Embed Size (px)
Citation preview
! "
!
"#$%&'()!*%++#),-(.,%)!/'0'($-1!()2!"2#-(.,%)!300%-,(.,%)!
45+&%0,#+6!71'!85.1!%9!.1'!:;%<(;!=).'$)'.!
>$#00';0?!@-.%<'$!AB.1?!CBBD!
!
!
!
*E>"/!"F*GH4=@I!34!4@*=3G!"F*GH4=@I6!!
4@H7JK"347!"H/@L"3I!"FL"/="I*"!
!
>5!M%$()!N%0.%O!!
!
3)!(<0.$(-.!!
#$%&!'(')*!%+,)+-&!,.!'*)&)+,!)/%-)+0)"!0.+0)*+%+1!,$)!%+2.*3(,%.+!%+)45(6%,78!'(*,%056(*67!
-%1%,(6!-%/%-)!(+-!%,&!0(5&)&!(+-!0.+&)45)+0)&!%+!&.3)!9.5,$:;(&,!;5*.')(+!0.5+,*%)&<!
*)1(*-)-!(&!=)&,)*+!>(6?(+&@!A6B(+%(8!>.&+%(!C!D)*E)1./%+(8!F*.(,%(8!G(0)-.+%(!(+-!
9)*B%(!C!G.+,)+)1*.HI!J,!%&!B(&)-!.+!45(+,%,(,%/)!(+(67&%&!.2!,$)!J+,)*+),!')+),*(,%.+!6)/)6&8!
B.,$!.+!+(,%.+(6!(+-!K$)*)!'.&&%B6)!%+,*(:&.0%),(6!6)/)68!0*.&&:*)2)**)-!,.!&)/)*(6!)0.+.3%0!
(+-!&.0%(6!%+-%0(,.*&8!K%,$!&500)&&%/)!B(**%)*&!.2!)+,*7!(+-!5&)!(+(67&)-!&)'(*(,)67I!#$)!3(%+!
(*153)+,!%+!,$)!'(')*!%&!,$(,!+)%,$)*!=)&,)*+!>(6?(+!0(+!B)!0.+&%-)*)-!(&!$.3.1)+.5&!
1*.5'!.2!0.5+,*%)&8!+.*!,$)%*!&.0%),%)&!)L')*%)+0)!&%3'6)!-%22)*)+,%(,%.+I!M+)!%3'6%0(,%.+!.2!
,$%&!0.3'6)L%,7!%&!,$(,!,$)!0*%,%0(6!%&&5)!.2!,$)!07B)*!)L065&%.+!:!(00)&&!:!35&,!+.,!B)!,*)(,)-!
(&!(!1.(6!%+!%,&)628!B5,!(&!(!45(+,%,(,%/)67!(+-!45(6%,(,%/)67!(,,*%B5,)-!3)(+!,.K(*-&!(0$%)/%+1!
%+065&%/)!&.0%),7I!
!
!
N'5!P%$20!
J+,)*+),8!(00)&&8!%+2.*3(,%.+!1('8!-%1%,(6!-%/%-)8!07B)*!)L065&%.+8!&.0%(6!)L065&%.+I!
!
!
!
AQ!71'!,)9%$+(.,%)!,)'R#(;,.5!!
M+)!.2!,$)!3.&,!)3.,%.+(667!-)B(,)-!%&&5)&!.2!,$)!%+2.*3(,%.+!&.0%),7!-5*%+1!,$)!6(&,!-)0(-)!
%&!,$)!!"#$%&'(!$")*'+8!%I)I!,$)!-%/%-)!.2!,$)!&.:0(66)-!!"#$%&'(!$"),'-./0!N%+2.*3(,%.+!*%0$O!
(+-!!"#$%&'(!$"),'-.1"$(/0)N%+2.*3(,%.+!'..*OI!#$%&!,7')!.2!%+2.*3(,%.+!%+)45(6%,7!$(&!B))+!
-)2%+)-!(&!(!-%&'*.'.*,%.+!%+!,$)!'.&&)&&%.+!(+-!,$)!5&(1)!.2!&.5*0)&!.2!%+2.*3(,%.+!(+-!
3)(+&!.2!0.335+%0(,%.+!%+!(!'(*,%056(*!&.0%),78!&50$!(&!,$)!,)6)'$.+)8!,)6)/%&%.+8!.*!,$)!
J+,)*+),I!
!
P5*,$)*!,.!,$%&!-%/%&%.+8!2!*!('3)2!-!2.!-)&0*%B)&!,$)!2(0,!,$(,!,$)!K.*6-!0(+!B)!-%/%-)-!%+,.!
').'6)!K$.!-.!(+-!').'6)!K$.!-.+Q,!$(/)!(00)&&!,.!:!(+-!,$)!0('(B%6%,7!,.!5&)!:!3.-)*+!
%+2.*3(,%.+!(+-!0.335+%0(,%.+!,)0$+.6.1%)&!NJF#&OI!9%3%6(*67!,.!,$)!%+2.*3(,%.+!1('8!,$)!
-%1%,(6!-%/%-)!)L%&,&!B),K))+!,$)!)-50(,)-!(+-!,$)!5+)-50(,)-8!B),K))+!)0.+.3%0!06(&&)&8!
(+-8!16.B(6678!B),K))+!,$)!3.*)!(+-!6)&&!%+-5&,*%(667!-)/)6.')-!+(,%.+&I!
!
M+0)!(!,*)+-7!+.,%.+8!,$)!%+2.*3(,%.+!1('!$(&!B))+!+)(*67!*)'6(0)-!B7!,$)!+.,%.+!.2!-%1%,(6!
-%/%-)!-5*%+1!3%-!"RRS&I!#$)!6(,)*8!$.K)/)*8!%+!,$)!*)0)+,!7)(*&!$(&!B))+!%+,)*'*),)-!%+!(!
3.*)!&.0%(6!,$(+!,)0$+%0(6!0.+,)L,8!,$)*)2.*)!+(3)-!456.%).74380!$"I!J,!0(+!B)!&))+!(&!(+!
! <
(&')0,!.2!,$)!&.0%(6!)L065&%.+8!K%-)67!5&)-!,)*3!*)2)**%+1!,.!05356(,%/)!3(*1%+(6%&(,%.+!2*.3!
'*.-50,%.+8!0.+&53',%.+8!&.0%(6!+),K.*?%+1!(+-!-)0%&%.+:3(?%+1I!!
!
#$%&!K(7!&.0%(6!)L065&%.+!1.,!(+!.+6%+)!0.3'.+)+,I!J+!%,&!K$.6)!0.3'6)L%,7!%,!'*.06(%3&!(!
&%3'6)!6.1%0@!%2!,$)!07B)*!&'(0)!%&!0.+&%-)*)-!(&!&.0%(6!&'(0)!,$)+!07B)*!)L065&%.+!0.+,*%B5,)&!
,.!&.0%(6!)L065&%.+I!
!
!
"I"I!T)1(07!.2!,$)!'(&,!
!
#$)!-)B(,)!0.+0)*+%+1!,$)!-%22)*)+0)&!B),K))+!%+2.*3(,%.+!*%0$!(+-!'..*!%&!/)*7!.6-!(&!,$%&!
+.,%.+!('')(*&!K%,$!)/)*7!(**%/(6!.2!(!+)K!,)0$+.6.17!%+!,$)!$%&,.*7I!J,!K(&!*)(22%*3)-!B7!
#%0$)+.*8!U.+.$5)!(+-!M6%)+!(B.5,!HV!7)(*&!(1.8!%+!,$)%*!,$)&%&!.2!K$(,!,$)7!0(66)-!
9"$:3.2*.)*'+I!WA&!,$)!%+25&%.+!.2!3(&&!3)-%(!%+2.*3(,%.+!%+,.!(!&.0%(6!&7&,)3!%+0*)(&)&X8!
,$)7!&(%-8!W,$)!&)13)+,&!.2!,$)!'.'56(,%.+!K%,$!$%1$)*!&.0%.:)0.+.3%0!&,(,5&!,)+-!,.!(045%*)!
,$%&!%+2.*3(,%.+!(,!(!2(&,)*!*(,)!,$(+!,$)!6.K)*!&,(,5&!&)13)+,&8!&.!,$(,!,$)!1('!%+!?+.K6)-1)!
B),K))+!,$)&)!&)13)+,&!,)+-&!,.!%+0*)(&)!*(,$)*!,$(+!-)0*)(&)X!N#%0$)+.*8!U.+.$5)!(+-!
M6%)+8!"RYS@!"VROI!J+!.,$)*!K.*-&!:!3)-%(!5&)!(+-!)L'6.%,(,%.+!.2!%+2.*3(,%.+!.005*&!
5+)45(667!(6.+1!&.0%.:)0.+.3%0!6%+)&8!%+065-%+1!*(0)8!1)+-)*!(+-!(1)I!J,!K(&!,$.51$,!6(,)*!
,$(,!,$)!#)6)/%&%.+!%&!(B6)!,.!&$*%+?!,$)!1('!(&!%,!K(&!0.+&%-)*)-!(&!3.*)!'(&&%/)!3)-%53!
K$)*)!,$)!6%,)*(07!K(&!+.,!*)45%*)-8!K$%6)!.+!0.+,*(*78!,$)!(-/)+,!.2!,$)!J+,)*+),!K(&!2)(*)-!
,.!*)/)*&)!,$%&!0$(+1)8!&%+0)!W,$)!356,%'6)!2.*3(,&!N,)L,8!1*('$%0&8!&.5+-8!/%-).O!%+,*.-50)-!
B7!,$)!=)B!&511)&,!,$(,!,$)!6%,)*(07!+.K!+))-&!,.!B)!(''*.(0$)-!2*.3!(!')*&')0,%/)!.2!
356,%'6)!6%,)*(0%)&X!N>(*+)&8!<SSH@!<""OI!A&!%,!K%66!B)!&$.K+!6(,)*!%+!,$%&!'(')*8!,$)!5&)*&!.2!
,$)!J+,)*+),!*)(667!+))-!3.*)!&?%66&!,.!+(/%1(,)!,$*.51$!/(&,!(3.5+,!.2!%+2.*3(,%.+!*(,$)*!
,$(+!Z5&,!'(&&%/)67!*)0)%/%+1!%+2.*3(,%.+!2))-!2*.3!,)6)/%&%.+I!
!
P.66.K%+1!,$)!?+.K6)-1)!1('!,$).*78!0.3'(*(B6)!,$)&)&!K)*)!3(-)!%+!*)1(*-!,.!,$)!(-/)+,!
.2!0.3'5,)*&!(+-!,$)!')*&')0,%/)!.2!,$)!%+2.*3(,%.+!&.0%),7!%+!,$)!"R[S&I!\.K!,$)!&5''.&)-!
-%22)*)+0)&!K)*)!0(66)-!(+!%+2.*3(,%.+!1('I!J+!,$(,!*)&')0,8!K$%6)!,$)!,$)&%&!.2!?+.K6)-1)!1('!
K(&!.+67!(B.5,!%+2.*3(,%.+!&5''6%)-!B7!,$)!3(&&!3)-%(!(+-!(B.5,!-%22)*)+0)&!%+!0.1+%,%.+!
(+-!%+2.*3(,%.+!'*.0)&&%+18!,$)!%+2.*3(,%.+!1('!,$)&)&!K)*)!350$!B*.(-)*I!#$)7!-)(6,!2%*&,!
.2!(66!K%,$!0.+-%,%.+&!.2!(00)&&8!,$(,!%&!,.!&(7!,$)!-%22)*)+0)&!%+!&.0%(6!(+-!)0.+.3%0!'.&%,%.+!
(+-!,$)!5&(1)!.''.*,5+%,%)&!.2!-%22)*)+,!?%+-&!.2!%+2.*3(,%.+!,)0$+.6.17!5&)*&I!](*,%056(*67!
,$)&)!,$)&)&!K)*)!(B.5,!,$)!'.&&)&&%.+!.2!0.3'5,)*&!(+-!,$)!(B./)!3)+,%.+)-!&?%66&!,.!5&)!
,$)3I!A!+53B)*!.2!0$(*(0,)*%&,%0&8!+(3)678!K)*)!&))+!(&!0.+-%,%.+&!.2!'(*,%0%'(,%.+!%+!,$)!
%+2.*3(,%.+!&.0%),7!(+-!,$)!(B%6%,7!,.!5&)!,$)!%+2.*3(,%.+!1(,$)*)-!(+-!'*.0)&&)-!K%,$!
%+2.*3(,%.+!(+-!0.335+%0(,%.+!,)0$+.6.1%)&I!!
!
#$(,!K(7!,$)!,$).*7!0(3)!,.!,$)!+.,%.+!.2!-%1%,(6!-%/%-)!:!(!'$)+.3)+.+!K$)*)%+!,$)!*%0$!%+!
-%1%,(6!,)0$+.6.178!'(*,%056(*67!J+,)*+),8!1),!*%0$)*!K%,$!,$)!*('%-!(-/(+0)!.2!,$)!%+2.*3(,%.+!
(1)8!K$%6)!,$)!,)0$+.6.1%0(667!'..*!1),!'..*)*!(&!,$)!1('!B),K))+!,$)!J+,)*+),!$(/)&!(+-!
$(/):+.,&!K%-)+&I!WT)2,!,.!%,&!.K+!-)/%0)&8!,$)!%+2.*3(,%.+!3(*?),'6(0)!K%66!%+0*)(&)!,$)!1('!
B),K))+!,$)!*%0$!(+-!'..*!0.5+,*%)&!(+-!,$)!*%0$!(+-!'..*!').'6)X8!&(7&!U)*,.5E.&!N"RRY@!
<^"O8!(+-!,$%&!')*0)',%.+!*)&.+(,)-!K%,$!,$)!K%-)67!1*.K+!&0)',%0%&3!(1(%+&,!,$)!%+%,%(6!
06(%3&!.2!,$)!*)/.65,%.+(*7!'.K)*!.2!,$)!J+,)*+),!(+-!,$)!.',%3%&,%0(667!'*.3.,)-!5,.'%(+!
%+2.*3(,%.+!&.0%),7I!!
!
J+!,$(,!&)+&)8!K$%6)!%+!,$)!)(*67!,$).*7!,$)!,)0$+.:.',%3%&,&!/.%0)-!(+!5,.'%(+!/%&%.+8!
