!"#$%&!'(&!"')&*$)!+,(-&%)./)'0.1"2)+("('$+$"&).")(0&*0.,.2
%)!").0'("!-)-1-103!&()('0.$-.%4%&$+%
))35)))6789:)0;)(<<=:>=??=@
))))))))))))))))))))))))))()&*$%!%
))%ABCDEE=F)E7
)+DGHD89:)%E9E=)1:DI=@JDE5
)D:)<9@ED9?)>A?>D??C=:E)7>)EH=)@=KAD@=C=:EJ
)>7@)EH=)
F=8@==)7>
))$:E7C7?785)
L)+9JE=@)7>)%GD=:G=
))MNMN(3%&0(-&
))!"#$%&!'(&!"')&*$)!+,(-&%)./)'0.1"2)+("('$+$"&).")(0&*0.,.2%)!")
.0'("!-)-1-103!&()('0.$-.%4%&$+%
))35)))6789:
)0;)(<<=:>=??=@
))0=ABC=A
DAEFGB@H9:C=)8@7B:A)I9:98=I=:G)<@9CGEC=F)FBCJ)9F):7
DGE??)9:A)FG@E<)GE??98=
)K9;L;9;)
C7:F=@M9GE7:)GE??98=N)J9M=)H==:)A=I7:FG@9G=A)G7)<@7MEA=)F=M=@9?)98@7:7IEC)H=:=>EGF)GJ9G)C9:)
=:J9:C=)C@7<)J=9?GJ;)*7O=M=@P)GJ=)=>>=CGF)7>)C7:F=@M9GE7:)GE??98=)I=GJ7AF)
7:)9@GJ@7<7A)
C7IIB:EGE=F)9@=)?=FF)B:A=@FG77A;)!:)GJEF)GJ=FEFP)!)E:M=FGE89G=A)GJ=)EI<9CGF)7>)
F7E?
)I9:98=I=:G)
<@9CGEC=F)7:)<=FGFP):9GB@9?)=:=IE=FP)9:A)H==F)OEGJ)9:)=I<J9FEF)7:)
!"#$%&'(%")*+,&
)K*5I=:7<G=@9Q)
(<EA9=N)E:)7@89:EC)
-"#"%.)/&
)98@7=C7F5FG=IF;)/@7I)RS
TUDRSTVP)BFE:8)>E=?A)=W<=@EI=:GF)9:A)9)
CEGEX=:)FCE=:C=)FB@M=5P)!)7HF=@M=A)GJ9G)AE>>=@=:G)G5<=F)7>)>7?E9@)J=@HEM7@=F)9:A):9GB@9?)=:=IE=F)
M9@E=A)E:)GJ=E@)@=F<7:F=)G7
)FG@E<)GE??9
8=;)(<JEAEA9=)K*=IE<G=@9N)C7I<@EF=A)GJ=)I9Y7@EG5)7>)>7?E9@)
E:F=CG)<=FGF)7HF=@M=A)
E:)>E=?A)=W<=@EI=:GF)9:A)O=@=)I7@=)9HB:A9:G)E:)C7:M=:GE7:9?)GE??98=)GJ9:)E:)
FG@E<)GE??98=;)Z,9@9FEGEC9[)O=@=)I7FG)>@=\B=:G?5)7HF=@M=A)E:)FG@E<)GE??98=)OJECJ)I95)J9M=)
C7:G@EHBG=A)G7)?7O=@)(<JEAEA9=)9HB:A9:C=;)%=M=@9?)=<E8=9?):9GB@9?)=:=I5)G9W9)E:C?BAE:8)
0&%
(&1",'
F<<;)K-9@9HEA9=N)9:A)(@9:=9=)O=@=)FE8:E>EC9:G?5)I7@=)9HB:A9:G)E:)FG@E<)GE??98=)FB88=FGE:8)GJ9G)GJEF)
<@9CGEC=)I95)<@7I7G=)=:J9:C=A)HE7?78EC9?)C7:G@7?;)!:)I5)CEGEX=:)FCE=:C=)FGBA5P)
!"#$%&'(%")*+,&
)>?7O=@)MEFEG9GE7:)O9F)9<<@7WEI9G=?5)GJ@==)GEI=F)8@=9G=@
)E:)@=ABC=A)GE??98=)9:A):7
DGE??)F5FG=IF)GJ9:)
E:)C7:M=:GE7:9?)GE??98=)FB88=FGE:8)GJ9G)?7O=@)E:G=:FEG5)8@7B:A)I9:98=I=:G)C9:)J=?<)C7:F=@M=)
EI<7@G9:G)OE?A)<7??E:9G7@F;)!:)9AAEGE7:P)GJEF)FGBA5)A=I7:FG@9G=A)GJ=)=>>EC9C5)7>)CEGEX=:)FCE=:C=)>7@)
C7??=CGE:8)A9G9)9C
@7FF)H@79A)8=78@9<JEC)9@=9F)9:A)=:898E:8)GJ=)<BH?EC)E:)9AA@=FFE:8)=C7?78EC9?)
EFFB=F;).M=@9??P)I5)@=FB?GF)FB88=FG)GJ9G)C7:F=@M9GE7:)GE??98=)I=GJ7AF)J9M=)GJ=)<7G=:GE9?
)G7)
<@7I7G=)
=:J9:C=A)HE7?78EC9?)C7:G@7?)9:A)<7??E:9GE7:)F=@MEC=F)E:)7@89:EC)
-"#"%.)/&
;))EEE)&JEF)GJ=FEF)EF)A=AEC9G=A)G7)I5)OE>=)9:A)A9B8JG=@F)OJ7)J9M=)E:F<E@=AP)FG@=:8GJ=:=AP)9:A)?7M=A)I=)
GJ@7B8J
7BG)I5)=WCEGE:8P)5=G)GBIB?GB7BF)5=9@F)7>)JE8J=@)=ABC9GE7:;)
!)7O=)9)8@=9G)A=9?)7>)I5)
FBCC=FF)G7)GJ=E@)FB<<7@G;
))EM)(-O".P6$2'$+$
"&%
))))/E@FG)9:A)>7@=I7FGP)!)O7B?A)?EL=)G7)GJ9:L
)I5)I9Y7@)<@7>=FF7@P)]F7>E9)%X=:A@=E)>7@)E:MEGE:8)
I=)G7)Y7E:)
GJ=)#=8=G9H?=)$:G7I7?785)6
9HP)9:A)>7@)<@7MEAE:8)=WC=<GE7:9?)8BEA9:C=)GJ@7B8J7BG)GJ=)
=:GE@=G5)7>)I5)GEI=)9G)+%1;)!^I)>7@GB:9G=)G7)J9M=)G@9E:=A)B:A=@)9:)=WC=??=:G)FCE=:GEFG)
9:A
)=:C7B@98E:8)I=:G7@)OJ7)EF)JE8J?5)E:M=FG=A)E:)GJ=)<@7>=FFE7:9?)FBCC=FF)9:A)<=@F7:9?)O=??
DH=E:8)7>)
J=@)FGBA=:
GF;)
!)O7B?A)9?F7)?EL=)G7)GJ9:L)I5)+;%;)C7IIEGG==)I=IH=@FP)27B8)69:AEF)9:A)29:E=?)
3@9E:9@AP)OJ7)?=:G)GJ=E@)=W<=@GEF=
)9:A
)<@7MEA=A)I=)OEGJ)M=@5)BF=>B?)E:FE8JG)G7)J=?<)8BEA=)I5)
@=F=9@CJ;)
)&J9:L)57B)G7)
GJ=)7GJ=@)I=IH=@F)7>)GJ=)#=8=G9H?=)$:G7I7?785)69H)>7@)O9@I
?5)O=?C7IE:8)
I=)G7)GJ=)?9H)9:A)=WG=:AE:8)GJ=E@)>@E=:AFJE<)9:A)9AMEC=Q)
$?E9F)3?77IP)"9G9?E=)-7:FG9:CE7P)
+9@89@=G)
6B:AP)
_7FJ)%:77LP)
,9G@ECL)%GE??F7:P)&J7I9F)`77AP)
9:A)_=::E>=@)]9M9?:EGFL959;)
!G)O7B?A):7G)J9M=)
H==:)<7FFEH?=)G7)C7:ABCG)I5)>E=?AO7@L
)OEGJ7BG)GJ=
)M9?B9H?=)9FFEFG9:C=)7>)
F=M=@9?)
FBII=@)
G=CJ:ECE9:F
)9:A)!)GJ9:L)GJ=I)>7@)9??)7>)GJ=E@)J=?<;)&J9:L)57B)9?F7)G7)GJ=)+%1)$WG=:FE7:)+9FG=@)
'9@A=:=@F)
OJ7
)<9@GECE<9
G=A)E:)I5)CEGEX=:)FCE=:C=)FB@M=5P
)9:A
)+9@5)`E?F7:P)GJ=
)+%1)$WG=:FE7:)
+9FG=@)'9@A=:=@)-77@AE:9G7@P)>
7@)9??)7>)J=@)J=?<)F=GGE:8)B<)=ABC9GE7:9?)=M=:GF
;)&J9:L)57B)G7)I5)
B:A=@8@9AB9G=)9AMEF7@)9G)`9FJHB@:)1:EM=@FEG5P)07A@E87)+=@C9A=@P)>7@)<@7MEAE:8)I=)OEGJ)
8BEA9:C=)9:A)E:G@7ABCE:8)I=)G7)
=:G7I7?78EC9?)@=F=9@CJ
;)/B@GJ=@I7@=P)GJ9:L)57B)G7)I5)OE>=)9:A)
A9B8JG=@FP)
I5)FEH?E:8FP)>9GJ=@P)9:A)>@E=:AF)H9CL)J7I=)>7@)GJ=E@)=:C7B@98=I=:GP)?7M=P)9:A)FB<<7@G
;))69FG?5P)!)O7B?A)?EL=)G7)GJ9:L)
I5)>B:AE:8)F7B@C=Q)&J=)1:EG=A)%G9G=F)2=<9@GI=:G)7>)
(8@ECB?GB@=).@89:EC)(8@ECB?GB@=)0=F=9@CJ)9:A)$WG=:FE7:)!:EGE9GEM=)K9O9@A):BIH=@
)RSTaDbTcSSDRbUcR)G7)];%;N;)
))M)&(36$)./)-."&$"&%
))))6!%&)./)&(36$%
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)MEE
))6!%&)./)/!'10$%
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)MEEE
))-*(,&$0)TQ)*9HEG9G)FG@BCGB@9?)C7I<?=WEG5)9:A)I9:98E:8)9@GJ@7<7AF)E:)7@89:EC)
-"#"%.)/&
);;;;;;;)T)!:G@7ABCGE7:
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)T)!:F=CG)
<=FGF);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)T).@89:EC)
E:F=CG)
<=FG)I9:98=I=:G)9:A)
J9HEG9G)I9:98=I=:G)>7@)H=:=>ECE9?)9@GJ@7<7AF
);;;;;;;;;;;;;;)R)&J=FEF)
7HY=CGEM=F
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)b)6!&$0(&10$)-!&$2
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)a))-*(,&$0)RQ)
3=:=>ECE9?)9:A)<=FG)9@GJ@7<7A)@=F<7:F=F)G7)GE??98=)9:A)C7M=@)C@7<)@=FEAB=F)E:)
7@89:EC)
-"#"%.)/&
)98@ECB?GB@=
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)TR)!:G@7ABCGE7:
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)TR)+9G=@E9?F)9:A)+=GJ7AF
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Td)$W<=@EI=:G9?)
A=FE8:
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Td)/E=?A)
7<=@9GE7:F
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Tb)/7?E9@)
9@GJ@7<7A)
FB@M=5F
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Ta)$<E8=9?)
:9GB@9?)
=:=I5)
9CGEMEG5)
A=:FEG5
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Ta),7??E:9G7@)
FB@M=5F
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)TU)%G9GEFGEC9?)9:9?5FEF
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)TU)0=FB?GF
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Te)/7?E9@)
9@GJ@7<7A)
FB@M=5F
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Te)$<E8=9?)
:9GB@9?)
=:=I5)
9CGEMEG5)
A=:FEG5
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)RR),7??E:9G7@)
FB@M=5F
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Rb)2EFCBFFE7:
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Ra)(,,$"2!f
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)cT)6!&$0(&10$)-!&$2
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)cd))-*(,&$0)cQ)
-EGEX=:)FCE=:C=)EI<@7M=F)7B@)
B:A=@FG9:AE:8)7>)GJ=)EI<9CG)7>)F7E?)I9:98=I=:G)7:)
OE?A)<7??E:9G7@)9HB:A9:C=)E:)98@7=C7F5FG=IF
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)dS)(CL:7O?=A8=I=:G)7>)
<@E7@)
<BH?EC9GE7:
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)dS)(HFG@9CG
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)dS)!:G@7ABCGE7:
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)dT)+9G=@E9?F)9:A)+=GJ7AF
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)dc)-EGEX=:)
FCE=:GEFG)
@=C@BEGE:8)9:A)
G@9E:E:8
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)dc)%\B9FJ)
H==)FB@M=5)9:A)
7HF=@M9GE7:)<@7G7C7?
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)da)%G9GEFGEC9?)(:9?5FEF
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)de)0=FB?GF
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)dV)"BIH=@)7>)FB@M=5F)@=C=EM=A)<=@)C7B:G5)9:A)G5<=F)7>)H==F)7HF=@M=A
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)dV)$>>=CGF)7>)I9:98=I=:G)<@9CGEC=F)7:)F\B9FJ)H==F
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)bR)$>>=CGF)7>)I9:98=I=:G)<@9CGEC=F)7:)J7:=5)H==FP)HBIH?=)H==FP)9:A)
7GJ=@)H==F
);;;;;;;;;;;;;;;;)ba)))ME)2EFCBFFE7:
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)bU)(,,$"2!f
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)aR)6!&$0(&10$)-!&$2
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)aU))-*(,&$0)dQ)-7:C?BFE7:F)9:A)>BGB@=)AE@=CGE7:F
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Ud)(,,$"2!f
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Ue)6!&$0(&10$)-!&$2
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)eS)))))MEE
)6!%&)./)&(36$%
))))&9B?=)M;
Q;)29E9)JACC9@5)9:F)@=JA?EJ)7>)JE9EDJEDG9?)9:9?5J=J)>7@)>7?D9@)H=@BDI7@=J
R)MNQSLMNMN;)+=9:)g)%$+
)>7?E9@)J=@HEM7@=F
)<=@)<?9:G)
M9?B=F)9:A)FG9GEFGEC9?)FE8:E>EC9:C=)7>)I7A=?F)>7@)
(<JEAEA9=P)
23'/%),/),'
=88)I9FF=FP)
23'/%),/),'
:5I<JFP)-EC9A=??EA9=P)&J5F9:7<G=@9P)
'43'
"*5$#)6("*#/&/&
P))
23'7)//&/"6
P))J=@HEM7@=F)K7M=@9??NP)
9:A)
J=@HEM7@=F)K
D9<JEAF
N)7HF=@M=A)7:)F\B9FJ)
>7?E98=;),9E@OEF=)AE>>=@=:C=F)9I7:8)G@=9GI=:GF)>7@)=9CJ)9@GJ@7<7A)G5<=)9@=)E:AEC9G=A)H5)AE>>=@=:G)
?=GG=@F)>7??7OE:8)I=9:)g)%$+)M9?B=F)K=II=9:F
)K>A@)<D9AYBFGI=:GN
h)!"i)S;SbN);;;;;;;;;;;;;;;;;;;;;;;;;;;)RT))&9B?=)M;
M;)29E9)JACC9@5)9:F)@=JA?EJ)7>)JE9EDJEDG9?)
9:9?5J=J)>7@)>7?D9@)
:9EA@9?)=:=CD=J)9:F)
9:EJ
;)+=9:)g)%$+
)M9?B=F
)9:A)FG9GEFGEC9?)FE8:E>EC9:C=)7>)I7A=?F)>7@)
(@9:=9=P)
8%)",
P)Z,9@9FEGEC9[
P):9GB@9?)=:=IE=F)K7M=@9??NP
):9GB@9?)=:=IE=F)=WC?BAE:8)Z,9@9FEGEC9[P
)9:A)/7@IECEA9=)7HF=@M=A)7:)
F\B9FJ)>7?E98=;),9E@OEF=)
AE>>=@=:C=F)9I7:8)G@=9GI=:GF)>7@)=9CJ)9@GJ@7<7A)G5<=)9@=)E:AEC9G=A)H5)
AE>>=@=:G)?=GG=@F)>7??7OE:8)I=9:)g)%$+)M9?B=F)K=II=9:Fh)
!"i)S;SbN);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)RT))&9B?=)M;T;)
29E9)JACC9@5)9:F)@=JA?EJ)7>)JE9EDJEDG9?)9:9?5J=J)>7@)
>?7U=@)IDJDE9ED7:)B5)B==J
;)+=9:)
g)%$+)M9?B=F)9:A)FG9GEFGEC9?)FE8:E>EC9:C=)7>)G@=9GI=:G)>7@)
!3'(%")*+,&
P)23'6$11)9$%&
P):+6.",
)F<<;P)
7GJ=@)H==FP)9??)H==F)K<@=ME7BF)d)H==)G5<=F)C7IHE:=ANP)9:A)/7@IECEA9=)7HF
=@M=A)<=@)
'-"#"%.)/&
)>?7O=@)E:)T)IE:;)
,9E@OEF=)AE>>=@=:C=F)9I7:8)G@=9GI=:GF)>7@)=9CJ)
H==
)G5<=)9@=)E:AEC9G=A)H5)AE>>=@=:G)
?=GG=@F)>7??7OE:8)I=9:)g)%$+)M9?B=F)K=II=9:Fh)
!"i)S;SbN);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Rb))&9B?=)%M;Q;)29E=J)7>)C9V7@)>D=?F)7<=@9ED7:J)D:)MNQSR)MNQWR)9:F)MNQX;
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)cc))&9B?=)
T;Q;)(!-)G7C<9@DJ7:J)7>)'6++J)E=JED:8)EH=)=>>=GEJ)7>)FD>>=@=:E)GAGA@BDE)C9:98=C=:E)
<@9GEDG=J)D:)9)GDEDY=:)JGD=:G=)JA@I=5R)MNQS
LMNQX;)2E>>=@=:G)>EW=A)=>>=CGF)O=@=)C7I<9@=A)BFE:8)GJ=)
AE>>=@=:C=)E:)(!-)K
!(!-CN)H=GO==:)GJ=)I7A=?)7>)GJ=)?7O=FG)(!-)9:A)9??)
7GJ=@)I7A=?F;)(!-)O=E8JG)
E:AEC9G=F)GJ=)<@7H9HE?EG5)GJ9G)9)I7A=?)H=FG)A=FC@EH=F)GJ=)A9G9;)&J=)I7A=?)OEGJ)GJ=)?7O=FG)
!(!-C)
9:A)GJ=)JE8J=FG)(!-)O=E8JG)EF)9FFBI=A)G7)
H=GG=@)>EG)GJ=)A9G9)GJ9:
)7GJ=@)I7A=?F
);;;;;;;;;;;;;;;;;;;;;;;;;;;)bb))&9B?=)%T;Q
;)29E9)JACC9@5)9:F)@=JA?EJ)7>)JE9EDJEDG9?)9:9?5J=J)>7@)H7:=5)B==JR)BACB?=)B==JR)
9:F)7EH=@)B==J;)
"BIH=@)7>)7HF=@M9GE7:F)H5)CBCB@HEG)I9:98=I=:G)I=GJ7A
)9:A
)I=9:)
±)%$+P)j@BFL9?
D`9??EF)G=FG)@=FB?GF)>7@)J7:=5)H==FP)HBIH?=)H==FP)9:A)7GJ=@)H==F)E:)9)CEGEX=:)FCE=:C
=)FB@M=5)
C7:ABCG=A)
E:)
RSTUDRSTV;)%E8:E>EC9:G)<9E@OEF=)AE>>=@=:C=F)9I7:8)>9CG7@)?=M=?F)O=@=)A=G=@IE:=A)
BFE:8)2B::^F)G=FG)9:A)9@=)E:AEC9G=A)H5)A
E>>=@=:G)?=GG=@F)>7??7OE:8)I=9:)
±)%$+)M9?B=F)
K")k)S;SbN);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)ab))MEEE
)6!%&)./)/!'10$%
))))/D8A@=)M;Q;)$<D8=9?):9EA@9?)=:=C5)9G
EDIDE5)F=:JDE5;)
+=9:)g)%$+)9CGEMEG5)A=:FEG5)7>)K9N)
-9@9HEA9=)K
D0&%(&1",
)F<<;NP)KHN)
0&%(&1",
)F<<;P)KCN)(@9:=9=P)KAN):9GB@9?)=:=IE=F)7M=@9??P)9:A)K=N)
/7@IECEA9=;)%E8:E>EC9:G)<9E@OEF=
)AE>>=@=:C=F)9I7:8)G@=9GI=:GF)>7@)=9CJ)
9@GJ@7<7A)G9W9
)9@=)
E:AEC9G=A)H5)AE>>=@=:G)?=GG=@F
)K=II=9:Fh)
!"i)S;SbN;)%E8:E>EC9:G)AE>>=@=:C=F)H=GO==:)G@9<)<7FEGE7:F)
K30iH=GO=
=:)@7Oh)!0iE:)@7ON)OEGJE:)G@=9GI=:GF)9@=)E:AEC9G=A)H5)9FG=@EFLF
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)Rd))/D8A@=)%M;Q;)$Z<=@DC=:E9?)>D=?F)?957AE)9:F)FDC=:JD7:J;)
$9CJ)5=9@)KRSTU
DRSTVN)<?7GF)O=@=)
9@@9:8=A)E:)9)@9:A7IEX=A)C7I<?=G=)H?7CL)A=FE8:)OEGJ)=9CJ)G@=9GI=:G)@=<?EC9G=A)a)GEI=F)>7@)9)
G7G9?)
7>)Rd)<?7GF)<=@)>E=?A
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)cR))/D8A@=)
T;Q;)-7:G=<EA9?)FD98@9C)D??AJE@9ED:8)EH=)<@7G=JJ)7>)E@9D:D:8R)F9E9)G7??=GED7:R)F9E9)
9:9?5JDJR)9:F)@=<7@ED:8)>7@)EHDJ)GDEDY=:)JGD=:G=)<@7V=GE;
)+ECJE89:)%G9G=)1:EM=@FEG5)$WG=:FE7:)
+9FG=@)'9@A=:=@F)O=@=)G9B8JG)9H7BG)GJ=)
<7??E:9GE7:)F5FG=I)7>)CBCB@HEGFP)GJ=)EI<7@G9:C=)7>)F\B9FJ)
H==FP)9:A)J7O)G7)EA=:GE>5)H==F)MEFEGE:8)F\B9FJ)>?7O=@F)KTN;)+9FG=@)'9@A=:=@F)C7??=CG=A)A9G9)7
:)F\B9FJ)H==F
)OJECJ)GJ=5
)FBHIEGG=A)BFE:8)GJ=)%\B9FJ)3==)%B@M=5)FI9@G<J7:=)9<<
?EC9GE7:
)KRN;)%B@M=5F)C7B?A)
9?F7)H=)FBHIEGG=A)GJ@7B8J)9)O=H)H@7OF=@)7@)ME9)<9<=@)C7<E=F;)
29G9)O9F)9:9?5X=A)
9:A)M=@E>E=A)
OEGJ)<J7G7F)FBHIEGG=A)H5)<9@GECE<9:GF)KcN;)0=FB?GF)O=@=)FJ9@=A)OEGJ)+9FG=@)'9@A=:=@F)
ME9)O=HE:9@FP)<@=F=:G9GE7:FP)9:A)9)>9CGFJ==G)KdN
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)db))/D8A@=)
T;M;)%KA9JH)B==)
JA@I=5)JC9@E<H7:=)9<<
?DG9ED7:
)D:JE9??=F)7:)9)JC9@E<H7:=)[(\;)
%G@==:JH7E)>@7C)EH=)JKA9JH)B==)JA@I=5)[3\;
)&J=)FI9@G<J7:=)9<<?EC9GE7:
)O9F)GJ=)<@EI9@5)
<?9G>7@I)>7@)+9FG=@)'9@A=:=@F)G7)
FBHIEG
)E:>7@I9GE7:)9H7BG)GJ=)
H==F)7HF=@M=A)E:)
CBCB@HEG)
>?7O=@F
)9:A)I9:98=I=:
G)<@9CGEC=F)BF=A)
7:)>9@IF
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)dU))/D8A@=)
T;T;)%KA9JH)B==J)@=<7@E=F)D:)+DGHD89:)G7A:ED=J;)
-7B:GE=F)>@7I)OJECJ)F\B9FJ)H==)
FB@M=5F)O=@=)@=C=EM=AP)GJ=):BIH=@)7>)FB@M=5F)FBHIEGG=A)>@7I)=9CJ)C7B:G5P)9:A)
<@=ME7BF
)C7B:G5)
@=C7@AF)7>)F\B9FJ)H==F)K(N;)&J=):BIH=@)7>)AE>>=
@=:G)<9@GECE<9:GF)<=@)C7B:G5)K3N;
)()G7G9?)7>)b)
FB@M=5F)O=@=)@=C=EM=A)>@7I)R)AE>>=@=:G)<9@GECE<9:GF)E:)/?75A)-7;)!:AE9:9P)H7GJ)7>)OJECJ)@=<7@G=A)
F\B9FJ)H==F
)K/?75A)-7;)!:AE9:9):7G)AEF<?95=A)7:)I9<N
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)bS))/D8A@=)
T;];)&5<=J)7>)B==J)@=<7@E=F)B5)GDEDY=:)JGD=:EDJE
J;)&7G9?):BIH=@F)7>)F\B9FJ)H==FP)J7:=5)
H==FP)HBIH?=)H==FP)9:A)7GJ=@)H==F)7HF=@M=A)H5)
CEGEX=:)FCE=:GEFGF
)MEFEGE:8)CBCB@HEG)>?7O=@F)7M=@)GJ=)
FBII=@F)7>)RSTUP)RSTeP)9:A)RSTV)C7IHE:=A
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)bT))/D8A@=)
T;^;)%KA9JH)B==J)B5)ED??98=)E5<=;)
+=9:)
±)%$+):BIH=@)7>)F\B9FJ)H==F)@=<7@G=A)
E:)9)F\B9FJ)
H==
)FB@M=5
)C7:ABCG=A)H5)CEGEX=:)FCE=:GEFGF
)E:)
>9@IF
)BFE:8)
AE>>=@=:G)G5<=F)7>)GE??98=
P)C7IHE:=A)>7@)c)
5=9@F)KRSTUP)RSTeP)RSTVN
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)bR))/D8A@=)
T;_;)%KA9JH)B==J)B5)ED??98=)F=<EH;)
+=9:)
±)%$+):BIH=@)7>)F\B9FJ)H==F)@=<
7@G=A)
E:)9)
F\B9FJ)H==
)FB@M=5)
C7:ABCG=A)H5)CEGEX=:)FCE=:GEFGF)
E:)
>9@IF
)BFE:8)
AE>>=@=:G
)GE??98=)A=<GJ
)KCIN
P)C7IHE:=A)>7@)c)5=9@F)KRSTUP)RSTeP)RSTVN
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)bc))))EW)/D8A@=)
T;S;)%KA9JH)B==J)B5)CA?GH)E5<=;)
+=9:)
±)%$+):BIH=@)7>)F\B9FJ)H==F)@=<7@G=A)
E:)9)F\B9FJ)
H==
)FB@M=5)
C7:ABCG=A)H5)CEGEX=:)FCE=:GEFGF)E:
)>9@IF
)BFE:8)
AE>>=@=:G)IB?CJE:8)<@9CGEC=F
P)C7IHE:=A)
>7@)c)5=9@F)KRSTUP)RSTeP)RSTVN
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)bd))/D8A@=)%T;Q
;)%KA9JH)B==)JA@I=5)>D??=F)7AE)B5)GDEDY=:)JGD=:EDJEJR)MNQS)
`)MNQX;)%B@M=5F)O=@=)
FBHIEGG=A
)ME9)9)FI9@G<J7:=)9<<
?EC9GE7:P
)O=H)H@7OF=@
P)7@)I9E?
);;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;)ac)))T)-*(,&$0)Qa
)*9BDE9E
)JE@AGEA@9?)G7C<?=ZDE5)9:F)C9:98D:8)9@EH@7<7FJ)D:)7@89:DG)
)!"#"$%&'(
))))!:E@7FAGED7:
)#9@E=GE=F)7>)
-"#"%.)/&'
K-BCB@HEG9C=9=N)FBCJ)9F)F\B9FJ=FP)<BI<LE:FP
)9:A
)XBCCJE:E
)J9M=)
H==:)A7I=FGEC9G=A)H5)JBI9:F)>7@)GJ7BF9:AF)7>)5=9@F
)>7@)>77A)9:A)7GJ=@)<B@<7F=F
)KTldNP)9:A)
GJ=F=)
C@7<F
)C7:GE:B=)G7)
J9M=)I9Y7@)=C7:7IEC)EI<7@G9:C=
)O7@?AOEA=
)KbPaN;)!:)RSTVP)GJ=)1:EG=A)%G9G=F)
<@7ABC=A)TTcPRSS)9C@=F)7>)F\B9FJ)9:A)<BI<LE:
F)=\B9?E:8)R;T)HE??E7:)<7B:AF)7>)>@BEG)M9?B=A)9G)7M=@)
mdSS)IE??E7:)
KUNP)JE8J?E8JGE:8)GJ=)=C7:7IEC)EI<7@G9:C=)7>)GJ=F=)C@7<F;)
(<<@7WEI9G=?5)Tcn)7>)GJ=)
G7G9?)1:EG=A)%G9G=F)F\B9FJ)9:A)<BI<LE:
)9C@=98=)E:)RSTV)O9F)8@7O:)E:)+ECJE89:)9:A)O9F)M9?B=A)
9G)7M=@)mbc)IE??E7:
)KUN;).@89:EC)<@7ABCGE7:)J9F)9?F7)E:C@=9F=A)E:)GJ=)1:EG=A)%G9G=F)
KeN)9:A)
E:)
RSTaP)+ECJE89:)
<@7ABC=A)I7@=)GJ9:)mT;U)IE??E7:)7>)GJ=)9<<@7WEI9G=?5)mde;c)IE??E7:)O7@GJ)7>)
7@89:EC)
F\B9FJ)
KVN;)))))!:J=GE)
<=JEJ
)&J=)I7FG)C7II7:)9:A)EI<7@G9:G)E:F=CG)<=FGF)7>)H7GJ)C7:M=:GE7:9?)9:A)7@89:EC)
-BCB@HEG9C=9=)C@7<F
)9@=)F\B9FJ)HB8F)K
2*&,&'/%),/),
P)*=IE<G=@9Q)-7@=EA9=NP)
FG@E<=A)CBCBIH=@)
H==G?=F)K
2#&1;66&'7)//&/
"6P)-7?=7<G=@9Q)-J@5F7I=?EA9=
NP)F<7GG=A)CBC
BIH=@)H==G?=F)K
4)&.%+/)#&'
"*5$#)6("*#/&/&'<+=&%5))
P)-7?=7<G=@9Q)-J@5F7I=?EA9=
NP)F\B9FJ)ME:=)H7@=@F)K
>$1)//)&'#"#"%.)/&$
P)6=<EA7<G=@9Q)%=FEEA9=
NP)9:A)G7)F7I=)A=8@==P)9<JEAF)KF=M=@9?)F<=CE=FP)*=IE<G=@9NP)9:A)F==AC7@:)
I9887GF)K
4$1)&'(1&/"%&
P)2E<G=@9Q)(:GJ7I5E
EA9=
N)KePTSN;)(?GJ7B8J)
9??)7>)GJ=F=)
E:F=CGF
)C9:)C9BF=
)A=?=G=@E7BF)=>>=CGF)
G7)F\B9FJ
)<@7ABCGE7:
P)G
J=)>E@FG)>7B@)9@=
)7>)<@EI9@5)
C7:C=@:
)KTSN;)&J=5
)A9I98=
))))R)F\B9FJ
)<?9:G
F)9:A
o7@
)>@BEG
)ME9)
>==AE:8)9:A
)C9:)
G@9:FIEG)AEF=9F=F
)GJ9G
)C9:)?=9A)G7)
?7O=@)
\B9?EG5)
8@9A=F)
9:A)@=ABCGE7:F)E:)I9@L=G9H?=)>@BEG
)KePTSlTRN;),E=@CE:8
DFBCLE:8
)F\B9FJ)HB8F)K
23'/%),/),
N)9@=)9::B9?P)
AE@=CG)
9:Ao
7@)E:AE@=CG)<=FGF
P)9:A
)>==A)
7:)<?9:G)F9<
)GJ@7B8J)?=9M=FP)ME:=FP)7@)>@BEG
)OJECJ
)C9:)
@=FB?G)E:
)?=9>)OEGJ=@E:8
P)>@BEG)@7G
P)7@)@=ABC=A)
>@BEG)F=G
)KTcN;)%\B9FJ)HB8F)J9M=)9?F7
)H==:)FJ7O:)G7)M=CG7@)
CBCB@HEG)5=??7O)ME:=)AEF=9F=
P)9)H9CG=@E
9?)E:>=CGE7:)
C9BF=A)
H5)?$%%&/)&'6&%#$,#$*,
'GJ9G)C9:)@=FB?G
)E:)
FGB:G=A)8@7OGJP)<?9:G)GEFFB=)
9:A)>?BEA)
AEFC7?7@9GE7:P)OEGJ=@E:8P)9:A)A=9GJ
)KTcPTdN;)+7@=)GJ9:)
bS)n)5E=?A)?7FF)AB=)G7)F\B9FJ)HB8
)A9I98=
)J9F)H==:)@=<7@G=A)
E:)F7I=)C9F=F
)KTbN;))6EL=)F\B9FJ)HB8FP)FG@E<=A)9:A)F<7GG=A)CBCBIH=@)H==G?=F)9@=)9::B9?P)AE@=CG)9:Ao7@)E:AE@=CG)
<=FGF)7>)F\B9FJ;)*7O=M=@P)GJ=5)9@=)CJ=OE:8)@9GJ=@)GJ9:)<E=@CE:8
DFBCLE:8)E:F=CGF)GJ9G)>==
A)7:)GJ=)
?=9>)GEFFB=
P)>?7O=@FP
)>@BEG)@E:A
P)9:A)@77GF
)K?9@M9=
)7:?5
N)7>)-"#"%.)/&'
9:A)I9:5)7GJ=@)C@7<F)
KTSN;)%G@E<=A)
CBCBIH=@)H==G?=F
)C9:)9?F7
)C9BF=
)H9CG=@E9?)OE?GP)
9)AEF=9F=
)C9BF=A)H5)
!%=)*)&'/%&#<$)(<)1&
)KTaN;)29I98=)9:A)I9:98=I=:G)<@9CGEC=F)AB=)G7)
FG@E<=A)9:A)F<7GG=A)CBCBIH=@)H==G?=F)9?7:=)C7FGF)
1%)8@7O=@F)mTSS)IE??E7:)<=@)5=9@
)KePTUN;))%\B9FJ)ME:=)9@=
)F<7@9AEC
P)E:AE@=CG)<=FG
F)GJ9G)A9I98=)F\B9FJ)<?9:GF)H5)HB@@7OE:8)
9:A)
>==AE:8)OEGJE:)GJ=)
ME:=F)9:A
)9@=)7:?5)<=FGF)7>)F\B9FJ)E:)GJ=)?9@M9?)FG98=
)KTSPTeN;)(?GJ7B8J)F\B9FJ)
ME:=)H7@=@F)9@=)7>G=:)I7@=)FE8:E>EC9:G)E:
)FI9??=@)J7I=)89@A=:FP)
C7II=@CE9?)
8@7O=@F
)J9M=)@=<7@G=A)
5E=?A)?7FF=F
)7>)B<)G7)Rb)n)AB=
)G7)GJEF)<=FG
)KTVN;))).@89:DG
)D:J=GE)<=JE)C9:98=C=:E
)9:F)H9BDE9E)C9:98=C=:E)>7@)B=:=>DGD9?)9@EH@7<7FJ
)!:F=CGECEA=F)7>G=:)BF=A)>7@)C7:M=:GE7:9?)
-"#"%.)/&
)<=FG)C7:G@7?)C9:)<7F=)FE8:E>EC9:G)@EFLF)
G7)H=:=>ECE9?)9@GJ@7<7AF)9:A)7GJ=@):7:
DG9@8=G)
7@89:EFIF)9:A
)C9:)C7:G@EHBG=)G7)F=C7:A9@5)<=FG)
7BGH@=9LF)
KTcN;)!:F=CGECEA=
)7<GE7:F)>7@)7@89:EC)
-"#"%.)/&
)8@7O=@F)9@=)I7
@=)?EIEG=A)
9:A
)C9:)FB>>=@)
)))c)>@7I)E:C7:FEFG=:G)=>>EC9C5
)9:A)JE8J)C7FG
)JE8J?E8JGE:8)GJ=):==A)>7@)
9?G=@:9GEM=
)<=FG)I9:98=I=:G
)FG@9G=8E=F)
KTcPRSPRTN;)-B?GB@9?)9:A)<J5FEC9?)
<=FG)I9:98=I=:G)<@9CGEC=F)9@=)C7II7:?5)
EI<?=I=:G=A)G7)C7:G@7?)E:F=CG)<=FGF)
FBCJ)9F)F\B9FJ)
HB8F)9:A)CBCBIH=@)H==G?=F
)OJE?=)
FB<<7@G
E:8
)J=9?GJ5):9GB@9?)=:=I5)<7<B?9GE7:F
)KePRRlRdN;)%7I=
)<@9CGEC=F
)E:C?BA=)
C@7<)@7G9GE7:)G7)<?9C=)
AEFG9:C=)H=GO==:)7M=@OE:G=@E:8)<=FGF)9:A)F\B9FJ)>E=?AF)<?9:G=A)AB@E:8)GJ=)FBHF=\B=:G)8@7OE:8)
F=9F7:P)
GJ=)BF=)7>)I7@=
)J=@HEM7@5
D@=FEFG9:G)F\B9FJ)M9@E=GE=FP
)9:A
)GJ=)BF=)7>)G@9:F<?9:GF)@9GJ=@)GJ9:)
AE@=CG)F==AE:8)
G7)9M7EA)
=W<7FE:8)<?9:GF
)G7)J=@HEM7@5)AB@E:8)GJ=)E:EGE9?)9:A)I7FG)FBFC=<GEH?=)?E>=)
FG98=F
;)'@7O=@F)I95)9?F7)BF=)G@9<)C@7<FP)M9@E7BF)G5<=F)7>)IB?CJ
=FP)E:G=@C@7<<E:8)OEGJ)C@7<F)GJ9G)
9@=)?=FF)9GG@9CGEM=)G7)>7C9?)<=FGFP
)G@9<)C@7<<E:8P
)@7O)C7M=@FP)7@)FBCGE7:)@=I7M9?)G7)J=?<)9??=ME9G=)
<=FG)<@=FFB@=)7:)F\B9FJ)<?9:GF
)KRSPRTN;)*9HEG9G)I9:98=I=:G
P)9)G5<=)7>)C7:F=@M9GE7:)HE7?78EC9?)C7:G@7?
)GJ9G)G5<EC9??5)>7CBF=F)7:)
<@7MEAE:8)9AAEGE7:9?)<?9:G)@=F7B@C=F
P)C9:)H=)BF=A)G7)<@7I7G=)J=9?GJ5P)<=@FEFG=:G):9GB@9?)=:=I5)
<7<B?9GE7:F)9:A)EI<@7M=)HE7?78EC9
?)C7:G@7?)
KRbPRaN;)+9:5)98@ECB?GB@9?)
E:F=CG)
<=FG
F)9@=)
GJ7B8JG
)G7)
GJ@EM=)E:)I7:7CB?GB@=)C@7<<E:8)F5FG=IF)OJ=@=)9)FE:8?=)C@7<)<@7MEA=F)9??)GJ=)@=F7B@C=F)GJ9G)GJ=5)
:==A;
)!:)C7:G@9FGP)
J9HEG9G)I9:98=I=:G)C9:)<@7ABC=)
I7@=)AEM=@F=)
98@7=C7F5FG=IF
)FBCJ)9F)
<7?5CB?GB@=F
)OJECJ)I95
)E:JEHEG
)7@)A=G=@
)E:F=CG)J=@HEM7@=)F<=CE=F)GJ@7B8J)GJ=)<@=F=:C=)7>)
B:9GG@9CGEM=)<?9:GF)IEW=A)9I7:8)GJ=E@)<@=>=@@=A)J7FGF
)KRUPReN;)"9GB@9?)=:=IE=F)C9:
)9?F7)@=F<7:A)
<7FEGEM=?5)G7)I7@=)AEM=@F=)J9HEG9GF)GJ9G)<@7MEA=)GJ=I)OEGJ)
?EIEGE:8
)@=F7B@C=F
)GJ9G)9@=)7>G=:)
9HF=:G
)7@)?9CLE:8
)E:)98@7=C7F5FG=IF
)FBCJ)9F)FJ=?G=@
P)FG9H?=
)9?G=@:9GEM=)>77A)F7B@C=F
P)9:A)EA=9?)
