!!!!!!"#$%#&!'%()#"%*+!%,!-#,./#$*."0'!12.(%,34!#!(*.'+!2/!
#//2"'#5%&%*+!%,!*10!.,%*0'!(*#*0(
!!56!!#7789:;;:
!<=;>=7?@7
!!!!!!!!!!!!!#!*10(%(
!!(A9B=CC:D!C@!
!-=EF=G87!(C8C:!.7=H:I?=C6
!=7!J8IC=8;!KA;K=;;B:7C!@K!CF:!I:LA=I:B:7C?!
!K@I!CF:!D:GI::!@K
!!.I987!87D!":G=@78;!);877=7G!
M!-8?C:I!=7!.I987!87D!":G=@78;!);877=7G
!!NONO!!!!!!!!!!!"#$%!&$'''"#$%#&!'%()#"%*+!%,!-#,./#$*."0'!12.(%,34!#!(*.'+!2/!
#//2"'#5%&%*+!%,!*10!.,%*0'!(*#*0(
!!56!!#7789:;;:
!<=;>=7?@7
!"#$!%&!'()%&*(+,-!*,+(,-!.()+*(/(0,%(&0!,0.!%'$!1$0$*,%(&0,-!2$,-%'!1,34!
,)!&5!67894!
-&2
:(0+&/$!
3&3#-,%(&0)!,*$!.()3*&3&*%(&0,%$-;!/,.$!#3!&5!3$&3-$!&5!+&-
&*<!=(0+$!/,0#5,+%#*$.!'&#)(01!()!
&0$!&5!%'$!/&)%!,55&*.,>-$!'&#)(01!&3%(&0)!5&*!-&2
:(0+&/$!3&3#-,%(&0)4!(%!()!#0+-$,*!2';!2'(%$)!
,*$!/&*$!-(?$-;!%&!&++#3;!/,0#5,+%#*$.!'&#)(01!%',0!3$&3-$!&5!+&-&*<!
@0.$*)%,0.(01!
%'()!
3'$0&/$0&0!
+&#-.!,
..*$))!%'$!'&#)(01!0$$.)
!&5!'&#)$'&-.
)!&5!+&-&*4!
$)3$+(,--;!.#*(01!%'$!
,55&*.,>(-(%;!+*()()
<!A&#0%;
:-$B$-!.
,%,!5*&/!%'$!
678C:6789!D/$*(+,0!A&//#0(%;!=#*B$;!
E:F$,*!
G)%(/,%$)!,0.!%'$!6787!@<=<!A$0)#)!
2$*$
!,0,-;H$.!%&!.$%$*/(0$!
,))&+(,%(&0)!
>$%2$$0
!I-,+?4!
J()3,0(+KL,%(0M4!,0.!
N&0
:J()3,0(+!
O'(%$!
/,0#5,+%#*$.!'&#)(01!
&++#3,0+;!
,0.!
5&#*!(0.$3$0.$0%!
B,*(,>-$)P!*,+(,-
!.()3,*(%
($)!(0!'&/$&20$*)'(34!
%'$!
1$&1*,3'(+!
.()%*(>#%(&0!&5!
/,0#5,+%#*$.!'&/$)!,+*&))!
*#*,-!,0.!#*>,0!
-&+,%(&0)!,0.!,+*&))!+$0)#)!
.(B()(&0)!
Q(<$<4!*$1(&0)!&5!
%'$!+&#0
%*;
R4!,0.!%'$!
,1$
!&5!*$)(.$0%)
!#)(01!-(0$,*!*$1*$))(&0
<!"$)3(%$!)(10(5(+,0
+$!(0!%'$!
*$-,%(&0)'(3)
4!,--!2$*$
!)#>)%,0%(B$-;!)/,--
<!S'$!/&)%!3*&/(0$0%!%,?$,2,;!5*&/!%'()!)%#.;!()!%'$!
)$B$*(%;!&5!%'$!*,+(,-!'&/$&20$*)'(3!1,3!5&*!I-,+?!,0.!J()3,0(+KL,%(0M!'&#)$
'&-.)!(0!
+&/3,*()&0!%&!
N&0
:J()3,0(+!O
'(%$)
<!T0!,..(%(&04!%',%!
J()3,0(+
KL,%(0M!'&#)$'&-.)
!,*$!-$))!-(?$-;!
%&!-(B$!(0!/&>(-$!'&/$)!,)!%'$;!>$+&/$!
'&/$&20$*)!,0.
!,*$!/&*$!-(?$-;!%&!-(B$!(0!/&>(-$!'&/$)!
(0!*#*,-!,*$,)<
!S'$!)%#.;!+&0+-#.$)!2(%'!,!.()+#))(&0!&5
!3&-(+;!,0.!3-,00(01!(/3-(+,%(&0)
4!(0+-#.(01!2,;)!%&!
$-(/(0,%$!>,**($*)!%&!/,0#5,+%#*$.!'&#)(01!,)!,0!,55&*.,>-$!'&#)(01!
&33&*%#0(%;!5&*!+&//#0(%($)!&5!+&-&*<!!
!!!!!!!!!A&3;*(1'%!>;
!DNNDIGLLG
!OTLUTN=VN
!6767!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'''''''''!!!!!!!(B!'!&()*+,-./-0-)$#
''T!2&#-.!-(?$!%&!,+?0&2-$.1$!%'$!5,+#-%;!2'&!3*&B(.$.!,))()%,0+$!.#*(01!%'()!)%#.;
4!,)!
2$--!,)!%'*&#1'&#%!/;!.$1*$$!3*&1*,/<!W(*)%4!%',0?!;&#!%&!/;!,.B()&*4!
X*&5$))&*!
N&,'!"#*)%4!5&*!
'()!#02,B$*(01!)#33&*%
!,0.!3,%($0+$
!%'*&#1'&#%!%'()!3*&+$))
<!J()!$M3$*%()$!,*&#0.!,55&*.,>-$!
'&#)(01!())#$)4!,0.!)3$+(5(+,--;!/,0#5,+%#*$.!'&#)(014!2,)!$))$0%(,-!%&!/;!)#++$))5#-!
+&/3-$%(&0!&5!%'()!)%#.;<!
T!2&#-.!,-)&!-(?$!%&!%',0?!>&%'!&5!/;!%'$)()!+&//(%%$$!/$/>$*)4!
X*&5$))&*
!Y$$0,%!U&%B,-
:U,*,/+',0.,0(!,0.!X*&5$)
)&*!Z$0[!Z&)$0>,#/4!5&*!%'$(*!5$$.>,+?
!,0.
!'$-35#-!(0)(1'%)
<!S&!J&--;!\,.(--4!X*&5$))&*!O,;0$!I$;$,4!,0.!X*&5$))&*!GB,!U,))$0)
:N&&*
!5&*!%'$(*!+&0%*(>#%(&0)!%&!/;!)%#.($)!,0.!5&*!+',--$01(01!/$!%&!>$!%'$!>$)%!3-,00$*!T!+,0!>$<!L,)%-;4!
%',0?!;&#!%&!/;!5,/(-;
!,0.!%&!/;!3,*%0$*4!D.,/4!5&*!0$B$*!5,(-(01!%&!+'$$*!/$!&0<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!B!$!",-'*1'&*)$-)$#
'!!!"#$%&'%$()!*#
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!B((
!!!"#$%&'%'"+,-*#
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!B(((
!!./01234%56%"72489:;2<87
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!8!5=5=%>82<?02<87
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!6!5=@=%#24:;2:43
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!]!!./01234%@6%!<23402:43%-3?<3A
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!E!@=5=%(BB8490CD3%E8:F<7G%.4<F
<F!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!E!@=@=%E<F284<;0D%-0;<0D%H<F104<2I%<7%(;;3FF%28%E8:F<7G
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!9!@=J=%"72489:;2<87%28%>07:B0;2:439%E8:F<7G
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!87!@=K=%(BB8490C<D<2I%8B%>07:B0;2:439%E8:F<7G
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!88!@=L=%-0;<0D%H<F104<2<3F%<7%>07:B0;2:439%E8:F<7G%&;;:107;I
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!8C!@=M=%.87;D:F<87
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!8E!!./01234%J6%>32/89FN%H0
20%#8:4;3FN%079%>30F:43O372
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!89!J=5=%H020%#8:4;3F%079%#<23%#3D3;2<87
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!8^!J=@=%>32/896%&49<704I%!30F2%#P:043F%-3G43FF<87
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!6]!J=J%H31379372%Q04<0CD36%>07:B0;2:439%E8:F<7G%&;;:107;I%"793R
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!6_!J=K=%EI182/3F<F%S5=%E8O38A734F/<1%"793R=
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!69!J=L=%EI182/3F<F%S@=%,4C07%?F=%-:40D=
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!6^!J=M=%EI182/3F<F%SJ=%+38G401/<;%H<?<F<87F=
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!6`!J=T=%EI182/3F<F%SK=%(G3=
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!C7!J=U=%.87;D:F<87
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!C8!!./01234%K6%-3F:D2F%079%H<F;:FF<87
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!C6!K=5=%H3F;4<12<?3%#202<F2<;F%079%>01F
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!C6!K=@=%-3G43FF<87%(70DIF<F
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!]9!!./01234%L6%.87;D:F<87
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!EE!L=5=%.87;D:F<87
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!EE!L=@=%"O1D<;02<87F%079%V8D<;I%-3;8OO37902<87F
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!E9!!!!!!!!B(!L=J=%!<O<202<87F
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!_7!L=K=%':42/34%-3F304;/
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!_8!!(VV*WH"X
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!_6!!)")!"&+-(VEY
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!_E!!''''''''''!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!B((
!',2#$'*1'$!",-#
'!!$0CD3%56%Q04<0CD3%H3F;4<12<87F
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!6E!$0CD3%@6%H3F;4<12<?3%#202<F2<;F%8B%2/3%H31379372%Q04<0CD3
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!CC!$0CD3%J6%H3F;4<12<?3%#202<F2<;F%8B%"7931379372%Q04<0CD3F%ZEI182/3F<F%5[
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!C9!$0CD
3%K6%H3F;4<12<?3%#202<F2<;F%8B%"7931379372%Q04<0CD3F%ZEI182/3F<F%@[
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!]6!$0CD3%L6%H3F;4<12<?3%#202<F2<;F%8B%"7931379372%Q04<0CD3F%ZEI18
2/3F<F%J[
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!]C!$0CD3%M6%H3F;4<12<?3%#202<F2<;F%8B%"7931379372%Q04<0CD3F%ZEI182/3F<F%K[
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!]_!$0CD3%T6%!<7304%-3G43FF<87%-3F:D2F
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!]9!$0CD3%U6%&4<G<70D%H3F;4<12<?3%#202<F2<;F
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!_C!'''''''''''''''''''!!!!!!!!!B(((
!,2#$'*1'12/3%-#
'!!'<G:43%56%$820D%)D0;\%
&;;:1<39%E8:F<7G%>01
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!8`!'<G:43%@6%$820D%W02<?3%(O34<;07%&;;:1<39%E8:F<7G%>01
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!67!'<G:43%J6%$820D%E<F107<;]!02<7R%&;;:1<39%E8:F<7G%>01
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!68!'<G:43%K6%$820D%^/<23%&;;:1<39%E8:F<7G%>01
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!66!'<G:43%L6%>01%8B%2/3%V34;372%>8C<D3%E8O3F
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!6C!'<G:43%M6%)D0;\%>8C<D3%E8O3%H<F104<2I%>01
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!C]!'<G:43%T6%E<F107<;]!02<7R%>8C<D3%E8O3%H<F104<2I%>01
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!CE!'<G:43%U6%^/<23%>8C<D3%E8O3%H<F104<2I%>01
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!C_!'<G:43%_6%)D0;\%E8O38A734F/<1%H<F104<2I%>01
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!C^!'<G:43%5`6%E<F107<;]!02<7R%E8O38A734F/<1%H<F104<2I
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!C`!'<G:43%556%^/<23%E8O38A734F/<1%H<F104<2I%>01
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!]7!'<G:43%5@6%V34;372%-:40D%>01
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!]8!'<G:43%5J6%,=#=%+38G401/<;%H<?<F<87F%>01
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!]6!'<G:43%5K6%)D0;\N%E<F107<;]!02<7RN%079%^/<23%>8C<D3%E8O3%H<F104<2I%CI%+38G401/<;%
H<?<F<87%E<F28G40O
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!]]!!'<G:43%5L6%V34;372%*D934DI%<7%>8C<D3%E8O3F%>01
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!]E!'<G:43%5M6%)D0;\N%E<F107<;]!02<7RN%079%^/<23%>8C<D3%
E8O3%079%E8O38A734F/<1%H<F104<2I%
#;02234%VD82
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!E7!!'<G:43%5T6%)D0;\N%E<F107<;]!02<7RN%079%^/<23%>8C<D3%E8O3%H<F104<2I%079%V34;372%-:40D%
(430%#;02234%VD82
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!E6!!'<G:43%5U6%)D0;\N%E<F107<;]!02<7RN%079%^/<23%>8C<D3%E8O3%H<F104<2I%079%V34;372%*D934DI%
<7%>8C<D3%E8O3F%
#;02234%VD82
!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!E]!!!!!!!!!!8!&456789'
:;'2<79=>?@7A=<
'J&/$&20$*)'(3!(0!%'$!@0(%$.!=%,%$)!',)!-&01!>$$0!,))&+(,%$.!2(%'!%'$!aD/$*(+,0!"*$,/
4b!,!+&0+$3%!3,))$.!.&20!5*&/!%'$!5&#0.(01!5,%'$*)4!,)!(%!2,)!%'&#1'%!%',%!+(%(H$0)!2&#-.!'&-.!,!
'(1'$*!,/&#0%!&5!-&;,-%;!%&!,!0,%(&0!2'$0!%'$;!',.!,!)%,?$!(0!(%!QO*(1'%4!8
`^CR<!J&2$B$*4!,)!%'$!
%$*/!
a+(%(H$0)
b!',B$!1*&20!%&!(0+-#.$!.()$05*,0+'()$.!3&3#-,%(&0)4!
/,0;!.()$05*,0+'()$.!1*&#3)!
',B$!5,+$.!+&0)(.$*,>-$!&>)%,+-$)!(0!
,++$))(01
!%'$!aD/$*(+,0!"*$,/b!
&5!'&/$&20$*)'(3
!Q='-,;4!
677_R<!A&//#0(%($)!&5!+&-&*
!',B$!'()%&*(+,--;!>$$0!*$)%*(+%$.!5*&/!B,*(&#)!-$B$-)!&5!
'&/$&20$*)'(3!%'*&#1'!*,+(,-!,0.!$+&0&/(+!H&0(01!,0.!*$.-(0(014!+&0%*(>#%(01!%&!%'$!*,+(,-!
2$,-%'!,0.!'&/$&20$*)'(3!1,3!)%(--!3*$)$0%!%&.,;!Q
Z&%')%$(0
4!6789
c!d;&#*?&!$%!,-<4!8```
c!I&$'/!
e!=+'-&%%/,0
04!677]R<!!
W&*!$M,/3-$4!,
5%$*!%'$!5&*$+-&)#*$!+*()()
!,0.!d*$,%!Z$+$))(&0!%',%!>$1,0!
(0!67794
!3$&3-$!&5!+&-&*!
2$*$!
/&*$!-(?$-;!%&!>$
+&/$
!*$0%$*)!%',0!
/,(0%,(0!
'&/$&20$*)
'(3
4!,0.!
5*&/!6778!%&!678_!I-,+?!,0.!J()3,0(+KL,%(0M!*$0%$*)!2$*$!,>&#%!87f!/&*$!>#*.$0$
.!>;!'&#)(01!
+&)%)!%',
0!2'(%$!*$0%$*)
!Qg&(0%!A$0%$*!5&*!J&#)(01!=%#.($)!&5!J,*B,*.!@0(B$*)(%;
4!6789R<!!O(%'!*$,-!$)%,%$!,0.!
*$0%,-!'&#)(01!/,*?$%)
!+#**$0%-;
!)#*1
(01!.#*(01!%'$!+#**$0%!,55&*.,>-$!
'&#)(01!+*()()!(0!%'$!@0(%$.!=%,%$)4
!%'$!)#33-;!&5!,B,(-,>-$!
*$0%,-!#0(%)!
',)
!0&%!/
$%!%'$!.$/,0.
4!)3$+(5(+,--;!2(%'!+&//#0(%($)!&5!+&-&*!,0.!B$*;!-&2
:(0+&/$!5,/(-($)!Qg&(0%!A$0%$*!5&*!J&#)(01!
=%#.($)!&5!J,*B,*.!@0(B$*)(%;4!6789c!@<=<!"$3,*%/$0%!&5!J&#)(01!,0.!@*>,0!"$B$-&3/$0%4!678`R<!
T0!,..(%(&04!*()(01
!'&#)(01!3*(
+$)!(0!/$%*&!,*$,)4!
',B$!3*&B(.$.
!-(%%-$!&33&*%#0(%;!5&*!%*,.(%(&0,-!
'&/$&20$*)'(3!5&*!-&2
:(0+&/$!3&3#-,%(&0)!Qg&(0%!A$0%$*!5&*!J&#)(01!=%#.($)!&5!J,*B,*.!
@0(B$*)(%;4!678^R<!
\,0#5,+%#*$.!'&#)(01!()!&0$!&5!%'$!/&)%!,55&*.,>-$!'&#)(01!%;3$)!5&*!-&2
:(0+&/$!3&
3#-,%(&0)
4!>#%
!%'$!/,h&*(%;!&5!*$)(.$0%)!(0!/,0#5,+%#*$.!'&#)(01!,*$!2'(%$!
Q"#*)%!e!
=#--(B,04!678`R<!
D)!&5!67894!.#$!%&!'()%&*(+,-!*,+(,-!.()+*(/(0,%(&0!,0.!%'$!1$0$*,%(&0,-!2$,-%'!
1,34!-&2
:(0+&/$!3&3#-,%(&0)!,*$!.()3*&3&*%(&0,%$-;!/,.$!#3!&5!3$&3-$!&5!
+&-&*
4!)3$+(5(+,--;!I-,+?4!
!!!!!!!6!J()3,0(+KL,%(0M4!,0.!N,%(B$!D/$*(+,0!3&3#-,%(&0)<!
QD#*,0.!$%!,-<4!678`c!@<=<!A$0)#)!I#*$,#4!
6789R<!!=(0+$!
/,0#5,+%#*$.!'&#)(01!()!&0$!&5!%'$!/&)%!,55&*.,>-$!'&#)(01!&3%(&0)!5&*!-&2
:(0+&/$!
3&3#-,%(&0)4!
(%!()!#0+-$,*!2';!
2'(%$)!,*$
!/&*$!-(?$-;!%&!&++#3;!/,0#5,+%#*$.!'&#)(01!%',0
!3$&3-$!
&5!+&-&*!Q"#*)%!e!=#--(B,04!678`R<
!@0.$*)%,0.(01!2';!%'()!()!%'$!+,)$!/,;!>$!,0!(/3&*%,0%!/$,0)!
&5!,..*$))(01!%'$!'&#)(01!0$$.)!&5!'&#)$'&-.
)!&5!+&-&*4!,0.!$)3$+(,--;!%'$!0$$.!5&*!,55&*.,>-;!
3*(+$.!'&
#)(01!&3%(&0)<!
!S&!,..*$))!%'()!1,3!(0!%'$!-(%$*,%#*$4!%'()!)%#.;!,0)2$*)!%2&!*$)$,*+'!i#$)%(&0)
P!8<!\,0#5,+%#*$.!'&#)(01!()!,0!,55&*.,>-$!'&#)(01!&3%(&0!5&*!-&2
:(0+&/$!+&//#0(%($)c!
'&2$B$*4!%'$!/,h&*(%;!&5!/,0#5,+%#*$.!'&#)(01!*$)(.$0%)!,*$!2'(%$<!D)!D5*(+,0
!D/$*(+,0
4!L,%(0M
4!,0.!N,%(B$!D/$*(+,0
!+&//#0(%($)!,*$!,!-,*1$*!*$3*$)$0%,%(&0!&5!-&2
:(0+&/$!
3&3#-,%(&0)4!2';!,*$!%'$*$!0&%!,!1*$,%$*!3*&3&*%(&0!&5!D5*(+,0!D/$*(+,0
4!L,%(0M
4!,0.!
N,%(B$!D/$*(+,0
!*$)(.$0%)!
&++#3;(01
!/,0#5,+%#*$.!'&#)(01
j!6<!J&2!+,0!3&-(+;!3*&/&
%$!,++$))!%&!%'()!,55&*.,>-$!'&#)(01!&3%(&0!(0!+&//#0(%($)!&5!+&-&*j
!5=5=%>82<?02<87
%!"!"!"#$%&'#S'()!)%#.;!$M,/(0$)!5&#*!3&%$0%(,-!$M3-,0,%(&0)!5&*!%'()!.()3,*(%;!(0!/&>(-$!'&/$!&++#3,0+;!
,0.!(%)!3&%$0%(,-!(/3-(+,%(&0)!5&*!3-,00(01!,0.!3&-(+;<!
S'$!5(*)%!';3&%'$)()!&5!%'()!)%#.;!()!%',%!
I-,+?4!L,%(0M4!,0.!N,%(B$!D/$*(+,0)!,*$!#0.$**$3*$)$0%$.!(0!/,0#5
,+%#*$.!'&#)(01!
)(/3-;!
>$+,#)$!
%'$;!,*$!(0!'&/$&20$*)'(3!(0!1$0$*,-<!
S'$!)$+&0.!';3&%'$)()!()!
%',%!
%'$*$!,*$!-$))!3$&3-$!
&5!+&-&*!*$)(.(01!(0!/,0#5,+%#*$.!'&#)(01!>$+,#)$!/
,0#5,+%#*$.!'&#)(01!()!
-&+,%$.!
.()3*&3&*%(&0,%$-;!(0!*#*,-!,*$,)
4!2'(-$!+&//#0(%($)!
&5!+&-&*!
*$)(.$!
.()3*&3&*%(&0,%$-;!
(0!/&)%-;!
#*>,0!,*$,)<!
!S'$!%'(*.!';3&%'$)()!()!%'$*$!,*$!-$))!3$&3-$!&5!+&-&*!*$)(.(01!(0!/,0#5,+%#*$.!'&#)(01!
>$+,#)$!
&5!%'$!#0$B$0!.()%*(>#%(&0!&5!/,0#5,+%#*$.!'&#)(01!,+*&))!
.(55$*$0%!*$1(&0)!Q(<$<4!+$0)#)!
!!!!!!!C!.(B()(&0)R!
&5!%'$!+&#0%*;
<!L,)%-;4!%'$!5&#*%'!';3&%'$)()!()!%',%!
I-,+?
!,0.
!L,%(0M!
'&#)$'&-.)!/,;!
>$!
-$))!-(?$-;!%&!',B$!&-.$*!*$)(.$0%)!Q_EkR!
-(B$!(0!
/,0#5,+%#*$.!'&#)(01
!,)!%'$;!$0%$*!
/,0#5,+%#*$.!'&#)(01!,)!,!/$,0)!&5!,55&*.,>(-(%;4!#0-(?$!
2'(%$!'&#)$'&-.)
<!S'$!,0,-;)()!(0!%'()!
)%#.;!()!+&0.#+%$.!#)(01!
E:F$,*!G)%(/,%$)
!5*&/!%'$!
678C:6789!D/$*(+,0!A&//#0(%;!=#*B$;!,0.!
.,%,!5*&/!
%'$!6787!@<=<!.$+$00(,-!+$0)#)!
,%!%'$!
+&#0%;
!-$B$-!(0!%'$!@0(%$.!=%,%$)<
!S'$!)%#.;!
+&0+-#.$)!2(%'!,!.()+#))(&0!&5!3&-(+;!,0.!3-,00(01!(/3-(+,%(&0)4!(0+-#.(01!2,;)!%&!$-(/(0,%$!
>,**($*)!%&!/,0#5,+%#*$.!'&#)(01!,)!,0!,55&*.,>-$!'&#)(01!&33&*%#0(%;!5&*!+&//#0(%($)!&5!+&-&*<!!
!!"!"("#)*+,-.,/#0
%1/%12'
#S'$!$M3$+%$.!5(0.(01)!&5!%'()!)%#.;!2$*$!%&!)$$!
,0!#0.$**$3*$)$0%,%(&0!(0!/,0#5,+%#*$.!
'&#)(01!
&++#3,0+;
!>;!+&//#0(%($)!&5!+&-&*<!J&2$B$*4!%'$!-$B$-!&5!*$3*$)$0%,%(&0!2
&#-.
!+',01$!
>,)$.!&0!1$&1*,3'(+!.(B()(&0!,*$,)!&5!%'$!+&#0%*;4!,)!2$--!,)!#*>,0!,0.!*#*,-!>&#0.,*($)<!S'$!
,/&#0%!&5!/,0#5,+%#*$.!'&#)(01!
2&#-.!
.(55$*!.$3$0.(01!&0!-&+,%(&0
4!5&*!$M,/3-$
!,)!1*$,%$*!
,/&#0%)!&5!/,0#5,+%#*$.!'&#)(01!
,0.!,!-,*1$*!D5*(+,0!D/$*(+,0!3&
3#-,%(&0!
,*$
!-&+,%$.!(0!%'$!
)&#%'
4!,!*,+(,-!.()3,*(%;!/,;!0&%!&++#*!
Qg&B,0!,0.!g&)$3'4!8``9R<!
T0!,..(%(&04!5&*!
*#*,-!,*$,)!
/,0#5,+%#*$.!'&#)(01!()!
,!3*$B,-$0%
!'&#)(01!+'&(+$
4!,)!*#*,-!,*$,)!',B$
!%2(+$!%'$!0,%(&0,-!*,%$!&5!
/,0#5,+%#*$.!'&#)(01!Qd$&*1$!,0.!I
,**4!677ER<
!D)!-$))!+&//#0(%($)!&5!+&-&*!-(B$!(0!*#*,-!,*$,)!
,+*&))!%'$!@0(%$.!=%,%$)4!
N&0
:J()3,0(+!
O'(%$!'&#)$'&-.)!/,;!',B$!,!'(1'$*!&++#3,0+;!*,%$
<!!!D0&%'$*!$M3$+%$.!5(0.(01!2,)!%',%!
%'$
!*,+(,-!.()3,*(%;
!(0!/,0#5,+%#*$.!'&#)(01!/,;!
>$!
+-&)$-;!,))&+(,%$
.!2(%'!*,+(,-!.()3,*(%($)!(0!
'&/$&20$*)'(3
4!,)
!3$&3-$!&5!+&-&*!,*$!,-)&!
#0.$**$3*$)$0%$.!(0!'&/$&20$*)'(3<
!<!L,)%-;4!
T!,-)&!,0%(+(3,%$.!%',%!
%',%!%'$!
/,h&*(%;!&5!%'$!
2'(%$!
3&3#-,%(&0!
2'&!*$)(.$!(0!/,0#5,+%#*$.!'&#)(01!
2&#-.!>$
!_E!;$,*)!&5!,1$!
&*!&-.$*4!,)!
%'$;!
/,;!
0&!-&01$*!
>$!
+&0+$*0$.!2(%'!>#(-.(01!$i#(%;!&*!
/,;!>$!
(0B$)%(01!(0!,!a)$+&0.!'&/$b!5&*!*$%(*$/$0%!
Qg&B,0!,0.!g&)$3'4!8``9
R<!!T0!+&/3,*()&04
!(%!()!$M3$+%$.!%',%
!3$&3-$!&5!+&-&*!2'&!*$)(.$!(0!
!!!!!!!]!/,0#5,+%#*$.!'&#)(01!2(--!>$!;&#01$*
!$0%*;
:-$B$-!*$)(.$0%)!,0.!
2'&!2(--!
#%(-(H$!/,0#5,+%#*$.!
'&#)(01!,)!,!/$,0)!&5!,55&*.,>(-(%;
<!!!"!"3"#45.,1.%67
#8&+7%-6.%51'
#S'()!
)%#.;!
&0!*,+(,-
!.()3,*(%
($)!(0
!/,0#5,+%#*$.!'
&#)(01
!+,0!'$-3!(.$0%(5;!
3&%$0%(,-!
)&-#%(&0)!5&*!%'$!+#**$0%!'&#)(01!,55&*.,>(-(%;
!+*()()
!QJ$*>$*%!$%!,-<4!677ER<!
D..*$))(01!>,**($*)!%&!
D5*(+,0!D/$*(+,04!L,%(0M4!,0.!N,%(B$!D/$*(+,0!
&++#3,0+;
!(0!/,0#5,+%#*$.!'&/$)!()!?$;!%&!
(0+*$,)(01!,55&*.,>-$!'&#)(01!&33&*%#0(%($)
!>$+,#)$!/,0#5,+%#*$.!'&#)(01!()!,!B(,>-$!,55&*.,>-$!
'&#)(01!&3%(&0!5&
*!-&2
:(0+&/$!+&//#0(%($)!
Q\,+S,B()'4!677`c!@<=<!A$0)#)!I#*$,#4!6789R
<!S'()!
)%#.;!/,;!
,))()%!(0!(.$0%(5;(01!-&+,%(&0)!
2'$*$!
%'$
!.$B$-&3/$0%!
,0.!3-,+$/$0%!&5!/,0#5,+%#*$.!
'&/$)!+&#-.!'$-3!*$-($B$!%'$!+#**$0%!,55&*.,>(-(%;!+*()()
<!!5=@=%#24:;2:43
%%S'$!)%#.;!()!.$B$-&3$.!(0!
5&#*!+',3%$*)<!
A',3%$*!6
!>$1(0)!2(%'!
,!*$B($2!&5!%'$!-(%$*,%#*$!&0!%'$!
,55&*.,>-$!'&#)(01!+*()()4!%'$!'
()%&*(+,-!
*,+(,-!.()3,*(%;!(0!
,++$))!%&!
'&#)(01
4!,0.!%'$!,55&*.,>(-(%;!
&5!/,0#5,+%#*$.!'&#)(01<!
A',3%$*!C
!.$)+*(>$)!%'$!.,%,!,0.!/$%'&.)!#)$.!(0!%'$!)%#.;4!(0+-#.(01
!,0!,0,-;)()!&5!.$)+*(3%(B$!)%,%()%(+)4!
+'&*&3-$%'
!/,3)4!,0.!*$1*$))(&0!
,0,-;)()
!#)(01!
.,%,!
.$*(B$.!
5*&/!%'$!
678C:6789!D/$*(+,0!A&//#0(%;!
=#*B$;!
E:F$,*!
G)%(/,%$)!,0.!%'$!6787!@<=
<!.$+$00(,-!
+$0)#)
<!A',3%$*!]!
+&0%,(0
)!%'$!*$)#-%)!&5!%'$!,0,-;)()
!5&*!$,+'!';3&%'$)()
4!,0.!%'$!5(5%'!+',3%$*!
2(--!+&0+-#.$!2(%'!,!
)#//,*;!
&5!%'$!5(0.(01)
!,0.!
3&-(+;!,0.!3-,00(01!
(/3-(+,%(&0)
4!%'$!
-(/(%,%(&0)!&5!%'$!
)%#.;4!,0.!
*$+&//$0.,%(&0)!5&*!5#%#*$!*$)$,*+'<!
!!!!!!!!!!E!&456789'
B;',A78957?98'%8CA8D
'!X$&3-$!&5!+&-&*
!/,?$!#3
!,!.()3*&3&*%(&0,%$!3$*+$0%,1$!&5!%'$!-&2
:(0+&/$!3&3#-,%(&0!(0!
+&/3,*()&0!%&!2'(%$)!Q@<=<!A$0)#)!I#*$,#4!6789R<!\$,02'(-$!
2(%'!
/,0#5,+%#*$.!'&#)(01!
,)!&0$!
&5!%'$!/&)%!,55&*.,>-$!'&#)(01!&3%(&0)!5&*!-&2
:(0+&/$!3&3#-,%(&0)4!(%!()!#0+-$,*!2';!
3$&3-$!&5!
+&-&*
!,*$!
-$))!-(?$-;!%&!
-(B$!(0!/,0#5,+%#*$.!'&#)(01!%',0!2'(%$)!
Q"#*)%!e!=#--(B,04!678`R<!
T0!&*.$*!%&!,..*$))!%'()!i#$)%(&0!%'()!+',3%$*!>$1(0)!2(%'!,0!&B$*B($2!&5!%'$!,55&*.,>-$!'&#)(01!
+*()()!%&!(.$0%(5;!%'$!0$$.!5&*!(00&B,%(B$!)&-#%(&0)!%&!+&/>,%!,55&*.,>(-
(%;!+',--$01$)!5,+$.!>;!
-&2
:(0+&/$!3&3#-,%(&0)<!S'$!*$B($2!%'$0!$M,/(0$)!%'$
!*,+(,-!.()3,*(%;!(0!
,++$))!%&!
'&#)(01
!%'*&#1'&#%!%'$!'()%&*;!&5!%'$!@0(%$.!=%,%$)<!T0!&*.$*!%&!(.$0%(5;!/,0#5,+%#*$.!'&#)(01!,)!,!
3&%$0%(,-!)&-#%(&0!%&!%'$!,55&*.,>(-(%;!+*()()!,0
!(0%*&.#+%(&0!%&!/,0#5,+%#*$.!'&#)(01!,0.!%'$(*!
-$B$-!&5!,55&*.,>(-(%;!()!.()+#))$.<!W(0,--;4!%'$!-(%$*,%#*$!*$1,*.(01!%'$!*
,+(,-!.()3,*(%($)!(0!
/,0#5,+%#*$.!
'&#)(01!
&++#3,0+;
!()!3*$)$0%$.<!
!@=5=%(BB8490CD3%E8:F<7G%.4<F<F
%"#$!%&!%'$
!2$,?!'&#)(01!/,*?$%!+*$,%$.!>;!%'$
!5&*$+-&)#*$!+*()()
4!,0!(05-#M!&5!*$0%$*)!',)!
'(%!%'$!*$,-!$)%,%$!/,*?$%!Qg&(0%!A$0%$*!5&*!J&#)(01!=%#.($)!&5!J,*B,*.!@0(B$*)(%;4!6789R<!Z$0%$*)!
,*$!0&2!/&*$!-(?$-;!%&!>$!5,/(-($)!2(%'!+'(-.*$0
4!3$&3-$
!&5!+&-&*
4!,0.!-&2
:(0+&/$!
