k 7!*f k al7!fjm! *@anjmh! - sonshineconstruction.netsonshineconstruction.net/pdf/testing data/ozone...
TRANSCRIPT
!!"#"$%!&'%(&)%$&!*"'!+'%,%$&-"$!"*!)-.'"/-(0!1'"2&3!-$!(-'!
."$4-&-"$-$1!565&%)5!!!!!!!!!!!!!!!!!/7!!
((8(53!839'($(!!!!!!!!!!!!!!
(!&3%5-5!+'%5%$&%4!&"!&3%!1'(49(&%!5.3""0!"*!&3%!9$-,%'5-&6!"*!*0"'-4(!-$!+('&-(0!*90*-00)%$&!
"*!&3%!'%:9-'%)%$&5!*"'!&3%!4%1'%%!"*!)(5&%'!"*!%$1-$%%'-$1!
9$-,%'5-&6!"*!*0"'-4(!
;<<=!
!
!
!
!
.>?7@ABCD!;<<=!!E7!!
(FGFHC!8CI@FJF!
!
!
!
!
!
!&>!K7!*FKAL7!FJM!*@ANJMH!
!
!(.8$"20%41)%$&5!
&CAH!DCNHAH!O>ILM!J>D!CFPN!ENNJ!Q>K?LNDNM!OADC>ID!DCN!CNL?!>R!HNPN@FL!?N>?LN!
OC>K!-!OAHC!D>!DCFJGS!-!O>ILM!LAGN!D>!NT?@NHH!K7!B@NFD!F??@NQAFDA>J!D>!4@S!4FPAM!
.C7J>ONDCU!K7!Q>KKADDNN!QCFA@!FJM!H?>JH>@AJB!?@>RNHH>@U!R>@!CAH!BNJN@>HAD7!FJM!
HI??>@DU!FJM!R>@!BAPAJB!KN!DCAH!>??>@DIJAD7S!3N!OFH!FLOF7H!DCN@N!OCNJ!-!JNNMNM!FJ7!
FMPAQN!>@!D>!H>LPN!FJ7!?@>ELNKS!-!O>ILM!FLH>!LAGN!D>!BAPN!K7!H?NQAFL!DCFJGH!D>!4@S!(@DCI@!
&NATNA@F!R>@!CAH!HI??>@DU!AJDN@NHDU!GJ>OLNMBNU!?@>ELNK!H>LPAJB!FJM!FMPAQNS!-!FK!B@FDNRIL!
D>!4@S!&NATNA@F!R>@!@NQ>KKNJMAJB!KN!D>!4@S!.C7J>ONDC!FJM!HIBBNHDAJB!DCFD!-!Q>JDFQD!
CAKV!OADC>ID!CAKU!-!O>ILM!JNPN@!CFPN!GJ>OJ!FE>ID!DCAH!>??>@DIJAD7S!-!FK!AJMNEDNM!D>!4@S!
WNFJ!(JMAJ>U!OC>!OFH!DCN@N!R@>K!DCN!ENBAJJAJB!D>!FHHAHD!KN!OADC!DNQCJAQFL!AHHINH!FJM!
FLL>ONM!KN!D>!E>@@>O!CN@!>X>JN!FJFL7XN@!AJHD@IKNJD!R>@!DCAH!@NHNF@QC!O>@GS!&CFJGH!D>!FLL!
K7!HI?N@PAH>@7!Q>KKADDNNU!OC>HN!Q>KKNJDH!FJM!NMADH!Q>JD@AEIDNM!HIEHDFJDAFLL7!D>!K7!
@NHNF@QC!FJM!D>!DCAH!M>QIKNJDS!!
-J!FMMADA>JU!-!O>ILM!LAGN!D>!DCFJG!)@S!/>E!&>JGAJH>J!R>@!CAH!CNL?!OADC!K7!KFJ7!
FHH>@DNM!YINHDA>JHS!5?NQAFL!DCFJGH!B>!D>!K7!R@ANJMHU!0IAH!$>BINA@F!FJM!4@S!-JMFIN!)NLL>U!
OC>!CFM!F!B@NFD!AJRLINJQN!>J!K7!?N@H>JFL!FJM!?@>RNHHA>JFL!LARNS!*AJFLL7U!-!O>ILM!LAGN!D>!
DCFJG!DC@NN!PN@7!H?NQAFL!?N>?LN!AJ!K7!LARNV!OADC>ID!DCNKU!DCAH!O>ILM!CFPN!JNPN@!ENNJ!
?>HHAELN!K7!)>DCN@U!*FDCN@!FJM!HAHDN@U!D>!OC>K!-!MNMAQFDN!DCAHS!
!
AP!
!
&(/0%!"*!."$&%$&5!!
! ?FBN!!(.8$"20%41)%$&5 SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS AP!
0-5&!"*!&(/0%5SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS PAA!
(/5&'(.&SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSST!
.3(+&%'!!Z! -$&'"49.&-"$ SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSZ!
/FQGB@>IJMSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSZ!+@>ELNKSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS;!"E[NQDAPNSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS=!
!;! 0-&%'(&9'%!'%,-%2SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\!
-JM>>@!(A@!:IFLAD7 SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\!/A>RALK!*>@KFDA>J SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS]!(PFALFELN!)NDC>MH!R>@!(A@!&@NFDKNJD SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS^!"X>JN!FH!FJ!(N@AFL!4AHAJRNQDFJD SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSZZ!+@>?N@DANH!>R!"X>JN SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSZ;!"X>JN!1NJN@FDA>J SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSZ_!
.>@>JF!4AHQCF@BN SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSZ_!9LD@FPA>LND!'FMAFDA>J SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSZ`!%LNQD@>L7HAH SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSZ^!5DFEALAXFDA>J!FJM!5D>@FBN!>R!"X>JN SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS;<!
"X>JN!)NFHI@NKNJD SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS;;!+@NPA>IH!2>@G!FD!9* SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS;a!
!=! )(&%'-(05!($4!)%&3"45 SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS;^!
5Q>?N!>R!2>@G SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS;^!)FDN@AFLH SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS;^!
+@NLAKAJF@7!5DIMANH SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS=a!+@N?F@FDA>J!>R!$ID@ANJD!)NMAF!FJM!-J>QILIKSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS=a!"X>JN!1NJN@FDA>J!FJM!)NFHI@NKNJD SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS=]!
%T?N@AKNJDFL!4NHABJ SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS=^!!
P!
!
a! '%590&5!($4!4-5.955-"$5SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSa;!
*AJMAJBH!R@>K!+@NLAKAJF@7!5DIMANHSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSa;!"X>JN!)NFHI@NKNJD!FJM!1NJN@FDA>J SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSa;!$ID@ANJD!)NMAF!FJM!+@N?F@FDA>J!>R!-J>QILIKSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSa_!
%T?>HI@N!&@NFDKNJDH SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSa^!!\! ."$.095-"$5!($4!5911%5&-"$5 SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\=!
.>JQLIHA>JHSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\=!'NQ>KKNJMFDA>JHSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\a!5IBBNHDA>JH!R>@!*IDI@N!2>@GSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\a!
!(++%$4-b!!(! -$3-/-&-"$!4%5-1$!%b+%'-)%$&!+-.&9'%5 SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\\!
Z\!)AJIDNH!"X>JN!&@NFDKNJD!4I@FDA>J SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\]!=<!)AJIDNH!"X>JN!&@NFDKNJD!4I@FDA>J SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\^!]<!)AJIDNH!"X>JN!&@NFDKNJD!4I@FDA>J SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS];!
!/! +'".%55!."$&'"0!+'"1'()5 SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS]]!
.! +%&'-!+0(&%!+-.&9'%5!&"!5%0%.&!$9&'-%$&!)%4-(!($4!-$".90(&-"$!49'(&-"$SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS_a!
0-5&!"*!'%*%'%$.%5SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS_`!
/-"1'(+3-.(0!58%&.3 SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS`=!
!!!! !
PA!
!
0-5&!"*!&(/0%5!
&FELN!! ?FBN!!;cZ! "X>JFDA>J!>R!EFQDN@AF!FJM!PA@IHNH!AJ!FA@SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSZa!
;c;! 5IKKF@7!>R!?@NPA>IH!D@AFLH!@IJ!>J!!"##$%&$!FJM!'()"#*&++,(!AJ>QILIKSSSSSSSSSSSSSSSSSSS;]!
;c=! 5IKKF@7!>R!?@NPA>IH!D@AFLH!@IJ!>J!JFDI@FL!FA@E>@JN!>@BFJAHKHS SSSSSSSSSSSSSSSSSSSSSSSSSSSSSS;]!
=cZ! '1*c&9'/"364'"#"$%!>X>JN!BNJN@FD>@!H?NQARAQFDA>JHSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS=]!
=c;! %T?N@AKNJDFL!MNHABJ!KFD@AT!HC>OAJB!MARRN@NJD!Q>KEAJFDA>JH!>R!D@NFDKNJD!!MI@FDA>JU!R@NYINJQ7!FJM!>X>JN!Q>JQNJD@FDA>J!QF@@ANM!>ID!AJ!HDIM7SSSSSSSSSSSSSSSSSSSSSSSSSSSa<!
acZ! "X>JN!Q>JQNJD@FDA>J!PHS!RL>O!@FDN!FQCANPNM!E7!HKFLL!'1*!BNJN@FD>@!IHAJB!!!Q>K?@NHHNM!FA@!FH!RNNM!BFHS SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSa=!
ac;! "X>JN!Q>JQNJD@FDA>J!PHS!RL>O!@FDN!FQCANPNM!E7!HKFLL!'1*!BNJN@FD>@!IHAJB!?I@N!>T7BNJ!FH!RNNM!BFHSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSaa!
ac=! "X>JN!Q>JQNJD@FDA>J!PHS!RL>O!@FDN!FQCANPNM!E7!LF@BN!'1*!BNJN@FD>@!IHAJB!!!Q>K?@NHHNM!FA@!FH!RNNM!BFHS SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSaa!
aca! "X>JN!Q>JQNJD@FDA>J!PHS!RL>O!@FDN!FQCANPNM!E7!LF@BN!'1*!BNJN@FD>@!IHAJB!?I@N!>T7BNJ!FH!RNNM!BFHSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSaa!
ac\! "X>JN!Q>JQNJD@FDA>J!PHS!RL>O!@FDN!FQCANPNM!E7!HKFLL!'1*!BNJN@FD>@!IHAJB!Q>K?@NHHNM!FA@!FH!RNNM!BFH!FJM!MALIDAJB!NT?>HI@N!QCFKEN@!OADC!Q>K?@NHHNM!FA@SSSSa\!
ac]! "X>JN!Q>JQNJD@FDA>J!>PN@!DAKN!AJ!FJ!NT?>HI@N!QCFKEN@S SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSa]!
ac_! 'NHILDH!>R!NT?N@AKNJDFL!D@AFLH!>J!+ND@A!MAHCNH!Q>JDFAJAJB!MARRN@NJD!Q>KEAJFDA>JH!!>R!JID@ANJD!KNMAF!HD@NJBDC!FJM!AJ>QILFDA>J!MI@FDA>JS SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSa`!
ac`! -JCAEADA>J!MNHABJ!KFD@AT!EFHNM!>J!MARRN@NJD!Q>KEAJFDA>JH!>R!D@NFDKNJD!MI@FDA>JU!R@NYINJQ7!FJM!>X>JN!Q>JQNJD@FDA>JSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\<!
PAA!
!
0-5&!"*!*-19'%5!*ABI@N!! ?FBN!!;cZ! 4NFDC!QI@PNH!R>@!(d!-(./"#&./&$0.1+&!FJM!/d!!%$)/2+1.1..,(0$,#",(!AJ!!
>X>JFDNM!FA@S!S SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSZ\!
;c;! /A>RALK!R>@KFDA>J!AJ!FA@!Q>JMADA>JAJB!H7HDNKH SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS;_!
;c=! &NHD!F??F@FDIH!D>!?@NPNJD!KAQ@>EAFL!B@>ODC!AJ!FA@!Q>JMADA>JAJB!H7HDNKS SSSSSSSSSSSSSSSSS;_!
;ca! "@ABAJFL!F??F@FDIH!FDDFQCNM!D>!FA@!Q>JMADA>JAJB!H7HDNKS SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS;_!
=cZ! 0FE!HQFLN!NT?N@AKNJDFL!HNDI?!>R!>X>JNcD@NFDNM!FA@!CFJMLAJB!H7HDNKS SSSSSSSSSSSSSSSSSSSSSSS=Z!
=c;! +@>QNHH!RL>O!MAFB@FK!>R!>X>JNcD@NFDNM!FA@!CFJMLAJB!H7HDNKSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS=;!
=c=! '1*c&9'/"364'"#"$%!>X>JN!BNJN@FD>@HS SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS=;!
=ca! )NQCFJAQFL!MFK?N@!AJ!DCN!AJLND!FA@LAJNS SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS=;!
=c\! /A>L>BAQFL!Q>JDFAJKNJD!C>>MS SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS==!
=c]! +@>QNHH!FID>KFDA>J!IHAJB!.'!Z<!FH!F!MFDFL>BBN@!FJM!?@>QNHH!Q>JD@>LLN@S SSSSSSSSSSSSSSS==!
=c_! 5NYINJQN!>R!HDN?H!DFGNJ!D>!?@N?F@N!CIKAMAD7!AJHAMN!HAKILFDNM!FA@!MIQD!e(d!2ND!H?>JBNH!AJHAMN!NT?>HI@N!QCFKEN@!e/d!+ND@A!MAHCNH!AJ!FJ!NT?>HI@N!QCFKEN@!ENR>@N!HDF@DAJB!NT?N@AKNJDFL!D@AFLS SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS==!
=c`! 5NYINJQN!>R!HDN?H!DFGNJ!D>!?@N?F@N!JID@ANJD!KNMAF!e(d!$ID@ANJD!KNMAF!?@N?F@NM!!AJ!F!Q>JAQFL!RLFHG!e/d!5DN@ALAXFDA>J!>R!JID@ANJD!KNMAF!AJ!F!FID>QLFPN!!e.d!5>LAMARAQFDA>J!>R!JID@ANJD!KNMAF!AJ!+ND@A!?LFDN!IJMN@!EFQDN@AF!R@NN!!NJPA@>JKNJDFL!C>>M!e4d!5D>@FBN!>R!+ND@A!MAHCNH!AJ!F!@NR@ABN@FD>@S SSSSSSSSSSSSSSSSSSSSSSSSSSS=\!
=c^! +ND@A!MAHCNH!AJ>QILFDNM!R@>K!F!JFDI@FL!AJM>>@!C>KN!RL>@FS SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS=]!
=cZ<! !->M>KND@AQ!KNDC>M!DNHD!HNDcI?!R>@!>X>JN!Q>JQNJD@FDA>J!KNFHI@NKNJDSSSSSSSSSSSSSSSSSSSS=`!
=cZZS&CN!4@FBBN@!?IK?SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS=^!
=cZ;! .>K?F@AH>J!>R!>X>JN!D@NFDNM!?LFDN!eLNRDd!OADC!IJD@NFDNM!?LFDN!e@ABCDdSSSSSSSSSSSSSSSSSSSSSSaZ!
acZ! "X>JN!Q>JQNJD@FDA>J!LNPNLH!FQCANPNM!IJMN@!MARRN@NJD!RNNM!BFH!RL>O!@FDN!!Q>JMADA>JHS SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSa=!
PAAA!
!
ac;! !"X>JN!Q>JQNJD@FDA>J!PHS!DAKN!AJ!FJ!NT?>HI@N!QCFKEN@S SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSa]!
ac=! )AQ@>EAFL!AJFQDAPFDA>J!AJ!F!HAKILFDNM!FA@!Q>JMADA>JAJB!MIQD!EFHNM!>J!PF@7AJB!!>X>JN!Q>JQNJD@FDA>JU!D@NFDKNJD!R@NYINJQ7!FJM!Z\!KAJIDNH!>R!D@NFDKNJD!!MI@FDA>JSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\Z!
aca! )AQ@>EAFL!AJFQDAPFDA>J!AJ!F!HAKILFDNM!FA@!Q>JMADA>JAJB!MIQD!EFHNM!>J!PF@7AJB!!>X>JN!Q>JQNJD@FDA>JU!D@NFDKNJD!R@NYINJQ7!FJM!=<!KAJIDNH!>R!D@NFDKNJD!!MI@FDA>JSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\;!
ac\! )AQ@>EAFL!AJFQDAPFDA>J!AJ!F!HAKILFDNM!FA@!Q>JMADA>JAJB!MIQD!EFHNM!>J!PF@7AJB!!>X>JN!Q>JQNJD@FDA>JU!D@NFDKNJD!R@NYINJQ7!FJM!]<!KAJIDNH!>R!D@NFDKNJD!!MI@FDA>JSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS\;!
!
!
!
!
!
!
AT!
!
!
(EHD@FQD!>R!&CNHAH!+@NHNJDNM!D>!DCN!1@FMIFDN!5QC>>L!>R!DCN!9JAPN@HAD7!>R!*L>@AMF!AJ!+F@DAFL!*ILRALLKNJD!>R!DCN!'NYIA@NKNJDH!R>@!DCN!4NB@NN!>R!)FHDN@!>R!%JBAJNN@AJB!
!
"#"$%!&'%(&)%$&!*"'!+'%,%$&-"$!"*!)-.'"/-(0!1'"2&3!-$!(-'!."$4-&-"$-$1!565&%)5!
/7!
(FGFHC!8CI@FJF!
4NQNKEN@!;<<=!
.CFA@f!!4FPAM!+S!.C7J>ONDC!
.>QCFA@f!!(@DCI@!(S!&NATNA@F!)F[>@!4N?F@DKNJDf!!(B@AQILDI@FL!FJM!/A>L>BAQFL!%JBAJNN@AJB!
)AQ@>EAFL! Q>JDFKAJFDA>J! >R! AJM>>@! FA@! E7! FA@! Q>JMADA>JAJB! H7HDNKH! @N?@NHNJDH! F!
KF[>@!?IELAQ!CNFLDC!Q>JQN@JS!/A>RALK!R>@KFDA>J!F@>IJM!Q>JMNJHFDA>J!Q>ALH!FJM!M@A?!?FJH!
DFGNH! ?LFQN! MIN! D>! DCN! Q>KEAJFDA>J! >R! Q>LLNQDA>J! >R! ?F@DAQILFDN! >@BFJAQ! KFDDN@! FJM!
Q>JMNJHFDA>J! >R! K>AHDI@N! AJ! FJ! FA@! Q>JMADA>JAJB! IJADU! OCAQC! J>D! >JL7! @NMIQNH! DCN!
NRRAQANJQ7! >R! CNFD! D@FJHRN@! AJ! DCNHN! H7HDNKH! EID! FLH>! LNFMH! D>! F! CABC! LNPNL! >R! RIJBA! FJM!
EFQDN@AF!DCFD!ENQ>KN!FA@E>@JN!FJM!D@FJH?>@DNM!DC@>IBC>ID!DCN!EIALMAJBH!PAF!FA@!QA@QILFDA>JS!!
&CN!HIQQNHH!>R!>X>JN!FH!F!MAHAJRNQDFJD!AJ!OFDN@!H7HDNKH!HIBBNHDNM!ADH!?>DNJDAFL!R>@!
FN@AFL!F??LAQFDA>JH!D>!?@NPNJD!KAQ@>EAFL!B@>ODC!AJ!FA@!Q>JMADA>JAJB!H7HDNKHS!+@NLAKAJF@7!
O>@G!HIBBNHDNM!DCFD!>X>JN!?@NPNJDNM!FQQIKILFDA>J!>R!KAQ@>EAFL!KFHH!AJ!FJ!FQDIFL!C>KN!
FA@!Q>JMADA>JAJB!H7HDNKU!FJM!DCIH!F!KNDC>M!FJM!F??F@FDIH!D>!Q>JD@>L!DCN!KAQ@>EAFL!B@>ODC!
AJ!FA@!CFJMLAJB!H7HDNKH!ON@N!MNPNL>?NMS!
T!
!
&CN!B>FL!>R!DCAH!HDIM7!OFH!D>!Q>JRA@K!FJM!M>QIKNJD!DCN!NRRAQFQ7!>R!>X>JN!FH!F!
MAHAJRNQDFJD!D>!AJCAEAD!KAQ@>EAFL!B@>ODC!AJ!FA@!Q>JMADA>JAJB!H7HDNKH!FJM!D>!MNDN@KAJN!
?@FQDAQFL!>X>JN!D@NFDKNJD!Q>JMADA>JH!Q>JHAHDAJB!>R!>X>JN!Q>JQNJD@FDA>J!FJM!D@NFDKNJD!DAKN!
FJM!R@NYINJQ7!R>@!NJBAJNN@AJB!F??LAQFDA>JH!>R!DCAH!AJPNJDA>JS!
*AJMAJBH!R@>K!DCAH!HDIM7!@NPNFL!DCFD!FD!^!??K!FJM!L>ON@!LNPNLH!>R!>X>JN!
Q>JQNJD@FDA>J!R@NYINJD!D@NFDKNJDH!F@N!NRRNQDAPN!D>!AJFQDAPFDN!KAQ@>EAFL!B@>ODC!EID!FH!
>X>JN!Q>JQNJD@FDA>J!LNPNLH!F@N!AJQ@NFHNM!R@>K!ZZ??K!FJM!CABCN@!D@NFDKNJD!MI@FDA>J!?LF7H!
F!KF[>@!@>LN!D>!AJCAEAD!KAQ@>EAFL!B@>ODCS!(LH>U!Q>KEAJFDA>JH!>R!=<!KAJIDNH!>@!L>JBN@!
D@NFDKNJD!MI@FDA>J!OADC!Q>JQNJD@FDA>J!LNPNLH!FH!L>O!FH!Z;!??K!FQCANPN!HAKALF@!AJCAEADA>J!
@NHILDHS!&CN!@NHILDH!FLH>!HC>O!DCFD!>JN!Z\cKAJIDN!D@NFDKNJD!?N@!MF7!>R!NT?>HI@N!R>@!>X>JN!
FD!F!Q>JQNJD@FDA>J!>R!a\!??K!AH!NRRNQDAPN!D>!FQCANPN!KAQ@>EAFL!AJFQDAPFDA>JS!&CIHU!DCN!
@NHILDH!?@NHNJDNM!AJ!DCAH!@NHNF@QC!MNK>JHD@FDN!DCFD!?@FQDAQFL!D@NFDKNJD!Q>JMADA>JH!EFHNM!>J!
MARRN@NJD!Q>KEAJFDA>JH!>R!>X>JN!Q>JQNJD@FDA>JU!D@NFDKNJD!MI@FDA>J!FJM!R@NYINJQ7!QFJ!EN!
F??LANM!D>!MAHAJRNQD!>I@!FA@!CFJMLAJB!H7HDNKHS!
TA!
.3(+&%'!Z!-$&'"49.&-"$!
!"#$%&'()*+
&@FJHKAHHA>J!>R!@NH?A@FD>@7!AJRNQDA>JH!AJ!AJM>>@!NJPA@>JKNJDH!@N?@NHNJDH!F!?IELAQ!
CNFLDC!Q>JQN@J!R>@!OCAQC!NJBAJNN@AJB!FLDN@JFDAPNH!F@N!LAKADNMS!-JM>>@!FA@!YIFLAD7!AH!
FRRNQDNM!E7!F!PF@AND7!>R!RFQD>@H!LAGN!FQQIKILFDA>J!>R!KAQ@>>@BFJAHKH!AJ!FA@!Q>JMADA>JAJB!
H7HDNKHU!NJD@FJQN!>R!>IDM>>@!KAQ@>>@BFJAHKH!AJD>!EIALMAJBHU!>@!Q>JDFKAJFDA>J!>R!EIALMAJB!
KFDN@AFLHS!&CN!Q>KEAJFDA>J!>R!Q>LLNQDA>J!>R!?F@DAQILFDN!>@BFJAQ!KFDDN@!FJM!Q>JMNJHFDA>J!
>R!K>AHDI@N!?@>PAMNH!FJ!AMNFL!NJPA@>JKNJD!R>@!DCN!B@>ODC!>R!EA>RALKH!F@>IJM!M@A?!?FJHU!
Q>JMNJHFDA>J!Q>ALHU!FJM!MIQDO>@G+>R!DCN!FA@!Q>JMADA>JAJB!IJADH!FJM!DCN!@NQ7QLAJB!FA@!R@>K!
Q>JDFKAJFDNM!IJADH!LNFMH!D>!DCN!D@FJH?>@DFDA>J!>R!FA@E>@JN!Q>JDFKAJFJDH!AJ!DCN!AJM>>@!
NJPA@>JKNJDS!/A>RALKH!J>D!>JL7!LNFM!D>!CABC!LNPNLH!>R!RIJBA!FJM!EFQDN@AF!DCFD!ENQ>KN!
FA@E>@JN!FJM!D@FJH?>@DNM!DC@>IBC>ID!DCN!EIALMAJBH!PAF!FA@!@NQA@QILFDA>JU!EID!FLH>!@NMIQN!DCN!
NRRAQANJQ7!>R!CNFD!D@FJHRN@!AJ!DCNHN!H7HDNKHS!!
+N@A>MAQ!QLNFJAJB!>R!FA@!Q>JMADA>JAJB!H7HDNK!FJM!MIQDO>@G!OADC!EA>QAMNH!M>NH!J>D!
NLAKAJFDN!FLL!KAQ@>>@BFJAHKH!OCAQC!QFJ!QFIHN!PF@AND7!>R!CNFLDC!?@>ELNKH!AJQLIMAJB!!
C7?N@cHNJHADAPAD7U!?JNIK>JADAHU!HAQG!EIALMAJB!H7JM@>KNU!LNBA>JJFA@NgH!MAHNFHNU!FHDCKF!FJM!
FLLN@BANH!AJ!CIKFJHS!.>KK>J!DNQCJ>L>BANHU!HIQC!FH!CABC!NRRAQANJQ7!?F@DAQILFDN!FA@!
e3%+(d!RALDN@H!FJM!ILD@FPA>LND!BN@KAQAMFL!A@@FMAFDA>J!e9,1-d!R>@!FA@!D@NFDKNJDU!F@N!?@>PNJ!
LNHH!NRRNQDAPN!AJ!@NFLcO>@LM!AJHDFLLFDA>JH!DCFJ!AJ!LFE>@FD>@7!HDIMANHS!!
&CN!HIQQNHH!>R!>X>JN!D>!AJFQDAPFDN!EFQDN@AF!FJM!RIJBA!AJ!OFDN@!D@NFDKNJD!H7HDNKH!
e/L>B>HLFOHGA!FJM!'AQNU!Z^_\d!HIBBNHDH!ADH!?>DNJDAFL!R>@!FN@AFL!F??LAQFDA>JH!D>!?@NPNJD!
Z!
;!
KAQ@>EAFL!B@>ODC!AJ!FA@!Q>JMADA>JAJB!H7HDNKHS!1FHN>IH!>X>JN!QFJ!D@NFD!F@NFHU!OCAQC!F@N!
AJFQQNHHAELN!D>!9,!LABCD!FJM!>DCN@!QLNFJAJB!KNDC>MHS!-D!AH!F!HD@>JBNHD!>TAMFJD!FJM!
MAHAJRNQDFJD!OAMNL7!IHNM!R>@!DCN!D@NFDKNJD!>R!OFDN@!FJM!OFHDNOFDN@S!&CN!CABC!>TAMFDA>Jh
?>DNJDAFL!>R!>X>JN!@NHILDH!AJ!F!EA>QAMFL!NRRNQD!>J!DCN!KAQ@>>@BFJAHKHS!&CNHN!FDD@AEIDNHU!
?LIH!DCN!RFQD!DCFD!>X>JN!MNQ>K?>HNH!D>!R>@K!DCN!AJJ>QI>IH!E7?@>MIQD!>T7BNJU!QFJ!KFGN!
>X>JN!AMNFL!R>@!FA@!D@NFDKNJDS!!
,&'-./0+
&CN!?@>ELNK!>R!Q>JDFKAJFDA>J!>R!FA@!CFJMLAJB!H7HDNKH!HIQC!FH!DC>HN!IHNM!AJ!
Q>KKN@QAFL!EIALMAJBHU!?@APFDN!MONLLAJBH!FJM!QL>HNM!PNCAQLNH!AH!?F@DAQILF@L7!FQIDN!AJ!OF@K!
QLAKFDN!F@NFH!DCFD!@NYIA@N!LNJBDC7!FA@!Q>JMADA>JN@!>?N@FDA>J!OADC>ID!DCN!>??>@DIJAD7!D>!
?N@KAD!DCN!K>AHDI@N!?@>MIQAJB!Q>ALH!FJM!M@A?!?FJH!D>!M@7S!)>HD!>R!DCN!M@A?!?FJH!F@N!J>D!
MNHABJNM!D>!M@FAJ!Q>K?LNDNL7!FJM!DCIH!CF@E>@!KAQ@>EAFL!B@>ODC!AJ!FA@cQ>JMADA>JAJB!IJADHS!
-D!AH!@NQ>KKNJMNM!DCFD!DCN!Q>JMNJHFDA>J!?@>MIQAJB!F??F@FDIH!>R!FA@cQ>>LAJB!NYIA?KNJD!EN!
@NBILF@L7!QLNFJNM!FJM!MAHAJRNQDNMS!3>ONPN@U!HIQC!@>IDAJN!KFAJDNJFJQN!AH!>RDNJ!
>PN@L>>GNMU!FJM!DCN!IHN!>R!Q>JPNJDA>JFL!MAHAJRNQDAJB!DNQCJAYINH!Q@NFDNH!?@>ELNKH!ENQFIHN!