&511)&,%+1!,$(,!,$)!J+,)*+),!(+-!.,$)*!JF#&!(*)!%+)/%,(B67!,*(+&2.*3%+1!&.0%),78!%3'*./%+1!
.5*!35,5(6!5+-)*&,(+-%+18!)6%3%+(,%+1!'.K)*!-%&'(*%,%)&8!*)(6%E%+1!(!-)3.0*(,%0!&.0%),7!(+-!
W0*)(,%+1!-%1%,(667!3)-%(,)-!)+/%*.+3)+,&!2.*!,$)!?%+-&!.2!6%/)&!,$(,!K)!K%66!K(+,!,.!6)(-!(+-!
! H
,$)!&.*,&!.2!0.335+%,%)&!,$(,!K)!K%66!K(+,!,.!$(/)X!NG%,0$)668!"RRV@!VO8!%,!K(&!B)0.3%+1!
3.*)!(+-!3.*)!)/%-)+,!%+!*)(6%,7!,$(,!,$)!%+2.*3(,%.+!%+)45(6%,7!('')(*&!,.!B)!%+0*)(&%+1!
K.*6-K%-)I!#$(,!&%,5(,%.+!3(-)!(!*..3!2.*!,)0$+.:&0)',%0&!(+-!,$)%*!-7&,.'%(+!')*&')0,%/)&8!
,.!06(%3!,$(,!,$)!-)/)6.')-!+(,%.+&!$(-!%+!)L0)&&!3(+7!.2!,$)!*)&.5*0)&!,$(,!,$)!-)/)6.'%+1!
.+)&!0.56-!5&)!,.!&.6/)!&.3)!.2!,$)%*!'*.B6)3&8!B5,!,$)!)L%&,)+0)!.2!1).1*('$%0(68!)0.+.3%08!
'.6%,%0(6!(+-!056,5*(6!B(**%)*&8!%+065-%+1!,$)!W&7&,)3(,%0!0.6.+%E(,%.+!.2!&.0%(6!?+.K6)-1)X!
N_.B%+&!C!=)B&,)*8!"RRR@!"<VO!3(-)!%,!-%22%056,!.*!%3'.&&%B6)!2.*!,$)&)!&.65,%.+&!,.!B)!
,*(+&2)**)-!)22)0,%/)67I!
!
!
"I<I!F7B)*!)L065&%.+!(&!&.0%(6!)L065&%.+!
!
9.0%(6!)L065&%.+!$(&!B)0.3)!(!?)7!0.+0)',!%+!B.,$!(0(-)3%0!(+-!'.6%,%0(6!-)B(,)!-5*%+1!
"RRS&8!,..I!#$)!0.+0)',!K(&!2%*&,!-)/)6.')-!B7!&.0%.6.1%&,&!%+,)*)&,)-!%+!,$)!B*)(?-.K+!.2!
,$)!*)6(,%.+&$%'!B),K))+!,$)!%+-%/%-5(6!(+-!,$)!&.0%),7!N&))@!>$(66(!(+-!T(')7*)8!"RRYO8!B5,!
$(&!&%+0)!B))+!3.*)!K%-)67!(''6%)-!%+!0.+&%-)*(,%.+&!.2!,$)!*.6)!.2!%+-%/%-5(6&8!%+&,%,5,%.+&!
(+-!K%-)*!&.0%(6!*)6(,%.+&I!J+!0)*,(%+!0.+,)L,8!&.0%(6!)L065&%.+!1*.K,$!$(&!B))+!5+-)*&,..-!(&!
(!*)/)*&(6!.2!,$)!,*)+-!,.K(*-&!(!+(**.K%+1!.2!,$)!1('!B),K))+!*%0$!(+-!'..*I!
!
M+!%,&!&%-)8!(,!,$)!&(3)!,%3)!%+2.*3(,%.+!-)2%+%,)67!1.,!%,&!.K+!&.0%(6!*)0.1+%,%.+8!3./%+1!
%,&)62!WB)7.+-!,)0$+%0(6!%+,)*'*),(,%.+&X8!(+-!B)0.3%+1!W&.0%(6!*)6(,%.+X!N_.B%+&!(+-!
=)B&,)*8!"RRR@!^OI!J+!,$%&!*)&')0,!%,!%&!,*5)!,$(,!-5*%+1!,$)!2%*&,!7)(*&!.2!%,&!K%-)*!')+),*(,%.+!
J+,)*+),!(+-!,$)!(&&.0%(,)-!0.+0)',!.2!07B)*&'(0)!$(/)!B))+!0.+&%-)*)-!(&!/%*,5(6!&'(0)!K%,$!
%,&!.K+!*56)&8!+.*3&!(+-!0.335+%0(,%/)!0.-)&8!)L%&,%+1!'(*(66)6!,.!,$)!'$7&%0(6!&.0%(6!&'(0)I!
D.K)/)*8!,$)*)!$(&!B))+!(!0.+&%&,)+,!-)3(+-!&%+0)!,$(,!,%3)8!,.!*)0.1+%&)!,$(,!07B)*&'(0)!%&!
+.,!&%3'67!(!3)-%53!.*!(!,)0$+.6.17!,$(,!%&.6(,)&!%+-%/%-5(6&!2*.3!-%*)0,!&.0%(6!*)6(,%.+!B5,!(!
&.0%(6!&'(0)!%+!K$%0$!').'6)!%+,)*(0,!.+!B*.(-:*(+1)!B(&%&I!
!
J+!,$(,!&)+&)8!25*,$)*!,.!,$)!,*(-%,%.+(6!(&')0,&!.2!,$)!&.0%(6!%+065&%.+8!&50$!(&!$(/%+1!2%+(+0%(6!
*)&.5*0)&8!0.+/)+,%.+(6!0('(B%6%,%)&!(+-!056,5*(6!45(6%,%)&8!,$)!(00)&&!,.!,$)!%+2.*3(,%.+!
$%1$K(7!K(&!%+0*)(&%+167!B)0.3%+1!%,&!(--%,%.+(6!0.3'.+)+,I!9.8!(&!%+!,$)!'*):%+2.*3(,%.+!
&.0%),7!,$)!*%&?!.2!B)%+1!&.0%(667!(+-!'.6%,%0(667!)L065-)-!$(&!B))+!(&&.0%(,)-8!2.*!)L(3'6)8!
K%,$!,$.&)!K$.!-%-!+.,!$(/)!$.3)&!(+-!Z.B&8!(2,)*!,$)!%+2.*3(,%.+!*)/.65,%.+!:!-5*%+1!,$)!
"RRS&!(+-!6(,)*!:!,$)!)L065&%.+!*%&?!$('')+)-!,.!B)!*)6(,)-!(6&.!K%,$!,$.&)!K$.!K)*)!5+(B6)!
,.!3(?)!)22)0,%/)!5&)!.2!%+2.*3(,%.+!*)&.5*0)&I!
!
A!6(0?!.2!(00)&&!,.!JF#&8!+(3)678!'*.3.,)&!&.0%(6!)L065&%.+!%+!3(+7!(*)(&!B7!%+$%B%,%+1!,$)!
(B%6%,7!.2!,$)!,)0$+.6.1%0(6!$(/):+.,&!,.!'(*,%0%'(,)!%+!,$)!&.0%(6!(0,%/%,%)&!(+-!W*)'*.-50)&!
.,$)*!?%+-&!.2!%+)45(6%,%)&!%+!,$)!&.0%),7!(,!6(*1)X!NT%&,)*!),!(6I8!<SSH@!<SSOI!#$)!%+2.*3(,%.+!
'..*!B)0.3)!3.*)!%3'./)*%&$)-!B)0(5&)!1./)*+3)+,!B.-%)&8!0.335+%,7!.*1(+%&(,%.+&!(+-!
0.*'.*(,%.+&!(*)!-%&'6(0%+1!*)&.5*0)&!2*.3!,$)%*!.*-%+(*7!0$(++)6&!.2!0.335+%0(,%.+!.+,.!
,$)!J+,)*+),I!#$(,!K(7!(+7!-)3.1*('$%0!1*.5'!)L065-)-!2*.3!(+-!5+-)**)'*)&)+,)-!.+!,$)!
J+,)*+),!(6&.!B)0.3)&!)L065-)-!2*.3!,$)!*(+1)!.2!&.0%(6!B)+)2%,&I!#$)!0)+,*(6%,7!.2!JF#&!%+!
,.-(7`&!&.0%),7!%&!&50$!,$(,!%2!(00)&&!2.*!(66!%&!+.,!'*./%-)-!,$)!K$.6)!K.*6-!)3)*1)&!(&!
'.,)+,%(667!)0.+.3%0(6678!&.0%(667!(+-!'.6%,%0(667!-%&*5',%/)!'6(0)8!W'.'56(,)-!B7!,K.!
)&&)+,%(667!-%&,%+0,!'.'56(,%.+&@!,$)!%+,)*(0,%+1!(+-!,$)!%+,)*(0,)-X!NF(&,)66&8!"RRa@!HY"OI!
!
#$)*)2.*)8!-%1%,(6!%+065&%/)!&.0%),7!B)0(3)!(!0*50%(6!%&&5)!(3.+1!,$)!%+2.*3(,%.+!&.0%),7!
'.6%07!3(?)*&8!(3.+1!,$)!.,$)*!%+!/(*%.5&!.1;8%$+.!(+-!<"#$%&'(!$")=$4!.(5)#$%)>33!
%+%,%(,%/)&I!J+!%,&!B(&%08!5+%/)*&(6!'*%+0%'6)&!%,!%&!-)&%1+)-!B7!,$)!,$).*%&,&!.2!,$)!)(*67!<"&,!
0)+,5*7!(&!(!'6(0)!K$)*)!)/)*7.+)!%&!(B6)!,.!)L'6.*)!,$)!'.,)+,%(6!(+-!B)+)2%,&!.2!JF#&8!
)/)*7.+)!0(+!(00)&&!(+-!&$(*)!%+2.*3(,%.+!(+-!&)*/%0)&!2*))678!(+-!:!B(&)-!.+!%3'*./)-!
! ^
45(6%,7!.2!5&(1)!:!)/)*7.+)!0(+!'(*,%0%'(,)!%+!,$)!0.335+%,7!3.*)!)22)0,%/)67I!#$)!6(,)*!
2.*356(,%.+&!%+065-)-!B*%+1%+1!)/)*7.+)!%+,.!,$)!-%1%,(6!(1)8!0*)(,%+1!(!-%1%,(667!6%,)*(,)!
;5*.')!(+-!)+&5*%+1!,$)!K$.6)!'*.0)&&!%&!&.0%(667!%+065&%/)!N&))@!;5*.')(+!F.33%&&%.+8!
<SSSOI!
!
9%3'678!%,!B)0(3)!06)(*!,$(,!,$)!(,,)3',&!,.!*)&.6/)!&.0%),(6!-%/%&%.+&!B7!&%3'67!(--%+1!
,)0$+.6.17!*(*)67!&500))-I!JF#&`!)3'6.73)+,!K(&!2%+(667!5+-)*&,..-!(&!(!3(,,)*!*)6(,)-!,.!
,$)!1)+)*(6!-)/)6.'3)+,!.2!,$)!&.0%),78!,$5&!*)45%*%+1!2(*!3.*)!,$(+!,)0$+%0(6!&?%66&!(+-!
&.65,%.+&I!#$)!K$.6)!'*.0)&&!K(&!0.+&%-)*)-!2(*!,..!%3'.*,(+,!,.!B)!6)2,!,.!,$)!,)0$+.6.1%&,&!
(+-!,$(,!6.1%0!6)2,!(!&'(0)!2.*!&.0%(667!*)&'.+&%B6)!(0,.*&!,.!3./)!2.*K(*-!K%,$!,$)!07B)*!
%+065&%.+!(1)+-(I!
!
!
CQ!/'S,%)T0!-5<'$!'U-;#0,%)!,)2,-(.%$0!!
A&!&(%-!%+!,$)!'*)/%.5&!&)0,%.+8!,$)!%+2.*3(,%.+!%+)45(6%,7!(+-!,$)!*)6(,)-!&.0%(6!)L065&%.+!(*)!
(!&.0%(6!(+-!'.6%,%0(6!%&&5)!*)2)**%+1!,.!,$)!&.0%.:)0.+.3%0!1('!B),K))+!0.5+,*%)&8!
0.335+%,%)&!(+-!-%22)*)+,!&)13)+,&!.2!&.0%),7!,$(,!$(/)!(00)&&!,.!(+7!JF#!(+-!3)-%(8!
%+065-%+1!0.3'5,)*&!(+-!,$)!J+,)*+),!:!(+-!,$.&)!K$.!-.!+.,I!J,!K(&!(6&.!&(%-!,$(,!,$)!(00)&&!
%&!.+67!.+)!(&')0,8!B5,!&.3)!.,$)*!2(0,.*&8!(&!5&(1)!'(,,)*+&!(+-!45(6%,7!.2!5&(1)8!0.56-!(6&.!
B)!'(*,!.2!,$)!%&&5)I!!
!
D.K)/)*8!,$)!(00)&&!%&!,$)!B(&%0!%+-%0(,.*I!J,!W-.)&!+.,!&.6/)!,$)!'*.B6)3X8!&(7&!F(&,)66&8!
WB5,!%,!%&!'*)*)45%&%,)!2.*!./)*0.3%+1!,$)!%+)45(6%,7!%+!(!&.0%),7!K$.&)!-.3%+(+,!25+0,%.+&!
(+-!&.0%(6!1*.5'&!(*)!%+0*)(&%+167!.*1(+%E)-!(*.5+-!,$)!J+,)*+),X!N<SS"@!<^[OI!J+!,$(,!*)&')0,8!
(+7!0.3'(*(,%/)!&,5-7!.2!,$)!6)/)6!.2!J+,)*+),!')+),*(,%.+!%+!,$)!=)&,)*+!>(6?(+!0.5+,*%)&!%&!
)L')0,)-!,.!)L'6.*)!,$)!+53B)*!.2!J+,)*+),!5&)*&^!(+-!$.&,&
V!B7!0.5+,*78!,$(,!K(7!3)(&5*%+1!
,$)!16.B(6!-%/%-)!.*!-%/%-)!B),K))+!+(,%.+&8!$)*)(2,)*!+(3)-!.7(.%"'3).74380!$"I!#$)!-%/%-)!