IEC@7C?EI9GEC)C7:AEGE7:F
)KRblReN;),?9:G)@=FEAB=F)KIB?CJN
P)OJECJ)9@=)G5<EC9?)E:)@=ABC=A)GE??98=)
F5FG=IF
)FBCJ)9F)FG@E<)GE??98=)9:A)
:7DGE??P)C9:)9?F7)<@7MEA=)FEIE?9@)H=:=>EGF)>7@)HE7?78EC9?)C7:G@7?
)KRbPRVlcUN)OJE?=)<@7I7GE:8)@=G=:GE7:)7>)F7E?)I7EFGB@=P)=@7FE7:
)@=ABCGE7:
P)?7O=@
)=:=@85)BF=P)9:A)
E:JEHEG
E7:)7>
)O==A)F==A)8=@IE:9GE7:)
KceldTN;)*7O=M=@P):7
DGE??)J9F)H==:)FJ7O:)G7)@=ABC=)5E=?AF)
E:)
)))d)F7I=)C@7<F)9:A)C?EI9G=F
)9:A
)@=ABC=A)GE??98=)I=GJ7AF)FBCJ)9F)%&P)OJ=@=)7:?5)C@7<)@7OF)9@=)GE??=AP)
I95)9?F7)?=9A)G7)?7O=@)5E=?AF)AB=)G7)F?7O=@)")IE:=@9?EX9GE7:
)KdRldbN;)*7O=M=@P)GJEF)EFFB=)I95)H=)
9I=?E7@9G=A)H5)X7:9??5)E:G=@C@7<<E:8)C7M=@)C@7<F)FBCJ)9F)
J9E@5)
M=GCJ
)K@)#)&'7)1+,&'
07GJh)ZM=GCJ[N
P)9)")>EWE:8)?=8BI=P)OEGJE:)>BGB@=)C@7<)@7OF)9:A)C=@=9?)@5=
)K?$#&1$'#$%$&1'
6;h)Z@5=[N
)H=GO==:)C@7<)
@7OF;)&JEF)<@9CGEC=)I95)AEFG@EHBG=)")I7@=)=>>ECE=:G?5)GJ9:)E:)C7:M=:GE7:9??5)GE??=A)F7E?)OEGJ)9)
<@=C=AE:8)@5=)9:A)M=GCJ)IEW=A)C7M=@)C@7<)9:A)I95)E:C@=9F=)C@7<)")B<G9L=P)HE7I9FFP)9:A)5E=?AF)
OJE?=)<@7I7GE:8)98@7:7IEC)H=:=>EGF)K
dRPdaPdUN;)*7O=M=
@P)GJ=F=
)=>>=CGF)?EL=?5)M9@5)A=<=:AE:8)
B<7:)GJ=)@77G)F5FG=IF)7>)AE>>=@=:G)C@7<F)K
dRPdeN;),@=ME7BF)FGBAE=F)J9M=)A=I7:FG@9G=A)9)M9@E=G5)7>)
EI<9CGF)7:)
-"#"%.)/&
)F5FG=IF)AB=)G7)%&)9:A)C7M=@)C@7<)@=FEAB=F)K
dTPdVDbRNP)9?GJ7B8J)?EGG?=)EF)
L:7O:)<=@G9E:E:8)G7)GJ=)=
>>=CGF)7>)X7:9??5)<?9:G=A)C7M=@)C@7<F)
7:)-"#"%.)/&
)9:A)9FF7CE9G=A)
9@GJ@7<7AF
;)%G@E<
)GE??98=)
I95)9?F7)=:J9:C=
)<7??E:9GE7:)F=@MEC=F)
GJ@7B8J)GJ=)<@7MEFE7:)7>)
B:AEFGB@H=A):=FGE:8)J9HEG9G
)>7@)>7FF7@E9?)H==F)FBCJ)9F)F\B9FJ)H==F)K
!"#$%&'
KA$(+*&(),
N)(%")*+,&
P)*5I=
:7<G=@9Q)(<EA9=N
)OJECJ)9@=)=C7:7IEC9??5)EI<7@G9:GP)F<=CE9?EFG)<7??E:9G7@F)7>)
-"#"%.)/&
)GJ9G)
:=FG):=9@)GJ=E@)J7FG)<?9:GF)
KbclbVN;)*7O=M=@P)I7FG)<@=ME7BF)FGBAE=F)=W9IE:E:8)GJ=)=>>=CGF)7>)GE??98
=)<@9CGEC=F
)7:)F\B9FJ)H==F)J9M=)7:?5)C7I<9@=A):7
DGE??)9:A)C7:M=:GE7:9??5)GE??=A)>9@IFP)9:A)@=FB?GF)
J9M=)H==:)IEW=A
)KbclbaPaSN;)&JEF)
JE8J?E8JGF)GJ=):==A)G7)>B@GJ=@)=?BCEA9G=)GJ=)=>>=CGF)7>)GJ=F=)9:A)
7GJ=@)F7E?)I9:98=I=:G)<@9CGEC=F)K=;8;)FG@E<)GE??98=N)7:)F\B9FJ)H==F;
)1GE?EXE:8)=C7?78EC9??5)H9F=A)
FG@9G=8E=F)
C9:)<@7MEA=)I7@=)FBFG9E:9H?=)<=FG
)9:A)<7??E:9G7@
)I9:98=I=:G)F7?BGE7:F)>7@
)-"#"%.)/&
)8@7O=@F)GJ9G)@=ABC=)@=?E9:C=)7:)CJ=IEC9?)E:F=CGECEA=F)
KRbN;)*7O=M=@P)<@=ME7BF)J9HEG9G)I9:98=I=:G)
@=F=9@CJ)J9F):7G)9?O95F)>7B:A)<7FEG
EM=)=>>=CGF)7:):9GB@9?)=:=IE=F
P)9:A)
GJ=@=)9@=)89<F)E:)7B@)
L:7O?=A8=)7>)J7O)GJ=F=)<@9CGEC=F)9>>=CG)F\B9FJ)H==F
;))))))b)&H=JDJ)7BV=GEDI=J
)&J=)879?)7>)GJEF)FGBA5)O9F)G7)A=G=@IE:=)J7O)H=:=>ECE9?)9:A)<=FG)9@GJ@7<7AF)@=F<7:A)G7)
8@7B:A)I9:98=I=:G)<@9CGEC=F)E:)7@89:EC)-BCB@HEG9)98@7=C7F5FG=IF;)&J=)>E@FG)7HY=CGEM=)
=W9IE:=A)J7O)9)M9@E=G5)7>)E:F=CG)<=FGFP):9GB@9?)=:=IE=FP)9:A)<7??E:9G7@F)O=@=)9>>=CG=A)H5)
AE>>=@=:G)C7IHE:9GE7:F)7>)GE??98=
P)F=8@=89G=A)C7M=@)C@7<FP)9:A
)C7M=@)C@7<)IB?CJ=F
;)&J=)F=C7:A)
7HY=CGEM=)BF=A)9)CEGEX=:)FCE=:C=)FB@M=5)G7)=W9IE:=)J7O)>?7O=@)MEFEG9GE7:)
>@=\B=:CE=F)7>)
F\B9FJ)
H==FP)J7:=5)H==FP)HBIH?=)H==FP)9:A)7GJ=@)G5<=F)7>)H==F)
M9@E=A)9C@7FF)+ECJE89:)
-"#"%.)/&
)BFE:8)
AE>>=@=:G)8@7B:A)I9:98=I=:G)<@9CGEC=F;
)-EGEX=:)FCE=:C=
)<@7MEA=A)9:)7<<7@GB:EG5)G7)C7??=CG)9)
?9@8=)9I7B:G)7>)A9G9)9C@7FF)+ECJE89:)OJE?=)F<@=9AE:8)<BH?EC)9O9@=:=FF)9H7BG)GJ=)EI<7@G9:C=)
:9GEM=)<7??E:9G7@F)?EL=)F\B9FJ)H==F;)
)))a)6!&$0(&10$)-!&$2
)))U)6!&$0(&10$)-!&$2
))))T;!j9G=F)*0P)%7?GEF),%P)%7?GEF)2$;)$M7?BGE7:9@5
)9:A)A7I=FGEC9GE7:)JEFG7@5)7>)-BCB@HEG9)K<BI<LE:)
9:A)F\B9FJN)F<=CE=F)E:>=@@=A)>@7I)dd):BC?=9@)?7CE;)+7?),J5?78=:=G)$M7?;)RSTU)_B:hTTTQVe
lTSV;)))R;!%IEGJ)32;)&J=)!:EGE9?)27I=FGEC9GE7:)7>)-BCB@HEG9)<=<7)E:)GJ=)(I=@EC9F)TSPSSS)4=9@F)(87;)
%CE=:C=;)TVVU)+95)VhRUaK
bcTdNQVcR
ld;))c;!6E@9)0P)$8BE9@G=)6P)+7:G=F)%P)]EXBIH7
D#E??9@@=9?)2P)+9@p:),-
D'P)qB=F9A9)+;)*7I7)F9<E=:F
l-BCB@HEG9)E:G=@9CGE7:)E:)+=F79I=@EC9Q)27I=FGEC9GE7:P)2EFF=IE:9GE7:P)9:A)2EM=@FE>EC9GE7:;)!:Q)
6E@9)0P)-9F9F)(P)3?9:C9F)_P)=AEG7@F;)$GJ:7H7G9:5)7>)+=WEC7)K!
:G=@:=GN;)"=O)47@LP)"4Q)
%<@E:8=@)"=O)47@Lh)RSTa)KCEG=A)RSRS)+9@)dN;)<;)ceV
ldST;)(M9E?9H?=)>@7IQ)
JGG<Qoo?E:L;F<@E:8=@;C7IoTS;TSSUoVUe
DTDdaTdDaaaVDUrTb))d;!+9@Gp:=X)(P)6=I9)#P)-9<<9@=??E)(P)3
9@G7?E)-P)(:EA7)/6P),s@=X)%!;)+B?GEAEFCE<?E:9@5)FGBAE=F)
E:)-BCB@HEG9)I9WEI9)KF\B9FJN)A7I=FGEC9GE7:;)#=8)*EFG)(@CJ9=7H7G9:5;)RSTe)_9:hRUKTNQRSU
lTU;)))b;!09:=@=)(_P),E<=@:7)20P)*7?FG)!P)2ECL9B)0P)!@E9@G=)_;)&J=)CB?GB@9?)9:A)CJ@7:7?78EC9?)C7:G=WG)7>)
=9@?5)*7?7C=
:=)I9EX=)9:A)F\B9FJ)A7I=FGEC9GE7:)E:)GJ=)-=:G@9?)39?F9F)0EM=@)#9??=5P)+=WEC7;)
,@7C)"9G?)(C9A)%CE;)RSSV)+9@)cThTSaKTcNQbSTd
le;)))a;!]J=:8)4
D*P)(?M=@F7:)(_P)`9:8)q
D/P),9?I=@)_2;)-J?7@7<?9FG)<J5?78=:5)7>)-BCB@HEG9tQ)
$M7?BGE7:)7>)GJ=)A7I=FGEC9G=A)9:A)OE?A)F<=CE=FQ)-J?7@7<?9FG)<J5?78=:5)7>)-BCB@HEG9;)_)%5FG)
$M7?;)RSTc)+95hbTKcNQcRa
lcd;)))U;!1:EG=A)%G9G=F)2=<9@GI=:G)7>)(8@ECB?GB@=P)"9GE7:9?)(8
@ECB?GB@9?)%G9GEFGECF)%=@MEC=;)#=8=G9H?=F)
RSTV)%BII9@5)SRoTcoRSRS)K!:G=@:=GN;)RSRSh)(M9E?9H?=)>@7IQ)
JGG<FQooOOO;:9FF;BFA9;87Mo,BH?EC9GE7:Fo&7A95Fr0=<7@GFo@=<7@GFoM=8
=9:RS;<A>
))e;!%LEAI7@=)(P)`E?F7:)"P)`E??E9IF)+P)3=FFE:)0;)&J=)EI<9CG)7>)GE??98=)@=8EI=)9:A)@7O)C7M=@)BF=)
7:)E:F=CG)<=FGF)9:A)5E=?A)E:)7@89:EC)CBCB@HEG)<@7ABCGE7:;)0=:=O)(8@EC)/77A)%5FG;)RSTU).CG)
RahT
lTT;)))V;!1:EG=A)%G9G=F)2=<9@GI=:G)7>)(8@ECB?GB@=P)"9GE7:9?)(8@
ECB?GB@9?)%G9GEFGECF)%=@MEC=;)-=@GE>E=A)
.@89:EC)%B@M=5P)RSTa)%BII9@5P)%=<G=IH=@)RSTU)K!:G=@:=GN;)RSTU;)(M9E?9H?=)>@7IQ)
JGG<FQooA7O:?79AF;BFA9;?EH@9@5;C7@:=??;=ABoBFA9
D=FIEFo>E?=FoX8adGLVR8oUSUVbHbROodIVSAXcc\o.@89:EC,@7ABCGE7:
DSVDRSDRSTUrC7@@=CGE7:;<A>
))TS;!j@9F:7O)-;)2EF=9F=F)9:A)E:F=CGF)E:)+ECJE89:)CBCB@HEGF)9:A)GJ=E@)I9:98=I=:G;)QTR;)
)))))e)TT;!1:EG=A)%G9G=F)2=<9@GI=:G)
7>)(8@ECB?GB@=P)(8@ECB?GB@9?)+9@L=GE:8)%=@MEC=P)/@BEG)9:A)#=8=G9H?=)
2EMEFE7:P)/@=FJ),@7ABCGF)3@9:CJ;)1:EG=A)%G9G=F)%G9:A9@AF)>7@)'@9A=F)7>)%BII=@)%\B9FJ)
K!:G=@:=GN;)RSTa;)(M9E?9H?=)>@7IQ)
JGG<FQooOOO;9IF;BFA9;87MoFEG=FoA=>9B?Go>E?=FoI=AE9o%BII=@%\B9FJ%G9:A9@A;<A>
))TR;!1:EG=A)%G9G=F)2=<9@GI=:G)7>)(8@ECB?GB@=P)(8@ECB?GB@9?)+9@L=GE:8)%=@MEC=P)/@BEG)9:A)#=8=G9H?=)
2EMEFE7:P)/@=FJ),@7ABCGF)3@9:CJ;)1:EG=A)%G9G=F)%G9:A9@AF)>7@)'@
9A=F)7>)/9??)9:A)`E:G=@)&5<=)
%\B9FJ)9:A),BI<LE:)K!:G=@:=GN;)TVVU;)(M9E?9H?=)>@7IQ)
JGG<FQooOOO;9IF;BFA9;87MoFEG=FoA=>9B?Go>
E?=FoI=AE9o%\B9FJnR-r/9??r9:Ar`E:G=@r&5<=FnR
-r9:Ar,BI<LE:r%G9:A9@Anb3Tnb2;<A>
))Tc;!27B8JG5)*3P)`E?F7:)_+P)%CJB?GX),3P)jBJ9@)&,;)%\B9FJ)3B8)K*=IE<G=@9Q)-7@=EA9=NQ)3E7?785)
9:A)+9:98=I=:G)E:)-BCB@HEG9C=7BF)-@7<F;)_)!:G=8@),=FG)+9:98;)RSTa)_9:hUKTNQT;)
))Td;!3=F?=@)j0P
)6EGG?=)$6;)2EM=@FEG5)7>)%=@@9GE9)I9@C=FC=:F)%G@9E:F)(FF7CE9G=A)OEGJ)-BCB@HEG)
4=??7O)#E:=)2EF=9F=)E:)'=7@8E9;),?9:G)2EF;)RSTU)_9:hTSTKTNQTRV
lca;)))Tb;!,9?BIH7)_-P)/9@87)`%P)3=@H=@=G)0-P)37:Y7B@)$6P)-B<=@BF)'`;)&EIE:8)E:F=CGECEA=)
9<<?EC9GE7:F)>7@)F\B9FJ)HB8)I9:
98=I=:GQ)EI<9CG)7:)F\B9FJ)HB8)9HB:A9:C=)9:A)FBII=@)F\B9FJ)
5E=?AF;)%7BGJO=FG)$:G7I7?)1%(;)TVVch)
))Ta;!$??=@F
DjE@L)-P)/?=EFCJ=@)%_;)2=M=?7<I=:G)9:A)6E>=)&9H?=)7>)(C9?5II9)MEGG9GBI)K-7?=7<G=@9Q)
-J@5F7I=?EA9=NP)9)#=CG7@)7>)$@OE:E9)G@9CJ=E<JE?9)E:)-BCB@HEGF;)$:ME@7
:)$:G7I7?;)RSSa)(B8)
ThcbKdNQeUb
leS;)))TU;!%CJ@7A=@)0/`P)+9@GE:),(`P)(GJ9:9F)++;)$>>=CG)7>)9),J?7WE:=)3
D-BCB@HEG9CE:)39EG)7:)
2E9H@7GECEG=)3==G?=F)K-7?=7<G=@9Q)-J@5F7I=?EA9=N;)_)$C7:)$:G7I7?;)RSST)(B8)ThVdKdNQeVR
lU;)))Te;!+EAA?=G7:)$;)3E7?785)9:A)+9:98=I=:G)7>)%\B9F
J)#E:=)37@=@)K6=<EA7<G=@9Q)%=FEEA9=N;)_)!:G=8@)
,=FG)+9:98)K!:G=@:=GN;)RSTe)_9:)T)KCEG=A)RSTV)_9:)TTNhVKTN;)(M9E?9H?=)>@7IQ)
JGG<FQoo9C9A=IEC;7B<;C7IoYE<Io9@GEC?=oA7EoTS;TS
VcoYE<Io<I5STRobSaTece
))TV;!39B=@:>=E:A)0_P)"=CJ7?F)_0;)*7I=)9:A)*7@GECB?GB@9?),=FGFQ)%\B9FJ)3B8F)9:A)%\B9FJ)#E:=)
37@=@F;)j9:F)%G9G=)1:EM)(8@EC)$W<)%G:)-77<)$WG)%=@M)K!:G=@:=GN;)RSSbh)(M9E?9H?=)>@7IQ)
JGG
<FQooOOO;GJ7I9F;L
DFG9G=;=ABo?9O:9:A89@A=:oA7CFoF\B9FJHB8F;<A>
))RS;!%:5A=@)`$;)+9:98E:8)-BCBIH=@)3==G?=F)E:).@89:EC)/9@IE:8)%5FG=IF;)RSTbh)(M9E?9H?=)>@7IQ)
JGG<FQoo=7@89:EC;7@8o:7A=obcSU
))RT;!%:5A=@)`$;)+9:98E:8)%\B9FJ)3B8F)E:).@89:EC)/9@IE:8)%5FG=IF;)RSTeh)(M9E?9H?=)>@7IQ)
JGG<FQoo=7@89:EC;7@8o:7A=obcTc
))RR;!%LEAI7@=)(P)`E?F7:)"P)`E??E9IF)+P)3=FFE:)0;)!:G=8@9GE:8)07OC7M=
@F)9:A)%G@E<)&E??98=)>7@)
,=FG)+9:98=I=:G)E:)%BII=@)%\B9FJ)9:A)+BFLI=?7:),@7ABCGE7:;)*7@G&=CJ:7?785;)RSTV)
2=ChRVKaNQVRc
lcR;))))))V)Rc;!]=J:A=@)'P)'B@@)'+P)juJ:=)%P)`9A=)+0P)`@9GG=:)%2P)`5FF)$;)(@GJ@7<7A),=FG)+9:98=I=:G)
E:).@89:EC)-@7<F;)(::B)0=M)$:G7I7?;)RSSU)_9:hbR
KTNQbU
leS;)))Rd;!-9M9:98J)(P)*9XX9@A)0P)(A?=@)6%P)37BCJ=@)_;)1FE:8)&@9<)-@7<F)>7@)-7:G@7?)7>)k!v(C9?5II9)
MEGG9GBIko!v)K-7?=7<G=@9Q)-J@5F7I=?EA9=N)0=ABC=F)!:F=CGECEA=)1F=)E:)3BGG=@:BG)%\B9FJ;)_)
$C7:)$:G7I7?;)RSSV)_B:)ThTSRKcNQTTST
lU;)))Rb;!69:AEF)2(P)`@9GG=:)%2P)'B
@@)'+;)*9HEG9G)+9:98=I=:G)G7)-7:F=@M=)"9GB@9?)$:=IE=F)7>)
(@GJ@7<7A),=FGF)E:)(8@ECB?GB@=;)(::B)0=M)$:G7I7?;)RSSS)_9:hdbKTNQTUb
lRST;)))Ra;!/E=A?=@)(jP)69:AEF)2(P)`@9GG=:)%2;)+9WEIEXE:8)=C7F5FG=I)F=@MEC=F)>@7I)C7:F=@M9GE7:)
HE7?78EC9?)C7:G@7?Q)&J=)@7?=)7>)J9HEG9G)
I9:98=I=:G;)3E7?)-7:G@7?;)RSSe)+95hdbKRNQRbd
lUT;)))RU;!.^07B@L=)+$P),=G=@F=:)+_;)$WG=:AE:8)GJ=)w@=F7B@C=)C7:C=:G@9GE7:)J5<7GJ=FEF^)G7)GJ=)
?9:AFC9<=
DFC9?=)H5)C7:FEA=@E:8)AEF<=@F9?)I7@G9?EG5)9:A)>EG:=FF)C7FGF;)(8@EC)$C7F5FG)$:ME@7:;)
RSTU)"7MhRdVQT
lc;)))Re;!077G)03;)
.@89:EX9GE7:)7>)9)<?9:G
D9@GJ@7<7A)9FF7CE9GE7:)E:)FEI<?=)9:A)AEM=@F=)J9HEG9GFQ)>9B:9)
7>)C7??9@AF)K3@9FFEC9
D.?=@9C=9N;)$C7?)+7:78@;)TVUchKdcNQVb
lTRS;)))RV;!3B@LF)_+P),JE?<7GG)%+;)67C9?)9:A)69:AFC9<=)2@EM=@F)7>),9@9FEG7EA)(HB:A9:C=P)0ECJ:=FFP)9:A)
-7I<7FEGE7:)E:)1
@H9:)'9@A=:F;)$:ME@7:)$:G7I7?;)RSTU)(<@hdaKRNQRST
lV;)))cS;!_BAGP)'BXIx:P)'yI=XP)-9H=X9FP)$:G@=:9FP)`E:G=@P)=G)9?;)2EM=@8E:8)$>>=CGF)7>)69:AFC9<=)
/9CG7@F)9:A)!:G=@
D07O)+9:98=I=:G)7:)GJ=)(HB:A9:C=)7>)3=:=>ECE9?)9:A)*=@HEM7@7BF)
(@GJ@7<7AF)E:)(:A9?BFE9:)#E:=59@AF)
K%<9E:N;)!:F=CGF;)RSTV)%=<)RahTSKTSNQcRS;)
))cT;!+9@E:7),-P)69:AEF)2(;)$>>=CG)7>)69:AFC9<=)%G@BCGB@=)7:),9@9FEG7EA)2EM=@FEG5)9:A),9@9FEGEFI)
E:)(8@7=C7F5FG=IF;)$C7?)(<<?;)TVVa)/=HhaKTNQRUa
led;)))cR;!07O=:)$jP)0=89:)j*P)39@H=@CJ=CL)+$P)&77L=@)_/;)!F)GE??98=)H=:=>ECE9?)7@)A=G@EI=:G9?)>7@)
E:F=CG)9:A)F?B8)I9:98=I=:Gz)()I=G9
D9:9?5FEF;)(8@EC)$C7F5FG)$:ME@7:;)RSRS)/=HhTSaedV;)
))cc;!+==:9)(P)%J9@I9)0jP)-J9:A=@)%P)%J9@I9)2jP)%E:J9)%0;)/?7O=@)FG@E<)>9@IFC9<E:8)G7)<
@7I7G=)
:9GB@9?)=:=IE=F)AEM=@FEG5)9:A)=C7
D>@E=:A?5)<=FG)FB<<@=FFE7:)E:)7L@9)K(H=?I7FCJBF)=FCB?=:GBFN;)
!:AE9:)_)(8@EC)%CE;)Qb;)
))cd;!0EM=@F)(P)+B??=:)-P)`9??9C=)_P)39@H=@CJ=CL)+;)-7M=@)C@7<
DH9F=A)@=ABC=A)GE??98=)F5FG=I)
E:>?B=:C=F)-9@9HEA9=)K-7?=7<G=@9N)9CGEMEG5P
)AEM=@FEG5)9:A)G@7<JEC)8@7B<)AB@E:8)G@9:FEGE7:)G7)
7@89:EC)<@7ABCGE7:;)0=:=O)(8@EC)/77A)%5FG;)RSTU)2=ChcRKaNQbce
lbT;)))cb;!&9IHB@E:E)'P)2=)%EI7:=)%P)%E8B@9)+P)37FCBGGE)/P)+9@E:E)6;)-7:F=@M9GE7:)GE??98=)IEGE89G=F)GJ=)
:=89GEM=)=>>=CG)7>)?9:AFC9<=)FEI<?E>EC9GE7:)7
:)HE7?78EC9?)C7:G@7?;)j?=EY:)2P)=AEG7@;)_)(<<?)$C7?;)
RSTa)/=HhbcKTNQRcc
ldT;))))))TS)ca;!*77LF)-00P)`9:8)j
D*P)+=5=@)%6/P)6=LM=EFJME?E)+P)*E:AF)_P)]7H=?)$P)=G)9?;)!I<9CG)7>)"7
DGE??)-7M=@)-@7<<E:8)7>)!G9?E9:)05=8@9FF)7:)(H7M=)9:A)3=?7O)'@7B:A)/9B:9?)-7IIB:EGE=F)
!:J9HEG
E:8)9)%75H=9:)/E=?A)OEGJ)$I<J9FEF)7:)%75H=9:)-5FG)"=I9G7A=F;)QTS;)
))cU;!&J7@H=L),P)3E?A=)&;)0=ABC=A):BIH=@F)7>)8=:=@9?EFG)9@GJ@7<7A)<@=A9G7@F)9>G=@)C@7<)
I9:98=I=:G;)_)(<<?)$C7?;)RSSd)_B:hdTKcNQbRa
lce;)))ce;!69B>=@)2P)67EH?)3P)+{@?{:A=@)3P)j7CJ)*
D_;)%7E?)=@7FE7:)9:
A)FB@>9C=)@B:7>>)B:A=@)FG@E<)GE??98=)
>7@)FB89@)H==G)K3=G9)MB?89@EF)6;N)E:)-=:G@9?)$B@7<=;)%7E?)&E??98=)0=F;)RSTa)%=<hTaRQT
lU;)))cV;!]EL=?E)%P)'@BH=@)%;)0=ABC=A)&E??98=)9:A)"7
D&E??)E:).@89:EC)/9@IE:8)%5FG=IFP)'=@I9:5
|%G9GBF)qB7P),7G=:GE9?F)9:A)-J9??=:8=F;)(8@EC
B?GB@=;)RSTU)(<@)RShUKdNQcb;)
))dS;!}9@9BFLEF)$P)#9EG9BFLE=:~)jP)07I9:=CL9F)jP)_9FE:FL9F)(P)3BGLBF)#P)j@E9E•:E=:~)];)/B=?)
C7:FBI<GE7:)9:A)-.)R)=IEFFE7:)9:9?5FEF)E:)AE>>=@=:G)FG@E<)GE??98=)FC=:9@E7F;)$:=@85;)RSTU)
_9:hTTeQVbU
lae;)))dT;!&E??I9:)_P)"9E@)(P)'?=9F7:)+P
)39GX=@)_;)07OC7M=@F)9:A)%G@E<)&E??98=),@7MEA=)9:)(?G=@:9GEM=)
G7),?9FGECB?GB@=)%5FG=IF)E:)%BII=@)%\B9FJ),@7ABCGE7:;)*7@G%CE=:C=;)RSTb)2=ChbSKTRNQTUUU
lec;)))dR;!67O@5)-_P)3@9E:9@A)2-;)05=
D#=GCJ)%<9GE9?)(@@9:8=I=:G)9:A)&E??98=Q)!I<9CGF)7:)%7E?)
"EG@78=:)9:A)%O==G
)-7@:)077GF;)(8@7:7I5)_7B@:9?;)RSTU)+95hTSVKcNQTSTc
lRc;))dc;!,EGG=?L7O)-+P)6E:\BEFG)3(P)6B:A5)+$P)6E9:8)fP)M9:)'@7=:E8=:)j_P)6==)_P)=G)9?;)`J=:)A7=F)
:7DGE??)5E=?A)I7@=z)()8?7H9?)I=G9
D9:9?5FEF;)/E=?A)-@7<F)0=F=9@CJ;)RSTb)"7MhTecQTba
lae;)))dd;!'@9:A5)(%P)07H=@GF7:)'
,;)(88@=89GE7:)9:A).@89:EC)+9GG=@),@7G=CGE7:)/7??7OE:8)&E??98=)7>)
9),@=ME7BF?5)1:CB?GEM9G=A)%7E?;)%7E?)%CE)%7C)(I)_;)RSSa)_B?hUSKdNQTcVe
ldSa;))db;!27B)]P)/7W)0*P)&7GJ)_2;)&E??98=)=>>=CG)7:)F=9F7:9?):EG@78=:)9M9E?9HE?EG5)E:)C7@:)FB<<?E=A)OEGJ)
?=8BI=)8@==:)
I9:B@=F;),?9:G)%7E?;)TVVd)+95hTaRKRNQRSc
lTS;))da;!+u??=@)$P)`E?AJ98=:)*P)qBE:G=@:)+P)*=†)_P)`ECJ=@:)/P)_7=@8=:F=:)0';)%<9GE9?)<9GG=@:F)7>)
F7E?)HE7?78EC9?)9:A)<J5FEC9?)<@7<=@GE=F)E:)9)@EA8=)GE??=A)9:A)9)<?7B8J=A)6BMEF7?;)%7E?)9:A)&E??98=)
0=F=9@CJ;)RSSV)%=<hTSbK
TNQee
lVb;)))dU;!j9:=)2(P)%:9<<)%%P)29MEF)(%;)0EA8=)&E??98=)-7:C=:G@9G=F),7G=:GE9??5)+E:=@9?EX9H?=)%7E?)
"EG@78=:P)/9CE?EG9GE:8)+9EX=)"EG@78=:)1<G9L=;)%7E?)%CE=:C=)%7CE=G5)7>)(I=@EC9)_7B@:9?;)RSTb)
_9:hUVKTNQeT
le;))de;!65:CJ)_,;)%G==<P)CJ=9<)9:A)A==<Q)9:)EA=7G5<=)G7)
7<GEIEX=)O9G=@)9:A)")9C\BEFEGE7:)H5)I9EX=)
@77G)F5FG=IF;)(::9?F)7>)37G9:5;)RSTc)_B?hTTRKRNQcdU
lbU;)))))TT)dV;!qBE::)"/P)3@9E:9@A)2-P)%X=:A@=E)];)&J=)$>>=CG)7>)-7:F=@M9GE7:)&E??98=)9:A)-7M=@)-@7<)
0=FEAB=)7:)3=:=>ECE9?)(@GJ@7<7AF)9:A)`==A)%==A),@=A9GE7:)E:)(C7@:)%\B9FJ
;)$:ME@7:I=:G9?)
$:G7I7?785;)RSTa)2=ChdbKaNQTbdc
lbT;))bS;!6E??=5)_+P)%x:CJ=X)$%;)&J=),7G=:GE9?)7>)%G@E<)&E??98=)9:A)07OC7M=@F)>7@).@89:EC)-BCB@HEG)
,@7ABCGE7:;)J7@GG=;)RSTa).CGhRaKbNQaRe
lca;))bT;!`5=:9:AG)-(P)0E=A=?)0+P)0J7A=F)6*P)3=::=GG)+(P)"9I=GJ)%',;)/9??
D)9:A)%
<@E:8
DF7O:)
-7M=@)-@7<)+B?CJ=F)(>>=CG)4E=?AP)/@BEG)-?=9:?E:=FFP)9:A)/BF9@EBI)/@BEG)07G)2=M=?7<I=:G)E:)
,BI<LE:;)J7@GG=;)RSTT)_B:hRTKcNQcdc
lbd;))bR;!*75G)'2;)&E??98=)9:A)-7M=@)0=FEAB=)(>>=CGF)7:)#=8=G9H?=)4E=?AF;)J7@GG=CJ;)TVVV)
_9:hVKcNQcbT
le;))bc;!1??I9::)j%P)+=EF:=
@)+*P)`E??E9IF)"+;)!I<9CG)7>)GE??98=)7:)GJ=)C@7<)<7??E:9GE:8P)8@7B:A
D:=FGE:8)H==P),=<7:9<EF)<@BE:7F9)E:)-9?E>7@:E9;)(8@EC)$C7F5FG)$:ME@7:;)RSTa)%=<hRcRQRdS
la;)))bd;!_B?E=@)*$P)07B?FG7:)&*;)`E?A)3==)(HB:A9:C=)9:A),7??E:9GE7:)%=@MEC=)E:)-B?GEM9G=A),BI<LE:FQ)
/9@I
)+9:98=I=:GP)"=FGE:8)3=J9ME7@)9:A)69:AFC9<=)$>>=CGF;)_)$C7:)$:G7I7?;)RSSV)(<@)
ThTSRKRNQbac
lUc;)))bb;!%LEAI7@=)(0P)%J7@G)-(P)2E??F)-P)'77A=??)jP)3=FFE:)0&;),@=>=@=:C=)7>),=<7:9<EF)<@BE:7F9)
K*5I=:7<G=@9Q)(<7EA=9N)>7@)&E??=A)%7E?F)0=89@A?=FF)7>)%7E?)+9:98=I=:G)%5
FG=I;)$:ME@7:)
$:G7I7?;)RSTV)+95)RRh:MXSbR;)
))ba;!%JB?=@)0$P)07B?FG7:)&*P)/9@@EF)'$;)/9@IE:8),@9CGEC=F)!:>?B=:C=)`E?A),7??E:9G7@),7<B?9GE7:F)
7:)%\B9FJ)9:A),BI<LE:;)_)$C7:)$:G7I7?;)RSSb)_B:)ThVeKcNQUVS
lb;)))bU;!-J9:)%;)&J=),7??E:9GE7:)%5FG=I)7>),BI<LE:P)%\B9FJP)%BII
=@)%\B9FJP)9:A)]BCCJE:E;)QU;)
))be;!`JEG9L=@)&`P)*B@A),2P)6E:F?=5)$';)%\B9FJ)9:A)'7B@A)3==F)K,=<7:9<EFP)f=:78?7FF9N)9:A)
GJ=).@E8E:)7>)GJ=)-B?GEM9G=A)-BCB@HEGF;)$M7?BGE7:;)TVUThRbKTNQRTe
lcd;)))bV;!+9GJ=OF7:)_(;)"=FG)-7:FG@BCGE7:)9:A)6E>=)*EFG7@5)7>)GJ=)$9FG=@:)-BCB@HEG)3==P),=<7:9<EF)
<@BE:7F9)K*5
I=:7<G=@9Q)(<7EA=9N;)TVaehdTKRNQe;)
))aS;!%<?9OFLE)-$P)0=8:E=@)$$P)*9@@EF7:)%jP)'77A=??)jP)3=::=GG)+(P)+=GX8=@)_2;)+B?CJ)$>>=CGF)
7:)/?7@9?)0=F7B@C=F)9:A)/@BEG),@7ABCGE7:)7>)%\B9FJP)9:A)7:),7??E:9GE7:)9:A)"=FGE:8)H5)%\B9FJ)
3==F;)RSTdhTT;
)))))TR)-*(,&$0)Ma)
3=:=>
DGD9?)9:F)<=JE)9@EH@7<7F)@=J<7:J=J)E7)ED??98=)9:F)G7I=@)G@7<)@=JDFA=J)D:)
)7@89:DG)
!"#"$%&'(
)98@DGA?EA@=
))))!:E@7FAGED7:
)0=ABC=A)GE??98=)I=GJ7AFP)FBCJ)9F)FG@E<)GE??98=P)C9:)H=)9:)EI<7@G9:G)G77?)E:)>9@IE:8)>7@)
@=G9E:E:8)F7E?)I7EFGB@=P)<@=M=:GE:8)=@7FE7:P)@=A
BCE:8)=:=@85)BF=P)9:A)E:JEHEGE:8)O==A)F==A)
8=@IE:9GE7:)KT
ldN;)&5<EC9??5
P)GJ=F=)I=GJ7AF)@=G9E:)v)cSn)7>)<?9:G)@=FEAB=F)KIB?CJN)>@7I
)GJ=)
<@=ME7BF)
C@7<F)7:)GJ=)F7E?)FB@>9C=)H=GO==:)C@7<)@7OF)
KbN)9:A)J9M=)GJ=)<7G=:GE9?)G7)AE@=CG?5)EI<9CG)
C@7<)J=9?GJ;)*7O=M=@P)
@=ABC=A)GE??98=)<@9CGEC=F)C9:)9?F7)9>>=CG)H7GJ)<=FG)9:A)H=:=>ECE9?)9@GJ@7<7A)
C7IIB:EGE=F)OEGJE:)C@7<)>E=?AF)ME9)E:C@=9F=A)J9HEG9G)C7I<?=WEG5)AB=)G7)<?9:G)@=FEAB=F)OJECJ)C9:)
<@7MEA=)@=>B8=)9:Ao7@)=:J9:C=A)IEC@7C?EI9GEC)C7:AEGE7:F)>7@)9@GJ@7<7AF)Ka
lTRN;)&JEF
)J9F)GJ=)
<7G=:GE9?)G7)H=:=>EG)7@)J9@I)C@7<F)A=<=:AE:8)7:)GJ=)G5<=F)7>)9@GJ@7<7AF)GJ9G)E:J9HEG)GJ=F=)
B:AEFGB@H=A)X7:=F)
KbPTcN;)),@=ME7BF)FGBAE=F)J9M=)@=<7@G=A)E:C@=9F=F)E:)C=@G9E:)<=FG)F<=CE=F)E:)@=ABC=A)GE??98=)C@7<<E:8)
F5FG=IF)C7I<9@=A)G7)C7:M=:GE7:9?)GE?
?98=)
KbN;)/7@)=W9I<?=P)F?B8F)K+7??BFC9Q)'9FG@7<7A9N)C9:)H=)
F=@E7BF)<=FGF)7>)9)OEA=)M9@E=G5)7>)C@7<F)E:):7
DGE??)C@7<<E:8)F5FG=IF)F=M=@=?5)A9I98E:8)C@7<F)AB@E:8)
=9@?5)A=M=?7<I=:G9?)FG98=F)
KTdN;)+9:5)9@GJ@7<7A)C@7<)<=FGF)J9M=)9?F7)H==:)7HF=@M=A)E:)JE8J=@)
9HB:
A9:C=F)E:)GJ=)9HF=:C=)7>)GE??98=)
KTbN)FB88=FGE:8)GJ9G)@=ABC=A)GE??98=)<@9CGEC=F)I95)E:)F7I=)
C9F=F)E:C@=9F=)<=FG)<@=FFB@=;)!:)C7:G@9FGP)@=ABC=A)GE??98=)<@9CGEC=F)C9:)9?F7)9?G=@)C7IIB:EG5)
C7I<7FEGE7:P)E:C@=9F=)AEM=@FEG5P)9:Ao7@)9HB:A9:C=)7>):9GB@9?)=:=IE=F)
KTaPTUNP)9:A)C9:
)J=?<)
9I=?E7@9G=):=89GEM=)=>>=CGF)7>)?9:AFC9<=)FEI<?E>EC9GE7:)7:)HE7?78EC9?)C7:G@7?)7>)C@7<)<=FGF)H5)
E:C@=9FE:8)<@=A9G7@)9:A)<9@9FEG7EA)9HB:A9:C=)
KTeN;)/B@GJ=@I7@=P)<@=ME7BF)@=F=9@CJ)E:AEC9G=F)GJ9G)
M9@E7BF)>7@IF)7>)E:G=:F=)I=CJ9:EC9?)AEFGB@H
9:C=)K=;8;)I7?AH79@A)<?7B8JE:8N)AE@=CG?5)?=9A)G7)
)))Tc)E:C@=9F=A)I7@G9?EG5)7>)EI<7@G9:G)9@GJ@7<7A)<@=A9G7@F)FBCJ)9F)F<EA=@F)
KTVN)JE8J?E8JGE:8)GJ=)<7G=:GE9?)