>R!DCN!MAHHA?FDA>J!>R!MAHAJRNQDFJDH!AJD>!DCN!FA@!RL>OAJB!DC@>IBC!DCN!H7HDNK!NT?>HNH!KFJ7!
>QQI?FJDH!>R!EIALMAJBH!FJM!PNCAQLNH!D>!FLLN@BANH!FJM!ALLJNHHNH!MARRAQILD!D>!D@FQN!FJM!
MAFBJ>HNS!)AQ@>EAFL!Q>JDFKAJFDA>J!>R!AJM>>@!FA@!AH!F!KF[>@!QFIHN!>R!ALLJNHH!FK>JB!
AJMAPAMIFLH!OADCAJ!>RRAQN!EIALMAJBH!FJM!DCN!LAGN!CFPAJB!HNFLNM!OAJM>OH!OCN@NAJ!FA@!
QA@QILFDA>J!AH!>JL7!DC@>IBC!QNJD@FL!Q>>LAJB!FJM!CNFDAJB!IJADH!e/IALMAJB!'NLFDNM!5AQGJNHHU!
Z^^=dS!!
.C7J>ONDC!e9J?IELAHCNMd!>EHN@PNM!FJM!Q>LLNQDNM!LF@BN!YIFJDADANH!>R!KAQ@>EAFL!
KFHH!R@>K!DCN!M@A?!?FJ!FJM!Q>JMNJHFDA>J!Q>ALH!>R!CAH!C>KN!FA@!Q>JMADA>JAJB!IJADS!3N!!
!
=!
@NFH>JNM!DCFD!OCNJ!DCN!EL>ON@!D@FJHKADH!FA@!FQ@>HH!DCN!NPF?>@FD>@!Q>ALU!DCN!
KAQ@>>@BFJAHKH!?@NHNJD!AJ!DCN!EA>RALK!>J!DCN!Q>AL!FJM!M@A?!?FJ!ENQ>KN!FA@cE>@JN!
?F@DAQILFDNH!OADC!DCN!?>DNJDAFL!D>!QFIHN!CNFLDC!?@>ELNKH!FH!FLLN@BANHU!@FHCNHU!Q>LMHU!PA@IHNHU!
LNBA>JJFA@N!MAHNFHN!FJM!H>KN!>DCN@!ALLJNHHNH!GJ>OJS!3N!AJHDFLLNM!F!C>D!DIE!>X>JN!IJAD!D>!
>JN!>R!CAH!DO>!FA@!Q>JMADA>JAJB!IJADH!FRDN@!QLNFJAJB!DCNK!DC>@>IBCL7!MI@AJB!HIKKN@S!&CN!
FA@!Q>JMADA>JAJB!IJAD!OADC!>X>JN!IJAD!AJHDFLLNM!MAM!J>D!HC>O!FJ7!HABJ!>R!EA>RALK!R>@KFDA>J!
EID!DCN!>DCN@!IJAD!CFM!F!HABJARAQFJD!EA>RALK!R>@KFDA>J!FQ@>HH!NPF?>@FD>@!Q>AL!FJM!M@A?!?FJ!
FRDN@!F!RNO!HIKKN@!K>JDCHS!&CIHU!EFHNM!>J!DCAH!>EHN@PFDA>J!*FJJAJ!FJM!.C7J>ONDC!
eZ^^ad!O@>DN!F!?FDNJD!F??LAQFDA>J!R>@!MNPNL>?AJB!F!KNDC>M!FJM!F??F@FDIH!D>!Q>JD@>L!DCN!
KAQ@>EAFL!B@>ODC!AJ!FA@!CFJMLAJB!H7HDNKH!E7!D@NFDAJB!DCN!IJAD!OADC!BFHN>IH!MAHAJRNQDFJDS!
-JADAFL!DNHDH!ON@N!Q>JMIQDNM!FD!DCN!C>KN!>R!FJ!AJPNJD>@!FJM!Q>I?LN!>R!7NF@H!LFDN@!F!LFE!MIQD!
OFH!EIALD!D>!M>!?@NLAKAJF@7!D@NFDKNJDHS!+@NLAKAJF@7!O>@G!HIBBNHDNM!DCFD!>X>JN!?@NPNJDNM!
FQQIKILFDA>J!>R!KAQ@>EAFL!KFHH!>PN@!F!?N@A>M!AJ!>JN!HIKKN@S!*>LL>O!I?!DNHDAJB!>R!DCAH!
D@NFDKNJD!H7HDNK!OFH!Q>JMIQDNM!D>!KNFHI@N!DCN!>X>JN!>ID?ID!FJM!DNHD!D@NFDKNJD!@NBAKNHS!
&CN!@NHNF@QC!@N?>@D!CN@N!MNPNL>?NM!OFH!F!MNDFALNM!MFDFEFHN!R>@!>X>JN!D@NFDKNJD!EFHNM!>J!
>X>JN!Q>JQNJD@FDA>J!FJM!DCN!D@NFDKNJD!DAKN!FJM!R@NYINJQ7!R>@!NJBAJNN@AJB!F??LAQFDA>JH!>R!
DCAH!AJPNJDA>JS!
1-2/#345/+
&CN!B>FL!>R!DCAH!HDIM7!OFH!D>!@NQ>JRA@K!DCN!NRRAQFQ7!>R!>X>JN!FH!F!MAHAJRNQDFJD!D>!
AJCAEAD!KAQ@>EAFL!B@>ODC!AJ!FA@!Q>JMADA>JAJB!H7HDNKH!FJM!D>!MNDN@KAJN!?@FQDAQFL!D@NFDKNJD!
Q>JMADA>JHS!5?NQARAQ!>E[NQDAPNH!D>!DCN!HDIM7!ON@N!DCN!R>LL>OAJBf!
ZS! !4NDN@KAJN!DCN!NRRNQDAPNJNHH!>R!AJDN@KADDNJD!>X>JN!D@NFDKNJD!R>@!?@NPNJDA>J!>R!EFQDN@AFL!FJM!RIJBFL!B@>ODC!AJ!FA@!Q>JMADA>JAJB!H7HDNKH!!
;S! !%PFLIFDN!DCN!NRRNQD!>R!PF@A>IH!Q>KEAJFDA>JH!>R!>X>JN!Q>JQNJD@FDA>JU!NT?>HI@N!MI@FDA>J!FJM!D@NFDKNJD!R@NYINJQ7!>J!KAQ@>EAFL!B@>ODCS!!!
!
a!
=S! !'NQ>KKNJM!?@FQDAQFL!FA@!Q>JMADA>JAJB!IJAD!D@NFDKNJD!Q>JMADA>JH!EFHNM!>J!DCN!>X>JN!Q>JQNJD@FDA>JU!D@NFDKNJD!MI@FDA>J!FJM!R@NYINJQ7S!!
!
!
.3(+&%'!;!0-&%'(&9'%!'%,-%2!
6)*''&+74&+8(".439+
+>>@!AJM>>@!FA@!YIFLAD7!AH!OAMNL7!@NBF@MNM!FH!F!HABJARAQFJD!CNFLDCU!NJPA@>JKNJDFL!
FJM!NQ>J>KAQ!?@>ELNKS!)AQ@>>@BFJAHKH!HIQC!FH!EFQDN@AF!FJM!RIJBA!F@N!IEAYIAD>IH!AJ!>I@!
AJM>>@!FJM!>IDHAMN!NJPA@>JKNJDS!%TQNHHAPN!?@>LARN@FDA>J!>@!MAHD@AEIDA>J!>R!KAQ@>EAFL!
B@>ODC!AJHAMN!EIALMAJBH!CFH!ENNJ!GJ>OJ!D>!QFIHN!@NH?A@FD>@7!@NLFDNM!FALKNJDH!FH!ONLL!FH!
HGAJ!@FHCNHS!%PAMNJQN!R>@!DCN!H?@NFM!>R!@NH?A@FD>@7!MAHNFHNH!AJHAMN!EIALMAJBHU!FJM!
H?NQARAQFLL7!E7!PNJDALFDA>J!H7HDNKH!NTAHDH!AJ!NF@L7!N?AMNKA>L>BAQFL!MFDF!e3F@DKFJU!Z^;\dS!
)AQ@>EAFL!Q>JDFKAJFDA>J!AJ!EIALMAJBH!AH!>RDNJ!F!RIJQDA>J!>R!K>AHDI@N!AJQI@HA>J!R@>K!
H>I@QNH!HIQC!FH!HDFBJFJD!OFDN@!AJ!CNFDAJBU!PNJDALFDA>J!FJM!FA@!Q>JMADA>JAJB!e3,(.d!FA@!
MAHD@AEIDA>J!H7HDNKH!FJM!Q>>LAJB!D>ON@HS!5IQC!Q>JDFKAJFDA>J!>R!AJM>>@!FA@!CFH!ENNJ!
OAMNL7!M>QIKNJDNM!FJM!AH!F!QFIHN!>R!ALLJNHH!FK>JB!AJMAPAMIFLH!OADCAJ!>RRAQN!EIALMAJBH!
FJM!DCN!LAGN!CFPAJB!HNFLNM!OAJM>OH!OCN@NAJ!FA@!QA@QILFDA>J!AH!>JL7!DC@>IBC!QNJD@FL!
Q>>LAJB!FJM!CNFDAJB!IJADH!e/IALMAJB!'NLFDNM!5AQGJNHHU!Z^^=dS!!
3NFLDC!NRRNQDH!@NLFDNM!D>!@NHAMNJQ7!FJMi>@!O>@G!AJ!QL>HNM!EIALMAJBHU!HIQC!FH!
@NHAMNJDAFL!EL>QGHU!>RRAQNHU!HQC>>LH!FJM!JI@HN@ANHU!CFPN!ENQ>KN!F!B@>OAJB!?IELAQ!CNFLDC!
Q>JQN@JS!&CNHN!?@>ELNKH!F@N!>RDNJ!QFLLNM!DCN!HAQG!EIALMAJB!H7JM@>KN!e5/5d!FJM!OFH!
>@ABAJFLL7!MNRAJNM!E7!DCN!2>@LM!3NFLDC!"@BFJAXFDA>J!e23"U!Z^`=d!FH!DCN!>QQI@@NJQN!>R!
FJ!AJQ@NFHNM!?@NPFLNJQN!>R!J>JcH?NQARAQ!H7K?D>KH!FK>JB!?>?ILFDA>JH!AJ!QN@DFAJ!
EIALMAJBHS!57K?D>KH!>R!5/5!F@N!ENLANPNM!D>!F@AHN!R@>K!KILDA?LN!QFIHNH!OCAQCU!OCALN!J>D!
QLNF@L7!IJMN@HD>>MU!F@N!FHH>QAFDNM!KFAJL7!OADC!FA@cQ>JMADA>JNM!>RRAQN!EIALMAJBHS!
\!
]!
!)>HD!?N>?LN!F@N!FOF@N!DCFD!>IDM>>@!FA@!?>LLIDA>J!QFJ!MFKFBN!DCNA@!CNFLDC!EID!KFJ7!
M>!J>D!GJ>O!DCFD!AJM>>@!FA@!?>LLIDA>J!QFJ!FLH>!CFPN!HABJARAQFJD!JNBFDAPN!CNFLDC!NRRNQDHS!!
%JPA@>JKNJDFL!+@>DNQDA>J!(BNJQ7!e%+(d!HDIMANH!>R!CIKFJ!NT?>HI@N!D>!FA@!?>LLIDFJDH!
AJMAQFDN!DCFD!AJM>>@!LNPNLH!>R!?>LLIDFJDH!KF7!EN!;c\!DAKNHU!FJM!>QQFHA>JFLL7!K>@N!DCFJ!
Z<<!DAKNHU!CABCN@!DCFJ!>IDM>>@!LNPNLHS!!&CNHN!LNPNLH!>R!AJM>>@!FA@!?>LLIDFJDH!KF7!EN!>R!
?F@DAQILF@!Q>JQN@J!ENQFIHN!K>HD!?N>?LN!H?NJM!FE>ID!^<j!>R!DCNA@!DAKN!AJM>>@H!e95!%+(U!
Z^^\dS+
!4':4.0+;'&0"34')+
(!EA>RALK!AH!F!Q>KKIJAD7!>R!KAQ@>ENH!NKENMMNM!AJ!FJ!>@BFJAQ!?>L7KN@!KFD@ATU!
FMCN@AJB!D>!F!HI@RFQNS!&CN!KFD@AT!>R!DCN!EA>RALK!Q>JHAHDH!LF@BNL7!>R!OFDN@!FJM!DCN!
@NKFAJMN@!AH!FJ!FHH>@DKNJD!>R!NTD@FQNLLILF@!?>L7KN@H!e?>L7HFQQCF@AMNHU!BL7Q>c?@>DANJHd!
OCAQC!F@N!@NRN@@NM!D>!FH!NTD@FQNLLILF@!?>L7KN@AQ!HIEHDFJQNH!e%+5d!e1NNHN7U!Z^`;dS!
/FQDN@AF!BFAJ!F!JIKEN@!>R!FMPFJDFBNH!R@>K!LAPAJB!AJ!EA>RALKHS!-J!F!EA>RALKU!R>@!
NTFK?LNU!DCN!KAQ@>EAFL!QNLLH!F@N!?@>DNQDNM!R@>K!?>HHAELN!FDDFQG!R@>K!DCN!>IDHAMN!
NJPA@>JKNJDU!NSBSU!R@>K!ILD@FPA>LND!e9,d!@FMAFDA>JS!&CN7!F@N!FLH>!@NHAHDFJD!D>!FJDAcEFQDN@AFL!
FBNJDH!LAGN!CNFD!e*@FJG!FJM!8>RRAU!Z^^<d!FJM!EFQDN@A>?CFBNH!e3AQGH!FJM!'>OEI@7U!Z^`_dS!
/A>RALKH!DCIH!Q>JHDADIDN!F!@NHN@P>A@!>R!KFJ7!MARRN@NJD!H?NQANH!FELN!D>!@NHAHD!NJPA@>JKNJDFL!
RLIQDIFDA>JHS!/A>RALK!R>@KFDA>J!AH!F!KILDA!HDN?!?@>QNHH!OCN@NE7!EFQDN@AF!FMCN@N!D>!
NYIA?KNJD!>@!HI@RFQNH!HI@@>IJM!DCNKHNLPNH!OADC!F!?@>DNQDAPN!LF7N@!>R!?>L7HFQQCF@AMNH!FJM!
B@>O!AJD>!F!JNDO>@G!>R!KAQ@>!Q>L>JANH!FJM!OFDN@!QCFJJNLHS!&CNHN!QCFJJNLH!HN@PN!D>!
HI??L7!JID@ANJDH!FJM!@NK>PN!EFQDN@AFL!OFHDN!?@>MIQDHS!
(QQ>@MAJB!D>!.CF@FQGLAH!eZ^`ZdU!DCN!R>@KFDA>J!>R!F!EA>RALK!AJ!F!QLNFJ!FJM!AJN@D!
HI@RFQN!Q>JDFAJAJB!>@BFJAQ!FJM!KAJN@FL!K>LNQILNH!FJM!KAQ@>>@BFJAHKH!B>NH!DC@>IBC!R>I@!
HDFBNHf!
!
_!
ZS!&@FJH?>@Df!*A@HDU!K>LNQILNH!F@N!QF@@ANM!D>OF@MH!DCN!HI@RFQN!E7!MARRIHA>J!>@U!AJ!
H>KN!QFHNHU!E7!DI@EILNJD!RL>OS!&CN!LF@BN@!?F@DAQLNHU!AJQLIMAJB!DCN!KAQ@>>@BFJAHKHU!F@N!
HL>ONM!M>OJ!E7!DCN!LFKAJF@!E>IJMF@7!RL>OV!>DCN@!KNQCFJAHKH!FLH>!AJDN@PNJN!D>!NT?LFAJ!
C>O!DCN!KAQ@>>@BFJAHKH!F@N!QF@@ANM!@ABCD!D>!DCN!HI@RFQN!eB@FPAD7U!DCN@K>?C>@NHAH!FJM!
QCNK>DFTAHU!RLIAM!M7JFKAQ!R>@QNHdS!
;S!(MH>@?DA>J!>R!K>LNQILNHf++)>LNQILNH!F@N+FLK>HD!AJHDFJDL7!FMH>@ENM!FD!DCN!HI@RFQN!
FJM!?LF7!F!?F@D!AJ!DCN!NPNJDH!DCFD!R>LL>OS!&CAH!k!Q>JMADA>JAJBl!>R!DCN!HI@RFQN!FLDN@H!ADH!
?C7HAQ>cQCNKAQFL!?@>?N@DANH!eHI@RFQN!R@NN!NJN@BANHU!NLNQD@>HDFDAQ!QCF@BNdS!&CN!
FQQIKILFDA>J!>R!>@BFJAQ!FJM!AJ>@BFJAQ!KFDDN@H!FD!DCN!H>LAMcLAYIAM!AJDN@RFQN!eNT?LFAJNM!E7!
1AEEH!LFOU!FJM!>RDNJ!@NRN@@NM!D>!FH!DCN!mQ>JMADA>JAJB!RALKgd!Q>JDFAJH!F!J>DFEL7!CABCN@!
Q>JQNJD@FDA>J!>R!K>LNQILNH!>R!JID@ANJDH!DCFJ!AH!R>IJM!AJ!DCN!KFHH!>R!DCN!RLIAMS!$ID@ANJD!
D@FJHRN@!E7!MARRIHA>J!AH!DCIH!K>@N!@F?AM!OADCAJ!DCN!RALKS!
=S!(MCNHA>J!>R!JID@ANJD!KAQ@>>@BFJAHKHf!(MCNHA>J!AH!MIN!D>!PF@A>IH!D7?NH!>R!R>@QNH!
e,FJ!MN@!2FFLH!FDD@FQDA>J!R>@QNH!>@!NLNQD@>HDFDAQ!R>@QNHd!DCFD!>?N@FDN!ENDONNJ!DCN!AJN@D!
HI@RFQN!FJM!DCN!LAPAJB!QNLLH!e"LAPNA@FU!Z^^;dS!9JLAGN!DCN!?@NPA>IH!HDFBNU!DCN!FMCNHA>J!>R!
EFQDN@AF!FD!DCAH!HDFBN!DFGNH!H>KNDAKNU!DC>IBC!DCAH!PF@ANH!FQQ>@MAJB!D>!DCN!H?NQANH!>R!
KAQ@>EN!Q>JQN@JNMS!)F@HCFLL!eZ^^;d!MNHQ@AENM!F!RA@HD!HDFBN!AJ!OCAQC!FMCNHA>J!AH!
@NPN@HAELN!FJM!DCN!EFQDN@AF!HDALL!HC>O!/@>OJAFJ!K>DA>J!FJM!F@N!NFHAL7!@NK>PNM!eNSBSU!
KN@NL7!E7!@AJHAJBdV!FJM!F!HNQ>JM!?CFHNU!AJ!OCAQC!FMCNHA>J!QFJ!EN!QFLLNM!A@@NPN@HAELNU!
@NYIA@AJB!KIQC!HD@>JBN@!R>@QNH!D>!@NK>PN!DCN!EFQDN@AF!eNSBSU!HQ@F?AJBU!HQ@IEEAJBdS!3N!
@N?>@DNM!>J!@NHNF@QC!AJP>LPAJB!3(",41516$(!H??S!D>>G!a!C>I@H!R>@!_=j!>R!DCN!FMCN@AJB!
EFQDN@AF!D>!ENQ>KN!A@@NPN@HAEL7!FDDFQCNMS+
!
`!
&CN!NTD@FQNLLILF@!?>L7KN@AQ!HIEHDFJQNH!e%+5d!>R!QNLLH!AJ!HIH?NJHA>J!Q>JMADA>J!DCN!
HI@RFQN!?@>?N@DANH!>R!DCN!KAQ@>>@BFJAHKH!FJM!CNJQN!NJCFJQN!DCNA@!MNB@NN!>R!FMCNHA>J!D>!
HI@RFQNH!e5CNFU!Z^^ZdS!+>L7HFQQCF@AMN!Q>JR>@KFDA>J!PF@ANH!AJ!DCAH!@NH?NQD!FQQ>@MAJB!D>!
NJPA@>JKNJDFL!Q>JMADA>JH!>R!DNK?N@FDI@N!FJM!Q>K?>HADA>J!>R!H>LPNJDS!!!!
aS!.>L>JAXFDA>Jf!0FHDL7U!>JQN!DCN7!CFPN!FDDFQCNMU!DCN!KAQ@>>@BFJAHKH!DCFD!?@>MIQN+
%+5!@N?@>MIQN!FJM!KILDA?L7!OADCAJ!DCN!KFD@AT!H>!R>@KNMS!&CAH!Q>L>JAXFDA>J!@NHILDH!AJ!DCN!
R>@KFDA>J!>R!F!EA>RALKS!-D!AH!F!RFA@L7!HL>O!?@>QNHHf!MN?NJMAJB!>J!DCN!QILDI@N!Q>JMADA>JHU!AD!
DFGNH!FJ7DCAJB!R@>K!F!RNO!C>I@H!D>!HNPN@FL!K>JDCH!D>!@NFQC!F!HDFDN!>R!NYIALAE@AIKS!
&CAQGJNHH!>R!EA>RALK!MN?NJMH!>J!RFQD>@H!DCFD!AK?FQD!>J!DCN!LAPNH!FJM!HI@PAPFL!>R!
KAQ@>>@BFJAHKH!eNSBSU!?3U!OFDN@!FQDAPAD7!eFOdU!DNK?N@FDI@N!FJM!Q>K?>HADA>J!>R!DCN!
KNMAIKdS!2CNJ!JID@ANJD!Q>JQNJD@FDA>J!AJ!DCN!KNMAIK!AJQ@NFHNHU!DCN!DCAQGJNHH!>R!DCN!
EA>RALK!AJQ@NFHNHU!FH!M>!DCN!DCAQGJNHH!DC@NHC>LMH!EN7>JM!OCAQC!MARRIHA>J!>R!>JN!JID@ANJD!
NLNKNJD!>@!>DCN@!QNFHNH!e&@ILNF@!FJM!.CF@FQGLAHU!Z^`;dS!2CNJ!DCN!RL>O!@FDN!>R!DCN!RLIAM!AJ!
Q>JDFQD!OADC!DCN!EA>RALK!AH!AJQ@NFHNM!IJDAL!AD!ENQ>KNH!DI@EILNJDU!DCN!D@FJH?>@D!>R!K>LNQILNH!
FJM!KAQ@>>@BFJAHKH!AH!AK?@>PNM!FJM!DCN!@FDN!>R!MNDFQCKNJD!>R!QNLLH!R@>K!DCN!RALK!
AJQ@NFHNHS!
'NHNF@QC!M>JN!AJ!3>JB!8>JB!e0FO!"%0$+7U!;<<Zd!D>!MNDN@KAJN!DCN!DNK?>@FL!
Q>JQNJD@FDA>J!?@>RALN!>R!EA>FN@>H>L!AJHAMN!>RRAQN!NJPA@>JKNJDH!MI@AJB!>RRAQN!C>I@H!
@NQ>@MNM!CABCNHD!EFQDN@AF!Q>JQNJD@FDA>JH!FD!DCN!NF@L7!K>@JAJB!C>I@H!MI@AJB!DCN!HDF@DAJBcI?!
?N@A>M!>R!3,(.!H7HDNKHS!&CN!CABCNHD!RIJBA!Q>JQNJD@FDA>JH!ON@N!@NQ>@MNM!MI@AJB!DCN!
ONNGNJM!K>@JAJBHS!%LNPFDNM!Q>JQNJD@FDA>JH!>R!EFQDN@AF!FJM!RIJBA!>QQI@@NM
^!
DAKNU!FJM!DCN!EA>FN@>H>L!Q>JQNJD@FDA>J!MAKAJAHCNM!B@FMIFLL7!MI@AJB!>RRAQN!C>I@HS!&CAH!
?@>PAMNM!DCN!AJHABCD!DCFD!K>@N!D@NFDKNJD!AH!JNNMNM!OADCAJ!DCN!RA@HD!=!C!F@>IJM!DCN!FA@c
Q>JMADA>JAJB!K>@JAJB!HDF@DI?!DAKNH!DCFJ!>DCN@!DAKNH!>R!DCN!MF7S!2ADC!DCNHN!RAJMAJBHU!AD!
QFJ!EN!NT?NQDNM!DCFD!F!RFA@L7!CABC!Q>JQNJD@FDA>J!>R!FA@E>@JN!RIJBA!>QQI@!MI@AJB!DCN!
K>@JAJB!AR!DCN!3,(.!H7HDNK!AH!M>OJ!R>@!K>@N!DCFJ!`!C>I@HS!&CAH!EI@HD!>R!NKAHHA>J!>R!
EFQDN@AF!FJM!RIJBA!OFH!?@>EFEL7!MIN!D>!DCN!AJQIEFDA>J!>R!EFQDN@AF!FJM!RIJBA!MI@AJB!DCN!
JABCDDAKN!3,(.!HCIDM>OJ!C>I@HS!&CN!HDIM7!HIBBNHDNM!DCFD!FK?LARAQFDA>J!>R!EA>L>BAQFL!
FBNJDH!AJ!3,(.!@NHN@P>A@H!>QQI@@NM!MIN!D>!DCN!RFP>@FELN!Q>JMADA>JH!?@>PAMNM!MI@AJB!DCN!
3,(.!H7HDNK!HCIDM>OJ!C>I@HS!
75"4."-./+</3='*>+:'&+74&+?&/"30/)3+
.LNFJAJB!FJM!MAHAJRNQDA>J!F@N!DCN!DO>!KNDC>MH!IHNM!D>!NLAKAJFDN!EA>RALKH!R@>K!
HI@RFQNHS!.LNFJAJB!AH!AJDNJMNM!D>!NLAKAJFDN!HLAKN!FJM!MAHAJRNQDA>J!D>!MNHD@>7!FJ7!
@NKFAJAJB!KAQ@>>@BFJAHKHS!.F@?NJDAN@!FJM!.N@R!eZ^^;d!KNJDA>JNM!DCFD!DCN@N!AH!J>!KNDC>M!
FPFALFELN!D>!FQQI@FDNL7!Q>IJD!KAQ@>>@BFJAHKH!>J!DCN!HI@RFQN!MIN!D>!DO>!@NFH>JHS!*A@HDU!DCN!
IHIFL!DNQCJAYINH!eHQ@F?N@HU!FBF@!Q>JDFQD!KNDC>MHU!H?>JBNH!NDQd!@NK>PN!>JL7!DCN!D>?!>R!F!
RALK!Q>JDFAJAJB!>JL7!F!R@FQDA>J!>R!DCN!?>?ILFDA>JS!5NQ>JML7U!ENQFIHN!>R!DCN!JID@ANJD!
B@FMANJDH!R>IJM!OADCAJ!DCAQG!EA>RALKH!e.CF@FQGLAHU!Z^`ZdU!DCN!A@@NBILF@!AJ?IDH!>R!JID@ANJDH!
FJM!i>@!DCN!HD@NHH!?@>MIQNM!E7!MNHAQQFDA>JU!QLNFJAJB!FJM!MAHAJRNQDA>J!e5AJBC!"%!$+SU!Z^`]V!
5FLL!FK!FJM!4>JNLL7U!Z^^;d!H>KN!KAQ@>>@BFJAHKH!@NKFAJ!IJMNDNQDNM!eRFAL!D>!Q>L>JAXNd!
OADC!IHIFL!LFE>@FD>@7!QILDI@N!KNMAFS!(LH>U!J>!KNMAF!F@N!HIADFELN!R>@!B@>ODC!>R!FLL!
>@BFJAHKHS!
.LNFJAJB!AH!FJ!AK?>@DFJD!D@NFDKNJD!R>@!KAJAKAXAJB!KAQ@>EAFL!Q>L>JAXFDA>J!>J!DCN!
HI@RFQNS!-D!HNNKH!D>!EN!>R!PADFL!AK?>@DFJQN!D>!NLAKAJFDN!FH!KFJ7!KAQ@>>@BFJAHKH!FH!
?>HHAELN!ENR>@N!F??L7AJB!F!MAHAJRNQDFJDS!)AQ@>>@BFJAHKH!F@N!RF@!K>@N!HNJHADAPN!D>!
!
Z<!
MAHAJRNQDFJDH!>JQN!DCN7!CFPN!ENNJ!MNDFQCNM!R@>K!HI@RFQNHS!)NQCFJAQFL!FQDA>JH!eE@IHCU!
KNMAIK!FJM!CABC!?@NHHI@N
ZZ!
FJM!EFQDN@AFS!-D!AH!FJ!IJHDFELN!BFH!DCFD!AH!BNJN@FDNM!E7!FJ!NLNQD@AQFL!MAHQCF@BN!>@!9,!
@FMAFDA>J!DC@>IBC!M@7!FA@!>@!?I@N!>T7BNJS!&CN!>X>JFDA>J!?@>QNHH!IDALAXNH!F!HC>@D!Q>JDFQD!
DAKN!eF??@>TAKFDNL7!Z<!D>!=<!KAJIDNHd!FJM!DCN@N!F@N!J>!CF@KRIL!@NHAMIFLH!DCFD!F@N!D>!EN!
@NK>PNM!FRDN@!>X>JFDA>J!ENQFIHN!AD!MNQ>K?>HNH!@F?AML7!D>!>T7BNJS!
1@')/+">+")+7/&4".+A4>4):/#3")3+
-JFQDAPFDAJB!H?>@NcR>@KAJB!EFQDN@AF!AJ!OFDN@!OADC!>X>JN!AH!>JN!DCAJBU!EID!AJ!FA@!AD!AH!
