Sei sulla pagina 1di 93

‘Alla scoperta del buddhismo’ è un programma di studio, articolato in quattordici

moduli, finalizzato a favorire l’incontro con la profonda filosofia buddhista


mahayana. Concepito dal settore educativo FPMT, l’Education Department, è stato
progettato come strumento volto ad apportare un cambiamento concreto nella vita
dell’individuo piuttosto che come studio accademico.

Ciascuna dispensa raccoglie i materiali di studio indicati dall’Education Department,


all’occorrenza integrati nell’ambito dei relativi corsi organizzati dai Centri FPMT.
Per i loro contenuti, questi testi risultano utili sia a coloro che si avvicinano per la
prima volta al buddhismo sia a quanti hanno già sviluppato una base di conoscenza.
Provengono dalla straordinaria saggezza, apertura e larghezza di vedute di Sua
Santità il Dalai Lama, di Lama Yeshe e di Lama Zopa Rinpoce. Contengono anche
insegnamenti di altri maestri nonché materiale didattico dell’ILTK predisposto dallo
staff del Masters Program e del Basic Program.
!
"#!$#%%&''#!(&""#!)#*+,-.!
!
!
$>&&#1,>!(&%",!#1%>&&?-,!
!
!
"#!$#%%&''#!(&))#!*#+,-. !@!(45*7!"89:8!1:5)894! ! ! ! ! )7'$!>!
!
"#!0-!,!+-#!@!-!45!/7"!$4B=85'!1:5)894!! ! ! ! ! ! )7'$!A!
!
"&!(,&!*&"-. !@!(45*7!"89:8!1:5)894! ! ! ! ! ! ! )7'$!>>!
!
3))#!"-+&"+#!(&))#-5!@!"7*7!'8)7!1:5)894! ! ! ! ! ! )7'$!>B!
!
$5!!(,#)-. !@!"7*7!-/%"G45!74!/4! ! ! ! ! ! ! )7'$!>#!
!
758&!8&(-.#"&!$,))#!*#+,-. !@!"7*7!'8)7!1:5)894! ! ! ! ! )7'$!JB!
!
9#%#8,("#!@!"7*7!-/%"G45!74!/4! ! ! ! ! ! ! )7'$!BK!
! !
! !
#22&?(,*,!
!
3&&&!(-+&!'9!"4!,%7GGB8!!9%8O4!P:!)8!:3:854!-:O8!8-:9/4! )7'$CB
! !
3&&&!(-+&!(9!& :G75P8!:!P%4!4!GB4*:! )7'$CK!
!
758&!&"&!(&"$-!+,"#!(&-!.&$.-!(-!>%#"8#! )7'$C#
! !
! !!! !
"&--+1&!*>?$,%",#-&!
! ! ! ! !
)-".*!&!0&#). !@!"7*7!'8)7!1:5)894!
"#!"-+&"#'-5!&!!&)!B#)85!(&))#!C,#!9#!5!@!27"85'=7!1:5)894!D)7''$!EJWXEKBF!
D)!E,."#!(&)!7,5"&!@!-453:5!%07G!8!D:O!>G\!(7O7:!"7*7F+!D-B7P%GG8B4+!2$!)4B5:F+!D$)4BO:5'!
H!4%)-4B+!JWWAF!
"&! C"&! )-&! &&"! )#! 0&#)-''#'-5!&! (&))#! )#+,-. ! @! %/4!94! 17"G45! D#!GB8O7":8X+"7OP:5:+!
>#CBF!
",G$$&!'#!(&))&!H,5!&!E&-&%#'-5!-!@!4/45!%B!*:7*)7!-/4'9/8'!D*/:7B7!"%94!&P:3:85:F!
!
I!12&-+!,59$+!JWW>$!-%GG:!:!P:B:GG:!B:!4B 7G:!

!
!
"#!$#%%&''#!(&""#!)#*+,-.!

!
"#!$#%%&''#!(&""#!)#*+,-.!
(45*7!"89:8!1:5)894!!
!
!
*/4!98!7!!:!:5G45P4!)4B! 79%:G6!8! 4B:G6!%OG:*7!54OO.7*":G8!P4OO7!):J!)B8-85P7!!9%8O7!P4O!
"%PP/:!*8+! O7! $9%8O7! *85!4,%453:7O:!G7! P4OO7! ):7! P:! &4338K! $4*)O:94*45G4! ,%4!G89!
5:45G4! 8! 54!!%58+! 8 %5,%4! !:! GB8 :+! )8!!:4P4! 7O9%59/8! 9/4! O8! B45P7! :5GB:5!497*45G4! 9:L!
9/4!($!?85!4!:!G4!5%OO7!9/4!)8!!:4P4!P4OO4!97B7GG4B:!G:9/4!)B8)B:4+!:5P: :P%7O:$!!
!
-%GG8! 4!:!G4! 4!9O%!: 7*45G4! )4B! *4338! P4O! )45!:4B8! 4! P4O! O:5'%7'':8$! ".7!!4537! P:!
,%7O98!7+!O7!G8G7O4!7!!4537+!:O!98*)O4G8!585X4!!4B4+!O7!585X4!:!G4537!P:!7O9%59/8!9/4!585!
7"":7!O%8'8!'B73:4!7O!)8G4B4!P4O!O:5'%7'':8!4!P4O!)45!:4B8!(!!/%507G7+! 79%:G6+!O7! 4B:G6!
%OG:*7$!
!
M%75P8! 9:! !:! -897O:337! !%! %57! 4B:G6! %OG:*7+! !%OO7! 79%:G6+! !:! B:94B9758! 'O:! 8''4GG:! 4! !:!
GB8 7!9/4!!858!98*)O4G7*45G4!)B: :!P:!%57!)B8)B:7!57G%B7$!N7!:*)8BG7537!,%7O4!8''4GG8!
)85:7*8!!8GG8!4!7*4!4!!!98)B:7*8!9/4!(! %8G8$!".:5:3:7O4!:P45G:-:973:854!P4'O:!8''4GG:!(!
%5! 4O4*45G8! "7!:O7B4! :5! ,%75G8! O7! 4B:G6! %OG:*7! 585! (! ,%7O98!7! P:! :**4P:7G7*45G4!
)4B94):":O4!7GGB7 4B!8!:!!45!:+!585!)8!!:7*8!!4*)O:94*45G4! 4P4BO7$!(8"":7*8!7BB: 7B9:!
7GGB7 4B!8! %5! )B894!!8! 757O:G:98! 4! )4B! -7B4! ,%4!G8! 7"":7*8! ":!8'58! P:! %!7B4! P4:!
B7':857*45G:$! ,O! B7':857*45G8! )B45P4! 98*4! )%5G8! P:! )7BG4537! P4OO4! "7!:+! 4! ,%:5P:! :5!
)B:*8!O%8'8!!P8"":7*8!:P45G:-:97B4!,%4!G4!"7!:$!
!
,5:3:7*8! 94B975P8! P:! :P45G:-:97B4! ,%4OO4! 9/4! !858! O4! "7!:! ):J! :*)8BG75G:9! :! 9:5,%4!
7''B4'7G:+!8!"#$%&$$!?4O!'()*$!&+,!-(.*+!&+,,$!/+*0+12.%+!&+,,$!'$33+11$!!:!O4''49!O8!!4B L!4!
:P4! 9/4! :! 9:5,%4! 7''B4'7G:! !858! %8G:! P:! %5.:5GB:5!497! 57G%B7P$! 24BG75G8! !4! 585!
!7)):7*8!98!7!4!!:!!:758+!98*4!)8!!:7*8!B:94B97B4!O7!O8B8! 4B:G6!%OG:*7K!
,!9:5,%4!7''B4'7G:!!8589!%5!9%*%O8!P:!4O4*45G:!-:!:9:+!%5!9%*%O8!P:!!45!73:85:+!%5!9%*%O8!
P:! P:!9B:*:573:85:+! %5! 9%*%O8! P:! 98!4! 9B47G4! D:5! $75!9B:G8! "$4"#$*$F4! %5! ! 9%*%O8! P:!
98!9:4534$! 24BG75G8! 7"":7*8! P4:! 9%*%O:+! P4'O:! 7''B4'7G:+! 9/4! :5P: :P%758! O4! 9B47G%B4!
: 45G:$!!
!
2B45P:7*8! O.7''B4'7G8! P4'O:! 4O4*45G:! -:!:9:$! &!!8! )%L! %OG4B:8B*45G4! 4!!4B4! !%PP: :!8! :5!
4O4*45G:!-:!:9:!4!G4B5:!D8''4GG: :F!4P!4O4*45G:!-:!:9:!:5G4B5:!D!8''4GG: :F$!(:!,%4!G8!9%*%O8!
P:!4O4*45G:!-:!:9:+!'O:!8P8B:+!O4!:**7':5:! :!: 4+!:!!7)8B:+!:!!%85:!4!O4!!45!73:85:!P4O!G7GG8!
!858!,%4OO:!8''4GG: :!*45GB4!:!9:5,%4!!45!:!!858!,%4OO:!!8''4GG: :$!
!
,O!!4985P8!9%*%O8!(!,%4OO8!P4OO4!!45!73:85:$!*8!7!!858!O4!!45!73:85:K!$858!O4!4!)4B:4534!
9/4! 58:! B:97 :7*8! P7OO4! 98!49! 4!)4B:4534! ):794 8O:+! !):794 8O:! 4! 54%GB4$! "Q7''B4'7G8!
!4'%45G4! (! O7! P:!9B:*:573:854+! P4-:5:G7! 98*4! ,%4OO7! )7BG4! P4OO7! *45G4! 9/4! 8)4B7! )4B!
:P45G:-:97B4!O4!!:5'8O4!98!4!)4B!,%4OO8!9/4!!858$!!

