9$/$!9<,#>*/,!&!$/%/$,'J/$%/!>9%/*O!
!!!!!!!!!!!!
9"7-(&YTnT&i$>&8"1/$($@$($($>/$&0(%"8$17(-''$&V$7$>&%"1P"(8>">7W
QLQLMLQL#@!"#$:7,8,7!7';!";,8!")!#$.7,:!%;.Z00!
Q/'!/.!&$'/./,,#$'A!)09.%#$!90/$,'J/$%/!-#'/+9.&!#(!$:)/%,#.'&-*/.!M/*:,/.!%/!,97&#*/!
>/%&/.!,9>!/'!$:'!.3>!(9.!593.$#*&,'/$,!(/*'#.M/5%/H!Q/''/!#(,$&',!$:)/%,-#'/+9.&!M/U$%/.!
,&+!&>&%*/.'&%!&!)@5/./!+.#%!&!,</7&#*/',!&$'/./,,/A!&%/'!5/+!>/%!%/$$/!,:$'/'&,/.&$+!@$,-/.!#'!
3$%/.,'./+/A!#'!9+,J!&$,'&'3'&9$/.!9+!M9.+/./,!+@./$!9+!*#%/$!<J!%/!,97&#*/!>/%&/.!M/U$%/.!,&+!
&!>#,,/>/%&/.$/,!,@+/*:,H!Q/.!/.!,J*/%/,!'#*/!9>!/$!#.'&-/*+.3<</A!%/.!-#$!%/U$/./,!3%!(.#!
%/./,!%&./-'/!$:)/%,%K-$&$+!#(!%&,,/!+.3<</.,!#-'&0&'/'/.!<J!%/!,97&#*/!>/%&/.A!9+!,9>!-#$!
&**3,'././,!,9>!&!U+3.!XHTHIH!D/+!M/$K0$/.!%/>!08%"P"%$%*7$>7"P$>/$&0(%"81$(YCH
!!!!!!!!!!!!!
XF!W&*#+!EEXG!W&*#+!EX
!
!
!
!
!
!
!
!"#$%&%'%&%&%($%)*&+",#%&)
!"#$%&'#()*+(,-)."(
-*#(%/0'1)0$)"*#$'(
2$"'#$%&'#(
gE
9"7-(&YToT&i$>&08%"P"%$%*7$>7"P$>/$&0(%"8$17(-''$&V$7$>&%"1P"(8>">7W
C$%/.-#'/+9.&/$!%/.!9>)#$%*/.!$:)/%,)&,'9.&/.!9>!&$,'&'3'&9$/.!9+!9.+#$&,#'&9$/.,!
'&*,'/%/0K./*,/!<J!%/!,97&#*/!>/%&/.A!'K**/.!/$!.K--/!/-,/><*/.A!,J,9>!;.0&@02"11$&()A01$&
0>710"*$&*-(&91":8(;YKA!;E)(7$*&=()>'(">*'0(&$(&'+&90:$#))8;YYA;!4$*%"P01k&fN0("%A&#$7">*&
0%&!4"%%$(;Yn!,#>'!;=->&/+(1"7$&@)(O1/($&8?($(&-/$>&:A8$1NJ$12;YoH!Q&,,/!$:)/%,)&,'9.&/.!
M/,-K('&+/.!,&+!>/%!/'#M*/./%/!&$,'&'3'&9$/.!,9>!-9$+/(#>&*&/$A!)0&,!>9%/.$/!M/,-K('&+/*,/!
>/%!%/!,97&#*/!>/%&/.!&!,&+!,/*0!M/,&%%/.!/$!)@5!$:)/%,0K.%&H!L+,J!-#><#+$/.!,9>!
B#*M9.+!"9>>3$/,!(9-3,!<J!7:-/*)5/*>/!/**/.!-3*'3./**/!/0/$',!>/%!0/*+@./$%/!(9.>J*!(J.!
9<>K.-,9>)/%!(.#!>#,,/>/%&/.$/A!'#--/'!0K./!%/./,!,'.#'/+&,-/!&$'/+.#'&9$!#(!,97&#*/!
>/%&/.H!=$!,'.#'/+&<*#$*K+$&$+A!%/.!0&*!M*&0/!%&,-3'/./'!$K.>/./!&!,</7&#*/',!#(,*3''/$%/!-#<&'/*H!
_.3$%/'!,</7&#*/',!&$'/./,,/!(9.!>#+'M#*#$7/$!&!,#>(3$%/',!&$(9.>#'&9$,]9 A!/.!%/'!&>&%*/.'&%!
,K.*&+'!9<,&+',0K--/$%/A!$J.!%/!593.$#*&,'&,-/!#.'&-*/.!+/$+&0/.!#)(7$(>$*!#-'&0&'/'/.!<J!%/!
,97&#*/!$/'0K.-,,&%/.H!=-,/><*/.!<J!,J%#$$/!#.'&-*/.!-3$$/!0K./!;!"%-*">/$(&*?7$(&#)1"7&
'+&90:$#))8;Yj!(.#!69*&'&-/$A!,#>'!D:**#$%,R69,'/$,!;9$*%-7$8("%"8&'+&90:$#))8IXdH!B.'&-*/$!
(.#!69*&'&-/$!,K''/.!(9-3,!<JA!)09.%#$!M9.+/./!9('/!M9$%/(#$+/,!#(!*/5*&+)/%,3%*/5/./A!
9+!#'!-9$,/-0/$,/$!)/.#(!M*&0/.!/$!>#,,&0!M9*&+5#+'A!&0K.-,#'!<J!%/!,97&#*/!>/%&/.H!e&#!
%&,,/!$:/!&$&'&#'&0/.!<J!M*#$%'!#$%/'!2#7/M99-!-9>>/.!#*',J!)&%'&*!3,/'/!-9$]&-'/.!(./>!&!
*:,/'H!6J!'&*,0#./$%/!0&,!-9>>/.!J.)3,&#$/.$/!'&*!9.%/!0/%.@./$%/!%/./,!J.*&+/!M:(/,'A!&%/'!
/$!+.3<</!>/%!/'!,'9.'!#$'#*!'&*)K$+/./A!%/.!@$,-/.!>/./!*&0!'&*M#+/!'&*!%/$!'.#%&'&9$,.&+/!
M/+&0/$)/%A!(#*%/.!&!D6R./%#-'&9$/$,!&$'/./,,/H!;!%/$!>/./!3%'#*'/!/$%/!#(!,-#*#/$!U$%/,!/'!
/-,/></*!(.#!=-,'.#!W*#%/'A!%/.!%&./-'/!+/$+&0/.!;!4"%%$(&)2&X''1$60((0>7$2$>%;YlA!%/'!0&*!
,&+/!3%0#*+'/!M.3+/.3%'#*/*,/.!9>!B<<*/R<.9%3-'/.!<J!P^&''/.H!1J*/%/,!)@./,!9((/$'*&+)/%/$!
#*',J!9>!%/./,!)9*%$&$+!'&*!"QN)>$!9+!*&+$/$%/!<.9%3-'/.A!3%/$!$9+/$!(9.>!(9.!./%#-'&9$!(.#!
XE!W&*#+!EgXX!W&*#+!ETXg!W&*#+!EbXT!W&*#+!EdXb!W&*#+!EfXd!W&*#+!EaXf!W&*#+!XF
!
!
!
!
!
!
!
!"#$%$#&#'(&)($%&)*&+,-#$".&-+
!"#$%#%&'
()*+,+*%*%#'
-#$(.+&(*+".%#&'
*+/&*%0%,1#%/&%'
gX
593.$#*&,'/$,!,&%/H!Q/.(9.3%/$!(@*+/.!9+,J!>/./!3$%/.)9*%$&$+,<.K+/%/!#.'&-*/.A!%/.!./%/+@.!
(9.!)0&*-/!0&%/9/.A!%/.!(#*%/.!&!&$'/.$/'M.3+/.$/,!,>#+!,J,9>!;i0>*8&#-*:N0-@@?(&$($P$%&
P$(/$>*8$>/%;!Xa!9+!;=0($>&*?7$(&*"%�(>*&@0(&'+&,)-!-#$;nDH!Q/.!/.!&!%&,,/!'&*(K*%/!'#*/!9>!
0&.#*/!>#.-/%,(@.&$+,-#><#+$/.!(.#!)/$)9*%,0&,!9.+#$&,#'&9$/.$/!B..&0#!9+!e&,&'Q/$>#.-A!,9>!
M/++/!)#.!)#('!,'9.!,377/,!>/%!#'!$J!^/MM.3+/.$/H!Q/''/!(9.-*#./.!%/.>/%!<&*/$A!&!U+3.!XHXHA!
&%/'!9.+#$&,#'&9$/.$/,!'&*,'/%/0K./*,/!9+!#-'&0&'/'/.!<J!%/!,97&#*/!>/%&/.!*#$+'!)/$!#%!0/5/$!
3%/*3--/$%/!/.!&$'/./,,#$'/!(9.!>#,,/>/%&/.$/!&!%/'!9>(#$+A!%/!0K--/.!M9.+/.$/,!&$'/./,,/!&!
%/!<J+K*%/$%/!$/'(9.#H!
4#$!-#$!,J*/%/,!#.+3>/$'/./!(9.A!#'!%/$$/!M./%/!0&('/!#(!#-'&0&'/',+/$+&0/$%/!$:)/%,#.'&-*/.!
./<.K,/$'/./.!/'!0K,/$'*&+'!<#.#%&+>/,-&('!&!$:)/%,<.9%3-'&9$/$A!,9>!$3!&!)@5/./!+.#%!
,:$/,!#'!*#%/!M9.+/.$/!-9>>/!'&*!9.%/H!2*/./!'/9./'&-/./!)#.!'&%*&+/./!,<9./'!,&+!&$%!<J!
,J%#$$/!>/-#$&,>/.A!(9.!/-,/></*!\99>M,A!%/.!&!,&$!#.'&-/*!(.#!EFFE!9>'#*/.!593.$#*&,'/.,!
&$(9.>#'&9$,+/$+&0/*,/!(.#!&$'/.$/'>/%&/.!,9>!:()**)P$(&*%)("$*O!
;f()**)P$(&*%)("$*&0($&>$4*&2$/"0&*%)("$*&%N0%&:"%$&%N$&"**-$a*&4$#*"%$&0*&0&*)-(:$;!Z\99>M,A!
EFFEOEEX[H!
Q/.!/.!>/%!#$%./!9.%!'#*/!9>!>#,,/>/%&/.$/,!M*J,'/><*&$+!#(!%&+&'#*/!>/%&/.!,9>!
$:)/%,-&*%/H!W/+./M/'!M/$:''/,!&!%/$$/!(9.M&$%/*,/!&!/$!"**-$&20>07$2$>%R-9$'/-,'gGA!>/$!
-3$$/!90/.(@./,!'&*!90/$$K0$'/!$:/!M.3+A!)09.!#-'&0&'/'/.!<J!,97&#*/!>/%&/.!U+3././.!&!%/!
'.#%&'&9$/**/!$:)/%,>/%&/.!&!>/./!/**/.!>&$%./!%&./-'/!+.#%H!!
4/%!%/!,97&#*/!>/%&/.,!(./>-9>,'!/.!%/.!&>&%*/.'&%!9<,'J/'!*#$+'!]/./!#(!%&,,/!:()**)P$(&
*%)("$*A!,9>!&--/!-#$!(9.-*#./,!3%/*3--/$%/!0/%!)5K*<!#(!!\99>M,!'/9.&A!)09.(9.!%/.!,J*/%/,!
(9./-9>>/.!#'!0K./!/'!M/)90!(9.!90/$,'J/$%/!-#'/+9.&,/.&$+!#(!>$%PO(8*J)-(>01"*%"88$>H!!
29.!#'!(9.,'J!%/!$:/!>/-#$&,>/.!&!$:)/%,<.9%3-'&9$/$A!-3$$/!>#$!*&+/*/%/,!&$%%.#+/!6&/../!
W93.%&/3,!'/9.&!9>!1$&:N02'&J)-(>01"*%"d-$A!%/.!#(!%/$!(.#$,-/!,97&9*9+!-.&'&,/./,!(9.!#'!
0K./!,'K.-'!,':./'!#(!>#.-/'&$+,*9+&--/$A!/**/.!)0#%!)#$!M/'/+$/.!,9>!1a0-/"20%H!Q/''/!(J.!&!
)@5/./!9+!)@5/./!+.#%!593.$#*&,'/.$/!'&*!#'!<.&9.&'/./!3$%/.)9*%$&$+!9+!,<9.'!<J!%#+,9.%/$/$!
ZW93.%&/3AGaabOTf[H!19>!>&'!%#'#+.3$%*#+!9+!90/$,'J/$%/!+/$$/>+#$+!M/0&%$/.A!U$%/,!
%/.!&$%&,-3'#M/*'!/$!.K--/!#.'&-*/.!>/%!3%+#$+,<3$-'!&!%/!,97&#*/!>/%&/.A!%/.!-#$!'&*,-.&0/,!
3$%/.)9*%$&$+,+/$./$A!(9.!/-,/></*!;Cj6+("7&8>O7%&$(&8)>7$>&0@&,)-!-#$;nKA!;E)-P$0-&:1"'&
/$&.0/A&B070&*-(&,)-!-#$;nY!9+!;!A8&%0"40>$*$(&$(&,)-!-#$6*$>*0%")>;nnH!19>!%/''/!-#<&'/*,!
-#'/+9.&,/.&$+!<J0&,/.A!.K--/.!3%0&-*&$+/$!&>&%*/.'&%!*K$+/./!/$%!,9>!,JA!9+!593.$#*&,'&--/$A!Xa!W&*#+!XGgF!W&*#+!XEgG!;,,3/!>#$#+/>/$'R%&,7&<*&$/$!%K--/.!90/.!0&.-,9>)/%/.,!,'.#'/+&,-/!&$%,#',!(9.!#'!-9.'*K++/!9+!>9%#.M/5%/!/0/$'3/**/!!!!-9$]&-'/.!>/%!%/./,!,'#-/)9*%/./H!1J*/%/,!/.!%/.!'#*/!9>!(9./M:++/*,/,<.97/,,/.A!%/.!'5/$/.!'&*!#'!M/0#./!9.+#$&,#'&9$/.,!!!!'&**&%,(9.)9*%!'&*!9>+&0/*,/.$/!Z\99>M,A!EFFE[HgE!W&*#+!XXgX!W&*#+!Xggg!W&*#+!XT
gg
%/.!M/0K+/.!,&+!&$%/$!(9.!.#>>/.$/!#(!%/!,97&#*/!>/%&/.A!-#$!,J*/%/,!&--/!3%/*3--/$%/!
<*#7/./,!&!3$%/.)9*%$&$+,-#'/+9.&/$H!Y:)/%,)&,'9.&/.$/!9>)#$%*/.!59A!,9>!0&,'A!&!*&+/!,J!)@5!
+.#%!<9*&'&-!9+!,#>(3$%,%/M#'!&!M./%!(9.,'#$%H!
QLRL#E0'Z--!.,";#
;!%/''/!&$%*/%/$%/!-#<&'/*!M/,0#./%/!,</7&#*/'!(@.,'/!%/*!#(!,&$!<.9M*/>(9.>3*/.&$+A!
%/.!M/,-K('&+/.!,&+!>/%!/.-/$%/*,/$!#(!%/!,97&#*/!>/%&/.,!&$%]:%/*,/!<J!M9.+/.$/,!
$:)/%,(9.M.3+!9+!>#,,/>/%&/.$/,!$:)/%,<.9%3-'&9$H!29.!#'!(9.,'J!>/%&/*#$%,-#M/',!$:/!
>/-#$&,>/.!%/U$/./%/,!%/!,97&#*/!>/%&/.!,9>!$/'<9.'#*/.A!%/.!>3*&++@.!&%/$'&'/',,-#M/*,/!
9+!,/*0&,7/$/,K''/*,/!(9.!&$'/.$/'M.3+/./H!='!,J%#$'!M/)90!/.!$/>*&+!-/$%/'/+$/$%/!
(9.!%/'!#-'3/**/!$/'0K.-,>/$$/,-/A!%/.!M*/0!&'#*/,#'!0/%!)5K*<!#(!MJ%/!/$!<9,'>9%/.$/A!
,/$>9%/.$/!9+!):</.-9><*/-,!'/9.&'&*+#$+H!Q/$$/!,#>(3$%,>K,,&+/!3%0&-*&$+!#$,<9./%/!
'9!<.&>K./A!$:/!'/$%/$,/.!&$%/$!(9.!>/%&/(/*'/'A!,9>!M/++/!M*/0!M/*:,'!&!-.#('!#(!7#,/R
#$#*:,/.A!%/.!&**3,'././.!$:)/%,(9.M.3+/./,!,J0/*!,9>!$:)/%,<.9%37/$'/.,!$:/!(K.%/$!&!%/'!
$/'0K.-,9.&/$'/./%/!>/%&/*#$%,-#MH!;!,</7&#*/',!(@*+/$%/!-#<&'/*!0&*!%/$$/!3%0&-*&$+!M*&0/!)9*%'!
9<!&!>9%!-*#,,&,-/!>/%&/'/9.&/.H!29.>J*/'!)/.>/%!/.!#'!%&,-3'/./A!)0#%!%/'!M/':%/.!(9.!#*>/$'!
#77/<'/./%/!>/%&/'/9.&/.A!$J.!&$'/.$/'M.3+/.$/!&$%%.#+/,!&!%/$!593.$#*&,'&,-/!'/-,'<.9%3-'&9$A!
%/*,!0&#!#.'&-/*%/*&$+!<J!%/!,97&#*/!>/%&/.A!%/*,!$J.!%/./,!#-'&0&'/'/.!)/.<J!0&%/./M.&$+/,!#(!
>#,,/>/%&/.$/H!
RL#HCIG?<@?#>?@A?>?BCDE3?3#
P./%5/!-#<&'/*,!M/*:,$&$+!#(!3%0&-*&$+/$!&$%/$!(9.!MJ%/!$:)/%,(9.M.3+!9+!$:)/%,<.9%3-'&9$!
,:$/,!#'!./5,/!/$!.K--/!<.9M*/>,'&**&$+/.!&!(9.)9*%!'&*!K*%./!>/$!,'#%&+'!#77/<'/./%/!
>/%&/'/9.&/.H!;!%/'!(@*+/$%/!-#<&'/*!0&*!5/+!%/.(9.!-.&'&,-!%&,-3'/./!,J%#$$/!'/9.&/.A!>/%!,K.*&+'!
(9-3,!<J!9<(#''/*,/$!#(!>/%&/.$/,!)90/%(3$-'&9$/.!,9>!70%$68$$'">7!9+!07$>/06*$%%">7H!
29.>J*/'!)/.>/%!/.!#'!3%0&$%/!$:/!</.,</-'&0/.!<J!%&,,/!'/9.&/.!>/%!)/$M*&-!<J!#'!JM$/!9<!(9.!
/'!>/./!#%K-0#'!M&**/%/!#(!$3'&%/$,!>/%&/*#$%,-#M!9+!%/',!>#$+(9*%&+/!./*#'&9$/.H!
29.!-9.'!#'!&$'.9%37/./!%/''/!3$%/.,@+/*,/,(/*'A!/.!%/'!$@%0/$%&+'!#'!9<.&%,/!%/$!>#$+/J.&+/!
-9$,/$,3,!9>-.&$+!>#,,/>/%&/.$/,!<.&>K./!(3$-'&9$/.H!Q&,,/!M/,'J.!&!593.$#*&,'/.!9+!
./%#-'@./.,!,/*/-'&9$!9+!9>%#$$/*,/!#(!M/+&0/$)/%/.!'&*!$:)/%/.!Z70%$68$$'">7[A!,#>'!%/$!
/('/.(@*+/$%/!<J0&.-$&$+!#(!%#+,9.%/$/$!(9.!%/$!9((/$'*&+/!>/$&$+,%#$$/*,/!Z07$>/06*$%%">7[H!
1&><*&U7/./'!-#$!%/''/!<#.#%&+>/!9<,'&**/,!,9>!&!U+3./$!<J!%/$!(@*+/$%/!,&%/O
gT
!!!!!!!!!!!!!!!!!
9"7-(&nTCT&L0**$2$/"$(>$*&N)P$/@->8%")>$(&V=10-*&Q$%$(*$><&KDDo<&@)($1O*>">7$(&"&L$/"$%$)("<&X0(N-*k&
UF\=<&XFZW
C%!#(!%/$!.K--/!>/'#(9./.A!%/.!&!'&%/$,!*@M!/.!M*/0/'!#$0/$%'!(9.!#'!M/,-.&0/!/$!,J%#$!
>/%&/.&$+,<.97/,A!/.!%/'!>/,'!+/$$/>+J/$%/!M&**/%/!#*',J!_1%$($%!/**/.!70%$68$$'$($>A!%/.!
./<.K,/$'/./.!/$!-.&'&,-!'&*+#$+!'&*!>#,,/>/%&/.$/!,9>!#(+@./$%/!#-'@.!&!%/$!9((/$'*&+/!
9<&$&9$,%#$$/*,/!Z47h3#&*A!EFFFObb[H!4/%!#$%./!9.%!&$%'#+/.!>#,,/>/%&/.$/!#*',J!&!-*#,,&,-!
(9.,'#$%!/$!>#+'(3*%!.9**/A!%/.!%9+!-3$$/!'K$-/,!#'!M*&0/!,0K--/'!&!'#-'!>/%!%/!,97&#*/!>/%&/.,!
&$%]:%/*,/!<J!,#>(3$%,3%0&-*&$+/$H!Y/%/$,'J/$%/!(./>'&%,<.9(/'&!(.#!47h3#&*!&$%(#$+/.A!
)09.*/%/,!%/'!%&+&'#*&,/./%/!>/%&/M&**/%/!0&*!<J0&.-/!)&%'&%&+/!>/%&/.&$+,,'.3-'3./.A!9+!%#$$/.!
,J*/%/,!3%+#$+,<3$-'!(9.!%/''/!-#<&'/*O
;U%&"*&>)%":$0#1$&%N0%&%N0%&%N$&P0(")-*&"207$*&/)&>)%&($@$(&%)&%N$&">%$(0:%"P$&')**"#"1"%"$*&)@&>$4&
2$/"0<&">&4N":N&%N$&a($:$"P$(a&:0>&#$:)2$&0&a*$>/$(a&0>/&208$&-*$&)@&%N$&2$/"0&">&">%$(0:%")>&
4"%N&%N$&$>P"()>2$>%T&!N"*&">/":0%$*&%N$&/$7($$&%)&4N":N&>$4&%$:N>)1)7A&20A&">/$$/&1$0/&%)&
($P)1-%")>0(A&:N0>7$*<&4"%N&a">%$(2$/"0%")>a&($'10:">7&)(&*-''1$2$>%">7&%N$&2$/"0%")>&'():$**T;!
Z47h3#&*A!EFFFObb[H!!
RLKL#F$7!4:!!0,";
;!,&$!-9.'/!0/.,&9$!M/,'J.!70%$68$$'">7R'/9.&/$!#(!/$!'&*+#$+!'&*!>#,,/>/%&/.$/!9+!593.$#*&,'/.$/!
,9>!(3$+/./$%/!,*3,/<#,,/./A!%/.!)#.!'&*!(9.>J*!#'!'&*R!9+!(.#0K*+/!M/+&0/$)/%/.!<J!+.3$%*#+!#(!
M/,'/>'/!-.&'/.&/.!/**/.!(#-'9./.!&!$:)/%,<.9%3-'&9$/$H!;$%/$!(9.!%/''/!(/*'!./<.K,/$'/./.!_#*'3$+!
9+!V3+/,!*$1$:%"P$&70%$68$$'">7!%/$!>/,'!7&'/./%/!'/9.&A!%/.!M/,-K('&+/.!,&+!>/%O
!IZo[!%N$&'():$**&#A&4N":N&4)(1/&$P$>%*&0($&:)>P$(%$/&#A&2$/"0&)(70>"G0%")>*&">%)&0&a2$/"0&
!
!
!"##$!$%&$'(
(
(
(
)"*$+,$$-&.)(
(
")$.%"+#$**&.)(
!
gb
"207$a&)(&'":%-($&)@&%N$&4)(1/&4N":N&"*&/"*%("#-%$/&%)&%N$&0-/"$>:$T;!Z47h3#&*!`!j&$%#)*A!
GaaXOGdXRGdT[H!
Q&,,/!<.97/,,/.!/.!&**3,'././'!#(!$/%/$,'J/$%/!U+3.A!,9>!0&,/.!)09.%#$!/$!.K--/!(9.,-/**&+/!
$:)/%,(#-'9./.!M&%.#+/.!'&*!#'!U*'././!,/*/-'&9$/$!#(!$:)/%/.H!D/+!0/$%/.!'&*M#+/!'&*!%&,,/!-.&'/.&/.!&!
,</7&#*/',!(@*+/$%/!#(,$&'H
9"7-(&nTKT&F$1$:%"P$&70%$68$$'">7&2)/$1�*$($%&'+&B01%->7&)7&R-7$&VL:x-0"1&[&^">/0N1<&CmmYW
4#,,/>/%&/.$/,!70%$68$$'">7R(3$-'&9$!-#$!*&+/*/%/,!(9.,'J,!0/%!&$%%.#+/*,/!#(!
,:,'/>'/9./'&-/./$!Y&-*#,!83)>#$$A!%/.!#.+3>/$'/./.!(9.A!#'!>#,,/>/%&/.$/!(3$+/./.!/('/.!
/$!-9%/A!%/.!/.!M#,/./'!<J!(9.,-/**/$!>/**/>!&$(9.>#'&9$!9+!&--/R&$(9.>#'&9$H!YJ.!>/%&/.$/!
<.9%37/./.!$:)/%/.A!#$,-3/.!%/!,J*/%/,!0/.%/$!3%!(.#!,<@.+,>J*/'!9>A!)0#%!%/.!/.!&$(9.>#'&0'!
9+!&--/R&$(9.>#'&0'!Zh09.'.3<A!GaafOEXd[H!h09.'.3<!M/>K.-/.!&!(9.*K$+/*,/!)/.#(A!#'!%/'!
&$'/./,,#$'/!0/%!>#,,/>/%&/.$/,!-9%/!&$(9.>#'&9$t&--/R&$(9.>#'&9$!*&++/.!&!(9.)9*%/'!'&*!'&%/$H!
;$(9.>#'&9$!*#%/.!,&+!%/.>/%!&--/!+/$'#+/A!(9.!,J!,$#.'!/$!M/+&0/$)/%!N$!+#$+!/.!M*/0/'!+59.'!
'&*!+/$,'#$%!(9.!&#+''#+/*,/!/.!%/$!M*/0/'!'&*!&--/R&$(9.>#'&9$H!Q/'!M/':%/.A!#'!>/%&/,:,'/>/'!
)/*/!'&%/$!(9.K*%/.!,&+!,/*0!9+!)/*/!'&%/$!>J!,@.+/!(9.!#'!-9$,'.3/./!$:/!&$(9.>#'&9$/.H!Q/.!
,-/.!>/%!#$%./!9.%!/$!,'#%&+!%/R#-'3#*&,/.&$+!9+!$/%,*&%$&$+!#(!&$(9.>#'&9$H!ZL<H7&'HOEXa[H!19>!
-9$,/-0/$,!)/.#(A!#-'3#*&,/./,!0/.%/$!,9>!)9.&,9$'!/('/.!)/*'!,</7&U--/!9+!,'#$%#.%&,/./%/!
-.&'/.&/.H!='!$K.*&++/$%/!/-,/></*!<J!%&,,/!/.!$:)/%,-.&'/.&/.$/A!%/.!/.!M/,'/>>/$%/!(9.!
>#,,/>/%&/.$/,!$:)/%,,/*/-'&9$/.A!9+!)0&,!'/9./'&,-/!+.3$%*#+!,J*/%/,!/.!,'K.-'!M/,*K+'/'!
>/%!70%$68$$'">7R'/9.&/$H!
!
!
!"#$%&'(')*+&&&&&&&&&&&&&&&&&&&&&&&&&&&,'%-.&/'#0'1*-")&&
&
&
&&
& & 23&&&&&&&&&2&
& &&&&4222& & &&&&&&&&&&22&& & & & & & &
& & & & & & & & & & &
& 422& & &&&&&&&&&222&
& &&&&&&&&42& &&&&&&&&&&&&24&
& & &&&4& &
! ! ! ! ! !!!"#$%&'()*+$%,")"+-./"%$"0"().*/%
!
1*+0,%"2"/)$%%%%%%%%%%%%%%%%%%%3",.'%4"+("5).*/%% % % %%%%%%% %%%%%%%%%%%3",.'%6-'7"%
%
%
%%
% % %
gd
RLKLKL#<&6!)':.,7!.,!."!
4/%!$:)/%,-.&'/.&/.$/!)/$0&,/,!'&*!/'!,K'!#(!-.&'/.&/.A!,9>!593.$#*&,'/.$/!M/0&%,'!/**/.!3M/0&%,'!
&!%/./,!3%%#$$/*,/!9+!#.M/5%/!)#.!&$'/.$#*&,/./'H!"#'/+9.&,/.&$+/$!#(!%&,,/!-*#,,&,-/A!
593.$#*&,'&,-/!$:)/%,-.&'/.&/.!-#$!,<9./,!'&*M#+/!'&*!j#*'/.!8&<>#$$A!%/.!#**/./%/!&!GaEE!
</+/%/!<JA!#'!/$!$:)/%!(@.,'!9+!(./>>/,'!M@.!0K--/!./,<9$,!)9,!%/$!#*>/$/!M/(9*-$&$+H!
?/.>/%!>/$'/!)#$A!#'!$:)/%/$!<J!N$!+#$+!,-3**/!#<</**/./!'&*!>9%'#+/./$,!@?1$1*$(&9+!'&*M:%/!
>3*&+)/%!(9.!"/$>%"_80%")>!ZY9.%!`!1'.u>Mv7-A!EFFgOEEX[H!4/%!#(,K'!&!%/$$/!'/9.&!3%0&-*/%/,!
&!'&%/$,!*@M!%/!#*>/$'!-/$%'/A!-*#,,&,-/!$:)/%,-.&'/.&/.A!%/.!U$%/,!M#+!(9.-9.'/*,/$!1H;H"HBHeHA!
9+!,9>!%K--/.!90/.!%/!+K*%/$%/!-.&'/.&/.O!F$>*0%")>A!U/$>%"_80%")>A!=)>M"8%A&X8%-01"%$%!9+!
wO*$>%1"7N$/H!19>!3%+#$+,<3$-'!,-#*!/$!+9%!$:)/%,)&,'9.&/!9<(:*%/!,#>'*&+/!-.&'/.&/.A!>/$!
-#$!9+,J!-9$,'.3/./,!3%!(.#!'#$-/$!9>!/'!-9><*/>/$'K.(9.)9*%A!)09.>/%!/'!$:)/%,-.&'/.&3>!
>/%!*#0!0K.%&!-#$!9<0/5/,!#(!N'!/**/.!]/./!#$%./!$:)/%,-.&'/.&/.!>/%!'&*,0#./$%/!)@5!0K.%&!
Z".#>)@('A!EFFXOTE[H!
4/%!/$!(9.,-$&$+,3$%/.,@+/*,/!&!GabTA!0&%/./(@.'/!%/!$9.,-/!(9.,-/./!_#*'3$+!`!V3+/!'/9.&/$!
9>!$:)/%,-.&'/.&/.$/A!&%/'!%/!3%0&%/%/!%/$!'&*!#'!'K**/!'9*0!<#.#>/'./O&@($8P$>*A!%O(*8$1A!
$>%A/"7N$/A!2$>">7*@-1/N$/A!8)>*)>0>*A!-P$>%$%N$/A!8)>%">-"%$%!9+!8)2')*"%")>!Z_#*'3$+!`!
V3+/A!GabTObTRbf[H!Q/.(9.3%/$!M/>K.-/.!(9.,-/.$/A!#'!$:)/%,-.&'/.&/.!/.!7$>($($10%$($/$!9+!
*):")8-1%-($1%!M/,'/>'H!?0#%!#$+J.!%&,,/!,97&9-3*'3./**/!(#-'9./.A!#$'#+/,!)&,'9.&/.!9>!$1"%$@)18A!
$1"%$>0%")>$(A!'$(*)>$(!9+!>$70%"P$&NO>/$1*$(!#'!&$'/./,,/./!9((/$'*&+)/%/$!>/,'H!ZL<H7&'HObf[H!
;!(9.*K$+/*,/!#(!%/$$/!'9$/#$+&0/$%/!(9.,-$&$+A!M/,*3''/%/!?#.3<!9+!LiY/&**,!&!M/+:$%/*,/$!#(!
%/'!$:/!J.'3,&$%/!#'!./03.%/./!_#*'3$+!9+!V3+/,!'/9.&!3%!(.#!/'!9>(#''/$%/!9+A!<J!%#0K./$%/!
'&%,<3$-'A!#-'3/*'!%#'#+.3$%*#+!#(!$:)/%,)&,'9.&/.H!8#$+'!%/!]/,'/!#(!%/!-*#,,&,-/!$:)/%,-.&'/.&/.!
M*/0!&!%/$!(9.M&$%/*,/!M/-.K('/'A!>/$!9+,J!/$!*#$+!.K--/!M*/0!'&*(@5/'!*&,'/$!90/.!(#-'9./.A!%/.!
-/$%/'/+$/.!%/$!+9%/!$:)/%,)&,'9.&/H!Q/.>/%!-9>!?#.3<!9+!LiY/&**,!M3%!<J!$:)/%,-.&'/.&/.$/!
'&*!#'!,/!3%!,9>!(@*+/$%/O!207%$1"%$A!8$>/"**$(A!->/$(N)1/>">7A!>)7$%&-P$>%$%A!>)7$%&>$70%"P%A!
>)7$%&')*"%"P%A!>)7$%&*)2&#$(?($(&20>7$&2$>>$*8$(A!>)7$%&*)2&$(&P"7%"7%&@)(&20>7$&
2$>>$*8$(A!)'@?17>">7$(!,#>'!NO>/$1*$(<&/$(&'0**$(&%"/$>*&07$>/0!ZY9.%!`!1'.u>Mv7-A!
EFFgOEEd[H!
Q/.'&*!,-#*!%/'!$K0$/,A!#'!$:)/%,<.&9.&'/.&$+/$!)K$+/.!,#>>/$!>/%!>#,,/>/%&/.$/,!@0.&+/!
0#*+!#(!$:)/%/.A!%#!%&,,/!#.M/5%/.!>/%!)/$M*&-!<J!#'!/('/.-9>>/!/'!0#.&/./'A!./%#-'&9$/*'!,'9(O!
gf
;U>70&>AN$%$(&'()/-:$(0*&"&$%%&P08--2&-%0>&*80&'0**0&">&"&2)(7)>/07$>*&%"/>">7&$11$(&>y*%0&
>AN$%**y>/>">7&):N&7$&$>&107)2
>/>">7T&9z(&0%&N+110&'-#1"8$>*&">%($**$&P"/&1"P&2+*%$&/$%&
@z($8)220!P0("0%")>&):N
>*!2$110>&)1"80&%A'$(&0P&>AN$%$(T;!ZY9.%!`!1'.u>Mv7-A!EFFgOEEd[H!
RLKLKLKL#<&!#"&6!)':.,7!.,!.#,#)!7#"!789.:'*.,!"7!.!)!#-!),!%$")':$5#
P/9.&/$!9>!$:)/%,-.&'/.&/.$/!9+!70%$68$$'">7!)#.!,J*/%/,!/$!*#$+!9+!'.#%&'&9$,.&+!)&,'9.&/!M#+!
,&+A!,9>!,</7&#*/',!9>(#$+!%9+!&--/!'&**#%/.!>&+!#'!+/$$/>+J!<J!%/'#*5/./'!0&,H!Q/'!/,,/$'&/**/!
M*&0/.!%/.&>9%!#'!03.%/./!>/%&/.$/,!$:)/%,-.&'/.&/.!&!(9.)9*%!'&*!%/!,97&#*/!>/%&/.H!19>!$K0$'!
&!,</7&#*/',!(9..&+/!-#<&'/*A!U$%/,!%/.!$/>*&+!/$!$:!,:,'/>#'&-!&!>J%/$A!)09.<J!%/!,97&#*/!
>/%&/.!9<'.K%/.!&!%/!'.#%&'&9$/**/!>/%&/.,!$:)/%,)&,'9.&/.H!=$!,:,'/>#'&-!M/0K+/$%/!,&+!<J!
/'!-9$'&$33>!#(!#.'&-*/.!>/%!2$%08)22->"8$($>/$A!8"1/$($@$($($>/$!9+!08%"P"%$%*7$>7"P$>/$!
&$%)9*%H!
2@.,'!9+!(./>>/,'!M@.!%/.!,K''/,!,<@.+,>J*,'/+$!0/%!_#*'3$+!`!V3+/,!'&%*&+/./!0&,'/!*$1$:%"P$&
70%$68$$'">7R>9%/*!ZU+3.!gHEH[A!%/.!&**3,'././.!%/'!+/$/./**/A!*&$/K./!(9.)9*%A!70%$68$$'">7R
'/9.&/$&./<.K,/$'/./.H!Q/$!(.#$,-/!(9.,-/.!\)#..9$!(9.)9*%/.!,&+!,K.*&+'!-.&'&,-!'&*!%/$$/!
(9.,'J/*,/A!&%/'!)#$!,#>>/$)9*%/.!%/$!>/%!%/$!'.#%&'&9$/**/!I-#$:*/'/9.&IA!%/.!9<,'&**/.!M9.+/./!
,9>!<#,,&0/!>9%'#+/./!#(!>/%&/.$/,!M3%,-#M/.O
;\11$&$*%&10&%(0/-:%")><&3&'()')*&/$*&;$@@$%*;&/$*&*)-(:$*&*-(&1$*&2b/"0*<&/-&P"$-c&2)/e1$&/$&
1a0"7-"11$&NA')/$(2"d-$&d-"&0&1)>7%$2'*&*$(P"&3&$c'1"d-$(&1$*&$@@$%*&/$*&2b/"0*&*-(&1$*&'-#1":*;T&
Z\)#..9$A!GaaTOdf[H!!
YJ.!593.$#*&,'/.$/!U$%/.!&$%)9*%!'&*!$:)/%,)&,'9.&/.!%&./-'/!<J!%/!,97&#*/!>/%&/.!-#$!
%/.!&>&%*/.'&%!0K./!'#*/!9>!/$!>/./!%:$#>&,-!<.97/,!&!$:)/%,,/*/-'&9$/$H!;!,'/%/'!(9.!
#'!M/'.#+'/!593.$#*&,'/.$/!,9>!%/!-#.#-'/.&,'&,-/!,*3,/<#,,/./A!%/.!/.!#$,0#.*&+/!(9.!#'!
3%0K*+/A!)0&*-/!/>$/.A!%/.!,-#*!<J!,#>(3$%/',!%#+,9.%/$A!M3.%/!>#$!&!,'/%/'!>/%'K$-/!
&$'/.$/'M.3+/.$/!&!>/%&/.&$+,<.97/,,/.$/H!;!%/$!)/$,//$%/!/.!#.'&-*/$!(.#!PeE!;u>/*8A1/&
L-N022$/&'+&90:$#))8;no!/'!+9%'!/-,/></*!<JA!)09.%#$!/'!,#>(3$%,./*#'/./'!/>$/A!%/.!
&$'/./,,/./.!9((/$'*&+)/%/$!9+!%/.(9.!%/M#''/./,!&!/$!+.3<</!<J!2#7/M99-A!M*&0/.!0&%/./M.#+'!
'&*!/'!*#$%,%K--/$%/!>/%&/!<J!+.3$%!#(!,&$!,'9./!M.3+/.'&*,*3'$&$+H!1J*/%/,!/.!%/'!#*',J!
&$'/.$/'M.3+/.$/A!%/.!3%0K*+/.!%/!./*/0#$'/!$:)/%,)&,'9.&/.A!,9>!%/.<J!,#>*/,!9<!#(!<./,,/$H!!
4/%!/$!,J%#$!7#,/!9<(9.%./,!'&*!/'!>/./!%:$#>&,-!9+!-9><*/-,'!M&**/%/!#(!,#>,<&**/'!>/**/>!
9((/$'*&+)/%/$!9+!<./,,/$!&!$:)/%,<.9%3-'&9$/$H!_&0/'0&,!/.!&$'/.$/'M.3+/.$/,!&$'/./,,/!(9.!gT!W&*#+!Xb
ga
/-,/></*0&,!43)#>>/%R-.&,/$!9<,'J/'!,9>!(@*+/!#(!>#,,/>/%&/.$/,!$:)/%,%K-$&$+!#(!
/>$/'H!4/%!#$%./!9.%!3%,<.&$+/.!M.3+/.$/,!%/M#'!<J!2#7/M99-!#(!>/%&/.$/,!$:)/%,%K-$&$+H!
=$!&$'/./,,#$'!>/-#$&,>/!9<,'J.!&>&%*/.'&%A!$J.!>#,,/>/%&/.$/!,J!#'!,&+/!I,</5*/.I!,&+!&!
M.3+/.$/,!./#-'&9$/.!<J!%/!,97&#*/!>/%&/.!9+!M.3+/.!%/>!,9>!9M5/-'!(9.!/$!$:!593.$#*&,'&,-!
)&,'9.&/H!='!/-,/></*!-3$$/!0K./!#.'&-*/$!(.#!D:**#$%,R69,'/$!;i9&($P*$*&'+&90:$#))8&$@%$(&
*'0($'088$;njA!%/.!M/./''/.!9>A!)09.%#$!/**/.,!'.9(#,'/!0K*+/./!#(!Q#$,-!29*-/<#.'&!+@.!9<.@.!
<J!%/!,97&#*/!>/%&/.A!,9>!(@*+/!#(!<#.'&/',!9<M#-$&$+!9>-.&$+!./+/.&$+/$,!,<#./<*#$/.H!
Q/''/!<9*&'&,-/!'&*'#+!/.!&!,#+/$,!$#'3.!M*/0/'!(9.>&%*/'!'&*!0K*+/.$/!0&#!<./,,/$A!>/$!%/'!/.!
M/>K.-/*,/,0K.%&+'A!)09.%#$!>#,,/>/%&/.$/!(@*+/.!9<!<J!)&,'9.&/$!0/%!#'!#(,@+/!%/!,97&#*/!
>/%&/.H
29.!,J!0&%'A!(9./-9>>/.!90/$$K0$'/!)&,'9.&/!&--/!3#*>&$%/*&+!(9.!>#,,/>/%&/.$/,!