NTD@NKNL7!MARRN@NJD!KFDDN@U!?@AKF@AL7!ENQFIHN!>R!DCN!PF@AFDA>JH!AJ!@NLFDAPN!CIKAMADANH!
B'AQNU!;<<;dS!"X>JN!CFH!ENNJ!?@NPA>IHL7!AJPNHDABFDNM!FH!FJ!FN@AFL!MAHAJRNQDFJD!EID!DCN!
@NHILDH!ON@N!AJQ>JQLIHAPN!e%LR@NMU!Z^a;dS!)FH>GF!eZ^`;d!HC>ONM!?@>KAHAJB!@NHILDH!R>@!
MAHAJRNQDA>J!>R!NJDA@N!@>>K!OADC!>X>JN!EID!DCN!MFDF!>J!>X>JN!MAHAJRNQDA>J!>R!FA@!@NKFAJ!
LAKADNMS!4NH?ADN!DCN!B@>OAJB!@NHNF@QCU!DCN@N!HDALL!@NKFAJH!FJ!FEHNJQN!>R!MFDF!>J!DCN!
>?DAKFL!Q>JQNJD@FDA>J!FJM!NT?>HI@N!DAKNH!D>!?@NPNJD!DCN!EA>RALK!FQQIKILFDA>JH!AJ!DCN!FA@!
Q>JMADA>JAJB!MIQDH!AJ!OF@K!QLAKFDN!F@NFHS!
-HCAXFGA!eZ^`]d!HDIMANM!DCN!AJFQDAPFDA>J!>R!HAT!HD@FAJH!>R!9$.&++,(!H??V!907(,:%&+&(;970
."#",(;97+&./"5&<1#6&(!FJM!976"*"%"#&,6!OADC!BFH!?CFHN!>X>JN!e;=<cZa<<!??Kd!FD!
PF@7AJB!@NLFDAPN!CIKMADANH!FJM!R>IJM!F!LFB!?CFHN!MI@AJB!DCN!AJADAFL!NT?>HI@N!R>LL>ONM!E7!
FJ!NT?>JNJDAFL!MNQ@NFHN!AJ!DCN!JIKEN@!>R!HI@PAP>@H!OADC!DAKNS!$>!AJFQDAPFDA>J!OFH!
>EHN@PNM!FD!@NLFDAPN!CIKAMADANH!ENL>O!\<jS!-JQ@NFHAJB!@NLFDAPN!CIKAMAD7!AJRLINJQNM!DCN!
LFB!?CFHNU!EID!J>D!DCN!AJFQDAPFDA>J!@FDNS!
2CAHDLN@!FJM!5CNLM>J!eZ^`^d!NPFLIFDNM!>X>JN!FH!FJ!FLDN@JFDAPN!MAHAJRNQDFJD!AJ!FA@!D>!
@N?LFQN!R>@KFLMNC7MNS!.ILDI@N!>R!!%$)/2+1.1..,(80!%#")%1.1..,(U!FJM!9$.&++,(0H?NQANH!
?@NPA>IHL7!AH>LFDNM!R@>K!?>ILD@7!CFDQCN@ANH!FJM!HNLNQDNM!QILDI@NH!>R!-(./"#&./&$0.1+&80
3(",41615$(0<+,1#"(."5(80!$+615"++$0%2)/&6,#&,68!FJM!'()"#*&++,(0<,6&*$%,(!ON@N!
H?@NFM!?LFDNM!>J!>?NJ!+ND@A!?LFDNH!FJM!AJMN?NJMNJDL7!RIKABFDNM!OADC!>X>JN!>@!
!
Z;!
R>@KFLMNC7MN!AJ!F!?@>D>D7?N!LFE>@FD>@7!?>ILD@7!HNDDN@S!"X>JN!eB@NFDN@!DCFJ!^<<<!??Kd!
@NMIQNM!LNPNLH!E7!pa!D>!_!L>BZ<!FJM!RIJBFL!LNPNLH!E7!pa!L>BZ<S!$FAD>!eZ^`^d!HDIMANM!DCN!
KAQ@>EA>QAMFL!NRRNQDH!>R!>X>JN!>J!9$.&++,(80=&.#1.1..,(!FJM!7NFHD!?@NHNJD!AJ!F!QFJM7!
RFQD>@7!FJM!R>IJM!DCFD!DCN!D>DFL!KAQ@>EAFL!Q>IJDH!M@FHDAQFLL7!@NMIQNM!FRDN@!BFH!?CFHN!>X>JN!
D@NFDKNJDS!
(!K>HD!@NQNJD!HDIM7!E7!.I@@AN@!ND!FLS!e;<<Zd!>R!BFH!?CFHN!>X>JN!D>!AJFQDAPFDN!E>DC!
QLIK?NM!FJM!MA@D7!H?>@NH!>R!9$.&++,(0*+1:&*&&!PF@S!5&*"#!FH!F!HI@@>BFDN!R>@!9$.&++,(0
$5%/#$.&(!HC>ONM!>X>JN!AJFQDAPFDA>J!FD!^U<<<!??K!eqZj!>X>JN!AJ!FA@d!>X>JN!MI@AJB!Z\!
C>I@H!>R!NT?>HI@NS!!!
,&'C/&34/>+':+1@')/+
-J!BFHN>IH!R>@KU!>X>JN!AH!Q>L>@LNHHU!OCN@NFH!LAYIAM!>X>JN!AH!FLK>HD!m>?FYINgFJM!
ELIAHCcELFQG!FJM!ADH!Q@7HDFLH!F@N!PA>LNDcELINS!-D!CFH!F!QCF@FQDN@AHDAQ!>M>@U!@NKAJAHQNJD!>R!
?C>H?C>@>IH!FJM!HIL?CI@!MA>TAMNS!"LRFQD>@7!>@BFJH!F@N!NTD@NKNL7!HNJHADAPN!D>!>X>JNV!AD!
QFJ!EN!MNDNQDNM!E7!CIKFJH!FD!F!MALIDA>J!>R!Z!?F@DH!?N@!KALLA>J!e??Kd!>R!FA@S!"X>JN!R@NNXNH!
D>!ELIAHCcELFQG!Q@7HDFLH!FD!DCN!E>ALAJB!?>AJD!>R!C7M@>BNJS!"X>JN!CFLRcLARN!AJ!FA@!AH!D7?AQFLL7!
FE>ID!Z\!KAJIDNH!AJ!>?NJ!F@NFH!eQFJ!EN!C>I@H!AJ!NJQL>HNM!F@NFHd!FJM!AJQ@NFHNH!OADC!L>ON@!
DNK?N@FDI@N!FJM!L>ON@!CIKAMAD7S!"X>JN!AH!FE>ID!\<j!CNFPAN@!DCFJ!FA@!FJM!CFH!F!L>O!
PF?>@!?@NHHI@NU!H>!AD!DNJMH!D>!HAJG!D>!DCN!RL>>@!FJM!M>NH!J>D!MAH?N@HN!AR!DCN@N!AH!J>!FA@!
QA@QILFDA>JS!)FTAKIK!>X>JN!Q>JQNJD@FDA>J!AJ!OFDN@!PF@ANH!MA@NQDL7!OADC!Q>JQNJD@FDA>J!>R!
DCN!BFH!AJ!DCN!H?F@BAJB!FA@!FJM!AJPN@HNL7!OADC!DNK?N@FDI@Nf!R>@!NTFK?LN!>X>JN!FD!ZS\j!
H?F@BAJB!BFH!eE7!ONABCDd!OALL!CFPN!F!KFTAKIK!Q>JQNJD@FDA>J!>R!FE>ID!ZZ!??K!AJ!OFDN@!FD!
\>.!FJM!]Sa!??K!FD!;<>.S!4>IELAJB!DCN!Q>JQNJD@FDA>JH!>R!>X>JN!AJ!DCN!RNNM!BFH!OALL!
M>IELN!DCN!Q>JQNJD@FDA>J!AJ!OFDN@!FD!FJ7!BAPNJ!DNK?N@FDI@NS!
+
!
Z=!
7)3404#&'-4".+,&'C/&34/>D!"X>JN!AH!F!HD@>JBU!E@>FMcH?NQD@IK!FJDAKAQ@>EAFL!FBNJD!
DCFD!AH!FQDAPN!FBFAJHD!EFQDN@AFU!RIJBAU!PA@IHNHU!?@>D>X>FU!FJM!EFQDN@AFL!FJM!RIJBFL!H?>@NH!
e8AK!"%0$+SU!;<<<U!8AK!"%0$+SU!Z^^^U!6>IHIRU!;<<ZdS!-JFQDAPFDA>J!>R!EFQDN@AF!E7!>X>JN!
>QQI@H!E7!L7HAJB!eASNSU!>TAMFDAPN!@I?DI@Nd!>R!DCN!QNLL!OFLLS!&CN!FJDA!KAQ@>EAFL!FQDAPAD7!>R!
>X>JN!AH!EFHNM!NHHNJDAFLL7!>J!ADH!?>ON@RIL!>TAMAXAJB!NRRNQDU!OCAQC!QFIHNH!A@@NPN@HAELN!
MFKFBN!D>!DCN!RFDD7!FQAMH!AJ!DCN!QNLL!KNKE@FJN!FJM!D>!QNLLILF@!KFQ@>K>LNQILNHU!HIQC!FH!
?@>DNAJHU!FJM!4$(!e3>RRKFJ!U+Z^_ZU!*NDJN@!FJM!!-JB>LHU!Z^\^U!$FAD>CU!Z^^adS!&CAH!FQDA>J!
AH!?F@DAQILF@L7!NRRNQDAPN!AJ!FA@!FD!CABC!@NLFDAPN!CIKAMAD7!LNPNLS!1@FKc?>HADAPN!EFQDN@AF!F@N!
K>@N!HNJHADAPN!D>!>X>JN!DCFJ!B@FKcJNBFDAPNS!4AHAJRNQDA>J!@FDN!MN?NJMH!>J!DCN!D7?N!>R!
>@BFJAHK!FJM!AH!FRRNQDNM!E7!>X>JN!Q>JQNJD@FDA>JU!D@NFDKNJD!DAKN!e8AK!FJM!6>IHIRU!;<<<U!
8AK!"%0$+SU!Z^^^dU!DNK?N@FDI@NU!@NLFDAPN!CIKAMAD7U!?3U!DI@EAMAD7U!DCN!?@NHNJQN!>R!>X>JNc
>TAMAXFELN!KFDN@AFLHU!DCN!DNJMNJQ7!e>@!J>Dd!R>@!DCN!KAQ@>>@BFJAHKH!D>!R>@K!QLIK?HU!FJM!
DCN!D7?N!>R!>X>JN!Q>JDFQD>@S!%ONLL!eZ^=`d!HDFDNM!DCFD!MN?NJMAJB!>J!QLNFJLAJNHHU!KAJAKIK!
Q>JDAJI>IH!Q>JQNJD@FDA>JH!>R!<S]!D>!ZS\!??K!>X>JN!eAJ!FA@d!ON@N!JNQNHHF@7!D>!?@NPNJD!
K>LM!B@>ODC!>J!NBBH!GN?D!FD!^<j!@NLFDAPN!CIKAMAD7!e'3dU!OCN@NFH!;S\!D>!=S<!??K!>X>JN!
ON@N!@NYIA@NM!D>!Q>JD@>L!K>LMH!>J!ENNR!HD>@NM!IJMN@!HAKALF@!Q>JMADA>JHS!
8AK!e;<<;d!Q>JMIQDNM!F!MNDFALNM!HDIM7!>R!DCN!NRRNQDH!>R!@NLFDAPN!CIKAMAD7!>J!DCN!
>X>JN!AJFQDAPFDA>J!>R!9$.&++,(0(,:%&+&(S!3N!Q>JQLIMNM!DCFD!CABC!@NLFDAPN!CIKAMAD7!AH!
JNNMNM!R>@!DCN!AJFQDAPFDA>J!>R!KAQ@>>@BFJAHKH!E7!>X>JN!AJ!BFH!NJPA@>JKNJDS!-D!AH!ENLANPNM!
DCFD!C7M@FDA>J!>R!M@7!KAQ@>>@BFJAHKH!AJ!CIKAM!FDK>H?CN@NH!KFGNH!DCNK!HIHQN?DAELN!D>!
>X>JNS!&CN!>?DAKIK!@NLFDAPN!CIKAMAD7!R>IJM!E7!8AK!e;<<<d!R>@!KAQ@>EAFL!AJFQDAPFDA>J!E7!
>X>JN!AJ!FA@!AH!^<c^\jS!%LR>@M!FJM!%JMN!eZ^a;d+IHNM!L>O!>X>JN!Q>JQNJD@FDA>JH!FJM!L>JB!
NT?>HI@NH!FD!PF@AFELN!@NLFDAPN!CIKAMAD7!D>!MAHAJRNQD!FA@E>@JN!KAQ@>>@BFJAHKHS!(D!'3!
!
Za!
ra\jU!DCN!BN@KAQAMFL!?>ON@!>R!>X>JN!OFH!JNBLABAELNS!%ONLL!eZ^a]d!FLH>!MNK>JHD@FDNM!
DCFD!KAQ@>>@BFJAHKH!ON@N!GALLNM!K>@N!@NFMAL7!E7!>X>JN!AJ!FJ!FDK>H?CN@N!CFPAJB!F!CABC!
@FDCN@!DCFJ!L>O!'3S!3>LFC!eZ^^\d!Q>JHD@IQDNM!F!H?NQAFL!FN@>EA>L>B7!QFEAJND!D>!HDIM7!DCN!
MNHD@IQDA>J!>R!FA@E>@JN!KAQ@>>@BFJAHKH!E7!MAHAJRNQDFJD!R>BBAJBU!E7!>X>JN!FJM!E7!
ILD@FPA>LND!LABCDS!%T?>HI@N!D>!>X>JN!FE>PN!a!??K!AJ!FA@!e\!FJM!Z<!KAJ!NT?>HI@Nd!
HABJARAQFJDL7!@NMIQNM!DCN!JIKEN@H!>R!FA@E>@JN!370$"#1*&51($S!8>OFLHGA!NDS!FLS!eZ^^`d!
HDIMANM!DCN!EFQDN@AQAMFL!NRRNQDH!>R!FA@E>@JN!>X>JN!FBFAJHD!-70.1+&0FJM!!%$)/2+1.1..,(0
$,#",(0E7!?LFQAJB!+ND@A!MAHCNH!Q>JDFAJAJB!DCN!KAQ@>>@BFJAHKH!AJ!DCN!QCFKEN@!FJM!
NT?>HAJB!R>@!Z<!D>!a`<!HNQ>JMH!D>!>X>JN!Q>JQNJD@FDA>JH!ENDONNJ!=<<!FJM!Z\<<!??KS!
0NPNLH!>R!?>?ILFDA>J!@NMIQDA>J!AJ!NTQNHH!>R!^^S^^j!ea!L>BZ<!Q7QLNHd!ON@N!FQCANPNM!R>@!
E>DC!H?NQANHS!3>ONPN@U!?@FQDAQFL!F??LAQFDA>JH!>R!HIQC!CABCN@!>X>JN!Q>JQNJD@FDA>JH!R>@!FA@!
D@NFDKNJD!F@N!YIADN!YINHDA>JFELNS!&CIHU!Q>JQNJD@FDA>JH!L>ON@!DCFJ!=<<!??K!Q>ILM!FLH>!EN!
NYIFLL7!NRRNQDAPN!D>!FQCANPN!HAKALF@!@NMIQDA>J!AJ!?>?ILFDA>J!LNPNLHS!&FELN!;cZ!LAHDH!MFDF!>J!
>X>JFDA>J!>R!FA@E>@JN!EFQDN@AF!FJM!PA@IHNH!@N?>@DNM!E7!?@NPA>IH!AJPNHDABFD>@H!FJM!
Q>K?ALNM!E7!8>OFLHGA!ND!FLS!eZ^^`dS!4FDF!DFGNJ!AJ!8>OFLHGA!"%70$+7!eZ^^`d!NT?N@AKNJDFL!
D@AFLH!ON@N!Q>KEAJNM!D>!R>@K!DCN!MNFDC!QI@PNH!?@NHNJDNM!AJ!*ABI@N!;cZcF!FJM!;cZcES!
&FELN!;cZS!"X>JFDA>J!>R!EFQDN@AF!FJM!PA@IHNH!AJ!FA@!e8>OFLHGA!ND!FLSU!Z^^`dS!
&NHD!"@BFJAHK! "X>JN!e??Kd! &AKNeHNQd! j!5I@PAPFL! 'NRN@NJQN!
5S!HFLAPF@AIH! <S]! ]<<! ;! %LR>@M!o!PFJ!MN!%IMNUZ^a;!
5S!N?AMN@KAH! <S]! ;a<! <S]! 3NAJMNL!ND!FLSU!Z^^=!
?bZ_a!ePA@IHd! <Sa! a`<! <SZ! MN!)AGU!Z^__!
!
!
Z\!
!
(!
!
/!
*ABI@N!;cZS!4NFDC!QI@PNH!R>@!e(d!-(./"#&./&$0.1+&!FJM!e/d!!%$)/2+1.1..,(0$,#",(!AJ!>X>JFDNM!FA@S!"X>JN!Q>JQNJD@FDA>JH!MI@AJB!DCAH!HN@ANH!>R!NT?N@AKNJDH!PF@ANM!R@>K!=<<!D>!Z\<<!??KS!
+
!
Z]!
,=9>4'.'%4#".+E::/#3>+':+1@')/+')+F(0")>+
"X>JN!AJCFLFDA>J!QFIHNH!F!OAMN!@FJBN!>R!H7K?D>KHU!R@>K!DCN!IJ?LNFHFJD!HKNLL!D>!
?ILK>JF@7!NMNKF!>@!LNDCFL!?>AH>JAJBS!-@@ADFDA>J!E7!>X>JN!?@AKF@AL7!FRRNQDH!DCN!LIJBHS!
'NFQDA>J!>R!DCN!KIQ>IH!KNKE@FJNH!AJ!DCN!I??N@!@NH?A@FD>@7!D@FQDH!KFJARNHDH!ADHNLR!AJ!
M@7JNHH!>R!DCN!K>IDCU!J>HN!FJM!DC@>FDS!-@@ADFDAJB!H7K?D>KH!F@N!FLH>!NTCAEADNM!AJ!DCN!N7NV!
PAHIFL!FQIAD7!MAKAJAHCNHU!R>LL>ONM!E7!DCN!F??NF@FJQN!>R!DNF@H!FJM!HONLLAJBS!.>IBCAJBU!
CNFMFQCNU!MAXXAJNHHU!M@AEELAJB!FJM!HONFDAJB!F@N!FLH>!NT?N@ANJQNMS!(RDN@!?@>L>JBNM!
NT?>HI@NU!H7K?D>KH!ENQ>KN!K>@N!HN@A>IHU!NTCFIHDA>J!HNDH!AJ!FL>JB!OADC!FJ!AJQ@NFHN!AJ!
DCN!?ILHN!@FDNS!(LL!DCNHN!H7K?D>KH!QFJ!EN!FHH>QAFDNM!OADC!JFIHNF!FJM!FJ!AJDNJHARAQFDA>J!>R!
H7K?D>KH!QFJ!LNFM!D>!IJQ>JHQA>IHJNHHU!?ILK>JF@7!Q>JBNHDA>JU!CNK>@@CFBN!>R!DCN!J>HNU!
FJM!NPNJDIFLL7!D>!MNFDCS!!
(QDIFL!FJM!NT?NQDNM!?C7HA>L>BAQFL!NRRNQDH!>R!>X>JN!>J!CIKFJH!ON@N!AJPNHDABFDNM!AJ!
F!MNDFALNM!KFJJN@!E7!.LFKFJJ!FJM!/FJQ@>RD!eZ^\^dS&CN!FMPN@HN!CNFLDC!FRRNQDH!>R!>X>JN!
NT?>HI@N!F@N!FLH>!ONLL!M>QIKNJDNM!!E7!2NAJHDNAJ!eZ^^ZdS&CN!AJMAPAMIFL!?C7HA>L>BAQFL!
H7K?D>KH!KFJARNHD!DCNKHNLPNH!MN?NJMAJB!>J!DCN!Q>JQNJD@FDA>J!FJM!DCN!NT?>HI@N!DAKNS+
"53(!CFH!NHDFELAHCNM!F!DAKNcONABCDNM!FPN@FBN!?N@KAHHAELN!NT?>HI@N!LNPNL!R>@!O>@GN@H!
R>@!FJ!NABCDcC>I@!MF7!>R!<SZ<!??K!FJM!F!HC>@DcDN@K!NT?>HI@N!LAKAD!>R!<S=<!??K!R>@!FJ!
NT?>HI@N!LNHH!DCFJ!Z\!KAJIDNH!e"53(U!Z^_\dS!&CN!H7K?D>KH!NT?N@ANJQNM!>J!NT?>HI@N!D>!
<SZcZ!??K!>X>JN!F@N!CNFMFQCNU!DC@>FD!M@7JNHHU!A@@ADFDA>J!>R!DCN!@NH?A@FD>@7!?FHHFBNHU!FJM!
EI@JAJB!>R!DCN!N7NH!QFIHNM!E7!DCN!R>@KFDA>J!>R!FLMNC7MNH!FJM!?N@>T7FQ7L!JAD@FDNHS!
%T?>HI@N!D>!ZcZ<<!??K!>X>JN!QFJ!QFIHN!FHDCKFcLAGN!H7K?D>KH!HIQC!FH!DA@NMJNHH!FJM!
LFQG!>R!F??NDADNS!5C>@DcDN@K!NT?>HI@N!D>!CABCN@!Q>JQNJD@FDA>JH!QFJ!QFIHN!DC@>FD!A@@ADFDA>JHU!
CNK>@@CFBAJBU!FJM!?ILK>JF@7!NMNKFS!!
+
!
Z_!
1@')/+G/)/&"34')+
"X>JN!AH!R>@KNM!R@>K!>T7BNJ!K>LNQILNH!FH!F!@NHILD!>R!NLNQD@AQFL!MAHQCF@BN!>@!
ILD@FPA>LND!e9,d!@FMAFDA>JS!"T7BNJ!FD>KH!F@N!R>@KNM!E7!DCN!H?LADDAJB!>R!MAFD>KAQ!>T7BNJ!
K>LNQILNH!AJD>!DO>!FD>KHU!OCAQC!DCNJ!@NQ>KEAJN!OADC!>DCN@!>T7BNJ!K>LNQILNH!D>!?@>MIQN!
>X>JN!K>LNQILNHS!&CN!NT>DCN@KAQ!@NFQDA>J!LNFMAJB!K>HDL7!D>!>X>JN!R>@KFDA>J!AH!
";!s!"! !"= !
.>KKN@QAFLL7U!>X>JN!QFJ!EN!BNJN@FDNM!>JcHADN!E7!DC@NN!R>LL>OAJB!OF7Hc!Q>@>JF!
MAHQCF@BNU!9,!@FMAFDA>J!FJM!NLNQD@>L7HAHS!
H'&')"+A4>#="&%/+
&CN!Q>@>JF!MAHQCF@BN!DNQCJAYIN!AH!F!Q>KKN@QAFLL7!HABJARAQFJD!KNDC>M!eDCN!H>cQFLLNM!
kHALNJD!NLNQD@AQFL!MAHQCF@BNl!?@>QNMI@Nd!D>!KFJIRFQDI@N!>X>JNS!!-J!F!Q>@>JF!MAHQCF@BN!
>X>JN!BNJN@FD>@U!DCN!RNNM!BFH!eM@ANM!FA@U!>T7BNJU!>@!KATDI@NH!DCN@N>RdU!?FHHNH!ENDONNJ!DO>!
QL>HNL7!H?FQNM!NLNQD@>MNH!e>JN!>R!OCAQC!AH!Q>FDNM!OADC!F!MANLNQD@AQ!KFDN@AFLd!IJMN@!F!
J>KAJFL!F??LANM!P>LDFBN!?>DNJDAFL!>R!qZ<!G,S!(!HALNJD!>@!EF@@AN@!MAHQCF@BN!>QQI@H!OCNJ!
DCN!BFH!ENQ>KNH!?F@DAFLL7!A>JAXNMU!@NHILDAJB!AJ!F!QCF@FQDN@AHDAQ!PA>LND!BL>O!OCNJ!FA@!AH!DCN!
RNNM!BFH!eOADC!CABC!?I@AD7!>T7BNJ!DCN!PA>LND!Q>L>@FDA>J!AH!HNLM>K!>EHN@PNMdS!%RRAQANJQ7!>R!
>X>JN!?@>MIQDA>J!E7!Q>@>JF!MAHQCF@BN!MN?NJMHU!R>@!DCN!K>HD!?F@DU!>J!DCN!HD@NJBDC!>R!
KAQ@>!MAHQCF@BNH!eOCAQC!AH!AJRLINJQNM!E7!F!JIKEN@!>R!RFQD>@H!HIQC!FH!DCN!BF?!OAMDCU!BFH!
?@NHHI@NU!?@>?N@DANH!>R!DCN!MANLNQD@AQ!FJM!KNDFL!NLNQD@>MNHU!?>ON@!HI??L7U!FJM!DCN!?@NHNJQN!
>R!K>AHDI@NdS!-J!ONFG!MAHQCF@BNHU!F!HABJARAQFJD!R@FQDA>J!>R!DCN!NJN@B7!AH!Q>JHIKNM!E7!
A>JHU!OCN@NFH!AJ!HD@>JBN@!MAHQCF@BNHU!FLK>HD!FLL!>R!DCN!MAHQCF@BN!NJN@B7!AH!D@FJHRN@@NM!D>!
NLNQD@>JH!@NH?>JHAELN!R>@!DCN!R>@KFDA>J!>R!>X>JNS!&CN!>?DAKIK!AH!F!Q>K?@>KAHN!DCFD!
!
Z`!
FP>AMH!NJN@B7!L>HHNH!D>!A>JH!EID!FD!DCN!HFKN!DAKN!>EDFAJH!F!@NFH>JFELN!Q>JPN@HA>J!
NRRAQANJQ7!>R!>T7BNJ!FD>KH!D>!>X>JNS!
-R!Q>K?@NHH>@!FA@!AH!IHNM!FH!DCN!RNNM!BFHU!AD!KIHD!EN!HQ@I?IL>IHL7!M@ANM!FJM!EN!R@NN!
>R!D@FQNH!>R!>ALH!FJM!B@NFHNH!e>TAMAXNM!E7!>X>JNdS!)>AHD!FA@!BAPNH!@AHN!D>!JAD@>BNJ!>TAMNH!
AJ!DCN!>X>JN!BNJN@FD>@!OCAQC!QFJ!R>@K!JAD@AQ!FQAM!FJM!Q>@@>MN!DCN!BNJN@FD>@U!@NYIA@AJB!
R@NYINJD!KFAJDNJFJQN!FJM!M>OJ!DAKNS!!
"X>JN!AH!YIADN!@NFMAL7!FPFALFELN!AJ!JFDI@NU!K>HD!>RDNJ!FH!F!@NHILD!>R!LABCDJAJB!HD@AGNH!
DCFD!>QQI@!MI@AJB!DCIJMN@HD>@KHS!&CN!tR@NHCU!QLNFJU!H?@AJBcLAGN!@FAJt!HKNLL!DCFD!ON!J>DAQN!
FRDN@!F!HD>@K!K>HD!>RDNJ!@NHILDH!R@>K!JFDI@NuH!Q@NFDA>J!>R!>X>JNS!$FDI@FL!>X>JN!AH!
?@>MIQNM!E7!DCN!?@>QNHH!>R!NLNQD@AQFLL7!@I?DI@AJB!>T7BNJ!FD>KH!D>!?@>MIQN!>T7BNJ!A>JH!>@!
FD>KH!DCFD!Q>KEAJN!OADC!K>@N!>T7BNJ!D>!?@>MIQN!>X>JN!FJM!LAEN@FDAJB!Q>JHAMN@FELN!
FK>IJD!>R!CNFDS!.>@>JF!MAHQCF@BN!KNDC>M!FLH>!O>@GH!>J!DCN!HFKN!?@AJQA?LN!FJM!DCN!CNFD!
BNJN@FDNM!MI@AJB!DCAH!?@>QNHH!AH!@NK>PNM!R@>K!DCN!BNJN@FD>@!D>!FP>AM!DCN!@NPN@HN!@NFQDA>J!
e>X>JN!@NPN@DAJB!D>!>T7BNJd!R@>K!DFGAJB!>PN@!FJM!MNQ@NFHAJB!DCN!NRRAQANJQ7!>R!>X>JN!
BNJN@FDA>JS!&CIHU!Q>>LAJB!>R!DCN!Q>@>JF!MAHQCF@BN!>X>JN!BNJN@FD>@!ENQ>KNH!F!Q@ADAQFL!
Q>K?>JNJD!AJ!BNJN@FD>@!MNHABJS!!
.>@>JF!MAHQCF@BN!>X>JN!BNJN@FD>@H!Q>KKN@QAFLL7!FPFALFELN!DCNHN!MF7H!F@N!QF?FELN!
>R!?@>MIQAJB!>X>JN!AJ!BFH!?CFHN!Q>JQNJD@FDA>JH!>R!Zc\j!E7!ONABCD!AJ!FA@!FJM!I?!D>!Zaj!
E7!ONABCD!AJ!CABC!?I@AD7!>T7BNJS!
I.3&"54'./3+J"*4"34')+
&CN!KNQCFJAHK!>R!?C>D>QCNKAQFL!?@>MIQDA>J!>R!>X>JN!AH!HAKALF@!D>!DCFD!OCAQC!