! >!
#""#!$*>2&1-#!(&"!5+((N,$&>!

,O!,%7BG8+!OQ7''B4'7G8!P4:!-7GG8B:!P:!98*)8!:3:854+!:59O%P4!O7!*7'':8B!)7BG4!P4:!-458*45:!
)B8P8GG:! 585X7!!89:7G:$! &.! %57! !8BG7! P:! 985G45:G8B4! )4B! G%GG8! 9:L! 9/4! 585! B:45GB7! 54'O:!
7OGB:!,%7GGB8!*%99/:!8!9%*%O:$!!
!
&! :O! ,%:5G8! 9%*%O8K! &!!8! B7))B4!45G7! G%GG4! O4! 58!GB4! 985!7)4 8O4334+! 8! 98!9:4534! 8!
)45!:4B:$!%454B7O*45G4!!:!985!:P4B7!%57!985!7)4 8O4337!"7!7G7!!%:!!45!:!)B8P8GG7!P7!%57!
*45G4!98594GG%7O4$!!
!
*:! !:! )%L! -897O:337B4! !%OO7! B47OG6! 9/4! (! O7! 79%:G6! !8O7*45G4! ,%75P8! 7"":7*8! :!G8! O7!
P:*45!:854! P:! 9:L! 9/4! !G:7*8! 985-%G75P8! 8! 54'75P8$! ,O! !75G8! G:"4G758+! -385'! 4/7)7+!
P:!!49! O,%7O!:7!:! 98!7! '454B7G7! P7! 985P:3:85:! 585! (! *7:! '454B7G7P$! 28!!:7*8! !"B8'O:7B4!
,%4!G8!7))7B45G4!)7B7P8!!8!54O!*8P8!!4'%45G49!,%4OO8!9/4!:5!B47OG6!:5G45P4 7!P:B4!(!9/4!
5%OO7!(!'454B7G8!98*4!,%7O98!7!9/4!(!:5P:)45P45G4+!5%OO7!(!'454B7G8!98*4!,%7O98!7!9/4!
4!:!G4!)4B!%5!!%8!:5GB:5!498!)8G4B4$!M%4!G8!(!,%4OO8!9/4!94B9/:7*8!P:!P:*8!GB7B4$!!
!
#P! 4!4*):8+! %5! '4B*8'O:8! 585! (! '454B7G8! 98*4! ,%7O98!7! 9/4! 9Q(! 'B73:4! 7OO4! !%4! !G4!!4!
97)79:G6+! :5P:)45P45G4+! 98*4! ,%7O98!7! 9/4! 4!:!G4! :5GB:5!497*45G4$! 24B9/8K! 24B9/8! (!
'454B7G8! :5! P:)45P4537! P7! 97%!4! 4! 985P:3:85:$! M%4!G8! (! :O! *8P8! 985! :O! ,%7O4! )8G4G4!
757O:337B4! :O! !:'5:-:97G8! P4OO.7--4B*73:854! )B494P45G4! 98*4! %57! B7':854! 9/4! )4B*4GG4! 7O!
!:'5:-:97G8! 57!98!G8+! O7! 79%:G6+! P:! !8B'4B4! 985! 9/:7B4337! 54OO7! *45G4$! "7*7! -385'!
4/7)7+! 54O! !%8! 5.&+! $,! '.*3+*+! 627+%&+%)+8! !9B:!!49! O98!7! 9:! )%L! 4!!4B4! P:! ):J!
!G%)4-7945G4+! ,%7O4! *8P8! *:'O:8B4! )4B! 4!)B:*4B4! O7!B47OG6! (! *7:! !G7G8! GB8 7G8K! > 4B8!
9/4!G%GG8!9:L!9/4!P:)45P4!P7!985P:3:85:!(! %8G8$P!
!
+57! )4B!857! )%L! %G:O:337B4! *8OG:! B7':857*45G:! P: 4B!:! )4B! 7BB: 7B4! 7! 98*)B45P4B4! O7!
79%:G6+! *7! ,%:! GB8 :7*8! :O! B7':857*45G8! !%)B4*8+! :O! O!8B'4B4! P:)45P45G4P! )8:9/8!
O.4!!4B4!)B8P8GG4!8!:O!!8B'4B4!:5!*75:4B7!P:)45P45G4!(!O7!B7':854!)4B!O7! 79%:G6!P:!G%GG4!O4!
98!4$!+!75P8!,%4!G8!B7':857*45G8!!:!4 :G7!O.4!GB4*8!P4O!5:9/:O:!*8+!:5!,%75G8!:5!"7!4!7O!
!8B'4B4! P:)45P45G4! ! :! (! ,%7O98!7! OR+! *7! 7OO8! !G4!!8! G4*)8+! )8:9/8! (! %57! B7':854! 9/4!
P:*8!GB7!O7! 79%:G6+!B:*%8 4!759/4!O.4!GB4*8!P4OO.4G4B57O:!*8$!!
!
*8*4! P:!!4! :O! 'B75P4! #B07P4 79! O9/:%5,%4! 8GG45'7! O7! :!:854! P:! %57! B47OG6+! 8GG:454! O7!
:!:854!P:!G%GG4!O4!B47OG6P$!,O!!:'5:-:97G8!P:!,%4!G4!)7B8O4!(!9/4!!4!!:!)454GB7!O7!)B8-85P:G6!
P4OO7!B47OG6!P:!,%7O98!7+!585!9.(!):J!":!8'58!P:!B:)4G4B4!OQ:5G4B8!)B894!!8!)4B!8'5:!8''4GG8!
P: 4B!8$!$4*)O:94*45G4!B:)8BG75P8!7OO7!*45G4!O7!B47OG6!9/4!7 4G4! :!G8!:5!%5!8''4GG8!8!:5!
%57!)4B!857!4!!)8!G75P8!O7!*45G4!!%OOQ7OGB8!8''4GG8+!B47O:334B4G4!759/4!O7!!%7!B47OG6$!
!
M%4!G7!(!O7!B7':854!)4B!O7!,%7O4!8'5:!!7P/757+!!4537!49943:854+!:5:3:7!985!:O!*75GB7!9/4!
!:'5:-:97! O>&+! ,%4!G7! (! O7! )%B4337+! G%GG:! :! (/7B*7! !858! )%B:+! :8! !858! ,%4OO7! )%B4337P$!
2B:*7!P:!4!4'%:B4!%57!!7P/757!!:!B:)8BG7!7OO7!*45G4!O7!B47OG6!%OG:*7!9/4!(!O7! 79%:G6$!
!
-.,.79.%:! 6+%4$! 5.;2.! <2%7.;+8! ,=+ ! $?$)+! &+,! !.%$")+*.! &2! "$43#$,! $! 69$*$4"$,$8! $%&2$8! 9$!
2%"+3%$).!7+*!&(+!"+))24$%+!$,!<..)!$%")2)()+!$!%.&93$#$8!$%&2$8!&2;+4?*+!&''()!*(+").!+!(%!+")*$)).!
&2!,(+3,2!2%"+3%$4+%)2)!-*$&.)).!2%!2%3,+"+!&$,!.+%)!/$*+)9!'7$*9$4)!!