H=:=>EGF)7>)@=ABC=A)GE??98=)>7@)HE7C7:G@7?;)()@=C=:G)I=G9
D9:9?5FEF)7>)>E:AE:8F)>@7I)bV)FGBAE=F)
C7:ABCG=A)H=GO==:)TVVS)9:A)RSTU)GJ9G)=W9IE:=A)GE??98=)EI<9CGF)7:)E:M=@G=H@9G=)<=FGF)9:A)
<@=A9G7@FP)>7B:A)GJ9G)7M=@9??)<=FG)9:A)<@=A9G
7@)9HB:A9:C=F)O=@=)FEIE?9@)E:)@=ABC=A)GE??98=)F5FG=IF)
C7I<9@=A)G7)F5FG=IF)BFE:8)C7:M=:GE7:9?)GE??98=)
KbN;)*7O=M=@P)>7?E9@)<=FGF)O=@=)I7@=)9HB:A9:G)9:A)
=<E8=9?)<@=A9G7@F)
?=FF)9HB:A9:G)E:)
C7:M=:GE7:9?)GE??98=
)C7I<9@=A)G7
)@=ABC=A)GE??98=
)F5FG=IFP)
FB88=FGE:8)G
J9G)
@=ABC=A)GE??98=
)J9F)GJ=)<7G=:GE9?)G7)EI<@7M=)HE7?78EC9?)C7:G@7?)
KbN;)!:)9AAEGE7:)G7)
EI<9CGE:8)<=FGF)9:A):9GB@9?)=:=IE=FP)@=ABC=A)GE??98=)<@9CGEC=F)C9:)9?F7)9>>=CG)OE?A)H==FP)J7O=M=@P)
GJEF)J9F):7G)H==:)E:M=FGE89G=A)>7@)9)H@79A)@9:8=)7>)G9W9)
KRSPRTN;)&JE
F)FGBA5)>7CBF=A)7:)=?BCEA9GE:8)GJ=)=>>=CGF)7>)@=ABC=A)GE??98=)<@9CGEC=F
)9:A)F=8@=89G=A)
C7M=@)C@7<F
)7:)<=FG)9:A)H=:=>ECE9?)9@GJ@7<7AF)E:)7@89:EC)F\B9FJ)K
-"#"%.)/&'($(+
N;)%=M=@9?)
J=@HEM7@7BF)E:F=CG)F<=CE=F)E:C?BAE:8)
2*&,&'/%),/),
)K*=IE<G=@9Q)-7@=EA9=NP)
2#&1;
66&'7)//&/&
)K-7?=7<G=@9Q)-J@5F7I=?EA9=
NP)4)&.%+/)#&'"*5$#)6("*#/&/&'<+=&%5))
)K-7?=7<G=@9Q)
-J@5F7I=?EA9=
NP)>$1)//)&'#"#"%.)/&$
)K6=<EA7<G=@9Q)%=FEEA9=
NP)9:A)G7)F7I=)A=8@==P)(<JEAEA9=)
K*=IE<G=@9NP)9:A)
4$1)&'(1&/"%&
)K2E<G=@9Q)(:GJ7I5EEA9=
N)C9:)C9BF=)FE8:E>EC9:
G)A9I98=)G7)F\B9FJ)
<?9:GF)9:Ao7@)>@BEG)9:A)@=ABC=)I9@L=G9H?=)5E=?AF)
KRRPRcN;)0=ABC=A)GE??98=)J9F)GJ=)<7G=:GE9?)G7)
<@7MEA=)98@7:7IEC)H=:=>EGF)E:)F\B9FJ)C@7<<E:8)
F5FG=IF)9:A
)=:J9:C=)<=FG)C7:G@7?;)/B@GJ=@I7@=P)
@=ABC=A)GE??98=)<@9CGEC=F)I95)EI<@7M=)
-3'($(+
)<7??E:9GE7:)H5)<@7MEAE:8)B:AEFGB@H=A)J9HEG9G)>7@)
>7FF7@E9?)H==)F<=CE=F)FBCJ)9F)
!"#$%&'
KA$(+*&(),
N)(%")*+,&
)K*5I=:7<G=@9Q)(<EA9=N)OJECJ)EF)JE8J?5)
@=?=M9:G)>7@)GJ=F=)<7??E:9G7@)A=<=:A=:G)C@7<F;)
!3'(%")*+,&
)9@=)
-3'($(+
)F<=CE9?EFGF)GJ9G)>7@98=)>@7I)
9:A)@=FG)OEGJE
:)-3'($(+
)>?7O=@F)9F)O=??)9F)AE8):=FGF)E:)GJ=)F7E?):=9@)F\B9FJ)<?9:GF)
KRdlRaN)FB88=FGE:8)GJ9G)GJ=5)?EL=?5)@=F<7:A)<7FEGEM=?5)G7)@=ABC=A)F7E?)AEFGB@H9:C=)
KRTPRUlRVN;)/B@GJ=@I7@=P)
X7:9??5)E:G=@C@7<<E:8)C7M=@)C@7<F)FBCJ)9F)J9E@5)M=GCJ)K
@)#)&'7)1+,&'
07GJh)ZM=GCJ[NP)9)")>EWE:8)
)))Td)?=8BI=P)OEGJE:)>BGB@=)C@7<)@7OF)9:A)C=@=9?)@5=)K
?$#&1$'#$%$&1'
6;h)Z@5=[N)H=GO==:)@7OF)I95)J=?<)
9I=?E7@9G=)")IE:=@9?EX9GE7:)A=>ECE=:CE=F
)7>G=:
)9FF7CE9G=A)OEGJ)@=ABC=A)GE??98=)<@9CGEC=F
)KcSlcRN;))))!:)GJEF)FGBA5P)>7?E9@)9@GJ@7<7AF)
K<=FGF)9:A):9GB@9?)=:=IE=FNP)=<E8=9?):9GB@9?)=:=I5)9CGEMEG5)
A=:FEG5P)9:A)H==)>?7O=@)MEFEG9GE7:)O=@=)C7I<9@=A)9I7:8)
-3'($(+
)E:)>B??)GE??98=)9:A)FG@E<)GE??98=)
G@=9GI=:GF)OEGJ)9)M9@E=G5)7>)C7M=@)C@7<)KIB?CJN)G5<=F)G7)A=G=@IE:=)E>)FG@E<)GE??98=
)9:A)F=8@=89G=A)
C7M=@)C@7<F
)<@7I7G=)
H=:=>ECE9?)9@GJ@7<7A)<7<B?9GE7:F
;)$<E8=9?)9@GJ@7<7A)9HB:A9:C=)O9F)=W<=CG=A)
G7)E:C@=9F=)E:)FG@E<)GE??98=)G@=9GI=:GF
)7M=@9??
)AB=)G7)@=ABC=A)F7E?)AEFGB@H9:C=)9:A)8@=9G=@)J9HEG9G)
FG@BCGB@9?)C7I<?=WEG5;)/7?E9@)9@GJ@7<7AF)9:A)H==F)7GJ=@)GJ9:)
!3'(%")*+,&'
O=@=):7G)=W<=CG=A)G7)
@=F<7:A)FG@7:8?5)G7)G@=9GI=:GF;)
!3'(%")*+,&
)>?7O=@)MEFEG9GE7:)>@=\B=:C5)O9F):7G)=W<=CG=A)G7)M9@5)
9I7:8)>B??)GE??98=)9:A)FG@E<)GE??98=)G@=9GI=:GF)AB=)G7)GJ=)@=?9GEM=?5)C?7F=)<@7WEIEG5)7>)=W<=@EI=:G9?)
<?7GF;)
))+9E=@D9?J)9:F)+=EH7FJ
)$Z<=@DC=:E9?)
F=JD8:)'&J=)FGBA5)O9F)C7:ABCG=A)9G)GJ=)`;j;)j=??788)3E7?78EC9?)%G9GE7:P)
*ECL7@5)-7@:=@FP)+!)KdR;dSbe‡)"P)eb;dSRc‡)`N)>@7I)RSTU)G7)RSTV)E:)F=<9@9G=)>E=?AF)K(@=9)…)dRca)
l)ddRR)I
!N)OEGJ)>E:=)G7)C7B@F=)?79IF)KIEW=AP)I=FEC)&5<
EC)*9<?BA9?>FN
;)()@9:A7IEX=A)C7I<?=G=)
H?7CL)A=FE8:)OEGJ)a)@=<?EC9GE7:F)O9F)BF=A)E:)9??)c)5=9@F;)
/7B@)G@=9GI=:GF
)O=@=)
=W9IE:=A)C7:FEFGE:8)
7>))F=M=@9?)
C7IHE:9GE7:F)7>)GE??98=)9:A)C7M=@)C@7<oIB?CJ)G5<=FQ)
TN)C7:M=:GE7:9?)GE??98=)OEGJ)9)
<@=ME7BF)
@5=DM=GCJ)C7M=@)C@7<
)IEWGB@=)
8@7O:)B:E>7@I?5)9C@7FF)GJ=)=:GE@=)<?7G)9:A)E:C7@<7@9G=A)
OEGJ)GE??98=h)RN
)FG@E<)GE??98=)OEGJ)
9)>B??
DOEAGJ)
@5=DM=GCJ)IEW
GB@=h)cN
)FG@E<)GE??98=
)OEGJ)9)<@=ME7BF
)@5=DM=GCJ
)X7:9?)C7M=@)C@7<)7>)M=G
CJ)<?9:G=A)
9:A)GE??=A)E:G7
)>BGB@=)C@7<)@7OFP)@5=)<?9:G=A)H=GO==:)@7OFP)
9:A
)@5=)@=FEAB=)?=>G)H=GO==:)C@7<)@7OF
)>7??7OE:8)GE??98=
h)9:A)
dN)FG@E<)GE??98=)OEGJ
)9)@5=DM=GCJ)X7:9?)
C7M=@)C@7<)
9:A)9AAEGE7:9?)@5=)IB?CJ)K…)
c)GoJ9N)9AA=A)
H=GO==:)C@7<)@7OF)9>G=@)
C@7<)=
FG9H?EFJI=:G
;))))Tb),?7G
F)O=@=
)9@@9:8=A)E:)9)@9:A7IEX=A)C7I<?=G=)H?7CL)A=FE8:)OEGJ)=9CJ)G@=9GI=:G)@=<?EC9G=A)a)GEI=F)
>7@)9)G7G9?)Rd)<?7GF)<=@)>E=?A;),?7GF)O=@=
)9<<@7WEI9G=?5)
V;T)H5)TS;U)I)OEGJ)=9CJ)C7:G9E:E:8)a)@7OF)
7>)F\B9FJ)OEGJ)<?9:GF)<?9C=A)S;a)I)9<9@G
)OEGJE
:)@7OF
)K/E8B@=)%R;TN
;)!:)RSTUP)Z*7:=5)3=9@[)9C7@:)
F\B9FJ)
K-"#"%.)/&'($(+'
M9@;)GB@HE:9G9N
)O9F)<?9:G=A;)!:)RSTeP)c)M9@E=GE=F)7>)
9C7@:)
F\B9FJ)KZ*7:=5)
3=9@[P)Z&95H=??=[P)Z2=?EC9G9[N)9:A
)Z%<E:=?=FF)3=9BG5[)
XBCCJE:E
)K-"#"%.)/&'($(+
N)O=@=)<?9:G=A;)
!:)RSTVP)R)M9@E=GE=F)7>)OE:G=@)F\B9FJ)O=@=)<?9:G=Ah)Z&95H=??=[)KE::=@)d)@7OF)7>)=9CJ)<?7GN)9:A)
Z2=?EC9G9[)K7BG=@)R)@7OF)7>)=9CJ)<?7GN;)
''/D=?F)7<=@9ED7:J
;'+9Y7@)>E=?A)7<=@9GE7:F)9:A)C7@@=F<7:AE:8)A9G=F)9@=)?EFG=A)E:)&9H?=)%
R;T;)-7M=@)C@7<F)O=
@=)<?9:G=A)E:)=9@?5)%=<G=IH=@)GJ=)5=9@)H=>7@=)F\B9FJ)<?9:GE:8;)!:)C7:M=:GE7:9?)
GE??98=)9:A)FG@E<)GE??98=)OEGJ)@5=
DM=GCJ)IEW=A)G@=9GI=:GFP)C7M=@)C@7<F)O=@=)F==A=A)9G)9)@9G=)7>)aR;e)
L8oJ9)@5=)9:A)RR;b)L8oJ9)M=GCJ;)&J=)C7M=@)C@7<)F==A)@9G=)>7@)H7GJ)@5=
DM=GCJ)
X7:9?)9:A)@5=
DM=GCJ)
X7:9?)OEGJ)9AAEGE7:9?)IB?CJ)G@=9GI=:G)O9F)Ue;a)L8oJ9)@5=)9:A)TT;T)L8oJ9)M=GCJP)OEGJ)GO7)@7OF)7>)
M=GCJ)F==A=A)E:)>BGB@=)F\B9FJ)@7OF)9:A)a)@7OF)7>)@5=)H=GO==:)@7OF;)-7M=@)C@7<F)E:)C7:M=:GE7:9?)
GE??98=)<?7GF)O=@=)AEFL)LE??=A)E:)?9G=)(<@E?)
<@E7@)G7)H=E:8)CB?GEM9G=A)E:)?9G=)+95)
l)=9@?5)_B:=;)%G@E<
DGE??98=)9:A)F\B9FJ)<?9:GE:8)7CCB@@=A)E:)IEA)
l)?9G=)_B:=;)!:)RSTU)9:A)RSTeP)F\B9FJ)O9F)AE@=CG)
F==A=A;)*7O=M=@P)
E:)RSTeP)
AB=)G7)
<77@)C@7<)=I=@8=:C=
)KAB=)?9@8=?5)G7)<@=A9GE7:)H5)Tc
D?E:=A)
8@7B:ADF\BE@@=
?FN)
P)9C7@:)
F\B9FJ)9:A)
XBCCJE:E)O=@=
)G@9:F<?9:G=A)E:G7)<?7GF;)2B=)G7)9)FJ7@G98=)7>)
G@9:F<?9:GFP)7:?5)d)@7OF)7>)F\B9FJ)O=@=)8@7O:)<=@)<?7G)E:)RSTe)OEGJ)=9CJ)@7O)C7:G9E:E:8)9)AE>>=@=:G)
M9@E=G5;)!:)RSTVP)
9C7@:
)F\B9FJ)O9F)G@9:F<?9:G=A)E:G7)9??)<?7GF;)/7??7OE:8
)F\B9FJ)<?9:GE:8P)
9AAEGE7:9?)@5=)IB?CJ)K…)c)GoJ9N)O9F)F<@=9A)H5)J9:A)H=GO==:)C@7<)@7OF)E:)<?7GF)9FFE8:=A)G7)GJ=)
9AAEGE7:9?)IB?CJ)G@=9GI=:G)E:)=9CJ)5=9@;)!:F=CGECEA=FP)>B:8ECEA=FP)9:A)J=@HECEA=F)O=@=):7G)BF=A)E:)
9:5)7>)GJ=)5=9@F;),?7GF)O=@=)
I=CJ9:EC9??5)CB?
GEM9G=A)OEGJ)9)C7IHE:9GE7:)7>)H=GO==:
D@7O)@7??E:8)
)))Ta)CB?GEM9G7@F)9:A)
>E:8=@)O==A
=@F)KjB?G
Dj@=FFN
)9:Ao7@)J9:A)O==A=A)9F):==A=A)GJ@7B8J7BG)=9CJ)
8@7OE:8)F=9F7:;)]BCCJE:E
)O9F)J9@M=FG=A)E:)?9G=)(B8BFG)E:)RSTeP)9:A)
9C7@:)
F\B9FJ)O9F)J9@M=FG=A)
E:)?9G=)%=<G=IH=@)AB@E:8)=9CJ)5=9@;)
''/7?D9@)
9@EH@7<7F)
JA@I=5J
;'`==L?5)MEFB9?)FB@M=5F)7>)F\B9FJ)<?9:G)>7?E98=)O=@=)C7:ABCG=A)
7:)TS)@9:A7I?5)F=?=CG=A)<?9:GF)>@7I)GJ=)E::=@I7FG)@7OF)7>)=9CJ)<?7G)G7)A=G=@IE:=)GJ=)=>>=CGF)7>)
GJ=)GE??98=)9:
A)C7M=@)C@7<)G@=9GI=:GF)7:)>7?E9@)9@GJ@7<7AF;).:C=)<?9:GF)J9A)I7@=)GJ9:)TS)?=9M=FP)
FB@M=5F)O=@=)C7:ABCG=A)7:)TS)?=9M=F)>@7I)TS)@9:A7I?5)F=?=CG=A)<?9:GF)<=@)<?7G;)%B@M=5F)O=@=)
C7:ABCG=A)H=GO==:)_B:=)Re)
l)(B8BFG)RRP)RSTU)KV)OLNP)_B?5)V)
l)(B8BFG)RdP)RSTe)KU)O
LNP)9:A)_B?5TS)
l)(B8BFG)TVP)RSTV)KU)OLN;)(@GJ@7<7AF)7HF=@M=A)7:)>7?E98=)O=@=)EA=:GE>E=A)E:)GJ=)>E=?A)G7)F<=CE=FP)
8=:BFP)>9IE?5P)7@)7@A=@;)!:)RSTUP)>7@)9<JEAFP)O=)C7B:G=A)GJ=):BIH=@)7>)C7?7:E=F)<=@)<?9:GP)9:A)E:)
RSTe)9:A)RSTV)GJ=):BIH=@F)7>)E:AEMEAB9?)9<JEA
F)<=@)<?9:G)O=@=)C7B:G=A)7@)=FGEI9G=A)OJ=:)
:BIH=@F)O=@=)JE8J;)
''$<D8=9?)
:9EA@9?)
=:=C5)
9GEDIDE5)
F=:JDE5
;'&7)A=G=@IE:=)GJ=)=>>=CGF)7>)GJ=)GE??98=)9:A)C7M=@)
C@7<)G@=9GI=:GF)7:)9CGEMEG5)A=:FEG5P)R)<EG>9??)G@9<F)O=@=)A=<?75=A)O==L?5)E:)=9CJ)<?7GP)7:=)
9<<@7WEI9G
=?5)E:)GJ=)C=:G=@)7>)GJ=)E::=@I7FG)C@7<)@7O)KE:
D@7ONP)9:A)7:=)H=GO==:)GO7)7>)GJ=)
E::=@I7FG)C@7<)@7OF)KH=GO==:
D@7ONP)GJ@7B8J7BG)GJ=)8@7OE:8)F=9F7:)AB@E:8)9??)c)5=9@F)KRSTUQ)RR)
_B:=)
l)TS)(B8h)RSTeQ)TU)_B?5)
l)Re)(B8h)RSTVQ)V)_B?5)
l)RS)(B8N;),EG>9??)G@9<F)C7:F
EFG=A)7>)Vda)I?)
<7?5<@7<5?=:=)CB<F)C7:G9E:E:8)9<<@7WEI9G=?5)RSS)I?)7>)<@7<5?=:=)8?5C7?)9:A)O9G=@)K…TQT)MoMN;)
-B<F)O=@=)AB8)E:G7)GJ=)F7E?)F7)GJ9G)GJ=E@)7<=:E:8F)O=@=)>?BFJ)OEGJ)GJ=)F7E?)FB@>9C=)9:A)O=@=)C7M=@=A)
BFE:8)89?M9:EX=A)OE@=)<7B?G@5):=GGE:8)KR;bd)CI
)I=FJ)FEX=N)G7)<@=M=:G)?9@8=@)9:EI9?F)>@7I)=:G=@E:8)
G@9<F)OJE?=)9??7OE:8)9@GJ@7<7AF)G7)>9??)E:;)0=CG9:8B?9@)<E=C=F)7>)<9@GEC?=)H79@A)OEGJ)FC@=OF)A@EM=:)
)))TU)GJ@7B8J)GJ=)C7@:=@F)G7)=?=M9G=)GJ=)C7M=@F)9<<@7WEI9G=?5)d)CI)9H7M=)GJ=)8@7B:A)O=@=)<?9C=A)7M=@)
<EG>9??)G
@9<F)G7)<@=M=:G)>?77AE:8)AB=)G7)@9E:;),EG>9??)G@9<F)O=@=)A=<?75=A)>7@)9<<@7WEI9G=?5)Rd)J@)
9:A)GJ=:)FG@9E:=A)E:)GJ=)>E=?A;)%9I<?=F)O=@=)FG7@=A)E:)Ubn)=GJ9:7?)9:A)EA=:GE>E=A)G7)7@A=@P)>9IE?5P)
7@)8=:BF)E:)GJ=)?9H7@9G7@5)
KccPcdN)K(?H=@G)_;)-77L)(@GJ@7<7A)0=F=9
@CJ)-7??=CGE7:N;)
'',7??D:9E7@)
JA@I=5J
;'/7??7OE:8)GJ=)H=8E::E:8)7>)F\B9FJ)E:>?7@=FC=:C=P)O==L?5)<7??E:9G7@)
FB@M=5F)O=@=)C7:ABCG=A)G7)A=G=@IE:=)GJ=)=>>=CGF)7>)GJ=)GE??98=)9:A)C7M=@)C@7<)G@=9GI=:GF)7:)
<7??E:9G7@)MEFEG9GE7:;)&=:)@9:A7I)F\B9FJ)>?7O=@F)<=@)<?7G)O=@=)F=?=CG=A)>@7I)GJ=)E::=@I7FG)@7OF)
H=GO==:)_B?5)Ra)
l)(B8BFG)RTP)RSTU)Kb)OLNP)9:A)TR)>?7O=@F)<=@)<?7G)H=GO==:)(B8BFG)e)
l)(B8BFG)
RUP)RSTe)Kd)OLN)9:A)_B?5)Rc)
l)(B8BFG)RSP)RSTV)Kb)OLN;)$9CJ)>?7O=@)O9F)7HF=@M=A)>7@)T)IE:BG=)
9:A)GJ=):BIH=@F)7>)F\B9FJ)H==F)K(<EA9=Q)
!"#$%&'
KA$(+*&(),
N)(%")*+,&
NP)J7:
=5)H==F)K(<EA9=Q)
2(),'
6$11)9$%&NP)HBIH?=)H==F)K(<EA9=Q)
:+6.",
)F<<;NP)9:A)7GJ=@)H==F)
KC9@<=:G=@)H==F)K(<EA9=Q)
B;1+#+(&
)F<<;NP)?9@8=)H==F)Kv)U)IINP)9:A)FI9??)H==F)Kk)U)IIN
N)7HF=@M=A)?9:AE:8)E:)>?7O=@F)O=@=)@=C7@A=A;)
/7@IECEA9=)C7B:GF)O=@=)9?F7)@=C7@A=A)OJ=:)
7HF=@M=A)E:)>?7O=@F;)%B@M=5F)O=@=)C7:ABCG=A)H=GO==:)
…)VQSS)9I)
l)TRQSS)<I)7:)FB::5)A95F)OEGJ)9IHE=:G)G=I<=@9GB@=F)v)RT)‡-)9:A)?EGG?=)OE:A;)
')%E9EDJEDG9?)
9:9?5JDJ
;)(??)9:9?5F=F)O=@=)<=@>7@I=A)BFE:8)0)M=@FE7:)c;b;T)
KcbN;''=:=@9?EX=A)
6E:=9@)+EW=A)+7A=?F)BFE:8)
69<?9C=)9<<@7WEI9GE7:)9:A):=89GEM=)HE:7IE9?)AEFG@EHBGE7:)O=@=)BF=A)
OEGJ)GJ=)w8?I
I&+3^)>B:CGE7:
)E:)GJ=)w8?I
I&+3^)<9CL98=
)KcaN)G7)A=G=@IE:=)GJ=)=>>=CGF)7>
)G@=9GI=:GF
)7:)>7?E9@)9@GJ@7<7A)9HB:A9:C=)9:A)9CGEMEG5)A=:FEG5
;)29G9)>@7I)9??)c)5=9@F)KRSTU)
l)RSTVN)O=@=
)9:9?5X=A)G78=GJ=@)OEGJ)G=I<7@9?)AE>>=@=:C=F)9CC7B:G=A)>7@)H5)GJ=)E:C?BFE7:)7>)A9G=)9:A)5=9@)
9F)@9:A7I)=>>=CGF)E:)I7A=?F;
)/7?E9@)9@GJ@7<7A)
I7A=?
F)C7:G9E:=A)
G@=9GI=:G)9F)9)>EW=A)=>>=CG)
OEGJ)
H?7CL):=FG=A)OEGJE:)A9G=)9:A)5=9@)9F)@9:A7I)=>>=CGF;)"9GB@9?)=:=I5)
9CGEMEG5)A=:FEG5)I7A=?F)
)))Te)C7:G9E:=A)G@=9GI=:GP)<EG>9??)G@9<)<7FEGE7:)KE:)@7O)7@)H=GO==:)@7ONP)9:A)GJ=E@)E:G=@9CGE7:)9F)>EW=A)
=>>=CGF)
OEGJ)
H?7CL):=FG=A)OEGJE:)A9G=)9:A)5=9@)9F)@9:A7I)=>>=CGF
;)/?7O=@)MEFEG9GE7:)H5)H==F)O9F)
9:9?5X=A)9F)9H7M=)BFE:8)
,7EFF7:)AEFG@EHBGE7:)OEGJ
)G@=9GI=:G)9F)9)>EW=A)=>>=CG)
9:A)
A9G=)9:A)5=9@)9F)
@9:A7I)=>>=CGF;)&J=)w(:7M9^)>B:CGE7:
)K&5<=)!!)`9?A)-JE
DF\B9@=)G=FGFN)
E:)GJ=)wC9@^)<9CL98=)
KcUN)O9F)BF=A)G7)A=G=@IE:=)GJ=)FE8:E>EC9:C=)7>)>EW=A)=>>=CGF)E:)I7A=?FP)9:A)GJ=)w=II=9:F^)>
B:CGE7:)E:)
GJ=)w=II=9:F^)<9CL98=
)KceN)OEGJ)GJ=)w>A@^)<
D9AYBFGI=:G
)I=GJ7A
)K9;L;9;)3=:Y9IE:E
D*7CJH=@8N
)O9F)BF=A)G7)A=G=@IE:=)<9E@OEF=)AE>>=@=:C=F)9I7:8)>EW=A)=>>=CG)>9CG7@)?=M=?F)>7@)FE8:E>EC9:G)I7A=?F;)
.:?5)9@GJ@7<7A)G5<=F)GJ9G)C7I<@EF=A)9G)?=9FG)bn)7>)G7G9
?)C7B:GF)7>)>7?E9@)J=@HEM7@=F)=WC?BAE:8)
9<JEAFP)>7?E9@):9GB@9?)=:=IE=FP)9:A)<EG>9??)G@9<)C7??=CG=A):9GB@9?)=:=IE=F)9C@7FF)9??)c)5=9@F)O=@=)
9:9?5X=A)E:AEMEAB9??5;)(:GF)K>7?E9@)7HF=@M9GE7:F)9:A)9CGEMEG5)A=:FEG5N)O=@=)9?F7)9:9?5X=A)F=<9@9G=?5)
AB=)G7)JE8J)9HB:
A9:C=)9:A)GJ=)<7G=:GE9?)>7@)GJ=I)G7)G=:A)9<JEAF;)(@GJ@7<7A)G5<=F)GJ9G)AEA):7G)I==G)
GJ=)bn)GJ@=FJ7?A)9@=)E:C?BA=A)E:)I7A=?F)9:9?5XE:8)=>>=CGF)7:)>7?E9@)J=@HEM7@=F)7M=@9??P)>7?E9@)
J=@HEM7@=F)K
D9<JEAFNP)>7?E9@):9GB@9?)=:=IE=F)7M=@9??P)9:A):9GB@9?)=:=I5)9CGEME
G5)A=:FEG5)7M=@9??;)(F)
<@=ME7BF?5):7G=AP)9<JEAF)O=@=)C7B:G=A)H5)C7?7:5)E:)RSTU)@9GJ=@)GJ9:)H5)C7B:GE:8)7@)=FGEI9GE:8)GJ=)
:BIH=@)7>)E:AEMEAB9?)9<JEAF)<@=F=:G)7:)>7?E98=;)&J=@=>7@=P)7:?5)A9G9)>@7I)RSTe)9:A)RSTV)O=@=)
BF=A)G7)9:9?5X=)AE>>=@=:C=F)E:)9<JEA)9:A)7
M=@9??)J=@HEM7@=)9HB:A9:C=)9I7:8)G@=9GI=:GF;))
')0=JA?EJ
)/7?D9@)
9@EH@7<7FJ)
JA@I=5J
;'&J=@=)O=@=)dbPcVd)9@GJ@7<7AF)7HF=@M=A)7:)F\B9FJ)>7?E98=)
>@7I)RSTU)
l)RSTV)C7I<@EF=A)7>)dRPbeV)J=@HEM7@=FP)RPRcT):9GB@9?)=:=IE=FP)9:A)bUd)/7@IECEA9=;)
(<JEAEA9=)KRSTUQ):)i)cSSe
)9<JEA)C7?7:E=Fh)RSTe)
l)RSTVQ):)i)cUPbTc)9<JEAFN)O9F)GJ=)I7FG)9HB:A9:G)
J=@HEM7@=)7HF=@M=A)>7??7O=A)H5)
2#&1;66&'7)//&/"6
)K-J@5F7I=?EA9=h):)i)TcbUNP)-EC9A=??EA9=)K:)i)
TRVTNP)&J5F9:7<G=@9)K:)i)VTbNP)
2*&,&'/%),/),
):5I<JF)K-7@=EA9=h):)i)aTbNP)
2*&,&'/%),/),
)=88)
I9FF=F))))TV)K-7@=EA9=h):)i)decNP))
4)&.%+/)#&'"*5$#)6("*#/&/&
)K-J@5F7I=?EA9=h):)i)RURNP)
C;D",'1)*$+1&%),
)K+E@EA9=h):)i)adNP)(?=5@7AEA9=)K:)i)dTNP)9:A)
2*&,&'/%),/),
)9AB?GF)K-7@=EA9=h):)i)ceN;)
).M=@9??)J=@HEM7@=)9HB:A9:C=)O9F)E:>?B=:C=A)H5)C7M=@)C@7<)F=8@=89GE7:)K
FG@E<)GE??98=)—)@5=
DM=GCJ)IEW=A)MF)FG@E<)GE??98=)—)@5=
DM=GCJ)X7:9?N)9:A)FB<<?=I=:G9?)IB?CJ)KFG@E<)GE??98=)—)@5=
DM=GCJ)
X7:9?)MF)FG@E<)GE??98=)—)@5=
DM=GCJ)X7:9?)OEGJ)9AA=A)@5=)IB?CJN;)&E??98=)KC7:M=:GE7:9?)GE??98=)—)@5=
DM=GCJ)IEW=A)MF)FG@E<)GE??98=)—)@5=
DM=G
CJ)IEW=AN)AEA):7G)J9M=)9)A=G=CG9H?=)=>>=CG)7:)7M=@9??)J=@HEM7@=)
9HB:A9:C=)HBG)AEA)EI<9CG)F=M=@9?)F<=CE>EC)E:F=CG)8@7B<F;)
+=9:)9HB:A9:C=)O9F)T;c)
l)T;V)GEI=F)
8@=9G=@)>7@)(<JEAEA9=)K
–!"i)RS;caP)A>
)i)cP)<
)k)S;STN)9:A
)T;R)l)T;a)GEI=F)8@=9G=@)>7@)&J5F9:7<G=@9)
K–!"i)V;TdP)A>
)i)cP)<
)i)S;ScN)E:)>B??)GE??98=)C7I<9@=A)G7)FG@E<)GE??98=)G@=9GI=:GF)K&9H?=)R;TN;)
-7:M=@F=?5P)I=9:)9HB:A9:C=)O9F)T;d)
l)R;c)GEI=F)8@=9G=@)>7@)
23'/%),/),
):5I<JF)K
–!"i)Td;eUP)A>
)i)cP)<)k)S;STNP)T;e)
l)R;R)GEI=F)8@=9G=@)>7@)
23'/%),/),
)=88)I9FF=F)K
–!"i)RT;acP)A>
)i)cP)<
)k)S;STh)&9H?=)R;TNP)
T;R)l)T;b)GEI=F)8@=9G=@)>7@)-EC9A=??EA9=)K
–!"i)Rd;RUP)A>
)i)cP)<
)k)S;STNP)9:A)T;R)
l)T;c)GEI=F)8@=9G=@)
>7@)J=@HEM7@=F)=WC?BAE:8)(<JEAEA9=)K
–!"i)RV;TTP)A>
)i)cP)<
)k)S;STN)E:)FG@E<)GE??98=)G@=9GI=:GF)
C7I<9@=A)G7)>B??)GE??98=)K&9H?=)R;TN;)+=9:)9HB:A9:C=)7>)
23'7)//&/"6
)K–!"i)a;bcP)A>
)i)cP)<
)i)S;SVN)9:A)
43'"*5$#)6("*#/&/&
)K–!"i)d;RVP)A>
)i)cP)<
)i)S;RcN)AEA):7G)FE8:E>EC9:G?5)M9@5)9C@7FF)G@=9GI=:GF)
K&9H?=)R;TN;)
))Z,9@9FEGEC9[)K<
9@9FEGEC)O9F<Fh)(<7C@EG9h):)i)UbdN)O=@=)GJ=)I7FG)>@=\B=:G?5)7HF=@M=A):9GB@9?)
=:=IE=F)>7??7O=A)H5)
8%)",
)F<<;)K(:GJ7C7@EA9=h):)i)abeNP)(@9:=9=)K:)i)ccbNP)-7CCE:=??EA9=)K:)i)
TRVNP)27?ECJ7<7AEA9=)K:)i)TTaNP).<E?E7:=F)K:)i)TSRNP)-J@5F7<EA9=)K:)i)VVNP)"9HEA9=)K:
)i)RdNP)
A+5),",'6&#"1)7$*/%),
)K,=:G9G7IEA9=h):)i)TcNP)%5@<JEA9=)?9@M9=)K:)i)TN;)()G7G9?)7>)bUd)/7@IECEA9=)
O=@=)9?F7)7HF=@M=A;)
).M=@9??P):9GB@9?)=:=IE=F)O=@=)9>>=CG=A)H5)GE??98=)9:A)FB<<?=I=:G9?)IB?CJP)HBG):7G)H5)
F=8@=89GE7:)K&9H?=)R;RN;))
+=9:)9HB:A9:
C=)O9F)T;R)
l)T;e)GEI=F)8@=9G=@)>7@)Z,9@9FEGEC9[)K
–!"i)ca;SRP))))RS)A>)i)cP)<
)k)S;STN)9:A)T;T)
l)T;c)GEI=F)8@=9G=@)>7@):9GB@9?)=:=IE=F)7M=@9??)K
–!"i)RR;ReP)A>
)i)cP)<
)k)S;STN)E:)FG@E<)GE??98=)G@=9GI=:GF)C7I<9@=A)G7)>B??)GE??98=)K&9H?=)R;RN;)+=9:)9HB:A9:C=)7>)(@9:=9
=)K–!"i)c;TeP)A>
)i)cP)<
)i)S;caNP)
8%)",'
F<<;)K
–!"i)T;ScP)A>
)i)cP)<
)i)S;UVNP)9:A):9GB@9?)=:=IE=F)7M=@9??)
=WC?BAE:8)Z,9@9FEGEC9[)K
–!"i)c;dRP)A>
)i)cP)<
)i)S;ccN)AEA):7G)FE8:E>EC9:G?5)M9@5)9C@7FF)G@=9GI=:GF)
K&9H?=)R;RN;)+=9:)/7@IECEA9=)9HB:A9:C=)O9F)T;e)
l)R;c)GEI=F)8@=9G=@)E:)>B??)GE??98=)GJ9:)E:)FG@E<)
GE??98=)G@=9GI=:GF)K
–!"i)Ta;USP)A>)i)cP)<)k)S;STh)&9H?=)R;RN;
!!!"#!!!"#$%&
'()(&*"+"&,-.."/0&"12&/%,-$+,&34&,+"+5,+56"$&"1"$0,%,&43/&43$5"/&7%/#583/%,
9&':
);<':':(&$%&'!(!)*$
!+,-.&/!0%/1.2,/%3
!4%/!4-&'5!
2&-6%3!&'7!35&5.35.8&-!3.9'.+.8&'8%!,+!:,7%-3!+,/!;40.7.7&%<!
!"#$%&'$&'#
%99!:&33%3<!
!"#$%&'$&'#
'=:403<!>.8&7%--.7&%<!
?0=3&',45%/&<!
#("#)*+,-&./)*-$0$0
<!!
!"#1&$$0$).
<!!0%/1.2,/%3!@,2%/&--A<!
&'7!
0%/1.2,/%3!@
B&40.73
A!,13%/2%7!,'!3C6&30!+,-.&9%D!
E&./F.3%!7.++%/%'8%3!&:,'9!5/%&5:%'53!+,/!%&80!&/50/,4,7!5=4%!&/%!.'7.8&5%7!1=!7.++%/%'5!-%55%/3!+,--,F.'9!:%&'!(!)*$!2&-6%3!
@%::%&'3
!@+7/!4B&7G635
:%'5A
H!"!I!JDJKAD!!!"#$%&#'%
()*+,-,-$#
!"!"#$%&'$&'
###..(&$//#/
(!"#$%&'$&'#
#'0&*+/
(1,2$-#33,-$#
(!+0/$'4*%#"$
(("#
)*+,-&./)*-$0$0
((!"#1&$$0$).
#5#"6,74"#/(
(847#"$339
#"5#"6,74"#/(
(8:$*+,-/9
$(;!(<(=>?
(@ABCD(E(@B@F$
(FBFG(E(FBF@6
(FBFD(E(FBFH6
(FB@C(E(FBFH2
(FBH@(E(FBFH$
(FBFI(E(FBF@
(FBH@(E(FBFH
(@IBD@(E(@B@@$62
(FBDD(E(FBFI6
(J!(<(=>?
(CBCA(E(FBKK62
(FB@F(E(FBF@$
(FB@F(E(FBFH$
(FBHK(E(FBFH$6
(FB@A(E(FBFH6
(FBFG(E(FBF@
(FBHG(E(FBFA
(LBCL(E(FBKD2-
(FBLH(E(FBFI$
(J!(<(=>M
(@FBLL(E(@B@H$6
(FBFL(E(FBF@$
(FB@K(E(FBFI$
(FBHD(E(
FBFH$
(FB@D(E(FBFH$6
(FBFG(E(FBF@
(FBHA(E(FBFH
(@HB@F(E(@B@A6
(@BF@(E(FBFK$
(J!(<(=>M?
(DBAC(E(FBGH2
(FB@@(E(FBF@$
(FB@A(E(FBFI$
(FBHH(E(FBFH6
(FB@G(E(FBFH$6
(FBFG(E(FBF@
(FBHC(E(FBFA
(CBIC(E(FBGI-
(FBLC(E(FBFG$
(2(7$3N#
(OFBF@
(OFBF@
(OFBF@
(OFBF@
(FBFA
(FBHA
(FBFL
(OFBF@
(OFBF@
(!!"#$%$%&'(%&)&(*+,-(./01(&2%(./03(,2456(./07(%&)&(8&9(':;4<%'%(%<'(),(&(%$**'+'2;'($2()#'(%&)&(;,44';)$,2(-')#,%(<9'%=(
("!44(#'+>$?,+'9(,>9'+?'%($2;4<%$2@(!"#$%$%&'6(%&)&($9(*+,-(./01(&2%(./03(,245(*,+()#'(9&-'(+'&9,2(-'2)$,2'%(&>,?'=(
(#!44(#'+>$?,
+'9(,>9'+?'%(':;4<%$2@(!"#$%$%&'6(%&)&($9(*+,-(&44(A(5'&+9(B./07
C./03D=(
(!"#$%&
'('(&*"+"&,-.."/0&"12&/%,-$+,&34&,+"+5,+56"$&"1"$0,%,&43/&43$5"/&
1"+-/"$&%1%.5%,&"12&"1+,
(&$%&'!(!)*$
!2&-6%3
!&'7!35&5.35.8&-!3.9'.+.8&'8%!,+!:,7%-3!+,/!
;/&'%&%<!
2%&)'
<!LE&/&3.5.8&M
<!'&56/&-!
