C$ D E C F G 0>.)6/6)7 ;)</;=)=*H( 0) >/</8I ;6289 0*)7/;=I ) ,61J1*289 0J./:K3
70*? J*1 "3#3 !"# $)* +,-)*
7IQ/6' ;7/6)
1M/*;=.,M81( *';=)6N)( 0JH*' ;=)6N)( =1>17*' ?0/7)81( JL16H*2 ;=./>( C ;=./>
);;1;;<1*= /U =91 89/;1* 8/*;=.,8=?/*;( ?<>./6<1*= /U =91 91)=S=189*?8)7 )==.?N,=1; /U =91 N,?7J?*- )*J );;1;;<1*= /U =91 1;8)>1 >)=93
1R W/.J;
18/*;=.,8=?/*( 1O=1*;?/* /U =91 N,?7J?*-( N.?8M 8/*;=.,8=?/*( 91)= ?;/7)=?/*( W//J 81?7?*-( ;=117S 8/*8.1=1 81?7?*-
3" J1*=U?M)Q*I TJ):1 YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY "!
3"3" DJ):1 / ;=)6NH YYYYYYYYYYYYYYYYYYYYYYYYYYY3 "!
3"3 DJ):1 / ;=)61N*IM/6? YYYYYYYYYYYYYYYYYYYYYYYYYYY3 "!
3"34 DJ):1 / 0>.)8/6)=17? >./:1M=/6@ J/M,<1*=)81 YYYYYYYYYY333333333 "!
3 10*)< 6;=,>*I89 >/JM7)JK YYYYYYYYYYYYYYYYYYYYYYYYYYY3 ""
34 DJ):1 / T01<I YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY33 ""
3# DJ):1 / ;=)6NH YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY33 "
3E3 71*H*I ;=)6NR *) /N:1M=R ) =189*?8M' ) =189*/7/-?8M' 0)=I+1*I YYYYYYYY33 "#
C3 YYYYYYYYYYYYYYYYYYYYYYYYYYY3 "E
C3" />?; T01<I ;=)6NR YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY "Z C3 17M/62 >/>?; ;=)6NR YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY "Z C3 3" DQ17 ,+I6'*I( 817M/6@ M)>)8?=R U,*MQ*I89 :1J*/=1M YYYYYYYY3 "Z C3 3 17M/6@ ,.N)*?;=?8M@ ) ).89?=1M=/*?8M@ L1P1*I YYYYYYYYYYYYY "Z C3 34 17M/6@ >./6/0*I L1P1*I( =189*/7/-?1 62./NR YYYYYYYYYYYYY "5 C3 3# C10N).?@./6@ ,+I6'*I ;=)6NR YYYYYYYYYYYYYYYYYYYYYY33 "5 C3 3E C10>1Q*/;= >L? ,+I6'*I ;=)6NR YYYYYYYYYYYYYYYYYYYYYY33 ! C3 3Z 'M7)J*I 89).)M=1.?;=?M) /N:1M=, YYYYYYYYYYYYYYYYY33 !
)[ =)61N*I L1P1*I YYYYYYYYYYYYYYYYYYYYYYYYYYY3 !
N[ /*;=.,MQ*I ) <)=1.?'7/6@ L1P1*I YYYYYYYYYYYYYYYYY33 "
8[ 189)*?8M' /J/7*/;= ) ;=)N?7?=) YYYYYYYYYYYYYYYYY33 Z C3 3\ 'M7)J*I 89).)M=1.?;=?M) =189*?8M289 ) =189*/7/-?8M289 0)LI01*I YYY33 ] C3 3] /+'.*H N10>1Q*/;=*I L1P1*I YYYYYYYYYYYYYYYYYYYYYY33 5 C3 35 ';)JR 9/;>/J)L1*I ; 1*1.-?1<? YYYYYYYYYYYYYYYYYY 4!
C3 3"! R-?1*?8M@ >/+)J)6MR *) ;=)6NR( >/+)J)6MR *) >.)8/6*I ) M/<,*'7*I
>./;=L1JI YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY 4!
C3 3"" 89.)*) >L1J *1-)=?6*I<? TQ?*MR 0 6*H:PI9/ >./;=L1JI YYYYYYYY3 4!
C34 L?>/:1*I *) =189*?8M/, ?*U.);=.,M=,., YYYYYYYYYYYYYYYYYYYYYY33 4"
C3# />.)6*I L1P1*I YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY333 4
C3E 1P1*I 61-1=)81 ) ;/,6?;1:I8I89 =1.@**I89 T>.)6 YYYYYYYYYYYYY3 4 C3Z />?; 67?6, ;=)6NR *) +?6/=*I >./;=L1JI ) :19/ /89.)*) YYYYYYYYYYYYY3 4
C3\ 89.)*) /NR6)=17;=6) YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY 44
C3] ';)J) /.-)*?0)81 62;=)6NR YYYYYYYYYYYYYYYYYYYYYYYYYYY3 44
3 ?=,)Q*I 62M.1;R ^6?03 LI7/9R 3"( 3 ( 34[
3"3" .89?=1M=/*?8M/S;=)61N*I L1P1*I YYYYYYYYYYYYYYYYYY 4]
3"3"3" 189*?8M' 0>.'6) YYYYYYYYYYYYYYYYYYYYYYYYYYY3 4]
"[ .89?=1M=/*?8M@ L1P1*I YYYYYY3YYYYYYYYYYYYYYYYYYYYYYYYY33 4]
[ )=1.?'7/6@ L1P1*I YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY33 4]
4[ 2=6).*@ L1P1*I YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY33 #
#[ ?;>/0?Q*I ) >./6/0*I L1P1*I YYYYYYYYYYYYYYYYYYYYYYYYYYY3 #
E[ C10N).?@./6@ ,+I6'*I ;=)6NR YYYYYYYYYYYYYYYYYYYYYYYYYYY3 #4
Z[ /*;=.,MQ*I ) ;=)61N*H =189*?8M@ L1P1*I ) =189*?8M@ 67);=*/;=? ;=)6NR YYYY #4
\[ =)61N*I UR0?M) =1>17*' =189*?M) YYYYYYYYYYYYYYYYYYYYYY33 EE
][ 2>?; >/,+?=289 */.1< YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY Z!
3"3 =)61N*H M/*;=.,MQ*I L1P1*I YYYYYYYYYYYYYYYYYYYYYY33 Z"
3"3 3"3 189*?8M' 0>.'6) YYYYYYYYYYYYYYYYYY Z"
S />?; *)6.+1*@9/ M/*;=.,MQ*I9/ ;R;=@<, ;=)6NR Y33 YYYYYYYYYYYYYYYYYYYYYYYYYYYYY33 Z S 2;71J1M >.K0M,<, ;='6):I8I9/ ;=)6, YYYY Z4 S )6.+1*@ <)=1.?'7R ) 97)6*I M/*;=.,MQ*I >.6MR Y33
YYYYYYYYYYYYYYYYYYYYYYYYYYYYY33 Z4 S /J*/=R ,+?=*289( M7?<)=?8M289 ) J)7PI89 0)=I+1*I Y33
YYYYYYYYYYYYYYYYYYYYYYYYYYYYY33 ZE S '6.9 067'P=*I89 ) *1/N6RM7289 M8I3 *1N/ =1893 >/;=,>K
YYYYYYYYYYYYYYYYYYYYYYYYYYY3 ZE S ):?P=H*I ;=)61N*I :'<R YYYYYYYYYYYYY ZE S 189*/7/-?8M@ >/;=,>R >.)8I( M=1.@ NR </97R /67?6*?=
;=)N?7?=, M/*;=.,M81( >LI>)J*H ;/,;1J*I ;=)6NR Y33 3333333333333333333333333333333333333333333333333333333333333333333333333333333 ZE S ';)JR >./ >./6'JH*I N/,.)8I89 ) >/J89R8/6)8I89
>.)8I89 ) 0>16`/6)8I89 M/*;=.,M8I ) >/;=,>KYYY ZE S /+)J)6MR *) M/*=./7, 0)M.26)*289 M/*;=.,M8I8933 ZZ S 10*)< */.1<( >/,+?=289 >/JM7)JK( /JN/.*@ 7?=1.)=,.R )
62>/Q1=*I89 >./-.)<K YYYYYYYYYYYYY ZZ S >18?U?8M@ >/+)J)6MR *) /N;)9 ) ./0;)9 J/M,<1*=)81 YYYYYYYYYYYYYYYYYYYYYYYYYYY ZZ
3"3 3 =)=?8M@ >/;/,01*2 6RN.)*289 M/*;=.,M8I YYYYYYYYYYYYYYYYY3 Z\
)[ /;/,01*I 6RN.)*@ ;='6):I8I 0J? 6 " YYYYYYYYYYYYYYYYY3 Z]
3"34 /+'.*H N10>1Q*/;=*I L1P1*I YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY3 ]\
3"343" 189*?8M' 0>.'6) YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY ]\
S />?; N,J/6R YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY ]\
S H=.'*I N,J/6R YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY ]]
S D*?M/6@ 81;=R YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY ]]
YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY ]5
C ( a ( $F( & Y33
YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY33 5!
F _ YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY33 5"
L1J<H=1< =@=/ N)M)7'L;M@ >.'81 :1 0>.)8/6'*I >./:1M=/6@ J/M,<1*=)81 >./ ;=)61N*I LI01*I /N:1M=,( M=1.2< :1 NR=/62 JK< 0 M/*81 "53 ;=/71=I3 $1J*' ;1 / /NR=*2 J6/,>)=./62 ^4 [ 6 817@<
./0;)9, >KJ/.R;, >/J;M71>1*2 0JH*2 JK< 6 L)J/6@ 0';=)6NH 6 ,7?8? D;7)6;M'( QI;7) >/>?;*@9/ E 6 70*?3
7)6*I< =@<)=1< N)M)7'L;M@ >.'81 :1 M/<>71O*I .1M/*;=.,M81 ;='6):I8I Q';=? N,J/6R ) J'71
*'6.9 *';=)6NR ; >KJ*I 61;=)6N/, ; 817M1< J6H<) /NR=*2<? >/J7)+I<?3 /,Q';=I T>.)6R >.6*I9/
*)J01<*I9/ >/J7)+I " :1 >L?0>K;/N1*I NR=/6@ :1J*/=MR >./ ,+I6'*I /;/NR 3
1 ;=)=?8M@9/ 971J?;M) :;/, >/;/,01*R 6RN.)*@ M/*;=.,M81( *)>LIM7)J /6HL1*I T*/;*/;=?
JL16H*289 ;=./>K ; */6/, ;M7)JN/,( >/;/,01*I 0J? ) *'6.9 */6289 /817/N1=/*/6289 ;=./>K( M=1.@
:;/, *)6.+1*R 6 J6/.*I< =.)M=, /N:1M=,3
/,Q';=I N)M)7'L;M@ >.'81 :1 >/;/,01*I ;='6):I8I89 =1>17*H =189*?8M289 67);=*/;=I ;=)6NR )
*'6.9 69/J*@ ?0/7)813 0971J1< M1 ;='6):I8I *10J/N*@ ,7?Q*I ) J6/.*I U);'JH N,J1 *)6.+1*/ 0)=1>71*I 61PM1.289 ;=H*( M=1.@ :;/, 6 M/*=)M=, ; 6*H:PI< >./;=L1JI< =)M( )NR 6R9/6H7R ;/,Q);*2< >/+)J)6MK<
*) =1>17*H =189*?8M@ 67);=*/;=?3 .'<8? >/+'.*H N10>1Q*/;=*I9/ L1P1*I :1 >/;/,01*) T*?M/6' 81;=)3 /:1 6/7N) =@<)=, 1M/*;=.,M81 ;='6):I8I9/ /N:1M=, NR7) /67?6*H*) 01:<@*) ;/,Q);*/,
>/=L1N/, ?*61;=?8 J/ ;='6):I8I89 ;=).PI89 /N:1M=K( 0':<1< / 9?;=/.?8M@ /N:1M=R ) 6 *1>/;71J*I L)JH 67);=*I<? 0M,P1*/;=<? ; .1M/*;=.,M8I ;=).PI9/ /N:1M=,3
"!
!" #$%&'(')*+%, -#*.$
!"!" #*.$ / 0&*123
*4 56$1 0&*1278 CR=/62 JK< 701` D;7)6;M' E
24 ,0&/ 0&*1278 J.1;)b D;7)6;M' E( 701`( b
I;7/ >/>?;*@b 4"\
)=);=.'7*I T01<Ib 701`
I;7/ >).817Rb "!]Z 94 :$#;3& <=/.$)&/1> #/)?;$%&*9$8
=)61N*I >/6/71*I S /<>71O*I .1M/*;=.,M81 ) *';=)6N) /N:1M=, CR=/6@9/ J/<,
!"!@ #*.$ / 0&*1$2%,)/1'
$<@*/ ) LI:<1*Ib 1=. =).2 ^UR0?8M' /;/N)[
I;=/ =.6)7@9/ >/NR=,b :)< "#( 701`
!"!A #*.$ / 6<=*9/1*&$B' <=/.$)&/1> #/)?;$%&*9'
*4 ;>%/ * <:,.;$%,8 $)* +,-)*
C8 SSS
,0&/ </#%')5%,8 IJ7?P=H #"E( /,+?<
24 ;>%/ * <:,.;$%, DB*1%,D/ <=/.$)&*%&*8 $)* +,-)*
C,0B/E )&$=F; .$ 6*<05% 1 C 8 *1*I
76%*+$%F /2/=8 *1*I
<$9'*B'6*9$ *?&/='6*9$8 *1*I
.K0M,< ;=)6NR ^"!c !"4[
)=);=.'7*I <)>) ^ !"4[
K6/J*I
S KJ/.R; " ( " ( ( 4 S LIQ*2 L10
S KJ/.R; M./6,
!A #*.$ / -6$;,
*4 /60*D :$H$%>D/ -6$;,8 701`( D;7)6;M' E( >).817) Q3 "!]Z
24 #*.$ / /9D=*%3 -6$;, </#B$ .'%F9D <=51%,9D <:$#<'0G I<*;5&)/15 6J%*E 9D=5%3%>
-6$;,E 65<B*1/1> -6$;,8
/J =)=/ T01<I /N:1M= *1;>)J'3 94 #*.$ / /#&/)/1F9D </;3=$9D
N:1M= :1 *)>/:1* *) <I;=*I :1J*/=*/, M)*)7?0)8?
7/89) ;=L189Rb "# <
/,Q?*?=17 /J=/M,b !(!4 7c;d<
N:1< /J=/M, 6/JR 0) ;1M,*J,b Z(# 7c;
#4 #*.$ / 0/?B*#? 0 -6$;%3 <B5%/1*9, #/)?;$%&*9,E %$27B/ B' 17#5%/ -6$;%, =/6D/#%?&,E
%$2/ -6$;%, /<*&:$%,E </<:,<*#3 %$27B B' 17#5% -6$;%, 0/?DB*08
./:1M=/6' J/M,<1*=)81 :1 0>.)8/6'*) 6 ;/,7)J, ; T01<*I< >7'*1< <H;=) 70*H
$4 #*.$ / 0/?B*#? 0 -6$;%,; =/6D/#%?&,; %$2/ 1$:$.%/<=51%, 0;B/?1/? -6$;%, =/6D/#%?&,
%*D=*6?.,9, *%$2/ -6$;%,; 0/?DB*0$;E </<:,<*#3 0 =$K?B*+%,; <B5%$; 1 =/60*D?E 1$
)&$=>; %*D=*6?.$ -6$;%, =/6D/#%?&, * 1 <:,<*#3 0&*1$2%,9D -<=*1 </#;'L?.,9, 6;3%?