J! !
"#!$#%%&''#!(&""#!)#*+,-.!

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

-!45!/7"!$4B=85'!1:5)894!!
!
-"+%"9$?! '+*#.%3! <2%7.;+8! ,=(%2;.! &+2! "+))+! 4$+")*2! "72*2)($,2! &2! '($! '$%)2)0! 2,! 6$,$2! 5$4$! $!
";$77$*+! &$,! -2?+)! &.7.! ,=2%.$"2.%+! ;2%+"+8! +! 2,! 721! $,).! ,$4$! 2%;$*%$).! &+,! 4.%$")+*.! &2! /$%&+%!
2$%3)"+)!/.""+&+%&.!(%$!;.%.";+%1$!;.47,+)$!&2!)())2!2!"()*$!+!)$%)*$8!&2+&+!;.%!$4.*+..,+!3+%)2,+11$!
2,!"+3(+%)+!2%"+3%$4+%).!$!-("92)$!2,!3!&2;+4?*+!&'3')!4$!,$";2$).!2,!;.*7.!%+,!&'56)!
-*$)).!&$!,5!4'57*45G:!7!-%!/:G78!+&2).!&$!"2;9.,$"!<2?("9!;.%!/,+%%!4)!!(,,2%8!/(??,2;$12.%2!
!$9$#$%$8! "+7! 6+,928! &'5&)! 8=! 2%! 7*+7$*$12.%+! (%$! %(..+! +&212.%+! &2! ,(+").! ,2?*.)! $,! ;+%)*.!
!$9$#$%$!&2!4+&2)$12.%+!-("92)$!+!2,!;+%)*.!9/!-!$!"+7!6+,928!$%&2$)!8&2).!&$!(%$!)*$&(12.%+!
.*$,+!&+,!6*)!Y,+ !%+*12%)!!
!
!
"7! )7B8O7! !75!9B:G7! 69$*4$8! ;9."! S)B85%59:7! ;2:T! :5! G:"4G758+! !:'5:-:97! *75G454B4+!
GB7GG454B4+!8!!8!G454B4$!*8!7!(!!8!G45%G8!8!*75G45%G8K!".4O:*:573:854!P4OO7!!8--4B4537!4!
:O!B7'':%5':*45G8!P4OO7!-4O:9:G6$!,O!(/7B*7!/7!,%4!G7!-%53:854!585!!8O8!)4B!58:!!G4!!:+!*7!
)4B!G%GG:!'O:!4!!4B:$!!
!
"4! !8--4B4534! 9/4! !)4B:*45G:7*8! !858! P:! P%4! G:):9!,%4OO4! :**4P:7G7*45G4! :!:":O:! 7! 58:!
4!!4B:! %*75:+! 4! ,%4OO4! 9/4! 585! )8!!:7*8! )4B94):B4! !4537! )8G4B:! )!:9/:9:$! ?4O! )B:*8! G:)8!
!858!:59O%!:!:O!)7G:*45G8!:5!:G8!54O!)B894!!8!P4OO7!57!9:G7+!O7!!'B7P4 8O4337!P:!7**7O7B!:!
8997!:857O*45G4+! O7! !8--4B4537! !)4B:*45G7G7! 985! :O! 9B4!94B4! 4! O.:5 499/:7B4+! 4! :O! G4BB8B4!
P4OO7!*8BG4$!
!
"4! !8--4B4534! 9/4! 7BB: 758! P8)8! O7! *8BG4! 585! !858! :!:":O:! 7P! %57! )4B!857! 8BP:57B:7$!
28GB4**8! )45!7B4! 9/4! P8)8! O7! 58!GB7! *8BG4! B:57!94B4*8! )B8"7":O*45G4! 98*4! 4!!4B4!
%*758$!?85!7997P4!5494!!7B:7*45G4$!?85!9.(!54!!%57! B7':854!O8':97!)4B!7--4B*7B4!9/4!
7997PB6!:5!G7O4!*8P8$!?85!!:! 4B:-:9/4B6!54**458!:O!97!8!:5!9%:!P8)8!O7!58!GB7!*8BG4!585!
B:57!94B4*8!7--7GG8$!
!
#59/4! :O! )7BG:98O7B4! G:)8! P:! B:57!9:G7! 9/4! B:)B45P4B4*8+! (! ,%7O98!7! P:! *8OG8! P:--:9:O4! P7!
9858!94B4+! ,%7O98!7! 9/4! 7O! *8*45G8! 585! -7! )7BG4! P4OO7! 58!GB7! !-4B7! P:! 9858!94537$! $4!
'454B:7*8!=7B*7!)8!:G: 8!P%B75G4!O7! :G7+!!7B6!57G%B7O4!9/4!7 B4*8!B:57!9:G4!-4O:9:!54O!
-%G%B8$!#O!985GB7B:8+!!4!9B4:7*8!)4B!O7!*7'':8B!)7BG4!=7B*7!54'7G: 8+!585!)B45P4B4*8!
%57!B:57!9:G7!-4O:94+!*7!!)4B:*45G4B4*8!'B75P:!P:--:98OG6!:5!!G7G:!P:!4!:!G4537!:5-4B:8B:$!!
M%4!G8!(!94BG8$!"7!B:57!9:G7!-%53:857!:5!,%4!G8!*8P8$!$4!):75G:7*8!%5!!4*4!P:!-B%*45G8+!
,%4OO8!9/4!9B4!94!(!%57!):75G7!P:!-B%*45G8$!$4!):75G:7*8!%5!!4*4!P:!B:!8+! :454!)B8P8GG7!
%57!):75G7!P:!B:!8$!$:*:O*45G4+!9B475P8!%5!=7B*7!54'7G: 8+!):75G:7*8!!4*:!P:!B:57!9:G7!
:5! %58! P4:! GB4! !G7G:! :5-4B:8B:! 98*4! %57! 9B47G%B7! :5-4B57O4+! %58! !):B:G8! -7*4O:98! 8! %5!
75:*7O4$!
&!:!G858! ,%7GGB8! G:):! P: 4B!:! P:! !G7G:! 8! B47*:! :5-4B57O:9! :5-4B5:! 97OP:+! -B4PP:+! )4B:-4B:9:! 4!
8997!:857O:$! %O:! :5-4B5:! 97OP:! !858! %OG4B:8B*45G4! !%PP: :!:! :5! 8GG8+! :O! )B:*8! P4:! ,%7O:! (!
9858!9:%G8! 98*4! ,5-4B58! P4O! 1: : 4B4$! M%4!G8! (! ,%4OO8! 985! *:58B:! !8--4B4534+!