%'%:.%3!@,2%/&--A<
!'&56/&-!%'%:.%3!%N8-67.'9!LE&/&3.5.8&M<
!&'7!O,/:.8.7&%!,13%/2%7!,'!3C6&30!
+,-.&9%D!E&./F.3%!7.++%/%'8%3!&:,'9!5/%&5:%'53!+,/!%&80!&/50/,4,7!5=4%!&/%!.'7.8&
5%7!1=!7.++%/%'5!
-%55%/3!+,--,F.'9!:%&'!(!)*$!2&-6%3!@%::%&'3H!
"!I!JDJKAD!(!"#$%&#'%
()"$'#$#
"3%&)'
"PQ$"$/,%,2$R
(S$%N"$3(
(T'#&,#/
!"S$%N"$3
(T'#&,#/(8
:Q9!";4"&,2,-$#
(;!(<(=>?
(FBFK(E(FBF@
(FB@H(E(FBF@
(FB@F(E(FBF@2
(FBAG(E(FBFH2
(FBHG(E(FBFH
(FB@K(E(FBFH$
(J!(<
(=>?(FBFK(E(FBF@
(FB@A(E(FBF@
(FB@I(E(FBF@6
(FBIA(E(FBFH$6
(FBHL(E(FBFH
(FBFL(E(FBF@6
(J!(<(=>M
(FBFG(E(FBF@
(FB@@(E(FBF@
(FB@H(E(FBF@6
(FBAL(E(FBFH62
(FBHK(E(FBFH
(FBFD(E(FBF@6
(J!(<(=>M?
(FBFD(E(FBF@
(FB@H(E(FBF@
(FB@C(E(FBFH$
(FBIK(E(FBFH$
(FBHC(E(FBFH
(FBFL(E(
FBF@6
(2(7$3N#
(FBAK
(FBDL
(OFBF@
(OFBF@
(FBAA
(OFBF@
(!!44(2&)<+&4('2'-$'9(,>9'+?'%($2;4<%$2@(!+&2'&'E(
!"#$%
E(&2%(FG&+&9$)$;&H=
(!!44(2&)<+&4('2'-$'9(':;4<%$2@(FG&+&9$)$;&H=(
(!!!""!!"#$%&'(
)&*+,&'(
%)%-.(
&/*#0#*.(
1%)2#*.
3!#$%&%!'%&%!()*+,-!.&/$&0102!3./4&.5!%3%67%8!
9055%9/%2!73!17/:.55!/&.18!:&06!")(;!
<!")(=>!?&.3%.%!@3!A!(=-(B!'%&%!/$%!608/!:&%C4%3/5D!9.1/4&%2!
3./4&.5!%3%67%8!:0550'%2!ED!
"#$%#&'(!
811>!@F.&.E72.%G!3!A!(++HB*!I175703%8!@3!A!()+"B*!
J/.1$D57372.%!@3!A!-HHB*!F.
&.E72.%!0/$%&!/$.3!
"#$%#&'(!
811>!@3!A!-H+B*!K.818!@?109&7/.G!3!A!"("B*!
F$750102.!@3!A!-)B*!L.33772.%!5.&M.%!@3!A!"=B*!.32!N.E72.%!@3!A!"(B>!?!/0/.5!0:!"="+!L0&67972.%!
'%&%!.580!9.1/4&%2>!
!IM%&.55*!/755.O%!.::%9/%2!%17O%.5!3./4&.5!%3%6D!.9/7M7/D!2%387
/D!E4/!'7/$!/$%
!%P9%1/
703
!0:!"#$%#&'(
!811>!@$7O$%8/!6%.3!.9/7M7/D!2%387/D!73!Q03.5!90M%&!9&01!/&%./6%3/8B!90M%&!9&01!
8%O&%O./703!.32!.22%2!6459$!
272!
30/!761.9/!.9/7M7/D!2%387/D
>!R%.3!?&.3%.%!.9/7M7/D!2%387/D!'.8!
(>-!<!(>=!/76%8!O&%./%&!73!8/&71!/755.O%!/&%
./6%3/8!/$.3!73!:455!/755.O%!@
S!"A!;(>H,*!2:
!A!T*!1
!U!)>)(G!
L7O4&%!
">(2*!.32!(>)!
<!(>T!/76%8!O&%./%&!E%/'%%3!9&01!&0'8!/$.3!73!&0'8!@
S!"A!->-H*!2:
!A!(*!1
!U!)>)(G!L7O4&%!
">(2B>!#$%&%!'.8!30!87O37:79.3/!73/%&.9/703!E%/'%%3!/&%./6%3/!.32!/&.1!1087/703!@
S!"A!,>(H*!2:
!A!T*!1
!A!)>",B>!R%.3!
"#$%#&'(!
811>!.9/7M7/D!2%387/D!'.8!(>T!
<!(>H!/76%8!O&%./%&!73!8/&71!
/755.O%!/&%./6%3/8!/$.3!73!:455!/755.O%
!.32!Q03.5!90M%&!9&01!/&%./6%3/8!$.2!$7O$%8/!6%.3!.9/7M7/D!
2%387/7%8
!@S!"A!";>((*!2:
!A!T*!1
!U!)>)(G!L7O4&%!
">(EB>!R%.3!
"#$%#&'(!
811>!.9/7M7/D!2%387/D!2723V/!
87O37:79.3/5D!M.&D!ED!/&.1!1087/703!@
S!"A!)>T=*!2:
!A!(*!1
!A!)>+TG!L7O4&%!
">(EB!.32!/$%&%!'.8!30!
87O37:79.3/!73/%&.9/703!E%/'%%3!/&%./6%3/!.32!/&.1!1087/703!@
S!"A!T>(;*!2:
!A!T*!1
!A!)>T;B>!R%.3!
I175703%8!.9/7M7/D!2%387/D!272!30/!87O37:79.3/5D!M.&D!.9&088!/&%./6%3/8!@
S!"A!(>;H*!2:
!A!T*!1
!A!)>H"B>!
W0'%M%&*!6%.3!.9/7M7/D!2%387/D!'.8!857O$/5D!O&%./%&!:0&!I175
703%8!73!9&01!&0'8!9061.&%2!/0!
E%/'%%3!&0'8!:0&!.55!/&%./6%3/8!%P9%1/!8/&71!/755.O%!'7/$!&D%
XM%/9$!67P%2!90M%&!9&01!6459$!@
S!"A!+>(H*!2:
!A!(*!1
!A!)>)"B!.32!/$%&%!'.8!.!87O37:79.3/!73/%&.9/703!E%/'%%3!/&%./6%3/!.32!/&.1!1087/703!
@S!"A!->T"*!2:
!A!T*!1
!A!)>),
B>!R%.3!.9/7M7/D!2%387/D!'.8!">,!
<!">-!/76%8!O&%./%&!:0&!J/.1$D57372.%!
@S!"A!,T>";*!2:
!A!T*!1
!U!)>)(G!L7O4&%!
">(9B!73!8/&71!/755.O%!/&%./6%3/8!/$.3!73!:455!/755.O%*!.32!(>)!
<!!!!"T!">,!/76%8!O&%./%&!E%/'%%3!9&01!&0'8!/$.3!73!&0'8!@
S!"A!(H>-T*!2:
!A!(*!1
!U!)>)(G!L7O4&%!
">(9B>!#$%&%!
'.8!30!87O37:79.3/!73/%&.9/703!E%/'%%3!/&%./6%3/!.32!/&.1!1087/703!@
S!"A!,>H+*!2:
!A!T*!1
!A!)>")B>!
R%.3!F.&.E72.%!0/$%&!/$.3!
"#$%#&'(
!811>!.9/7M7/D!2%387/D!'.8!(>,!
<!(>;!/76%8!O&%./%&!73!8/&71!
/755.O%!/&%./6%3/8!/$.3!73!:455!/75
5.O%!@
S!"A!(+>+H*!2:
!A!T*!1
!U!)>)(G!L7O4&%!
">(.B!.32!(>+!
<!">"!/76%8!
O&%./%&!E%/'%%3!&0'8!/$.3!73!&0'8!@
S!"A!T(>,-*!2:
!A!(*!1
!U!)>)(G!L7O4&%!
">(.B>!#$%&%!'.8!30!
87O37:79.3/!73/%&.9/703!E%/'%%3!/&%./6%3/!.32!/&.1!1087/703!@
S!"A!">";*!2:
!A!T*!1
!A!)>+"B>!R%.3
!0M%&.55!3./4&.5!%3%6D!.9/7M7/D!2%387/D!'.8!(>H!
<!(>;!/76%8!O&%./%&!73!8/&71!/755.O%!/&%./6%3/8!/$.3!73!
:455!/755.O%!@
S!"A!=">+-*!2:
!A!T*!1
!U!)>)(G!L7O4&%!
">(%B!.32!(>)!
<!(>T!/76%8!O&%./%&!E%/'%%3!&0'8!/$.3!
73!&0'8!@
S!"A!((>+"*!2:
!A!(*!1
!U!)>)(G!L7O4&%!
">(%B>!#$%&%!'.8!30!87O37:79.3/!73/%&.9/703!E%/'%%3!
/&%./6%3/!.32!/&.1!1087/703!@
S!"A!">=;*!2:
!A!T*!1
!A!)>,)B>!Y3!903/&.8/!/0!3./4&.5!%3%67%8*!6%.3!
L0&67972.%!.9/7M7/D!2%387/D!'.8!(>;!
<!">"!/76%8!O&%./%&!73!:455!/755.O%!/$.3!73!8/&71!/755.O
%!/&%./6%3/8!
@S!"A!T->)=*!2:
!A!T*!1
!U!)>)(G!L7O4&%!
">(:B>!R%.3!L0&67972.%!.9/7M7/D!2%387/D!272!30/!87O37:79.3/5D!
M.&D!ED!/&.1!1087/703!@
S!"A!(>"-*!2:
!A!(*!1
!A!)>"HG!L7O4&%!
">(:B!.32!/$%&%!'.8!30!87O37:79.3/!
73/%&.9/703!E%/'%%3!/&%./6%3/!.32!/&.1!1087/703!@
S!"A!">HH*!2:!A!T*!1!A!)>,+B>!!!!",!4#$+,%(5363(!"#$%&'()&*+,&'(%)%-.
(&/*#0#*.(
1%)2#*.3(
R%.3!Z!J[R!.9/7M7/D!2%387/D!0:!@.B!
F.&.E72.%!@
X"#$%#&'(
!811>B*!@EB!
"#$%#&'(
!811>*!@9B!?&.3%.%*!@2B!3./4&.5!%3%67%8!0M%&.55*!.32!@%B!
L0&67972.%>!J7O37:79.3/!1.7&'78%
!27::%&%39%8!.603O!/&%./6%3/8!:0&!%.9$!
.&/$&0102!/.P.
!.&%!
73279./%2!ED!27::%&%3/!5%//%&8
!@%66%.38G!
!"A!)>)+B>!J7O37:79.3/!27::%&%39%8!E%/'%%3!/&.1!1087/7038!
@\]AE%/'%
%3!&0'G!Y]A73!&0'B!'7/$73!/&%./6%3/8!.&%!73279./%2!ED!.8/%&78^8>!
!0.00.51.01.52.02.5FT + RVM
ST + RVM
ST + RVZ
ST + RVZM
Mean ± SEM Carabidae activity density
Position
BRIR0.00.51.01.52.02.5FT + RVM
ST + RVM
ST + RVZ
ST + RVZM
Mean ± SEM Harpalus activity density
Position
BRIR0.00.51.01.52.02.5FT + RVM
ST + RVM
ST + RVZ
ST + RVZM
Mean ± SEM Staphylinidae activity density
Position
BRIR0.00.51.01.52.02.5FT + RVM
ST + RVM
ST + RVZ
ST + RVZM
Mean ± SEM Araneae activity density
Position
BRIR0.01.53.04.56.07.59.0FT + RVM
ST + RVM
ST + RVZ
ST + RVZM
Mean ± SEM natural enemies activity density
Position
BRIR0.01.02.03.04.05.06.0FT + RVM
ST + RVM
ST + RVZ
ST + RVZM
Mean ± SEM Formicidae activity density
Position
BRIR0.00.51.01.52.02.5FT + RVM
ST + RVM
ST + RVZ
ST + RVZM
Mean ± SEM Carabidae activity density
Position
BRIR0.00.51.01.52.02.5FT + RVM
ST + RVM
ST + RVZ
ST + RVZM
Mean ± SEM Harpalus activity density
Position
BRIR0.00.51.01.52.02.5FT + RVM
ST + RVM
ST + RVZ
ST + RVZM
Mean ± SEM Araneae activity density
Position
BRIR0.01.02.03.04.05.06.0FT + RVM
ST + RVM
ST + RVZ
ST + RVZM
Mean ± SEM Formicidae activity density
Position
BRIR!"#$%
&'(!%
)*#$"#"%
#+,-.-,/%0"$1-,/
!"#$%
&'(!%
23*4-+-0#"%
#+,-.-,/%0"$1-,/
!"#$%
&'(!5#*#6-0#"
78!"#$"%&'
9#+,-.-,/%
0"$1-,/
!"#$%
&'(!%
!"#$"%&'
1::;%
#+,-.-,/%0"$1-,/
!"#$%
&'(!%
$#,<*#=%"$"4/%
#+,-.-,/%0"$1-,/
!"#$%
&'(!%
',#:>/=-$-0#"
#+,-.-,/%0"$1-,/
2<==%?-==#@"
A/"
8B",+>%!-C
',*-:%?-==#@"
A/"
8B",+>%!-C
',*-:%?-==#@"
A/"
8B",+>%D3$#=
',*-:%?-==#@"
A/"
8B",+>%D3$#=%E%!<=+>
2<==%?-==#@"
A/"
8B",+>%!-C
',*-:%?-==#@"
A/"
8B",+>%!-C
',*-:%?-==#@"
A/"
8B",+>%D3$#=
',*-:%?-==#@"
A/"
8B",+>%D3$#=%E%!<=+>
!!!"#!!""!"!!!"!!!"""!"!!!!!!!!!$%&$'&$(&$)&
$*&$+&
!!!"+!78''#)&*8,(
2+,0%.2
3!#$%&%!.!/0/.5!0:!"*((;!E%%8!0E8%&M%2!M787/73O!
)'*'$+,-#
!:50'%&8!:&06!
")(;!<!")(=>!./0+'(
!811>!@?172.%G!3!A!()(-B!'%&%!/$%!608/!:&%C4%3/5D!0E8%&M%2!E%%8!:0550'%2!
ED!1%,(!02&&,32$#
!@?172.%G!3!A!+"-B*!
4'*2$#!
@52%/6#%,(
B!%$',6/(#
!@?172.%G!3!A!T+=B*!.32!0/$%&!
E%%8!@3!A!"("B>!R%.3!
./0+'(!
811>!M787/./703!'.8!(>(!
<!(>"!/76%8!O&%./%&!73!8/&71!/755.O%!'7/$!&D%
XM%/9$!67P%2!/$.3!73!0/$%&!/&%./6%3/8!@
S!"A!=>(=*!2:!A!T*!1
!A!)>)T
G!#.E5%!
">TB>!R%.3!
17!02&&,32$#
!M787/./703!'.8!(>(!
<!(>,!/76%8!O&%./%&!73!8/&71!/755.O%!'7/$!&D%
XM%/9$!Q03.5!.32!.22%2!6459$!/$.3!73!
0/$%&!/&%./6%3/8!@
S!"A!=>="!2:!A!T*!1
!A!)>)"G!#.E5%!
">TB>!R%.3!
47!%$',6/(#
!M787/./703!'.8!(>(!
<!(>+!/76%8!O&%./%&!73!8/&71!/755.O%!'7/$!&D%
XM%/9$!Q03.5!/$
.3!73!0/$%&!/&%./6%3/8!@
S!"A!->";*!2:!A!T*!1
!A!)>),G!#.E5%!
">TB>!R%.3!0/$%&!E%%!M787/./703!272!30/!87O37:79.3/5D!M.&D!.9&088!/&%./6%3/8!@
S!"A!">T+*!2:!A!T*!1
!A!)>+)G!#.E5%!
">TB>!IM%&.55!E%%!M787/./703!'.8!(>(!
<!(>T!/76%8!O&%./%&!73!8/&71!/755.O%!'7/$!
&D%XM%/9$!67P%2!/$.3!73!0/$%&!/&%./6%3/8!@
S!"A!(,>=T*!2:!A!T*!1
!U!)>)(G!#.E5%!
">TB>!R%.3!.E432.39%!
0:!L0&67972.%!73!:50'%&8!'.8!T>;!
<!(">;!/76%8!O&%./%&!73!:455!/755.O%!/$.3!73!8/&71!/755.O%!/&%./6%3/8!
@S!"A!",+>H=*!2:!A!T*!1!U!)>)(G!#.E5%!
">TB>!!!!9&:'%(
53;3(<&*&
(2+--&,.(&)1(,%2+'*2(8=(2*&*#2*#/&'(&)&'.2%2(=8,(
='8>%,(0#2#*&*#8)(:.(:%%2
3!R%.3!Z!J[R!M.54%8!.32!8/./78/79.5!87O37:79.39%!0:!/&%./6%3/!:0&!
47!%$',6/(#
*!17!02&&,32$#
*!./0+'(
!811>*!0/$%&!E%%8*!.55!E%%8!@1&%M7048!,!E%%!/D1%8!906E73%2B*!.32!L0&67972.%!0E8%&M%2!
1%&!
!)'*'$+,-#
!:50'%&!73!(!673>!
_.7&'78%!27::%&%39%8!.603O!/&%./6%3/8!:0&!%.9$!
E%%
!/D1%!.&%!
73279./%2!ED!27::%&%3/!5%//%&8!:0550'73O!6%.3!Z!J[R!M.54%8!@%66%.38G!
!"A!)>)+B>(!"#$%&#'%
(!"#$%&'()*+
#,"#-.//'0.%+
#1)-2&*#
)**+(,%-#"(.##)
!"/00(1##)
#"23"&4546$#
(2!(7(89:
(;+;<(=(;+;>
(;+>?(=(;+;>.
(;+?@(=(;+;?.
(;+;@(=(;+;>
(;+@;(=(;+;?5
(;+?A(=(;+;A$
(B!(7(89:
(;+>>(=(;+;>
(;+>@(=(;+;>$.
(;+C>(=(;+;?$
(;+;D(=(;+;>
(;+DC(=(;+;C$
(;+;A(=(
;+;E.
(B!(7(89F
(;+>?(=(;+;>
(;+>C(=(;+;>$.
(;+?<(=(;+;?$.
(;+;D(=(;+;>
(;+@<(=(;+;C$.
(;+;D(=(;+;C.
(B!(7(89F:
(;+;<(=(;+;>
(;+>A(=(;+;?$
(;+?@(=(;+;?.
(;+;@(=(;+;>
(;+@@(=(;+;C.5
(;+;?(=(;+;>5
(3(G$0H#
(;+;E
(;+;?
(;+;C
(;+@;
(I;+;>
(I;+;>
(!!"#$%&'$$()&*+%,$-"$%.&/+%0$&12&3445.&+-6&(4+//&17&3445&'$$&8/9:$%&;<(<"+"<9-&6+"+&
*94'<-$6=&
&">//&'$$()&
!"#$%&'()*+
.&,"#-.//'0.%+
.&1)-2&*
&(,,=.&+-6&9"#$%&'$$&8/9:$%&;<(<"+"<9-&
6+"+&*94'<-$6=
!!#!!!"H!<#2/+22#8)
(!Y3!/$78!8/42D*!:057.&!.&/$&0102!
.E432.39%!'.8!%P1%9/%2!/0!E%!87675.&!.9&088!/755.O%!
/&%./6%3/8!24%!/0!/$%7&!'%.^!27&%9/!.88097./703!'7/$!6.3.O%6%3/!/$./!761.9/8!/$%!8075*!9061.&%2!
/0!%17O%.5!81%97%8>!F03/&.&D!/0!/$78!%P1%9/./703*!.E432.39%8!0:!8%M%&.5!:057.&!738%9/!/.P.!&%81032%2!
/0!/&%.
/6%3/8>!?1$7272.%!'.8!ED!:.&!/$%!608/!:&%C4%3/5D!0E8%&M%2!:057.&!738%9/!$%&E7M0&%!.32!/$%7&!
6%.3!.E432.39%!'.8!50'%&!73!8/&71!/755.O%!/&%./6%3/8!/$.3!73!:455!/755.O%>!Y3!.227/703*!/$%&%!'%&%!
$7O$%&!.E432.39%8!0:!`_.&.87/79.a!0E8%&M%2!73!8/&71!/755.O%!/&%./
6%3/8
!0M%&.55
>!#$78!6.D!$.M%!E%%3!
24%!/0!.3!7327&%9/!761.9/!0:!04&!/&%./6%3/8!'7/$!O&%./%&!37/&0O%3!41/.^%!ED!15.3/8!73!8/&71!/755.O%!
/&%./6%3/8!9061.&%2!/0!
903M%3/703.5!
/755.O%>![5%M./73O!15.3/!37/&0O%3!9.3!739&%.8%!87Q%!.32!
:%94327/D!0:!?1$7272.%!.32!9.3
!806%/76%8!&%845/!73!$7O$%&!&./%8!0:!1.&.87/786*!%6%&O%39%*!87Q%*!
503O%M7/D*!.32!&./70!0:!:%6.5%!.245/!`_.&.87/79.a!
@T=*,)B>!W0'%M%&*!E%9.48%!8/&71!/755.O%!$.8!0:/%3!
E%%3!.88097./%2!'7/$!&%249%2!N!673%&.57Q./703!9061.&%2!/0!903M%3/703.5!/755.O%*!7
/!78!.580
!10887E5%!
/$./!15.3/!37/&0O%3!'.8!$7O$%&!73!
903M%3/703.5!
/755.O%!.32!1&060/%2!5.&O%&!?1$7272.%!10145./7038!
'$75%!1&0M7273O!30!E%3%:7/!/0!`_.&.87/79.a>!W0'%M%&*!0/$%&!:.9/0&8!6.D!$.M%!6%27./%2!27::%&%39%8!
73!E0/$!?1$7272.%!.32!1.&.87/072!'.81!.E432.39%8>!I/
$%&!:057.&!3./4&.5!%3%67%8!849$!.8!?&.3%.%!
.32!
8$,'(
*!272!30/!87O37:79.3/5D!M.&D
!.603O!:455!/755.O%!.32!8/&71!/755.O%!/&%./6%3/8>!#$78!84OO%8/8!
/$./!/$%!50'%&!.E432.39%!0:!`_.&.87/79.a!73!:455!/755.O%!6.D!$.M%!903/&7E4/%2!/0!%5%M./%2!?1$7272.%!
.E432.39%>!
?227/703.55D
*!6.3D!.&/$&0102!1%8/8!.&%!&
X8%5%9/%2!.32!/%32!/0!E%!8499%88:45!73!
%3M7&036%3/8!'7/$!$7O$%&!278/4&E.39%!
@+*,(B>!L0&67972.%!'.8!.580!87O37:79.3/5D!60&%!.E432.3/!73!
:455!/755.O%!'$79$!6.D!$.M%!903/&7E4/%2!/0!739&%.8%2!?1$7272.%!.E432.39%!ED!/%3273O!/$%6!.32!
.9/7M%5D!%P954273O!.1$7201$.O048!1&%2./0&8!.32b0&!0/$%&!$%&E7M0&048!.&/$&01028!
@,"<,,B>!!Y3!903/&.8/!/0!?1$727
2.%*!
16#(#!-$,(-,(
!%OO!6.88%8!.32!3D61$8*!
F79.2%5572.%*!
97!
'6:2*,0%'6*-#-#;
!.32
!17!<,--#-'0
!'%&%!60&%!.E432.3/!73!8/&71!/755.O%!/&%./6%3/8!/$.3!73!:455!/755.O%!
!!!";!@27::%&%39%8!30/!8/./78/79.55D!87O37:79.3/!:0&!5.//%&!"!81%97%8B!
2%817/%
!739&%.8%2!.E432.39%!0:!
0M%&.55!
3./4&.5!%3%67%8!73!8/&71!/755.O%>!?8!1&%M70485D!30/%2*!`_.&.87/79.a!.11%.&!/0!.99043/!:0&!/$%!0M%&.55!
739&%.8%!73
!3./4&.5!%3%67%8!73!8/&71!/755%2!150/8>!_.&.87/0728!849$!.8!
4'0,*$/(/0#!
811>!
@WD6%301/%&.c!_5./DO.8/&72.%B!.32!
=$,*>/%/:#!%266,%2(!
@d71
/%&.c!#.9$7372.%B!9.3!E%!%::%9/7M%!./!
903/&05573O!$%&E7M0&%!1%8/8!849$!.8!
17!-$,(-,(!
@,+B>!W0'
%M%&*!903872%&73O!/$%!739&%.8%2!.E432.39%!
0:!17!-$,(-,(
!73!8/&71!/755.O%!/&%./6%3/8!2%817/%!739&%.8%2!1.&.87/072!.E432.39%*!7/!6.D!E%!/$./!81%97%8!
&%5%M.3/!:0&!
17!-$,(-,(!903/&05!'%&%!30/!.603O!/$%!60&%!906603!1.&.87/0728!1&%8%3/>!?227/703.55D*!
?&.3%.%
*!8$,'(
*!.32!3./4&.5!%3%67%8!0M%&.55!%P954273O!`_.&.87/79.a!272!30/!M.&D!73!.E432.39%!
.603O!/&%./6%3/8>!#$78!84OO%8/8!/$./!:.9/0&8!0/$%&!/$.3!3./4&.5!%3%67%8!849$!.8!
739&%.8%2!
8/&49/4&.5!$.E7/./!90615%P7/D!@+B*!$08/!15.3/!C4.57/D!
@,HB*!'%%2!2%387/7%8!
@,;<,=B*!&%:4O%!.32!
679&09576./79!90327/7038!
@,H*,=*+)B*!0&!806%!0/$%&!%6%&O%3/!1&01%&/D!0:!8/&71!/755.O%!/&%./6%3/8!
6.D!$.M%!5%2!/0!27::%&%39%8!73!.E432.39%!0:!:057.&!$%&
E7M0&%8>!
!!?8!1&%279/%2*!.9/7M7/D!2%387/D!'.8!O&%./%&!73!8/&71!/755.O%!/&%./6%3/8!/$.3!73!:455!/755.O%!:0&!
.55!%17O%.5!3./4&.5!%3%67%8!%P9%1/!I175703%8>!#$78!78!903
878/%3/
!'7/$!
8%M%&.5
!1&%M7048!8/427%8!
73279./73O!/$./!&%249%2!/755.O%!6%/$028!57^%!8/&71!/75
5.O%!9.3!87O37:79.3/5D!739&%.8%!E%3%:797.5!
.&/$&01028!
@+*H*-*((*("*(;<(=B*!.5/$04O$!8%%!9043/%&%P.615%8!
@;*+(*+"B>!"#$%#&'(
!811>!849$!.8!
"#$%#&'(!%26(?&<#6,*'(!
@F.&.E72.%B*
!7610&/.3/!0637M0&%8!73!6.3D!.O&7945/4&.5!8D8/%68*
!'%&%!/$%!
608/!:&%C4%3/5D!9.1/4&%2
!E%%/5%!/.P.!.32!'%&%!60&%!.E432.3/!73!8/&71!/755.O%!/$.3!:455!/755.O%>!
_&%M7048!&%8%.&9$!$.8!.580!2%6038/&./%2!.!1087/7M%!&%5./7038$71!E%/'%%3!
"7!%26(?&<#6,*'(!
.9/7M7/D!
2%387/D!.32!90M%&!9&018*!.8!'%55!.8!3%O./7M%!761.9/8!0:!278/4&E.39%!.32!/$%!.E8%39%!0:!90M%&!9&018!
@+TB>!J7675.&5D*!6%.3!.9/7M7/D!2%387/D!0:!F.&.E72.%!0/$%&!/$.3!
"#$%#&'(!
811>*!.32!J/.1$D57372.%!
'%&%!.580!87O37:79.3/5D!$7O$%&!73!8/&71!/755.O%!/$.3!:455!/755.
O%>!#$78!84OO%8/8!/$./!8/&71!/755.O%!9.3!
84110&/!5.&O%&!10145./7038!0:!E%3%:797.5!%17O%.5!E%%/5%8!
@((B!/$./!9.3!E%!7610&/.3/!1&%2./0&8!0:!1%8/!
!!!"-!.&/$&01028!.32!'%%2!8%%28!
@+,B>!L4&/$%&60&%*!6%.3!?&.3%.%!.9/7M7/D!2%387/D!'.8!87O37:79.3/5D!
$7O$%&!73!8/&71!/755
.O%!/$.3!:455!/755.O%!1&0M7273O!
.227/703.5!
%M72%39%!/$./!8/&71!/755.O%!9.3!739&%.8%!
.9/7M7/D!2%387/D!0:!
6.3D
!O%3%&.578/!1&%2./0&8!
@("B!'$79$!$.8!/$%!10/%3/7.5!/0!761&0M%!E7050O79.5!
903/&05>!
!!?5/$04O$
!3./4&.5!%3%6D!.9/7M7/D!2%387/D!0M%&.55!'.8!87O37:79.3/5
D!$7O$%&!73!8/&71!/755.O%!
/$.3!:455!/755.O%*!/$78!'.8!30/!.99061.37%2!ED!2%9&%.8%2!.E432.39%!0:!:057.&!$%&E7M0&%8!'7/$!/$%!
%P9%1/703!0:!?1$7272.%>!Y/!78!10887E5%!/$./!8/&71!/755.O%!9&%./%2!90327/7038!/$./!'%&%!E%3%:797.5!:0&!
E0/$!:057.&!$%&E7M0&%8!.32!%17O
%.5!3./4&.5!%3%67%8*!.32!/$./!%17O%.5!3./4&.5!%3%6D!.E432.39%!'.8!
&%5./7M%5D!739038%C4%3/7.5!:0&!:057.&!$%&E7M0&%8!24%!/0!.!81./7.5!8%1.&./703>!#$78!$7O$57O$/8!/$%!
7610&/.39%
!0:!%8/.E578$73O!10145./7038!0:!3./4&.5!%3%67%8!/$./!903/&05!/$%!81%97:79!/D1%8!0:
!1%8/8!
/$./!.&%!1&%8%3/*!&./$%&!/$.3!0M%&.55!3./4&.5!%3%6D!27M%&87/D!
@H*++B>!W0'%M%&*!8%M%&.5!7610&/.3/!
3./4&.5!%3%67%8!0:!6.e0&!
)'*'$+,-#!
1%8/8!'%&%!9.1/4&%
2!87O37:79.3/5D!60&%!73!8/&71!/755.O%!
/&%./6%3/8!0M%&.55>!#$%&%:0&%*
!7/!6.D!.580!E%!/$./!$%&E7M0&%8
!849$!.8!
17!-$,(-,(
!'%&%!60&%!.E432.3/!
73!8/&71!/755.O%!24%!/0!E%3%:797.5!90327/7038!2%817/%!E%73O!1&%2./%2!4103b1.&.87/7Q%2!ED!3./4&.5!
%3%67%8>!Y3!903/&.8/!/0!%17O%.5!3./4&.5!%3%67%8*!L0&67972.%!.9/7M7/D!2%387/D!'.8!87O37:79.3/5D!
O&%./%&!73!:455!/755.O%!/
$.3!73!8/&71!/755.O%!/&%./6%3/8>!#$78!0E8%&M./703!9073972%8!'7/$!O&%./%&!:057.&!
L0&67972.%!.E432.39%!.32!:4&/$%&!84OO%8/8!/$./!L0&67972.%!6.D!$.M%!15.D%2!.!&05%!73!2%9&%.8%2!
.E432.39%!0:!0/$%&!:057.&!.&/$&01028!73!:455!/755.O%!M7.!&%60M.5b%P9548703!
@,"<,,B>!!\%%!:50'%&!M787/./703!'.8!30/!%P1%9/%2!/0!M.&D!.603O!/&%./6%3/8>!N03
X:0880&7.5!E%%8!@%>O>!
17!02&&,32$#
B*!20!30/!73/%&.9/!'7/$!/$%!8075!84&:.9%*!/$%&%:0&%*!/755.O%!.32b0&!O&0432!90M%&!'%&%!
%P1%9/%2!/0!E%!739038%C4%3/7.5>!L50'%&!M787/./703!ED!:0880&7.5
!81%97%8*!
47!%$',6/(#!
.32!
./0+'(!
811>*!'.8!30/!%P1%9/%2!/0!M.&D!24%!/0!/$%!9508%!1&0P767/D!0:!%P1%&76%3/.5!150/8!'$79$!'0452!.550'!
/$%6!/0!M787/!:50'%&8!%M%3!73!150/8!/$%D!6.D!30/!$.M%!1&%:%&&%2!/0!3%8/!73*!.32!
./0+'(!
811>!57^%5D!
!!!"=!3%8/!.32!:0&.O%!03!:50&.5!
.5/%&3./7M%8!04/872%!/$%!:7%52!
@+HB>!N03%/$%5%88*!:50'%&!M787/./703!ED!
17!
02&&,32$#*!./0+'(
!811>!.32!E%%8!0M%&.55!M.&7%2!.603O!/&%./6%3/8>!Y/!78!30/!57^%5D!/$./!/&%./6%3/8!
27&%9/5D!9.48%2!/$%8%!27::%&%39%8*!E4/!/$%D!6.D!$.M%!7327&%9/5D!761.9/%2!E%%!M787/./
703!/$&04O$!
739&%.8%2!:50&.5!.E432.39%!.32b0&!:50&.5!&%804&9%8>!W0'%M%&*!/755.O%!1&.9/79%8!73!8C4.8$!8D8/%68!
.&%!57^%5D!/0!278/4&E!3%8/8!0:!:0880&7.5!E%%!81%97%8*!1.&/7945.&5D!
47!%$',6/(#
!'$79$!3%8/8!'7/$73!
8C4.8$!:7%528*!761.9/73O!0M%&.55!.E432.39%!.32!:5
0'%&!M787/./703!:&%C4%39D!0M%&!/76%!
@"(*";*"-B>!!J7675.&!/0!:057.&!.32!.9/7M7/D!2%387/D!0E8%&M./7038*!L0&67972.%!.E432.39%!73!:50'%&8!'.8!
87O37:79.3/5D!$7O$%&!73!:455!/755.O%!/$.3!73!8/&71!/755.O%!/&%./6%3/8
*!1.&/7945.&5D!'$%3!84115%6%3/.5!
6459$!'.8!.22%2
>!Y3/%&%8/73O5D*!/$%8%!:73273O8!903/&.8/!
'7/$!
/$08%!0:!
8%M%&.5
!1&%M7048!8/427%8!73!
'$79$!L0&67972.%!.E432.39%!'.8!$7O$%&!73!&%249%2!/755.O%!0&!30
X/755!9061.&%2!/0!:455!/755.O%!
@+;<+=B>!#$78!84OO%8/8!/$./!L0&67972.%!6.D!$.M%!E%%3!.//&.9/%2!/0!15.3/8!73!:455!
/755.O%!/$./!.5&%.2D!
84110&/%2!$7O$!?1$7272.%!.E432.39%!24%!/0!739&%.8%2!15.3/!37/&0O%3
!@30!2./.!9055%9/%2B
*!&%249%2!
3./4&.5!%3%6D!1&%884&%*!0&!.!906E73./703!0:!:.9/0&8!/$./!1&060/%2!5.&O%&!10145./7038!0:!?1$7272.%!
9061.&%2!/0!8/&71!/755.O%!/&%./6%3/8>!L0&
67972.%!6.D!$.M%!84E8%C4%3/5D!73:54%39%2!?1$7272.%!
10145./703!2D3.6798!73!:455!/755.O%!M7.!/%3273O!E%$.M70&8>
!Y3!8466.&D*!&%249%2!/755.O%!'.8!:0432!/0!84110&/!$7O$%&!.E432.39%8!0:!806%!:057.&!
$%&E7M0&%8
>!W0'%M%&*
!?1$7272.%!'$79$!.99043/%2!:0&!/$%!6.e
0&7/D!0:!:057.&!$%&E7M0&%8!'.8!
87O37:79.3/5D!60&%!.E432.3/!73!:455!/755.O%
!0M%&.55*!.32!90M%&!9&01!8%O&%O./703!.32b0&!.227/703.5!
&D%!6459$!E%/'%%3!9&01!&0'8!761.9/%2!.E432.39%
>!I/$%&
!:.9/0&8!849$!.8!8C4.8$!15.3/!34/&7/703*!
5%M%5!0:!$.E7/./!278/4&E.39%*!2%9
&%.8%2!3./4&.5!%3%6D!.E432.39%*!.32!/%3273O!ED!L0&67972.%
!6.D!
$.M%!.580!903/&7E4/%2!/0!/$%8%!1.//%&38
>!`_.&.87/79.a!'%&%!/$%!035D!:057.&!3./4&.5!%3%6D!:0432!/0!
M.&D!73!.E432.39%!.603O!/&%./6%3/8!.32!/$%D!'%&%!60&%!:&%C4%3/5D!0E8%&M%2!73!8/&71!/755.O%
!0M%&.
55!.32!$7O$%8/!.E432.39%!73!8/
&71!/755.O%!f!&D%
XM%/9$!Q03.5!.32!.22%2!&D%!6459$
>!#$78!6.D!
!!!T)!$.M%!E%%3!24%!/0!739&%.8%2!1&%D!.E432.39%!.32b0&!&%804&9%8!1&0M72%2!ED!15.3/!&%8724%8!E%/'%%3!
9&01!&0'8>![17O%.5!3./4&.5!%3%67%8!'%&%!.580!60&%!.E432.3/!73!8/&71!/755
.O%!/&%./6%3/8
!0M%&.55
!.32!
90M%&!9&01!8%O&%O./703!'.8!608/5D!739038%C4%3/7.5
!84OO%8/73O!/$./!&%249%2!/755.O%!1&.9/79%8!9.3!
761&0M%!E7050O79.5!903/&05
!2%817/%!90M%&!9&01!15.3/73O!6%/$028
>!Y3!/$78!8/42D*!
8/&71!
/755.O%!272!30/!
87O37:79.3/5D!739&%.8%!:50'%&!M787/./703!ED!
47!%$',6/(#
*!.3!.O&7945/4&.55D!7610&/.3/!81%97.578/!
105573./0&!0:!8C4.8$>!W0'%M%&*!7/!78!57^%5D!/$./!/$%8%!E%%8!&%81032!1087/7M%5D!/0!50'%&!278/4&E.39%!
/755.O%!1&.9/79%8!849$!.8!8/&71!/755.O%>!IM%
&.55*!/$%!&%845/8!0:!/$78!8/42D!.32!1&%M7048!&%8%.&9$!73279./%!
/$./!&%249%2!/755.O%!9.3!739&%.8%!3./4&.5!%3%6D!.32!10/%3/7.55D!105573./0&!.E432.39%*!5%.273O!/0!
761&0M%2!E7050O79.5!903/&05!.32!105573./703!9061.&%2!/0!:455!/755.O%!8D8/%68>!
!!!T(!?77!@<A
B!!!T"!((!"#$%
!"#$&
!"#$'
!"#$(
!"#$)
!"#$*
'+,'+,'+,'+,%+,%+,*+(-%
*+'-'
*+&-(
*+%-&
%+(-%
%+'-(
%+%-&
%+&-'
&+%-'
&+(-&
&+'-(
&+&-%
'),'+,'),'.+,'),'+,'),'+,'),'+,%&+,)+(-(
)+'-&
)+&-'
)+%-%
'+(-%
'+'-'
'+&-&
'+%-(
(+(-'
(+'-%
(+&-(
(+%-&
'),'+,!"#$%&#'%
!"#$%&'()
*+,-.,&/0123456
%&'()
*+,-.,&/0123456171896/0
!())$*#
+,-#".+",/
:0(;,6
*+,-.,&/018(<,=
%&'()
*+,-.,&/018(<,=
4#$
+,%
(C5363(!D"%,#-%)*&'(=#%'1('&.8+*(&)1(1#-%)2#8)23(
[.9$!D%.&!@")(;
X")(=B!
150/8!'%&%!.&&.3O%2!73!.!&.32067Q%2!90615%/%!E509^!2%87O3!'7/$!%.9$!/&%./6%3/!
&%1579./%2!H!/76%8!:0&!.!/0/.5!0:!",!150/8!1%&!:7%52>
(!!!TT!((9&:'%(C5363(<&*%2(8=(-&E8,(=#%'1(8"%,&*#8)
2(#)(5F6GH(5F6IH(&)1(5F6J3(
!L7%52!I1%&./703
!d./%!")(H!")(;!")(-!")(=!F0M%&!9&01!^755%2!73!:455!/755.O%
!!"+!?1&75
!"H!?1&75
!"T!?1&75
!L455!/755.O%!/&%./6%3/!945/7M./%2
!!(;!R.D
!,!g43%
!(H!R.D
!J/&71!/755.O%!