1 ?M,15%, 0&*127 -#*.$ / .$.,; 0/?DB*0? 0 -6$;%3 <B5%/1*9, #/)?;$%&*9,
./:1M=/6' J/M,<1*=)81 :1 *)6.+1*) 6 ;/,7)J, ; T01<*H >7'*/6)8I J/M,<1*=)8I ) 6 ;/,7)J, ; >/+)J)6MR J/=Q1*289 /.-'*K 61 ;=)61N*I< LI01*I
(4 #*.$ / #/#=M$%, /2$9%F9D </M*#*1)G %* 17?M'&, -6$;,
./:1M=/6' J/M,<1*=)81 :1 0>.)8/6'*) 6 ;/,7)J, ; >/+)J)6MR *) 6R,+?=I T01<I >/J71
>7)=*@ 6R97'PMR E!"c !!Z N3
K4 #*.$ / 0<B%3%, /2$9%F9D </M*#*1)G #/&+$%F9D /=K5%G
./:1M=/6' J/M,<1*=)81 :1 0>.)8/6'*) 6 ;/,7)J, ; >/+)J)6MR J/=Q1*289 /.-'*K Q?**289 61 ;=)61N*I< LI01*I3
D4 $6%*; 1F.';$) * -B$1/1F9D :$H$%,
;/,6?;7/;=? ; .1)7?0)8I ;=)6NR *1N,J1 6R+)J/6'*/ T716/6@ L1P1*I
"
=)6N) *16R+)J,:1 ;/,6?;1:I8I *1N/ >/J<?`,:I8I ?*61;=?81
.4 $6%*; </6$;)G * 0&*1$2 #/&+$%F9D <=/15#3%,; 0&*127 I</#B$ )*&*0&=? %$;/1'&/0&,4
N18 701`
I;7/ >).817R "!4Z
.,9 >/01<M, );=)6H*' >7/89) ) *'J6/LI
/0<H.R >).817R ]O""(#< e 4"5( <
):?=17@ >/01<M,b
"!]Z ':1M 1=. 6/*M/6' 4"Ec ( 701`
):?=17@ ;/,;1J*I89 >/01<MK
3 3 $<@*/ 67);=*IM) J.1;) 67);=*IM) .,9 >).817R
"!]E % ;3.3/3 %,J*1./6) "E( 701` );=)6H*' >7/89) f *'J6/LI
"!]# />?*M) .)*=?P1M 4"( 1NI7/6R );=)6H*' >7/89) f *'J6/LI
"!5"c" />?*M) .)*=?P1M 4"( 1NI7/6R )9.)J)
"!5"c />?*M) .)*=?P1M 4"( 1NI7/6R )9.)J)
"!5 .'-./6' ?71*) '87)6) &'.R #]#( LIN.)< )9.)J)
"!]\ $)./7I< '87)6 D;7)6;M' \( 701` )9.)J)
"!]] $)./7I< '87)6 D;7)6;M' \( 701` );=)6H*' >7/89) f *'J6/LI
!N #*.$ / 0&*123
*4 /15 0&*12* %$2/ 6;3%* #/)/%+$%> 0&*127
$1J*' ;1 / 0<H*, J/M/*Q1*@ ;=)6NR 24 +$B ?M,15%, 0&*127
DQ17 ,+I6'*I /N:1M=,( :)M/ NR=/6@9/ J/<,( 0K;=)*1 *10<H*H*3 94 =1*B5 %$2/ #/+*0%5 0&*12*
.6)7' ;=)6N)
#4 #*.$ / /9D=*%3 0&*127 </#B$ .'%F9D <=51%,9D <:$#<'0G I)?B&?=%, <*;5&)* *&#!4 1:1J*' ;1 / M,7=,.*I >)<'=M,( *160=)9,:1 ;1 *) *? /89.)*)
$4 #*.$ / #/#=M$%, &$9D%'9)F9D </M*#*1)G %* 0&*127 * /2$9%F9D &$9D%'9)F9D </M*#*1)G 6*2$6<$+?.,9,9D 2$62*='>=/1> ?M,15%, 0&*1$2
./:1M= :1 0>.)8/6'* 6 ;/,7)J, 6R97'PM/, 45]c !!5 N3 / /N18*289 =189*?8M289
>/+)J)68I89 0)N10>1Q,:I8I89 N10N).?@./6@ ,+I6'*I ;=)61N
<:$#<'0G
./:1M= :1 0>.)8/6'* 6 ;/,7)J, ; >/+)J)6MR J/=Q1*289 /.-'*K K4 $6%*; 1F.';$) * -B$1/1F9D :$H$%,
./:1M= *16R+)J,:1 T716/6' L1P1*I
D4 *1=D/1*%> )*<*9'&7 0&*127
S );=)6H*' >7/89) "#\ <
S N1;=)6H*2 >./;=/. 5#! <4
S +?=*' >7/89) \54 <
'4 /+$& (?%)+%,9D .$#%/&$) * .$.'9D 1$B')/0& * </+$& ?M'1*&$BG
/#B*M, /+$& 27&/1F9D .$#%/&$) /#B*D/15 <B/9D* %*1=M$%F9D /27&%F9D <=/0&/=G
/+$& ?M'1*&$BG
" ! "!Z(] < !
" ^ [ " "4\( < "
"#](] < E
4 "E](E < E
# "Z (] < E
E "Z (] < E
$B)$; O PQREO ;@ @"
.4 5)B*#%, 2'B*%9$ 0&*127
>/=L1N) 6/JR *) /;/N, ) J1*b " ! 7?=.K
/Q1= /NR6)=17b " /;/N
17M/6' ;>/=L1N) 6/JR *) J1*b E ! 7?=.K
)4 5)B*#%, <:$#</)B*#7 1F0&*127 );/6@ TJ):1 / .1)7?0)8? ;=)6NR
)9':1*Ib CL101* !"E M/*Q1*Ib ?;=/>)J !"E B4 ='$%&*+%, %5)B*#7 0&*127
1*) :1 /J9)J/6'*) *) Z <?73 Q
"#
C,J/6) *1*I ./0JH71*) *) :1J*/=7?6@ ;=)61N*I /N:1M=R3
$9D%'9)5 6*:,6$%,
)[ M7/>*' >7/P?*) 18/< Z# >./ /;/NR
S $1 *)6.+1*) 6 >./;=/., 97)6*I 89/JNR >L? 6;=,>, 0 ,7?Q*I9/
>./;=/., >./ >L1M/*'*I 6R./6*'6)8I9/ ;89/J?P=H 61 62P81 ]!!<< <10? ;*I+1*/, Q';=I 89/JNR ) T./6*I " 3 C,J1 / ./0<H., ]4!O\!! <<3 /JI8I M/71:*?81 N,J1 ,M/=61*) J/
0J? ) N,J1 <I= PILM, " !<< ) J@7M, E!!<3 N[ 2<H*IM/6' ;=)*?81
S 2<H*IM/6' ;=)*?81 :1 *)6.+1*) 6 " 6 <I;=*/;=? !3!\3
=)*?81 N,J1 *)>/:1*) *) 9/.M/6/J 0 ,7?Q*I ;I=H ) N,J1
;7/,+?= M >LI>.)6H ) M 6R='>H*I /N:1M=,3 _1P1*I ./06/J, =1>7) *1*I ;/,Q';=I 3
8[ /J/6/J
S ='6):I8I 6/J/6/J*I >LI>/:M) N,J1 6R<H*H*) 0) */6/, >L?
6R,+?=I ;='6):I8I9/ *)>/:1*I3 C,J1 >./61J1* */62 ./06/J 6/JR >/ /N:1M=,3 7)6*I ,0'6H. 6/JR N,J1 ,<I;=H* 6 " 3
/J/<H.R N,J/, >./61J1*R >./ M)+J/, NR=/6/, :1J*/=M, 067'Pg3 _1P1*I 6/J/6/J*I89 ./06/JK *1*I
;/,Q';=I 3 J[ 71M=./?*;=)7)81
S $1 *)6.+1*) 62<H*) ;='6):I8I89 ./06/JK 6 817@<
/N:1M=,3 C,J1 >./61J1*) */6' ./06/J*' ;MLI`( M=1.' ;1 N,J1 *)89'01= 6 >./;=/., 89/JNR 6 " 3 /6@
171M=./<H.R ) >/:?;=*@ ;MLI`MR N,J/, ;?=,/6'*R 6 >./;=/., 89/JNR ) N,J/, >./61J1*R >./ M)+J/, NR=/6/, :1J*/=M, 067'Pg3 ./ M)+J2 NR= N,J1 >./61J1*)
*/6' =171U/**I >LI>/:M)3 _1P1*I ./06/JK *1*I ;/,Q';=I 3
1[ )*)7?0)81
S ;/,Q);*@< ;=)6, :1 J1Pg/6' 6/J) ;61J1*) J/ <I;=*I :1J*/=*@ M)*)7?0)81 ) ;>7)PMR 01 ;='6):I8I9/ a :;/,
;61J1*R J/ +,<>R 6 >./;=/., J6/.)3 ='6):I8I
*16R9/6,:I8I ,;>/L'J'*I N,J1 0.,P1*/( +,<>) N,J1
>L1N1=/*/6'*)3 C,J1 >./61J1*) */6' >LI>/:M)(
M)*)7?0)Q*I >/=.,NI ) *)>/:1*I 0)LI01*I3 >7)PMR N,J/,
;61J1*R J/ <I;=*I :1J*/=*@ M)*)7?0)813 16?0*I P)89=) N,J1 >./61J1*) 6 " 6 <I;=*/;=? !3!"3 _1P1*I M)*)7?0)81
*1*I ;/,Q';=I =@=/ 3 U[ 7R*/6/J
S N:1M= N,J1 *)>/:1* *) <I;=*I ./06/J >7R*, 6 ,7?8?
D;7)6;M'3 _1P1*I >7R*/6/J, *1*I ;/,Q';=I 3
!" /<'0 -6$;, 0&*127
*! D*=*)&$='0&')* 0&*1$2%,D/ </6$;)?
/01<1M ;1 :1 ;?=,/6'* 6 0);=)6H*@< T01<I 6 L)J/6@ 0';=)6NH 8?917*289 NR=/6289 /N:1M=K3 7?Q*I =.)M= :1 /9.)*?Q1* 89/J*IM1<( J6/.*I =.)M= :1 /9.)*?Q1*
>./;=/.1< J6/.)3 /01<1M :1 01 J6/, ;=.)* /9.)*?Q1* ;/,;1J*I<? /N:1M=R3 6).
>/01<M, :1 /NJ@7*IM/62( /0<H. :1 ""(# O ] <1=.K
2! F+$& * 6513=7 <=/1$#$%F9D <=G6)?;G * =/62/=G IK$/B/K'9)F <=G6)?;E D7#=/B/K'9)F <=G6)?;E 0&*1$2%3 D'0&/='9)F <=G6)?;4
$1J*' ;1 / ;='6):I8I /N:1M=( *1NR7 >./6'JH* -1/7/-?8M2( )*? 9RJ./7/-?8M2
>.K0M,<3
CR7 >./6'JH* ;=)61N*I >.K0M,< >/</8I ;/*J 0) TQ171< 0:?P=H*I ;/,Q);*@9/
;=)6, M/*;=.,M8I N,J/6R3 $1J*)7/ ;1 >.?<'.*H / ;='6):I8I JL16H*@ ;=./>R( M./6( M71*NR ) ;=)6 */;*@9/ ) 62>7`/6@9/ 0J?6)3
'6H. >./61J1*@9/ >.K0M,<,b
S L16H*@ ;=./>R *16RM)0,:I +'J*@ ;*I+1*I T*/;*/;=? )*?
*)>)J1*I PMKJ8?
S J?6/ 6 " :1 *)6797@ N10 ;*I+1*I T*/;*/;=?
S ./6( M71*NR( ;89/J?P=H ) /;=)=*I 0JH*@ M/*;=.,M81
*16RM)0,:I +'J*@ >/.,89R 9! &51*.,9, /9D=*%%5 * 2$6<$+%/0&%, <50;*
N:1M= *1*I ;?=,/6'* 6 /89.)**@< )*? N10>1Q*/;=*I< >';<,
#! /B/D* 16DB$#$; ) 65<B*1/1>;?E </##/B/1*%>; -6$;, *</#!
N:1M= *1*I ;?=,/6'* 6 0'>7)6/6@<( >/JJ/7/6)*@< *1N/ :?*@< *1>LI0*?6@<
T01<I3
$! B'1 0&*127 %* /)/B%, 0&*127 * </6$;)7E /9D=*%* /)/B,E 1B'1 0&*127 %* /#&/)/1>
</;3=7 1 -6$;,!
N:1M= *1N,J1 <I= 67?6 *) /M/7*I ;=)6NR3 ./ >/=L1NR 0';/N/6'*I <)=1.?'7,(
/J6/0, ;=)61N*I ;,=? ) ;=)6N, 71P1*I N,J1 >./61J1* 0'N/. >L?7197@9/ 89/J*IM,3 L? *)M7'J'*I ; /J>)J1< ;1 N,J1 >/;=,>/6)= 6 ;/,7)J, ; 6R97'PM/, "]Ec !!"
N3 'M/*) / /J>)J1893 C,J/6) *1N,J1 >./J,M/6)= +'J*@ PM/J7?6?*R 6R>/,P=H*@ J/
/60J,PI3 CH91< 62;=)6NR N,J1 J/J.+/6'* ;/,7)J ;1 ;<H.*?8I \ c !"" N3 / /89.)*H 0J.)6I >L1J TQ?*MR 97,M, ) 6?N.)8I3 '71 N,J/, J/J.+1*R 0';)JR /89.)*R >./=? 97,M, 6 ;/,7)J, ; E]c !!! N3 'M/*) / /89.)*H 61L1:*@9/ 0J.)6I3 ;/,7)J, ; *)LI01*I<
"#]c !!Z N3 *1N,J1 ;<H= N2= >L1M./Q1*) <)O?<'7*I 97)J?*) 06,M, 1X(; eR # ! 1PM1.2 ;=)61N*I /J>)J N,J1 ,.R8971*H J1>/*/6'* *) ;M7)JM, 6 9/=IM/6H 0 JK6/J, <?*?<)7?0)81 >.)P*/;=?3 *1Q?P=H*I >KJR ) >/J01<*I 6/JR *19./0I3
(! /M*#*1)7 %* *0*%*9$E #$;/B'9$E )59$%, #:$1'%
N:1M= *16R+)J,:1 J/J)=1Q*@ );)*)81( J1</7?81 ) M'81*I JL16?*
"Z (?%)9' B$0*
./:1M= *16R+)J,:1 0'N/. >KJ*I9/ U/*J,( )*? 71;)3
D! 6$;%3 &$9D%'9)> </#;,%)7 I6$.;>%* ;/M%/0& %*</.$%, %* 0&51*.,9, #/<=*1%, *
&$9D%'9)/? '%(=*0&=?)&?=?4
)>/:1*I :1 >./61J1*/ *) ;='6):I8I 89/J*IM 6 ,7?8? D;7)6;M'3 '71 N,J1 6R<H*H*) ;='6):I8I 6/J/6/J*I( M)*)7?0)Q*I ) >LI>/:M) 0 ,7?81 D;7)6;M'3 ./ =R=/
>LI>/:MR 6 ,7?8? D;7)6;M' N,J1 6R,+?=/ ;='6):I8I89 *)>/:1*I3 $1 ./6*H+ *)6.+1*/ */6@
>L?>/:1*I M 9/.M/6/J,( >7R*/6/J, ) M =171U/**I ;I=?3
'! 39%> * +*0/1> 1*627 0&*127E </#;'L?.,9,E 171/B*%> * 0/?1'0$.,9, '%1$0&'9$
=)6N) *1<' +'J*@ Q);/6@ ) 6H8*@ 6)0NR ) 6R6/7)*@ ) ;/,6?;1:I8I ?*61;=?813
!@ $B)/1F </<'0 0&*127
!@!" +$B ?M,15%,E 9$B)/1> )*<*9'&7 (?%)+%,9D .$#%/&$) N:1M= N,J1 ;7/,+?= :)M/ NR=/62 JK<
)6.9/6)*@ M)>)8?=R /N:1M=,
S );=)6H*' >7/89) "#\ <
S N1;=)6H*2 >./;=/. 5#! <4
S +?=*' >7/89) \54 <
S /Q1= *)J01<*I89 >/J7)+I E S /Q1= >/J01<*I89 >/J7)+I89 "
17M/6@ M)>)8?=R U,*MQ*I89 :1J*/=1M
/#B*M, /+$& (?%)+%,9D .$#%/&$) *<*9'&* 27&G /+$& ?M'1*&$BG
" ! ! !