K%,$%+!+(,%.+&!.*!&.0%(6!-%/%-)!N&))@!\.**%&8!<SS"@!.+6%+)O8!%+!,$%&!'(')*!*)2)**)-!,.!(&!!"1
4$8"(%5).74380!$"!.2!/(*%.5&!0(,)1.*%)&!.2!0)*,(%+!'.'56(,%.+8!%&!)L'6(%+)-!,$*.51$!,$)!
%+-%0(,.*&!%+!,$)!6(,)*!&)0,%.+&I!!
!
J,!%&!,.!B)!&(%-!%+!,$%&!*)&')0,!,$(,!,$)!%+-%0(,.*&!B)%+1!3)(&5*)-!$(/)!B))+!(!3./%+1!,(*1),I!
;(*67!&,5-%)&!,(6?)-!(B.5,!1)+)*(6!0.3'5,)*!')+),*(,%.+!(3.+1!$.5&)$.6-&I!#$)+8!(&!,$)!
J+,)*+),!B)0(3)!3.*)!'*)-.3%+(+,8!J+,)*+),!(00)&&!B7!%+-%/%-5(6&!B)0(3)!,$)!3)(&5*)I!\.K8!
(&!&(%-!(B./)8!K%,$!,$)!K%-)*!'*./%&%.+!.2!2*))!J+,)*+),!(00)&&8!)L')*,&!-%&05&&!,$)!45(6%,7!.2!
(00)&&!(+-!5&(1)I!b),8!%,!3%1$,!B)!Z5&,!(+!%665&%.+!.2!$(/%+1!(!'*.1*)&&8!(&!,$)!-%22)*)+,%(6!
,%3%+1!%+!(00)&&!,.!%+2.*3(,%.+!:!)/)+!%2!,$)!6(,)!(-.',)*&!0(,0$!5'!(2,)*!&)/)*(6!7)(*&!:!%&!
%,&)62!(!&%1+%2%0(+,!&.5*0)!.2!&.0%(6!%+)45(6%,7!(+-!5+)45(6!'(*,%0%'(,%.+I!!
!
!
<I"I!;L,)*+(6!)L065&%.+!
!
J,!%&!K)66!?+.K+!,$(,!,$)!=)&,)*+!>(6?(+!0.5+,*%)&!$(/)!6(*1)67!B))+!.5,&%-)!.2!,$)!%+,)+&%/)!
%+2.*3(,%.+!&.0%),7!B5%6-%+1!'*.0)&&!.2!;5*.')(+!'*.2%6)8!-5)!,.!(!-)0(-)!.2!*)1%.+(6!
%+&,(B%6%,7!(+-!&)/)*)!)0.+.3%0!-%&*5',%.+&I!c+-)*-)/)6.'3)+,!2*.3!,$)!'(&,8!)L%&,)+,%(6!
'*.B6)3&!.2!,$)!'*)&)+,!(+-!,$)!5+0)*,(%+,7!.2!,$)!25,5*)!0*)(,)-!(!3%L!.2!5+2(/.5*(B6)!
0%*053&,(+0)&!2.*!+)K!JF#&!(-.',%.+!(+-!,$)&)!(*)!,$)!3(%+!*)(&.+&!K$78!K%,$!)L0)',%.+!,.!
.+)!+.,(B6)!0(&)8!J+,)*+),!')+),*(,%.+!6)/)6&!%+!,$)&)!0.5+,*%)&!(*)!6.K!0.3'(*)-!K%,$!,$.&)!
'5B6%&$)-a!(&!(/)*(1)!.2!;5*.')
YI!=%,$!3(Z.*!;5*.')(+!):*)6(,)-!%+%,%(,%/)&!3%&&)-!.*!0(3)!
,..!6(,)!,.!,$)!*)1%.+8!%,!%&!&,%66!,$).*),%0(667!'.&&%B6)!2.*!(!0.5+,*7!,.!3(?)!(!6)('2*.1!,.!,$)!
! V
5&)!.2!6(,)&,!JF#&!(+-!1),!0.3'),%,%/)!(-/(+,(1)&8!B5,!,$)!,(B6)&!B)6.K!&$.K!,$(,!%+!2(0,!,$%&!
-.)&!+.,!$('')+I!!
!
M2!,$)!,K.!3(Z.*!%+-%0(,.*&!:!,$)!+53B)*!.2!J+,)*+),!5&)*&!(+-!$.&,&8!%+!<SS^!,$)!2%*&,!.+)!%&!H!
,.!"V!,%3)&!6.K)*!,$(+!,$)!;5*.')(+!(/)*(1)!%+!A6B(+%(8!>.&+%(!C!D)*E)1./%+(8!G(0)-.+%(!
(+-!9)*B%(!C!G.+,)+)1*.I!F*.(,%(!%&!(!&%1+%2%0(+,!)L)3',%.+!%+!,$%&!*)&')0,8!0.3%+1!06.&)!,.!
,$)!;5*.')(+!(/)*(1)I!!
!
9%3%6(*!0$(*(0,)*%&(,%.+!(''6%)&!,.!,$)!1*.K,$!*(,)8!(&!2.*!,$)!.,$)*!2.5*!0.5+,*%)&!%,!K(&!+.,!
2(&,!)+.51$!./)*!,$)!6(&,!2%/)!7)(*&!N<SSS:<SS^OI!A0,5(6678!%+!*)6(,%/)!,)*3&!1*.K,$!%&!2(&,)*!
,$(+!,$)!(/)*(1)!.2!;5*.')!:!%+!,$)!7)(*!.2!,$)!16.B(6!J+,)*+),!B5BB6)!N<SSSO!&,(*,%+1!'.&%,%.+!
.2!A6B(+%(!K(&!%+0.3'(*(B6)!,.!,$(,!.2!;5*.')!:!"<a!,%3)&!6.K)*8!K$%6)!2%/)!7)(*&!6(,)*!%,!
K(&!.+67!"H!,%3)&!B)$%+-!,$)!(/)*(1)!.2!,$)!0.+,%+)+,I!b),8!%+!(B&.65,)!+53B)*&!,$(,!
,)+-)+07!%&!2(*!&6.K)*!,$(+!+))-)-!%2!,$)!<"#$%&'(!$")=$4!.(5)#$%)>33!.BZ)0,%/)&!(*)!,(?)+!
&)*%.5&67I!!
!
7(<;'!A6!=).'$)'.!#0'$0!&'$!ABB!,)1(<,.().0!
! <SSS! <SS"! <SS<! <SSH! <SS^!
A6B(+%(! S8""! S8H<! S8HR! S8R[! <8H^!
>.&+%(!C!D)*E)1./%+(! "8Sa! "8"[! <8a<! H8R"! V8HY!
F*.(,%(! a8aR! ""8[^! "[8S^! <H8"[! <R8VS!
G(0)-.+%(! <8^Y! H8^<! ^8[^! a8SV! Y8aR!
9)*B%(!C!G.+,)+)1*.! H8Ya! V8a<! V8RY! Y8[Y! ""8^S!
;5*.')! "H8R<! "Y8[H! <"8R^! <^8"a! H<8S"!
9.5*0)@!J#c8!<"(.%".()!"2!4'($%0?)@$0(0A)B0.%0)'"2)C8&6.%)$#)DE0A)FGGG1FGGHI!
!
:$(&1!A6!=).'$)'.!#0'$0!&'$!ABB!,)1(<,.().0!
!
"
#!
#"
$!
$"
%!
%"
$!!! $!!# $!!$ $!!% $!!&
'()*+,*
-./+,*010234536.7,+*
84.*9,*
:*;3<.+,*
=34),*010:.+93+364.
>?4.@3
!
!
#$)!%33)-%(,)!&511)&,%.+!.2!,$)!(B./)!&))+!')+),*(,%.+!6)/)6&!%&!,$(,!,$)7!$(/)!(!&,*.+1!
*)6(,%.+&$%'!K%,$!,$)!6)/)6!.2!)0.+.3%0!-)/)6.'3)+,I!A&!&(%-8!'(*,%056(*67!+.,(B6)!%&!,$)!$%1$!
J+,)*+),!5&)*&`!*(,)!%+!F*.(,%(!K$%0$!%&!(6&.!(,!,$)!,.'!.2!,$)!dU]!')*!0('%,(!*(+?%+1!.2!,$)!
*)1%.+I!F*.(,%(+!2%15*)8!(0,5(6678!*)(0$)-!;5*.')(+!(/)*(1)!%+!<SSH8!K$%0$!%&8!%2!+.,!
3%&%+,)*'*),)-8!(+!)L,*(.*-%+(*7!(0$%)/)3)+,I!!
!
D.K)/)*8!,$)!&(3)!)L)3',%.+!.2!F*.(,%(!2*.3!,$)!=)&,)*+!>(6?(+!3(%+&,*)(3!-.)&!+.,!
(''67!,.!,$)!+53B)*!.2!J+,)*+),!$.&,&I!J,!%&!K)66!./)*!,$)!&)0.+-!.+)!.2!9)*B%(!(+-!
G.+,)+)1*.8!B5,!+.,!,$(,!&%1+%2%0(+,67!06.&)!,.!,$)!;5*.')(+!(/)*(1)I!J+!2(0,8!K$(,!%&!
! a
(,,)+,%.+!0(',5*%+1!%+!,$)!$.&,!2%15*)&!%&!,$)!)L,*)3)67!&3(66!+53B)*!.2!J+,)*+),!$.&,&!%+!
A6B(+%(8!0(5&)-!B7!(!+53B)*!.2!*)(&.+&!%+065-%+1!/(*%.5&!&7&,)3%0!2(%65*)&!:!6.+1!6(&,%+1!
'.K)*!B6(0?.5,&!(+-!5+*)6%(B6)!,)6)'$.+)!%+2*(&,*50,5*)I!
!
7(<;'!C6!=).'$)'.!1%0.0!&'$!ABQBBB!,)1(<,.().0!
! <SSS! <SS"! <SS<! <SSH! <SS^!
A6B(+%(! S8a[! S8a"! S8Va! S8["! "8aV!
>.&+%(!C!D)*E)1./%+(! a8S^! [8VV! "^8RV! "[8[Y! <S8SV!
F*.(,%(! HY8"<! VS8<Y! aY8YY! aY8YY! Y[8VY!
G(0)-.+%(! Y8[V! "<8aR! "V8H^! "Y8<V! "Y8^S!
9)*B%(!C!G.+,)+)1*.! "^8"H! "^8aY! "V8[H! "[8^H! <a8<<!
;5*.')! "VY8^Y! "R"8R[! <HS8V^! <[S8[^! HHY8SR!
9.5*0)@!J#c8!<"(.%".()!"2!4'($%0?)@$0(0A)B0.%0)'"2)C8&6.%)$#)DE0A)FGGG1FGGHI!
!
:$(&1!C6!=).'$)'.!1%0.0!&'$!ABBBB!,)1(<,.().0!
!
"!
#!!
#"!
$!!
$"!
%!!
%"!
&!!
$!!! $!!# $!!$ $!!% $!!&
'()*+,*
-./+,*010234536.7,+*
84.*9,*
:*;3<.+,*
=34),*010:.+93+364.
>?4.@3
!
!
J+!,$%&!0.+,)L,8!%,!%&!K.*,$!,.!3)+,%.+!(+!%3'6%0(,%.+!-)*%/)-!2*.3!,$)!%+,)*&)0,%.+!.2!,$)!,K.!
J+,)*+),!')+),*(,%.+!%+-%0(,.*&I!\(3)678!,$)!&3(66!+53B)*!.2!J+,)*+),!$.&,&!6.1%0(667!*)&56,&!%+!'..*!0.+,)+,8!'*%3(*%67!.2!6.0(6!N+(,%.+(6O!+(,5*)8!%+!,$)!0(&)!.2!=)&,)*+!>(6?(+!0.5+,*%)&!
'*(0,%0(667!%+0.3'(*(B6)!,.!K$(,!%&!16.B(667!(/(%6(B6)I!P.66.K%+1!,$%&!&%,5(,%.+8!'..*!.*!
%**)6)/(+,!0.+,)+,!(,,*(0,&!/)*7!2)K!J+,)*+),!5&)*&!(+-!,$(,!)L'6(%+&8!,.!(!6(*1)!)L,)+,!:!K$7!
,$)!+53B)*!.2!$.&,&!%&!&.!&3(66I!!
!
J+!.,$)*!K.*-&8!%2!,$)!=)&,)*+!>(6?(+!0.5+,*%)&!(*)!(B6)!,.!'*./%-)!(!&%1+%2%0(+,!(3.5+,!.2!
J+,)*+),!0.+,)+,!2.*!(!&%E(B6)!2*(0,%.+!.2!,$)%*!0%,%E)+&8!,$)!+53B)*!.2!J+,)*+),!5&)*&!3(7!
&%1+%2%0(+,67!%+0*)(&)!(&!K)66I!F5**)+,678!F*.(,%(!%&!(+!)L0)',%.+!2*.3!,$%&!&%,5(,%.+!e!%,&!
-)3(+-!NJ+,)*+),!5&)*&!')+),*(,%.+!6)/)6O!%&!350$!$%1$)*!,$(+!%,&!&5''67!NJ+,)*+),!$.&,&!
')+),*(,%.+!6)/)6O!(+-!,$)*)!%&!+.!.,$)*!K(7!,$)+!,$%&!%3B(6(+0)!,.!B)!&),,6)-!NJ+,)*+),!$.&,!
')+),*(,%.+!6)/)6!,.!*%&)O!%+!,$)!+)(*)&,!25,5*)I!D.K)/)*8!2.*!,$)!*)&,!.2!,$)!=)&,)*+!>(6?(+!
0.5+,*%)&!,$)!45)&,%.+!,$(,!0.3)&!5'!%&@!K$.!%&!,.!B*)(?!,$%&!0%*06)f!!
!
!
<I<I!J+:0.5+,*7!)L065&%.+&!
!
>(&%0(6678!%+:0.5+,*7!07B)*!)L065&%.+!$(&!B))+!B(&)-!.+!-%22)*)+0)&!(3.+1!/(*%.5&!
'.'56(,%.+!1*.5'&!%I)I!.+!%+2.*3(,%.+!%+)45(6%,%)&!%+,)*+(6!,.!.+)!&.0%),7I!#$)&)!-%&'(*%,%)&!