!!(T!g43%
!(-!g43%
!"H!g43%
!JC4.8$!15.3/%2
!!(,!g43%
!(-!g43%
!";!g43%
!]D%!6459$!81&%.2!73!.227/703.5!
6459$!/&%./6%3/
!!(+!g43%
!")!g43%
!";!g43%
!F45/7M./703
!!""*"=!g43%G
!(;!g45D
!;!?4O
!T*("*(=!g45D
!J466%&!8C4.8$!$.&M%8/%2
!!N?!(;*")*""!?4O
!N?!K73/%&!8C4.8$!$.&M%8/%2
!!H!J%1
!";!J%1
!",!J%1G!+!I9/
!]D%!.32!
M%/9$!15.3/%2
!H!J%1
!+!J%1
!"(!J%1
!N?!!!!T,!KA9!L?9ML!(NA9!<
!!!T+!KA9!L?9ML!(NA9!<
(!!!(>!h.4:%&!d*!h07E5!\*!Ri&5i32%&!\*!j09$!W
Xg>!J075!%&08703!.32!84&:.9%!&430::!432%&!8/&71!/755.O%!
:0&!84O.&!E%%/!@\%/.!M45O.&78!h>B!73!F%3/&.5![4&01%>!J075!#755.O%!]%8>!")(H!J%1G(H"c(
<;>!!!">!k7^%57!J*!l&4E%&!J>!]%249%2!#755.O%!.32!N0
X#755!73!I&O.379!L.&673O!JD8/%68*!l%&6.3D
mJ/./48!n40*!_0/%3/7.58!.32!F$.55%3O%8>!?O&7945/4&%>!")(;!?1&!")G;@,BcT+>!
!!T>!o.&.48^78![*!p.7/.48^7%3
q!j*!]06.3%9^.8!j*!g.8738^.8!?*!\4/^48!p*!j&7.4
r7s37%3
q!k>!L4%5!
9038461/7
03!.32!FI!"!%6788703!.3.5D878!73!27::%&%3/!8/&71!/755.O%!89%3.&708>![3%&OD>!")(;!
g.3G((-c=+;
<H->!!!,>!#7556.3!g*!N.7&!?*!l5%.803!R*!\./Q%&!g>!]0'90M%&8!.32!J/&71!#755.O%!_&0M72%!.3!?5/%&3./7M%!
/0!_5.8/7945/4&%!JD8/%68!73!J466%&!JC4.8$!_&0249/703>!W0&/J97%39%>
!")(+!d%9G+)@("Bc(;;;
<-T>!!!+>!]0'%3![j*!]%O.3!jW*!\.&E%&9$%9^!R[*!#00^%&!gL>!Y8!/755.O%!E%3%:797.5!0&!2%/&76%3/.5!:0&!
738%9/!.32!854O!6.3.O%6%3/t!?!6%/.
X.3.5D878>!?O&79![908D8/![3M7&03>!")")!L%EG()H-,=>!
!!H>!h.3278!d?*!K&.//%3!Jd*!l4&&!lR>!W.E7/./!R.3.O%6%3/!/0
!F038%&M%!N./4&.5![3%67%8!0:!
?&/$&0102!_%8/8!73!?O&7945/4&%>!?334!]%M![3/0605>!")))!g.3G,+@(Bc(;+
<")(>!!!;>!n4733!NL*!\&.73.&2!dF*!JQ%32&%7!k>!#$%![::%9/!0:!F038%&M./703!#755.O%!.32!F0M%&!F&01!
]%8724%!03!\%3%:797.5!?&/$&01028!.32!K%%2!J%%2!_&%2./703!73!?90&3!
JC4.8$>![3M7&03!
[3/0605>!")(H!d%9G,+@HBc(+,T
<+(>!!!->!\&D.3/!?*!\&.73.&2!dF*!W.&.60/0![]*!JQ%32&%7!k>!F0M%&!F&01!R459$!.32!K%%2!R.3.O%6%3/!
Y3:54%39%!?&/$&0102!F066437/7%8!73!J/&71
X#755%2!F.EE.O%>![3M7&03![3/0605>!")(T!?1&!
(G,"@"Bc"=T
<T)H>!!!=>!W.66032!]\>!h03O
X/%&6!9038%&M./703!/755.O%!8/427%8c!761.9/!0:!30
X/755!03!8%%290&3!6.OO0/!
@d71/%&.c!?3/$06D772.%B>!F&01!_&0/>!(==;!R.DG(H@TBc""(
<+>!!!()>!F.173%&.!gh>!Y3/%O&./%2!R.3.O%6%3/!0:!Y38%9/!_%8/8!03!F.305.!.32!0/$%&!\&.8879.!I758%%2!
F&018!]%22D!lp_!@[2B>!")(;>!Y3/%O&./%
2!R.3.O%6%3/!0:!Y38%9/!_%8/8!03!F.305.!.32!0/$%&!
\&.8879.!I758%%2!F&018>!F?\Y*!K.5573O:0&2*!IP:0&28$7&%*!uj>!T=,!11>!YJ\N!=;-!(!;-)H,!-")!
)*!uJv"H(!@$.&290M%&B>!L5.![3/0605>!")(;!d%9G())@,Bc-TT
<-TT>!!!((>!h%'78!R#*!L5%789$%&!Jg*!]0E%&/8!dF>!W0&/7945/4&.5!_&024
9/703!JD8/%68!Y3:54%39%!l&0432!
\%%/5%!@F05%01/%&.c!F.&.E72.%B!d78/&7E4/703!.32!d7M%&87/D!73!F494&E7/8>![3M7&03![3/0605>!
")(H!g43G,+@TBc++=
<H=>!!!!!!TH!(">!K%3373O%&![g*!p0O/!g]*!h0e%'8^7!g*!N%$%&!I#*!R0&78$7/.!dK*!d.^4!j[>![::%9/8!0:!J/&71!
#755.O%!73!J4O.&!\%%/!03!d
%387/D!.32!]79$3%88!0:!_&%2./0&D!?&/$&01028>!]%2.^!]*!%27/0&>!
[3M7&03![3/0605>!")")!L%E!(;G,=@(BcTT
<,->!!!(T>!R7&8^D!J\*!]D.3!R]*!F4&&.3!KJ*!#%.82.5%!g]*!R.45!g*!J1.&O0!g#*!%/!.5>!F038%&M./703!/755.O%!
7884%8c!F0M%&!9&01
XE.8%2!0&O.379!&0/./703.5!30
X/755!O&.73!1
&0249/703!73!/$%!672
X?/5.3/79!&%O703*!
uJ?>!]%3%'!?O&79!L002!JD8/>!")("!R.&G";@(BcT(
<,)>!!!(,>!d04O5.8!R]*!#00^%&!gL>!J54O!@R055489.c!?O&70576.972.%*!?&70372.%B![9050OD!.32!
R.3.O%6%3/!73!N0
X#755!L7%52!F&018*!K7/$!.3![61$.878!03!/$%!672
X?/5.3/79!]%O703>!g!Y3/%O&
!_%8/!R.3.O>!")("!R.&!(GT@(BcF(
<=>!!!(+>!J/733%&!\]*!W048%!lg>!?&/$&01028!.32!I/$%&!Y3M%&/%E&./%8!73!F038%&M./703
X#755.O%!
?O&7945/4&%>!c"">!
!!(H>!W00^8!F]]*!K.3O!j
XW*!R%D%&!JhL*!h%^M%78$M757!R*!W7328!g*!k0E%5![*!%/!.5>!Y61.9/!0:!N0
X/755!F0M%&!F&01173O!0:!Y/.57.3!]D%O&.88!03!?E0M%!.32!\%50'!l&0432!L.43.5!F066437/7%8!
Y3$.E7/73O!.!J0DE%.3!L7%52!'7/$![61$.878!03!J0DE%.3!FD8/!N%6./02%8>!g!N%6./05>!
")((G@
,TBc(;"
<-(>!!!(;>!]7M%&8!?*!R455%3!F*!K.55.9%!g*!\.&E%&9$%9^!R>!F0M%&!9&01
XE.8%2!&%249%2!/755.O%!8D8/%6!
73:54%39%8!F.&.E72.%!@F05%01/%&.B!.9/7M7/D*!27M%&87/D!.32!/&01$79!O&041!24&73O!/&.387/703!/0!
0&O.379!1&0249/703>!]%3%'!?O&79!L002!JD8/>!")(;!d%9GT"@HBc+T-
<+(>!!!(->!#.6E4&737!l*!d%!J7603%!J*!J7O4&.!R*!\0894//7!L*!R.&737!h>!F038%&M./703!/755.O%!67/7O./%8!/$%!
3%O./7M%!%::%9/!0:!5.3289.1%!876157:79./703!03!E7050O79.5!903/&05>!j5%7e3!d*!%27/0&>!g!?115![905>!
")(H!L%EG+T@(Bc"TT
<,(>!!!(=>!#$0&E%^!_*!\752%!#>!]%249%2!346E%&8
!0:!O%3%&.578/!.&/$&0102!1&%2./0&8!.:/%&!9&01!
6.3.O%6%3/>!g!?115![905>!")),!g43G,(@TBc+"H
<T->!!!")>!j&./89$6%&!J*!_.9$73O%&!\*!J9$'.3/Q%&!R*!_.&%2%8!d*!l4%&3703!R*!\4&%5!L*!%/!.5>!#755.O%!
73/%387/D!0&!5.3289.1%!:%./4&%8c!K$./!6.//%&8!608/!:0&!'752!E%%!27M%&87/
D!73!M73%D.&28t!?O&79!
[908D8/![3M7&03>!")(-!N0MG"HHc(,"
<+">!!!"(>!u556.33!jJ*!R%783%&!RW*!K7557.68!NR>!Y61.9/!0:!/755.O%!03!/$%!9&01!105573./73O*!O&0432
X3%8/73O!E%%*!_%103.178!1&47308.!73!F.57:0&37.>!?O&79![908D8/![3M7&03>!")(H!J%1G"T"c",)
<H>!!!"">!j&.830'!F>!d78%
.8%8!.32!738%9/8!73!R79$7O.3!9494&E7/8!.32!/$%7&!6.3.O%6%3/>!c(">!
!!"T>!J^7260&%!?*!K75803!N*!K7557.68!R*!\%8873!]>!#$%!761.9/!0:!/755.O%!&%O76%!.32!&0'!90M%&!48%!
03!738%9/!1%8/8!.32!D7%52!73!0&O.379!9494&E7/!1&0249/703>!]%3%'!?O&79!L002!JD8/>!")(;!I9/!
"HG(
<((>!!!",>!F$.3!J>!#$%!_05573./703!JD8/%6!0:!_461^73*!JC4.8$*!J466%&!JC4.8$*!.32!k499$737>!c;>!
!!!!!T;!"+>!K$7/.^%&!#K*!W4&2!_d*!h7385%D![l>!JC4.8$!.32!l04&2!\%%8!@_%103.178*!w%30O5088.B!.32!
/$%!I&7O73!0:!/$%!F45/7M./%2!F494&E7/8>![M054/703>!(=;(G"+@(Bc"(-
<T,>!!!"H>!R./$%'803!
g?>!N%8/!F038/&49/703!.32!h7:%!W78/0&D!0:!/$%![.8/%&3!F494&E7/!\%%*!_%103.178!
1&47308.!@WD6%301/%&.c!?1072%.B>!(=H-G,(@"Bc->!
!!";>!J$45%&!][*!]0458/03!#W*!L.&&78!l[>!L.&673O!_&.9/79%8!Y3:54%39%!K752!_05573./0&!_0145./7038!
03!JC4.8$!.32!_461^73>!g![903![3/0605>
!"))+!g43!(G=-@TBc;=)
<+>!!!"->!J^7260&%!?]*!J$0&/!F?*!d7558!F*!l002%55!j*!\%8873!]#>!_&%:%&%39%!0:!_%103.178!1&47308.!
@WD6%301/%&.c!?1072%.B!:0&!#755%2!J0758!]%O.&25%88!0:!J075!R.3.O%6%3/!JD8/%6>![3M7&03!
[3/0605>!")(=!R.D!""G3MQ)+">!
!!"=>!g457%&!W[*!]0458/03!#W>!K752!\%%!?E432.39%!.32!_0557
3./703!J%&M79%!73!F45/7M./%2!_461^738c!
L.&6!R.3.O%6%3/*!N%8/73O!\%$.M70&!.32!h.3289.1%![::%9/8>!g![903![3/0605>!"))=!?1&!
(G()"@"Bc+HT
<;T>!!T)>!h0'&D!Fg*!\&.73.&2!dF>!]D%
Xp%/9$!J1./7.5!?&&.3O%6%3/!.32!#755.O%c!Y61.9/8!03!J075!
N7/&0O%3!.32!J'%%/!F0&3!]00/8>!?O&0
306D!g04&3.5>!")(;!R.DG()=@TBc()(T
<"T>!!T(>!Rx55%&![*!K752$.O%3!W*!n473/%&3!R*!W%y!g*!K79$%&3!L*!g0%&O%38%3!]l>!J1./7.5!1.//%&38!0:!
8075!E7050O79.5!.32!1$D879.5!1&01%&/7%8!73!.!&72O%!/755%2!.32!.!1504O$%2!h4M7805>!J075!.32!#755.O%!
]%8%.&9$>!"))=!J%1G()+@(Bc--
<=+>!!T">!j.3%!d?*!J3.11!JJ*!d.M78!?J>!]72O%!#755.O%!F039%3/&./%8!_0/%3/7.55D!R73%&.57Q.E5%!J075!
N7/&0O%3*!L.9757/./73O!R.7Q%!N7/&0O%3!u1/.^%>!J075!J97%39%!J097%/D!0:!?6%&79.!g04&3.5>!")(+!
g.3G;=@(Bc-(
<->!!TT>!R.&8$.55!J?>!Y38%9/8c!#$%7&!3./4&.5!$78/0&D!.32!27M%&87
/D*!'7/$!.!1$0/0O&.1$79!O472%!/0!738%9/8!
0:!%.8/%&3!N0&/$!?6%&79.>!\4::.50*!Nz>c!L7&%:5D!\00^8!h/2>G!"))H>!
!!T,>!\048C4%/!z>!Y5548/&./%2!72%3/7:79./703!O472%!/0!.245/8!.32!5.&M.%!0:!N0&/$%.8/%&3!N0&/$!
?6%&79.3!O&0432!E%%/5%8!@F05%01/%&.c!F.&.E72.%B>!J0:7.*!\45
O.&7.c!_%380:/!_4E578$%&8G!")()>!
!!T+>!]!F0&%!#%.6>!]c!?!5.3O4.O%!.32!%3M7&036%3/!:0&!8/./78/79.5!90614/73O>!@p%&8703!T>+>(B>!]!
L0432./703!:0&!J/./78/79.5!F0614/73O>!p7%33.*!?48/&7.*!")(->!?M.75.E5%!:&06c!$//18cbb'''>]
X1&0e%9/>0&Ob>
!!TH>!R0557%![>!\&00^8*!j.81%&!j
&78/%38%3*!j0%3!g>!M.3!\%3/$%6*!?&37!R.O348803*!F.81%&!K>!\%&O*!
?32%&8!N7%58%3*!W.38!g>!J^.4O*!R.&/73!R.%9$5%&!.32!\%3e.673!R>!\05^%&!@")(;B>!O566#R\!
\.5.39%8!J1%%2!.32!L5%P7E757/D!?603O!_.9^.O%8!:0&!k%&0
X73:5./%2!l%3%&.57Q%2!h73%.&!R7P%2!
R02%573O>!#$%!]!g
04&3.5*!=@"B*!T;-
X,))>!!T;>!g0$3!L0P!.32!J.3:0&2!K%78E%&O!@")(=B>!?3!{]|!F061.3703!/0!?1157%2!]%O&%88703*!#$7&2!
[27/703>!#$048.32!I.^8!F?c!J.O%>!u]hc!
$//18cbb8097.5897%39%8>696.8/%&>9.be:0Pb\00^8bF061.3703b
!!!!T-!!T->!h%3/$!]>!%66%.38c![8/76./%2!R.&O73.5!R%.38*!.^.!h%.8
/XJC4.&%8!R%.38>!@]!1.9^.O%!M%&8703!
(>T>)B>!")(->!?M.75.E5%!:&06c!$//18cbbF]?N>]
X1&0e%9/>0&Ob1.9^.O%A%66%.38
!!T=>!?C4%%5!R?*!].Q.!?R*!\.5.5!]R*!J$.$72!R?*!R48/.:.!Y*!g.M.72!RR*!%/!.5>!#&7/&01$79!
73/%&.9/7038!E%/'%%3!1.&.87/0728!.32!9%&%.5!.1$728!.&%!6%27./%2!E
D!37/&0O%3!:%&/757Q%&c![::%9/8!
0:!37/&0O%3!03!.3!.1$72
X1.&.87/072!8D8/%6>!Y38%9/!J97>!")(+!d%9G""@HBc-(T
<")>!!!,)>!l.&&.//!R_d*!h%./$%&!J]*!K&7O$/!dg>!#&7/&01$79!%::%9/8!0:!0&O.379!.32!903M%3/703.5!:%&/7578%&8!
03!.!9%&%.5
X.1$72
X1.&.87/072!8D8/%6>![3/0605![P1!?
115>!")()!R.&G(T,@TBc"((
<=>!!!,(>!_&79%!_K>!F05037Q./703!0:!F&018!ED!?&/$&01028c!N03
X%C4757E&746!F066437/7%8!73!J0DE%.3!
L7%528>![3M7&03![3/0605>!(=;H!?4O!(G+@,BcH)+
<((>!!!,">!\&%/03!hR*!?22790//!gL>!d%387/D
Xd%1%32%3/!R4/4.5786!73!.3!?1$72
X?3/!Y3/%&.9/703>![9050OD>!
(=="!d%9G;T@HBc"(;+
<-)>!!!,T>!F.3
%20
Xg}370&![I*!J.3/7.O0!lJ*!]7E.8!F]*!k4&50!hL*!F47887!]l*!J04Q.!\*!%/!.5>!#$%!%::%9/!
87Q%!0:!.1$72
X/%3273O!.3/8!73!.3!.O&7945/4&.5!/&7
X/&01$79!8D8/%6>!g!?115![3/0605>!")(-!
?1&G(,"@TBcT,=
<+->!!!,,>!?320!z*!I$O48$7!#>!?3/
X!.32!15.3/
X6%27./%2!7327&%9/!%::%9/8!73
249%2!ED!.1$72!905037Q./703!
03!$%&E7M0&048!738%9/8!03!/.55!O052%3&02>!_0145![905>!"))-!?1&G+)@"Bc(-(
<=>!!!,+>!]03203!JY*!F.3/57::%!dg*!_&79%!gL>!?N?J?!#]YJ#YJ!@W[#[]I_#[]?c!FI][Yd?[B!
d[p[hI_R[N#*!Ju]pYp?h!?Nd![ll!dYJ#]Y\u#YIN!IN!\[Y#!?h_W?!
FuFuR\[]!?Nd!?J!_][z
!LI]!FIh[IR[lYhh?!R?Fuh?#?!@FIh[I_#[]?c!
FIFFYN[hhYd?[B!?Nd!l[IFI]YJ!_uNF#Y_[J!@W[#[]I_#[]?c!hzl?[Yd?[B>!L5.!
[3/0605>!"))T!d%9G-H@,Bc,--
<=)>!!!,H>!\49$.3.3!?h*!W00^8!F]]>!Y3:54%39%!0:!K73/%&!F0M%&!F&01!R459$!03!?&/$&01028!73!.!
]%249%2!#755.O%!F494&E7/!JD8/%6>![
3M7&03![3/0605>!")(-!?1&!+G,;@"Bc"="
<=>!!!,;>!?O&.'.5!??*!h.4!g?*!W.6Ei9^!_?>!F066437/D!$%/%&0O%3%7/D!.32!/$%!%M054/703!0:!
73/%&.9/7038!E%/'%%3!15.3/8!.32!738%9/!$%&E7M0&%8>!n!]%M!\705>!"))H!d%9G-(@,BcT,=
<;H>!!!,->!F00^!F?*!N%.5!gg>!_5.3/!L73273O!.32!?99%1/.39%!\%
$.M70&8!0:!?3.8.!/&78/78!@d%l%%&B>!c(=>!
!!,=>!F.&/'&7O$/!\*!_.546E0!gF*!L.&O0!KJ>!Y3:54%39%!0:!F&01!R459$%8!.32!]0'!F0M%&8!03!/$%!
_0145./703!dD3.6798!0:!/$%!JC4.8$!\4O!@W%/%&01/%&.c!F0&%72.%B!03!J466%&!JC4.8$>!g![903!
[3/0605>!(==)!I9/!(G-T@+Bc(=--
<=T>!!!+)>!F&.38$
.'!K*!\.&/050!R*!J9$'%78873O!L>!F03/&05!0:!8C4.8$!E4O!@W%671/%&.~c!F0&%72.%B!73e4&Dc!
6.3.O%6%3/!6.37145./7038!./!/$%!E.8%!0:!1461^73>!J04/$'%8/![3/0605>!@"HBc(,;
<+)>!!!!!T=!+(>!K%8/%&6.3!_]*!K%8!gJ*!j&01::!Rg*!p.3!d%&!K%&:!K>!?334.5!5088%8!0:!'%%2!8%%28!24%!/0!
1&%2.
/703!73!0&O.379!9%&%.5!:7%528c!?334.5!'%%2!8%%2!5088%8!24%!/0!1&%2./703>!g04&3.5!0:!
?1157%2![9050OD>!"))T!J%1!"HG,)@+Bc-",
<TH>!!+">!J$%.&73!?L*!]%E%&O
XW0&/03!JF*!l.55.32/![]>!d7&%9/![::%9/8!0:!#755.O%!03!/$%!?9/7M7/D!d%387/D!
0:!l&0432!\%%/5%!@F05%01/%&.c!F.&.E
72.%B!K%%2!J%%2!_&%2./0&8>!%3>!"));!I9/!(GTH@+Bc((,)
<H>!!+T>!K.&2!Rg*!]D.3!R]*!F4&&.3!KJ*!\.&E%&9$%9^!R[*!R0&/%38%3!d?>!F0M%&!F&018!.32!
d78/4&E.39%!Y3:54%39%!?9/7M7/D
Xd%387/D!0:!K%%2!J%%2!_&%2./0&8!?6.&.!.%3%.!.32!W.&1.548!
1%38D5M.37948!@F05%01/%&.c!F.&.E72.%B
>!K%%2!J97>!")((!R.&G+=@(Bc;H
<-(>!!!+,>!K%8/%&6.3!_]*!\0&Q.!gj*!?32e%5^0M79!g*!h7%E6.3!R*!d.37%5803!\>!d%387/D
X2%1%32%3/!
1&%2./703!0:!'%%2!8%%28!73!6.7Q%!:7%528>!g!?115![905>!"))-!d%9G,+@HBc(H("
<")>!!!++>!J/&.4E!FJ*!J3D2%&!K[>!J_[FY[J!Yd[N#Y#z!dIRYN?#[J!#W[!][h?#YINJWY_!
\[#K[[N!_][d?#I]!\YIdYp[]JY#z
!?Nd!W[]\YpI][!Ju__][JJYIN>![9050OD>!
"))H!L%EG-;@"Bc";;
<-">!!!+H>!h.3/%&6.3!g*!]%%$%&!_*!R7/9$%55!]g*!l002%55!j>!W.E7/./!_&%:%&%39%!.32!_$%3050OD!0:!N%8/!
J%%^73O!.32!L0&.O73O!J1&73O!\46E5%!\%%!n4%%38!73!N0&/$%.8/%&3!N0&/$!?6%&79.!
@WD6%301/%&.c!?172.%c!\06E48B>
!?6!R725!N./>!")(=!I9/!,G(-"@"Bc(T(>!
!!+;>![2'.&28!N>![::%9/8!0:!l.&2%3!?//&7E4/%8!03!?3/!@L0&67972.%B!J1%97%8!]79$3%88!.32!_0/%3/7.5!
:0&!_%8/!F03/&05>!u&E.3!?O&79!]%O!L002!JD8/>!")(H!g45G(@(Bc4&E.3.O")(+>)(>(,)+>!
!!+->!L%&3.32%8!Kd*!h.3O%!d*!_%&%7&.!gR*!].7Q%&!g>
!?3/!F066437/D!73!N%0/&0179.5!?O&08D8/%68c!
?!L04&
Xz%.&!J/42D!73!F03M%3/703.5!.32!N0
X#755.O%!JD8/%68>!J0970E7050OD>!")(-!g45!
=GH+@"Bc(T)>!
!!+=>!_%9^!Jh*!R9C4.72!\*!F.61E%55!Fh>!u873O!?3/!J1%97%8!@WD6%301/%&.c!L0&67972.%B!.8!.!
\7050O79.5!Y3279./0&!0:!?O&0%908D8/
%6!F0327/703>![3M7&03![3/0605>!(==-!I9/!(G";@+Bc(()"
<()>!!!!!,)!NO?79!L(;P(
N#*#Q%)(2/#%)/%(#-",80%2(8+,(+)1%,2*&)1#)$(8=(*R%(#-"&/*(8=(28#'(
(-&)&$%-%)*(8)(>#'1("8''#)&*8,(&:+)1&)/%(#)(&$,8%/82.2*%-2
((((?/S)8>'%1$%-%)*(8=(",#8,("+:'#/&*#8)
(#$78!9$.1/%&!78!
.!&%1&73/!0:!.3!0&7O73.5!1%%&
X&%M7%'%2!.&/795%!14E578$%2!73!_50J!03%!73!")")*!
M0546%!(+*!7884%!T*!%)"T)));>!#$%!0&7O73.5!.&/795%!9.3!E%!:0432!./c!
$//18cbb207>0&Ob()>(T;(be04&3.5>103%>)"T)));
>!#$%
!.4/$0&!$.8!E%%3!1%&67//%2!/0!&%14E578$!/$%!
.&/795%!73!/$78!/$%878!
432%&!/$%!/%&68!0:!/$%
!F&%./7M%!F066038!?//&7E4/703!h79%38%
!'$79$!.550'8!
:0&!/$78!.&/795%!/0!E%!20'350.2%2*!&%48%2*!6027:7%2*!278/&7E4/%2*!.32
b0&!9017%2!.8!503O!.8!/$%!
0&7O73.5!9&%./0&8!.&%
!9&%27/%2
!M7.!97/./703>!
!!?:2*,&/*
(N./7M%!E%%8!1&0M72%!%88%3/7.5!105573./703!8%&M79%8!73!E0/$!3./4&.5!.32!6.3.O%2!%908D8/%68>!
W0'%M%&*!2%9573%8!73!3./7M%!E%%!81%97%8!$7O$57O$/!/$%!3%%2!:0&!739&%.8%2!432%&8/.3273O!0:!5.32!
6.3.O%6%3/!6%/$028!/$./!9.3!
1&060/%!$%.5/$D*!1%&878/%3/!10145./7038!.32!27M%&8%!9066437/7%8>!
#$78!9.3!E%!9$.55%3O73O!.32!908/5D!4873O!/&.27/703.5!897%3/7:79!6%/$028
*!E4/!97/7Q%3!897%39%!9.3!
0M%&906%!6.3D!5767/./7038>!Y3!/$78!8/42D*!'%!%P.673%2!/$%!278/&7E4/703!.32!.E432.39%!0:!.3!
.O&7945/4&.55D!7610&/.3/!
'752!E%%!81%97%8*!/$%!8C4.8$!E%%!@
4'*2$#!
@52%/6#%,(
B!%$',6/(#
*!WD6%301/%&.c!?172.%B>!#$%D!.&%!O&0432!3%8/73O*!81%97
.578/!E%%8!/$./!2%1%32!03!945/7M./%2!M.&7%/7%8!
0:!)'*'$+,-#!
@8C4.8$*!1461^738*!O04&28B>!#$%!73/76./%!&%5./7038$71!E%/'%%3!8C4.8$!E%%8!.32!/$%7&!
$08/!15.3/8!84OO%8/8!/$./!/$%D!.&%!57^%5D!8%387/7M%!/0!:.&6!6.3.O%6%3/!1&.9/79%8*!1.&/7945.&5D!/$08%!
/$./!278/4&
E!/$%!8075>!Y3!/$78!8/42D*!97/7Q%3!897%3/78/8!.9&088!R79$7O.3!48%2!.!
84&M%D
!/0!84E67/!:7%52!
6.3.O%6%3/!.32!E%%!0E8%&M./703!2./.>!J4&M%D!&%845/8!73279./%2!/$./!8C4.8$!E%%8!09941D!.!'72%!
!!!,(!O%0O&.1$79!&.3O%!.32!.&%!60&%!.E432.3/!73!:.&68!'7/$!&%249%2!8075!278/4
&E.39%>!F7/7Q%3!897%39%!
1&0M72%2!.
3!73%P1%387M%!.32
!%::%9/7M%!6%/$02!:0&!%P.67373O!761.9/8!0:!:.&6!6.3.O%6%3/!
1&.9/79%8!03!8C4.8$!E%%8!.32!90452!E%!.!M.54.E5%!/005!:0&!6037/0&73O!.32!9038%&M73O!0/$%&!3./7M%!
105573./0&8>!
!!A)*,81+/*#8)
(_05573./0&8!.&%!7610&
/.3/!73!E0/$!3./4&.5!.32!6.3.O%2!%908D8/%6
8!/0!6.73/.73!15.3/!O%3%/79!
27M%&87/D*!903/&7E4/%!/0!%908D8/%6!8/.E757/D
*!.32!848/.73!9&01!1&0249/703!
@(B>!I:!/$%!608/!9066035D!
1&0249%2!9&018!O50E.55D*!&%5D!03!0&!E%3%:7/!:&06!.376.5!105573./703!'$79$!78!1&0M7
2%2!608/5D!
ED!738%9/8!849$!.8!'%8/%&3![4&01%.3!$03%D!E%%8!@
1%,(!02&&,32$#
*!WD6%301/%&.c!?172.%B!.32!.!
'72%!M.&7%/D!0:!'752*!3./7M%!E%%8!
@(*"B>!W03%D!E%%8!.&%!/$%!608/!1&057:79!105573./0&8!0:!105573./0&!
2%1%32%3/!9&018!
@TB*!$0'%M%&
!.334.5!5088%8!0:!6.3.O%2!
$03%D!E%%8!9.3!94&&%3/5D!&%.9$!.8!$7O$!.8!
24%!/0!.!847/%!0:!:.9/0&8!849$!.8!%P1084&%!/0!1%8/7972%8*!&%249%2!:0&.O%!.M.75.E757/D*!1.&.87/%8*!
.32!278%.8%8
!@,*+B>!?8!.!&%845/*!&%8%.&9$%&8!
.&%!73M%8/7O./73O!
/$%!&05%!0:!
'752!E%%8!.8!
9&01!
105573./0&8*!'$79$!
.&%!2%957373O!24%!/0!$46.3!278/4&E.39%8!849$!.8!$.E7/./!5088b:&.O6%3/./703!
@HB*!5.3289.1%!876157:79./703!
@;B*!.32!739&%.8%2!1%8/7972%!48%!
@-B>!R.3.O%6%3/!1&.9/79%8!/$./!739&%.8%!
.E432.39%!.32!81%97%8!&79$3%88!0:!3./7M%!E%%8!9.3!.6%570&./%
!9&01
!105573./
703
!2%:797%397%8!
@=B*!%81%97.55D!:0&!9&018!/$./!.&%!60&%!%::%9/7M%5D!105573./%2!ED!3./7M%!E%%8!
@()<(+B>!!J/42D73O!
9$.3O%8!73!738%9/!10145./7038!78!0:/%3
!9$.55%3O73O
!@(H*(;B*!.32
!73!0&2%&!/0!9055%9/!
E.8%573%!
.E432.39%!.32!278/&7E4/703!
2./.*!
738%9/
!6037/0&73O!$.8!73!806%!9.8%8!/4&3%2!/0!97/7Q%3!
897%39%!.8!.3!%::%9/7M%!6%/$02!:0&!O./$%&73O!5.&O%!2./.8%/8!.9&088!E&0.2!O%0O&.1$79!.&%.8!'7/$!50'!
908/8!9061.&%2!/0!/&.27/703.5!
6%/$028
!@(-*(=B>!?5/$04O$!97/7Q%3!897%39
%!9.3!84::%&!:&06!5767/./7038!
849$!.8!2./.!.994&.9D!.32!1.&/7971.3/!&%/%3/703*!/$%8%!7884%8!9.3!E%!3%O./%2!'7/$!1&01%&!15.3373O!
!!!,"!.32!1.&/7971.3/!/&.7373O!.8!2%6038/&./%2!ED!6.3D!8499%88:45!97/7Q%3!897%39%!1&0e%9/8>!
!L0&!%P.615%*!
97/7Q%3!897%39%!9.3!E%!.3!%:
:%9/7M%!6%/$02!:0&!6037/0&73O!3./7M%!E%%8!
@")<""B>!F
7/7Q%3!897%3/78/!
0E8%&M./703
8!9.3
!2%89&7E%!E%%!81%97%8
!2D3.6798
!.8!'%55!.8!81%976%38!9055%9/%2!ED!1&0:%88703.5
!&%8%.&9$%&8
!@"TB*!1&0M72%!2./.!03!
81%97:79!.81%9/8!0:!E%%!E7050OD*!
73954273O!/$%
!3%8/73O!$.E7
/8!0:!
8057/.&D!E%%!81%97%8!
@",B*!.32!/$%!761.9/
8!0:!:50'%&8!.32!84&&043273O!3./4&.5!5.32!90M%&!03!
15.3/
XE%%!73/%&.9/7038!
@"+B>!_.&/7971.3/8!73!105573./0&!97/7Q%3!897%39%!1&0e%9/8!0:/%3
!M0543/%%
&!E%9.48%!0:!
.!2%87&%!/0
!5%.&3!.E04/!E%%8!.32!/0!903/&7E4/%!/0!
897%39%!
@"HB>!#$78!1&0M72%8!0110&/437/7%8!:0&!
5.&O%
X89.5%*!908/
X%::%9/7M%!8/427%8!/$./!
87645/.3%0485D
!.550'!897%3/78/8!/0!%249./%!/$%!14E579!.E04/!
%9050O79.5!7884%8!849$!.8!/$%!5088!0:!E7027M%&87/D>!
?9/7M%5D
!%3O.O73O
!'7/$!/$%!14E579!/$&04O$!$.328
X03!%P1%&7
%39%8
!1&0M72%8!60&%!761.9/:45
!%249./703
!/$./!9.3!%3$.39%!5%.&373O!.32!73817&%!903/734%2!
.9/703!
@";B>!!I4&!8/42D!:0948%2!03!8C4.8$!E%%8!@
4'*2$#!
@52%/6#%,(
B!%$',6/(#
*!WD6%301/%&.c!?172.%B*!
.3!7610&/.3/!81%97.578/!105573./0&!0:!
)'*'$+,-#
!@%>O>!1461^738*!8C4.8$*!O04&28B>!#$78!15.3/!O%348!
78!2%1%32%3/!03!105573./703!.32!78!.3!72%.5!8D8/%6!/0!1&060/%!3./7M%!E%%8!E%9.48%!0:!/$%7&!
64/4.5786!'7/$!8C4.8$!E%%8>!#$%8%!81%97.578/!E%%8!:0&.O%!:0&!3%9/.&!.32!1055%3!03!
)'*'$+,-#
!:50'%&8*!&%8/!'7/$73!95
08%2!:50'%&8*!.32!%P9.M./%!3%8/8!73!/$%!8075!73!.32!.&0432!
)'*'$+,-#
!15.3/8!
@"-<T)B>!#$%!73/76./%!&%5./7038$71!E%/'%%3!8C4.8$!E%%8!.32!/$%7&!$08/!15.3/8
!73279./%8
!/$./!8C4.8$!
E%%8!.&%!10/%3/7.55D!8%387/7M%
!/0!:.&6!6.3.O%6%3/!1&.9/79%8*!%81%97.55D!/$08%!/$.
/!6.37145./%!/$%!
8075>!
W0'%M%&*!8/427%8!%P.67373O!/$%!&%5./7038$71!E%/'%%3!8C4.8$!E%%8!.32!:.&6!6.3.O%6%3/!
1&.9/79%8!$.M%!1&0249%2!27::%&73O!&%845/8>!L0&!%P.615%*
!/755.O%!9.3!2%8/&0D!8C4.8$!E%%!3%8/8*!&%249%!
/$%!346E%&!0:!84&M7M73O!0::81&73O*!.5/%&!8%P!&./
708!.32!%6%&O%39%!/7673O!
@T(B*!.32!&%249%!8C4.8$!
E%%!:50'%&!M787/./703!
@T"B>!F03M%&8%5D*!.30/$%&!8/42D!0E8%&M%2!87675.&!.245/!8C4.8$!E%%!.E432.39%!
73!/755%2!.32!43/755%2!1461^73!:7%528*!.32!8C4.8$!E%%8!1&%:%&&%2!/0!3%8/!73!7&&7O./%2!8075!3%.&!$08/!
!!!,T!15.3/8!&
%O.&25%88!0:!'$%/$%&!0&!30/!/$%!8075!'.8!/755%2!
@TTB>!W0'%M%&*!60&%!&%9%3/!:73273O8!84OO%8/!
/$./!8C4.8$!E%%8!1&%:%&!/0!3%8/!73!/755%2!8075!
@T,B>!R459$73O!78!.30/$%&!O&0432!6.3.O%6%3/!1&.9/79%!
9066035D!48%2!73!
)'*'$+,-#!
1&0249/703!/$./!6.D!2%/%&!0&!73$7E7/!
8C4.8$!E%%!3%8/73O>!
?5/$04O$*!
1&%M7048!.//%61/8!/0!9061.&%!8C4.8$!E%%!3%8/73O!:&%C4%39D!73!E.&%!8075!.32!8075!90M%&%2!ED!
27::%&%3/!/D1%8!0:!6459$!'%&%!7390395487M%!24%!/0!50'!8.615%!87Q%!
@T+B>!!?5/$04O$!645/715%!8/427%8!$.M%!%P.673%2!/$%!761.9/8!0:!:.&6!6.
3.O%6%3/!03!8C4.8$!E%%8*!
/$%!8901%!0:!73M%8/7O./703!$.8!0:/%3!E%%3!5767/%2!/0!03%!6.3.O%6%3/!1&.9/79%!./!.!/76%*!8.615%!
87Q%8!$.M%!E%%3!&%5./7M%5D!50'*!.32!&%845/8!$.M%!0:/%3!E%%3!67P%2!
@T(<T,B>!W%&%*!'%!48%2
!.!97/7Q%3!
897%39%!
84&M%D!/0
!2%/%&673%!
$0'!8C4.8
$!E%%!.E432.39%!M.&7%8
!.990&273O!/0
!645/715%!:.&6!
6.3.O%6%3/!1&.9/79%8!73954273O
!/755.O%!/D1%*!2%1/$*!.32!6459$*!.32!.89%&/.73!/$%!278/&7E4/703!0:!
8C4.8$!E%%8
!73!R79$7O.3
>!F7/7Q%3!897%39%!.550'%2!48!/0!739&%.8%!8.61573O!'$75%!1&0M7273O!
0110&/437/7%8!/0!
81&
%.2!.'.&%3%88
!.603O!/$%!14E579
!.E04/!
/$%!7610&/.39%!0:!
8C4.8$!E%%8
!'$79$!
6.D!105573./%!.E04/!/'0
X/$7&28!0:!8C4.8$!O&0'3!9066%&97.55D!73!/$%!u37/%2!J/./%8!
@THB>!_&%M7048!
&%8%.&9$!73279./%8!/$./!97/7Q%3!897%39%!1&0e%9/8!.&%!60&%!8499%88:45!7:!/$%!1.&/7971.3/
8!$.M%!1&70&!
73/%&%8/!73!/$%!84Ee%9/!6.//%&!
@"H*T;*T-B!/$48!'%!&%9&47/%2
!R79$7O.3!J/./%!u37M%&87/D!@RJuB!
[P/%38703
!R.8/%&!l.&2%3%&8!E%9.48%!0:!/$%7&!73/%&%8/!73!.O&7945/4&%*!/$%7&!5%M%5!0:!897%3/7:79!
^30'5%2O%*!.32!/$%7&!90667/6%3/!/0!%249./%!0/$%&8!73!/$%7&!9066437/7%8>!