" ^ [ " "f" "
"f" ) f" ) 4
4 "f" ) f" ) 4
# "f" ) f" ) 4
E "f" ) f" ) 4
$B)$; O @"
!@!@ $B)/1> ?=2*%'0&'9)> * *=9D'&$)&/%'9)> :$H$%,
*! =2*%'0;?0
6$;%, =$K?B*9$
/ >./61J1*I .1M/*;=.,M81 0K;=)*1 89).)M=1. /N:1M=, 0)89/6'*3 L1N1* ;=L189R N,J1 6 */6@< ;=)6, >L16RP/6)= / E <1=.K /M/7*I L)J/6/, 0';=)6N,3 ='6):I8I TQ17 /N:1M=, >./ NRJ71*I 0K;=)*1 0)89/6'*3
$1J*' ;1 / 8?917*2 /NR=*2 /N:1M= 6 L)J/6@ 0';=)6NH 0 M/*81 "53 ;=/71=I3 1 ;='6):I8I< ;=)6, :1 /N:1M= J6/,>)=./62 ^4 [( >7*H >/J;M71>1*2 6 817@< ./0;)9, >KJ/.R;,3 NR=*' :;/, =L? ;='6):I8I
*)J01<*I >/J7)+I3 N:1M= :1 M/*;=.,MQ*H L1P1* :)M/ >/J@7*2 J6/,=.)M=3 7)6*I 89/JN) :1 6 ) 4
;?=,/6'*) 6 J6/.*I< =.)M=,3 " :1 89/JN) ;?=,/6'*) *)>LIQ 8172< /N:1M=1< ; 6;=,>R 0 >./;=/., ,7?81 ) J6/.)3 /<,*?M)81 <10? :1J*/=7?62<? >/J7)+I<? :1 =6/L1*) 6L1=1*/62<? ML?6/Q).2<? *1N/
>LI</Q).2<? :1J*/.)<1**2<? ;89/J?P=? ; +,7/62<? ;=,>*?3 ./;=/. ;89/J?Pg >LI</ *)6)0,:1 *) 89/JN/62 >./;=/.3 /<,*?M)81 <10? # ) E N,J1 0):?P=H*) /817/62< ;89/J*?8/62< ;89/J?P=H<3
6H=7' 62PM) >./;=/., " :1 /J "(5 >/ (4 <1=.K 6 0'6?;7/;=? *) 62P81 6)71*289 M71*1N3
" ) *)J /NR=*2<? <I;=*/;=<? 6 ,7?Q*I< =.)M=, :1 ;6H=7' 62PM) 4( E<3 J6/.*I<
=.)M=,( MJ1 :1 *)6.+1* */62 >/J971J N,J1 ;6H=7' 62PM) (5EE<3 4 N,J1 ;6H=7' 62PM) 6 817@<
./0;)9, >KJ/.R;, (5EE<3 1 # :1 *)6.+1*) ;6H=7' 62PM) (]E <1=.,( 6 >KJ*I 61;=)6NH ^E [ :1
;6H=7' 62PM) *)6.+1*) (Z< 6 <I;=H 6/J/./6*@9/ >/J971J,( 0)6HP1*@9/ *) M71P=?*'893
>/J971J :1 6 *1817@ >/7/6?*H >7/89R <I;=*/;=I 6 ,7?Q*I< =.)M=, *)6.+1* 0M/;1*2( 0)6HP1*2 *) M./M6I893
='6):I8I J?;>/0?81 *16R9/6,:1 ;/,Q);*2< >/+)J)6MK< *) NRJ71*I ) *) 9R-?1*,3 .'<8?
.1M/*;=.,M81 ) 0LI01*I */6289 NR=/6289 :1J*/=1M :1 *)6.+1*/ >./>/:1*I ;='6):I8I89 ;)</;=)=*289 NR=/6289 :1J*/=1M3 J6/.*I< =.)M=, 6 ) 4 6 .'<8? M)+J@ NR=/6@ :1J*/=MR :1 *)6.+1*/
./0JH71*I ;='6):I8I89 /NR=*289 >./;=/.K *) >./;=/.R >L1J;I*H( M,89R*H ) 9R-?1*?8M@9/ 0)LI01*I(
;1;='6):I8I9/ ;1 0 a ) M/,>17*R3 " :1 a ) M/,>17*) 6 .'<8? NR=/6@ :1J*/=MR >./ /;/N,
*)6.+1*) 6 :1J*@ <I;=*/;=? 0 JK6/J, 0):?P=H*I 6H=PI9/ >./;=/.,3 1 0N26):I8I89 >./;=/.'89 " N,J1
;?=,/6'*) M/Q'.M'.*)( TM7?J ) ;M7)J3
1PM1.' ;='6):I8I( >./ M)+J@ >/J7)+I ;>/71Q*' a N,J/, 0.,P1*) ) >./;=/. N,J1 >L1<H*H* *) M/</.R3 >I+1 *) 89/JN'89 N,J/, 0)0JH*R3
.'<8? *';=)6NR ^# ) E [ N,J1 ,+?=/ ;=1:*@ J?;>/0?Q*I L1P1*I :)M/ 6 ) 4 3
2! =9D'&$)&/%'9)> :$H$%,
/;</6'9$ &1*=/1>D/ :$H$%,
N:1M= <' >KJ/.R; /NJ@7*IM/6@9/ =6)., ./0<H.K ""(#O" (E< ; Q';=1Q*H >L1J;)01*2<
>./;=/.1< ;89/J?P=H( 81*=.'7*I 89/JNR ) ;='6):I8I89 a 3 );'J) :1 61 ;='6):I8I< ;=)6, 97)JM' N10 0J/N1*I3 ='6):I8I ;=L189) :1 ;1J7/6'( *)J >./;=/.1< ;89/J?P=H ) Q';=I 89/JNR :1 ;?=,/6'* 6?M2L( M=1.2 :1 >L1J;)01* J/ J6/.*I9/ >./;=/., ) M=1.2 :1 =)M@ 0);=L1P1* ;1J7/6/, ;=L189/,3 )J ;='6):I8I<? a :1
;?=,/6'*) ;*I+1*' >,7=/6' ;=L189)3
';=)6N) :1 *)6.+1*) / ;=1:*@< >KJ/.R;*@< =6).,( :1J*' ;1 / /NJ@7*IM ; Q';=1Q*H
>L1J;)01*2< >./;=/.1< ;89/J?P=H3 /6H *)6.+1*' ;=L189) *)J *';=)6N/, N,J1 ;1J7/6' ; 6?M2L1< ;1
;1J7/6/, ;=L189/, ;?=,/6)*2< *)J >L1J;)01*2< >./;=/.1< ;89/J?P=H( 89/JNR ) M/</.3 L1N1*
;=L189R :1 *)6.+1* ./6*/NH+*H ; ,7?8I D;7)6;M'3
"]
='6):I8I ;6?;7@ */;*@ M/*;=.,M81 :;/, >./61J1*R 0 8?917 >7*289 U/.<'=, 5!O"#!OZE<<3 'M7)JR /N:1M=, :;/, ; /971J1< *) M/*;=.,MQ*I ;R;=@< ) J/N, 62;=)6NR =6/L1*R 0JH*2<? 0'M7)J/62<?
>);R3 /6@ */;*@ 0J? *';=)6NR :;/, *)6.+1*R 0 =6'.*?8 ## f ) 4! f 3
L1=1*/6' 01h ) >?7ILMR :;/, *)6.+1*R 0 *) 3
);=./>1*I >./;=/.K 6 817@< >KJ/.R;, " ) ;='6):I8I89 >./;=/.K 89/J1N ) a :1 >./61J1*/
8?917*2<? 6)71*2<? M71*N)<?3 .'<8? .1M/*;=.,M81 :1 *)6.+1*/ 01;I71*I M71*1N C ;M/L1>?*/, *)J
" 6 J6/.*I< =.)M=, >/J /NR=*2<? <I;=*/;=<?( 60971J1< M *)6.9/6)*@<, 0)7/+1*I >LIQ1M3
)J /NR=*2<? <I;=*/;=<? 6 " ( ) 6 817@< ./0;)9, >KJ/.R;, *)J 4 :;/, 61 ;='6):I8I<
;=)6, >./61J1*R JL16H*@ =.'</6@ ;=./>R3 J6/.*I< =.)M=, :1 *)6.+1*) 62<H*) JL16H*289
=.'</6289 ;=./>K 0) C ;=./>R3 )J 4 N,J/,( 60971J1< M /J;=.)`/6'*I ;=L1P*I M/*;=.,M81 ) Q';=?
*/;*289 0JI( >./61J1*R C ;=./>R 6 >7*@< ./0;)9, >KJ/.R;,3
;/,Q);*@< ;=)6, <' U);'J) ;6H=71 P1J/9*HJ/, N).6,( ;='6):I8I M.R=?*) :1 >./61J1*) 0 1=1.*?=, ) <' N).6, ;6H=71 P1J/,3 ?*=1.?@., 6 .'<8? ;=H* ) ;=./>K :1 >./61J1*) NI7' <)7N)3 /6' U);'J*I <)7N) :1 *)6.+1*) ;6H=71 N@+/6@ N).6R3 C).16*@ >./61J1*I ?*=1.?@., N,J1 09/=/61*/ >/J71
>L'*I ?*61;=/.)3 =L1P*I M.R=?*) :1 *)6.+1*) 0 1<N.?=, 1;M' P)N7/*) =<)6H 9*HJ@ N).6R3
='6):I8I 62>7*H /M1**I89 /=6/.K :;/, >./61J1*R :)M/ J6/:?=' P>)71=/6' /M*)3 .'<8?
.1M/*;=.,M81 :1 *)6.+1*/ :1:?89 /J;=.)*H*I ) *)9.)01*I 0J6/:1*2<? >7);=/62<? /M1**I<? 62>7*H<?3 /6@ 0'.,N*H J61LI :;/, *)6.+1*R /817/6@ .'</6@( MLIJ7) J61LI N,J/, >/,+?=) JL16H*'3
='6):I8I >LIQMR :;/, >./61J1*R 0 *1N/ :)M/ JL16H*@3 " ) <10? ;='6):I8I<? a N,J/, JL16H*@ >LIQMR /J;=.)*H*R ) N,J/, >./61J1*R */6@ JL16H*@ >LIQMR3 ./ ./0JH71*I ;='6):I8I89
<I;=*/;=I 6 J6/.*I< =.)M=, *) ;)</;=)=*@ >./;=/.R :;/, *)6.+1*R >LIQMR ] f 6R0JH*@
*) 6'>1*/81<1*=/6/, <)7=,( :1:?89 0)7/+1*I N,J1 >./61J1*/ *) N1=/*/6@ ;M/L1>?*H *)J M71*N)<?(
*1N/ *) */6289 /817/N1=/*/6289 ;=./>1893
,7?Q*I< =.)M=, 6 *';=)6NH >)M N,J/, /;)01*R ;'J./M).=/*/6@ >LIQMR % 3
)6.+1*@ >/J971JR >/J C ;=./>1< ) 6 >/JM./6I N,J/, >./61J1*R :)M/ % ;1
;'J./6/, /<I=M/,3 /J JL16H*2<? ;=./>R :1 61 ;='6):I8I< ;=)6, >./61J1*/ JL16H*@ >/JN?=I ; /<I=M/,
*) .'M/;3 0971J1< M J/N.@<, ;=)6, N,J1 6 >LI>)JH >/*189'*I JL16H*289 ;=./>K 0)89/6'*/3 /6@
/<I=MR 6 ?*=1.?@., N,J/, >./61J1*R 0 6'>1*/81<1*=/6@ <)7=R3
)J >K6/J*I<? JL16H*2<? ;=/>R 6 ,7?Q*I< =.)M=, N,J1 >/,+?=) */6' ;M7)JN) >/J7)9R "( *)J C ;=./>R >)M >/J7)9) ^J1=)?7 :1 6 >LI7/01 S ;M7)JN) >/J7)9 3"3 3 [3 ='6):I8I JL16H*@ >/J7)9R
*) >/7P='LI89( *1N/ >/J7)9R ; M1.)<?8M/, J7)+N/, N,J/, /J;=.)*H*R ) =/ 6Q1=*H *';R>,3
/*;=.,M81 M./6, N,J1 >./61J1*) 01 JL16)3 J6/.*I< =.)M=, :1 >./ >L1*'P1*I 0)=I+1*I /J
;7/,>MK *)6.+1* C */;*IM3
/N:1M=, :;/, 61 ;='6):I8I< ;=)6, =L? M/<I*/6' =H71;) 0 /;=L1 >'71*289 8?9173 0971J1<
M >L?>/:1*I N,J/6R *) 9/.M/6/J N,J/, *16R,+?=@ M/<I*R ./01N.'*R >/J T./61` *)6.9/6)*@9/ 6H*81
*)J 4 ) >.KJ,89R 0)N1=/*/6'*R3
='6):I8I M)<1**' +,7/6' ;89/J?P=H N,J/, >/*189'*) 61 ;='6):I8I< ;=)6,( <10? # ) E N,J1 /;)01*/ /817/6@ ;89/J*?8/6@ ;89/J?P=H ; >./=?>/+'.*I< *'=H.1<3
$B)/1> <=/1/6%, :$H$%,
7)6*I M/<,*?M)8I /N:1M=, :1 97)6*I 89/JN)3 / >./;=/., 89/JNR <' /N:1M= :1J1* 6;=,>
0 >./;=/., ,7?81 D;7)6;M'3 /,Q';=I >/01<M, :1 J6/.*I >./;=/.( M=1.2 :1 ;?=,/6'* 0) 0)J*I Q';=I N,J/6R3 6/.*I >./;=/. :1 ./6*H+ >LI;=,>*2 0 >./;=/., 89/JNR 0)J*I< 6289/J1<3
7)6*I 89/JN) :1 6KQ? /N:1M=, ;?=,/6'*) >LIQ*H3 ) >./;=/. 89/JNR >LI</ *)6)0,:1 >./;=/.
