Está en la página 1de 2143

!"#$%&#'()*(#!

*(#!+)!,&,)-,.)/,01234!5'
!"#$%&&'()&&*+,#.-/0/#123456!414337#89)&(%+':);#67<4=4
6>?)*+@#+*A&'BC(+*%D%B
2:E%&:%E@#FEEG@""HHHD(+*%D%B
COMENTARIO EXEGTICO AL TEXTO GRIEGO
DEL NUEVO TESTAMENTO
MATEO
!'GI&*JFE#K#/..L#7)?M%+#<N&%O#P*++'B
!'GI&*JFE K /..L 6S*E'&*)+ !326
!M)+QM*%&#R'&?)#S%#&%G&'SM((*T:,#S*BE&*AM(*T:,#('?M:*()(*T:#GUA+*()#'#E&):BR'&?)(*T:#
S%#%BE)#'A&)#B'+'#GM%S%#B%&#&%)+*O)S)#(':#+)#)ME'&*O)(*T:#S%#BMB#E*EM+)&%B,#B)+V'#%W(%G(*T:#
SUHYLVWDSRUODOH\'LUtMDVHD&('52 &HQWUR(VSDxROGH'HUHFKRV5HSURJUiFRV
HHHD(%S&'D'&J#XFEEG@""HHHD(%S&'D'&JY#;#B*#:%(%B*E)#R'E'('G*)&#'#%B():%)&#)+JU:#R&)J?%:E'#
S%#%BE)#'A&)D
279Z@#L[->-\>-/][>^^^>279Z#'A&)#('?G+%E)@#L[->-\>-/][>^\[>0
<&*:E%S#*:#_D7D4D
!+)B*RbQM%B%@
e(5P(Z!"a2&4
d
./`^>!'?%:E)&*'B#S%+#Za>P)E%'
!a!@#.`>./>./`^>`^
c%R%&%:(*)@ //\[.\

!
!
!
!
!
!
!
!
!
!
!
!
!
!

! !

! !

! !

"#"$%&'()$&*!
!"#$"%&'(&)"*&+,%-."#/0%-"%0%#'1)-.")#$2)"
3$%1"4"5(1)6(-)7(-)")7#$-)61%."5/4)")4/7)"4"
7%7$5)5$89" ,)" ,%5,(" '(&$61%" 9/%&+-("
#$9$&+%-$("4"%&+)"(6-):"

!"#$%&!

!
!"#$%&%'''

!!"#

!
"#$%&'()!(!
*+&,)-'../0+!12+2,#(!
$!#
#!!!!!!!!#%&#'()*+'&,-.
$!#
#!!!!!!!!!/-0#'()*+'&,-0.
$1#
#!!!!!!!!!/)#2,)3,&,4)4#4'#&-0#56)78-#'()*+'&,-0
$9#
#!!!!!!!!!/-0#'()*+'&,-0#0,*:;7,5-0.
$<#
#
&'()*+(*),-./0/),1-2/-13'-'4056(4+3'7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$"#
!
=*)6+68)5,:*.#
$"#
#
>'0)88-&&-.#
$?#
#
@6&A,*)5,:*.#
$B#
#
CD8A,*-0#+8,'+-0#5-A6*'0#)#&-0#0,*:;7,5-0#
1E#
#
F'56'*5,)#4'#&-0#)5-*7'5,A,'*7-0.#
1E#
#
>,2'8'*5,)0.#
1E#
#
G'2'8'*5,)0#H*,5)0#'*#I)7'-.#
1E#
1!#
#
G'2'8'*5,)0#H*,5)0#'*#I)85-0.#
#
G'2'8'*5,)0#H*,5)0#'*#/65)0.#
1$#
#
G'2'8'*5,)0#H*,5)0#'*#I)7'-#J#I)85-0.#
1$#
#
G'2'8'*5,)0#H*,5)0#'*#I)7'-#J#/65)0#
11#
#
G'2'8'*5,)0#H*,5)0#'*#I)85-0#J#/65)0.#
11#
#
G'&)7-0#;)8)3:&,5-0.#
1K#
#
L)8M3-&)0#H*,5)0#'*#I)7'-.#
1K#
#
L)8M3-&)0#H*,5)0#'*#I)85-0.#
1K#
#
L)8M3-&)0#H*,5)0#'*#/65)0.#
1K#
#
L)8M3-&)0#H*,5)0#'*#I)7'-#J#/65)0.#
1K#
#
L)8M3-&)0#5-A6*'0#'*#&-0#78'0#'()*+'&,-0.#
19#
#
L8-;6'07)0#4'#0-&65,:*#)&#;8-3&'A)#0,*:;7,5-.#
19#
#
C8)4,5,:*#-8)&.#
19#
#
>';'*4'*5,)#,*A'4,)7).#
1"#
#
>';'*4'*5,)#A'4,)7).#
1?#
#
N,;:7'0,0#28)+A'*7)8,).#
1?#
#
N,;:7'0,0#4-56A'*7)8,)#4-3&'.#
1?#
#
N,;:7'0,0#4-56A'*7)8,)#)A;&,).#
KE#
#
@8O7,5)#4'#2-8A)0.#
K$#
*+&,)-'../0+!#(!34#+12(/)!5216+!7#&2)8!
KK#
!
P67-8.#
KK#
3(!34#+12(/)!5216+!7#&2)8!
K<#
!
C'07,A-*,-0#4'#&)#=+&'0,)#;8,A,7,().#
K<#
#
@)8)57'8O07,5)0#4'&#'058,7-.#
K"#
#
L8-;:0,7-.#
9!#

?#

IPC%Q#

#
#
/6+)8#J#2'5R)#4'#8'4)55,:*.#
9$#
#
%&#7'S7-#+8,'+-.#
91#
#
T-0U6'V-.#
9"#
39:125/58!
<1#
!'''''''''&1-8/9-:;<;=><?@A7-----------------------------------------------------------------------------------<1#
!
B,-./0/,13.C,-2/1-8/9-:;<;=;DA7!---------------------------------------------------------<1#
<1#
!
>'04'#P38)R)A#)#>)(,4#W!X!Y9Z.#
#
>'04'#>)(,4#)#&)#4';-87)5,:*#W!X<Y!!Z.#
"K#
#
>'04'#'&#8'7-8*-#R)07)#['0H0#W!X!$Y!"Z.#
?<#
#
&1-0,+4E4/0(3-2/1-8/9-:;<;F=?@A7-!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!E!#
!E!#
!
/)#)*6*5,)5,:*#4'&#G'J#W!X!?Y$9Z.#
#
"#$%&'()!**8!
;-),#./0+!2!/+<#+./#8!
!
=*78-4655,:*.#
!$9#
#
/)#)4-8)5,:*#)&#G'J#W$X!Y!$Z.#
!$<#
#
/)#,*2)*5,)#4'&#G'J#W$X!1Y$1Z.#
!9E#
#
"#$%&'()!***8!
3(!=#'&/5>)!-2!?25658!
!
=*78-4655,:*.#
!<"#
#
&1-G,*(4'E3-2/1-8/9-:H<;=;DA7!----------------------------------------------------------!<?#
!<?#
!
%&#A,*,07'8,-#4'#[6)*#'&#T)67,07)#W1X!Y<Z.#
#
/)#'SR-87)5,:*#4'#[6)*#'&#T)67,07)#W1X"Y!EZ.#
!?K#
#
/)#;8-2'5O)#4'&#T)67,07)#W1X!!Y!$Z.#
!B1#
#
%&#3)67,0A-#4'#['0H0#W1X!1Y!"Z.#
!B<#
#
"#$%&'()!*@8!
A#!&2+&#./0+8!
!
=*78-4655,:*.#
$EB#
#
/)#7'*7)5,:*#4'&#G'J#WKX!Y!!Z.#
$!$#
#
&1-+3E4/0I3-2/1-E404'(/)43-2/1-8/9-:><;?=?@A7--------------------------------$19#
!
F6#;8'0'*5,)#'*#\)&,&')#WKX!$Y!"Z.#
$1<#
#
F60#;8,A'8-0#4,05O;6&-0#WKX!?Y$$Z.#
$K$#
#
F6#A,*,07'8,-#WKX$1Y$9Z.#
$KB#
#
"#$%&'()!@8!
3(!B2,>0+!-2(!7)+&2!CDE8!
3(!.#,F.&2,!G!&25&/>)+/)!-2(!.,2G2+&28!
!
=*78-4655,:*.#
$9"#
#
B,'-/0'/J,0I,'-2/1-8/9-:@<;=D<?KA7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$<K#
!
&1-L/)E50-2/1-M30(/-:@<;=D<?KA7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$<K#
!
=*78-4655,:*#W9X!Y$Z.#
$<K#

#
#

#
=]>=@%#
#
%&#5)8M57'8#4'&#58'J'*7'#W9X1Y!$Z.#
%&#7'07,A-*,-#4'&#58'J'*7'#W9X!1YK?Z#
/)#,*2&6'*5,)#4'&#58'J'*7'#W9X!1Y!<Z.#
/)#/'J#W9X!"Y$EZ.#
/)#(,4)#W9X$!Y$$Z.#
/)#8'5-*5,&,)5,:*#W9X$1Y$<Z.#
%&#)46&7'8,-#W9X$"Y1EZ.#
%&#4,(-85,-#W9X1!Y1$Z.#
/-0#V68)A'*7-0#W9X11Y1"Z.#
/)#,*V607,5,)#W9X1?YK$Z.#
%&#)A-8#W9XK1YK?Z.#

#
$<<#
#
1EE#
#
1E!#
#
1!<#
#
1$?#
#
11K#
#
1KE#
#
1K"#
#
19$#
#
19?#
#
1<"#
#
"#$%&'()!@*8!
3(!B2,>0+!-2(!7)+&2!CHE8!
A#!42,-#-2,#!$/2-#-8!
!
=*78-4655,:*.#
1""#
#
B,-64/2,2-2/1-+)/9/0(/-:N<;=;FA7!-------------------------------------------------------1"B#
!
/)0#&,A-0*)0#W<X!YKZ.#
1"B#
#
B,-3),+450-:N<@=;@A7
!!!!!1?B#
!
%&#A-4-#4'#-8)8#W<X9Y?Z.#
1BE#
#
%&#'V'A;&-#4'#-8)5,:*#W<XBY!1Z.#
1B?#
K!K#
#
/)#4,0;-0,5,:*#;)8)#&)#-8)5,:*#W<X!KY!9Z.#
#
%&#)J6*-#W<X!<Y!?Z.#
K!"#
#
B,-,EG4+450-2/1-+)/9/0(/-:N<;K=H>A7#
K$K#
#
%&#7'0-8-#4'&#58'J'*7'#W<X!BY$"Z
K$K#
#
>,-0#-#&)0#8,U6'^)0#W<X$$Y$KZ#
K1!#
#
/)#)*0,'4)4#W<X$9Y1KZ.#
K1?#
#
"#$%&'()!@**8!
3(!B2,>0+!-2(!7)+&2!CIE8!
J2#(/-#-!)!#$#,/2+./#!-2!(#!4/-#!-2!<28!
!
=*78-4655,:*.#
K9"#
#
B,'-)/1,+430/'-2/1-+)/9/0(/-:D<;=;?A7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K9?!
!
%&#;8-3&'A)#4'#V6^+)8#)#-78-#W"X!Y9Z.#
K9?#
#
%&#A-4-#4'#8'&)5,-*)80'#5-*#'&#,*78)*0,+'*7'#W"X<Z.#
K<"#
#
/)#5-*2,)*^)#'*#>,-0#W"X"Y!!Z.#
K"$#
#
%&#5-A;-87)A,'*7-#W"X!$Z.#
K?E#
#
B,-/O42/0+4,-2/1-+)/9/0(/-:D<;H=?DA#
K?1#
#
%&#5)A,*-#W"X!1Y!KZ.#
K?1#
#
/)#(,+,&)*5,)#W"X!9Y$EZ.#
K??#
#
/)#8')&,4)4#W"X$!Y$1Z.#
KB9#
#
/)#'07)3,&,4)4#W"X$KY$"Z.#
9E!#

########
B#

!E#

IPC%Q#

#
#
/)#5-*5&60,:*#4'&#0'8A:*#W"X$?#$%&'
9E"#
#
"#$%&'()!@***8!
3(!$)-2,!G!(#!#'&),/-#-!-2(!J2G8!
!
=*78-4655,:*.#
9!!#
#
&O42/0+4,'-2/1-8/9-:F<;=H>A7!------------------------------------------------------------9!K!
!
&1-632/)-2/1-8/9-:F<;=H>A7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!9!K#
!
L-4'8#0-38'#&)#5-*7)A,*)5,:*#W?X!YKZ.#
9!K#
#
L-4'8#'*#&)#4,07)*5,)#W?X9Y!1Z.#
9$1#
#
L-4'8#0)*)4-8#W?X!KY!"Z.#
91"#
9K1#
#
I)*,2'07)5,:*#4'#)67-8,4)4#W?X!?Y$$Z.#
#
L-4'8#0-38'#&)#*)768)&'^)#W?X$1Y$"Z.#
99$#
#
L-4'8#0-38'#&-0#4'A-*,-0#W?X$?Y1KZ.#
9(%#
#
"#$%&'()!*K8!
3(!J2G!$2,-)+#-),!G!.)>$#5/4)8!
!
=*78-4655,:*.#
9"!#
#
&1-6/)250-2/1-8/9-:K<;=;DA7---------------------------------------------------------------9"1#
!
L'84-*)*4-#;'5)4-0#)&#;)8)&O7,5-#WBX!Y?Z.#
9"1#
#
L'84-*)*4-#)&#;63&,5)*-#WBXBY!1Z.#
9?"#
#
%&#;8-3&'A)#4'&#)J6*-#WBX!KY!"Z.#
<EE#
#
B,-,*(3)42,2-2/1-8/9-:K<;F=HFA7!------------------------------------------------------<E?!
!
P67-8,4)4#0-38'#&)#A6'87'#WBX!?Y$<Z.#
<E?#
#
P67-8,4)4#0-38'#&)#-0568,4)4#WBX$"Y1!Z.#
<!?#
#
P67-8,4)4#0-38'#&-0#4'A-*,-0#WBX1$Y1KZ.#
<$<#
#
P67-8,4)4#0-38'#&)#'*2'8A'4)4#WBX19Z.#
<1!#
#
/)#5-A;)0,:*#4'&#G'J#WBX1<Y1?Z.#
<11#
#
"#$%&'()!K8!
")>$,)>/5)!G!52,4/./)8!
!
=*78-4655,:*.#
<1B#
#
&1-6)3.),E,-2/1-8/9-:;P<;=;N<;?A7--------------------------------------------------<K!#
!
&1-6)3.),E,-,0*0+4,23-:;P<;=;;<;A7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!<K!#
#
/-0#4,05O;6&-0#4'#['0H0#W!EX!YKZ.#
<K!#
#
/)#A,0,:*#'*5-A'*4)4)#W!EX9Y!9Z.#
<9K#
#
>'07,*-#J#)55,:*#W!EX9Y?Z.#
<9K#
#
/)#;8-(,0,:*#W!EXBY!9Z.#
<<E#
#
L'&,+8-0#J#;8-(,0,:*#W!EX!<Y$EZ.#
<"1#
#
P4('87'*5,)0#W!EX$!Y$1Z.#
<?$#
#
%&#4,05O;6&-#W!EX$KY11Z.#
<?"#
#
/)#A,0,:*#4'#['0H0#J#060#5-*0'56'*5,)0#W!EX1KY1<Z.#
"EE#
#
>,05,;6&)4-#J#5-A;8-A,0-#W!EX1"YK$Z.#
"EK#
#

#
#

#
=]>=@%#
#

########
!!#

#
#
"#$%&'()!K*8!
")+5'2()L!.)+-2+#!G!((#>#>/2+&)8!
!
=*78-4655,:*.#
"!1#
#
&1-6)3.),E,-/O42/0+4,23-:;;<;=;?<@PA7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!K#
!
%30'*/13-,-13'-24'+C6*13'-2/-Q*,0-:;;<;=;KA7!---------------------------------------"!K#
!
L8'+6*7)#4'#[6)*#J#8'0;6'07)#W!!X!Y<Z.#
"!9#
#
C'07,A-*,-#0-38'#[6)*#W!!X"Y!9Z.#
"$K#
#
@-A;)8)5,-*'0#W!!X!<Y!BZ.#
"1?#
#
/)#5-*4'*)#4'&#G'J#W!!X$EY$KZ.#
"K1#
#
%&#&&)A)A,'*7-#4'&#G'J#W!!X$9Y1EZ.#
"9!#
#
"#$%&'()!K**8!
M$)5/./0+!G!$2.#-)!/>$2,-)+#=(28!
!
=*78-4655,:*.#
"<"#
#
B,'-+30()3O/)'4,'-+30-/1-8/9-:;?<;=;HA7-----------------------------------------------"<B#
!
/)#)560)5,:*#0-38'#&-#&O5,7-#'*#'&#4O)#4'#8';-0-#W!$X!Y?Z.#
"<B#
#
/)#0)*,4)4#'*#'&#4O)#4'#8';-0-#W!$XBY!1Z.#
"?!#
#
%302/0,023-,-13'-R,)4'/3'-:;?<;>=HDA7!--------------------------------------------------"??#
!
L8-;:0,7-#5-*78)#['0H0#W!$X!KY$!Z.#
"?B#
#
F)*,4)4#J#5-*28-*7)5,:*#W!$X$$Y$KZ.#
?E!#
#
P8+6A'*7)5,:*#4'#['0H0#W!$X$9Y1EZ.#
?E<#
#
%&#;'5)4-#,A;'84-*)3&'#W!$X1!Y1"Z.#
?!K#
#
F'_)&#4'A)*4)4)#J#0'_)&'0#)*6*5,)4)0#W!$X1?YK9Z.#
?$"#
#
/)#2)A,&,)#4'&#G'J#W!$XK<Y9EZ.#
?1B#
#
"#$%&'()!K***8!
A#5!$#,F=)(#5!-2(!,2/+)8!
!
=*78-4655,:*.#
?K"#
#
&1-6)3.),E,-/S(/02423-:;H<;=@?A7---------------------------------------------------!!!?KB#
!
&1-'/EG),23)-:;H<;=?HA7------------------------------------------------------------------------?KB#
!
/)#;)8M3-&)#W!1X!YBZ.#
?KB#
#
/)#8)^:*#4'#&)0#;)8M3-&)0#W!1X!EY!"Z.#
?9?#
#
/)#'S;&,5)5,:*#4'#&)0#;)8M3-&)0#W!1X!?Y$1Z.#
?"E#
#
%&#78,+-#J#&)#5,^)_)#W!1X$KY1EZ.#
??K#
#
/)#0'A,&&)#4'#&)#A-07)^)#W!1X1!Y1$Z.#
?B!#
#
/)#&'()468)#W!1X11Z.#
?B"#
#
%S;&,5)5,:*#4'#&)#;)8M3-&)#W!1X1KYK1Z.#
BE1#
#
%&#7'0-8-#'05-*4,4-#W!1XKKZ.#
B!"#
#
/)#;'8&)#4'#+8)*#;8'5,-#W!1XK9YK<Z.#
B$!#
#
/)#8'4#W!1XK"Y9EZ.#
B$9#

!$#

IPC%Q#

#
#
%&#;)48'#4'#2)A,&,)#W!1X9!Y9$Z.#
B1E#
#
&1-6)3.),E,-+*/'(430,23-:;H<@H=@FA7----------------------------------------------B19#
!
G'5R)^)4-#;-8#060#5-*5,64)4)*-0#W!1X91Y9?Z.#
B19#
#
"#$%&'()!K*@8!
7'2,&2!-2!?'#+!G!>/(#1,)5!-2!?25658!
!
=*78-4655,:*.#
BK9#
#
8/+T,I,23-63)-U/)32/'-:;><;=HNA7!-----------------------------------------------------BK<#
!
%&#;'*0)A,'*7-#4'#N'8-4'0#W!KX!Y$Z.#
BK<#
#
/)#A6'87'#4'&#T)67,07)#W!KX1Y!$Z.#
BKB#
#
/)#)&,A'*7)5,:*#4'#&-0#5,*5-#A,&#W!KX!1Y$!Z.#
B<9#
#
['0H0#5)&A)#&)#7'A;'07)4#W!KX$$Y11Z.#
B?$#
#
['0H0#'*#\'*'0)8'7#W!KX1KY1<Z.#
!EE!#
#
#
"#$%&'()!K@8!
N,#-/./)+25L!.)+<(/.&)5!G!>/(#1,)58!
!
=*78-4655,:*.#
!EE9#
#
8/+T,I3-2/-13'-/'+)4G,'-9-R,)4'/3'-:;@<;=HKA7#
!EE<#
!
/)#5-*28-*7)5,:*#5-*#&-0#'058,3)0#J#2)8,0'-0#W!9X!YBZ#
!EE<#
#
/)#;)8M3-&)#4'#&-#U6'#5-*7)A,*)#W!9X!EY!!Z.#
!E$$#
#
/)#5-*0'56'*5,)#4'#&)#;)8M3-&)#W!9X!$Y!KZ.#
!E$9#
#
%S;&,5)5,:*#4'#&)#;)8M3-&)#W!9X!9Y$EZ.#
!E1E#
#
/)#A6V'8#5)*)*')#W!9X$!Y$?Z.#
!E1B#
#
/)#)&,A'*7)5,:*#4'#&-0#56)78-#A,&#W!9X$BY1BZ.#
!E9K#
#
"#$%&'()!K@*8!
J2.O#P)L!&25&/>)+/)!G!2+52Q#+P#8!
!
=*78-4655,:*.#
!E"!#
#
8/+T,I3-63)-13'-R,)4'/3'-9-',2*+/3'-:;N<;=;?A7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!E"1#
!
L8'+6*7)#J#8'0;6'07)#W!<X!YKZ.#
!E"1#
#
/)#&'()468)#4'#&-0#2)8,0'-0#J#0)465'-0#W!<X9Y!$Z.#
!E?E#
#
B,'-/0'/J,0I,'-2/1-8/9-:;N<;H=?P<?FA7!------------------------------------------------!E?B#
!
/)#'*0'_)*^)#0-38'#&)#=+&'0,)#W!<X!1Y$EZ.#
!E?B#
#
/)#'*0'_)*^)#0-38'#F6#A6'87'#W!<X$!Y$?Z.#
!!!9#
#
"#$%&'()!K@**8!
A#!1(),/#!-2(!J2G8!
!
=*78-4655,:*.#
!!1"#
#
B,-/0'/J,0I,-'3G)/-'*-.13)4,-:;D<;=?;A7----------------------------------------!!1B#
!
/)#78)*02,+68)5,:*#W!"X!YBZ.#
!!1B#
#
/)#'*0'_)*^)#0-38'#%&O)0#W!"X!EY!1Z.#
!!<!#
#
/)#0)*,4)4#4'&#A65R)5R-#'*4'A-*,)4-#W!"X!KY$!Z.#
!!<"#
#
/)#'*0'_)*^)#0-38'#06#'*78'+)#)#A6'87'#W!"X$$Y$1Z.#
!!"B#

#
#

#
=]>=@%#
#
/)#'*0'_)*^)#0-38'#&-0#,A;6'07-0#W!"X$KY$"Z.#

########
!1#

#
!!?$#
!
"#$%&'()!K@***8!
A#!O'>/(-#-8!
!
=*78-4655,:*.#
!!B!#
#
B,-/0'/J,0I,-'3G)/-1,-T*E412,2-:;F<;=?PA7----------------------------------!!B$#
!
/)#&'55,:*#4'&#*,_-#W!?X!Y<Z.#
!!B$#
#
%&#A)&#7'07,A-*,-#J#'&#;8-;:0,7-#4'#0)&()5,:*#W!?X"Y!!Z.#
!$E1#
#
/)#-('V)#4'05)88,)4)#W!?X!$Y!KZ.#
!$!1#
#
/)#4,05,;&,*)#W!?X!9Y$EZ.#
!$$E#
#
B,-/0'/J,0I,-'3G)/-/1-6/)250-:;F<?;=H@A7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$11#
!
/)#;8'+6*7)#4'#;'48-#W!?X$!Y$$Z.#
!$11#
#
/)#;)8M3-&)#4'&#0,'8(-#0,*#A,0'8,5-84,)#W!?X$1Y19Z.#
!!1<#
#
"#$%&'()!K*K8!
R,)=(2>#5!O'>#+)5!G!,2.)>$2+5#58!
!
=*78-4655,:*.#
!$91#
#
B,-/0'/J,0I,-'3G)/-6)3G1/E,'-T*E,03'-:;K<;=?NA7!!!!!!!!!!!!!!!!!!!!!$9K#
!
/)0#A6&7,764'0#W!BX!Y$Z.#
!$99#
#
&1-24O3)+43-:;K<H=;?A7#
!$9?#
#
L8-3&'A)#J#8'0;6'07)#W!BX1YBZ#
!$9B#
#
/)#,*U6,'764#4'#&-0#4,05O;6&-0#W!BX!EY!$Z.#
!$?E#
#
['0H0#J#&-0#*,_-0#W!BX!1Y!9Z.#
!$?<#
#
/)0#8,U6'^)0#W!BX!<Y$<Z.#
!$B1#
#
B,-/0'/J,0I,-'3G)/-/1-)/403-:;K<?D=?P<?FA7!-------------------------------------!1!1!
!
/)0#8'5-A;'*0)0#W!BX$"Y1EZ.#
!1!K#
#
"#$%&'()!KK8!
B2,4/./)!G!O'>/(-#-8!
!
=*78-4655,:*.#
!1$1#
#
/)#;)8M3-&)#4'#&-0#-38'8-0#'*#&)#(,_)#W$EX!Y!<Z.#
!1$K#
#
V3'4+430/'-/0-/1-)/403-:?P<;D=?FA7!
! 1K?#
!
!
['0H0#)*6*5,)#06#A6'87'#W$EX!"Y!BZ.#
!1K?#
#
/)#;'7,5,:*#4'#&-0#R,V-0#4'#`'3'4'-#W$E)$EY$1Z.
!19K#
#
/)#R6A,&4)4#W$EX$KY$?Z.#
!1<"#
#
B,-6)/'/0(,+450-2/1-8/9-:?P<?K=?H<?KA7----------------------------------------------!1"?#
#
%&#;-4'8#4'&#G'J#W$EX$BY1KZ.#
!1"?!
!
!
!
"#$%&'()!KK*8!
3(!J2G!2+!?2,'5#(:+8!
!
=*78-4655,:*.#
!1?"#

!K#

IPC%Q#

#
#
/)#;8'0'*7)5,:*#4'&#G'J#W$!X!Y!!Z.#
!1??#
#
/)#;68,2,5)5,:*#4'&#7'A;&-#W$!X!$Y!"Z.#
!KE<#
#
/)#A)&4,5,:*#4'#&)#R,+6'8)#'07D8,&#W$!X!?Y$$Z.#
!K$!#
#
/)0#4'A)*4)0#4'#&-0#&O4'8'0#W$!X$1Y$"Z.#
!K11#
#
B,'-6,)WG31,'-2/1-8/9-:?;<?F=??<;>A7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!KK!#
!
/-0#R,V-0#4'&#46'_-#4'#&)#(,_)#W$!X$?Y1$Z.#
!KK!#
#
B3'-1,G),23)/'-E,1O,23'-:?;<HH=>NA7!-------------------------------------------!KKB!
!
/)#;)8M3-&)#W$!X11YK!Z.#
!K9E#
#
/)#);&,5)5,:*#W$!XK$YKKZ.#
!K<$#
#
/)#8')55,:*#W$!XK9YK<Z.#
!K<"#
#
"#$%&'()!KK**8!
R#,F=)(#!G!-2.(#,#./)+258!
!
=*78-4655,:*.#
!K"1#
#
B,'-G32,'-2/1-T4X3-2/1-)/9-:??<;=;>A7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K"K#
!
/)#;)8M3-&)#W$$X!Y!EZ.#
!K"K#
#
%&#)0,07'*7'#0,*#('07,4-#4'#3-4)#W$$X!!Y!KZ.#
!K?B#
#
B,'-2/+1,),+430/'-2/1-8/9-:??<;@=?H<HKA7---------------------------------------!KB<#
!
%&#78,367-#)&#@D0)8#W$$X!9Y$$Z.#
!KB<#
#
/)#8'0;6'07)#4'#&-0#0)465'-0#W$$X$1Y11Z.#
!9E?#
#
%&#+8)*#A)*4)A,'*7-#W$$X1KYKEZ.#
!9$!#
#
L8'+6*7)#)#&-0#2)8,0'-0#W$$XK!YK<Z'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!91E#
#
"#$%&'()!KK***8!
;G25!G!A#>2+&)58!
!
=*78-4655,:*.#
!9K1#
#
#/+1,),+430/'-'3G)/-13'-/'+)4G,'-9-R,)4'/3'-:?H<;=HNA7--------------------!9K9#
!
%&#5)8M57'8#W$1X!Y"Z.#
!9K9#
#
%&#5-*78)07'#4'#&-0#4,05O;6&-0#4'#['0H0#W$1X?Y!$Z.#
!99B#
#
B3'-,9/'-'3G)/-13'-R,)4'/3'-:?H<;H=HNA7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!9<B!
!
F-38'#&-0#-307M56&-0#W$1X!1Z.#
!9<B#
#
F-38'#&)#5-4,5,)#W$1X!KZ.#
!9"$#
#
F-38'#'&#;8-0'&,7,0A-#W$1X!9Z.#
!9"K#
#
F-38'#'&#'S78)(O-#W$1X!<Y$$Z.#
!9""#
#
F-38'#&)#-3'4,'*5,)#);)8'*7'#W$1X$1Y$KZ.#
!9?9#
#
F-38'#&)#;,'4)4#);)8'*7'#W$1X$9Y$<Z.#
!9B!#
#
F-38'#&)#0)*7,4)4#);)8'*7'#W$1X$"Y$?Z.#
!9B9#
#
F-38'#'&#4'0;8'5,-#;-8#&-0#'*(,)4-0#4'#>,-0#W$1X$BY1<Z.#
!9B"#
#
>'5&)8)5,:*#0-38'#['860)&D*#W$1X1"Y1BZ.#
!<EB#
#
"#$%&'()!KK*@8!
B2,>0+!$,)<:&/.)8!
!
=*78-4655,:*.#
!<!B#

#
#

#
########
=]>=@%#
!9#
#
B,'-6)3R/+C,'-2/1-8/9-:?><;=?@<>NA7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!<$!#
/)#4'078655,:*#4'&#7'A;&-#W$KX!Y$Z.#
!<$!#
/)0#;8'+6*7)0#4'#&-0#4,05O;6&-0#W$KX1Z.#
!<$9#
B,-)/'6*/'(,-2/-Q/'Y'-:?><>=H;A7----------------------------------------------------!<$?#
/)0#0'_)&'0#4'&#2,*#4'#&)#4,0;'*0)5,:*#W$KXKY?Z.#
!<1$#
C,'A;-#4'#78,36&)5,:*#W$KXBY!KZ.#
!<K$#
=*7'*0,4)4#4'#&)#78,36&)5,:*#W$KX!9Y$$Z.#
!<91#
%&#'*+)_-#'*#&)#78,36&)5,:*#W$KX$1Y$?Z.#
!<<9#
F'_)&'0#0-38'#&)#0'+6*4)#('*,4)#W$KX$BY1!Z.#
!<"1#
$1*'(),+430/'-'3G)/-1,-/(,6,-R40,1-:?><H?=?@<HPA7#
!<?!!
/)#R,+6'8)#W$KX1$Y1(Z
!<?!#
/-0#4O)0#4'#]-D#W$KX1<Y1BZ.#
!<?"#
C-A)4-0#J#4'V)4-0#W$KXKEYK!Z.#
!<BK#
%&#;)48'#4'#2)A,&,)#W$KXK$YKKZ.#
!<B<#
%&#0,'8(-#;864'*7'#W$KXK9Y9!Z.#
!<BB#

#
#
#
#
!
#
#
#
#
#
#
#
#
#
#
#
"#$%&'()!KK@8!
;.)+&2./>/2+&)5!</+#(258!
!
=*78-4655,:*.#
!"!!#
#
/)0#4,'^#(O8+'*'0#W$9X!Y!1Z.#
!"!$#
#
/-0#7)&'*7-0#W$9X!KY1EZ.#
!"1$#
#
%&#V6,5,-#4'#&)0#*)5,-*'0#W$9X1!YK<Z.#
!"99#
#
"#$%&'()!KK@*8!
@#,0+!-2!-)(),258!
!
=*78-4655,:*.#
!"?9#
#
B,-6,'450-2/1-8/9-:?N<;=?D<NNA7-----------------------------------------------------!"?"#
!
V)/6,),+450!:?N<;=;NA7!
----------------------------------------------------------!"?"!
!
G',7'8)*4-#'&#)*6*5,-#4'#06#A6'87'#W$<X!Y$Z.#
!"??#
#
%&#5-*0'V-#5-*78)#['0H0#W$<X1Y9Z.#
!"B$#
#
%&#F'_-8#6*+,4-#'*#T'7)*,)#W$<X<Y!1Z.#
!"BB#
#
/)#-2'87)#4'#[64)0#W$<X!KY!<Z.#
!?!$#
#
B,-Y1(4E,-6,'+*,-:?N<;D=HPA7------------------------------------------------------------!?!<#
!
%&#&6+)8#;)8)#5'&'38)8&)#W$<X!"Y$EZ.#
!?!<#
#
['0H0#)*6*5,)#&)#78),5,:*#4'#[64)0#W$<X$!Y$9Z.#
!?$9#
#
/)#,*07,765,:*#4'&#L)87,A,'*7-#4'&#L)*#W$<X$<Y1EZ.#
!?1<#
#
Z),4+450-9-6)/024E4/0(3-2/-Q/'Y'-:?N<H;=@NA7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?99#
!
['0H0#)*6*5,)#&)#*'+)5,:*#4'#L'48-#W$<X1!Y19Z.#
!?99#
#
\'70'A)*O#W$<X1<YK<Z.#
!?<K#
#
%&#;8'*4,A,'*7-#4'#['0H0#W$<XK"Y9EZ.#
!?B!#
#
%&#,*5,4'*7'#4'&#0,'8(-#4'&#06A-#0)5'84-7'#W$<X9!Y9<Z.#
!?B?#
#
Q/'Y'-,0(/-13'-()4G*0,1/'-:?N<@D=?D<?NA7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BE"#

!<#

IPC%Q#

#
#
[0(/-/1-'*E3-',+/)23(/-:?N<@D=D@A7------------------------------------------------!BE"#
!
a)&0)0#)560)5,-*'0#W$<X9"Y<!Z.#
!BE"#
#
['0H0#5-*A,*)4-#)#8'0;-*4'8#W$<X<$Y<KZ.#
!B!<#
#
['0H0#)560)4-#4'#3&)02'A,)#W$<X<9Y<<Z.#
!B$!#
#
['0H0#'0#,*V68,)4-#W$<X<"Y<?Z.#
!B$K#
#
/)#*'+)5,:*#4'#L'48-#W$*X<BY"9Z
!B$"#
#
"#$%&'()!KK@**8!
S'5&0!(#!>'2,&2!$),!&)-)58!
!
=*78-4655,:*.#
!B1B#
#
Q/'Y'-,0(/-/1-L,0/2)C0-:?D<;=;PA7---------------------------------------------------!BK!#
!
>'5,0,:*#4'&#F)*'48O*#W$"X!Y$Z.#
!BK!#
#
%&#8'A-84,A,'*7-#4'#[64)0#W$"X1YKZ.#
!BK<#
#
%&#06,5,4,-#4'#[64)0#J#;8-(,0,:*#4'#0';6&768)#W$"X9Y!EZ.#
!B9!#
#
Q/'Y'-,0(/-V41,(3-:?D<;;=?NA7--------------------------------------------------- - - - ---!!!B<E#
!
P560)5,:*#J#0&,'*5,-#W$"X!!Y!KZ.#
!B<E#
#
T)88)3M0#W$"X!9Y$1Z.#
!B<"#
#
/)#0'*7'*5,)#)#A6'87'#W$"X$KY$<Z.#
!B?E#
#
B,-+)*+4R4S450-2/1-8/9-:?D<?D=>>A7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!B?<#
!
['0H0#'05)8*'5,4-#J#5-8-*)4-#4'#'0;,*)0#W$"X$"Y1!Z.#
!B?<#
#
/)#(O)#4-&-8-0)#W$"X1$Z.#
!BB<#
#
/)#5865,2,S,:*#W$"X11Y1"Z.#
$EEE#
#
/-0#A)&R'5R-8'0#5865,2,5)4-0#W$"X1?Z.#
$E!$#
#
/)0#368&)0#4'#&)0#+'*7'0#W$"X1%YKK&'
$E!K#
#
B,-E*/)(/-2/1-8/9-:?D<>@=@NA7!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$E$<#
!!!
#
/)0#7,*,'3&)0#0-38'#&)#7,'88)#W$"XK+YKBZ'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$E$<#
#
/)#A6'87'#4'#['0H0#W$"X9EZ.#
$E1?#
#
/)#8-768)#4'&#('&-#J#8'0688'55,:*#4'#A6'87-0#W$"X(!Y91Z.#
$EK9#
#
%&#7'07,A-*,-#4'&#5'*768,:*#W$"X9KZ.#
$E9$#
#
/)0#A6V'8'0#;8'0'*7'0#W$"X99Y9<Z.#
$E9K#
#
B,-'/6*1(*),-2/1-8/9-:?D<@D=NNA7-------------------------------------------------------$E9"#
!
/)#0';6&768)#W$"X9+Y<!Z
$E9"#
#
/)#+6)84,)#'*#&)#76A3)#W$"X<$Y<<Z.#
$E<K#
#
"#$%&'()!KK@***!
3(!B2Q),!O#!,25'./&#-)8!
!
=*78-4655,:*.#
$E"1#
#
%&#78,6*2-#W$?X!Y!EZ.#
$E"K#
$EBB#
#
/)#A'*7,8)#W$?X!!Y!9Z.#
#
/)#5-A,0,:*#W$?X!<Y$EZ.#
$!EB#
#
T/=(/)1,#<%#8!
$!1B#
!

!)*+,-,!
!
!
"#$! %#&'! ()*%+,+'! -#&./! -.01)$%'.*0! ,)'2! 0*! 2'! .'34$! &0! 0*,.+5+.! )$!
,#60$%'.+#! 6/*! &02! 78'$102+#! 901:$! ;'%0#<! ='5+0$&#! %'$%#*! >! 5)0$#*!
-.#&),+&#*! '! 2#! 2'.1#! &02! %+06-#?! @21)$#*! &0! 022#*! *#$<! '&06/*! &0! 1.'$&0*!
,#60$%'.+#*<!80.&'&0.'*!-+03'*!&0!0.)&+,+4$!><!&+./!')$!6/*<!&0!0A%.'#.&+$'.+'!
502203'! 2+%0.'.+'! 0$! 02! +&+#6'! 0*-'B#2! ,#6#! -)0&0! *0.<! '! 6#&#! &0! 0(06-2#<! 02!
0*,.+%#!-#.!02!.0C#.6'&#.!0*-'B#2!D)'$!&0!E'2&F*?!G$'!2'.1'!*0.+0!&0!6'1$HC+,#*!
,#60$%'.+#*<! %'$%#! &0*&0! 02! ,'6-#! 08'$1F2+,#! ,#6#! &0! #%.'*! -.#,0&0$,+'*<!
-#&.H'$!,+%'.*0!-'.'!02'5#.'.!)$'!2'.1'!2+*%'!&0!#5.'*!*#5.0!02!-.+60.!08'$102+#?!
9+$!065'.1#<!='>!.'3#$0*!I)0!6#%+8'$!0*%'!#5.'<!'21)$'!H$%+6'60$%0!-0.*#$'2!>!
#%.'*!10$0.'20*!I)0<!0$!6#&#!*),+$%#<!-#$1#!&0!6'$+C+0*%#<!$#!%'$%#!5)*,'$&#!
)$'! ()*%+C+,',+4$! '! 0*%0! 0*,.+%#<! *+$#! ,#6#! %0*%+6#$+#! -0.*#$'2! &0! 2'! .'34$! &02!
6+*6#?!
!
!
J#*!08'$102+#*!='$!-.#&),+&#!)$!$#%'520!,'65+#!0$!6+!8+&'!>!6+$+*%0.+#?!
7$! ,+0.%'! #,'*+4$<! ,#$! 6#%+8#! &0! 0*,.+5+.! )$'*! $#%'*! &0! ".+*%#2#1H'! -'.'! )$!
K$*%+%)%#!LH52+,#<!*).1+4!,#$!+$*+*%0$,+'!0$!6+!60$%0!2'!-.01)$%'!&0!*+!02!".+*%#!
&0C+$+&#!0$!2'!".+*%#2#1H'!9+*%06/%+,'<!0.'!02!I)0!02!,.+*%+'$#!$0,0*+%'5'!-'.'!*)!
0(06-2#!>!6#&#!&0!8+&'?!9#5.0!%#&#!%0$+0$&#!0$!,)0$%'!I)0!*0.!,.+*%+'$#!$#!0*!
%'$%#!!"#$%!&0!".+*%#<!*+$#!6/*!5+0$!&'&'%('!".+*%#!MN+2?!OPQOR?!@$%0!02!.0+%0.'&#!
&0*'CH#! &0! 2'! -.01)$%'! &0&+I)F! &#*! 'B#*! 0$%0.#*! '! 2'! 20,%).'! &+'.+'! &0! 2#*!
08'$102+#*<! '2! ,#6+0$3#! &0! ,'&'! &H'?! ")'$&#! 2201'5'! '2! C+$'2! &02! ,)'.%#!
08'$102+#! 8#28H'! '2! -.+$,+-+#! &02! -.+60.#! >! '*H! )$'! >! #%.'! 803?! @,#6-'BF! 2'!
20,%).'! &0! #.',+4$<! -+&+0$&#! '! S+#*! *)! '*+*%0$,+'! -'.'! I)0! *)! T'2'5.'<!
-20$'.+'60$%0! +$*-+.'&'<! 60! 6'$+C0*%'*0<! 0$! 02! -#&0.! &02! 7*-H.+%)<! 2'! 12#.+#*'!
T0.*#$'! &0! D0*),.+*%#<! $)0*%.#! 90B#.! >! 9'28'&#.?! T.#,).F! 0$! 0*0! %+06-#! &0!
20,%).'<! #)%%"%! &0! 6+! 60$%0! %#&#! ,)'$%#! 2'! U0#2#1H'<! %'$%#! 2'! 5H52+,'! ,#6#! 2'!
*+*%06/%+,'<! =)5+0*0! -#&+&#! ,.0'.! &0! -'./60%.#*! +$%0.-.0%'%+8#*! I)0!
,#$&+,+#$'*0$! 2'! .0'2+&'&! 5H52+,'! &0! 2'! 12#.+#*'! T0.*#$'! &02! 9'28'&#.?! S0! 2'!
6+*6'!C#.6'!=+,0!%'65+F$!,#$!2'!C+2#*#CH'<!-.#,).'$&#!2+50.'.!6+!-0$*'6+0$%#!
&0!%#&'!'.1)60$%',+4$!0*%'520,+&'!*#5.0!-.06+*'*!&02!.'3#$'6+0$%#!-0.*#$'2!#!
+$&),+&#?!T#,#!'!-#,#<!*0!C)0!=',+0$&#!)$'!$)08'!2)3!I)0!.0*-#$&H'!'!2'!1.'$!
-.01)$%'! 0*0$,+'2! &02! ,.+*%+'$+*6#P! *+,-'./( $!( 0$!1!23?! 7$! 2'! 20,%).'! &0! 2#*!
08'$102+#*! -)&0! -0.,+5+.! )$'! $)08'! &+60$*+4$! &02! 9'28'&#.<! $'&'! ,#6-'.'520!
,#$!2'!I)0!'$%0*!='5H'!'2,'$3'&#!&0!V2?!".+*%#!0.'!&+C0.0$%0<!'&6+.'520<!=)6'$#<!
,#6-.#60%+&#<!C+.60<!220$#!&0!1.',+'<!'6'520<!,#$&0*,0$&+0$%0<!*#,+'2<!0$!)$'!
&+60$*+4$!I)0!*)-0.'5'!%#&#!,)'$%#!'$%0*!='5H'!*+&#!-'.'!6H?!9#5.0!%#&#<!60!
+6-',%4! 2'! 8+*+4$! .0*%').'&#.'! &02! *0$%+&#! &0! -.#A+6+&'&! ,#$! 02! =#65.0<!
6'$+C0*%'&'!0$!2'!C#.6'!6/A+6'!-#*+520!-'.'!S+#*!I)0!0*!=',+F$&#*0!=#65.0<!
0$! ,)>'! ',,+4$! S+#*! 0$! ".+*%#! $#! *42#! *0! "4%)5'6"<! *+$#! I)0! *0! "4%)7'6"<! '2!
=',0.*0! $)0*%.#! ,#6-'B0.#! >! '6+1#?! @2! C+$'2! &0! 2#*! &#*! 'B#*<! 2'! +6'10$! &0!
D0*:*! ='5H'! %#6'&#! )$'! &+60$*+4$! %'2! I)0! $#! 60! I)0&'5'! #%.#! .060&+#! I)0!

OW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ;@U7X!

!
-.#,2'6'.! &0*&0! 0$%#$,0*! '! 0*%0! '&6+.'520! S+#*! =0,=#! =#65.0<! %'2! >! ,#6#! 02!
7*-H.+%)! 2#! 0A-.0*'! -#.! 60&+#! &0! 2#*! 08'$102+#*?! 7*0! D0*:*<! 02! 80.&'&0.#<! 02!
')%F$%+,#<!-.#&)(#!0$!6H!02!+6-',%#!.0#.+0$%'&#.!I)0!('6/*!=)5+0*0!+6'1+$'&#?!
S0*&0!I)0!&0*,)5.H!*)!T0.*#$'!$#!=0!-#&+&#!-.0&+,'.!$)$,'!$'&'!I)0!$#!%0$1'!
*0$%+&#!'20$%'&#.!>!.0*%').'&#.?!Y0!&0*,)5+0.%#!0$!D0*:*!02!'/8%"/!'9$/8$!,#$!02!
-0,'&#<!-0.#!02!'6+1#!&02!-0,'&#.?!Y0!8+*%#!0$!V2!'!I)+0$<!*+$!()*%+C+,'.!('6/*!2'!
%.'*1.0*+4$! -.#-+'! &0! 2#*! =#65.0*! '! ,')*'! &0! *)! ,'H&'! $'%).'203'<! 0A%0$&+4!
*+06-.0!)$'!6'$#!'6+1'!-'.'!208'$%'.2#!><!%#&'8H'!6/*<!'!-0*'.!&0!*)*!C.','*#*!
=',0.!)$!2)1'.!-'.'!F2!0$!*)!#5.'!>!-#$0.2#!'!*)!*0.8+,+#<!,#$!)$'!*#2'!,#$&+,+4$!
0A-.0*'&'!0$!)$'!-.01)$%'P!*+:$("6"!23?!7*0!D0*:*!='!,'65+'&#!6+!8+&'!>!6+!
6+$+*%0.+#!-#.I)0!$#!0.'!02!".+*%#!&0!2'!.0-.0$*+4$<!&0!2'!C'%+1'!.02+1+#*'!-.#-+'!
&0!2'!0A+*%0$,+'!C.)*%.'$%0! &0!2'!.02+1+4$<!*+$#!02!&0!2'!1.',+'<!I)0!=',0!-#*+520!
I)0! *)*! *01)+&#.0*! %0$1'$! 8+&'! >! 2'! %0$1'$! 0$! '5)$&'$,+'?! 7*%0! 0*! 02! -.+60.!
6#%+8#!I)0!60!22084!'!0*,.+5+.!)$!,#60$%'.+#!*#5.0!02!78'$102+#!*01:$!;'%0#?!
!
!
G$'! *01)$&'! .'34$! 0*! I)0! 02! ,.+*%+'$+*6#! 0*%/! ,#$C#.6/$&#*0! '! 2'!
60$%'2+&'&!&02!0*-H.+%)!6#&0.$#!-.#-+#!&02!6)$&#!I)0!8+80!'2!6'.10$!&0!S+#*<!
02!0*%+2#!&0!-0$*'6+0$%#!=)6'$+*%'!.'&+,'2!I)0!,#$,+50!1.'$&03'*!-'.'!.0C0.+.*0!
'2! =#65.0<! 6+0$%.'*! &0('! *42#! -0I)0B'*! +&0'*! -'.'! .0C0.+.*0! '2! 90B#.<! 02! S+#*!
0%0.$#! =0,=#! =#65.0?! J'! %0$&0$,+'! &0! 2'! ".+*%#2#1H'! ><! -#.! 0$&0<! 2#*!
,#60$%'.+#*!'!2#*!08'$102+#*!&0*%+2'$<! 0$!6),='*!#,'*+#$0*<!0*%0!-0$*'6+0$%#?!
Z#!*42#!0$!02!,'6-#!22'6'&#!&02!;'#$%";'!6)<!I)0!$+01'!2'!.0'2+&'&!&0!".+*%#!>!
&0! 2'! L+52+'<! *+$#! 0$! 2'! +$%.#&),,+4$! &0! +&0'*! *#5.0! 2'! "<'!8)%'='>">! &0! 2#*!
08'$102+#*<! ,)0*%+#$'$&#! 6+2'1.#*! >! .02'%#*! =+*%4.+,#*! -'.'! -.0*0$%'.2#*! ,#6#!
)$'! 60.'! 0A-.0*+4$! I)0! &'! *)*%0$%#! '! 2'! C0! &0! 2'! +120*+'! -.+6+%+8'?! 7*%#! ='!
,#$&),+&#! '! I)0! 02! ,.+*%+'$+*6#! *0'<! 0$! 6),='*! #,'*+#$0*<! )$'! 60.'! -./,%+,'!
.02+1+#*'! I)0! -.#,2'6'! )$! ".+*%#! %'$! +..0'2! I)0! $#! %+0$0! '%.',%+8#! -'.'! 2#*!
6+*6#*!,.+*%+'$#*!>!I)0!-.#&),0!2'!&0*0.,+4$!&0!6),=#*!(480$0*!&0!2'*!+120*+'*!
08'$1F2+,'*?! J'! 60$%0! ,.+*%+'$'! ='! *+&#! ,#$&+,+#$'&'! -#.! 02! 0*,0-%+,+*6#!
6#&0.$#!I)0!$+01'<!0$%.0!#%.'*!6),='*!80.&'&0*!I)0!D0*:*<!02![0*),+%'&#<!*0'!
.0'260$%0! 02! [0>! &0! .0>0*! >! 02! 90B#.! &0! *0B#.0*?! T'.'! '21)$'*! 60$%'2+&'&0*!
+$C2)0$,+'&'*! -#.! 02! -0$*'6+0$%#! ',%)'2<! D0*:*<! 02! &0! 2#*! 08'$102+#*<! 0*! )$'!
C+1).'! +6'1+$'.+'! ><! -#.! %'$%#<! 2#*! 08'$102+#*! 0*%/$! %'$! 220$#*! &0! 6+%#*! I)0!
-.0,+*'$!)$'!>$!6'8'?'="='@/!I)0!2#*!='1'!',0-%'520*!'2!-0$*'6+0$%#!',%)'2?!7*%'!
*+%)',+4$!60!+6-)2*'!'!0*,.+5+.!0*%0!,#60$%'.+#!5)*,'$&#!-.0*0$%'.!2'!.0'2+&'&!
5H52+,#\=+*%4.+,'!&0!D0*:*<!02!90B#.<!*01:$!2'!20,%).'!I)0!;'%0#!=',0!&0!*)!8+&'?!
D0*:*! 0*! S+#*! ='52/$&#$#*! '! %.'8F*! &0! %#&'! *)! 0A+*%0$,+'! &0! =#65.0! >! I)0<! '2!
.0*),+%'.!&0!2#*!6)0.%#*<!*0!=',0!.0'2+3',+4$!'$%+,+-'&'!&0!)$'!$)08'!C#.6'!&0!
0A+*%0$,+'<!+$+,+#!&0!)$'!$)08'!=)6'$+&'&!>!.0'2+&'&!&0!2'!2+50.',+4$!&0C+$+%+8'<!
=',+F$&#*0<! '&06/*<! 1'.'$%H'! &0! 8+&'! >! &0! 0*-0.'$3'! 0%0.$'<! &/$&#$#*! '!
0$%0$&0.!0$!V2!6+*6#!I)0!2'!%.'>0,%#.+'!=)6'$'!$#!%0.6+$'!0$!2'!6)0.%0<!*+$#!
I)0! *0! -.#>0,%'! 0%0.$'60$%0! 0$! )$'! 8+&'! &0C+$+%+8'! >! '%06-#.'2! I)0! ".+*%#!
,#6)$+,'! '! %#&#! 'I)02! I)0! ,.00?! N.0$%0! '! )$! =)6'$+*6#! +$,.F&)2#! 0*%/! 2'!

T[,-./.!
O]!
!
.0'2+&'&!'&6+.'520!&02!08'$102+#!I)0!-.0*0$%'!2'!C+1).'!.0'2<!I)0!$#!6+%#241+,'<!
&0!I)+0$!*+0$&#!S+#*!*0!=+3#!=#65.0!-#.!$#*#%.#*?!
!
!
Y'>! )$'! %0.,0.'! .'34$! I)0! 6#%+8'! 0*%0! 0*,.+%#?! J'! %0#2#1H'! 08'$1F2+,'!
0*-'B#2'! 0! =+*-'$#'60.+,'$'<! ='! &0-0$&+&#! &).'$%0! 6),=#*! 'B#*<! &0! %0A%#*!
%.'&),+&#*!&0!#%.'*!20$1)'*<!0*-0,+'260$%0!&02!+$12F*!>!&02!'206/$?!7*!$0,0*'.+#!
0A-.0*'.! 'I)H! )$! %0*%+6#$+#! &0! 1.'%+%)&! '2! 90B#.! -.+60.#! >! '! 2#*! 6'0*%.#*!
,'-',+%'&#*! I)0! 0*,.+5+0.#$! 2#*! 6),=#*!,#60$%'.+#*! *#5.0! 02! 78'$102+#! *01:$!
;'%0#! >! I)0! ='$! *0.8+&#! &0! *)*%0$%#! '! 2'! 0$*0B'$3'! &0! 6),=#*! 6'0*%.#*! 0$!
20$1)'! ,'*%022'$'?! "#$! %#&#<! *0./! 5)0$#! I)0! &0*&0! 02! -0$*'6+0$%#! =+*-'$#! *0!
-.#&)3,'$! %.'%'&#*! I)0! ,#'&>)80$! '! 2#! I)0! >'! *0! ='! =0,=#! >! I)0! 0A-.0*0$<!
&0*&0! 02! -0$*'6+0$%#! =+*-'$#<! 2'*! 80.&'&0*! %0#241+,'*! 0$! 2'! C#.6'! I)0! $#*! 0*!
-.#-+'?! 7*%0! C)0! )$#! &0! 2#*! &0*'CH#*! I)0! 6+! '&6+.'&#! >! '6'&#! -.#C0*#.! &0!
U0#2#1H'!>!L+52+'<!02!S.?!N.'$,+*,#!J',)08'<!-)*#!&02'$%0!&0!6H!'2!,#$,2)+.!*)!
0%'-'! &0! 6+$+*%0.+#! ,#6#! [0,%#.! &02! K$*%+%)%#! LH52+,#! 78'$1F2+,#! 0$! 2'! ,+)&'&!
&0! E+1#?! T'.'! 022#! =0! -.#,).'&#! '1.)-'.! 2'*! $#%'*! I)0! *+.8+0.#$! &0! 5#*I)0(#*<!
'-)$%0*! &0! ,/%0&.'<! 0*,.+%#*! -.#&),+&#*! '! 2#! 2'.1#! &0! 6+! 6+$+*%0.+#! 0$! 2'!
0$*0B'$3'! 5H52+,'<! -'.'! 8#2,'.2'*! 0$! 2#! I)0! 0*! 0*%0! ,#60$%'.+#<! I)0! $#! 0*! #%.'!
,#*'! I)0! )$'! "4%)5'6"='@/! '2! 78'$102+#! *01:$! ;'%0#?! Y0! -.#,).'&#! '2!
.0'2+3'.2#! -.0*%'.20! 2'! 6'>#.! '%0$,+4$! -#*+520! '2! %0A%#! 1.+01#<! '$'2+3'$&#! 2'!
6'>#.H'! &0! 2'*! -'2'5.'*! >! *+1)+0$&#! 02! ,#60$%'.+#! 80.*H,)2#! '! 80.*H,)2#?!
@I)022#*!I)0!$#!%0$1'$!+$%0.F*!0$!2#*!-#.60$#.0*!&0!%0A%#!1.+01#!-#&./$!*'2%'.!
02!,#..0*-#$&+0$%0!'-'.%'&#!>!200.!%'$!*42#!02!,#60$%'.+#!'2!%0A%#!5H52+,#?!7*!6+!
&0*0#!,#$!0*%0!2+5.#!,)6-2+.!02!6'$&'%#!'-#*%42+,#!&0!&'.!'!#%.#*!2#!I)0!#%.#*!
60! ='$! &'&#! '! 6H! MQ! U+?! QPQR?! 7*! &0! $0,0*+&'&! .0,#$#,0.! %'65+F$! 'I)H! 2'!
+$0*%+6'520!'>)&'!I)0!='!*+&#!02!6+$+*%0.+#!-'*%#.'2!I)0!&).'$%0!6/*!&0!80+$%0!
'B#*!02!90B#.!60!='!-0.6+%+&#!&0*'..#22'.!0$!2'!T.+60.'!K120*+'!78'$1F2+,'!&0!2'!
,+)&'&!&0!E+1#<!*+%'!0$!2'!,^!T+!>!;'.1'22<!Q_<!&#$&0!02!78'$102+#!*01:$!;'%0#!
C)0! -.0&+,'&#! H$%01.'60$%0! 0$! 8'.+'*! #,'*+#$0*! >! I)0! ='! *0.8+&#! -'.'! &'.20!
C#.6'! '! 2#! I)0! '=#.'! *0! -.0*0$%'! ,#6#! 0*,.+%#?! J'! 1.'%+%)&! '! )$'! +120*+'!
+&0$%+C+,'&'! ,#$! 0*%0! 6+$+*%0.+#<! I)0! ='! -.#8+*%#! &0! %#&#! 2#! $0,0*'.+#! -'.'!
2208'.2#! '! ,'5#<! 0*! -0.6'$0$%0?! ;),=#*! =0.6'$#*! ='$! =0,=#! *)10.0$,+'*! >!
'-#.%'&#! +&0'*! I)0! =0! +&#! .0,#1+0$&#! '! 2#! 2'.1#! &02! %+06-#! >! I)0<! 0$! '21)$'!
60&+&'<! %'65+F$! 0*%/$! +$,#.-#.'&'*! 0$! 0*%0! %.'5'(#?! 7*%#>! *01).#! I)0! S+#*!
*#*%0$&./! 0*%'! +120*+'! I)0! 0*! 2'! *)>'! -'.'! 2208'.! '! ,'5#! 2'! 6+*+4$! I)0! 20! ='!
0$,#60$&'&#!0$!02!C)%).#!,#6#!='!=0,=#!0$!02!-'*'&#<!0*-0,+'260$%0!0$!2#!I)0!
%+0$0!I)0!80.!,#$!02!'-#>#!&0,+&+&#!'!2'!0$*0B'$3'!5H52+,'!>!02!.0*-0%#!,#$%+$)#!
'! 2'! T'2'5.'! 0A-.0*'&#! 0$! 2'! ,#$%+$)'! 0A-#*+,+4$! 5H52+,'! *+*%06/%+,'! &0*&0! 02!
-:2-+%#! >! &0! 2#*! &+*%+$%#*! 1.)-#*! &0! 0*%)&+#! 5H52+,#! 0*%'520,+&#*! -'.'! 2'!
0$*0B'$3'!10$0.'2!&0!2'!,#$1.01',+4$?!
!
!
7*%0! %.'5'(#<! *0! ='! =0,=#! ,#$! 6),=#! %06#.! >! %0652#.<! -0.#! *+06-.0! &0!
)$'! C#.6'! 1#3#*'! '2! '-.#A+6'.*0! '! 2'! .02',+4$! 0$%.'B'520! ,#$! D0*:*! I)0!
!!!!!!!!!

Q`!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ;@U7X!

!
C)$&'60$%'!>!'2+0$%'!$)0*%.'!C0!>!&0!I)+0$!$)$,'!*0!='./!606#.+'!*)C+,+0$%0?!9)!
60$*'(0! 0*! *#.-.0$&0$%0<! ,#6#! )$'! -'2'5.'! I)0! '2)65.'! 0$! 60&+#! &0! 2'!
#*,).+&'&!&02!6)$&#<!*)-0.'$&#!'!%#&#!#%.#!&+*,).*#!-#.!,)'$%#!0*!-'2'5.'!&0!
S+#*<! 0A-.0*'&'! 0$! 1'.1'$%'! &0! =#65.0?! 9)! -.#-+'! ',%+%)&! 0$! ,)'$%#! '!
0A+*%0$,+'<! 0$%.01'$&#! *)! 8+&'! 8#2)$%'.+'60$%0<! 0*! 2'! 0A-.0*+4$! *)-.06'! &0!
'6#.! '! S+#*! >! '6#.! '2! -.4(+6#<! &/$&#$#*! 02! '5.'3#! &0! S+#*! ,#$! 5.'3#*! &0!
=#65.0?! 72! K$8+*+520! *0! =',0! 8+*+520! 0$! D0*:*<! &0! 6#&#! I)0! *0! =',0! 80.&'&!
'5*#2)%'!0$!I)+0$!0*!$)0*%.#!=0.6'$#P!D0*:*!&0!Z'3'.0%<!Y+(#!0%0.$#!&0!S+#*<!0!
=+(#!&0!;'.H'<!0$!,)'$%#!'!=)6'$+&'&<!I)0!0*!,'-'3!&0!22#.'.!$)0*%.'*!2/1.+6'*<!
*0$%+.!$)0*%.'*!6+*0.+'*!>!6#.+.!$)0*%.'!6)0.%0<!-'.'!&'.$#*!0$!V2!8+&'!0%0.$'<!2'!
8+&'!0A-.0*'&'!0$!2'!$'%).'203'!,#6)$+,'520!&0!$)0*%.#!S+#*?!9+!'2!C+$'2+3'.!2'!
20,%).'! &0! 0*%'*! $#%'*! 02! 20,%#.! ='! 2201'&#! '! ,#$#,0.! 60(#.! '! D0*:*! >! ,#$! 022#!
-)0&0!8+8+.!*)!8+&'!>!,'6+$'.!-#.!02!,'6+$#!I)0!V2!&0(4!'5+0.%#!-'.'!2#*!*)>#*<!
='5.H'!*+&#!,)6-2+&#!02!-.#-4*+%#!&0!0*%0!%.'5'(#?!@!0*%0!D0*:*<!'*,0$&+&#!'!2'!
6'(0*%'&!&0!S+#*<!*0'!2'!12#.+'!>!2'!'2'5'$3'!0%0.$'60$%0?!
!
!
01234!
56738!9'.3#!Q``W!

!"#$%&'()*)
!
+,-,"'(+*").)"-&-!*"!*/-)0,')1,.)
)
(./"%01223#.'&4.4"5$2)
)
,3),4567839:2)
)
)
"#! $%$&'(&)*+! !"#$%%!&'()*,! $-! %$'.'! /'0'! 0-1-0)0$-! '! #'! 0-2+3/-($'! 4%-!
0-2).5'! %(! 3-($'6-0+! 4%-! &0'5'! %('! .%-('! (+&)2)'7! "#! 3-($'6-! ##-('.'! 8-!
1-#)2)8'8! '! 4%)-(! #+! 0-2).5'! 9! 0-2+3/-($'.'! '! 4%)-(! -0'! /+0&'8+0! 8-#! 3-($'6-7!
:-0+!-#!$%$&'(&)*+!$-!%&)#);'.'!&'3.)<(!-(!-#!=0)-=+!/'0'!->/0-$'0!-#!3-($'6-!-(!
$5! 3)$3+7! "#! &<03)(+! &)-(-! 4%-! *-0! 2+(! !"#$ %!&"#$ "'()*)#,! =-(-0'#3-(&-! #'!
(+&)2)'! 8-! %('! *)2&+0)',! '%(4%-! $-! %$'.'! &'3.)<(! /'0'! 0-1-0)0$-! '! (+&)2)'$!
=+;+$'$! -(! -#! &-00-(+! /-0$+('#! +! )(2#%$+! -(! -#! 2'3/+! /+#5&)2+7! "(! -#! 3%(8+!
?-#-(+! 9! 0+3'(+,! #'$! .%-('$! (+&)2)'$! -0'(! 0-#'2)+('8'$! 2+(! '22)+(-$! 8-! #+$!
8)+$-$,!#+!4%-!+0)=)('.'!4%-!$-!#-$!+10-2)-$-!'#=@(!$'20)1)2)+!/+0!-#!.)-(!4%-!$-!
#-$!'&0).%5'7!A'!/'#'.0'!1%-!'84%)0)-(8+!%('!*)(2%#'2)B(!0-#)=)+$'!-$/-2)'#3-(&-!
-(! -#! 2%#&+! '#! -3/-0'8+07! "#! &<03)(+! -(! -#! 20)$&)'()$3+! /-03)&-! 9'! %(!
-(&-(8)3)-(&+!=-(-0'#!/'0'!-#!#-2&+0!/#-(+!-(!2+(&-()8+!0-#)=)+$+7!
!
!
"(! '#=%('! 3-8)8'! -#! $%$&'(&)*+! '/'0-2-! -(! &0'8%22)+(-$! =0)-='$! 8-#!
C(&)=%+! D-$&'3-(&+7! A'! AEE! %&)#);'! -#! &<03)(+! -(! F! G7! HIJK! /'0'! &0'$#'8'0! -#!
-4%)*'#-(&-!?-.0-+!%&+',-.,!4%-!$)=()1)2'!#'!0-2+3/-($'!/+0!%('!.%-('!(+&)2)'!
L-(!-$&-!2'$+!2+(20-&+!1%-!%('!$-(&-(2)'!'!3%-0&-!/+0!#+!4%-!-#!3-($'6-0+!20-5'!
.%-('!(+&)2)'M7!"#!*-0.+!!"#$%%!'(&+,,!3%9!#)3)&'8+!&0'$#'8'!'#!=0)-=+!#'!/'#'.0'!
%)++#,,!#)&-0'#3-(&-!#"!"*)#,$%!&"#+$"'()*)#+!L217!J!N7!JIHFM7!
!
!
D'(&+! -#! $%$&'(&)*+! !"#$%%!&'()*! 2+3+! -#! *-0.+! !"#$%%!'(&+,,! '84%)-0-(!
)3/+0&'(2)'!-(!-#!O%-*+!D-$&'3-(&+7!"$!(+&'.#-!#'!=0'(!2'(&)8'8!8-!*-2-$!4%-!
-#! &->&+! =0)-=+! #+$! /+(-! 8-! 3'()1)-$&+,! $)! .)-(! #+$! -$20)&+0-$! #+$! %$'(! 2+(! %('!
8)$&0).%2)B(!3%9!8)1-0-(&-7!"#!*-0.+!'/'0-2-!%('!$+#'!*-;!-(!-#!-*'(=-#)+!$-=@(!
P'&-+!LP&7!JJIQM,!3)-(&0'$!4%-!A%2'$!%&)#);'!-#!&<03)(+!FQ!*-2-$7!:'.#+!#+!%$'!
FJ! *-2-$,! '/'0-2)-(8+! &'3.)<(! F! -(! R-.0-+$! 9! S! -(! J! :-80+7! "#! *-0.+! (+!
'/'0-2-! -(! P'02+$,! $)(! -3.'0=+! -#! $-=%(8+! -*'(=-#)+! %$'! -#! $%$&'(&)*+! -(! T!
+2'$)+(-$7!"#!%$+!8-#!$%$&'(&)*+!!"#$%%!&'()*,!-$!%(!&<03)(+!/0-1-0-(&-!-(!:'.#+!
1)=%0'(8+! /+0! #+! 3-(+$! UK! *-2-$! -(! $%$! -$20)&+$7! G)(! -3.'0=+,! (+! 8-6'! 8-! $-0!
$+0/0-(8-(&-! 4%-! #+$! &<03)(+$! (+! '/'0-2-(! -(! #+$! -$20)&+$! 8-! V%'(7! "$&+! (+!
$)=()1)2'!4%-!V%'(!8-$2+(+;2'!#'!&-+#+=5'!8-#!-*'(=-#)+W!$)3/#-3-(&-!$%$&)&%9-!
#+$! &<03)(+$! /+0! -#! $%$&'(&)*+! -$./".(&$,! 4%-! $)=()1)2'! (&+()/'")',! 9! /+0! -#!
*-0.+!-$./".!&,,!2+(!-#!$-(&)8+!8-!(&+()/'")#,0!
!

FF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
!
Z'.-!/0-=%(&'0$-!$)!V-$@$!%$B!#+$!&<03)(+$!/'0'!0-1-0)0$-!'#!3-($'6-!4%-!
[#!/0+2#'3'.'!-(!#'$!2)%8'8-$!9!'#8-'$!8%0'(&-!$%!3)()$&-0)+7!"$!2)-0&+!4%-!?'9!
'#=%('! 0-1-0-(2)'! '! $%$! /0+/)'$! /'#'.0'$! '1)03'(8+! #'! (-2-$)8'8! 8-! 4%-! -#!
-*'(=-#)+! 1%-$-! /0-8)2'8+! -(! &+8+! -#! 3%(8+! LP&7! FHIJHW! P07! JSIJKW! JHI\M7! "#!
G-]+0!$-!0-1)0)B!'#!&1#"2&3)'$-(!-#!/#-(+!$-(&)8+!3-$)^()2+!4%-!'%&-(&)1)2'.'!$%!
3)()$&-0)+,! 8-! 3+8+! 4%-! '1)03B! 4%-! 3-8)'(&-! $%$! /'#'.0'$! 43'+$ 5'%,&+$ &,#"$
&1#"2&3)6#7'+8$ L0/,1)(23 !"#$%%!'(&+)*/$(M7! A'$! %!&"#+$ "'()*)#+! 8-#! -*'(=-#)+!
$+(! /+$).#-$! -(! -#! &)-3/+! '2&%'#! -(! .'$-! '! #'! +.0'! 0-'#);'8'! /+0! Z0)$&+! -(! #'!
Z0%;,!4%-!'.0-!#'!/%-0&'!8-!-$/-0'(;'!/'0'!&+8+!'4%-#!4%-!20-'7!O+!&)-(-!&'(&'!
)3/+0&'(2)'!-#!%$+!8-!#'!/'#'.0'!-(!-#!3)()$&-0)+!8-!V-$@$!2+3+!-#!'#2'(2-!4%-!
&-(5'! /'0'! 4%)-(-$! -$2%2?'.'(! $%! 3-($'6-7! A'! &-+#+=5'! ?-.0-'! )(&%5'! -(! -#!
P-$5'$!'#!#).-0&'8+0!4%-!-#)3)('05'!'!#+$!-(-3)=+$!8-!Y$0'-#!9!#+!-(2%3.0'05'!'!
#'!$)&%'2)B(!8-!('2)B(!$%/0-3'!-(&0-!-#!0-$&+!8-!#'$!('2)+(-$7!A'!/0+2#'3'2)B(!
8-#! &1#"2&3)'$ 7&3$ ,&)"'! '#2'(;'! &'(&+! #'! =0'(! 8)3-($)B(! #).-0'8+0'! -(! #'!
-($-]'(;'! '/+$&B#)2'! 8-#! O%-*+! D-$&'3-(&+,! 2+3+! -#! &0'$#'8+! 8-! #'!45'(&+(#7$
7&$3#+$()")&%3#+$#3$,&)"'$7&$9):'$;/#7'8!LZ+#7!JIJSM7!_-!'?5!4%-!#'!-($-]'(;'!
'/+$&B#)2'!#)='$-!-#!$%$&'(&)*+!&1#"2&3)'!/'0'!->/0-$'0!8-!%(!3+8+!$)(&<&)2+!-#!
3-($'6-!8-!$'#*'2)B(!#)='8+!'!#'!:-0$+('!9!+.0'!8-!V-$%20)$&+7!
!
!
:0+.'.#-3-(&-! $-! 8-.'! '! :'.#+! #'! %&)#);'2)B(! 9! ->&-($)B(! 8-#! &<03)(+!
&1#"2&3)'! '! #+$! -$20)&+$! 8-#! O%-*+! D-$&'3-(&+! 9,! 2+(! -##+,! '! #'! 8+2&0)('! 8-! #'!
Y=#-$)'7! "$! -*)8-(&-! 4%-! (+! 1%-! -#! '/B$&+#! -#! /0)3-0+! -(! %$'0! -$'! /'#'.0'! /'0'!
->/0-$'0!&'#!2+(2-/&+7!A'!/'#'.0'!$-!?'2-!1'3)#)'0!-(!#'$!)=#-$)'$!1%(8'8'$!/+0!
<#,!4%-!2+(+2-(!/#-('3-(&-!-#!2+(&-()8+!8-#!-*'(=-#)+7!"#!&1#"2&3)'!/'$B!'!$-0!
%(!2+(2-/&+!1%(8'3-(&'#!9!2-(&0'#!8-!#'!&-+#+=5'!/'%#)('7!"#!3-($'6-!->/0-$'.'!
#'! %!&"#$ "'()*)#! 4%-! '(%(2)'.'! 4%-! _)+$,! -(! #'! -(2'0('2)B(,! 3%-0&-! 9!
0-$%00-22)B(! 8-! $%! R)6+,! +/-0B! #'! $'#*'2)B(! 8-#! 3%(8+7! _-! '?5! 4%-! -#! &<03)(+!
&1#"2&3)'! (+! /%-8-! *)(2%#'0$-! $B#+! '! %(! 8-&-03)('8+! 2+(&-()8+! 8-! 1-,! $)(+! '#!
3)$3+!?-2?+!8-!#'!/0+2#'3'2)B(!8-!-$'!*-08'8,!#'!0-'#);'2)B(!8-#!'(%(2)+!8-!#'!
+.0'!8-!_)+$!'!&+8+!-#!3%(8+7!"#!-*'(=-#)+,!/%-$,!(+!-$!$B#+!#'!/0+2#'3'2)B(!8-!
%(!'2+(&-2-0!$'#*51)2+,!$)(+!4%-!-$!-#!3)$3+!'2+(&-2)3)-(&+!8-!$'#*'2)B(7!"$'!
-$! #'! 2'%$'! /+0! #'! 4%-! #'! &0'($3)$)B(! 8-#! -*'(=-#)+! (+! $-! *)(2%#'! '#! *-0.+!
&1#"2&3)6#,,!$)(+!2+(!-#!$%$&'(&)*+!&1#"2&3)'!LF!Z+7!`IJ`M7!"#!-*'(=-#)+,!8+(8-!
4%)-0'! 4%-! -$! /0-8)2'8+,! -$! %('! /'#'.0'! -1)2';! 4%-! =-(-0'! -#! /0+2-$+! 8-! #'! 1-!
LN+7!JIJUM!+.0'!#'!#).-0'2)B(!9!$'#*'2)B(!8-!_)+$!LN+7!JIJUW!J!Z+7!JQIFM!9!2+#3'!
#'! -$/-0'(;'! '.$+#%&'! 8-#! /-2'8+0! 20-9-(&-! LZ+#7! JIQ,! FSM7! "#! 3-($'6-! 8-#!
-*'(=-#)+!(+!/0+2-8-!8-!#+$!?+3.0-$,!$)(+!4%-!-$!2+3%()2'8+!/+0!Z0)$&+!3)$3+!
'!$%$!'/B$&+#-$!La^7!JIJJM7!"(!<#,!Z0)$&+!?'.#'!'!#+$!?+3.0-$!9!_)+$!#+$!##'3'!'!
#'!2+(*-0$)B(7!
!
!
! A+$!-*'(=-#)+$!$)(B/&)2+$!%$'(!-#!&<03)(+!/'0'!8-$)=('0!#'!.%-('!(+&)2)'!
8-#! '2+(&-2)3)-(&+! 8-! $'#*'2)B(! 4%-! _)+$! +/-0B! -(! #'! +.0'! 8-! Z0)$&+7! G)(!
-3.'0=+,!2'8'!%(+!8-!#+$!&0-$!$)(B/&)2+$!-(1'&);'(!%(!'$/-2&+!8-&-03)('8+!8-!#'!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
FS!
!
+.0'! $'#*51)2',! 2+($+('(&-! 2+(! $%$! 0-$/-2&)*+$! -(1+4%-$! &-+#B=)2+$7! P'02+$!
$%-#-!%$'0!#'!/'#'.0'!-(!%(!$-(&)8+!'.$+#%&+!L-(!2)-0&'!3-8)8'!-$!%(!%$+!)8<(&)2+!
'#!4%-!:'.#+!?'2-!8-!#'!3)$3'M7!:'0'!P'02+$,!V-$%20)$&+!-$!-#!2+(&-()8+,!'#2'(2-!
9! '%&+0! 8-#! -*'(=-#)+,! 4%-! $-! ?'2-! /0-$-(&-! 9! '2&@'! -(! &+8+! #%='0! 8+(8-! $-!
'(%(2)'! -#! -*'(=-#)+7! P'02+$! /0-$-(&'! '! V-$@$! %()8+! -(! %(! &+8+! '#! -*'(=-#)+!
LP07!`ISQW!JKIF\M7!"$'!-$!#'!2'%$'!/+0!#'!4%-!)(&0+8%2-!0-#'&+$!$+.0-!'$/-2&+$!8-!
#'! *)8'! 9! +.0'! 8-! V-$@$! '1)03'(8+! 4%-! -$! 4&3$ 5,)"*)5)'$ 7&3$ &1#"2&3)'$ 7&$
<&+!*,)+('8! LP07! JIJM7! :'0'! <#,! (+! ?'9! /+$).)#)8'8! 8-! $-/'0'0! '! V-$@$! 8-#!
-*'(=-#)+7! P'02+$! )(&0+8%2-! $%! 0-#'&+! 8-#! -*'(=-#)+! 0-2#'3'(8+! #'! 1-! -(!
V-$%20)$&+,! 3-8)'(&-! #'! 1-! -(! -#! -*'(=-#)+! LP07! JIJQM7! P'&-+! )(&-=0'! -(! -#!
-*'(=-#)+!#'!/0+2#'3'2)B(!8-#!0-)(+,!8-!'?5!4%-!%$-!#'!->/0-$)B(!4&1#"2&3)'$7&3$
,&)"'8,! 0-2#'3'(8+! '! #+$! #-2&+0-$! #'! '&-(2)B(! $+.0-! -#! '$/-2&+! 3-$)^()2+! 8-!
V-$@$7! "#! -*'(=-#)+! -$! #'! -($-]'(;'! 4%-! V-$@$! 8'! '! $%$! 8)$25/%#+$! 9! #'$! =-(&-$!
2+(! #'$! 4%-! $-! 0-#'2)+('! 8%0'(&-! -#! 3)()$&-0)+! &-00-('#! 9! -$&^! *)(2%#'8+!
5(&)3'3-(&-!2+(![#,!-#!P-$5'$!/0+3-&)8+!-(!#+$!/0+1-&'$7!:+0!&'(&+,!-#!2+(&-()8+!
8-#! -*'(=-#)+! -$! V-$@$! 3)$3+7! A%2'$! %&)#);'! -#! &<03)(+! -*'(=-#)+! -(! R-2?+$!
/'0'! 0-1-0)0$-! '! #'! /0-8)2'2)B(! 8-! #+$! '/B$&+#-$! LR2?7! JQITW! FKIFHM,! /-0+! (+! #+!
?'2-! -(! 0-#'2)B(! 2+(! #'! /0+2#'3'2)B(! 8-! V-$@$7! "#! $-(&)8+! 4%-! A%2'$! 8'! '#!
/0+2-$+!8-!/0+2#'3'0!-#!3-($'6-!8-!#'!.%-('!(%-*'!&)-(-!4%-!*-0!2+(!-#!'$/-2&+!
&<2()2+!4%-!$-!0-1)-0-!'#!?-2?+!3)$3+!8-!/0+2#'3'0!-#!3-($'6-W!/+0!-$+!%&)#);'!
-#!*-0.+!!"#$*%!'(&+!45$(63*)(2%#'(8+!#'!-*'(=-#);'2)B(!'!#'!/0+2#'3'2)B(!8-#!
,&)"'$7&$=)'+!LA27!HIHSW!`IJM7!
!
!
C%(4%-! -#! $)=()1)2'8+! 8-! &1#"2&3)'! -(! -#! O%-*+! D-$&'3-(&+! -$!
8-$'00+##'8+!-(!8)$&)(&'$!1+03'$!9!2+(!8)1-0-(&-$!'#2'(2-$,!$-!/%-8-!##-='0!'!#'!
2+(2#%$)B(!8-!4%-!-#!&<03)(+!$-!0-1)-0-!$)-3/0-!9!-$&^!*)(2%#'8+!'#!3-($'6-!8-!
$'#*'2)B(! /0+2#'3'8+! '#! 3%(8+,! &'(&+! -(! 1+03'! +0'#! 2+3+! /+0! 3-8)+! 8-! #+$!
-$20)&+$!.5.#)2+$7!_-$8-!-#!G7!YY!$-!?'.#'!8-!3'+$&1#"2&3)'+!?'2)-(8+!0-1-0-(2)'!'!
#+$!-$20)&+$!8-!#+$!2%'&0+!-*'(=-#)$&'$7!
!
':;)84567839:;2!
!
!
G)!-#!&1#"2&3)'!-$!-#!3-($'6-!8-!$'#*'2)B(!*)(2%#'8+!'!#'!/-0$+('!9!+.0'!
8-! V-$%20)$&+,! 3'+$ &1#"2&3)'+! $+(! 8+2%3-(&+$! 4%-! 0-2+=-(! -#! 3-($'6-! 8-#!
-*'(=-#)+! 8-$8-! #'! /-0$/-2&)*'! 8-! 2%'&0+! /-0$+('$7! O+! $-! /%-8-! 8-2)0! 4%-! #+$!
2%'&0+!0-#'&+$!$+.0-!#'!/-0$+('!9!+.0'!8-!V-$%20)$&+!$-'(!.)+=0'15'$,!2+(!3'9+0!+!
3-(+0!->&-($)B(!$+.0-!V-$%20)$&+7!"#!-(2'.-;'3)-(&+!8-!2'8'!%(+!8-!#+$!2%'&0+!
-*'(=-#)+$! '1)03'! 4%-! $%! /0+/B$)&+! 9! 2+(&-()8+! &)-(-! %('! 8)3-($)B(!
3'9+03-(&-!&-+#B=)2'!4%-!?)$&B0)2'!9!&+8+$!#+$!8'&+$!.)+=0^1)2+f?)$&B0)2+$!?'(!
8-! 2+($)8-0'0$-! 8-$8-! #'! /-0$/-2&)*'! )(&-=0'(&-! 8-! %(! 3-($'6-! -$/)0)&%'#! /'0'!
$'#*'2)B(7! C1)03'0! 4%-! #+$! 0-#'&+$! 8-! #+$! -*'(=-#)+$! $+(! 1+03'$! 8)$&)(&'$! 8-!
/0-$-(&'0!-#!0-#'&+!8-!#'!$'#*'2)B(!-(!#'!/-0$+('!9!+.0'!8-!V-$%20)$&+,!2+(1+03-!'!
#'! *)$)B(! 8-! P'&-+,! P'02+$,! A%2'$! 9! V%'(! -$,! -(! 2)-0&'! 3-8)8',! $%.6-&)*'0! #'!
!!!!!!!!!

FH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
0-'#)8'8! -$/)0)&%'#! 8-#! @()2+! 3-($'6-! 8-! $'#*'2)B(7! A'! )3/+0&'(2)'! 8-#! '%&+0!
?%3'(+!-$!3%9!0-#'&)*'!'#!#'8+!8-!#'!0';B(!3)$3'!8-#!-$20)&+!.5.#)2+7!A'!Y=#-$)'!
:0)3)&)*'!2+($)8-0'.'!#+$!2%'&0+!-*'(=-#)+$!2+3+!%(!$+#+!3-($'6-!8-!$'#*'2)B(,!
->/0-$'8+!-(!1+03'!8)*-0$'!/+0!2%'&0+!-*'(=-#)$&'$7!
!
!
A'!)3/'2&'(&-!1)=%0'!9!+.0'!8-!V-$%20)$&+!1%-!/0+2#'3'8'!+0'#3-(&-!-(!#'!
-*'(=-#);'2)B(!8-!#+$!/0)3-0+$!3+3-(&+$!8-!#'!Y=#-$)'7!A+$!'/B$&+#-$!/0)3-0+!9!
#+$!2+(*-0&)8+$!#%-=+,!'(%(2)'0+(!'#!3%(8+!#'!+.0'!8-!$'#*'2)B(!2+(&-()8'!-(!#'!
'22)B(! 8)*)('! 8-! 0-8-(2)B(! -(! Z0)$&+! V-$@$7! R%.)-0'! $)8+! #B=)2+!4%-! #'! Y=#-$)'!
:0)3)&)*'! -(2+3-(8'$-! '! '#=%)-(! #'! 0-8'22)B(! 8-! %(! 8+2%3-(&+! 8-! 1-! 4%-!
0-2+=)-$-!#+$!'$/-2&+$!4%-!$-!/0-8)2'.'(!8-!#'!+.0'!8-!$'#*'2)B(,!*)(2%#'8'!2+(!
#+$!?-2?+$!8)0-2&'3-(&-!##-*'8+$!'!2'.+!/+0!-#!g-0.+!-(2'0('8+7!"$&+!?%.)-0'!
$)8+!(-2-$'0)+!-(!#'!->&-($)B(!8-!#'!Y=#-$)',!1%-0'!8-#!-(&+0(+!8-!:'#-$&)('7!"(!
-$&-!@#&)3+!2+(&->&+!(+!?'.5'!%('!(-2-$)8'8!)3/-0)+$'!8-!%(!0-#'&+!-$20)&+,!/+0!
2%'(&+! V-$@$! 1%-! %(! /-0$+('6-! ?)$&B0)2+! 2+(+2)8+! -(! &+8+! -#! &-00)&+0)+,! 8+(8-!
('2)B,! 20-2)B,! -6-02)B! $%! 3)()$&-0)+,! 3%0)B! 9! 0-$%2)&B,! $-=@(! -#! &-$&)3+()+!
'/+$&B#)2+! '%&-(&)1)2'8+! 2+(! #'$! +.0'$! 8-! /+8-0! ?-2?'$! -(! $%! (+3.0-7! G)(!
-3.'0=+,!#'!->&-($)B(!8-!#'!)=#-$)',!-$/-2)'#3-(&-!'!#'!=-(&)#)8'8!9!2+(!-##+!#'!
/0-$-(2)'! -(! 8)$&)(&+$! '3.)-(&-$! $+2)'#-$! 8-#! 3%(8+! '(&)=%+,! ?'25'! (-2-$'0)+!
4%-! $-! ->/0-$'$-! #'! *-08'8! 3-8)'(&-! -$20)&+$7! A+$! '3.)-(&-$! $+2)'#-$! 9!
('2)+('#-$!?'25'(!/0-2)$+!-(1'&);'0!'#=%(+$!'$/-2&+$!$-=@(!-#!#%='0!8-!+0)=-(!9!
#+$!8-$&)('&'0)+$!8-!#+$!0-#'&+$!-$20)&+$7!"$!-(!-$&-!2+(&->&+!8+(8-!'/'0-2-(!#'$!
2%'&0+!/0-$-(&'2)+(-$!8-#!-*'(=-#)+7!G)(!8%8',!2'8'!%(+!8-!-##+$!/+805'!$-0!3^$!
'15(! '! %(! 8-&-03)('8+! #%='0! +! '! %('! 8-&-03)('8'! 2%#&%0'7! G)(! -3.'0=+,! (+! $-!
/0+2%0B! (%(2'! #'! -#)3)('2)B(! 8-! '#=%(+! 8-! #+$! 2%'&0+! '2-/&'8+$! -(! #'! Y=#-$)'!
:0)3)&)*'7!"#!&-3'!-0'!&'(!'&0'2&)*+!4%-!A%2'$!'1)03'!4%-!1%-0+(!3%2?+$!#+$!4%-!
4(,#(#,'"$ 7&$ 5'"&,$ &"$ ',7&"$ 3#$ .)+(',)#$ 7&$ 3#+$ *'+#+$ >!&$ &"(,&$ "'+'(,'+$ .#"$
+)7'$*)&,(?+)/#+8!LA27!JIJM7!A'!R)$&+0)'!8-!#'!Y=#-$)'!9!#'$!)(*-$&)='2)+(-$!3^$!
0-2)-(&-$! /+(-(! 8-! 3'()1)-$&+! '#=%(+$! 0-#'&+$! '8-3^$! 8-! #+$! 2%'&0+! 4%-! $-!
2+($)8-0'(! 2+3+! 2'(B()2+$! 9! $-! '2-/&'(! 2+3+! )($/)0'8+$7! A+$! -*'(=-#)+$!
##'3'8+$! #5@*,)A'+,! 2+3+! -#! 8-! D+3^$! 9! +&0+$! $-3-6'(&-$,! (+! 1%-0+(! (%(2'!
2+($)8-0'8+$! 2+3+! :'#'.0'! 8-! _)+$7! h%)-0-! 8-2)0! 4%-! #+$! 2%'&0+! -*'(=-#)+$,!
$-=@(! P'&-+,! P'02+$,! A%2'$! 9! V%'(,! $+(! #+$! 4%-! $-! )(2+0/+0'0+(! '#! 2'(+(! 9!
1%-0+(!'2-/&'8+$!8-$8-!-#!/0)(2)/)+!2+3+!G'=0'8'!"$20)&%0'7!
!
!
A'$!2+00)-(&-$!8-!/-($'3)-(&+!9,!$+.0-!&+8+,!#'$!/+$)2)+(-$!?-0<&)2'$!4%-!
$-!?'2-(!-*)8-(&-$!-(!-#!G7!YY,!&0'&'(!8-!2'/)&'#);'0!#+$!-*'(=<#)2+$!2+(1+03-!'!
$%! /-($'3)-(&+,! .%$2'(8+! -(! -##+$! -#! $%$&-(&+! /'0'! $%$! /+$)2)+(-$! /-0$+('#-$,!
2+3+!-$20).-!-#!_07!"*-0-&!R'00)$+(I!
!
!
4B!#"7'$ &"$ &3$ +)23'$ 7'+$ *'/&"6#,'"$ #$ +!,2),$ /'1)/)&"('+$ 7&$ 7!7'+#$
',('7'C)#D$3'+$/)+/'+$+&$)"*3)"#%#"$#$A#1',&*&,$#>!&3$E1#"2&3)'$>!&$&,#$/F+$
#A?"$ #$ +!$ 5!"('$ 7&$ 1)+(#0$ G!&$ #+?$ >!&$ H#(&'$ A!&$ #+'*)#7'$ *'"$ 3'+$ &%)'")(#+D$

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
FQ!
!
I!*#+$ *'"$ 3'+$ +&2!)7',&+$ 7&$ H#,*)@"$ J$ <!#"$ *'"$ 3#$ /#J',?#$ 7&$ 3'+$ 2,!5'+$
2"@+()*'+0$ E+(#$ #5,'5)#*)@"$ 7&$ 3'+$ E1#"2&3)'+$ ',('7'C'+$ 5#,#$ 5,'5@+)('+$ "'$
',('7'C'+$7&%&$.#%&,$A#+()7)#7'$#$3'+$K#7,&+D$5&,'$&33'+$"'$5'7?#"$,&5!7)#,$!"$
E1#"2&3)'$+@3'$5',$&3$!+'$>!&$3&$7)&,#"$3'+$.&,&:&+8 L 7!
!
!
G-! ?);+! %(! )(&-(&+! /'0'! %()1+03);'0! #+$! 2%'&0+! -*'(=-#)+$! -(! %(+! $+#+,!
?'2)'!1)(-$!8-#!$7!YY,!/+0!D'2)'(+!-(!%('!+.0'!##'3'8'!=)#(&++#,'"7!"#!)(&-(&+!8-!
0-1%(8)2)B(! 1%-! 0-2?';'8+! /+0! 8+$! 0';+(-$I! /0)3-0+! /+04%-! -#! '%&+0! -0'! /+2+!
1)'.#-!8-$8-!-#!/%(&+!8-!*)$&'!8-!+0&+8+>)'!8-!#'!1-,!2+3+!$)3/'&);'(&-!2+(!#+$!
-(20'&)&'$W!-(!$-=%(8+!#%='0!/+04%-!#+$!2%'&0+!-*'(=-#)+$!-$&'.'(!'00')='8+$!-(!
#'!Y=#-$)'!9!(+!/+85'(!$-0!8-$'#+6'8+$!8-!-##'7!!
!
!
A+$! 2%'&0+! -*'(=-#)+$! $+(! .^$)2+$! /'0'! -#! -(0)4%-2)3)-(&+! 8-#! @()2+!
3-($'6-! 8-#! -*'(=-#)+! 8-! #'! =0'2)'7! Z+(! $%$! /-2%#)'0)8'8-$! 9! $%$! <(1'$)$!
/0+/)+$,!'/+0&'(!#+!(-2-$'0)+!/'0'!8-&-03)('0!#'!->&-($)B(!8-#!M&,J2/#!4%-!8-.-!
$-0! &0'($3)&)8+! /'0'! $'#*'2)B(! '! &+8+! '4%-#! 4%-! 20-'7! A'$! '/'0-(&-$!
8)$20-/'(2)'$! -(! #+$! 0-#'&+$! 8-! 2'8'! %(+! 8-! #+$! -*'(=-#)+$,! -$/-2)'#3-(&-!
(+&'.#-$! -(! #'! 8)1-0-(2)'! 8-! #+$! &0-$! $)(B/&)2+$! 2+(! -#! 2%'0&+,! #-6+$! 8-! =-(-0'#!
2+(&0+*-0$)'$,!2+(&0).%9-(!'!/0-2)$'0!'$/-2&+$!9!8'0!3'&)2-$!-(0)4%-2-8+0-$!4%-!
2+(1)03'(,! #'! *-0'2)8'8! 8-! #+$! ?-2?+$! 2-(&0'#-$! 8-#! 3)$&-0)+! 8-#! -*'(=-#)+,!
'&-$&)=%'8+$! -(! #'! 8)*-0$)8'8! 8-! 8-&'##-$! 3'()1-$&'8+$! -(! 2'8'! %(+! 8-! -$&+$!
2%'&0+!8+2%3-(&+$7!
!
'5)<95=939>5>)>8)3:;)?@5AB:)84567839:;2!
!
!
A+$! 0-#'&+$! -$20)&+$! /+0! P'&-+,! P'02+$,! A%2'$! 9! V%'(,! (+! $-! /0+8%6-0+(!
)(3-8)'&'3-(&-!8-$/%<$!8-!#'!3%-0&-,!0-$%00-22)B(!9!'$2-($)B(!8-#!G-]+0,!$)(+!
.'$&'(&-!&)-3/+!8-$/%<$7!Z+3+!35()3+!8-.-!?'.#'0$-!8-!#'!8<2'8'!8-!#+$!']+$!
QK,!-(!#'$!8'&'2)+(-$!3^$!&-3/0'('$!9!##-='0!?'$&'!#'!8-!#+$!`K!+!)(2#%$+!8-!#+$!
\K! /'0'! -#! 2%'0&+! -*'(=-#)+7! d('! 8)$&'(2)'! &'#! -(&0-! #'$! ('00'2)+(-$! 9! #+$!
'2+(&-2)3)-(&+$,! /%8)-0'! 8'0! #%='0! '! -$20)&+$! (+! 1)'.#-$! -(! &+8'! #'! ->&-($)B(,!
-$/-2)'#3-(&-! -(! 2%'(&+! '! ?)$&+0)'7! O+! 8-.-! +#*)8'0$-! 4%-! -(! #'! Y=#-$)'! $-!
-$&'.'(! 8-$'00+##'(8+! 9'! #+$! /0+#-=B3-('$! 4%-! /-03)&-(! #'! 1)6'2)B(! 8-! #'$!
8+2&0)('$7! R%.)-0'! $)8+! /+$).#-! 4%-! #+$! -*'(=-#)$&'$! $-! $)(&)-$-(! 3^$!
2+(8)2)+('8+$! /+0! -#! 8+=3'! 8-! 1-! 4%-! /+0! #'! ?)$&+0)'! -(! $5,! -(! #'! 4%-! #'!
$'#*'2)B(! $-! 8-$'00+##'! 9! ##-*'! '! 2'.+! -(! #'! /-0$+('! 9! +.0'! 8-! V-$%20)$&+7! G)(!
-3.'0=+,!#'!(,#7)*)@"$',#3!-$&'.'!/0-$-0*'(8+!#'!1)8-#)8'8!8-!#+$!2%'&0+!-$20)&+$,!
'#! 2+)(2)8)0! /#-('3-(&-! 2+(! -#! 3-($'6-! 4%-! $-! /0+2#'3'.'! /+0! #+$! '/B$&+#-$!9!
#+$!-*'(=-#)$&'$7! A+$! 0-#'&+$! 8-! #+$! 2%'&0+! -*'(=-#)$&'$! &-(5'(! 4%-! *-0! 2+(! %('!
?)$&+0)'!(+!2+3@(,!$)(+!->&0'+08)('0)',!+!&'#!*-;!3-6+0,!$+.0-('&%0'#7!A'!*)8'!9!
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J

!"*-0-&!R'00)$+(,!N"(,'7!**)@"$#3$O!&1'$P&+(#/&"('7!G%.2+3)$)B(!8-!A)&-0'&%0'!
Z0)$&)'('7a0'(8!N'/)8$,!P)2?)='(,!J\`K7!

FU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
+.0'!8-!V-$@$!8-!O';'0-&,!&-(5'!4%-!*-0!2+(!#'!$'#*'2)B(!8-!#+$!/-2'8+0-$!9!#'!
-6-2%2)B(! 8-#! /#'(! 8-! =0'2)'! 4%-! _)+$! ?'.5'! 8-&-03)('8+! -(! #'! -&-0()8'8! 9!
'(%(2)'8+!'!#+!#'0=+!8-!#+$!$)=#+$!/+0!3-8)+!8-!3%2?+$!/0+1-&'$!-(*)'8+$!/+0!
[#!LF!D)7!JI\M7!A+$!0-#'&+$!-*'(=<#)2+$!$-!3'(&%*)-0+(!9!2+($-0*'0+(!$B#+!-(!#'!
3-8)8'!-(!4%-!/-0/-&%'.'(!-#!3-($'6-!&'#!9!2+3+!?'.5'!$)8+!->/0-$'8+!/+0!#+$!
'/B$&+#-$7! :'.#+! '1)03'.'! 4%-! &+8+! 2%'(&+! <#! /0+2#'3'.'! (+! /0+2-85'! 8-! #+$!
?+3.0-$,! ()! -(! *)$)B(! /-0$+('#! ()! -(! 2+(&-()8+,! $)(+! 4%-! #-! ?'.5'! $)8+!
2+3%()2'8+! 8)0-2&'3-(&-! /+0! V-$%20)$&+! 3-8)'(&-! 3'()1-$&'2)B(! /-0$+('#! La'7!
JIJJM,! /+0! &'(&+,! 2%'(&+! 8)$20-/'$-! 8-! -$-! 3-($'6-,! -(! 2+(&-()8+! .)-(! 1%-$-!
&-+#B=)2+!9!.)-(!?)$&B0)2+,!8-.5'!$-0!2+($)8-0'8+!2+3+!#"#(&/#,!$)(!)3/+0&'0!-#!
+0)=-(! 8-#! 3-($'6-! La^7! JI`M7! A+$! /0+/)+$! '/B$&+#-$! /0-$-0*'0+(! #+$! -$20)&+$!
$+.0-! V-$%20)$&+! '#! -(1'&);'0! )($)$&-(&-3-(&-! 4%-! 4+)$ #32!"'$ 5,&7)*#$ 7)A&,&"(&$
&1#"2&3)'$7&3$>!&$.#%Q)+$,&*)%)7'D$+&#$#"#(&/#8!La^7!JI\M7!
!
!
A+$! 2%'&0+! -*'(=-#)+$! +10-2-(,! -(! 3'9+0! +! 3-(+0! =0'8+,! #+$! -#-3-(&+$!
4%-!$-!8-$&'2'0+(!-(!#'!*)8'!8-!V-$@$7!"(&0-!+&0+$!-#!-(&+0(+!=-+=0^1)2+,!9'!4%-!
$%! 3)()$&-0)+! $-! 8-$'00+##B! -(! -#! (+0&-! 8-! :'#-$&)(',! a'#)#-'! 9! -(! -#! $%0! V%8-',!
-$/-2)'#3-(&-!-(!V-0%$'#<(W!#'!*)(2%#'2)B(!/0+1<&)2',!-(!-#!$-(&)8+!8-!4%-!V-$@$!
-0'! -#! P-$5'$! -(*)'8+,! 2+(! %(! 3)()$&-0)+! '(%(2)'8+! 9'! -(! -#! C(&)=%+!
D-$&'3-(&+W! 8-! )=%'#! 3+8+! #'! 2+(10+(&'2)B(! -(&0-! V-$@$,! /+0! $%! 3)()$&-0)+! 9!
-($-]'(;'!9!-#!-$&'3-(&+!0-#)=)+$+f/+#5&)2+!('2)+('#!4%-!$-!#-!+/+(5'!9!4%-,!-(!
'#=%('! 3-8)8',! 2+(8)2)+('.'! &'3.)<(! #'$! /+$)2)+(-$! 8-! #'$! =-(&-$! -(! 0-#'2)B(!
2+(! V-$@$,! ?'2)-(8+! 4%-! %(+$! #-! 0-/%8)'$-(! '/'0&^(8+$-! 8-! <#! 9! +&0+$,! #+$!
8)$25/%#+$,!#-!$)=%)-$-(! ?'$&'! #'! 20%;! 9! #%-=+,! &0'$! $%! 0-$%00-22)B(,! -(! #'! $-(8'!
8-#! &-$&)3+()+7! A+$! &0-$! -#-3-(&+$! /0)(2)/'#-$! 8-#! 3)()$&-0)+! 8-! V-$@$,! -$&^(!
/0-$-(&-$!-(!2'8'!%(+!8-!#+$!2%'&0+!0-#'&+$,!2+(!#+$!<(1'$)$!9!2+(8)2)+('(&-$!4%-!
2'8'!'%&+0!#-$!)3/0)3)B!.'6+!#'!8)0-22)B(!9!2+(8%22)B(!8-#!"$/50)&%!G'(&+7!"$&+$!
&0-$! -#-3-(&+$! 4%-! $-! /0+2#'3'.'(! -(! -#! M&,J2/#! 8-! #'! -*'(=-#);'2)B(! 8'(!
1+03'!'!#+$!2%'&0+!-*'(=-#)+$,!4%-!$+(!2+(2+08'(&-$!9!/-0/-&@'(!#'!(,#7)*)@"!8-!
#'!Y=#-$)'7!
!
':;)84567839:;);96CDA9?:;2)
)
)
N-2).-(! -#! 2'#)1)2'&)*+! 8-! E1#"2&3)'+$ R)"@5()*'+,! '! #+$! -$20)&+$!
2+00-$/+(8)-(&-$!'!#+$!&0-$!/0)3-0+$!-*'(=-#)+$,!$-=@(!P'&-+,!P'02+$!9!A%2'$7!
"#!&<03)(+!+)"@5()*'!&)-(-!+0)=-(!-(!a0)-$.'02?!LJTHQfJ`JFM!9!$)=()1)2'!1)+)@"$
*'/S"$ '$ 1)+)@"$ *'":!"(#,! %&)#);'8+! /+0! #'! $)3)#)&%8! 4%-! /0-$-(&'(! #+$! &0-$!
/0)3-0+$!0-#'&+$!8-#!"*'(=-#)+,!&'(&+!-(!$%!/0-$-(&'2)B(!2+3+!-(!$%!2+(&-()8+7!
_-$8-!-#!/0)(2)/)+,!#+$!0-#'&+$!2'%$'0+(!2)-0&+!)3/'2&+!'!2'%$'!8-!$%!)8-(&)8'8!
$)3)#'07! A+$! 0-#'&+$! &)-(-(! 2+(2+08'(2)'$! $+0/0-(8-(&-$,! 0-#'&+$! 2+3%(-$! 9!
&'3.)<(!'#=%('$! 8)1-0-(2)'$! (+&+0)'$7! D'#! $)&%'2)B(! 8-$/-0&B! 8-$8-! -#! /0)(2)/)+!
/0-=%(&'$!$+.0-!#+$!+05=-(-$!9!1%-(&-$!8-!#+$!0-#'&+$!8-!#+$!2%'&0+!-*'(=-#)$&'$7!
D0'8)2)+('#3-(&-!#'!Y=#-$)'!2+($)8-0B!#'!'/'0)2)B(!8-!#+$!-*'(=-#)+$!2+(1+03-!'#!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
FT!
!
+08-(!-(!4%-!1)=%0'(!-(!-#!O%-*+!D-$&'3-(&+,!2+($)8-0'(8+!'!P'&-+!2+3+!-#!
/0)3-0+! -(! '/'0)2)B(! 9! '! #+$! +&0+$! &0-$! 2+3+! 8-/-(8)-(&-$! 8-! -$&-! -(! '#=%('!
3-8)8'7! C=%$&5(! ##-=B! '! '1)03'0! 4%-! P'02+$! $-! #)3)&B! '! '.0-*)'0! -#! &->&+! 8-!
P'&-+7!Y(2#%$+!Z0)$B$&+3+!/-($'.'!4%-!P'02+$,!)(&<0/0-&-!8-!:-80+,!-$20).)B!-#!
"*'(=-#)+!3^$!2+0&+,!/+04%-!:-80+!-0'!?+3.0-!/'02+!-(!/'#'.0'$7!
!
!
d(!'(^#)$)$!8-!#+$!&0-$!$)(B/&)2+$!/0-$-(&'!3%9!/+2+!3'&-0)'#!-(!P'02+$!
4%-!'/'0-;2'!@()2'3-(&-!-(!-$-!"*'(=-#)+7!G)!$-!->2#%9-!-#!##'3'8+!A)"#3$3#,2'!
LJUI\fFKM,!'/-('$!4%-8'(!%(+$!&0-)(&'!*-0$52%#+$!4%-!(+!-$&<(!-(!'#=%(+!8-!#+$!
+&0+$!8+$7!"$&+$!&->&+$!$+(!LJIJW!FIFTW!SIFKfFJW!HIFUfF\W!TIFfHW!SIFfTW!`IFFfFUW!
\IF\,!H`fH\W!JHIQJfQFM7!P^$! 8-! #'! 3)&'8! 8-#! 2+(&-()8+! 8-! P'&-+!-$&^! /0-$-(&-!
-(! P'02+$! +! -$! 3%9! $)3)#'07! D'(! $B#+! 2%'0-(&'! *-0$52%#+$! 8-! P'02+$! (+!
'/'0-2-(!-(!P'&-+,!3)-(&0'$!4%-!%(+$!8+$2)-(&+$!*-0$52%#+$!-$&^(!-(!P'&-+!9!
A%2'$,!/-0+!'%$-(&-$!-(!P'02+$7!!
!
!
C(&-! -$&'! $)&%'2)B(! 8-.-(! 2+($)8-0'0$-! '4%5! '#=%(+$! '$/-2&+$! 4%-!
/-03)&'(!&+3'0!%('!/+$)2)B(!-(!0-#'2)B(!2+(!-#!##'3'8+!5,'%3&/#$+)"@5()*'7!G)(!
-3.'0=+,!#+$!'$%(&+$!'!2+($)8-0'0!8-.-(!$-0!.0-*-$,!&-()-(8+!-(!2%-(&'!4%-!-#!
/0-$-(&-! &0'.'6+! (+! -$! %('! Y(&0+8%22)B(! '#! O%-*+! D-$&'3-(&+,! $)(+! %(!
2+3-(&'0)+!&->&%'#!'#!3)$3+7!!
!
,;AB@?A@B5)7868B53)>8)3:;);96CDA9?:;2!
!
!
A+$!&0-$!/0)3-0+$!"*'(=-#)+$!+10-2-(!%('!-$&0%2&%0'!$-3-6'(&-,!$'#*'(8+!
#'!->&-($)B(!8-!$%!2+(&-()8+!9!#'$!1+03'$!9!<(1'$)$!/0+/)+$!8-!2'8'!'%&+07!D+8+$!
2+3)-(;'(! /0-$-(&'(8+! -#!5,)"*)5)'$ '$ )"#!2!,#*)@"! 8-! #'! *)8'! 9! 3)()$&-0)+! 8-!
V-$@$W! $)=%-! &3$ 7&+#,,'33'! 8-#! 3)()$&-0)+W! 9! 2+(2#%9-! 2+(! #'!*!3/)"#*)@"$-(! $%!
3%-0&-!9!0-$%00-22)B(7!"$&'!-$&0%2&%0'!2+3@(!'!#+$!&0-$!$)(B/&)2+$!$-!8-&-2&'!-(!
#'!$)3/#-!#-2&%0'!8-!#+$!"*'(=-#)+$7!
!
*65@7@B5?9C62!
!
!
A'!/0)3-0'!$-22)B(!8-!#+$!&0-$!"*'(=-#)+$!+10-2-(!%(!3'&-0)'#!$-3-6'(&-,!
8-&'##'(8+!-(!3'9+0!+!3-(+0!->&-($)B(!-#!/-05+8+!)()2)'#!8-!#'!/0-$-(2)'!9!+.0'!
8-!V-$%20)$&+!LP&7!JIJfHIJJW!P07!JIJfJSW!A27!SIJfHIJSM7!"#!3'&-0)'#!(+!-$!2+3@(!
-(!$%!&+&'#)8'8!'!#+$!&0-$!$)(B/&)2+$,!/-0+,!#+!-$!-(!2%'(&+!'!->&-($)B(!8-#!&)-3/+!
4%-!2+($)8-0'7!!
!
!
D+8+$! -##+$! +10-2-(! -#! &)-3/+! /0-*)+! '! #'! 3'()1-$&'2)B(! 8-! V-$@$,!
3-(2)+('(8+,!2+(!8)$&)(&'!->&-($)B(,!-#!3)()$&-0)+!8-!V%'(!-#!i'%&)$&',!+!&'#!*-;!
3-6+0,! V%'(! -#! i'%&);'8+0,! 4%-! '(%(2)'! #'! *-()8'! 8-#! P-$5'$! 9! 8'! &-$&)3+()+!
'2-02'! 8-! [#7! "#! .'%&)$3+! 8-! V-$@$! -(! -#! V+08^(! -$! +&0'! 8-! #'$! 0-1-0-(2)'$!
2+3%(-$!-(!#'!/0)3-0'!/'0&-!8-!#+$!&0-$!"*'(=-#)+$,!'$5!2+3+!#'$!&-(&'2)+(-$!8-#!
!!!!!!!!!

F`!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
G-]+07! O+! +.$&'(&-,! -$! (-2-$'0)+! 0-2+08'0! 4%-! #'! ->&-($)B(! $+.0-! -$&-! &-3'! -(!
P'02+$! -$! #)3)&'8',! 2+($)$&-(&-! -(! %('! $)3/#-! 0-1-0-(2)'! '#! ?-2?+,! /-0+! $)(!
8-&'##'0!('8'!-(!/'0&)2%#'0!2+3+!?'2-(!P'&-+!9!A%2'$7!
!
08;5BB:33:2!
!
!
"$/-251)2'3-(&-! 2+(2%-08'(! -(! $)&%'0! -#! 3)()$&-0)+! 8-! V-$@$!
/0)(2)/'#3-(&-! -(! a'#)#-',! -(! 8+(8-! Z'/-0('%3! 1%-! -#! #%='0! 8-! 0-$)8-(2)'!
/0)(2)/'#!-(!'4%-#!/0)3-0!/-05+8+!LP&7!HIJSW!`IQW!JJIFSW!A27!HIFS,!SJW!TIJW!P07!
JIFJW!FIJM7!"#!3)()$&-0)+!-(!a'#)#-'!2+3/0-(8-!$-22)+(-$!2+3/#-&'$!8-!#+$!&0-$!
"*'(=-#)+$! LP&7! HIJFfJQIFKW! A27! HIJHf\IJTW! P07! JIJHfTIFSM7! "(! &+8+$! -##+$! $-!
?'2-! 0-1-0-(2)'! '! #'! )(*)&'2)B(! 8-! Z0)$&+! '! $%$! /0)3-0+$! 8)$25/%#+$,! #+$!
/-$2'8+0-$!8-#!P'0!8-!a'#)#-'7!d('!$-0)-!8-!3)#'=0+$!2+3%(-$!-(!-##+$!1+03'(!
-#!'3.)-(&-!4%-!0+8-'!-#!/0)3-0!/-05+8+!8-#!3)()$&-0)+!8-!Z0)$&+,!8-$8-!'4%-##+$!
4%-!&)-(-(!4%-!*-0!2+(!/0+8)=)+$!$+.0-('&%0'#-$!$+.0-!#'!20-'2)B(,!?'$&'!#+$!8-!
$'()8'8! 9! 0-$%00-22)B(! 8-! 3%-0&+$7! "(! #+$! 8-&'##-$! 0-1-0-(&-$! '#! &)-3/+! 8-#!
7&+#,,'33'!8-#!3)()$&-0)+!8-!V-$@$,!#+$!&0-$!+10-2-(!8-&'##-$!8-#!0-2?';+!8-!4%-!
1%-! +.6-&+,! -$/-2)'#3-(&-! /+0! /'0&-! 8-! #+$! 8)0)=-(&-$! 0-#)=)+$+f/+#5&)2+$,! /-0+!
4%-,! 8-! '#=@(! 3+8+! ).'! '#2'(;'(8+! &'3.)<(! '! $-2&+0-$! 8-#! /%-.#+! LP&7! JSIQTW!
A27!HIF`fF\W!P07!UISM7!:+0!&'(&+!$-!/0+8%2-!-(!#+$!&0-$!0-#'&+$!%(!*%-#2+!-(!#'!
'&-(2)B(! 8-! Z0)$&+! 4%-! 8-6'(8+! 8-! /0-$&'0#'! /0-1-0-(&-! ?'2)'! #'$! 3%#&)&%8-$! $-!
*%-#*-,!2+(!3'9+0!)(&-($)8'8!9!8-8)2'2)B(!'#!=0%/+!8-!#+$!8+2-!8)$25/%#+$!4%-!
#+! '2+3/']'.'(! 2+(&)(%'3-(&-,! 0-&)0^(8+$-! 2+(! -##+$! '! #%='0-$! 8-! /-4%-]'!
/+.#'2)B(7! Z+(! &+8+,! $)! .)-(! $-! /0+8%2-! %(! 3'9+0! '2-02'3)-(&+! /'0'! #'!
1+03'2)B(! 8-! #+$! 8+2-,! (+! -$! 3-(+$! 2)-0&+! 4%-! -#! )(&-0<$! 8-! Z0)$&+! /+0! #'$!
3%#&)&%8-$!(+!8)$3)(%9-,!/+04%-,!2+(1+03-!'!#'!-($-]'(;'!8-#!"*'(=-#)+,!?'.5'!
*-()8+!2+(!-$&-! 3)()$&-0)+! +! 3)$)B(7! A'$! '2&)*)8'8-$! 8-! Z0)$&+! $-! &0'$#'8'(,! '#!
1)('#!8-!-$&-!/-05+8+!'!#'!0-=)B(!8-#!+&0+!#'8+!8-#!V+08^(,!2+(+2)8'!2+3+!:-0-'7!
R'9!8)1-0-(2)'$!-(&0-!#+$!&0-$!-*'(=-#)$&'$!-(!8-&'##-$!2+(20-&+$,!/-0+,!-(!#5(-'$!
=-(-0'#-$,! %(! 3'&-0)'#! 2+3@(! -$&^! /0-$-(&-! -(! #'! $-=%(8'! $-22)B(! 8-! #+$!
$)(B/&)2+$! 4%-! $-! 0-1)-0-! '#! 3)()$&-0)+! -(! :-0-'! LP&7! JQIFJfFKISHW! P07! TIFHf
JKIQFW!A27!\IJ`fJ\IF`M7!C/'0&-!8-!#'$!8)1-0-(2)'$!-(&0-!#+$!&0-$!&->&+$,!4%-!8-.-(!
&-(-0$-!/0-$-(&-$,!?'9!-#-3-(&+$!2+3%(-$!4%-!3-0-2-(!$-0!8-$&'2'8+$!2+3+!-$!
-#!2'$+!8-!#'!/0-=%(&'!4%-!Z0)$&+!?);+!'!#+$!8)$25/%#+$!$+.0-!4%)-(!2+($)8-0'.'(!
#'$!=-(&-$!4%-!-0'![#!9!-#!&-$&)3+()+!8-!:-80+!$+.0-!$%!:-0$+('!LP&7!JUIJSfFKW!
P07! `IFTfSKW! A27! \IJ`fFJM7! "$! (+&'.#-! &'3.)<(! 4%-! -(! #+$! &0-$! "*'(=-#)+$!
'/'0-;2'(!#'$!&0-$!+2'$)+(-$!-(!4%-!Z0)$&+!'(%(2)B!'!#+$!8)$25/%#+$!$%!3%-0&-!9!
0-$%00-22)B(! LP&7! JUIFJW! JTIFFfFSW! FKIJTfJ\W! P07! `ISJW! \ISJW! JKISSfSHW! A27!
\IFF,! HHW! J`ISJfSHM7! A+$! 8-&'##-$,! 3^$! +! 3-(+$! ->&-($+$,! $+.0-! #'!
&0'($1)=%0'2)B(!-$!+&0+!8-!#+$!&-3'$!2+3%(-$!-(!-$&+$!/0)3-0+$!&0-$!"*'(=-#)+$7!
!
)
)

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!

F\!

)
!@3E965?9C62!
!
!
A+$! '2+(&-2)3)-(&+$! 1)('#-$! /0-*)+$! '! #'! /'$)B(,! <$&'! 3)$3'! 9! #'!
0-$%00-22)B(,!1)=%0'!-(!%('!=0'(!3-8)8'!2+3+!3'&-0)'#!2+3@(!-(!#+$!$)(B/&)2+$,!
2+(! #'! 3)$3'! $-2%-(2)'! 9! 2+(! %('! ->&-($)B(! /0+/+02)+('#3-(&-! $-3-6'(&-! -(!
0-#'2)B(!2+(!#'!8-!2'8'!%(+!8-!-##+$!LP&7!FJfF`W!P07!JJfJUW!A27!J\IF\fFHIQSM7!
A'!/0+/+02)B(!-$!'#=+!3'9+0!-(!#+$!"*'(=-#)+$!$-=@(!P'&-+!9!P'02+$7!C#=%(+$!
-0%8)&+$! 2+($)8-0'(! 4%-! #+$! -*'(=-#)+$! $+(! %(! 0-#'&+! 8-! #'! /'$)B(,! 2+(! %('!
)(&0+8%22)B(! =-(-0'#! 3^$! +! 3-(+$! ->&-($',! 4%-! 2+(8%2-! '#! 2+(+2)3)-(&+! 8-#!
4%-!3+05'!-(!#'!Z0%;7!D'#!'$-*-0'2)B(!2+(1)03'!#+!8)2?+!'(&-$,!4%-!-#!/0+/B$)&+!
8-!#+$!&0-$!0-#'&+$!(+!-$!-#!.)+=0^1)2+,!$)(+!-$-(2)'#3-(&-!-#!-*'(=-#5$&)2+,!-(!#'!
/0+2#'3'2)B(! 8-#! 3-($'6-! 8-! $'#*'2)B(! 2+(&-()8+! -(! #'! :-0$+('! 9! +.0'! 8-!
V-$%20)$&+7!A'!&-02-0'!/'0&-!8-!#'!8)*)$)B(!=-(-0'#!8-!-$&+$!"*'(=-#)+$!/+(-!8-!
3'()1)-$&+!%(!'3/#)+!/'0'#-#)$3+,!4%-!-*)8-(2)'!%('!/0+2-8-(2)'!2+3@(!+!.)-(!
8-! 1%-(&-$! +! 8-! .+$4%-6+! /0--$&'.#-2)8+,! 2+3@(! /'0'! &+8+$! +,! /+0! #+! 3-(+$,!
2+(+2)8+!/+0!#+$!&0-$7!G+.0-!-$&-!/'0'#-#)$3+!-$20).-!R-(80)j$-(I!
!
!
4E+$ &+5&*)#3/&"(&$ &"$ &+('+$ *#5?(!3'+$ A)"#3&+$ >!&$ 3'+$ (,&+$ +&$ 7&+#,,'33#"$
&"$ !"$ 5#,#3&3)+/'$ +',5,&"7&"(&0$ I'+$ (,&+$ ,&2)+(,#"$ 3'+$ +)2!)&"(&+$
#*'"(&*)/)&"('+T$ I#$ &"(,#7#$ (,)!"A#3$7&$<&+S+$ &"$ <&,!+#3Q"D$ *'/'$ K,?"*)5&$ 7&$
K#60$I#+$/!3()(!7&+D$*'"$+!+$/&"(&+$33&"#+$7&$#".&3'+$7&$!"#$23',)#$(&,,&"#3D$3'$
,&*)%&"$*'"$7&+&"A,&"#7'$&"(!+)#+/'0$I3&2#7'$#3$(&/53'$J$#3$"'(#,$>!&$+!$2,#"$
#(,)'$&C(&,)',$.#$+)7'$*'"1&,()7'$&"$/&,*#7'D$&"$!"#$*!&1#$7&$3#7,'"&+D$<&+S+$
3'$3)/5)#0$B!#"7'$*!&+()'"#"$+!$#!(',)7#7D$/!J$#7&*!#7#/&"(&$5,&2!"(#$#$+!+$
*,?()*'+$+)$&3$%#!()+/'$7&$<!#"$U&3$%#!()+/'$5,#*()*#7'$5',$&+&$/)+/'$<!#"$>!&$
.#%?#$7#7'$(&+()/'")'$7&$;>!&3$>!&$#.',#$.#$&C5!3+#7'$#$3'+$/&,*#7&,&+V$&,#$
7)1)"'$'$&,#$+)/53&/&"(&$.!/#"'$&"$+!$',)2&"0$K',$#W#7)7!,#$<&+S+$#2,&2#$3#$
5#,F%'3#$7&$ 3'+$ 3#%,#7',&+$ /#31#7'+0$ X&+5'"7&$ #$ 3#+$ 5,&2!"(#+$ *#5*)'+#+$ 7&$
+!+$'5'"&"(&+$J$5',$/&7)'$7&$!"#$5,&2!"(#$>!&$3&+$7),)2&$)/53)*#$*3#,#/&"(&$
>!&$&3$9):'$7&$=#1)7$&+$"#7#$/&"'+$>!&$&3$R&W',$7&$=#1)78 Y!
!
!
A'!/#'()1)2'2)B(!8-!#'!3%-0&-!8-!V-$@$!/+0!#+$!8)0)=-(&-$!8-!#'!('2)B(,!#'!
2+3/0'!8-!V%8'$!/'0'!4%-!#+!-(&0-='$-,!$+(!-#-3-(&+$!2+3%(-$!8-(&0+!8-!-$&'!
@#&)3'! /'0&-! 8-! #+$! "*'(=-#)+$7! A'! )($&)&%2)B(! 8-! #'! +08-('(;'! 8-#! :'0&)3)-(&+!
8-#! :'(,! -$! 0-2+=)8'! &'3.)<(! /+0! &+8+$! -##+$7! "#! 0-#'&+! 8-! #'! '=+(5'! -(!
a-&$-3'(5,! 8-#! /0-(8)3)-(&+,! 8-! #'! (-='2)B(! 8-! :-80+! 9! 8-! #+$! 6%)2)+$! '! 4%-!
Z0)$&+! 1%-! $+3-&)8+,! -$! 3'&-0)'#! 2+3@(! -(! #+$! $)(B/&)2+$7! "#! 0-#'&+! 2+(! 3^$! +!
3-(+$!8-&'##-$!8-!#'!20%2)1)>)B(,!-#!&5&%#+!/%-$&+!$+.0-!#'!20%;,!-#!8-$/0-2)+!4%-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F

!a%)##-03+!R-(80)j$-(7!E3$E1#"2&3)'$+&2S"$R#"$H#(&'0!G%.2+3)$)B(!8-!A)&-0'&%0'!
Z0)$&)'('7!a0'(8!N'/)8$,!J\`U7!

SK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
$+/+0&B!-#!G-]+0!9!#'$!&0-$!?+0'$!8-!&)()-.#'$,!&'3.)<(!-$&^(!/0-$-(&-$!-(!#+$!&0-$!
0-#'&+$7!
%FBE96:;)7B987:;)?:E@68;)5)3:;);96CDA9?:;2!
!
!
A#'3'! #'! '&-(2)B(! 4%-! 6%(&+! '#! /'0'#-#)$3+! 8-! #+$! 0-#'&+$,! $-! %&)#)2-(!
/'#'.0'$! +! ->/0-$)+(-$! )8<(&)2'$! -(! -##+$7! C! 3+8+! 8-! -6-3/#+! $)0*'! #'!
2+3/'0'2)B(! 8-#! 0-#'&+! 8-! #'! $'()8'8! 8-#! #-/0+$+! LP&7! `IFfHW! P07! JIHKfHHW! A27!
QIJFfJHM,! /'0'! '/0-2)'0! -$&'! 0-'#)8'87! "$! $+0/0-(8-(&-! &'3.)<(! #'! 2+)(2)8-(2)'!
-(!-#!0-#'&+!8-!#'!'#)3-(&'2)B(!8-!#+$!2)(2+!3)#!LP&7!JHIJQfJUW!P07!UISQfSTW!A27!
\IJFfJSM7! C('#)$&'$! 8-#! &->&+! =0)-=+! ?'(! ##-='8+! '! #'! 2+(2#%$)B(! 8-! 4%-!
'/0+>)3'8'3-(&-!%(!HK!k!8-!#'$!/'#'.0'$!4%-!%&)#);'!P'02+$,!'/'0-2-(!&'3.)<(!
-(! P'&-+! 9! A%2'$7! P%2?'$! +&0'$! /'#'.0'$! '/'0-2-(! .)-(! -(! P'&-+! 9! P'02+$,!
.)-(!-(!P'02+$!9!A%2'$ S 7!!
!
)G8?@86?95)>8)3:;)5?:6A8?9E986A:;2!
!
!
c'!$-!?'!2+($)8-0'8+!-$&-!'$/-2&+!'(&-0)+03-(&-7!"$!$%1)2)-(&-!2+(!'2%8)0!
'! %('! #,/'"?#$ 7&$ 3'+$ E1#"2&3)'+,! /'0'! *-0)1)2'0! 4%-! #'! $-2%-(2)'! 8-! #+$!
'2+(&-2)3)-(&+$! -$! #'! 3)$3',! -(! #5(-'$! =-(-0'#-$,! /'0'! 2'8'! %(+! 8-! #+$! &0-$!
/0)3-0+$!"*'(=-#)+$7!G%0=-!#'!8)1)2%#&'8,!-(!-$&'!'03+();'2)B(,!8-#!#).0-!%$+!4%-!
A%2'$!?'2-!8-!#+$!'2+(&-2)3)-(&+$!-(!#'!$-=%(8'!8)*)$)B(!8-#!-*'(=-#)+,!#+!4%-!
?'2-!4%-!0-$%#&-!%(!&'(&+!8)1)2%#&+$+!8-&-03)('0!2%'(8+!$-!/0+8%2-!-#!?-2?+,!+!
)(2#%$+! 2%'(8+! 1%-0+(! /0+(%(2)'8'$! '#=%('$! -($-]'(;'$! +! /'#'.0'$! 8-! V-$@$7!
Z+(! &+8+,! '! /-$'0! 8-! #'$! 8)1-0-(2)'$! 4%-! -*)8-(&-3-(&-! $-! '/0-2)'(! -(! #+$!
$)(B/&)2+$,! #'! $)3)#)&%8! -$! 8-! &'#! 8)3-($)B(! 4%-! #'! $-2%-(2)'! 8-! #+$!
'2+(&-2)3)-(&+$!-$!/0^2&)2'3-(&-!#'!3)$3'!-(!#+$!&0-$!"*'(=-#)+$7!
!
09<8B86?95;2)
)
!
_-.-(!$-0!3'02'8'$!#'$!8)1-0-(2)'$!4%-!'/'0-2-(!-(!#+$!&0-$!0-#'&+$!9!!4%-!
#+$!?'2-(!)(8)*)8%'#-$,!-$!8-2)0,!('00'2)+(-$!)(8-/-(8)-(&-$!%('!8-!#'!+&0'!9!'#=+!
3^$!4%-!%('!$)3/#-!'8'/&'2)B(!8-!%('!1%-(&-!2+3@(!/'0'!#+$!&0-$7!
!
18<8B86?95;)H69?5;)86)I5A8:2!
!
!
:%-8-(!-$&'.#-2-0$-!#'$!8)1-0-(2)'$!$)=%)-(8+!-$&-!B08-(I!JM!A'!=-(-'#+=5'!
8-! V-$@$! LJIJfJTM7! C%(! 2%'(8+! '/'0-2-! #'! =-(-'#+=5'! &'3.)<(! -(! A%2'$,! #'!
8)1-0-(2)'!-$!(+&+0)'!-(&0-!'3.'$,!/+0!0';+(-$!4%-!$-!2+($)8-0'0^(!-(!$%!#%='0!9!
3+3-(&+7!FM!"#!('2)3)-(&+!9!0-#'&+!8-!#'!'8+0'2)B(!8-!#+$!3'=+$!LJIJ`fFIFSM7!SM!
A'!+/+$)2)B(!8-!V%'(!'!.'%&);'0!'!V-$@$!LSIJH,!JQM7!HM!A'!0-$)8-(2)'!8-!V-$@$!-(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S

!i7!R7!G&0--&-0,!P.&$G'!,$Z'+5&3+7!O%-*'!c+0j,!J\FQ!9!i7!_-!G+#'=-$,!;$Z,&&M$
R)"'5+)+$'A$(.&$Z'+5&3+,!!A-)8-(,!J\Q\7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
SJ!
!
Z'/-0('@3! 2+3+! 2%3/#)3)-(&+! /0+1<&)2+! LHIJSfJUM7! QM! "#! G-03B(! 8-#! P+(&-!
LQIJf`IJM,!4%-!'%(!2%'(8+!'/'0-2-!/'02)'#3-(&-!-(!A%2'$,!(+!&)-(-!2+3/'0'2)B(!
-(! 2%'(&+! '! ->&-($)B(! 9! '#2'(2-7! UM! Z%0'2)B(! 8-! 8+$! 2)-=+$! 9! 8-! %(!
-(8-3+()'8+! L\IFTfSHM7! TM! A'! 3)$)B(! 8-! #+$! _+2-! L\ISQfJKIHFM,! -(! %(! '3/#)+!
(@3-0+!8-!10'$-$!9!/0-2)$)+(-$!4%-!(+!'/'0-2-(!-(!#+$!"*'(=-#)+$!$-=@(!P'02+$!
9!A%2'$7!`M!A'!0-1-0-(2)'!'!V%'(!-#!i'%&)$&'!)8-(&)1)2^(8+#+!2+(!"#5'$!LJJIJHM7!\M!
A'! 0-1#->)B(! $+.0-! #'! 3)$-0)2+08)'! 9! -#! $'20)1)2)+! LJFIQfTM7! JKM! A'$! +.0'$!
/-03)&)8'$!-(!-#!85'!8-!0-/+$+!LJFIJJfJFM7!JJM!"#!2+3/+0&'3)-(&+!8-!:-80+!-(!#'!
&-3/-$&'8! LJHIF`fSJM7! JFM! G'()8'8-$! 8-! 3%#&)&%8-$! LJQISKfSJM7! JFM! A'!
)#%$&0'2)B(!8-!#'!#-*'8%0'!8-!#+$!$'8%2-+$!LJUIJJfJFMW!JSM!A'!.)-('*-(&%0'(;'!'!
:-80+!LJUIJTfJ\M7!JHM!A'!0-/0-($)B(!8-!:-80+!LJUIFFM7!JQM!"#!&-3+0!8-!#+$!&0-$!
8)$25/%#+$!'(&-!#'!&0'($1)=%0'2)B(!8-#!G-]+0!LJTIU,!JTM7!JUM!A'!)8-(&)1)2'2)B(!8-!
"#5'$!2+(!V%'(!-#!i'%&)$&'!LJTIJSM7!JTM!"#!/'=+!8-#!)3/%-$&+!8-#!&-3/#+!LJTIFHf
FTM7!J`M!A'!-($-]'(;'!-(!0-#'2)B(!2+(!#+$!3^$!/-4%-]+$!LJ`IS,!H,!JK,!JHM7!J\M!
A'!->?+0&'2)B(!'#!/-08B(!9!#'$!(+03'$!8-!8)$2)/#)('!LJ`IJQfFKM7!J\M!C/#)2'2)B(!
'!%('!0-1-0-(2)'!/0+1<&)2'!-(!0-#'2)B(!2+(!#'!-(&0'8'!8-!V-$@$!-(!V-0%$'#<(!LFJIHf
QM7!FKM!A'$!'#'.'(;'$!8-!#+$!'8+#-$2-(&-$!-(!#'!-(&0'8'!-(!V-0%$'#<(!LFJIJHfJUM7!
FJM! A'! '8*-0&-(2)'! 8-! Z0)$&+! 0-#'&)*'! '#! 0-)(+! 4%-! $-05'! 4%)&'8+! 8-! '4%-##'$!
=-(&-$! LFJIHSM7! FFM! :'0&-! 8-#! 8)$2%0$+! $+.0-! #'! 2+(8)2)B(! 8-! #+$! -$20).'$! 9!
1'0)$-+$!LFSM7!FSM!"#!0-3+08)3)-(&+!9!$%)2)8)+!8-!V%8'$!LFTISfJKM7!FHM!P-($'6-!
8-! #'! -$/+$'! '! :)#'&+! -(! 0-#'2)B(! 2+(! -#! $%-]+! 4%-! ?'.5'! &-()8+! $+.0-! Z0)$&+!
LFTIJ\M7!FQM!A'*'3)-(&+!8-!#'$!3'(+$!8-!:)#'&+!9!->2%#/'2)B(!$+.0-!#'!3%-0&-!
8-! V-$@$! LFTIFHfFQM7! FUM! C#=%(+$! 3)#'=0+$! +/-0'8+$! 2+3+! 2+($-2%-(2)'! 8-! #'!
20%2)1)>)B(! 9! 3%-0&-! 8-! V-$@$! LFTIQJfQSM7! FTM! C/'0)2)B(! 8-#! N-$%2)&'8+! '! #'$!
3%6-0-$!LF`I\fJKM7!F`M!A'!=%'08)'!-$&'.#-2)8'!/'0'!2%$&+8)'0!#'!&%3.'!9!#'!?%)8'!
-$/'(&'8+$! 8-! #+$! =%'08)'(-$! LFTIUFfUUW! F`IFfH,! JJfJQM7! F\M! A'! $%.)8'! 8-! #+$!
8)$25/%#+$!'!a'#)#-'!8+(8-!V-$@$!#+$!-(2%-(&0'!LF`IJUfJ`,!FKM7!
)
18<8B86?95;)H69?5;)86)I5B?:;2!
!
!
"$!-#!"*'(=-#)+!2+(!3-(+$!3'&-0)'#!/0+/)+,!-$!8-2)0,!4%-!(+!'/'0-;2'!-(!
#+$! +&0+$! 8+$! $)(B/&)2+$7! JM! "#! -$20)&+! 2+3+! /0)(2)/)+! 8-#! "*'(=-#)+! 8-!
V-$%20)$&+! LJIJM7! FM! "#! 85'! 8-! 0-/+$+! ?-2?+! /'0'! -#! ?+3.0-! LFIFTM7! SM! A'!
2+($)8-0'2)B(! 4%-! &-(5'(! '#=%(+$,! &'#! *-;! $%$! /0+/)+$! 1'3)#)'0-$,! 8-! 4%-! V-$@$!
-$&'.'!1%-0'!8-!$5!LSIFKfFJM7!HM!A'!/'0^.+#'!8-#!20-2)3)-(&+!8-!#'!$-3)##'!LHIFUf
F\M7!QM!A'$!->/#)2'2)+(-$! $+.0-! #'$! /%0)1)2'2)+(-$! 2-0-3+()'#-$! 8-! #+$! 1'0)$-+$!
LTISfHM7! UM! A'! $'()8'8! +/-0'8'! -(! %(! $+08+3%8+! LTISFfSTM7! TM! A'! $'()8'8! 8-#!
2)-=+! -(! i-&$')8'! L`IFFfFUM7! `M! A'! '8*-0&-(2)'! 4%-! V-$@$! ?'2-! $+.0-! #'!
2+(8)2)B(! (-2-$'0)'! /'0'! #'! ->/%#$)B(! 8-! %(! 8-&-03)('8+! &)/+! 8-! 8-3+()+!
L\IF\M7!\M!N-1-0-(2)'$!'!%(!1%-=+!/-0/-&%+!L\IH`fH\M7!JKM!"#!0-#'&+!8-#!6+*-(!4%-!
?%9B!8-$(%8+!LJHIQJfQFM7!
)
)
!!!!!!!!!

SF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
18<8B86?95;)H69?5;)86)'@?5;2!
!
!
G+(! *'0)'$! #'$! 0-1-0-(2)'$! 4%-! 8-.-(! 2+($)8-0'0$-! 2+3+! @()2'$! 8-#!
"*'(=-#)+! $-=@(! A%2'$7! JM! "#! 3<&+8+! 9! /0+/B$)&+! 8-#! -$20)&+! LJIJfHM7! FM! "#!
('2)3)-(&+!8-!V%'(!-#!i'%&)$&'!9!-#!8-&'##-!8-#!('2)3)-(&+!8-!V-$@$!LJIQfFIQFM7!SM!
_-&'##-!8-!8'&'2)B(!2+00-$/+(8)-(&-!'#!3)()$&-0)+!8-!V%'(!LSIJfFM7!HM!:0-=%(&'$!9!
0-$/%-$&'$! ?-2?'$! '! V%'(! LSIJKfJHM7! QM! A'! =-(-'#+=5'! 8-! V-$@$,! 2+(! (+&+0)'$!
8)1-0-(2)'$!0-$/-2&+!'!#'!8-!P'&-+!LSIFSfS`M7!UM!_-&'##-$!->2#%$)*+$!8-!%('!8-!
#'$! 5&+*#+$ /)3#2,'+#+! LQIJfJJM7! TM! G-(&-(2)'$! 8-! V-$@$! $+.0-! 0)4%-;'$! 9! 1'3'!
LUIFHfFU,!SHM7!`M!A'!0-$%00-22)B(!8-#!?)6+!8-!#'!*)%8'!8-!O'5(!LTIJJfJTM7!\M!"#!
%(=)3)-(&+! 8-! #+$! /)-$! 8-! V-$@$! /+0! %('! 3%6-0! /-2'8+0'! -(! 2'$'! 8-! G)3B(! -#!
1'0)$-+! LTISUfS\M7! JKM! P%6-0-$! 4%-! '2+3/']'.'(! '! V-$@$! L`IJfSM7! JJM! A'!
2+(8)2)B(! 15$)2'! 8-! #+$! 8)$25/%#+$! 4%-! -$&'.'(! 2+(! V-$@$! -(! -#! 3+(&-! 8-! #'!
&0'($1)=%0'2)B(!L\ISJfSFM7!JFM!A'!1'#&'!8-!?+$/)&'#)8'8!8-!#+$!$'3'0)&'(+$!L\IQJf
QUM7! A'! 3)$)B(! 8-! #+$! $-&-(&'! LJKIJfFHM7! JSM! A'! 0-2-/2)B(! 8-! V-$@$! -(! 2'$'! 8-!
P'0&'!9!P'05'!LJKIS`7HFM7!JHM!G'()8'8-$!?-2?'$!-(!$^.'8+!LJSIJJfJTW!JHIJfUM7!
JQM! A'! 8-(%(2)'! 2+(&0'! R-0+8-$! C(&)/'$! LJSISJfSSM7! JUM! N-/0-($)B(! 8-!
.%0#'8+0-$! LJUIJHfJQM7! JTM! A'! $'()8'8! 8-! #+$! 8)-;! #-/0+$+$! LJTIJJfJ\M7! J`M!
N-$/%-$&'!'!#'!/0-=%(&'!8-!#+$!8)$25/%#+$!$+.0-!-#!1%&%0+!LJTIFKfFF,!F`,!F\,!SF,!
SHM7! J\M! "#! ##'3'3)-(&+! 8-! l'4%-+! LJ\IJfJKM7! FKM! A'! /-&)2)B(! 8-! #+$! 1'0)$-+$!
/'0'! 4%-! Z0)$&+! 0-/0-(8)-$-! '! $%$! 8)$25/%#+$! LJ\IS\fHKM7! FJM! A'$! #^=0)3'$! 8-!
V-$@$!$+.0-!V-0%$'#<(!9!#'!/0-8)22)B(!$+.0-!$%!1%&%0+!LJ\IHJfHHM7!FFM!:'#'.0'$!8-!
#'!@#&)3'!2-('!/0^2&)2'3-(&-!->2#%$)*'$!8-!A%2'$!LFFIJQfJ`,!F`fSF,!SQfS`M7!FSM!
C$/-2&+$!8)$&)(&)*+$!8-#!0-#'&+!$+.0-!#'!2+(10+(&'2)B(!8-!a-&$-3'(5!LFFIHSfHH,!
H`fH\,! QJ,! QSM7! FHM! A'! 3)0'8'! 8-! V-$@$! '! :-80+! -(! #'! (-='2)B(! LFFIUJM7! FHM!
N-#'&+!8)$&)(&)*+!$+.0-!#'$!/'#'.0'$!8-!V-$@$!'(&-!-#!Z+(2)#)+!LFFIU`fTKM7!FQM!"#!
#'80B(! '00-/-(&)8+! 9! -#! )3/-()&-(&-! LFSIS\fHJM7! FUM! A'! +0'2)B(! 8-#! #'80B(!
'00-/-(&)8+! 9! #'! 0-$/%-$&'! 8-#! G-]+0! LFSIS\fHJM7! FTM! A'! $</&)3'! ->/0-$)B(! 8-!
V-$@$!-(!#'!20%;!LFSIHUM7!F`M!"#!3+8+!2+3+!#'$!3%#&)&%8-$!$-!'#-6'.'(!8-!#'!20%;!
LFSIH`M7!F\M!A'!0-1-0-(2)'!'#!85'!-(!4%-!V-$@$!1%-!8-$2-(8)8+!8-!#'!20%;!9!/%-$&+!
-(! #'! &%3.'! LFSIQHM7! SKM! N-1-0-(2)'! '! #'$! 3%6-0-$! 4%-! /0-/'0'.'(! -$/-2)-$!
'0+3^&)2'$! /'0'! -#! 2%-0/+! 8-#! G-]+0! LFSIQUM7! SJM! "#! -1-2&+! 2'%$'8+! -(! #+$!
'/B$&+#-$!/+0!-#!'(%(2)+!8-!#'$!3%6-0-$!$+.0-!#'!0-$%00-22)B(!LFHIJKfJJM7!SFM!"#!
0-#'&+!8-!#'!2+(*-0$'2)B(!8-!V-$@$!2+(!#+$!8)$25/%#+$!8-!"3'@$!LFHIJSfFQM7!
!
18<8B86?95;)H69?5;)>8)I5A8:)J)I5B?:;2!
!
!
g'0)'$!$+(!#'$!0-1-0-(2)'$!4%-!'/'0-2-(!-(!#+$!8+$!/0)3-0+$!"*'(=-#)+$!9!
1'#&'(! -(! -#! &-02-0+7! "(&0-! +&0'$! 3-0-2-(! 8-$&'2'0$-! JM! "#! '%8)&+0)+,! 3+8+! 8-!
*-$&)0! 9! '#)3-(&'2)B(! 8-! V%'(! -#! i'%&)$&'! LP&7! SIHfQW! P07! JIQfUM7! FM! A'!
/0+?).)2)B(! 8-! 4%-! 8)-$-(! &-$&)3+()+! $+.0-! <#! 3%2?+$! 8-! #+$! 4%-! ?'.5'(! $)8+!
$'('8+$!LP&7!JFIJQW!P07!SITfJFM7!SM!N-1-0-(2)'!'#!%$+!/'0'.B#)2+!/+0!V-$@$!LP&7!
JSISHW!P07!HISSM7!HM!A'!1)-$&'!8-!2%3/#-']+$!8-!R-0+8-$,!8+(8-!$-!/0+8%6+!#'!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
SS!
!
3%-0&-! 8-! V%'(! -#! i'%&)$&'! LP&7! JHISfJF,! P07! UIJTfF\M7! QM! V-$@$! 2'3)('(8+!
$+.0-! -#! 3'0! LP&7! JHIFFfSSW! P07! UIHQfQUM7! UM! A'! 2%0'2)B(! 8-! #'! ?)6'! 8-! #'!
$)0+1-()2)'! LP&7! JQIFJfF\W! P07! TIFHfSJM7! TM! A'! '#)3-(&'2)B(! 8-! #+$! 2%'&0+! 3)#!
LP&7!JQISKfS`W!P07!`IJSfFJM7!`M!A'!/0-=%(&'!8-!#+$!8)$25/%#+$!$+.0-!"#5'$!LP&7!
JTIJKfJSW! P07! \IJKfJSM7! \M! A'! -($-]'(;'! 3^$! ->&-($'! $+.0-! -#! 8)*+02)+! LP&7!
J\IJfJFW!P07!JKIJfJFM7!JKM!A'!/0+1-25'!$+.0-!#+$!1'#$+$!20)$&+$!9!1'#$+$!/0+1-&'$!
LP&7! FHIFSfFQW! P07! JSIFJfFSM7! JJM! "#! $-20-&+! $+.0-! #'! 1-2?'! 8-! #'! $-=%(8'!
*-()8'!8-!V-$@$!LP&7!FHISUW!P07!JSISFM7!JFM!"#!%(=)3)-(&+!8-!V-$@$!-(!i-&'()'!
LP&7!FUIUfJSW!P07!JHISf\M7!JSM!A'!$'#)8'!8-#!=0%/+!2+(!V-$@$!?'2)'!-#!P+(&-!8-!
#+$! X#)*+$! LP&7! FUISKfSFW! P07! JHIFUfF`M7! JSM! "#! $)#-(2)+! 8-! Z0)$&+! '(&-! :)#'&+!
LP&7!FTIJJfJHW!P07!JQIFfQM7!JHM!V-$@$!2+0+('8+!8-!-$/)('$!LP&7!FTIF\fSJW!P07!
JQIJTfFKM7!JQM!"#!=0)&+!8-!V-$@$!8-$/%<$!8-!#'$!?+0'$!8-!&)()-.#'$!LP&7!FTIHUfH\W!
P07!JQISHfSUM7!JUM!A'!=0'(!2+3)$)B(!8-&'##'8'!LP&7!F`IJ\fFKW!P07!JUIJQfJUM7!
)
18<8B86?95;)H69?5;)86)I5A8:)J)'@?5;2)
)
!
G-! 2'#2%#'! 4%-! ?'9! %('$! FKK! 0-1-0-(2)'$! 2+3%(-$! -(! '3.+$! "*'(=-#)+$7!
Z+3+!3%-$&0'!$-!/%-8-(!2)&'0I!JM!"6-3/#+!8-!#'!/0-8)2'2)B(!8-#!i'%&)$&'!LP&7!
SITfJK,!JFW!A27!SITf\,!JTM7!FM!_-&'##-!8-!#'$!&-(&'2)+(-$!8-!V-$@$!LP&7!HIJfJJW!A27!
HIJfJSM7! SM! C#=%('$! .)-('*-(&%0'(;'$! LP&7! QIS,! H,! U,! JJ,! JFW! P07! UIFKfFS7! SM!
:0-2)$)B(!'2-02'!8-!#'!A-9!LP&7!QIJ`W!P07!UIJTM7!HM!P'(8'3)-(&+!8-!'3'0!'!#+$!
-(-3)=+$!LP&7!QIS\fH`W!A27!UIFTfSUM7!QM!A'!+0'2)B(!8-#!:'80-(%-$&0+!LP&7!UI\f
JSW! A27! JJIFfHM7! UM! "#! 3'(8'3)-(&+! 8-! (+! '1'('0$-! LP&7! UIJ\fFJ,! FQfSSW! A27!
JFIFFfSHM7!TM!A'!->?+0&'2)B(!'!#'!+0'2)B(!LP&7!TITfJJW!A27!JJI\fJSM7!`M!A'!1-!8-#!
2-(&%0)B(! LP&7! `IQfJSW! A27! TIJfJKM7! \M! A'! ->?+0&'2)B(! '! /-8)0! 4%-! _)+$! -(*5-!
+.0-0+$!LP&7!\ISTfS`W!A27!JKIFM7!JKM!"#!*'#+0!8-!#+$!?+3.0-$!$%/-0)+0!'#!8-!#'$!
'*-2)##'$! LP&7! JKIFUfSSW! A27! JFIFf\M7! JJM! A+$! 8-&'##-$! $+.0-! #'! 8%8'! 8-! V%'(!
$+.0-!Z0)$&+!9!-#!&-$&)3+()+!8-!Z0)$&+!$+.0-!V%'(!-#!i'%&)$&'!LP&7!JJIFfJJ,!JUf
J\W!A27!TIJ`fFK,!FFfF`,!SJfSQM7!
)
18<8B86?95;)H69?5;)86)I5B?:;)J)'@?5;2)
)
!
R'9! %('$! *-)(&)2%'&0+! 0-1-0-(2)'$! &->&%'#-$! 4%-! $+#+! &)-(-(! /'0'#-#+! -(!
P'02+$! 9! A%2'$7! Z'.-! 8-$&'2'0! -(&0-! -##'$! JM! #'! ->/%#$)B(! 8-! %(! 8-3+()+! -(!
Z'/-0('%3!LP07!JIFSfF`W!A27!HISSfSTM7!FM!"#!3)()$&-0)+!-*'(=-#);'8+0!8-!V-$@$!
9!$%!/0+/B$)&+!LP07!JISQfS`W!A27!HIHFfHSM7!SM!A^3/'0'$!4%-!8-.-(!'#%3.0'0!9!
+58+$! 4%-! 8-.-(! /0-$&'0! '&-(2)B(! LP07! HIFJfFHW! A27! `IJUfJ`M7! HM! N-1-0-(2)'! '#!
0-=0-$+! 8-! #+$! _+2-! 8-$/%<$! 8-#! 2%3/#)3)-(&+! 8-! #'! /0)3-0'! 2+3)$)B(! LP07!
UISKW!A27!\IJKM7!QM!A'!'22)B(!8-!V%'(!-(!0-#'2)B(!2+(!-#!->+02)$&'!LP07!\IS`fHJW!
A27!\IHQ,!QKM7!UM!A'!+10-(8'!8-!#'!*)%8'!LP07!JFIHKfHHW!A27!FJIJfHM7!!
!
)
)
!!!!!!!!!