! A!
#""#!$*>2&1-#!(&"!5+((N,$&>!

B4O7G: 7*45G4!)7BO75P8$!24B!98*)B45P4B4!:O!'B7P8!P:!:5-4O:9:G6!!)4B:*45G7G8!,%:+!:O!P8O8B4!
P:! %57! )4B!857! :5GB7))8O7G7! :5! %5! B8'8! !7B4""4! *8OG8! O4''4B8! 7! 985-B85G8! 985! ,%4OO8!
P4'O:! 4!!4B:! 54O! )B:*8! :5-4B58! 97OP8$! >'5:! :5-4B58! 7O! P:! !8GG8! P4OO.,5-4B58! P4O! 1: : 4B4!
)8!!:4P4!%5!'B7P8!9B4!945G4!P:!!8--4B4537$!
!
$4""454! O4! !8--4B4534! P4OO4! 9B47G%B4! :5-4B57O:! 4! P4'O:! !):B:G:! -7*4O:9:! )8!!758! 585! 4!!4B4!
:!:":O:! 7! 58:+! ,%4OO4! P4'O:! 75:*7O:! )8!!858! 4!!4B4! :!G4! 98:! 58!GB:! 899/:$! $4!9:! 9/:4P:7*8!
98!7! 7997PB4""4! !4! 58:! !G4!!:! B:57!94!!:*8! 98*4! 75:*7O:+! )8!!:7*8! !4*)O:94*45G4!
8!!4B 7B4!,%4OO:!:5G8B58!7!58:!4!)45!7B4!98!7!!:'5:-:9/4B4""4!4!!4B4!54OO4!O8B8!985P:3:85:$!
,O!(/7B*7!(!9:L!9/4!9:!GB7GG:454!4!9:!)B8G4''4!P7OO8!!)4B:*45G7B4!O7!!8--4B4537!P:!,%4!G4!
B:57!9:G4!:5-4B:8B:$!
!
".:5G4B7! B%8G7! P4OO4! B:57!9:G4+! O.:5G4B7! 4!:!G4537! 9:9O:97! /7! O7! 57G%B7! P4OO7! !8--4B4537$! ,O!
(/7B*7! (! 9:L! 9/4! 9:! !7O 7'%7BP7! P7! G%GG7! O7! !8--4B4537! !7*!7B:97$! ,5! ):J! :O! (/7B*7!
&7/70757+! 8!!:7! 'O:! :5!4'57*45G:! P4O! 'B75P4! 4:98O8+! 7BB497! )B8G43:854! 585! !8O8! 7! 58:!
!G4!!:!*7!7!G%GG:!'O:!4!!4B:! : 45G:$!
!
?4O! 5%PP/:!*8! !45G:7*8! )7BO7B4! *8OG8! P4:! GB4! ':8:4OO:! P:! B:-%':8+! @! 5%PP/7+! (/7B*7! 4!
$75'/7$!,O!)B:*8!P:!,%4!G:!:59O%P4!G%GG:!'O:!4!!4B:!):457*45G4!:OO%*:57G:!9/4!:5!4'5758!:O!
(/7B*7$! 5%PP/7! $/7=07*%5:+! 9/4! )4B! )B:*8! ':BL! O7! B%8G7! P4O! (/7B*7! 7! )7B757!:!
:5!4'575P8! O4! ,%7GGB8! 58":O:! 4B:G6+! (! :O! ):J! !:'5:-:97G: 8! 7:! 58!GB:! 899/:$! ".%OG:*7! P:!
,%4!G4!,%7GGB8! 4B:G6+!O7! 4B:G6!P4O!!45G:4B8+!98BB:!)85P4!7O!(/7B*7!9/4! 7!)B7G:97G8!)4B!
8GG454B4!O7!O:"4B73:854$!M%4!G8!(!O.8''4GG8!P:!B:-%':8!9/:7*7G8!':8:4OO8!(/7B*7$!
!
"7!)B7G:97!P4O!(/7B*7!:*)O:97!P%4!98!49!B:9858!94B4!O7!B7P:94!P4OO7!!8--4B4537!!7*!7B:97!
4! !B7P:97B4! G7O4! B7P:94$! M%7O! (! O7! B7P:94! P4OO.4!:!G4537! 9:9O:97K! &.! O.7--4BB7B!:! 7P! %5! !8!
4B7*45G4! 4!:!G45G4! 4! 7OO7! 4B7! 4!:!G4537! P4:! -458*45:$! (8"":7*8! ! :O%))7B4! %57!
B4)%O!:854! )4B! ,%4!G8! 7--4BB7B9:! 9/4! 9:! 7BB497! G%GG4! O4! 58!GB4! !8--4B4534$! (8"":7*8!
! :O%))7B4! %57! 98*)B45!:854! P4OO.75G:P8G8! 7OO.7--4BB7B9:! 7OO7! 4B7! 4!:!G4537$! M%4!G8!
75G:P8G8!(!O7!!7''4337!P4OO7!*7597537!P:!%5!!8!8!*7597537!P:!:P45G:G6$!"7!98*)B45!:854!
P4OOQ7!!4537!P:!%5!!8!985P%BB6!7OO7!O:"4B73:854!P7OO7!!8--4B4537$!
!
"4! !8--4B4534! 9/4! !)4B:*45G:7*8! 54OO.4!:!G4537! 9:9O:97! 585! 7 45'858! !4537! %57! 97%!7$!
$858! 97%!7G4! P7OO4! 7--O:3:85:! 4! P7O! =7B*7! 9B47G8! P7OO4! 7--O:3:85:$! "7! B7P:94! P:! G%GG4! O4!
7--O:3:85:! 4! P4O! =7B*7! (! O.7--4BB7B!:! 7P! %5! !8$! M%75P8! O8! 98*)B45P:7*8+! 7!):B:7*8! 7P!
8GG454B4!O.75G:P8G8!7!,%4!G8!7--4BB7B!:!7!%5!!8$!24B9/8!585!7"":7*8!7598B7!! :O%))7G8!%5!
75G:P8G8!54O!58!GB8!985G:5%%*!*45G7O4K!24B9/8!585!97):7*8!O7!*7597537!P4O!!8K!+57!
B7':854!(!9/4!585!!:7*8!!%--:9:45G4*45G4!985!7)4 8O:!P4OO7!*8BG4!4!P4OO.:*)4B*754537$!!
!
".%5:97!985!4'%4537!)8!!:":O4!P4OO7!57!9:G7!(!O7!*8BG4$!&8B:B4*8!G%GG:!:54 :G7":O*45G4$!
?85! 9.(! 4!!4B4! : 45G4! O7! 9%:! :G7! 585! (! -:5:G7! 985! O7! *8BG4$! "4! )4B!854! )B8 758! *8OG:!
*4G8P:! )4B! )B4 45:B4! O.7 45G8! P4OO7! *8BG4+! *7! (! :*)8!!:":O4$! ?4!!%57! *4P:9:57! )%L!
9%B7B9:!P7OO7!*8BG4$!
":*:G7B!:!7!)45!7B4!O*8B:BLP+!585!(! 4B7*45G4!:O!*8P8!98BB4GG8!P:!985G4*)O7B4!O7!*8BG4$!
?7G%B7O*45G4! 8'5%58! *8B:B6+! *7! :O! *4B8! )45!7B4! 7! ,%4!G8! -7GG8! 585! (! *8OG8! 4--:9794$!

G! !
"#!$#%%&''#!(&""#!)#*+,-.!