;89/J?P=H3 >./;=/., 89/JNR :;/, >./61J1*R 6;=,>R J/ 6P189 NR=/6289 :1J*/=1M3
K6/J*I NR=/6@ :1J*/=MR :;/, L1P1*R :)M/ :1J*/>/M/:/6@( >LI>)J*H J6/,>/M/:/6@3 ='6):I8I a :1 ;?=,/6'*/ *) 89/JNH ) :1 ;>/71Q*@ >./ M)+J@ /NR=*@ >/J7)+I3 1*=/ ;=)6 :1 60971J1<
M ;/,Q);*2< >/+)J)6MK< *) NRJ71*I *16R9/6,:I8I3 /6@ NR=/6@ :1J*/=MR :;/, =1JR *)6.+1*R ; ,;>/L'J'*I< "f" *1N/ f"( ; 67);=*I M/,>17*/, ) a 3 /6@ ,;>/L'J'*I :1 *)6.+1*/ ;>/:1*I<
;='6):I8I89 NR=/6289 :1J*/=1M ) J'71 >)M ./0JH71*I< /NR=*289 >./;=/. 6 J6/.*I< =.)M=, *) :1J*/=7?6@
<I;=*/;=? 9R-?1*?8M@9/ 0)LI01*I( >L1J;I*H ) M,89R*H( >LI>)J*H *) TM7?J, ) ;M7)J,3 K6/J*I ;>/71Q*' a N,J/, >L1<H*H*) *) M/</.R3
CR=/6' :1J*/=M) 6 " N,J1 >L?0>K;/N1* >./ /;/NR 6 ;/,7)J, ; 6R97'PM/, 45]c !!5 N3
" ;1 J'71 *)6.+1*) M/Q'.M'.*)( ;M7)J ) TM7?J/6' <I;=*/;=3
" :;/, ;?=,/6'*R 61 ;='6):I8I< ;=)6, Mi:1 >./ ;M7)J/6'*I ,97I >./ /NR6)=1713 1 J6/.*I<
=.)M=, 6 716@ Q';=? N,J/6R :1 *)6.+1*) =189*?8M' <I;=*/;= ; 62<H*IM/6/, ;=)*?8I( 6 /;=)=*I89
>./;=/.189 :1 *)6.+1*/ >/*189'*I ;/,Q);*@ U,*M81 ;M7)J,3
>/J7)+I89 )+ E :;/, *)6.+1*R NR=/6@ :1J*/=MR "f" ; /N26)8I< >/M/:1<( >L1J;I*I(
M,89R*I( /JJH71*2< a ) M/,>17*/,( J?<1*0/6)*@ >./ /NR6)=171( ) NR=/6@ :1J*/=MR f"( M=1.@
:;/, *)6.+1*R *)6I8 ; 7/+*?8I ) :;/, J?<1*0/6'*R >./ 4 /NR6)=1713 =/<=/ NR=H :1 6;=,> J/ 7/+*?81
*)6.+1* >L1; /N26)8I >/M/:( :?*@ L1P1*I *1*I 60971J1< M 6*?=L*I<, ,;>/L'J'*I </+*@3
$9D%/B/K'$ 1F=/27
N:1M= *1*I ,.Q1* >./ 62./N,
!@!N $62*='>=/1> ?M,15%, 0&*127
./ N10N).?@./6@ ,+I6'*I ;=)6NR :1 ,>.)61*) NR=/6' :1J*/=M) 6 " ( ) =/ 6 ;/,7)J, ; 6R97'PM/, 45]c !!5 N3 / 6;=,>*I89 J61LI 0 >./;=/., ,7?81 N,J/, /;)01*R >L1*/;*@ J6/,JI7*@
=171;M/>?8M@ M/71:*?813 ='6):I8I J6/,MLIJ7@ J61L1 N,J/, *)9.)01*R :1J*/MLIJ72<? ; /=16I.'*I<
>/</8I >'M/6@9/ 0)LI01*I ,.Q1*@9/ >./ /;/NR 3 L1; 6R./6*'6)8I ;89/J?P=H <10? ;*I+1*/, T./6*I 89/JNR ) T./6*I " / 62P? ]!!<< N,J1 /;)01*) ;M7/>*' >7/P?*) 18/< Z# ; </=/.?0/6)*2<
;M7'>H*I< / ./0<H., ]4!O\!! <<3 /JI8I M/71:*?81 N,J1 ,M/=61*) J/ 0J? ) N,J1 <I= PILM, " !<<(
J@7M, >)M E!!<<3 ;=,>*I J61L1 J/ NR=/6@ :1J*/=MR >./ /;/N, N,J/, /;)01*R >.)91< / 62P81
"E <<3 ;=)=*I J61L1 6 .'<8? NR=/6@ :1J*/=MR >./ /;/N, :;/, *)6.+1*R :)M/ N10>.)9/6@3 P189*R J61L1 :;/, *)6.+1*R / ;6H=7@ PIL81 5!!<< ; >/</8*2< <)J71<3 M)+J@ <I;=*/;=? :1
*)6.+1* >./;=/. >.K<H., "E!!<< >./ /=/Q1*I ?*6)7?J*I9/ 6/0IM, / 4Z!j3 M,89R*? :1 *)6.+1*) M,89R`;M' 7?*M) ; >.)8/6*I >7/89/,( >/J M=1./, N,J1 <I;=/ >./ 0):1=I ; 6/0IM1< / 62P81 5!!<<3
/,>17*) ) a :;/, *)6.+1*R 6 :1J*@ <I;=*/;=?( :1 0J1 *)6.+1*/ a >./ ?*6)7?JR ) ;>.89/62 M/,= /
!
./:1M=/6' J/M,<1*=)81 :1 0>.)8/6'*) >/J71 >7)=*@ 6R97'PMR Z]c !!5 N / =189*?8M289
>/+)J)68I89 *) ;=)6NR( :I+ :1 C10>1Q*/;= >L? ,+I6'*I ;=)6NR ;/,Q';=I3
!@!R 5)B*#%, 9D*=*)&$='0&')* /2.$)&?
*! &*1$2%, :$H$%,
$1J*' ;1 / 0JH*2 /N:1M= 0 M/*81 "53 ;=/71=I( ;?=,/6'* 6 L)J/6@ 0';=)6NH 6 ,7?8? D;7)6;M'3 1
;='6):I8I< ;=)6, :1 /N:1M= J6/,>)=./62 ^4 [( ;1 =L1<? /NR=*2<? >/J7)+I<?3 $1 >/J;M71>1* 6 817@<
./0;)9, >KJ/.R;,3 N:1M= :1 ;R;=@<1< */;*289 0JI >/J@7*2 J6/,=.)M= ; >LIQ*H /.?1*=/6)*/, 81*=.'7*I 89/JN/, ) 6;=,>1< 0 >./;=/., ,7?81 D;7)6;M'3 */6@< ;=)6, :1 *)6.+1*) *';=)6N) ;1 J6H<) /NR=*2<? >/J7)+I<? # ) E ( E :1 *)6.+1*/ :)M/ >/JM./6*I >/J7)+I3
1'0B> %/0%> )/%0&=?)9$
='6):I8I ;6?;7@ */;*@ M/*;=.,M81 :;/, 0JH*@ 0 8?917 / =7/,Pg81 /J \E!<< J/ 4!!<< *) <)7=, 6'>1**/,3 /6H *)6.+1*@ */;*@ 0J? *';=)6NR :;/, *)6.+1*R 0 N7/MK ## f ) 4! f ( 6 >LI>)JH 6L1=1*/6289 0JI ) >?7ILK 0 3 /6H *)6.+1*@ 0J?6/ N,J1 >./61J1*/ *) 3
/#/=/1%> %/0%> )/%0&=?)9$
='6):I8I 6/J/./6*@ */;*@ M/*;=.,M81 :;/, 0 8?917*289 6)71*289 M71*1N *)J " ) 89/JN)<?3 )J /NR=*2<? <I;=*/;=<? ) 6 817@< ./0;)9, *)J 4 :;/, ;=./>R M7);?8M@ JL16H*@ =.'</6@
>/7/;>)7*@3 J6/.*I< =.)M=, N,J/, ;='6):I8I JL16H*@ ;=./>R 6R<H*H*R 0) /817/N1=/*/6@ ;>L)+1*@
;=./>R3 71*NR 6 J6/.*I< =.)M=, *)J " ( *) M=1.289 N,J/, 0)M7'J'*R >LIQMR( N,J/, 0 9/.*I ;=.)*R 6R0=,+1*R +1710/N1=/*/6/, ;M/L1>?*/,3
9D/#'H&3
='6):I8I ;89/J?P=H :;/, 6L1=1*/6' :1J*/.)<1**' ; +,7/62<? ;=,>*?3 /J71 >KJ/.R;*@9/ =6)., :;/, >./61J1*) <10? " ) " ) <10? 4 ) ;='6):I8I >KJ/, :)M/ >LI<'( <10? " ) ) <10?
) 4 :1 .)<1*/ >./61J1*/ :)M/ ML?6/Q).@ 3 /6H *)6.+1*@ ;89/J?P=H <10? # ) E N,J1
>./61J1*/ :)M/ /817/6@ ;89/J*?8/6@ :1J*/.)<1**@( ; .)<1*1< >LI<2<3
:,+)7
='6):I8I >LIQMR :;/, >./61J1*R <10? /NR=*2<? <I;=*/;=<? 0 8?917 >7*2893 10? ;='6):I8I<? a ) 6 >/J7)+I " :;/, >./61J1*R >LIQMR JL16H*@3 $1 *)6.+1*) 62<H*) =H89=/ JL16H*289 >LIQ1M 0) */6@3
J6/.*I< =.)M=, 6 /NR=*289 >/J7)+I89 N,J/, >./61J1*R 0JH*@ >LIQMR >./ ./0JH71*I >./;=/. *) :1J*/=7?6@ <I;=*/;=?3 *';=)6NH 6 ,7?Q*I< =.)M=, >)M N,J/, >LIQMR >./61J1*R :)M/ ;'J./M).=/*/6@
% 3
='6):I8I ;=L189) :1 ;1J7/6'( M/*;=.,M81 M./6, :1 6)0*?8/6' ;1 ;=/:)=/, ;=/7?8I3 )J >./;=/.1<
;89/J?P=H ) Q';=I 89/JNR :1 ;?=,/6'* 6?M2L( M=1.2 :1 >L1J;)01* J/ J6/.*I9/ >./;=/.,3 =L189) *)J 6?M2L1< :1 =@+ ;1J7/6'3 )J ;='6):I8I<? a :1 ;?=,/6'*) ;*I+1*' >,7=/6' ;=L189)3 .R=?*) :1 1=1.*?=/6'3
='6):I8I M/*;=.,M81 ;=L189R N,J1 0 JK6/J, *)6.+1*@ *';=)6NR /J;=.)*H*)3
/6' M/*;=.,M81 ;=L189R :1 *)6.+1*) :)M/ 6)0*?8/6'( ,>.)61*' >./ 617M@ ./0>H=I ; 817M1<
Q=RL<? ;=L1J*I<? 6)0*?81<?3 /</8*2 */;*IM >./ >/J1>L1*I ;7/,>MK 6 J6/.*I< =.)M=, :1 *)6.+1* :)M/
</*/7?=?8M2 +1710/N1=/*/623 )J >L1J;)01*2< >./;=/.1< ;89/J?P=H( 89/JNR ) M/</. :1 *)6.+1*
6?M2L3 L1N1* 97)6*I Q';=? ;=L189R :1 *)6.+1* ./6*/NH+*H ; ,7?8I D;7)6;M'( 9L1N1* 6?M2L1 :1 6KQ? ,7?8?