SH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
1835A:;)D5B5=C39?:;2))
)
)
!V-$@$!%&)#);B!-#!8)$2%0$+!/'0'.B#)2+!2+3+!%(!3+8+!?'.)&%'#!8-!-($-]'(;',!
-$/-2)'#3-(&-! 8-$8-! -#! 3+3-(&+! -(! 4%-! 2+3-(;B! '! $-0! 0-2?';'8+! /+0! #+$!
#58-0-$!8-!#'!('2)B(!9!/+0!-#!/%-.#+!-(!=-(-0'#7!A'$!/'0^.+#'$!1+03'(!/'0&-!8-!
%(! ->&-($+! 8+2%3-(&+! -(! 2'8'! %(+! 8-! #+$! "*'(=-#)+$,! $)(! -3.'0=+,! ?'9!
8)1-0-(2)'!-(!-#!(@3-0+!4%-!-$!/0+/)+!8-!2'8'!%(+!8-!#+$!-$20)&+$7!!
!
#5BK=:35;)H69?5;)86)I5A8:2)
)
!
_-.-(! 2+($)8-0'0$-! 2+3+! @()2'$! -(! -#! /0)3-0! "*'(=-#)+! #'$! $)=%)-(&-$!
/'0^.+#'$I! JM! A'! 2);']'! LJSIFHfSK,! SUfHSM7! FM! "#! &-$+0+! -$2+(8)8+! LJSIHHM7! A'!
/-0#'!8-!=0'(!/0-2)+!LJSIHQ,!HUM7!SM!A'!0-8!LJSIHT7QKM7!HM!"#!$)-0*+!)(3)$-0)2+08-!
LJ`IFSfSQM7!QM!A+$!+.0-0+$!8-!#'!*)]'!LFKIJfJUM7!UM!A+$!8+$!?)6+$!LFJIF`fSFM7!TM!
A'! 1)-$&'! 8-! #'$! .+8'$! 8-#! ?)6+! 8-#! 0-9! LFFIJfJHM7! TM! A'$! 2)(2+! *50=-(-$! LFQIJf
JSM7!`M!A+$!&'#-(&+$!LFQIJHfSKM7!
!
#5BK=:35;)H69?5;)86)I5B?:;2!
!
!
D'(! $B#+! /%-8-! 2+($)8-0'0$-! 2B3+! /-2%#)'0! '! P'02+$! #'! /'0^.+#'! 8-! #'!
$-3)##'!4%-!20-2-!-(!$-20-&+!LHIFUfF\M7!
)
#5BK=:35;)H69?5;)86)'@?5;2!
!
!
"#! &-02-0! "*'(=-#)+! &)-(-! -#! 3'9+0! (@3-0+! 8-! /'0^.+#'$! 4%-! #-! $+(!
/0+/)'$,!'$5I!JM!A+$!8+$!8-%8+0-$!LTIHKfQKM7!FM!"#!.%-(!$'3'0)&'(+!LJKIF\fSTM7!
SM! "#! '3)=+! '! 3-8)'! (+2?-! LJJIQfJSM7! HM! "#! 0)2+! )($-($'&+! LJFIJSfFJM7! QM! A+$!
$)-0*+$!*)=)#'(&-$!LJFISQfHKM7!UM!A'!?)=%-0'!-$&<0)#!LJSIJf\M7!TM!A+$!/0)(2)/'#-$!
'$)-(&+$!LJHITfJJM7!`M!A'!=0'(!2-('!LJHIJQfFHM7!\M!"#!4%-!-8)1)2'!$)(!2'#2%#'0!-#!
2+$&+!LJHIF`fSKM7!\M!"#!0-9!4%-!$-!8-$2%)8'!LJHISJfSSM7!JKM!A'!3+(-8'!/-08)8'!
LJQI`fJKM7!JJM!"#!?)6+!/0B8)=+!LJQIJJfSFM7!JFM!"#!3'9+08+3+!)(6%$&+!LJUIJfJSM7!
JSM! "#! 0)2+! 9! A^;'0+! LJUIJ\fSJM H 7! JHM! "#! $)-0*+! )(@&)#! LJTITfJKM7! JQM! "#! 6%-;!
)(6%$&+! LJ`IJf`M7! JUM! "#! 1'0)$-+! 9! -#! /%.#)2'(+! LJ`I\fJHM7! JTM! A'$! 8)-;! 3)('$!
LJ\IJJfFTM7!
!
#5BK=:35;)H69?5;)86)I5A8:)J)'@?5;2!
!
!
A+$!8+$!"*'(=-#)+$!&)-(-(!-(!2+3@(!#'$!$)=%)-(&-$!/'0^.+#'$I!JM!A+$!8+$!
2+($&0%2&+0-$! LP&7! TIFHfFTW! A27! UIHTfH\M7! FM! A+$! 3%2?'2?+$! -(! #'! /#';'! LP&7!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H

!C#=%(+$!2+($)8-0'(!4%-!-$&-!-$!3^$!.)-(!%(!0-#'&+!4%-!%('!/'0^.+#'7!Z+(!&+8+!$-!&0'&'!
8-! %('! )#%$&0'2)B(!/'0'.B#)2'! 4%-,! 2+3+! &+8'$! #'$! /'0^.+#'$,! -$&^! &+3'8'! 8-! %(! ?-2?+!
0-'#7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
SQ!
!
JJIJUfJ\W!A27!TIJJfFHfFUM7!SM!A'!#-*'8%0'!LP&7!JSISSW!A27!JSIFKM7!HM!A'!+*-6'!
/-08)8'!LP&7!J`IJFfJHW!A27!JQI!JfTM7!QM!"#!2+(&0'$&-!-(&0-!$)-0*+$!LP&7!FHIHQfQJW!
A27!JFIHFfH`M7!!
!
#5BK=:35;)?:E@68;)5)3:;)AB8;),4567839:;2!
!
!
m)=%0'(!-(!#+$!&0-$!0-#'&+$!#'$!$)=%)-(&-$!/'0^.+#'$I!JM!"#!$-3.0'8+0!LP&7!
JSISf\,! J`fFSW! P07! HISf\,! JHfFKW! A27! `IHfJQM7! FM! A'! $-3)##'! 8-! 3+$&';'! LP&7!
JSISJfSFW!P07!HISKfSFW!A27!JSIJ`fJ\M7!SM!A+$!#'.0'8+0-$!3'#*'8+$!LP&7!FJISSf
HJW!P07!JFIJf\W!A27!FKI\fJUM7!
!
#B:D@8;A5;)>8);:3@?9C6)53)DB:=38E5);96CDA9?:2)
!
!
A'! /0-=%(&'! -$-(2)'#! -(! -$&-! '$%(&+! -$I! [B@/'$ +&$ ',)2)"#,'"$ &+('+$
E1#"2&3)'+\! :'0'! 0-$/+(8-0! '! #'! 2%-$&)B(! $-! /#'(&-'0+(! 8)$&)(&'$! $+#%2)+(-$,!
/-0+,! ()(=%('! 8-! -##'$! '=+&'! -#! /0+.#-3'! 9! 0-$/+(8-! 8-1)()&)*'3-(&-! '! #'!
/0-=%(&'7!X&0'$!2%-$&)+(-$!2+#'&-0'#-$!$-!/0-$-(&'(!'!#'!#%;!8-!#'!)8-(&)8'8!8-!#+$!
&0-$!"*'(=-#)+$I![B!F3$7&$&33'+$A!&$&3$5,)/&,'$&"$5,'7!*),+&\$[P!1)&,'"$3'+$7'+$
+)2!)&"(&+$#3$5,)/&,'$*'/'$%#+&$,&7#**)'"#3\$[K#,()&,'"$3'+$(,&+$7&$3#$/)+/#$
A!&"(&\!O+!$-!/+80^!0-$/+(8-0!8-1)()&)*'3-(&-!'!()(=%('!8-!-$&'$!2%-$&)+(-$,!'#!
3-(+$!'?+0'!2+(!#'!)(1+03'2)B(!2+(&0'$&'8'!8-!4%-!$-!8)$/+(-7!A'$!/0+/%-$&'$!
8-!$+#%2)B(!$+(!*'0)'$,!8-!#'$!4%-!$-!2+($)8-0'(!.0-*-3-(&-!#'$!3^$!2+3%(-$7!
!
%B5>9?9C6):B532!!
!
!
A'! /0+/%-$&'! 1%-! 8-1-(8)8'! /+0! i7! m7! n-$&2+&&! 9! C0&?%0! n0)=?&7! A'!
?)/B&-$)$!2+($)8-0'!4%-!#+$!"*'(=-#)+$!1%-0+(!-#!0-$%#&'8+!8-!#'!&0'($20)/2)B(!8-!
#'! &0'8)2)B(! 8-! #'! Y=#-$)'! /0)3)&)*',! 8^(8+#-$! 1+03'! #)&-0'0)'! 9! '=0%/^(8+#'$,!
$)=%)-(8+!-#!+08-(!?'.)&%'#!8-!#'!-($-]'(;',!8-!3+8+!4%-!8-$8-!3%9!&-3/0'(+,!
#+$! 0-#'&+$! '84%)0)-0+(! %('! 1+03'! 8-1)()&)*'3-(&-! 1)6'7! A'$! 8)1-0-(2)'$! -(&0-!
-##+$!$-!6%$&)1)2'(!2+3+!'/+0&'2)+(-$!/-0$+('#-$!8-!2'8'!'%&+0!'!#'!&0'8)2)B(!4%-!
$-! ?'.5'! -$&0%2&%0'8+! -(! %('! 8-&-03)('8'! 3'(-0',! 9! &'3.)<(! 2+3+!
2+($-2%-(2)'!8-!#+$!+.6-&)*+$!/-0$+('#-$!4%-!2'8'!%(+!8-!-##+$!&%*+!'#!-$20).)0!
$%! 0-#'&+7! V%(&+! 2+(! -$&'! '0=%3-(&'2)B(! $%0=-! &'3.)<(! #'! /0+/%-$&'! 8-! 4%-!
:-80+!1%-!-#!'/B$&+#!4%-!3^$!)(1#%9B!-(!-#!3'(&-()3)-(&+!8-#!(@2#-+!2-(&0'#!8-!
#'! &0'8)2)B(! $+.0-! #'! *)8'! 9! +.0'! 8-! V-$@$,! /+0! #+! 4%-! $)-(8+! P'02+$! $%!
)(&<0/0-&-,! 8-.-! $-0! 2+($)8-0'8+! -#! $-=%(8+! "*'(=-#)+! 2+3+! -#! /0)3-0! -$20)&+!
+08-('8+! 8-! #'! &0'8)2)B(,! 8-/-(8)-(8+! #+$! +&0+$! 8+$! 8-! -$&-7! V7! Z7! A7! a)-$#-0!
LJ`J`M! 9! V7! Z7! R-08-0! LJT\U,! JT\TM! 1%-0+(! #+$! 3+8-0(+$! 4%-! 2+(! 3^$! <(1'$)$!
'&0).%9-(! #'$! $-3-6'(;'$! 8-! #+$! &0-$! $)(B/&)2+$! '! #'! &0'8)2)B(! +0'#7! A'!
'0=%3-(&'2)B(!4%-!/0-$-(&'(!(+!8-6'!8-!$-0,!-(!2)-0&+!3+8+,!'&0'2&)*'!&'(&+!/'0'!
-#! $-2&+0! #).-0'#! 2+3+! )(2#%$+! /'0'! '#=%(+$! 8-#! $-2&+0! 2+($-0*'8+07! "(! %(!
0';+('3)-(&+!.'$&'(&-!#B=)2+!$-!/#'(&-'!4%-!#'!-($-]'(;'!/0)3)&)*'!1%-!8'8'!/+0!
!!!!!!!!!

SU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
3-8)+!8-!#'!&0'($3)$)B(!+0'#7!C8-3^$,!V-$@$!/0+3-&)B!-(*)'0!'#!"$/50)&%!G'(&+!
2%9'!3)$)B(!$-05'!#'!8-!0-2+08'0#-$!&+8+!#+!4%-![#!?'.5'!?'.#'8+!LV(7!JHIFUM,!/+0!
&'(&+! (+! -$! ->&0']+! 4%-! #+$! &0-$! "*'(=-#)+$! /0-$-(&-(! %('! $-3-6'(;'! (+&'.#-,!
/-0+,!&'3.)<(!('&%0'#7!:+0!+&0+!#'8+,!#+$!20)$&)'(+$!/0)3)&)*+$,!-$/-2)'#3-(&-!#+$!
3'-$&0+$! -(! #'! Y=#-$)',! 8-.5'(! 3-3+0);'0! #'$! -($-]'(;'$! 8'8'$! /+0! #+$!
'/B$&+#-$7! :'.#+! 8)2-! '! D)3+&-+! 4%-! -($-]-! '4%-##+! 4%-! ?'.5'! +58+!
0-)&-0'8'3-(&-! 8-! <#! LF! D)7! FIFM7! O+! $-05'! ('8'! ->&0']+! 4%-! -(! -$&-! 8-$-+! 8-!
/-0/-&%'0! 2+00-2&'3-(&-! #'! &0'8)2)B(! +0'#! 4%-! $-! 3-3+0);'$-! #'! -($-]'(;'!
+08-('8'! 9! 4%-! 8-! -$'! $)&%'2)B(! /0+2-8)-$-(! #+$! 2%'&0+! -*'(=-#)+$7! "#! 3)$3+!
'/B$&+#! :'.#+! 2+($-0*'.'! 2+3+! '#=+! 8-! '#&+! *'#+0! #'! -($-]'(;'! +0'#! 8-! V-$@$!
LR2?7!FKISQW!J!Z+7!TIJKW!\IJHW!JJIFSfFQW!J!D$7!HIJQM7!P'&-+!/%8+!?'.-0!$)8+!-#!
/0)3-0+!-(!-$20).)0!-#!"*'(=-#)+!.'$'8+!-(!-#!0-2%-08+!/-0$+('#!8-!#'$!/'#'.0'$!
9! ?-2?+$! 8-! V-$@$! 4%-! <#! 3)$3+! ?'.5'! /0-$-(2)'8+,! 2+3/#-3-(&'8+! -#! 0-$&+!
+2%00)8+! '(&-$! 8-! $%! ##'3'8+! '! $-=%)0! '! V-$@$! 8-! #'! &0'8)2)B(! +0'#! 4%-! 9'!
2)02%#'.'! -(! #'! )=#-$)'! /0)3)&)*'7! "$! -*)8-(&-! &'3.)<(! 4%-! -(! #+$! /0)3-0+$!
2+(*-0&)8+$! 8-! #'! )=#-$)'! /0)3)&)*'! ?'.5'! %(! 3'02'8+! )(&-0<$! /+0! 3'(&-(-0!
1)-#3-(&-!#'$!/'#'.0'$!8-!V-$@$7!"(!-$-!$-(&)8+!-$20).5'!Y0-(-+I!
!
!
4O'$7!7#,Q$&"$#2,&2#,$#$3#+$)"(&,5,&(#*)'"&+$('7'$3'$>!&$.&$#5,&"7)7'$
%)&"$ 7&$ 3'+$ #"*)#"'+$ J$ >!&$ ,&*!&,7'$ %)&"D$ &+(#"7'$ *'"A)#7'$ 7&$ +!$ 1&,7#70$
K',>!&D$ #$ 7)A&,&"*)#$ 7&$ 3#$ /#J',?#D$ J'$ "'$ /&$ *'/53#6*'$ &"$ 3'+$ >!&$ 7)*&"$
/!*.'D$+)"'$&"$>!)&"&+$&"+&W#"$3#$1&,7#7D$")$&"$3'+$>!&$,&*)(#"$/#"7#/)&"('+$
7&$'(,'+D$+)"'$&"$3'+$>!&$,&5)(&"$3'+$/#"7#/)&"('+$7#7'+$#$3#$A&$5',$&3$R&W',$J$
>!&$+&$7&,)1#"$7&$ 3#$ 1&,7#7$ /)+/#0$ K&,'$ +)$ #32!)&"$ >!&$ .#%?#"$ +&2!)7'$ #$ 3'+$
#"*)#"'+$ 1)"'$ #32!"#$ 1&6D$ )">!),?$ &"$ 3#+$ 5#3#%,#+$ 7&$ 3'+$ #"*)#"'+D$ 3'$ >!&$
;"7,Q+D$'$K&7,'D$'$G&3)5&D$'$P'/F+D$'$R#"()#2'D$'$<!#"D$'$H#(&'D$'$*!#3>!)&,#$
'(,'$ 7&$ 3'+$ 7)+*?5!3'+$ 7&3$ R&W',$ .#%?#$ 7)*.'D$ J$ 3'$ >!&$ ;,)+()@"$ J$ &3$ <!#"$ J#$
/&"*)'"#7'D$ J$ '(,'$ 7&$ 3'+$ 7)+*?5!3'+$ 7&3$ R&W',$ .#%?#$ 7)*.'0$ K',>!&$ +!5'"2'$
>!&$3#$)"A',/#*)@"$7&$3'+$3)%,'+$"'$/&$#J!7#,?#$(#"('$*'/'$3#$5#3#%,#$7&$!"#$
1'6$1)1#$J$5&,/#"&"(&8 ] 0!
!
!
A+$! 4%-! $+$&)-(-(! #'! &-+05'! 8-! #'! (,#7)*)@"$ ',#3,! 0-2+(+2-(! 4%-! #+$! &0-$!
-*'(=-#)$&'$!/%8)-0+(!?'.-0!&-()8+!'#=@(!8+2%3-(&+!-$20)&+!8-!/+2'!->&-($)B(,!
4%-!2+(&%*)-0'!'#=%(+$!10'=3-(&+$!8-!/'#'.0'$!8-!V-$@$!9!4%-!#-$!$)0*)-$-(!8-!
'9%8'!-(!#'!0-8'22)B(!8-!$%$!-$20)&+$,!/-0+,!1%(8'3-(&'#3-(&-!&0'$#'8'0+(!'!#'!
-$20)&%0'!#+!4%-!-0'!#'!&0'8)2)B(!+0'#!-(!#'!)=#-$)'!/0)3)&)*'7!
!
!
C(&-!-$&'!$%=-0-(&-!/0+/%-$&'!2+(*)-(-!2+(&0'/+(-0!'#=%(+$!'0=%3-(&+$!
4%-!#'!2%-$&)+('(7!JM!A'$!8)1)2%#&'8-$!8-!2+(&0+#'0!#'!&0'8)2)B(!+0'#,!-$!%(+!8-!#+$!
3^$!2+(&%(8-(&-$7!"0'!0-#'&)*'3-(&-!$-(2)##+!3'(&-(-0#'!-(!%(!^3.)&+!#)3)&'8+!
2+3+! -0'! :'#-$&)(',! /-0+! 0-$%#&'05'! 3%9! 8)152)#! 2%'(8+! #'! -*'(=-#);'2)B(! $'#&B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Q

!"%$-.)+7!9)+(',)#$E*3&+)F+()*#0$YYY7!>>>)>,!S,!H7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
ST!
!
'4%-##+$! #53)&-$! 9! $-! ->&-(8)B! /+0! %(! &-00)&+0)+! 3%2?+! 3^$! '3/#)+7! "$! 3%9!
8)152)#! 8-&-03)('0! 2+3+! $-! ?%.)-0'! /+8)8+! 3'(&-(-0! #'! &0'8)2)B(! %()8'! 9!
%()1+03-!-(!%(!^3.)&+!&'(!->&-($+,!2+3+!-$20).-!G&'(&+(I!
!
!
4X&+5&*('$ #$ 3#$ .)5@(&+)+$ ',#3D$ &+$ "&*&+#,)'$ 5,&+!/),$ >!&$ &3$ ,&3#('$ 7&3$
&1#"2&3)'$5'7?#$+&,$33&1#7'$#$3!2#,&+$/!J$7)+(#"(&+D$5,&+&,1F"7'+&$#7&/F+$*'"$
/!J$ 5'*'+$ *#/%)'+$ &"$ &3$ ',7&"#/)&"('$ 7&$ !"#$ 3#,2#$ +&,)&$ 7&$ +&**)'"&+$ JD$ &"$
2,#"$/&7)7#D$*'"$3#+$/)+/#+$5#3#%,#+8 ^ 0$
!
!
O+! 2'.-! 8%8'! 4%-! #'! &0'8)2)B(! +0'#! 1%-! .^$)2'! -(! #'! &0'($3)$)B(! 8-! #'$!
/'#'.0'$! 9! -($-]'(;'$! 8-! V-$@$! -(! %(! /0)(2)/)+! )(3-8)'&+7! O+! $-! $'.-! 4%-! -#!
G-]+0! ?%.)-$-! -$20)&+! ('8'! 9! #+! #-='0'! 8-! -$&'! 1+03'! '! #+$! 8)$25/%#+$7!
G)3/#-3-(&-! ?'.#B! '! #'$! =-(&-$! 9! -($-]B! '! #+$! _+2-! -(2+3-(8^(8+#-$! 4%-!
##-*'$-(!#%-=+!-#!3-($'6-!-($-]'(8+!'!#+$!(%-*+$!20-9-(&-$!&+8'!$%!-($-]'(;'!
LP&7! F`IFKM7! G-! /%-8-! 2+3/#-3-(&'0! -$&+! 2+(! #'! 2+$&%3.0-! ?-.0-'! 8-!
3-3+0);'0!#'!-($-]'(;'!8-!_)+$7!A'!&0'($3)$)B(!+0'#!-0'!(+03'#!-(!-#!/%-.#+!8-!
Y$0'-#! LG'#7! T`IJ$$W! ">7! JSIJ`W! _&7! UIUf\,! FKfFQW! JJIJ\W! V+$7! FHIFUfF`M7! G)(!
-3.'0=+! '%(4%-! #'! &0'($3)$)B(! +0'#! 1%-! #'! .'$-! )()2)'#! 8-! #'! 2+3%()2'2)B(! 8-!
#+$!?-2?+$!9!+.0'!8-!V-$%20)$&+!LA27!UIJFfJUW!\IJfFM,!?'9!-*)8-(2)'!8-!4%-!'(&-$!
8-!-$20).)0$-!#+$!"*'(=-#)+$!?'.5'!-$4%-3'$!-$20)&+$!8-!#'!-($-]'(;'!9!+.0'!8-#!
G-]+07! A%2'$! #+! '1)03'! -(1^&)2'3-(&-! -(! #'! )(&0+8%22)B(! 8-! $%! "*'(=-#)+! LA27!
JIJM7! P%2?+$! ?'.5'(! &0'.'6'8+! /'0'! /+(-0! /+0! +08-(! #'! +.0'! 9! -($-]'(;'! 8-!
V-$@$,! $)=%)-(8+! #'! &0'8)2)B(! +0'#! 8-! #+$! &-$&)=+$! +2%#'0-$! 9! /0-$-(2)'#-$! 8-!
'4%-##+$!?-2?+$!9!/'#'.0'$!LA27!JIFM7!:+0!&'(&+,!?'.5'!1%-(&-$!-$20)&'$!8-!#'!*)8'!
9! -($-]'(;'$! 8-! Z0)$&+! 3%9! '#! /0)(2)/)+! 8-#! 8-$'00+##+! 8-! #'! )=#-$)'7! A'$!
&0'8)2)+(-$! 1%-0+(! 2+($-0*'8'$! 2+(! 3%2?+! )(&-0<$! 9! 0-$/-&+7! A+$! 3)$3+$!
'/B$&+#-$! -(1'&);'.'(! #-! (-2-$)8'8! 8-! 2+($-0*'0#'$! LR2?7! FISFW! SIJQW! QISFW!
JKIS\fHSW!JSISJW!FFIJQW!FUIJUW!N+7!UIJTW!a^7!JI\W!J!Z+7!JJIF,!FS,!FHW!JQI`fJJ,!
JQW!m)#7!HI\W!J!D$7!HIJW!F!D$7!FIHW!F!D)7!FIJfFW!HIJfQW!R-7!JSITf`M7!
!
!
"$!$%=-$&)*'!#'!?)/B&-$)$!8-!#'! P,#7)*)@"$_,#3,!2+(!&+8+!(+!-$!8-1)()&)*'!
&-()-(8+!-(!2%-(&'!#+$!'0=%3-(&+$!2+(&0'0)+$7!
!
08D86>86?95)96E8>95A52)
)
!
G-!/0+/+(-!#'!&-+05'!8-!%(!"*'(=-#)+!)()2)'#!4%-!$)0*)B!8-!.'$-!'!#+$!+&0+$!
8+$!2+3+!-$4%-3'!+!.+$4%-6+!=-(<0)2+7!A'!8)1)2%#&'8!2+(4%-!$-!-(2%-(&0'!-$&'!
?)/B&-$)$! -$! 8-&-03)('0! 2%'#! 8-! #+$! -*'(=-#)+$! 1%-! -#! /0)3-0+! 9! 3+8-#+! 8-! #+$!
$)=%)-(&-$7!O+!8-.-!+#*)8'0$-!4%-!?'9!$-)$!/+$).#-$!2+3.)('2)+(-$!9!4%-!2'8'!
%('! 8-! -##'$! /%-8-! 2+(&'0! 2+(! '/+9+! 8-! 4%)-(! -(&)-(8'! 4%-! -$'! -$! #'! 0-#'2)B(!
('&%0'#7! Z'8'! *-;! &+3'! 3'9+0! '%=-! #'!)8-'! 8-! 4%-! -#! /0)3-0! "*'(=-#)+! 8-! #+$!
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
U

!Z)&'8+!/+0!"*-0-&!R'00)$+(7!+727,!/^=7!JS`7!

S`!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
&0-$!$)(B/&)2+$!1%-!-#!8-!P'02+$7!A'!&0'8)2)B(!-$!%(^()3-!'#!2+($)8-0'0!'!P'02+$!
2+3+! -#! )(&<0/0-&-! 8-! :-80+7! Z+(! &+8+! -(! %(! -$&%8)+! /+03-(+0);'8+! 8-! -$&-!
"*'(=-#)+,!'#=%(+$!8-$2%.0-(!4%-!/'0&-!8-!$%!3'&-0)'#!/%8+!8-/-(8-0!8-!(+&'$!
8-! P'&-+! +! 8-! &-$&)3+()+! /-0$+('#! 8-! <$&-7! C8-3^$,! $)! P'02+$! 1%-! -#! /0)3-0!
8+2%3-(&+,! o2B3+! /%8+! ?'.-0! 8-6'8+! 8-! 2+($)8-0'0! '$%(&+$! &'(! )3/+0&'(&-$!
2+3+! -#! G-03B(! 8-#! P+(&-p! A'! ?)/B&-$)$! 8-! 4%-! A%2'$! 1%-! -#! 8+2%3-(&+!
+0)=)('#! 8-! 4%)-(! 8-/-(8-(! #+$! +&0+$! 8+$! &)-(-! 3-(+$! '/+9+! 4%-! #'$! +&0'$!
*'0)'(&-$7! A%2'$! 3)$3+! '1)03'! 4%-! -#! 3'&-0)'#! 2+(4%-! 0-8'2&B! $%! "*'(=-#)+!
/0+2-8-! 8-! 1%-(&-$! 8)*-0$'$,! /+0! %(! #'8+! 8-! #'! &0'8)2)B(! +0'#,! /-0+! &'3.)<(! 8-!
(+&'$!-$20)&'$!8-!4%)-(-$!?'.5'(!)(&-(&'8+!-$20).)0,!+! 5'"&,$&"$',7&"!#+!4%-!$-!
$'.5'!'2-02'!8-#!G-]+0!LA27!JIJfHM7!
!
!
08D86>86?95)E8>95A52!
!
!
A'!?)/B&-$)$!/0-$-(&'!%(!$%/%-$&+!-*'(=-#)+!/0)3)&)*+!4%-!$)0*)B!8-!.'$-!
2+3@(!'!#+$!&0-$!$)(B/&)2+$7!A'$!8)1-0-(2)'$!-(&0-!#+$!&0-$!$-!/'#)'(!$%/+()-(8+!
)(2+0/+0'2)+(-$!/-0$+('#-$!8-!?-2?+$!4%-!?'.5'(!$)8+!/0-$-(2)'8+$!+!0-#'&'8+$!
/+0!&-$&)=+$!/0-$-(2)'#-$!'!#+$!-$20)&+0-$7!A'!/0)(2)/'#!+.6-2)B(!'!-$&'!/0+/%-$&'!
2+($)$&-! -(! #'! 1'#&'! 8-! 2+/)'$! 8-! %(! 8+2%3-(&+! &'(! )3/+0&'(&-! 2+3+! $-05'! #'!
/0)3-0'! 0-8'22)B(! 8-! #+$! ?-2?+$! 9! /'#'.0'$! 8-! V-$@$,! 4%-! &-(5'! 4%-! ?'.-0$-!
&0'($3)&)8+! '3/#)'3-(&-! -(! #'! )=#-$)'! /0)3)&)*'! 9! 4%-! -0'! 2+(+2)8'! /+0! #+$!
0-8'2&+0-$!8-!#+$!&0-$!"*'(=-#)+$7!
!
L9DCA8;9;)<B57E86A5B952!
!
!
A'!&-+05'!10'=3-(&'0)'!$-!8-.-!/0)(2)/'#3-(&-!'!G2?#-)03'2?-0,!/0+/%-$&'!
/+0!<#!'!/0)(2)/)+$!8-#!$7!EYE7!:0+/+(-!4%-!#+$!8)2?+$!9!?-2?+$!8-!V-$@$,!1%-0+(!
0-=)$&0'8+$! -(! 8)$&)(&+$! 8+2%3-(&+$! 4%-! 0-2+=5'(! &0'8)2)+(-$! +0'#-$,! 8-! 3+8+!
)(2+(->+!9!-(!1+03'!$-/'0'8'7!_-!-$&+$!8+2%3-(&+$!10'=3-(&'0)+$!$-!$)0*)-0+(!
#+$!&0-$!$)(B/&)2+$!/'0'!-$20).)0!$%$!0-#'&+$,!2+(2+08'(&-$!-(&0-!$5!-(!#'!3-8)8'!
-(!4%-!%&)#);'0+(!#+$!3)$3+$!8+2%3-(&+$!9!8)1-0-(&-$!-(!#'!3-8)8'!-(!4%-!2'8'!
%(+!$-!'/'0&B!8-!-##+$!+!%&)#);B!'#=@(!+&0+!4%-!(+!&%*)-0+(!-(!2%-(&'!#+$!8-3^$7!
A'!&-+05'!0-$%#&'!8)152)#!8-!$%$&-(&'0!'!#'!*)$&'!8-!#'!2+(2+08'(2)'!8-!#+$!0-#'&+$!
'8-3^$! 8-! #+$! ?-2?+$7! A'! -$&0%2&%0'! =-(-0'#! 8-! #+$! &0-$! "*'(=-#)+$! (+! /%-8-!
+.-8-2-0!'!#'!2'$%'#)8'8!8-!2+#+2'0!-(!-#!3)$3+!+08-(!#+$!8)$&)(&+$!8+2%3-(&+$!
+!1%-(&-$!10'=3-(&'0)'$!/'0'!8'0!2+3+!0-$%#&'8+!%('!2+(2+08'(2)'!$+0/0-(8-(&-!
-(!#+$!&0-$!0-#'&+$7!!
!
L9DCA8;9;)>:?@E86A5B95)>:=382!
!
!
G-! ?'! 2+($)8-0'8+! /+0! 3%2?+$,! -$/-2)'#3-(&-! -(! -#! $-2&+0! 8-! #'! *,?()*#$
#).-0'#,!-$&'!/0+/%-$&'!2+3+!#'!$+#%2)B(!8-1)()&)*'!'#!/0+.#-3'!8-!#+$!$)(B/&)2+$7!
G-=@(!-$&'!?)/B&-$)$!-#!8+2%3-(&+!.^$)2+!)()2)'#!1%-!-#!-*'(=-#)+!$-=@(!P'02+$,!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
S\!
!
8-! <$&-! +.&%*)-0+(! #+$! 3'&-0)'#-$! 9! -#! -$4%-3'! &'(&+! P'&-+! 2+3+! A%2'$7! A'!
.'$-! /'0'! $+$&-(-0! 2+3+! 8+2%3-(&+! /0)3'0)+! -#! "*'(=-#)+! $-=@(! P'02+$! $-!
.'$'!-(!-#!-$&%8)+!2+3/'0'&)*+!$+.0-!2+(&-()8+,!#-(=%'6-!9!$-2%-(2)'7!N';+('!#'!
?)/B&-$)$!8+2%3-(&'0)'!8+.#-!4%-!V-$@$!&%*+!%(!3)()$&-0)+!3%9!->&-($+!8%0'(&-!
&0-$! ']+$! 9! 3-8)+! '/0+>)3'8'3-(&-7! "($-]B! #'0='3-(&-! 9! 0-'#);B! 3%2?+$!
3)#'=0+$! -(&0-! -#! /%-.#+7! "$&+$! ?-2?+$! $-! 2+($-0*'0+(! -(! #'! 3-(&-! 8-! #+$!
8)$25/%#+$!9!8)-0+(!#%='0!'!#'!&0'8)2)B(!+0'#!/+$&-0)+07!"$!8)152)#!/-($'0!4%-!$)(!
%(! 8+2%3-(&+! /0)3'0)+! #+$! $)(B/&)2+$! &-(='(! %(! 8-$'00+##+! 2+3@(! &'(!
$-3-6'(&-! 9! &0'&-(! -(! &'(&'$! +2'$)+(-$! #+$! 3)$3+$! &-3'$! 9! -($-]'(;'$7! A'!
$-=%(8'! #5(-'! -(! 4%-! $-! $%$&-(&'! #'! ?)/B&-$)$! 8-! 3'+$ 7'+$ 7'*!/&"('+,! $-!
-$&'.#-2-!$+.0-!#'!.'$-!8-#!#-(=%'6-7!A'!&-03)(+#+=5'!9!2+($&0%22)B(!=0'3'&)2'#!
-(! #+$! #%='0-$! 8+(8-! $-! /0+8%2-! #'! 2+)(2)8-(2)',! 4%-! -$! 3%9! '3/#)',! -$! &'(!
$-3-6'(&-!4%-!$B#+!/%8)-0'!##-*'0$-!'!2'.+!.'6+!-#!2+(&0+#!8-!%('!3)$3'!1%-(&-!
/'0'! #+$! &0-$7! C! 3+8+! 8-! -6-3/#+! )#%$&0'8+0! -$&^(! 10'$-$! )8<(&)2'$! -(! #+$!
"*'(=-#)+$,! 2+3+! -$! -#! 2'$+! 8-! #'$! /'#'.0'$! 4%-! V-$@$! 8)0)=)B! '#! /'0'#5&)2+I!
4K!&+$5#,#$>!&$+&5#)+$>!&$&3$9):'$7&3$9'/%,&$()&"&$5'(&+(#7$&"$3#$()&,,#$5#,#$
5&,7'"#,$5&*#7'+$`7):'$#3$5#,#3?()*'aT$;$()$(&$7)2'T$I&1F"(#(&D$('/#$(!$3&*.'$J$
1&(&$#$(!$*#+#8!LP07!FIJKW!P&7!\IUW!A27!QIFHM7!C@(!3^$!$+0/0-(8-(&-!-$!4%-!-(!
#+$!&0-$!"*'(=-#)+$!$-!%&)#)2-!%('!1+03'!*-0.'#!2+3@(!4+&,F$>!)(#7'8!4%-!$B#+!
+2%00-!-(!#+$!&0-$!/'0'#-#+$!-(!&+8+!-#!O%-*+!D-$&'3-(&+!LP07!FIFKW!P&7!\IJQW!
A27!QISQM7!Z+(!&+8+!/-0$)$&-!#'!8%8'!-(!2%'#!8-!#+$!&0-$!0-#'&+$!1%-!-#!/0)3-0+7!
Z'8'! *-;! 4%-! P'&-+! 9! A%2'$! (+! 2+(2%-08'(! +! $)=%-(! %('! #5(-'! 8)1-0-(&-! '!
P'02+$,!&'3/+2+!2+(2%-08'(!-(&0-!$57!"$!%('!/+8-0+$'!0';B(!/'0'!$%/+(-0!4%-!
P'02+$! 1%-! -#! /0)3-0+! 8-! #+$! "*'(=-#)+$! -$20)&+$7! :'0'! '#=%(+$! -$! 2+3+! %('!
2+/)'!8)2&'8'! -(! 1+03'! 3^$! +! 3-(+$! )3/0+*)$'8'! /+0! %(! &-$&)=+!/0-$-(2)'#! 8-!
#+$!?-2?+$!9!8-!#'$!/'#'.0'$!0-=)$&0'8'$!-(!-#!"*'(=-#)+7!G-!$%/+(-!4%-!#+$!+&0+$!
8+$,! P'&-+! 9! A%2'$,! '3/#)'0+(! 9! /0+2%0'0+(! 3-6+0'0! #'! 0-8'22)B(! 8-! P'02+$,!
'$5! <$&-! %&)#);'! 3%2?+! -#! /0-$-(&-! ?)$&B0)2+,! 3)-(&0'$! 4%-! P'&-+! 0-2%00-! '#!
'+0)$&+!9!A%2'$!%$'!-#!)3/-01-2&+!L217!P07!JIJFW!P&7!HIJW!A27!HIJM7!"$!3%2?+!3^$!
/#'%$).#-! 2+($)8-0'0! 4%-! P'&-+! 9! A%2'$! $)=%)-0+(! '! P'02+$! '3/#)^(8+#+,! 4%-!
<$&-! #+! -$20).)-$-! 2+3+! %(! &-02-0! "*'=-#)+! $)! ?'.5'! +&0+$! 8+$! 2+(! 3'9+0!
->&-($)B(7!!
!
!
D'(&+! P'&-+! 2+3+! A%2'$! &)-(-(! %(! 3'&-0)'#! 2+3@(! 4%-! (+! -$&^! -(!
P'02+$,!4%-!$-!&0'&'!3'9+0!3-(&-!8-!8)$2%0$+$!8-!V-$@$,!8)152)#3-(&-!->/#)2'.#-!
$)(!+&0'!1%-(&-!2+3@(!8-!#'!4%-!#+!?'9'(!&+3'8+7!C!-$&'!1%-(&-!$-!##'3'!b7!"$!
8)152)#! 8-3+$&0'0! #'! ->)$&-(2)'! 8-! -$&-! 8+2%3-(&+! 9! '#=%(+$! /0-&-(8-(! 4%-! $-!
&0'&'!8-!%('!1%-(&-!+0'#7!G)(!-3.'0=+,!#'!$%$&-(&'2)B(!8-!#'!?)/B&-$)$!-$!8)152)#,!
/+04%-!$-05'!3^$!1^2)#!2+($)8-0'0!4%-!A%2'$!2+(+25'!-#!"*'(=-#)+!$-=@(!P'02+$!
9! -#! "*'(=-#)+! $-=@(! P'&-+,! .'$'(8+! -#! $%9+! -(! '3.+$7! A'$! 8)1-0-(2)'$!
-$&0%2&%0'#-$!-(!#'!/0-$-(&'2)B(!8-#!3'&-0)'#!'/+0&'8+!/+0!#'!$%/%-$&'!1%-(&-!b,!
$-!8-.-,!$-=@(!+/)()B(!8-!#+$!205&)2+$,!-(!4%-!A%2'$!-$&0%2&%0B!#'!2+3/+$)2)B(!
!!!!!!!!!

HK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
$)=%)-(8+! $%! /0+/)'! )(*-$&)='2)B(! /-0$+('#! 8-! #+$! ?-2?+$,! 3)-(&0'$! 4%-! P'&-+!
#+$!2+#+2B!-(!%(!-$&0)2&+!+08-(!8-!=0'(8-$!.#+4%-$!?+3+=<(-+$7!!
!
!
Z+3+!2+($-2%-(2)'!8-!#'!/+$)2)B(!/-0$+('#!8-#!-0%8)&+!10-(&-!'#!/0+.#-3'!
$)(B/&)2+,!?'9!'#=%(+$,!2+3+!9'!$-!)(8)2B!'(&-$,!4%-!-(&)-(8-(!4%-!1%-!P'&-+!-#!
/0)3-0!8+2%3-(&+!-$20)&+!'#!4%-!$)=%)-0+(!P'02+$!9!A%2'$7!G)(!-3.'0=+!4%-8'!
/+0! 0-$/+(8-0! -#! /0+.#-3'! 4%-! $-! 8-&-2&'! /+0! #'! '%$-(2)'! -(! P'02+$! 8-! #'!
-($-]'(;'! 8-#! G-03B(! 8-#! P+(&-,! '! #+! 4%-! #+$! 8-1-($+0-$! 8-! #'! /0)3'25'! 8-!
P'&-+! 2+(&-$&'(! 4%-! P'02+$! &-(5'! 3^$! )(&-0<$! -(! #+$! ?-2?+$! 4%-! -(! #'!
-($-]'(;'!8-!V-$@$,!(+!+.$&'(&-,!8-.-!2+(&-$&'0$-!'#!/+0!4%<!8-!#'!)(2+0/+0'2)B(!
8-!=0'(8-$!&-3'$!8-!-($-]'(;'$!-(!-$&-!-*'(=-#)+7!
!
L9DCA8;9;)>:?@E86A5B95)5ED3952!
!
!
Z+($-2%-(&-!8-!#'!B,?()*#$7&$3#+$G!&"(&+,!$%0=)B!#'!?)/B&-$)$!8-!#'$!2%'&0+!
1%-(&-$! +! 2%'&0+! 8+2%3-(&+$7! "(! #'! &-+05'! /0+/%-$&'! -$/-2)'#3-(&-! /+0! i7! R7!
G&0--&-0 T ,! )(2#%9-! &'3.)<(! #+! 4%-! ##'3'! K,'('VI!*#+,! %(! .+00'8+0! 4%-! A%2'$!
?);+! 8-! $%! "*'(=-#)+,! 4%-! &0'$#'8B! #%-=+! '#! /0+/)+! "*'(=-#)+7! _-$&'2B! 2%'&0+!
$-22)+(-$!8-#!-*'(=-#)+!$-=@(!A%2'$!-(!-#!4%-!'/0-2)'!%('!&+&'#!)(8-/-(8-(2)'!
8-! P'02+$,! -$&'$! $+(I! SIJfHW! UIJFf`ISW! \IQJfJ`IJHW! J\IJfFTW! FFIJHfFHIQS7!
:0+/+(-!&'3.)<(!4%-!A%2'$!SIJ$$!8'!#'!)3/0-$)B(!8-!$-0!-#!/0)(2)/)+!8-!%(!#).0+7!
G%/+(-! 4%-! -$&'$! $-22)+(-$! 6%(&'$! 1+03'.'(! %(! 8+2%3-(&+! '/'0&-,! 8-! %('!
->&-($)B(!2'$)!)=%'#!4%-!#'!8-!P'02+$7!R)/+&<&)2'3-(&-!'1)03'!4%-!A%2'$!8-.)B!
%$'0!#'!1%-(&-!b!/'0'!#'!1+03'2)B(!8-#!K,'('VI!*#+,!)($-0&'(8+!#%-=+,!-(!1-2?'!
(+! /0-2)$'8'! /+02)+(-$! &+3'8'$! 8-! P'02+$,! ']'8)-(8+! #'! )(&0+8%22)B(! .'$'8'!
-(! 0-#'&+$! 8-! #'! ('&)*)8'8! 8-! V-$@$,! /'0'! 1+03'0! #+! 4%-! '?+0'! -$! -#! "*'(=-#)+!
$-=@(!A%2'$7!Y(&0+8%6+!#'!)8-'!4%-!-#!8+2%3-(&+!b!/0+2-85'!8-!C(&)+4%)'!9!$%!
'/'0)2)B(! 8-.)B! /0+8%2)0$-! '(&-$! 8-! P'02+$,! $+.0-! -#! ']+! QK7! "(! *)$&'! '! #'$!
8)1-0-(2)'$!4%-!?'.5'!-(&0-!A%2'$!9!P'02+$,!2+(!P'&-+,!-$/-2)'#3-(&-!-(!#+!4%-!
$-! 0-1)-0-! '! 3'&-0)'#! 8)$2%0$)*+,! /0+/%$+! +&0'! 1%-(&-! '8)2)+('#! 4%-! ?'.05'!
%&)#);'8+! P'&-+! 4%-! (+3.0B! 2+3+! H,! -(! %(! $%/%-$&+! 8+2%3-(&+! 8-! +0)=-(!
6-0+$+#)3)&'(+,!8'&'8'!$+.0-!-#!']+!UQ7!A'!1%-(&-!H!8-.5'!2+(&-(-0!$-(&-(2)'$!+!
8)2?+$! 8-! V-$@$,! #+! 4%-! '#! $-0! %$'8'! /+0! P'&-+! 2+($&)&%9-! #'! 0';B(! 8-! #'$!
8)1-0-(2)'$!-(&0-!<$&-!9!A%2'$,!9!&'3.)<(!8-!#'!1%-0&-!&-(8-(2)'!6%8')2'!4%-!$-!
'/0-2)'! -(! -$&'$! $-22)+(-$! 8-! P'&-+7! G)=%)-(8+! -$&'! #5(-'! 8-! /-($'3)-(&+!
/0+/%$+!#'!->)$&-(2)'!8-!%('!2%'0&'!1%-(&-!8-(+3)('8'!I!4%-!$-05'!-#!8+2%3-(&+!
4%-!A%2'$!%$B,!$%0=)8+!$%/%-$&'3-(&-!-(!Z-$'0-'!$+.0-!-#!']+!UK7!"$&'!1%-(&-!
-$&'05'! 1+03'8'! /+0! -#! 3'&-0)'#! 8-! #'$! 2)(2+! $-22)+(-$! 4%-! $-! )(8)2'(! -(! -#!
/^00'1+!'(&-0)+07!G%$!2+(2#%$)+(-$!8'&'(!#+$!8-1)()&)*+$!"*'(=-#)+$!$-=@(!P'&-+!
9! A%2'$! $+.0-! #+$! ']+$! `Q! /'0'! P'&-+! 9! `K! /'0'! A%2'$,! -#! /0)3-0+! -$20)&+! -(!
C(&)+4%)'! 9! -#! $-=%(8+! -(! Z+0)(&+7! "$&'! &-+05',! 2+3+! #'! 8-! #'$! A!&"(&+! 8-#!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
T

!i7!R7!G&0--&-07!+727,!/^=7!FQHfFQ\0$

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
HJ!
!
:-(&'&-%2+,! (+! ?'! /+8)8+! $-0! /0+.'8'! /-0+! ?'! $)8+! '2-/&'8'! 2+(! .'$&'(&-!
'3/#)&%8,! -$/-2)'#3-(&-! -(! $-2&+0-$! #).-0'#-$! 8-! #'! ##'3'8'! ;3(#$ B,?()*#7! O+!
2'.-!8%8',!4%-!'/'0-(&-3-(&-!#'!?)/B&-$)$!/0-$-(&'!0';+(-$!3^$!'3/#)'$!/'0'!#'!
2+3/+$)2)B(!8-!#+$!$)(B/&)2+$!4%-!#'!8-!#+$!8+$!8+2%3-(&+$7!!
!
!
Y()2)'8'!#'!2'00-0'!8+2%3-(&'0)'!/'0'!#+$!$)(B/&)2+$,!(+!-$!8-!->&0']'0!4%-!
1%-$-(! )(20-3-(&^(8+$-! #'$! $%/%-$&'$! A!&"(&+,! 8-! &'#! 3'(-0'! 4%-! n7! A7! q(+>,!
&0'&B!8-!8-&-03)('0!#'$!1%-(&-$!4%-!%&)#);B!P'02+$!/'0'!$%!-*'(=-#)+,!##-='(8+!'!
')$#'0,!$-=@(!<#,!(+!3-(+$!8-!(%-*-!1%-(&-$!8)$&)(&'$ ` 7!A+$!-$1%-0;+$!?-2?+$!-(!
%('! %! +&0'! 8)0-22)B(! $B#+! $-! 6%$&)1)2'(! -(! 0';B(! 8-! #'! 3'()1-$&'2)B(! 8-! A%2'$!
$+.0-! #'! &-(&'&)*'! 8-! '#=%(+$! '! /+(-0! -(! +08-(! #+$! ?-2?+$! 9! /'#'.0'$! 8-! V-$@$!
LA27! JIJfHM7! "$! /0+.'.#-! 4%-! #+$! 2%'&0+! -*'(=-#)$&'$! &%*)-$-(! 1%-(&-$! 8)*-0$'$,!
'#=%('$! +0'#-$! 9! +&0'$! -$20)&'$,! $+.0-! #'$! 4%-! .'$'0+(! #'! 0-8'22)B(! 8-! #+$!
$)(B/&)2+$7!
!
!
G)=%)-(8+!#+$!)(&-(&+$!8-!8-&-03)('0!#'$!1%-(&-$!%&)#);'8'$,!A-+!g'='('9!
/%.#)2B!%(!&0'&'8+!&)&%#'8+!I&$K,'%3&/&$RJ"'5()>!&,!'1)03'(8+!4%-!&)-(-(!4%-!
->)$&)0! 3^$! 8-! 8+$! 1%-(&-$! +! 8+2%3-(&+$! .'$-! /'0'! #'! -#'.+0'2)B(! 8-! #+$! &0-$!
"*'(=-#)+$7! D-()-(8+! -(! 2%-(&'! 4%-! -#! )8)+3'! ?'.)&%'#! -(! :'#-$&)(',!
-$/-2)'#3-(&-! -(! -#! (+0&-,! -(! &)-3/+$! 8-! V-$@$! -0'! -#! '0'3-+,! /0+/+(-! #'!
->)$&-(2)'!8-!%(!:0+&+f"*'(=-#)+,!0-8'2&'8+!-(!-$&-!)8)+3'!4%-!1%-!&0'$#'8'8+!'#!
=0)-=+7! C! -$&'! $%/%-$&'! 1%-(&-! ##'3'! -#! 8+2%3-(&+! H20! "$&-! $%/%-$&+!
8+2%3-(&+! 1%-(&-,! 8-.5'! 2+3-(;'0! 2+(! -#! 3)()$&-0)+! 8-! V%'(! -#! i'%&)$&'! 9!
2+(2#%)0! 2+(! #'! 3%-0&-! 8-! V-$@$7! "$&'! 1%-(&-! $-05'! %('! 5&"(#V&5?2,#A#,! 2%9+$!
2)(2+!8+2%3-(&+$!$-!8-$'00+##'05'(!'#0-8-8+0!8-!#+$!2)(2+!/0)(2)/'#-$!8)$2%0$+$!
+!-($-]'(;'$!8-!V-$%20)$&+7!G+.0-!-$&-!8-$'00+##+,!/0+/+(-!4%-!P'&-+!'6%$&B!-#!
8-$'00+##+!8-!$%!"*'(=-#)+!$)=%)-(8+!1)-#3-(&-!-#!-$4%-3'7!d('!$-=%(8'!1%-(&-!
4%-!8-(+3)('!R2,!$-05'!%('!&0'8%22)B(!'#!=0)-=+!8-!*'0)+$!#).0+$!-(!'0'3-+,!4%-!
8-.)B!?'.-0!$)8+!%$'8'!/+0!P'&-+,!2+3+!2+3/#-3-(&+!'!#'!/0)3-0'!1%-(&-7!"$&-!
8+2%3-(&+,! 4%-! A%2'$! 8-.5'! 2+(+2-0,! &'3.)<(! 1%-! %$'8+! /+0! <#,! /-0+! -(! %('!
1+03'!#).0-,!)(&0+8%2)-(8+!'#&-0'2)+(-$!4%-!#+!8)$&)(=%-(!8-#!-$20)&+!8-!P'&-+7!
"(!2%'(&+!'! P'02+$,! /0+/+(-! 4%-! 2+(+25'! #'! 1%-(&-!H2,! (+! &'(&+! -(! $%! 1+03'!
-$20)&',!$)(+!2+3+!0-2+08'&+0)+!8-!?'.-0#'!+58+!*-0.'#3-(&-!-(!#'!)($&0%22)B(!'!
0-2)<(!2+(*-0&)8+$,!-(!#'!)=#-$)'!-(!V-0%$'#<(7!C!-$&-!2+(+2)3)-(&+!3-3+05$&)2+!
P'02+$! %()B! #'! )(1#%-(2)'! 8-! #'! -($-]'(;'! 8)0-2&'! 8-! :-80+,! 3+#8-'(8+! -#!
2+(&-()8+! 8-! #'! 1%-(&-! P=! 2+(! #'$! )($&0%22)+(-$! 0-2).)8'$! 8-#! '/B$&+#7! :'0'!
g'='('9,! -#! 8+2%3-(&+! /0)3'0)+! (+! -$! -#! "*'(=-#)+! $-=@(! P'02+$,! $)(+! -#!
8+2%3-(&+!H2! '(&-$! 2)&'8+7! "$&'! ?)/B&-$)$! 8-6'! -(! %('! (-.%#+$'! -#! -$20)&+! 8-#!
$-=%(8+!"*'(=-#)+!$)(B/&)2+,!$)(!/0+/%-$&'!8-1)()&)*'!'#!+0)=-(!8-#!3)$3+7!
!
)
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
`

!n7!A7!q(+>7!P.&$R'!,*&+$'A$(.&$R)"'5()*$Z'+5&3+7!G&7!P'0j,!J\QS7!

HF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
!B9A9?5)>8)<:BE5;2!
!
!
D0'&'(8+! $+.0-! -#! /0+.#-3'! $)(B/&)2+! $%0=)B,! -(! -#! $-2&+0! #).-0'#!
1%(8'3-(&'#3-(&-! '#-3^(,! #+! 4%-! $-! 2+(+2)B! 2+3+! G',/2&+*.)*.(&,! -(!
2'$&-##'(+! B,?()*#$ 7&$ G',/#+7! "$&-! $-2&+0! 205&)2+! '1)03B! '=+&'8'! 9'! #'!
)(*-$&)='2)B(! $+.0-! #'$! &-+05'$! 8+2%3-(&'0)'$! /'0'! '.+08'0! -#! /0+.#-3'! 8-$8-!
+&0'!B/&)2'7!"(!-$&-,!2+3+!-(!+&0+$!'$%(&+$!8-!#'!##'3'8'!;3(#$B,?()*#,!)(&-0*)(+!
&'3.)<(!-#!-0%8)&+!'#-3^(!V7!n-##?'%$-(7!!i%#&3'( \ !#-!'&0).%9-!%('!'1)03'2)B(!
$-=@(! #'! 2%'#! 4!"#$ '%,#$ 3)(&,#,)#$ '$ !"$ A,#2/&"('$ 7&$ (,#7)*)@"$ &+$ !"#$ A!&"(&$
5,)/#,)#$ ,&+5&*('$ #$ 3#$ (,#7)*)@"$ 7&$ 3#$ >!&$ +&$ 7&,)1#D$ 5&,'$ &+$ !"#$ A!&"(&$
+&*!"7#,)#$,&+5&*('$#$3'+$7&(#33&+$.)+(@,)*'+$7&$3'+$*!#3&+$7#$)"A',/#*)@"87!!!
!
!
Y(&0+8%2)8'! #'! )8-'! 8-! 4%-! #+$! -$20)&+$! +.-8-2-(,! (+! &'(&+! '! 0-#'&+$!
?)$&B0)2+$!1)8-8)=(+$,!$)(+!'!#'!(-2-$'0)'!'8-2%'2)B(!?)$&B0)2'!8-#!M&,J2/#!4%-!
#'!)=#-$)'!/0+2#'3'.',!$-!'.0-(!/%-0&'$!'!$%/%-$&'$!0-#'2)+(-$!-(!#'$!4%-!-#!&->&+!
-$&^!'#!$-0*)2)+!8-!#'!&0'8)2)B(!8+=3^&)2'!$+.0-!V-$%20)$&+7!"(!-$'!3)$3'!#5(-'!
q7!A7!G2?3)8&!&0'&B!8-!8-3+$&0'0!4%-!#'!3'9+0!/'0&-!8-#!2+(&-()8+!8-!P'02+$!-$!
$)3/#-3-(&-! #'! %()B(! '0&)1)2)'#! 4%-! %(! 0-8'2&+0! 8)+! '! %('! $-0)-! 8-! -/)$+8)+$! +!
0-#'&+$! $-/'0'8+$! %()8+$! -(&0-! $)! /+0! #'! /'#'.0'! )"/&7)#(#/&"(&! 2+3@(! -(! -#!
"*'(=-#)+!$-=@(!P'02+$ JK 7!C!-$&+$!$-!%()-0+(!-$/-2)'#3-(&-!P'0&5(!_).-#)+$ JJ !
9!N%8+#1!i%#&3'(( JF 7!
!
!
!
m%(8'3-(&'#3-(&-! #'! B,?()*#$ 7&$ G',/#+! 0-$'#&'! -#! *'#+0! 8-! #'! &0'8)2)B(!
+0'#,! 4%-! +2%/'! %(! /-05+8+! 8-$8-! -#! )()2)+! 8-#! 3)()$&-0)+! 8-! V-$@$! ?'$&'! #'!
'/'0)2)B(! 8-!#+$! "*'(=-#)+$7! G+$&)-(-(!4%-! 8%0'(&-!-$&-! &)-3/+! #'$! &0'8)2)+(-$!
&+3'0+(!%('!8-&-03)('8'!1+03'!/'0'!8'0!+0)=-(!'!#+$!"*'(=-#)+$7!:0+/+(-(!4%-!
#'!&0'8)2)B(!+0'#!4%-!8)+!+0)=-(!'!#+$!$)(B/&)2+$!-$!#'!3^$!/+/%#'0,!-$!8-2)0,!#'!
4%-! 8-$2'($'! $+.0-! 0-#'&+$! 4%-! $+(! 8-! )(&-0<$! =-(-0'#7! "$&'! 1+03'! 8-!
/-($'3)-(&+! 2+(8%2-! '! 2+($)8-0'0! 4%-! #+$! "*'(=-#)+$,! (+! $+(! &'(&+! 0-#'&+$!
?)$&B0)2+$! #)&-0'#-$,! $)(+! #'! 2+($-2%-(2)'! 8-! ->/0-$)B(! 9! 0-1#->)B(! 8-! #'! 1-!
20)$&)'(',! /+0! &'(&+,! (+! 8-.-(! $-0! 2+($)8-0'8+$! 2+3+! 0-#'&+$! +.6-&)*+$! 8-! #'!
?)$&+0)'!8-!V-$@$!+,!$)!$-!/0-1)-0-!3-6+0,!8-#!V-$@$!?)$&B0)2+,!$)(+!3^$!.)-(!3)&+$!
4%-!$-!8-$20).-(!3-8)'(&-!0-#'&+$!3^$!+!3-(+$!1'(&^$&)2+$!'$%(&+$!0-#'2)+('8+$!
2+(!#'!1-7!A'!?)/B&-$)$!8-!#'!B,?()*#$7&$G',/#+,!?'!)(1#%-(2)'8+!(+&+0)'3-(&-!-(!
3%2?+$! )(*-$&)='8+0-$! 9! ->-=-&'$! .5.#)2+$! -$/-2)'#3-(&-! -(! -#! $-2&+0! #).-0'#7!
D'#!-$!-#!2'$+!8-!N%8+#1!i%#&3'(,!4%)-(!-(!$%!P&'3'2?#$7&3$O!&1'$P&+(#/&"(',!
+.0'!3%9!->&-($',!8-8)2'!%(!-$/'2)+!3%9!#)3)&'8+,!-(!2+3/'0'2)B(!2+(!&+8'!#'!
+.0',! /'0'! 0-1-0)0$-! '! #'! ?)$&+0)'! 8-! V-$@$,! '1)03'(8+! 4%-! (+! 8-.-! +2%/'0$-! 8-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\

!i%#&3'(!-(!4P.&$O&c$;55,'#*.$('$(.&$RJ"'5()*$K,'%3&/8,!VN!U!L6%#)+,!J\F\M7!
!q7!A7!G2?3)8&7!=&,$X#./&"$7&,$Z&+*.)*.(&$<&+!0!J\J\7$$
JJ
!P'0&5(!_).-#)+$,!=)&$G',/2&+*.)*.(&$7&+$E1#"2&3)!/+0!J\J\7!
JF
!N%8+#1!i%#&3'((7!=)&$Z&+*.)*.(&$7&,$+J"'5()+*.&"$P,#7)()'"7!J\FJ7!
JK

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
HS!
!
-$&-!'$/-2&+!/+0!2%'(&+!(+!-$!/+$).#-!8-&-03)('0!#'!0-'#)8'8!8-#!V-$@$!?)$&B0)2+7!
G%/+(-(! #+$!$-=%)8+0-$! 8-! -$&'! &-+05'! 4%-! 2%'(&+! 2+(+2-3+$! 8-! #'! ?)$&+0)'! 8-!
V-$@$! -$! -#! 0-$%#&'8+! 8-! #'! )(&-0/0-&'2)B(! 4%-! ?'! 8'8+! #'! Y=#-$)'! '! -$&+,!
/0+/+()-(8+! -(! #+$! -$20)&+$! .5.#)2+$! 8-! #+$! "*'(=-#)+$,! %('! 1)=%0'! 4%-!
&0'$2)-(8-!'!2%'#4%)-0!0-'#)8'8!?%3'(',!#+!4%-!$%/+(-!%('!8-$20)/2)B(!'#&-0'8'!
8-!#'!0-'#)8'8!?%3'('!8-!V-$@$7!:'0'!#+$!$-=%)8+0-$!8-!#'!B,?()*#$7&$G',/#+,!#+$!
"*'(=-#)+$! $+(! /0+8%22)+(-$! 2+3%()&'0)'$,! $%0=)8'$! -(! -#! $-(+! 8-! #'! )=#-$)'!
/0)3)&)*'! 9! (+! #'! ?)$&+0)'! +! 8'&+$! ?)$&B0)2+$! 0-'#-$! 8-! V-$@$7! _-! -$&'! 1+03'!
-$20).-!N%8+#1!i%#&3'(I!
!
!
4R'%,&$3#$%#+&$7&$&+(&$&+(!7)'$+&$.#*&$5'+)%3&$7&+*!%,),$3#$"#(!,#3&6#$7&$
3#$ ,&7#**)@"$ &7)(',)#3$ &"$ 3'+$ E1#"2&3)'+$ J$ 7)+()"2!),$ #>!&33#+$ 5',*)'"&+$ 7&$ 3#$
(,#7)*)@"$>!&$+'"$',)2)"#3&+$7&$&"(,&$3'+$&3&/&"('+$+&*!"7#,)'+D$#5',(#7'+$5',$
3'+$,&7#*(',&+$7&$3'+$E1#"2&3)'+0$;3$*'/5#,#,$3'+$&+()3'+$3)(&,#,)'+$5,&+&"(&+$&"$
3'+$ E1#"2&3)'+$ *'"$ 3#+$ &C5,&+)'"&+$ 5#,#3&3#+$ 7&$ 3#$ 3)(&,#(!,#$ .&3&"?+()*#$ J$
,#%?")*#D$+&$#,,':#$3!6$+'%,&$3#$5,&2!"(#$,&+5&*('$#$+)$!"$7&(&,/)"#7'$7)*.'$+&$
',)2)"@$&"$!"$(&,,&"'$5#3&+()"'$'$.&3&"?+()*'8 Ld$
$
!
"$!/0-2)$+! ?'2-0! '4%5! %('! .0-*-! 0-1-0-(2)'! '! #'! ('&%0'#-;'! 8-! #'$! 1+03'$!
4%-! 8'! +0)=-(! '#! $)$&-3'7! A'! B,?()*#$ 7&$ G',/#+! '.'02'! '! #+$! ?-2?+$! 9! '! #+$!
8)2?+$!8-!V-$@$7!"(!2%'(&+!'!#+$!8)2?+$,!#+!4%-!i%#&3'(!##'3'!;5'5.(.&2/#(#,!
8-$20).-(! '2+(&-2)3)-(&+$! ?)$&B0)2+$! .0-*-$! 4%-! 2+(2#%9-(! 2+(! %(! 8)2?+! 4%-!
$+/+0&'!%('!8-&-03)('8'!-($-]'(;',!.)-(!'&0).%)8'!'!V-$@$,!+!.)-(!8)2?'!/+0![#7!
Z+3+! -6-3/#+! #'! /0-=%(&'! $+.0-! #'! #)2)&%8! 8-! /'='0! -#! &0).%&+! '! N+3',!
2+(2#%9-(8+!2+(!#'!$-(&-(2)'!8-!Z0)$&+!$+.0-!#+!4%-!8-.-!&0).%&'0$-!'!Z-$'0!9!#+!
4%-! '! _)+$! LP07! JFIJTM7! "(! 2%'(&+! '! #+$! 3)#'=0+$,! $-! 2+($)8-0'(! 0-#'&+$!
$-3-6'(&-$! '! #+$! 0-#'&+$! 3)&+#B=)2+$! ?-#-(5$&)2+$7! Z+($)8-0'! 4%-! &+8+$! -##+$!
?'2-(!%(!<(1'$)$!(+&+0)+!-(!#'!$)&%'2)B(!8-!&0'=-8)'!-(!4%-!%(!$%/%-$&+!-(1-03+!
$-!-(2%-(&0',!2+(!-#!/0+/B$)&+!8-!8-$&'2'0!+!0-$'#&'0!#'!$)&%'2)B(!=-(-0'#!-(!%(!
8-&-03)('8+!'3.)-(&-,!/'0'!3'=()1)2'0!#'!$'()8'8!4%-!V-$@$!/0+8%2-,!6%(&+!2+(!
#'! 8-2#'0'2)B(! 8-#! -1-2&+! 2'%$'8+! 9! 8-! #'! 0-$&'%0'2)B(! 8-! #'! $)&%'2)B(! '(&-0)+0!
4%-! 8'! /'$+! '! %('! (%-*'! 2+3+! 2+($-2%-(2)'! 8-! #'! )(&-0*-(2)B(! 8-! V-$@$7!
i%#&3'(!2+($)8-0'!4%-!-$&'$!8-$20)/2)+(-$!/0+2-8-(!8-#!&)-3/+!8-!->/'($)B(!8-!
#'!Y=#-$)'!-(!-#!3%(8+!=0)-=+7!:'0'!+&0+$!$-=%)8+0-$!8-!#'!B,?()*#$7&$G',/#+!-(!
0-#'2)B(!2+(!#+$!?-2?+$!3)#'=0+$+$!8-!V-$@$,!$-!#-$!##'3'!'.)-0&'3-(&-!3&J&"7#+,!
-(!#'$!4%-!$)3/#-3-(&-!V-$@$!-$!/0-$-(&'8+!2+3+!%(!?'2-8+0!8-!3)#'=0+$!/'0'!
->/0-$'0! $%! /+8-07! X2%00-! #+! 3)$3+! 2+(! #'$! /)(2-#'8'$! .)+=0^1)2'$! ?)$&B0)2'$!
$+.0-! #'! /-0$+('! 8-! V-$@$7! :'0'! #+$! *,?()*'+,! -(! #+$! "*'(=-#)+$! ?'9! -#-3-(&+$!
3)&+#B=)2+$! (+&+0)+$,! &'#-$! 2+3+! #+$! 0-#'&+$! $+.0-! #'! &0'($1)=%0'2)B(7! "$&+$!
0-#'&+$!3)&+#B=)2+$!$+.0-!V-$@$!-$&^(!/0-$-(&-$!3%2?+!3^$!-(!V%'(!4%-!-(!#+$!
$)(B/&)2+$7! A'! 2+(2-/2)B(! 8-! /)('! +.-8-2-! '! #'! 0-/0-$-(&'2)B(! $+.0-! ?%3'('!
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
JS

!N%8+#1!!i%#&3'(7!P.&$9)+(',J$'A$(.&$R)J"'5()*$P,#7)()'"0!O%-*'!c+0j,!J\US7!

HH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
4%-!$-!'/0-2)'!8-$8-!-#!/%(&+!8-!*)$&'!8-!#'!0';B(!'#!3'0=-(!&+&'#3-(&-!8-!#'!1-7!
A'!3)$3'!#5(-'!4%-!$-!%&)#);'!/'0'!#'!?)$&+0)'!$-!%$'!&'3.)<(!/'0'!#+$!8)2?+$,!4%-!
)(&-=0'(! -(! &0-$! =0%/+$,! 3'+$ +#5)&"*)#3&+D$ 3'+$ 5,'AQ()*'+D$ 3'+$ 3&2)+3#()1'+D$ 3'+$
#A),/#()1'+$ J$ 3'+$ 5#,#%@3)*'+7! A+$! *,)()*'+,! '2-/&'(! -#! ?-2?+! 8-! 4%-! -(! -#!
'3.)-(&-! ?-.0-+! 9! -(! #+$! -$20)&+$! 8-#! C(&)=%+! D-$&'3-(&+! -$&^! /0-$-(&-! #'$!
10'$-$! +#5)&"*)#3&+,! (+! 8%8'(8+! 4%-! V-$@$! %&)#);B! &'3.)<(! 8)2?+$! 8-! -$&-! &)/+,!
$)(!-3.'0=+,!/0+/+(-(!#'!8%8'!8-!4%-!&+8+$!#+$!4%-!'/'0-2-(!-(!#+$!"*'(=-#)+$!
/0+2-8'(! 8-! V-$@$,! $%=)0)-(8+! 4%-! 3%2?+$! 8-! -##+$! ?'(! $)8+! /%-$&+$! -(! $%$!
/'#'.0'$!/+0!#+$!3)$3+$!-*'(=-#)$&'$7!"(!0-#'2)B(!2+(!#+$!7)*.'+$5,'AQ()*'+,!$+(!
$-3-6'(&-$! '! #'! #)&-0'&%0'! '/+2'#5/&)2'! 6%85'7! A+$! 8-&'##-$! /0+1<&)2+$! $+.0-! #'!
8-$&0%22)B(! 8-! V-0%$'#<(! 9! 8-#! &-3/#+,! /%8)-0+(,! $-=@(! -$&+$,! ?'.-0! $)8+!
)(2#%)8+$! '! /+$&-0)+0),! $%-#-(! )(2#%)0$-! -(! -#! 3-($'6-! /0+1<&)2+! 8-! V-$@$! #'$!
-($-]'(;'$! 8-#! G-03B(! 8-#! P+(&-7! A+$! 8)2?+$! 3&2)+3#()1'+,! 0-2+=-(! $%$!
-($-]'(;'$! -(! 0-#'2)B(! 2+(! '$%(&+$! 2+(20-&+$! 4%-! )3/#)2'(! %(! 8-&-03)('8+!
2+3/+0&'3)-(&+! /'0'! 4%)-(-$! $-'(! $%$! $-=%)8+0-$,! &'#-$! 2+3+! #'! -($-]'(;'!
$+.0-! -#! 8)*+02)+,! #'! +0'2)B(,! -#! /-08B(,! -&27! A'$! /'#'.0'$! '1)03'&)*'$!
2+3/0-(8-(! &+8+! '4%-##+! 4%-! V-$@$! 8)6+! 8-! $5! 3)$3+,! -$/-2)'#3-(&-! #'$! 4%-!
)(2#%9-(!-#!/0+(+3.0-!/-0$+('#!e'7!A+$!8)2?+$!5#,#%@3)*'+!$+(!'4%-##+$!4%-!$-!
/+(-(!-(!.+2'!8-!V-$@$!/'0'!->/#)2'0!'$%(&+$!0-#'&)*+$!'#!0-)(+!8-!_)+$7!:'0'!#+$!
*,?()*'+$ 7&$ 3#+$ A',/#+,! (+! 8-.-! $%/+(-0$-! 4%-! &+8+$! #+$! 8)2?+$! '&0).%)8+$!
?%.)-$-(!/0+2-8)8+!8-![#,!-$/-2)'#3-(&-!'4%-##+$!4%-!$+(!3&2)+3#()1'+,!$)(+!4%-!
$-! #-! '$)=('(! /'0'! -$&'.#-2-0! %('! .'$-! 1)03-! '! #'! -($-]'(;'! 8-! #'! Y=#-$)'7! "(!
2%'(&+! '! #'! 3%-0&-! 8-! V-$@$,! (+! ?'9! 2+(*-0=-(2)'! -(! -#! /-($'3)-(&+! 8-! #'!
205&)2',! $'#*+! #'! 2+($)8-0'2)B(! 8-! 4%-! -#! 0-#'&+! -$! %('! 8-! #'$! 1+03'$! -(! -#!
"*'(=-#)+7!!
!
!
"#! &)-3/+! $-! ?'! -(2'0='8+! 8-! 8-.)#)&'0! #+$! '0=%3-(&+$! 4%-! )()2)'#3-(&-!
/'0-25'(! $B#)8+$! 8-! #'! B,?()*#$ 7&$ G',/#+7! C2&%'#3-(&-! $-! 2+($)8-0'! -$&'!
?)/B&-$)$!2+3+!%(!)($&0%3-(&+!#)&-0'0)+!(+!'/&+!/'0'!8-&-03)('0!2)-(&51)2'3-(&-!
#'! *-0'2)8'8! 8-! ()(=%('! $-22)B(! 8-#! O%-*+! D-$&'3-(&+,! 4%-8'(8+! 0-#-='8'! '#!
2'3/+! 8-! #'! 3-0'! $%/+$)2)B(7! A'! *)8'! 8-! V-$@$! (+! /%-8-! 2+(8)2)+('0$-! '! #+$!
$%/%-$&+$!8-!#'!B,?()*#$7&$G',/#+,!8-.)-(8+!0-&+0('0!'#!-$&%8)+!8-!$%!/-0$+('!9!
+.0'!&'#!2+3+!#'! 3)$3'! )=#-$)'! /0)3)&)*'! ?);+,! '2-/&^(8+#+! 2+3+! %('! 0-'#)8'8!
?)$&B0)2'!'8-3^$!8-!#'!.'$-!8-!1-7!
!
*-%1(0&!!*/-)"'),M"-+,'*()G,+N-)I"%,(7!
!
"@A:B2)!
!
!
_-$8-! #+$! /0)3-0+$! $)=#+$! #'! &0'8)2)B(! 8-! #'! Y=#-$)'! ?'! 2+($)8-0'8+! 8-!
1+03'! %(^()3-! 9! 2+($&'(&-! 4%-! -#! '%&+0! 8-#! /0)3-0! "*'(=-#)+! -$! -#! '/B$&+#!
P'&-+,!%(+!8-!#+$!8)$25/%#+$!8-#!=0%/+!8-!#+$!_+2-7!G%!(+3.0-!'/'0-2-!-(!#'$!
2%'&0+!#)$&'$!8-!#+$!(+3.0-$!8-!#+$!'/B$&+#-$!&'(&+!-(!#+$!"*'(=-#)+$!LP&7!JKIFf

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
HQ!
!
HW! P07! SIJHfJ\W! A27! UIJSfJUM! '$5! 2+3+! -(! R-2?+$! LR2?7! JIJSM7! O+! -$! /+$).#-!
8-6'0!8-!)8-(&)1)2'0#+!2+(!A-*5,!-#!/%.#)2'(+!2+.0'8+0!8-!&0).%&+$!LP07!FIJHW!A27!
UIJQM7! "(! -#! "*'(=-#)+! $-=@(! P'&-+,! $-! 8-&'##'! 2+3+! V-$@$! #+! -(2+(&0B! -(! -#!
/%-$&+! 8-! 2+.0'(;',! -#! %#"*'$ 7&$ 3'+$ 5S%3)*'+$ (,)%!('+! LP&7! \I\M,! 8-! 8+(8-! 1%-!
##'3'8+!'#!$-=%)3)-(&+!8-!Z0)$&+7!P'02+$!']'8-!-#!8'&+!.)+=0^1)2+!8-#!(+3.0-!
8-! $%! /'80-! 4%-! -0'! C#1-+! LP07! FIJHM7! "$! -*)8-(&-,! /+0! 2+3/'0'2)B(! 8-! #+$!
0-#'&+$,!4%-!-#!/%.#)2'(+!A-*5!-0'!-#!3)$3+!'/B$&+#!P'&-+!LP&7!JKISM7!Z+(!&+8'!
/0+.'.)#)8'8! A-*5! &-(5',! 2+3+! +2%005'! -(! 3%2?'$! /-0$+('$,! 8+$! (+3.0-$7!
D-()-(8+!-(!2%-(&'!4%-!-(!#'$!#)$&'$!8-!#+$!'/B$&+#-$,!G'(&)'=+!-#!P-(+0!$-!8)2-!
4%-! -0'! ?)6+! 8-! C#1-+! LP&7! JJISW! P27! SIJ`W! A27! UIJQW! R2?7! JIJSM,! 2'.-!
/0-=%(&'0$-! $)! '3.+$! -0'(! ?-03'(+$7! G)(! -3.'0=+,! 2'.-! 8%8'0!
1%(8'3-(&'8'3-(&-! 8-! -$&-! /'0-(&-$2+,! &-()-(8+! -(! 2%-(&'! 4%-! -(! #'$! #)$&'$!
'/'0-2-(! $)-3/0-! 6%(&+$! #+$! ?-03'(+$! 9! -(! -##'$! #'! '8*-0&-(2)'! 8-! -$-!
/'0-(&-$2+,!#+!4%-!(+!+2%00-!2+(!P'&-+!9!G'(&)'=+,!9!-(!-#!@()2+!#%='0!8+(8-!
'/'0-2-(!6%(&+$,!4%-!-$!#'!#)$&'!8-!R-2?+$,!$B#+!$-!8)2-!4%-!G'(&)'=+!-0'!?)6+!8-!
C#1-+7!
!
!
P'&-+!-0'!/%.#)2'(+,!0-2'%8'8+0!8-!&0).%&+$!'!1'*+0!8-!N+3'7!"#!/%-$&+!
8-!0-2'%8'2)B(!#+!&-(5'!-(!Z'/-0('%37!"0',!2+3+!&+8+$!#+$!/%.#)2'(+$,!+8)'8+!
-(! Y$0'<#,! /+0! 2+($)8-0'0#+$! 2+3+! +/0-$+0-$! '#! $-0*)2)+! 8-! #'! /+&-(2)'!
2+#+();'8+0'7!Z)-0&'3-(&-!?'.5'!0';+(-$!/'0'!&'#!0-2-#+!/+0!2%'(&+,!'.%$'(8+!8-!
#'! '%&+0)8'8,! $+#5'(! 2+.0'0! 3^$! 8-! #+! 4%-! -$&'.'! -$&'.#-2)8+! -(! #+$! )3/%-$&+$7!
:+$).#-3-(&-! P'&-+! /0-$-(2)B! 3)#'=0+$! 8-! Z0)$&+! -(! -#! ^0-'! 8-! Z'/-0('%3,! 9!
&'#! *-;! -$2%2?B! 8)$2%0$+$! 9! -($-]'(;'$! 8-! V-$@$7! A'! )(*)&'2)B(! 8-! Z0)$&+! '!
$-=%)0#-!#-!##-*B!'!'.'(8+('0!$%!/0+1-$)B(!9!$-=%)0!'#!P'-$&0+!LP07!FIJHM7!P'&-+!
?);+! %(! =0'(! .'(4%-&-! -(! $%! 2'$',! -(! -#! 4%-! -$&%*)-0+(! /0-$-(&-$! %(! =0'(!
(@3-0+! 8-! /%.#)2'(+$! 9! 8-! =-(&-$! '! 4%)-(-$! #+$! 1'0)$-+$! ##'3'.'(! 5&*#7',&+!
LP&7!\IJKW!A27!QIF\M7!
!
!
O+! $-! $'.-! '! 2)-(2)'! 2)-0&'! 2+3+! 1%-! #'! *)8'! 8-! P'&-+! 8-$/%<$! 8-! #'!
3%-0&-,!0-$%00-22)B(!9!'$2-($)B(!8-!Z0)$&+7!d('!&0'8)2)B(!#+!$)&@'!-*'(=-#);'(8+!
-(!:'#-$&)('!9!#%-=+!$)=%)B!3)()$&0'(8+!-(!+&0+$!#%='0-$!1%-0'!8-!-##',!/-0+!#+$!
&-$&)3+()+$!(+!$+(!2+(2+08'(&-$7!A+!3)$3+!+2%00-!-(!0-#'2)B(!2+(!$%!3%-0&-,!
'%(4%-! 8-$8-! #+$! /0)3-0+$! &)-3/+$! #'! Y=#-$)'! &'(&+! #'! +0)-(&'#! 2+3+! #'!
+22)8-(&'#!#+!2+($)8-0'0+(!2+3+!3^0&)0,!$)(!-3.'0=+!(+!-$&^(!'2+08-$!-(!2%'(&+!
'#!#%='0!9!2)02%($&'(2)'$!8-!$%!3%-0&-7!
!
!
A+$! 8-&'##-$! $+(,! -(! -$&-! 2'$+,! 8-! 3-(+0! )3/+0&'(2)'! 9! (+! )(2)8-(! -(!
)8-(&)1)2'0!'#!'%&+0!8-#!/0)3-0!"*'(=-#)+!2+(!-#!'/B$&+#!P'&-+,!%(+!8-!#+$!_+2-,!
2+3/']-0+!8-#!G-]+0!-(!$%!&)-3/+!8-!3)()$&-0)+!9,!/+0!&'(&+,!&-$&)=+!8-!$%!*)8',!
3%-0&-!9!0-$%00-22)B(7!!
!
!
!!!!!!!!!

HU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
,3),4567839:);87H6)I5A8:2)
)
%8;A9E:69:;)>8)35)*738;95)DB9E9A9452)
)
)
"%$-.)+! 2)&'(8+! '! :'/5'$,! +.)$/+! -(! R)-0^/+#)$,! 8)2-! 4%-! $-=@(! #'!
&0'8)2)B(! 4H#(&'$ &+*,)%)@$ 3'+$ ',F*!3'+$ &"$ &3$ )7)'/#$ .&%,&'$ J$ *#7#$ !"'$ 3'+$
)"(&,5,&(#%#$*'/'$/&:',$5'7?#8 JH 7!_-.)-(8+!-(&-(8-0!4%-!.&%,&'!-0'!%(!3+8+!
8-! 0-1-0)0$-! '#! )8)+3'! ?'.#'8+! -(! :'#-$&)(',! 9! 4%-! -(! #'! </+2'! 8-! V-$@$! -0'!
3'9+0)&'0)'3-(&-!-#!'0'3-+7!:'/5'$!?'.5'!$)8+,!$-=@(!&-$&)3+()+!8-!Y0-(-+!9!8-#!
3)$3+!"%$-.)+,!'3)=+!8-!:+#)2'0/+,!9!?'.5'!-$2%2?'8+!'!V%'(!-#!8)$25/%#+!8-#!
G-]+0,!2+($)8-0^(8+#+!2+3+!%(!20-9-(&-!8-!#+$!&)-3/+$!'/+$&B#)2+$7!_-#!3)$3+!
"%$-.)+! $-! 0-2).-! #'! &0'8)2)B(! 8-! 4%-! :'(&'-(+,! 0-$/+($'.#-! 8-! #'! -$2%-#'!
2'&-4%<&)2'! 8-! C#-6'(805',! -(! %(! *)'6-! 4%-! ?);+! '! #'! Y(8)',! -(2+(&0B! 4%-! '##5!
?'.5'! ##-='8+! '(&-$! 4%-! <#,! -#! "*'(=-#)+! $-=@(! P'&-+,! 0-8'2&'8+! -(! 2'0'2&-0-$!
?-.0-+$,!9!##-*'8+!'##5!/+0!i'0&+#+3< JQ 7!_-!)=%'#!3+8+!Y0-(-+!L3%-0&+!-(!FKFM!
'1)03'! 4%-! P'&-+! /%.#)2B! %(! "*'(=-#)+! -$20)&+! /'0'! #+$! ?-.0-+$! -(! $%! /0+/)+!
8)'#-2&+,! '%(4%-! $%! '1)03'2)B(! /+$).#-3-(&-! 8-/-(8'! 8-! :'/5'$ JU 7! X05=-(-$!
LJ`UfFQHM!&'3.)<(!8-2#'0'!'#=+!$-3-6'(&-7!d('!2)&'!8-!V-0B()3+!?'2-!0-1-0-(2)'!
&'3.)<(!'!#'!'%&+05'!8-!P'&-+!8)2)-(8+I!4H#(&'D$(#/%)Q"$33#/#7'$I&1?D$#5@+('3$
3!&2'$ 7&$ .#%&,$ +)7'$ 5!%3)*#"'D$ &+*,)%)@$ 5,)/&,#/&"(&$ &"$ <!7&#D$ &"$ ,#6@"$ 7&$
#>!&33'+$7&$3#$*),*!"*)+)@"$>!&$*,&?#"D$!"$&1#"2&3)'$7&$B,)+('$&"$*#,#*(&,&+$J$
5#3#%,#+$.&%,&#+f$5&,'$"'$+#%&/'+$*'"$$+&2!,)7#7$>!)Q"$3'$(,#7!:'$/F+$(#,7&$
#3$ 2,)&2'8 Lg 7! "%$-.)+! 2)&'(8+! '! X05=-(-$! 8)2-I! 4B'/'$ .&$ ,&*)%)7'$ 7&$ 3#$
(,#7)*)@"D$ 7&$ 3'+$ *!#(,'$ E1#"2&3)'+D$ >!&$ +'"$ 3'+$ S")*'+$ >!&$ &"$ 3#$ N23&+)#$
!")1&,+#3D$>!&$&+(F$%#:'$&3$*)&3'D$+'"$#7/)()7'+$+)"$*'"(,'1&,+)#D$&3$5,)/&,'$A!&$
&+*,)('$5',$H#(&'D$5,)/&,'$5!%3)*#"'$J$3!&2'$#5@+('3$7&$<&+!*,)+('0$B'/5!&+('$
&"$ 3&"2!#$.&%,&#D$ 3'$ 5!%3)*@$ 5#,#$ 3'+$:!7?'+$ *'"1&,()7'+$ #$ 3#$ A&8 Lh ! Z+(! &+8+,!
#+$!K#7,&+!(+!8)2-(!2+3+!()!2%'(8+!1%-!&0'8%2)8+!-#!"*'(=-#)+!$-=@(!P'&-+!'#!
=0)-=+,!'%(4%-,!(+!2'.-!8%8'!4%-!-##+$!%$'.'(!-#!&->&+!-(!=0)-=+7!!
!
!
X&0+$!-$20)&+0-$!20)$&)'(+$!8-!#+$!/0)3-0+$!$)=#+$!'&-$&)=%'(!4%-!-#!/0)3-0!
"*'(=-#)+!$-!8-.-!'#!'/B$&+#!P'&-+,!#+!4%-!$%/+(-!%('!&0'8)2)B(!%()*-0$'#3-(&-!
'83)&)8'7!"(&0-!#+$!4%-!/%-8-(!2)&'0$-!-$&^(!:'(&-(+!L3%-0&+!-(!FKKM,!Z#-3-(&-!
8-! C#-6'(805'! LJQKfFJQM,! D-0&%#)'(+! LJUKfFHKM,! V-0B()3+! LSHKfHFKM,! "10<(!
L3%-0&+!-(!STSM!9!+&0+$7!A'!3)$3'!&0'8)2)B(!?'2-!1)=%0'0!-#!&5&%#+!8-#!-*'(=-#)+!
-(!#+$!2'&^#+=+$!9!2B8)2-$!3^$!'(&)=%+$7!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
JH

!"%$-.)+7!9)+(',)#$"2#-$)^$&)2'7!YYY7>>>)>7JU7!
!"%$-.)+7!+727!g7>7S7!!
JU
!Y0-(-+7!B'"(,#$3#+$.&,&:?#+7!YYY7)7J7!
JT
!V-0B()3+7!=&$i),)+$N33!+(,)%!+0!)))7!!
J`
!"%$-.)+7!+727!gY!FQ,SI!Pa!FK,Q`J7!
JQ

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
HT!
!
!5B5?A8BO;A9?5;)>83)8;?B9A:2)
)
)
Z+)(2)8-! /#-('3-(&-! 2+(! -#! /0+/B$)&+! 8-! #'! &0'8)2)B(! $)(B/&)2'! 4%-! -$!
/0-$-(&'0! -#! 0-#'&+! 8-! #+$! ?-2?+$! $-#-22)+('8+$! 8-#! 3)()$&-0)+! 8-! V-$@$,! $)(!
-3.'0=+,! 8-.-(! 8-$&'2'0$-! '#=%('$! 2'0'2&-05$&)2'$! 4%-! #-! $+(! /0+/)+$! -!
)(8)*)8%'#);'(!'#!"*'(=-#)+!$-=@(!P'&-+!8-!#+$!+&0+$!8+$7!
!
!
JM!N-#'2)B(!2+(!-#!C(&)=%+!D-$&'3-(&+7!P'&-+!$-!0-#'2)+('!'3/#)'3-(&-!
2+(! -#! C(&)=%+! D-$&'3-(&+!9! $)0*-! 2+3+! #).0+! /%-(&-! -(&0-! '4%-#! 9! -#! O%-*+7!
P'&-+! 2+(&)-(-,! /+0! #+! 3-(+$! 2%'0-(&'! 2)&'$! 8-#! C(&)=%+! D-$&'3-(&+! 4%-! $-!
8-&-2&'(! /+0! #'$! )(&0+8%22)+(-$! 4%-! #'$! /0-2-8-(! =-(-0'#3-(&-! 43'$ >!&$ A!&$
7)*.'8D$ 45#,#$ >!&$ +&$ *!/53)&+&8D$ 45',>!&$ #+?$ &+(F$ &+*,)('80! A'$! 0-1-0-(2)'$!
/0)(2)/'#-$!$+(I!
!
Z)&'!8-#!"*'(=-#)+7!
:'$'6-!8-#!C(&)=%+!D-$&'3-(&+7!
!
!
JIFS!
!
!
Y$7!TIJH7!
!
FIU!
!
!
P)7!QIF7!
!
FIJQ!
!
!
X$7!JJIJ7!
!
FIJ`!
!
!
V-07!SJIJQ7!
!
FIFS!
!
!
Y$7!TIJH7!
!
SIS!
!
!
Y$7!HKIS7!
!
HIH!
!
!
_&7!`IS7!
!
HIU!
!
!
G'#7!\JIJJ,!JF7!
!
HIT!
!
!
_&7!UIJU7!
!
HIJQ,!JU! !
!
Y$7!\IJ,!F7!
!
QIJF!
!
!
">7!FKIJSW!_&7!QIJT7!
!
QIFT!
!
!
">7!FKIJHW!_&7!QIJ`7!
!
QISJ!
!
!
_&7!FHIJ7!
!
QISS!
!
!
A*7!J\IJFW!O37!SKISW!_&7!FSIFJ,!FF7!
!
QIS`!
!
!
">7!FJIFHW!A*7!FHIFK7!
!
QI!HS!
!
!
A*7!J\IJ`7!
!
`IJT!
!
!
Y$7!QSIH7!
!
\IJS!
!
!
X$7!UIU7!
!
JKIJJ! !
!
P'#7!SIJ7!
!
JFIT!
!
!
X$7!UIU7!
!
JFIJ`fFJ! !
!
Y$7!HFIJfH7!
!
JSIJHfJQ! !
!
Y$7!UI\fJK7!
!
!
JSISQ! !
!
G'#7!T`IF7!
!
JQIH'!
!
!
">7!FKIJFW!_&7!QIJU7!
!
JQIS.!
">7! FJIJTW! A*7! FKI\W! _&7! FTIJUW! :07! FKIFKW!
SKIJT7!
!
JQI`f\! !
!
Y$7!F\IJS7!
!!!!!!!!!

H`!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
!
J\IH!
!
!
J\IQ!
!
!
J\IT!
!
!
J\IJ`fJ\! !
!
FJIQ!
!
!
FJIJS'! !
!
FJIJS.! !
!
FJIJU! !
!
Z)&'!8-#!"*'(=-#)+7!
!
!
FJIHF! !
!
FFIFH! !
!
FFISF! !
!
FFIST! !
!
FFIS\! !
!
FFIHH! !
!
FSIS`fS\! !
!
FHIJQ! !
!
FHIF\fSJ!

!
!
!
!
!
!
!
!

a(7!JIFT7!
a(7!FIFH7!
_&7!FHIJ7!
">7!FKIJFfJUW!A*7!J\IJ`W!_&7!QIJUfFK7!
l'27!\I\7!
Y$7!QUIT7!
V-07!TIJJ7!
G'#7!`IF7!

:'$'6-!8-#!C(&)=%+!D-$&'3-(&+7!
!
!
!
!
!
!
!
!

G'#7!JJ`IFF,!FS7!
_&7!FQIQ7!
">7!SIU7!
_&7!UIQ7!
A*7!J\IJ`7!
G'#7!JJKIJ7!
G'#7!JJ`IFUW!V-07!FFIQ7!
_(7!\IFTW!JJISJW!JFIJJ7!
_&7! SKIHW! Y$7! JSIJK,! SHIHW! FTIJSW! ";7! SFITW! _(7!
TIJS,!JHW!V#7!FIJKW!FISJW!SIJQW!R'=7!FIU,!FJW!l'27!
FIUW!JFIJK,!JF7!!
l'27!JSIT7!
G'#7!JJKIJW!_(7!TIJSfJH7!
l'27!JJIJFfJS7!
G'#7!FFIJ7!

!
FUISJ!
!
FUIUH!
!
FTI\fJK!
!
FTIHU!
!
!
C8-3^$! 8-! -$&'$! 2)&'$! /#-('3-(&-! )8-(&)1)2'.#-$,! ?'9! +&0'$! 4%-! $)(! $-0#+!
-(! -$&'! 8)3-($)B(! $-! &0'&'! 8-! 0-1-0-(2)'$! 3^$! +! 3-(+$! '8'/&'8'$! 8-! 2)&'$! 8-#!
C(&)=%+!D-$&'3-(&+7!

!
FM!N-#'2)B(!2+(!#'$!/0+1-25'$7!G-!'/0-2)'!%(!3'02'8+!)(&-0<$!-(!-#!-$20)&+0!
/+0! /0+*--0! 8-! %(! 2+(&->&+! 8-#! C(&)=%+! D-$&'3-(&+! /'0'! 2'8'! 3+3-(&+!
$)=()1)2'&)*+! -(! #'! *)8'! 9! 3)()$&-0)+! 8-! V-$@$,! -$/-2)'#3-(&-! -(! $%$! /0)3-0'$!
-&'/'$7! C$5I! 'M! $%! ('2)3)-(&+! LJIFSMW! .M! -#! #%='0! 8-#! ('2)3)-(&+! LFIUMW! 2M! -#!
0-=0-$+! 8-$8-! "=)/&+! LF7JQMW! 8M! #'! 3%-0&-! 8-! #+$! ()]+$! -(! i-#<(! LFIJ`MW! 8M! #'!
0-$)8-(2)'!-(!O';'0-&!LFIFSMW!-M!-#!3)()$&-0)+!8-#!/0-2%0$+0!LSISMW!1M!-#!#%='0!8-!
$%! /0)(2)/'#! $-0*)2)+! LHIJQfJUMW! =M! #+$! 3)#'=0+$! 8-! $'()8'8-$! L`IJTMW! ?M! #'!
2+(8%2&'!8-!Z0)$&+!2+3+!$)-0*+!8-!_)+$!LJFIJ`fFJMW!)M!#'!-($-]'(;'!/+0!3-8)+!
8-! /'0^.+#'$! LJSISQMW! 6M! #'! +1-0&'! 4%-! ?'2-! '! Y$0'-#! 8-! $5! 3)$3+! LFJIQMW! jM! -#!
/0-(8)3)-(&+! 8-! V-$@$! LFUIQUM7! Z'8'! %('! 8-! -$&'$! 0-1-0-(2)'$! -$! )(&0+8%2)8'!
3-8)'(&-!%('!1B03%#'!4%-!0-#'2)+('!-#!?-2?+!2+(!-#!2%3/#)3)-(&+!/0+1<&)2+7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
H\!
!
!
SM! D0'($1+(8+! 6%85+7! "$! -*)8-(&-! #'! )($)$&-(2)'! $+.0-! -#! ,&)"'$ 7&$ 3'+$
B)&3'+,!9!#'!/0-$-(&'2)B(!8-!V-$@$!2+3+!-#!N-9!/0+3-&)8+7!D'#-$!2+(2-/&+$!$+(!
-#!-2+!8-!#'!/0+1-25'!-(!0-#'2)B(!2+(!-#!1%&%0+!8-!Y$0'-#!9!-#!0-)(+!/0+3-&)8+!/+0!
_)+$! /'0'! #'! ('2)B(7! G-! '/0-2)'! &'3.)<(! #'! )($)$&-(2)'! $+.0-! #'! '%&+0)8'8! 8-#!
C(&)=%+! D-$&'3-(&+,! 2+3+! :'#'.0'! )($/)0'8'! 8-! _)+$,! 4%-! (+! /%-8-! $-0!
4%-.0'(&'8'!LQIJTM7!O+&+0)+!&'3.)<(!#'!/0-$-(&'2)B(!8-!V%'(!-#!i'%&)$&'!2+3+!-#!
@#&)3+! /0+1-&'! -(*)'8+! '! Y$0'-#! '(&-$! 8-! #'! 3'()1-$&'2)B(! 8-#! P-$5'$! LJJIJSM7!
P'&-+!%$'!2+(&0'$&-$!4%-!2+00-$/+(8-(!'#!C(&)=%+!D-$&'3-(&+,!&'#-$!2+3+!#'$!
0-1-0-(2)'$!'#!$'.)+!9!'#!(-2)+,!/0+/)+$!8-!#'!#)&-0'&%0'!$'/)-(2)'#7!X&0'!-*)8-(2)'!
8-!$%!&0'$1+(8+!6%85+!-$!#'!$-($).)#)8'8!4%-!3'()1)-$&'!-#!-$20)&+0!-(!0-#'2)B(!2+(!
#+$! /0+.#-3'$! /0+/)+$! 8-#! 6%8'5$3+! 8-! #+$! &)-3/+$! 8-! V-$@$,! &'#-$! 2+3+! -#!
<(1'$)$!-(!#+$!'$/-2&+$!->&-0(+$!8-!/)-8'8!$)(!*'#+0'0!-#!0-$/'#8+!0-'#!8-!-##+$!-(!
#'! )(&)3)8'8! 8-#! )(8)*)8%+W! #'$! '2&)*)8'8-$! 8-! /0+$-#)&)$3+! 8-! #+$! 6%85+$W! #'$!
8)$/%&'$! -(&0-! #'$! -$2%-#'$! &-+#B=)2'$,! &'#-$! 2+3+! #+$! 2+(2-/&+$! -(2+(&0'8+$!
$+.0-! -#! 8)*+02)+! LJ\ISM7! A'! 3)$3'! 0-8'22)B(! 8-#! "*'(=-#)+! -*)8-(2)'! 4%-! -#!
-$20)&+0! -0'! 6%85+! 9! 2+(+2-8+0! 8-! #'! $)&%'2)B(! $+2)'#! 9! 0-#)=)+$'! 8-! Y$0'-#7!
C#=%(+$! ->/-0&+$! 2+($)8-0'(! 4%-! ?'9! %(! &0'$1+(8+! 8-! '1)03'2)+(-$! 8-! #+$!
=)*.'+$ 7&$ 3'+$ 5#(,)#,*#+$ :!7?'+,! -(! '#=%('$! 8-3'(8'$! 8-! V-$@$,! '$5,! /+0!
-6-3/#+,! ?'9! %(! -#+=)+! /'0'! 4%)-(! &+3'! $+.0-! $5! -#! 9%=+! 8-! #'! D+0',! 4%-!
$%/+(-(!-4%)*'#-(&-!'!#'!8-3'(8'!8-#!G-]+0!8-!433&1#,$/)$J!2'$+'%,&$1'+'(,'+D$
J$#5,&"7&7$7&$ /)8! LJJIF\M,! +! &'3.)<(,! #+$! 0'.)(+$!'1)03'.'(! 4%-! 2%'(8+! 8)-;!
?+3.0-$!$-!$)-(&'(!6%(&+$!9!$-!+2%/'(!8-!#'!D+0',!#'!=#+0)',! R.&M)"#.!8-!_)+$!
-$&^!-(&0-!-##+$,!#+!4%-!2+($)8-0'(!-4%)*'#-(&-!'!#'!->/0-$)B(!8-!Z0)$&+!2%'(8+!
8)6+! 4%-! 47'"7&$ 7'+$ '$ (,&+$ &+(Q"$ *'"2,&2#7'+$ &"$ /)$ "'/%,&D$ #33?$ &+('J$ J'$ &"$
/&7)'$ 7&$ &33'+8! LJ`IFKM7! Z+(! &+8+,! (+! ?'9! ()(=%('! -*)8-(2)',! $'#*+!
$%/+$)2)+(-$!8-#!)(&<0/0-&-,!4%-!/%-8-!)8-(&)1)2'0!#+$!8+$!'$/-2&+$7!
!!!!!!!!!

!
HM!A'!-$2'&+#+=5'7!X2%/'!%(!#%='0!8-$&'2'8+!-(!-#!"*'(=-#)+,!&'(&+!-(&0-!
#'$! /'0^.+#'$,! 2+3+! -(! -#! '3/#)+! 8)$2%0$+! 8-! V-$@$! $+.0-! #+$! @#&)3+$! &)-3/+$!
LFHfFQM7!
!
!
QM! A'! =#+0)'! 8-! V-$@$7! O)(=@(! +&0+! 8-! #+$! $)(B/&)2+$! 8-8)2'(! %(! -$/'2)+!
&'(! '3/#)+! /'0'! +2%/'0$-! 8-! #'! =#+0)'! 8-#! G-]+0! 9! $%! 3'6-$&'8,! 2+3+! $+(!
8-2#'0'8'$! -(! -#! "*'(=-#)+! LFQISJfHUW! F`IJ`fFKM7! "#! -$20)&+0! &)-(-! '8-3^$! #'!
)(&-(2)B(! 8-!8-3+$&0'0! #'! $%/-0)+0)8'8!8-! V-$@$! $+.0-! #+$! -#-3-(&+$! 8-! 3'9+0!
0-$/-&+! 9! 8-*+2)B(! -(! Y$0'-#7! G+.0-! #'! A-9! LQIFJfFF,! FTfF`MW! $+.0-! -#! $^.'8+!
LJFI`MW!$+.0-!#+$!/0+1-&'$!LJFIHJMW!$+.0-!-#!&-3/#+!LJFIUMW!$+.0-!-#!0-9!LJFIHFM7!
!
!
UM!A+$!=-(&)#-$7!"#!-*'(=-#)+!8-8)2'!-$/'2)+$!9!8-(+&'!%(!(+&'.#-!)(&-0<$!
$+.0-! #+$! =-(&)#-$,! 4%-! 2+(&0'$&'! '.)-0&'3-(&-! 2+(! -#! <(1'$)$! 4%-! #+$! 6%85+$!
8'.'(!'!#'!3)$)B(!8-#!P-$5'$,!+/-0'(&-!'!1'*+0!8-!Y$0'-#!9!->2#%9-(8+!8-!&+8'$!
#'$! .-(8)2)+(-$! '! #+$! =-(&)#-$,! '! 4%)-(-$! #+$! #58-0-$! 0-#)=)+$+$! ##'3'.'(!
8-$/-2&)*'3-(&-! 5&,,'+7! "$! $+0/0-(8-(&-! -(! -#! 2+(&->&+! ?)$&B0)2+f$+2)'#! 8-! #+$!

QK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
&)-3/+$! 8-#! "*'(=-#)+! -(! :'#-$&)(',! '1)03'0! 4%-! #+$! =-(&)#-$! -(&0'05'! -(! #'$!
.-(8)2)+(-$!8-#!0-)(+!/0+3-&)8+,!4%-!#+$!)$0'-#)&'$!2+($)8-0'.'(!->2#%$)*'3-(&-!
/'0'! -##+$! L`IJJfJFM7! G)(! -3.'0=+,! P'&-+! -(1'&);'! #'! 3)$)B(! /0)3'0)'! 8-! V-$@$!
-(!0-#'2)B(!2+(!Y$0'-#,!'!4%)-(!?'.5'!$)8+!-(*)'8+!/0)3-0'3-(&-!LJQIFHM7!GB#+!$-!
8-$2%.0-!-(!-#!0-#'&+!8-!P'&-+!#'!/0+?).)2)B(!4%-!V-$@$!?);+!'!#+$!_+2-!/'0'!)0!
/0)3-0+! '! #'$! +*-6'$! 8-! #'! 2'$'! 8-! Y$0'-#,! '(&-$! 8-! '! #+$! =-(&)#-$! 9! '! #+$!
$'3'0)&'(+$!LJKIQfUM7!Z+(!&+8+,!-#!<(1'$)$!(+&'.#-!-(!0-#'2)B(!2+(!#+$!=-(&)#-$!-$!
-*)8-(&-,!9'!4%-!#+$!/0)3-0+$!?+3.0-$!4%-!'8+0'(!'#!P-$5'$!('2)8+!1%-0+(!#+$!
3'=+$,! 4%-! -0'(! =-(&)#-$! LFIJfFM7! "(! -#! -*'(=-#)+! $-! 8-$2%.0-! 4%-! ?'9!
.-(8)2)+(-$!=0'(8-$!9!$'#*'2)B(!/'0'!-#!0-$&+!8-!#'$!('2)+(-$!'8-3^$!8-!Y$0'-#,!
2+3)$)+('(8+! -#! G-]+0,! $-=@(! 0-2+=-! '#! 1)('#! -#! "*'(=-#)+,! '! #+$! $%9+$! /'0'!
/0+2#'3'0! -#! -*'(=-#)+! -(! &+8'$! #'$! ('2)+(-$! LF`IJ\M7! "$! @()2'3-(&-! -(! -$&-!
"*'(=-#)+! 8+(8-! '/'0-2-! #'! '1)03'2)B(! 8-! V-$@$! $+.0-! #'! 0-&)0'8'! 8-#! 0-)(+! '!
Y$0'-#,! /'0'! $-0! 8'8+! '! 4%)-(-$! /%-8'(! /0+8%2)0! #+$! 10%&+$! /0+/)+$! 8-! 4%)-(-$!
-$&<(!-(!-#!0-)(+!LFJIHSM7!
!
!
TM!A'!Y=#-$)'7!P'&-+!-$!-#!@()2+!-*'(=-#)+!4%-!?'2-!0-1-0-(2)'!8)0-2&'!'!#'!
Y=#-$)'! LJUIJ`W! J`IJTM7! A'$! 8+$! 3-(2)+(-$! $-! 2'0'2&-0);'(! /+0! '/'0-2-0! -(!
1%&%0+,!-$&+!-$,!2+3+!'#=+!4%-!*-(805'!9!(+!2+3+!'#=+!4%-!-$&%*)-$-!/0-$-(&-!-(!
#+$!85'$!8-!V-$@$,!*)(2%#'8+!'8-3^$!$%!/-0&-(-(2)'!'!V-$@$!3)$3+7!
!
!
`M!A'$!-($-]'(;'$!8-!V-$@$7!"$!+&0+!8)$&)(&)*+!/0+/)+!8-#!"*'(=-#)+!$-=@(!
P'&-+7!"#!-*'(=-#)$&'!)($-0&'!#'$!-($-]'(;'$!-(!-#!3'02+!?)$&B0)2+!-(!4%-!1%-0+(!
8'8'$7!A+!?'2-!3-8)'(&-!#'!/0-$-(&'2)B(!8-!2)(2+!8)$2%0$+$!8-!V-$@$,!2+#+2'8+$!
'!)(&-0*'#+$!-(!-#!&->&+!8-#!"*'(=-#)+,!?'2)<(8+#+$!2+(2#%)0!8-!%(!3+8+!$)3)#'0!
3-8)'(&-!%('!10'$-!2+3+I!4*!#"7'$.!%'$(&,/)"#7'$<&+S+87!A+$!2)(2+!8)$2%0$+$!
4%-! '/'0-2-(! -(! -#! &->&+! $+(I! 'M! "#! 8-! #'! P+(&']'! LQISfTIFTMW! .M! A'$!
)($&0%22)+(-$! 8-! /0-/'0'2)B(! '! #+$! 8)$25/%#+$! /'0'! #'! 3)$)B(! LJKIQfHFMW! 2M! A'$!
/'0^.+#'$! 8-#! 0-)(+! LJSISfQFMW! 8M! A'$! )($&0%22)+(-$! $+.0-! -#! 8)$2)/%#'8+! LJ`ISf
SQMW!-M!"#!$-03B(!/0+1<&)2+!LFHIHfFQIHUM7!C#=%(+$!/0+/+(-(!4%-!#'!8)$&0).%2)B(!
8-!#'!-($-]'(;'!-(!2)(2+!=0%/+$!$-!8-.-! )(&-(2)+('8'3-(&-! '!2+(&0'$&'0#'! 2+(!
#+$! 2)(2+! #).0+$! 8-! P+)$<$,! 8-! +&0+! 3+8+,! 2+(&0'$&'(8+! #'! '(&)=%'! A-9! 2+(! #'!
(%-*'!A-9!8-!Z0)$&+7!
!
\M!A'$!8+$!/'0&-$!8-#!3)()$&-0)+!8-!V-$@$7!"(!-$&-!"*'(=-#)+!'/'0-2-(!3^$!
8-1)()8'$!4%-!-(!()(=%(+!8-!#+$!+&0+$!8+$7!A'!8)*)$)B(!-(&0-!#+$!8+$!/-0)+8+$!$-!
-$&'.#-2-! 3-8)'(&-! #'! ->/0-$)B(! 47&+7&$ &"('"*&+87! A'! /0)3-0'! 8)*)$)B(!
2+3/0-(8-! -#! 3)()$&-0)+! /@.#)2+! LHIJTM7! A'! $-=%(8'! &)-(-! 4%-! *-0! 2+(! #'!
-($-]'(;'!-$/-2)'#!/'0'!#+$!8)$25/%#+$!-(!/0-/'0'2)B(!/'0'!#+$!'2+(&-2)3)-(&+$!
8-!$%!3%-0&-!LJUIFJM7)
)
)
)

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!

QJ!

#B:DC;9A:2!
!
!
C%(4%-,! '! 8)1-0-(2)'! 8-#! "*'(=-#)+! $-=@(! V%'(,! P'&-+! (+! 8'!
->/0-$'3-(&-!#'!0';B(!4%-!#-!3+*)B!'!-$20).)0#+,!(+!2'.-!8%8'!4%-!-#!/0+/B$)&+!
-$! -#! 3)$3+,! -$&+! -$,! 2+3%()2'0! -#! 3-($'6-! 8-! $'#*'2)B(! 4%-! 8-$2'($'! -(! #'!
:-0$+('! 9! +.0'! 8-! V-$%20)$&+7! :+$).#-3-(&-,! 2+3+! 2+($-2%-(2)'! 8-#! 0-2%-08+!
4%-! P'&-+! &-(5',! 2%'(8+! -$20).)B! -#! "*'(=-#)+,! 8-! #'! Z,#"$ B'/)+)@",! 4%-!
2+3/0-(85'!'8-3^$!8-!#'!-*'(=-#);'2)B(!#'!-($-]'(;'!'!#+$!0-2)<(!2+(*-0&)8+$!
LF`IFKM,!#'!-$&0%2&%0'!8-#!-$20)&+!-$&^!&'3.)<(!+0)-(&'8'!'!#'!-($-]'(;'!-#-3-(&'#!
+!2'&-2%3-('8+!8-!#+$!0-2)<(!2+(*-0$+$7!!
!
!
X&0'!0';B(!8-!/-$+!4%-!$-!8-$2%.0-!-(!-#!"*'(=-#)+!$-=@(!P'&-+!-$!#'!8-!
-(1'&);'0!#'!)8-(&)1)2'2)B(!8-!V-$@$,!2+(!-#!R)6+!8-!_'*)8!/0+3-&)8+!9!-$/-0'8+7!
A'! )(&-(2)+('#)8'8! (+! /'$'! 8-$'/-02).)8'! 8-$8-! -#! /0)(2)/)+,! -(! #'! =-(-'#+=5'!
4%-!#+!*)(2%#'!&'(&+!2+(!_'*)8!2+3+!2+(!C.0'?3',!-(!4%)-(-$!$-!2+(20-&'0+(!
#+$!/'2&+$!8-!_)+$!2+(!Y$0'-#7!A+$!3)#'=0+$!8-$20)&+$!-(!-#!"*'(=-#)+!$)0*-(!8-!
0-1-0-(2)'! 2)-0&'! '! #'! 0-'#)8'8! 8-! #'! 3-$)'()8'8! 8-! V-$@$,! 2+3+! -*)8-(2)'! 0-'#!
2+(&0'! #+$! #58-0-$! 8-! #'! ('2)B(! 4%-! #+! ?'.5'(! 0-/%8)'8+! 9! 20%2)1)2'8+7! V-$@$!
4%-8'! 8-3+$&0'8+! 4%-! -0'! -#! R)6+! 8-! _'*)8,! '! /-$'0! 8-! #'! '2%$'2)B(! 4%-! #+$!
=0'(8-$! 8-! #'! ('2)B(! 1+03%#'0+(! 2+(&0'! $%! ('2)3)-(&+,! 2+($)8-0^(8+#+!
)#-=5&)3+7!!
!
!
d(! 2+(&-()8+! '/+#+=<&)2+! '/'0-2-! &'3.)<(! 3'02'8+! -(! -#! "*'(=-#)+7!
Z+3+!3%-$&0'!$+(!$%1)2)-(&-$!#+$!8-&'##-$!8-!#'!0-$%00-22)B(!4%-!-*)8-(2)'(!#'!
3-(&)0'!/0+/'='8'!/+0!#+$!#58-0-$!0-#)=)+$+$!8-!4%-!-#!2%-0/+!8-!V-$@$!(+!-$&'.'!
-(! #'! &%3.'! /+0! ?'.-0! $)8+! ?%0&'8+! /+0! #+$! 8)$25/%#+$! LF`IJJfJQM7! A'$!
.-(8)2)+(-$!4%-!-#!G-]+0!?'.5'!*-()8+!'!8'0!'!#'!('2)B(!(+!1%-0+(!/+$).#-$!/+0!
-#! 0-2?';+! 4%-! ?)2)-0+(! 8-! [#7! h%)-(! *)(+! /'0'! 8'0! '! Y$0'-#! #'! /';! 4%-! (%(2'!
?'.5'(!-(2+(&0'8+,!1%-!0-2?';'8+!/+0!3%2?+$!9!&'(!$B#+!%(+$!/+2+$!-(&-(8)-0+(!
-#!3-($'6-,!#+!20-9-0+(!9!$)=%)-0+(!'#!G-]+07!
!
!
P'&-+! -$20).-! -#! -*'(=-#)+,! 1%(8'3-(&'#3-(&-! /'0'! 0-$/+(8-0! '! %('!
/0-=%(&'I! 4R)$ <&+S+$ &+$ &3$ H&+?#+$ [7'"7&$ &+(F$ &3$ ,&)"'\87! _-! +&0+! 3+8+I!
[K'7&/'+$ *,&&,$ >!&$ <&+S+$ 7&$ O#6#,&(D$ &+$ &3$ H&+?#+$ #"!"*)#7'$ &"$ &3$ ;"()2!'$
P&+(#/&"('D$ #$ 5&+#,$ 7&$ "'$ .#%&,$ &+(#%3&*)7'$ &3$ ,&)"'\! "$&'! /0-=%(&'! -$!
0-$/+(8)8'!/#-('3-(&-!-(!-#!"*'(=-#)+,!2+(!%('!*)$)B(!?'2)'!-#!1%&%0+!-(!8+(8-!
#'!3'()1-$&'2)B(!8-#!N-)(+!8-!#+$!Z)-#+$,!$-0^!%('!0-'#)8'8!-(!#'!&)-00'7!"$'!-$!#'!
0';B(!-$/-2)'#!/+0!#'!4%-!P'&-+!-(1'&);'!2+(&)(%'3-(&-,!2+3+!$-!8)6+!'(&-$,!-#!
&5&%#+!8-!R)6+!8-!_'*)8,!/'0'!0-1-0)0$-!'!V-$@$,!/+()-(8+!8-!3'()1)-$&+!4%-!-(![#!
$-!2%3/#-(!#'$!/0+1-25'$!8-#!C(&)=%+!D-$&'3-(&+!-(!0-#'2)B(!2+(!-#!P-$5'$7!
!
!
"#! =<(-0+! #)&-0'0)+! 8-#! -*'(=-#)+! -$! 3^$! .)-(! &-+#B=)2+! 9! 8)8^2&)2+! 4%-!
?)$&B0)2+7!A+$!?-2?+$!?)$&B0)2+$!'.$+#%&'3-(&-!*-08'8-0+$!-$&^(!'#!$-0*)2)+!8-!#'!

QF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
-($-]'(;'!4%-!$-!8-$/0-(8-!2+(&)(%'3-(&-!&'(&+!8-!-##+$!2+3+!8-!#'$!/'#'.0'$!
8-!V-$@$7!D+8+!-#!&->&+!-$&^!-(1+2'8+!'!#'!-8)1)2'2)B(!-!)($&0%22)B(,!+0)-(&'8+!'!
$-0*)0! 8-! .'$-! 8-! 1-! -(! V-$@$,! -#! P-$5'$,! R)6+! 8-! _)+$,! G'#*'8+0! 8-! #+$!
/-2'8+0-$,!1%-0'!8-#!2%'#!(+!?'9!$'#*'2)B(7!Z+(!&+8+,!-#!?-2?+!8-!$%/-8)&'0$-!#'!
?)$&+0)'! '#! /0+/B$)&+! &-+#B=)2+! 8-#! "*'(=-#)+,! (+! /-03)&-! $%/+(-0! r2+3+!
'#=%(+$! #).-0'#-$! -(&)-(8-(f! 4%-! -#! 0-#'&+! (+! $-'! ?)$&B0)2+7! A+$! 8-&'##-$! 4%-! -#!
-*'(=-#)$&'! &0'$#'8'! '#! &->&+! 8-#! "*'(=-#)+! $+(!?-2?+$! ?)$&B0)2+$,! /+0! &'(&+! -$,!
-(! &+8'! #'! ->&-($)B(! 8-! #'! /'#'.0'! %(! 0-#'&+! ?)$&B0)2+! 2+3/0+.'.#-,! $)-3/0-! '#!
$-0*)2)+!8-!#'!-*'(=-#);'2)B(7!!
!
'@75B)J)<8?P5)>8)B8>5??9C62)
)
!
"#!#%='0!8-!0-8'22)B(!'$5!2+3+!#'!1-2?',!/0-$-(&'(!$-0)'$!8)1)2%#&'8-$!8-!
2+(20-2)B(7!A+$!8+2%3-(&+$!3^$!'(&)=%+$!8-!#'!Y=#-$)'!2+($)8-0'(!4%-!<$&-!1%-!
-#!/0)3-0+!8-!#+$!$)(B/&)2+$,!8-!'?5!-#!#%='0!4%-!+2%/'!-(!-#!O%-*+!D-$&'3-(&+7!
G-=@(!-#!&-$&)3+()+!8-!"%$-.)+,!P'&-+!-$20).)B!$%!"*'(=-#)+!'(&-$!8-!$'#)0!8-!
:'#-$&)('!/'0'!/0-8)2'0!-(!+&0+$!#%='0-$ J\ 7!O+!$-!/%-8-!-(2+(&0'0!%('!0-1-0-(2)'!
1)8-8)=('! /'0'! 1-2?'0! #'! $%/%-$&'! /'0&)8'! 8-! P'&-+! /'0'! 3)()$&0'0! 1%-0'! 8-!
:'#-$&)(',! 4%-! '#=%(+$! 2+($)8-0'(! 2+3+! 0-$%#&'8+! 8-! #'! 8)$/-0$)B(! 8-! #+$!
20-9-(&-$! 8-! #'! )=#-$)'! -(! V-0%$'#<(,! 4%-! $)&@'(! %(+$! 8+2-! ']+$! 8-$/%<$! 8-! #'!
'$2-($)B(7!D'#!/0-$%/+$)2)B(!->)=)05'!%('!8'&'2)B(!3%9!&-3/0'('!8-#!"*'(=-#)+!
$-=@(! P'&-+,! $+.0-! -#! ']+! HQ! +! )(2#%$+! '(&-$7! Z+(! &+8+,! #'! 1-2?'! /'0-2-! 3%9!
)3/0+.'.#-!-(!.'$-!'#!&-$&)3+()+!8-!A%2'$!LR2?7!JQM!9!8-!:'.#+!La^7!FIJfJKM,!
4%-! $)&@'(! '! #+$! '/B$&+#-$! -(! V-0%$'#<(,! /+0! &'(&+,! (+! ?'9! -*)8-(2)'! 8-! 4%-!
?%.)-$-(! )()2)'8+! '#=@(! 3)()$&-0)+! 1%-0'! 8-! :'#-$&)('! -(! -$-! &)-3/+7! G)! $-!
2+($)8-0'!'!P'&-+!2+3+!-#!/0)3-0!"*'(=-#)+!-$20)&+,!9!&-()-(8+!-(!2%-(&'!4%-!
$-!?'.#'!-(!<#!8-!#'!8-$&0%22)B(!8-!V-0%$'#<(!2+3+!'#=+!1%&%0+,!'2+(&-2)3)-(&+!
4%-! +2%00)B! -(! -#! ']+! TK,! #'! 1-2?'! 8-! -$20)&%0'! &-(805'! 4%-! $)&%'0$-! '(&-$! 8-!
P'02+$! 9! A%2'$,! #+! 4%-! ->)=)05'! 8'&'0#+! '(&-$! 8-#! ']+! UK7! G)(! -3.'0=+,! -$!
/+$).#-!4%-!1%-$-!-#!/0)3-0+!8-!#+$!$)(B/&)2+$,!9!4%-!$-'!/+$&-0)+0!'!P'02+$7!
!!
!
A+! 3^$! /0+.'.#-! -(! 0-#'2)B(! 2+(! -#! #%='0! 8-#! -$20)&+! 9! #'! 1-2?'! 8-!
2+3/+$)2)B(! /-03)&-! /0+/+(-0! 4%-! 8-.)B! ?'.-0$-! -$20)&+! -(! '#=@(! #%='0! 8-!
:'#-$&)(',!/0+.'.#-3-(&-!-(!V-0%$'#<(,!$+.0-!-#!']+!UK7!Z+(!&+8+,!(+!-$!/+$).#-!
2+(!#+$!8+2%3-(&+$!4%-!'2&%'#3-(&-!$-!/+$--(!8-&-03)('0!2+(!->'2&)&%8!-$&+$!
->&0-3+$7!
!
08;A965A5B9:;2!
!
!
D0'&^(8+$-!8-#!"*'(=-#)+,!#+$!8-$&)('&'0)+$!$+(!&+8'$!#'$!/-0$+('$,!/+04%-!
&+8+$! (-2-$)&'(! 2+(+2-0! '! V-$@$,! -#! @()2+! G'#*'8+0! 8-! #+$! /-2'8+0-$! 9! #'! +.0'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J\

!"%$-.)+7!+727!YYY7!FH7U7!Pa!FK7FUU7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
QS!
!
4%-!0-'#);B!/'0'!?'2-0#'!/+$).#-7!G)(!-3.'0=+,!8'8'$!#'$!/-2%#)'0)8'8-$!8-!-$&-!
-$20)&+,! '#=%('$! 8-! -##'$! 9'! 3-(2)+('8'$! '(&-$,! (+! 2'.-! 8%8'! 4%-! -(! -#!
/-($'3)-(&+! 8-#! '%&+0! -$&'.'(! #+$! 6%85+$! +! #'$! /-0$+('$! 8-! $%! -(&+0(+7! d('!
-*)8-(2)'!)(&-0('!4%-!#+!2+(1)03'!-$!#'!=-(-'#+=5'!8-!V-$@$,!2+(!#'!4%-!$-!)()2)'!
-#!-$20)&+,!2%9'!'$2-(8-(2)'!-(&0+(2'!-(!#+$!8+$!=0'(8-$!?+3.0-$!8-!#'!('2)B(I!
/+0! %(! #'8+! C.0'?'3! '! 4%)-(! _)+$! ?);+! #'$! /0+3-$'$! /'0'! $%! 8-$2-(8-(2)'!
2+3+!('2)B(!9!/+0!2%9'!8-$2-(8-(2)'!$-05'(!.-(8)&'$!&+8'$!#'$!('2)+(-$,!9!/+0!
+&0+!_'*)8,!-#!=0'(!0-9!8-!Y$0'-#,!'!4%)-(!_)+$!/0+3-&)B!4%-!8-!$%!8-$2-(8-(2)'!
?'.05'!%(+!4%-!$-!$-(&'05'!-(!%(!&0+(+!$-3/)&-0(+7!"#!8-$'00+##+!8-#!&->&+!-$!+&0'!
-*)8-(2)'!8-!#+$!8-$&)('&'0)+$!'!4%)-(-$!8-8)2'.'!#'!+.0'7!!
!
!
A'! &0'8)2)B(! '(&)=%'! -(! #'! Y=#-$)'! -$! %(^()3-! '#! '1)03'0! 4%-! P'&-+!
-$20).)B! $%! "*'(=-#)+! -(! #'! #-(=%'! 8-! #+$! 6%85+$! '! 4%)-(-$! ).'! 8-$&)('8+7! "$&'!
3)$3'! &0'8)2)B(! 1%-! 0-2+=)8'! /+0! #'! 3)$3'! Z+3)$)B(! :+(&)1)2)'! i5.#)2'! 8-! #'!
Y=#-$)'! Z'&B#)2',! 4%-,! 0-1)0)<(8+$-! '#! &->&+! =0)-=+! 8-#! "*'(=-#)+! $-=@(! P'&-+!
8)2-! 4%-! 4&+$ +!+(#"*)#3/&"(&$ )7Q"()*#$ #3$ &1#"2&3)'$ *'/5!&+('$ 5',$ &3$ /)+/'$
#5@+('3$&"$+!$3&"2!#$"#()1#8Yj 7!A'!8)$2%$)B(!$-!-$&'.#-2-!$+.0-!#'!#-(=%'!-(!4%-!
1%-! -$20)&+! )()2)'#3-(&-7! C#=%(+$! 2+($)8-0'(! 4%-! 8-.)B! ?'.-0! $)8+! -$20)&+! -(!
?-.0-+!'(&)=%+,!#'!3)$3'!#-(=%'!8-#!C(&)=%+!D-$&'3-(&+7!X&0+$!$-!)(2#)('(!/+0!
2+($)8-0'0! 4%-! #'! 3&"2!#$ "#()1#! '! #'! 4%-! $-! 0-1)-0-! #'! &0'8)2)B(! -0'! -#! '0'3-+,!
)8)+3'!8-!%$+! 2+3@(! -(! Y$0'-#! -(! #+$! &)-3/+$! 8-! V-$@$7! "#! /0)3-0! &->&+! 8-.)B!
8-6'0$-!-(!8-$%$+!3%9!/0+(&+!9,!2+(!&+8'!$-=%0)8'8,!'!/'0&)0!8-#!']+!TK!2+(!#'!
8-$&0%22)B(!8-!V-0%$'#<(!9!-#!-$/'02)3)-(&+!8-!#+$!6%85+$!/+0!-#!3%(8+,!8'(8+!
/'$+!'!#'$!&0'8%22)+(-$! '#! =0)-=+,! )8)+3'! 2+3@(! -(! &+8+! -#! ^3.)&+! 8-#! 3%(8+!
'(&)=%+7!!
!
!
"$&'$! 9! +&0'$! -*)8-(2)'$! 4%-! /+805'(! 2+($)8-0'0$-! $+(! /0%-.'! $%1)2)-(&-!
4%-! P'&-+! 8-$&)('.'! $%! "*'(=-#)+! '! #-2&+0-$! 6%8)+$! /'#-$&)()-($-$7! A'$!
'.%(8'(&-$!0-1-0-(2)'$!.5.#)2'$!'#!C(&)=%+!D-$&'3-(&+,!'#%$)+(-$!'!2+$&%3.0-$!
6%85'$! 4%-! $-! $%/+(-(! 2+(+2)8'$! /+0! #+$! #-2&+0-$,! $+(! +&0'! /0%-.'! 8-! #'!
+0)-(&'2)B(!4%-! P'&-+! 8)+! '#! -$20)&+,! 2+(! -#! /-($'3)-(&+! /%-$&+!-(! #+$! 6%85+$7!
D-$&)3+()+$! 8-! #'! )=#-$)'! '(&)=%'! 2+3+! Y0-(-+,! X05=-(-$! -! )(2#%$+! V-0B()3+,!
'1)03'.'(!4%-!P'&-+!-$20).)B!/'0'!#'$!2+3%()8'8-$!20)$&)'('$!/0+2-8-(&-$!8-#!
6%8'5$3+7! A'$! $-(&-(2)'$! 8-! V-$@$! $+.0-! #'! 0-/0+.'2)B(! 8-#! /%-.#+! 6%85+! 9! #+$!
8)$2%0$+$! $+.0-! #+$! /-2'8+$! ?'.)&%'#-$! -(! -#! -$&'3-(&+! 0-#)=)+$+! 8-! #'! ('2)B(!
L2'/7!FSM,!&)-(-(!)(&-0<$!-$/-2)'#!-(&0-!#+$!6%85+$7!!
!
,3)A8QA:)7B987:)
)
!
"#!&->&+!=0)-=+!%&)#);'8+!-(!-#!2+3-(&'0)+!9!'(^#)$)$!8-#$E1#"2&3)'$+&2S"$
H#(&',$-$!-#!8-!O-$&#-fC#'(8!-(!#'!*)=<$)3+!$</&)3'!-8)2)B(,!-(!-8)2)B(!8-!#'!
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FK

!"i!S\F7!

QH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
_-%&$2?-! i).#-=-$-##$2?'1&,! _fG&%&&='0&7! :'0'! )(&-0/0-&'0! #'$! 0-1-0-(2)'$! 8-#!
'/'0'&+!205&)2+,!$-!?'2-(!#'$!$)=%)-(&-$!)(8)2'2)+(-$I!!
!
!
O+!$-!?'!&-()8+!-(!2%-(&',!-(!-#!'/'0'&+!205&)2+!8-#!/0-$-(&-!2+3-(&'0)+!#'!
*'#+0'2)B(!205&)2'!8-!#'!2-0&-;'!8-!%(!&->&+,!4%-!$-!)(2+0/+0'0^!-(!'8-#'(&-!'!#+$!
(%-*+$!2+3-(&'0)+$!4%-!$-!*'9'(!/0+8%2)-(8+7!!
!
!
A+$!/'/)0+$!$-!8-$)=('(!3-8)'(&-!#'!#-&0'!D7!A+$!/#"!+*,)('+$!"*)#3&+,!$-!
8-$)=('(! /+0! #-&0'$! 3'9@$2%#'$! +! /+0! %(! K! )()2)'#7! A+$! %(2)'#-$! 8-#! &->&+!
.);'(&)(+! $-! )8-(&)1)2'(! /+0! #'$! #-&0'$! k)6! 9! #+$! %(2)'#-$! .);'(&)(+$! 3^$!
)3/+0&'(&-$! $-! 0-1#-6'(! 3-8)'(&-! #-&0'$! 3'9@$2%#'$! -(&0-! 2+02?-&-$! s! t! #+$!
/0)(2)/'#-$!%(2)'#-$!-(!#+$!-$20)&+$!8-!:'.#+!$-!$-]'#'(!/+0!q,!A,!:7!!
!
!
A+$! 3'(%$20)&+$! 3)(@$2%#+$! 4%-8'(! 0-1#-6'8+$! 3-8)'(&-! (@3-0+$!
'0^.)=+$,!9!#+$!3)(@$2%#+$!8-!&->&+!.);'(&)(+!*'(!/0-2-8)8+$!8-!#'!)8-(&)1)2'2)B(!
k)67!A'!0-#'2)B(!8-!%(2)'#-$,!8-.-!$-0!2+($%#&'8'!-(!&->&+$!-$/-2)'#);'8+$!9'!4%-!
#'!->&-($)B(!/'0'!0-#'2)+('0#+$!->2-8-!'!#+$!#53)&-$!8-!-$&'!0-1-0-(2)'!'#!'/'0'&+!
205&)2+7!
!
!
"(! 0-#'2)B(! 2+(! #+$! 3'(%$20)&+$! =0)-=+$! '/'0-2-(! 2+(->)+('8+$! #+$!
$)=%)-(&-$!$)=(+$I!
!
A$J! !$-!0-1)-0-!'!#'!1'3)#)'!J!8-!3'(%$20)&+$7!
A!JS!! $-!0-1)-0-!'!#'!1'3)#)'!JS!8-!3'(%$20)&+$7!
k)6!! 0-1-0-(2)'! '#! &-$&)3+()+$! k)6#"()"'+,! &->&+$! 8-! 3'(%$20)&+$! =0)-=+$,!
-$/-2)'#3-(&-!8-#!$-=%(8+!3)#-()+7!
/&
k)6 ! 2%'(8+! $-! &0'&'! 8-! $+#+! !"#$ 5#,(&! 8-! #'! &0'8)2)B(! k)6#"()"#! 2%'(8+! -#!
&-$&)3+()+!-$&^!8)*)8)8+7!
u!
-$&-!$)=(+!)(8)2'!4%-!%(!3'(%$20)&+!?'!$)8+!2+00-=)8+7!
2
!!
'/'0-2-!2%'(8+!$-!&0'&'!8-!#'!#-2&%0'!8-#!*',,&*(',!8-!%(!3'(%$20)&+7!
J,F,S,2
! )(8)2'!#+$!$%2-$)*+$!2+00-2&+0-$!8-!%(!3'(%$20)&+!-(!+08-(!20+(+#B=)2+7!
L!M! )(8)2'(! 4%-! -#! 3'(%$20)&+! 2+(&)-(-! #'! #-2&%0'! '/%(&'8',! /-0+! 2+(!3)2&,#+$
7)A&,&"*)#+!0-$/-2&+!8-!-##'7!
s!t! )(2#%9-(! /#"!+*,)('+$ k)6#"()"'+! $-#-2&+$! )(3-8)'&'3-(&-! 8-$/%<$! 8-! #'!
0-1-0-(2)'!k)67!
&>&
!
)(8)2'! 4%-! $-! &0'&'! 8-#! (&C('$ 7&3$ O!&1'$ P&+(#/&"('! -(! %(! 3'(%$20)&+!
2%'(8+! 8)1)-0-! 8-! $%! 2)&'! -(! -#! 2+3-(&'0)+! 8-! %('! :'80-! 8-! #'! Y=#-$)'!
L2+33M,!%('!*'0)'(&-!-(!-#!3'0=-(!L3=M!+!%('!*'0)'(&-!L*707M7!
2+3! L3M
!$-!0-1)-0-!'!2)&'$!-(!-#!2%0$+!8-#!*'/&"(#,)'!'!%(!&->&+!2%'(8+!$-!'/'0&'!
8-#!&->&+!3'(%$20)&+7!
3=
! )(8)2'2)B(!&->&%'#!2+(&-()8'!-(!-#!/#,2&"!8-!%(!3'(%$20)&+7!
*707
! i#,)#"(&!)(8)2'8'!2+3+!'#&-0('&)*'!/+0!-#!3)$3+!3'(%$20)&+7!
!

!!!!!!!!!
*)8!
$%//

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
QQ!
!
)(8)2'! #'! #-2&%0'! 3^$! /0+.'.#-! 8-! %(! 3'(%$20)&+! 2%'(8+! $%! -$&'8+! 8-!
2+($-0*'2)B(!(+!/-03)&-!%('!*-0)1)2'2)B(7!
&->&+!$%/#)8+!/+0!1'#&'0!-(!-#!+0)=)('#7!

!
!
!
A+$!I&**)'"#,)'+!$+(!&->&+$!8-!#-2&%0'!8-!#'!Y=#-$)'!a0)-=',!4%-!2+(&)-(-(!
3'(%$20)&+$!8-#!&->&+!=0)-=+!9!$-!)8-(&)1)2'(!2+(!#'$!#-&0'$!I&*(!4%-!0-/0-$-(&'!#'!
2+(2+08'(2)'! 8-! #'! 3'9+05'! 8-! #+$! A-22)+('0)+$! $-#-22)+('8+$! 2+(! -#! &->&+! 8-!
C/+$&+#)j)! _)'j+()'7! A+$! 4%-! $-! '/'0&'(! 8-! -$&-! 2+(&->&+! $+(! 2)&'8+$!
)(8)*)8%'#3-(&-!2+(!$%$!0-$/-2&)*'$!*'0)'(&-$7!G)!#'$!*'0)'(&-$!'/'0-2-(!-(!3^$!
8-! 8)-;! A-22)+('0)+$,! $-! )8-(&)1)2'! 2'8'! =0%/+! 2+(! #'$! $)=#'$! /&7! G)! %(! /'$'6-!
'/'0-2-! *'0)'$! *-2-$! -(! %(! 3)$3+! A-22)+('0)+! 9! $%! &-$&)3+()+! (+! -$!
2+)(2)8-(&-,! $-! )(8)2'! /+0! -#! (@3-0+! 5(8)2-! $%/-0)+0! -$&'.#-2)8+! -(! 1+03'! 8-!
10'22)B(,! /'0'! )(8)2'0! #'! 10-2%-(2)'! 8-! #'! *'0)'(&-,! /+0! -6-3/#+! 3! `UUJvF7! "(!
0-#'2)B(!2+(!#+$!A-22)+('0)+$!$-!%&)#);'(!#'$!$)=%)-(&-$!'.0-*)'&%0'$I!
!
I&*(! /'0'!0-1-0)0$-!'#!&->&+!$-=%)8+!/+0!#'!/#J',?#$7&$3'+$3&**)'"#,)'+7!
3$HS! )(8)2'!-#!#-22)+('0)+!4%-!$-!'/'0&'!8-!#'!#-2&%0'!8-!#'!3'9+05'7!
I&*(/&!0-1-0-(2)'!'#!&->&+!$-=%)8+!/+0!%('!/'0&-!8-!#'!&0'8)2)B(!3'(%$20)&'!8-!#+$!
A-22)+('0)+$!4%-!'/'0-2-,!/+0!#+!3-(+$,!-(!8)-;!8-!-##+$7!
3$Q\SJvF!0-1-0-(2)'!'!#'!10-2%-(2)'!8-!%('!*'0)'(&-!-(!-#!3)$3+!3'(%$20)&+7!
!
!
A'$!0-1-0-(2)'$!'!#'!g-&%$!A'&)(',!$-!)8-(&)1)2'!/+0!#'$!$)=#'$!)&!LY&'#'M,!2+(!
$%/-05(8)2-$!4%-!)(8)2'(!-#!3'(%$20)&+7!A'!g%#='&'!$-!)8-(&)1)2'!/+0!*=!/'0'!#'!
g%#='&',! *=2#! /'0'! #'! g%#='&'! Z#-3-(&)(',! *=ww! /'0'! #'! g%#='&'! n+08$w+0&?f
n?)&-,!9!*=$&!/'0'!#'!g%#='&'!8-!G&%&&='0&7!
!
!
A'$!*-0$)+(-$!G)05'2'$!$-!)8-(&)1)2'(!/+0!#'$!$)=%)-(&-$!$)=#'$I!G90$!/'0'!#'!
G)('5&)2'7! $902,! /'0'! #'! Z%0-&+()'('7! $90/,! )8-(&)1)2'! '! #'! :-$?)&'7! $90/?! ! $+(! #'$!
$)=#'$!/'0'!0-1-0)0$-!'!#'!m)#+>-()'('7!A'!R'02#-($-!&)-(-!'/'0'&+!205&)2+!/0+/)+!
2+(!#+$!$)=%)-(&-$!$)=(+$I!$90?!Ln?)&-W!i-($#9,!nxx.%$,!C#'(8,!C#'(8vV%2j-#MW!
$90! ?! w)&?u,!#-2&%0'!$)05'2'!)(2#%)8'!-(!-#!&->&+!-(&0-!%(!'$&-0)$2+!9!%(!3-&B.-#+$W!
$90?3=,!/'0'!0-1-0)0$-!'!%('!*'0)'(&-!$)05'2'!-(!-#!3'0=-(W!$90?=0!?'2-!0-1-0-(2)'!'!
%('!'(+&'2)B(!=0)-='!-(!-#!3'0=-(!8-!%('!*'0)'(&-!G)05'2'7!A'$!$)=#'$!$90/'#!$+(!
-#!)8-(&)1)2'8+0!8-!#'!G)05'2'!:'#-$&)('7!
!
!
A'$!0-1-0-(2)'$!'!#'!Z+/&'!$+(!#'$!$)=%)-(&-$I!!
2+/$'! G'?58)2+7!
2+/.+! i+?^)0)2+7!
2+//.+!:0+&+fi+?^)0)2+7!
2+/3-=!P-8)+f"=)/&+7!
2+/1'9!m'9@3)2+7!
2+/'2?!C635()2+7!
2+/'2?F!G%.fC635()2+7!

QU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
!
:'0'!#'!C03-()',!$-!%$'(!#'$!$)=#'$!'037!
!
!
!
A'!=-+0=)'('!$-!)8-(&)1)2'I!
=-+! )8-(&)1)2'!'!#'!=-+0=)'('!%$'(8+!#'!3^$!'(&)=%'!0-*)$)B(!CJ!
=-+Jv=-+F!!)8-(&)1)2'!'!8+$!0-*)$)+(-$!8-!#'!&0'8)2)B(!a-+0=)('!8-!#+$!"*'(=-#)+$,!
R-2?+$!9!Z'0&'$!:'%#)('$7!
!
!
A'!-&)B/)2'!$-!)8-(&)1)2'!8-!#'!$)=%)-(&-!3'(-0'I!
-&?! 2%'(8+!?'9!'2%-08+!-(&0-!#'$!8)$&)(&'$!-8)2)+(-$7!
-&?0+! /'0'!#'!-8)2)B(!0+3'('!8-!JQH`fH\7!
-&?//! /'0'!#'!:-##!:#'&,!.'$'8'!-(!#'!'(&-0)+07!
-&?DR! /'0'!!D'j#'!Ry93y(+&!
-&?3$!!0-1-0-(2)'!/'0'!#'!8-!:'05$7!
!
!
"$#'*'!C(&)=%',!$-!)8-(&)1)2'!2+(!$#'*7!
!
!
Y=%'#3-(&-!$-!)(&-=0'!-(!-#!'/'0'&+!205&)2+!-#!&-$&)3+()+!8-!#+$!:'80-$!8-!
#'! Y=#-$)'7! "$&+$! 4%-8'(! )8-(&)1)2'8+$! 2+(! $%! (+3.0-! Z%'(8+! -#! &-$&)3+()+! 8-!
%(!:'80-!8-!#'!Y=#-$)'!$-!2+(+2-!/+0!-#!8-!+&0+,!$-!)(8)2'!-#!(+3.0-!8-#!:'80-!
$-=%)8+!8-!%('!'(+&'2)B(!-(!$%/-05(8)2-!4%-!8)2-!+&2S"$!9!-#!(+3.0-!8-#!:'80-!
4%-! #+! '&-$&)=%'7! A+$! :'80-$! 3-(2)+('8+$! $+(! &'(&+! #+$! =0)-=+$! 2+3+! #+$!
#'&)(+$,!/0+2%0'(8+!)(&0+8%2)0#+$!-(!-$-!3)$3+!+08-(7!"(!0-#'2)B(!2+(!#'$!2)&'$!
8-!#+$!:'80-$,!$-!%&)#);'(!#'$!$)=%)-(&-$!'.0-*)'&%0'$I!
!
L!M! Y(8)2'(!4%-!-#!:'80-!'/+9'!#'!*'0)'(&-!/-0+!2+(!#)=-0'$!8)1-0-(2)'$7!
*)8!
/0+.'.#-!'/+9+!8-!%(!:'80-!'!#'!#-2&%0'!2)&'8'7!
#-3
! 2)&'! '! /'0&)0! 8-! %(! 3&/#,! -$&+! -$,! -#! &->&+! 8-#! O%-*+! D-$&'3-(&+! 4%-!
/0-2-8-!'!%(!2+3-(&'0)+7!
2+33
! 2)&'!'!/'0&)0!8-!#'!/'0&-!8-!%(!2+3-(&'0)+,!2%'(8+!-#!&->&+!8)1)-0-!8-#!#-3'!
4%-!#+!'2+3/']'7!
$%//
! /+02)B(!8-#!&->&+!+!53)7'!/+$&-0)+03-(&-,!/+04%-!1'#&'.'!-(!-#!+0)=)('#7!
3$,!3$$
! 0-1-0-(2)'!'!3'(%$20)&+!+!3'(%$20)&+$!/'&05$&)2+$!2%9+!&->&+!$-!'/'0&'!8-#!
4%-!-$&^!-8)&'8+7!
$-=@(! :'80! )8-(&)1)2'! %('! *'0)'(&-! 8-! '#=@(! 3'(%$20)&+! $-=@(! &-$&)3+()+!
/'&05$&)2+7!
JvF,!FvS!
*'0)'(&-$!2)&'8'$!8-!%(!3)$3+!&->&+!-(!-#!3)$3+!/'$'6-7!
/'/
! #-2&%0'!'!/'0&)0!8-!#'!&(#5#$5#5),'3@2)*#!2%'(8+!8)1)-0-!8-!%('!-8)2)B(!8-!
'4%-#!:'80-7!
-8
!
#-2&%0'!'!/'0&)0!8-!#'!&7)*)@"!8-!%(!&->&+!/'&05$)&)2+!2%'(8+!$-!'/'0&'!8-!#'!
(,#7)*)@"$5#5),'3@2)*#0!
=0
!
2)&'!'!/'0&)0!8-!%(!10'=3-(&+!=0)-=+!8-!#'!+.0'!8-!%(!:'80-!a0)-=+!2%9+!
&->&+!$-!2+($-0*'!$B#+!-(!&0'8%22)B(7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
QT!
!
#'&,! $90,! '03(,! $#'*,! '0'.
!&0'8%22)B(!#'&)(',!$)05'2',!'03-()',!-$#'*'!+!'0'.'!8-!%(!:'80-!
a0)-=+!2%'(8+!(+!$-!2+($-0*'!-(!$%!1+03'!+0)=)('#7!
8%.
! $-!%$'!2%'(8+!#'!+.0'!'&0).%)8'!'!2)-0&+!:'80-!-$!8%8+$'7!
!
!
Z+(!-$&'$!(+&'$!-#!#-2&+0!/+80^!)(&-0/0-&'0!1^2)#3-(&-!#'$!0-1-0-(2)'$!'!#'$!
8)$&)(&'$!'#&-0('&)*'$!8-!#-2&%0'!4%-!-#!'/'0'&+!205&)2+!)(&0+8%2-!-(!#+$!*-0$52%#+$!
4%-!#'$!&)-(-(7!
!
R:;S@8T:2!
!
!
G)=%)-(8+!-#!&-3'!/0)(2)/'#!8-#!"*'(=-#)+!4%-!-$!#'!/0-$-(&'2)B(!8-#!N-9,!
$-!$)=%-!-#!$)=%)-(&-!.+$4%-6+7!
!
*2),3)18J)UVWVXYWZ[\2)
J7! A'!=-(-'#+=5'!8-#!N-9!LJIJfJTM7)
J7J7! _-$8-!C.0'?'3!'!_'*)8!LJIJfQM7)
J7F7! _-$8-!_'*)8!'!#'!8-/+0&'2)B(!LJIUfJJM7)
J7S7! _-$8-!-#!0-&+0(+!?'$&'!V-$@$!LJIJFfJTM7)
F7! "#!('2)3)-(&+!8-#!N-9!LJIJ`fF(M7)
F7J7! A'!'(%(2)'2)B(!8-#!N-9!LJIJ`fFQM7)
F7F7! A'!'8+0'2)B(!'#!N-9!LFIJfJFM7)
F7S7! A'!)(1'(2)'!8-#!N-9!LFIJSfFSM7)
S7! "#!.'%&)$3+!8-#!N-9!LSIJfJTM7)
S7J7! "#!3)()$&-0)+!8-!V%'(!-#!i'%&)$&'!LSIJfUM7)
S7F7! A'!->?+0&'2)B(!8-#!i'%&)$&'!LSITfJKM7)
S7S7! A'!/0+1-25'!8-#!i'%&)$&'!LSIJJfJFM7)
S7H7! "#!.'%&)$3+!8-!V-$@$!LSIJSfJTM7)
H7! A'!&-(&'2)B(!8-#!N-9!LHIJfJJM7)
Q7! "#!2+3)-(;+!8-#!3)()$&-0)+!8-#!N-9!LHIJFfFQM7)
Q7J7! G%!/0-$-(2)'!-(!a'#)#-'!LHIJFfJTM7)
Q7F7! G%$!/0)3-0+$!8)$25/%#+$!LHIJ`fFFM7)
Q7S7! G%!3)()$&-0)+!LHIFFfFQM7)
**2)'5)86;8]56^5)>83)18J)U[WVX_WZ`\2)
J7! "#!G-03B(!8-#!P+(&-!LQIJfTIF\M7)
J7J7! Y(&0+8%22)B(!LQIJfFM7)
J7F7! "#!2'0^2&-0!8-#!20-9-(&-!LQISfJFM7)
J7S7! "#!&-$&)3+()+!8-#!20-9-(&-!LQIJSf:;M7)
J7S7J7! A'!)(1#%-(2)'!8-#!20-9-(&-!LQIJSfJUM7)
J7S7F7! A'!#-9!LQIJTfFKM7)
J7S7S7! A'!*)8'!LQIFJfFFM7)
J7S7H7! A'!0-2+(2)#)'2)B(!LQIFSfFUM7)
J7S7Q7! "#!'8%#&-0)+!LQIFTfSKM7)
J7S7U7! "#!8)*+02)+!LQISJfSFM7)
!!!!!!!!!

Q`!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
J7S7T7! A+$!6%0'3-(&+$!LQISSfSTM7)
J7S7`7! A'!)(6%$&)2)'!LQIS`fHFM7)
J7S7\7! "#!'3+0!LQIHSfH`M7)
J7H7! A'!/)-8'8!8-#!20-9-(&-!LUIJfJ`M7)
J7H7J7! A'$!#)3+$('$!LUIJfHM7)
J7H7F7! A'!+0'2)B(!LUIQfJQM7)
CM! "#!3+8+!8-!+0'0!LUIQf`M7)
iM! "#!-6-3/#+!8-!+0'2)B(!LUI\fJSM7)
ZM! A'!8)$/+$)2)B(!/'0'!#'!+0'2)B(!LUIJHfJQM7)
J7H7S7! "#!'9%(+!LUIJUfJ`M7)
J7Q7! A'!'3.)2)B(!8-#!20-9-(&-!LUIJ\fSHM7)
J7Q7J7! "#!&-$+0+!8-#!20-9-(&-!LUIJ\fFJM7)
J7Q7F7! _)+$!+!#'$!0)4%-;'$!LUIFFfFHM')
J7Q7S7! A'!'($)-8'8!LUIFQfSHM7)
J7U7! A'$!0-#'2)+(-$!8-#!20-9-(&-!LTIJfJFM7)
J7U7J7! "#!/0+.#-3'!8-!6%;='0!'!+&0+$!LTIJfQM7)
J7U7F7! "#!3+8+!8-!0-#'2)B(!2+(!-#!)(&0'($)=-(&-!LTIUM7)
J7U7S7! A'!2+(1)'(;'!-(!_)+$!LTITfJJM7)
J7U7H7! "#!2+3/+0&'3)-(&+!LTIJFM7)
J7T7! A'!-*)8-(2)'!8-#!20-9-(&-!LTIJSfFTM7)
J7T7J7! "#!2'3)(+!LTIJSfJHM7)
J7T7F7! A'!*)=)#'(2)'!LTIJQfFKM7)
J7T7S7! A'!0-'#)8'8!LTIFJfFSM7)
J7T7H7! A'!-$&'.)#)8'8!LTIFHfFTM7)
J7`7! A'!2+(2#%$)B(!8-#!$-03B(!LTIF`fF\M7)
***2),49>86?95;)>83)18J)UaWVX`Wba\2!
J7! "#!/+8-0!8-#!N-9!L`IJfSHM7!
J7J7! :+8-0!$+.0-!#'!2+(&'3)('2)B(!L`IJfHM7!
J7F7! :+8-0!-(!#'!8)$&'(2)'!L`IQfJSM7!
J7S7! :+8-0!$'('8+0!L`IJHfJTM7!
J7H7! P'()1-$&'2)B(!8-!'%&+0)8'8!L`IJ`fFFM7!
J7Q7! :+8-0!$+.0-!#'!('&%0'#-;'!L`IFSfFTM7!
J7U7! :+8-0!$+.0-!#+$!8-3+()+$!L`7F`fSHM7!
F7! "#!/-08B(!8-#!N-9!L\IJfJTM7!
F7J7! :-08+('(8+!/-2'8+$!'#!/'0'#5&)2+!L\IJf`M7!
F7F7! :-08+('(8+!/-2'8+$!'#!/%.#)2'(+!L\I\fJSM7!
F7S7! "#!/0+.#-3'!8-#!'9%(+!L\IJHfJTM7!
S7! A'!'%&+0)8'8!8-#!N-9!L\IJ`fS`M7!
S7J7! C%&+0)8'8!$+.0-!#'!3%-0&-!L\IJ`fFUM7!
S7F7! C%&+0)8'8!$+.0-!#'!+$2%0)8'8!L\IFTfSJM7!
S7S7! C%&+0)8'8!$+.0-!#+$!8-3+()+$!L\ISFfSHM7!
S7H7! C%&+0)8'8!$+.0-!#'!-(1-03-8'8!L\ISQM7!
S7Q7! Z+3/'$)B(!8-#!N-9!L\ISUfS`M7!

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!
*M2),3)DB:7B5E5)>83)18J)UVcWVXVdWVZ\2!
J7! "#!/0+=0'3'!'(%(2)'8+!LJKIJfJJIJM7!
J7J7! A+$!8)$25/%#+$!8-!V-$@$!LJKIJfHM7!
J7F7! A'!2+3)$)B(!-(2+3-(8'8'!LJKIQfJQM7!
J7F7J7! _-$&)(+!9!'22)B(!LJKIQf`M7!
J7F7F7! :0+*)$)B(!LJKI\fJQM7!
J7S7! :-#)=0+$!9!/0+*)$)B(!LJKIJUfFKM7!
J7H7! C8*-0&-(2)'$!LJKIFJfFSM7!
J7Q7! "#!8)$25/%#+!LJKIFHfSSM7!
J7U7! A'!3)$)B(!8-!V-$@$!9!$%$!2+($-2%-(2)'$!LJKISHfSUM7!
J7T7! _)$2)/%#'8+!9!2+3/0+3)$+!LJKISTf:$M7!
F7! "#!/0+=0'3'!-*)8-(2)'8+!LJJI"fJFIQKM7!
F7J7! Z+($%-#+!'!#+$!8)$25/%#+$!8-!V%'(!LJJI"fJ\M7!
F7J7J7! :0-=%(&'!8-!V%'(!9!0-$/%-$&'!LJJI"fUM7!
F7J7F7! D-$&)3+()+!$+.0-!V%'(!LJJITfJQM7!
F7J7S7! Z+3/'0'2)+(-$!LJJIJUfJ\M7!
F7F7! A'!2+(8-('!8-#!N-9!LJJIFKfFHM7!
F7S7! "#!##'3'3)-(&+!8-#!N-9!LJJIFQfSKM7!
F7H7! A'$!2+(&0+*-0$)'$!2+(!-#!N-9!LJFIJfJSM7!
F7H7J7! A'!'2%$'2)B(!$+.0-!#+!#52)&+!-(!85'!8-!0-/+$+!LJFIJf`M!
F7H7F7! A'!$'()8'8!-(!85'!8-!0-/+$+!LJFI\fJSM!
F7Q7! Z+(8-('(8+!'!#+$!1'0)$-+$!LJFIJHfSTM7!
F7Q7J7! :0+/B$)&+!2+(&0'!V-$@$!LJFIJHfFJM7!
F7Q7F7! G'()8'8!9!2+(10+(&'2)B(!LJFIFFfFHM7!
F7Q7S7! C0=%3-(&'2)B(!8-!V-$@$!LJFIFQfSKM7!
F7Q7H7! "#!/-2'8+!)3/-08+('.#-!LJFISJfSTM7!
F7U7! G-]'#!8-3'(8'8'!9!$-]'#-$!'(%(2)'8'$!LJFIS`fHQM7!
F7T7! A'!1'3)#)'!8-#!N-9!LJFIHUfQKM7!
S7! "#!/0+=0'3'!->&-(8)8+!LJSIJfQFM7!
S7J7! "#!$-3.0'8+0!LJSIJfFSM7!
S7J7J7! A'!/'0^.+#'!LJSIJf\M7!
S7J7F7! A'!0';B(!8-!#'$!/'0^.+#'$!LJSIJKfJTM7!
S7J7S7! A'!->/#)2'2)B(!8-!#'!/'0^.+#'!LJSIJ`fFSM7!
S7F7! "#!&0)=+!9!#'!2);']'!LJSIFHfSKM7!
S7S7! A'!$-3)##'!8-!3+$&';'!LJSISJfSFM7!
S7H7! A'!#-*'8%0'!LJSISSM7!
S7Q7! ">/#)2'2)B(!8-!#'!/'0^.+#'!8-#!&0)=+!9!#'!2);']'!LJSISHfHSM7!
S7U7! "#!&-$+0+!-$2+(8)8+!LJSIHHM7!
S7T7! A'!/-0#'!8-!=0'(!/0-2)+!LJSIHQfHUM7!
S7`7! A'!0-8!LJSIHTfQKM7!
S7\7! "#!/'80-!8-!1'3)#)'!LJSIQJfQFM7!
H7! "#!/0+=0'3'!2%-$&)+('8+!LJSIQSf(;M7!
H7J7! N-2?';'8+!/+0!$%$!2+(2)%8'8'(+$!LJSIQSfQ`M7!

Q\!