>QQI@H!AJ!DCN!HD@FD>H?CN@NU!DCFD!AHU!>T7BNJ!FD>KH!R>@KNM!E7!DCN!?C>D>cMAHH>QAFDA>J!>R!
>T7BNJ!E7!HC>@D!OFPNLNJBDC!9,!@FMAFDA>J!e!";a<!JKd!@NFQD!OADC!>T7BNJ!K>LNQILNH!D>!
!
Z^!
R>@K!>X>JNS!(LDC>IBC!DCN!DCN>@NDAQFL!YIFJDIK!7ANLM!>R!>X>JN!E7!DCAH!DNQCJAYIN!AH!q;U!AJ!
?@FQDAQN!DCN!FQDIFL!7ANLM!AH!K>@N!>J!DCN!>@MN@!>R!q!<S\U!ENQFIHN!DCN!L>O!?@NHHI@N!KN@QI@7!
LFK?H!?@>MIQN!J>D!>JL7!DCN!Z`\!JK!@FMAFDA>J!@NH?>JHAELN!R>@!DCN!?@>MIQDA>J!>R!>X>JNU!EID!
FLH>!DCN!;\a!JK!@FMAFDA>J!DCFD!MNHD@>7H!>X>JNS!)NMAIK!?@NHHI@N!9,!DCFD!?@>MIQNH!CABCN@!
LNPNLH!>R!Z`\!JK!@FMAFDA>J!?@>MIQNH!K>@N!>X>JNS!(J!FMPFJDFBN!>R!BNJN@FDAJB!>X>JN!E7!
9,!@FMAFDA>J!AH!DCFD!FKEANJD!FA@!QFJ!EN!IHNM!NRRAQANJDL7!FH!F!RNNM!BFHS!"J!DCN!>DCN@!CFJMU!
YIFJDADANH!>R!>X>JN!BNJN@FDNM!?N@!a<2!9,!EILE!F@N!L>O!FD!KFTAKIK!>X>JN!
Q>JQNJD@FDA>J!>R!;a<<!??KS!3>ONPN@U!DCNHN!KFTAKIK!>X>JN!7ANLMH!FJM!Q>JQNJD@FDA>JH!
QFJJ>D!EN!FDDFAJNM!HAKILDFJN>IHL7!E7!DCN!9,!KNDC>MS!&CN!L>O!Q>JQNJD@FDA>JH!>R!>X>JN!
FPFALFELN!R@>K!9,!BNJN@FD>@H!LAKAD!DCNA@!F??LAQFEALAD7!R>@!OFDN@!D@NFDKNJD!D>!H?NQAFL!
F??LAQFDA>JHS!3>ONPN@U!DCNA@!IHN!D>!BNJN@FDN!>X>JN!R>@!FA@!D@NFDKNJD!QFJ!EN!NRRNQDAPN!
OCN@N!PN@7!CABC!>X>JN!Q>JQNJD@FDA>JH!F@N!J>D!@NYIA@NMS!
E./#3&'.9>4>+
3ABC!QI@@NJD!MNJHAD7!NLNQD@>L7HAH!>R!FYIN>IH!?C>H?CFDN!H>LIDA>JH!FD!@>>K!
DNK?N@FDI@N!?@>MIQNH!>X>JN!FJM!>T7BNJ!AJ!DCN!FJ>MAQ!BFHS!%LNQD@>L7HAH!>R!HILRI@AQ!FQAM!
QFJ!?@>MIQN!PN@7!CABC!>X>JN!Q>JQNJD@FDA>J!AJ!>T7BNJ!OCNJ!F!ONLLcQ>>LNM!QNLL!AH!IHNMS!
(LDC>IBC!NLNQD@>L7HAH!>R!OFDN@!QFJ!?@>MIQN!CABC!Q>JQNJD@FDA>JH!>R!>X>JNU!DCN!>ID?ID!AH!
L>OU!FJM!DCN!Q>HD!AH!HNPN@FL!DAKNH!K>@N!DCFJ!DCFD!>R!DCN!Q>@>JF!MAHQCF@BN!>@!9,!@FMAFDA>J!
?@>QNHHS!!
"X>JN!?@>MIQNM!E7!DCN!Q>@>JF!MAHQCF@BN!KNDC>M!CFH!F!CABCN@!>X>JN!Q>JQNJD@FDA>J!
EID!@NYIA@NH!NTD@F!NJN@B7!FJM!NRR>@D!D>!Q>K?@NHHU!M@7U!?@>MIQN!FJM!DCNJ!MALIDN!DCN!
?@>MIQNM!>X>JN!AJ!Q>K?F@AH>J!D>!>X>JN!?@>MIQNM!E7!DCN!ILD@FPA>LND!LABCD!KNDC>MS!
(A@!D@NFDKNJD!IHIFLL7!@NYIA@NH!LF@BN!P>LIKNH!>R!L>O!>X>JN!Q>JQNJD@FDA>JS!"X>JN!
?@>MIQNM!E7!9,U!AJ!Q>K?F@AH>JU!BNJN@FLL7!JNNMH!J>!FA@!?@ND@NFDKNJD!FJM!AH!?@>MIQNM!FD!
!
;<!
DCN!AMNFL!Q>JQNJD@FDA>JH!@NYIA@NM!D>!MNHD@>7!FA@E>@JN!EA>FN@>H>LH!FJM!P>LFDALN!>@BFJAQ!
Q>K?>IJMHS!'NMIQNM!FA@i>T7BNJ!RL>O!@FDN!AJ!DCN!9,!@FMAFDA>JcEFHNM!>X>JN!BNJN@FD>@!
BAPNH!CABCN@!>X>JN!Q>JQNJD@FDA>J!MIN!D>!L>JBN@!@NDNJDA>J!DAKN!>R!>T7BNJ!K>LNQILNH!AJ!DCN!
?@NHNJQN!>R!ILD@FPA>LND!LABCDS!
&CN!RFQD>@H!DCFD!QFJ!AJRLINJQN!DCN!?@>MIQDA>J!7ANLM!>R!>X>JN!F@N!QCNKAQFL!
Q>K?>HADA>J!e!?N@QNJDFBN!>R!>T7BNJd!FJM!?C7HAQFL!?@>?N@DANH!FJM!?@>QNHH!Q>JMADA>JH!LAGN!
?@NHHI@NU!DNK?N@FDI@NU!AK?I@ADANHU!K>AHDI@N!>R!DCN!RNNM!BFHU!MANLNQD@AQ!KFDN@AFLU!DCAQGJNHH!
FJM!MAHQCF@BN!BF?!>R!DCN!BNJN@FD>@U!D7?N!>R!DCN!9,!EILEH!eOFPNLNJBDCU!R@NYINJQ7U!NJN@B7!
Q>JHIK?DA>Jd!IHNM!AJ!DCN!BNJN@FD>@!e)FHHQCNLNAJU!Z^^_dS!&CN!K>HD!>EPA>IH!H>I@QN!R>@!
?@>MIQAJB!>X>JN!BFH!AH!FDK>H?CN@AQ!FA@U!EID!AD!M>NH!J>D!?>HHNHH!CABC!?I@AD7!>T7BNJS!!3ABC!
?I@AD7!>T7BNJ!M>NH!J>D!@NYIA@N!RI@DCN@!M@7AJBV!AD!BAPNH!KIQC!CABCN@!>X>JN!Q>JQNJD@FDA>J!
FD!L>O!NJN@B7!Q>JHIK?DA>JU!@NMIQNH!DCN!HAXN!>R!DCN!BNJN@FD>@!FJM!NLAKAJFDNH!DCN!E7!
?@>MIQDA>J!>R!JAD@>IH!>TAMNH!R@>K!DCN!JAD@>BNJ!Q>JDFAJNM!AJ!DCN!FA@S!&CN@NR>@NU!R>@!LF@BNc
HQFLN!>X>JN!?@>MIQDA>JU!>T7BNJ!AH!F!K>@N!RFP>@FELN!>?DA>J!e)FHHQCNLNAJU!Z^^_dS!
3>ONPN@U!R>@!L>ON@!>X>JN!Q>JQNJD@FDA>JU!FA@!FH!F!RNNM!BFH!AJ!K>@N!?@FQDAQFL!FJM!
NQ>J>KAQFLS!!
K3"-4.4@"34')+")*+K3'&"%/+':+1@')/+
&CN!EILG!>R!>X>JN!Q>JHIKNM!AH!?@>MIQNM!&50(&%,0FJM!AJD@>MIQNM!D>!DCN!?@>QNHH!>@!D>!
DCN!?LFQN!>R!ADH!F??LAQFDA>J!MA@NQDL7U!OADC>ID!AJDN@KNMAFDN!HD>@FBN!>@!D@FJH?>@DS!&CN!@FDN!>R!
H?>JDFJN>IH!DCN@KFL!MNQ>K?>HADA>J!>R!>X>JN!MN?NJMH!?@AKF@AL7!>J!DCN!DNK?N@FDI@N!
FQQ>@MAJB!D>!DCN!BNJN@FL!LFOH!>R!@NFQDA>J!GAJNDAQHS!/7!MNQ@NFHAJB!DCN!DNK?N@FDI@NU!DCN!@FDN!
>R!MNQ>K?>HADA>J!HD@>JBL7!MAKAJAHCNHU!R>@!NTFK?LN!F!CFLRcLARN!>R!=!MF7H!FD!;^=!8U!`!MF7H!
FD!;a`!8!FJM!=!K>JDCH!FD!;;=!8!AH!H?NQARANM!BNJN@FLL7!e'>K??H!.CNKANc0NTAQ>J80Z^_adS!!
(QQ>@MAJB!D>!5D@NJB!FJM!1@>HHN!eZ^]ZdU!DCN!@FDN!>R!C>K>BNJN>IH!MNQ>K?>HADA>J!>R!?I@N!
!
;Z!
>X>JN!BFH!FD!FDK>H?CN@AQ!?@NHHI@N!FJM!F!DNK?N@FDI@N!>R!Z^\!8!AH!LNHH!DCFJ!Z<c\!?N@!QNJD!
?N@!MF7S!(D!DNK?N@FDI@NH!FE>PN!@>>K!DNK?N@FDI@N!DCN!@FDN!>R!MNQ>K?>HADA>J!QFJ!@AHN!OADC!
AJQ@NFHAJB!DNK?N@FDI@N!D>!FJ!NTDNJD!DCFD!DCN!HL>O!MNQ>K?>HADA>J!AH!D@FJHR>@KNM!AJD>!F!
DCN@KFL!NT?L>HA>JS!
+I@N!>@!Q>JQNJD@FDNM!>X>JN!AH!AJQLAJNM!D>!NT?L>MNU!E>DC!AJ!LAYIAM!FJM!AJ!BFHN>IH!
HDFDNU!MIN!D>!ADH!AJHDFEALAD7U!AJMN?NJMNJD!>R!ADH!@FDN!>R!H?>JDFJN>IH!eHL>Od!DCN@KFL!
MNQ>K?>HADA>JU!OCAQC!AH!NHHNJDAFLL7!MN?NJMNJD!>JL7!>J!DNK?N@FDI@N!FJM!DCN!?@NHNJQN!>R!
QFDFL7HDHS!&CN!?@AKF@7!@NYIA@NKNJD!R>@!HFRN!CFJMLAJB!?I@NU!>@!CABCL7!Q>JQNJD@FDNM!>X>JNU!
NADCN@!AJ!DCN!LAYIAM!>@!BFHN>IH!HDFDNU!AH!DCN!D>DFL!FEHNJQN!>R!D@FQN!HIEHDFJQNH!QFDFL7XAJB!
MNQ>K?>HADA>J!>RU!>@!BNJN@FLL7!@NFQDAJB!OADCU!>X>JNS!&CAH!@NYIA@NKNJD!CFH!D>!EN!HFDAHRANM!
FD!DC@NN!MARRN@NJD!LNPNLH!AJ!DCN!R>LL>OAJB!OF7f!
ZS!*NNMHD>QG!>T7BNJ!R>@!>X>JN!BNJN@FDA>J!HC>ILM!EN!R@NNM!R@>K!PF@A>IH!
Q>JDFKAJFJDHU!KFAJL7!>@BFJAQU!ENR>@N!NJDN@AJB!AJD>!DCN!>X>JN!BNJN@FD>@S!
;S!5?NQAFL!QF@N!HC>ILM!EN!NTN@QAHNM!AJ!QLNFJAJB!DCN!AJDN@JFL!HI@RFQN!>R!PNHHNLHU!
F??F@FDIH!FJM!?A?AJB!AJ!Q>JDFQD!OADC!>X>JNS!-J!DCN!QFHN!>R!BLFHH!F??F@FDIHU!DCAH!QFJ!EN!
FQCANPNM!E7!CFJMLAJB!DCN!AJDN@JFL!HI@RFQNH!OADC!HIL?CI@AQ!FQAMc?>DFHHAIK!MAQC@>KFDN!
H>LIDA>J!R>LL>ONM!E7!@AJHAJB!RA@HD!OADC!MAHDALLNM!OFDN@!FJM!HIEHNYINJDL7!OADC!F!?I@NU!M@7!
>T7BNJ!HD@NFKS!!
=S!*AJFLL7U!KFDN@AFLH!@NLIQDFJD!D>!NJDN@!AJD>!FJ7!@NFQDA>J!OADCU!FJM!CFPAJB!J>!
QFDFL7DAQ!NRRNQD!>JU!DCN!NRRNQD!>R!>X>JN!HC>ILM!EN!HNLNQDNM!FH!HD@IQDI@FL!KFDN@AFLH!R>@!
NYIA?KNJD!?F@DH!AJ!Q>JDFQD!OADC!>X>JNS!*>@!CABC!Q>JQNJD@FDA>JH!>R!>X>JN!>JL7!BLFHHU!
HDFAJLNHH!HDNNL!FJM!RLI>@AJFDNM!?>L7KN@H!QFJ!EN!Q>JHAMN@NM!R>@!IHN!FH!Q>JHD@IQDA>J!
KFDN@AFLHS!
!
;;!
+I@N!BFHN>IH!>X>JN!FJM!BFHN>IH!KATDI@NH!>R!CABC!>X>JN!Q>JDNJD!QFJJ>D!EN!HD>@NM!AJ!
BFH!E>DDLNH!IHNM!J>@KFLL7!R>@!DCN!HD>@FBN!>R!>DCN@!BFHNHU!MIN!D>!DCNA@!CABC!@NFQDAPAD7!FJM!
DNJMNJQ7!D>!NT?L>HA>J!OADC!>X>JNS!(LDC>IBC!1@>HHN!FJM!5D@NJB!eZ^\`d!HDFDNM!DCFD!>X>JNc
>T7BNJ!KATDI@NH!Q>JDFAJAJB!LNHH!DCFJ!Z]!?N@!QNJD!>X>JN!Q>ILM!EN!HFRNL7!HD>@NM!AJ!HDFJMF@M!
BFH!E>DDLNH!FD!FDK>H?CN@AQ!?@NHHI@N!FJM!L>O!DNK?N@FDI@NHU!DCAH!AHU!C>ONPN@U!>R!J>!?@FQDAQFL!
IHNS!
1@')/+</">(&/0/)3+
"X>JN!Q>JQNJD@FDA>JH!F@N!KNFHI@NM!AJ!DCN!FA@!FJM!LAYIAM!E7!PF@A>IH!KNDC>MHS!
.>KK>JL7!IHNM!>X>JN!KNFHI@NKNJD!KNDC>MH!F@N!HDFJMF@M!A>M>KND@AQ!KNDC>MU!M@FBBN@!
?IK?H!FJM!>X>JN!FJFL7XN@S!&CN!FK>IJD!>R!>X>JN!QA@QILFDAJB!DC@>IBC!DCN!DNHD!F??F@FDIH!AH!
Q@ADAQFL!AJ!FJFL7XAJB!DCN!NT?N@AKNJDFL!@NHILDHS!!
.CNKAQFL!MNDN@KAJFDA>J!>R!>X>JN!Q>JQNJD@FDA>J!E7!DCN!5DFJMF@M!->M>KND@AQ!KNDC>M!
AH!EFHNM!>J!DCN!>TAMFDA>J!>R!DCN!A>MAMN!A>J!AJ!FJ!FYIN>IH!H>LIDA>J!D>!A>MAJN!FJM!ADH!
HIEHNYINJD!@NMIQDA>J!OADC!H>MAIK!DCA>HILRFDN!e'FGJNHHU!8S!NDS!FLSU!Z^^]dS&CN!@NFQDA>JH!>R!
>X>JN!OADC!A>MAMN!F@N!FH!R>LL>OHf!
"=!!!s!!!-c!!!!!!!!!!!!!!!";!!!!s!!!-"c!
-"c!!!s!3;"!!!!!!!!3-"!s!"3c!
3-"!s!;!-c!!!!!!!!!!!!!!!!!!-=c!!s!!"3c+
=!3-"!s!=!"3c!!!!!!!-"=c!s!;-c!s!=3;"+
9?>J!FQAMARAQFDA>J!DCN!>PN@FLL!?@>QNHH!R>@KILF!ENQ>KNHf!
"=!!!s!!!-c!s!!3;"!!!!!!-=c!!!s!";!!!!s!!;"3c+
->M>KND@AQ!MNDN@KAJFDA>J!>R!>X>JN!AH!DCN!>LMNHD!?@>QNHH!AJ!>X>JN!FJFL7HAH!OCAQC!
QFJJ>D!EN!D>DFLL7!@N?LFQNM!E7!K>@N!@NQNJD!KNDC>MHU!NPNJ!D>MF7U!MNH?ADN!ADH!F??F@NJD!
LAKADFDA>JHS!(LDC>IBC!DCN!@NFQDA>J!AH!J>D!H?NQARAQ!FJM!QFJ!LNFM!D>!IJOFJDNM!MNPAFDA>JH!
!
;=!
R@>K!HD>AQCA>KND@7!MIN!D>!?>HHAEALAD7!>R!HAMN!@NFQDA>JHU!AD!HDALL!CFH!DCN!B@NFD!FMPFJDFBN!>R!
ENAJB!FJ!AJMN?NJMNJD!KNDC>M!DCFD!@NYIA@NH!J>!HN?F@FDN!QFLAE@FDA>J!FJM!QFJ!EN!IHNM!
NYIFLL7!ONLL!R>@!DCN!MNDN@KAJFDA>J!>R!L>O!>@!CABC!Q>JQNJD@FDA>JH!>R!>X>JN!E>DC!AJ!BFH!
?CFHN!FJM!H>LIDA>JS!
4@FBBN@!?IK?U!F!KALADF@7!MNPAQNU!AH!FJ>DCN@!>X>JN!KNFHI@NKNJD!F??F@FDIHS!&CAH!
MNPAQN!Q>JHAHDH!>R!F!CFJMcCNLM!?IK?!FJM!F!BFH!HFK?LN!DIENU!OCAQC!@NQNAPNH!DCN!FA@RL>O!
FJM!Q>JDFAJH!F!Q>L>@!AJMAQFD>@!DCFD!QCFJBNH!R@>K!B@NNJAHCcELIN!AJMAQFDAJB!LF7N@!D>!7NLL>O!
AJ!DCN!?@NHNJQN!>R!>X>JNS!(!MA@NQD!KNFHI@NKNJD!>R!DCN!>X>JN!Q>JQNJD@FDA>J!AH!HNNJ!>J!F!
HQFLN!e>?N@FDAJB!@FJBN!AH!;<c=<<!??K!>X>JN!Q>JQNJD@FDA>Jd!>J!DCN!BFH!HFK?LN!DIENS!0FQG!
>R!FQQI@FQ7!>RDNJ!LAKADH!?@FQDAQFL!F??LAQFDA>J!>R!DCAH!KNDC>MS!
"X>JN!(JFL7XN@H!QFJ!FLH>!EN!IHNM!D>!KNFHI@N!>X>JN!Q>JQNJD@FDA>JS!-D!CFH!F!RFHD!
@NH?>JHN!DAKN!FJM!EFLFJQNM!RL>O!H7HDNKS!9LD@FPA>LND!e9,d!?C>D>KND@AQ!FKEANJD!>X>JN!
FJFL7XN@!e)>MNL!a^d!AH!F!DAKNcHCF@NM!MIFL!QNLL!AJHD@IKNJD!QF?FELN!>R!KNFHI@AJB!FKEANJD!
LNPNL!>X>JN!Q>JQNJD@FDA>J!>J!F!Q>JDAJI>IH!@NFL!DAKN!EFHAHS!&CN!9,!?C>D>KNDN@!AJ!>X>JN!
FJFL7XN@!MNDN@KAJNH!DCN!>X>JN!Q>JQNJD@FDA>J!E7!KNFHI@AJB!DCN!FDDNJIFDA>J!>R!LABCD!MIN!D>!
>X>JN!AJ!DCN!FEH>@?DA>J!QNLLV!FD!F!OFPNLNJBDC!>R!;\a!JK!S&CN!>X>JN!Q>JQNJD@FDA>J!AH!
MA@NQDL7!?@>?>@DA>JFL!D>!DCN!KFBJADIMN!>R!DCN!FDDNJIFDA>JS!(LH>U!>X>JN!FJFL7XN@!@NYIA@NH!
XN@>!FA@!FH!F!@NRN@NJQN!BFH!R>@!DCN!QFLQILFDA>J!>R!>X>JN!Q>JQNJD@FDA>JS!'NRN@NJQN!e#N@>!FA@d!
?FHHNH!AJD>!DCN!FEH>@?DA>J!QNLL!D>!NHDFELAHC!m#N@>g!LABCD!AJDNJHAD7!@NFMAJB!e->dS!&CN!
H>LNJ>AM!DCNJ!HOADQCNH!FJM!DCN!mHFK?LNg!?FHH!DC@>IBC!DCN!FEH>@?DA>J!QNLL!D>!NHDFELAHC!
HFK?LN!LABCD!AJDNJHAD7!e-dS!-D!O>@GH!>J!/NN@!0FKEN@DH!LFOU!OCAQC!HF7H!DCFD!D@FJHKADDFJQN!AH!
MA@NQDL7!?@>?>@DA>JFL!D>!DCN!>X>JN!Q>JQNJD@FDA>JU!FEH>@?DA>J!Q>NRRAQANJD!FJM!DCN!LNJBDC!>R!
DCN!FEH>@?DA>J!QNLL!AJ!DCN!FJFL7XN@S!)FDCNKFDAQFLL7U!
!
;a!
-i->!v!NcGLQ!
OCN@NU!
-i->!v!&@FJHKADDFJQN!>@!KNFHI@N!>R!LABCD!FEH>@ENM!E7!DCN!>X>JNS!
!8!v!FEH>@?DA>J!Q>NRRAQANJD!v!=<`!QKcZ!FD!<>.!o!ZFDKS!
!!L!!v!LNJBDC!>R!DCN!QNLL!eF??@>TS!=_SaQKd!
!!Q!v!>X>JN!Q>JQNJD@FDA>J!AJ!??KS!
&CN!KF[>@!FMPFJDFBN!>R!>X>JN!FJFL7XN@H!AH!DCFD!DCN7!CFPN!F!PN@7!RFHD!@NH?>JHN!DAKN!
AJ!Q>K?F@AH>J!D>!Q>JPNJDA>JFL!QCNKAQFL!KNDC>M!>R!>X>JN!MNDN@KAJFDA>JS!3>ONPN@U!DCN!
FEH>@?DA>J!Q@>HHcHNQDA>J!>R!>X>JN!FD!;\a!JK!AH!E7!>@MN@H!>R!KFBJADIMN!LF@BN@!DCFJ!DC>HN!
>R!K>HD!>DCN@!BFHNHU!DCN@NR>@N!DCN!AJDN@RN@NJQN!>R!>DCN@!FA@!?>LLIDFJDH!eJAD@>BNJ!>TAMNHU!
QF@E>J!K>J>TAMNU!C7M@>QF@E>JH!FJM!OFDN@!PF?>@d!QFJ!EN!JNBLNQDNMS!4IHD!FJM!OFDN@!PF?>@!
Q>JMNJHFDA>J!AJ!DCN!KNFHI@AJB!QNLL!KIHD!EN!FP>AMNM!R>@!@NLAFELN!KNFHI@NKNJDHS!3ABC!Q>HD!
FJM!JF@@>O!@FJBN!>R!>X>JN!Q>JQNJD@FDA>J!KNFHI@NKNJD!F@N!H>KN!>DCN@!LAKADFDA>JH!
FHH>QAFDNM!OADC!>X>JN!FJFL7XN@HS!
,&/54'(>+L'&$+"3+I;+
.C7J>ONDC!>EHN@PNM!DCFD!FA@!CFJMLAJB!H7HDNKH!NK?L>7AJB!CNFD!NTQCFJBAJB!Q>ALHU!
OFDN@!?FJHU!>@!DCN!LAGNU!NT?>HNM!D>!K>AHDI@N!FJM!HIE[NQD!D>!KAQ@>EAFL!Q>JDFKAJFDA>J!
e*ABI@N!;c;dS!3N!AJHDFLLNM!F!C>D!DIE!>X>JN!IJAD!D>!>JN!>R!CAH!DO>!DC>@>IBCL7!QLNFJNM!C>KN!
FA@!Q>JMADA>JAJB!IJADH!FJM!R>IJM!J>!HABJ!>R!EA>RALK!R>@KFDA>J!OCALN!DCN!>DCN@!IJAD!CFM!F!
HABJARAQFJD!EA>RALK!R>@KFDA>J!FQ@>HH!NPF?>@FD>@!Q>AL!FJM!M@A?!?FJ!MI@AJB!HIKKN@S!&CIHU!
EFHNM!>J!DCN!AJADAFL!DNHDH!Q>JMIQDNM!FD!DCN!C>KN!>R!FJ!AJPNJD>@!*FJJAJ!FJM!.C7J>ONDC!
eZ^^ad!?FDNJDNM!F!KNDC>M!FJM!F??F@FDIH!D>!?@NPNJD!EIALMI?!>R!KAQ@>EAFL!B@>ODC!AJ!FJ!FA@c
Q>JMADA>JAJB!IJAD!OCAQC!M>NH!J>D!FLL>O!BFHN>IH!MAHAJRNQDFJD!D>!Q>KN!AJ!Q>JDFQD!OADC!
AJM>>@!FA@!e*ABI@N!;c=!FJM!*ABI@N!;cadS!.>JMNJHFDA>J!F??F@FDIH!L>QFDNM!OADCAJ!F!QCFKEN@!
!
;\!
MNRAJNM!AJ!FJ!FA@!CFJMLAJB!H7HDNK!OFH!MAHAJRNQDNM!E7!DNK?>@F@AL7!AJDN@@I?DAJB!J>@KFL!FA@!
RL>OU!HNFLAJB!DCN!QCFKEN@!OADC!@NH?NQD!D>!DCN!FA@!CFJMLAJB!H7HDNKU!AJD@>MIQAJB!FJ!FJDAc
KAQ@>EAFL!B@>ODC!BFHN>IH!MAHAJRNQDFJD!AJD>!DCN!QCFKEN@U!@NK>PAJB!DCN!FJDAcKAQ@>EAFL!BFH!
R@>K!DCN!QCFKEN@!FRDN@!MAHAJRNQDAJB!DCN!Q>JMNJHFDA>J!F??F@FDIH!FJM!DCNJ!@NHD>@AJB!J>@KFL!
FA@!RL>O!DC@>IBC!DCN!QCFKEN@S!&CN!?@NRN@@NM!FJDAcKAQ@>EAFL!BFH!OFH!?@>MIQNM!E7!IHAJB!
>X>JN!BNJN@FD>@!AJ!Q>J[IJQDA>J!OADC!FJ!FITALAF@7!FA@!RL>O!H7HDNKS!
/FHNM!>J!DCNA@!KNDC>M>L>B7U!NT?N@AKNJDH!ON@N!Q>JMIQDNM!>J!?@>D>D7?N!QNLLH!>R!
EFQDN@AIK!!"##$%&$06$#."(."5(!FJM!RIJBIH!'()"#*&++,(05&*"#7!&CNA@!@NHILDH!HI??>@DNM!DCN!
YIFLADFDAPN!>EHN@PFDA>JH!DCFD!>X>JFDNM!FA@!?@NPNJDNM!KAQ@>EAFL!B@>ODC!AJ!FA@!Q>JMADA>JAJB!
H7HDNKH!e.C7J>ONDCU!Z^^_dS!&CN7!R>IJM!DCFD!>X>JN!Q>JQNJD@FDA>J!>R!;S;!??K!R>@!F!
D@NFDKNJD!MI@FDA>J!>R!=<!KAJIDNH!FJM!R@NYINJQ7!>R!DO>!DAKNH!?N@!MF7!?@NPNJDNM!PAHAELN!
FQQIKILFDA>J!>R!KAQ@>EAFL!EA>RALK!B@>ODC!AJ!FJ!FA@!Q>JMADA>JAJB!IJAD!>PN@!F!?N@A>M!>R!HAT!
K>JDCH!FJM!F!D@NFDKNJD!MI@FDA>J!>R!Z;<!KAJIDNH!FD!HFKN!>X>JN!Q>JQNJD@FDA>J!FJM!
D@NFDKNJD!R@NYINJQ7!Q>K?LNDNL7!AJCAEADNM!!"##$%&$!6$#."(."5(0FJM!?F@DAFL!AJCAEADA>J!>R!
'()"#*&++,(+5&*"#0B@>ODC!e&FELN!;c;dS+(J!>X>JN!Q>JQNJD@FDA>J!>R!^!??K!R>@!F!MI@FDA>J!>R!
=<!KAJIDNH!OADC!DO>!DAKNH!D@NFDKNJD!R@NYINJQ7!?N@!MF7!@NHILDNM!AJ!F!D>DFL!AJCAEADA>J!>R!