;?=,/6'* M/7</3 .R=?*) :1 *)6.+1*) 0 719M@9/ 1<N.?=,3
%0&*B*9$
1 ;='6):I8I< ;=)6, :;/, ;?=,/6'*) *) M)+J@< /NR=*@< >)=L1 J6H ;>/71Q*' a ) ;>/71Q*2 6/J/6/J ; 626/JR ,<I;=H*2<? 6 >./;=/., 97)6*I 89/JNR3 >7)PMR 01 ;='6):I8I89 a :;/, ;61J1*R J/
+,<>R3 K6/J*I a ) +,<>) N,J/, 0.,P1*) ) *16R,+?=@ >./;=/.R a N,J1 >L1<H*H* *) M/</.R3
='6):I8I 6/J/6/J*I ./06/J N,J1 /J;=.)*H*3 1PM1.@ ?*;=)7)81 :;/, *)6.+1*R */6H3 C,J/, >./61J1*R
*/6@ ?*;=)7)Q*I >./;=,>R >./ ;>7)PM/6@ >/=.,NI( =/>1*I( 6/J/6/J*I >/=.,NI ) >7R*3 J>)J N,J1 /J6'JH* J/ <I;=*I :1J*/=*@ M)*)7?0)813
2! /%0&=?)+%, * ;*&$='5B/1> :$H$%, 1'0B> %/0%> )/%0&=?)9$
='6):I8I 0J?6/ :1 0 8?917 >7*289 U/.<'=, 5!O"#!OZE3 " :;/, PILMR \E!<< ) Z!!<<(
6L1=1*/6' 01h <' PILM, Z!!<<3 " )+ 4 >)M <):I ;=H*R PILM, Z!! <<( #E!<< ) 4!!<<3 L1=1*/6' 01h :1 >./61J1*) 6 PIL81 #E!<<3 &=I=/6@ 0J? :;/, >./61J1*R 6 PIL81 E<< ) 4!!<<3
*';=)6NH :;/, */;*@ 0J? *)6.+1*R 0 ## f >./ 0J?6/ =7/,PgMR #E!<< )
4! f >./ 0J?6/ =7/,PgMR 4!!<<3 /6@ 0J?6/ :1 *)6.+1*/ *) <)7=, 3 9/=/61*I 6L1=1*/6@ 0J? :1 *)6.+1*/ *)J T./61` >/J971J, *)J E 3 )=/ 6L1=1*/6' 01h :1 *)6.+1*) 0 8?917
>7*289 U/.<'=, 5!O"#!OZE *) 3 /J /817/62 */;*IM *1;/,8I ;>/J*I Q';= .)<1*1 /817/6@9/
;89/J?P=H ) C */;*IM >L1*'P1:I8I Q';= 0)=I+1*I ;=L1P*I M/*;=.,M81 :;/, *)6.+1*R >?7IL1 0 8?917 >7*289 / ./0<H., #E!O#E!<<3
/#/=/1%> %/0%> )/%0&=?)9$
='6):I8I 6/J/./6*@ */;*@ M/*;=.,M81 :;/, >./61J1*R 0 M71*1N 6)71*289 ) JL16H*289
=.'</6289 ;=./>K3 )71*@ M71*NR :;/, >./61J1*R 0 8?917 >7*289 5!O"#!OZE<< *) 6'>1**/, <)7=,3
$;/, =7/,PgMR "E!<< *1N/ 4!!<<3 / 6R:<,=I *';R>, N,J/, M71*NR 6 >LI>)JH( +1 :;/, *) *?89 0)7/+1*R >LIQMR 01;I71*R .,N/6/, +1710/N1=/*/6/, ;M/L1>?*/, / =7/,Pg81 E!<< ) 6H*8? / ./0<H., !!O4!!<< ;?=,/6)*289 , */;*289 0JI >/J@7 >)=R M71*1N ^6?0 J1=)?7 >./61J1*I 6 >LI7/01 3"3 3 #[3
)=/ T>.)6) :1 *)6.+1*) , M71*1N >/,01 6 J6/.*I< =.)M=, *)J " >/J /NR=*2<? <I;=*/;=<?3 /*;=.,M81 >/7/;>)7*@9/ JL16H*@9/ =.'</6@9/ ;=./>, :1 0 =.'<K / >.KL10, !!O Z!<<
>./;=H /;)01*289 J/ M)>1; 6 */;*@< 0J?6,3 7/,PgM) 0'M7/>, :1 E<<3 ,7?Q*I< =.)M=, :1 *)6.+1*/
>/*189'*I ;='6):I8I89 ;=./>K3 ,7?Q*I< =.)M=, N,J1 >./61J1*) 62<H*) 0) /817/N1=/*/6@ ;=./>R3
62P81 67*R E!<< ) N1=/*, 4!c4\ =LIJR B 3 7/,PgM) *)JN1=/*'6MR *)J 9/.*I 7I8 =.)>@0/6@9/
>7189, :1 *)6.+1*) / =7/,Pg81 E!<<3 $1 *)6.+1*/ 6R0=,+1*I J1;MR ;I=H<? "!!O"!!<< / >.K<H., J.'=, Z<<3 <I;=H 0)7/+1*I >LIQ1M :1 *)6I8 *)6.+1*) J)7PI 6.;=6) ;I=I "!!O"!!<< >.K<H., J.'=, Z<<3 ./ ,;)01*I =.)>@0/6@9/ >7189, N,J1 *)6I8 >/J@7 0J? /;)01* >./U?7 ]! 4E$ ( M=1.2 N,J1 ;=/:?*/, >L?6)L1* *) 9/.*I >LI.,NR */;*IMK "]! =H;*H , 0J?3 / >./U?7, N,J1 *';71J*H 0);)01* >/;71J*I /9RN =.)>@0/6@9/ >7189,( >./U?7 >)M N,J1 >7*?= U,*M8? 6H*81 ) NH91< </*='+*I9/
;=)6, N,J1 N.'*?= 0=.'='< N1=/*,3 ./ ;>/:1*I N1=/*, ; =.)>@0/62< >71891< :;/, *)6.+1*R
*);=L17/6)8I =.*R 62PMR ]! <<( =7/,PgMR "5<< ) 0 /817? 4E3 /;*IMR "]! 61 ;='6):I8I Q';=? N,J/6R N,J/, ,<I;=H*R 6 ./0PIL1*289 M)>;'89 *) PILM, 4E!<< 6 */;*289 0J189 >/ =.'</6289 */;*I8I89 ) N,J/, ,7/+1*R *) /817/6@ >7189R =7/,PgMR "E<< *) J*H M)>;R3 )6I8 :1 *)6.+1*/ M/=61*I */;*IMK
>/</8I /817/6289 M71P=?* J/ */;*289 0JI3 *';=)6NH *1N,J/, /817/6@ ./0*'P18I >7189R ,+?=R(
60971J1< M *)6.9/6)*@<, ,7/+1*I */;*IMK *) 0=,+,:I8I89 6H*8I893
./ >./;=/./6@ 0=,+1*I /N:1M=, :;/, >/J T./6*I ;=./>, *)J 4 ) # *)6.+1*R
+1710/N1=/*/6@ </*/7?=?8M@ 0=,+,:I8I 6H*81 0 N1=/*, 4!c4\ ) 620=,+1 0 /817? 4E / >.K<H., "!<<
) =L<I*MK / >.K<H., Z<<3
9D/#'H&3
='6):I8I ;89/J?P=H :;/, >./61J1*) :)M/ 6L1=1*/6' 0 +,7/6289 ;=,>`K3 ;=,>*I ;89/J?P=H :1
;?=,/6'*/ >L1J 6;=,>1< J/ /N:1M=,3 )7PI ;89/J?P=H :1 >./61J1*/ :)M/ 6R./6*'6)8I 0 T./6*H 6;=,>,
*) T./61` " / 817M/6@ 62P81 ]!!<< ) ./0<H., ;=,>`K "Z!O \!<<3 )7PI ;89/J?P=H *)6)0,:I
>LI</ *) >./;=/. 89/JNR ) ;>/:,:I :1J*/=7?6' >/J7)+I3 $;/, >./61J1*) :)M/ :1J*/.)<1**'3 /0<H.R
;=,>`K ;89/J?Pg/6@9/ .)<1*1 <10? " ) ) <10? ) 4 :;/, "Z!O 5!<<3 $;/, >./61J1*) :)M/ ML?6/Q).'3 10? " ) " :1 >./61J1*/ ;=.<H:PI ;89/J?P=H ; >LI<2< .)<1*1< ) ; ./0<H.R
;=,>`K "\O \!<<3 / >KJ*I9/ >./;=/., :1 >./61J1*/ ;89/J?P=H ; >LI<2< .)<1*1< ) ./0<H.R
;=,>`K "]EO E!<<3
.'<8? *';=)6NR :1 *)6.+1*/ /817/6@ ;89/J*?8/6@ ;89/J?P=H <10? # ) E 3 89/J?P=H N,J1
>./61J1*/ U?.</, ;3.3/3 / >./U?7, ;89/J*?8 "]!3 /0<H. ;=,>`K N,J1 "]!O E!<<3 $1
*)6.+1*/ /;)01*I ;89/J*?8 *) 9/.*I >LI.,NR ;=./>*I89 */;*IMK "]! ) *';71J*H ;6)L1*I3 =./>*I
*/;*IM *1;/,8I J/7*I M/*18 ;89/J?Pg/6@9/ .)<1*1 N,J1 >L1*'P1= 0)=I+1*I J/ >?7IL1 0 ./0<H.K
#E!O#E!<<3
:,+)7
K6/J*I 0JH*@ >LIQMR :;/, >./61J1*R :)M/ ;)</*/;*@( 0 8?917 >7*289 U/.<'=, 5!O"#!OZE *) 6'>1**/, <)7=,( *1N/ :)M/ JL16H*@3 /6@ >LIQMR :;/, *)6.+1*R 0 ] f *) ) N,J/, >./61J1*R 6 J6/.*I< =.)M=,( MJ1 :;/, *)6.+1*R 0 JK6/J, ./0JH71*I ;='6):I8I89 >./;=/. *)
>L1J;I`( M,89R`( a ( M/,>17*,( >LI>)J*H >./ /JJH71*I ;M7)J, ) TM7?J/6@ <I;=*/;=? 6 " 3 NJ/N*@
,;>/L'J'*I :1 *)6.+1*/ 61 6P189 /NR=*289 >/J7)+I89( 6Q1=*H *';=)6NR3 )7/+1*I >LIQ1M 6 " :1
*)6.+1*/ *) C M71*1N*I .,N/6@ ;M/L1>?*H3 /;=)=*I89 >/J7)+I89 N,J/, >LIQMR 0)7/+1*R *) /817/N1=/*/6@< ;=./>,( =6/L1*@< */;*IMR "]! =.)>@0/62< >71891< ) N1=/*/6/, J1;M/,3 / N1=/*/6@ J1;MR ? J/ .,N/6@ ;M/L1>?*R :1 >/J >LIQMR *)6.+1*) *)6I8 J)7PI 6.;=6) ;I=I( "!!O"!!
>.K<H., Z << 0 JK6/J, ./0*1;1*I 0)=I+1*I3 ./ 0):?P=H*I >LI;=,>, ;6H=7) J/ >./;=/., a ) M,89R*H :1 6 .'<8? >LIQ1M *)6.+1* /=6/. 0 62>7*I 0 7,OU1. Q?.@ N).6R3 *';=)6NH 6 # ) E
6 ;,89@< >./6/0, :;/, *)6.+1*R ;'J./M).=/*/6@ >LIQMR % 3 10? NR=/6@ :1J*/=MR 6 # )
3"3 3 4[3
" ) <10? ;='6):I8I<? ;>/71Q*2<? a N,J/, ;='6):I8I JL16H*@ >LIQMR /J;=.)*H*R )
*)9.)01*R */62<? JL16H*2<? >LIQM)<? / =7/,Pg81 "!!<<3
1 ;='6):I8I Q';=? N,J/6R 6 ,7?Q*I< =.)M=, :;/, <10? ;='6):I8I<? NR=/62<? :1J*/=M)<? ;?=,/6'*R
>LIQMR 0 =7/,PgMR "E!<< *) 6'>1**/, <)7=,3 0971J1< M *16R9/6,:I8I< >).)<1=.K< 06,M/6@
*1>.K06,Q*/;=? :1 *)6.+1*/ :1:I 0J6/:1*I ;'J./M).=/*/6/, >LIQM/,( =6/L1*/, :1J*/, J6/:?=/, 6.;=6/,
;'J./M).=/*, ) )M,;=?8M/, <?*1.'7*I 6)=/, a 3 )7/+1*I N,J1 >./61J1*/ *) 0'M7/>, JL16H*@9/ ;=./>,3
&:$H%, )/%0&=?)9$
='6):I8I ;=L189) :1 ;1J7/6'( M/*;=.,M81 M./6, :1 JL16H*' 6)0*?8/6' ;1 ;=/:)=/, ;=/7?8I3 )J
>./;=/.1< ;89/J?P=H ) Q';=I 89/JNR :1 ;?=,/6'* 6?M2L( M=1.2 :1 >L1J;)01* J/ J6/.*I9/ >./;=/., ) M=1.2 :1 =)M@ 0);=L1P1* ;1J7/6/, ;=L189/,3 )J ;='6):I8I<? a :1 ;?=,/6'*) ;*I+1*' >,7=/6' ;=L189)3 .R=?*) :1 1=1.*?=/6'3 ='6):I8I M/*;=.,M81 ;=L189R N,J1 0 JK6/J, *)6.+1*@ *';=)6NR /J;=.)*H*)3
/6' M/*;=.,M81 ;=L189R :1 *)6.+1*) :)M/ 6)0*?8/6'( ,>.)61*' >./ 617M@ ./0>H=I ; 817M1<
Q=RL<? ;=L1J*I<? 6)0*?81<? ./0<H.K >.KL10, "Z!O !!<<( >LI>)J*H "Z!O \!<<( ;7/,>MR
"Z!O"Z!<<( M./M61<? ]!O"Z!<< ) >/01J*?8I "Z!O"4!<<3 J6/.*I< =.)M=, :1 >./ >/J1>L1*I
;7/,>MK *)6.+1* </*/7?=?8M2 +1710/N1=/*/62 */;*IM / ./0<H., >.KL10, E!O4!!<< 0 N1=/*, Ec4!( 620=,+1 " << ) =L<I*MK Z<<3
)J >L1J;)01*2< >./;=/.1< ;89/J?P=H( 89/JNR ) M/</. :1 *)6.+1* 6?M2L3 /*;=.,MQ*I >.6MR M./6, 6?M2L1 :;/, *)6.+1*R ;=1:*289 ./0<H.K :)M/ >.6MR 97)6*I Q';=? ;=L189R3 L1N1* 97)6*I Q';=?
;=L189R :1 *)6.+1* ./6*/NH+*H ; ,7?8I D;7)6;M'( 9L1N1* 6?M2L1 :1 6KQ? ,7?8? ;?=,/6'* M/7</3 .R=?*) :1
*)6.+1*) 0 719M@9/ 1<N.?=,3
LI;=,> *) ;=L189, N,J1 0):?P=H* ;=L1P*I< 627101< 6 >./;=/., M/</.R ^<I;=*/;= E3!\[ ) M/6/62< +1NLIM1<3 M7/* *)6.9/6)*@ ;=L189R :1 61 6P189 ./6?*'89 4Ej ^\!k[3 $)M/ 9RJ./?0/7)Q*I Ui7?1
N,J1 >/,+?=) S BB 3
/;,%
1 ;='6):I8I< ;=)6, :;/, 817M1< =L? M/<I*/6' =H71;)3 JK6/J, *)6.9/6)*@9/ >L?>/:1*I /N:1M=, *) 9/.M/6/J N,J1 M/<I* ./01N.'* >/ T./61` 6H*81 *)J 4 ) *';71J*H N,J/, 0NR7@
>.KJ,89R 0)N1=/*/6'*R N1=/*1< " c"Z3
F<B%3 /&1/=G
*4 1$:%, /&1/=7
='6):I8I 6;=,>*I J61L1 :;/, >./61J1*R JL16H*@ J6/,MLIJ7@ ; M71*,=2< *)J>.)+I<
; ./0<H.1< /=6/., "#!!O4Z!!<< >L? 6;=,>, 0 ,7?81 ) "#!!O ]!!<< >L? 6;=,>, J/
>./;=/., *'J6/LI 6 0)J*I Q';=? /N:1M=,3 R=/ 6;=,>*I J61L1 N,J/, *)9.)01*R
);R<1=.?8M2<? J61L<? ; 97)6*I< MLIJ71< / ./0<H., "!!!O "!!<<( 0NR=1M PILMR N,J1
#
6/J/./6*2< <)J71< 61 62P? 5!!<<3 .'9 N,J1 <I= 62PM, "(E 8<3
) 9/.*I< M/*8? ;89/J?Pg/6@9/ .)<1*1 <10? " ) :;/, *)6.+1*R J61L1 6 */6@
>LIQ81 0 ] f 3 61L1 N,J/, <I= ./0<H.R MLIJ7) 5!!O"5\!3 '.,N1` ? MLIJ7/
=H89=/ J61LI :1 *)6.+1*/ /817/6@ ; >./=?>/+'.*I< *'=H.1<3
" 6 .'<8? NR=/6@ :1J*/=MR >./ /;/N, :;/, *)6.+1*R J61L1 ; /817/62<?