UK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
H7F7! N-2?';'8+!/+0!R-0+8-$!LJHIJfSUM7!
H7F7J7! "#!/-($'3)-(&+!8-!R-0+8-$!LJHIJfFM7!
H7F7F7! A'!3%-0&-!8-#!i'%&)$&'!LJHISfJFM7!
H7F7S7! A'!'#)3-(&'2)B(!8-!#+$!<6=<3!96>!LJHIJSfFJM7!
H7F7H7! V-$@$!2'#3'!#'!&-3/-$&'8!LJHIFFfSSM7!
H7F7Q7! V-$@$!-(!a-(-$'0-&!LJHISHfSUM7!
H7S7! N-2?';'8+!/+0!#+$!-$20).'$!9!1'0)$-+$!LJQIJfS\M7!
H7S7J7! A'!2+(10+(&'2)B(!2+(!#+$!-$20).'$!9!1'0)$-+$!LJQIJf\M7!
H7S7F7! A'!/'0^.+#'!8-!#+!4%-!2+(&'3)('!LJQIJKfJJM7!
H7S7S7! A'!2+($-2%-(2)'!8-!#'!/'0^.+#'!LJQIJFfJHM7!
H7S7H7! A'!->/#)2'2)B(!8-!#'!/'0^.+#'!LJQIJQfFKM7!
H7S7Q7! A'!3%6-0!2'('(-'!LJQIFJfF`M7!
H7S7U7! A'!'#)3-(&'2)B(!8-!#+$!HKKK!LJQIF\fS\M7!
H7H7! N-2?';'8+!/+0!1'0)$-+$!9!$'8%2-+$!LJUIJfJFM7!
H7H7J7! :0-=%(&'!9!0-$/%-$&'!LJUIJfHM7!
H7H7F7! A'!#-*'8%0'!8-!#+$!1'0)$-+$!9!$'8%2-+$!LJUIQfJFM7!
M2)'5;)86;8]56^5;)>83)18J)UVdWVbXZcWZa\2!
J7! A'!-($-]'(;'!$+.0-!#'!Y=#-$)'!LJUIJSfFKM7!
F7! A'!-($-]'(;'!$+.0-!$%!3%-0&-!LJUIFJfF`M7!
S7! A'!-($-]'(;'!$+.0-!$%!=#+0)'!LJTIJfFJM7!
S7J7! A'!&0'($1)=%0'2)B(!LJTIJf\M7!
S7F7! A'!-($-]'(;'!$+.0-!"#5'$!LJTIJKfJSM7!
S7S7! A'!$'()8'8!8-#!3%2?'2?+!-(8-3+()'8+!LJTIJHfFJM7!
H7! A'!-($-]'(;'!$+.0-!$%!-(&0-='!'!3%-0&-!LJTIFFfFSM7!
Q7! A'!-($-]'(;'!$+.0-!#+$!)3/%-$&+$!LJTIFHfFTM7!
U7! A'!-($-]'(;'!$+.0-!#'!?%3)#8'8!LJ`IJfFKM7!
U7J7! A'!#-22)B(!8-!%(!()]+!LJ`IJfUM7!
U7F7! "#!3'#!&-$&)3+()+!9!-#!/0+/B$)&+!8-!$'#*'2)B(!LJ`ITfJJM7!
U7S7! A'!+*-6'!8-$2'00)'8'!LJ`IJFfJHM7!
U7H7! A'!8)$2)/#)('!LJ`IJQfFKM7!
T7! A'!-($-]'(;'!$+.0-!-#!/-08B(!LJ`IFJfSQM7!
T7J7! A'!/0-=%(&'!8-!:-80+!LJ`IFJfFFM7!
T7F7! A'!/'0^.+#'!8-#!$)-0*+!$)(!3)$-0)2+08)'!LJ`IFSfSQM7!
`7! A'!-($-]'(;'!$+.0-!/0+.#-3'$!?%3'(+$!LJ\IJfFUM7!
`7J7! A'$!3%#&)&%8-$!LJ\IJfFM7!
`7F7! "#!8)*+02)+!LJ\ISfJFM7!
`7F7J7! :0+.#-3'!9!0-$/%-$&'!LJ\ISf\M7!
`7F7F7! Y(4%)-&%8!8-!#+$!8)$25/%#+$!LJ\IJKfJFM7!
`7S7! V-$@$!9!#+$!()]+$!LJ\IJSfJQM7!
`7H7! A'$!0)4%-;'$!LJ\IJUfFUM7!
!!!!!!!!!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
UJ!
!
\7! A'!-($-]'(;'!$+.0-!-#!0-)(+!LJ\IFTfFKIF`M7!
\7J7! A'$!0-2+3/-($'$!LJ\IFTfSKM7!
\7F7! A'!/'0^.+#'!8-!#+$!+.0-0+$!-(!#'!*)]'!LFKIJfJUM7!
\7S7! :+$)2)+(-$!-(!-#!0-)(+!LFKIJTfF`M7!
\7S7J7! V-$@$!'(%(2)'!$%!3%-0&-!LFKIJTfJ\M7!
\7S7F7! A'!/-&)2)B(!8-!#+$!?)6+$!8-!l-.-8-+!LFKIFKfFSM7!
\7S7S7! A'!?%3)#8'8!LFKIFHfF`M7!
M*2)'5)DB8;86A5?9C6)>83)18J)UZcWZ`XZbWb`\2!
J7! "#!/+8-0!8-#!N-9!LFKIF\fSHM7!
F7! A'!/0-$-(&'2)B(!8-#!N-9!LFJIJfJJM7!
S7! A'!/%0)1)2'2)B(!8-#!&-3/#+!LFJIJFfJTM7!
H7! A'!3'#8)2)B(!8-!#'!?)=%-0'!LFJIJ`fFFM7!
Q7! A'!8-3'(8'!8-!#+$!#58-0-$!LFJIFSfFTM7!
U7! :'0^.+#'$!8-#!N-9!LFJIF`fFFIJHM7!
U7J7! A+$!?)6+$!8-#!8%-]+!8-!#'!*)]'!LFJIF`fSFM7!
U7F7! A+$!#'.0'8+0-$!3'#*'8+$!LFJISSfHUM7!
U7F7J7! A'!/'0^.+#'!LFJISSfHJM7!
U7F7F7! A'!'/#)2'2)B(!LFJIHFfHHM7!
U7F7S7! A'!0-'22)B(!LFJIHQfHUM7!
U7S7! A'$!.+8'$!8-#!?)6+!8-#!0-9!LFFIJfJHM7!
U7S7J7! A'!/'0^.+#'!LFFIJfJKM7!
U7S7F7! "#!'$)$&-(&-!$)(!*-$&)8+!8-!.+8'!LFFIJJfJHM7!
T7! A'$!8-2#'0'2)+(-$!8-#!N-9!LFFIJQfFSIS\M7!
T7J7! "#!&0).%&+!'#!Z-$'0!LFFIJQfFFM7!
T7F7! A'!0-$/%-$&'!'!#+$!$'8%2-+$!LFFIFSfSSM7!
T7S7! "#!=0'(!3'(8'3)-(&+!LFFISHfHKM7!
T7H7! :0-=%(&'!'!#+$!1'0)$-+$!LFFIHJfHUM7!
T7Q7! _-2#'0'2)+(-$!$+.0-!#+$!-$20).'$!9!1'0)$-+$!LFSIJfSUM7!
T7Q7J7! "#!2'0^2&-0!8-!#+$!-$20).'$!9!1'0)$-+$!LFSIJfTM7!
T7Q7F7! "#!2+(&0'$&-!8-!#+$!8)$25/%#+$!8-!V-$@$!LFSI`fJFM7!
T7Q7S7! A+$!'9-$!$+.0-!#+$!-$20).'$!9!1'0)$-+$!LFSIJSfSUM7!
CM! G+.0-!#+$!+.$&^2%#+$!LFSIJSM7!
iM! G+.0-!#'!2+8)2)'!LFSIJHM7!
ZM! G+.0-!-#!/0+$-#)&)$3+!LFSIJQM7!
_M! G+.0-!-#!->&0'*5+!LFSIJUfFFM7!
"M! G+.0-!#'!+.-8)-(2)'!'/'0-(&-!LFSIFSfFHM7!
mM! G+.0-!#'!/)-8'8!'/'0-(&-!LFSIFQfFUM7!
aM! G+.0-!#'!$'(&)8'8!'/'0-(&-!LFSIFTfF`M7!
RM! G+.0-! -#! 8-$/0-2)+! /+0! #+$! -(*)'8+$! 8-! _)+$! LFSIF\f
SUM7!
T7U7! _-2#'0'2)+(-$!$+.0-!V-0%$'#<(!LFSISTfS\M7!
M**2)'5;)DB:<8?O5;)>83)18J)UZYWVXZ[WYd\2)
!!!!!!!!!

UF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
J7! A'!8-$&0%22)B(!8-#!&-3/#+!LFHIJfFM7!
F7! A'$!/0-=%(&'$!8-!#+$!8)$25/%#+$!LFHISM7!
S7! A'!0-$/%-$&'!8-!V-$@$!LFHIHfSJM7!
S7J7! A'$!$-]'#-$!8-#!1)(!8-!#'!8)$/-($'2)B(!LFHIHf`M7!
S7F7! D)-3/+!8-!&0).%#'2)B(!LFHI\fJHM7!
S7S7! Y(&-($)8'8!8-!#'!&0).%#'2)B(!LFHIJQfFFM7!
S7H7! "#!-(=']+!-(!#'!&0).%#'2)B(!LFHIFSfF`M7!
H7! G-]'#-$!$+.0-!#'!$-=%(8'!*-()8'!LFHIF\fSJM7!
Q7! Y#%$&0'2)+(-$!$+.0-!#'!-&'/'!1)('#!LFHISFfFQISKM7!
Q7J7! A'!?)=%-0'!LFHISFfSQM7!
Q7F7! A+$!85'$!8-!O+<!LFHISUfS\M7!
Q7S7! D+3'8+$!9!8-6'8+$!LFHIHKfHJM7!
Q7H7! "#!/'80-!8-!1'3)#)'!LFHIHFfHHM7!
Q7Q7! "#!$)-0*+!/0%8-(&-!LFH7HQfQJM7!
Q7U7! A'$!8)-;!*50=-(-$!LFQIJfJSM7!
Q7T7! A+$!&'#-(&+$!LFQIJHfSKM7!
U7! "#!6%)2)+!8-!#'$!('2)+(-$!LFQISJfHUM7!
M***2)'5)D5;9C6)>83)B8J)UZdWVXZ_Wdd\2)
J7! A'!/0-/'0'2)B(!LFUIJfJUM7!
J7J7! N-)&-0'(8+!-#!'(%(2)+!8-!$%!3%-0&-!LFUIJfFM7!
J7F7! "#!2+($-6+!2+(&0'!V-$@$!LFUISfQM7!
J7S7! "#!G-]+0!%(=)8+!-(!i-&'()'!LFUIUfJSM7!
J7H7! A'!+1-0&'!8-!V%8'$!LFUIJHfJUM7!
F7! A'!@#&)3'!/'$2%'!LFUIJTfSKM7!
F7J7! "#!#%='0!/'0'!2-#-.0'0#'!LFUIJTfFKM7!
F7F7! V-$@$!'(%(2)'!#'!&0')2)B(!8-!V%8'$!LFUIFJfFQM7!
F7S7! A'!)($&)&%2)B(!8-!#'!+08-('(;'!8-#!:'0&)3)-(&+!8-#!:'(!LFUIFUfSKM7!
S7! A'!&0')2)B(!9!/0-(8)3)-(&+!8-!V-$@$!LFUISJfQUM7!
S7J7! V-$@$!'(%(2)'!#'!(-='2)B(!8-!:-80+!LFUISJfSQM7!
S7F7! a-&$-3'(5!LFUISUfHUM7!
S7S7! "#!/0-(8)3)-(&+!8-!V-$@$!LFUIHTfQKM7!
S7H7! "#!)(2)8-(&-!8-#!$)-0*+!8-#!$%3+!$'2-08+&-!LFUIQJfQUM7!
H7! V-$@$!'(&-!#+$!&0).%('#-$!LFUIQTfFTIFUM7!
H7J7! C(&-!-#!$%3+!$'2-08+&-!LFUIQTfTQM7!
H7J7J7! m'#$'$!'2%$'2)+(-$!LFUIQTfUJM7!
H7J7F7! V-$@$!2+(3)('8+!'!0-$/+(8-0!LFUIUFfUHM7!
H7J7S7! C2%$'8+!8-!.#'$1-3)'!LFUIUQfUUM7!
H7J7H7! V-$@$!-$!)(6%0)'8+!LFUIUTfU`M7!
H7J7Q7! A'!(-='2)B(!8-!:-80+!LFUIU\fTQM7!
H7F7! C(&-!-#!G'(-805(!LFTIJfJKM7!
H7F7J7! _-2)$)B(!8-#!G'(-805(!LFTIJfFM7!
H7F7F7! "#!0-3+08)3)-(&+!8-!V%8'$!LFTISfHM7!
H7F7S7! "#!$%)2)8)+!8-!V%8'$!9!/0+*)$)B(!8-!$-/%#&%0'!LFTIQfJKM7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
US!
!
H7S7! C(&-!:)#'&+!LFTIJJfFUM7!
H7S7J7! C2%$'2)B(!9!$)#-(2)+!LFTIJJfJHM7!
H7S7F7! i'00'.^$!LFTIJQfFSM7!
H7S7S7! A'!$-(&-(2)'!'!3%-0&-!LFTIFHfFUM7!
Q7! A'!20%2)1)>)B(!8-#!N-9!LFTIFTfHHM7!
Q7J7! V-$@$!-$2'0(-2)8+!9!2+0+('8+!8-!-$/)('$!LFTIFTfSJM7!
Q7F7! A'!*5'!8+#+0+$'!LFTISFM7!
Q7S7! A'!20%2)1)>)B(!LFTISSfSTM7!
Q7H7! A+$!3'#?-2?+0-$!20%2)1)2'8+$!LFTIS`M7!
Q7Q7! A'$!.%0#'$!8-!#'$!=-(&-$!LFTIS\fHHM7!
U7! A'!3%-0&-!8-#!N-9!LFTIHQf(UM7!
U7J7! A'$!&)()-.#'$!$+.0-!#'!&)-00'!LFTIHQfH\M7!
U7F7! A'!3%-0&-!8-!V-$@$!LFTIQKM7!
U7S7! A'! 0+&%0'! 8-#! *-#+! 8-#! &-3/#+! 9! #'! 0-$%00-22)B(! 8-! 3%-0&+$! LFTIQJf
QSM7!
U7H7! "#!&-$&)3+()+!8-#!2-(&%0)B(!LFTIQHM7!
U7Q7! A'$!3%6-0-$!/0-$-(&-$!LFTIQQfQUM7!
T7! A'!$-/%#&%0'!8-#!N-9!LFTIQTfUUM7!
T7J7! A'!$-/%#&%0'!LFTIQTfUJM7!
T7F7! A'!=%'08)'!-(!#'!&%3.'!LFTIUFfUUM7!
*e2)'5)49?A:B95)>83)18J)UZaWVXZc\2!
J7! "#!&0)%(1+!LF`IJfJKM7!
F7! A'!3-(&)0'!LF`IJJfJQM7!
S7! A'!2+3)$)B(!LF`IJUfFKM7!
!
,ef+,G*G7!
!
,3)18J)UVWVXYWZ[\2)
)
'5)786853:7O5)>83)18J)UVWVXV_\2)
)
08;>8)"=B5P5E)5)0549>)UVWVX[\2!
!!
V2)'9=B:)>8)35)786853:7O5)>8)g8;@?B9;A:h)P9T:)>8)0549>h)P9T:)>8)"=B5P5E2!
)
7(&8')93%!*!&4!,933#:;4)"<3=.(4/)"<3"(>)"<3?$"(2@3"(>)"<33#A8.$$&-B3
!!!!!!!!!

!!!A).0+!!!!8-!=-(-0'2)B(!!!!!!!8-!!V-$%20)$&+!!!!!!!!!!!!?)6+!!!8-!_'*)8!!!?)6+!!!!!8-!C.0'?'37!

!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
A'! )(&0+8%22)B(! '#! /^00'1+! 8-! #'$! =-(-'#+=5'$! $-! ?'2-! 2+(3 8(&8')963 2'$+! (+3)('&)*+!
1-3-()(+! $)(=%#'0! 8-#! $%$&'(&)*+! 3)%,'D$ ,'33'W3 %!*!&4!,963 2'$+! =-()&)*+! 1-3-()(+!
$)(=%#'0!8-#!$%$&'(&)*+!8-2#)('8+!7&$2Q"&+)+D$7&$',)2&"D$7&$2&"&#3'23)#W33#:;4)"<632'$+!

UH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
=-()&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! 8-2#)('8+! 7&$ <&+S+W3 =.(4/)"<63 2'$+!
=-()&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!B,)+('W3"(>)"<632'$+!=-()&)*+!3'$2%#)(+!
$)(=%#'0!8-#!$%$&'(&)*+!.):'W3?$"(2@,!2'$+!=-()&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!
8-2#)('8+! 7&$ =#1)7W3 "(>)"<63 2'$+! =-()&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! $%$&'(&)*+! .):'W33
#A8.$$&-632'$+!=-()&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!;%,#.#/0$

$
!
P'&-+! )()2)'! $%! "*'(=-#)+! 2+(! #'!2&"&#3'2?#! 8-! V-$%20)$&+7! A)&-0'#3-(&-!
$-!#--!7(&8')93%!*!&4!,93 3#:;4)"<3 =.(4/)"$3)%,'$7&3$2Q"&+)+$7&$<&+S+$B,)+('7!
"$&+!-$,!-#!0-=)$&0+!8-!$%$!'(&-/'$'8+$!$-=@(!#'!2'0(-7!A'!&0'8%22)B(!#)&-0'#!8-#!
&5&%#+!8-!#'!=-(-'#+=5'!/%-8-!*-0&-0$-!'!#'!#-&0'!2+3+I!I)%,'$7&$3#$2&"&,#*)@"$7&$
<&+!*,)+('7! "$&-! &5&%#+! '/'0-2-! 8-! -$&-! 3)$3+! 3+8+! -(! *'0)+$! /'$'6-$! 8-#!
a<(-$)$!L217!QIJW!JKIJW!JJIJKW!FQIJFM7!G%!$-(&)8+!-$!.)+(',)#$!$',?2&"&+$7&$<&+S+7!
"$!)(&-0-$'(&-!4%-!&'(&+!-(!C(&)=%+!2+3+!-#!O%-*+!D-$&'3-(&+!2+3)-(;'(!2+(!
%(!A).0+!8-#!a<(-$)$7!"#!/0)3-0+!$-!)()2)'!2+(!-#!+0)=-(!8-!&+8'!#'!20-'2)B(,!#'!
2&"&,#*)@"!8-#!3%(8+,!3)-(&0'$!4%-!-#!$-=%(8+!2+3)-(;'!2+(!#'!2&"&,#*)@"!8-#!
Z0-'8+0!8-#!P%(8+7!
!
!
"#!/0)(2)/)+!8-#!"*'(=-#)+,!/-03)&-!/#'(&-'0$-!#'!/0-=%(&'!8-!$)!-$&-!-$!-#!
&5&%#+!=-(-0'#!4%-!P'&-+!8)+!'!&+8'!#'!+.0'!+!-$!$)3/#-3-(&-!%(!-(2'.-;'3)-(&+!
8-#! -$20)&+7! P^$! .)-(! 8-.-! -(&-(8-0$-! 2+3+! -#! -(2'.-;'3)-(&+! 8-! #'$!
=-(-'#+=5'$,!9!4%-!'.'02'!-#!/^00'1+!?'$&'!-#!*7!JT,!9'!4%-!-(!-#!*7!J`!?'9!+&0+!
-(2'.-;'8+!4%-!&)-(-!4%-!*-0!2+(!-#!('2)3)-(&+!8-!V-$@$7!A'!->/0-$)B(!3)%,'$7&$
3#+$2&"&#3'2?#+,!8-.-!'/#)2'0$-!'!&)&%#'0!#'!#)$&'!+!0-=)$&0+!8-!(+3.0-$7!
!
!
:'0'! %(! ?-.0-+,! 9! -#! -*'(=-#)+! -$&^! 8)0)=)8+! /0)3'0)'3-(&-! '! -##+$,! #'$!
=-(-'#+=5'$!&-(5'(!%('!(+&'.#-!)3/+0&'(2)'7!c'!8-$8-!#'!+2%/'2)B(!8-!Z'('^(,!
#'!8)$&0).%2)B(!8-!#'$!&)-00'$!$-!?);+!/+0!2'$'$,!1'3)#)'$!9!&0).%$,!2+3+!#'!A-9!8-!
P+)$<$! ?'.5'! -$&'.#-2)8+! LO37! FUIQFfQUW! SSIQHM7! C#! 0-=0-$+! 8-#! 2'%&)*-0)+! -(!
i'.)#+()'!4%-8'.'(!->2#%)8+$!8-#!$'2-08+2)+!'4%-##+$!4%-!(+!/+85'(!8-3+$&0'0!
8+2%3-(&'0)'3-(&-!$%!'$2-(8-(2)'!?'$&'!C'0B(,!-(!-#!2'$+!8-!#+$!$'2-08+&-$,!9!
&+8+$,! $'2-08+&-$! 9! #-*)&'$,! $%! /-0&-(-(2)'! '! #'! &0).%! 8-! A-*57! C4%-##+$! 4%-! (+!
/%8)-0+(! ?'2-0#+! 1%-0+(! '/'0&'8+$! 8-! 2%-0/+! $'2-08+&'#! L"$7! FIUFfUSM7! "(! #'!
('2)B(,! #'! $%2-$)B(! 0-'#! -$&'.'! *)(2%#'8'! 2+(! #'! &0).%! 8-! V%8^,! 9! 2+(! #'!
8-$2-(8-(2)'! 8-! _'*)8,! -#! 0-9! -$2+=)8+! 2+(1+03-! '#! /0+/B$)&+! 8-! _)+$! LJ! N7!
JJISUW!JQIHM7!!
!
!
"#!/0+/B$)&+!8-!P'&-+!-$!3+$&0'0!4%-!V-$@$!-0'!"(>)"<3 3#A8.$$&-6$.):'$7&$
;%,#.#/,!-$!8-2)0,!8-!$%!8-$2-(8-(2)'7!O+!&'(&+!/'0'!3+$&0'0!4%-!-0'!%(!?-.0-+!
#-=5&)3+,! (+! )(2+0/+0'8+! 8-! +&0+$! /%-.#+$,! $)(+! 3^$! .)-(! *)(2%#'0#+! 2+(! -#!
/0)3-0! 8-/+$)&'0)+! 8-! #'! /0+3-$'! 8'8'! /+0! _)+$! 8-! 4%-! -#! Z0)$&+,! -#! P-$5'$!
/0+3-&)8+,! 8-$2-(8-05'! 8-! <#! La(7! JFISW! FFIJ`M7! C8-3^$,! $-! 0-#'2)+('.'! 2+(!
C.0'?'3!-(!#'!-$1-0'!8-!#+$!?+3.0-$!8-!1-,!9'!4%-!3-0-2)B!$-0!##'3'8+!5#7,&$
7&$3'+$*,&J&"(&+!LN+7!HIJUM!9!-(!4%)-(!&+8'$!#'$!('2)+(-$!$-05'(!.-(8-2)8'$!La^7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
UQ!
!
SI`M7!A'!0-#'2)B(!8-!V-$@$!2+(!_'*)8,!-$/-2)'#3-(&-!2+(!#'!#5(-'!8-!$%2-$)B(!8-#!
&0+(+,! -0'! &'3.)<(! )3/+0&'(&-,! /'0'! 8-3+$&0'0! 4%-! -(! V-$@$! 2+(2%005'(! #+$!
8-0-2?+$!'#!0-)(+!9!8-!_'*)8!&'3.)<(!#'!'$2-(8-(2)'!3-$)^()2'!2+(1+03-!'!#'$!
/0+3-$'$! 4%-! #-! 1%-0+(! 8'8'$! LF! G7! TIJFW! G#7! `\ISW! JSFIJJM7! A+$! 6%85+$!
-$/-0'.'(! '#! P-$5'$,! '! 4%)-(! ##'3'.'(3 "(>)"<3 ?$"(2@6! .):'$ 7&$ =#1)77! "(! -#!
"*'(=-#)+!$-!'/0-2)'!4%-!#+$!4%-!0-2+(+25'(!'!V-$@$!2+3+!-#!P-$5'$!'(%(2)'8+!
#-!##'3'.'(!.):'$7&$=#1)77!
!
!
G-! &0'&'! '4%5! 8-! %('! =-(-'#+=5'! 8-$2-(8-(&-,! 8-$8-! C.0'?'3! '! V-$@$7!
P'&-+!%&)#);'!'4%5!8+$!8-!#+$!(+3.0-$!+!&5&%#+$!8-#!G-]+07!:0)3-0+!'/'0-2-!-#!8-!
V-$@$,!(+3.0-!8-#!?+3.0-!2+(1+03-!'!#+!4%-!_)+$!3)$3+!8)$/%$+!/+0!3-8)+!8-#!
^(=-#! LJIFJM7! A'! ->/0-$)B(! -$! #'&)(',! /0+2-8-(&-! 8-#! =0)-=+! ! #:;4)"<,! 1+03'!
?-#-();'8'!8-!#'!?-.0-'!<&+.!#,!'!$%!*-;!1+03'!'.0-*)'8'!8-!<&.'+.!#,!(+3.0-!
4%-!##-*B,!-(&0-!+&0+$,!-#!$%2-$+0!8-!P+)$<$!LV+$7!JIJM!9!4%-!'/'0-2-!&'3.)<(!-(!
#'!/0+1-25'!Ll'27!SIJM7!A'!1+03'!'.0-*)'8'!8-#!(+3.0-!&)-(-!%(!3'02'8+!<(1'$)$!
*-0.'#! 4%-! 8'! 2+3+! $)=()1)2'8+! '! #'! /'#'.0'! 4l3$ *)&,(#/&"(&$ +#31#,F87! C#!
(+3.0-! /-0$+('#! 8-! V-$@$! $-! ']'8-! -#! /0+1<&)2+! 8-! =.(4/)"63 -(! 2'$&-##'(+$
B,)+(',! /'#'.0'! =0)-='! -4%)*'#-(&-! '! H&+?#+,! -#! 4%-! $-05'! ##-(+! 8-#! "$/50)&%! 9!
'/'0&'8+!/'0'!##-*'0!'!2'.+!#'!&'0-'!8-!$'#*'0!'!$%!/%-.#+!LY$7!UJIJW!A27!HIJ`W!R-7!
JI\M7!"#!Z0)$&+!8-!_)+$!$-05'!%(=)8+!/'0'!$-0!-#!/0)(2)/'#!/0+1-&'!'(%(2)'8+!L_&7!
J`IJQW!Y$7!QQIHW!R2?7!SIFFW!TISTMW!/'0'!$-0!-#!@()2+!$%3+!$'2-08+&-!-(!-#!+08-(!
-&-0(+!8-!_)+$!LG'#7!JJKIHW!R-7!JKIJF,!JHMW!/'0'!$-0!-#!N-9!-&-0(+,!N-9!8-!0-9-$!
9! G-]+0! 8-! $-]+0-$! LG'#7! FIUW! l'27! \I\W! P&7! FJIQW! F`IJ`W! A27! JISSM7! C3.+$!
(+3.0-$! %()8+$,! 8'(! #%='0! '#! ->2-#$+! 9! $%/0-3+! (+3.0-! V-$%20)$&+,! 8'8+!
@()2'3-(&-! '#! G'#*'8+07! "#! &5&%#+! V-$%20)$&+! -$! (+03'#! -(! #+$! -$20)&+$!
'/+$&B#)2+$,!/-0+!0'0+!-(!#+$!"*'(=-#)+$!LP&7!JIJ,!J`W!JUIFJW!P07!JIJW!V(7!JIJTW!
JTISM,!A%2'$!(+!#+!%$'!(%(2',!$'#*+!-(!R-2?+$!LR2?7!FIS`M!9!/%-$&+!-(!.+2'!8-!
:-80+7! :%8)-0'! $-0! 4%-! P'&-+! #+! %&)#);'$-! '4%5! 2+(! &+8'! )(&-(2)B(! 2+3+!
->/0-$)B(!8-!1-!20)$&)'(',!2+3+!-$20).-!G-*-0)'(+!8-#!:^0'3+I!
!
!
4P)&"&D$5',$(#"('D$&"$&+(&$+)()'$#32'$7&$+'3&/"&$J$5,'('*'3#,)'D$J$&+D$#"(&$
('7'D$ !"$ .'/&"#:&$ 7&$ A&$ J$ 7&$ #/',$ >!&$ "'+$ )"(,'7!*&D$ J#$ 7&+7&$ 3#+$ 5,)/&,#+$
5#3#%,#+$7&3$&1#"2&3)'D$&"$!"$#/%)&"(&$J$#(/@+A&,#$*,)+()#"#0$I#+$7'+$5#3#%,#+$
7&$>!&$+&$*'/5'"&D$<&+S+$J$B,)+('D$)/53)*#"$!"$#*('$7&$A&0$B'"A&+#/'+$>!&$&+&$
<&+S+$>!&$+&$"'+$5,&+&"(#$*'/'$.):'$7&$H#,?#D$"#*)7'$%#:'$3#$5#(&,")7#7$3&2#3$
7&$<'+QD$&+$&3$B,)+('D$&3$H&+?#+$5,'A&()6#7'$&"$&3$;"()2!'$P&+(#/&"('8YL!
!
!
A+$! 6%85+$! +/+$)&+0-$! '! V-$@$! -$&'.'(! 2+(&)(%'3-(&-! 3-(+$/0-2)'(8+! $%!
+0)=-(7!O+!/+85'!$-0!-#!N-9!-$/-0'8+!9!3%2?+!3-(+$!-#!Z0)$&+!/+0!2%'(&+!-0'!
$)3/#-3-(&-! -#! *#,5)"(&,'! 9! 2+(+25'! '! #'! 1'3)#)'! 4%-,! $-=@(! #'! '$2-(8-(2)'!
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FJ

!G-*-0)'(+!8-#!:^0'3+7!E1#"2&3)'$7&$R#"$H#(&'7!iCZ7!g+#7!FKT'7!P'80)8,!J\US,!/'=7!
JU7!

UU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
)(3-8)'&',!/-0&-(-25'!LP&7!JSIQHfQ`W!P07!UISW!A27!HIFFM7!C#=%(+$,!/'0'!(-='0!#'!
-*)8-(2)'! 4%-! #'$! $-]'#-$! 3-$)^()2'$! ?-2?'$! /+0! V-$@$! /+(5'(! 8-! 3'()1)-$&+,!
-($-]'.'(! 4%-! -#! Z0)$&+,! 2%'(8+! *)()-$-,! ('8)-! $'.05'! 8-! 8+(8-! -0',! /-0+! $5!
2+(+25'(! /-01-2&'3-(&-! 8-! 8+(8-! /0+2-85'! V-$@$! LV(7! TIFTM7! "(! +2'$)+(-$!
/0-&-(85'(!)=(+0'0!-#!#%='0!8-!('2)3)-(&+!9,!0-1)0)<(8+$-!'!a'#)#-',!$%!#%='0!8-!
0-$)8-(2)',! +#*)8^(8+$-! *+#%(&'0)'3-(&-! 4%-! ?'.5'! ('2)8+! -(! i-#<(,! 2+3+! #'!
/0+1-25'!'(%(2)'.'!/'0'!#%='0!8-#!('2)3)-(&+!8-#!P-$5'$!LV(7!TIHJfHFM7!D+8'*5'!
3^$! =0'*-! -0'! #'! $+$/-2?'! 4%-! $%$! '8*-0$'0)+$! 8-6'.'(! &0'$#%2)0! 8-! %(!
('2)3)-(&+!)#-=5&)3+I!4O'+'(,'+$"'$"#*)/'+$7&$A',")*#*)@"f$!"$5#7,&$(&"&/'+D$
>!&$ &+$ =)'+8! LV(7! `IHJM7! _-! '#=@(! 3+8+! 8-.5'! -(&-(8-0$-! 4%-! '4%-##+$! -$&'.'!
8)2)-(8+I!4"'+'(,'+$"'$"#*)/'+$7&$A',")*#*)@"D$(S$+?0$O'$.#J$7!7#$*'"$,&+5&*('$
#$"!&+(,'$5#7,&D$5&,'$+?$3#$.#J$&"$,&3#*)@"$*'"$&3$(!J'80!
!
!
:+0! 3-8)+! 8-! #'! =-(-'#+=5'! 9! 8-#! $%.$)=%)-(&-! 0-#'&+! 8-#! ('2)3)-(&+!
*)0=)('#,! P'&-+! 8-00).'! #+$! '0=%3-(&+$! /-0*-0$+$! 4%-! #+$! )()2%+$! #58-0-$! 8-! #'!
('2)B(!*-0&5'(!2+(&0'!V-$@$7!A'!=-(-'#+=5'!(+!8-6'0^!#%='0!'!8%8'!-(!2%'(&+!'!#'!
'$2-(8-(2)'! ('2)+('#! 9! 0-'#! 8-! V-$@$! 8-! O';'0-&,! -#! R)6+! 8-! C.0'?'3! 9! 8-!
_'*)87!!
!
!
"(! 0-#'2)B(! 2+(! -#! 2'&^#+=+! =-(-'#B=)2+! 4%-! $)=%-,! (+! ->)$&-! /0+.#-3'!
'#=%(+! 2+(! #'$! #)$&'$! 3^$! '(&)=%'$,! 4%-! $-! =%'08'.'(! 2-#+$'3-(&-! -(! Y$0'-#7!
V-0B()3+! 8'! &-$&)3+()+! 8-! 2B3+! #+$! 6%85+$! 8-! $%$! 85'$! 3-3+0);'.'(! #'$!
=-(-0'2)+(-$! 8-$8-! C8^(! '! l+0+.'.-#,! -$2).)-(8+I! 4=&+7&$ ;7F"$ .#+(#$
m','%#%&3$ ,&*)(#"$ 7&$ /&/',)#$ ('7#+$ 3#+$ 2&"&,#*)'"&+$ *'"$ (#3$ 1&3'*)7#7D$ >!&$
5#,&*&"$5,'"!"*)#,$+!$5,'5)'$"'/%,&8 YY 7!A'!/0-+2%/'2)B(!/+0!#'$!=-(-'#+=5'$!
-0'! '! *-2-$,! -(&0-! #+$! /0)3-0+$! 20)$&)'(+$,! -$/-2)'#3-(&-! -(&0-! #+$! 4%-! -$&'.'(!
.'6+!)(1#%-(2)'!8-!6%85+$,!->'=-0'8'!9!0-/0-($).#-!LD)&7!FI\M7!P'&-+!&-(5'!-(!$%!
3'(+!#'$!1%-(&-$!-$20)&'$!/'0'!#'$!=-(-'#+=5'$!8-!Z0)$&+!8-$8-!C.0'?'3!'!_'*)8!
9! 8-$8-! <$&-! '#! 8-$&)-00+! -(! i'.)#+()'! -(! /'$'6-$! .5.#)2+$! 8-#! C(&)=%+!
D-$&'3-(&+!La(7!QIJfSFW!JJIJKfSFW!SQIFSfF\W!N&7!HIJ`fFFW!J!Z07!2'/7!Ff\M7!:'0'!
-#!&)-3/+!8-$8-!-#!2'%&)*-0)+!?'$&'!Z0)$&+,!'8-3^$!8-!#'$!#)$&'$!8-!"$80'$,!P'&-+!
/%8+!?'.-0!&-()8+!+&0+$!8+2%3-(&+$!4%-!3+$&0'$-(!#'!*)(2%#'2)B(!8-!V-$@$!2+(!
#+$!'(&-/'$'8+$7! A+$! 8-$2-(8)-(&-$! 8-! _'*)8,! -(! 4%)-(-$! 0-2'5'(! #'$! /0+3-$'$!
(+! /%8)-0+(! /+0! 3-(+$! 4%-! 2+($-0*'0! #'! '$2-(8-(2)'! ?'$&'! -#! @#&)3+! *5(2%#+!
0-'#!0-2+(+2)8+!-(!#+$!2'&^#+=+$!?'$&'!-#!0-&+0(+!8-#!2'%&)*-0)+7!
!
!
C#! $-0! #+$! 6%85+$! #+$! 8-$&)('&'0)+$! 8-#! "*'(=-#)+,! ('8'! 3^$! ('&%0'#! 4%-!
2+3-(;'0! /+0! #'! =-(-'#+=5'! 8-! V-$@$,! /'0'! 8-3+$&0'0! 2+(! ->'2&)&%8! 4%-!
*-08'8-0'3-(&-! -0'! -#! P-$5'$! -$/-0'8+,! -#! Z0)$&+! 8-! _)+$,! -#! R)6+! 8-! _'*)8!
/0+3-&)8+!-(!#+$!3-($'6-$!/0+1<&)2+$!8-#!C(&)=%+!D-$&'3-(&+7!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FF

!V-0B()3+7!PA!SU,SUJ7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
UT!
!
Z2) "=B5P5E) 86786>BC) 5) *;55?h) *;55?) 5) g5?:=h) J) g5?:=) 5) g@>K) J) 5) ;@;)
P8BE56:;2)
)
#A8.$$2-3!#%!&**;4!*3/)2*33#:4$$&C633#:4$$2C3@!23!#%!&**;4!*3/)2*33#:$C,&863
!!C.0'?'3!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!!Y$''2,!!!!!!!!!!!!!-!Y$''2!!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!!V'2+.,)
#:$C,283@!23!#%!&**;4!*3/)2*33#:)"&@$*3C$(23/)"293$#@!'D)"293$"#/)"<3
!!!!!9!V'2+.!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!!V%8^!!!!!!!!!!9!!!!!!'!#+$!!!!!!!?-03'(+$!!!!!8-!<#7!
!
!!!!!!!!!

O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
:0+$)=%)-(8+! #'! =-(-'#+=5',! -$20).-! '?+0'! ! #A8.$$2-,! 2'$+! (+3)('&)*+! 3'$2%#)(+!
$)(=%#'0! 8-#! (+3.0-! /0+/)+! ;%,#.#/W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-! $)(=%#'0! 8-#!
'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!&"2&"7,#,D$
7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+!
8-&-03)('8+! 8-2#)('8+! #3W3 3 #:4$$&C63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-!
/0+/)+!N+##*W3#:4$$2C632'$+!(+3)('&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!N+##*W3@!2,!
/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$
J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!2++08)('(&-!-$!#'!$-=%(8'!-(!10-2%-(2)'!-(!-#!
O7D7! 8-$/%<$! 8-! C$(2W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-! $)(=%#'0! 8-#! '+0)$&+! /0)3-0+! 8-!
)(8)2'&)*+! -(! *+;! '2&)*'! 8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5!
&"2&"7,@W3 /)2*63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+!
#3W33#:$C,&86!2'$+!'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!<#*'%W3:$C,28632'$+!
(+3)('&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!<#*'%W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!
?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!
2+3+! 2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-!C$(2W33
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*63 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 3 #:)"&@$*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+!<!7FW3 C$(263 2+(6%(2)B(! 2+/%#'&)*'! JW3
/)"2963 2'$+! '2%$'&)*+! 3'$2%#)(+! /#%0'#! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #$ 3'+W3
$#@!'D)"2963 2'$+! '2%$'&)*+! 3'$2%#)(+! /#%0'#! 8-#! $%$&'(&)*+! .&,/#"'+W3 $"#/)"<63 2'$+!
=-()&)*+!3'$2%#)(+!8-!#'!&-02-0'!/-0$+('!$)(=%#'0!8-#!/0+(+3.0-!/-0$+('#!8-2#)('8+!7&$
Q30$

!
!
"#! /0)3-0! =0%/+! 8-! #'! =-(-'#+=5'! 8-! 2'&+02-! =-(-0'2)+(-$! 2+3)-(;'! /+0!
#A8.$$2-63;%,#.#/,!/'0'!8-3+$&0'0!#'!0-#'2)B(!8-!V-$@$!2+(!#'!('2)B(!?-.0-'7!
P%2?+$! '$/-2&+$! 8-! #'! =-(-'#+=5'! -$&^(! 0-#'2)+('8+$! 2+(! '22)+(-$!
$+.0-('&%0'#-$! 8-! _)+$7! "$&-! -$! -#! 2'$+! 8-! Y$''2,! 8-$2-(8)-(&-! 8-! C.0'?'3,!
#)&-0'#3-(&-! !#%!&**;4!*3 /)2*3 3 #:4$$&C63&"2&"7,@$ #$ N+##*,! -(! -#! 4%-! 2+(2%00-(!
8+$!'$/-2&+$,!%(+!('&%0'#!8-!#'!2+(2-/2)B(!8-!-$&-!?)6+!8-!$%!-$/+$'!G'0',!9!+&0+!
$+.0-('&%0'#I!Y$''2!('2)B!/+0!#'!/0+3-$'!4%-!_)+$!?'.5'!8'8+!'!C.0'?'3!La^7!
HIFSM7! A'! 2+(2-/2)B(! 8-! Y$''2! $-! /0+8%2-! /+0! #'! 8+.#-! '22)B(! $+.0-('&%0'#! 8-!
_)+$!4%-!2'/'2)&B!'!C.0'?'3!/'0'!-(=-(80'0!'!-$&-!?)6+,!2%'(8+!/+0!('&%0'#-;'!
-$&'.'!/+&-(2)'#3-(&-!*'/'$/!&,('!9!0-*)0&)-(8+!#'!$)&%'2)B(!8-!-$&-0)#)8'8!8-!
G'0'!/'0'!4%-!/%8)-0'!$-0!1<0&)#!9!2+(2-.)0!'!-$&-!?)6+!LN+7!HIJ\W!R-7!JJIJJfJFM7!

U`!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
A'! =-(-'#+=5'! 8-! P'&-+! 2+3)-(;'! 9! &-03)('! 2+(! 8+$! ('2)3)-(&+$!
$+.0-('&%0'#-$,!-#!/0)3-0+!-#!8-!Y$''2!9!-#!@#&)3+!-#!8-!V-$@$7!O+!2'.-!8%8'!4%-!
-#! )(&-0<$! 8-! P'&-+! -$! &0';'0! $B#+! #'! =-(-'#+=5'! 3-$)^()2'! 8-! V-$@$7! C.0'?'3!
&%*+!+&0+$!?)6+$!'(&-$!9!8-$/%<$!8-#!('2)3)-(&+!8-!Y$''2,!/-0+!$B#+!-(!<$&-!-$&^!
#'!#5(-'!8-!#'!/0+3-$'!9!8-!#'!.-(8)2)B(!4%-!?'.5'!$)8+!'(%(2)'8'!'!C.0'?'37!
!
!
"#! $-=%(8+! ()*-#! 8-! #'! =-(-'#+=5'! &)-(-! 4%-! *-0! 2+(! #'! 8-$2-(8-(2)'! 8-!
Y$''2,! 4%)-(3 !#%!&**;4!*3 /)2*3 3 #:$C,&863 &"2&"7,@$ #$ <#*'%7! O%-*'3-(&-! -$&^!
/0-$-(&-!-#!1'2&+0!-#-2&)*+!9!$+.0-('&%0'#!8-!_)+$,!9'!4%-!-#!/0)3+=<()&+!8-!#+$!
8+$!?)6+$!8-!Y$''2!1%-!"$'@!La(7!FQIFQfFUM7!A'!$+.-0'(5'!8)*)('!8-&-03)(B!4%-!
#'! #5(-'! 8-! #'! /0+3-$'! 9! 8-! #'$! .-(8)2)+(-$! 8-0)*'$-! '! 4%)-(,! /+0! 8-0-2?+!
?%3'(+,! (+! &-(5'! -#! /0)*)#-=)+! /+0! (+! $-0! -#! 3'9+07! X2%00)0^! -$&+! 2+(! +&0+$!
/-0$+('6-$!8-!#'!=-(-'#+=5'!8-!V-$@$7!h%)-(!8-&-03)('!#'!&0'9-2&+0)'!/+0!#'!4%-!
*-(805'!-#!P-$5'$!-$!-#!/0)(2)/)+!8-!$+.-0'(5'!-(!=0'2)'!4%-!-#)=-!2+(1+03-!'#!
/0+/B$)&+!8-!_)+$!LN+7!\IJUM7!
!
!
V'2+.!-(=-(80B!'!#+$!8+2-!/'&0)'02'$,!/0)3-0+$!9!+0)=)('(&-$!8-!2'8'!%('!
8-!#'$!8+2-!&0).%$!8-!Y$0'-#7!C$5!$-!#--!4%-!!#:$C,283@!23!#%!&**;4!*3/)2*33#:)"&@$*3
C$(23 /)"293$#@!'D)"293$"#/)"63<#*'%$&"2&"7,@$#$<!7F$J$#$3'+$.&,/#"'+$7&$Q37!
G)(!-3.'0=+,!V%8^!(+!-0'!-#!/0)3+=<()&+!8-!V'2+.,!4%-!1%-!N%.<(7!D+8'*5'!3^$,!
'(&-$! 8-! V%8^! ?'.5'! &0-$! ?-03'(+$! 3'9+0-$! 4%-! <#7! _)+$! (+! &)-(-! -(! 2%-(&'! -#!
+08-(!?%3'(+!/'0'!##-*'0!'!2'.+!$%$!/0+9-2&+$7!A'!#5(-'!8-!#'!8-$2-(8-(2)'!8-#!
P-$5'$!(+!-$&^!#)='8'!'!#'!&0'($3)$)B(!('&%0'#!8-!#+$!?+3.0-$,!$)(+!'#!/0)(2)/)+!
8-! $+.-0'(5'! 8-! _)+$7! O+! +.$&'(&-! P'&-+! ?'2-! 0-1-0-(2)'! '! #'! 8-$2-(8-(2)'!
=-(-0'#!8-!V'2+.,!2%'(8+!8)2-!4%-!2+3+!V%8^!?'.5'(!$)8+!-(=-(80'8+$!&'3.)<(!
$%$!?-03'(+$7!
!
!
A'! /0)3-0'! =0'(! -($-]'(;'! 4%-! $-! 8-$/0-(8-! 8-! -$&-! &->&+! -$! '1)03'0! '#!
20-9-(&-! -(! #'! $+.-0'(5'! 8-! _)+$,! #'! /-01-22)B(! 8)*)('! 4%-! ?'2-! 4%-! _)+$! $-'!
0-'#3-(&-!G-]+0!/+04%-!/%-8-!?'2-0!2%'(&+!4%)-0'!$)(!4%-!('8)-!$-!+/+(='!'!$%!
*+#%(&'8!L_(7!HISQM7!"(!-#!-6-02)2)+!8-!G%!*+#%(&'8!2'.-!0-2+08'0!4%-!?'9!%('!
1'3!"(#7$ 7&*,&()1#,! /+0! #'! 4%-! [#! -$&'.#-2-! #+! 4%-! 8-$-'! 4%-! $-0! 0-'#)2-! 9! $-!
-6-2%&'! $)(! #)3)&'2)+(-$,! 9! #'! 1'3!"(#7$ 5,&*&5()1#,! 4%-! ->/0-$'! -#! 8-$-+! 8-! #+!
4%-!-$!$%!*+#%(&'8!-(!0-#'2)B(!2+(!$%$!20)'&%0'$7!"#!"$/50)&%!)()2)'!-#!"*'(=-#)+!
2+(!-$&'!/'(+0^3)2'!8-!#'!$+.-0'(5'!8-!_)+$,!9'!4%-!$-!&0'&'!8-!/0-$-(&'0!'!#+$!
?+3.0-$!#'!*-08'8!8-#!"*'(=-#)+!8-!#'!=0'2)',!4%-!$'#*'!'!&+8+!'4%-#!4%-!20-'7!
A'! $'#*'2)B(! (+! -$! '$%(&+! 8-! *+#%(&'8! ?%3'(',! $)(+! 8-! =0'2)'! 9! $+.-0'(5'!
8)*)('$7!G%!/#'()1)2'2)B(!(+!+.-8-2-!'#!?-2?+!8-#!/-2'8+,!$)(+!4%-!#+!'(&-2-8-!
LF!D)7!JI\M7!"#!?+3.0-!-$&^!'.$+#%&'3-(&-!->2#%)8+!-(!&+8+!2%'(&+!&)-(-!4%-!*-0!
2+(!#'!$'#*'2)B(,!4%-! -$! -#! 0-$%#&'8+! 8-! #'! $+.-0'(5'! 8-! _)+$! -(!+0)-(&'2)B(! '#!
/-2'8+0!/-08)8+7!Z+(!&+8+!<(1'$)$!$-!'1)03'!-(!#'!"$20)&%0'!4%-!43#$+#31#*)@"$&+$
7&$<&.'1F8!LG'#7!SI`W!V+(7!FI\M7!O'8'!3^$!4%-!#'!=0'2)'!+&+0='!9!?'2-!/+$).#-!#'!
$'#*'2)B(! L"17! FI`f\M7! "$&'! '22)B(! $+.-0'('! 4%-! )(&0+8%2)05'! '#! R)6+! 8-! _)+$!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
U\!
!
-(2'0('8+! -(! -#! 3%(8+! 8-! #+$! /-08)8+$,! $-! ->/0-$'! -(! #'! -#-22)B(! 8-! #+$!
'(&-2-$+0-$,!8-$8-!-#!/%(&+!8-!*)$&'!?%3'(+,!8-!V-$@$,!-#!G'#*'8+0!-(*)'8+!'!#+$!
/-08)8+$7!
!
b2) g@>K) 86786>BC) >8) %5E5B) 5) i5B8;) J) 5) j5B52) i5B8;) 5) ,;B:Eh) J) ,;B:E) 5)
"BKE2)
3
#:)"&@$93@!23!#%!&**;4!*3/)2*3E$&.!93C$(23/)2*3F$&.$3!#C3/;<93G$-$&.633
!!!!!!!!!

!!!!!!!c!V%8^!!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!m'0-$!!!!!!!9!!!!!!!'!!!!!!!l'0'!!!!!8-!!!!!f!!!!!!!!D'3'0,!!!!!!!!

E$&.!93@!23!#%!&**;4!*3/)2*33>H4.,&-633>H4.,2-3@!23!#%!&**;4!*3/)2*33#A.$&-63
3339!!m'0-$!!!!!!-(=-(80B!!!!!!!!!!'!!!!!!!!!"$0+3,!!!!!!!!!!!!9!"$0+3!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!!C0'373
!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+!
!
A'! -$&0%2&%0'! 9! #+$! *-0.+$! $+(! $-3-6'(&-$! '#! &->&+! '(&-0)+07! !#:)"&@$9,! 2'$+! (+3)('&)*+!
3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!<!7FW3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!
8-! 2+(6%(2)B(,! 2+(! $-(&)8+! 8-! 5&,'D$ /F+$ %)&"D$ JD$ J$ 5',$ *)&,(',! #"(&+$ %)&"D! 2+3+!
2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 E$&.!963 2'$+!
'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!G#,&+W3C$(2632+(6%(2)B(!2+/%#'&)*'!JW3
/)2*632'$+!'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!'0&52%#+!8-&-03)('8+!8-2#)('8+!#3W33F$&.$63
2'$+!'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!m#,#W3!#C63/0-/+$)2)B(!8-!=-()&)*+!
7&W3/;<9632'$+!=-()&)*+!1-3-()(+!$)(=%#'0!8-#!'0&52%#+!8-&-03)('8+!7&$3#W3G$-$&.632'$+!
=-()&)*+! 1-3-()(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! P#/#,W3 E$&.!963 2'$+! (+3)('&)*+!
3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! G#,&+W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$!
*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!
2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 >H4.,&-63 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! E+,'/W3 3 >H4.,2-63 2'$+! (+3)('&)*+!
3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! E+,'/W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$!
*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!
2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 3 #A.$&-63 2'$+!
'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!;,#/0$

!
!
"(!#'!$%2-$)B(!8-!/0+=-()&+0-$!8-!V-$@$,!V%8^!-(=-(80B!'!m'0-$!9!'!l'0',!
#)&-0'#3-(&-! #:)"&@$93 @!23 !#%!&**;4!*3 /)2*3 E$&.!93 C$(23 /)2*3 F$&.$3 !#C3 /;<93
G$-$&.63 <!7F$ &"2&"7,@$ #$ G#,&+$ J$ m#,#$ 7&$ P#/#,7$ 3 A+$! 8+$! ?)6+$! 1%-0+(!
0-$%#&'8+!8-!#'!'22)B(!)(3+0'#!2+(!$%!(%-0'!D'3'07!R'.5'!$)8+!-$/+$'!8-!"0,!-#!
?)6+!3'9+0!8-!V%8^,!10%&+!8-!$%!3'&0)3+()+!2+(!%('!3%6-0!2'('(-'!##'3'8'!G@'!

TK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
La(7! S`IJfFM! 9! #%-=+! 8-! $%! ?-03'(+! X('(! La(7! S`IU$$M,! ?)6+! &'3.)<(! 8-! #'!
3)$3'! 3'80-! La(7! S`IJfHM7! "#! -=+5$3+! 8-! X('(,! ?);+! 4%-! 1'#&'$-! '! $%!
2+3/0+3)$+!-(!-#!3'&0)3+()+!#-*)0'&+!/'0'!#-*'(&'0!8-$2-(8-(2)'!'!$%!?-03'(+!
3%-0&+,! /+0! #+! 4%-! _)+$! #-! 4%)&B! &'3.)<(! #'! *)8'! '! <#! 2+3+! 8)$2)/#)('! /+0! -$-!
/-2'8+!La(7!S`IJKM7!V'2+.!?'.5'!/0+3-&)8+!'!$%!(%-0'!D'3'0!8'0#-!2+3+!-$/+$+!
'!$%!&-02-0!?)6+!G-#',!?-03'(+!8-!#+$!8+$!'(&-0)+0-$!La(7!S`IQM7!:-0+!*)-(8+!4%-!
-#!&)-3/+!&0'($2%005'!9!V%8^!(+!2%3/#5'!$%!/0+3-$',!D'3'0!$-!2%.0)B!-#!0+$&0+!
2+(! %(! *-#+,! $-! '2)2'#B! 2+(! *-$&)8+$! ##'3'&)*+$! 9! $'#)B! '! 0-2).)0! '! V%8^,! 4%)-(!
2+(1%(8)<(8+#'! 2+(! %('! 0'3-0'! &%*+! 0-#'2)+(-$! 2+(! -##',! 8-! 2%9'! '22)B(!
2+(2).)B!D'3'07!C#!2+(+2-0!V%8^!-#!-3.'0';+!8-!$%!(%-0'!+08-(B!4%-3'0#',!'#!
2+($)8-0'0#'!%('!1+0()2'0)'7!"#!2'$&)=+!(+!##-=B!'!2+($%3'0$-!'#!/0-$-(&'0!D'3'0!
/0%-.'$! 8-! 4%-! V%8^! -0'! -#! &0'$=0-$+0! 3+0'#! La(7! S`IFQfFUM7! _-! -$-! '2&+!
)(3+0'#,!('2)-0+(!#+$!8+$!?-03'(+$!m'0-$!9!l'0'!La(7!S`IFTfSKM7!_-!(%-*+,!-(!
2)-0&'!3-8)8'!-#!4%-!/+0!#B=)2'!8-.5'!$-0!-#!3'9+0!9!/+0!&'(&+!0-2-/&+0!8)0-2&+!
8-!#'$!/0+3-$'$!9!2+(&)(%'8+0!8-!#'!#5(-'!8-!.-(8)2)B(!1%-!l'0',!$)(!-3.'0=+,!#'!
#5(-'!$)=%-!/+0!-#!$-=%(8+,!m'0-$,!/'0'!-(1'&);'0!(%-*'3-(&-!4%-!-(!#'!-6-2%2)B(!
8-#!/0+=0'3'!8)*)(+,!(+!-$!8-#!?+3.0-,!$)(+!8-!#'!$+.-0'(5'!4%-!-#)=-!9!#+!##-*'!
'! 2'.+! 2+(1+03-! '! $%$! 8-$)=()+$7! _-! (%-*+! $-! 0-/)&-! 2+(! -$&+$! #+! 4%-! -0'!
2+(&0'0)+! '! #'! ->/-2&'2)B(! ?%3'(',! -(! %('! )(-$/-0'8'! 8-&-03)('2)B(! 8-! #'!
/0+*)$)B(! 8)*)('7! X2%00-! '4%5! #+! 3)$3+! 4%-! _)+$! ?'.5'! +08-('8+! /'0'! $%!
'(&-2-$+0!V'2+.I!4E3$/#J',$+&,1),F$#3$/&"',8!La(7!FQISSM7!
!!
!
"(!#'!=-(-'#+=5'! 8-! V-$@$! '/'0-2-! '4%5! #'! /0)3-0'! 8-! #'$! 2%'&0+! 3%6-0-$!
4%-!$-!3-(2)+('(!-(!-##'7!"(!-#!0-$%3-(!1)('#!L*7!JTM,!$-!8'0^(!'#=%('$!0';+(-$!
/+0! #'$! 4%-! '/'0-2-(! -$&+$! 2%'&0+! (+3.0-$! 1-3-()(+$7! ! i'$&-! '4%5! 2+(! ?'2-0!
(+&'0!4%-!-(!#+!4%-!&0'8)2)+('#3-(&-!$-!?'25'!-(!Y$0'-#,!$-]'#'0!-#!/'80-!-(!#'$!
=-(-'#+=5'$,!'4%5!$-!2)&'!2+(!%(!/0+/B$)&+!-#!(+3.0-!8-!#'!3'80-7!Z%'(8+!V'2+.!
.-(8)6+! '! $%$! ?)6+$,! &%*+! /'#'.0'$! -#+=)+$'$! /'0'! V%8^I! 4P&$ #3#%#,F"$ (!+$
.&,/#"'+n$ O'$ +&,F$ >!)(#7'$ &3$ *&(,'$ 7&$ <!7Fn$ .#+(#$ >!&$ 1&"2#$ R)3'.8! La(7!
H\I`fJKM7! "#! "$/50)&%,! /+0! 3-8)+! 8-! P'&-+,! (+! &)-(-! )(&-0<$! -(! 8-$&'2'0! #'$!
3-6+0-$! 2+(8)2)+(-$! 8-#! ?+3.0-! V%8^,! $)(+! ##'3'0! #'! '&-(2)B(! '#! '2&+! )(3+0'#!
4%-!&0'-!'!#'!->)$&-(2)'!'!%(+!8-!#+$!'$2-(8)-(&-$!8-!V-$@$7!"#!G'#*'8+0!(+!&%*+!'!
3-(+$!4%-!%(+!8-!$%$!'(&-2-$+0-$!1%-$-!2+(2-.)8+!-(!%(!'3.)-(&-!8-!)()4%)8'8!
3+0'#7!V-$@$!$-!*)(2%#'!'#!?+3.0-!-(!&+8'!#'!8)3-($)B(!8-!#'!/'#'.0',!$'#*+!-(!-#!
/-2'8+! ?-0-8'8+! 9! /-0$+('#,! /'0'! $'#*'0! '#! /-08)8+7! d()8+! '! #'! 0';'! 2'58'! -(!
+&/&:#"6#$7&$*#,"&$7&$5&*#7',!/-0+!$)(!4%-!?%.)-$-!/-2'8+!-(!$%!2'0(-,!-$!-#!
$%$&)&%&+!@()2+!4%-!/+85'!+2%/'0!-#!#%='0!8-#!/-2'8+0!-(!#'!20%;7!!
!
!
_+$! (+3.0-$! $)=%-(! -(! #'! =-(-'#+=5',!"$0+3! 9! C0^(7!>H4.,&-63 3 >H4.,2-3
@!23 !#%!&**;4!*3 /)2*3 3 #A.$&-63 E+,'/$ &"2&"7,@$ #$ ;,F"7! O)(=%(+! 8-! -$&+$! 8+$!
'/'0-2-(! -(! #'$! =-(-'#+=5'$! 3^$! ?'.)&%'#-$! 8-#! C(&)=%+! D-$&'3-(&+,!
-$/-2)'#3-(&-!-(!#'!8-&'##'8'!9!->/#52)&'!8-#!/0)3-0!#).0+!8-!A'$!Z0B()2'$!L2'/7!
Jf\M7!_-!m'0-$!$-!3-(2)+('(!$%$!?)6+$!R-;0B(!9!R'3%#7!:+0!#'!=-(-'#+=5'!8-#!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
TJ!
!
#).0+! 8-! N%&?! $-! /%-8-! '1)03'0! 4%-! "$0+3! -$! -#! 3)$3+! 4%-! G-0B(! LN&7! HIJ`M7!
G'#*+!#'$!3-(2)+(-$!8-!$%$!(+3.0-$!-(!#'$!#)$&'$!=-(-'#B=)2'$!(+!$-!$'.-!('8'!
8-! -##+$! -(! #+$! 0-#'&+$! ?)$&B0)2+$7! :0+.'.#-3-(&-! -0'(! ?+3.0-$! *%#='0-$,! -$!
8-2)0,! $)(! 4%-! ?%.)-$-! ('8'! -(! $%$! *)8'$! 8-$&'2'.#-7! O'8'! $-! /%-8-! 8-2)0! '!
2)-(2)'!2)-0&'!8-!$%!2+(8)2)B(!3+0'#7!O+!-0'(!)3/+0&'(&-$!/'0'!-#!3%(8+,!/-0+!
#+!-0'(!/'0'!_)+$,!'!4%)-(-$!?'.5'!&0'58+!'! #'!->)$&-(2)'!/'0'!$-0!2'('#-$!8-!$%!
/0+/B$)&+! 0-8-(&+0! 9,! '! &0'*<$! 8-! -##+$,! )(&0+8%2)0! '#! P-$5'$! -(! -#! 3%(8+! /'0'!
##-*'0!'!2'.+!#'!0-8-(2)B(!8-#!?+3.0-7!!
!
!
X2%00-! '$5! &'3.)<(! -(! #'! Y=#-$)'7! R'9! 3%2?'$! /-0$+('$! 4%-! (+! -$&'0^(!
(%(2'!-(!#+$!'('#-$!8-!#+$!?<0+-$!8-!#'!?)$&+0)'!8-!#'!Y=#-$)'7!P)#-$!8-!20-9-(&-$!
8-$'/-02).)8+$!)(2#%$+!/'0'!$%$!/0+/)+$!?-03'(+$,!/-0+!4%-!$+(!2+(+2)8+$!/'0'!
_)+$7! G%! ?)$&+0)'! (+! -$&^! 0-=)$&0'8'! -(! #).0+$! 8-! ?+3.0-$,! /-0+! $%$! (+3.0-$!
-$&^(! /0-$-(&-$! /'0'! _)+$! -(! $%! #).0+! 8-! *)8'7! "$&+$! $+(,! 2+3+! :'.#+! 8)2-,!
47&+*'"'*)7'+D$ 5&,'$ %)&"$ *'"'*)7'+8! LF! Z+7! UI\M7! "#! G-]+0! 2+(+2-! $)-3/0-! '!
#+$!4%-!$+(!$%9+$!LF!D)7!FIJ\M7!d(!85',!-(!$%!/0-$-(2)',!0-2+(+2-0^!'(&-!&+8+$!#+!
4%-! /'0'! 3%2?+$! -$&'.'! +2%#&+,! /-0+! $)-3/0-! *)$).#-! '! #'! 3)0'8'! 8-! #'!
+3()/0-$-(2)'! 8)*)('7! "(&+(2-$,! 3%2?+$! 8-! #+$! /+$&0-0+$,! $-0^(! /0)3-0+$! 9!
3%2?+$! 8-! #+$! 4%-,! /'0'! #+$! ?+3.0-$,! $+(! /0)3-0+$,! $-0^(! -(&+(2-$! /'0'! _)+$!
@#&)3+$! LP&7! FKIJUM7! O+! -$! #'! '/'0)-(2)',! *)&'#! /'0'! 8-&-03)('0! #'! 2'#)1)2'2)B(!
?%3'(',!$)(+!#'!)(&)3)8'8!9!3+&)*'2)+(-$!#+!4%-!-$!0-'#3-(&-!)3/+0&'(&-!/'0'!
_)+$!LJ!G7!JUITM7!!
!
Y2)"B5E)86786>BC)5)"E965>5=h)"E965>5=)5)-55;C6h)J)I55;C6)5)G53EC62)
)
#A.$2-3@!23!#%!&**;4!*3/)2*33#A-(*$@$&8633#A-(*$@$283@!23!#%!&**;4!*3/)2*3
33!c!C0'3!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!!!C3)('8'.,!!!!!!!!!!!!!9!C3)('8'.!!!!!!!!!-(=-(80B!!!!!!!'3
3I$$44,&*63I$$44,2*3@!23!#%!&**;4!*3/)2*3J$'-,&*63
!!!!!!!!!

!!!!!!!O''$B(,!!!!!!!!!!!!!!!!9!O''$B(!!!!!!!!!-(=-(80B!!!!!!!!!'!!!!!!!G'#3B(7!

!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
A'! -$&0%2&%0'! 9! #+$! *-0.+$! $+(! $-3-6'(&-$! '#! &->&+! '(&-0)+07! C]'8)-(8+I3 #A.$2-63 2'$+!
(+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+!;,#/W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-!
?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!
2+3+! 2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-!C$(2W3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+!#3W3 #A-(*$@$&86! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! ;/)"#7#%W3 3 #A-(*$@$28,! 2'$+!
(+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+!;/)"#7#%W3 @!2,! /'0&52%#'! 2+(6%(&)*'!
4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$
%)&"D!2+3+!2+(6%(2)B(!2++08)('(&-!-$!#'!$-=%(8'!-(!10-2%-(2)'!-(!-#!O7D7!8-$/%<$!8-!
C$(2W3!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!

TF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!&"2&"7,#,D$7#,$#$3!6D$'4%5!&"2&"7,@W3/)2*,!2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+!#3W3 I$$44,&*63 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+!O#+@"W3 I$$44,2*63 2'$+! (+3)('&)*+!
3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! O#+@"W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$!
*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!
2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 J$'-,&*63 2'$+!
'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!R#3/@"0$

!
)
A'!=-(-'#+=5'!8-$'00+##'8'!/+0!P'&-+!'#2'(;'!-(!-$&-!&->&+,!'!#+$!&)-3/+$!
8-#![>+8+!9!8-!#'!/-0-=0)('2)B(!/+0!-#!8-$)-0&+7!G-!3-(2)+('!'!C3)('8'.,!?)6+!
8-!C0'3,!#A.$2-3@!23!#%!&**;4!*3/)2*33#A-(*$@$&863;,#/$&"2&"7,@$#$;/)"#7#%D$
4%-!&'3.)<(!$-!#-!##'3'!N'3!LJ!Z07!FIJKM!4%-!-0'!-#!/'80-!8-!"#)$'.-&,!#'!-$/+$'!
8-!C'0+(!L">7!UIFSM7!"#!?)6+!8-!C3)('8'.!$-!##'3'.'!O''$B(,!4%)-(!1%-!-#!6-1-!
+! /05(2)/-! 8-! #'! &0).%! 8-! V%8^! 8%0'(&-! -#! &)-3/+! 8-! #'! /-0-=0)('2)B(! /+0! -#!
8-$)-0&+! LO37! JITW! J! Z07! FIJKM7! A'! &0).%! 8-! V%8^! '2'3/'.'! '#! #'8+! -$&-,! '#!
+0)-(&-,!8-#!D'.-0(^2%#+!LO37!FISM,!#%='0!/+0!8+(8-!$'#-!-#!$+#7!"#!P-$5'$!$-!#-!
'(%(2)'!2+3+!-#!R'3$7&$:!+()*)#!LP'#7!HIFM,!#+!4%-!9'!-(!1)=%0',!9!$)(!'#-=+0);'0!
#'! "$20)&%0',! '/%(&'! '! #'! 3'()1-$&'2)B(! 8-! V-$%20)$&+7! G)=%-! #%-=+! #'!
8-$2-(8-(2)'! 8-$8-! C3)('8'.I3 3 #A-(*$@$283 @!23 !#%!&**;4!*3 /)2*3 I$$44,&*63
I$$44,2*3 @!23 !#%!&**;4!*3 /)2*3 J$'-,&*63 ;/)"#7#%$ &"2&"7,@$ #$ O##+@"$ J$
O##+@"$&"2&"7,@$#$R#3/@"0$
!
[2) G53EC6) 86786>BC) >8) 15P5=) 5) R::^h) R::^) 86786>BC) >8) 1@AP) 5) (=8>h) J)
(=8>)) 5)*;5O2)
)
)
d52)*;5O)86786>BC)53)B8J)0549>2)
)
J$'-,2*3@!23!#%!&**;4!*3/)2*37)&!93!#C3/;<933>K$1$&8637)&!93@!23!#%!&**;4!*3/)2*3
333c!G'#3B(!!!!!!!!-(=-(80B!!!!!!!!!'!!!!!!i++;!!!8-!!!!f!!!!!!!!!!N'?'.,!!!!!!!9!i++;!!!!!!-(=-(80B!!!!!!!!'3
#:,8;2@3!#C3/;<933>K)"&5633#:,8;2@3@!23!#%!&**;4!*3/)2*33#:!44$(&63
!X.-8!!!!!!8-!!!!!f!!!!!!!!N%&?,!!!!!!!!!!!9!X.-8!!!!!!!!!!-(=-(80B!!!!!!!'!!!!!!!!!Y$'57!

#:!44$(23@!23!#%!&**;4!*3/)2*3?$"(2@3/)2*38$4('!&$B3
!!!!!!!!!-!Y$'5!!!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!_'*)8!!!!!-#!!!!!!!!!0-97!

!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
G)=%)-(8+! #'! 3)$3'! 1+03'! 8-! #+$! *-0$52%#+$! /0-2-8-(&-$,! ']'8-I3 J$'-,2*,! 2'$+!
(+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! R#3/@/W! 3 @!2,! /'0&52%#'! 2+(6%(&)*'!
4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$
%)&"D!2+3+!2+(6%(2)B(!2++08)('(&-!-$!#'!$-=%(8'!-(!10-2%-(2)'!-(!-#!O7D7!8-$/%<$!8-!
C$(2W3!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!
'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!&"2&"7,#,D$7#,$#$3!6D$'4%5!&"2&"7,@W3/)2*,!2'$+!

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!

TS!

'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W! 7)&!9,! 2'$+!
'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!k''6W3!#C63/0-/+$)2)B(!8-!=-()&)*+!7&W3
/;<963 2'$+! =-()&)*+! 1-3-()(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 3#W3 3 >K$1$&863 2'$+!
=-()&)*+! 1-3-()(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! X#.#%W3 7)&!963 2'$+! (+3)('&)*+!
3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!k''6W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!
8-! 2+(6%(2)B(,! 2+(! $-(&)8+! 8-! 5&,'D$ /F+$ %)&"D$ JD$ J$ 5',$ *)&,(',! #"(&+$ %)&"D! 2+3+!
2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W! 3 #:,8;2@63 2'$+!
'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!X.-8,!3!#C63/0-/+$)2)B(!8-!8'&)*+!7&W3
/;<9632'$+!8'&)*+!1-3-()(+!$)(=%#'0!8-#!'0&52%#+!8-&-03)('8+!3#W33>K)"&5632'$+!=-()&)*+!
1-3-()(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! X!(.W3 3 #:,8;2@63 2'$+! (+3)('&)*+! 3'$2%#)(+!
$)(=%#'0! 8-#! (+3.0-! /0+/)+! _%&7W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$! *-2-$! 8-!
2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!
2++08)('(&-!-$!#'!$-=%(8'!-(!10-2%-(2)'!-(!-#!O7D7!8-$/%<$!8-!C$(2W3!#%!&**;4!*6!/0)3-0'!
/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!
4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+!
$)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 #:!44$(&63 2'$+! '2%$'&)*+! 3'$2%#)(+!
$)(=%#'0! 8-#! (+3.0-! /0+/)+! N+#?W! 3 #:!44$(263 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-! /0+/)+! N+#?W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$! *-2-$! 8-! 2+(6%(2)B(,! 2+(!
$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!2++08)('(&-!-$!#'!
$-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-!
$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!
&"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
'0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 ?$"(2@63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-!/0+/)+!=#1)7W3/)2*632'$+!'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!'0&52%#+!8-&-03)('8+!
&3W38$4('!&$632'$+!'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!$%$&'(&)*+!,&J7!

3
)
A'! 8)*)$)B(! ('&%0'#! 8-#! /'$'6-! ->)=-! 2+#+2'0! 6%(&+! 2+(! -#! *-0$52%#+! Q,! #'!
/0)3-0'!/'0&-!8-#!U,!9'!4%-!-#!/0)3-0!=0%/+!8-!=-(-'#+=5'!$-!)()2)'!2+(!C.0'?'3!
9!2+(2#%9-!2+(!_'*)8!L*7!JTM7!D+8+$!#+$!/-0$+('6-$!4%-!'/'0-2-(!-(!-$&-!$-2&+0!
8-!#+$!'(&-2-8-(&-$!8-!_'*)8!$+(!2+(+2)8+$!/+0!#'!?)$&+0)'!.5.#)2'7!G'#3B(,!4%-!
1%-! -#! /'80-! 8-! i++;,! -0'! -#! 3'0)8+! 8-! N'?'.I! J$'-,2*3 @!23 !#%!&**;4!*3 /)2*3
7)&!93 !#C3 /;<93 3 >K$1$&863 R#3/@"$ &"2&"7,@$ #$ k''6$ 7&$ X#.#%7! "$! /+0! #'!
=-(-'#+=5'!8-!P'&-+!4%-!$-!2+(+2-!-$'!0-#'2)B(!-(&0-!%(!?+3.0-!8-!Y$0'-#!9!#'!
3%6-0!4%-!$-!8)$&)(=%-!/+0!#'!0-#'2)B(!8-!/0+&-22)B(!4%-!&%*+!2+(!#+$!-$/5'$!4%-!
V+$%<!-(*)B!'!0-2+(+2-0!#'!;+('!8-!Z'('^(!/+0!#'!4%-!).'!'!)()2)'0!#'!2+(4%)$&'!
LV+$7! FM7! G-! 8)2-! 4%-! -0'! %('! 3%6-0! ,#/&,#7! :0+.'.#-3-(&-! ?'.5'! $)8+! %('!
$'2-08+&)$'! 8-! C$-0',! -(! 2%9+! 2%#&+! $-! )(2#%5'! -#! 0)&%'#! 8-! #'! /0+$&)&%2)B(!
$'=0'8'7!:%8)-0'!$-0!&'3.)<(!4%-!1%-$-!%('!3%6-0!/0+$&)&%&'FS 7!C!2'%$'!8-!$%!1-!
-(! _)+$,! 1%-! /0-$-0*'8'! 8-! #'! 3%-0&-! -(! #'! 2+(4%)$&'! 8-! V-0)2B! LR-7! JJISJM,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FS

!:'0'!%(!3'9+0!8-&'##-!-(!-#!-$&%8)+!$+.0-!N'?'.,!*-0!(+&'$!-(!3)!#).0+!V+$%<7!Z#)-f
C(8'3)+7!D-00'$$',!FKKH7!

TH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
?'.)<(8+$-#-!8'8+!)($&0%22)+(-$!8-!/+(-0!-(!#'!*-(&'('!8-!$%!2'$'!%(!2+08B(!8-!
=0'(',!$-]'#!->&-0('!8-!#'!/0+&-22)B(!4%-!_)+$!#-!?'.5'!+&+0='8+!LV+$7!FIJ`,!FJM7!
"#!&0'&+!4%-!8)+!'!#+$!-$/5'$!-(*)'8+$!/+0!V+$%<,!/+(5'!8-!3'()1)-$&+!#'!0-'#)8'8!
8-!$%!1-!-(!_)+$!LG&=7!FIFQM7!N'?'.!1%-!)(&-=0'8'!#%-=+!8-!#'!2+(4%)$&'!9!8-!#'!
/%0)1)2'2)B(!#-='#!-$&'.#-2)8',!'#!/%-.#+!8-!Y$0'-#7!"$&'!-$!#'!$-=%(8'!3%6-0!4%-!
'/'0-2-!-(!#'!=-(-'#+=5'!8-!V-$@$7!C#!)=%'#!4%-!D'3'0,!#'!/0)3-0'!3-(2)+('8'!
'(&-$! L*7! SM,! $%! *)8'! '(&-0)+0! #'! $)&@'! -(! %(! /#'(+! 8-! /-2'8+! -! )(3+0'#)8'8,!
/+$).#-3-(&-!&'3.)<(!8-!)8+#'&05'7!
!
!
"#!$)=%)-(&-!/'$+!-(!#'!=-(-'#+=5'!2)&'!'!i++;,!2+3+!-#!?)6+!8-!G'#3B(!9!
N'?'.7![$&-!$-!2'$B!2+(!N%&?!#'!3%6-0!3+'.)&',!(%-0'!8-!O+-35,!#'!-$/+$'!8-!
"#)3-#-27! N%&?! ?'.5'! -(*)%8'8+! -(! P+'.7! "$&-! &)/+! 8-! 3'&0)3+()+! 3)>&+! (+!
-$&'.'!'.)-0&'3-(&-!/0+?).)8+!-(!#'!A-9,!$'#*+!4%-!$-!&0'&'$-!8-!-3/'0-(&'0!2+(!
3%6-0-$! 2'('(-'$! -(! 0';B(! 8-#! '('&-3'! ('2)+('#! 8-! #+$! /%-.#+$! 8-! '4%-##'!
&)-00',!$)(!-3.'0=+!(+!-0'(!2+($)8-0'8+$!2+3+!2+00-2&+$!/+0!#'!/0+?).)2)B(!8-!
-(&0'0! -(! -#! /%-.#+! 8-! Y$0'-#! #+$! *'0+(-$! /0+2-8-(&-$! 8-! "8+3! 9! P+'.! L_&7!
FSISM7! A'! 1+03'! 3'$2%#)('! 8-#! 3'(8'3)-(&+! )(8)2'! 4%-! $-! &0'&'.'! 8-! *'0+(-$,!
#'$!3%6-0-$!/0+$<#)&'$!8-#!6%8'5$3+,!/+85'(!2'$'0$-!2+(!%(!)$0'-#)&',!'%(!2%'(8+!
(+! 1%-$-! '2+($-6'.#-7! N%&?,! *)%8',! $-! 2'$B! 2+(! i++;,! -#! /'0)-(&-! 4%-! -$&%*+!
8)$/%-$&+!'#!3'&0)3+()+!#-*)0'&+!L_&7!FQIQ,!UM7!_-!-$&-!3'&0)3+()+!('2)B!X.-8,!
-#! '.%-#+! 8-! _'*)8I! 7)&!93 @!23 !#%!&**;4!*3 /)2*3 3#:,8;2@3 !#C3 /;<93 3 >K)"&563k''6$
&"2&"7,@$#$_%&7$7&$X!(.7!_-!X.-8!8-$2-(85'!Y$'5633#:,8;2@3@!23!#%!&**;4!*3/)2*33
#:!44$(&63_%&7$&"2&"7,@$#$N+#?W!9!8-!<$&-!('2)B!2+3+!$</&)3+!?)6+!-#!0-9!_'*)8I!
#:!44$(23 @!23 !#%!&**;4!*3 /)2*3 ?$"(2@3 /)2*3 8$4('!&$,! N+#?$ &"2&"7,@$ #$ =#1)7D$ &3$
,&J! LJ! Z07! FIJQM7! d('! *-;! 3^$! $-! 0-/)&-! #'! -#-22)B(! 8)*)('! -(! #'! #5(-'! 8-!
'$2-(8-(2)'!8-!V-$@$7!O+!2'.-!8%8'!4%-!8-$8-!-#!/%(&+!8-!*)$&'!?%3'(+,!-#!?)6+!
4%-!8-.5'!$%2-8-0!-(!8-0-2?+$!9!.-(8)2)+(-$!'!Y$'5!-0'!$%!/0)3+=<()&+!"#)'.,!$)(!
-3.'0=+!_)+$!?'.5'!-$2+=)8+!'!_'*)8,!-#!@#&)3+,!-(!#%='0!8-#!/0)3-0+7!
!
!
"$!)(8%8'.#-!4%-!-(!#'!=-(-'#+=5'!8-!-$&+$!/0)3-0+$!2'&+02-!'(&-2-$+0-$!
8-!_'*)8,!1'#&'(!3%2?+$!)(&-03-8)+$,!-$/-2)'#3-(&-!-(!-#!-$/'2)+!-(&0-!G'#3B(!
9! i++;,! 9'! 4%-! -#! /0)3-0+! *)*)B! -(! #+$! 85'$! 8-! #'! 2+(4%)$&'! 9! +2%/'2)B(! 8-!
Z'('^(!9!-#!@#&)3+!-(!-#!/-05+8+!1)('#!+!)(&-03-8)+!8-!#+$!V%-2-$7!G)(!-3.'0=+,!
P'&-+,!2+3+!%('!=0'(!3'9+05'!8-!#+$!-$20)&+0-$!.5.#)2+$,!(+!-$&^!)(&-0-$'8+!-(!
#'! 20+(+#+=5',! $)(+,! -(! -$&-! 2'$+,! -(! #'! Z0)$&+#+=5'7! "#! -*'(=-#)$&'! -$&^!
8-$'00+##'(8+!%('!20+(+#+=5'!8-!V-$@$,!/#-('3-(&-!8+2%3-(&'8'!2+(1+03-!'!#'$!
+&0'$! 20+(+#+=5'$! .5.#)2'$,! +08-('8'! -(! %('! $%2-$)B(! 8-$2-(8-(&-! 8-$8-!
C.0'?'3!'!_'*)8,!/+()-(8+!-$#'.+(-$!8-!-$'!2'8-('!'%(4%-!(+!2)&'!&+8'!-##'7!
"#!)(&-0<$!8-!P'&-+!-$&^!-(!8-3+$&0'0!4%-!0-'#3-(&-!V-$@$!8-!O';'0-&!-$!-#!R)6+!
8-!_'*)87!
!
08;>8)0549>)5)35)>8D:BA5?9C6)UVWdXVV\2)
)

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!
d=2)0549>)86786>BC)5)G53:EC6)>8)35)S@8)<@8)E@T8B)>8)&BO5;2)
)
?$"(2@3@!23!#%!&**;4!*3/)2*3J)')-,<*$3!#C3/;<93/)"<3L"#.(&)"63

TQ!

!!!c!_'*)8!!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!G'#+3B(!!!!!!!!!!8-!!!!#'!!!!!!!f!!!!!!!8-!d05'$7!

!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
G)=%)-(8+!#'!3)$3'!1+03'!'(&-0)+0,!-$20).-I!?$"(2@,!2'$+!(+3)('&)*+!3'$2%#)(+!$)(=%#'0!
8-#! (+3.0-! /0+/)+! =#1)7W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$! *-2-$! 8-! 2+(6%(2)B(,!
2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!2++08)('(&-!
-$!#'!$-=%(8'!-(!10-2%-(2)'!-(!-#!O7D7!8-$/%<$!8-!C$(2W3!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!
$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!
&"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
'0&52%#+!8-&-03)('8+!8-2#)('8+!#3W3J)')-,<*$632'$+!'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!
(+3.0-!/0+/)+!R#3'/@"W3!#C63/0-/+$)2)B(!8-!=-()&)*+!7&W3/;<9,!2'$+!=-()&)*+!1-3-()(+!
$)(=%#'0!8-#!'0&52%#+!8-&-03)('8+!3#W3/)"<632'$+!=-()&)*+!3'$2%#)(+!$)(=%#'0!8-#!'0&52%#+!
8-&-03)('8+! 8-2#)('8+! 7&3W! L"#.(&)"63 2'$+! =-()&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-!
/0+/)+!o,?#+7!"#!$-(&)8+!-$$7&$3#$>!&$A!&$/!:&,$7&$o,?#+,!2#^%$%#'!8-!0-#'2)B(!$)(!$%6-&+!
8-1)()8+,!4%-!8-3'(8'05'!%"*;&63/!:&,D$&+5'+#,!2+(!8'&)*+!(+3)('#!7&$o,?#+7!

!
!
G'#+3B(,!-#!4%-!).'!'!$-0!0-9!-(!#%='0!8-!$%!/'80-!_'*)8,!1%-!2+(2-.)8+!
8-!#'!4%-!?'.5'!$)8+!-$/+$'!8-!d05'$,!-#!1)-#!$+#8'8+!8-!_'*)8,!'!4%)<(!<$&-!4%)&B!
#'!*)8'!/'0'!'/0+/)'0$-!8-!$%!-$/+$'!i-&$'.<7!P'&-+!-(1'&);'!-$&'!2)02%($&'(2)'!
-(! #'! 2+($&0%22)B(! 8-! #'! 10'$-,! 4%-! $-! *)-0&-! 2+3+! 47&$ 3#$ >!&$ A!&$ /!:&,$ 7&$
o,?#+87!"#!?)6+!/0)3-0+!2+(2-.)8+!-(!'4%-##'!0-#'2)B(!'8%#&-0)('!3%0)B!8-$/%<$!
8-!('2-0!LF!G7!JFIJQ,!J`M7!P^$!&'08-,!8-!-$'!3)$3'!3%6-0,!2+3+!$-=%(8+!?)6+,!
('2)B!G'#+3B(!LF!G7!JFIFHM7!C4%-#!?)6+!1%-!4#/#7'$7&$<&.'1F8!LF!G7!JFIFH.M7!
_-$8-!_'*)8,!/+0!G'#+3B(,!$)=%-!#'!#5(-'!8-!#'!$%2-$)B(!'#!&0+(+7!
!
!
"#! "$/50)&%! 8-6'! 2+($&'(2)'! 4%-! #+$! ?+3.0-$,! '@(! '4%-##+$! 4%-! $+(!
4*'"A',/&$ #3$ *',#6@"$ 7&$ =)'+8,! $+(! /-2'8+0-$7! D+8+$,! $)(! ->2-/2)B(! &-(5'(!
(-2-$)8'8! 8-#! /-08B(! 8)*)(+7! D+8+$! (-2-$)&'0+(! 8-! #'! =0'2)'! 8-! _)+$! /'0'!
$'#*'2)B(7! "#! R)6+! 8-! _'*)8,! -#! P-$5'$! /0+3-&)8+,! *)-(-! '#! 3%(8+! 8-! #+$!
?+3.0-$!2+(!%(+$!'(&-2-$+0-$!)3/-01-2&+$7!"$!(+&'.#-!'/0-2)'0!4%-!)(2#%$+!#+$!
4%-! $-! 2+($)8-0'(! 3^$! /-01-2&+$,! 2+3+! -#! 5#7,&$ 7&$ 3'+$ *,&J&"(&+,! C.0'?'3,!
&'3.)<(! &%*+! 8-.)#)8'8-$,! 1#'4%-;'$! -! )(2#%$+! '22)+(-$! *-0=+(;+$'$,! 2+3+! -#!
)(2)8-(&-!-(!"=)/&+!2+(!$%!-$/+$'!G'0'!La(7!JFIJKfFKM,!9!3^$!&'08-!$-3-6'(&-!
'2&%'2)B(! 2+(! C.)3-#-2,! -#! 0-9! 8-! a-0'0! La(7! FKIJfJ`M7! _-! #'! 3)$3'! 1+03'!
+2%00-!2+(!Y$''2,!2+(!)(2)8-(&-$!$-3-6'(&-$!'!#+$!8-!$%!/'80-!La(7!FUIJfJJM7!G%!
?)6+! V'2+.! &%*+! %('! *)8'! 2+(! =0'*-$! )(2)8-(&-$! -$/)0)&%'#-$,! 2+3/0'(8+! '! $%!
?-03'(+!#+$! 8-0-2?+$! 8-!/0)3+=-()&%0'! La(7! FQIF\fSHMW! -(=']'(8+! '! $%!/'80-!
'(2)'(+!9!2)-=+!La(7!FTIJ`fFHM7!V%8^,!$)=%)-(&-!-(!#'!=-(-'#+=5',!2+(!'$/-2&+$!
#)2-(2)+$+$! 9! /-2'3)(+$+$! -(! $%! *)8',! 2+3+! -#! =0'*-! )(2)8-(&-! 2+(! $%! (%-0'!
D'3'0!La(7!STM7!Z'8'!%(+!8-!-##+$!&%*+!4%-!2+(1-$'0!$%!/-2'8+!9!0-2+(+2-0!$%!

TU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
2+(8)2)B(! 8-#'(&-! 8-! _)+$,! -(! 3'()1-$&'2)+(-$! /-0$+('#-$! 0-*-#'8+0'$7! "#! R)6+!
8-! _)+$,! &+3'! 2+3+! '$2-(8)-(&-$! ?+3.0-$! /-2'8+0-$! 4%-! 3'()1)-$&'(! $%!
2+(8)2)B(!-(!#'$!'22)+(-$!4%-!#'!"$20)&%0'!0-*-#'7!A+!?'2-!/'0'!)8-(&)1)2'0$-!2+(!
#+$!?+3.0-$!-(!#'!8)3-($)B(!'.$+#%&'!8-!%('!?%3'()8'8!2+3+!#'!(%-$&0',!/-0+!
$)(!/-2'8+7!
!
_2)G53:EC6)86786>BC)5)1:=:5Eh)1:=:5E)5)"=O5;h)J)"=O5;)5)";52)
)
J)')-,2*3@!23!#%!&**;4!*3/)2*33>K)8)$&-633>K)8)$2-3@!23!#%!&**;4!*3/)2*333
!!!!!c!G'#+3B(!!!!!!-(=-(80B!!!!!!!!!!!'!!!!!!!N+.+'3,!!!!!!!!!!!c!N+.+'3!!!!!!!-(=-(80B!!!!!!!!!'!!!!!!!!!!

#A8($&633#A8($23@!23!#%!&**;4!*3/)2*33#A4$&DM63
C.5'$!!!!!!!!!9!C.5'$!!!!!!!-(=-(80B!!!!!!!!!!'!!!!!!!!!C$'!
!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!

Z05&)2'!D->&%'#7!A-2&%0'$!'#&-0('&)*'$7!
!
M
3 #A4$&D63 ;+#A,! '&-$&)=%'8'! -(! DJ*)8,! !,! i,! Z,! AJ,! AJS,! FKQ,! TKK,! JKTJ,! 3! FQS,! )&'%0,2,=J,j,J,!
*=3$$,!2+/$',!3-=,!.+,!'03,!-&?,!=-+,!C3.0+$)+7!
3
3#A4$63 ;+#,! 4%-! $-! #--! -(! A,! n,! ?,! F`,! SS,! J`K,! QUQ,! QT\,! Q\T,! `F`,! `\F,! JKKU,JKJK,!
JFHJ,!JFHS,!JF\F,!JSHF,!JHFH,! JQKQ,!k)6! s",! Jt,! I&*(! )&1,! 11J,! *=,! $902,! $,! /,! ?,! /'#,! $#'*,! :$7!
"$&'2)+!8-!C(&)+4%5'7!
!
G)(! ()(=@(! 2'3.)+! $)=%-I!J)')-,2*63 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-!
/0+/)+!R#3'/@"W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!
8-! 5&,'D$ /F+$ %)&"D$ JD$ J$ 5',$ *)&,(',! #"(&+$ %)&"D! 2+3+! 2+(6%(2)B(! 2++08)('(&-! -$! #'!
$-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-!
$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!
&"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
'0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 >K)8)$&-63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-! /0+/)+! X'%'#/W3 3 >K)8)$2-,! 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-!
/0+/)+!X'%'#/W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!
8-! 5&,'D$ /F+$ %)&"D$ JD$ J$ 5',$ *)&,(',! #"(&+$ %)&"D! 2+3+! 2+(6%(2)B(! 2++08)('(&-! -$! #'!
$-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-!
$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!
&"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
'0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 A8($&6,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-!/0+/)+!;%?#+W33#A8($2632'$+!(+3)('&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!
;%?#+W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$
/F+$ %)&"D$ JD$ J$ 5',$ *)&,(',! #"(&+$ %)&"D! 2+3+! 2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(!
10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-! $)(=%#'0! 8-#!
'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!&"2&"7,#,D$
7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+!
8-&-03)('8+! 8-2#)('8+! #3W3 3 #A4$&D,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-!
/0+/)+!;+#0$

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
TT!
!
!
P'&-+!-(&0'!'?+0'!-(!#'!=-(-'#+=5'!8-!#+$!0-9-$!$%2-$+0-$!8-!_'*)8,!/+0!
#'! #5(-'! 8-! G'#+3B(,! -#! $)=%)-(&-! 3+('02'! -(! Y$0'-#! 8-$/%<$! 8-! $%! 3%-0&-7!
G'#+3B(! 1%-! %(+! 8-! #+$! 0-9-$! 3^$! =0'(8-$,! ?%3'('3-(&-! ?'.#'(8+,! 8-! #'!
('2)B(!?-.0-'7!"#!&-$&)3+()+!4%-!-#!"$/50)&%!8'!8-!<#,!'#!2+3)-(;+!8-!$%!0-)('8+!
-$! 4%-! 4#/#%#$ #$ <&.'1F$ J$ '%&7&*?#$ +!+$ &+(#(!('+8! LJ! N7! SISM7! A+$! /0)3-0+$!
&)-3/+$! 8-$/%<$! 8-! $%2-8-0! '! _'*)8,! ?);+! +.0'$! 9! '22)+(-$! 8-! =+.)-0(+! 4%-!
'$+3.0'0+(! '! &+8+$7! _)+$! -$&'.'! 2+(! <#7! R'.5'! ! /-8)8+! '! _)+$! $'.)8%05'! /'0'!
=+.-0('0! 2+(*-()-(&-3-(&-! #'! ('2)B(,! 0-2+(+2)-(8+! $%$! #)3)&'2)+(-$! 10-(&-! '!
%('! 0-$/+($'.)#)8'8! &'(! =0'(8-! 9,! 2+3+! 0-$/%-$&'! '! $%! ?%3)#8'8,! _)+$! #-! 8)+!
2'/'2)8'8! 9! $'.)8%05'! 2+3+! ()(=@(! +&0+! '(&-$! ()! 8-$/%<$,! /'0'! =+.-0('0! #'!
('2)B(7! R'.5'! /-8)8+! $'.)8%05'! 9! -#! G-]+0! #-! 2+(2-8)B,! '8-3^$! 8-! $'.)8%05',!
/0%8-(2)'!9!#+(='()3)8'8!LJ!N7!HIF\M7!m%-!-#!0-9!4%-!2+($&0%9B!-#!&-3/#+!/'0'!
_)+$,! 2+(1+03-! '! #+! 4%-! ?'.5'! $)8+! '(%(2)'8+! '! $%! '(&-2-$+0! _'*)8! /+0! -#!
/0+1-&'!O'&^(!LF!G7!TIJFM7!A'!=#+0)'!8-!_)+$!$-!?);+!/0-$-(&-!-(!#'!)('%=%0'2)B(!
8-!#'!2'$'!4%-!G'#+3B(!#-!?'.5'!-8)1)2'8+!LF!Z07!QIJHM7!D+8+!?'05'!$%/+(-0!%('!
*)8'! 8-! $%3)$)B(! '! _)+$,! $)(! -3.'0=+,! 2+3+! -(! -#! 0-$&+! 8-! #+$! ?+3.0-$!
0-#'2)+('8+$!-(!#'!=-(-'#+=5'!8-!V-$@$,!#'!*)8'!8-!G'#+3B(!&-03)(B!-(!10'2'$+7!
A+$! 3%2?+$! 3'&0)3+()+$! 8-! G'#+3B(! 2+(! 3%6-0-$! ->&0'(6-0'$! 2+(&0'*-(5'! #'$!
+08-('(;'$! -$&'.#-2)8'$! /+0! _)+$! /'0'! -#! 0-9! 4%-,! 2+(1+03-! '! #'! #-9,! (+! 8-.5'!
&-(-0! 3%2?'$! 3%6-0-$! L_&7! JTIJTM7! A'! 2+($-2%-(2)'! 1%-! %('! 8-$*)'2)B(! 8-#!
2+0';B(!8-!G'#+3B(! /'0'! '8+0'0! 8)+$-$! 1'#$+$! LJ! N7!JJIJfJHM7! "$!-*)8-(&-! 4%-!
(+!'#2'(;B!-#!()*-#!-$/)0)&%'#!8-!$%!/'80-!_'*)87!A'!0-#'2)B(!3+0'#!9!-$/)0)&%'#!
8-!#+$!0-9-$!8-!Y$0'-#!$-!3)8-!-(!0-#'2)B(!2+(!_'*)8!9!(+!2+(!G'#+3B(7!!
!
!
"#! $)=%)-(&-! -(! +08-(! =-(-'#B=)2+! 8-$/%<$! 8-! G'#+3B(! 1%-! $%! ?)6+!
N+.+'3I! J)')-,2*3 @!23 !#%!&**;4!*3 /)2*3 3 >K)8)$&-,! R#3'/@"$ &"2&"7,@$ #$
X'%'#/7!d(!6+*-(!'00+='(&-!9!1'#&+!8-!-(&-(8)3)-(&+7!O+!8-6'!8-!-$&'0!/0-$-(&-!
#'! 1)=%0'! 8-! N+.+'3! -(! -#! #-2&+0! 8-! :0+*-0.)+$,! 2'8'! *-;! 4%-! $-! 3-(2)+('! '#!
?)6+!(-2)+!4%-!-$!#'!8-$=0'2)'!8-!$%!/'80-7!O%(2'!'83)&)B!2+($-6+$,!(%(2'!?);+!
2'$+!8-!+.$-0*'2)+(-$,!(%(2'!'2&%B!2+(!3+8-0'2)B(,!/0%8-(2)'!9!3)$-0)2+08)'7!
[#!-0'!3^$!-(!&+8+,!4%-!$%!/'80-,!$-=@(!$%!20)&-0)+!/-0$+('#7!A+!3^$!1%-0&-!8-!
G'#+3B(! -0'! #+! 3^$! 8<.)#! 8-! N+.+'3! LJ! N7! JFIJKM7! "$&'! 1%-! #'! 2'%$'! 4%-!
/0+/)2)B! #'! 8)*)$)B(! 8-#! 0-)(+7! Z+(! &+8+,! 9'! ?'.5'! $)8+! 8-2)$)B(! 8)*)('! 2+3+!
0-'22)B(!'!#+$!/-2'8+$!8-!G'#+3B(!LJ!N7!JJI\fJJM7!C4%-##'!=0'(!('2)B(!8-!#+$!
85'$!8-!_'*)8,!4%-8B!0-8%2)8'!'!8+$!&0).%$!-(!-#!$%0,!V%8^!9!i-(6'35(7!A'$!8)-;!
&0).%$! 8-#! (+0&-! )()2)'0+(! %('! '(8'8%0'! /+0! -##'$! 3)$3'$! (+3.0'(8+! 0-9! '!
V-0+.+'3,!2+3+! _)+$! 3)$3+! ?'.5'! 8-&-03)('8+! LJ!N7! JJIF\fHKM7! "#! /0+.#-3'!
8-!+0=%##+!-$!#'!/0)(2)/'#!0';B(!8-!#'!0-&)0'8'!8-!.-(8)2)+(-$!/+0!_)+$!$+.0-!-#!
+0=%##+$+7! "#! 3)$3+! G'#+3B(! #+! ?'.5'! -$20)&+! '(&-$! L:07! SISHW! F\IFSM7! V-$@$!
)(*)&B! '! $%$! $-=%)8+0-$! '! $-0! 2+3+! [#,! 3'($+! 9! ?%3)#8-! 8-! 2+0';B(! LP&7!
!!!!!!!!!

T`!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

JJIF\M FH 7!A'!.-(8)2)B(!8-!_)+$!8-$2)-(8-!$+.0-!-#!4%-!-(!?%3)#8'8!8-/-(8-!8-!
#'!=0'2)'!/'0'!$%!*)8'!LG&=7!HIUM7!
!
!
"#! ?)6+! 8-! N+.+'3! 1%-! C.5'$! +! C.)'3! LF! Z07! JFIJUM,! '$5! -$2).-! P'&-+I3
>K)8)$2-3@!23 !#%!&**;4!*3/)2*3#A8($&63X'%'#/$&"2&"7,@$#$;%?#+7!"$!8-$&'2'.#-!
#'!.'&'##'!2+(&0'!V-0+.+'3!Y!-#!0-9!8-!#'$!8)-;!&0).%$!8-#!(+0&-,!-(!8+(8-,!2+(!%(!
-6<02)&+! 3-(+0! 2+($)=%)B! #'! *)2&+0)'! 0-2+(+2)-(8+! #'! $+.-0'(5'! 8-! _)+$! -(!
0-#'2)B(! 2+(! -#! 0-)(+! 8-#! $%0! 9! #'! #5(-'! 8-! $%2-$)B(! 2+(1+03-! '! #'$! /0+3-$'$!
?-2?'$!'!_'*)8!LF!Z07!JSIJ$$M7!"(!-#!8)$2%0$+!'!#'$!&0+/'$!'(&-$!8-!#'!.'&'##',!-#!
0-9! C.5'$! '1)03'! 3'(&-(-0$-! -(! #+! -$&'.#-2)8+! /+0! _)+$! /'0'! -#! 2%#&+,!
3'(&-()-(8+!-#!$'2-08+2)+!#-*5&)2+!2+3+![#!?'.5'!-$&'.#-2)8+7!G)(!-3.'0=+,!-#!
"$/50)&%! 8-6'! 2+($&'(2)'! 8-! $%! /-2'8+! '#! $-=%)0,! 2+3+! $%! /'80-! N+.+'3! '! #+$!
58+#+$!8-!+&0'$!('2)+(-$!9!3'(&-(-0!#%='0-$!8-!2%#&+!/'0'!-##+$!LJ!N7!JQISM7!GB#+!
#'!=0'2)'!3)$-0)2+08)+$'!8-!_)+$!3'(&%*+!'!-$&-!0-9!-(!-#!&0+(+,!'1)03'(8+!2+(!
-##+! #'! #5(-'! 8-! $%2-$)B(! /+0! #'! 4%-! -#! N-9! 8-! 0-9-$,! *-(805'! '#! 3%(8+! 8-! #+$!
?+3.0-$7!
!
!
_-$/%<$! 8-! C.5'$,! *)(+! C$'! LJ! N7! JQI`f\MI3 #A8($23 @!23 !#%!&**;4!*3 /)2*33
#A4$&D63 ;%?#+$ &"2&"7,@$ #$ ;+#7! "#! &-$&)3+()+! .5.#)2+! $+.0-! -$&-! 0-9! -$! 8-!
0-2&)&%8!8-#'(&-!8-!_)+$,!'!$-3-6'(;'!8-!_'*)8!LJ!N7!JQIJJM7!_%0'(&-!$%!0-)('8+!
$-!##-*B!'!2'.+!%('!#)3/)-;'!8-!#'!)8+#'&05'!-(!V%8^7!A'!#)3/)-;'!3+0'#!&%*+!4%-!
*-0!&'3.)<(!2+(!#+$!?+3+$->%'#-$,!4%-!/0'2&)2'.'!#'!/0+$&)&%2)B(!$'=0'8'!-(!#+$!
2%#&+$! 8-! 2)-0&+$! 8)+$-$! LJ! N7! JHIFHM,! &+8+$! -$&+$,! 6%(&+! 2+(! #'! #)3/)-;'! 8-! #'!
)8+#'&05',!1%-0+(!4%)&'8+$!8-#!0-)(+!8-#!$%0!LJ!N7!JQIJF'M7!O+!+.$&'(&-,!2+($)(&)B!
-(!4%-!#+$!3!2#,&+$#3('+,!8-$&)('8+$!'!2)-0&'$!/0^2&)2'$!8-!2%#&+!)8+#^&0)2+!3-(+0,!
/-03'(-2)-$-(!-(!#'!('2)B(!LJ!N7!JQIJHM7!A'!2+(8)2)B(!-$/)0)&%'#!8-!#+$!0-9-$!8-!
V%8^! -*)8-(2)'! #'! ('&%0'#-;'! ?%3'(',! )(2#)('8'! '#! 3'#! '! 2'%$'! 8-#! /-2'8+,!
3'()1-$&^(8+$-!-(!2'8'!%(+!8-!-##+$7!
!
a2)";5)86786>BC)5)g:;5<5Ah)g:;5<5A)5)g:B5Eh)J)g:BKE)5)&^O5;2)
)
3
#A4$2D3@!23!#%!&**;4!*3/)2*33#:,4$D$&/633#:,4$D$2/3@!23!#%!&**;4!*3/)2*33
!!!!!!!c!C$'!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!!V+$'1'&,!!!!!!!!!!!!!!!!!!!9!V+$'1'&!!!!!!!-(=-(80B!!!!!!!!!'!!!!!!!
#:,.$&-6!!#:,.$2-3@!23!#%!&**;4!*3/)2*33#L+(&$*6!
3V+0'33!!!!!!!!!!9!V+0'3!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!d;5'$7!
!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
)
G)(! $+#%2)B(! 8-! 2+(&)(%)8'8,! ']'8-I3 #A4$2D,! 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-! /0+/)+! ;+#W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$! *-2-$! 8-! 2+(6%(2)B(,! 2+(!
$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!2++08)('(&-!-$!#'!
$-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FH

!g-0!2+3-(&'0)+!'#!*-0$52%#+!-(!-#!2+00-$/+(8)-(&-!'/'0&'8+7!

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!

T\!

$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!
&"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
'0&52%#+! 8-&-03)('8+! 8-2#)('8+!#3W3 3 #:,4$D$&/63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-! /0+/)+! <'+#A#(W3 3 #:,4$D$2/63 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-!
/0+/)+!<'+#A#(W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!
8-! 5&,'D$ /F+$ %)&"D$ JD$ J$ 5',$ *)&,(',! #"(&+$ %)&"D! 2+3+! 2+(6%(2)B(! 2++08)('(&-! -$! #'!
$-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-!
$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!
&"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
'0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W! ! #:,.$&-6! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-!/0+/)+!<',#/W!!!#:,.$2-,!2'$+!(+3)('&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!
<',#/W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$
/F+$ %)&"D$ JD$ J$ 5',$ *)&,(',! #"(&+$ %)&"D! 2+3+! 2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(!
10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-! $)(=%#'0! 8-#!
'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!&"2&"7,#,D$
7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+!
8-&-03)('8+! 8-2#)('8+! #3W3 3 #L+(&$*63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-!
/0+/)+!o6?#+7!

!
!
G)=%-! #'! =-(-'#+=5'I! #A4$2D3 @!23 !#%!&**;4!*3 /)2*3 3 #:,4$D$&/63 ;+#$
&"2&"7,@$#$<'+#A#(7!A+$!$)=%)-(&-$!0-9-$!-(!-#!+08-(!=-(-'#B=)2+!2+3)-(;'(!/+0!
V+$'1'&,! -#! ?)6+! 8-! C$'! LJ! N7! JQIFHM7! "#! &-$&)3+()+! .5.#)2+! $+.0-! <#! -$! 8-!
2+3/0+3)$+! 2+(! _)+$,! '! $-3-6'(;'! 8-! $%! '(&-/'$'8+! _'*)87! Z+3+!
2+($-2%-(2)'! &%*+! '.%(8'(&-! .-(8)2)B(! /-0$+('#! LF! Z07! JTIQM7! G)(&)B! %(!
/0+1%(8+!)(&-0<$!/+0!-($-]'0!'#!/%-.#+!-(!#'!:'#'.0'!8-!_)+$,!-(*)'(8+!/+0!&+8'!
#'!('2)B(!'!)(&<0/0-&-$!8-!#'!#-9!/'0'!)($&0%)0#+,!'2+3/']'8+$!/+0!/05(2)/-$!8-!#'!
2'$'! 0-'#! LF! Z07! JTITf`M7! D+8'$! #'$! ('2)+(-$! 8-#! -(&+0(+,! )(2#%9-(8+! '! #+$!
1)#)$&-+$,! -(-3)=+$! &0'8)2)+('#-$! 8-! Y$0'-#,! &0'5'(! /0-$-(&-$! 9! &0).%&+$,! 2+3+!
->/0-$)B(!8-#!$-(&)3)-(&+!8-!/0+1%(8+!0-$/-&+!/+0!V%8^,!3+&)*'8+!/+0!#'!'22)B(!
8-! _)+$! -(! -$&'$! ('2)+(-$! LF! Z07! JTIJKfJJM7! Z+(! &+8+,! #'! ?)$&+0)'! 8-! -$&-! 0-9!
/+(-! &'3.)<(! 8-! 3'()1)-$&+! #'$! '#)'(;'$! 4%-! ?);+! 2+(! C2'.,! -#! /-0*-0$+! 0-9!
Y$0'-#,!%()-(8+!-(!3'&0)3+()+!'!$%!?)6+!V+0'3!2+(!#'!?)6'!8-!'4%-#!LF!Z07!FJIUM,!
'8-3^$!8-!#'!'#)'(;'!3)#)&'0!LJ!N7!FFISfHM,!9!%(!/'2&+!2+3-02)'#,!2+(!X2+;5'$,!
+&0+!8-!#+$!0-9-$!8-!Y$0'-#,!)8B#'&0'!2+3+!$%$!'(&-2-$+0-$!LF!Z07!FKISQfSTM7!
!
!
P'&-+! ?'2-! 0-1-0-(2)'! '! V+0'3,! -#! ?)6+! 8-! V+$'1'&,! #:,4$D$2/3 @!23
!#%!&**;4!*3/)2*33#:,.$&-63<'+#A#($&"2&"7,@$#$<',#/,!!4%-!0-)(B!'!#'!3%-0&-!8-!
$%!/'80-7!A'$!)(1#%-(2)'!/-0()2)+$'!8-!$%!3%6-0,!?)6'!8-!C2'.,!#-!2+(*)0&)B!-(!%(!
'$-$)(+!8-$8-!-#!/0)(2)/)+!8-!$%!0-)('8+,!3'&'(8+!'!$%$!?-03'(+$!LF!Z07!FJIHM7!
G)=%)-(8+!-#!2'3)(+!8-!#'!)8+#'&05'!4%-!$%!$%-=0+,!-$/-2)'#3-(&-!/+0!3-8)+!8-!
$%!3%6-0,!?'.5'!)(&0+8%2)8+!-(!-#!0-)(+!8-!(+0&-,!Y$0'-#7!"$&+!#-!2+$&B!-#!6%)2)+!8-!
_)+$,! 4%)-(! /-03)&)B! 4%-! #+$! 4%-! '(&-$! -0'(! /%-.#+$! &0).%&'0)+$! $-! #-*'(&'$-(!
2+(&0'! <#,! ##-*'(8+! &+8'$! $%$! 0)4%-;'$! 9! '! $%! 1'3)#)',! 3)-(&0'$! 4%-! <#! 3)$3+!

`K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
/'8-2)B!%('!=0'*-!-(1-03-8'8!)(&-$&)('#!8-!#'!4%-!3+0)05'!-(!3-8)+!8-!=0'(8-$!
8+#+0-$!LF!Z07!FJIJUfJ\M7!
!
!
"(! $%! /0+/B$)&+! 8-! '6%$&'0! '! 2'&+02-! 2'8'! %(+! 8-! #+$! &0-$! =0%/+$! 8-! #'!
=-(-'#+=5'! 8-! V-$@$,! P'&-+! $-! 0-1)-0-,! 8-$/%<$! 8-! V+0'3! '! d;5'$,! ! #:,.$2-3 @!23
!#%!&**;4!*3 /)2*3 #L+(&$*,! <',#/$ &"2&"7,@$ #$ o6)#+,! ! 4%-! &'3.)<(! $-! #-! ##'3B!
C;'05'$!LJ!N7!JQIJM7!"$!-*)8-(&-!4%-!-(&0-!#+$!8+$!?'9!+&0+$!&0-$!0-9-$,!X2+;5'$!
LF! N7! `IFQW! F! Z07! FFIJMW! V+^$! LF! N7! JJIFJW! JFIJW! F! Z07! FHIJM,! 9! C3'$5'$! LF! N7!
JHIJW!F!Z07!FQIJM7!Z+3+!9'!$-!8)6+!'(&-$!-#!)(&-0<$!8-!P'&-+!(+!-$!#'!20+(+#+=5',!
$)(+! #'! Z0)$&+#+=5',! -$! 8-2)0,! $%! )(&-(2)B(! -$&^! -(! 8-3+$&0'0! /+0! 3-8)+! 8-! #'$!
#)$&'$!=-(-'#B=)2'$!4%-!V-$@$!-$!-#!Z0)$&+,!-#!R)6+!8-!_'*)87!d;5'$!-$!%(+!8-!#+$!
0-9-$!8-!V%8^!8-!4%)-(!#'!"$20)&%0'!&-$&)1)2'!4%-!?);+!#+!0-2&+!8-#'(&-!8-#!G-]+0!9!
/-0$)$&)B! -(! .%$2'0! '! _)+$! LF! Z07! FUIHfQM7! :+0! -$&'! 2'%$'! 1%-! .-(8-2)8+,!
/0+$/-0'(8+! &'(&+! -(! -#! $-(&)8+! /-0$+('#! 2+3+! 2+(&0'! $%$! -(-3)=+$! LF! Z07!
FUIU$$M7!Z+(!&+8+,!'#!1)('#!8-!$%!*)8',!2%'(8+!$-!$)(&)B!1%-0&-!2+3+!0-9,!8-6B!'!
_)+$! '2&%'(8+! '00+='(&-3-(&-! 2+(&0'! #+! 4%-! -#! G-]+0! ?'.5'! -$&'.#-2)8+,!
'&0-*)<(8+$-! '! -(&0'0! -(! -#! $'(&%'0)+! /'0'! 4%-3'0! )(2)-($+7! A'! -(&0'8'! '#!
$'(&%'0)+! -$&'.'! 0-$-0*'8'! $B#+! '! #+$! $'2-08+&-$! -(! -#! 3)()$&-0)+! 8)'0)+! 8-! $%!
+1)2)+! $'2-08+&'#7! A+! ?);+! '! /-$'0! 8-! #'$! '8*-0&-(2)'$! 4%-! #+$! $'2-08+&-$! #-!
?)2)-0+(7!G%!/-0*-0$'!'22)B(!#-!+2'$)+(B!#'!3^$!'10-(&+$'!-(1-03-8'8!2+3+!-0'!
#'! #-/0',! 4%-! #-! .0+&B! -(! $%! 10-(&-,! 2%'(8+! -$&'.'! 8-(&0+! 8-#! $'(&%'0)+,! '!
2+($-2%-(2)'!8-!#+!2%'#!*)*)B!'/'0&'8+!-(!%('!0-$)8-(2)'!?'$&'!$%!3%-0&-!LF!Z07!
FUIJUfFSM7! d('! *-;! 3^$! '/'0-2-(! #+$! 10'2'$+$! -(! #'! *)8'! 8-! 4%)-(-$! $+(!
'(&-2-$+0-$!8-#!P-$5'$7!!
!
`2)&^O5;)86786>BC)5)g:A5Eh)g:A5E)5)"?5^h)J)"?5^)5),^8S@O5;2)
!
#L+(&$93@!23!#%!&**;4!*3/)2*33#:,$5$&-633#:,$5$2-3@!23!#%!&**;4!*3/)2*33#A1$&+63
333c!d;5'$!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!!V+&'3,!!!!!!!!!!!!!!!9!V+&'3!!!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!C2';,!
#A1$2+3@!23!#%!&**;4!*3/)&*33>H+!C(&$*63
!!!!9!!C2';!!!!!!!!-(=-(80B!!!!!!!!!'!!!!!!!!";-4%5'$7!

!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
A'! -$&0%2&%0'! 8-#! *-0$52%#+! -$! )8<(&)2'! '! #+$! '(&-0)+0-$I3 #L+(&$9,! 2'$+! (+3)('&)*+!
3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! o6?#+W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$!
*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!
2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 #:,$5$&-63 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! <'(#/W! ! #:,$5$2-63 2'$+! (+3)('&)*+!
3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$! *-2-$! 8-!
2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!

`J!

2++08)('(&-!-$!#'!$-=%(8'!-(!10-2%-(2)'!-(!-#!O7D7!8-$/%<$!8-!C$(2W3!#%!&**;4!*6!/0)3-0'!
/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!
4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+!
$)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 3 #A1$&+63 2'$+! '2%$'&)*+! 3'$2%#)(+!
$)(=%#'0! 8-#! (+3.0-! /0+/)+! ;+#W3 3 #A1$2+63 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-! /0+/)+! ;+#W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$! *-2-$! 8-! 2+(6%(2)B(,! 2+(!
$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!2++08)('(&-!-$!#'!
$-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-!
$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!
&"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
'0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 3 >H+!C(&$*6! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-!/0+/)+!EC&>!)#+7!

!
!
A+$! &0-$! 0-9-$! 8-#! &->&+! $)=%-(! #'! #5(-'! 8)0-2&'! 8-! /'80-$! '! ?)6+$7! "#!
/0)3-0+! 8-! -##+$! -$! V+&'3,! -#! ?)6+! 8-! d;5'$,! L+(&$93 @!23 !#%!&**;4!*3 /)2*33
#:,$5$&-63o6?#+$&"2&"7,@$#$<'(#/!LF!N7!JQISFfS`W!F!Z07!FTIJf\M7!"#!&-$&)3+()+!
.5.#)2+! $+.0-! V+&'3! -$! 8-! 1)8-#)8'8! '! _)+$! LF! Z07! FTIFM7! P)-(&0'$! 4%-! -#! 0-9!
$-=%5'! -#! 2'3)(+! 2+00-2&+,! -#! /%-.#+! $-! ).'! 2+00+3/)-(8+! '! 3-8)8'! 4%-!
&0'($2%005'(! #+$! ']+$! LF! Z07! FTIF.M7! A+$! #%='0-$! '#&+$! 8-8)2'8+$! '#! 2%#&+!
)8+#^&0)2+,! /-03'(-25'(! -(! V%8^! 9! -#! /%-.#+! &0).%&'.'! 2%#&+! '! #+$! 8)+$-$! LF! N7!
JQISQM7!!
!
!
C2';! $%2-8)B! '! V+&'3I! ! #:,$5$2-3 @!23 !#%!&**;4!*3 /)2*3 #A1$&+63 <'(#/$
&"2&"7,@$#$;*#6!LF!N7!JUIJfFKW!F!Z07!F`IJfFTM7!Z+(&0'0)+!'!$%!'(&-2-$+0!V+&'3,!
C2';! 1%-! %(! /-0*-0$+! '/'0&^(8+$-! 8-! _)+$! 9! $)=%)-(8+! #'! )8+#'&05'! 2+3+! -0'!
(+03'! -(&0-! #+$! 0-9-$! 8-! Y$0'-#7! A'! /-0*-0$)8'8! 8-! C2';! 1%-! &'(! =0'(8-! 4%-!
)(2#%$+!##-=B!'!+10-2-0!'!%(+!8-!$%$!?)6+$!-(!$'20)1)2)+,!4%-3^(8+#+!-(!?+(+0!8-#!
8)+$! P+#+2! LF! Z07! F`ISM7! "#! 6%)2)+! 8-! _)+$! $+.0-! -$&-! /-0*-0$+! &0'6+! 2+3+!
2+($-2%-(2)'! #'! )(*'$)B(! 8-! #+$! $)0)+$,! 4%)-(-$! &+3'0+(! %(! =0'(! (@3-0+! 8-!
/0)$)+(-0+$! 4%-! ##-*'0+(! '! _'3'$2+,! $%! 2)%8'8! 2'/)&'#! LF! Z07! F`IQM7! _-! )=%'#!
3'(-0'!#+$!8-!Y$0'-#,!-#!0-)(+!8-#!(+0&-,!##-*'0+(!-(!2'%&)*-0)+!'!8+$2)-(&'$!3)#!
/-0$+('$,!-$/-2)'#3-(&-!6B*-(-$,!4%-!##-*'0+(!'!G'3'0)',!#'!2'/)&'#!8-#!0-)(+!8-!
(+0&-!LF!Z07!F`I`M7!A+$!-(-3)=+$!8-!V%8^,!1)#)$&-+$!9!-8+3)&'$,!?'.5'(!+2%/'8+!
/'0&-! 8-#! &-00)&+0)+! 9! *)*5'(! -(! 2)%8'8-$! 4%-! ?'.5'(! &+3'8+! LF! Z07! F`IJTfJ`M7!
:'0'!2+3/#-&'0!-#!/'(+0'3'!8-$+#'8+0,!#+$!'$)0)+$!/+0!3-8)+!8-!D)=#'&f/)#-$-0,!
2+(*)0&)-0+(!'!V%8'!-(!%(!&0).%&'0)+!8-!C$)0)',!##-*^(8+#-!#+$!&-$+0+$!8-!#'!2'$'!
0-'#! 9! 8-#! $'(&%'0)+7! d(! 0'$=+! 8-! )8+#'&05'! '#! '8+0'0! '! #+$! 8)+$-$! 8-! #+$! $)0)+$!
.%$2'(8+!!$'&)$1'2-0#-$!9!-*)&'0!(%-*'$!'22)+(-$!3)#)&'0-$!$+.0-!V%8^7!A'!3'9+0!
+$'85'!-(!-$'!0-.-#)B(!2+(&0'!_)+$!2+($)$&)B!-(!2-00'0!-#!&-3/#+,!8-$&0%9-(8+!#+$!
%&-($)#)+$!8-#!2%#&+,!9!##-('(8+!V-0%$'#<(!8-!'#&'0-$!'!+&0+$!8)+$-$!LF!Z07!F`IFSf
FQM7!A'!2+00%/2)B(!('2)+('#!-0'!9'!%('!-*)8-(2)'!?)$&B0)2'3-(&-!'1)03'8'!-(!#+$!
-$20)&+$!.5.#)2+$7!
!

`F!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
!
"#!$%2-$+0!8-!C2';!1%-!";-4%5'$I!!#A1$2+3@!23 !#%!&**;4!*3/)&*33>!+!C(&$*63
;*#6$&"2&"7,@$#$EC&>!)#+03!LF!N7!J`IJfFKIFJW!F!Z07!F\IJfSFISSM7!"$!%('!8-!#'$!
.)+=0'15'$! 3^$! ->&-($'$! 8-! #+$! @#&)3+$! 0-9-$! 8-! V%8^7! O+! 2'.-! 8%8'! 4%-! -#!
-$/50)&%! 4%-! '()3'.'! '! ";-4%5'$! -0'! 8-! #-'#&'8! 9! 0-&+0(+! '! _)+$7! _-! %('!
$)&%'2)B(!8-!8-2')3)-(&+!9!/-2'8+,!-#!0-9!)(&-(&B!0-1+03'0!#'!$)&%'2)B(!0-#)=)+$'!
9! ?'2-0! 0-&+0('0! #'! ('2)B(! '! _)+$7! "#! &-3/#+,! 2-00'8+! /+0! $%! '(&-2-$+0,! 1%-!
'.)-0&+! (%-*'3-(&-! '#! 2%#&+,! 0-/'0'(8+! #'! 2'$'! 8-! _)+$! 4%-! ?'.5'! -$&'8+! -(!
'.$+#%&+! '.'(8+(+! 8%0'(&-! -#! 0-)('8+! 8-! $%! /'80-7! A)3/)B! V-0%$'#<(! 8-! #+$!
'#&'0-$! '! +&0+$! 8)+$-$! 4%-! ?'.5'(! $)8+! #-*'(&'8+$! /+0! C2';7! d(! &-$&)3+()+!
.5.#)2+! 8-! #'! '9%8'! 4%-! _)+$! 8)+! '! ";-4%5'$! #+! ->/0-$'! -#! &->&+! 8-! Z0B()2'$I!
4E"$('7'$*!#"('$&/5,&"7)@$&"$&3$+&,1)*)'$7&$3#$*#+#$7&$=)'+D$7&$#*!&,7'$*'"$3#$
3&J$ J$ 3'+$ /#"7#/)&"('+D$ %!+*@$ #$ +!$ =)'+D$ 3'$ .)6'$ 7&$ ('7'$ *',#6@"D$ J$ A!&$
5,'+5&,#7'8!LF!Z07!SJIFJM7!d(!?-2?+!8-$&'2'.#-!-(!-#!0-)('8+!8-!-$&-!/)'8+$+!
0-9,! 1%-! #'! *)2&+0)'! $+.0-! #+$! '$)0)+$,! 4%-! *-(5'(! 8-$8-! ?'25'! ']+$! '2+$'(8+! '!
V%8^7!"#!-6<02)&+!8-!";-4%5'$!-0'!3%2?+!3-(+$!)3/+0&'(&-!4%-!-#!-6<02)&+!'$)0)+,!
$)(!-3.'0=+!2+(&'.'!2+(!#'!'9%8'!8-!_)+$!-(!4%)-(!2+(1)'.',!/+0!#+!4%-!/+85'!
8-2)0I!45',>!&$/F+$.#J$*'"$"'+'(,'+$>!&$*'"$Q30$B'"$Q3$&+(F$&3$%,#6'$7&$*#,"&D$
/#+$ *'"$ "'+'(,'+$ &+(F$ <&.'1F$ "!&+(,'$ =)'+$ 5#,#$#J!7#,"'+$ J$ 5&3&#,$ "!&+(,#+$
%#(#33#+8!LF!Z07!SFIT.f`M7!"#!1)('#!8-!#'!*)8'!8-!";-4%5'$!!1%-!$-3-6'(&-!'!#'!8-!
$%$! '(&-/'$'8+$,! ##-(^(8+$-! 8-! +0=%##+! 9! '/'0&^(8+$-! 8-! _)+$7! G)(! -3.'0=+!
?%.+!%('!0-'22)B(!'!&)-3/+!-(!'00-/-(&)3)-(&+!LF!Z07!SFIFQfFUM7!
)
Vc2),^8S@O5;)86786>BC)5)I565;F;h)I565;F;)5)"EC6h)J)"EC6)5)g:;O5;2)
)
>H+!C(&$93@!23!#%!&**;4!*3/)2*3N$*$44;<63N$*$44;<93@!23!#%!&**;4!*3/)2*3
33c!";-4%5'$!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!!P'('$<$,!!!!!!!!!!!!!!!!9!P'('$<$!!!!!!!!!-(=-(80B!!!!!!!!'!
#A-,&9633#A-,29M3@!23!#%!&**;4!*3/)2*33#:,4(&$*63
!C3B(,!!!!!!!!9!C3B(!!!!!!!-(=-(80B!!!!!!!!!'!!!!!!!!!V+$5'$7!

!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
Z05&)2'!&->&%'#7!A-2&%0'$!'#&-0('&)*'$7!
!

3#A-,&9633#A-,2963;/@+,!'&-$&)=%'8'!-(!!,!i,!Z,!?63G,!AJ,!AJS,!SS,!JQT,!FKQ,!JKTJ,!JF\F,!3!
U`,!3FQS,!3!UTF,!3!UTS,!3!`JS,!3JFFS,!3!JUFT,!)&2,!11J,!=J,!j,!J,!*=3$$,!2+/$',!.+,!1'9,!'03,!-&?,!=-+,!
"/)1'()+7!
!!
#A-,&*633#A-,2*63;/@"D$;/@",!#-2&%0'!-(!A,!n,!A!JS,!F`,!J`K,!QUQ,!QT\,!Q\T,!JKKU,!JKJK,!
JFHJ,!JFHS,!JSHF,!JHFH,!JQKQ,!k)6!s",!Jt!I&*(!)&',!*=3$$,!$902,G,!/,!?,!/'#,!$#'*,!C=%$&5(7!
!
Z+(&)(%'(8+! #'! =-(-'#+=5'! ']'8-I! >H+!C(&$963 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-!/0+/)+!EC&>!)#+W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!
$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!2++08)('(&-!-$!#'!
$-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-!

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!

`S!

$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!
&"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
'0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W! N$*$44;<6! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-!/0+/)+!H#"#+Q+W3N$*$44;<9632'$+!(+3)('&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!
/0+/)+!H#"#+Q+W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!
8-! 5&,'D$ /F+$ %)&"D$ JD$ J$ 5',$ *)&,(',! #"(&+$ %)&"D! 2+3+! 2+(6%(2)B(! 2++08)('(&-! -$! #'!
$-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-!
$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!
&"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
'0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W! 3 #A-,&96! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-!/0+/)+!;/@"W33#A-,29632'$+!(+3)('&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!
;/@"W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$
/F+$ %)&"D$ JD$ J$ 5',$ *)&,(',! #"(&+$ %)&"D! 2+3+! 2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(!
10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(2W3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-! $)(=%#'0! 8-#!
'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!&"2&"7,#,D$
7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+!
8-&-03)('8+! 8-2#)('8+! #3W3 3 #:,4(&$*63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-!
/0+/)+!<'+?#+7!

!
!
A'!#5(-'!=-(-'#B=)2'!8-!V-$@$!-(&0'!-(!-#!-$/'2)+!&-3/+0'#!8-!#+$!@#&)3+$!
0-9-$!8-!V%8^7!"#!/0)3-0+!8-!#+$!2)&'8+$!-$!P'('$<$,!?)6+!8-!">-4%)'$I!!>H+!C(&$93
@!23 !#%!&**;4!*3/)2*3N$*$44;<63EC&>!)#+$&"2&"7,@$#$H#"#+Q+!LF!N7!FJIJfJ`M7!
C#!&)-3/+!8-!2+3/0+3)$+!9!0-(+*'2)B(!-$/)0)&%'#!8-!";-4%5'$!$)=%)B!-#!/-05+8+!
8-!8-=0'8'2)B(!-$/)0)&%'#!.'6+!P'('$<$7!"#!&-$&)3+()+!-$20)&+!$+.0-!-$&-!0-9!-$!
2+(2)$+I!4.)6'$3'$/#3'$#"(&$3'+$':'+$7&$<&.'1FD$*'"A',/&$#$3#+$#%'/)"#*)'"&+$
7&$3#+$"#*)'"&+$>!&$<&.'1F$.#%?#$&*.#7'$7&$7&3#"(&$7&$3'+$.):'+$7&$N+,#&38!LF!
Z07! SSIFM7! "$&^! 0-1)0)<(8+$-! '! #'$! ('2)+(-$! 8-! Z'('^(! 4%-! 1%-0+(! ->/%#$'8'$!
/'0'!8'0!#%='0!'#!'$-(&'3)-(&+!8-!Y$0'-#7!C4%-##'$!?'.5'(!0-2).)8+!#'!0-/0+.'2)B(!
6%8)2)'#!8-!_)+$! '! 2'%$'! 8-! $%$! '.+3)('2)+(-$! 9! /-2'8+7! "$&-! /-0*-0$+! 0-9! 8-!
V%8^,! $)=%)B! #'! $-(8'! 8-! 4%)-(-$! ?'.5'(! $)8+! 2+($)8-0'8+$! 2+3+! #"#(&/#,!
8-$&)('8+$! '! 8-$&0%22)B(7! "#! )(20-3-(&+! 8-! #'! )8+#'&05'! '#2'(;B! ()*-#-$! 2+3+!
(%(2'!'(&-$7!C!#+$!58+#+$!=-(-0'#-$!8-!#'$!('2)+(-$,!$%3B!P'('$<$!-#!2%#&+!'#!
-6<02)&+!8-#!2)-#+,!%()8+!'#!8-!C$-0'!2+(!&+8+!$%!-(&+0(+!8-!/0+$&)&%2)B(!$'=0'8'!
9!8-=-(-0'2)B(!3+0'#!4%-!#+!'2+3/']'.'!LF!Z07!SSISM7!G%!/-2'3)(+$)8'8!1%-!&'#!
4%-! ##-=B! '! /+(-0! %('! )3'=-(! 8-! 1%(8)2)B(! -(! -#! $'(&%'0)+! LF! Z07! SSITM,!
2+(8%2)-(8+!'#!/%-.#+!8-!_)+$!'#!->&0'*5+!3+0'#!9!-$/)0)&%'#!2+3+!()(=@(!+&0+!
0-9!?'.5'!?-2?+!'(&-$!LF!Z07!SSI\M7!X&0'!2'0'2&-05$&)2'!/-0*-0$'!8-!-$&-!0-9!1%-!-#!
0-2?';+!'.)-0&+!'!#'!*+;!8-!_)+$,!$)(!-$2%2?'0!'!$%$!'8*-0&-(2)'$!LF!Z07!SSIJKM7!
D+8+! -$&+! &0'6+! 2+3+! 2+($-2%-(2)'! 4%-! #+$! '$)0)+$! *)()-$-(! 2+(&0'! V-0%$'#<(! -!
?)2)-$-(! /0)$)+(-0+! '#! 0-9,! ##-*^(8+#+! '&'8+! 2+(! 2'8-('$! '! i'.)#+()'! LF! Z07!
SSIJJM7! "(! $%! $)&%'2)B(! *+#*)B! '! _)+$! -(! 2+(1-$)B(! 9! '00-/-(&)3)-(&+,!
0-$&'%0^(8+#+!-#!G-]+0!'!$%!&)-00'!9!&+3'(8+!8-!(%-*+!/+$-$)B(!8-#!0-)(+,!8+(8-!
4%)&B!#+$!58+#+$!4%-!?'.5'!/%-$&+,!0-/'0B!-#!$'(&%'0)+!-!)($&0%9B!'!V%8^!/'0'!4%-!
'8+0'$-!'#!@()2+!_)+$!LF!Z07!SSIJFfJUM7!G)(!-3.'0=+!-#!8-2#)*-!-$/)0)&%'#!8-!#'!

`H!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
('2)B(!?'.5'!2+3-(;'8+!9!(+!$-!8-&%*+7!"#!/%-.#+!'8+0'.'!'!8)+$-$!9!4%-3'.'!
)(2)-($+!-(!#+$!#%='0-$!'#&+$!LF!Z07!SSIJU$$M7!!
!
!
C3B(,!?)6+!8-!P'('$<$,!$%2-8)B!'!$%!/'80-!-(!-#!&0+(+I! N$*$44;<93@!23
!#%!&**;4!*3 /)2*3 #A-,&963 H#"#+&+$ &"2&"7,@$ #$ ;/@",! '%(4%-! -(! #-2&%0'$!
'#&-0('&)*'$! '/'0-2-! ;/@"! LF! N7! FJIJ\fFUW! F! Z07! SSIFJfFQM7! G)=%)B! -#! 2'3)(+!
)8+#^&0)2+!9!/-0*-0$+!8-!$%!/'80-,!'8+0'(8+!'!#+$!58+#+$!2+3+!$%!'(&-2-$+0!?'.5'!
?-2?+7!A'!8)1-0-(2)'!-(&0-!-$&-!0-9!9!$%!/'80-!2+($)$&)B,!-(!%('!'.)-0&'!1'#&'!8-!
'00-/-(&)3)-(&+!8-!$%!/-2'8+7!"#!&->&+!.5.#)2+!-(1'&);'!-(!-#!?-2?+!8-!4%-!-$&-!
0-9! )(20-3-(&B! -#! /-2'8+! 8-! $%! /'80-7! G%! *)8'! 8-! )3/)-8'8! 9! 2+00%/2)B(!
2+(2#%9B!2+(!$%!3%-0&-!'!3'(+$!8-!$%$!$)-0*+$!-(!%('!2+($/)0'2)B(!/'#'2)-='!
LF!Z07!SSIFHM7!
!
!
P'&-+! 3-(2)+('! '! V+$5'$,! $%2-$+0! 8-! C3B(,! -! ?)6+! $%9+I! #A-,293 @!23
!#%!&**;4!*3 /)2*3 3 #:,4(&$*,! ;/@"$ &"2&"7,@$ #$ <'+?#+! LF! N7! FFIJfFSISKW! F! Z07!
SHIJfSQIFTM7! m%-! %(! 0-)('8+! /'0-2)8+! '#! 8-! ";-4%5'$,! -(! 0-1+03'$! 0-#)=)+$'$! 9!
0-&+0(+!'!_)+$7!"#!&-$&)3+()+!4%-!8'!#'!:'#'.0'!$+.0-!<#!-$!8-!1)8-#)8'8!9!0-2&)&%8!
'! _)+$! 9! 8-! +.-8)-(2)'! )(2+(8)2)+('#! '! #'! "$20)&%0'! LF! Z07! SHIFM7! m%-!
/0+2#'3'8+!0-9!2%'(8+!&-(5'!+2?+!']+$7!G%!)(&-0<$!/+0!$-0*)0!'!_)+$!#-!##-*B!'!
0-/'0'0!-#!&-3/#+,!8-$2%)8'8+!/+0!-(!&)-3/+$!8-!$%!/'80-!9!8-!$%!'.%-#+7!d('!8-!
#'$! 2+($-2%-(2)'$! 4%-! '4%-##'! 0-/'0'2)B(! 9! #)3/)-;'! &0'6+! 2+($)=+! 1%-! -#!
8-$2%.0)3)-(&+! 8-! %(! -6-3/#'0! 8-! #'! A-97! Z%'(8+! #-9B! -#! 2+(&-()8+! $)(&)B! %(!
/0+1%(8+!)3/'2&+!/-0$+('#!'!2'%$'!8-#!/-2'8+!4%-!'.)-0&'3-(&-!4%-.0'(&'.'!#+!
4%-!_)+$!-$&'.#-25'!-(!$%!:'#'.0',!'(%(2)'(8+!6%)2)+!2+(&0'!#'!&0'$=0-$)B(!LF!Z07!
SHIJ\M7!A'!2+($%#&'!4%-!?);+!'!_)+$!$+.0-!#'!$)&%'2)B(!9!1%&%0+!8-!#'!('2)B(!&0'6+!
/'#'.0'$! 8-! 8-$'#)-(&+! '(%(2)'(8+! #'! 2'58'! 8-! #'! ('2)B(! -(! 3'(+$! 8-! $%$!
-(-3)=+$!2+3+!2+($-2%-(2)'!8-!#'!0-.-#85'!/-0$)$&-(&-!2+(&0'![#7!G)(!-3.'0=+,!
#-!'(%(2)B!4%-!(+!#+!?'05'!-(!$%$!85'$!2+3+!0-$/%-$&'!'!$%!*)8'!8-!+.-8)-(2)'!9!
2+3/0+3)$+7!d(!'2&+!8-!)3/+0&'(2)'!-(!-#!0-)('8+!8-!V+$5'$!1%-!#'!2-#-.0'2)B(!
8-!#'!/'$2%',!4%-!$-!0-2+08'05'!2+3+!#'!3^$!8-$&'2'.#-!-(!&+8'!#'!?)$&+0)'!8-!#'!
('2)B(!8-$8-!-#!&)-3/+!8-!G'3%-#,!-$&+!-$,!'(&-$!8-!&+8'!#'!?)$&+0)'!8-!#+$!0-9-$!
8-!Y$0'-#!9!V%8^!LF!Z07!SQIJ`M7!
!
!
A'! 2+($&'(&-! -(! #'! ?)$&+0)'! 8-! #+$! 0-9-$! 8-! V%8^! /+805'! 0-$%3)0$-! 2+3+!
/-2'8+,!'00-/-(&)3)-(&+!9!0-$&'%0'2)B(7!G-3-6'(&-!'#!&)-3/+!8-!#+$!6%-2-$7!G)(!
-3.'0=+,!#'!8-2'8-(2)'!-$/)0)&%'#!-0'!&'(!=0'(8-!4%-!-#!'00-/-(&)3)-(&+!8-!2'8'!
+2'$)B(! (+! )3/-85'! 4%-! -#! 6%)2)+! 4%-! _)+$! -$&'.#-2)B! -(! $%! :'#'.0'! 2+3+!
2+($-2%-(2)'!8-#!/-2'8+!8-!)8+#'&05'!9!0-.-#)B(,!##-='$-!'!$%!2+($%3'2)B(7!_-!
+&0'! 3'(-0',! (+! ?'.5'! 9'! 3^$! -$/-0'(;'! /'0'! '4%-##+$! 4%-! $-0! -(&0-='8+$! -(!
3'(+$! 8-! $%$! -(-3)=+$7! A'! #-22)B(! -$! $-(2)##'! /-0+! 2+(20-&',! -#! /-2'8+!
*+#%(&'0)+! &0'-! 2+3+! 2+($-2%-(2)'! #'! '22)B(! 8-! _)+$! $+.0-! -#! 4%-! #+! 2+3-&-!
LR-7!JKIFUM7!C#=%)-(!/+80^!/-($'0!4%-!$)!_)+$!-$!%(!_)+$!8-!=0'2)',!.+(8'8!9!
3)$-0)2+08)',! 4%-! /-08+('! -#! /-2'8+! 8-! #+$! $%9+$,! (+! 8-.)-0'! +2%00)0! ('8'! '#!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
`Q!
!
20-9-(&-! '00-/-(&)8+7! A'! '22)B(! 2+(8-('&+0)'! 8-#! /-2'8+,! +! #'! 0-$/+($'.)#)8'8!
/-('#!8-#!3)$3+!4%-!8-3'(8'!#'!3%-0&-!8-#!/-2'8+0!?'!$)8+!->&)(=%)8'!/'0'!-#!
20-9-(&-,!/+0!&'(&+!(+!?'9!2+(8-('2)B(!/'0'!-#!4%-!-$&^!-(!Z0)$&+!LN+7!`IJM7!G)(!
-3.'0=+! #'$! 2+($-2%-(2)'$! 8-! '2&+$! /-2'3)(+$+$! 0-2).)0^! #'! 0-$/%-$&'! 8-! #'!
6%$&)2)'! 8)*)('7! D'#! -$! -#! 2'$+! 8-! #'! '22)B(! 8-! _)+$! $+.0-! 8-$?+(-$&+$! -!
)(3+0'#-$! -(! #'! )=#-$)'! -(! Z+0)(&+! 2%9'$! '22)+(-$! 8)$2)/#)('0)'$! 4%-8'(!
-#+2%-(&-3-(&-!0-=)$&0'8'$!LJ!Z+7!JJISKM7!"#!/-2'8+!-(!#'!*)8'!8-#!20-9-(&-!&0'-!
$)-3/0-!2+($-2%-(2)'$!4%-,!-(!'#=%('!3-8)8',!3'02'(!-#!1%&%0+!'!2+($-2%-(2)'!
8-#!/-2'8+!2+3-&)8+7!!
!
VV2) g:;O5;) 8678>BC) 5) g8?:6O5;) J) 5) ;@;) P8BE56:;h) 86) 83) A98ED:) >8) 35)
>8D:BA5?9C6)5)R5=93:6952)
)
#:,4(&$93@!23!#%!&**;4!*3/)2*33#:!1)*(&$*3C$(23/)"293$#@!'D)"293$"#/)"<3!#0(23/;<93333
!!!!!!!!!

!!!!c!V+$5'$!!!!!!!!-(=-(80B!!!!!!!!!!'!!!!!!!!!V-2+(5'$!!!!!!!!9!!!!!!'!#+$!!!!!!?-03'(+$!!!!!!!8-!<#!!!!!!-(!!!!!#'!

-!/)(C!4(&$937$8"',<*)9B3
!!!8-/+0&'2)B(!!!!!!!!'!!i'.)#+()'7!
!

O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
G)=%)-(8+!#'$!=-(-'#+=5'$!-$20).-!'?+0'I!#:,4(&$9632'$+!(+3)('&)*+!3'$2%#)(+!$)(=%#'0!
8-#! (+3.0-! /0+/)+! <'+?#+W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$! *-2-$! 8-! 2+(6%(2)B(,!
2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!2++08)('(&-!
-$!#'!$-=%(8'!-(!10-2%-(2)'!-(!-#!O7D7!8-$/%<$!8-!C$(2W3!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!
$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!
&"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
'0&52%#+! 8-&-03)('8+! 8-2#)('8+!#3W3 3 #:!1)*(&$*63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-! /0+/)+! <&*'"?#+W3 C$(263 2+(6%(2)B(! 2+/%#'&)*'! JW3 /)"2963 2'$+! '2%$'&)*+!
3'$2%#)(+! 8-! #'! &-02-0'! /-0$+('! /#%0'#! 8-#! /0+(+3.0-! /-0$+('#! 8-2#)('8+! #$ 3'+W3
$#@!'D)"29,! 2'$+! '2%$'&)*+! 3'$2%#)(+! /#%0'#! 8-#! $%$&'(&)*+! .&,/#"'+W3 $"#/)"<63 2'$+!
=-()&)*+!3'$2%#)(+!8-!#'!/0)3-0'!/-0$+('!$)(=%#'0!8-#!/0+(+3.0-!/-0$+('#!8-2#)('8+!7&$
Q3W3 !#0(263 /0-/+$)2)B(!8-! =-()&)*+!&"W3 /;<9,! 2'$+!=-()&)*+! 1-3-()(+! $)(=%#'0! 8-#! '0&52%#+!
8-&-03)('8+! 3#W3 -!/)(C!4(&$9,! 2'$+! =-()&)*+! 1-3-()(+! $)(=%#'0! 8-#! $%$&'(&)*+! ! 4%-!
8-(+&'! *#/%)'$ 7&$ ,&+)7&"*)#D$ &/)2,#*)@"D$ (,#"+/)2,#*)@"D$ 7&5',(#*)@"W3 7$8"',<*)96!
2'$+!=-()&)*+!1-3-()(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!k#%)3'")#0$

!
!
P'&-+! 2)-00'! -#! +&0+! =0%/+! 8-! 2'&+02-! 2+(! #'! 8-/+0&'2)B(! '! i'.)#+()',!
2+3+!0-$%#&'8+!8-#!6%)2)+!8-!_)+$!$+.0-!V%8^!'!2'%$'!8-!$%!/-2'8+!9!0-.-#85'7!"#!
0-9! *)(2%#'8+! 2+(! #'! 8-/+0&'2)B(! 1%-! V-2+(5'$I! #:,4(&$93 @!23 !#%!&**;4!*3 /)2*33
#:!1)*(&$*63<'+?#+$&"2&"7,@$#$<&*'"?#+7!O%-*'3-(&-!P'&-+!'6%$&'!#'!=-(-'#+=5'!
2+(1+03-! '! $%! /0+/B$)&+! /'0'! 4%-! -(! -#! $-=%(8+! =0%/+! ?'9'! &'3.)<(! 2'&+02-!
=-(-0'2)+(-$7! :+0! &'(&+,! '#! '1)03'0! 4%-! V-2+(5'$! 1%-! -(=-(80'8+! /+0! V+$5'$! $-!
-$&^!0-1)0)-(8+!'!/0+2-8-(2)'!3^$!4%-!'!8-$2-(8-(2)'!8)0-2&',!9'!4%-!V+$5'$!1%-!
'.%-#+!9!(+!/'80-!8-!V-2+(5'$7!N-'#3-(&-!-#!/'80-!8-!-$&-!8-2)3+(+*-(+!0-9!8-!
Y$0'-#! 1%-! V+'2)3,! ?)6+! $-=%(8+! 8-! V+$5'$! LJ! Z07! SIJQfJUM7! V-0-35'$! #-! ##'3'!

`U!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
V-2+(5'$!9!'.0-*)'8'3-(&-!Z+(5'$!LV-07!FFIFH,!F`I!STIJM7!"#!(+3.0-!?-.0-+!8-!
-$&-! 0-9! 1%-! e'J#M)/,! 4%-! $)=()1)2'! V-?+*^! 2+(2-8'! 1)03-;'7! "#! &0'$#'8+! '#!
=0)-=+!$-!?);+!/+0! N'#*.)"$'$N&*.'"?#+7!G%.)B!'#!&0+(+!'!#+$!8)-2)+2?+!']+$,!9!
1%-! 8-$&)&%)8+! /+0! O'.+2+8+(+$+0,! 8-$/%<$!8-! &0-$! 3-$-$! 9! 3-8)+! 8-! 0-)('8+7!
O'.%2+8+(+$+0!2+(4%)$&B!V-0%$'#<(!9!8-/+0&B!'#!0-9!'!i'.)#+()',!2+(!$%!3'80-,!
$%!-$/+$'!9!3%2?+$! 6%85+$! (+.#-$! LF! N7! FHIUfJTW! F!Z07! SUIJKM7! A'! 1'3)#)'! 0-'#!
8-/+0&'8'! '! i'.)#+()'! $-! '/0-2)'! -(! #'! 0-1-0-(2)'! /)"293 $#@!'D)"293 $"#/)"<3 4#$
3'+$.&,/#"'+$7&$Q38,!!#0(23/;<93-!/)(C!4(&$937$8"',<*)9!!4&"$3#$7&5',(#*)@"$#$
k#%)3'")#8! "#! &-$&)3+()+! .5.#)2+! $+.0-! -$&-! 0-9! 1%-! 8-! 3'#8'8,! 2+3+! +&0+$! 8-!
$%$! '(&-2-$+0-$! LF! Z07! SUI\M7! _-.)8+! '! $%! /-2'8+,! $)=%)-(8+! #+$! /'$+$! 8-! $%!
/'80-,! V-0-35'$! /0+1-&);B! 2+(&0'! <#,! -(! -#! (+3.0-! 8-#! G-]+0I! 4i)1'$ J'D$ 7)*&$
<&.'1FD$ >!&$ +)$ B'"?#+D$ .):'$ 7&$ <'#*)/$ ,&J$ 7&$ <!7F$ A!&,#$ #")33'$ &"$ /)$ /#"'$
7&,&*.#D$#!"$7&$#33?$(&$#,,#"*#,?#8!LV-07!FFIFHM,!/0-8)2)-(8+!-#!1)(!8-!-$&-!0-9,!
4%-! $-05'! 4!"#$ 1#+):#$ 7&+5,&*)#7#$ J$ >!&%,#7#8! LV-07! FFIF`M7! :-0+,! #'! /0+1-25'!
2+(! 3'9+0! )(2)8-(2)'! -(! #+! 4%-! $-! 0-1)-0-! '! -$&-! 0-9! 9! '! $%! 8-$2-(8-(2)'!
-(&0']'05'!%(!/0+.#-3'! =0'*-! /'0'! #'! $%2-$)B(! '#! &0+(+! 8-! _'*)8! /+0! #'! *5'! 8-!
G'#+3B(7!"#!/0+1-&'!V-0-35'$!8)6+!-(!(+3.0-!8-#!G-]+0I!4;+?$.#$7)*.'$<&.'1FT$
E+*,)%)7$ 3'$ >!&$ +!*&7&,F$ #$ &+(&$ .'/%,&$ 5,)1#7'$ 7&$ 7&+*&"7&"*)#D$ .'/%,&$ #$
>!)&"$"#7#$5,@+5&,'$+!*&7&,F$&"$('7'+$3'+$7?#+$7&$+!$1)7#f$5',>!&$")"2!"'$7&$
+!$ 7&+*&"7&"*)#$ 3'2,#,F$ +&"(#,+&$ +'%,&$ &3$ (,'"'$ 7&$ =#1)7D$ ")$ ,&)"#,$ +'%,&$
<!7F8! LV-07! FFISKM7! c'! -(! $%! &)-3/+! ?)$&B0)2+! 0-)(B! -(! $%! #%='0! G-8-4%5'$,! $%!
?-03'(+,!'!4%)-(! /%$+! -(! -#! &0+(+! O'.%2+8+(+$+0! LV-07! STIJM7! O+! +.$&'(&-,! #'!
/0+1-25'!&)-(-!4%-!*-0!2+(!-#!1%&%0+!8-!#'!8-$2-(8-(2)'!8-!V-2+(5'$W!()(=%(+!8-!
-##+$!/+805'(!0-)('0!-(!#'!$%2-$)B(!/0+3-&)8'!/+0!_)+$!'!_'*)87!"$&+!$%/+(-!r
8-$8-! -#! /%(&+! 8-! *)$&'! ?%3'(+f! %(! $-0)+! /0+.#-3'! -(! 0-#'2)B(! 2+(! V-$@$,! $)!
?%.)-$-! $)8+! -(=-(80'8+! -(! P'05',! /+0! V+$<7! "(! -$&-! 2'$+,! #-! ?%.)-$-!
&0'($3)&)8+! -#! )3/-8)3-(&+! -$&'.#-2)8+! /'0'! #'! 8-$2-(8-(2)'! 8-! V-2+(5'$7!
Z%-$&)B(!4%-!0-$%-#*-!-#!G-]+0!3-8)'(&-!#'!#5(-'!8-!P'05',!8-$8-!_'*)8!'!V-$@$!
/+0!O'&^(,!-(!#%='0!8-!G'#+3B(,!2+(1)0)<(8+#-!#+$!8-0-2?+$!8)(^$&)2+$!'#!&0+(+!
3-8)'(&-! #'! '8+/2)B(,! 2+3+! ?)6+! 3'9+07! C3.'$! 2+$'$! $-! 2+($)8-0'(! 3^$!
'8-#'(&-7!i'$&-!'4%5,!/+0!'?+0',!-$&'!0-1-0-(2)'7!!
!
08;>8)83)B8A:B6:)P5;A5)g8;H;)UVWVZXV_\2)
)
VZ2)08;D@F;)>8)35)>8D:BA5?9C6)5)R5=93:695h)g8?:6O5;)86786>BC)5)G535A983h)J)
G535A983)5)j:B:=5=832)
)
N!/$23@!23/;2*3-!/)(C!4(&$*37$8"',<*)933#:!1)*(&$93!#%!&**;4!*3/)2*3
c!8-$/%<$!!!8-!#'!!!!!!8-/+0&'2)B(!!!!!!!'!!i'.)#+()',!!!!!!!!!!V-2+(5'$!!!!!!!!!-(=-(80B!!!!!!!'!

J$'$5(;&'63J$'$5(;2'3@!23!#%!&**;4!*3/)2*3F).)8$8!&'63
333G'#'&)-#,!!!!!!!!!!!!!!!!9!G'#'&)-#!!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!!!l+0+.'.-#73
!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!

`T!

!
Y(&0+8%2)-(8+! -#! @#&)3+! =0%/+! 8-! =-(-0'2)+(-$! -$20).-I! N!/$2,! /0-/+$)2)B(! 8-!
'2%$'&)*+! 7&+5!Q+$ 7&D$ 7&(,F+$ 7&W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$! *-2-$! 8-!
2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!
2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(22O3 /;2*63 2'$+!
'2%$'&)*+! 1-3-()(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 3#W! 3 -!/)(C!4(&$*,! 2'$+!
'2%$'&)*+! 1-3-()(+! $)(=%#'0! 8-#! $%$&'(&)*+! ! 4%-! 8-(+&'! *#/%)'$ 7&$ ,&+)7&"*)#D$
&/)2,#*)@"D$ (,#"+/)2,#*)@"D$ 7&5',(#*)@"W3 7$8"',<*)9,! 2'$+! =-()&)*+! 1-3-()(+!

$)(=%#'0!8-#!(+3.0-!/0+/)+!k#%)3'")#W33#:!1)*(&$9632'$+!(+3)('&)*+!3'$2%#)(+!
$)(=%#'0!8-#!(+3.0-!/0+/)+! <&*'"?#+W3 !#%!&**;4!*6!/0)3-0'! /-0$+('!8-! $)(=%#'0! 8-#!
'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!&"2&"7,#,D$
7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+!
8-&-03)('8+! 8-2#)('8+! #3W3 J$'$5(;&'63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!

(+3.0-! /0+/)+! R#3#()&3W3 J$'$5(;2'63 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!