!(T&*%,#&'2(&)1(T%*R812
(N#*#Q%)(2/#%)*#2*(,%/,+#*#)$(&)1(*,&#)#)$
3(R.8/%&!l.&2%3%&8!'%&%!903/.9/%2
!ED!/$%!
1&0O&.6!900&273./0&!M7.!%6.75!.32!&%9&47/%2!/0!1.&/7971./%!73!04&!8C4.8$!E%%!84&M%D>!#0!/&.73!
R.8/%&!l.&2%3%&8!'%!73M7/%2!/$%6!/0!'%E73.&!1&%8%3/./7038!$%52!73!g43%!")(;!.32!")(-!'$%&%!/$%!
6%/$028*!1&0e%9/!O0.58*!.32!1&%57673.&D!&%845/8!'%&%!278948
8%2>![249./703.5!'0&^8$018!@•T$B!'%&%!
!!!,,!$%52!:0&!1.&/7971.3/8!./!8%M%&.5!509./7038!/$&04O$04/!R79$7O.3!73!g45D!")(;!@N0M7*!RYc!g45D!")G!
W055.32*!RYc!g45D!"(B*!")(-!@R.803*!RYc!g45D!(HG!N0M7*!RYc!g45D!")G!l&.32!].1728*!RYc!g45D!"+G!
h739053*!RYc!g45D!";B*!.32!
")(=!@N0M7*!RYc!g45D!(-G!l&.32!].1728*!RYc!g45D!"+B>![.9$!'0&^8$01!
739542%2!.!95.88&006!1&%8%3/./703!24&73O!'$79$!1.&/7971.3/8!'%&%!/.4O$/!.E04/!/$%!E7050OD!0:!
9494&E7/!:50'%&8*!8C4.8$!E%%8*!E%%!72%3/7:79./703*!/$%!7610&/.39%!0:!3./7M%!105573./0&8*!.32!/$%
!6%/$028!:0&!9055%9/73O!2./.!.32!84E67//73O!84&M%D8>!R.8/%&!l.&2%3%&8!'%&%!1&0M72%2!'7/$!
84115%6%3/.5!%249./703.5!6./%&7.58!73954273O!.!:.9/8$%%/!'7/$!73:0&6./703!1%&/.7373O!/0!/$%!
105573./703!8D8/%6!0:!9494&E7/8!.32!/$%7&!&%5./7038$71!'7/$!8C4.8$!E%%8*!.3
2!.!E&7%:!E%%!
72%3/7:79./703!O472%>!_&%8%3/./7038!'%&%!:0550'%2!ED!.3!04/200&!8%88703!73!.!8C4.8$!O.&2%3!0&!:.&6!
'$%&%!1.&/7971.3/8!1&.9/79%2!72%3/7:D73O!8C4.8$!E%%8!./!:50'%&8!.32!:75573O!04/!/$%!8C4.8$!E%%!
84&M%D!@L7O
4&%!T>(B>(!!!,+!4#$+,%(;363(N8)/%"*+&'(1#&
$,&-(#''+2*,&*#)$(*R%(",8/%22(8=(*,&#)#)$H(1&*&(/8''%/*#8)H(1&*&(
&)&'.2#2H(&)1(,%"8,*#)$(=8,(*R#2(/#*#Q%)(2/#%)/%(",8E%/*3
!R79$7O.3!J/./%!u37M%&87/D![P/%38703!
R.8/%&!l.&2%3%&8!'%&%!/.4O$/!.E04/!/$%!105573./703!8D8/%6!0:!9494&E7/8*!/$%!7610&/.39%!0:!8C4.8$!
E%%8*!.32!$0'!/0!72%3/7:D!E%%8!M787/73O!8C4.8$!:50'%&8!@(B>!R.8/%&!l.&2%3%&8!9055%9/%2!2./.!0
3!8C4.8$!E%%8
!'$79$!/$%D
!84E67//%2!4873O!/$%!JC4.8$!\%%!J4&M%D!86.&/1$03%!.11
579./703
!@"B>!J4&M%D8!90452!.580!E%!84E67//%2!/$&04O$!.!'%E!E&0'8%&!0&!M7.!1.1%&!9017%
8>!
d./.!'.8!.3.5DQ%2!
.32!M%&7:7%2!
'7/$!1$0/08!84E67//%2!ED!1.&/7971.3/8!@TB>!]%845/8!'%&%!8$.&%2!'7/$!R.8/%&!l.&2%3%&8!
M7.!'%E73.&8*!1&%8%3/./7038*!.32!.!:.9/8$%%/!@,B>
!!!!!!,H!CU+&2R(:%%(2+,0%.(&)1(8:2%,0&*#8)(",8*8/8'
3(#$%!1&76.&D!6%/$02!48%2!:0&!2./.!
9055%9/703!.32!84&M%D!84E6788703!'.8!/$%!JC4.8$!\%%!J4&M%D!86.&/1$03%!.11579./703!@L7O
4&%!T>"B!2%M%501%2!73!/$%!RJu!p%O%/.E5%![3/06050OD!h.E!4873O!l00O5%!:0&68!
@T=B!.32!?11J$%%/!
@,)B>!J4&M%D8!'%&%!.580!6.2%!.M.75.E5%!:0&!1.&/7971.3/8!73!1&73/.E5%!_dL!.32!'
%E!E&0'8%&!M%&87038!
.99%887E5%!/$&04O$!/$%!RJu!p%O%/.E5%![3/06050OD!'%E87/%!@$//18cbbM%O%/.E5%>%3/>684>%24B>!Y3!
%.9$!84&M%D*!
R.8/%&!l.&2%3%&8
!1&0M72%2!/$%!5.8/!:04&!27O7/8!0:!/$%7&!1$03%!346E%&!.8!437C4%*!
903:72%3/7.5!72%3/7:7%&8*!.32!'%&%!.8^%2!8%M%&.5!C4
%8/7038!1%&/.7373O!/0!/$%!509./703!.32!
6.3.O%6%3/!0:!/$%!:.&6!'$%&%!/$%D!903249/%2!84&M%D8!@
L7O4&%!JT>(
B>!#755.O%!/D1%!'.8!03%!0:!/$%!
1&76.&D!:.9/0&8!0:!73/%&%8/!73!04&!8/42D!.32!1.&/7971.3/8!90452!8%5%9/!30!/755.O%*!&%249%2!/755.O%*!0&!
:455!/755.O%>!N0!/7
55.O%!78!9$.&.9/%&7Q%2!ED!.!5.9^!0:!8075!278/4&E.39%!E%/'%%3!$.&M%8/73O!.32!15.3/73O!
9&018!&%845/73O!73!/$%!1&%8%39%!0:!9&01!8/4EE5%!0&!&%8724%8>!]%249%2!/755.O%!@.>^>.>!9038%&M./703!
/755.O%B!78!2%:73%2!ED!50'%&!/755.O%!73/%387/D!&%845/73O!73!/$%!&%/%3/703
!0:!806%!9&01!&%8724%8!03!/$%!
8075!84&:.9%>!\0/$!0:!/$%8%!6%/$028!$%51!/0!1&%M%3/!8075!%&08703*!739&%.8%!'./%&!&%/%3/703*!.32!
9038%&M%!%3%&OD!&%804&9%8>!L455!/755.O%!@.>^>.>!903M%3/703.5!/755.O%B!48%8!945/7M./703!@%>O>!
1504O$73O*!$.&&0'73OB!.8!/$%!1&76.&D!
6%.38!0:!'%%2!903/&05!.32!8%%2E%2!1&%1.&./703!&%845/73O!73!
.!5008%!8075!84&:.9%!.32!5.9^!0:!15.3/!&%8724%8!03!/$%!8075!84&:.9%!
@,(B>!#755.O%!2%1/$!@)!96*!T
X(,!96*!(+
X"+!96B*!.32!6459$73O!1&.9/79%8!@303%*!15.3/!6./%&7.5*!15.8/79B!'%&%!.580!0:!73/%&%8/*!.32!
1.&/7971.3/8!8%5%9/%2!.55!9./%O0&7%8!/$./!&%1&%8%3/%2!/$%!1&.9/79%8!48%2!73!.!1.&/7945.&!9&01!:7%52>!
J4&M%D8!84E67//%2!%5%9/&0379.55D!M7.!/$%!86.&/1$03%!.11579./703!0&!'%E!E&0'8%&!01/703!'%&%!
.4/06./79.55D!%3/%&%2!73/0!.!l00O5%!J$%%/8!81&%.28$%%/!'7/$!.!/7
6%8/.61!.32!8/0&%2!73!l00O5%!
d&7M%!M7.!?11J$%%/!
@,)B>!_&73/%2!84&M%D8!&%9%7M%2!ED!6.75!'%&%!%3/%&%2!73/0!/$%!81&%.28$%%/!
6.34.55D!4103!&%9%71/>!#$%&%!'.8!30!5767/!/0!/$%!346E%&!0:!84&M%D8!%.9$!1.&/7971.3/!90452!84E67/>
(!!!!,;!4#$+,%(;35>!CU+&2R(:%%(2+,0%.(
2-&,*"R8)%(&""
'#/&*#8)
(#)2*&''%1(8)(&(2-&,*"R8)%(V?W3(
C/,%%)2R8*(=,8-(*R%(2U+&2R(:%%(2+,0%.(VXW3
!#$%!86.&/1$03%!.11579./703
!'.8!/$%!1&76.&D!
15./:0&6!:0&!R.8/%&!l.&2%3%&8!/0!
84E67/
!73:0&6./703!.E04/!/$%!
E%%8!0E8%&M%2!73!
9494&E7/!
:50'%&8
!.32!6.3.O%6%3/!1&.9/79%8!48%2!
03!:.&68>
!!!!!!!,-!R.8/%&!
l.&2%3%&8!'%&%!.8^%2!/0!903249/!E%%!84&M%D8!03!9494&E7/!:50'%&8!73!/$%!60&373O!
@•);c))!
<!("c))B
!'$75%!8C4.8$!E%%8!'%&%!.9/7M%*
!03!8433D!2.D8!'7/$!30!60&%!/$.3!57O$/!'7328!.32!
.7&!/%61%&./4&%8!0:!./!5%.8/!"
(!†F>!L0&!%.9$!84&M%D*!:7M%!8%1.&./%!9494&E7/!:50'%&8!'%&%!0E8%&M%2!
:0&!(!673!%.9$!
:0&!.!/0/.5!0:!+!673!0:!0E8%&M./7038*!
.32!/$%!346E%&8!0:!8C4.8$!E%%8*!$03%D!E%%8*!
E46E5%!E%%8*!.32!0/$%&!E%%8
!@.3D!0/$%&!/D1%!0:!E%%B
!0E8%&M%2!M787/73O!/$%!:50'%&8!
'%&%!8466
%2!
.32!
&%90&2%2>!?/!/$%!%32!0:!/$%!84&M%D*!1.&/7971.3/8!'%&%!.8^%2!/0!/.^%!.!179/4&%!0:!.!E%%!/$./!/$%D!
72%3/7:7%2!.8!.!8C4.8$!E%%!/0!E%!84E67//%2!'7/$!/$%7&!%5%9/&0379!2./.>!#$%8%!1$0/08!'%&%!48%2!/0!
.88%88!1.&/7971.3/8V!8C4.8$!E%%!72%3/7:79./703!.994&.9D
G!1$0/0!M%&7:79./7038!'%&%!30/!1%&:0&6%2!:0&!
84&M%D8!/$./!'%&%!84E67//%2!ED!6.75>!
Y]\!N46E%&
!78!P(;XH--%G!7)+,(="
G!/$78!
84&M%D
!'.8!2%%6%2!
%P%61/!.32!'.8!30/!84Ee%9/%2!/0!&%M7%'!ED!.3!738/7/4/703.5!&%M7%'!E0.&2!0&!%/$798!90667//%%
>!(C*&*#2*#/&'(&)&'.2#2
3!JC4.8$!E%%!0E8%&M./7038!'%&%!6.11%2!ED!9043/D!.32!9061.&%2!/0!
1&%M7048!9043/D!&%90&28!
0:!/$78!81%97%8!
@,"B>!#$%!346E%&!0:!84&M%D8!.32!/$%!346E%&!0:!27::%&%3/!
1%015%!1.&/7971./73O!'%&%!9.5945./%2!:0&!%.9$!D%.&>!#$%!1&010&/7038!0:!8C4.8$!E%%8*!$03%D!E%%8*!
E46E
5%!E%%8*!.32!0/$%&!E%%8!'%&%!9.5945./%2!/0!72%3/7:D!/$%!608/!906603!/D1%!0:!E%%!0E8%&M%2!
24&73O!84&M%D8>!l%3%&.57Q%2!h73%.&!R7P%2!R02%58!4873O!h.15.9%!.11&0P76./703!.32!3%O./7M%!
E73067.5!278/&7E4/703!'%&%!48%2!'7/$!/$%!‡O566.26EV!:439/703!73!/$%!‡O566?dR\V
!1.9^.O%!
@,TB!/0!2%/%&673%!/$%!%::%9/8!0:!M.&7048!6.3.O%6%3/!1&.9/79%8!03!/$%!346E%&!0:!8C4.8$!E%%8!0E8%&M%2!
24&73O!84&M%D8>![.9$!602%5!903/.73%2!.!873O5%!:7P%2!%::%9/!@/755.O%!/D1%*!/755.O%!2%1/$*!6459$*!
7&&7O./703*!738%9/7972%8*!
:.&6
!.&%.*!
:.&6
!.&%.!2%M0
/%2!/0!9494&E7/8
G!J(!L7OB!
'7/$!2./%!3%8/%2!'7/$73!
9043/D!.8!&.3206!%::%9/8>!R02%58!'%&%!7327M724.55D!9061.&%2!/0!.!3455!602%5!4873O!/$%!‡.30M.V!
:439/703!73!/$%!‡8/./8V!1.9^.O%!
@,,B>!#$%!‡?YF9/.EV!:439/703!73!/$%!‡EE65%V!1.9^.O%!
@,+B!'.8!48%2!
/0!9061.&%!602%58!E.8%2!03!?YF!@#.E
5%!(B>!#$%!‡%66%.38V!:439/703!73!/$%!‡%66%.38V!1.9^.O%!
!!!,=!@,HB!'7/$!/$%!‡:2&V!1
X.2e48/6%3/!6%/$02!'.8!48%2!/0!2%/%&673%!1.7&'78%!27::%&%39%8!E%/'%%3!:.9/0&!
9./%O0&7%8!:0&!602%58!/$./!27::%&%2!87O37:79.3/5D!:&06!/$%
!3455!602%5
>!!j&48^.5
XK.5578!/%8/8!'%&%!1%&:0&6%2!4873O!/$%!‡^&48^.5>/%8/V!:439/703!73!/$%!‡8/./8V!1.9^.O%!
@,,B!/0!2%/%&673%!/$%!%::%9/8!0:!/$%!1&%M70485D!6%3/703%2!6.3.O%6%3/!1&.9/79%8!03!$03%D!E%%8*!
E46E5%!E%%8*!.32!0/$%&!E%%8!@
!!A!)>)+B>!
#$78!.3.5D/79.5
!6%/$02!'.8!48%2!:0&!/$%8%!E%%!9./%O0&7%8!
24%!/0!303
X903M%&O%39%!0:!/$%!O%3%&.57Q%2!573%.&!67P%2!602%5!6%/$02!48%2!:0&!8C4.8$!E%%!
.3.5D8%8>!
J4&M%D8!84E67//%2!'7/$!7390&&%9/5D!72%3/7:7%2!8C4.8$!E%%!1$0/08*!
:.9/0&!9./%O0&7%8
!'7/$!
5%88!/$.3!+!&%81038%8
*!.32!3
46%&79!04/57%&8
!@E%%!9043/8!O&%./%&!/$.3!/$%!/$7&2!C4.&/75%!1548!(>+!/76%8!
/$%!73/%&C4.&/75%!&.3O%!:0&!%.9$!&%81%9/7M%!E%%!9./%O0&DB!'%&%!%P9542%2!:&06!.3.5D8
%8>!!JC4.8$!
E%%8!.&%!^30'3!/0!:0&.O%!805%5D!
03!81%97%8!73!/$%!O%348!
)'*'$+,-#
!@"=*,;B!9038%C4%3/5D
*!84&M%D8!
0E8%&M73O!
035D!
94946E%&!0&!6%503!:50'%&8!@
)'*'0,(
B!'%&%!
.580!
%P9542%2!:&06!.3.5D8%
8>!K$%3!
j&48^.5
XK.5578!/%8/8!'%&%!87O37:79.3/*!108/!$09!.3.5D8%8!'%&%!903249/%2!4873O!/$%!‡2433>/%8/V!
:439/703!73!/$%!‡2433>/%8/V!
@,-B!1.9^.O%!'7/$!/$%!‡$056V!1
X.2e
48/6%3/!6%/$02!/0!903/&05!:.675D
X'78%!%&&0&!&./%8*!/0!2%/%&673%!27::%&%39%8!73!E%%!.E432.39%8!
.603O
!O&0418!
:0&!:.9/0&8!'7/$!60&%!
/$.3!"!O&0418!
@!!U!)>)+B>!?55!.3.5D8%8!'%&%!1%&:0&6%2!4873O!]!M%&8703!T>+>(!
@,,B>!!L%2+'*2
(@+-:%,(8=(2+,0%.2(,%/%#0%1("%,(/8+)*
.(&)1(*."%2(8=(:%%2(8:2%,0%1
3(I:!/$%!"=(!
84&M%D8!
&%9%7M%2*!";H!@")(;c!+H!%5%9/&0379!84&M%D8G!")(-c!;)!%5%9/&0379!.32!;!1&73/!84&M%D8G!")(=c!()(!
%5%9/&0379!.32!,"!1&73/!84&M%D8B!'%&%!
48%2
!:0&!.3.5D878!:&06!"(!R79$7O.3!9043/7%8!.32!(!Y327.3.!
9043/D
>![5%M%3
!04/!0:!"(!
R79$7O.3!
9043/7%8!&%10&/%2!
0E8%&M73O!
8C4
.8$!E%%8!@L7O
4&%!T>T?B>!I:!/$%!
((!R79$7O.3!9043/7%8!/$./!&%10&/%2!8C4.8$!E%%8*!035D!:04&!0M%&5.11%2!'7/$!$78/0&79.5!&%10&/8!
@,"B*!.32!/$%!&%6.7373O!8%M%3!1&0M72%!3%'!9043/D!&%90&28>!?!/0/.5!0:!+=!1%015%!1.&/7971./%2!73!/$78!8/42D!
!!!+)!@L7O
4&%!T>T\B*!0:!'$06
!84E67//%2!0E8%&M./7038!:&06
!0&O.379!
:.&68
*!'7/$!806%!1.&/7971./73O!
73!645/715%!D%.&8!@")(;c!(=
(27::%&%3/!1.&/7971.3/8G!")(-c!";!27::%&%3/!1.&/7971.3/8G!")(=c!"T!
27::%&%3/!1.&/7971.3/8B>!I4/!0:!.55!84&M%D8*!739542%2!1$0/08*!0:!'$79$!'%&%!90&&%9/5D!
72%3/7:7%2!.8!8C4.8$!E%%8>!JC4.8$!E%%8!.99043/%2!:0&!0:!E%%8!&%10&/%2!0M%&!/$%!906E73%2!T!
D%.&8!@L7O
4&%!T>,B!.32!'%&%!/$%!608/!906603!/D1%!0:!E%%!&%10&/%2!73!%.9$!D%.&!@")(;c!")(-c!

!(4#$+,%(;3;3(CU+&2R(:%%2(,%"8,*%1(#)(T#/R#$&)(/
8+)*#%23(
F043/7%8!:&06!'$79$!8C4.8$!E%%!
84&M%D8!'%&%!&%9%7M%2*!/$%!346E%&!0:!84&M%D8!84E67//%2!:&06!%.9$!9043/D*!.32!
1&%M7048
!9043/D!
&%90&28!0:!8C4.8$!E%%8!@?B>!#$%!346E%&!0:!27::%&%3/!1.&/7971.3/8!1%&!9043/D!@\B>
!?!/0/.5!0:!+!
84&M%D8!'%&%!&%9%7M%2!:&06!"!
27::%&%3/!1.&/7971.3/8!73!L50D2!F0>!Y327.3.*!E0/$!0:!'$79$!&%10&/%2!
8C4.8$!E%%8
!@L50D2!F0>!Y327.3.!30/!27815.D%2!03!6.1B
>!!!!!!+(!4#$+,%(;3Y3(9."%2(8=(:%%2(,%"8,*%1(:.(/#*#Q%)(2/#%)*#2*23
!#0/.5!346E%&8!0:!8C4.8$!E%%8*!$03%D!
E%%8*!E46E5%!E%%8*!.32!0/$%&!E%%8!0E8%&M%2!ED!
97/7Q%3!897%3/78/8
!M787/73O!9494&E7/!:50'%&8!0M%&!/$%!
8466%&8!0:!")(;*!")(-*!.32!")(=!906E73%2>
!!!!!!+"!!==%/*2(8=(-&)&$%-%)*(",&/*#/%2(8)(2U+&2R(:%%2
3(#$%!346E%&!0:!8C4.8$!E%%!M7
87/8!&%10&/%2!1%&!84&M%D!M.&7%2!.990&273O!/0!/755.O%!/D1%!@
"!!A!((>(-*!2:!A!"*!1!U!)>)(
G!L7O4&%!T>+B>!#$%!
6%.3!346E%&!0:!8C4.8$!E%%8!&%10&/%2!73!:.&68!4873O!30!/755.O%!@6%.3!A!">-H!
±!)>";!@J[BB!'.8!
60&%!/$.3!
T!/76%8!O&%./%&!/$.3!/$%!6%.3!346E%&!73!:455!/75
5.O%
!@6%.3!A!)>="!
±!)>T,!@J[BG!1!A!)>)"B
*!E4/!035D!857O$/5D!O&%./%&!/$.3!73!&%249%2!/755.O%!@6%.3!A!">++!
±!)>"H!@J[BG!1!A!)>;-B>!#$%!6%.3!
346E%&!0:!8C4.8$!E%%8!&%10&/%2!73!&%249%2!/755.O%!
:.&68
!'.8!.E04/!
T!/76%8!O&%./%&!/$.3!73!/$08%!
4873O!:455!/755.O%!@1!A!)>)"B>
!!4#$+,%(;3Z3(CU+&2R(:%%2(:.(*#''&$%(*."%3(
R%.3!
±!J[R!346E%&!0:!8C4.8$!E%%8!&%10&/%2!
73!.!8C4.8$!
E%%
!84&M%D
!903249/%2!ED!97/7Q%3!897%3/78/8
!73!
:.&68
!4873O!
27::%&%3/!/D1%8!0:!/755.O%
*!906E73%2!:0&!T!
D%.&8!@")(;*!")(-*!")(=B>
!!!!!+T!#755.O%!2%1/$!272!30/!.::%9/!8C4.8$!E%%!M787/./703!@
"!!A!">=(*!2:!A!"*!1!A!)>"T
G!L7O4&%!T>HB>!h7^%'78%*!8C4.8$!E%%!M787/./703!272!30/!87O37:79.3/5D!M.&D!ED!6459$!/D1%
!@"!!A!+>=-*!2:!A!T*!1!A!
)>((B!!@L7O
4&%!T>;B>!W0
'%M%&*!/$%!6%.3!346E%&!0:!8C4.8$!E%%8!&%10&/%2!73!/$%!‡_5.8/79V!
@6%.3!A!
,>+)!±!(>H;!@J[BB!
.32!‡_5.8/79!f!_5.3/!R./%&7.5V!
@6%.3!A!T>-H!
±!(>(-!@J[BB!
O&0418!'%&%!60&%!/$.3!
(>+!/76%8!O&%./%&!/$.3!
73!
E0/$!/$%!‡N03%V!
@6%.3!A!">,H!
±!)>T)!@J[BB!
!.32!‡_5.3/!R./%&7.5V!
@6%.3!A!
">TH!±!)>")!@J[BB
!O&0418>!
!!4#$+,%(;3[3(CU+&2R(:%%2(:.(*#''&$%(1%"*R3(
R%.3!
±!J[R!346E%&!0:!8C4.8$!E%%8!&%10&/%2!
73!.!
8C4.8$!E%%
!84&M%D!
903249/%2!ED!97/7Q%3!897%3/78/8!
73!
:.&68
!4873O!
27::%&%3/
!/755.O%!2%1/$
!@96B
*!906E73%2!:0&!
T!D%.&8!@")(;*!")(-*!")(=B>
!!!!!!+,!4#$+,%(;3G3(CU+&2R(:%%2(:.(-+'/R(*."%3(
R%.3!
±!J[R!346E%&!0:!8C4.8$!E%%8!&%10&/%2!
73!.!8C4.8$!
E%%
!84&M%D!
903249/%2!ED!97/7Q%3!897%3/78/8!73
!:.&68
!4873O!
27::%&%3/!6459$73O!1&.9/79%8
*!906E73%2!
:0&!T!D%.&8!@")(;*!")(-*!
")(=B>!!!!!!++!JC4.8$!E%%!M787/./703!'.8!30/!.::%9/%2!ED!738%9/7972%8
!@"!!A!">+T*!2:!A!"*!1!A!
)>"-B*!7&&7O./703
!@"!!A!T>=;*!2:!A!"*!1!A!
)>(,B*!/$%!/D1%!0:!M73%!9&01!0E8%&M%2
!@"!!A!+>H-*!2:!A!T*!1!A!
)>(TB*!0&!.6043/
!0:!.&%.!2%M0/%2!/0!9494&E7/!O&0'/$!@
"!!A!">()*!2:!A!(*!1!A!
)>(+B>!\.8%2!03!?YF!602%5!9061.&7803*!
/755.O%!/D1%!@
#?YF9!A!)>)*!2:!A!H*!'%7O$/!A!)>-+-B!%P15.738!/$%!1.//%&38!73!8C4.8$!E%%!M787/./703!
E%//%&!/$.3!0/$%&!.3.5DQ%2!:.9/0&8!@#.E5%!
T>(B>!!((9&:'%(
;363(?AN(/8-"&,#28)2(8=(\KTT2(*%2*#)$(*R%(
%==%/*2(8=(
1#==%,%)*(/+/+,:#*(-&)&$%-%)*(",&/*#/%2(#)(&(/#*#Q%)(2/#%)/%(
2+,0%.H(5F6G
]5F6J3!d7::%&%3/!:7P%2!%::%9/8!'%&%!9061.&%2!4873O!/$%!
27::%&%39%!73!?YF!@
#?YF9B!E%/'%%3!/$%!602%5!0:!/$%!50'%8/!?YF!.32!
.55!0/$%&!602%58>!?YF!'%7O$/!73279./%8!/$%!1&0E.E75
7/D!/$./!.!602%5!
E%8/!2%89&7E%8!/$%!2./.>!#$%!602%5!'7/$!/$%!50'%8/!
#?YF9!.32!/$%!
$7O$%8/!?YF!'%7O$/!78!.8846%2!/0!
E%//%&!:7/!/$%!2./.!/$.3
!0/$%&!602%58>!
!L7P%2![::%9/
!#?YF9
!2:!K%7O$/
!#755.O%!#D1%
!)>)!H!)>-+-!F494&E7/!?&%.
!;>)!+!)>)"H!N455
!;>)!,!)>)"H!Y&&7O./703
!;>"!H!)>)"T!R459$
!;>T!;!)>)""!p73%!9&01!
0E8%&M%2
!;>H!;!)>)(=!#755.O%!2%1/$
!->T!H!)>)(,!Y38%9/7972%8
!->;!H!)>)((!!!!+H!!==%/*2(8=(-&)&$%-%)*(",&/*#/%2(8)(R8)%.(:%%2H(:+-:'%(:%%2H(&)1(8*R%,(:%%2
3(N0!
&%5./7038$71!'.8!0E8%&M%2!
E%/'%%3!$03%D!E%%!M787/./703!.32!/755.O%!/D1%
!@"!!A!(>,)*!2:!A!
"*!1!A!
)>+)B*!/755.O%!2%1/$
!@"!!A!(>)+*!2:!A!
"*!1!A!)>
+=B*!738%9/7972%8
!@"!!A!(>(T*!2:!A!
"*!1!A!)>
+;B*!7&&7O./703
!@"!!A!)>T)*!2:!A!
"*!1!A!)>
!-HB*!0&!/$%!/D1%!0:!M73%!9&01!0E8%&M%2
!@"!!A!H>+)*!2:!A!T*!1!A!)>)
=G!
#.E5%!
JT>(B>!W0'%M%&*!6459$!.::%9/%2!$03%D!E%%!M787/./703!@
"!!A!(">)"*!2:!A!T*!1!A!)>)(
B>!#$%!6%.3!
346E%&!0:
!$03%D!E%%8!&%10&/%2
!73!:.&68!4873O!15.3/!6./%&7.5!6459$!@6%.3!A!
)>,,!±!)>)H!@J[BB!'.8!
60&%!/$.3!T!/76%8!O&%./%&!/$.3!'$%3!6
459$!@6%.3!A!
)>(T!±!)>),!@J[BB!'.8!30/!1&%8%3/!@1!U!)>)(B>!
N0!0/$%&!87O37:79.3/!27::%&%39%8!'%&%!0E8%&M%2!.603O!6459$!/D1%8*!$0'%M%&*!/$%!6%.3!346E%&!0:!
$03%D!E%%8!0E8%&M%2!'$%3!15.3/!6./%&7.5!.32!15.8/79!
@6%.3!A!
)>TT!±!)>(,!@J[BB!0&!15.8/79!.503%!
@6%.3!A!
)>,)!±!)>,)!@J[BB!'%&%!1&%8%3/!'.8!.11&0P76./%5D!">+
XT!/76%8!O&%./%&!/$.3!'$%3!6459$!
'.8!30/!1&%8%3/!@#.E5%
!JT>(
B>!?M%&.O%!$03%D!E%%!M787/./703!'.8!.580!
"!/76%8!O&%./%&
!'$%3!9494&E7/!
.&%.!'.8!O&%./%&!/$.3!)>,!$%9/.&%8!@6%.3!
A!)>H,!
±!)>",!@J[BB!9061.&%2!/0!5%88!/$.3!)>,!$%9/.&%8!
@6%.3!A!)>T(!
±!)>),!@J[BG!
"!!A!">="*!2:!A!(*!1!A!)>)=
G!#.E5%!
JT>(B>!N0!&%5./7038$71!'.8!0E8%&M%2!
E%/'%%3!E
46E5%!E%%!M787/./703!
.32!/755.O%!/D1%!@
"!!A!">=H*!2:!A!
"*!1!A!)>
"TB*!/755.O%!2%1/$!@
"!!A!+>)+*!2:!A!
"*!1!A!)>
)-B*!6459$!@
"!!A!(>+H*!2:!A!
T*!1!A!)>
H;B*!738%9/7972%8!@
"!!A!T>H"*!2:!A!
"*!1!A!)>
(HB*!0&!7&&7O./703!@
"!!A!,>(T*!2:!A!
"*!1!A!)>
(TB>!Y3/%&%8/73O5D*!E46E5%!E%%!M787/./703!
'.8!T>+!/76%8!O&%./%&!
'$%3!9494&E7/!.&%.!'.8!5%88!/$.3!)>,!$%9/.&%8!@6%.3!A!)>+,!
±!)>)+!@J[BB!9061.&%2!/0!O&%./%&!/$.3!
)>,!$%9/.&%8!@6%.3!A!)>(+!
±!)>()!@J[BG!
"!!A!T>H)*!2:!A!(*!1!A!)>)HB
>!\46E5%!E%%!M787/./703!.580!
M.&7%2!ED!/$%!/D1%!0:!M73%!9&01!0E8%&M%2!
@"!!A!"
)>+H*!2:!A!T*!1!U!)>)(B
>!#$%!6%.3!346E%&!0:!E
46E5%!
E%%
8!0E8%&M%2
!M787/73O!'73/%&!8C4.8$!
M.&7%/7%8!
@)7!%2%/
;!6%.3!A!
)>-)!±!)>)=!@J[B
B!'.8!60&%!/$.3!
/'0!/76%8!O&%./%&!/$.3!'$%3!
67P%2
!M.&7%/7%8!@906E73./703!0:!
)7!%2%/!
.32!
)'*'0,(
G!6%.3!A!
)>T+!±!)>("!@J[BG!1!U
!)>)(B!0&!8466%&!8C4.8$!M.&7%/7%8!
.503%!@
)7!%2%/;
!6%.3!A!
)>TH!±!)>)H!@J[BG!1!U!
!!!+;!)>)(B!'%&%!0E8%&M%2
>!N0!0/$%&!87O37:79.3/!27::%&%39%8!'%&%!:0432!.603O!M73%!9&01!/D1%8G!$0'%M%&*!
/$%!6%.3!346E%&!0:!E46E5%!E%%!M787/8!73!84&M%D8!'$%&%!8466%&!.32!'73/%&!
8C4.8$!:50'%&8!'%&%!
0E8%&M%2!/0O%/$%&
!@6%.3!A!
)>;)!±!)>(-!@J[B
B!'
.8!.11&0P76./%5D
!"!/76%8!O&%./%&!/$.3!'$%3!67P%2!
0&!8466%&!8C4.8$!:50'%&8!.503%!'%&%!0E8%&M%2>!I/$%&!E%%!M787/./703!272!30/!M.&D!ED!6459$!@
"!!A!,>"H*!2:!A!T*!1!
A!)>"TB*!738%9/7972%8!@
"!!A!,>;;*!2:!A!"*!1
!A!)>)=B*!7&&7O./703!@
"!!A!)>+-*!2:!A!"*!1!
A!)>;+B*!0&!/$%!/D1%!0:!!M73%!9&01!0E8%&M%2!@
"!!A!H>);*!2:!A!
T*!1!
A!)>((G!
#.E5%!
JT>(B>!?5/$04O$*!
M787/./703!ED!0/$%&!E%%8
!M.&7%2!.990&273O!/0
!/755.O%!/D1%!@
"!!A!((>),*!2:!A!"*!1!U!)>)(B!
'7/$!/$%!6%.3!
346E%&!0:!0/$%&!E%%8!0E8%&M%2!73!:.&68!4873O!30!
/755.O%!
@6%.3!A!
(>TT!±!)>(,!@J[B
B!.32
!:455!
/755.O%!
@6%.3!A!
(>TH!±!)>T"!@J[B
B!E%73O!.11&0P76./%5D!"!/76%8!O&%./%&!/$.3!73!:.&68!4873O!&%249%2!
/755.O%!
@6%.3!A!
)>H-!±!)>)=!@J[BG!1!U!)>)(G!1!A!)>(H
B>!#755.O%!2%1/$
!.580!.::%9/%2!0/$%&!E%%!M787/./703
!@"!!A!->HH*!2:!A!"*!1!A!)>)(B
!'7/$!/$%!6%.3!346E%&!0:!0/$%&!E%%!M787/8!73!:.&68!4873O
!30!/755.O%!@6%.3!
A!(>TT!±!)>(,!@J[BB!E%73O!.&0432!(>+!/76%8!O&%./%&!/$.3!73!:.&68!'7/$!
TX(+!96!/755.O%!2%1/$
!@6%.3!
A!)>;-!±!)>()!@J[BG!1!A!)>)(
B!0&!(+X"+!96!@
6%.3!A!
)>=H!±!)>",!@J[BG!1!A!)>;(G!
#.E5%!
JT>(B>!!<#2/+22#8)
(#$78!8/42D!'.8!/$%!:7&8/!/0!8499%88:455D!48%!97/7Q%3!897%39%!/0!O./$%&!.!5.&O%!2./.8%/!/0!
%P.673%!.3!.O&7945/4&.55D!
87O37:79.3/!3./7M%!E%%V8!278/&7E4/703!.32!/0!2%/%&673%!$0'!/$%7&!:50'%&!
M787/./703!:&%C4%39D!M.&7%8!.990&273O!/0!9&01!6.3.O%6%3/>!J06%!0:!/$%!8499%88%8!0:!04&!1&0e%9/!
.&%!24%!/0!72%3/7:D73O!.3!.11&01&7./%!/.&O%/!.427%39%!:0&!73M05M%6%3/!'7/$!/$%!1&0e%9/*!.
!/$0&04O$!
M0543/%%&!%249./703!1&09%88*!87615797/D!0:!/$%!84&M%D!1&0/0905
*!.32!%.8%!0:!2./.!84E6788703>!#$%8%!
.550'%2!48!/0!30/!035D!848/.73!/$%!1&0e%9/!:0&!T!D%.&8*!.!503O%&!24&./703!/$.3!6.3D!0/$%&!105573./0&!
97/7Q%3!897%39%!1&0e%9/8!
@"T*,=*+)B*!E4/!739&%
.8%!2./.!9055%9/703!73!%.9$!1&0e%9/!D%.&>!_05573./0&!
97/7Q%3!897%39%!1&0e%9/8!'7/$!60&%!90615%P*!/76%!90384673O!%P1%&76%3/8!/%32!/0!$.M%!1&0E5%6
8!!!!+-!&%/.7373O!0&!739&%.873O!1.&/7971.3/!346E%&8!
@+(B*!'$79$!'.8!03%!0:!/$%!&%.8038!:0&!^%%173O!04&!
1&0/09058!&%5./
7M%5D!87615%>!L0&!%P.615%*!'%!876157:7%2!/$%!2./.!9055%9/703!6%/$028!ED!.8^73O!
1.&/7971.3/8!/0!9043/!E%%8!./!:50'%&8!738/%.2!0:!4873O!E%%!3%8/!9043/!2./.!'$79$!'0452!$.M%!E%%3!
.!60&%!27&%9/!6%.84&%!0:!/$%!761.9/!0:!8075!6.3.O%6%3/!1&.9/79%8*!E4/!
/$78
!'0452
!$.M%!&%C47&%2!
60&%!/76%!.32!%::0&/!:&06!97/7Q%3!897%3/78/8>!L4&/$%&60&%*!
3%8/73O
!2./.!'0452!E%!1&03%!/0!%&&0&!.32!
27::7945/!:0&!48!/0!M%&7:D!M7.!1$0/08>!J739%!8C4.8$!E%%8!81%32!/$%!6.e0&7/D!0:!/$%7&!/76%!73!
)'*'$+,-#!
:50'%&8!.32!/%32!/0!3%8/!9508%!/0!/$%7
&!$08/!15.3/8!
@TTB*!:50'%&!M787/./703!:&%C4%39D!78!57^%5D!27&%9/5D!
&%5./%2!/0!0M%&.55!8C4.8$!E%%!.E432.39%>!Y3!.227/703!/0!.2e48/73O!8.61573O!6%/$028!/0!/$%!.E757/D!
5%M%5!0:!1.&/7971.3/8*!7390&10&./73O!/%9$3050O79.5!.2M.39%8!
'%&%
!.580!7610&/.3/!:0&!8499%88
!.8!$.8!
E%%3!2%6038/&./%2!73!1&%M7048!97/7Q%3!897%39%!8/427%8!
@+"B>!K%!48%2!86.&/1$03%8!.8!04&!1&76.&D!
6%/$02!:0&!2./.!9055%9/703!.32!1$0/0!84E6788703!.8!6.3D!0:!04&!97/7Q%3!897%3/78/8!'%&%!:.6757.&!
'7/$!/$78!/%9$3050OD>!#0!^%%1!/$%!84&M%D!&%5./7M%5D!8$0&/
*!'%!067//%2!806%!C4%8/7038!/$./!'0452!
$.M%!1&0M72%2!48!'7/$!M.54.E5%!2./.*!:0&!%P.615%*!&%90&273O!8075
X/D1%*!/76%
!0:!2.D*
!'%./$%&!
90327/7038*!
:50'%&!8%P*!.32!:50'%&!.E432.39%
!'0452!$.M%!.550'%2!48!/0!.38'%&!.227/703.5!
C4%8/7038>!d%817/%!/$%8%!5767/./7038*
!'%!:732!/$./!97/7Q%3!897%3/78/8!.&%!%.O%&!/0!E%!73M05M%2!'7/$!
/$%8%!/D1%8!0:!2./.!9055%9/703!%::0&/8!.32!/$./!/$%D!9.3!903/&7E4/%!M.54.E5%!73:0&6./703!/0!897%39%>!
!!I4&!84&M%D!:0948%2!6.735D!03!8075!6.3.O%6%3/!6%/$028!E%9.48%!0:!/$%!3%%2!/0!E%//%&!
432%&8/
.32!/$%7&!73/76./%!73/%&.9/7038!'7/$!O&0432
X3%8/73O!E%%8>!?8!8075!9038%&M./703!6%/$028*!
849$!.8!8/&71
X/755.O%*!O.73!60&%!.99%1/.39%!73!.O&7945/4&%!