%',0!
'&/$&20$*)!Q
g&(0%!A$0%$*!5&*!J&#)(01!=%#.($)!&5!J,*B,*.!@0(B$*)(%;4!6789
R<!A#**$0%-;4!-
&2:(0+&/$!*$0%$*)!+,00&%!,55&*.!%'$!+&)%!&5!,!/&.$)%!*$0%,-!'&/$
4!,)!
#0,55&*.,>(-(%;!
()!.#$!%&
!-&2!
2,1$)4!,!)'&*%,1$!&5!,55&*.,>-$!*$0%,-!'&/$)4!*,+(,-!(0$i#(
%($)4!,0.!2,1$!(0$i#,-(%;
!QD#*,0.
!$%!,-<
4!678`R<!!T0!,..(%(&04!%
'$*$!()!,!-,+?!&5!/&>(-(%;!(0!%'$!'&#)(01!/,*?$%!2(%'!
,!-(/(%$.!(0B$0%&*;!&5!
'&/$)!5&*!),-$
!,0.!*$0%!
Qg&(0%!A$0%$*!5&*!J&#)(01!=%#.($)!&5!J,*B,*.!@0(B$*)(%;4!678^R
<!N$2!+&0)%*#+%(&0!()!1$,*$.!
%&2,*.!'(1'$*
:(0+&/$!*$0%$*)4!;$%!&-.$*!'&#)(01!)%&+?!()!0&%!%*(+?-(01!.&20!
!!!!!!!_!%&!-&2
:(0+&/$!*$0%$*)!,)!$M3$+%$.
!QD#*,0.
!$%!,-<
4!678`
c!g&(0%!A$0%$*!5&*!J&#)(01!=%#.($)!&5!
J,*B,*.!@0(B$*)(%;4!6789R
<!T0!)%*&01!/,*?$%)!-,0.-&*.)!,*$!*$(0B$)%(01!
(0!%'$(*!3*&3$*%(
$)!%&!,%%*,+%!
'(1'$*!*$0%)4!,0.!(0!2$,?!/,*?$%)!-,0.-&*.)!,*$!(0+$0%(B(H$.!%&!5(0.!&%'$*!#)$)!5&*!%'$!3*&3$*%;!
,)!*$0%!2&#-.!0&%!+&B$*!1$0$*,-!#3?$$3!,0.!/,(0%$0,0+$
!QD#*,0.
!$%!,-<
4!678`
c!g&(0%!A$0%$*!5&*!
J&#)(01!=%#.($)!&5!J,*B,*.!@0(B$*)(%;4!6789R<
!=(0+$!
+&0)%*#+%(&0!',)!0&%!/$%!.$/,0.4!%'
$!+&/3$%(%(&0!5&*!,!-&2!)#33-;!&5!$M()%(01!'&/$)!+&0%(0#$)!%&!*,()$!3*(+$)
!Qg&(0%!A$0%$*!5&*!J&#)(01!
=%#.($)!&5!J,*B,*.!@0(B$*)(%;4!678^R<
!J(1'$*
:(0+&/$!'&#)$'&-.)!',B$!
,-)&!
>$$0!&++#3;(01!*$0%,-!
'&/$)!(0!%'$!3*(B,%
$!/,*?$%!%',%!,*$!,55&*.,>-$!5&*!-&2$*
:(0+&/$!'&#)$'&-.)
!QD#*,0.!$%!,-<4!678`R
<!O(%'!,!)'&*%,1$!&5!)#>)(.(H$.!'&#)(01!,0.!-$))!-&2
:+&)%!*$0%,-)!,B,(-,>-$!&0!%'$!/,*?$%4!-&2
:(0+&/$!3&3#-,%(&0)!,*$!-$5%!2(%'!5$2!+'&(+$)!5&*!
*$0%,-!
'&#)(01
!Qg&(0%!A$0%$*!5&*!J
&#)(01!=%#.($)!
&5!J,*B,*.!@0(B$*)(%;4!678^R<
!W&*!-&2
:(0+&/$!*$0%$*)
4!&0-;!C9!,55&*.,>-$!'&/$)!$M()%!5&*!$B$*;!877!(0!0$$.
4!,0.!0
&!)%,%$!
',)!,0!,.$i#,%$!)#33-;
!QD#*,0.!$%!,-<4!678`R
<!S'$!0
,%(&0,-!/$.(,0!*$0%!(0+*$,)$.!67f!5,)%$*!,0.!
%'$!/$.(,0!'&/$!3*(+$!(0
+*$,)$.!]8f!5,)%$*!%',0!(05-,%(&0!5*&/!8``7
:678_!Qg&(0%!A$0%$*!5&*!
J&#)(01!=%#.($)!&5!J,*B,*.!@0(B$*)(%;4!678^R
<!=(0+$!%'$!5&*$+-&)#*$!+*()()4!%
'$!*,%$!&5!'&#)(01!
+&)%
:>#*.$0!',)!
,-)&!
(0+*$,)$.!5&*!*$0%$*)!,0.!
',)!0&2!
.$+*$,)$.!5&*!'&/$&20$*)
!Qg&(0%!A$0%$*
!5&*!J&#)(01!=%#.($)!&5!J,*B,*.!@0(B$*)(%;4!6789c!
"#/&0%4!678`R
<!A&)%
:>#*.$0$.!*$0%$*)!',B$!
*()$04!2(%'!,-/&)%!E7f!&5!*$0%$*)!3,;(01!/&*$!%',0!%'$!5$.$*,-!)%,0.,*.!%'*$)'&-.!&5!,55&*.,>(-(%;!
QC7f!&5!%'$(*!(0+&/$!&0!'&#)(01R
!,0.!,*$!/&*$!-(?$-;!%&!>$!'&#)$'
&-.)!2(%'!(0+&/$!,%!&*!>$-&2!
%'$!3&B$*%;!-$B$-!
Qg&(0%!A$0%$*!5&*!J&#)(01!=%#.($)!&5!J,*B,*.!@0(B$*)(%;4!678^
c!D#*,0.!$%!,-<4!
678`R<!A&)%
:>#*.$0$.!*$0%$*)!,*$!/&*$!-(?$-;!%&!-(/(%!)3$0.
(01
!&0!&%'$*!$))$0%(,-!0$$.)!)#+'!,)!
5&&.4!'$,-%'+,*$4!,0.!%*,0)3&*%,%(&0
!QD#*,0.!$%!,-<4!678`R
<!A&)%
:>#*.$0$.!*$0%$*)!,*$!,-)&!,%!,!
1*$,%$*!*()?!5&*!'&#)(01!(0)%,>(-(%;
!QD#*,0.!$%!,-<4!678`R
<!J&#)(01!(0)%,>(-(%;!5&*!
-&2
:(0+&/$!
!!!!!!!9!'&#)$'&-.)!+,0!-$,.!%&!5*$i#$0%
!/&B$)!5&*!5,/(-($)
!&*!3$*(&.)!&5!'&/$-$))0$))
4!>&%'!&5!2'(+'!+,0!
',B$!)$*(&#)!*$3$*+#))(&0)!5&*!,!+'(-.l)!,+,.$/(+!)#++$))
!QA*&2-$;4!677CR
<!J&2$B$*!$
B$0!>$5&*$!%'$!5&*$+-&)#*$!+*()()!(0!677E4!%'$!"$3,*%/$0%!&5!J&#)(01!,0.!@*>,0!
"$B$-&3/$0%!())#$.!,!*$3&*%
!)%,%(01!-&2
:(0+&/$!,0.!/(0&*(%;!'&#)$'&-.)!2$*$!>$'(0.!%'$!0,%(&0,-!
,B$*,1$!5&*!'&/$&20$*)'(3
!QJ$*>$*%
!$%!,-<
4!677ER<
!S'$!?$;!>,**($*)!%&!'&/$&20$*)'(3!5,+(01!-&2
:(0+&/$!,0.!/(0&*(%;!'&#)$'&-.)!
2$*$
!,!-,+?!&5!),B(01)!%&!3#*+',)$!%'$!'&/$!Q.&20!3,;/$0%!,0.
!%'$!+-&)(01!+&)%)R4!,)!2$--!,)!*,+(,-!.()+*(/(0,%(&0
!QJ$*>$*%
!$%!,-<
4!677ER<!@=@=%E<F284<;0D%-0;<0D%H<F104<2I%<7%(;;3FF%28%E8:F<7G
%J&/$&20$*)'(3!()!,!%,M
:!5,B&*$.!)%,%#)4!2'&)$!'&/$!$i#(%;!3-,;)!,!?$;!*&-$!(0!%'$!+*$,%(&0!
,0.!*$%$0%(&0!&5!'&#)$'&-.!2$,-%'
!(0!%'$!@0(%$.!=%,%$)!Qd;&#*?&!$%!,-<4!8```R<!!!\&*%1,1$!(0%$*$)%!
.$.#+%(&04!$M+-#)(&0!&5!)(10(5(+,0%!3&*%(&0)!&5!+,3(%,-!1,(0)4!3*&3$*%;!%,M!.$.#+%(&0)4!,0.!$M+-#)(&0!
&5!(/3#%$.!*$0%,-!(0+&/$!&0!&20$*
:&++#3($.!'&#)(01!,*$!)&/$!&5!%'$!/,0;!,.B,0%,1$)!%'$!%
,M!
+&.$!&55$*!'&/$&20$*)!QX&%$*>,!e!=(0,(4!677^R<!!
J&2$B$*4
!+&//#0(%($)!&5!+&-&*4!,0.!)3$+(5(+,--;!
D5*(+,0!D/$*(+,0)4
!',B$!'()%&*(+,--;!>$$0!*$)%*(+%$.!5*&/!B,*(&#)!-$B$-)!&5!'&/$&20$*)'(3!
%'*&#1'!*,+(,-!,0.!$+&0&/(+!H&0(01!,0.!*$.-(0(014!+&0%*(>#%(01!%&!%'$!*,+(,-!2$,-%'!,0.!
'&/$&20$*)'(3!1,3!%',%!()!)%(--!3*$)$0%!%&.,;!Q
Z&%')%$(0
4!6789
c!d;&#*?&!$%!,-<4!8```
c!I&$'/!e!
=+'-&%%/,004!677]R<!!O'(-$!*,+(,-!H&0(014!3*&'(>(%(01!D5*(+,0!D/$*(+,0)!%&!3#*+',)$!'&/$)!&0!
>-&+?)!2(%'!,!2'(%$!/,h&*(%;4!2,)!.$$/$.!#0+&0)%(%#%(&0,-!(0!8`89!>;!%'$!
9:-;6161#<"#=6>7,?
!=#3*$/$!A&#*%!*#-(01!.#$!%&!
(%)!(05*(01$/$0%!&5!3*&3$*%;!&20$*!*(1'%)4!$+
&0&/(+!$M+-#)(&0,*;!
H&0(01!>$+,/$!,0!$0+&#*,1$.!/$%'&.!%&!?$$3!D5*(+,0!D/$*(+,0)!&#%!&5!2'(%$!+&//#0(%($)!
QA,--($)!e!=(/&04!6789
c!Z&%')%$(04!6789R<
!G+&0&/(+!H&0(01
4!$M+-#)(&0,*;!H&0(01!%&!-&2
:(0+&/$!
'&#)$'&-.)!2'&!2$*$!#0,>-$!%&!,55&*.!)(01-$
:5,/(-;!'&/$)!
H&0$.!(0!/(..-$
:+-,))!2'(%$!
!!!!!!!^!0$(1'>&*'&&.4
!2,)!*,*$!
3*(&*!%&!
%'$!
*,+(,--;!+',*1$.!
H&0(01!*#)'!,5%$*!%'$!
9:-;6161#<"#=6>7,?
!.$+()(&0!
*#-(01
!QZ&%')%$(04!6789R<!!!
!T0!%'$!8`_7l)!*$,-!$)%,%$!/,*?$%!a>-&+?>#)%(01b4!%'$!5$,*!/&01$*(01!&5!,1$0%)!+-,(/(01!%',%!
3*&3$*%;!B,-#$)!2
&#-.
!.*&3!.#$!%&!/$/>$*)!&5!/(0&*(%;!1*&#3)!/&B(01!(0%&!%'$!0$(1'>&*'&&.4!
-$.!%&!2'(%$!5-(1'%!,0.!,))()%$.!)#>#*>,0(H,%(&0!QV#,H,.4!678E
c!Z&%')%$(04!6789R<!!S'()!*$,+%(&0!
+*$,%$.!,!/,*?$%!&5!(05-,%(&0!5&*!D5*(+,0!D/$*(+,0!'&/$>#;$*)4!/&)%!&5!2
'&/!2$*$!#0,>-$!%&!
3*&+#*$!,!%*,.(%(&0,-!/&*%1,1$!-&,0!5*&/!%'$!W$.$*,-!J&#)(01!D./(0()%*,%(&0!QWJDR!&*!>,0?!.#$!
%&!a+*$.(%!>-,+?-()%(01b!&*!a*$.-(0(01b
!Qg,+&>)4!8`_8
c!X&11$4!8``6
c!Z&%')%$(04!6789R<!!
S'$!%$*/!
*$.-(0(01!
*$5$*)!%&!
%'$!+&-&*!&5!%'$!-(0$)!.*,2
0!,*&#0.!)#33&)$.-;!a'(1'!*()?!,*$,)
4b4!/&)%!&5!2'(+'!
2$*$!/(0&*(%;!0$(1'>&*'&&.)
4!&0!)$+#*(%;!/,3)!/,.$!>;!-$0.(01!(0)%(%#%(&0)!QX&11$4
!8``6c!Z&%')%$(04!6789R<!!J&/$)!2$*$!)&-.!%&!D5*(+,0!D/$*(+,0!'&/$>#;$*)!&0!(0)%,--/$0%!3-,0)!?0&20!
,)!+&0%*,+%!),-$)4!(
0!2'(+'!0&!$i#(%;!,++#/#-,%$.!5*&/!.&20
!3,;/$0%)
!&*!/&0%'-;!3,;/$0%)!5&*!
8E!%&!67!;$,*)!QZ&%')%$(04!6789R<!!T5!&0$!/&0%'-;!3,;/$0%!2,)!-,%$!&20$*
:)3$+#-,%&*)!+&#-.!$B(+%!
%'$!2&#-.
:>$:&20$*!,0.!)$--!%&!,0&%'$*!+&0%*,+%!),-$)!>#;$*!QZ&%')%$(04!6789R<!!
!J&/$&20$*)'(3!5&*!,!2'(%$!'&/$>#;$*!2,)!8<_!%(/$)!
/&*$!-(?$-;!%',0!
%',%!&5!,0!D5*(+,0!
D/$*(+,0!'&/$>#;$*!(0!8`974!,0.!%',%!),/$!3*&3&*%(&0!$M()%$.!)%(--!(0!8``7!Qd;&#*?&!$%!,-<4!
8```R<!!O(%'(0!%'$!8``7)!D5*(+,0!D/$*(+,0!/&*%1,1$!,33-(+,0%)!2$*$!,-/&)%!%2(+
$!,)!-(?$-;!%&!>$!
*$h$+%$.!(0!+&/3,*()&0!%&!2'(%$!'&#)$'&-.)4!,++&#0%(01!5&*!+*$.(%!'()%&*;!,0.!'&#)$'&-.!2$,-%'!
QA',*-$)!e!J#*)%4!6776R<!!J&2$B$*!D5*(+,0!D/$*(+,0)!2$*$!-$))!-(?$-;!%&!,33-;!5&*!,!/&*%1,1$!(0!
%'$!5(*)%!3-,+$4!.#$!%&!,!-,+?!&5!,))()%,0+$!,B
,(-,>-$!5&*!,!.&20!3,;/$0%!QA',*-$)!e!J#*)%4!6776R<!!
O'(-$!%'&)$!2(%'!)#55(+($0%!2$,-%'!,/&01)%!,--!*,+$)!',B$!0&!.(55$*$0+$!(0!'&/$&20$*)'(3!-$B$-)4!
2'(%$)!2(%'!+&0)%*,(0$.!2$,-%'!',B$!'(1'$*!*,%$)!&5!'&/$&20$*)'(3!%',0!/(0&*(%($)!Qd;&#*?&!$%!
,-<4!8```R<!
!"#$!%&!1$0$*,%(&0,-!2$,-%'4!69f!2'(%$!,33-(+,0%)!',.!,))()%,0+$!5*&/!5,/(-;4!2'(+'!
!!!!!!!`!3-,;)!,!-,*1$!*&-$!(0!
.$%$*/(0(01!
2'$%'$*!,!'&#)$'&-.!3*&+#*$)!,!/&*%1,1$4!(0!+&/3,*()&0!%&!9f!
&5!>-,+?!'&#)$'&-.)!QA',*-$)!e!J#*)%4!6776R<!
D!-,*1$!3,*%!&5!%'$!/(0&*(%;!3&3
#-,%(&0!
()!-$))!-(?$-;!
%&!,+'($B$!
,0.K&*!/,(0%,(0!
'&/$&20$*)'(3
!)%,%#)!.#$!%&!%'$(*!&B$**$3*$)$0%,%(&0!(0!-&2$*
:(0+&/$!
>*,+?$%)<!
Qd;&#*?&!$%!,-<4!8```
c!I&$'/!e!=+'-&%%/,004!677]R<!!
GB$0!,)!%'$!0#/>$*!&5!D5*(+,0!
D/$*(+,0)!>$+&/(01!5(*)%
:%(/$!'&/$>#;$*)!.#*(
01!%'$!6777
:.$+,.$!(0+*$,)$.4!3#*+',)(01!,!
'&/$!
2,)!0&%!,!3*&)3$*&#)!,))$%!,++#/#-,%(&0!5&*!-&2!%&!/&.$*,%$
:(0+&/$!D5*(+,0!D/$*(+,0!5,/(-($)4!
2'(-$!2'(%$!5(*)%
:%(/$!'&/$>#;$*)!$M3$*($0+$.!,!)'&*%
:%$*/!(0+*$,)$!(0!%&%,-!0$%!2&*%'!.#*(01!%'$!
;$,*)!>$%2$$0!*$
+$))(&0)!Q677C
:677ER!QN$2/,0!e!J&-#3?,4!678_R<!!T5!,!+(%;l)!'&#)(01!/,*?$%!
/,0,1$.!%&!+&/$!&#%!#0)+,%'$.!.#*(01!%'$!*$+$))(&0)4!2'(-$!2'(%$!5(*)%
:%(/$!'&/$>#;$*)!2&#-.!
,-)&!>$!#0)+,%'$.4!D5*(+,0!D/$*(+,0!5(*)%
:%(/$!'&/$>#;$*)l!0$%!2&*%'!2&#-.!.$+-(0$!*$1,*
.-$))!
QN$2/,0!e!J&-#3?,4!678_R<!!
!O(%'!%'$!677^!>#*)%
(01
!&5!%'$!'&#)(01!>#>>-$
4!-$0.$*)!#)$!&5!a*$B$*)$!*$.-(0(01b4!3*&B(.(01!
1*,%#(%&#)!/,*?$%(01!&5!$M3-&(%,%(B$!-&,0)!%,*1$%(01!/(0&*(%;!+&//#0(%($)4!+*$,%$.!,!5#*%'$*!.(B(.$!
(0!%'$!2$,-%'!1,3!5&*!D5*(+,0!
D/$*(+,0!'&#)$'&-.)!QW()'$*4!677`
c!Z&%')%$(04!6789R<!
W(0.(01!,0;!
3,%'!%&!*$0%(01!&*!'&/$&20$*)'(3!+,0!>$!.(55(+#-%!5&*!+&//#0(%($)!&5!+&-&*4!,)!%
'$!+*$.(%!)+&*(01!
);)%$/!2,)!5&#0.$.!(0!,!'()%&*;!&5!*,+(,-!'&#)(01!.()+*(/(0,%(&04!,0.!.()3,*,%$-;!(/3,+%)!
+&/
/#0(%($)!&5!+&-&*
!QZ(+$!,0.!=2$)0(?4!6786R<!
T0!A,-(5&*0(,
4!J()3,0(+KL,%(0M!*$0%$*)!5,+$!
)(10(5(+,0%!-$B$-)!&5!.()+*(/(0,%(&0!
2'$0!(0i#(*(01!,>&#%!%'$!,B,(-,>(-(%;!&5!'&/$)!5&*!),-$4!
,0.!
J()3,0(+!'&/$>#;$*)!,*$!.()+*(/(0,%$.!,1,(0)%!5&*!5(0,0+(,-!,))()%,0+$
!QS#*0$*!e!Z&))4!677CR<!
Z$)$,*+'!&0!.()+*(/(0,%(&0!(0!'&#)(01!3*,+%(+$)!(0!%'$!6777)!,-)&!5&#0.!%',%!N,%(B$!D/$*(+,0)!
$M3$*($0+$.!1*$,%$*!-$B$-)!&5!.()+*(/(0,%(&0!5&*!*$0%,-!'&#)(01!2(%'(0!%'$!)%,%$)!&5!\&0%,0,4!
\(00$)&%,4!,0.!N$2!\$M(+&!%',0!%'$!0,%(&0,-!
-$B$-)!&5!.()+*(/(0,%(&0!5*&/!,--!&%'$*!/(0&*(%($)!
+&/>(0$.!QS#*0$*!e!Z&))4!677CR<
!!!!!!!!87!T0!5,+%4!
%'$!
'&/$&20$*)'(3!1,3!+&0%(0#$)!%&!2(.$0!>$%2$$0!
3$&3-$!&5!+&-&*
!,0.!2'(%$!
D/$*(+,0)
!%&.,;!
Qg&(0%!A$0%$*!5&*!J&#)(01!=%#.($)!&5!J,*B,*.!@0(B$*)(%;4!678^R<
!N,%(B$!
D/$*(+,04!
I-,+?
4!,0.!L,%(0M!'&#)$'&-.)!,*$!/&*$!-(?$-;!%&!>$!-&2
:(0+&/$!*$0%$*)
!2'&!,*$!>$-&2!
%'$!3&B$*%;!-$B$-
!%',0!2'(%$!'&#)$'&-.)
4!,)!%'$!2'(%$!3&3#-,%(&0!',)!'(1'$*!-$B$-)!&5!
'&/$&20$*)'(3!,0.!'(1'$*!(0+&/$)!QD#*,0.!$%!,-<4!678`R<!S'()!
3-,+
$)!,!1*$,%$*!
+&)%
:>#*.$0
!&0!'&#)(01
!5&*!+&//#0(%($)!&5!+&-&*
4!,0.!%'#)!
&0!%'$(*!,>(-(%;!%&!3,;!5&*!5&&.4!'$,-%'+,*$!,0.!
%*,0)3&*%,%(&0!QD#*,0.!$%!,-<4!678`R<!!@-%(/,%$-;!%'$!>,**($*
!&5!#0,55&*.,>-$!'&#)(01
!.(/(0()'
$)!%'$!
,>(-(%;!5&*!+&//#0(%($)!&5!+&-&*!%&!3*&B(.$!%'$!>$)%!-(5$!5&*!%'$(*!5,/(-($)
<!V0$!3&%$0%(,-!)&-#%(&0!
%&!%'$!,55&*.,>-$!'&#)(01!+*()()!%',%!()!.()3*&3&*%(&0,%$-;!,55$+%(01!+&//#0(%($)!&5!+&-&*!2&#-.!>$!
,++$))!%&!/&*$!,55&*.,>-$!'&#)(01!#0(%)4!)#+'!,)!/
,0#5,+%#*$.!'&#)(01<!
!@=J=%"72489:;2<87%28%>07:B0;2:439%E8:F<7G
%S'$!@<=<!"$3,*%/$0%!&5!J&#)(01!,0.!@*>,0!"$B$-&3/$0%!.$5(0$)!/,0#5,+%#*$.!'&
#)(01
!,)!'&#)(01!#0(%)!%',%!,*$!
a>#(-%!(0!%'$!+&0%*&--$.!$0B(*&0/$0%!&5!,!/,0#5,+%#*(01!3-,0%!,0.!,*$!
%*,0)3&*%$.!(0
!&0$!&*!/&*$!)$+%(&0)!&0!,!3$*/,0$0%!+',))()b!Q@<=<!"$3,*%/$0%!&5!J&#)(01!,0.!
@*>,0!"$B$-&3/$0%4!678`4!3<8R<!
S'$!%$*/!a/&>(-$!'&/$)b!,0.!a/,0#5,+%#*$.!'&#)(01b!,*$!#)$.!
(0%$*+',01$,>-;4!,)!5$.$*,-!*$1#-,%(&0)!+',01$.!&B$*!%&!%'$!%$*/!a/,0#5,+%#*$.!'&#)(01b
!(0!
8`^7!QI$,/()'!$%!,-<4!6778R<
!S'*&#1'&#%!%'()!3,3$*!>&%'!%$*/)!2(--!>$!#)$.!(0%$*+',01$,>-;
!,)!2$--
<!O'(-$!%'$!%$*/!a/&>(-$!'&/$b!&5%$0!+&0h#*$)!
#3!3(+%#*$
)!&5!*#*,-!-(B(014!]_f!&5!/,0#5,+%#*$.!
#0(%)!,*$!-&+,%$.!(0!/$%*&3&-(%,0!,*$,)!Q"#*)%!,0.!=#--(B,0
4!678`R<!
\&>(-$!'&/$!*$)(.$0%)!,*$!&5%$0!
5(*)%
:%(/$!'&/$>#;$*)!&*!*$%(*$$)!-(B(01!(0!%'$!)&#%'!,0.!)&#%'2$)%!*$1(&0)!&5!%'$!@0(%$.!=%,%$)!
2(%'!,0!,B$*,1$!,1$!%*$0.(01!%&2,*.)!&-.$*!,.#-%)!Qg&B,0!e!g&)$3'4!8``9R<!
N&0
:J()3,0(+!2'(%$)!
/,?$!#3!,>&#%!%'*$$!i#,*
%$*)!&5!'$,.)!&5!'&#)$'&-.)!(0!/&>(-$!'&/$!3,*?)
!Q"#*)%!e!=#--(B,04!
678`R<!!!!!!!!88!=$$/(01-;!%
'$!-,*1$)%!>,**($*!%&!
%'$!>*&,.$*!#)$!&5!
/,0#5,+%#*$.!'&#)(01
!,)!,0!,55&*.,>-$!
'&#)(01!)&-#%(&0!()!%'$!0$1,%(B$!3$*+$3%(&0!&5!
/,0#5,+%#*$.!
'&#)(01!#0(%)
!Q,0.!&5%$0!%'$!*$)(.$0%)!
2'&!*$)(.$!%'$*$R
<!D!)
%(1/,
!&5!,!a*#*,-!)-#/b
!$M()%)!5&*!
*#*,-!/&>(-$!'&/$!3,*?)
4!,)!%'&)$!2'&!-(B$!
%'$*$!,*$!)%(--!*(.(+#-$.!,)!
a%*,(-$*!%*
,)'b
!Q\,+S,B()'4!677`R
<!S'$!)%(1/,!
&5!%*,(-$*!%*,)'!()!#0h#)%-;!
5(M$.!&0!-&2
:(0+&/$
!*$)(.$0%)
4!2(%'!,!+&00&%,%(&0!&5
!3&&*!3';)(+,-!
,33$,*,0+$!,0.!
%',%!%'$;!
$M'(>(%!#0,++$3%,>-$!)&+(,-!>$',B(&*)!QI$,/()'!$%!,-<4!6778R<!S'()!)%(1/,!
+,0!
-$,.!%&!$M+-#)(&0,*;!
H&0(01!
3*,+%(+$)
!Q\,+S,B()'4!677`R
<!S'$
)$!3$*+$3%(&0)!+,0!,-)&!-$,.!%&!/&0$%,*;
!$55$+%)4!,)!
*$)$,*+'!5&#0.!%',%!
)(%$:>#(-%!.2$--(01)!-&+,%$.
!(0!
+-&)$*
!3*&M(/(%;
!%&!/,0#5,+%#*$.!'&#)(01
!',B$!
-&2$*!3*&3$*%;!B,-#$
)4!,--!
$-)$!>$(01!$i#,-!QO#>0$'!e!='$04!677]R<
!J&2$B$*4!(0!)&/$!
+&//#0(%($)!.
&#>-$
:2(.$
!/,0#5,+%#*$.!'&/$)
!+,0!>-$0.!(0%&!,!+&//#0(%;!)&!2$--!%',%!*$)(.$0%)!
.&!0&%!?0&2!(%!()!.(55$*$0%
!5*&/!,!
)(%$:>#(-%!
)(01-$
:5,/(-;!'&/$!QI$,/()'!$%!,-<4!6778R<!O'(-$!%',%
!.&$)0l%!'$
-3!(/3*&B$!%'$!(/,1$!&5!/,0#5,+%#*$.!'&#)(01
4!(%!
(--#)%*,%$
)!%',%!%'$!)%(1/,!)#**&#0.(01!
/,0#5,+%#*$.!'&#)(01!()!
&5%$0
!/()3-,+$.
<!!@=K=%(BB8490C<D<2I%8B%>07:B0;2:439%E8:F<7G
%W*&/!8``C!%&!8```!/,0#5,+%#*$.!'&#)(01!,++&#0%$.!5&*!6Cf!&5!'&/$&20$*)'(3!1*&2%'!
5&*!-&2
:(0+&/$!'&#)$'&-.)!QD31,*!$%!,-<4!6776R<!
\,0#5,+%#*$.!'&#)(01!3*&B(.$)!/&*$!
,55&*.,>(-(%;!%',0!+&0B$0%(&0,-!
&*!*$0%,-!'&#)(01!)%&+?!
2'$0!,0,-;H$.!>;!%&%,-!/&0%'-;!'&#)(
01!+&)%)4!/&0%'-;!'&#)(01!+&)%)!3$*!)i#,*$!5&&%4!/&0%'-;!'&#)(01!+&)%)!,)!,!)',*$!&5!'&#)$'&-.!
(0+&/$4!,0.!/&0%'-;!'&#)(01!+&)%)!*$-,%(B$!%&!-&+,-!5,(*!/,*?$%!*$0%)!
Q"#*)%!e!=#--(B,04!678`R<!
T0!5,+%4!(0!8``]!%'$!,B$*,1$!+&)%!3$*!)i#,*$!5&&%!5&*!,!/,0#5,+%#
*$.!'&/$!2,)!]_f!&5!%'$!,B$*,1$!
+&)%!&5!,!)(%$
:>#(-%!'&/$!QO'(%$4!8``_R<!
J&2$B$*4!%'$*$!,*$!B,*;(01!-$B$-)!&5!,55&*.,>(-(%;!5&*!
/,0#5,+%#*$.!'&#)(01!>,)$.!#3&0!2'$%'$*!%'$!'&/$!,0.!-,0.!,*$!>&%'!&20$.4!%'$!'&/$!()!&20$.4!
,0.!%'$!-,0.!()!*$0%$.4!&*!>&%'!%'$
!-,0.!,0.!'&/$!,*$!*$0%$.<!
V20(01!,!/,0#5,+%#*$.!'&/$!,0.!
!!!!!!!86!%'$!-,0.!>$0$,%'!()!%'$!/&)%!,55&*.,>-$!%;3$!&5!/,0#5,+%#*$.!'&#)(01
4!&%'$*2()$!
,!3#*+',)$.!
/,0#5,+%#*$.!'&/$!2(--!>$!%*$,%$.!)(/(-,*-;!%&!,#%&!5(0,0+(014!0$$.(01!%&!)$+#*$!%'$!3#*+',)$!2(%'!
,!3$*)&0,-!3*&3$*%;!-&,0!&*!+',%%$-!-&,0
!Q"#*)%!e!=#--(B,04!678`
c!D31,*!$%!,-<4!6776
R<!A',%%$-!-&,0)!
&5%$0!',B$!'(1'$*!(0%$*$)%!*,%$)!,0.!-$))!5,B&*,>-$!+&0%*,+%!%$*/)!%',0!,!%*,.(%(&0,-!/&*%1,1$!QD31,*!
$%!,-<4!6776R<!
J&2$B$*4!/,0#5,+%#*$.!'&#)(01!*$0%$*)
4!2
'&!*$0%
!>&%'!%'$!'&/$!,0.!-,0.
4!2(%'!,0
!,B$*,1$
!'&#)(01!+&)%!&5!!
m977!3$*!/&0%'
4!',B$!'(1'$*!+&)%)!%',0!$(%'$*!5&*/!&5!/,0#5,+%#*$.!
'&#)(01!&20$*)'(3!Qm_97!5&*!&20$*)K-,0.!*$0%$*)!,0.!mEC7!5&*!&20$*)!&5!>&%'R
!Q"#*)%!e!=#--(B,04!
678`R<!T0!+&/3,*()&0!%&!
+&0B
$0%(&0,-!'&#)(01!)%&+?!2'$*$!&20$*)!3,;!,33*&M(/,%$-;!m84C77!3$*!
/&0%'!,0.!*$0%$*)!3,;!m84777!3$*!/&0%'!(0!'&#)(01!+&)%)4!%'$!+&)%!),B(01!&5!,!/,0#5,+%#*$.!'&/$!
()!)%(--!)#>)%,0%(,-!Q"#*)%!e!=#--(B,04!678`R<!
!O'(-$!&20$*)'(3!&5!>&%'!%'$!-,0.!,0.!/,0#5,+%#*
$.!
'&/$!/,;!>$!/&*$!$M3$0)(B$!&0!%'$!&#%)$%!
%',0!h#)%!&20(01!%'$!/,0#5,+%#*$.!'&/$!2(%'!%'$
!%&%,-!
,B$*,1$!),-$)!3*(+$!
*,01(01!
5*&/!m`C4EE8!
%&!
m^64E774!*,%'$*
!%',0!5*&/!mE84]7`!
:!m6`4_^`4!-,0.!,0.!
'&/$&20$*)'(3!5&*!/,0#5,+%#*$.!'&#)(01!()!,!>$%%$*!(0B$)%/$0
%!,)!(%!3*&B(.$)!1*$,%$*!-&01
:%$*/!
,55&*.,>(-(%;4!$
)3$+(,--;!2'$0!+&/3,*$.!%&!%'$!%&%,-!),-$)!3*(+$!&5!,!)(/(-,*!)(%$!>#(-%!'&/$!,%!
m8]]4777!QNDJI!Z$)$,*+'!A$0%$*4!T0+<4!8``^R
<!!\,0#5,+%#*$.!'&#)(01!