?85! (! :O! *4G8P8! ':%!G8$! #OO8! !G4!!8! *8P8+! )45!7B4! !8O8! 7O! -7GG8! 9/4! 75P:7*8! 4B!8! O7!
P:!:5G4'B73:854! 4! O7! P4'454B73:854+! 9/4! :O! 58!GB8! 98B)8! !:! !G7! P498*)8545P8+! 585! (!
7""7!G7537$!*:L!7!9%:!P8"":7*8!)45!7B4!(!98*4!)B4 45:B4!O7!58!GB7!B8 :57$!
!
$4! )45!:7*8! 7OO7! )7%B7! 9/4! :454! 7O! *8*45G8! P4OO7! *8BG4! 4! 7! 98*4! 4O:*:57B4! ,%4!G7!
)7%B7+! 7OO8B7! O7! 58!GB7! *4P:G73:854! !%OO7! *8BG4! 7 B6! 4--4GG8$! "4! )4B!854! 9/4! /7558!
799%*%O7G8! %57! 'B75P4! ,%75G:G6! P:! =7B*7! 54'7G: 8! P%B75G4! O7! :G7! !858! )B4!4! P7OO8!
!)7 45G8!7O!*8*45G8!P4OO7!*8BG4$!2:75'858+!O4!O79B:*4!!98BB858!!%OO4!O8B8!'%7594+!O4!O8B8!
"899/4! !"7 758+! !4! O7! -7558! 7PP8!!8! 4! !858! 98*)O4G7*45G4! !8)B7--7GG:$! M%4!G:! !858!
9/:7B:!!4'5:!P4OO7!!8--4B4537!9/4!!:!*75:-4!G7!7O!*8*45G8!P4OO7!*8BG4!7!97%!7!P4O!)75:98!
97%!7G8!P7OO4!73:85:!54'7G: 4!B47O:337G4!P%B75G4!O7! :G7$!#O!985GB7B:8+!!4!P%B75G4!O7! :G7!9:!
!:7*8!GB7GG45%G:!P7O!98**4GG4B4!73:85:!54'7G: 4+!O.7GG:*8!P4OO7!*8BG4!(!*8OG8!-79:O4!)4B!
58:!P7!7--B85G7B4$!".4!)4B:4537!(!P:!':8:7+!98*4!,%4OO7!P:!%5!"7*":58!9/4!G8B57!7!97!7!P7:!
!%8:!'45:G8B:$!$4!7"":7*8!)%B:-:97G8!58:!!G4!!:+!)8!!:7*8!*8B:B4!-4O:94*45G4$!!
!
#!G4545P89:!P7OO4!P:49:!73:85:!585! :BG%8!4!4!98OG: 75P8!:!O8B8!8))8!G:+!O7!P:49:! :BGJ+!O7!
58!GB7!*8BG4!!7B6!!4*)O:94!4!98*4!B:!%OG7G8!585!P8 B4*8!!)4B:*45G7B4!%57!B:57!9:G7!:5!
%57!985P:3:854!P:!!8--4B4537$!28!!:7*8!4!!4B4!!:9%B:!P:!B:57!94B4!:5!!G7G:!P:!4!:!G4537!):J!
-8BG%57G:$! 2:75G75P8! !4*:! P:! ):75G4! *4P:9:57O:+! 8GG45:7*8! 7O"4B:! 985! )8G4B:! *4P:9:57O:+!
):75G75P8!!4*:! P:! 7O"4B:! 4O458!:! )B8P%9:7*8! !8O8! -B%GG:! 589: :$! $4!):75G:7*8! :! !4*:! P:!
73:85:! :BG%8!4!54OO7!58!GB7!98!9:4537!!)4B:*45G4B4*8!O7!-4O:9:G6!54OO4!B:57!9:G4!-%G%B4$!!
): B4*8! !:G%73:85:! -8BG%57G4! !:7! *45G7O*45G4! 9/4! -:!:97*45G4$! M%4!G8! :5!4'57*45G8!
"7!:O7B4!P4O!(/7B*7+!4 :G7B4!O4!P:49:!73:85:!585! :BG%8!4!4!98OG: 7B4!O4!P:49:! :BGJ+!585!(!
4!9O%!: 8! P4O! "%PP/:!*8+! *7! (! :5! 98*%54! 759/4! 985! 7OGB4! B4O:':85:+! :59O%!8! :O!
9B:!G:754!:*8$!
!
*8*4! P8 B4**8! 985G4*)O7B4! O7! *8BG4! 4! O.:*)4B*754537K! *8*4! *453:857G8! )B:*7+!
!4*)O:94*45G4! )45!7B4! O&8B:BLP! 585! (! *8OG8! P:! "454-:9:8$! (8 B4**8! )45!7B4! O$4! /8!
9B47G8! ,%7O9%57! P4OO4! P:49:! 73:85:! 585! :BG%8!4+! 7O! *8*45G8! P4OO7! *8BG4! )B8 4BL! %57!
'B75P4! )7%B7! 4! P8 BL! 7--B85G7B4! %57! 'B75P4! !8--4B4537+! 4! 98*4! B:!%OG7G8! )B45P4BL! %57!
B:57!9:G7!P:!:5G45!7!! 45G%B7$!(.7OGB8!975G8+!!4!P%B75G4!O7! :G7!/8!9B47G8! :BGJ+!7OO7!*:7!
*8BG4! 585! !)4B:*45G4BL! )75:98! 8! !8--4B4537! 4! B:57!94BL! :5! %58! !G7G8! ):J! -8BG%57G8P$!
M%4!G8!(!:O!*8P8!98BB4GG8!P:!985G4*)O7B4!O7!*8BG4$!
!
M%4!G7! *4P:G73:854! 585! P8 B4""4! 4!!4B4! :O! )45!:4B8! GB:!G4! 4! )4!!:*:!G:98! O*8B:BL! 4! 585!
9.(! 5%OO7! 9/4! )8!!7! -7B4! )4B! ,%4!G8P$! 2:%GG8!G8+! P8 B4**8! )45!7B4! :5! G4B*:5:! P:! 98!7!
7997PB6! ,%75P8! *8B:B4*8$! O(8 4! 75PBL! P8)8! O7! *8BG4K! M%7O:! 97%!4! /8! 9B47G8K! 28!!8!
B45P4B4!O7!*:7!*8BG4!-4O:94K!*8*4K!28!!8!B45P4B4!O4!*:4!-%G%B4!B:57!9:G4!-4O:9:K!*8*4KP!
!
M%75P8! 985G4*)O:7*8! O4! -%G%B4! B:57!9:G4! P8 B4**8! B:98BP7B4! 9/4! 54OO.4!:!G4537! 9:9O:97!
585!9.(!54!!%5!)8!G8!!:9%B8$!?85!:*)8BG7!,%7O4!98B)8!!:!8GG:454+!759/.4!!8!)7!!4B6$!?4OO7!
!G8B:7! P4O! )7!!7G8! !:! O4''4! P:! )4B!854! 9/4! /7558! :!!%G8! )4B! %5! 945G:57:8! 8! 759/4! %5!
*:'O:7:8! P:! 755:$! 24B! ,%75G8! -75G7!G:9:! !:758! ,%4!G:! B79985G:+! 585! 4!:!G4! :O! 97!8! :5! 9%:!
,%7O9%58! 7OO7! -:54! 585! !:7! *8BG8$! M%7O!:7!:! G:)8! P:! 98B)8! !7*!7B:98! 58:! 8GG45:7*8! (!
!8''4GG8!7OO7!*8BG4$!

! B!
#""#!$*>2&1-#!(&"!5+((N,$&>!