$:)/%,<.9%3-'&9$H!e/%!$:/!<9*&'&,-/!'&*'#+!0&*!<./,,/$!':<&,-!(9.)@./!,&+!)9,!M/(9*-$&$+/$!(9.!
#'!)9*%/!,&+!#593.(@.'/!>/%!0K*+/.'&*,*3'$&$+/$A!(9.!/-,/></*!0&#!>/$&$+,>J*&$+/.H!B'!%/$$/!
9<(@*+$&$+!&!90/$,'J/$%/!'&*(K*%/!/.!3%(@.'!&!%/$!%&+&'#*/!0/.%/$!-#$!M/%,'!(9.-*#./,!>/%A!)0#%!
%/.!&!,</7&#*/',!(9..&+/!-#<&'/*!M*/0!9>'#*'!,9>!593.$#*&,'/$,!$:/!(/*'#.M/5%/A!9+!)&,'9.&/$!M/.@./.!
%#!9+,J!-*#,,&,-/!$:)/%,-.&'/.&/.!,9>!08%-01"%$%A!8)>M"8%!9+!)'@?17>">7H
B(!'&*,0#./$%/!/-,/><*/.!<J!$:)/%,)&,'9.&/.A!%/.!&$09*0/./.!,97&#*/!>/%&/.A!>/$!,'#%&+!/.!
9>(#''/'!#(!/-,&,'/./$%/!$:)/%,-.&'/.&/.A!-#$!$K0$/,!69*&'&-/$,!>/'#-9>>3$&-/./$%/!
M#++.3$%,#.'&-/*!9>!>9M$&$+O!;L)#>">7
>/%&#?(>&$8*'1)/$($(&'+&>$%%$%;n]T&Q/.!/.!>/%!%/$$/!
593.$#*&,'&,-/!)&,'9.&/!'#*/!9>!/'!/>$/A!%/.!&!!]/./!J.!)#.!(:*%'!>/+/'!&!%/$!9((/$'*&+/!%/M#'A!9+!
,9>!$3!)#.!M/0K+/'!,&+!90/.!&!%/$!%&+&'#*&,/./%/!0/.%/$H!=$!,J%#$!3%0&-*&$+!(9.3%,K''/,!#(!
>/%&/.$/!#'!&$'/./,,/./!9((/$'*&+)/%/$A!&%/'!%/$!'K**/.!]/./!$:)/%,-.&'/.&/.!,J,9>!8)>M"8%!%/!
3$+/!&>/**/>A!,#>'!PO*$>%1"7N$/A!&%/'!)&,'9.&/$!M/.@./.!MJ%/!M@.$A!(9.K*%./!9+!/$!.K--/!#$%./!
&$'/./,,/$'/.A!)/.3$%/.!<9*&'&-/./H!
1K.*&+'!%/!08%"P"%$%*7$>7"P$>/$!#.'&-*/.!9>!,97&#*/!>/%&/.!,:$/,!&>&%*/.'&%!#'!./5,/!'0&0*!9>!%/$!
-*#,,&,-/!'/9.&!9>!$:)/%,-.&'/.&/.$/H!YJ.!%/.!/-,/></*0&,!<3M*&7/./,!)&,'9.&/.A!%/.!3%/*3--/$%/!
M/,-K('&+/.!,&+!>/%A!)0&*-/$!9((/$'*&+!</.,9$A!%/.!)#.!]/,'!'&*)K$+/./!<J!,97&#*/!>/%&/.A!,9>!
&!#.'&-*/$!(.#!D:**#$%,R69,'/$!;5#020&)7&.0/A&B070&8)>8-(($($(&'+&90:$#))8;nl!/**/.!QVi,!
;Z0*8$%*%J$(>$(&*1+(&Z"11&B0%$*&'+&!4"%%$(;nmA!-#$!>#$!'#*/!9>!$:)/%,-.&'/.&/.A!%/.!&--/!'&%*&+/./!/.!
(#0$/'!#(!'/9.&/$H!Q/$!#>/.&-#$,-/!<.K,&%/$'!9+!/$!<9<,'5/.$/!)#.!3>&%%/*M#.'!&$+/$!&$%M:.%/,!
./*#'&9$A!M9.',/'!(.#!%/'!(#-'3>A!#'!%/!M/++/!/.!&!M/,&%%/*,/!#(!/$!9>,0K.>/'!<.9U*!<J!%/$!
,97&#*/!$/'0K.-,'5/$/,'/!2#7/M99-H!Q/'!/.!0#$,-/*&+'!#'!(9./,'&**/!,&+!593.$#*&,'/.A!%/.!(@.!%/!gb!W&*#+!Xdgd!W&*#+!Xfgf!W&*#+!Xaga!W&*#+!gF
TF
,97&#*/!>/%&/.,!/-,&,'/$,A!)#0%/!<.&9.&'/./'!#'!(9.(#''/!/$!#.'&-/*!>/%!/$!-9><#.#'&0!#$#*:,/!#(!
%&,,/!'9!9((/$'*&+/!</.,9$/.,!<9<3*#.&'/'H!Q/'!,#>>/!+@.!,&+!!+K*%/$%/!(9.!,#>>/$*&+$&$+/$!
>/**/>!,<9.',,'5/.$/.!9+!(9../'$&$+,>#$%/$!W&**!_#'/,A!%/.!&--/!)#.!#$%/'!'&*!(K**/,A!/$%!#'!%/!
<J!./-9.%'&%!)#.!)0/.0/'!90/.!GFFHFFF!I(@*+/./I!<J&P^&''/.H!Q/.!)/.,-/.!>/%!#$%./!9.%!/$!$:!
*/+&'&>&'/'!&!#'!<.9%37/./!)&,'9.&/.!,<3$%/'!90/.!#-'&0&'/'/.!<J!,97&#*/!>/%&/.H!Y:)/%,-.&'/.&/'!&!,&+!
,/*0!,:$/,!#'!0K./!<#.'&-3*K./!9+!9<,&+',0K--/$%/!M/%.&('/.!&$%/$!(9.!.#>>/.$/!#(!%&,,/H!
_&0/'0&,!.3>>/.!90/$$K0$'/!7#,/R/-,/><*/.!9+,J!/*/>/$'/.!#(!-*#,,&,-/!$:)/%,-.&'/.&/.!,9>!
*$>*0%")>A!->/$(N)1/>">7A!$1"%$'$(*)>$(!9+!&--/!>&$%,'!"/$>%"_80%")>H!1&%,'$K0$'/!-.&'/.&3>!>/%!
%/$!M/+.3$%/*,/A!#'!/'!M./%'!3%,$&'!#(!$:)/%,-9$,3>/$'/.$/!,/*0!M/'5/$/.!%/!,97&#*/!>/%&/.A!
9+!%/.(9.!(9.,'J.!%/$!>/'#*&+$/$%/!0&.-/*&+)/%A!%/.!U$%/,!<J!$/'0K.-,,&%/.$/A!)09.!%N'!#'!+@./!
,&+!'&*!(#$!#(!9((/$'*&+/!</.,9$/.!/.!#*>&$%/*&+!<.#-,&,H!
;!\).&,'/$,/$,!'&%*&+/./!9>'#*'/!#.'&-/*!/.!)9*%$&$+/$!%#!9+,J!%/$A!#'!$:)/%,)&,'9.&/.A!%/.!/.!
M#,/./'!<J!%/!,97&#*/!>/%&/.A!&!*#$+!3%,'.K-$&$+!>&$%/.!9>!%/!'.#%&'&9$/**/!>#,,/>/%&/.,!
$:)/%,%&,<9$/.&$+A!,9>!)#$!-/$%/'/+$/.!0/%!;8("%"*8$<&8)>*%(-8%"P$<&>)(20%"P$<&0@*1?($>/$&)7&
*$>*0%")>$11$&>AN$/$(&8(A/($%&2$/&$%&'0(&*$1*80#$1"7$&)7&71O/$1"7$&N"*%)("$(;!ZEFGF[H!!
1J*/%/,!%./5/.!%/'!,&+!#*',J!&--/!$@%0/$%&+0&,!9>!K$%./%/!$:)/%,-.&'/.&/.A!>/$!>J,-/!
,$#././!9>!/$!$:)/%,<.9%3-'&9$A!%/.!&!,'@../!9+!,'@../!+.#%!./''/.!9<>K.-,9>)/%/$!&>9%!
9+!9<<.&9.&'/./.!#-'&0&'/'/.!<J!%/!,97&#*/!>/%&/.H!4#$!-#$!%/.>/%!&!,K.%/*/,)/%!'#*/!9>!$:/!
593.$#*&,'&,-/!#.M/5%,>/'9%/.!9+!&--/!>&$%,'!9>!K$%./%/!-9>M&$#'&9$/.!#(!$:)/%,-.&'/.&/.H!
P&*,0#./$%/!-#$!>#$!/$%%#!#.+3>/$'/./!(9.!/$!$:!<.&9.&'/.&$+!#(!$:)/%,-.&'/.&/.A!)09.!
"/$>%"_80%")>!0/5/.!'3$+/./!/$%!/-,/></*0&,!08%-01"%$%!k!+#$,-/!+9%'!&!'.J%!>/%!%/$!
<9,'>9%/.$/!9+!):</.-9><*/-,/!,#>(3$%,3%0&-*&$+H!D/+!0&*!0/$%/!'&*M#+/!'&*!%/$$/!&#+''#+/*,/!
&!,</7&#*/',!,&%,'/!-#<&'/*,!</.,</-'&0/./$%/!%&,-3,,&9$H
RLML#D.$-,";#*;#0.,-,";
W/,*K+'/'!>/%!'/9.&/$!9>!>#,,/>/%&/.$/,!)90/%(3$-'&9$/.!U$%/,!%/!0K,/$'*&+/!M/+./M/.!
@(02">7!9+!'("2">7H!4/%!@(02">7!,'&**/,!,-#.<'!<J!593.$#*&,'/.$/,!>#$+*/$%/!9M5/-'&0&'/'!&!%/./,!
./%#-'&9$/**/!#.M/5%/H!?0#%!/$'/$!%/!)#.!&$'/$'&9$/.!9>!%/'!/**/.!/5A!0&$-*/,!%/./,!)&,'9.&/.!
$/>*&+!-9$,/-0/$'!0&#!,<.9+M.3+!9+!%&,-3.,/.A!-&*%/0#*+A!-9$'/-,'3/**/!./(/./$7/.!9+!,J!
(./>%/*/,!Z47h3#&*A!EFFTOXdf[H!9(02">7!-#$!>/%!#$%./!9.%!9<,3>>/./,!>/%!<.97/,,/.$/!
,/*/-'&9$!9+!,#*&/$,A!9+!'/9.&/$!<9&$'/./.!%/.>/%A!#'!593.$#*&,'/.!/.!&!,'#$%!'&*!#'!'&*%/*/!/'!/>$/!
/$!,'9.!M/':%$&$+!0/%!#'!,K''/!%/>!&$%!&!/$!M/,'/>'!-9$'/-,'H
TG
;VIW&*%)("$*&0($&7"P$>&2$0>">7&#A&($@$($>:$&%)&*)2$&'0(%":-10(&a>$4*&P01-$a&%N0%&:)>>$:%*&)>$&
$P$>%&4"%N&)%N$(&*"2"10(&)>$*;&Z47h3#&*A!EFFTOXdf[H
4#$!-#$!,J*/%/,!,#>>/$-K%/!@(02">7R'/9.&/$!>/%!90/$,'J/$%/!7#,/R#$#*:,/!#(!%/!
K$%./%/!$:)/%,-.&'/.&/.H!YJ.!/$!593.$#*&,'&,-!#.'&-/*!M/)#$%*/.!/'!/>$/A!-#$!%/''/!@(02$*!&!
(9.)9*%!'&*!,97&#*/!>/%&/.!9+!%/.>/%!9<$J!/$!)@5!$:)/%,0K.%&!/**/.!M/'.#+'/*&+!,#*&/$,H!1J*/%/,!
-#$!#.+3>/$'/./,!(9.!/$!$:!@(02$!/**/.!0&$-*&$+A!%/.!3%+@./,!#(!%/!,97&#*/!>/%&/.A!9+!,9>!
+/$$/>,:./.!>#,,/>/%&/.$/!<J!'0K.,!#(!+/$./.H!='!7#,/R/-,/></*!<J!%/$$/!#$%/.*/%/,!
$:)/%,<.9%3-'&9$!-3$$/!0K./!#.'&-*/$!(.#!QV!;q-#$1&'+&90:$#))8&)P$(&>A$&2">"*%($;oDA!%/.!
&'#*/,K''/.!8#.,!8@--/!V#,>3,,/$,!>&$&,'/..9-#%/!,9>!/$!,377/,A!M#,/./'!<J!/$!$:9<./''/'!
'/>#+.3<</!<J!2#7/M99-H!
Q("2">7!-#$!#$,-3/,!,9>!/$!(9.*K$+/*,/!#(!%/$$/!'/9.&A!&%/'!%/$!9>)#$%*/.!>#,,/>/%&/.$/,!
/0$/!'&*!#'!,/$,&M&*&,/./!9((/$'*&+)/%/$!9>-.&$+!/'!M/,'/>'!"**-$T&e/%!#'!<.&9.&'/./!9+!+/$'#+/!
M/,'/>'/A!./*#'/./%/!$:)/%,)&,'9.&/.!<J!%#+,9.%/$/$A!9<)9M/,!%&,,/!9+!9.+#$&,/./,!,9>!
-$3%/.!&!$/'0K.-A!)09.>/%!9((/$'*&+)/%/$!,/$,&M&*&,/./,!9>-.&$+!/'!+&0/'!/>$/!Z;M&%[H!
;!'#-'!>/%!#'!>/%&/*#$%,-#M/'A!,9>!<J0&,'A!/.!M*/0/'!*#$+'!>/./!$/'0K.-,9.&/$'/./'A!-#$!%/.!
#.+3>/$'/./,!(9.A!#'!%/$!/$-/*'/!$:)/%,-9$,3>/$'!<J!%/!,97&#*/!>/%&/.!,/*0!/.!&!,'#$%!'&*!
#'!0K--/!,#>>/!9<>K.-,9>)/%!9>-.&$+!/'!/>$/!90/.!(9.!,&$!</.,9$*&+/!9>+#$+,-./%,H!;!
$/%/$,'J/$%/!>&$&R7#,/A!,/,!/'!/-,/></*!<J!/$!2#7/M99-RM.3+/.A!%/.!+/$/./*'!/.!3'&*(./%,!>/%!
%/$!%#$,-/!e"R./+/.&$+H!Q/'!(./>+J.!#(!M.3+/./$,!#.'&-/*%/*&$+A!%/.!'K**/.!]/./!$:)/%,)&,'9.&/.!
9>!./+/.&$+/$!9+!%/$,!,#>#.M/5%,<#.'&/.H!Y/%/$,'J/$%/!'9!7#,/,!/.!M*9'!/'!3%<*3-!#(!
M.3+/./$,!')*%*A!%/.!+/$$/>+J/$%/!/.!*/%,#+/'!#(!$/+#'&0/!)9*%$&$+,-9>>/$'#./.A!,J,9>!
;i$>&/0>*8$&($7$(">7&$(&P"(8$1"7&10>7%&-/$;&9+&;q$7&@)(*%+(&*"2'$1%N$>&"88$<&0%&@)18&80>&_>/$&'+&
0%&*%$22$&'+&i9T&\11$(&'+&$>&($7$(">7<&/$(&"&/$>&7(0/&*020(#$J/$(&2$/&/$2T;&&1J*/%/,!>&$%/.!
M.3+/./$!-9$'&$3/.*&+'!,&'!$/'0K.-!9>!,&$/!-.&'&,-/A!<9*&'&,-/!,:$,<3$-'/.A!)0&*-/'!%/*,!'5/$/.!/'!
,/*0&,7/$/,K''/$%/!(9.>J*A!%/*,!-#$!0&,/!,&+!#'!0K--/!)#$,!</.,9$*&+/!$/'0K.-,!&$'/./,,/!
9>-.&$+!%/'!/>$/A!%/.!9<'#+/.!)#>H!
TF!W&*#+!gG
TE
\8*$2'$1&nTC&;E)(/"*8$&>0#)$(&%)(/>$(&2)/&i0>20(8&)7&R?>>;&oC
&
\8*$2'$1&nTK&;i9k&Z$7($#$%&2$>>$*8$*A>&_>/$*&"88$;&oK
4/%!%/$$/!7#,/!9>!<.&0#'M.3+/.$/,!,/$,&M&*&,/.&$+!#(!%/!</.,9$*&+/!$/'0K.-A!)#.!5/+!&!,</7&#*/'!
'#+/'!)3*!<J!>&$!-.&'&,-/!%&,-3,,&9$!#(!/$%$3!/$!'0&0*,9>!>/%&/>/'#(9.c!07$>/06*$%%">7R'/9.&/$H!
TG!W&*#+!gETE!W&*#+!gX
TX
RLQL#C;!")$4'!77,";
!!!!!!!!!
9"7-(&nTCT&L0**$2$/"$(>$*&N)P$/@->8%")>$(&V=10-*&Q$%$(*$><&KDDo<&@)($1O*>">7$(&"k&L$/"$%$)("<&X0(N-*k&
UF\=<&XFZW
X7$>/06*$%%">7R'/9.&/$!-#$A!*&+/,9>!70%$68$$'">7R'/9.&/$A!,<9./,!*#$+'!'&*M#+/!'&*!%/$!
'9$/#$+&0/$%/!(9.,-/.!j#*'/.!8&<>#$$A!%/.!9('/!7&'/./,!(9.!,&$!3%'#*/*,/!9>!>#,,/>/%&/.$/,!
M./%'(#0$/$%/!&$%]:%/*,/!<J!,#>(3$%,9.%/$/$O!
;Q-#1":&)'">")>&($*')>/*&>)%&%)&%N$&$>P"()>2$>%<&#-%&%)&%N$&'*$-/)6$>P"()>2$>%&:)>*%(-:%$/&#A&
%N$&>$4*&2$/"0;!Z47\9>M,A!EFFgOG[H
P/9.&/$A!%/.!M/%,'!90/.,K''/,!'&*!I%#+,9.%/$,K'$&$+I!M*/0!%9+!(9.!#*09.!(@.,'/!+#$+!&'#*/,#'A!%#!
47\9>M,!`!1)#^!>/%!%/./,!M/.@>'/!I\)#</*!?&**!1'3%:I!(9.>3*/./%/!/$!):<9'/,/!9+!>/'9%&-!
'&*!#'!(9.,-/!&!(K$9>/$/'H!?:<9'/,/$!M/,'J.!&!/$!,#>>/$)K$+!>/**/>!%/$!M/':%$&$+A!>/%&/.$/!
'&*%/*/.!/'!+&0/'!/>$/!9+!%/$!/('/.(@*+/$%/!M/':%$&$+A!,9>!,#>(3$%/'A!,#>(3$%,M9.+/.$/!/**/.!
9((/$'*&+)/%/$!'&*%/*/.!%/''/!Z47\9>M,!`!1)# A!GadE[H!P/,/$!M*/0!M/-.K('/'!0/%!/$!9>(#''/$%/!
/><&.&,-!3$%/.,@+/*,/!#(!$:)/%,%K-$&$+/$!#(!%/$!%#0K./$%/!#>/.&-#$,-/!0#*+-#><A!9+!
-9$-*3,&9$/$!M*/0!,9>!(@*+/.O
;!N()-7N&%N$"(&/0A6#A6/0A&*$1$:%")>&0>/&/"*'10A*&)@&%N$&>$4*<&$/"%)(*&0>/&>$4*&/"($:%)(*&@):-*&
)-(&0%%$>%")>&0>/&">M-$>:$&)-(&'$(:$'%")>*&)@&4N0%&0($&%N$&2)*%&"2')(%0>%&"**-$*&)@&%N$&/0A&
Z47\99>M,A!EFFgOG[H
Q/$!%#$,-/!(9.,-/.!B$-/.!W.&$-!83$%A!/.!&!%/$!(9.M&$%/*,/!9+,J!0K.%!#'!)K('/!,&+!0/%H!?#$!
03.%/./.A!#'!-9$,/-0/$,/$!)/.#(!M*&0/.A!#'!&--/!-3$!M9.+/./!>&,'/.!&$%]:%/*,/!<J!%#+,9.%/$/$A!
>/$!9+,J!<#.'&/.A!&$'/./,,/9.+#$&,#'&9$/.!9+!%/./,!-9>>3$&-#'&9$,#(%/*&$+/.A!(9.%&!%/!
&!,'&+/$%/!+.#%!M*&0/.!#()K$+&+/!#(!9+!9<>K.-,9>>/!<J!%/$!%#+,9.%/$A!%/.!,K''/,!#(!
$:)/%,&$,'&'3'&9$/.$/!Z83$%A!EFFEOGg[H!
!
!
!"##$!$%&$'(
(
(
(
)"*$+,$$-&.)(
(
")$.%"+#$**&.)(
!
Tg
L0/.9.%$/'!,/'!)#.!'/9.&(/*'/'!0K./'!3$%/.*#+'!>/+/'!(9.,-$&$+!9+!0&%/./3%0&-*&$+A!)0&*-/'!V9+/.!
`!Q/#.&$+,!/"@@$($>%"01&07$>/06*$%%">7R'/9.&!/.!/'!/-,/></*!<JH!4/%!%/$$/!'/9.&!,-/*$/,!>/**/>!
'./!%#+,9.%/$/.O!>/%&/.$/,A!M/(9*-$&$+/$,!9+!<9*&'&-/.$/,A!9+!%/.!/.!,J*/%/,!'#*/!9>!/$!>/./!
-9><*/-,!'&*+#$+!'&*!07$>/06*$%%">7R<.97/,,/.$/A!,9>!9+,J!'#+/.!)@5%/!(9.!%/$!</.,9$*&+/!
/.(#.&$+!9+!%/$!&$'/.</.,9$/**/!-9>>3$&-#'&9$,!&$%]:%/*,/!<J!./7/<'&9$/$H!ZQ/#.&$+!`!V9+/.A!
Gaab[H
!
!!!!!!!!!!!!!!!!!!!!
9"7-(&nTYT&R)7$(&[&i$0(">7*&/"@@$($>%"01&07$>/06*$%%">7&2)/$1&VCmmjW
P/9.&/$!/.!%/,3%/$!M*/0/'!:%/.*&+/./!$3#$7/./'A!%#!%/.!&$%/$!(9.!(/*'/'!/.!-9>>/'!(9-3,!<J!
M*#$%'!#$%/'!6VRM.#$7)/$!9+!%/!<.9(/,,&9$#*&,/./%/!$:)/%,-&*%/.A!%/.!<J!*&+/!(9%!>/%!#$%./!
#-'@./.!)#.!M/':%$&$+!(9.!593.$#*&,'/.$/,!$:)/%,<.&9.&'/.&$+!9+!,J*/%/,!M&%.#+/.!'&*!#'!,K''/!
%#+,9.%/$/$!Z_#$%:A!GafE[H!
6J!'0K.,!#(!%/!>#$+/!3%*K+!#(!07$>/06*$%%">7R'/9.&/$A!(9.M*&0/.!/$!+/$$/>+J/$%/!%&,-3,,&9$!
&>&%*/.'&%!%/$!9>!>#,,/>/%&/.$/,!&$(9.>#'&0/!-9$'.#!</.,3#,&0/!/((/-'H!".&'&--/$!M/.9.!<JA!#'!
07$>/06*$%%">7R'/9.&/$!&--/!-#$!<J0&,/!/$!-#3,#*!./*#'&9$!>/**/>!>/%&/.$/,!&$%)9*%!9+!%/$!
9((/$'*&+/!%#+,9.%/$H!
?&%'&*!)#.!%/'!,#>*/$%/!,:$,<3$-'!M*#$%'!(9.,-/./!,J*/%/,!0K./'A!#'!593.$#*&,'/.$/!&!%/./,!
%#+*&+/!0&.-/!/.!M/,'/>>/$%/!(9.!,#>(3$%/',!%9>&$/./$%/!"**-$*A!>/$!&--/!$@%0/$%&+0&,!
,<&**/.!/$!#(+@./$%/!.9**/!(9.!9((/$'*&+)/%/$,!>/$&$+,%#$$/*,/H!4/%!#$%./!9.%!#(,</5*/.!>/%&/R
%#+,9.%/$/$!*#$+'!(.#!#*'&%!9((/$'*&+)/%/$,!<9*&'&,-/!<.K(/./$7/.!>/$!M@.!,$#././!9<(#''/,!,9>!
/'!<.&,>/A!%/.!-#$!+@./!,>J!<.9M*/>/.!&!M/(9*-$&$+/$!'&*!,'9./!<.9M*/>/.!<J!%/$!<9*&'&,-/!,7/$/!
k!9+!9>0/$%'!Z83$%A!EFFEO!Gg[H!='!>/+/'!-/$%'!7&'#'A!%/.!3%'.:--/.!%/$$/!)9*%$&$+!-#$!U$%/,!
TT
)9,!W/.$#.%!\9)/$O
;VIW&%N$&>$4*&2$/"0&20A&>)%&#$&*-::$**@-1&">&%$11">7&'$)'1$&4N0%&%)&%N">8<&#-%&%N$A&0($&
*%->>">71A&*-::$**@-1&">&%$11">7&%N$"(&0-/"$>:$&4N0%&%)&%N">8&0#)-%T;&Z47\99>M,A!EFFgOT[H!!&
L0/$,'J/$%/!%&,-3,,&9$!/.!,K.%/*/,!./*/0#$'!&$%/$!(9.!07$>/06*$%%">7!,9>!'/9.&9>.J%/A!>/$!
,9>!$K0$'!&!,</7&#*/',!#(+.K$,$&$+A!)0&*/.!>&'!(9-3,!<J!#.M/5%/'!>/%!63M*&7!V/*#'&9$,A!9+!>&$!
&$%%.#+/*,/!#(!07$>/06*$%%">7&)#.!%/.>/%!&--/!/'!<9*&'9*9+&,-!(9.>J*H!1</7&#*/'!M/,-K('&+/.!,&+!
,J*/%/,!&--/!>/%A!&!)09.!)@5!+.#%!$:)/%,)&,'9.&/.!]:''/.!>/$&$+/.A!)9*%$&$+/.A!<9*&'&,-/!,'/>>/.!
>/%!0&%/./A!>/$!%/.&>9%!(9.!%/'!M&$%/*/%!>#,,/>/%&/.$/,!$:)/%,<.9%3-'&9$!3%+@.!>/**/>!
%&0/.,/!9.+#$&,#'&9$/.!9+!9((/$'*&+)/%/$H!
4&$!&$'/./,,/!(9.!%/''/!'/9./'&,-/!(/*'!M:++/.!%/.>/%!<J!%/$!/((/-'A!%/!,97&#*/!>/%&/.!)#.!
<J!>#,,/>/%&/.$/,!$:)/%,<.9%3-'&9$!9+!<J!%/$!K$%./%/!0&.#*/!9+!&%/$'&'/',,-#M/$%/!
$:)/%,-9$,3>/.&$+H!6J!'.9%,!#(!#'!'/9.&/$A!,9>!<J0&,'A!]/./!+#$+/!/.!M*/0/'!./0&%/./'A!
(9./-9>>/.!%/$!,'#%&+!&--/!#'!-3$$/!(#0$/!%/!$:/!,':.-/(9.)9*%A!,9>!%/!,97&#*/!>/%&/.!)#.!
#(,'/%-9>>/'!&!&$(9.>#'&9$,]9^/'H!=$!,J%#$!)9*%$&$+!U$%/,!9+,J!)9,!\)#..9$A!,9>!9<(9.%./.!
'&*!/$!:%/.*&+/./!-9><*/-,!'&*+#$+!'&*!07$>/06*$%%">7!,9>!'/9.&(/*'O
;U1&@0-%&0>01A*$(&$>&'()@)>/$-(&/$*&J$-c&:)>:($%*&')-(&:)2'($>/($&:)22$>%&1$*&0:%$-(*&
:N$(:N$>%&3&%"($(&1$-(&b'">71$&/-&J$-<&d-$11$&$*%&1$-(&20(7$&/$&20>{-P($<&:)22$>%&"1*&1a-%"1"*$>%&
$%&0P$:&d-$1*&(b*-1%0%*;!Z\)#..9$A!GaaTOfd[H!&
Q/.>/%!9<(9.%./.!\)#..9$!'&*!/$!(9.,'J/*,/!#(!07$>/06*$%%">7R<.97/,,/$!,9>!/'!-9><*/-,'!,<&*A!
%/.!&$09*0/./.!/$!.K--/!#-'@./.A!%/.!)0/.!&,K.!-K></.!%/./,!,#+H!=$!-9.'*K+$&$+!#(!%&,,/!
I-#></I!/.!$@%0/$%&+!(9.!#'!(9.,'J!>/%&/.&$+,<.97/,,/.$/A!9+!&!%/'!(@*+/$%/!0&*!,</7&#*/'!%/.(9.!
+/$$/>+J!/$!,/.&/!&**3,'.#'&0/!7#,/,A!%/.!,-#*!M/*:,/!07$>/06*$%%">7R>/-#$&,>/$!&!/$!'&%!>/%!
,97&#*/!>/%&/.H
RLQLKL#C;!")$4'!77,";#,#)!7#"!789.:'*.,!"7!.!)!#-!),!%$")':$5
Q/$!(@.,'/!7#,/!/.!9+,J!$K0$'!&!,</7&#*/',!&$%*/%$&$+!9+!-9$,'&'3/./.!/'!/-,/></*!<J!
>#,,/>/%&/.$/,!%K-$&$+!#(!#-'&0&'/'/.!<J!%/!,97&#*/!>/%&/.O!;.567(-''$&*80#$(&90:$#))86
#))2T;!TX!B.'&-*/$!/.!)/$'/'!(.#!QVi,!)5/>>/,&%/!9+!,'&**/.!,-#.<'!<J!/$!2#7/M99-R+.3<</A!
%/.!/.!,'&('/'!#(!(9./$&$+/$&8L!(9.!#'!<.9'/,'/./!>9%!./+/.&$+/$,!$/%,-K.&$+/.H!?&,'9.&/$!
/.!@(02$%!,J*/%/,A!#'!%/$!,'9./!9+!)3.'&+/!'&*,*3'$&$+!'&*!+.3<</$!M*#$%'!&$'/.$/'M.3+/.$/!/.!
Tb
&!(9-3,H!Q/''/!K$%./.!&>&%*/.'&%!&--/!<J!%/'!(#-'3>A!#'!/$!,'9.!+.3<</!%#$,-/./!-9>>/.!'&*!
9.%/!&!%/$!<9*&'&,-/!%/M#'A!&%/'!%/!(J.!3%'.:-'!%/./,!>#,,&0/!>9%,'#$%!>9%!%/'!<J+K*%/$%/!
<9*&'&,-/!&$&'&#'&0H!4/%!/'!3(9.<*&+'/$%/!-*&-!&!%/$!%#+*&+/!2#7/M99-R(K.%/$!-#$!M.3+/.$/,!
)9*%$&$+!,J*/%/,!M*&0/!9<,'@0/'!#(!593.$#*&,'/.!9+!0&%/./(@.'!'&*!%/$!@0.&+/!M/(9*-$&$+!9+!'&*!%/!
<9*&'&,-/!M/,*3'$&$+,'#+/./!0&#!>#,,/>/%&/.$/H!Y9-!/.!%/'!,'#%&+!593.$#*&,'/.$/A!%/.!3%0K*+/.!
%/''/!$:)/%,,'9(!9+!$:)/%,-&*%/.$/A!>/$!%/'!(9./-9>>/.!M*9'A!#'!>/%&/.$/!/.!$@%,#+/'!'&*!#'!
(9.)9*%/!,&+!'&*!%/!,97&#*/!>/%&/.,!,'9./!<9<3*#.&'/'!9+!'&*!%&,,/!(9.#,!$:/!,'#'3,!,9>!.3>!(9.!
>/$&$+,3%0/-,*&$+H!
='!*&+$/$%/!/-,/></*!(./>+J.!#(!P)/!_3#.%&#$,!#-'&0&'/',+/$+&0/$%/!#.'&-/*!;90:$#))8&*N)-1/&
#$&'0A">7&-*;onA!%/.!*&+/,9>!&!90/$$K0$'/!7#,/!M/,-K('&+/.!,&+!>/%!/$!$:9<./''/'&2#7/M99-R
+.3<</A!%/.!<J!'.9%,!#(!,&$/!(J!>/%*/>>/.!/.!(#*%/'!&!%/$!M.&'&,-/!./%#-'&9$,!&$'/./,,/H!_.3<</$!
(./>(@./.!%/'!,:$,<3$-'A!#'!2#7/M99-RM.3+/./!M3.%/!)#0/!&$%]:%/*,/!<JA!)09.%#$!%/'!,97&#*/!
>/%&3>,!@-9$9>&,-/!90/.,-3%!9>,K''/,A!&%/'!%/'!/.!M.3+/.$/A!%/.!+/$/././.!,<9$,9./.!9+!
,J*/%/,!9>,K'$&$+H!Q/'!&$'/./,,#$'/!0/%!%/''/!'&*(K*%/!/.A!#'!#-'&0&'/'/.$/!<J!%/!,97&#*/!>/%&/.!
&--/!M/)@0/.!#'!>@%/!,'9.!'&*,*3'$&$+!M*#$%'!M.3+/.$/!(9.!#'!M*&0/!0&%/./M.#+'!&!%/!'.#%&'&9$/**/!
$:)/%,-#$#*/.A!9+!%/.!/.!%/.>/%!7)#$7/!(9.!#'!,'/>>/.A!%/.!,#$%,:$*&+0&,!&--/!0#.!M*/0/'!)@.'!
3$%/.!#*>&$%/*&+/!(9.3%,K'$&$+/.A!-#$!3%0&-*/!,&+!'&*!0K,/$'*&+/!M&%.#+!&!%/$!9((/$'*&+/!%/M#'H!
29.!#'!:%/!%&./-'/!&$%]:%/*,/!<J!>#,,/>/%&/.$/,!$:)/%,%#+,9.%/$!)#.!%/'!)&%'&*!0K./'!
$@%0/$%&+'!>/%!/'!&$%+J/$%/!-/$%,-#M!'&*!593.$#*&,'/.$/,!#.M/5%,>@$,'./R!9+!.3'&$/.H!='!
+9%!&**3,'.#'&9$!(9.!%/$$/!<.#-,&,!/.!<./,,/>/%%/*/*,/$A!,9>!/('/.!#**/!-3$,'/$,!./+*/.!M@.!
3%(9.>/,!/('/.!%/$!+K*%/$%/!'.K-,'.3-'3.!(9.!/$!$:)/%,#.'&-/*!9+!'&*,-.&0/!,&+!593.$#*&,'/.$/,!
%&,-3.,(K**/,,-#MTTH!Y/'9<!%/$$/!(9.>!(9.!<J0&.-$&$+!#(!593.$#*&,'/.$/,!#+/$%#!>9%,0#./.!
%/$!<.9(/,,&9$#*&,/./%/!-9>>3$&-#'&9$,M.#$7)/,!-9></'/$7/.!9+!3%+@.!,J*/%/,!&--/!/$!
%&,7&<*&$A!%/.!>/,'./,!#(!%/$!/$-/*'/!M9.+/.H!?09.!_#$%:A!,9>!'&%*&+/./!$K0$'A!</+/.!<J!6VR
M.#$7)/$!,9>!/$!0&+'&+!#-'@.!&!$:)/%,<.9%3-'&9$/$A!(9./-9>>/.!%/.!$3!>/%!%/!,97&#*/!>/%&/.!
#'!0K./!9<,'J/'!$:/!>3*&+)/%/.!(9.!#'!<J0&.-/!>/%&/.$/,!%#+,9.%/$A!,J!%/'!&--/!#*/$/!/.!
>/%&/&$,'&'3'&9$/.$/A!%/.!#(+@.!)0&*-/!"**-$*A!%/.!,-#*!%9>&$/./!%/$!9((/$'*&+/!%/M#'H!_#$,-/!
+&0/'!/.!M.3+/.$/!#(!%/!,97&#*/!>/%&/.!&--/!$@%0/$%&+0&,!M/0&%,'/!9>!%&,,/!)#$%*&$+/.!9+!
<.97/,,/.A!>/$!%/.!-#$!0K./!'#*/!9>!$9+*/!$:/!>/-#$&,>/.!&!&$(9.>#'&9$,]9^/'A!,9>!M3.%/!
&$-*3%/./,!&!'/9.&/$!9>&07$>/06*$%%">7T&
TX!W&*#+!bFTg!W&*#+!ggTT!;(@*+/!'/9.&/$!M@.!<./,,/>/%%/*/*,/$!'&*,'.KM/!#'!(@*+/!%/!+/$./-9$0/$'&9$/.A!%/.!-/$%/'/+$/.!593.$#*&,'/.$/,!%&,-3.,(K**/,,-#MA!!!!,J0/*!0/.M#*'!,9>!0&,3/*'H!Q/$$/!&>&'#'&9$!#(!%/$!593.$#*&,'&,-/!$:)/%,(9.>&%*&$+!)#.!'&*!(9.>J*!#'!*/''/!%/!)J.%'!<./,,/%/!593.$#R!!!*&,'/.!9+!,J*/%/,!9<'&>/./!7)#$7/.$/!(9.!#'!M*&0/!<3M*&7/./'!9+!-9$'.9**/./!%/$!/$%/*&+/!9>'#*/!&!<./,,/$!Z2.#$%,/$!/'!#*HA!GaadO!Egf[H
Td
\8*$2'$1&nTYT&;R$"2$(&Z)&%J$>%$&'+&Z077$(6">%$(P"$4;&oo0
C%90/.!#'!<J0&.-/!>#,,/>/%&/.$/,!$:)/%,<.9%3-'&9$A!K$%./.!%/!,97&#*/!>/%&/.!,9>!$K0$'!
9+,J!$:)/%,-9$,3>/$'/.$/,!(9.M.3+!#(!>/%&/.A!,9>!)#.!'#+/'!/$!%./5$&$+!>9%!/$!0&.#*!
-#.#-'/.H!Q/*&$+/$!#(!#.'&-*/$!;R$"2$(&Z)&%J$>%$&'+&Z077$(6">%$(P"$4;!./<.K,/$'/./.!/'!/-,/></*!
<J!/$!2#7/M99-RM.3+/.,!<3M*&7/.&$+!#(!/$!$:)/%A!,9>!0/%-9>>/$%/!U$%/.!&$'/./,,#$'!#'!
%/*/!>/%!,&'!$/'0K.-H!4/%!07$>/06*$%%">7R'/9.&/$!&$!>/$'/!-#$!>#$!#.+3>/$'/./!(9.A!#'!)#$!
&$%'.K%/.!&!.9**/$!,9>!70%$68$$'$(!(9.!,&'!</.,9$*&+/!$/'0K.-H!C%90/.!#'!03.%/./!./*/0#$,/$!
#(!$:)/%/$!(9.!,&$/!0/$$/.A!'5/$/.!#.'&-/*%/*&$+/$!,9>!'&%*&+/./!$K0$'!/'!,/*0&,7/$/,K''/$%/!
(9.>J*A!%/.!M*#$%'!#$%/'!3$%/.,'@''/,!#(!M.3+/./$,!'&*-$:''/%/!-9>>/$'#.O!;*A>%$*&@?(*%&R$"2$(&
Z)&P0(&$>&P0%>"**$20>/T&E-&%A/$(&/$%&'+&N0>&$(&$>&P0%>"**$20>/&%"1&*017;<!%/.!'&*-/$%/+&0/.!!
M.3+/./$,!</.,9$*&+/A!$/+#'&0/!)9*%$&$+!'&*!%/$!-/$%'/!'0R0K.'H!29.!#'!0/$%/!'&*M#+/!'&*!'&%*&+/./!
#(,$&',!&$'.9%3-'&9$!#(!@(02">7R'/9.&/$A!-#$!>#$!)/.!'#*/!9>!/$!#*>&$%/*&+/!$:)/%,-9$,3>/$',!
0&$-*&$+!#(!/$!#.'&-/*A!&%/'!)#$!>/%!,&'!$/+#'&0/!9.%0#*+!,K''/.!#.'&-*/$!&!/$!+#$,-/!#$%/$!
-9$'/-,'H!
e/%!#'!'.K--/!*&$5/.!'&*M#+/!'&*!17).@%/.,!#.'&-/*!9>!%#$,-/.$/,!$:)/%,(9.M.3+!ZEFGF[A!M*&0/.!
%/'!&$'/./,,#$'A!)09.%#$!2#7/M99-RM.3+/./!%#+*&+'!/-,<9$/./,!(9.!0/$$/.,!$:)/%,%/*&$+H!4#$!
-3$$/!,9>!$K0$'!(9.,'&**/!,&+A!#'!M.3+/.$/!>/%!'&%/$!-#$!-9>>/!'&*!#'!M/'5/$/!,&+!#(!/$!$:!(9.>!
(9.!$:)/%,(9.M.3+!0/%!#'!)9*%/!,&+!9<%#'/./'!+/$$/>!,&$/!./*#'&9$/.!&!%/!,97&#*/!$/'0K.-H!;!/$!
,J%#$!+.#%A!#'!%/.!/$%9+!-#$!M*&0/!'#*/!9>!,3MR%&,'.&M3'&9$!#(!$:)/%/.!/**/.!9>!/$!</.,9$*&+!
(9.>!(9.!07$>/06*$%%">7H!Q/'!,-#*!$#'3.*&+0&,!&--/!$/+*&+/./,A!#'!#.'&-*/.$/A!%/.!%/*/,!<J!%/!
,97&#*/!>/%&/.A!'&*!,'#%&+)/%!)/$'/,!(.#!>#,,/>/%&/.$/,!$/'3%+#0/.!9+!,J*/%/,!+/$$/>+J.!
>/%&/.$/,!$:)/%,,/*/-'&9$H!Q/'!M/>K.-/*,/,0K.%&+/!/.!%9+A!#'!%/!,/$/./!&!<.97/,,/$!,-#*!
<#,,/./!M.3+/.$/,!&$%&0&%3/**/!U*'./!(9.!#'!$J!3%!'&*!/$!M./%/./!>9%'#+/.+.3<</H!
19>!,</7&#*/',!%#'#+.3$%*#+!$/'9<!)#.!<J</+/'A!,'9<</.!(9.M.3+/.$/,!$:)/%,%/*&$+!&--/!
0/%!$:)/%,3%0K*+/*,/$A!>/$!*/%,#+/,!9('/!#(!/$!)9*%$&$+,'&*-/$%/+&0/$%/!-9>>/$'#.H!1/'!