0'.,N*H<? ) JL16H*2< MLIJ71< / ./0<H., 5!!O"5\!<< 6 */6H 6RN/,.)*@< J61L*I<
/=6/.,3 ='6):I8I /=6/. N,J1 0 JK6/J, 6*?=L*I9/ ,;>/L'J'*I >LIQ1M 0)0JH* 8?97)<? >7*2<?3 /6H *)6.+1*@ J61L1 N,J/, />)=L1*R 6/J/./6*2< <)J71< 61 62P? 5!!<<( >'M/62<
/=16I.'*I< ) >.)91< / 62P81 "E <<3 61L1 6 .'<8? NR=/6@ :1J*/=MR >./ /;/N, :;/,
*)6.+1*R / PIL81 5!!O"5\! << ) N,J/, >./61J1*R :)M/ N10>.)9/6@3 '.,N*H J61LI :;/,
*)6.+1*R /817/6@3 1PM1.@ J61L1 6 NR=/6@ :1J*/=81 ,.Q1*@ >./ :;/, *)6.+1*R 6 ;/,7)J, ; 6R97'PM/, 45]c !!5 N3
;=,>*I J61L1 J/ J)7PI89 NR=/6289 :1J*/=1M ) J/ >./;=/.K >./6/0, ) TJ.+NR N,J/6R ^;M7)J( TM7?J ) M/Q'.M'.*)[ <):I ./0<H.R 5E!O !!<< 6 >LI>)JH ;='6):I8I89 J61L*I89 /=6/.K ) ./0<H.R 5!!O"5\!<< 6 >LI>)JH J61L*I89 /=6/.K 6 *';=)6NH *1N/
*/6H 6RN/,.)*289 J61L*I89 /=6/.K3 .'9 :1 *)6.+1* 62PMR "(E 8<3 '.,N1` :1 *)6.+1*) /817/6'3
.'<8? NR=/6289 :1J*/=1M :;/, *)6.+1*R J61L1 / ./0<H.189 ]!!O"5\!<< *1N/
\!!O"5\!<<3 2:?<M/, :;/, ;='6):I8I J61L*I /=6/.R ./0<H.189 "!E!O !!<<( MJ1 <' J61L*I MLIJ7/ ./0<H.R 5E!O !!( M=1.@ N,J/, >/*189'*R 61 ;='6):I8I 617?M/;=?3 <I;=H
;='6):I8I89 a <):I J61L*I MLIJ7) ./0<H.R \!!O !!<<3 1PM1.@ 0'.,N*H N,J/, */6H 6R<H*H*R :)M/ /817/6@3 ) 89/JN'89 ;1 *)89'01:I >.'0J*@ /=6/.R 0)M/*Q1*@ >.K67)M1<
<10? 6L1=1*/6/, 0JI ) 0JI /9.)*?Q,:I8I ;89/J?Pg/62 >./;=/. / PIL? "\!! <<3 " ) :;/, 0)M71*,=R M71*1N*I< >);1<( 6 4 :1 61 ;='6):I8I< ;=)6, /=6/. 0)M/*Q1* >/JN?=I<
;=./>,3 / ./01N.'*I ;=./>, :1 *)6.+1*/ /;)01*I >.K67)M, 0 >L1M7)JK \3 1*=/ >.K67)M :1 *)6.+1* ? 6 # ) E 3
24 )%*
,=1.@*, :;/, >/,+?=R /M1**I /=6/.R ; 8?917*2< *)J>.)+I<( 6 >LI>)JH MLI+1*I
; M71*N/, :;/, >/,+?=R 7,*1=R3 =6/.R T;=I =H;*H *)J T./61` =1.@*,3 .'<8? .1M/*;=.,M81
*1N,J1 J/ =H89=/ /=6/.K *?:)M 0);)9/6'*/3
*)J01<*I89 >/J7)+I89 :;/, ;='6):I8I /M*) >./61J1*) :)M/ J6/:?=' J6/,MLIJ7' JL16H*' P>)71=/6' ; 9/.*I< ;6H=7IM1<( /NJ@7*IM/6'( ./0<H.K Z!!O"5!!<< ^"\!!<<
6 4 [( ]!!O"5!!<< ^"\!!<< 6 4 [ *1N/ 5!!O"5!!<< ^"\!!<< 6 4 [3 /6'*I :1
</;)0*@3 ='6):I8I /;=H*I :1 817M1< O 0)7/<1*@3 ).)>1=R :;/, 62PMR 5!!<<( Q?7? ;>7`,:I
<?*?<'7*I 62PM, ]E!<<3 M/,>17*'89 ) M/</.'89 :1 *)6.+1*/ J/0JH*I >).)>1=, J/
62P1 "Z!!<<( /M*) >)M N,J/, / */6@< ./0<H., 5!!O" !!<<3 $1 *)6.+1*) 62<H*) 6P189 ;='6):I8I89 /M1**I89 .'<K ) 62>7*I 0) >7);=/6'( J/ ,7?Q*I9/ >./;=/., 6 >./61J1*I
; ?<?=)8I JL16)( J/ J6/.*I9/ >./;=/., ;=)*J).J*H NI7'3 2>7` :1 *)6.+1*) 0J6/:1*'3 2>7`
:1 ./6*H+ *)6.+1*) ;1 ;6H=7IM1<3
.'<8? *';=)6NR :;/, *)6.+1*) /M*) / ./0<H.189 \!!O"E!!<<( ]!!O"E!!<<
; >).)>1=R / 62P81 5!!<<3 M*) ./0<H., Z!!O"!!!<< ^>).)>1= "#!!<<[ :;/,
*)6.+1*) *) 89/JNH ) 61 ;>I+I893 M/,>17*H :;/, *)6.+1*) /M*) / ./0<H., ]!!O5!!<<
^>).)>1= "#!!<<[3 )=1.?'7 .'<, ) 62>7*H N,J1 >./61J1* ;=1:*H( :)M/ 6 >LI>)JH
;=.)*H / ./0<H.189 ;=1:*289 :)M/ 6 # ( /J7?P*' :1 62PM) >).)>1=, /M1* 6 M/,>17*H
^>).)>1= "!!!<<[ 0 JK6/J, *)6.9/6)*@9/ ,<I;=H*I /M*) *I+1 >/J 9.)*, ;=L189R3 ) J6/.*I ;=.)*H :1 *)6.+1*/ 817M1< >H= ;=L1P*I89 /M1* ( MR6*@( =91.<?8)7 / ./0<H., ]Z!O"#!!<<( M=1.' N,J/, /;)01*) <10? M./M613
:$)B*#7 %*# /&1/=7
='6):I8I >L1M7)JR :;/, >./61J1*R :)M/ 8?917*@3 )J */6H 6RN/,.)*@ /=6/.R :;/, *)6.+1*R
>L1M7)JR >./U?7R "!! ,7/+1*@ *) /817/6289 >7189'89 =7/,PgMR "E<<3 7/,NM) ,7/+1*I :1 "E!<<(
J@7M) >L1M7)J, *)J /=6/.1< PIL1 "!!!<< :1 "4!!<<3 .'<8? :1J*/9/ >L1M7)J, N,J/, >/,+?=R 817M1< # >./U?7R "!!3 )J */;*2<? 0J<? 6 *';=)6NH :;/, *)6.+1*R >L1M7)JR
""(E / J@781 "E!!<< *)J /=6/.R "!!!<< ) " E! *)J /=6/.R / PIL81 5!!<<3 )J
>LIQM)<? / =7/,Pg81 ]!<< N,J/, >/,+?=R ./6*H+ >L1M7)JR ""(E *)
;=/:)=/3 )J M71*1N*I<? >);R *)J /=6/.R( *)J M=1.2<? N,J1 >./61J1* C ;=./>( N,J1 >./61J1*/
01;I71*I >/</8I 67/+1*I >./U?7, C" ! J@7MR "E!!<<3 ^6?0 62M.1;/6' J/M,<1*=)81[3
/1=9D/1> -<=*17
*4 /#B*D*
='6):I8I >/J7)9) 6 ;,=1.@*, :1 8?917*'3 $1 *)6.+1*/ M/<>71=*I /J;=.)*H*I =@=/
>/J7)9R ? 0 Q';=I >/J7/+I3 /=@ N,J1 >./61J1* *';R> 01 P=H.M/>I;M, =7/,PgMR "E!<<( J'71 :1 *)6.+1*) U/7?1 ) :1:I 6R=)+1*I "E8< *)J T./61` ./6?*R */6@ >/J7)9R3 /=@ N,J1
>./61J1*) N1=/*/6' J1;M) =7/,PgMR "E!<<3
='6):I8I >/J7)9) *) 89/JN'89 ) *) a :1 0 N1=/*/6@ <)0)*?*R ) M1.)<?8M@ J7)+NR3 NR=189 :1 JL16H*' >/J7)9)( MJ1 :1 >/89/0I 6.;=6) 0 >).M1= ) 9.,N' >/J7)9) :1 0 >.M1*
71+I8I89 *) >/7P='LI893 /0*'P18I 6.;=6/, :1 61 ;='6):I8I< ;=)6, PM6'./62 *';R>3 /J
*';R>1< :1 JL16H*2 0'M7/>3 ='6):I8I >/J7)9R N,J/, /J;=.)*H*R( PM6'./62 *';R> N,J1 6RN.'* ) J1>/*/6'* *) ;M7'JM,3 M71*1N *)J " >/J /NR=*2<? <I;=*/;=<? N,J1
*';71J*H >./61J1*/ :1:?89 6R0=,+1*I C ;M/L1>?*/,3 ';71J*H :1 *)6.+1*/ 0);R>'*I .R8971
=,9*/,8I< *';R>1< 1.<)8177 ) >/7/+1*I */6289 6.;=16 >/J7)93 ) 89/JN'89( 6
=189*?8M289 <I;=*/;=189( M/</.'89 ^;='6):I8I89 a [( 6 M,89R*I89( *) a ) 6 M/,>17*'89 :1 *)6.+1*) >7/6/,8I >/J7)9) ( MJ1 :)M/ >/89/0*' 6.;=6) :1 *)6.+1*) M1.)<?8M' J7)+N)3 ./0*'P18I 6.;=6, N,J/, =6/L?= J1;MR 1.<)81773 /NR=*289 >./;=/.189 ) 6 >L1J;I*I89 :1
*)6.+1*) 719M' >7/6/,8I >/J7)9) " ; ./0*'P18I 6.;=6/, 0 C J1;1M ) >/89/0I 6.;=6/, 0 7)<?*'=/6289 J1;1M3 ';R> :1 *)6.+1* , >/J7)9R " ./6*H+ 1.<)81773 1=)?7 >./61J1*I
;M7)JNR >/J7)9 :1 6 >LI7/01 3"3 3 3
24 2)B*#7
/ M/,>171* ) a :;/, *)6.+1*R M1.)<?8M@ /NM7)J)QMR =7/,PgMR !(\8<3 NM7)JR :;/, *)6.+1*R J/ 62PMR <3 C).6, ) 60/. ;? ,.QI ?*61;=/.3 L1J /;)0/6'*I<
/NM7)JK J/ 71>?J7) C N,J1 >/6.89 /Q?P=H* ) *)>1*1=./6'* >1*1=.)Q*I<
*'=H.1< C 3
Z
/ 0)=1>71*I N,J/6R N,J1 *) >1.7?*M, *)*1;1*) ;?7?M/*/6' =1*M/6.;=6' U);'J*I /<I=M) C),<?= ?7?>/.=./>3
#4 ;,&)7 1 '%&$='>=?
./ 6*?=L*I /<I=MR :1 *)6.+1*) M7);?8M' 6'>1*/81<1*=/6' /<I=M)3 / " :1 >./
;)*)8? 679M@9/ 0J?6) *)6.+1*) ;)*)Q*I U/7?1 17=) ; /<I=)8I <LI+M/,3 <I=M) 0J1 N,J1 ./6*H+ >/,+?=) 6'>1*/81<1*=/6'3
$4 *&$<B$%,
$1 *)6.+1* M/*=)M=*I 0)=1>7/6)8I ;R;=@< J6/.*I ) ,7?Q*I U);'JR ) =)M@ P=I=/6289 ;=H*
*';=)6NR 6R;=,>,:I8I89 *)J /M/7*I L)J/6/, 0';=)6N,3 $)M/ M/*=)M=*I ?0/7)81 N,J1 >/,+?=)
<?*1.'7*I 6)=) / =7/,Pg81 !!<<3
(4 /#DB$#7
/J JL16H*2<? ;=./>R :1 >/,+?=/ 61 ;='6):I8I< ;=)6, JL16H*@ >/JN?=I ;
6'>1**/, /<I=M/, *) .'M/;,3 0971J1< M J/N.@<, ;=)6, N,J1 M/*;=.,M81 >/JN?=I 0)89/6'*)3 C,J1 >./61J1*) >/,01 */6' <)7N)3
/J /817/N1=/*/62<? ;=./>R ) 6 >/JM./6I :1 *)6.+1* ;'J./M).=/*/62 >/J971J % / =7/,Pg81 J1;MR " (E<<( 0)6HP1*2 *) >.,+*289 0'6H;189( M=1.@ N,J/, 6 >LI>)JH C
;=./>, ,M/=61*R *) "]!( 6 >LI>)JH >/JM./6I *) J/J)=1Q*@ M71P=?*R 6 :)7/6289 6)0N'89 M./6, ) *) M./M613
9! $9D*%'9)5 /#/B%/0& * 0&*2'B'&*
5)B*#/15 )/%0&=?)9$
0971J1< M1 M/*;=.,MQ*I<, ;R;=@<, /N:1M=, :;/, 0'M7)J/6@ M/*;=.,M81 6R;=)6H*R 0 8?917*289 0'M7)J/6289 >);K3 'M7)J/6@ M/*;=.,M81 *16RM)0,:I +'J*@ >/.,89R3
1'0B> %/0%> )/%0&=?)9$
N:1M= :1 L1P1* :)M/ 8?917*2 J6/,=.)M= ^; J6/.*I< ) ,7?Q*I< =.)M=1<[ ) ; >LIQ*H /.?1*=/6)*2<
>./;=/.1< 89/JNR ) ;89/J?P=H<3 ='6):I8I >./;=/./6@ 0=,+1*I :1 L1P1*/ /817/62<? 01J*I<? M71P=?*)<?3 /6H :1 *)6.+1*/ >./;=/./6@ 0=,+1*I *)J 4 ) # +1710/N1=/*/62<? 6H*8?3
/#/=/1%> %/0%> )/%0&=?)9$
);=./>1*I *)J " ( *)J 89/JN)<? ) ;='6):I8I<? a :1 >./61J1*/ 61 ;='6):I8I< ;=)6,
6)71*2<? 8?917*2<? M71*N)<?3 7/,PgM) M71*1N :1 6H=P?*/, "E!<<3 71*NR *)J ;='6):I8I<? <I;=*/;=<?