!
?85! 9.(! 54**458! %5! )8!G8! P8 4! 75P7B4! )4B! !-%'':B4! 7OO7! *8BG4$! ?85! :*)8BG7! P8 4!
!:7*8+!,%75P8!7BB: 7!:O!G4*)8+!P8 B4*8!*8B:B4$!#OO8B7!54!!%57!,%75G:G6!P:!*4P:9:54+!P:!
*75GB7!8! P:!)B7G:9/4!9:!7:%G4B6$!"4!8)4B73:85:!9/:B%B':9/4!)8!!858!9%B7B4!7O9%5:!G:):!P:!
*7O7GG:4!54O!58!GB8!98B)8+!*7!585!94!5.(!54!!%57!9/4!)8!!7!)B4 45:B4!O7!*8BG4$!
!
?85! :*)8BG7! 9/4! G:)8! P:! B:57!9:G7! 8GG45:7*8+! !7B6! 98*%5,%4! !8''4GG7! 7OO7! *8BG4$! ,O!
)B894!!8!(!:5!98B!8$!*85G4*)O7B4!'O:!4--4GG:!7!O%5'8!G4B*:54!P4OO4!58!GB4!73:85:!4!98*4!:O!
)B894!!8! P:! 57!9:G7+! :G7+! *8BG4! 4! B:57!9:G7! !:7! 985G:5%8! 9:! 7:%G4B6! 7! '454B7B4! *8OG8!
=7B*7!)8!:G: 8$!!
!
#59/4!!4!7! 8OG4!)B8'B7**:7*8!P:!)B7G:97B4!:O!(/7B*7+!P:!!8O:G8!O8!-799:7*8!7!)7BG:B4!
P7O!':8B58!P8)8+!8!P7O!':8B58!P8)8!7598B7$!?4!!%58!)%L!)4BL!P:B4!,%75P8!*8B:B4*8$!$4!
7 4!!:*8! %57! '7B753:7! P:! 7 4B4! !:9%B7*45G4! 7598B7! 945G8! 755:!P7! : 4B4+!7 B4**8! %5!
O7B'8!*7B':54!54O!,%7O4!8B'75:337B4!O7!58!GB7!)B7G:97$!&7!585!9.(!O7!):J!):998O7!94BG4337!
P:!,%75P8!*8B:B4*8$!1:*75P7B4!O7!58!GB7!)B7G:97!(!*8OG8!!9:8998$!#O9%5:!4!!4B:!%*75:!
*%8:858!54O! 45GB4!*7G4B58!7598B!)B:*7!P:!57!94B4+!7OGB:!*%8:858!*8OG8!):998O:!)B:*7!
9/4!)8!!758!:*)7B7B4!7!97**:57B4$!(7!9:L!585!985!4'%4!9/4! : B4*8!7!O%5'8$!
,!58!GB:!98B):!!858!*8OG8!-B7':O:$!$4!-8!!4B8!-7GG:!P:!):4GB7!8!P:!-4BB8!-8B!4!)8GB4""4B8!P7B4!
%57! ,%7O9/4! !45!73:854! P:! !G7":O:G6$! &7! !4! :5P7'/:7*8! 4PB4*8! 9/4! :O! 98B)8! %*758! (!
*8OG8! P4"8O4$! &.! *8OG8! -79:O4! GB8 7B4! ,%7O98!7! 9/4! 585! 7P7! "454+! 9/4! 'O:! 5%899:7$! &.!
98*4! %5! P4O:97G8! 8B8O8':8! P7! )8O!8! -7GG8! P:! :55%*4B4 8O:! ):998O4! 4! -B7':O:! )7BG:$! ?85! (!
,%7O98!7!7!9%:!7--:P7B!:$!*:!!858!*8OG4!9:B98!G7534!9/4!)8!!858!97%!7B4!O7!58!GB7!*8BG49!:O!
9:"8!9/4!(!P: 45%G8!589: 8+!:O!*8B!8!P:!%5!):998O8!:5!4GG8!8!759/4!O7!)%5G%B7!P:!%57!!):57!
4O458!7$!-7O:!*:5:*4!985P:3:85:!)8!!858!%99:P4B9:$!,O!9:"8!4!:!O:,%:P:!9/4!%G:O:33:7*8!)4B!
4!G45P4B4!O7!58!GB7! :G7!)8!!858!P: 45G7B4!9:B98!G7534!9/4!54!)B8 89758!O7!-:54$!?85!9Q(!
7O9%57! 94BG4337! B:!)4GG8! 7! ,%75P8! *8B:B4*8! 8! 7! ,%7O:! 9:B98!G7534! 97%!4B7558! O7! 58!GB7!
*8BG4$!
!
#59/4!!4!!:7*8!94BG:!9/4! : B4*8!)4B!%5!945G:57:8!P.755:+!*8OG:!755:!P:!,%4OO8!!)73:8!P:!
G4*)8! !858! ':6! GB7!98B!:! 4! 585! 7"":7*8! B47O:337G8! *8OG8$! #))B899:7*8! O7! *8BG4! 98*4!
%57!)4B!857!7PP8B*45G7G7!!%OO7!97BB8337!P:!%5!GB458+!7 :9:575P89:!98!G75G4*45G4!7OO7!
P4!G:573:854! 4! G%GG7 :7! :5985!7)4 8O:! P4O! )B894!!8$! *.(! )898! 9/4! )8!!:7*8! -7B4! )4B!
-4B*7B4!,%4!G8!)B894!!8$!$4*)O:94*45G4!!:7*8!98!G75G4*45G4!):J! :9:5:!7OO7!*8BG4$!
!
?85! :*)8BG7! ,%75G:! !8OP:+! ':8:4OO:+! 97!4! 8! 4!G:G:! 7"":7*8! 799%*%O7G8! P%B75G4! O7! :G7+!
585! -7B6! P:--4B4537! 7O! *8*45G8! P4OO7! *8BG4$! M%75P8! *8B:B4*8! P8 B4*8! 75P7B9454! 7!
*75:! %8G4$! ?4**458! :O! ):J! ):998O8! 8''4GG8! *7G4B:7O4! )%L! 4!!4B4! )8BG7G8! 985! 58:$! ,O!
98B)8!!G4!!8!P4 4!4!!4B4!O7!9:7G8!:5P:4GB8$!,O!98B)8!4!O7!*45G4!!:!!4)7B758!4!:O!985G:5%%*!
*45G7O4! 985G:5%7! P7! !8O8$! ?85! !8O8! (! :*)8!!:":O4! )B45P4B4! 985! 58:! %5! ,%7O9/4!
)8!!4P:*45G8+!585!)8!!:7*8!54**458!)B45P4B4!:O!58!GB8!98B)8$!
*/4!98!7!7998*)7'57!O7!98!9:4537!P8)8!O7!*8BG4K!$4!P8"":7*8!O7!9:7B4!:O!58!GB8!98B)8+!:!
58!GB:!7*:9:!4!G%GG:!:!58!GB:!)8!!4P:*45G:+!9.(!%5!7:%G75G4!8!,%7O98!7!9/4!7998*)7'57!O7!
58!GB7!98!9:4537! 4B!8!O7! :G7!-%G%B7K!
!

E! !
"#!$#%%&''#!(&""#!)#*+,-.!