&!(9.)9*%!'&*!07$>/06*$%%">7R'/9.&/$,!(9.>9%$&$+!9>!593.$#*&,'/.,!-9$,'.3-'&9$!#(!M9.+/.$/,!TT#!W&*#+!gT
Tf
%#+*&+/!0&.-/*&+)/%A!-#$!%/.!)/.!0K./!'#*/!9>!/'!M/)90!(9.!./0&,&9$H!4/%!M.3+/.$/,!3%0/-,*&$+!
#(!$:)/%/.!9+!-9>>/$'#./.A!M*&0/.!$:)/%,)&,'9.&/.!%./5/'!9+!(9.0./%/'!&!/$!,J%#$!+.#%A!#'!
593.$#*&,'/$,!M3%,-#M!<9'/$'&/*'!(9.#$%./,!/**/.!>J,-/!)/*'!(9.,0&$%/.H!Y:)/%,#.'&-*/$!M.3+/,!
,J*/%/,!&--/!-3$!'&*!#'!)9*%/!,&+!&$(9.>/./'!/**/.!,9>!*/%!&!%/$!'&%*&+/./!$K0$'/!</.,9$*&+/!
&,7/$/,K''/*,/A!>/$!-#$!M/'.#+'/,!,9>!/'!./%,-#M!&!%/$!&$%&0&%3/**/!M.3+/.,!$:)/%,<.9%3-'&9$H!
;$%/$!(9.!%/'!0&%/./3%0&-*/%/!9+!>/./!-9><*/-,/!-9>>3$&-#'&9$,<#.#%&+>/A!)#.!%/'!
*K$+/!0K./'!/$!/.-/$%/*,/A!#'!>9%'#+/.!>/%!,&$!(9.'9*-/$%/!(3$-'&9$!-#$!M/'.#+'/,!,9>!
>/%<.9%37/$'!#(!/$!'/-,'!k!+#$,-/!0&,'!<J!/'!-9+$&'&0'!$&0/#3!Z2.#$%,/$!/'!#*HAGaadOgG[H!Q/'!
M@.!(./>)K0/,A!#'!%/!,97&#*/!>/%&/.!$/'9<!+@.!%/'!>3*&+'!(9.!$:)/%,-9$,3>/$'/.!#-'&0'!#'!
'&*-/$%/+&0/!%/./,!(9.'9*-$&$+!9+!./7/<'&9$H!='!/-,/></*!<J!%/$$/!>/-#$&,>/!-#$!U$%/,!&!
7#,/$!;=)>7&F$$#0:N&0@&F80>/$(#)(7;A!%/.!./<.K,/$'/./.!/$!#.'&-/*!(.#!W/.*&$+,-/!P&%/$%/A!
,9>!%/*/,!#(!/$!M.3+/.!<J!2#7/M99-O!
\8*$2'$1&nTnT&;=)>7&F$$#0:N&0@&F80>/$(#)(7;&oj
D93.$#*&,'/$,!)/$,&+'!/.!':%/*&+0&,!>/%!%/$$/!#.'&-/*!#'!M/,-.&0/!<9<R(K$9>/$/'!V#,>3,!
1//M#7)A!%/.!%9>&$/./.!%/!%#$,-/!)&'*&,'/.H!Q/$!<J+K*%/$%/!2#7/M99-RM.3+/.!'&*-$:''/.!
&>&%*/.'&%!/$!-9>>/$'#.A!%/.!+#$,-/!#*%/*/,!K$%./.!$:)/%,)&,'9.&/$,!0&$-/*O
Tb!W&*#+!gb
Ta
;\(&"88$&"2')>$($%&)P$(&R0*2-*&F$$#0:N*&'10/$*017T&p$(&$(&!N)20*&F?"$&"&Z$(1">7*8$k&;U>/&
%(+/%$&!)22A*&*?>&R0*2-*<&/$>&*%?(*%$&8)2$%&"&/0>*8&')'2-*"8&*"/$>&!N)20*&p$12"7T&U88$&
@O(($&$>/&CjD&/0>*8$($&)7&$>&N$1&/$1&*P$>*8$($&N0(&$(NP$(P$%&*"7&->7$(*P$>/$>*&$%&+(&7021$&
/$#-%'10/$I;;&
e/%!,#.-#,'&,-!#'!7&'/./!#.'&-*/$!(J.!M.3+/./$&%./5/'!(9-3,!&$%!<J!593.$#*&,'/$,!(#-'#(/5*!Z%/!
GbF!,9*+'/!#*M3>,[A!9+!*/%/.!%/.>/%!9<>K.-,9>)/%/$!0K-!(.#!/$!>3,&--3*'3./*'!9.&/$'/./'!
#.'&-/*!)/$!>9%!/$!3$%/.)9*%/$%/!)&,'9.&/H!Q/.>/%!K$%./.!#.'&-*/$!(3*%,'K$%&+'!-#.#-'/.!9+!
%#$$/.!3%+#$+,<3$-'!(9.!%&#*9+!>/**/>!2#7/M99-RM.3+/./$!9+!0/%-9>>/$%/,!$/'0K.-H!=$!
2#7/M99-R0/$!/.!%#!&!%/''/!'&*(K*%/!9+,J!>/%!<J!,<@+/$!9+!-9>>/$'/./.O!;Z$(1">7$($>&N0(&
*)2&*O/P0>1"7&8)2'1$%&*%A(&'+&@08%0;<&>/$,!/$!#$%/$!<.@0/.!#'!$#0&+/./!0&$-*/$!'&*M#+/!0/%!#'!
,<@.+/!;w0(&/-&*$1P&%"1*%$/$r&i$%&P0(&)80A<&*$1P)2&@)(%)18>">7&0@&!)22A&P0(&1"/%&*8"/%&'+&1A/$>;H!
1J*/%/,!9<'.K%/.!#.'&-*/$!,9>!./%,-#M!&!/$!,97&#*!&$'/.#-'&9$!>/**/>!$/'0K.-,-9$'#-'/.A!)09.!
/>$/'A!0&$-*/$!9+!M3%,-#M/'!/.!'&*!-9$,'#$'!(9.)#$%*&$+!>/**/>!#-'@./.$/H!4/%!*#''/.*&++@./*,/$!
#(!593.$#*&,'/$,!#.M/5%/!(9./-9>>/.!$:)/%,>/%&/',!%#+,9.%/$!'&**&+/!#'!>&,'/!M/':%$&$+A!&%/'!
M.3+/.$/,!</.,9$*&+/!#+/$%#!&!,'/%/'!-9>>/.!'&*!#'!(./>,'J!,9>!%9>&$/./$%/!90/.!(9.!%/./,!
$/'0K.-H!!
4/%!90/$,'J/$%/!7#,/R/-,/><*/.!9+!%&,-3,,&9$!)#.!5/+!,J/'!'0&0*!0/%!07$>/06*$%%">7R'/9.&/$,!
)9*%M#.)/%!&!%/'!#-'3/**/A!$/'0K.-,9.&/$'/./%/!>/%&/*#$%,-#MH!?/.(.#!0&*!5/+!'.K%/!/'!,-.&%'!
'&*M#+/!9+!3$%/.,@+/!%/!M#+0/%*&++/$%/!>/-#$&,>/.!(9.!'/9.&/$A!%/.!3$%/.,@+/.!J.,#+/$!'&*A!#'!
07$>/06*$%%">7!,9>!(K$9>/$!9<,'J.H!Q/$$/!'/9.&%&,-3,,&9$!)#.!'&*!(9.>J*!:%/.*&+/./!#'!9<'/+$/!
/$!$3#$7/./'!(9.,'J/*,/!#(!%/!,97&#*/!>/%&/.,!&$%]:%/*,/!<J!>/%&/.$/,!07$>/06*$%%">7H!
RLQLML#X8!.)$;!"'#8!b8,'!.
=$!<,:-9*9+&,-!(9.-*#.&$+!<J!90/.(@.,*/$!#(!,#*&/$,!(.#!>/%&/.$/,!%#+,9.%/$!'&*!%/$!9((/$'*&+/!
%#+,9.%/$A!-#$!0K./!%/$!/$-/*'/!M9.+/.,!,J-#*%'/!>$$/&@)(&)("$>%0%")>O!
;U>>0%$&4"%N">&$0:N&)@&-*&"*&0&>$$/&%)&->/$(*%0>/&%N$&*-(()->/">7&$>P"()>2$>%T&^N$>$P$(&4$&
_>/&)-(*$1P$*&">&0&>$4&*"%-0%")><&">&0&:)7>"%"P$&P0:--2<&*)&%)&*'$08<&%N$($&"*&0>&->:)2@)(%0#1$&
@$$1">7&->%"1&4$&$c'1)($&0>/&2$>%011A&20'&%N0%&*$%%">7;T&Z47\9>M,A!EFFgOTX[H
?&%'&*!)#.!>#,,/>/%&/.$/,!,'J/'!(9.!#'!,-#M/!%/''/!(K**/,M&**/%/A!,9>!,-3**/!+3&%/!
9((/$'*&+)/%/$!&+/$$/>!/'!):</.-9><*/-,'!,#>(3$%H!1</7&#*/',!<9&$'/!M*&0/.!&>&%*/.'&%A!#'!
#.'&-/*%/*&$+!<J!%/!,97&#*/!>/%&/.!+@.!%/'!*/''/./!(9.!%/$!/$-/*'/!#'!9.&/$'/./!,&+!&!,#>(3$%/',!
bF
&$(9.>#'&9$,90/.*9#%H!29.3%/$!%/$!'&%*&+/./!$K0$'/!,3MR%&,'.&M3'&9$!#(!$:)/%/.!/**/.!</.,9$*&+/!
07$>/06*$%%">7A!U$%/,!$/>*&+!'/9.&/$!9>!07$>/062$1/">7A!%/.!<*K%/./.!(9.A!#'!$:)/%/$,!
./*/0#$,!M/,'J.!&A!9>!%/$!+@.!%/$!/$-/*'/!&!,'#$%!'&*!#'!&$'/.#+/./!>/%!M/':%$&$+,(3*%/A!,97&#*/!
(K**/,,-#M/.H!
;X7$>/062$1/">7&$10#)(0%$*&%N$&:)>:$'%&)@&>$$/&@)(&)("$>%0%")>"&$c'10">">7&4NA&'$)'1$&20A&
_>/&*)2$&07$>/0*&2)($&($1$P0>%&%N0>&)%N$(*<&>02$1A&#$:0-*$&)@&%N$"(&0@_1"0%")>&4"%N&:$(%0">&
:)22->"%"$*&)(&7()-'*;&Z47\9>M,A!EFFgOGgE[H&&&&
;!(9.*K$+/*,/!)/.#(!/.!%/'!#''/.!./*/0#$'!#'!&$%%.#+/!17).@%/.,!#.'&-/*!9>!%#$,-/.$/,!
>/%&/(9.M.3+A!)09.&!$/'9<!N$!#(!%/!9>'#*'/!4)(%N4N"1$R(#-'9./.!/.!@)(#">/$1*$&%"1&@O11$**80#$%H!
?/.3$%/.!/.!<#.#>/'/./'!NP$(/07*1"P$%*&4)(%N4N"1$>$**!&$'/./,,#$'A!(9.%&!%/'!(#0$/.!%/'!(9.)9*%A!
#'!>#$+/!M9.+/./!0K*+/.!>/%&/.!/('/.A!9>!%/!*/0/./.!&$(9.>#'&9$,./,,93.7/.A!,9>!+@.!%/>!
&!,'#$%!'&*!#'!&$'/.#+/./!>/%!#$%./!>/$$/,-/.!&!)0/.%#+/$,!>#$+(9*%&+/!,#>>/$)K$+/H!
Z17).@%/.A!EFGFOGXRGg[H!4/%!#.'&-/*%/*&$+/$!<J!%/!,97&#*/!>/%&/.!>#$&(/,'/./,!%/''/!&!
':%/*&+/./!+.#%A!&%/'!%/!/$-/*'/!M.3+/./!M/$:''/.!>3*&+)/%/$!(9.!#-'&0'!#'!'&*-/$%/+&0/A!)0&*-/!
$:)/%,)&,'9.&/.A!%/!U$%/.!./*/0#$'/!9+!(9.!'&*,0#./$%/!#'!)9*%/!/'!0J+/$'!@5/!>/%!%/./,!
$/'0K.-,!$:)/%,<.K(/./$7/.H!
17).@%/.,!#-'3/**/!-9.'*K+$&$+!#(!%#$,-/.$/,!$:)/%,(9.M.3+!0&,'/!&!%/$!(9.M&$%/*,/!/$!
&--/!90/..#,-/$%/!%/>9+.#U,-!&#+''#+/*,/O!C$+/!$:)/%,-9$,3>/$'/.!>/**/>!GT!9+!Gf!J.!
(9./'.K--/.!#'!*K,/!$:)/%/.!<J!$/''/'!9+!-3$!,5K*%/$'!9.&/$'/./.!%/!,&+!0&#!'.:-'/!$:)/%,>/%&/.!
ZL<H7&'HOGa[H!Q/.'&*!-9>>/.!Q#$,-!C$+%9>,!2K**/,.J%,!,K.%/*/,!./*/0#$'/!3$%/.,@+/*,/A!
%/.!0&,'/A!#'!%/$!:$+./!>J*+.3<</!#(!$:)/%,-9$,3>/$'/.!&!,'@../!9+!,'@../!+.#%!#$0/$%/.!%/!
,97&#*/!>/%&/.!,9>!<.&>K.!$:)/%,-&*%/!&!)0/.%#+/$!Z#(,$&'!XHXHGH[H!
=$!&$'/./,,#$'!M/'.#+'$&$+!(9.!%/!,97&#*/!>/%&/.!M*&0/.!%/.>/%!,#>>/$,>/*'$&$+/$!>/**/>A!
)0#%!%/.!9('/,'!M/'/+$/,!,9>!%/$!<.&0#'/!9+!9((/$'*&+/!,(K./H!?09.!>#$!&!07$>/06*$%%">7R
'/9.&/$!)&%'&*!)#.!0K./'!9<>K.-,9>!<JA!#'!>#,,/>/%&/.$/!&--/!3%+@.!M9.+/.$/,!/$/,'/!
$:)/%,-&*%/A!&%/'!%/!</.,9$*&+/!./*#'&9$/.!9+,J!M&%.#+/.!'&*!#'!)9*%/!9,!9<%#'/./'A!/.!%/'!
&$'/./,,#$'A!)09.%#$!>#$!,-/*$/.!,-#.<'!>/**/>!%&,,/!'9!':</.!I>/%&/.IH!
;!N$&20**&2$/"0&0($&>)%&)-(&)>1A&*)-(:$&)@&)("$>%0%")>&%)&'-#1":&0@@0"(*T&Q$(*)>01&$c'$("$>:$<&
4N":N&">:1-/$*&:)>P$(*0%")>*&4"%N&)-(&@02"1A<&@("$>/*&0>/&:)64)(8$(*<&01*)&">@)(2*&-*&0#)-%&
20>A&"**-$*T;&Z47\9>M,A!EFFgObF[H!
bG
19>!$K0$'!&!,</7&#*/',!M/+./M,#(-*#.&$+!'&*,*3''/.!5/+!>&+!/$!%/U$&'&9$!#(!9((/$'*&+)/%/$!,9>!
/$!,/*0./+3*/./$%/!,'@../*,/H!4/%!%/!,97&#*/!>/%&/.,!%9>&$/./$%/!.9**/!&!,#>(3$%/'!+&0/.!%/'!
,J*/%/,!&--/!>/+/$!>/$&$+!#'!,-/*$/!>/**/>!>#,,/>/%&/.$/,!9+!%/'!</.,9$*&+/!$/'0K.-,!
%#+,9.%/$H!Q/.!(9./-9>>/.!$/>*&+!#'!,-/!/$!-9$0/.+/$,!#(!%/$!/$-/*'/,!./*#'&9$/.!>/%!
(#>&*&/A!0/$$/.!9+!-9**/+/.A!,9>!$3!%&./-'/!-#$!./(/././!'&*!9+!3%'.:--/!,&+!0&#!>#,,/>/%&/.$/,!
<3M*&7/.&$+/.H!=$!-9$0/.+/$,A!%/.!)#.!/'!,J%#$'!9>(#$+A!#'!%/'!-3$$/!M/./''&+/!'&*!#'!%/U$/./!%/!
,97&#*/!>/%&/.!,9>!/'!</.,9$*&+'!>#,,/>/%&3>H
D/+!,'&**/.!%/.>/%!,<@.+,>J*,'/+$!0/%A!9>!593.$#*&,'/.$/,!$:)/%,<.&9.&'/.&$+!/('/.!%/!,97&#*/!
>/%&/.,!&$%'.K%/$!&!>/%&/*#$%,-#M/'!,'#%&+!M/0#./.!%/$!,#>>/!.9**/!,9>!-9><#,!9+!0/50&,/.!
(9.!%/$!/$-/*'/!$:)/%,-9$,3>/$'!9+!M9.+/.A!9+!&--/!>&$%,'!9>!%/!>/%!%/$!$:/!3%0&-*&$+!
M/0#./.!,#>>/!>#+'(3*%/!<9,&'&9$H!!
RLQLQL#<&6!)!."!'#+,.:Z%9.!#+,.:Z%$7,*"
;!(9.*K$+/*,/!#(!%/$$/!-.&'&-!/.!%/'!./*/0#$'!#'!&$%%.#+/!/$!#$%/$!0&+'&+!<9&$'/!&$%/$!(9.!
07$>/06*$%%">7R'/9.&/$A!$/>*&+!%/$!%/.!9>)#$%*/.!">%$(2$/"0&07$>/06*$%%">7H!29.3%/$!
%/$!+/$$/>+J/$%/!9<(#''/*,/!#(!593.$#*&,'/.!,9>!70%$68$$'$($!M/>K.-/,!%/'A!#'!9+,J!
$:)/%,&$,'&'3'&9$/.$/!,/*0!,K''/.!/$!&$'/.$!%#+,9.%/$!Z47\9>M,A!EFFgOGGd[H!Q/'!/$-/*'/!
>/%&3>,!$:)/%,<.&9.&'/.&$+!<J0&.-/,!>/%!#$%./!9.%!#(!%/!@0.&+/!>/%&/0&.-,9>)/%/.A!9+!
,J*/%/,!/('/.*/0/.!>/%&/.$/!-9$,'#$'!/$!,*#+,!,/*09<(:*%/$%/!<.9(/'&H!
6&/../!W93.%&/3!M/,-.&0/.!%/$$/!>/-#$&,>/!,9>!10&:"(:-10%")>&:"(:-10"($H!?#$!>/$/.A!#'!%/!
,'9./!$:)/%,-#$#*/.,!&$%)9*%!*&+$/.!)&$#$%/$!'&*!(9.0/-,*&$+!<J!'0K.,!#(!>/%&/+/$./.H!"3$!
&$(9.>#'&9$/.$/,!.K--/(@*+/!/.!(9.,-/**&+/A!9+!)#$!'&**K++/.!%/$$/!>/-#$&,>/!10&1)7"d-$&/$&10&
:)>:-(($>:$T&
;q$&>a0"&("$><&bP"/$22$>%<&:)>%($&10&:)>:-(($>:$<&20"*&Ja)#*$(P$&*$-1$2$>%&d-$<&1)(*d-a$11$&
*a$c$(:$&$>%($&/$*&J)-(>01"*%$*&)-&/$*&J)-(>0-c&d-"&*)>%&*)-2"*&0-c&2h2$*&:)>%(0">%$*<&0-c&
2h2$*&*)>/07$*<&0-c&2h2$*&0>>)>:$-(*&VIW&$11$&N)2)7b>b"*$&ZW93.%&/3A!GaabOEX[H!!
W93.%&/3!#.+3>/$'/./.!M*#$%'!#$%/'!)/.(9.!0/%!#'!3$%/.,'./+/A!#'!/$!,'9.!%/*!#(!593.$#*&,'/.$/,!
#.M/5%/!9+!./%,-#M/.!M/,'J.!&!#'!*K,/!%/$!@0.&+/!<./,,/A!)0&*-/'!)#$!3%'.:--/.!&!%/$!,&><*/!
(./>,'&**&$+O!
IZo[!')-(&*0P)"(&:$&d-a)>&P0&/"($<&"1&@0-%&*0P)"(&:$&d-$&1$*&0-%($*&)>%&/"%;!ZW93.%&/3A!GaabOEg[H!!
bE
?#$!3$%/.,'./+/.!%9+A!#'!%/!,>J!(9.,-/**/A!%/'!</.,9$*&+/!<.K+A!,9>!%/$!/$-/*'/!593.$#*&,'!
0K+'/.!)@5'A!>#,-/./.!%/$!,*J/$%/!*&+)/%!>/**/>!>#,,/>/%&/.$/!ZW93.%&/3A!GaabOEg[H!!
1J*/%/,!#$*K++/.!%/$!(.#$,-/!,97&9*9+!/$!,K.%/*/,!-.&'&,-!0&$-/*!<J!>#,,/>/%&/.$/,!
$:)/%,<.9%3-'&9$A!,9>!)#$!>/$/.!/.!,'K.-'!-9>>/.7&/*'!<.K+/'H!W93.%&/3,!-.&'&-!/.!%/*0&,'!
M/./''&+/'A!>/$!%/$!&$'/.>/%&#*/!%#+,9.%/$!(9./-9>>/.!&>&%*/.'&%!&--/!*K$+/./!,@+'!>#,-/./'!
#(!>#,,/>/%&/.$/H!L('/!9>'#*/,!>/%&/.$/,!$:)/%,<.&9.&'/.&$+!,9>!/$!)9>9+/$!,'@../*,/A!
/-,/></*0&,!>/%!,K'$&$+/.!,9>!;Q($**$>&*8("P$(I;A!9+!%/'!/.!'&*,0#./$%/!&--/!3$9.>#*'A!#'!
>/%&/.!>/+/'!/-,<*&7&'!#$+&0/.!/$!#$%/$!>/%&/&$,'&'3'&9$!,9>!-&*%/!(9.!%/./,!)&,'9.&/.H!8&+/*/%/,!
-#$!%/'!0K./!&$'/./,,#$'!#'!9M,/.0/./A!)09.%#$!>#,,/>/%&/.$/,!$:)/%,<.9%3-'&9$!,/$%/,!'&*!
%/M#'!&!>/%&/.$/!9+!M*#$%'!9((/$'*&+)/%/$H!='!+9%'!/-,/></*!<J!%/''/A!0#.!%/$!JM/$M#./!-.&'&-!
#(!QVi,!$:)/%,%&,<9$/.&$+!&!(9.M&$%/*,/!>/%!<./,,/>/%#.M/5%/.!Q&''/!L7->#$,!(9.!e/$,'./!
,-#%/*&+/!3%'#*/*,/.!<J!2#7/M99-!&!EFGFH!69*&'&-/$!M.#+'/!&!%/$!(9.M&$%/*,/!#.'&-*/$!;iR&10P$(&
->/$(1"7&'(")("%$(">7&"&90:$#))8*07;o]A!)09.>/%!%/.!,J,!'0&0*!9>!63M*&7!1/.0&7/R-#$#*/$,!
9M5/-'&0&'/'!&!,#+/$A!&!9+!>/%!)&,'9.&/$A!%/.!)#0%/!)@5!$:)/%,0K.%&A!&--/!U+3././%/!&!PeRB0&,/$,!
<.9+.#>H!Q/''/!/-,/></*!/.!>/%0&.-/$%/!'&*!#'!3$%/.,'./+/A!#'!,J0/*!M9.+/./!,9>!>/%&/.!/.!
M/0&%,'/!9>-.&$+!%/$!7&.-3*K./!7&.-3*#'&9$!,9>!>/-#$&,>/H!
\8*$2'$1&nToT&uFX&!)/0A
='!*&+$/$%/!/-,/></*!-#$!U$%/,!&!/'!7#,/R/-,/></*!(.#!%/!,97&#*/!>/%&/.A!)09.!/$!2#7/M99-R
M.3+/.,!M/0J+/$)/%!)#.!./,3*'/./'!&!/'!*&$-!'&*!C1B!P9%#:,!)5/>>/,&%/A!'&*-$:''/'!-9>>/$'#./$O!
;FA>$*&/$%&$(&2O(8$1"7%<&0%&uFX&!)/0A&"88$&>OP>$(&N):8$A&802'$>&"&/07T&fN$:8&/$%&*$1P;H!
W.3+/./$!./(/././.!'&*!/$!&,)97-/:-#><A!,9>!%/'!%#$,-/!*#$%,)9*%!90/..#,-/$%/!0#$%'!90/.!
Td!W&*#+!Tb
bX
#>/.&-#$/.$/A!9+!,/*09>!%/$$/!#.'&-/*%/*&$+!)#.!/$!)3>9.&,'&,-!3$%/.'9$/A!/.!%/'!&$'/./,,#$'A!
)09.%#$!9+,J!%/$!#*>&$%/*&+/!M9.+/.!)#.!9<>K.-,9>)/%/$!./''/'!>9%!593.$#*&,'/.$/,!70%$6
8$$'">7!9+!07$>/06*$%%">7R(3$-'&9$H!Y/'9<!%/!,97&#*/!>/%&/.!)#.!&!%/$!,#>>/$)K$+!/$!
#(+@./$%/!M/':%$&$+A!%#!%/'!>/%!#.'&-/*%/*&$+!9+!:'.&$+/.!+@.!%/'!>3*&+'!(9.!%/$!/$-/*'/!#'!
&'#*/,K''/!90/$$K0$'/!>/%&/M/0J+/$)/%H!!
W93.%&/3!#$/.-/$%/.A!#'!/$!%/*!#(!>#,,/>/%&/.$/,!/$,./'$&$+!,-:*%/,!#'!%/./,!&$(9.>#'&9$!
,'#>>/.!(.#!'.#%&'&9$/**/!$:)/%,-&*%/.!,9>!$:)/%,M3./#3/.A!6VRM3./#3/.!,#>'!9(U7&/**/!-&*%/.!
,9>!<9*&'&A!>&$&,'/.&/.!>H>H!?#$!0/$%/.!&>&%*/.'&%!,'#%&+'!'&*M#+/!'&*!,&$!<9&$'/!9>A!#'!)90/%<#.'/$!
#(!>/%&/.$/,!%#+,9.%/$!M/,'/>>/,!#(!@0.&+/!>/%&/0&.-,9>)/%/.A!)0&*-/'!>/%(@./.!#*09.*&+/!
-9$,/-0/$,/.O
;VIW&:$10&:)>/-"%&3&->$&*)(%$&/$&>"P$11$2$>%<&/aN)2)7b>b"*0%")>&/$*&N"b(0(:N"$*&/a"2')(%0>:$T;&
ZW93.%&/3A!GaabOEd[H!!
W93.%&/3,!'/9.&!9>!10&:"(:-10%")>&:"(:-10"($!/.!&!0&%!3%,'.K-$&$+!#$0/$%/*&+H!Q/.!U$%/,!
+&0/'0&,!/$!&$'/.>/%&#*!%#+,9.%/$!$3'&%/$,!>#,,/>/%&/.!&>/**/>H!4&$!./,/#.7)!9>-.&$+!
>#,,/>/%&/.$/,!%K-$&$+!#(!%/!,97&#*/!>/%&/.!0&,'/!%#!9+,JA!,9>!$K0$'!&!,</7&#*/',!
/><&.&./%/+@./*,/A!/$!.K--/!#(!%/!,#>>/!$:)/%,)&,'9.&/.A!%/.!9<'.J%'/!<J!'0K.,!#(!
>/%&/.A!+/$./.!9+!*#$%/+.K$,/.H!Q/'!(9./-9>>/.!/$%9+A!#'!3%0&-*&$+/$!)#.!M/0K+/'!,&+!
/'!,-.&%'!0&%/./H!Q/.!/.!&--/!*K$+/./!M*9'!'#*/!9>!/$!,-53*'!>/-#$&,>/A!>/$!%/.&>9%!9>!/'!
&$(9.>#'&9$,]9 A!%/.!/.!/$!$#'3.*&+!%/*!#(!>#,,/>/%&/.$/,!$:)/%,<.9%3-'&9$!9+!,9>!/-,<*&7&'!
%/M#''/./,!&!,#>(3$%/'H
Q9+!-#$!W93.%&/3,!'/9.&!'&*,-.&0/,!/$!$9+/'!(9.K*%/'!9<(#''/*,/!#(!&$(9.>#'&9$,,#>(3$%/',!
>/%&/.&$+,<.97/,,/.H!Q/$!7&.-3*K./!9<(#''/*,/!#(!&$(9.>#'&9$,]9^/'!$:)/%,-#$#*/.$/!&>/**/>!
/.!<J!,&$!0&,!%K--/$%/A!%#!%/$!.3>>/.!/'!%:$#>&,-!/*/>/$'!9+!,J*/%/,!'#+/.!#(,'#$%!(.#!%/!
'&%*&+/./!9>'#*'/!*&$/K./!07$>/06*$%%">7R<.97/,,/.H!Q9+!'#+/.!10&:"(:-10%")>&:"(:-10"($!&--/!)@5%/!
(9.!&$'/.#-'&9$/$!>/%!9((/$'*&+)/%/$!&!$:)/%,<.9%3-'&9$/$H!?#$,!'/9./'&,-/!'&*+#$+!)0&*/.!<J!
/$!9<(#''/*,/!#(!%/'!593.$#*&,'&,-/!(/*'!,9>!,K.%/*/,!>#+'(3*%'A!&!/$!,J%#$!+.#%!#'!%/'!M*&0/.!
M/,'/>>/$%/!(9.!,#>(3$%/',!@0.&+/!-3*'3./**/!(/*'/.!ZW93.%&/3A!GaabOdg[H!
4/%!./%/+@./*,/$!(9.!>#,,/>/%&/.$/,!K$%./%/!$:)/%,<.9%3-'&9$A!-#$!>#$!#.+3>/$'/./!
(9.A!#'!&$(9.>#'&9$/$,!7&.-3*K./!M/0K+/*,/!>/**/>!$:)/%,#-'@./.$/!M.:%/,A!&%/'!/$!$:!
#-'@.A!%/!,97&#*/!>/%&/.A!./<.K,/$'/./'!0/%!&$'/.$/'M.3+/.$/A!&$%'.K%/.!&!>@$,'./'H!_#$,-/!
+&0/'!0&*!>/%&/.$/!'&*!,'#%&+)/%!,-3/!'&*!)&$#$%/$,!%#+,9.%/$/.A!>/$!%/'!#(+@./$%/!M*&0/.A!#'!
bg
9((/$'*&+)/%/$,!:'.&$+/.!&!,'&+/$%/!+.#%!&$%%.#+/,!&!>/%&/.$/,!$:)/%,)&,'9.&/.H!Q/.(9.!-#$!%/.!
&--/!<J!,#>>/!>J%/!0K./!'#*/!9>!/$!7&.-/*,*3'$&$+!,9>!&!W93.%&/3,!9<'&-H!
Q/.>/%!(9./-9>>/.!$/%/$,'J/$%/!U+3.!#(!B$-/.!W.&$-!83$%!M/%./!#'!%K--/!3%0&-*&$+/$!&$%/$!
(9.!$:)/%,<.9%3-'&9$/$H!2&+3./$!&$%(#$+/.!<J!N$!+#$+!%/$!%:$#>&,-/!9+!7&.-3*K./!<.97/,A!
,9>!-/$%/'/+$/.!>/%&/0&.-,9>)/%/.$/,!<.9%3-'&9$H!Q/,3%/$!(#0$/.!%/$!%/'!(9.)9*%A!#'!#$%./!
#-'@./.!(9.3%/$!<9*&'&-/./!9+!593.$#*&,'/.!/.!>/%!'&*!<J0&.-/!3%0K*+/*,/$!9+!3%#.M/5%/*,/$!#(!
$:)/%,)&,'9.&/.H!
!!!!!!!!!!!!
!
!!!!!!!!!!!
!
9"7-(&nTnT&X8%?($(&"&>AN$/*">*%"%-%")>$>&V.->/<&KDDKW
Q/'!,-#*!)/.!'&*(@5/,A!#'!83$%,!'/9.&!&--/!>/%./+$/.!&$'/.$/'-&*%/.!,9>!%9>&$/./$%/!#-'@.A!)0&*-/'!
-#$!)K$+/!,#>>/$!>/%A!#'!)#$,!3%+&0/*,/!-#$!%#'/./,!'&*M#+/!'&*!EFFEH!6J!%/''/!'&%,<3$-'!
0&,'/!(9.,-/./$,!M/./+$&$+/.A!#'!$K,'/$!&$+/$!,/*0,'K$%&+/!M&%.#+!'&*!$:)/%,<.9%3-'&9$/$!
M*/0!)/$'/'!(.#!&$'/.$/'-&*%/.A!9+!%/.(9.3%/$!,'#>>/%/!-3$!(/>!<.97/$'!#(!%/$!,#>*/%/!
$:)/%,<.9%3-'&9$!&!Q#$>#.-!(.#!*K,/.M./0/!9+!#$%./!-9>>/$'#./.!(.#!9((/$'*&+)/%/$!Z83$%H!
EFFEOEX[H!Q/'!)#.!&$+/$!>/$&$+!#'!%&,-3'/./A!)09.0&%'!%/''/!(9.)9*%!/.!K$%./'H!4/%!,</7&#*/',!
/><&.&!/.!%/'!#**/./%/!<J0&,'A!#'!%/!593.$#*&,'&,-/!)&,'9.&/.A!%/.!9>)#$%*/.!,97&#*/!>/%&/.!
9<'.K%/.!):<<&+/./!9+!):<<&+/./!&!>#,,/>/%&/.$/,!$:)/%,<.9%3-'&9$H!Q/'!-3$$/!&>&%*/.'&%!
0K./!&$'/./,,#$'!#'!&#+''#+/!9+!3$%/.,@+/!%/!,97&#*/!>/%&/.!,9>!,/*0,'K$%&+!*/0/.#$%@.!#(!
$:)/%,)&,'9.&/.A!#*',J!#%,-&*'!(.#!&$'/.$/''5/$/,'/$!,9>!<#.#<*:M/+./MH!
6J!+.3$%!#(!,&'!>/%/$'.&,-/!(9-3,!M@.!07$>/06*$%%">7R'/9.&/$!,J*/%/,!&--/!#$0/$%/,!3-.&'&,-A!
(9.%&!%/.!>/%!$:)/%,-9$,3>/$'/.$/,!9+!>#,,/>/%&/.$/,!K$%./%/!#%(K.%!/.!9<,'J/'!/'!
0K,/$'*&+'!>/./!%:$#>&,-!&$(9.>#'&9$,]9^!9+!*#$+'!>/./!-9><*/-,/!>/%&/.&$+,<.97/,,/.H!Q/!
bT
,97&#*/!>/%&/.!,:$/,!>/%!#$%./!9.%!#'!)#0/!,-#M'!$:/!M/'&$+/*,/.!(9.!>/%&/0/.%/$/$,!#-'@./.!
9+!>#+'./*#'&9$/.$/!>/**/>!%&,,/H
RLRL#@!%:*":%Z',*"
;!,</7&#*/',!(@.,'/!%/*!%/U$/./%/!5/+!%/'!-9><*/-,/!(K$9>/$!,97&#*/!>/%&/.!,9>!/+97/$'.&,-/!
,'.3-'3./.A!)0&,!(9.>J*!M/,'/>>/,!#(!%/$!&$%&0&%3/**/!M.3+/.!(9.!)0/>!,/*0&,7/$/,K''/*,/!/.!&!
)@5,K%/'H!
Q/$$/!%/U$&'&9$!M*/0!(3*+'!9<!#(!/$!<9,'>9%/.$/A!,/$>9%/.$/!9+!):</.-9><*/-,!(9.,'J/*,/!
#(!$/'0K.-,>/$$/,-/'A!%/.!M*/0!-#.#-'/.&,/./'!0/%!#'!)#0/!M.3+!(9.!)&,'9.&/.!9>!,&+!,/*0!9+!,&'!
$/'0K.-A!,#>'!(9.!)0/>!-9><*/-,&'/',)J$%'/.&$+!9+!./]/-,&9$!90/.!/+/$!&%/$'&'/'!(9.M*&0/.!/'!
+.3$%0&*-J.!&!'&*0K./*,/$H!
Q&,,/!,/*0&,7/$/,K''/*,/,<.97/,,/.!U$%/.!/-,<*&7&'!,'/%!>/%!M.3+/$!#(!%/!,97&#*/!>/%&/.A!
9+!+@.!,&+!&!)@5!+.#%!+K*%/$%/!&!(9.M&$%/*,/!>/%!M.3+/.$/,!#.'&-/*%/*&$+H!Y:)/%,(9.M.3+/'!/.!
,J*/%/,!&--/!*K$+/./!M*9'!/$!,/*/-'&0!(9.M.3+,,'@../*,/A!>/$!)#.!&!)@5/./!+.#%!-#.#-'/.!#(!#'!
0K./!0&.#*'!9+!$/'0K.-,9.&/$'/./'A!&%/'!$:)/%,-9$,3>/$'/.$/!<J!%/!,97&#*/!>/%&/.!(3$+/./.!
,9>!#-'&0/!%&,'.&M3'@./.!9+!>/%,-#M/./!#(!$:)/%,)&,'9.&/.H!
P&*,0#./$%/!(./>(@.'/!,</7&#*/'!#.+3>/$'#'&9$!(9.A!#'!%/!,97&#*/!>/%&/.!)#.!,#'!<.K+!<J!
>#,,/>/%&/.$/,!$:)/%,<.9%3-'&9$H!=$!'/$%/$,!5/+!%/U$/./%/!,9>!$/'0K.-,593.$#*&,'&-!
9+!,:$'/'&,/./%/!>/%!-#'/+9.&/.$/!>/'#-9>>3$&-/./$%/A&-&*%/./(/././$%/!9+!
#-'&0&'/',+/$+&0/$%/!#.'&-/*+.3<</.H!
4/%!/'!,-K.</'!(9-3,!<J!,&%,'$K0$'/!-#'/+9.&!9M,/.0/./%/!5/+!/'!K$%./'!(9.)9*%!&!
&$(9.>#'&9$,]9^/',!>#+'(9.)9*%A!)0&*-/'!*/%'/!>&+!'&*!(5/.%/!-#<&'/*,!-.&'&,-/!+/$$/>+#$+!#(!%/!
-*#,,&,-/!'/9.&/.!9>!>#,,/>/%&/.$/,!)90/%(3$-'&9$/.!70%$68$$'">7!9+!07$>/06*$%%">7H!
?/.!<.9M*/>#'&,/./%/!5/+!%/$!+K$+,/!9<(#''/*,/!#(!593.$#*&,'/.!,9>!/$/,'J/$%/!#-'@./.!&!
3%0K*+/*,/$!#(!$:)/%,,'9(H!;%/'!%/'!593.$#*&,'&,-/!(/*',!#.M/5%,>/'9%/.!&!,'@../!+.#%!./''/.!
,&$!9<>K.-,9>)/%!>9%!%/!,97&#*/!>/%&/.A!M&%.#+/.!9((/$'*&+)/%/$!$/>*&+!<9,&'&0'!'&*!
$:)/%,<.9%3-'&9$/$H!!
YJ.!M9.+/.$/!<J!,J%#$!0&,!9<'.K%/.!,9>!#-'@./.!&!$:)/%,<.9%3-'&9$/$A!#.+3>/$'/./%/!5/+!(9.A!
#'!07$>/06*$%%">7!*&+/,9>!70%$68$$'">7R'/9.&/$!M3.%/!./0&%/./,H!29.3%/$!M.3+/.$/,!M&%.#+!'&*!
bb
$:)/%,,'9(!(3$+/./.!%&,,/!$/>*&+!9+,J!,9>!,3MR%&,'.&M3'@./.!#(!$:)/%/.!(9.!%/./,!</.,9$*&+/!
$/'0K.-H!8&+/*/%/,!-#$!%/!>/%!%/./,!)9*%$&$+,'&*-/$%/+&0/*,/!0&$-*/!9+!0.&%/!#.'&-*/.!'&*!
3&+/$-/$%/*&+)/%H!!!
w$!#(!+.3$%<&**/.$/!(9.!07$>/06*$%%">7&,9>!'/9.&!/.!9<(#''/*,/$!#(!>/%&/.$/!,9>!0/50&,/.!&!
&$(9.>#'&9$,53$+*/$H!=$!'&*+#$+A!,9>!5/+!&!>&$!'/9.&+/$$/>+#$+!,#''/!,<@.+,>J*,'/+$!0/%A!&%/'!
5/+!#.+3>/$'/./%/!(9.A!#'!>#$!0/%!)5K*<!#(!%/!,97&#*/!>/%&/.!&!*#$+'!)@5/./!+.#%!-#$!*#%/!,&+!
(@./!#(!,&$/!</.,9$*&+/!./*#'&9$/.!&!:A#$(*'0:$H!P&**&+/!<.9M*/>#'&,/./%/!5/+!%/$!M#+0/%*&++/$%/!
'/9.&!9>!">%$(2$/"0&07$>/06*$%%">7A!&%/'!5/+!#.+3>/$'/./%/!(9.A!#'!>/%&/.$/,!&!,'&+/$%/!+.#%!
<J0&.-/,!#(!M9.+/.$/H!L+!&--/!-3$!&$'/.$'!,>&''/.!#(!<J!)&$#$%/$,!%#+,9.%/$/.H!!
bd
$?"!%"#,&!@+,A"'@$?,.'-)(@+B!&%&."(
@?G#AA
UL#>?@A?GC<@OICP?BO#>CFBDE3OIV@<A<F?3
_.3$%*K++/$%/!)#0%/!,</7&#*/',!'9!(@.,'/!#$#*:,/-#<&'*/.!'&*!(9.>J*!#'!-9.'*K++/!(K$9>/$/'!
,97&#*/!>/%&/.!9+!%&,,/,!-9$,/-0/$,/.!(9.!%/'!#-'3/**/!>/%&/*#$%,-#M!(9.!%/.0/%!#'!-3$$/!
,K''/!,<@.+,>J*,'/+$!0/%!#*>/$'!#77/<'/./%/!>/%&/'/9.&/.,!)9*%M#.)/%H!;!,</7&#*/',!(@*+/$%/!
%/*!M*&0/.!%/'!%&,-3'/./'A!)0#%!%/$$/!./0&,&9$!#(!'/9.&/$!9+!>/%&/*#$%,-#M/'!(J.!#(!M/':%$&$+!&!