JFDI@FL!FA@E>@JN!>@BFJAHKH+e&FELN!;c=dS!&CNA@!@NHILDH!HC>ONM!DCFD!CABCN@!>X>JN!
Q>JQNJD@FDA>J!FD!HC>@DN@!D@NFDKNJD!MI@FDA>J!FJM!R@NYINJQ7!?N@!MF7!OFH!NRRNQDAPN!D>!AJCAEAD!
KAQ@>EAFL!B@>ODCS!3>ONPN@U!DCN!MNHA@NM!Q>KEAJFDA>J!R>@!Q>K?LNDN!AJCAEADA>J!OFH!J>D!
R>IJM!e&FELN!;c;dS!!
!
;]!
&FELN!;c;S!5IKKF@7!>R!?@NPA>IH!D@AFLH!@IJ!>J!!"##$%&$!FJM!'()"#*&++,(!AJ>QILIK!E7!.C7J>ONDC!e9J?IELAHCNM!4FDFdS!
!!
&@AFLw! "X>JN!.>JQNJD@FDA>J!
e??Kd!
&@NFDKNJD!4I@FDA>J!eKAJSd!
&@NFDKNJD!*@NYINJQ7!e?N@!MF7d!
!"##$%&$0
1@>ODC!'()"#*&++,(0
1@>ODC!
!!!Z!
!!!!!!!!!!!!!;S;!
!!!!!!!!!!!;<!
!!!!!!!!!!!!!!!!!!!;!
!!!!!!!!!0AKADNM!
!!!!!!0AKADNM!
!!!!;!
!!!!!!!!!!!!!!;S;!
!!!;<!
!Z;!
!!!!!!!!0AKADNM!
!!!!!0AKADNM!
!!!!!=!
!!!;S;!
!!!!Z;<!
!!!;!
!!!!$>JN!
!!0AKADNM!
!!!a!
!!!;S;!
!!!!]<!
!!!;!
!!!!!0AKADNM!
!!!!0AKADNM!
!!!!!\!
!!!!!!!!!!!Z=S]!
!!!!]<!
!!!;!
!!!!!$>JN!
!!!!0AKADNM!
!!!!!]!
!!!^S<!
!!!!Z\!
!;a!
!!!!!$>JN!
!!!!$>JN!
!!!!!!_!
!!!^S<!
!!!!!]<!
!!!;!
!!!!0AKADNM!
!!!!0AKADNM!
!!!!`!
!!!^S<!
!!!!]<!
!!!;!
!!!!!0AKADNM!
!!!!!0AKADNM!
!!!!!!!!!!!!!!!!!!
!&FELN!;c=S!5IKKF@7!>R!?@NPA>IH!D@AFLH!@IJ!>J!JFDI@FL!FA@E>@JN!>@BFJAHKH!E7!.C7J>ONDC!
e9J?IELAHCNM!4FDFdS!
&@AFLw! "X>JN!.>JQNJD@FDA>J!
e??Kd!
&@NFDKNJD!4I@FDA>J!eKAJSd!
&@NFDKNJD!*@NYINJQ7!e?N@!MF7d!
/FQDN@AF!1@>ODC!
*IJBFL!1@>ODC!
!!!!Z!
!!!!!!!!!!!!!!!^S<!
!!!!!!!!!!!!!=<!
!!!!!!!!!a!
!!!!!!!$>JN!
!!!!!!!!0AKADNM!
!!!!;!
!!!!!!!!!!!!!!!!^S<!
!!!!!!!!!!!!!=<!
!!!!!!!!!]!
!!!!!!!$>JN!
!!!!!!!!!!$>JN!
!!!!=!
!!!!!!!!!!!!!!!!^S<!
!!!!!!!!!!!!!=<!
!!!!!!!Z;!
!!!!!!!!$>JN!
!!!!!!!!!$>JN!
!!!!a!
!!!!!!!$>!"X>JN!
!!!!!!!!!!!!!=<!
!!!!!!!!!;!
!!!!!3NFP7!
!!!!!!!!!!3NFP7!
!!!!\!
!!!!!!!!!!!!!^S<!
!!!!!!!!!!!!!=<!
!!!!!!!!!;!
!!!!!!$>JN!
!!!!!!!!!0AKADNM!
!!!!]!
!!!!!!!!!!!!!!^S<!
!!!!!!!!!!!!=<!
!!!!!!!!!;!
!!!!!!!$>JN!
!!!!!!!!!!0AKADNM!
!!!!_!
!!!!!!!!!!!!!!!^S<!
!!!!!!!!!!!=<!
!!!!!!!!!;!
!!!!!!!!$>JN!
!!!!!!!!$>JN!
!!!!
!
;_!
!! ! !*ABI@N!;c;S!/A>RALK!R>@KFDA>J!AJ!FA@!Q>JMADA>JAJB!H7HDNKH!e*FJJAJ!FJM!.C7J>ONDCU!
Z^^adS!
!*ABI@N!;c=S!&NHD!F??F@FDIH!D>!?@NPNJD!KAQ@>EAFL!B@>ODC!AJ!FA@!Q>JMADA>JAJB!H7HDNK!e*FJJAJ!
FJM!.C7J>ONDCU!Z^^adS!
!*ABI@N!;caS!"@ABAJFL!F??F@FDIH!FDDFQCNM!D>!FA@!Q>JMADA>JAJB!H7HDNK!e*FJJAJ!FJM!
.C7J>ONDCU!Z^^adS!
!
;`!
&CN@NR>@NU!DCN!>E[NQDAPNH!>R!DCAH!@NHNF@QC!O>@G!ON@N!D>!MNDN@KAJN!DCN!
NRRNQDAPNJNHH!>R!AJDN@KADDNJD!>X>JN!D@NFDKNJD!R>@!?@NPNJDA>J!>R!EFQDN@AFL!FJM!RIJBFL!
B@>ODC!AJ!FA@!Q>JMADA>JAJB!H7HDNKHV!NPFLIFDN!DCN!NRRNQD!>R!PF@A>IH!Q>KEAJFDA>JH!>R!>X>JN!
Q>JQNJD@FDA>JU!NT?>HI@N!MI@FDA>J!FJM!D@NFDKNJD!R@NYINJQ7!>J!KAQ@>EAFL!B@>ODCV!FJM!D>!
@NQ>KKNJM!?@FQDAQFL!FA@!Q>JMADA>JAJB!IJAD!D@NFDKNJD!Q>JMADA>JH!EFHNM!>J!DCN!>X>JN!
Q>JQNJD@FDA>JU!D@NFDKNJD!MI@FDA>J!FJM!R@NYINJQ7S!
!
!
.3(+&%'!=!)(&%'-(05!($4!)%&3"45!
K#'C/+':+L'&$+
&CN!HQ>?N!>R!O>@G!R>@!DCAH!@NHNF@QC!OFH!MAPAMNM!AJD>!DC@NN!?CFHNHf!!
#! +@NLAKAJF@7!HDIMANH!D>!QC>>HN!DCN!ENHD!KNDC>M!R>@!>X>JN!BNJN@FDA>JU!!!
!!!!!!!!!!!>X>JN!KNFHI@NKNJDU!?@N?F@FDA>J!>R!JID@ANJD!KNMAF!FJM!AJ>QILFDA>J!>R!!!
!!!!!!!!!!!?LFDNHU!
#! 4NPNL>?KNJD!FJM!NTNQIDA>J!>R!!MNHABJ!>R!NT?N@AKNJDH!D>!NPFLIFDN!NRRNQDH!>R!PF@A>IH!Q>KEAJFDA>JH!>R!>X>JN!Q>JQNJD@FDA>JU!D@NFDKNJD!MI@FDA>J!FJM!R@NYINJQ7!>J!KAQ@>EAFL!AJFQDAPFDA>J!U!
#! 4NPNL>?KNJD!>R!@NQ>KKNJMFDA>JH!R>@!?@FQDAQFL!FA@!Q>JMADA>JAJB!IJAD!D@NFDKNJD!Q>JMADA>JHS!
)AQ@>EAFL!QILDI@NH!>R!JFDI@FL!FA@!RL>@F!ON@N!AJ>QILFDNM!>J!JID@ANJD!KNMAF!E7!?LFQAJB!
+ND@A!MAHCNH!AJ!FJ!AJM>>@!NJPA@>JKNJD!OCAQC!ON@N!DCNJ!>X>JFDNM!AJ!FJ!NT?N@AKNJDFL!
QCFKEN@S!,F@A>IH!D@AFLH!ON@N!@IJ!R>LL>OAJB!FJ!NT?N@AKNJDFL!MNHABJ!KFD@AT!D>!DNHD!DCN!
NRRAQFQ7!>R!PF@A>IH!Q>KEAJFDA>JH!>R!>X>JN!Q>JQNJD@FDA>JU!D@NFDKNJD!R@NYINJQ7!FJM!
MI@FDA>JS!%FQC!NT?N@AKNJDFL!D@AFL!OFH!DC@NN!MF7H!L>JB!FJM!FRDN@!Q>K?LNDA>J!>R!NFQC!D@AFLU!
KAQ@>EAFL!B@>ODC!>J!?LFDNH!OFH!>EHN@PNM!FJM!Q>K?F@NM!D>!DCFD!R>IJM!>J!IJD@NFDNM!?LFDNHS!
4N?NJMAJB!>J!DCN!NRRNQDAPNJNHH!>R!F!Q>KEAJFDA>J!>R!D@NFDKNJD!Q>JMADA>JH!AJ!>JN!D@AFLU!DCN!
Q>JMADA>JH!ON@N!QCFJBNM!FQQ>@MAJBL7!AJ!HIEHNYINJD!NT?N@AKNJDH!AJ!HNF@QC!>R!>?DAKIK!
D@NFDKNJD!Q>JMADA>JHS!!
<"3/&4".>++
?/>3+7CC"&"3(>D+(!KNDC>M!FJM!F??F@FDIH!DCFD!OFH!MNPNL>?NM!E7!*FJJAJ!FJM!
.C7J>ONDC!eZ^^ad!R>@!Q>JD@>LLAJB!KAQ@>EAFL!B@>ODC!AJ!FA@!CFJMLAJB!H7HDNKH!OFH!IHNM!D>!
QF@@7!>ID!DCAH!LFE!HQFLN!@NHNF@QC!O>@G!e*ABI@NH!=cZ!FJM!!=c;dS!&CN!NT?>HI@N!QCFKEN@!OFH!
;^!
=<!
AJDNJMNM!D>!HAKILFDN!F!C>KN!FA@!MIQDU!FJM!OFH!RFE@AQFDNM!R@>K!F!HNQDA>J!>R!BFLPFJAXNM!
HDNNL!PNJDALFDA>J!MIQD!>R!<S]!E7!<SZ\!KNDN@!AJ!HAXNS!(!Q>JHDFJD!H?NNM!RFJ!?@>PAMNM!FA@!
QA@QILFDA>J!AJ!DCN!QCFKEN@U!EID!FH!H>>J!FH!>X>JN!RL>O!OFH!HDF@DNM!DCN!J>@KFL!FA@RL>O!OFH!
AJDN@@I?DNM!E7!DNK?>@F@AL7!@NMA@NQDAJB!DCN!?@AKF@7!FA@cK>PN@S!&CN!CAJBNM!>?NJAJB!>R!DCN!
NT?>HI@N!QCFKEN@!OFH!HNQI@NL7!HNFLNM!OADC!FJ!FLIKAJIK!DF?N!D>!?@NPNJD!>X>JN!LNFGFBN!
D>!DCN!FKEANJD!NJPA@>JKNJDS!
"X>JN!?@>MIQNM!R@>K!DCN!>X>JN!BNJN@FD>@!e*ABI@N!=c=d!RL>ONM!DC@>IBC!DCN!
NT?>HI@N!QCFKEN@!OCNJ!@NYIA@NM!D>!QF@@7!>ID!NFQC!NT?N@AKNJDS!(QQAMNJDFL!EFQG!RL>O!>R!
>X>JN!AJ!DCN!FA@LAJN!MI@AJB!NT?N@AKNJDH!OFH!?@NPNJDNM!E7!QL>HAJB!F!MFK?N@!AJ!DCN!FA@LAJN!
e*ABI@N!=cadS!"X>JN!OFH!@NK>PNM!E7!?I@BAJB!FA@!DC@>IBC!DCN!QCFKEN@U!FRDN@!OCAQC!DCN!
H7HDNK!OFH!@NDI@JNM!D>!DCN!J>@KFL!FA@RL>O!>?N@FDA>JS!"X>JN!NTCFIHD!BFH!OFH!@NK>PNM!
R@>K!DCN!H7HDNK!E7!Q>JJNQDAJB!DCN!NTCFIHD!D>!F!EA>L>BAQFL!Q>JDFAJKNJD!C>>M!e*ABI@N!=c\dS!
.>??N@!DIEAJBH!FJM!RADDAJBH!ON@N!IHNM!DC@>IBC>ID!DCN!H7HDNK!ENQFIHN!>X>JN!CFH!QFIHDAQ!
NRRNQDH!>J!@IEEN@!KFDN@AFLHS!!
(!MFDF!L>BBN@i?@>QNHH!Q>JD@>LLN@!e.'cZ<d!R>@!DCAH!HND!I?!OFH!Q>JJNQDNM!D>!F!LF?D>?!
Q>K?IDN@!NYIA??NM!OADC!+.;<`2!H>RDOF@N!D>!QF@@7!>ID!?@>QNHH!Q>JD@>L!FJM!MFDFL>BBAJB!
DFHGHS!&CN!?@>B@FKKN!O@ADDNJ!AJ!+.;<`2cEFHNM!H>RDOF@NU!MN?NJMAJB!I?>J!?@NHND!
Q>JMADA>JH!>R!>X>JN!D@NFDKNJD!MI@FDA>J!FJM!R@NYINJQ7U!OFH!D@FJHRN@@NM!D>!DCN!MFDF!L>BBN@!
e(??NJMAT!/dS!"JQN!DCN!Q>JJNQDA>J!ENDONNJ!DCN!DO>!OFH!NHDFELAHCNMU!DCN!
MFDFL>BBN@iQ>JD@>LLN@!FID>KFDAQFLL7!Q>JD@>LLNM!DCN!Q>K?LNDN!?@>QNHH!E7!Q>JDAJIFLL7!
K>JAD>@AJB!?@>QNHH!Q>JMADA>JH!FJM!D@FJHKADDAJB!Q>JD@>L!HABJFLHS!&CIHU!DCN!>?N@FDA>J!>R!DCN!
KNDC>M!FJM!F??F@FDIH!OFH!FID>KFDAQFLL7!Q>JD@>LLNM!OADC>ID!@NYIA@AJB!KIQC!FDDNJDA>JS!
(ID>KFDA>J!>R!DCN!?@>QNHH!CFM!NLAKAJFDNM!DCN!JNNM!D>!EN!?C7HAQFLL7!?@NHNJD!D>!Q>JD@>L!DCN!
!
=Z!
>X>JN!BNJN@FD>@U!RFJU!KNQCFJAQFL!MFK?N@H!FJM!FA@!HOADQCNHS!-D!FLH>!?@>PAMNM!FMMADA>JFL!
RLNTAEALAD7!E7!AK?LNKNJDAJB!F!OAMN@!@FJBN!>R!D@NFDKNJD!MI@FDA>J!DAKNHU!OCAQC!ON@N!J>D!
FPFALFELN!OADC!IHNM!DCN!DAKN!@NLF7H!IHNM!NF@LAN@!e*ABI@N!=c]dS!
2ND!D>ONLH!>@!H?>JBNH!ON@N!GN?D!AJHAMN!DCN!QCFKEN@!D>!KFAJDFAJ!F!CIKAMAD7!LNPNL!
>R!`\c^\!j!!OCAQC!HAKILFDNM!FQDIFL!FA@!Q>JMADA>JAJB!CIKAMAD7!NJPA@>JKNJD!FJM!!!
?@NPNJDNM!M@7AJB!>R!AJ>QILFDNM!HFK?LNH!MI@AJB!DCN!NT?N@AKNJD!e*ABI@N!=c_c(!FJM!*ABI@N!
=c_c/dS!'NLFDAPN!CIKAMAD7!OFH!KNFHI@NM!E7!IHAJB!4AQGH>JgH!DNK?N@FDI@N!FJM!CIKAMAD7!
CFJMCNLM!MNPAQN!MI@AJB!NFQC!NT?N@AKNJDFL!D@AFL!D>!Q>JRA@K!DCFD!HIRRAQANJD!CIKAMAD7!LNPNLH!
ON@N!KFAJDFAJNM!AJ!DCN!NT?>HI@N!QCFKEN@S!!
!
*ABI@N!=cZS!0FE!HQFLN!NT?N@AKNJDFL!HNDI?!>R!>X>JNcD@NFDNM!FA@!CFJMLAJB!H7HDNKS!
!
=;!
!
*ABI@N!=c;S!+@>QNHH!RL>O!MAFB@FK!>R!>X>JNcD@NFDNM!FA@!CFJMLAJB!H7HDNKS!
!
!
!
!
!
!
!
!
*ABI@N!=c=S!'1*c&9'/"364'"#"$%!>X>JN!BNJN@FD>@HS!
!
!
!
!
!
*ABI@N!=caS!)NQCFJAQFL!MFK?N@!AJ!DCN!AJLND!FA@LAJNS!
!
==!
!
!
!
!
!
!
*ABI@N!=c\S!/A>L>BAQFL!Q>JDFAJKNJD!C>>MS!
!
!
!
!
!
!
*ABI@N!=c]S!+@>QNHH!FID>KFDA>J!IHAJB!.'!Z<!FH!F!MFDFL>BBN@!FJM!?@>QNHH!Q>JD@>LLN@S!
!
!
!
!
!
!
*ABI@N!=c_S!5NYINJQN!>R!HDN?H!DFGNJ!D>!?@N?F@N!CIKAMAD7!AJHAMN!HAKILFDNM!FA@!MIQD!e(d!2ND!H?>JBNH!AJHAMN!NT?>HI@N!QCFKEN@!e/d!+ND@A!MAHCNH!AJ!FJ!NT?>HI@N!QCFKEN@!ENR>@N!HDF@DAJB!NT?N@AKNJDFL!D@AFLS!
+
+
+
!
=a!
,&/.404)"&9+K3(*4/>+
+@NLAKAJF@7!O>@G!R>@!DCN!?I@?>HN!>R!KNDC>M!MNPNL>?KNJD!CFM!ENNJ!MAPAMNM!AJD>!
DC@NN!HNQDA>JHV!?@N?F@FDA>J!>R!AJ>QILIKU!>X>JN!BNJN@FDA>J!FJM!>X>JN!KNFHI@NKNJDS!
+,&/C"&"34')+':+M(3&4/)3+</*4"+")*+6)'#(.(0+
M(3&4/)3+</*4"+
(!BNJN@FLc?I@?>HN!D@7?DAQ!H>7!FBF@!OFH!IHNM!D>!?@N?F@N!>JNcDNJDC!FJM!RILL!HD@NJBDC!
JID@ANJD!KNMAF!R>@!DCN!QILDAPFDA>J!>R!KAQ@>>@BFJAHKHS!"JNcDNJDC!HD@NJBDC!JID@ANJD!KNMAIK!
OFH!?@N?F@NM!E7!KATAJB!a!B@FKH!>R!D@7?DAQ!H>7!E@>DC!e/FQD>!&@7?DAQ!5>7!/@>DC!OADC>ID!
4NTD@>HN!KFJIRFQDI@NM!E7!4-*."!LFE>@FD>@ANHd!OADC!Z\!B@FKH!>R!BNJN@FL!FBF@!e(c=]<!
+I@ARANM!1@FMN!KFJIRFQDI@NM!E7!*AHCN@!5QANJDARAQd!AJ!>JN!LADN@!MAHDALLNM!OFDN@!e*ABI@N!=c`c
(d!FJM!RILL!HD@NJBDC!KNMAIK!OFH!?@N?F@NM!E7!KATAJB!a<!B@FKH!E@>DC!AJ!>JN!LADN@!MAHDALLNM!
OFDN@S!&CN!?@N?F@NM!KNMAIK!OFH!HDN@ALAXNM!AJ!FJ!FID>QLFPN!FD!Z;Z>.!R>@!Z\!KAJIDNH!
e*ABI@N!=c`c/d!FJM!OFH!DCNJ!FLL>ONM!D>!Q>>L!M>OJ!FD!@>>K!DNK?N@FDI@N!ENR>@N!?>I@AJB!
JID@ANJD!KNMAF!AJD>!Z<<KK!T!ZZ\!KK!+ND@A!MAHCNH!IJMN@!F!EFQDN@AFcR@NN!C>>M!
NJPA@>JKNJD!e*ABI@N!=c`c.d!S-JPN@DNM!?LFDNH!ON@N!GN?D!AJ!?LFHDAQ!EFBH!ENR>@N!HD>@AJB!DCNK!
AJ!F!@NR@ABN@FD>@!e*ABI@N!=c`c4dS!!
,&/C"&"34')+':+6)'#(.(0+
+ND@A!?LFDNH!Q>JDFAJAJB!JID@ANJD!KNMAF!ON@N!AJ>QILFDNM!OADC!JFDI@FL!FA@E>@JN!
KAQ@>>@BFJAHKH!D>!HAKILFDN!FQDIFL!FA@!Q>JMADA>JAJB!NJPA@>JKNJDS!(KEANJD!EIALMAJB!FA@!>R!
>LM!'>BN@H!3FLL!OFH!IHNM!D>!AJ>QILFDN!?LFDNH!AJ!?@NPA>IH!O>@G!E7!.C7J>ONDCS!4I@AJB!DCAH!
O>@GU!DCN!AJ>QILFDA>J!>R!+ND@A!?LFDNH!OFH!RA@HD!FDDNK?DNM!IHAJB!FKEANJD!FA@!AJ!'>BN@H!3FLLU!
DCN!JNO!(B@AQILDI@FL!FJM!/A>L>BAQFL!%JBAJNN@AJB!4N?F@DKNJD!EIALMAJB!EID!OADC!J>!
HIQQNHHS!&CAH!EIALMAJB!CFM!ENNJ!@NQNJDL7!@NJ>PFDNM!OADC!F!JNO!FA@!CFJMLAJB!H7HDNK!FJM!
FA@!MIQDHU!OCAQC!Q>JDFAJNM!J>!F??@NQAFELN!FA@cE>@JN!KAQ@>EAFL!Q>JDFKAJFDA>JS!&CIHU!>?NJ!
!
=\!
?LFDNH!>R!E>DC!JID@ANJD!KNMAF!HD@NJBDC!ON@N!?LFQNM!AJ!F!?@APFDN!C>KN!NJPA@>JKNJD!OADC!FJ!
>LMN@!NHDFELAHCNM!FA@cCFJMLAJB!H7HDNK!OCN@N!JFDI@FL!KAQ@>!RL>@F!Q>ILM!AJ>QILFDN!DCN!+ND@A!
MAHCNH!R>@!]U!`UZ;!C>I@H!OADC!JFDI@FL!KAQ@>>@BFJAHKH!R>IJM!AJ!FJ!AJM>>@!HNDDAJB!e*ABI@N!=c
^dS!&O>!@N?LAQFDNH!ON@N!QF@@ANM!>ID!R>@!NFQC!Q>KEAJFDA>J!>R!JID@ANJD!HD@NJBDC!FJM!
AJ>QILFDA>J!MI@FDA>JS!+LFDNH!ON@N!DCNJ!QL>HNM!FJM!>JN!@N?LAQFDN!>R!NFQC!Q>KEAJFDA>J!>R!
JID@ANJD!KNMAF!HD@NJBDC!FJM!AJ>QILFDA>J!MI@FDA>J!OFH!GN?D!R>@!_;!C>I@H!>R!AJQIEFDA>J!
OCALN!FJ>DCN@!@N?LAQFDN!OFH!?LFQNM!AJ!FJ!NT?>HI@N!QCFKEN@!R>@!>X>JN!D@NFDKNJDS!+LFDNH!
ON@N!D@NFDNM!OADC!PF@7AJB!>X>JN!Q>JQNJD@FDA>JH!FJM!KAQ@>EAFL!B@>ODC!>J!E>DC!JID@ANJD!
KNMAF!HD@NJBDC!?LFDNH!OFH!FJFL7XNM!D>!MNQAMN!AJ>QILFDA>J!MI@FDA>J!FJM!JID@ANJD!KNMAF!
HD@NJBDC!>R!?LFDNH!D>!EN!IHNM!MI@AJB!NT?N@AKNJDHS!
!
4!.!
/!(!!
!
!
!
!
!
!
!
!
*ABI@N!=c`S!5NYINJQN!>R!HDN?H!DFGNJ!D>!?@N?F@N!JID@ANJD!KNMAF!e(d!$ID@ANJD!KNMAF!?@N?F@NM!AJ!F!Q>JAQFL!RLFHG!e/d!5DN@ALAXFDA>J!>R!JID@ANJD!KNMAF!AJ!F!FID>QLFPN!e.d!5>LAMARAQFDA>J!>R!JID@ANJD!KNMAF!AJ!+ND@A!?LFDN!IJMN@!EFQDN@AF!R@NN!NJPA@>JKNJDFL!C>>M!e4d!5D>@FBN!>R!+ND@A!MAHCNH!AJ!F!@NR@ABN@FD>@S!
!
=]!
!
!
!
+
*ABI@N!=c^S!+ND@A!MAHCNH!A RL>@FS!J>QILFDNM!R@>K!F!JFDI@FL!AJM>>@!C>KN!
1@')/+G/)/&"34')+")*+</">(&/0/)3+
1@')/+G/)/&"34')+
9LD@FP>ALND!e9,d!@FMAFDA>Jc!EFHNM!>X>JN!BNJN@FD>@H!ON@N!HNLNQDNM!D>!?@>MIQN!>Jc
HADN!>X>JN!ENQFIHN!DCN7!BNJN@FLL7!M>!J>D!JNNM!FA@!?@ND@NFDKNJD!FJM!MNLAPN@NM!
Q>JQNJD@FDA>JH!@NYIA@NM!D>!MNHD@>7!FA@E>@JN!KAQ@>ENH!R>@!DCAH!@NHNF@QC!O>@GS!&O>!
MARRN@NJD!HAXN!LF@BN!HOAKKAJB!?>>L!'1*c&9'/"364'"#"$%!>X>JN!BNJN@FD>@H!ON@N!
IHNM!D>!FDDFAJ!PF@7AJB!LNPNLH!>R!>X>JN!Q>JQNJD@FDA>J!EFHNM!>J!RNNM!BFH!RL>O!@FDNS!
5?NQARAQFDA>JH!>R!BNJN@FD>@H!F@N!?@NHNJDNM!AJ!&FELN!=cZS!!
&FELN!=cZS!'1*c&9'/"364'"#"$%!>X>JN!BNJN@FD>@!H?NQARAQFDA>JHS!
)"4%0!Z;<! )"4%0!]<!;<!HQRK! \!QRK! ;<!HQRK! \!QRK!Z!QRK! Z!QRK!
KBiC@! ??K! KBiC@! ??K! KBiC@! ??K! KBiC@! ??K! KBiC@! ??K! KBiC@! ??K!
Z;<<! \\<! Z_<<! =`=! =^a<! Z\`! ;a;! ;;\! a<<! Z;_! Z\<<! ]=!
!
/FHNM!>J!DCN!>X>JN!BNJN@FD>@!H?NQARAQFDA>JHU!RNNM!BFH!RL>O!@FDN!OFH!PF@ANM!R@>K!Z!
QIEAQ!R>>D!?N@!KAJIDN!D>!\!QIEAQ!RNND!?N@!KAJIDN!AJ!DCN!BNJN@FD>@S!*L>O!KNDN@H!Q>JJNQDNM!
FD!DCN!AJLND!FJM!>IDLND!>R!DCN!>X>JN!BNJN@FD>@!KNFHI@NM!DCN!RL>O!@FDN!>R!AJQ>KAJB!RNNM!BFH!
AJHAMN!DCN!BNJN@FD>@!FJM!>X>JFDNM!BFH!LNFPAJB!DCN!BNJN@FD>@S!/>DC!Q>K?@NHHNM!FA@!FJM!
?I@N!>T7BNJ!ON@N!DNHDNM!FH!F!RNNM!BFH!D>!DCN!BNJN@FD>@S!%T?N@AKNJDH!ON@N!QF@@ANM!>ID!D>!
KNFHI@N!DCN!KFTAKIK!FJM!KAJAKIK!LNPNLH!>R!Q>JQNJD@FDA>J!DCFD!Q>ILM!EN!FQCANPNM!E7!
!
=_!
IHAJB!Q>K?@NHHNM!FA@!FJM!?I@N!>T7BNJ!OADC!E>DC!>X>JN!BNJN@FD>@HS!(!KAJAKIK!?>HHAELN
>X>JN!Q>JQNJD@FDA>J!AJ!DCN!NT?>HI@N!QCFKEN@!OFH!>EDFAJNM!E7!MALIDAJB!DCN!>X>JFDNM!FA@!AJ
DCN!QCFKEN@!OADC!F!RATNM!RL>O!@FDN!>R!Q>K?@NHHNM!FA@!D>!DCN!QCFKEN@S!&CN!?I@?>HN!>R!
@NFQCAJB!L>ONHD!?>HHAELN!Q>JQNJD@FDA>J!AJ!DCN!QCFKEN@!OFH!D>!MNPNL>?!F!KAQ@>EAFL!
AJCAEADA>J!MNHABJ!EFHNM!>J!E@>FMN@!@FJBN!>R!>X>JN!Q>JQNJD@FDA>J!MFDFS!
!%T?N@AKNJDH!ON@N!FLH>!Q>JMIQDNM!D>!KNFHI@N!DCN!DAKN!@NYIA@NM!D
!