(+3.0-! /0+/)+! R#3#()&3W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$! *-2-$! 8-! 2+(6%(2)B(,!
2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!2++08)('(&-!
-$!#'!$-=%(8'!-(!10-2%-(2)'!-(!-#!O7D7!8-$/%<$!8-!C$(22O3 !#%!&**;4!*6!/0)3-0'!/-0$+('!8-!
$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!
&"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
'0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 F).)8$8!&'63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0!
8-#!(+3.0-!/0+/)+!m','%#%&303

3
!
A'! =-(-'#+=5'! 2+(&)(@'! 2+(! -#! &)-3/+! 8-! #'! 8-/+0&'2)B(! '! i'.)#+()'7! "#!
0-9! 8-/+0&'8+! 2+(! $%! 1'3)#)'! 1%-! V-2+(5'$,! 2+3+! $-! ?'! 2+($)8-0'8+! '(&-$7! "#!
?-2?+!8-!4%-!#+$!.'.)#+()+$!2+($&)&%9-$-(!2+3+!0-9!-(!V-0%$'#<(!'!$%!?-03'(+,!
(+!$)=()1)2'!('8'!-(!-#!$-(&)8+!8-!#'!$%2-$)B(!'#!&0+(+!8-!_'*)87!"#!8-$&)-00+!8-!
V-2+(5'$!(+!8%0B!3-(+$!8-!&0-)(&'!9!$)-&-!']+$!LF!N7!FHI`fJFW!FQIFTM7!"$!8)152)#!
/0-2)$'0! (%-*'3-(&-! #'! #5(-'! 8-! 8-$2-(8-(2)'! 8)0-2&'7! Z+(1+03-! 2+(! #'!
=-(-'#+=5'!8-!Z0B()2'$!'(&-$!8-!G'#'&)-#!'/'0-2-!C$)0!LF!Z07!SIJTM7!:-0+!/%8)-0'!
&0'&'0$-! 8-! %(! ?)6+! +! 8-! %(! ()-&+! -(! #'! =-(-'#+=5'7! "$! $%1)2)-(&-! 2+3+! *'! '!
+2%00)0!&'3.)<(!2+(!-#!$)=%)-(&-!-$/'2)+!-(!-#!&)-3/+!8-!#'!8-/+0&'2)B(7!
!
!
A%-=+! 8-! #'! 8-/+0&'2)B(! '! i'.)#+()',! -!/$23 @!23 /;2*3 -!/)(C!4(&$*3
7$8"',<*)963 47&+5!Q+$ 7&$ 3#$ 7&5',(#*)@"$ #$ k#%)3'")#873 "#! $)=%)-(&-! -(! #'!
'$2-(8-(2)'! 8-! V-$@$,! $-=@(! P'&-+,! -$! l+0+.'.-#7! P'&-+! '1)03'! 4%-! 1%-!
-(=-(80'8+! /+0! G'#'&)-#,! 3 #:!1)*(&$93 !#%!&**;4!*3 /)2*3 J$'$5(;&'63 <&*'"?"#+$
&"2&"7,@$#$R#3#()&3,!!4%-!$-05'!?)6+!+!&'#!*-;!()-&+!8-!V-2+(5'$7!:-0+,!2+(1+03-!'!
#'! =-(-'#+=5'! 8-! Z0B()2'$,! G'#'&)-#! -0'! ?)6+! 8-! :-8'5'$,! ?-03'(+! 8-! G'#'&)-#7!
oZB3+! '6%$&'0! -$&'! '/'0-(&-! 8)$20-/'(2)'p! :0+.'.#-3-(&-! G'#'&)-#! 3%0)B! $)(!
8-$2-(8-(2)'! 9! $%! ?-03'(+! :-8'5'$,! 2+(&0'6+! 3'&0)3+()+! #-*)0'&+,! #-*'(&'(8+!
8-$2-(8-(2)'! '! $%! ?-03'(+,! /+0! #+! 4%-! '3.'$! /+$)2)+(-$! $+(! 2)-0&'$7! C]'8-!
'?+0'! J$'$5(;2'3 @!23 !#%!&**;4!*3 /)2*3 F).)8$8!&',! R#3#,)&"$ &"2&"7,@$ #$
m','%#%&3D$ ! $)(! -3.'0=+! l+0+.'.-#! 1%-! -(=-(80'8+! /+0! :-8'5'$,! /+0! &'(&+! $%!

``!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
?)6+!.)+#B=)2+,!9!#+!-0'!&'3.)<(!8-!G'#'&)-#!/+0!#+!-$&'.#-2)8+!-(!#'!#-9!/'0'!#'!
8-$2-(8-(2)'! 8-! %(! ?-03'(+! 1'##-2)8+! $)(! ?)6+$! L_&7! FQIQfJKM7! Z+(! l+0+.'.-#!
0-=0-$'05'(! 8-! i'.)#+()'! '! V-0%$'#<(! -#! /0)3-0! 2+(&)(=-(&-! 8-! 8-/+0&'8+$! '!
4%)-(-$! Z)0+! 8)+! /-03)$+! /'0'! *+#*-0! '! #'! 2)%8'8! 9! 0-2+($&0%)0! -#! &-3/#+! L"$7!
FIJfFM7!
!
Vb2)j:B:=5=83)86786>BC)5)"=9@>h)"=9@>)5),395S@9Eh)J),395S@9E)5)"^:B2)
)
F).)8$8!2'3@!23!#%!&**;4!*3/)2*33#A8()"&@633#A8()"2@3@!23!#%!&**;4!*3/)&*3
33333c!l+0+.'.-#!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!!!!C.)%8,!!!!!!!!!!!!9!C.)%8!!!!!!!!!-(=-(80B!!!!!!!!'!

#H'($C(&-633#H'($C(2-3@!23!#%!&**;4!*3/)2*33#A+,&.63
!!"#)'4%)3,!!!!!!!!!9!"#)'4%)3!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!!!!C;+07!
!

O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
Z+(&)(%'(8+! 2+(! #'! 0-#'2)B(! =-(-'#B=)2',! -$20).-I3 F).)8$8!2',! 2'$+! (+3)('&)*+!
3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!m','%#%&3W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!
*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!
2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(22O3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 3 #A8()"&@63 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! ;%)!7O3 3 #A8()"2@63 2'$+! (+3)('&)*+!
3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! ;%)!7W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$!
*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!
2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(22O3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 #H'($C(&-63 2'$+!
'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!E3)#>!)/W33#H'($C(2-632'$+!(+3)('&)*+!
3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!E3)#>!)/W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!
*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!
2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(22O3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W! 3 #A+,&.6! 2'$+!
'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!;6',0$

3
!
A'!=-(-'#+=5'!8-!V-$@$!2+(&)(@'!8-$8-!l+0+.'.-#!'!$%!?)6+!C.)%8,!2+3+!
$-!#--!F).)8$8!2'3@!23!#%!&**;4!*3/)2*33#A8()"&@63m','%#%&3$&"2&"7,@$#$;%)!77!
O+!?'9!0-1-0-(2)'$!.5.#)2'$!'!-$&-!/-0$+('6-7!:+$).#-3-(&-!('2)8+!-(!i'.)#+()'!
8%0'(&-! -#! &)-3/+! 8-! #'! 8-/+0&'2)B(7! _-$/%<$,! -(! #'! #)(-'! 8-! #'! =-(-'#+=5'!
'/'0-2-! "#)'4%)3I! #A8()"2@3 @!23 !#%!&**;4!*3 /)&*3 #H'($C(&-63 4;%)!7$ &"2&"7,@$ #$
E3)#>!)/,!-(!#'!3)$3'!$)&%'2)B(!?)$&B0)2'!8-#!'(&-0)+0,!2%9+!(+3.0-!?-.0-+!E3V
J->p/,!-4%)*'#-!'!=)'+$&+(#%3&*&7!A#-*'!-#!(+3.0-!8-!%(+!8-!$%$!'(&-/'$'8+$,!-#!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
`\!
!
0-9! /%-$&+! -(! V%8^! /+0! -#! m'0'B(! O-2'+,! /'0'! $%2-8-0! '! V+$5'$,! 2'3.)'(8+! -#!
(+3.0-!/+0!-#!8-!V+'2)3,!4%-!$-!?'!2+($)8-0'8+!'(&-$7!"#)'4%)3!1%-!'(&-2-$+0!
8-!C;+0I!!#H'($C(2-3@!23 !#%!&**;4!*3/)2*33#A+,&.63E3)#>!)/$&"2&"7,@$#$;6',,!-(!
#'!3)$3'!$)&%'2)B(!?)$&B0)2'!8-!#+$!+&0+$!8+$!'(&-0)+0-$7!
!
!
:-0$+('$!$)(!0-#)-*-!/-0$+('#!4%-!$-!3-(2)+('(!-(!#'!=-(-'#+=5'!8-!V-$@$!
2+3+!4%)-(-$!$)=%-(!#'!#5(-'!-$&'.#-2)8'!/+0!_)+$!8-$8-!_'*)8,!2%3/#)-(8+!#+$!
2+3/0+3)$+$! 8-! $%! /'2&+7! O'8)-! 2+(+2-! 2+(! $-=%0)8'8! '! -$&+$! ?+3.0-$7! "#!
"$/50)&%! =%'08'! $)#-(2)+! $+.0-! $%! *)8'! 9! $%$! '22)+(-$7! "$! /0+.'.#-! 4%-! -(! #'!
$)&%'2)B(!-(!4%-!$-!-(2+(&0'.'(,!#-6+$!8-!$%!/'&0)',!/0)$)+(-0+$!8-!#+$!4%-!?'.5'(!
+2%/'8+! V%8^,! (+! &%*)-$-(! ('8'! 8-$&'2'.#-! '! #+! 4%-! ?'2-0! 0-1-0-(2)'7! R'(!
/'$'8+!8-$'/-02).)8+$!/'0'!#+$!?+3.0-$,!/-0+!$+(!2+(+2)8+$!/'0'!_)+$7!O+!?'9!
('8'!-(!-##+$!'&0'2&)*+!/'0'!#'!?)$&+0)',!/-0+!$+(!#+$!)($&0%3-(&+$!/+0!3-8)+!8-!
#+$! 2%'#-$! *-(805'! -#! Z0)$&+7! G%$! *)8'$! (+! &-(5'(! =0'(! *'#+0! /'0'! #+$!
2+(4%)$&'8+0-$,!/-0+!-0'(!/0-2)+$'$!/'0'!_)+$7!Z+(!$%$!8-1-2&+$,!$%$!/0+.#-3'$!
-!)(2#%$+!$%$!10'2'$+$!-$/)0)&%'#-$!4%-!2+3+!?+3.0-!&-(805'(,!$+(!3-(2)+('8+$!
-(!#'!:'#'.0'!/'0'!2+(+2-0!#'!'83)0'.#-!/0+*)8-(2)'!8-!_)+$7!:-0+,!$+.0-!&+8+,!
/'0'!)()2)'0!-#! /'$+! /+0! -#!/0)3-0! "*'(=-#)+,! #'! $+.-0'(5'! /0-$)8-! #'! -(&0'8'! '#!
8-&'##-!8-!#'!:-0$+('!9!+.0'!8-!V-$%20)$&+,!-#!G'#*'8+0!8-&-03)('8+!8-$8-!'(&-$!
8-!#'!20-'2)B(!LJ!:7!JI!J`fFKM7!
!
VY2)"^:B)86786>BC)5)G5>:?h)G5>:?)5)"S@9Eh)J)"S@9E)5),39@>2)
)
#A+,2.3@!23!#%!&**;4!*3/)2*3J$@,&C63J$@,2C3@!23!#%!&**;4!*3/)2*33#A1(&-63
!!!!!!!!!

!!!!c!C;+0!!!!!!!!-(=-(80B!!!!!!!!!'!!!!!!!G'8+2,!!!!!!!!!!9!G'8+2!!!!!!!!-(=-(80B!!!!!!!!'!!!!!!C4%)3,!!!!!

#A1(2-3@!23!#%!&**;4!*3/)2*33#H'()"&@63
!!9!C4%53!!!!!!-(=-(80B!!!!!!!!!'!!!!!!!!!"#)%87!

!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
G)(! $+#%2)B(! 8-! 2+(&)(%)8'8,! ']'8-I! ! #A+,2.,! 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-! /0+/)+! ;6',W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$! *-2-$! 8-! 2+(6%(2)B(,! 2+(!
$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!2++08)('(&-!-$!#'!
$-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(22O3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-!
$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!
&"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
'0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 J$@,&C63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#!
(+3.0-!/0+/)+!R#7'*W3J$@,2C632'$+!(+3)('&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!
R#7'*W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$
/F+$ %)&"D$ JD$ J$ 5',$ *)&,(',! #"(&+$ %)&"D! 2+3+! 2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(!
10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(22O3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-! $)(=%#'0! 8-#!
'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!4%-!$)=()1)2'!&"2&"7,#,D$
7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+!
8-&-03)('8+!8-2#)('8+!#3W33#A1(&-632'$+!'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!
;>!)/W! 3 #A1(2-63 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! ;>!)/W3 @!2,!

\K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$
J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!2++08)('(&-!-$!#'!$-=%(8'!-(!10-2%-(2)'!-(!-#!
O7D7! 8-$/%<$! 8-! C$(22O3 !#%!&**;4!*6! /0)3-0'! /-0$+('! 8-! $)(=%#'0! 8-#! '+0)$&+! /0)3-0+! 8-!
)(8)2'&)*+! -(! *+;! '2&)*'! 8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5!
&"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+!
#3W33#H'()"&@632'$+!'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!E3)!77!

3
!
A'! #)$&'! =-(-'#B=)2'! -(&0'! 8-! ##-(+! 8-(&0+! 8-#! /-05+8+! 8-#! 0-&+0(+! 8-#!
2'%&)*-0)+! 8-! i'.)#+()'7! D+8+$! $+(! 9'! /-0$+('6-$! 4%-! '/'0-2-(,! -(! '#=%('!
3-8)8',! 0-#'2)+('8+$! 2+(! #+$! =0%/+$! 4%-! 0-=0-$'0+(! /'0'! #'! 0-2+($&0%22)B(,!
/0)3-0+!8-#!&-3/#+!9!#%-=+!8-!#'!2)%8'87!"#!/0)3-0+!4%-!$-!2)&',!2+3+!?)6+!8-!
C;+0,!1%-!G'8+2I!!#A+,2.3@!23 !#%!&**;4!*3/)2*3J$@,&C63;6',$&"2&"7,@$#$R#7'*7!
O+!8-.-!2+(1%(8)0$-!2+(!-#!8-#!3)$3+!(+3.0-,!?)6+!8-!i''(',!%(+!8-!#+$!4%-!
0-2+($&0%9-0+(! LO-?7! SIHM,! ()! 2+(! -#! +&0+! 8-! )=%'#! (+3.0-! ?)6+! 8-! Y33-0,! 4%-!
&0'.'6B! -(! 0-$&'%0'0! %('! /'0&-! 8-#! 3%0+! -(! 85'$! 8-! O-?-35'$! LO-?7! JSIJSM7! "#!
$)=%)-(&-! -(! #'! #)$&'! -$! C4%)3,! 4%-! 2+3+! +&0+$! 3%2?+$! 8-! $%$! '(&-/'$'8+$! -$!
%('! /-0$+('! /0^2&)2'3-(&-! 8-$2+(+2)8'I! J$@,2C3 @!23 !#%!&**;4!*3 /)2*3 #A1(&-,!
R#7'*$ &"2&"7,@$ #$ ;>!)/7! [$&-! 1%-! /'80-! 8-! "#)%8I! #A1(2-3 @!23 !#%!&**;4!*3 /)2*33
#H'()"&@63 ;>!)/$ &"2&"7,@$ #$ E3)!7,! -(! #'! 3)$3'! 2+(8)2)B(! ?)$&B0)2'! 4%-! $%!
'(&-2-$+07!O+!8-.-!$+0/0-(8-0!&'3/+2+!-$&'!$)&%'2)B(!9'!4%-!-$&^!-(&0+(2'8'!-(!
-#!/-05+8+!)(&-0&-$&'3-(&'0)+,!/+0!#+!4%-!$%$!(+3.0-$!9!0-1-0-(2)'$!?)$&B0)2'$!(+!
'/'0-2-(!-(!()(=@(!+&0+!#%='0!8-#!C(&)=%+!D-$&'3-(&+7!
!
V[2),39@>)86786>BC)5),385^5Bh),385^5B)5)I5AK6h)I5AK6)5)g5?:=k)
)
#H'()"2@3@!23!#%!&**;4!*3/)2*33#H'!$&+$.633#H'!$&+$.3@!23!#%!&**;4!*3/)2*3
3333c!"#)%8!!!!!!!-(=-(80B!!!!!!!!!'!!!!!!!!!!"#-';'0,!!!!!!!!!!!!!!!!!9!"#-';'0!!!!!!!-(=-(80B!!!!!!!!!'!

N$/5$&*63N$/5$2*3@!23!#%!&**;4!*3/)2*33#:$C,&863
!!P'&'(,!!!!!!!!!!!!!!!9!!P'&^(!!!!!!!-(=-(80B!!!!!!!!!!'!!!!!!!!!V'2+.7!
!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
C]'8)-(8+!#+$!/-(@#&)3+$!(+3.0-$!8-!#'!=-(-'#+=5',!-$20).-I3#H'()"2@,!2'$+!(+3)('&)*+!
3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!E3)!7W3@!2,!/'0&52%#'!2+(6%(&)*'!4%-!?'2-!#'$!*-2-$!
8-! 2+(6%(2)B(,! 2+(! $-(&)8+! 8-! 5&,'D$ /F+$ %)&"D$ JD$ J$ 5',$ *)&,(',! #"(&+$ %)&"D! 2+3+!
2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(22O3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+!#3W3 3 #H'!$&+$.63 2'$+!
'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!E3&#6#,W33#H'!$&+$.,!2'$+!(+3)('&)*+!
3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! E3&#6#,W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$!
*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!
2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(22O3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!

\J!

'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W! N$/5$&*63 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! H#(F"W! N$/5$2*,! 2'$+! (+3)('&)*+!
3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! H#(F"W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$!
*-2-$!8-!2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!
2+(6%(2)B(! 2++08)('(&-! -$! #'! $-=%(8'! -(! 10-2%-(2)'! -(! -#! O7D7! 8-$/%<$! 8-! C$(22O3
!#%!&**;4!*6!/0)3-0'!/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#! *-0.+! %!**$&,,! 4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+!
'2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 3 #:$C,&863 2'$+!
'2%$'&)*+!3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!<#*'%7!

!
!
A'!=-(-'#+=5'! '#2'(;'! -(! -$&-! *-0$52%#+! '#! '.%-#+! /'&-0(+! 8-! V-$@$7! d('!
(%-*'!-*)8-(2)'!8-#!'6%$&-!=-(-'#B=)2+!8-!P'&-+!/'0'!8-3+$&0'0!#'!*)(2%#'2)B(!
8-! V-$@$! 2+(! _'*)8! 2+3+! ?-0-8-0+! 8-#! &0+(+! 9! 8-! #'$! /0+3-$'$,! $-! /+(-! 8-!
3'()1)-$&+! -(! #'! 2+3/'0'2)B(! 8-#! &0'3+! 1)('#! 8-! -$&'! =-(-'#+=5'! 2+(! #'! 8-!
A%2'$,!-(!#'!4%-!8-$8-!-#!&)-3/+!8-#!0-&+0(+!8-!#'!2'%&)*)8'8!?'$&'!-#!('2)3)-(&+!
)(2#%9-! *-)(&)&0<$! (+3.0-$7! A+$! &0-$! '(&-2-$+0-$! 3^$! /0B>)3+$! '! V-$@$! 1%-0+(!
"#-';'0,! #%-=+! P'&^(! 9! 1)('#3-(&-! V'2+.7! C%(4%-! #+$! /-0$+('6-$! $+(!
8-$2+(+2)8+$,!#+$!(+3.0-$!3'()1)-$&'(!4%-!$%!-(&+0(+!-0'!/)'8+$+7!"#!/%-.#+!8-!
Y$0'-#! 8-$/%<$! 8-! #'! 8-/+0&'2)B(! '! i'.)#+()'! '/0-(8)B! #'$! 2+($-2%-(2)'$! 8-! #'!
)8+#'&05'7!"$!2)-0&+!4%-!(+!0-&+0('05'(!'!_)+$!-(!/#-()&%8!8-!2+0';B(!9!4%-,!/+2+!
'! /+2+,! $-! )(&0+8%2)05'(! -(&0-! -##+$! 2+$&%3.0-$! 9! &0'8)2)+(-$! '! #'$! 4%-! 8)-0+(!
*'#+0! 8-! 8+2&0)(',! 8-$*)'(8+! #'! '&-(2)B(! 8-#! /%-.#+! 8-! _)+$! 3)$3+! /'0'!
2-(&0'0#'! -(! -#! $)$&-3'! 0-#)=)+$+! 4%-! ?'.5'(! -#'.+0'8+7! Z'8'! %('! 8-! #'$!
=-(-0'2)+(-$,! 3-(2)+('8'$! '! &0'*<$! 8-! #+$! (+3.0-$! 8-! '#=%(+$! 8-! -##+$,! -$&^!
1+03'8'! /+0! ?+3.0-$,! /+0! &'(&+,! )3/-01-2&+$7! _-! -$&+$! )3/-01-2&+$! _)+$!
3'(&)-(-!-#!0-3'(-(&-!1)-#!4%-!#-!?+(0'!9!0-2+(+2-!9,!8-!?+3.0-$!&'(!#)3)&'8+$,!
8<.)#-$!9!2+(!10'2'$+$,!-#!g-0.+!-&-0(+!8-!_)+$!&+3'0^!%('!('&%0'#-;'!?%3'('!
?'2)<(8+$-!?+3.0-!LV(7!JIJHM7!
!
Vd2) .) g5?:=) 86786>BC) 5) g:;Fh) E5B9>:) >8) I5BO5h) >8) 35) ?@53) 65?9C) g8;H;h)
335E5>:)83)!B9;A:2)
)
#:$C,283@!23!#%!&**;4!*3/)2*33#:,4;2D3/)2*3$P*@.$3N$.(&$963!#Q333;R933
!!!!!c!V'2+.!!!!!!!-(=-(80B!!!!!!!!!'!!!!!!!!!V+$<!!!!!!!!-#!!!!!!3'0)8+!!!!!8-!P'05'!!!!!8-!!!!#'!4%-!!!

!#%!**;&5;333#:;4)"<933)>333'!%)&-!*)933=.(4/)&9B33
!!1%-!('2)8+!!!!!!!!V-$@$!!!!!!-#!!!!!4%-!-$!##'3'8+!!!!!!Z0)$&+7!
!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
Z05&)2'!&->&%'#7!A-2&%0'$!'#&-0('&)*'$7!
!
/)2*3$P*@.$3N$.(&$963!#Q3;R93!#%!**;&5;33#:;4)"<93)>3 '!%)&-!*)93=.(4/)&9,!'&-$&)=%'8'!
-(!DJ,!!,!i,!Z,!A,!n,!F`,!SS,!JQT,!J`K,!FKQ,QUQ,QT\*)8,!Q\T,!TKK,!`\F,!JKKU,!JKJK,!JKTJ,!
JFHJ,! JFHS,! JF\F,!FHFH,! JQKQ,!k)6! s",! :,! J*)8t! I&*(! )&'%0,! 1,! 11J,! *=,! $90/,! ?,! /'#,! 2+/$',! =-+,!
$#'*,!:$f!"%$&'2)+!8-!C(&)+4%)',!O-$&+0)+,!C=%$&5(7!

\F!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
!
,S3 -*;4/!"5!(<<4$3 0$.5!&*)93 N$.($2-3 !#%!&**;4!*3 3 #:;4)"<<*3 /)2*3 '!%)&-!*)*3
=.(4/)&*634%-!$-!#--!-(!G,!AJS,!3!QHT,!)&',!2,!=,!4,!a'%8-(&)+7!
!
C#2'(;'(8+! -#! 1)('#! 8-! #'! =-(-'#+=5',! ']'8-I! ! #:$C,28,! 2'$+! (+3)('&)*+! 3'$2%#)(+!
$)(=%#'0! 8-#! (+3.0-! /0+/)+! <#*'%W3 @!2,! /'0&52%#'! 2+(6%(&)*'! 4%-! ?'2-! #'$! *-2-$! 8-!
2+(6%(2)B(,!2+(!$-(&)8+!8-!5&,'D$/F+$%)&"D$JD$J$5',$*)&,(',!#"(&+$%)&"D!2+3+!2+(6%(2)B(!
2++08)('(&-!-$!#'!$-=%(8'!-(!10-2%-(2)'!-(!-#!O7D7!8-$/%<$!8-!C$(22O3!#%!&**;4!*6!/0)3-0'!
/-0$+('!8-!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%!**$&,,!
4%-! $)=()1)2'! &"2&"7,#,D$ 7#,$ #$ 3!6D$ '4%5! &"2&"7,@W3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+!
$)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 8-2#)('8+! #3W3 3 #:,4;2D,! 2'$+! '2%$'&)*+! 3'$2%#)(+!
$)(=%#'0! 8-#! (+3.0-! /0+/)+! <'+QW3 /)2*,! 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+!
8-&-03)('8+! &3W3 $P*@.$63 2'$+! '2%$'&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! $%$&'(&)*+! 4%-! 8-(+&'!
1#,@"D$.'/%,&D$/#,)7'D$&+5'+'W3N$.(&$9632'$+!=-()&)*+!1-3-()(+!$)(=%#'0!8-#!(+3.0-!
/0+/)+!8-2#)('8+!7&$H#,?#W$3!#Q631+03'!-$20)&'!4%-!'8+/&'!#'!/0-/+$)2)B(!8-!=-()&)*+!!#C,!
8-#'(&-!8-!*+2'#!9!4%-!$)=()1)2'!7&W3;R9632'$+!=-()&)*+!1-3-()(+!8-!#'!&-02-0'!/-0$+('!
$)(=%#'0!8-#!/0+(+3.0-!0-#'&)*+!3#$>!&W3!#%!**;&5;63&-02-0'!/-0$+('!$)(=%#'0!8-#!'+0)$&+!
/0)3-0+!8-!)(8)2'&)*+!-(!*+;!/'$)*'!8-#!*-0.+!%!**$&,634%-!-(!/'$)*+!$)=()1)2'!"#*&,,!
'4%53 A!&$ "#*)7'W3 3 3 #:;4)"<963 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+!
<&+S+W3 3 )>63 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! &3W333
'!%)&-!*)963 2'$+! (+3)('&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! /'0&)2)/)+! 8-! /0-$-(&-! -(! *+;!
/'$)*'! 8-#! *-0.+! '!&%,,! .#%3#,D$ 33#/#,,! '4%53 &+$ 33#/#7'W3 =.(4/)&963 2'$+! (+3)('&)*+!
3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!B,)+('7!

$
!
A+! 4%-! -#! -*'(=-#)$&'! P'&-+! /0+2%0'.',! -(&0+(2'0! '! V-$@$! 2+(! _'*)8! 9!
C.0'?'3! $-! '#2'(;'! 2+(! -#! &<03)(+! 8-! #'! =-(-'#+=5'I! ! #:$C,283 @!23 !#%!&**;4!*3
/)2*3 3 #:,4;2D3 /)2*3 $P*@.$3 N$.(&$9,! <#*'%$ &"2&"7,@$ #$ <'+QD$ &3$ /#,)7'$ 7&$
H#,?#7! C/'0-(&-3-(&-! -$&-! @#&)3+! =0%/+! 8-! 2'&+02-! =-(-0'2)+(-$! -$&^!
)(2+3/#-&+7! G)! $-! 0-2%-(&'(! #+$! '(&-2-$+0-$! ?'$&'! -#! 0-&+0(+! 8-! i'.)#+()'! 8'(!
$B#+!&0-2-7!g'0)'$!$+#%2)+(-$!$-!/0+/+(-(!/'0'!0-$+#*-0!#'!'/'0-(&-!8)$20-/'(2)'7!
C#=%(+$!2+($)8-0'(!4%-!V-2+(5'$!/%-8-!2+($)8-0'0$-!-$/)0)&%'#3-(&-!2+3+!8+$!
/-0$+('$,! 9'! 4%-! ?'9! %(! '(&-$! 9! %(! 8-$/%<$! -(! $%! *)8'7! "#! '(&-$! -(! 0-.-#85'!
2+(&0'! _)+$! 4%-! &0'-! 2+3+! 2+($-2%-(2)'! #'! 8-/+0&'2)B(! '! i'.)#+()'! 9! %(!
8-$/%<$,!2+(!-#!'00-/-(&)3)-(&+,!#'!0-$&'%0'2)B(!9!-#!2-$-!/'02)'#!8-!#'!8)$2)/#)('!
4%-!_)+$!?'.5'!-$&'.#-2)8+7!D'#!-$!#'!)8-'!8-!R-(80)j$-(!2%'(8+!-$20).-I!
!
!
49#J$%!&"#$,#6@"$5#,#$*,&&,$>!&$<&*'"?#+$7&%&$+&,$*'"(#7'$7'+$1&*&+0$
K,)/&,'D$ *'/'$ &3$ S3()/'$ 7&$ 3#$ +&2!"7#$ +&,)&$ 7&$ *#(',*&D$ J$ 3!&2'D$ *'/'$ &3$
5,)/&,'$ 7&$ 3#$ +&,)&$ A)"#30$ ;$ 5,)/&,#$ 1)+(#$ 3#$ 7&*)+)@"$ 7&$ *'"(#,3'$ 7'+$ 1&*&+$
5'7,?#$ 5#,&*&,$ !"$ /Q('7'$ *'/53&(#/&"(&$ )"&C*!+#%3&$ 7&$ 3)%,#,+&$ 7&$ !"#$
q7)+*,&5#"*)#r$ 7&3$ E1#"2&3)'D$ >!&$ *'"+)+(&$ &"$ &+('D$ >!&$ 3#$ (&,*&,#$ 3)+(#D$ >!&$
+!5'"&$ >!&$ #3$ )2!#3$ >!&$ 3#+$ 7&/F+$ 7&%&$ *'"(&"&,$ *#(',*&$ "'/%,&+$ `10$ LgaD$
(&"7,?#$ +'3#/&"(&$ (,&*&0$ R)"$ &/%#,2'D$ !"$ 5'*'$ 7&$ &+(!7)'$ 7&$ 3'$ >!&$ 3#+$
E+*,)(!,#+$ "'+$ 7)*&"$ +'%,&$ <&*'"?#+$ 5,'"('$ "'+$ ,&1&3#$ >!&$ +&$ 5,&+&"(#"$ 7'+$
*!#7,'+$ #2!7#/&"(&$ *'"(,#+(#"(&+$ 7&$ 3#+$ &C5&,)&"*)#+$ 7&$ &+(&$ ,&J0$ E"$ Y$ X0$

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
\S!
!
YsThVLsD$('7'$&+$'+*!,'D$*'/'$+&$.#$)"7)*#7'0$R'%,&$<&*'"?#+$+&$5,'"!"*)#$3#$
/#37)*)@"$ 7&$ >!&7#,$ +)"$ .):'+$ `<&,0$ YYTdja0$ E"$ +!$ &"*#,*&3#/)&"('$ 3#+$ *'+#+$
/&:',#"T$ <&*'"?#+$ &3$ &C)3)#7'$ ()&"&$ .):'+D$ &"$ !"'$ 7&$ 3'+$ *!#3&+$ +&$ *'"()"S#$ 3#$
3?"&#$ /&+)F")*#$ `L$ B,0$ dTLgD$ Lha0$ ;3$ 1'31&,$ #$ 3&&,$ <&,0$ YYTdj$ *'/&"6#/'+$ #$
&"(&"7&,$>!&$ 3#$5,&7)**)@"$ 7&$ >!&$ >!&7#,?#$ +)"$ .):'+$ "'$ +)2")A)*#%#$'(,#$ *'+#$
>!&$&+('D$>!&$")"2!"'$7&$+!+$.):'+$'*!5#,?#$&3$(,'"'$(&,,&"#3$7&$=#1)70$;.',#D$
&+(&$*#/%)'$A#1',#%3&$7&3$<&*'"?#+$'(&-$$7&$3#$7&5',(#*)@"$J$&3$7&$8-$/%<$$7&$3#$
7&5',(#*)@"D$&+$&"$+?$/)+/'$5,'%#%3&/&"(&$+!A)*)&"(&$5#,#$:!+()A)*#,$&3$>!&$+&#$
*'"(#7'$7'+$1&*&+0$R)$+&$"&*&+)(#$/F+D$*'"+)7Q,&+&$(#/%)Q"$Y$X0$Y]TYgVdj0$BA0$
<&,0$]YTdLVdsD$<&*'"?#+$&+$3)%&,#7'$7&$3#$5,)+)@"D$+&$3&$(,#(#$#/#%3&/&"(&$&"$3#$
*',(&$7&$E1)3V/&,'7#*D$,&J$7&$k#%)3'")#D$&"$*!J#$/&+#$*'/&$,&2!3#,/&"(&D$J$+&$
3&$7#$!"#$5',*)@"$*'"()"!#0$I3&2#$#$,&*)%),$q!"$(,'"'$/F+$#3('$>!&$3'+$(,'"'+$7&$
3'+$,&J&+$>!&$&+(#%#"$*'"$Q3$&"$k#%)3'")#r0$=)A?*)3/&"(&$5!&7&$!"'$)/#2)"#,$!"$
*'"(,#+(&$ /F+$ #2!7'0$ H#(&'$ +#%?#$ ('7'$ &+('D$ 5',$ *)&,('0$ ;$ (,#1Q+$ 7&$ +!$
E1#"2&3)'$ *'"+(#"(&/&"(&$ 7#$ /!&+(,#+$ 7&$ >!&$ &+(F$ A#/)3)#,)6#7'$ *'"$ +!+$
A!&"(&+0$K',$ 3'$ (#"('D$["'$&+$ "#(!,#3$ +!5'"&,$ >!&D$7&%)7'$ #$ &+('+$ 7'+$ *!#7,'+$
(#"$#2!7#/&"(&$*'"(,#+(#"(&+$H#(&'$*!&"(#$#$<&*'"?#+$7'+$1&*&+\8Y] 0!
!
!
O+! 8-6'! 8-! $-0! )(&-0-$'(&-! #'! '0=%3-(&'2)B(,! /-0+,! 2+(! &+8+,! $-! &0'&'! 8-!
%('!$%/+$)2)B(!/'0'!#'!4%-!(+!?'9!.'$-!.5.#)2'!$%1)2)-(&-7!P'&-+!-$&^!&0'&'(8+!
8-!#)='0!'!V-$@$!2+(!_'*)8!9!8-3+$&0'0!#'!'$2-(8-(2)'!8-#!G-]+0!/+0!3-8)+!8-!#'!
#5(-'!8-!2+(&)(%)8'8!'#!&0+(+7!A+$!&0-$!*#(',*&+,!2+(2#%9-(!2+(!-#!@#&)3+!-(!#'!
#)$&'!4%-!-$!V-$@$!3)$3+7!"$!8-2)0,!8-$8-!V-$@$,!)(2#%)8+![#,!?'$&'!-#!0-&+0(+!8-!
#'!8-/+0&'2)B(!?'9!2'&+02-!=-(-0'2)+(-$!0-1#-6'8'$!/+0!P'&-+,!$)(!(-2-$)8'8!8-!
8%/#)2'0!()(=%('!8-!#'$!/-0$+('$!2+(&-()8'$!-(!#'$!#)$&'$7!
!
!
A+! 3^$! 8-$&'2'.#-! 8-#! *-0$52%#+! &)-(-! 4%-! *-0! 2+(! #'! 2#^%$%#'! 1)('#I! I!!#Q333
;R93 !#%!**;&5;3 #:;4)"<93 )>3 '!%)&-!*)93 3 =.(4/)&96! 47&$ 3#$ *!#3$ "#*)@$ <&+S+D$
33#/#7'$&3$B,)+('87!A'!2+($&0%22)B(!-$&^!-(!1-3-()(+,!*)(2%#'(8+,!/+0!&'(&+,!'!
V-$@$!-(!2%'(&+!'!?%3'()8'8!2+(!P'05'!*)0=-(,!$)(!0-#'2)B(!'#=%('!2+(!$%!/'80-!
'8+/&)*+!V+$<7!C!8)1-0-(2)'!8-!&+8'!#'!0-#'2)B(!'(&-0)+0!-(!#'!4%-!-#!/'80-!1)=%0'!
2+3+! &"2&"7,#"7'! '! $%! ?)6+! $%2-$+0! -(! #'! #5(-'! 8-#! &0+(+,! (+! +2%00-! '4%5! -(!
8+(8-!V+$<!$-!/0-$-(&'!$)3/#-3-(&-!2+3+!/#,)7'!8-!P'05'7!A'!0+&%0'!&+&'#!8-!
#'!1+03'!-(!4%-!P'&-+!/0-$-(&B!#'!=-(-'#+=5'!-$&'.#-2-!(-2-$'0)'3-(&-!4%-!-#!
('2)3)-(&+! 8-#! /0)3+=<()&+! 8-! P'05'! $-! /0+8%2-! $)(! #'! '22)B(! 3'$2%#)('! 8-!
-(=-(80'0!('&%0'#3-(&-!2+3+!+2%00-!2+(!&+8+$!$%$!'(&-2-$+0-$7!A'!'1)03'2)B(!
8-! P'&-+! 2+(8%2-! '! #'! *-08'8! 8-! #'! 2+(2-/2)B(! *)0=)('#! 8-! V-$@$,! 4%)-(! -(!
2%'(&+!'!_)+$!-$!R)6+!%()=<()&+!8-#!:'80-!9!-(!2%'(&+!'!?%3'()8'8!-$!R)6+!8-!
P'05',!4%)-(!#+!*)(2%#'!2+(!#+$!?+3.0-$,!/'0'!4%-!/%8)-$-!/0+8%2)0$-!-#!3)#'=0+!
8-! #'! %()B(! 8-! _)+$! 2+(! -#! ?+3.0-,! 3-8)'(&-! #'! $%.$)$&-(2)'! /-0$+('#! -(! #'!
G-=%(8'!:-0$+('!_)*)('!8-!#'!?%3'()8'8!8-#!R)6+!8-!_)+$,!4%)-(!-$!"3'(%-#,!
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FQ

!a%)##-03+!R-(80)j$-(7!+727,!/^=7!JSU7!

\H!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
=)'+$*'"$"'+'(,'+7!C!V+$<!$-!#-!##'3'!'4%5!-#!4/#,)7'$7&$H#,?#8,!3^$!'8-#'(&-!
L**7! J`fFQM,! P'&-+! 8-&'##'0^! 2+3+! $-! /0+8%2-! -$'! 0-#'2)B(7! Z+(! &+8+! -$!
(-2-$'0)+! /0-$&'0! '&-(2)B(! '#! ?-2?+! 8-! 4%-! V+$<,! -#!/#,)7'$ 7&$ H#,?#,! (+! &%*+!
('8'! 4%-! *-0! 2+(! #'! 2+(2-/2)B(! 8-! V-$@$7! A'! '(&-$'#'! '! #'! *-08'8! 8-! #'!
-(2'0('2)B(!8-#!g-0.+!8-!_)+$,!$-!'.0-!2+(!#'!$-(2)##'!10'$-!8-!-$&-!*-0$52%#+7!
P'&-+! #+=0'! 8-3+$&0'0! 4%-! V-$@$! 8-! O';'0-&,! -$! ?)6+! 8-! _'*)8! -! ?)6+! 8-!
C.0'?'3!9!-$!&'3.)<(!-#!Z0)$&+!8-!_)+$,!'(%(2)'8+!9!/0+3-&)8+!'!Y$0'-#!/+0!#+$!
/0+1-&'$7!
!
!
"#! &5&%#+! =.(4/)&96! B,)+(',! -4%)*'#-(&-! '! H&+?#+,! ->/0-$'! #'! 0-#'2)B(! 8-!
V-$@$!2+(!#'$!/0+3-$'$!4%-!_)+$!8)+!'!$%!/%-.#+!9!#'!-$/-0'(;'!4%-!-#!/%-.#+!8-!
_)+$!-(!#'!'(&)=%'!8)$/-($'2)B(!&-(5'7!A+$!=0'(8-$!j-0)=3'$!8-!R-2?+$!+10-2-(!
#'! /-0$/-2&)*'! 8-! -$&'! -$/-0'(;'I! 4=)'+$ .#$ *!/53)7'$ 3'$ >!&$ #"(&+$ .#%?#$
#"!"*)#7'$ 5',$ %'*#$ 7&$ ('7'+$ +!+$ 5,'A&(#+8! LR2?7! SIJ`M7! G)(! -3.'0=+,! -$&'!
-$/-0'(;'! 4%-! Y$0'-#! '=%'08'.'! /0+8%2-! %(! 2'3.)+! 0'8)2'#! -(! #'! ?)$&+0)'!
?%3'(',!#'!-$/-0'(;'!(+!-$!('2)+('#!$)(+!%()*-0$'#7!O+!$-!&0'&'!$B#+!8-#!P-$5'$!
4%-!)($&'%0'0^!-#!0-)(+!9!2%3/#)0^!#'$!/0+3-$'$!8'8'$!'!Y$0'-#!8-$8-!-#!)()2)+!8-!
$%!?)$&+0)'!-(!#'$!/-0$+('$!8-!#+$!/'&0)'02'$!9!'!_'*)8!0-#'&)*'$!'#!0-)(+,!$)(+!8-!
C4%-#!4%-!$-!?'2-!-(!2'8'!/-2'8+0!4%-!#+!0-2).-,!-$/-0'(;'!8-!*)8'!LZ+#7!JIFTM7!
"#! 2'3.)+! -$! &'(! 0'8)2'#! 4%-! -#! &5&%#+! Z0)$&+,! 8-1)(-! -$/-2)'#3-(&-! 9! $-! %(-!
=-(-0'#3-(&-!'!V-$@$,!?'2)-(8+!4%-!#'!3'&-0)'!4%-!-$&%8)'!#'!:-0$+('!9!+.0'!8-!
V-$%20)$&+!$-!##'3-!B,)+('3'2?#,!9!4%-!'!#+$!4%-!-$&^(!/+0!1-!*)(2%#'8+$!2+(![#!
$-!#-$!##'3-!*,)+()#"'+7!
!
V_2)08)E568B5)S@8)A:>5;)35;)7868B5?9:68;)>8;>8)"=B5P5E)P5;A5)0549>);:6)
?5A:B?8k)>8;>8)0549>)P5;A5)35)>8D:BA5?9C6)5)R5=93:695h)?5A:B?8k)J)>8;>8)35)
>8D:BA5?9C6)5)R5=93:65)P5;A5)!B9;A:h)?5A:B?82)
)
T$<4$(3)"U*3$(>33%!*!$(23333$#0)233#A8.$$2-33!V,933?$"(2@33%!*!$(233
C$5!/%-$,!&+8'$!!!#'$!=-(-0'2)+(-$!!8-$8-!!!!!C.0'?'3!!!!!?'$&'!!!!!_'*)8!!!!=-(-0'2)+(-$!!!!!!

@!C$/!&44$.!963C$(233$#0)233?$"(2@3!V,93/;<93-!/)(C!4(&$937$8"',<*)9333
3!!!!2'&+02-!!!!!!!!!!!!!!!!!!!9!!!!!!8-$8-!!!!_'*)8!!!!!?'$&'!!!#'!!!!!!!!!8-/+0&'2)B(!!!!!!8-!i'.)#+()'!
%!*!$(233333@!C$/!&44$.!963C$(23$#0)23/;<93-!/)(C!4(&$937$8"',<*)93!V,933
=-(-0'2)+(-$!!!!!!!!!!!!!2'&+02-,!!!!!!!!!!!9!!!!8-$8-!!!#'!!!!!!!!!!8-/+0&'2)B(!!!!!!!8-!i'.)#+()'!!!!?'$&'!
/)"<<3=.(4/)"<333%!*!$(2333@!C$/!&44$.!93
!!-#!!!!!!!!!Z0)$&+!!!!!!=-(-0'2)+(-$!!!!!!!!!!2'&+02-7!!
!
O+&'$!$+.0-!-#!&->&+!=0)-=+7!
!
A'!2+(2#%$)B(!8-!#'$!=-('#+=5'$!$-!?'2-!3-8)'(&-!%('!2#^%$%#'!*)(2%#'(&-!'.$+#%&'!2+(!
0$<4$(,! 2'$+! (+3)('&)*+! 1-3-()(+! /#%0'#! 8-#! '86-&)*+! )(8-1)()8+! ('7#+W! 2+(! )"U*,!
2+(6%(2)B(! 5!&+D$ 5',$ *'"+)2!)&"(&D$ #+?$ >!&W3 $(>6! 2'$+! (+3)('&)*+! 1-3-()(+! /#%0'#! 8-#!
'0&52%#+!8-&-03)('8+!3#+W3%!*!$(2632'$+!(+3)('&)*+!1-3-()(+!/#%0'#!8-#!$%$&'(&)*+!4%-!
8-(+&'! 2&"&,#*)@"&+W3 $#0)263 /0-/+$)2)B(! 8-! =-()&)*+! 7&+7&W3 #A8.$$2-63 2'$+! =-()&)*+!

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!

\Q!

3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!;%,#.#/W33!V,963/0-/+$)2)B(!8-!=-()&)*+!.#+(#W33
?$"(2@63 2'$+! =-()&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! =#1)7W3 3 %!*!$(263 2'$+!
(+3)('&)*+! 1-3-()(+! /#%0'#! 8-#! $%$&'(&)*+! 4%-! 8-(+&'!2&"&,#*)'"&+W3 @!C$/!&44$.!963
2'$+! (+3)('&)*+! 1-3-()(+! /#%0'#! 8-#! '86-&)*+! (%3-0'#! 2'08)('#! *#(',*&W3 C$(263
2+(6%(2)B(!2+/%#'&)*'!JW33$#0)263/0-/+$)2)B(!8-!=-()&)*+!7&+7&W33?$"(2@632'$+!=-()&)*+!
3'$2%#)(+!$)(=%#'0!8-#!(+3.0-!/0+/)+!=#1)7W3!V,963/0-/+$)2)B(!8-!=-()&)*+!.#+(#W3/;<963
2'$+! =-()&)*+! 1-3-()(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! 3#W3 -!/)(C!4(&$963 2'$+!
=-()&)*+!1-3-()(+!$)(=%#'0! 8-#! $%$&'(&)*+!4%-!8-(+&'!7&5',(#*)@"W3 7$8"',<*)9632'$+!
=-()&)*+! 1-3-()(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! 8-2#)('8+! 7&$ k#%)3'")#W3 %!*!$(263 2'$+!
(+3)('&)*+! 1-3-()(+! /#%0'#! 8-#! $%$&'(&)*+! 2&"&,#*)'"&+W! @!C$/!&44$.!963 2'$+!
(+3)('&)*+! 1-3-()(+! /#%0'#! 8-#! '86-&)*+! (%3-0'#! 2'08)('#! *#(',*&W3 C$(263 2+(6%(2)B(!
2+/%#'&)*'! JW3 3 $#0)263 /0-/+$)2)B(! 8-! =-()&)*+! 7&+7&W3 /;<963 2'$+! =-()&)*+! 1-3-()(+!
$)(=%#'0!8-#!'0&52%#+!8-&-03)('8+!3#W3-!/)(C!4(&$9632'$+!=-()&)*+!1-3-()(+!$)(=%#'0!8-#!
$%$&'(&)*+!4%-! 8-(+&'!7&5',(#*)@"W3 7$8"',<*)9632'$+!=-()&)*+!1-3-()(+! $)(=%#'0!8-#!
(+3.0-!/0+/)+!8-2#)('8+!7&$k#%)3'")#W3!V,9,!/0-/+$)2)B(!8-!=-()&)*+!.#+(#W3/)"<<632'$+!
=-()&)*+! 3'$2%#)(+! $)(=%#'0! 8-#! '0&52%#+! 8-&-03)('8+! &3W3 =.(4/)"<63 2'$+! =-()&)*+!
3'$2%#)(+! $)(=%#'0! 8-#! (+3.0-! /0+/)+! B,)+('W3 3 3 %!*!$(263 2'$+! (+3)('&)*+! 1-3-()(+!
/#%0'#! 8-#! $%$&'(&)*+! 2&"&,#*)'"&+W! @!C$/!&44$.!963 2'$+! (+3)('&)*+! 1-3-()(+! /#%0'#!
8-#!'86-&)*+!(%3-0'#!2'08)('#!*#(',*&73

!
!
P'&-+! 2)-00'! #'! #)$&'! =-(-'#B=)2'! 2+(! %(! $-(2)##+! 0-$%3-(! -(! -#! 4%-!
'=0%/',! 2+3+! 9'! $-! ?'! 2+($)8-0'8+,! #'! 0-#'2)B(! -(! $-22)+(-$! 8-! 2'&+02-!
=-(-0'2)+(-$! 9! -(! &0-$! &)-3/+$! 8-! #'! ?)$&+0)'! 8-! Y$0'-#7! A'! /0)3-0'! 8-$8-!
C.0'?'3! '! _'*)8I! T$<4$(3 )"U*3 $(>3 3 %!*!$(23 $#0)23 3 #A8.$$2-3 3 !V,93 3 ?$"(2@33
%!*!$(23 @!C$/!&44$.!96! #+?D$ 5!&+D$ 7&+7&$ ;%,#.#/$ #$ =#1)7D$ *#(',*&$
2&"&,#*)'"&+W!#'!$-=%(8'!8-$8-!<$&-!?'$&'!#'!8-/+0&'2)B(!'!i'.)#+()'I!C$(233$#0)233
?$"(2@3 !V,93 /;<93 -!/)(C!4(&$93 7$8"',<*)93 %!*!$(23 @!C$/!&44$.!9663 7&+7&$
=#1)7$#$3#$7&5',(#*)@"$#$k#%)3'")#$*#(',*&$2&"&,#*)'"&+W!9!#'!&-02-0'!8-$8-!-#!
0-&+0(+!8-#!2'%&)*-0)+!?'$&'!-#!('2)3)-(&+!8-!V-$@$!C$(23 $#0)23 /;<93-!/)(C!4(&$93
7$8"',<*)93 !V,93 /)"<<3 =.(4/)"<3 %!*!$(23 @!C$/!&44$.!9,! 7&+7&$ &3$ ,&(',"'$ 7&$
k#%)3'")#$.#+(#$B,)+('D$*#(',*&$2&"&,#*)'"&+7!P'&-+!%$'!-(!&+8'!#'!=-(-'#+=5'!!
%('!-$&0%2&%0'!-$&'.#-2)8'!/+0!#'$!/'#'.0'$!$#0)26$$7&+7&000$!V,9,!$.#+(#7!A'!0-#'2)B(!
-(!$5!$-!?'!2+($)8-0'8+!-(!2'8'!%(+!8-!#+$!*-0$52%#+$!'(&-0)+0-$73
!
!
A'!#)$&'!=-(-'#B=)2'!-$!3#$2&"&#3'2?#$7&$3#$+'%&,#"?#7!_)+$!)(&-0*)-(-!-(!
#'!?)$&+0)'!?%3'('!/'0'!/0+*--0!'!#+$!?+3.0-$!8-#!G'#*'8+0!4%-!(-2-$)&'.'(7!A'!
)00%/2)B(!8-!_)+$!-(!#'!?)$&+0)'!8-!#+$!?+3.0-$!+.-8-2-!'!%(!/0+/B$)&+!$+.-0'(+!
$%9+7!A'!/#'()1)2'2)B(!8-!#'!$'#*'2)B(,!2+3+!$-!?'!)(8)2'8+!'(&-$,!$%0=-!8-!_)+$!
3)$3+!-(!5(&)3'!$+#-8'8!8-!$%!-&-0('!->)$&-(2)'!'(&-$!8-!#'!20-'2)B(!8-!&+8'$!
#'$! 2+$'$7! A'! *-08'8! .5.#)2'! -$! -*)8-(&-I! 4b!)&"$ "'+$ +#31@$ J$ 33#/@$ *'"$
33#/#/)&"('$+#"('D$"'$*'"A',/&$#$"!&+(,#+$'%,#+D$+)"'$+&2S"$&3$5,'5@+)('$+!J'$
J$3#$2,#*)#$>!&$"'+$A!&$7#7#$&"$B,)+('$<&+S+$#"(&+$7&$3'+$()&/5'+$7&$3'+$+)23'+8!

\U!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

LF!D)7!JI\M FU 7!m%-!-#!/0+/B$)&+!8-!_)+$!9!(+!#'$!+.0'$!9!(-2-$)8'8-$!8-#!?+3.0-!
4%-! ?)2)-0+(! $%0=)0! -#! :#'(! 8-! N-8-(2)B(7! "(! -#! '02'(+! 8-! _)+$! $-! ?'.5'!
-$&'.#-2)8+! -#! >!)&"D$ *'/'$ J$ *!#"7'! 8-! #'! $'#*'2)B(,! 3%2?+! '(&-$! 8-! 4%-! -#!
?+3.0-!1%-$-!20-'8+!9!3%2?+!'(&-$!8-!4%-!?%.)-$-,!/+0!$%!/-2'8+,!(-2-$)&'8+!
'#!G'#*'8+07!"(!-#!/-($'3)-(&+!8-!_)+$!-$&'.'!9'!8-&-03)('8'!#'!#5(-'!?%3'('!
4%-!?'.5'!8-!2+(8%2)0!?'$&'!V-$@$,!-#!g-0.+!-(2'0('8+7!A'!$+.-0'(5'!1%-!/%-$&'!
'#! $-0*)2)+! 8-#! :#'(! 8-! N-8-(2)B(,! ->/0-$'8'! -(! #'! -#-22)B(,! /0-$-0*'2)B(! 9!
$%$&-(&'2)B(!8-!4%)-(-$,!8-$8-!-#!/#'(+!8-!#'!?%3'()8'8,!?'.5'(!8-!##-='0!?'$&'!
-#!N-8-(&+0!8-#!3%(8+,!_)+$!?-2?+!?+3.0-!LV(7!JIJHM7!"#!?%3'()$3+!&0'&'!8-!
$%$&)&%)0! $+.-0'(5'! /+0! 2+3/'$)B(,! 3-8)'(&-! #'! ?)/B&-$)$! 8-! #'! (-2-$)8'8! 8-#!
?+3.0-!2'58+!4%-!3%-*-!'!_)+$!/'0'!$'#*'0#+7!h%)-(-$!'$5!/)-($'(!#+!?'2-(!$)(!
&-(-0!-(!2%-(&'!#'!*-08'8!.5.#)2'!8-#!/0+/B$)&+!$+.-0'(+!8-!_)+$7!"$!#'!$+.-0'(5'!
4%-!8-&-03)(',!/#'()1)2'!9!-6-2%&'!#'!+.0'!0-8-(&+0',!-(!#'!4%-!_)+$!$-!*)(2%#'!'#!
?+3.0-,! /'0'! *)(2%#'0! '#! ?+3.0-! 2+(! _)+$7! A'! -#-22)B(! 8-! #+$! '(&-2-$+0-$! 8-!
V-$@$!-$&'.#-2)8'! -(! 3%2?'$! +2'$)+(-$! 2+(&0'! #'! #B=)2'! 8-#! ?+3.0-! 9! #'$! #-9-$!
8-!#'!?-0-(2)',!$+(!%('!/0%-.'!8-!#'!'22)B(!$+.-0'('!8-!_)+$7!
!
!
A'! #)$&'! =-(-'#B=)2'! -$! &'3.)<(! #'! 2&"&#3'2?#$ 7&$ 3#$ 2,#*)#7! _)+$! $-!
3%-$&0'!-(!=0'2)'!/'0'!?'2-0!/+$).#-!#'!$'#*'2)B(!8-#!?+3.0-7!A'!=0'2)',!2+3+!
#/',$ &"$ 7&+*&"+',! 1#%9-! 8-! _)+$! -(! -#! '2&+! 8-! /#'()1)2'0! #'! $'#*'2)B(7! "$&'!
=0'2)'! )(1)()&',! 2+3+! _)+$! 3)$3+,! 9! (-2-$'0)'3-(&-! )(1)()&'! /'0'! $%/-0'0! -#!
/0+.#-3'! 8-! #'! &0'=-8)'! /+0! -#! /-2'8+,! -$! -(&0-='8'! 8-$8-! #'! -&-0()8'8! -(! -#!
@()2+! P-8)'8+0! -(&0-! _)+$! 9! #+$! ?+3.0-$,! V-$%20)$&+! ?+3.0-,! 2+(! 4%)-(!
8-$2)-(8-!9!$-!?'2-!0';B(!8-!$-0!-(!V-$@$!3)$3+!LV(7!JIJH,!JTM7!A'!=0'2)'!?'2-!
/+$).#-! -#! -(2%-(&0+! -(&0-! -#! G'(&+! 9! #+$! )3/5+$,! $%/-0'(8+! -(! #'! +.0'! 8-!
V-$%20)$&+! -#! +.$&^2%#+! 8-#! /-2'8+7! "$! -(! =0'2)'! 4%-! _)+$! *)-(-! 4#$ %!+*#,$ J$
+#31#,$3'$>!&$&+(#%#$5&,7)7'8!LA27!J\IJKM7!A'!=0'2)'!?'2-!/+$).#-!#'!$%/-0'2)B(!
8-!#+$!10'2'$+$!-$/)0)&%'#-$!-(!4%)-(-$,!?%3'('3-(&-!?'.#'(8+,!$+(!'(&-2-$+0-$!
8-! V-$@$7! "$! $+0/0-(8-(&-! 4%-! #'! 0-#'2)B(! 8-! /-0$+('6-$! 2+(+2)8+$! r9! (+!
$'.-3+$! -(! 4%-! 3-8)8'! &'3.)<(! #+$! 8-$2+(+2)8+$f! ?'(! &-()8+! /0+.#-3'$!
3+0'#-$7! C.0'?'3! /-03)&)-(8+! 4%-! $%! -$/+$'! 1%-$-! -(&0-='8'! '! +&0+! ?+3.0-,!
'@(! 2%'(8+! -#! G-]+0! #'! #).0B! 8-! %('! $)&%'2)B(! /-2'3)(+$'! 4%-! $-! ?%.)-$-!
/0+8%2)8+! La(7! FKIJ$$M7! _-! )=%'#! 3'(-0'! $%! ?)6+! Y$''2,! -(! %('! $)&%'2)B(!
$-3-6'(&-!'!#'!8-!$%!/'80-!La(7!FUIJfJJM7!V'2+.!2+3/0B!#'!/0)3+=-()&%0'!'!$%!
?-03'(+! 2%'(8+! -$&'.'! ?'3.0)-(&+! La(7! FQISHM,! 3)(&)B! 9! -(=']B! '! $%! /'80-!
La(7!FTIJ$$M7!V%8^!!9!3'(&%*+!0-#'2)+(-$!)#52)&'$!2+(!$%!(%-0'!D'3'0!La(7!S`IJ!
$$M7!N'?'.!?'.5'!$)8+!%('!/0+$&)&%&'!LV+$7!FIJ!$$M7!N%&?!(+!&%*+!0-/'0+!-(!-(&0'0!
'!#'!)(&)3)8'8!8-!i++;!LN&7!SIJf\M7!_'*)8!%(!'8@#&-0+!9!?+3)2)8'!LF!G7!JJIJfFTM7!
C$5! #+$! 3%2?+$! 0-9-$! 8-! V%8^! -(&0-! #+$! 4%-! -$&'.'! V-2+(5'$! %(! /-0*-0$+! -!
)8B#'&0'7! D+8+$! -##+$! $+(! 0-$&'%0'8+$! /+0! #'! =0'2)'7! _)+$! *-! #+! 4%-! (+! *-! -#!
?+3.0-!9!&)-(-!3)$-0)2+08)'!8-!#+$!?+3.0-$7!A'!=0'2)'!-$!#'!->/0-$)B(!$%/0-3'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FU

!g-0!2+3-(&'0)+!'#!&->&+!-(!$%!#%='0!2+00-$/+(8)-(&-7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
\T!
!
8-#! '3+0! 8)*)(+7! _)+$! $-! ?'2-! '3+0! /0-$-(&-,! &'(=).#-! 9! /'#/'.#-! -(! Z0)$&+,!
$'#)-(8+!8-!$5!3)$3+!9!8^(8+$-!-(!-(2%-(&0+!$%/0-3+!'!#'!20-'&%0',!$)(!&-(-0!-(!
2+($)8-0'2)B(!$%!-$&'8+,!2+(8)2)B(!9!$)&%'2)B(,!/'0'!#+!4%-!'/+0&'!$+#%2)B(!-(!#'!
Z0%;7! h%)-(-$! *)-0+(! '! V-$@$! 8-! O';'0-&! 9! #+! '2+3/']'0+(! 4%-8'0+(!
)3/'2&'8+$!/+0!$%!=0'2)'!LV(7!JIJH.M7!!
!
!
A'!=-(-'#+=5'!$-=@(!P'&-+!-$!#'!2&"&#3'2?#$7&3$&"*!&"(,'7!A'!.'00-0'!8-!
$-/'0'2)B(!-(&0-!?+3.0-$!4%-8B!'.+#)8'!-(!V-$@$7!"$!(+&'.#-!*-0!4%-!-(!#'!#)$&'!
=-(-'#B=)2'!?'9!2%'&0+!3%6-0-$!9!(+!$B#+!*'0+(-$7!d('!#-2&%0'!$%/-01)2)'#!##-*'!
'! 3%2?+$! '! 2+($)8-0'0! 2+3+! 1'2&+0! 2+3@(! '! #'$! 2%'&0+! $%! 2+(8)2)B(! 3+0'#!
0-/0+2?'.#-7!G-]'#'(!'!D'3'0!2+3+!%('!#).-0&)('!-=+5$&'!4%-!2+($)-(&-!-(!%('!
0-#'2)B(!)(2-$&%+$'!2+(!$%!$%-=0+!/'0'!/0+*-2?+!/0+/)+7!C2%$'(!'!N'?'.!2+3+!
4%)-(! ?'.5'! -6-02)8+! #'! /0+$&)&%2)B(7! C! N%&?! 2+3+! %('! 3%6-0! 2+(! /+2+$!
-$20@/%#+$! 3+0'#-$7! C! i-&$'.<! 2+3+! %('! '8%#&-0'7! o"$! 0-'#3-(&-! -$&-! -#! #';+!
4%-!%(-!'!-$&'$!2%'&0+!3%6-0-$p!oO+!#+!-$!&'3.)<(!-(!2)-0&'!3-8)8'!-#!*5(2%#+!
2+3@(!'!&+8+$!#+$!8-!#'!=-(-'#+=5'p!oC2'$+!(+!$+(!$-0-$!?%3'(+$!9,!/+0!&'(&+,!
/-2'8+0-$p! d(! '(^#)$)$! 3^$! 8-&-()8+! 8-&-03)('! %('! 0-#'2)B(! 2+3@(! 2+(! -$'$!
2%'&0+! 3%6-0-$I! ()(=%('! 8-! -##'$! -$! ?-.0-',! &+8'$! $+(! =-(&)#-$7! D'3'0! -0'! 8-!
+0)=-(!2'('(-+,!'$5!2+3+!N'?'.7!P%6-0-$!/-0&-(-2)-(&-$!'!/%-.#+$!4%-!-$&'.'(!
2+($)8-0'8+$! 2+3+! #"#(&/#,! '! 2'%$'! 8-! $%! /-2'8+! 9! 2+(8-('8+$! '! #'!
8-$&0%22)B(7! N%&?! -0'! %('! 3+'.)&'7! i-&$'.<! -0'! 8-! #+$! ?-&-+$7! "#! G'#*'8+0! (+!
/+85'!-$&'0!*)(2%#'8+!$B#+!'!%(!/%-.#+,!$)(+!'!#'!0';'!?%3'('7!"(!Z0)$&+,!_)+$!
*)-(-!'#!-(2%-(&0+!8-#!?+3.0-!2+3+!?+3.0-!9!$-!?'2-!$+#)8'0)+!9!2+3/']-0+!8-!
#+$! ?%3'(+$7! C4%-#! 4%-! -$! g-0.+! 9,! /+0! &'(&+,! _)+$,! *)-(-! '! $-0! ?+3.0-! $)(!
8-6'0!8-!$-0!_)+$,!/'0'!?'2-0!'#=+!3^$!4%-!#5,'C)/#,+&!'#!?+3.0-,!#5,':)/#,+&,!
$-0! (%-$&0+! /0B6)3+! 9! 2+3/']-0+! 8-! ->/-0)-(2)'$7! "(! V-$@$,! _)+$! $-! ?'2-!
2'3)(+!2+3+![#!3)$3+!'1)03'!LV(7!JHIUM7!d(!2'3)(+!8-!-(2%-(&0+!8-!_)+$!2+(!
-#!?+3.0-!9!%(!2'3)(+!8-!0--(2%-(&0+!8-#!?+3.0-!2+(!_)+$7!"$!-#!-(2%-(&0+!8-!
#'! *)8'! '.$+#%&'! 2+(! #'! ->/-0)-(2)'! 8-! 3%-0&-! /+0! 2'%$'! 8-#! /-2'8+7! h%)-(!
'1)03'!$-0!1)7#!LV(7!JHIUM,!$-!?'2-!?+3.0-!/'0'!/+8-0!=%$&'0!#'!3%-0&-!/+0!&+8+$!
#+$! 4%-! -$&'.'(! 3%-0&+$! -(! 8-#)&+$! 9! /-2'8+$,! -! )(&0+8%2)0! '#! ?+3.0-! -(! -#!
2'3)(+! 8-! #'! *)8'! 9! 8-! #'! #).-0&'8! LR-7! FIJHfJQM7! "#! -(2%-(&0+! 8-! _)+$! 2+(! -#!
?+3.0-!'#2'(;'!#+$!3'9+0-$!()*-#-$!/+$).#-$7!O+!-$!-#!?+3.0-!4%-!$-!8)*)();'!
/+0! #'! )00%/2)B(! 8-! _)+$! -(! <#,! $)(+! 4%-! -$! _)+$! 4%-! $-! ?%3'();'! 3-8)'(&-! #'!
-(2'0('2)B(,! ?'2)-(8+! $%.$)$&)0! -(! $%! :-0$+('! _)*)('! #'! ('&%0'#-;'! ?%3'('!
-(=-(80'8'! /+0! -#! "$/50)&%! -(! P'05',! %()-(8+! /-0/-&%'3-(&-! 8-)8'8! 9!
?%3'()8'8! /'0'! $-0! 8-1)()&)*'3-(&-! _)+$f?+3.0-7! "#! -(2%-(&0+! 8-! _)+$! -(!
Z0)$&+!(+!-$!#)3)&'8+!'!%(!8-&-03)('8+!/%-.#+!+!'!%(!#)('6-!?%3'(+7!V-$%20)$&+!
*)-(-!/'0'!8)0)3)0!-(!$5!3)$3+!#'$!-(-3)$&'8-$!9!?'2-0!8-!6%85+$!9!=-(&)#-$!%(!
$+#+! /%-.#+! -(! [#! L"17! FIJHfJUM7! "(! [#! $-! 2+(20-&'(! #'$! .%-('$! (+&)2)'$! 8-! #'!
$'#*'2)B(! 4%-! /0+8%2-! #'! %()8'8! 8-! #+$! $'#*+$7! "#! '(%(2)+! 8-! #'! /';! $-! ?'2-!
->&-($)*'!'!&+8+$,!&'(&+!#+$!3^$!/0B>)3+$!2+3+!#+$!3^$!'#-6'8+$!L"17!FIJ`M7!"#!
-(2%-(&0+! 8-! _)+$! 2+(! #'! ?%3'()8'8! 9! 8-! -$&'! -(! [#! /+0! 3-8)+! 8-! V-$%20)$&+,!
!!!!!!!!!

\`!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
-#)3)('!&+8'$!#'$!8)1-0-(2)'$!4%-!$-/'0'.'(!'!#+$!?+3.0-$!-(&0-!$5!9!'!-$&+$!2+(!
_)+$7!"(!0';B(!8-#!-(2%-(&0+!8-!_)+$f?+3.0-!2+(!-#!?+3.0-,!9!8-!#+$!?+3.0-$!
2+(![#!/+0!3-8)+!8-!#'!1-,!4J#$"'$.#J$:!7?'$")$2,)&2'f$"'$.#J$&+*3#1'$")$3)%,&f$
"'$ .#J$ 1#,@"$ ")$ /!:&,f$ 5',>!&$ ('7'+$ 1'+'(,'+$ +')+$ !"'$ &"$ B,)+('$ <&+S+8! La^7!
SIF`M7! A'! 3-&'15$)2'! 8-$/0-2)'! &+8+! 2%'(&+! &)-(-! 4%-! *-0! 2+(! #'! *#,"&,! 2+3+!
('&%0'#-;'! ?%3'(',! #'! i).#)'! -($-]'! #'! %()8'8! 8-! #'! 2'0(-! 2+(! #'! 8-)8'8! -(! #'!
-(2'0('2)B(!8-!_)+$!9!-(!#'!0-$%00-22)B(!8-!#'!2'0(-!8-!#+$!20)$&)'(+$7!"#!_)+$!
-(2'0('8+! -$! $+#)8'0)+! 8-#! ?+3.0-! -(! &)-3/+! 9! -$/'2)+7! "#! Y(1)()&+! $-! ?);+!
?+3.0-,! /'0'! 4%-! -#! ?+3.0-! /%8)-$-! '22-8-0! '! #'! 2+3%()B(! *)*-(2)'#! 2+(! #'!
_-)8'8,!8-!&'#!3+8+!4%-!$-!?'='!/'0&)2)/'(&-!8-!#'!8)*)('!('&%0'#-;'!LF!:7!JIHM7!
!
!
A'! =-(-'#+=5'! $-=@(! P'&-+! -$! '8-3^$! #'! 2&"&#3'2?#$ 7&$ 3#$ &+5&,#"6#7!
P'&-+! '1)03'! 4%-! 8-! P'05'! ('2)B! V-$@$,! ##'3'8+! &3$ B,)+('7! :'.#+! '1)03'! 4%-!
4%)-(!(+!&)-(-!'!Z0)$&+!&'3/+2+!&)-(-!'!_)+$!9!-$&^!$)(!-$/-0'(;'!L"17!FIJFM7!A'!
-$/-0'(;'!8-#!?+3.0-!8-$2'($'!-(!-#!-(2%-(&0+!2+(!_)+$!-(!Z0)$&+7!C4%-#!4%-!
/+0!-#!/-2'8+!&-(5'!(-2-$'0)'3-(&-!4%-!-$&'0!'#-6'8+!8-!_)+$,!$-!?'2-!%(+!2+(!
[#! -(! Z0)$&+! V-$@$7! A'! /+$)2)B(! 8-#! /-2'8+0! -$! -#! R)6+! 4%-! -$! &0'$#'8'8+! '! #'!
)(&)3)8'8!8-#!20-9-(&-!/+0!#'!+.0'!0-=-(-0'8+0'!8-#!"$/50)&%!G'(&+7!c'!(+!-$!%(!
$-0! '#-6'8+! 8-! _)+$,! $)(+! 4%-! Z0)$&+! 3)$3+! -$&^! -(! <#! 9,! /+0! &'(&+,! -$! $%!
-$/-0'(;'!8-1)()&)*'!9!-&-0(',!2+3+!-($-]'!:'.#+!2%'(8+!!-$20).-I!4B,)+('$&+$&"$
1'+'(,'+$ &+5&,#"6#$ 7&$ 23',)#8! LZ+#7! JIFTM7! "$/-0'(;'! /'0'! -#! 1%&%0+! 9! /'0'! -#!
/0-$-(&-7! "#! 4%-! 20--! -(! V-$%20)$&+! &)-(-! *)8'! -&-0('! 9! 9'! (+! *)-(-! '!
2+(8-('2)B(,! $)(+! 4%-! ?'! /'$'8+! 8-! 3%-0&-! '! *)8'! LV(7! QIFHM7! "(! Z0)$&+! ?'9!
-$/-0'(;'!8-!0-$%00-22)B(!/'0'!&+8+!'4%-#!4%-!20--!-(![#!LV(7!JJIFQfFUM7!:-0+!#'!
-$/-0'(;'!(+!-$!$B#+!-$2'&+#B=)2'!$)(+!/0-$-(&-7!"#!R)6+!8-!_)+$!$-!?);+!?+3.0-!
/'0'! *)(2%#'0$-! 2+(! #'! ->/-0)-(2)'! 8-! #'! 3)$-0)'! ?%3'('7! D+3B! $-3-6'(;'! 8-!
2'0(-! 8-! /-2'8+! /'0'! /'$'0! /+0! #'$! 2)02%($&'(2)'$! /0+/)'$! 8-! 4%)-(-$! $+(!
/-2'8+0-$,! /-0+! $)-3/0-! #-6+$! 8-! #'! 2+(&'3)('2)B(! 8-#! /-2'8+! 4%-! -$! /0+/)'! '!
&+8+$!#+$!?+3.0-$7!A'!"$20)&%0'!'1)03'!4%-!4l3$/)+/'$5#7&*)@$+)&"7'$(&"(#7'D$
J$ &+$ 5'7&,'+'$ 5#,#$ +'*',,&,$ #$ 3'+$ >!&$ +'"$ (&"(#7'+8! LR-7! FIJ`M7! A+! 4%-! /'0'!
_)+$!-(!$%!('&%0'#-;'!8)*)('!-$!)3/+$).#-,!$-!?'2-!->/-0)-(2)'!/'0'!_)+$!-(!#'!
('&%0'#-;'! ?%3'('! 8-! V-$%20)$&+7! "#! Y(1)()&+! '$%3-! #'$! #)3)&'2)+(-$! 8-! #'!
20)'&%0'! /'0'! 2+3/0-(8-0#',! -$! 8-2)0,! /+8-0! '.0';'0#'! 2+(! $%! 3-8)8'! 8-! '3+07!
O+!1%-!&-(&'8+!/'0'!6%$&)1)2'0!'#!$-0!?%3'(+!4%-!2'-!-(!#'!&-(&'2)B(!2+3+!'#=+!
$)(! )3/+0&'(2)',! /-0+! #-! 2'/'2)&'! /'0'! 0-$&'%0'0#+! -(! =0'2)'! 2+3/0-(8)-(8+! $%!
#)3)&'2)B(7! "$! -$/-0'(;'! -(! 0-$&'%0'2)B(! /+04%-! -$! '3+07! "$! -$/-0'(;'! -(!
2+3/0-($)B(!/+04%-!(+$!2+(+2-!5(&)3'!9!->/-0)3-(&'#3-(&-7!:-0+,!$+.0-!&+8+,!
-$! -$/-0'(;'! /+0! 0-#'2)B(7! O+! $B#+! -$! -$/-0'(;'! /+04%-! &+(F$ -(! (+$+&0+$,! ()!
/+04%-!(+$+&0+$! -$&'3+$! &"$ l3,! $)(+! /+04%-! -(! <#! _)+$!&+(F$ 5',$ "'+'(,'+! LN+7!
`ISJM7! ">/-0)3-(&'8+! -(! 4%-.0'(&+,! *'0B(! 8-! 8+#+0-$,! 2'0='8+! 2+(! (%-$&0'!
2%#/'! 9! 0-$/+($'.)#);'8+! 8-! (%-$&0'! 3'#8'8! &0'($=0-$+0'! LY$7! QSISfQM,! $-! ?'2-!
(%-$&0'!*)8'!9!#'!*)*-!-(!2'8'!20-9-(&-!Lm)#7!JIFJM7!G%!/+8-0!8)*)(+!-$!/%-$&+!'!
#'! 8)$/+$)2)B(! 8-#! 20)$&)'(+! /'0'! *)*)0! %('! *)8'! -(! *)2&+0)',! $)(! )3/+0&'0! #'$!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
\\!
!
2)02%($&'(2)'$! &-3/+0'#-$! '! #'$! 4%-! -$&<! $%6-&+! Lm)#7! HIJSM7! Z+3/0-(8-! #'$!
8-.)#)8'8-$! ?%3'('$! 9! -$&^! /0-$&+! '! 8'0! #'! /0+*)$)B(! 8-! =0'2)'! (-2-$'0)'! /'0'!
$%/-0'0! #'$! 2)02%($&'(2)'$! 9! '8*-0$)8'8-$! LR-7! HIJQfJUM7! "$! -$/-0'(;'! /'0'! -#!
/0-$-(&-!/+04%-!4>!)&"&+$&+5&,#"$-(![#$(&"7,F"$"!&1#+$A!&,6#+f$3&1#"(#,F$#3#+$
*'/'$3#+$F2!)3#+f$*',,&,F"D$J$"'$+&$*#"+#,F"f$*#/)"#,F"$J$"'$+&$A#()2#,F"8!LY$7!
HKISJM7! "(! #'$! 2)02%($&'(2)'$! '8*-0$'$! -$! -$/-0'(;'! -(! 4%)-(! /'$'! /+0! #'!
'8*-0$)8'8,! -$&'(8+! 2+(! -#! 4%-! $%10-! -(! #'! ->/-0)-(2)'! 8-#! $%10)3)-(&+! LG'#7!
\JIJQM7!"$!-$/-0'(;'!/'0'!-#!/0-$-(&-!/+04%-!-$&^!/0-$&+!'!$+$&-(-0!1)03-!'#!4%-!
-$&^!8-.)#)&'8+!+!'!/%(&+!8-!2'-0,!2+(1+03-!'!$%!/0+3-$'I! 4K',>!&$J'$<&.'1F$
+'J$ (!$ =)'+D$ >!)&"$ (&$ +'+()&"&$ 7&$ (!$ /#"'$ 7&,&*.#D$ J$ (&$ 7)*&f$ O'$ (&/#+D$ J'$ (&$
#J!7'8!LY$7!HJIJSM7!"$!-$/-0'(;'!/'0'!#'!*)8'!/0-$-(&-!/+04%-!-$!-#!i%-(!:'$&+0,!
4%-! 2%)8'! 8-! $%! 0-.']+! -(! 2'8'! 3+3-(&+! 9! 2)02%($&'(2)'! /0+*-9-(8+! 8-! #+!
(-2-$'0)+! /'0'! 2'8'! +2'$)B(! 9! /-0$+('7! Z0)$&+! -$! &'3.)<(! -$/-0'(;'!
-$2'&+#B=)2'7! A'! *)8'! -&-0('! -$! 8+(! /-0/-&%+! /'0'! 4%)-(! #'! /+$--! /+0! =0'2)'!
3-8)'(&-! #'! 1-! L"17! FI`f\M7! "#! 1%&%0+! -$&^! '$-=%0'8+! /+04%-! -$&^! 0-#'2)+('8+! 9!
*)(2%#'8+! 2+(! V-$%20)$&+7! "#! 4%-! -$! -$/-0'(;'! -(! 2'8'! 20-9-(&-! -$! /%(&+! 8-!
0-%()B(!-&-0(+!8-!&+8+$!-##+$7!O+!$-!&0'&'!8-!%('!0-#'2)B(!2+(!2+$'$,!)(2#%$+!2+(!
%('! (%-*'! 20-'2)B(,! '%(4%-! #'! 2+3/0-(8-,! $)(+! -#! -(2%-(&0+! -&-0(+! 2+(! %('!
:-0$+(',!V-$%20)$&+,!4%-!/0+9-2&'!8-1)()&)*'3-(&-!#'!%()8'8!8-!*)8'!'2&%'#!-(![#!
9! '(%(2)',! 2+3+! %(! 2'(&+! 8-! -$/-0'(;',! 4'+$ ('/#,Q$ #$ /?$ /)+/'D$ 5#,#$ >!&$
7'"7&$e'$&+('J$1'+'(,'+$(#/%)Q"$&+(Q)+8!LV(7!JHISM7!_-!'?5!4%-!#'!-$/-0'(;'!$-!
?'2-!'#)-(&+!-(!-#!20)$&)'(+!2+3+!:'.#+!-$20).-I!4J$#+?$&+(#,&/'+$+)&/5,&$*'"$&3$
R&W',0$K',$(#"('D$#3&"(#'+$3'+$!"'+$#$3'+$'(,'+$*'"$&+(#+$5#3#%,#+8!LJ!D$7!HIJTf
J`M7!"$'!-$!#'!0';B(!/+0!#'!4%-!#+$!'2+(&-2)3)-(&+$!8+#+0+$+$!9!#'$!$)&%'2)+(-$!
2+(1#)2&)*'$,! #-6+$! 8-! /0+8%2)0! '(=%$&)'! *)&'#,! $)0*-(! 8-! '2)2'&-! 9! '#)-(&+! '! #'!
-$/-0'(;',! 45',>!&$ &+(#$ 3&1&$ (,)%!3#*)@"$ /'/&"(F"&#$ 5,'7!*&$ &"$ "'+'(,'+$ !"$
*#7#$1&6$/F+$&C*&3&"(&$J$&(&,"'$5&+'$7&$23',)#f$"'$/),#"7'$"'+'(,'+$3#+$*'+#+$
>!&$+&$1&"D$+)"'$3#+$>!&$"'$+&$1&"f$5!&+$3#+$*'+#+$>!&$+&$1&"$+'"$(&/5',#3&+D$
5&,'$3#+$>!&$"'$+&$1&"$+'"$&(&,"#+8!LF!Z+7!HIJTfJ`M7!
!
!
A'!=-(-'#+=5'!$-=@(!P'&-+!-$,!1)('#3-(&-,!#'!2&"&#3'2?#$7&$3#$A)7&3)7#77!
V-$@$! 8-! O';'0-&,! -#! Z0)$&+! -$! #'! ->/0-$)B(! 8-1)()&)*'! 8-! #'! 1)8-#)8'8! 8-! _)+$7!
d('!/0+3-$'!4%-!&%*+!2%3/#)3)-(&+!2%'&0+!3)#!']+$!8-$/%<$!8-!?'.-0#'!?-2?+7!
"#!G-]+0!/0+(%(2)B!#'!3'#8)2)B(!2+(&0'!#'!$-0/)-(&-!'(%(2)'(8+!$%!8-00+&'!4%-!
*-(805'! /+0! 3-8)+! 8-! #'! $)3)-(&-! 8-! #'! 3%6-0! 4%-! #'! ?-0)05'! -(! #'! 2'.-;'! La(7!
SIJQM7!A'!(+2?-!8-!#'!?)$&+0)'!0-3+&'!(+!2+($)=%)B!-($+3.0-2-0!-#!2+3/0+3)$+!
8-! _)+$! 4%-! /%$+! $%! #%;! -(! -#! 3+3-(&+! 8-&-03)('8+! 8-! #'! ?)$&+0)'! ?%3'(',!
-(*)^(8+#'!'#!3%(8+!-(!$%!R)6+7!A'!=-(-'#+=5'!4%-!/0-$-(&'!P'&-+!-$!-#!8-&'##-!
8-! #'! 1)8-#)8'8! 8)*)('! 3'()1-$&'8',! /+0! 2%'(&+! 2+(2#%9-! -(! '4%-#! 4%-! -0'! #'!
-$/-0'(;'!-$/-0'8'!/+0!-#!?+3.0-!/'0'!$'#*'2)B(7!"$&-!8-&'##-!)(*)&'!'#!#-2&+0!8-#!
"*'(=-#)+! '! 0-2+(+2-0! 4%-! _)+$! -$! 1)-#,! 2+3+! [#! 3)$3+! 8-3'(8'I! 4B'"'*&D$
5!&+D$>!&$<&.'1F$(!$=)'+$&+$=)'+D$=)'+$A)&38!L_&7!TI\M7!:'0'!_)+$!$-0!)(1)-#!$-05'!
#+! 3)$3+! 4%-! +.0'0! -(! 2+(&0'! 8-! $%! ('&%0'#-;'7! "$! -#! =0'(! 2+(&0'$&-! 2+(! #'!
!!!!!!!!!

JKK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
)(1)8-#)8'8!$)-3/0-!/0-$-(&-!-(!-#!?+3.0-!'!2'%$'!8-!$%!('&%0'#-;'!'8^3)2'I!4+)$
A!Q+&/'+$ )"A)&3&+D$ l3$ 5&,/#"&*&$ A)&3T$ "'$ +&$ 5!&7&$ "&2#,$ #$ +?$ /)+/'8! LF! D)7!
FIJSM7! "#! /0+1-&'! *)(2%#'! '! V-$@$! 2+(! #'! 1)8-#)8'8! 2%'(8+! 8)2-! 4%-! 4+&,F$ 3#$
:!+()*)#$*)"('$7&$+!+$3'/'+D$J$3#$A)7&3)7#7$*&W)7',$7&$+!$*)"(!,#8!LY$7!JJIQM7!A'!
1)8-#)8'8! 8-! _)+$! $%/-0'! -(! &+8+! '! #'! 2+3/0-($)B(! 8-#! ?+3.0-,! -$! %('!
/-01-22)B(!)(1)()&'!4%-!(+!/%-8-!$-0!2+3/0-(8)8'!/+0!-#!?+3.0-!1)()&+7!C!2'%$'!
8-! $%! 1)8-#)8'8! _)+$! (%(2'! +#*)8'! $%$! 2+3/0+3)$+$,! 0-2%-08'! $%$! /0+3-$'$! 9!
(%(2'!1'#&'!'!$%!:'#'.0'7!"#!4%-!$-!?'!2+3/0+3-&)8+!'!2%3/#)0!2'8'!%('!8-!$%$!
/0+3-$'$,!2'8'!/'#'.0'!8-!$%!/0+1-25'!9!2'8'!/'2&+!8-!$%!$+.-0'(5',!#+!##-*'!'!
2'.+! -(! -#! 3+3-(&+! +/+0&%(+7! V-$@$! *)(+! 2+3+! -(*)'8+! 2%'(8+! 433&2@$ &3$
*!/53)/)&"('$7&3$()&/5'8!La^7!HIHM7!"#!?+3.0-!/%-8-!2+(1)'0!/#-('3-(&-!-(![#7!
_)+$!2+(*+2'!'!#'!1-!9!##'3'!'!$%!/%-.#+!?+9!'!#'!2+(1)'(;'7![#!?'!8'8+!'!#+$!
$%9+$! 45,&*)'+#+$ J$ 2,#"7?+)/#+$ 5,'/&+#+8! LF! :7! JIHM7! Z'8'! 3+3-(&+! 8-! #'!
->)$&-(2)'! 8-#! 20-9-(&-! -$&^! 0+8-'8+! 8-! /0+3-$'$! 8-! _)+$7! "$&'! =-(-'#+=5'!
)(*)&'! '! #'! $-=%0)8'8,! /-0+,! &'3.)<(! '! #'! /0-=%(&'I! o-$&'3+$! $-=%0+$! 8-! $%!
2%3/#)3)-(&+p! Z'8'! %(+! 8-! #+$! 4%-! *)*-(! /+0! 1-,! /%-8-(! 8-$2'($'0! -(! #'!
$-=%0)8'8! '.$+#%&'! 8-! 4%-! $-0^! 0-'#)8'8! 2'8'! /0+3-$'! /+04%-! 4A)&3$ &+$ &3$ >!&$
5,'/&()@8!LR-7!JKIFSM7!"(!3%2?'$!+2'$)+(-$!$-0^!8)152)#!20--0!4%-!_)+$!-$!1)-#,!
-$/-2)'#3-(&-! 2%'(8+! #'$! /0%-.'$! *)-(-(! '! #'! *)8'! 8-#! 20-9-(&-! 9! #'! /0-=%(&'!
4%-! $%0=-! -(! #'! 8)1)2%#&'8! 8-! #'! ->/-0)-(2)'I! zo:+0! 4%<,! G-]+0p{! (+! &)-(-!
'/'0-(&-!0-$/%-$&'7!"(!-$+$!3+3-(&+$!(+!-$!1^2)#!20--0!4%-!_)+$!-$!1)-#,!2%'(8+!
#'!3)0'8'!8-#!20)$&)'(+!-$&^!(%.#'8'!/+0!#'$!#^=0)3'$!4%-!)3/)8-(!*-0!4%-!&+8+!
-##+! -$! %('! /0%-.'! 8-! #'! +.0'! 8-! '3+0! 8-! _)+$7! A'$! )($)(%'2)+(-$! 8-! G'&'(^$!
*-(80^(!'#!+58+!8-#!20-9-(&-!/'0'!)3/-8)0!4%-!+)='!#'!0-$/%-$&'!8-!#'!=0'2)'!9!#'!
*+;!2+3+!-(!%(!$%$%00+!8-!_)+$,!4%-!-$!1)-#7!"(!-$+$!3+3-(&+$!8-!8)1)2%#&'8!-$!
.%-(+!0-2+08'0!#'!)(*)&'2)B(!8-#!/0+1-&'I!4[b!)Q"$.#J$&"(,&$1'+'(,'+$>!&$(&/&$
#3$R&W',D$J$'J&$3#$ 1'6$ 7&$ +!$ +)&,1'\$ E3$ >!&$ #"7#$ &"$ ()")&%3#+$ J$ *#,&*&$ 7&$ 3!6D$
*'"A?#$&"$&3$"'/%,&$7&3$R&W',$J$#5@J&+&$&"$+!$=)'+8!LY$7!QKIJKM7!A'!1)8-#)8'8!
2+(8%2-! '! -(&-(8-0! 4%-! -#! &)-3/+! 8-! _)+$! -$! =-(-0'#3-(&-! 8)$&)(&+! +! (+!
2+)(2)8-(&-! 2+(! -#! &)-3/+! 8-#! ?+3.0-7! C#! 1)('#,! #+$! 0-$%#&'8+$! /+(80^(! 8-!
3'()1)-$&+!4%-!_)+$!-$!1)-#!9!(+!+#*)8'!'!#+$!$%9+$!-(!#'$!8)1)2%#&'8-$7!"#!G-]+0!
&)-(-!$%!&)-3/+,!&)-3/+!8-!-$/-0'!/'0'!-#!20-9-(&-,!/-0+,!$)-3/0-!8-!.-(8)2)B(!
1)('#I!4K',$(#"('$ <&.'1F$ &+5&,#,F$ 5#,#$ (&"&,$ 5)&7#7$ 7&$ 1'+'(,'+D$ J$ 5',$ (#"('D$
+&,F$&C#3(#7'$(&")&"7'$7&$1'+'(,'+$/)+&,)*',7)#f$5',>!&$<&.'1F$&+$=)'+$:!+('f$
%)&"#1&"(!,#7'+$ ('7'+$ 3'+$ >!&$ *'"A?#"$ &"$ l38! LY$7! SKIJ`M7! _)+$! -$! 1)-#! -(! #'!
8)$2)/#)(',!1)-#!-(!#'$!/0%-.'$,!1)-#!-(!#'!0-$&'%0'2)B(,!1)-#!-(!-#!2%)8'8+!9!1)-#!-(!
#'! =#+0)1)2'2)B(7! O)(=%('! 2)02%($&'(2)'! 8-.)-0'! /0+8%2)0! )(4%)-&%8! 9! &%0.'2)B(!
-(! -#! 4%-! 20--! 4%-! _)+$! -$! 1)-#7! "(! #'! -$/-0'! $-0^! .%-(+! -(2+3-(8'0! #'$!
8)1)2%#&'8-$!9!-(&0-='0$-!/-0$+('#3-(&-!-(!#'$!3'(+$!8-#!4A)&3$B,&#7',8!LJ!:7!
HIJ\M7!"(!-$-!'.'(8+(+!8-!#'!1-,!-#!20)$&)'(+!-(2+(&0'0^!4%-!_)+$!&+8+!#+!?'2-!
.)-(,!2+(8%2)-(8+!&+8+!/'0'!.-(8)2)B(!8-!#+$!$%9+$!/+04%-!-$!1)-#7!
!
!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
JKJ!
!
,3)65?9E986A:)>83)18J)UVWVaXZ6\2)
)
!
C#! -(&0'0! -(! -#! 0-#'&+! 0-1-0-(&-! '! #'! *)8'! 8-! V-$@$! 8-$8-! $%! ('2)3)-(&+!
2+3)-(;'!/+0!#'!'(%(2)'2)B(!9!-#!('2)3)-(&+!8-#!N-97!
)
'5)56@6?95?9C6)>83)18J)UVWVaXZ[\2)
)
Va2),3)65?9E986A:)>8)g8;@?B9;A:)<@8)5;OW),;A56>:)>8;D:;5>5)I5BO5);@)E5>B8)
?:6)g:;Fh)56A8;)S@8);8)T@6A5;86h);8)P533C)S@8)P5=O5)?:6?8=9>:)>83),;DOB9A@)
G56A:2)
)
W)"<3@!233#:;4)"<3=.(4/)"<M33;>3%!&*!4(9X3)"V/,93;U*B33333-*;4/!"5!(&4;93)
333c!8-!!!!!!!!!V-$@$!!!!!!!!!!Z0)$&+!!!!!-#!!!('2)3)-(&+!!!'$5!!!!!!!-0'I!!!-$&'(8+!/0+3-&)8'!-(!3'&0)3+()+!
/;<93-;/.)293$"#/)"<3N$.(&$93/,<Y33#:,4;&D630.(2*3;Z34"*!'5!(<*3$"#/)"2933
!!!!!!!!!

!!#'!!!!!!!3'80-!!!!!!!8-![#!!!!!!!!!P'05'!!!!!!!f!!!!!!!!'!V+$<!!!!!!'(&-$!!!8-!!!!2+(*)*)0!!!!!!!!!!!!-##+$!

!">.!&5;33!#*3%$4/.(23!P1)"4$3!#C3T*!"&-$/)933>A%(&)"B3
1%-!?'##'8'!!!!!-(2)(&'!!!!!!!!!!-$&'(8+!!!!!8-!!!!!!!!"$/50)&%!!!!!!!!!!!G'(&+7!
!

O+&'$!$+.0-!-#!&->&+!=0)-=+7!
!
Z05&)2'!&->&%'#7!A-2&%0'$!'#&-0('&)*'$7!
!
M
3#:;4)"<3 =.(4/)"<63<&+!*,)+(',!'&-$&)=%'8'!-(!DJ,!!,!Z,!A,!l,!?63G,!AJ,!AJS,!F`,!SS,!JQT,!
J`K,!FKQ,!QUQ,!QT\,!Q\T,!TKK,!`\F,!JKJK,!JKTJ,!JFHJ,!JFHS,!JHFH,!JQKQ,!k)6!s",!:,!Jt!
I&*(!$90/,! ?,! /'#,!2+/$',! 3-=,! .+!'03,!=-+,!$#'.,!_)'&-$'0+(!8-!D'2)'(+'03,!Y0-(-+=0,!X05=-(-$,!
"%$-.)+,!_58)3+8%.,!"/)1'()+,!Z0)$B$&+3+,!D-B8+&+!8-!C(2)0',!O-$&+0)+7!
!
=.(4/)"<33#:;4)"<63B,)+('$<&+S+,!$-!#--!-(!i,!X05=-(-$#'&,!V-0B()3+7!
!
#:;4)"<63<&+S+,!#-2&%0'!-(!n,!:$fC&'('$)+7!
!
=.(4/)"<63B,)+(',!$-=@(!)&',!'%0,!.,!2,!8,!1,!11J,!=J,!j,!4,!*=,!$902,!$,!Y0-(-+#'&,!Z0+3'&)+,!V-0B()3+,!
C=%$&5(7!
!
"(!#+!$%2-$)*+!$-!$)(&-&);'0^!-#!'(^#)$)$!8-#!&->&+!=0)-=+!/'#'.0'!'!/'#'.0',!#)3)&^(8+$-!'!
0-1-0-(2)'$!=-(-0'#-$!?'$&'!4%-!-#!&->&+!#+!->)6'7!!
$
e$&3D!/)"<3 @!2,!2#^%$%#'!)(&0+8%2&+0)'!2+(!-#!'0&52%#+!8-1)()8+!=-()&)*+!$)(=%#'0!3'$2%#)(+!
&3$ ! 9! #'! /'0&52%#'! 2+(6%(&)*'! &0'8%2)8'! 2+3+! J7! :%8)-0'! &0'$#'8'0$-! 8-! *'0)'$! 1+03'$!
2+3+I!J$&"$,&3#*)@"D$#.',#$%)&"D$J$+'%,&D$-&27!:%8)-0'!3%9!.)-(!$%/0)3)0$-7!!
<&+!*,)+(',! @!23 3 #:;4)"<3 =.(4/)"<,! ?'! *'0)'(&-$! -(! -#! &->&+! =0)-=+7! C/'0-2-! '(&-$! 8-!
"#*)/)&"('!-(!1+03'!-(1^&)2'7!G-!#--!8-!-$&-!3+8+!-(!%('!=0'(!3'9+05'!8-!&->&+$,!2+3+!
DV,!G)('5&)2+,!A-()(=0'8+,!N-=)%$!:'05$,!A-()(=0'8+,!-&27!"(!#'!1+03'!=.(4/)"<<3 #:;4)"<,!
-(&0-! +&0+$! -(! ! g'&)2'(+7! C/'0-2-! $+#+! =.(4/)"<,< ! -(! #'! *-0$)B(! K&+)(#! 9! *-0$)+(-$!
$)05'2'$7!

JKF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
E3$"#*)/)&"('$A!&$#+?,!;>3%!&*!4(93)"V/,93;U*,!2#^%$%#'!2+(!'0&52%#+!8-&-03)('8+!;>,!&3,!-#!
$%$&'(&)*+!%!&*!4(9,!-(!=-()&)*+!$)(=%#'0!1-3-()(+,!2+(!$-(&)8+!8-!2&"&#3'2?#D$5,)"*)5)',!
'4%5!2+3+!"#*)/)&"(',!-#!'8*-0.)+!)"V/,9,!-4%)*'#-(&-!'!#+?D$7&$(#3$/#"&,#D$&(*0!9!;U*,!
4%-!-$!#'!&-02-0'!/-0$+('!$)(=%#'0!8-#!)3/-01-2&+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+3
!(#-(&63+&,,!#)&-0'#3-(&-!&,#D$+!A!&0$
E+(#"7'$7&+5'+#7#,!-*;4/!"5!(&4;963=-()&)*+!$)(=%#'0!1-3-()(+!8-#!/'0&)2)/)+!'+0)$&+!
/0)3-0+! -(!*+;! /'$)*'!8-#! *-0.+!-*;4/!"&,,! 2+(! $)=()1)2'8+! 8-!*',(&:#,D$5,'/&(&,$ &"$
*#+#/)&"('D!'4%5!2+3+!&+(#"7'$7&+5'+#7#7!
;"(&+$ >!&$ +&$ :!"(#+&"D! 0.(2*3 ;Z3 4"*!'5!(<*63 2#^%$%#'! 2+(! -#! '8*-0.)+! 8-! &)-3/+!0.(2*,!
4%-! -4%)*'#-! '! #"(&+D$ #"(&+$ >!&D! #'! 2+(6%(2)B(! 2+(! 2'0^2&-0! 2+/%#'&)*+! ;Z,! 7&D! 9!
4"*!'5!(<*,! 4%-! -$! -#! '+0)$&+! $-=%(8+! 8-! )(1)()&)*+! -(! *+;! '2&)*'! 8-#! *-0.+!
4"*!&.1)-$(6!,&!"),+&,!'4%5!2+3+!:!"(#+&"7!
9#33@,! !">.!&5;,! -$! #'! &-02-0'! /-0$+('! 8-#! $)(=%#'0! 8-#! '+0)$&+! /0)3-0+! 8-! )(8)2'&)*+! -(!
*+;!/'$)*'!8-#!*-0.+!!">.(&4C,,!.#33#,,!'4%5!+&$.#33@D$A!&$.#33#7#D$+&$&"*'"(,@0!
9#%?#$ *'"*&%)7',! !#*3 %$4/.(2,! 8'&)*+! 1-3-()(+! $)(=%#'0! 8-#! $%$&'&)*+! %$4/;&.,! 4%-!
$)=()1)2'!1)&"(,&7!C4%5!#)&-0'#3-(&-!+&$.#33@$&"$1)&"(,&,!-(!-#!$-(&)8+!8-!2+(2-.)0,!-$&'0!
-(2)(&',! $-=%)8+! 8-! !P1)"4$,! 2'$+! (+3)('&)*+! 1-3-()(+! $)(=%#'0! 2+(! -#! /'0&)2)/)+!
/0-$-(&-!-(!*+;!'2&)*'!8-#!*-0.+!!P1,,!(,#&,D$+'+(&"&,,!'4%5!2+3+!>!&$(&"?#7)

!
!
P'&-+!8-$'00+##'!-#!3+8+!-(!4%-!V-$@$!&+3B!$%!?%3'()8'8!8-!P'05'7!"(!
-#! &->&+! '(&-0)+0! L*7! JQ.M! -#! -*'(=-#)$&'! '1)03B! 4%-! 8-! -##'! ('2)B! -#! Z0)$&+7! A'!
2+(2-/2)B(! 8-! V-$@$! -(! P'05'! 1%-! %('! +.0'! 8-#! "$/50)&%! G'(&+7! P'&-+! )(&-(&'!
-(1'&);'0!9!'?+0'!8-&'##'!4%-!'!8)1-0-(2)'!8-!&+8+$!#+$!'(&-2-$+0-$!8-!V-$@$!4%-!
&-(5'(! /'80-! ?%3'(+! /+0! 3-8)+! 8-#! 2%'#! $-! /0+8%6+! #'! 2+(2-/2)B(,! -(! -$&-! -$!
'.$+#%&'3-(&-! 8)1-0-(&-,! $)(! )(&-0*-(2)B(! 8-#! -$/+$+! 8-! P'05'7! A+! 4%-! '(&-$!
?'.5'! $)8+! %('! '1)03'2)B(! )3/#52)&'! 8-! #'! 2+(2-/2)B(! *)0=)('#! 8-! V-$@$,! $-!
->/0-$'!'?+0'!8-&-03)('8'3-(&-!2+3+!%(!3)#'=0+!8-#!"$/50)&%!G'(&+7!"#!0-#'&+!
8-#!('2)3)-(&+,!$-=@(!P'&-+,!$-!8'!2+3+!%(!?-2?+!?)$&B0)2+I!W)"<3 @!23 3#:;4)"<3
=.(4/)"<3 ;>3 %!&*!4(93 )"V/,93 ;U*63&3$ "#*)/)&"('$ 7&$ <&+S+$ A!&$ #+?W! 4%)-0-! 8-2)0!
4%-!-#!0-#'&+!4%-!$)=%-!2+00-$/+(8-!'!%(!?-2?+!?)$&B0)2+!/0+.'8+,!4%-!+2%00)B!
8-!%('!8-&-03)('8'!3'(-0'!9!-(!%(!2+(&->&+!8-1)()8+7!
!
!
"(&-(8-0!.)-(!-#!$-(&)8+!8-#!&->&+!->)=-!2+(+2-0!#'$!2+$&%3.0-$!6%85'$!-(!
#+$! &)-3/+$! 8-! Z0)$&+! /'0'! #'! 2-#-.0'2)B(! 8-! %(! 3'&0)3+()+7! P'&-+! 8)2-! 4%-!
-*;4/!"5!(&4;93/;<93-;/.)293$"#/)"<3 N$.(&$93/,<Y3 3#:,4;&D63!H#,?#$3#$/#7,&$
7&$<&+S+,!#)&-0'#3-(&-!3#$/#7,&$7&$Q3,!&+(#%#$7&+5'+#7#!+!5,'/&()7#$*'"$<'+Q7!
A'!2-#-.0'2)B(!8-#!3'&0)3+()+!2+($&'.'!8-!8+$!'2&+$!/0)(2)/'#-$7!:0)3-0+!-0'(!
#+$! 7&+5'+',)'+,! +! &+5'"+#3&+,! 4%-! (+! -0'! %('! 3-0'! /0+3-$'! 8-! 3'&0)3+()+!
1%&%0+,! $)(+! %(! 2+(&0'&+! 1+03'#! -(! -#! 4%-! $-! -$&'.#-25'! #'! '2-/&'2)B(! /+0! /'0&-!
8-#! (+*)+! 8-! 2+(&0'-0! 3'&0)3+()+! -(! %(! &)-3/+! 1%&%0+! 2+(! #'! 4%-! $-05'! $%!
-$/+$',!8-&'##'(8+!2%'(8+!$-!2-#-.0'05'!#'!.+8'7!"#!(+*)+!9!#'!(+*)'!$-!6%0'.'(,!
-(! /0-$-(2)'! 8-! &-$&)=+$,! 1)8-#)8'8! 3%&%'! 8-$8-! '4%-#! 3+3-(&+7! Z%'#4%)-0!
0-#'2)B(! 5(&)3'! 8-! 2%'#4%)-0'! 8-! -##+$! -0'! 2+($)8-0'8'! 2+3+! %(! '2&+! 8-!
)(1)8-#)8'8!$-3-6'(&-! '#! '8%#&-0)+,! 4%-!#'! '(&)=%'! #-9! 3+$')2'! 2'$&)='.'! 2+(! #'!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
JKS!
!
/-('! 8-! 3%-0&-! L_&7! FFIFS,FHM7! P)-(&0'$! &'(&+,! #'! (+*)'! -0'! -(2+3-(8'8'! '#!
2%)8'8+!8-!$%!/'80-!?'$&'!-#!85'!-(!4%-!-#!(+*)+!*-(805'!'!.%$2'0#'!9!2+(8%25'!'!
#'! -$/+$',! -(&0-! 3@$)2'! 9! '#=';'0'! 1-$&)*',! '! #'! 2'$'! 4%-! ?'.5'! /0-/'0'8+! /'0'!
-##'7! A+$! -$/+($'#-$,! (+! -0'(! %('! 3-0'! /0+3-$'! 8-! 3'&0)3+()+,! $)(+! %(!
'%&<(&)2+!2+(&0'&+!3'&0)3+()'#7!D'#!-0'!'$5,!4%-!$)!-#!-$/+$+!3+05'!-(!-$-!&)-3/+!
-0'! 2+($)8-0'8'! 2+3+! *)%8',! 8-! 3+8+! 4%-! #+$! 8+$,! 8-$8-! -#! 3+3-(&+! 8-! #+$!
7&+5'+',)'+,!&-(5'(!&+8+$!#+$!8-0-2?+!9!+.#)='2)+(-$!3'&0)3+()'#-$7!P'&-+!?'2-!
3-(2)B(!->/0-$'!'!-$&-!&)-3/+!8-!-$/-0'!-(!-#!4%-!#+$!(+*)+$!'@(!(+!*)*5'(!-(!
#'!3)$3'!2'$'7!"#!-*'(=-#)$&'!'1)03'!4%-!4#!"$"'$+&$.#%?#"$:!"(#7'87!A+$!8+$!
-$&'.'(!1+03'#3-(&-!%()8+$!-(!3'&0)3+()+!/+0!3-8)+!8-!#+$!7&+5'+',)'+,!/-0+!
(+!$-!?'.5'!2-#-.0'8+! #'! $-=%(8'! 2-0-3+()'! -(! #'! 4%-! -#! 3'&0)3+()+! /'$'.'! '!
*)*)0!6%(&+7!"#!'(^#)$)$!&->&%'#!=0)-=+!->)=-!-(&-(8-0#+!'$57!"#!$-=%(8+!'2&+!8-#!
0)&+! 3'&0)3+()'#! (+! ?'.5'! &-()8+! #%='0I! 4#"(&+$ >!&$ +&$ :!"(#+&"8 Yg 0! A'$!
0-#'2)+(-$!2+(9%='#-$!(+!&-(5'(!#%='0!?'$&'!8-$/%<$!8-!#'$!.+8'$!$+#-3(-$,!-(!
-$&-!$-(&)8+!P'&-+!$-!-$&^!0-1)0)-(8+!'!'3.'$!2+$'$,!#'!2-0-3+()'!8-!.+8'$!9!-#!
2+3)-(;+!8-!#'!*)8'!2+(9%='#7!!
!
!
"$! -(! -$&-! &)-3/+! )(&-03-8)+,! 0.(2*3 ;Z3 4"*!'5!(<*3 $"#/)"2963 4#"(&+$ 7&$
*'"1)1),$ &33'+8,! -$! 8-2)0,! '(&-$! 8-! #'$! 0-#'2)+(-$! /0+/)'$! 8-#! 3'&0)3+()+,! 1%-!
2%'(8+!P'05'!!">.!&5;3!#*3%$4/.(63 3 #5#,&*)@$&"*)"(#7!Z'.-!/0-=%(&'0$-!2+3+!
#+! $%/+! V+$<! -#! 8-$/+$'8+! 2+(! -##'7! :0+.'.#-3-(&-! P'05'! $-! #+! 2+3%()2B7! A+!
4%-! (+! -$! /+$).#-! 8-&-03)('0! -$! $)! V+$<! -(&-(8)B! /#-('3-(&-! 4%-! '4%-#!
-3.'0';+!-0'!+.0'!8-#!"$/50)&%!G'(&+!+!(+7!A'!8%8'!(+!/%-8-!0-$+#*-0$-!'!#'!#%;!
8-#!0-#'&+!.5.#)2+7!G)(!-3.'0=+,!#+!)3/+0&'(&-!8-#!&->&+!-$!#'!'1)03'2)B(!8-!4%-!
#'! 2+(2-/2)B(! 8-! V-$@$! -(! P'05'! -0'! %('! +/-0'2)B(! 8-! #'! +3()/+&-(2)'! 8-#!
"$/50)&%!G'(&+W! #)&-0'#3-(&-! $-! #--I! !P1)"4$3!#C3T*!"&-$/)933>A%(&)"63&+(#"7'$
7&3$E+5?,)(!$R#"(',!-$!8-2)0,!-#!-$&'8+!8-!P'05'!-0'!-#!0-$%#&'8+!8-!#'!'22)B(!8-#!
"$/50)&%!G'(&+7!
!
!
R'.#'0!8-!*'"*&5*)@"$1),2)"#3!-$!0-1-0)0$-!'!'#=+!$+.0-('&%0'#,!(-='8+!/+0!
#'! #B=)2'! ?%3'('7! A'! 2+(2-/2)B(! 8-! V-$@$! -$! %(! 3)$&-0)+! 9! %(! 3)#'=0+,! /+0!
&'(&+,!$+#+!-$!2+3/0-($).#-!/+0!1-!-(!.'$-!'!#'!'1)03'2)B(!8-#!&->&+!.5.#)2+!4%-!
#+$! 20-9-(&-$! '2-/&'(! 2+3+! :'#'.0'! )($/)0'8'! /+0! _)+$7! "$&-! /)+(&,)',! 2+3+!
&+8+!-#!3)$&-0)+!8-!#'!$'#*'2)B(,!-$!0-*-#'8+!/+0!_)+$!3)$3+!9!8-.-!-(&-(8-0$-,!
2+3+!&+8+!#+!4%-!/0+2-8-!8-!_)+$,!-$/)0)&%'#3-(&-!LJ!Z+7!FIJHM7!A'!2+(2-/2)B(!
*)0=)('#!&)-(-!4%-!*-0!2+(!-#!0-)(+!8-!_)+$,!/+0!#+!4%-!$B#+!-#!4%-!?'!('2)8+!8-!
(%-*+! /%-8-! 1&,! -$&'! '83)0'.#-! 0-'#)8'87! "#! &->&+! '1)03'! 4%-! P'05'! 4%-8B!
-(2)(&'! '(&-$! 8-! 4%-! $-! 2-#-.0'0$-! -#! 3'&0)3+()+! 2+(! $%! /0+3-&)8+! V+$<7! A'!
2+3/0-($)B(! 8-! -$&'! *-08'8! 0-4%)-0-! %(! '(^#)$)$! 8-! #+$! &->&+$! /'0'#-#+$! -(! -#!
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FT

!"#!0)&+!8-!.+8'$!$+#-3(-$!$+#5'!##'3'0$-!-(!0-#'2)B(!2+(!-#!-$/+$+!0$.$'$-8$&*!(*3
%"*$(<<C$!9!0-1-0)8+!'!#+$!8+$!4"*!&.1!45$(,!4%-!-$!#'!/'#'.0'!4%-!'/'0-2-!'4%57!

JKH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

"*'(=-#)+! $-=@(! A%2'$ F` 7! G-0^! $%1)2)-(&-! '4%5! 2+(! %('! .0-*-! $5(&-$)$! 8-! #'!
-($-]'(;'!.5.#)2'!$+.0-!#'!2+(2-/2)B(!*)0=)('#!8-!V-$@$7!"#!'2+(&-2)3)-(&+!&)-(-!
4%-! *-0! 2+(! %(! 2%3/#)3)-(&+! /0+1-&);'8+! 9'! L*7! FSM7! A'! '(%(2)'2)B(! 4%-! -#!
^(=-#!a'.0)-#!?);+!'!P'05'!9!-(!0-$/%-$&'!'!#'!/0-=%(&'!8-!-##'!$+.0-!2+3+!$-!
/0+8%2)05'! #'! 2+(2-/2)B(! $)! (+! -$&'.'! 0-#'2)+(^(8+$-! '%(! 2+(! $%! -$/+$+,! $-! #-!
)(8)2B!4%-!#'!2+(2-/2)B(!$-!/0+8%2)05'!2+3+!0-$%#&'8+!8-!#'!'22)B(!8)0-2&'!8-#!
"$/50)&%!$+.0-!-##'!LA27!JISH,!SQM7!"(!#'!'2-/&'2)B(!8-!P'05'!'!-$'!2+(2-/2)B(!
2+3+! 3%6-0! +.-8)-(&-! '#! /0+/B$)&+! 8-! _)+$! $-! '/0-2)'! %('! 2+3/0-($)B(! 8-#!
?-2?+!'%(4%-,!/+$).#-3-(&-,!(+!8-#!'#2'(2-!4%-!).'!'!/0+8%2)07!"#!^(=-#!->/#)2B!
'! P'05'! 4%-! #'! 2+(2-/2)B(! 8-! V-$@$! $-! /0+8%2)05'! /+0! +.0'! 8-#! "$/50)&%! G'(&+!
4%-!#'!*!%,),?#,!+!&"1'31&,?#!2+(!$%!$+3.0'7!G)(!-3.'0=+,!#'!'22)B(!8-#!"$/50)&%!
(+!)3/#)2',!-(!3+8+!'#=%(+,!4%-!#'!D-02-0'!:-0$+('!8-!#'!_-)8'8!$-'!-#!5#7,&!
8-!V-$@$!8-!O';'0-&,!/%-$&+!4%-!-(![#!(+!->)$&-!+&0'!/-0$+('!4%-!#'!8-!g-0.+,!
R)6+! 8-! _)+$,! 2%9+! @()2+! :'80-! -$! #'! :0)3-0'! :-0$+('7! P'05'! (+! 8-.5'! &+3'0!
/'0&-! '#=%('! -(! #'! 2+(2-/2)B(! *)0=)('#,! $)3/#-3-(&-! -(&-(8-0! 4%-! -0'! -#!
)($&0%3-(&+! 4%-! _)+$! ?'.5'! -$2+=)8+! /'0'! )(&0+8%2)0! '! "3'(%-#! -(&0-! #+$!
?+3.0-$7! A+! 4%-! $-05'! '#%3.0'8+! /+0! -##'! -(! i-#<(! 8-! V%8-'! -$! 43'$ +#"('8!
F\
LA27! JISQM7! :+0! #'! '22)B(! 8-#! "$/50)&%! #'! G-=%(8'! :-0$+('! _)*)(',! 4%-8'!
0-*-$&)8'!8-!?%3'()8'8!9!$-!?'2-!?+3.0-,!?'2)-(8+!$%.$)$&)0!-(!$%!:-0$+('!#'$!
8+$!('&%0'#-;'$,!8)*)('!9!?%3'(',!$)(!3-;2#'!-(&0-!-##'$7!"#!?-2?+!8-!?'.-0!$)8+!
2+(2-.)8+! *)0=)('#3-(&-! /+0! -#! "$/50)&%! G'(&+! (+! 2+(1)-0-! '! V-$@$! #'! 1)#)'2)B(!
8)*)('!)(&0'&0)()&'0)',!$)(+!4%-!#'!3'()1)-$&'7!"#!R)6+!8-!_)+$!-(!1+03'!?%3'('!
*)(+! '! $-0! 8-! -$&-! 3+8+! 7&$ /!:&,! La^7! HIHM7! A'! 20--(2)'! -(! #'! 2+(2-/2)B(!
*)0=)('#! 8-! V-$@$! -$! %('! 2+($&'(&-! -(! #'! 8+2&0)('! 8-! #'! Y=#-$)'7! A'! /0)3-0'!
/0+1-$)B(!8-!1-!$+.0-!-$&'!*-08'8!'/'0-2-!-(!-#!G53.+#+!8-!R)/B#)&+!-(!#+$!']+$!
FJQfFJT,! 4%-! #%-=+! $-! ->&)-(8-! '#! 0-$&+! 8-! #+$! *,&7'+! '! #+! #'0=+! 8-#! &)-3/+7!
:+8-3+$!2+(2#%)0!-$&'!$5(&-$)$!'1)03'(8+!4%-!2+(1+03-!'!#+!4%-!#'$!"$20)&%0'$!
-($-]'(,!-#!R)6+!8-!_)+$!1%-!2+(2-.)8+!2+3+!?+3.0-!/+0!-#!/+8-0!8-#!"$/50)&%!
G'(&+!-(!-#!*)-(&0-!8-!#'!.)-('*-(&%0'8'!g)0=-(!P'05',!8-!#'!$%$&'(2)'!8-!-##',!
/+0!#+!4%-!$)-(8+![#!-&-0('!9!*-08'8-0'3-(&-!_)+$,!'$%3)B!*-08'8-0'!('&%0'#-;'!
?%3'('!?'2)<(8+$-!?+3.0-,!/'0'!$-0!#+!4%-!#+$!?+3.0-$!$+(,!$'#*+!-#!/-2'8+!9!
/+8-0!$-0!-#!$%$&)&%&+!$%1)2)-(&-!9!/#-(+!/'0'!+.0'0!#'!0-8-(2)B(!8-!#+$!?+3.0-$7!
Z+(! &+8+! (+! 8-.-! $)&%'0$-! #'! 2+(2-/2)B(! *)0=)('#! 2+3+! 1%(8'3-(&+! 8-! #'!
)3/-2'.)#)8'8!8-! Z0)$&+,! 2%9'! '%$-(2)'! 8-! /-2'8+! -(! $%! ('&%0'#-;'! ?%3'('! $-!
8-.-,! /+0! %(! #'8+! '! #'! 2+(2-/2)B(! /+0! +.0'! 8-#! "$/50)&%,! /-0+! -$-(2)'#3-(&-! '!
2'%$'!8-!#'!$%.$)$&-(2)'!8-!-$'!('&%0'#-;'!-(!#'!:-0$+('!_)*)('!8-#!R)6+!8-!_)+$,!
4%-! $'(&)1)2'! /#-('3-(&-! #'! ('&%0'#-;'! ?%3'('! '#! ?'2-0#'! $%9'! /0+/)'7! Z'.-!
/0-=%(&'0$-! $)! -0'! '.$+#%&'3-(&-! (-2-$'0)+! 4%-! Z0)$&+! ?%.)-$-! ('2)8+! $)(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F`

!g-0!2+3-(&'0)+!'!A%2'$!JIFUfS`7!
!"(!-#!&->&+!=0)-=+!$-!#--I!C$(23/)23%!**,&-!*)*3$V%()*,!#)&-0'#3-(&-I!(#/%)Q"$!"$>!&$&+$
+)&"7'$&"2&"7,#7'$+#"('7!"#!&->&+!2+(!'0&52%#+!(-%&0+!->)=-!%(!&0'&+!8-!+#"('!=-(-0'#!9!
(+!+#"('$+&,0$
F\

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
JKQ!
!
0-#'2)B(! 8-! *'0B(7! O)! 15$)2'! ()! 3-&'15$)2'3-(&-! -0'! (-2-$'0)+! -(! 0';B(! 8-#!
/-2'8+!?-0-8'8+,! 4%-! $-! &0'($3)&-! &'(&+! /+0! -#! /'80-! 2+3+! /+0! #'! 3'80-! LG'#7!
QJIQM,! -$! 8-2)0,! 2'8'! /-0$+('! ?%3'('! 2+(2-.)8'! -$! $+#)8'0)'! 2+(! #'! 2'.-;'! 8-!
(%-$&0'! 0';',! -#! /0)3-0! C8^(,! /-0+! 4%-! (+! -$&%*+! /0-$-(&-! -(! #'! ?%3'()8'8!
2+(2-.)8'!-(!0';B(!8-!#'!/0-$-(2)'!2+(&)(%'!8-!#'!G-=%(8'!:-0$+('!8-!#'!_-)8'8!
4%-!#'!$'(&)1)2B,!3-&'15$)2'3-(&-!)(2+3/'&).#-!2+(!-#!/-2'8+7!"#!?-2?+!8-!4%-!
(+!?%.)-$-!&-()8+!/'80-!?%3'(+!$-!8-.-!'!8+$!0';+(-$!/0)(2)/'#-$I!#'!/0)3-0'!'!
2'%$'! 8-! #'! 3'#8)2)B(! $+.0-! V-2+(5'$! 4%-! V+$<! ?-0-8B! 9! 4%-! )3/-85'! 4%-!
()(=%(+! 8-! $%$! 8-$2-(8)-(&-$! ?-0-8'$-! -#! &0+(+! 8-! _'*)8,! 2+3+! $-! 2+($)8-0B!
'(&-$W! #'! $-=%(8'! -(! .'$-! '! 4%-! V-$@$! 8-! O';'0-&! -$! -#! d()=<()&+! 8-#! :'80-!
0-*-$&)8+! 8-! ?%3'()8'8,! -#! g-0.+! "&-0(+! 8-! _)+$! ?-2?+! ?+3.0-! LV(7! JIJHM! 9,!
/+0!&'(&+,!-0'!(-2-$'0)+!4%-!(+!&%*)-$-!7'+$/'80-$,!%(+!?%3'(+!9!+&0+!-#!_)*)(+,!
'!1)(!8-!3'(&-(-0$-!2+3+!@()2+!R)6+!8-!%(!@()2+!:'80-!LZ17!A27!FIFH,!H\M7!!
!
!
A'! 2+(2-/2)B(! *)0=)('#! 8-! V-$%20)$&+! 2+(8%2-! '! +&0'! /+#<3)2'! &-+#B=)2'!
$+.0-!$)!P'05',!-(!#'!2+(2-/2)B(!9!=-$&'2)B(!8-!V-$@$,!1%-!5',(#7',#$7&$=)'+$'$
5',(#7',#$7&$B,)+('0!A'$!8+$!/+$)2)+(-$!&0'6-0+(!'!#+!#'0=+!8-!#+$!$)=#+$!$-0)'$!
8)$2%$)+(-$! 4%-! 1%-0+(! 8-$/-6^(8+$-! -(! 8)*-0$+$! 2+(2)#)+$7! G)! #'! %()B(! 8-! #'$!
8+$!('&%0'#-;'$!-(!%('!:-0$+('!-$!%('!%()B(!?)/+$&^&)2',!'3.'$!$%.$)$&-(!/'0'!
$-0! _)+$f?+3.0-,! -(! %(! @()2+! $%6-&+! 8-! '&0).%2)B(,! -$! 8-2)0,! 8+$! ('&%0'#-;'$! 9!
%('! /-0$+('! +! .)5@+(#+)+7! A'! 8)$2%$)B(! $-! -$&'.#-2)B! $+.0-! $)! P'05'! 1%-!
B.,)+('(@M'+,! /+0&'8+0'! 8-! Z0)$&+,! +! 1%-! P.&'(@M'+,! /+0&'8+0'! 8-! _)+$7! :'0'!
'#=%(+$,! 2+3+! O-$&+0)+,! P'05'! -(! @#&)3+! 2'$+! $-05'!P.&'7@*.'+,! 0-2-/&+0'! 8-!
_)+$W!/-0+,!o8-$8-!2%'(8+p!o_-$8-!#'!2+(2-/2)B(p!o"(!'#=@(!3+3-(&+!8-$/%<$!
8-!-##'p!oh%)<(!-$&%*+!-(!P'05',!$)3/#-3-(&-!Z0)$&+!2+3+!?+3.0-!+!-#!g-0.+!
8-!_)+$!-(2'0('8+p!G)!$+(!8+$!#'$!('&%0'#-;'$!4%-!$-!%(-,!$)(!-3.'0=+!-#!$%6-&+!
8-! #'! %()B(! -$! %(! @()2+! Z0)$&+,! R)6+! 8-! _)+$7! O+! ?'9! $%/0-$)B(! 8-! #'$!
('&%0'#-;'$!/+0!#'!%()B(,!$)(+!4%-!#'!8)*)()8'8!9!#'!?%3'()8'8!2+(*-0=-(!-(!%(!
@()2+!G-]+0!9!Z0)$&+7!O+!$-!&0'&'!8-!%(!?+3.0-!8)*)();'8+,!$)(+!8-!_)+$!?-2?+!
?+3.0-7! :+0! &'(&+! #'! /0-$-(2)'! 8-! #'! $-=%(8'! :-0$+('! 8-! #'! _-)8'8,! 4%-! $-!
,&1)+(&$ 7&$ .!/#")7#7,! &%*+! 4%-! -$&'0! /0-$-(&-! 8-$8-! -#! 3)$3+! )($&'(&-! 8-! #'!
2+(2-/2)B(! /+0! -#! "$/50)&%! -(! P'05',! 8-! '?5! 4%-! $-! 2+(2#%9'! -(! 4%-! P'05'! ?'!
$)8+!P.&'(@M'+7!"$!-*)8-(&-!4%-!P'05'!"'$&+$H#7,&$7&$=)'+!/+04%-!V-$%20)$&+!
2+3)-(2-!$%!->)$&-(2)'!-(!-##',!()!/%8)-0'!#'!20)'&%0'!8'0!+0)=-(!'#!Z0-'8+0,!$)(+!
4%-!-#!g-0.+!"&-0(+!&+3B!8-!P'05'!-(!$%!$-(+!-#!/0)(2)/)+!-(2'0('&)*+7!"(!-##'!
9!8-!-##',!-#!"$/50)&%!G'(&+!2+(2).)B!-#!2%-0/+!'()3'8+!/+0!-#!'#3'!0'2)+('#!'#!
4%-! -#! A+=+$! $-! %()B! $-=@(! #'! ?)/B$&'$)$,! /+0! #+! 4%-! -#! g-0.+! -(2'0('8+! -(!
2%'(&+!'!?%3'()8'8,!2+3+!?+3.0-!/-01-2&+,!-$!?)6+!8-!P'05'7!"#!4%-!&-(5'!%('!
-&-0('! ->)$&-(2)'! 2+3+! _)+$,! 2+3-(;B! '! &-(-0! &'3.)<(! %('! ->)$&-(2)'! ?%3'('!
/+0! 2+(2-/2)B(! -(! P'05'! /0+#+(='(8+! #'! -&-0('! ->)$&-(2)'! -(! #'! &-3/+0'#! 8-!
?+3.0-7!Z0)$&+!-$,!/+0!&'(&+,!?)6+!8-#!:'80-!-(!#'!-&-0()8'8!-!?)6+!8-!P'05'!-(!#'!
&-3/+0'#)8'8!8-!$%!2+(8)2)B(!?%3'(',!-$!-(=-(80'8+!-&-0('3-(&-!/+0!-#!:'80-!
9!2+($%$&'(2)'#!2+(![#,!9!-$!-(=-(80'8+!-(!-#!&)-3/+!8-!P'05'!9!2+($%$&'(2)'#!
!!!!!!!!!

JKU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
2+(!-##'!-(!2%'(&+!'!?%3'()8'87!A'!%()B(!8-!?%3'()8'8!9!8-)8'8!-(!#'!:-0$+('!
_)*)('! 8-#! g-0.+! $-! /0+8%6+! 8-$8-! -#! )($&'(&-! 3)$3+! 8-! #'! 2+(2-/2)B(7! A'!
?%3'()8'8!8-!Z0)$&+!-$!/#-('!9!/-01-2&'!/+04%-!-$!#'!?%3'()8'8!8-!_)+$7!
)
V`2) g:;F) ;@) E5B9>:h) ?:E:) 8B5) T@;A:h) J) 6:) S@8BO5) 96<5E5B35h) S@9;:) >8T5B35)
;8?B8A5E86A82)
)
#:,4;2D3@!23)>3$#*;2.3$"#/;<963@(&C$()9333,Z*33C$(23-;2335!&',*3$"#/;2*33
!!!!!!!c!V+$<!!!!-#!!!3'0)8+!!!8-!-##'!!!!!!!!6%$&+!!!!!!!$)-(8+!!!!!!9!!!!!(+!!!4%-0)-(8+!!!!'!-##'!

@!(%-$/(&4$(63!#8)"';&5;33'$&5.$Y3$#0)'"<4$(3$"#/;&*B3
3333)(1'3'0!!!!!!!!!!!!!!!4%)$+!!!!!!!!!!-(!$-20-&+!!!!0-/%8)'0!!!!!!!!!'!-##'7!
!
O+&'$!$+.0-!-#!&->&+!=0)-=+7!
!
E3$/#,)7'$7&$&33#,!)>3$#*;2.3$"#/;<9,!2#^%$%#'!2+(!'0&52%#+!8-&-03)('8+!)>,!&3,!4%-!/0-2-8-!
'#!$%$&'(&)*+!$#*;2.,!-(!(+3)('&)*+!$)(=%#'0!3'$2%#)(+,!4%-!$)=()1)2'!#)&-0'#3-(&-!1#,@"D$
.'/%,&,!'4%5!2+(!$-(&)8+!8-!/#,)7',!9!$"#/;<9,!=-()&)*+!$)(=%#'0!1-3-()(+!4%-!$)=()1)2'!
7&$&33#0$
B'/'$ &,#$ :!+(',! 2#^%$%#'! 2+(! @(&C$()9,! $%$&'(&)*+! '86-&)*'#! (+3)('&)*+! $)(=%#'0!
3'$2%#)(+,!4%-!$)=()1)2'!:!+(',!9!,Z*,!4%-!-$!-#!/'0&)2)/)+!8-!/0-$-(&-!-(!*+;!'2&)*'!8-#!
*-0.+!!(#-(,!4%-!-4%)*'#-!'!*'/'$&,#D$>!&$&,#D$>!&$&+D$&3$*!#3$&,#D$-&27!
e$"'$>!&,?#$)"A#/#,3#,!C$(23 -;23 5!&',*3$"#/;2*3@!(%-$/(&4$(7!Z#^%$%#'!(-='&)*'!2+(!#'!
2+(6%(2)B(!C$(2D$J,!#'!/'0&52%#'!8-!(-='2)B(!-;2,!"'D!-#!*-0.+!5!&',*,!4%-!-$!-#!/'0&)2)/)+!
8-! /0-$-(&-! -(! *+;! '2&)*'! 8-#! *-0.+! 5!&',,! >!&,&,,! '4%5! -4%)*'#-! '! >!&,)&"7',! 9! -#!
/0+(+3.0-3$"#/;2*,!-(!'2%$'&)*+!$)(=%#'0!1-3-()(+!4%-!$)=()1)2'!#$&33#0!
b!)+',! !#8)"';&5;,! -$! -#! '+0)$&+! /0)3-0+! 8-! $%.6%(&)*+!8-#! *-0.+!8)"&',,!>!&,&,,! '4%5!
2+(!$-(&)8+!8-!>!&,)&"7'0$
N"A#/#,,! @!(%-$/(&4$(,! -$! -#! '+0)$&+! /0)3-0+! 8-! )(1)()&)*+! -(! *+;! '2&)*'! 8-#! *-0.+!
@!(%-$/(&+,,! 4%-! -4%)*'#-! '! .#*&,$ !"#$ &C.)%)*)@"$ 7&D$ &C5'"&,,! '4%5! 2+(! $-(&)8+! 8-!
)"A#/#,0$
R&*,&(#/&"(&,!'$&5.$Y,!'8*-0.)+!4%-!-4%)*'#-!'!+&*,&(#/&"(&D$&"$+&*,&('7!
=&:#,3#,! ! $#0)'"<4$(,! 4%-! -$! -#! '+0)$&+! /0)3-0+! 8-! )(1)()&)*+! -(! *+;! '2&)*'! 8-#! *-0.+!
$#0)'"&,D$7&:#,,!'4%5!2+(!$)=()1)2'8+!8-!,&5!7)#,3#0!

!
!
"#!"$/50)&%!8'!/+0!3-8)+!8-!P'&-+!#'!2+(8)2)B(!3+0'#!8-!!#:,4;2D63<'+Q,!-#!
3'0)8+!8-!P'05',!#)&-0'#3-(&-I!@!23 )>3 $#*;2.3$"#/;<9634&3$/#,)7'$7&$&33#8,!2+3+!
8-! ?+3.0-3 @(&C$()93 ! :!+(',! -$! 8-2)0,! 0-2&+,! .-()=(+,! 3)$-0)2+08)+$+7! "$! -#!
3)$3+!'86-&)*+!4%-!$-!%&)#);'!/'0'!2'#)1)2'0!'!l'2'05'$,!"#)$'.-&!9!G)3-B(!LA27!
JIUW! FIFQM7! V+$<! 2+(+25'! #+! 4%-! #'! A-9! -$&'.#-25'! /'0'! %(! 2'$+! 8-! )(1)8-#)8'8!
8%0'(&-!#+$!8-$/+$+0)+$!L_&7!FFIFSM7!_-.-!$%/+(-0$-!#'!'($)-8'8!4%-!-(*+#*5'!-#!
'#3'! 8-! V+$<! 2+(+2-8+0! 8-#! -$&'8+! 8-! $%! 8-$/+$'8',! /-0+! )=(+0'(&-! 8-! #'!
0-'#)8'8! 8-#! 3)$3+7! C/'0-(&-3-(&-! -##'! ?'.5'! 4%-.0'(&'8+! %(! 6%0'3-(&+!
$+#-3(-,!9'!4%-!$%!-$&'8+!(+!8-/-(85'!8-!<#,!/+0!2%'(&+!"'$+&$.#%?#"$:!"(#7',!
-$!8-2)0,!(+!?'.5'(!)()2)'8+!%('!2+(*)*-(2)'!6%(&+$!L*7!J`M7!O+!2'.-!8%8'!4%-!
'3'.'!'!$%!-$/+$',!/-0+!-0'!%(!20-9-(&-!8-!/0)(2)/)+$!9!(+!-$&'.'!8)$/%-$&+!'!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
JKT!
!
4%-.0'(&'0! #'! *+#%(&'8! 8-! _)+$,! 4%)-(! &+3'.'! 2+3+! /-2'3)(+$+! -#!
4%-.0'(&'3)-(&+! 8-#! *+&+! 3'&0)3+()'#7! :-0+,! V+$<! -0'! &'3.)<(! %(! ?+3.0-!
3)$-0)2+08)+$+,!9!(+!-$&'.'!8)$/%-$&+!'!4%-!P'05'!4%-8'$-!3'02'8'!2+(!-#!$-##+!
8-! #'! )=(+3)()'! '%(! 2%'(8+! (+! $-! ?%.)-$-! 2+($%3'8+! r-(&+(2-$! (+! $-!
/0'2&)2'.'! 9'f! #'! 3%-0&-! /+0! #'/)8'2)B(,! <#! C$(23 -;23 5!&',*3 $"#/;2*3
@!(%-$/(&4$(63 Q3$ "'$ 3#$ >!&,?#$ )"A#/#,7! :+85'! -(&0-='0! '! P'05'! %('! 2'0&'! 8-!
8)*+02)+,!2+3+!4%-!?'.5'!-(2+(&0'8+!-(!-##'!'#=+!4%-!(+!?'25'!/+$).#-!#'!*)8'!
3'&0)3+()'#,!8-!'2%-08+!2+(!#+!8)$/%-$&+!-(!#'!A-9!L_&7!FHIJW!P&7!QISFM7!_-.5'!
-$/-0'0! '#! 3+3-(&+! -(! 4%-! #'! 0-2).)-$-! 2+(! <#! -(! 2'$'! 9! 8-$/-8)0#'! #%-=+!
2+(1+03-!'!#+!-$&'.#-2)8+7!V+$<!/-($'.'!-(!$%!)(&-0)+0!-(!8'0#-!-#!2-0&)1)2'8+!8-!
0-/%8)+,! 8-6'(8+! #'! 2'%$'! -(! #'$! 3'(+$! 8-! _)+$7! "$! )(&-0-$'(&-! (+&'0! #+$! 8+$!
*-0.+$! %&)#);'8+$! /+0! P'&-+! /'0'! ->/0-$'0! -#! /0+/B$)&+! 5!&',*! >!&,)&"7'! 9! #'!
)(&-(2)B(! >!)+'$ 7&:#,3#,! #)&-0'#3-(&-I! !#8)"';&5;3 '$&5.$Y3 $#0)'"<4$(3 $"#/;&*63
>!)+'$ ,&5!7)#,3#$ &"$ +&*,&(',! 2+(&0'$&'(8+! #+! 4%-! -$&^! -(! 0-#'2)B(! 2+(! -#!
/0+/B$)&+! 9! -#! 8-$-+7! V+$<! (+! 4%-05'! ->/+(-0#'! '! )=(+3)()'! /@.#)2',! /+0! &'(&+!
&0'&'.'! 8-! '00-=#'0! -#! '$%(&+! 8-! +&0+! 3+8+7! "$! 3^$,! (+! $)-3/0-! $-! /)-($'! 4%-!
V+$<,!8^(8+#-!2'0&'!8-!0-/%8)+!'!$%!-$/+$',!'$%35'!'(&-!&+8+$!#'!/'&-0()8'8!8-#!
-3.'0';+!8-!$%!-$/+$'7!
!
!
d(! 20-9-(&-! 4%-! -$! :!+(',! -$! &'3.)<(! /)+&,)*',7)'+'7! V+$<! (+! $-!
/0-2)/)&'.'!-(!&+3'0!%('!0-$+#%2)B(!'!#'!4%-!&-(5'!8-0-2?+,!$)(+!4%-!3-8)&'.'!
5(&)3'3-(&-! 2+3+! ?'2-0#+7! R'.5'! %('! *-08'8-0'! 8-#).-0'2)B(! /-0$+('#! /'0'!
8-2)8)0!-(&0-!#'!2-($%0'!#-='#!9!#'!3)$-0)2+08)'7!Z+3+!-$20).-!-#!_07!A'2%-*'I!
!
!
4K&,+'"#+$7&$*#,F*(&,$,)2!,'+'$5'7,?#"$#*!+#,$#$<'+Q$7&$7&%)3)7#7$&"$+!$
*3&/&"*)#D$5&,'$3#$K#3#%,#$7&$=)'+$"'+$7)*&$>!&$'%,@$#+?$5',>!&$&,#$:!+('8 dj 0$
!
!
A'! 2'0'2&-05$&)2'! 8-#! 20-9-(&-! -$/)0)&%'#! (+! -$&^! -(! #'! 2'/'2)8'8! 8-!
,&5,&"7&,,! $)(+! -(! #'! 8-! ,&+(#!,#,! La^7! UIJM7! h%)-(-$! -$&^(! $B#+! 8)$/%-$&+$! '!
'/#)2'0!#'!#-9,!(+!?'(!'/0-(8)8+!'@(!-#!$)=()1)2'8+!8-!#+!4%-!-$!#'!/)+&,)*',7)#7!
R'9! 3%2?+$! 4%-! $-! $)-(&-(! 3^$! $'(&+$! 4%-! +&0+$,! 8)$/%-$&+$! '! '2%$'0! 8-!
2%'#4%)-0!10'2'$+!'!$%$!?-03'(+$,!+#*)8^(8+$-!8-!4%-!&'3.)<(!-##+$!/%-8-(!2'-0!
-(!#'!&-(&'2)B(,! /+04%-! 4&3$ >!&$ 5)&"+&$ &+(#,$ A),/&D$ /),&$ >!&$ "'$ *#)2#8! LJ! Z+7!
JKIJFM7! "#! *-08'8-0+! 20-9-(&-! 4%-! *)*-! '! _)+$! -(! <#,! -$&^! $)-3/0-! 8)$/%-$&+! '!
/-08+('0! 2+3+! 4%)-(! ?'! $)8+! /-08+('8+! L"17! HISFM7! h%)-(! (+! -$! 2'/';! 8-!
/-08+('0,! /+$).#-3-(&-! (%(2'! 1%-! <#! 3)$3+! /-08+('8+7! "#! 20-9-(&-! (+! -$&^!
/%-$&+!/'0'!$-0!6%-;!$)(+!/'0'!)(&-02-8-0!/+0!4%)-(-$!?'(!2'58+!-(!%(!/-2'8+!LJ!
V(7! QIJUM7! "$! /+$).#-! 4%-! ?'9'! '#=@(! ?-03'(+! 4%-! $-'! +',5,&"7)7'! -(! '#=%('!
1'#&',! -$! 8-2)0,! -(! -#! 3)$3+! ?-2?+! 8-! 2+3)$)B(! 8-#! /-2'8+,! 9! 8-.-! $-0!
,&+(#!,#7'$ *'"$ &+5?,)(!$ 7&$ /#"+&7!/%,&! La^7! UIJM7! C8-3^$,! -#! 20-9-(&-!
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SK

! m0'(2)$2+! A'2%-*'7! B'/&"(#,)'$ k?%3)*'$ H#((.&c$ 9&",J,! *+#7! `,! P'&-+,! Z#)-7!
D-00'$$',!J\`H7!:^=7!JF7!

JK`!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
-$/)0)&%'#!'00-=#'!#+$!/0+.#-3'$!/-0$+('#-$!4%-!$-!/0+8%;2'(!-(!$%!->/-0)-(2)'!
2+3+!2+($-2%-(2)'$!8-!+1-($'$!4%-!/%-8'(!)(10)(=)0#-!+&0+$,!2+(!/0%8-(2)',!$)(!
'#&)*-;!()!0-(2+07!"#!'3+0!8-!4%-!-$&^!?'.)&'8+!-#!20)$&)'(+!2+3+!2+($-2%-(2)'!
8-!#'!/0-$-(2)'!9!'22)B(!8-#!"$/50)&%!-(!<#!LN+7!QIQM,!#-!##-*'!'!'2&%'0!8-!1+03'!
4%-! /%-8'! *!%,),$ /!3()(!7$ 7&$ 5&*#7'+! LG&=7! Q7FKM7! "$&+! &)-(-! 4%-! *-0! 2+(!
/-08+('0!#'!1'#&'!+!-#!'=0'*)+!9!(+!8)*%#='0!-#!/-2'8+!8-#!+1-($+07!A'!205&)2'!9!
3%03%0'2)B(!-$!#'!3'9+0!2'02+3'!-$/)0)&%'#!-(!#'!)=#-$)'!8-!V-$%20)$&+7!h%)-(-$!
-$&^(!8)$/%-$&+$!'!8)*%#='0!+1-($'$!9!0-*-#'0!1'#&'$,!(+!2+(+2-(!-#!'3+0!8-!_)+$!
9,!2+3+!35()3+,!*)*-(!.'6+!#'!)(1#%-(2)'!8)'.B#)2'!2+(!#'!4%-!G'&'(^$!/0+2%0'!
8-$&0%)0!#'!2+(*)*-(2)'!9!8-6'0!$)(!-1-2&+!#'$!.-(8)2)+(-$!8-!_)+$7!"#!#-='#)$&'!-$!
%('! -$/-2)-! -(! ->&)(2)B(! 4%-! #'3-(&'.#-3-(&-! (%(2'! $-! ->&)(=%-7! G-! $)-(&-(!
$'&)$1-2?+$! 2%'(8+! $+(! 2'/'2-$! 8-! 8-$/0-2)'0! '! +&0+$,! $'#&'(! 8-! =+;+! 2%'(8+!
8-$2%.0-(!%('!1'#&'!-(!'#=%)-(,!/+04%-!$-!3)8-(!2+(!#'!3-8)8'!8-#!?+3.0-!9!(+!
2+(!#'!8-!_)+$7!"$&+$!'00+='(&-$!(%(2'!?'(!-(&-(8)8+!#'!*-08'8-0'!=0'2)'!8)*)('7!
G+(! -$2+0)'! 4%-! _)+$! 0-&)0'0^! 8-! $%! Y=#-$)'! 2'8'! *-;! 4%-! '2%8'! '! -##'! /'0'!
/%0)1)2'2)B(!8-!$%!/%-.#+7!:-08+('0!'#!/-2'8+0!(+!$)=()1)2'!2+(()*-(2)'!2+(!-#!
/-2'8+,! ()! 6%$&)1)2'2)B(! 8-#! 3'#! 2+3-&)8+,! -$! 3^$,! (+! $)=()1)2'! &'3/+2+!
3'(&-(-0!2+3%()B(!2+(!4%)-(-$!##'3^(8+$-!?-03'(+$!*)*-(!-(!#'!/0^2&)2'!8-#!
/-2'8+!4%-!_)+$!'.+00-2-!LJ!Z+7!QIJJM7!
!
Zc2).)D86;56>:)F3)86)8;A:h)P8)5S@O)@6)K6783)>83)G8]:B)38)5D5B8?9C)86);@8]:;)
J)38)>9T:W)g:;Fh)P9T:)>8)0549>h)6:)A8E5;)B8?9=9B)5)I5BO5)A@)E@T8Bh)D:BS@8)3:)
S@8)86)8335)8;)86786>B5>:h)>83),;DOB9A@)G56A:)8;2)
3
/$"</$3@!23$"#/)"<3!#*5"-;5!&*/)933(#@)"23$P%%!')93[".(&)"3C$/\]3)P*$.33
!!!!!!c!-$&+!!!!!!!!!!<#!!!!!!!!!-$&'(8+!/-($'(8+!!!!!?-!'?5!!!!^(=-#!!!!!!!!!8-#!G-]+0!!!!-(!!!!!!!!$%-]+!

!#D$&*;3$"#/,<Y3'!&%,*^33#:,4;2D3"(>)2933?$"(&@63-;23D)8;5;<Y930$.$'$8!(<*33
'/'0-2)B!!!!!'!<#!!!!!8)2)-(8+I!!!!!!V+$<!!!!!!!!?)6+!!!!8-!_'*)8!!!(+!!!!!!!!&-3'$!!!!!!!!!!!!!!0-2).)0!

N$.(&$*3/;2*3%"*$(<C$34)"^33/)23%$2.3!#*3$"#/;<Y3%!**;5!2*3!#C3T*!"&-$/)933
!'!P'05'!!!!!!!!#'!!!!!!!!!!!3%6-0!!!!!8-!&)W!!!!!/+04%-!#+!!-(!!!!!!-##'!!!!-(=-(80'8+!!!8-!!!!!!!!"$/50)&%!

!#4/(*33>A%(&)"B3
33-$33333G'(&+7!
!
O+&'$!$+.0-!-#!&->&+!=0)-=+7!
!
e$&+(#+$*'+#+,!/$"</$3@!2,!->/0-$)B(!2+(!/$"</$,!1+03'!(+3)('&)*+!8-#!/#%0'#!(-%&0+,!4%-!
-4%)*'#-!'!#>!&33#+,!2+(!#'!/'0&52%#'!@!2,!J7!
K&"+#"7',!!#*5"-;5!&*/)9,!-$!-#!/'0&)2)/)+!'+0)$&+!/0)3-0+!-(!*+;!/'$)*'!8-#!*-0.+!5"&,,!
5&"+#,,!-(!-$&'!1+03'!-4%)*'#-!'!5&"+#"7'0$
9&$ #>!?D! (#@)"2,! $-=%(8'! /-0$+('! $)(=%#'0! 8-#! '+0)$&+! $-=%(8+! 8-! )3/-0'&)*+! -(! *+;!
3-8)'! 8-#! *-0.+! )>.$&,,! -(! #'! 1+03'! !(__@)*63 /),#,D$ /'+(,#,D$ 1&,D! 2+(! %$+! '8*-0.)'#!
-4%)*'#-!'!.&$#>!?D$+!*&7)@$>!&D$1&7D$#.',#D$-&27!!
o"$ F"2&3$ 7&3$ R&W',D$ $P%%!')93 [".(&)",! 2#^%$%#'! 2+(! -#! $%$&'(&)*+! -(! (+3)('&)*+!
$)(=%#'0! 3'$2%#)(+,! 4%-! -4%)*'#-! '! F"2&3D$ !"$ F"2&3,! 9! -#! $%$&'(&)*+! /0+/)+! [".(&)",!
R&W',D$-(!#'!3)$3'!1+03'7!!

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!

JK\!

E"$ !"$ +!&W'$ #5#,&*)@,! C$/\])P*$.3 !#D$&*;,! 2#^%$%#'! 2+(! #'! /0-/+$)2)B(! C$/$&,! &",! -#!
$%$&'(&)*+! )(8-2#)('.#-! 4%-! -4%)*'#-! '! +!&W'+,! 2+(! !#D$&*;,! 4%-! -$! #'! &-02-0'! /-0$+('!
$)(=%#'0!8-#!'+0)$&+!$-=%(8+!8-!)(8)2'&)*+!-(!*+;!/'$)*'!8-#!*-0.+!D$(&*,,!4%-!$)=()1)2'!
#5#,&*&,7!
=)*)&"7'D$'!&%,*,!/'0&)2)/)+!/0-$-(&-!-(!*+;!'2&)*'!8-#!*-0.+!'!&%,,!-4%)*'#-(&-!'!7&*),0$
"#!*-0.+!8-(+&'!-#!/0+/B$)&+!5(&)3+!8-!#+!4%-!$-!8)2-,!(+!&'(&+!'!#'$!/'#'.0'$!4%-!$+(!-#!
*-?52%#+!8-!#+!->/0-$'8+7!
<'+QD$.):'$7&$=#1)7D33#:,4;2D3"(>)293?$"(&@,!'4%5!.):'!-(!$-(&)8+!8-!8-$2-(8)-(&-7!
O'$(&/#+,!-;23 D)8;5;<Y9,!2#^%$%#'!(-='&)*'!2+(!-;2,!"'$-(1^&)2+!9!#'!$-=%(8'!/-0$+('!8-!
$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!$%.6%(&)*+!-(!*+;!/'$)*'!8-#!*-0.+!D)&8,9,!(&/&,,!4%-!
$)=()1)2'!(&/#+7!
X&*)%),D$ 0$.$'$8!(<*,! -$! -#! '+0)$&+! $-=%(8+! 8-! )(1)()&)*+! -(! *+;! '2&)*'! 8-#! *-0.+!
0$.$'$-8$&*,,! ! 1+03'! 3+8)1)2'8'! 2+(! 0$.$&,! 7&3$ 3#7'$ 7&D3 8-#! *-0.+! '$-8$&*,,!
,&*)%),,!4%-!'84%)-0-!-#!$)=()1)2'8+!8-!0-2).)0!8-!+&0+7!
K',>!&$3'$>!&$&"$&33#$&+$&"2&"7,#7'D$7&3$E+5?,)(!$R#"('$&+D!/)23%$2.3!#*3$"#/;<Y3%!**;5!2*3
!#C3T*!"&-$/)93!#4/(*33>A%(&)",!2#^%$%#'!8-!0';B(!2+(!-#!'0&52%#+!/)2,!3',!4%-!/0-2-8-!'!
%$2.,!?'.)&%'#3-(&-!&0'8%2)8'!/+0!>!&,!%!**;5!2*,!4%-!-$!-#!/'0&)2)/)+!'+0)$&+!/0)3-0+!-(!
*+;!/'$)*'!8-#!*-0.+!%!**$&,,!&"2&"7,#,,!'4%5!-4%)*'#-!'!&+$&"2&"7,#7',!2+(!-#!(+3.0-!
/0+/)+! T*!"&-$/)93 3 >A%(&)",! E+5?,)(!$ R#"(',! $-/'0'8+$! #+$! 8+$! &5&%#+$! /+0! !#4/(*,! #'!
&-02-0'!/-0$+('!8-!$)(=%#'0!8-#!/0-$-(&-!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!!(#-(&,!+&,,!
'4%5!2+3+!&+7!

!
!
!
A+! 8-#)2'8+! 8-! #'! $)&%'2)B(! 2+(8%6+! '! V+$<! '! #'! 8-&-03)('2)B(! 8-!
'.'(8+('0!'!$%!8-$/+$'8'!P'05',!/0+2%0'(8+!(+!)(1'3'0#',!3-8)'(&-!%('!2'0&'!
8-! 0-/%8)+7! V+$<! /$"</$3 @!23 $"#/)"<3 !#*5"-;5!&*/)963&+(#%#$ 5&"+#"7'$ &"$ &+('0!
G)(!-3.'0=+,!2+(+2)-(8+!2+3+!-0'!#'!3+0'#)8'8!8-!$%!8-$/+$'8',!#'!$)&%'2)B(!
$-!#-!?'25'!)3/+$).#-!8-!-(&-(8-0,!2+($&)&%9-(8+!/'0'!<#!%(!3+&)*+!8-!2+(&)(%'!
0-1#->)B(,! $)(! /+8-0! 8-&-03)('0! 4%-! 2'3)(+! 8-.5'! $-=%)0,! ?'.5'! ##-='8+! '! %(!
/%(&+!3%-0&+7!V+$<!8-$2+(+25'!#'!*-08'8!8-!'4%-#!'$%(&+,!/-0+!_)+$!#+!2+(+25'!
-(! &+8'! #'! 8)3-($)B(7! "$,! /+0! &'(&+,! _)+$! 3)$3+! 4%)-(! '2%8-! -(! $%! '9%8',!
-(*)^(8+#-!%(! ^(=-#! 2+(! #'! $+#%2)B(! 8-! #+! 4%-! <#! (+! -(&-(85'7! P'&-+! 8)2-! 4%-!
$P%%!')93 [".(&)"3 C$/\])P*$.3 !#D$&*;3 $"#/,<Y3 '!&%,*63+&$ 3&$ #5#,&*)@$ !"$ F"2&3$
7&3$R&W',$&"$+!&W'D!#)&-0'#3-(&-!F"2&3,!$)(!'0&52%#+73!oZB3+!9!2%'(8+!*)(+!-#!
^(=-#! '#! -(2%-(&0+! 8-! V+$<p! "#! &->&+! .5.#)2+! /-03)&-! 8+$! )(&-0/0-&'2)+(-$7! "#!
^(=-#!*)(+!'!V+$<!0-*-#^(8+$-#-!/+0!3-8)+!8-!%(!$%-]+,!-$!8-2)0,!V+$<!$+]'(8+!
*)+!#'!/0-$-(2)'!8-#!^(=-#!9!0-2).)B!-#!3-($'6-!8-#!4%-!-0'!/+0&'8+0!/+0!3-8)+!
8-! %(! $%-]+7! :0+.'.#-3-(&-! #'! 3-6+0! )(&-0/0-&'2)B(! -$! 4%-! -#! ^(=-#! $-! ?);+!
/0-$-(&-! '! V+$<! -(! -#! &)-3/+! ?'.)&%'#3-(&-! 8-8)2'8+! '#! 8-$2'($+7! O+! &)-(-!
8-3'$)'8'!)3/+0&'(2)'!##-='0!'!%('!/0-2)$)B(!&'#7!"$!$%1)2)-(&-!2+(!-(&-(8-0!4%-!
_)+$! -(*)B! '! V+$<,! -(! 3-8)+! 8-! $%! /0+.#-3^&)2',! #'! $+#%2)B(! /+0! 3-8)+! 8-! %(!
^(=-#7! "$! %(! 3-($'6-! '()3'8+07! A-! ##'3'! 4.):'$ 7&$ =#1)78,! /+0! &'(&+,! -#!
?-0-8-0+!8-!#+$!8-0-2?+$!'#!&0+(+!4%-!_)+$!?'.5'!/0+3-&)8+!'#!0-9!8-!Y$0'-#7!"$!
%(!3-($'6-!4%-!8-.5'!-(&-(8-0!-(!-#!2+(&->&+!3-$)^()2+7!V+$<!-0'!%(!-$#'.B(!-(!
#'!#5(-'!8-!#'!'$2-(8-(2)'!8-#!P-$5'$7!V+$<!8-.5'!8-6'0!$%$!&-3+0-$!0-$/-2&+!'!#+!