/$!63M*&7!V/*#'&9$,R-9$'/-,'H!Q/''/!3%+@.!/'!&$'/./,,#$'!</.,</-'&0A!(9.%&!63M*&7!V/*#'&9$,!,9>!
%&,7&<*&$!M/U$%/.!,&+!&!-.:%,(/*'/'!>/**/>!>/%&/.A!9((/$'*&+)/%A!0&.-,9>)/%/.!9+!9.+#$&,#'&9$/.H!
29.3%/$!/$!./%/+@./*,/!(9.!63M*&7!V/*#'&9$,!9+!/$!'/9./'&,-!%&,-3,,&9$!#(!%/$$/!0&*!-#<&'*/'!
%/>9$,'././A!)09.%#$!_.3$&+!9+!?3$',!)&%'&*!+K*%/$%/!9+!%9>&$/./$%/A!#,:>>/'.&,-/!6VR
>9%/*!-#$!#$,-3/,!&!/'!9>0/$%'!</.,</-'&0H!!
ULKL#2Z5%,+#3!%$7,*"'
63M*&7!V/*#'&9$,!-#$!-#'/+9.&,/./,!,9>!/$!%/*!#(!0&.-,9>)/%/.!9+!9.+#$&,#'&9$/.,!/-,'/.$/!
-9>>3$&-#'&9$!>/%!9((/$'*&+)/%/$H!;(@*+/!QN7#3%&$!%/U$/./,!%&,7&<*&$/$!&!'/9.&/$!9('/!$/+#'&0'!
0/%!)5K*<!#(!3%/*3--/*,/,>/'9%/$O
;VIW&%)-%&:$&d-"&>a$*%&>"&'-#1":"%b&2b/"0*<&>"&'-#1":"%b&/"($:%$<&>"&'()2)%")>&/$*&P$>%$*I&
:)2')*$&1$*&($10%")>*&'-#1"d-$*;!ZQN7#3%&$A!EFFXOGab[H!
;!(9.*K$+/*,/!)/.#(!./%/+@./,!%/.!9('/!(9.!63M*&7!V/*#'&9$,!0/%!#'!,#>>/$)9*%/!%&,7&<*&$/$!>/%!
./-*#>/+/$./$A!)0&*-/'!,:$*&[email protected]!)09.%#$!%/!'9!/**/.,!M/,*K+'/%/!-9>>3$&-#'&9$,9>.J%/.!
#%,-&**/.!,&+!<J!]/./!<#.#>/'./H!;!,K.%/*/,)/%!+K*%/.!%/''/!-9>>3$&-#'&9$,&$%,#',/$,!
>J*,K'$&$+A!&%/'!./-*#>/+/$./$!9('/,'!0&*!'&*,'.KM/!#'!<J0&.-/!/$!+.3<</!(9.M.3+/./,!
-@M,#%(K.%!&!(9.)9*%!'&*!/'!<.9%3-'A!>/$,!>#$!>/%!63M*&7!V/*#'&9$,!,@+/.!#'!9<M:++/!9+!M/0#./!
/'!<9,&'&0'!&>#+/!(9.!%/$!<J+K*%/$%/!0&.-,9>)/%!/**/.!9.+#$&,#'&9$,!&$'/./,,/$'+.3<</.TfH!
1J*/%/,!#.M/5%/,!%/.!':<&,-!>/%!63M*&7!V/*#'&9$,!90/.!/$!*K$+/./!'&%,)9.&,9$'!/$%!(9.!
./-*#>/$A!9+!&%/'!63M*&7!V/*#'&9$,R#-'&0&'/'/.!'.#%&'&9$/*'!-/$%/'/+$/,!0/%!*#0/!/**/.!&$+/$!
9>-9,'$&$+/.A!9<$J,!%/.!>/%!%&,,/!,9>!./+/*!/$!,'@../!'.90K.%&+)/%!)9,!9((/$'*&+)/%/$!
Z2.#$%,/$!/'!#*HA!GaadOEd[H!!!
Tf!4#$!-#$!#.+3>/$'/./!(9.A!#'!%/$$/!-*#./!%&,'&$-'&9$!>/**/>!./-*#>/!9+!6V!3%0&,-/,!&!'#-'!>/%A!#'!\9.<9.#'/!W.#$%&$+!,9>!%&,7&R<*&$!0&$%/.!,'#%&+'!>/./!'/..K$!&$%/$!(9.!(9.,-$&$+/$!9+!<.#-'&,/.&$+/$!#(!,'.#'/+&,-!-9>>3$&-#'&9$H!4/%!%/$$/!/-,'/.$/!-9>>3R$&-#'&9$!,'.KM/,!$/>*&+!/('/.!#'!,-#M/!9+!M/0#./!/'!+9%'!&>#+/!(9.!)/*/!0&.-,9>)/%/$!90/.!(9.!,#>'*&+/!#(!%/$$/,!,'#-/)9*%/./A!9+!%/.!#.M/5%/,!,J*/%/,!>/%!$9+*/!#(!%/!,#>>/!>J*,K'$&$+/.!9+!'&%,)9.&,9$'/.!,9>!&$%/$!(9.!63M*&7!V/*#'&9$!Z?#'7)!`!17)3*'mA!EFFX[H!Q/$!#(+@./$%/!(9.,-/*!M*&0/.!,J*/%/,!U$#$,&/.&$+,+.3$%*#+/'A!9+!>#$!-#$!/$%0&%/./!#.+3>/$'/./!(9.A!#'!63M*&7!V/*#'&9$,!-#$!#$,-3/,!,9>!/$!3$%/.%&,7&<*&$!'&*!\9.<9.#'/!W.#$%&$+A!%/.!M*#$%'!#$%/'!-3$$/!'K$-/,!#'!&$%%.#+/!63M*&7!V/*#'&9$,!,9>!/$!&$'/+././'!>/'9%/!&!-9>>3$&-#'&9$,,'.#'/+&/$H
ba
9"7-(&oTCT&R$8102$&P$(*-*&Q-#1":&R$10%")>*&V9(0>/*$>&$%&01T<&Cmm]kK]W
QN7#3%&$,!0&%/./!%/U$&'&9$!,'@''/.!9<!9>!%/$$/!'&*+#$+!'&*!63M*&7!V/*#'&9$,O
;.$*&R$10%")>*&'-#1"d-$*&*)>%<&0-&/b'0(%<&1a$>*$2#1$&/$*&2)A$>*&-%"1"*b*&'0(&1$*&$>%($'("*$*&
')-(&:(b$(&->&:1"20%&/$&:)>_0>:$&/0>*&1$-(&'$(*)>>$1<&/0>*&1$*&2"1"$-c&0P$:&1$*d-$1*&$11$*&*)>%&
$>&(0'')(%&$%&7b>b(01$2$>%!/0>*&1$&'-#1":<&$>&P-$&/$&*)-%$>"(&1$-(&0:%"P"%b&$%&/a$>&@0P)("*$(&1$&
/bP$1)''$2$>%|!ZQN7#3%&$A!EFFXOGab[H!
1J*/%/,!(9.M*&0/.!(9-3,!&$%/$!(9.!63M*&7!V/*#'&9$,!#'!/'#M*/./!9+!0K.$/!9>!/'!,3$%'!'&**&%,(9.)9*%!
>/**/>!9.+#$&,#'&9$/$!9+!%/$,!&$'/./,,/$'/.!ZQN7#3%&$A!EFFXOGaT[A!)0&*-/'!&$%/$!(9.!*&''/.#'3./$!
./,3*'/./.!&!/$!+/$$/>+J/$%/!>#$#+/>/$'R'&*+#$+!'&*!%&,7&<*&$/$H!=-,/></*0&,!&!_.3$&+!9+!
?3$',!'9$/#$+&0/$%/!3%+&0/*,/!9>!6VA!%/.!>/./!-9.'(#''/'!%/U$/./.!M/+./M/'!,9>O
`VIW&%N$&20>07$2$>%&)@&:)22->":0%")>&#$%4$$>&0>&)(70>"G0%")>&0>/&"%*&'-#1":*&VIW;!Z_.3$&+!`!
?3$'A!GafgOb[H!
\99>M,!9+!?9**#%#:!0&%/./(@./.!%/$$/!'&*+#$+!&!%/./,!$:*&+'!9<%#'/./%/!%/U$&'&9$!#(!
%&,&7&<*&$/$O
;Q-#1":&R$10%")>*&"*&%N$&20>07$2$>%&)@&2-%-011A&">M-$>%"01&($10%")>*N"'*&4"%N">&0&4$#&)@&
:)>*%"%-$>:A&($10%")>*N"'*;&Z\99>M,!`!?9**#%#:A!EFGFOg[H!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&"'''''''''''''''''''''()*$+,'!"$%-+./0'
!"#$%&'(')* +",(-./*01-2-3)/-'/$*
.42$560%-6*(*01-71#6*&(#*/&*
2/$&/8&*9-163.&*
:&*)(,/*,(-.$187/6/'*/&*
91$(&(,&*(85)/*(*01-71#6*&(#*
01-2-3)/-'/*1)*4,-()/*
18)(,/#$/-*
;(6$71-($1'&* <1-&/-/*&(6$-38* =%')/-/*&(6$-38*
;-1,%-6()7/6* !('6-/*&-1,%-6()7/6*
>2/&5#&?*
@&4--/*&-1,%-6()7/6*
>)-5&($?*
A8.1$&'(')/-* B4C/*18.1$&'(')/-* D')/'*>/##/-*#5,/*
18.1$&'(')/-?*
<1'&-1#*1,/-*236$.52* @&1-*.1'&-1#*1,/-*
236$.52/&*
=(##/*.1'&-1#*1,/-*
236$.52/&*
!
dF
Q/$$/!%/U$&'&9$!#(!63M*&7!V/*#'&9$,!/.!,K.*&+'!./*/0#$'!(9.!,</7&#*/'A!(9.%&!%/$!'#+/.!)@5%/!
(9.!%/'!>/./!$/'0K.-,9.&/$'/./%/!>/%&/*#$%,-#MA!,9>!,</7&#*/'!)#.!./%/+59.'!(9.!&!,&$!(@.,'/!
%/*H!1J*/%/,!3$%/.,'./+/.!(9.,-/.$/A!#'!%/.!/.!,-/'!/$!M/0K+/*,/!&$%/$!(9.!'/9.&/$!(.#!/$!
:)(')(0%$6:$>%("*8!'&*+#$+!'&*!6V!>9%!/$!>$%6:$>%("*8!'&*+#$+A!)09.>/%!%/$!&$'/.$/!(9.M&$%/*,/!9+!
#()K$+&+)/%!/.!-/$%/.'/+$/$%/!(9.!(9.)9*%/'!>/**/>!9.+#$&,#'&9$/.!9+!9((/$'*&+)/%!Z\99>M,!`!
?9**#%#:A!EFGFOT[H!C%0&-*&$+/$!&**3,'././,!#(!$/%/$,'J/$%/!U+3./.O
!!!!!!!!!!!!!!!!!!!!!!!!!!!
9"7-(&oTKT&&f)(')(0%$6:$>%(":&P"$4&)@&Q-#1":&R$10%")>*&Vf))2#*&)7&p)110/0A<&KDCDW
!!!!!!!!!!
9"7-(&oTYT&U>%$(:)>>$:%$/>$**&)@&:)>*%"%-$>%*&Vf))2#*&[&p)110/0A<&KDCDW&
dG
D/+!'&*,*3''/.!>&+!#*',J!&!,</7&#*/'!%/$$/!>#$#+/>/$'R9<(#''/*,/!#(!6VR%&,7&<*&$/$A!9>!/$%!5/+!
&!'.J%!>/%!>&'!,97&#*-9$,'.3-'&0&,'&,-/!9+!)/.>/$/3'&,-/!,'J,'/%!(9.)9*%/.!>&+!-.&'&,-!'&*!%/$!
9<(#''/*,/A!#'!>#$!-#$!,':./!9+!-9$'.9**/./!-9><*/-,/!-9>>3$&-#'&9$,<.97/,,/.!>/$$/,-/.!
&>/**/>H!YJ.!,</7&#*/'!&!,&%,'/!/$%/!@$,-/.!#'!%&,-3'/./!6VRM.#$7)/$,!$:/!$/'0K.-,0&.-/*&+)/%A!
/.!%/'!&>&%*/.'&%!$@%0/$%&+'!#'!(9.)9*%/!>&+!'&*!>#$#+/>/$'R'&*+#$+/$A!,9>!+/$$/>,:./.!%/$!
<.9(/,,&9$#*&,/./%/!-9>>3$&-#'&9$,M.#$7)/H!Q/$$/,!/-,&,'/$,M/./''&+/*,/!>J!+&0/'0&,!0K./A!
#'!/-,'/.$!-9>>3$&-#'&9$!3%+@.!/'!-9$-./'!0K.-'@5!'&*!#'!9<$J!&$%]:%/*,/H!!
;!/$!63M*&7!V/*#'&9$,R9<'&-!M*&0/.!&%/#*/'!>/%!%/$$/!&$%]:%/*,/,)J$%'/.&$+A!#'!%/$!3%@0/,!
+/$,&%&+'!>/**/>!9.+#$&,#'&9$/.!9+!9((/$'*&+)/%H!\99>M,!9+!?9**#%#:!./''/.!&>&%*/.'&%!
9<>K.-,9>)/%/$!>9%!/$!-*#,,&,-A!+/$$/>+J/$%/!-.&'&-!#(!63M*&7!V/*#'&9$,A!%/.!(9.M&$%/.!
%&,7&<*&$/$!>/%!</.,3#,&0/!9+!>#+',@+/$%/!(9.>J*O
;VIW&%N$&'(0:%":$&2-*%&0::$'%&%N$&"2'1":0%")>*&%N0%&0::)2'0>A&%N$&-*$&)@&">M-$>:$&">:1-/">7&
"**-$*&)@&')4$(&0>/&"%*&0#-*$;&Z\99>M,!`!?9**#%#:A!EFGFOE[H!
YJ.!(9.,-/.$/!9>'#*/.!63M*&7!V/*#'&9$,!,9>!)5/>>/)@./$%/!&!/$!>#$#+/>/$'R-9$'/-,'A!,-#*!
%/'!%9+!&--/!9<(#''/,!,9>!/$!(9.,'J/*,/!#(!%&,7&<*&$/$!,9>!-9$'.9*,@+/$%/A!>/$!%/.&>9%!,9>!
/$!9<(#''/*,/!#(!6V!,9>!/$!-9$'&$3/.*&+!&$%,#',!(9.!#'!'&*'.K--/!9+!(9.>/!./*#'&9$/.!+/$$/>!
&$%]:%/*,/O!
;Q-#1":&R$10%")>*&"*&)>$&2$:N0>"*2&@)(&0%%(0:%">7&0>/&($%0">">7&:)>*%"%-$>:"$*&">&%N$&4$#&)@&
($10%")>*N"'*&0>/&%N)*$&$@@)(%*&0($!0>&$c$(:"*$&">&">M-$>:$;&Z\99>M,!9+!?9**#%#:A!EFGFOf[H
Q/.!0&*!%9+!&(@*+/!(9.(#''/.$/!#*'&%!0K./!/'!3*&+/!>#+'(9.)9*%!9+!;0&*%(-771$&@)(&:)22->":0%"P$&
0/P0>%07$;&&>/**/>!%/!&><*&7/./%/!#-'@./.!&!6VR<.97/,,/.$/!ZL<H7&'HOg[H!Y/'9<!%/''/!
>#+'(9.)9*%!>/**/>!9.+#$&,#'&9$/.!9+!%/./,!9>+&0/*,/.!,'J.!&!&$%/0K./$%/!-#<&'/*,!(9-3,!9+!
0&*!M*&0/!M/)#$%*/'!$K.>/./!&!$K,'/!#(,$&'A!)09.&!%/!-*#,,&,-/!6VR>9%/**/.!,#>>/$)9*%/,!>/%!
$3'&%/$,!$/'0K.-,9.&/$'/./%/!>/%&/*#$%,-#M!9+!%/!%/.'&*)@./$%/!./*#'&9$/.H!!
ULML#@!#a.!#2Z5%,+#3!%$7,*"'4-*)!%%!.
\99>M,!9+!?9**#%#:,!(9.,'J/*,/!#(!63M*&7!V/*#'&9$,R'/9.&/$!/.!>/%'#+/'!&!,</7&#*/'!(9.!#'!
9<'/+$/!/$!#-'3/*!9+!$3#$7/./'!(9.,'J/*,/!#(!M/+./M/'H!6V!,9>!'/9.&R!9+!3$%/.0&,$&$+,9>.J%/!
/.!&>&%*/.'&%!,'#%&+A!,9>!$K0$'!&!,</7&#*/',!&$'.9%3-'&9$A!3$%/.*#+'!K*%./A!&$%]:%/*,/,.&+/!
(9.,-$&$+,./,3*'#'/.A!,9>!%9>&$/./.!(/*'/'H!w'!#(!%&,,/!,'@../!M&%.#+!-9>>/.!(.#!_.3$&+!9+!?3$'A!
dE
%/.!&!Gafg!9<,'&**/%/!U./!6VR>9%/**/.H!49%/**/.$/!(./>+J.!#(!$/%/$,'J/$%/!U+3.!9+!)#.!'&*!
(9.>J*!#'!9<,3>>/./!6VR%&,7&<*&$/$,!(9.,-/**&+/!<#.#%&+>/.A!MJ%/!)0#%!#$+J.!%/$,!)&,'9.&,-/!
(9.*@M!9+!M/+./M/',!(9.,-/**&+/!<.#-'&,/.&$+,>/'9%/.O!!
9"7-(&oTnT&fN0(0:%$("*%":*&)@&9)-(&L)/$1*&)@&Q-#1":&R$10%")>*&VB(->"7&[&p->%<&CmlnW&&
19>!U+3.!THgH!&**3,'././.A!/.!%/.!'#*/!9>!%/!U./!>9%/**/.!Q($**&X7$>%(A}Q-#1":"%AA!Q-#1":&
U>@)(20%")>A!!4)6^0A&X*A22$%(":!9+!/$%/*&+!>9%/**/$!!4)6^0A&FA22$%(":H
49%/**/.$/!#%,-&**/.!,&+!(@.,'!9+!(./>>/,'!&!(9.)9*%!'&*!@)(2+1$%!>/%!6VA!%/.!)/$)9*%,0&,!
,<K$%/.!(.#!<.9<#+#$%#A!90/.!9M5/-'&0!3%M./%/*,/!#(!&$(9.>#'&9$A!'&*!0&%/$,-#M/*&+'!M#,/./'!
90/.M/0&,$&$+!9+!+/$,&%&+!(9.,'J/*,/!>/**/>!9.+#$&,#'&9$/.!9+!9((/$'*&+)/%!Z_.3$&+!`!?3$'A!
GafgOEGREX[H!
Q/'!#$%/'!<#.#>/'/.!3%+@./,!#(!8)22->"80%")>$>*&>0%-(A!(9.,'J/'!,9>!/$0/5,-9>>3$&-#'&9$!
-9$'.#!'90/5,-9>>3$&-#'&9$H!Q/!(@.,'/!'9!>9%/**/.!'&*)@./.!+.3<</$!(9.!/$0/5,-9>>3$&-#'&9$A!
>/$!#%,-&**/.!,&+!(.#!)&$#$%/$!0/%A!#'!>#$!>/%!Q($**&X7$>%(A}Q-#1":"%AR>9%/**/$&&--/!#*'&%!,/.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&!
'()*)+,%*-.,-+! /*%..!
01%2,*34/56&-+-,3!
/56&-+!
728#*9),-#2!
:;#<=)3!
0.399%,*-+!
:;#<=)3!
>399%,*-+!
!"#$%&'( !"#$%&%'(%) *+,,-.+'%/+#')
#0)+'0#".%/+#')
12+-'/+0+2)
$-",3%,+#')
43/3%5)
3'(-",/%'(+'&)
)*+"#'(%,(
-%.."/01*+0%/(
6'-78%9:)
2#.$5-/-)/"3/;)
'#/)-,,-'/+%5)
6'-78%9:)/"3/;)
+.$#"/%'/)
<8#78%9:)
+.=%5%'2-()
-00-2/,)
<8#78%9:)=%5%'2-()
-00-2/,)
-%.."/01*+0%/(
2%3'4(
1#3"2-)!)>-2?) 1#3"2-)!)>-2?) 1#3"2-)!)>-2?)
)))))))))))))")
))))@--(=%2A)
B"#3$)!)B"#3$)
))))))))))))")
)*+"#'(%,(
5'&'*#16(
C+//5-:)D2#3'/+'&)
;#3,-D)
C+//5-:)
"-%(%=+5+/9E)
"-%(-",;+$)
@#".%/+F-:)
-F%53%/+F-)#0)
%//+/3(-,)
@#".%/+F-:)
-F%53%/+F-)#0)
3'(-",/%'(+'&)
7'*30/8(
90&+%#01*4(
:08"#'&(
!?<?)G%"'3.) HF9)C--) I(8%"()C?)
G-"'%9,)
G-"'%9,E)
-(32%/#",E)
$"#0-,,+#'%5)
5-%(-",)
;6'#'(!#*1+01'3(
<%3*=(
1$#"/,E)/;-%/"-E)
$"#(32/)
$"#.#/+#')
B#F-"'.-'/E)
'#'$"#0+/)
%,,#2+%/+#',E)
=3,+'-,,)
J#.$-/+/+F-)
=3,+'-,,:)
%&-'2+-,)
>-&35%/-()
=3,+'-,,:)%&-'2+-,)
>&+0.*+'3(
!'#1'/+*8'(%,(
?#8*/0@*+0%/&(
!#*1+010/8!<%3*=!
KL)M) LN)M) ON)M) KL)M)
!
dX
,&+!$@%,#+/'!'&*!#'!'/+$/!/'!(3*%-9>>/$'!.//*'!M&**/%/!#(!/$!9.+#$&,#'&9$A!/'!<.9%3-'!>/%!0&%/./A!
>/$,!>#$!>/%!Q-#1":&U>@)(20%")>R'&*+#$+/$!,K''/.!/$!K./!&!#'!&$(9.>/./!9((/$'*&+)/%/$!<J!
,#$%(K.%&+!0&,H!!
?0#%!#$+J.!%/$!'9R0/5,!,:>>/'.&,-/!9+!#,:>>/'.&,-/!6VR>9%/*A!/.!%/.!)/.!'#*/!9>!/$!
(9.,'J/*,/!#(!-9>>3$&-#'&9$/$!,9>!/$!3%0/-,*&$+!>/**/>!'9!<#.'/.H!29.,-/**/$!M/,'J.!&>&%*/.'&%!
&!>#+'M#*#$7/$!>/**/>!#(,/$%/.!9+!>9%'#+/.H!49%/**/$!(9.!'9R0/5,!#,:>>/'.&,-!6V!M/,-.&0/,!
#(!_.3$&+!9+!?3$'!,9>!(@*+/.O
;!N$&%4)640A&0*A22$%(":&2)/$1&"*&;0*A22$%(":;&#$:0-*$&%N$&$@@$:%*&)@&%N$&'-#1":&($10%")>*&0($&
"2#010>:$/&">&@0P)(&)@&%N$&)(70>"G0%")>T&!N$&)(70>"G0%")>&/)$*&>)%&:N0>7$&0*&0&($*-1%&)@&'-#1":&
($10%")>*S&"%&0%%$2'%*&%)&:N0>7$&'-#1":&0%%"%-/$*&0>/&#$N0P")(;&Z_.3$&+!9+!?3$'A!GafgOEX[H!
1J*/%/,!<*#$*K++/.!9.+#$&,#'&9$/.A!%/.!M/U$%/.!,&+!&$%/$!(9.!%/''/!<#.#%&+>/A!$@5/!%/./,!
6VR#-'&0&'/'/.!>/%!)/$M*&-!<J!#'!9<$J!/$!>#-,&>#*!+/$$/>,*#+,-.#('!9+!)9*%$&$+,K$%.&$+!
&!9((/$'*&+)/%/$H!Q/.!/.!'#*/!9>!'90/5,-9>>3$&-#'&9$A!>/$!9((/$'*&+)/%/$,!:'.&$+/.!9<(#''/,!
3%/*3--/$%/!,9>!@$$/#0:8!<J!9.+#$&,#'&9$/$,!/-,'/.$/!-9>>3$&-#'&9$,&$%,#',!9+!#$0/$%/,!
'&*!#'!/0#*3/./!/((/-'/$!#(!%/$$/!Z_.3$&+!9+!?3$'A!GafgOEX[H!!
Q/$!'9R0/5,!,:>>/'.&,-/!6VR>9%/*!./<.K,/$'/./.!&!>9%,K'$&$+!)/.'&*!,$#././!/$!%&#*9+&,-!
'&*+#$+!'&*!%/$!/-,'/.$/!-9>>3$&-#'&9$,&$%,#',O!
;U/$011A<&#)%N&20>07$2$>%&0>/&'-#1":*&4"11&:N0>7$&*)2$4N0%&0@%$(&0&'-#1":&($10%")>*&$@@)(%T;&
Z_.3$&+!9+!?3$'A!GafgOEX[H
4J*/'!>/%!%/$$/!)J$%'/.&$+!#(!63M*&7!V/*#'&9$,!/.!,J*/%/,!&--/!/$!K$%.&$+!#(!9((/$'*&+)/%/$,!
#%(K.%A!>/$!%/.&>9%!/$!9<$J/*,/!#(!+/$,&%&+!(9.,'J/*,/!+/$$/>!-9>>3$&-#'&9$,<.97/,,/.H!
;!(9.*K$+/*,/!#(!%/$$/!>9%/*A!U$%/,!/'!'./%5/!#%,-&**/$%/!<#.#>/'/.A!%/.!3%+@./,!#(!%/!
0#.&/./$%/!8)22->"80%")>*2)/$11$(H!?/.>/%!M/,'J.!0&+'&+)/%/$!&!<&*/$/,!./'$&$+!9+!
M/$K0$/*,/$!#(!#(,/$%/.!9+!>9%'#+/.H!"3$!%/$!(@.$K0$'/A!,:>>/'.&,-/!'9R0/5,R>9%/*!
M/,&%%/.!&--/!/$!*)-(:$&9+!/$!($:$"P$(A!%/.!)0/.!./<.K,/$'/./.!)/$)9*%,0&,!9.+#$&,#'&9$!9+!
9((/$'*&+)/%T&"9>>3$&-#'&9$,>@$,'./'!(9.%/*/.!,&+!%/.&>9%!>/**/>!'9!)9>9+/$/!+.3<</.A!
>/**/>!)0&*-/!&$(9.>#'&9$/$!]:%/.!,J!)3.'&+'!9+!%:$#>&,-A!#'!%/'!0&**/!0K./!3)/$,&+',>K,,&+'!#'!
%/U$/./!%/$!/$/!,9>!#(,/$%/.!9+!%/$!#$%/$!,9>!>9%'#+/.H!
dg
29.3%/$!-#.#-'/.&,'&-#/$/!@)(2+1A!8)22->"80%")>$>*&>0%-(&9+!8)22->"80%")>*2)/$11$(A!
9>(#''/.!_.3$&+!9+!?3$',!>9%/*!*&+/*/%/,!<#.#>/'./$/!($*$0(:N2$%)/$A!@?($>/$&N"*%)("*8$&
'$(*)>1"7N$/$(A!,#>'!'(08%"*$(">7*)2(+/$(6&9+&'():$>%/$1$H!D/+!*K++/.!)90/%0K+'/$!<J!%/!
(@.,'/!'./!<#.#>/'./!#(!>9%/**/$!9+!9+,J!%/*0&,'!<J!<.97/$'9<+@./*,/$H!Q&,,/!%/*/!#(!>9%/**/$!
3%+@.!%/!>/,'!./*/0#$'/!&!(9.)9*%!'&*!#'!M/*:,/!>/%&/*#$%,-#M/',!$:/A!-9><*/-,/!./*#'&9$/.A!
>/$,!%/!@0.&+/!/.!>/./!&$'/./,,#$'/!&!/$!)&,'9.&,-!-9$'/-,'H!
_.3$&+!`!?3$'!,/*0!/.!(9.'#*/./!(9.!%/$!,:>>/'.&,-/!'9R0/5,R>9%/*O!
;VIW&0&2)/$1�*$/&)>&>$7)%"0%")><&:)2'()2"*$<&0>/&->/$(*%0>/">7T&^$&*$$&%N"*&2)/$1&0*&0&
($'10:$2$>%&@)(&%N$&'$(*-0*")>&2)/$1&%N0%&N0*&/)2">0%$/&%N">8">7&0#)-%&'-#1":&($10%")>*&012)*%&
*">:$&"%*&#"(%NT;&Z_.3$&+!9+!?3$'A!GafgOT[H!
Q9+!03.%/./.!(9.,-/.$/A!#'!9<!&>9%!TF!x!#(!%/'!<.#-'&,/./%/!63M*&7!V/*#'&9$,R#.M/5%/!
'&*)@./.!Q-#1":&U>@)(20%")>R>9%/**/$A!%/'!0&*!,&+/!/$!'&*+#$+!'&*!#.M/5%/'!>/%!6V!,9>!/$0/5,R
-9>>3$&-#'&9$,<.97/,,/.H!Q/$$/!(9.>!(9.!6V!&$%/MK./.!&(@*+/!(9.(#''/.$/!':<&,-A!)0#%!%/!
M/$K0$/.!0:%"P$&'($**&($10%")>*&'()7(02*A!M/,'J/$%/!#(!'&*'#+!,9>&$:)/%,%&,'.&M3'&9$!'&*!>/%&/.A!
<.9%3-'&9$!#(!M.97)3./.A!>#+#,&$/.A!(#-'##.-!>/%!0&%/./!k!#*'!,#>>/$!>/%!)/$M*&-!<J!#'!
&$(9.>/./!9+!,-#M/!9<>K.-,9>)/%!9>-.&$+!/$!+&0/$!9.+#$&,#'&9$!ZL<H7&'HOEb[H!29.3%/$!Q-#1":&
U>@)(20%")>R>9%/**/$A!#$0/$%/,!9+,J!9('/!%/$!#,:>>/'.&,-/!'9R0/5,R>9%/*A!&!,K.%/*/,)/%!
#(!0&.-,9>)/%/.!&!,-#.<!-9$-3../$7/A!/**/.!,9>!/$!%/*!#(!6VR-9$,3*/$'M3./#3/.$/,!,/.0&7/,H!
Q/$!,:>>/'.&,-/!'9R0/5,R>9%/*!/.!#*',J!,$#././!/$!&%/#*':</!&!(9.,-/.$/,!9<'&-!/$%!/$!/+/$'*&+!
<.#-'&,-!(9.#$,'#*'$&$+H!_.3$&+!9+!?3$'!M/>K.-/.!&!(9.*K$+/*,/!)/.#(A!#'!%/!]/,'/!<.#-'&-/./!
)&,'9.&,-!,/'!)#.!M/-/$%'!,&+!'&*!%/$!,:>>/'.&,-/!6VR>9%/*A!9>!/$%!%/./,!#-'&0&'/'/.!</+/.!&!%/$!
>9%,#''/!./'$&$+!ZL<H7&'HOgE[H!
ULMLKL#@!"#*-8!")7!#$'&--!7.,':!#234-*)!%
;!,</7&#*/',!(@.,'/!%/*!(./>(@.'/!5/+!#.+3>/$'#'&9$!(9.A!#'!9((/$'*&+)/%/$!>/%!%/!,97&#*/!
>/%&/.!&!,'&+/$%/!+.#%!)#.!(J/'!&$%]:%/*,/!<J!>/%&/.$/,!%#+,9.%/$H!4/%!#$%./!9.%!-3$$/!%/'!
#-'3/**/A!$/'0K.-,9.&/$'/./%/!>/%&/*#$%,-#M!(9.,'J,!,9>!/$!M/0K+/*,/!>9%!%/$!&%/#*':<&,-/A!
,:>>/'.&,-/!6VR>9%/*A!%/.!(9./-9>>/.!>/./!9<$J/*&+!9+!#(M#*#$7/./'!/$%!$9+/$,&$%/!(@.H
Q/''/!,:$,<3$-'!U$%/,!&!#*!(#*%!)9,!\99>M,!9+!?9**#%#:A!)0&,!63M*&7!V/*#'&9$,R'/9.&!
/.!9<%#'/./'!&!(9.)9*%!'&*!%/'!,/$/,'/!J.'&,!&$'/.$/'3%0&-*&$+H!8&+/,9>!_.3$&+!9+!?3$'!/.!
%&,,/!(9.,-/./!(9.'#*/./!(9.!%/$!,:>>/'.&,-/!6VR>9%/*A!9+!%/!/.!#(!%/$!9<(#''/*,/A!#'!6V!
dT
+.3$%*K++/$%/!(9.%./.!'9R0/5,R-9>>3$&-#'&9$H!Y/'9<!&$'/.$/''/'!#$,/.!%/!,9>!-#'#*:,#'9.!(9.!
%&#*9+M#,/./'!-9>>3$&-#'&9$!9+!9<M:+$&$+!#(!./*#'&9$/.A!)09.(9.!(9.(#''/.$/!$9'/./.!,&+!$:/!
>3*&+)/%/.!(9.!,:>>/'.&!&!6VR#.M/5%/'!Z\99>M,!9+!?9**#%#:A!EFGFOGEX[H!Q/$$/!M/'.#+'$&$+!
M*&0/.!%&,-3'/./'!$K.>/./!&!,</7&#*/',!#(,*3''/$%/!-#<&'/*H!
Q/'!/.!&>&%*/.'&%!0#$,-/*&+'!#'!(9./,'&**/!,&+!/'!(3*%,'K$%&+'!,:>>/'.&,-!(9.)9*%!>/**/>!#-'@./.$/!
&!/$!)0&*-/$!,9>!)/*,'!,'.#'/+&,-!-9>>3$&-#'&9$,,&'3#'&9$H!Q&#*9+/$!&!63M*&7!V/*#'&9$,!/.!,J!#'!
,&+/!/$!]9,-/*H!Q/.(9.!(9.,'J.!5/+!%/$!,:>>/'.&,-/!'9R0/5R>9%/*!,9>!/$!&%/#*':</A!%/.!<.&>K.'!
(3$+/./.!,9>!*/%/,'5/.$/!&!#.M/5%/'!>/%!6VH!
Q/.&>9%!@$,-/.!5/+!#'!#.+3>/$'/./!(9.A!#'!%/$!#,:>>/'.&,-/!'9R0/5,R>9%/*!M/%,'!&$%-#<,*/.!
%/'!$30K./$%/!-9><*/-,/!>/%&/*#$%,-#M!k!&!(#*%!%/$!0/$%/,!<J!)90/%/'y!Q/'!3M#*#$7/./%/!
>#+'(9.)9*%!>/**/>!#-'@./.$/!M/0#./,A!>/$!.9**/.$/!M:''/,!.3$%'!&!-9>>3$&-#'&9$,>9%/**/$A!
,J*/%/,!#'!#(,/$%/.!3%+@./,!#(!9((/$'*&+)/%/$!9+!>9%'#+/.!#(!0&.-,9>)/%/.!9+!9.+#$&,#'&9$/.H!
;%/'!%/.!/.!'#*/!9>!'9R0/5,R-9>>3$&-#'&9$!/.!%/'!+&0/'A!#'!M/++/!#-'@./.!<J!%:$#>&,-!0&,!0&*!
9<'.K%/!&!M/++/!%&,,/!.9**/.H!Q/.(9.!/.,'#''/,!*)-(:$&9+!($:$"P$(!>/%!9.%*:%/$!'-#1":!9+!
)(70>"G0%")>*!(9.!#'!(./>)K0/!>&$!<9&$'/A!%/.!M*&0/.A!#'!3M#*#$7/$A!&!>9%,K'$&$+!'&*!'&%*&+/./A!
(#*%/.!3%!'&*!9((/$'*&+)/%/$,!(9.%/*H!Q/$$/!M&%.#+/.!$/>*&+!&!,'&+/$%/!+.#%!'&*!>#,,/>/%&/.$/,!
%#+,9.%/$!9+!:%/.!%/.&+/$$/>!&$%]:%/*,/!<J!9.+#$&,#'&9$/.!9+!0&.-,9>)/%/.H!49%/**/$!&!,&$!
./0&%/./%/!Z9+!&,9*/./%/[!(9.>!/.!9<,'&**/'!$/%/$(9.!&!U+3.!THTO
!
9"7-(&oToT&i$>&)2P$>/%$&0*A22$%("*8$&QR62)/$1&V$7$>&%"1P"(8>">7W
!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&!
'()*)+,%*-.,-+! /0#12)3!
4.355%,*-+!
!"#$%&'( !"#$%&#'#"(
)$*+,-+#.%(
)*+"#'(%,(
-%.."/01*+0%/(
/0.10-23(
#45-6-%"$7(
$''$"&+(
-%.."/01*+0%/(
2%3'4(
8$"9(!(!.,*"$(
(((((((("(
((((:$$75-";(
)*+"#'(%,(
5'&'*#16(
:.*4-&#<$3(
$<-6,-&#<$(.'(
-&&#&,7$+(
7'*30/8(
90&+%#01*4(
:08"#'&(
=70-*7(>9(
?$*%-2+(
;6'#'(!#*1+01'3(
<%3*=(
@.4)$&#&#<$(
5,+#%$++3(
-A$%"#$+(
>&+0.*+'3(
!'#1'/+*8'(%,(
?#8*/0@*+0%/&(
!#*1+010/8!<%3*=!
BC(D(
!
db
1</7&#*/',!>/'9%/!9+!(9-3,!'&**#%/.!>&+!+&0/'0&,!&--/!#'!%&,-3'/./!%/$!/,'&>/./%/!<.97/$'%/*!
(9.!%/$$/!(9.>!(9.!6VR<.#-'&,/.&$+A!*&+/,9>!5/+!)/**/.!&--/!-#$!<J0&,/A!)0&*-/!9.+#$&,#'&9$/.!
9+!0&.-,9>)/%/.A!%/.!#.M/5%/.!>/%!/$!,J%#$!'&*+#$+H!29-3,!/.!%/.&>9%!./''/'!<J!<#.#>/'/./'!
8)22->"80%")>*2)/$1A!)09.!(9.)9*%/'!>/**/>!9((/$'*&+)/%!9+!9.+#$&,#'&9$/.!/.!0/$%'!9>H
29.!:%/.*&+/./!#'!(9.-*#./!%/''/!K$%./%/!,':.-/(9.)9*%A!-#$!%/$!9>0/$%'/!#,:>>/'.&,-/!
6VR>9%/*!,3<<*/./,!>/%!/$!./0&%/./'!3%+#0/!#(!_#*'3$+!9+!V3+/,!,J-#*%'/!:N0">&)@&>$4*&
:)22->":0%")>O
9"7-(&oTjT&!N$&:N0">&)@&>$4*&:)22->":0%")>&VB01%->7&[&R-7$<&CmjoW
2&+3./$!&**3,'././.A!)09.%#$!>#,,/>/%&/.$/!,/*/-'/./.!9+!9>%#$$/.!M/+&0/$)/%/.!'&*!
$:)/%,)&,'9.&/.A!%/.!&!,&%,'/!/$%/!<J0&.-/.!%/$!/$-/*'/!M9.+/.,!</.7/<'&9$!#(!,&$/!9>+&0/*,/.!
9+!#(!,&+!,/*0H!29.,-/.$/!3$%/.,'./+/.!&!%/./,!#.'&-/*A!#'!%/!,K.*&+'!&$'/./,,/./.!,&+!(9.!U+3./$,!
(@.,'/!%/*A!%/.!M/,-K('&+/.!,&+!>/%A!)09.%#$!M/+&0/$)/%/.!0&#!%/!,K.*&+/!$:)/%,-.&'/.&/.!
M*&0/.!9>%#$$/'!'&*!$:)/%,)&,'9.&/.H!Q/'!/.!&>&%*/.'&%!'&*,0#./$%/!&$'/./,,#$'!#'!,'&**/!,-#.<'!<J!
U+3./$,!,&%,'/!%/*H!49%/**/$!>#$&(/,'/./.!$/>*&+!&!,&$!)/*)/%!/$!>#+'(9.%/*&$+!>/**/>!>/%&/.!
9+!9((/$'*&+)/%A!%/.!(#*%/.!3%!'&*!>#,,/>/%&/.$/,!(9.%/*!R!/$!<9*#.&,/.&$+A!%/.!>/%!,</7&#*/',!
M#++.3$%,#$#*:,/!&$!>/$'/A!M@.!./0&%/./,H!_#*'3$+!9+!V3+/,!>9%/*!-#$!,J*/%/,A!*&+/,9>!%/$!
#,:>>/'.&,-/!6VR>9%/*A!#$,-3/,!&!/'!>9%,#'./''/'!</.,</-'&0O!
9"7-(&oT]T&!N$&($P$(*$/&:N0">&)@&>$4*&:)22->":0%")>&V$7$>&%"1P"(8>">7W
dd
Q/.!M*&0/.!%/.>/%!'#*/!9>!/'!$:'!,':.-/(9.)9*%!&!&$(9.>#'&9$,]9^/'A!&%/'!%/$!/$-/*'/!M9.+/.,!
,/*0&,7/$/,K''/*,/!9+!</.7/<'&9$!M*&0/.!,-/*,K''/$%/!(9.!>/%&/.$/,!$:)/%,<.9%3-'&9$H!
_/$$/>!%/!,97&#*/!>/%&/.!)#.!M9.+/.$/!(J/'!#%+#$+!'&*!/'!$:'!'#*/[email protected]!)09.&+/$$/>!%/!-#$!
3%'.:--/!%/./,!</.,9$*&+/!)9*%$&$+,'&*-/$%/+&0/*,/!9+!&%/$'&'/'H!Q&,,/!:'.&$+/.!,#>*/,!,9>!
%9-3>/$'/./'!&!/'!,'#%&+'!,'@../!9>(#$+!#(!>$%PO(8*J)-(>01"*%$(>$A!9+!%/!(J.!%/.>/%!/$!,'9.!
&$%]:%/*,/!<J!$:)/%,<.9%3-'&9$/$H!Q/!,97&#*/!>/%&/.!3%+@.!>/%!#$%./!9.%!&--/!M*9'!/$!$:!
#-'@.A!/$!$:!-#$#*!/**/.!/'!$:'!0K.-'@5!&$%/$!(9.!>/%&/0/.%/$/$!k!%/!(3$+/./.!,9>!-#'#*:,#'9.!
(9.!/$!$:!,97&#*!-9$,'.3-'&9$A!)09.&!>#+'./*#'&9$/.$/!/.!K$%./%/!9+!&!(9.*K$+/*,/!)/.#(!9+,J!