(*)!0.3'(*(B6)!,.!.,$)*!&.0%(6!%+)45(6%,%)&8!B)%+1!-),)*3%+)-!%+!3(+7!0(&)&!B7!,$)!06(&&!
! Y
&,*50,5*)!(+-!,*)(,3)+,!.2!3%+.*%,7!'.'56(,%.+!1*.5'&I!D.K)/)*8!%,Q&!,..!&%3'6%&,%0!,.!,$%+?!.2!
,$)!1('!B),K))+!,$)!%+2.*3(,%.+!*%0$!(+-!%+2.*3(,%.+!'..*!K%,$%+!0.5+,*%)&!(&!3)*)67!
*)26)0,%+1!)L%&,%+1!-%/%&%.+&I!9.3)!(5,$.*&!+(3)67!N&))@!=.628!<SSV@!.+6%+)O8!5+-)*6%+)!
.226%+)!(+-!.+6%+)!-%/%&%.+&8!,$(,!K(7!%+,)+-%+1!,.!&)'(*(,)!,$)!*)(6!K.*6-!2*.3!,$)!07B)*!
&'(0)!6%3%,(,%.+&I!
!
\)/)*,$)6)&&8!%+!16.B(6!,)*3&8!,$.&)!0.+&%-)*)-!(&!%+2.*3(,%.+!*%0$!:!K$),$)*!,$(,!B)!%+!,$)!
&)+&)!.2!]F!.K+)*&$%'8!J+,)*+),!5&(1)!.*!(00)&&!,.!,*(%+%+1!:!(*)!3.*)!6%?)67!,.!B)!3)+8!
7.5+18!)3'6.7)-!(+-!2*.3!,$)!5'')*!(+-!3%--6)!06(&&)&I!M+!,$)!.,$)*!&%-)8!,$)!0(,)1.*%)&!.2!
').'6)!3.&,!6%?)67!,.!B)!3(*1%+(6%&)-!(+-!0.+&)05,%/)67!)L065-)-!(*)!').'6)!.+!6.K!%+0.3)&I!
P5*,$)*8!,$*))!&.0%(6!1*.5'&!%+!'(*,%056(*!$(/)!2*)45)+,67!B))+!%-)+,%2%)-!(&!B)%+1!(,!*%&?!2*.3!
)L065&%.+!%+!,$)!%+2.*3(,%.+!&.0%),78!K$),$)*!.*!+.,!,$)7!)L')*%)+0)!'./)*,7@!K.3)+8!)6-)*67!
(+-!,$)!').'6)!%+!*5*(6!0.335+%,%)&!:!-5)!,.!,$)!%+(-)45(07!.2!,$)!%+2*(&,*50,5*)!'*./%-)-I!J+!
(--%,%.+8!(63.&,!)/)*7K$)*)!.+!(!16.B(6!6)/)6!,$)*)!%&!(!&%1+%2%0(+,!-%/%-)!(6.+1!*(0%(6g),$+%0!
6%+)&!:!0)*,(%+!*(0%(6g),$+%0!1*.5'&!$(/)!350$!6.K)*!*(,)&!.2!0.3'5,)*!.K+)*&$%'!(+-!J+,)*+),!
(00)&&!,$(+!.,$)*I!D.K)/)*8!,$)*)!(*)!+.!-(,(!(/(%6(B6)!.+!,$%&!&.*,!.2!)L065&%.+!%+!,$)!
=)&,)*+!>(6?(+!0.5+,*%)&I!!
!
A&!%3'6%)-!(B./)8!,$)!)L%&,%+1!-%/%-)!-.)&!+.,!0*)(,)!$.3.1)+).5&!1*.5'&I!J,!3%1$,!B)!
B*.?)+!-.K+!(6.+1!3(+7!-)3.1*('$%0!2(0,.*&!&%+0)!(+7.+)!0(+!B)!0(,)1.*%&)-!%+!&)/)*(6!
K(7&!(+-!3(+7!)L')*%)+0)!356,%'6)!-%&(-/(+,(1)&I!J+!,$)!,(B6)!&$.K+!B)6.K!,$)*)!(*)!&.3)!
%+%,%(6!(,,)3',&!J+,)*+),!5&)!%+!,$)!=)&,)*+!>(6?(+!0.5+,*%)&!,.!B)!'5,!%+!0.**)6(,%.+!K%,$!(1)8!
1)+-)*!(+-!5*B(+g*5*(6!6.0(,%.+8!K$%6)!2(3%67!%+0.3)8!)3'6.73)+,!&,(,5&8!)-50(,%.+(6!
(,,(%+3)+,!(+-!.005'(,%.+!(&!0.+,*%B5,%+1!2(0,.*&!K)*)!%+&522%0%)+,67!&,(+-(*-%E)-8!,$)*)2.*)!
.3%,,)-I!A0,5(6678!,$)*)!(*)!+.!'*)/(%6%+1!&,(+-(*-&!+)%,$)*!.+!$.K!,.!06(&&%27!,$)!(1)8!+.*!
$.K!,.!(&&)&&!.*!3)(&5*)!,$)!.,$)*!1*.5'&!%+!,)*3&!.2!J+,)*+),!5&)I!#$)!6(0?!.2!,$)&)!
&,(+-(*-&!*)&56,&!%+!6(0?!.2!0.3'(*(B6)!-(,(!(+-!,$(,!%&!,$)!*)(&.+!K$7!,$)!2.66.K%+1!
%+-%0(,.*&!(*)!Z5&,!'(*,%(667!5&(B6)I!!
!
7(<;'!V6!3S'?!S')2'$!()2!$'0,2')-'!2,0.$,<#.,%)!%9!=).'$)'.!#0'$0!
! A1)! d)+-)*! T.0(,%.+!
! hHa! iHa! i^V! G(6)! P)3(6)! c*B(+! _5*(6!
A6B(+%(! II! II! II! II! II! RR! "!
>.&+%(!C!D)*E)1./%+(! II! II! II! aa8Y! HH8H! RR! "!
F*.(,%(! aY8H! H<8Y! "V8S! Va8S! ^^8S! YY! <H!
G(0)-.+%(! Ya8R! <H8"! H8[! Va8[! ^H8<! II! II!
9)*B%(!C!G.+,)+)1*.! YS8S! HS8S! a8V! aS8S! ^S8S! II! II!
;c<V! aV8R! H^8"! "R8Y! VH8H! ^a8Y! II! II!
9.5*0)&@!JPF8!<"(.%".()'"2).1E$&&.%4.)!")>36'"!'A)FGGGj!U$.6(?%(!C!k&$),*%8!J."2.%)>05&&.(%5)!")(,.)
>2$+(!$")$#)<"(.%".()'"2).1E$&&.%4.A)FGGFj!)9;;8!K.*!$"'3)<EL)=.4($%)=('(80)'"2)B0'*.)K.+$%(A)FGGHj!
G),(3.*'$.&%&8!J.".%'3)2'(')'6$8()(,.)0!(8'(!$")%.*'%2!"*)(,.)<EL)!")M'4.2$"!'A)FGGH)N2'(')2.%!-.2Oj!
U)35+,)*8!L,.)P!*!('3)P!-!2.)!");8%$+.A)FGGQ)N2'(')2.%!-.2OI!
!
>(&)-!.+!,$)!(/(%6(B6)!-(,(!2.*!,$*))!0.5+,*%)&8!%,!%&!06)(*!,$(,!,$)!(1)!-%&,*%B5,%.+!.2!J+,)*+),!
5&)*&!*)26)0,&!,$)!*)&')0,%/)!6)/)6!.2!)0.+.3%0!-)/)6.'3)+,I!M6-)*!,$(+!^V!+(3)678!(*)!,$.&)!
K$.!$(-!6)2,!,$)!)-50(,%.+!&7&,)3!'*%.*!,.!.*!*%1$,!(B.5,!,$)!,%3)!.2!J+,)*+),!('')(*(+0)8!(+-!
,$(,!0(,)1.*7!$(-!,.!2%+-!&)*%.5&!3.,%/)&!,.!-)(6!K%,$!,$)!5+?+.K+!,)0$+.6.17I!=$(,)/)*!
*)(&.+!K(&!B)%+1!2.5+-!2.*!,$(,!:!B5&%+)&&!.*!6)%&5*)8!%,!K(&!,.!0.3)!(6.+1!K%,$!)0.+.3%0!(+-!
&.0%(6!K)66:B)%+1!(+-!,$(,!6.1%0!,.!(!6(*1)!)L,)+,!)L'6(%+&!K$7!,$.&)!.+6%+)!.6-)*!,$(+!^V!
*)(0$)-!(63.&,!<Sl!.2!,$)!J+,)*+),!5&)*&!%+!,$)!;5*.')(+!c+%.+!.2!<V!0.5+,*%)&8!0.3'(*)-!,.!
"Vl!%+!F*.(,%(8!a8Vl!%+!9)*B%(!C!G.+,)+)1*.!(+-!.+67!H8[l!%+!G(0)-.+%(I!
! [
!
:$(&1!VK(6!3S'!2,0.$,<#.,%)!%9!=).'$)'.!#0'$0!,)!-'$.(,)!W'0.'$)!>(;X()!-%#).$,'0!
!A
$!A
&!A
B!A
C!A
#!!A
84.*9,* :*;3<.+,* =34),*01
:.+93+364.
>D$"
0E7340&"
0%B0F0&"
0-3(.G0%B
!
!
M+!,$)!.,$)*!&%-)8!.2!,$)!(/(%6(B6)!-(,(!%,!-.)&!+.,!('')(*!,$(,!,$)*)!%&!(!$51)!1)+-)*!1('!%+!
J+,)*+),!5&)8!K%,$!(!&6%1$,!)L0)',%.+!.2!>.&+%(!C!D)*E)1./%+(!:!3.&,!6%?)67!-5)!,.!056,5*(6!
&')0%2%0&I!d)+)*(6678!,$)*)!%&!+.!.,$)*!)L'6(+(,%.+!2.*!,$%&!B(6(+0)!,$(+!B)6%)/%+1!,$(,!3)+!
(+-!K.3)+!%+!,$)!=)&,)*+!>(6?(+!0.5+,*%)&!(*)!(63.&,!)45(667!*%0$!.*!'..*!(+-!$(/)!)45(6!
(00)&&!,.!,$)!)-50(,%.+!&7&,)3I!
!
:$(&1!VK<6!:')2'$!2,0.$,<#.,%)!%9!=).'$)'.!#0'$0!,)!-'$.(,)!W'0.'$)!>(;X()!-%#).$,'0!
!A
$!A
&!A
B!A
C!A
#!!A
-./+,*01
234536.7,+*
84.*9,* :*;3<.+,* =34),*01
:.+93+364.
>D$"
H3I*(3
:*(3
!
!
D.K)/)*8!%,!('')(*&!,$(,!5*B(+g*5*(6!-%/%&%.+&!%+!*)1(*-!,.!,$)!J+,)*+),!5&)!(*)!'*),,7!&$(*'8!
K%,$!*)05**%+1!&,*.+1!*)6(,%.+!,.!,$)!6)/)6!.2!)0.+.3%0!-)/)6.'3)+,8!(+-!'.&&%B6)8!B5,!
5+)L'6.*)-!%+265)+0)!.2!.,$)*!2(0,.*&@!%+(-)45(,)!%+2*(&,*50,5*)8!6.K)*!)-50(,%.+!6)/)6&!.2!,$)!
'*.&')0,%/)!5&)*&!(+-!&')0%2%0!2.*3!.2!056,5*(6!6(1!%+!(-.',%+1!+)K!,)0$+.6.1%)&I!U(,(!,$(,!
K)*)!(/(%6(B6)!2.*!,$%&!*)&)(*0$8!'(*,%056(*67!,$.&)!2.*!A6B(+%(!(+-!>.&+%(!C!D)*E)1./%+(8!
K%,$!RRl!.2!,$)!J+,)*+),!5&)*&!B)%+1!5*B(+!'.'56(,%.+8!(*)!-%&(''.%+,%+1I!]65&8!,$)7!(*)!+.,!
0.3'(*(B6)!,.!,$.&)!.2!;5*.')8!(&!,$)!;5*.')(+!&,(,%&,%0&!+.K(-(7&!3)(&5*)!5*B(+g*5*(6!
')+),*(,%.+!.2!B*.(-B(+-!6%+)&!.+67I!
!
:$(&1!VK-6!/'0,2')-'!2,0.$,<#.,%)!%9!=).'$)'.!#0'$0!,)!-'$.(,)!W'0.'$)!>(;X()!
-%#).$,'0!
! R
!A
$!A
&!A
B!A
C!A
#!!A
'()*+,* -./+,*010234536.7,+* 84.*9,*
0J?4*(
0D4)*+
!
!
!
VQ!=).'$&$'.,)S!.1'!9,S#$'0?!P,2'),)S!.1'!2'<(.'!
!
A6,$.51$!%+0.3'6),)!(+-!K%,$!-)2%0%)+,!0.3'(*(B%6%,78!%+-%0(,.*&!'*)&)+,)-!(B./)!'.%+,!.5,!
,$(,!,$)!%+2.*3(,%.+!%+)45(6%,7!%&!(+!%&&5)!K%,$!3(+7!(&')0,&8!&.3)!.2!K$%0$!3(7!1*.K!K$%6)!
.,$)*&!-)06%+)!%+!%3'.*,(+0)I!J+!,$(,!*)&')0,8!*(+1)!.2!*)(&.+&!*)&,*%0,&!,$)!K%-)*!J+,)*+),!
')+),*(,%.+!%+!,$)!=)&,)*+!>(6?(+!0.5+,*%)&I!J2!,$)*)!%&!3.+)7!)+.51$8!&(7&!.+)!6.1%08!,$)+!
,$)*)!%&!Z5&,!B(&%0!B5,!+.,!&522%0%)+,!6%,)*(07!,.!)+&5*)!,$(,!JF#&!K.56-!B)!B*.(-67!5&(B6)I!J2!
,$)*)!K(&!6%,)*(07!&522%0%)+,!,.!5&%+1!,$)38!,$)+!,$)*)!%&!(!6(0?!.2!(!,)6)'$.+)!%+2*(&,*50,5*)8!