@+T<++B*!/$%7&!761.9/8!03!E%3%:797.5!
.&/$&01028!3%%2!/0!E%!%M.54./%2>!#$%!.6043/!0:!.&%.!.32!2%1/$!0:!8075!27
8/4&E.39%!.8!'%55!.8!
6459$73O!1&.9/79%8!'%&%!04&!1&76.&D!73/%&%8/8*!8739%!/$%8%!.&%!57^%5D!/0!2%8/&0D!3%8/8!0&!73/%&:%&%!
'7/$!3%8/73O!E%$.M70&>!J4&M%D!&%845/8!84OO%8/!/$./!03!.M%&.O%*!:50'%&8!73!303
X/755%2!:.&68!&%9%7M%2!
.11&0P76./%5D!/$&%%!/76%8!60&%!8C4.
8$!E%%!M787/8!/$.3!'$%3!:455!/755.O%!'.8!48%2>!#$78!78!
!!!+=!90394&&%3/!'7/$!1&%M7048!
8/42D!
&%845/8!/$./!.580!:0432!739&%.8%2!8C4.8$!E%%!:50'%&!M787/./703!
@T"B!.32!0::81&73O!%6%&O%39%!
@T(B!'$%3!8075!'.8!30/!/755%2>!?227/703.55D*
!84&M%D8!0:!:50'%&8!03!&%249%2!
/755.O%!:.&68!
&%10&/%2!035D!857O$/5D!:%'%&!.M%&.O%!8C4.8$!E%%!M787/8!/$.3!30!/755!84&M%D8!'$79$!
73279./%8!/$./!E0/$!0:!/$%8%!1&.9/79%8!9.3!903/&7E4/%!/0!8C4.8$!E%%!10145./703!9038%&M./703!./!
87675.&!5%M%58>!
!Y/!78!10887E5%!/$./!/755.O%!78!90&&%5./%2!'7/$!0/$%
&!/D1%8!0:!6.3.O%6%3/!1&.9/79%8!/$./!.&%!
&%810387E5%!:0&!9$.3O%8!73!8C4.8$!E%%!.E432.39%*!849$!.8!9&01!&0/./703!0&!738%9/7972%!48%>!
F03872%&73O!/$./!8C4.8$!E%%8!3%8/!9508%!/0!/$%7&!$08/!15.3/8!
@TTB!.32!/$./!
)'*'$+,-#
!9&018!.&%!
/D179.55D!
&0/./%2*!/$%!
346E%&!0:!8C4.8$!E%%8!M787/73O!:50'%&8!78!57^%5D!73:54%39%2!ED!/$%!
6.3.O%6%3/!0:!1&%M7048!D%.&V8
!:7%528*!.32!/$%!278/.39%!E%/'%%3!/$%8%!.32!94&&%3/!15.3/73O8>!#$78!
$7O$57O$/8!/$%!&%5%M.39%!0:!O&0432!6.3.O%6%3/!30/!035D!'7/$73!7327M724.5!:7%528!E4/!./!/$%!:
.&6!
5%M%5>!
W0'%M%&*!1&%M7048!&%8%.&9$!2%6038/&./73O!87O37:79.3/!761.9/8!03!8C4.8$!E%%!.E432.39%!24%!
/0!8075!6.3.O%6%3/!906E73%2!'7/$!.!5.9^!0:!0E8%&M%2!761.9/8!03!O%3%&.578/!105573./0&8!57^%!$03%D!
E%%8!.32!E46E5%!E%%8!84OO%8/8!/$./!.5/$04O$!0/$%&!:0&68!0:!
:.&6!6.3.O%6%3/!6.D!$.M%!806%!
761.9/!03!8C4.8$!E%%8*!8075!/755.O%!78!57^%5D!/0!76108%!8/&03O!%::%9/8!
@T"B>!J/&71
X/755.O%!78!0:/%3!.99061.37%2!ED!/$%!1&%8%39%!0:!90M%&!9&01!&%8724%8!@6459$B!E%/'%%3!
8/&718!0:!/755%2!8075!'$79$!9.3!$%51!6.73/.73!8075!6078/4&%
*!&%249%!8075!%&08703
*!.32
!73$7E7/
!'%%2!
8%%2!O%&673./703!
@+HB>!K%!272!30/!0E8%&M%!.!87O37:79.3/!2%9&%.8%!73!.M%&.O%!8C4.8$!E%%!M787/./703!
'$%&%!6459$!'.8!1&%8%3/*!E4/!&./$%&!.!346%&79.5!739&%.8%>!?5/$04O$!/$78!739&%.8%!'.8!30/!
8/./78/79.55D!87O37:79.3/*!0M
%&.55*!6459$!272!30/!.11%.&!/0!73$7E7/!0&!2%/%&!8C4.8$!E%%8!:&06!M787/73O!
:50'%&8>!#$78!78!.3!7610&/.3/!:73273O!8739%!'%!%P1%9/%2!/$./!6459$!6.D!2%/%&!:%6.5%8!:&06!27OO73O!
3%8/8*!'$79$!.&%!/D179.55D!0E8%&M%2!73!E.&%!8075!
@"-B>!F03M%&8%5D*!04&!&%845/8!84OO%
8/!/$./!8C4.8$!
!!!H)!E%%8!
6.D!8499%88:455D!E4752!3%8/8!2%817/%!/$%!1&%8%39%!0:!6459$!'$79$!78!87675.&!/0!1&%M7048!
0E8%&M./7038!'$%&%!8C4.8$!E%%8!3%8/%2!73!M%O%/./%2!8075!
@+;B>!!J4&1&7873O5D*
!/755.O%!2%1/$!$.2
!30!0E8%&M%2
!%::%9/!03!8C4.8$!E%%!:50'%&!M787/./703!.5
/$04O$!
'%!%P1%9/%2!/$./!8$.550'%&!/755.O%!6.D!5%.2!/0!739&%.8%2!8C4.8$!E%%!M787/./703!24%!/0!9038%&M./703!
0:!3%8/8>!Y/!78!10887E5%!/$./!.5/$04O$!2%%1%&!/755.O%!2%8/&0D8!60&%!8C4.8$!E%%!3%8/8!7/!78!30/!27&%9/5D!
&%5./%2!/0!E%%!346E%&8!9043/%2!./!:50'%&8!7:!E
%%8!3%8/!73!/$%!:7%52!1%&76%/%&8!'$%&%!/$%D!.&%!
1&0/%9/%2!:&06!8075!278/4&E.39%>!Y3!.227/703*!7/!6.D!$.M%!E%%3!27::7945/!:0&!806%!97/7Q%3!897%3/78/8!
/0!.994&./%5D!.11&0P76./%!/755.O%!2%1/$*!&%845/73O!73!678
X9./%O0&7Q./7038>!W0'%M%&*!903872%&73O!
8C4.8$!E%%!
.E432.39%!'.8!87O37:79.3/5D!50'%&!73!:455D!/755%2!
:7%528
*!/$%!.6043/!0:!/755%2!.&%.!6.D!
$.M%!.!O&%./%&!761.9/!/$.3!/$%!2%1/$!0:!/755.O%>!I4&!&%845/8!84OO%8/!/$./!73!9&018!'$%&%!/755.O%!78!
3%9%88.&D*!&%249%2!/755.O%!9.3!1&0M72%!87675.&!5%M%58!0:!3./7M%!8075
!3%8/73O!E%%!9038%&M./703!
9061.&%2!
/0!30!/755.O%>!
!F7/7Q%3!897%39%!'.8!
.580!
.3!%::%9/7M%!6%.38!0:!%P.67373O!/$%!
94&&%3/!
O%0O&.1$79!&.3O%!0:!
/$%
!8C4.8$
!E%%!E%9.48%!0:!
/$%!&%5./7M%5D!
E&0.2!1.&/7971./703
!73!04&!8/42D
>!F7/7Q%3!897%3/78/8!&%10&/%2!
;!3%'!9043/D!
&%90&28!:0&!/$78!81%97%8*!.32!'$75%!O%0O&.1$79!&.3O%!%P1.38703!6.D!E%!&%810387E5%!
:0&!849$!1.//%&38*!'%!$D10/$%87Q%!/$./!.!60&%!57^%5D!%P15.3./703!78!.!5.9^!0:!$78/0&79.5!&%10&/8!.32b0&!
.3!739&%.8%!73!/$%!346E%&!0:!86.55!0&O.379!:.&68!73!R79$7O.3!'$79$!60&
%!0:/%3!1&.9/79%!:.&6!
6.3.O%6%3/!6%/$028!/$./!9.3!1&060/%!3./7M%!E%%8!
@+-<H)B>!!Y3!04&!84&M%D*!8C4.8$!E%%8!'%&%!0E8%&M%2!M787/73O
!:50'%&8!.E04/!T
X,!/76%8!60&%!0:/%3!/$.3!
$03%D!E%%8*!E46E5%!E%%8*!0&!0/$%&!E%%8*!9061&7873O!60&%!/$.3!0:!/$%!/0/.5!346E%&!0
:!E%%8!
&%10&/%2!@L7O!,
B>!K%!272!30/!%P1%9/!/$./!$03%D!E%%8!'0452!&%81032!/0!6459$73O!0&!/755.O%!E%9.48%!
/$%D!.&%!30/!O&0432!3%8/73O!E%%8!.32!/$%&%:0&%!20!30/!27&%9/5D!73/%&.9/!'7/$!/$%!8075>!K%!0E8%&M%2!
.!1087/7M%!%::%9/!0:!15.3/!6459$%8!03!$03%D!E%%!.E432
.39%!'$79$!6.D!E%!24%!/0!.3!7327&%9/!761.9/!
!!!H(!0:!8075!6.3.O%6%3/!1&.9/79%8!03!/$%8%!E%%8!/$&04O$!.::%9/73O!15.3/!$%.5/$!0&!:50'%&!.E432.39%>!
\46E5%!E%%8!272!30/!&%81032!/0!O&0432!6.3.O%6%3/!1&.9/79%8*!.32!.5/$04O$!/$%D!.&%!O&0432!
3%8/73O!E%%8*!/$%D!9.3!90M%&
!503O!278/.39%8!24&73O!:0&.O73O!.32!.&%!57^%5D!3%8/73O!04/872%!0:!8C4.8$!
:7%528!
@T"*H(<HTB>!#$%!0M%&.55!5.9^!0:!&%81038%!ED!$03%D!.32!E46E5%!E%%8!/0!608/!8075!6.3.O%6%3/!
1&.9/79%8!90452!.580!E%!E%9.48%!/$%D!.&%!27%/.&D!O%3%&.578/8!:%%273O!03!0/$%&!.M.75.E5
%!804&9%8!0:!
1055%3!.32!3%9/.&!
@H,B>!?227/703.55D*!$03%D!E%%8!73!1.&/7945.&!M787/!8C4.8$!:50'%&8!1&76.&75D!:0&!
3%9/.&!.8!73279./%2!ED!/$%7&!1&%:%&%39%!:0&!178/755./%!8C4.8$!:50'%&8!
@H+B>!#$%&%:0&%*!8C4.8$!:50'%&!
.E432.39%*!C4.57/D*!!.32b0&!:7%52!.//&7E4/%8
!279/./%2!ED!8075!6.3.O%6%3/!6.D!E%!5%88!9038%C4%3/7.5!
:0&!/$%8%!E%%8>!
!Y3!8466.&D*!7
615%6%3/73O!6.3.O%6%3/!1&.9/79%8!849$!.8!&%249%2!/755.O%!9.3!$%51!
9038%&M%!3./7M%!E%%8!ED!1&0M7273O!847/.E5%!3%8/73O!$.E7/./!.32!.550'!:.&6%&8!/0!/.^%!.2M.3/.O%!0:!
3./4&.5
!105573./703!8%&M79%8>!
d%9573%8!73!E0/$!3./7M%!.32!6.3.O%2!E%%8!$7O$57O$/!/$%!3%%2!/0!
739&%.8%!/$%8%!/D1%8!0:!9038%&M./703!%::0&/8
!@HH<H-B!.32
!303X/&.27/703.5!897%3/7:79!6%/$028!57^%!
97/7Q%3!897%39%!9.3!1&0M72%
!3%'!8054/7038>!d%817/%!7/8!5767/./7038*!97/7Q%3!897%39%!$.8!1&0M%3!/0!E%!
.3!%::%9/7M%!/005!.32!7/!8$0452!E%!4/757Q%2!'$%3!10887E5%!24%!/0!7/8!.E757/D!/0!D7%52!5.&O%!.6043/8!0:!
C4.57/D
!2./
.!.32!1&0M72%!97/7Q%38!'7/$!.3!761%/48!:0&!.9/703!/0'.&28!7884%8!57^%!3./7M%!105573./0&!
9038%&M./703>!
!!!!H"!?77!@<AB
!!!HT!4#$+,%(C
;363(CU+&2R(:%%(2+,0%.(=#''%1(8+*(:.(/#*#Q%)(2/#%)*#2*2H(5F6G(
^(5F6J3(C+,0%.2(>%,%
(84E67//%2
!M7.!.!86.&/1$03%!.11
579./703*
!'%E!E&0'8%&
*!0&!6.75
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`()*$'*&]#9$,"&73#-#33#;O&(7*,()$"^I&_____________________________________________&aW/$*&$3#&*/#&"$%*&Q&;,5,*%&(-&.(+3&7/()#&)+92#3b&&__________________&aW/$*&0,)#&'3(7%&$3#&53(U)&,)&*/#&5$3;#)b&&]`/#'Z&$""&*/$*&$77".^&!!=+99#3&=1+$%/&]H#""(UO&<+''/,),O&!$**.7$)O&`3((Z)#'ZO&#*':^&!!W,)*#3&=1+$%/&]S+**#3)+*O&6'(3)O&S+**#3'+7O&X#",'$*$O&F+22$3;O&c$2('/$O&!+97Z,)O&=7$5/#**,O&#*':^&!!`+'+92#3&]=$"$;O&!,'Z",)5O&=",',)5O&#*':^&!!J#"()&]`$)*$"(+7#O&F()#.;#UO&J+%Z9#"()O&W$*#39#"()O&#*':^&aX(&.(+&'()%,;#3&.(+3%#"-&$)&(35$),'&53(U#3b&!!H#%&!!C(&aW/$*&*.7#&(-&*,""$5#&;(&.(+&+%#b&!!N+""&A,""$5#&]Kdde&%(,"&'+"*,0$*,()^&!!?#;+'#;&A,""$5#&]7$3*,$"&%(,"&'+"*,0$*,()^&!!C(&A,""$5#&])(&'+"*,0$*,()^&aW/$*&,%&.(+3&*,""$5#&;#7*/&],)'/#%^b&!!d&!!Kfg&!!hfKd&!!KKfLd&aF(U&9$).&*.7#%&(-&0#5#*$2"#&'3(7%&;(&.(+&53(Ub&&_________________________________&aW/$*&,%&*/#&*(*$"&$3#$&(-&.(+3&5$3;#)i-$39b&!!j&K&$'3#&!!K&f&g&$'3#&!!k&K&$'3#&aF(U&9+'/&$3#$&;(&.(+&53(U&'+'+32,*%&()b&!!j&d:g&$'3#&!!d:g&f&K&$'3#&!!k&K&$'3#&aF(U&;(&.(+&,33,5$*#&.(+3&0,)#&'3(7%b&]`/#'Z&$""&*/$*&$77".^&!!A3,'Z"#iX3,7&!!Y0#3/#$;i=73,)Z"#3iS.&/$);&!!C()#&aW/$*&,)%#'*,',;#%&;(&.(+&+%#&()&.(+3&0,)#&'3(7%b&]`/#'Z&$""&*/$*&$77".^&!!6773(0#;&-(3&(35$),'&+%#O&S,(7#%*,',;#%&!!?#%*3,'*#;&+%#&(3&'()0#)*,()$"&%.)*/#*,'&7#%*,',;#%&!!C()#&aW/$*&*.7#&(-&9+"'/&;(&.(+&+%#&U,*/&.(+3&'+'+32,*&7"$)*%b&]`/#'Z&$""&*/$*&$77".^&!!!"$%*,'&!!!"$)*&J$*#3,$"&!!C()#&!"#$%&
%!!!H,!4#$+,%(C;36(
V/8)*_1
W(!!!!"#$%
#&'()*$'*&+%
&,-
&.(+&/$0#&
$).&1+#%
*,()&$2
(+*&*/#&%
+30#.&4(5$)&677#)-#""
#3&$*&$77
#)-#"89%+:#;+&(3&<%(-,$&=>#);3#,&$*
&%>#);3
#,8
9%+:#;+&&?@AB?CDCE&AF@&=B?G@HI&!"#$%
#&@J6D4&*/,%&%+30#.&*(&<%(-,$&=>#);3#,&$*&%>#);3#,8
9%+:#;+&(3&J6D4&*(&KKLM&N$39&4$)#O&?((9&PQRO&@
$%*&4$)%,)5&JD&Q
RRLQ&!""
#$%&"'()*+,-#.',*
,/,0#!"#$%#&(2%#30#&S&-"(T#3%&()&.(+3&0,)#&'3(7&;+3,)5&7#$U&2"((9:&&&V2%#30#&#$'/&-"(T#3&-(3&K&9,)+*#O&
-(3&$&*(*$"&(
-&S&9,)+*#%:&&&6;;&+7&*/#&)+92#3&(-&2##%&(2%#30#;&;
+3,)5&*/#&S&9,)+*#&(2%#30$*,()&$);&3#'(3;&,)&*/#&'$*#5(3,#%
&2#"(
T:&&!"#$%#&$0(,;&'(+)*,)
5&*/#&%$9#&2##&*T,'#:&W##&
(2%#30$*,()%&%/(+";&()".&2#&;()#&,)&*/#&9(3),)5&(-&%+)).&;$.%&T,*/
&)(&9(3#&*/$)&",5/*&T,);%O&$,3&*#97#3$*+3#&%/(+";&2#&XYN&(3&$2(0#:&H(+&'$)&%+29,*&$%
&9$).&(2%#30$*,()%&$%&.(+&T(+";&",U#
:&&N(3&#$'/&(2%#30$*,()O&7"#$%#&+%#&$&)#T&(2%#30$*,()&-(39:&!"#$%#&'$*#5(3,>#&
2##%&,)*(&()#&(-&Q&53(+7%I&&12)&34#3,-"54#%26%0"4#,*3"'&A(&%##&7,'*+3#%&(-&2##%&$);&5#*&/#"7
&T,*/
&,;#)*
,-,'$*,()&5(&*(&/**7%IZZ5((:5"ZH2YGN=&A(&T$*'/&$&0,;#(&$2(+*&%
1+$%/&2##%&0%:&/()#.&2##%&5(&*(&/**7%IZZ.(+*+:2#Z$LB'5?[M+5@&\]$*#I&^^^^^^^^^^^^^^^^^^^^^^^^^^^^^&\_/$*&,%
&*/#&)#$3#%*&*(
T)Z',*.&
*(&.(+3&'+33#)*
&"('$*,()`&aA(T)Zb,*.O&
=*$*
#c&^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^&\_/$*&0
,)#&'3(7&$3#&.(+&(2%#30,)5`&!!=+99#3&=1+$%/&aH#""(
TO&<+''/,),O&!
$**.7$)O&b3((U)#'UO&#*':c&!!_,)*#3&=1+$%/&aW+**#3)+*O&6
'(3)O&W+**#3'+7O&]#",'
$*$O&F
+22$3;O&d$2
('/$O&
!+97U,)O&=7$5/#**,O&#
*':c&!!b+'+92#3&a=$"$;
O&!,'U",)5O&=",'
,)5O&#*':c&!!J#"(
)&ab$)*$"(
+7#O&
F()#.;#TO&J+%U9#"(
)O&_$*#39#"(
)O&#*':c&&&e&(-&=1+$%/&W##
&e&(-&F()#.&W##
&e&(-&W+92"#&
W##
&e&(-&V*/#3&W##%
&N"(
T#3&e&K&&&&&N"(
T#3&e&L&&&&&N"(
T#3&e&P&&&&&&N"(
T#3&e&Q&&&&&N"(
T#3&e&S&&&&&&&!"#$%&
%!"#"$%&'
"!!!H+!9&:'%(C
;363(<&*&(2+--&,.(&)1(,%2+'*2(8=(2*&*#2*#/&'(&)&'.2%2(=8,(R8)%.(:%%2H(:+-:'%(:%%2H(
&)1(8*R%,(:%%23(
N46E%&!0:!0E8%&M./7038!ED!9494&E7/!6.3.O%6%3/!6%/$02
!.32
!6%.3!
±!J[R*!j&48^.5
XK.5578!/%8/!&%845/8!:0&!$03%D!E%%8*!E46E5%!E%%8*!.32!0/$%&!E%%8!73!.!97/7Q%3!897%39
%!84&M%D!
903249/%2!
73!
")(;X")(=>!J7O37:79.3/!1.7&'78%!27::%&%39%8!.603O!:.9/0&!5%M%58!'%&%!2%/%&673%2!
4873O!d433V8!/%8/!.32!.&%!73279./%2!ED!2
7::%&%3/!5%//%&8!:0550'73O!6%.3!
±!J[R!M.54%8!
@!!U!)>)+B>!(!((((((((((((((((((((((((((((((((((((((((!"#$%&'(
)#!"#$%&'()'($*%&+,-.(/*'$0'1"1"&$.-'#,/,2%#%/-'#%-3(45'#%,/'
'6785
',/4'
9&"*:,;
<=,;;.*
'-%*-'&%*";-*')(&'
3(/%0'$%%*5'$"#$;%'$%%*5',/4'(-3%&'$%%*'./','1.-.>%/'*1.%/1%'*"&+%0'1(/4"1-%4'?@A
B<?@ACD'6.2/.).1,/-'
E,.&F.*%'4.))%&%/1%*'
,#(/2
'),1-(&'
;%+%;
*'F%&%
'
-%*-'
,/4'
,&%'./4.1,-%4'$0'4
.))%&%/-';%--%&*')(;;(F./2'#%,/'
'678'+,
;"%*
'GHD'
#''$*''%+(#,-.(
#'''!''/01(
#2(345(3
#64''
###37#!"8%'4(
#901(-#&((:
#!'A@C'CB'AC''''''#%,/'
'678
'@D?C''@D@I'@DJJ''@D@I'@DKB''@DAL''ADK@'?'@DM@';4<&'(#&((:
#!'A@J'A@A'?K''''''#%,/'
'678
'@DKJ''@D@I'@DML''@D@B'@DIB''@DAB''?DCI'?'@D?J'=,>(?#&((:
#!'AA@'AAA'?M''''''#%,/'
'678
'ADJJ''@DAK,'@DIL''@D@C$'ADJI''@DJ?,$
''AAD@K'?'N@D@A
''''$*''%+(#3(.,>#@5<A
#'''!''B#CD"E#"FDGF###37#!"8%'4(
#901(-#&((:
#!'A@C'CI'?@'''''##%,/'
'678
'@D?C''@D@I'@DJM''@D@I'@DJM''@DAJ''AD@M'?'@DMC';4<&'(#&((:
#!'A@J'A@?'?J'''''##%,/'
'678
'@DKJ''@D@I'@DIM''@D@L'@DJC''@DAK''MD@M'?'@D@L'=,>(?#&((:
#!'AA@'AA?'?K'''''##%,/'
'678
'ADJJ''@DAK,'@DBL''@DA@$'@DCI''@D?K,$
''LDII'?'@D@A''''H4'5>
#'''''/01(
#I'%1,
#I'%:,*5
#I'%:,*5#J#I'%1,
##37#!"8%'4(
#901(-#&((:
#!'BL'A?K'M'AL''''##%,/'
'678
'@DAJ''@D@K,'@DKK''@D@I$'@DK@''@DK@,$
'@DJJ''@DAK,$
'A?D@?'J'N@D@A
';4<&'(#&((:
#!'BC'AAC'I'?K''''##%,/'
'678
'@DMI''@D@L'@DMJ''@D@B'@DJJ''@DJJ'@DK?''@DAJ'ADMI'J'@DIB'=,>(?#&((:
#!'LA'AJM'I'?K''''##%,/'
'678
'@DLM''@DA?'ADAC''@DA?'ADLJ''@DCA'@DIJ''@DAI'KD?I'J'@D?J''''K??*+%,*01
##'''''=8(?>(%3
#L?*.
#=8(?>(%3#J#L?*.
###37#!"8%'4(
#901(-#&((:
#!'ABL'JB'A@'''''##%,/'
'678
'@DJA''@D@M'@DJB''@DAA'@DJ@''@DAM''@DJ@'?'@DLI';4<&'(#&((:
#!'ABI'JC'AJ'''''##%,/'
'678
'@DMB''@D@I'@DKA''@DAA'@D?J''@DA?''KDAJ'?'@DAJ'=,>(?#&((:
#!'AC@'KJ'AJ'''''##%,/'
'678
'AD@A''@D@C'AD?A''@D?J'AD@@''@D?J''@DML'?'@DBM''''''''''K1:(5,*5*3(:
#''''''/01(
#=?+%1*5
#M018(1,*01%'
###37#!"8%'4(
#901(-#&((:
#!'ALK'JA'A@'''''##%,/'
'678
'@DJA''@D@K'@DK?''@DA?'@DJ@''@D?A''ADAJ'?'@DMB';4<&'(#&((:
#!'ALA'JK'AJ'''''##%,/'
'678
'@DMI''@D@I'@D?C''@D@C'@DI?''@D?A''JDI?'?'@DAI'=,>(?#&((:
#!'ACI'JM'AM'''''##%,/'
'678
'ADAK''@DA@'@DIJ''@DAM'@DIB''@D?J''KDBB'?'@D@C'#'''''''''M454?&*,#%?(%#@>(5,%?(A
#'''''''N#B)E
#O#B)E
####37#!"8%'4(
#901(-#&((:
#!'?AK'AA''''''##%,/'
'678
'@DJA''@D@K'@DIK''@D?K'''?DC?'A'@D@C';4<&'(#&((:
#!'?AM'AJ''''''##%,/'
'678
'@DMK''@D@M'@DAM''@DA@'''JDI@'A'@D@I'=,>(?#&((:
#!'?J?'AK''''''!!!HH!9&:'%(C;36(
V/8)*_1
W((!!"#$%!
!&'(
!)*+,!!+*+-!+*.-!!+*)-!!!+*+)!)!+*-/!!!!!!!!!!!"#$%&'()%(*+$',$-
%!!!!!."/$-
%0122$'
%0122$'%3%4"#5$'
%4"#5$'
%%-6%!",781$
%9(#$:%*$$+
%0!/1!)+.!)2!,1!!!!%"#$%!
!&'(
!+*3-!!+*))!+*3,!!+*+,!+*1+!!+*).!+*4+!!+*+2!,*1+!/!+*+-!;12*8$%*$$+
%0!/4!)+1!3+!,-!!!!%"#$%!
!&'(
!+*/1!!+*)3$!+*/,!!+*+,$!+*.+!!+*)2$5
!+*2+!!+*+-5!3+*1,!/!6+*+)
!<5=$'%*$$+
%0!/-!))/!3+!.4!!!!%"#$%!
!&'(
!+*-1!!+*3)!)*3)!!+*)/!)*)+!!+*/+!+*2)!!+*)4!,*+.!/!+*))!!!!H;!KA9!L?9ML!(NA9!<
!!!H-!KA9!L?9ML!(NA9!<
(!!!(>!j%M.3!_l*!p7.3.!\L>!#$%!O50E.5!2%9573%!0:!105573./703!8%&M79%8>!\7027M%&87/D>!"))TG!,@,Bc!T
<->!!!">!j5%73!?
XR*!p.7887%&%!\[*!F.3%!gW*!J/%::.3
Xd%'%3/%&!Y*!F43373O$.6!J?*!j&%6%3!F*!%/!.5>!
Y610&/.39%!0:!105573./0&8!73!9$.3O73O!5.3289.1%8!:0&!'0&52!9&018>!_&09%%2
73O8!0:!/$%!]0D.5!
J097%/D!\c!\7050O79.5!J97%39%8>!"));G!";,@(H)-Bc!T)T
<(T>!!!T>!]%C47%&!L*!l.&3%&D!h*!j0$5!_h*!Ne0M4!Wj*!_7&^!FKK*!F&%'%!]R*!%/!.5>!#$%!F038%&M./703!
0:!N./7M%!W03%D!\%%8!Y8!F&497.5>!#&%328![905![M05>!")(=G!T,@=Bc!;-=
<=->!!!,>!M.3[3O%5820&1!d*!#&.
D30&!jJ*!?32&%%!R*!h79$/%3E%&O![R*!F$%3!z*!J.%O%&6.3!F*!%/!.5>!
F0503D!F055.18%!d780&2%&!@FFdB!.32!E%%!.O%!761.9/!$03%D!E%%!1./$01$D87050OD>!_hIJ!IN[>!
")(;G!("@;Bc!%)(;=+T+>!
!!+>!j45$.3%^!j*!J/%73$.4%&!N*!]%3379$!j*!F.&03!dR*!J.O757!]]*!_%//78!gJ*![5578!gd*!K7
5803!R[*!
K75^%8!g#*!#.&1D!d]*!]08%!]>!?!3./703.5!84&M%D!0:!6.3.O%2!$03%D!E%%!")(+
<")(H!.334.5!
90503D!5088%8!73!/$%!uJ?>!g04&3.5!0:!?17945/4&.5!]%8%.&9$>!")(;!?4O!-G!+H@,Bc!T"-
X,)>!!H>!K73:&%%!]*!?O475.&!]*!kC4%Q!d_p*!h%E4$3!l*!?7Q%3!R?>!?!6%/.
X.3.5D878!0:!E%%
8V!&%81038%8!
/0!.3/$&010O%379!278/4&E.39%>![9050OD>!"))=G!=)@-Bc!")H-
<;H>!!!;>!F033%55D!W*!_0M%2.!j*!h0%E!l>!h.3289.1%!876157:79./703!2%9&%.8%8!'752!E%%!105573./703!
8%&M79%8!/0!8/&.'E%&&D>!?O&7945/4&%*![908D8/%68!…![3M7&036%3/>!")(+G!"((c!+(
<H>!!!->!\&7//.73!F?*
!p7O$7!R*!\066.&90!]*!J%//%5%!g*!_0//8!Jl>!Y61.9/8!0:!.!1%8/7972%!03!105573./0&!
81%97%8!&79$3%88!./!27::%&%3/!81./7.5!89.5%8>!\.879!?115![905>!")()G!((@"Bc!()H
<(+>!!!=>!]0O%&8!J]*!#.&1D!d]*!\4&&.9^!Wg>!\%%!J1%97%8!d7M%&87/D![3$.39%8!_&0249/7M7/D!.32!J/.E757/D
!73!.!_%&%337.5!F&01>!_hIJ!IN[>!")(,G!=@+Bc!%=;T);>!
!!()>!Y8..98!]*!j7&^!?j>!_05573./703!8%&M79%8!1&0M72%2!/0!86.55!.32!5.&O%!$7O$E48$!E54%E%&&D!:7%528!
ED!'752!.32!6.3.O%2!E%%8>!g!?115![905>!")()G!,;@,Bc!-,(
<=>!!!((>!R.9Y3378!l*!L0&&%8/!g]j>!_05573./703!ED!'752!E%
%8!D7%528!5.&O%&!8/&.'E%&&7%8!/$.3!105573./703!
ED!$03%D!E%%8>!g!?115![905>!")(=G!+H@,Bc!-",
<T">!!!(">!l&%%35%.:!JJ*!j&%6%3!F>!K752!E%%!81%97%8!739&%.8%!/06./0!1&0249/703!.32!&%81032!27::%&%3/5D!
/0!84&&043273O!5.32!48%!73!N0&/$%&3!F.57:0&37.>!\705!F038%&M>!"))H
G!(TT@(Bc!-(
<;>!!!(T>!W0%$3!_*!#89$.&3/^%!#*!#D57.3.^78
!gR*!J/%::.3
Xd%'%3/%&!Y>!L439/703.5!O&041!27M%&87/D!0:!E%%!
105573./0&8!739&%.8%8!9&01!D7%52>!_&09%%273O8!0:!/$%!]0D.5!J097%/D!\c!\7050O79.5!J97%39%8>!
"))-G!";+@(H,-Bc!""-T
<=(>!!!!!H=!!(,>!\089$!g*!\5.8!R>!L0&.O73O!\%$.M704&!.32!_05573./73O![::797%39D!0:!I867.!90&34/
.!.32!?178!
6%557:%&.!03!?56032!@WD6%301/%&.*!R%O.9$7572.%!.32!?172.%B>!?115![3/0605!k005>!(==,G!
"=@(Bc!(
<=>!!!(+>!j5%73!?*!J/%::.3
<d%'%3/%&!Y*!#89$.&3/^%!#>!L&47/!8%/!0:!$7O$5.32!90::%%!739&%.8%8!'7/$!/$%!
27M%&87/D!0:!105573./73O!E%%8>!_&09%%273O8!0:!/$%!]0D.5
!J097%/D!\c!\7050O79.5!J97%39%8>!"))TG!
";)@(+(-Bc!=++
<H(>!!!(H>!K.O3%&!dh>!Y38%9/!2%9573%8!73!/$%!?3/$&0109%3%>!?334.5!&%M7%'!0:!%3/06050OD>!")(=!I9/G!
H+>!!(;>!j$.&04E.!WR*!h%'/$'.7/%!gR*!l4&.5379^!]*!j%&&!g#*!p%55%32!R>!u873O!738%9/!3./4&.5!$78/0&D!
9055%9/7038!/0
!8/42D!O50E.5!9$.3O%!761.9/8c!9$.55%3O%8!.32!0110&/437/7%8>!_$750801$79.5!
#&.38.9/7038!0:!/$%!]0D.5!J097%/D!\>!")(=!g.3!;G!T;,@(;HTBc!")(;),)+>
!!(->!l.&273%&!RR*!?55%%!hh*!\&0'3!_R*!h08%D!g[*!]0D!W[*!J6D/$!]]>!h%88038!:&06!5.2D!
E%%/5%8c!.994&.9D!0:!6037/0&73O!
2./.!:&06!uJ!.32!uj!97/7Q%3
X897%39%!1&0O&.68>!L&03/![905!
[3M7&03>!")("G!()@=Bc!,;(
<H>!!!(=>!]D.3!JL*!?2.6803!Nh*!?^/7178!?*!?32%&8%3!hj*!?48/73!]*!\.&3%8!h*!\%.85%D!R]*!\%2%55!
jd*!\&7OO8!J*!F$.16.3!\*!F001%&!F\>!#$%!&05%!0:!97/7Q%3!897%39%!73!.22&%8873O!O&.32!
9$.55%3O%8!73!:002!.32!.O&7945/4&%!&%8%.&9$>!_&09%%273O8!0:!/$%!]0D.5!J097%/D!\>!")(-!N0M!
"(G"-+@(-=(Bc")(-(=;;>
!!")>!R.803!h*!?&./$7!WJ>!?88%8873O!/$%!%::79.9D!0:!97/7Q%3!897%3/78/8!6037/0&73O!3./7M%!E%%8!73!
4&E.3!.&%.8>!l50E.5![9050OD!.32!F038%&M./703>!")(=!
g.3!(G(;c%))+H(>
!!"(>!h.32%&!#>!N%/'0&^!602%5573O*!97/7Q%3!897%39%!.32!/.&O%/%2!73/%&M%3/7038!/0!1&%279/*!6037/0&!
.32!&%M%&8%!E%%!2%9573%>!_5.3/8*!_%015%*!_5.3%/>!")(=>
!!"">!l&.$.6*!g.803!]>*!n73!#.3*!h732.!F>!g03%8*!.32!g.6%8!d>![5578>!—N./7M%!\4QQc!F7/7Q%3!
J97%3/78/8!F&%./73O!N%8/73O!W.E7/./!:0&!J057/.&D!\%%8!.32!K.818>—!L50&72.!J97%3/78/!;;*!30>!,!
@")(,Bc!"),
X(->!?99%88%2!L%E&4.&D!()*!")")>!'''>e8/0&>0&Ob8/.E5%b",T"(="+>
!!"T>!j&%6%3!F*!u556.3!jJ*!#$0&1!]K>![M.54./73O!/$%!n4.57/D!0:!F7/7Q%3
XJ97%3/78/!d./.!03!
_05573./
0&!F066437/7%8c!F7/7Q%3
XJ97%3/78/!_05573./0&!R037/0&73O>!F038%&M!\705>!")((G!"+@TBc!
H);<(;>!!!",>!R.$%&!J*!R.390!L*!Y3O8!#F>!u873O!97/7Q%3!897%39%!/0!%P.673%!/$%!3%8/73O!%9050OD!0:!O&0432–
3%8/73O!E%%8>![9081$%&%>!")(=G!()@()Bc!%)"=((>!
!!"+>!l&%./_05573./0&_&0e%9/>
0&O>!@")(,B>!\%%!K./9$%&8!ƒ!l&%./!_05573./0&!_&0e%9/>!@03573%B>!
?M.75.E5%!:&06c!$//1cbbO&%./105573./0&1&0e%9/>0&ObM0543/%%&bE%%
X'./9$%&8b>!
!!!!!;)!"H>!d06&0%8%!RF*!g0$3803![?>!K$D!'./9$!E%%8t!R0/7M./7038!0:!97/7Q%3!897%39%!M0543/%%&8!73!
/$%!l&%./!_05573./0&!_&0e%9/>!\705!F038%&M>!")(;G!")-c!,)
<;>!!!";>!J9$4//5%&!Jl*!J0&%38%3!?[*!g0&2.3!]F*!F001%&!F*!J$'.&/Q!?>!\&72O73O!/$%!3./4&%!O.1c!9.3!
97/7Q%3!897%39%!&%M
%&8%!/$%!%P/739/703!0:!%P1%&7%39%t!L&03/![905![3M7&03>!")(-G!(H@;Bc!,)+
<((>!!!"->!F$.3!J>!#$%!_05573./703!JD8/%6!0:!_461^73*!JC4.8$*!J466%&!JC4.8$*!.32!k499$737>!L.&68!
./!K0&^>!")(,>!?M.75.E5%!:&06c!
$//18cbb''
'>:.&68./'0&^>9.b57E&.&D
>!!!"=>!K$7/.^%&!#K*!W4&2!_d*!h7385%D![l>!JC4.8$!.32!l04&2!\%%8!@_%103.178*!w%30O5088.B!.32!
/$%!I&7O73!0:!/$%!F45/7M./%2!F494&E7/8>![M054/703>!(=;(G!"+@(Bc!"(-
<T,>!!!T)>!R./$%'803!g?>!N%8/!F038/&49/703!.32!h7:%!W78/0&D!0:!/$%![.8/%&3!F494&E
7/!\%%*!_%103.178!
1&47308.!@WD6%301/%&.c!?1072%.B>!g04&3.5!0:!/$%!j.38.8![3/06050O79.5!J097%/D>!(=H-c!"++
<H(>!!!T(>!u556.33!jJ*!R%783%&!RW*!K7557.68!NR>!Y61.9/!0:!/755.O%!03!/$%!9&01!105573./73O*!O&0432
X3%8/73O!E%%*!_%103.178!1&47308.!73!F.57:0&37.>!?O&79![908
D8/![3M7&03>!")(HG!"T"c!",)
<H>!!!T">!J$45%&!][*!]0458/03!#W*!L.&&78!l[>!L.&673O!_&.9/79%8!Y3:54%39%!K752!_05573./0&!_0145./7038!
03!JC4.8$!.32!_461^73>!g![903![3/0605>!"))+G!=-@TBc!;=)
<+>!!!TT>!g457%&!W[*!]0458/03!#W>!K752!\%%!?E432.39%!.32!_05573./703!J%&M79%!73!F
45/7M./%2!_461^738c!
L.&6!R.3.O%6%3/*!N%8/73O!\%$.M70&!.32!h.3289.1%![::%9/8>!g![903![3/0605>!"))=G!()"@"Bc!
+HT<;T>!!!T,>!J^7260&%!?]*!J$0&/!F?*!d7558!F*!l002%55!j*!\%8873!]#>!_&%:%&%39%!0:!_%103.178!1&47308.!
@WD6%301/%&.c!?1072%.B!:0&!#755%2!J0758!]%O.&25%88!0
:!J075!R.3.O%6%3/!JD8/%6>![3M7&03!
[3/0605>!")(=>!
!!T+>!J15.'8^7!F[*!]%O37%&![[*!W.&&7803!Jj*!l002%55!j*!\%33%//!R?*!R%/QO%&!gd>!R459$![::%9/8!
03!L50&.5!]%804&9%8!.32!L&47/!_&0249/703!0:!JC4.8$*!.32!03!_05573./703!.32!N%8/73O!ED!JC4.8$!