./'$&$+/$!&!$:)/%,<.9%3-'&9$/$H!
ULMLKLKL#>$;7(*.':&)",";!.#,#)!7#"!789.:'*.,!"7!.!)!#-!),!%$")':$5
29.3%/$!>#,,/>/%&/.$/,!$:)/%,%K-$&$+!#(!#-'&0&'/'/.!<J!%/!,97&#*/!>/%&/.!9+!M9.+/.$/,!
>3*&+)/%!(9.!#'!9<'.K%/!,9>!</.,9$*&+/!70%$68$$'$($!9+!07$>/06*$%%$($<!U$%/,!%/.!
]/./!>/-#$&,>/.!&!>/%&/*#$%,-#M/'A!%/.!</+/.!>9%!/'!,J%#$'!K$%./'!,':.-/(9.)9*%!&!
&$(9.>#'&9$,]9^/'H!?/.&M*#$%'!U$%/,!<J!PeEi,!)5/>>/,&%/!/$!'9<!XR*&,'/!90/.!$:)/%,-#$#*/$,!
>/,'!#$M/(#*/%/!#.'&-*/.!<J!2#7/M99-H!19>!'&%*&+/./!$K0$'!)#.!M.3+/.$/!>/%!/'!/$-/*'!-*&-!
>3*&+)/%!(9.!#'!%/*/!#.'&-*/.!(.#!$/''/'!>/%!%/./,!$/'0K.-!<J!%/!,97&#*/!>/%&/.A!9+!&!%/''/!
'&*(K*%/!9((/$'*&++@.!'0R-#$#*/$!#*',JA!<J!,&$!(9.,&%/A!/$!,'#'&,'&-!90/.!%/!#.'&-*/.A!%/.!<.&>K.'!/.!
(#*%/'!&!M.3+/.$/,!&$'/./,,/H!
\8*$2'$1&oTC&X>#$@01$%&'+&90:$#))8&
df
Q/'!/.!&$'/./,,#$'A!)09.%#$!>/%&/.$/!>/%!%/$$/!-#'/+9.&,/.&$+!*/+&'&>/./.!%/!,97&#*/!
>/%&/.!MJ%/!,9>!$:)/%,-#$#*!9+!,9>!.3>!(9.!>/$&$+,3%0/-,*&$+H!=$!,J%#$!/-,<9$/.&$+!#(!!
M.3+/.$/,!,3MR%&,'.&M3'&9$!#(!$:)/%,)&,'9.&/.!M&%.#+/.!$/>*&+!'&*!#'!M/*:,/!>#+'(9.,-:%$&$+/$!
>/**/>!9.+#$&,#'&9$/.!9+!9((/$'*&+)/%H!Q/'!/.!&--/!*K$+/./!-3$!0&.-,9>)/%/.!9+!9.+#$&,#'&9$/.A!
%/.!&!%/./,!#.M/5%/!>/%!6V!/.!>/%0&.-/$%/!'&*!#'!,K''/!%#+,9.%/$/$!(9.!<./,,/$H!W9.+/.$/!
&$%%.#+/,!<J!#$%/.*/%/,!0&,!&!$:)/%,<.9%3-'&9$/$A!9+!%/./,!>/$&$+/.!9+!)9*%$&$+/.!
(./>)K0/,!,9>!#*%.&+!(@.H!
;!%/$!(9.M&$%/*,/!M*&0/.!%/'!9+,J!./*/0#$'!#'!)/$*/%/!9<>K.-,9>)/%/$!<J!%/!'&%*&+/./!9>'#*'/!
08%"P"%$%*7$>7"P$>/$&$:)/%,#.'&-*/.A!%/.!0&%/./M.&$+/.!)&,'9.&/.!(.#!%/!,97&#*/!>/%&/.H!4/%!
90/.,-.&('/.!,9>!;90:$#))87(-''$&2">/$*&B($P$6)@($;omA!;,)-!-#$*&#(-7$($&$>"7$&2$/&iRK;jD!
9+!;9$*%-7$8("%"8&'+&90:$#))8;jCA!(9./-9>>/.!%/'A!#'!593.$#*&,'/.$/!>/%!%/./,!@(02">7!*K++/.!
/$!0&,!%&,'#$7/!'&*!#.'&-*/$,!+/$/./**/!./<.K,/$'#'&0&'/'H!YJ.!M9.+/.$/!9>'#*/,!,9>!2#7/M99-6
+.3<</!/**/.!S93P3M/6M.3+/./!9+!*&+$/$%/A!0&$-*/,!#.'&-*/$!&!#*!(#*%A!,J!%/.!/.!(9-3,!<J!:'.&$+/.!
&$%/$!(9.!.#>>/.$/!#(!%/!,97&#*/!>/%&/.A!9+!%/.>/%!&--/!<JA!)0#%!%/$!#*>/$/!,'/>$&$+!)9,!
M/(9*-$&$+/$!/.H!Y9-!-#$!%/.!0K./!'#*/!9>!/$!,&></*!-&*%/#$+&0/*,/A!>/$!'/$%/$,/$!-3$$/!
*&+/*/%/,!</+/!<J!/$!./'9.&,-!#(,'#$%'#+/$!'&*!%/$!9>0/$%'/!>#+'M#*#$7/!(.#!593.$#*&,'/.$/,!
,&%/H!4/%!#$%./!9.%!,:$/,!%/$!/$%/*&+/!M*J,'/><*&$+!#(!%/!,97&#*/!>/%&/.!,9>!.3>!(9.!
9((/$'*&+)/%/$,!)9*%$&$+,'&*-/$%/+&0/*,/!,'#%&+!#'!*#%/!0/$'/!<J!,&+H!19>!'&%*&+/./!$K0$'!,'J.!
%/'!%9+!(#,'A!#'!#.'&-*/.$/A!3#$,/'!%/./,!0&$-*&$+A!+&0/.!9((/$'*&+)/%/$A!)0#%!>#$!>/%!\99>M,!
9+!?9**#%#:,!'&%*&+/./!$K0$'/!M/+./M,#<<#.#'!-#$!-#*%/!/$!:)22->":0%"P$&0/P0>%07$!ZEFGFOg[A!
&%/'!%/./,!M3%,-#M!0&%/./(9.>&%*/,!#(!>#,,/>/%&/.$/H!4J,-/!*K,/,!$:)/%,)&,'9.&/.$/!/$%%#!
#(!/$!,'9.!,-#./!#(!>9%'#+/./A!(9.%&!$:)/%/.A!%/.!&$%%.#+/.!%/!,97&#*/!>/%&/.A!,'#%&+!0K--/.!
$:,+/..&+)/%!9+!%/.>/%!M/,'.&%/.!/$!./*#'&0'!)@5!$:)/%,0K.%&H!
=$!#$%/$!'/$%/$,A!%/.!>#$&(/,'/./.!%/$!(9.0./%$/!<9*#.&,/.&$+A!,/,!$J.!9.+#$&,#'&9$/.!
>/%!%/./,!6VR-#><#+$/.!&!)@5/./!9+!)@5/./!+.#%!(J.!@5$/$/!9<!(9.!%/!,97&#*/!>/%&/.!,9>!
-#$#*H!='!+9%'!/-,/></*!<J!%/$$/!'/$%/$,!/.!".K('/$,!W/-K></*,/,!'&*'#+!&!9-'9M/.!EFGFA!
%/.!&!(9.M&$%/*,/!>/%!%/$!+*9M#*/!Z($0*%&f0>:$(&X40($>$**&L)>%NA!,'.KM'/!/('/.!#'!,-#M/!
9<>K.-,9>)/%!9>-.&$+!%/$!3%M./%'/!,:+%9>H!1J*/%/,!3%,/$%'/!&$'/./,,/9.+#$&,#'&9$/$!/$!
-K%/>#&*A!%/.!9<(9.%./%/!-0&$%/*&+/!2#7/M99-RM.3+/./!'&*!#'!,-.&0/!/$!,'#'3,9<%#'/.&$+!9>A!
)09.!%/!)/*,'!,'&**/%/!%/./,!)J$%'#,-/!k!%9+!>/%!%/$!>:,'&,-/!9.%*:%!;q$7&P"1&N$1*%&N0P$&/$>&
'+TT;H!
Ta!W&*#+!gdbF!W&*#+!gfbG!W&*#+!ga da
\8*$2'$1&oTK&u//(07&@(0&=(O@%$>*&Z$8O2'$1*$*&P"(01$&;F%?%&#(A*%$(>$;6802'07>$
\8*$2'$1&oTYT&u//(07&@(0&=(O@%$>*&Z$8O2'$1*$*&P"(01$&;F%?%&#(A*%$(>$;6802'07>$
4/%!/-,/><*/.!,9>!%/!90/$,'J/$%/!;I'+&*'"*$#)(/$%;!9+!;'+&7$1O>/$($%;A!,-#M'/!%/!/$-/*'/!
,'#'3,9<%#'/.&$+/.!&!,#+/$,!$#'3.!,/-,3/**/!-9$$9'#'&9$/.!9+!0#-'/!$:,+/..&+)/%!M*#$%'!%/!
@0.&+/!M.3+/./A!%/.!&--/!-/$%'/!'&*!-#><#+$/$A!9+!,9>!%/.(9.!3$%./%/!,&+!90/.!%/!>#$+/!
/$,#.'/%/!:'.&$+/.!(.#!-0&$%/.!<J!2#7/M99-H!Y9+*/!M.3+/./!&!/$!,J%#$!+.#%A!#'!%/!>J''/!(9.)@./!
,&+!)9,!%/./,!$/'0K.-!(9.!#'!(J!9<-*#./'!>:,'/.&/'A!)0&*-/'!(./>+J.!#(!/-,/></*!THgH!
\8*$2'$1&oTnT&R$*')>*&'+&=(O@%$>*&Z$8O2'$1*$*&P"(01$&;F%?%&#(A*%$(>$;6802'07>$
fF
=$!'&*,0#./$%/!-#><#+$/!(@.'/!".K('/$,!W/-K></*,/!&!EFFaA!)09.!%/!M#%!-0&$%/.!,-.&0/!(#.0/$!
<J!%/./,!W?!&!,'#'3,9<%#'/.&$+/$!<J!2#7/M99-!3%/$!:%/.*&+/./!(9.-*#.&$+A!(9.!<J!,#>>/!>J%/!
#'!0K--/!3$%.&$+!9+!9<>K.-,9>)/%!<J!%/!,97&#*/!>/%&/.bEH!Q/'!#(+@./$%/!0/%!%/''/!7#,/R
/-,/></*!/.!9.+#$&,#'&9$/$,!$:/!6VR,'.#'/+&A!%/.!&$'/+././.!%/!,97&#*/!>/%&/.!9+!M/0K+/.!
,&+!%&./-'/!0&#!M.3+/.$/,!</.,9$*&+/!$/'0K.-!k!9+!3%/$9>!>#,,/>/%&/.$/H!"#><#+$/.$/!)#.!
0K./'!:%/.,'!,377/,(3*%/!9+!)#.!(9.3%/$!/$!>#,,/!%/M#'!<J!%/!,97&#*/!>/%&/.!0#-'!&$'/./,,/!
)9,!$/'9<!<./,,/$A!%/.!)#.!,-./0/'!/$!.K--/!#.'&-*/.!9>!'&*'#+/'H!='!,J%#$'!/-,/></*!,/,!&!
W/.*&$+,-/!P&%/$%/!>/%!#.'&-*/$!;90:$#))8<&%0*8$(&)7&#(A*%8(O@%r;jYT
?9,!8K+/.!C%/$!_.K$,/.!U$%/,!/$!*&+$/$%/!,'.#'/+&A!&%/'!9.+#$&,#'&9$/$!&!EFGF!+59.%/!%/'!
>3*&+'!(9.!2#7/M99-RM.3+/./!#'!I%9$/./I!%/./,!,'#'3,9<%#'/.&$+!(9.!/$!,'3$%H!1J*/%/,!-3$$/!
>#$!<J!(9.,&%/$!#(!,&$!2#7/M99-R,&%/!,/!,'#'3,9<%#'/.&$+/.!(.#!,&$/!0/$$/.!,9>!%/!(@*+/$%/O
\8*$2'$1&oToT&u//(07&@(0&.O7$(&-/$>&B(O>*$(*&;FA/*-/0>;6802'07>$
bE!Z#[!BW\!Y/^,bX!W&*#+!TF
fG
&
\8*$2'$1&oTjT&u//(07&@(0&.O7$(&-/$>&B(O>*$(*&;FA/*-/0>;6802'07>$
?/.!/.!'#*/!9>!,-#.</A!-9.'(#''/%/!9+!</.,9$*&+/!M3%,-#M/.A!(9.(#''/'!&!/$!(.&,-!9+!3$+%9>>/*&+!
'9$/!R!%/'!0&*!,&+/!/$!./'9.&-A!%/.!/.!'.9!>9%!,'#'3,9<%#'/.&$+/$,!+/$./-9$0/$'&9$/.H!Q/.>/%!
M*#$%/.!8K+/.!C%/$!_.K$,/.,!M3%,-#M!,&+!3M/,0K./'!>/%!%/!>#$+/!:'.&$+/.!<J!%/!,97&#*/!
>/%&/.A!9+!M3%,-#M/'!(./>,'J.!%/.(9.!,'K.-/./!9+!>/./!'.90K.%&+'A!(9.%&!%/'!,'#>>/.!%&./-'/!
(.#!/$!</.,9$!&!/$!M.3+/.,!</.,9$*&+/!$/'0K.-H!1#>'&%&+!/.!'&*'#+/'!$:'!9+!&$$90#'&0'!&!%/!
,97&#*/!>/%&/.,!-9$'/-,'A!)09.(9.!%/!%9$/./%/!,'#'3,9<%#'/.&$+/.!&!,&+!,/*0!,-#M/.!/$!0&,!
9<>K.-,9>)/%!9+!$:,+/..&+)/%!M*#$%'!M.3+/.$/H!!
fE
6J!+*9M#*'!<*#$A!U$%/,!/$!M./%!0&('/!#(!/-,/><*/.!<J!,J%#$$/!-#><#+$/.A!9+!>#$!-#$!
#.+3>/$'/./!(9.A!#'!%&,,/!$:/!'&*'#+!&$%/$!(9.!6VR#.M/5%/'!-#$!9<(#''/,!,9>!/'!3%'.:-!(9.!%/$!
K$%./%/!,':.-/<9,&'&9$!&!&$(9.>#'&9$,]9^/'H!;!,'/%/'!(9.!#'!-9>>3$&-/./!'&*!9((/$'*&+)/%/$!
0&#!'.#%&'&9$/**/!$:)/%,-#$#*/.A!#$/.-/$%/.!0&.-,9>)/%/.!9+!9.+#$&,#'&9$/.!9((/$'*&+)/%/$,!
>#+'<9,&'&9$!9+!@5$/.!>3*&+)/%/$!(9.!#'!-9>>3$&-/./!0&#!%/$!/$-/*'/,!</.,9$*&+/!$/'0K.-H!
=$!/.-/$%/*,/A!%/.!>#$&(/,'/./.!%/!,97&#*/!>/%&/.,!,'9./!+/$$/>,*#+,-.#('!,#>'!>/%&/.$/,!
'&*,0#./$%/!,0K--/%/!&$%]:%/*,/A!9+!,9>!&!,&%,'/!/$%/!(J.!#,:>>/'.&/$!'&*!#'!0#-*/!9+!0/$%/!<J!
)90/%/'H!
ULQL#>$;7#7,%#)!#-$.;,"$%,'!.!)!
19>!%/'!+/$'#+$/!+#$+/!/.!M*/0/'!<J</+/'A!U$%/,!/$!%/*!(9.M/)9*%!&!,</7&#*/',!-.&'&-!#(!
%/!/-,&,'/./$%/!>/%&/'/9.&/.H!=-,/></*0&,!&0K.-,K''/,!$/'M.3+/.$/,!#.'&-/*%/*&$+!0&#!
%/!/'#M*/./%/!>#,,/>/%&/.,!$:)/%,<.9%3-'&9$/.A!9+!%/'!/.!+&0/'0&,!&--/!%/$!,#>*/%/!
$:)/%,<.9%3-'&9$A!%/.!'#+/.!,&'!#(,K'!&!%/!,97&#*/!>/%&/.H!Q/$!9>0/$%'/!#,:>>/'.&,-/!6VR
>9%/*!,-#*!,J*/%/,!&--/!9<(#''/,!,9>!/$!/$%/+:*%&+!>9%/*!(9.!%/'!#-'3/**/!>/%&/*#$%,-#M!9+!
%/',!./*#'&9$/.A!>/$!,-#*!(9.,'J,!,9>!/'!$:'!</.,</-'&0!<J!>/%&/3%0&-*&$+/$A!%/.!(./>90/.!,:$/,!
#'!%9>&$/./,!>/./!9+!>/./!#(!M9.+/.$/A!%/.!0&#!%/!,97&#*/!>/%&/.!)#.!(J/'!/$!$:!,'/>>/!&!%/$!
9((/$'*&+/!%/M#'H!!
\99>M,!9+!?9**#%#:!M/,-K('&+/.!,&+!*&+/*/%/,!>/%!%/$$/!>#+'M#*#$7/A!&%/'!%/!
#.+3>/$'/./.!(9.A!#'!%/$!%&+&'#*/!3%0&-*&$+!>/%(@./.!>#+'<9'/$'&#*/!(9.!/**/.,!>#.+&$#*&,/./%/!
M/(9*-$&$+,+.3<</.O
;VIW&%N$&U>%$(>$%&'()P"/$*&0&2$:N0>"*2&4N$($&$P$>&')4$(1$**&:)>*%"%-$>:"$*&N0P$&%N$&
')%$>%"01&%)&#-"1/&%N$"(&')4$(T&ZA&#-"1/">7&')4$(<&)%N$(&:)>*%"%-$>:"$*<&">:1-/">7&:)(')(0%")>*<&
#$7">&%)&1"*%$>&%)&%N$*$&)>:$620(7">01"G$/&0>/&')4$(1$**&:)>*%"%-$>:"$*;!Z\99>M,!`!?9**#%#:A!
EFGFOGXE[H!
29.(#''/.$/!3$%/.,'./+/.!<9'/$'&#*/'!&!%/$$/!3%0&-*&$+A!%#!%/'!*#$+'!(.#!/.!#**/!+.3<</.A!%/.!
(9.>J.!#'!9<$J!>#+'!>/%!%/./,!#-'&0&'/'/.!<J!&$'/.$/''/'H!W/'.#+'$&$+/$!#(!&$'/.$/'M.3+/.$/!,9>!
<9'/$'&/**/!>#+')#0/./!3$%/.,'@''/,!/$%0&%/./!#(!\99>M,i!U>%$(>$%&f)>%07")>&!N$)(A!ZEFFE[H
;U>%$(>$%&f)>%07")>&!N$)(A&'()')*$*&%N0%&:)>*%"%-$>%*&#-"1/&')4$(&#A&:)>*%(-:%">7&0:%"P$&
0>/&$c'0>/">7&4$#*&)@&($10%")>*N"'*&'($/":0%$/&)>&%N$&-*$&)@&U>%$(>$%6#0*$/&:)22->":0%")>&
:N0>>$1*T;&Z\99>M,!`!?9**#%#:A!EFGFOGXE[H!
fX
4/%!%/$$/!'/9.&!#.+3>/$'/./.!\99>M,!(9.A!#'!9((/$'*&+)/%/$!&+/$$/>!M.3+/$!#(!%&+&'#*/!
-9>>3$&-#'&9$,<*#'(9.>/!(9.,@+/.!#'!,-#M/!,&+!,J!7/$'.#*!/$!<*#%,!&!,&'!$/'0K.-!,9>!>3*&+'!(9.!
%/.&+/$$/>!#'!9<$J!>#+'!9+!&$%]:%/*,/!Z\99>M,!`!?9**#%#:A!EFGFOGXE[H!
='!(K$9>/$A!%/.!&$%,-.&0/.!,&+!&!%/$$/!9<'&-A!/.!%/!,J-#*%'/!:"%"G$>&J)-(>01"*%*A!%/.!&(@*+/!
(9.,-/.$/!/.!+#$,-/!#*>&$%/*&+/!+/$$/>,$&',M9.+/./A!%/.!<3M*&7/./.!$:)/%,)&,'9.&/.!
Z/-,/></*0&,!<J!M*9+,[A!9+!,9>!,J*/%/,!'.3/.!593.$#*&,'/.$/,!#.M/5%/H!;!%/$!(9.M&$%/*,/!
9M,/.0/./.!(9.(#''/.$/!3%0&-*&$+/$!#(!/$!<#.#**/*!/**/.!#*'/.$#'&0!,'.3-'3.!'&*!%/!'.#%&'&9$/**/!
$:)/%,>/%&/.A!&%/'!M.3+/./!-#$!')*%$!&$(9.>#'&9$!)>1">$!9>!$:)/%/.A!0&.-,9>)/%/.A!<.9%3-'/.!
/**/.!,/.0&7/,O!
;Q$)'1$&0($&>)&1)>7$(&1"2"%$/&#A&%N$&_1%$(*&)(&%N$&*'0:$}%"2$&1"2"%0%")>*&)@&%N$&>$4*&2$/"0T&
!N$($&0($&01%$(>0%"P$&*)-(:$*&)@&">@)(20%")>;!Z\99>M,!`!?9**#:%#:A!EFGFOGXX[
\99>M,!9+!?9**#%#:!./(/././.!>/%!%/$$/!9M,/.0#'&9$!&--/!%&./-'/!'&*!%/!,97&#*/!
>/%&/.!9+!M.3+/.$/,!#.'&-/*%/*&$+A!>/$!%/./,!'/9.&!,0#./.!'&*!,</7&#*/',!&#+''#+/*,/!#(!
$:)/%,-9$,3>/$'/.$/,!K$%./%/!#%(K.%!9+!>#,,/>/%&/.$/,!$:(3$%$/!&$'/./,,/!(9.!%/!
,97&#*/!>/%&/.!&!$:)/%,<.9%3-'&9$/$H!P&*,0#./$%/!-#$!(9.,-/.$/,!9M,/.0#'&9$/.!90/.(@./,!
<J!%/$!'&%*&+/./!%&,-3,,&9$!9>A!)09.0&%'!9((/$'*&+)/%/$!(./>90/.!0&*!)9*%/!,&+!9<%#'/./'!9+!
9.&/$'/./'!0&#!%/!,97&#*/!$/'0K.-!9+!&--/!*K$+/./!-3$!%&./-'/!0&#!%/!'.#%&'&9$/**/!$:)/%,>/%&/.H!
Q/'!7/$'.#*/!&!\99>M,!9+!?9**#%#:,!<3M*&-#'&9$!M*&0/.!,J*/%/,A!#'!(9.,-/.$/!9<(#''/.!&$'/.$/''/'!
,9>!/$!>/-#$&,>/A!)09.>/%!/**/.,!>#.+&$#*&,/./%/!+.3<</.!)#.!>3*&+)/%!(9.!#'!9<$J!>#+'!
0/%!#'!M/0K+/!,&+!(.#!">%(067()-'&'&*&">%$(67()-'&:)22->":0%")>&ZL<H7&'HOGXE[H!?/.>/%!)/$0&,/,!
'&*A!#'!%/$!/$-/*'/!M.3+/.,!>/$&$+!<J!&$'/.$/''/'!-#$!,<./%/,!*#$+'!3%90/.!0/%-9>>/$%/,!
</.,9$*&+/!$/'0K.-!9+!>9M&*&,/./!,'@../!+.3<</.H!='!/-,/></*!<J!/$!,J%#$!>/-#$&,>/!-3$$/!
0K./!9<./''/*,/$!#(!'/>#+.3<</.!<J!2#7/M99-A!,9>!'&*,*3''/,!#(!M.3+/./!<J!'0K.,!#(!#*%/.A!-@$A!
$#'&9$#*&'/'!9+!$/'0K.-H!;--/!$9-!>/%!#'!%/$!&$%&0&%3/**/!M.3+/.!-#$!,/$,&M&*&,/./!,&'!$/'0K.-!
9>-.&$+!/'!+&0/'!/>$/c!,</7&#*/'!)#.!-9$,'#'/./'A!#'!%/!<J+K*%/$%/!"**-$*!$3!9+,J!-#$!U$%/!
0/5!'&*!%/!'.#%&'&9$/**/!>#,,/>/%&/.!9+!%/.&+/$$/>!3%!'&*!/$!,'@../!>9%'#+/.+.3<</H!
;!%/'!)/*/!'#+/'!,'@''/.!\99>M,!9+!?9**#%#:,!'/9.&!9>!%/'!#-'3/**/!>/%&/*#$%,-#M!9<!9>!
%/$!>#+'%&,-3.,A!#()#$%*&$+/$!-./%,/.!9>A!)0&*-/'!/$%0&%/./!-9>>/.!'&*!3%'.:-!&!(9.,-/.$/,!
&$'.9%37/./%/!M/+./M!/"*:-(*"P$&($*"*%0>:$O!
fg
;VIW&0&'():$**&%N()-7N&4N":N&%$c%<&)(01<&>)>6P$(#01&:)22->":0%")><&0>/&)%N$(&@)(2&)@&2$0>">76
208">7&0($&$2'1)A$/&%)&"207">$&01%$(>0%"P$*&%)&/)2">0>%&')4$(&*%(-:%-($*T;&Z\99>M,!#$%!
?9**#%#:A!EFGFOGba[H!
29.(#''/.$/!#.+3>/$'/./.!#*',J!(9.A!#'!&$'/.$/''/'!>3*&++@.!/$!(9.>!(9.!-9>>3$&-#'&0!>9%,'#$%!
(9.!%/!M/(9*-$&$+,+.3<</.A!%/.!$9.>#*'!M*&0/.!90/.)@.'!&!$:)/%,>/%&/.$/H!ZL<H7&'HOGXg[H!6J!
&$'/.$/''/'!-#$!%&,,/!+.3<</.!$/>*&+!U$%/!/'!%&,-3.,&0'!.J%/.3>A!)09.!%/!-#$!3%'.:--/!,&+!9+!
M*&0/!)@.'H!='!+9%'!/-,/></*!<J!/'!,J%#$'!.3>!/.!$/'9<!%/!,97&#*/!>/%&/.A!)09.!/$)0/.!0/%!
)5K*<!#(!,'#'3,9<%#'/.&$+/.A!+.3<</'&*>/*%&$+/.!9+!&--/!>&$%,'!#.'&-/*%/*&$+!-#$!-9>>/!'&*!9.%/H!
;!,#>>/!J$%/%.#+!&$'.9%37/./.!(9.,-/.$/!M/+./M/'!:)>*%"*%-$>:A&:N-(>A!%/.!%K--/.!90/.!%/$!
>/-#$&,>/A!%/.!9<,'J.A!$J.!M.3+/./!,*3''/.!,&+!,#>>/$!>9%!/$!9.+#$&,#'&9$!>/%!)/$M*&-!<J!
#'!'&*'.K--/!#$%./!'&*!+.3<</$!9+!(9.@+/!>9%,'#$%/$!ZL<H7&'HOGXT[H!1</7&#*/',!7#,/R#$#*:,/.!
)#.!'&%*&+/./!0&,'!/-,/><*/.!<J!/$!,J%#$!>9M&*&,/.&$+A!%#!/$!,'9.!+.3<</!2#7/M99-RM.3+/./!
'&*,*3''/%/!,&+!/$!+.3<</!>9%!/'!$:'!./+/.&$+,'&*'#+!9+!%/.>/%!9<$J/%/!>/%&/9>'#*/!Z#(,$&'!
gHXHGH[H!
=$!*&+$/$%/!)9*%$&$+!-#$!U$%/,!&!W9:%,!#.'&-/*A!,9>!<J</+/.A!#'!%/'!>/%!%/!,97&#*/!>/%&/.,!
(./>-9>,'!&--/!*K$+/./!-3$!/.!(9.M/)9*%'!-/$%'/!9+!#.&,'9-.#'/.!#'!-9>>3$&-/./!>/%!
9((/$'*&+)/%/$H!
;!N$&U>%$(>$%&N0*&"(($P):0#1A&:N0>7$/&%N"*T&!$$>*&%)/0A&@0:$&0&'-#1":&1"@$&4"%N&->"207">0#1$&
4"/$&')**"#1A&'-#1":"%A;&ZW9:%A!EFFdOEE[H
P&*,0#./$%/!<J</+/.!\).&,'/$,/$,!&!,&$!#.'&-/*!IiW3&*%R#RM/#.i!k!593.$#*&,'&-!<J!2#7/M99-IA!
#'!</.,9$/.!&!%#+!-#$!&$%+J!&!+.3<</.&$+/.!3%/$!(9.!%/./,!/+/'!$/'0K.-A!9+!9('/!)#.!%&,,/!
+.3<</.!>9.#*,-/A!<9*&'&,-/!/**/.!)9*%$&$+,(9.)#$%*/$%/!%#+,9.%/$/.H!Q/$$/!$:/!#%(K.%!
)9,!9((/$'*&+)/%/$!/.!&(@*+/!\).&,'/$,/$!M*J,'/><*/'!#(!>#,,/>/%&/.$/A!%/.!0&%/./M.&$+/.!
M9.+/.$/,!)9*%$&$+/.!ZEFGF[H
Q/.!/-,&,'/./.!,J*/%/,!M.3%,':--/.!&!'/9.&/$!9>-.&$+!%/!,97&#*/!>/%&/.,!<J0&.-$&$+!#(!
>#+'M#*#$7/$!&!,#>(3$%/',!-9>>3$&-#'&9$,>@$,'./H!1#>>/$!'5/$/.!%&,,/!'&*!#'!3$%/.M:++/!%/!
$:/!'/9./'&,-/!</.,</-'&0/.A!,9>!%/$!9>0/$%'/!#,:>>/'.&,-/!6VR>9%/*!M&%.#+/.!>/%H!
fT
ULRL#@!%:*":%Z',*"
1</7&#*/',!#$%/$!%/*!M/)#$%*/%/!,J*/%/,!%/$!%/*!#(!<.9M*/>(9.>3*/.&$+/$A!%/.!#.+3>/$'/./.!
(9.A!#'!_.3$&+!9+!?3$',!#,:>>/'.&,-/!6VR>9%/*!-#$!#$,-3/,!&!/'!9>0/$%'!</.,</-'&0H!
63M*&7!V/*#'&9$,R%&,7&<*&$/$!M/U$%/.!,&+!$/>*&+!&!-.:%,(/*'/'!>/**/>!<./,,/A!9.+#$&,#'&9$/.!
9+!9((/$'*&+)/%A!9+!>/%&/*#$%,-#M/',!3%0&-*&$+!9+!<9*#.&,/.&$+/.!>J!%/.(9.!$@%0/$%&+0&,!
<J0&.-/!%/$$/H!;!&$%/0K./$%/!-#<&'/*!./%/+59.%/!5/+!%/.(9.!(9.!/$!>#$#+/>/$'R'&*+#$+!'&*!
63M*&7!V/*#'&9$,!9+!%&,-3'/./%/!&!(9.*K$+/*,/!)/.#(A!)0&*-/!$:/!'/9./'&,-/!</.,</-'&0/.!%/.!-#$!
#$*K++/,!<J!%/''/!(#+9>.J%/!k!/$!./0&,&9$A!%/.!'9+!,&'!#(,K'!&!_.3$&+!9+!?3$',!U./!-*#,,&,-/!
6VR>9%/**/.H!
4/%!M#++.3$%!&!,</7&#*/',!#$#*:,/.!9+!0/%!&$%%.#+/*,/!#(!>&$&R7#,/,A!%/.!M*#$%'!#$%/'!M/*:,/.!
$:/!'/$%/$,/.!&$%/$!(9.!6VR#.M/5%/'A!#.+3>/$'/./%/!5/+!(9.A!#'!%/$!#,:>>/'.&,-/!6VR>9%/*!
-#$!0/$%/,!<J!)90/%/'A!,J*/%/,!#'!%/$!(9.0./%$/!>#+'M#*#$7/A!3*&+!'&%*&+/./A!(#*%/.!3%!'&*!
9((/$'*&+)/%/$,!(9.%/*H!
Q/$$/!9>0/$%'/!#,:>>/'.&,-/!6VR>9%/*!M*/0!,3<<*/./'!>/%!/$!./0&%/./'!0/.,&9$!#(!_#*'3$+!
9+!V3+/,!>9%/*!(9.!$:)/%,<.9%3-'&9$/$A!,#>'!>/%!M.3%,':--/.!#(!%/$!/-,&,'/./$%/!'/9.&A!
%/.!M/,-K('&+/.!,&+!>/%!&$'/.$/'M.3+/.$/,!$:)0/.0/%/!>#+'<9,&'&9$!9+!>/%!%/!#*'/.$#'&0/!
,'.3-'3./.!'&*!>#,,/>/%&/.$/A!%/.!/.!9<,'J/'!)>1">$H!
1#>>/$(#''/$%/!-9$-*3%/./%/!5/+!%/.>/%!&!,</7&#*/',!#$%/$!%/*A!#'!%/.!>/%!%/!,97&#*/!
>/%&/.!/.!9<,'J/'!$:/!>#+'./*#'&9$/.!9+!,':.-/(9.)9*%!&$%/$!(9.!>/%&/*#$%,-#M/'!9+!
$:)/%,<.9%3-'&9$/$A!9+!#'!/$!,J%#$!3%0&-*&$+!>/%(@./.!/'!M/)90!(9.!$:'K$-$&$+!&!%/'!
,'.#'/+&,-/!#.M/5%/!>/%!63M*&7!V/*#'&9$,H!
fb
C(DA(,&EF"&@$&B"$&"'GH(+@G%(+"#%.F"!
@?G#AAA
SL#234P3C<WX?<O#<V?#<?BHN3IOHA3I?GAFX?@
2/>'/!-#<&'/*,!'/9./'&,-/!/.-/$%/*,/!#(!>/%&/*#$%,-#M/',!$:/!>#+'./*#'&9$/.!%#$$/.!
3%+#$+,<3$-'!(9.!&$%/0K./$%/!-#<&'/*A!%/.!0&*!M/,-K('&+/!,&+!>/%!%/!$:/!M/'&$+/*,/.A!6VR
M.#$7)/$!>J!,/!&!@5$/$/H!Q/.!/.!>/%!#$%./!9.%!'#*/!9>!,</7&#*/',!>/./!%&,-3'/./$%/!9+!
</.,</-'&0/./$%/!%/*A!)09.&!'.J%/$/!,#>*/,A!9+!)09.!5/+!0/%!#'!,#>>/$]/''/!>&$/!7#,/,!9+!
'/9./'&,-/!<9&$'/.A!(9*%/.!>&$!>9%/*!3%A!9+!#$0/$%/.!%/$!&!%&,-3,,&9$/$!9>!6VRM.#$7)/$,!$:/!
$/'0K.-,0&.-/*&+)/%H!!
SLKL#2Z5%,+#3!%$7,*"'#`#,"(*.-$7,*"#,#$")!7#%!)
4/%!./%/+@./*,/$!(9.!%/!,97&#*/!>/%&/.,!,'9./!+/$$/>,*#+,-.#('!&!,#>(3$%/'A!&#+''#+/.!5/+!
(@.,'!9+!(./>>/,'!/'!M/)90!(9.A!#'!6VRM.#$7)/$!./03.%/./.!,&$!'.#%&'&9$/**/!(9.,'J/*,/!#(!<./,,/$!
,9>!%/$!#*'#(+@./$%/!#-'@.!&!-9>>3$&-#'&9$/$!>/%!9((/$'*&+)/%/$H!
D/#$R4#.7!QN7#3%&$!M/,-.&0/.!&!,&$!'/9.&!$/'9<!%/''/!-*#,,&,-/!(3$%#>/$'!(9.!6VR%&,7&<*&$/$A!
,9>!&(@*+/!%/$!(.#$,-/!(9.,-/.!/.!-/$%/'/+$/'!0/%!#'!%&,'.&M3/./!,&$/!M3%,-#M/.!0&#!/'!
>/**/>*/%H!P&*!'&%/.!0/%!)5K*<!#(!#)-:N$6361a)($"11$R>/'9%/$!R!9('/,'!0&#!>/%&/.$/!ZEFFXOGfd[H!=$!
,J%#$!>/-#$&,>/!/.!&**3,'././'!&!$/%/$,'J/$%/!>9%/*O
9"7-(&jTCT&.0&%(0>*2"**")>&/a->&2$**07$&$>&($10%")>*&'-#1"d-$*&Vib:0-/"><&KDDYW
! !"#$$#%&'(%'"#))*+#'''''''''''''''
''''''''''''''''''''''
''''''',#))*+#'-.-$-*/'
'
0#/*-)'(1-.23&"*$-3.'4-5/6'
'
,#))*+#'&#(-22%)6'+&*$%-$#"#.$'(*.)'/#)'"6(-*)'
'
064#7$#%&'2-.*/'
!
C(DA(,&EF"&@$&B"$&"'GH(+@G%(+"#%.F"!
@?G#AAA
ff
QN7#3%&$!3$%/.,'./+/.!>/%!,&$!>9%/*!6VR#.M/5%/',!)/*'!,'9./!(9.%/*A!%/.!M/,'J.!&!%/$!
'.90K.%&+)/%!<./,,/$!>/%(@./.!,9>!($10"*H!ZQN7#3%&$A!EFFXOGabRGad[H!='!,J%#$'!
9>%./5$&$+,<3$-'!/.!,K.%/*/,!./<.K,/$'#'&0'!(9.!MJ%/!'/9.&/$!9+!<.#-'&,/.&$+/$!#(!63M*&7!
V/*#'&9$,!&!#*>&$%/*&+)/%A!)0&*-/'!%/*0&,'!-#$!(9.-*#./,!0/%A!#'!/$!,'9.!%/*!#(!%/!M/,-K('&+/%/!&!
6VRM.#$7)/$!)#.!/.(#.&$+!>/%!9+!.@%%/.!&!%/$!593.$#*&,'&,-/!'.#%&'&9$H!6./,,/)J$%'/.&$+!3%+@.!
,J*/%/,!-9$,3*/$'M3./#3/.$/,!<.&>K./!-9></'/$7/9>.J%/A!9+!%/'!/.!%/.(9.!9+,J!$#'3.*&+'A!#'!
>#,,/>/%&/.$/!&!6VR-9$,3*/$'/.$/,!9<'&-!./<.K,/$'/./.!-/.$/$!&!-9>>3$&-#'&9$,#.M/5%/'H!
1</7&#*/',!<9&$'/!M*&0/.!&>&%*/.'&%A!#'!>#$!&!#.M/5%/'!>/%!63M*&7!V/*#'&9$,!(./>90/.!M@.!
'3.%/!'#+/!,-.&%'/'!0&%/./!9+!&--/!M#,/./!#**/!-9>>3$&-#'&9$,&$%,#',/.!<J!,#>#.M/5%/'!
>/%!>/%&/.$/H!;!,'/%/'!M@.!M.#$7)/$!%.#+/!(9.%/*!#(!%/!,97&#*/!>/%&/.!9+!%/$!%/.'&*!
./*#'/./%/!$/'0K.-,0&.-/*&+)/%!9+!&!,'@../!+.#%!,<.&$+/!%/'!M/.@>'/!#$%/'!*/%!90/.!&!
,'.#'/+&<*#$*K+$&$+/$H!D/+!0&*!3%%:M/!%/$$/!&#+''#+/*,/!&!,</7&#*/',!(@*+/$%/!-#<&'/*!9>!
>$%PO(8*($%)("88$>H!
SLML#<!789.:'.!7*.,::!"
;!\99>M,!9+!?9**#%#:,!'/9.&!9>!63M*&7!V/*#'&9$,!'#+/,!)3*!<J!%/$$/!90/.0/5/*,/!9>-.&$+!
M.#$7)/$,!$:/!M/'&$+/*,/.A!&%/'!(9.,-/.$/!M/,-K('&+/.!,&+!>/%!&$'/.$/''/',!<9'/$'&#*/!(9.!#'!
,-#M/!%&#*9+!>/**/>!9.+#$&,#'&9$/.!9+!9((/$'*&+)/%H!Q/'!/.!$/>*&+!*#$+'!(.#!#**/!0&.-,9>)/%/.A!
%/.!M/$:''/.!,&+!#(!%/$$/!>3*&+)/%!R!,#$%,:$*&+0&,!(9.%&!%/!/.!3'.:++/!0/%!#'!%/*/!3%!#(!%/./,!
>#+'!'&*!&$'/.$/'M.3+/.$/!ZEFGFOGXa[H!;--/!%/,'9!>&$%./!>/$/.!(9.,-/.$/A!#'!>#$!&!#.M/5%/'!>/%!
63M*&7!V/*#'&9$,!M@.!*@M/!%/$$/!.&,&-9!9+!M*&0/!M/%./!'&*!#'!3%$:''/!&$'/.$/''/',!<9'/$'&#*/!(9.!
%&#*9+M#,/./'!-9>>3$&-#'&9$H
;5(70>"G0%")>*&2-*%&$2#(0:$&%N$&("*8&)@&'-#1":&/"*:-**")>&)@&"/$0*&0>/&%N$&1)**&)@&')4$(&
0**):"0%$/&4"%N&%N$&:)22"%2$>%&%)&/"01)7":01&:)22->":0%")>&Z\99>M,!`!?9**#%#:A!EFGFOGXa[H!
29.(#''/.$/!#.+3>/$'/./.!)/.(9.!0/%!#'!3$%/.,'./+/!>3*&+)/%/$!(9.!#'!9<M:++/!./*#'&9$/.!
'&*!M.3+/.$/!+/$$/>!&$'/.$/''/'!,9>!-9>>3$&-#'&9$,-#$#*!9+!%/.&+/$$/>!+/$/././!0K.%&!
(9.!MJ%/!%/>!9+!9.+#$&,#'&9$/$H!4/%!#$%./!9.%!M@.!6VR<.#-'&-/./!+@./!<*#%,!'&*!%&,-3.,&0!
>9%,'#$%!<J!&$'/.$/''/'!9+!%.#+/!(9.%/*!)/.#(!0/%!#-'&0'!#'!*:''/!'&*!,&$/!,'#-/)9*%/./H!Q/'!/.!
&(@*+/!(9.(#''/.$/!3-*9+'!#'!'&/!/$!M.3+/.!&)5/*A!(9.%&!>#$!&--/!M.:%/.!,&+!9>!0/%-9>>/$%/,!
:'.&$+/.H!;!,'/%/'!M@.!&$'/.$/''/'!M.3+/,!,9>!./%,-#M!'&*!#'!-9.'*K++/A!)0&*-/!+.3<</.!%/'!/.!