JJK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
4%-!(+!-(&-(85'!$+.0-!-#!-$&'8+!8-!$%!/0+3-&)8'!9!0-2).)0#'!-(!2'$',!2%3/#)-(8+!
-#!$-=%(8+!/'$+!-(!-#!/0+2-8)3)-(&+!3'&0)3+()'#!8-!-(&+(2-$7!"#!3+8+!*-0.'#!
-(!-#!&->&+!=0)-=+!-;23 D)8;5;<Y963->/0-$'8+!2+(!-#!'+0)$&+!8-!$%.6%(&)*+!-(!*+;!
/'$)*',! /0-2-8)8+! 8-#! '8*-0.)+! 8-! (-='2)B(! "',3 -(1'&);'! #'! 8-2)$)B(! 4%-! V+$<!
8-.5'! &+3'0! 0-$/-2&+! '! $%$! &-3+0-$,! 2+3+! $)! #-! 8)6-$-I! 47&:#$ J#$ (!+$ (&/',&+87!
P'05'!4%-!-0'!9'!/;2*3%"*$(<C$34)"63+!$/!:&,,!-$!8-2)0,!+!$&+5'+#,!8-.5'!$-0!
,&*)%)7#! $)(! ()(=@(! 0-/'0+! 9'! 4%-! -#! 10%&+! 2+(2-.)8+! -(! $%! *)-(&0-! (+! -0'!
0-$%#&'8+!8-!)(1)8-#)8'8,!$)(+!-#!3)#'=0+!+/-0'8+!/+0!-#!"$/50)&%!G'(&+!-(!-##'I!
/)23 %$2.3!#*3$"#/;<Y3 %!**;5!2*3!#C3T*!"&-$/)93!#4/(*33>A%(&)"633'$&"2&"7,#7'$&"$
&33#$ &+$ 7&3$ E+5?,)(!! R#"('0! P'&-+! %&)#);'! 0$.$'$8!(<*6! %('! 1+03'! *-0.'#! 4%-!
->/0-$'! #'! )8-'! 8-! ,&*)%),$ #3$ 3#7',! -$! 8-2)0,! (+! 8-.5'! &-(-0! ()(=@(! 0-/'0+! -(!
/0+$-=%)0! #+! 4%-! 1'#&'.'! /'0'! 2+3/#-&'0! -#! 0)&%'#! 8-#! 3'&0)3+()+! ?-.0-+7! V+$<!
/+85'! 2+(*-0&)0$-! 8-! '?5! -(! '8-#'(&-! -(! -$/+$+! 4%-! 2%)8'05'! 9! /0+&-=-05'! '!
P'05',!-(!&+8'!#'!->&-($)B(!8-!#'!/'#'.0',!*-#'(8+!&'3.)<(!/+0!$%!?+(+0!2+(&0'!
4%)-(-$! /%8)-$-(! '2%$'0#'! 1'#$'3-(&-7! "(! -$'! 3)$3'! 3'(-0'! -#! ")W'! 4%-!
('2-05',! &-(805'! %(! /'80-! '8+/&)*+! 9! #-='#! 4%-! #-! &0'$#'8'05'! #+$! 8-0-2?+$!
8)(^$&)2+$! 8-#! &0+(+! 8-! _'*)87! A'! +.0'! 8)*)('! -0'! $+.0-('&%0'#7! A'! 3)$3'!
:-0$+('! _)*)(',! 4%-! ?'.5'! '/#)2'8+! #'! +3()/+&-(2)'! /'0'! -1-2&%'0! #'! +.0'! 8-!
20-'2)B(! 8-! 2%'(&+! ->)$&-,! ?'.5'! '2&%'8+! (%-*'3-(&-! /'0'! /+(-0! -(! 3'02?'! #'!
?%3'()8'8! 8-#! R)6+! 8-! _)+$7! "#! $'#3)$&',! -(! %('! ->/0-$)B(! /0+1<&)2',! ?'.5'!
'(%(2)'8+! 4%-! _)+$! #-! 4#%,),?#$ 3'+$ '?7'+8! LG'#7! HKIUM,! 4%-! -4%)*'#5'! '!
4#5,'5)#,3&$*!&,5'8$LR-7!JKIQM,!9'!4%-!(+!/%-8-!?'.-0!%('!2+$'!$)(!#'!+&0'7!A'!
?%3'()8'8!'$%3)8'!#-!/-03)&)05'!2%3/#)0!#'!/0+3-$'!8-!1&"),!9!##-*'0!'!2'.+!#'!
8-2)$)B(! 8-! ?'2-0#+I! 49&$ #>!?D$ 1&"2'8! LG'#7! HKITM7! "#! <(1'$)$! $+.0-! #'!
2+(2-/2)B(!*)0=)('#!8-!V-$%20)$&+!$)=%-!/0-$-(&-!-(!-#!&->&+7!"$!-#!R)6+!8-!_)+$,!
/-0+,! /+0! 2+(2-/2)B(! -$! &'3.)<(! -#! R)6+! 8-! P'05',! -(! 2%'(&+! '! ?%3'()8'8,!
/'0&)2)/'(8+!8-!#'!$%$&'(2)'!/0+/)'!8-!#+$!?+3.0-$!/+0!3-8)+!8-!$%!3'80-,!8-!
4%)-(! #'! &+3',! ?'$&'! -#! /%(&+! 8-! $-0! ##'3'8+! A,!('$ 7&3$ 1)&"(,&! LA27! JIHFM7! d(!
?-2?+! @()2+! -(! #'! ?)$&+0)'! ?%3'('! 9! '.$+#%&'3-(&-! )00-/-&).#-7! O)(=%('! +&0'!
3%6-0!/'$B!/+0!-$'!->/-0)-(2)',!()(=%('!+&0'!/'$'0^!/+0!-##',!('8)-!2+(2).)B!8-!
-$&-! 3+8+! $'#*+! P'05',! #'! 3'80-! 8-! (%-$&0+! G-]+07! _)+$! -$&'.'! -6-2%&'(8+! -#!
2'3)(+!4%-!?'.5'!/0-/'0'8+!/'0'!-#!2%3/#)3)-(&+!8-!#'!/0+3-$'!8-!)(&0+8%2)0!
-(&0-!#+$!?+3.0-$!'#!G'#*'8+0!8-#!3%(8+7!
!
!
_)+$!'2%8-!$)-3/0-!-(!'9%8'!8-!$%$!?)6+$!2%'(8+!(-2-$)&'(!-(2+(&0'0!-#!
2'3)(+!'!$-=%)0!-(!2%'#4%)-0!-(20%2)6'8'!8-!#'!*)8'7!G-0^!$%1)2)-(&-!2+(!3-8)&'0!
-(! #'! $)&%'2)B(! 9! 0-3)&)0#'! '! _)+$! 3)$3+! /'0'! 4%-! [#! '2%8'! -(! '9%8'! 8-#!
(-2-$)&'8+,! $)-3/0-! 4%-! <$&-! 0-2+(+;2'! $%! #)3)&'2)B(! 9! '/0-(8'! '! -$/-0'0! -(!
$)#-(2)+!#'!0-$/%-$&'!8)*)('7!"(!-#!2'$+!8-!V+$<!*)(+!/+0!3-8)+!8-!%(!^(=-#7!"#!
G-]+0! %$B! '! $%$! ^(=-#-$,! 3)()$&0+$! $%9+$,! /'0'! 8'0! 0-*-#'2)+(-$! -$/-2)'#-$! '!
'#=%(+$! 8-! $%$! ?)6+$! 2%'(8+! '$5! #+! 8-&-03)(B7! O+! $'.0-3+$! (%(2'! ?'$&'! 4%-!
/%(&+!#+$!%&)#);'!-(!-#!&)-3/+!/0-$-(&-!-(!0-#'2)B(!2+(!#+$!20-9-(&-$7!O'8)-!8-.-!
-$/-0'0!4%-!%(!^(=-#!8-!_)+$!$-!#-!'/'0-;2'!2+(!#'!0-$/%-$&'!'!#'!/-&)2)B(!?-2?'!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
JJJ!
!
+!/'0'!0-*-#'0!-#!2'3)(+!8-$2+(+2)8+7!G)(!-3.'0=+,!(+!$-!8-.-!+#*)8'0!4%-!4+'"$
&+5?,)(!+$/)")+(,#7',&+D$&"1)#7'+$5#,#$+&,1)*)'$#$A#1',$7&$3'+$>!&$1#"$#$.&,&7#,$
3#$ +#31#*)@"8! LR-7! JIJHM SJ 7! "#! 20-9-(&-! 8-.)-0'! $'.-0! '/0+*-2?'0! #'$!
2)02%($&'(2)'$! 4%-! (+! #+=0'! -(&-(8-0! 2+3+! 3+&)*+! 8-! 0-1#->)B(! /-0$+('#7! "(!
2'8'! %('! 8-! -##'$! ?'9! #-22)+(-$! 4%-! 8-.-(! $-0! '/0-(8)8'$7! V+$<! 3-8)&'.',!
0-1#->)+('.',! -(! &+8+! -$&+,! '$5! &'3.)<(! 2'8'! 20-9-(&-! -(! $%$! ->/-0)-(2)'$!
/-0$+('#-$7!
!
ZV2).)>5BK)5)3@^)@6)P9T:h)J)335E5BK;);@)6:E=B8)g8;H;h)D:BS@8)F3);5345BK)5);@)
D@8=3:)>8);@;)D8?5>:;2)
)
/!&Q!/$(3@!23"(>)&*63C$(23C$'!&4!(93/)23)P*)-$3$"#/)"<33#:;4)"<*^3$"#/)293%$2.3
!!!!!!!!!

3c!8'0^!'!#%;!!!!!?)6+!!!!!!!9!!!!!!!!##'3'0^$!!!!!!-#!!!!(+3.0-!!!!!8-!<#!!!!!!!!!!!V-$@$!!!!!!!!!!!/+04%-!-#!!!!!!!

4,&4!(3/)2*3'$)2*3$"#/)"<3$#0)23/,<*3$>-$./(,<*3$"#/,<*B3
G'#*'0^!!!!!'#!!!!!/%-.#+!!8-!<#!!!!!!!!8-!!!!!!#+$!!!!!!!/-2'8+$!!!!!!!!8-!-##+$7!

!
O+&'$!$+.0-!-#!&->&+!=0)-=+7!
!
e$7#,F$#$3!6$!"$.):'D!/!&Q!/$(3@!23 "(>)&*,!2#^%$%#'!*)(2%#'8'!2+(!#+!4%-!'(&-2-8-!/+0!#'!
/'0&52%#'! 2+(6%(&)*'! @!2,! 4%-! -4%)*'#-! '! #'! 2+(6%(2)B(! 2+/%#'&)*'! JW! /!&Q!/$(,! &-02-0'!
/-0$+('!8-! $)(=%#'0!8-#! 1%&%0+!8-! )(8)2'&)*+! -(!*+;! '2&)*'! 8-#!*-0.+!/(&C/,,! 7#,$ #$ 3!6D!
'4%5!7#,F$#$3!6f!9!-#!$%$&'(&)*+!"(>)&*,!-(!'2%$'&)*+,!3'$2%#)(+,!$)(=%#'0,!4%-!-4%)*'#-!'!
!"$.):'0$
I3#/#,F+,!C$'!&4!(9,!$-=%(8'!/-0$+(',!$)(=%#'0,!8-#!1%&%0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#!*-0.+!C$'!&,,!33#/#,,!'4%5!2+3+!33#/#,F+0!
R!$ "'/%,&,! /)23 )P*)-$3 $"#/)",! 2#^%$%#'! /0+(+3)('#! 2+(! -#! $%$&'(&)*+! )P*)-$,! -(!
'2%$'&)*+,!4%-!-4%)*'#-!'!"'/%,&,!/0-2-8)8+!8-#!'0&52%#+!/)2,!&3,!9!-#!/0+(+3.0-!/-0$+('#3
$"#/)&9,!-(!(+3)('&)*+,!$)(=%#'0,!3'$2%#)(+,!4%-!-4%)*'#-!'!7&$Q3D!#'!2#^%$%#',!/+0!&'(&+!
-$I!&3$"'/%,&$7&$Q30$
K',>!&$ Q3$ +#31#,F,! $"#/)293 %$2.3 4,&4!(,! 2#^%$%#'! 2+(8)2)+('#! 2+(! $"#/)29,! /0+(+3.0-!
/-0$+('#,! (+3)('&)*+,! $)(=%#'0,! 4%-! $)=()1)2'! Q3,! %$2.,! &0'8%2)8'! =-(-0'#3-(&-! 2+3+!
5',>!&,!9!4,&4!(,!#'!&-02-0'!/-0$+(',!$)(=%#'0,!8-#!1%&%0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!
*-0.+!4,&+,,!!+#31#,!+!+#"#,,!'4%5!+#31#,F0$
;$ +!$ 5!&%3',! /)2*3 '$)2*3 $"#/)",! 2#^%$%#'! *)(2%#'(&-! 8-! 0-#'2)B(! /-0$+('#,! 2+(! -#!
/0+(+3.0-! 8-3+$&0'&)*+! /)2*,! -(! '2%$'&)*+,! 4%-! $)=()1)2'! #3,! -#! $%$&'(&)*+! '$)29,! -(!
'2%$'&)*+,!4%-!-4%)*'#-!'!5!&%3',!9!$"#/)9,!7&$Q30$
K&*#7'+D!$>-$./(,<*,!=-()&)*+,!/#%0'#,!1-3-()(+!8-#!$%$&'(&)*+!$>-$./(&$D$5&*#7',!'4%5!
2+3+!5&*#7'+0$

$
$
_-$/%<$! 8-! #'! 2+(2-/2)B(! *)0=)('#! $-=%)05'! #'! =-$&'2)B(,! 2+3+! 2%'#4%)-0!
+&0+!/0+2-$+!?%3'(+!8-!8-$2-(8-(2)',!9!1)('#3-(&-!-#!'#%3.0'3)-(&+!8-#!()]+I!
/!&Q!/$(3 @!23 "(>)&*637#,F$ #$ 3!6$ .):'7! P'05'! -0'! )($&0%3-(&+! -(! #'! 3'(+! 8-! _)+$!
/'0'!##-*'0!'!2'.+!$%!/0+/B$)&+!8-!8'0!'#!3%(8+!-#!G'#*'8+0!8-!#+$!/-2'8+0-$7!A'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SJ

!g-0!2+3-(&'0)+!'#!&->&+!-(!$%!2+00-$/+(8)-(&-!#%='07!

JJF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
2+(2-/2)B(!-0'!%('!+.0'!8)*)(',!/-0+,!P'05'!1%-!)($&0%3-(&+!*+#%(&'0)+!/'0'!#'!
+/-0'2)B(!$%/0-3'!8-!#'!=0'2)',!/+0!-$+!##-='!'!$-0!4%&"7)(#$&"(,&$3#+$/!:&,&+8!
LA27!JIHFM7!"#!^(=-#!?'.5'!2+3%()2'8+!'!V+$<!4%-!#+!4%-!?'.5'!2+(2-.)8+!-(!-#!
$-(+!8-!$%!8-$/+$'8'!-0'!%(!*'0B(7!"$-!()]+!('2-05'!-(!$%!3+3-(&+,!2+3+!-$!
('&%0'#! -(! #+$! ?+3.0-$7! G)(! -3.'0=+! -#! R#"('! 4%-! ('2-05'! (+! -0'! %(! ?+3.0-!
2+3+!#+$!8-3^$,!$)(+!-#!G'#*'8+0!8-#!3%(8+7!_)+$!3)$3+!)(8)2',!/+0!3-8)+!8-#!
^(=-#,!-#!(+3.0-!4%-!8-.5'!)3/+(-0$-!'#!4%-!('2-05',!8-.5'!$-0!##'3'8+!V-$@$I!
C$(23 C$'!&4!(93 /)23 )P*)-$3 $"#/)"<3 3 #:;4)"<*63 4J$ 33#/#,F+$ &3$ "'/%,&$ 7&$ l3D$
<&+S+87!"$-!(+3.0-!-$!#'!->/0-$)B(!=0)-='!8-#!(+3.0-!?-.0-+!e&.t+!#,!<'+!Q,!
4%-!/%-8-!&0'8%2)0$-!/+0!=)'+$&+$+#31#*)@",!4%-!9'!1%-!2+($)8-0'8+!'(&-$ SF 7!A'!
3)$)B(! 4%-! &-(805'! -#! ")W'! 4%-! ).'! '! ('2-0! -$! #'! -(2+3-(8'8'! /+0! _)+$! 9!
8-&-03)('8'! -(! $%! /0+/B$)&+! $+.-0'(+! 8-! $'#*'2)B(! 8-$8-! '(&-$! 8-! #'! 20-'2)B(!
8-#! 3%(8+! LF! D)7! JI\M7! "#! &)-3/+! 8-! #'! -6-2%2)B(! 8-#! /0+=0'3'! 8-! $'#*'2)B(!
?'.5'! ##-='8+! 9! -#! G'#*'8+0! -0'! )(&0+8%2)8+! -(! -#! 3%(8+! /'0'! ##-*'0! '! 2'.+! #'!
3)$)B(!4%-!2+3+!_)+$!?'.5'!'$%3)8+!-(!#'!-&-0()8'8!LJ!:7!JIJ`fFKM7!!A'!0';B(!
8-#! (+3.0-! 4%-! 8-.5'! )3/+(-0! '#! ('2)-(&-! -$&'.'! 0-#'2)+('8+! 2+(! #'! 3)$)B(!
$'#*51)2'! 4%-,! 2+3+! _)+$! ?-2?+! ?+3.0-,! ).'! '! 2%3/#)07! A'! +.0'! 8-! $'#*'2)B(,!
'%(4%-!8-!*'#+0!9!'#2'(2-!%()*-0$'#!LV(7!SIJUM,!&-(805'!&'3.)<(!%(!8-$&)('&'0)+!
-$/-251)2+! /#-('3-(&-! *)(2%#'8+! '! #'! 2+(8)2)B(! 3-$)^()2'! 8-! V-$@$7! "#! *-(5'!
/'0'!4+#31#,$#$+!$5!&%3'8!$"#/)293%$2.34,&4!(3/)2*3'$)2*3$"#/)"6345',>!&$l3$
+#31#,F$ #$ +!$ 5!&%3'8,! ! #+! 4%-! $%/+(5'! %('! 0-#'2)B(! -$/-251)2'! 2+(! Y$0'-#7! A'!
'22)B(! $'#*51)2'! &)-(-! 4%-! *-0! 2+(! #'! $+#%2)B(! 8)*)('! '#! /-2'8+! ?%3'(+,! V-$@$!
$'#*'05'!'!+!$5!&%3',!$#0)23 /,<*3$>-$./(,<*3$"#/,<*637&$3'+$5&*#7'+$7&$&33'+0!G)(!
-3.'0=+,! -#! G'#*'8+0! (+! #+! $-05'! $B#+! 8-! -##+$,! $)(+! 8-! &+8+! -#! 3%(8+7! "#!
'#2'(2-!8-!+!$5!&%3'!)(2#%9-!'!&+8+$!#+$!$'#*+$7![$&+$!9!$B#+!<$&+$,!$+(!-#!/%-.#+!
8-!_)+$!LJ!:7!FI\M,!$%$!?)6+$!LV(7!JIJFM,!3)-3.0+$!8-!$%!2'$'!9!1'3)#)'!L"17!FIJ\M!
9!?-0-8-0+$!8-!&+8+!-(!Z0)$&+!LN+7!`IJTM7!C%(4%-!#'!$'#*'2)B(!-$!/0+*)$&'!/'0'!
&+8+$,!$B#+!#+$!4%-!'2-/&'(!#'!+.0'!8)*)('!9!20--(!-(!-#!-(*)'8+!/+0!_)+$,!$+(!
$'#*+$!LV(7!JTISM7!
!
!
"$! /0-2)$+! 0-$'#&'0! -(! <(1'$)$! 4%-! -#! &->&+,! -(! '03+(5'! 2+(! &+8'! #'!
"$20)&%0',!/+(-!$+.0-!#'!+.0'!8-!$'#*'2)B(7!"#!4%-!#'!?'!/#'()1)2'8+!-$!&'3.)<(!
4%)-(! #'! -6-2%&'! 2+(1+03-! '! $%! /0+/B$)&+7! A'! $'#*'2)B(! (+! -$! 8-! #+$! ?+3.0-$!
$)(+! 8-! _)+$!LG'#7! SI`W! V+(7! FI\M7! "$!%('! '.$+#%&'! +/-0'2)B(! 8-! #'! =0'2)'! -(! #'!
2%'#!-#!?+3.0-!(+!&)-(-!/'0&-!()!+/2)B(!'#=%(',!$)3/#-3-(&-!-$!-#!.-(-1)2)'0)+!
8-!#'!+.0'!9!'!4%)-(!-$&^!+0)-(&'8'7!A'!$'#*'2)B(!-$!%('!/0+*)$)B(!8-!#'!=0'2)'!
4%-! )(2#%9-! &'3.)<(! '#! G'#*'8+07! "$&-! *)(+! 2+(! -#! /0+/B$)&+! 8-! 0-8)3)0! '! #+$!
-$2#'*+$!9!$'#*'0!'!#+$!/-08)8+$!La^7!HIHW!A27!J\IJKM7!D'(&+!-(!-#!C(&)=%+!2+3+!
-(! -#! O%-*+! D-$&'3-(&+,! -#! <(1'$)$! 8-! #'! $'#*'2)B(! 8-$2'($'! -(! _)+$,! -#!
G'#*'8+07!GB#+![#!/%-8-!$'#*'0,!9!$'#*'!L217!a(7!H\IJ`W!F!N7!J\IJQfJ\W!G'#7!SI`W!
FQIQW!STIS\W!UFIJW!`JIJW! Y$7! JFIFW! V-07! SIFSW! A37! SIFUW! _(7! HISQW!P)7! TITW! R'.7!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SF

!g-0!2+3-(&'0)+!'#!*7!J7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
JJS!
!
SIJ`W!l'27!HIUW!P&7!J\IF`W!F`IJ`W!A27!JFISFW!J`IJSW!V(7!JHIUW!R2?7!HIJFW!"17!FI`f
\W!J!:7!JIJ`fFKW!-&27M7!"$20).-!a%)##-03+!R-(80)j$-(I!
!
!
4E+$ +)&/5,&$ =)'+D$ +'3#/&"(&$ =)'+D$ >!)&"$ &"$ +!$ 9):'$ J$ 5',$ /&7)'$ 7&$ Q3D$
+#31#$#$+!$5!&%3'0$;!">!&$#32!"'+$*'"A?#"$&"$*#,,'+D$J$'(,'+$&"$*#%#33'+$`R#30$
YjTgaD$ &"$ 3#$ A',(#3&6#$ A?+)*#D$ &3$ *'"'*)/)&"('D$ 3#$ ,&5!(#*)@"D$ &3$ 5,&+()2)'D$ 3#$
5'+)*)@"D$3#$/#>!)"#,)#$/#2")A)*&"(&$&$)/5,&+)'"#"(&D$3'+$#/)2'+$)"A3!J&"(&+$J$
3'+$2&"&,#3&+$)"(,Q5)7'+D$")"2!"#$7&$&+(#+$*'+#+D$'5&,#"7'$+'3#+$'$&"$*'":!"('$
*'"$ ('7#+$ 3#+$ 7&/F+D$ 5!&7&$ 3)%,#,$ #3$ .'/%,&$ 7&$ +!$ &"&/)2'$ 5,)"*)5#3D$ &3$
&"&/)2'$>!&$5'*'$#$5'*'$3'$&+(F$7&+(,!J&"7'$&"$+!$/)+/'$*',#6@"D$#$+#%&,D$&3$
5&*#7'f$'$*'/'$#>!?D$/-2'8+$D$3'+$7&$5&"+#/)&"('D$7&$5#3#%,#$J$7&$.&*.'f$3'+$
7&$ '/)+)@"$ J$ 7&$ *'/)+)@"$ J$ 7&$ 7)+5'+)*)@"$ )"(&,)',T$ ('7#+$ #>!&33#+$ 7)1&,+#+$
/#"&,#+$ &"$ >!&$ &3$ .'/%,&$ qJ&,,#$ &3$ %3#"*'rD$ &+$ 7&*),D$ 3#$ 23',)#$ 7&$ =)'+0$
I)/5)#,$ *',#6'"&+$ J$ 1)7#+$ ,&>!)&,&$ "#7#$ /&"'+$ >!&$ 3#$ /!&,(&$ ,&7&"(',#$ 7&$
<&+S+$J$&3$5'7&,$+#"()A)*#7',$7&$+!$E+5?,)(!8 dd 0!
!
!
"#! G'#*'8+0! $'#*'0^! $#0)23 /,<*3 $>-$./(,<*! 7&3$ 5&*#7'7! A'! /'#'.0'! 4%-!
P'&-+!%&)#);'!-$!%('!8-!#'$!3^$!%$'8'$!/'0'!8-1)()0!-#!/-2'8+!2+3+!%(!10'2'$+!
/-0$+('#,!%(!-00'0!'#!.#'(2+,!%(!$-/'0'0$-!8-!#'!0-=#'!8-&-03)('8'!/+0!_)+$,!%(!
4%-.0'(&'3)-(&+! 8-! #+$! /0)(2)/)+$! 3+0'#-$,! -#! $-/'0'0$-! *+#%(&'0)'3-(&-! 8-! #'!
#-9! 8-! _)+$7! G'#*'0! 8-#! /-2'8+! )3/#)2'! (-2-$'0)'3-(&-! %('! #).-0'2)B(! 8-! #'!
-$2#'*)&%8!-$/)0)&%'#!4%-!$%6-&'!'#!?+3.0-!.'6+!%(!9%=+!)($%/-0'.#-!/'0'!<#!LN+7!
UIU,!JT,!FFM7!:+0!&'(&+,!9'!'4%5!$-!'/0-2)'!-#!2+(2-/&+!.5.#)2+!8-!$'#*'2)B(!4%-!
(+!-$!$B#+!+#31#,$7&$#32',!$)(+!+#31#,$5#,#$#32'!LF!Z+7!QIJHfJQM7!A+$!)$0'-#)&'$!
-$/-0'.'(! %(! P-$5'$! #).-0'8+0! 8-! #+$! -(-3)=+$7! _)+$! /0+*--! '#! G'#*'8+0! 4%-!
#).-0',!(+!$B#+!8-!#+$!-(-3)=+$,!$)(+!8-!#'!-$2#'*)&%8!8-#!/-2'8+,!/'0'!%('!*)8'!
&0'($1+03'8'! /+0! -#! /+8-0! 8-! _)+$7! V-$@$! *)(+! '#! 3%(8+! /'0'! $'#*'0! '! #+$!
/-2'8+0-$! 8-! $%$! /-2'8+$! LJ! D)7! JIJQM7! G'#*'0! 8-! #+$! /-2'8+$! )3/#)2',! &0-$!
->/-0)-(2)'$! -(! -#! $'#*'8+I! #).-0'2)B(! 8-! #'! 0-$/+($'.)#)8'8! /-('#! 8-#! /-2'8+,!
/+0! #+! 4%-! 9'! (+! ?'9! 2+(8-('2)B(! LN+7! `IJMW! #).-0'2)B(! 8-#! /+8-0! 8-#! /-2'8+,!
3-8)'(&-!#'!+.0'!8-#!"$/50)&%,!4%-!/-03)&-!##-*'0!'!2'.+!#'!$'(&)1)2'2)B(,!2+3+!
->/0-$)B(! 8-!#'! $'#*'2)B(! -(! #'! ->/-0)-(2)'! 2+&)8)'('! Lm)#7! FIJFfJSMW! #).-0'2)B(!
8-!#'!/0-$-(2)'!8-#!/-2'8+!-(!#'!=#+0)1)2'2)B(,!/'0'!$-0!%(!/%-.#+!4+)"$/#"*.#D$
")$ #,,!2#D$ ")$ *'+#$ +&/&:#"(&8! L"17! QIFTM7! "$! %(! G'#*'8+0! /-01-2&+! /+04%-!
45!&7&$+#31#,$&(&,"#/&"(&8!LR-7!TIFQM7!"$!%(!G'#*'8+0!@()2+!/+04%-!$B#+!-(![#!
?'9!$'#*'2)B(!LR2?7!HIJFM7!
!
!
d('!/'#'.0'!8-!0-1#->)B(!$-!?'2-!(-2-$'0)'!'!#'!#%;!8-#!&->&+7!"#!"*'(=-#)+!
8-!$'#*'2)B(!-$!%(!3-($'6-!8-!=0'2)'!/0+2-8-(&-!8-!_)+$!2+(!'#2'(2-!%()*-0$'#!
LN+7! JIJU,! JTM7! "#! "*'(=-#)+! ##'3'! '!#+$! ?+3.0-$! '! %(! -(2%-(&0+! -(! 1-! 2+(! -#!
G'#*'8+0,! ?'2)<(8+#-$! (+&'0! 4%-! $B#+! ?'9! $'#*'2)B(! /+0! =0'2)'! 3-8)'(&-! 1-! -(!
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SS

!a%)##-03+!R-(80)j$-(7!+727!/^=7!JHH7!

JJH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
Z0)$&+!L"17!FI`f\M7!"#!"*'(=-#)+!'1)03'! 4%-!&+8+!'4%-#!4%-!20-'!-(!Z0)$&+!$-0^!
$'#*+!LR2?7!JUISJM,!9!&'3.)<(! 4%-! #'! $'#*'2)B(! -$&^! -(! -#! @()2+! G'#*'8+0!9! -(!
()(=@(!+&0+!?'9!/+$).)#)8'8!8-!$'#*'2)B(!LR2?7!HIJFM7!"#!"*'(=-#)+!/0+2#'3'!#'!
)(2'/'2)8'8! 8-#! ?+3.0-! /'0'! $'#*'0$-! /+0! $%$! /0+/)+$! 3-8)+$! '#! 3'0=-(! 8-! #'!
=0'2)'!+!2+3/#-3-(&^(8+#'!'!-##'7!Z%'#4%)-0!+&0'!2+$'!4%-!(+!$-'!-$&'!/%-8-!$-0!
!"$ &1#"2&3)',! /-0+! (+! -$! &3$ &1#"2&3)'7! :'.#+! '8*)-0&-! 8-! -$&-! /-#)=0+! -(! #'!
)=#-$)',!2%'(8+!-$20).-!$%!"/5$&+#'!'!#+$!a^#'&'$7!C##5,!-#!'/B$&+#,!8)2-!4%-!?'9!
'#=%(+$! 4%-! 5,'*3#/#"$ '(,'$ &1#"2&3)',! 8)1-0-(&-! '#! 4%-! <#! 3)$3+! /0-8)2'.'!
La^7!JIUM!9!4%-!&+8+!3-($'6-!4%-!8)1)-0'!+!$-!'/'0&-!8-#!@()2+!-*'(=-#)+!8-!#'!
=0'2)'! 8-.-! $-0! 2+($)8-0'8+! 2+3+! '('&-3',! $)(! )3/+0&'0! 4%)-(! $-'! -#!
/0+2#'3'8+0! 8-! -$-! /$-%8+f-*'(=-#)+! La^7! JI`M7! C#=%(+$! 20-9-(&-$! $-!
8)$&'(2)'(!8-#!@()2+!"*'(=-#)+!9!$)=%-(!%(!-*'(=-#)+!8)1-0-(&-!La^7!JIUM7!i'6+!
#'! )(1#%-(2)'! 8-#! ?%3'()$3+! -#! "*'(=-#)+! ?'! )8+! &+3'(8+! 8)$&)(&+$! <(1'$)$! 9!
0-.'6'(8+!$%!2+(&-()8+!2+(!*)$&'!'!4%-!$-'!3-6+0!'2-/&'8+!-(&0-!#+$!+9-(&-$7!"$!
&'(! 35()3+! -#! 2+(&-()8+! .5.#)2+! 8-! 3%2?+$! 3-($'6-$! ##'3'8+$! &1#"2&3?+()*'+,!
4%-!'/-('$!2+(&)-(-(!#+!35()3+!)3/0-$2)(8).#-!/'0'!-$&'.#-2-0!#'!1-!4%-!8-.-!
$-0! '2-/&'8'7! "$-(2)'#3-(&-,! -#! "*'(=-#)+! -$! %(! 3-($'6-! Z0)$&+2<(&0)2+7! G)!
V-$%20)$&+!(+!-$&^!/0-$-(&-!-(!-#!3-($'6-,!(+!-$&^!/0-$-(&-!-#!@()2+!G'#*'8+0!4%-!
8-.-!$-0!0-2).)8+!/+0!#'!1-7!"#!-*'(=-#)+!8)$3)(%)8+!-$!%(!-*'(=-#)+!)(@&)#!/'0'!
$'#*'2)B(7! "(! +2'$)+(-$! $-! /0-8)2'! %(! -*'(=-#)+! .%-(+! /'0'! $+#%2)+('0! 2)-0&+$!
'$/-2&+$! )(2+00-2&+$! 8-! #'! *)8'! ?%3'('! +,! )(2#%$+! $-! 8)2-! '#! +9-(&-! 4%-! 2+3+!
/0+3-$'! 9! 0-$%#&'8+! 8-! '2-/&'0! -#! -*'(=-#)+! 8-$'/'0-2-0^(! #+$! /0+.#-3'$,!
2%'(8+! #'! 0-'#)8'8! -$! +&0'! 8)1-0-(&-,! 9'! 4%-! Z0)$&+! 3)$3+! '1)03'! 4%-! 4&"$ &3$
/!"7'$ (&"7,Q)+$ #A3)**)@"8! LV(7! JUISSM7! "#! "*'(=-#)+! *-08'8-0+! &0'($1+03'! #'!
*)8'! 8-#! ?+3.0-! 2'3.)^(8+#+! -(! $%! )(&-0)+0! 9! 8+&^(8+#-! 8-! %('! (%-*'!
('&%0'#-;'! *)*)8'! 8-$8-! %(! 2+0';B(! (%-*+,! 8+(8-! _)+$! 0-$)8-! /+0! $%! "$/50)&%,!
4%)-(! $+$&)-(-,! +0)-(&',! '()3'! 9! 2+(8%2-! '#! 20-9-(&-7! "#! "*'(=-#)+! -$! %(!
3-($'6-!8-!-$/-0'(;'!/+04%-!'(%(2)'!'!C4%-#!4%-!-$!#'!-$/-0'(;'!8-#!3%(8+!9!
8-#!?+3.0-,!V-$%20)$&+,!4%-!$-!?'2-!*)8'!-(!#'!->/-0)-(2)'!8-!4%)-(!20--!9!-$![#!
3)$3+!-$/-0'(;'!8-!=#+0)'!LZ+#7!JIFTM7!"$!/0-2)$+!'1)03'0$-!-(!#'!*-08'8!.5.#)2'!
8-!#+!4%-!-$!-#!"*'(=-#)+!9!(+!2#'%8)2'0!8-!<#7!
!
ZZ2) %:>:) 8;A:) 5?:6A8?9C) D5B5) S@8) ;8) ?@ED398;8) 3:) >9?P:) D:B) 83) G8]:B) D:B)
E8>9:)>83)DB:<8A5h)?@56>:)>9T:W)
)
/)"</)3@!23)V')*3%!&%)*!*333(V*$330';.,5;<Y333/)23.>;5!2*3">0)23[".(&)"33@($233
!!!!c!-$&+!!!!!!!!&+8+!!!!'2+(&-2)B!!!/'0'!4%-!1%-$-!2%3/#)8+!!#+!!!!!8)2?+!!!!!/+0!!!!!-#!G-]+0!!/+0!3-8)+!

/)"<30.)D;&/)"3'!&%)*/)9^3)
!8-#!!!!!!!!/0+1-&'!!!!!!!!!!!4%-!8)2-I!

O+&'$!$+.0-!-#!&->&+!=0)-=+7!
!
e$&+('$('7'$#*'"(&*)@,!/)"</)3@!23 )V')*3%!&%)*!*,!2#^%$%#'!2+(!-#!'86-&)*+!8-3+$&0'&)*+!
/)"</),!&+(',!-(!(+3)('&)*+!$)(=%#'0,!#'!2+(6%(2)B(!@!2,$J,!2+(!%!&%)*!*,!&-02-0'!/-0$+(',!

!!!!!!!!!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
!

JJQ!

$)(=%#'0,!/-01-2&+!$-=%(8+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%(&*)-$(,!33&2#,$#$+&,D$
&/5&6#,$#$&C)+(),D$+!*&7&,,!8-!'?5!#*'"(&*)@0$
K#,#$ >!&$ +&$ *!/53)&+&,! (V*$3 0';.,5;<,Y ! 2#^%$%#'! 2+(! (V*$,! 5#,#,! 9! 0';.,5;<,Y ! &-02-0'!
/-0$+(',!$)(=%#'0,!8-#!'+0)$&+!/0)3-0+!8-!$%.6%(&)*+!-(!*+;!/'$)*'!8-#!*-0.+!0';.)&,,!
4%-!-4%)*'#-!'!33&"#,$('(#3/&"(&D$-(!*+;!/'$)*'D$+&,$33&"'D!-(!-$&-!2'$+!2+(!#'!'2-/2)B(!
8-!*!/53),,!'4%5!2+3+!+&$*!/53)&+&0$
I'$ 7)*.'D! /)23 .>;5!2*,! 2+($&0%22)B(! '0&)2%#'0! 2+(! /)2,! 3',! 9! .>;5!2*,! -#! /'0&)2)/)+! '+0)$&+!
/0)3-0+!-(!*+;!/'$)*'!8-#!*-0.+!!(P.,,!7&*),,!&0'8%2)8+!-(!-$&-!&)-3/+!/+0$7)*.'0!
K',$&3$R&W',$5',$/&7)'$7&3$5,'A&(#,!">0)23 [".(&)"3@($23 /)"<3 0.)D;&/)",!#'!2#'*-!8-!#'!
2#^%$%#'!-$&^!-(!#'!/0-/+$)2)B(!@($2,!'4%5!2+(!$)=()1)2'8+!8-!5',$/&7)'$7&7!"#!/0+1-&'!-$!
-#!)($&0%3-(&+!4%-!%$'!-#!G-]+07!
B!#"7'$7):',!'!&%)*/)9,!/'0&)2)/)+!/0-$-(&-!8-#!*-0.+!'!&%,,!7&*),,!4%-!/%-8-!&0'8%2)0$-!
/+0!>!&$7)*&D$+!*!#"7'$7)*&7!

!
!
P'&-+!8)0)=-!$%!"*'(=-#)+!'!#+$!6%85+$7!G%!)(&-0<$!/0)3+08)'#!-$!8-3+$&0'0!
4%-! V-$@$! -$! -#! P-$5'$! /0+3-&)8+,! /+0! -$'! 0';B(! '2%8-! 3^$! 4%-! #+$! +&0+$!
$)(B/&)2+$!'!0-1-0-(2)'$!/0+1<&)2'$!2%9+!2%3/#)3)-(&+!$-!/0+8%2-!-(!Z0)$&+7!A'$!
2)02%($&'(2)'$! 8-! #'! 2+(2-/2)B(! 9! ('2)3)-(&+! 8-! V-$%20)$&+! 2%3/#-(! #+! 4%-!
?'.5'!$)8+!'(%(2)'8+!$)=#+$!'(&-$!/+0!#+$!/0+1-&'$7!A'!/0+1-25'!1%-!8)2?'!9,!-(!
-$&-!2'$+,!&'3.)<(!-$20)&'!/+0!-#!/0+1-&',!/-0+!-#!3-($'6-!2+(&-()8+!-(!-##'!(+!-$!
8-#! /0+1-&'! $)(+! 8-! _)+$,!(+! ('2)B! -(! #'! 3-(&-! 8-#! /0+1-&'! $)(+! -(! #'! 8-! _)+$7!
A'$! /'#'.0'$! 1%-0+(! 8)2?'$! 5',$ -#! G-]+0! #$ &0'*<$! 8-#! /0+1-&',! /)23 .>;5!2*3 ">0)23
[".(&)"3@($23 /)"<3 0.)D;&/)"3'!&%)*/)96343'$7)*.'$5',$&3$R&W',$5',$/&7)'$7&3$
5,'A&(#87! [$&-! -0'! -#! )($&0%3-(&+! /'0'! /0+2#'3'0! -#! 3-($'6-! 4%-! _)+$! 3)$3+!
4%)-0-! 8'07! "#! 3-($'6-0+! '(%(2)B! '(&)2)/'8'3-(&-! -#! ('2)3)-(&+! 8-#! P-$5'$!
3-8)'(&-! %('! 8-&-03)('8'! $-]'#,! 4%-! $-! 2+(20-&'! -(! -#! $)=%)-(&-! *-0$52%#+7! A+!
4%-!)(&-0-$'!'4%5!-$!4%-!#'!/'#'.0'!8-!_)+$,!8'8'!/+0!3-8)+!8-#!/0+1-&',!&-(805'!
2%3/#)3)-(&+!1)-#7!A+$!'2+(&-2)3)-(&+$!8-!#'!2+(2-/2)B(!9!-#!3-($'6-!8-#!^(=-#!
'!V+$<,!-$&^(!0-#'2)+('8+$!2+(!-#!2%3/#)3)-(&+!8-!#'!8-&-03)('2)B(!8)*)('!4%-!
-$&'.#-25'!-#!3+8+!2+3+!-#!g-0.+!8-!_)+$!-(&0'05'!-(!-#!3%(8+!8-!#+$!?+3.0-$!
2+3+! ?+3.0-7! A+$! #-2&+0-$! 6%85+$! 8-#! -*'(=-#)+! -0'(! 2+(+2-8+0-$,! -(! 2)-0&'!
3-8)8',!8-!#+$!3-($'6-$!/0+1<&)2+$,!/+0!&'(&+,!/+85'(!-(&-(8-0!#'!8)3-($)B(!8-!
2%3/#)3)-(&+!4%-!$-!/0+8%25'!-(!#'!/-0$+('!'83)0'.#-!8-!V-$%20)$&+7!A'!1+03%#'!
)(&0+8%2&+0)'! 4%-! P'&-+! %&)#);'! -$! 2+(2#%9-(&-I!/)"</)3 @!23 )V')*3 %!&%)*!*3 (V*$33
0';.,5;<!Y 4('7'$ &+('$ #*'"(&*)@$ 5#,#$ >!&$ +&$ *!/53)&+&0008,! (+! -0'! %(! ?-2?+!
1+0&%)&+!+!2+00-$/+(8)-(&-!'!%('!8-2)$)B(!3+3-(&^(-',!$)(+!%('!/0%-.'!3^$!8-!
#'!1)8-#)8'8!8-!_)+$,!-(!-#!2%3/#)3)-(&+!8-!$%$!/0+3-$'$7!)
!
!
A'$! /0+1-25'$! $+(! '.$+#%&'3-(&-! $-=%0'$! /+0! $-0! :'#'.0'! 8-! _)+$7! :-80+!
-($-]'! 4%-! 4")"2!"#$ 7&$ &33#+$ A!&$ (,#?#$ 5',$ 1'3!"(#7$ .!/#"#D$ +)"'$ >!&$ 3'+$
+#"('+$.'/%,&+$7&$=)'+$.#%3#,'"D$+)&"7'$)"+5),#7'+!r#)&-0'#3-(&-!)3/%#$'8+$f$
5',$ &3$ E+5?,)(!$ R#"('8! LF! :7! JIFJM7! :+0! -$&'! 2'%$'! $+(! +&2!,#+,! 9! $+(! 2+3+!
3!/)"#,&+! 4%-! .0)##'(! -(! #'! (+2?-! 8-! #'! ?)$&+0)'! ?%3'('! LF! :7! JIJ\M7! A+$!
20-9-(&-$!8-.-(! -$&'0! '&-(&+$! '! -$'! '(&+02?'! 8)*)('!9! 8'0#-! -#! *'#+0! 4%-! &)-(-(!

JJU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
2+3+! :'#'.0'! 8-! _)+$7! D+8'! -##',! )(2#%9-(8+! #'$! /0+1-25'$,! $+(! -#! @()2+!
-#-3-(&+!4%-!_)+$!?'!8'8+!/'0'!2'/'2)&'0!9!-8)1)2'0!'!#+$!20-9-(&-$!LF!D)7!SIJUM7!
_-$2%)8'0!-#!-$&%8)+!8-!#'$!/0+1-25'$!-$!'.'(8+('0!%('!/'0&-!*)&'#!8-!#+!4%-!_)+$!
?'!8'8+!/'0'!/-01-22)+('0!'!#+$!$%9+$7!d(!(+&+0)+!8-$)(&-0<$!/+0!#'$!/0+1-25'$!-$!
#'! 2'%$'! 8-! 3%2?+$! 10'2'$+$! -$/)0)&%'#-$! -(! #'! *)8'! 20)$&)'('! 9! 8-! #'! Y=#-$)'7!
P%2?+$!20-9-(&-$!(+!?'(!#-58+!9!3-(+$!-$&%8)'8+!#+$!3-($'6-$!/0+1<&)2+$7!"$!
3^$,!'#=%(+$!20-9-(&-$!(%(2'!?'(!#-58+!2)-0&+$!#).0+$!8-#!C(&)=%+!D-$&'3-(&+,!
3)-(&0'$! 4%-! -(! -#! 3)()$&-0)+! 8-! -($-]'(;'! -(! #'! )=#-$)'! (+! $-! -$&%8)'(!
$)$&-3^&)2'3-(&-!6%(&+!2+(!+&0+$!#).0+$!8-!#'!"$20)&%0'7!O+!-$!/+$).#-!-(&-(8-0!
'$/-2&+$! 8-! #'! -($-]'(;'! (+*+&-$&'3-(&'0)'! 8-$2+(+2)-(8+! -#! 1+(8+! 8-#!
C(&)=%+! D-$&'3-(&+! 4%-! #'$! $%$&-(&'7! D+8+$! -$&'3+$! (-2-$)&'8+$! 8-! 8-8)2'0!
3%2?+!3^$!&)-3/+!'!#'!#-2&%0'!9!3-8)&'2)B(!8-!#'!:'#'.0',!4%-!)(2#%9-!&'3.)<(!
-(!$%!&+&'#)8'8!#+$!#).0+$!8-#!C(&)=%+!D-$&'3-(&+7!
!
Zb2) L8) 5S@Oh) @65) 49B786) ?:6?8=9BK) J) >5BK) 5) 3@^) @6) P9T:h) J) 335E5BK;) ;@)
6:E=B8),E56@83h)S@8)AB5>@?9>:)8;W)09:;)?:6)6:;:AB:;2!
!
(#@)"233;>30$.5!&*)93!#*3%$4/.(23!VQ!(3C$(23/!&Q!/$(3"(>)&*63C$(23C$'!&4)"4(*3/)23
R-!'4%5!!#'!!!!!*)0=-(!!!!!!!!-(!!-#!*)-(&0-!!&-(80^!!!!9!!!!8'0^!'!#%;!!!!!?)6+,!!!!!!9!!!!!!!!!!##'3'0^(!!!!!!!!!!-#!

)P*)-$3$"#/)"<33#H--$*)";&'633)V333!#4/(*3-!5!.-;*!")&-!*)*3-!5\3;>-,<*3)>33
!(+3.0-!!!!!8-!<#!!!!!!!!!!!!!"3'(%-#!!!!!!!!-#!4%-!!!!-$!!!!!!!!!!!$)-(8+!)(&-0/0-&'8+!!!!!!!!!!2+(!!!!(+$+&0+$!!f!

G!)&9B33
!!_)+$7!

!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+!
!
9&$#>!?,!$-!?'!*)$&+!'(&-$,!*-0!*7!FK7!
I#$ 1),2&",3 ;>3 0$.5!&*)9,! $%$&'(&)*+! 1-3-()(+,! $)(=%#'0,! 1-3-()(+! -(! (+3)('&)*+,! 4%-!
$)=()1)2'!1),2&"D$7'"*&33#D!/0-2-8)8+!8-#!'0&52%#+!1-3-()(+!;>,!3#7!
B'"*&%),F,3!#*3%$4/.(23 !VQ!(,!2#^%$%#'!/0^2&)2'3-(&-!)=%'#!'!#'!8-#!*-0$52%#+!J`,!2+(!#'!
@()2'!*'0)'(&-!8-#!*-0.+,!'4%5!!VQ!(,!&-02-0'!/-0$+(',!$)(=%#'0,!8-#!1%&%0+!8-!)(8)2'&)*+!-(!
*+;!'2&)*'!8-#!*-0.+!!P1,,!'4%5!2+3+!(&"7,F7!A)&-0'#3-(&-!&"$&3$1)&"(,&$(&"7,F7!
=#,F$#$3!6$!"$.):',!#'!3)$3'!2#^%$%#'!8-#!*-0$52%#+!FJ7!
I3#/#,F+,!C$'!&4)"4(*,!&-02-0'!/-0$+(',!/#%0'#,!8-#!1%&%0+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!
8-#!*-0.+!C$'!&,,!33#/#,,!/+0!&'(&+!'4%5!33#/#,F"7!
b!&$(,#7!*)7'$&+D!)V3!#4/(*3-!5!.-;*!")&-!*)*,!2#^%$%#'!2+3/%-$&'!*-0.'#!2+(!)V,!>!&,!
!#4/(*,! #'! &-02-0'! /-0$+(',! $)(=%#'0,! 8-#! /0-$-(&-! 8-! )(8)2'&)*+! -(! *+;! '2&)*'! 8-#! *-0.+!
!(#-(&,! +&,,! '4%5! &+,! 93 -!5!.-;*!")&-!*)*,! /'0&)2)/)+! /0-$-(&-! -(! *+;! /'$)*'! 8-#! *-0.+!
-!5!.-;*!"&,,!4%-!#)&-0'#3-(&-!->/0-$'!#'!)8-'!8-$*#/%)#,$'$(,#7!*),$7&$!"$3&"2!#:&$#$
'(,',!/+0!&'(&+,!'4%5!#'!->/0-$)B(!2+3/#-&'!-4%)*'#-!'!>!&$(,#7!*)7'$&+0$

$
!
P'&-+! '/-#'! '! #'! "$20)&%0'! /'0'! 3+$&0'0! 4%-! #'! 2+(2-/2)B(! *)0=)('#! 8-!
V-$@$! ?'.5'! $)8+! '(%(2)'8'! '(&)2)/'8'3-(&-! -(! -#! 3-($'6-! /0+1<&)2+7! "$!
-*)8-(&-!4%-!-$&^!'2%8)-(8+!'!%('!2)&'!8-#!/0+1-&'!Y$'5'$I! 4K',$(#"('D$&3$R&W',$
/)+/'$'+$7#,F$+&W#3T$9&$#>!?$>!&$3#$1),2&"$*'"*&%),FD$J$7#,F$#$3!6$!"$.):'D$J$

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
JJT!
!
33#/#,F$+!$"'/%,&$E/#"!&38!LY$7!TIJHM7!d(!&->&+!/0+1<&)2+!&+3'8+!8-!#'!AEEI3
(#@)"233;>30$.5!&*)93!#*3%$4/.(23!VQ!(3C$(23/!&Q!/$(3"(>)&*63C$(23C$'!&4)"4(*3/)23
)P*)-$3 $"#/)"<3 3 #H--$*)";&'63 )V3 !#4/(*3 -!5!.-;*!")&-!*)*3 -!5\3 ;>-,<*3 )>3
G!)&963 49&$ #>!?$ 3#$ 1),2&"$ *'"*&%),FD$ J$ 7#,F$ #$ 3!6$ !"$ .):'D$ J$ 3&$ 33#/#,F"$
E//#"!&3D$>!&$+)&"7'$)"(&,5,&(#7'$&+$*'"$"'+'(,'+$=)'+87!
!
!
G)(!8%8'!-#!/'$'6-!&+3'8+!/+0!P'&-+!-$!+$2%0+!9!8-!8)152)#!)(&-0/0-&'2)B(!
-(!-#!2+(&->&+!8-!#'!/0+1-25'!-(!4%-!$-!-(2%-(&0'7!O+!?'9!8%8'!4%-!'#!'/#)2'0#+!'!
#'!2+(2-/2)B(!8-!V-$%20)$&+!-(!%(!/'$'6-!)($/)0'8+!&)-(-!9'!#'!'%&+0)8'8!'.$+#%&'!
8-!)(&-0/0-&'2)B(7!G)(!-3.'0=+!-$!(-2-$'0)+!2+($)8-0'0#+!-(!-#!-(&+0(+!8-!8+(8-!
P'&-+! #+! &+3B7! "#! 3-($'6-! 8-! Y$'5'$! -$&^! 8)0)=)8+! '#! 0-9! C2';,! 4%-! -$&'.'!
'3-(';'8+!/+0!#'!2+'#)2)B(!8-#!0-9!8-!Y$0'-#,!:-j',!9!-#!8-!G)05',!N-;5(7!C3.+$!
$-! ?'.5'(! %()8+! -(! %(! /#'(! /'0'! 8+3)('0! V%8^7! "$&'! '#)'(;'! /+805',! 8-$8-! #'!
/-0$/-2&)*'!?%3'(',!'2'.'0!2+(!#'!8)('$&5'!8-!_'*)8!9!-$&'.#-2-0!+&0'!#5(-'!0-'#!
$+.0-!-#!&0+(+!8-!V%8^,!4%-!2+3-(;'05'!-(!D'.--#!LY$7!TIUM7!"#!2+0';B(!8-!C2';!
-$&'.'!)(4%)-&+!/+0!#'!$)&%'2)B(!-(!$%!-(&+0(+7!G)!#'!2+'#)2)B(!-(&0-!Y$0'-#!9!G)05'!
&-(5'! <>)&+,! #'! /0+3-$'! 8-! _)+$! -(! 0-#'2)B(! 2+(! -#! &0+(+! 8-! _'*)8! (+! $-!
/0+8%2)05'7!A'!/0+3-$'!3-$)^()2'!8-!%(!8-$2-(8)-(&-!8-!_'*)8!-(!-#!&0+(+,!(+!
&-(805'!9'!#%='0!LF!G7!TIJFM7!C2';!&0'&B!8-!$%/-0'0!#'!$)&%'2)B(!4%-!$-!/0+8%25'!
/+0!$%!/0+/)'!1%-0;',!3-8)'(&-!'#)'(;'!2+(!#+$!C$)0)+$7!_)+$!-(*)B!'!Y$'5'$!/'0'!
'#-(&'0! '#! 0-9! C2';! 9! '(%(2)'0#-! 4%-! #'! 2+'#)2)B(! -(-3)='! (+! /0+$/-0'05',! 4%-!
8-.5'!8-$2'($'0!-(!-#!G-]+0!9!(+!)(4%)-&'0$-!LY$7!TIHfTM7!"#!/0+1-&'!#-!->?+0&B!'!
/-8)0! %('! $-]'#! '! _)+$! 2+3+! 2+(1)03'2)B(! 8-! #'$! /'#'.0'$! 4%-! #-! 8'.'7! G)(!
-3.'0=+,!C2';!(+!2+(1)'.'!-(!_)+$,!$)(+!-(!$%$!/0+/)'$!'#)'(;'$,!(-=^(8+$-!'!
/-8)0!#'!$-]'#,!-(!%('!1'#$'!?%3)#8'87!m%-!-(&+(2-$!2%'(8+!-#!/0+1-&'!#-!8)+!#'!
$-]'#! 4%-! $-! (-='.'! '! /-8)0,! -(! -#! (+3.0-! 8-#! G-]+0! 9! 2+3+! *-()8'! 8-! [#!
3)$3+,!2+($)$&-(&-!-(!4%-!43#$1),2&"$*'"*&%),FD$J$7#,F$#$3!6$!"$.):'D$J$33#/#,F$
+!$ "'/%,&$ E/#"!&38! LY$7! TIJHM7! A'! 4%-! 2+(2-.)05'! -$! 8-$)=('8'! 2+3+! *#3/u,!
/'#'.0'!?-.0-'!4%-!8-$)=('!'!%('!6+*-(!2'$'8-0'7!O+!%$'!-#!/0+1-&'!%&(v3-,!4%-!
$-!&0'8%2-!2+3+!1),2&",!-(!-#!$-(&)8+!&<2()2+!8-!#'!/'#'.0',!/-0+,!#'!/'#'.0'!4%-!
/+805'!&0'8%2)0$-!2+3+!7'"*&33#,!(+!->2#%9-!#'!)8-'!8-!1),2)")7#77!A'!$-]'#!-$!
+10-2)8'!'!%(!0-9!8-!#'!8)('$&5'!8-!_'*)8,!/+0!&'(&+,!8-.-!-(&-(8-0$-!2+3+!%('!
/0+3-$'! -(! -#! -(&+0(+! 3-$)^()2+! 9! 8)(^$&)2+! ?-2?'! '! #'! 2'$'! 8-! _'*)8! LF! G7!
TIJFfJUM7!!
!
!
A'$!8)1-0-(&-$! )(&-0/0-&'2)+(-$! 4%-! $-! 8'(! '! -$&-! 8)152)#! /'$'6-! (+! #+=0'(!
$%/-0'0! &+8+$! #+$! +.$&^2%#+$! 8-#! 3)$3+7! A'$! 8)1-0-(&-$! /+$)2)+(-$! /+805'(!
'=0%/'0$-!-(!8+$!2+00)-(&-$!/0)(2)/'#-$,!%(+$!$+(!/'0&)8'0)+$!8-!#+!4%-!$-!##'3'!
7'%3&$ ,&A&,&"*)#,! +&0+$,! $)=%-(! #+! 4%-! $-! 2+(+2-! 2+3+! ,&A&,&"*)#$ S")*#7! A'!
7'%3&$,&A&,&"*)#!$+$&)-(-!4%-!#'!$-]'#!$-!0-#'2)+('!8)0-2&'3-(&-!2+(!#+$!85'$!8-!
C2';,! 3'(&-()-(8+! )"7),&*(#/&"(&! %('! 0-1-0-(2)'! /+$&-0)+0! 4%-! $-! 2%3/#-! -(!
V-$%20)$&+7!A+$!4%-!$+$&)-(-(!#'!,&A&,&"*)#$S")*#,!-(&)-(8-(!4%-!-#!/'$'6-!8'8+!
/+0!Y$'5'$!'#!0-9!C2';!&)-(-!%(!2%3/#)3)-(&+!@()2+!-(!#'!2+(2-/2)B(!*)0=)('#!9!
!!!!!!!!!

JJ`!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
('2)3)-(&+!8-!V-$@$!9!3^$!/0-2)$'3-(&-!'!$%!2+(2-/2)B(!-(!P'05'!$)(!0-#'2)B(!
8-!*'0B(7!"(!0-#'2)B(!2+(!#'!)(&-0/0-&'2)B(!8-!#'!7'%3&$,&A&,&"*)#,!$-!/%-8-(!8'0!
#+$! $)=%)-(&-$! '0=%3-(&+$I! 'M! Y$'5'$! (+! -$&'.'! )(&-0-$'8+! -(! -(1'&);'0! #'!
1),2)")7#7! 8-! #'! 3'80-! 4%-! 2+(2-.)05',! 9'! 4%-! %&)#);'! -#! &<03)(+! 4%-! /%-8-!
&0'8%2)0$-! /+0! 7'"*&33#$ *#+#7&,#,! /-0+! (+! %$'! -#! 4%-! 8-.-! -(&-(8-0$-! 2+3+!
1),2&"7!:%-8-!-(&-(8-0$-!'!#'!#%;!8-!#'!/0+1-25'!4%-!Y$'5'$!$-!-$&'.'!0-1)0)-(8+!'!
%('! 3%6-0! 6+*-(! 9! $+#&-0'! 4%-! 2+(2-.)05'! -(! $%! $-(+! 9! 8'05'! #%;! '! %(! ?)6+7! .M!
P'&-+!%$'!#'!/'#'.0'!0$.5!&*)931),2&"!-(!#%='0!8-!7'"*&33#,!$)(!-3.'0=+,!2+(!
.'$&'(&-!10-2%-(2)'!$-!'/'0&'!8-!#'!&0'8%22)B(!#)&-0'#!'#!2)&'0!/'$'6-$!8-#!C(&)=%+!
D-$&'3-(&+ SH 7!P'&-+!%&)#);'!-#!&<03)(+!/'0'!0-1-0)0$-!'!#'!2+(2-/2)B(!8-!Z0)$&+,!
2+3+!2%3/#)3)-(&+!1)('#!8-!#'!/0+1-25'!8-!Y$'5'$7!2M!"#!?-2?+!8-!4%-!$-!'(%(2)-!
/+0! -#! /0+1-&'! 4%-! -#! (+3.0-! 8-#! 4%-! ).'! '! $-0! 2+(2-.)8+! 9! ('2-0! $-05'33
#H--$*)";&'63 "33'(%-#! +! "33'(%-#,! (+! $)=()1)2'! (-2-$'0)'3-(&-,! 4%-! $-!
-$&%*)-$-! 0-1)0)-(8+! '#! P-$5'$,! $)(+! 4%-! ->/0-$'! -#! (+3.0-! 4%-! %('! 3%6-0!
20-9-(&-!/+805'!8'0!'!%(!?)6+!4%-!('25'!-(!3+3-(&+$!205&)2+$!2+3+!->/0-$)B(!8-!
2+(1)'(;'!-(!#'!$-=%0)8'8!8-!4%-!_)+$!-$&'.'!2+(!-##+$!9!(+!2+(!$%$!-(-3)=+$,!
/+0!2%9'!0';B(!#-!/+805'!/+0!(+3.0-!"3'(%-#,!4%-!$)=()1)2'!=)'+$*'"$"'+'(,'+7!
"#!%$+!8-!(+3.0-$!4%-!'#%85'(!'!2)02%($&'(2)'$!-(!-#!-(&+0(+!8-#!('2)3)-(&+!8-!
%(! ?)6+,! -0'! '#=+! ?'.)&%'#! -(! Y$0'-#7! A'! '/#)2'2)B(! 8-! P'&-+! $-05'! %('!
)(&-0/0-&'2)B(!/+$&-0)+0!2+(!%(!2%3/#)3)-(&+!8-1)()&)*+!-(!V-$@$7!8M!"(!2+(&->&+!
&-3/+0'#! 8-! #'! /0+1-25'! 4%-! _)+$! -(*)B! '! C2';! /+0! 3-8)+! 8-! Y$'5'$,! /'0-2)-0'!
-$&'0!0-#'2)+('8'!2+(!'4%-##+$!85'$7!"$!-*)8-(&-!4%-!'$5!$-!-(&)-(8'!'!#'!#%;!8-#!
*7! JU7! G)! -$&-! &->&+! -$&^! *)(2%#'8+! 2+(! -#! *7! JH,! 8-.-! 2+($)8-0'0$-! 4%-! -#!
2%3/#)3)-(&+! /0+1<&)2+! )(3-8)'&+! &-(5'! 4%-! *-0! 2+(! '4%-##+$! 85'$,! 9! 4%-! -#!
2%3/#)3)-(&+!1)('#!'#2'(;'05'!'#!('2)3)-(&+!8-#!P-$5'$7!A+$!4%-!-(&)-(8-(!4%-!
#'!/0+1-25'!&)-(-!!"#$+'3#$,&A&,&"*)#,!2+($)8-0'(!4%-!#'$!/'#'.0'$!8-#!/0+1-&'!4%-!
&-(5'(! $)=()1)2'8+! -(! #+$! 85'$! 9! 2)02%($&'(2)'$! 8-! C2';,! $-! 2%3/#-(! $B#+! -(!
P'05'!9!$%!?)6+,!-#!P-$5'$!-(*)'8+7!C$5!-$20).-!R7!C7!Y0+($)8-I!
!
!
4E/#"!&3D$*'/'$('7'+$+#%&/'+D$>!)&,&$7&*),$_)+$!2+(!(+$+&0+$0$E3$9):'$
7&$3#$1),2&"$+&,?#$=)'+$/)+/'$/#")A&+(#7'$&"$*#,"&0$R'3#/&"(&$3#$)"*,&7!3)7#7$
5'7,?#$ >!&,&,$ #"!3#,$ '$ "&!(,#3)6#,$ 3#$ A!&,6#$ 7&$ &+(&$ 5#+#:&D$ )"(&,5,&(#"7'$ 3#$
5#3#%,#$q1),2&"r$*'/'$q:'1&"$/!:&,rD$J$(,#(#"7'$7&$7&*),$>!&$&+#$:'1&"$/!:&,$
&,#$ 3#$ &+5'+#$ 7&3$ 5,'A&(#D$ J$ &3$ .):'$ "#*)7'D$ +!$ .):'0$ E+$ *)&,('$ >!&$ 3#$ 5#3#%,#$
*)0=-($5!&7&$+)2")A)*#,$#7&/F+$3%6-0!6+*-(D$'$/!:&,$$+#&-0'D$5&,'$*#7#$/!:&,$
+'3(&,#$ `J$ &"$ &+5&*)#3$ &"$ #>!&33'+$ ()&/5'+a$ &,#$ 5,&+!/)%3&/&"(&$ !"#$ /!:&,$
1),2&"f$ 7&$ /#"&,#$ >!&$ &+(#$ 5,'A&*?#$ 7)*&$ *3#,#/&"(&$ >!&$ !"#$ 1),2&"$ +'3(&,#$
+&,?#$3#$/#7,&$J$>!&$#3$")W'$+&$3&$33#/#,?#$_)+$!2+(!(+$+&0+$0$E+('$"'$>!)&,&$
7&*),D$ *'/'$ 3'$ #A),/#"$ #32!"#+$ 5&,+'"#+$$ VJ$ &"$ &+5&*)#3$ 3#$ ,&3)2)@"$ *#(@3)*#VD$
>!&$H#,?#$&+$3#$/#7,&$7&$=)'+0$E33#$A!&$3#$/#7,&$7&$3#$.!/#")7#7$7&$"!&+(,'$
R&W',$<&+!*,)+('D$5&,'$&3$R&,$>!&$"#*)@$7&$&33#$&,#$=)'+$/#")A&+(#7'$&"$*#,"&0$

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SH

!Z+3/^0-$-,!2+3+!-6-3/#+,!P&7!HIJQ,!2+(!Y$7!\IJ,!F7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
JJ\!
!
$
R)"$ &/%#,2'D$ &+(#$ +&W#3$ "'$ +&$ *!/53),?#$ 7!,#"(&$ 3'+$ 7?#+$ 7&$ ;*#6D$ +)"'$
/!*.'$ ()&/5'$ 7&+5!Q+D$ 5!&+$ &3$ 5,'A&(#$ #W#7&T$ qB'/&,F$ /#"(&>!)33#$ J$ /)&3D$
*!#"7'$ +&5#$ 7&+&*.#,$ 3'$ /#3'$ J$ &+*'2&,$ 3'$ %!&"'0$ K',>!&$ #"(&+$ >!&$ &3$ ")W'$
+&5#$ 7&+&*.#,$ 3'$ /#3'$ J$ &+*'2&,$ 3'$ %!&"'D$ 3#$ ()&,,#$ 7&$ 3'+$ 7'+$ ,&J&+$ >!&$ (S$
(&/&+$ +&,F$ #%#"7'"#7#r0$ E+('$ +)2")A)*#$ >!&$ #"(&+$ 7&$ >!&$ &+(&$ ")W'$ 1)")&,#$ #3$
/!"7'$J$*,&*)&,#D$"'$+@3'$&3$,&J$7&$N+,#&3D$+)"'$(#/%)Q"$&3$,&J$7&$<!7F$.#%,?#"$
*&+#7'$ 7&$ ,&)"#,D$ J$ 3#$ ()&,,#$ +&,?#$ 7&:#7#$ *'"$ !"$ .):'$ 7&$ =#1)7$ +&"(#7'$ &"$ &3$
(,'"'$7&$<!7FD$'$#32S"$,&5,&+&"(#"(&$+&"(#7'$&"$&3$(,'"'$7&$N+,#&38 d] 0!
!
!
C!#'!#%;!8-!#'!*-08'8!$+.0-!#'!)($/)0'2)B(!8-!#'!"$20)&%0',!8-.-!'8+/&'0$-!
#'! $-=%(8'! /+$)2)B(,! -$! 8-2)0,! #'! )(&-0/0-&'2)B(! 8-#! /'$'6-! 8-! Y$'5'$! 8-.-!
2+($)8-0'0$-!2+3+!8-!S")*#$,&A&,&"*)#7!:+805'(!8'0$-!'0=%3-(&+$!4%-!/-03)&-(!
3'(&-(-0! -$&'! /+$)2)B(,! .'$&-! $B#+! '#=%('! 0-1#->)B(! $+.0-! #+$! &0-$! /0)(2)/'#-$!
4%-! %$'(! 4%)-(-$! $+$&)-(-(! #'! 7'%3&$ ,&A&,&"*)#7! 'M! "(! 2%'(&+! '! #'! /'#'.0'!
7'"*&33#,! -(! #%='0! 8-! 1),2&",! 4%-! %$'! Y$'5'$7! O+! 2'.-! 8%8'! 4%-! -(! &+8+$! #+$!
/'$'6-$! -(! 4%-! +2%00-! #'! /'#'.0'! -(! -#! C(&)=%+! D-$&'3-(&+,! $)=()1)2'!7'"*&33#!
L217!a(7!FHIHSW!">7!FI`W!G'#7!U`IFQW!:07!SKIJ\W!Z(&7!JISW!UI`M7!Z+3+!$-!'/0-2)'!-(!
#'!'0=%3-(&'2)B(! 8-! Y0+($)8-,! &0'($20)&'! '(&-$,! (+! $-! 2+(2).-! %('! 8+(2-##'! 4%-!
(+!1%-$-!&'3.)<(!*)0=-(7!A+!4%-!$)!-$&^!2#'0+!-$!4%-!#'!/'#'.0'!(%(2'!$-!%&)#);B!
/'0'!0-1-0)0$-!'!%('!3%6-0!2'$'8'7!Z+3+!P'0&5(!A%&-0+!8-25'!$+.0-!-$&+I!4R)$!"$
:!7?'$'$!"$*,)+()#"'$5!7&$5,'%#,/&$>!&$&"$#32S"$5#+#:&$7&$3#$E+*,)(!,#$ *#3/u!
+)2")A)*#$ /!:&,$ *#+#7#D$ 3&$ 7#,Q$ Ljj$ A3',)"&+D$ #!">!&$ +@3'$ =)'+$ +#%&$ 7&$ 7@"7&$
5'7,Q$+#*#,3'+8 d^ 7!C8-3^$,!Y$'5'$!-$&^!##'3'(8+!#'!'&-(2)B(!'!#+$!#-2&+0-$!$+.0-!
%(! ?-2?+! /+0&-(&+$+! 4%-! $-05'! #'! 2+(2-/2)B(! 8-! %(! ?)6+! -(! %('! 3%6-0! -(! -$'$!
2+(8)2)+(-$7! O'8)-! /+805'! 20--0! 4%-! -#! /0+1-&'! -$&%*)-$-! 0-1)0)<(8+$-! '! %('!
2+(2-/2)B(!'$+3.0+$'!/+04%-!1%-$-!0-$%#&'8+!8-!%(!'2&+!)(3+0'#7!:+0!&'(&+,!#'!
2+(2#%$)B(! 2+(8%2-! '! '2-/&'0! 4%-! -$'! 7'"*&33#! -0'! %('! 3%6-0! *)0=-(,! -(! -$-!
$-(&)8+!#+!'83)0'.#-!8-!#'!2+(2-/2)B(!-$!4%-!$-!/0+8%2-!$)(!0-#'2)B(!2+(!*'0B(7!
Y$'5'$!(+!&-(5'!)(&-(2)B(!8-!0-1-0)0$-!'!%('!3%6-0!6+*-(!$)3/#-3-(&-,!$)(+!'!%('!
3%6-0!6+*-(!9!*)0=-(7!.M!A'!)8-'!8-!4%-!P'&-+!#7#5(#!'!$%!*+#%(&'8!-#!&0'$#'8+!
8-#!&->&+!2'3.)'(8+!#'!/'#'.0'!7'"*&33#!/+0!1),2&",!$+.0-!#'!.'$-!8-!#'!0-1#->)B(!
'(&-0)+0,! 2+(1)03'! 4%-! #'! )8-'! 4%-! $-! &-(5'! 8-#! $)=()1)2'8+! 8-! #'! /0+1-25'! 8-!
Y$'5'$! -$! #'! 8-! 1),2&"! 3^$! 4%-! #'! 8-! 7'"*&33#,! /+0! &'(&+,! #'! /'#'.0'! 4%-! %$'!
P'&-+,!.'6+!#'!8)0-22)B(!8-#!"$/50)&%,!-$!#'!4%-!2+00-$/+(8-!'#!/-($'3)-(&+!8-!
_)+$! 2+(&-()8+! -(! #'$! /'#'.0'$! 8-#! /0+1-&',! /+0! &'(&+,! #'! *)0=-(! -$! P'05'! 9!
"3'(%-#,!-$!V-$@$7!
!
!
P'&-+!'/-#'!'!#'!/0+1-25'!/'0'!8-3+$&0'0!4%-!V-$@$,!-#!?)6+!4%-!('2)B!8-!
P'05',! -0'! "3'(%-#7! C8-3^$,! -#! 3)$3+! /0+1-&'! Y$'5'$! 0-'1)03'! -$'! 3)$3'!
*-08'8!%(!/+2+!3^$!'8-#'(&-!2%'(8+!-$20).-I!4K',>!&$!"$")W'$"'+$&+$"#*)7'D$
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SQ
SU

!R7!C7!Y0+($)8-7!E+(!7)'+$+'%,&$&3$3)%,'$7&$N+#?#+7!Z#)-7!D-00'$$',!J\`T,!/^=7!QK7!
!Z)&'8+!/+0!a7!R-(80)j$-(7!+727,!/^=7JH`7!

JFK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
.):'$ "'+$ &+$ 7#7'D$ J$ &3$ 5,)"*)5#7'$ +'%,&$ +!$ .'/%,'f$ J$ +&$ 33#/#,F$ +!$ "'/%,&$
;7/),#%3&$*'"+&:&,'D$=)'+$A!&,(&D$K#7,&$&(&,"'D$K,?"*)5&$7&$5#68!LY$7!\IUM7!V+$<!
0-2).-!-(!-#!3-($'6-!8-#!^(=-#,!#'!$-=%0)8'8!8-!4%-!#+!4%-!$-!?'.5'!2+(2-.)8+!-(!
$%! 8-$/+$'8'! P'05',! -$! =)'+$ *'"$ "'+'(,'+,! -$! 8-2)0,! 4%-! '4%-##'! 2+(2-/2)B(!
3)#'=0+$'!/+0!+.0'!8-#!"$/50)&%!G'(&+,!&0'-05'!2+3+!0-$%#&'8+!-#!'#%3.0'3)-(&+!
8-! _)+$f?+3.0-,! 9! 4%-! #+! 4%-! ('2-05'! -0'! G'(&+,! /+04%-! -0'! _)+$! 3)$3+!
0-*-$&)8+!8-!?%3'()8'8!LV(7!JIJHM,!+!_)+$!3'()1-$&'8+!-(!2'0(-!LJ!D)7!SIJUM7!"(!
'4%-#!4%-!).'!'!'#%3.0'0!$%!8-$/+$'8'!P'05'!).'!'! 4.#%)(#,$*',5',#3/&"(&$3#$
53&")(!7$7&$3#$7&)7#78!LZ+#7!FI\M7!
!
!
"$20).-!a7!R-(80)j$-(I!
!
!
4E"$E/#"!&3$=)'+$.#$1&")7'$#$.#%)(#,$*'"$"'+'(,'+0$qe$&3$i&,%'$+&$.)6'$
*#,"&D$ J$ .#%)(@$ &"(,&$ "'+'(,'+$ *'/'$ &"$ !"#$ ()&"7#D$ J$ 1)/'+$ +!$ 23',)#D$ 23',)#$
*'/'$7&3$!")2Q")('$7&3$K#7,&D$33&"'$7&$2,#*)#$J$7&$1&,7#7r$`<"0$LTLsa0$O)"2!"'$
5'7,F$ +'"7&#,$ 3#+$ ,)>!&6#+$ 7&$ &+(#$ 2,#*)#$ 5',$ 3#$ >!&$ =)'+D$ 5',$ /&7)'$ 7&$
E/#"!&3D$.#$1&")7'$#$.#%)(#,$*'"$3'+$5&*#7',&+0$B'"$&3$A)"$7&$7&*),$#32'$5',$3'$
/&"'+$ *'/'$ /&7)'$ 7&$ !"#$ &C53)*#*)@"$ /#J',D$ &+$ 5,'%#%3&$ >!&$ +&#$ /&:',$
'%(&"&,$ 3#$ )"A',/#*)@"$ 7&3$ 5,'5)'$ E1#"2&3)'$ 7&$ H#(&'0$ E+('$ +)2")A)*#$ >!&D$ &"$
B,)+('D$ =)'+$ 1)"'$ #$ .#%)(#,$ *'"$ 3'+$ 7'3&"(&+D$ 5#,#$ +#"#,3'+$ `sTYdaf$ *'"$ 3'+$
&"7&/'")#7'+D$ 5#,#$ 3)%&,#,3'+$ `sTYsaf$ *'"$ 3'+$ 5'%,&+$ &"$ &+5?,)(!D$ &(*0D$ 5#,#$
%&"7&*),3'+$ `]TLVLYaf$ *'"$ 3'+$ #A#"'+'+D$ 5#,#$ 3)%&,#,3'+$ 7&$ +!$ #AF"$ `^TY]Vdsaf$
*'"$3'+$:!62#7',&+D$5#,#$#71&,(),3&+$`gTLV]af$*'"$3'+$3&5,'+'+D$5#,#$3)/5)#,3'+$
`hTLVsaf$*'"$3'+$&"A&,/'+D$5#,#$+#"#,3'+$`hTLsVLgaf$*'"$3'+$.#/%,)&"('+D$5#,#$
7#,3&+$ 7&$ *'/&,$ `LsTLdVYLT$ L]TdYVdwaf$ *'"$ 3'+$ )"1F3)7'+D$ 5#,#$ ,&+(#!,#,3'+$
`LYTLdf$ L]TdLaf$ J$ +'%,&$ ('7'D$ *'"$ 3'+$ 5&,7)7'+D$ 5#,#$ %!+*#,3'+$ J$ +#31#,3'+$
`LhTLLa8 dg 0!
!
!
A'! =0'(8-;'! 8-! "3'(%-#! -$! 4%-! _)+$! $-! ?);+! /+.0-! /'0'! *-()0! '#!
-(2%-(&0+!8-!#+$!3)$-0'.#-$!9!?'2-0#+$!0)2+$!-(!$%!=0'2)',!/'0'!-#-*'0#+$!8-!$%$!
3)$-0)'$! '! #'! 2+(8)2)B(! 8-! ?)6+$,! 8-! $%! 8-$-$/-0'2)B(! ?'2)<(8+$-! [#! 3)$3+!
-$/-0'(;'! /'0'! -##+$,! 9! 8-! $%! 8-$'#)-(&+! /'0'! 8'0#-$! #'! /0+*)$)B(! (-2-$'0)'! -(!
2'8'! 3+3-(&+,! ?'2)<(8+$-! /'0'! 2'8'! %(+! -#! /'(! 8-! *)8'! 4%-! 8-$2)-(8-! 8-#!
2)-#+7!A'!+.0'!8-!$'#*'2)B(!-$!%('!+.0'!$+.0-('&%0'#,!/+0!&'(&+,!-$&'!+.0'!##-*'!
'/'0-6'8'! &'3.)<(! #'! 8-! %(! ('2)3)-(&+! $+.0-('&%0'#7! :'0'! $-0! $%$&)&%&+! 8-#!
?+3.0-,!-#!N-8-(&+0!8-.-!$-0!'!#'!*-;!_)+$!9!?+3.0-,!+!&'#!*-;,!3%2?+!3-6+0!
_)+$f?+3.0-,!$)(!/-2'8+,!-(!%('!$+#'!/-0$+('!_)*)(+f?%3'('7!_)+$!$-!-(2'0(B!
-(! 3-8)+! 8-! (+$+&0+$! /'0'! 0-2+(2)#)'0! 2+($)=+! '#! 3%(8+! LF! Z+7! QIJ\M,! -(! %(!
'.0';+!8-!=0'2)'!/-0/-&%',!'&0'9-(8+!'!$5!3)$3+!'!4%)-(-$!-0'(!/+0!('&%0'#-;'!9!
+.0'$!$%$!-(-3)=+$,!##-*^(8+#+$!'!#'!/';!2+(![#!LN+7!QIJM7!A'!$'(&)8'8!-$-(2)'#!
8-!_)+$!9!$%!6%$&)2)',!3'()1-$&'8'!-(!#'!A-9,!/+(-!'!_)+$!2+(&0'!(+$+&0+$,!/+0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ST

!a7!R-(80)j$-(7!+7+7,!/^=7!JQF7!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
JFJ!
!
(%-$&0+$! /-2'8+$7! "(! V-$%20)$&+,! 2+3+! "3'(%-#! $-! ?'2-! _)+$! 2+(! (+$+&0+$,!
&+8'*5'!3^$,!$-!?'2-!_)+$!/+0!(+$+&0+$!LN+7!`ISJM7!
!
ZY2) .) >8;D8BA56>:) g:;F) >83) ;@8]:h) P9^:) ?:E:) 83) K6783) >83) G8]:B) 38) P5=O5)
E56>5>:h)J)B8?9=9C)5);@)E@T8B2)
!#%!.5!(293@!23)>33#:,4;2D3$#0)23/)"<3"V0*)"3!#0)(&;4!*3,>930.)4!&/$Q!*3$"#/,<Y3)>3
!!!!!!!!!

3c!#-*'(&'(8+!!!f!!!!!!!!V+$<!!!!!!!!8-!!!!!!!-#!!!!!!!$%-]+!!!!!!!!!!?);+!!!!!!!2+3+!!!+08-(B!'(&-$!!!!!!'!<#!!!!!-#!

$P%%!')93[".(&)"3C$(230$.!&'$8!*3/;2*3%"*$(<C$3$"#/)"<63
!!^(=-#!!!!!!!!!8-#!G-]+0!!!!!9!!!!!!!!!!!&+3B!!!!!!!!!!!!!#'!!!!!!!-$/+$'!!!!!!!!!8-!<#7!

!
O+&'$!9!'(^#)$)$!8-#!&->&+!=0)-=+7!
!
e$7&+5&,(#"7'$<'+Q$7&3$+!&W'D3!#%!.5!(293@!23 )>3 3#:,4;2D3$#0)23 /)"<3 "V0*)",!2#^%$%#'!2+(!
#'!/'0&52%#'!2+(6%(&)*'!@!2,!J,!2+(!!#%!.5!(29,!/'0&)2)/)+!'+0)$&+!/0)3-0+,!-(!*+;!/'$)*'!8-#!
*-0.+!!#.!(&.,,!-(!*+;!'2&)*'!7&+5&,(#,,!-(!*+;!/'$)*',!2+(!%(!$)=()1)2'8+!8-!*+;!3-8)',!
$'#)0!8-!%(!$+/+0,!'4%5!-4%)*'#-!'!7&+5&,(F"7'+&,!-#!$%6-&+!!)>3 3#:,4;2D,!(+3.0-!/0+/)+!
<'+Q,!9!$#0)23/)"<3"V0*)"637&3$+!&W',!-(!=-()&)*+,!3'$2%#)(+,!$)(=%#'07!
9)6',!!#0)(&;4!*,!/'0&)2)/)+!'+0)$&+!/0)3-0+!-(!*+;!'2&)*'!8-#!*-0.+!0)(!&,,!.#*&,,!'4%5!
-4%)*'#-!'!.)6'0$
I&$ .#%?#$ /#"7#7'D$ ,>93 0.)4!&/$Q!*3 $"#/,,! 2+($&0%22)B(! 2+($ ,>9,! *'/',! 9!
0.)4!&/$Q!*,!#'!&-02-0'!/-0$+('!8-!$)(=%#'0!8-#!/0-$-(&-!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!
*-0.+!0.)4/$44,,!2+3/%-$&+!8-!0.)&9,!7&3#"(&,!9!/$&44,,!7)+5'"&,,!8-!'?5D$',7&"#,,!
'4%5! -4%)*'#-! '! .#%?#$ ',7&"#7',! $-=%)8+! 8-#! /0+(+3.0-! -(! #'! 1+03'! $"#/,<,Y ! 8'&)*+,!
$)(=%#'0,!#$Q37!
e$,&*)%)@$#$+!$/!:&,D!C$(23 0$.!&'$8!*3/;2*3%"*$(<C$3$"#/)"632#^%$%#'!*)(2%#'8'!2+(3
C$(2,! J,! 8-! (%-*+! -#! *-0.+! 4%-! $'#)B! '(&-$! L*7! FKM! -(! -$&'! +2'$)B(! 2+3+! 0$.!&'$8!*,!
&-02-0'! /-0$+('! $)(=%#'0! 8-#! '+0)$&+! $-=%(8+! 8-! )(8)2'&)*+! -(! *+;! '2&)*'! 8-#! *-0.+!
0$.$'$-8$&*,D! 2+(! $-(&)8+! 8-! ,&*)%),$ 7&$ '(,',! '4%5! ,&*)%)@,! $-=%)8+! 8-#! '0&52%#+!
$)(=%#'0!1-3-()(+!/;2*,!3#,!4%-!8-&-03)('!'#!$%$&'(&)*+!%"*$(<C$,!-(!'2%$'&)*+!$)(=%#'0!
1-3-()(+,! 4%-! -4%)*'#-! '! /!:&,,! '4%5! 2+(! 2'0^2&-0! 8-! &+5'+#,! 2+(2#%9-(8+! 2+(! -#!
/+$-$)*+!$"#/)",!7&$Q30$

$
$
"#!8-$/-0&'0!8-!V+$<!(+!)(8)2'!(-2-$'0)'3-(&-!4%-!#'!0-*-#'2)B(!'(=<#)2'!
$-!#-!?%.)-$-!3+$&0'8+!-(!%(!$%-]+,!$)(+!4%-,!2+3+!$-!?'!2+($)8-0'8+!'(&-$,!1%-!
'!#'!?+0'!8-#!$%-]+,!2+3+!#)&-0'#3-(&-!$-!#--I!!#%!.5!(293@!23 )>33#:,4;2D3$#0)23 /)"<3
"V0*)"7!c'!/%8+!2+(2)#)'0#+!#%-=+!$)(!)(4%)-&%8-$!()!0-1#->)+(-$!4%-!#+!/%8)-$-(!
/0)*'07!_-!1+03'!4%-!2%'(8+!&0'($2%00)B!-#!&)-3/+!7&3$+!&W',!/0+.'.#-3-(&-!/+0!
#'!3']'(',!(+!&-(5'!()(=%('!8%8'!-(!2%'(&+!'!#+!4%-!8-.5'!8-!?'2-0!2+(!P'05'7!
"#! 3-($'6-! 8-#! ^(=-#! 1%-! /'0'! <#! %(! 3'(8'&+! 8)*)(+! 4%-! $B#+! 0-4%-05'!
+.-8)-(2)',! /+0! -$+! !#0)(&;4!*3 ,>93 0.)4!&/$Q!*3 $"#/,! )>! $P%%!')93 [".(&)"63
.)6'$*'/'$3&$',7&"@$&3$F"2&3$7&3$R&W',03P'05'!$-05'!0-2).)8'!-(!$%!2'$'!2+3+!$%!
-$/+$',!&'#!9!2+3+!$-!?'.5'!8-&-03)('8+!-(!-#!2+3/0+3)$+!8-!8-$/+$+0)+$7!V+$<!
8-.)B!?'.-0!2-#-.0'8+!#'!.+8'!2+(!P'05'!2+3+!-0'!?'.)&%'#!-(&+(2-$!9!2+3+!$-!
8-$20).-! /+0! -#! 3)$3+! G-]+0! -(! #'! /'0^.+#'! 8-! #'$! 8)-;! *50=-(-$7! :'$'05'! '!
0-2+=-0!'!P'05',!2+(!#'!4%-!-$&'.'!8-$/+$'8'!9!'2+3/']'8+$!8-#!2+0&-6+!(%/2)'#!

JFF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
$-!2-#-.0'05'!-#!0-$&+!8-!#'!2-0-3+()'!8-!2'$'3)-(&+!4%-!)(2#%5'!-#!1-$&-6+!8-!#'$!
.+8'$,! /+0! -$+! -$20).-! P'&-+I! C$(23 0$.!&'$8!*3 /;2*3 %"*$(<C$3 $"#/)",! J$ 3#$
('/@$ 5',$ +!$ &+5'+#0$ O+! $-! 8)2-! ('8'! 8-! -$&+! -(! -#! &->&+! .5.#)2+,! /-0+! 2'.-!
$%/+(-0#+!'$57!C4%-##+!4%-!?'.5'!$)8+!3+&)*+!8-!/0-+2%/'2)B(!/'0'!V+$<!4%-8B!
0-$%-#&+! /+0! #'! '22)B(! 8-! #'! /0+*)8-(2)'! 8)*)('! 4%-! '2%8)B! -(! $%! '9%8'! 9!
0-$+#*)B!8-1)()&)*'3-(&-!$%$!8%8'$!$+.0-!'4%-##'!$)&%'2)B(7!
!
Z[2)#8B:)6:)35)?:6:?9C)P5;A5)S@8)>9:)5)3@^)5);@)P9T:)DB9E:7F69A:k)J)38)D@;:)
D:B)6:E=B8)g,GNG2)
)
C$(23)"#C3!#%(&*,4C!*3$"#/;2*3!V,93)"R3!P/!C!*3"(>)&*^3C$(23!#C$&'!4!*3/)23)P*)-$3
!!!c!!!!!!(+!!!!!!!!2+(+25'!!!!!!!!!'!-##'!!!!!?'$&'!4%-!!8)+!'!#%;!!%(!?)6+W!!!!9!!!!!!!!!##'3B!!!!!!!!!-#!!!!(+3.0-!

$"#/)"<33#:;4)"<*B))
))8-![#!!!!!!!!!!!!V-$@$7!

!
O+&'$!$+.0-!-#!&->&+!=0)-=+7!
!
K&,'$"'$3#$*'"'*)@,!C$(23 )"#C3!#%(&*,4C!*3$"#/;2*,!2#^%$%#'!(-='&)*'!2+(!#'!2+(6%(2)B(!
C$(2,!J,!9!#'!/'0&52%#'!'8*-0.)'#!(-='&)*'!-(1^&)2'!)"#C,!-(!2'$&-##'(+!"',32+(!!#%(&*,4C!*,!
&-02-0'!/-0$+('!$)(=%#'0!8-#!)3/-01-2&+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!%(*,&4C,,!
*'"'*&,,!'4%5!2+3+!*'"'*?#7!A'!&0'8%22)B(!#)&-0'#!8-!#'!2#^%$%#'!-$I!J$"'$3#$*'"'*?#7!
9#+(#$ >!&$ 7)'$ #$ 3!6$ #$ +!$ .):',! !V,93 )"R3 !P/!C!*3 "(>)&*,! #'! $-=%(8'! 2#^%$%#'! -$! 8-!
&-3/+0'#)8'8,! 2+(! !V,93 )",! .#+(#$ >!&,! 2+(! ! !P/!C!*,! &-02-0'! /-0$+('! 8-! $)(=%#'0! 8-#!
'+0)$&+!$-=%(8+!8-!)(8)2'&)*+!-(!*+;!'2&)*'!8-#!*-0.+!/(&C/,D$5#,),D$7#,$#$3!6,!'4%5!2+3+!
7)'$ #$ 3!6D$ 2-00'(8+! 2+(! -#! $%$&'(&)*+! "(>)&*6! -(! '2%$'&)*+! $)(=%#'0! 3'$2%#)(+,! 4%-!
-4%)*'#-!'!.):'$'$!"$.):'7!
K,)/'2Q")(',!(+!'/'0-2-!-$&'!/'#'.0'!-(!#'!3'9+05'!8-!#+$!3$$7!3^$!$-=%0+$7!A'!#-2&%0'!
/)2*3"(>)2*3$"#/;<<93/)2*30.,/)&/)C)*,!'/'0-2-!-(!#+$!3$$7!Z,!_,!q,!n,!?,!9!+&0'!#)$&'!8-!
/'/)0+$!8-!3-(+0!)3/+0&'(2)'7!
I3#/@,!!#C$&'!4!*63#'!&-02-0'!/-0$+('!8-#!$)(=%#'0!8-#!'+0)$&+!/0)3-0+!8-!)(8)2'&)*+!-(!
*+;!'2&)*'!8-#!*-0.+!C$'!&,,!33#/#,,!'4%5!2+3+!33#/@7!

!
!
"#! -*'(=-#)$&'! P'&-+! )($)$&-! -(! #'! 2+(2-/2)B(! $+.0-('&%0'#! 8-#! R)6+! 8-!
_)+$7! V+$<! 0-2).)B! '! P'05'! $%! -$/+$'! 2+3+! #-! ?'.5'! )($&0%)8+! -#! ^(=-#7! A'!
2+(*)*-(2)'! -(! #'! 2'$'! 2+3+! 3'&0)3+()+! (+! 1%-! 8-#! 3+8+! ?'.)&%'#,! -#! &->&+!
'1)03'! 4%-! )"#C3 !#%(&*,4C!*3 $"#/;2*63 "'$ 3#$ *'"'*?#,! -$! 8-2)0,! (+! &%*)-0+(!
0-#'2)+(-$!5(&)3'$!?'$&'!4%-!P'05'!!V,93)"R3!P/!C!*3"(>)&*6!7)'$#$3!6$!"$$.):'7!A'$!
/'#'.0'$!8-#!&->&+!=0)-=+,!8-$8-!#'!#)&-0'#)8'8,!(+!/-03)&-(!'1)03'0!#'!*)0=)()8'8!
/-0/-&%'!8-!P'05',!2+3+!'#=%(+$!/0-&-(8-(7!i%$2'(8+!%('!.'$-!/'0'!$%$&-(&'0!
-$'!)8-',!$-!*-(!+.#)='8+$!'!&0'8%2)0!-#!&->&+!2+3+,!J$+)"$*'"'*&,3#D$7)'$#$3!6$#$
!"$.):'7!A'!2+($&0%22)B(!=0'3'&)2'#!-(!-#!=0)-=+!(+!/-03)&-!*-0&-0!#'!2#^%$%#'!8-!
-$-!3+8+7!"#!3+8+!*-0.'#3)"#C3!#%(&*,4C!*63-(!)3/-01-2&+!8-!)(8)2'&)*+!-(!*+;!
'2&)*',! (-='&)*);'8+! /+0! -#! '8*-0.)+! 8-! (-='2)B(! "'D! 4%-! #+! /0-2-8-,! ->)=-!
&0'8%2)0!2+3+!"'$3#$*'"'*?#,!-$!8-2)0,!(+!3'(&-(5'!0-#'2)+(-$!2+(!-##'!?'$&'!4%-!

a"O"CAXabC!c!COdOZYCZYeO!_"A!N"c!
JFS!
!
##-=B! -#! '#%3.0'3)-(&+! 8-#! ?)6+! 2+(2-.)8+! -(! -##'! /+0! -#! "$/50)&%! G'(&+7! A'!
-$&0%2&%0'! =0'3'&)2'#! -$! 2+(&%(8-(&-! 2+(! -#! -$&'.#-2)3)-(&+! 8-! &-3/+0'#)8'8!
8-1)()8',! -$! 8-2)0,! (+! &%*)-0+(! )(&)3)8'8! 3'&0)3+()'#! -(! &'(&+! 4%-! (+! ('2)B! -#!
?)6+7!"#!&->&+!->)=-!-(&-(8-0!4%-!8-$/%<$!8-!4%-!-#!'#%3.0'3)-(&+!&%*+!#%='0,!
2+(*)*)-0+(!2+3+!3'&0)3+()+,!$)(!()(=%('!#)3)&'2)B(,!8-!'2%-08+!2+(!#+!4%-!#'!
A-9! -$&'.#-25'! 2+3+! 47&%&,$ *'"J!2#38! L">7! FJIJKM,! 2+(1)03'8+! /+0! :'.#+! -(!
$%$!-$20)&+$!LJ!Z+7!TIS,!QM7!_-!#'!3)$3'!1+03'!4%-!'#=%(+$!)(&-(&'(!8-3+$&0'0!#+!
)(8-3+$&0'.#-! 8-! #'! *)0=)()8'8! /-0/-&%'! 8-! P'05',! '$5! &'3.)<(! +&0+$!
)(&0+8%6-0+(! -(! '#=%(+$! 3$$7! #'! /'#'.0'! 5,)/'2Q")(',! /'0'! 8-&-03)('0! '! V-$@$!
2+3+! -#! 5,)/&,'! 8-! #+$! ?)6+$! 8-! '4%-#! 3'&0)3+()+7! "#! /0)3-0+! '8+/&'8+! /+0!
V+$<,! #+$! 0-$&'(&-$! -(=-(80'8+$! /+0! <#7! "#! $%$&'(&)*+! 2+3+! 2'#)1)2'&)*+! (+!
'/'0-2-! -(! #+$! 3$$7! 3^$! $-=%0+$! 9! $-=%0'3-(&-! 4%-! $-! &0'&'! 8-! %('!
)(&-0/+#'2)B(7! A'! "$20)&%0'! =%'08'! $)#-(2)+! $+.0-! #'$! 2'%$'$! 4%-! 3+&)*'0+(! '#!
3'&0)3+()+! 8-! V+$<! 9! P'05'! /'0'! '.$&-(-0$-! 8-! 3'(&-(-0! 0-#'2)+(-$! 5(&)3'$,!
/-0+! (+! 2'.-! 8%8'! 4%-! '(&-! %(! ?-2?+! &'(! /+0&-(&+$+,! '3.+$! -(! %(! /0+1%(8+!
0-$/-&+! /+0! #'! +.0'! 4%-! _)+$! ?'25',! -6-02)-0+(! -#! 8+3)()+! /0+/)+! ?'$&'! 4%-! -#!
('2)3)-(&+!8-!V-$@$!2-00B!-$&'!-&'/'7!G)(!-3.'0=+,!$-!'1)03'!4%-!V-$@$!&%*+!3^$!
?-03'(+$!9!?-03'('$,!3)-3.0+$!8-!#'!3)$3'!1'3)#)'!2+(!<#!LP&7!JFIHU,!HTW!P07!
SISJ,!SFW!UISW!A27!`IJ\,!FKW!V(7!FIJFW!TIS,!Q,!JKW!R2?7!JIJHM7!
!
!
"(! -#! -$&0)2&+! /0+/B$)&+! 8-! P'&-+! 8-! 8-3+$&0'0! #'! 3-$)'()8'8! 8-!
V-$%20)$&+,! )(&0+8%2-! &+8+$! -$&+$! 8'&+$! /'0'! 3+$&0'0! 4%-! V+$<! (+! &%*+! 0-#'2)B(!
'#=%('!-(!#'!2+(2-/2)B(!8-!V-$%20)$&+!9!4%-![$&-!(+!('2)B!/+0!1'3!"(#7$.!/#"#,!
$)(+!2+(1+03-!'#!/0+/B$)&+!8-!_)+$,!4%-!$)-(8+!-#!d()=<()&+!8-#!:'80-,!(+!/+85'!
&-(-0!+&0+!/'80-!4%-!(+!1%-$-!-#!2-#-$&)'#7!C8-3^$!#'!0-#'2)B(!8)0-2&'!2+(!V+$<,!
8-! /0+=-()&+0! '! ?)6+,! '2'00-'05'! -#! /0+.#-3'! 8-! #'! &0'($3)$)B(! 8-! #'! 3'#8)2)B(!
$+.0-!V-2+(5'$,!4%-!1%-!2+($)8-0'8'!$%1)2)-(&-3-(&-!'(&-$!L*7!JJM7!P'&-+!-($-]'!
'4%5!4%-!-#!('2)3)-(&+!8-!V-$@$!1%-!-#!0-$%#&'8+!8-!#'!2+(2-/2)B(!*)0=)('#!9!4%-!
<$&',!'!$%!*-;,!1%-!-#!2%3/#)3)-(&+!8-!#'!/0+1-25'!4%-!#+!'(%(2)'.'!/+0!3-8)+!8-!
Y$'5'$7! h%)-(! ('25',! 2+3+! 0-$%#&'8+! 8-! '4%-##'! +.0'! $+.0-('&%0'#,! -0'! V-$@$,! -#!
G'#*'8+0!8-#!3%(8+73!
)
)
G)(!-3.'0=+,!(+!/%-8-!8-6'0!8-!-(1'&);'0$-!4%-!#'!$'(&)8'8!)(?-0-(&-!-(!#'!
?%3'()8'8! 8-! V-$%20)$&+! (+! -$&^! 0-#'2)+('8',! 2+3+! '#=%(+$! /)-($'(,! -(! #'! (+!
->)$&-(2)'!8-!/'80-!?%3'(+!4%-!&0'($3)&)05'!#'!?-0-(2)'!/-2'3)(+$',!9'!4%-!-$&'!
-$!&0'($3)&)8'!&'(&+!/+0!*5'!8-#!/'80-!2+3+!8-!#'!3'80-!LG'#7!QJIQM,!$)(+!4%-!#'!
)(3'2%#'8'! $'(&)8'8! 8-#! ()]+! 4%-! ('2)B! 8-! P'05'! $-! -$&'.#-2-! /+0! #'! :-0$+('!
_)*)('! 4%-! $%$&-(&'! 9! $'(&)1)2'! #'! ('&%0'#-;'! ?%3'('! $%.$)$&-(&-! -(! -##'7! "$&'!
$%.$)$&-(2)'! 8-! #'! ('&%0'#-;'! ?%3'('! -(! #'! :-0$+('! _)*)(',! '84%)-0-! #'!
8)3-($)B(! ?)/+$&^&)2',! 4%-! 2+(*)-0&-! '! #'! :-0$+('! _)*)('! -(! -#! $%6-&+! 8-!
'&0).%2)B(!8-!0-$/+($'.)#)8'8!8-!#'!('&%0'#-;'!?%3'(',!/+0!2%9'!0';B(!V-$@$,!-(!
-#! /#'(+! 8-! $%! ?%3'()8'8! &-(5'! 4%-! $-0,! (-2-$'0)'3-(&-,! )3/-2'.#-7! A'!
$'(&)1)2'2)B(!8-!#'!('&%0'#-;'!?%3'('!$-!##-*'!'!2'.+!/+0!#'!/0-$-(2)'!8-$8-!-#!
!!!!!!!!!

JFH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PCD"X!Y!

!
)($&'(&-! 8-! #'! 2+(2-/2)B(! 8-! #'! :-0$+('! _)*)(',! -(! 4%)-(! $-! -$&'.#-2-! #'!
('&%0'#-;'!?%3'('!9!-(!#'!4%-!8-$8-!#'!2+(2-/2)B(!$%.$)$&-!/-0/-&%'3-(&-7!

!"#$%&'()**)
"+(,"!*-.)/)*.0".!*")
(./"%01223#.7)
!
"#$%&! '$! ()! )*#*+,)+,-*! .! +&*+$/+,-*! '$! 0$1#+2,13&4! 1$! /2&'#5&! $(!
*)+,6,$*3&7!8)3$&!'$',+)!#*!$1/)+,&!$*!1#!9:)*%$(,&!/)2)!2$()3)2!$(!*)+,6,$*3&4!
$*!;&26)!6#.!+&*+,1)4!1,*!'$3)(($1!)6/(,&1!+&6&!&+#22$!$*!$(!9:)*%$(,&!1$%<*!
"#+)17! =$! (,6,3)! 1,6/($6$*3$! $*! );,26)2! $(! *)+,6,$*3&4! ')*'&! ()! ')3)+,-*! '$(!
6,16&! :,*+#()')! )(! 3,$6/&! '$(! 2$,*)'&! '$! >$2&'$1! ?4! 9(! @2)*'$4! +&*! (&! A#$!
/&*$!'$!6)*,;,$13&!A#$!*&!1$!32)3)!'$!#*!)1#*3&!6,3&(-%,+&4!1,*&!'$!#*)!2$)(,')'!
B,13-2,+)4!0$1<1!*)+,-!+&6&!/&'C)!1$2!;D+,(6$*3$!+&6/2&E)E($!$*!$(!3,$6/&!$*!
A#$!1$!$1+2,E,-!$(!9:)*%$(,&4!$1!'$+,24!$2)!#*!B&6E2$!2$)(!A#$!+&6$*F-!1#!:,')4!
+&6&!3&'&1!(&1!B&6E2$14!+&*!$(!*)+,6,$*3&7!G!()!);,26)+,-*!1,%#$!$(!2$()3&!'$!()!
)'&2)+,-*! '$! (&1! 6)%&17! G(! $:)*%$(,13)! ($! ,*3$2$1)4! 1&E2$! 3&'&4! :,*+#()2! ()!
'$,')'! .! B#6)*,')'! $*! ()! /$21&*)! '$! 0$1#+2,13&! '$1'$! $(! +&6,$*F&! '$(!
$:)*%$(,&7! "&1! 6)%&1! :,*,$2&*! +&*! #*! /2&/-1,3&! +&*+2$3&H! !"#$%&'() *)
*+',*,-#.! I:7! JK7! ")! /2$1$*+,)! '$! (&1! 6)%&1! $*! ()! +,#')'! +)/,3)(! '$(! 2$,*&!
/2&'#5&!#*)!/2&;#*')!,*A#,$3#'4!1&E2$!3&'&!$*!>$2&'$1!A#$4!'$!)(%#*)!6)*$2)4!
:$C)!$*!$(!*,L&!A#$!)A#$((&1!E#1+)E)*4!+#)*'&!6$*&1!#*!&/&1,3&2!$*!/&3$*+,)7!
M&*! E2$:$1! /,*+$()')1! 8)3$&! '$1+2,E$! ()1! 2$#*,&*$1! A#$! ()! /2$%#*3)! '$! (&1!
6)%&1!/2&:&+-!$*!()!+&23$!2$)(4!()!,*:$13,%)+,-*!.!2$1/#$13)!'$!(&1!$N/$23&1!$*!
()! 91+2,3#2)! .! ()! )13#+,)! '$(! 1)*%#,*)2,&! >$2&'$1! $*! #*! ,*3$*3&! '$! $(,6,*)2! )!
A#,$*! +&*1,'$2)E)! 1#! &/&*$*3$7! 9*! 3&'&! $13$! $*3&2*&! 1$! )/2$+,)! $(! ,*3$2O1! '$!
8)3$&!/&2!/2$1$*3)2!()!2$)(,')'!'$!0$1<1!+&6&!$(!8$1C)1!$1/$2)'&7!91!$:,'$*3$!
A#$!(&1!1)+$2'&3$1!.!$1+2,E)1!$*3$*',$2&*!A#$!$(!<*,+&!P$.!A#$!/&'2C)!,*3$2$1)2!
)!(&1!6)%&1!$2)!$(!8$1C)1!)*#*+,)'&!/&2!(&1!/2&;$3)14!>$2&'$1!6,16&!+&*&+C)!()!
/2&6$1)! 1&E2$! $(! M2,13&4! /2$%#*3)*'&! 1&E2$! $(! 3,$6/&! )*#*+,)'&! /)2)! 1#!
*)+,6,$*3&7!9(!$6&3,:&!'$3)(($!'$!()!)'&2)+,-*!$*!()!1$*+,(($F!$*!A#$!1$!/2&'#5&!
$1! 3)6E,O*! #*! $($6$*3&! +():$! $*! ()! '$6&132)+,-*! '$! A#$! 0$1<1! $1! $(! M2,13&4!
96)*#$(4! Q,&1! 6)*,;$13)'&! $*! +)2*$7! ")! /2&:,'$*+,)! $1! &32&! '$! (&1! $($6$*3&1!
'$13)+)E($1!$*!$(!/)1)5$7!Q,&14!A#$!$*:,-!)!1#!>,5&4!+#,')!'$!3&'&!+#)*3&!3,$*$!
A#$!:$2!+&*!R(7!")!/2&:,'$*+,)!&2,$*3)!/2,6$2&!)!(&1!6)%&1!$*!()!2#3)!'$!2$%2$1&!
.! )! 0&1O! $*! ()! /)23,')! /)2)! 9%,/3&4! +&6&! +&*1$+#$*+,)! '$(! ,*3$*3&! '$! >$2&'$1!
/)2)!6)3)2(&7!M)E2C)!/2$%#*3)21$!1,!)(%#,$*!$*!()!3,$22)4!)<*!1,*!$1)!/2&3$++,-*!
B#E,$1$!/&','&!A#,3)2!()!:,')!'$!A#,$*!6D1!3)2'$!);,26)2C)H!!$*+%#)&#)-*)/0%1*2)
3')-*)4'$5')+#)&6)&%(&'.!I0*7!STHSUK7!")!+2#$(')'!'$!>$2&'$1!A#$')!2$;($5)')!
$*! ()! 91+2,3#2)! ,*1/,2)')! +&6&! 6#$132)! '$! ()! +&*+,$*+,)! +)#3$2,F)')! /&2! $(!
/$+)'&4!$*!()!&2'$*!2$)(!/)2)!')2!6#$23$!)!3&'&1!(&1!*,L&1!6$*&2$1!'$!'&1!)L&1!
A#$! :,:C)*! $*! V$(O*7! 9(! 2$()3&! +&*+(#.$! +&*! $(! 2$%2$1&! '$! 0$1<1! )! ?12)$(! .! 1#!
)1$*3)6,$*3&!$*!W)F)2$34!(#%)2!'&*'$!32)*1+#22,2C)!(&1!)L&1!'$!1#!:,')!)*3$1!'$!
,*,+,)2!1#!6,*,13$2,&!/<E(,+&7!

SJX!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
")!',:,1,-*!'$(!/)1)5$!/)2)!1#!$13#',&!$1!1$*+,(()4!E)13)!1$%#,2!$(!&2'$*!
(-%,+&!'$(!3$N3&!ECE(,+&4!+&6&!1$!,*',+)!$*!$(!E&1A#$5&!'$(!(,E2&H!
!
S7! ")!)'&2)+,-*!)(!P$.!IJHS[SJK7)
J7! ")!,*;)*+,)!'$(!P$.!IJHS\[J\K7)
)
'1)123415678)19),:;)<=>?@?=AB)
)
?B)!C1823)D:EFE)81567):8)G:9H8)2:)DC2:1):8)2I1E)2:9)4:;)J:432:EK)L686:438)
2:9)346:8M:):)D:4CE19H8)C83E)N1O3EB)
)
!"#$$%&'(%%)*+,"#$$%-'..+/'0.1"23%').%4+/5'0'6%1+$$3%%)*"#&780723%').%+96'0:78)

!!![!!!!!]3%%%0$1<1!!!!!!1,$*'&!*)+,'&!!!!!!$*!!!!!!!V$(O*!!!!!!!![!!!!!!!!!'$!0#'$)!!!!!!!!!$*!!!!!!'C)1!

9;:<0=&"#%1"#$$%>7,85'0<2?%8)&"#(%%670-"8%7)@"(%7).71"5<$$.%@7:'-'0.".1"%'8)23%%
'$!>$2&'$1!!!$(!!!!!!!!!!!2$.4!!!!!!!!!!!B$!)A#C!!!!6)%&1!!!!'$(!!!!!!!!&2,$*3$!!!!!!!!!!!!!!(($%)2&*!!!!!!!!!!!)!

98':","05#67%!
0$2#1)(O*7!
)

W&3)1!.!)*D(,1,1!'$(!3$N3&!%2,$%&7!
70*$+'4!1"#$$% &'(4!+&6&!,*32&'#++,-*!)!(&!A#$!1,%#$!/#$'$!32)'#+,21$!/&2!80*$+'4!1,!1$!
)(3$2)! ()! ;&26)! '$(! :$2E&4! &! /&2! 9*:%#$+'4! /)2)! B)+$2(&! +&*+&2')27! ^#$'$! 3)6E,O*!
'$5)21$! 1,*! 32)'#+,24! +&*! (&! A#$! ()! &2)+,-*! 1$2C)H! ;*8%+') <#(=() #$) >#-?$4! )5#13)*'&! ()!
+(D#1#()!)(!6&'&!'$(!:$2E&!*)+$27!
;*8%@4!-'..+/'0.1"24!/)23,+,/,&!)&2,13&!/2,6$2&!$*!:&F!/)1,:)!'$(!:$2E&!-80."6784!$*8#,4!
$*!$13)!;&26)!80*$+')$*8%@4!&!3)6E,O*!$*8%+'A!
B$)>#-?$)+#)<0+#*)#$)+6*()+#-),#3)C#,'+#(2%').%4+/5'0'6%1+$$% )*"#&78072%').%+96'0:783%
9;:<0=&"#A% M(D#1#()! 1$*+,(()! '$;,*,3&2,)4! +&*! *&6E2$1! /2&/,&1! 1$/)2)'&1! $*32$! 1C! /&2! ()!
/2$/&1,+,-*!').?%#$A!
C#)*/064!8)&"#(4!.)!+&*1,'$2)'&!)*3$14!$1)()!1$%#*')!/$21&*)!1,*%#()2!'$(!)&2,13&!1$%#*'&!
'$!,6/$2)3,:&!$*!:&F!6$',)! '$(!:$2E&!"9:70<4!$*!()!;&26)!'8BB&".?%&%,*,2)&'(1,*,2)"#,2!
+&*!#1&!)':$2E,)(!$A#,:)($!)!9#)*/062)(08#+%@)/0#2)"#+2)*9',*2)$3+7!D*5'()+#-)',%#$1#2)
670-"8% 7)@"(% 7).71"5<$$.4! +(D#1#()! '$! 2$()+,-*! +&*! $(! 1#13)*3,:&!670-"84! $*! *&6,*)3,:&4!
/(#2)(4! 6)1+#(,*&! '$! 670-"34! &*5'(4! +&*! ()! /2$/&1,+,-*! 7)@"4! +#4! +&*! 7).71"5<C.?! $(!
%$*,3,:&! /(#2)(! ;$6$*,*&! '$! 7).71"5+0?! A#$! 1,%*,;,+)! ',%#$1#2) (*-%+*) +#) 0$) *(1,'2) ('-)
$*8%#$1#7!!
E%$%#,'$4! @7:'-'0.".1"4! 3$2+$2)! /$21&*)4! /(#2)(4! '$(! )&2,13&! 1$%#*'&! '$! ,*',+)3,:&! $*!
:&F!6$',)!'$(!:$2E&!-80."6782)"#$%,4!)A#C!$A#,:)($*3$!)!"%$%#,'$A)9*!()!&2)+,-*!$(!:$2E&!
/&'2C)!32)'#+,21$!+&6&!--#5*,'$A!

! !
! "#$%&!'$!()!+&*+$/+,-*!.!%$13)+,-*4!1$2!/2&'#+$!$(!*)+,6,$*3&!+&6&!#*!
B$+B&! B,13-2,+&! )+)$+,'&! $*! 1#! 3,$6/&H! !"#$$% &'(% % )*+,"#$$% -'..+/'0.1"2?% !3)
(%#$+')$*8%+')<#(=(.7!0$1<1!$1!$(!B$2$'$2&!)(!32&*&!'$!Q):,'7!913$!32&*&!3,$*$4!
+&*;&26$! )! ()! 91+2,3#2)4! #*! )(+)*+$! #*,:$21)(_! *&! 1-(&! 1$! 2$;,$2$! )! #*! 2$,*&!
(&+)(,F)'&!$*!#*)!F&*)!'$!*#$132&!6#*'&4!1,*&!)!3&')1!()1!*)+,&*$1!'$!()!3,$22)4!

GQZPGM?`W!9!?WaGWM?G!
SJb!
!
A#$!1&*!1#.)1!/&2!+#)*3&!()1!2$+,E,-!+&6&!'$3$26,*)+,-*!'$(!^)'2$!I=)(7!JHUK7!
9(!P$.!'$!2$.$1!*)+,-!$*!#*)!F&*)!%&E$2*)')!/&2!#*!2$.!B#6)*&7!9(!*)+,6,$*3&!
'$!0$1<1!3#:&!(#%)2!$*!#*!'$3$26,*)'&!(#%)24!').%4+/5'0'6%1+$$3%)*"#&78072?%!#$)
>#-?$)+#)<0+#*.4!!.!$*!#*!'$3$26,*)'&!3,$6/&!B,13-2,+&!A#$!8)3$&!/2$+,1)H!').%
+96'0:78% 9;:<0=&"#% 1"#$$% >7,85'0<2% !#$) +6*() +#-) ,#3) C#,'+#(.7! ^&2! #*! ()'&! $(!
(#%)2! '$(! *)+,6,$*3&! ;#$! 4+/5'0'6% 1+$$3% )*"#&78072?% V$(O*! '$! 0#'$)4! #*)!
/$A#$L)! /&E()+,-*! $13)E)! 1,3#)'&! )! #*&1! U! c61! )(! 1#'&$13$! '$! 0$2#1)(O*4!
+$2+)*&! )! ()! :C)! $*32$! 0$2#1)(O*! .! >$E2-*7! V$(O*! $2)! +&*&+,'&! )*3$1! +&6&!
9;2)3)4!/2-N,6&!)(!(#%)2!'&*'$!$13)E)!()!1$/#(3#2)!'$!P)A#$(!I@*!\dHSe_!fUHbK7!
")!/&E()+,-*!3#:&!,6/&23)*+,)!$*!(&1!3,$6/&1!'$!(&1!0#$+$1!.!()!6).&2!/)23$!'$(!
2$()3&! '$(! (,E2&! '$! P#3! 1$! '$1)22&((-! $*! V$(O*! .! 1#! $*3&2*&! IP37! SHS4! J4!SegJJ_!
JHf_!fHSSK7!9(!*&6E2$!6D1!'$13)+)'&!/)2)!$1)!/&E()+,-*!;#$!$(!'$!()!7%0+*+)+#)
F*"%+A! G((C! :,:,-! $(! 2$.! '$! ?12)$(! IS! =7! SbHSJ4! Sd_! JTHX4! JUK7! 9*! $1$! (#%)2! ;#$!
#*%,'&!+&6&!2$.!'$!?12)$(!/&2!$(!/2&;$3)!=)6#$(!IS!=7!SXHS4!f11K7!")!,6/&23)*+,)!
'$!()!+,#')'!'$+2$+,-!'$1/#O1!'$(!2$,*)'&!'$!Q):,'!B)13)!(($%)2!)!1$2!#*!(#%)2!'$!
6#.!/&+&!,*3$2O14!1,!E,$*!()!/2&;$+C)!(&!)*#*+,-!+&6&!()!+#*)!'$(!8$1C)1!I8,7!
dHJK7!8)3$&!B)+$!$13)!/2$+,1,-*!/)2)!',13,*%#,2(&!'$!1#!B&6-*,6&!1,3#)'&!$*!()!
32,E#!'$!h)E#(-*!!I0&17!SeHSdK4!1,3#)'&!)!#*&1!SS!c6!)(!*&2&$13$!'$!W)F)2$37!^&2!
&32&!()'&!$(!3,$6/&!B,13-2,+&!'$(!*)+,6,$*3&!$13D!:,*+#()'&!)(!3,$6/&!'$(!2$,*)'&!
'$!>$2&'$1H!').%+96'0:78%9;:<0=&"#%1"#$$% >7,85'0<27!=$!32)3)!)A#C!'$!>$2&'$1!?4!
9(!@2)*'$4!$(!;#*')'&2!'$!()!<(3,6)!',*)13C)!A#$!2$,*-!$*!0#'$)7!92)!#*!,'#6$&!
A#$!B)EC)!1,'&!*&6E2)'&!%&E$2*)'&2!'$!0#'$)!/&2!1#!/)'2$!G*3C/)32&4!1&E2$!$(!
)L&! fb! )7M7! ! 9*! $(! )L&! fT! >$2&'$1! +&*1,%#,-! +&*! ()! ).#')! '$! G*3&*,&! .!
Z+3):,)*&4!A#$!$(!1$*)'&!2&6)*&!(&!*&6E2)2)!2$%$*3$!'$!0#'$)!)!3C3#(&!'$!2$.7!
>$2&'$1!3#:&!A#$!+&*A#,13)2!1#!2$,*&!(#+B)*'&!'#2)*3$!32$1!)L&1!+&*!$(!<(3,6&!
2$.! )16&*$&! G*3C%&*&7! M&*! ).#')! '$(! $5O2+,3&! 2&6)*&! '$22&3-! )! 1#! 2,:)(!
$5$+#3D*'&(&! $*! 0$2#1)(O*! $*! $(! )L&! \b! )7M7! M&*1,%#,-! $13)E($+$2! 1#! 2$,*&!
1-(,')6$*3$!.!$N3$*'$2!1#1!'&6,*,&1!)!&32&1!3$22,3&2,&1!B)13)!)E)2+)2!+)1,!3&')!
^)($13,*)7! >$2&'$1! '$/$*'C)! ',2$+3)6$*3$! '$(! $6/$2)'&2! 2&6)*&! .! *&! '$(!
%&E$2*)'&2! '$! ()! /2&:,*+,)! =,2,)7! M&*! 3&'&4! >$2&'$1! $13)E($+,-! .! $*2,A#$+,-!
0$2#1)(O*4!+&*132#.$*'&!%2)*'$1!$',;,+)+,&*$1!A#$!,*+(#C)*!()!Y&22$!G*3&*,)4!1#!
/)()+,&! 2$)(! .4! 1&E2$! 3&'&4! 2$+&*132#.-! $(! Y$6/(&7! a#$! $(! /2&3&3,/&! '$(! 3,2)*&!
1)*%#,*)2,&! .! +2#$(7! 9(,6,*-! )! 3&'&! )A#$(! A#$! +&*1,'$2)E)! A#$! /&'C)! 1$2! 1#!
)':$21)2,&4!,*+(#.$*'&!)!1#!/2&/,)!;)6,(,)7!8)3-!)!3&'&1!(&1!'$1+$*',$*3$1!'$!()!
',*)13C)! )16&*$)4! ,*+(#.$*'&! )! 1#! 1$%#*')! $1/&1)! 8)2,)6*$4! )! 1#! 1#$%2)!
G($5)*'2)4! )! 1#1! B,5&1! G2,13-E#(&! .! G($5)*'2&7! G*3$1! '$! 1#! 6#$23$4! 1#! B,5&! .!
1#+$1&2!)(!32&*&!G*3C/)32&4!+).-!$*!'$1%2)+,)!.!>$2&'$1!6)*'-!6)3)2(&7!92)!#*!
2$.!&',)'&!/&2!$(!/#$E(&4!$1/$+,)(6$*3$!/&2!(&1!2$(,%,&1&1!'$!()!*)+,-*7!!
!
! 0#*3&!+&*!()!/2$+,1,-*!'$!(#%)2!.!3,$6/&!/)2)!$(!*)+,6,$*3&4!8)3$&!1$L)()!
()!/2$1$*+,)!'$!(&1!&*5'(H!8)&"#(% 670-"8?%!9#)*/06)&*5'(.7!")!/2$1$*+,)!'$!(&1!
6)%&1!$*!0$2#1)(O*!'$1/$23-!#*)!%2)*!$N/$+3)+,-*4!/&2!+#.)!2)F-*!8)3$&!#3,(,F)!
$*! $(! 3$N3&! #*)! /)()E2)! A#$! 1$! 32)'#+$! B)E,3#)(6$*3$! /&2! 9#) */06! .! A#$4!
!!!!!!!!!

SJU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
()6$*3)E($6$*3$4! *&! )/)2$+$! $*! ()! :$21,-*! PiXT7! 91! #*)! /)()E2)! A#$! 1$! #1)!
/)2)! (()6)2! ()! )3$*+,-*4! $*! &+)1,&*$1! +&6&! &%,*2) 4,#(1*) *1#$8%@$A! ")! /)()E2)!
&*5'(4! B)! &+)1,&*)'&! :)2,)1! ',1+#1,&*$1! ,*3$2/2$3)3,:)17! jk#,$*$1! $2)*l! jQ$!
'&*'$! :$*C)*l! jk#$! 1,%*,;,+)'&! 3,$*$! $(! 3O26,*&l7! G*3$! /2$%#*3)1! A#$! *&!
/#$'$*!2$1/&*'$21$!+&*!)E1&(#3)!/2$+,1,-*4!(&1!(,E$2)($1!)/2&:$+B)*!/)2)!*$%)2!
()! B,13&2,+,')'! '$(! B$+B&4! ')*'&! )(! /)1)5$! #*! 6$2&! 2$()3&! 1,6E-(,+&4!
2$/2$1$*3)*'&!/&2!6$',&!'$!()!,6)%$*!'$!(&1!6)%&1!()!:&+)+,-*!'$!(&1!%$*3,($1!
)!()!;$7!G(%#*&1!'$!$13&1!(,E$2)($1!,*1,*<)*!A#$!*&!B).!',;,+#(3)'!B,13-2,+)!/)2)!
*$%)2! $(! 2$()3&! $*! 1C!.! )+$/3)2(&! 6$2)6$*3$! +&6&! )(%&! ($%$*')2,&! $1+2,3&! /)2)!
1#13)*+,)2! ()! ;$7! 9*! $13$! +)1&4! (&! A#$! 1$! $*+&*32)2C)! )A#C! $1! #*)! 1,6/($!
,*32&'#++,-*! 1,6E-(,+)! )! ()! 2$)(,')'! '$! 0$1<1! +&6&! $(! 8$1C)14! A#$! (#$%&!
A#$')2D!)3$13,%#)')! /&2! 1#1! &E2)1! /&23$*3&1)1! .! 1&E2$*)3#2)($17! 913&1! (,E$2)($1!
1#%,$2$*! A#$! /&1,E($6$*3$! 8)3$&! &.-! $13$! 2$()3&! $*! )(%#*)! 32)',+,-*! &2)(! A#$!
+,2+#()E)!/&2!()!,%($1,)!/2,6,3,:)!.!A#$!)')/3-!)!1#!6&'&!/&*,O*'&()!)(!1$2:,+,&!
'$! 1#! /2&/-1,3&! $*! $(! 9:)*%$(,&7! Z32&1! )/2$+,)*! )A#C! #*! %O*$2&! 6,'2D13,+& S 4!
,*+(#1&! /&'2C)4! /)2)! $13&14! 32)3)21$! '$! #*)! +&*132#++,-*! B)%%D',+)J 4! +&6&! #*!
6$',&!'$!2$+)(+)2!()!3$&(&%C)!6$',)*3$!B,13&2,)!#*!2$()3&!B,13-2,+&!'$!B$+B&1!A#$!
2$)(6$*3$! )+&*3$+,$2&*4! /$2&! 2&'$)')! '$! )1/$+3&1! /,*3&2$1+&1! A#$! (&! ;)+,(,3$*7!
Y)*3&! #*)! +&6&! &32)! /&1,+,-*! 2$'#+$*! ()! B,13&2,+,')'! '$(! 2$()3&4! $*! $(! /2,6$2!
+)1&!)*#(D*'&(&!+&6/($3)6$*3$4!.!$*!$(!1$%#*'&!+&*:,23,O*'&(&!$*!#*)!($.$*')!
+&*! *<+($&! B,13-2,+&4! $()E&2)')! /&2! $(! $:)*%$(,13)7! Y&')1! $13)1! 1#%$2$*+,)1! '$!
(&1! (,E$2)($1! '$E$*! 1$2! +&*1,'$2)')1! )! ()! (#F! '$! ()! %$#,,*$8%*) +#) -*() G*5,*+*()
B(8,%10,*(4! A#$! ,*+(#.$*! 3&')1! ()1! );,26)+,&*$1! A#$! 1$! B)+$*! 1&E2$! ()! B,13&2,)!
A#$! 1&*! B$+B)1! E)5&! ()! (#F! '$! ()! ,*1/,2)+,-*! .! 1$! 32)3)! '$! B$+B&1! 2$)(6$*3$!
)+&*3$+,'&1! +&6&! $13D*! $*! $(! 2$()3&! ECE(,+&7! 9(! 3O26,*&! 32)'#+,'&! )A#C! +&6&!
&*5'(!$1!#*)!/)()E2)!A#$!)/)2$+$!/&2!/2,6$2)!:$F!$*!(&1!$1+2,3&1!'$!>$2&'&3&4!
/)2)! 2$;$2,21$! )! #*)! 32,E#! '$! (&1! 6$'&14! A#$! 6&132)E)! #*! ,*3$2O1! .! B)E,(,')'!
$1/$+,)(! /)2)! $(! $13#',&! '$! ()1! $132$(()17! ^&13$2,&26$*3$! +&6$*F-! )! #1)21$! ()!
/)()E2)!&*5'!/)2)!2$;$2,21$!)!(&1!1)+$2'&3$1!'$!8$',)!.!^$21,)7!9(!&*5'!$13)E)!
,*3$2$1)'&!$*!$(! $13#',&! 2$(,%,&1&!.! $*!()1! :,*+#()+,&*$1! )*32&/&(-%,+)1! A#$! 1$!
'$1/2$*'C)! '$! $((&17! G#*A#$! B).! 6#+B&! '$! 1#/$213,+,&1&! $*! 1#1! $13#',&14! *&!
+)E$! '#')! A#$! 1$! 32)3)E)! '$! 8%#$16H%8'(! '$! )A#$(! 3,$6/&7! G! +)#1)! '$! 1#!
/2&+$'$*+,)4!8)3$&!',+$!A#$!7)@"(%7).71"5<$$.%@7:'-'0.".1"%'8)2%%)*':","05#67!
"%$%#,'$) +#-) ',%#$1#4! (,3$2)(6$*3$! +#-) ',%#$1#) --#5*,'$) *) <#,0(*-?$_! 1$! 1#/&*$!
A#$! /&'C)*! 1$2! 6$'&1! &! /$21)17! 913)! 6,16)! ,*3$2/2$3)+,-*! ;#$! 1&13$*,')! /&2!
B&6E2$1! '$! ()! ,%($1,)! )*3,%#)! +&6&! M($6$*3$! .! M,2,(&! '$! G($5)*'2C)4!
M2,1-13&6&4!Q,&'&2&!'$!Y)21&!.!&32&17!>).!#*)!(-%,+)!A#$!1#13$*3)!$13$!6&'&!
'$!/$*1)6,$*3&!.)!A#$!6#+B&1!'$!(&1!'$/&23)'&1!B$E2$&1!(&!;#$2&*!)!8$',)!.!
^$21,)4! '&*'$4! 1,*! '#')4! $*1$L)2&*! )! &32&1! ()! $1/$2)*F)! '$! ()1! /2&;$+C)1!
6$1,D*,+)1! .! ()! :$*,')! ;#3#2)! '$(! P$.! '$! 2$.$17! =,! $6E)2%&4! &32&14! +&6&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S

!P7!")#2$*3,*7!G1,0810,*)#1)I9#'-'5%#)+#)J08*(!S[J4!/D%7!STd7!
!8#L&F!?%($1,)17!B-)B"*$5#-%')+#)-*)%$H*$8%*)#$)G*$)D*1#'A!SedU7!

GQZPGM?`W!9!?WaGWM?G!
SJe!
!
Z2C%$*$14!+2$C)*!A#$!(&1!&*5'(!/2&+$'C)*!'$!M)('$)7!m*!)2%#6$*3&!ECE(,+&!A#$!
/$26,3$!1#13$*3)2!$13)!/&1,+,-*!$1!A#$!(&1!1)E,&1!'$!(&1!3,$6/&1!'$!Q)*,$(4!1&*!
(()6)'&1!&*5'(!$*!()!/2&;$+C)!IQ*7!JHJ4!ST4!Jb_!fHb4!e_!dHb4!SSK7!W&!+)E$!'#')!
A#$! (&1! (*:%'(! +)('$&1! $13#:,$2&*! $*! +&*3)+3&! +&*! ()! :$2')'! '$! A#$! $(! Q,&1!
<*,+&! .! :$2')'$2&! $2)! $(! Q,&1! '$! Q)*,$(! .4! +&*! 3&')! 1$%#2,')'4! &.$2&*! '$! ()!
$1/$2)*F)! 6$1,D*,+)! '$! 1#! 1,$2:&7! Y&')1! $13)1! /&1,+,&*$1! .! &32)1! 6D1! A#$! 1,*!
'#')! /&'2C)*! 1#13$*3)21$4! /&*$*! '$! 6)*,;,$13&! $(! '$1+&*&+,6,$*3&! A#$! '$E$!
)'6,3,21$!1&E2$!()!/2&+$'$*+,)!.!+)2D+3$2!'$!$13&1!/$21&*)5$17!91!1#;,+,$*3$!+&*!
)+$/3)2! $(! 2$()3&! '$! 8)3$&! .! $*3$*'$2! A#$! $(! 91/C2,3#! A#,$2$! A#$! 1$/)6&1! A#$!
0$'() &*5'(4! /2&E)E($6$*3$! +,$*3C;,+&1! '$! $*3&*+$14! :,*,$2&*! '$(! &2,$*3$4! $1!
'$+,24! '$! )(%<*! (#%)2! 1,3#)'&! )(! $13$! '$! ^)($13,*)! A#$! /#',$2)! +&*+2$3)21$! $*!
+#)(A#,$2)!'$!(&1!/2&/#$13&1!)*3$17!
!
! =#%,$2$!3)6E,O*!$(!3$N3&!/2$%#*3)21$!1&E2$!+#)*'&!3#:&!(#%)2!()!:,1,3)!'$!
(&1!&*5'(7!M#)*3&!3,$6/&!/)1-!'$1'$!$(!*)+,6,$*3&!'$!M2,13&!B)13)!1#!(($%)')!)!
0$2#1)(O*4!$1!)(%&!',;C+,(!'$3$26,*)2(&!+&6&!3&'&!(&!)*3$2,&27!G(%#*&1!E)1D*'&1$!
$*! A#$! >$2&'$1! 6)*'-! 6)3)2! )! 3&'&1! (&1! *,L&1! B)13)! '&1! )L&1! '$! $')'4!
$*3,$*'$*!A#$!;#$2&*!#*&1!'&1!)L&1!'$1/#O1!'$(!*)+,6,$*3&!+#)*'&!1$!/2&'#5&!
()!:,1,3)!'$!(&1!6)%&17!=,*!$6E)2%&4!)!()!(#F!'$(!/)1)5$!'$!"#+)1!1$!)/2$+,)!A#$!
0$1<1!2$%2$1-!+&*!1#1!/)'2$1!)!W)F)2$34!$*!@)(,($)4!(#%)2!'&*'$!:,:C)!'$1/#O1!'$!
()! /2$1$*3)+,-*! .! /#2,;,+)+,-*! $*! $(! 3$6/(&! I"+7! JHJJ4! \e[fTK7! =,! (&1! 6)%&1!
)'&2)2&*!)!0$1<1!+#)*'&!)<*!$13)E)!$*!V$(O*4!'$E$!$*3$*'$21$!A#$!()!/2$1$*+,)!
'$! (&1! 6)%&1! 1$! /2&'#5&! $*32$! $(! *)+,6,$*3&! .! ()! /#2,;,+)+,-*4! $1! '$+,24! $*! $(!
,*3$26$',&! '$! (&1! +#)2$*3)! 'C)1! 1,%#,$*3$1! )(! *)+,6,$*3&7! Q$1'$! 0$2#1)(O*!
'$E,$2&*!2$%2$1)2!)!V$(O*4!'&*'$!$13#:,$2&*!B)13)!()!B#,')!)!9%,/3&4!$1/)+,&!'$!
3,$6/&!A#$!'$E$!1,3#)21$!$*32$!(&1!::7!\e!.!fT!'$!"#+)14!)*3$1!+,3)'&17!
!
! a,*)(6$*3$! 1#$($! /2$%#*3)21$! 3)6E,O*! +#)*3&1! $2)*! (&1! 6)%&17! ")!
32)',+,-*!*&!ECE(,+)!);,26)!A#$!;#$2&*!32$14!E)1D*'&1$!$*!A#$!(&1!&E1$A#,&1!A#$!
$*32$%)2&*!)(!W,L&!+#)*'&!($!)'&2)2&*!$2)*!32$14!!.!)!(&1!A#$!()!6,16)!32)',+,-*!
)32,E#.$!(&1!*&6E2$1!'$!8$(+B&24!@)1/)2!.!V)(3)1)24!A#$!)/)2$+$*!/&2!/2,6$2)!
:$F! $*! $(! 1! i???! $*! &E2)1! '$! =)*! V$')4! .! (#$%&! $*! $(! 17! ?n! $*! $(! 6&1),+&! '$!
P):$*)7! m*&1! *&6E2$1! /)2$+,'&1! ;,%#2)*! $*! #*! 6)*#1+2,3&! '$! ()! V,E(,&3$+)!
W)+,&*)(! '$! ^)2C1! '$(! 17! i??4! ;,%#2)*'&! $*! O(! (&1! '$! V,3B,1)2$)4! 8$(+B,&24!
M)3)1/)7! 91! 3)6E,O*! +2$$*+,)! %$*$2)(,F)')! A#$! #*&! :,*&! '$! ?*',)4! $(! &32&! '$!
9%,/3&!.!$(!3$2+$2&!'$!@2$+,)!.!A#$!(&1!32$1!;#$2&*!+&*:$23,'&1!)(!+2,13,)*,16&!.!
E)#3,F)'&1!/&2! Y&6D17! ")! 6,16)! 32)',+,-*! ',+$! A#$! (&1! 2$13&1! 6&23)($1! '$! (&1!
32$1! 6)%&1! ;#$2&*! $*+&*32)'&1! /&2! =)*3)! 9($*)4! 1,$*'&! '$/&1,3)'&1!
/2,6$2)6$*3$! $*! ()! ,%($1,)! '$! =)*3)!=&;C)! $*! M&*13)*3,*&/()4! '$! '&*'$! ;#$2&*!
(($:)'&1!)!8,(D*4! /)2)! 1$2! /&2! <(3,6&! 32)1()')'&1! '$;,*,3,:)6$*3$! )! ()! +)3$'2)(!
'$!M&(&*,)!'&*'$!$13D*!)B&2)7!Y&'&!$13&!*&!'$5)!'$!1$2!#*)!1,6/($!($.$*')!1,*!
E)1$!ECE(,+)!)(%#*)4!(($:)')!'$!#*!()'&!)!&32&!/&2!()!32)',+,-*7!9(!+)(,;,+)3,:&!'$!
,#3#(!$1!&32&!'$!(&1!2$1#(3)'&1!'$!32)',+,&*$1!*&!ECE(,+)17!91!+()2&!A#$!>$2&'$1!
!!!!!!!!!

S\T!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
*&! (&1! +&*1,'$2-! .)! A#$! *&! (&1! 32)3-! +&6&! 3)($17! "&1! )*3,%#&1! $1+2,3&2$1!
+2,13,)*&1! *#*+)! ($1! (()6)2&*! 2$.$17! ^)2$+$! 1$2! A#$! $(! 3C3#(&! /2&:,$*$! '$! =)*!
M$1D2$&!'$!G2($1!A#$!;#$!$(!/2,6$2&!$*!(()6)21$!)1C!$*!$(!17!i?4!+&*1,'$2D*'&1$!
'$1'$! $*3&*+$1! +&6&! #*)! )/(,+)+,-*! (,3$2)(,13)! .! '$1+&*3$N3#)(,F)')! '$! '&1!
/)1)5$1!'$(!G*3,%#&!Y$13)6$*3&!I=)(7!bJHST_!?17!feHb11K7!
!
! W&! +)E$! '#')! )(%#*)! A#$! (&! A#$! /#$'$! );,26)21$! $1! A#$! (&1! /$21&*)5$1!
A#$! (($%)2&*! )! 0$2#1)(O*! $2)*! %$*3,($17! 91! *&3&2,&! &E1$2:)2! +&6&! '$1'$! ()!
%$*$)(&%C)!B)13)!()!)'&2)+,-*!)(!P$.4!(&1!%$*3,($1!$13D*!/($*)6$*3$!,*3$%2)'&17!
=&2/2$*'$!*&3)2!A#$!6,$*32)1!$(!*)+,6,$*3&!'$!0$1<1!/)1)E)!'$1)/$2+,E,'&!/)2)!
(&1! 5#'C&14! )! /$1)2! '$! (&1! )+&*3$+,6,$*3&1! A#$! 3#:,$2&*! (#%)2! $*! V$(O*4! +&6&!
2$()3)! "#+)1! $*! 1#! 9:)*%$(,&4! .! A#$! 1,*! '#')! $2)*! +&*&+,'&1! /&2! 6#+B&14! *&!
/)1)E)!,*)':$23,'&!)!%$*3,($1!A#$!$1/$2)E)*!()!(($%)')!'$(!P$.!'$!2$.$17!"&1!A#$!
/&2! +&*&+,6,$*3&! '$EC)*! $13)2! 6D1! )/$2+,E,'&1! (&! $13D*! 6$*&17! "&1! A#$! /&2!
1,3#)+,-*!$13)E)*!6D1!+$2+)!'$(!(#%)2!'$(!*)+,6,$*3&4!$13)E)*!6#+B&!6D1!($5&1!
'$! ()! 2$)(,')'! A#$! (&1! A#$! $13)E)*! 6D1! ',13)*3$17! 9(! i$2E&! '$! Q,&1! :,*&! )(!
6#*'&! .! ;#$! #*! '$1+&*&+,'&! /)2)! $(! 6#*'&4! /$2&! :,*&! 3)6E,O*! )! (&1! 1#.&1! .!
!-'()(03'()$')-#)8'$'8%#,'$.!I0*7!SHST[SSK7!=&E2$!$13&!$1+2,E$!$(!Q27!")+#$:)H!
!
! !J'()4,%&#,'()/0#)10"%#,'$)$'1%8%*)+#-)$*8%&%#$1')+#)7,%(1')H0#,'$)0$'()
4*(1',#()KJ8A)LMNO((P2)/0%#$#()"%#,'$)3)'3#,'$)5,*$+#()3)5-',%'(*()8'(*()*8#,8*)
+#)?-2)3)-*()+%#,'$)*)8'$'8#,)*)(0)"#Q2)4*,*)*('&:,')+#)1'+'()-'()/0#)-*()'6*$)
KJ8A) LMNRSNTPA) F#(40?() +#) #(1') G%&#@$) 3) U$*) 9*:-*,'$) +#) V-2) &'"%+'() 4',) #-)
B(46,%102)*)80*$1'()#(1*:*$)+%(40#(1'()*)4,#(1*,)*1#$8%@$)*)-')/0#)+#86*$)KJ8A)
LMWTPA) 70*-/0%#,*) 4'+,6*) %&*5%$*,(#) /0#) 1'+') #(1') 9*:,6*) (%+') :*(1*$1#) 4*,*)
/0#)-'()9'&:,#()+#)<0+X)3)-'()9*:%1*$1#()+#)<#,0(*-?$)(#)4#,8*1*(#$)+#-)5,*$)
*8'$1#8%&%#$1') 3) 8',,%#(#$) *) #(1,#89*,) 8'$) *&:'() :,*Q'() *-) 4',) 1*$1') 1%#&4')
+#(#*+')D#(6*(Y)4#,')4',)-')/0#)(#)$'()+*)*)#$1#$+#,2)<#(=()8'$1%$=')4',)8*(%)
+'()*Z'()#$)>#-?$2)3)$*+*)(#)$'()+%8#)+#)?-)9*(1*)-*)"#$%+*)+#)-'()&*5'(A);')
9*3) $*+*) /0#) 40#+*) +#(4#,1*,) *) /0%#$#() #(1X$) ,#(0#-1'() *) $') +*,(#) 4',)
#$1#,*+'(. W A)
)
=B) +656:823>) P+382:) :EMQ) :9) 4:;) 2:) 93E) RC2I3EK) SC:) T1) 815623U) #34SC:) EC)
:EM4:991)T:N3E)L6EM3):8):9)346:8M:K);)L:86N3E)1)1234149:B)
)
5'0-".1'2D%@"#$$%'),18.%"9%1'E/'82%>7,85'#(3%1<$$.%%)*"#&780<.F%'8G&"6'.%-7(:%
!!Q,+,$*'&H!!jQ&*'$!!$13D!!!!!$(!!!!*)+,'&!!!!!!!!!!2$.!!!!!!!!!!'$!(&1!!!!!!!!!5#'C&1l!!!!!!!!!!^&2A#$!:,6&1%
7#)1"#%1"(.%7),1'0:7%').%1+=$%7).71"5+$%$= H78(%+G5/"6'.%@:",H#.+$$,78%7#)1<$$=A%
!!!'$!O(!!!!!!!!()!!!!!!$132$(()!!!!$*!!!!!$(!!!!!&2,$*3$!!!!!!!!!!.!!!!!!!:$*,6&1!!!!!!!!!!)'&2)2($!!!!!!!!!!!!!!!!)!O(7!

!
W&3)1!.!)*D(,1,1!'$(!3$N3&!%2,$%&7!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\

!a7!")+#$:)7!&7+74!/D%7!Sb7!

!!!!!!!!!

GQZPGM?`W!9!?WaGWM?G!
!

S\S!

F%8%#$+'2!5'0-".1'$$24! ;&26)! '$(! *&6,*)3,:&! /(#2)(! 6)1+#(,*&! +&*! $(!/)23,+,/,&! /2$1$*3$!


$*!:&F!)+3,:)!'$(!:$2E&!5'0-<4!A#$!1,%*,;,+)!+#8%,2)*H%,&*,7!
[F'$+#)#(1X)#-),#3)+#)-'()\0+6'()/0#)9*)$*8%+']%@"#$$%'),18.%"9%1'E/'8(23>7,85'#(3%1<$$.%%
)*"#&780<.4! +(D#1#()! ,*3$22&%)3,:)! +&*! @"#$4$ ! )':$2E,&! ,*3$22&%)3,:&! '$;,*,'&4! +'$+#_!
'),18.4! 3$2+$2)! /$21&*)! '$! 1,*%#()2! '$(! /2$1$*3$! '$! ,*',+)3,:&! $*! :&F! )+3,:)! '$(! :$2E&!
'8)6804!#(1*,4!)A#C!+&*!1,%*,;,+)'&!'$!#(1XY)!"9%1'E/'8(4!+&*132#++,-*!)23,+#()2!+&*!"94!#-4!.!$(!
/)23,+,/,&! )&2,13&! /2,6$2&! $*! :&F! /)1,:)! '$(! :$2E&! 180H1<4! $*8#,4! )A#C! +&6&! $*8%+'_!
1$%#,'&!'$(!1#13)*3,:&!>7,85'#(24!$*!*&6,*)3,:&!1,*%#()2!6)1+#(,*&4!A#$!1,%*,;,+)!,#3_!
.% 1<$$.?! $*! )+#1)3,:&!/(#2)(! 6)1+#(,*&4!+#)-'(4! .! $(! 1#13)*3,:&% %)*"#&780<.4! $*!%$*,3,:&!
/(#2)(!6)1+#(,*&4!A#$!1,%*,;,+)!\0+6'(A)
C#&'()"%(1'2)'8G&"6'.4!/2,6$2)!/$21&*)!/(#2)(!'$(!)&2,13&!1$%#*'&!'$!,*',+)3,:&!$*!:&F!
)+3,:)!'$(!:$2E&!"9:70<4!"#,2)&*$%H#(1*,(#2)&'(1,*,(#2)*4*,#8#,4!)A#C!+&*!1,%*,;,+)'&!'$!
"%&'(A)
G0)#(1,#--*4!7#)1"#$$%1"(.%7),1'0:7?%+(D#1#()!'$!/$23$*$*+,)4!+&*!$(!/2&*&6E2$!7#)1"#4!$*!
%$*,3,:&! 1,*%#()2! 6)1+#(,*&! A#$! $A#,:)($! )!+#) ?-4! $(! /&1$1,:&! 1"(.4! (04! .! $(! 1#13)*3,:&!
7),1'0:74!)+#1)3,:&!1,*%#()2!;$6$*,*&!'$!7),1+0:?%A#$!1,%*,;,+)!#(1,#--*A)
^)"#$%&'()*)*+',*,-#4!H78(% +G5/"6'.%@:",H#.+$$,78%7#)1<$4$= !+(D#1#()!'$!/2&/-1,3&!+&*!
H78(2)3_!+G5/"6'.4!/2,6$2)!/$21&*)!/(#2)(!'$(!)&2,13&!1$%#*'&!'$!,*',+)3,:&!$*!:&F!)+3,:)!
'$(! :$2E&! 'G:E"6782) "#$%,4! )A#C! +&6&! "%$%&'(_! @:",H#.+$$,784! )&2,13&! /2,6$2&! '$!
,*;,*,3,:&!$*!:&F!)+3,:)!'$(!:$2E&!@:",H#.'0<4!#3,(,F)'&!/)2)!$N/2$1)2!)'&2)+,-*!$*!$(!
W7!Y74!)A#C!+&6&!*)*+',*,_!+&*+(#.$*'&!+&*!7#)1<=4$ !!$*!')3,:&!1,*%#()2!6)1+#(,*&4!+#)?-A)

)
!
")! /2$1$*+,)! '$! (&1! 6)%&1! '$E,-! +)#1)2! ()! *)3#2)(! $N/$+3)+,-*! $*32$! ()1!
%$*3$1! '$! 0$2#1)(O*4! 1,*! $6E)2%&4! *)')! +&6/)2)E($! +&*! $(! ,6/)+3&! '$! ()!
/2$%#*3)! A#$! ;&26#()E)*! 1&E2$! $(! (#%)2! '&*'$! $13)E)! $(! 2$.! '$! (&1! 5#'C&1! A#$!
B)EC)! *)+,'&H% 5'0-".1'2D% @"#$$% '),18.% "9% 1'E/'82% >7,85'#(3% 1<$$.% % )*"#&780<.7!!
W&!B).!'#')!/)2)!$((&1_!$(!*)+,6,$*3&!'$(!P$.!A#$!)*#*+,)E)!()!$132$(()!1$!B)EC)!
/2&'#+,'&4!1-(&!A#$2C)*!+&*&+$2!$(!(#%)2!'&*'$!$*+&*32)2(&7!")!/2$1$*+,)!'$!(&1!
5#'C&1! $*! ',13,*3&1! (#%)2$1! '$(! 6#*'&! B)EC)! ',;#*','&! ()! $1/$2)*F)! 6$1,D*,+)7!
"&1!6)%&1!B)EC)*!'8G&"6'.%-7(:)7#)1"#%1"(.% 7),1'0:7% ').% 1+=$% 7).71"5+$$=?%"%(1')
(0)#(1,#--*)#$)#-)',%#$1#4!+&6&!1$L)(!'$!A#$!1$!B)EC)!/2&'#+,'&!$(!*)+,6,$*3&!.!
)+#',$2&*!)!E#1+)2!)(!P$.!/)2)!)'&2)2($H%H78(% +G5/"6'.%@:",H#.+$$,78%7#)1<$$=?%!
/)2)! )'&2)2($7! V#1+)E)*! )(! P$.! $*! ()! +)/,3)(! '$(! 2$,*&7! ^&1,E($6$*3$! 1$!
',2,%,$2&*! )! 0$2#1)(O*! /$*1)*'&! $*+&*32)2(&! $*! )(%<*! /)()+,&! &! ,*+(#1&! $*! $(!
3$6/(&4!1,*!$6E)2%&4!(&!1&2/2$*'$*3$!/)2)!$((&1!$1!A#$!*)',$!/&'C)!')2!2)F-*!'$(!
(#%)2!'&*'$!$13)E)!$(!P$.!A#$!B)EC)!*)+,'&7!^)2)!(&1!6)%&1!$(!*)+,6,$*3&!$2)!
#*!B$+B&!.!$(!3C3#(&!$2)!+,$23&H!B-)_#3)+#)-'()\0+6'(7!Q$EC)*!+#6/(,2!$(!/2&/-1,3&!
'$(!:,)5$!A#$!(&1!B)EC)!1)+)'&!'$!1#!(#%)2!'$!2$1,'$*+,)!(&1!B)EC)!$*32$%)'&!()!
1,$6/2$!',;C+,(!$!,*+(#1&!)22,$1%)')!$N/$2,$*+,)!'$!+)6,*)2!#*)!()2%)!',13)*+,)7!
")! 2)F-*! '$! #*)! /2$%#*3)! 1$6$5)*3$! $1! A#$! 9*:6*$) "%(1') (0) #(1,#--*) #$) #-)
',%#$1#7!!
!
!
=&E2$!()!$132$(()!A#$!:,$2&*!(&1!6)%&1!1$!B)*!;&26#()'&!3)*3)1!B,/-3$1,1!
+&6&! 1&E2$! (&1! 6)%&1! 6,16&17! m*)! '$! ()1! B,/-3$1,1! $1! A#$! 1$! 32)3)E)! '$! #*)!