,-)&!
3*&B(.$)!'
(1'$*!i#,-(%;!
'&#)(01!)%&+?!
%',0!
%*,.(%(&0
,-!*$0%$.
!'&/$)
4!,0.!
,%!,!
-&2$*!+&)%!%',0!+&0B$0%(&0,-!&20$*)'(3
!QI&$'/4!8``ER<!
\,0#5,+%#*$.!'&#)(01!()!
3$*+$(B$.!)(/(-,*-;!(0!)%*#+%#*,-!i#,-(%;!%&!%*,.(%(&0,-!'&#)(01!Q&20$.!,0.!*$0%$.R
!,0.!3*&B(.$)!,0!
,.B,0%,1$!
.#$!%&!%'$!-&2!+&)%!,0.!
3$*+$3%(&0!&5!'(1'!)%*#+%#*,-!(0%$1*(%;
!QI&$'/4!8``E
c!",2?(0)!
e!U&$>$-4!677`
R<!\,0#5,+%#*$.!'&#)(01!
+,0!
,-)&!
3*&B(.$!,0!,55&*.,>-$!,0.!,B,(-,>-$!'&#)(01!
&3%(&0!5&*!%'&)$!-&&?(01!%&!3*&B(.$!%'$(*!5,/(-($)!2(%'!)%,>(-(%;!Q
\,+S,B()'4!677`R<!
J&#)$'&-.!
/&>(-(%;
!*,%$)!)'&2!%',%!+&0B$0%(&0,-!*$0%$*)!,*$!%2(+$!,)!-(?$-;!%&!/&B$!,)!%'&)$!2(%'!)(/(-,*!
!!!!!!!8C!(0+&/$!
2'&!&20
!/,0#5,+%#*$.!'&#)(01
!QI&$'/4!8``ER
<!VB$*,--4!/
,0#5,+%#*$.!
'&#)(01!+,0!
3*&B(.$!,55&*.,>(-(%;4!)%,>(-(%;4!,0.!i#,-(%;!'&#)(01!5&*!-&2
:(0+&/$!+&//#0(%($)<!
!@=L=%-0;<0D%H<F104<2<3F%<7%>07:B0;2:439%E8:F<7G%&;;:107;I
%%A&//#0(%($)!&5!+&-&*!.()3*&3&*%(&0,%$-;!*$3*$)$0%!-&2
:(0+&/$!+&//#0(%($)4!,0.!>$+,#)$!
/,0#5,+%#*$.!'&#)(01!()!,!/&*$!,55&*.,>-$!'&#)(01!&3%(&04!,0!$M3$+%,%(&0!2&#-.!>$!%',%!%'$*$!
2&#-.!>$!/&*$!3$&3-$!&5!+&-&*!*$)(.(01!(0!/&>(-$!'&/$)<!
T0!678
9!%'$!
$)%(/,%$.!/$.(,0!(0+&/$!&5!
>-,+?!
'&#)$'&-.)
!2,)!m
C^48^C4!2'(-$!
N,%(B$!D/$*(+,0)!
,0.!L,%(0M!',.!
/$.(,0!(0+&/$
)!&5!m]74C8E!,0.
!m]_4_694!*$)3$+%(B$-;c!%'()!()!)#>)%,0%(,--;!-&2$*!%',0!%'$!
m_C46E_!$)%(/,%$.!/$.(,0
!(0+&/$!&5!2'(%$!
'&#)$'&-.)!Q@<=<!A$0)#)!I#*$,#4!6789R
<!T0!,..(%(&04!(0!6789!%'$!$)%(/,%$.!
3$*+$0%,1$!&5!
2'(%$
!'&#)$'&-.)!>$-&2!%'$!3&B$*%;!-(0$
!2,)!87<6f4!
5,*!-&2$*!%',0!%'$!$)%(/,%$.!
3$*+$0%,1$!>$-&2!%'$!3&B$*%;!-(0$!5&*!
N,%(B$!D/$*(+,0
4!I-,+?4!,0.!J()3,0(+KL,%(0M!
'&#)$'&-.)!
2'(+'!
2,)!6_<9f4!6E<8f4!,0.!66<8f
4!*$)3$+%(B$-;<
!Q@<=<!A$0)#)!I#*$,#4!6789R<!
!\,0#5,+%#*$.!'&#)(01!()!,0!,55&*.,>-$!'&#)(01!&3%(&0!5&*!-&2
:(0+&/$!
+&//#0(%($)
c!%'$*$5&*$4!
,0!$M3$+%,%(&0!2&#-.!>$!%&!,0%(+(3,%$!
%',%!,!1*$,%$*!)',*$!&5!
'&#)$'&-.)!&5!+&-&*!
2&#-.!
*$)(.
$!(0!/,0#5,+%#*$.!'&#)(01<!
!T0!8`9_!,0!$M3$+%$.!&++#3,0+;!-$B$-!5&*!>-,+?!'&#)$'&-.)!(0!
/&>(-$!'&/$)!2,)!1$0$*,%$.!
5&*!D5*(+,0!D/$*(+,0)
!>,)$.!&0!.$/&1*,3'(+!B,*(,>-$)!%',%!+&#-.!
,55$+%!%'$!3*&>,>(-(%;!&5!-(B(01!(0!,!/&>(-$!'&/$4!,)!D5*(+,0!D/$*(+,0)!
',.!
-&2$*!(0+&/$
:-$B$-)!
(0!+&/3,
*()&0!%&!2'(%$)4!,0.!3&&*$*!'&#)(01!+&0.(%(&0)
!Q=/(%'4!8`9_R<!"#$!%&!%'$)$!+(*+#/)%,0+$)
!>-,+?
!'&#)$'&-.)
!2$*$!
$M3$+%$.!%&!',B$!*$-,%(B$-;!'(1'!/&>(-$!'&/$!&++#3,0+;!*,%$
!Q=/(%'4!
8`9_R<!J&2$B$*4!2'$0!+,-+#-,%$.!(0!86!)&#%'$*0!)%,%$)!%'$!,
+%#,-!&++#3,0+;!*,%$!*,01$.!5*&/!]
!:!]Ef!&5!$M3$+%$.!-$B$-)
!Q=/(%'4!8`9_R<
!S'*&#1'
!,0,-
;)()!&5
!1$&1*,3'(+!-&+,%(&0)!&5!/&>(-$!'&
/$)4!I&$'/!Q8``ER!5&#0.!%',%!
/(0&*(%($)!
.&!0&%!
+'&&)$!/,0#5,
+%#*$.!'&#)(01!>,)$.!&0!-&+,%(&04!>#%!(0)%$,.!
&0!2'$*$!%'$(*!
!!!!!!!8]!5,/(-;!,0.!5*($0.)!-(B$<!T5!/(0&*(%;!3&3#-,%(&0)!.&!/&B$4!^6<6f!+'&&)$!%&!*$/,(0!(0!%'$!+$0%*,-!
+(%;4!2'(+'!3*&B(.$)!-$))!&33&*%#0(%;!%&!/&B$!%&!,!/&>(-$!'&/$!3,*?4!2'(+'!,*$!#)#,--;!-&+,%$.!(0!
)#>#*>,0!&*!*#*,-!,*$,)!QI&$'/4!8``ER<!
S'()!3'$0&/$0&0!/,;!>$!.#$!(0!3,*%!%&!
,!/(1*,%(&0!&5!
E^f!&5!
%'$!>-,+?!3&3#-,%(&0!
5*&/!%'$!*#*,-!)&#%'!%&!-(B$!(0!#*>,0!+$0%$*)!5#*%'$*!0&*%'!
&++#**$.!
5*&/!8`E7
:8`97!Q\,))$;!,0.!"$0%&04!8`^^R<!T0!&33&)(%(&04!%'$!2'(%$!3
&3#-,%(&0!2(%'(0!%'$!),/$!
%(/$5*,/$!/&B$.!5#*%'$*!&#%!&5!%'$!#*>,0!+$0%$*!(0%&!)#>#*>)!Q\,))$;!,0.!"$0%&04!8`^^R<
!\,0#5,+%#*$.!'&#)(01!()!+&0)(.$*$.!%&!>$!/&)%-;!*#*,-4!2'(-$!+&//#0(%($)!&5!+&-&*!#)#,--;!*$)(.$!
(0!/&)%-;!#*>,0!,*$,)
<!T
0!*#*,-!,*$,)!/,0#5,+
%#*$.!'&#)(01!()!3*$.&/(0,0%4!2(%'!%2(+$!%'$!0,%(&0,-!
*,%$!&5!/,0#5,+%#*$.!'&#)(01!Qd$&*1$!,0.!I,**4!677ER<!S'$!-,+?!&5!+&//#0(%($)!&5!+&-&*!(0!*#*,-!
,*$,)!/,;!+&0%*(>#%$!%&!%'$!*,+(,-!.()3,*(%;!(0!/,0#5,+%#*$.!'&#)(01<!
!Z,+(,-!.()3,*(%($)!(0!/,0#5,+%#*$.!
'&#)(01!/,;!>$!-(0?$.!%&!%'$!,>)$0+$!&5!+&//#0(%($)!
&5!+&-&*!(0!)3$+(5(+!1$&1*,3'(+!.(B()(&0!-&+,%(&0)
<!I-,+?4!L,%(0M4!,0.!N,%(B$!D/$*(+,0!3&3#-,%(&0)!
/,;!>$!/&*$!-(?$-;!%&!*$)(.$!(0!/,0#5,+%#*$.!'&#)(01!(0!.(55$*$0%!*$1(&0)!&5!%'$!+&#0%;<!W*&/!
8`E7!%&!8`9
7!L,%(0M!+&//#0(%($)!/&B$.!5*&/!*#*,-!,*$,)!%&!#*>,0!/$%*&3&-(%,0!,*$,)!(0!%'$!
=&#%'2$)%!,0.!\(.2$)%!Q\,))$;!,0.!"$0%&04!8`^^R<!T0!,..(%(&04!`!&#%!&5!87!*#*,-!>-,+?!
'&#)$'&-.)!-(B$!(0!%'$!=&#%'4!2'$*$!/,0#5,+%#*$.!'&#)(01!()!/&*$!+#)%&/,*;!Qd$&*1$!,0.!I,**
4!677ER<!Z#*,-!3&+?$%)!&5!3&B$*%;!%',%!.()3*&3&*%(&0,--;!+&/3*()$!+&//#0(%($)!&5!+&-&*!+,0!>$!5&#0.!
(0!+$*%,(0!1$&1*,3'(+!,*$,)!,+*&))!%'$!@0(%$.!=%,%$)4!)#+'!,)!
D5*(+,0!D/$*(+,0)
!(0!%'$!)&#%'4!L,%(0M!
(0!%'$!Z(&!d*,0.$!n,--$;!,0.!>&*.$*!)%,%$)4!,0.!N,%(B$!
D/$*(+,0!*$)$*B,%(&0)!(0!%'$!d*$,%!X-,(0)!
,0.!=&#%'2$)%!QL(+'%$*!,0.!g&'0)&04!6779R<!
!I-,+?4!L,%(0M4!,0.!N,%(B$!D/$*(+,0!/,0#5,+%#*$.!'&#)(01!*$)(.$0%)!,*$!;&#01$*!$0%*;
:-$B$-!*$)(.$0%)!,0.!#%(-(H$!/,0#5,+%#*$.!'&#)(01!,)!,!/$,0)!&5!,55&*.,>(-(%;
4!2'$*$,)
!2'(%$!
/,0#5,+%#*$.!'&#)(01!*$)(.$0%)!,*$
!%;3(+,--;
!&-.$*!*$%(*$$)!2'&!)$-$+%!/,0#5,+%#*$.!'&#)(01!>;!
!!!!!!!8E!+'&(+$<!!S'$!/,h&*(%;!&5!/,0#5,+%#*$.!'&#)(01!*$)(.$0%)!,*$!;&#01$*!&*!&-.$*!%',0!
*$)(.$0%)!(0!
%'$!
%*,.(%(&0,-!)(%$
:>#(-%!'&#)(01!QD31,*!$%!,-<4!6776R<!O'
(-$!-&2
:+&)%)!,0.!$,);!$0%*;!5&*!,!5(*)%!
%(/$!*$)(.$0%!,))()%!;&#01$*!3&3#-,%(&0)!-&&?(01!%&!1$%!>;!2(%'!-(/(%$.!(0+&/$4!&-.$*!1$0$*,%(&0)!
+'&&)$!/,0#5,+%#*$.!'&#)(01!,)!%'$;!/,;!>$!-$))!+&0+$*0$.!2(%'!,!-,+?!&5!$i#(%;!>#(-.!#3!5*&/!
-,0.!&20$*)'(3!,0.!3*$5
$*!%&!-(i#(.,%$!%'$(*!,))$%)!5&*!&%'$*!0$$.)!QD31,*!$%!,-<4!6776R<!D)!2'(%$!
*$)(.$0%)!,*$!/&*$!-(?$-;!%&!>#(-.!$i#(%;!%'*&#1'&#%!%'$(*!-(5$%(/$4!%'$;!,*$!/&*$!-(?$-;!%&!
+&/3*()$!%'$!&-.$*!1$0$*,%(&0!2'&!+'&&)$!%&!-(B$!(0!/,0#5,+%#*$.!'&#)(014!,..(01!%&!%'$
!*,+(,-!
.()3,*(%;<
!@=M=%.87;D:F<87
%D!2$,?!'&#)(01!/,*?$%!+*$,%$.!>;!%'$!5&*$+-&)#*$!+*()()4!',)!(0+*$,)$.!*$0%$*)!,0.!
.$+*$,)$.!'&/$&20$*)'(3!-$B$-)!2'(-$!(0+*$,)(01!#0,55&*.,>-$!'&#)(01!#0(%)!%'*&#1'!
-&2!2,1$)4!
,!)'&*%,1$!&5!,55&*.,>-$!*$0%,-!'&/$)4!*,+(,
-!(0$i#(%($)4!,0.!2,1$!(0$i#,-(%;
!QD#*,0.
!$%!,-<
4!678`
c!g&(0%!A$0%$*!5&*!J&#)(01!=%#.($)!&5!J,*B,*.!@0(B$*)(%;4!6789R<
!A&//#0(%($)!&5!+&-&*!,*$!/&*$!
-(?$-;!%&!>$!*$0%$*)!%',0!2'(%$)!,0.!
',B$!
,-)&!
'()%&*(+,--;!>$$0!*$)%*(+%$.!5*&/!'&/$&20$*)'(3!
%'*&#1'!*,+(
,-!,0.!$+&0&/(+!H&0(01!,0.!*$.-(0(014!+&0%*(>#%(01!%&!%'$!*,+(,-!2$,-%'!,0.!
'&/$&20$*)'(3!1,3!%',%!()!)%(--!3*$)$0%!%&.,;!QZ&%')%$(04!6789
c!d;&#*?&!$%!,-<4!8```
c!I&$'/!e!
=+'-&%%/,004!677]R<!!
!D!3&%$0%(,-!)&-#%(&0!%&!%'$!,55&*.,>-$!'&#)(01!+*()()!%',%!()!.(
)3*&3&*%(&0,%$-;!
,55$+%(01!+&//#0(%($)!&5!+&-&*!2&#-.!>$!,++$))!%&!/&*$!,55&*.,>-$!'&#)(01!#0(%)4!)#+'!,)!
/,0#5,+%#*$.!'&#)(01<!
\,0#5,+%#*$.!'&#)(01!()!,0!,55&*.,>-$!'&#)(01!&3%(&0!5&*!-&2
:(0+&/$!
+&//#0(%($)c!'&2$B$*4!%'$!/,h&*(%;!&5!/,0#5,+%#*$.!'&#)(01!*
$)(.$0%)!,*$!2'(%$
!Q"#*)%!e!
=#--(B,04!678`R<
!D5*(+,0!D/$*(+,04!L,%(0M4!,0.!N,%(B$!D/$*(+,0!+&//#0(%($)!,*$!,!-,*1$*!
*$3*$)$0%,%(&0!&5!-&2
:(0+&/$!3&3#-,%(&0)4!
)&!
2';!,*$!%'$*$!0&%!,!1*$,%$*!3*&3&*%(&0!&5!D5*(+,0!
D/$*(+,04!L,%(0M4!,0.!N,%(B$!D/$*(+,0!*$)(.$0
%)!*$)(.(01!(0!/,0#5,+%#*$.!'&#)(01j
!J&2!+,0!
!!!!!!!8_!3&-(+;!3*&/&%$!,++$))!%&!%'()!,55&*.,>-$!'&#)(01!&3%(&0!(0!+&//#0(%($)!&5!+&-&*j
!S'$!0$M%!+',3%$*!
.$)+*(>$)!%'$!*$)$,*+'!5*,/$2&*?!,0.!+'&)$0!.,%,!)&#*+$)4!/$%'&.)!,0.!/$,)#*$/$0%)!#)$.!%&!
,..*$))!%'$)$!i#$)%(&0
)<!!!!!!!!!!89!&456789'E;
'0874=>FG'
.575'
#=?9@8F
G'5<>'085F?98H8<7
'J()%&*(+,--;!I-,+?4!L,%(0M4!,0.!N,%(B$!D/$*(+,0!3&3#-,%(&0)!',B$!>$$0!*,+(,--;!
.()+*(/(0,%$.!,1,(0)%!2'$0!,%%$/3%(01!%&!,++$))!'&#)(01
!QS#*0$*!e!Z&))4!677Cc!
Z&%')%$(04!6789c!
d;&#*?&!$%!,-<4!8```c!
I&$'/!e!=+'-&%%/,004!677]
R<!S'$!W,(*!J&#)(01!D+%
!&5!8`_^!&#%-,2)!,+%)!
&5!&#%*(1'%!.()+*(/(0,%(&0!*$1,*.(01!'&#)(014!
'&2$B$*!
1$0$*,%(&0,-!2$,-%'!1,3)!,0.!
(0,++$))(>(-(%;!%&!,55&*.,>-$!'&#)(01!,55$+%)!+&//#0(%($)!&5!+&-&*!)%(--!%&.,;
!QS#*0$*!e!Z&))4!
677Cc!
Z&%')%$(04!6789c!d;&#*?&!$%!,-<4!8```c!I&$'/!e!=+'-&%%/,004!677]
R<!S'$!,55&*.,>(-(%;!
+*()()!,55$+%)!-&2
:(0+&/$!3&3#-,%(&0)4!2'(+'!,*$!.()3*&3&*%(&0,%$-;!/,.$!#3!&5!3$&3-$!&5!+&-&*4
!(--#)%*,%(01!
,!0$$.!5&*!1*$,%$*!,++$))!%&!,55&*.,>-$!'&#)(
01!QD#*,0.!$%!
,-<4!678`c!@<=<!A$0)#)!
I#*$,#4!6789R
<!\,0#5,+%#*$.!'&#)(01!()!&0$!&5!%'$!/&)%!,55&*.,>-$!'&#)(01!&3%(&0)!5&*!-&2
:(0+&/$!3&3#-,%(&0)4!
%'$!i#$)%(&0!*$/,(0)!2';!/&*$!3$&3-$!&5!+&-&*!.&!0&%!*$)(.$!(0!
/,0#5,+%#*$.!'&#)(01!Q"#*)%!e!=#--(B,04!678`R<
!S'()!)%#.;!3*
&3&)$)!%&!(.$0%(5;
!3&%$0%(,-!5,+%&*)!
%',%!/(1'%!+&0%*(>#%$!%&!
%'$!*,+(,-K$%'0(+!.()3,*(%;!
,/&01
!/,0#5,+%#*$.!'&#)(01!*$)(.$0%)
<!!S'()!3*&h$+%!+&0)()%)!&5!%2&!*$)$,*+'!i#$)%(&0)P!
!¥!Z$)$,*+'!o#$)%(&0!p8P
!\,0#5,+%#*$.!'&#)(01!()!,0!,55&*.,>-$!'&#)(01!
&3%(&0!5&*!-&2
:(0+&/$!+&//#0(%($)c!'&2$B$*4!%'$!/,h&*(%;!&5!/,0#5,+%#*$.!'&#)(01!*$)(.$0%)!,*$!2'(%$<!
D)!D5*(+,0!D/$*(+,0
4!L,%(0M
4!,0.!N,%(B$!D/$*(+,0
!+&//#0(%($)!,*$!,!-,*1$*!
*$3*$)$0%,%(&0!&5!-&2
:(0+&/$!3&3#-,%(&0)4!2';!,*$!%'$*$!0&%!,!1*$,%$*!3*&3&*%(&0
!&5!D5*(+,0!
D/$*(+,0
4!L,%(0M
4!,0.!N,%(B$!D/$*(+,0
!*$)(.$0%)!*$)(.(01!(0!/,0#5,+%#*$.!'&#)(01
j!¥!Z$)$,*+'!o#$)%(&0!p6
P!J&2!+,0!3&-(+;!3*&/&%$!,++$))!%&!%'()!,55&*.,>-$!'&#)(01!&3%(&0!(0!
+&//#0(%($)!&5!+&-&*j
!S'()!+',3%$*
!.$)+*(>$)
!%'$!
)(%$!)$-$+%(&0
4!.,%,!)&#
*+$
4!#0(%!&5!,0,-;)()
4!,0.!
,0,-;%(+,-!
/$%'&.)!
#)$.!
(0!%'()!
)%#.;
<!!!!!!!!!!8^!J=5=%H020%#8:4;3F
%079%#<23%#3D3;2<87
%",%,!#)$.!
(0!%'()!)%#.;!
2$*$
!,+i#(*$.
!5*&/!%'$!T0%$1*,%$.!X#>-(+!@)$!\(+*&.,%,!=$*($)!
QTX@\=R!
N,%(&0,-!J()%&*(+!d$&1*,3'(+!T05&*/,%(&0!=;)%$/!QNJdT=R!
.,%,
>,)$
!Q\,0)&0!$%!,-<4!
678`R4!(0+-#.(01
!+&#0%;
:-$B$-!$)%(/,%$)
!&5!'&#)$'&-.!.,%,
!5*&/!%'$!
678C:6789!D/$*(+,0!
A&//#0(%;!=#*B$;!
E:F$,*!
G)%(/,%$)!,0.!
+&#0%;
:-$B$-!$)%(/,%$!&5!3&3#-,%(&0!.,%,!5*&/!
%'$!6787!
@<=<!
.$+$00(,-!+$0)#)
<!S'$)$!.,%,!,*$!.$*(B$.!5*&/!,!Ef!),/3-$!&5!%'$!3&3#-,%(&0<!
S'$!+&#0%;!
-$B$-!2,)!+'&)$0!(0(%(,--;!,)
!%'$!#0(%!&5!&>)$*B,%(&0!(0!&*.$*!%&!$0)#*$!%',%
!(%!2&#-.!>$!-,*1$!$0&#1'!
,B&(.!%'$!)$-$+%(&0!&5!1$&1*,3'($)!+&/3*()$.!$0%(*$
-;!&5!
N&0:J()3,0(+!
O'(%$)<
!T0!,..(%(&04!%'$!
+&#0%;!-$B$-!2&#-.!',B$!)/,--$*!),/3-(01!$**&*)!
%',0!+$0)#)!%*,+%)!
.#$!%&!-,*1$*!3&3#-,%(&0)
<!S'$!
-,*1$*!1$&1*,3';!&5!+&#0%($)4!,)!&33&)$.!%&!%*,+%)4!2&#-.!,-)&!,--&2!5&*!/&*$!$,)(-;!(0%$*3*$%$.!
/,3)!,%!%'$!0,%(&
0,-!)+,-$
<!S'$*$!2$*$!
(0(%(,--;!C4666!&>)$*B,%(&0)
!Q(<$<4!C4666!+&#0%($)R
4!2(%'!E!
&>)$*B,%(&0)!-&)%!(0!.,%,!3*&+$))(01
c!%'()!*$)#-%$.!(0!,!%&%,-!&5!
C468^!%&%,-!&>)$*B,%(&0)<!
!S'$!%&%,-!I-,+?!&++#3($.!'&#)(01!/,3
4!)'&20!(0!W(1#*$!84
!)'&2)!%',%!%'$!/,h&*(%;!
&5!%'$!
+&#0%($)!
(0!%'$!+&0%(0$0%,-!@<=<!
',B$!-$))!%',0!E4777!I-,+?!&++#3($.!'&#)$'&-.)4!,0.!%',%!
+&#0%($)!%',%!.&!'&-.!/&*$!%',0!E4777!I-,+?!'&#)$'&-.)!,*$!&5%$0!+&01*$1,%$.!%&1$%'$*!,0.K&*!
,*$!0$,*!#*>,0!,*$,)<!S'$!+&#0%;!2(%'!%'$!-,*1$)%!0#/>$*!&5!I-,+?!
'&#)$'&-.)!()!A&&?!A&#0%;4!
2'(+'!'&-.)!%'$!A(%;!&5!A'(+,1&<!O'(-$!A,-(5&*0(,!Q0$,*!L<D<R!,0.!%'$!N&*%'$,)%$*0!*$1(&0!QN$2!
F&*?!A(%;R!+&0%,(0!)/,--!3&+?$%)!&5!I-,+?!'&#)$'&-.)4!%'$!*$1(&0!%',%!',)!%'$!-,*1$)%!+&--$+%(&0!
&5!+&#0%($)!2(%'!/&*$!I-,+?!'&#)$'&-.
)!()!%'$!=&#%'!QN&*%'!A,*&-(0,4!=&#%'!A,*&-(0,4!W-&*(.,4!
d$&*1(,4!D-,>,/,4!\())())(33(R<!
!!!!!!!!8`!!'<G:43%
56%$820D%)D0;\%&;;:1<39%E8:F<7G%>01
%!S'$!%&%,-!N,%(B$!D/$*(+,0!&++#3($.!'&#)(01!/,3
4!(--#)%*,%$.!(0!W(1#*$!64!
)'&2)!%',%!0&%!
&0-;!.&$)!%'$!/,h&*(%;!&5!%'$
!+&#0%($)!(0!%'$!+&0%(0$0%,-!@<=<!
',B$!-$))!%',0!E4777!N,%(B$!
D/$*(+,0!&++#3($.!'&#)$'&-.)4!>#%!&B$*,--!(0!+&/3,*()&0!%&!&%'$*!*,+$)!%'$*$!()!0&%!,!-,*1$!
0#/>$*!&5!N,%(B$!D/$*(+,0!&++#3
($.!'&#)(01<!A&#0%($)!%',%!.&!
+&0%,(0!
/&*$!%',0!E4777!N,%(B$!
D/$*(+,0!'&#)$'&-.)!,*$!&5%$0!+&01*$1,%$.!%&1$%'$*!,0.K&*!,*$!0$,*!#*>,0!,*$,)<!S'$!*$1(&0!%',%!
',)!%'$!-,*1$)%!+&--$+%(&0!&5!+&#0%($)!2(%'!/&*$!N,%(B$!D/$*(+,0)!'&#)$'&-.)!()!%'$!=&#%'2$)%!
QA,-(
5&*0(,4!D*(H&0,4!N$2!\$M(+&R<!T0!,..(%(&04!%'$*$!()!,!*$1(&0!&5!V?-,'&/,!,0.!N&*%'!
A,*&-(0,!2'$*$!N,%(B$!D/$*(+,0)!*$)(.$!(0!1*$,%$*!0#/>$*)!.#$!%&!%*(>,-!%$**(%&*;<!L,)%-;!-,*1$*!
#*>,0!,*$,)4!)#+'!,)!%'$!+&#0%($)!%',%!+&0%,(0!=$,%%-$!,0.!A'(+,1&4!,-)&!',B
$!,!-,*1$!
0#/>$*!
&5!!!!!!!!67!N,%(B$!D/$*(+,0!&++#3($.!'&#)(01
!#0(%)
<!!'<G:43%
@6%$820D%W02<?3%(O34<;07%&;;:1<39%E8:F<7G%>01
%!S'$!%&%,-!J()3,0(+KL,%(0M!&++#3($.!'&#)(01!/,3
4!(--#)%*,%$.!(0!W(1#*$!C4
!)'&2)!%',%!%'$!
/,h&*(%;!&5!%'$
!+&#0%($)!(0
!%'$!+&0%(0$0%,-!@<=<!
',B$!-$))!%',0!E4777!J()3,0(+KL,%(0M!&++#3($.!
'&#)$'&-.)4!,0.!%',%!+&#0%($)!%',%!.&!'&-.!/&*$!%',0!E4777!
J()3,0(+KL,%(0M
!'&#)$'&-.)!,*$!
+&01*$1,%$.!%&1$%'$*
4!&5%$0!,-&01
!%'$!@<=<
:\$M(+&
!>&*.$*!,0.K&*!,*$!0$,*!#*>,0!,*$,)<!S'$!
+&#0%;!2
(%'!%'$!-,*1$)%!0#/>$*!&5!J()3,0(+KL,%(0M!'&#)$'&-.)!()!L&)!D01$-$)!A&#0%;4!2'(+'!
'&-.)!%'$!A(%;!&5!L&)!D01$-$)<!O'(-$!W-&*(.,!Q0$,*!\(,/(R!,0.!%'$!N&*%'$,)%$*0!*$1(&0!QN$2!
F&*?!A(%;R!+&0%,(0!,*$,)!&5!J()3,0(+KL,%(0M!'&#)$'&-.)4!%'$!*$1(&0!%',%!',)!%'$!-,*
1$)%!+&--$+%(&0!
&5!+&#0%($)!2(%'!/&*$!J()3,0(+KL,%(0M!'&#)$'&-.)!()!%'$!=&#%'2$)%!QA,-(5&*0(,4!D*(H&0,4!N$2!
!!!!!!!68!\$M(+&!,0.!S$M,)R<!
!'<G:43%
J6%$820D%E<F107<;]!02<7R%&;;:1<39%E8:F<7G%>01
%!!W&*!>*$B(%;!aO'(%$b!2(--!*$5$*!%&!N&0
:J()3,0(+!O'(%$)!/&B(01!5&*2,*.<!S'#)4!
%'$!%&%,-!
O'(%$
!&++#3($.!'&#)(01!/,3
4!(--#)%*,%$.!(0!W(1#*$!]4
!)'&2)!%',%!%'$!/,h&*(%;!&5!
%'$!+&#0%($)!(0!
%'$!+&0%(0$0%,-!@<=<!
',B$!
&B$*
!E4777!O'(%$!
&++#3($.!'&#)$'&-.)
4!2(%'!%'$!$
M+$3%(&0!&5!,!)%*(3!&5!
-,0.!%',%!*#0)!B$*%(+,--;!%'*&#1'&#%!%'$!3-,(0)4!2'(+'!$0+&/3,))$)!3,*%)!&5!N&*%'!",?&%,4!=&#%'!
",?&%,4!N$>*,)?,4!U,0),)4!V?-,'&/,!,0.!S$M,)<!J&2$B$*4!%'$!>*$,?!(0!O'(%$!'&#)$'&-.!
*$3*$)$0%,%(&0!+&#-.!>$!.#$!%&!%'$!'(1'!,/&#0%!&5!*#*
,-!,1*(+#-%#*$!-,0.
4!,0.!%'#)!-&2!
3&3#-,%(&0)4
!(0!%',%!*$1(&0<!A
&#0%($)!
2(%'!%'$!-,*1$)%!0#/>$*!&5!
O'(%$
!'&#)$'&-.)!,*$!
#)#,--;!
0$,*!#*>,0!,*$,)<!
!!!!!!!!66!!'<G:43%
K6%$820D%^/<23%&;;:1<39%E8:F<7G%>01
%!!O'$*$!3$&3-$!-(B$!()!(0%$1*,-!%&!#0.$
*)%,0.(01!3&%$0%(,-!'&#)(01!+'&(+$)4!(0!&*.$*!%&!
.$%$*/(0$!(5!/&>(-$!'&/$)!,*$!,!B(,>-$!&3%(&0!5&*!)3$+(5(+!3&3#-,%(&0)!?0&2!(%!()!,-)&!(/3&*%,0%!
%&!?0&2!2'$*$!/&>(-$!'&/$)!,*$!/&)%!3*$B,-$0%!,+*&))!%'$!+&#0%*;<!VB$*,--!,+*&))!%'$!
.()%*(>#%(&0!&5!%'$!3$*+$
0%!&5!/&>(-$!'
&/$)
4!%'$!+&#0%($)!2'$*$!/&>(-$!'&
/$)!,*$
!'(1'$)%!Q5*&/!
C6f!:!E`fR!,*$!(0!%'$!*$1(&0)!&5!D33,-,+'(,4!%'$!=&#%'4!,0.!%'$!=&#%'2$)%<!S'$!'(1'$*!,/&#0%!
&5!/&>(-$!'&
/$)!(0!%'$)$!,*$,)!+&#-.!>$!,%%*(>#%$.!%&!%'$!+-(/,%$4!,)!+&-.$*!2$,%'$*!/,?$)!-(
B(01!
(0!/&>(-$!'&/$)!3&%$0%(,--;!#0+&/5&*%,>-$!.#$!%&!-$))!(0)#-,%(&0!Q
D/,0!,0.!F,*0,-4!6787R<
!O'$*$!/&>(-$!'&
/$)!,*$
!-$,)%!-(?$-;!%&!/,?$!#3!,!)(10(5(+,0%!,/&#0%!&5!%'$!'&#)(01!)%&+?!Q7f!
:!9fR!()!%'*&#1'&#%!%'$!\(.2$)%4!
%'$!
N&*%'$,)%$*0!+&,)%4!,0.!3,*%)!&5!A,-(5&*0(,4!@%,'4!,0.!
A&-&*,.&<!!\,0;!&5!%'$!,*$,)!2'$*$!/&>(-$!'&
/$)!,*$
!-$,)%!-(?$-;!,-)&!,33$,*!+-&)$!%&!/,h&*!
!!!!!!!6C!#*>,0!,*$,)4!)#+'!,)!N$2!F&*?
!A(%;
!(0!%'$!N&*%'$,)%4!L&)!D01$-$)!(0!A,-(5&*0(,4!\$%*&!"$%*&(%!
,0.!A'(+,1&!(0!%'$!\(.2$)%4!,)!2$--!,)!"$0B$*!,0.!=,-%!L,?$!A(%;!(0!A&-&*,.&!,0.!@%,'<!
J&2$B$*4!%'$*$!,*$!/,0;!
*#*,-!
+&#0%($)!(0!%'$!\(.2$)%!%',%!