./*/0#$'/!(9.!9.+#$&,#'&9$/$!#'!&$%'.K%/!&!%&#*9+!>/%!Z\99>M,!`!?9**#%#:A!EFGFOGgF[H!
fa
29.M#0,/$%/!$9-A!9>'#*/.!\99>M,!9+!?9**#%#:,!'/9.&!&--/!%&./-'/!%/!,97&#*/!>/%&/.H!Q/$!
-./%,/.!&!,'/%/'!9>!(K$9>/$/.!,9>!:)(')(0%$)77">7A!-9>>/$'#.(/*'/.!<J!)5/>>/,&%/.!
9+!*&+$/$%/!%&,-3.,&0/!.J%/.3>H!Q/./,!&#+''#+/*,/.!/.!%9+!&!)@5!+.#%!./*/0#$'/!(9.!%/!,97&#*/!
$/'0K.-,'5/$/,'/.A!%#!$/'9<!&$'/.#-'&9$/$!9+!%/'!,97&#*/!,#>0K.!>/**/>!M.3+/.$/!/.!&!)@5,K%/'!
<J!%&,,/!(9.#H!=('/.!#*!,#$%,:$*&+)/%!-3$$/!%&#*9+!&$%/$!(9.!.#>>/.$/!#(!%/!,97&#*/!>/%&/.!
,J*/%/,!>/%(@./!3#$/%/!>K$+%/.!#(!./,,93.7/.!9+!0K.%&(3*%/!&$(9.>#'&9$/.!(9.!9.+#$&,#'&9$/.!
9+!0&.-,9>)/%/.!k!$/'9<!(9.%&!%&,,/!/.!M*/0/'!.3>!(9.!%/M#'!9+!)9*%$&$+,'&*-/$%/+&0/*,/H!
2*/./!#(!,</7&#*/',!7#,/,!)#.!&>&%*/.'&%!&**3,'././'A!#'!%/!,97&#*/!>/%&/.,!<9'/$'&#*/!.K--/.!
*#$+'!0&%/./!/$%!'&*!/$!,J%#$!(9.>!(9.!'9R0/5,R-9>>3$&-#'&9$H!WJ%/!>/%&/.!9+!9.+#$&,#'&9$/.!
#$/.-/$%/.!&!,'@../!9+!,'@../!+.#%!9((/$'*&+)/%/$,!>#+'<9,&'&9$!<J!%/!,97&#*/!>/%&/.A!9+!
%/.!U$%/,!/'!)#0!#(!/-,/><*/.!<JA!)09.%#$!M.3+/.$/,!</.,9$*&+/!-#$#*/.!9+!$/'0K.-!,@+/,!
</$/'././'!(9.!#'!%&,'.&M3/./!M3%,-#M/.!%&./-'/!'&*!9((/$'*&+)/%/$H!!!
29.3%/$!,</7&#*/',!@0.&+/!7#,/,!-#$!$K0$/,!':,-/!83(')#$,#A!%/.!,/$/,'!)#.!&$%(@.'!
#<<*&-#'&9$/$!'&*!%/!,97&#*/!>/%&/.!LAF8AF%0%-*A!,9>!)#.!+59.'!%/'!>3*&+'!(9.!%/$!/$-/*'/!
M.3+/.!#3'9>#'&,-!9+!1"P$!#'!9<%#'/./!,&'!$/'0K.-!<J!2#7/M99-!9+!P^&''/.!9>A!)0&*-/!./5,/.!
0/%-9>>/$%/!%.#+/.!<J!>/%!]:,/*,-#M/'H!='!'&*'#+A!%/.!-3$$/!'K$-/,!#'!)5K*</!(9.M.3+/./$,!
,/*0&,7/$/,K''/*,/,<.97/,!,9>!/'!M/./5,'!9+!M/.&+/'!&$%&0&%!<J!0/5A!#*'!&>/$,!0&.-,9>)/%/$!
/-,<9$/./,!(9.!0/%-9>>/$%/,!$/'0K.-H!?/.!/.!,J*/%/,!'#*/!9>!/'!&$$90#'&0'!6VR(./>,'@%A!,9>!
,-#M/.!9<>K.-,9>)/%!9>-.&$+!MJ%/!9.+#$&,#'&9$!9+!(9.M.3+/.H!
\8*$2'$1&jTCT&LAF8AF%0%-*
aF
19>!'&%*&+/./!0&,'A!/.!9+,J!%/$!<9*&'&,-/!-9>>3$&-#'&9$!,'K.-'!9<'#+/'!#(!%/!,97&#*/!>/%&/.A!
9+!/$!&$'/./,,#$'!(3$-'&9$!&!%/$!(9.M&$%/*,/!0#.!#>/.&-#$/.$/,!>3*&+)/%!(9.!#'!I%9$/./I!%/./,!
2#7/M99-R,'#'3,!'&*!%/!/$-/*'/!-#$%&%#'/.!3$%/.!,/$/,'/!<.K,&%/$'0#*+bgH!1J*/%/,!-3$$/!
<9*&'&-/.$/!%&./-'/!>&$%/!M.3+/.$/,!</.,9$*&+/!$/'0K.-!9>A!)0&*-/$!M9-,!%/!,-3**/!,K''/!%/./,!
-.:%,!&!9+!%/.>/%!(9.,@+/!#'!<J0&.-/!0K*+/.$/,!M/,*3'$&$+!+/$$/>!/$!#$%/$!-#$#*!/$%!%/!
'.#%&'&9$/**/!>#,,/>/%&/.H!
4/%!/$!,J%#$!>#+'(9.,-:%$&$+!-#$!>#$!#.+3>/$'/./!(9.A!#'!>#$!&$%/$!(9.!63M*&7!V/*#'&9$,!
+.#%0&,'!M/0K+/.!,&+!R!9+!M@.!9.&/$'/./!,&+!R!>9%!%/'!(K$9>/$A!%/.!-#$!&'#*/,K''/,!,9>!
>$%PO(8*($%)("88$>O!
!!!!!!!!!!!!!!!!!!!!!!!!!
9"7-(&jTKT&E$%PO(8*($%)("88$>&V$7$>&%"1P"(8>">7W
49%/**/$!(9.!$/'0K.-,./'9.&--/$!/.!9<,'&**/'!<J!M#++.3$%!#(!QN7#3%&$,!(./>,'&**&$+!#(!
%&,'.&M3'&9$/$!#(!/'!M3%,-#M!&!6VR,#>>/$)K$+!ZU+3.!bHG[H!29.,-/**/$!M/,'J.!%9+!&A!#'!
>/**/>*/%%/'!&!(9.>!#(!>/%&/.$/!/.!,<.3$+/'!90/.A!9+!#'!M3%,-#M/'!,J*/%/,!(9.>&%*/,!%&./-'/!
(.#!#(,/$%/.!'&*!,*3'>9%'#+/./$A!%/.!0&#!%/!,97&#*/!>/%&/.!0&%/./+&0/.!%/'!'&*!,&'!</.,9$*&+/!
$/'0K.-H!1&%,'/!*/%!&!>9%/**/$!/.!>/%'#+/'!(9.!#'!&**3,'././!>3*&+)/%/$!(9.A!#'!>#,,/>/%&/.$/!
9<,'@0/.!#-'&0&'/'/.$/!<J!%/!,97&#*/!>/%&/.!9+!0&%/./M.&$+/.!%/>!,9>!$:)/%,)&,'9.&/.!#%!
>/./!'.#%&'&9$/**/!-#$#*/.H!D/+!/.!+&0/'0&,!9<>K.-,9>!<JA!#'!>9%/**/$!3%+@.!/$!*&$/K.!9+!
,&><*&U7/./'!(./>,'&**&$+H!29.!#'!-3$$/!+/$+&0/!%/!0&.#*/!<.97/,,/.A!%/.!U$%/.!,'/%!<J!%/!,97&#*/!
>/%&/.A!0&**/!%/'!-.K0/!/$!>/./!-9><*/-,!9+!$3#$7/./'!>9%/*A!%/.!'9+!(9.M/)9*%!(9.!%/!>#$+/!
#-'@./.!9+!,'#%&/.A!%/.!/.!/$!%/*!#(!-9>>3$&-#'&9$,<.97/,,/$H!4/%!%/$$/!(9./$-*/%/!>9%/*!/.!
!
!"#$%&$'(
(
(
)*&#+,-(
(
(
./*012&0,3$'(
(
(
)*&#+,-(&4#0'4-*$'$0(56(&$(#274,/$(1$&4$'(
(
(
8)*&#+,-(94&$'$"2'14&/$0(,"(5'$##$%:(
bg!Z#[!6\!j9.*%
aG
)/$,&+'/$!%9+!M*9'!#'!0&,/A!)09.%#$!/'!#*'/.$#'&0'!'#$-/,K'!&!6VR#.M/5%/'!-3$$/!,/!3%H!6./,,/$!
M@.!&--/!$@%0/$%&+0&,!3%+@./!%/$!>/,'!#(+@./$%/!,<&**/.A!%/$!-#$!9+,J!(3$+/./!,9>!/'!,&%,'/!
/0/$'3/*'!*/%!&!%/$!,'.#'/+&,-/!-9>>3$&-#'&9$!>/%!9((/$'*&+)/%/$H!
=$!,J%#$!./0&,&9$!#(!6VRM.#$7)/$,!#.M/5%,'.#%&'&9$!/.!%&./-'/!M/,*K+'/'!>/%!%/$!'&%*&+/./!
M/)#$%*/%/!70%$68$$'">7R'/9.&A!%/.!(./>,'&**/.!593.$#*&,'/.!,9>!>#+'(3*%/!,*3,/<#,,/./!&!
$:)/%,<.9%3-'&9$/$H!Q/$$/!<J,'#$%!,'&**/%/!5/+!&!-#<&'/*!U./!9<!>9%!%/!$:/!>#+'./*#'&9$/.!
&$%/$!(9.!>/%&/*#$%,-#M/'!9+!-9$-*3%/./%/A!#'!9((/$'*&+)/%/$!z3#!%/!,97&#*/!>/%&/.!:%/.!
&$%]:%/*,/!<J!>/%&/.$/,!%#+,9.%/$!,9>!#*%.&+!(@.A!,#>'&%&+!>/%!#'!%/!&!%/./,!/+$/!$/'0K.-!
(3$+/./.!,9>!</.,9$*&+/!70%$68$$'$($H!1)9/>#-/.!/'!#*H!#$*K++/.!/$!'&*,0#./$%/!-.&'&,-!0&$-/*!
<J!'/9.&(/*'/'A!&%/'!%/!*&+/*/%/,!$/%'9$/.!593.$#*&,'/$,!>#+'<9,&'&9$!&!70%$68$$'">7R<.97/,,/$O!
;VIW&70%$8$$'">7&">&20**&:)22->":0%")>&:0>&#$&*$$>&0*&%N$&)P$(011&'():$**&%N()-7N&4N":N&%N$&
*):"01&($01"%A&%(0>*2"%%$/&#A&%N$&>$4*&2$/"0&"*&:)>*%(-:%$/&0>/&"*&>)%&J-*%&0&*$("$*&)@&;">;&0>/&
;)-%;&/$:"*")>*;&Z1)9/>#-/.!/'!#*HA!EFFGOEXX[H
;!(9.*K$+/*,/!#(!%/$$/!<9&$'/A!M/'5/$/.!(9.,-/.$/!,&+!&!%/./,!#.'&-/*!#(!8/^&$,!-*#,,&,-/!'/9.&!9>!
@)(:$*A!(9.,'J/'!,9>!%/!-.K('/.A!%/.!/.!M/,'/>>/$%/!(9.!70%$68$$'">7R<.97/,,/$H!
;VTTTW&@)(:$*&4N":N&$"%N$(&@0:"1"%0%$&)(&:)>*%(0">&%N$"(&'0**07$&%N()-7N&%N$&70%$8$$'">7&'():$**T&
9)(:$*&20A&P0(A&">&">%$>*"%A&0>/&">&')10("%A<&%N$A&20A&#$&')*"%"P$&)(&>$70%"P$;!Z1)9/>#-/.!/'!#*HA!
EFFGOEXX[H
1)9/>#-/.,!<9&$'/!M*&0/.A!#'!%/'!*#$+'!(.#!3%/*3--/$%/!/.!%/$!/$-/*'/!593.$#*&,',!03.%/.&$+A!
%/.!M*&0/.!%/$!#(+@./$%/!-.#('!&!$:)/%,,/*/-'&9$/$A!>/$!#'!%/$$/!(9./+J.!<J!]/./!$&0/#3/.c!
%/*,!U$%/,!%/$!&$%&0&%3/**/!03.%/.&$+A!%/*,!%/!.3'&$/.A!%/.!<.K+/.!-9>>3$&-#'&9$,#.M/5%/'A!
/$%0&%/./!%/!(9.,-/**&+/!9.+#$&,#'9.&,-/!-#.#-'/.&,'&-#A!&!(9.*K$+/*,/!)/.#(!%/!,97&#*/!
&$,'&'3'&9$/.!9+!/$%/*&+'!%/!,97&#*/!,:,'/>/.!ZL<H7&'HO!EXg[H!
1K.*&+'!,&%,'$K0$'/!$&0/#3/.!/.!&$'/./,,#$'/!&!,</7&#*/',!9<'&-A!(9.%&!%/'!'#+/.!)@5%/!(9.!70%$6
8$$'">7R<.97/,,/$!,9>!/$!,97&#*!-9$,'.3-'&9$H!=$!&#+''#+/*,/!\)#..9$!'&*,0#./$%/!+@.!,&+O
;VIW&1$*&>)-P$11$*&>$&*)>%&'0*&*b1$:%")>>b$*<&20"*&:)>*%(-"%$*<&$%&VIW&:$%%$&:)>*%(-:%")>&$*%&
1a{-P($&:)>J)">%$&/$*&J)-(>01"*%$*&$%&/$*&*)-(:$*;&Z\)#..9$A!GaaTOda[H!
1J*/%/,!&$%,-.&0/.!'/9.&/$!,&+!&!,</7&#*/',!0&%/$,-#M,'/9./'&,-/!<#.#%&+>/A!9+!%/$!+@.!
%/'!>3*&+'!#'!M/*:,/A!)09.%#$!$:)/%,<.9%3-'&9$/$!$@%0/$%&+0&,!>J!<J0&.-/,!#(!%/!$:/!
<9*#.&,/.&$+/.!9+!,':.-/(9.)9*%A!%/.!0&$%/.!&$%<#,!&!,#>(3$%/',!&$(9.>#'&9$,]9 H!
aE
63M*&7!V/*#'&9$,!,9>!%&,7&<*&$!M/U$%/.!,&+!%/.>/%!&!/'!,K.%/*/,!%:$#>&,-!-.:%,(/*'A!%/.!
-9$,'#$'!3%0&%/,!9+!3%0&-*/,H!W.#$7)/$,!.9**/!9+!#.M/5%,>/'9%/.!M@.!,J*/%/,!'&*<#,,/,!%/./('/.A!
9+!%&,,/!9>.J%/.!9<'.K%/.!%/.(9.!,9>!+/$,'#$%,(/*'!(9.!%/!-9>>/$%/!#(,$&',!#$#*:,/.!9+!
%&,-3,,&9$/.H!
SLQL#2345.$"+6!"'#7,00!")!#7,%'7$")
Q/.!U$%/,!-3$!M/+.K$,/'!(9.,-$&$+!9>-.&$+!%/$!<.9(/,,&9$#*&,/./%/!-9>>3$&-#'&9$,M.#$7)/,!
<.#-'&,/.&$+!#(!63M*&7!V/*#'&9$,!9+!%/$!%/.'&*!./*#'/./%/!<J0&.-$&$+!#(!>/%&/.$/,!%#+,9.%/$H!
?:<<&+,'!#$0/$%/,!%9+!M/+./M/'!>$4*&20>07$2$>%!'&*!#'!M/,-.&0/!(K$9>/$/'H!='!M/+./M!,9>!
%/$!,0/$,-/!(9.,-/.!D/,</.!2#*-)/&>/.!%/U$/./.!,9>!(@*+/.O
;E$4*&L0>07$2$>%&80>&/$_>"$(0*&*)2&/$&*%(0%$7"$(&):N&%08%"8$(&*)2&'()@$**")>$110&8y11)(&
0>Py>/$(&"&*A@%$&0%%&*80'0<&*%A(0<&@z(y>/(0&$11$(&@z(*%y(80!/$&@z($*%y11>">70(&*)2&@z(2$/10*&
7$>)2&>AN$%*J)-(>01"*%"8$>T;&Z2#*-)/&>/.A!EFFgOGTb[H!&
Q/.>/%!'&*)@./.!'/9.&/$!9>!>$4*&20>07$2$>%!/'!%9>&$#$,'/9./'&,-!9>.J%/A!&%/'!%&,7&<*&$/$!
&!,&'!3%+#$+,<3$-'!M/,-.&0/,!,9>!>#+'3%@0/*,/A!%/.!-#$!,':.-/!/**/.!./<.9%37/./!%/!
./,,93.7/,'K.-/,!&!(9.0/5/$!/'#M*/./%/!<9,&'&9$/.!&!,#>(3$%/'!ZL<H7&'HOGTf[H!=$!,J%#$!
>#+'%&,-3.,!/.!&$'/./,,#$'A!&%/'!,</7&#*/'!M/,-K('&+/.!,&+!>/%!$/'9<!(9.,-:%$&$+/$!#(!
>/%&/*#$%,-#M/',!<9*#.&,/.&$+/.H!D/+!,'&**/.!,<@.+,>J*,'/+$!0/%A!9>!6VRM.#$7)/$!&!
(./>'&%/$!0&*!3%(:*%/!,#>>/!>#+'(3*%/!.9**/A!,9>!%/$!'/9.&/$!(./>,'&**/.A!&!9+!>/%!#'!<./,,/$,!
$@+*/<9,&'&9$!,:$/,!#'!,0K--/,H!2@*+/$%/!(./>,'&**&$+!0&%$/.!&!#*!(#*%!9>A!#'!>$4*&20>07$2$>%R
'/9.&/$!M@.!9<%#'/./,!&!(9.)9*%!'&*!%/$!$:/!$/'0K.-,0&.-/*&+)/%O
;VTTW&$%%&zP$(7("'0>/$&'$(*'$8%"P&*)2&">81-/$(0(&)1"80&@)(2$(&0P&*%(0%$7"*80&($10%")>$(&2$110>&
'()@$**")>$110&8y11)(&):N&J)-(>01"*%$(;&Z2#*-)/&>/.A!EFFgOGTb[A
6J0&.-$&$+/$!#(!>/%&/.$/,!%#+,9.%/$!-#$A!,9>!'&%*&+/./!$K0$'A!&--/!*K$+/./!-3$!'&*,-.&0/,!
./*#'&9$/$!>/**/>!<.9(/,,&9$/**/!-&*%/.!9+!593.$#*&,'/.H!Q/.!(9./-9>>/.!#'!0K./!M.3+!(9.!/$!
>/./!)9*&,'&,-!'&*+#$+!'&*!>$4*&20>07$2$>%A!%/.!9+,J!'#+/.!)@5%/!(9.!%/$!M.3+/.>#+'A!%/.!
3%,<&**/.!,&+!<J!%/!,97&#*/!>/%&/.!9+!&!$:)/%,<.9%3-'&9$/$H!
=$!,J%#$!./0&,&9$!-#$!:%/.*&+/./!M/*:,/,!0/%!)5K*<!#(!1'3#.'!?#**,!-*#,,&,-/!'/9.&!(.#!
GadFi/.$/A!%/.!-9.'*K++/.!%/!,J-#*%'/!'("20(A&/$_>$(*<&%/.!0#.!<.&0&*/+/./%/!0/%!#'!(J!>/,'!
'#*/'&%!&!>/%&/.$/H!6J!?#**,!'&%!%./5/%/!%/'!,&+!<.&>K.'!9>!<9*&'&/'!9+!>:$%&+)/%/.$/A!%/.!M*/0!
aX
-#.#-'/.&,/./'!0/%A!#'!%/!#**/./%/!M/,#%!>#+'A!#'!%/!#(!593.$#*&,'/.!#$,J,!,9>!*/+&'&>/!-&*%/.!9+!
/$%/*&+A!#'!%/!M*/0!'&*%/*'!/$!0&,!/-,</.','#'3,!&$%/$!(9.!+&0$/!9>.J%/.!Z2#*-)/&>/.A!EFFgOGbF[H!
Q/$$/!M/,-.&0/*,/!&$%-#<,*/.!'&*!/$!0&,!+.#%!,'#%&+!-.&'/.&/.$/!(9.!$3'&%/$,!'("20(A&/$_>$(*A!
,9>!%9+!&!'&%/$,!*@M!/.!M*/0/'!3%0&%/'!'&*!#'!9+,J!#'!'K**/!-&*%/.!>/%!/$!M/,'/>'!/-,</.','#'3,A!
-/$%'/!</.,9$/.!(.#!<9<3*K.-3*'3./$!9+!/$%/*&+!-&*%/.!(.#!%/$!<.9(/,,&9$#*&,/./%/!
-9>>3$&-#'&9$,M.#$7)/!Z;M&%[H!!
h3#!%/!)3.'&+'09-,/$%/!,97&#*/!>/%&/.!/.!%/.!&>&%*/.'&%!,-/'!/$!3%0&-*&$+!9+!/$!3%*&+$&$+!#(!
%&,,/!<.&>K./!$:)/%,-&*%/.H!19>!0&,'!&!,</7&#*/',!#$#*:,/.!(3$+/./.!9((/$'*&+)/%/$!$/>*&+!>/./!
9+!>/./!,9>!>/%,-#M/./!&!$:)/%,<.9%3-'&9$/$A!9+!>#$!-3$$/!%/.(9.!(9./,'&**/!,&+A!#'!6VR
M3./#3/.$/!0&*!>&,'/!&$%]:%/*,/!<.9<9.'&9$/*'!>/%!>/%&/.$/,!,0K--/%/!<9,&'&9$H!W.#$7)/$,!
,'#'3,!&$%/$!(9.!<./,,/)J$%'/.&$+!,:$/,!>/%!#$%./!9.%!&--/!*K$+/./!#'!0K./!'&*,'.K--/*&+!'&*!#'!
-3$$/!<*#$K++/!9+!,':./!63M*&7!V/*#'&9$,R#-'&0&'/'/.!<J!(:*%/,'+@./$%/!0&,A!9+!&!%/'!(@*+/$%/!0&*!
5/+!%/.(9.!%&,-3'/./A!)09.%#$!>#$!-3$$/!9<%#'/./!9+!'&*<#,,/!6VRM.#$7)/$,!,/.0&7/,A!,J!%/$!
/('/.-9>>/.!%/!M/'&$+/*,/.A!%/.!/.!9<,'J/'!&!%/$!$:/!$/'0K.-,0&.-/*&+)/%H!
SLRL#2Z5%,+#3!%$7,*"'#01#"&!#0.9-,''!.
?&%'&*!)#.!>#$!&!#.M/5%/'!>/%!,'.#'/+&,-!63M*&7!V/*#'&9$,!':<&,-!,-/*$/'!>/**/>!'9!<.&>K./!
,'.#'/+&/.!(9.!<J0&.-$&$+!#(!>/%&/.$/c!8)>%">-"%$%**%(0%$7"$>!9+!'-#1":"%$%**%(0%$7"$>H!
2@.,'$K0$'/!-#'/+9.&!9>(#''/.!6VR%&,7&<*&$/$,!>/./!-9$'&$3/.*&+'!9.&/$'/./%/!-#$#*/.A!%/.!
/-,/></*0&,!'K**/.!3%#.M/5%/*,/$!#(!$:)/%,M./0/A!(#-'#3$%/.*#+A!)5/>>/,&%/.!9+!/'#M*/.&$+/$!
#(!>@%/.H!1J*/%/,!,'.KM/.!>#$!>/%!%/$$/!,'.#'/+&!/('/.!#'!3%M./%/!#*>/$'!-/$%,-#M!'&*!%/$!
+K*%/$%/!9.+#$&,#'&9$!9+!,-#M/!'&**&%,(9.)9*%!>/**/>!%/$$/A!9((/$'*&+)/%!9+!593.$#*&,'/.H!4/%!
<3M*&7&'/',,'.#'/+&/$!%/.&>9%!#.M/5%/,!%/.!<J!/'!>/./!-9.',&+'/'!$&0/#3!>/%!)/$M*&-!<J!%&./-'/!
#'!<J0&.-/!<./,,/$!&!/$!M/,'/>'!./'$&$+H!1J*/%/,!#$0/$%/,!'.#%&'&9$/**/!-9>>3$&-#'&9$,-#$#*/.!
,9>!<./,,/>@%/.A!<./,,/>/%%/*/*,/.A!%/M#'#.'&-*/.A!.#<<9.'/.A!3%,<&*!>H>HA!%/.!#*'!,#>>/$!)#.!
'&*!(9.>J*!#'!I(9%./I!<./,,/$!>/%!'&*./''/*#+'/!9+!>J*./''/%/!&$(9.>#'&9$/.!0/%.@./$%/!/'!+&0/'!
/>$/!Z2#*-)/&>/.A!EFFgOGbT[H!
"9$'&$3&'/',R!9+!<3M*&7&'/',,'.#'/+&/$!'&*,-.&0/.!,&+!M/++/!%/$!'&%*&+/./!9>'#*'/!'.#%&'&9$/**/!
'&*+#$+!'&*!6VR#.M/5%/'A!)09.!<./,,/)J$%'/.&$+/$!,'J.!&!7/$'.3>A!9+!)09.!>/%&/.$/!,<&**/.!/$!
#(+@./$%/!.9**/!&!(9.)9*%!'&*!#'!-9>>3$&-/./!>/%!9((/$'*&+)/%/$H!19>!<J0&,'!&!,</7&#*/'!)#.!%/!
,97&#*/!>/%&/.!&>&%*/.'&%!JM$/'!9<!(9.!>3*&+)/%/$!(9.!#'!-9>>3$&-/./!%&./-'/!'&*!9+!0&#!M.3+/.$/A!
)0&*-/'!-#$!#$,/,!,9>!/'!<9'/$'&#*/!6VRM.#$7)/$!/.!$@%,#+/'!'&*!#'!(9.)9*%/!,&+!'&*A!9+!,9>!>#$!&!
-9>>3$&-#'&9$,#.M/5%/'!>J!(9.,@+/!#'!&$'/+././!&!,&$!,'.#'/+&/.H!
ag
=$!,J%#$!9<(9.%.&$+!,-#*!&--/!9<(#''/,!,9>!/'!3%'.:-!(9.A!#'!6VR%&,7&<*&$/$,!'.#%&'&9$/**/!
>/'9%/.!)/*'!,-#*!(9.-#,'/,H!19>!$K0$'!>J!>#$!/.-/$%/A!#'!%&,,/!,'#%&+!$J.!3%!'&*!/$!,'9.!
9+!M./%!>9%'#+/.,-#./A!9+!%/'!/.!,J*/%/,!)/**/.!&--/!)/$,&+'/$!&!%/$$/!%/*!#(!,</7&#*/'!#'!
9<,'&**/!./'$&$+,*&$5/.!9+!$9.>#'&0/!'/9.&/.!(9.A!)09.%#$!>#$!(./>90/.!M@.!)J$%'/./!#.M/5%/'!
>/%!63M*&7!V/*#'&9$,H!1</7&#*/'!,-#*!%/.&>9%!9<(#''/,!,9>!/'!</.,</-'&0/./$%/!M&%.#+!'&*!
>/%&/R!9+!6VR'/9.&/$A!,K.*&+'!>/%!)/$M*&-!<J!#'!-#,'/!*:,!90/.!$:/!>J%/.!#'!'K$-/!6V!&!(9.)9*%!
'&*!>/%&/./*#'&9$/.!9+!$:)/%,(9.M.3+H!Q/$!/-,&,'/./$%/!>/%&/'/9.&!/.!>/%!#$%./!9.%!,'#%&+!
+K*%/$%/A!%/$!M@.!M*9'!9<%#'/./,!&!(9.)9*%!'&*!/$!>/%&/0&.-/*&+)/%A!)09.!%/!,97&#*/!>/%&/.!
)#.!#$,<9./'!K$%./%/!<9*#.&,/.&$+/.!9+!,':.-/(9.)9*%H!Q/'!/.!,J*/%/,!0K,/$'*&+'!#'!3%0&$%/A!
#'!>/%&/'/9.&!/.!/$!%:$#>&,-!,'@../*,/A!%/.!M@.!'&*,/,!&!'#-'!>/%!>/%&/*#$%,-#M/',!3%0&-*&$+H!
Q/$!(@*+/$%/!%&,-3,,&9$!,-#*!%/.(9.!&--/!(3$+/./!,9>!-#'#*9+!90/.!$:/!#.M/5%,>/'9%/.!/**/.!
*&+$/$%/!&$,'.3>/$'/**/!90/.0/5/*,/.A!>/$!M*9'!,9>!/$!&**3,'.#'&9$!(9.!,</7&#*/',!M#+0/%*&++/$%/!
#$#*:,/H!
SLRLKL#A")79":",";''7.$7!;,!"
2@.,'!9+!(./>>/,'!M*&0/.!,</7&#*/',!<J,'#$%A!#'!%/'!&!6VR#.M/5%/'!&--/!/.!'&*,'.K--/*&+'!#'!
#$0/$%/!%/!,97&#*/!>/%&/.!3%/*3--/$%/!,9>!,3<<*/>/$'!'&*!%/!'.#%&'&9$/**/!>/'9%/.!k!
'0K.'&>9%!M@.!>/%&/':</$!&$%'K$-/,!,9>!/$!&$'/+././'!%/*!#(!-9>>3$&-#'&9$,<*#$*K+$&$+/$H!
Y9-!U$%/,!%/.!/-,/><*/.!<J!-9$,3*/$'M3./#3/.A!%/.!'&*M:%/.!.J%+&0$&$+!9>-.&$+!M.3+/$!#(!
,97&#*/!>/%&/.!#*/$/bTA!9+!>#$!-#$!-3$!+&,$/!9>A!)09.!(9.%/*#+'&+'!/'!(9../'$&$+,9>.J%/!/$!
,J%#$!$&7)/!3%[email protected]!Q/'!/.!&>&%*/.'&%!0#$,-/*&+'!#'!(9./,'&**/!,&+A!#'!%/'!<J!/'!,'.#'/+&,-!$&0/#3!0&*!
0K./!9<'&>#*'!#'!M/,-K('&+/!,&+!>/%!,97&#*/!>/%&/.!,9>!/$!&,9*/./'!,'@../*,/H!
;!%#+!-#$!>#$!':<&,-!9M,/.0/./A!)09.%#$!0&.-,9>)/%/.!9<./''/.!,J-#*%'/!@0>*"%$*!<J!%/!
,97&#*/!>/%&/.A!,J*/%/,!#'!M.3+/.$/!-#$!'&*>/*%/!,&+!%&,,/!9+!>9%'#+/!$:)/%/.!%&./-'/!(.#!%/$!
<J+K*%/$%/!0&.-,9>)/%H!P&*'#+A!%/.!%9+!-3$!,5K*%/$'!(@*+/,!'&*!%@.,A!<J!'.9%,!#(!#'!%/.!,9>!
'&%*&+/./!$K0$'!-#$!0K./!,'9./!>K$+%/.!0&%/$!9+!0K.%&!#'!+/$/././!<J!%/!,97&#*/!>/%&/.!(9.!
0&.-,9>)/%/.$/H!='!/-,/></*!<J!%/$$/!'/$%/$,!-3$$/!0K./!%/'!0/.%/$,9>,<K$%/$%/!M.#$%!
8=_LA!%/.!M/,&%%/.!/$!.K--/!,&%/.!<J!2#7/M99-A!3%/$!%9+!.&+'&+'!#'!%.#+/!(9.%/*!)/.#(H!1&'/'!
%/.!(./>+J.!#(!7#,/!bHEH!.J%/.!/-,/></*0&,!90/.!-$#<!/$!>&**&9$!2#7/M99-R(#$,A!9+!'&*!'.9%,!
)/.(9.!)#.!#%>&$&,'.#'9./$!(9.!,&%/$!&--/!<3M*&7/./'!&$(9.>#'&9$/.!<J!%/$!,&%/$!,9>>/./$!EFFfH!
bT!='!/-,/></*!<J!/'!,J%#$'!-9$,3*/$'M3./#3!-3$$/!0K./!%#$,-/!I1/&,>9$#3'IA!%/.!.J%+&0/.!0&.-,9>)/%/.!&!M.3+/$!#(!$:/A!%&+&'#*/!!!!!>/%&/.O!^^ H,/&,>9$#3'H79>H!
aT
\8*$2'$1&jTKT&\8*$2'$1&'+&b>&0@&.\B5*&90:$#))86*"/$(&
C$%/.)9*%/$%/!/**/.!'#$-/0K--/$%/!0&.#*/!-#><#+$/.A!%/.!)#.!,&'!3%,<.&$+!<J!S93P3M/<!9+!
,9>!,&%/$!,<./%/.!,&+!'&*!#$%./!-#$#*/.A!/.!9+,J!/-,/><*/.!<J!/$!>J%/A!)09.<J!%/!,97&#*/!
>/%&/.!&!%#+!#$0/$%/,!&!6VR./+&H!Y/%/$,'J/$%/!0&,$&$+/.!(.#!S93P3M/!0&%$/.!9>!/$!,J%#$!
,'.#'/+&H!Q/.!/.!'#*/!9>!%/'!,J-#*%'/!M0*N&2)#R(K$9>/$A!,9>!M/,'J.!&!/$!,'9.!,#>*&$+!
>/$$/,-/.A!%/.!<J!/'!9((/$'*&+,'!,'/%!+/$$/>(@./.!/$!90/..#,-/$%/A!-9**/-'&0!)#$%*&$+bbH!29.!
/-,/></*!(K**/,%#$,R!9+!,#$+!&!/$!*3(')#0$A!(@%,/*,%#+,,#$+!&!/$!M3,!/**/.!'9'#*!,'&*,'#$%!<J!/$!
M#$/+J.%H!B-'&9$/.$/!U*>/,A!9+!%/'!,'9.,*J/%/!9+!90/..#,-/$%/!/*/>/$'!&!%&,,/!0K--/.!+/$*:%!
)9,!M.3+/.$/!#(!%/!,97&#*/!>/%&/.!9+!'&*,-:$%/.!%/>!'&*!#'!%/*/!9<*/0/*,/$!>/%!%/./,!$/'0K.-H!
L('/,'!/.!%&,,/!M0*N&2)#*!,<9$,/./'!#(!0&.-,9>)/%/.A!,9>!%/.&+/$$/>!9<$J.!/-,<9$/.&$+A!9+!
%/.!/.!,J*/%/,!'#*/!9>!/$!':<&,-!0&.#*!>#.-/%,(@.&$+,,'.#'/+&A!%/.!M#,/./.!,&+!<J!,/$,#'&9$A!9+!
,9>!&!(@*+/$%/!'&*(K*%/!)/$0/$%/.!,&+!'&*!]/./!>&**&9$/.!M.3+/./!0/.%/$!90/.O!!
bb!Z#[!j9.%&zH79>
ab
\8*$2'$1&jTYT&910*N&2)#6P"*>">7$(&'+&,)-!-#$&
19>!,</7&#*/'!'&%*&+/./!)#.!%/>9$,'././'!(9./-9>>/.!0&.#*!>#.-/%,(@.&$+!#'!0K./!/$!/((/-'&0!
9+!(9.%/*#+'&+!>/'9%/A!&%/'!%/.!9('/!-#$!9<,'J!/$!,:$/.+&/((/-'A!$J.!>#,,/>/%&/.$/!0K*+/.!#'!
M.&$+/!$:)/%,)&,'9.&/.!9>!-#><#+$/.$/H!D/+!@$,-/.!$/'9<!#'!./''/!9<>K.-,9>)/%/$!>9%!/$!
,J%#$!&$'/+././'!>/'9%/H!6VRM.#$7)/$!M@.!&!3%#.M/5%/*,/$!#(!,&$/!,'.#'/+&/.!&$%'K$-/!9+!0K./!
M/0&%,'/!9>!%&,,/!>/-#$&,>/.!&!%/'!$/'0K.-,9.&/$'/./%/!>/%&/*#$%,-#MH!!
SLRLML#23#,#)!7#"!789.:'*.,!"7!.!)!#-!),!%$")':$5
4/%!%/$$/!/.-/$%/*,/!-3$$/!,K.*&+'!<3M*&7&'/',,'.#'/+&/$!M*&0/!+/$,'#$%!(9.!$:'K$-$&$+H!
QN7#3%&$!9<,'&**/.!&!,&$!'/9.&!/$!.K--/!#-'&0&'/'/.A!%/.!':<&,-!#$0/$%/,!&!#.M/5%/'!>/%!
6VH!29.3%/$!<./,,/>/%%/*/*,/$A!<./,,/>@%/'!9+!(#-'##.-/'A!,9>!,</7&#*/'!#**/./%/!
)#.!(./>)K0/'A!9<./>,/.!(9.,-/./$!+/$./.$/!<./,,/.3>!<J!)5/>>/,&%/.A!/0/$',A!
<./,,//-,-3.,&9$/.A!JM/$'!)3,A!,/>&$#./.!9+!<./,,/M@+/.!ZEFFXOEFGREFg[H!B**/!3%+@.!%/!
/-,/><*/.!<J!6VR>#'/.&#*/.R!9+!&$&'&#'&0/.A!,9>!&0K.-,K''/,!<J!>/%&/.$/,!<.K>&,,/.H!;!%/'!
(@*+/$%/!M*&0/.!$9+*/!#(!%&,,/!+/$./.!%/.(9.!'#+/'!9<!'&*!+/$90/.0/5/*,/!>/%!)/$M*&-!<J!#'!
0#*&%/./!%/$!'/9.&A!%/.!/.!9<,'&**/'!&!,</7&#*/'H!
SLRLMLKL#<!789.:'.Z-
6./,,/>@%/.A!/-,-3.,&9$/.A!JM/$'!)3,!9+!,/>&$#./.!-#$!#**/!'&*,-.&0/,!,#>>/!-#'/+9.&!&$%/$!
(9.!<./,,/)J$%'/.&$+A!&%/'!%/!)0/.!&,K.!M#,/./.!,&+!<J!%/$!%&./-'/A!</.,9$*&+/!-9$'#-'!>/%!
ad
593.$#*&,'/.$/H!?/.!/.!&!(9.0/5/$!'#*/!9>!<#,,N!>/%&/.A!&%/'!%/!'.#0*/!9+!3$%/.M/>#$%/%/!
>/%&/&$,'&'3'&9$/.!&--/!*K$+/./!)#.!./,,93.7/.!'&*!#'!%/*'#+/!0/%!,J%#$$/!M/+&0/$)/%/.!k!
>/%>&$%./!%/'!$#'3.*&+0&,!%./5/.!,&+!9>!,K.*&+'!M/':%$&$+,(3*%/!#(,/$%/./H!;!,'/%/'!(9.!,J%#$$/!
,'.#'/+&/.!-3$$/!>#$!(9./,'&**/!,&+!#'!%&,'.&M3/./!9.+#$&,#'&9$/$,!$:)/%/.!%&./-'/!<J!%/!,97&#*/!
>/%&/.A!,J*/%/,!#'!%&,,/!(9.>&%*/,!%&./-'/!'&*!<./,,/!9+!M9.+/./H!=$!0K,/$'*&+!%/*!#(!#-'&0&'/'/.$/!
<J!%/!$:/!>/%&/.!M/,'J.!59!$/'9<!&!%/$!,97&#*/!&$'/.#-'&9$!M.3+/.$/!&>/**/>A!9+!#'!(9./,'&**/!
,&+!%/!,97&#*/!>/%&/.!,9>!.3>!(9.!%&#*9+!9.+#$&,#'&9$/.!9+!<./,,/!&>/**/>!/.!$K<</!3'9<&H!
=$!0K,/$'*&+!%/*!#(!%/$!9>'#*'/!-9$'&$3&'/',,'.#'/+&!+J.!$/'9<!3%!<J!#'!9<M:++/!593.$#*&,'&,-/!
$/'0K.-A!9+!>#$!-3$$/!(9./,'&**/!,&+A!#'!&$(9.>#'&9$,3%0/-,*&$+/$!>/**/>!<#.'/.$/!(./>90/.!
-3$$/!U$%/!,'/%!<J!%/!,97&#*/!>/%&/.H!=-,/></*0&,!0/%!#'!*#%/!>/%&/.$/!#M9$$/./!<J!%/$!
/$-/*'/!9.+#$&,#'&9$,!2#7/M99-R!/**/.!P^&''/.R,&%/!9+!%/.&+/$$/>!>9%'#+/!9<%#'/.&$+/.!9+!
$:)/%/.H!='!,J%#$'!'&*'#+!-3$$/!/$%9+!(3$+/./!,9>!#*'/.$#'&0!'&*!%/'!0&.'3/**/!<./,,/.3>!<J!
0&.-,9>)/%/.,!)5/>>/,&%/A!%/.!3%+@.!/'!,J-#*%'!'-11R>/%&/!He/%!)5K*<!#(!%/!,97&#*/!>/%&/.!
-3$$/!9.+#$&,#'&9$/.!&!,'/%/'!9<$J!>3*&+)/%/$!(9.!#'!'-*N$!$:)/%/.!3%!'&*!MJ%/!<./,,/!9+!
<.&0#'M.3+/./!9+!%/.>/%!,&-./!/$!>/./!-9$'.9**/./'!%&,'.&M3'&9$!#(!%/./,!M3%,-#MH!1#>'&%&+!
-3$$/!593.$#*&,'/.$/,!,<@.+,>J*!M/,0#./,!)3.'&+'!9+!/((/-'&0'!90/.!%/!,97&#*/!>/%&/.H!
SLRLMLML#<!789.:'-!))!%!%'!.
;!%/$!(9.M&$%/*,/!,:$/,!9+,J!<./,,/>/%%/*/*,/$!#'!0K./!/'!3%(9.%./'!>/%&/A!(9.%&!%/.!#''/.!/.!
'#*/!9>!/$!>/'9%/A!%/.!M/.9.!<J!<./,,/$!,9>!%/$!>/,'!M/':%$&$+,(3*%/!-9>>3$&-#'&9$,-#$#*!
'&*!9((/$'*&+)/%/$H!_&0/'0&,!/.!%/'!,'#%&+!./*/0#$'!#'!(J!I<*#$'/'I!/$!$:)/%,)&,'9.&/!)9,!