!
>!HDFEALAXN!>X>JN!
Q>JQN
ON@N!NK?L>7NM!D>!KNFHI@N!>X>JN!Q>JQNJD@FDA>J!AJ!DCN!NT?>HI@N!
QCFK
!>DCN@!
J!
N!RNNM!
FH!FLL>ONM!D>!Q>KN!AJ!Q>JDFQD!OADC!a<<!
K0!>
!
JD@FDA>J!AJ!DCN!NT?>HI@N!QCFKEN@!E7!Q>LLNQDAJB!?N@A>MAQ!HFK?LNH!>R!QCFKEN@!
FDK>H?CN@N!NPN@7!DC@NN!KAJIDNH!FJM!KNFHI@AJB!>X>JN!Q>JQNJD@FDA>JS!!
1@')/+</">(&/0/)3+
,F@A>IH!KNDC>MH!
EN@S!-JADAFL!>X>JN!Q>JQNJD@FDA>J!KNFHI@NKNJDH!ON@N!M>JN!OADC!F!9,!?C>D>KND@AQ!
FKEANJD!>X>JN!FJFL7XN@!e)>MNL!a^dU!EID!ADH!JF@@>O!@FJBN!>R!>X>JN!Q>JQNJD@FDA>J!
KNFHI@NKNJD!e*ILL!HQFLN!@FJBN!<!D>!Z!??KdU!AJHNJHADAPAD7!D>OF@MH!AJDN@RN@NJQN!R@>K
BFHN>IH!Q>JHDADINJDH!FJM!CABC!Q>HD!?@NQLIMNM!ADH!F??LAQFDA>J!R>@!DCAH!@NHNF@QC!O>@GS!&CN!
5DFJMF@M!->M>KND@AQ!KNDC>M!e.CNKAQFL!)NDC>Md!FJM!4@FBBN@!?IK?!KNDC>M!ON@N!IHNM!A
DCN!HDIM7!HAMN!E7!HAMN!D>!KNFHI@N!>X>JN!Q>JQNJD@FDA>J!FJM!LFDN@!Q>K?F@NM!OADC!>JN!
FJ>DCN@S!*NNM!BFH!RL>O!@FDNH!ON@N!PF@ANM!AJ!DCN!@FJBN!>R!;S\!QRK!D>!\!QRK!D>!KNND!
KFJIRFQDI@N@gH!H?NQARAQFDA>JH!FJM!>X>JN!Q>JQNJD@FDA>J!OFH!KNFHI@NM!>J!@NH?NQDAP
BFH!RL>O!@FDN!IHAJB!DCN!.CNKAQFL!FJM!4@FBBN@!?IK?!KNDC>MHS!!
,&'#/*(&/+:'&+K3")*"&*+6'*'0/3&4#+</3='*+
"X>JFDNM!FA@!R@>K!DCN!NT?>HI@N!QCFKEN@!O
R!;j!?>DFHHAIK!A>MAMN!e8-d!H>LIDA>J!?LFQNM!AJ!DO>!Q>JAQFL!RLFHGH!ea<<!K0!AJ!NFQCdU!
FH!HC>OJ!AJ!*ABI@N!=c=S!(J!>?NJ!BFH!EIEELAJB!MNPAQN!eMARRIHN@d!OFH!FDDFQCNM!D>!DCN!NJM!
>R!DIEAJB!OCAQC!E@>IBCD!DCN!>X>JN!AJ!Q>JDFQD!OADC!?>DFHHAIK!A>MAMN!H>LIDA>J!R>@!IJAR>@K
!
=`!
FEH>@?DA>J!>R!>X>JN!AJ!DCN!8-!H>LIDA>JS!/>DC!8-!RLFHGH!ON@N!Q>JJNQDNM!AJ!HN@ANH!H>!DCFD!
IJFEH>@ENM!>X>JN!R@>K!DCN!RA@HD!RLFHG!Q>ILM!EN!D@FJHRN@@NM!FJM!FEH>@ENM!AJ!DCN!HNQ>JM!
RLFHGS!&CN!HFK?LAJB!LAJN!OFH!Q>JJNQDNM!D>!DCN!FEH>@EN@!FJM!DCN!BFH!Q>JDFAJAJB!>X>JN!O
EIEELNM!D>!DCN!8-!H>LIDA>J!FD!F!RL>O!@FDN!>R!Z!QIEAQ!R>>D!?N@!KAJIDN!eQRKd!R>@!=!KAJIDNH!E7!
F!PFQIIK!?IK?S!9JFEH>@ENM!BFH!OFH!HIQGNM!R@>K!DCN!PFQIIK!?IK?!FJM!PNJDNM!>ID!D>!
DCN!EA>L>BAQFL!C>>MS!&CN!A>MAJN!R>@KNM!AJ!DCN!H>LIDA>JH!>R!8-U!AKKNMAFDNL7!FRDN@!
FQAMARAQFDA>J!OADC!Z<!K0!>R!Z$!HIL?CI@AQ!FQAM!OFH!DAD@FDNM!OADC!F!R@NHCL7!HDFJMF@M
<S;$!H>MAIK!DCA>HILRFDN!H>LIDA>JS!&CAH!OFH!R>LL>ONM!E7!FMMADA>J!>R!;!K0!>R!DCN!HDF@QC!
AJMAQFD>@!H>LIDA>J!D>!DCN!DAD@FJD![IHD!ENR>@N!DCN!NJM!?>AJD!e@NQ>KKNJMNMU!EID!QFJ!EN!
>?DA>JFLU!MN?NJMAJB!>J!HGALL!FJM!NT?N@ANJQN!>R!DCN!>?N@FD>@HdS!&CN!FK>IJD!>R!H>MAIK
DCA>HILRFDN!JNNMNM!D>!Q>JPN@D!A>MAMN!A>JH!>R!8-!H>LIDA>J!D>!A>MAJN!OFH!KNFHI@NMU!FJM!DC
JNQNHHF@7!QFLQILFDA>JH!ON@N!?N@R>@KNM!D>!MNDN@KAJN!>X>JN!Q>JQNJD@FDA>JS!!
&CN!FHHNKEL7!R>@!F!5DFJMF@M!->M>KND@AQ!KNDC>M!R>@!>X>JN!?@>MIQDcBF
FH!
AXNM!
!
N!
H!
KNFHI@NKNJD!AH!HC>OJ!AJ!*ABI@N!=cZ<!ENL>OS!
!
*ABI@N!=cZ<S!!->M>KND@AQ!KNDC>M!DNHD!HNDcI?!R>@!>X>JN!Q>JQNJD@FDA>J!KNFHI@NKNJDS!
FDA>J!>R!>X>JNe.d!AJ!KBi0!NYIFLHf!!
R!DCA>HILRFDNi!,Q!T!;`S=Z]!
H".#(."34')>+
.>JQNJD@
;a!T!P>LIKN!>R!DCA>HILRFDN!AJ!0!T!$>@KFLAD7!>
!
=^!
!OCN@N!,Qv!Q>@@NQDNM!HFK?LN!P>LIKN!v!,!T!e+c!+Odi!_]<!T;^`ie;_=s&d!
,!!v!HFK?LN!P>LIKN!AJ!QIEAQ!RNND!
+!!v!&>DFL!+@NHHI@N!eEF@>KND@AQ!?@NHHI@Nd!
!DNK?N@FDI@N!&!
!!!!!!!!!
FA@!v!a]_!??K!>X>JN!AJ!FA@!
K?!FJM!F!BFH!HFK?LN!DIENU!OCAQC!
@NQNAP
R!
DA>J!>R!Z<cZ\!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+Ov!OFDN@!PF?>@!?@NHHI@N!Q>@@NH?>JMAJB!D>
&!!v!&NK?N@FDI@N!
!!!!!!!!Z!KBi0!>R!>X>JN!AJ!
&CN!4@FBBN@!+IK?!Q>JHAHDNM!>R!F!CFJMcCNLM!?I
NM!FA@RL>O!R@>K!DCN!NT?>HI@N!QCFKEN@!FJM!QCFJBNM!DCN!Q>L>@!>R!AJMAQFD>@!R@>K!
B@NNJAHCcELIN!D>!7NLL>O!AJ!DCN!?@NHNJQN!>R!>X>JN!e*ABI@N!=cZZdS!&CN!>?N@FDAJB!@FJBN!>
DCN!BFH!HFK?LN!DIEN!eM@FBBN@!DIENd!OFH!;<c=<<!??KS!(H!?N@!KFJIRFQDI@N@gH!
H?NQARAQFDA>JHU!DCN!>X>JN!Q>JQNJD@FDA>J!KNFHI@NM!E7!DCAH!KNDC>M!CFM!F!MNPAF
jesicd!AJ!Q>K?F@AH>J!D>!DCN!5DFJMF@M!->M>KND@AQ!KNDC>MS!
!
*ABI@N!=cZZS&CN!4@FBBN@!?IK?S!!
ENC/&40/)3".+A/>4%)+
%FQC!NT?N@AKNJDFL!D@AFL!Q>J LFDNM!+ND@A!MAHCNH!D>!F!BAPNJ!
>X>JN
!>ID!
FD!NFQC!>X>JN!Q>JQNJD@FDA>JV!FH!HC>OJ!AJ!&FELN!=c;S!
HAHDNM!>R!NT?>HAJB!AJ>QI
!Q>JQNJD@FDA>J!AJ!DCN!QCFKEN@!R>@!F!H?NQARANM!?N@A>M!>R!DAKN!eMI@FDA>Jd!FJM!FD!F!
R@NYINJQ7!>R!NADCN@!ZU!;U!>@!=!DAKNH!OADCAJ!F!;acC>I@!?N@A>MS!%T?N@AKNJDH!ON@N!QF@@ANM
FD!^!MARRN@NJD!>X>JN!Q>JQNJD@FDA>JHU!FJM!R>@!DAKN!MI@FDA>JH!>R!NADCN@!Z\U!=<U!>@!]<!KAJIDNH!
!
a<!
&FELN!=c;S!%T?N@AKNJDFL!MNHABJ!KFD@AT!HC>OAJB!MARRN@NJD!Q>KEAJFDA>JH!>R!D@NFDKNJD!
Z\!)AJIDNH!!&@NFDKNJD! =<!)AJIDNH!&X>JN!
MI@FDA>JU!R@NYINJQ7!FJM!>X>JN!Q>JQNJD@FDA>J!QF@@ANM!>ID!AJ!HDIM7S!
@NFDKNJD! ]<!)AJIDNH!&@NFDKNJD!
! ! !4F7!
".>JQS!e?
Z! a! Z! a! Z! a!
!!!!!!!!;!
! ! ! ! !
&AKNH!?N@!4F7! &AKNH!?N@!4F7! &AKNH!?N@!?Kd!
! ! !;!
! ! !;!
! ! !;!
! ! ! !
!!!!!\S_!
! ! ! ! ! ! ! ! !
!!!!!!!^!
! ! ! ! ! ! ! ! !
!!!!!!ZZ!!
! ! ! ! ! ! ! ! !
!!!!!!Z_!
! ! ! ! ! ! ! ! !
!!!!!!=<!
! ! ! ! ! ! ! ! !
!!!!!!=\!
! ! ! ! ! ! ! ! !
!!!!!!a\!
! ! ! ! ! ! ! ! !
+
(D!DCN!Q>K NJDU!DCN!NT?>HNM!+ND@A!MAHCNH!ON@N!AJQIEFDNM!D>!
@>K>DN!>IDB@>ODC!>R!HI@PAPAJB!KAQ@>>@BFJAHKH!R>@!PAHIFL!>EHN@PFDA>J!>R!Q>L>J7!R>@KAJB!
IJADH!
?LNDA>J!>R!NFQC!NT?N@AK
!!!!!=S\!
! ! ! ! ! ! ! ! !
?
FJM!Q>K?F@NM!OADC!IJD@NFDNM!?LFDNH!e*ABI@N!=cZ;dS!'NHILDH!ON@N!@N?>@DNM!FH!NADCN@!
B@>ODC!esd!>@!J>!B@>ODC!ecd!R>@!NFQC!D@NFDKNJD!Q>KEAJFDA>J!DNHDNMS!%FQC!NT?N@AKNJD!OFH!
@N?LAQFDNM!F!KAJAKIK!>R!DC@NN!DAKNHS!
!
!
!
!
!
aZ!
!
!
!
!
!
ABI@N!=cZ;S!.>K? DNM!?LFDN!e@ABCDdS!
!
F@AH>J!>R!>X>JN!D@NFDNM!?LFDN!eLNRDd!OADC!IJD@NF
!
!
*
!!!
!!!!
!
!
.3(+&%'!a!'%590&5!($4!4-5.955-"$5!
;4)*4)%>+:&'0+,&/.404)"&9+K3(*4/>+
+@NLAKAJF@7!O>@G!R>@!DCN!?I@?>HN!>R!KNDC>M!MNPNL>?KNJD!CFM!ENNJ!MAPAMNM!AJD>!
DC@NN!HNQDA>JHV!>X>JN!BNJN@FDA>JU!>X>JN!KNFHI@NKNJDU!?@N?F@FDA>J!>R!JID@ANJD!KNMAF!FJM!
AJ>QILIKS!
1@')/+</">(&/0/)3+")*+G/)/&"34')+
1@')/+G/)/&"34')+
5NLNQDA>J!>R!>X>JN!BNJN@FD>@!FJM!RNNM!BFH!RL>O!@FDN!OFH!EFHNM!>J!DCN!>X>JN!
Q>JQNJD@FDA>J!LNPNLH!JNNMNM!D>!FQCANPN!KAQ@>EAFL!AJCAEADA>J!FJM!Q>HD!>R!RNNM!BFH!
@NH?NQDAPNL7S!.>K?@NHHNM!FA@!OFH!HNLNQDNM!FH!F!RNNM!BFH!R>@!DCAH!HDIM7S!"X>JN!
Q>JQNJD@FDA>J!MFDF!>EDFAJNM!OADC!>T7BNJcRNM!BNJN@FD>@H!ON@N!FLH>!Q>LLNQDNM!D>!PN@AR7!!
DCN!KFTAKIK!Q>JQNJD@FDA>J!LNPNL!DCFD!Q>ILM!EN!FDDFAJNM!E7!E>DC!ILD@FPA>LND!@FMAFDA>J!
EFHNM!>X>JN!BNJN@FD>@HS!'NMIQAJB!FA@i>T7BNJ!RL>O!@FDN!DC@>IBC!DCN!>X>JN!BNJN@FD>@H!
BFPN!CABCN@!>X>JN!Q>JQNJD@FDA>JH!MIN!D>!L>JBN@!@NDNJDA>J!DAKN!>R!>T7BNJ!K>LNQILNH!AJ!DCN!
?@NHNJQN!>R!ILD@FPA>LND!LABCDS!'NHILDH!>X>JN!Q>JQNJD@FDA>JH!FQCANPNM!IJMN@!MARRN@NJD!RL>O!
@FDN!Q>JMADA>JH!F@N!HC>OJ!B@F?CAQFLL7!AJ!*ABI@N!acZS!!
1@')/+</">(&/0/)3+
"X>JN!KNFHI@NKNJD!OFH!M>JN!E7!IHAJB!DCN!5DFJMF@M!->M>KND@AQ!KNDC>M!ENQFIHN!
DCN!?N@QNJDFBN!MARRN@NJQN!>R!>X>JN!Q>JQNJD@FDA>J!KNFHI@NM!E7!DCN!4@FBBN@!KNDC>M!AJ!
Q>K?F@AH>J!D>!DCN!.CNKAQFL!KNDC>M!OFH!KIQC!CABCN@!DCFJ!DCN!MNPAFDA>JH!KNJDA>JNM!E7!
DCN!KFJIRFQDI@N@S!(LH>U!DCN!.CNKAQFL!)NDC>M!AH!F!HDFJMF@M!KNDC>M!FJM!DCIH!CFH!B@NFDN@!
a;!
a=!
FQQI@FQ7!AJ!Q>K?F@AH>J!D>!>DCN@!FPFALFELN!KNDC>MHS!(LDC>IBCU!>X>JN!Q>JQNJD@FDA>J!MFDF!
ON@N!Q>LLNQDNM!E7!IHAJB!NFH7cD>cIHN!EID!LNHH!@NLAFELN!4@FBBN@!KNDC>M!D>!Q>K?F@N!>X>JN!
Q>JQNJD@FDA>JH!>EDFAJNM!E7!DO>!MARRN@NJD!KNFHI@NKNJD!KNDC>MH!EID!>JL7!@NHILDH!>EDFAJNM!
E7!DCN!.CNKAQFL!KNDC>M!F@N!HC>OJS!&CN!@NHILDH!>R!>X>JN!Q>JQNJD@FDA>J!LNPNLH!F@N!HC>OJ!
AJ!&FELN!acZU!ac;U!ac=!FJM!acaS!
!"#$%&'#$(%$)*+),#$&-.&/%%0&1+.&/2#3*+)%
"
#"
$""
$#"
%""
%#"
&""
&#"
%'( &'( &') *'# #'&
/%%0&1+.&/2#3*+)%4'/56
!"#$%&'#$(%$)*+),#$47756
+,-./!0/1/-,23-4567./1
8//9!.,:;
<=,>>!0/1/-,23-4567./1
8//9!.,:;
+,-./!0/1/-,23-4?@-!8//9
.,:;
<=,>>!0/1/-,23-4?@-!8//9
.,:;
!!!!!!!!*ABI@N!acZS!"X>JN!Q>JQNJD@FDA>J!LNPNLH!FQCANPNM!IJMN@!MARRN@NJD!RNNM!BFH!RL>O!@FDN!
Q>JMADA>JHS!
&FELN!acZS!"X>JN!Q>JQNJD@FDA>J!PHS!RL>O!@FDN!FQCANPNM!E7!HKFLL!'1*!BNJN@FD>@!IHAJB!!!Q>K?@NHHNM!FA@!FH!RNNM!BFHS!
!
(A@!*L>O!@FDN!eQRKd!!
"X>JN!.>JQNJD@FDA>J!e??Kd!
!;S\!!=S;!!=S_!!aS=!
!=<!!;=!!;<!!Z_!
!
aa!
&FELN!ac;S!"X>JN!Q>JQNJD@FDA>J!PHS!RL>O!@FDN!FQCANPNM!E7!HKFLL!'1*!BNJN@FD>@!IHAJB!?I@N!>T7BNJ!FH!RNNM!BFHS!
!"T7BNJ!*L>O!@FDN!
eQRKd!!
"X>JN!.>JQNJD@FDA>J!e??Kd!
!;S_!!=S`!!aSa!!aS^!
!=;<!!;Z<!!Z`<!!Z]\!
!!!!!!!!!!!!&FELN!ac=S!"X>JN!Q>JQNJD@FDA>J!PHS!RL>O!@FDN!FQCANPNM!E7!LF@BN!'1*!BNJN@FD>@!IHAJB!!!
Q>K?@NHHNM!FA@!FH!RNNM!BFHS!!
"T7BNJ!*L>O!@FDN!eQRKd!!
"X>JN!.>JQNJD@FDA>J!e??Kd!
!;S]!!=S]!!=S^!!aS\!!\S=!
!ZZ<!!^<!!``!!`<!!]`!
!!!!!!!!!!!!!&FELN!acaS!"X>JN!Q>JQNJD@FDA>J!PHS!RL>O!@FDN!FQCANPNM!E7!LF@BN!'1*!BNJN@FD>@!IHAJB!?I@N!
>T7BNJ!FH!RNNM!BFHS!!
(A@!*L>O!@FDN!eQRKd!!
"X>JN!.>JQNJD@FDA>J!e??Kd!
!;S]!!=S_!!aS;!!aS\!!aS^!
!\<!!a\!!a<!!=\!!=;!
!
!
!
!
!
!
!
a\!
&CN!@NHILDH!>R!KAJAKIK!?>HHAELN!>X>JN!Q>JQNJD@FDA>J!LNPNL!FDDFAJNM!E7!MALIDAJB!
NT?>HI@N!QCFKEN@!OADC!Q>K?@NHHNM!FA@!F@N!HC>OJ!AJ!&FELN!ac\S!
&FELN!ac\S!"X>JN!Q>JQNJD@FDA>J!PHS!RL>O!@FDN!FQCANPNM!E7!HKFLL!'1*!BNJN@FD>@!IHAJB!Q>K?@NHHNM!FA@!FH!RNNM!BFH!FJM!MALIDAJB!NT?>HI@N!QCFKEN@!OADC!Q>K?@NHHNM!FA@!D>!FQCANPN!L>ON@!LNPNLH!>R!>X>JN!Q>JQNJD@FDA>J!R>@!RATNM!FA@!RL>O!@FDN!>R!a!QRK!D>!BNJN@FD>@S!
!
(A@!+@NHHI@N!D>!!.CFKEN@!e?HAd!
"X>JN!.>JQNJD@FDA>Je??Kd!
!=S\!!aS\!!]S\!!_S\!!^S<!
!ZZ!!<^!!\S_!!=S\!!;S<!
!
&CN!DAKN!@NYIA@NM!D>!HDFEALAXN!>X>JN!Q>JQNJD@FDA>J!AJ!DCN!NT?>HI@N!QCFKEN@!OFH!
MNDN@KAJNM!E7!Q>LLNQDAJB!?N@A>MAQ!HFK?LNH!>R!QCFKEN@!FDK>H?CN@N!FJM!KNFHI@AJB!>X>JN!
Q>JQNJD@FDA>J!OADC!DCN!5DFJMF@M!->M>KND@AQ!KNDC>MS!(!?>DFHHAIK!A>MAMN!e8-dc>X>JN!
HFK?LN!OFH!Q>LLNQDNM!NPN@7!DC@NN!KAJIDNH!e=cKAJIDNH!AJDN@PFLd!FJM!HIEHNYINJDL7!DAD@FDNM!!
OADC!H>MAIK!DCA>HILRFDN!H>LIDA>J!D>!KNFHI@N!>X>JN!Q>JQNJD@FDA>JS!&CNHN!@NHILDH!HC>O!DCFD!
F??@>TAKFDNL7!Z\!KAJIDNH!ON@N!JNNMNM!D>!HDFEALAXN!>X>JN!Q>JQNJD@FDA>J!AJ!DCN!QCFKEN@S!
/FHNM!>J!DCNHN!@NHILDU!D@NFDKNJD!MI@FDA>JH!>R!Z\!KAJIDNHU!=<!KAJIDNH!FJM!]<!KAJIDNH!ON@N!
HNLNQDNM!D>!?@N?F@N!F!D@NFDKNJD!@NBAKN!R>@!DCN!MNHABJ!>R!NT?N@AKNJDHS!&CN!@NHILDH!>R!>X>JN!
Q>JQNJD@FDA>J!EFHNM!>J!YIFJDAD7!>R!H>MAIK!DCA>HILRFDN!Q>JHIKNM!D>!DAD@FDN!>X>JNc8-!
H>LIDA>J!F@N!?@NHNJDNM!AJ!&FELN!ac]S!
!
!
!
a]!
&FELN!ac]S!"X>JN!Q>JQNJD@FDA>J!>PN@!DAKN!AJ!FJ!NT?>HI@N!QCFKEN@S!
&AKN!EFHNM!5FK?LNH!eKAJIDNHd!
5>MAIK!&CA>HILRFDN!Q>JHIKNM!eK0d!
"X>JN!.>JQNJD@FDA>J!e??Kd!
=! <S_! Z_!
]! <S^! ;a!
^! ZS<! ;]S_!
Z;! ZSZ! ;^Sa!
Z\! ZSZ! ;^Sa!
Z`! ZSZ! ;^Sa!
;Z! ZSZ! ;^Sa!
;a! ZSZ! ;^Sa!
!!!!!!!!!!!!!!!!
&!"#$%&'#$(%$)*+),#$&-.8&9,:%
"
#
$"
$#
%"
%#
&"
&#
" # $" $# %" %# &"
9,:%&4:,$;)%.6
!"#$%&
'#$(%$)*+),#$47756
*ABI@N!ac;S!!"X>JN!Q>JQNJD@FDA>J!PHS!DAKN!AJ!FJ!NT?>HI@N!QCFKEN@S!
!
a_!
M(3&4/)3+</*4"+")*+,&/C"&"34')+':+6)'#(.(0++
,AHIFL!>EHN@PFDA>J!>R!MARRN@NJD!JID@ANJD!KNMAF!HD@NJBDC!+ND@A!MAHCNH!AJ>QILFDNM!R>@!]U!
`!FJM!Z;!C>I@H!OCNJ!D@NFDNM!OADC!>X>JN!@NPNFLNM!DCFD!CABCN@!HD@NJBDCH!>R!JID@ANJD!KNMAF!
AJMIQNM!PN@7!RFHD!?>?ILFDA>J!B@>ODC!>R!KAQ@>>@BFJAHKH!>J!?LFDNH!DCFD!OFH!IJ@NFLAHDAQ!FJM!
J>J!@N?@NHNJDFDAPN!>R!NT?NQDNM!LNPNLH!>R!Q>JDFKAJFDA>Je(??NJMAT!.dS!+@NHNJQN!>R!HIQC!
CABC!HD@NJBDC!JID@ANJDH!AJ!FJ!FA@!CFJMLAJB!IJAD!PAF!FA@!RL>O!IJMN@!J>@KFL!Q>JMADA>JH!OFH!
FLH>!J>D!?>HHAELNS!&CIHU!DCN!F??@>?@AFDN!JID@ANJD!KNMAF!HD@NJBDC!QC>HNJ!D>!AJ>QILFDN!+ND@A!
MAHCNH!OADC!JFDI@FL!FA@E>@JN!KAQ@>>@BFJAHKH!QF?DI@NM!AJ!FJ!FQDIFL!C>KN!HNDDAJB!OFH!
R>IJM!D>!EN!Z<jS!!
+ND@A!?LFDNH!ON@N!AJ>QILFDNM!R>@!J>!L>JBN@!DCFJ!HAT!C>I@H!ENQFIHN!L>JBN@!MI@FDA>J!
QFIHNM!IJMNHA@FELN!@F?AM!B@>ODC!>R!KAQ@>ENH!>J!?LFDNHS!"PN@L7!R@NYINJD!>X>JN!D@NFDKNJDH!
eB@NFDN@!DCFJ!a!DAKNH!?N@!MF7d!ON@N!FLH>!FP>AMNM!ENQFIHN!HCID!M>OJ!>R!DCN!FA@!CFJMLAJB!
IJAD!D>>!R@NYINJDL7!O>ILM!EN!AJQ>JPNJANJD!R>@!FJ7!C>KN!>@!>RRAQN!HNDDAJBS!&CN!@NHILDH!
R@>K!NT?N@AKNJDH!>J!MARRN@NJD!JID@ANJD!KNMAF!HD@NJBDC!?LFDNH!AJ>QILFDNM!R>@!]U!`!FJM!Z;!
C>I@H!F@N!HC>OJ!AJ!&FELN!ac_S!
!
a`!
&FELN!ac_S!'NHILDH!>R!NT?N@AKNJDFL!D@AFLH!>J!+ND@A!MAHCNH!Q>JDFAJAJB!MARRN@NJD!Q>KEAJFDA>JH!>R!JID@ANJD!KNMAF!HD@NJBDC!FJM!AJ>QILFDA>J!MI@FDA>JS!
"X>JN!.>JQNJD@FDA>J!e??Kd!
4@FBBN@!)NDC>M!
.CNKAQFL!)NDC>M!
!-J>QILFDA>J!4I@FDA>J!eC@Hd!
!&@NFDKNJD!4I@FDA>J!eKAJSd!
!&@NFDKNJD!*@NYINJQ7!e?N@!MF7d!
!'NHILDH!R>@!KNMAF!HD@NJBDC!
!!
Z<j!!!!!!!!!!!!!!!!!!!!!!!!Z<<j!
;a<! ;Z<! Z;! Z! =<! c! c!
;;\! Z`<! Z;! Z! =<! s! s!
;;\! Z`<! Z;! ;! =<! s! s!
;;\! Z`<! Z;! a! =<! c! c!
`\! ]<! <`! Z! =<! s! s!
`\! ]<! <`! ;! =<! s! s!
`\! ]<! <`! a! =<! c! c!
`\! ]<! <]! Z! =<! c! c!
`\! ]<! <]! ;! =<! c! c!
`\! ]<! <]! a! =<! c! c!
=<! ;<! <]! Z! =<! c! c!
=<! ;<! <]! ;! =<! c! c!
=<! ;<! <]! a! =<! c! c!
;\! Z_! <]! Z! =<! c! s!
x!(LL!MFDF!?>AJDH!F@N!R@>K!F!KAJAKIK!>R!=!@N?LAQFDNHS!msg!'N?@NHNJDH!1@>ODC!FJM!mcm'N?@NHNJDH!$>!1@>ODCS!+
+
+
!
a^!
ENC'>(&/+?&/"30/)3>+
+@NLAKAJF@7!NT?N@AKNJDFL!MFDF!>EDFAJNM!?@A>@!D>!DCAH!HDIM7!MNK>JHD@FDNM!DCFD!?F@DAFL!
AJCAEADA>J!>R!!"##$%&$!FJM!'()"#*&++,(!AJ>QILIK!OFH!FQCANPNM!IHAJB!L>ON@!LNPNLH!>R!>X>JN!
Q>JQNJD@FDA>J!AJ!F!HAKILFDNM!FA@!Q>JMADA>JAJB!NJPA@>JKNJDS!3>ONPN@U!CABCN@!>X>JN!
Q>JQNJD@FDA>J!LNPNLH!ON@N!J>D!DNHDNM!FJM!J>!RATNM!D@NFDKNJD!MI@FDA>J!DAKN!FJM!R@NYINJQ7!