.*!*)(&.+(B6)!(6,)*+(,%/)8!&522%0%)+,!,.!)+&5*)!,$(,!0.3'5,)*&!0.56-!B)!K%-)67!(00)&&)-I!J2!
,$)*)!K(&!(!,)6)'$.+)!%+2*(&,*50,5*)!&522%0%)+,!,.!)+(B6%+1!K%-)!(00)&&!,.!J+,)*+),!*)&.5*0)&8!
,$)+!,$)*)!%&!+.!&522%0%)+,!+53B)*!.2!0.3'5,)*&!&.!,.!,(?)!(-/(+,(1)!.2!,$)!,)6)'$.+)!
%+2*(&,*50,5*)I!!
!
A+-!(66!.2!,$%&!0(+!B)!B.51$,!.2!0.5*&)8!B5,!,$)!6.K!%+0.3)!')*!0('%,(!.2!,$)&)!0.5+,*%)&!%&!
K$)*)!,$)!'*.B6)3&!B)1%+I!!
!
!
HI"I!J+0.3)!(&!(+!(+0$.*!-),)*3%+(+,!
!
=$)+!,$)!3)(+!d*.&&!\(,%.+(6!J+0.3)!Nd\JO!')*!0('%,(!2.*!(!0.5+,*7!%&!Z5&,!&6%1$,67!./)*!,$)!
0.&,!.2!(+!(/)*(1)!)45%'')-!6(',.'8!%,!%&!-%22%056,!,.!&))!$.K!').'6)!%+!,$(,!0.5+,*7!0(+!.B,(%+!
(00)&&!,.!,$)!J+,)*+),!%+!(+7,$%+1!06.&)!,.!6(*1)!+53B)*&I!]).'6)!%+!,$)&)!0.5+,*%)&!3(7!K)66!
$(/)!(-)45(,)!*)&.5*0)&!,.!$(+-6)!.+)!,%3)!)L')+&)&!6%?)!-)&?!,.'!0.3'5,)*&8!B5,!3(7!$(/)!
-%22%056,7!3(%+,(%+%+1!(--%,%.+(6!*)156(*!0.&,&!&50$!(&!,$.&)!(&&.0%(,)-!K%,$!0.3'5,)*!
+),K.*?!(00)&&I!F.5+,*%)&!,$(,!(6*)(-7!$(/)!-%1%,(6!*)&.5*0)&8!.+!,$)!.,$)*!$(+-8!$(/)!,$)!
*)&.5*0)&!,.!.B,(%+!3.*)8!(+-!0.+,%+5%+1!-)06%+)&!%+!'*%0)!.2!$%1$!45(6%,7!(00)&&!&$.56-!B*%+1!
,$)!J+,)*+),!K%,$%+!,$)!*)(0$!.2!%+0*)(&%+1!+53B)*&!.2!').'6)I!
!
A&!&(%-!(B./)8!,$)!-%22)*)+0)!%&!%+!,$)!3)(+!d\J!')*!0('%,(I!A&!)L')0,)-8!F*.(,%(!K%,$!aIVRS!
c9U!$(&!B))+!%+!2(*!6)(-!./)*!,$)!1*.5'!.2!0.5+,*%)&8!K$%6)!2.5*!.,$)*&!*(+1)!B),K))+!<IS[S!
(+-!<Ia<S!c9UI!#$)!'..*)&,!.+)8!A6B(+%(!$(&!3.*)!,$(+!&)/)+!,%3)&!6)&&!%+0.3)!')*!0('%,(!
,$(+!,$)!;5*.')(+!(/)*(1)8!K$%6)!,$)!*%0$)&,!.+)!$(&!'.&%,%.+)-!%,&)62!&.3)K$)*)!%+!B),K))+8!
K%,$!(B.5,!,K.!,%3)&!6)&&!,$)+!,$)!(/)*(1)!%+0.3)!.2!;5*.')I!
!
\)/)*,$)6)&&8!,$)!%+0.3)!2%15*)!3(7!B)!(+!(6'$(!B5,!+.,!(+!.3)1(!-),)*3%+(+,!,.!,$)!
J+,)*+),!')+),*(,%.+!*(,)I!#$)!2.66.K%+1!,(B6)&!%+-%0(,)!,$)!%3'*)&&%/)!0.33%,3)+,!.2!,$)!
=)&,)*+!>(6?(+!+(,%.+&!,.K(*-&!(0$%)/%+1!,$)!(-/(+,(1)&!.2!,$)!J+,)*+),!-)&'%,)!,$)!6.K!
%+0.3)!.*!'./)*,7I!J,!&$.K&!,$(,!,$)&)!&.0%),%)&8!)L)3',%+1!A6B(+%(8!(*)!350$!'..*)*!%+!
,)*3&!.2!./)*(66!K)(6,$!,$(+!%+!,)*3&!.2!J+,)*+),!')+),*(,%.+I!J+!.,$)*!K.*-&8!,$)7!&(0*%2%0)!(!
! "S
6.,!.2!,$)%*!3(,)*%(6!K)66B)%+1!%+!.*-)*!,.!&,(7!0.++)0,)-8!B.,$!%+!,)*3&!.2!J+,)*+),!5&)*&!(+-!
$.&,&I!!
!
A&!&))+!B)6.K8!F*.(,%(!(+-!9)*B%(!C!G.+,)+)1*.!$(/)!,$)!B)&,!5&)!.2!,$)%*!)0.+.3%0!
'.,)+,%(6!%+!,)*3&!.2!J+,)*+),!')+),*(,%.+8!K%,$!*)&')0,%/)!*(,%.&!350$!$%1$)*!,$(+!,$)!
;5*.')(+!.+)I!M+)!$5+-*)-!%+$(B%,(+,&!.2!F*.(,%(8!2.*!)L(3'6)8!$(/)!(11*)1(,)!.2!aVRISSS!
c9U!d\J!')*!0('%,(!(+-!$(/)!<R!J+,)*+),!5&)*&!(3.+1!,$)38!0.3'(*)-!,.!(/)*(1)!;5*.')(+!
2%15*)!.2!"I^H^ISSS!c9U!8!K%,$!.+67!H<!5&)*&!(3.+1!,$.&)!K$.!2.*3!,$(,!(11*)1(,)I!J+!,$%&!
*)&')0,8!B),,)*!*(,%.&!,$(+!,$)!(/)*(1)!;5*.')(+!$(/)!G(0)-.+%(!(+-!>.&+%(!C!D)*E)1./%+(!
,..I!
!
7(<;'!YK(6!=).'$)'.!#0'$0!&'$!(SS$'S(.'!%9!ABBQBBB!H4Z!%9!:I=!&'$!-(&,.(!
! J+,)*+),!5&)*&!')*!
"SS!%+$(B%,(+,&!
d\J!')*!0('%,(!2.*!
"SS!%+$(B%,(+,&!
NmSSS!c9UO!
_(,%.!
A6B(+%(! <8H^! <S[! "8"<!
>.&+%(!C!D)*E)1./%+(! V8HY! <S^! <8aH!
F*.(,%(! <R8VS! aVR! ^8^Y!
G(0)-.+%(! Y8aR! <HV! H8<Y!
9)*B%(!C!G.+,)+)1*.! ""8^S! <a<! ^8HV!
;5*.')! H<8S"! "I^H^! <8<H!
9.5*0)&@!J#c8!<"(.%".()!"2!4'($%0?)@$0(0A)B0.%0)'"2)C8&6.%)$#)DE0A)FGGG1FGGHj!=.*6-!>(+?8!R$%32)
P.-.3$+&."()<"2!4'($%0)FGGHI!
!
A63.&,!'(*(66)6!0$(*(0,)*%&(,%.+!(''6%)&!,.!(+.,$)*!*(,%.8!+(3)67!J+,)*+),!$.&,&!')*!"!3%66%.+!
c9U!.2!dU]I!J+!,$(,!*)&')0,8!%2!,$)!'*)/%.5&!*)6(,%.+!$(&!B))+!(!?%+-!.2!*)2)*)+0)!,.!,$)!
(,,%,5-)!.2!(+!%+-%/%-5(68!,$%&!.+)!3)(&5*)&!,$)!(,,%,5-)!.2!,$)!K$.6)!&.0%),7!.*!(,!6)(&,!,$)!
(,,%,5-)!.2!,$)!+(,%.+(6!)0.+.37I!A1(%+8!2.5*!.5,!.2!2%/)!=)&,)*+!>(6?(+!0.5+,*%)&!$(/)!
B),,)*!*(,%.&!,$(+!,$)!;5*.')(+!(/)*(1)I!#$)7!$(/)!3.*)!J+,)*+),!$.&,&!')*!(-)45(,)!'.*,%.+!
N"!3%66%.+!c9UO!.2!,$)!+(,%.+(6!'*.-50,I!
!
7(<;'!YK<6!=).'$)'.!1%0.0!&'$!A!+,;;,%)!H4Z!%9!:ZL!
! J+,)*+),!$.&,&! dU]!
N3%66%.+!c9UO!
_(,%.!
A6B(+%(! V<Y! ^I"SS! S8"<!
>.&+%(!C!D)*E)1./%+(! [IHRH! YISSS! "8"R!
F*.(,%(! H^IaRV! <[ISSS! "8<H!
G(0)-.+%(! HIVRV! HI^SS! "8SV!
9)*B%(!C!G.+,)+)1*.! <YIVY[! "VIaSS! "8Ya!
;5*.')! <aIRR[IS^S! "SHI[""IRSS! S8<a!
9.5*0)&@!J#c8!<"(.%".()!"2!4'($%0?)@$0(0A)B0.%0)'"2)C8&6.%)$#)DE0A)FGGG1FGGHS)=.*6-!>(+?!N<SSVO!R$%32)
P.-.3$+&."()<"2!4'($%0)FGGHI!
!
:$(&1!Y6!=).'$)'.!#0'$0!&'$!(SS$'S(.'!%9!ABBQBBB!H4Z!%9!:I=!&'$!-(&,.(!()2!=).'$)'.!
1%0.0!&'$!A!+,;;,%)!H4Z!%9!:ZL!
! ""
! # $ % & "
>?4K
=1:
:*;K0
84.K
-12
'()K
L+934+390?/34/0@34
*66436*930.M0#!!K!!!
D=N0.M0OPL0@340;*@,9*
L+934+390Q./9/0@340#
I,((,.+0D=N0.M0ONR
!
!
P%+(6678!&%3%6(*!0$(*(0,)*%E(,%.+!3(7!B)!1%/)+!,.!.+)!(--%,%.+(6!%+-%0(,%.+!.2!,$)!B)&,!
'.&&%B6)!5&)!.2!6%3%,)-!*)&.5*0)&8!%+!,$%&!0(&)!0.3'5,)*&[I!9%+0)!,$)!3(Z.*!2(0,.*!'*)/)+,%+1!
$%1$)*!5&(1)!*(,)&!%&!,$)!$%1$!0.&,!.2!,$)!)45%'3)+,!0.3'(*)-!K%,$!%+0.3)8!K$)+!3)(&5*%+1!
,$)!+53B)*!.2!J+,)*+),!5&)*&!0.3'(*)-!,.!,$)!+53B)*!.2!(/(%6(B6)!0.3'5,)*&!%,!0.3)&!.5,!
,$(,!9)*B%(!C!G.+,)+)1*.`&!'.'56(,%.+!(1(%+!$(&!,$)!&,*.+1)&,!0.33%,3)+,!,.K(*-&!1(%+%+1!
2*.3!,$)!(-/(+,(1)&!.2!,$)!J+,)*+),8!-)&'%,)!,$)!6%3%,)-!*)&.5*0)&!%+!,)*3&!.2!0.3'5,)*!
)45%'3)+,I!
!
7(<;'
! "<
HI<I!J+2*(&,*50,5*)!
!
=$)+!%+2*(&,*50,5*)!%&!0.+&%-)*)-!(&!(!2(0,.*!,$(,!(22)0,&!J+,)*+),!')+),*(,%.+8!%,!5&5(667!
3)(+&!)6)0,*%0%,7g'.K)*!&5''67!(+-!,)6)'$.+)!6%+)&!(/(%6(B%6%,7I!!
!
J+!,$(,!*)&')0,8!'.K)*!%&!+.,!0.+&%-)*)-!(+!.B&,(06)!,.!J+,)*+),!')+),*(,%.+!%+!,$)!=)&,)*+!
>(6?(+!0.5+,*%)&I!>6(0?.5,&!(*)!*(,$)*!.2,)+!%+!A6B(+%(8!B5,!0.+&%-)*)-!(&!45(6%,(,%/)!(&')0,8!
%,!%&!+)%,$)*!)(&%67!'*)-%0,(B6)!+.*!3)(&5*(B6)I!J+!45(+,%,(,%/)!,)*3&8!,$%&!'(')*!*)1(*-&!,$)!
,)**%,.*%)&!.2!,$)!=)&,)*+!>(6?(+!0.5+,*%)&!(&!0./)*)-!N$.5&)$.6-&!0.++)0,)-O!K%,$!'.K)*!
+),K.*?!,.!(!&522%0%)+,!)L,)+,I!
!
M+!%,&!&%-)8!,)6)'$.+)!%+2*(&,*50,5*)!3(,,)*&!,.!J+,)*+),!')+),*(,%.+!B)0(5&)!%,!%&8!%+!1)+)*(68!
,$)!,)6)'$.+)!+),K.*?!,$(,!'*./%-)&!,$)!2%*&,!6)/)6!.2!(00)&&I!#$)*)!(*)!.,$)*!0$.%0)&!2.*!
'*./%&%.+!.2!&50$!&)*/%0)&8!%+065-%+1!0(B6)!,)6)/%&%.+!(+-!'.K)*!6%+)!%+2*(&,*50,5*)&8!K$)*)!
(/(%6(B6)8!B5,!,$)!,)6)'$.+)!%+2*(&,*50,5*)!%&!1)+)*(667!,$)!%+2*(&,*50,5*)!.2!2%*&,!*)&.*,!
B)0(5&)!.2!,$)!*)(-7!(/(%6(B%6%,7!(+-!6.K!0.&,!.2!3.-)3&I!
!
9.8!0.+&%-)*%+1!,$)!,)6)'$.+)!%+2*(&,*50,5*)!(&!.+)!.2!,$)!B(&%0!'*)0.+-%,%.+&!2.*!%3'*./)-!