>#,,/>/%&/.$/A!>/$!>#$!M@.!'#+/!)@5%/!(9.!%/!,97&#*/!>/%&/.!,9>!/$!>3*&+!<*#'(9.>!(9.!
0&%/./(@./*,/!#(!,&'!M3%,-#MH!1K.*&+'!(9.%&!%/$!-9>>/$%/!+/$/.#'&9$!#(!$:)/%,-9$,3>/$'/.!
&!,'&+/$%/!+.#%!(9./'.K--/.!&$'/.$/''/'!9+!%/!,97&#*/!>/%&/.!,9>!%/./,!<.&>K./!$:)/%,-&*%/A!
5K0$(@.!,</7&#*/',!%&,-3,,&9$!&!#(,$&'!gHXHEH
6./,,/>/%%/*/*,/$!M@.!&!,&$!3%(9.>$&$+!+&0/'0&,!,'#%&+!/('/.*/0/!%/!'&%*&+/./!$K0$'/!
+/$./-9$0/$'&9$/.A!%/.!#,,&>&*/./.!593.$#*&,'/.$/,!%&,-3.,(K**/,,-#M!ZgHXHGH[H!4#$!-3$$/!
&>&%*/.'&%!(9./,'&**/!,&+!#'!#.M/5%/!>/%!@(02">7$>!#(!,&$!#.'&-/*A!,J*/%/,!#'!(9.!/-,/></*!.3M.&--/$!
-3$$/!(#*%/!&!M.3+/.$/,!&$'/./,,/!9+!'&*,-:$%/!%/>!'&*!#'!%/*/!)&,'9.&/$!<J!%/!,97&#*/!>/%&/.H!
=-,/></*0&,!0/%!)5K*<!#(!/$!#.'&-/*0&$-/*A!%/.!9<(9.%./.!'&*!%/M#'!/**/.!)9*%$&$+,'&*-/$%/+&0/*,/A!
/**/.!,9>!<J!#$%/$!0&,!#<</**/./.!'&*!&$'/.#-'&9$!>/**/>!&$'/.$/'M.3+/.$/H!V/,/#.7)!#(!M.3+/.$/,!
3%(9*%/*,/.!9+!&$'/./,,/.!<J!%/!,97&#*/!>/%&/.!-3$$/!%#$$/!3%+#$+,<3$-'!(9.!/'!,J%#$'!*'">H!
af
C*/></$!&!%/$!(9.M&$%/*,/!M*&0/.!$#'3.*&+0&,A!#'!,*3'M3%,-#M/'!&!/$!6VR,&'3#'&9$!&--/!#*'&%!-#$!
-9$'.9**/./,A!>/$!%/'!/.!0K.%!#'!90/.0/5/A!#'!$:)/%,)&,'9.&/.$/!'&'!9+!9('/!:)'A6'0*%$*!%&./-'/!#(!
%/!(9.'.#0*/%/!593.$#*&,'/.A!)09.(9.!%/.!,'#%&+!-#$!@5$/,!<9'/$'&#*/!&!/$!,J%#$!,'.#'/+&H!Q/,3%/$!
/.!%/'!0K.%!#'!)3,-/!<JA!#'!>#,,/>/%&/.$/!9+,J!,/*0!)#.!&$'/./,,/!&!#'!(J!0&%/./M.#+'!%/./,!
)&,'9.&/.!'&*!%/!,97&#*/!>/%&/.H!
SLRLMLQL#<!789.:'0!.+!07,*"
=$!#(!%/!<.&>K./!90/.0/5/*,/.!&!%/$$/!%&,-3,,&9$!#(!6VR#.M/5%/',!(./>'&%!M*&0/.!&>&%*/.'&%A!#'!
M.#$7)/$!&!3%#.M/5%/*,/$!#(!,&$/!,'.#'/+&/.!M@.!(9.)9*%/!,&+!M/0&%,'!'&*!$/'0K.-,>/$$/,-/',!
/-,&,'/$,0&*-J.A!%/.!,K.*&+'!)#.!,/*0&,7/$/,K''/*,/$!9+!%/$!</.,9$*&+/!./]/-,&9$!9+!
(9.'K**&$+!9>!&%/$'&'/'!&!(9-3,H!Q/$$/!'&*,'#$%!-#$!M/'.#+'/,!,9>!-#'#*:,#'9.!(9.!%/$!$:/!
$/'0K.-,0&.-/*&+)/%!9+!0/$%/.!9<!9+!$/%!<J!_#*'3$+!9+!V3+/,!'&%*&+/./!$K0$'/!'/9.&!9>!
$:)/%,-.&'/.&/.$/A!%/.!M*#$%'!#$%/'!'#*'/!<#.#>/'/./'!'$(*)>$(H!
;!N$&2)($&%N$&$P$>%&:0>&#$&*$$>&">&'$(*)>01&%$(2*<&0*&/-$&%)&%N$&0:%")>&)@&*'$:"_:&">/"P"/-01*<&
%N$&2)($&'()#0#1$&%N0%&"%&4"11&#$:)2$&0&>$4*&"%$2;!Z_#*'3$+!`!V3+/A!GabTObf[H!
4/%!%/''/!-.&'/.&3>!)/$0&,/.!(9.,-/.$/!#*',J!'&*A!#'!$:)/%,)&,'9.&/.!>/+/'!9('/!'#+/.!
3%+#$+,<3$-'!&!/$-/*'</.,9$/.,!M/./'$&$+!9+!/.(#.&$+A!)0&*-/'!>3*&++@.!&%/$'&U-#'&9$!)9,!
>9%'#+/./$!9+!*/''/.!(9.>&%*&$+/$!ZL<H7&'HObfRba[H!"9$-./'!/.!%/.!'#*/!9>A!#'!<./,,/$!M/./''/.!
9>!/$!)&,'9.&/!0/%!)5K*<!#(!/$!&$'/.0&/^</.,9$A!%/.!'5/$/.!'&*!#'!(9./$-*/!M/+&0/$)/%/$!9+!
)&,'9.&/$H!=$!<.97/,A!%/.!&!90/./$,,'/>>/*,/!>/%!_#*'3$+!9+!V3+/,!'&%*&+/./!7&'/./%/!>9%/*!
ZU+3.!gHEH[!-3$$/!,-&',/./,!,9>!$/%/$(9.O
;%#&%K%+@%KL,"))))))!"#&9�%$)K%+@%KL,"
9"7-(&jTYT&q)-(>01"*%$(>$*&'$(:$'%")>&@)(2"/1$*&P$/&">//(07$1*$&0@&$>8$1%'$(*)>$(&V$7$>&%"1P"(8>">7W
YJ.!]/./!9+!]/./!$:)/%,)&,'9.&/.!9<,'@0/,!#(!<./,,/$!<J!%/!,97&#*/!>/%&/.A!,J!9((/$'*&+)/%/$,!
)9*%$&$+/.!0&%/./(@./,A!-#$!/$!,J%#$!<.97/,!%9+!#$,-3/,!&!/'!>9%,#'./''/'!</.,</-'&0H!Q/'!
%./5/.!,&+!>/%!#$%./!9.%!9>!/$!$:)/%,<.9%3-'&9$A!%/.!'#+/.!,&'!#(,K'!&!9((/$'*&+)/%/$,!
#-'&0&'/'/.!9+!:'.&$+/.!(9.!%/./('/.!#'!#(-9%/!%/>!9+!9>,K''/!%/>!'&*!/$!$:)/%,)&,'9.&/H!=$!
>/-#$&,>/!&!$:)/%,<.9%3-'&9$/$A!%/.!-#$!(./>,'&**/,!,9>!$/%/$,'J/$%/O
aa
)!"#&9�%$)K%+@%KL,")))))));%#&%K%+@%KL,"
9"7-(&jTnT&\>8$1%'$(*)>$(*&'$(:$'%")>&/0>>$(&-/70>7*'->8%&@)(&J)-(>01"*%$(>$*&
>AN$/*'()/-8%")>&V$7$>&%"1P"(8>">7W&
e/%!#'!#$*K++/!$:/!</.,</-'&0/.!<J!_#*'3$+!9+!V3+/,!'/9.&!-#$!%/$!K$%./%/!
,:>>/'.&!&!$:)/%,<.9%3-'&9$/$!,J*/%/,!#''/.!M/*:,/,A!)09.(9.!%/'!&!#.M/5%/'!>/%!
63M*&7!V/*#'&9$,!(9./-9>>/.!>/./!#(+@./$%/!/$%!$9+/$,&$%/!#'!(9.,'J!%/$$/!
>#+'(9.,-:%$&$+!9+!&--/!>&$%,'!%/$!&$%&0&%3/**/!M.3+/.A!%/.!-9$,'#$'!,@+/.!,&'!
7/$'.3>!&!%/$!$/'0K.-,9.&/$'/./%/!0&.-/*&+)/%H!
SLRLMLRL#<!789.:''0,"
29.!:%/.*&+/./!#'!3%%:M/!%/''/!,:$,<3$-'A!-#$!*&+/*/%/,!&$%%.#+/,!(@*+/$%/A!9('/!
7&'/./%/!>9%/*c!4#,*9^,!M/)90,<:.#>&%/O!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
9"7-(&jToT&L0*1)4*&#$N)P*'A(02"/$&V=JO(&$%&01T<&KDD]kjlW
8&+/,9>!,</7&#*/',!@0.&+/!./0&%/./%/!>9%/**/.A!-#$!>#$!#.+3>/$'/./!(9.A!#'!%/$$/!
0/%!#'!M*&0/!0/$%'!<J!)90/%/'A!-3$$/!M&%.#+/!'&*!/'!>/./!./'0&,/$%/!M&**/%/!#(!%/$!
#-'3/**/!$/'0K.-,0&.-/*&+)/%H!=$!,J%#$!K$%.&$+!#(!>/$$/,-/',!M/)90,)&/.#.-&!
-#$!+&0/'0&,!0&.-/!,9>!/$!'/9./'&,-!<.909-#'&9$A!&%/'!%/.!&--/!-#$!,J,!'0&0*!0/%A!9>!
>/$$/,-/'!-#$!(3$+/./!&!/$!0/.%/$A!)09.!0/%-9>>/$%/,!(:,&9*9+&,-/!M/)90!&--/!
&$%(.&/,H!4#$!-#$!%/.&>9%!#.+3>/$'/./!(9.A!#'!%/$!/$-/*'/,!</.,9$*&+/!M/)90!(9.!
M=3&,$,'&3:%)-%A,9
4%A,9)/,+)8+='A%#),')3&::%+A%#
N,@&5$%)-%A,9
O',-%A,9
N%$9+%5$&3%+&"'3?-%A,9
GFF
#'!./#*&,/./!,&+!,/*0!9+!(9.!#'!)K0%/!,&+!90/.!(9.!,&$/!9>+&0/*,/.!9+!,&'!$/'0K.-!/.!,'@../!/$%!
$9+/$,&$%/!(@.A!9+!>/%!%/!,97&#*/!>/%&/.!/.!M*/0/'!,'K.-'!/-,<*&7&'/./'H!
Q/$$/!3%0&-*&$+!/.!0K,/$'*&+!#'!>/%'#+/!&!/$!6VR-9$'/-,'A!&%/'!#.M/5%/'!>/%!$:)/%,<.9%3-'&9$!
9+!<./,,/)J$%'/.&$+/$!M@.!'#+/!)@5%/!(9.!%&,,/!&$%&0&%9.&/$'/./%/!$:)/%,-9$,3>/$'/.A!,9>!
&--/!*K$+/./!M*9'!$K./.!/'!@$,-/!9>!#'!)9*%/!,&+!9.&/$'/./'A!>/$!,9>!9+,J!#-'&0'!#$0/$%/.!
$:)/%,(9.M.3+/'!&!,&$!,/*0&,7/$/,K''/*,/!9+!)9*%$&$+,'&*-/$%/+&0/*,/H!C%90/.!#'!M&%.#+/!
'&*!/$!$:'K$-$&$+!#(!<./,,/>/%%/*/*,/$A!,9>!,</7&#*/'!'&%*&+/./!(9./,*9+A!-3$$/!/$!,J%#$!
/.-/$%/*,/!9+,J!,-#M/!<9'/$'&#*/!(9.!$:/!>3*&+)/%/.!(9.!6VRM3./#3/.$/,!$:)/%,<.9%3-'&9$!&!
M./%!(9.,'#$%H!e/%!#'!*#%/!,&+!&$,<&././!#(!$/'0K.-,593.$#*&,'&--/$A!-3$$/!>#$!(9./,'&**/!,&+A!#'!
6VRM3./#3/.!&!(9.M&$%/*,/!>/%!/-,/></*0&,!-.&,/-9>>3$&-#'&9$,R!/**/.!*9MM:9<+#0/.!9<./''/%/!
'/>#+.3<</.!/**/.!/0/$',!<J!2#7/M99-!>/%!)/$M*&-!<J!#'!,-#M/!,J!,'9.!'&*,*3'$&$+!9>-.&$+!
%&,,/!,9>!>3*&+'H!;!(9.*K$+/*,/!#(!,J%#$$/!'&*'#+!-3$$/!-9$,3*/$'/.$/!3%'K$-/!)&,'9.&/.!
90/.!:'.&$+/.$/!9+!'&*,*3'$&$+/$!<J!%/!,97&#*/!>/%&/.!9+!,J*/%/,!(9.,@+/!#'!<3M*&7/./!%/!
,J-#*%'/!08%"P"%$%*7$>7"P$>/$!#.'&-*/.!+/$$/>!<./,,/$H!=$!,J%#$!#.M/5%,>/'9%/!0&**/!&!#*!(#*%!
./<.K,/$'/./!/$!-9>>3$&-#'&9$,,'.#'/+&A!%/.!&$'/+././%/!%/!,97&#*/!>/%&/.!9+!>/%'K$-'/!%/!
$:/!>/-#$&,>/.!&!>/%&/*#$%,-#M/'H!!
SLRLMLUL#<!789.:'.!$:7,*"!.
;!%/'!)/*/!'#+/'!(9./-9>>/.!%/'!,K.%/*/,!./*/0#$'!(9.!6VRM.#$7)/$!#'!*#%/!,&+!&$,<&././!#(!
MJ%/!<./,,/$,!9+!9((/$'*&+)/%/$,!3%(9*%/*,/.!<J!%/!,97&#*/!>/%&/.!9+!%/!%/.'&*!./*#'/./%/!
-K%/./#-'&9$/.H!19>!&**3,'.#'&9$!<J!/$!,J%#$!-#$!&$%%.#+/,!/'!$:*&+'!/-,/></*!(.#!%/'!%#$,-/A!
$/'0K.-,9.&/$'/./%/!>/%&/*#$%,-#MH!;!$90/>M/.!EFGF!M.#+'/!]/./!%#$,-/!>#,,/>/%&/.!
)&,'9.&/$!9>!Q#$,-!29*-/<#.'&A!%/.!&!/'!>/%*/>,M*#%!)#0%/!(./>*#+'!<J,'#$%!9>A!#'!%#$,-/!
&$%0#$%./.(#>&*&/.!0#.!,-:*%!&A!#'!%/!%#$,-/!*K+/R!9+!,:+/)3,/!>J''/!,-K./!$/%!<J!-#+/!9+!
,#('/0#$%!&!0/$'/0K./*,/.$/bdH!Q/$$/!$:)/%!U-!/$!2#7/M99-RM.3+/.!'&*!#'!9<./''/!/$!<.9'/,'R
/0/$'A!)09.>/%!)#$!<J!,#.-#,'&,-!0&,!9<(9.%./%/!#$%./!0K*+/./!'&*!#'!,/$%/!/$!7&'.9$>J$/!'&*!
<#.'&/',!)90/%-0#.'/.A!,9>!<*#,'/.!<J!,J./'H!B(!/-,/></*!bHgH!(./>+J.!%/'A!#'!M/+&0/$)/%/$!
9<$J/%/!/$!,'9.!>K$+%/!%/*'#+/./A!9+!#(!M&*#+!TGRTX!,/,A!)09.*/%/,!<./,,/$!>/%!/$!.K--/!
2$%08)22->"8$($>/$!#.'&-*/.!(3*+'/!9<!<J!)&,'9.&/$!9+!.#<<9.'/./%/!9>!%/!EFF!7&'.9$>J$/.A!
%/.!*#$%/%/!<J!Q#$,-!29*-/<#.'&,!M9.%!%/$!(@*+/$%/!3+/bfH!
bd!69*&'&-/$!ZM[bf!W&*#+!TG!!!W&*#+!TE!!!W&*#+!TX
GFG
\8*$2'$1&jTnT&Q()%$*%6$P$>%&'+&90:$#))8k&;F$>/&$>&:"%()>2+>$&%"1&i0>*8&9)18$'0(%";&
=$%0&%/./!/.!%/'!&!,#>>/!7#,/!&$'/./,,#$'!#'!9M,/.0/./A!)09.%#$!>/%&/.$/,!%K-$&$+!#(!
M/+&0/$)/%/$!/.!M*/0/'!%/*'!<J!%/!,97&#*/!>/%&/.!#(!M.3+/./A!%/.!U$%/.!)&,'9.&/$!0/%-9>>/$%/A!
3$%/.)9*%/$%/!/**/.!M*9'!#$0/$%/.!%/$!'&*!#'!3%'.:--/!%/./,!/+/$!<9*&'&,-/!90/.M/0&,$&$+H!
\8*$2'$1&jToT&X>%01&/$1%$&>AN$/*0(%"81$(&)2&'()%$*%6$P$>%$>&;F$>/&$>&:"%()>2+>$&%"1&i0>*8&9)18$'0(%";&
GFE
1J*/%/,!-#$!%/.!9<,'J!-K%/./#-'&9$/.!&!>/%&/*#$%,-#M/'A!)09.>/%!<./,,/$!9+!M9.+/.$/!
<J!%/!,97&#*/!>/%&/.!&$'/.#+/./.!9+!3%0/-,*/.!$:)/%,,'9(!0/%!)5K*<!#(!#-'&9$/.!9+!
)9*%$&$+,'&*-/$%/+&0/*,/.H!4#$!-3$$/!/$%9+!(9./,'&**/!,&+A!#'!9+,J!9.+#$&,#'&9$/.!-3$$/!9<$J!
'#*/'&%!&!>/%&/.$/!0/%!#'!M*#$%/!,&+!&!%/M#''/$!>&%'!&!-#></$,!)/%/H!Y9-!/.!%/.!'#*/!9>!/'!
)3>9.&,'&,-!'&*'#+!M*#$%'!2#7/M99-RM.3+/.$/A!>/$!%/.!/.!&!*&+/!,J!)@5!+.#%!'#*/!9>!/$!<.9'/,'A!
%/.!/.!3%(9.>/'!<J!/$!&$$90#'&0!9+!-./#'&0!(#79$A!%/.!#-'&0/./.!MJ%/!M9.+/./A!<./,,/!9+!
<9*&'&-/./A!9+!,9>!6VRM.#$7)/$!-3$$/!'#+/!0/%!*K./!#(H
SLRLMLSL#<!789.:')!5$7
='!*&+$/$%/!/-,/></*A!%/.!-3$$/!'5/$/!,9>!&$,<&.#'&9$!&!#.M/5%/'!>/%!63M*&7!V/*#'&9$,A!-#$!
U$%/,!&!69*&'&-/$,!#.'&-/*!;p$11$<&.0(*&)7&011$&/$($*&P$>>$(;jmA!,9>!M/,-K('&+/.!,&+!>/%!>:,'&,-/A!
7N)*%R*&+$/$%/!,-.&M/$'/.!<J!2#7/M99-A!%/.!#-'&0'!-9>>/$'/./.!<J!%/!>/,'!(./>'.K%/$%/!
<9*&'&-/./,!#-'&0&'/'/.!<J!%/!,97&#*/!>/%&/.H!B0&,/$!7&'/./.!%&./-'/!M.3+/.$/,!-9>>/$'#./.!(.#!
,&'/'A!/-,/></*0&,!:'.&$+/$O!
;q0<&/$%&$(&%A/$1"7%<&0%&F9a$(>$&*'(O11$(&"&>$%%$%T&U&7+(&P0(&/$%&)7*+&$>&%(O>7%&w"11A&F?P>/01&'+&
!wK&E$4*<&*)2&2+%%$&#$/$&/$&(0/"801$&N)1/$&2->/<&@)(/"&/$&*80/$(&)'')*"%")>$>*&*+801/%$&
($7$(">7*01%$(>0%"P<&*)2&>-&$(&"88$$8*"*%$($>/$;&jmH!
19>!,</7&#*/'!'&%*&+/./!)#.!<9&$'/./'!/.!%/'!&$'/./,,#$'A!)09.%#$!%/$$/!/$-/*'/!M9.+/.,!>/$&$+!
0&%/./M.&$+/,!(.#!/$!<*#'(9.>!'&*!/$!#$%/$H!B.'&-*/$!M/,-K('&+/.!,&+!&>&%*/.'&%!9+,J!>/%!%/!
-9$,<&.#'&9$,'/9.&/.A!%/.!9<,'J.!9>-.&$+!%&,,/!>/+/'!#-'&0/!2#7/M99-R!%/M#''@./.H!4/%!#$%./!
9.%!./5,/,!%/.!'0&0*!9>A!)09.0&%'!%&,,/!)9*%$&$+,R'&*-/$%/+&0/*,/.!./<.K,/$'/./.!/$!,'.#'/+&,-!
-9>>3$&-#'&9$,&$%,#',!(.#!/'!#$%/'!<#.'&!9+!,J*/%/,!/.!3%'.:-!(9.!/$!$:!<9*&'&,-!,*#+>#.-H!Q/'!
/.!&--/!/$!03.%/.&$+A!,</7&#*/'!0&*!M/,-K('&+/!,&+!>/%A!>/$!%/'!M@.!(./>)K0/,A!#'!9+,J!%/$$/!
7#,/!>/%(@./.!<9'/$'&#*/!(9.!$:'K$-$&$+!&!6VRM.#$7)/$,!#.M/5%/H!_&0/'0&,!0&.-/.!%/'!3K.*&+'!
9+!3/'&,-!#'!9<'.K%/!3$%/.!/$!(9.(#*,-/'!&%/$'&'/'A!>/$!&%N/$!>/%!#'!M*#$%/!,&+!&!%/M#''/.!
%&./-'/!<J!%/!,97&#*/!>/%&/.A!,@+/!%&#*9+!9+!&--/!0K./!#()K$+&+!#(!-3$!#'!:%/!&$%]:%/*,/!
+/$$/>!<./,,/$A!&$%,-.&0/.!,&+!%&./-'/!&!$/'0K.-,./'9.&--/$,!J$%H!L+!*:--/,!%/'!'&*>/%!#'!(J!
>#,,/>/%&/.$/!'&*!#'!0&%/./(@./!%/M#''/$!<J!%/!,97&#*/!>/%&/.A!/.!%/.!M*9'!'#*/!9>!/$!0/**:--/'A!
&$'/+././'!6VR,'.#'/+&A!%/.!/.!(3*%'!9<%#'/./'!&!(9.)9*%!'&*!>/%&/0&.-/*&+)/%/$H!
29.!:%/.*&+/./!#'!-3$$/!#$*K++/!$:/!</.,</-'&0/.!<J!6VRM.#$7)/$,!#.M/5%,>/'9%/.A!/.!%/'!
./*/0#$'!#'!0/$%/!'&*M#+/!'&*!'/9.&/$!9>!07$>/062$1/">7H!Q/$$/!M/.9.!<J!'/9.&/$!9>!*):"01&
ba!W&*#+!Tg
GFX
/"**)>0>:$!9+!(9.-*#./.!,J*/%/,!07$>/06*$%%">7R'/9.&/$!3%!(.#!/$!,97&#*!(9.,'J/*,/,.#>>/H!19>!
'&%*&+/./!$K0$'!#.+3>/$'/./.!'/9.&/$!(9.A!#'!$:)/%,-9$,3>/$'/.!&$'/./,,/./.!,&+!>/./!(9.!$9+*/!
%#+,9.%/$/.!/$%!(9.!#$%./A!(9.%&!%&,,/!,K''/.!%/>!&!,'#$%!'&*!#'!&$%+J!&!M/,'/>'/!(K**/,,-#M/.H!
j/#0/.!<9&$'/./.A!#'!%&,,/!:)22->"%"$*!>/%!&$'/.$/''/',!(./>-9>,'!/.!M*/0/'!*#$+'!>/./!
(./>'.K%/$%/!/$%!'&%*&+/./O
;X*&">/"P"/-01*&0($&">:($0*">71A&@($$&%)&:N))*$&%N$"(&)4>&07$>/0*&P"0&%N$&U>%$(>$%<&0>/&0*&@$4$(&
'$)'1$&'0A&($7-10(&0%%$>%")>&%)&>$4*'0'$(*&0>/&!w&>$4*<&%N"*&%(0/"%")>01&@->:%")>&)@&2$/"0&
07$>/0&*$%%">7&*$$2*&1"8$1A&%)&/$:1">$;&Zj/#0/.!/'!#*HA!EFFgOEdT[H!
?/.'&*!-#$!(@5/,A!#'!$/'9<!%/!,97&#*/!>/%&/.!&!M9+,'#0/*&+,'/!(9.,'#$%!%#$$/.!3%+#$+,<3$-'!
(9.!+.3<</%#$$/*,/.A!%/.!&>@%/-9>>/.!/$!M./%!0&('/!#(!%/!&$%&0&%3/**/!M.3+/./,!M/)90H!
1J*/%/,!9<,'J.!/$!,'@../!9+!,'@../!(.#+>/$'/.&$+!#(!$:)/%,-9$,3>/$'/.$/A!9+!&!'#-'!>/%!#'!
%/!'.#%&'&9$/**/!>#,,/>/%&/.!,0K--/,A!-3$$/!%/'!(9.!6VRM.#$7)/$!M*&0/!$@%0/$%&+'!>/%!>/./!
>J*./''/%/!-9>>3$&-#'&9$,&$%,#',/.!&!(9.>!#(!(9.!/-,/></*!/$!%&./-'/!'&*,'/%/0K./*,/!&!%/!
(K**/,,-#M/.A!M.3+/.$/!9.+#$&,/./.!,&+!&H!
SLRLMLYL#<!789.:'-*7,8$7,*"
Y/'0K.-,./'9.&--/$!3%+@.!,J*/%/,!&--/!M*9'!/$!-9>>3$&-#'&9$,>9%/*A!%/.!,<.&$+/.!>/%&/.$/!
,9>!>/**/>*/%!90/.H!Q/$!.3>>/.!,$#././!/$!.K--/!<9'/$'&/**/A!$:/!#.M/5%,>/'9%/.!&$%/$!(9.!
63M*&7!V/*#'&9$,H!Q9+!,-#*!%/'!$K0$/,A!#'!>3*&+)/%/$!(9.!#'!#$0/$%/!,J%#$$/!$:'K$-/$%/!
9+!'&*<#,,/%/!,'.#'/+&/.!&--/!*&++/.!*&+/!(9.!#**/!9.+#$&,#'&9$/.!9+!0&.-,9>)/%/.A!>/$!%/.&>9%!
$9-!&!)@5/./!+.#%!/.!<.9%3-'R!9+!M.#$7)/#()K$+&+'H!=-,/></*0&,!-3$$/!>#$!(9./,'&**/!,&+A!#'!
9.+#$&,#'&9$/.!,9>!8K+/.!3%/$!_.K$,/.!9+!".K('/$,!W/-K></*,/A!%/.!M/++/!9<'.K%/.!,9>!
7#,/,!&!&$%/0K./$%/!,</7&#*/A!0&**/!)#0/!*/''/./!0/%!#'!%&,'.&M3/./!%/./,!M3%,-#M/.!%&./-'/!0&#!
M.3+/.$/,!<.&0#'/!$/'0K.-!/$%!/-,/></*0&,!%/'!#>/.&-#$,-/!-#+/M.#$%!Q3$-&$i!Q93+)$3',A!
%/.!/**/.,!9+,J!'&*M:%/.!M.3+/.$/!#'!I%9$/./I!%/./,!,'#'3,9<%#'/.&$+!'&*!0&.-,9>)/%/$dFH!Q#!
6VR&$%,#',/$!<J!%/!,97&#*/!>/%&/.!&!)@5!+.#%!%./5/.!,&+!9>!#'!&>@%/-9>>/!M.3+/.$/,!M/)90!
(9.!</.,9$*&+!&,7/$/,K''/*,/!(9./-9>>/.!%/'!&!#*!(#*%!,#$%,:$*&+'A!#'!Y_Li/.A!%/.!#.M/5%/.!
(9.!0/*+@./$%/!(9.>J*A!&!)@5/./!+.#%!'&*'#*/.!%/$!/$-/*'/!M.3+/.!(./>!(9.!0&.-,9>)/%/.!M#+!
#*>&$%/*&+/!(9.M.3+,0#./.H!4#$!M@.!&>&%*/.'&%!&--/!#(0&,/!>3*&+)/%/$!(9.A!#'!<.9%3-'/.!>/%!)@5!
M.#$%0K.%&!-3$$/!(#*%/!&!M.3+/.$/,!&$'/./,,/!9+!M&%.#+/!'&*!%/./,!</.,9$*&+/!(9.'K**&$+A!>/$,!
<.9%3-'/.A!%/.!&--/!M/,&%%/.!/$!,J%#$!,'#'3,!>J!'K$-/!&!#$%./!-./#'&0/!M#$/.!(9.!#'!</$/'././!
M.3+/.$/,!U*'./H!dF!W&*#+!TT
GFg
SLRLML[L#<!789.:''7.$7!;,!.
L0/.9.%$/'!,/'!>J!%/'!/,,/$'&/**/!0K./!#'!0&$-*/!9+!'&*<#,,/!,&$!,'.#'/+&A!,J!%/$!'#+/.!)@5%/!
(9.!$/'0K.-,>/$$/,-/'*!M/)90!9+!#%(K.%!9+!(9.!>/-#$&,>/.$/!&!%/'!#-'3/**/!>/%&/*#$%,-#M!
k!+@./,!%/''/A!M3.%/!%/!]/,'/!9.+#$&,#'&9$/.!-3$$/!%.#+/!(9.%/*!#(!/$!&$$90#'&0!6VR,'.#'/+&H!
Q/'!#(+@./$%/!M*&0/.!&--/!#'!9<(#''/!$:)/%,-9$,3>/$'/.$/!,9>!<#,,&0/!(9.M.3+/./!#(!
>#,,/>/%&/.$/,!<.9%3-'&9$A!>/$!%/.&>9%!#'!&$%'K$-/!%/>!,9>!#-'&0/!%&,'.&M3'@./.!9+!
>/%,-#M/./!#(!$:)/%,)&,'9.&/.H!=$!,J%#$!&$%%.#+/*,/!#(!$:)/%,-9$,3>/$'/.$/!&!6VR#.M/5%/'!
-3$$/!'5/$/!'&*!#'!9<$J!/$%$3!,'@../!'.90K.%&+)/%!9+!+/$$/>,*#+,-.#('!/$%!%/$A!%/.!9<$J,!
&+/$$/>!<./,,/$A!9+!,&%,'!>/$!&--/!>&$%,'!-#$!$:/A!-./#'&0/!'&*'#+!<J!%/!,97&#*/!>/%&/.!&!,&+!
,/*0!-#,'/!:%/.*&+/!7))/4"11A!9<>K.-,9>)/%!9+!>/%&/M/0J+/$)/%!#(!,&+H!
Q/!,97&#*/!>/%&/.!/.!>3*&+0&,!&--/!-9>>/'!(9.!#'!M*&0/!9+!3%+@.!>J,-/!M*9'!/'!IM3><I!<J!0/5/$!
&!%/$!'/-$9*9+&,-/!3%0&-*&$+H!Q/'!/.!%9+!0#$,-/*&+'!#'!(9./,'&**/!,&+A!#'!%/$!#**/./%/!0#-*/$%/!
>#+'M#*#$7/!9+!,:>>/'.&!(9./*@M&+'!0&*!M*&0/!3%*&+$/'H!2./>90/.!0&*!'/-$9*9+&/$!/('/.!#*!
,#$%,:$*&+)/%!(9.',#'!+@./!%/'!>3*&+'!(9.!]/./!9+!]/./!#'!-9>>/!'&*!9.%/!&!%/$!9((/$'*&+/!%/M#'!
9+!%/.>/%!3%(9.%./!>#,,/>/%&/.$/,!>#+'<9,&'&9$H!!
6VRM.#$7)/$,!/-,</.'&,/!)#.!&!]/./!J.!)0&*/'!<J!%/$$/,!&$%+J/$%/!-/$%,-#M!'&*!<./,,/$,!
#.M/5%,0&*-J.H!='!-&+!&!-.:,'#*-3+*/$!0&*!>J,-/!0&,/!/'!M/)90!(9.!(./>90/.!#'!&>@%/+J!6VR
#.M/5%/'!>/%!/$!>/./!)9*&,'&,-!(9.,'J/*,/!#(!%/!$/'0K.-,9.&/$'/./%/!$:)/%,-9$,3>/$'/.,!
#%(K.%,>@$,'./A!M/'&$+/*,/.!9+!M/)90H!Q/$!/-,&,'/./$%/!'/9.&!9+!%/!+K*%/$%/!#.M/5%,>/'9%/.!
M@.!,/*0,#+'!&--/!-#,,/./,A!>/$!./0&%/./,!,J!%/!'#+/.!)@5%/!(9.!%/!,97&#*/!>/%&/.,!&$%]:%/*,/!
<J!>/%&/*#$%,-#M/'!9+!)9*%/.!,&+!(9.!@5/A!#'!%/$$/!.:,'/*,/!#(!>/%&/R!9+!>#+'./*#'&9$/.$/!
(@.,'!*&+/!)#.!'#+/'!,&$!M/+:$%/*,/H!19>!07$>/062$1/">7R'/9.&/$!<J</+/.A!/.!%/'!#(+@./$%/!
,<@.+,>J*!$/>*&+!&--/!*K$+/./!;4N0%&2$/"0&/)&%)&'$)'1$;!>/$!&!,'/%/'!;4N0%&'$)'1$&/)&%)&
2$/"0;H!
GFT
CD3J<@A<F
YL#IE<IGJOAE<
C%+#$+,<3$-'/'!(9.!%/''/!,</7&#*/!0#.!/'!@$,-/!9>!#'!./03.%/./!-*#,,&,-/!>/%&/'/9.&/.!9+!
,-#M/!'.#$,%&,7&<*&$#.&'/'!>/**/>!%&,,/!9+!$:!0&%/$!9>!%/!,97&#*/!>/%&/.H!='!,J%#$'!/('/.,:$!
,-3**/!,-#M/!$:/!</.,</-'&0/.!<J!'/9.&/$!9+!<.#-'&,/.&$+/$!#(!63M*&7!V/*#'&9$,A!,9>!,:$/,!
%&./-'/!M/.@.'!#(!%/$!>/./!-9><*/-,/!9+!$/'0K.-,9.&/$'/./%/!>/%&/0&.-/*&+)/%A!%/.!/.!9<,'J/'!
,9>!(@*+/!#(!%/!,97&#*/!>/%&/.,!&><9$/./$%/!+/$$/>,*#+,-.#('!&!,#>(3$%/'H
4/%!)/$M*&-!<J!#'!-3$$/!./%/+@./!(9.!90/$,'J/$%/!<.9M*/>,'&**&$+!9+!9<'/+$/!/'!>/./!#%K-0#'!
9+!./'0&,/$%/!M&**/%/!#(!$3'&%/$,!>/%&/*#$%,-#MA!<*#7/./%/!5/+!,</7&#*/'!&!/$!]/.%&,7&<*&$K.!
-9$'/-,'A!%/.!M/*:,'/!>&'!/>$/!3%!(.#!,J0/*!/'!U*9,9U,-A!,97&9*9+&,-A!-9>>3$&-#'&9$,(#+*&+'!
,9>!>/%&/'/9./'&,-!</.,</-'&0H!1</7&#*/',!>/'9%/!0#.!'&*,0#./$%/!/-*/-'&,-A!&%/'!%/',!
/><&.&,-/!+.3$%*#+!M#,/./%/!,&+!<J!MJ%/!/-,&,'/./$%/!>/%&/'/9.&!,#>'!<J!/$!,377/,,&0!7#,/R
>/'9%/A!%/.!&$%%.9+!/$!.K--/!/.(#.&$+,M#,/./%/!&#+''#+/*,/.!#(!$:/!>/-#$&,>/.!&$%/$!(9.!
$:)/%,<.9%3-'&9$R!9+!(9.M.3+H!
1</7&#*/',!(@.,'/!%/*!'9+!,&'!#(,K'!&!%&,,/!9M,/.0#'&9$/.!9+!)#0%/!%/.>/%!'&*!(9.>J*!#'!-9.'*K++/!
(K$9>/$/'!,97&#*/!>/%&/.H!D/+!-9$-*3%/./%/A!#'!%&,,/!$:/!>/%&/.!3%+@.!/+97/$'.&,-/!
,'.3-'3./.A!%/.!+@.!%/'!>3*&+'!(9.!%/$!/$-/*'/!M.3+/.!#'!&,7/$/,K''/!,&+!,/*0!90/.!(9.!,&'!$/'0K.-H!
1J%#$$/!&%/$'&'/',,-#M/$%/!<.97/,,/.!#.+3>/$'/./%/!5/+!(9.!0/%!)5K*<!#(!/$!<9,'>9%/.$/A!
,/$>9%/.$/!9+!):</.-9><*/-,!(9.,'J/*,/A!%/.!'&*!,#>>/$!-#.#-'/.&,/./.!>$%PO(8*2$>>$*8$%!
,9>!)#0/$%/!M/)90!(9.!</.,9$*&+/!$#..#'&0/.!9>!,&+!,/*0!9+!,&$/!9>+&0/*,/.A!,#>'!(9.!)0/>!
-9><*/-,&'/',)J$%'/.&$+!9+!./]/-,&9$!90/.!/+/$!&%/$'&'/'!(9.M*&0/.!/'!+.3$%0&*-J.H!!
W.3+/.$/,!,/*0&,7/$/,K''/*,/!/-,<*&7&'/./,!&!)@5!+.#%!<J!%/!,97&#*/!>/%&/.!9+!U$%/.!$3!9+,J!
,'/%!+/$$/>!%/*&$+!#(!$:)/%,#.'&-*/.H!L('/!#$0/$%/,!%/$$/!&$'/.%&,-3.,&0&'/'!,9>!/'!*/%!&!
M.3+/.$/,!)9*%$&$+,'&*-/$%/+&0/*,/A!9+!$/'9<!%/$$/!'/$%/$,!(#*%/.!&!)@5/./!9+!)@5/./!+.#%!&!
>/%&/.$/,!&$'/./,,/H!D93.$#*&,'/.$/,!<.9%3-'&9$!#(!$:)/%/.A!%/.!'#+/.!#(,K'!&!%/!,97&#*/!>/%&/.A!
,:$'/'&,/./%/!5/+!%/.(9.!9+!&$%%/*'/!&!'./!-#'/+9.&/.A!)/$)9*%,0&,!%/!2$%08)22->"8$($>/$A!%/&
8"1/$($@$($($>/$!9+!%/!08%"P"%$%*7$>7"P$>/$&$:)/%,#.'&-*/.H!
4/%!./%/+@./*,/$!(9.!%/$!08%"P"%$%*7$>7"P$>/$!#.'&-/*+.3<</A!%/.!0&%/./(@./.!9((/$'*&+)/%/$,!
3%(9*%/*,/.!<J!%/!,97&#*/!>/%&/.!(.#!%/$!%&+&'#*/!'&*!%/$!#$#*9+/!0/.%/$A!<.9M*/>#'&,/./%/!5/+!
#$0/$%/*,/$!#(!%/!3%M./%'/!>/%&/>/'#(9./.!07$>/06*$%%">7!9+!70%$68$$'">7H!Q&,,/!#$/.-/$%'/!
'/9.&/.!#$,-3/.!$/>*&+!>#,,/>/%&/.$/!,9>!%/$!>/,'!>#+')#0/$%/!#-'@.!&!$:)/%,<.9%3-'&9$/$!
9+!&!M/,'/>>/*,/$!#(!,#>(3$%/',!%#+,9.%/$H!='!,J%#$'!>/%/$'.&,-!(9-3,!-3$$/!:%/.*&+/./!
-.&'&,/./,!0&#!9M,/.0#'&9$/.!#(!&$'/.$/'M.3+/.$/,!0&.#*/!(9.M.3+!#(!$:)/%,)&,'9.&/.A!,9>!%/!,/*0!
9<'.K%/.!,9>!%&,'.&M3'@./.!(9.!9+!>/%,-#M/./!#(!<J!%/!,97&#*/!>/%&/.H!
GFd
Q&,,/!0#-*/$%/!>/%&/>/'#(9./.!,:$'/,!9+,J!#'!.:,'/!63M*&7!V/*#'&9$,R%&,7&<*&$/$!<J!/'!,J0/*!
'/9./'&,-!,9>!<.#-'&,-!$&0/#3H!C%0&-*&$+/$!&!,#>(3$%/',!&$(9.>#'&9$,]9^!(9./-9>!(@.,'!
9+!(./>>/,'!#'!3%(9.%./!(#+/',!<#.#%&+>/.A!,J!&$+/$!#(!_.3$&+!9+!?3$',!/**/.,!-*#,,&,-/!
>9%/**/.!*K$+/./!0#.!%K--/$%/!(9.!>#+'(9.)9*%/'!>/**/>!9.+#$&,#'&9$/.!9+!9((/$'*&+)/%H!
D/+!(9./,*9+!%/.(9.!#'!M/'.#+'/!%/$!#,:>>/'.&,-/!'90/5,R>9%/*!&!/'!9>0/$%'!</.,</-'&0A!
,J*/%/,!#'!>#+'M#*#$7/$!(#*%/.!3%!'&*!9((/$'*&+)/%/$,!(9.%/*H!=$!,J%#$!./0&,&9$!M&%.#+/.!'&*!/$!
(9.,'J/*,/!#(!%/!$:/!,':.-/(9.)9*%!9+!<9*#.&,/.&$+/.A!,9>!%/!,97&#*/!>/%&/.!)#.!#(,'/%-9>>/'!&!
>/%&/./*#'&9$/.$/A!9+!,9>!(3$+/./%/!,9>!-#'#*:,#'9.!(9.!/$!$:'K$-$&$+!#(!#.M/5%/'!>/%!63M*&7!
V/*#'&9$,H
4/%!%/$$/!</.,</-'&0/./$%/!%&,-3,,&9$!9>!%/$!(./>'&%&+/!<.#-'&,/.&$+!#(!6V!+59.%/!,</7&#*/'!