\%%8>!W0&/#%9$3050OD>!")(
,G!",@+Bc!+T+
<,+>!!!TH>!F.3%!gW*!J.61803!\g*!R755%&!J?>!_05573./703!M.54%!0:!6.5%!E%%8c!/$%!81%97.578/!E%%!_%103.178!
1&47308.!@?172.%B!./!8466%&!8C4.8$!@F494&E7/.!1%10B>![3M7&036%3/.5![3/06050OD>!")((!g43!
(G,)@TBcH(,
X")>!!T;>!\&088.&2!d*!h%'%38/%73!\*!\033%D!]>!J9
7%3/7:79!^30'5%2O%!.32!.//7/42%!9$.3O%c!#$%!761.9/!
0:!.!97/7Q%3!897%39%!1&0e%9/>!Y3/!g!J97![249>!"))+G!";@=Bc!()==
<("(>!!!T->!F&.55!?K*!g0&2.3!]*!W05:%52%&!j*!N%'6.3!lg*!l&.$.6!g*!K.55%&!dR>!#$%!761.9/8!0:!.3!
73M.87M%!81%97%8!97/7Q%3!897%39%!/&.7373O!1&0O&.6!0
3!1.&/7971.3/!.//7/42%8*!E%$.M70&*!.32!897%39%!
57/%&.9D>!_4E579!u32%&8/!J97>!")(TG!""@HBc!;,+
<H,>!!!!!!;(!T=>!l00O5%>!l00O5%!L0&68
X9&%./%!.32!.3.5DQ%!84&M%D8*!:0&!:&%%>!@03573%B>!l00O5%>!?M.75.E5%!:&06c!
$//18cbb2098>O00O5%>906b:0&68b4b)bt/O7:A2>
!!,)>!J05M%E0/!Y39>!?11J$%%/!@R0E75%!.11579./703!80:/'.&%B>!@p%&8703!(">+>)B>!J%.//5%*!K?c!
J05M%E0/!Y39>!@")(HB>!]%/&7%M%2!:&06!?115%!?11!J/0&%>
!!,(>![3M7&036%3/.5!Y3279./0&8!:0&!?O&7945/4&%!
<!p05>!Tc!R%/$028!.32!]%845/8*!
I[Fd*!"))(*!
O5088.&D*!1.O%8!T-=
XT=(>!!,">!l7EE8!g*!?89$%&!gJ*!]7O$/6D%&!Rl*!Y8..98!]>!#$%!E%%8!0:!R79$7O.3!@WD6%301/%&.c!?1072%.c!
?3/$01$75.B!'7/$!30/%8!03!278/&7E4/703*!/.P0306D*!105573./703*!.32!3./4&.5!$78/0&D>!k00/.P.>!
")(;G!,T+"@(Bc!))(
<(H)>!!,T>!?39$%/.!g*!L
04&37%&!d*!Y.3%557!g*!R.O348803!?*!R.432%&!R*!N7%58%3!?*!%/!.5>!?d!R02%5!
\4752%&c!4873O!.4/06./79!27::%&%3/7./703!:0&!8/./78/79.5!73:%&%39%!0:!$7O$5D!1.&.6%/%&7Q%2!
90615%P!303573%.&!602%58>!I1/76!R%/$028!J0:/'>!")("G!";c!"TT
<,=>!!,,>!]!F0&%!#%.6>!]c!?!5.3O4.O%
!.32!%3M7&036%3/!:0&!8/./78/79.5!90614/73O>!@p%&8703!T>+>(B>!]!
L0432./703!:0&!J/./78/79.5!F0614/73O>!p7%33.*!?48/&7.*!")(->!?M.75.E5%!:&06c!
$//18cbb'''>]
X1&0e%9/>0&Ob
>!!,+>!\05^%&!\*!]!d%M%5016%3/!F0&%!#%.6>!EE65%c!#0
058!:0&!l%3%&.5!R.P7646!h7^%57$002!
[8/76./703>!@]!1.9^.O%!M%&8703!(>)>")B>!")(;>!?M.75.E5%!:&06c!
$//18cbbF]?N>]
X1&0e%9/>0&Ob1.9^.O%AEE65%
!!,H>!h%3/$!]>!%66%.38c![8/76./%2!R.&O73.5!R%.38*!.^.!h%.8/
XJC4.&%
8!R%.38>!@]!1.9^.O%!M%&8703!
(>T>)B>!")(->!?M.75.E5%!:&06c!
$//18cbbF]?N>]
X1&0e%9/>0&Ob1.9^.O%A%66%.38
!!,;>!h⁄1%Q
Xu&7E%!RR*!F.3%!gW*!R739^5%D!]h*!d.3:0&/$!\N>!F&01!206%8/79./703!:.9757/./%2!&.172!
O%0O&.1
$79.5!%P1.38703!0:!.!81%97.578/!105573./0&*!/$%!8C4.8$!E%%!_%103.178!1&47308.>!_&09!]!
J09!\!\705!J97>!")(HG!"-T@(-TTBc!")(H),,T>!
!!,->!d7330!?>!2433>/%8/c!d433V8!#%8/!0:!R45/715%!F061.&78038!u873O!].3^!J468>!@]!1.9^.O%!
M%&8703!(>T>+B>!")(;>!?M.75.E5%!:&06c!
$//18cbbF]?N>]
X1&0e%9/>0&Ob1.9^.O%A2433>/%8/
>!!!,=>!J9$%49$!R*!_.3$4E%&!#*!K73/%&!J*!j%5%6%3
XL73.3!g*!\.&2D
Xd4&9$$.5/%&!R*!j.1%5.&7!J>!
\4//%&:57%8!…!'752!E%%8c!E7050OD!/%.9$%&8V!_Fj!2%M%5016%3/!/$&04O$!
97/7Q%3!897%39%>!g04&3.5!
0:!\7050O79.5![249./703>!")(-G!+"@(Bc;=
<-->!!!+)>!d&489$^%!Fl*!J%5/Q%&!F[>!L.754&%8!0:![3O.O%6%3/c!h%88038!h%.&3%2!:&06!.!F7/7Q%3!J97%39%!
_750/!J/42D>!?115![3M7&03![249!F06643>!")("G!((@T
<,Bc!(;-
<-->!!!+(>!\7&^73!h*!l045803!d>!u873O!97/7Q%
3!897%39%!/0!6037/0&!105573./703!8%&M79%8c!F7/7Q%3!897%39%!.32!
105573./703!8%&M79%8>![905![3/0605>!")(+G!,)c!T
<((>!!!!!!;"!+">!d%O473%8!N*!g4557.&2!]*!2%!L50&%8!R*!L03/.73%!F>!#$%!K$%&%.E04/8!0:!L50'%&!p787/0&8c!
F03/&.8/73O!h.32
Xu8%!_&%:%&%39%8!]%M%.5%2!ED!.!F043/&D
XK72%!J4&M%D!\.8%2!03!F7/7Q%3!
J97%39%>!_h0J!IN[>!")("G!;@=Bc!%,+-"">!
!!+T>!o.&.48^78![*!p.7/.48^7%3
q!j*!]06.3%9^.8!j*!g.8
738^.8!?*!\4/^48!p*!j&7.4
r7s37%3
q!k>!L4%5!
9038461/703!.32!FI!"!%6788703!.3.5D878!73!27::%&%3/!8/&71!/755.O%!89%3.&708>![3%&OD>!")(;G!((-c!
=+;<H->!!!+,>!k7^%57!J*!l&4E%&!J>!]%249%2!#755.O%!.32!N0
X#755!73!I&O.379!L.&673O!JD8/%68*!l%&6.3D
mJ/./48!n40*!_0/%3/7.58!.
32!F$.55%3O%8>!?O&7945/4&%>!")(;G!;@,Bc!T+>!
!!++>!h.4:%&!d*!h07E5!\*!Ri&5i32%&!\*!j09$!W
Xg>!J075!%&08703!.32!84&:.9%!&430::!432%&!8/&71!/755.O%!
:0&!84O.&!E%%/!@\%/.!M45O.&78!h>B!73!F%3/&.5![4&01%>!J075!#755.O%!]%8>!")(HG!(H"c!(
<;>!!!+H>!#7556.3!g*!N.7&!?*!l5%.803!
R*!\./Q%&!g>!]0'90M%&8!.32!J/&71!#755.O%!_&0M72%!.3!?5/%&3./7M%!
/0!_5.8/7945/4&%!JD8/%68!73!J466%&!JC4.8$!_&0249/703>!W0&/J97%39%>!")(+!d%9G!+)@("Bc!(;;;
<-T>!!!+;>!W4&2!_d*!h7385%D![l*!R79$%5E.9$%&!?[>![9050OD!0:!/$%!JC4.8$!.32!l04&2!\%%*!_%103.178!
1&47308.*!0
3!F45/7M./%2!F494&E7/8!73!F.57:0&37.!@WD6%301/%&.c!?1072%.B>!J67/$8037.3!
F03/&7E4/7038!/0!k0050OD>!(=;,>!
!!+->!u32%&'002!#*!R9F45546
Xl06%Q!F*!W.&603!?*!]0E%&/8!J>!I&O.379!.O&7945/4&%!84110&/8!
E7027M%&87/D!.32!848/.73.E5%!:002!1&0249/703>!g04&3.5!0:!W43O%&!…![3
M7&036%3/.5!N4/&7/703>!
")((!I9/!(GH@,BcT=-
X,"T>!!+=>!j&%6%3!F*!K7557.68!NR*!#$0&1!]K>!F&01!105573./703!:&06!3./7M%!E%%8!./!&78^!:&06!
.O&7945/4&.5!73/%387:79./703>!_&09%%273O8!0:!/$%!N./703.5!?9.2%6D!0:!J97%39%8>!"))"!d%9!
",G==@"HBc(H-("
XH>!!H)>!W05Q89$4$!?*!J/%::.
3–d%'%3/%&!Y*!j5%7e3!d*!#89$.&3/^%!#>!d7M%&87/D!0:!:50'%&–M787/73O!E%%8!73!
9%&%.5!:7%528c!%::%9/8!0:!:.&673O!8D8/%6*!5.3289.1%!9061087/703!.32!&%O703.5!903/%P/>!g04&3.5!
0:!?1157%2![9050OD>!"));!L%EG,,@(Bc,(
X=>!!H(>!I‹FINNI]!J#*!_.&^!jg*!l045803!d>!h09./703!0:!
E46E5%E%%!3%8/8!78!1&%279/%2!ED!9043/8!0:!
3%8/–8%.&9$73O!C4%%38>![9050O79.5!%3/06050OD>!")(;!d%9G,"@HBc;T(
XH>!!H">!W.O%3!R*!K7^%58^7!R*!j788573O!Kd>!J1.9%!48%!0:!E46E5%E%%8!@\06E48!811>B!&%M%.5%2!ED!
&.270
X/&.9^73O>!_50J!03%>!")((GH@+B>
!!HT>!I8E0&3%!gh*!F5.&^!Jg*!R
0&&78!]g*!K7557.68!YW*!]75%D!g]*!J67/$!?d*!]%D30528!d]*![2'.&28!
?J>!?!5.3289.1%–89.5%!8/42D!0:!E46E5%!E%%!:0&.O73O!&.3O%!.32!9038/.39D*!4873O!$.&60379!
&.2.&>!g04&3.5!0:!?1157%2![9050OD>!(===!J%1GTH@,Bc+(=
XTT>!!H,>!J/03%&!j?*![7/Q%&!\d>!R0M%6%3/!0:!8075
X.1157%2
!7672.9501&72!.32!/$7.6%/$0P.6!73/0!3%9/.&!
.32!1055%3!0:!8C4.8$!@F494&E7/.!1%10B>!_50J!03%>!")("G;@HB>
!!!!;T!!H+>!#%1%2730!pg>!#$%!105573./703!%::797%39D!0:!/$%!8C4.8$!E%%!@_%103.178!1&47308.B!.32!/$%!$03%D!
E%%!@?178!6%557:%&.B!03!8466%&!8C4.8$!@F494&E7/.!
1%10B>!g04&3.5!0:!/$%!j.38.8![3/06050O79.5!
J097%/D>!(=-(!?1&!(cT+=
X;;>!!HH>!\&0'3!RgL*!_.P/03!]g>!#$%!9038%&M./703!0:!E%%8c!.!O50E.5!1%&81%9/7M%>!?172050O7%>!"))=G!
,)@TBc!,()
<H>!!!H;>!_./&›970
X]0E%&/0!l*!F.6108!R>!?81%9/8!0:!h.3289.1%!.32!_05573./0&8
mK$./!78!Y610&
/.3/!/0!
\%%!F038%&M./703t!d7M%&87/D>!")(,G!H@(Bc!(+-
<;+>!!!H->!K73:&%%!]>!#$%!9038%&M./703!.32!&%8/0&./703!0:!'752!E%%8>!?33!N!z!?9.2!J97>!")()G!((=+@(Bc!
(H=<=;>!!!!!;,!NO?79!L(YP(N8)/'+2#8)2(&)1(
=+*+,%(
1#,%/*#8)2
(!!!Y3!/$78!/$%878*!Y!$.M%!73M%8/7O./%2!/$%!%::%9/8!0:!O&0432!6.3.O%6%3/!1&.9/79%8!@/755.O%!.32!
90M%&!9&01!6459$%8B!03!1%8/8!.32!E%3%:797.5!.&/$&01028!73!0&O.379!
)'*'$+,-#
!.O&0%908D8/%68>!Y3!
&%9%3/!D%.&8*!6.3D!8/427%8!$.M%!%P.673%2!$0'!1%8/8!.32!3./4&.5!%3%67%
8!&%81032!/0!9038%&M./703!
/755.O%!6%/$028*!$0'%M%&!&%845/8!$.M%!E%%3!67P%2!.9&088!9&01173O!8D8/%68!
@(*"B>!L4&/$%&60&%*!:%'!
8/427%8!$.M%!2%/%&673%2!$0'!O&0432!6.3.O%6%3/!.::%9/8!3./7M%!E%%8*!'$79$!.&%!7610&/.3/!
105573./0&8!0:!6.3D!9&018!
@T*,B>!#$%!&%8%.&9$!
1&%8%3/%2!73!/$78!/$%878!$.8!$%51%2!/0!%54972./%!/$%8%!
C4%8/7038!.32!1&0M72%8!761579./7038!:0&!
)'*'$+,-#!
O&0'%&8!'$0!9.3!4/757Q%!9038%&M./703!/755.O%!
1&.9/79%8!/0!761&0M%!E7050O79.5!903/&05*!105573./703*!.32!&%9%7M%!.O&030679!E%3%:7/8>!
!Y3!F$.1/%&!"*!6D!&%
8%.&9$!:0948%2!03!2%/%&67373O!7:!:057.&!.&/$&0102!.E432.39%8*!%17O%.5!
3./4&.5!%3%6D!.9/7M7/D!2%387/D*!.32!E%%!:50'%&!M787/./703!:&%C4%39D!M.&7%2!.603O!/&%./6%3/8!
903878/73O!0:!27::%&%3/!906E73./7038!0:!/755.O%!90M%&!9&01!6459$%8>!_&%M7048!8/427%8!%P.67373O
!$0'!:057.&!.&/$&01028!.32!%17O%.5!3./4&.5!%3%67%8!&%81032!/0!/$%8%!:.9/0&8!$.M%!D7%52%2!67P%2!
&%845/8!'7/$!806%!:73273O!/$./!9038%&M./703!/755.O%!&%O76%8!@%>O>!8/&71!/755.O%*!30!/755.O%B!&%249%2!
1%8/!.E432.39%8!27&%9/5D!0&!7327&%9/5D!/$&04O$!761&0M%2!E705
0O79.5!903/&05!
@+<=B>!I/$%&8!0E8%&M%2!
73903878/%3/!%::%9/8!03!3./4&.5!%3%67%8!
@"*()*((B!0&!806%/76%8!739&%.8%2!1%8/!1&%884&%!9061.&%2!
/0!903M%3/703.5!/755.O%!8D8/%68!
@("*(TB>!#$78!&%8%.&9$!2%6038/&./%2!/$./!8/&71!/755.O%!$.8!/$%!
10/%3/7.5!/0!87O37:79.3/5D!
739&%.8%!.9/7M7/D!2%387/D!0:!8%M%&.5!%17O%.5!3./4&.5!%3%6D!/.P.!84OO%8/73O!
/$./!8/&71!/755.O%!6.D!1&060/%!E7050O79.5!903/&05!0:!'%%28!.32!%17O%.5!1%8/8>!#$78!78!57^%5D!24%!/0!
739&%.8%2!$.E7/./!90615%P7/D!73!8/&71!/755.O%!8D8/%68!'$79$!9.3!0::%&!M.54.E5%!&%
804&9%8!:0&!3./4&.5!
%3%67%8!849$!.8!&%:4O%*!72%.5!679&09576./79!90327/7038*!.32!.5/%&3./7M%!:002!804&9%8!
@+*()*((B>!J06%!:057.&!.&/$&01028!.580!&%81032%2!/0!8/&71!/755.O%*!.32!.5/$04O$!806%!:057.&!1%8/8!'%&%!857O$/5D!
!!!;+!60&%!.E432.3/!73!8/&71!/755.O%*!?1$7272
.%*!/$%!20673.3/!1%8/!0E8%&M%2*!.32!L0&67972.%!'%&%!
87O37:79.3/5D!60&%!.E432.3/!03!15.3/8!73!:455!/755.O%>!#$78!84OO%8/8!/$./!60&%!278/4&E%2!$.E7/./8!
6.D!:.M0&!10145./703!O&0'/$!0:!9%&/.73!1%8/8!57^%!?1$7272.%>!L0&67972.%*!'$79$!73!1&%M7048!
8/427%8!$.8!E%%
3!60&%!.E432.3/!73!9038%&M./703!/755.O%!8D8/%68
!@(,*(+B*!6.D!E%!.//&.9/%2!/0!15.3/8!
'7/$!5.&O%!?1$7272.%!10145./7038!.32!6.D!%P.9%&E./%!?1$7272.%!1&%884&%!M7.!/%3273O!E%$.M70&>!
\%%!M787/./703!:&%C4%39D!.580!M.&7%2!.603O!/&%./6%3/8*!:0&!
17!02&&,32$#
!.32!
./0
+'(!811>!W0'%M%&*!
/$78!'.8!57^%5D!7327&%9/5D!24%!/0!/&%./6%3/!%::%9/8*!849$!.8!:50'%&!.E432.39%!0&!C4.57/D!903872%&73O!
/$%8%!E%%!/.P.!.&%!30/!57^%5D!/0!73/%&.9/!'7/$!/$%!8075!84&:.9%!73!
)'*'$+,-#!
:7%528>!
4'*2$#!%$',6/(#
!:50'%&!M787/./703!272!30/!M.&D!87O37
:79.3/5D!.603O!/&%./6%3/8!'$79$!'.8!10887E5D!24%!/0!/$%7&!805%!
&%57.39%!03!
)'*'$+,-#!
:50'%&8*!'$%&%.8!
17!02&&,32$#!
.32!
./0+'(!
811>!6.D!4/757Q%!0/$%&!:50&.5!
&%804&9%8!'7/$73!0&!04/872%!%P1%&76%3/.5!150/8!@%>O>!'%%28*!0/$%&!9&018B>
!Y!%P1%9/%2!/$./!6459$!
&%87
24%8!73
!8/&71!/755.O%
!150/8!6.D
!3%O./7M%5D
!761.9/!
47!%$',6/(#
!:50'%&!M787/./703
!ED!0E8/&49/73O!
/$%!8075!84&:.9%
!3%.&!/$%7&!$08/!15.3/8
>!W0'%M%&*!87675.&5D!/0!/$%!&%845/8!0:!6D!97/7Q%3!897%39%!
1&0e%9/*!Y!272!30/!0E8%&M%!/$78!'$79$!84OO%8/8!/$./!6459$!6.D!30
/!2%/%&!0&!73$7E7/!
47!%$',6/(#
!:&06!
M787/73O!:50'%&8>
!#$78!.E8%39%!0:!.11.&%3/!/&%./6%3/!%::%9/8!.580!84OO%8/8!/$./!
/755.O%!/D1%!
'.8!739038%C4%3/7.5!:0&
!47!%$',6/(#!
:50'%&!M787/./703!
73!/$78!%P1%&76%3/
>!?
5/$04O$
*!/$78!78!903/&.&D!/0!
/$%!&%845/
8!0:!6D!97/7Q%3!897%39%!1&0e%9/!'$79$!84OO%8/%2!/$./!:.&68!'7/$!&%249%2!8075!278/4&E.39%!
84110&/%2!5.&O%&!
47!%$',6/(#!
10145./7038!.8!73279./%2!ED!739&%.8%2!:50'%&!M787/./703!73!30
X/755!.32!
&%249%2!/755.O%!:.&68!9061.&%2!'7/$!
903M%3/703.5!/755.O%>!
#$78!78!57^%5D!E%9.48%
!27::%&%3/!:7%528!
'%&%!48%2!24&73O!%.9$!D%.&!0:!/$78!%P1%&76%3/!'$79$!%57673./%2!/$%!10887E757/D!:0&!108/
X$.&M%8/!
/755.O%!/0!761.9/!
47!%$',6/(#!
5.&M.%!0M%&'73/%&73O!73!/$%!8075
>!Y3!903/&.8/*
!73!6D!97/7Q%3!897%39%
!1&0e%9/
!E%%
!0E8%&M./7038!'%&%!903249/%2!73!:.&68!'$%&%!
)'*'$+,-#
!$.2!1&%M70485D!E%%3!O&0'3!
.32!108/
X$.&M%8/!/755.O%!1&.9/79%8!
$.2!/76%
!/0!761.9/!0M%&'73/%&73O!
47!%$',6/(#
!5.&M.%
>!#$%!&%845/8!
!!!;H!0:!/$78!%P1%&76%3/!84OO%8/!/$./!
47!%$',6/(#!
:50'%&!M787/./703
!:&%C4%39D
!78!30/!27&%9/5D!761.9/%2!ED!
/755.O%!.32b0&!6459$*!E4/!0M%&!/76%!
/$78!&./%!9.3!E%!6027:7%2!2%1%3273O!03!/$%!346E%&!0:!
47!
%$',6/(#
!5.&M.%!
/$./!84&M7M%!108/
X$.&M%8/!O&0432!6.3.O%6%3/!1&.9/79%8>
!!Y3!F$.1/%&!T*!6D!&%8%.&9$!:0948%2!1&76.&75D!03!2%/%&6737
3O!/$%!%::%9/8!0:!O&0432!
6.3.O%6%3/!1&.9/79%8!03!
47!%$',6/(#
!24%!/0!/$%7&!7610&/.39%!.8!
)'*'$+,-#!
105573./0&8>!_&%M7048!
8/427%8!%P.67373O!/$%!%::%9/8!0:!/755.O%!03!
47!%$',6/(#!
$.M%!D7%52%2!67P%2!&%845/8*!.32!608/!$.M%!
035D!9061.&%2!30
X/755!:.&68!/0!/$08%!4873O!903M%3/703.5!/755.O%!
@,*(H<(-B>!#$%!%::%9/8!0:!6459$!03!
47!
%$',6/(#
!'%&%!%M%3!5%88!432%&8/002!1&70&!/0!6D!&%8%.&9$!
@(=B>!L4&/$%&60&%*!Y!9055%9/%2!2./.!:0&!
645/715%!0/$%&!6
.3.O%6%3/!1&.9/79%8!849$!.8!/755.O%!2%1/$*!6459$*!.&%.!2%M0/%2!/0!9494&E7/8*!/D1%!
0:!9494&E7/8!O&0'3*!738%9/7972%8*!.32!7&&7O./703!/$./!'%&%!30/!903872%&%2!73!6.3D!1&%M7048!
47!
%$',6/(#!
8/427%8>!
RJu![P/%38703!R.8/%&!l.&2%3%&8!'%&%!&%9&47/%2b/&.73%2!/0!1.&/7
971./%!73!.!
97/7Q%3!897%39%!84&M%D!'$%&%!/$%D!84E67//%2!2./.!1&76.&75D!4873O!.!86.&/1$03%!.11579./703>!Y3!
903/&.8/!/0!806%!0/$%&!105573./0&!97/7Q%3!897%39%!1&0e%9/8!
@")<""B*!04&!1.&/7971.3/!346E%&8!
739&%.8%2!0M%&!/$%!D%.&8!'$79$!1&0M72%2!.!5.&O%!2./.8%/!:&
06!645/715%!
)'*'$+,-#!
:.&68!73!
R79$7O.3>!Y!:0432!
47!%$',6/(#!
/0!E%!/$%!608/!906603!E%%!M787/73O!:50'%&8!73!
)'*'$+,-#!
:.&68*!
.32!/755.O%!/D1%!'.8!/$%!608/!7610&/.3/!:.9/0&!.::%9/73O!
47!%$',6/(#!
.E432.39%>!
47!%$',6/(#!
:50'%&!
M787/./703!:&%C4%39D!'.8!3%.&5D!T
!/76%8!O&%./%&!73!30
X/755!:.&68!.32!:.&68!4873O!&%249%2!/755.O%!
/$.3!:.&68!4873O!:455!/755.O%*!73279./73O!/$./!&%249%2!8075!278/4&E.39%!
6.D!
1&060/%
!5.&O%&!
10145./7038!0:!/$%8%!7610&/.3/!81%97.578/!E%%8>!#755.O%!2%1/$!272!30/!87O37:79.3/5D!761.9/!
47!
%$',6/(
#!:50'%&!M787/./703!
84OO%8/73O
!/$./!/$%!.6043/!0:!/755%2!.&%.!6.D!E%!60&%!9038%C4%3/7.5!:0&!
10145./703!87Q%>!h7^%'78%*!6459$!272!30/!87O37:79.3/5D!761.9/!
47!%$',6/(#!
M787/./703>!W0'%M%&*!
M787/./703!'.8!346%&79.55D!$7O$%8/!73!:7%528!4873O!15.8/79!6459$!0&!.
!906E73./703!0:!15.8/79!.32!
15.3/!6./%&7.5!6459$>!#$%&%:0&%*!6459$!6.D!30/!2%/%&!0&!73$7E7/!
47!%$',6/(#!
3%8/73O>!N0!0/$%&!
!!!;;!6.3.O%6%3/!1&.9/79%8!'%&%!0E8%&M%2!/0!761.9/!
47!%$',6/(#!
.E432.39%>!l&0432!6.3.O%6%3/!
1&.9/79%8!272!30/!.11%.&!/0!761.9/!M787/./703!ED
!O%3%&.578/!E%%8!849$!.8!
17!02&&,32$#!
.32!
./0+'(
!811>!'$79$!'.8!%P1%9/%2!24%!/0!/$%7&!5.9^!0:!73/%&.9/703!'7/$!/$%!8075!73!
)'*'$+,-#!
:7%528>!RD!
&%845/8!73279./%!/$./!&%249%2!/755.O%!6%/$028!9.3!1&0M72%!847/.E5%*!43278/4&E%2!3%8/73O!$.E7/./!:0&!
:0880&7.5!E%
%8!849$!.8!
47!%$',6/(#
!9061.&%2!/0!903M%3/703.5!/755.O%>!]%249%2!/755.O%!90452!E%!.!
48%:45!903/&7E4/0&!/0!3./7M%!E%%!9038%&M./703!.32!761&0M%!'752!E%%!1&0M72%2!105573./703!8%&M79%8!
:0&!O&0'%&8>!
!IM%&.55*!6D!/$%878!$%51%2!%54972./%!/$%!%::%9/8!0:!O&0432!6.3.O%6%3/!1&.9/79%8!03!1%8/8!
.32!E%3%:797.5!.&/$&01028!73!0&O.379!
)'*'$+,-#
!6.3.O%6%3/*!.32!903/.738!/$%!:7&8/!97/7Q%3!897%39%!
8/42D!/0!8499%88:455D!%P.673%!.3!.O&7945/4&.55D!7610&/.3/!'752!E%%V8!2
78/&7E4/703!.32!/$%!761.9/8!
0:!:.&6!6.3.O%6%3/!03!/$%7&!.E432.39%>!?990&273O!/0!6D!&%8%.&9$*!&%249%2!/755.O%!1&.9/79%8!849$!
.8!8/&71!/755.O%!9.3!87O37:79.3/5D!739&%.8%!.9/7M7/D!2%387/D!0:!8%M%&.5!%17O%.5!3./4&.5!%3%6D!/.P.!
'$79$!9.3!761&0M%!E7050O79.5!903/
&05>!J/&71!/755.O%!9.3!.580!5%.2!/0!&%249%2!.E432.39%!0:!806%!
:057.&!$%&E7M0&%8!849$!.8!?1$7272.%*!.32!L0&67972.%!6.D!903/&7E4/%!/0!?1$7272.%!10145./703!
O&0'/$>!RD!&%845/8!84OO%8/!/$./!/$78!$.E7/./!6.3.O%6%3/!6%/$02!$.8!/$%!10/%3/7.5!/0!&%249%!
&%57.39%!03!
9$%679.5!738%9/7972%8>!L4&/$%&60&%*!6D!/$%878!2%6038/&./%2!/$./!&%249%2!/755.O%!
1&.9/79%8!/0!903/&7E4/%!3./7M%!E%%!9038%&M./703!.32!%3$.39%!105573./703!8%&M79%8!73!
)'*'$+,-#
*!.32!
/$./!97/7Q%3!897%39%!78!.3!%::%9/7M%!/005!:0&!3./7M%!E%%!9038%&M./703!8/427%8
>!#.^%3!/0O%/$%&*!/$%!
&%845/8!84OO%8/!/$./!2%9&%.873O!8075!278/4&E.39%!73!:.&68!9.3!$.M%!1087/7M%!761.9/8!03!E%3%:797.5!
.&/$&01028!/$./!1&0M72%!E7050O79.5!903/&05!.32!105573./703!8%&M79%8>!L4/4&%!&%8%.&9$!8$0452!%P.673%!
/$%!%::%9/8!0:!1&.9/79%8!849$!.8!8/&
71!/755.O%!03!
)'*'$+,-#!
.&/$&0102!9066437/7%8!'$75%!.580!
%P.67373O!15.3/!$%.5/$!.32!M7O0&!@%>O>!37/&0O%3!41/.^%*!87Q%*!:50&.5!.E432.39%*!D7%52B!/0!O.73!.!
E%//%&!432%&8/.3273O!0:!/$%!6%9$.37868!2&7M73O!1.//%&38!73!.&/$&0102!9066437/7%8>!
!!!;-!?77!@<AB
!!!;=!L!N`L<(`4(<!7`CA9A`@(`4(a`MNO!L(C7!NAT!@C
(!#$%!81%976%38!578/%2!E%50'!$.M%!E%%3!2%1087/%2!73!/$%!3.6%2!648%46!.8!8.615%8!0:!/$08%!
81%97%8!0&!0/$%&!/.P.*!'$79$!'%&%!48%2!73!/$78!&%8%.&9$>!p049$%&!&%90O37/703!5.E%58!E%.&73O!/$%!
M049$%&!346E%&!$.M%!E%%3!.//.9$%
2!0&!739542%2!73!:5472!1&%8%&M%2!81%976%38>
!!!p049$%&!N46E%&c!
")")X)(!!!?4/$0&c!h0O.3
!]>!?11%3:%55%&
!!!#7/5%!0:!/$%878c!Y3M%8/7O./73O!/$%!761.9/8!0:!O&0432!6.3.O%6%3/!03!.&/$&01028!73!0&O.379!
F494&E7/.!.O&0%908D8/%68
!!!R48%46@8B!'$%&%!2%1087/%2c
!?5E%&/!g>!
F00^!?&/$&0102!]%8%.&9$!F055%9/703*!R79$7O.3!J/./%!u37M%&87/D!@RJuB
!!!J1%976%38c
!!L.675D!!!l%348
XJ1%97%8
!!h7:%!J/.O%!
!n4.3/7/D
!_&%8%&M./703
!!?172.%
!!!4'*2$#!%$',6/(#
!.245/
!!")!!1733%2
!!F.&.E72.%
!!"#$%#&'(!
81>
!!.245/
!!")!!1733%2
!!!!!!!!!!-)!KA9!L?9ML!(NA9!<
!!!-(!KA9!L?9ML!(NA9!<
(!!!(>!!]0'%3![j*!]%O.3!jW*!\.&E%&9$%9^!R[*!#00^%&!gL>!Y8!/755.O%!E%3%:797.5!0&!2%/&76%3/.5!:0&!
738%9/!.32!854O!6.3.O%6%3/t!?!6%/.
X.3.5D878>!?O&79![908D8/![3M7&03>!")")!L%EG()H-,=>!
!!">!!h.3278!d?*!K&.//%3!Jd*!l4&&!lR>!W.E7
/./!R.3.O%6%3/!/0!F038%&M%!N./4&.5![3%67%8!0:!
?&/$&0102!_%8/8!73!?O&7945/4&%>!?334!]%M![3/0605>!")))!g.3G,+@(Bc(;+
<")(>!!!T>!!j&./89$6%&!J*!_.9$73O%&!\*!J9$'.3/Q%&!R*!_.&%2%8!d*!l4%&3703!R*!\4&%5!L*!%/!.5>!#755.O%!
73/%387/D!0&!5.3289.1%!:%./4&%8c!K$./!6.//
%&8!608/!:0&!'752!E%%!27M%&87/D!73!M73%D.&28t!?O&79!
[908D8/![3M7&03>!")(-!N0MG"HHc(,"
<+">!!!,>!!u556.33!jJ*!R%783%&!RW*!K7557.68!NR>!Y61.9/!0:!/755.O%!03!/$%!9&01!105573./73O*!O&0432
X3%8/73O!E%%*!_%103.178!1&47308.!73!F.57:0&37.>!?O&79![908D8/![3M7&03>!")(H!J%1G"T"c",)
<H>!!!+>!!W00^8!F]]*!K.3O!j
XW*!R%D%&!JhL*!h%^M%78$M757!R*!W7328!g*!k0E%5![*!%/!.5>!
Y61.9/!0:!N0
X/755!F0M%&!F&01173O!0:!Y/.57.3!]D%O&.88!03!?E0M%!.32!\%50'!l&0432!L.43.5!F066437/7%8!
Y3$.E7/73O!.!J0DE%.3!L7%52!'7/$![61$.878!03!J0DE%.3!FD8/!N%6./02%8>!g!N%6./05>!
")((G@,TBc(;"
<-(>!!!H>!!]7M%&8!?*!R455%3!F*!K.55.9%!g*!\.&E%&9$%9^!R>!F0M%&!9&0
1XE.8%2!&%249%2!/755.O%!8D8/%6!
73:54%39%8!F.&.E72.%!@F05%01/%&.B!.9/7M7/D*!27M%&87/D!.32!/&01$79!O&041!24&73O!/&.387/703!/0!
0&O.379!1&0249/703>!]%3%'!?O&79!L002!JD8/>!")(;!d%9GT"@HBc+T-
<+(>!!!;>!!#.6E4&737!l*!d%!J7603%!J*!J7O4&.!R*!\0894//7!L*!R.&737!h>!F0
38%&M./703!/755.O%!67/7O./%8!/$%!
3%O./7M%!%::%9/!0:!5.3289.1%!876157:79./703!03!E7050O79.5!903/&05>!j5%7e3!d*!%27/0&>!g!?115![905>!
")(H!L%EG+T@(Bc"TT
<,(>!!!->!!#$0&E%^!_*!\752%!#>!]%249%2!346E%&8!0:!O%3%&.578/!.&/$&0102!1&%2./0&8!.:/%&!9&01!
6.3.O%6%3/>!g!?
115![905>!")),!g43G,(@TBc+"H
<T->!!!=>!!W.66032!]\>!h03O
X/%&6!9038%&M./703!/755.O%!8/427%8c!761.9/!0:!30
X/755!03!8%%290&3!6.OO0/!
@d71/%&.c!?3/$06D772.%B>!F&01!_&0/>!(==;!R.DG(H@TBc""(
<+>!!!()>!n4733!NL*!\&.73.&2!dF*!JQ%32&%7!k>!#$%![::%9/!0:!F038%&M./703!#7
55.O%!.32!F0M%&!F&01!
]%8724%!03!\%3%:797.5!?&/$&01028!.32!K%%2!J%%2!_&%2./703!73!?90&3!JC4.8$>![3M7&03!
[3/0605>!")(H!d%9G,+@HBc(+,T
<+(>!!!((>!\&D.3/!?*!\&.73.&2!dF*!W.&.60/0![]*!JQ%32&%7!k>!F0M%&!F&01!R459$!.32!K%%2!R.3.O%6%3/!
Y3:54%39%!?&/$&0102!F066437/7
%8!73!J/&71
X#755%2!F.EE.O%>![3M7&03![3/0605>!")(T!?1&!
(G,"@"Bc"=T
<T)H>!!!!!!-"!(">!d04O5.8!R]*!#00^%&!gL>!J54O!@R055489.c!?O&70576.972.%*!?&70372.%B![9050OD!.32!
R.3.O%6%3/!73!N0
X#755!L7%52!F&018*!K7/$!.3![61$.878!03!/$%!672
X?/5.3/79!]%O703>!g!Y3/%O&!
_%8/!R.3.O>!
")("!R.&!(GT@(BcF(
<=>!!!(T>!J/733%&!\]*!W048%!lg>!?&/$&01028!.32!I/$%&!Y3M%&/%E&./%8!73!F038%&M./703
X#755.O%!
?O&7945/4&%>!c"">!
!!(,>!_%9^!Jh*!R9C4.72!\*!F.61E%55!Fh>!u873O!?3/!J1%97%8!@WD6%301/%&.c!L0&67972.%B!.8!.!
\7050O79.5!Y3279./0&!0:!?O&0%908D8/%6!F03
27/703>![3M7&036%3/.5![3/06050OD>!(==-!I9/!
(G";@+Bc(()"
<()>!!(+>![2'.&28!N>![::%9/8!0:!l.&2%3!?//&7E4/%8!03!?3/!@L0&67972.%B!J1%97%8!]79$3%88!.32!_0/%3/7.5!
:0&!_%8/!F03/&05>!u&E.3!?O&7945/4&%!…!]%O703.5!L002!JD8/%68>!")(H!g45G(@(B>
!!(H>!J$45%&!][*!]0458/03
!#W*!L.&&78!l[>!L.&673O!_&.9/79%8!Y3:54%39%!K752!_05573./0&!_0145./7038!
03!JC4.8$!.32!_461^73>!g![903![3/0605>!"))+!g43!(G=-@TBc;=)
<+>!!!(;>!J^7260&%!?]*!J$0&/!F?*!d7558!F*!l002%55!j*!\%8873!]#>!_&%:%&%39%!0:!_%103.178!1&47308.!
@WD6%301/%&.c!?1072%.B!:0&!#
755%2!J0758!]%O.&25%88!0:!J075!R.3.O%6%3/!JD8/%6>![3M7&03!
[3/0605>!")(=!R.D!""G3MQ)+">!
!!(->!g457%&!W[*!]0458/03!#W>!K752!\%%!?E432.39%!.32!_05573./703!J%&M79%!73!F45/7M./%2!_461^738c!
L.&6!R.3.O%6%3/*!N%8/73O!\%$.M70&!.32!h.3289.1%![::%9/8>!g![903![3/0605>!"))=!?1&!
(G()"@"Bc+HT
<;T>!!!(=>!J15.'8^7!F[*!]%O37%&![[*!W.&&7803!Jj*!l002%55!j*!\%33%//!R?*
!R%/QO%&!gd>!R459$![::%9/8!
03!L50&.5!]%804&9%8!.32!L&47/!_&0249/703!0:!JC4.8$*!.32!03!_05573./703!.32!N%8/73O!ED!JC4.8$!
\%%8>!")(,G((>!
!!")>!j&%6%3!F*!u556.3!jJ*!#$0&1!]K>![M.54./73O!/$%!n4.57/D!0:!F7/7Q%3
XJ97%3/78/!d./.!03!
_05573./0&!F066437/7%8c!F7/7Q%3
XJ97%3/78/!_05573./0&!R037/0&73O>!F038%&M!\705>!")((!
g43G"+@TBcH);
<(;>!!!"(>!J9$%49$!R>!\4//%&:57%8!…!'752!E%%8c!E7050OD!/%.9$%&8V!_Fj!2%M%5016%3/!/$&04O$!97/7Q%3!
897%39%>!c((>!
!!"">!d&489$^%!Fl*!J%5/Q%&!F[>!L.754&%8!0:![3O.O%6%3/c!h%88038!h%.&3%2!:&06!.!F7
/7Q%3!J97%39%!
_750/!J/42D>!?115![3M7&03![249!F06643>!")("!g45G((@T
<,Bc(;-
<-->!