*.(! ,%7O98!7! 9/4! !4'%4! O7! 98!9:4537! P8)8! O7! *8BG49! O4! :*)B85G4! =7B*:9/4! 9/4! 7"":7*8!
799%*%O7G8!P%B75G4!O7! :G7$!$4!7"":7*8!98**4!!8!,%7O9%57!P4OO4!P:49:!73:85:!=7B*:9/4!
54'7G: 4+! %5! P4":G8! =7B*:98! 54B8! 7998*)7'54B6! :O! 985G:5%%*! *45G7O4! *45GB4! 4 8O 4!
54OO7!B:57!9:G7!-%G%B7$!+99:P45P8!7OGB:!4!!4B:+!B%"75P8!:!"45:!7OGB%:!8!:5P%O'45P8!:5!%57!
985P8GG7! !4!!%7O4! !98BB4GG7+! :! P4":G:! =7B*:9:! 54B:! -B%GG8! P:! ,%4!G4! 73:85:! 54'7G: 4! P4O!
98B)8! /7558! O%8'8! 54O! 58!GB8! 985G:5%%*! *45G7O4$! &45G45P8+! 97O%55:75P8! 'O:! 7OGB:+!
97%!75P8!P: :!:854!-B7!'O:!7OGB:+!)7BO75P8!7! 75 4B7!8!-4B45P8!O4!)4B!854!985!O4!)7B8O4+!:!
P4":G:!=7B*:9:!54B:!P4B: 75G:!P7!,%4!G4!73:85:!54'7G: 4!P4OO7!)7B8O7!9:!7998*)7'54B7558!
7O!*8*45G8!P4OO7!*8BG4$!$4!7"":7*8!7 %G8!)45!:4B:!P:!9%):P:':7+!7%'%B75P89:!!)4!!8!P:!
7 4B4! :! )8!!4P:*45G:! P4'O:! 7OGB:U! !4! 7"":7*8! )B8 7G8! *7O4 8O4537! 4B!8! ,%7O9%58+!
7%'%B75P89:!9/4!)8G4!!4!4!!4B4!P7554'':7G8!8!9/4!)8G4!!4!7997P4B'O:!,%7O98!7!P:!"B%GG8U!
8!!4!7"":7*8!7 %G8! :!:85:!4BB7G4!98*4!O585!9:!!858! :G4!)7!!7G4!58!-%G%B4P+!O585!4!:!G4!
B4O73:854! GB7! 97%!7! 4P! 4--4GG8P+! O585! 4!:!G4! :O! B:-%':8P+! ,%4!G4! 73:85:! 585! :BG%8!4! P4OO7!
*45G4!'454B4B7558!%5!P4":G8!=7B*:98!54B8!9/4!7998*)7'54B6!4!P:B:'4B6!O4!58!GB4!*45G:!
54OO4!-%G%B4!B:57!9:G4$!
!
&.! 4B8!759/4!:O!985GB7B:8$!$4!7"":7*8!7':G8! :BG%8!7*45G4!4!9:!!:7*8!7!G45%G:!P7O!9B47B4!
54'7G: :G6+!:!!4*:!=7B*:9:!P:!G7O4!454B':7!)8!:G: 7! :7''4B7558!!%O!58!GB8!-O%!!8!*45G7O4!4!
)B8P%BB7558!9:B98!G7534!*:'O:8B:!54OO4!58!GB4! :G4!-%G%B4$!
!
,5!!4'%:G8!7O!B:-O4GG4B4!B47O*45G4!!%OO7!!:G%73:854!:5!9%:!!:7*8+!9:!B:!8O 4B4*8!7!94B97B4!:5!
8'5:!*8P8!P:!'454B7B4!=7B*7!)8!:G: 8!4P!4O:*:57B4!:O!!%8!8))8!G8$!(8 B4**8!94B97B4!P:!
)%B:-:97B9:!P7!8'5:!54'7G: :G6!,%75G8!):J!)8!!:":O4+!!4537!O7!9:7B4!54**458!:O!):J!):998O8!
P4":G8!=7B*:98!P7!B:)7'7B4!54OO4! :G4!-%G%B4$!
!
(8"":7*8! 4!7*:57B4! :O! G:)8! P:! B473:85:! 9/4! )8!!858! 7997P4B4! 7OO.:5G4B58! P4OO7! O4''4! P:!
97%!7! 4P! 4--4GG8$! *.(! %57! !G8B:7! P:! %57! )4B!857! 9/4! 7 4 7! *8OG4! ,%7O:G6! )8!:G: 4+! *7!
%!7 7! )7B8O4! P%B4$! +57! 8OG7! :5!%OGL! ,%7O9%58! P:945P8! O)7BO:! 98*4! %5! 9754P$! *8*4!
B:!%OG7G8!4'O:!!G4!!8!B:579,%4!98*4!9754!9:5,%4945G8! 8OG4$!+5Q73:854+!!4))%B4!):998O7!:5!
7))7B4537+!)%L!7 4B4!%5!B:!%OG7G8!*8OG8!4!G4!8$!
!
#OO8! !G4!!8! *8P8+! 759/4! %57! ):998O7! 73:854! )8!:G: 7! )%L! )B8P%BB4! %5! 'B75P4! B:!%OG7G8$!
*.(!O7!!G8B:7!P:!%5!"7*":58!9/4!-494!%5.%*:O4!8--4BG7!7O!5%PP/7!4!98*4!B:!%OG7G8!B:579,%4!
98*4! :O! 'B75P4! B4! #!/8=7+! 9/4! 98!GB%R! *:'O:7:7! P:! *85%*45G:! "%PP/:!G:! 4! B47O:33L!
:55%*4B4 8O:!!%"O:*:!7GG: :G6$!
!
*85G4*)O7B4! :! 7B:! G:):! P:! 585! :BGJ! 9/4! 7"":7*8! 9B47G8! 4! :! O8B8! B:!%OG7G:! (! %5! *8P8!
-%53:857O4! P:! 7!!:9%B7B9:! "454!!4B4! 4! -4O:9:G6$! $4! )45!:7*8! 7OO4! !8--4B4534! 9/4! P8 B4*8!
!)4B:*45G7B4! 98*4! B:!%OG7G8! P4OO7! 58!GB7! 54'7G: :G6! 4! ,%:5P:! '454B:7*8! %5! P4!:P4B:8!
*8OG8!-8BG4!P:!585! 8O4B!!)4B:*45G7B4!,%4!G8!G:)8!P:!!8--4B4537+!7"":7*8!! :O%))7G8!9:L!
9/4!(!9/:7*7G7!QB:5%59:7Q$!
!
17*:O:7B:337B4!58:!!G4!!:!985!,%4!G8!G:)8!P:!)45!:4B8!(!':6!%57!-8B*7!P:!*4P:G73:854$!24B!
)B:*7! 98!7! P8 B4**8! ! :O%))7B4! 985!7)4 8O4337! P4OO7! 58!GB7! )4B!857O4! !8--4B4537U! )8:!
P8 B4**8!4!G45P4B4!G7O4!985!7)4 8O4337!7!G%GG:!'O:!4!!4B:! : 45G:$!*85!:P4B7G4!98*4!G%GG:!

! K!
#""#!$*>2&1-#!(&"!5+((N,$&>!