)%(--!+&0%,(0!
,!-
&2!3$*+$0%,1$!&5!
/&>(-$!'&
/$)4!>#%!,1,(0!%'()!+&#-.!>$!,%%*(>#%$.!%&!%'$!+-(/,%$<!
!!'<G:43%
L6%>01%8B%2/3%V34;372%>8C<D3%E8O3F
!S&!$0)#*$!%',%!,0;!%*$0.)!(.$0%(5($.!2$*$!,%%*(>#%$
.!%&!,+%#,-!3&3#-,%(&0!+',*,+%$*()%(+)!,0.!
0&%!/$*$-;
!),/3-(01!B,*(,%(&04!+&#0%($)!2$*$!*$/&B$.!5*&/!%'$!,0,-;)()!(5!%'$*$!2$*$!5$2$*!%',0!
E4777!'&#)$'&-.)
!5&*!%'$!*,+$K$%'0(+(%;!(0!i#$)%(&0<!L(/(%(01!%'$!),/3-$!%&!1$&1*,3'(+!#0(%)!2(%'!
,!)#55(+($0%!),/3-$!&5!,!)#>
:3&3#-,%(&0!()!,!+&//&0!3*,+%(+$!(0!,0,-;)$)
!&5!*$)(.$0%(,-!)$1*$1,%(&0c!
5&*!$M,/3-$4!3*(&*!)+'&-,*)!',B$!-(/(%$.!%'$(*!,0,-;)$)!%&!/$%*&3&-(%,0!,*$,)!2(%'!
&B$*!874777!
'&#)$'&-.)4!
)(0+$
!$)%(/,%(&0)!>$+&/$!-$))!$55$+%(B$!2(%'!%&&!5$2!'&#)$'&-.)!Qg,*1&2)?;4!8``_c!
!!!!!!!6]!Z$,*.&0!,0.!I()+'&554!6788R<!
=(0+$!
%'$
!#0(%!&5!,0,-;)()!2(%'(0!%'()!)%#.;!()!+&#0%($)4!*,%'$*!%',0!
/$%*&3&-(%,0!,*$,)4!%'$!'&#)$'&-.!-(/(%!2,)!3-,+$.!-&2$*!,%!E4777!'&#)$'&-.)<!
D)!%'$!&++#3($.!
'&#)$'&-.)l
!/,3)!(--#)%*,%$.
4!%'$!+&#0%($)!2(%'!%'$!1*$,%$)%!,/&#0%!&5!3$&3-$!&5!+&-&*!,*$!5&#0.!%&!
>$!0$,*!#*>,0!+$0%$*)
!Q+&#0%($)!%',%!*$3*$)$0%!,--!*,+$)!
,*$
!+&#0%($)!%',%!(0
+-#.$
!L&)!D01$-$)4!
A'(+,1&4!,0.!J&#)%&0R
4!2'(-$!%'$!,/&#0%!&5!/&>(-$!'&/$)!()!-$,)%!-(?$-;!0$,*!#*>,0!+$0%$*
)<!
S'()!
-$,.)!%&!,!/,*?$.!*$.#+%(&0!(0!),/3-$!)(H$!,5%$*!-(/(%(01!%'$!),/3-$!%&!+&#0%($)!2(%'!E4777!
'&#)$'&-.)!&5!$,+'!*,+$<!
V5!%'$!C468^!
+&#0%($)!(0!%'$!0,%(&04
!647C]!',.!/&*$!%',0!E4777!
N&0
:J()3,0(+!
O'(%$!'&#)$'&-.)
4!]6E!
',.!/&*$!%',0!
E4777!5&*!I-,+?!
'&#)$'&-.)
4!]88!
',.!/&*$!%',0!
E4777!L,%(0MKJ()3,0(+!
'&#)$'&-.)
4!,0.!
&0-;!
68!+&#0%($)!',.!/&*$!%',0!
E4777!5&*!N,%(B$!D/$*(+,0
!'&#)$'&-.)
<!@05&*%#0,%$-;4!,)!%'$
!0#/>$*!&5!+&#0%($)!2(%'!E4777!&*!/&*$
!N,%(B$!D/$*(+,0!
'&#)$'&-.)!2,)!)&!-&24!%'()!';3&%'$)()!+&#-.!0
&%!>$!%$)%$.
<!!
D)(,0!D/$*(+,0)!2$*$!,-)&!&/(%%$.!
5*&/!%'()!)%#.;!,)!&0!,B$*,1$!%'$!/$.(,0!(0+&/$!5&*!D)(,0!D/$*(+,0)!()!'(1'$*!%',0!N&0
:J()3,0(+!
O'(%$!'&#)$'&-.)<!
S'$*$5&*$4!&0-;!I-,+?4!J()3,0(+KL,%(0M4!,0.!
QN&0
:J()3,0(+R!
O'(%$!'&#)$'&-.)!
2$*$!+&/3,*$.!(0!
,0,-;)()!5&*!%'$!5&#*!';3&%'$)$)!(0!%'()!)%#.;<!
!J=@=%>32/896%&49<704I%!30F2%#P:043F%-3G43FF<87
%T0!%'$!)%,%()%(+,-!.,%,!)+($0+$!)&5%2,*$4!=%,%,4!
V*.(0,*;!L$,)%!=i#,*$)!QVL=R!*$1*$))(&0!
2,)!#)$.!%&!$M,/(0$!
,0.!,0,-;H$!
%'$!*$-,%(&0)'(3!>$%2$$0!%'$!*,+(,-!.()3,*(%;!(0!/&>(-$!'&/$!
&++#3,0+;!,0.!5&#*!B,*(,>-$)!&5!(0%$*$)%4!,)!(--#)%*,%$.!(0!%'$!5&--&2(01!/&.$-P
!F!q!r
!!k!r"s"#!k!t#!2'$*$!F4!%'$!.$3$0.$0%
!B,*(,>-$4!()!,!/$,)#*$!&5!*,+(,-!.()3,*(%;!(0!/,0#5,+%#*$.!'&#)(01!
5&*!N&0
:J()3,0(+!
O'(%$4!I-,+?4!,0.!L,%(0M!'&#)$'&-.)<!s!()!,!B$+%&*!&5!(0.$3$0.$0%!B,*(,>-$)!
*$3*$)$0%(01!%'$!'&/$&20$*)'(3!.()3,*(%;!5&*!%'$!*,+(,-!&*!$%'0(+!1*&#3!(0!i#$)%(&04!%'$!3$*+$0
%!&5!*$)(.$0%)!(0!%'$!+&#0%;!*$)(.(01!(0!*#*,-!,*$,)4!%'$!1$&1*,3'(+!.(B()(&0!(0!2'(+'!%'$!+&#0%;!()!
!!!!!!!6E!-&+,%$.4!,0.!%'$!3$*+$0%,1$!&5!*$)(.$0%)!2'&!,*$!$-.$*-;!Q(<$<4!_E!;$,*)!&5!,1$!&*!&-.$*<!
%!(0.(+,%$)!
%'$!+&#0%($)!,0,-;H$.!,+*&))!%'$!@0(%$.!=%,%$)4!,0.!t
!()!%'$!$**&*!%$*/<!
D0,-;)$)!&5!%'$!/&.$-!
*$)(.#,-)!+&05(*/$.!%',%!%'$!*$1*$))(&0!,))#/3%(&0)4!(0+-#.(01!%'$!0&*/,-(%;!&5!*$)(.#,-)4!2$*$!
/$%<!S$)%)!5&*!/#-%(+&--(0$,*(%;!2$*$!,-)&!+&0.#+%$.!,0.!(.$0%(5($.!0&!3*&>-$/,%(+!+&--(0$,*(%;!
>$%2$$0!%'$!(0.$3$0.$0
%!B,*(,>-$)<!
G,+'!&5!%'$!B,*(,>-$)!(0+-#.$.!(0!%'$!*$1*$))(&0!/&.$-4!,)!
2$--!,)!%'$!';3&%'$)$)!%$)%$.!B(,!%'$!*$1*$))(&0!/&.$-!)3$+(5($.!,>&B$4!,*$!.()+#))$.!(0!S,>-$!8<!
D!.$)+*(3%(&0!&0!'&2!T!+,-+#-,%$.!%'$)$!B,*(,>-$)!5&--&2)<!
D0;!,))&+(,%(&0!>$%2$$0!%'$
!.$3$0.$0%!B,*(,>-$!,0.!%'$!(0.$3$0.$0%!B,*(,>-$)!(.$0%(5($.!(0!%'()!)%#.;!.&!0&%!0$+$)),*;!
*$3*$)$0%!%'$!+,#),-!$55$+%!&5!%'$)$!5,+%&*)!&0!*,+(,-!.()3,*(%;!(0!/,0#5,+%#*$.!'&#)(01<
!!!$0CD3%
56%Q04<0CD3%H3F;4<12<87F
%A,%$1&*($)
!n,*(,>-$)
!"$5(0(%(&0
!",%,!=&#*+$
!"$3$0.$0%!n,*(,>-$
!I-,+?!\&>(-$!J&/$!
V++#3,0+;!T0.$M
!\&>(-$!J&/$!
"()3,*(%;!5&*!D5*(+,0!
D/$*(+,0)!(0!$,+'!
+&#0%;
!678C:6789!D/$*(+,0!
A&//#0(%;!=#*B$;!
E:F$,*!G)%(/,%$)!
!!N,%(B$!D/$*(+,0!
\&>(-$!J&/$!
V++#3,0+;!T0.$M
!\&>(-$!J&/$!
"()3,*(%;!5&*!N,%(B$!
D/$*(+,0)!(0!$,+'!
+&#0%;
!678C:6789!D/$*(+,0!
A&//#0(%;!=#*B$;!
E:F$,*!G)%(/,%$)!
!!N&0
:J()3,0(+!
O'(%$!
\&>(-$!J&/$!
V++#3,0+;!T0.$M
!\&>(-$!J&/$!
"()3,*(%;!5&*!%'$!
N&0
:J()3,0(+!
O'(%$!
3&3#-,%(&0!(0!$,+'!
+&#0%;
!678C:6789!D/$*(+,0!
A&//#0(%;!=#*B$;!
E:F$,*!G)%(/,%$)!
!!J()3,0(+KL,%(0&!
\&>(-$!J&/$!
V++#3,0+;!T0.$M
!\&>(-$!J&/$!
"()3,*(%;!5&*!%'$!
J()3,0(+KL,%(0&!
3&3#-,%(&0!(0!$,+'!
+&#0%;
!678C:6789!D/$*(+,0!
A&//#0(%;!=#*B$;!
E:F$,*!G)%(/,%$)!
!T0.$3$0.$0%!
n,*(,>-$)P!
J;3&%'$)()!8
!I-,+?!
J&/$&20$*)'(3!
T0.$M
!J&/$&20$*)'(3!
.()3,*(%;!5&*!D5*(+,0!
D/$*(+,0)!(0!$,+'!
+&#0%;
!678C:6789!D/$*(+,0!
A&//#0(%;!=#*B$;!
E:F$,*!G)%(/,%$)!
!!!!!!!!!!6_!$0CD3%5%Z;872a9[
%!!N&0
:J()3,0(+!
O'(%$!
J&/$&20$*)'(3!
T0.$M
!J&/$&20$*)'(3!
.()3
,*(%;!5&*!%'$!
N&0
:J()3,0(+!
O'(%$!
3&3#-,%(&0!(0!$,+'!
+&#0%;
!678C:6789!D/$*(+,0!
A&//#0(%;!=#*B$;!
E:F$,*!G)%(/,%$)!
!!J()3,0(+KL,%(0M!
J&/$&20$*)'(3!
T0.$M
!J&/$&20$*)'(3!
.()3,*(%;!5&*!%'$!
J()3,0(+KL,%(0M!
3&3#-,%(&0!(0!$,+'!
+&#0%;
!678C:6789!D/$*(+,0!
A&//#0(%;!=#
*B$;!
E:F$,*!G)%(/,%$)!
!T0.$3$0.$0%!
n,*(,>-$)P!
J;3&%'$)()!6
!X$*+$0%!Z#*,-
!X$*+$0%,1$!&5!*#*,-!
,*$,!(0!6787
!6787!@<=<!A$0)#)
!T0.$3$0.$0%!
n,*(,>-$)P!
J;3&%'$)()!C
!"(B()(&0)
!A$0)#)KDA=!
1$&1*,3'(+!.(B()(&0)!
&5!%'$!@0(%$.!=%,%$)
!678C:6789!D/$*(+,0!
A&//#0(%;!=#*B$;!
E:F$,*!G)%(/,%$)!
!T0.$3$0.$0%!
n,*(,>-$)P!
J;3&%'$)()!]
!X$*+$0%!G-.$*-;
!X$*+$0%,1$!&5!$-.$*-;!
2'&!*$)(.$!(0!/&>(-$!
'&/$!#0(%)
!678C:6789!D/$*(+,0!
A&//#0(%;!=#*B$;!
E:F$,*!G)%(/,%$)!
!!J=J%H31379372%Q04<0CD36%>07:B0;2:439%
E8:F<7G
%&;;:107;I%"793R
%S'$!.$3$0.$0%!B,*(,>-$!(0!%'()!)%#.;!()!
%'$
!/,0#5,+%#*$.!'&#)(01
!&++#3,0+;!(0.$M!
5&*!O'(%$4!I-,+?4!,0.!L,%(0M!'&#)$'&-.)
<!S'()!()!+,-+#-,%$.4!,)!(--#)%*,%$.!(0!
Gi#,%(&0!
8!>$-&24!>;!
)#>%*,+%(01
!%'$!3$*+$0%
,1$!&5!
'&#)(01!#0(%)!(0!,!+&
#0%;!
%',%!,*$!/&>(-$!'&/$
)!5*&/!%'$!3$*+$0%
,1$
!&5!,!3,*%(+#-,*!*,+$!
%',%!*$)(.$
)!(0!/&>(-$!'&/$
)<!@)(01!
678C:6789!D/$*(+,0!A&//#0(%;!=#*B$;!
E:F$,*!G)%(/,%$)!
,%!%'$!+&#0%;!-$B$-!%'$!3$*+$0%,1$!&5!,!*,+$!-(B(01!(0!/,0#5,+%#*$.!'&#)(01!#0(%)!
2,)!+,-+#-,%$.!>;
!.(B(.(01!%'$!0#/>$*!&5!/&>(-$!'&/$
)!&++#3($.!>;!,!3,*%(+#-,*!*,+$!>;!%'$!%&%,-!
0#/>$*!&5!'&#)(01!#0(%)!%',%!*,+$!&++#3($)!(0!%'$!+&#0%;
<!S'$!3$*+$0%,1$!&5!%&%,-!/,0#5,+%#*$.!
'&#)(01!#0(%)!(0!,!+&#0%;!()!+,-+#-,%$.!>;!.(B(.(01!%'$!0#/>$*!&5!/&>(-$!'&/$
)!>;!%'$!%&%,-!0#/>$*!
&5!'&#)(01!#0(%)!(0!%'$!+&#0%;<!
S&!&55$*!1*$,%$*!5-$M(>(-(%;!5&*!+&/3,*()&0!$,+'!)$+%(&0!&5!%'$!
3&3#-,%(&0!Q,!3,*%(+#-,*!*,+$!&*!$%'0(+(%;R!2,)!+&/3,*$.!%&!%'$!3&3#-,%(&0!,)!,!2'&-$<
!QZ,+$R!2(--!
!!!!!!!69!>$!*$3*$)$0%,%(B$!&5!&0$!&5!%'$!%'*$$!*,+$K
$%'0(+(%($)!/$0%(&0$.!(0!%'$!';3&%'$)$)!QI-,+?4!L,%(0M4!
,0.!
O'(%$
R<!!*P:02<87%
56%>07:B0;2:439%E8:F<7G
%&;;:107;I%"793R
%!!"#$%&
'()*+,-.
/0-,1+
/,-/2(!"#$%&
'3)*-14
/()*+,-.
/0-,1+
"#!2(/()*+,-.
/0-,1+
!()*+,-.
/0-,1+
$!q!\,0#5,+%#*$.!J&#)(01
!V++#3,0+;!T0.$M
!!QfQZ,+$R!\J!
:!f\JR!q!\,0#5,+%#*$.!J&#)(01
!V++#3,0+;!T0.$M
!!T5!Gi#,%(&0
!8!3*&.#+$)!,!3&)(%(B$!0#/>$*4!(%!(--#)%*,%$)!%'
,%!*$)(.$0%)!&5!%'$!*,+$!&*!$%'0(+(%;!
(0!i#$)%(&0!
,*$!/&*$!-(?$-;!%&!*$)(.$!(0!/,0#5,+%#*$.!%',0!%'$!,B$*,1$!*$)(.$0%!&5!%'$!+
&#0%;
!Q&B$**$3*$)$0%,%(&0R<!J&2$B$*4!(5!%'$!$i#,%(&0!3*&.#+$)!,!0$1,%(B$!
0#/>$*4!(%!(0.(+,%$)!%',%!
*$)(.$0%)!&5!%'$!*,+$!&*!$%'0(+
(%;!(0!i#$)%(&0!,*$
!-$))!-(?$-;!%&!*$)(.$!(0!/,0#5,+%#*$.!'&#)(01!%',0!
%'$!,B$*,1$!*$)(.$0%!&5!%'$!+
&#0%;!
Q#0.$**$3*$)$0%,%(&0R<!
!J=K=%EI182/3F<F
%S5=%E8O38A734F/<1
%"793R=%%S'$!5(*)%!';3&%'$)()!&5!%'()!)%#.;!()!%',%!
I-,+?4!
,0.!J()3,0(+K
L,%(0M!,*$!#0.$**$3*$)$0%$.!(0!
/,0#5,+%#*$.!'&#)(01!
>$+,#)$!
%'$;!,*$
!#0.$**$3*$)$0%$.
!(0!'&/$&20$*)'(3!(0!1$0$*,-<!
S&!(--#)%*,%$!#0.$**$3*$)$0%,%(&0!5&*!'&/$&20$*)'(34!,!)(/(-,*!
(0.$M
!()!+*$,%$
.<!!
S'()!()!+,-+#-,%$.4!,)!
(--#)%*,%$.!(0!
Gi#,%(&0
!6!>$-&24!>;!)#>%*,+%(01!%'$!%&%,-!'&/$&20$*)'(3!*,%$!5*&/!%'$!
'&/$&20$*)'(3!*,%$!&5!,!3,*%(+#-,*!*,+$<!
@)(01!
678C:6789!D/$*(+,0!A&//#0(%;!=#*B$;!
E:F$,*!
G)%(/,%$)!.,%,
!,%!%'$!+&#0%;!-$B$-
4!%'$!'&/$&20$*)'(3
!*,%$
!5&*!,!3,*%(+#-,*!*,+$!2,)!+,-+#-,%$.!>;!
.(B(.(01!%'$!0#/>$*!&5!&20$*
:&++#3($.!'&#)(01!#0(%)!&5!,!3,*%(+#-,*!*,+$!>;!%'$!%&%,-!0#/>$*!&5!
'&#)(01!#0(%)!%',%!*,+$!&++#3($)!(0!%'$!+&#0%;<!S'$
!3$*+$0%,1$!&5!%&%,-
!'&/$&20$*)'(3
$(0!,!+&#0%;!
()!+,-+#-,%$.!>;
!.(B(.(01!%'$!0#/>$*!&5!&20$*
:&++#3($.!'&#)(01!#0(%)!>;!%'$!%&%,-!0#/>$*!&5!
'&#)(01!#0(%)!(0!%'$!+&#0%;<!X-$,)$!)$$!
Gi#,%(&0
!6!>$-&2<!
QZ,+$R!2(--!>$!*$3*$)$0%,%(B$!&5!&0$!&5!
%'$!
%'*$$
!*,+$K$%'0(+(%($)!/$0%(&0$.!(0!%'$!';3&%'$)$)!QI-,+?4!L,%(0M4!,0.!
O'(%$
R<!%!!!!!!!6^!*P:02<87%
@6%-0;<0D%E8O38A734F/<1
%"793R%%&'()*+
,-./+0
#-**123+4
#56&'()*+
,#57183/9
#6/3:8
"#&-./+0
#-**123+4
#56&57183/9
#6/3:8
;<()*3)=
#57>+7./+08
?32#@/4+A!!@A#@B6-,C#D5&,5E1,>';%+#
F#A#G5.67#D5&,5E1,>';%+C#H#B6-%67#D5&,5E1,>';%+
#81/,*
#!T5!%'$!$i#,%(&0!3*&.#+$)!,!3&)(%(B$!0#/>$*!,)!,!*$)#-%4!(%!
(0.(+,%$)
!%',%!
*$)(.$0%)!&5!%'$!*,+$!&*!
$%'0(+(%;!(0!i#$)%(&0!
,*$!/&*$!-(?$-;!%&!>$!'&/$&20$*)!%',0!%'$!,B$*,1$!*$)(.$0%!&5!%'$!+
&#0%;
!Q&B$**$3*$)$0%,%(&0R<!J&2$B$*4!(5!%'$!$i#,%(&0!3*&.#+$)!,!0$1,%(B$!*$)#-%!%'$0!
*$)(.$0%)!&5!%'$!*,+$!
&*!$%'0(+(%;!(0!i#$)%(&0!
,*$!
-$))!-
(?$-;!%&!>$!'&/$&20$*)!%',0!%'$!,B$*,1$!*$)(.$0%!&5!%'$!
+&#0%;
!Q#0.$**$3*$)$0%,%(&0R<
!T!';3&%'$)(H$
!%',%!%'$!'&/$&20$*)'(3!
(0.$M
!>;!*,+$!2(--!',B$!,!3&)(%(B$!
*$-,%(&0)'(3!2(%'!%'$!/,0#5,+%#*$.!'&#)(01
!&++#3,0+;!(0.$M
<!S'#)4!.()3,*(%($)!(0!'&/$&20$*)'(3!
/,;!+&0%*(>#%$!%&!.()3,*(%($)!(0!/&>(-$!'&/$!&++#3,0+;<!
!J=L=%EI182/3F<F%
S@=%,4C07%?F=%-:40D
=%S'$!)$+&0.!';3&%'$)()!(0!%'()!)%#.;!()!%',%!%'$*$!
/,;!>$!5$2$*!
3$&3-$!&5!+&-&*!*$)(.(01!(0!
/,0#5,+%#*$.!'&#)(01!>$+,#)$!/
,0#5,+%#*$.!'&#)(01!()!
.()3*&3&*%(&0,%$-;!
*#*,-4!2'(-$!
+&//#0(%($)!&5!+&-&*!
.()3*&3&*%(&0,%$-;
!*$)(.$!(0!#*>,0!,*$,)<!6787!A$0)#)!.,%,!2(--!>$!#)$.!,%!
%'$!+
&#0%;
!-$B$-!5&*!%'()!';3&%'$)()4!,)!%'$!6787!A$0)#)!(0+-#.$)!.,%,!&0!*#*,-!B)<!#*>,0!#0(%)<!S'$!
@<=<
!A$0)#)!I#*$,#!+,%$1&*(H$)!#*>,0!,0.!*#*,-!,*$,)!,)P
!¥!@*>,0(H$.!D*$,)!
u!X&3#-,%(&0!&5!E74777!&*!/&*$
!¥!@*>,0!A-#)%$*)!
uX&3#-,%(&0!&5!,%!-$,)%!64E77!,0.!-$))!%',0!E74777
!¥!Z#*,-!
u!D0;!3&3#-,%(&04!'&#)(01!&*!%$**(%&*;!0&%!(0!,0!#*>,0!,*$,!&*!#*>,0!
+-#)%$*<
!T0!&*.$*!%&!+,-+#-,%$!%'$!3$*+$0%,1$!&5!
3$&3-$!-(B(01!(0!
*#*,-!,*$,
)!(0!
%'$!+&#0%;
4!2$!.(B(.$!
%'$!
%&%,-!0#/>$*!&5!3$&3-$!-&+,%$.!(0
!*#*,-!
,*$,
)!>;!%'$!%&%,-!
0#/>$*!&5!3$&3-$!(0!$,+'!+&#0%;!
!!!!!!!6`!Q#*>,0!,*$,4!#*>,0!+-#)%$*4!,0.!*#*,-R
!,0.!/#-%(3-;!>;!877
<!W&*!%'()!';3&%'$)()4
!T!$M3$+%!%',%!
3$&3-$!
&5!+&-&*!2(--!>$!#0.$**$3*$)$0%$.!(0!/,0#5,+%#*$.!'&#)(01!(0!/&*$!*#*,-!,*$,)!,0.!&B$**$3*$)$0%$.!
(0!/&*$!#*>,0!,*$,)<
!*P:02<87%
J6%V34;372%-:40D
%B(10)=
#C721=):37/
D7:)=
#E71/:F#C721=):37/
GHII<J#(10)=
#!!J=M=%EI182/3F<F
%SJ=%+38G401/<;%H<?<F<87F
=%%S'$!%'(*.!';3&%'$)()!(0!%'()!)%#.;!()!%',%!%'$*$!
/,;!>$!5$2$*!
3$&3-$!&5!+&-&*!*$)(.(01!(0!
/,0#5,+%#*$.!'&#)(01!>$+,#)$!
%'$!#0.$*
:!&*!&B$*
:*$3*$)$0%,%(&0!&5!
I-,+?!
,0.!J()3,0(+KL,%(0M
!(0!
/,0#5,+%#*$.!'&#)(01
!/,;!>$!
+&0%(01$0%!&0!
%'$
!1$&1*,3'(+!.(B()(&0!
Q(<$<4!*$1(&0R!&5!%'$!+&#0%*;!
(0!2'(+'!%
'$;!*$)(.$<!
678C:6789!D/$*(
+,0!A&//#0(%;!=#*B$;!
E:F$,*!
G)%(/,%$)!2(--
!>$!#)$.!,%!
%'$!+
&#0%;
!-$B$-!5&*!%'()!';3&%'$)()!,0.!+&/3,*$.!,+*&))!`!.(B()(&0)!&5!%'$!@0(%$.!=%,%$)<!S'$!
A$0)#)KDA=
!.(B()(&0)!,*$P
!¥!7<!X#$*%&!Z(+&
!¥!8<!N$2!G01-,0.!"(B()(&0P!A&00$+%(+#%4!\,(0$4!
\,)),+'#)$%%)4!N$2!J,/3)'(*$4!
Z'&.$!T)-,0.4!n$*/&0%
!¥!6<!\(..-$!D%-,0%(+!"(B()(&0P!N$2!g$*)$;4!N$2!F&*?4!X$00);-B,0(,
!¥!C<!G,)%!N&*%'!A$0%*,-!"(B()(&0P!T--(0&()4!T0.(,0,4!\(+'(1,04!V'(&4!O()+&0)(0
!¥!]<!O$)%!N&*%'!A$0%*,-!"(B()(&0P!T&2,4!U,0),)4!\(00$)&%,4!\())&#
*(4!N$>*,)?,4!
N&*%'!",?&%,4!=&#%'!",?&%,
!¥!E<!=&#%'!D%-,0%(+!"(B()(&0P!"$-,2,*$4!"()%*(+%!&5!A&-#/>(,4!W-&*(.,4!d$&*1(,4!
\,*;-,0.4!N&*%'!A,*&-(0,4!=&#%'!A,*&-(0,4!n(*1(0(,4!O$)%!n(*1(0(,
!¥!_<!G,)%!=&#%'!A$0%*,-!"(B()(&0P!D-,>,/,4!U$0%#+?;4!\())())(33(4!S$00$))
$$!¥!9<!O$)%!=&#%'!A$0%*,-!"(B()(&0P!D*?,0),)4!L&#()(,0,4!V?-,'&/,KT0.(,0!S$**(%&*;4!
S$M,)
!!!!!!!!C7!¥!^<!\&#0%,(0!"(B()(&0P!D*(H&0,4!A&-&*,.&4!T.,'&4!\&0%,0,4!N$B,.,4!N$2!\$M(+&4!
@%,'4!O;&/(01
!¥!`<!X,+(5(+!"(B()(&0P!D-,)?,4!A,-(5&*0(,4!J,2,((4!V*$1&04!O,)'(01%&0
!!S'$!/,0#5,+%#*$.!'&#)(01!
&++#3,0+;!(0.$M!
2(--!>$!
$M,/(0$.!,+*&))
!$,+'!
.(B()(&0!
%&!
.$%$*/(0$!>,)$.!&0!%'$!.()3,*(%;!(0.(+$)!(5!%'$*$!()!,0!&B$**$3*$)$0%,%(&0!&*!#0.$**$3*$)$0%,%(&0!
5&*!$,+'!*,+$
!&*!$%'0(+(%;
!(0!$,+'!.(B()(&0<
!V0+$!+&/3,*$.4!T!';3&%'$)(H$!%'
,%!%'$*$!2(--!>$!,0!
&B$**$3*$)$0%,%(&0!5&*!%'$!I-,+?!3&3#-,%(&0!(0!%'$!=&#%'!D%-,0%(+!"(B()(&
0!,0.!%'$!L,%(0M!
3&3#-,%(&0!(0!%'$!\&#0%,(0!,0.!O$)%!=&#%'!A$0%*,-!"(B()(&0<!
!!J=T=%EI182/3F<F%SK=%(G3=%
%S'$!5&#*%'!';3&%'$)()!(0!%'()!)%#.;!()!%',%!
I-,+?
!,0.!J()3,0(+K
L,%(0M!/,0#5,+%#*$.!
'&#)(01!*$)(.$0%)!
/,;!>$
!;&#01$*
4!$0%*;
:-$B$-!*$)(.$0%)!,0.!#%(-(H$!/,0#5,+%#*$.!'&#)(01!,)!,!
/$,0)!&5!,55&*.,>(-(%;
4!2'$*$,)!2'(%$!/,0#5,+%#*$.!'&#)(01!*$)(.$0%)!,*$!&-.$*!
Q*$%(*$$)4!
)0&2>(*.)R!2'&!)$-$+%!/,0#5,+%#*$.!'&#)(01!>;!+'&(+$<!!
678C:6789!D/$*(+,0!A&//#0(%;!
=#*B$;!
E:F$,*!G)%(/,%$)!
2(--!>$!#)$.!,%!%'$!+
&#0%;
!-$B$-!
%&!/$,)#*$!%'$!3$*+$0%,1$!&5!'$,.)!&5!
'&#)$'&-.!*$)(.(01!(0!/&>(-$!'&/$)!2'&!,*$!&B$*!_E!;$,*)!&5!,1$4!,
)!(--#)%*,%$.!(0!Gi#,%(&0!
]"<!T!';3&%'$)(H$!%',%!%'$!
I-,+?!,0.!L,%(0M
!'&#)$'&-.)!2(--!>$!&B$*
:*$3*$)$0%$.!(
0!/,0#5,+%#*$
.!'&#)(01!
2'$0!/&>(-$!'&/$!*$)(.$0%)!,*$4!&0!,B$*,1$4!;&#01$*4!2'(-$!
O'(%$!'&#)$'&-.)
!2(--!>$!
&B$*
:*$3*$)$0%$.!2'$0!/&>(-$!'&/$!*$)(.$0
%)!,*$!&-.$*<!
!*P:02<87%
K6%V34;372%*D934DI%<7%>8C<D3%E8O3F
%B&K7L3=+#57>+
#-**123+4
#5718+
?7=4+08#MNO&K7L3=+#57>+
#-**123+4
#5718+
?7=4+08#P==#P9+8
#'HNO,G#HII<J#Q=4+0=F
#3/#K7L3=+#57>+8
!!!!"!#$%&!'($)*+!,&!-.+&!%(.%!%(
&!)#/0&1'&!)'&+!%$!-&.')1&!%(/'!,2!%(&!"34!/#5*)+&!-$,/*&!($-&'6!1&51&.%/$#.*!
0&(/5*&'6!.#+!,$.%'7
!!!!!!!!C8!!J=U=%.87;D:F<87
%!S'()!
+',3%$*
!3*&3&)$
.!3&%$0%(,-!5,+%&*)!%',%!/(1'%!+&0%*(>#%$!%&!
%'$!*,+(,-K$%'0(+!.()3,*(%;!
,/&01
!/,0#5,+%#*$.!'&#)(01!*$)(.$0%)
<!",%,!2,)!,0,-;H$.!#)(01!
+&#0%;
:-$B$-!$)%(/,%$)!
5*&/!%'$!
678C:6789!D/$*(+,0!A&//#0(%;!=#*B$;!
E:F$,*!G)%(/,%$)!,0.!%'$!6787!@<=<!.$+$00(,-!+$0)#)<
!V*.(0,*;!L$,)%!=i#,*$)!QVL=R!*$1*$))(&0!2,)!#)$.!%&!$M,/(0$!%'$!*$-,%(&0)'(3!>$%2$$0!%'$!
/&>(-$!'&/$!&++#3,0+;!
(0.$M!
,0.!5&#*!B,*(,>-$)!&5!(0%$*$)%P!'&/$&20$*)'(3!
(0.$M
4!#*>,0!B)<!
*#*,-!,*$,4!1$&1*,3'(+!.(B()(&0)4!,0.!,1$<!
S'$!5&--&2(01!+',3%$*!
.$%,(-)
!%'$!,0,-;)()!&5!%'$!.,%,!
,0.!
'&-.)!,!.()+#))(&0!&0!%'$!*$)#-%)!&5!%'$!,0,-;)()<!
!!!!!!!!!C6!&456789'I
;'%8F?J7F'
5<>'.AF@?FFA=<
'!S'()!+',3%$*!
+&0.#+%)!,0!,0,-;)()!&5!.,%,!5*&/!%'$!DA=!,0.!.$+$00(,-!+$0)#)!(0!&*.$*!%&!
$M,/(0$!%'$!3&%$0%(,-!5,+%&*)!%',%!/,;!
+&0%*(>#%$!%&!*,+(,-!.()3,*(%($)!(0
!/,0#5,+%#*$.!'&#)(01!
&++#3,0+;<
!W(*)%4!(
0!&*.$*!%&!
B()#,-(H$!
$,+'!';3&%'$)()
4!%'()!+',3%$*!>$1(0)!2(%'!
,0!,0,-;)()!&5!
.$)+*(3%(B$!)%,%()%(+)!
5&*!$,+'!B,*(,>-$4!'()%&1*,/)4!,0.!
+'&*&3-$%'!
/,3)
<%!T0!%'$!0$M%!
)$+%(&0
4!)+,%%$*3-&%)!,0.!-(0$,*!*$1*$))(&0!