!3! ) !3!4( ;?=,/6)*2<? >LI >/971J, 0 ,7?Q*I9/ >./;=/., 6716/( <):I =7/,PgM, 4!!<< 60971J1<
M ./0>H=I 4#E!<< ) 45!!<<3 71*NR *)J " >/J ;='6):I8I<? <I;=*/;=<? "3!4 ) "3!\ 6 J6/.*I<
=.)M=, 6 " N,J/, 01;I71*R .,N/6/, C ;M/L1>?*/, =7/,PgMR E!<< ) 6H*8? ./0<H.K >.KL10, !!O4!!<< , >)=R M71*1N >/J@7 0J?3 M/L1>?*) N,J1 >./61J1*) 0 JK6/J, 0)7/+1*I >LIQ1M( M=1.@
>LI>)J*H ;M7)J, ) TM7?J,3
)J /NR=*2<? <I;=*/;=<? :;/, M7);?8M@ JL16H*@ =.'</6@ >/7/;>)7*@ ;=./>R ; =.'<R /
./0<H., >.KL10, !!O Z!<<3 .'<R :;/, ;=)=?8MR >./61J1*R :)M/ >./;=@ */;*IMR( ,7/+1*@ 6 M)>;'89 6 */;*@< 0J?6,3 7/,PgM) 0'M7/>, :1 E<<3 R=/ ;=./>R N,J/, 6 */6@< ;=)6, >/*189'*R 6 ,7?Q*I<
=.)M=, *)J " ) 3 C,J1 >./61J1*) 62<H*) ;M7)JNR >/J7)93
J6/.*I< =.)M=, *)J " ) ) 6 817@< ./0;)9, *)J 4 :1 *)6.+1*) 62<H*) ;=./>K 0) /817/N1=/*/6@ ;>L)+1*@ ;=./>R 0 */;*IMK "]!( =.)>@0/6@9/ >7189, " !!4 ) +1710/N1=/*/6@
J1;MR 0 N1=/*, 4!c4\ =LIJR B 3 7/,PgM) *)JN1=/*'6MR /J 9/.*I9/ 7I81 =.)>@0/6@9/ >7189, :1
*)6.+1*) E!<<3 R0=,+1*I J1;MR :1 *)6.+1*/ ;I=H<? "!!O"!!<< / >.K<H., J.'=, Z<<3 /J
*)6.9/6)*@ >LIQMR N,J1 *)6I8 >./61J1*) J)7PI 6.;=6) ;I=I ;=1:*@9/ =R>, >./ 71>PI ./0*1;1*I :1:?89 0)=I+1*I3 ./ ,M/=61*I =.)>@0/6@9/ >7189, :1 *)6.+1* >/J@7 0J? >./U?7 ]! 4E$ ( M=1.2 N,J1
;=/:?*/, >L?6)L1* M 9/.*I< >LI.,N'< "]! =H;*H , 0J?3 / >./U?7, N,J1 *';71J*H ,;)01* M/*8/62 /9RN =.)>@0/6@9/ >7189,3 >./U?7 :1 *)6.+1*( )NR >7*?7 U,*M8? 6H*81 ) N.'*?7 6R=@M'*I N1=/*, NH91<
</*='+*I9/ ;=)6,^>./61J1*I :1 6 >LI7/01 3"3 3 [3 ./ ;>L)+1*I N1=/*, ; =.)>@0/62< >71891< :;/,
*)6.+1*R *);=L17/6)8I =.*R 62PMR ]! <<( =7/,PgMR "5<< ) 0 /817? 4E3 /;*IMR "]! 61 ;='6):I8I Q';=? N,J/6R N,J/, ,<I;=H*R 6 M)>;'89 >/ JL16H*289 */;*I8I89( ./0PIL1*289 *) PILM, 4E!<<3 "]!
N,J/, ,7/+1*R ) ;6)L1*R ; /817/62<? >7189R =7/,PgMR "E<< J/J)=1Q*H ,<I;=H*2<? *) J*H M)>;R >./
71>PI ./0*1;1*I =I9R ;=./>, J/ */;*@9/ 0J?6)3 )6I8 :1 *)6.+1*/ ,M/=61*I */;*IMK >/</8I */;*IMK /817/6289 M71P=?* J/ */;*@ 0J?3 /=6) M71P=?*R 6 */;*@ ;=H*H N,J1 0 1O=1.?@., /N7/+1*/ >/7R;=R.1*1<3
*';=)6NH N,J/, */;*IMR ,7/+1*R *) C 0=,+,:I8I 6H*183
./ >./;=/./6@ 0=,+1*I 817@ N,J/6R :;/, /J T./6*H ;=./>, *)J 4 *)6.+1*R +1710/N1=/*/6@
</*/7?=?8M@ 0=,+,:I8I 6H*81 0 N1=/*, 4!c4\ ) 620=,+1 0 /817? 4E / >.K<H., "!<< ) =L<I*MK /
>.K<H., Z<<3
$%/0%> 1F<BL/1> 6#'1/
='6):I8I 0JH*@ >LIQMR :;/, ;)</*/;*@ 0 8?917 >7*289 U/.<'=, 5!O"#!OZE *) 6'>1**/,
<)7=,3
/6@ >LIQMR :;/, *)6.+1*R 0 ] f *) ) N,J/, >./61J1*R 61 J6/.*I<
=.)M=, /N:1M=,( MJ1 N,J/, >7*?= U,*M8? JH7I8I89 >LIQ1M3 " N,J/, >LIQMR 0)7/+1*R *) M71*1N*I C
;M/L1>?*H( 6 J)7PI89 >/J7)+I89 N,J/, >LIQMR 0)7/+1*R *) C ;=./>,3 1 ;='6):I8I< */;*2< 0J?61< 0 N,J/, >LIQMR ;6'0'*R 6R;1M)*2<? M)>;)<? 6 */;*@< 0J?6,3
*';=)6NH 6 # ) E 6 ,7?Q*I< =.)M=, N,J/, >./61J1*R ;'J./M).=/*/6@ >LIQMR % 3 R=/ >LIQMR N,J/, 0)7/+1*R *) C ;=./>,3 */;*2< 0J1< N,J/, ,M/=61*R >/</8I 9</+J?*1M(
,;)0/6)*289 J/ >L1J6.=)*289 /=6/.K3
&:$H%, )/%0&=?)9$
='6):I8I M/*;=.,M81 ;=L189R N,J1 0 JK6/J, *)6.+1*@ *';=)6NR /J;=.)*H*)3
/6' M/*;=.,M81 ;=L189R :1 *)6.+1*) :)M/ 6)0*?8/6'( ,>.)61*' >./ 617M@ ./0>H=I ; 817M1<
Q=RL<? ;=L1J*I<? 6)0*?81<? ./0<H.K >.KL10, "Z!O !!<<( M./M61<? ]!O"Z!<< / /;/6@ 60J'71*/;=?
"!!!<< ) >/01J*?81<? "Z!O"4!<<3 /</8*2 */;*IM >./ >/J1>L1*I ;7/,>MK ./0<H.K "Z!O"Z!<<
]
61=M*,=R J/ */;*IM, >/</8I M/7IM, ; +1NI.M/62< >/6.891<3 ^>/J/N*2< :)M/ , N1=/*'L;M@ 620=,+1[
7/,>MR 6 ,7?Q*I< =.)M=, :;/, *)6.+1*R 6 Q';=? J@7MR 6/7*H ,6*?=L />7'P=H*I J6/:?=@
;'J./M).=/*/6@ >LIQMR( >LI>)J*H J/J)=1Q*@9/ ;'J./M).=/*/6@9/ />7'P=H*I ;7/,>MK 6 <I;=*/;=? E3"4 6 E 3 JK6/J, /J7?P*@9/ *)<'9'*I ;=L189R *1N,J1 >./61J1*/ ;>/:1*I ;7/,>MK ) >LIQ1M(
>LI>)J*H J/J)=1Q*@9/ />7'P=H*I ;7/,>MK3 )7/+1*I ;7/,>MK :1 *)6.+1*/ *) M/=16*I89 >)=M'89 ;
>./U?71< ) ; J1;M/6/, >)=?8I3 A /=6RG N,J/, /;)01*R 6 >L1J1< 6R6.=)*289 /=6/.189 6 C ;=./>,
>/ 0)=,9*,=I N1=/*/6@ J1;MR3 JK6/J, 0)<101*I ?*=1.)M81 ; N1=/*1< N,J1 >/,+?= 97)JM2 JLIM M/=163 )=?81 M/=6R N,J/, ;6)L1*R ;1 ;)</;=)=*2<? /817/62<? */;*IMR "]!( ,<I;=H*2<? >/J
=.)>@0/62< >71891<3 R=/ */;*IMR N,J/, ; /;=)=*I<? */;*IMR C ;=./>, ./6*/NH+*@ ) :;/,
*)6.+1*R ;>18?'7*H >./ >L1*'P1*I 0)=I+1*I ;7/,>MK3 R=/ */;*IMR N,J/, >./61J1*R =)M( )NR
*1;>/7,>K;/N?7R ; =.)>@0/62< >71891< C ;=./>, *)J *?<? ) >L1*'P17R ;)</;=)=*H 0)=I+1*I /J
;=L189R N10 TQ);=? ;=./>*I M/*;=.,M813 ) 9/.*I >LI.,N, */;*IMK N,J1 *)6I8 >L?71>1*) >.R+/6' 67/+M) 0 JK6/J, =7,<1*I >LI>)J*289 .'0K */;*IMK J/ ;>/J*I Q';=? ;=./>*I M/*;=.,M813 .R+/6' 67/+M) N,J1 ./6*H+ /;)01*) <10? A M/=6,G ) N1=/*/6/, J1;M, C ;=./>,3 J6/.*I< =.)M=, N,J1 >./61J1*/
817M1< ZO M/=163 /;*IMR "]! >./ ./0*'P1*I 0)=I+1*I /J ;=L189R N,J/, >./61J1*R 817M1< =L?(
:1J1* */;*IM >./ ;7/,>MR3 7/+1*I =H89=/ */;*IMK N,J1 >./61J1*/ *) 6H*8?3 C,J1 ./6*H+
>./61J1*/ ,M/=61*I J/ */;*289 0JI M71P=?*)<? ;=1:*2< 0>K;/N1< :)M/ , ;=./>*I89 */;*IMK C
;=./>,3
)J >L1J;)01*2< >./;=/.1< ;89/J?P=H( 89/JNR ) M/</. :1 *)6.+1* 6?M2L3 /*;=.,MQ*I >.6MR M./6, 6?M2L1 :;/, *)6.+1*R ;=1:*289 ./0<H.K :)M/ >.6MR 97)6*I Q';=? ;=L189R( 0);=L1P1*I 6?M2L1 N,J1
>./61J1*/ ;1J7/6/, ;=L189/,3
/%0&=?)9$ 09D/#'H&3
K6/J*I 6L1=1*/6' ;89/J?P=H :;/, 0 M)<1**289 +,7/6289 ;=,>`K 61=M*,=289 J/ */;*289 0JI3 .'<8? *';=)6NR :1 *)6.+1*/ /817/6@ ;89/J*?8/6@ ;89/J?P=H <10? # ) E 3 89/J?P=H N,J1
>./61J1*/ U?.</, ;3.3/3 / >./U?7, ;89/J*?8 "]!3 $1 *)6.+1*/ /;)01*I ;89/J*?8 *) 9/.*I
>LI.,NR ;=./>*I89 */;*IMK "]! ) *';71J*@ ;6)L1*I3 =./>*I */;*IM *1;/,8I J/7*I M/*18
;89/J?Pg/6@9/ .)<1*1 N,J1 ,7/+1* J/ >?7IL1 0 ./0<H.K #E!O#E!<< 0 JK6/J, 71>PI9/ ./0*1;1*I 0)=I+1*I /J ;89/J?P=H3
!@!Q 5)B*#%, 9D*=*)&$='0&')* &$9D%'9)F9D * &$9D%/B/K'9)F9D 6*&,6$%,
$9D%'9)5 6*:,6$%,
-[ M7/>*' >7/P?*) 18/< Z# >./ /;/NR
S 7/P?*) :1 *)6.+1*) 6 >./;=/., 89/JNR >L? 6;=,>, 0 ,7?Q*I9/ >./;=/., >./ >L1M/*'*I 6R./6*'6)8I9/
;89/J?P=H 61 62P81 ]!!<< <10? ;*I+1*/, Q';=I 89/JNR ) T./6*I " 3 C,J1 / ./0<H., ]4!O\!! <<3 /JI8I
M/71:*?81 N,J1 ,M/=61*) J/ 0J? ) N,J1 <I= PILM, " !<< ) J@7M, E!!<3
9[ 2<H*IM/6' ;=)*?81
S 2<H*IM/6' ;=)*?81 :1 *)6.+1*) 6 " 6 <I;=*/;=? !3!\3
=)*?81 N,J1 *)>/:1*) *) 9/.M/6/J 0 ,7?Q*I ;I=H ) N,J1
;7/,+?= M >LI>.)6H ) M 6R='>H*I /N:1M=,3 _1P1*I ./06/J, =1>7) *1*I ;/,Q';=I 3
?[ /J/6/J
S ='6):I8I 6/J/6/J*I >LI>/:M) N,J1 6R<H*H*) 0) */6/, >L?
6R,+?=I ;='6):I8I9/ *)>/:1*I3 C,J1 >./61J1* */62 ./06/J 6/JR >/ /N:1M=,3 7)6*I ,0'6H. 6/JR N,J1 ,<I;=H* 6 " 3
/J/<H.R N,J/, >./61J1*R >./ M)+J/, NR=/6/, :1J*/=M, 067'Pg3 _1P1*I 6/J/6/J*I89 ./06/JK *1*I
;/,Q';=I 3
:[ 71M=./?*;=)7)81
S $1 *)6.+1*) 62<H*) ;='6):I8I89 ./06/JK 6 817@<
/N:1M=,3 C,J1 >./61J1*) */6' ./06/J*' ;MLI`( M=1.' ;1 N,J1 *)89'01= 6 >./;=/., 89/JNR 6 " 3 /6@
171M=./<H.R ) >/:?;=*@ ;MLI`MR N,J/, ;?=,/6'*R 6 >./;=/., 89/JNR ) N,J/, >./61J1*R >./ M)+J/, NR=/6/, :1J*/=M, 067'Pg3 ./ M)+J2 NR= N,J1 >./61J1*)
*/6' =171U/**I >LI>/:M)3 _1P1*I ./06/JK *1*I ;/,Q';=I 3
M[ )*)7?0)81
S 1 ;='6):I8I< ;=)6, :1 J1Pg/6' 6/J) ;61J1*) J/ <I;=*I :1J*/=*@ M)*)7?0)81 ) ;>7)PMR 01 ;='6):I8I9/ a :;/,
;61J1*R J/ +,<>R 6 >./;=/., J6/.)3 ='6):I8I
*16R9/6,:I8I ,;>/L'J'*I N,J1 0.,P1*/( +,<>) N,J1
>L1N1=/*/6'*)3 C,J1 >./61J1*) */6' >LI>/:M)(
M)*)7?0)Q*I >/=.,NI ) *)>/:1*I 0)LI01*I3 >7)PMR N,J/, J/
<I;=*I :1J*/=*@ M)*)7?0)813 16?0*I P)89=) N,J1
>./61J1*) 6 " 6 <I;=*/;=? !3!"3 _1P1*I M)*)7?0)81 *1*I
;/,Q';=I =@=/ 3 7[ 7R*/6/J
S N:1M= N,J1 *)>/:1* *) <I;=*I ./06/J >7R*, 6 ,7?8?
D;7)6;M'3 _1P1*I >7R*/6/J, *1*I ;/,Q';=I 3 S
!@!P /M5=%3 2$6<$+%/0&%, :$H$%,
?0 L1P1*I T*?M/6@ 81;=R 3"34
4!
!@!O 50*#7 D/0</#*:$%, 0 $%$=K'$;'
*4 ='&>='* &$<$B%3 &$9D%'9)>D/ D/#%/9$%,
C,J/6) :1 L1P1*) 6 ;/,7)J, ; >7)=*/, */.</, \4 !E#!S / =1>17*@ /89.)*H N,J/6 ; >L?97@J*,=I< M1 ;='LI N,J/6R3 2>/Q1= ;/,Q?*?=171 >./;=,>, =1>7) :1 0>.)8/6'* 6 Q';=?