S\J!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
$132$(()!'$!/2,6$2)!6)%*,3#'4!'$!%2)*!E2,((&7!Z32&1!1#%,$2$*!A#$!/#',$2)!B)E$21$!
32)3)'&!'$(!/()*$3)!0</,3$24!A#$!$*!()!)*3,%o$')'!1$!)1&+,)E)!+&*!$(!*)+,6,$*3&!
'$!2$.$17!=$!/2&/&*$!3)6E,O*!A#$!/#',$2)!B)E$2!1,'&!()!+&*5#*+,-*!'$!=)3#2*&4!
0</,3$2!.!8)23$7!G<*!)(%#*&1!$*3,$*'$*!A#$!/#'&!'$E$21$!)!()!)/)2,+,-*!'$!#*!
+&6$3)7!91/,2,3#)(,F)*'&!&32&1!',+$*!A#$!1$!32)3)4!*&!'$!#*)!$132$(()!2$)(4!1,*&!'$!
()!(#F!,*3$2,&2!A#$!+&*'#+C)!)!$13&1!)!E#1+)2!)(!P$.!A#$!B)EC)!*)+,'&7!W&!+)E$!
'#')!A#$!$13)!<(3,6)!/2&/#$13)!'$E$!2$+B)F)21$4!.)!A#$!$(!3$N3&!ECE(,+&!B)E()!'$!
#*)!$132$(()!A#$!;#$!:,13)!+()2)6$*3$!/&2!(&1!&5&1!;C1,+&1!'$!)A#$((&1!I::7!J4!b4!e4!
STK7!")!/2&/#$13)!'$!()!+&*5#*+,-*!/()*$3)2,)!/2&/#$13)!/&2!p$//($24!1$!32)3)2C)!
'$! #*! ;$*-6$*&! A#$! &+#22,-! $*! $(! )L&!bfb! '$! ()! ;#*')+,-*! '$! P&6)4! A#$! ;#$!
)1#6,')! 2D/,')6$*3$! /&2! $(! 1$+3&2! '$! ,*;(#$*+,)! (,E$2)(7! =,*! $6E)2%&! *&!
+&,*+,'$!$1)!)/2$+,)+,-*!+&*!()!*4*,%8%@$!A#$!(&1!6)%&1!);,26)*!B)E$2!:,13&!'$!
$(()!$*!$(!&2,$*3$4!$N/2$1,-*!%2,$%)!A#$!3,$*$!A#$!:$2!+&*!()!)/)2,+,-*!'$!#*!)132&!
$*! 1#! *)+,6,$*3&7! 9((&1! /&1,E($6$*3$! +&*&+$2C)*! A#$! (&1! /2&;$3)1! )*#*+,)2&*!
A#$!1$!($:)*3)2C)!!#-)('-)+#)\0(1%8%*.!I8)(7!fHJK7!Y)(!:$F!+&*&+,$2)*!A#$!#*!'C)!
!(*-+,6*) #(1,#--*) +#) <*8':2) 3) (#) -#"*$1*,6*) 8#1,') +#) `(,*#-.! IW67! JfHSbK7! 91!
6D14! 3)(! :$F4! $((&1! 3$*C)*! +&*&+,6,$*3&! '$! ()1! /2&;$+C)1! '$! Q)*,$(4! A#$! B)EC)!
$13)'&!:,*+#()'&!+&*!$(!2$,*&!'$!&2,$*3$!.!A#$!$13)E($+C)!()!:$*,')!'$(!8$1C)1!
^2C*+,/$! $*! #*! '$3$26,*)'&! 3,$6/&! '$1/#O1! '$(! $',+3&! '$! 2$+&*132#++,-*! '$!
0$2#1)(O*!IQ*7!eHJdK7!j>)EC)*!$((&1!+)(+#()'&!$(!3,$6/&l!M&6&!3&')1!()1!+&1)1!
1$+2$3)14!+&22$1/&*'$*!)!Q,&14!/&2!3)*3&4!+#)*3&!1$!;&26#($!1&E2$!()!$132$(()!1&*!
6$2)1!B,/-3$1,1! 1,*! ;#*')6$*3&! ECE(,+&7! ")! 2$)(,')'! $1! A#$! Q,&1! B)E(-! )! $13&1!
B&6E2$14!(&1!',1/#1&!.!+&*'#5&!(#$%&!/)2)!E#1+)2!)(!P$.4!6$',)*3$!$(!($*%#)5$!
A#$!$((&1!$*3$*'C)*!6$5&24!$(!'$!()1!$132$(()17!
!
!
9(! /2&/-1,3&!'$! (&1! 6)%&1! $2)!@:",H#.+$$,78) *+',*,-#7! 91! +,$23&! A#$! $(!
:$2E&!A#$!#3,(,F)!8)3$&!3,$*$!A#$!:$2!+&*!,#$+%,)4-#%1#(6*4!/$2&!$1!$(!:$2E&!A#$!
1$!32)'#+$!/$26)*$*3$6$*3$! /)2)! $N/2$1)2! )'&2)+,-*! )! Q,&1! $*! 3&'&! $(! W#$:&!
Y$13)6$*3&7! Q,&1! %#)2')! $*! 1#! 1$+2$3&! 6#+B)1! +&1)1! 1&E2$! (&1! 6)%&1! /)2)!
B)+$2! 2$1)(3)2! 6$2,',)*)6$*3$! $(! /2&/-1,3&! '$! 1#! :,)5$7! k#,$*$1! ;#$1$*! .! '$!
'&*'$!:,*,$1$*!3$*C)!+&6&!/2&/-1,3&!.!6$3)!*+',*,)*-)_#3)+#)-'()\0+6'(7!91!()!
%2)*!($++,-*!'$(!3$N3&7!"&1!%$*3,($1!(()6)'&1!/&2!Q,&1!)(!$*+#$*32&!'$(!8$1C)14!
($1!$1!+&*+$',')!()!E$*',+,-*!'$!)'&2)2!)!Q,&1[B&6E2$4!&!1,!1$!/2$;,$2$!6$5&2!)!
Q,&1! $*32$! (&1! B&6E2$17! GA#$(! /$A#$L&! *$+$1,3)'&! B#6)*)6$*3$! B)E()*'&! '$!
(&1! +#,')'&1! 6)3$2*)($1! $2)! 96)*#$(4! Q,&1! +&*! *&1&32&17! ")! )'&2)+,-*! )(!
:$2')'$2&! Q,&1[B&6E2$! *&! $13)E)! (,6,3)')! 1-(&! )! (&1! 5#'C&1! I0*7! fHJdK7! "&1!
:$2')'$2&1! )'&2)'&2$1! 1&*! )A#$((&1! A#$! (($%)*! )(! +&*&+,6,$*3&! '$! A#,$*! $1!
0$1<1!.!1$!/&132)*!)*3$!O(!+&6&!8$1C)1!P$.4!)+$/3D*'&($!,*+&*',+,&*)(6$*3$!.!
2,*',O*'&1$!$*!)'&2)+,-*!1#6,1)!.!:&(#*3)2,)7!")!$132$(()!'$!(&1!6)%&1!E2,(()E)!
/)2)!$((&1!$*!$(!B&2,F&*3$!&!$*!$(!+,$(&4!/$2&4!^$'2&!$*1$L)!A#$!0$1<1!$1!/)2)!$(!
+2$.$*3$!!-*)#(1,#--*)+#)-*)&*Z*$*.!A#$!)(#6E2)!$*!$(!+&2)F-*!+2$.$*3$!IJ!^7!
SHSeK7!M#)*'&!$1)!(#F!)6)*$+$!$*!$(!)(6)!+2,13,)*)!($!+&*'#+$!+&6&!(&1!6)%&1!
)!#*!6,16&!/2&/-1,3&H!*+',*,-#A)

!!!!!!!!!

GQZPGM?`W!9!?WaGWM?G!
!
VB)(;:823):EM3):9)4:;)J:432:E)E:)MC4W7K);)M321)D:4CE19H8)538)H9B)

S\\!

)
7)H"#0,72%&'(%"9%>7,85'#(23%9;:<0=&+3')17:70E/+%H78(%@7$$,7%%9*':","05#67%
!!!!!!!]!&.$*'&!!!!!$(!!!!!!!2$.!!!!!!!!!!!!!!!>$2&'$1!!!!;#$!3#2E)'&!!!!!!.!!!!!!!3&')!!!!!!!!!!!!!0$2#1)(O*!!!!!

6'1I%7#)1"#$$?!
!!+&*!!!!!!!O(7!

!
W&3)1!.!)*D(,1,1!'$(!3$N3&!%2,$%&7!
!
a3#$+') #(1'4! 7)H"#0,72% &'(?%+&*132#++,-*! +&*! 7)H"#0,734! /)23,+,/,&! )&2,13&! /2,6$2&! $*!
:&F! )+3,:)!'$(!:$2E&!7)H"#0<4! '6,2) #(8089*,4! )A#C! +&6&!'3#$+'4! .! ()! +&*5#*+,-*!&'(4! 37!
",3$2)(6$*3$!3)'3#$+'7!
G#)10,:@4!')17:70E/+?%3$2+$2)!/$21&*)!1,*%#()2!'$(!)&2,13&!/2,6$2&!'$!,*',+)3,:&!$*!:&F!
/)1,:)!'$(!:$2E&!17:70,,<4!*5%1*,2)8'$&'"#,2)%$/0%#1*,2)8'$10,:*,2)4#,10,:*,2)10,:*,2)
#18A!)A#C!+&6&!!(#)10,:@A!
^)1'+*)<#,0(*-?$)8'$)?-4!H78(% @7$$,7%%9*':","05#67%6'1I%7#)1"#$$?%+(D#1#()!B,/$2E-(,+)!
+&*!H78(4!34!@7$$,7?%$*!*&6,*)3,:&!1,*%#()2!;$6$*,*&!A#$!1,%*,;,+)!1'+*4%9*':","05#674!
*&6E2$!/2&/,&!'$!0$2#1)(O*4!!.!6'1I%7#)1"#4!8'$)?-A!

!
!
>$2&'$14! $(! ,6/C&! 2$.4! *&! '$1+&*&+C)! ()1! /2&;$+C)1! '$(! G*3,%#&!
Y$13)6$*3&!1&E2$!$(!P$.!/2&6$3,'&!)!?12)$(7!")!$1/$2)*F)!6$1,D*,+)!B)EC)!1,'&!
E)1$! '$! )(,$*3&! /)2)! $(! /#$E(&! $*! 3&'&! $(! /$2C&'&! '$! 1#! B,13&2,)! )*3$2,&24!
$1/$+,)(6$*3$!'$1'$!()!'$/&23)+,-*!.!(#$%&!$(!2$3&2*&!'$(!+)#3,:$2,&7!9(!2$.!1$!
$*3$2-! ,*',2$+3)6$*3$! '$! ()! /2$%#*3)! A#$! (&1! 6)%&1! $13)E)*! ;&26#()*'&! $*!
0$2#1)(O*! 1&E2$! $(! (#%)2! $*! '&*'$! $*+&*32)2C)*! )(! P$.! '$! (&1! 5#'C&1! A#$! B)EC)!
*)+,'&H! 7)H"#0,72% &'(% "9% >7,85'#(2?% !'3#$+') #(1') #-) ,#3.7! ")! /2$%#*3)!
+&*6&+,&*-!)(!2$.7!8)3$&!',+$!A#$!')17:70E/+%H0#)10,:*+'4!#3,(,F)*'&!#*!:$2E&!
6#.! $N/2$1,:&! A#$! ')! ,'$)! '$! ()! )++,-*! '$! 9*8#,) 1#&:-*,2) *5%1*,2) 4#,10,:*,2)
4'$#,)#$)*-*,&*4!'$!&32&!6&'&4!>$2&'$1!$13)E)!*1#,,',%Q*+'7!91!$(!:$2E&!A#$!
0#)*! #1)! /)2)! 2$;$2,21$! )(! $13)'&! '$! (&1! ',1+C/#(&1! $*! ()! <(3,6)! +$*)4! +#)*'&!
0$1<1!($1!',5&!!$')(#)10,:#)"0#(1,')8',*Q@$.!I0*7!SfHSK7!")!3#2E)+,-*!/2&+$'C)!
'$!()!)6$*)F)!)!1#!+&*',+,-*!2$)(!A#$!1#/&*C)!'$(!P$.!*)+,'&7!M&*&+$'&2!'$!()1!
/2&;$+C)14!)(!6$*&1!$*!+,$23)!6$',')4!1)EC)!A#$!Q,&1!B)EC)!)*#*+,)'&!()!:$*,')!
'$!#*&!A#$!1$!1$*3)2C)!$*!$(!32&*&!'$!Q):,'!.!+#.&!2$,*&!1$2C)!$3$2*&7!>$2&'$1!
1)EC)!A#$!$(!32&*&!A#$!&+#/)E)!$2)!2$)(6$*3$!#*)!#1#2/)+,-*7!^&2!*)+,&*)(,')'!
>$2&'$1! *&! $2)! 5#'C&4! 1#! /)'2$! G*3C/)3$2! $2)! $'&6,3)! .! 1#! 6)'2$! M./2&14! $2)!
*)E)3$)4!/2&+$'C)!'$!#*!2$,*&!D2)E$!)(!$13$!.!1#2$13$!'$!^)($13,*)7!"&1!,'#6$&1!
B)EC)*! 1,'&! +&*A#,13)'&1! /&2! 0#)*! >,2+)*&4! $*! $(! 3,$6/&! '$! (&1! 8)+)E$&14! (&!
A#$! /2&'#5&! #*)! )+$/3)+,-*! '$(! 5#')C16&! /&2! /)23$! '$! $13$! /#$E(&4! '$! )BC! A#$!
>$2&'$1!+&*&+C)!$!,*+(#1&!/2)+3,+)E)!()!2$(,%,-*!5#'C)7!^&2!$((&!1)EC)!A#$!*&!$2)!
)!O(!)!A#,$*!+&22$1/&*'C)!&+#/)2!$(!1,'$')+#)F*"%+7!
!
!
jk#O! &+#22C)! $*! 0$2#1)(O*l! 8)3$&! ',+$! A#$! ()! 6,16)! 3#2E)+,-*! '$!
>$2&'$1!)(+)*F-!)!()!+,#')'H!H78(% @7$$,7%%9*':","05#67%6'1I%7#)1"#$$?%!3)1'+*)

S\f!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
<#,0(*-?$)8'$)?-.A!j^&2!A#O!()!,*A#,$3#'!'$!()!+,#')'4!3#2E)')!+&6&!(&!$13)E)!
>$2&'$1l!"&!(-%,+&!1$2C)!/$*1)2!A#$!1,!$(!&',)'&!>$2&'$1!$13)E)!,*A#,$3&4!1$2C)!
6&3,:&!'$!%&F&!/)2)!()!+,#')'7!^$2&4!$(!3$N3&!ECE(,+&!$*;)3,F)!3&'&!(&!+&*32)2,&4!
3)*3&! >$2&'$1! +&6&! 1'+*) <#,0(*-?$! $13)E)*! ,*A#,$3&17! ^&1,E($6$*3$! ()!
+&*6&+,-*!+,#')')*)!/2&:$*C)!'$(!+&*&+,6,$*3&!A#$!3$*C)*!1&E2$!$(!+)2D+3$2!.!
()! )+3#)+,-*! '$! >$2&'$17! m*! >$2&'$1! ,*A#,$3&! $2)! /2$1)%,&! '$! #*)! )++,-*! A#$!
+)#1)2C)!,*A#,$3#'!)!3&'&1!$*!()!+,#')'4!*)',$!/&'C)!/2$'$+,2!*)')!E#$*&!'$!#*!
2$.!+&6&!)A#$(!$*;#2$+,'&!/&2!()!/&1,E($!/2$1$*+,)!'$!#*!2,:)(!A#$!*&!1$!1)EC)!
'&*'$!$13)E)7!Y)(!1,3#)+,-*!/&'2C)!'$1$*+)'$*)2!$*!)32&+,')'$1!+&*32)!$(!/#$E(&!
/&2!/)23$!'$(!3,2)*&7!!0&1$;&!);,26)E)!A#$!>$2&'$1!$2)!8*4*Q2)*(101')3)8,0#-4!$13&!
<(3,6&! $2)! (&! A#$! 3$6C)! $(! /#$E(&! '$! 0$2#1)(O*! .! (&! A#$! ($1! 3#2E)E)7! 9(!
+)(,;,+)3,:&! A#$! 0&1$;&! ($! ')! '$! *(101'4! ,*',+)! A#$! *)',$! '$EC)! +&*;,)2! $*! O(7!
0$1<1! 1$! 2$;,2,-! )! 1#! B,5&! >$2&'$1! G*3,/)1! +&6&! !#(*) Q',,*.! I"+7! S\H\JK4!
+)(,;,+)3,:&!A#$!1$!/#$'$!)/(,+)2!/$2;$+3)6$*3$!3)6E,O*!)(!/)'2$7!M&*&+$'&2!'$!
A#$!(&1!5#'C&1!/2$;$2C)*!)!#*!)16&*$&!+&6&!2$.!A#$!)!#*!*)E)3$&4!>$2&'$1!1$!
+)1&! +&*! 8)2,)6*)4! #*)! )16&*$)! /2&+#2)*'&! %2)*5$)21$! )13#3)6$*3$! ()!
1,6/)3C)! '$(! /#$E(&! .! ($%,3,6)2! 1#! 2$,*)'&7! =,*! $6E)2%&4! +#)*'&! 1#/&! A#$! *&!
$2)!)+$/3)'&!/&2!(&1!5#'C&1!'$3$26,*-!)+)E)2!+&*!3&')!()!+)1)!)16&*$)!)!;,*!'$!
A#$! *,*%#*&! '$! $(()! ($! ;#$1$! &/&1,3&2! $*! $(! 2$,*&7! m*)! '$! 1#1! :C+3,6)1! ;#$! 1#!
/2&/,&! +#L)'&! G2,13-E#(&4! '$1,%*)'&! /&2! >$2&'$1! /)2)! 1#6&! 1)+$2'&3$7! ")!
6#$23$! '$! O13$! ;#$! /()*$)')! '$! 3)(! 6&'&! A#$! *&! /#',$1$! 1$2! ,*+#(/)'&! +&6&!
)1$1,*&7!")!(($:-!)!+)E&!6$',)*3$!#*!)/)2$*3$!5#$%&!,*&+$*3$!E)LD*'&1$!$*!$(!
2C&7!9(!2$.!B)EC)!,*132#,'&!)!#*&1!5-:$*$1!/)2)!A#$4!+&6&!1,!$13#:,$1$*!5#%)*'&4!
1#6$2%,$1$*!)(!1#6&!1)+$2'&3$!B)13)!A#$!1$!)B&%)1$4!+&6&!)1C!&+#22,-7!913)!.!
&32)1! 6#+B)1! )++,&*$1! /&*$*! '$! 6)*,;,$13&! 1#! +2#$(')'7! ")! 1#+$1,-*! '$!
)1$1,*)3&1! A#$! &2'$*-! )! (&! ()2%&! '$! 1#! B,13&2,)4! $2)*! 2$;$2$*+,)! 1#;,+,$*3$! /)2)!
A#$! $(! /#$E(&! (&! 3$6,$1$! $*! %2)*! 6)*$2)7! "&1! 6)%&1! '$E,$2&*! B)E$2! (($%)'&4!
+&*!3&')!/2&E)E,(,')'4!$*!$(!<(3,6&!)L&!'$(!2$,*)'&!'$!>$2&'$1!'&*'$!()!3$*1,-*!
)(+)*F)E)! 1#! /#*3&! 6D1! D(%,'&7! 91! )BC!+#)*'&! ()! /2$%#*3)! '$! (&1! 6)%&1H% @"#$$%
'),18.% "9% 1'E/'82% >7,85'#(3% 1<$$.% % )*"#&780<.! ![F'$+#) #(1X) #-) ,#3) +#) -'()
\0+6'(].2)!(&!)(3$2)!/2&;#*')6$*3$7!")!B,13&2,)!'$!>$2&'$1!'$1'$!()!/2$%#*3)!$*!
)'$()*3$! +)6E,)! *&3)E($6$*3$7! 9(! 2$.! 1$! +&*6&+,&*)4! )+3<)4! 2$<*$! 1)E,&14!
,*:$13,%)4!1$!)*%#13,)!.!6)3)4!/)2)!6&2,2!O(!(#$%&!I::7!f4!b4!U4!SX4!Se4!JJK7!

!
XB)Y)538L35123E)M323E)93E)Z46856Z19:E)E15:423M:EK);)93E):E546W1E)2:9)ZC:W93K)
9:E)Z4:OC8M7)2782:)T1WI1)2:)815:4):9)!46EM3B!
)
H78(%,#.7-7-<((.%@70.172%1"#(2%%%7):E8':'8$$2%%%%%H78(%-:76671'8$2%1"#$$%57"#$$%%
!!]!!!!!!!2$#*,$*'&!!!!!!!!!!3&'&1!!!!!!!!(&1!!!!/2,*+,/)($1!1)+$2'&3$1!!!!.!!!!!!!!!!$1+2,E)1!!!!!!!!!'$(!!!!/#$E(&!
')@#./70.'1"%@7:I%7#)1<$$.%@"#$$%"9%J:8,1"(2%-'..7$$178A%
!!!!/2$%#*3)E)!!!!!!!!'$!!!!!!!!$((&1!!!!!'&*'$!!$(!!!!!!M2,13&!!!!!!!!*)+$2C)7!

!
W&3)1!.!)*D(,1,1!'$(!3$N3&!%2,$%&7!

!!!!!!!!!

GQZPGM?`W!9!?WaGWM?G!
!

S\d!

_#0$%#$+'4! ,#.7-7-<((.?! /)23,+,/,&! )&2,13&! 1$%#*'&! $*! :&F! )+3,:)! '$(! :$2E&!,#.70-<?%
8'$5,#5*,2),#0$%,2!)A#C!+&6&!,#0$%#$+'!&!8'$5,#5*$+'7!
I'+'()-'()4,%$8%4*-#()(*8#,+'1#(4!@70.173%1"#(3%7):E8':'8$$24!+(D#1#()!+&*!$(!/2&*&6E2$!
'$3$26,*)'&! @70.1734! 1'+'(4! $(! )23C+#(&! 6)1+#(,*&! /(#2)(! 1"#(3?% -'(4! .! $(! 1#13)*3,:&%
7):E8':'8$$24! $*! *&6,*)3,:&! /(#2)(! 6)1+#(,*&4! A#$! 1,%*,;,+)! (0&') (*8#,+'1#(4! )A#C! 6D1!
E,$*!+&*!1$*3,'&!'$!(*8#,+'1#()4,%$8%4*-#(7!
B(8,%:*(4!-:76671'8$$2?%1#13)*3,:&!$*!)+#1)3,:&!/(#2)(!6)1+#(,*&4!A#$!1,%*,;,+)!#(8,%:*(4!
6)$132&1!'$!()!($.7!
J#()4,#50$1@4!')@#./70.'1"4!3$2+$2)!/$21&*)!1,*%#()2!'$(!,6/$2;$+3&!'$!,*',+)3,:&!$*!:&F!
6$',)! '$(! :$2E&! @#./70."6784! A#$! 1,%*,;,+)! #$1#$+#,2) %$/0%,%,2) 4,#50$1*,4! )A#C! +&6&!
4,#50$1*:*7!9(!/2$3O2,3&!,6/$2;$+3&!$*!:&F!6$',)!$N/2$1)!()!,'$)!'$!,*1,13$*+,)7!
F'$+#)9*:6*)+#)$*8#,)#-)7,%(1'4!@"#$$% "9% J:8,1"(2%-'..7$$1784!+(D#1#()!,*3$22&%)3,:)!+&*!
@"#$4$ !)':$2E,&!,*3$22&%)3,:&!'$;,*,'&_!"9% J:8,1"(4!#-)7,%(1'4!+&*!)23C+#(&!'$3$26,*)'&_!.!
-'..7$$178?! 3$2+$2)! /$21&*)! 1,*%#()2!'$(! /2$1$*3$! '$! ,*',+)3,:&! $*! :&F! /)1,:)! '$(! :$2E&!
-80."6782)$*8#,4!)A#C!+&6&!$*8#,6*4!&!9*:6*)+#)$*8#,7!

!
! >$2&'$1! +&*:&+-! H78(% ,#.7-7-<((.?% 3) ,#0$%#$+'4! *&! )! )(%#*&1! 1,*&! )!
@70.172% 1'+'(2) $1! '$+,24! )! 3&'&1! (&1! A#$! $2)*! +&*1,'$2)'&1! +&6&! $N/$23&1! $*!
91+2,3#2)7!^&2!#*!()'&!)!(&1!7):E8':'8$$2%/2,*+,/)($1!1)+$2'&3$14!/&1,E($6$*3$!(&1!
(C'$2$1! '$! ()1! :$,*3,+#)32&! -2'$*$1! 1)+$2'&3)($1! &! 3)6E,O*4! +&6&! )(%#*&1!
+&*1,'$2)*4! )(! 1)*$'2C*4! $*! $(! A#$! $13)E)*! 3)*3&! (&1! 1)+$2'&3$1! +&6&! 3)6E,O*!
6#+B&1! '$! (&1% -:76671'8$2% 1"#$$% 57"#?% !#(8,%:*() +#-) 40#:-'.4! $13&! $14! (&1!
/2,*+,/)($1!$1+2,E)14!A#$!$2)*!(&1!($32)'&1!'$(!/#$E(&4!+&*&+$'&2$1!/2&;#*'&1!'$!
()! 91+2,3#2)4! +&/,13)1! '$! (&1! (,E2&1! +#)*'&! $2)*! *$+$1)2,&! .! 6)$132&1! $*! $(!
/#$E(&7!9*!1#!6).&2C)!(&1!$1+2,E)1!$2)*!'$(!/)23,'&!'$!(&1!;)2,1$&14!6,$*32)1!A#$!
(&1!1)+$2'&3$1! $2)*4! $*! 1#! 6).&2C)! '$! (&1! 1)'#+$&17! >$2&'$1! $2)! +&*&+$'&2! '$!
A#$! $(! 8$1C)1! $13)E)! )*#*+,)'&4! (&! A#$! A#$2C)! +&*&+$2! $2)! $(! (#%)2! A#$! (&1!
/2&;$3)1! )1,%*)E)*! )! 1#! *)+,6,$*3&7! ^&2! $1&! /2$%#*3)E)! )! (&1! $N/$23&1! 1&E2$!
'&*'$! *)+$2C)! $(! M2,13&H! ')@#./70.'1"% @7:I% 7#)1<$$.% @"#$$% "9% J:8,1"(2%
-'..7$$178A!W&!+)E$!'#')!A#$!()!/2$%#*3)!'$!>$2&'$1!(($:)!()!6)()!,*3$*+,-*!'$!
1#!&',&!+&*32)!+#)(A#,$2!&/&1,3&2!.!1#!'$3$26,*)+,-*!'$!$(,6,*)2(&4!+&6&!B)EC)!
B$+B&!+&*!1#1!/2&/,&1!;)6,(,)2$17!
!
[B) /993E) 9:) 26R:438>) /8) G:9H8) 2:) DC2:1\) Z34SC:) 1EI) :EMQ) :E546M3) Z34) :9)
Z43]:M1>)
)
"89%&'(%%'8K@7.%7#)1<=$D%').%4+/5'0'6%1+$2$ %%)*"#&7807D%"#L1<3%-7(:%%-'0-:7@178%
]!$((&1!!!',5$2&*!!!!!)!O(H!!!!!!9*!!!!!!!V$(O*!!!!!!!!![!!!!!!!!'$!0#'$)_!!!!!/&2!+#)*3&!)1C!!!B)!1,'&!$1+2,3&!
&87(%%%%%1"#$$%@:"M+01"#D%
/&2!6$',&!!'$(!!!!!!!!/2&;$3)7!

!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!

S\X!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
^) #--'() -#) +%\#,'$4! % "89% &'(% '8K@7.% 7#)1<4! +&*132#++,-*! +&*! "89! )23C+#(&! '$3$26,*)'&!
6)1+#(,*&! /(#2)(4! 1$%#,'&! '$! ()! +&*5#*+,-*! &'(4! 34! '8K@7.4! 3$2+$2)! /$21&*)! /(#2)(! '$(!
)&2,13&!1$%#*'&! '$! ,*',+)3,:&! $*! :&F! )+3,:)! '$(! :$2E&!'8G:<?% 9*:-*,2) +#8%,4! )A#C! +&6&!
+%\#,'$7!
B(1X) #(8,%1'4! -'0-:7@1784! 3$2+$2)! /$21&*)! 1,*%#()24! '$(! /$2;$+3&! '$! ,*',+)3,:&! $*! :&F!
/)1,:)!'$(!:$2E&!-:70M<2)#(8,%:%,4!)A#C!+&6&!9*)(%+')#(8,%1'7!
b',) #-) 4,'H#1*4! &87(% 1"#$$% @:"M+01"#4! +(D#1#()! +&*! &87(4! 4',) &#+%'4! 1"#$4$ ! +#-4! .! $(!
1#13)*3,:&!@:"M+01"#4!$*!%$*,3,:&!6)1+#(,*&!1,*%#()24!A#$!1,%*,;,+)!4,'H#1*A!

! !

! W&!B#E&!*$+$1,')'!'$!6#+B)!,*:$13,%)+,-*!/)2)!2$1/&*'$2!ECE(,+)6$*3$!)!
()!/2$%#*3)!'$!>$2&'$17!"&1!+&*&+$'&2$1! '$!()!91+2,3#2)!1)EC)*!A#$!$(!/2&;$3)!
8,A#$)1!B)EC)!)*#*+,)'&!$(!(#%)2!'$(!*)+,6,$*3&!'$!M2,13&!A#$!1$2C)!V$(O*!'$!
0#'$)H!"89% &'(% '8K@7.% 7#)1<=$D% ').% 4+/5'0'6% 1+$$2% % )*"#&7807?%!3) #--'() -#) +%\#,'$M)
B$) >#-?$) +#) <0+#*.A! ")! (&+)(,')'! *&! $13)E)! ($5&1! '$! 0$2#1)(O*7! =$/)2)'&! /&2!
1-(&! #*&1! U! c6! $13)E)! $(! P$.! '$! (&1! 5#'C&1! A#$! B)EC)! *)+,'&! '$(! #1#2/)'&2!
>$2&'$17!m*D*,6$6$*3$! 2$1/&*',$2&*!A#$! $(! 8$1C)1! B)EC)! '$! *)+$2! $*! V$(O*7!
")! $132$(()! B)EC)! %#,)'&! )! (&1! 6)%&1! B)13)! $(! (#%)27! ^&1,E($6$*3$! $((&1!
+&*+(#.$2&*!A#$!1,$*'&!$(!P$.!'$!(&1!5#'C&1!'$EC)!$13)2!$*!0$2#1)(O*4!()!+)/,3)(4!
'&*'$!B)EC)!+&*132#++,&*$1!)+&2'$1!+&*!#*!2$.7!W&!/$*1)E)*!$((&1!A#$!$(!(#%)2!
'$(! *)+,6,$*3&! *&! $2)! #*! %2)*! /)()+,&4! 1,*&! #*! B#6,('$! 6$1-*! '$! #*)! )('$)!
/$2',')!$*!^)($13,*)4!+$2+)*)4!1,*!$6E)2%&4!)!0$2#1)(O*4!()!+,#')'!'$(!2$.7!
!
^B) Y) MFK) G:9H8K) 2:) 91) M6:441) 2:) DC2QK) 83) :4:E) 91) NQE) Z:SC:_1) :8M4:) 93E)
Z4I856Z:E) 2:) DC2Q\) Z34SC:) 2:) M6) E1924Q) C8) OC61234B) `C:) 1Z15:8M14Q) 1) N6)
ZC:W93)*E41:9B)
)
H78(%,#(%4+/5'0'6?%-+$$%%)*"#0&7?%%"#)&76<$$2%%')57E80,1+%'8K%%').%1"8$$2%%+9-'6"0,8.%
!!]!!!!!!3<!!!!!!!!V$(O*!!!!!!3,$22)!!!'$!0#'D!!'$!*,*%<*!6&'&!!!!6C*,6)!!!!$2$1!$*32$!!(&1!!!!%&E$2*)'&2$1%

)*"#0&7D%')H%,"#$$%-7(:%')N'5'#0,'178%+9-"#06'."2?%"L,1823%@"867.'8$$%1"(.%57"0.%
'$!0#'D_!!!!/&2A#$!'$!3,!!!!!!!!!!!1)('2D!!!!!!!!!!!!!!!!%&E$2*)'&2!!!!!!!A#,$*!!!!!!!)/)+$*3)2D!!!!!)(!!!!!/#$E(&%

6"#%1"(.%%)*,:7+05A%
'$!6C!!!![!!!!!!!!!?12)$(7%

!
W&3)1!.!)*D(,1,1!'$(!3$N3&!%2,$%&7!
!
^) 1=2) >#-?$2) +#) -*) 1%#,,*) +#) <0+X4! +(D#1#()! :,*+#()')! +&*! (&! A#$! )*3$+$'$! /&2! ()!
/2$/&1,+,-*! H78(4! 3_! $(! /2&*&6E2$! /$21&*)(! ,#(4! 1=_! ! 4+/5'0'64! *&6E2$! /2&/,&_! -+$4$ !
1#13)*3,:&! $*! *&6,*)3,:&! 1,*%#()2! ;$6$*,*&4! A#$! 1,%*,;,+)!1%#,,*_! .! $(! *&6E2$! /2&/,&%%
)*"#0&7?!$*!:&+)3,:&4!A#$!$A#,:)($!)!+#)<0+XA!
;')#,#()-*)&X()4#/0#Z*4!"#)&76<$$2%')57E80,1+%'8B4B !+&*132#++,-*!+&*!"#)&76<$$3K))':$2E,&!
'$!*$%)+,-*4!$*!()!;&26)!)*3,%#)!'$!'8BB34!A#$!$A#,:)($!)!#*)!*$%)+,-*!,*3$*1)!+&6&!+#)
$%$5=$) &'+'_! ')57E80,1+4! )'5$3,:&! $*! *&6,*)3,:&! 1,*%#()2! ;$6$*,*&! A#$! $A#,:)($! )!
&6$%&*_!'8B4B !1$%#*')!/$21&*)!1,*%#()2!'$(!/2$1$*3$!'$!,*',+)3,:&!$*!:&F!)+3,:)!'$(!:$2E&!
'8)6804!(#,4!)A#C!+&6&!#,#(7!

!!!!!!!!!

GQZPGM?`W!9!?WaGWM?G!
!

S\b!

b,6$8%4#(4! +9-'6"0,8.4! 1#13)*3,:&! $*! ')3,:&! /(#2)(! 6)1+#(,*&4! A#$! 1,%*,;,+)! 4,6$8%4#(2)
5':#,$*+',#(7!
G*-+,X4!')N'5'#0,'1784!3$2+$2)!/$21&*)!1,*%#()24!'$(!;#3#2&!,*'$;,*,'&!$*!:&F!6$',)!'$(!
:$2E&! ')H,'0:E"6784! A#$! '$*&3)! "#$%,) H0#,*2) (*-%,2) 4,'8#+#,2) %,(#2) #(8*4*,2) )A#C! +&6&!
(*-+,X7!
c0%*+',4!+9-"#06'."24!/)23,+,/,&!/2$1$*3$!$*!:&F!6$',)!'$(!:$2E&!+9-'0"86784!5':#,$*,2)
50%*,2)+%,%5%,4!)A#C!+&*!1$*3,'&!'$!--#5*,)*)(#,)0$)50%*+',7!
U4*8#$1*,X4! @"867.'8$4$ ! 3$2+$2)! /$21&*)! 1,*%#()2! '$(! ;#3#2&! '$! ,*',+)3,:&! $*!:&F! )+3,:)!
'$(!:$2E&!@"86780.<4!*4*8#$1*,2)4*(1',#*,4!)A#C!+&6&!*4*8#$1*,X7!
U)&%)40#:-')`(,*#-4!1"(.%57"0.%6"#%1"(.%%)*,:7+054!+(D#1#()!;,*)(!+&*!$(!)23C+#(&!1"(.4!*-_!
$(!1#13)*3,:&!57"0.4!$*!)+#1)3,:&!1,*%#()2!6)1+#(,*&!'$!57"024!40#:-'_!$(!/&1$1,:&!6"#?%
+#)&6_!1"(.%%)*,:7+054!.!$(!*&6E2$!/2&/,&4!/2$+$','&!'$!)23C+#(&4!`(,*#-A!

)
)
8)3$&!32)1()')!)A#C!()!/2&;$+C)!)!()!A#$!)/$()!/)2)!+&*;,26)2!+&*!$(()!()!
2$1/#$13)!A#$!(&1!2$(,%,&1&1!',$2&*!)!>$2&'$17!")!+,3)!'$!8,A#$)1!I8,7!dHJK4!$1!
3&6)')!/)2+,)(6$*3$!.!6&',;,+)')!$*!+,$23)!6$',')4!.)!A#$!$*!()!/2&;$+C)!1$!($$!
!4#/0#Z*) 4*,*) #(1*,) #$1,#) -*() H*&%-%*() +#) <0+X.4! 6,$*32)1! A#$! 8)3$&! $1+2,E$!
"#)&76<$$2% % ')57E80,1+% '8K! !$') #,#() -*) &X() 4#/0#Z*.4! $A#,:)($*3$! )! #$) $%$5=$)
&'+')&#$',2&!#$)$%$5=$)&'+')#,#()&6$%&*4!*&!3)*3&!$*32$!()1!+,#')'$1!1,*&!').%
1"8$$2% +9-'6"0,8.% )*"#0&7?% #$1,#) -'() 5':#,$*+',#() +#) <0+X7! ")! /&E()+,-*! $2)!
/$A#$L)!$*!',6$*1,-*4!1&E2$!3&'&!+&6/)2)')!+&*!()!6$32-/&(,1!+)/,3)(!'$(!2$,*&!
A#$!3$*C)!+$2+)*)4!1,*!$6E)2%&4!()!',6$*1,-*!*&!1$!6$'C)!/&2!()!1,3#)+,-*!%$&[
1&+,)(4! 1,*&! /&2! $(! 50%*+',4! A#$! Q,&1! B)2C)! 1)(,2! '$! $(()! .! A#$! )/)+$*3)2C)! )(!
/#$E(&H!')H%,"#$$% -7(:%')N'5'#0,'178%+9-"#06'."2?%"L,1823%@"867.'8$$% 1"(.%57"0.%
6"#%1"(.%%)*,:7+057!")!,6/&23)*+,)!'$!V$(O*!*&!$13)E)!$*!$(!(#%)2!$*!1C4!1,*&!$*!
$(! 2)*%&! '$! (&1! /2C*+,/$1! A#$! 1)(,$2&*! '$! $(()7! W,*%#*)! &32)! +,#')'! $*! ?12)$(!
B)EC)!1,'&!()!+#*)!'$!Q):,'!$(!2$.!'$!()1!/2&6$1)14!)6)'&!/&2!()!*)+,-*7!92)!()!
+,#')'! '$(! %2)*! P$.4! $(! (#%)2! '$(! *)+,6,$*3&! '$(! 8$1C)17! W&! $2)! ()! 6D1!
,*1,%*,;,+)*3$4! 1,*&! ()! 6D1! ,6/&23)*3$! $*! +#)*3&! )! 2)*%&! '$! (&1! /2C*+,/$1! A#$!
*)+,$2&*!$*!$(()7! 8)3$&! 6&',;,+)4! $*! +,$23)! 6$',')4! ()! /)23$! 1$%#*')! '$(! 3$N3&!
/2&;O3,+&! $*! $(! A#$! 1$! );,26)! A#$! '$! V$(O*! 1)('2C)! )A#$(! A#$! 1$2C)! !G#Z',) #$)
`(,*#-.4!+)6E,D*'&(&!/&2!!0$)50%*+',)/0#)*4*8#$1*,X.7!")!,'$)!)A#C!$1!()!'$!
#*! %&E$2*)*3$! /)13&27! 913&! $*+)5)! *&3)E($6$*3$! +&*! ()! B,13&2,)! '$! Q):,'4! '$!
A#,$*!M2,13&!'$1+,$*'$!1$%<*!()!+)2*$!.!'$!A#,$*!$1!B$2$'$2&!)(!32&*&!+&*;&26$!
)! ()! /2&6$1)4! +#)*'&! ()1! 32,E#1! '$! ?12)$(! ;#$2&*! /)2)! )+)3)2(&! +&6&! 2$.! $*!
>$E2-*!.!($!',5$2&*H!!<#9'"X)1#)9*)+%89'M)I=)*4*8#$1*,X()*)&%)40#:-')`(,*#-2)3)
1=) (#,X() 4,6$8%4#) (':,#) `(,*#-.! IJ! =7! dHJK7! "&1! 2$/2$1$*3)*3$1! 2$(,%,&1&1! .!
6)$132&1!'$(!/#$E(&4!)/(,+)*!$13)1!6,16)1!/)()E2)1!)(!>,5&!'$!Q):,'4!$(!8$1C)1!
A#$!*)+$!$*!V$(O*7!W#*+)!B#E&!3)*3)!#*)*,6,')'!$*!#*)!2$1/#$13)!'$!(&1!(C'$2$1!
2$(,%,&1&1!)!#*)!/2$%#*3)!;&26#()')7!W,*%#*&!:)+,()E)!$*!);,26)2!A#$!$(!M2,13&!
3$*C)!A#$!*)+$2!$*!V$(O*7!
!
!
V$(O*!1,%*,;,+)!8*(*)+#-)4*$7!W,*%<*!(#%)2!6$5&2!/)2)!A#$!*)+,$1$!)A#$(!
A#$!:$*C)!'$(!+,$(&!+&6&!#-)4*$)+#)"%+*!I0*7!XH\\4!dT4!dS4!dUK7!9*!#*!6&6$*3&!

S\U!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
'$! 1$'4! Q):,'! '$1$-! E$E$2! '$(! )%#)! +2,13)(,*)! '$! #*)! ;#$*3$! A#$! B)EC)! $*! ()1!
/#$23)1!'$!V$(O*!IJ!=7!J\HSdK7!=,%(&1!'$1/#O1!)A#$(()!;#$*3$!A#$')!$+(,/1)')!/&2!
$(! *)+,6,$*3&! $*! $(()! '$! )A#O(! A#$! $1! *50*) +#) "%+*4! A#$! 6,3,%)! *&! ()! 1$'!
3$6/&2)(! 1,*&! ()! $1/,2,3#)(! .! $3$2*)4! )! A#,$*! /#$'$! )+#',2! 3&'&! )A#$(! A#$! 1$!
1,$*3)! 1$',$*3&! .! *$+$1,3)'&! I0*7! fHST4! Sf_! bH\b_! G/7! JJHbK7! 913$! 3$N3&! /#$'$!
+&*'#+,2!)!A#,$*!*&!3,$*$!)!M2,13&!)!1#!$*+#$*32&!+&6&!=)(:)'&2!/)2)!2$+,E,2!$(!
)%#)!'$!:,')!$3$2*)4!.!)(!+2$.$*3$!;)3,%)'&!+&*!()1!+)2%)1!/2&/,)1!'$!()!:,')4!&!
1$',$*3&! /&2! B)E$2! '$5)'&! ()! ;#$*3$! A#$! 6)*)! )%#)! :,:)4! )! #*! 2$3&2*&!
*#$:)6$*3$! )! M2,13&! /)2)! 2$+,E,2! ()! 1)3,1;)++,-*! $1/,2,3#)(! A#$! *&! /#$'$! 1$2!
$*+&*32)')!;#$2)!'$!R(7!
!
aB) /8M385:E) J:432:EK) 991N1823) :8) E:54:M3) 1) 93E) N1O3EK) 6821O7) 2:) :993E)
2696O:8M:N:8M:):9)M6:NZ3)2:)91)1Z1465678)2:)91):EM4:991B)
)
!"01'%%%%9;:<0=&+2%570/:7=%%%%H75'0,72%%%%1"#(2%670-"#23%%%+)H:80><,'.%
9*3&*+$1!!!!>$2&'$1!!1$+2$3)6$*3$!B)E,$*'&!(()6)'&!!)!(&1!!!!!!6)%&1!!!!,*A#,2,-!',(,%$*3$6$*3$)

@7:I%7#)1<(.%1"(.%E:"0.".%1"#$$%%%M78."6'0."#%%%%7),1'0:"2?%
!!'$!!!!!!!!$((&1!!!!!!!!$(!!!!!!!3,$6/&!!!!!'$!()!!A#$!$13)E)!)/)2$+,$*'&!!!!$132$(()7%

!
W&3)1!.!)*D(,1,1!'$(!3$N3&!%2,$%&7!
!
B$1'$8#(4!1"01'4!)':$2E,&!'$6&132)3,:&4!A#$!$A#,:)($!)!#$1'$8#(A!
J-*&*$+')#$)(#8,#1'2!570/:7=% H75'0,724!+(D#1#()!+&*!$(!)':$2E,&!570/:7=4!A#$!$A#,:)($!
)!(#8,#1*&#$1#2)#$)(#8,#1'2)#$80:%#,1*&#$1#4!.!H75'0,724!/)23,+,/,&!)&2,13&!/2,6$2&!$*!
:&F!)+3,:)!'$(!:$2E&!H75'0<4!--*&*,4!)A#C!+&6&!9*:%#$+')--*&*+'7!
`$+*5@) +%-%5#$1#&#$1#4! +)H:80><,'.4! 3$2+$2)! /$21&*)! 1,*%#()2! '$(! )&2,13&! /2,6$2&! '$!
,*',+)3,:&! $*! :&F! )+3,:)! '$(! :$2E&! 7)H:8>"0<4! %$+*5*,2) %$/0%,%,2) +&*! O*;)1,1! $*! ()!
',(,%$*+,)4!'$!)BC!()!32)'#++,-*!%$+*5@)+%-%5#$1#&#$1#7!
B-) 1%#&4'4! 1"(.% E:"0.".?% 1#13)*3,:&! E:"0."24! $*! )+#1)3,:&! 1,*%#()2! 6)1+#(,*&4! A#$!
1,%*,;,+)!1%#&4'4!/2$+$','&!/&2!$(!)23C+#(&!'$;,*,'&!1"(.4!#-7!=$!2$;,$2$!)!()!;$+B)!+&*+2$3)!
'$(!)+&*3$+,6,$*3&7!
U4*,%8%@$4! M78."6'0."#4! /)23,+,/,&! '$! /2$1$*3$! $*! :&F! /)1,:)! '$(! :$2E&! M780.<4!
*4*,#8#,4!)A#C!+&6&!/0#)#(1*:*)*4*,#8%#$+'7!

!
!
")1! 2$#*,&*$1! $*! A#$! /)23,+,/)*! 6#+B)1! /$21&*)1! *#*+)! 1&*! 3&3)(6$*3$!
1$+2$3)17!"&1!)1#*3&1!32)1+,$*'$*!.!$*!$(!+)1&!+&*+2$3&!'$!()!2$#*,-*!'$!>$2&'$1!
+&*!(&1!(C'$2$1!2$(,%,&1&14!/&'C)*!32)$2!#*)!,*A#,$3#'!6).&2!$*32$!()!/&E()+,-*!
'$! ()! A#$! .)! 1$! B)EC)! /2&'#+,'&7! >$2&'$1! 570/:7=% H75'0,72% 1"#(2%
670-"#23(()6-! #$) (#8,#1'! )! (&1! 6)%&17! 91! #*)! 1$%#*')! 2$#*,-*! A#$! 3,$*$! $(!
6&*)2+)! $*! 2$()+,-*! +&*! ()! /2$%#*3)! '$! )A#$((&1! 1)E,&14! .! ',2$+3)6$*3$! +&*!
$((&17! Y)*3&! ()! ,*:,3)+,-*! +&6&! ()! 2$#*,-*! ;#$! 1$+2$3)7! m*)! '$! ()1!
/2$&+#/)+,&*$1! '$! >$2&'$1! $2)! (&+)(,F)2! )(! *,L&! +#)*3&! )*3$17! ^$2&4! 1-(&!
+&*&+C)!$(!')3&!'$(!(#%)2!'$(!*)+,6,$*3&_!W&!1)EC)!A#$!$')'!3$*'2C)7!^2$%#*3)2!
$13&!)!(&1!6)%&1!/&'C)!1#/&*$2!#*)!)':$23$*+,)!/)2)!$((&14!A#$!/2&E)E($6$*3$!

GQZPGM?`W!9!?WaGWM?G!
S\e!
!
+&*&+C)*!+&6&!$2)!>$2&'$17!9(!2$.!+&*!()!)13#+,)!A#$!($!$2)!/2&/,)!/2$%#*3-!)!
(&1!6)%&1!1&E2$!$(!3,$6/&!/2$+,1&!$*!A#$!1$!)/)2$+,-!/&2!/2,6$2)!:$F!()!$132$(()7!
")! ,*:$13,%)+,-*! ;#$! 6,*#+,&1)4! 8)3$&! );,26)! A#$! (&! B,F&! 8'$) +%-%5#$8%*H!
+)H:80><,'.?%%$/0%,%@)+%-#5#$1#7!")!$132$(()!1$%#C)!*4*,#8%#$+'4!/$2&!)!>$2&'$1!
($! ,*3$2$1)E)! 1)E$2! +#)*3&! 3,$6/&! B)+C)! A#$! $13&! $13)E)! &+#22,$*'&H! 1"(.%
E:"0.".% 1"#$$% M78."6'0."#% 7),1'0:"2?% !#-) 1%#&4') /0#) #(1*:*) *4*,#8%#$+') -*)
#(1,#--*.7! 91! *&3)E($! )/2$+,)2! A#$! $(! )13#3&! 6&*)2+)! *&! '$5-! 32)1+$*'$2! $(!
:$2')'$2&!,*3$2O1!A#$!3$*C)!/&2!$(!*,L&4!1,*&!A#$!)/)2$*3$6$*3$!'$2,:-!$(!,*3$2O1!
)! (&! A#$! $2)! 3)6E,O*! $(! '$! (&1! 6)%&14! ()! $132$(()7! M&*&+,$*'&! $(! (#%)2! '$(!
*)+,6,$*3&! .! $(! 3,$6/&! '$! ()! /2,6$2)! )/)2,+,-*! '$! ()! $132$(()4! >$2&'$1! /&'C)!
1#/&*$2!+&*!+,$23)!/2$+,1,-*!()!$')'!)/2&N,6)')!'$(!W,L&7!
!
!
>$2&'$1!$2)!.)!#*!)*+,)*&7!>)EC)!2$,*)'&!/&2!#*&1!32$,*3)!.!+,*+&!)L&17!
9(!P$.!A#$!B)EC)!*)+,'&!$2)!3&'):C)!#*!*,L&!A#$!*&!3$*C)!/&1,E,(,')'!'$!)++,-*!
)(%#*)! +&*32)! #*! B&6E2$! 6).&27! =#! +)/)+,')'! /)2)! 2$E$()21$! +&*32)! >$2&'$1!
$13)E)!3&'):C)!($5&14!/$2&!$(!/$2:$21&!2$.!3$*C)!6,$'&!.)!$*3&*+$17!W&!$2)!+)/)F!
'$!)1#6,2!A#$!B)EC)!*)+,'&!#*!2,:)(!1#.&!$*!$(!2$,*&7!")!+&*+,$*+,)!+)#3$2,F)')!
/&2! $(! $%&C16&! 32)6)! +#)(A#,$2! +&1)! /)2)! '$1B)+$21$! '$(! +&*32)2,&7! 9(! /$+)'&!
%$*$2)!1,$6/2$!6,$'&!$*!()!,*3,6,')'!'$(!/$+)'&2!*&!)22$/$*3,'&7!91+():,F)'&!
/&2!1#1!/)1,&*$14!1#!/$2:$21,')'!.!1#1!+2C6$*$1!1$*3C)!6,$'&!+&6&!&+#22$!+&*!
3&'&! $(! A#$! $13D! $1/,2,3#)(6$*3$! /$2','&7! 913)E)! /()*$)'&! )+)E)2! +&*! $(! <*,+&!
A#$!B)EC)!:$*,'&!/)2)!(,E2)2!)(!B&6E2$!'$!1#!/$+)'&!.!6,$'&!I>$7!JHSf[SdK7!
!
!bB)Y):8L6Q82393E)1)G:9H8K)26R3>)*2)199Q);)1L:46OC12)538)2696O:8561)15:451)2:9)
86_3\);)5C1823)9:)T199H6EK)T15H2N:93)E1W:4K)Z141)SC:);3)M1NW6H8)L1;1);)9:)
1234:B)
!
H78(%@'06O72%7#)1"#(2%'8)2%4+/5'0'6%'8K@'.D%@":'#/'0.1'23%')N'170,71'!
!!!!!!!!!

!!]!!!!!$*:,)*'&!!!!!!)!$((&1!!!!!!)!!!!!!!!V$(O*!!!!!!!!!',5&H!!!!!!!!!!!!!]$*'&!!!!!!!!!!!!!!!,*:$13,%)'!

7)H:8><$$2%3%%%@':8(%1"#$$%@78&80"#D%')@7(.%&'(%%%%%%%%%'#L:+1'?%%%%%7)@7--'80571'!!!
',(,%$*3$6$*3$!!!!!1&E2$!!!$(!!!!!!!!!!*,L&7!!!!]!3)*!/2&*3&!+&6&!!!B).)1!$*+&*32)'&!!!!!!*&3,;,+)'!

6"8?%%%"L@<2%%%%%H7-<(%%')5/<(.%@:",H#.+0,<%7#)1<=$A%
)!6C!!!!!!/)2)!A#$!)1C!!3)6E,O*!.&!:,*,$*'&!!!!!!!!!!!!!!!!)'&2$!!!!!!!!!!!!!)*3$!O(7!

!
W&3)1!.!)*D(,1,1!'$(!3$N3&!%2,$%&7!
!
^)#$"%X$+'-'()*)>#-?$4!H78(% @'06O72%7#)1"#(2%'8)3%4+/5'0'64!+(D#1#()!:,*+#()')!+&*!(&!
)*3$+$'$*3$!6$',)*3$!()!+&*5#*+,-*!H78(4!34!+&*!@'06O7234!/)23,+,/,&!)&2,13&!/2,6$2&4!$*!
:&F! )+3,:)! '$(! :$2E&! @'06@<4! #$"%*,4! )A#C! +&6&! #$"%*$+'4! 5#*3&! +&*! $(! /2&*&6E2$!
/$21&*)(!7#)1"#(24!$*!)+#1)3,:&!/(#2)(!6)1+#(,*&4!*)#--'(_!.!$(!*&6E2$!/2&/,&!'$!V$(O*4!
/2$+$','&!'$!()!/2$/&1,+,-*!'8)24!*4!+&6&!2$;$2$*3$!'$!',2$++,-*7!
F%\'%'8K@'.?!3$2+$2)!/$21&*)!1,*%#()2!'$(!)&2,13&!1$%#*'&!'$!,*',+)3,:&!$*!:&F!)+3,:)!'$(!
:$2E&!'8G@".4!#1)'&!+&6&!3,$6/&!)&2,13&!'$!5'0-<4!9*:-*,4!)A#C!$A#,:)($*3$!)!+%\'7!

SfT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
`+) *--X4! @":'#/'0.1'24! /)23,+,/,&! )&2,13&! /2,6$2&! $*! :&F! /)1,:)! '$(! :$2E&! @":'#0<4!
#$"%*,4!)A#C!+&6&!3#$+'4!&!9*:%#$+')%+'7!
U"#,%50*+)8'$)+%-%5#$8%*4!')N'170,71'%7)H:8><$4$ !+(D#1#()!,6/$2)3,:)!+&*!')N'170,71'!()!
1$%#*')! /$21&*)! /(#2)(! '$(! )&2,13&! /2,6$2&! '$! ,6/$2)3,:&! $*! :&F! )+3,:)! '$(! :$2E&!
')N'170P<4!+&*!')H4!,*3$*1,:&!.!'170P<4!#d*&%$*,4!$*!$13$!+)1&!*"#,%50*+_!+&*!$(!)':$2E,&!
7)H:8><$$24!A#$!$A#,:)($!)!+%-%5#$1#&#$1#2)4#,H#81*&#$1#7!
G':,#)#-)$%Z'4!@':8(%1"#$$%@78&80"#4!+&*132#++,-*!+&*!()!/2$/&1,+,-*!@':8(4!A#$!$A#,:)($!)!
(':,#2) *8#,8*) +#2) ,#(4#81') *4! $(! )23C+#(&! '$3$26,*)'&! 6)1+#(,*&! 1,*%#()2% 1"#$4$ ! #-4! .! $(!
1#13)*3,:&!@78&80"#4!$*!%$*,3,:&!1,*%#()2!*$#32&!A#$!1,%*,;,+)!$%Z')4#/0#Z'7!!
^)80*$+'%')@7(.%&'(4!()!+&*5#*+,-*!80*$+'4!#*,')!)!()!+&*5#*+,-*!34!$13)E($+$!#*!1$*3,'&!
'$!#2%$*+,)4!A#$!$A#,:)($!)!3)1*$)4,'$1')8'&'7!
J#) 9*--?%(4% '#L:+1'4! 1$%#*')! /$21&*)! /(#2)(! '$(! )&2,13&! 1$%#*'&! '$! 1#E5#*3,:&! $*! :&F!
)+3,:)!'$(!:$2E&!'#9:80,H<4!#$8'$1,*,4!$*!$13$!+)1&!+&6&!-#)#$8'$1,?%(2)&)-#)9*--?%(A)
C*8?+&#-') (*:#,4! 7)@7--'80571'?% 1$%#*')! /$21&*)! /(#2)(! '$(! )&2,13&! /2,6$2&! '$!
,6/$2)3,:&! $*! :&F! )+3,:)! '$(! :$2E&! 7)@7--0'55<4! *"%(*,2) 8'$1*,2) *$0$8%*,2) $3+7! )A#C!
+&6&!*"%(*+&#2)$'1%H%8*+&#2))&!9*8?+&#-')(*:#,A)
E*3*2)')5/<(.4!/)23,+,/,&!)&2,13&!1$%#*'&!$*!:&F!)+3,:)!'$(!:$2E&%'G:E"6784!"#$%,2)--#5*,2!
)A#C!+&6&!"*3*7)

)
!
>$2&'$1!H78(% @'06O72%7#)1"#(2%'8)2%4+/5'0'6!$*:,-!)!(&1!6)%&1!)!V$(O*4!
+&*!$(!/2&/-1,3&!'$!A#$!,*:$13,%)1$*!B)13)!')2!+&*!$(!(#%)2!'&*'$!B)EC)!*)+,'&!
M2,13&! .! A#$! #*)! :$F! (&! 1#/,$1$*4! 1$! (&! B,+,$1$*! 1)E$27! ")! +&6,1,-*!
$*+&6$*')')! )! (&1! 6)%&1! $N/2$1)! #*! *&3)E($! ,*3$2O1! /&2! /)23$! '$! >$2&'$14!
$1/$+,)(6$*3$! $*;D3,+&! $*! ()! ',(,%$*+,)! A#$! ($1! 2$A#,$2$H! @":'#/'0.1'23%
')N'170,71'?% @':8(% 1"#$$% @78&80"#% !3#$+') %$"#(1%5*+) +%-%5#$1#&#$1#2) (':,#) #-)
$%Z'.7! ! ")! ,*132#++,-*! )! (&1! 6)%&1! '$6)*')E)! '$! $((&1! ()! ',(,%$*+,)! /)2)!
$*+&*32)2! $(! (#%)2! .! $(! *,L&7! Q$1+#E,$23&! $(! (#%)2! '&*'$! $13)E)! $(! *,L&! '$EC)*%
')@7(.% &'(% '#L:+1'?% 7)@7--'80571'! $'1%H%8X,(#-') *) ?-A! ^)2)! $:,3)2! +#)(A#,$2!
1&1/$+B)! /&2! /)23$! '$! (&1! 6)%&14! ($1! 6)*,;,$13)! A#$! $(! ,*3$2O1! /&2! +&*&+$2! $(!
(#%)2! '&*'$! $13)E)! $(! *,L&! $2)! /)2)% "L@<2% H7-<(% ')5/<(.% @:",H#.+0,<%
7#)1<!)+#',24!+&6&!$((&14!.!)'&2)2($7!
!
!
9*!1#!6,*,13$2,&!0$1<1!',5&!)!(&1!5#'C&1!A#$!($!/$21$%#C)*!.!'$1$)E)*!1#!
6#$23$!A#$!$2)*!B,5&1!'$(!',)E(&!.!A#$!1,%#,$*'&!(&1!,*13,*3&1!B&6,+,')1!'$!1#!
/)'2$!/2&+#2)E)*!+&6&!O(!6)3)2($4!/#$13&!A#$!O(!$1!B&6,+,')!'$1'$!$(!/2,*+,/,&!
I0*7! UHffK7! =)3)*D1! ,*,+,)E)! +&*! $13&! ()! ,*3$*+,-*! '$! $(,6,*)2! )(! 8$1C)14! $(!
=)(:)'&2!'$(!6#*'&4!/)2)!,6/$',2!A#$!(($:)1$!)!+)E&!()!&E2)!/)2)!()!+#)(!B)EC)!
1,'&!$*:,)'&7!M&*&+C)!E,$*!()!/2&6$1)!'$!2$'$*+,-*!A#$!Q,&1!B)EC)!;&26#()'&!
$*!9'O*!.!1)EC)!3)6E,O*!A#$!()!&E2)!'$(!8$1C)1!1#/&*'2C)!1#!'$22&3)!'$;,*,3,:)!
I@*7! \HSfK7! Q$1'$! )A#C4! +&*&+$'&2! '$! ()! /2$1$*+,)! '$(! >,5&! '$! Q,&1! $*! $(!
6#*'&4! )+3<)! 1&E2$! A#,$*$1! $13D*! E)5&! 1#! ,*;(#$*+,)! ',2$+3)! /)2)! ,6/$',2! $(!
/2&%2)6)!'$!Q,&17!!
!

GQZPGM?`W!9!?WaGWM?G!
SfS!
!
cB) /993EK) T1W6:823) 3I23) 19) 4:;K) E:) ]C:438\) ;) T:) 1SCI) 91) :EM4:991) SC:) T1WI18)
L6EM3):8):9)346:8M:)6W1)2:918M:)2:):993EK)T1EM1)SC:)99:O1823K)E:)2:MCL3)E3W4:)
2382:):EM1W1):9)86_3B)
!!!!!!!!!

"89%&'(%7)H"#0,7.1'2%1"#$$%>7,85'0<2%')@":'#0/+,7.%H78(%%8)&"#(%"9%7),1+0:?%"Q.!
]!$((&1!!!B)E,$*'&!&C'&!!!!!!)(!!!!!!!!!!!2$.!!!!!!!!!!!!!!1$!6)2+B)2&*_!!!!!!!!.!!!!!B$!)A#C!!()!!$132$(()4!!()!A#$%
'8K&".%').%1+$$=%7).71"5+=$?%@:"+$$-'.%7#)1"#2?%%'L<23%%%%')5/<(.%%%%%%%'),170/+%!
!:,$2&*!!$*!!!!$(!!!!!!!&2,$*3$4!!!!!!!!!/2$+$'C)!!!!!!)!$((&1!!!!!!!B)13)!!!A#$!B)E,$*'&!(($%)'&!!1$!/)2-!
')@70.<%%"#R%%%%+K.%1"(%@78&80".A!
!!1&E2$!!!!!'&*'$!!$13)E)!!$(!!!!!!!*,L&7!
!

W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!
C*:%#$+') '6+'4! 7)H"#0,7.1'24! /)23,+,/,&! )&2,13&! /2,6$2&! $*! :&F! )+3,:)! '$(! :$2E&!
7)H"#0<4!A#$!1,%*,;,+)!'6,4!)A#C!+&6&!9*:%#$+')'6+'7!
G#) H0#,'$4! ')@":'#0/+,7.4! 3$2+$2)! /$21&*)! /(#2)(! '$(! )&2,13&! /2,6$2&! '$! ,*',+)3,:&! $*!
:&F!/)1,:)!'$(!:$2E&!@":'#0<4!A#$!$A#,:)($!)!%,2)&*,89*,4!$*!$13$!+)1&!(#)&*,89*,'$7!
C#)*/062)+&*1,'$2)'&!)*3$14!:$2!:7!S7!
E%#,'$4!'8K&".2!3$2+$2)!/$21&*)!/(#2)(!'$(!)&2,13&!1$%#*'&!'$!,*',+)3,:&!$*!:&F!)+3,:)!'$(!
:$2E&!"9:70<4!$*!()!;&26)!'8BB&".?%&%,*,2)&'(1,*,2)"#,2!)A#C!+&6&!"%#,'$7!
`:*) +#-*$1#) +#) #--'(4! @:"+$$-'.% 7#)1"#024! +&*132#++,-*! +&*! @:"+C-'.4! 3$2+$2)! /$21&*)!
1,*%#()2! '$(! ,6/$2;$+3&! '$! ,*',+)3,:&! $*! :&F! )+3,:)! '$(! :$2E&! @:"70-<4! 4,#8#+#,2) %,)
+#-*$1#4! )A#C! %:*) +#-*$1#4! .! $(! /2&*&6E2$! 7#)1"#034! $*! )+#1)3,:&! /(#2)(! 6)1+#(,*&4! +#)
#--'(A!
C*(1*)/0#)--#5*$+'4!'L<2%')5/<(.4!+(D#1#()!+&*!'L<24!+&*5#*+,-*!'$!3,$6/&!A#$!$A#,:)($!
)! 9*(1*) /0#4! .! ')5/<(.4! /)23,+,/,&! )&2,13&! 1$%#*'&! $*! :&F! )+3,:)! '$(! :$2E&% 'G:E"6784!
"#$%,2)--#5*,2!)A#C!+&6&!9*:%#$+')--#5*+'7!
G#) +#10"'4! '),170/+4! 3$2+$2)! /$21&*)! 1,*%#()2! '$(! )&2,13&! /2,6$2&! '$! ,*',+)3,:&! $*! :&F!
/)1,:)!'$(!:$2E&!8L,/+684!+&*!1$*3,'&!'$!/0#+*,(#)/0%#1'4!)A#C!(#)+#10"'7!
G':,#) +'$+#) #(1*:*) #-) $%Z'4! ')@70.<% "#R% +K.% 1"(% @78&80".4! +(D#1#()! ;,*)(! +&*! (&1!
)':$2E,&1!')@70.<4!A#$!$A#,:)($!)!(':,#2)#$8%&*!.!"#BB?%+'$+#4!+&*%+K.4!3$2+$2)!/$21&*)!
1,*%#()2! '$(! ,6/$2;$+3&! '$! ,*',+)3,:&! $*! :&F! )+3,:)! '$(! :$2E&! '8)6804! #(1*,4! )A#C! +&6&!
#(1*:*_!+&*!$(!1#13)*3,:&!@78&80".%$*!*&6,*)3,:&!1,*%#()2!*,L&4!/2$+$','&!'$(!)23C+#(&!
'$3$26,*)'&%1"(?!#-7!

!
"&1!6)%&1!2$+,E,$2&*!'$!>$2&'$1!$(!(#%)2!$*!'&*'$!'$EC)*!E#1+)2!)(!*,L&4!
/&2! 3)*3&4! *&! B)EC)! &32)! +&1)! A#$! B)+$2! A#$! 1$%#,2!#2%$*3$6$*3$! $(! +)6,*&! '$!
6&'&!A#$!"89%&'(%7)H"#0,7.1'2%1"#$$%>7,85'0<2%')@":'#0/+,7.?%!9*:%#$+')'6+')
*-) ,#3) (#) &*,89*,'$.7! 9((&1! B)EC)*! 1)(,'&! '$! 1#! 3,$22)! +&6&! +&*1$+#$*+,)! '$!
B)E$2!:,13&!()! $132$(()7! Q#2)*3$! ()! $13)*+,)! $*! 0$2#1)(O*4! *&! 1$! 1)E$! /&2! +#)*3&!
3,$6/&4!*&!1$!',+$!*)')!'$!()!$132$(()4!$1!+&6&!1,!*&!B#E,$1$!:#$(3&!)!1$2!:,13)7!
W#$:)6$*3$4! $*! $(! +)6,*&! B)+,)! V$(O*! )! ()! E<1A#$')! '$(! *,L&! :#$(:$! )!
)/)2$+$2($17! 8)3$&! ,*32&'#+$! ()! )/)2,+,-*! '$! ()! $132$(()! +&*! #*! '2)6D3,+&! H78(%%
8)&"#! !3) 9#) */06.4! 32)3)*'&! '$! (()6)2! ()! )3$*+,-*! )! ()! 6)*,;$13)+,-*! '$! ()!
$132$(()7!M#)(A#,$2!3,/&!'$!'$'#++,-*!1&E2$!$(!6&:,6,$*3&!'$!()!$132$(()4!$1!6$2)!

SfJ!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
$1/$+#()+,-*! 1,*! E)1$! ECE(,+)7! ^#',$2)! /$*1)21$! A#$! +)')! *&+B$! $*! $(! +)6,*&!
'$1'$! 1#! /)C1! B)13)! 0$2#1)(O*! B)EC)*! :,13&! ()! $132$(()! .! A#$! O13)! (&1! B)EC)!
+&*'#+,'&!+&*3,*#)6$*3$7!=,*!$6E)2%&4!6D1!E,$*!/)2$+$!1$2!A#$!$((&1!1)(,$2&*!
'$! 1#! (#%)2! '$! &2,%$*! /&2A#$! )/)2$+,-! #*)! $132$(()! $1/$+,)(! .! $*3$*',$2&*! A#$!
$2)!()!A#$!)*#*+,)E)!$(!*)+,6,$*3&!'$(!8$1C)17!M&*&+$'&2$1!'$!()1!/2&;$+C)1!&!
/&2! ,*',+)+,-*! ',:,*)4! ;#$2&*! )(! (#%)2! '&*'$! $13)E)4! /2&;O3,+)6$*3$! )*#*+,)'&!
1#!*)+,6,$*3&7!")!',;,+#(3)'!/)2)!$((&1!+&*1,13C)!$*!'$1+#E2,2!$(!(#%)2!'$!0#'$)!
$*!'&*'$!B)EC)!*)+,'&!$(!P$.7!M#)*'&!1)(,$2&*!'$!0$2#1)(O*!+)6,*&!'$!V$(O*!$1!
+#)*'&!"9% 7),1+0:?%"Q.)'8K&".%').%1+$$=% 7).71"5+=$?%@:"+$$-'.%7#)1"#2%-*)#(1,#-*2)-*)
/0#)"%#,'$)#$)#-)',%#$1#2)%:*)+#-*$1#)+#)$((&14!$1!'$+,24!:&(:,$2&*!)!:$2!()!$132$(()!
A#$! )/)2$+C)! +&6&! ()! /2,6$2)! :$F! A#$! ()! :,$2&*7! a#$1$! +&6&! ;#$1$4! 8)3$&!
'$13)+)! )B&2)! A#$! ()! $132$(()! ,E)! '$()*3$! '$! $((&14! $(! )132&! 1$! 6&:C)! $*! ()!
',2$++,-*! '$! 0$2#1)(O*! )! V$(O*4! $1! '$+,24! '$! *&23$! )! 1#27! "&1! $1+O/3,+&14!
+&*1,'$2)*! A#$! $(! 6&:,6,$*3&! '$! ()! $132$(()! $2)! 6$2)6$*3$! 1#E5$3,:&4! /)2$+C)!
+&6&! 1,! 1$! 6&:,$1$7! 9(! (#%)2! '&*'$! $(!*,L&! 1$! $*+&*32)E)! *&! (&! '$3$26,*)2&*!
/&2! ()! $132$(()! 1,*&! /&2! ()1! ,*',+)+,&*$1! '$! >$2&'$17! =,*! $6E)2%&4! B).! )(%&!
1&E2$*)3#2)(! $*! $13)! )/)2,+,-*! '$! ()! $132$(()4! 8)3$&! );,26)! A#$! ,E)! '$()*3$! '$!
$((&1!.!A#$!'),170/+!')@70.<%"#R%+K.%1"(%@78&80".?%!(#)+#10"')(':,#)+'$+#)#(1*:*)
#-)$%Z'.4!$1!'$+,24!1$!'$3#:&!$*!$(!6,16&!(#%)2!'&*'$!1$!$*+&*32)E)!$(!*,L&7!91!
2$)(6$*3$! )(%&! 6,()%2&1&! .! ',;$2$*3$! )! +#)*3&! 1$! /#',$2)! +&*&+$2! 1&E2$! $(!
6&:,6,$*3&!'$!#*!+#$2/&!+$($13$7!!
!
9(! )'6,2)E($! Q,&1! '$! ()! V,E(,)! #3,(,F-! '&1! +)6,*&1! '$! 2$:$()+,-*! /)2)!
)A#$((&1!6)%&14!3)(!:$F!32$1H!/&1,E($6$*3$!+&*&+C)*!()1!/2&;$+C)14!1$!($1!2$:$(-!
/&2!()!)/)2,+,-*!'$!()!$132$(()!.4!;,*)(6$*3$4!/&2!()!/2&;$+C)!$*!()1!,*',+)+,&*$1!
'$! >$2&'$14! +&6&! /&23):&F! '$! ()! +&*1#(3)! B$+B)! )! (&1! (C'$2$1! 2$(,%,&1&1! '$!
0$2#1)(O*7! W&! +)E$! '#')! A#$! +&*;&26$! )(! 3$N3&! ECE(,+&4! ()! $132$(()! (#) +#10"'4!
+&6&!1$L)()*'&!$(!6,16&!(#%)2!'&*'$!$13)E)!$(!*,L&7!=&(&!(&1!6)%&1!/#',$2&*!
+&*&+$2!/$21&*)(6$*3$!$(!;$*-6$*&4!1-(&!()!;$!$*!()!^)()E2)!,*$22)*3$!/$26,3$!)(!
+2$.$*3$! '$! B&.! $*3$*'$2! $*! $(! 2$()3&! ()! )++,-*! '$! ()! /2&:,'$*+,)! ',:,*)!
+&*'#+,$*'&! )! A#,$*$1! :$*C)*! +&*! $(! /2&/-1,3&! '$! )'&2)2! )! Q,&1! $*! +)2*$!
B#6)*)7!W&!+)E$!'#')!A#$!$(!1)(6,13)!);,26)!A#$!!-0Q)#(1X)(#&:,*+*)4*,*)#-)
\0(1'2) 3) *-#5,6*) 4*,*) -'() ,#81'() +#) 8',*Q@$.! I=)(7! ebHSSK4! /2,6$2&! ()! (#F! '$! ()!
$132$(()!.!(#$%&!()!)($%2C)!'$1E&2')*3$!'$!A#,$*$1!()!B)EC)*!1$%#,'&!B)13)!V$(O*7!
")! ;,'$(,')'! '$(! +2$.$*3$! $1! ).#')')! /&2! ()! %2)+,)! /&'$2&1)! '$! Q,&17! k#,$*$1!
B)EC)*!(($%)'&!3)*!($5&1!E#1+)*'&!)(!P$.!/)2)!)'&2)2($4!1$2C)*!(($:)'&1!/&2!Q,&1!
)(!(#%)2!'&*'$!$13)E)!1#!>,5&!/)2)!A#$!+#6/(,$2)*!1#!/2&/-1,3&7!
!
?dB)Y)19)L:4)91):EM4:991)E:)4:O356R1438)538)NC;)O4182:)O3e3B!
8)&"0.1'2%%%%&'(%1"(.%7),1'0:7%')E70:+,7.%%E7:7(.%%6'-705+.%%,M"0&:7A!
]!B)E,$*'&!:,13&!!!!!()!!!!!!$132$(()!!!!!!1$!)($%2)2&*!!!!+&*!)($%2C)!!!!!!%2)*'$!!!!!!1&E2$6)*$2)7!
!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!

!!!!!!!!!

GQZPGM?`W!9!?WaGWM?G!
!

Sf\!

)
^) *-) "#,4! +&*132#++,-*! +&*! ()! /)23C+#()!&'(4!A#$! )/)2$+$! 1,$6/2$! $*! 1$%#*'&! (#%)24! +&*!
8)&"0.1'34! /)23,+,/,&! )&2,13&! 1$%#*'&! $*! :&F! )+3,:)! '$(! :$2E&! "9:7<?% &%,*,4! )A#C! +&6&!
9*:%#$+') "%(1'7G#) ,#5'8%\*,'$4! ')E70:+,7.4! 3$2+$2)! /$21&*)! /(#2)(! '$(! )&2,13&! 1$%#*'&!
'$!,*',+)3,:&!$*!:&F!/)1,:)!'$(!:$2E&!E780:<4!,#5'8%\*,(#2)#(1*,)*-#5,#7!
7'$)&03)5,*$+#)5'Q'4!E7:7(.%6'-705+.%,M"0&:7?%+(D#1#()!+&*!$(!1#13)*3,:&!E7:7(.4!
$*! )+#1)3,:&! 1,*%#()2! ;$6$*,*&4! A#$! $A#,:)($! )!*-#5,6*2) 5'Q'4! $*;)3,F)'&! +&*! )'5$3,:&%
6'-705+.4!$*!)+#1)3,:&!1,*%#()2!;$6$*,*&4!A#$!1,%*,;,+)!5,*$+#4!$!,*+2$6$*3)'&!+&*!$(!
)':$2E,&! ,M"0&:74! #$) 5,*$) &*$#,*7! ")! +(D#1#()! $A#,:)($! )! 8'$) *-#5,6*) (':,#&*$#,*)
5,*$+#A)

)
)
9(! %&F&! +#(6,*-! $(! :,)5$! '$! (&1! 6)%&1H! 8)&"0.1'2% &'(% 1"(.% 7),1'0:7%
')E70:+,7.% E7:7(.% 6'-705+.% ,M"0&:7_! ()! +&*132#++,-*! $1! 6#.! $*;D3,+)4!
($.O*'&1$! (,3$2)(6$*3$! !(#) *-#5,*,'$) 8'$) *-#5,6*) 5,*$+#.A! jM#D($1! $2)*! (&1!
6&3,:&1! /)2)! $1$! %&F&! '$1E&2')*3$l! W&! +)E$! '#')! A#$! :&(:,$2&*! )! :$2! ()!
$132$(()7! 913)! :,1,-*! '$(! )132&! ($1! +&*;,26)E)! ()! 1$%#2,')'! '$! A#$! $(! +)6,*&!
$6/2$*','&! /&2! $((&1! .! $(! /2&/-1,3&! $2)*! +&22$+3&17! 9*3$*'C)*! $*! $(! +&23&!
+)6,*&!'$!0$2#1)(O*!)!V$(O*4!A#$!Q,&1!B)EC)!+&*'#+,'&!1#1!/)1&1!.!$(!%&F&!$*!
Q,&1!(($*)E)!B)13)!'$1E&2')2!1#!+&2)F-*7!=$!%&F)E)*!$6&+,&*)'&1!)(!+&*1,'$2)2!
A#$!$13)E)*!)!/#*3&!'$!+#6/(,2!$(!'$1$&!A#$!B)EC)!6&3,:)'&!.!6&:,'&!$(!:,)5$4!
()!)'&2)+,-*!)(!P$.!'$!(&1!5#'C&17!Q,&1!$13)E)!+&*!$((&1!.!1#!%2)+,)!(($*)E)!+)')!
6&6$*3&!'$(!;,*)(!'$!)A#$(!()2%&!:,)5$7!
!
!
9(!%&F&!'$!(&1!6)%&1!'$E,$2)!1$2!$13C6#(&!.!$5$6/(&!/)2)!+)')!+2$.$*3$7!
Q,&1!B)!+&(&+)'&!)!1#!/#$E(&!E)5&!()!/2$1$*+,)!%(&2,&1)!'$(!=&(!'$!0#13,+,)!A#$!
$1!M2,13&!6,16&4!+)E$F)!.!=$L&2!'$!1#!/#$E(&!I9;7!JHJTK7!9*!()!6$',')!$*!A#$!$(!
+2,13,)*&!+)6,*$!B)+,)!M2,13&4!$(!%&F&!'$!Q,&1!1$!6)*,;$13)2D!$*!O(7!")!6$3)!'$(!
+2,13,)*&!$1!M2,13&!6,16&7!")!1$*')!'$(!+2,13,)*&!'$E$!1$2!+)6,*)')!+&*!(&1!&5&1!
/#$13&1! $*! 0$1<1! I>$7! SJHJK7! 91! +,$23&! A#$! ()! +)22$2)! 2$A#,$2$! /)+,$*+,)! I>$7!
SJHSK4!/$2&!$(!91/C2,3#4!)(!2$/2&'#+,2!)!M2,13&!$*!+)')!+2,13,)*&!($!+&6#*,+)4!*&!
#*!%&F&!/$A#$L&4!1,*&!$(!6,16&!%&F&!'$!0$1<1!I0*7!SdHSSK7!G<*!$*!6$',&!'$!()1!
6D1! %2)*'$1! ',;,+#(3)'$1! $(! 1)(:&! $13D! (()6)'&! )! $N/$2,6$*3)2! %&F&! $*! 1#!
,*3,6,')'7! M#)*'&! $(! %&F&! '$1)/)2$+$! $1! $:,'$*+,)! 1$%#2)! A#$! ()! 6,2)')! $*!
0$1<1!1$!B)!'$3$2,&2)'&!.!A#$!()!%(&2,)!'$!1#!/2$1$*+,)!*&!$1!#*)!2$)(,')'7!
!
??B) Y) 19) :8M414) :8) 91) 51E1K) L6:438) 19) 86_3) 538) EC) N124:) f14I1K) ;)
Z3EM4Q823E:) 93) 12341438\) ;) 1W46:823) ECE) M:E343EK) 9:) 3]4:56:438) Z4:E:8M:E>)
343K)6856:8E3);)N6441B)
!
H78(%%')5/"0.1'2%%%%'8)2%1+(.%"8)H807.%'8K&".%1"(%@78&80".%6'17(%S7:80723%1+$$3%
!!!]!!B)E,$*'&!(($%)'&!!!!)!!!!!()!!!!!!!!!+)1)!!!!!!!:,$2&*!!!!)(!!!!!!!*,L&!!!!!!!!!!+&*!!!!!!!!8)2C)!!!!!!!!()!

6+1:"(2%7#)1"#$$?%H78(%@',"0.1'2%@:",'H#0.+,7.%7#)1<$$=%H78(%7)."80N7.1'2%%
!!6)'2$!!!!!!'$!O(!!!!!!!!!!!.!!!!!!!!+)C'&1!!!!!!!!!!!!!!!!!)'&2)2&*!!!!!!!!!!!!!!)!O(!!!!!!!!.!!!!!!!!)E2,$*'&!
%

Sff!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
1"#(2%/+,7#:"#(2%7#)1<$$.%@:",+0.'-H7.%7#)1<$$=%&<$$:7?%E:#,"(.%H78(%
!!(&1!!!!!!!!!!!+&;2$1!!!!!!!!!!!'$!$((&1!!!!!!!!!&;2$+,$2&*!!!!!!!!!!!)!O(!!!!!!2$%)(&14!!!!!!!!&2&!!!!!!!!!$!
580>7.".%H78(%,6#0:.7.A%
!!!,*+,$*1&!!!!!!!.!!!!!!!!!!6,22)7!

!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!
^) *-) #$1,*,4! H78(% ')5/"0.1'24! +&*132#++,-*! +&*! ()! +&*5#*+,-*! H78(4! #3,(,F)')! +&6&!
+&/#()3,:)! 34! +&*! ')5/"0.1'24! /)23,+,/,&! )&2,13&! 1$%#*'&! $*! :&F! )+3,:)! '$(! :$2E&!
'G:E"678?%"#$%,4!$*!$13$!+)1&!+&*!1$*3,'&!'$!#$1,*,7!
7*(*4! "8)H807.4! 1#13)*3,:&! $*! )+#1)3,:&! 1,*%#()2! ;$6$*,*&4! $A#,:)($*3$! )!&',*+*2) 8*(*)
H*&%-%*,7!
E%#,'$4!'8K&".2!1$%#*')!/$21&*)!1,*%#()2!'$(!)&2,13&!1$%#*'&!'$!,*',+)3,:&!$*!:&F!)+3,:)!
'$(!:$2E&!"9:70<4!$*!()!;&26)!'8BB&".?%&%,*,2)&'(1,*,2)"#,2!)A#C!+&6&!"%#,'$7!
b'(1,X$+'(#4!@',"0.1'24!/)23,+,/,&!)&2,13&!1$%#*'&!$*!:&F!)+3,:)!'$(!:$2E&!@80@1<2)8*#,4!
(,3$2)(6$*3$!8*6+'(4!'$!)BC!4'(1,X$+'(#7!
U+',*,'$4!@:",'H#0.+,7.4!3$2+$2)!/$21&*)!/(#2)(!'$(!)&2,13&!/2,6$2&!'$!,*',+)3,:&!$*!
:&F! )+3,:)! '$(! :$2E&! @:",H#.'0<?! (,3$2)(6$*3$! *,,'+%--*,(#2) ,#$+%,) 9'&#$*\#2) 9*8#,)
,#"#,#$8%*4! $1! $(! :$2E&! A#$! 1$! 32)'#+$! +&*3,*#)6$*3$! /&2! *+',*,! $*! $(! W#$:&!
Y$13)6$*3&4!)A#C!+&6&!*+',*,'$A!
U:,%#$+')(0()1#(','(4!H78(% 7)."80N7.1'2%1"#(3%/+,7#:"#(23%7#)1<$$.4!+(D#1#()!+&*!H78(4!
3_!!7)."80N7.1'24!/)23,+,/,&!)&2,13&!/2,6$2&!$*!:&F!)+3,:)!'$(!:$2E&!7)."80-<4!*:,%,4!)A#C!
+&6&! *:,%#$+'_! $(! /2&*&6E2$! /&1$1,:&! 1"#(24! (0(_! +&*! $(! 1#13)*3,:&% /+,7#:"#(24! $*!
)+#1)3,:&!/(#2)(!6)1+#(,*&4!$A#,:)($*3$!)!1#(','(4!&!6D1!E,$*)8'H,#)4*,*)50*,+*,)8'(*()
+#)5,*$)"*-',7!
aH,#8%#,'$4!!@:",+0.'-H7.?%3$2+$2)!/$21&*)!/(#2)(!'$(!)&2,13&!/2,6$2&!'$!,*',+)3,:&!$*!
:&F!)+3,:)!'$(!:$2E&!@:",M'0:<4!'H,#8#,4!)A#C!+&6&!'H,#8%#,'$7!
b,#(#$1#(4! &<$$:74! 1#13)*3,:&! $*! *&6,*)3,:&! ! /(#2)(! *$#32&! A#$! $A#,:)($! )! 'H,#$+*(2)
4,#(#$1#(2),#5*-'(7!
a,'2)#)%$8%#$(')3)&%,,*2)E:#,"(.%H78(% 580>7.".%H78(% ,6#0:.7.4!+&*132#++,-*!+&*!32$1!
1#13)*3,:&1! #*,'&1! /&2! ()! +&*5#*+,-*!H78(?% $A#,:)($*3$! )! ()! +&/#()3,:)!32) +&*% E:#,"(.!
A#$! 1,%*,;,+)! ','4! 580>7.".4! 32)'#+,'&! /&2! %$8%#$('4! 2$1,*)! '$! #*! D2E&(! $1/$+,)(6$*3$!
/2&/,&! '$! G2)E,)! #3,(,F)'&! /)2)! ()! $()E&2)+,-*! '$! ,*+,$*1&4! .!,6#0:.7.4! &%,,*4! 2$1,*)!
%&6&1)! #3,(,F)')! /)2)! ()! $()E&2)+,-*! '$! /$2;#6$1! .! 3)6E,O*! +&6&! E)1$! $*! +)(6)*3$1!
/)2)!$(!'&(&27!

)
)
"&1! 6)%&1! $*+&*32)2&*! /&2! ;,*! (&! A#$! E#1+)E)*! +&*! 3)*3&! )*B$(&7! =,*!
$6E)2%&!*&!B)(()2&*!)(!*,L&!$*!#*!/)()+,&!2$)(4!1,*&!$*!#*)!+)1)!'$!#*)!)('$)!
/$2',')!$*!()!^)($13,*)4!H78(% ')5/"0.1'2%'8)2%1+(.%"8)H807.?!1,*!)/$*)1!,6/&23)*+,)!
$*3&*+$17!8)3$&!);,26)!A#$!$((&1!#$1,*,'$)#$)-*)8*(*4!.)!A#$!$(!*,L&!$13)E)!$*!
$(()! .! $((&1! (&! :,$2&*! '8K&".% 1"(% @78&80"._! )#*A#$! ()! /)()E2)! %2,$%)! A#$! #3,(,F)!
/#',$2)!2$;$2,21$!)!#*!(#%)2!'&*'$!$13)E)!()!;)6,(,)4!1,*!$1/$+,;,+)2!()!+&*',+,-*!
'$(! $',;,+,&4! $1! 1$%#2&! A#$! *&! 1$! 32)3)E)! .)! '$(! $13)E(&! '&*'$! M2,13&! B)EC)!
*)+,'&7! 9(! *,L&! 6'17(% S7:807231+$$% 6+1:"(2% 7#)1"#?% $13)E)! +&*! 8)2C)4! 1#!
6)'2$7!M&6&!1$!B)!+&*1,'$2)'&!)*3$14!*&!B).!/&1,E,(,')'!'$!'$3$26,*)2!+#)*3&!
3,$6/&! B)EC)! 32)*1+#22,'&! '$1'$! $(! *)+,6,$*3&! B)13)! ()! (($%)')! '$! (&1! 6)%&17!

GQZPGM?`W!9!?WaGWM?G!
Sfd!
!
^#',$2)!1$2!'$*32&!'$!(&1!/2,6$2&1!+#)2$*3)!'C)17!"&!A#$!$1!+()2&!$1!A#$!.)!*&!
$13)E)*!$*!$(!/$1$E2$!1,*&!$*!()!+)1)7!91!'$!1#/&*$2!A#$!$(!/&1)'$2&!(&1!+&(&+-!
$*!$(!$13)E(&!+#)*'&!(($%)2&*!'$E,'&!)!()!)/2$3#2)!A#$!1$!B)EC)!/2&'#+,'&!+&*!
6&3,:&!'$(!+$*1&!A#$!M$1)2!B)EC)!'$+2$3)'&7!"&1!'$1+$*',$*3$1!'$!()1!;)6,(,)1!
E$3($6,3)1!B)EC)*!3$*,'&!A#$!,2!)!V$(O*!/)2)!$(!$6/)'2&*)6,$*3&!.!$((&!B)E2C)!
1)3#2)'&! )E1&(#3)6$*3$! $(! /$A#$L&! 6$1-*! '$(! (#%)27! ^)1)'&! $(! )%&E,&! $(!
/&1)'$2&! B)E2C)! ')'&! +&E,5&! )(! 6)32,6&*,&! $*! #*! (#%)2! '$! ()! +)1)7! j>)EC)!
32)*1+#22,'&! 6D1! 3,$6/&! '$! (&1! +#)2$*3)! 'C)1! /&13$2,&2$1! )(! *)+,6,$*3&l! W&!
/#$'$! '$3$26,*)21$4! '$! 6&'&! A#$! (&! <*,+&! :D(,'&! $1! ()! 2$:$()+,-*! '$(! 3$N3&!
ECE(,+&!A#$!);,26)*!A#$!()!/$A#$L)!;)6,(,)!$13)E)*!$*!#*)!+)1)7!")1!$1+$*)1!'$!
()!W):,')'!/,*3)*!()!(($%)')!'$!(&1!6)%&1!)(!/$1$E2$!'&*'$!$13)E)*!(&1!/)13&2$1!
;&26)*'&! 3&'&! $((&! #*! :)2,&/,*3&! 6&1),+&! '$! /$21&*)1! $*3&2*&! )(! *,L&4! 1,*!
$6E)2%&4!(&1!/)13&2$1!)+#',$2&*!)(!/$1$E2$!()!6,16)!*&+B$!'$(!*)+,6,$*3&!I"+7!
JHU4!Sd4!SXK4!/)23,$*'&!(#$%&!%&F&1&1!)!+&6#*,+)2!()!*&3,+,)!'$(!*)+,6,$*3&7!W&!
1$!',+$!6D1!'$!$((&17!M&6&!$1!(-%,+&!+&*3,*#)2&*!+&*!1#1!3)2$)1!)(!+#,')'&!'$!
(&1!2$E)L&1!'$!&:$5)17!
!
!
91! *&3)E($! &E1$2:)2! A#$! +#)*'&! )/)2$+$*! 0$1<1! .! 8)2C)! 5#*3&14! $*! $13$!
/$2C&'&! ! '$! ()! ,*;)*+,)! '$! M2,13&4! 1$! 6$*+,&*)! 1,$6/2$! )*3$1! )(! *,L&! A#$! )! ()!
6)'2$7!9(!,*3$2O14!3)*3&!'$!8)3$&!+&6&!'$(!91/C2,3#!A#$!+&*'#5&!)(!$:)*%$(,13)4!
1$! +$*32)! $*! A#,$*! $1! $(! P$.! '$! 2$.$1! .! =$L&2! '$! 1$L&2$14! $(! i$2E&! '$! Q,&1!
$*+)2*)'&7!9*!)A#$(!*,L&4!)/)2$*3$6$*3$!,*'$;$*1&!+&6&!+#)(A#,$2!/$A#$L&!)!
/&+&!'$!1#!*)+,6,$*3&4!$13D!/2$1$*3$!()!/($*,3#'!'$!()!'$,')'!IM&(7!JHeK7!W&!+)E$!
'#')!A#$!()!6)*,;$13)+,-*!'$!1#!%(&2,)!1$2D!6D1!)'$()*3$!'#2)*3$!$(!6,*,13$2,&4!
/$2&!A#,$*!B)EC)!*)+,'&!$*!V$(O*!$2)!Q,&1!6)*,;$13)'&!$*!+)2*$4!96)*#$(4!Q,&1!
+&*!*&1&32&17!
!
!
=,*! '#')! ()! /2$1$*+,)! '$(! (#%)2! .! ()! B#6,(')'! '$! ()! ;)6,(,)! B#E,$2)*!
/&','&! B)+$2! '#')2! )! (&1! 6)%&1! '$! 1,! 2$)(6$*3$! $13)E)*! '$()*3$! '$(! 8$1C)14!
/$2&4!B)EC)*!1,'&!+&*'#+,'&1!B)13)!)((C!.!1$!$*+&*32)E)*!'$()*3$!'$!A#,$*!Q,&1!
B)EC)! $*:,)'&4! /&2! 3)*3&! +&*:$*+,'&1! '$! )A#$(()! 2$)(,')'4! 1$%#2&1! '$! B)(()21$!
'$()*3$!'$(!M2,13&!'$!Q,&14!$1/$2)'&!'#2)*3$!3)*3&1!1,%(&14!1$!/&132)*!$*!1$*+,(()!
.! B#6,('$! )'&2)+,-*H! H78(% @',"0.1'2% @:",'H#0.+,7.% 7#)1<$$=?%!3) 4'(1,*+'() -#)
*+',*,'$.7! G(%#*&1! $*3,$*'$*! ()! /)()E2)! *+',*,! )A#C! +&6&! $(! 1)(#'&!
2$1/$3#&1&!)!6&'&!&2,$*3)(!A#$!1$!32,E#3)E)!)!(&1!%2)*'$1!'$!()!3,$22)7!^$2&4!$(!
+&*3$N3&!$N,%$!/)2)!$13&!#*!1,%*,;,+)'&!6D1!/2&;#*'&4!*&!1$!32)3)!'$!#*!1)(#'&4!
1$! 32)3)! '$! #*! )+3&! '$! )'&2)+,-*4! /#$13&1! '$! 2&',(()1! '$()*3$! '$(! *,L&7! 92)! $(!
2$1#(3)'&! '$! ()! ;$! A#$! )*,6)E)! )! )A#$((&1! 6)%&14! +2$C)*! A#$! )A#$(! *,L&! $2)!
A#,$*! :$*C)! /)2)! 2$%,2! ()1! *)+,&*$1! .! 1$2! $(! =)(:)'&2! '$(! 6#*'&4! /&2! 3)*3&!
2$A#$2C)!$(!2$+&*&+,6,$*3&!1#/2$6&!'$!()!)'&2)+,-*7!M)')!:$F!A#$!#*!B&6E2$!
+2$.$*3$! 32)3-! '$! 2$*',2! )'&2)+,-*! )! &32&! 1$2! A#$! *&! 1$)! Q,&14! 2$+,E$! ()!
)':$23$*+,)! +&22$1/&*',$*3$4! +&6&! ;#$! +#)*'&! M&2*$(,&! A#,1&! B)+$2(&! +&*!
^$'2&!I>+B7!STHJXK4!&!+#)*'&!0#)*!(&!/2&+#2-!'$()*3$!'$(!D*%$(!IG/7!JJHU4!eK7!
!!!!!!!!!

SfX!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
GA#C!*&!B).!*,*%<*!2$/2&+B$4!()!)'&2)+,-*!1$!/2&'#+$!'$!()!;&26)!6D1!*)3#2)(7!
GA#$((&1!3$*C)*!#*!+&*&+,6,$*3&!)6/(,&!.!#*)!$:,'$*+,)!'$!/2&:,'$*+,)!',:,*)!
)+3#)*'&!/)2)!A#$!/#',$1$*!(($%)2!)*3$!$(!*,L&!.!+#6/(,2!1#!/2&/-1,3&!A#$!*&!$2)!
&32&!A#$!$(!'$!)'&2)2($!I:7!JK7!k#,$*!$*+#$*32)!)!M2,13&!*&!/#$'$!1,6/($6$*3$!
2$*',2($!#*)!2$1/$3#&1)!/($,3$1C)4!3,$*$!A#$!+)$2!'$!2&',(()1!)*3$!R(!.!1&6$3$21$!
,*+&*',+,&*)(6$*3$!)!A#,$*!$1!P$.!.!=$L&27!
!
!
"#$%&!'$! ()! )'&2)+,-*4! $! ,*+&2/&2)'&!)! $(()! 6,16)4! $13D! ()! &;2$*')7! "&1!
6)%&1! ($! 32,E#3)*! $(! 2$+&*&+,6,$*3&! 6$',)*3$! (&1! ,#5*-'(4! +'$#(4! A#$! ($!
&;2$+$*H! H78(% 7)."80N7.1'2% 1"#(2% /+,7#:"#(2% 7#)1<$$.% @:",+0.'-H7.% 7#)1<$$=%
&<$$:74!!3)*:,%#$+')-'()8'H,#()-#)'H,#8%#,'$),#5*-'(.7))"&1!+&;2$1!A#$!32)C)*!(&1!
3$1&2&1! ;#$2&*! )E,$23&1! '$()*3$! '$(! *,L&! .! (&! A#$! $13)E)! $*! 1#! ,*3$2,&2! ($! ;#$!
&;2$+,'&7!GA#$((&1!/2&'#+3&1!')'&1!/&2!(&1!6)%&1!$2)*!'$!)(3&!:)(&2H!E:#,"(.%
H78(% 580>7.".%H78(% ,6#0:.7.?%!',')#)%$8%#$(')3)&%,,*.7!W&!1$!/#$'$!&;2$*')2!
)!Q,&1!)A#$((&!A#$!*&!+#$13)4!+&6&!Q):,'!'$+C)!IJ!=7!JfHJfK7!")!/2$%#*3)!A#$!
1#2%$!$*!()!($+3#2)!'$(!/)1)5$!$1!*)3#2)(!j/&2!A#O!&2&4!,*+,$*1&!.!6,22)l!jY,$*$*!
)(%<*!1,%*,;,+)'&!1,6E-(,+&!$13&1!32$1!$($6$*3&1l!=$!B)!/2&+#2)'&!$*+&*32)2!#*!
1,%*,;,+)'&!$1/,2,3#)(!$*!+)')!#*&!'$!$((&14!+&6&!/2$3$*',-!Z2C%$*$14!'$!6&'&!
A#$!$(!&2&!1$2C)!()!&;2$*')!A#$!+&22$1/&*'$!)!#*!2$.4!$(!,*+,$*1&!(&!A#$!$1!/2&/,&!
'$!Q,&1!.!()!6,22)!+&6&!$($6$*3&!A#$!'$13)+)!()!B#6)*,')'7!W&!+)E$!'#')!A#$!
$13)!;&26)!'$!:$2!(&1!'&*$1!'$!(&1!6)%&1!3,$*$!)(%<*!1$*3,'&!ECE(,+&7!9(!&2&!1$!
)1&+,)! ;2$+#$*3$6$*3$! +&*! ()! 2$)($F)7! =$! ',+$! '$! 0&1O! $*! 1#! +&*',+,-*! '$!
)'6,*,132)'&2!%$*$2)(!'$!9%,/3&4!&!:,22$.!'$!)A#$(!,6/$2&4!A#$!3$*C)!#*)!+)'$*)!
'$!&2&!$*!1#!+#$((&!I@*7!fSHfJK7!M#)*'&!Q):,'!'$22&3-!)(!2$.!'$!P)ED4!2$+,E,-!()!
+&2&*)! A#$! )A#$(! 2$.! 3$*C)! A#$! $2)! '$! &2&! IJ! =7! SJH\TK7! "&1! /2C*+,/$1! 1$!
',13,*%#C)*! '$(! 2$13&! '$(! /#$E(&! $*!A#$! /&1$C)*! &2&!.! /()3)! I0&E7!\HSdK4!'$! )BC!
A#$!3)6E,O*! =)(&6-*! 1$! B)+C)! '$! (&1! 6,16&1! 3$1&2&1! I9+7! JHUK7! ")! 2,A#$F)! '$!
=)(&6-*!+&6&!2$.!$2)!'$!3)(!',6$*1,-*!A#$!1#1!:)1&1!$2)*!'$!&2&4!1#!32&*&!'$!
6)2;,(! $13)E)! ;&22)'&! '$! &2&! .! $(! &2&! 1$! 6$*+,&*)! $*! 2$()+,-*! +&*! O(!
+&*13)*3$6$*3$!IS!P7!STHSf[SU4!JS4!JJK7!9*!#*&!'$!(&1!=)(6&1!'$!M&2O!1$!',+$!
A#$!()!2$,*)!$13)E)!)'&2*)')!'$!&2&!I=)(7!fdHeK7!Q$!()!6,16)!6)*$2)!$(!M)('$&!
V$(1)1)24!/2&6$3,-! )! A#,$*! ($! ,*3$2/2$3)1$! ()! :,1,-*!'$! ()! $1+2,3#2)! $*! ()! /)2$'4!
A#$!1$2C)!3$2+$2&!$*!$(!2$,*&!.!3$*'2C)!#*!+&(()2!'$!&2&!1&E2$!1#!+#$((&!IQ*7!dHbK7!
9*! ()! :,1,-*! A#$! W)E#+&'&*&1&2! 3#:&! 1&E2$! (&1! ,6/$2,&1! $*! ()! 3,$22)4! 1$!
1,6E&(,F)E)! $(! E)E,(-*,+&! +&6&! ()! +)E$F)! '$! &2&! '$! ()! $13)3#)! A#$! (&1!
2$/2$1$*3)E)! IQ*7! JH\J4! \UK7! 9(! $6/$2)'&2! G1#$2&! 3$*C)! #*! +$32&! '$! &2&! I9137!
fHSS_!dHJ_!UHfK7!91!$:,'$*3$!A#$!$(!&2&!$13D!2$()+,&*)'&!+&*!()!2$)($F)!$*!3&'&!$(!
G*3,%#&!Y$13)6$*3&7!9(!,*+,$*1&!$13D!:,*+#()'&!$*!()!91+2,3#2)!2$()+,&*)'&!+&*!
()! )'&2)+,-*! .! $(! +#(3&! )! Q,&17! =$! %#)2')E)! $*! $(! 1)*3#)2,&! IS! M27! eHJe_! W$B7!
S\HdK4! .! 1$! 2$()+,&*)! +&*! ()1! &E()+,&*$14! +&6&! /)23$! '$(! +$2$6&*,)(! '$! ()!
&;2$*')! I":7! JHS4! J4! Sd4! SX_! XHSdK7! 9(! ,*+,$*1&! 2$()+,&*)'&! +&*! $(! /$2;#6$!
)2&6D3,+&! /)2)! $(! =)*3#)2,&4! 1-(&! /&'C)! 1$2! '$',+)'&! )! Q,&1! I9N7! \TH\bK7! ")!
6,22)!1$!2$()+,&*)!+&*!$(!B&6E2$4!.)!A#$!1-(&!#*)!:$F!'$!()1!:)2,)1!A#$!)/)2$+$*!

GQZPGM?`W!9!?WaGWM?G!
Sfb!
!
$*!$(!G*3,%#&!Y$13)6$*3&4!$13D!2$()+,&*)')!+&*!()!+&6/&1,+,-*!'$(!)+$,3$!'$!()!
#*+,-*4! A#$! $*! $(! 1,6E&(,16&! 3,$*$! 2$()+,-*! +&*! 1)+$2'&3$14! B&6E2$1! 6&23)($1!
I9N7! \THJJ[J\4! \TK7! =,*! $6E)2%&! ()! +&6/&1,+,-*! '$(! )+$,3$! '$! ()! #*+,-*! 1$!
2$1$2:)E)! 1-(&! /)2)! #*%,2! (&! 2$()+,&*)'&! +&*! $(! 1)*3#)2,&! .! $(! 1)+$2'&+,&4! $1!
'$+,24! *&! /&'C)! 1$2! #1)')! ()! +&6/&1,+,-*! /)2)! &32&1! 6$*$13$2$1! A#$! *&! ;#$1$*!
(&1!1)%2)'&17!
!
!
M&*!3&'&4!$*!()!V,E(,)!)/)2$+$*!#1&1!',;$2$*3$1!/)2)!$13&1!32$1!$($6$*3&17!
9(! &2&4! A#$! 1,6E&(,F)! '$,')'! $*! (&1! 6#$E($1! '$(! 3)E$2*D+#(&! .! $*! $(!
2$+#E2,6,$*3&!,*3$2,&2!'$(!3$6/(&!'$!=)(&6-*!I9N7!Jd!)!\S_!\d!)!fT_!S!P7!d!)!b_!
J! M27! J! )! dK4! 3)6E,O*! ;#$! #1)'&! /)2)! $(! E$+$22&! '$! &2&! $*! ()! /2,6$2)!
6)*,;$13)+,-*! '$! ,'&()32C)! '$(! /#$E(&! '$! ?12)$(! $*! $(! '$1,$23&! I9N7! \JHJfK7! 91!
6D14!()!%2)*!2)6$2)!'$(!G/&+)(,/1,1!)/)2$+$!)'&2*)')!+&*!&2&!IG/7!SbHf4!dK7!Q$!
()!6,16)!6)*$2)!$(!,*+,$*1&!)/)2$+$!$*!()!(,13)!'$!)23C+#(&1!'$!+&6$2+,&!$*!(&1!
3,$6/&1!;,*)($1!'$!(&1!%$*3,($1!IG/7!SUHS\K7!G1,6,16&!()!6,22)4!1$!2$()+,&*)!+&*!
$(!B&6E2$!/&2!1$2!E)1$!/)2)!/$2;#6$!.!3)6E,O*!+&6&!+)(6)*3$!$*!(&1!'&(&2$1!
/2&/,&1!'$!()!+&*',+,-*!B#6)*)7!^$2&4!!B).!',:$21)1!)/(,+)+,&*$1!$*!()!91+2,3#2)!
/)2)!$(()4!3)($1!+&6&!/$2;#6)2!(&1!:$13,'&1!$*!%2)*'$1!&+)1,&*$1!I=)(7!fdHUK4!$*!
()! ;,$13)! '$! E&')1! IM*37! \HXK4! .! 6$F+()')! +&*! :,*&! 1$2:C)! '$! )*$13O1,+&! I837!
SdHJ\K4!#1D*'&1$!3)6E,O*!+&6&!$($6$*3&!$*!$(!$6E)(1)6)6,$*3&!'$!+)'D:$2$1!
I0*7!SeH\e4!fTK7!W&!'$E$4!/#$14!$1/,2,3#)(,F)21$!'$!3)(!6&'&!$(!1,6E&(,16&!'$!(&1!
'&*$1!A#$!(&1!6)%&1!&;2$+,$2&*!)!0$1<14!A#$!'$1:,23<$!()!2$)(,')'!1$*+,(()!'$!()!
$*32$%)! '$! 3&'&! )A#$((&! +&6&! &;2$*')! '$! %2)3,3#'! )*3$! A#,$*! $2)! ',%*&! '$! 1$2!
)'&2)'&!.4!/&2!3)*3&4!$2)!Q,&17!
!
")!($++,-*!A#$!1$!'$1/2$*'$!'$(!3$N3&!3,$*$!A#$!:$2!+&*!()!&;2$*')7!Q,&1!
'$E$!1$2!)'&2)'&!.!()!&;2$*')!;&26)!/)23$!'$!()!$N/2$1,-*!'$!)'&2)+,-*7!91!#*!
1)+2,;,+,&! $1/,2,3#)(! A#$! $(! 1)+$2'&+,&! +2,13,)*&! &;2$+$! )(! =$L&2! Ia,(7! fHSUK7! ")!
&;2$*')!$1!/)23$!$1$*+,)(!'$(!+#(3&7!9*!()!6$',')!$*!A#$!#*!+2$.$*3$!2$+&*&F+)!
A#,$*!$1!$(!=$L&24! $*! $1)! 6,16)! 6$',')! &;2$*')2D! )(! =$L&27! "&1! +2,13,)*&1! *&!
'$/&1,3)*!1#!&;2$*')!/)2)!+,$23)1!+&1)1!$*!()!+&*%2$%)+,-*4!1,*&!A#$!()!$*32$%)*!
/)2)!$(!=$L&24!1,$*'&!(#$%&!)'6,*,132)')!+&6&!$(!91/C2,3#!',2,%$7!"&1!,*;)*3,($14!
*,L&1!$*!M2,13&4!$13&!$14!A#,$*$1!*&!B)*!6)'#2)'&!/&2!()!)++,-*!',*D6,+)!'$!()!
91+2,3#2)!)/(,+)')!/&2!$(!91/C2,3#!$*!1#1!:,')14!1#$($*4!+&6&!*,L&14!',1%#13)21$!
+&*3,*#)6$*3$!+&*!()!6)2+B)!'$!()!,%($1,)7!M#)*'&!$13&!&+#22$!$1!6#.!*&26)(!
A#$! /)2)! 6)*,;$13)2! 1#! ',1%#13&! '$5$*! '$! &;2$*')24! +&6&! 1,! +&*! $1)! )++,-*!
8*(1%5*(#$! )! ()! ,%($1,)! .! )(! (,'$2)F%&! '$! ()! 6,16)7! =,*! $6E)2%&4! *&! 1$! ')*!
+#$*3)! A#$! (&! A#$! $13D*! B)+,$*'&! +&*! $1&! $1! *$%D*'&1$! )! &;2$+$2! #*&! '$! (&1!
+,*+&! 1)+2,;,+,&1! $1/,2,3#)($1! A#$! +&6&! 1)+$2'&3$1! '$! Q,&1! $*! ()! /2$1$*3$!
',1/$*1)+,-*! '$E$*! &;2$+$27! ")! &;2$*')! 1,$*'&! #*! 1)+2,;,+,&! '$E$! 1$2! +&13&1)4!
+&6&!)(%#,$*!',5&4!/)2)!1$2!1)+2,;,+,&!'$E$!+'-#,4!$13&!$14!*&!/#$'$!+&*1,'$2)21$!
+&6&!&;2$*')!)A#$((&!A#$!1&E2)!.!*&!+#$13)!*)')7!9*!()!6$',')!A#$!#*!+2,13,)*&!
1$!$*32$%)!)!1C!6,16&!)!Q,&14!)1C!3)6E,O*!&;2$*')7!91!*&3&2,&!$(!$5$6/(&!'$!()1!
!!!!!!!!!

SfU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
,%($1,)1!$*!8)+$'&*,)4!A#$!)<*!$*!1#!$N32$6)!/&E2$F)!&;2$*')2&*!6D1!)((D!'$!
1#1!;#$2F)14!/&2A#$!/2,6$2&!1$!B)EC)*!')'&!$((&1!6,16&1!)(!=$L&2!IJ!M&7!UHS[
STK7!9(!$5$6/(&!'$!()!:,#')!$*!$(!3$6/(&!$1!$6&3,:&7!0$1<1!',5&!A#$!B)EC)!')'&!
6D1!A#$!$(!2$13&!'$!(&1!A#$!&;2$*')E)*4!/&2A#$4!)#*A#$!1#!&;2$*')!$2)!()!6D1!
/$A#$L)! '$! 3&')14! 2$/2$1$*3)E)! /)2)! $(()! +#)*3&! 3$*C)4! 1'+') (0) (0(1#$1'! I827!
SJHffK7! ")! &;2$*')! $1! $(! 2$1#(3)'&! '$! #*)! :,')! '$! ;$7! "&1! 6)%&1! $1/$2)E)*!
+2$.$*3$1!/&'$2!)'&2)2!)(!P$.!A#$!B)EC)!*)+,'&7!"&1!+2,13,)*&1!A#$!:,:$*!$*!;$4!
:,*+#()'&1!)!M2,13&4!*&!1-(&!B)E()*!'$!M2,13&4!1,*&!A#$!"%"#$)*)7,%(1'7!0$1<1!1$!
B)+$! :,')! $*! 1#! :,')! .! (&1! +&*'#+$! )! ()! $*32$%)! *&! /&2! ,6/&1,+,-*! '$!
6)*')6,$*3&4!1,*&!/&2!2)F-*!'$!:,')!$*!+&6#*,-*!+&*!M2,13&7!Q$!6)*$2)!A#$!
+&6&!$(!=$L&2!1$!B,F&!/&E2$!1,$*'&!2,+&4!)1C!$(!+2$.$*3$!'$E$!&;2$*')2!)(!=$L&2!
+&*;&26$!)!(&!A#$!($!B)!')'&!+&6&!1,$2:&!)'6,*,132)'&2!IJ!M&7!UHeK7!")!&;2$*')!
6)3$2,)(!$1!()!$N/2$1,-*!:,1,E($!'$!()!$*32$%)!/$21&*)(4!'$!)BC!A#$!^)E(&!2$A#,$2)!
A#$!)*3$!(&!A#$!Q,&1!B,F&!+&6&!$N/2$1,-*!'$!$*32$%)!/&2!(&1!+2$.$*3$14!O13&1!1$!
$*32$%#$*! /($*)6$*3$! )! R(! $*! #*)! &;2$*')! 1)+2,;,+,)(! '$! 1#! /2&/,)! :,')! IP&7!
SJHSK7!
!
?=B) #:43) E6:823) 1L6E123E) Z34) 4:L:915678) :8) EC:_3E) SC:) 83) L39L6:E:8) 1)
J:432:EK)4:O4:E1438)1)EC)M6:441)Z34)3M43)51N683B!
!
H78(%E:+6718,/'0.1'2%H71I%"G.7:%%6+(%7).7H706O78%@:"(2%%9;:<0=&+.?%&8I!
!!]!!!!!!!!!!!!!):,1)'&1!!!!!!!!!!!!!!!!$*!!!!!!1#$L&!!!!!!!!!A#$!*&!:&(:,$1$*!!!!!!!!!)!!!!!!!!!>$2&'$1!!!!!!/&2!

7G55+2%"9&"#$%7).'E<0:+,7.%'8)2%1+(.%E<0:7.%7#)1<$.A%
!!!&32&!!!!!!+)6,*&!!!!!!2$%2$1)2&*!!!!!!!!!!!!!)(!!!!!!!!!!!!!/)C1!!!!!!!!'$!$((&17%

!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!
U"%(*+'(4! E:+6718,/'0.1'24! /)23,+,/,&! )&2,13&! /2,6$2&! $*! :&F! /)1,:)! '$(! :$2E&!
E:+67180P<4!*+"#,1%,2)*&'$#(1*,2)*"%(*,2),#"#-*,4!)A#C!+&6&!*"%(*+'(A!
B$) (0#Z'(4! H71I% "G.7:?! +(D#1#()! +&*! ()! /2$/&1,+,-*! H7174! #$4! .! $(! 1#13)*3,:&!
,*'$+(,*)E($!"G.7:4!A#$!1,%*,;,+)!(0#Z'(A!
e0#)$')"'-"%#(#$)*)C#,'+#(4!6+(% 7).7H706O78%@:"(2%%9;:<0=&+.4!+(D#1#()!*$%)3,:)!+&*!
()!/)23C+#()!'$!*$%)+,-*!6+(4!)A#C!+&*!1$*3,'&!'$!/0#)$'_!7).7H706O784!)&2,13&!/2,6$2&!
'$! ,*;,*,3,:&! $*! :&F! )+3,:)! '$(! :$2E&! 7).7H706@1<4! +&6/#$13&! '$! 7).74! *1,X(4! .!
H706@1<4!"'-"#,(#4!'$!)BC!,#5,#(*,_!+&*+(#.$*'&!+&*!#*)!+&*132#++,-*!'$!',2$++,-*!+&*!
@:"(24!*4!.!$(!*&6E2$!/2&/,&%%9;:<0=&+.4!C#,'+#(7!
b',) '1,') 8*&%$'4! +&*132#++,-*! +&*! $(! )'5$3,:&! 7G55+24! $*! %$*,3,:&! 1,*%#()2! ;$6$*,*&4!
A#$!$A#,:)($!)!!'1,'4!.!$(!1#13)*3,:&!!"9&"#$4$ !%$*,3,:&!1,*%#()2!;$6$*,*&!'$!"9&"24!8*&%$'A!
G#)"'-"%#,'$4!7).'E<0:+,7.?%3$2+$2)!/$21&*)!1,*%#()2!'$(!)&2,13&!/2,6$2&!'$!,*',+)3,:&!
$*!:&F!)+3,:)!'$(!:$2E&!7).7E#:'0<4!:$2E&!+&6/#$13&!'$!7).7?%+#)"0#-1*).!E<:'0<4!+*,)
-05*,4!)A#C!+&*!1$*3,'&!'$!,#5,#(*,7!
U)(0)1%#,,*4!'8)2%1+(.%E<0:7.%7#)1<$.?%+(D#1#()!;,*)(!$*!$(!3$N3&!+&*!'8)2%1+(.4!(,3$2)(6$*3$!
*) #-4! 32)'#+,')! /&2! ()! +&*32)++,-*! *-4! $(! 1#13)*3,:&% E<0:7.4! $*! )+#1)3,:&! ;$6$*,*&!
1,*%#()2!'$%E<$$:"2?%,#5%@$2)4,'"%$8%*2)-05*,2)4*6(4!.!$(!/&1$1,:&!7#)1<$.4!A#$!$A#,:)($!)!
+#)#--'(A!

GQZPGM?`W!9!?WaGWM?G!
Sfe!
!
!
")!/2&:,'$*+,)!',:,*)!1$!6)*,;,$13)!'$!*#$:&!$*!'&1!)1/$+3&1H!/2,6$2&!$*!
A#$! >$2&'$1! *&! B,F&! A#$! )(%#,$*! )+&6/)L)1$! )! (&1! 6)%&1! /)2)! '$1+#E2,2! +&*!
$((&1!$(!(#%)2!'$(!*)+,6,$*3&!.!1)E$2!'&*'$!$13)E)!$(!*,L&_!$*!1$%#*'&!(#%)2!/&2!
()! 2$:$()+,-*! A#$! Q,&1! +&6#*,+-! )! )A#$((&1! /)2)! A#$! *&! :&(:,$1$*! )! >$2&'$14!
+&6&! O13$! ($1! B)EC)! 2$A#$2,'&7! "&1! 6)%&1! /2&E)E($6$*3$! +&*&+$'&2$1! '$! ()!
+&*',+,-*! /$2:$21)! '$(! 2$.4! *&! $2)*! +)/)+$14! +&6&! B&6E2$14! '$! +&*&+$2! ()1!
,*3$*+,&*$1! A#$! )(E$2%)E)! 1#! +&2)F-*4! 1,*! $6E)2%&4! *)')! A#$')E)! &+#(3&! /)2)!
Q,&1!I>$7!fHS\K7!^&2!6$',&!'$!#*!1#$L&4!H78(%E:+6718,/'0.1'2%H71I%"G.7:?%!3)
*"%(*+'() #$) (0#Z'.4! (&1! 6)%&1! 1&*! )':$23,'&1! '$! A#$! 6+(% 7).7H706O78% @:"(2%%
9;:<0=&+.?! *&! 2$%2$1$*! )! >$2&'$14! &8I% 7G55+2% "9&"#$% 7).'E<0:+,7.% '8)2% 1+(.%
E<0:7.%7#)1<$.!/&2!(&!A#$!3&6)2&*!#*)!2#3)!',;$2$*3$!/)2)!2$%2$1)2!)!1#!(#%)2!'$!
&2,%$*!1,*!/)1)2!/&2!0$2#1)(O*7!jM#D(!;#$!()!2#3)!A#$!3&6)2&*l4!3)(!:$F!()!A#$!,E)!
/&2!0$2,+-!.!)32):$1)E)!(&1!:)'&1!'$(!0&2'D*4!/$2&!A#$')!$*!6$2)!1#/&1,+,-*!1,*!
E)1$!ECE(,+)!)(%#*)7!=#$L&!)A#C4!+&6&!$*!&32)1!/)23$1!'$!()!91+2,3#2)4!3,$*$!A#$!
:$2! +&*! )(%&! *)3#2)(! '$! ()! /$21&*)4! 1,*&! +&6&! ()! )++,-*! 1&E2$*)3#2)(! '$! Q,&1!
1&E2$!$(()7!91!#*)!;&26)!'$!2$:$()+,-*!',:,*)!+&*32&()')!/&2!$(!91/C2,3#!'$!Q,&17!!
!
!
"&1!5#'C&1!*&!3$*C)*!,*3$2O1!$*!$(!8$1C)14!*,*%#*&!'$!(&1!(C'$2$1!2$(,%,&1&1!
A#$!',$2&*!()!2$1/#$13)!)!()!/2$%#*3)!'$!>$2&'$1!1&E2$!$(!(#%)2!/2&;$3,F)'&!/)2)!
1#! *)+,6,$*3&4! ,*')%)2&*! 1,! 1$! B)EC)! /2&'#+,'&7! W,*%#*&! '$! $((&1! )+#',-! )!
V$(O*4! )! /$1)2! '$! ()! /2&N,6,')'! $*32$! ()1! '&1! /&E()+,&*$17! W&! $2)*! ',%*&1! '$!
2$+,E,2! *,*%#*)! ,*;&26)+,-*! 1&E2$! $(! B$+B&4! *&! )1C! (&1! B)E,3)*3$1! '$! &32&1!
(#%)2$14! '$! '&*'$! (&1! 6)%&1! /2&+$'C)*4! )! A#,$*$1! (($:)2C)*! ()1! E#$*)1! *#$:)1!
'$(!*)+,6,$*3&!'$(!P$.!'$!2$.$14!=)(:)'&2!'$!(&1!B&6E2$17!Q$!)BC!$*!)'$()*3$!()!
91+2,3#2)!%#)2')!1,($*+,&!1&E2$!(&1!6)%&17!91!1#;,+,$*3$!+&*!(&!A#$!$(!91/C2,3#!
B)!'$+,','&!'$5)2!$1+2,3&!1&E2$!$((&17!
!
!
=,*!/2$3$*'$2!)($%&2,F)2!$(!3$N3&!ECE(,+&4!()!;2)1$!+&*A#$!1$!+,$22)!$(!2$()3&!
'$! (&1! 6)%&1! 2$;($5)! #*)! 2$)(,')'! $1/,2,3#)(7! E%$%#,'$) 4',) 0$) 8*&%$'4!
$*+&*32)2&*! )! M2,13&! .! 2$%2$1)2&*! 4',) '1,') 8*&%$'7! W)',$! $1! ,%#)(! $*! ()! :,')!
'$1/#O1! '$! #*! $*+#$*32&! /$21&*)(! +&*! $(! =)(:)'&27! 9*! $*+#$*32&! +&*! M2,13&!
32)*1;&26)! )(! B&6E2$7! 9(! +)6,*&! '$! ()! :,')! 3,$*$! #*! )*3$1! .! #*! '$1/#O1! '$!
M2,13&7! m*! )*3$1! '$! '$1&2,$*3)+,-*4! ,*A#,$3#'! .! ;2)+)1&4! .! #*! '$1/#O1! '$!
$1/$2)*F)! .! %&F&7! =,! M2,13&! *&! B)! 32)*1;&26)'&! ()! :,')! '$! A#,O*! ',+$! B)E$2($!
$*+&*32)'&! $1! $:,'$*+,)! '$! #*! $*%)L&! /$21&*)(7! M#)*'&! #*)! /$21&*)! 3,$*$! #*!
$*+#$*32&! /$21&*)(! +&*! $(! =)(:)'&24! 1$! /2&'#+$! #*! +)6E,&! 2)',+)(! 1&(&!
$A#,/)2)E($! )! #*! *#$:&! *)+,6,$*3&4! '$1/#O1! '$! $1)! $N/$2,$*+,)! /$21&*)(! +&*!
0$1<14!!-*()8'(*()"%#\*()4*(*,'$2)9#)*/062)1'+*()('$)9#89*()$0#"*(.!IJ!M&7!dHbK7!
M&*:$21,-*! .! 32)*1;&26)+,-*! 1&*! #*)! 6,16)! +&1)7! 9(! +)6,*&! '$(! 5#13&! $1!
*#$:&4!',;$2$*3$!3&3)(6$*3$!)!+#)(A#,$2!&32&!+)6,*&!A#$!)*3$1!(($:)E)4!)B&2)!$(!
+)6,*&!/)2)!O(!$1!3)6E,O*!1#!/2&/,)!2)F-*!'$!i,')4!A#$!$1!M2,13&!I0*7!SfHXK7!
)
)
!!!!!!!!!

SdT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
'1)68]18561)2:9),:;)<=>?V@=VAB)
)
?VB) +:EZCHE) SC:) Z14M6:438) :993EK) T:) 1SCI) C8) Q8O:9) 2:9) g:_34) 1Z14:567) :8)
EC:_3E) 1) D3EH) ;) 26R3>) ':LQ8M1M:K) ;) M3N1) 19) 86_3) ;) 1) EC) N124:K) ;) TC;:) 1)
/O6ZM3K) ;) Z:4N18:5:) 199Q) T1EM1) SC:) ;3) M:) 26O1\) Z34SC:) 1538M:5:4Q) SC:)
J:432:E)WCE514Q)19)86_3)Z141)N1M1493B)
)
)T.7E<:+,70.1<.%&'(%7#)1<$.%8)&"#(%%7G--'5"2%U#:80"#%M780.'178%H71I%"G.7:%
!!!!!!]!B)E,$*'&!2$%2$1)'&!!!!!!!!$((&1!!!!B$!)A#C!!!!!!!!D*%$(!!!!!!'$(!=$L&2!!!1$!)/)2$+$!!!!!!$*!!!!!1#$L&1!

1<$=%%)*<,+(M%5'0-<.D%')-':/'8(2%@7:7057>'%1"(%@78&80".%H78(%1+(.%6+1'0:7%%
!!!)!!!!!!!!0&1O!!!!!',+,$*'&H!!"$:)*3)'&!!!!!!!!!!3&6)!!!!!!!!!!)(!!!!!!!!*,L&!!!!!!!!!.!!!!!)!()!!!!!!6)'2$!

7#)1"#$%H78(%M'#$-'%'8)2%T8G-#@1".%H78(%8G,/8%')H'8$%%'L<2%%7V.%'8G@<%,"8D%%
!!'$!O(!!!!!!!!!.!!!!!!!B#.$!!!!!)!!!!!!!!!!9%,/3&!!!!!!!!!.!!!!!$13)3$!!!)((C!!!!!B)13)!!!A#$!!!!',%)!!!!)!3,7!!!!!!!!!!!!!

6'055'8%-7(:%%9;:<0=&+2%P+1'8$.%1"(%@78&80".%1"#$%7)@"5'0,78%7#)1"0A%
!!!/&2A#$!!:)!!!!!!!!!!>$2&'$1!!!)!E#1+)2!!!!)(!!!!!!!!*,L&!!!!!!!!!![!!!!!/)2)!'$132#,2!!!!!!!(&7!
!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!
F#(40?() /0#) 4*,1%#,'$2) % )T.7E<:+,70.1<.% &'(?% +&*132#++,-*! 3C/,+)! +&*! $(! :$2E&!
)*3$+$',$*'&! )! ()! +&*5#*+,-*7! )T.7E<:+,70.1<.4! /(#2)(! 6)1+#(,*&! '$(! /)23,+,/,&!
)&2,13&! /2,6$2&! $*! :&F! )+3,:)! '$(! :$2E&! 7.70E<:'0<4! ,#5,#(*,4! )A#C! +&6&! 9*:%#$+')
,#5,#(*+'A!
C#)*/064!+&*1,'$2)'&!)*3$14!:$2!:7!e7!
U4*,#8%@4!M780.'178?%3$2+$2)!/$21&*)!1,*%#()2!'$(!/2$1$*3$!'$!,*',+)3,:&!$*!:&F!/)1,:)!
'$(!:$2E&!M780.<4!*4*,#8#,4!)A#C!+&6&4!(#)*4*,#8#7!^2$1$*3$!+&*!+)2D+3$2!'$!/)1)'&7!
B$)(0#Z'(4!+&*1,'$2)'&!)*3$14!:$2!SHJT7!
F%\'2)5'0-<.4! 1,*%#()2! 6)1+#(,*&!'$(!/)23,+,/,&!/2$1$*3$!$*!:&F! )+3,:)!'$(! :$2E&!5'0-<4!
+#8%,4!)A#C!+%8%#$+'A!
J#"X$1*1#)3)1'&*4!')-':/'8(2%@7:7057>'4!+&*132#++,-*!:$2E)(4!+&*!')-':/'8(2?%;&26)!'$(!
*&6,*)3,:&!6)1+#(,*&!1,*%#()2!+&*!$(!/)23,+,/,&!)&2,13&!/2,6$2&!$*!:&F!/)1,:)!'$(!:$2E&!
')-'80:<4!-#"*$1*,4!$*!1$*3,'&!'$!'$1/$23)2!'$(!1#$L&4!($:)*3)21$!'$!()!+)6)4!/&*$21$!$*!
/,$4! )A#C! +&6&! -#"*$1X$+'1#_! .! @7:7057>'4! 1$%#*')! /$21&*)! 1,*%#()2! '$(! )&2&,13&!
1$%#*'&!'$!,6/$2)3,:&!$*!:&F!)+3,:)!'$(!:$2E&!@7:7576>70.<4!+&*!1$*3,'&!'$!1'&*,)
4*,*)')8'$)0$')&%(&'4!)A#C!+&6&!1'&*7!
C03#4! M'#$-'4! 1$%#*')! /$21&*)! 1,*%#()2! '$(! /2$1$*3$! '$! ,6/$2)3,:&! $*! :&F! )+3,:)! '$(!
:$2E&!M'#0-<4!90%,4!!)A#C!+&6&!903#7!
^) 4#,&*$#8#) *--X4! H78(% 8G,/8% ')H'8?% +(D#1#()! +&*! H78(4! 34! 8G,/84! 1$%#*')! /$21&*)! '$!
1,*%#()2! '$(! /2$1$*3$! '$! ,6/$2)3,:&! $*! :&F! )+3,:)! '$(! :$2E&! '8)6804! #(1*,4! )A#C! +&6&!
#(1*1#4!$*!1$*3,'&!'$!4#,&*$#8#,4!.!$(!)':$2E,&!')H'84!A#$!1,%*,;,+)!*--XA!
C*(1*) /0#) 3') 1#) +%5*4! 'L<2% 7V.% '8G@<% ,"8?% +(D#1#()! 3$6/&2)(! ,*'$;,*,')! +&*! ()!
+&*5#*+,-*!'$!3,$6/&!'L<24!9*(1*4!()!/)23C+#()!7V.4!/0#_!'8G@<4!/2,6$2)!/$21&*)!1,*%#()2!
'$(! )&2,13&! 1$%#*'&! '$! 1#E5#*3,:&! $*! :&F! )+3,:)! '$(! :$2E&! '8G:<4! :$2E&! )2+),+&! +&*!
;#3#2&!'):'0<?%+&*!1$*3,'&!'$!&*$+*,2)',+#$*,2)+#8%,4!)A#C!+%5*7!
U8'$1#8#,X4! 6'055'8?! 3$2+$2)! /$21&*)! 1,*%#()2! '$(! /2$1$*3$! '$! ,*',+)3,:&! $*! :&F! )+3,:)!
'$(!:$2E&!6'055<4!#(1*,)*)40$1')+#2)1#$#,)%$1#$8%'$#(4!)A#C!+&6&!*8'$1#8#,X7!

!!!!!!!!!

GQZPGM?`W!9!?WaGWM?G!
!

SdS!

>0(8*,X4%P+1'8$.4!/2$1$*3$!,6/$2;$+3&!$*!:&F!)+3,:)!'$(!:$2E&!P+1'0<4!:0(8*,2)%$1#$1*,2)
/0#,#,4!)A#C!+&6&!:0(8*,X2)&)%$1#$1*,X):0(8*,7!
b*,*) &*1*,-'4! 7)@"5'0,78% 7#)1"04! +(D#1#()! /2&*&6,*)(! +&*! 7)@"5'0,784! )&2,13&! /2,6$2&!
'$!,*;,*,3,:&!$*!:&F!)+3,:)!'$(!:$2E&!7)@"055#684!+#(1,0%,2)&*1*,4!)A#C!+&6&!&*1*,4!+&*!
$(!/2&*&6E2$!7#)1"4!*)?-7!

!
!
9(!3$N3&!/&*$!'$!6)*,;,$13&!A#$!Q,&1!$*:,-!#*!6$*1)5$!)!0&1O!/&2!6$',&!
'$!#*!D*%$(!A#$!1$!)/)2$+,-!$*!1#$L&1!7G--'5"2%U#:80"#%M780.'178%H71I%"G.7:7!
W#$:)6$*3$!8)3$&!#3,(,F)!#*)!(()6)')!'$!)3$*+,-*!)(!($+3&2!$1+2,E,$*'&!8)&"#?%
9#)*/064!$*!1$*3,'&!'$!4,#(1*)*1#$8%@$7)!9(!6$*1)5$!A#$!Q,&1!$*:,-!)!0&1O!/&2!
6$',&!'$(!D*%$(!1$!/2&'#5&!,*6$',)3)6$*3$!'$1/#O1!'$!()!/)23,')!'$!(&1!6)%&1H!
)T.7E<:+,70.1<.% &'(% 7#)1<$.?% !9*:%#$+') ,#5,#(*+') #--'(._! $1! /&1,E($! A#$!
;#$1$! $*! ()! 6,16)! *&+B$! '$(! 'C)! '$! ()! )'&2)+,-*7! >)EC)! #2%$*+,)! $*! A#$! 0&1O!
3&6)1$! )(! *,L&! .! )! 1#! 6)'2$! .! /)23,$1$! #2%$*3$6$*3$! '$! V$(O*! /)2)! 9%,/3&H!
')-':/'8(2% @7:7057>'% 1"(% @78&80".% H78(% 1+(.% 6+1'0:7% 7#)1"#$% H78(% M'#$-'% '8)2%
T8G-#@1".?%!-#"*$1*+'2)1'&*)*-)$%Z')3)*)(0)&*+,#)3)903#)*)B5%41'.7!9(!:$2E&!
M'#$-'?%$13D!$*!/2$1$*3$!'$!,6/$2)3,:&!.!$N/2$1)!()!()!,'$)!'$!B#,24!$1!'$+,24!#*)!
6)2+B)!#2%$*3$!.!/2$+,/,3)')!/)2)!1)(:)2!()!:,')!'$!3&')!()!;)6,(,)!'$!()1!,2)1!.!
/2&/-1,3&! '$! >$2&'$17! 0&1O! *&! +&*&+C)! $(! /$(,%2&! A#$! 1$! +$2*C)! 1&E2$! $((&1! .!
6#+B&!6$*&1!$(!6&'&!'$!$:,3)2(&7!Q,&1!$1!A#,$*!($!,*',+)!()!#2%$*+,)!'$!)A#$(()!
1,3#)+,-*!.!$(!6&'&!'$!/&*$21$!)!1)(:&7!")1!'&1!+&1)1!($!1&*!2$:$()')1!)!0&1O!$*!
1#$L&17! Q$! ()! 6,16)! 6)*$2)! A#$! B)EC)! 2$+,E,'&! ()! 2$:$()+,-*! 1&E2$! ()!
+&*+$/+,-*! :,2%,*)(! /&2! &E2)! '$(! 91/C2,3#! =)*3&! ISHJTK4! )1C! 3)6E,O*! $*! $(!
6&6$*3&!'$!/$(,%2&4!Q,&1!)':,$23$!)!0&1O4!'$!A#$!>$2&'$1!E#1+)2D!)(!*,L&!/)2)!
6)3)2(&7! "&! A#$! *)',$! +&*&+C)! 3&'):C)4! (&! +&*&+C)! GA#$(! A#$! +&*&+$! (&1!
/$*1)6,$*3&1!.!()1!,*3$*+,&*$1!'$(!+&2)F-*7!0&1O!'$EC)!8G,/8%')H'8$%'L<2%7V.%'8G@<%
,"8!/$26)*$+$2!$*!9%,/3&!B)13)!A#$!Q,&1!&2'$*)1$!($!&2'$*)1$!:&(:$24!+&1)!A#$!
0&1O!B,F&!$*!&E$',$*+,)!)(!6)*')3&!',:,*&7!9(!6)*')3&!:)!#*,'&!)!()!2)F-*!A#$!
(&!6&3,:)H!6'055'8%-7(:%%9;:<0=&+2%P+1'8$.%1"(% @78&80".%1"#$% 7)@"5'0,78%7#)1"0?%
!4',/0#)C#,'+#()"*)*):0(8*,)*-)$%Z')4*,*)&*1*,-'.4!(,3$2)(6$*3$!+#(1,0%,-'7!
!
!
0&1O!.!8)2C)!'$E,$2&*!B)E$2!2$+,E,'&!()!:,1,3)!.!)'&2)+,-*!'$!(&1!6)%&1!
+&6&!#*)!+&*;,26)+,-*!'$(!6$*1)5$!')'&!/&2!$(!D*%$(!$*!()!)*#*+,)+,-*4!3)*3&!)!
0&1O!I837!SHJT4!JSK4!+&6&!)!8)2C)!I"+7!SHJX[\dK4!+&6&!/&2!9(,1)E$3!)!8)2C)!I"+7!
SHfJK4! +&6&! /&2! (&1! /)13&2$1! 1&E2$! $(! 6$*1)5$! A#$! B)EC)*! 2$+,E,'&! '$! (&1!
D*%$($1! I"+7! JHU[SeK! .4! ;,*)(6$*3$4! '$! =,6$-*! $*! $(! 3$6/(&! I"+7! JHJd[\\K7! 9(!
%&F&!'$!(&1!)+&*3$+,6,$*3&1!,E)!)+&6/)L)'&!3)6E,O*!'$(!)*#*+,&!'$!'&(&2!A#$!
/2&'#+,2C)4!$1/$+,)(6$*3$!$*!8)2C)4!(&1!1#;2,6,$*3&1!'$!1#!>,5&!0$1<1!I"+7!JH\f4!
\dK7! ])! +&6$*F)E)*! )A#C! +&*! $(! '&(&2! '$! 3$*$2! A#$! )E)*'&*)2! $(! (#%)2! '&*'$!
:,:C)*!/)2)!32)1()')21$!+&6&!B#,'&1!)!9%,/3&7!9(!$*3&2*&!'$!$13$!)+&*3$+,6,$*3&!
3,$*$!A#$!:$2!+&*!$(!'$1+$*1&!'$(!>,5&!'$!Q,&14!A#$!+&6$*F-!+&*!()!$N/$2,$*+,)!
'$! $*32)2! $*! $(! 6#*'&! '$! (&1! B&6E2$1! +&6&! B&6E2$! I0*7! SHSfK4! (#$%&! +&*! ()!
/&E2$F)! '$! A#,O*! $1! /&1$$'&2! '$! 3&'&! IJ! M&7! UHeK4! )B&2)! $(! M2$)'&2! $1!

SdJ!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
/$21$%#,'&!.!B#.$!'$!()!+2,)3#2)7!W&!B).!6$*3$!B#6)*)!A#$!/#$')!$*3$*'$2!#*!
6,13$2,&!1$6$5)*3$!'$!()!%2)+,)!'$!Q,&1!$*!1)(:)+,-*7!
!
!
9%,/3&! 2$/2$1$*3)E)! $*! $(! 1$*3,'&! ECE(,+&! (&! A#$! 3,$*$! A#$! :$2! +&*! $(!
6#*'&!.!1#1!+&1)17!m*!(#%)2!'&*'$!$(!/#$E(&!'$!Q,&1!$13#:&!$*!$1+():,3#'!.!'$!
()! A#$! ;#$! (,E$2)'&! /&2! Q,&1! 6,16&7! m*! (#%)2! '&*'$! ()! ,'&()32C)! .! 1#1!
+&*1$+#$*+,)1!1$!6)*,;$13)E)*7!=#2%$!()!/2$%#*3)H!j/&2!A#O!)!9%,/3&l7!Q$1'$!$(!
/#*3&!'$!:,13)!%$&%2D;,+&!$2)!#*!(#%)2!A#$!*&!$13)E)!6#.!($5&1!'$!^)($13,*)!.!$*!
'&*'$!B)EC)!#*)!,6/&23)*3$!+&(&*,)!5#'C)!.)!'$1'$!(&1!3,$6/&1!'$!(&1!/2&;$3)1!
I+;7! 0$27! f\Hb_! ffHSK7! W&! +)E$! '#')! A#$! 1$%#C)! B)E,$*'&! 5#'C&1! 2$1,'$*3$1! $*!
9%,/3&!$*!(&1!3,$6/&1!'$!M2,13&!+&6&!1$!)/2$+,)!/&2!()!/2$1$*+,)!'$!$((&1!$*!$(!
'C)! '$(! '$1+$*1&! '$(! 91/C2,3#! =)*3&! $*! ^$*3$+&13O1! I>+B7! JHSTK7! =$%<*! a():,&!
0&1$;&!$*!1#!3,$6/&!B)EC)!$*!9%,/3&!*&!6$*&1!'$!#*!6,((-*!'$!5#'C&14!()!6).&2!
/)23$! $*! G($5)*'2C)7! ")! ;)6,(,)! '$! 0$1<1! /&'C)! $13)2! $*! +&*3)+3&! +&*!
+&6/)32,&3)1!6$5&2!A#$!$*!&32&1!(#%)2$17!G'$6D1!>$2&'$1!*&!$5$2+C)!)#3&2,')'!
)(%#*)!$*!9%,/3&7!=,*!$6E)2%&4!+&6&!1$!)/2$+,)!6D1!)'$()*3$!I:7SdK4!()!B#,')!)!
9%,/3&!B)2C)!/&1,E($!$(!+#6/(,6,$*3&!'$!()!/2&;$+C)!'$!Z1$)17!j>#E&!*$+$1,')'!
'$! $13&l! jW&! /#'&! Q,&1! $13)E($+$2! &32&! 6&'&! /)2)! $(! +#6/(,6,$*3&! '$! ()!
/2&;$+C)! /$2&! 6$*&1! ',;,+#(3&1&! /)2)! ()! ;)6,(,)! '$! 0$1<1l! =,*! '#')4! ()1!
/&1,E,(,')'$1! '$! Q,&1! 1&*! ,*;,*,3)1! +&6&! ,*;,*,3)! $1! 1#! &6*,/&3$*+,)4! /$2&4!
3)6E,O*! ,*;,*,3)! $1! 1#! 1)E,'#2C)! $! ,*;,*,3)! 1#! 1&E$2)*C)7! Q,&1! B,F&! 3&'&! $13&!
+&6&! $N/2$1,-*! '$! #*! /()*! /2$'$3$26,*)'&! $*! 2$()+,-*! +&*! ()! $N/$2,$*+,)!
B#6)*)! '$! 1#! >,5&7! 9*! $1)! ',6$*1,-*! (&! B,F&! )1C! /&2A#$! )1C! +&*:$*C)! A#$!
1#+$',$1$7!9(!/$*1)6,$*3&!'$!Q,&1!*&!+&*+#$2')!+)1,!*#*+)!+&*!$(!/$*1)6,$*3&!
'$(!B&6E2$7!=#1!+)6,*&1!1&*!6D1!)(3&1!A#$!(&1!*#$132&1!.!1#1!/$*1)6,$*3&1!1&*!
1#/$2,&2$1! $*! 3&'&! I?17! ddHU4! eK7! ")! )'6,2)E($! 1)E,'#2C)! '$! Q,&1! +&*'#+$! 3&'&!
+&*;&26$!)!1#!'$3$26,*)+,-*!$3$2*)!/)2)!E$*',+,-*7!
!
?XB) Y) H9K) 2:EZ:4M1823K) M3N7) 2:) 835T:) 19) 86_3) ;) 1) EC) N124:K) ;) E:) ]C:) 1)
/O6ZM3B)
)
"9%&'(%')-':/'8(2%%%@7:'057>'.%1"(%@78&80".%H78(%1+(.%6+1'0:7%7#)1"#$%.#H1"(2%
!]!O(!!!($:)*3D*'&1$!!!!!!!!!!3&6-!!!!!!!!!!!)(!!!!!!*,L&!!!!!!!!!!!!.!!!!!)!()!!!!!!6)'2$!!!!!!!!'$!O(!!!!'$!*&+B$!
H78(%7).'E<0:+,'.%'8)2%T8G-#@1".?%
!!!.!!!!!!!!!1$!6)2+B-!!!!!!!!!!)!!!!!!!9%,/3&7!
!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!
F#(4#,1*$+'4!')-':/'8(2?%6&'&!:$2E)(!A#$!.)!)/)2$+,-!)*3$14!:$2!:7!S\7!
I'&@4! @7:'057>'.?% 3$2+$2)! /$21&*)! 1,*%#()2! '$(! )&2,13&! 1$%#*'&! '$! ,*',+)3,:&! $*! :&F!
)+3,:)!'$(!:$2E&!@7:7576>70.<2!+&*!1$*3,'&!'$!,#8%:%,)+#)'1,'4!)A#C!+&6&!1'&@A)
F#) $'89#4! .#H1"(24! %$*,3,:&! 1,*%#()2! ;$6$*,*&! '$! .#0N4! $'89#4! )A#C! +&6&! +#) $'89#2)
,*+(#1&!*)&#+%*)$'89#7)

!!!!!!!!!

GQZPGM?`W!9!?WaGWM?G!
!

Sd\!

G#)H0#2%7).'E<0:+,'.4!3$2+$2)!/$21&*)!1,*%#()2!'$(!)&2,13&!/2,6$2&!'$!,*',+)3,:&!$*!:&F!
)+3,:)!'$(!:$2E&!7).7E<:'0<4!%,(#4!)A#C!+&6&!(#)&*,89@A)

)
)
0&1O! 2$+,E,-! $(! 6$*1)5$! '$! *&+B$7! ")! &E$',$*+,)! )! (&! A#$! Q,&1! ',1/&*C)!
;#$! ,*6$',)3)7! =$! ($:)*3-! ')-':/'8(2?% ! $*! )A#$(! 6&6$*3&! .#H1"(2?% '$! *&+B$4! .%
@7:'057>'.% 1"(% @78&80".% H78(% 1+(.% 6+1'0:7?! 3&6)*'&! )(! *,L&! .! )! 1#! 6)'2$!
1)(,-4!1,$*'&!'$!*&+B$!7).'E<0:+,'.%'8)2%T8G-#@1".?!$*!',2$++,-*!)!9%,/3&7!Q$!
()! 6,16)! 6)*$2)! A#$! 1#! )*3$/)1)'&! GE2)B)64! 0&1O! 1)(,-! '$! '&*'$! :,:C)! .! 1$!
',2,%,-!)!#*!(#%)2!'$1+&*&+,'&!/)2)!O(4!+&*;,)*'&!1-(&!$*!()!/2&:,'$*+,)!',:,*)!
I>$7!SSHUK7!91!*&3)E($!&E1$2:)2!A#$!()!2$;$2$*+,)!'$!;)6,(,)2,')'!')')!)!8)2C)!
*&!$1!()!'$!#(4'(*)+#)<'(?4!1,*&!-*)&*+,#)+#-)$%Z'_!$1)!$2)!()!/2,*+,/)(!2$()+,-*!
$*32$!(&1!32$17!W&!+)E$!'#')!A#$!3)6E,O*!$2)!.)!()!$1/&1)!'$!0&1O4!/$2&!()!6).&2!
',%*,')'! /)2)! $(()! $1! ()! '$! 1$2! ()! 6)'2$! '$! 0$1<17! "&1! '&*$1! '$! (&1! 6)%&1!
'$E,$2&*!B)E$2!1$2:,'&!+&6&!2$+#21&1!$+&*-6,+&1!$*!#*)!1,3#)+,-*!1$6$5)*3$7!
")! ',13)*+,)! $*32$! ^)($13,*)! .! 9%,/3&! $1! /$A#$L)4! $*! +#)32&! &! +,*+&! 'C)1! 1,*!
6#+B&! $1;#$2F&! 1$! /&'C)! )(+)*F)2! /&2! $(! +)6,*&! '$(! W$%#$:! ()! ;2&*3$2)7! 9(!
+)6,*&!$2)!2$()3,:)6$*3$!1$%#2&!/&2!()1!*#6$2&1)1!+)2):)*)1!A#$!1&(C)*!,2!/&2!
O(!$*!$(!32)1,$%&!+&6$2+,)(!$*32$!$(!*&23$!.!9%,/3&7!=,*!$6E)2%&!$(!+)6,*&!$2)!
',;,+#(3&1&!/&2!32)*1,3)2!/&2!F&*)1!'$1O23,+)14!$13&!$14!+&*!/&+)!/&E()+,-*!'&*'$!
)+&6&')21$7!^#'&!6#.!E,$*!+&13)2($1!)!(&1!32$1!#*&1!',$F!&!6D1!'C)1!(($%)2!)(!
(#%)2!'$!'$13,*&7!j9*!A#O!(#%)2!'$!9%,/3&!1$!)1$*3)2&*l!91!#*)!'$!()1!/2$%#*3)1!
1,*!2$1/#$13)!ECE(,+)7!m*)!)*3,%#)!32)',+,-*!'$(!1!n???!1$L)()!)!8)3)2,$B4!+$2+)!
'$! >$(,-/&(,1! )! #*&1! &+B&! c,(-6$32&1! '$! 9(! M)2,&4! $(! (#%)2! '&*'$! 2$1,',$2&*!
6,$*32)1!$13#:,$2&*!$*!9%,/3&7)
)
)
Q$! ()! 6,16)! 6)*$2)! A#$! *&! B#E&! (#%)2! /)2)! 0$1<1! $*! $(! 6$1-*! +#)*'&!
*)+,-4!)1C!3)6/&+&!B)EC)!(#%)2!32)*A#,(&!$*!0#'$)!/)2)!O(4!3$*,$*'&!A#$!B#,2!'$!
1#! 3,$22)! .! '$! (&1! 1#.&1! )! #*! /)C1! $N32)*5$2&7! GA#$((&1! A#$! 3#:,$2&*! 3)*! /&+&!
,*3$2O1!$*!$(!*)+,6,$*3&!'$(!8$1C)14!;#$2&*!)E)*'&*)'&1!/&2!$(!8$1C)1!)(!/&+&!
3,$6/&! '$! B)E$21$! 6)*,;$13)'&! $*32$! $((&17! Y&')1! $13)1! 1&*! 1$L)($1! 3$6/2)*)1!
'$! (&! A#$! 1$! /2&'#+,2C)! )L&1! 6D1! 3)2'$! '#2)*3$! 1#! 6,*,13$2,&7! 0$1<1! ;#$!
2$+B)F)'&!/&2!A#,$*$1!'$EC)*!$13)2!$1/$2D*'&($!.!',1/#$13&1!)!2$+,E,2($!+&6&!()!
/2&6$1)!.!$1/$2)*F)!/)2)!?12)$(7!m*)!;)6,(,)!$*!#*)!1,3#)+,-*!',;C+,(4!)($5)'&1!
'$!()!+&6/)LC)!'$!(&1!1#.&1!.!($5&1!'$(!(#%)2!'$!2$#*,-*4!$(!3$6/(&!'$(!=$L&24!
3$*C)*! +&*! $((&1! )(! =$L&2! '$(! 3$6/(&7! Q&*'$A#,$2)! A#$! $13O! #*! +2$.$*3$4! )((C!
3)6E,O*!$13D!$(!=$L&27!GA#$(!A#$!B)EC)!/2&6$3,'&!)!(&1!1#.&1!A#$!($1!1$2C)!/&2!
#*! /$A#$L&! 1)*3#)2,&! $*! $(! (#%)2! )! '&*'$! ;#$1$*4! 1$! B)+$! ()! 6D1! %(&2,&1)!
2$)(,')'!/)2)!0&1O!.!8)2C)!I9F7!SSHSXK7!")1!/$&2$1!+,2+#*13)*+,)1!)!&5&1!'$!(&1!
B&6E2$14!1&*!+&*'#+,')1!/&2!Q,&1!/)2)!$(!E,$*!'$!(&1!1#.&1!IP&7!UHJUK7!W#*+)!
()!/2$1$*+,)!'$(!=$L&2!$13)2D!($5&1!'$!)A#$((&1!A#$!($!)6)*7)
!

Sdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
?[B);):EMCL3)199Q)T1EM1)91)NC:4M:)2:)J:432:E\)Z141)SC:)E:)5CNZ96:E:)93)SC:)
26R3) :9) g:_34) Z34) N:263) 2:9) Z43]:M1K) 5C1823) 26R3>) +:) /O6ZM3) 991NH) 1) N6)
J6R3B)
)
H78(%+K.%%')H'8$%'L<2%1+$2%1'5'#1+$2%%9;:<0=&"#D%%8L.7%%@5+:</+$=%1"(%:9+/'(.%#9@"()
!!!]!$13)E)!!)((C!!!!B)13)!!!$(!!!!!!!!!;,*)(!!!!!!!!!!'$!>$2&'$1_!/)2)!A#$!!1$!+#6/(,$1$!!!(&!!!',+B&!!!!!!/&2!
U#:80"#%%&87(%%%1"#$%@:"M+01"#%5'0-".1"2D%')N%T8)-#0@1"#%')H705',7%1"(.%#89"0.%%
!!$(!=$L&2!!/&2!6$',&!'$(!!!!!!!/2&;$3)!!!!!!!!!!!A#$!',+$H!!!!!Q$!!!!!!!9%,/3&!!!!!!!!!!!(()6O!!!!!!!!!!)(!!!!!B,5&!
6"#A%
'$!6C7!

!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
)
^) #(10"') *--64! H78(% +K.% ')H'8?% +(D#1#()! +&*! H78(4! 3_! +K.! 3$2+$2)! /$21&*)! 1,*%#()2! '$(!
,6/$2;$+3&! '$! ,*',+)3,:&! $*! :&F! )+3,:)! '$(! :$2E&! '8)6804! #(1*,4! )A#C! +&6&! #(1*:*_! .! $(!
)':$2E,&!'$!(#%)2!')H'84!*--6A!
C*(1*) -*) &0#,1#) +#) C#,'+#(4! 'L<2% 1+$2% 1'5'#1+$2% % 9;:<0=&"#! 1$%#*')! +(D#1#()! +&*! ()!
+&*5#*+,-*!'$!3,$6/&!'L<24!9*(1*4!1$%#,'&!'$(!)23C+#(&!'$3$26,*)'&!$*!%$*,3,:&!1,*%#()2!
;$6$*,*&!1+$2?%-*4!+&*!1'5'#1+$24!%$*,3,:&!1,*%#()2!;$6$*,*&!'$!1'5'#1+4!:,*+#()'&!+&*!
1'5'0<4! 80&4-%,(#2) *8*:*,4! (,3$2)(6$*3$! H%$*-4! )A#C! 32)'#+,'&! +&6&! &0#,1#4! $(! ;,*)(! '$!
>$2&'$17!
b*,*) /0#) (#) 80&4-%#(#4! 8L.7% @5+:</+$4$= ! $N/2$1,-*! +&*! 4! 8L.74! 4*,*) /0#4! .! @5+:</+$$=4!
3$2+$2)! /$21&*)! 1,*%#()2! '$(! )&2,13&! /2,6$2&! '$! 1#E5#*3,:&! $*! :&F! /)1,:)! '$(! :$2E&!
@5+:"0<4!--#$*,2)80&4-%,2)8'&4-#1*,4!)A#C!+&6&!80&4-%#(#7)
J') +%89'2) 1"(% :9+/'(.4! +(D#1#()! +&*! $(! )23C+#(&! '$3$26,*)'&! 1"(4! -'4! .! :9+/'(.?! /)23,+,/,&!
)&2,13&!/2,6$2&!$*!:&F!/)1,:)!'$(!:$2E&!)2+),+&!'8G:<?!+#8%,4!)A#C!+&6&!+%89'7)
70*$+')+%\'45'0-".1"24!/)23,+,/,&!/2$1$*3$!'$(!:$2E&!5'0-<4!+#8%,4!A#$!/#$'$!32)'#+,21$!
/&2!/0#)+%8#2)&!80*$+')+%8#7)
J-*&?4! ')H705',74! /2,6$2)! /$21&*)! 1,*%#()2! '$(! )&2,13&! /2,6$2&! '$! ,*',+)3,:&! $*! :&F!
)+3,:)!'$(!:$2E&!H75'0<4!--*&*,4!)A#C!+&6&!--*&?A)

)
)
")!;)6,(,)!'$!0$1<1!$13#:&!$*!9%,/3&!B)13)!()!6#$23$!'$!>$2&'$14!A#$!3#:&!
(#%)2!$*!()!/2,6):$2)!'$(!)L&!bdT!'$!()!;#*')+,-*!'$!P&6)4!+#)32&!&!+,*+&!)L&1!
'$(! +-6/#3&! '$(! 3,$6/&! '$! ()! $2)! +2,13,)*)7! W&! +)E$! '#')! A#$! $(! +)($*')2,&!
5#(,)*&! $13D! )'$()*3)'&! $*! +,*+&! )L&1! )/2&N,6)')6$*3$7! ")! 91+2,3#2)! %#)2')!
1,($*+,&! '$! ()! (($%)')! )! 9%,/3&4! '$(! (#%)2! '&*'$! $13#:,$2&*4! '$! +&6&! ;#$! ()!
E<1A#$')! .! $*! A#$! (#%)2! $13#:,$2&*! )(&5)'&14! $3+7! 1,*! $6E)2%&4! );,26)! A#$!
$13#:,$2&*! )((C! B)13)! $(! +#6/(,6,$*3&! '$! (&! A#$! Q,&1! B)EC)! ',1/#$13&! .!
+&6#*,+)'&!)!0&1O!/&2!6$',&!'$!1#!D*%$(7!913#:,$2&*!$*!9%,/3&!B)13)!()!6#$23$!
'$! >$2&'$1% H78(% +K.% % ')H'8$% 'L<2% 1+$2% 1'5'#1+$2% % 9;:<0=&"#7! ! ")! $13)*+,)! $*!
9%,/3&! &E$'$+C)! 3)6E,O*! )(! +#6/(,6,$*3&! '$! ()! /2&;$+C)! A#$! $(! =$L&2! ',&! /&2!
6$',&! '$! Z1$)1! IZ17! SSHSKH! 8L.7% % @5+:</+$=% 1"(% :9+/'(.% #9@"(% U#:80"#% % &87(%%%
1"#$% @:"M+01"#?%!4*,*)/0#)(#)80&4-%#(#)-')+%89')4',)#-)G#Z',2)4',)&#+%')+#-)
4,'H#1*.7!
!