()!#)$.!%&!,0,-;H$!%'$!*$-,%(&0)'(3!>$%2$$0!%'$!.$3$0.$0%!
B,*(,>-$4!*,+(,-!.()3,*(%;!(0!/,0#5,+%#*$.!'&#)(014!,0.!%'$!(0.$3$0.$0%!B,*(,>-$)!(0!$,+'!
';3&%'$)()<
!!K=5=%H3
F;4<12<?3%#202<F
2<;F%079%>01F
%!I,+,1/,1.#J6>
%6K7,L#M61:N6-.:>,/#D5:'%12
#O--:+61-?#81/,*
#!!"$)+*(3%(B$!)%,%()%(+)!5&*!%'$!.$3$0.$0%!B,*(,>-$4!
/,0#5,+%#*$.!'&#)(01
!&++#3,0+;!(0.$M
4!,*$!3*$)$0%$.!(0!S,>-$!6<!!
V0-;!+&#0%($)!2(%'!
1*$,%$*!%',0!E4777
!'&#)$'&-.)!,*$!)#//,*(H$.!
'$*$
<!A&/3,*(01!I-,+?4!
J()3,0(+K
L,%(0M!,0.!
N&0
:J()3,0(+!
O'(%$!/&>(-$!'&/$!
&++#3,0+;!
(0.$M
4!/&*$!)(/(-,*(%($)!,33$,*!%',0!.(55$*$0+$)!(0!%'$!.,%,<!S'$!/$,0!5&*!,--!*,+$)!-($)!-$))!%',0!
%2&!3&(0%)!5*&/!H$*&!.()3,*(%;<!I-,+?!,0.!O'(
%$!'&#)$'&-.)!,*$!&0!,B$*,1$!)-(1'%-;!
#0.$**$3*$)$0%$.!(0!/&>(-$!'&
/$)4!2'(-$!J()3,0(+KL,%(0M!,*$!&0!,B$*,1$!)-(1'%-;!
&B$**$3*$)$0%$.<!D-%'&#1'!O'(%$!'&#)$'&-.)!,*$!&0!,B$*,1$!)-(1'%-;!#0.$**$3*$)$0%$.4!%'$!
)%,0.,*.!.$B(,%(&0!)'&2)!%',%!%'$;!,*$!/&*$!-(?$-
;!%&!)%,;!+-&)$*!%&!H$*&!.()3,*(%;!%',0!I-,+?!
'&#)$'&-.)<!J()3,0(+KL,%(0M!,-)&!',B$!,!-,*1$*!)%,0.,*.!.$B(,%(&04!>#%!.#$!%&!%'$(*!'(1'$*!
,B$*,1$!.()3,*(%;!)'&2!,!1*$,%$*!*,01$!(0!&B$**$3*$)$0%,%(&0!%',0!I-,+?!&*!O'(%$!'&#)$'&-.)<!
S'()!%*$0.!()!,-)&!)$$0!(0
!%'$!.,%,!5&*!/,M(/#/!B,-#$)!,)!J()3,0(+KL,%(0M!'&#)$'&-.)!',B$!%'$!
!"!8#!$1+&1!%$!'($9!%(&!:1&.%&'%!0.1/.%/$#!/#!%1&#+'6!$#*2!%(&!5$#%/:)$)'!;#/%&+!4%.%&'!/'!'($9#!/#!%(&!-.<'7
!!!!!!!!CC!'(1'$)%!,/&#0%!&5!&B$**$3*$)$0%,%(&0!(0!/&>(-$!'&
/$)<!VB$*,--!O'(%$!/&>(-$!'&/$!.()3,*(%;!
()!/&*$!+&0)()%$0%!
%',0!>&%'!%'$!I-,+?!,0.!J()3,0(+KL,%(0M!/&>(-$!'&/$!.()3,*(%($)!2(%'!,!)/,--!
,B$*,1$
!.()3,*(%;4!)/,--!)%,0.,*.!.$B(,%(&04!,0.!
%'$!
/(0(/#/!,0.!/,M(/#/
!B,-#$)!2(%'!%'$!
-&2$)%!,>)&-#%$!/,10(%#.$
<!!V0!,B$*,1$4!'&2$B$*4!%'$!*,+(,-!.()3,*(%($)!(0!/&>(-$!'&/$!
&++#3,0+;!,*$!-&2$*!(0!/,10(%#.$!%',0!,0%(+(3,%$.<
!D!+&/3-$%$!)$%!&5!.$)+*(3%(B$!)
%,%()%(+)!5*&/!
%'$!&*(1(0,-!.,%,!)$%!&5!+&#0%($)!+,0!>$!5&#0.!(0!D33$0.(M!8<!
!$0CD3%
@6%H3F;4<12<?3%#202<F2<;F%8B%
2/3%
H31379372%Q04<0CD3
%!n,*(,>-$
!V>)$*B,%(&0
!\$,0!=%.<!"$B<
!\(0!\,M!I-,+?!\&>(-$!
J&/$!
V++#3,0+;!
T0.$M
!]6E!:8<_``__9!C<`E]66!:8^<E8_9^!6C<7CEC_!J()3,0(+KL,%(0M!
\&>(-$!J&/$!
V++#3,0+;!T0.$M
!]88!8<_^9]`!]<CE`79`!:8]<66`^]!6]<EE^^E!N&0
:J()3,0(+!
O'(%$!\&>(-$!
J&/$!
V++#3,0+;!
T0.$M
!647C]!:<99^_8]E!8<^77]98!:86<9E`^`!8_<668]E!!T0(%(,--;!-&&?(01!,%!%'$!I-,+?!
\&>(-$!J&/$!"()3,*(%;!/,34!%'*$$!*$1(&0)!2(%'!%'$!1*$,%$)%!
#0.$**$3*$)$0%,%(&0!)%,0.!&#%
P!S'$
!=&#%'2$)%!
*$1(&04!D33,-,+'(,4!,0.!
W-&*(.,
<!J&2$B$*4!-&&?(01!
>,+?!%&!
W(1#*$!
84!%'$!0#/>$*!&5!I-,+?!'&#)$'&-.)!(0!%'$!+&#0%($)!5&*!%'$!D33,-,+'(,0!*$1(&0!,*$!
-$))!%
',0!E4777<!S'#)4!5*&/!,!),/3-(01!3$*)3$+%(B$4!
W-&*(.,!,0.!%'$!=&#%'2$)%!*$1(&0!
,33$,*!>$!
%'$!*$1(&0
)!%',%!',
B$!%'$!/&)%!#0.$**$3*$)$0%,%(&0!
&5!I-,+?!'&#)$'&-.)!
(0!
/&>(-$!'&/$)<
!!!!!!!!C]!!'<G:43%
M6%)D0;\%>8C<D3%E8O3%H<F104<2I%>01
%!S'$!
J()3,0(+KL,%(0M!\&>(-$!J&/$!"()3,*(%;!/,3!)'&2)!%'*$$!*$1(&0)!2(%'!%'$!1*$,%$)%!
#0.$**$3*$)$0%,%(&0
P!S'$
!@33$*!\&#0%,(0!*$1(&04!D33,-,+'(,4!,0.!%'$!=&#%'<!J&2$B$*4!-&&?(01!
>,+?!,%!%'$!
W(1#*
$!C
4!%'$!0#/>$*!&5!J()3,0(+KL,%(0M!'&#)$'&-.)!(0!%'$!+&#0%($)!5&*!,
--!%'*$$!
*$1(&0)!,*$!-$))!%',0!E4777<!S'#)4!5*&/!,!),/3-(01!3$*)3$+%(B$4!0&!)3$+(5(+!*$1(&0!+,0!,++#*,%$-;!
,++&#0%!5&*!#0.$**$3*$)$0%,%(&0!&*!&B$**$3*$)$0%,%(&0!5&
*!J()3,0(+KL,%(0M!'&#)$'&-.)!&++#3;(01!
/&>(-$!'&/$)<
!!!!!!!!CE!!!'<G:43%
T6%E<
F107<;]!02<7R%>8C<D3%E8O3%H<F104<2I%>01
%!D+*&))!%'$!@0(%$.!=%,%$)!%'$*$!,*$!&0-;!
,!',0.5#-!&5!+&#0%($)!%',%!',B$!,!)$B$*$!
&B$**$3*$)$0%,%(&0!&5!
O'(%$)!(0!
/&>(-$!'
&/$)
<!T0!/&)%!&5!%'$!+&#0%*;4!O'(%$!'&#)$'&-.)!',B$!
-(%%-$!%&!0&!.()3,*(%;!(0!%'$(*!
/,0#5,+%#*
$.!'&#)(01<!V0-;!%'*$$!*$1(&0)!/(-.-;!)%,0.!&#%!5&*!
#0.$**$3*$)$0%,%(&0!,+*&))!%'$!+&#0%*;
P!S'$
!=&#%'4!N$2!\$M(+&4!,0.!%'$!),/$!B$*%(+,-!)%*(3!&5!
-,0.!)$$0!(0!
W(1#*$!]4!
%',%!*#0)!B$*%(+,--;!%'*&#1'&#%!%'$!3-,(0)4!2'(+'!$0+&/3,))$)!3,*%)!&5!
N&*%'!",?&%,4!=&
#%'!",?&%,4!N$>*,)?,4!U,0),)4!V?-,'&/,!,0.!S$M,)<!W&*!%'$!B$*%(+,-!)%*(34!,)!
-$))!%',0!E4777!O'(%$!'&#)$'&-.)!-(B$!(0!%'&)$!,*$,)
4!%'$*$!()!,!-(?$-('&&.!%',%!%'$!
#0.$**$3*$)$0%,%(&0!()!.#$!%&!,!),/3-(01!$**&*<!J&2$B$*4!%'$!=&#%'!,0.!N$2!\$M(+&!>&%'!,33$,*!
%&!
>$!%'$!*$1(&0)!%',%!',B$!%'$!/&)%!#0.$**$3*$)$0%,%(&0!5&*!O'(%$!'&#)$'&-.)!&++#3;(01!/&>(-$!
'&/$)<
!!!!!!!!C_!!'<G:43%
U6%^/<23%>8C<D3%E8O3%H<F104<2I%>01
%!%VB$*,--!-&&?(01!,%!3&3#-,%$.!+&#0%($)!%',%!,*$!*$3*$)$0%,%(B$!&5!$,+'!*,+$4!0&!-,*1$!
.()3,*(%;!%*$0.)!&++#*!2(%'(0!,0;!*,+$<!=#*3*()(01-;!J()3,0(+KL,%(0M!
'&#)$'&-.)l
!%*$0.!%&2,*.!
&B$**$3*$)$0%,%(&04!'&2$B$*!%'()!/,;!>$!.#$!%&!%'$!&B$*2'$-/(01!+&01*$1,%(&0!
&5!+&-&0(,)!,0.!
(05&*/,-!)$%%-$/$0%)!(0!+$*%,(0!1$&1*,3'(+!*$1(&0)
!Q"#*)%!,0.!O$1/,004!6789R
<!I-,+?!
'&#)$'&-.)!',B$!%'$!1*$,%$)%!,/&#0%!&5!#0.$**$3*$)$0%,%(&0!&5!%'$!%'*$$!*,+$)4!>#%!O'(%$!
'&#)$'&-.)!)'&2!,!)(/(-,*!%*$0.!&5!)-(1'%!#0.$**$3*$)$0%,%(&0!,)!2$
--<!!!!!!!!!!!C9!D?+5.;,'%'#P!L#B6-%67#I%'+6>%.?#%1#D5&,5E1,>';%+
#!!T!0&2!%#*0!%&!,0!,0,-;)()!&5!%'$!*$-,%(&0)'(3!>$%2$$0!*,+(,-!.()3,*(%($)!(0!'&/$&20$*)'(3!
,0.!%'$!.()3,*(%($)!(0!/,0#5,+%#*$.!'&#)(01!.()+#))$.!,>&B$<!
D)!(--#)%*,%$.!(0!S,>-$!C4!%
'$!
N&0
:J()3,0(+!
O'(
%$!'&/$&20$*)'(3!
(0.$M
!',)!%'$!'(1'$)%!/$,04!
%'#)!
%*$0.(01!%&2,*.!
&B$**$3*$)$0%,%(&0!(0!'&/$&20$*)'(3
4!,0.!
,-)&!',)!%'$!)/,--$)%!)%,0.,*.!.$B(,%(&0!5*&/!%'$!
/$,0!!,0.!%'$!-&2$)%!/,10(%#.$!/(0(/#/!,0.!/,M(/#/!&5!%'$!%'*$$!*,+$)
c!%'()!)#11$)%)!%',%!
.()3,*(%($)!(0!'&/$&20$*)'(3!%$0.!%&!>$!-$))!$M%*$/$!%',0!5&*!I-,+?!,0.!L,%(0M!'&#)$'&-.)
<!T0!)%,*?!+&0%*,)%4!%'$!I-,+?!,0.!J()3,0(+KL,%(0M!'&/$&20$*)'(3!
(0.(+$)
!>&%'!',B$!)(/(-,*!
/(0(/#/!,0.!/,M(/#/)4!2'$*$!,%!%'$!2&*)%!%'$*$!,*$!+&#0%($)!2(%'!)$B$*$!#0.$
**$3*$)$0%,%(&0!
(0!'&/$&20$*)'(3!5&*!>&%'!*,+$)
K$%'0(+(%($)
<!S'$!I-,+?!'&/$&20$*)'(3!
(0.$M
4!2(%'!,!/$,0!&5!
:8`<E94!()!/&*$!)$B$*$!%',0!%'$!J()3,0(+KL,%(0M!'&/$&20$*)'(3!
(0.$M
!Q:86<`6R<!S'()!)%,%()%(+4!
3$*',3)!/&*$!%',0!,0;!&%'$*!.()+#))$.!(0!%'()!)%#.;4!'(
1'-(1'%)!%'$!);)%$/,%(+!,0.!-&01)%,0.(01!
(0$i#,-(%;!$M3$*($0+$.!>;!I-,+?!'&#)$'&-.)!(0!,%%$/3%(01!%&!,++$))!%'$!aD/$*(+,0!"*$,/b!&5!
'&/$&20$*)'(3<!
J&2$B$*4!&B$*,--!%'$!'&/$&20$*)'(3!.()3,*(%;!5,--)!,-&01!*,+(,-!.(B(.$)!2(%'!
O'(%$)!*$3*$)$0%$.!(0!'&/$&20$*)
'(34!2'(-$!3$&3-$!&5!+&-&*!,*$!0&%<!!!
!$0CD3%
J6%H3F;4<12<?3%#202<F2<;F%8B%"7931379372%Q04<0CD3F%ZEI182/3F<F%5[
%n,*(,>-$
!V>)$*B,%(&0
!\$,0!=%.<!"$B<
!\(0!\,M!I-,+?!
J&/$&20$*)'(3!
T0.$M
!]6E!:8`<E999C!88<79``^!:]]<]6CCC!C<C`77``!J()3,0(+KL,%(0M!
J&/$&20$*)'(3!
T0.$M
!]88!:86<`6]96!87<67886!:]C<7C6EE!]<7E6699!N&0
:J()3,0(+!
O'(%$!
J&/$&20$*)'(3!
T0.$M
!647C]!C<_9898^!C<_C]98!:`<C]7E]`!6E<89CEC!!!!!!!!!C^!D-/&)%!$B$*;!+&#0%;!2'$*$!I-,+?!'&#)$'&-.)!,+%#,--;!*$)(.$4!,)!)'&20!(0!%'$!
W(1#*$!8
4!)'&2)!,0!#0.$**$3*$)$0%,%(&0!(0!'&/$&20$*)'(3<!O'(-$!%'$*$!,*$!+&#0%($)!-,>$-$.!,)!
&B$**$3*$)$0%,%(&0!Q`!
:!]]R!,+*&))!%'$!X-,(0)!,0.!S$M,)!2'$0!+&/3,*(01!%'$!
W(1#*$!8!
%&!W(1#*$!`
4!%'$!,*$,)!2'$*$!&B$**$3*$)$0%,%(&0!,*$!)'&20!,*$!3-,+$)!2'$*$!%'$*$!,*$!-$))!%',0!E4777!I-,+?!
'&#)$'&-.)!,0.!%'#)!%'$)$!3&)(%(B$!.()3,*(%($)!,*$!-(?$-;!,%%*(>#%,>-$!%&!),/3-(01!$**&*<!S'$!
+&#0%($)!%',%!,*$!/())(01!(0!2'(%$!*$3*$)$0%!0&!I-,+?!'&#)
$'&-.)4!;$%!.$)3(%$!,!0#/>$*!&5!
/())(01!+&#0%($)!%'()!/,3!)$*B$)!,)!,!)%,*?!*$/(0.$*!&5!'&/$&20$*)'(3!.()3,*(%;!5&*!D5*(+,0!
D/$*(+,0)<
!!'<G:43%
_6%)D0;\%E8O38A734F/<1%H<F104<2I%>01
%O(%'!%'$!$M+$3%(&0!&5!N$2!\$M(+&!,0.!S$M,)4!
(0!
,-/&)%!$B$*;!+&#0%;!
2(%'!/&*$!%',0!
E4777!J()3,0(+KL,%(0M!'&#)$'&-.)4!,)!)'&20!(0!
W(1#*$!C
4!J()3,0(+)KL,%(0M!,*$!
#0.$**$3*$)$0%$.
!(0!'&/$&20$*)'(3<!O'(-$!%'$*$!,*$!+&#0%($)!-,>$-$.!,)!&B$**$3*$)$0%,%(&0!Q`!
:!]]R!,+*&))!%'$!
!!!!!!!C`!\&#0%,(0!*$1(&04!D33,-,+'(,4!,0.!%'$!=&#%'
4!,)!(--#)%*,%$.!(0!W(1#*$!
874!%'$!,*$,)!2'$*$!
&B$**$3*$)$0%,%(&0!,*$!)'&20!,*$!3-,+$)!2'$*$!%'$*$!,*$!-$))!%',0!E4777!J()3,0(+KL,%(0M!
'&#)$'&-.)!,0.!
%'#)!%'$!$)%(/,%$)!
,*$!3&%$0%(,--;!,-%$*$.!>;!,!),/
3-(01!$**&*<!S'$!+&#0%($)!%',%!
,*$!/())(01!(0!2'(%$!*$3*$)$0%!0&!J()3,0(+KL,%(0M!'&#)$'&-.)<!S'()!/,3!(--#)%*,%$)!,!-$))!)$B$*$!
'&/$&20$*)'(3!.()3,*(%;!%',0!
5&*!D5*(+,0!D/$*(+,0)4!;$%!)%(--!)$*B$)!,)!,0!,#)%$*$!*$/(0.$*!&5!
'&/$&20$*)'(3!.()3,*(%;!5&*!J()3,
0(+KL,%(0M!'&#)$'&-.)!(0!+&/3,*()&0!%&!O'(%$)<
!!'<G:43%
5`6%E<F107<;]!02<7R%E8O38A734F/<1%H<F104<2I
%!D+*&))!%'$!@0(%$.!=%,%$)!%'$*$!()!-(%%-$!%&!0&!O'(%$!'&/$&20$*)'(3!.()3,*(%;4!,0.!(0!
+&/3,*()&04!3*&B(.$)!,!1-,*(01!+&0%*,)%!%&!>&
%'!%'$!I-,+?!,0.!J()3,0(+KL,%(0M!J&/$&20$*)'(3!
"()3,*(%;!/,3)
4!)'&20!(0!W(1#*$)!
`!,0.!
87<!O'(-$!%'$*$!,*$!+&#0%($)!-,>$-$.!,)!#0.$**$3*$)$0%$.!
Q:]^!:!:8ER!(0!O'(%$!'&/$&20$*)'(3!(0!S$M,)!,0.!N$2!\$M(+&4!%'$*$!()!)(10(5(+,0%-;!/&*$!
!!!!!!!]7!&B$**$3*$)$0%,%(&0!Q`!
:!]]R!,+*&))!%'$!=&#%'4!N&*%'$,)%4!,0.!A,-(5&*0(,
4!,)!(--#)%*,%$.!(0!W(1#*$!
88<!VB$**$3*$)$0%,%(&0!,-)&!&++#*)!(0!+&#0%($)!(0!%'$!\(.2$)%!%',%!',B$!,0!#*>,0!+$0%$*4!)#+'!,)!
A'(+,1&4!"$%*&(%4!,0.!A-$B$-,0.<
!!'<G:43%
556%^/<23%
E8O38A734F/<1%H<F104<2I%>01
%VB$*,--!-&&?(01!,%!3&3#-,%$.!+&#0%($)!%',%!,*$!*$3*$)$0%,%(B$!&5!$,+'!*,+$4!
-,*1$
!.()3,*(%;!
%*$0.)!&++#*!2(%'(0!
$,+'!*,+$<!
I-,+?!'&#)$'&-.)!,*$!)$B$*$-;!#0.$**$3*$)$0%$.!(0!'&/$&20$*)'(34!
J()3,0(+KL,%(0M!,*$!#0.$**$3*$)$0%$.!(0!
'&/$&20$*)'(34!,0.!O'(%$!'&#)$'&-.)!,*$!
&B$**$3*$)$0%$.!(0!'&/$&20$*)'(3<!
!!D?+5.;,'%'#P(L#Q>K61#<'"#B:>67
#!!D)!)'&20!(0
!W(1#*$!86
4!/&)%!&5!%'$!1$&1*,3'(+!,*$,!&5!%'$!+&0%(1#&#)!@0(%$.!=%,%$)!()!
_Cf!:!877f!*#*,-<!S'$!-$,)%!*#*,-!,*$,)!,*$!&>B(&#)-;!/,33$.!
,*&#0.!/$%*&3&-(%,0!,*$,)4!
!!!!!!!]8!'&2$B$*!/&)%!&5!W-&*(.,4!A,-(5&*0(,4!,0.!%'$!N&*%'$,)%$*0!D%-,0%(+!A&,)%!,*$!,-)&!+&0)(.$*$.!
)&/$!&5!%'$!-$,)%!*#*,-!,*$,)!(0!%'$!@0(%$.!=%,%$)<!!S'$!/&)%!*#*,-!,*$,)!(0!%'$!+&#0%*;!
(0+-#.$!
3&*%(&0)!&5!D33,-,+'(,!,0.
!,!-,*1$!)2,%
'!&5!-,0.!%',%!*#0)!B$*%(+,--;!%'*&#1'&#%!%'$!3-,(0)4!2'(+'!
$0+&/3,))$)!3,*%)!&5!N&*%'!",?&%,4!=&#%'!",?&%,4!N$>*,)?,4!U,0),)4!V?-,'&/,!,0.!S$M,)<
!!'<G:43%
5@6%V34;372%-:40D%>01
%!=$$0!(0!S,>-$!]4!
%'$!.$)+*(3%(B$!)%,%()%(+)!&5!%'$!3$*+$0%!*#*,-!,*$,!(0!%'$!@0(%$.!=%,%$)!
(--#)%*,%$)!%',%!
(0!%'$!,B$*,1$!+&#0%;
!E9<E6f!&5!3$&3-$
!,*$!-&+,%$.!(0!*#*,-!,*$,)
<!A&#0%($)!2(%'!
&B$*!E4777!O'(%$!'&#)$'&-.)!,*$!&0!,B$*,1$!]9<7Cf!*#*,-<!T0!,..(%(&04!O'(%$!'&#)$'&-.
)!,*$!/&*$!
-(?$-;!%&!*$)(.$!(0!,--!,*$,)!Q#*>,0!,0.!*#*,-R4!,)!%'$!)%,0.,*.!.$B(,%(&0!(--#)%*,%$)!,!2(.$!*,01$!&5!
69<_9f!,*&#0.!%'$!/$,0<!I&%'!I-,+?!,0.!J()3,0(+KL,%(0M!,*$!-$))!-(?$-;!%&!*$)(.$!(0!*#*,-!,*$,)!
%',0!2'(%$!'&#)$'&-.)4!,)!+&#0%($)!%',%!',B$!&
B$*!E4777!I-,+?!'&#)$'&-.)!,*$!8`<`Ef!*#*,-4!,0.!
!!!!!!!]6!+&#0%($)!%',%!',B$!&B$*!E4777!J()3,0(+KL,%(0M!'&#)$'&-.)!,*$!&0-;!86<6^f!*#*,-<!J()3,0(+KL,%(0M!
'&#)$'&-.)!,*$!-$))!-(?$-;!%&!*$)(.$!(0!*#*,-!,*$,)!%',0!I-,+?!'&#)$'&-.)!,)!%'$!)%,0.,*.!.$B(,%(&0!
(--#)%*,%$)
!%'$!)/,--$)%!*,01$!&5!8C<_f!,*&#0.!%'$!/$,0<
!$0CD3%
K6%H3F;4<12<?3%#202<F2<;F%8B%"7931379372%Q04<0CD3F%ZEI182/3F<F%@[
%n,*(,>-$
!V>)$*B,%(&0
!\$,0!=%.<!"$B<
!\(0!\,M!X$*+$0%!Z#*,-
!C4668!E9<E6!C6<7]!7!877!X$*+$0%!Z#*,-!
:!I-,+?!
A&#0%($)!v!
E4777!]6^!8`<`E8`6!67<^8]]!7!877!X$*+$0%!Z#*,-!
:!J()3,0(+KL,%(0M!
A&#0%($)!v!E4777
!]8]!86<6^C`^!8C<_6668!7!877!X$*+$0%!Z#*,-!
u!N&0
:J()3,0(+!
O'(%$!A&#0%($)!v!
E4777!647C9!]9<7C8`8!69<_96`9!7!877!!D?+5.;,'%'#P3L#R,52>6+;%-#I%<%'%51'
##!'<G:43%
5J6%,=#=%+38G401/<;%H<?<F<87F%>01
%!!!!!!!]C!S'$!.$)+*(3%(B$!)%,%()%(+)!&5!
/&>(-$!'&/$!.()3,*(%;!,+*&))!
1$&1*,3'(+!.(B()(&0)!
(0!%'$!
@0(%$.!=%,%$)
4!,)!)'&20!(0!S,>-$!E4
!(--#)%*,%$!
,0!,B$*,1$!&B$**$3*$)$0%,%(&0!5&*!J()3,0(+KL,%(0M!
'&#)$'&-.)!(0!.(B()(&0)!C4!]4!E4!_4!94!^4!,0.!`<!S'$!.(B()(&0!2(%'!%'$!'(1'$)%!&B$**$3*$)$0%,%(&0!5&*!
J()3,0(+KL,%(0M!'&#)$'&-.)!()!%'$!G,)%!=&#%'!A$0%*,-!"(B()(&04!2'(+'!+&0)()%)!&5!
D-,>,/,4!
U$0%#+?;4!\())
())(33(4!S$00$))$$
<!!D0!#0.$**$3*$)$0%,%(&0!(0!/&>(-$!'&/$)!5&*!2'(%$!'&#)$'&-.)!
()!3*$)$0%!5&*!,--!.(B()(&0)4!$M+$3%!N$2!G01-,0.!2'$*$!,!)/,--!&B$**$3*$)$0%,%(&0!&++#*)<!S'$!/&)%!
3*$B,-$0%!.(B()(&0)!5&*!#0.$**$3*$)$0%,%(&0!5&*!2'(%$!'&#)$'&-.)!2$*$!O$)%!=
&#%'!A$0%*,-!
"(B()(&04!\&#0%,(0!"(B()(&04!,0.!X,+(5(+!"(B()(&0<!J&2$B$*4!I-,+?!'&#)$'&-.)!&0!,B$*,1$!
*$3*$)$0%!#0.$**$3*$)$0%,%(&0!(0!/&>(-$!'&/$)!,+*&))!,--!.(B()(&0)<!@0.$**$3*$)$0%,%(&0!()!)$$0!%&!
>$!/&)%!3*$B,-$0%!&0!,B$*,1$!(0!%'$!G,)%!=&#%'!A$0%*,-4!
O$)%!=&#%'!A$0%*,-4!\&#0%,(04!,0.!X,+(5(+!
"(B()(&0)!5&*!I-,+?!'&#)$'&-.)<!
!$0CD3%
L6%H3F;4<12<?3%#202<F2<;F%8B%"7931379372%Q04<0CD3F%ZEI182/3F<F%J[
%"(B()(&0
!\$,0!5&*!"(B()(&0)!
:!I-,+?!A&#0%($)!v!
E4777!\$,0!5&*!"(B()(&0)!
u!J()3,0(+KL,
%(0M!
A&#0%($)!v!E4777
!\$,0!5&*!
"(B()(&0)!
u!N&0
:J()3,0(+!
O'(%$!
A&#0%($)!v!E4777
!7!QX#$*%&!Z(+&R
!:<768``88!:<8_78`]8!0K,
!8!QN$2!G01-,0.R
!:<9678]9_!:<_CE9E`_!<EEC7999!6!Q\(..-$!D%-,0%(+R
!:8<7^E^9_!:<788_98C!:<6E6^C_E!C!QG,)%!N&*%'!A$0%*,-R
!:8<97_`_!8<E8_78E!:<98E_7`9!]!QO$)%!N&*%'!A$0%*,-R
!:8<889``6!C<C696^]!:<^_`]C``!E!Q=&#%'!D%-,0%(+R
!:8<CEE_C]!6<C]6_8_!:<^CE87`E!_!QG,)%!=&#%'!A$0%*,-R
!:6<CE]`]E!_<C]^_EC!:<9]_]6`]9!9!QO$)%!=&#%'!A$0%*,-R
!:6<^]7`9_!6<9^676]!:8<9]9`76!^!Q\&#0%,(0R
!:6<_C]786!C<969C6^!:8<9]9`76!`!QX,+(5(+R
!:6<66_]C^!8<6]^_8!:<897C8CE!!D)!)'&20!(0!
>&%'!S,>-$!E!,0.!
W(1#*$!8]4!,0,-;H(01!%'$!5*$i#$0+;!&5!/&>(-$!'&/$!.()3,*(%;!
>*&?$0!.&20!>;!@<=<!A$0)#)!.$)(10,%$.!1$&1*,3'(+!*$1(&0)4!.$3$0.(01!&0!,!)3$+(5(+!*,+$4!+$*%,(0!
*$1(&0)!,*$!)'&20!%&!',B$!1*$,%$*!/&>(-$!'&/$!.()3,*(%;!%',0!&%'$*)<!W&*!D5*(+,0!D/$*(+,0)!%'$!
-,*1$
)%!,/&#0%!&5!#0.$**$3*$)$0%,%(&0!5&*!/&>(-$!'&/$)!()!(0!%'$!=&#%'!D%-,0%(+!"(B()(&04!2'(+'!
!!!!!!!]]!(0+-#.$)!
"$-,2,*$4!"()%*(+%!&5!A&-#/>(,4!W-&*(.,4!d$&*1(,4!\,*;-,0.4!N&*%'!A,*&-(0,4!=&#%'!
A,*&-(0,4!n(*1(0(,4!O$)%!n(*1(0(,
<!S'()!5(0.(01!+&0%*,.(+%)!%'$!(0(%(,-!';
3&%'$)()!%',%!I-,+?!
'&#)$'&-.)!2&#-.!>$!&B$**$3*$)$0%$.!(0!%'$!=&#%'!D%-,0%(+!"(B()(&0<!=/,--$*!,/&#0%)!&5!
#0.$**$3*$)$0%,%(&0!5&*!I-,+?!/&>(-$!'&/$!.()3,*(%;!+,0!,-)&!>$!5&#0.!(0!%'$!G,)%!,0.!O$)%!=&#%'!
A$0%*,-!"(B()(&0)4!2'(+'!(0+-#.$)!
D-,>,/,4!U$0%#+?;4
!\())())(33(4!S$00$))$$
4!D*?,0),)4!
L&#()(,0,4!V?-,'&/,KT0.(,0!S$**(%&*;4!
,0.!
S$M,)
<!!!!!!!!'<G:43%
5K6%)D0;\N%E<F107<;]!02<7RN%079%^/<23%>8C<D3%E8O3%H<F104<2I%CI%+38G401/<;%
H<?<F<87%E<F28G40O
%D?+5.;,'%'#PSL#$2,
#!020406002040600204060-20
020-20
020-20
020-20
020Puerto Rico
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
PaciÞc
Frequency
Black Mobile Home Disparity
Graphs by Division
020406002040600204060-20
020-20
020-20
020-20
020Puerto Rico
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
PaciÞc
Frequency
Hispanic or Latino Mobile Home Disparity
Graphs by Division
050100150200050100150200050100150200-10
01020-10
01020-10
01020New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
PaciÞc
Frequency
White Mobile Home Disparity
Graphs by Division
!!!!!!!]E!!T0!W(1#*$!8E
4!/&)%!&5!%'$!+&0%(1#&#)!@0(%$.!=%,%$)!()!>*&?$0!#3!>;!1$&1*,3'(+!)$+%(&0)!
>,)$.!#3&0!%'$!3$*+$0%!$-.$*-;!(0!/&>(-$!'&/$)<!S'$!,*$,)!2(%'!%'$!'(1'$)%!3$*+$0%,1$!&5!$-.$*-;!
-(B(01!(0!/&>(-$!'&/$)!()!/&)%!&5!W-&*(.,4!
%'$!O$)%!A&,)%4!D*(H&0,4!,0.!%'$!N&*%'$,)
%!A&,)%
<!!W-&*(.,!,0.!D*(H&0,!,*$!>&%'!?0&20!%&!(0B(%$!%'$!*$%(*$/$0%!+&//#0(%;4!)&!%'()!*$)#-%!()!0&%!
)#*3*()(01<!
S'$!
-&2$)%
!3$*+$0%,1$!&5!$-.$*-;!(0!/&>(-$!'&/$)
!(0!%'$!+&#0%*;!
5,--!,-&01!,
!)%*(3!&5!
-,0.!%',%!*#0)!B$*%(+,--;!%'*&#1'&#%!%'$!3-,(0)4!2'(+'!
$0+&/3,))$)!3,*%)!&5!N&*%'!",?&%,4!=&#%'!
",?&%,4!N$>*,)?,4!U,0),)4!V?-,'&/,!,0.!S$M,)<
!J&2$B$*4!,)!%',%!,*$,!()!-$))!3&3#-,%$.!%',0!
%'$!*$)%!&5!%'$!+&#0%*;4!%'$*$!()!,!-(?$-('&&.!%',%!%'$!-&2!3$*+$0%,1$!()!.#$!%&!,!),/3-(01!$**&*<!