ON@N!KFAJDFAJNM!D>!?@N?F@N!F!MFDFEFHN!I?>J!OCAQC!F!MNRAJNM!D@NFDKNJD!@NBAKN!Q>ILM!EN!
H?NQARANMS!&CAH!HDIM7!AJP>LPNM!F!MNHABJ!>R!NT?N@AKNJDH!OADC!HNPN@FL!D@AFLH!Q>PN@AJB!F!OAMN!
@FJBN!>R!Q>KEAJFDA>JH!>R!>X>JN!Q>JQNJD@FDA>JU!?@NMNDN@KAJNM!D@NFDKNJD!MI@FDA>J!FJM!
R@NYINJQ7S!'NHILDH!>R!DCAH!O>@G!F@N!HIKKF@AXNM!AJ!&FELN!ac`U!OCAQC!AH!MAPAMNM!AJD>!DO>!
?F@DH!JFKNL7!D@NFDKNJD!X>JN!>R!NRRNQDAPN!D@NFDKNJD!FJM!D@NFDKNJD!X>JN!>R!AJNRRNQDAPN!
D@NFDKNJDS!&CN!NRRNQDAPN!D@NFDKNJD!X>JN!HC>OH!Q>KEAJFDA>JH!>R!>X>JN!Q>JQNJD@FDA>JU!
D@NFDKNJD!MI@FDA>J!FJM!R@NYINJQ7!@NYIA@NM!D>!FQCANPN!Q>K?LNDN!KAQ@>EAFL!AJFQDAPFDA>J!
OCALN!>JL7!?F@DAFL!KAQ@>EAFL!AJCAEADA>J!OFH!FQCANPNM!AJ!D@NFDKNJD!X>JN!>R!AJNRRNQDAPN!
Q>JMADA>JHS!
&CNHN!@NHILDH!@NPNFL!DCFD!D@NFDKNJD!MI@FDA>J!MI@AJB!>X>JN!NT?>HI@N!AH!K>@N!
AK?>@DFJD!DCFJ!R@NYINJQ7!AJ!FRRNQDAJB!DCN!@FDN!>R!KAQ@>EAFL!AJFQDAPFDA>JS!&CN!@NHILDH!@NPNFL!
DCFD!FD!^!??K!FJM!L>ON@!LNPNLH!>R!>X>JN!Q>JQNJD@FDA>J!R@NYINJD!D@NFDKNJDH!F@N!NRRNQDAPN!D>!
AJFQDAPFDN!KAQ@>EAFL!B@>ODC!EID!FH!>X>JN!Q>JQNJD@FDA>J!LNPNLH!F@N!AJQ@NFHNM!R@>K!ZZ??K!
FJM!CABCN@!D@NFDKNJD!MI@FDA>J!?LF7!F!KF[>@!@>LN!D>!AJCAEAD!KAQ@>EAFL!B@>ODCS!
.>KEAJFDA>JH!>R!=<!KAJIDNH!>@!L>JBN@!D@NFDKNJD!MI@FDA>J!OADC!Q>JQNJD@FDA>J!LNPNLH!FH!L>O!
FH!Z;!??K!FQCANPN!HAKALF@!AJCAEADA>J!@NHILDHS!&CN!@NHILDH!FLH>!HC>O!DCFD!>JN!Z\cKAJIDN!
D@NFDKNJD!?N@!MF7!>R!NT?>HI@N!R>@!>X>JN!FD!F!Q>JQNJD@FDA>J!>R!a\!??K!AH!NRRNQDAPN!D>!
FQCANPN!KAQ@>EAFL!AJFQDAPFDA>JS!!
!
\<!
&FELN!ac`S!-JCAEADA>J!MNHABJ!KFD@AT!EFHNM!>J!MARRN@NJD!Q>KEAJFDA>JH!>R!D@NFDKNJD!MI@FDA>JU!R@NYINJQ7!FJM!>X>JN!Q>JQNJD@FDA>JS!
Z\!)AJIDNH!&@NFDKNJD! =<!)AJIDNH!&@NFDKNJD! ]<!)AJIDNH!&@NFDKNJD!&AKNH!+N@!4F7! &AKNH!+N@!4F7! &AKNH!+N@!4F7!
"X>JN!.>JQNJD@FDA>J!
e??Kd! Z! ;! a! Z! ;! a! Z! ;! a!
!<;!
!s!
!s!
!s!
!s!
!s!
!s!
!s!
!s!
!s!
!=S\!
!s!
!s!
!s!
!s!
!s!
!s!
!s!
!s!
!s!
!\S_!
!s!
!s!
!s!
!s!
!s!
!s!
!s!
!s!
!s!
!<^!
!s!
!s!
!s!
!s!
!c!
!c!
!s!
!c!
!c!
!ZZ!
!s!
!s!
!s!
!s!
!c!
!c!
!c!
!c!
!c!
!Z_!
!s!
!s!
!s!
!c!
!c!
!c!
!c!
!c!
!c!
!;<!
!s!
!s!
!s!
!c!
!c!
!c!
!c!
!c!
!c!
!;=!
!s!
!s!
!s!
!c!
!c!
!c!
!c!
!c!
!c!
!=<!
!s!
!s!
!c!
!c!
!c!
!c!
!c!
!c!
!c!
!=\!
!c!
!c!
!c!
!c!
!c!
!c!
!c!
!c!
!c!
!a\!
!c!
!c!
!c!
!c!
!c!
!c!
!c!
!c!
!c!
!!
?&/"30/)3+O')/+':+
6)/::/#345/+H')*434')>+
?&/"30/)3+O')/+':+
E::/#345/+H')*434')>+!!x!(LL!MFDF!?>AJDH!F@N!R@>K!F!KAJAKIK!>R!=!@N?LAQFDNHS!x!+AQDI@NH!AJ!(??NJMAT!(!msg!@N?@NHNJDH!1@>ODC!mcm@N?@NHNJDH!$>!1@>ODC!!
(J!AJDN@KADDNJD!>X>JN!D@NFDKNJD!@NBAKN!LAKADNM!EA>RALK!@NB@>ODC!?>DNJDAFL!ENQFIHN!
AD!?@>PAMNM!>JL7!?F@DAFL!@NHAMIFL!?@>DNQDA>J!FBFAJHD!@NQ>JDFKAJFDA>JS!9JMN@!HIADFELN!
NJPA@>JKNJDFL!Q>JMADA>JH!FRDN@!>X>JN!D@NFDKNJDU!@NB@>ODC!>R!EFQDN@AF!FJM!RIJBA!>J!DCN!
+ND@A!MAHCNH!D>>G!?LFQN!EID!FD!F!KIQC!HL>ON@!@FDNS!+ND@A!?LFDN!D@NFDNM!OADC!a\??K!
Q>JQNJD@FDA>J!R>@!Z\!KAJIDNH!FD!F!D@NFDKNJD!R@NYINJQ7!>R!>JN!DAKN!?N@!MF7!MAM!J>D!HC>O!
!
\Z!
FJ7!B@>ODC!EID!OCNJ!DCN!HFKN!?LFDN!OFH!GN?D!AJ!DCN!AJM>>@!NJPA@>JKNJD!R>@!DCN!JNTD!a`!
C>I@H!AJADAFDA>J!>R!KAQ@>EAFL!B@>ODC!OFH!YIADN!PAHAELNS!&CN@NR>@NU!@NBILF@!>X>JN!D@NFDKNJD!
>R!FA@cCFJMLAJB!H7HDNKH!FD!LNFHD!>JQN!?N@!MF7!AH!JNQNHHF@7!D>!FQCANPN!Q>K?LNDN!KAQ@>EAFL!
AJCAEADA>JS!
&CN!NT?N@AKNJDFL!@NHILDH!>R!AJDN@KADDNJD!F??LAQFDA>J!>R!>X>JN!CFPN!AJMAQFDNM!DCN!
AK?>@DFJQN!>R!FM>?DAJB!FJ!NRRNQDAPN!>X>JN!M>HN!DCFD!AH!QF?FELN!>R!AJCAEADAJB!EA>RALK!
R>@KFDA>J!AJ!FJ!FA@!CFJMLAJB!H7HDNKS!*ABI@N!ac=U!aca+FJM!ac\+HC>O!DCFD!NRRNQDAPN!KAQ@>EAFL!
AJFQDAPFDA>J!>R!FA@HD@NFKH!OADC!FA@E>@JN!KAQ@>EAFL!Q>JDFKAJFDA>J!QFJ!EN!FQCANPNM!OADC!
>X>JN!D@NFDKNJDS!&CN!@NHILDH!?@NHNJDNM!CN@N!HIBBNHD!DCFD!FJ!>X>JFDA>J!H7HDNK!QF?FELN!>R!
MAHAJRNQDAJB!Q>JMNJHFDA>J!Q>AL!HI@RFQNH!FJM!MIQD!?FJH!>R!FJ!FA@!Q>JMADA>JAJB!H7HDNK!QFJ!
EN!MNPNL>?NM!EFHNM!I?>J!DCN!D@NFDKNJD!Q>JMADA>JH!BAPNJ!AJ!DCN!NRRNQDAPN!@NBA>J!>R!&FELN!
ac`S!
PQ+<4)(3/>+?&/"30/)3+A(&"34')
"
#
$"
$#
%"
%#
&"
&#
*"
*#
#"
$ % *?&/"30/)3+;&/R(/)#9BC/&+*"9S
1@')/+H')#/)3&"34')B,,<S
!1@>ODC $>!1@>ODC!!
*ABI@N!ac=S!)AQ@>EAFL!AJFQDAPFDA>J!AJ!F!HAKILFDNM!FA@!Q>JMADA>JAJB!MIQD!EFHNM!>J!PF@7AJB!>X>JN!Q>JQNJD@FDA>JU!D@NFDKNJD!R@NYINJQ7!FJM!Z\!KAJIDNH!>R!D@NFDKNJD!MI@FDA>JS!
!
\;!
TU+<4)(3/>+?&/"30/)3+A(&"34')
"
#
$"
$#
%"
%#
&"
&#
$ % *?&/"30/)3+;&/R(/)#9BC/&+*"9S
1@')/+H')#/)3&"34')B,,<S
1@>ODC $>!1@>ODC!
*ABI@N!acaS!)AQ@>EAFL!AJFQDAPFDA>J!AJ!F!HAKILFDNM!FA@!Q>JMADA>JAJB!MIQD!EFHNM!>J!PF@7AJB!>X>JN!Q>JQNJD@FDA>JU!D@NFDKNJD!R@NYINJQ7!FJM!=<!KAJIDNH!>R!D@NFDKNJD!MI@FDA>JS!
VU+<4)(3/>+?&/"30/)3+A(&"34')
"
#
$"
$#
%"
%#
&"
$ % *
?&/"30/)3+;&/R(/)#9+BC/&+*"9S
1@')/+H')#/)3&"34')+BCC0S
1@>ODC $>!1@>ODC!
!*ABI@N!ac\S!)AQ@>EAFL!AJFQDAPFDA>J!AJ!F!HAKILFDNM!FA@!Q>JMADA>JAJB!MIQD!EFHNM!>J!PF@7AJB!
>X>JN!Q>JQNJD@FDA>JU!D@NFDKNJD!R@NYINJQ7!FJM!]<!KAJIDNH!>R!D@NFDKNJD!MI@FDA>JS!
!
!
.3(+&%'!\!."$.095-"$5!($4!5911%5&-"$5!
H')#.(>4')>+
&CN!@NHILDH!?@NHNJDNM!AJ!DCAH!@NHNF@QC!MNK>JHD@FDN!DCFD!FA@E>@JN!>X>JN!AH!FJ!
NRRNQDAPN!MAHAJRNQDFJD!D>!FQCANPN!KAQ@>EAFL!AJCAEADA>J!OADC!?@>KAHAJB!F??LAQFDA>JH!D>!D@NFD!
FA@!CFJMLAJB!H7HDNKHS!&CAH!@NHNF@QC!@NQ>JRA@KNM!DCN!@NHILDH!>EDFAJNM!E7!?@NPA>IH!O>@G!>R!
.C7J>ONDC!DCFD!FJ!>X>JN!Q>JQNJD@FDA>J!>R!FD!LNFHD!^!??K!R>@!MI@FDA>J!>R!=<!KAJIDNH!OADC!
DO>!DAKNH!D@NFDKNJD!R@NYINJQ7!?N@!MF7!QFJ!@NHILD!AJ!F!D>DFL!AJCAEADA>J!>R!JFDI@FL!FA@E>@JN!
KAQ@>>@BFJAHKHS!&CN!@NHILDH!@NPNFL!DCFD!>JN!Z\cKAJIDN!D@NFDKNJD!?N@!MF7!>R!NT?>HI@N!R>@!
>X>JN!FD!F!Q>JQNJD@FDA>J!>R!a\!??K!AH!NRRNQDAPN!D>!FQCANPN!D>DFL!KAQ@>EAFL!AJFQDAPFDA>JS!!
&CN!@NHILDH!FLH>!HC>O!DCFD!FD!ZZ!??K!FJM!CABCN@!>X>JN!Q>JQNJD@FDA>J!D@NFDKNJD!MI@FDA>J!AH!
K>@N!AK?>@DFJD!DCFJ!R@NYINJQ7!AJ!FRRNQDAJB!DCN!@FDN!>R!KAQ@>EAFL!AJFQDAPFDA>J!OCALN!FD!
L>ON@!LNPNLH!>R!>X>JN!D@NFDKNJD!R@NYINJQ7!CFH!K>@N!AK?FQD!>J!KAQ@>EAFL!AJCAEADA>JS!
4NRAJADAPN!AJCAEADA>J!MNHABJ!AH!MNPNL>?NM!D>!>?DAKAXN!Q>JMADA>JH!R>@!F??L7AJB!BFHc
?CFHN!>X>JN!D>!AJCAEAD!KAQ@>EAFL!Q>JDFKAJFDA>JU!D>!>EDFAJ!KFTAKIK!MNQ>JDFKAJFDA>J!E7!
F??L7AJB!F!Q>@@NLFDA>J!ENDONNJ!>X>JN!Q>JQNJD@FDA>JU!NT?>HI@N!DAKN!FJM!D@NFDKNJD!
R@NYINJQ7!FJM!D>!HIBBNHD!?@FQDAQFL!D@NFDKNJD!Q>JMADA>JH!D>!EN!F??LANM!D>!MAHAJRNQD!FA@!
Q>JMADA>JAJB!H7HDNKHS!!
&CN!D@NFDKNJD!@NBAKN!HIBBNHDNM!AJ!DCAH!@NHNF@QC!D>!MAHAJRNQD!FA@!CFJMLAJB!H7HDNKH!AH!
J>D!F!@N?LFQNKNJD!D>!DCN!BNJN@FL!QLNFJAJB!>R!DCN!H7HDNKS!(!QLNFJ!FJM!FA@!LNFG!?@>>R!H7HDNK!
F@N!?@N@NYIAHADN!D>!>EDFAJ!ENHD!MAHAJRNQDA>J!@NHILDH!FJM!D>!FP>AM!FJ7!>X>JN!LNFGFBN!AJ!DCN!
AJM>>@!FA@!NJPA@>JKNJD!@NH?NQDAPNL7S!"X>JN!D@NFDKNJD!AJ!JABCD!DAKN!>@!NF@L7!K>@JAJB!KF7!
\=!
\a!
EN!NRRNQDAPN!D>!FQCANPN!KAQ@>EAFL!AJCAEADA>J!FJM!Q>JPNJANJD!D>!DCN!EIALMAJB!@NHAMNJDH!FH!
DCNA@!@>IDAJN!O>@G!OALL!J>D!EN!FRRNQDNM!E7!DCN!HCIDM>OJ!>R!FA@!CFJMLAJB!H7HDNKS!
J/#'00/)*"34')>+
/FHNM!>J!DCN!@NHILDH!>R!DNHDAJB!MARRN@NJD!Q>KEAJFDA>JH!>R!>X>JN!Q>JQNJD@FDA>JU!
D@NFDKNJD!R@NYINJQ7!FJM!D@NFDKNJD!MI@FDA>JU!DCN!K>HD!?@FQDAQFL!Q>JMADA>JH!HIBBNHDNM!E7!
AJCAEADA>J!MNHABJ!KFD@AT!D>!FQCANPN!D>DFL!KAQ@>EAFL!AJCAEADA>J!AJ!FJ!FA@!Q>JMADA>JAJB!
H7HDNKH!D@NFDKNJD!F@N!
#! "JN!Z\cKAJIDN!D@NFDKNJD!?N@!MF7!>R!>X>JN!NT?>HI@N!FD!F!Q>JQNJD@FDA>J!>R!a\!??KU!!
#! (LDN@JFDAPNL7U!Q>KEAJFDA>J!>R!=<cKAJIDNH!D@NFDKNJD!OADC!Q>JQNJD@FDA>J!LNPNLH!FH!L>O!FH!;\!??K!>JN!DAKN!?N@!MF7S!
!K(%%/>34')>+:'&+;(3(&/+L'&$+
&CN!HDIMANH!CN@N!>?NJ!H>KN!F@NFH!R>@!NT?FJHA>J!>R!DCAH!@NHNF@QCS!*I@DCN@!@NHNF@QC!
>J!HDIM7AJB!DCN!NRRNQD!>R!>X>JN!>J!H?NQARAQ!KAQ@>>@BFJAHKH!LAGN!9$.&++,(0$5%/#$.&(!FJM!
?L>DDAJB!MNFDC!QI@PNH!D>!MNDN@KAJN!DCN!NTFQD!JIKEN@!>R!L>B!Q7QLN!@NMIQDA>J!>R!KAQ@>ENH!
FQCANPNM!E7!FA@E>@JN!>X>JN!AJ!DCN!FA@!Q>JMADA>JAJB!H7HDNKH!QFJ!EN!M>JNS!
*I@DCN@!K>MARAQFDA>J!AJ!DCN!?@>QNHH!QFJ!EN!M>JN!D>!D@NFD!NTCFIHD!>X>JN!BFH!R@>K!FA@!
Q>JMADA>JAJB!H7HDNK!!E7!@NMIQAJB!DCN!>X>JN!Q>JQNJD@FDA>J!D>!FJ!FQQN?DFELN!KFTAKIK!
LNPNLi!>@!MNQ>K?>HAJB!>X>JN!AJD>!NJPA@>JKNJD!R@ANJML7!>T7BNJ!R>@!MAHQCF@BN!D>!DCN!L>QFL!
NJPA@>JKNJDS!&CAH!QFJ!EN!FQQ>K?LAHCNM!DCN@KFLL7!FJMi>@!E7!QFDFL7DAQ!KNFJHU!>@!E7!>X>JN!
?FHHFBN!DC@>IBC!OND!B@FJILF@!FQDAPFDNM!QF@E>J!ENMHS!!
.>HD!NQ>J>KAQH!HDIM7!QFJ!EN!RI@DCN@!M>JN!D>!QCNQG!DCN!Q>KKN@QAFL!RNFHAEALAD7!>R!
DCAH!@NHNF@QC!?@>[NQDS!&CN!Q>HD!>R!>X>JN!MAHAJRNQDA>J!H7HDNK!OALL!?@AKF@AL7!EN!MN?NJMNJD!
>J!DCN!F@NF!>R!DCN!FA@!Q>JMADA>JAJB!H7HDNK!FJM!MIQD!O>@G!D>!EN!MAHAJRNQDNMS!
!
!
(++%$4-b!(!-$3-/-&-"$!4%5-1$!%b+%'-)%$&!+-.&9'%5!
!
!
PQ+<4)(3/>+1@')/+?&/"30/)3+A(&"34')+
Z!&AKN!i!4F7!
;!&AKNH!i!4F7!
a!&AKNH!i!4F7!
ZZ!??K!
+
Z_!??K!
\]
!+
G&'W3=+
G&'W3=
G&'W3=
G&'W3=
G&'W3=+
G&'W3=
!
!\_
!;=!??K!
!!
=<!??K!
!
Z!&AKN!i!4F7!
;!&AKNH!i!4F7!
!!!!!!!!a!&AKNH!i!4F7!
G&'W3=+
G&'W3=
G&'W3=
G&'W3=+
G&'W3=
G&'W3=+
!
!\`
!=\!??K!
!a\!??K!
Z!&AKN!i!4F7!
;!&AKNH!i!4F7!
!!!!!!!!a!&AKNH!i!4F7!
M'+G&'W3=
M'+G&'W3=
M'+G&'W3=+
!
M'+G&'W3=+
M'+G&'W3=
M'+G&'W3=
! ! ! ! ! ! ! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!
!
TU+<4)(3/>+1@')/+?&/"30/)3+A(&"34')+
Z!&AKN!i!4F7!
;!&AKNH!i!4F7!
a!&AKNH!i!4F7!
;!??K!
!\S_!??K!
G&'W3=+
G&'W3=
G&'W3=
G&'W3=+
\^
!
G&'W3=
G&'W3=
G&'W3=+
!
!]<
!ZZ!??K!
!
!!
Z!&AKN!i!4F7!
;!&AKNH!i!4F7!
!!!!!!!!a!&AKNH!i!4F7!
G&'W3=
G&'W3=+
G&'W3=
Z_!??K!
!
G&'W3=
G&'W3=
G&'W3=+
!
!]Z
!;=!??K!
!!
Z!&AKN!i!4F7!
;!&AKNH!i!4F7!
!!!!!!!!a!&AKNH!i!4F7!
M'+G&'W3=+
M'+G&'W3=
M'+G&'W3=
=\!??K!
!! !
M'+G&'W3=+
M'+G&'W3=
M'+G&'W3=
! ! !
!
!
VU+<4)(3/>+1@')/+?&/"30/)3+A(&"34')+
Z!&AKN!i!4F7!
;!&AKNH!i!4F7!
a!&AKNH!i!4F7!
;!??K!
!\S_!??K!
G&'W3=
G&'W3=
G&'W3=+
];
!
G&'W3=
G&'W3=
G&'W3=+
!
!
Z!&AKN!i!4F7!
;!&AKNH!i!4F7!
a!&AKNH!i!4F7!
^!??K!
!
!!
M'+G&'W3=
M'+G&'W3=
G&'W3=+
ZZ!??K!
]=
!
M'+G&'W3=
M'+G&'W3=
M'+G&'W3=+
!
!
Z!&AKN!i!4F7!
;!&AKNH!i!4F7!
a!&AKNH!i!4F7!
Z_!??K!
!;=!??K!
M'+G&'W3=
M'+G&'W3=+
M'+G&'W3=
]a
!+
M'+G&'W3=
M'+G&'W3=
M'+G&'W3=+
+ +
!+
!
!
!
]\
!!
=\!??K!
!!!!!!!!!!!!!!!!!!!!Z!&AKN!i!4F7!
;!&AKNH!i!4F7!
!!!!!!!!a!&AKNH!i!4F7!
M'+G&'W3=+
M'+G&'W3=
M'+G&'W3=+
!
!
(++%$4-b!/!+'".%55!."$&'"0!+'"1'()5!
PQ+<4)(3/>+1@')/+?&/"30/)3+
"JN!&AKN!&@NFDKNJD!?N@!4F7!x&FELN!Z!+@>B@FK!
!<Zf!]<!!!!!!!!%TNQIDA>J!-JDN@PFL!eHNQ>JMHd!
Zf!!-R!DAKN!AH!e+^;d!
!Zf!^<<!!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!=f!=<!!!!!!!&CNJ!4>!
;f!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`U._U.]U.\!"?DA>JH!
!;f!<ZZ<!!!!!.aSS.Z!v!L>OiCABCiCABCiL>O!
=f!!%JM!e+^\d!
af!!,>LD!e4ARRd!e+;d!
!Zf!Z!!!!!!!!'N?H!
!;f!=!!!!!!!!;\!K,!5L>O!'FJBN!
!=f!;!!!!!!!!4-**!.CFJJNL!
!af!Z!!!!!!!!0>Q!y!zzzzzzzzz!{!
!\f!ZS<!!!!!!)ILD!
!]f!<S<!!!!!!"RRHND!
\f!!-R!DAKN!AH!e+^;d!
!Zf!^Z\!!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
]]!
]_!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!=f!=<!!!!!!!&CNJ!4>!
]f!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`U._U.]U.\!"?DA>JH!
!;f!<<<Z!!!!!.aSS.Z!v!L>OiL>OiL>OiCABC!
_f!!%JM!e+^\d!
`f!!4>!e+`]d!
!Zf!Z<!!!!!!!5ND!"ID?ID!*LFB!3ABC!
^f!!'NFL!&AKN!e+__d!
!Zf!;;Z!!!!!!4F7U3>I@i)AJIDNU5NQ>JMH!eKAMJABCD!v!;a<<d!
Z<f!!5FK?LN!e+_<d!
!Zf!Z!!!!!!!!'N?H!
!;f!Z!!!!!!!!0>Q!y!zzzzzzzzz!{!
x&FELN!;!+@>B@FK!
!!<;f!<S<<<<!!!!%TNQIDA>J!-JDN@PFL!eHNQ>JMHd!
x&FELN!=!5IE@>IDAJNH!
%JM!+@>B@FK!
&O>!&AKNH!&@NFDKNJD!?N@!4F7!&FELN!Z!+@>B@FK!
!!<Zf!]<!!!!!!!!%TNQIDA>J!-JDN@PFL!eHNQ>JMHd!
Zf!!-R!DAKN!AH!e+^;d!
!Zf!];\!!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!=f!=<!!!!!!!&CNJ!4>!
!
]`!
;f!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`U._U.]U.\!"?DA>JH!
!;f!<ZZ<!!!!!.aSS.Z!v!L>OiCABCiCABCiL>O!
=f!!%JM!e+^\d!
af!!-R!DAKN!AH!e+^;d!
!Zf!]a<!!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!=f!=<!!!!!!!&CNJ!4>!
\f!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`U._U.]U.\!"?DA>JH!
!;f!<<<Z!!!!!.aSS.Z!v!L>OiL>OiL>OiCABC!
]f!!%JM!e+^\d!
_f!!-R!DAKN!AH!e+^;d!
!Zf!Z=a\!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!=f!=<!!!!!!!&CNJ!4>!
`f!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`SS.\!v!L>OiL>OiL>OiL>O!
!;f!<ZZ<!!!!!.aSS.Z!v!L>OiCABCiCABCiL>O!
^f!!%JM!e+^\d!
Z<f!!-R!DAKN!AH!e+^;d!
!Zf!Z=]<!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!
]^!
!=f!=<!!!!!!!&CNJ!4>!
ZZf!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`U._U.]U.\!"?DA>JH!
!;f!<<<Z!!!!!.aSS.Z!v!L>OiL>OiL>OiCABC!
Z;f!!%JM!e+^\d!
Z=f!!4>!e+`]d!
!Zf!Z<!!!!!!!5ND!"ID?ID!*LFB!3ABC!
Zaf!!'NFL!&AKN!e+__d!
!Zf!;;Z!!!!!!4F7U3>I@i)AJIDNU5NQ>JMH!eKAMJABCD!v!;a<<d!
Z\f!!5FK?LN!e+_<d!
!Zf!Z!!!!!!!!'N?H!
!;f!Z!!!!!!!!0>Q!y!zzzzzzzzz!{!
x&FELN!;!+@>B@FK!
!!<;f!<S<<<<!!!!%TNQIDA>J!-JDN@PFL!eHNQ>JMHd!
x&FELN!=!5IE@>IDAJNH!
%JM!+@>B@FK!
*>I@!&AKNH!&@NFDKNJD!?N@!4F7!x&FELN!Z!+@>B@FK!
!!<Zf!]<!!!!!!!!%TNQIDA>J!-JDN@PFL!eHNQ>JMHd!
Zf!!-R!DAKN!AH!e+^;d!
!Zf!Z<Z\!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!=f!=<!!!!!!!&CNJ!4>!
;f!!5ND!+>@DeHd!e+;<d!
!
_<!
!Zf!<<<<!!!!!.`U._U.]U.\!"?DA>JH!
!;f!<ZZ<!!!!!.aSS.Z!v!L>OiCABCiCABCiL>O!
=f!!%JM!e+^\d!
af!!-R!DAKN!AH!e+^;d!
!Zf!Z<=<!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!=f!=<!!!!!!!&CNJ!4>!
\f!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`U._U.]U.\!"?DA>JH!
!;f!<<<Z!!!!!.aSS.Z!v!L>OiL>OiL>OiCABC!
]f!!%JM!e+^\d!
_f!!-R!DAKN!AH!e+^;d!
!Zf!Z=_\!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!=f!=<!!!!!!!&CNJ!4>!
`f!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`SS.\!v!L>OiL>OiL>OiL>O!
!;f!<ZZ<!!!!!.aSS.Z!v!L>OiCABCiCABCiL>O!
^f!!%JM!e+^\d!
Z<f!!-R!DAKN!AH!e+^;d!
!Zf!Z=^<!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!=f!=<!!!!!!!&CNJ!4>!
!
_Z!
ZZf!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`U._U.]U.\!"?DA>JH!
!;f!<<<Z!!!!!.aSS.Z!v!L>OiL>OiL>OiCABC!
Z;f!!%JM!e+^\d!
Z=f!!-R!DAKN!AH!e+^;d!
!Zf!;^\!!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!=f!=<!!!!!!!&CNJ!4>!
Zaf!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`U!._U!.]U!.\!"?DA>JH!
!;f!<ZZ<!!!!!.aSS.Z!v!L>OiCABCiCABCiL>O!
Z\f!!%JM!e+^\d!
Z]f!!-R!DAKN!AH!e+^;d!
!Zf!=Z<!!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!=f!=<!!!!!!!&CNJ!4>!
Z_f!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`U._U.]U.\!"?DA>JH!