(@.,'!9+!(./>>/,'!9<!>/%!6VRM.#$7)/$,!'.#%&'&9$/**/!(9.,'J/*,/!#(!<./,,/$!,9>!<.&>K.!
-9>>3$&-#'&9$,-#$#*!'&*!9((/$'*&+)/%/$H!Y/'9<!<./,,/)J$%'/.&$+/$!)#.!*K$+/!(3$+/./'!,9>!
-9$,3*/$'M3./#3/.$/,!-/.$/-9></'/$7/A!>/$!&!'#-'!>/%!#'!%/!,97&#*/!>/%&/.!)#.!+59.'!%/'!
>3*&+'!#'!-9>>3$&-/./!%&./-'/!'&*!9+!0&#!M.3+/.$/A!9<,'J.!/$!$:!0&.-/*&+)/%A!,9>!M.#$7)/$!/.!
$@%,#+/'!'&*!#'!(9.)9*%/!,&+!'&*H!1</7&#*/'!&'#*/,#''/!&!%/$!(9.M&$%/*,/!>$%PO(8*($%)("88$>A!,9>!
3%+@.!/'!$:'!'#$-/,K'!&$%/$!(9.!6VA!%/.!90/.,<.&$+/.!>#,,/>/%&/.$/!,9>!>/**/>*/%!9+!
&$'/+././.!%/!,97&#*/!>/%&/.!&!%/$!,'.#'/+&,-/!-9>>3$&-#'&9$,&$%,#',H!=-,/></*0&,!(9./,*9+!
,</7&#*/'!#'!$:'K$-/!'.#%&'&9$/**/!>/'9%/.!,9>!<./,,/>/%%/*/*,/$!9+!<./,,/>@%/.A!9+!*#+%/!
&!(9.*K$+/*,/!)/.#(!0K+'!<J!M/0&%,')/%/$!9>-.&$+!%/'!$:/!-9><*/-,/!>/%&/M&**/%/!9+!&--/!
>&$%,'!$:)/%,-9$,3>/$'/.$/,!#%(K.%,K$%.&$+!9+!$:/!M/)90H!;!%/'!)/*/!'#+/'!(9./-9>!%/'A!
#'!6VRM.#$7)/$!M@.!'#+/!0/%!*K./!#(!9((/$'*&+)/%/$,!9+!<./,,/$,!#-'&0&'/'/.!<J!%/!,97&#*/!
>/%&/.!9+!%/.&+/$$/>!&0K.-,K''/!&$$90#'&0/!9+!-./#'&0/!(./>,'@%A!%/.!(#*%/.!&!MJ%/!M9.+/./!9+!
593.$#*&,'/.,!&$'/./,,/H
8&+/,9>!>/%&/'/9.&/$!/.!/$!%:$#>&,-!,'@../*,/A!%/.!M@.!'&*,/,!&!'#-'!>/%!>/%&/*#$%,-#M/',!
3%0&-*&$+A!M@.!6VRM.#$7)/$!#*',J!'&*,0#./$%/!(@*+/!>/%!%/!$:/!./*#'&9$/.!9+!(9.M.3+,>@$,'./A!
%/.!9>+&0/.!%/$H!e/%!#'!/.-/$%/!#'!>/%&/.!9+!>#+'(9.)9*%!3%+@.!/$!,97&#*!-9$,'.3-'&9$A!%/.!
-9$,'#$'!3%(9.%./,!9+!K$%./,A!-#$!>#$!&!#.M/5%/'!>/%!63M*&7!V/*#'&9$,!'#+/!)@5%/!(9.!%/$!
0&.-/*&+)/%A!%&,7&<*&$/$!M/U$%/.!,&+!&!-.:%,(/*'/'!#(H!Q/'!/.!&--/!+&0/'A!#'!%/!,97&#*/!>/%&/.!0&*!
0&$%/!&$%<#,!>#$+/!J.!(./>H!Q9+!0&*!%/.!>/%!%/$!'/-$9*9+&,-/!3%0&-*&$+!/('/.!#*!,#$%,:$*&+)/%!
(9.',#'!(9./-9>>/!,':.-/<.@0/.!>/**/>!>/%&/0/.%/$/$,!#-'@./.A!9+!$/'9<!%&,,/!K$%./%/!
<9*#.&,/.&$+/.A!M@.!'5/$/!,9>!7/$'.#*'!9>%./5$&$+,<3$-'!(9.!%/'!,'.#'/+&,-/!#.M/5%/!>/%!63M*&7!
V/*#'&9$,H!
GFf
[L#3cOJ>c#D3C<dCAO###
!"#$%$&$'%()*(+,'-./01(1&('-213&$#()*(0"0'$,1
!"#$%"&'#()'#()&*+,&)'#-**.)'/#0)#1-2'-3)#4.(+-5+6")#30%7-0#'8)'5#)*&+$9+#("#(.:)0%11)4)*5#;"03"&-*5#
()'#&.')-"<#'%$+-"<#*"4.&+6")'#5)0'#6")#=-$)7%%>/#?@+55)&#)5#A%"?"7)B#C)'#*%":)-"<#4.(+-'#
'%$+-"<#%*5#(8%&)'#)5#(.DE#;%&5)4)*5#-05.&.#0-#1&%("$5+%*#()'#$%*5)*"'#()'#4.(+-'/#)5#5&-*';%&4.#0-#
$%*'%44-5+%*#()#08+*;%&4-5+%*B#F)#10"'#)*#10"'/#0)'#D%"&*-0+'5)'#)<10%&)*5#)5#)<10%+5)*5#0)#5)&&-+*#()'#
4.(+-'#'%$+-"<#)*#:")#()#'.0)$5+%**)�)'#*)@'#)5#&.(+3)&#()'#9+'5%+&)'/#5-*(+'#6")#1-&-00,0)4)*5#0)'#
+*5)&*-"5)'#1-&5-3)*5#)5#$%44)*5)*5#0)'#-&5+$0)'#-:)$#0)"&'#$%*5-$5'#'"&#G*5)&*)5B
H*)#5)00)#.:%0"5+%*#')470)#-$$.0.&)&#"*)#&)(.;+*+5+%*#()'#&-11%&5'#()#;%&$)'#-"#')+*#()'#$9-41'#
4.(+-5+6")'B#C8)'5#1%"&6"%+#+0#48-#1-&"#*.$)''-+&)#(8.5-70+&/#-"#5&-:)&'#()#4-#&)$9)&$9)/#"*#$9-41#
(8+*:)'5+3-5+%*#)5#()#&.;0)<+%*#5&-*'(+'$+10+*-+&)#-"#$&%+')4)*5#()'#'$+)*$)'#()'#4.(+-'/#()#0-#59.%&+)#
()'#4.(+-'#'%$+-"</#)5#()'#'$+)*$)'#()#0-#$%44"*+$-5+%*B#!#$)5#);;)5/#08%7D)$5+;#1&+*$+1-0#("#1&.')*5#
4.4%+&)#)'5#(8.5-70+&#"*)#$%41&.9)*'+%*#-(.6"-5)#)5#&.-$5"-0+'.)#()#0-#*%":)00)#'$,*)#4.(+-5+6")#)*#
:")#()#1&%70.4-5+')&#)5#(+'$"5)-:)*+&#()'#&)0-5+%*'#1"70+6")'B
4+$5&"0'.'6$1(1&(0"&7')'.'6$1()*(0"0'$,1
=%*(.#'"�)#$%*'5&"$5+:+'4)#'%$+-0#)5#0-#(.4-&$9)#9)&4.*)"5+6")/#0)#4.4%+&)#;-+5#+*5)&:)*+&#"*)#
$%*;+3"&-5+%*#4.59%(%0%3+6")#$%410)<)B#I-�)#7+-+'#(8"*)#-11&%$9)#59.%&+6")#10"&+(+'$+10+*-+&)#
()'#4.(+-'/#E#0-#;%+'#19+0%'%19+6")/#'%$+%0%3+6")/#'$+)*5+;+6")#()'#4.(+-'#)5#$%44"*+$-5+:)/#0)#
4.4%+&)#'8-110+6")#E#-(&)'')�)#7+0-*#("#19.*%4,*)#()'#4.(+-'#'%$+-"</#1&%70.4-5+')�-#5&-(+5+%*#
)'')*5+-0+'5)#()#0-#&)$9)&$9)#'"�)'#4.(+-'/#)5#(+'$"5)&#;+*-0)4)*5#0)'#*%":)-"<#4%()'#()#5&-:-+0#()'#
$%44"*+$-5)"&'#1&%;)''+%**)0'#-+*'+#6")#08-:)*+&#()#0-#1&%;)''+%*B
J-#(.4-&$9)#)'6"+''.)#$+K()''"'#)'5#3"+(.)#1-&#"*)#4.59%()#6"-0+5-5+:)#;-+'-*5#-05)&*)&#()'#
0%3+6")'#()#&-+'%**)4)*5#()#521)#(.("$5+;#)5#+*("$5+;B#!+*'+#08%7D)5#()#08-*-02')#)'5K+0#$%*'5+5".#()#0-#
59.%&+)#$0-''+6")#()'#4.(+-'#-"''+#7+)*#6")#(8"*#$%&1"'#()#(%**.)'#(%$"4)*5-+&)'#$)*5&.)'#'"&#
0-#1&%("$5+%*#)5#0-#$%*'%44-5+%*#()#08+*;%&4-5+%*#-"D%"&(89"+B#C)55)#4.59%()#.$0)$5+6")#1)&4)5#()#
&.:.0)&#()#*%":)00)'#1)&'1)$5+:)'#'"�-#&)$9)&$9)#()'#4.(+-'/#5%"5#)*#0-#&)'+5"-*5#(-*'#"*#$%*5)<5)#
10"'#$%410)<)#)5#(2*-4+6")B
GFa
8"5*.&9&5(1&()$53*55$'%:(,";$5$'%(&7"',$<*1(1&(,1)"#$%$&$'%()15(,9++',&5()1(#',31
I&)4+,&)4)*5/#0)#4.4%+&)#$%*$0"5#6")#0)'#4.(+-'#'%$+-"<#;%&4)*5#()'#'5&"$5"&)'#.3%$)*5&.)'#
;-:%&+'-*5#)5#3.*.&-*5#0-#4+')#)*#'$,*)#("#$%*'%44-5)"&#)*#0+3*)B#C)#7&-*(+*3#1)&'%**)0#()#
08+*5)&*-"5)#'8);;)$5")/#)*5&)#-"5&)'/#1-�)#&)$%"&'#4-''+;#-"<#-&5+$0)'#D%"&*-0+'5+6")'L#M*#)<10%+5-*5#
"*)#5)00)#+*5)&(+'$"&'+:+5./#0)#$%*'%44-5)"-3*)#0-#1%''+7+0+5.#()#(.4"05+10+)&#'-#1"+''-*$)#
(8)<1&)''+%*/#)5#()#0-#'%&5)#')#(+;;.&)*$+)&#()'#-"5&)'B
F)"<+,4)4)*5/#+0#)'5#-&3"4)*5.#6")#0)'#4"05+10)'#.$9-*3)'#()#1%+*5'#()#:")#'"�)'#&.')-"<#
*"4.&+6")'#'"'$+5)*5#"*#+*5.&N5#$&%+''-*5#-"1&,'#()'#4.(+-'#()#4-'')B#M*#);;)5/#0)'#D%"&*-0+'5)'#
1&%("+')*5#"*)#6"-*5+5.#$&%+''-*5)#()#*)@'#7-'.)'#'"�)'#-$5+:+5.'#')#(.&%"0-*5#'"�)'#4.(+-'#
'%$+-"<B#J)#4.4%+&)#$-5.3%&+')#5&%+'#(%4-+*)'#()#$)55)#*%":)00)#1&%("$5+%*#4.(+-5+6")/#)*#-55-$9-*5#
"*)#+41%&5-*$)#1-&5+$"0+,&)#-"<#-&5+$0)'#()#*)@'#&-11%&5-*5#(+&)$5)4)*5#0)'#-$5+:+5.'#("#1"70+$B#C)#
521)#(8-&5+$0)'#1)&4)5#()#1&%70.4-5+')�)'#59.%&+)'#$0-''+6")'#6"+#(%4+*)*5#5%"D%"&'#0-#'$+)*$)#
()'#4.(+-'B#J)#4.4%+&)#-&3"4)*5)#)*#);;)5#6")#0)'#4.(+-'#'%$+-"<#'%*5#E#08%&+3+*)#()#*%":)00)'#
1%0-&+'-5+%*'#-"#')+*#()'#$9-41'#4.(+-5+6")'/#6"+#$%*;,&)*5#-"#$+5%2)*#"*)#1%'+5+%*#()#;%&$)#
&)4-&6"-70)B#I-&#$%*'.6")*5/#+0#$%*:+)*5#()#&.:+'))<5)*'+%*#()'#*%5+%*'#3.*.&+6")'#(8-3)*(-K
')55+*3#)5#()#3-5)K>))1+*3#6"+#&)1&.')*5)*5#"*)#;%$-0+'-5+%*#4.(+-$)*5&+6")#5&-(+5+%**)00)B#H*)#5)00)#
&.:+'+%*#)'5#&)*(")#*.$)''-+&)#1-�)#;-+5#6")#0)'#"5+0+'-5)"&'#()'#4.(+-'#'%$+-"<#+*;0")*$)*5#()#10"'#)*#
10"'#0-#&.(-$5+%*#()'#D%"&*-0+'5)'/#)5#1-&#-+00)"&'#08%&(&)#("#D%"&#()'#&-11%&5'#'%$+-"<B
=*&9&$'%()15(,1.9&$'%5(+*-.$<*15(1&(,7"&',$<*1()15(,"519*>
!#0-#0"4+,&)#()#$)55)#.:%0"5+%*/#0-#59.%&+)#)5#0-#1&-5+6")#()'#&)0-5+%*'#1"70+6")'#'%*5#5%"$9.)'#()#10)+*#
;%")5/#)5#')#&)5&%":)*5#)*#10)+*)#4"5-5+%*B#M5-*5#(%**.#6")#0)'#&-11%&5'#()#;%&$)#(.;+*+''-*5#)5#3.&-*5#
0)'#$9-41'#4.(+-5+6")'#'%*5#&)5%"&*.'#E#08-:-*5-3)#("#1"70+$/#0)#4.4%+&)#-&3"4)*5)#)*#;-:)"&#(8"*#
&)*:)&')4)*5#("#4%(,0)#-'24.5&+6")#()'#&)0-5+%*'#1"70+6")'#(.:)0%11.#1-&#O&"*+3#P#Q"*5B
C)55)#&.:+'+%*#59.%&+6")#+410+6")#"*)#(+'$"''+%*#'"�)'#;"5"&)'#1&-5+6")'#()#0-#1&%;)''+%*B#G0#
')470)#*.$)''-+&)#()#&)$%*'+(.&)-11&%$9)#$%*:)*5+%**)00)#()'#&)0-5+%*'#1"70+6")'#-<.)#'"�)#
10-*#()#$%44"*+$-5+%*#1&)'')L#O&R$)#-"<#4.(+-'#'%$+-"</#0)'#4)''-3)'#1)":)*5#(.'%&4-+'#N5&)#
$%44"*+6".'#(+&)$5)4)*5#-"<#&.$)15)"&'#;+*-"<#)5#)*'"+5)#&)(+'5&+7".'#1-&#$)"<K$+#E#0)"&'#$%*5-$5'#
)*#0+3*)#S#.:)*5")00)4)*5#-"''+#1-�)#&)0-+'#()'#4.(+-'#()#4-'')B
!#$)5#);;)5/#08-*-02')#0,:)#)*'"+5)#0)#:%+0)#'"&#"*)#*%":)00)#$%*$)15"-0+'-5+%*#()#0-#$%44"*+$-5+%*#
'5&-5.3+6")#(.*%44.)#&9.5%&+6")#()'#&.')-"<B#C)00)K$+#*)#'8-11"+)#1-'#"*+6")4)*5#'"�)#1%":%+&#
GGF
()'#4.(+-'#()#4-'')/#4-+'#+*5,3&)#0-#T&)U$%**-+''-*$)#()'#*%":)-"<#4.$-*+'4)'#()'#$9-41'#
4.(+-5+6")'B#J-#&9.5%&+6")#()'#&.')-"<#)<10%+5)#0-#&)(+'5&+7"5+%*#()'#&-11%&5'#()#;%&$)#)5#1)&4)5#()#
10-*+;+)&#()'#+*+5+-5+:)'#$&.-5+:)'#)5#*%:-5&+$)'#E#4N4)#()#4+)"<#$-15"&)-55)*5+%*#()'#1"70+$'#)5#()'#
D%"&*-0+'5)'B
M*#;+*-0/#0)#4.4%+&)#$%*$0"5#6")#0)'#4.(+-'/#1-�-#(2*-4+6")#()'#&-11%&5'#()#;%&$)#6"+#0)'#4%(,0)*5/#
()4)"&)*5#()'#$%*'5&"$5+%*'#'%$+-0)'#)*#1)&1.5")00)#4%":-*$)/#)*#$%*'5-*5)#$%*;&%*5-5+%*B#H*)#
5)00)#&)$%**-+''-*$)#(%+5#$%*'5+5")�)#1%+*5#()#(.1-&5#()#5%"5)#&)$9)&$9)#)5#()#5%"5)#-$5+:+5.#(-*'#
0)#$9-41#()'#&)0-5+%*'#1"70+6")'#$--$$.0.&-5+%*#()'#5)$9*%0%3+)'#()#0-#$%44"*+$-5+%*#)5#()#
08+*;%&4-5+%*#:-#5&,'#1&%7-70)4)*5#$%*5+*")&#()#&)*;%&$)�-#1"+''-*$)#("#1"70+$#(-*'#0)'#(+;;.&)*5'#
$%"&-*5'#)5#')$5)"&'#()#0-#$%44"*+$-5+%*B#M*#$%"0+'')/#0)'#1&%;)''+%**)0'#("#')$5)"&#()'#&)0-5+%*'#
1"70+6")'#(%+:)*5#+410-*5)&#"*)#:.&+5-70)#:)+00)#'%$+-0)#()'#1-2'-3)'#4.(+-5+6")'/#-;+*#()#4+)"<#
&)(.10%2)�)"&'#'5&-5.3+)'#)5#-;;+*)�)"&'#4.59%()'#()#5&-:-+0#)*#$%*;%&4+5.#-:)$#0)'#*%":)00)'#
(%**)'#()#0-#&9.5%&+6")#()'#&.')-"<B
GGG
TL#GABB?3CBJ3GAOB?
TLKL#P_;!.
B$%/.,/$A!;M!ZEFFb[O!i$>&*8">#0(1"7$&P"(8$1"7N$/A!29.*#+/'!1#>(3$%,*&''/.#'3.
W#3%.&**#.%A!D/#$!ZGafG[O!F"2-10:($*&$%&*"2-10%")>A!6#.&,A!=%&'&9$,!_#*&*N/
W&.-*/.A!D#79M!ZEFFb[O!w"/$>*80#*%$)("&g&$>&7(->/#)7A!"@M/$)#0$A!43$-,+##.%!Q#$>#.-
W93.%&/3A!6&/../!ZGaab[O!F-(&10&%b1bP"*")>k&*-"P"&/$&.a$2'("*$&/-&J)-(>01"*2$A!V#&,9$,!%i#+&.!
\99>M,A!P&>9'):!jHc!?9**#%#:A!1)/..:!D!ZEFGF[O!QR&F%(0%$7A&[&X''1":0%")>k&20>07">7&">M-$>:$<&
\)&7)/,'/.O!j&*/:RW*#7-^/**
Q#:>9$A!\).&,'&$/c!?9**9^#:A!;>>:!ZEFFE[O!x-01"%0%"P$&R$*$0(:N&L$%N)/*&">&Q-#1":&R$10%")>*&
0>/&L0(8$%">7&f)22->":0%")>*A!V93'*/%+/
Q/#.&$+A!D#>/,!jH!`!=0/./''!4!V9+/.,!ZGaab[O!X7$>/06F$%%">7A!\#*&(9.$&/$O!1#+/!63M*&7#'&9$,
QN7#3%&$A!D/#$R4#.7!ZEFFX[O!.0&f)22->":0%")>&L0(8$%">7&g&f)>:$'%*<&%$:N>"d-$*<&*%(0%$7"$*A!
=79$9>&7#!
2#*-)/&>/.A!D/,</.!ZEFFg[O!Ey(&*y(">%($**$"(&0112y>">%($**$&g&)2&>$4*&20>07$2$>%A!;O!Y9.%A!
8#.,!Z./%H[c!1'.u>Mv7-A!D/,</.!Z./%H[O!I4/%&/.$#!97)!%/>9-.#'&$IA!83$%
2.#$%,/$A!2&$$c!D9)#$,/$A!j&$$&c!Y&/*,/$A!B$$/!=**/.3<!ZGaad[O!U>%$(>0%")>01&
L0(8$/*8)22->"80%")>&"&$>&')*%2)/$(>$&P$(/$>A!1:,'&>/
_#$%:A!L,7#.!?H!ZGafE[O!Z$A)>/&07$>/0&*$%%">7&k&">@)(20%")>&*-#*"/"$*&0>/&'-#1":&')1":AA!Y/^!
D/.,/:A!BM*/l!63M*&,)/.,!!
_.3$&+A!D#>/,c!?3$'A!P9%%!ZGafg[O!L0>07">7&Q-#1":&R$10%")>*A!29.'!j9.')!/'!#*HO!?#.793.'!W.#7/!
D90#$90&7)!\9**/+/!63M*&,)/.,!
?#$,/$A!D/$,!L''9!"5K.!ZEFFg[O!U&0>/($*&#(?/&g&p+>/#)7&)2&">@)(20%")>*J)-(>01"*%"8<&
P"(8*)2N$/*8)22->"80%")>&)7&'-#1":&($10%")>*A!29.*#+/'!B593.H!
?/3%/A!VN>&!6&/../!ZEFFX[O!fN)"*"(&1$*&2b/"0*&3&2$%%($&$>&{-P($A!4#l&>#
D#$,/$A!?/*/$/c!D/$,/$A!1'/(#$!897-!ZEFFX[O!F$<&J$7&$(&'+&g&"*:$>$*O%%$1*$<&"/$>%"%$%&)7&($01"%A6
*N)4*A&1#>(3$%,*&''/.#'3.
GGE
D9)#$,/$A!j&$$&c!2.#$%,/$A!2&$$!ZEFFf[O!=("*$8)22->"80%")>k&>+(&P"(8*)2N$/$>*&"207$&)7&
)2/?22$&$(&%(-$%A!1#>(3$%,*&''/.#'3.
"5K.A!?/$.&-c!1-.&0/.A!?#$,!D@.+/$c!1'#3$,'.3<A!=.&-!ZEFFd[O!5(70>"*0%")>A!P.95-#
".#>)@('A!6/'/.!ZEFFX[O!q)-(>01"*%"*8&2$/&)2%0>8$&g&X(#$J/*2$%)/$(&"&-/($/$>/$&)7&0>01A%"*8&
J)-(>01"*%"*8A!29.*#+/'!BDLCV
83$%A!B$-/.!W.&$-!ZEFFE[O!i$>&($/"7$($>/$&207%&g&EAN$/*">*%"%-%")>$>*&')1"%"*8$&">/MA/$1*$A!
{.)3,O!4#+'3%./%$&$+/$t{.)3,!C$&0/.,&'/',(9.*#+!
8:9'#.%A!D/#$R2.#$p9&,!ZGada[O!.0&:)>/"%")>&')*%2)/$(>$A!6#.&,A!8/,!/%&'&9$,!%/!>&$3&'!!
47\9>M,A!4#l^/**!ZEFFg[O!F$%%">7&%N$&07$>/0&g&%N$&>$4*&2$/"0&0>/&'-#1":&)'">")>A!69*&':!
6./,,
47\9>M,A!4#l^/**!=H!`!Q9$#*%!1)#^!ZGadE[O!!N$&X7$>/06F$%%">7&9->:%")>&)@&L0**&L$/"0&
&!QH8H!6.9'/,,!`!4H=H!47\9>M,!Z./%H[!ZGaaG[O!X7$>/06F$%%">7k&R$0/">7*&)>&L$/"0<&Q-#1":&
5'">")><&0>/&Q)1":A&L08">7<&Y/^!D/.,/:O!8#^./$7/!=.*M#3>!B,,97&#'/,!;$7H!!
47h3#&*A!Q/$&,!ZEFFF[O!L:x-0"1a*&L0**&f)22->":0%")>&!N$)(AA!1B_=
47h3#&*A!Q/$&,!ZEFFT[O!L:x-0"1a*&L0**&f)22->":0%")>&!N$)(AA!1B_=
47h3#&*A!Q/$&,c!j&$%#)*A!10/$!ZGaaX[O!f)22->":0%")>&L)/$1*A!B%%&,9$Rj/,*/:!89$+>#$!8'%
Y9.%A!8#.,c!1'.u>Mv7-A!D/,</.!Z./%H[!ZEFFg[O!L$/"$(>0&):N&/$2)8(0%">A!1'3%/$'*&''/.#'3.!!
Y:+##.%A!\*#3,!Z./%H[!ZEFFd[O!F02@->/*P"/$>*80#$1"7$&0>01A*$2$%)/$(A!29.*#+/'!
1#>(3$%,*&''/.#'3.
h09.'.3<A!8#.,!ZGaaf[O!i$%&NA'$(8)2'1$8*$&*02@->/k&Cn&@)(%O11">7$(&)2&
">@)(20%")>**02@->/$%A!_:*%/$%#*
h09'.3<A!8#.,!ZEFFG[O!i$%&1O($>/$&*02@->/&6&pA'$(8)2'1$8*"%$%&)7&P"/$>A!_:*%/$%#*
P)3.N$A!P9.,'/$!ZEFFE[O!w"/$>*80#*%$)("&@)(&#$7A>/$($A!V9,&$#$'/
j/$$/M/.+A!1@./$!W#.*/M9!ZEFFE[O!F):"018)>*%(-8%"P"*2$&g&')*"%")>$(<&'()#1$2$(&)7&
'$(*'$8%"P$(A!2./%/.&-,M/.+A!1#>(3$%,*&''/.#'3.
GGX
TLML#C.7,:%!.
B*M./7)',*3$%A!B$%/.,!ZEFFf[O!5>1">$&F):"01&E$%4)(8">7&0*&Q0(%":"'0%)(A&F-(P$"110>:$A!2&.,'!
49$%#:A!e9*3>/!GXA!Y.H!X
W//.A!Q#0&%!ZEFFf[O!F):"01&>$%4)(8V">7W&*"%$*kI($P"*"%">7&%N$&*%)(A&*)&@0(k&X&($*')>*$&%)&/0>0N&
#)A/&0>/&E":)1$&\11"*)><&D93.$#*!9(!\9><3'/.R4/%&#'/%!\9>>3$&7#'&9$!GXA!TGbRTEa
W9:%A!Q#$#)!4Hc!=**&,9$A!Y&79*/!WH!ZEFFd[O!F):"01&E$%4)(8&F"%$*k&i$_>"%")><&p"*%)(A&0>/&
F:N)10(*N"'A!D93.$#*!9(!\9><3'/.R4/%&#'/%!\9>>3$&7#'&9$!GXA!#.'&-/*!GG
W9:%A!Q#$#)!ZEFFd[O!^NA&,)-%N&Vp$0(%W&F):"01&E$%4)(8&F"%$*k&!N$&R)1$&)@&E$%4)(8$/&Q-#1":*&
">&!$$>07$&F):"01&."@$A!4#7B.')3.!1/.&/,!9$!Q&+&'#*!8/#.$&$+!k!S93')A!;%/$'&':A!#$%!Q&+&'#*!4/%&#!
e9*3>/A!\#>M.&%+/
\)#..9$A!D/#$!ZGaaT[O!.$*&2b/"0*&$%&1$*&*)-(:$*&g&1$*&1"2"%$*&/-&2)/e1$&/$&1a07$>/06*$%%">7<&
?/.>|,A!09*H!GdRGfA!<<H!dXRaE!
\).&,'/$,/$A!8#.,!?9*>+##.%!ZEFGF[O!;Z-"1/606#$0(;6J)-(>01"*%"8&'+&90:$#))8rA!;$(9.>#'&9$A!
EGtXREFGF
\99>M,A!P&>9'):!ZEFFE[O!X**$**">7&)>1">$&"**-$&%N($0%*k&U**-$&:)>%07")>*&0>/&%N$"(&$@@$:%&)>&
"**-$&'(")("%"*0%")>A!D93.$#*!9(!63M*&7!B((#&.,A!e9*H!EA!Y.H!gA!<<H!EGTREEa&
_#*'3$+A!D9)#$c!V3+/A!4#.&!?9*>M9/!ZGabT[O!!N$&F%(-:%-($&)@&9)($"7>&E$4*A!D93.$#*!9(!6/#7/!
V/,/#.7)A!e9*H!EA!Y.H!GA!<<H!bgRaGA!1#+/!63M*&7#'&9$,
?#>>A!W.#%*/:!DHc!47\9>M,A!4#l^/**c!1)# A!Q9$#*%!8H!`!j/#0/.A!Q#0&%!?!ZGaaa[O!U>/"P"/-01*<&
B()-'*&0>/&X7$>/06L$1/">7S&X&!N$)(A&)@&F):"01&i"**)>0>:$A!;$'/.$#'&9$#*!D93.$#*!9(!63M*&7!
L<&$9$!V/,/#.7)A!e9*H!GGA!Y.H!G&
?#'7)A!4#.:!D9c!17)3*'mA!4#5-/$!ZEFFX[O!Z(">7">7&%N$&:)(')(0%")>&">%)&:)(')(0%$&#(0>/">7A!
=3.9</#$!D93.$#*!9(!4#.-/'&$+A!e9*A!XdA!Y9H!dtfH!
47\9>M,A!4#l^/**!=Hc!1)# A!Q9$#*%!8H!ZGadE[O!`!N$&X7$>/06*$%%">7&9->:%")>&)@&L0**&L$/"0;A!
63M*&7!L<&$&9$!h3#'/.*:
6&79$/A!;-/!ZEFFd[O!f)>:$'%-01"*">7&5>1">$&E$4*&u*$<&LM,/.0#'9.&#A!D93.$#*!XA!FaXRGGg
17).@%/.A!"&>!ZEFGF[O!i0>*8$(>$*&#(-7&0@&>AN$/*2$/"$(k&$%&>A%&10>/8)(%A!D93.$#*&,'&7#A!$.H!G
GGg
1)9/>#-/.A!6#>/*#!DHc!=&7))9*mA!4#.'&$c!"&>A!=3$:&c!j.&+*/:A!W./$%#!ZEFFG[O!U>/"P"/-01&0>/&
R)-%">$&9)(:$*&">&B0%$8$$'">7A!D!`!4\!h3#.'/.*:A!e9*H!dfA!Y9H!EA!EXXREgb
1'/$+/.A!P)9>#,c!\93'#$'A!B*/l#$%./!ZEFGF[O!.$*&(b*$0-c&*):"0-c&>-2b("d-$*k&/$*&/"*:)-(*&
/$&'()2)%")>&3&10&/b_>"%")>&/a->&)#J$%&$%&/a->$&2b%N)/)1)7"$&/$&($:N$(:N$A!?/.>N,A!$.H!gg&
j/#0/.A!Q#0&%c!47\9>M,A!4#l^/**c!1)# A!Q9$#*%!8H!ZEFFg[O!X7$>/06F$%%">7&R$*$0(:Nk&U**-$*<&
X%%("#-%$*&0>/&U>M-$>:$*<&;$O!"#&%A!8:$%#!8//O!?#$%M99-!9(!<9*&'&7#*!79>>3$&7#'&9$!./,/#.7)A!
<<H!ETdREfEH!&
TLQL#?%!:7.*",':!#:,%)!.
Z#[!BW\!Y/^,!ZEFGF[O!Z(0&f)1)(&F%0%-*&)>&90:$#))8&B)$*&w"(01k
)''<Ott#M7$/^,H+9H79>t?/#*')tM.#R79*9.R,'#'3,R(#7/M99-R.#&,/,R73.&9,&':R>9$/:R0&.#*t!
,'9.:}&%~aTGXafb!
Z#[!Q#$,-!C$+%9>,!2K**/,.J%!ZEFGF[O!90:$#))8&7"P$(&->7$&')1"%"*8&P"/$>k&
)''<Ott%3(H%-t(9.,&%/t$:)/%/.t/$-/*'0&,$&$+t#.'&7*/t(#7/M99-R+&0/.R3$+/R<9*&'&,-R0&%/$t
Z#[!QV!6G!ZEFGF[O!90:$#))86J)-(>01"*%"8k&
)''<Ott^^ H%.H%-t6Gt>/$$/,-/.9+>/%&/.t!C%,/$%/*,/.tEFGFtFXtETGGXbXGH)'>!
Z#[!D93.$#*&,'/$!ZEFGF[O!iR&*?7$(&90:$#))86J)-(>01"*%k&
)''<Ott593.$#*&,'/$H%-t%.R,9+/.R(#7/M99-R593.$#*&,'!
Z#[!6\!j9.*%!ZEFFf[O!90:$#))8&-*$(*&/)>0%$&*%0%-*&%)&($2">/&'$)'1$&%)&P)%$k&
)''<Ott^^ H<7^9.*%H79>tM3,&$/,,7/$'/.t#.'&7*/tGTXEEft(#7/M99-�3,/.,�%9$#'/�,'#'3,�'9�!
./>&$%�</9<*/�'9�09'/H)'>*!
Z#[!69*&'&-/$!ZEFGF[O!90:$#))8&N0(&(->/$%&oDD&2"11")>$(&#(-7$($k&
)''<Ott<9*&'&-/$H%-t'5/-t%&+&'#*'t!&$'/.$/'t#.'&7*/GFEGEbEH/7/!
ZM[!69*&'&-/$!ZEFGF[O!i9k&U>/P0>/($($&%07$(&/">&*0@%&)7&807$k&
)''<Ott<9*&'&-/$H%-t&$%*#$%t=\=GGFdXfGt%(R&$%0#$%././R'#+/.R%&$R,#('R9+R-#+/t!
Z#[!j9.%&zH79>!ZEFGF[O!910*N&2)#&6&i$_>"%")>k
)''<Ott^^ H^9.%&zH79>t%/U$&'&9$t2*#,)�>9M
GGT
K^L#PAGCF
W&*#+!GO!8/!49$%/O!;qa0::)-:N$<&'1$0*$&($%4$$%;
W&*#+!EO!PeEO!;90>/%&YKTDDD&'+&7$>#(-7*'10/*;
W&*#+!XO!D:**#$%,R69,'/$O!;Z$%J$>%&#"/%&"&0(2$>;
W&*#+!gO!69*&'&-/$O!;B))71$%$1$@)>$(&)P$(N01$(&"QN)>$;!
W&*#+!TO!=-,'.#!W*#%/'O!;F1"'8>)%6#0**"*%&@->/$%&/?/;
W&*#+!bO!4/'.9=l<./,,O!;i9&P"1&8->&7"P$&#?(>$:N$:8&%"1&/0>*8$($;!
W&*#+!dO!69*&'&-/$O!;i9&P"1&*%)''$&">/P0>/(">7&@(0&"88$6P$*%1"7$&10>/$;
W&*#+!fO!W/.*&$+,-/!P&%/$%/O!;=0>&U&>-&@)(*%+<&0%&/$%&$(&*PO(%r;
W&*#+!aO!8/!49$%/O!;E$4&,)(8&2$%&jD&'"0>)*&3&10&/"*')*"%")>&/-&'-#1":;
W&*#+!GFO!D93.$#*&,'/$O!;iR&*?7$(&90:$#))86J)-(>01"*%;
W&*#+!GGO!C%0#*+'/!.3M.&--/.!(.#!%/$!>/'#-9>>3$&-/./$%/!#.'&-/*+.3<</
W&*#+!GEO!PeEO!;90:$#))8&8)*%$(&/A(%&"&%0#%&0(#$J/$;
W&*#+!GXO!P)/!_3#.%&#$O!;90:$#))8&N0*&:N0>7$/&0/)'%")>*&@)($P$(;
W&*#+!GgO!69*&'&-/$O!;=->*%>$(&@+(&#->8$(&0@&N0/$20"1*&@)(&/0>*$P"/$);
W&*#+!GTO!P)/!Y/^!S9.-!P&>/,O!;!)&"2'($**<&!-@%*&'()*'$:%*&%-(>&%)&,)-!-#$;
W&*#+!GbO!!8/!2&+#.9O!;u>&0'b()&7b0>%&">%$(/"%&3&."11$;
W&*#+!GdO!C%0#*+'/!.3M.&--/.!(.#!%/$!-&*%/./(/./$%/!#.'&-/*+.3<</
W&*#+!GfO!D:**#$%,R69,'/$O!;ZQ6:N$@&->/*8A1/$(&'+&90:$#))8;
W&*#+!GaO!=-,'.#!W*#%/'O!;F0(0N&Q01">&$(81O($(&8("7&2)/&*%)(2)*8b;
W&*#+!EFO!69*&'&-/$O!;.?88$&7+(&"&8("7&2)/&w"11A&'+&90:$#))8;
W&*#+!EGO!8/!2&+#.9O!;f)>%0/)(&/"%&)-"&3&R""*;
GGb
W&*#+!EEO!69*&'&-/$O!;F%-/$>%&@->/$%&*8A1/"7&"&p0:8">70>7($#&2)/&Q01">;
W&*#+!EXO!C%0#*+'/!.3M.&--/.!(.#!%/$!#-'&0&'/',+/$+&0/$%/!#.'&-/*+.3<</
W&*#+!EgO!8/!2&+#.9O!;.0&@02"11$&()A01$&0>710"*$&*-(&91":8(;
W&*#+!ETO!PeEO!;E)(7$*&8()>'(">*'0(&$(&'+&90:$#))8;
W&*#+!EbO!P)/!_3#.%&#$O!;!4$*%"P01k&fN0("%A&#$7">*&0%&!4"%%$(;
W&*#+!EdO!=-,'.#!W*#%/'O!;=->&/+(1"7$&@)(O1/($&8?($(&-/$>&:A8$1NJ$12;
W&*#+!EfO!69*&'&-/$O!;!"%-*">/$(&*?7$(&#)1"7&'+&90:$#))8;!
W&*#+!EaO!D:**#$%,R69,'/$O!;9$*%-7$8("%"8&'+&90:$#))8;
W&*#+!XFO!=-,'.#!W*#%/'O!;!4"%%$(&)2&X''1$60((0>7$2$>%;
W&*#+!XGO!69*&'&-/$O!;i0>*8&#-*:N0-@@?(&$($P$%&P$(/$>*8$>/%;
W&*#+!XEO!PeEO!;=0($>&*?7$(&*"%�(>*&@0(&'+&,)-!-#$;
W&*#+!XXO!69*&'&-/$O!;Cj6+("7&8>O7%&$(&8)>7$>&0@&,)-!-#$;
W&*#+!XgO!8/!2&+#.9O!;E)-P$0-&:1"'&/$&.0/A&B070&*-(&,)-!-#$;
W&*#+!XTO!QVO!;!A8&%0"40>$*$(&$(&,)-!-#$6*$>*0%")>;!
W&*#+!XbO!PeEO!;u>/*8A1/&L-N022$/&'+&90:$#))8;
W&*#+!XdO!D:**#$%,R69,'/$O!;i9&($P*$*&'+&90:$#))8;
W&*#+!XfO!69*&'&-/$O!;L)#>">7
>/%&#?(>&$8*'1)/$($(&'+&>$%%$%;
W&*#+!XaO!D:**#$%,R69,'/$O!;5#020&)7&.0/A&B070&8)>8-(($($(&'+&90:$#))8;
W&*#+!gFO!QVO!;Z0*8$%*%J$(>$(&*1+(&Z"11&B0%$*&'+&!4"%%$(;
W&*#+!gGO!QVO!;q-#$1&'+&90:$#))8&)P$(&>A$&2">"*%($;
W&*#+!gEO!69*&'&-/$O!;E)(/"*8$&>0#)$(&%)(/>$(&2)/&i0>20(8&)7&R?>>;
W&*#+!gXO!69*&'&-/$O!;i9k&Z$7($#$%&2$>>$*8$*A>&_>/$*&"88$;
GGd
W&*#+!ggO!P)/!_3#.%&#$O!;90:$#))8&*N)-1/&#$&'0A">7&-*;
W&*#+!gTO!W/.*&$+,-/!P&%/$%/O!;R$"2$(&Z)&%J$>%$&'+&Z077$(6">%$(P"$4;
W&*#+!gbO!W/.*&$+,-/!P&%/$%/O!;=)>7&F$$#0:N&0@&F80>/$(#)(7;!
W&*#+!gdO!PeEO!;90:$#))867(-''$&2">/$*&B($P$6)@($;
W&*#+!gfO!QVO!;,)-!-#$*&#(-7$($&$>"7$&2$/&iRK;
W&*#+!gaO!D:**#$%,R69,'/$O!;9$*%-7$8("%"8&'+&90:$#))8;
W&*#+!TFO!W/.*&$+,-/!P&%/$%/O!;90:$#))8<&%0*8$(&)7&#(A*%8(O@%;
W&*#+!TGO!QVO!;Z->8$(&0@&:"%()>2+>$(&'+&P$J&%"1&i9;
W&*#+!TEO!".&,'/*&+'!Q#+M*#%O!;i0>*8&9)18$'0(%"&2)/%07$(&KDD&:"%()>2+>$(;
W&*#+!TXO!WPO!;91$($&%-*">/$&:"%()>2+>$(&'+&P$J&%"1&i9;
W&*#+!TgO!69*&'&-/$O!;p$11$<&.0(*&)7&011$&/$($*&P$>>$(;
W&*#+!TTO!Q3$-&$!Q93+)$3',!<J!2#7/M99-
W&*#+!TbO!69*&'&-/$O!;iR&10P$(&->/$(1"7&'(")("%$(">7&"&90:$#))86*07;
W&*#+!TdO!P)/!_3#.%&#$O!;90:$#))8&@0:">7&104*-"%&0*&E$4&,)(8$(&:10"2*&lnv&)@&_(2;
W&*#+!TfO!8/!49$%/O!;90:$#))8&($P$>/"d-$&oDD&2"11")>*&/a0:%$-(*&0:%"@*;!
W&*#+!TaO!69*&'&-/$O!;!4"%%$(&*:)($(&*%)(%&'+&wL62+1;
W&*#+!bFO!QVO!;.567(-''$&*80#$(&90:$#))8#))2;
GGf