D+*&))!D33,-,+'(,!,0.!%'$
!=&#%'!/&>(-$!'&/$!*$)(.$0%)!,*$!8]f!
:!6]f!$-.$*-;4!2'(+'!(--#)%*,%$)!
%',%!/&)%!/&>(-$!'&/$!*$)(.$0%)!(0!%'()!*$1(&0!,*$!;&#01$*!%',0!_E<!
!!%%%%%%%'<G:43%
5L6%V34;372%*D934DI%<7%>8C<D3%E8O3F%>01
%!!!!!!!]_!S'$!.$)+*(3%(B$!)%,%()%(+)!&5!%'$!
3$*+$0%!$-.$*-;!(0!/&>(-$!'&
/$)!(0!%'$!@0(%$.!=%,%$)
4!,)!
)'&20!(0!S,>-$!_4
!(--#)%*,%$)!%',%!&0!,B$*,1$!,+*&))!%'$!+&#0%*;!&0-;!6E<9f!&5!/&>(-$!'&/$!
'&#)$'&-.$*)!,*$!$-.$*-;<!A&#0%($)!2(%'!&B$*!E4777!O'(%$!/&>(-$!'&/$!'&#)$'&-.$*)!,*$!&0!
,B$*,1$!6E<6]f!$-.$
*-;<!T0!,..(%(&04!O'(%$!/&>(-$!'&/$!'&#)$'&-.$*)!,*$!/&*$!-(?$-;!%&!>$!
;&#01$*4!,)!%'$!)%,0.,*.!.$B(,%(&0!(--#)%*,%$)!,!0,**&2!*,01$!&5!`<CEf!,*&#0.!%'$!/$,0<!I-,+?!
/&>(-$!'&/$!'&#)$'&-.$*)!,*$!)(/(-,*!(0!,1$!%&!O'(%$!/&>(-$!'&/$!'&#)$'&-.$*)4!(0!+&#0%($)!
%',%!
',B$!&B$*!E4777!I-,+?!'&#)$'&-.)!,)!%'$!,B$*,1$!3$*+$0%!$-.$*-;!(0!/&>(-$!'&/$)!()!6]<6^f!>#%!
',)!,!)-(1'%-;!'(1'$*!,1$!*,01$!2(%'!,!)%,0.,*.!.$B(,%(&0!&5!88<E6f<!I-,+?!,0.!O'(%$!/&>(-$!'&/$!
'&#)$'&-.$*)!,*$!,-)&!)(/(-,*!(0!%'$(*!/,M(/#/)!,)!I-,+?!/&>
(-$!'&/$!'&#)$'&-.$*!3$*+$0%!
$-.$*-;!&0-;!*$,+'$)!9]<^6f!,0.!O'(%$!3$*+$0%!/&>(-$!'&/$!'&#)$'&-.$*!$-.$*-;!&0-;!*$,+'$)!
99<7Cf<!!J&2$B$*!J()3,0(+KL,%(0M!/&>(-$!'&/$!'&#)$'&-.$*)!(0!+&#0%($)!%',%!',B$!&B$*!E4777!
J()3,0(+KL,%(0M!'&#)$'&-.)!',B$!,!'(1'$*!3$*+
$0%!&5!$-.$*-;!(0!/&>(-$!'&/$)4!2(%'!,0!,B$*,1$!&5!
C7<]9f4!,0.!,!2(.$*!*,01$!&5!,1$)!2(%'!,!)%,0.,*.!.$B(,%(&0!&5!8`<C6f<!J()3,0(+KL,%(0M!
'&#)$'&-.)!,-)&!*$,+'!%'$!877f!$-.$*-;!/,*?!(0!/&>(-$!'&
/$)!5&*!,%!-$,)%!&0$!+&#0%;4!,0.!%'#)!
,*$!%;3(+,--;!&-.$*!'&#)
$'&-.$*)!%',0!I-,+?!&*!O'(%$!/&>(-$!'&/$!'&#)$'&-.$*)<!
!$0CD3%
M6%H3F;4<12<?3%#202<F2<;F%8B%"7931379372%Q04<0CD3F%ZEI182/3F<F%K[
%n,*(,>-$
!V>)$*B,%(&0
!\$,0!=%.<!"$B<
!\(0!\,M!X$*+$0%!G-.$*-;!(0!
\J!C48^C!6E<97`9]!88<E8_]]!7!877!X$*+$0%!G-.$*-;!(0!
\J!:!I-,+?!
A&#0%($)!v!E4777
!]6C!6]<6996C!88<77]8`!C<E`^]^E!9]<^6E^]!X$*+$0%!G-.$*-;!(0!
\J!:!J()3,0(+KL,%(0M!
A&#0%($)!v!E4777
!C^9!C7<]_E]]]!8`<C66]`!7!877!X$*+$0%!G-.$*-;!(0!
\J!:!O'(%$!
A&#0%($)!v!E4777
!647C7!6E<6]]7]!`<C]_E_E!7!99<7CC]`!!!!!!!!]9!K=@=%-3G43FF<87%(70DIF<F
%!N$M%!%'$!*$-,%(&0)'(3)!>$%2$$0!%'$!.$3$0.$0%!B,*(,>-$4!*,+(,-!.()3,*(%;!(0!/,0#5,+%#*$.!
'&#)(014!,0.!$,+'!(0.$3$0.$0%!B,*(,>-$!5&*!$,+'!*,+$!2$*$!,0,-;H$.!#)(01!,!-(0$,*!*$1*$))(&0!
/&.$-
<!S'$
!5&--&2(01!
/&.$-!2,)!$)%(/,%$
.P!!Y!b%c
"%d%c
#X#$!d%e
$!!2'$*$!F
4!%'$!
.$3$0.$0%!B,*(,>-$4!
()!,!/$,)#*$!&5!*,+(,-!.()3,*(%;!(0!/,0#5,+%#*$.!'&#)(01<!
s!()!,!
B$+%&*!&5
!(0.$3$0.$0%!B,*(,>-$)
!/$,)#*(01!%'$!
*,+(,-!'&/$&20$*)'(3!.()3,*(%;4!3$*+$0%!*#*,-4!
1$&1*,3'(+!.(B()(&0)4!,0.!3$*+$0%!$-.$*-;<!
(!(0.(+,%$)!
%'$
!+&#0%($)
!,0,-;H$.!,+*&))!%'$!@0(%$.!
=%,%$)4!,0.!t!()!
%'$
!$**&*!%$*/
<!!S'()!*$1*$))(&0!/&.$-!2
,)!,33-
($.!%&!$,+'!';3&%'$)()
!,0.!%'$!*$)#-%)!,*$
!.()+#))
$.!
/&B(01!5&*2,*.<
!D)!)'&20!(0!S,>-$!94!
%'$!/&.$-)!',B$!,!*$-,%(B$-;!3&&*!5(%4!,)!(0.(+,%$.!>;!%'$!
*:)i#,*$.
c!67f!&5!%'$!B,*(,%(&0!(0!J()3,0(+KL,%(0M!/&>(-$!'&/$!.()3,*(%;!+,0!>$!$M3-,(0$.!>;!
%'$!*$1*$))(&0!/&.$-4!,>&#%!8^f!&5!%'$!B,*(,%(&0!(0!I-,+?!/&>(-$
!'&/$!.()3,*(%;!+,0!>$!
$M3-,(0$.!>;!%'$!*$1*$))(&0!/&.$-4!,0.!&0-;!`f!5&*!2'(%$!/&>(-$!'&/$!.()3,*(%;<!
!%$0CD3%
T6%!<7304%-3G43FF<87%-3F:D2F
%!I-+?\J"
!L%M\J"
!O%$\J"!!!!!I-+?JV"
!7<86^www!!!!Q7<7CR!!!!!!!L%MJV"
!!:7<7`CEww!!!!Q7<7CR!!!!!!O%$JV"!!!7<76`]w!!!!Q7<78R!!!!!X+%Z#*,-
!7<78^6k!7<7]^Eww!:7<7876www!!!!!!!!]^!$0CD3%T%Z;872a9[
%!!Q7<78R!Q7<76R!Q7<77R!!!!!X+%G-.$*-;
!:7<7`^]www!:7<7__6www!7<77`77w!!Q7<76R!Q7<78R!Q7<77R!!!!!"(B()(&0!7
!QX#$*%&!Z(+&R
!7!7!!!Q<R!Q<R!!!!!!"(B()(&0!8
!QN$2!G01-,0.R
!C<^8^!:C<^]9w!7!!Q6<]8R!Q8<__R!Q<R!!!!!"(B()(&0!6
!Q\(..-$!D%-,0%(+R
!8<9C6!:C<6_]ww!:7<`77www!!Q6<6CR!Q8<66R!Q7<6_R!!!!!"(B()(&0!C
!QG,)%!N&*%'!A$0%*,-R
!8<EE]!:8<676!:8<898www!!Q6<6^R!Q8<8_R!Q7<6]R!!!!!"(B()(&0!]
!QO$)%!
N&*%'!A$0%*,-R
!8<E6_!7<87^!:8<C]8www!!Q6<]6R!Q8<]_R!Q7<6ER!!!!!"(B()(&0!E
!Q=&#%'!D%-,0%(+R
!:7<E9^!:7<]]]!:8<]78www!!Q6<89R!Q8<77R!Q7<6]R!!!!!"(B()(&0!_
!QG,)%!=&#%'!A$0%*,-R
!:6<889!6<C^]!:8<888www!!Q6<66R!Q8<98R!Q7<6_R!!!!!"(B()(&0!9
!QO$)%!
=&#%'!A$0%*,-R
!:6<6^9!:7<8`!:8<_`Ewww!!Q6<66R!Q7<`]R!Q7<6ER!!!!!"(B()(&0!^
!Q\&#0%,(0R
!7<]E^!8<88^!:6<]7_www!!Q6<ECR!Q7<`^R!Q7<69R!!!!!!!!]`!$0CD3%T%Z;872a9[
%!!!!!"(B()(&0!`
!QX,+(5(+R
!8<76E!:8<88]!:7<``6www!!Q6<C8R!Q7<``R!Q7<69R!!!!!x+&0)
!C<76E!6<_]6ww!7<_96w!!Q6<89R!Q7<^_R!Q7<C7R!!!!!N!]6C!C^9!67C7!Z:)i!7<89`!7<678!7<7`!!!N&%$)P!=%,0.,*.!$**&*)!(0!3,*$0%'$)$)!
!k!3y<84!w!3y7<7E4!ww!3y7<784!www!3y7<778!!D?+5.;,'%'#P!L#B6-%67#I%'+6>%.?#%1#D5&,5E1,>';%+
#!VB$*,--!%'$!*$-,%(&0)'(3!>$%2$$0!
%'$!
'&/$&20$*)'(3!
(0.$M
!,0.!
%'$!
/&>(-$!'&/$!
&++#3,0+;!(0.$M
!,+*&))!,--!*,+$)!2
$*$
!5&#0.!%&!
',B$
!)%,%()%(+,-!)(10(5(+,0
+$!>#%!
2$*$!
)#>)%,0%(B$-;!)/,--
<!O'(-$!%'$!'&/$&20$*)'(3!
(0.$M
!(--#)%*,%$.!'(1'!-$B$-)!&5!
#0.$**$3*$)$0%,
%(&0!5&*!I-,+?!'&#)$'&-.)4!%'$!/&>(-$!'&/$!
&++#3,0+;!(0.$M
!(--#)%*,%$.!-&2!
-$B$-)!&5!#0.$**$3*$)$0%,%(&0<!
S'$*$!()!,!*$-,%(B$-;!2$,?!3&)(%(B$!*$-,%(&0)'(3!>$%2$$0!%'$!I-,+?!
\&>(-$!J&/$!
V++#3,0+;!T0.$M!
,0.!I-,+?!J&/$&20$*)'(3!
T0.$M
c!%'()!()!(0.(+,%$.!>;!,!
+&$55(+($0%!&5!<86^!Q
3y<778R<!D!&0$!3$*+$0%,1$!3&(0%!(0+*$,)$!(0!%'$!I-,+?!J&/$&20$*)'(3!
T0.$M
!()!,))&+(,%$.!2(%'!,!<86^!3$*+$0%,1$!3&(0%!(0+*$,)$!(0!%'$!I-,+?!\&>(-$!J&/$!
V++#3,0+;!T0.$M
<!D)!)$$0!(0!W(1#*$!6^4!5
&*!D5*(+,0!D/$*(+,0)!,!)-(1'%!%*$0.!,33$,*)
4!)'&2(01
!%',%!
,)!%'$!I-,+?!
'&/$&20$*)'(3!.()3,*(%;!.$+*$,)$)!%'$!I-,+?!/&>(-$!'&/$!.()3,*(%;!,-)&!.$+*$,)$)!%&!H$*&!
.()3,*(%;
<!D)!I-,+?!*$)(.$0%)!,*$!/&*$!-(?$-;!%&!>$!'&/$&20$*)4!%'$;!,*$!,-)&!/&*$!-(?$-;!%&!-(B$!
(0!/&>(-$!'&/$)<
!D)!)$$0!(0!S,>-$!94!
%'$*$!
()!,!2$,?!0$1,%(B$!
*$-,%(&0)'(3!
()!>$%2$$0!
J()3,0(+KL,%(0M!
\&>(-$!J&/$!
V++#3,0+;!T0.$M
!,0.!
J()3,0(+KL,%(0M!J&/$&20$*)'(3!
T0.$M
4!,)!(0.(+,%$.!>;!,!
!!!!!!!E7!+&$55(+($0%!&5!
:7<7`CE!Q3y<78R<!D0!(0+*$,)$!&5!
&0$!3$*+$0%,1$!3&(0%!(0!%'$!J()3,0(+KL,%(0M!
J&/$&20$*)'(3!
T0.$M
!()!,))&+(,%$.!2(%'!,!7<7`CE!3$*+$0%,1$!3&(0%!.$+*$,)$!(0!%'$!
J()3,0(+KL,%(0M!\&>(-$!J&/$!
V++#3,0+;
<!G))$0%(,--;4!,)!J()3,0(+KL,%(0M!*$)(.$0%)!,*$!/&*$!
-(?$-;!%&!>$!'&/$&20$*)4!%'$;!,*$!
-$))!-(?$-;
!%&!-(B$!(0!/&>(-$!'&/$)<!S'()!5(0.(01!
()!)&/$2',%!
+&#0%$*(
0%#(%(B$4!3,*%(+#-,*-;!1(B$0!%'$!,>#0.,0+$!&5!/&>(-$!'&/$!(0!3*$.&/(0,0%-;!L,%(0M!
+&-&0(,)
!,-&01!%'$!@<=<
:\$M(+&!>&*.$*
<!!!L,)%-;4!5&*!2'(%$!'&#)$'&-.)!
,!2$,?!3&)(%(B$!*$-,%(&0)'(3!>$%2$$0!
%'$!'&/$&20$*)'(3!
(0.$M
!,0.!/&>(-$!'&/$!
&++#3,0+;!(0.$M
!2,)!)(10(5(+,0%!,%!%'$!3y<7E!-$B$-!2(%'!,!+&$55(+($0%!&5!
7<76`]<!S'$*$5&*$4!,!&0$!3$*+$0%,1$!3&(0%!(0+*$,)$!(0!%'$!O'(%$!J&/$&20$*)'(3!
T0.$M
!()!,))&+(,%$.!2(%'!,!<76`]!3$*+$0%,1$!3&(0%!(0+*$,)$!(0!%'$!O'(%$!\&>(-$!J&/$!
V++#3,0+;!T0.$M
<!D)!W(1#*$!
8_!(--#)%
*,%$)4!,)!O'(%$!*$)(.$0%)!>$+&/$!
'&/$&20$*)4
!%'$;!,*$!
/&*$!
-(?$-;!%&!*$)(.$!
(0!/&>(-$!'&/$)<!
!!!!!!!'<G:43%
5M6%)D0;\N%E<F107<;]!02<7RN%079%^/<23%>8C<D3%E8O3%079%E8O38A734F/<1%H<F104<2I%
#;02234%VD82
%-20
-10
01020-40
-30
-20
-10
0Black Homeownership Disparity
Black Mobile Home Disparity
Fitted values
-20
-10
01020-40
-30
-20
-10
0Hispanic or Latino Homeownership Disparity
Hispanic or Latino Mobile Home Disparity
Fitted values
-20
-10
01020-10
0102030White Homeownership Disparity
White Mobile Home Disparity
Fitted values
!!!!!!!E8!!VB$*,--
!-&&?(01!,%
!%'$!%'*$$!*,+$)l!+&$55(+($0%)
4!I-,+?!,0.!2'(%$!'&#)$'&-.)!,*$!
/&*$!
-(?$-;!%&!*$)(.$!(0!/&>(-$!'&/$!,)!%'$;!>$+&/$!'&/$&20$*)4!2(%'!I-,+?!'&#)$'&-.)!
/&*$!
-(?$-;!
%',0!2'(%$)<!J&2$B$*4!J()3,0(+KL,%(0M!'&#)$'&-.)!,*$!%'$!&33&)(%$!2(%'!,!)/,--!/,*1(0!
(--#)%*,%
(01!%',%!,)!
%'$;!>$+&/$!'&/$&20$*)4!%'$;!,*$!
-$))!-(?$-;!%&!*$)(.$!(0!/&>(-$!'&/$)<!
!D?+5.;,'%'#P(L#Q>K61#<'"#B:>67
#!S'$!*$-,%(&0)'(3!>$%2$$0!%'$!3$*+$0%!*#*,-!,0.!/&>(-$!'&/$)!
&++#3,0+;!(0.$M
!5&*!J()3,0(+KL,%(0M!,0.!O'(%$!'&#)$'&-.)!2,)!5&#0.!%&!>$!)(10(5
(+,0%
!,%!%'$!3y<78!-$B$-!2(%'!,!
+&$55(+($0%!&5!7<7]^E!,0.!,%!%'$!3y<778!-$B$-!2(%'!,!+&$55(+($0%!&5!
:7<78764!*$)3$+%(B$-;<!
S'$*$5&*$
4!5&*!J()3,0(+KL,%(0M!,!&0$!3$*+$0%,1$!3&(0%!(0+*$,)$!(0!%'$!X$*+$0%!Z#*,-!()!,))&+(,%$.!
2(%'!,!<7]^E!3$*+$0%,1$!3&(0%!(0+*$
,)$!(0!%'$!J()3,0(+KL,%(0M!\&>(-$!J&/$
!V++#3,0+;!T0.$M
!,0.!5&*!O'(%$)!
,!2(%'!,!<7876!3$*+$0%,1$!3&(0%!.$+*$,)$<!
T0!$))$0+$4!2'$0!
J()3,0(+KL,%(0M!
'&#)$'&-.)!,*$!-&+,%$.!*#*,--;4!%'$;!,*$!/&*$!-(?$-;!%&!*$)(.$!(0!
/&>(-$!'&/$)<!S'()!2,)!%'$!
&33&)(%$!&5!%'$!&*
(1(0,-!';3&%'$)()4!,)!%'$!-(%$*,%#*$!(0.(+,%$)!+&//#0(%($)!&5!+&-&*!
.()3*&3&*%(&0,%$
-;!-(B$!
(0!#*>,0!,*$,)<!J&2$B$*4!%'$!(0+*$,)$!(0!%'$!3$*+$0%!*#*,-!3&%$0%(,--;!
3&(0%)!%&!%'$!$/$*1(01!-(%$*,%#*$!&0!+&-&0(,)<!O'(%$!'&#)$'&-.)!2$*$!(0(%(,--;!';3&%'$)(H$.!%
&!',B$!1*$,%$*!*$3*$)$0%,%(&0!*#*,--;4!%'#)!2';!%'$*$!2,)!1*$,%$*!*$3*$)$0%,%(&0!(0!/&>(-$!'&/$)4!
'&2$B$*!
W(1#*$!6`
!)'&2!,!5,(*-;!$B$0!)3*$,.!,+*&))!#*>,0!,0.!*#*,-!5&*!2'(%$!'&#)$'&-.)4!
+&0%*,.(+%(01!
%',%!3,*%!&5!%'$!';3&%'$)()<!D-%'&#1'4!&0$!%'(01!%&!?$$
3!(0!/(0.!2(%'!%'()!*$)#-%!()!
&B$*,--!%'$*$!,*$!1*$,%$*!0#/>$*)!*#*,--;!5&*!2'(%$!'&#)$'&-.)<!
!W&*
!D5*(+,0!D/$*(+,0)!
(0!W(1#*$!6`!
,!)-(1'%!%*$0.!
&++#*)!
,)!%'$!3$*+$0%!*#*,-!,*$,!
(0+*$,)$)!%'$!I-,+?!/&>(-$!'&/$!
&++#3,0+;!(0.$M
!,-)&!.$+*$,)$)!/,*1(0,--;!%&!H
$*&!.()3,*(%;
!(0.(+,%(01!%',%!I-,+?!'&#)$'&-.)!,*$!)-(1'%-;!/&*$!-(?$-;!%&!-(B$!(0!/&>(-$!'&
/$)!2'$0!%'$;!
!!!!!!!E6!*$)(.$!(0!*#*,-!,*$,)<!
J&2$B$*4!
,)!(0.(+,%$.!>;!%'$!*$1*$))(&0!/&.$-!(0!S,>-$!94!%'()!*$-,%(&0)'(3!
()!)(10(5(+,0%!&0-;!,%!%'$!<8!-$B$-
<!!!!'<G:43%
5T6%)D0;\N%E<F107<;]!02<7RN%079%^/<23%>8C<D3%E8O3%
H<F104<2I%
079%V34;372%-:40D%
(430%#;02234%VD82
%!D?+5.;,'%'#P3L#R,52>6+;%-#I%<%'%51'
#!L&&?(01!,%!
%'$!*$1*$))(&0!*$)#-%)!5&*!
J;3&%'$)()!C
4!5&*!1$&1*,3'(+!.(B()(&0)!
%'$!
+&$55(+($0%)!5&*!%'$!.(B()(&0)!*$3*$)$0%)!%'$!,B$*,1$!.(55$*$0+$!(0!
/&>(-$!'&/$!
&++#3,0+;!(0.$M
!>$%2$$0!
$,+'!.(B()(&0!,0.!%'$!*$5$*$0+$!+,%$1&*;<!S'$!*$5$*$0+$!+,%$1&*;!()!2'(+'$B$*!.(B()(&0!
()!&/(%%$.!5*&/!%'$!/&.$-<!
W&*!I-,+?!,0
.!J()3,0(+KL,%(0M!'&#)$'&-.)!%'$!*$5$*$0+$!+,%$1&*;!()!
"(B()(&0!7!QX#$*%&!Z(+&R!,0.!5&*!2'(%$!'&#)$'&-.)!%'$!*$5$*$0+$!+,%$1&*;!()!"(B()(&0!8!QN$2!
G01-,0.R!>$+,#)$!
%'$*$!,*$0z%!$0&#1'!2'(%$!'&#)$'&-.)!(0!X#$*%&!Z(+&!%&!/$$%!
%'$
!E4777!'&#)$'&-.
!%'*$)'&-.<!
=(0+$!+&$55(+($0%)!,*$!,-2,;)!+&/3,*$.!2(%'!%'$!*$5$*$0+$!+,%$1&*;4!
)%,%()%(+,-!)(10(5(+,0+$!()!0&%!,)!(/3&*%,0%!,)!%'$!+&/3,*()&0!&5!+&$55(+($0%)!5&*!$,+'!.(B()(&0!%&!
%'$!*$5$*$0+$!+,%$1&*;<!
!-20
-10
01020020406080100Percent Rural Area
Black Mobile Home Disparity
Fitted values
-10
0102030020406080100Percent Rural Area
Hispanic or Latino Mobile Home Disparity
Fitted values
-20
-10
01020020406080100Percent Rural Area
White Mobile Home Disparity
Fitted values
!!!!!!!EC!D+*&))!,--!*,+$)4!%'$!.(55$*$0+$!(0!+&$55(+($0%)!()!0&%!B$*;!-,*1$!2(%'!,--!+&$55(+($0%)!
5,--(01!2(%'(0!%'$!*,01$!>$%2$$0!
:C!,0.!]4!2'(+'!)#11$)%)!%',%!%'$!.(55$*$0+$!,+*&))!.(B()(&0)!5&*!
*,+(,-!.()3,*(%;!(0!/,0#5,+%#*$.!'&#)(01!,*$!0&%!B$*;!-,*1$!$(%'$*<!
S'$!-,*1$)%!.(55$*$0+$!%&!0&%$!
5&*!I-,+?!'&#)$'&-.)!()!3*$)$0%!5&*!"(B()(&0!8!QN$2!G01-,0.R!2(%'!,!+&$55(+($0%!&5!C<^8^4!
/$,0(01!%',%!%'$!.()3,*(%;!(0.$M!(0!"(B()(&0!8!()!C<^!3$*+$0%,1$!3&(0%)!'(1'$*!%',0!(0!"(B()(&0!7!
QX#$*%&!Z(+&R<!W&*!J()3,0(+KL,%(0M!'&
#)$'&-.)!5&*!"(B()(&0!8!QN$2!G01-,0.R!,0.!"(B()(&0!6!
Q\(..-$!D%-,0%(+R!2(%'!+&$55(+($0%)!&5!
:C<^]94!,0.!
:C<6_]4!*$)3$+%(B$-;<!S'$*$5&*$4!%'$!.()3,*(%;!
(0.$M!(0!"(B()(&0!8!()!C<^!3$*+$0%,1$!3&(0%)!-&2$*!%',0!"(B()(&0!74!,0.!%'$!.()3,*(%;!(0.$M!5&*!
"(B()(&0!
6!()!C<6!3$*+$0%,1$!3&(0%)!-&2$*!%',0!"(B()(&0!7<!D)!%'$*$!()!,!-,*1$!*$3*$)$0%,%(&0!&5!
J()3,0(+KL,%(0M!'&#)$'&-.)!(0!X#$*%&!Z(+&4!%'$!-,*1$*!.(55$*$0+$!>$%2$$0!0&*%'$*0!,*$,)!&5!%'$!
+&#0%*;!,*$!0&%!)#*3*()(01<!!!!!
!D?+5.;,'%'#PSL#$2,
#!S'$!*$-,%(&0)'(3
)!>$%2$$0!%'$!3$*+$0%!$-.$*-;!(0!/&>(-$!'&/$)!,0.!/&>(-$!'&/$!
&++#3,0+;!(0.$M
!,+*&))!,--!*,+$)!2
$*$
!5&#0.!%&!>$!)(10(5(+,0%<!
!D)!%'$!
3$*+$0%,1$!&5!$-.$*-;!I-,+?!/&>(-$!'&/$!'&#)$'&-.$*)!(0+*$,)$)4!
#0.$**$3*$)$0%,%(&0!&5!I-,+?!'&#)$'&-.$*)!(0!/&>(-$!'&/$)!1*&2)
!,)!2$--<!
D!2$,?!0$1,%(B$!
*$-,%(&0)'(3!
2,)!5&#0.!>$%2$$0
!I-,+?!\&>(-$!J&/$!
V++#3,0+;!T0.$M
!,0.!%'$!
X$*+$0%!G-.$*-;!
(0!\&>(-$!J&/$)!
,0.
!)(10(5(+,0%!,%!%'$!3y<778!-$B$-!2(%'!,!+&$55(+($0%!&5!
:7<7`^]<!D!&0$!
3$*+$0%,1$!3&(0%!(0+*$,)$!(0!%'$!X$*+$0%!G-.$*-;!
(0!
\&>(-$!J&/$)!
()!,))&+(,%$.!2(%'!,!<7`^]!
3$*+$0%,1$!3&(0%!.$+*$,)$!(0!%'$!I-,+?!\&>(-$!J&/$!
V++#3,0+;!T0.$M
<!!D!2$,?!0$1,%(B$!*$-,%(&0)'(3!$M()%)!>$%2$$0!J()3,0(+KL,%(0M!\&>(-$!J&/$!
V++#3,0+;!
T0.$M
!,0.!%'$!X$*+$0%!G-.$*-;!(0!\&>(-$!J&/$)!,0.!2,)!5&#0.!)(10(
5(+,0%!,%!%'$!3y<778!-$B$-!
2(%'!,!+&$55(+($0%!&5!
:7<7__6<!D!&0$!3$*+$0%,1$!3&(0%!(0+*$,)$!(0!%'$!X$*+$0%!G-.$*-;!(0!\&>(-$!
!!!!!!!E]!J&/$)!()
!,))&+(,%$.!2(%'!,!.$+*$,)$!(0
!%'$!J()3,0(+KL,%(0M!\&>(-$!J&/$!
V++#3,0+;!T0.$M
!>;!<7__6!3$*+$0%,1$!3&(0%
)<!
G))$0%(,--;4!,)!(-
-#)%*,%$.!(0
!W(1#*$!
8^4!%',%!,)!
%'$!
3$*+$0%,1$!&5!$-.$*-;!
J()3,0(+KL,%(0M
!/&>(-$!'&/$!'&#)$'&-.$*)!(0+*$,)$)4!#0.$**$3*$)$0%,%(&0!&5!
J()3,0(+KL,%(0M
!'&#)$'&-.$*)!(0!/&>(-$!'&/$)!1*&2)!,)!2$--<!
!O'$0!,0,-;H(01!%'$!2$,?!3&)(%(B$!*$-,%(&0)'(3!&5!O'(%$!\&>(-$!J&/$!
V++#3,0+;!T0.$M
!,0.!%'$!X$*+$0%!G-.$*-;!(0!\&>(-$!J&/$)!)(10(5(+,0+$!2,)!5&#0.!,%!%'$!3y<7E!-$B$-!2(%'!,!
+&$55(+($0%!&5!7<77`<!D!&0$!3$*+$0%,1$!3&(0%!(0+*$,)$!(0!%'$!X$*+$0%!G-.$*-;!(0!\&>(-$!J
&/$)!()!
,))&+(,%$.!2(%'!,!<77`!3$*+$0%,1$!3&(0%!(0+*$,)$!(0!%'$!O'(%$!\&>(-$!J&/$!
V++#3,0+;!T0.$M
<!J&2$B$*4!2'(-$!>&%'!I-,+?!,0.!J()3,0(+KL,%(0M!/&>(-$!'&/$!
&++#3,0+;!(0.$M
!(--#)%*,%$!,0!
#0.$**$3*$)$0%,%(&0!,)!%'$!3$*+$0%!&5!$-.$*-;!(0!/&>(-$!'&/$)!(0+*$,)
$)4!0&!&B$**$3*$)$0%,%(&0!
&++#*)!5&*!O'(%$!/&>(-$!'&/$!.()3,
*(%;
4!,)!+,0!>$!)$$0!(0!W(1#*$!8^
<!!!!!!!'<G:43%
5U6%)D0;\N%E<F107<;]!02<7RN%079%^/<23%>8C<D3%E8O3%H<F104<2I%079%V34;372%*D934DI%
<7%>8C<D3%E8O3F%#;02234%VD82
%-20
-10
01020020406080PctElderly
Black Mobile Home Disparity
Fitted values
-10
0102030020406080100PctElderly
Hispanic or Latino Mobile Home Disparity
Fitted values
-20
-10
01020020406080PctElderly
White Mobile Home Disparity
Fitted values
!!!!!!!EE!&456789'
K;'&=<@J?FA=<
'L=5=%.87;D:F<87
%S'()!)%#.;!2,)!.$)(10$.!%&!
$M,/(0$
!*,+
(,-!.()3,*(%($)!(0!%'$!&++#3,0+;
!&5!/&>(-$!
'&/$)!(0!%'$!@0(%$.!=%,%$)
!,0.
!%&!
(.$0%(5;!3&))(>-$!*$-,%(&0)'(3)!%',%!+&#-.!$M3-,(0!%'$
)$!.()3,*(%($)
<!\&>(-$!'
&/$)
!,*$
!&0$!&5!%'$!/&)%!,55&*.,>
-$!'&#)(01!%;3$)!5&*!-&2
:(0+&/$!3&3#-,%(&0)!(0!%'$!
@0(%$.!=%,%$)
!Q"#*)%!,0.!=#--(B,04!678`R
<!D)!3$&3-$!&5!+&-&*!,*$!/&*$!-(?$-;!%&!
>$!
*$3*$)$0%$.!(0!
-&2
:(0+&/$!3&3#-,%(&0)
!%'()!)%#.;!)&#1'%!%&!#0.$*)%,0.!2';!%'$*$!2$*$!0&%!/&*$!3$&3-$!&5!+&-&*!
*$)(.(01!(0!
/,0#5,+%#*$.!'&#)(01
!Q@<=<!A$0)#)!I#*$,#4!6789R
<!!T!*$B($2$.!-(%$*,%#*$!&0!
%'$!*,+(,-!.()3,*(%;!&5!'&/$&20$*)'(3!,0.!/,0#5,+%#*$.!'&#)(014!
%'$!,55&*.,>(-(%;!+*()()4!,0.!%'$!,55&*.,>(-(%;!&5!/,0#5,+%#*$.!'&#)(01!5&*!-&2
:(0+&/$!
3&3#-,%(&0)<!O(%'!/&)%!&5!%'$!
-(%$*,%#*$!5&+#)(01!&0!%'$!*$-,%(&0!&5!'&/$&20$*)'(34!1$&1*,3'(+!
-&+,%(&04!,0.!,1$!%&!%'$!-(?$-('&&.!&5!*$)(.(01!(0!,!/&>(-$!'&/$
4!%'$)$!
%&3(+)!
>$+,/$!%'$!>,)()!&5!
%'$!)%#.;l)!';3&%'$)$)<!S&
!$M,/(0$!
%'$(*!*$-,%(&0)'(3!2(%'!*,+(,-
!.()3,*(%($)!(0
!/&>(-$!'&/$
!&++#3,0+;4!
678C:6789!D/$*(+,0!A&//#0(%;!=#*B$;!E
:F$,*!G)%(/,%$)!,0.!
.,%,!5*&/!
%'$!6787!
@<=<!.$+$00(,-!+$0)#)
!2$*$!+&--$+%$.
!,%!%'$!+&#0%;!-$B$-!(0!%'$!@0(%$.!=%,%$)!,0.!,0,-;H$.!#)(01!
,!-(0$,*!*$1*$))(&0!/&.$-<!