GQZPGM?`W!9!?WaGWM?G!
Sdd!
!
!
")!/2&;$+C)!'$!Z1$)1!$1!#*)!/2&;$+C)!'$!)6&27!Q,&1!)6)*'&!)!1#!/#$E(&!)!
/$1)2! '$! 1#1! 6#+B&1! /$+)'&1! .! 32)*1%2$1,&*$17! M&*! +()2,')'! ',+$! Z1$)1H!
!80*$+')`(,*#-)#,*)&089*89'2)3')-')*&?2)3)+#)B5%41')--*&?)*)&%)9%\'.7!8)3$&!
+,3)! 1&(&! /)23$! '$(! +&*3$*,'&! '$(! 3$N3&! /2&;O3,+&H! ')N% T8)-#0@1"#% ')H705',7% 1"(.%
#89"0.% 6"#4! !+#) B5%41') --*&?) *) &%) C%\'.7! W&! B#E,$2)! 1,'&! /&1,E($! $*! E#$*)!
B$26$*O#3,+)!)/(,+)2!$(!3$N3&!'$!Z1$)1!)!0$1<1!'$1'$!$(!+&*3$N3&!'$!()!/2&;$+C)4!
1,*!$6E)2%&!()!,*3$2/2$3)+,-*!*&!$1!'$! 8)3$&!1,*&!'$(!91/C2,3#!A#$!+&*'#5&!$(!
/$*1)6,$*3&!'$(!$:)*%$(,13)7!W&!+)E$!'#')!A#$!?12)$(4!$*!$(!+&*3$N3&!/2&;O3,+&!
'$(!/)1)5$!'$!'&*'$!8)3$&!3&6-!$(!3$N3&4!$13D!2$/2$1$*3)*'&!)!0$1<14!$(!1,$2:&!
/$2;$+3&!.!$(!>,5&!)6)'&!'$!Q,&17!9(!i$2E&!B$+B&!+)2*$!$1!$(!>,5&!'$!Q,&1!I0*7!
SHSfK4!/$2&!)'$6D1!$1!3)6E,O*4!$*!$(!/()*&!'$!1#!B#6)*,')'4!$(!1,$2:&!/$2;$+3&!
'$!Q,&17!Q$!()!6,16)!;&26)!A#$!a)2)-*!,*3$*3&!'$132#,2!$(!/#$E(&!'$!Q,&14!)1C!
3)6E,O*! >$2&'$1! ,*3$*3-! '$132#,2! )(! >,5&! '$! Q,&17! =,*! $6E)2%&! +&6&! Q,&1!
,*3$2:,*&!$*!1#!/2&:,'$*+,)!$*!3,$6/&!'$!a)2)-*!/)2)!/2&3$%$2!)!1#!/#$E(&4!)1C!
3)6E,O*!(&!B,F&!$*!3,$6/&!'$!>$2&'$1!/)2)!/2&3$%$2!)!1#!>,5&!0$1<17!9(!ON&'&!
'$!?12)$(!3$*'2C)!+#6/(,6,$*3&!/($*&!$*!$(!ON&'&!'$!0$1<1!'$1'$!9%,/3&4!'&*'$!
1$2C)! (()6)'&! /&2! Q,&1! /)2)! 2$%2$1)2! )! 1#! 3,$22)! .! +#6/(,2! $(! 6,*,13$2,&! A#$! ($!
B)EC)! 1,'&! $*+&6$*')'&7! 91! ,*3$2$1)*3$! (&! A#$! $1+2,E$! >$*'2,c1$*! 1&E2$! $13$!
1,6E&(,16&!$*32$!?12)$(!.!0$1<1H)
)
)
!G%$)#&:*,5'2)$')#()(0H%8%#$1#)+#8%,)/0#)`(,*#-)#,*)0$)1%4')+#)7,%(1'A)B-)
"6$80-') #$1,#) -'() +'() #() &X() #(1,#89') /0#) -') %&4-%8*+') #$) -*) 4*-*:,*) f1%4'gA)
7,%(1') "#$+,6*) +#) `(,*#-) #$) (0) $*10,*-#Q*) 90&*$*A) G%) `(,*#-) 90:%#(#) (%+')
+#(1,0%+')#$)B5%41'2)-*()4,'H#86*()&#(%X$%8*()Kc$A)LLMNTY)LhMiY)LTMNiY)ijMNkP)
$') (#) 9*:,6*$) 80&4-%+'A) b',) -') 1*$1'2) #() &03) 8%#,1') /0#) 80*$+') `(,*#-) H0#)
#H#81%"*&#$1#) --*&*+') +#) B5%41'2) 7,%(1') 1*&:%?$) H0#) --*&*+'A) b',) #(') D*1#')
1%#$#) 1'+') #-) +#,#89') +#) +#8%,M) f4*,*) /0#) (#) 80&4-%#(#) -') /0#) +%\') #-) G#Z',) *)
1,*"?() +#-) 4,'H#1*) 80*$+') +%\'M) F#) B5%41') --*&?) *) &%) 9%\'gA) B$1,#) -'()
*('&:,'('()4*(*\#()#$)/0#)7,%(1')3)(0)40#:-')(#)4'$#$)#$)0$*)#(1,#89*)0$%@$)
#(1X)C89A)LLMRM)fG*0-'2)G*0-'2)[4',)/0?)6$)4#,(%50#(]. i A)
)
)
")!/2&/,)!%$*$)(&%C)!'$!8)3$&!$13)E($+$!#*!:C*+#(&!'$!#*,-*!)1+$*'$*3$!
$*32$!M2,13&!.!(&1!)*3$/)1)'&1!1#.&1!B)13)!Q):,'!.!GE2)B)67!9*!)(%#*)!6$',')!
$(!=$L&2!$13)E)!$*!1#!/#$E(&!+&6&!'$1+$*',$*3$!*)3#2)(!'$1'$!1#!B#6)*,')'!'$!
(&1! /)32,)2+)1! IP&7! eHdK7! 9*! GE2)B)64! /&3$*+,)(6$*3$4! $13)E)! 3&')! ()!
'$1+$*'$*+,)!'$!()!*)+,-*!B$E2$)4!$*32$!$((&1!0$1<1!$(!M2,13&7)
)
)
"&1! B,5&1! '$! Q,&1! /&'2D*! $13)2! 1#5$3&1! )! ',;,+#(3)'$14! +&*32)3,$6/&14!
/2&E($6)1! $! ,*+(#1&! $N/$2,6$*3)2! ()! 1&($')'! .! $(! '$13,$22&4! 1,*! $6E)2%&4!
&(:,')'&1! '$! (&1! B&6E2$14! $*$6,%&1! '$! (&1! B&6E2$1! )! +)#1)! '$! 1#! +&*',+,-*!
+&*32)2,)!)!()!'$(!6#*'&4!*#*+)!$13D*!&(:,')'&1!/&2!Q,&17!W&!1$2D!#*)!*&:$')'!
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
f

!@#,(($26&!>$*'2,c1$*7!&7+74!/D%7!SeT7!

SdX!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
+#)*'&!)(%<*!+2$.$*3$!$13O!$*!3,$22)!$N32)L)4!.!$*!$1+():,3#'!;C1,+)4!/$2&!'$!3&'&!
$((&! 1$2D! (,E$2)'&7! 9(! 3,$6/&! '$! ()! 32,E#()+,-*! $1! 1,$6/2$! +&23&4! !0$) 4'8') +#)
1%#&4'.! IS! ^7! dHSTK4! /$2&! ()! (,E$2)+,-*! %(&2,&1)! 1$! /2&'#+,2D4! 1,! *&! $*! ()! :,')!
*)3#2)(!)A#C!)E)5&4!1,!$*!()!$3$2*)!+&*!M2,13&7!")1!);(,++,&*$1!1&*!()!1$6,(()!A#$!
/2&'#+$! $*! $(! +)6/&! '$(! )(6)! +2,13,)*)! #*! !8*+*) "#Q) &X() #d8#-#$1#) 3) #1#,$')
4#(')+#)5-',%*.!IJ!M&7!fHSbK7)
!
?^B) J:432:E) :8M385:EK) 5C1823) E:) L63) WC49123) Z34) 93E) N1O3EK) E:) :83R7)
NC5T3K);)N1827)N1M14)1)M323E)93E)86_3E)N:834:E)2:)23E)1_3E)SC:)T1WI1):8)
G:9H8);):8)M323E)ECE)194:2:234:EK)538]34N:)19)M6:NZ3)SC:)T1WI1)68SC64623)
2:)93E)N1O3EB)
)
!"01'%%%%9;:<0=&+2%8)&<(.%"L18%').'@780E/+%#9@"(%1<$.%670-<.%')/#6<0/+%%%5807.?)
!9*3&*+$1!!!!>$2&'$1!!!:,$*'&!!!A#$!!!;#$!E#2()'&!!!!!!/&2!!!!!(&1!!!!!6)%&1!!!!!1$!$*;#2$+,-!6#+BC1,6&!

H78(%7)@",1'80572%7).'8$5'.%@70.172%1"#(2%@78$&72%1"#(2%').%4+/5'0'6%H78(%
!!!.!!!B)E,$*'&!$*:,)'&!!!)1$1,*-!!!!!!)!3&'&1!!!!!!(&1!!!!!!!!*,L&1!!!!!!!!(&1!!!!!$*!!!!!!!V$(O*!!!!!!!!!.!
').%@7$,8%1"8$2%"9:80"82%%7#)1+$2%7)@"(%&8'1"#$2%H78(%H71<1'0:<?%H717(%%%1"(.%%
!$*!!!3&'&1!!!!(&1!!!+&*3&2*&1!!!!'$!$(()!!!'$1'$!!!'&1!)L&1!!!!!.!!!!!!!!/)2)!)E)5&!!!+&*;&26$!!!!!)(!

E:"0.".%%"Q.%%%%%%+)H:80><,'.%%%%%%%%%@7:7(%1<$.%670-<.A%
!!!3,$6/&!!!$(!A#$!!B)EC)!,*A#,2,'&!',(,%$*3$6$*3$!!!'$!!!!!!!!(&1!!!!!!!6)%&17!

!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!
B$1'$8#() C#,'+#() "%#$+'4% 1"01'% % 9;:<0=&+2% 8)&<(.4! +&*132#++,-*! +&*! 1"01'4! )':$2E,&! '$!
3,$6/&4!#$1'$8#(4!$(!*&6E2$!/2&/,&!C#,'+#(4!$%8)&<(.?!/)23,+,/,&!)&2,13&!1$%#*'&!$*!:&F!
)+3,:)!'$(!:$2E&!"9:7<4!"#,2)&%,*,2))A#C!+&6&!"%#$+'A)
G#)"%'):0,-*+'4!').'@780E/+?%3$2+$2)!/$21&*)!1,*%#()2!'$(!)&2,13&!/2,6$2&!'$!,*',+)3,:&!
$*!:&F!/)1,:)!'$(!:$2E&!')6@780P<?%;&26)!+&6/#$13)!A#$!$A#,:)($!)!\05*,)8'&')0$)$%Z'2)
89*$8#*,(#2)&'H*,(#4!:,*+#()'&!+&*!$(!$1+)2*,&4!)A#C!+&6&!H0#):0,-*+'A)
G#)#$'\@)&089'4!')/#6<0/+%5807.!+(D#1#()!'$!1#/$2()3,:&!+&*!')/#6<0/+4!3$2+$2)!/$21&*)!
1,*%#()2!'$(!)&2,13&!/2,6$2&!'$!,*',+)3,:&!$*!:&F!/)1,:)!'$(!:$2E&!/#6"0<4!2$()+,&*)'&!
+&*! %,*4! A#$! $A#,:)($! )! #(1*,) &03) #$8'-#,%Q*+'4! )A#C! 32)'#+,'&! +&6&! (#) #$H0,#8%@_!
$*;)3,F)'&! /&2! $(! )':$2E,&! 5807.2) &089'2) #$) 5,*$) &*$#,*4! '$! )BC! &0896(%&'A!
",3$2)(6$*3$!1$!/#$'$!32)'#+,2!+&6&!(#)#$H0,#8%@)&0896(%&'A)
^) &*$+@) &*1*,4! H78(% 7)@",1'80572% 7).'8$5'.?% +&*132#++,-*! +&*! H78(4! 34! 7)@",1'805724!
/)23,+,/,&!)&2,13&!/2,6$2&!$*!:&F!)+3,:)!'$(!:$2E&!7)@",1'055<4!#$"%*,4!'$!'&*'$!3&6)!()!
2)',+)(!*4@(1'-4!+&6&!#$"%*+'2).!7).'8$5'.4!3$2+$2!/$21&*)!1,*%#()2!'$(!)&2,13&!1$%#*'&!
'$!,*',+)3,:&!$*!:&F!)+3,:)!'$(!:$2E&!7).78:'0<?%A#$!$A#,:)($!)!/0%1*,4!$*!$(!1$*3,'&!'$!
#-%&%$*,4!)A#C!+&6&!&*1*,2)*(#(%$*,A)
U-,#+#+',#(2! "9:80"82?! 1#13)*3,:&! $*! ')3,:&! /(#2)(! *$#32&! '$! "L:8".% A#$! $A#,:)($! )!
*-,#+#+',#(2)8'$1',$'2),#5%@$2)-6&%1#(2)#18A)
D#$',#() +#) +'() *Z'(4! 7)@"(% &8'1"#$2% H78(% H71<1'0:<?% +(D#1#()! +&*! 7)@"4! +#(+#4!
&8'1"#$24!+&6/#$13&!'$!&#0"2)+'(4!.!'G1"24!*Z'4!)A#C!$A#,:)($*3$!)!+'()*Z'(_!+&*!H78(?% 34!
.!$(!)':$2E,&%H71<1'0:<4!A#$!$A#,:)($!)!&#$',#(2)4*,*)*:*\'7)
C*:6*)%$/0%,%+'4!A#$!;,%#2)!)*3$14!:$2!:7!b7)

GQZPGM?`W!9!?WaGWM?G!
Sdb!
!
)
>$2&'$1!*&!3)2'-!3,$6/&!$*!2$+&*&+$2!A#$!(&1!6)%&1!*&!,E)*!)!+#6/(,2!()!
$*+&6,$*')!A#$!($1!B)EC)!')'&7!Q$!)(%#*)!6)*$2)!8)&<(.%"L18%').'@780E/+?%(#)"%')
:0,-*+'7! 9(! +)2D+3$2! '$(! 2$.! $2)! :,&($*3&4! ()! ,2)! E2&3-! '$! 1#! ,*3$2,&24!')/#6<0/+%%%
5807.?%(,3$2)(6$*3$!!(#)#$H0,#8%@)&0896(%&'.7%!")!,'$)!'$!>$2&'$1!$2)!A#,3)2!'$!
$*!6$',&!)(!2$+,O*!*)+,'&!P$.4!'$!6&'&!A#$!1,!*&!/&'C)!B)+$2(&!)1$1,*D*'&(&!)!
O(!1&(&4!(&!B)2C)!,*+(#.O*'&(&!+&*!(&1!6$*&2$1!'$!'&1!)L&14!$')'!$*!A#$!$13)2C)!
+&6/2$*','&! 0$1<14! +&*;&26$! )! (&! A#$! B)EC)! ,*:$13,%)'&! '$! (&1! 6)%&17! 9(!
/$*1)6,$*3&!/$2:$21&!'$(!6&*)2+)!1$!(($:-!)!+)E&!1,*!/,$')'H%H78(%7)@",1'80572%
7).'8$5'.%@70.172%1"#(2%@78$&72?%3)9*:%#$+')#$"%*+')*(#(%$@)*)1'+'()-'()$%Z'(7!
^)2)! 3$*$2! ()! 1$%#2,')'! '$! B)E$2! ')'&! 6#$23$! )(! _#3) +#) -'() \0+6'(4! )*#*+,)'&!
/&2!(&1!6)%&14!*&!($!E)13-!+&*!6)3)2!1"#(2%').%4+/5'0'6?%*)-'()+#)>#-?$4!1,*&!
A#$! 3)6E,O*! (&! B,F&! +&*! ').% @7$,8% 1"8$2% "9:80"82% 7#)1+$24! (&1! A#$! :,:C)*! $*! (&1!
+&*3&2*&1! '$! V$(O*4! +)1$2C&1! $*! $(! +)6/&! .! 6,*<1+#()1! )%2#/)+,&*$1! '$!
:,:,$*')17! 9(! 2$()3&! +&*;,26)! A#$! 6#2,$2&*! 3&'&1! (&1! 7)@"(% &8'1"#$2% H78(%
H71<1'0:<?% '$! '&1! )L&1! /)2)! )E)5&7! G! $1)! ;2)*5)! '$! $')'4! (($%-! $(! ,6/C&!
>$2&'$1! H717(% 1"(.% E:"0.".% % "Q.% +)H:80><,'.% @7:7(% 1<$.% 670-<.?% 1$%<*! $(!
3,$6/&! A#$! B)EC)! '$'#+,'&! '$! ()! ,*:$13,%)+,-*! ',(,%$*3$! A#$! B,F&! $*! ()!
+&*:$21)+,-*!+&*!(&1!6)%&17!
!
!!
9(!2$.!3$*C)!$*3&*+$1!1&E2$!1$3$*3)!)L&14!'$!6&'&!A#$!#*!*,L&!'$!'&1!)L&1!
*&! 3$*C)! /&1,E,(,')'$1! '$! +)#1)2($! *,*%<*! ')L&4! 1,6/($6$*3$! '$3$26,*-! ()!
6#$23$!'$!O(! .!'$! (&1! ,*&+$*3$1! '$! V$(O*! /)2)! 1)3,1;)+$2! 1#1! E2#3)($1! ,*13,*3&17!
")! B,13&2,+,')'! '$! $13$! B$+B&! $1! #*)! 2$)(,')'! )#*A#$! (&1! (,E$2)($1! ()! *,$%#$*!
)/$()*'&! )! A#$! 0&1$;&! *&! B)+$! )(#1,-*! )(%#*)! )! $13)! 6)3)*F)7! =,*! $6E)2%&! $(!
1,($*+,&! '$(! B,13&2,)'&2! *&! ,6/,'$! 2$+&*&+$2! A#$! $(! +)2D+3$2! 1)*%#,*)2,&! '$(!
6&*)2+)!($!(($:)1$!)!+&6$3$2!#*)!)++,-*!1$6$5)*3$!$*!1#!'$1$&!'$!$(,6,*)2!)(!
A#$!/#',$2)!1$2! #*! &/&1,3&27! m*! B&6E2$! +)/)F! '$! 6)3)2! )! 1#! $1/&1)4! )! 32$1! '$!
1#1!B,5&1!.!)!#*!B$26)*&4!$2)!+)/)F!'$!&2'$*)2!+#)(A#,$2!)1$1,*)3&!'$!,*&+$*3$14!
1,*!,6/&23)2($!*)')7!")!6D1!6C*,6)!1&1/$+B)!$2)!1#;,+,$*3$!/)2)!$5$+#3)2!)!1#1!
6D1! C*3,6&1! )6,%&1! .! )! 1#1! 6D1! ;,$($1! +&()E&2)'&2$17! 9(! B,13&2,)'&2! 0&1$;&!
1$($++,&*-! $*! 1#1! $1+2,3&1! B$+B&1! 2$($:)*3$1! $*! 2$()+,-*! +&*! ()! /$2:$21,')'! '$!
>$2&'$14! /$2&4! $*! 1#! 3,$6/&4! (&! *,L&1! *&! $2)*! 3)*! ,6/&23)*3$1! .! )/2$+,)'&1!
+&6&! )B&2)7! G'$6D1! '$! $13&4! 1$! +)(+#()! A#$! V$(O*! 3$*C)! #*)! /&E()+,-*! *&!
1#/$2,&2!)!'&1! 6,(! B)E,3)*3$14! '$! 6&'&! A#$! (&1! *,L&1! 6$*&2$1! '$! '&1! )L&1! *&!
1$2C)*!3)*!*#6$2&1)!+&6&!1$!1#/&*$4!)'$6D1!(&1!1$*3$*+,)'&1!)!6#$23$!;#$2&*!
*,L&1!:)2&*$14!'$!6&'&!A#$!()1!*,L)1!$*!$1)!$')'!*&!;#$2&*!6#$23)14!1$!(($%)!)!
+)(+#()2!A#$!/2&E)E($6$*3$!*&!/)1)2&*!'$!#*)!:$,*3$*)!(&1!6#$23&1!/&2!()!&2'$*!
'$! >$2&'$17! 91&! *&! 1,%*,;,+)! 6,*#1:)(&2)2! ()! )1$1,*)! )++,-*! '$(! /$2:$21&! .!
1)*%#,*)2,&!2$.7!)
!
!
91+2,E$!$(!Q27!")+#$:)H!
!
!!!!!!!!!

SdU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
!
!J*)8@-#,*)+#(#$H,#$*+*2)*,&*+*)+#)4'+#,)(%$)-#32)--#"*)8'$)H,#80#$8%*)*)
-'()9'&:,#()*)-'()&X()*:(0,+'()3)*:'&%$*:-#()#d8#('()+#)8,0#-+*+A);')9#&'()
+#) 4#$(*,) /0#) */0#--'() $%Z'() 10"%#(#$) &*3',) 4#8*+') /0#) -'() +#&X() $%Z'() +#)
`(,*#-2) 4',) #-) 9#89') +#) (0H,%,) 1*-) *(#(%$*1'A) DX() :%#$) 9#&'() +#) 8'$(%+#,*,) (0)
&0#,1#) 8'&') 0$*) #(4#8%#) +#) &*,1%,%') ') 1#(1%&'$%'Y) +#,,*&*,'$) (0) (*$5,#) l
*0$/0#) %$8'$(8%#$1#&#$1#S) 4',) */0#-) /0#) &X() 1*,+#) 9*:6*) +#) +#,,*&*,) (0)
(*$5,#2)"'-0$1*,%*)3)8'$(8%#$1#&#$1#2)4',)#--'(. O A!
!
!
>$2&'$1!*&!3$*C)!$*!+#$*3)!A#$!$(!P$.!A#$!B)EC)!*)+,'&!$2)!$(!A#$!Q,&1!
B)EC)! '$3$26,*)'&! /)2)! 1$*3)21$! 1&E2$! $(! 32&*&! '$! ?12)$(7! =,*! '#')! +&*&+C)! ()!
91+2,3#2)4! /$2&! *&! )+$/3)E)! ()! 2$)(,')'! '$(! +#6/(,6,$*3&! /2&;O3,+&! A#$!
,*$N&2)E($6$*3$!1$!(($:)2C)!)!+)E&!/&2A#$!Q,&1!)1C!(&!'$3$26,*)E)7!!
!
!
G(%#*&1! (()6)*! )! $13&1! *,L&1! A#$! ;#$2&*! )1$1,*)'&1! /&2! >$2&'$14! (&1!
%$'8#$1#(4! '$! V$(O*7! 91! +,$23&! A#$! #*! *,L&! '$! '&1! )L&1! .! 6$*&2$1! *&! 3,$*$*!
2$1/&*1)E,(,')'! )(%#*)! $*! (&1! )+3&1! A#$! (($:)*! )! +)E&7! 91! :$2')'! A#$! *&! B)*!
3$*,'&!&+)1,-*!'$!/2)+3,+)2!$(!/$+)'&7!=-(&!)1C!/#$'$!$*3$*'$21$!$(!+&*+$/3&!'$!
%$'8#$1#(4!A#$!1$!($!)/(,+)7!^$2&4!()!2$)(,')'!$1/,2,3#)(!$1!A#$!3&'&!B&6E2$!'$1'$!
1#! *)+,6,$*3&! $1! /$+)'&24! B$2$')*'&! $(! /$+)'&! '$! 1#1! /2&%$*,3&2$1! .! $13&1! '$!
A#,$*$1! ($1! )*3$+$',$2&*! B)13)! (($%)2! )(! *#$132&! /2,6$2! /)'2$! G'D*! I0&E! SfHf_!
=)(7!dSHd_!P&7!dHSJ4!SU4!Se_!S!M&7!SdHJJ_!9;7!JH\K7!^&2!3)*3&!()!1)(:)+,-*!'$!(&1!
E$EO1!*&!'$1+)*1)!$*!1#!,*&+$*+,)4!1,*&!$*!()!)/(,+)+,-*!)!$((&1!'$!(&1!6O2,3&1!
'$!M2,13&7!?2$*$&!+&*1,'$2-!$13)!6)3)*F)!+&6&!()!'$!(&1!/2,6$2&1!6D23,2$1!/&2!
M2,13&4!)1C!$1+2,EC)H!
!
!
!b',)#(1*),*Q@$)#-)G#Z',),#4#$1%$*&#$1#)/0%1@)*)1'+'()*/0#--'()$%Z'()/0#)
4#,1#$#86*$) *) -*) 8*(*) +#) F*"%+2) 803*) H#-%Q) (0#,1#) H0#) 9*:#,) $*8%+') #$) */0#-)
1%#&4'2)4*,*)#$"%*,-'()*$1%8%4*+*&#$1#)*)(0),#%$'A)b0#(1')/0#)V-)&%(&')#,*)0$)
:#:?2) *,,#5-@) -*() 8'(*() 4*,*) /0#) :#:?() 90&*$'() H0#,*$) &X,1%,#(2) &0#,1'(2)
(#5=$)-*()B(8,%10,*()4',)-*)8*0(*)+#)7,%(1'2)/0#)$*8%@)#$)>#-?$)+#)<0+#*2)#$)-*)
8%0+*+)+#)F*"%+. h A!
!
!
91!1&2/2$*'$*3$!B)13)!'&*'$!/#$'$!(($%)2!$(!)(6)!B#6)*)!+)#3$2,F)')!/&2!
$(! /$+)'&7! 9(! B&22$*'&! +2,6$*! '$! >$2&'$1! /&*$! '$! 6)*,;,$13&! $13)! 2$)(,')'7!
G(%#*&1!$*!1#!);D*!'$!'$1/2$+,)2!.!'$1/2$13,%,)2!)!Q,&14!);,26)*!A#$!*&!$1!5#13&!
A#$! 1,$*'&! &6*,/&3$*3$! B#E,$1$! /$26,3,'&! 1$6$5)*3$! E)2E)2,$7! ")! <*,+)!
2$1/#$13)! :D(,')! *&! $1! A#$! Q,&1! /$26,3)! A#$! (&1! /$2:$21&1! B&6E2$! )+3<$*!
/&*,$*'&!$*!$:,'$*+,)!(&!A#$!1&*4!1,*&!A#$!$*!6$',&!'$!#*!6#*'&!/$2:$21&!.!
+&22#/3&4! Q,&1! 1$! B,F&! B&6E2$! /)2)! :$*,2! )(! $*+#$*32&! '$(! B&6E2$! +&*! #*!
6$*1)5$!'$!1)(:)+,-*4!'$!6&'&!A#$!*&!1-(&!/#$')!/$2'&*)2!$(!/$+)'&!+&6$3,'&4!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
d

!a2)*+,1+&!")+#$:)7!&7+74!/D%7!JX7!
!?2$*$&7!7'$1,*)9#,#\6*()???7!N:,4!f7!

GQZPGM?`W!9!?WaGWM?G!
Sde!
!
1,*&! 2$%$*$2)2! )(! /$2','&! /)2)! A#$! 1$)! #*)! *#$:)! +2,)3#2)! $*! M2,13&4! :,:,$*'&!
/)2)! %(&2,)! '$! Q,&1! .! 1,$*'&! 3$13,6&*,&! '$(! /&'$2! '$! Q,&1! /)2)! 1)(:)+,-*! $*!
6$',&!'$!#*)!%$*$2)+,-*!/$2:$21)!Ia,(7!JHSdK7!
!
?aB) /8M385:E) E:) 5CNZ967) 93) SC:) ]C:) 265T3) Z34) :9) Z43]:M1) D:4:NI1EK) 5C1823)
26R3>)
)
1"01'%%%')@5+:<0/+%1"(%:9+/'(.%&87(%%%%%)*':'680"#%1"#$%@:"M+01"#%5'0-".1"2D%
!!!!!!!!!

!9*3&*+$1!!1$!+#6/(,-!!!!!(&!!!!',+B&!!/&2!6$',&!!'$!0$2$6C)1!!!!!$(!!!!!!!/2&;$3)!!!!!!!!!!!!!A#$!',+$H!

!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!
B$1'$8#() (#) 80&4-%@2% 1"01'% ')@5+:<0/+4! +(D#1#()! +&*! $(! )':$2E,&! '$6&132)3,:&! 1"01'4!
#$1'$8#(2! .! ')@5+:<0/+4! 3$2+$2)! /$21&*)! 1,*%#()2! '$(! )&2,13&! /2,6$2&! '$! ,*',+)3,:&! $*!
:&F!/)1,:)!'$(!:$2E&!@5+:"0<4!8'&4-#1*,2)--#$*,2))A#C!+&6&!(#)80&4-%@A!
!
J')+%89'2!:$2!:7!Sd7!
)
70*$+')+%8#2)/)2)!$13)!;&26)!:$2E)(!:$2!:7!Sd7!

)
)
W#$:)6$*3$!8)3$&!)/$()!)!()!91+2,3#2)!:,$*'&!$*!$(!B$+B&!'$!()!6#$23$!
'$! (&1! *,L&1! (&! A#$! .)! $(! /2&;$3)! 0$2$6C)1! B)EC)! )*#*+,)'&! 1,%(&1! )*3$17! ")!
/2&;$+C)!3,$*$!'&1!*,:$($1!',13,*3&1!'$!+#6/(,6,$*3&4!#*&!A#$!3$*C)!A#$!:$2!+&*!
(&1!3,$6/&1!$*!A#$!;#$!)*#*+,)')!.!&32&!6#.!/&13$2,&2!A#$!1$!:,*+#()!)!(&1!'C)1!
'$(!*)+,6,$*3&!'$!0$1<17!
!
?bB)h3e)]C:)3I21):8),1NQK)O4182:)91N:8M15678K)99343);)O:N623\),1SC:9)SC:)
99341)1)ECE)T6R3EK);)83)SC6E3)E:4)538E39121K)Z34SC:)Z:4:56:438B!
)
M<.+(%').%%9W767(%+)H"#0,/+?%H57#/6"(2X%H78(%")&#:6"(2%@"5#02D%%9W7E+(5%
!!!i&F!!!!$*!!!!!P)6D!!!!!!!;#$!&C')!!!!!!!!!!!(()*3&!!!!!!!!!!!!!.!!!!!!()6$*3&!!!!!!!%2)*'$7!!!!!!!P)A#$(!!!!!!!!
H5780"#,7%17(%1'0H.7%7#)1+$2?%H78(%"#)H%+G/'5'.%@7:7H5+/+$.78?%"L18%"#)H%%
!!!!A#$!((&2)!!!!!!!(&1!!!!!B,5&1!!!!!'$!$(()!!!!!!!.!!!!!!!*&!!!!!A#$2C)!!!!!!!!!!!1$2!+&*1&()')!!!!!!!!/#$1!!!*&!

'8),80.A%%
$13D*7!

!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!
S
H57#/6"(2?%)3$13,%#)')!$*!!4!V4!h4!TJdT4!HS4!,3)7!)#24!E4!+4!;4!;;S4!%S4c4!(4!A4!:%4!1.2/4!/)(4!+&/1)4!6$%4!
E&
4!0#13,*&!8)+)2,&4!=,6$-*4!>$1,A#,&!'$!0$2#1)(O*4!>,()2,&4!0$2-*,6&4!G%#13C*7!
%
/+$$."2% H78(% H57#/6"(2?% 8-*&',) 3) --*$1'4! ($+3#2)! $*! M4! Q4! "4! q4! Y4! TJ\\4! HS\4! JU4! \\4!
Sdb4! SUT4! JTd4! dXd4! dbe4! deb4! bTT4! UeJ4! STTX4! STST4! STbS4! SJfS4! SJf\4! SJeJ4! SfJf4!
SdTd4!>%Q!r94!Zs!J#81!1.2+4!14!B4!)264!$3B4!%$&4!1():4!^2&+(#17!
!

SXT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
M2C3,+)!3$N3#)(7!"$+3#2)1!)(3$2*)3,:)1!
E'Q4!M<.+(4!1#13)*3,:&!$*!*&6,*)3,:&!1,*%#()2!;$6$*,*&4!A#$!1,%*,;,+)!4*-*:,*(2)"'8#(A!
m0#)'6+*2)+)H"#0,/+?!3$2+$2)!/$21&*)!1,*%#()24!'$(!)&2,13&!/2,6$2&!'$!,*',+)3,:&!$*!:&F!
/)1,:)!'$(!:$2E&%7H"#0<4!'6,2)#(8089*,2)!)A#C!+&6&!H0#)'6+*A!
c,*$+#) -*&#$1*8%@$2) --',') 3) 5#&%+'4! H57#/6"(2% H78(% ")&#:6"(2% @"5#02?% +(D#1#()! +&*!
(&1! 1#13)*3,:&1! H57#/6"(2?! $*! *&6,*)3,:&! 1,*%#()2! 6)1+#(,*&4! A#$! $A#,:)($! )! --','2)
--*$1'4! 1$%#,'&! '$! H78(! A#$! $1! ()! +&*5#*+,-*! 34! +&*! $(! 1#13)*3,:&% ")&#:6"(24! $*!
*&6,*)3,:&! 1,*%#()2! 6)1+#(,*&4! +&*! 1,%*,;,+)'&! '$! -*&#$1*8%@$4! +$22)*'&! +&*! $(!
)'5$3,:&%@"5#024!5,*$+#7!9(!1#13)*3,:&!/:+$$."24!5#&%+'4!1$!($$!1-(&!$*!)(%#*&1!611!'$!
6$*&2!2)*%&7!
e0#)--',*4!H5780"#,74!/)23,+,/,&!/2$1$*3$!$*!:&F!)+3,:)!'$(!:$2E&!H5780<4!--',*,4!)A#C!
+&6&!/0#)--',*7!!
^) $') /0%(') (#,) +&*1&()')4! H78(% "#)H% +G/'5'.% @7:7H5+/+$.78?! +(D#1#()! *$%)3,:)! +&*!
H78(4! 34! ()! *$%)+,-*! $*;D3,+)! "#)H4! $'4! +&*! +G/'5'.4! 3$2+$2)! /$21&*)! 1,*%#()2! '$(!
,6/$2;$+3&! '$! ,*',+)3,:&! $*! :&F! )+3,:)! '$(! :$2E&! /'05<?% /0#,#,2) +#(#*,4! )A#C! +&6&!
/0%('4! .! @7:7H5+/+$.784! )&2,13&! /2,6$2&! '$! ,*;,*,3,:&! $*! :&F! /)1,:)! '$(! :$2E&%
@7:7H75'0<4!8'$('-*,2)*$%&*,4!$*!$13$!+)1&!+&6&!8'$('-*+*7!
b#,#8%#,'$4! +&*132#++,-*! *$%)3,:)! +&*% "#)H?% $'2! .% '8),80.4! 3$2+$2)! /$21&*)! /(#2)(! '$(!
/2$1$*3$!'$!,*',+)3,:&!$*!:&F!)+3,:)!'$(!:$2E&!'8)6804!#(1*,4!)A#C!+&6&!#(1X$A)",3$2)(6$*3$!
$')#(1X$4!'$!)BC!4#,#8%#,'$A!

!
!
W&!'$5)!'$!1&2/2$*'$2!*#$:)6$*3$!()!+,3)!A#$!8)3$&!#3,(,F)!'$(!G*3,%#&!
Y$13)6$*3&! +&6&! +#6/(,6,$*3&! /2&;O3,+&! '$(! ()6$*3&! '$! ()1! 6)'2$1! /&2! (&1!
*,L&1! )1$1,*)'&1! /&2! >$2&'$1! $*! V$(O*7! ")! +,3)! $1! '$! 0$2$6C)1! I0$27! \SHSdK4!
3&6)')!;,$(6$*3$!$*!+#)*3&!)!+&*3$*,'&! /$2&!*&!+&*!$N)+3,3#'!$*!+#)*3&!)!()1!
/)()E2)1!$*!1C4!A#$!$1!$N/2$1)')!+&*!+,$23)!(,E$23)'7!9(!/2&;$3)!'$1+2,E$!$(!$13)'&!
$1/,2,3#)(!)!A#$!B)EC)!(($%)'&!?12)$(!.!$(!5#,+,&!A#$!Q,&1!B)EC)!'$3$26,*)'&!/)2)!
1#!/#$E(&!/&2!A#$E2)*3)2!1#!"$.7!P)6D!$2)!#*!/#$E(&!1,3#)'&!)!#*&1!ST!c6!)(!
*&23$! '$! 0$2#1)(O*4! .! ;#$! #1)'&! +&6&! /#*3&! '$! $*+#$*32&! /)2)! +&*+$*32)2! (&1!
+)#3,:&1!A#$!$2)*!(($:)'&1!)!V)E,(&*,)!I0$27!fTHSK7!P)A#$(4!()!6)'2$!'$!0&1O!.!
V$*5)6C*4! 1,6E-(,+)6$*3$! +&6&! 1,! $13#:,$1$! :,:)4! 1$! ()! /2$1$*3)! ((&2)*'&!
'$1+&*1&()')6$*3$! /&2! (&1! B,5&1! A#$! 4#,#8%#,'$4! $1! '$+,24! 3*) $') #,*$4! /&2A#$!
$13)E)*! +)#3,:&17! ^2,6$2)6$*3$! ;#$2&*! ()1! 32,E#1! '$(! *&23$4! ?12)$(4! A#,$*$1!
;#$2&*! )(! $N,(,&! IJ! P7! SbHd4! XK4! (#$%&! ()1! '&1! '$(! 1#2! 0#'D! .! V$*5)6C*! IJ! M27!
\XHSb4! JTK7! 9*! )A#$((&1! 'C)14! 1$! /2$1$*3)! ;,%#2)')6$*3$! +&6&! '$22)6)*'&!
(D%2,6)1!/&2A#$!3)*3&!G1,2,)!+&6&!V)E,(&*,)!($!B)EC)*!)22$E)3)'&!1#1!B,5&17!=,*!
$6E)2%&4! $*! $(! /)1)5$! /2&;O3,+&! 2$+,EC)! ()! /2&6$1)! '$! A#$! )A#$((&1! +)#3,:&1!
2$%2$1)2C)*!#*!'C)!)(!(#%)2!'$!'&*'$!B)EC)*!1,'&!3&6)'&1!I0$27!\SHSXK7!9(!/2&;$3)!
/2&*#*+,)! /)()E2)1! '$! )(,$*3&! .! +&*1#$(&7! Q,&1! )6)E)! $*32)L)E($6$*3$! )! 1#!
/#$E(&7!GA#$((&!*&!$2)!6D1!A#$!#*!3,$6/&!'$!',1+,/(,*)!A#$!1$2C)!2$6,3,'&!+&*!
$(!2$3&2*&!'$!(&1!$1/)2+,'&14!A#$!Q,&1!6,16&!2$#*,2C)!$*!$(!3,$6/&!I0$27!\SHSTK7!
GA#$(!2$6)*$*3$!:&(:$2C)!1,*!A#$!Q,&1!2$+&2')1$!.)!1#!/$+)'&!I0$27!\SH\fK7!9(!
/2&;$3)!)*#*+,)!$(!*#$:&!/)+3&!I0$27!\SH\SK7!m*)!*#$:)!2$()+,-*!$13)E($+,')!$*!
$(!/$2'-*!'$!/$+)'&1!.!()!2$%$*$2)+,-*!$1/,2,3#)(4!1-(&!/&1,E($!/&2!()!)++,-*!A#$!

GQZPGM?`W!9!?WaGWM?G!
SXS!
!
M2,13&!(($:)2C)!)!+)E&!$*!()!M2#F7!913)!/2&.$++,-*!)(+)*F)!#*!3,$6/&!/&13$2,&2!
$*!'&*'$!$(!8$1C)1!2$,*)2D!1&E2$!1#!/#$E(&!$*!#*!2$,*&!'$!5#13,+,)!I0$27!\\HSf4!
SdK7!!
!
!
8)3$&! #3,(,F)! $(! 3$N3&! '$! ()! /2&;$+C)! $*! #*! /)2)($(&! &+#22,'&! $*! $(!
*)+,6,$*3&! '$! 0$1<1! .! $*! ()! 6)3)*F)! '$! (&1! *,L&17! 9*! #*)! /2&1&/&/$.)!
1$6$5)*3$! )! ()! '$(! /2&;$3)! 0$2$6C)14! B)+$! 1)(,2! 1,6E-(,+)6$*3$! '$(! 1$/#(+2&! )!
P)A#$(4!()!+#)(!((&2)!()!1#$23$!'$!1#1!B,5&17!8#.!+$2+)!'$!V$(O*!$13D!$(!1$/#(+2&!
'$!P)A#$(4!'$!A#,$*!'$1+$*'C)*!6#+B)1!'$!()1!6#5$2$1!'$!V$(O*!A#$!((&2)E)*!()!
6#$23$!'$!1#1!B,5&17!GA#$(()1!6)'2$1!*&!A#$2C)*!1$2!+&*1&()')1!/&2A#$!1#1!B,5&1!
3*)$')#,*$4!$1! '$+,24! *&! $13)E)*!.)! $*32$! (&1!:,:&17!"(&2)! /&2A#$4! +&6&! )*3$14!
1#1!B,5&1!4#,#8%#,'$4!$1!'$+,24!3*)$')#(1X$7!9(!,*132#6$*3&!/)2)!$1)!)++,-*!*&!$2)!
G1,2,)4! *,! V)E,(&*,)4! 1,*&! 9'&64! '$! '&*'$! /2&+$'C)! >$2&'$17! =,*! $6E)2%&4! $(!
*,L&! A#$! $2)! &E5$3&! /2,*+,/)(! '$! ()! ,2)! '$! >$2&'$1! B)EC)! 1,'&! +&*'#+,'&! )(!
$N,(,&4! $13)! :$F! $*! 9%,/3&7! 9(! 2$*#$:&! '$! 5#13,+,)! 2$3&2*)2D! /2&*3&! )! 1#! 3,$22)4!
/)2)!1$2!*&!$(!2$+&*132#+3&2!6)3$2,)(!'$!?12)$(!+&6&!B)EC)*!1,'&!(&1!2$3&2*)'&1!
'$! V)E,(&*,)4! 1,*&! /)2)! 1$2! $(! =)(:)'&2! '$! 3&'&1! (&1! /$+)'&2$1! .! /2&+()6)2! ()!
$1/$2)*F)! #*,:$21)(! $*! ()! ,*:,3)+,-*! +&*1&()'&2)! )! 3&'&1! (&1! 32)E)5)'&1! .!
+)2%)'&1! I837! SSHJUK7! 9*! R(! .! 1#! &E2)! 1$! B)+$! /&1,E($! $(! *#$:&! /)+3&! A#$!
/2&'#+$!()!2$%$*$2)+,-*!$1/,2,3#)(!'$!3&'&1!(&1!A#$!+2$$*7!9*!R(!1$!)E2$!+)6,*&!
)(!+,$(&!$*!#*!2$3&2*&!'$(!B&6E2$!)!Q,&17!R(!$1!$1/$2)*F)!'$!%(&2,)!$*!$(!+&2)F-*!
+2$.$*3$!IM&(7!SHJbK7!^&2!$1)!2)F-*!()!6#$23$!'$!(&1!+2$.$*3$1!*&!$1!6&3,:&!'$!
)*%#13,)!'$1$1/$2)')4!1,*&!'$!32,13$F)!+&*1&()')!/&2!()!1$%#2,')'!'$!()!$1/$2)*F)!
'$! #*! $*+#$*32&! '$;,*,3,:&! +&*! 0$1<1! IS! Y17! fHS\K7! ?*+(#1&! ()! 6#$23$! '$! (&1!
/$A#$L&1!A#$!*&!B)*!3$*,'&!&+)1,-*!'$!2$+B)F)2!()!,*:,3)+,-*!'$(!$:)*%$(,&4!1#!
/$+)'&! '$! &2,%$*4! A#$! (&1! +&*:,$23$! $*! /$+)'&2$1! .! /&2! 3)*3&! ',%*&1! '$!
+&*'$*)+,-*4!A#$')!+)*+$()')!$*!$(!1)+2,;,+,&!'$!)(+)*+$!#*,:$21)(!'$(!=)(:)'&24!
A#,$*! (($:-! 1&E2$! 1C! $(! /$+)'&! '$(! 6#*'&7! W&! A#,$2$! '$+,2! $13&! A#$! B).)! #*)!
1)(:)+,-*! #*,:$21)(! $*! $(! 1$*3,'&! '$! A#$! *)',$! /#$'$! /$2'$21$! )! +)#1)! '$(!
)(+)*+$!/&3$*+,)(!'$!()!&E2)!'$!()!+2#F7!=,6/($6$*3$!$(!/$+)'&!'$!(&1!*,L&1!A#$!
*&!/#$'$*!)+$/3)2!*,!2$+B)F)24!$1!32)*1;$2,'&!)!()!+#$*3)!'$!M2,13&!.!)/(,+)'&!)!
$((&1! $*! $(! 6&6$*3&! '$! 1#! 6#$23$7! >).! +&*1#$(&! 1$%#2&! .! ;,26$4! /&2A#$!
3)6E,O*! #*! 'C)! 1$! /2&'#+,2D! ()! $3$2*)! 2$#*,-*! +&*! $((&1! $*! ()! /2$1$*+,)! '$!
M2,13&7!W&!1$!'$E$!&(:,')2!A#$!+#)-'()1*-#()#()#-),#%$')+#)-'()8%#-'(!I837!SeHSfK7!
!
?cB)#:43)2:EZCHE)2:)NC:4M3)J:432:EK)T:)1SCI)C8)Q8O:9)2:9)g:_34)1Z14:567)
:8)EC:_3E)1)D3EH):8)/O6ZM3K)
)
!'5'#1+0,7.1"2%&'(%1"#$%%9;:<0=&"#%8)&"#(%7G--'5"2%U#:80"#%M780.'178%H71I[%%
!!!!!!!!!

!!!!!!!!]!B)E,$*'&!6#$23&!!!!!!![!!!!!!!!>$2&'$14!!!B$!)A#C!!!D*%$(!!!!!!!!'$(!=$L&2!!!!1$!)/)2$+$!!!!!$*!

"G.7:%1<$=%%)*<,+(M%').%T8)-#0@1<=%
!1#$L&!!!!)!!!!!!!!!!0&1O!!!!!!$*!!!!!9%,/3&7!

SXJ!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!
C*:%#$+')&0#,1'4!1'5'#1+0,7.1"2?!/)23,+,/,&!)&2,13&!/2,6$2&!$*!:&F!)+3,:)!'$(!:$2E&!
1'5'#170<4!1#,&%$*,4!'$!)BC4!&',%,2)*8*:*,4!$*!$13$!+)1&!9*:%#$+')&0#,1'7!
C#)*/064!1$!B)!+&*1,'$2)'&!2$/$3,')6$*3$!)*3$14!:$2!SHJT7!
U4*,#8%@4!M780.'1784!3$2+$2)!/$21&*)!1,*%#()2!'$(!/2$1$*3$!'$!,*',+)3,:&!$*!:&F!/)1,:)!
'$(!:$2E&!M780.<4!*-0&:,*,2)*4*,#8#,2),#(4-*$+#8#,4!)A#C!+&6&!(#)*4*,#8#A!
B$)(0#Z'(4!+&*1,'$2)'&!)*3$14!:$2!JHSJ7!

)
)
8)3$&!')!&32)!2$;$2$*+,)!B,13-2,+)!A#$!/$26,3$!;$+B)2!(&1!)+&*3$+,6,$*3&1!
A#$! 2$()3)4! ()! 6#$23$! '$! >$2&'$1H! !'5'#1+0,7.1"2% &'(% 1"#$% % 9;:<0=&"#?% !3)
9*:%#$+') &0#,1') C#,'+#(.7! R13)! &+#22,-! $*! $(! 6$1! '$! )E2,(! '$(! )L&! bdT! '$! ()!
;#*')+,-*!'$!P&6)4!)!(&1!1$3$*3)!)L&1!'$!$')'7!=$%<*!(&1!B,13&2,)'&2$1!;#$!#*)!
6#$23$! ,%*&6,*,&1)4! /2&E)E($6$*3$! +&6&! +&*1$+#$*+,)! '$! 1#1! 6#+B&1!
+2C6$*$17!"&1!B,13&2,)'&2$1!B)E()*!'$!#*)!1,3#)+,-*!#(+$2&1)4!+&*!/#32$;)++,-*!
'$(! $1+2&3&4! A#$! 1$! B)EC)! )%#1)*)'&4! #*)! B)(,3&1,1! '$! 3)(! ',6$*1,-*! A#$! B)+C)!
)($5)2! '$! O(! )! ()1! /$21&*)14! +&*:#(1,&*$1! +&*13)*3$14! $3+7! =#! +&*',+,-*! 6&2)(!
B)EC)! )(+)*F)'&! *,:$($1! '$! '$%2)')+,-*! 3)($1! A#$4! +&6&! 1)EC)! A#$! 1#! 6#$23$4!
($5&1! '$! (()*3&! /2&'#+,2C)! )($%2C)! $*! ()! *)+,-*4! &2'$*-! A#$! +&6/)2$+,$1$*!
'$()*3$!'$!O(!(&1!(C'$2$1!/2,*+,/)($1!'$!()!*)+,-*!5#'C)!)!(&1!A#$!B,F&!/2,1,&*$2&1!
$*!$(!B,/-'2&6&!'$!0$2,+-4!&2'$*)*'&!)!1#!B$26)*)!=)(&6O!.!)!1#!6)2,'&!A#$!
+#)*'&!6#2,$1$!6)3)1$!)!3&'&1!(&1!/2,1,&*$2&14!/)2)!A#$!1,!*&!((&2)E)*!/&2!O(4!
/&2! (&! 6$*&1! ((&2)1$*! )! +)#1)! '$! O(7! =,*! $6E)2%&4! 3)(! )E$22)*3$! &2'$*! *&! 1$!
+#6/(,-!)!1#!6#$23$7!M,*+&!'C)1!)*3$1!'$!1#!6#$23$!&2'$*-!()!$5$+#+,-*!'$!1#!
/2&/,&!B,5&!G*3C/)3$24!)+#1)'&!/&2!O(!'$!1$',+,-*7!
!
!
8#$23&! >$2&'$1! $(! =$L&2! 1$! 2$:$(-! )! 0&1O! 7G--'5"2% U#:80"#% M780.'178%
H71I?%"G.7:%$*!1#$L&!/&2!6$',&!'$!#*!D*%$(4!+&6&!.)!B)EC)!B$+B&!)*3$1!/)2)!
A#$!(($:)1$!)(!*,L&!.!)!1#!6)'2$!)!9%,/3&4!/)2)!A#$!2$%2$1)1$!+&*!$((&1!'$!*#$:&!
)!?12)$(7!Q,&1!B)EC)!',+B&!)!0&1O!A#$!'$EC)!/$26)*$+$2!$*!9%,/3&!B)13)!A#$!($!
;#$1$! ,*',+)'&7! >)EC)! (($%)'&! $(! 6&6$*3&! '$! 2$%2$1)24! +&*;&26$! )! (&!
'$3$26,*)'&!/&2!Q,&17!
!
=dB) +656:823>) ':LQ8M1M:K) M3N1) 19) 86_3) ;) 1) EC) N124:K) ;) L:M:) 1) M6:441) 2:)
*E41:9K)Z34SC:)T18)NC:4M3)93E)SC:)Z435C41W18)91)NC:4M:)2:9)86_3B)
)
5'0-<.D%')-':/'8(2%@7:7057>'%1"(%@78&80".%H78(%1+(.%6+1'0:7%7#)1"#$%H78(%%
Q,+,$*'&H!"$:)*3)'&!!!!!!!3&6)!!!!!!!!!!!!)(!!!!!!!!*,L&!!!!!!!!!!.!!!!!)!()!!!!!!!6)'2$!!!!!!'$!O(!!!!!!!!!.!

@":'#0"#%'8)2%-+$.%%)*,:7+05D%1'/.+0H7,8.%-7(:%"89%P+1"#$.1'2%1+(.%O#E+(.%
!!!6)2+B)!!!!!!)!!!!!3,$22)!!!!'$!?12)$(!!!!!!!/&2A#$!B)*!6#$23&!!!!(&1!!A#$!E#1+)E)*!!()!!!!!!!!:,')!
1"#$%@78&80"#A%
!!'$(!!!!!!!!*,L&7!

!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!

!!!!!!!!!

GQZPGM?`W!9!?WaGWM?G!
!

SX\!

F%8%#$+'4!+&*1,'$2)'&!)*3$14!:$2!JHS\7!
I'&*2)+&*1,'$2)'&!)*3$14!:$2!JHS\7!
E#1#2)@":'#0"#4!1$%#*')!/$21&*)!1,*%#()24!'$(!/2$1$*3$!'$!,6/$2)3,:&!$*!:&F!6$',)!'$(!
:$2E&!@":'#0<)*$+*,2)&*,89*,2)*4*,1*,4!)A#C!+&*!1$*3,'&!'$!&*,89*A!
U) 1%#,,*) +#) `(,*#-4! '8)2% -+$.% % )*,:7+05?! +(D#1#()! +&*! '8)24! *4! -+$.4! %$*,3,:&! 1,*%#()2!
;$6$*,*&!'$(!1#13)*3,:&!-+$4$ !1%#,,*4!)A#C!+&6&!*)1%#,,*4!!.!$(!*&6E2$!/2&/,&!`(,*#-A!
C*$) &0#,1'4! 1'/.+0H7,8.4! 3$2+$2)! /$21&*)! /(#2)(! '$(! /$2;$+3&! '$! ,*',+)3,:&! $*! :&F!
)+3,:)!'$(!:$2E&!/.+0,H<4!&',%,2)&',1*$+*+2))A#C!+&6&!9*$)&0#,1'7!
b,'80,*:*$4!P+1"#$.1'24!/)23,+,/,&!/2$1$*3$!$*!:&F!)+3,:)!'$(!:$2E&!P+1'0<4!:0(8*,2)%,)
#$)4'()+#2)8'$(4%,*,)8'$1,*)-*)"%+*)+#)0$*)4#,('$*4!)A#C!+&6&!:0(8*:*$7!

)
)
"&1! A#$! B)EC)! /()*$)'&! .! /2&+#2)E)*! ()! 6#$23$! '$! 0$1<1! B)EC)*! 6#$23&!
$((&17! 9(! D*%$(! ,*;&26)! )! 0&1O! '$! ()! 6#$23$! '$! >$2&'$1! .! '$! A#,$*$14! $*! 1#!
$*3&2*&4! ($! 1$+#*')E)*! $*! $(! '$1$&! '$! 6)3)2! )! A#,$*! $2)! $(! P$.! '$! (&1! 5#'C&17!
"&1! A#$! /2&+#2)E)*! ()! 6#$23$! B)EC)*! 6#$23&4! 6,$*32)1! A#$! $(! A#$! '$EC)! $13)2!
6#$23&! :,:C)7! M&6&! $1+2,E$! $(! Q27! ")+#$:)H! !D089*() "#8#(2) -'() (*$1'()
4#,(#50%+'()"%"#$)-')(0H%8%#$1#)4*,*)9'--*,)-*()10&:*()+#)(0()4#,(#50%+',#(. R A!
0&1O!'$EC)!2$%2$1)2!)!?12)$(7!92)!)((C!'&*'$!$(!>,5&!'$!Q,&1!3$*C)!A#$!:,:,2!+&6&!
B&6E2$!.!2$)(,F)2!$(!6,*,13$2,&!A#$!($!B)EC)!1,'&!$*+&6$*')'&7!")1!/2&;$+C)1!1$!
+#6/(C)*!B)13)!$(!<(3,6&!'$3)(($7!9(!>,5&!'$!Q,&1!1$2C)!(()6)'&!'$!9%,/3&4!.!$13&!
1$!/2&'#+$!$*!$(!3,$6/&!'$!Q,&17!W)')!&+#22,-!$*!2$()+,-*!+&*!()!^$21&*)!.!&E2)!
'$!0$1#+2,13&!A#$!*&!B#E,$1$!1,'&!)*3,+,/)')6$*3$!/()*,;,+)'&!IS!^7!SHSU[JTK4!$*!
$13)!&+)1,-*!B)EC)!(($%)'&!3)6E,O*!$(!+#6/(,6,$*3&!'$(!3,$6/&!.!$(!=$L&2!+&*!
1#1!/)'2$1!'$EC)*!2$%2$1)2!)!?12)$(7!
!
=?B)/8M385:E)H9)E:)9:L18M7K);)M3N7)19)86_3);)1)EC)N124:K);)L683)1)M6:441)2:)
*E41:9B!
!
"9%&'(%')-':/'8(2%@7:'057>'.%1"(%@78&80".%H78(%1+(.%6+1'0:7%7#)1"#$%H78(%!
!]!O(!!($:)*3D*'&1$!!!!!!3&6-!!!!!!!!!!!!)(!!!!!!!*,L&!!!!!!!!!!!.!!!!!)!()!!!!!!!6)'2$!!!!!!!'$!O(!!!!!!!.!
'8),+$5/'.%'8)2%%-+$.%%)*,:7+05A%
%%%%$*32-!!!!!!!!$*!!!!3,$22)!!!!!'$!?12)$(7!

!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!
B$1'$8#()?-)(#)-#"*$1@)3)1'&@)*-)$%Z')3)*)(0)&*+,#4!+(D#1#()!,'O*3,+)!)!()!+&*1,'$2)')!
)*3$1!:$2!:7!Sf7!
^)"%$'4!H78(% '8),+$$5/'.4!+(D#1#()!;,*)(!+&*!H78(4!34!.!'8),+$$5/'.4!3$2+$2)!/$21&*)!1,*%#()2!
'$(!)&2,13&!1$%#*'&!'$!,*',+)3,:&!$*!:&F!)+3,:)!'$(!:$2E&!'G:E"6784!#$1,*,4!)A#C!+&6&!3)
#$1,@7!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
b

!a2)*+,1+&!")+#$:)7!&7+74!/D%7!Jb7!

SXf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
)
M&6&! ;,$(! +2$.$*3$! 0&1O! $1! 3)6E,O*! &E$',$*3$! )(! =$L&27! P$+,E,-! ()!
,*132#++,-*!'$!(($:)2!)(!*,L&!.!)!1#!6)'2$!)!9%,/3&!.!(&!B,F&!$*!()!6,16)!*&+B$!
$*! A#$! 2$+,E,-! ()! ,*132#++,-*! ',:,*)7! GB&2)! '$EC)! 2$3&2*)2! .! +&*! ()! 6,16)!
',(,%$*+,)! &E$'$+$! $(! 6$*1)5$! '$(! =$L&2H! ! "9% &'(% ')-':/'8(2% @7:'057>'.% 1"(%
@78&80".% H78(% 1+(.% 6+1'0:7% 7#)1"#?% !3) -#"*$1X$+'(#) 1'&@) *-) $%Z') 3) *) (0)
&*+,#.7!
!
!
!
8)3$&! #3,(,F)! #*! ($*%#)5$! A#$! '$5)! 2$;($5)2! #*! )+&*3$+,6,$*3&! '$! ;$! .!
&E$',$*+,)!'$(!G*3,%#&!Y$13)6$*3&7!9(!+2$.$*3$!GE2)B)6!1$!($:)*3-!.!1)(,-!1,*!
1)E$2! )! '&*'$! ,E)! 1,%#,$*'&! $(! (()6)'&! '$! Q,&17! 0&1O! 1)(,-! '$! 9%,/3&! .!
&E$',$*3$! )! ()! ,*132#++,-*! ',:,*)! '8),+$5/'.% '8)2% % -+$.% % )*,:7+05?! #$1,@! $*! ()!
3,$22)!'$!?12)$(7!913)E)!1,%#,$*'&!()!+&*'#++,-*!',:,*)7!W&!1)EC)!+,$23)6$*3$!)!
A#$!(#%)2!'$EC)!,2!/)2)!)1$*3)21$!$*!O(4!1,*!$6E)2%&!B)EC)!'$5)'&!9%,/3&!.!B)EC)!
$*32)'&!*#$:)6$*3$!$*!?12)$(7!9(!(#%)2!)!'&*'$!'$EC)!',2,%,21$!'$*32&!'$!?12)$(!
1$!($!,E)!)!+&6#*,+)2!$*!$(!6&6$*3&!&/&23#*&7!
!
==B) #:43) 3;:823) SC:) "4SC:913) 4:681W1) :8) DC2:1) :8) 9CO14) 2:) J:432:E) EC)
Z124:K)MCL3)M:N34)2:)64)199Q\)Z:43)1L6E123)Z34)4:L:915678):8)EC:_3EK)E:)]C:)1)
91)4:O678)2:)i1969:1B!
!
)TH"#0,72%&'(%"L18%%)T:E'057"2%>7,85'#0'8%1+$2%%)*"#&78072%7).18(%%1"#$%@71:"(2%
]!B)E,$*'&!&C'&!!A#$!!!!!!!G2A#$()&!!!!!!$13D!2$,*)*'&!!!!$*!!!!!!!!!!0#'$)!!!!!!$*!(#%)2!!!'$(!!!!!!!!/)'2$!!

7#)1"#$%%9;:<0=&"#%')M">+0/+%')H'8$%7)@'5/'8$.D%E:+6718,/'8(2%&'(%H71I%"G.7:%%
!!'$!O(!!!!!!!!!!>$2&'$1!!!!!!!!3$6,-!!!!!!!!!!)((D!!!!!!!!!,2!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.!):,1)'&!!!!!!$*!!!!!!1#$L&1!
7).'E<0:+,'.%'8)2%17(%6'0:+%1+$2%\758578072?%
%%%%6)2+B-!!!!!!!!!!!!)!!!!!()!!!2$%,-*!!!![!!!!!!!!!'$!@)(,($)7!
!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!
b#,')'3#$+'4!7)H"#0,72%&'(4!+&*1,'$2)'&!)*3$14!:$2!JH\!
_#%$*:*4!>7,85'#0'84!3$2+$2)!/$21&*)!1,*%#()2!'$(!/2$1$*3$!'$!,*',+)3,:&!$*!:&F!)+3,:)!
'$(!:$2E&!>7,85'#0<4!$A#,:)($*3$!)!,#%$*,4!$*!$13$!+)1&!+&6&!#(1X),#%$*$+'A!
B$) -05*,) +#-4! +(D#1#()! /2$/&1,+,&*)(! +&*!7).18(4! #$) -05*,) +#2) 4',2) (':,#4! )A#C! +&6&! #$)
-05*,)+#-7!
I0"') 1#&',) +#) %,) *--X2% ')M">+0/+% ')H'8$% 7)@'5/'8$.?! +(D#1#()! +&*% ')M">+0/+4! 3$2+$2)!
/$21&*)!1,*%#()2!'$(!)&2,13&!/2,6$2&!'$!,*',+)3,:&!$*!:&F!/)1,:)!'$(!:$2E&!M">'0<4!1#$#,)
&%#+'2) 1#&#,4! $*! $13$! +)1&! +&6&! 1#&%@Y) $(! )':$2E,&! '$! (#%)2! ')H'8$4$ ! *--X_! .! 7)@'5/'8$.4!
)&2,13&!1$%#*'&!'$!,*;,*,3,:&!$*!:&F!)+3,:)!'$(!:$2E&!'G:E"6782)%,7!
U"%(*+'4! E:+6718,/'8(2?% /)23,+,/,&! )&2,13&! /2,6$2&! $*! :&F! /)1,:)! '$(! :$2E&!
E:+67180P<4)*+"#,1%,2)*"%(*,2),#"#-*,2)*&'$#(1*,4!)A#C!+&6&!*"%(*+'7!
B$)(0#Z'(4!$N/2$1,-*!+&*1,'$2)')!)*3$14!:$2!SHJT7!
G#) H0#) *) -*) ,#5%@$4% 7).'E<0:+,'.% '8)2% 17(% 6'0:+! +(D#1#()! +&*! 7).'E<0:+,'.4! 3$2+$2)!
/$21&*)!1,*%#()2!'$(!)&2,13&!/2,6$2&!'$!,*',+)3,:&!$*!:&F!)+3,:)!'$(!:$2E&!7).7E<:'0<4!
%,(#4!)A#C!+&6&!(#)&*,89@_!+&*!'8)2%17(4!*)-*_!.!$(!1#13)*3,:&!6'0:+4!$*!)+#1)3,:&!/(#2)(!
*$#32&4!$A#,:)($*3$!)!,#5%@$A!

GQZPGM?`W!9!?WaGWM?G!
SXd!
!
!
")1! *&3,+,)1! $*3&*+$1! *&! +&22C)*! )! ()! :$(&+,')'! '$! B&.7! 0&1O! 1$! ,*;&26-!
A#$!B)E,$*'&!6#$23&!>$2&'$14!+&6&!($!B)EC)!',+B&!$(!D*%$(4!)B&2)!2$,*)E)!$*!
1#!(#%)2!G2A#O)(&4!)T:E'057"2%>7,85'#0'8%1+$2%%)*"#&78072?%!U,/0?*-'),#%$*:*)
#$) <0+#*.7! G1C! (&! B)EC)! '$5)'&! ',1/#$13&! $(! 3,2)*&! )! 1#! 6#$23$4! 7).18(% % 1"#$%
@71:"(2%7#)1"#$?%!#$)-05*,)+#)(0)4*+,#.7!>,5&!'$!>$2&'$1!.!8)(3)+$4!1$!&+#/-!
'$!A#$!()1!$N$A#,)1!'$!1#!/)'2$!;#$1$*!+&6&!+&22$1/&*'$2C)!)!#*!%2)*!2$.7!=$!($!
:,13,-! +&*! ()1! 6D1! $1/(O*',')1! 2&/)1! 2$)($1! .! +&*! #*)! +&2&*)! '$! &2&! 6)+,F&!
2$+)6)')!$*!/,$'2)1!/2$+,&1)17!9(!+)3);)(+&!$2)!'$!&2&!6)+,F&4!+&*!)E#*')*+,)!
'$!/,$'2)1!/2$+,&1)17!m*)!%2)*!+)*3,')'!'$!$1+():&1!g)(%#*&1!);,26)*!A#$!$2)*!
A#,*,$*3&1[! /&23)E)*! /D3$2)1! +&*! /$2;#6$7! G2A#$()&! $2)! 6#.! 1$6$5)*3$! )! 1#!
/)'2$4!'$!6&'&!A#$!*&!$1!'$!$N32)L)2!A#$!0&1O4!+&*&+,$*'&!A#,$*!$2)!$(!*#$:&!
2$.4!3#:,$1$!3)*3&!6,$'&!'$(!B,5&!+&6&!B#E,$2)!/&','&!3$*$2!'$(!/)'2$4!')M">+0/+%
')H'8$% 7)@'5/'8$.?%!1#&%@)%,)*--6.7!W&!$*!:)*&!B)EC)!')'&!6#$23$!)!#*&1!32$1!6,(!
/$2$%2,*&1!+&6&!2$1#(3)'&!'$!()!2$:#$(3)!)!+)#1)!'$!()!6#$23$!'$!'&1!6)$132&1!
'$! ()! ($.7! G! +)#1)! '$! 1#! 6&'&! +2#$(! '$! %&E$2*)24! )+#1)'&! )*3$! P&6)! ;#$!
'$/#$13&! $*! $(! *&:$*&! )L&! '$! 1#! 2$,*)'&7! G! /)23,2! '$! )BC4! P&6)! '$1,%*-!
%&E$2*)'&2$14!#*&!'$!(&1!+#)($1!;#$!^&*+,&!^,()3&7!
!
!
W#$:)6$*3$!()!/2&:,'$*+,)!',:,*)!,*3$2:,$*$!/)2)!B)+$2!1)(,2!)!0&1O!'$!1#1!
'#')1!3&+)*3$!)(!(#%)2!'&*'$!'$EC)!)1$*3)21$7!9(!=$L&24!E:+6718,/'8(2%&'(% H71I%
"G.7:?%!/&2!6$',&!'$!#*!1#$L&!($!)':,23,-!A#$!'$EC)!1$%#,2!)(!*&23$!'$(!/)C1!.!
6&2)2! $*! ()! 2$%,-*! '$! @)(,($)4! 7).'E<0:+,'.% '8)2% 17(% 6'0:+% 1+$2% \7585780727!
Z32)!:$F!1$!'$13)+)!()!&E$',$*+,)!'$!0&1O!)+$/3)*'&!1,*!2$1$2:)1!()!:&(#*3)'!'$!
Q,&17!
!
=VB) Y) L683) ;) T1W6M7) :8) 91) 56C212) SC:) E:) 991N1) .1e14:MK) Z141) SC:) E:)
5CNZ96:E:) 93) SC:) ]C:) 265T3) Z34) 93E) Z43]:M1EK) SC:) T1W4I1) 2:) E:4) 991N123)
81e14:83B!
)
H78(%')5/<(.%H71<0=H+,'.%%'8)2%%@"058.%5'-"6'0.+.%]7P7:'01D%"L@<2%@5+:</+$=%%
!!]!!!!(($%)'&!!/#1&!1#!2$1,'$*+,)!!$*!!!!!+,#')'!!!!!!!!!(()6)')!!!!!!!!!W)F)2$3!!!!/)2)!A#$!1$!+#6/(,$1$!
1"(%:9+/'(.%%&87(%%%%1<$.%@:"M+1<$.%"L18%]7P<:78$"2%H5+/+0,'178%
!!!!!!!!!

!(&!!!!',+B&!!!/&2!6$',&!!'$!(&1!!!/2&;$3)1!!!!!!!!!A#$!!!!!!!!*)F)2$*&!!!!!!!!1$2D!(()6)'&7!

!
W&3)1!1&E2$!$(!3$N3&!%2,$%&7!
!
^)"%$'4!+&*1,'$2)'&!)*3$14!:$2!JHU7!",3$2)(6$*3$!3)--#5*+'7!
C*:%1@4!H71<0=H+,'.4!3$2+$2)!/$21&*)!1,*%#()2!'$(!)&2,13&!/2,6$2&!'$!,*',+)3,:&!$*!:&F!
)+3,:)!'$(!:$2E&!H71"8H'0<4!9*:%1*,2)&',*,4!)A#C!+&6&!9*:%1@A!
B$) 0$*) 8%0+*+) --*&*+*4! '8)2% @"058.% 5'-"6'0.+.4! +(D#1#()! +&*! '8)24) #$_! $(! 1#13)*3,:&!
@"058.4! )+#1)3,:&! 1,*%#()2! ;$6$*,*&! '$! @"05824! 8%0+*+4! )A#C! +&6&! 0$*) 8%0+*+_! .!
5'-"6'0.+.4! /)23,+,/,&! /2$1$*3$! $*! :&F! /)1,:)! '$(! :$2E&! 5'0-<4! --*&*,4! )A#C! +&6&!
--*&*+*7!

SXX!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8GY9Z!??!

!
b*,*)/0#)(#)80&4-%#(#4!"L@<2%@5+:</+?!+(D#1#()!+&*!$(!)':$2E,&!2$()3,:&!"L@<24!4*,*)
/0#4! .! @5+:</+4! 3$2+$2)! /$21&*)! 1,*%#()2! '$(! )&2,13&! /2,6$2&! '$! 1#E5#*3,:&! $*! :&F!
/)1,:)!'$(!:$2E&!@5+:"0<4!8'&4-#1*,2)80&4-%,2)--#$*,4!)A#C!+&6&!(#)80&4-%#(#A!
J')/0#)H0#)+%89'4!,'O*3,+&!)!&32)1!)*3$2,&2$1!$*!A#$!&+#22$!()!+&*132#++,-*4!:$2!JHSd7!
G#,) --*&*+'4! H5+/+0,'1784! 3$2+$2)! /$21&*)! 1,*%#()2! '$(! ;#3#2&! '$! ,*',+)3,:&! $*! :&F!
/)1,:)!'$(!:$2E&!H75'0<4!--*&*,4!)A#C!+&6&!(#,X)--*&*+'7!

)
)
G(%&! 6D1! '$EC)! +#6/(,21$! 1$%<*! ()! 2$:$()+,-*! /2&;O3,+)7! W&! 1-(&! 1$2C)!
(()6)'&! '$! 9%,/3&! +&6&! 1$! +#6/(,-4! 1,*&! A#$! 3)6E,O*! '$EC)! 1$2! (()6)'&!
*)F)2$*&7! M&*'#+,'&! /&2! ()! /2&:,'$*+,)! 0&1O! 2$%2$1-! )(! (#%)2! '&*'$! B)EC)!
:,:,'&! )*3$14! H78(% ')5/<(.% H71<0=H+,'.% % '8)2% % @"058.% 5'-"6'0.+.% ]7P7:'01!
W)F)2$34!$*!@)(,($)!I"+7!JHfK7!9*!W)F)2$3!1$!/2&'#5&!$(!6,()%2&!'$!()!+&*+$/+,-*!
:,2%,*)(! '$! 0$1#+2,13&7! 92)*4! /#$14! E,$*! +&*&+,'&1! .! $*! ()! /$A#$L)! )('$)! '$!
W)F)2$3! 3$*C)4! 1,*! '#')! )(%#*&1! '$! 1#1! /)2,$*3$17! W)F)2$3! $2)! +&*1,'$2)')! '$!
/&+)!,6/&23)*+,)!.!1#1!B)E,3)*3$1!'$!()!6,16)!6)*$2)!A#$!()!/&E()+,-*!'&*'$!
:,:C)*7!9(!G*3,%#&!Y$13)6$*3&!)*#*+,)!()!+&*',+,-*!'$(!8$1C)14!A#$!1$2C)!/&+&!
)32)+3,:)!/)2)!(&1!B&6E2$1!I=)(7!JJHX[U4!S\_!XeHU4!JT4!JS_!?17!SSHS_!feHb_!d\HJ4!\4!
U_! Q*7! eHJXK7! 0$1<1! ;#$! :$2')'$2)6$*3$! '$1/2$+,)'&! .! '$1$+B)'&! $*32$! (&1!
B&6E2$17! 9(! B$+B&! '$! A#$! 8)3$&! B)E($! %$*O2,+)6$*3$! '$! A#$! 0$1<1! 1$2C)% 1"(%
:9+/'(.%&87(%%1<$.%@:"M+1<$.%"L18%]7P<:78$"2%H5+/+0,'178%(()6)'&!*)F)2$*&!
/&2!-'()4,'H#1*(2),*',+)!6D1!A#$!#*!'$3$26,*)'&!/)1)5$!/2&;O3,+&4!()!%$*$2)(,')'!
'$!3&')!()!/2&;$+C)! $*! 2$()+,-*! +&*! #*! :)2-*! '$! '&(&2$14! $(! 1,$2:&! 1#;2,$*3$! '$!
Q,&17!")1!'&1!/&E()+,&*$14!V$(O*!.!W)F)2$34!#*)!2$()+,&*)')!+&*!$(!*)+,6,$*3&!
.!&32)!+&*!()!:,')!'$!0$1<1!'$1/#O1!'$!1#!2$%2$1&!'$!9%,/3&4!/&*$*!'$!6)*,;,$13&!
()! ,*3$*+,&*)(,')'! '$! 8)3$&! '$! 6&132)2! A#$! 2$)(6$*3$! 0$1<1! '$! W)F)2$3! $1! $(!
8$1C)17! "&1! 6,16&1! 5#'C&1! '$! (&1! 3,$6/&1! '$! 0$1<1! 1$! /2$%#*3)E)*! 1,! !+#)
;*Q*,#1) 40#+#) (*-%,) *-5') :0#$'.! I0*7! SHfXK7! W)')! 3,$*$! A#$! :$2! $*Q*,#$'4!
B)E,3)*3$!'$!W)F)2$34! .!$*Q*,#'4! +&*1)%2)'&! )! Q,&1! /&2! #*! :&3&7! =,*! $6E)2%&!
B).!)(%&!+&6<*!$*32$!0$1<1!'$!W)F)2$3!.!#*!*)F)2$&!.!$2)!()!1)*3,')'!)!()!A#$!$(!
1$%#*'&!1$!+&6/2&6$3C)!.!A#$!$2)!$1$*+,)(!/)2)!$(!/2,6$2&7!%
!
!
=$2!'$1/2$+,)'&!/&2!(&1!B&6E2$14!(()6)'&!$*Q*,#$'4!$2)!$(!+)(,;,+)3,:&!.!
1$*3,6,$*3&! A#$! 6#+B&1! 3$*C)*! $*! 2$()+,-*! +&*! 0$1<17! M)')! #*&! '$! 1#1!
1$%#,'&2$1!'$E$!$13)2!$*!()!6,16)!',1/&1,+,-*!'$!)1#6,2!$(!:,3#/$2,&!'$!M2,13&7!
9(!6#*'&!A#$!'$1/2$+,-!)!0$1<1!B)2D!(&!6,16&!+&*!1#1!1$%#,'&2$17!G1C!(&!',5&!$(!
=$L&2H! !#$) #-) &0$+') 1#$+,?%() *H-%88%@$.! I0*7! SXH\\K7! =,*! $6E)2%&! $(!
'$1/2$+,)'&!/&2!$(!6#*'&!$1!$(!i$*+$'&2!'$(!6#*'&!.!+&6#*,+)!)!(&1!1#.&1!1#!
6,16)! :,+3&2,)! IS! 0*7! dHdK7! W)',$! $1! (()6)'&! )B&2)! )! 1$%#,2! ()! 1$*')! '$(! 2$.!
$*32&*,F)'&4!1,*&!'$(!1,$2:&!1#;2,$*3$7!")!%(&2,)!'$!1#!2$,*&!$13D!)1$%#2)')!$*!1#!
:,+3&2,)!.!2$1#22$++,-*4!.!+)')!#*&!'$!1#1!1$%#,'&2$14!+&*!1#1!,6/$2;$++,&*$14!
6,1$2,)14! ;2)+)1&14! (D%2,6)1! .! +)C')14! 1&*! !&*() /0#) "#$8#+',#() 4',) &#+%') +#)
U/0#-)/0#)-'()*&@.!IP&7!UH\bK7!

!"#$%&'()***)
+'),"&%*-.()/+'89:;:)
(./"%01223#.7)
)
!
!
"#$%&! '#(#! )%! *#! +,-#,.+#! )%! /%(0(! #*! $+%1'&! %,! 23%! 4#! #! .&1%,5#6! (3!
1+,+($%6+&! '07*+.&8! 9&)&(! *&(! )%$#**%(! )%! *&(! #:&(! )%! +,-#,.+#;! #)&*%(.%,.+#! <!
=34%,$3)! )%*! >%:&6! 23%)#,! 6%(%64#)&(! '#6#! *&(! ?&176%(;! #3,23%! (+%1'6%!
.&,&.+)&(!'#6#!@+&(8!A#!B+7*+#!,&!%(!3,!*+76&!)%!.36+&(+)#)%(;!(+,&!*#!6%4%*#.+C,!
23%!@+&(!)#!)%!(D!1+(1&!#*!?&176%!'#6#!23%!*%!.&,&5.#;!'&6!$#,$&;!?#<!#(3,$&(!
23%!,&!(&,!)%!+1'&6$#,.+#!'#6#!%($%!.&1%$+)&!23%!23%)#,!6%(%64#)&(!.&1&!%(!%*!
$+%1'&!)%!*#!4+)#!'6+4#)#!)%!/%(3.6+($&!%,!E#5#6%$8!>%!(#7%;!'&6!&$6&(!)#$&(!)%!
*&(! F4#,G%*+&(;! 23%! %*! >%:&6! %($34&! (3=%$&! #! (3(! '#)6%(! )%('3H(! )%! *#! 4+(+$#! #!
/%63(#*H,!<!)%*!+,.+)%,$%!)%!*#!70(23%)#!.3#,)&!23%)C!%,!%*!$%1'*&!&<%,)&!#!
*&(!)&.$&6%(!)%!*#!*%<!IA.8!JKLMN8!O&1&!3,!?&176%!,&61#*;!%*!,+:&!.6%.D#!<!(%!
-&6$#*%.D#;! $#,$&! %,! %($#$36#! .&1&! %,! (#7+)36D#;! 1#,+-%($P,)&(%! %,! G6#.+#! '#6#!
.&,! @+&(! <! *&(! ?&176%(! IA.8! JKLJN8! F*! 6%G6%(&! )%! /%(0(! #! E#5#6%$;! .&1&! (%!
.&,(+)%6#6P!%,!(3!*3G#6 M ;!-3%!23+%$&;!(+,!6%(+($%,.+#!,+!'6%G3,$#!#*G3,#;!%,!3,#!
(31+(+C,! 4&*3,$#6+#! .&,-&61%! #! *&! %($#7*%.+)&! '&6! @+&(! %,! (3! A%<! '#6#! *#!
6%*#.+C,!)%!*&(!?+=&(!'+#)&(&(!.&,!(3(!'#)6%(8!Q>37+C!#*G3,#!&$6#!4%5!#!/%63(#*H,!
.&,! 1&$+4&! )%! *#(! -+%($#(! 6%*+G+&(#(R! E&! (%! (#7%;! '&6! *&! 1%,&(! ,&! ?#<!
6%-%6%,.+#(!7D7*+.#(!#!%**&8!/%(0(!$34&!23%!?#7%6!'#(#)&!'&6!*#!%)3.#.+C,!%(.&*#6!
)%! *&(! ,+:&(! <! %*! )%(#66&**&! '6&'+&! )%! *#! .&,4+4%,.+#! %,! 3,! ?&G#6! .&,! '#)6%(!
$%1%6&(&(!)%!@+&(8!A#!4+)#!)%!3,!?&G#6!=3)D&;!%('%.+#*1%,$%!%,!*3G#6%(!.&1&!
E#5#6%$;! %6#! (%,.+**#;! +,.*3<%,)&! *#(! .&1+)#(8! A#! 1+(1#! (%,.+**%5! (%!
1#,+-%($#7#! %,! %*! 1&)&! )%! 4%($+6! <! %,! *#(! .&($3176%(! (&.+#*%(8! A&(! *#5&(! 23%!
3,D#,! #! *&(! 1+%176&(! )%! *#! -#1+*+#! )%! /%(0(;! $%,D#,! 23%! ?#7%6! (+)&! D,$+1&(! <!
#-%.$3&(&(8! E&! (%! '3%)%! &*4+)#6! %*! +1'#.$&! 23%! *#! #,3,.+#.+C,! <! *#(! '6+1%6#(!
%S'%6+%,.+#(!%,!6%*#.+C,!.&,!/%(0(!$34+%6&,!23%!?#7%6!'6&)3.+)&!%,!(3(!'#)6%(8!
A#!-#1+*+#!)%*!>%:&6!%6#!#1'*+#;!,&!(%!'3%)%!&*4+)#6!$#17+H,!*#!6%*#.+C,!.&,!(3(!
'6+1&(;! .&1&! /3#,;! %! +,.*3(&;! .&1&! #*G3,&(! .&,(+)%6#,! .&,! >+1C,;! ?+=&! )%!
O*%&-P(;!'&(+7*%1%,$%!?%61#,&!)%!/&(H;!%*!1#6+)&!)%!*#!T+G%,8!A#!%($63.$36#!)%!
'%,(#1+%,$&! %,! %*! ?&G#6! %6#! .&,(&,#,$%! .&,! *#! F(.6+$36#! <! 6%('%$3&(&! #! *&!
%($#7*%.+)&! '&6! *#! U#*#76#8! F*! >%:&6! -3%!+,($63+)&! $#17+H,! %,! 3,! &-+.+&! 23%! *%!
'%61+$+%(%!3,!1&)&!)%!4+)#!%,!#23%**#!(&.+%)#)8!9#*!4%5!.&1&!1#<&6!%,$6%!(3(!
?%61#,&(;! &! 1%=&6;! (3(! 1%)+&V?%61#,&(;! #'6%,)+C! %*! &-+.+&! )%! (3! '#)6%;!
.&,&.+H,)&*%!%,!(3!%,$&6,&!(&.+#*!.&1&!%*!!"#$%&'(#)!I"68!WKXN8!F,!3,!%,$&6,&!
.&1&! %*! )%! E#5#6%$;! /%(0(! %($34&! %,! .&,$+,3&! .&,$#.$&! .&,! *#! ,#$36#*%5#;! .&,!
3,#!,&$#7*%!&7(%64#.+C,!)%!*&(!?&176%(!<!(3(!#.$+4+)#)%(;!.&1&!(%!,&$#6P!*3%G&!
%,!*#!%,(%:#,5#!)36#,$%!(3!1+,+($%6+&8!A#!&7(%64#.+C,!)%!*&(!'#($&6%(!G3+#,)&!<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
M

!T%6!.&1%,$#6+&!#!A.8!JKLJ8!

MWY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
#'#.%,$#,)&! *#(! &4%=#(;! $34&! 23%! ?#7%6*%! +1'#.$#,)&! ,&$#7*%1%,$%8! \,.*3(&!
'3)&!&7(%64#6!%*!.&1'&6$#1+%,$&!)%!*&(!5&66&(;!'#6#!.&1'#6#6!*3%G&!*#!#.$+$3)!
)%!]%6&)%(!.&,!*#!.&($3176%!)%!%(%!#,+1#*8!/%(0(!$34&!23%!?#7%6!(+)&!3,!=&4%,!
13<!(&.+#7*%8!F*!.&,&.D#!*&(!G&.%(!<!*#(!$6+($%5#(!)%!*#(!G%,$%(;!%*!=3%G&!)%!*&(!
13.?#.?&(!%,!*#(!'*#5#(;!*#(!10(+.#(!)%!*#(!)#,5#(!'&'3*#6%(;!*#(!.&1+$+4#(!)%!
*#(! 7&)#(;! %$.8! 23%! #'#6%.%,! .&1&! +*3($6#.+&,%(! %,! (3(! %,(%:#,5#(!
.&,$+,3#1%,$%8!9&)&!%($&!$+%,%!23%!4%6!.&,!*&(!#:&(!#,$%6+&6%(!#*!+,+.+&!)%!(3(!
#.$+4+)#)%(! '07*+.#(8! F($%! $+%1'&! '3%)%! %($#7*%.%6(%! %,! 3,&(! $6%+,$#! #:&(!
#'6&S+1#)#1%,$%8!
!
!
!
"#$%&!+,+.+#!(3!6%*#$&!.&,!*#!'6%(%,.+#!%,!%*!P6%#!)%*!(%.$&6!(36!)%*!/&6)P,;!
)%*! '6%.36(&6! )%*! ^%<8! ! Z23%*! #! 23+%,%(! *&(! 1#G&(! $6+73$#6&,! #)&6#.+C,! <!
73(.#6&,!.&1&!%*!^%<!)%!*&(!=3)D&(;!+7#!#!+,+.+#6!(3!1+,+($%6+&!'6&.*#1#,)&!%*!
6%+,&!23%!(%!#.%6.#7#8!E&!%(!)%!%S$6#:#6!23%!%($%!^%<!$34+%(%!3,!'6%.36(&6!23%!
#,3,.+#(%!(3!'6%(%,.+#!#!*#(!G%,$%(8!_($%!-3%!/3#,!%*!B#3$+($#;!&!`%*!7#3$+5#)&6a8!
F*! 1+,+($%6+&! )%! /3#,;! (3! **#1#)&! #*! #66%'%,$+1+%,$&! '#6#! 23%! %*! '3%7*&!
6%.+7+%(%! *#(! 7%,)+.+&,%(! 23%! /%(0(;! %*! ^%<;! %($#7#! )+('3%($&! #! )#6*%(;! %(! *#!
+,$6&)3..+C,!23%!"#$%&!3(#!#23D!'#6#!%,*#5#6!%*!$+%1'&!)%!+,$+1+)#)!<!(+*%,.+&!
)%*! "%(D#(! %,! (3! 6%(+)%,.+#! %,! E#5#6%$;! .&,! *&(! +1'#.$#,$%(! $6%(! #:&(! )%!
#.$+4+)#)! '07*+.#;! %,(%:#,5#;! %4#,G%*+5#.+C,! <! .31'*+1+%,$&! )%! *#(! (%:#*%(!
1%(+P,+.#(!23%!*&(!'6&-%$#(!?#7D#,!#,3,.+#)&!'#6#!+)%,$+-+.#6*%8!F($%!%(!%*!$%1#!
)%*!'6%(%,$%!.#'D$3*&!)%*!F4#,G%*+&8!
!
!
A#! )+4+(+C,! '#6#! (3! %($3)+&! %(! (%,.+**#;! .&,-&61%! #*! 7&(23%=&! 23%! (%!
%($#7*%.+C!#,$%(K!!
!
M8! F*!7#3$+(1&!)%*!^%<!IXKMVMbN8)
M8M8! F*!1+,+($%6+&!)%!/3#,!%*!B#3$+($#!IXKMVWN8)
M8J8! A#!%S?&6$#.+C,!)%*!B#3$+($#!IXKbVMcN8)
M8X8! A#!'6&-%.D#!)%*!B#3$+($#!IXKMMVMJN8)
M8d8! F*!7#3$+(1&!)%!/%(0(!IXKMXVMbN8)
)
+0)12345678)9:0);:<)=>?@A@BCD)
)
+0)75E564:F58)9:)G32E):0),2345642)=>?@AHCD)
)
@D) +E) 2I3:0086) 9J26) K5E8) G32E) :0) ,2345642) LF:95M2E98) :E) :0) 9:65:F48) 9:)
G39:2D)
)
!"#$%&'$()*+,$-./&01)*,$&!2&*0#)*,$3)1)4*0#&()*$$!56)0##-,$7.$8)3(*9(-',$$
!!e!%,!!!!!!!*&(!!!!!!!!)D#(!!!!!!!!!!!#23%**&(!!!!!!!!!!!!**%G#!!!!!!!!!!!!!!!!!!!/3#,!!!!!!!!!%*!!!!!!B#3$+($#!

2-1:0996#$&!#$(-+;$&!1-0/6;$(-+,$$!57:%)*0),$
!!'6%)+.#,)&!!!!!%,!!!!%*!!!)%(+%6$&!!!!!V!!!!!!!!!!!)%!/3)%#8!

!!!!!!!!!

FA!BZf9\>"[!@F!?@ABA!
!

MWg!

E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
F,! #23%**&(!)D#(;!&!#$ %&'$ ()*+,$ -./&01)*,$ &!2&*0#)*,;! .*P3(3*#! $%1'&6#*! +,)%-+,+)#! .&,! *#!
'6%'&(+.+C,! &!#;! (&h! %*! #6$D.3*&! )%$%61+,#)&! %,! )#$+4&! '*36#*! -%1%,+,&!()*+,;! *#(;! #23D!
.&1&! *&(h! %*! (3($#,$+4&! ! -./&01)*,;! %,! )#$+4&! '*36#*! -%1%,+,&;! .&,.&6)#,)&! .&,! %*!
#6$D.3*&;! )%! -./&01);! )D#;! -%.?#h! &!2&*0#)*,! %*! )#$+4&! '*36#*! -%1%,+,&! )%*! #)4%67+&!&!2&*+;+ !
#23%**&(8!
T+,&;! 3)1)4*0#&()*;! $%6.%6#! '%6(&,#! (+,G3*#6! )%*! '6%(%,$%! )%! +,)+.#$+4&! %,! 4&5! 1%)+#!
)%*!4%67&!3)1)4*0#7/)*;!**%G#6;!4%,+6;!4&*4%6;!?#.%6(%!'6%(%,$%;!#23D!.&1&!4+,&;!$#*!4%5!
1%=&6!**%GC8!
U6%)+.#,)&;! 2-1:0996#;! '#6$+.+'+&! '6%(%,$%! %,! 4&5! #.$+4#! )%*! 4%67&! 2-1:0996;!
'6&.*#1#6;!)+43*G#6;!'6%)+.#6;!(%6!?%6#*)&;!#23D!.&1&!'6%)+.#,)&!&!'6&.*#1#,)&8!
@%(+%6$&;!&!1-0/6;;!)#$+4&!(+,G3*#6!-%1%,+,&!)%*!(3($#,$+4&!&<1-/7',;!)%(+%6$&;!%,!(%,$+)&!
)%!5&,#(!)%('&7*#)#(!&!13<!'&.&!'&7*#)#(;!,&!$#,$&!3,#!%S$%,(+C,!)%(H6$+.#!(+,!#'%,#(!
4+)#8!

!
!
!
"#$%&!3$+*+5#!3,#!-C613*#!+,)%$%61+,#)#!&!#$%&'$ ()*+,$-./&01)*,$&!2&*0#)*,=$
*(&+",-(..)/+01"/2!'#6#!6%-%6+6(%!#*!$+%1'&!%,!23%!/3#,!%*!B#3$+($#!.&1%,5C!(3!
1+,+($%6+&8! *3&+ ",-(..)/+ 01"/2;! &! $#17+H,! *0(/$-4/+ 0(+ ",-(..)/+ 01"/2;!
*+$%6#*1%,$%! *(&+ .)/+ 01"/+ ",-(..)/2;! %(! )%.+6;! %,! %*! $+%1'&! )%! *#! 4+)#! 6%$+6#)#;!
23%! #*G3,&(! **#1#,! &.3*$#;! )%! /%(0(! %,! E#5#6%$8! F(! %*! $+%1'&! 23%! @+&(! ?#7D#!
-+=#)&!'#6#!+,+.+#6!*#!#.$+4+)#)!'07*+.#!)%!(3!]+=&!%,.#6,#)&8!O&1&!U#7*&!)+6P!
%,! (3! %'D($&*#! #! *&(! iP*#$#(;! *!-"&0)+ 5%&)+ (.+ !-6$.%6%(&')+ 0(.+ '%(6$)2! IiP8!
dKdN8!]#($#!%,$&,.%(!/%(0(!%($34&!%,!(3!?&G#6!%,!E#5#6%$;!(%!6%*#.+&,C!.&,!*&(!
?&176%(!)%()%!%*!'*#,&!)%!(3!4+)#!.&1&!?&176%!%,$6%!*&(!?&176%(;!)%!#23D!%,!
#)%*#,$%! #(31+6P! %*! '*#,! %($#7*%.+)&! )%! #,$%1#,&! %,! *#! &76#! )%! @+&(! '#6#! *&(!
?&176%(8! ! /3#,! %*! B#3$+($#! %6#! (%+(! 1%(%(! 1#<&6! 23%! /%(0(! IA.8! MKJW;! XWN;! )%!
1&)&!23%!$%,)6D#!3,&(!$6%+,$#!#:&(!.3#,)&!+,+.+C!(3!1+,+($%6+&8!"#$%&!(%!6%-+%6%!
(+1'*%1%,$%!#*!?%.?&!)%*!+,+.+&!)%*!1+,+($%6+&!)%!/3#,;!#-+61#,)&!23%!H($%!4+,&!
'6%)+.#,)&!%*!%4#,G%*+&!%,!%*!)%(+%6$&!)%!/3)%#8!!
!
!
9&)&!*&!6%*#.+&,#)&!.&,!/3#,!%*!B#3$+($#!%(!+1'#.$#,$%8!>3!,#.+1+%,$&!(%!
'6&)3=&! .&1&! 3,#! 1#,+-%($#.+C,! )%! *#! G6#.+#;! <#! 23%! (3! 1#)6%! %6#! %($H6+*;! <!
#17&(;!(3!'#)6%!<!(3!1#)6%!)%!%)#)!#4#,5#)#!IA.8!MKbN8!A#!4+)#!)%!/3#,!?#($#!
%*! 1&1%,$&! )%! (3! #'#6+.+C,! '6%)+.#,)&! <! **#1#,)&! #*! #66%'%,$+1+%,$&;! -3%!
6%$+6#)#;!4+4+%,)&!%,!*3G#6%(!)%(+%6$&(;!%(!)%.+6;!)&,)%!,&!?#7D#!#(%,$#1+%,$&!)%!
'&7*#.+C,! IA.8! MKYcN8! A3.#(;! %,! (3! F4#,G%*+&;! 6%G+($6#! *&(! )#$&(! 1P(! %S$%,(&(!
(&76%!/3#, J 8!"#$%&!(%!*+1+$#!#!'6%(%,$#6!6%'%,$+,#1%,$%!#!/3#,!'6%)+.#,)&!%,!%*!
)%(+%6$&! )%! /3)%#;! 3)1)4*0#&()*$ !56)0##-,$ 7.$ 8)3(*9(-',$ 2-1:0996#$ &!#$ (-+;$
&!1-0/6;$ (-+,$ $ !57:%)*0),=$ 3,#! 6%G+C,! 1&,$#:&(#! 23%! (%! %S$+%,)%! )%()%! *&(!
1&,$%(! 23%! )+(.366%,! '&6! *#! '#6$%! .%,$6#*! )%! U#*%($+,#;! ?#($#! *#! )%'6%(+C,! )%*!
/&6)P,;! **%G#,)&! ?#($#! %*! "#6! "3%6$&;! **%G#,)&! '&6! %*! ,&6$%! ?#($#! )&,)%! %*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J

!T%6!,&$#(!(&76%!A3.#(!.#'D$3*&!M8!

Mbc!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
e#7&.! )%(%17&.#! %,! %*! /&6)P,8! 96#)+.+&,#*1%,$%! (%! .&,(+)%6#! 23%! %*! (+$+&!
)&,)%!'6%)+.#7#!%*!B#3$+($#;!%($#7#!%,!%*!4#**%!)%*!/&6)P,!?#.+#!%*!(36!)%!/%6+.C8!
F*!P6%#!%(!4%6)#)%6#1%,$%!)%(H6$+.#;!.&,!3,!(3%*&!)%!'%23%:#(!6&.#(!<!G3+=#66&(8!
F,!1%)+&!)%!*#(!'+%)6#(!,#.%,!#*G3,&(!1#$&66#*%(;!'3)+%,)&!4%6(%!6%'$#6!)%!4%5!
%,! .3#,)&! #*G3,#! 4D7&6#8! Z! *#! *35! )%! *&(! )%$#**%(! 7D7*+.&(;! %*! $%66+$&6+&! )&,)%!
/3#,!'6%)+.#7#!<!7#3$+5#)#!(%!%S$%,)D#!#1'*+#1%,$%!#!*#(!)&(!&6+**#(!)%*!/&6)P,8!
Z3,23%! "#$%&! *%! **#1#! (-+;$ &!1-0/6;$ (-+,$ $ !57:%)*0),! (.+ 0(/%(#')+ 0(+ 7-0(";! ,&!
23+%6%!)%.+6!23%!-3%(%!3,!*3G#6!#7(&*3$#1%,$%!)%('&7*#)&;!(+,&!23%!(%!$6#$#!)%!
3,#!6%G+C,!)%*!'#D(!.&,!%(.#(#!'&7*#.+C,;!#3,23%!%,!%**#!(%!#(%,$#7#,!,&!1%,&(!
)%!(%+(!.+3)#)%(!.&,!'%23%:#(!#*)%#(!%,!%*!%,$&6,&8$
!
!
A#!'#*#76#!)%!@+&(!4+,&!#!/3#,!%,!%*!)%(+%6$&8!E&!?#<!,+,G0,!*3G#6!%,!%*!
13,)&!#!)&,)%!,&!'3%)%!**%G#6!*#!4&5!)%!@+&(8!F,!%*!1+(1&!)%(+%6$&!)%!/3)P;!
@#4+)!%(.6+7+C!%*!>#*1&!WX;!%S'6%(+C,!4+4#!)%!*#!.&13,+C,!'%6(&,#*!.&,!@+&(8!
[(%#(;! 1%,.+&,#! %*! )%(+%6$&! .&1&! *3G#6! )&,)%! @+&(! ?#7*#! #! (3! '3%7*&! %,! *#!
+,$+1+)#);!'#*#76#(!)%!#1&6;!.&13,+C,!<!#*+%,$&!I[(8!JKMdN8!Z!1%,3)&!%(!%,!*#!
(&*%)#)! )%*! )%(+%6$&! )%! *#! 4+)#! )%*! .6+($+#,&;! .3#,)&! %($P! '#(#,)&! '&6!
%S'%6+%,.+#(! )%*+.#)#(;! .3#,)&! $&)&! %,! (3! %,$&6,&! '#6%.%! .&1&! 3,! *3G#6! )%!
(&176#! )%! 13%6$%;! .3#,)&! @+&(! (%! #.%6.#! %,! %*! (3(366&! )%! (3! (+*7&! (3#4%! <!
#'#.+7*%! '#6#! ?#7*#6! #*! ,%.%(+$#)&! '#*#76#(! )%! G6#.+#! <! -+)%*+)#)8! j3%! %,! %*!
)%(+%6$&!)%!/3)%#!)&,)%!@+&(!?+5&!&D6!(3!4&5!**#1#,)&!#!(3!'3%7*&!#!3,!.#17+&!
)%!#.$+$3)!<!#!3,!%,.3%,$6&!'%6(&,#*!.&,!_*8!F(!,%.%(#6+&!23%!.#)#!3,&!'6%($%!
#$%,.+C,!%,!.#)#!1&1%,$&!'#6#!&D6!*#!4&5!<!)%1#,)#(!)%!@+&(!'#6#!(3!4+)#8!
!
ND)O)95M5:E98?)"FF:L:E4J86P)L8FI3:):0)F:5E8)9:)086)M5:086)6:)Q2)2M:FM298D)
)
2)*'>$?&046#@$/&()#7&*+(&@$$-A44*2&#$4)'1$$$$-.$8)9*?&*0)$(6+#$7:!1)#6+#B$$$$
!!e!!!!!)+.+%,)&K!!!!Z66%'%,$D&(!!!!'&623%!(%!?#!#.%6.#)&!!%*!!!!!!!!6%+,&!!!!!!!!)%!*&(!!!!!.+%*&(8!
!
E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
e;!2)*';!,&!%($P!%,!#*G3,&(!1((8!'%6&!(3!*%.$36#!%($P!#$%($+G3#)#!%,!1((8!(%G36&(8!
@+.+%,)&;!?&046#;!'#6$+.+'+&!'6%(%,$%!%,!4&5!#.$+4#!)%*!4%67&!?&046;!%23+4#*%,$%!#!)%.+68!
F*!4%67&!)%,&$#!%*!'6&'C(+$&!D,$+1&!)%!*&!23%!(%!)+.%;!,&!$#,$&!#!*#(!'#*#76#(!23%!(&,!%*!
4%?D.3*&!)%!*&!%S'6%(#)&8!
Z66%'%,$D&(;! /&()#7&*++(&;! (%G3,)#! '%6(&,#! '*36#*! )%*! '6%(%,$%! )%! +1'%6#$+4&! %,! 4&5!
#.$+4#! )%*! 4%67&! /&()#7&06;! .&1'3%($&! '&6! *#! '6%'&(+.+C,! /&()0;! $6#(;! )%('3H(;!
+1'*+.#,)&!.#17+&;!<!#7&06;!.&,(+)%6#6;!'%,(#6;!)%!#7:++,;!1%,$%;!)%!#?D!%*!(+G,+-+.#)&!)%!
.#17+&!)%!1%,$#*+)#);!)%!&'+,+C,!&!)%!'6&'C(+$&8!Z23D!.&1&!#66%'%,$D&(8!
>%! ?#! #.%6.#)&;! -A44*2&#;! $%6.%6#! '%6(&,#! (+,G3*#6! )%*! '%6-%.$&! )%! +,)+.#$+4&! %,! 4&5!
#.$+4#!)%*!4%67&!&!44*0C6;!#.%6.#6(%;!%($#6!'6CS+1&;!#23D!.&1&!(%!?#!#.%6.#)&8!
F*!6%+,&!)%!*&(!.+%*&(;!-.$ 8)9*?&*0)$(6+#$7:!1)#6+#;!.*P3(3*#!)%-+,+)#!.&,!%*!#6$D.3*&$-.;!
%*h!8)9*?&*0);!(3($#,$+4&!%,!,&1+,#$+4&!(+,G3*#6!-%1%,+,&;!23%!(+G,+-+.#!6%+,&h!(6+#;!)%!
*&(h!<!7:!1)#6+#;!(3($#,$+4&!%,!G%,+$+4&!'*36#*!1#(.3*+,&!23%!(+G,+-+.#!.+%*&(8!!

FA!BZf9\>"[!@F!?@ABA!
MbM!
!
!
F*! #6G31%,$&! '6+,.+'#*! )%! *#! '6%)+.#.+C,! )%! /3#,! %6#! 3,! **#1#1+%,$&! #*!
#66%'%,$+1+%,$&8! E&! %6#! 3,! 1%,(#=%! **%,&! )%! &6#$&6+#! <! 6%$C6+.#;! %6#! (%,.+**&!
'%6&!.&,$3,)%,$%;!)%!3,#!(&*#!'#*#76#K!/&()#7&*+(&=$+"##($(&'1)/8!A#!+,4+$#.+C,!
(%! '6&,3,.+#7#! %,! 3,! %,$&6,&! )%! G6#,! ,%.%(+)#)! 1&6#*8! F*! 13,)&! G6%.&V
6&1#,&;!*#!G%,$+*+)#)!)%!%,$&,.%(!%($#7#!%,!%*!#'&G%&!)%!*#!)%G6#)#.+C,!<!63+,#!
1&6#*!23%!.#6#.$%6+5C!%*!+,+.+&!)%*!)%.*+4%!)%*!+1'%6+&!6&1#,&8!A#!?+($&6+#!)%=#!
6%G+($6#)#! *#! '%64%6(+)#)! )%! *#(! .&($3176%(;! 23%! 13.?#(! 4%.%(! (%! %(.&,)D#,!
)%$6P(! )%! .3*$&(! +)&*P$6+.&(! 23%! *#(! -&1%,$#7#,8! A#! 1&6#*! '%61+(+4#! ?#7D#!
.&,)3.+)&! #! '6P.$+.#(! +,1&6#*%(! %,! $&)&(! *&(! (%.$&6%(! )%! *#! (&.+%)#)! *+76%8! Z!
%($&(! (%! 3,D#,! $#17+H,! *&(! **#1#)&(! .%8(#')/;! %(! )%.+6;! %(.*#4&(! 23%! ?#7D#,!
#)23+6+)&!*#!*+7%6$#)!<!23%!#:#)D#,!#!*#!.&663'.+C,!'6&'+#!)%!*#!(&.+%)#)!*+76%;!
(3!1+(%6#7*%!1%523+,)#)!)%!%(.*#4&8!F,!*#!%(-%6#!)%*!13,)&!G%,$+*!(&*&!?#7D#!
)&(! &'.+&,%(K! 63+,#! &! 6%G%,%6#.+C,8! >+,! %17#6G&;! %*! 1%,(#=%! )%! /3#,! ,&! (%!
)+6+GD#!)+6%.$#1%,$%!#!*&(!G%,$+*%(;!(+,&!#!*&(!=3)D&(8!A#!(&.+%)#)!6%*+G+&(#!)%!*#!
,#.+C,!%($#7#!$#17+H,!'*#G#)#!)%!1+(%6+#!%('+6+$3#*8!f,!(%,$+)&!)%!6%*+G+&(+)#)!
6&)%#)&! )%! $6#)+.+C,;! ?#7D#! (3($+$3+)&! #! *#! .&13,+C,! .&,! @+&(8! A&(! =3)D&(!
1+6#7#,!'&6!3,!*#)&!#!*#(!)+('&(+.+&,%(!)%!*#!*%<!<!'&6!&$6&!#!*&(!-#6+(%&(!'#6#!
(#7%6! .&1&! **%4#6*&(! #! *#! '6P.$+.#8! Z('%.$&(! #7(&*3$#1%,$%! %S$%6,&(! .&1&! *#!
&6#.+C,!#!*#!4+($#!)%!13.?&(;!*#!'6P.$+.#!)%!*#!*+1&(,#!'#6#!G*&6+#!)%*!)#)&6;!*#!
1%$+.3*&(+)#)! *+$%6#*+($#! )%! *#! +,$%6'6%$#.+C,! *%G#*;! .376D#,! %*! 1#,$&! )%!
?+'&.6%(D#! )%! 23+%,%(! )%7D#,! (%6! %=%1'*&! )%! '+%)#)8! @%! &$6&! 1&)&;! 4+4D#,! %,!
#'#6+%,.+#!)%!'+%)#);!,%G#)&!*#!%-+.#.+#!)%!%**#8!F6#!*#!6%'6&)3..+C,!)%*!'3%7*&!
)%!*&(!$+%1'&(!)%!\(#D#(;!.3#,)&!@+&(!$%,D#!23%!)%.+6K!*3/'(+$-(8.)+/(+"!(#!"+"+
61+!)&+/-+8)!"9+:+!)&+/-/+."8%)/+6(+;)&#"9+$(#)+/-+!)#"<=&+(/'>+.(?)/+0(+619+:+
/-+ '(6)#+ 0(+ 6%+ &)+ (/+ 6>/+ ,-(+ -&+ 6"&0"6%(&')+ 0(+ ;)68#(/+ ,-(+ .(/+ ;"+ /%0)+
(&/(@"0)2!I\(8!JgKMXN8!>&76%!%(#!(+$3#.+C,!6%*+G+&(#!%(.6+7%!Z*-6%)!F)%6(?%+1K!!
!
*A"+"-')#%0"0+6>/+(.(5"0"+0(.+$"1/9+/(+-&(+"+.)/+&)68#(/+0(+B&>/+:+C"%D>/E+3.+
$#%6(#)+;"81"+/%0)+0(/%F&"0)+$)#+G-%#%&%-/E+H(/$-4/+0(+0('(&'"#+(.+$)&'%D%!"0)+
0-#"&'(+&-(5(+"@)/9+D-(+0($-(/')9+:+.(+/-!(0%(#)&+)'#)/9+0(+.)/+!-".(/+(.+!-"#')+
D-(+ /-+ :(#&)+ C"%D>/E+ 3.+ !"#>!'(#+ 0(+ .)/+ I-6)/+ I"!(#0)'(/+ 0-#"&'(+ ')0)+ (/'(+
$(#1)0)+(/+0(/!#%')+(&+(.+J".6-0+KL(/E+MNOP+(&+$"."8#"/+'(##%8.(/E+Q+"-&,-(+&)+
;":+(5%0(&!%"+0(+,-(+."+!"/"+0(+B&>/+D-(#"+!-.$"8.(+0(+."+%&0-.F(&!%"+F#)/(#"9+
."+ 5%).(&!%"9+ .-?-#%"+ :+ "-&+ $R8.%!"+ %&0(!(&!%"+ 0(+ ".F-&)/+ 0(+ /-/+ /-!(/)#(/9+
(/'>&+ %&!.-%0)/+ (&+ .)/+ ":(/+ )+ !"."6%0"0(/+ $#)&-&!%"0)/+ /)8#(+ .)/+ .10(#(/+
!)##-$')/+0(.+/"!(#0)!%)9+"&'(+,-%(&(/+/(+$#(/(&'"+".+I"&'-"#%)+!)6)+$%0%(&0)+
,-(+/(+".(?(&+0(+/-/+/"F#"0)/+#(!%&')/9+$-(/+.)+!)&'"6%&"&+!)&+/-+$#(/(&!%"E+3/+
0%F&)+0(+;"!(#+&)'"#+,-(+(.+$(!"0)+(/$(!%".+0(+,-(+/(+"!-/"+"+."+!"/"+0(+B&>/+
(/+ 0(+ S8%/8%/("#T+ )+ /%.8"#+ !)6)+ ."/+ 518)#"/9+ .)+ !-".+ $"#(!(+ #(D(#%#/(+ "+ ."+
%&D.-(&!%"+$#%5"0"+/)8#(+.)/+?-(!(/+0(+."+"06%&%/'#"!%=&+0(+?-/'%!%"9+$)#+."+,-(+
."+ 6)#".+ (/+ !)##)6$%0"9+ (.+ ?-%!%)+ $(#5(#'%0)+ :+ ."+ I;(U%&";+ /(+ ;"+ "$"#'"0)+ 0(+
V/#"(.E+C)6)+%.-/'#"!%=&+0(+(/')+#(!)#0"#(6)/+(.+'(##)#+,-(+%6$%0%=+"+".F-&)/+
/"&(0#%/'"/+$)&(#/(+".+."0)+0(+7(/R/+K7&E+NWMXYMZP9+:+(/$(!%".6(&'(+."+5%).(&!%"+
!!!!!!!!!

MbJ!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
,-(+$"#(!(+;"8(#+0(!%0%0)+."+"!!%=&+D%&".+0(.+I"&(0#1&+K7&E+[[W\NYMXP9+!)&'#"+(.+
!-".+ &)+ /=.)+ ;)68#(/+ !)6)+ ]%!)0(6)+ :+ 7)/4+ 0(+ B#%6"'("9+ /%&)+ %&!.-/)+ -&+
^"6".%(.9+ /(+ /(&'1"&+ %6$)'(&'(/E+ L(#)+ "-&,-(+ ."+ (_$#(/%=&+ I-6)+ I"!(#0)'(+
$"#(!(9+"+5(!(/9+;"8(#+/%0)+-/"0"+(&+-&+/(&'%0)+F(&(#".+!)6)+0(/%F&"&0)+.)/+
;%?)/+0(.+I-6)+I"!(#0)'(9+(+%&!.-/)+.)/+6%(68#)/+$#%&!%$".(/+0(+/-+D"6%.%"9+/=.)+
$)01"+;"8(#9+&"'-#".6(&'(9+-&+I-6)+I"!(#0)'(+#(".E+A"+!)&?-&!%=&+0(+.)/+0)/+
&)68#(/+ B&>/+ :+ C"%D>/+ $#)8"8.(6(&'(+ %&0%!"+ ,-(9+ "-&,-(+ B&>/+ ;"81"+ /%0)+
0($-(/')+ 0(.+ $)&'%D%!"0)9+ ')0"51"+ /(F-1"+ $#(/%0%(&0)+ /)8#(+ (.+ I"&(0#1&`+ -&"+
!)&!.-/%=&+ &)+ /=.)+ "$):"0"+ $)#+ a!;E+ \Wb9+ (&+ ,-(+ B&>/+ "$"#(!(+ !)6)+ /-+
$#(/%0(&'(+#(".9+:+$)#+.)/+'4#6%&)/+(&+,-(+/(+;"8."+0(+C"%D>/+!)6)+6(#"6(&'(+
-&)+0(+(..)/+K7&E+[[W\cP9+/%&)+$)#+."+$"#'(+,-(+')6=+(&+."+!)&0(&"!%=&+D%&".+0(+
7(/R/+K7&E+[dW[ePE+f&"+!)68%&"!%=&+"/1+0(+0(/"/'#(/+$).1'%!)/+:+#(.%F%)/)/9+/%&+
0-0"+!)&/'%'-1"+-&+$(#1)0)+0(+(_'#(6"+&(!(/%0"0+$"#"+V/#"(.E+C)&+')0)9+&)+/(+
;%<)+ &%&FR&+ %&'(&')+ $)#+ $"#'(+ 0(.+ $-(8.)+ $"#"+ (&0(#(<"#+ ."/+ !)/"/+ $)#+ ."+
D-(#<"2 e E+
+
+
Z,$%! 3,#! (+$3#.+C,! (%1%=#,$%! (%! ?#.D#! ,%.%(#6+&! 3,! **#1#)&! #*!
#66%'%,$+1+%,$&;! #! .#3(#! )%! *#! '6&S+1+)#)! )%*! 6%+,&! %,! *#! '%6(&,#! )%*! ^%<K!
-A44*2&#$4)'1$-.$8)9*?&*0)$(6+#$7:!1)#6+#;!*$)#,-(+/(+;"+"!(#!"0)+(.+#(%&)+0(+
.)/+!%(.)/28!
!
!
"#$%&!3$+*+5#!%*!1+(1&!(3($#,$+4&!23%!(%!$6#)3.%!?#7+$3#*1%,$%!%,!$&)&!%*!
E3%4&!9%($#1%,$&!'&6!"##($(&'%6%(&')8!F*!$H61+,&!G6+%G&!(+G,+-+.#!-&+!"68%)+
0(+6(&'".%0"08!F*!#66%'%,$+1+%,$&!4#!G%,%6#*1%,$%!#.&1'#:#)&!)%!3,!(+,.%6&!
)&*&6!)%!.&6#5C,!#!.#3(#!)%!*#!'6P.$+.#!)%!3,#!4+)#!&'3%($#!&!)+(.&6)#,$%!.&,!*#!
4&*3,$#)! )%! @+&(8! F*! '%(#6! )%! ?#7%6! '%.#)&! #.&1'#:#! ,#$36#*1%,$%! #*!
#66%'%,$+1+%,$&;! '%6&! %($%! '%(#6;! ,&! +1'&6$#! .3#*! (%#! (3! .*#(%! ,&! %(! %*!
#66%'%,$+1+%,$&!%,!(D8!U#7*&!#-+61#!23%!*."+'#%/'(<"+,-(+(/+/(FR&+H%)/+$#)0-!(+
"##($(&'%6%(&')2!IJ!O&8!bKMcN;!.&1&!%*%1%,$&!23%!.&,)3.%!#*!#66%'%,$+1+%,$&;!
(+,! %17#6G&;! *#! $6+($%5#! ,&! %(! %*! 1+(1&! .#17+&! )%!1%,$#*+)#)! 23%! (%! '6&)3.%!
.&,! %*! #66%'%,$+1+%,$&8! A#! **#1#)#! )%! /3#,! ,&! %(! 3,! 6%.*#1&! '#6#! 3,#!
#3$&.&,-%(+C,! )%! '%.#)&;! (+,&! 3,#! )%$%61+,#.+C,! '6&)3.+)#! '&6!3,! .#17+&! )%!
1%,$#*+)#)!23%! **%4%! #! 3,! .#17+&! )%! 4+)#8! A#! **#1#)#! #*! 6%+,&!<! *#! %,$6#)#! #*!
6%+,&! (%! '6&)3.%! '&6! %*! ,3%4&! ,#.+1+%,$&! I/,8! XKX;! LN;! 23%! +,.*3<%!
,%.%(#6+#1%,$%! %*! #66%'%,$+1+%,$&8! F(! ,%.%(#6+&! #-+61#6! 23%! (+,! %*!
#66%'%,$+1+%,$&! ,&! (%! #*.#,5#! *#! (#*4#.+C,;! '%6&;! .&,! %*! 1+(1&! H,-#(+(;! %(!
'6%.+(&!#-+61#6!$#17+H,!23%!%*!#66%'%,$+1+%,$&!4#!.&1'6%,)+)&!%,!*#!-%!23%!%(!
+,($631%,$&! '#6#! 6%.+7+6! *#! (#*4#.+C,! IF-8! JKYVgN8! F*! **#1#1+%,$&! )%! /3#,!
.&1'6%,)%!3,!.#17+&!)%!1%,$#*+)#)!23%!6%.$+-+.#6D#!%*!.#1+,&!$&6$3&(&!)%!*#(!
G%,$%(!)%!(3!$+%1'&!1%)+#,$%!3,!.#17+&!)%!1%,$#*+)#)!23%!*&(!+1'3*(#6D#!#!3,#!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
X

!Z*-6%)!F,)%6(?%+18!A#!4+)#!<!*&(!$+%1'&(!)%!/%(0(!%*!"%(D#(8!F)+$8!O*+%8!9%66#((#!
MgYb8!T&*8!\8!'PG8!Xcb(8!

FA!BZf9\>"[!@F!?@ABA!
MbX!
!
4+)#! )+($+,$#! #! .3#,$&! **%4#7#,! ?#($#! %*! 1&1%,$&8! O&,! $&)&;! 3,#! 4%6)#)%6#!
.&,$6+.+C,!#!.#3(#!)%*!'%.#)&;!,&!(%!'3%)%!'6&)3.+6!'&6!*#!#..+C,!)%!*#!4&*3,$#)!
?31#,#! (+1'*%1%,$%;! (+,&! 23%! ,#.%! %,! *#! &76#! )%*! F('D6+$3! )%! @+&(! %,! %*!
.&6#5C,;!7+%,!(%#!)%*!+,.&,4%6(&;!7+%,!)%*!.6%<%,$%;!,&!+1'&6$#!%,!23%!$+%1'&8!
F*!#66%'%,$+1+%,$&!23%!%(!3,!.#17+&!)%!1%,$#*+)#)!%($P!+,.*3+)&!%,!*#!-%;!)%!#?D!
23%!/3#,!**#1%! #*! #66%'%,$+1+%,$&! %,!6#5C,! )%! 23%! %*! 6%+,&! (%! ?#7D#! #.%6.#)&8!
A#!-%!)%!*&(!23%!&D#,!%*!1%,(#=%;!23+%,%(!%('%6#7#,!%*!6%+,&!)%!@+&(!%,!=3($+.+#!
<!'#5;!*%(!.&,)3.D#!#*!#66%'%,$+1+%,$&8!F($%!#66%'%,$+1+%,$&!%($P!4+,.3*#)&!#!*#!
.&,4%6(+C,;!23%!,&!%(!3,!.#17+&!0(!3,#!.&(#!#!&$6#;!(+,&!3,!.#17+&!0(/0(!3,#!
.&(#!#!&$6#8!F(!)%.+6;!,&!%(!)%=#6!3,!1&)&!)%!4+)#!'#6#!#76#5#6!&$6&;!(+,&!(#*+6!)%!
3,#!%(-%6#!,#$36#*!)&,)%!(%!4+4%;!#!&$6#!)+-%6%,$%!%,!&7%)+%,.+#!#!3,!**#1#)&!)%!
@+&(;! )%! #?D! 23%! U#7*&! )+G#! 23%! *)/+ !)&5(#'%/'(%/+ 0(+ .)/+ 10).)/+ "+ H%)/;!
*+$%6#*1%,$%! 0(/0(+ .)/+ 10).)/;! %(! )%.+6;! )%()%! %*! *3G#6! )&,)%! %($#7#,! #! &$6&!
)+($+,$&! %,! &7%)+%,.+#! #*! **#1#1+%,$&! #! (#*4#.+C,! IM! 9(8! MKgN8! F(%! .#17+&! )%!
'&(+.+C,! '6&)3.%! 3,! .#17+&! )%! 4+)#;! )%=#,)&! )%! (%64+6! %,! *#! %(.*#4+$3)!
%('+6+$3#*! '#6#! ?#.%6*&! %,! *#! *+7%6$#)! G*&6+&(#! )%! *&(! ?+=&(! )%! @+&(8! F*!
#66%'%,$+1+%,$&!$+%,%!%('%.+#*!6%*%4#,.+#!%,!6%*#.+C,!.&,!\(6#%*;!'3%7*&!7#=&!%*!
&6)%,! )%! '#.$&(! 23%! @+&(! ?#7D#! %($#7*%.+)&! '#6#! %**&(! <! 23%! .3*1+,#6P! %,! %*!
,3%4&!'#.$&!)%!6%($#36#.+C,!%('+6+$3#*!'&6!%*!,3%4&!,#.+1+%,$&!I/%68!XMKXMVXdN8!
F($#6! )%,$6&! )%! *#(! %($+'3*#.+&,%(! )%*! '#.$&! .&,! @+&(! (3'&,%! 3,#! .&66%.$#!
6%*#.+C,!.&,!_*8!>+%1'6%!%*!'%.#)&!6%($6+,G%!*#(!7%,)+.+&,%(!%($#7*%.+)#(!%,!*&(!
'#.$&(;! '&6! $#,$&;! %*! #66%'%,$+1+%,$&! +,-+%6%! 3,! .#17+&! )%! 1%,$#*+)#)! 23%!
'6&)3.+6P!3,!.#17+&!)%!4+)#!.&,-&61#)#!.&,!*&(!'6+,.+'+&(!)%1#,)#)&(!%,!*&(!
'#.$&(!23%!#0,!(+G#,!4+G%,$%(!'#6#!\(6#%*8!@+&(!,&!,%.%(+$#7#!,3%4&(!'#.$&(!.&,!
\(6#%*;!(+,&!*#!6%($#36#.+C,!)%!*&(!'6+,.+'+&(!)%!4+)#!23%!'%61+$+%6#!%*!)+(-63$%!)%!
*#(!'6&1%(#!'#.$#)#(!+,.&,)+.+&,#*1%,$%;!<!23%!(&,!#23%**#(!23%!$+%,%,!23%!4%6!
.&,!*#!7%,)+.+C,!%($#7*%.+)#!%,!*#!%(-%6#!)%,&1+,#)#!#(%&)+0(+H%)/;!&!#(%&)+0(+
.)/+ !%(.)/8! A#! +,4+$#.+C,! #*! #66%'%,$+1+%,$&!%(! 3,#! )%1#,)#! '#6#! 6%($#36#6! *&(!
'6+,.+'+&(! )%! 4+)#! .&1&! '6%'#6#.+C,! '#6#! %*! 6%+,&! 23%! (%! #'6&S+1#7#! %,!
/%(3.6+($&!)%!23+%,!/3#,!%6#!?%6#*)&8!E&!(%!$6#$#7#!)%!%($#7*%.%6!,3%4&(!'#.$&(;!
(+,&!)%!6%($#36#6!*#!4+)#!)%*!'3%7*&!1%)+#,$%!3,!.#17+&!)%!1%,$#*+)#)!23%!*&(!
.&,)3=%6#!#!.&,-%(#6!(3(!'%.#)&(!<!4&*4%6(%!(+,!.&,)+.+&,%(!#!@+&(8!!
!
!
Z! *#! **#1#)#! #*! #66%'%,$+1+%,$&! %*! B#3$+($#! #:#)%! *#! 6#5C,K! *$)#,-(+ (.+
#(%&)+0(+.)/+!%(.)/+/(+;"+"!(#!"0)28!>+!+1'&6$#,$%!%(!$%,%6!.*#6&!%*!.&,.%'$&!)%!
"##($(&'%6%(&');! ,&! 1%,&(! +1'&6$#,$%! %(! )%$%61+,#6! 23%! .&(#! %(;! &! 23H!
.&1'6%,)%!%*! $H61+,&!#(%&)+ 0(+ .)/+ !%(.)/9+)%! #?D! 23%! (%#! ,%.%(#6+#! ?#.%6! 3,#(!
.&,(+)%6#.+&,%(! #1'*+#(! (&76%! %($%! #('%.$&! 23%! .&,)+.+&,#6P! 13.?#(! )%! *#(!
+,$%6'6%$#.+&,%(! 23%! '3%)#,! )#6(%! #! %($%! $%1#! %,! %*! %($3)+&! )%*! E3%4&!
9%($#1%,$&8! Z*G3,#(! '&(+.+&,%(! $%&*CG+.#(;! $#*! 4%5;! )%1#(+#)&! %,-P$+.#(! &!
%S$6%1#(;!?#.%,!3,#!)+($+,.+C,!%,$6%!#(%&)+0(+.)/+!%(.)/;!%S'6%(+C,!?#7+$3#*!%,!
"#$%&;! <! #(%&)+ 0(+ H%)/;! .&1&! *&! **#1#,! *&(! &$6&(! %4#,G%*+($#(8! U#6#! 23+%,%(!
?#.%,!%($#!)+($+,.+C,;!#(%&)+0(+.)/+!%(.)/;!%(!%*!G&7+%6,&!1%(+P,+.&!)%!/%(0(;!%*!
!!!!!!!!!

Mbd!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
]+=&!)%!@#4+);!(&76%!%*!13,)&8!F(%!.#*+-+.#$+4&!(%!$&1#!)%!*#!'6&-%.D#!)%!@#,+%*!
I@,8! JKJdVXW;! ddh! bKJXVJbN8! A&! %,$+%,)%,! .&1&! %*! 6%+,&! 23%! %*! @+&(! )%*! .+%*&!
%($#7*%.%6P!%,!*#!$+%66#!)%('3H(!)%!*#!)%($63..+C,!)%*!'&)%6!G%,$+*!23%!G&7+%6,#!
#.$3#*1%,$%8!>%!$6#$#6D#!%S.*3(+4#1%,$%!)%*!6%+,&!'#.$#)&!.&,!@#4+)!IJ!>8!bKbV
McN;!*3%G&!.&,-+61#)&!'&6!*&(!'6&-%$#(!Ik#.8!MJKYN;!<!.&,-+61#)&!#!"#6D#!%,!*#!
#,3,.+#.+C,! IA.8! MKXJVXXN8! O&,(+)%6#,! 23%! ?#<! 3,#! )+($+,.+C,! %,$6%! #(%&)+ 0(+
H%)/+:+#(%&)+0(+.)/+!%(.)/;!<!23%;!'&6!$#,$&;!,&!(&,!(+,C,+1&(8!Z'#6%,$%1%,$%!
?#<! .+,.&! )+-%6%,.+#(K! MN! f,+4%6(#*+)#)! <! *+1+$#.+C,8! F*! 6%+,&! )%! @+&(! %(!
3,+4%6(#*! <! .&1'6%,)%! #! $&)&(! *&(! (%6%(! 23%! (%! (3=%$#,! 4&*3,$#6+#1%,$%! #! *#!
#3$&6+)#)!)%!@+&(!%,!.3#*23+%6!)+('%,(#.+C,!IA.8!MXKJY;!Jgh!]%8!MJKJJ;!JXN8!F*!
6%+,&!)%!*&(!.+%*&(!%(!1%(+P,+.&!<!$+%,%!'&6!&7=%$&!%($#7*%.%6!%*!6%+,&!)%!@+&(!%,!
*#!$+%66#!I"$8!XKJh!M!O&8!MLKJd;!JLN8!JN!Z..%(&8!Z*!6%+,&!)%!@+&(!(%!%,$6#!(C*&!'&6!
%*! ,3%4&! ,#.+1+%,$&! I/,8! XKX8! LVbN8! F*! 6%+,&! )%! *&(! .+%*&(! %,! %*! '6%(%,$%! %(! *#!
%(-%6#!)%!*#!'6&-%(+C,!)%!-%!.6+($+#,#;!23%!'3%)%!(%6!-#*(#!&!G%,3+,#!I"$8!MXKXh!
JLKM;! MM;! MJN8! XN! O&(#(! .&13,%(8! O&1&! %*! 6%+,&! )%! *&(! .+%*&(! %(! *#! %(-%6#!
$%66%,#*!)%*!6%+,&!)%!@+&(;!$+%,%,!#17&(!.#(+!$&)#(!*#(!.&(#(!%,!.&10,8!U&6!%($#!
6#5C,!13.?#(!%,(%:#,5#(!(&76%!(.+#(%&)+0(+.)/+!%(.)/!%,!"#$%&;!(%!6%'+$%,!'#6#!
%*!#(%&)+0(+H%)/!%,!A3.#(8!A#!)+($+,.+C,!(%!%($#7*%.%!'&6!&1+(+C,!)%!#(3,$&(!23%!
'&6!(3!,#$36#*%5#!,&!'3%)%,!#'*+.#6(%!#*!6%+,&!)%!*&(!.+%*&(8!dN!@&(!-&61#(!)%!
1#,+-%($#6(%8! F*! #(%&)+ 0(+ H%)/;! ,&! 4+%,%! .&,! 1#,+-%($#.+&,%(! %S$%6,#(! IA.8!
MbKJcN;! %(! 1P(! 7+%,! +,$%6+&6! I^&8! MdKMbN8! F*! #(%&)+ 0(+ .)/+ !%(.)/! ?#! )%!
1#,+-%($#6(%! G*&6+&(&! %,! %($%! 13,)&! IA.8! MKXMVXXh! M! O&8! MLKJdh! "$8! MbKJN8! LN!
O&,.&6)#,.+#! -3$36#8! Z17&(;! (.+ #(%&)+ 0(+ H%)/+ :+ (.+ #(%&)+ 0(+ .)/+ !%(.)/;! ?#! )%!
.&,4%6G%6!<!.&+,.+)+6!%,!%*!-3$36&;!(+%,)&!3,#!(&*#!.&(#!.3#,)&!O6+($&!%,$6%G3%!
$&)&! #*! U#)6%! IM! O&8! MLKJdVJYN8! F($#! '&(+.+C,! )+-%6%,.+#)#! %S$6%1#;! '6%(%,$#!
(%6+#(! )+-+.3*$#)%(8! >%! 7#(#! %,! *#! ?%61%,H3$+.#! )+($+,$+4#! )%*! (+($%1#!
)+('%,(#.+&,#*! %S$6%1&8! 9#*! '&(+.+C,! %S+G%! )+($+,G3+6! $6%(! #('%.$&(! %,! %*!
.&,.%'$&! )%!#(%&)+ 0(+ .)/+!%(.)/! 23%! #'#6%.%,! %,! %*! %4#,G%*+&! (%G0,! "#$%&8! MN!
g(%&)+(&+$#)_%6%0"0!I"$8!XKJN8!>%!#.%6.#!%,!*#!'%6(&,#!)%*!^%<;!'%6&!23%!,&!(%!
6%#*+5#! '&6! ?#7%6*&! 6%.?#5#)&! I"$8! MJKdWVLcN8! JN!g(%&)+ (&+ 6%/'(#%)+ I"$8! MXKMV
LJN8!>%!$6#$#!)%*!6%+,&!)%!*&(!.+%*&(!%,!%*!$+%1'&!#.$3#*;!.&1&!3,#!%(-%6#!)%!*#!
'6&-%(+C,!)%!-%!.6+($+#,#8!XN!g(%&)+6%.(&%".!I"$8!JdKJgVJLKdWN8!>%!%($#7*%.%6P!%,!
*#! (%G3,)#! 4%,+)#! )%! /%(3.6+($&! %,! G*&6+#! IA.8! MgKMJVMgh! ].?8! MdKMdVMbN8! f,!
%($3)+&! )%('6%=3+.+#)&! )%(.376%! .+%6$#(! )+-%6%,.+#(! %,$6%! *&(! %4#,G%*+($#(;! 23%!
(&,! (+1'*%1%,$%! 1#$+.%(! 1P(! 23%! )+-%6%,.+#(! 6%#*%(8! A#! )+4+(+C,! )%! *&(!
#('%.$&(;!23%!%*!)+('%,(#.+&,#*+(1&!%S$6%1&!'6%$%,)%!?#.%6!4%6;!%S+G%!3,!=3%G&!
?%61%,H3$+.&!23%!,&!(+%1'6%!(%!#=3($#!#!*#(!6%G*#(!.&66%.$#(!)%!%(#!.+%,.+#8!A#!
+)%#! )%! 23%! %*! #(%&)! %,! %*! '6%(%,$%! %(! 3,#! %(-%6#! )%! '6&-%(+C,! )+-+.3*$#!
,&$&6+#1%,$%!*#!%,(%:#,5#!)%!/%(0(!#!E+.&)%1&;!(&76%!%*!1&)&!)%!%,$6#6!%,!%*!
6%+,&;!23%!%S+G%! 3,! ,3%4&! ,#.+1+%,$&;! 13.?&! 1P(! #**P! )%! 3,#! '6&-%(+C,8! Z! *#!
*35! )%! *#! %,(%:#,5#! G%,%6#*! <! )%! 3,#! ?%61%,H3$+.#! .&66%.$#;! (%! **%G#! #! *#!
.&,.*3(+C,! )%! 23%! *&(! $H61+,&(! #(%&)+ 0(+ H%)/! <! #(%&)+ 0(+ .)/+ !%(.)/;! (&,!
%S'6%(+&,%(!(+,C,+1#(8!A&(!)+($+,$+4&(!(&76%!#('%.$&(!.&,.6%$&(!<!)%$%61+,#)&(!

FA!BZf9\>"[!@F!?@ABA!
MbL!
!
(%!%($#7*%.%,!%,!*#!+,$%6'6%$#.+C,!<!%,$&6,&!$%S$3#*!)%*!'#(#=%8!F(!%4+)%,$%!23%!
'#(#=%(!'#6#*%*&(!3$+*+5#,!+,)+($+,$#1%,$%!#(%&)+0(+H%)/+:+#(%&)+0(+.)/+!%(.)/8!Z!
1&)&! )%! %=%1'*&! %,! %*! **#1#1+%,$&! #*! #66%'%,$+1+%,$&! I"$8! dKMbh! .&1'8! .&,!
"68!MKMLN8!F,!*#(!'#6P7&*#(!)%*!6%+,&;!.&1&!*#!)%!*#!1&($#5#!I"$8!MXKXMh!.&1'8!
"68! ! dKXc;XMh! A.8! MXKMY;! MgNh! *#! *%4#)36#! I"$8! MXKXXh! .&1'8! A.8! MXKJcKJMN8!
[.366%!$#17+H,!%,!6%-%6%,.+#!#!*#(!%,(%:#,5#(!)%!/%(0(;!.&1&!%(!%*!.#(&!)%!*&(!
1+($%6+&(!)%*!6%+,&!I"$8!MXKMMh!.&1'8!"68!dKMMN;!(&76%!*#!%,$6#)#!#*!6%+,&!I"$8!
MYKMXh!.&1'8!"68!McKMLh!A.8!MYKbNh!(&76%!%*!'6&7*%1#!)%!*#!%,$6#)#!)%!23+%,%(!
.&,-D#,!%,!*#(!6+23%5#(!I"$8!MgKJXh!.&1'8!"68!McKJXh!A.8!MYKJdN8!\G3#*1%,$%!(%!
#'6%.+#! %,! *#(! 6%-%6%,.+#(! #*! 6%+,&! %,! %*! >%61C,! )%*! "&,$%;! %,! )&,)%! "#$%&!
3$+*+5#! *#! %S'6%(+C,! #(%&)+ 0(+ .)/+ !%(.)/9! 1+%,$6#(! A3.#(! 3(#! (+%1'6%! #(%&)+ 0(+
H%)/E!A&(!#,$%.%)%,$%(!(&76%!*#!)&.$6+,#!)%*!6%+,&!)%7%,!73(.#6(%!%,!%*!Z,$+G3&!
9%($#1%,$&8!A#!B+7*+#!6%4%*#!#!@+&(!.&1&!(&7%6#,&!(&76%!$&)#!*#!.6%#.+C,!I>*8!
dbKJh!McXKMgN8!F,!6#5C,!)%!(%6!%*!O6%#)&6!<!)%!>3!(&7%6#,D#;!)&1+,#!(&76%!$&)&;!
+,.*3<%,)&!$&)&(!*&(!#('%.$&(!)%!%($%!13,)&!I>#*8!JdKM;!JN8!F,!$#*!(%,$+)&;!@+&(!
,&!(C*&!%(!%*! >%:&6! '#6#! *&(! =3)D&(;! (+,&! $#17+H,! '#6#! *#(! &$6#(! ,#.+&,%(! )%! *#!
$+%66#8!A#!'6&-%.D#!.&,$+%,%,!13.?&(!1%,(#=%(!'#6#!&$6#(!,#.+&,%(!I.-8!\(8!MXKMh!
MLKMh! MbKMh! MYKMh! MgKMN8! Z*G3,&(! '6&-%$#(! -3%6&,! %,4+#)&(! #! ,#.+&,%(! G%,$+*%(!
.&1&! %*! .#(&! )%! /&,P(;! %(! 1P(;! #*G0,! '6&-%$#! '6&-%$+5C! '#6#! ,#.+&,%(! G%,$+*%(!
.&1&!-3%!E#?01!IE#?8!MKMN8!@+&(!3(#!?&176%(!)%!*#(!,#.+&,%(!'#6#!%=%.3$#6!(3(!
'*#,%(;! .&1&! j#6#C,! I^&8! gKMbN;! &! O+6&! I\(8! dLKMN8! A#! ,#.+C,! )%! \(6#%*! -3%!
%(.&G+)#! '#6#! (%6! 3,! '3%7*&! %('%.+#*! '#6#! @+&(;! %,$6%! *#(! &$6#(! ,#.+&,%(! )%! *#!
$+%66#!IFS8!JcKJh!@$8!LKWh!WKMJh!bKWh!%$.8N8!U&6!%(#!6#5C,!-3%!6%'6%,)+)#!'&6!23%6%6!
$%,%6!(3!'6&'+&!6%<!#*!%($+*&!<!(%1%=#,5#!)%!*#(!)%1P(!,#.+&,%(;!*&!23%!%23+4#*D#!
#! 6%.?#5#6! *#! $%&.6#.+#! )%! (3! G&7+%6,&! IM! >8! YKd((N8! F($%! 6%+,&! ,#.+&,#*! %(! 3,!
%=%1'*&!'#6#!3,!6%+,&!(3'%6+&6!23%!4%,)6P!1P(!$#6)%8!9#*!%(!3,&!)%!*&(!#('%.$&(!
)%*!'#.$&!)#4D)+.&!IJ!>8!bKMJN;!23%!,&!(%!.31'*+%6&,!%,!%*!6%+,#)&!)%!>#*&1C,!<!
23%!(%!%,.3%,$6#,!6%,&4#)&(!.&1&!'6&1%(#!%,!*#!'6&-%.D#!I\(8!gKbh!MMKMVLh!XJKMh!
/%68!XXKMdVJJh!%$.8N8!F(!,%.%(#6+&!**%G#6!#!*#!.&1'6%,(+C,!)%*!.&,.%'$&!)%!#(%&)+
0(+H%)/;!&+#(%&)+0(+.)/+!%(.)/8!U3%)%!)%-+,+6(%!.&1&!*#!%(-%6#!)%!G&7+%6,&!%,!%*!
23%!@+&(!6%+,#!.&1&!>&7%6#,&!<!%(!&7%)%.+)&!4&*3,$#6+#1%,$%!I@,8!dKXdVXLN8!
F*!6%+,&!)%!@+&(!?#!(+)&!)%(#-+#)&!'&6!>#$#,P(!%,!%*!'#(#)&;!.&,)3.+%,)&!#!*&(!
?&176%(!#!*#!)%(&7%)+%,.+#!<!6%7%*)D#!.&,$6#!%*!O6%#)&6!Ii,8!XN8!>+,!%17#6G&!%*!
.&,$6&*!)%!@+&(!.&1&!>&7%6#,&!23%!%=%6.%!%*!.&,$6&*!<!#3$&6+)#)!(3'6%1#!(&76%!
%*! 3,+4%6(&;! ,&! ?#! (+)&! #-%.$#)#! '&6! %*! '%.#)&! I@,8! LKJMN8! A#(! F(.6+$36#(! )#,!
$%($+1&,+&! )%! 3,! G&7+%6,&! %('+6+$3#*! )%! @+&(! %,! ?&176%(! 6%G%,%6#)&(;!
)%-+,+%,)&! %*! 6%+,&! )%! @+&(! .&1&! #*G&! %('+6+$3#*! %,! %*! $+%1'&! '6%(%,$%! I^&8!
MdKMbN8!F*!#(%&)+0(+H%)/!,&!'3%)%!.&,(+)%6#6(%!.&1&!3,#!(/D(#"+0(+$#)D(/%=&;!
(+,&!.&1&!3,#!(/D(#"+0(+$)/%!%=&8!Z*!6%+,&!)%!@+&(!&!)%!*&(!.+%*&(!(%!#..%)%!'&6!
,3%4&! ,#.+1+%,$&! I/,8! XKLN8! F,! *#! #.$3#*+)#);! %*! 6%+,&! $+%,%! 23%! 4%6! .&,! 3,!
#(3,$&!+,$%6,&!<!%('+6+$3#*h!%($P!%,!%*!+,$%6+&6!IA.8!MbKJc;!JMNh!'&6!%($#!.#3(#!%(!
'6%.+(&!%*!,3%4&!,#.+1+%,$&!I/,8!XKXN8!U&6!%($#!.#3(#!*#!=3($+.+#!)%*!6%+,&!,&!%(!
%S$%6,#!<!.%6%1&,+#*;!(+,&!+,$%6,#;!)%*!.&6#5C,8!9#*!1&)&!)%!%S'6%(#6!*#!=3($+.+#!
!!!!!!!!!

MbW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
)%7D#!%S.%)%6!#7(&*3$#1%,$%!)%!*#!6+$3#*!<!#'#6%,$%;!'6&'+#!)%!*&(!6%*+G+&(&(!)%!
*&(! $+%1'&(! )%! O6+($&! I"$8! LKJcN8! F*! 6%+,&! $+%,%! 3,! #('%.$&! %('+6+$3#*! %,! *#!
6%#*+)#)!'6%(%,$%8!/%(0(!4+,&!'6%)+.#,)&!*#!$#)_%6%0"0!)%*!6%+,&!I"68!MKMLh!"$8!
McKbh!A.8!McKM;!g;!MMN8!F($#!%,$6#)#!#*!6%+,&!%(!&7($#.3*+5#)#!'&6!%*!*%G#*+(1&!)%!
*#(!G%,$%(!23%!$6#$#,!)%!(3($+$3+6!*#!%(-%6#!)%!.&13,+C,;!'6&'+#!)%*!6%+,&;!'&6!*#!
)%!6%*+G+C,;!'6&'+#!)%!*&(!?&176%(!I"$8!JXKMXN8!A&(!.6%<%,$%(!%($P,!#?&6#!%,!%*!
6%+,&!)%!@+&(!IO&*8!MKMXN;!'&6!$#,$&;!*#!H$+.#!)%*!6%+,&!?#!)%!.31'*+6(%!#?&6#!%,!
23+%,%(;! '&6! ,3%4&! ,#.+1+%,$&;! %($P,! %,! %(#! %(-%6#8! F*! -3$36&! %(.#$&*CG+.&! )%*!
6%+,&!(%!#,3,.+#!%,!*#!F(.6+$36#8!3.+#(%&)+0(+H%)/!&!#(%&)+0(+.)/+!%(.)/;!$%,)6P!
%S'6%(+C,!-3$36#!%,!%*!6%+,&!1+*%,+#*!IZ'8!JcKX;!d;!L;!WN8!A#(!'6&-%.D#(!(&76%!3,!
-3$36&!6%+,#)&!)%!O6+($&!%,!*#!$+%66#;!,&!)%=#,!*3G#6!#!)3)#(!I.-8!>#*8!JKY;!gN8!E&!
(%!$6#$#!)%!3,!G&7+%6,&!%('+6+$3#*!(&76%!*&(!?&176%(;!(+,&!)%!3,!6%+,#)&!*+$%6#*!
(&76%! %**&(8! \(#D#(! %,-#$+5#! %*! .#6P.$%6! $%66%,#*! )%*! 6%+,&! %(.#$&*CG+.&! I\(8! MMN8!
[$6#(!13.?#(!6%-%6%,.+#(!'6&-H$+.#(!*&!.&,-+61#,!I.-8!\(8!dJKdh!/%68!JXKXVWh!@,8!
JKXLVdLh! k#.8! MdKMVgN8! ]#<! 13.?&(! '#(#=%(! 23%! #-+61#,! 23%! /%(0(! (%! (%,$#6P!
(&76%!%*!$6&,&!)%!@#4+)!'#6#!G&7%6,#6!*#!$+%66#!IJ!>8!bKMWh!>#*8!YgKJcVXbh!\(8!MMh!
/%68! XXKMgVJMN8! Z(D! -3%! #,3,.+#)&! '&6! %*! P,G%*! #! "#6D#! IA.8! MKXJVXXN8! ]#<!
6%-%6%,.+#(!(31#1%,$%!.*#6#(!(&76%!%*!6%+,#,)&!)%!O6+($&!%,!*#!$+%66#!I\(8!JKMVdh!
gKWVbh! MMKMVMch! MWKLh! JdKJXh! XJKMh! dcKMVMMh! dJKMVdh! LJKbVMLh! LLKdh! @,8! JKddh!
bKJbh! "+8! dKMVYh! LKJVLh! k#.8! gKgh! MdKMWVMbN8! F*! 1+*%,+#*! .3*1+,#6P! %,! *#!
%S'6%(+C,!)%-+,+$+4#!)%*!6%+,&!)%!*&(!.+%*&(!%,!*#!$+%66#!,3%4#!<!.+%*&(!,3%4&(!23%!
@+&(!.6%#6P!#*!-+,#*!)%!*&(!$+%1'&(!IJ!U8!XK!McKMXN8!!
!
!
/3#,!#-+61#!%,!(3!'6%)+.#.+C,!23%!%*!6%+,&!)%!*&(!.+%*&(!(%!?#7D#!#.%6.#)&8!
F*! 6%+,&! )%! *&(! .+%*&(! &! 6%+,&! )%! @+&(! ,&! %(! )%! %($%! 13,)&;! ,+! '%6$%,%.%! #! (3!
(+($%1#h!'6&.%)%!)%!@+&(!1+(1&;!%(!)%!.&,)+.+C,!.%*%($+#*!<!#*!23%!(C*&!(%!**%G#!
'&6! 3,#! #..+C,! (&76%,#$36#*;! )+4+,#;! .&1&! %(! %*! ,3%4&! ,#.+1+%,$&8! E&! .#7%!
)3)#;! .&1&! (%! ?#! ?%.?&! ,&$#6! #,$%(;! 23%! %*! 6%+,&! )%! *&(! .+%*&(! $+%,%! 3,#!
'6&<%..+C,! %,! %*! $+%1'&! <! 23%;! %,! %*! $+%1'&;! #)23+%6%! )+-%6%,$%(!
1#,+-%($#.+&,%(8! F(! 4%6)#)! 23%! %,! %*! -3$36&! (%! 1#,+-%($#6P! %,! 3,#! #..+C,! )%!
G&7+%6,&! &! 6%+,#)&! )%! /%(3.6+($&;! 23+%,! %=%6.%6P! $&)#! *#! #3$&6+)#)! <! )&1+,&;!
)%('3H(!)%!23%!@+&(!1+(1&!?#<#!%,4+#)&!3,!$+%1'&!)%!=3+.+&!(&76%!%*!13,)&8!
>+,! %17#6G&;! %*! 1%,(#=%! )%! /3#,! '6&.*#1#! 3,#! 4%6)#)! #7(&*3$#8! F*! B#3$+($#!
#.%,$3#7#!*#!+)%#!)%!23%!%(%!6%+,&!)%!*&(!.+%*&(!%($#7#!.%6.#;!.&1&!(+!)+=%(%;!".+
".!"&!(+0(+."+6"&)8!F,!H*!4#,!%,$6#)&!.3#,$&(!.6%%,!%,!O6+($&!.&1&!6%('3%($#!
)%!-%!#*!1%,(#=%!)%*!F4#,G%*+&8!Z23%*!6%+,&!'6%)+.#)&!'&6!*&(!1#%($6&(!)%!*&(!
$+%1'&(! )%! /%(0(;! ,&! %6#! %*! 23%! (%! #.%6.#7#! %,! O6+($&! 1+(1&8! A#! +)%#! )%! 3,!
6%+,&!'&*D$+.&!$%1'&6#*!,&!%(!.&,.&6)#,$%!.&,!*#!)%*!6%+,&!)%!*&(!.+%*&(;!23%!%(!
3,! 6%+,&! %$%6,&! IA.8! MKXXN8! ]#7D#! 7%,)+.+&,%(! )%-+,+$+4#(! '#6#! $&)&(! #23%**&(!
23%!%(.3.?#,)&!#!/3#,!.&,-%(#7#,!(3(!'%.#)&(!<!.&1%,5#7#,!#!4+4+6!.&,-&61%!
#!*#(!)%1#,)#(!)%!@+&(!<!'#6#!(3!G*&6+#8!!
!

FA!BZf9\>"[!@@!?@ABA!
Mbb!
!
!
F*!#66%'%,$+1+%,$&!23%!**%4#!#!*#!.&,-%(+C,!%(!3,#!'6%'#6#.+C,!,%.%(#6+#!
'#6#!)+(-63$#6!)%!*#(!6+23%5#(!)%!G6#.+#!)%*!F4#,G%*+&!)%!O6+($&8!F(!,%.%(#6+#!3,#!
6%($#36#.+C,!%('+6+$3#*!%,!.#)#!1&1%,$&!'#6#!23%!'3%)#,!-*3+6!*#(!7%,)+.+&,%(!
)%!@+&(8!F*!#66%'%,$+1+%,$&!.&,)3.%!#!3,#!6%,&4#.+C,!%('+6+$3#*!23%!'%61+$%!*#!
'*%,#!.&13,+C,!.&,!@+&(!<!#.%6.#!#!.#)#!.6%<%,$%!*#!'6&4+(+C,!23%!_*!$+%,%!)%!
)&,%(!'%6-%.$&(!<!)%!73%,&(!6%G#*&(!I>$G8!MKMbN8!
!
>D)#3:6)R64:):6)2I3:0)9:)I35:E)Q210S):0)LF8T:42)*62J26P)M32E98)95U8?)V8W)9:0)
I3:) M0272) :E) :0) 9:65:F48X) LF:L2F29) :0) M275E8) 9:0) -:Y8FP) :E9:F:W29) 636)
6:E926D))
)
7:D(7,$4)01$&!9(*#$7.$1.-E&*',$$%*)'$$$$!F9)*G7:$(7:+$317H-0(7:$?&047#(7,!
!!!!!!!!!

!U&623%!%($%!!!!!!!!!%(!!!!!!%*!!!)+.?&!!!'&6!1%)+&!!!!)%!\(#D#(!!!!!!!%*!!!!!!!!!'6&-%$#!!!!!!!!!!23%!)+.%K!
$
H6#-'$876+#(7,$&!#$(-+;$&!1-0/6;@!
!
!!!T&5!!!!!23%!.*#1#!!!!%,!!!%*!!!!)%(+%6$&!
!
&.(7*/)09)(&$(-'#$$7.%7'#$I:1*07:=!
$
))))'6%'#6#)!!!!!!!!!!%*!!!!!.#1+,&!!)%*!>%:&6!

$
$!!

&:!E&*0),$37*&*+(&$()',$(1*087:,$):!(7:+B$
!!!!6%.$#(!!!!!!!!!!?#.%)!!!!!*#(!!!!!!(%,)#(!!!!!!!!!)%!_*8!