J+,)*+),!')+),*(,%.+8!%,!%&!.B/%.5&!2*.3!,$)!,(B6)!B)6.K!,$(,!,$)!&,(*,%+1!'.&%,%.+&!.2!,$)!
=)&,)*+!>(6?(+!0.5+,*%)&!(*)!-%22)*)+,I!
!
7(<;'!\6!7';'&1%)'!0#<0-$,<'$0!(0!&'$-').(S'!%9!&%&#;(.,%)!
! ].'56(,%.+!
N3%66%.+&O!
#)6)'$.+)!
&5B&0*%B)*&!
N3%66%.+&O!
_(,%.!
NlO!
A6B(+%(! H8"R! "8HV! ^<!
>.&+%(!C!D)*E)1./%+(! ^8"R! "8RR! ^Y!
F*.(,%(! ^8^<! ^8<V! Ra!
G(0)-.+%(! <8SY! "8HS! a<!
9)*B%(!C!G.+,)+)1*.! "S8V<! Y8^"! YS!
;5*.')! [S^8a[! [V"8^<! "Sa!
9.5*0)@!J#c8!D$+83'(!$"A)JPDA)($('3)(.3.+,$".)08604%!6.%0)'"2)($('3)(.3.+,$".)08604%!6.%0)+.%)TGG)+.$+3.A)
FGGHI)
!
:$(&1!\6!7';'&1%)'!0#<0-$,<'$0!(0!&'$-').(S'!%9!&%&#;(.,%)!
! $! &! B! C! #!! #$!
>?4K
=1:
:*;K0
84.K
-12
'()K
S3(3@Q.+30/?)/;4,)34/
*/0@34;3+9*630.M
@.@?(*9,.+
!
!
! "H
A&!&))+8!F*.(,%(!6)(-&!,$)!1*.5'!.2!0.5+,*%)&!K%,$!(!+53B)*!.2!,)6)'$.+)!&5B&0*%B)*&!06.&)!,.!
,$)!,.,(6!+53B)*!.2!'.'56(,%.+8!(+-!(6&.!06.&)!,.!,$)!;5*.')(+!(/)*(1)I!M,$)*!2.5*!0.5+,*%)&!
(*)!1*(-5(667!6(11%+1!B)$%+-I!
!
>(&)-!.+!,$)&)!&,(*,%+1!'.&%,%.+&8!.+)!+.,!/)*7!'*)0%&)R!B5,!)(&%67!3)(&5*(B6)!'(*(3),)*8!
*)6)/(+,!,.!,$)!3(%+!,$)&%&!.2!,$%&!'(')*!%&!,$)!6)/)6!.2!5,%6%E(,%.+!.2!,$)!)L%&,%+1!,)6)'$.+)!
%+2*(&,*50,5*)!%+!*)1(*-!,.!,$)!J+,)*+),!5&)I!A1(%+8!F*.(,%(!$(&!,$)!B)&,!*(,%.8!0.3'6),)67!
0.3'(*(B6)!,.!,$)!;5*.')(+!(/)*(1)I!\(3)678!(63.&,!)/)*7!,$%*-!,)6)'$.+)!&5B&0*%B)*!%+!
F*.(,%(!%&!(+!J+,)*+),!5&)*8!K$%6)!,$(,!*(,%.!%+!A6B(+%(!%&!.+)!J+,)*+),!5&)*!%+!,K)+,7!,)6)'$.+)!
&5B&0*%B)*&I!
!
7(<;'!D6!=).'$)'.!#0'$0!(0!&'$-').(S'!%9!.';'&1%)'!0#<0-$,<'$0!
! #)6)'$.+)!
&5B&0*%B)*&!
NmSSSO!
J+,)*+),!5&)*&!
NmSSSO!
_(,%.!
NlO!
A6B(+%(! "IHVV! YV! V8V!
>.&+%(!C!D)*E)1./%+(! "IR[[! <<V! ""8H!
F*.(,%(! ^I<VH! "IHSH! HS8a!
G(0)-.+%(! "IHS"! "VR! "<8<!
9)*B%(!C!G.+,)+)1*.! YI^"V! "I<SS! "a8"!
;5*.')! [V"I^<S! <VaI^"a! HS8"!
9.5*0)&@!J#c8!D$+83'(!$"A)JPDA)($('3)(.3.+,$".)08604%!6.%0)'"2)($('3)(.3.+,$".)08604%!6.%0)+.%)TGG)+.$+3.A)
FGGHS!J#c8!<"(.%".()!"2!4'($%0?)@$0(0A)B0.%0)'"2)C8&6.%)$#)DE0A)FGGHI!
!
!
:$(&1!D6!=).'$)'.!#0'$0!(0!&'$-').(S'!%9!.';'&1%)'!0#<0-$,<'$0!
! #! $! %! &!
>?4K
=1:
:*;K0
84.K
-12
'()K
L+934+390?/34/0*/
@34/3+9*630.M093(3@Q.+3
/?)/;4,)34/
!
!
J,!&$.56-!B)!5+-)*6%+)-!(,!,$)!)+-!.2!,$%&!&)0,%.+!(1(%+!,$(,!,)6)'$.+)!%+2*(&,*50,5*)!-(,(!5&)-!
$)*)!$(/)!B))+!3)(&5*)-!45(+,%,(,%/)67I!c+2.*,5+(,)678!%+2*(&,*50,5*)`&!45(6%,78!.,$)*K%&)!
)&&)+,%(6!2.*!-))')*!(+(67&%&!.2!,$)!07B)*!)L065&%.+8!$(&!B))+!-%22%056,!,.!)L'6.*)!-5)!,.!,$)!
6(0?!.2!&,(+-(*-%&)-!%+-%0(,.*&I!A&!3)+,%.+)-!(B./)8!,$)!%+065&%/)!%+2.*3(,%.+!&.0%),7!
'*.3.,)-!B7!.;8%$+.!(+-!.;8%$+.U!%+%,%(,%/)&!%+065-)&!(+!)L'(+&%.+!.2!%+2*(&,*50,5*)!(+-!
J+,)*+),!0.++)0,%/%,7!,$(,!1.)&!B)7.+-!%+2*(&,*50,5*):B(&)-!0*%,)*%(I!J,!2.05&)&!.+!,$)!-)6%/)*7!
.2!B*.(-B(+-!&)*/%0)&8!0$(*(0,)*%E)-!B7!3)(&5*)&!&50$!(&!0('(0%,78!*)6%(B%6%,7!(+-!&'))-8!B5,!
,$)&)!-(,(8!K$)+!=)&,)*+!>(6?(+!0.5+,*%)&!(*)!%+!45)&,%.+8!K)*)!+.,!)(&%67!.B,(%+(B6)I!
!
!
! "^
HIHI!T%,)*(07!
!
A&!&(%-!%+!,$)!'*)/%.5&!&)0,%.+&8!,$)!,)*3!-%1%,(6!-%/%-)!(6&.!*)2)*&!,.!1('&!,$(,!)L%&,!B),K))+!
1*.5'&!*)1(*-%+1!,$)%*!(B%6%,7!,.!5&)!JF#&!)22)0,%/)678!-5)!,.!-%22)*%+1!6)/)6&!.2!6%,)*(07!(+-!
,)0$+%0(6!&?%66&I!A6,$.51$!0)*,(%+!6)/)6&!.2!6%,)*(07!(*)!)L')0,)-!%2!K(+,%+1!,.!5&)!(+-!B)+)2%,!
2*.3!(!*(+1)!.2!+)K!,)0$+.6.1%)&8!6%,)*(07!6)/)6&!K)*)!.2,)+!6)2,!.5,!.2!-)B(,)&!&5**.5+-%+1!
,$)!-%1%,(6!-%/%-)I!J,!K(&!(*15)-!+(3)678!,$(,!,$)!350$!)L')0,)-!B*.(-B(+-!J+,)*+),!
0.++)0,%.+!(+-!%,&!(''6%0(,%.+&!K%66!0$(+1)!,$)!&%,5(,%.+!7),!(+.,$)*!,%3)8!B*%+1%+1!(5-%.:
/%&5(6!-%3)+&%.+!,.!,$)!3)-%53!(+-!*)6%)/%+1!,$)!5&)*!.2!,$)!6%,)*(07!&?%66!5&5(667!*)45%*)-I!
!
M+!,$)!.,$)*!&%-)8!$.K)/)*8!(+!(*153)+,!&,(+-&!,$(,!+)K!,)0$+.6.1%0(6!,..6&!3(7!*)45%*)!(!
0.+&%-)*(,%.+!.2!(!*(+1)!.2!5+0.+/)+,%.+(6!6%,)*(0%)&!,$(,!(*)!,.!)+(B6)!%+-%/%-5(6&!,.!5,%6%&)!
,$)3!)22)0,%/)678!3(?%+1!,$)3!0('(B6)8!(0,5(6678!,.!)/(65(,)!3(,)*%(6&!(+-!*)0.1+%E)!,$)!
45(6%,7!0.+,)+,I!A'(*,!2*.3!,$)!B(&%0!6%,)*(078!(&')0,&!&50$!(&!0.3'5,)*!6%,)*(078!2.66.K)-!B7!
0.+,)L,5(6!6%,)*(078!3)-%(!0*)(,%/%,78!&.0%(6!0.3'),)+0)!(+-!*)&'.+&%B%6%,7!K)*)!(-/%&)-!,.!B)!
,(?)+!%+,.!0.+&%-)*(,%.+I!
!
9.3)!(5,$.*&!1.!)/)+!25*,$)*I!F(*/%+8!2.*!)L(3'6)!&511)&,&!,$(,!,$)!-%1%,(6!)45%,7!-)B(,)!
&$.56-!0.+&%-)*!%&&5)&!2(*!B)7.+-!B(&%0!6%,)*(07!.2!&%3'67!*)(-%+1!(+-!K*%,%+18!&,(*,%+1!K%,$!
%,&!25+0,%.+(68!(+-!3./%+1!,.K(*-&!%,&!.005'(,%.+(68!,)0$+.6.1%0(68!%+2.*3(,%.+!(+-!(-(',%/)!
0.3'.+)+,!N&))@!F(*/%+8!<SSSO8!K$%6)!k(,E!C!_%0)!,(?)!3.*)!1)+)*(6!(''*.(0$I!WG(+7!.2!
,$)!.B&,(06)&!,.!3.*)!)45%,(B6)!(00)&&!3(7!B)!-))'67!)3B)--)-!%+!056,5*(6!0.+,)L,&X8!,$)7!
06(%3!N<SS<@!H^OI!D.K)/)*8!%,!%&!06)(*!,$(,!%+0.*'.*(,%.+!.2!,$)&)!(&')0,&!'*)&)+,&!2.*3%-(B6)!
0$(66)+1)&!%+!3(+7!(*)(&8!2*.3!)-50(,%.+!,.!0%/%0!)+1(1)3)+,8!K$%6)!,$)%*!%1+.*(+0)!3(7!
B)0.3)!,$)!B%11)&,!B(**%)*!.2!'(*,%0%'(,%.+!%+!,$)!%+2.*3(,%.+!&.0%),7I!!
!
J+!,$)!3)(+,%3)8!(&!&50$!%&&5)&!(*)!+.,!)3'%*%0(667!&5*/)7)-!)/)+!(3.+1!-)/)6.')-!+(,%.+&8!
,$)!-)B(,)!%&!6)2,!.+!K$(,!%&!(/(%6(B6)I!J+!,$(,!&)+&)8!1%/)+!,$)!2(0,!,$(,!,$)!B(&%0!6%,)*(07!*(,)!
%+!,$)!=)&,)*+!>(6?(+!0.5+,*%)&!*(+1)&!2*.3!R^8al!(3.+1!(-56,&!%+!>.&+%(!C!D)*E)1./%+(8!
,.!R[8Yl!(3.+1!(-56,&!%+!A6B(+%(!N&))@!c\U]8!<SSVO8!%,!%&!+.,!0.+&%-)*)-!(&!(!B(**%)*!,.!
J+,)*+),!')+),*(,%.+I!_(,$)*8!%+!&.3)!*)'.*,&!N&))@!)9;;5*.')8!<SS^O8!)3'$(&%&!$(&!B))+!'5,!
.+!;+16%&$!6(+15(1)!'*.2%0%)+07!:!(+.,$)*!6%,)*(07!0.3'.+)+,!)&&)+,%(6!2.*!%+0*)(&%+1!07B)*!
%+065&%.+8!*)6(,)-!,.!7),!(+.,$)*!%3'.*,(+,!2(0,.*!.2!J+,)*+),!')+),*(,%.+!:!5&(B6)!0.+,)+,I!
!
!
HI^I!>)7.+-!(00)&&!
!
J,!%&!&(%-!%+!,$)!'*)/%.5&!&)0,%.+&!,$(,!%+!,$)!)(*67!-(7&!.2!-%1%,(6!-%/%-)!(+(67&%&8!,$)!
(/(%6(B%6%,7!.2!J+,)*+),!(00)&&!(,!(+!(22.*-(B6)!0.&,!K(&!,$)!?)7!%&&5)I!#$(,!(''*.(0$!K(&!
'*.3.,%+1!'.6%0%)&!,$(,!'.&%,%.+!(00)&&!(&!(!1.(6!%+!%,&)628!*(,$)*!,$(+!,*)(,%+1!%,!(&!(!3)(+!
,.K(*-&!(0$%)/%+1!&')0%2%0!-)/)6.'3)+,!.BZ)0,%/)&I!D.K)/)*8!(&!3.*)!(+-!3.*)!').'6)!0(+!
1),!0$)('!.*!2*))!(00)&&!B7!3(+7!3)(+&8!,$(,!K(7!3.-%27%+1!,$)!%&&5)!.2!B)%+1!
-%&(-/(+,(1)-!(+-!5+-)*3%+%+1!,$)!%+%,%(6!0.+0)*+!(B.5,!,$)!-%1%,(6!-%/%-)8!2.5+-(,%.+!%&!6(%-!
2.*!*)0.+&%-)*%+1!,$)!0.33.+:&)+&)!0.+0)',!.2!3)(&5*%+1!,$)!&%3'6)!(00)&&!,.!,)0$+.6.17I!J,!