!!!"$)3(%$!5(0.(01!)$B$*,-!)(10(5(+,0%!*$-,%
(&0)'(3)!>$%2$$0
!*,+(,-!.()3,*(%;!(0!/,0#5,+%#*$.!
'&#)(01!,0.!%'$!
';3&%'$)$)!5&*!$,+'!*,+$4!
0&0$!&5!%'$!*$)#-%)!',.!,!
)#>)%,0%(B$-;!
-,*1$!
*$-,%(&0)'(3!2(%'!
%'$!.$3$0.$0%!B,*(,>-$<!S'$!/&)%!3*&/(0$0%!%,?$,2,;!5*&/!%'()!)%#.;!()!%'$!
)$B$*(%;!&5!%'$!*,+(,-!'&
/$&20$*)'(3!1,3!5&*!I-,+?!,0.!J()3,0(+KL,%(0M!'&#)$'&-.)!(0!
+&/3,*()&0!%&!2'(%$)4!,0.!%'$!0$$.!5&*!3&-(+;!,0.!3-,00(01!%&!,..*$))!%'()!.()3,*(%;<!
D)!/,0#5,+%#*$.!'&#)(01!()!,0!,55&*.,>-$!'&/$&20$*)'(3!&3%(&04!(%!/,;!3*&B(.$!,!5(*)%!)%$3!%&2,*.)!
'&/$&20$*)'
(3!5&*!3$&3-$!&5!+&-&*<!
VB$*,--!-&&?(01!,%!%'$!%'*$$!*,+$)!*$-,%(&0)'(3!>$%2$$0!*,+(,-!
!!!!!!!E_!/&>(-$!'&/$!.()3,*(%;!,0.!*,+(,-!'&/$&20$*)'(3!.()3,*(%;4!I-,+?!,0.!2'(%$!'&#)$'&-.)!,*$!
/&*$!-(?$-;!%&!*$)(.$!(0!/&>(-$!'&/$!,)!%'$;!>$+&/$!'&/$&20$*)4!2(%'!I-,+?!'&#)$
'&-.)!/&*$!
-(?$-;!%',0!2'(%$)<!J&2$B$*4!J()3,0(+KL,%(0M!'&#)$'&-.)!,*$!%'$!&33&)(%$!2(%'!,!)/,--!/,*1(0!
(--#)%*,%(01!%',%!,)!%'$;!>$+&/$!'&/$&20$*)4!%'$;!,*$!-$))!-(?$-;!%&!*$)(.$!(0!/&>(-$!'&/$)<!
!O'$0!-&&?(01!,%!%'$!*$-,%(&0)'(3!>$%2$$0!%'$!*,+(,-!
/&>(-$!'&/$!.()3,*(%;!,0.!%'$!
3$*+$0%!&5!3$&3-$!(0!*#*,-!,*$,)4!(0!$))$0+$4!2'$0!J()3,0(+KL,%(0M!'&#)$'&-.)!,*$!-&+,%$.!*#*,--;4!
%'$;!,*$!/&*$!-(?$-;!%&!*$)(.$!(0!/&>(-$!'&/$)<!O'$*$,)4!2'$0!2'(%$!'&#)$'&-.)!,*$!-&+,%$.!
*#*,--;4!%'$;!,*$!-$))!-(?$-;!%&!*$)
(.$!(0!/&>(-$!'&/$)<!S'()!2,)!%'$!&33&)(%$!&5!%'$!&*(1(0,-!
';3&%'$)()4!,)!%'$!-(%$*,%#*$!(0.(+,%$)!+&//#0(%($)!&5!+&-&*!.()3*&3&*%(&0,%$-;!-(B$!(0!#*>,0!,*$,)<!
J&2$B$*4!%'()!)#11$)%)!%',%!/&>(-$!'&/$)!+,0!3*&B(.$!,0!,55&*.,>-$!'&#)(01!&3%(&0!&5!
+&//#0(%($)
!&5!+&-&*!*$)(.(01!(0!*#*,-!,*$,)<!D+*&))!,--!*,+$)!5&*!1$&1*,3'(+!.(B()(&0)4!%'$!
.(55$*$0+$!(0!+&$55(+($0%)!2$*$!0&%!B$*;!-,*1$4!2'(+'!)#11$)%)!%',%!%'$!.(55$*$0+$!,+*&))!.(B()(&0)!
5&*!*,+(,-!.()3,*(%;!(0!/,0#5,+%#*$.!'&#)(01!2$*$!5,(*-;!)/,--<!L,)%-;4!%'
$!*$-,%(&0)'(3!>$%2$$0!
*,+(,-!.()3,*(%;!(0!/,0#5,+%#*$.!'&#)(01!,0.!%'$!3$*+$0%!$-.$*-;!-(B(01!(0!/&>(-$!'&/$)!)'&2)!
%',%!,*$,)!2(%'!,!-,*1$*!$-.$*-;!3&3#-,%(&0!',B$!#0.$**$3*$)$0%,%(&0!&5!I-,+?!,0.!
J()3,0(+KL,%(0M!'&#)$'&-.)!(0!/&>(-$!'&/$)<!S'()!)#33&*%)
!%'$!&*(1(0,-!';3&%'$)()4!%',%!3$&3-$!
&5!+&-&*!#)$!/&>(-$!'&/$)!0&%!,)!,!*$%(*$/$0%!&3%(&04!>#%!,)!,!/$,0)!&5!$0%*;!(0%&!
'&/$&20$*)'(3!5&*!,55&*.,>(-(%;<
!V0$!&5!%'$!/&)%
!(0%$*$)%(01!
5(0.(01)
!(0!%'$!,0,-;)()!
()!%',%
!J()3,0(+KL,%(0M!'&#)$'&-.)4!
(--#)%*,%
$!%'$;!,*$!-$))
!-(?$
-;!%&!-(B$!(0!/&>(-$!'&/$)!,)!%'$;!>$+&/$!'&/$&20$*)<
!O'(-$!
)#*3*()(014!%'()!5(0.(01!/,;!3&(0%!%&!%'$!>#(-.(01!3,%%$*0)!&5!/&B(01!5*&/!,!%$/3&*,*;!.2$--(01!
#0(%4!)#+'!,)!/&>(-$!'&/$)4!%&!+&/3-$%$.!)$-5
:>#(-%!'&/$)!(0!+&-&0(,)!Q"#*)%4!678ER<
!!!!!!!!!E9!%L=@=%"O1D<;02<87F%079%V8D<;I%-3;8OO37902<87F
%!O'(-$!3&-(+($)!)#+'!,)!$M3,0.(01!0,%(&0,-!,0.!-&+,-!'&#)(01!%*#)%!5#0.)!,0.!3*&B(.(01!,!
%,*1$%$.!*$0%$*)l!%,M!+*$.(%!+&#-.!
>$!3&%$0%(,-!)&-#%(&0)!%&!%'$!,55&*.,>(-(%;!+*()()4!%'$!,
..*$))(01!
>,**($*)!%&!D5*(+,0!D/$*(+,04!L,%(0M4!,0.!N,%(B$!D/$*(+,0!
&++#3,0+
;!(0!/,0#5,+%#*$.!'
&#)(01
!()!?$;!%&!(0+*$,)(01!,55&*.,>-$!'&#)(01!&33&*%#0(%($)<
!V0$!3
&%$0%(,-!>,**($*!
5&*!*$)(.$0+;!(0!
/&>(-$!'&/$)!5&*!+&//#0(%($)!&5!+&-&*!
()!%'$!3$*+$3%(&0!&5!/&>(-$!'&/$)
<!S'*&#1'&#%!%'$!
'()%&*;!&5!%'$!@0(%$.!=%,%$)!3
$&3-$!&5!+&-&*!',B
$!-&)%!&#%!&0!1$0$*,%(&0,-!
2$,-%'!,0.!/,;!-&&?!,%!
%'$!3#*+',)$!&5!,!'&/$!,)
!,!5(*)%!)%$3!(0!#32,*.!$+&0&/(+!/&>(-(%;
<!D!3$*+$3%(&0!+',--$01$!
5,+(01!/,0#5,+%#*$.!'&#)(01!()!%',%!/,0;!>$-($B$!/,0#5,+%#*$.!'&#)(01!'&/$&20$*)!.&!0&%!
1,(0!$i#(%;
!(0!%'$(*!(0B$)%
/$0%
<!!J&2$B$*4!
5&*!/,0#5,+%#*$.!'&/$)!%',%!,*$!+,%$1&*(H$.!,)!*$,-!
$)%,%$!*,%'$*!%',0!3$*)&0,-!3*&3$*%;
!%'$!W$.$*,-!J&#)(01!W(0,0+$!D1$0+;!)%,%$)!%',%!
/,0#5,+%#*$.!'&#)(01!',)!)$$0!3*(+$!%*$0.)!Q,33*$+(,%(&0R!)(/(-,*!%&!%*,.(%(&0,-!)(%$
:>#(-%!'&#)(01!
QZ#))$--!e!g&'0)&04!678^R
<!J&2$B$*4!%&!>$!+,%$1&*(H$.!,)!*$,-!$)%,%$!*,%'$*!%',0!3$*)&0,-!
3*&3$*%;4!%'$!&20$*!/#)%!&20!%'$!-,0.!,0.!%'$!/&>(-$!'&/$!/#)%!>$!&0!,!5&#0.,%(&0
!QN,%(&0,-!
A&0)#/$*!L,2!A$0%$*4!678]R
<!\&>(-$!'&/$)!%',%!,*$!-&+,%$.!(0!/&>(-$!'&/$!3,*?)
!2'$*$!%'$!
-,0.!()!
*$0%$.!&*
!2$*$!+*$,%$.!5&*!/&>(-(%;!,0.!,*$!$M3$+%$.!%&!',B$
!1*$,%$*!,/&#0%)!&5!3';)(+,-!
.$3*$+(,%(&0
!,*$!&5%$0!+&0)(.$*$.!3$*)&0,-!3*&3$*%;!Qg$2$--4!677CR
<!!G0+&#*,1
(01!3&-(+;!%',%!
3*&/&%$)
!%'$!3#*+',)$!&5!-,0.
!%&!$0,>-$!%'$!%(%-$!&5!*$
,-!3*&3$*%;
4!*,%'$*!%',0!*$0%(01!(0
!,!/&>(-$!
'&/$!3,*?
4!2&#-.!.
$+*$,)$!*()?)!,))&+(,%$.!2(%'!/&>(-$!'&/$)
4!)#+'!,)!2$,?$*!+&0)#/$*!
3*&%$+%(&0)!,0.!'&/$!B,-#$!.$3*$+(,%(&0
!QN,%(&0,-!A&0)#/$*!L,2!A$0%$*4!678]R
<!!S'()!3&-(+;!
)'(5%!+&#-.!
,-)&!
+*$,%$!$,)($*!&33&*%#0(%($)!5&*!+&//#0(%($)!&5!+&-&*!%&!,++$))!%*,.(%(&0,-!
/&*%1,1$!5(0,0+(014!,)!/&>(-$!'&/$!5(0,0+(01!()!&5%$0!,%!,!'(1'$*!(0%$*$)%!*,%$!,0.!,!)/,--$*!
%(/$:5*,/$!2(0.&2
!QN,%(&0,-!A&0)#/$*!L,2!A$0%$*4!678]R
<!L,)%-;4!-,0.!&20$*)'(3!+,0!'$-3!
!!!!!!!E^!3*$B$0%!+&//&0!())#$)!3-,1#(01!/&>(-$!'&/$!3,*?)!2'$0!%'$!-,0.!()!)&-.!%&!,!.$B$-&3$*4!2(%'!
*$)(.$0%)!
#0,>-$!%&!
),5$-;!
/&B$
!%'$(*!'&/$
4!#-%(/,%$-;!-&)(01!%'$(*!
'&/$!,0.!(0B$)%/$0%
<!D)!
"#*)%!,0.!=#--(B,0!Q678`R!/$0%(&0!&0$!/$%'
&.!&5!(/3-$/$0%,%(&0!5&*!%'()!3&-(+;!+&#-.!>$!%&!
5&+#)!&0!+
&0B$*%
(01
!/&>(-$!'&/$!3,*?)!%&!)/,--!-,0.!&20$*)'(3!&33&*%#0(%($)
<!!J&2$B$*4!3&-(+($)!)'&#-.!,-)&!>$!+&0)+(&#)!&5!%'$!*()?)!,0.!$M3-&(%,%(&0!%',%!+&/$)!2(%'!
-,0.!,+i#()(%(&0
!5&*!-&2
:(0+&/$!3&3#-,%(
&0)4!&5%$0!%'*&#1'!%'$!/$,0)!&5!-,0.!+&0%*,+%)<!L,0.!
+&0%*,+%)4!&*!+&0%*,+%!5&*!.$$.4!,*$!,!5(0,0+(01!&3%(&0!5&*!%'&)$!2'&!.&!0&%!i#,-(5;!5&*!%*,.(%(&0,-!
5(0,0+(01!2'$*$!%'$!>#;$*!.&$)!0&%!*$+$(B$!%'$!%(%-$!5*&/!%'$!)$--$*!#0%(-!%'$!+&/3-$%(&0!&5!,--!
3,;/$
0%!QV-/$.&!,0.!O,*.4!678_R<!S'$!3,;/$0%)!,*$!&5%$0!,55&*.,>-$!,0.!3,(.!
/&0%'-;!>#%
!',B$!'(1'!(0%$*$)%!*,%$)!&B$*!%'$!
)$%!%(/$!3$*(&.4!2'(+'!/,;!>$!.$+,.$)!QV-/$.&!,0.!O,*.4!
678_R<!T0!&*.$*!%&!3*&%$+%!%'$!(0B$)%/$0%!&5!-&2
:(0+&/$!
3&3#-,%(&0)4!3&-(+($)!-(?$!
%'&)$!$0,+%$.!
>;!S$M,)l)!)%,%$!-$1()-,%#*$!(0!678E!)'&#-.!>$!3,))$.!*$i#(*(01!%'$!%(%-$!%&!>$!1(B$0!%&!%'$!
'&/$>#;$*!5&*!-,0.!+&0%*,+%)4!,)!2$--!,)!3#)'(01!5&*!-$1,-!%(%-$!*$+&*.(01!%&!$)%,>-()'!-,25#-!
&20$*)'(3!&5!%'$!3*&3$*%;!Q"(,H4!678ER<!
!D0&%'$*!3&%$0
%(,-!>,**($*!5&*!*$)(.$0+;!(0!/&>(-$!'&/$)!5&*!+&//#0(%($)!&5!+&-&*!()!
$M+-#)(&0,*;
!H&0(01
<!\&>(-$!'&/$)!,*$!&5%$0!H&0$.!&#%!&5!/,0;!
*$)(.$0%(,-!,*$,)
!.#$!%&!%'$!
3&%$0%(,-!&5!
#0,%%*,+%(B$!
/&>(-$!'&/$)!%&!.$+*$,)$!,.h,+$0%!3*&3$*%;!B,-#$)4!'&2$B$*
!%'()!
-$1(
%(/,%$!*$,)&0!,++&/3,0($)!,!5$,*!&5!-&2$*
:(0+&/$!3&3#-,%(&0)!/&B(01!%&!,!/#0(+(3,-(%;!
QA'$*0&554!8`^CR
<!"#$!%&!/&.$*0!,.B,0+$)!(0!/,0#5,+%#*$.!'&#)(01!%'$*$!,*$!+#**$0%!/&.$-)!
%',%!,*$!(0.()%(01#()',>-$!5*&/!)(%$
:>#(-%!+&0)%*#+%(&0!'&/$)<!
S'$*$5&*$4
!H&0(01
!&*.(0,0+$)!
)'&#-.!>$!,/$0.$.!%&!,--&2!5&*!%'$!3-,+$/$0%!&5!/,0#5,+%#*$.!'&/$)!(0!*$)(.$0%(,-!,*$,)4!
(0+*$,)(01!%'$!,55&*.,>-$!'&#)(01!)%&+?!(0!/#0(+(3,-(%($)<!!
!!!!!!!!E`!T0!,..(%(&04!3&-(+($)!%',%!,.B,0+$!
*$3*$)$0%,%(&0!
&5!3$&3-$!&5!+&-&*!,)!'&/$&20$*)!
(0!
1$0$*,-!
0$$.!%&!>$
!,.B&+,%$.!5&*<!I&%'!
%'$!/,3)!,0.!.,%,!5&#0.!.#*(01!%'$!
I-,+?!,0.!
J()3,0(+KL,%(0M
!'&/$&20$*)'(3!.()3,*(%;!,0,-;)()
4!$)3$+(,--;!(0!+&/3,*()&0!%&!%'$!
-,+?!&5!
.()3,*(%;!5&*!
O'(%$!'&/$&20$*)'(3
4!(--#)%*,%$.!
,!)%,11$*(01!*,+(,-!
'&/$&20$*)'(3!1,3<!X&-(+($)!
)#+'
!,)!)%*$01%'$0(01!,0%(
:.()+*(/(0,%(&0!'&#)(01!-,2)!,0.!$0+&#*,1(01!(00&B,%(B$!-$0.(01!
3*,+%(+$)!%&!$01,1$!3$&3-$!&5!+&-&*!2'&!/,;!0&%!i#,-(5;!5&*!,!%*,.(%(&0,-!-&,0!2'(-$!$0)#*(01!%'$!
)#)%,(0,>(-(%;!&5!%'$(*!-&,0!3*&%$+%(01!
%'$(*!(0B$)%/$0%!&5!$i#(%;!
)'&#-.!>$!+&0)(.$*$.<!
!D-%'&#1'
!5(0.(01!3,%'2,;)!5&*!+&//#0(%($)!&5!+&-&*!%&!/&B$!5*&/!*$0%$*)!%&!
'&/$&20$*)!()!,!3*(&*(%;4!/,?(01!)#*$!%&!/,(0%,(0!,0.!(/3*&B$!%'$!$i#(%;!&5!+#**$0%!
'&/$&20$*)!(0!+&//#0(%($)!&5!+&-&*!()!,-)&!?$;4
!,)!%'$;!,*$
!-$))!-(?$-;!%&!/,(0%,(0!%'$!)%,%#)!&5!
'&/$&20$*)'(3!%',0!%'$(*!O'(%$!+&#0%$*3,*%)!Q
J,#*(0!,0.!Z&)$0%',-4!677]R
<!X*&B(.(01!+&0%(0#,-!
,++$))!%&!'&#)(01!+&#0)$-(01!3*&1*,/)!5&*!3$&3-$!&5!+&-&*!%'*&#1'&#%!'&/$&20$*)'(3!2&#-.!
'$-3!3*&B(.$!,!%*#)%$.
!*$)&#*+$!%&!%#*0!%&!2'$0!,!%*(11$*!$B$0%!&++#*)4!)#+'!,)!-&))!&5!
$/3-&;/$0%4!.(B&*+$4!&*!.$,%'<!D0&%'$*
!&33&*%#0(%;
!%&!(/3*&B$!%'$!$i#(%;!&5!'&/$&20$*)!&5!
+&-&*!()!%&!(
0B$)%!
5#*%'$*!
(0!0$(1'>&*'&&.)
!&5!+&-&*!2'$*$!%'$)$!'&/$&20$*)!*$)(.$
4!)&!%'$;!+,0!
1$%!
,0!$i#,-!*$%#*0!&0!(0B$)%/$0%
!,)!2'(%$!'&/$&20$*)<!L,0.!,0.!(%)!B,-#$!,*$!&5%$0!(0%$*%2(0$.!
2(%'!%'$!,/$0(%($)!,!-&+,%(&0!',)!%&!&55$*4!)&!(0B$)%(01!5#*%'$*!(0!
%'$!2$--
:>$(01!&5!%'$!
0$(1'>&*'&&.4
!-&+,-!>#)(0$))$)4!3,*?)4!,0.!
)+'&&-)!+&#-.!3-,;!,0!(0%$1*,-!
3,*%!Qg$2$--4!677CR<!
!L,)%-;4!,)!%'$!/&>(-$!'&/$!.()3,*(%;!5(0.(01)!5&#0.!%',%!%'$*$!2,)!,!)-(1'%!
&B$**$3*$)$0%,%(&0!5&*!J()3,0(+KL,%(0M!'&#)$'&-.)!(0!/&>(-$!'&/$)4!,0.!%',%!,)!%'$!+&#0%;!
>$+,/$!/&*$!*#*,-!%'$*$!2$*$!/&*$!-(?$-;!%&!>$!J()3,0(+KL,%(0M!/&>(-
$!'&/$!'&#)$'&-.)4!T!
+&0+-#.$!%',%!%'()!()!3&%$0%(,--;!.#$!%&!+&-&0(,)<!T0!&*.$*!%&!3*&%$+%!J()3,0(+KL,%(0M!+&//#0(%($)!
!!!!!!!_7!%&!2'&!*$)(.$!(0!+&-&0(,)!3&-(+($)!)'&#-.!5&+#)!&0!,..*$))(01!
(05*,)%*#+%#*,-!
,0.!H&0(01!
())#$)4!
'&#)(01!+&0.(%(&0)4!,0.!/,*?$%!.;)5#0+%
(&0!(0!%'$)$!+&//#0(%($)<
!L=J=%!<O<202<87F
%!S'()!)%#.;!',)!,!0#/>$*!&5!-(/(%,%(&0)!%',%!/$*(%!.()+#))(&0<!
S'$!-,*1$)%!-(/(%,%(&0!%',%!
,33$,*$.!(0!%'$!)%#.;!2,)!%'$!(0,>(-(%;!%&!,++#*,%$-;!,0,-;H$!
.()3,*(%($)!5&*!
N,%(B$!D/$*(+,04!,)!
%'$*$!,*$!0&%!$0&#1'!+&#
0%($)!2(%'!&B$*!E4777!N,%(B$!D/$*(+,0!'&#)$'&-.)<!
D!)$+&0.!
-(/(%,%(&0!
$0%,(-$.!%'$!,B,(-,>(-(%;!&5!.,%,
<!W&*!$M,/3-$4!%'$!
678C:6789!D/$*(+,0!A&//#0(%;!=#*B$;!
E:F$,*!G)%(/,%$)
$2$*$!#)$.!%&!+&--$+%!%'$!.,%,!&5!
S$0#*$!>;!D1$!&5!J&#)$'&-.$*!>;!@0(%)!(0!
=%*#+%#*$
4!2'(+'!5&*!%'$!/&>(-$!'&/$!#0(%)!,-)&!(0+-#.$.!>&,%!'&/$)<
!J&2$B$*4!5&*!%'$!
678C:6789!D/$*(+,0!A&//#0(%;!=#*B$;!
E:F$,*!G)%(/,%$)!
2'$0!+&--$+%(01!%'$!.,%,!
@0(%)!(0!=%*#+%#*$!
5&*!$,+'!)3$+(5(+!*,+$!)$3,*,%$.!%'$!/&>(-$!'&/$)!+,%$1&*;!5*&/!%'$!+,%$1
&*;!&5!I&,%)4!Zn)!,0.
!n,0)<!
!I$(01!,>-$!%&!(0+&*3&*,%$!Zn)!,0.!n,0)!(0%&!%'$!/,0#5,+%#*$.!'&#)(01!.,%,!+&#-.!',B$!
3*&B(.$.!.(55$*$0%!(0)(1'%)4!,)!,!;&#01$*!1$0$*,%(&0!',)!>$1#0!%&!
$/>*,+$!%'$(*!)&-$!*$)(.$0+$!,)!
,!5#0+%(&0(01!QZn!&*!n,0R!/&>(-$!'&/$<!
!T0!,..(%(&04!%'$*$!+&#-.!>$!&%'$*!(/3&*%,0%!B,*(,>-$)!
%',%!2$*$!0&%!(0+-#.$.!(0!%'()!)%#.;4!,)!()!)#11$)%$.!>;!%'$!-&2!*
:)i#,*$.<!
W#*%'$*/&*$
4!&++#3,0+;!/,;!0&%!',B$!>$$0!%'$!(.$,-!2,;!%&!/$,)#*$!%'()!$55$+%<!
S'$!D/$*(+,0!A&//#0(%;!
=#*B$;!+,0!.()%(01#()'!>$%2$
$0!*$3&*%)!&5!&20(01!,0.!*$0%(01!,!'&/$!>#%!+,00&%!.()%(01#()'!
>$%2$$0!&20(01!,0.!*$0%(01!-,0.4!2'(+'!()!$))$0%(,-!%&!%'$!.()+#))(&0!&5!/&>(-$!'&/$)<!!S'$!
&++#3,0+;!+&/3,*()&0)!#)$.!,-)&!&55$*$.!1*$,%$*!5-$M(>(-(%;!(0!,0,-;)()!2(%'!$,+'!)$+%(&0!&5!%'$!
3&3#-,%(&0!Q,!3,*%(+#-,*!*,+$!&*!$%'0(+(%;R!2,)!+&/3,*$.!%&!%'$!3&3#-,%(&0!,)!,!2'&-$4!'&2$B$*!
.()3,*(%;!+&#-.!>$!,0,-;H$.!/&*$!+-&)$-;!2'$0!+&/3,*(01!$,+'!)$+%(&0!&5!%'$!3&3#-,%(&0!%&!%'$!
.&/(0,0%!3&3#-,%(&0!QN&0
:J()3,0(+!O'(%$R<!
!L,)%-;4!%'()!)%#.;!.(.!0&%!,
0,-;H$!+',01$)!(0!%'$!
!!!!!!!_8!.()3,*(%;!&B$*!%(/$4!2'(+'!+&#-.!'(1'-(1'%!5,+%&*)!,))&+(,%$.!2(%'!%'$!$M,+$*>,%(&0!&*!
,/$-(&*,%(&0!&5!%'$)$!.()3,*(%($)!&B$*!%(/$<!
!L=K=%':42/34%-3F304;/
%!S'()!)%#.;!,-)&!3&(0%)!%&2,*.!%'$!0$$.!5&*!,..(%(&0,-!*$)$,*+'<!
W&*!
$M,/3-$4!5#%#*$!
*$)$,*+'!+&#-.!(0+&*3&*,%$!
.,%,!
&0!$M+-#)(&0,*;!H&0(01
!(0!&*.$*!
%&!(.$0%(5;!2',%!,*$!%'$!/&)%!
+&//&0!$M+-#)(&0,*;!H&0(01!3*,+%(+$)!#)$.!>;!/#0(+(3,-(%($)!,1,(0)%!/&>(-$!'&/$)4!,0.!'&2!
%'$;!,55$+%!%'$!&33&*%#0(%;!5&*!+&//#0(%($)!&5!+&-&*!%&!3#*+',)$!,0.!*$)(.$!(0!/&>(-$!'&/$)<!
d,%'$*(01!%'$!/&)%!+&//&0!5&*/)!&5!$M+-#)(&
0,*;!H&0(01!+&#-.!,-)&!'$-3!(.$0%(5;!2',%!,*$!%'$!
>$)%!2,;)!%&!+&/>,%!%'()!())#$4!%'$*$5&*$!(0+*$,)(01!%'$!&33&*%#0(%;!5&*!+&//#0(%($)!&5!+&-&*!%&!
,++$))!,55&*.,>-$!'&#)(01<!
!D0&%'$*!)%#.;!%',%!2&#-.!+&0%*(>#%$!%&!%'$!+#**$0%!-(%$*,%#*$!2&#-.!>$!,!+
,)$!)%#.;!&5!/&>(-$!'&/$!3,*?)!(0!\(.2$)%$*0!)%,%$)4!
2'$*$!*$)(.$0%)!,*$!/&)%-;!3$&3-$!&5!+&-&*
<!S'$!
\(.2$)%!()!&5%$0!,0!&#%-($*!(0
!1$0$*,-!
)3,%(,-!
%*$0.
)!&5!2'$*$!/&>(-$!'&/$)!,*$!-&+,%$
.<!!D!)#*B$;!&5!%'$)$!*$)(.$0%)!+&#-.!'$-3!(.$0%(5;!2';!%'$;!*$)(.$!%'$*$4!'
&2!%&!(0+*$,)$!%'$!,/&#0%!
&5!/&>(-$!'&/$)!(0!%'$!\(.2$)%4!,0.!%'$*$5&*$!,..!,..(%(&0,-!,55&*.,>-$!'&#)(01!&33&*%#0(%($)!
5&*!+&//#0(%($)!&5!+&-&*
<!D0&%'$*!),/3-(01!&5!+,)$!)%#.($)!5*&/!+&//#0(%($)!&5!+&-&*!,+*&))!%'$!
@0(%$.!=%,%$)4!>&%'!2'&!.&!,0.!.&!0&%!-(
B$!(0!,!/&>(-$!'&/$!3,*?!+&#-.!'$-3!.()%(01#()'!%'$!
3$*+$3%(&0!&5!/&>(-$!'&/$)!,*&#0.!%'$!aD/$*(+,0!"*$,/b!&5!'&/$&20$*)'(3!,0.!1$0$*,%(&0,-!
2$,-%'<!D)!+&//#0(%($)!&5!+&-&*!',B$!0&%!>$$0!,55&*.$.!%'$!&33&*%#0(%;!%&!>#(-.!1$0$*,%(&0,-!
2$,-%'!B(,!.()+*(/(0,%
&*;!3*,+%(+$)4!%'$!3$*+$3%(&0!&5!/&>(-$!'&/$)!,)!.$3*$+(,%(01!(0!B,-#$!,0.!
0&%!>#(-.(01!1$0$*,%(&0,-!2$,-%'!/,;!3*$B$0%!%'$/!5*&/!(0B$)%(01!(0!/,0#5,+%#*$.!'&#)(01<!!
=#*B$;(01!3$&3-$!&5!+&-&*!%&!#0.$*)%,0.!%'$)$!3$*+$3%(&0)!/,;!'$-3!%&!(05&*/!3&-(+;!%&!
$0+
&#*,1$!/&>(-$!'&/$&20$*)'(3!5&*!+&//#0(%($)!&5!+&-&*<!
!!!!!!!!_6!'''!!!!!!!!!!!!!!''!LL-).2M
'''''''''''''''''!'!'%!!!!!!!_C!(VV*WH"X
%!%$0CD3%
U6%&4<G<70D%H3F;4<12<?3%#202<F2<;F
%Q04<0CD3
%&CF%>307
%#29=%H3?=
%><7%>0R
%1()h&(0
!7!!!!!S%-I-+?V++J@
!C4667!]E]C<7E`!678^9<^8!7!]_E7C6!S%-NDV++J@!C4667!6_]<^899!8789<79!7!66_^]!S%-O%$V++J@!C4667!6E6E9<`9!_77]E<9E!7!88`78_E!S%-L%MV++J@
!C4667!E79_<`79!C6]`9<_C!7!866_6_7!!!!!!!!!!!!!)%,%$!7!!!!!!!!!+&#0%;
!7!!!!!"(B()(&0
!7!!!!!I-+?\J"
!64^76!:6<E``87C!8C<`C]99!:]9<`6C66!`^<_C_7_!ND\J"!6499E!8<_9C^86!68<]_6E8!:E6<8^69C!`9<8_]66!!!!!!!O%$\J"!C4679!:8<C7E]]!C<787^__!:6_<^]9]_!6E<89`_`!L%M\J"
!C48E9!C<E`]C6E!8_<7`EE_!:E8<^C_9^!`^<_C_7_!I-+?JV"
!64^76!:6]<]6_C_!6_<8]]]`!:^^<C86`8!]^<]8E_`!NDJV"!6499E!:`<_C868C!6`<_C^E]!:^^<C86`8!_8<9]_6!O%$JV"!C4679!C<]E]E_E!_<6_^E_]!:9^<`_8`^!]8<EE8``!!!!!!!L%MJV"
!C48E9!:8`<7^^98!68<6]CC6!:^E<689C`!]8<7_66^!S&%,-d$&D*$,
!C4668!`9787<__!C7`6`^<^!^6!`^8^_7E!@*>,0D*$,
!C4668!9^]_^<C]!C7EC]6<9!7!`9E`8^8!T0@*>,0D*$,)
!C4668!_`C6_<`E!C7]E96<C!7!`9]C_E7!T0@*>,0A-#{)
!C4668!`8]8<C`C!8C_9C<EC!7!89EE96!!!!!!!Z#*,-D*$,
!C4668!8^E]6<C6!8__E8<6E!7!8]_^E_!X+%Z#*,-
!C4668!E9<E6]`^!C6<7]788!7!877!X+%@*>,0A-#)
!C4668!66<E8]C_!6]<8_78`!7!877!X+%@*>,0D*$,
!C4668!_6<]CE_^!_6<7`E8C!7!677!\J8EC]D1$V{+
!C4667!8_6<]]79!6]`<_CEE!7!C`C7!!!!!!!\JCE_]D1$V{+
!C4667!^_6<7`]8!8C__<6`!7!678E6!\J_EX-#{*V++
!C4667!]^^<8E8`!86]_<7]]!7!6__E]!\J8EC]D1$Z{+
!C4667!8`E<67^9!CC`<E_7`!7!_789!\J_EX-#{%V++
!C4667!99<6`96!899<C6C]!7!C_9E!!!!!!!!!_]!$0CD3%U%Z;872a9[
%!\JCE_]D1$Z{+
!C4667!CC9<C66!_C6<_87E!7!87668!!!!!!!X+%I-+?V++\J
!64^76!`<`]E]76!8_<EC`7]!7!877!X+%NDV++\J!6499E!8C<`866]!66<9_68E!7!877!X+%O%$V++\J!C4679!88<]8^69!^<`^^6^6!7!_7<7]96^!X+%L%MV++\J
!C48E9!8_<8799`!8`<89^9]!7!877!X+%\J!C4667!86<_9]76!`<_`999_!7!E^<89_E_!!!!!!!"(B()(&0A&.$
!C4667!E<7__99!6<7`9``8!7!`!X+%G-.$*-;
!C48^C!6E<97`9]!88<E8_]]!7!877!x$)%x/8
!C466C!7<8C86]]6!7<CC998`_!7!8!x$)%x/6
!C466C!7<86779]E!7<C6E7``!7!8!x$)%x/C
!C466C!7<_6`^]^!7<]^6`678!7!8!!!!!!!!!!!!!!!!!!!!!!!_E!!!!!!!!!!!"2",2*/%!LNO
'!!!!!!!!!!!!!!!!!!!!__!"2",2*/%!LNO
'!D/,04!"<!"<4!e!F,*0,-4!I<!Q6787R<!J&/$!)2$$%!/&>(-$!'&/$j!I$0$5(%)!,0.!+',--$01$)!&5!/&>(-$!