=)61N*I UR0?M)( =1>17*' =189*?M)3
24 %$=K$&'9)5 %5=/+%/0& 2?#/17
1*I >L1J<H=1< >./:1M=/6@ J/M,<1*=)813
94 7?M'&, *B&$=%*&'1%,9D 6#=/.G
1*I *)6.9/6'*/ 6R,+?=I )7=1.*)=?6*I89 0J./:K3
!@!"T 7K'$%'9)> </M*#*1)7 %* 0&*127E </M*#*1)7 %* <=*9/1%, * )/;?%5B%, <=/0&:$#, N:1M= :1 L1P1* 6 ;/,7)J, ; >/+)J)6MR 6R97'PMR Z]c !!5 N3( M=1.' ;=)*/6,:1 9R-?1*?8M@ >/+)J)6MR *) ;=)6NR3
1PM1.@ ?*;=)7)81 :;/, *)6.+1*R */6@3 C,J/, >./61J1*R */6@ ?*;=)7)Q*I >./;=,>R >./
;>7)PM/6@ >/=.,NI( =/>1*I( 6/J/6/J*I >/=.,NI ) >7R*3 J>)J N,J1 /J6'JH* J/ <I;=*I :1J*/=*@ M)*)7?0)813 ^6?0 0>.'6) ;>18?)7?;=R[ R='>H*I N,J/6R ) N,J1 0I;M'6'*) >/</8I 62<H*IM/6@ ;=)*?81( *)>/:1*@ *) 9/.M/6/J3 =)*?81 :1 *)6.+1*) 6 =189*?8M@ <I;=*/;=? 6 " 3
H=.'*I N,J/6R :1 L1P1*/ >L?./01*H >/</8I /M1*3
;6H=71*I N,J1 0):?P=H*/ M/<N?*)8I >L?./01*@9/ ) ,<H7@9/ /;6H=71*I3 N:1M= *1N,J1 >./J,M/6)= +'J*2 *1N10>1Q*2 /J>)J3
=)6N) *1N,J1 <I= *1-)=?6*I 67?6 *) /M/7I NH91< 62;=)6NR ? NH91< ,+I6'*I3 /J>)JR 60*?M72<? NH91< 62;=)6NR N,J1 *)M7'J'*/ 6 ;/,7)J, ; 6R97'PM/, "]Ec !!"3
!@!"" 9D=*%* 0&*127 <:$# %$K*&'1%,;' -+'%)7 6 1%3.H,D/ <=/0&:$#,
*4 9D=*%* <:$# <=/%')5%,; =*#/%? 6 </#B/M,
.'<8? >.K0M,<, NR7/ *)<HL1*/ *I0M@ .)J/*/6@ .?0?M/( >./ /89.)*, :1 *)6.+1*) Ui7?1 ) >L?./01*@ 6H=.'*I /=6/.R 6 " 3
24 9D=*%* <:$# 2B?#%F;' <=/?#7
C7,J*@ >./,JR ;1 6 .'<8? /N:1M=, *16R;MR=,:I3
94 9D=*%* <:$# &$9D%'9)/? 0$'0;'9'&/?
1*I ;/,Q';=I >./:1M=,3
#4 9D=*%* <:$# DB?)$;
N:1M= :1 *)6.+1* =)M( )NR 6*?=L*I >LIQMR 6R9/6/6)7R */.<H \4 !E4 / 06,M/6@
*1>.K06,Q*/;=?3
1 ;='6):I8I< ;=)6, :;/, <10? NR=/62<? :1J*/=M)<? 0J? #E!<< *1N/ 4!!<<( M=1.@
;>7`,:I >/+)J)6MR 0 971J?;M) 06,M/6@ *1>.K06,Q*/;=?3 ,7?Q*I< =.)M=, :;/, >/,+?=R ;='6):I8I
<10?NR=/6@ >LIQMR "E!<<( M=1.@ :;/, *16R9/6,:I8I3 J1 :1 0 =/9/ JK6/J, *)6.+1*/ 0J6/:1*I
>LIQM/, % 6 <I;=*/;=? 43!"3 10? >K6/J*I >LIQM, 0 ) */6/, J6/:?=/, 6.;=6, 01
;'J./M).=/*, :1 *)6.+1*) <?*1.'7*I ?0/7)81 a 3
*';=)6NH :;/, *)6.+1*R <10?NR=/6@ J6/:?=@ >LIQMR % ( M=1.@ ;>7`,:I ;/,Q);*@
>/+)J)6MR *) 06,M/6/, *1>.K06,Q*/;=3
$4 =/&'</1/#L/15 /<*&:$%,
C,J/6) ;1 *1*)89'0I 6 0'>7)6/6@ /N7);=?
!A :'</.$%, %* &$9D%'9)/? '%(=*0&=?)&?=?
*4 *</./1*9, ;,0&* &$9D%'9)> '%(=*0&=?)&?=7
/0<I;=H*I *)>/:1*I *) =189*?8M/, ?*U.);=.,M=,., 6?0 3 //.J?*)Q*I ;?=,)81
$1 *)6.+1*) 62<H*) M)*)7?0)Q*I >LI>/:MR 0) */6/, >L? 6R,+?=I ;='6):I8I9/ *)>/:1*I3
='6):I8I ;6/J ;>7)PMK J/ +,<>R N,J1 0.,P1*3 */6@< ;=)6, N,J1 ;>7)PM/6' ) J1Pg/6' 6/J)
;61J1*R J/ :1J*/=*@ M)*)7?0)81 6 ,7?8? D;7)6;M'3 ?;=I8I M,; ;1 N,J1 *)89'01= 6 " 3
='6):I8I ./06/J 6/JR N,J1 0.,P1* ) 6/J/6/J*I >LI>/:M) N,J1 6R<H*H*) 0) */6/, >L?
6R,+?=I ;='6):I8I9/ *)>/:1*I3 C,J1 >./61J1* */62 ./06/J 6/JR >/ /N:1M=, >/J71 */6@9/
J?;>/0?Q*I9/ ,;>/L'J'*I3 7)6*I ,0'6H. 6/JR N,J1 ,<I;=H* 6 " ( /J/<H.R N,J/,
?*;=)7/6'*R >./ M)+J/, NR=/6/, :1J*/=M,3
$1 *)6.+1*/ */6@ >L?>/:1*I /N:1M=, *) 9/.M/6/J( 62<H*IM/6' ;=)*?81 ;1 N,J1
*)89'01= 6 =189*?8M@ <I;=*/;=? 6 " 6 J6/.*I< =.)M=,3 /</8I ;=)*?81 N,J1 0I;M'6'*) ) N,J1 0):?P=H*/ 6R='>H*I N,J/6R3
='6):I8I 171M=.?8M' >LI>/:M) N,J1 6R<H*H*) 0) */6/,( 171M=././06/JR( >/:?;=*@
;MLI`MR ) 171M=./<H.R N,J/, =)M@ 6R<H*H*R 0) */6@ >/J71 ;/,Q);*289 >/+)J)6MK3 71M=./<H. ) >/:?;=*' ;MLI`M) N,J/, >./61J1*R >./ M)+J/, NR=/6/, :1J*/=M,3
N:1M= N,J1 */6H *)>/:1* *) <I;=*I ./06/J >7R*, 6 ,7?8? D;7)6;M'3 _1P1*I =189*?8M@ ?*U.);=.,M=,.R *1*I ;/,Q';=I =@=/ 3
24 :'</./1*9, =/6;3=7E 1F)/%/1> )*<*9'&7 * #>B)7 1*I >L1J<H=1< >./:1M=/6@ J/M,<1*=)81
4
!N /<=*1%, :$H$%,
*4 /<'0 #/<=*1%,D/ :$H$%,
N:1M= :1 ,<I;=H* 6 0);=)6H*@< T01<I 6 ,7?8? D;7)6;M'( QI;7/ >/>?;*@ :1 E3 7?81 D;7)6;M' :1 J/>.)6*H L1P1*' :)M/ :1J*/;<H.*' ,7?81 ; 6:10J1< 0 ,7?81 1710*?Q*I( MLI+I8I ,7?8?
C)..)*J/6) ) 62:10J1< J/ ,N1P/6R ,7?813 L1J J/<1< D;7)6;M' E :1 >/6/71*/ P?M<@ ;='*I /;/N*I89 6/0?J173 L1J N,J/6/, ;1 J'71 *)89'0I 89/J*IM >./ >HPI >./6/03 1 ;=)6, >/
.1M/*;=.,M8? N,J1 :1J*/ 0 >).M/6)8I89 ;='*I 6R9.)01*/ >./ /;/N, 3 24 *</.$%, %* 0&51*.,9, #/<=*1%, '%(=*0&=?)&?=?
N:1M= :1 :?+ *)>/:1* *) ;='6):I8I J/>.)6*I ?*U.);=.,M=,., 6 ,7?8? D;7)6;M'
94 /<=*1* 1 )B'#?
1 ;=)6, >/ .1M/*;=.,M8? N,J1 :1J*/ 0 >).M/6)8I89 ;='*I 6R9.)01*/ >./ /;/N, 3
;=)=*I >).M/6)8I <I;=) 0K;=)*/, 6 */6@< ;=)6, *10<H*H*)3
#4 3H, * 97)B'0&'9)> 0&$6)7 1*I ;/,Q';=I >./:1M=,
! $H$%, 1$K$&*9$ * 0/?1'0$.,9,9D &$=>%%,9D -<=*1
*4 $=>%%, -<=*17
1:;/, ;/,Q';=I >./:1M=, 24 /?M'&> 1$K$&*+%, <=1)7
,7?Q*I<( )*? J6/.*I< >./;=/., ;1 *1*)89'01:I +'J*@ 61-1=)Q*I >.6MR3 94 '/&$9D%'9)5 /<*&:$%,
1:;/, ;/,Q';=I >./:1M=,
!R /<'0 1B'1G 0&*127 %* M'1/&%, <=/0&:$#, * .$D/ /9D=*%*
*4 B'1 %* M'1/&%, <=/0&:$#, 16#?H,
CH91< ;=)6NR ) ,+I6'*I /N:1M=, *1N,J1 J/89'01= M1 09/.P/6'*I /60J,PI3 B?)
CH91< 62;=)6NR N,J1 J/J.+/6'*) ;<H.*?81 \ c !"" N3 / /89.)*H 0J.)6I >L1J TQ?*MR 97,M, ) 6?N.)8I3 CH91< ,+I6'*I /N:1M=, *1J/:J1 M1 062P1*I 97)J?*R 06,M, 6 /M/7I3
/#*
=)6N) *1N,J1 <I= 67?6 *) ;=)6 ;>/J*I 6/JR 6 /M/7I
#<*#7
C,J/6) *1N,J1 >./J,M/6)= )*? NH91< 62;=)6NR( )*? NH91< ,+I6'*I +'J*@ *1N10>1Q*@
/J>)JR3 =)61N*I ;,g NH91< >./6'JH*I .1M/*;=.,M81 N,J1 J1>/*/6'*) *) ;M7'JM,3 CH91< ,+I6'*I N,J/, M/<,*'7*I /J>)JR ;9./<)+h/6'*R 6 <I;=*I89 M/*=1:*1.189 >./ =LIJH*I /J>)JK ) /J6'+1*R
;>18?)7?0/6)*/, U?.</, 0)N26):I8I ;1 /J6/01< M/<,*'7*I89 /J>)JK3
G#*
=)6N) *1N,J1 <I= 67?6 *) >KJ, 6 /M/7I3
24 B'1 0&*127 %* /)/B%, <:,=/#? * )=*.'%?
=)6N) ;1 *)89'0I 6 0);=)6H*@< >./;=L1JI( 62;=)6N) )*? ,+I6'*I *1N,J1 <I= 67?6 *) /M/7*I >LI./J, ) M.):?*,3
94 B'1 0&*127 %* 0/?0&*1? 9D=5%3%F9D -6$;, *&?=* @TTT
>LI>)JH ,9*I0JH*I 89.'*H*@9/ J.,9, >='M) *1N/ *1=/>2.) N,J1 >./61J1*) M/*0,7=)81 ; /JN/.*IM1<3
#4 51=D 6/DB$#%3%, </#;,%$) 6$ 6513=? 6.'HU/1*9,D/ :,6$%, %$2/
1*I ;/,Q';=I >./:1M=/6@ J/M,<1*=)813
$4 *1=D/1*%5 /9D=*%%5 * 2$6<$+%/0&%, <50;*E =/60*D /;$6$%, * </#;,%)7 /9D=*%7 </#B$
.'%F9D <=51%,9D <:$#<'0G
1*I ;/,Q';=I >./:1M=/6@ J/M,<1*=)813
!Q 9D=*%* /271*&$B0&1*
./ 0):?P=H*I N10>1Q*/;=? 89/J8K NH91< >./6'JH*I ;=)6NR N,J1 ;=)61*?P=H />7/81*/
) /0*)Q1*/ 62;=.)+*2<? >';M)<?3
!P 50*#7 /=K*%'6*9$ 1F0&*127
*4 /&:$27 * 0</&:$27 =/6D/#?.,9,9D D;/& * .$.'9D 6*.'H&3%,
)>/:1*I ;=)61*?P=H *) 171M=.?8M/, 1*1.-?? N,J1 >./61J1*/ 01 ;='6):I8I89 >LI>/:1M ) N,J1 ./06'JH*/ >/ ;=)61*?P=? >/</8I ;=)61*?P=*I89 ./06)JHQK3 ';/N/6'*I 6/J/, N,J1 0):?P=H*/ 01 ;='6):I8I 6/J/6/J*I >LI>/:MR3
4#
/J'6M) 9</= NH91< 62;=)6NR N,J1 0):?Pg/6'*) J/J)6)=171<3
=H89=/ 9</= =/ N,J/, 01:<@*)b JI8I 9</=Rb
S 5!B"#!BZE
S #! f
S 4! f
S ] f ^>LIQMR[
817/6@ >.6MRb /;*IMR( >L1M7)JR( >7189R( ;89/J?P=H
S "]! ^*/;*IMR C ;=./>,[
S C " ! ^*1;1 >LIQM,[
S "!! ^*)J 6RN/,.)*2<? /=6/.R[
S ""(E ^>7/892 >L1M7)J[
S " !!4
S 817/6@ ;89/J*?8/6@ ;89/J?P=H ^<10? # ) E [ C1=/* ^ C 6H*81( ;=L1J*I 6)0*?81( */;*IM >/J ;7/,>MR M./6,( ;M/L1>?*R *)J M71*N)<?( C
;=./>[
20=,+ ^ ;I=H 6 C ;=./>,( 620=,+ *) 01;I71*I M71*1N( C 6H*81( ;=L1J*I 6)0*?81( */;*IM
>/J ;7/,>MR M./6,[
/J;R> ^M71*NR( 6P189*R ;=./>R[
'J./67'M*?=@ J1;MR
/J7)9/6@ >.6MR ^<)0)*?*R( 71>?J7)( J7)+N)( 7)<?*'=( C J1;MR[
'J./M).=/*/6@ M/*;=.,M81 %
S LIQMR % ^:1J*/J,89@ ) J6/:?=@[
S /J971J % *) >.,+*289 0'6H;189 L16H*@ M/*;=.,M81
S /*;=.,M81 M./6, ^M./M61( M71P=?*R( 6)0*?81( ;7/,>MR(
>';MR( >/01J*?81( N1J*H*I( 7)g/6'*I[
1>17*@ ?0/7)81
S );'J*I <?*1.'7*I 6)=)
S /J7)9/6' a
S >LIQM'89 a
RJ./?0/7)81 ^ B >./ P?M<@ ;=L189R( U/7?1( >)./=H;*' U/7?1 S >/J7)9R[
P189*R <)=1.?'7R N,J/, /J1NI.'*R 0 <I;=*I89 ;=)61N*?* 6 /M/7I ) N,J1 :? 0):?Pg/6)=
J/J)6)=17 ;=)6NR3
24 #1/#%3%, 0&*1$%'H&3
1*I ;/,Q';=I >./:1M=,3
94 *</.$%, 0&*1$%'H&3 %* 0&51*.,9, #/<=*1%, * &$9D%'9)/? '%(=*0&=?)&?=?