%&8!+(3)678!%+0*)(&%+167!,*)(,)-!W(&!(+!%3'.*,(+,!$53(+!*%1$,X!Nk(,E!C!_%0)8!<SS<@
! "V
\(3)-!)6&)K$)*)!(&!,$)!-%1%,(6!-%/%-)`&!+)K!2*.+,%)*8!,$)!%&&5)!.2!5&(B6)!0.+,)+,!&))3&!,.!B)!
,$)!3.&,!0.3'6)L!.2!,$)&)!3)+,%.+)-8!06.&)67!*)6(,)-!,.!(+.,$)*!0*50%(6!45)&,%.+!:!K$(,!(*)!
').'6)!-.%+1!K$%6)!B)%+1!.+!J+,)*+),f!J,!%&!(!?%+-!.2!W1562!B),K))+!K$(,!').'6)!+))-!(+-!
K$(,!,$)7!(0,5(667!2%+-!(/(%6(B6)!.+6%+)X!&(7&!F.56-*7!N<SS^@!"R"O!(+-!,$(,!1562!$(&!%,&!.K+!
6.1%0!(+-!-7+(3%0&8!+.,!+)0)&&(*%67!*)6(,)-!,.!,$)!'*.B6)3!.2!(00)&&!%,&)62I!9%3'678!%,!0(+!B)!
%3(1%+)-!,$(,!,$)!6(*1)!3(Z.*%,7!.2!,$)!'.'56(,%.+&!K%66!'.&&)&&!(!0.3'5,)*!(+-!(!+),K.*?!
0.++)0,%.+!K%,$%+!(!2)K!-)0(-)&8!(+-!K%66!B)!(B6)!,.!5&)!,$)38!B5,!%,!%&!&,%66!,.!B)!)L')0,)-!
,$(,!').'6)!K%66!-.!%+0*)(&%+167!-%22)*)+,!,$%+1&!K$%6)!.+6%+)I!WJ2!,$)!0.+,)+,!,$(,!%&!(00)&&%B6)!
,$*.51$!,$)!J+,)*+),!&)*/)&!'*%3(*%67!,$)!+))-&!(+-!%+,)*)&,&!.2!(!0.+&53)*!06(&&!N)&')0%(667!(!
K)(6,$7!.+)O8!,$)+!6.K:%+0.3)8!6.K:)-50(,%.+!(+-!3%+.*%,7!1*.5'&!K%66!+.,!5&)!J+,)*+),!)/)+!
%2!,$)7!$(/)!(00)&&X8!06(%3!k(,E!C!_%0)!N<SS<@!<VO!(+-!,$%&!1*.K,$!.2!(!5&(1)!1('!3%1$,!
$(/)!,$)!3.&,!6(&,%+1!)22)0,I!c+2.*,5+(,)678!,$)&)!-%&'(*%,%)&!0.56-!+.,!B)!*)&.6/)-!B7!3)*)67!
1%/%+1!)/)*7.+)!(!0.3'5,)*!K%,$!J+,)*+),!(00)&&8!(+-!,$(,!%&!K$7!&.3)!(5,$.*&!2%+-!,$(,!,$)!
5&)!.2!,$)!-%1%,(6!-%/%-)!(&!(+!(5,.+.3.5&!0.+0)',!K$)+!(+(67E%+1!,$)!&.0%(6!)L065&%.+!
&$.56-!B)!'5,!5+-)*!*):0.+0)',5(6%E(,%.+I!#$)7!06(%38!%+!2(0,8!,$(,!,$)!.5,0.3)!.2!,$%&!
&%,5(,%.+!K%66!B)!-),)*3%+)-!B7!,$)!&.0%(6!0.+,)L,!(1(%+8!(3.+1!.,$)*!B7!,$)!W?%+-!.2!
0.3'6)L!%+,)*(0,%.+&!B),K))+!.K+)*&$%'8!*)156(,%.+8!,)0$+.6.17!(+-!%-).6.17X!NT%&,)*!),!(6I8!
<SSH@!<SSOI!
!
!
YQ!*%)-;#0,%)!
!
#$)!&)0,%.+&!(B./)!%+,)+-)-!,.!&5''67!)/%-)+0)!0.+0)*+%+1!,$)!%+2.*3(,%.+!%+)45(6%,7!(+-!%,&!
&.0%(6!%3'6%0(,%.+&!%+!,$)!=)&,)*+!>(6?(+!0.5+,*%)&I!P.*!,$(,!'5*'.&)!J+,)*+),!')+),*(,%.+!
6)/)6&!(*)!'*)&)+,)-8!(+(67&)-8!(+-!,$)+!0*.&&:*)2)**)-!,.!&)/)*(6!)0.+.3%0!(+-!&.0%(6!
%+-%0(,.*&I!J+!,$(,!*)&')0,8!-)&'%,)!,$)!-%22%056,%)&!K%,$!,$)!-(,(!0.3'(*(B%6%,7!(+-!,$)!
(&&.0%(,)-!(''*.L%3(,%.+&!,$(,!K)*)!3(-)8!-%22)*)+0)&!K)*)!)(&7!,.!+.,%0)I!
!
J,!%&!.B/%.5&8!+(3)678!,$(,!%+!,)*3&!.2!,$)!)L,)*+(6!07B)*!)L065&%.+!,$)!=)&,)*+!>(6?(+!%&!+.,!
(!$.3.1)+).5&!1*.5'!.2!0.5+,*%)&I!M+!,$)!,.'!.2!,$)!6%&,!K%,$!6)(-%+1!%+065&%.+!%+-%0(,.*&!%&!
F*.(,%(8!K$.&)!./)*(66!')*2.*3(+0)!%&!06.&)!,.!,$)!(/)*(1)!.2!^S!;5*.')(+!0.5+,*%)&I!M+!,$)!
B.,,.3!&,(7&!A6B(+%(8!K%,$!&,*50,5*(6!(+-!&7&,)3%0!K)(?+)&&)&8!3.&,67!%+$)*%,)-!2*.3!,$)!
'(&,8!,$5&!+.,!)(&%67!&.6/(B6)I!#$)!2%*&,!$(+-!&511)&,%.+!%&!,$(,!,$)!B(&%&!.2!,$)!-%1%,(6!-%/%-)!
6%)&!%+!,$)!-)/)6.'3)+,!-%/%-)!K$%6)!,$)!J+,)*+),!')+),*(,%.+!0.+0)*+!0.3)&!(,!(!&,(1)!6(,)*I!
!
J+!F*.(,%(8!,$)!3.&,!-%1%,(667!*)(-7!.2!,$)&)!0.5+,*%)&8!B*%-1%+1!,$)!B(&%0!)L,)*+(6!-%1%,(6!
-%/%-)!%+!,)*3&!.2!J+,)*+),!5&)*&!*(,)!3%1$,!B)!)(&7!(+-!'*.B(B67!K%66!$('')+!&..+I!]).'6)!
K$.!K(+,!J+,)*+),!(00)&&!0(+8!%+!1)+)*(68!(0$%)/)!%,8!K$),$)*!.*!+.,!,$)7!$(/)!(00)&&!2*.3!
,$)%*!$.3)&I!P.*!F*.(,%(+&!%,!%&8!%+-))-8!(63.&,!(+!%&&5)!.2!0$.%0)!*(,$)*!,$(+!(00)&&I!
\)/)*,$)6)&&8!,$)!.,$)*!2.5*!0.5+,*%)&!$(/)!(!*(+1)!.2!0$(66)+1)&!,.!2(0)8!(3.+1!,$)!.,$)*!
'..*!'5*0$(&%+1!'.K)*!.2!$.5&)$.6-&8!%+2*(&,*50,5*)!-)2%0%)+0%)&8!(+-!%+(-)45(,)!6%,)*(07!.2!
,$)!'.'56(,%.+I!!
!
J+,)*+),!$.&,&!2%15*)&!(*)!)/)+!K.*&)I!A66!2%/)!0.5+,*%)&!&522)*!6.K!J+,)*+),!')+),*(,%.+!%+!
,)*3&!.2!-%*)0,67!0.++)0,)-!0.3'5,)*&!$.&,%+1!0)*,(%+!0.+,)+,!5+-)*!,$)!6.0(6!-.3(%+!+(3)I!
T%3%,)-!3)(+&!.2!B5&%+)&&)&!(*)!,.!B)!(--)-!(&!(!0(5&)!2.*!,$%&!&%,5(,%.+8!(6.+1!K%,$!,$)!'..*!
)0.+.3%0!0.+-%,%.+8!%+2*(&,*50,5*)!-)2%0%)+0%)&!(1(%+8!(+-!6%,)*(07!0$(66)+1)&I!9%3%6(*!
*)(&.+&!$(/)!B))+!2.5+-!2.*!,$)!%+:0.5+,*7!)L065&%.+I!>)&%-)!,$)!'..*8!,$)!3.&,!
-%&(-/(+,(1)-!1*.5'&!%+!,)*3&!.2!2(0%+1!B(**%)*&!,.!(00)&&!('')(*!,.!B)!,$)!)6-)*67!(+-!,$.&)!
6%/%+1!%+!*5*(6!0.335+%,%)&I!
!
! "a
D.K)/)*8!B)7.+-!,$)!%+)45(6%,%)&!)L'6(%+)-!(B./)!(+-!%+!.*-)*!,.!5+-)*&,(+-!K$(,!25*,$)*!
3)(+%+1!,$)!-%1%,(6!-%/%-)!$(&8!%,!%&!2.5+-!%3'.*,(+,!,.!6..?!(,!K$(,!').'6)!(*)!-.%+1!K%,$!,$)!
,)0$+.6.17!(+-!K$(,!0(+!,$)7!2%+-!K$%6)!B)%+1!.+6%+)I!#$%&!(1(%+!-%&'5,)&!,$)!+.,%.+!.2!(!
B%+(*7!-%/%&%.+!.2!&%3'67!$(/%+1!.*!$(/%+1!+.!(00)&&8!(&!(!&%3'6%2%0(,%.+!.2!,$)!&5BZ)0,!K$%0$!
%&8!(0,5(6678!(!0.3'6)L!.+)I!M+)!%3'6%0(,%.+!.2!,$%&!0.3'6)L%,7!%&!,$(,!,$)!0*%,%0(6!%&&5)!.2!,$)!
07B)*!)L065&%.+!:!(00)&&!:!35&,!+.,!B)!,*)(,)-!(&!(!1.(6!%+!%,&)628!B5,!(&!(!45(+,%,(,%/)67!(+-!
45(6%,(,%/)67!(,,*%B5,)-!3)(+!,.K(*-&!(0$%)/%+1!%+065&%/)!&.0%),7I!
!
J+!,$(,!*)&')0,8!%+!.*-)*!,.!3(L%3%&)!.''.*,5+%,%)&!2.*!2566!'(*,%0%'(,%.+!(+-!0.+,*%B5,%.+8!
,$)*)!%&!(!+))-!2.*!%+,*.-50%+1!&')0%2%0!&.0%(68!)0.+.3%0!(+-!)-50(,%.+(6!'.6%0%)&I!M2!(668!,$)!
)-50(,%.+!%&!2.5+-!,.!B)!0*50%(6!(,!(+!%+-%/%-5(6!6)/)6I!#$%&!&$.56-!B)!3.*)!,$(+!&%3'6)!
,*(%+%+1!%+!,..6!5&)8!5&5(667!0(66)-!0.3'5,)*!6%,)*(07!:!').'6)!+))-!,.!6)(*+!,$)!B(&%0&!.2!
%+2.*3(,%.+!6%,)*(078!,..I!b),8!,$)!'*./%&%.+!.2!0.3'5,)*&!(+-!J+,)*+),!(00)&&!&$.56-!0.+,%+5)!
,.!B)!'(*,!.2!(!B*.(-)*!356,%:6(7)*)-!&.65,%.+I!F.+,%+5)-!(-/.0(07!2.*!3.*)!(+-!B),,)*!(00)&&!
%&!(6&.!%3'.*,(+,I!!
!
A+-!(66!,$%&!&$.56-!B)!-.+)!*)(&.+(B67!&..+I!A&!&..+!(&!.+)!&.5*0)!.2!,)0$+.6.1%0(6!
%+)45(6%,7!&))3&!,.!B)!-%3%+%&$%+18!(+.,$)*!.+)!)3)*1)&8!&.!)/)+!%2!,$.&)!05**)+,67!K%,$.5,!
(00)&&!B)0.3)!5&)*&8!,$)7!K%66!&,%66!B)!-%&(-/(+,(1)-I!J+-%/%-5(6!(+-!&.0%(6!-(3(1)8!+(3)678!
*)3(%+&!.*!('')(*&!)/)+!(2,)*!6(,)*!J+,)*+),!(-.',%.+I!
!
M2!0.5*&)8!').'6)!0(+!&,%66!0$..&)!+.,!,.!5&)!,$)!J+,)*+),8!2.*!.+)!*)(&.+!.*!(+.,$)*I!b),8!,$%&!
&$.56-!B)!(+!%+2.*3)-!-)0%&%.+I!J+!3(+7!0(&)&!+.,!B)%+1!'(*,!.2!,$)!+),K.*?!3%1$,!B)!3.*)!
)L')+&%/)!,$(+!B)%+1!,$)*)!(+-!,$(,!%&!$.K!K)!+))-!,.!,$%+?!.2!,$)!07B)*!)L065&%.+!:!+.,!,.!
0.5+,!,$)!0.++)0,%.+&!B5,!,.!3)(&5*)!,$)!0.+&)45)+0)&!.2!B)%+1!.*!+.,!B)%+1!0.++)0,)-I!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
! "Y
/'9'$')-'06!
!
>(*+)&8!95&(+!>I!N<SSHO!E$&+8(.%)M.2!'(.2)E$&&8"!4'(!$"?)@8&'"1($1@8&'")
E$&&8"!4'(!$")>4%$00)(,.)<"(.%".(8!A667+!(+-!>(0.+8!>.&,.+I!
!
>$(66(8!AZ%,!(+-!P*)-)*%0!T(')7*)!N"RRYO!W9.0%(6!;L065&%.+@!#.K(*-&!(+!A+(67,%0(6!(+-!
M')*(,%.+(6!P*(3)K.*?X8!P.-.3$+&."()'"2)E,'"*.8!n.6I!<[8!''I!^"H:^HH8!>6(0?K)66!
]5B6%&$)*&8!T.+-.+j!
!