'&/$!&20$*)'(3!(0!*#*,-!X$00);-B,0(,<!
$++7%,/#R,52>6+;?T#3U
Q8R4!^]u`E<!.&(P!
87<878_Kh<,31$&1<677`<7`<778
!!D31,*4!O<4!A,-.$*4!D<4!A&--(0)4!\<4!e!"#.,4!\<!Q6776R<!
$1#
)*6&%16.%51#5N#M61:N6-.:>,/#
D5:'%12#6'#6#V5&&:1%.?
F61/#$'',.
F9:%7/%12#W.>6.,2?"#$1#)*6&%16.%51#5N#M61:N6-.:>,/#
D5:'%12#6'#6#V5&&:1%.?
F61/#$'',.
F9:%7/%12#W.>6.,2?
!Q33<!8u_ER<!N$(1'>&*'&&.!Z$(0B$)%/$0%!
A&*3&*,%(&0<
!Z$%*($B$.!5*&/!
'%%3)PKK+&//#0(%;
:2$,-%'<&*1K)(%$)K+-&0$<+&//#0(%;
:2$,-%'<&*1K5(-$)K.&20-&,.)K*$3&*%
:,31,*
:$%:,-<3.5
!!D#*,0.4!D<4!G//,0#$-4!"<4!G**(+&4!G<4!X(0)?;4!"<4!e!
F$0%$-4!"<!Q678`R<
!G;,#R6+L#$#W;5>.62,#5N#
$NN5>/6K7,#D5&,'
!Q33<!8u8`R<!S'$!N,%(&0,-!L&2!T0+&/$!J&#)(01!A&,-(%(&0<!Z$%*($B$.!5*&/!
'%%3)PKK*$3&*%)<0-('+<&*1K)(%$)K.$5,#-%K5
(-$)K1,3Kd,3
:Z$3&*%x678`<3.5
!!D#*,0.4!D<4!A&&3$*4!D<4!G//,0#$-4!"<4!Z,5(4!T<4!e!F$0%$-4!"<!Q678`R<
!O:.#5N#B,6-;
!Q33<!8u6^ER<!N,%(&0,-!L&2!T0+&/$!J&#)(01!A&,-(%(&0<!Z$%*($B$.!5*&/!
'%%3)PKK*$3&*%)<0-('+<&*1K)(%$)K.$5,#-%K5(-$)K&&*KVVZx678`<3.5
!!I,*$2(04!J<!g<!Q0<.<R<!Z$)+#(01!\,0#5,+%#*$.!J&#)(01!5*&/!%'$!X$*(-)!&5!\#0(+(3,-!Y&0(01!
L,2)<!O,)'(01%&0!@0(B$*)(%;!g&#*0,-!&5!@*>,0!,0.!A&0%$/3&*,*;!L,24!8^`
u68]<!Z$%*($B$.!
5*&/!
'%%3)PKK'$(0&0-(0$<&*1KJVLKX,1$j',0.-$q'$(0<h&#*0,-
)K2,#+-C9e.(Bq^e1x)$0%q8e+,),x%&?$0
q7.\,/#
:$SW&DDDDDPD_,"Fn(#WE&0E,ZAJ.E0\=BOO/91'-h5*i`VWEB>0;"]WT0)%dMUDs@5$x.3
sU#5A'IECn0931e+&--$+%(&0qh&#*0,-)
!!!I$,/()'4!g<!V<4!d&))4!Z<!A<4!D%(-$)4!g<!J<4!e!U(/4!F<!Q6778R<!N&%!,!%*,(-$*!,0;/&*$P!
X$*+$3%(&0)!
&5!/,0#5,+%#*$.!'&#)(01<
!D5:'%12#457%-?#I,K6.,
4!!(Q6R4!C9CuC`6<!.&(P!
87<87^7K87E88]^6<6778<`E68]87
!!I&$'/4!S<!X<!Q8``ER<!D!A&/3,*()&0!&5!%'$!"$%$*/(0,0%)!&5!=%*#+%#*,-!o#,-(%;!>$%2$$0!
\,0#5,+%#*$.!J&#)(01!,0.!A&0B$0%(&0,-!S$0#*$!A'&(+$)P!GB(.$0
+$!5*&/!%'$!D/$*(+,0!J&#)(01!
=#*B$;<
!X5:>167#5N#D5:'%12#)-515&%-'
4!SQ]R4!C9CuC`8<!.&(P!87<877_Kh'$+<8``E<878^
!!I&$'/4!S<!X<4!e!=+'-&%%/,004!D<!\<!Q677]R<!S'$!.;0,/(+)!&5!*,+$4!(0+&/$4!,0.!
'&/$&20$*)'(3<
X5:>167#5N#Q>K61#)-515&%-'TYY
Q8R4!88C:8C7<!.&(P87<878_Kh<h#$<677C<7^<778
!!I&$'/4!S<4!e!=+'-&%%/,004!D<!Q677]R<
!8'#M61:N6-.:>,/#D5:'%12#6#R55/#$7.,>16.%<,#N5>#Z5E
F81-5&,#06&%7%,'[#)<%/,1-,#N>5&#.;,#$&,>%-61#D5:'%12#W:><,?
#<!8'#M61:N6-.:>,/#D5:'%12#6#
R55/#$7.,>16.%<,#N5>#Z5E
F81-5&,#06&%7%,'[#)<%/,
1-,#N>5&#.;,#$&,>%-61#D5:'%12#W:><,?
#Q33<!8u9^R<!@<=<!"$3,*%/$0%!&5!J&#)(01!,0.!@*>,0!"$B$-&3/$0%!V55(+$!&5!X&-(+;!"$B$-&3/$0%!,0.!
Z$)$,*+'!<
!Z$%*($B$.!5*&/!
!!!!!!!_9!'%%3)PKK222<'#.#)$*<1&BKX#>-(+,%(&0)K3.5KT)\,0#5,+%#*$.J&#)(01Dd&&.D-%$*0,%(B$W&*L&2
:T0+&/$W,/(-($)GB(.$0+$W*&/S'$D/$*(+,0J&#)(01=#*B$;<3.5
!!I*&&?)4!\<!\<4!e!\#$--$*4!S<!Q678`4!N&B$/>$*!ER<!W,+%&*)!,
55$+%(01!/&>(-$!'&/$!3*$B,-$0+$!(0!
%'$!@0(%$.!=%,%$)P!X&B$*%;4!,/$0(%($)4!,0.!0,%#*,-!*$)&#*+$!$/3-&;/$0%<!
'%%3)PKK.&(<&*1K87<C86CEK&)5<(&K1/^h6
!!I*&204!g<!\<4!e!=$--/,04!\<!D<!Q8`^9R<!\,0#5,+%#*$.!J&#)(01P!S'$!T0B,-(.(%;!&5!%'$!|\&>(-(%;|!
=%,0.,*.<
!G;,#Q>
K61#Z6E?,>
4!!\Q6R4!C_9uC``<!Z$%*($B$.!5*&/!
'%%3)PKK222<h)%&*<&*1K)%,>-$K69^`]E77
!!A,--($)4!"<!L<4!e!=(/&04!"<!I<!Q6789R<!W,(*!J&#)(014!"()+*(/(0,%(&04!,0.!T0+-#)(&0,*;!Y&0(01!(0!
%'$!@0(%$.!=%,%$)<
G;,#Q>K61#Z6E?,>]#V;%-625
4]`Q]R4!_^9:98_!!A',*-$)4!U<!U<4!e
!J#*)%4!G<!Q6776R<!S'$!S*,0)(%(&0!%&!J&/$!V20$*)'(3!,0.!%'$!I-,+?
:O'(%$!
O$,-%'!d,3<
B,<%,E#5N#)-515&%-'#61/#W.6.%'.%-'T^S
Q6R4!6^8:6`9<!.&(P87<88_6K77C]_EC76C89]88EC6
!!A'$*0&554!=<!N<!Q8`^CR<!I$'(0.!%'$!=/&?$)+*$$0P!GM+-#)(&0,*;!Y&0(01!&5!\&>(-$!J&/$)<
!O,)'(01%&0!@0(B$*)(%;!g&#*0,-!&5!@*>,0!,0.!A&0%$/3&*,*;!L,24!6E4!6CE
:6_^<!!A&0)#/$*!W(0,0+(,-!X*&%$+%(&0!I#*$,#<!Q678]R<
!M61:N6-.:>,/
F;5:'%12#-51':&,>#N%161-,#%1#.;,#
Q1%.,/#W.6.,'
<!M61:N6-.:>,/
F;5:'%12#-51':&,>#N%161-,#%1#.;,#Q1%.,/#W.6.,'
!Q33<!8uEER<!Z$%*
($B$.!5*&/!
'%%3)PKK5(-$)<+&0)#/$*5(0,0+$<1&BK5K678]7`x+53>x*$3&*%x/,0#5,+%#*$.
:'&#)(01<3.5
!!A*&2-$;4!=<!Q677CR<!S'$!D55&*.,>-$!J&#)(01!A*()()P!Z$)(.$0%(,-!\&>(-
(%;!&5!X&&*!W,/(-($)!,0.!
=+'&&-!\&>(-(%;!&5!X&&*!A'(-.*$0<
!G;,#X5:>167#5N#_,2>5#)/:-6.%51
4!`(Q8R4!66uC^<!.&(P!
87<6C79KC6886^^
!!",2?(0)4!A<!g<!Q6788R<
!B,2:76.5>?#96>>%,>'#.5#M61:N6-.:>,/#D5:'%12#476-,&,1.#%1#Q>K61#
V5&&:1%.%,'
<!"TDNG!X#>-()'(01<
!!",2?(0)4!A<!g<4!e!U&$>$-4!A<!S<!Q677`R<!VB$*+&/(01!I,**($*)!%&!X-,+(01!\,0#5,+%#*$.!J&#)(01!
(0!\$%*&3&-(%,0!A&//#0(%($)<!
X5:>167#5N#.;,#$&,>%-61#47611%12#$''5-%6.%51T#`a@!C
4!9Cu^^<!.&(P!
87<87^7K78`]]C_7`7C]787E6
!!"(,H4!"<!Q678E4!g#0$!8R<!X*&%$+%(&0)!5&*!-&
2:(0+&/$!S$M,)!'&/$&20$*)4!(0+-#.(01!%'&#),0.)!
2'&!-(B$!(0!+&-&0(,)4!,33*&B$.!>;!%'$!L$1()-,%#*$4!),;)!Z$3<!A,0,-$)<!Z$%*($B$.!5*&/!
'%%3PKK$.(0>#*13&-(%(+)<+&/K678EK7_K78K3*&%$+%(&0)
:5&*:-&2
:(0+&/$
:%$M,)
:'&/$&20$*)
:(0+-#.(01
:%'&#),0.)
:2'&
:-(B$
:(0:+&-&0(,)
:,33*&B$.
:>;:%'$
:-$1()-,%#*$
:),;)
:*$3
:+,0,-$)K
!!"#/&0%4!D<!Q678`R<!J&#)(01!D55&*.,>(-(%;!(0!%'$!@<=<P!S*$0.)!>;!d$&1*,3';4!S$0#*$4!,0.!
J&#)$'&-.!T0+&/$<!Z$%*($B$.!5*&/!'%%3)PKK222<5$.$*,-*$)$*B$<1&BK$+&0*$)K0&%$)K5$.)
:0&%$)K'&#)(01
:,55&*.,>(-(%;
:(0:%'$
:#):%*$0.)
:>;:1$&1*,3';
:%$0#*$
:,0.
:'&#)$'&-.
:(0+&/$
:678`7`69<'%/<
!!!!!!!!_^!!"#*)%4!N<!g<!Q678ER<!S'$!N,%#*$!,0.!GM%$0%!&5!=$-5
:J$-3!J&#)(01!(0!S$M,)<
!X5:>167#5N#47611%12#
)/:-6.%51#61/#B,',6>-;
4!3aQ6R4!8]Eu8E9<!.&(P!87<8899K79C`]E_M8E_868``
!!"#*)%4!N<!g<4!e!=#--(B,04!G<!
Q678`R<!S'$!A&0%*(>#%(&0!&5!\,0#5,+%#*$.!J&#)(01!%&!D55&*.,>-$!
J&#)(01!(0!%'$!@0(%$.!=%,%$)P!D))$))(01!n,*(,%(&0!D/&01!\,0#5,+%#*$.!J&#)(01!S$0#*$)!,0.!
A&//#0(%;!S;3$)<
!D5:'%12#457%-?#I,K6.,
4!(\Q_R4!^^7u^`^<!.&(P!
87<87^7K87E88]^6<678`<8_7EEC]
!!"#*)%4!N<!g<
4!e!O$1/,004!g<!Q6789R<!T05&*/,-!J&#)(01!(0!%'$!@0(%$.!=%,%$)<
#81.,>16.%5167#
X5:>167#5N#Q>K61#61/#B,2%5167#B,',6>-;T
!]8Q6R4!6^6u6`9<!.&(P!87<8888K8]_^
:6]69<86]]]!!W()'$*4!L<!G<!Q677`R<!S,*1$%!/,*?$%(01!&5!)#>3*(/$!-&,0)P!*,+(,-(H$.!+&0)#/$*!5*,#.!e!*$B$*)$
!*$.-(0(01<g&#*0,-!&5!L,2!,0.!X&-(+;48^Q8R4!868<
!!W-;004!U<!\<!Q8`^CR<!T/3$.(/$0%)!%&!%'$!T0+*$,)$.!@)$!&5!\,0#5,+%#*$.!J&#)(01<
!Q1%<,>'%.?#5N#
I,.>5%.#X5:>167#5N#Q>K61#Z6,
4!aUQ]R<!Z$%*($B$.!5*&/!
'%%3)PKK'$(0&0-(0$<&*1KJVLKL,0.(01X,1$j',0.-$q'$(0<h&#*0,-)K#
.$%/*_7e.(BqC^e(.qe3,1$q
!!d$0H4!Z<!Q6778R<!O';!,.B&+,%$)!0$$.!%&!*$%'(0?!/,0#5,+%#*$.!'&#)(01<
!D5:'%12#457%-?#
I,K6.,
4!!(Q6R4!C`Cu]8]<!.&(P!87<87^7K87E88]^6<6778<`E68]88
!!d$&*1$4!L<!e!I,**4!\<!Q677ER!
M5<%12#;5&,L#M61:N6-.:>,/#;5:'%12#%1#>:>67#
$&,>%-6"
!O,)'(01%&04!"<A<4!J&#)(01!D))()%,0+$!A&#0+(-<!DB,(-,>-$!5*&/!
'%%3PKK222<*#*,-'&/$<&*1K)%&*,1$K.&+#/$0%)K/&B(01'&/$<3.5
!!!d*$(54!\<!Q678]R<!S'$!(0%$*)$+%(&0!&5!'&/$&20$*)'(34
!*,+$!,0.!0$(1'>&#*'&&.!+&0%$M%P!
T/3-(+,%(&0)!5&*!0$(1'>&#*'&&.!),%()5,+%(&0<
Q>K61#W.:/%,'TY(
Q8R4!E7:97<!.&(P87<8899K77]67`^78]E6E6]C
!!d;&#*?&4!g<4!L(00$/,04!X<4!e!O,+'%$*4!=<!Q8```R<!D0,-;H(01!%'$!Z$-,%(&0)'(3)!,/&01!Z,+$4!
O$,-%'4!,0.!J&/$!V20$*)'(3!(0!D/
$*(+,<
X5:>167#5N#D5:'%12#)-515&%-'T^
Q6R4!_C:^`<!.&(P87<877_Kh'$+<8```<76]6
!!J,**()4!S<!W<4!e!F$-&2(%H4!D<!Q678^R<!Z,+(,-!+-(/,%$!,0.!'&/$&20$*)'(3<
X5:>167#5N#D5:'%12#
)-515&%-'TSU
4!]8:96<!.&(P87<878_Kh<h'$<6789<86<77C
!!J,#*(04!"<4!e!Z&)$0%',-4!=<!
Q677]R<#G;,#W:'.6%16K%7%.?#5N#
D5&,5E1,>';%+
L#06-.5>'#$NN,-.%12#.;,#
I:>6.%51#5N#D5&,5E1,>';%+#61/#B,1.67#W+,77'#@++"#!
Fa\C"#@<=<!"$3,*%/$0%!&5!J&#)(01!,0.!
@*>,0!"$B$-&3/$0%!V55(+$!&5!X&-(+;!"$B$-&3/$0%!,0.!Z$)$,*+'<!Z$%*($B$.!5*&/!
'%%3)PKK222<'#.#)$*<1&BKX#>-(+,%(&0)K3.5K'&/$&20)#)%,(0,>(-(%;<3.5
!!J$1h(4!A<4!e!\(%+'$--4!L<!Q6777R<!S'$!(/3,+%!&5!/,0#5,+%#*$.!'&#)(01!&0!,.h,+$0%!)(%$
:>#(-.!
*$)(.$0%(,-!3*&3$*%($)!(0!%2&!D-,>,/,!+
&#0%($)<
!W5:.;,>1#9:'%1,''#B,<%,E
4!(aQ8R4!8Cu67<!Z$%*($B$.!5*&/!'%%3)PKK)$,*+'<3*&i#$)%<+&/K.&+B($2K66^6CC7^`j3i
:&*(1)(%$q1)+'&-,*
!!!!!!!!!_`!J$*>$*%4!A<4!J,#*(04!"<4!Z&)$0%',-4!=<4!e!"#.,4!\<!Q677ER<
#D5&,5E1,>';%+#R6+'#$&512#Z5E
F81-5&,#61/#M%15>%.?#95>>5E,>'#61/#_,
%2;K5>;55/'"#D5&,5E1,>';%+#R6+'#$&512#Z5E
F81-5&,#
61/#M%15>%.?#95>>5E,>'#61/#_,%2;K5>;55/'#
Q33<!8u698R<!@<=<!"$3,*%/$0%!&5!J&#)(01!,0.!
@*>,0!"$B$-&3/$0%!V55(+$!&5!X&-(+;!"$B$-&3/$0%!,0.!Z$)$,*+'!<
!Z$%*($B$.!5*&/!
'%%3)PKK222<'#.#)$*<1&BKX#>-(+,%(&0)K3.5KJ&/$&20$*)'(3d,3)D/&01L&2
:T0+&/$D0.\(0&*(%;<3.5
!!TX@\=<!Q678`R<!Z$1(&0)<!Z$%*($B$.!5*&/!
'%%3)PKK#),<(3#/)<&*1K#),
:,+%(&0KB,*(,>-$)KZGdTVNp.$)+*(3%(&0x)$+%(&0
<!!!g,+&>)4!g<!Q8`_8R<
G;,#I,6.;#61/#Z%N,#5N#R>,6.#$&,>%-61#V%.%,'
<!N$2!F&*?P!
Z,0.&/!J&#)$<
!!g$2$--4!U<!Q677CR<!\,0#5,+%#*$.!J&#)(01!D33*$+(,%(&0P!=%$*$&%;3$)!,0.!",%,<!
V51':&,>'#Q1%51#
W5:.;E,'.#B,2%5167#ONN%-,
!Q33<!8:]]R<!Z$%*($B$.!5*&/!
'%%3)PKK(.$,)<*$3$+<&*1K3K23,K2#23#*K7C7E778<'%/-!
!!g&(0%!A$0%$*!5&*!J&#)(01!=%#.($)!&5!J,*B,*.!@0(B$*)(%;<!Q67
89R<!$&,>%-6b'#B,1.67#D5:'%12#
(U!`<!!Q33<!8u]]R<Z$%*($B$.!5*&/!
'%%3PKK222<h+')<',*B,*.<$.#K)(%$)K.$5,#-%K5(-$)K',*B,*.xh+')x,/$*(+,)x*$0%,-x'&#)
(01x6789x7<3
.5!!g&(0%!A$0%$*!5&*!J&#)(01!=%#.($)!&5!J,*B,*.!@0(B$*)(%;<!Q678^R<
!G;,#W.6.,#5N#.;,#
_6.%51'c
#D5:'%12#(U!^
<#Z$%*($B$.!5*&/!
'%%3)PKK222<h+')<',*B,*.<$.#K)%,%$
:0,%(&0)
:'&#)(0
1:678^!!g&B,04!O<4!e!g&)$3'4!O<!I<!Q8``9R<!T0.#)%*;!A&*0$*P!S'$!V#%-&&?!5&*!\,0#5,+%#*$.!J&#)(01!(0!
%'$!@0(%$.!=%,%$)<
!9:'%1,''#)-515&%-'
4!3(QCR4!69uC8<!Z$%*($B$.!5*&/!
'%%3)PKK222<h)%&*<&*1K)%,>-$K6C]^99]^
!!L(+'%$*4!"<S<4!e!g&'0)&04!U<\<!Q6779R!S'$!A',00(01!=3,%(,-!A&0+$*%,%(&0!&5!D/$*(+,l)!Z#*,-!
X&&*!X&3#-,%(&0<!
B:>67#W5-%5752?
!96QCRP!CC8
:E^<!.&(P!87<8E6_K77C_788799^89``6`7
!!\,+%,B()'4!U<!D<!Q6779R<!S'$!O*&01!=(.$!&5!%'$!S*,+?)P!=&+(,-!T0$i#,-(%;!,0.!\&>(-$!
J&/$!
X,*?!Z$)(.$0+$<
!V5&&:1%.?#I,<,75+&,1.
4!3^Q8R4!9]u`8<!.&(P!87<87^7K8EE9ECC797`]`78^_
!!\,0.$-?$*4!"<!Q678_R<!Y&0(01!I,**($*)!%&!\,0#5,+%#*$.!J&#)(01<!S'$!@*>,0!L,2;$*4!]^Q6R4!
6CCu69^<!Z$%*($B$.!5*&/!
'%%3)PKK3,3$*)<))*0<+&/K)&-CK3,3$*)<+5/j,>)%*,+%x(.q6^6^6_^e.&20-&,.q;$)
!\,))$;4!"<!=<4!e!"$0%&04!N<!D<!Q8`^^R<!=#>#*>,0(H,%(&0!,0.!=$1*$1,%(&0!(0!@<=<!\$%*&3&-(%,0!
D*$,)<
!$&,>%-61#X5:>167#5N#W5-%5752?
4!\SQCR4!E`6u_6_<!.&(P!87<87^_K66`7C8
!!\,0)&04!=<4!=+'*
&$.$*4!g<4!n,0!Z(3$*4!"<4!e!Z#11-$)4!=<!Q678`R<!TX@\=!N,%(&0,-!J()%&*(+,-!
d$&1*,3'(+!T05&*/,%(&0!=;)%$/P!n$*)(&0!8]<7!}",%,>,)$~<!\(00$,3&-()4!\NP!TX@\=<!
'%%3PKK.&(<&*1K87<8^86^K"7E7<n8]<7
!!NDJI!Z$)$,*+'!A$0%$*4!T0+<!Q8``^R<!W,+%&*;!,0.!=(%$
:I#(-%!J&#)(01!
D!A&/3,*()&0!5&*!%'$!68
&'!A$0%#*;<!Z$%*($B$.!5*&/!
'%%3)PKK222<'#.#)$*<1&BKX#>-(+,%(&0)K3.5K5,+%&*;<3.5
!!!!!!!!97!!N,%(&0,-!A&0)#/$*!L,2!A$0%$*<!Q678]R<!\,0#5,+%#*$.!J&#)(01!Z$)&#*+$!d#(.$P!S(%-(01!
J&/$)!
,)!Z$,-!X*&3$*%;<!Z$%*($B$.!5*&/!
'%%3)PKK222<0+-+<&*1K(/,1$)K3.5K/,0#5,+%#*$.x'&#)(01K+5$.
:%(%-(01
:'&/$)<3.5
!!N,%(&0,-!L&2!T0+&/$!J&#)(01!A&,-(%(&0<!Q678`R<!
G;,#R6+L#$#W;5>.62,#5N#$NN5>/6K7,#D5&,'"#
G;,#R6+L#$#W;5>.62,#5N#$NN5>/6K7,#D5&,'
!Q33<!8u6^R<!Z$%*($B$.!5*&/!
'%%3)PKK222<0&B&+&<+&/K)(%$)K
.$5,#-%K5(-$)K,%&/)K5(-$)K678`x1,3x)'&*%,1$x&5x,55&*.,>-$x'&/$
)x7C8]8`<3.5
!N,%(&0,-!L&2!T0+&/$!J&#)(01!A&,-(%(&0<!Q678`4!V+%&>$*!6^R<!W,+%!&5!%'$!O$$?P!DB$*,1$!
\#-%(5,/(-;!Z$0%)!\#+'!J(1'$*!S',0!\,0#5,+%#*$.!J&#)(01!Z$0%)<!Z$%*($B$.!5*&/!
'%%3)PKK0-('+<&*1K
*$)&#*+$K5,+%
:2$$?:,B$*,1$
:/#-%(5,/(-;
:*$0%)
:/#+'
:'(1'$*
:/,0#5,+%#*$.
:'&#)(01
:*$0%)<
!!N$2/,04!=<!g<4!e!J&-#3?,4!A<!=<!Q678ER<!T)!S(/(01!GB$*;%'(01j!Z,+$4!J&/$&20$*)'(3!,0.!N$%!
O&*%'!(0!%'$!S#/#-%#&#)!6777)<
B,67#)'.6.,#)-515&%-'TSS
Q6R4!C79:CE]<!.&(P87<8888K
8E]7:_66`<8688^!!V-/$.&4!A<4!e!O,*.4!X<!\<!Q678_R<!\&.$-!)#>.(B()(&0)P!S'$!0$2!5,+$!&5!.$B$-&3$*!-&%!),-$)!5&*!
-&2
:(0+&/$!+&-&0(,
:%;3$!'&#)(01!(0!S$M,)<
#Z61/#Q',#457%-?
4!E64!8^8u8`]<!.&(P!
87<878_Kh<-,0.#)$3&-<678E<86<77C
!!V#,H,.4!D<!Q678ER<!I-&+?>#)%(01P!I*&?$*)!,0.!%'$!.;0,/(+)!&5!)$1*$1,%(&0<!
X5:>167#5N#
)-515&%-#G;,5>?
48E94!^88:^]8<!!!!X&11$4!g<!Q8``6R!
Z$(0B$)%/$0%!(0!A'(+,1&!N$(1'>&*'&&.)!
d<"<
!=i#(*$)
!QG.<R<
0>5&#B,/7%1%12#.5#
B,%1<,'.&,1.L#V5&&:1%.?#B,'+51','#.5#Q>K61#I%'
%1<,'.&,1.
4!S$/3-$!@0(B$*)(%;!
X*$))4
!X'(-,.$-3'(,
!Q8``6R4!8CC:8]^!!X&%$*>,4!g<4
!=(0,(4!S<!Q677^R!
S,M!$M3$0.(%#*$)!5&*!&20$*
:&++#3($.!'&#)(01P!.$.#+%(&0)!5&*!
3*&3$*%;!%,M$)!,0.!/&*%1,1$!(0%$*$)%!,0.!%'$!$M+-#)(&0!&5!(/3#%$.!*$0%,-!(0+&/$<
$&,>%-61#
)-515&%-#B
,<%,E4!`^!Q6R4!^]:^`!!Z(+$4!L<4!e!=2$)0(?4!"<!Q6786R<!"()+*(/(0,%&*;!G55$+%)!&5!A*$.(%!=+&*(01!&0!A&//#0(%($)!&5!
A&-&*<
!_6.%5167#06%>#D5:'%12#$77%61-,
4!8u6`<!Z$%*($B$.!5*&/!
'%%3)PKK0,%(&0,-5,(*'&#)(01<&*1K23
:+&0%$0%K#3-&,.)K6789K7]KNWJD
:+*$.(%
:)+&*(01
:3,3$*
:5&*:=#55&-?
:NALA
:);/3&)(#/
:)#>/(%%$.
:%&:=#55&-?
:L,2<3.5
!!Z&%')%$(04!Z<!Q6789R<
G;,#-575>#5N#76EL#$#N5>25..,1#;%'.5>?#5N#;5E#5:>#25<,>1&,1.#',2>,26.,/#
$&,>%-6<!N$2!F&*?P!L(B
$*(1'%!X#>-()'(01!A&*3&*,%(&04!,!.(B()(&0!&5!O<O<!N&*%&0!e!A&/3,0;<
!!Z#))$--4!A<4!e!g&'0)&04!=<!
Q678^R<!@<=<!J&#)$!X*(+$)!Z()$!8<8!X$*+$0%!(0!=$+&0.!o#,*%$*4!@<=<!
J&#)$!X*(+$)!Z()$!8<8!X$*+$0%!(0!=$+&0.!o#,*%$*
4!8u^E<!O,)'(01%&0!"<A<
!!='-,;4!D<I<!Q677_R!L&
2:(0+&/$!J&/$&20$*)'(3P!D/$*(+,0!"*$,/!&*!"$-#)(&0j<
Q>K61#
W.:/%,'
4]CQCR4!E88:EC8<!!!!!!!!!98!!=(//)4!\<4!W&*%#0;4!U<4!e!J$0.$*)&04!G<!Q677`R<!
B6-%67#61/#).;1%-#I%'+6>%.%,'#$&512#Z5E
F81-5&,#06&%7%,'"#B6-%67#61/#).;1%-#I%'+6>%.%,'#$&512#Z5E
F81-5&,#06&%7%,'
!Q33<!8u88R<!S'$!
@*>,0!T0)%(%#%$<
!Z$%*($B$.!5*&/!
'%%3)PKK222<#*>,0<&*1K)(%$)K.$5,#-%K5(-$)K3#>-(+,%(&0KC6`9_K]88`C_
:*,+(,-
:,0.
:$%'0(+
:.()3,*(%($)
:,/&01
:-&2
:(0+&/$
:5,/(-($)<3.5
!!=/(%'4!Z<!D<!Q8`9_R<!D0!D0,-;)()!&5!I-,+?!V++#3,0+;!&5!\&>(-$!J&/$)<
!X5:>167#5N#.;,#
$&,>%-61#81'.%.:.,#5N#47611,>'
4!S(Q]R4!]87u]8^<!.&(P!87<87^7K78`]]C_9_7^`999]E
!!S#*0$*4!\<4!e!Z&))4!=<!Q677CR<
!I%'->%&%16.%51#%1#M,.>5+57%.61#D5:'%12#M6>d,.'
<!Q33<!8u`6R<!@<=<!"$3,*%/$0%!&5!J&#)(01!,0.!@*>,0!"$B$-&3/$0%<!Z$%*($B$.!5*&/
!'%%3)PKK222<'#.#)$*<1&BK3&*%,-KX#>-(+,%(&0)K3.5K'.)x3',)$Cx5(0,-<3.5
!!S#*0$*4!\<4!e!Z&))4!=<!Q
677CR<!I%'->%&%16.%51#%1#M,.>5+57%.61#D5:'%12#M6>d,.'L#4;6',#8#
F#W:++7,&,1."
#Q33<!8u8C`R<!@<=<!"$3,*%/$0%!&5!J&#)(01!,0.!@*>,0!"$B$-&3/$0%<!Z$%*($B$.!5*&/!
'%%3)PKK2
22<'#.#)$*<1&BK3&*%,-KX#>-(+,%(&0)K3.5K3',)$8x)#33-$/$0%x5(0,-<3.5
!!@<=<!A$0)#)!I#*$,#<!Q6787R<!Z#*,-!D/$*(+,P!=%&*;!\,3!=$*($)<!Z$%*($B$.!5*&/!
'%%3)PKK1()
:3&*%,-<.,%,<+$0)#)<1&BK,*+1()K,33)K\,3=$*($)K(0.$M<'%/-j,33(.q9,]8C9]5_>7C]E_$`.8C^+>78]
988$78
!!!@<=<!A$0)#)!I#*$,#!Q6789R<
!W,7,-.,/#/,&52>6+;%-#-;6>6-.,>%'.%-'T#(U!3
F(U!`#$&,>%-61#
V5&&:1%.?#W:><,?#Y
F?,6>#,'.%&6.,'
<!Z$%*($B$.!5*&/!
'%%3)PKK5,+%5(0.$*<+$0)#)<1&BK5,+$)K%,>-$)$*B(+$)Kh)5K3,1$)K3*&.#+%B($2<M'%/-j3(.qDA=x89xEFZ
xI89767Te3*&.S;3$q%,>-$
!!@<=<!"$3
,*%/$0%!&5!J&#)(01!,0.!@*>,0!"$B$-&3/$0%<!Q678`R<!\,0#5,+%#*$.!J&#)(01!,0.!
=%,0.,*.)!
:!W*$i#$0%-;!D)?$.!o#$)%(&0)<!Z$%*($B$.!5*&/!
'%%3)PKK222<'#.<1&BK3*&1*,/x&55(+$)K'&#)(01K*/*,K/')K5,i)<
!!O'(%$4!=<!\<!Q8``_R<!=%,%$!,0.!W$.$*,-!X-,00(01!L$1()-,%(&0!,0.!\,
0#5,+%#*$.!J&#)(01P!N$2!
V33&*%#0(%($)!5&*!D55&*.,>-$!=(01-$
:W,/(-;!='$-%$*!<
!G;,#Q>K61#Z6E?,>
4!(^Q6R4!6_Cu6`6<!Z$%*($B$.!5*&/!
'%%3)PKK'$(0&0-(0$<&*1KJVLKX,1$j',0.-$q'$(0<h&#*0,-)K#*>,06^e(.q69Ee+&--$+%(&0qh&#*0,-)e(
0.$Mq
!O*(1'%4!d<!Q8`^CR!
9:%7/%12#.;,#I>,6
&L#$#W5-%67#D%'.5>?#5N#D5:'%12#%1#$&,>%-6
<!A,/>*(.1$4!
\DP!\TS!X*$))<
!!O#>0$'4!\<4!e!='$04!d<!Q677]R<!S'$!T/3,+%!&5!\,0#5,+%#*$.!J&#)(01!&0!D.h,+$0%!Z$)(.$0%(,-!
X*&3$*%;!n,-#$)P!D!dT=!D33*&,+'!I,)$.!&0!S'*$$!N&*%'!A,*&-(0,!A&#0%($)<
!B,<%,E#5N#Q>K61#
61/#B,2%5167#I,<,75+&,1.#W.:/%,'
4!!aQ8R4!E_u9C<!.&(P!87<8888Kh<8]_9
:`]7M<677]<777^7<M!!!''