!;f!<<<Z!!!!!.aSS.Z!v!L>OiL>OiL>OiCABC!
Z`f!!%JM!e+^\d!
Z^f!!-R!DAKN!AH!e+^;d!
!Zf!]\\!!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!
_;!
!=f!=<!!!!!!!&CNJ!4>!
;<f!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`U._U.]U.\!"?DA>JH!
!;f!<ZZ<!!!!!.aSS.Z!v!L>OiCABCiCABCiL>O!
;Zf!!%JM!e+^\d!
;;f!!-R!DAKN!AH!e+^;d!
!Zf!]]<!!!!!!)AJIDNH!e5NQ>JMH!ccd!AJD>!F!
!;f!Zaa<!!!!!-JDN@PFL!eHFKN!IJADH!FH!FE>PNd!
!=f!=<!!!!!!!&CNJ!4>!
;=f!!5ND!+>@DeHd!e+;<d!
!Zf!<<<<!!!!!.`U._U.]U.\!"?DA>JH!
!;f!<<<Z!!!!!.aSS.Z!v!L>OiL>OiL>OiCABC!
;af!!%JM!e+^\d!
;\f!!4>!e+`]d!
!Zf!Z<!!!!!!!5ND!"ID?ID!*LFB!3ABC!
;]f!!'NFL!&AKN!e+__d!
!Zf!;;Z!!!!!!4F7U3>I@i)AJIDNU5NQ>JMH!eKAMJABCD!v!;a<<d!
;_f!!5FK?LN!e+_<d!
!Zf!Z!!!!!!!!'N?H!
!;f!Z!!!!!!!!0>Q!y!zzzzzzzzz!{!
x&FELN!;!+@>B@FK!
!!<;f!<S<<<<!!!!%TNQIDA>J!-JDN@PFL!eHNQ>JMHd!
!
_=!
x&FELN!=!5IE@>IDAJNH!
%JM!+@>B@FK
!
!
(++%$4-b!.!+%&'-!+0(&%!+-.&9'%5!&"!5%0%.&!$9&'-%$&!)%4-(!($4!-$".90(&-"$!
49'(&-"$!
#! .>K?F@AH>J!>R!Z<j!e@ABCDd!OADC!Z<<!je!LNRDd!JID@ANJD!KNMAF!HD@NJBDC!?LFDNH!OCNJ!E>DC!DCN!?LFDNH!ON@N!AJ>QILFDNM!AJ!JFDI@FL!C>KN!KAQ@>!RL>@F!R>@!a!C>I@H!FJM!AJQIEFDNM!R>@!;!MF7HS!
!!!!!!!!!!!!!!!
#! .>K?F@AH>J!>R!Z<j!eLNRDd!OADC!Z<<!je!@ABCDd!JID@ANJD!KNMAF!HD@NJBDC!?LFDNH!OCNJ!E>DC!DCN!?LFDNH!ON@N!AJ>QILFDNM!AJ!JFDI@FL!C>KN!KAQ@>!RL>@F!R>@!]!C>I@H!FJM!AJQIEFDNM!R>@!;!MF7HS!
!!!!!!!!!!!!
_a!
_\!
#! .>K?F@AH>J!>R!Z<j!eLNRDd!OADC!Z<<j!e@ABCDd!JID@ANJD!KNMAF!HD@NJBDC!?LFDNH!OCNJ!E>DC!DCN!?LFDNH!ON@N!AJ>QILFDNM!AJ!JFDI@FL!C>KN!KAQ@>!RL>@F!R>@!`!C>I@H!FJM!AJQIEFDNM!R>@!;!MF7HS!
!!!!!!!!!!!!!!!
#! .>K?F@AH>J!>R!Z<j!eLNRDd!OADC!Z<<j!e@ABCDd!JID@ANJD!KNMAF!HD@NJBDC!?LFDNH!OCNJ!E>DC!DCN!?LFDNH!ON@N!AJ>QILFDNM!AJ!JFDI@FL!C>KN!KAQ@>!RL>@F!R>@!Z;!C>I@H!FJM!AJQIEFDNM!R>@!;!MF7HS!
!!!!!!!!!!!!!!!!!!!!!!
!
_]!
#! .>K?F@AH>J!>R!Z<j!eLNRDd!OADC!Z<<j!e@ABCDd!JID@ANJD!KNMAF!HD@NJBDC!?LFDNH!OCNJ!E>DC!DCN!?LFDNH!ON@N!AJ>QILFDNM!AJ!JFDI@FL!C>KN!KAQ@>!RL>@F!R>@!a!C>I@H!FJM!AJQIEFDNM!R>@!=!MF7HS!
!
!!!!!!!!!!!!!!
#! .>K?F@AH>J!>R!Z<j!e@ABCDd!OADC!Z<<j!eLNRDd!JID@ANJD!KNMAF!HD@NJBDC!?LFDNH!OCNJ!E>DC!DCN!?LFDNH!ON@N!AJ>QILFDNM!AJ!JFDI@FL!C>KN!KAQ@>!RL>@F!R>@!]!C>I@H!FJM!AJQIEFDNM!R>@!=!MF7HS!
!!!!!!!!!!!!!!!!!!!!!
!
__!
!
#! .>K?F@AH>J!>R!Z<j!eLNRDd!OADC!Z<<j!e@ABCDd!JID@ANJD!KNMAF!HD@NJBDC!?LFDNH!OCNJ!E>DC!DCN!?LFDNH!ON@N!AJ>QILFDNM!AJ!JFDI@FL!C>KN!KAQ@>!RL>@F!R>@!`!C>I@H!FJM!AJQIEFDNM!R>@!=!MF7HS!
!!!!!!!!!!!!!!!
#! .>K?F@AH>J!>R!Z<j!eLNRDd!OADC!Z<<j!e@ABCDd!JID@ANJD!KNMAF!HD@NJBDC!?LFDNH!OCNJ!E>DC!DCN!?LFDNH!ON@N!AJ>QILFDNM!AJ!JFDI@FL!C>KN!KAQ@>!RL>@F!R>@!Z;!C>I@H!FJM!AJQIEFDNM!R>@!=!MF7HS!
!!!!!!!!!!!!!
!
!
!
!0-5&!"*!'%*%'%$.%5!
(JOF@!3U!Z^`^U!-JDN@FQDA>J!>R!/A>RALK!/FQDN@AF!OADC!(JDAEA>DAQH!AJ!F!$>PNL!&50>&%#1!.CNK>HDFD!57HDNKS!(JDAKAQ@>EAFL!(BNJDH!FJM!.CNK>DCN@F?7!==fZ`;acZ`;]S!
(JOF@!3!FJM!.>HDN@D>J!WU!Z^^<U!%RRNQDAPN!9HN!>R!(JDAEA>DAQH!AJ!DCN!&@NFDKNJD!>R!/A>RALKc(HH>QAFDNM!-JRNQDA>JHS!(KN@AQFJ!5>QAND7!>R!)AQ@>EA>L>B7!$NOH!\`f]]\c]]`S!
/IALMAJB!'NLFDNM!5AQGJNHHU!/IALMAJB!5N@PAQNHU!)F@QC!%MSf!;Zc=ZU!Z^^=S!
/L>B>HLFOHGA!2!FJM!'AQN!'U!Z^_\U!(YIFDAQ!(??LAQFDA>JH!>R!"X>JNS!-JDN@JFDA>JFL!"X>JN!-JHDADIDN!-JQSU!57@FQIHNU!$NO!6>@GU!%MS!Z^_\U!??S!Zc;;]S!
.F@?NJDAN@!/!FJM!.N@R!"U!Z^^=U!/A>RALKH!FJM!DCNA@!.>JHNYINJQNHU!OADC!+F@DAQILF@!'NRN@NJQN!D>!37BANJN!AJ!DCN!*>>M!-JMIHD@7S!W>I@JFL0>R!(??LANM!/FQDN@A>L>B7!_\fa^^c!\ZZS!
.CF@FQGLAH2U!Z^`ZU!*>ILAJB!/A>RALK!4NPNL>?KNJDf!(!+@>QNHH!(JFL7HAHS!/A>DNQCJ>L>BAQFL!/A>NJBAJNN@AJB!;=fZ^;=cZ^]<S!
.C7J>ONDC!4U!)F7!Z^^_U!-JRLINJQN!>R!"X>JN!>J!1@>ODC!FJM!FQQIKILFDA>J!>R!)AQ@>>@BFJAHKH!AJ!(A@!.>JMADA>JAJB!57HDNKHS!+@>?>HFL!R>@!&CN!.FJFMAFJ!-JHDADIDN!R>@!(MPFJQNM!'NHNF@QC!e.-('d!)F7!=<U!Z^^_S!
.LFKFJJ!3!FJM!/FJQ@>RD!'U!Z^\^U!+@>?N@DANH!FJM!(JFL7DAQFL!+@>?N@DANH!>R!"X>JNS!"X>JNS!(QFMNKAQ!+@NHHU!0>JM>JU!%MS!Z^`\!??S!\`c]=U!.CF?DN@!ZS!
.I@@AN@!'U!&>@FQQ>!4U!FJM!.@>HH!WU!;<<ZU!4NFQDAPFDA>J!>R!.LIK?NM!FJM!4A@D7!5?>@NH!>R!9$.&++,(0*+1:&*&&S!"X>JN!5QANJQN!o!%JBAJNN@AJB!;=eadf;`\c;^aS!
4FLNH!'U!Z^^ZU!'NH?A@FD>@7!3NFLDC!%RRNQDH!>R!3>KN!4FK?JNHH!FJM!)>LMH!FK>JB!.CALM@NJS0(KN@AQFJ!W>I@JFL!>R!%?AMNKA>L>B7!Z=afZ^]c;<=S!
%LR>@M!2!FJM!%IMN!WU!Z^a;U!(J!-JPNHDABFDA>J!>R!DCN!)N@ADH!>R!"X>JN!FH!FJ!(N@AFL!4AHAJRNQDFJDS0W>I@JFL!>R!37BANJN!a;f;a<c;]\S!
%ONLL!(U!Z^=`U!+@NHNJD!9HN!FJM!*IDI@N!+@>H?NQDH!>R!"X>JN!AJ!*>>M!5D>@FBNS!*>>M!'NH>I@QNH!=f!Z<ZcZ<`S!
%ONLL!(U!Z^a]U!'NQNJD!"X>JN!-JPNHDABFDA>JS!W>I@JFL!>R!(??LANM!+C7HAQH!Z_f^<`c^ZZS!
_`!
_^!
%TJN@!)U!Z^`_U!-JRLINJQN!>R!/A>RALKH!E7!.CNKAQFL!4AHAJRNQDFJDH!FJM!)NQCFJAQFL!.LNFJAJBS!#NJD@FLELFDD!RI@!/FQDN@A>L>BAN!IJM!37BANJN!/Z`=f\a^c\]=S!
*FJJAJ!8!FJM!.C7J>ONDC!4U!Z^^aU!)NDC>M!FJM!(??F@FDIH!R>@!.>JD@>LLAJB!)AQ@>EAFL!1@>ODC!>J!.>JMNJHFDA>J!.>ALHS!95!+FDNJD!J>S!\U;`]Uaa_S!
*NDJN@!'!FJM!-JB>LH!'U!Z^\^U!/FQDN@AQAMFL!(QDAPAD7!>R!"X>JN!FJM!.CL>@AJN!FBFAJHD!-(./"#&./&$0.1+&0FD!Z>.S!"X>JN!.CNKAHD@7!FJM!&NQCJ>L>B7U!(MPFJQNH!AJ!.CNKAHD@7!5N@ANHU!$>S!;Z!e2FHCAJBD>JU!4.f!(KS!.CNKS!5>QSdU!??S!=_<c=_aS!
!*@FJG!W!FJM!8>RRA!'U!Z^^<U!5I@RFQN!(MCN@NJD!1@>ODC!>R!?&(%"#&$06151.2%1*"5"(!AH!(HH>QAFDNM!OADC!-JQ@NFHNM!'NHAHDFJQN!D>!5I@RFQDFJD!5FJADAXN@H!FJM!3NFDS!W>I@JFL!>R!*>>M!+@>DNQDA>J!\=f!\\<c\\aS!
!1NNHN7!1U!Z^`;U!)AQ@>EAFL!%T>?>L7KN@Hf!%Q>L>BAQFL!FJM!%Q>J>KAQ!.>JHAMN@FDA>JHS!(KN@AQFJ!5>QAND7!>R!)AQ@>EA>L>B7!$NOH!a`U!^cZaS!
1NNHN7!1U!Z^^;U!$NO!&NQCJ>L>BANH!*>QIH!>J!/A>RALK!3NDN@>BNJNAD7S!(KN@AQFJ!5>QAND7!>R!)AQ@>EA>L>B70@"A(0\`f\a]c\a_S!
1@>HHN!(!FJM!5D@NJB!(U!Z^\`U!5D>@FBN!>R!NT?L>HAPN!BFHNHS9S5S+FDNJD!;^;`\;^U!Z^]<S!
3F@DKFJ!*U!Z^;\U!W>I@JFL!>R!(KN@AQFJ!5>QAND7!>R!3NFDAJB!FJM!,NJDALFDA>J!%JBAJNN@H!=Zf==S!
3AQGH!5!FJM!'>OEI@7!'U!Z^`_U!/FQDN@A>?CFBN!'NHAHDFJQN!>R!(DDFQCNM!"@BFJAHKH!FH!F!*FQD>@!AJ!DCN!5I@PAPFL!>R!+LFHKAM!/NF@AJB!5D@FAJH!>R!-(./"#&./&$0.1+&S!0NDDN@H!AJ!(??LANM!)AQ@>EA>L>B70afZ;^cZ=;S!
3>RRKFJ!'U!Z^_ZU!-JCAEADA>J!FJM!4NHD@IQDA>J!>R!DCN!)AQ@>EAFL!.NLLS!"X>JNS!(QFMNKAQ!+@NHHU!0>JM>JU!%MS!Z^`\!??S!;\Zc;\=U!.CF?DN@!aS!
3>LFC!WU!Z^`^U!&CN!9HN!>R!%?ARLI>@NHQNJQN!)AQ@>HQ>?7!D>!4NDN@KAJN!5I@RFQN!37BANJNS0-JDN@JFDA>JFL!/A>MNDN@A>@FDA>J!;\fZa_cZ\=S!
3>LFC!WU!Z^^<!FU!(!.>JMIQDFJQN!EFHNM!5I@RFQN!4AHAJRNQDA>J!&NHD!R>@!37BANJNS!0NDDN@H!AJ!(??LANM!)AQ@>EA>L>B7!ZZf!;\\c;\^S!
3>LFC!WU!Z^^<!EU!&CN!5?@NFM!>R!0AHDN@AF!E7!.LNFJAJB!57HDNKHS!&NQCJAQFL!KNK>@FJMIK!J>S\^<S!.CA??AJB!.FK?MNJf!&CN!.FK?MNJ!*>>M!FJM!4@AJG!'NHNF@QC!(HH>QAFDA>JS!
3>LFC!WU!Z^^\U!&CN!%PFLIFDA>J!>R!(A@!4AHAJRNQDA>J!57HDNKHS!'o4!@N?>@DU!.FK?MNJ!o!.C>@LN7O>>MU0*>>M!'NH>I@QN!(HH>QAFDA>J!Z=f!a<S!
3>@J!%U!Z^^aU!.@ADN@AF!R>@!DCN!5NLNQDA>J!>R!DCN!*NNM!1FH!R>@!"X>JN!1NJN@FDA>JS!"X>JN!5QANJQN!FJM!%JBAJNN@AJBZ`f!\_c_ZS!
!
`<!
3IHKFJ!&U!Z^^=U!'NH?A@FD>@7!57K?D>KH!FJM!-JRNQDA>JH!FK>JB!'NHAMNJDH!AJ!4ONLLAJBH!OADC!)>AHDI@N!+@>ELNKH!>@!)>LM!1@>ODCS0+@>QNNMAJBH!>R!-JM>>@!(A@!LafZ_ZcZ_aS!
-HCAXFGA!8!FJM!5CAJ@AGA!$U!Z^`]U!-JFQDAPFDA>J!>R!9$.&++,(05?>@NH!E7!1FHN>IH!"X>JNS!W>I@JFL!>R!(??LANM!/FQDN@A>L>B7!]<eZdf]_c_;S!
8FI@!8U!Z^^;U!%RRNQDH!>R!"X>JN!(H!F!/A>QAMN!AJ!FJ!%T?N@AKNJDFL!.>>LAJB!2FDN@!57HDNKS!"X>JN!5QANJQN!FJM!%JBAJNN@AJBZafS\Z_c\=<S!
8AK!W!FJM!6>IHNR!(U!;<<<U!-JFQDAPFDA>J!8AJNDAQH!>R!*>>ME>@JN!5?>ALFBN!FJM!+FDC>BNJAQ!/FQDN@AF!E7!"X>JNS!W>I@JFL!>R!*>>M!5QANJQN!]\e=df!\;Zc\;`S!
8AK!W!FJM!6>IHNR!(U!4FPN!5U!Z^^^U!(??LAQFDA>J!>R!"X>JN!R>@!%JCFJQAJB!DCN!)AQ@>EA>L>BAQFL!5FRND7!FJM!:IFLAD7!>R!*>>MHf!(!'NPANOS!W>I@JFL!>R!*>>M!+@>DNQDA>J!];e^df!Z<_ZcZ<`_S!
8AK!WU!6>IHIR!(U!FJM!8CFM@N!(U!;<<;U!"X>JN!FJM!ADH!.I@@NJD!FJM!*IDI@N!(??LAQFDA>J!AJ!DCN!*>>M!-JMIHD@7S!(MPFJQNH!AJ!*>>M!FJM!$ID@ADA>J!'NHNF@QCS!
8>OFLHGAU!/FCJRLNDCU!FJM!2CADFKU!Z^^`U!/FQDN@AQAMFL!%RRNQDH!>R!3ABC!(A@E>@JN!"X>JN!.>JQNJD@FDA>JH!>J!-(./"#&./&$0.1+&!FJM!!%$)/2+1.1..,(0$,#",(7!"X>JN!5QANJQN!FJM!%JBAJNN@AJB!;<f;<\c;;ZS!!
0FP>ANU!WFQYINHU!FJM!.>KD>AH!+U!Z^^=U!)AQ@>EAFL!4NQ>JDFKAJFDA>J!>R!,NJDALFDA>J!57HDNKHS!-JM>>@!%JPA@>JKNJD!;e\c]df;^Zc=<<S!
0FO!(U!.CFI!.U!FJM!.CFJ!1U!;<<ZU!.CF@FQDN@HDAQH!>R!EA>FN@>H>L!?@>RALN!AJ!"RRAQN!/IALMAJBH!AJ!3>JB!8>JBS!/IALMAJB!FJM!%JPA@>JKNJD!=]f\;_c\aZS!
0N.CNPFLLAN@!)U!Z^``U!*FQD>@H!+@>PAJB!5I@PAPFL!>R!/FQDN@AF!AJ!.CL>@AJFDNM!2FDN@!5I??LANHS!(??LANM!FJM!%JPA@>JKNJDFL!)AQ@>EA>L>B7!\af]a^c]\aS!
)F@HCFLL!8U!Z^^;U!/A>RALKHf!(J!"PN@PANO!>R!/FQDN@AFL!(MCNHA>JU!(QDAPAD7U!FJM!.>JD@>L!FD!5I@RFQNHS!(KN@AQFJ!5>QAND7!>R!)AQ@>EA>L>B7!$NOH!`f!;<;c;<_S!
)FH>GF!&!FJM!6>HADHIBI!8U!Z^`;U!"X>JN!4NQ>JDFKAJFDA>J!>R!/A>QLNFJ!'>>KHS!(??LANM!FJM!%JPA@>JKNJDFL!)AQ@>EA>L>B7!a=e=d!\<^c\Z=S!
)FHHQCNLNAJ!2U!Z^^_U!"X>JN!1NJN@FDA>Jf!9HN!>R!(A@U!"T7BNJ!>@!(A@!5AK?C>JAXNM!OADC!"T7BNJS!"X>JN!5QANJQN!FJM!%JBAJNN@AJB!;<fZ^Zc;<=S!
$FAD>C!5U!Z^^aU!-JCAEADA>J!>R!*>>M!5?>ALFBN!*IJBA!E7!(??LAQFDA>J!>R!"X>JNS!W>I@JFL!>R!*>>M!)AQ@>EA>L>B7!ZZfZZcZ_S!
"QQI?FDA>JFL!5FRND7!o!3NFLDC!(MKAJAHD@FDA>J!e"53(dU+Z^_\U!*NMN@FL!'NBAHDN@!a<fa_;]ZS!
"LAPNA@F!4U!Z^^;U!+C7HAQ>c.CNKAQFL!(H?NQD!>R!(MCNHA>JS!/A>RALKHc5QANJQN!FJM!&NQCJ>L>B7!NMS!4>@M@NQCDf!8LION@!(QFMNKAQ!+@NHHU!??Sa\c\`eZ^^;dS!
!
`Z!
'FGJNHH!8U!1>@M>J!1U!FJM!)FHHQCNLNAJ!2U!Z^^]U!1IAMNLAJN!R>@!)NFHI@NKNJD!>R!"X>JN!.>JQNJD@FDA>J!AJ!DCN!+@>QNHH!1FH!R@>K!FJ!"X>JN!1NJN@FD>@S!"X>JN!5QANJQN!FJM!%JBAJNN@AJBZ`f;<^c;;^S!
'AQN!'U!;<<;U!"X>JN!FJM!(JDC@FTc!8J>OJH!FJM!9JGJ>OJHS!"X>JN!5QANJQN!FJM!%JBAJNN@AJB!;afZ\ZcZ\`S!
'>K??H!.CNKANc0NTAQ>J!FJM!$NIKILLN@!"U!Z^_aU!5DFEALAXFDA>J!FJM!5D>@FBN!>R!"X>JNS!"X>JNS!(QFMNKAQ!+@NHHU!0>JM>JU!%MSZ^`\!??!;=;c!;=`U!.CF?DN@!aS!
5FLLFK!5!FJM!4>JJNLL7!.U!Z^^;U!4NHD@IQDA>JU!-J[I@7!FJM!'N?FA@!>R!?&(%"#&$!5?NQANH!%T?>HNM!D>!5FJADAXAJB!.>K?>IJMHS0W>I@JFL!>R!*>>M!+@>DNQDA>J!\\f__Zc__]S!
5CNF!.U!Z^^ZU!.>K?F@AH>J!>R!DCN!(MCNHA>J!+@>?N@DANH!>R!4NLN7F!)F@AJF!FJM!DCN!%T>?>L7HFQQCF@AMNcMNRNQDAPN!)IDFJD!5D@FAJ!4)'S!(??LANM!FJM!%JPA@>JKNJDFL!)AQ@>EA>L>B7!\_f=Z<_c=ZZ=S!
5CAJ!3!FJM!*@FJG!WU!Z^^ZU!-JFQDAPFDA>J!>R!5I@RFQN!(MCN@NJD!?&(%"#&$06151.2%1*"5"(S!37?>QCL>@ADN!FJM!3NFDS!W>I@JFL!>R!*>>M!+@>DNQDA>J!\afac]S!
5CIJ!.CNJB!0NNU!2FAc)AJB!0AU!FJM!.CA>c3FJB!(>U!;<<ZU!-JPNHDABFDA>J!>R!AJM>>@!FA@!!!!!!!YIFLAD7!FD!@NHAMNJDAFL!C>KNH!AJ!3>JB!8>JBhQFHN!HDIM7S+(DK>H?CN@AQ!%JPA@>JKNJD!=]e;df;;\c;=_S!
5AJBC!(U!6NFBN@!'U!FJM!!)Q*NDN@H!1U!Z^`]U!(HHNHHKNJD!>R!&5>&>1!'NPAPFLU!1@>ODCU!FJM!+FDC>BNJAQAD7!>R!-(./"#&./&$0.1+&!HD@FAJH!FRDN@!.>??N@!FJM!.CL>@AJNcAJMIQNM!-J[I@7lS0(??LANM!FJM!%JPA@>JKNJDFL!)AQ@>EA>L>B7!\;f`=;c`=_S!
5?NJML>PN!W!FJM!*FJJAJ!8U!Z^`=U!5ABJARAQFJQN!FJM!.>JD@>L!>R!-JM>>@!)AQ@>EAFL!(N@>H>LHf!3IKFJ!3NFLDC!(H?NQDHS!9S5S+IELAQ!3NFLDC!'N?>@DHZ_f;;^c;aaS!
5D@NJB!(!FJM!1@>HHN!(U!Z^]ZU!5DFEALAXFDA>J!FJM!5D>@FBN!>R!"X>JNS!"X>JNS!(QFMNKAQ!+@NHHU!0>JM>JU!%MSZ^`\!??!;=Zc;\]U!.CF?DN@!aS!
&@ILNF@!)!FJM!.CF@FQGLAH!2U!Z^`;U!47JFKAQH!>R!/A>RALK!+@>QNHHS0W>I@JFL!>R!2FDN@!+>LLIDA>J!.>JD@>L!*NMN@FDA>J!\afZ;``cZ=<ZS!
9JADNM!5DFDNH!%JPA@>JKNJDFL!+@>DNQDA>J!(BNJQ7!FJM!DCN!9JADNM!5DFDNH!.>JHIKN@!+@>MIQD!5FRND7!.>KKAHHA>J!"RRAQN!>R!'FMAFDA>J!FJM!-JM>>@!(A@!e]]<aWdU!(?@AL!Z^^\S&CN!-JHAMN!5D>@7f!(!1IAMN!D>!-JM>>@!(A@!:IFLAD7S%+(!a<;c8c^=c<<_S!
2NLLH!2U!Z^=\U!(A@cE>@JN!-JRNQDA>J!FJM!5FJADF@7!(A@!.>JD@>LS!W>I@JFL!>R!-JMIHD@AFL!37BANJN!FJM!&>TAQ>L>B7Z_f;\=c;\_S!
2NAJHDNAJ!'U!Z^^ZU!%?AMNKA>L>B7!FJM!.>JD@>L!>R!$>H>Q>KAFL!-JRNQDA>JH!AJ!(MILD!-JDNJHAPN!.F@N!9JADHS!(KN@AQFJ!W>I@JFL!>R!)NMAQAJN!^ZfZ_^5cZ`a5S!
!
`;!
2CAHDLN@!+!FJM!5CNLM>J!/U!Z^`^U!/A>QAMFL!(QDAPAD7!>R!"X>JN!PN@HIH!*>@KFLMNC7MN!(BFAJHD!+>ILD@7!+FDC>BNJH!-J>QILFDNM!AJ!F!+@>D>D7?N!5NDDN@S!+>ILD@7!5QANJQN!]`fZ<]`cZ<_=S!
2ALLAFKH!'U!Z^]<U!-JD@FKI@FL!5?@NFM!>R!/FQDN@AF!FJM!,A@IHNH!AJ!3IKFJ!+>?ILFDA>JHS!(JJS!'NPS!)AQ@>EA>L>B7U!Zafa=c]aS!
2>@LM!3NFLDC!"@BFJAXFDA>J!e23"dU!Z^`=U!-JM>>@!(A@!+>LLIDFJDHf!%T?>HI@N!FJM!3NFLDC!%RRNQDHS0%9'"!'N?>@DH!FJM!5DIMANH!$>S!_`!.>?NJCFBNJ!eZ^`=dS!
6>IHIR!(!FJM!!8AK!WU!;<<ZU!)AQ@>EA>L>BAQFL!(H?NQDH!>R!"X>JN!(??LAQFDA>JH!AJ!*>>Mf!(!'NPANOS!W>I@JFL!>R!*>>M!5QANJQN!]]fZ;a;cZ;\;S!
#NDDN@EN@B!WU!Z^_=U!(!'NPANO!>R!'NH?A@FD>@7!,A@>L>B7!FJM!DCN!5?@NFM!>R!,A@ILNJD!FJM!+>HHAEL7!(JDABNJAQ!,A@IHNH!PAF!(A@!.>JMADA>JAJB!57HDNKHS!(JJFLH!>R!(LLN@B7!=Zf;;`c;^^S!
!
!
!/-"1'(+3-.(0!58%&.3!
(FGFHC!8CI@FJF!OFH!E>@J!AJ!5ADF?I@!QAD7!>R!9DDF@!+@FMNHC!HDFDN!AJ!-JMAFS!3N!OFH!
FOF@MNM!F!/FQCNL>@!>R!5QANJQN!MNB@NN!AJ!QCNKAQFL!NJBAJNN@AJB!E7!4@S!/FEFHFCNE!
(KENMGF@!)F@FDCOFMF!9JAPN@HAD7U!-JMAFU!AJ!Z^^`S!3N!O>@GNM!FH!F!.CNKAQFL!+@>QNHH!
%JBAJNN@!AJ!,FK!"@BFJAQ!.CNKAQFL!0AKADNMU!-JMAF!R>@!DO>!FJM!F!CFLR!7NF@H!ENR>@N!
Q>KAJB!D>!9JADNM!5DFDNH!R>@!CABCN@!HDIMANHS!3N!NT?NQDH!D>!EN!FOF@MNM!F!)FHDN@!>R!
%JBAJNN@AJB!MNB@NN!AJ!FB@AQILDI@FL!FJM!EA>L>BAQFL!NJBAJNN@AJB!R@>K!DCN!9JAPN@HAD7!>R!
*L>@AMF!AJ!(IBIHD!;<<=!FJM!?LFJH!D>!?I@HIN!F!QF@NN@!AJ!DCN!R>>M!>@!?CF@KFQNIDAQFL!
AJMIHD@7S!
!
!!
!
`=!