E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
L)#,-(+ (/'(+ (/;! 7:D(7,$ 4)01$ &!9(*#;! .*P3(3*#! 23%! .&1+%,5#! .&,! %*! '6&,&176%!
)%1&($6#$+4&!7:D(7,;!4/'(;!&!%(%h!*#!.&,=3,.+C,!4)01;!$)#,-(h!<!&!9(*#;!$%6.%6#!'%6(&,#!)%!
(+,G3*#6! )%*! '6%(%,$%! )%! +,)+.#$+4&! %,! 4&5! #.$+4#! )%*! 4%67&! &*!/*0;! (%6;! #23D! .&,!
(+G,+-+.#)&!)%!(/8!
C-"&0)+0%?);!?&047#(7,;!'#6$+.+'+&!'6%(%,$%!)%*!4%67&!?&046;!0(!%#;!23%!'3%)%!$6#)3.+6(%!
'&6!23%!)+.%;!&!.3#,)&!)+.%8!
H(+ ,-%(&+ ;"8.=;! 7.$ 1.-E&*0,$ %*)0;! .&,($63..+C,! #6$+.3*#6! .&,! 7.;! (.;! 1.-E&*',;! '#6$+.+'+&!
#&6+($&!'6+1%6&!%,!4&5!'#(+4#!)%*!4%67&!#6.#+.&!&*<16;!0(!%#;!#23D!.&1&!0%!(8!
h)<+0(.+,-(+!."6";!H6#-'$ 876+#(7,;!.&,($63..+C,!.&,!%*!(3($#,$+4&!H6#-';!5)<9+/)&%0)9+
#-10)9+ F#%')9+ .(&F-"?(;! <! 876+#(7,! '#6$+.+'+&! '6%(%,$%! %,! 4&5! #.$+4#! )%*! 4%67&!87)06;!
.(5"&'"#+-&+!."6"#9+F#%'"#;!#23D!.&1&!(/'>+!."6"&0)8!
L#($"#"0;! &.(7*/)09)(&;! (%G3,)#! '%6(&,#! '*36#*;! )%*! #&6+($&! '6+1%6&! )%! +1'%6#$+4&! %,!
4&5!#.$+4#!)%*!4%67&!&A(7*/)C6;!$#($"#"#9+0%/$)&(#9!#23D!.&1&!$#($"#"08!
3&0(#(<"0;!&:!E&*0),$37*&*+(&;!.&,($63..+C,!.&,!%*!#)=%$+4&!&:!E&*0),!%,!#.3(#$+4&!'*36#*!
-%1%,+,&;! 23%! %23+4#*%! #! #(!'"/;! <! 37*&*+(&;! (%G3,)#! '%6(&,#! '*36#*! )%*! '6%(%,$%! )%!
+,)+.#$+4&! %,! 4&5! #.$+4#! )%*! 4%67&! 37*&06=! %,! %($%! .#(&! .&,! (%,$+)&! )%! ;"!(08!
A+$%6#*1%,$%!;"!(0+#(!'"/;!)%!#?D!(&0(#(<"08!
>3(! (%,)#(;! ()',$ (1*087:,$ ):!(7:;! .*P3(3*#! .&,! %*! #6$D.3*&! )%$%61+,#)&! ()',;! ."/;! 23%!
'6%.%)%!#*!(3($#,$+4&!(1*087:,!%,!#.3(#$+4&!'*36#*!-%1%,+,&;!23%!(+G,+-+.#!/(&0"/h!<!%*!
'6&,&176%!'&(%(+4&!):!(7:=!0(+4.8!
!

!
/3#,!%6#!%*!?%6#*)&!23%!#,3,.+#7#!#!O6+($&8!A&(!$6%(!(+,C'$+.&(!.&,(+)%6#,!
23%!%,!/3#,!(%!.31'*%!*#!'6&-%.D#!)%!\(#D#(!$&.#,$%!#*!?%6#*)&!23%!'6%.%)%6D#!#!
*#!**%G#)#!)%*!"%(D#(!I\(8!dcKXVLN;!)%!#?D!23%!"#$%&!%(.6+7#K!7:D(7,$4)01$&!9(*#$

MbY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
7.$ 1.-E&*',$ $ %*)'$ $ !F9)*G7:$ (7:+$ 317H-0(7:$ ?&047#(7,=$ (/'(+ (/+ 0(.+ ,-(+ ;"8.=+
V/"1"/+ (.+ $#)D('"E+ >+,! %17#6G&;! *#! '6&-%.D#! $+%,%! 23%! 4%6! .&,! *#! *+7%6#.+C,! )%*!
'3%7*&!)%*!.#3$+4%6+&!)%!B#7+*&,+#8!A#!'6&-%.D#!)%!\(#D#(!.&1+%,5#!.&,!'#*#76#(!
)%!#*+%,$&!<!.&,(3%*&!'#6#!%*!'3%7*&!)%!@+&(8!@%!*#!1+(1#!1#,%6#!23%!%,$&,.%(;!
@+&(! $+%,%! 23%! 6%.&6)#6! #! (3! '3%7*&! .3#*! %(! (3! .&,)+.+C,! )%*#,$%! )%! _*;! '#6#!
(%:#*#6*%(! $#17+H,! *#! (&*3.+C,! #*! '6&7*%1#;! .&,(+($%,$%! %,! 3,! 6%$&6,&! #! _*! (+,!
.&,)+.+&,%(8!F,!3,!1+,+($%6+&!)%!G6#.+#;!@+&(!13%($6#!#!*&(!(3<&(!(3!,%.%(+)#)!
'%6(&,#*8! @+&(! %(! @+&(! )%! .&,(&*#.+C,8! @%! %($%! 1&)&! #'#6%.%! %,! $&)#! *#!
F(.6+$36#;! $#,$&! %,! %*! Z,$+G3&! .&1&! %,! %*! E3%4&! 9%($#1%,$&8! F*! U#)6%! %(! %*!
*H%)/+0(+')0"+!)&/)."!%=&2!IJ!O&8!MKXNh!%*!]+=&!$+%,%!3,!1+,+($%6+&!)%!.&,(3%*&!
.&1&!"8)F"0)!.%6.#!)%*!U#)6%!IM!/,8!JKMNh!%*!F('D6+$3!%(!*(.+C)&/)."0)#2!I/,8!
MdKMW;! JWh! MLKJWh! MWKbN8! F*! "%(D#(! 4%,)6D#! '#6#! *!)&/)."#+ "+ ')0)/+ .)/+ ,-(+
..)#"&2! I\(8! WMKJN8! A#! '6&S+1+)#)! )%*! "%(D#(! 6%23%6D#! 23%! 3,#! 4&5! )%! @+&(!
#)4+6$+%(%! #*! '3%7*&! )%! 3,#! (+$3#.+C,! 23%! %S+GD#! 6%'#6#.+C,! &;! $#*! 4%5! 1%=&6;!
6%($#36#.+C,8! A#! +,$%6'6%$#.+C,! 23%! "#$%&! )#! )%*! '#(#=%;! '3)+%6#! '#6%.%6!
-&65#)#;!(+,!%17#6G&;!.3#,)&!*&(!-#6+(%&(!'6%G3,$#6&,!#!/3#,!(+!H*!%6#!%*!"%(D#(!
)+=&! 23%! (+1'*%1%,$%! %6#! H6#-+ *."+ 5)<2! '! I/,8! MKJXN8! /%(0(! 1+(1&! )+&! *#!
+,$%6'6%$#.+C,! )%*! '#(#=%! '6&-H$+.&! 6%*#.+&,P,)&*#! .&,! /3#,! I"$8! MMKMcN8! A#!
'6&-%.D#!6%*#.+&,#)#!.&,!*#!*+7%6#.+C,!)%!3,!.&,$+,G%,$%!)%!*&(!.#3$+4&(;!$34&!3,!
.31'*+1+%,$&! 6%*#$+4&! &! '#6.+#*! %,! %*! 6%$&6,&! )%! B#7+*&,+#;! '%6&! %*! G*&6+&(&! <!
)%-+,+$+4&! .31'*+1+%,$&! %($#7#! 6%*#.+&,#)&! .&,! *#! 4%,+)#! )%*! "%(D#(;! <! (%!
.31'*D#!%,!$&)&(!#23%**&(!23%!*&!6%.+7D#,!.&1&!%*!%,4+#)&!)%!@+&(;!>#*4#)&6!<!
>%:&68!/3#,!%6#!%*!23%!'6%'#6#7#!%*!.#1+,&!)%*!>%:&68!A#!%S'6%(+C,!)%*!1%,(#=%!
(%!%,$+%,)%!13<!7+%,!#!*#!*35!)%!*#!.&($3176%!&6+%,$#*!)%!%,4+#6!3,!'6%G&,%6&!
)%*#,$%!)%*!6%<!23%!+7#!#!'#(#6!'#6#!23%!*&(!*3G#6%:&(!'6%'#6#(%,!<!#66%G*#(%,!%*!
.#1+,&!'&6!)&,)%!'#(#6D#8!/3#,!,&!(C*&!)%7D#!#,3,.+#6!*#!4%,+)#!)%*!>%:&6;!(+,&!
)%1#,)#6! 3,#! &.(7*/)09)(&+ #($"#"!%=&! )%! *&(! .#1+,&(! )%! (3! '3%7*&8! >%!
%,$+%,)%! 23%! %($&! (%G3,)&! 4#! D,$+1#1%,$%! *+G#)&! .&,! %*! **#1#1+%,$&! #*!
#66%'%,$+1+%,$&8! U6%'#6#6! %*! .#1+,&! $%,D#! 23%! 4%6;! %('+6+$3#*1%,$%! ?#7*#,)&;!
.&,!*#!#..+C,!)%!@+&(!%,!.#)#!3,&!)%!*&(!23%!'&6!%*!#66%'%,$+1+%,$&!%-%.$3#(%,!
3,! .#17+&! .&1'*%$&! )%! 1%,$%! <! )%! .&6#5C,8! F($%! .#17+&! $6#%6D#! .&1&!
.&,(%.3%,.+#!23%!*#(!(%,)#(!(%!%,)%6%5#(%,8!A#(!$&6$3&(+)#)%(!<!)%-&61#.+&,%(!
)%*! .#1+,&! (%! 6%($#36#6D#,! #**#,P,)&*&! '#6#! 23%! -3%(%! '*%,#1%,$%! $6#,(+$#7*%8!
F,)%6%5#6!*&!$&6.+)&!(3'&,%!#)%.3#6!$&)&!*&!23%!,&!%($#7#!%,!.&,-&61+)#)!.&,!
*#!4&*3,$#)!)%!@+&(8! 9&)&! .3#,$&! '3)+%(%! (%6! 3,! &7($P.3*&;! (#,$+)#)! #'#6%,$%;!
*%G#*+(1&;!1&6#*+)#)!'%61+(+4#;!%$.8!)%7D#!(%6!6%$+6#)&!)%!*#!/(&0";!%($&!%(;!)%*!
1&)&! )%! 4+)#! )%! 23+%,%(! %('%6#7#,! *#! 4%,+)#! )%*! 6%+,&! )%! @+&(8! /3#,! %6#! %*!
'&6$#4&5!23%!.*#1#7#!%,!%*!)%(+%6$&;!%S'6%(#,)&!%,!(3(!'#*#76#(!<!1%,(#=%;!%*!
'%,(#1+%,$&! <! *#(! '#*#76#(! )%! @+&(8! /3#,! G6+$#! %,! %*! )%(+%6$&! '6%'#6#,)&! %*!
.#1+,&! )%! 23+%,! %(! %*! T%67&;! U#*#76#! %,.#6,#)#! )%! @+&(8! /3#,! G6+$#! '#6#!
)%('%6$#6! #*! '3%7*&;! O6+($&! 4%,)6D#! )%('3H(! '#6#! +,($63+6*&(8! A#(! G%,$%(! )%! *&(!
$+%1'&(! )%! /3#,! %($#7#,! &6G3**&(&(! )%! (3! 6%*+G+C,! <! )%! (3! ?+($&6+#;! '%6&!

FA!BZf9\>"[!@F!?@ABA!
Mbg!
!
+,(%,(+7*%(! #*! '%.#)&! 23%! )&1+,#7#! *#! (&.+%)#);! %($#7#,! ?31+**#)&(! '&6! *&(!
6&1#,&(;!'%6&!,&!%6#,!;-6%.0(/!)%*#,$%!)%!@+&(8+
!
!
F*!1%,(#=%!)%!#66%'%,$+1+%,$&;!.&,-%(+C,!<!?31+*)#)!23%!/3#,!'6%)+.#7#!
%,!%*!)%(+%6$&;!%(!$#,!,%.%(#6+&!?&<!.&1&!%,$&,.%(8!A#!,%.%(+)#)!)%!*+1'+#6!%*!
'%.#)&!23%!(%!1#,$+%,%!13.?#(!4%.%(!%,!%*!.&6#5C,;!%(!#*G&!+1'6%(.+,)+7*%!<!
36G%,$%8! F*! '%.#)&! ?#.%! $&6.+)#(! *#(! (%,)#(! )%! *#! .&,)3.$#8! F(! ,%.%(#6+#! 3,#!
6%($#36#.+C,! %,! .&,-%(+C,! )%*#,$%! )%! @+&(8! A#(! (%,)#(! )%7%,! (%6! %,)%6%5#)#(!
'#6#!6%.+7+6!*#(!7%,)+.+&,%(!23%!@+&(!23+%6%!)#68!F($&!(%6P!$#17+H,!3,#!-3%,$%!
)%!.&,(3%*&8!A#!'6%(%,.+#!)%!@+&(!<!*#!.&13,+C,!.&,!_*!%,!*#!4+)#;!%(!%*!1#<&6!
'6+4+*%G+&!23%!(%!'3%)%!)+(-63$#6!%,!%*!.#1+,&!)%!*#!'%6%G6+,#.+C,!.6+($+#,#8!F(#!
'6%(%,.+#!'6&4%%!)%!.&,(3%*&!<!#*+%,$&!%,!*#(!)+-+.3*$#)%(!)%*!.#1+,&!<!%,!*&(!
#1#6G&(! )%(%,.#,$&(! )%! *#! 4+)#8! O3#,)&! *#! $6+($%5#! <! %*! )&*&6! (&,! %*! '#,!
.&$+)+#,&;!%(!.3#,)&!(%!'3%)%!#'6%.+#6!%,!$&)#!*#!)+1%,(+C,!*&!23%!@+&(!'3%)%!
**%G#6!#!(%6!.&1&!O&,(&*#)&68!U3)+%6#!(%6!23%!%,!(3!#..+C,!)%!G6#.+#;!*#!'%,#!<!
%*! .&,-*+.$&! ,&! )%(#'#6%5.#,;! '%6&! ?#76P! '6&4+(+C,! )%! #<3)#! <! '&)%6! '#6#!
(&'&6$#6! *#(! .#6G#(8! F,! *&(! 1&1%,$&(! 1P(! (&176D&(! )%! *#! 4+)#;! .3#,)&! (%!
#$6#4+%(#!'&6!3,!4#**%!)%!*PG6+1#(!&!.3#,)&!%*!1+%)&!'6&'+&!)%*!4#**%!)%!(&176#!
)%!13%6$%;!'#6%.%!#'&)%6#6(%!)%*!#*1#!,%.%(+$#)#;!%(!.3#,)&!*#(!%4+)%,.+#(!)%*!
#1&6!%,$6#:#7*%!)%*!i6#,!U#($&6!)%!*#(!&4%=#(!(%!?#.%,!6%#*+)#);!6%.+7+%,)&!%*!
7P*(#1&!)%*!.&,(3%*&!<!*#!G6#.+#!#1&6&(#!)%!,3%($6&!G6#,!@+&(!<!>#*4#)&68!
!
ZD) O) G32E) :64212) K:64598) 9:) L:08) 9:) M27:008P) <) 4:EJ2) 3E) M5E48) 9:) M3:F8)
20F:9:98F)9:)636)08786X)<)63)M87592):F2)02E[86426)<)75:0)650K:64F:D)
)
):!(7',$%&'$7.$$!56)0##-,$&*JK&#$(7'$&A#%:/)$):!(7:+$)!37'$(1*K6+#$2)/-0?7:$$
e!%*!1+(1&!!!V!!!!!!!!!!/3#,!!!!!!!!!$%,D#!!!!!%*!!!!!4%($+)&!!!!!!)%!H*!!!!!!!!!)%!!!!!!.6+,%(!!!!!!)%!.#1%**&!$
2)*'$C60#-#$%&1/)(*0#-#$$3&1*'$$$(-'#$7!9H:'#$):!(7:+=$-.$%&'$(17H-'$$-J#$$
$!!<!!!!.+,$36C,!!!!!!!)%!.3%6&!!!!!!!!#*6%)%)&6!)%!*#!!!!.#)%6#!!!!!!!)%!H*!!!!!!!!!<!%*!!!#*+1%,$&!!!%6#$
):!(7:+$)!21*0%&,$2)*'$/&0?*$)A41*7#B$
!!!!!!!!!

!!)%!H*!!!!!!!*#,G&($#(!!!!!!<!!!!!!1+%*!!!!(+*4%($6%8!
!

E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
Q+ 7-"&+ (/'"8"+ 5(/'%0);! ):!(7',$ %&'$ 7.$ $ !56)0##-,$ &*JK&#$ (7'$ &A#%:/);! .*P3(3*#! 23%!
.&1+%,5#!'&6!%*!'6&,&176%!'%6(&,#*!):!(7',;!-&61#!%,-P$+.#!23%!%23+4#*%!#!(.+6%/6)+:+
&)+ )'#)h! (%G3+)&! )%*! ,&176%! '6&'+&! 7-"&;! .&,! &*JK&#;! $%6.%6#! '%6(&,#! (+,G3*#6! )%*!
+1'%6-%.$&!)%!+,)+.#$+4&!%,!4&5!#.$+4#!)%*!4%67&!&AK6;!'(&(#;!#23D!.&1&!'(&1"h!(7';!%*h!<!
%*! (3($#,$+4&! &A#%:/);! %,! #.3(#$+4&! (+,G3*#6! ,%3$6&;! 23%! %23+4#*%! #! 4%($+)&8!
A+$%6#*1%,$%;!<!/3#,!$%,D#!%*!4%($+)&!)%!H*8!
H(+ $(.)+ 0(+ !"6(..)=$ )!37'$ (1*K6+#$ 2)/-0?7:;! .*P3(3*#! .&,! *#! '6%'&(+.+C,! )!37;! )%;!
(1*K6+#;! -&61#! G%,+$+4&! '*36#*! -%1%,+,&! )%*! (3($#,$+4&! E1*0L=! 23%! %23+4#*%! #! !"8(..)9+
$(.);!<!2)/-0?7:$(3($#,$+4&!%,!G%,+$+4&!(+,G3*#6!1#(.3*+,&!23%!(+G,+-+.#!!"6(..)8!
C%&');! C60#-#;! (3($#,$+4&! %,! #.3(#$+4&! (+,G3*#6! -%1%,+,&;! 23%! %23+4#*%! #! !%&'-#=&9+
!%&')8!

MYc!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
H(+ !-(#);! %&1/)(*0#-#;! (3($#,$+4&! %,! #.3(#$+4&! (+,G3*#6! -%1%,+,&;! 23%! %23+4#*%! #! )%!
.3%6&;!*+$%6#*1%,$%!)%!'+%*8!
B.#(0(0)#+ 0(+ /-/+ .)6)/;! 3&1*'$ (-'#$ 7!9H:'#$ ):!(7:;! .*P3(3*#! .&,! *#! '6%'&(+.+C,! 3&1*';!
".#(0(0)#;!(%G3+)&!)%*!#6$D.3*&!)%$%61+,#)&!(-'#=!#23D!.&1&!0(+.";!.&,!7!9H:'#;!-&61#!
%,!#.3(#$+4&!(+,G3*#6!-%1%,+,&!)%*!(3($#,$+4&!7!9H:0,;!.)6)/9+!%&'-#"9+!"0(#"8!
Q+ /-+ !)6%0"+ (#";! -.$ %&'$ (17H-'$ -J#$ ):!(7:;! .&,($63..+C,! .&,! -.! 0(;! :+ .";! .&,! (17H-';!
-&61#!%,!,&1+,#$+4&!(+,G3*#6!-%1%,+,&!)%*!(3($#,$+4&!(17H-0;!23%!%23+4#*%!#!!)6%0"9+
".%6(&')h!.&,!!-J#=!$%6.%6#!'%6(&,#!(+,G3*#6!)%*!+1'%6-%.$&!)%!+,)+.#$+4&!%,!4&5!#.$+4#!
)%*!4%67&!&*!/*0;!(%6;!#23D!.&,!(+G,+-+.#)&!)%!(#"h!.&,.*3<%,)&!.&,!%*!'6&,&176%!):!(7:;!
0(+4.8!
A"&F)/'"/;! )!21*0%&,;! -&61#! %,! ,&1+,#$+4&! '*36#*! -%1%,+,&! )%*! (3($#,$+4&! )!21*0,=! 23%! %23+4#*%!
#23D!#!."&F)/'"/;!3,#!%('%.+%!)%!(#*$#1&,$%(8!
i%(.+/%.5(/'#(;!/&0?*$)A41*7#8!
!
!
A#!-+G36#!)%!/3#,!%*!B#3$+($#;!):!(7',$%&'$ 7.$ $!56)0##-,=!:+(.+6%/6)+7-"&9!

%6#! *&! 1P(! #.&6)%! .&,! %*! 1%,(#=%! 23%! '6%)+.#7#8! >3! &A#%:/)$ 4%($+)&! %6#! 3,#!
$0,+.#! $%=+)#! .&,! *#(! (1*K6+#! .6+,%(;! *&(! '%*&(! )36&(! <! P('%6&(! )%*$ 2)/-0?7:!
.#1%**&8! F,! .+%6$#! 1%)+)#! %6#! 3,! #$3%,)&! (%1%=#,$%! #*! )%! F*D#(;! #3,23%! .&,!
)+-%6%,.+#(!I.-8!J!^8!MKYN8!F6#!3,#!4%($+)36#!'6&'+#!)%!23+%,!%=%6.D#!%*!&-+.+&!)%!
'6&-%$#! Ik#.8! MXKdN8! >3! #'#6+%,.+#! +,('+6#7#! 6%('%$&h! (3! 1%,(#=%! %($#7#! %,!
.&,(&,#,.+#!.&,!(3!#'#6+%,.+#8!>3!4%($+)&!,&!%6#!6+.&;!(+,&!(%,.+**&!<!?31+*)%;!
.%:+)&!.&,!C60#-#$%&1/)(*0#-#$3,!.+,$&!)%!.3%6&!3&1*'$ (-'#$7!9H:'#!#*6%)%)&6!
)%! (3! .+,$36#;! 23%! *%! '%61+$D#! *#! .&1&)+)#)! '#6#! '&)%6! .#1+,#68! /%(0(! (%!
6%-%6+6D#!1P(!$#6)%!#*!4%($+)&!)%!/3#,!)+.+%,)&!23%!,&!%6#!-+,&!I"$8!MMKYN!Z23%*!
23%!%6#!G6#,)%!#! *&(! &=&(! )%! @+&(;! #'#6%.D#! ?31+*)%! #! *&(! )%! *&(!?&176%(8! E&!
'&)D#!(%6!)%!&$6&!1&)&!.3#,)&!#,3,.+#7#!#!23+%,!,&!$%,)6D#!#$6#.$+4&!#*G3,&!#!
*#!1+6#)#!,#$36#*!?31#,#!I\(8!LXKJVXN8!!
!
!
F*! #*+1%,$&! )%! /3#,! %6#! $#,! (+1'*%! .&1&! (3! '6&'+#! 6&'#! <! $#,! (%,.+**&!
.&1&! (3! 1%,(#=%8! A#(! )!21*0%&,$ *#,G&($#(! )%! *#! $+%66#! )&,)%! '6%)+.#7#;!
(#*$#1&,$%(!&!.+G#66&,%(;!%6#!(3!.&1+)#8!F6#!%*!#*+1%,$&!)%!*&(!'&76%(!<!)%!*&(!
7%)3+,&(!23%!.635#7#,!%*!)%(+%6$&8!>&*D#!.&1%6*#(!.&.+)#(!&!#(#)#(!#*!-3%G&;!&!
+,.*3(&;!(%.#(!7#=&!%*!#6)+%,$%!(&*!)%*!4%6#,&!'6&'+&!)%!*#!)%'6%(+C,!)%*!/&6)P,8!
F6#! 3,#! .&1+)#! 23%! '&)D#! %,.&,$6#6(%! .&,! .+%6$#! -#.+*+)#)! %,! %*! *3G#6! '&.&!
'&7*#)&!)&,)%!/3#,!'6%)+.#7#!<!7#3$+5#7#8!F,!%*!)%(+%6$&!)%!/3)%#!#73,)#7#,!
*#(! #7%=#(! 23%! '&,D#,! (3(! '#,#*%(! )%! /&0?*$ )A41*7#! 1+%*! (+*4%($6%! %,! *#(!
&23%)#)%(! )%! *#(! .3%4#(;! #73,)#,$%(! %,! *#! 5&,#8! E&! )%7%! &*4+)#6(%! 23%! %,!
$+%1'&(!)%!>#,(C,;!%*!=3%5!%,.&,$6C!3,!'#,#*!)%!1+%*!%,!%*!.&($+**#6!)%!3,!*%C,!
23%! H*! 1+(1&! ?#7D#! 1#$#)&! $+%1'&! #,$%(! I/3%8! MdKYN8! \G3#*1%,$%! (%! 1%,.+&,#!
3,!?%.?&!?+($C6+.&!%,!6%*#.+C,!.&,!/&,#$P,!)&,)%!?#7D#!1+%*!%,!#73,)#,.+#!IM!
>8!MdKJL((N8!F,!%*!)%(+%6$&!'&)D#!%,.&,$6#6(%!*#!1+%*!7#=&!*#(!6&.#(!<!?%,)+)36#(!
)%!*#(!'%:#(!I@$8!XJKMXN8!
!
!

FA!BZf9\>"[!@F!?@ABA!
MYM!
!
!
/3#,!,&!(&*&!%6#!3,!?%6#*)&!.&,!(3!'#*#76#;!(+,&!.&,!(3!'6&'+#!4+)#8!U&6!
1%)+&!)%!(3!4%($+)&;!)%!(3!.&1+)#!<!)%!(3!1&)&!)%!4+)#;!(%!'&,D#!%,!.&,$6#($%!
.&,! *#! #66&G#,.+#;! .&663'.+C,! <! 4#,#G*&6+#! 23%! 6&)%#7#! *#! 4+)#! )%! 13.?&(! )%!
(3(! ?%61#,&(! %,! /3)%#8! F*! %G&D(1&;! %*! )%(%,-6%,&;! %*! &6G3**&! <! &$6&(! 13.?&(!
'%.#)&(!)%!(3(!.&,$%1'&6P,%&(!%6#,!)%,3,.+#)&(!(+1'*%1%,$%!.&,!*#!'6%(%,.+#!
-D(+.#! <! %*! %($+*&! )%! 4+)#! )%*! B#3$+($#8! /3#,! %6#! 3,! '6%)+.#)&6! +,$%G6#*! )%*!
%4#,G%*+&!)%*!6%+,&8!
!
!
A#!1+(1#!,%.%(+)#)!%(!'#6#!*&(!23%;!.&1&!.6+($+#,&(;!$+%,%,!%*!1#,)#$&!
)%! '6%)+.#6! %*! %4#,G%*+&! #! $&)#! .6+#$36#8! A#! 4+)#! '%6(&,#*! )%! .#)#! .6%<%,$%!
)%7+%6#! (%6! 3,! 1%,(#=%! 4+(+7*%! <! (+*%,.+&(&! )%*! %4#,G%*+&! 23%! $6#,(-&61#! I^&8!
MKMbN8!F*!%($+*&!)%!4+)#!)%*!.6%<%,$%!)#!4#*+)%5!#!*&!23%!'6%)+.#!&!(%!&'&,%!#!(3(!
'6&'+#(!'#*#76#(8!A#!13=%6!%,!.#(#!)%!3,!+,.6H)3*&!**%4C!#!O6+($&!#!(3!1#6+)&;!
,&!'&6!(3(!)+(.36(&(!(&76%!O6+($&;!(+,&!'&6!*#!.&,)3.$#!23%!6%-*%=#7#!#!O6+($&!%,!
(3!'6&'+#!4+)#!IM!U8!XKMN8!E#)+%!'3%)%!'6%$%,)%6!.&,4%,.%6!#!&$6&(!)%!*#!4%6)#)!
23%!'6%)+.#!<!)%!*#!,%.%(+)#)!)%!3,!.#17+&!%,!6%*#.+C,!.&,!@+&(;!#!,&!(%6!23%!
(3!4+)#!(%#!3,#!4+)#!23%!6%-*%=%!*#!$6#,(-&61#.+C,!#!*#!23%!**#1#!#!*&(!)%1P(8!F*!
1#<&6! 1#*! 23%! (%! ?#.%! #! *#! %4#,G%*+5#.+C,! %(! *#! 4+)#! ,&! $6#,(-&61#)#! )%! *&(!
.6+($+#,&(!23%!*&!'6%)+.#,8!
!
\D)O)620J2)2)R0)G:F3620REP)<)4892)G39:2P)<)4892)02)LF8K5EM52)9:)20F:9:98F)9:0)
G8F9]ED)
)
M70(&$$&!L&371&:0&(7$317',$):!(7'#$$.5&17970?:/)$2)*'$3)+9)$-.$$!57:%)*0)$2)*'$
F,$&,.%(!!!!!!!!!(#*D#!!!!!!!!!!!!!!!#!!!!!!!!!!!H*!!!!!!!!!!!!!!!!/%63(#*H,!!!!!!!!!!<!!!!!!!$&)#!!!!!!V!!!!!!!/3)%#!!!!!!!!!!<!
3)+9)$-.$$$3&1*0K617,$$$$(7:+$$!571%)0#7:=!
!!!!!!!!!

!!$&)#!!!!!*#!!!6%G+C,!)%!#*6%)%)&6!!!)%*!!!!!!!!!!!/&6)P,8!
!

E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
Q+/".1"=$(70(&$&!L&371&:0&(7;!.&,($63..+C,!.&,!%*!#)4%67+&!)%1&($6#$+4&!(70(&;!(&')&!(/;!
<!&!L&371&:0&(7;!$%6.%6#!'%6(&,#!(+,G3*#6!)%*!+1'%6-%.$&!)%!+,)+.#$+4&!%,!4&5!1%)+#!)%*!
4%67&!&!2371&:07/)*;!.&,!(%,$+)&!)%!/".%#+0(."&'(;!#23D!.&1&!/".1"8!
B+4.EEE+')0"9+317',$):!(7'#BBB$3)++9)=!.*P3(3*#!)%!6%*#.+C,!.&,!*#!'6%'&(+.+C,!317',;!#23D!
.&,!(%,$+)&!)%!";!<!%*!'6&,&176%!):!(7'#;!4.;!(%'#6#,)&!*&(!,&176%(!)%!*&(!*3G#6%(!.&,!%*!
#)=%$+4&!3)++9)! %,! ,&1+,#$+4&! (+,G3*#6! -%1%,+,&! 23%! %23+4#*%! #!')0";! .&1&! %S$%,(+C,!
G%,%6#*+5#)#!)%!3,!$H61+,&!G%&G6P-+.&!
A"+ $#)5%&!%"+ 0(+ ".#(0(0)#+ 0(.+ 7)#0>&;! -.$ 3&1*0K617,$ (7:+$ $ !571%)0#7:;! .&,($63..+C,!
.&,! %*! #6$D.3*&! )%$%61+,#)&! -.=! .";! %*! ,&1+,#$+4&! (+,G3*#6! -%1%,+,&! )%*! (3($#,$+4&!
3&1*0K617,;! 23%! %23+4#*%! #! #(F%=&+ 0(+ ".#(0(0)#;! .&,! ! (7:++=! 0(.;! <! %*! ,&176%! '6&'+&!
/&6)P,8!
!
!
\,)3)#7*%1%,$%!"#$%&!%($P!3(#,)&!3,!*%,G3#=%!?+'%67C*+.&;!.3#,)&!)+.%!

23%!(70(&$&!L&371&:0&(7$317',$):!(7'#$$.5&17970?:/)$2)*'$ 3)+9)$-.$ $!57:%)*0)$


2)*!3)+9)$-.$3&1*0K617,$(7:+$$!571%)0#7:+*/".1"&+"+4.+7(#-/".4&9+:+')0"+7-0("9+

MYJ!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
:+ ')0"+ ."+ $#)5%&!%"+ 0(+ ".#(0(0)#+ 0(.+ 7)#0>&28! ! F(! %4+)%,$%! 23%! G6#,)%(!
13*$+$3)%(!(#*D#,!#!H*!)%!*#(!.+3)#)%(!<!)%!)+($+,$&(!*3G#6%(!)%*!'#D(8!A#!-#1#!)%*!
B#3$+($#!<;!(&76%!$&)&;!*#!#-+61#.+C,!)%!*#!+,1+,%,$%!**%G#)#!)%*!6%+,&;!23%!%6#!
%('%6#)&!%,!/3)%#;!+1'3*(#7#!#!*#(!G%,$%(!#!+6!#!(3!%,.3%,$6&8!U6&7#7*%1%,$%!%*!
1+*#G6&!)%*!,#.+1+%,$&!)%!/3#,!(%6D#!3,!%*%1%,$&!1P(!'#6#!**#1#6!*#!#$%,.+C,!
)%!*&(!=3)D&(8!/3#,!%6#!6%('%$#)&!'&6!$&)&(8!Z23%*!23%!4%($D#!(%,.+**#1%,$%!<!(%!
#*+1%,$#7#!.&,!-63G#*+)#);!%6#!4+(+$#)&!'&6!G6#,)%(!<!'%23%:&(!23%!#.3)D#,!#!(3!
**#1#)&! #*! #66%'%,$+1+%,$&8! F(! ,&$#7*%! &7(%64#6! 23%! %,! $&)&! ?#<! 3,#! G6#,!
*%..+C,!%('+6+$3#*K!23+%,%(!)%(%#7#,!*#(!7%,)+.+&,%(!)%*!6%+,&;!)%7D#,!(#*+6!.&,!
H*!#*!)%(+%6$&;!*..(5"&0)+/-+5%'-$(#%)2!I.-8!]%8!MXKMXN8!E&!%6#!%,!%*!%,$&6,&!)%*!
13,)&;!)%!*#!6%*+G+C,!<!)%!*#!'&1'#;!,&!%6#!%,!%*!7&#$&!)%!3,#!4+)#!6%G#*#)#;!,+!
$#1'&.&!%,!*#!.&663'.+C,!)%!3,#!(&.+%)#)!)%!'+%)#)!#'#6%,$%;!%,!)&,)%!%($#7#,!
*#(!7%,)+.+&,%(;!(+,&!%,!%*!*3G#6!#'#6$#)&;!%,!*#!(&*%)#)!)&,)%!(%!1#,+-%($#7#!*#!
6%#*+)#)! )%*! #66%'%,$+1+%,$&! <! (%! &7$%,D#! *#! '#5! )%*! %('D6+$38! O&,! $&)&;! %,! *#!
*%.$36#!)%!*&(!F4#,G%*+&(;!(%!#'6%.+#!23%!)%!$&)#(!#23%**#(!G6#,)%(!13*$+$3)%(;!
13<! '&.&(;! %(.#(#1%,$%! #*G3,&(;! (%! #)?+6+%6&,! #! *#(! )%1#,)#(! )%*! B#3$+($#! <!
.#17+#6&,! )%! 1%,$#*+)#)! <! 4+)#8! F(! '&(+7*%! %,.&,$6#6! (+%1'6%! 13.?&(!
!)&5(&!%0)/;!'%6&!(+%1'6%!(&,!'&.&(!*&(!!)&5(#'%0)/8!
!
HD)O):F2E)12345W2986)L8F)R0):E):0)G8F9]EP)M8ET:62E98)636)L:M2986D)
)
2)*'$&!8)3(*0C7#(7$&!#$(6+;$$!571%)0#-;$37()/6+;$:.3N!$):!(7:+$&!L7/7?747:0/&#7*$
$$e!!!!!%6#,!7#3$+5#)&(!!!!%,!!!%*!!!!!!!!!/&6)P,!!!!!!!!!!!!6D&!!!!!!!!'&6!!!!!!!H*$$$$$$$$$$$.&,-%(#,)&$$$$$$$$$$$$$$

()',$)./)1(*0),$):!(6+#B$$
$*&(!!!!!'%.#)&(!!!!!!!!)%!%**&(8!

!
E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
3#"&+8"-'%<"0)/;! &!8)3(*0C7#(7;! $%6.%6#!'%6(&,#!'*36#*!)%*!+1'%6-%.$&!)%!+,)+.#$+4&!%,!
4&5! '#(+4#! )%*! 4%67&! 8)3(*0C6;! 8"-'%<"#;! -&61#! -6%.3%,$#$+4#! )%! 8)03(6;! 6)?"#;! #23D!
.&,!(+G,+-+.#)&!)%!(#"&+8"-'%<"0)/8!
g1);! 37()/6++;=! -&61#! )%*! )#$+4&! (+,G3*#6! 1#(.3*+,&! )%*! (3($#,$+4&! 37()/70,;! 23%!
(+G,+-+.#!#1)E+
C)&D(/"&0);! &!L7/7?747:0/&#7*;! '#6$+.+'+&! '6%(%,$%! %,! 4&5! 1%)+#! )%*! 4%67&!
&!L7/7?74&06;!*+$%6#*1%,$%!+,$%,(+4&!)%!0(!%#+.)+6%/6);!)%!7!/70!;!6%/6)!<!?&046;!;"8."#;!
.&,! &!2;! D-(#";! +,$%,(+4&! 23%! %23+4#*%! #! !)&D(/"&0)+ ".+ 6%/6)+ '%(6$);! !)&D(/"&0)+
$R8.%!"+:+"8%(#'"6(&'(E+
L(!"0)/;!'*36#*!)%*!(3($#,$+4&!)./)1(*0);!*+$%6#*1%,$%!(##"#+(.+8."&!);!$H61+,&!3(#)&!%,!
%*!E3%4&!9%($#1%,$&!'#6#!6%-%6+6(%!#!.3#*23+%6!$+'&!)%!)+($&6(+C,!1&6#*8!

!
!
F*! 7#3$+(1&! )%! /3#,! %6#! 3,#! %S'6%(+C,! 4+(+7*%! )%! .&1'6&1+(&! <!
#.%'$#.+C,! )%*! 1%,(#=%! 23%! '6%)+.#7#;! )%! 1#,%6#! 23%! &!8)3(*0C7#(7$ &!#$ (6+;$$
!571%)0#-;$ 37()/6+;$ :.3N!$ ):!(7:=$(#"&+8"-'%<"0)/+$)#+4.+(&+(.+#1)+7)#0>&E+!A&(!
=3)D&(! %($#7#,! #.&($3176#)&(! #! #7*3.+&,%(! 6+$3#*%(! 23%! %S'6%(#7#,! *+1'+%5#!

FA!BZf9\>"[!@F!?@ABA!
MYX!
!
.%6%1&,+#*! )%! +1'36%5#(;! 13.?#(! )%! %**#(! '6%(.6+$#(! %,! *#! A%<! I.-8! A48! MdKYh!
MLKL;!W;!JJh!MWKJdh!%$.8N8!A&!23%!/3#,!'6%)+.#7#!+7#!(%G3+)&!)%*!(+17&*+(1&!)%*!
7#3$+(1&!)%!#G3#;!23%!#3,23%!,&!%6#!,3%4&!.&1&!(%:#*!)%!+)%,$+-+.#.+C,;!*&!%6#!
.&1&! #'*+.#.+C,! )%! *#! #.%'$#.+C,! #*! #66%'%,$+1+%,$&8! A#(! 6%G3*#.+&,%(! *%G#*%(!
%($#7*%.D#,!23%!*&(!'6&(H*+$&(!G%,$+*%(;!23%!(%!?#.D#,!$#)/4.%')/+0(+."+?-/'%!%"!&!
$#)/4.%')/+0(.+$"!');!(%6D#,!#)1+$+)&(!#!*#!'*%,#!'#6$+.+'#.+C,!)%!*&(!'6+4+*%G+&(!
)%!\(6#%*!'&6!1%)+&!)%!*#!.+6.3,.+(+C,;!#*!7#3$+(1&!<!%*!(#.6+-+.+&!)%*!?&*&.#3($&!
)%!3,#!7%.%66#;!)%!3,!'#6!)%!$C6$&*#(!&!)%!)&(!'#*&1+,&(8!>%G0,!%*!6+$3#*;!#*!23%!
+7#! #! (%6! 7#3$+5#)&! (%! *%! .&6$#7#! %*! '%*&! <! *#(! 3:#(;! (%! )%(,3)#7#!
.&1'*%$#1%,$%;!?#.D#!3,#!'6&-%(+C,!)%!-%!#,$%!*&(!23%!(%!**#1#7#,! $"0#(/+0(.+
8"-'%/6);!<!(%!*%!(31%6GD#,!'&6!.&1'*%$&;!)%!1&)&!23%!$&)&!%*!.3%6'&!23%)#(%!
+,$6&)3.+)&!%,!%*!#G3#8!O3#,)&!(#*D#!)%*!#G3#!(%!*%!.&,(+)%6#7#!.&1&!&"!%0)+0(+
&-(5);! 23%! %,! %*! *%,G3#=%! )%! *&(! 6#7+,&(! %6#! .&1&! (+! -3%(%! 3,! ,+:&! 6%.+H,!
,#.+)&8!F(%!,3%4&!,#.+1+%,$&!,&!%6#!3,!,3%4&!,#.+1+%,$&!'6&.%)%,$%!)%*!.+%*&;!
(+,&!3,#!%S'6%(+C,!)%!6%,&4#.+C,!1&6#*!<!)%!3,#!,3%4#!6%*#.+C,!.&,!@+&(;!.&,!
\(#6%*!<!.&,!(3!'6&'+&!'#(#)&;!'6%(%,$%!<!-3$36&8!F*!7#3$+(1&!)%!/3#,!,&!%6#!3,!
7#3$+(1&! )%! '6&(H*+$&(;! ,+! $%,D#! ,#)#! 23%! 4%6! .&,! #*G&! (%1%=#,$%;! (+,&! *#!
%S'6%(+C,! 4+(+7*%! )%! 23%! %*! 7#3$+5#)&! ?#7D#! %,$%,)+)&! 23%! %6#! '6%.+(&! 3,!
#66%'%,$+1+%,$&!)%*#,$%!)%!@+&(!<!23%!(3!4+)#!(%!#=3($#6D#!)%!#?D!%,!#)%*#,$%!#!
*#(!)%1#,)#(!23%!%*!>%:&6!?#7D#!%($#7*%.+)&!'#6#!*&(!(3<&(8!U&6!$#,$&;!(C*&!%6#,!
7#3$+5#)&(! 23+%,%(! .&,-%(#7#,! (3(! '%.#)&(8! @%! &$6&! 1&)&;! (+,! .&,-%(+C,! )%!
'%.#)&(!,&!?#7D#!7#3$+(1&8!A&(!23%!(%!7#3$+5#7#,!%,!%*!7#3$+(1&!)%!/3#,!%6#,!
.&,(.+%,$%(! )%! 23%! (+! *&! ?#.D#,! %,! -&61#! .&66%.$#;! (+17&*+5#7#! 3,#! 6%,3,.+#!
)%-+,+$+4#!<!.&1'6&1+(&!'07*+.&!.&,!(3!#,$%6+&6!-&61#!)%!4+)#;!'#6#!(%G3+6!%,!
#)%*#,$%!3,#!4+)#!)%!#.3%6)&!.&,!*#!4&*3,$#)!)%!@+&(;!%,!3,!.#1+,&!%,)%6%5#)&!
<!%,!3,#!(%,)#!6%,&4#)#8!
!
!
/3,$&! .&,! %*! 7#3$+(1&;! &! $#*! 4%5! #,$%(! )%! (%6! 7#3$+5#)&(! )%7D#,! ?#.%6*&!
&!L7/7?747:0/&#7*! ! ()',$ )./)1(*0),$ ):!(6+#;! !)&D(/"&0)+ /-/+ $(!"0)/E! A#!
'#*#76#!!)&D(/%=&;!)%!6#D5!*#$+,#;!$+%,%!%*!(%,$+)&!)%!0(!%#+.)+6%/6)8!O&,-%(#6!,&!
%(!.&,$#6!#!@+&(!*&(!'%.#)&(!23%!_*!.&,&.%!)%!.#)#!3,&!)%!*&(!.&,-%(&(;!(+,&!
#-+61#6! 23%! *&! 23%! @+&(! )+.%! )%*! '%.#)&! %(! #.%'$#.+C,! '*%,#! )%*! 23%! ?#.%!
.&,-%(+C,8!F(#!.&,-%(+C,!$6#%!.&1&!.&,(%.3%,.+#!%*!.#17+&!6#)+.#*!)%!4+)#8!F*!
23%!6%.&,&.%!23%!1%,$+6!%(!'%.#)&!<!*&!!)&D%(/";!%($#!)+.+%,)&!23%!#(31%!<!(%!
+)%,$+-+.#!.&,!*&!23%!@+&(!1+(1&!)+.%!<;!'&6!$#,$&;!)%=#6P!)%!1%,$+6!%,!#)%*#,$%8!
A&!#(&176&(#1%,$%!+,$%6%(#,$%!%(!23%!%*!7#3$+(1&!23%!/3#,!'6#.$+.#7#!,&!%6#!
'#6#!F(&'%.(/!23%!#76#5#7#,!%*!=3)#D(1&;!(+,&!'#6#!=3)D&(!23%!(%!4&*4D#,!#!@+&(8!
F6#!3,!7#3$+(1&!)%!#66%'%,$+1+%,$&!23%!(%!1#,+-%($#7#!%,!3,!#.$&!)%!.&,-%(+C,!
)%!'%.#)&(!I].?8!MgKdN8!
!
!
f,#!+1'&6$#,$%!*%..+C,!(%!)%('6%,)%!)%!%($%!$%S$&K!*#!4%6)#)%6#!.&,-%(+C,!
)%*#,$%! )%! @+&(! %S+G%! <! '6&)3.%;! ,&! (C*&! *#! 6%(&*3.+C,! )%! .#17+&;! (+,&! 3,!
.#17+&! 6%#*! )%! 4+)#8! A#! .&,-%(+C,! .&*&.#! -3%6#! )%! *#! %(-%6#! )%*! .6%<%,$%! %*!
!!!!!!!!!

MYd!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
'%.#)&! '#6#! (%G3+6! #! @+&(! .&,! 3,#! 4+)#! (#,$#;! )%! #.3%6)&! .&,! *#! .&,-%(+C,!
?%.?#!IM!/,8!MKgN8!
!
'2):^Q8F42M5SE)9:0),2345642)=>?BA@_CD)
)
BD) "0) K:F) R0) I3:) 73MQ86) 9:) 086) T2F56:86) <) 9:) 086) 6293M:86) K:EJ2E) 2) 63)
12345678P)0:6)9:MJ2?)`a:E:F2M5SE)9:)KJ18F26b)cd35RE)86):E6:YS)2)Q35F)9:)02)
5F2)K:E59:F2e)
)
*!%6'#$%&'$37??7:',$(6+#$O)1*9)*06#$2)*'$P)%%7:2)*06#$&!1K7/&0#7:,$&!3*'$(7'$$
!!!!!e!4+&!!!!!#!13.?&(!!!)%!*&(!!!!!!!!-#6+(%&(!!!!!!!!!!!<!!!!!!!!!(#)3.%&(!!!!!!!!!!!!!!!!!23%!4%,D#,!!!!!!!#!!!!!!%*!!

8)03(*9/)$):!(7:+$&*J3&#$):!(7*+,@$4&##-0/)()$&!K*%#6+#=$(*0,$:.3&0%&*L&#$:./*+#$$
$$$7#3$+(1&!!!!!!!!)%!H*!!!!!!!!)+=&!!!!!!!!!!*%(K!!!!!!!!!F,G%,)6&(!!!!!!)%!4D7&6#(!!Q23+H,!!!+,-&61C!!!!!!!!!&(!!

H:4&*+#$)!37'$(-+,$/&??7:09-,$7!14-+,Q$
'#6#!?3+6!!!!)%!!!!!!*#!!!!!!+,1+,%,$%!!!!!!!!!!+6#R!
!

E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
B.+5(#+"+6-!;)/=$*!%6'#$%&'$ 37??7:',;!.*P3(3*#!.&,!*!%6'#;!'#6$+.+'+&!#&6+($&!(%G3,)&!%,!
4&5! #.$+4#! )%*! 4%67&! 7.1)6;! 5(#9+ 6%#"#9+ #23D! .&1&! 5%(&0);! <! %*! #)=%$+4&! 37??7:',;!
#.3(#$+4&!'*36#*!1#(.3*+,&!)%!37?:0,;!6-!;)/8!
h(&1"&=$ &!1K7/&0#7:,;!'#6$+.+'+&!'6%(%,$%!%,!4&5!1%)+#!)%*!4%67&!&A1K7/)*;!5(&%#;!#23D!
.&,!(+G,+-+.#)&!)%!5(&1"&8!
H(!1";! &*J3&#=!$%6.%6#!'%6(&,#! (+,G3*#6! )%*!#&6+($&! (%G3,)&!)%! +,)+.#$+4&! %,!4&5! #.$+4#!
)%*!4%67&!&*A37#=!3(#)&!.&1&!$+%1'&!#&6+($&!)%!?&046;!;"8."#;!#23D!%23+4#*%,$%!#!0%?)8!
^(&(#"!%=&+ G%,,?41#$#;! (3($#,$+4&! %,! 4&.#$+4&! '*36#*! ,%3$6&! 23%! %23+4#*%! #!
F(&(#"!%=&9+(&F(&0#);!)%,&$#!*#!)%(.%,)%,.+#!$#,$&!)%!?&176%(!.&1&!)%!#,+1#*%(8!
G-%4&+ )/+ (&/(@=;! (*0,$ :.3&0%&*L&#$ :./*+#=! -&61#! +,$%66&G#$+4#! .&,! %*! '6&,&176%! 6%*#$+4&!
(*0,=! ,-%4&;! 3/'%4)%+S%,;! $%6.%6#! '%6(&,#! (+,G3*#6! )%*! #&6+($&! '6+1%6&! )%! +,)+.#$+4&! %,!
4&5!#.$+4#!)%*!4%67&!:.37%&*02#:/*;!'6+1#6+#1%,$%!6)/'#"#+/(!#('"6(&'(;!)%!!:.370;!8"?)+
0(;!<!%&*02#:/*;!6)/'#"#;!%23+4#*%,$%!#!6)/'#"#+)+%&0%!"#+(&+."+%&'%6%0"0+$(#/)&".;!#23D!
%23+4#*%,$%!#!(&/(@=`!:./*+#=!)/8!
B+;-%#;!H:4&*+#=!#&6+($&!(%G3,)&!)%!+,-+,+$+4&!%,!4&5!#.$+4#!)%*!4%67&!H&:046;!;-%#8!
A"+ %#"+ 5(&%0(#";! (-+,$ /&??7:09-,$ 7!14-+,;! .&,($63..+C,! .&,! (-+,;! ."h! ! /&??7:09-,=!
'#6$+.+'+&!'6%(%,$%!%,!4&5!#.$+4#!)%*!4%67&!/&0??6;!(/'"#+"+$-&')+0(9+5(&%#9+!)6(&<"#;!
%S'6%(#! 3,#! #..+C,! +,1+,%,$%;! )%! #?D! 5(&%0(#";! &! 1%=&6! %&6%&(&'(h! <! %*! (3($#,$+4&!
7!14-+,=!G%,+$+4&!(+,G3*#6!-%1%,+,&!)%!7!14-0;!%#"9+(&)?)E+F*!1%=&6!(%,$+)&!(%6D#;!0(+."+%#"+
%&6%&(&'(E+

!
!
/3#,!**#1#7#!#*!#66%'%,$+1+%,$&!#!.#3(#!)%!*#!+,1+,%,$%!4%,+)#!)%*!6%+,&!
)%!*&(!.+%*&(8!A&(!-#6+(%&(!<!*&(!%(.6+7#(!%6#,!.&,&.%)&6%(!)%!*#!F(.6+$36#8!F**&(!
(#7D#,! 23%! *&(! '6&-%$#(! #,3,.+#7#,! %*! 6%+,&! '#6#! 23+%,%(! )+%(%,! *#! 1%)+)#!
%('+6+$3#*! 23%! *&(! .#'#.+$#(%! '#6#! %,$6#6! %,! H*;! .&1&! #,3,.+#7#! F5%23+%*! *)/+
;"#4+$"/"#+8"?)+."+5"#"9+:+)/+;"#4+(&'#"#+(&+.)/+51&!-.)/+0(.+$"!')`+:+"$"#'"#4+
0(+(&'#(+5)/)'#)/+"+.)/+#(8(.0(/9+:+"+.)/+,-(+/(+#(8(."#)&+!)&'#"+61`+0(+."+'%(##"+

FA!BZf9\>"[!@F!?@ABA!
MYL!
!
0(+ /-/+ $(#(F#%&"!%)&(/+ .)/+ /"!"#49+ 6>/+ "+ ."+ '%(##"+ 0(+ V/#"(.+ &)+ (&'#"#>&`+ :+
/"8#4%/+ ,-(+ :)+ /):+ 7(;)5>2! IF58! JcKXYN8! F(%! %6#! %*! '6&7*%1#! 23%! E+.&)%1&!
$%,D#!.3#,)&!-3%!#!4+(+$#6!#!/%(0(8!A&(!-#6+(%&(!<!*&(!%(.6+7#(!%($#7#,!73(.#,)&!
=3($+-+.#6(%! )%*#,$%! )%! @+&(! '&6! *#(! &76#(! 23%! ?#.D#,;! )%! $#*! 1#,%6#! 23%!
.3#*23+%6!#(3,$&!6%*#$+4&!#!=3($+.+#!'%6(&,#*!%6#!)%!(3!#G6#)&!<!*&!'6&.36#7#,8!!
!
!
F,$6%!*#!G6#,!1#(#!)%!'%6(&,#(!23%!#.3)D#!#!/3#,!#*!/&6)P,;!#$%,)+%,)&!#!
*#! )%1#,)#! )%! #66%'%,$+1+%,$&! <! '#6#! (%6! 7#3$+5#)&(! '&6! H*;! %($#7#! 3,#! G6#,!
.#,$+)#)! 37??7:',=$ 6-!;)/;! (6+#$ O)1*9)*06#$ 2)*'$ P)%%7:2)*06#+ )%! *&(!!
-#6+(%&(! <! (#)3.%&(8! A&(! -#6+(%&(! %6#,! 3,! '#6$+)&! )%,$6&! )%*! =3)#D(1&8! E&! (%!
(#7%! .&,! $&)#! '6%.+(+C,! .3#,)&! (36G+%6&,;! '%6&;! (%! (3'&,%! 23%! %6#,! *&(!
)%(.%,)+%,$%(! )%! *&(! ;"/%0;%6;! *&(! $1)/+ )+ /"&')/8! A#! '6+1%6#! &! 3,#! )%! *#(!
'6+1%6#(! 1%,.+&,%(! #! %**&(! #'#6%.%! %,! %*! .&,$%S$&! )%! ?+($&6+#! )%! *&(! 6%<%(!
1#.#7%&(8!F*!.#*+-+.#$+4&!)%!-#6+(%&(;!%($#7*%.D#!3,#!(%'#6#.+C,!%,$6%!%**&(!<!*&!
+1'36&8! >+,! %17#6G&;! **%G#6&,! #! %S$6%1&(! $#*%(! .&1&! .&,(+)%6#6! +1'36&! #*!
'3%7*&! )%! *#! $+%66#! '&623%! )%(.&,&.D#,! *#! A%<! %,! *#! )+1%,(+C,! %,! 23%! %**&(!
.6%D#,! .&,&.%6*#! I/,8! bKdgN8! A&(! -#6+(%&(;! &! (3(! #,$%.%(&6%(! )+6%.$&(! %,! *#!
?+($&6+#! )%! \(6#%*;! '6&1&4+%6&,! #*G3,#(! 6%7%*+&,%(! .&,$6#! *&(! G&7+%6,&(! )%! *&(!
'3%7*&(!23%!.&,$6&*#7#,!#!\(6#%*8!F,!*&(!)D#(!)%!/3#,;!]%6&)%(!$6#$C!)%!G#,#6(%!#!
%($%! G63'&;! '%6&! 1#,$%,+%,)&! (%6+#! )%(.&,-+#,5#! )%! %**&(;! #! .#3(#! )%! (3!
$6#)+.+&,#*! .&1'&6$#1+%,$&8! F6#,! '6&-3,)#1%,$%! .%*&(&(! )%! *#! A%<! 23%!
.31'*D#,! %,! (3(! 1P(! (%,.+**&(! '6%.%'$&(;! '6&.36#,)&! (3'%6#6*#! 1%)+#,$%!
#..+&,%(!13.?&!1#<&6%(!23%!*#(!23%!*#!A%<!%($#7*%.D#8!j6%,$%!#!3,!#<3,&!#,3#*!
%**&(!#<3,#7#,!)&(!4%.%(!'&6!(%1#,#8!@#7#,!%*!)+%51&!)%!$&)&;!+,.*3<%,)&!*&!
1P(! (3'%6-*3&! .&1&! *#! 1%,$#! <! %*! %,%*)&! )%! (3(! .#1'&(8! >%! (%'#6#7#,!
#7(&*3$#1%,$%! )%! $&)&! .3#,$&! '3)+%6#!.&,$#1+,#6*%(;! (%G0,! (3(! .&,.%'$&(! 23%!
+,.*3D#!%*!.&,$#.$&!.&,!*&(!G%,$+*%(!#!23+%,%(!)%('6%.+#7#,8!i3#6)#7#,!%*!(P7#)&!
?#($#! %S$6%1&(! $#*%(! 23%! .&,(+)%6#7#,! '%.#)&! 3,#! &76#! )%! 1+(%6+.&6)+#! ?%.?#!
%,!%(%!)D#;!.&1&!%6#,!*#(!(#,+)#)%(!23%!/%(0(!6%#*+5C!%,!(P7#)&8!Z)%1P(!)%!*&(!
'6%.%'$&(!*%G#*%(!G3#6)#7#,!$#17+H,!*&!23%!(%!.&,&.D#!.&1&!."+'#"0%!%=&+0(+.)/+
"&!%"&)/;!23%!+,.*3D#,!,&61#(!)%!.&1'&6$#1+%,$&!,&!6%G3*#)#(!'&6!*#!A%<;!#!*#(!
23%! )#7#,! .#$%G&6D#! )%! 1#,)#1+%,$&! )+4+,&8! f,+)&(! #! *&(! -#6+(%&(! 4%,D#,!
$#17+H,! #*G3,&(! )%! *&(! /"0-!()/8! F($%! G63'&! %6#! *&! &'3%($&! #! *&(! -#6+(%&(;!
)+($+,G3+H,)&(%! )%! %**&(! '&6! (%6! $&*%6#,$%(! %! +,.*3(&! +,.6H)3*&(! .&,! #*G3,#(!
)&.$6+,#(! 7D7*+.#(8! F,! %(%! (%,$+)&! ,%G#7#,! *#! 6%(366%..+C,! )%! *&(! 13%6$&(! <! *#!
6%#*+)#)!)%!*&(! P,G%*%(8! F6#! 3,! G63'&!$#*! 4%5! 1P(! #,$+G3&!23%! *&(! -#6+(%&(8! A#!
'6+1%6#!6%-%6%,.+#!)%!23%!(%!$+%,%!,&$+.+#(!(&76%!%**&(!%(!3,#!.+$#!)%!/&(%-& d ;!%,!
*#! 23%! %(.6+7%! (&76%! %*! )%(%&! )%! ]+.#6,&! \;! 6%<! 1#.#7%&;! )%! #*+#6(%! .&,! %**&(8!
U&6! $#,$&;! $%,D#,! 23%! $%,%6! 3,#! '6%(%,.+#! +1'&6$#,$%! <#! %,! MXL! #8O8! Z*G3,&(!
.&,(+)%6#,! 23%! (3! ,&176%! (%! )%6+4#! )%! >#)&.;! (#.%6)&$%! .&,$%1'&6P,%&! )%!
@#4+)! <! >#*&1C,! IJ! >8! MLKJbh! MgKMMh! M8! ^8! MKMYN;! .3<&(! )%(.%,)+%,$%(! %6#,!
!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
d

!/&(%-&8!B&'%Fj(0"0(/8!l\\\8S8!LVb8!

MYW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
.&,(+)%6#)&(! .&1&! *#! *D,%#! (#.%6)&$#*! I.-8! F58! ddKMLh! dYKMMN;! ?#($#! *#! 6%7%*+C,!
)%!*&(!1#.#7%&(8!>+,!%17#6G&!?#<!)+-+.3*$#)%(!$#,$&!?+($C6+.#(!.&1&!6%*+G+&(#(!
23%! .&,)3.%,! #! .&,(+)%6#6! 23%! (3! .#*+-+.#$+4&! (%! )%6+4#! )%! *#! '#*#76#! G6+%G#!
(3,)+m&+;!23%!$+%,%!23%!4%6!.&,!*#(!#3$&6+)#)%(!23%!.&,$6&*#7#,!*&(!+1'3%($&(8!
F,!\(6#%*!*&(!(#)3.%&(!$%,D#,!%($%!.&1%$+)&;!%('%.+#*1%,$%!.&,!(3!'6%(%,.+#!%,!
%*! >#,%)6D,;! #*! 23%! .&,$6&*#7#,! ?#($#! *#! 1+$#)! )%*! (8! \8! A#! 1#<&6D#! )%! *&(!
(#.%6)&$%(! '%6$%,%.D#,! #! *&(! (#)3.%&(8! F6#,! 3,! ,0.*%&! )%! '%6(&,#(! )%! *#! #*$#!
(&.+%)#)! <! (31#1%,$%! 6%('%$#)#(! %,! *#! ,#.+C,8! F,! .&,$6#($%! .&,! *&(! -#6+(%&(!
$%,D#,!3,#!)&.$6+,#!23%!(%!7#(#7#!'6P.$+.#1%,$%!%,!%*!1#,$%,+1+%,$&!)%!*#!*%<!
.%6%1&,+#*;! '%6&! (%! #'#6$#7#! )%! )&.$6+,#(! -3,)#1%,$#*%(! 23%! *&(! -#6+(%&(!
(&($%,D#,8! >%! .&,&.%! 23%! ,%G#7#,! $#17+H,! *#! +,1&6$#*+)#)! )%*! #*1#;!
(&($%,+%,)&!23%!.3#,)&!1&6D#!%*!.3%6'&!1&6D#!$#17+H,!%*!#*1#8![$6&!%*%1%,$&!
)%! .&,-6&,$#.+C,! %,$6%! (#)3.%&(! <! -#6+(%&(! $%,D#! 23%! 4%6! .&,! %*! .#,&,! )%*!
Z,$+G3&! 9%($#1%,$&8! U#6#! *&(! (#)3.%&(! (C*&! %6#,! %(.6+$&(! )+4+,#1%,$%!
+,('+6#)&(! <! '&6! $#,$&! #3$&6+$#$+4&(! *&(! 23%! .&1'&,D#,! %,! .#,&,! 6%.&,&.+)&!
$6#)+.+&,#*1%,$%! %,! \(6#%*;! %($+1#,)&! (3'%6+&6! %*! U%,$#$%3.&! #*! 6%($&! )%! *&(!
%(.6+$&(!7D7*+.&(8! Z! %($&;! *&(! -#6+(%&(;! #:#)D#,! *#! $6#)+.+C,! )%! *&(! #,.+#,&(! 23%!
.&,(+)%6#7#,!.&1&!3,#!+,$%6'6%$#.+C,!)%!*#!A%<!)#)#!'&6!"&+(H(!#!*&(!#,.+#,&(!
)%!\(6#%*!<!$6#,(1+$+)#!&6#*1%,$%!#!*&!*#6G&!)%!*#!?+($&6+#;!)P,)&*%;!.&1&!(%!?#!
)+.?&! #,$%(;! .#$%G&6D#! )%! 1#,)#1+%,$&! )+4+,&;! .&,! *&! 23%! -6%.3%,$%1%,$%!
(3($+$3D#,! *#! U#*#76#! '&6! *#! $6#)+.+C,;! +,4#*+)#,)&! .&,! %**&! %*! 1#,)#1+%,$&! )%!
@+&(!I"$8!MLKWh!"68!bKMXN8!!
!
!
f,&(! <! &$6&(! '6&.36#7#,! #*.#,5#6! 7%,%-+.+&(! '%6(&,#*%(! .&,! (3(! '6&'+&(!
%(-3%65&(8!A&(!(#)3.%&(;!23%!,&!.6%D#,!%,!*#!6%(366%..+C,!,+!%,!*#!+,1&6$#*+)#)!
)%*!#*1#;!'6&.36#7#,!#*.#,5#6!*#(!1#<&6%(!6+23%5#(!)36#,$%!(3!4+)#;!4#*+H,)&(%!
)%! .3#*23+%6! .&(#! 23%! '3)+%(%! 6%'&6$#6*%(! #*G0,! 7%,%-+.+&8! F6#,! *&(! 23%!
.&,$6&*#7#,! %*! .&1%6.+&! )%,$6&! )%! *#! 5&,#! )%*! $%1'*&;! 7%,%-+.+P,)&(%! )%! *#(!
.&1+(+&,%(!)%!*&(!.#17+($#(!<!)%!*&(!+1'3%($&(!)%!*&(!1%6.#)%6%(8!A&(!-#6+(%&(!
?#.D#,! *&! 1+(1&! #:#)+%,)&! $#17+H,! *#! '6%$%,(+C,! )%! #*.#,5#6! *#! =3($+-+.#.+C,!
'#6#!*#!4+)#!%$%6,#!1%)+#,$%!(3(!%(-3%65&(8!9#*!'6%$%,(+C,!*&(!**%4#7#!#!(%,$+6(%!
(3'%6+&6%(! #*! 6%($&! )%! *#(! '%6(&,#(! <! #! )%('6%.+#6! #! 23+%,%(! %**&(! **#1#7#,!
$(!"0)#(/8! >3! %('D6+$3! 23%)#! '*%,#1%,$%! )%(.6+$&! %,! *#! '#6P7&*#! )%*! -#6+(%&! <!
)%*! '37*+.#,&;! %,! *#! 23%! (%! )%(.6+7%! %*! 1#<&6! G6#)&! )%! #66&G#,.+#! '%6(&,#*! #*!
.&,(+)%6#6! )%*#,$%! )%! @+&(! 23%;! .&1&! -#6+(%&;! %6#! (3'%6+&6! #*! 6%($&! )%! *&(!
?&176%(! <! 13.?&! 1P(! (+! (%! .&1'#6#7#! .&,! *#! 4+)#! )%! *&(! $(!"0)#(/! IA.8!
MYKMMN8!
!
!
F(!(&6'6%,)%,$%!23%!%($&(!)&(!G63'&(!#.3)+%(%,!#!/3#,!'+)+H,)&*%!23%!*&(!
7#3$+5#(%8!QO3P*!%6#!%*!1&$+4&!23%!$%,D#,!'#6#!%**&R!E&!.#7%!)3)#!23%!/3#,!,&!
%($#7#! +,$%6%(#)&! %,! '6%)+.#6! )%*#,$%! )%! %**&(;! **#1#,)&! #! *#(! G%,$%(! #*!
#66%'%,$+1+%,$&;! (+,&! %,! '6%)+.#6*%(!"+ (..)/;! 23%! ,%.%(+$#7#,;! '&6! (3! .&,)+.+C,!
1&6#*!$#,$&!&!1P(!)%*!#66%'%,$+1+%,$&!23%!%*!1P(!'%64%6(&!)%!*&(!'%.#)&6%(!23%!

FA!BZf9\>"[!@F!?@ABA!!
MYb!
!
#.3)+%(%!#*!**#1#1+%,$&!)%*!B#3$+($#8!9#*!4%5!*#!'6%(%,.+#!)%!%**&(!(%!)%7+%(%!#!
3,#!.+%6$#!%,4+)+#!?#.+#!.3#*23+%6!'%6(&,#!23%!'3)+%(%!.&,G6%G#6!#!13*$+$3)%(8!
>%! 6%(%,$D#,! )%! .3#*23+%6! .&(#! 23%! '3)+%(%! 23+$#6*%(! %*! *+)%6#5G&! (&76%! *#!
,#.+C,8!F($#7#,!)+('3%($&(!#!#(31+6!.3#*23+%6!)%1#,)#!.&,!*#!23%!%*!'3%7*&!(%!
+)%,$+-+.#(%!.&,!$#*!)%!1#,$%,%6!*#!(3'6%1#.D#!23%!(&76%!%**&(!?#7D#,!#*.#,5#)&!
#! *&! *#6G&! )%*! $+%1'&8! F($&(! )&(! G63'&(;! %,! G%,%6#*;! (+%1'6%! ?#7D#! #*G3,#!
%S.%'.+C,;! ,&! %6#,! (+,.%6&(8! O&1&! (+%1'6%! %,! %**&(! *#! ?+'&.6%(D#! .376D#!
.3#*23+%6! #..+C,! 23%! $34+%(%! #'#6+%,.+#! )%! '+%)#);! 4+4D#,! %,G#:#,)&! '#6#!
.&,(%G3+6!23%!(%!*%(!.&,(+)%6#(%!G%,$%!?&,%($#!<!%=%1'*&(!#!+1+$#68!
!
!
/3#,!,&!*&(!6%.+7%!.&,!.#*+-+.#$+4&(!#)1+6#7*%(!&!$D$3*&(!)%!1#%($6&(8!A%(!
**#1#!%,-P$+.#1%,$%!4&##-0/)()$&!K*%#6+#=!F(&(#"!%=&+&!(&F(&0#)/+0(+518)#"/8!!
F,! %*! )%(+%6$&! %6#! ?#7+$3#*! %,.&,$6#6! 4D7&6#(;! 6%'$+*%(! '%23%:&(;! **%,&(! )%!
#($3.+#! <! #*$#1%,$%! 4%,%,&(&(8! A&(! (#)3.%&(! <! %('%.+#*1%,$%! *&(! -#6+(%&(! (%!
=#.$#7#,!)%!(%6!;%?)/+0(+B8#";"6;!#23D!/3#,!*&(!.#*+-+.#!.&1&!?+=&(!)%!4D7&6#(;!
%,G%,)6&(!)%!4D7&6#(;!'%*+G6&(&(!<!4%,%,&(&(!.&1&!*#(!(%6'+%,$%(8!"P(!#)%*#,$%!
/%(0(! .&,-+61#6D#! %*! 1+(1&! $D$3*&! '#6#! %($&(! I"$8! MJKXdh! JXKXXN8! F*! .&,$%S$&!
%S+G%!%,$%,)%6!%($%!.#*+-+.#$+4&!,&!%,!6%*#.+C,!.&,!*&(!6%'$+*%(!%,!(D;!.&,!23+%,%(!
'&)D#,!(%6!.&1'#6#)&(;!(+,&!.&1&!)%(.%,)+%,$%(;!%($&!%(;!?+=&(!)%!*#!(%6'+%,$%!
#,$+G3#;!>#$#,P(!IZ'8!MJKgh!JcKJN8!"P(!#)%*#,$%!/%(0(!%,!(3!1+,+($%6+&!*%(!)+6D#!
23%! ,&! '&)D#,! .&,(+)%6#6(%! .&1&! ?+=&(! )%! Z76#?#1! '&623%! (3(! +,($+,$&(!
'%6(&,#*%(;! <! (3(! #,(+#(! ?&1+.+)#(;! %4+)%,.+#7#! 3,#! 6%*#.+C,! .&,! %*! 23%! %(!
1%,$+6&(&! <! ?&1+.+)#! )%()%! %*! '6+,.+'+&! I/,8! YKddN8! U&)D#,! %($#6! %,%1+($#)&(!
%,$6%!%**&(;!'%6&!*&(!)&(!G63'&(!$%,D#,!3,!&7=%$+4&!.&10,;!%($#7#,!3,+)&(!'#6#!
%*!1#*8!
!
!
A3%G&! )%*! (#*3)&! /3#,! *%(! )+6+G%! %*! 1%,(#=%8! A&! ?#.%! #! 1&)&! )%!
+,$%66&G#,$%K! (*0,$ :.3&0%&*L&#$ :./*+#$ H:4&*+#$ )!37'$ (-+,$ /&??7:09-,$ 7!14-+,!
*kG-%4&+ )/+ (&/(@=+ "+ ;-%#+ 0(+ ."+ %#"+ 5(&%0(#"l28! F*! 4%67&! :.37%&*02#:/*! 23%!
%1'*%#! /3#,! '#6#! (&/(@"#;! $+%,%! %*! (%,$+)&! )%! ?#.%6! ,&$#6! %,! *#! +,$+1+)#);!
6)/'#"#+/(!#('"6(&'(8!A&(!(#)3.%&(!<!-#6+(%&(!%($#7#,!.&,4%,.+)&(!%,!*#!#..+C,!
)%!@+&(!(&76%!%*!'%.#)&!<!73(.#7#,!*#!1#,%6#!)%!%4+$#6!*&!23%!+7#!#!4%,+6;!*."+
%#"+5(&%0(#"2;!*+$%6#*1%,$%!*."+%#"+,-(+(/'>+..(F"&0)28!>+,!)3)#!?#<!)&(!,+4%*%(!
&!$+%1'&(!6%*#.+&,#)&(!.&,!%(#!+6#!4%,+)%6#8!U&6!3,!*#)&!*#!#..+C,!)%!*#!=3($+.+#!
)+4+,#!23%!%($P!)+('3%($#!(&76%!%*!'%.#)&6!6%7%*)%!I/,8!XKMYh!^&8!MKMYh!F-8!LKWh!
O&*8! XKL;! WN8! U&6! &$6&! *#)&! ?#<! 3,#! *#6G#! 6%-%6%,.+#! '6&-H$+.#! (&76%! *#! #..+C,!
=3)+.+#*!)%!@+&(!23%!%,4+#6P!(&76%!$&)&!%*!13,)&!#,$%(!)%*!6%+,&!)%!/%(3.6+($&!
(&76%!*#!$+%66#!IZ'8!XKMcN8!F($#!#..+C,!=3)+.+#*!)%!@+&(!%,!*+1'+%5#!'6%4+#!'#6#!%*!
%($#7*%.+1+%,$&!)%*!6%+,&!$%66%,#*!)%!/%(3.6+($&!%($P!#,3,.+#)#!'&6!*&(!'6&-%$#(!
I>&-8! MKMLh! JKJh! "#*8! XKJ;! Xh! dKM;! LN8! A&(! -#6+(%&(! <! (#)3.%&(;! .&,&.%)&6%(! )%*!
1%,(#=%!)%!/3#,!(&76%!*#!'6&S+1+)#)!)%*!6%+,&;!%,$%,)D#!23%!%*!=3+.+&!)%!@+&(!
'#6#!*+1'+%5#!4%,)6D#!$#17+H,;!'&6!*&!23%!(%!#'6%(36#,!#!.31'*+6!.3#,$&!-3%(%!
,%.%(#6+&!'#6#!%4+$#6*&8!!
!!!!!!!!!

MYY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
!
A#! '6%G3,$#! )%! /3#,! #! *&(! (#)3.%&(! <! -#6+(%&(;! %(! 3,#! 6%-%6%,.+#! #! *#!
G6#.+#!)%!@+&(!23%!,&!23+%6%!23%!,+,G3,&!'%6%5.#;!(+,&!23%!$&)&(!'6&.%)#,!#*!
#66%'%,$+1+%,$&!<!4+4#,!IJ!U8!XKgN8!O&1&!(+!)+=%(%K!*kG-%4&+)/+(/'>+"5%/"&0)+0(+
."+%#"+,-(+5%(&(l28!A#!0,+.#!6%('3%($#!4P*+)#!%(!@+&(!1+(1&;!23+%,!'&6!1%)+&!
)%! /3#,! G6+$#! %,! %*! )%(+%6$&! **#1#,)&! #*! #66%'%,$+1+%,$&8! A#! '6%G3,$#! )%! /3#,!
'3)+%6#!(%6!$&1#)#!$#17+H,!%,!$&,&!+6C,+.&8!Z23%**&(!%($#7#,!#.$3#,)&!.&1&!(+!
'3)+%(%,;!1%)+#,$%!3,!6+$&!.%6%1&,+#*!%,G#:#6!#!@+&(8!A%=&(!%($P!$#*!'&(+7+*+)#)!
<#!23%!%*!>%:&6!,&!1+6#!*&!%S$%6,&;!(+,&!*&!'6&-3,)&;!*#!+,$+1+)#)!1P(!6%.C,)+$#!
)%*!.&6#5C,8!
+
fD)g2M:9P)L3:6P)TF3486)95[E86)9:)2FF:L:E4575:E48D)
)
37*-09)(&$7:J#$2)137'#$$$$)AL*7#$$$$$$(-+,$/&()#7*0),$
!!!!]#.%)!!!!!!!!'3%(!!!!-63$&(!!!!!.&66%('&,)+%,$%(!!!!!!#*!!#66%'%,$+1+%,$&8!

)
E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
a"!(0;! 37*-09)(&;! (%G3,)#! '%6(&,#! '*36#*! )%*! #&6+($&! '6+1%6&! )%*! +1'%6-%.$&! %,! 4&5!
#.$+4#!)%*!4%67&!37*&06;!;"!(#;!#23D!%23+4#*%!#!;"!(08!
m#-')/+ 0%F&)/;! 2)137R#$ )AL*7#;! .&,($63..+C,! .&,! %*! #.3(#$+4&! (+,G3*#6! 1#(.3*+,&! )%*!
(3($#,$+4&!2)1370,!D#-');!<!%*!#)=%$+4&!)AL*7#;!,&1+,#$+4&!(+,G3*#6!,%3$6&;!23%!(+G,+-+.#!
0%F&);!.&,!(%,$+)&!)%!!)##(/$)&0%(&'(;!$#)$%)/;!23%!%4+)%,.+%,!#*G&8!
B##($(&'%6%(&');!/&()#7*0),;!G%,+$+4&!(+,G3*#6!-%1%,+,&!23%!(+G,+-+.#!"##($(&'%6%(&');!
!"68%)+0(+6)0)+0(+$(&/"#;!!"68%)+0(+"!'%'-0+6(&'".8!

!
!
]%! #23D! *#! .*#4%! )%! $&)&! %*! 1%,(#=%! <! 1+,+($%6+&! )%*! B#3$+($#8! E&! (%!
$6#$#7#!)%!3,!#66%'%,$+1+%,$&!#'#6%,$%!(+,&!)%!3,&!$&$#*!23%!'6&)3.%!3,!.#17+&!
%,!*#!4+)#!)%!*#(!'%6(&,#(8!E&!(%!$6#$#!)%!#(3,$&(!.%6%1&,+#*%(!&!6%*+G+&(&(;!(+,&!
)%*!6%G6%(&!+,.&,)+.+&,#*!#!@+&(!.&,-%(#,)&!%*!'%.#)&!<!#'#6$P,)&(%!)%!H*8!F*!
#66%'%,$+1+%,$&! G%,3+,&! 4#! (+%1'6%! #.&1'#:#)&! )%! 2)137'#! -63$&(! )AL*7#$$$$$$
(-+,$ /&()#7*0),=$ .&66%('&,)+%,$%(! #*! #66%'%,$+1+%,$&! 23%! *&! 1#,+-+%($#,8! F(!
(%1%=#,$%!#!*#!-%!23%!(#*4#!<!23%!'&6!%**&!.&,)3.%!#!*#!%S'%6+%,.+#!,&!(C*&!)%!
=3($+-+.#.+C,;!(+,&!$#17+H,!)%!(#,$+-+.#.+C,;!%,!3,!&76#6!'6&'+&!)%!*#!4%6)#)%6#!
-%! 23%! +,-&61#! %! +1'3*(#! *#! 4+)#! )%*! .&,4%6$+)&! #! @+&(! I>$G8! JKMbN8! E&! .#7%!
)3)#!23%!#!*#!*35!)%!*#!4%6)#)!6%4%*#)#;!%*!?&176%!,&!(%!(#*4#!'&6!&76#(;!(+,&!
'&6!G6#.+#!1%)+#,$%! *#! -%h! '%6&;! ,&! %(!1%,&(! .+%6$&! 23%! #3,23%! ,#)+%! (%! (#*4#!
'&6! &76#(;! $&)&! (#*4&! *&! %(! '#6#! )8#"/;! %(! )%.+6;! *#! 4%6)#)%6#! .&,4%6(+C,! (%!
1#,+-+%($#!%,!3,#!,3%4#!-&61#!)%!4+)#8!F*!1%6&!)%(%&!)%!7#3$+5#6(%!<!%*!?%.?&!
)%! ?#.%6*&;! '&6! (D! 1+(1&;! ,&! .&,)3.%! #! ,#)#! %('%.+#*8! F*! 4%6)#)%6&!
#66%'%,$+1+%,$&;! <! %*! 7#3$+(1&! )%! /3#,! %6#! %S'6%(+C,! )%! #.%'$#6! *#! **#1#)#! #*!
#66%'%,$+1+%,$&!<!#(31+6*&!(+,!*+1+$#.+C,!#*G3,#;!)%7D#!'6&)3.+6!%4+)%,.+#(!)%!
23%! ?#7D#! (+)&! 3,#! 6%#*+)#)! %,! %*! .&6#5C,;! <#! 23%! $#,$&! *#! -%! .&1&! %*!
#66%'%,$+1+%,$&!(%!.&,.+7%,!%,!%*!.&6#5C,!'&6!*#!#..+C,!)%*!F('D6+$3!)%!@+&(8!E&!
%($P,! 4%6)#)%6#1%,$%! #66%'%,$+)&(! #23%**&(! 23%! 1#,+-+%($#,! '%(#6! '&6! %*!

FA!BZf9\>"[!@F!?@ABA!
MYg!
!
'%.#)&;! '%6&! .&,$+,0#,! .&1%$+H,)&*&8! F(! ,%.%(#6+&! 4&*4%6! #! 6%.&6)#6! 23%! ?#<!
23+%,%(!(+%,$%,!6%1&6)+1+%,$&!'%6&!,3,.#!**%G#,!#*!#66%'%,$+1+%,$&8!A#!-%!<!%*!
#66%'%,$+1+%,$&!,&!(&,!#.$&(!'3,$3#*%(!(+,&!#.$+$3)%(!.&,$+,3#)#(!23%!+,-&61#,!
<!.&,)+.+&,#,!*#!4+)#8!!
!
!
A#!.&,4%6(+C,!#!O6+($&!'6&)3.+6P!3,#!(+$3#.+C,!(%1%=#,$%!#!*#!)%1#,)#)#!
'&6!/3#,!'#6#!*&(!23%!$%($+-+.#7#,!%,!(3!7#3$+(1&!3,!4%6)#)%6&!#66%'%,$+1+%,$&8!
U#7*&!%,(%:#!23%!%*!23%!.6%%!6%.+7%;!'&6!*#!#..+C,!)%*!F('D6+$3;!*#!6%G%,%6#.+C,!
%('+6+$3#*;!%*!,3%4&!,#.+1+%,$&8!f,#!,3%4#!,#$36#*%5#!%(!+1'*#,$#)#!%,!%*!,3%4&!
.&6#5C,;! .6%#.+C,! )%! @+&(! '#6#! %*! .6%<%,$%8! F(#! ,3%4#! ,#$36#*%5#! .#,.%*#! *#!
%S'%6+%,.+#!#,$%6+&6!<!#76%!3,#!,3%4#!'%6('%.$+4#!%('+6+$3#*;!)%!#?D!23%!'#6#!%*!
(#*4&!*."/+!)/"/+5%(?"/+$"/"#)&+:+')0"/+/)&+;(!;"/+&-(5"/2!IJ!O&8!LKMbN8!A#(!
&76#(!23%!*#!.#6,%!&'%6#7#!%!+,)3.D#!#!'6#.$+.#6!)#,!'#(&!#*!-63$&!23%!%*!F('D6+$3!
'6&)3.%! %,! %*! .6%<%,$%! IiP8! LKJJVJXN8! F(! .+%6$&! 23%! %,! 13.?#(! &.#(+&,%(! (%!
'6&)3.%,!.#D)#(!&!-#**&(!%('+6+$3#*%(!23%!,%.%(+$#,!.&,-%(+C,!%!+1'*+.#!%,!(D!3,!
4%6)#)%6&!#66%'%,$+1+%,$&;!'#6#!6%($#36#6!*#!.&13,+C,!<!(%G3+6!%,!*#!#..+C,!)%!
**%4#6!#!.#7&! &76#(! 23%! @+&(! '6%'#6C! )%! #,$%1#,&! '#6#! %*! .6%<%,$%! IF-8! JKMcN8!
E&!(%!'3%)%!?#7*#6!)%!(#*4#.+C,!(+,!?#7*#6!)%!.#17+&!4+(+7*%!)%!4+)#;!'&623%!,&!
.&,(+($%! %,! 3,#! -%! +,$%*%.$3#*! (&76%! O6+($&;! (+,&! %,! *#! -%! 4+4#! 23%! 4+,.3*#! .&,!
O6+($&8!@%!&$6&!1&)&;!,&!.&,(+($%!%,!?#7*#6!)%!O6+($&;!(+,&!%,!4+4+6!#!O6+($&!Ij+*8!
MKJMN8! @%! 1&)&! 23%! 23+%,! %($P! %,! O6+($&! ?#! .63.+-+.#)&! *#! .#6,%! .&,! (3(!
'#(+&,%(!<!)%(%&(!IiP8!LKJdN8!
!
hD)O)E8)L:E6R56)9:M5F)9:E4F8)9:)K8684F86)756786?)")"1F2Q27)4:E:786)L8F)
L29F:X)L8FI3:)<8)86)95[8)I3:)/586)L3:9:)0:K2E42F)Q5U86)2)"1F2Q27)23E)9:)
:6426)L5:9F26D)
)
2)*'$/-'$%70L-(&$?&04&*#$&!#$$$$&.):(7*+,@$$$$3)(&01)$&AK7/&#$(7'#$$!S81))0/B$$
!!!!!!!!!

!!!e!!!!!,&!!!'%,(H+(!!!!!!)%.+6!!!!!%,!!!4&(&$6&(!1+(1&(K!!!!U&6!'#)6%!!!!$%,%1&(!!!!!V!!!!!!!!#!Z76#?#1!!

?&046$4)'1$:./*+#$7<(*$%:0#)()*$7.$E&7',$&!2$(6+#$?*0E6#$(7:0(6#$&!4&*+1)*$(&02#)$$
!'&623%!)+G&!!!!&(!!!!!!23%!!!'&)%6&(&!!!!V!!!!@+&(!!!!)%!!!!*#(!!!!'+%)6#(!!!!!!!%($#(!!!!!!'#6#!*%4#,$#6!?+=&(!!!!!!!!

(6+;$$!S81))0/B$
!!#!!!!!!Z76#?#18!

!
E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
Q+ &)+ $(&/4%/+ 0(!%#=$ 2)*'$ /-'$ %70L-(&$ ?&04&*#$ &!#;! .*P3(3*#! 4%67#*! ,%G#$+4#! .&,! *#!
.&,=3,.+C,!)%!%,*#.%!2)*';!:;!23%!3,%!.&,!*&!23%!#,$%.%)%h!*#!,%G#.+C,!%,-P$+.#!/-';!&)h!
%70L-(&=! (%G3,)#! '%6(&,#! '*36#*! )%*! #&6+($&! '6+1%6&! )%! (37=3,$+4&! %,! 4&5! #.$+4#! )%*!
4%67&! %72&06;! !)&/%0(#"#9+ $(&/"#9+ %6"F%&"#9+ $"#(!(#;! #23D! .&1&! $(&/4%/h! ?&04&*#;!
'6%(%,$%!)%!+,-+,+$+4&!%,!4&5!#.$+4#!)%*!4%67&!?&046;!0(!%#8!
3&+ 5)/)'#)/+ 6%/6)/;! .&,($63..+C,! .&,! *#! '6%'&(+.+C,! )%! )+6%..+C,! &!#;! (&;! #23D! .&,!
(%,$+)&!)%!0(&'#)+0(;!<!%*!'6&,&176%!6%-*%S+4&!%,!*#!-&61#!!&.):(7*+,;!$%6.%6#!'%6(&,#;!
)#$+4&!'*36#*!1#(.3*+,&;!23%!(+G,+-+.#!5)/)'#)/+6%/6)/8!!

Mgc!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
J(&(6)/+ $)#+ $"0#(;! .&,($63..+C,! .&,! %*! (3($#,$+4&! 3)(&01);! %,! #.3(#$+4&! (+,G3*#6!
1#(.3*+,&;! 23%! (+G,+-+.#! $)#+ $"0#(;! <! &AK7/&#=! '6+1%6#! '%6(&,#! '*36#*! )%*! '6%(%,$%! )%!
+,)+.#$+4&!%,!4&5!#.$+4#!)%*!4%67&!&AK6;!'(&(#;!#23D!.&1&!'(&(6)/8!
L)#,-(+ )/+ 0%F);! ?&046$ 4)R1$ :./*+#=! .*P3(3*#! 13<! ?#7+$3#*! %,! %*! E3%4&! 9%($#1%,$&;!
-&61#)#!'&6!?&046;!'6+1%6#!'%6(&,#!(+,G3*#6!)%*!'6%(%,$%!)%!+,)+.#$+4&!%,!4&5!#.$+4#!)%*!
4%67&!?&046;!0(!%#;!#23D!.&1&!0%F)h!*#!.&,=3,.+C,!.#3(#*!4)'1;!$)#,-(h!<!%*!'6&,&176%!
:./*+#=!)/8!
L)0(#)/);!)34,#$#+;!$%6.%6#!'%6(&,#!(+,G3*#6!)%*!'6%(%,$%!)%!+,)+.#$+4&!%,!4&5!1%)+#!)%*!
4%67&!%:0#)/)*;!/(#+!"$"<9+'(&(#+$)0(#;!#23D!.&1&!(/+$)0(#)/)8!
L%(0#"/;! ?*0E6#;! (3($#,$+4&! 23%! +,)+.#! '+%)6#(! )%*! (3%*&! <! '+%)6#(! %,! G%,%6#*;! +,.*3(&!
'#6#!.&,($63..+&,%(8!
A(5"&'"#+;%?)/;!&!4&*+1)*$(&02#);!.&,($63..+C,!.&,!%=G%+n6#+;!#&6+($&!'6+1%6&!)%!+,-+,+$+4&!
%,!4&5!#.$+4#!)%*!4%67&!&!4&*016;!#23D!.&,!(+G,+-+.#)&!)%!.(5"&'"#;!<!%*!(3($#,$+4&!$%4m,#!
%,!4&.#$+4&!'*36#*!,%3$6&!)%!(&02#7#;!;%?)9+6%*#.+&,#)&!.&,!(*02(6;!%,G%,)6#6;!)#6!#!*358!

!
!
!
A&(! -#6+(%&(! <! (#)3.%&(! $%,D#,! .&,-+#,5#! %,! (3(! '6&'+#(! &76#(;! %,! (3!
.&,)3.$#!<!%,!(3!#(.%,)%,.+#8!>%!G*&6+#7#,!)%!$%,%6!'&6!'#)6%!#!Z76#?#18!A&(!
'6+4+*%G+&(! ,#.+&,#*%(! <! *#(! 7%,)+.+&,%(! )%*! '#.$&! 4%,D#,! '&6! 1%)+&! )%! H*8!
Z23%**&(! '%,(#7#,! 23%! 3,! ?+=&! )%! Z76#?#1! ,&! '&)D#! .&,)%,#6(%8! F($%!
'%,(#1+%,$&!%($#7#!#66#+G#)&!%,!%*!+,$%6+&6!)%!#23%**&(K!2)*'$/-'$%70L-(&$?&04&*#$
&!#$ &.):(7*+,=$ *:+ &)+ $(&/4%/+ 0(!%#+ (&+ 5)/)'#)/+ 6%/6)/28! /3#,! .&,&.D#! *&! 23%!
'%,(#7#,! <! #'3,$C! )+6%.$#1%,$%! #! *#! 6#D5! )%! (3! &6G3**&! <! -#*(#! '6%$%,(+C,8!
Z23%**&(! '%,(#7#,! 23%! %*! #66%'%,$+1+%,$&! #*! 23%! /3#,! **#1#7#! %6#! ,%.%(#6+&!
'#6#! G%,$+*%(! &! '%.#)&6%(! )%*! '3%7*&;! '%6&! ,&! '#6#! 23+%,%(! %6#,! ?+=&(! )%!
Z76#?#1!<!?%6%)%6&(!)%!*#(!'6&1%(#(!)%!7%,)+.+C,8!Z23%**&(!(%!&*4+)#7#,!23%!
*#!=3($+-+.#.+C,!)%!Z76#?#1!,&!-3%!)%!&$6&!1&)&!23%!'&6!-%!Ii,8!MLKWh!^&8!dKX;!
g;!JM;!JJh!>$G8!JKJXN8!!U&6!$#,$&;!23+%,%(!(&,!6%#*1%,$%!?+=&(!)%!Z76#?#1!,&!(&,!
#23%**&(! 23%! )%(.+%,)%,! 7+&*CG+.#1%,$%! )%! H*;! (+,&! 23+%,%(! %($P,! 4+,.3*#)&(!
.&,!H*!'&6!*#!-%8!A#!7%,)+.+C,!)%!Z76#?#1!#*.#,5#!#!$&)&!#23%*!23%!.6%%;!(+%,)&!
7%,)%.+)&!)%*!1+(1&!1&)&!<!=3,$#1%,$%!.&,!%*!.6%<%,$%!Z76#?#1!IiP8!XKY;!gN8!
@%! #?D! 23%! $%,G#! 23%! #)4%6$+6*%(! )%*! %66&6! )%! (3! &6G3**&! 7#(#)&! %,! *#!
)%(.%,)%,.+#! )%! Z76#?#1;! .&1&! %**&(! '%,(#7#,K! 3)(&01)$ &AK7/&#$ (7'#$$
!S81))0/=$ "+ B8#";"6+ '(&(6)/+ $)#+ $"0#(;! '&623%! 23+%,! -3%! .#'#5! )%! )#6*%!
1+*#G6&(#1%,$%! 3,! ?+=&! '3%)%! *%4#,$#6! .3#,$&(! ?+=&(! 23+%6#! )%! '+%)6#(!
%,)36%.+)#(! %('+6+$3#*1%,$%K! &!2$ (6+#$ ?*0E6#$ (7:0(6#$ &!4&*+1)*$ (&02#)=$ $"#"+
.(5"&'"#+;%?)/+0(+(/'"/+$%(0#"/8!F*!@+&(!23%!)+&!4+)#!#*!'6+1%6!?&176%!$&1#)&!
)%!%*%1%,$&(!+,#,+1#)&(!)%!*#!$+%66#;!'3%)%!)#6!4+)#!%('+6+$3#*!.&,4+6$+%,)&!*&(!
.&6#5&,%(!)%!'+%)6#;!'6&'+&(!)%!*#!,#$36#*%5#!.#D)#;!%,!.&6#5&,%(!)%!.#6,%!'&6!%*!
,3%4&! ,#.+1+%,$&! IF58! XWKJWN;! #*! 1#6G%,! )%! .3#*23+%6! $+'&! )%! )%(.%,)%,.+#!
?31#,#8!
!
!
/3#,!%($#7#!#,3,.+#,)&!*#!#'6&S+1#.+C,!)%*!6%+,&!)%!*&(!.+%*&(;!%,!.3<#!
%(-%6#;!*#(!)+-%6%,.+#(!6#.+#*%(;!(&.+#*%(!<!,#.+&,#*%(!)%(#'#6%.%,!'#6#!(%6!$&)&(!
3,&!%,!O6+($&!/%(0(8!F(!.+%6$&!23%!@+&(!.&1%,5C!%*!#,3,.+&!)%*!'*#,!%$%6,&!)%!

FA!BZf9\>"[!@F!?@ABA!
MgM!
!
6%)%,.+C,!%,!O6+($&;!#*!*?-01)+$#%6(#"6(&'(2;!'%6&!*3%G&!*'"68%4&+".+F#%(F)2!
I^&8!MKMWh!XKM;!Jh!gKMVLh!].?8!MXKdWN!%($%!1+(1&!&6)%,!#'#6%.%!%,!%*!F4#,G%*+&!
(%G0,!"#$%&!IMcKWh!MLKJdN8!>+,!%17#6G&;!%6#!%*!+,+.+&!)%!3,!,3%4&!&6)%,!%,!%*!
23%!<#;!%,!.3%($+C,!)%!(#*4#.+C,!<!)%!'6+4+*%G+&(!,&!?#<!)+-%6%,.+#!#*G3,#!%,$6%!
*&(!)&(!'3%7*&(8! F,! O6+($&! *#! 7#66%6#! )%! (%'#6#.+C,! %(! )%66+7#)#! '#6#! ?#.%6! )%!
*&(!)&(!3,!,3%4&!?&176%;!)+6+1+%,)&!%,!O6+($&!<!(3!&76#!*#(!%,%1+($#)%(!IF-8!
JKMdVMWN8!A#(!7%,)+.+&,%(!)%!(%6!;%?)/+0(+B8#";"6;!23%)#,!(3'%6#)#(!%,!$&)&;!
'&623%!#*!23%!.6%%!*%!%(!)#)#!*#!7%,)+.+C,!)%!(%6!?%.?&!;%?)+0(+H%)/!I/,8!MKMJN8!
/3#,!#,3,.+#7#!%*!#*7&6%#6!)%!3,#!,3%4#!)+('%,(#.+C,!%,!*#!23%!*#(!)+-%6%,.+#(!
%,$6%!=3)D&!<!G%,$+*!)%(#'#6%.%6D#,!$&$#*1%,$%8!
!
!!
f,&!)%!*&(!1#<&6%(!'%*+G6&(!%($P!%,!*#!1%6#!%(-%6#!6%*+G+&(#!23%!#*G3,&(!
.&,(+)%6#,! .&1&! )%(.%,)+%,$%(! )%! .6%<%,$%(! .&,(#G6#)&(8! F(! ,%.%(#6+&!
%,$%,)%6! 23%! @+&(! ,&! $+%,%,! ,+%$&(;! (C*&! ?+=&(8! U&6! $#,$&;! 23+%,! 0(/!%(&0(! )%!
73%,&(;! .&1'6&1%$+)&(! %! +*3($6%(! .6+($+#,&(;! %($P! $#,! '%6)+)&! .&1&! %*! '%&6! )%!
*&(! '%.#)&6%(! <! %*! 1P(! )%G6#)#)&! )%! *&(! 1&6$#*%(;! #! ,&! (%6! 23%! .&1&! (3(!
#,$%.%(&6%(! .6+($+#,&(! ?#<#! 4%,+)&! #! O6+($&! '&6! -%! <! *&! ?#<#! 6%.+7+)&! .&1&!
>#*4#)&6! '%6(&,#*8! O&1&! %(.6+7%! %*! @68! A#.3%4#K! *3/+ -&"+ 5"&"+ $#(/-&!%=&+
!#((#+,-(9+'(&%(&0)+ 8-(&)/+ $"#%(&'(/9+ 5"6)/+ "+ (/'"#+ "+ /".5)9+ "-&,-(+ &)/)'#)/+
6%/6)/+&)+/("6)/+8-(&)/2 L 8!
!
@_D) O) <2) 42715RE) :0) Q2MQ2) :64]) L3:642) 2) 02) F2JW) 9:) 086) ]F180:6X) L8F) 42E48P)
4898)]F180)I3:)E8)92)13:E)TF348):6)M8F4298)<):MQ298):E):0)T3:[8D)
)
-A%-$%&'$-.$)!L*0#-$317',$(-'#$1.*0C)#$(6+#$$%&0#%16#$$2&*+()*@$$$3)+#$7:J#$$$
!!!e!<#!!!!!!%*!!!?#.?#!!!!!=3,$&!!!#!*#!!!!!!!6#D5!!!!!)%!*&(!!!!!P67&*%(!!!!%($P!.&*&.#)#h!!$&)&;!!'3%(;!!!
%&0#%17#$$$$$/-'$37*7:+#$$$$2)137'#$2)?7'#$&!22703(&()*$2)*'$&*!,$3:+1$$
!!!!!!!!!

!!P67&*!!!!!!!23%!,&!!%($P!'6&)3.+%,)&!!!!!-63$&!!!!!!!!73%,&!!!!!!!!!%(!.&6$#)&!!!!!!!!<!!!!!#*!!!!-3%G&!!!!
8)0??&()*8!
!%(!#66&=#)&8!!!!!

!
E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
Q+:"=$-A%-$%&;!#)4%67+&!)%!$+%1'&!$6#)3.+)&!'&6!:"9+<!*#!'#6$D.3*#!%&';!#23D!.&1&!:8!
3/'>+$-(/'";!+2&*+()*=!$%6.%6#!'%6(&,#!(+,G3*#6!)%*!'6%(%,$%!)%!+,)+.#$+4&!%,!4&5!'#(+4#!
)%*! 4%67&! 2&*++/)*;! "/(&'"#9+ (/'"8.(!(#9+ $)&(#;! $6#)3.+)&! #23D! .&1&! (/'>+ $-(/'"! &! (/'>+
!).)!"0"E+
G-(+ &)+ 0"+ 8-(&+ D#-');! /-0$ 37*7:+#$ 2)137'#$ 2)?7'#;! .*P3(3*#! ,%G#$+4#! .&,! /-';+ &)h!
37*7:+#;!'#6$+.+'+&!'6%(%,$%!%,!4&5!#.$+4#!)%*!4%67&!37*&06;!.&,!3,!#1'*+&!(+G,+-+.#)&!
.&1&! 0"#9+ (D(!'-"#9+ $#)0-!%#9! %$.8;! #23D! .&,! (%,$+)&! )%! 0"#;! &! (/'"#+ $#)0-!%(&0)h! %*!
(3($#,$+4&! 2)1370,;! %,! #.3(#$+4&! (+,G3*#6! 1#(.3*+,&;! D#-')h! <! %*! #)=%$+4&! .#*+-+.#$+4&!
2)?7'#;!%,!,&1+,#$+4&!(+,G3*#6!,%3$6&;!23%!%23+4#*%!#!!8-(&)8!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L

!j8!A#.3%4#8!&8.8!'PG8!Xb8!

MgJ!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
3/+ !)#'"0);! &!22703(&()*;! $%6.%6#! '%6(&,#! (+,G3*#6! )%*! '6%(%,$%! )%! +,)+.#$+4&! %,! 4&5!
'#(+4#!)%*!4%67&!2703(6=!23%!)%,&$#!!)#'"#+!)&+-&+F).$(;!!#23D!.&1&!(/+!)#'"0)8!
3!;"0);! 8)0??&()*=! $%6.%6#! '%6(&,#! (+,G3*#6;! )%*! '6%(%,$%! )%! +,)+.#$+4&! %,! 4&5! '#(+4#!
)%*!4%67&!8)0??6=!)%66+7#6;!#23D!.&1&!(/+"##)?"0)8!

!
!
/3#,!3$+*+5#!3,#!-+G36#!13<!G6P-+.#!'#6#!?#.%6!3,#!(&*%1,%!#)4%6$%,.+#!#!
23+%,%(! 4%,D#,! #*! 7#3$+(1&! )%! #66%'%,$+1+%,$&! .&1&! 3,#! 1%6#! 1#,+-%($#.+C,!
%S$%6,#! (+,! .&,$%,+)&! +,$%6+&68! Z23%**&(! #66&G#,$%(! ,&! $%,D#,! %,! .3%,$#! 23%! %*!
1%,(#=%! )%*! B#3$+($#! #,3,.+#7#! *#! 4%,+)#! )%*! "%(D#(;! '%6&! $#17+H,! *#! #..+C,!
=3)+.+#*! )%! @+&(! .&,$6#! *&(! +,.6H)3*&(8! >+! %*! 6%+,&! )%! *&(! .+%*&(! %($#7#! .%6.#;!
$#17+H,!%($#7#!.%6.#!*#!+6#!)%!@+&(8!A#!'6%(%,.+#!)%*!"%(D#(!$%,D#!'6&1%(#!)%!
7%,)+.+C,! <! )%! =3+.+&;! .&,-&61%! #! *#(! '6&-%.D#(8! F(! .+%6$&! 23%! @+&(! ?#7D#!
'6&1%$+)&!3,#!4#6#!)%*!$6&,.&!)%!\(#D;!23%!$6#%6D#!G*&6+#!<!7%,)+.+&,%(;!'%6&!#*!
1+(1&! $+%1'&! ?%6+6D#! *#! $+%66#! I\(8! MMKMVdN8! E&! %(! 1%,&(! .+%6$&! 23%! Z23%*! #!
23+%,! @+&(! 3,G+C! .&,! %*! F('D6+$3! '#6#! 23%! 4%,)#(%! #! *&(! 23%76#,$#)&(! )%!
.&6#5C,;!%6#!$#17+H,!23+%,!%($#7#!4+,.3*#)&!.&,!%*!)D#!)%!4%,G#,5#!)%!@+&(!I\(8!
WMKM;!JN8!F*!-.$)!L*0#-$%&0#%16#$?#.?#!%($#7#!'3%($#!317',$(-'#$1.*0C)#!o!2&*+()*$
-6%,$%! #! *#! 6#D5! (6+#$ $ %&0#%16#$ )%! *&(! P67&*%(! '#6#! (%G#6! (3! 4+)#8! A#(! 4+)#(!
?+'C.6+$#(! 23%! )%(.#,(#7#,! %,! *#! =3($+.+#! '%6(&,#*! *%=&(! )%*! #66%'%,$+1+%,$&;!
(%6D#,!(%G#)#(!'&6!@+&(!1+(1&8!F6#!#23%*!%*!1&1%,$&!'#6#!%*!#66%'%,$+1+%,$&!<!
*#!-%8!F,!%,)36%.+1+%,$&!)%!.&6#5C,!#,$%!*#(!)%1#,)#(!)%!@+&(!%,!*#!?+($&6+#!)%!
\(6#%*!?#7D#!$6#D)&!G6#4%(!.&,(%.3%,.+#(8!F*!(#*1+($#!6%.3%6)#!%($&!I>#*8!gLKbVYN8!
A#! 36G%,.+#! )%! #'6&4%.?#6! %*! $+%1'&! )%! G6#.+#! 23%! @+&(! %($#7#! )#,)&! %(! *#!
(&*%1,%! #)4%6$%,.+#! )%! /3#,;! %.&! *%=#,&! )%*! '6&-%$#! \(#D#(! .3#,)&! )%.D#K!
*n-/!"0+ "+ 7(;)5>+ 6%(&'#"/+ $-(0(+ /(#+ ;".."0)9+ .."6"0.(+ (&+ '"&')+ ,-(+ (/'>+
!(#!"&)2!I\(8!LLKWN8!
!
!
A#!#)4%6$%,.+#!)%!=3+.+&!)+4+,&!(%!'%6(&,+-+.#!%,!.#)#!3,&!)%!*&(!(#)3.%&(!
<! -#6+(%&(! 23%! ,&! )#7#,! -63$&(! )+G,&(! )%! #66%'%,$+1+%,$&8! F*! ?#.?#! %($#7#!
'3%($#! #! *#! 6#D5! )%! $&)&! P67&*! 23%! ,&! '6&)3.D#! 73%,! -63$&8! F($&(! P67&*%(! 23%!
'&)D#,! (%6! -6&,)&(&(! <! )%! $6%1%,)#! #'#6+%,.+#;! (%6D#,! .&6$#)&(;! '&6! ,&! (%6!
)+G,&(! )%! &.3'#6! 3,! %('#.+&! %,! %*! .#1'&! )%! @+&(;! )%($+,#)&! #*! -3%G&! .&1&!
*3G#6!#'6&'+#)&!'#6#!*&(!P67&*%(!%($H6+*%(!<!.&66&1'+)&(8!A&!23%!,&!(+64%!'#6#!
)#6! -63$&! (C*&! (+64%! '#6#! %*! -3%G&8! F*! -3%G&! #*! 23%! (&,! #66&=#)&(! *&(! P67&*%(!
+,-63.$3&(&(;!%(!(D17&*&!)%!*#!+6#!)%!@+&(!23%!(%!)%66#1#6P!(&76%!*&(!1#*4#)&(!
I"$8!MXKdcVdJN8!Z3,23%!%*!1%,(#=%!)%!/3#,!#'#6%,$%1%,$%!%(!%*!#,3,.+&!)%!*#!
+6#! )%! @+&(! <! )%*! =3+.+&! (&76%! %*! '%.#)&;! ,&! %(! 1%,&(! .+%6$&! 23%! %,! (3(!
#)4%6$%,.+#(!-*3<%!*#!1#,+-%($#.+C,!)+6%.$#!)%!*#!G6#.+#!)%!@+&(8!A#!#)4%6$%,.+#!
(&*%1,%! $%,)6D#! .31'*+1+%,$&! %,! %*! -3$36&! '#6#! *&(! 1#*4#)&(8! 9&)#4D#! $%,D#,!
$+%1'&! )%! #66%'%,$+1+%,$&! (+,.%6&! <! )%!6%$&6,#6! #! @+&(8! A#(! '#*#76#(! )%! /3#,!
(&,!(%1%=#,$%(!#!*#!'%$+.+C,!)%*!4+:#)&6! 23%!#,$%!*#!?+G3%6#!%($H6+*!#!'3,$&!)%!
(%6! .&6$#)#;! '+)%! $&)#4D#! 3,! #:&! 1P(! '#6#! $6#7#=#6! .&,! %**#! IA.8! MXKYN8! @+&(!
(+%1'6%!(&'&6$#!.&,!13.?#!'#.+%,.+#!*&(!4#(&(!)%!+6#!I^&8!gKJJN8!F(!%*!@+&(!)%!

FA!BZf9\>"[!@F!?@ABA!
MgX!
!
*#!G6#.+#!<!*#!1+(%6+.&6)+#!23%!)#!$+%1'&!'#6#!23%!%*!'%6)+)&!(%!#66%'+%,$#!IZ'8!
JKJMN8!
!
'2)LF8T:MJ2)9:0),2345642)=>?@@A@NCD)
)
@@D) O8) 2) 02) K:F929) 86) 12345W8) :E) 2[32) L2F2) 2FF:L:E4575:E48X) L:F8) :0) I3:)
K5:E:)4F26)7JP)M3<8)M20W298)<8)E8)68<)95[E8)9:)00:K2FP):6)7]6)L89:F868)I3:)
<8X)i0)86)12345W2F]):E)+6LJF543)-2E48)<)T3:[8D)
)
!"46'$$/&'#$:./)+,$8)3(*0C6$$$$&!#$:<%)(*$&*!,$$/&()0#7*)#=$$7.$%&'$$7!3*096$$/7:$
!!!!!!!!!

!!e&;!%(!.+%6$&!!&(!!!%($&<!7#3$+5#,)&!!%,!!!!!!#G3#!!!'#6#!!!#66%'%,$+1+%,$&;!1#(!%*!!23%!)%$6P(!!)%!1D!

&!1K70/&#7,$*!9K:170(&17,$/7:0$&!9(*#=$$7:D$7:!2$&*!/*'$*.2)#7',$()'$:.37%-0/)()$
!%($P!4+,+%,)&!!!!!!1P(!-3%6$%!!!!!!!!23%!<&!!!%(!!!!!!)%*!.3#*!!,&!!!!!(&<!!!!!)+G,&!!!!!!%*!!!!!!!!.#*5#)&!

8)9()09)*@$):!(7',$:./)+,$8)3(*09&*$&!#$T#&:0/)(*$$.S4*06;$2)*'$3:1*0@$
!!!)%!**%4#6;!!!!!!!!!!!H*!!!!!!!!!!!&(!!!!!!!!7#3$+5#6P!!!!!%,!!!!!!F('D6+$3!!!!!!!!>#,$&!!!!!!<!!!!!!-3%G&8!

!
E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
Q)+ "+ ."+ 5(#0"0;! .*P3(3*#! .&,! %*! '6&,&176%! '%6(&,#*! &!46';! :);! (%G3+)&! )%! *#! '#6$D.3*#!
.&,=3,$+4#!/&'#;!!%23+4#*%,$%!#!!%(#'"6(&'(;!"+."+5(#0"0;!0(+!%(#')8!
n"-'%<);!8)3(*0C6=!'6+1%6#!'%6(&,#!(+,G3*#6!)%*!'6%(%,$%!)%!+,)+.#$+4&!%,!4&5!#.$+4#!)%*!
4%67&!8)03(6;!/-6(#F%#9+6)?"#;!*#!-&61#!-6%.3%,$#$+4#!(%!$6#)3.%!.&1&!8"-'%<)8!
3&+ "F-"+ $"#"+ "##($(&'%6%(&');! &!#$ :<%)(*$ &*!,$ $ /&()0#7*)#=! .&,($63..+C,! )%! .#3(#! <!
'6&'C(+$&;! .&,! %=,;! (&h! :<%)(*;! )#$+4&! (+,G3*#6! ,%3$6&! )%! (3($#,$+4&! :<%61;! "F-"h! *#!
'6%'&(+.+C,! &*!,;! $"#"h! <! 1%$#4,&+#,;! -&61#! )%*! #.3(#$+4&! (+,G3*#6! -%1%,+,&! )%*!
(3($#,$+4&!/&()0#7*);!!"68%)+0(+$(&/"6%(&')+)+6(&'".%0"0;!)%!#?D!"##($(&'%6%(&')8!
h%(&(;!&!1K70/&#7,;!'#6$+.+'+&!'6%(%,$%!%,!4&5!1%)+#!)%*!4%67&!&A1K7/)*;!5(&%#9+..(F"#9+
#(F#(/"#9+"$"#(!(#;!#23D!.&1&!(/'>+5%&%(&0)8!
i>/+ $)0(#)/);! ! *!9K:170(&17,;! .&1'#6#$+4&! )%! *!9K:170,;! $)0(#)/);! 23%! (+G,+-+.#!6>/+
$)0(#)/)!&!6>/+D-(#'(8!
])+ /):+ 0%F&);! 7:!2$ &*!/*R$ *.2)#7R,;! .*P3(3*#! )%! ,%G#.+C,! .&,! 7:!2=! &)h! &*!/*';! '6+1%6#!
'%6(&,#! (+,G3*#6! )%*! '6%(%,$%! )%! +,)+.#$+4&! )%*! 4%67&! &*!/*0;! /(#;! #23D! /):h! *.2)#7',;!
#)=%$+4&!.#*+-+.#$+4&!.&,!(%,$+)&!)%!0%F&);!!)6$('(&'(9+/-D%!%(&'(;!%$.8!
C".<"0);!:.37%-0/)()=!%S'6%(#!*#!+)%#!)%!3,#!(3%*#!#$#)#!)%7#=&!)%*!'+%;!)%!#?D!!".<"0);!
1P(!7+%,!/"&0".%"/E!
n"-'%<"#>;!8)3(*09&*;!$%6.%6#!'%6(&,#!(+,G3*#6!)%*!-3$36&!)%!+,)+.#$+4&!%,!4&5!#.$+4#!)%*!
4%67&!8)03(6;!8"-'%<"#;!#23D!.&1&!8"-'%<"#>8!

!
!
/3#,! 6%.&,&.%! *#! )+G,+)#)! (3'6%1#! )%! Z23%*! 23%! 4%,D#! '#6#! #.%6.#6! %*!
6%+,&8! /3#,! (+1'*%1%,$%! 7#3$+5#7#! %,! #G3#;! *+$%6#*1%,$%! 8)3(*0C6$ &!#$ :<%)(*=$
(/'):+ 8"-'%<"&0)+ (&+ "F-";! .&1&! %S'6%(+C,! 4+(+7*%! )%! /&()0#7*)#!
#66%'%,$+1+%,$&;!'%6&;!23+%,!4%,D#!$6#(!H*;!#!23+%,!%($#7#!#,3,.+#,)&;!%6#!13.?&!
1P(! '&)%6&(&! 23%! H*! <! $%,)6D#! 3,! 7#3$+(1&! )+-%6%,$%8! F*! 7#3$+(1&! )%! #G3#!
(+17&*+5#7#! *#! 6%#*+)#)! )%! *#! G6#.+#! 23%! '36+-+.#! %*! .&6#5C,! )%! 23+%,! 43%*4%! #!
@+&(8! F(! %*! (+17&*+(1&! 1#$%6+#*! )%! *#! 6%#*+)#)! %('+6+$3#*! #,3,.+#)#! '#6#! %*!

Mgd!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
,3%4&! '#.$&K! *3/$"#!%#4+ /)8#(+ 5)/)'#)/+ "F-"+ .%6$%"+ :+ /(#4%/+ .%6$%"0)/o+ )/+
0"#4+ !)#"<=&+ &-(5)+ :+ $)&0#4+ (/$1#%'-+ &-(5)+ 0(&'#)+ 0(+ 5)/)'#)/2! IF58! XWKJL;!
JWN8! \G3#*1%,$%! %*! %(.6+$&6! #! *&(! ]%76%&(! 1%,.+&,#! %*! #G3#! #*! %(.6+7+6K!
*B!(#,-46)&)/+ !)&+ !)#"<=&+ /%&!(#)9+ (&+ $.(&"+ !(#'%0-68#(+ 0(+ D(9+ $-#%D%!"0)/+
.)/+!)#"<)&(/+0(+6"."+!)&!%(&!%"9+:+."5"0)/+.)/+!-(#$)/+!)&+"F-"+.%6$%"2!I]%8!
McKJJN8! F*! 7#3$+(1&! )%! /3#,! %S'6%(#7#! (+17C*+.#1%,$%! *#! *+1'+%5#! +,$%6+&6! #!
23%!**%G#7#!23+%,!4%,D#!%,!#66%'%,$+1+%,$&!#!@+&(8!!
!
!
/3#,! #,3,.+#! 23%! #*G3+%,! 7!3*096$ /7:$ &!1K70/&#7,=$ *,-(+ 0('#>/+ 0(+ 61+
(/'>+5%&%(&0)2;!*!9K:170(&17,$/7:0$ &!9(*#=$%(!1P(!-3%6$%!23%!H*;!'&6!$#,$&!1P(!
)+G,&;! 1P(! %*%4#)&! 23%! H*8! A#! )+G,+)#)! )%! /%(0(! %,! 6%*#.+C,! .&,! /3#,! %6#! $#*;!
23%!%*!B#3$+($#!7:!2$&*!/*'$*.2)#7',=$,&!(%!(+%,$%!)+G,&!,+!(+23+%6#!'#6#!%*!?31+*)%!
$6#7#=&!)%!#$#6;!+,.*+,#)&!#!$+%66#;!*#(!.&66%#(!)%!(3(!(#,)#*+#(;!*+$%6#*1%,$%!)+.%!
()'$ :.37%-0/)()$ 8)9()09)*=$ ..(5"#+ (.+ !".<"0)E! A#(! G%,$%(! .&1%,5#7#,! #!
'6%G3,$#6(%! 23+%,! %6#! /3#,8! \,.*3(&! #*G3,&(! *D)%6%(! 4%,)6D#! *3%G&! #*! B#3$+($#!
+,)#G#,)&! (+! H*! %6#! %*! O6+($&8! /3#,! (%! #,$+.+'#! #! $&)#! '&(+7*%! %23+4&.#.+C,!
#,3,.+#,)&!23%!%*!23%!4%,)6D#!(%6D#!#7(&*3$#1%,$%!1#<&6!23%!H*8!F*!"%(+#(!%6#!
$#,!G6#,)%!23%!/3#,!,&!%6#!)+G,&!)%!(%6!.&,(+)%6#)&!.&1&!3,!%(.*#4&!(3<&!'#6#!
#(+($+6*%!%,!*#(!$#6%#(!)%!(3!.#*5#)&8!@%!1#,%6#!23%!(+!%6#!+,-%6+&6!%,!.3#,$&!#!
'%6(&,#;! $%,D#! 23%! (%6*&! $#17+H,! %,! .3#,$&! #! 7#3$+(1&8! /3#,! #,3,.+#! 23%! %*!
"%(D#(! 7#3$+5#6D#! .&,! 3/$1#%'-+ I"&')+ :+ D-(F)9+ ):!(7',$ :./)+,$ 8)3(*09&*$ &!#$
T#&:0/)(*$ $ .S4*06;$ 2)*'$ 3:1*0=$ *(.+ )/+ 8"-'%<"#>+ (&+ 3/$1#%'-+ I"&')+ :+ D-(F)28!
9+%1'&! )%('3H(! %*! 1+(1&! >%:&6! 6%#-+61#6D#! *#! '6&1%(#;! *3%G&! )%! (3!
6%(366%..+C,;! %($#7*%.+%,)&! 3,! $+%1'&! )%! %('%6#! '#6#! %*! '6+1%6! ,0.*%&! 23%!
-&61#6D#! *#! \G*%(+#! 23%! _*! ?#7D#! 4%,+)&! #! %)+-+.#6;! 6%*#.+&,P,)&*&! .&,! *#!
%S'%6+%,.+#!+66%'%$+7*%!)%!U%,$%.&($H(!I].?8!MKLN8!>%6P!U%)6&!23+%,!6%.&6)#6P!*#!
'6&1%(#! )%*! B#3$+($#! %,! 6%*#.+C,! .&,! %*! )%(.%,(&! )%*! F('D6+$3! >#,$&! (&76%! %*!
'6+1%6! G63'&! )%! G%,$+*%(! 23%! (%! +,.&6'&6#7#! #! *#! \G*%(+#! I].?8! MMKMWN8! ! U&6! *#!
#3$&6+)#)! )%! /%(3.6+($&! %*! F('D6+$3! )%(.+%,)%! '#6#! $&1#6! '&(%(+C,! )%*! ,3%4&!
(#,$3#6+&!)%!@+&(!23%!%(!*#!\G*%(+#;!'&6!$#,$&!$&)&!.6%<%,$%!%($P!7#=&!*#!7%,)+$#!
+,-*3%,.+#!)%*!F('D6+$3;!23%!)%!#.3%6)&!.&,!%*!%($6+.$&!(+G,+-+.#)&!)%!*#!'#*#76#!
7#3$+(1&;! #*.#,5#! #! $&)&(! *&(! .6%<%,$%(! 23%! 23%)#,! 7#=&! %*! F('D6+$3! >#,$&! )%!
@+&(8!F($%!7%,)+$&! 7#3$+(1&! (%6D#! $#17+H,! %,! -3%G&8! F*! '6&'+&! #.&,$%.+1+%,$&!
)%! U%,$%.&($H(! .&,! %*! )%(.%,(&! )%*! F('D6+$3! >#,$&! (&76%! *#! \G*%(+#;! #61&,+5#!
'*%,#1%,$%! .&,! *#(! *%,G3#(! .&1&! -3%G&! 6%'#6$+)#(! (&76%! .#)#! 3,&! I].?8! JKXN8!!
F(!.+%6$&!23%!%*!-3%G&!(+17&*+5#!13.?#(!4%.%(!*#!+6#!)%!@+&(!)%66#1#)#!(&76%!%*!
'%.#)&;! '%6&! ,&! %(! 1%,&(! .+%6$&! 23%! 13.?#(! 4%.%(! $+%,%! 23%! 4%6! .&,!
'36+-+.#.+C,! %! +*31+,#.+C,8! F*! (+17&*+(1&! )%*! -3%G&! %($P! *+G#)&! #! *#!
6%'6%(%,$#.+C,!)%*!F('D6+$3!)%!@+&(8!F*!-3%G&!%(!(%:#*!)%!*#!'6%(%,.+#!)%!@+&(;!
.&1&!.3#,)&!(%!#'#6%.+C!#!"&+(H(!%,!.."6"+0(+D-(F)!IFS8!XKJN8!F,!%(#!1+(1#!
-&61#! %*! -3%G&! -3%! (%:#*! )%! #'6&7#.+C,! )+4+,#;! .&1&! %,! *#! .&,($63..+C,! )%*!
$#7%6,P.3*&! IA48! gKJdNh! %,! %*! (#.6+-+.+&! )%! F*D#(! %,! %*! O#61%*&! IM! ^8! MYKXYN8!
>%:#*! )%! '6&$%..+C,! )+4+,#;! .&1&! &.366+C! .&,! *#! .&,)3..+C,! )%! \(6#%*! IFS8!

FA!BZf9\>"[!@F!?@ABA!
MgL!
!
MXKJMN;!3$+*+5#)#! $#17+H,! %,! *#! '6&1%(#! G%,H6+.#! '#6#! %*! '3%7*&!)%! @+&(! Ik#.8!
JKLN8! F*! -3%G&! %6#! $#17+H,! -+G36#! )%! *#! #..+C,! .&66%.$&6#! )%! @+&(! #.$3#,)&! %,!
)+(.+'*+,#;!.&1&!%,!%*!.#(&!)%!*#!'36+-+.#.+C,!)%!*&(!?+=&(!)%!A%4D!I"#*8!XKXNh!%,!
*#! #..+C,! %(.3)6+:#)&6#! )%! O6+($&! (&76%! *#(! (+%$%! +G*%(+#(! IZ'8! MKMdNh! %,! *#!
'63%7#! )%! *#! -%! .6+($+#,#! IM! U8! MKbN8! A#! B+7*+#! .#*+-+.#! #! @+&(! .&1&! *D-(F)+
!)&/-6%0)#2!I]%8!MJKJgN8!O&1&!(D17&*&!)%*!F('D6+$3!>#,$&!#'#6%.%!%,!*#(!(+%$%!
*P1'#6#(! 23%! #6)D#,! )%*#,$%! )%*! $6&,&! IZ'8! dKLN8! F*! -3%G&! $+%,%! $#17+H,! %,!
(%,$+)&! )%! +*31+,#.+C,;! .&1&! 3,#! #,$&6.?#! 76+**#,)&! %,! *#! &(.36+)#)8! F*!
)%(.%,(&!)%*!F('D6+$3!>#,$&!+*31+,C!*#(!1%,$%(!<!%*!.&6#5C,!)%!*&(!(%G3+)&6%(!
)%!/%(0(!)%!3,!1&)&!(+,!'6%.%)%,$%!IM!/,8!JKJcN8!A#!-3%65#!)%*!-3%G&!#,+1C!.&,!
%*!.#*&6!)+4+,&!*#(!4&*3,$#)%(!)%!*&(!.6+($+#,&(!I].?8!dKMX;!Mg;!Jc;!XXN8!F*!-3%G&!
)%*! F('D6+$3! '%61+$%! %*! D(#5)#! )%*! .6+($+#,&! I^&8! MJKMMN;! )%(#66&**#,)&! $#17+H,!
3,!.P*+)&!#-%.$&!)%(.&,&.+)&!#,$%(!I].?8!JKddVdbh!XKWh!dKXJN8!
!
!
F(.6+7%!%*!@68!A#.3%4#K!
!
!
*G-%(&(/+/)&+8"-'%<"0)/+!)&+(.+3/$1#%'-+I"&')9+/)&+8"-'%<"0)/+!)&+D-(F)E+
k3/+ %.-6%&"0)#+ (.+ D-(F)l+ B/1+ (/+ (.+ 3/$1#%'-+ I"&')+ -&+ 3/$1#%'-+ 0(+ %.-6%&"!%=&E+
kC".%(&'"+(.+ D-(F)l+kQ+ &)+ "#0(&+ /-/+ !)#"<)&(/+ 0(&'#)+ 0(+ (..)/l+ kC)&/-6(+ (.+
D-(F)l+ kQ+ &)+ !)&/-6(+ (.+ 3/$1#%'-+ 0(+ ?-%!%)+ ."+ (/!)#%"+ 0(+ &-(/'#"/+
!)##-$!%)&(/l+k])+'%(&0(+(.+D-(F)+"+/-8%#+;"!%"+"##%8"9+:+"+;"!(#+."/+!)/"/+,-(+
".!"&<"+/(6(?"&'(/+"+4.l+B/1+'"68%4&+(.+3/$1#%'-+;"!(+".+".6"+/(6(?"&'(+"+4.9+:+
/-+'(&0(&!%"+(/+;"!%"+(.+C%(.)2 b E+
+
@ND)-3)2K:E4298F):64]):E)63)72E8P)<)057L52F])63):F2X)<)F:M8[:F])63)4F5[8):E)
:0)[F2E:F8P)<)I3:72F])02)L2U2):E)T3:[8)I3:)E3EM2)6:)2L2[2D)
)
7:D$$$$$(7'$3(:07#$&!#$(-+;$K&*1*'$):!(7:+$2)*'$%*)2)E)1*&*+$(-'#$)<?6#)$):!(7:+$$
!!!!!!!!!

@%*!.3#*!!%*!!#4%,$#)&6!%,!!!*#!!!!!!1#,&!!!!)%!H*!!!!!!!!<!!!!!!!!!!*+1'+#6P!!!!!!!!!!!!!*#!!!!!!!!!%6#!!!!!!!!)%!H*!

2)*'$9:#)0L&*$(7'#$9*+(7#$):!(7:+$&*!,$(-'#$)!37E-02-#=$(7'$%&'$)AK:17#$$
!!!<!!!!!!6%.&G%6P!!!!!!%*!!!!!!!$6+G&!!!!!!)%!H*!!!!!!!%,!!!!!%*!!!!!!!!!G6#,%6&!!!!!!!!!!!!<!*#!!!!!!!'#=#!!!!!!!!!!!

2)()2):09&*$3:1*'$$)!98&09(6;B$$
!!!!23%1#6P!!!!!!!!%,!-3%G&!+,%S$+,G3+7*%8!
!

E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
B5(&'"0)#;! 3(:07#;! (3($#,$+4&! 23%! %S'6%(#! %*! +,($631%,$&! )%! *#76#,5#! '#6#! *#,5#6! %*!
$6+G&!#*!#+6%8!
A%6$%"#>;!%*)2)E)1*&*+;!$%6.%6#!'%6(&,#!(+,G3*#6!)%*!-3$36&!)%!+,)+.#$+4&!%,!4&5!#.$+4#!
)%*! 4%67&! %*)2)E)1*0C6;! -&61#! +,$%,(+4#! .&,! %*)=! "+ '#"54/+ 0(;! <! 2)E)*016;! .%6$%"#;!
)%,&$#,)&!.%6$%"#+%&'(&/%5"6(&'(;!#23D!$6#)3.+)&!.&1&!.%6$%"#>8!
g(!)F(#>;!9:#)0L&*=!$%6.%6#!'%6(&,#!(+,G3*#6!)%*!-3$36&!)%!+,)+.#$+4&!%,!4&5!#.$+4#!)%*!
4%67&!9:#)046;!!)&5)!"#9+#(!)F(#9+#(-&%#;!#23D!.&1&!#(!)F(#>E!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W

!j8!A#.3%4#8!&8.8;!'PG8!XY8!

MgW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
G-(6"#>;!2)()2):09&*;!$%6.%6#!'%6(&,#!(+,G3*#6!)%*!-3$36&!)%!+,)+.#$+4&!%,!4&5!#.$+4#!
)%*!4%67&!2)*069+"#0(#9+(&!(&0(#9+,-(6"#;!#23D!.&,!(%,$+)&!)%!,-(6"#>8!
3&+ D-(F)+,-(+ &-&!"+ /(+ "$"F";! 3:1*'$ )!98&09(6;=! 76%4%! .*P3(3*#! %,! G6+%G&! -&61#)#! '&6!
3:1*';! )#$+4&! (+,G3*#6! ,%3$6&! )%*! (3($#,$+4&! 3:++1=! D-(F);! #23D! (&+ D-(F)h! <! %*! #)=%$+4&!
)!98&09(6;;!23%!%23+4#*%!#!%&(_'%&F-%8.(8!

!
!
A#! (&*%1,%! #)4%6$%,.+#! )%! *#! #..+C,! )%! @+&(! (&76%! *&(! 23%! ,&! (%!
#66%'+%,$%,;!+*3($6#)#!%,!*#!#..+C,!)%!3,!P67&*!6%)3.+)&!#!*%:#!<!23%1#)&!%,!%*!
-3%G&;!(%!4%!%,-#$+5#)#!'&6!*#!)+('&(+.+C,!'#6#!**%4#6!#!.#7&!%*!=3+.+&;!+*3($6#)#!
$#17+H,! .&,! *#! -+G36#! )%! 3,! *#76#)&6! 23%! %($P! '6%'#6#)&! '#6#! *+1'+#6! %*! $6+G&!
(%'#6P,)&*&!)%!*#!'#=#8!F*!!3(:07#!#4%,$#)&6;!+,($631%,$&!'#6#!*%4#,$#6!%*!$6+G&!<!
*#,5#6*&!#*!#+6%;!)&,)%!%*!4+%,$&!#66#($6#!*#!'#=#!<!)%=#!.#%6!%*!$6+G&!'&6!(3!'6&'+&!
'%(&;!%($P!)+('3%($&!'#6#!?#.%6*&!%,$6#6!%,!#..+C,;!&!#$(-+;$ K&*1*'$ ):!(7:=$*(&+."+
6"&)+0(+4.28!A#!%6#!23%)#6P!*+1'+#!)%('3H(!)%*!$6#7#=&!)%*!*#76#)&6;!<#!23%!2)*'$
%*)2)E)1*&*+$ (-'#$)<?6#)$):!(7:+=$*.%6$%"#>+/-+(#"28!Z23%*!1&,$C,!)%!$6+G&!
<!6%($&(!)%!'#=#!23%)#!13.?&!1P(!6%)3.+)&8!A#!#'#6+%,.+#!23%!#,$%(!$%,D#!)%!(%6!
13.?&! 23%)#! %,! 13<! '&.&;! '%6&! *&! 23%! #'#6%,$#7#! (%6! $6+G&! <#! ,&! %($P;! *&!
#66#($6C!%*!4+%,$&;!)%=#,)&!(C*&!*&!23%!%(!4%6)#)%6#1%,$%!$6+G&!#'6&4%.?#7*%8!A#!
'#=#!,&!.#%;!G%,%6#*1%,$%!*%=&(!)%!)&,)%!%($P!%*!$6+G&8!F(!(3-+.+%,$%!.&,!'#(#6!
3,!#'%6&!)%!*#76#,5#!'#6#!6%.&G%6*#8!F(#$(7'$%&'$)AK:17#!'#=#!23%!,&!%(!0$+*!'#6#!
,#)#!2)()2):09&*$3:1*'$ $)!98&09(6!(%!23%1#!?#($#!)%(#'#6%.%6!.&,4%6$+)#!%,!
.%,+5#8!!"+%,$6#(!23%!*#!'#=#!%(!23%1#)#;!%*!$6+G&!9:#)0L&*$(7'#$9*+(7#$):!(7:+$
&*!,$(-'#$)!37E-02-#=$(%6P!6%.&G+)&!%,!%*!G6#,%6&;!'#6#!(%6!1P(!$#6)%!.&,4%6$+)&!
%,! '#,! 23%! #*+1%,$#! #*! ?&176%8! /3#,! #)4%6$D#! #! 23+%,%(! (C*&! %6#,! 1%6&(!
'6&-%(#,$%(! )%*! 6+%(G&! 23%! .&66D#,8! F6#,! -P.+*1%,$%! .&,-3,)+)&(! .&,! %*! $6+G&;!
%($#7#,!1%5.*#)&(!.&,!H*;!'%6&!(3!)%($+,&!-+,#*!%(!%*!-3%G&8!
!
!
>+,! )3)#! *#! +,$%6'6%$#.+C,! %S+G%! 23%! (%! 6%*#.+&,%! .&,! *&(! -#6+(%&(! <!
(#)3.%&(!23%!4%,D#,!#*!7#3$+(1&!)%!/3#,!.&,!&$6#(!'6%$%,(+&,%(!23%!,&!%6#,!*#(!
)%!#.3)+6!#!3,!4%6)#)%6&!#66%'%,$+1+%,$&8!A#!#'*+.#.+C,!$6#(.+%,)%!%*!$+%1'&!<!
#*.#,5#! #! *#! \G*%(+#8! A#! %6#! '3%)%! .&,(+)%6#6(%! p(+%1'6%! %,! %*! $%66%,&! )%! *#!
#'*+.#.+C,V!.&1&! %*! 13,)&! (&76%! *#! 23%! *#! \G*%(+#! %($P! (+%,)&! %)+-+.#)#8! O#)#!
3,&!)%!*&(!4%6)#)%6&(!.6%<%,$%(!(&,!.&1&!*&(!G6#,&(!)%!$6+G&!23%!@+&(!6%.&G%6P!
%,! (3! G6#,%6&8! F,! *#! +G*%(+#! ?#<! $#17+H,! '#=#! 1%5.*#)#! .&,! %*! $6+G&;! 23+%,%(!
$+%,%,! #'#6+%,.+#! )%! (%6! .6+($+#,&(! '%6&! (&,! 1%6&(! '6&-%(#,$%(! 23%! %($P,! %,! *#!
.&1'#:D#!)%!*&(!.6+($+#,&(8!A*%G#6P!%*!1&1%,$&!%,!23%!/%(0(;!*+1'+#6P!(3!%6#;!
6%.&G+%,)&!%*!$6+G&!<!(%'#6P,)&*&!)%!*#!'#=#8!F*!G6#,%6&!.%*%($+#*!6%.&G%6P!$&)&(!
*&(!G6#,&(!)%!$6+G&!(+,!23%!(%!'+%6)#!,+!3,&!(&*&!)%!%**&(8!A#!'#=#!(%6P!23%1#)#!
%,!%*!-3%G&!+,%S$+,G3+7*%;!23%!%(!-+G36#!)%*!*#G&!)%!-3%G&!23%!#6)%!.&,!#53-6%!
IZ'8!MgKJch!JcKMc;!MdVMLh!JMKYN8!@%!#?D!*#!36G%,.+#!)%!#$%,)%6!#!*#!+,4+$#.+C,!)%*!
>%:&6!%,!3,#!G%,3+,#!.&,4%6(+C,!#!O6+($&8!
!
+0)12345678)9:)G:6j6)=>?@>A@BCD)

FA!BZf9\>"[!@F!?@ABA!
Mgb!
!
@>D) +E48EM:6) G:6j6) K5E8) 9:) a2050:2) 2) G32E) 20) G8F9]EP) L2F2) 6:F) 12345W298)
L8F)R0D)
)
M70(&$$$3)1)4*0#&()*$7.$$!5-97:+,$)!37'$(-+,$U)?*?)*0),$&!3*'$(7'#$$!571%)0#-#$$
!!!!!!!!!

F,$&,.%(!!!!!!!!**%G#!!!!!!!!!!!!!!!V!!!!!!!!/%(0(!!!!)%()%!!!!!V!!!!!!!!i#*+*%#!!!!!!!!!!!!!!!!#*!!!!!!!!!!!!!!!!/&6)P,!!!!!!!!!!!!!!!!!

317',$$(7'#$$!56)0##-#$(7:+$8)3(*9E-+#)*$:.3N!$):!(7:+B$
#)&,)%!!!!V!!!!!!!!!!!/3#,!!!!!!!!!!!!%*!!!!!!!(%6!7#3$+5#)&!!!!!!'&6!!!!!!!H*8!
!
E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
3&')&!(/;!(70(&=!#)4%67+&!)%1&($6#$+4&!23%!(+G,+-+.#!(&')&!(/8!
h%&);!3)1)4*0#&()*=!.&,(+)%6#)&!#,$%(;!4%6!48!M8!
B.+7)#0>&;!&!3*'$(7'#$$!571%)0#-#;!.&,($63..+C,!.&,!*#!'6%'&(+.+C,!&!3*';!#23D!%,!#.3(#$+4&;!
23%!%23+4#*%!#!/)8#(9+;"/'"9+!(#!"+0(.9+0(."&'(+0(h!.&,!%*!,&176%!'6&'+&!)%*!6D&!/&6)P,8!
A#!%S'6%(+C,!+,)+.#!23%!/%(0(!4+,&!#!*#!&6+**#!)%*!/&6)P,8!
n"-'%<"0);!!8)3(*9E-+#)*;!#&6+($&!'6+1%6&!)%!+,-+,+$+4&!%,!4&5!'#(+4#!)%*!4%67&!8)03(6;!
#23D!.&,!(%,$+)&!)%!/(#+8"-'%<"0)E!

!
!
@%('3H(!)%!*#!'6%(%,$#.+C,!)%*!1+,+($%6+&!)%!/3#,!<!*#!#'#6+.+C,!%,!%(.%,#!
)%!*&(!(#)3.%&(!<!-#6+(%&(;!%*!23%!/3#,!#,3,.+#7#!.&1&!23%!4%,)6D#!$6#(!H*;!?+5&!
(3! #'#6+.+C,! %,! %*! *3G#6! )&,)%! %*! B#3$+($#! '6%)+.#7#! <! 7#3$+5#7#8! F*! $+%1'&! <!
*3G#6! (&,! $#17+H,! +,)%-+,+)&(;! "#$%&;! 3$+*+5#,)&! 3,#! -C613*#! $%1'&6#*!
+,)%-+,+)#;! ! (%! *+1+$#! #! )%.+6! (70(&$ 3)1)4*0#&()*+ *(&')&!(/+ 5%&)2;! %($&! %(;! %,!
#*G0,!1&1%,$&!)36#,$%!%*!1+,+($%6+&!)%!/3#,;!<!%,!#*G3,&!)%!*&(!*3G#6%(!)&,)%!
H*! .31'*D#! (3! 1+(+C,! **#1#,)&! #*! #66%'%,$+1+%,$&8! F,! %(%! $+%1'&! 7.$ !5-97:+,$
)!37'$ (-+,$ U)?*?)*0),! 4+,&! /%(0(! )%()%! i#*+*%#;! (+,! )3)#! .&1&! "#6.&(! )+.%!
)%()%! E#5#6%$! %*! *3G#6! )%! (3! 6%(+)%,.+#;! .&,! %*! '6&'C(+$&! )%! (%6! 7#3$+5#)&! '&6!
/3#,8! F*! 1+,+($%6+&! '07*+.&! )%! /%(0(! +7#! #! .&1%,5#68! ]#7D#! **%G#)&! %*!
.31'*+1+%,$&! )%*! $+%1'&! %,! %*! '6&'C(+$&! )+4+,&! '#6#! 23%! %*! T%67&! %,.#6,#)&!
+,+.+#6#! *#(! $#6%#(! 23%! )#6D#,! .31'*+1+%,$&! #! *&! #,3,.+#)&! (&76%! _*! '&6! *&(!
'6&-%$#(8!A#!-%.?#!)%*!#.&,$%.+1+%,$&!'3)&!13<!7+%,!?#7%6!(+)&!%,!*&(!'6+1%6&(!
)D#(!)%*!1%(!)%!%,%6&8!A&(!)#$&(!)%!*&(!F4#,G%*+&(!.&,-+61#,!%($#!(3'&(+.+C,!%,!
.+%6$#!1%)+)#8!U&6!*&(!)#$&(!7D7*+.&(!)%7%!?#7%6!3,!*#'(&!)%!'&6!*&!1%,&(!)&(!
1%(%(! %,$6%! %*! 7#3$+(1&! )%! /%(0(! <! *#! '#(.3#! #! *#! 23%! #(+($+C! %,! /%63(#*H,8!
@%('3H(!)%*!7#3$+(1&!%($34&!.3#6%,$#!)D#(!%,!%*!)%(+%6$&8!@%()%!#**D!4&*4+C!#!*#!
6+4%6#! )%*! /&6)P,! )&,)%! /3#,! '6%)+.#7#!I/,8! MKJgN8! @%('3H(! )%! 3,&(! &.?&! )D#(!
$34+%6&,! *3G#6! *#(! 7&)#(! )%! O#,P! )%! i#*+*%#! I/,8! JKMVMMN8! A3%G&! /%(0(! -3%! #!
O#'%6,#31! '&6! '&.&(! )D#(! I/,8! JKMJN;! <! )%()%! #**D! (37+C! #! /%63(#*H,! '#6#!
.%*%76#6!*#!'#(.3#!23%!.&+,.+)D#!%,!%*!1%(!)%!#76+*8!U&6!$#,$&;!%*!7#3$+(1&!7+%,!
'3)&!?#7%6!$%,+)&!*3G#6!#!'6+,.+'+&!)%!,3%($6&!#.$3#*!1%(!)%!%,%6&8!9&)&(!%($&(!
)#$&(!)%!-%.?#!<!*3G#6!,&!$+%,%,!,+,G3,#!+1'&6$#,.+#!%,!6%*#.+C,!.&,!%*!,0.*%&!
)%*!'P66#-&!23%!%(!%*!7#3$+(1&!)%!/%(0(8!F*!>%:&6!4+,&!#*!/&6)P,!<!'+)+C!#!/3#,!
23%!*&!7#3$+5#(%8!
!

MgY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z9F[!\\\!

!
@ZD).26)G32E)6:)0:)8L8EJ2P)95M5:E98X)O8)E:M:6548)6:F)12345W298)L8F)45P)c<)4j)
K5:E:6)2)7Je!
!
7.$$%&'$$!56)0##-,$%*&260?:&#$):!(7'#$?&046#@$&!46'$$K1&*0)#$$&AK6$:.37'$97:+$
!!"#(!!!!!!!!!/3#,!!!!!!!!!!!!+1'%)D#!!!!!!!!!!#!H*!!!!!!!)+.+%,)&K!!e&!!!!!,%.%(+)#)!!!!$%,G&!!!'&6!!!!!$+!
8)3(*9E-+#)*=$2)*'$9:'$&A1K-;$3170,$/&Q$
!!!(%6!7#3$+5#)&!!!!!!!!!<!!!!!!$0!!!!4+%,%(!!!!!!!#!!!!!1D8!
!
E&$#(!(&76%!%*!$%S$&!G6+%G&8!
!
I(+ )$)&1";! %*&260?:&#=! $%6.%6#! '%6(&,#! (+,G3*#6! )%*! +1'%6-%.$&! )%! +,)+.#$+4&! %,! 4&5!
#.$+4#! )%*! 4%67&! %*)026?:06;! -&61#! +,$%,(+-+.#)#! )%! 26?:06;! )$)&(#/(9+ %,! %($#! -&61#!
%23+4#*%!#!)$)&(#/(+!)&+')0"+%&'(&/%0"08!
H%!%(&0);!?&046#=!4%6!%*!48!J!
Q)+ &(!(/%');! &!46R$ K1&*0)#$ &AK6=! .*P3(3*#! .&,! %*! '6&,&176%! '%6(&,#*! &!46';! :)h! %*!
(3($#,$+4&! K&*0);! %,! #.3(#$+4&! (+,G3*#6! -%1%,+,&9+ %23+4#*%,$%! #! &(!(/%0"0h! .&,! ! &AK6;!
'6+1%6#!'%6(&,#!(+,G3*#6!)%*!'6%(%,$%!)%!+,)+.#$+4&!%,!4&5!#.$+4#!)%*!4%67&!&AL6;!'(&(#;!
#23D!.&1&!'(&F)8!A#!.*P3(3*#!%(K!Q)+&(!(/%0"0+'(&F)8!
I(#+8"-'%<"0);!8)3(*9E-+#)*;!1+(1#!-&61#!4%67#*!)%*!4%6(D.3*&!#,$%6+&68!
Q+'R+5%(&(/+"+619!2)*'$9:'$&A1K-;$3170,$/&0Q!.*P3(3*#!+,$%66&G#$+4#!.&,!*#!.&,=3,.+C,!2)*';!
%23+4#*%,$%! #! *#! .&,=3,.+C,! :h! %*! '6&,&176%! '%6(&,#*! 9:';! 'Rh! &A1K-;;! (%G3,)#! '%6(&,#!
(+,G3*#6! )%*! '6%(%,$%! )%! +,)+.#$+4&! %,! 4&5! 1%)+#! )%*! 4%67&! &A1K7/)*;! 5(&%#;! #23D! .&,!
(+G,+-+.#)&! )%! 5%(&(/;! 0,+.#! 4%5! 23%! #'#6%.%! %($#! -&61#! 4%67#*! %,! $&)&! %*! E3%4&!
9%($#1%,$&h!*#!'6%'&(+.+C,!3170,=!"h!<!%*!'6&,&176%!'%6(&,#*!/&0;!"+618!

!
!
QO&,&.D#! /3#,! #! /%(0(! )%! 1&)&! 23%! *&! +)%,$+-+.C! %,$6%! *#(! G%,$%(! 23%!
#.3)D#,!#!H*!'#6#!(%6!7#3$+5#)&(R!QU&6!23H!.#3(#!(%!*%!&'3(&!$#,!)+6%.$#1%,$%R!
/3#,! <! /%(0(! %6#! '#6+%,$%(! IA.8! MKXWN8! F*+(#7%$! *#! 1#)6%! )%! /3#,;! (#7D#! 7+%,!
23+%,!%6#!%*!]+=&!)%!"#6D#;!#!23+%,!**#1C!*6%+I(@)#2;!.3#,)&!-3%!4+(+$#)#!'&6!
"#6D#!#,$%(!)%*!,#.+1+%,$&!IA.8!MKdJ;!dXN8!!F(!13<!'&(+7*%;!1P(!23%!'6&7#7*%;!
23%!F*+(#7%$!.&1%,$#6#!.&,!(3!?+=&!/3#,!*&!23%!(#7D#!(&76%!/%(0(8!>+,!%17#6G&;!
.&1&!'6&-%$#!)%!@+&(;!/3#,!)%7+C!?#7%6!6%.+7+)&!3,#!6%4%*#.+C,!.*#6#!)%!23+%,!
%6#! #23%*! ?&176%! 23%;! '#6#)&! )%*#,$%! )%! H*;! )%1#,)#7#! (%6! 7#3$+5#)&8! /3#,!
%($#7#! %,! '6%(%,.+#! )%*! "%(D#(;! Q.C1&;! '3%(;! '&)D#! 7#3$+5#6*%R! Z,$%! *#!
'6%(%,.+#! )%! /%(0(;! /3#,! %6#! '*%,#1%,$%! .&,(.+%,$%! )%! 23%! %6#! #7(&*3$#1%,$%!
+,)+G,&!#*!*#)&!)%!*#!)+G,+)#)!)%*!"%(D#(8!F,!(3!1%,$%!(C*&!?#7D#!3,#!+)%#K!%6#!
H*!23+%,!)%7D#!6%.+7+6!%*!7#3$+(1&!)%!/%(0(!<!,&!#*!6%4H(8!
!
!
"#$%&!%S'6%(#!*#!+)%#!)%!3,#!&'&(+.+C,!)%.+)+)#!)%!/3#,!%,!.&,$6#!)%!*#!
'%$+.+C,!)%!/%(0(8!F*!B#3$+($#!%($#7#!)%.+)+)&!#!+1'%)+6!$#*!.&(#!7.$%&'$$!56)0##-,$
%*&260?:&#$):!(7'#=$*:+7-"&+.(+%6$(01"28!F,!.+%6$#!1%)+)#!(%!#,$+.+'#!#23D!*&!
23%! 1P(! $#6)%! (%6D#! #..+C,! )%! U%)6&! .3#,)&! %*! >%:&6! (%! )+('3(&! #! *#4#6*%! *&(!
'+%(! I/,8! MXKW;! YN8! /3#,! #-+61#! 23%! %6#! H*! 23+%,! )%7D#! (%6! 7#3$+5#)&! '&6! /%(0(;!
Q%,!23H!(%,$+)&R! >+,! )3)#! ,&! %6#! 3,! ?&176%! +1'%.#7*%;! %*! 0,+.&! #(D! %(! /%(0(;!

FA!BZf9\>"[!@F!?@ABA!
Mgg!
!
#,$%! .3<#! (#,$+)#)! %*! 23%! **#1#7#! #*! #66%'%,$+1+%,$&! ,%.%(+$#7#;! %,! #*G3,#!
1%)+)#! %(#! 1+(1#! #.$3#.+C,! %,! (3! 4+)#8! E#)+%! %(! *&! (3-+.+%,$%1%,$%! '%6-%.$&!
)%*#,$%!)%!@+&(!.&1&!'#6#!,&!,%.%(+$#6!.&,-%(#6!(3!'%.#)&!<!#66%'%,$+6(%!)%!(3!
1&)&!)%!4+)#8!/3#,!?#7D#!#,3,.+#)&!3,!7#3$+(1&!23%!(C*&!/%(0(!'&)D#!)#6!.&,!
F('D6+$3!>#,$&!<!-3%G&!<;!#3,23%!*#!'6%(%,.+#!)%*!F('D6+$3!?#7D#!(+)&!6%#*+)#)!%,!
*#!4+)#!)%!/3#,!)%()%!#,$%(!)%!,#.%6!IA.8!MKMLN;!(%!)#7#!.3%,$#!23%!,%.%(+$#7#!
1P(! )%! %(#! #)1+6#7*%! )+1%,(+C,! )%! 4+)#;! 23%! (C*&! O6+($&! '&)D#! )#6*%;! '&6!
.&,$6#($%! Q23H! '&)D#! 6%.+7+6! /%(0(! )%! /3#,R! F*! B#3$+($#! %($#7#! %,! '6%(%,.+#! )%!
23+%,! 6%.&,&.D#! .&1&! "%(D#(;! Q.C1&! '&)D#! %S$%,)%6! (3(! 1#,&(! #*! .3%6'&! )%*!
>#,$&!<!7#3$+5#6*&!.&1&!(+!(%!$6#$#(%!)%!3,!'%.#)&6!.3#*23+%6#R!Z*!7#3$+5#6!#!*&(!
23%! 4%,D#,! #! H*! *&! ?#.D#! 7#=&! *#! .&,-%(+C,! )%! #66%'%,$+1+%,$&! Q)%! 23H! '&)D#!
#66%'%,$+6(%!Z23%*!23%!%(!+,1#.3*#)&R!@%!#?D!23%!/3#,!%($34+%(%!)+.+%,)&K!&!46'$$
K1&*0)#$ $ &AK6$ :.37'$ 97:$ 8)3(*9E-+#)*=$ 2)*'$ 9:'$ &A1K-;$ 3170,$ /&=$ *:)+ '(&F)+
&(!(/%0"0+0(+/(#+8"-'%<"0)+$)#+'%+:+'R+5%(&(/+"+612;!)%!&$6&!1&)&;*8"-'1<"6(+
JR+"+619+"-&,-(+:)+/("+(.+n"-'%/'"9+$)#,-(+JR+(#(/+(.+I(@)#28!!F*!>%:&6!?#7*#!
)%!,%.%(+)#)!'#6#!.31'*+6!$&)#!=3($+.+#8!O&1&!%(.6+7D#!/8!q8!@#*%K!
!
!
*L)0(6)/+ )1#+ .)+ ,-(+ C#%/')+ #(/$)&01"+ "+ 7-"&W+ 3/+ &(!(/"#%)+ ,-(+ /("+
8"-'%<"0)+";)#"+!)&+'-+8"-'%/6)9+:+,-(+.-(F)9+:)+8"-'%!(+"+.)/+;)68#(/+!)&+(.+
8"-'%/6)+0(+."+J#%&%0"0E+H"6(+'-+6"&)+$"#"+(/'(+/(#5%!%)E+n"-'1<"6(+!)6)+:)+
;(+0(+8"-'%<"#+"+')0)/+.)/+,-(+!#("&+(&+6%9+!)&+"F-"9+!)&+3/$1#%'-+:+!)&+D-(F)`+
!)&+ "F-"9+ ,-(+ (/+ !"$"<+ 0(+ ."5"#+ ."+ /-!%(0"0+ 0(.+ $(!"0)`+ !)&+ 3/$1#%'-9+ ,-(+
$-(0(+ ;"!(#+ ,-(+ .)+ '(##(&".+ /(+ '#"&/D)#6(+ (&+ (/$%#%'-".`+ !)&+ D-(F)9+ ,-(+
!)&/-6(+ $)#+ /1+ 6%/6)+ ."/+ %6$-#(<"/+ 0(+ ."/+ '#"&/F#(/%)&(/E+ a"8%(&0)+ )10)+ (.+
n"-'%/'&q