F(*/%+8!A+-7!N<SSSO!WG.*)!#$(+!o5&,!A00)&&@!P%,,%+1!T%,)*(07!(+-!F.+,)+,!%+,.!,$)!U%1%,(6!
U%/%-)!;45(,%.+X8!;284'80.)K.-!.:8!\./)3B)*gU)0)3B)*8!''!H[e^Y8!A/(%6(B6)@!
$,,'@ggKKKI)-50(5&)I)-5g'5Bg)*g)*3SSg(*,%06)&SSag)*3SSaHI'-2!NA00)&&)-@!A515&,!<^8!
<SSVOj!
!
F(&,)66&8!G(+5)6!N"RRaO!L,.)K!0.)$#)(,.)C.(:$%9)=$4!.(58!>6(0?K)66!]5B6%&$)*&8!T.+-.+j!
!
F(&,)66&8!G(+5)6!N<SS"O!L,.)<"(.%".()J'3'75?)K.#3.4(!$"0)$")(,.)<"(.%".(A)V80!".00A)'"2)
=$4!.(58!ML2.*-!c+%/)*&%,7!]*)&&8!ML2.*-j!
!
F.56-*78!\%0?!N<SS^O!W#$)!U%1%,(6!U%/%-)X8!%+!d(5+,6),,8!U(/%-!(+-!_.&&!D.*&6)7!N)-&IO!R.6)
=(82!.08!''I!"[V:"R^8!;-K(*-!A*+.6-!]5B6%&$)*&8!T.+-.+j!
!
U)35+,)*8!F$*%&,.'$)!N<SSVO!#$)!U%1%,(6!U%/%-)!%+!;5*.')8!;5*.')(+!F.335+%,%)&8!
>*5&&)6&8!A/(%6(B6)@!$,,'@gg)''I)5*.&,(,I0)0I)5I%+,g0(0$)gJ#bpMPP]c>gk9:\]:SV:
SH[g;\gk9:\]:SV:SH[:;\I]UP!NA00)&&)-@!U)0)3B)*!H8!<SSVO!
!
U)*,.5E.&8!G%0$()6!N"RRYO!R,'()R!33)V.?)@$:)(,.)C.:)R$%32)$#)<"#$%&'(!$")R!33)E,'"*.)
W8%)X!-.0Y8!D(*')*!F.66%+&8!\)K!b.*?j!
!
U$.6(?%(8!_5B7!_.7!(+-!\%*!k&$),*%!N<SS<O!J."2.%)>05&&.(%5)!")(,.)>2$+(!$")$#)<"(.%".()
'"2).1E$&&.%4.A)A/(%6(B6)@)
$,,'@ggKKKI0*%,.I50%I)-5g+.($gDMJ#gDMJ#l<S](')*&gd)+-)*l<SA&733),*7I'-2!
NA00)&&)-@!\./)3B)*8!"<!8!<SSVO!
!
;5*.')(+!F.33%&&%.+!N<SSSO!.;8%$+.?)>")<"#$%&'(!$")=$4!.(5)#$%)>338!A/(%6(B6)@!
$,,'@gg)5*.'(I)5I%+,g%+2.*3(,%.+p&.0%),7g))5*.')g<SS<g+)K&p6%B*(*7g'-2p2%6)&g%+%,%(,%/)p)+I'
-2!NA00)&&)-@!A515&,!<"8!<SSVO!
!
)9;;5*.')!N<SS^O!.=;;8%$+.)K.*!$"'3)<EL)=.4($%)=('(80)'"2)B0'*.)K.+$%(?)V8!32!"*)'")
<"#$%&'(!$")=$4!.(5)#$%)>338!9(*(Z)/.8!A/(%6(B6)@!
$,,'@ggKKKI%&I1./IB(g-.053)+,&g'5B6%0(,%.+&gJF#p9)0,.*p9,(,5&p_)'.*,p2.*p9.5,$:
;(&,)*+p;5*.')l<S=)BI'-2!NA00)&&)-@!9)',)3B)*!"<8!<SSVO!
!
JPF!N<SSSO!<"(.%".()'"2).1E$&&.%4.)!")>36'"!'8!A/(%6(B6)@!
$,,'@ggKKK<I%20I.*1g&))-g]UP&gJ+,)*+),p(+-p):0.33)*0)p%+pA6B(+%(I'-2!NA00)&&)-@!o5+)!"8!
<SSVO!
!
J#c!N<SSVO!V'0!4)!"2!4'($%0?)D$+83'(!$"A)JPDA)($('3)(.3.+,$".)08604%!6.%0)'"2)($('3)
(.3.+,$".)08604%!6.%0)+.%)TGG)+.$+3.8!<SS^8!A/(%6(B6)@!$,,'@ggKKKI%,5I%+,gJ#c:
Ug%0,g&,(,%&,%0&g(,p16(+0)gB(&%0S^I'-2!NA00)&&)-@!A515&,!"V8!<SSVOj!
!
! "[
J#c!N<SSVO!<"(.%".()!"2!4'($%0?)@$0(0A)B0.%0)'"2)C8&6.%)$#)DE0A)FGGH!NA/(%6(B6)@!
$,,'@ggKKKI%,5I%+,gJ#c:Ug%0,g&,(,%&,%0&g(,p16(+0)gJ+,)*+),S^I'-2!NA00)&&)-@!A515&,!"V8!<SSVOj!
!
k(,E8!o(3)&!;I!C!_.+(6-!;I!_%0)!N<SS<O!=$4!'3)E$"0.Z8."4.0)$#)<"(.%".()B0.?)>44.00A)
<"-$3-.&."()'"2)<"(.%'4(!$"8!GJ#!]*)&&8!F(3B*%-1)j!
!
T%&,)*8!G(*,%+8!o.+!U./)78!9),$!d%--%+1&8!J(%+!d*(+,8!k%)*(+!k)667!N<SSHO!C.:)M.2!'?)>)
E%!(!4'3)<"(%$284(!$"8!_.5,6)-1)8!T.+-.+I!
!
G),(3.*'$.&%&!N<SS^O!J.".%'3)2'(')'6$8()(,.)0!(8'(!$")%.*'%2!"*)(,.)<EL)!")M'4.2$"!'8!
9?.'Z)8!A/(%6(B6)@!$,,'@ggKKKI3),(3.*'$.&%&I.*1I3?g%0,gB*.&5*(p)+1I'-2!NA00)&&)-@!
A515&,!HS8!<SSVO!
!
G%,0$)668!=%66%(3!N"RRVO!E!(5)$#)V!(0?)=+'4.A)D3'4.)'"2)<"#$6',"8!GJ#!]*)&&8!F(3B*%-1)j!
!
\.**%&8!]%''(!N<SS"O!P!*!('3)P!-!2.Y)E!-!4);"*'*.&."(A)<"#$%&'(!$")D$-.%(5)'"2)(,.)
<"(.%".()R$%32:!2.8!F(3B*%-1)!c+%/)*&%,7!]*)&&8!F(3B*%-1)8!A/(%6(B6)@!
$,,'@gg?&1$.3)I$(*/(*-I)-5gq'+.**%&g(0*.B(,g-%1%,(60$"I'-2!NA00)&&)-@!9)',)3B)*!HS8!<SSVO!
!
_.B%+&8!k)/%+!C!P*(+?!=)B&,)*!N"RRRO!L!&.0)$#)L.4,"$483(8%.8!_.5,6)-1)8!T.+-.+j!
!
#%0$)+.*8!]IoI8!dI!AI!U.+.$5)!(+-!FI!\I!M6%)+!N"RYSO!WG(&&!3)-%(!26.K!(+-!-%22)*)+,%(6!
1*.K,$!%+!?+.K6)-1)X8!D863!4)W+!"!$")[8'%(.%358!H^!8!''I!"VR:"YS8!F.653B%(!c+%/)*&%,7!
]*)&&j!
!
c\U]!N<SSVO!@8&'")P.-.3$+&."()K.+$%()FGGQ8!c\U]8!A/(%6(B6)@!
$,,'@gg$-*I5+-'I.*1g*)'.*,&g16.B(6g<SSVg'-2gDU_SVpDUJI'-2!NA00)&&)-@!M0,.B)*!HS8!<SSVO!
!
=.628!T(5*(!N<SSVO!V.5$"2)>44.00?)>")>3(.%"'(!-.)>++%$'4,)($)=$4!'3);74380!$")'"2)(,.)
<"(.%".(8!T.+-.+!90$..6!.2!;0.+.3%0&!(+-!c+%/)*&%,7!.2!9.5,$)*+!F(6%2.*+%(8!A/(%6(B6)@!
$,,'@gg,.30(,I,)?,%LI0.3g0.&,g0.+,)+,g-.053)+,&g>)7.+-pA00)&&pSa"<I'',8!A00)&&)-@!
A515&,!HS8!<SSVOj!
!
=.*6-!>(+?!N<SSVO!R$%32)P.-.3$+&."()<"2!4'($%0)FGGH8!A/(%6(B6)@!
$,,'@gg-)/-(,(IK.*6-B(+?I.*1g-(,(:45)*7g!NA00)&&)-@!9)',)3B)*!"<8!<SSVO!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
! "R
I%.'06!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!=$)+!&,5-7%+1!,$)!%+2.*3(,%.+!%+)45(6%,78!'*./%&%.+!.2!&,*.+1!)/%-)+0)!%&!(!*)(6!3),$.-.6.1%0(6!0$(66)+1)!%+!
3(+7!*)&')0,&I!T%3%,)-8!.2,)+!.5,-(,)-8!+.+:&,(+-(*-%&)-!-(,(!2*.3!/(*%.5&!,7')&!.2!&.5*0)&!
N'*%/(,)g0.33)*0%(68!1./)*+3)+,(68!%+,)*+(,%.+(6g%+,)*:1./)*+3)+,(68!\dM&!),0IO!3(?)&!,$)3!-%22%056,!2.*!(+7!
0*.&&:*)2)*)+0)I!
!<!A2,)*!_.3(+%(!(+-!>561(*%(!Z.%+)-!,$)!;5*.')(+!c+%.+!.+!o(+5(*7!"8!<SSY8!,$)!')*0)',%.+!.2!9.5,$:;(&,!
;5*.')!$(&!B))+!*)-50)-!.+!=)&,)*+!>(6?(+!0.5+,*%)&@!A6B(+%(8!>.&+%(!C!D)*E)1./%+(8!F*.(,%(8!G(0)-.+%(8!
G.+,)+)1*.!(+-!9)*B%(I!
!!H!A6,$.51$!9)*B%(!(+-!G.+,)+)1*.!)L%&,!(&!&)'(*(,)!'.6%,%0(6!)+,%,%)&!&%+0)!<SSa8!,$)!*)6(,)-!-(,(!&,%66!*)2)*!,.!
9)*B%(!C!G.+,)+)1*.I!
!^!J#c!B(&)&!,$)!J+,)*+),!5&)*!2%15*)&!.+!+(,%.+(667!*)'.*,)-!-(,(I!J+!&.3)!0(&)&8!&5*/)7&!$(/)!B))+!0(**%)-!.5,!
,$(,!1%/)!(!3.*)!'*)0%&)!2%15*)!2.*!,$)!+53B)*!.2!J+,)*+),!5&)*&I!D.K)/)*!&5*/)7&!-%22)*!(0*.&&!0.5+,*%)&!%+!,$)!
(1)!(+-!2*)45)+07!.2!5&)!,$)7!0./)*I!#$)!*)'.*,)-!2%15*)!2.*!J+,)*+),!5&)*&8!K$%0$!3(7!*)2)*!,.!.+67!5&)*&!(B./)!
(!0)*,(%+!(1)8!%&!-%/%-)-!B7!,$)!,.,(6!'.'56(,%.+!,.!.B,(%+!5&)*&!')*!"SS!%+$(B%,(+,&I!F.5+,*%)&!,$(,!-.!+.,!$(/)!
&5*/)7&!1)+)*(667!B(&)!,$)%*!)&,%3(,)&!.+!-)*%/(,%.+&!2*.3!*)'.*,)-!J+,)*+),!9)*/%0)!]*./%-)*!&5B&0*%B)*!0.5+,&8!
0(6056(,)-!B7!356,%'67%+1!,$)!+53B)*!.2!&5B&0*%B)*&I!
!V!J+,)*+),!$.&,&!*)2)*!,.!,$)!+53B)*!.2!0.3'5,)*&!-%*)0,67!0.++)0,)-!,.!,$)!K.*6-K%-)!J+,)*+),!+),K.*?I!\.,)!
,$(,!J+,)*+),!$.&,!0.3'5,)*&!(*)!%-)+,%2%)-!B7!(!,K.:-%1%,!0.5+,*7!0.-)!.*!(!,$*)):-%1%,!0.-)!1)+)*(667!*)26)0,%+1!
,$)!+(,5*)!.2!,$)!.*1(+%E(,%.+!5&%+1!,$)!J+,)*+),!0.3'5,)*I!#$)!+53B)*!.2!$.&,&!%&!(&&%1+)-!,.!)0.+.3%)&!B(&)-!
.+!,$)!0.5+,*7!0.-)!(6,$.51$!,$%&!-.)&!+.,!+)0)&&(*%67!%+-%0(,)!,$(,!,$)!$.&,!%&!(0,5(667!'$7&%0(667!6.0(,)-!%+!,$)!
)0.+.37I!#$)*)2.*)!,$)!+53B)*!.2!J+,)*+),!$.&,&!&$.K+!2.*!)(0$!0.5+,*7!0(+!.+67!B)!0.+&%-)*)-!(+!
(''*.L%3(,%.+I!
!a!A&!J+,)*+),!5&)!&,(,%&,%0&!2*.3!-%22)*)+,!&.5*0)&!,)+-!,.!/(*7!K%-)678!,$)!&,(,%&,%0&!5&)-!%+!,$%&!&)0,%.+!(*)!+)(*67!
(66!2*.3!J+,)*+(,%.+(6!#)6)0.335+%0(,%.+!c+%.+!NJ#cOI!
!Y!A/)*(1)!*(,)!.2!;5*.')!N^S!0.5+,*%)&8!(&!0(,)1.*%&)-!B7!,$)!J+,)*+(,%.+(6!#)6)0.335+%0(,%.+!c+%.+O8!%+065-)&!
;(&,)*+!;5*.')8!_5&&%(8!>)6(*5&8!c?*(%+)!(+-!A*3)+%(I!