'O:! 4!!4B:! 585! P4!:P4B758! 7 4B4! 7O9%57! !8--4B4537+! !4""454! !:758! :*):'O:7G:! :5! ,%4!G7!
!:G%73:854! P:! !8--4B4537$! M%4!G8! G:)8! P:! )45!:4B8! 9:! )8BG7! 7OO7! 98*)7!!:854$! $4! 585!
! :O%)):7*8! :O! P4!:P4B:8! P:! 4!!4B4! O:"4B:! P7! G%GG7! O7! 58!GB7! !8--4B4537+! 98*4! )8!!:7*8!
! :O%))7B4!:O!P4!:P4B:8!9/4!'O:!7OGB:!!:758!O:"4B:!P7OO7!O8B8K!28!!:7*8!*4GG4B4!-:54!7!G%GG7!
O7! 58!GB7! !8--4B4537+! G%GG7 :7! 7598B7! 585! !7B4""4! %5! "454-:9:8! P4-:5:G: 8$! (8 B4**8!
4!G45P4B4! ,%4!G8! P4!:P4B:8! 7! G%GG:! 'O:! 4!!4B:! : 45G:+! :5! ,%75G8! 759/.4!!:! P4!:P4B758! O7!
-4O:9:G6$! 28!!:7*8! 7":G%7B4! O7! 58!GB7! *45G4! 7! ! :O%))7B4! :O! P4!:P4B:8! 9/4! 8'5%58! !:7!
98*)O4G7*45G4!!4)7B7G8!P7OO4!!%4!!8--4B4534$!M%4!G8!(!%5!*8P8!P:!)45!7B4!):J!7)4BG8!4!
):J!P:!"454-:9:8$!
!
24B9/8! P8 B4**8! !45G:B9:! 98!R!98:5 8OG:! 985! 'O:! 7OGB:! 4!!4B:! !453:45G:K! 24B9/8! B:94 :7*8!
98!R! G75G8! P7'O:! 7OGB:$! 24B! 4!4*):8+! :O! O7GG4! 9/4! "4 :7*8! P4B: 7! P7OO7! '45G:O4337! P4OO4!
*%99/4! 4! P4OO4! "%-7O4+! :! 4!G:G:! 97OP:! 9/4! 9:! )B8G4''858! P7O! -B4PP8! 4! P7O! 45G8! 45'858!
P7OO7! O757! P:! )498B4! 4! 97)B4+! 4! 98!R! :7$! M%4!G:! !858! !8O8! ):998O:! 4!4*):! P4O! )4B9/8!
P8 B4**8!:*)4'57B9:!7!GB8 7B4!%5!*4G8P8!9/4!)8!!7!4O:*:57B4!O4!O8B8!!8--4B4534$!
!
?85! :*)8BG7! ,%7O4! )B7G:97! -799:7*8! @! O7! B49:G73:854! P4O! *75GB7! 8! 8'5:! 7OGB8! G:)8! P:!
*4P:G73:854! @! P8 B4**8! !4*)B4! *75G454B4! :O! )45!:4B89! O28!!7! 9:L! "454-:9:7B4! G%GG:! 'O:!
4!!4B:! !453:45G:P$! *:L! )8BG4B6! 57G%B7O*45G4! "454-:9:8! 759/4! 7! 58:! !G4!!:$! "4! 58!GB4!
!:G%73:85:!8BP:57B:4!P:! :G7!)8!!858!-7B9:!7))B4337B4!,%4!G8$!24B!4!4*):8+!!4!,%7O9%58!(!
*8OG8!4'8:!G7!4!O7 8B7!!4*)B4!)4B!:O!)B8)B:8!:5G4B4!!4+!585!):794B6! 4B7*45G4!7'O:!7OGB:$!
(.7OGB7!)7BG4+!,%7O9%58!9/4!(!'45G:O4!4!94B97!!4*)B4!P:!7:%G7B4!'O:!7OGB:!P:!!8O:G8!):794!7!
G%GG:$!
!
"Q:P47!P7!! :O%))7B4!54O!58!GB8!985G:5%%*!(!O28!!7!8'5%58!4!!4B4!-4O:94!4!54!!%58!)8!!7!
!8--B:B4P$!(8"":7*8!94B97B4!P:!7!!:*:O7BO7!54O!58!GB8!)45!:4B8!B:9/:7*75P8O7!7OO7!*45G4!
985G:5%7*45G4$! *:L! )%L! 4!!4B4! 4!GB4*7*45G4! P:! "454-:9:8$! &!!4B:! 9/4! :5! )7!!7G8!
! :O%))7B858!,%4!G8!G:)8!P:!)45!:4B8!!858!8B7!'B75P:!"%PP/7+!"8P/:!7GG 7!8!!75G:U!G%GG:!:!
'B75P:!%8*:5:!P4O!*85P8!!:!!858!"7!7G:!!%!P:!4!!8$!*8*4!!7B4""4!*4B7 :'O:8!8!!4!759/4!
58:!)8G4!!:*8!'454B7B4!G7O4!)45!:4B8V!
!
>-!&.!985!:'O:7G8!P:!585!P:-45P4B9:!,%75P8!,%7O9%58!)B8 7!7!P7554'':7B9:K!!
0-!M%4!G7!P8*75P7!:5GB8P%94!%5!7B'8*45G8! 7!G8$!$4!,%7O9%58!9:!98O):!94!:5!G4!G7!985!
%57!*7337!8!%5!"7!G854+!O7!B:!)8!G7!*:'O:8B4!(!*4P:G7B4!9/4!!:!!G7!!)4B:*45G75P8!9:L!7!
97%!7!P4OO4!)B8)B:4!73:85:!54'7G: 4!)7!!7G4$!245!7G4!9/4!,%4!G7!)4B!857!!G7!)4B*4GG45P8!
9/4! ,%4!G8! )7BG:98O7B4! P4":G8! =7B*:98! *7G%B:! 8B7+! ):%GG8!G8! 9/4! 9/:!!6! ,%75P8! 54O!
-%G%B8$!(8 B4!G4!!45G:B4!'B7G:G%P:54!9/4!7"":7!4O:*:57G8!,%4!G8!P4":G8!=7B*:98!54B8!P7O!
8!GB8!985G:5%%*!*45G7O4$!!
!
>-! */4! -7B4! !4! ,%7O9%58! 7''B4P:!94! *:7! *8'O:4! 4! *:8! -:'O:8! 9/4! !858! !8GG8! O7! *:7!
)B8G43:854K!?85!P8 B4:!P:-45P4BO:K!$7B4""4!%5.73:854!54'7G: 7!-7B4!98!RK!!
0-! $:998*4! (! G%8! P8 4B4! )B8G4''4B4! G%7! *8'O:4! 4! G%8! -:'O:8+! P4 :! )B8 7B4! 7! -7BO8! 54OO7!
*75:4B7! ):J! 7":O4! )8!!:":O4$! (4 :! 4!!4B4! :5G4OO:'45G4$! "7! 98!7! *:'O:8B4! !7B4""4! P:!
)B8G4''4BO:! !4537! P7554'':7B4! O.7''B4!!8B4$! ,5! 7OGB4! )7B8O4+! P4 :! GB8 7B4! %5! *4G8P8! P:!
)B8G4''4BO:!!4537!:5-O:''4B4!P7558$!

C! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
>-!"%:!)%L!P7554'':7B4!:!*:4:!"7*":5:!*7!:8!585!)8!!8!5%894B'O:K!?85!(!58!GB8!P8 4B4!
P:-45P4B4! :! 58!GB:! "7*":5:! P7! 7GG:! "7B"7B:9:! 4! 9B%P4O:K! (8 B4**8! !4*)O:94*45G4!
7""75P857B4!O4!58!GB4! :G4K!
0-!24B!'4!G:B4!,%4!G7!!:G%73:854!:5!*8P8!7":O4!(!5494!!7B:7!%57!'B75P4!P8!4!P:!98B7'':8$!
*.(! %57! !G8B:7! !%! 5%PP/7! S$/7=07*%5:T+! ,%75P8! :5! %57! !%7! :G7! )B494P45G4! 4B7! %5!
57 :'7G8B4+!9/4!)B4!4!:O!*7B4!985!%5!'B%))8!P:!9:5,%4945G8!)4B!854!:5!94B97!P:!%5!G4!8B8!
57!98!G8$!*.4B7!%5!%8*8!:5!,%4!G8!'B%))8!9/4!7 4 7!)45!:4B:!P:!"B7*8!:7!4+!)4B!B%"7B4!
G%GG:!:!':8:4OO:+!!G7 7!GB7*75P8!P:!%99:P4B4!'O:!7OGB:!9:5,%4945G8$!,O!"8P/:!7GG 7!D5%PP/7!
$/7=07*%5:! :5! %57! :G7! )B494P45G4F! 4B7! 985!7)4 8O4! P:! ,%4!G8! 4! )45!L! 9/4! -8!!4!
!98BB4GG8! O7!9:7B4! 9/4! O7! !:G%73:854! 4 8O 4!!4! 98!R+! 9:8(! 9/4! %5! %8*8! 54! %99:P4!!4! 7OGB:!
9:5,%4945G8$! 24B9:L! 4'O:! ! :O%))L! :O! )45!:4B8! 98B7'':8!8! P:! !7O 7B4! :! 9:5,%4945G8!
%99:P45P8! ,%4!G.%8*8+! 7994GG75P8! !%! P:! !8! 985!7)4 8O*45G4! O7! ):457! B4!)85!7":O:G6!
P4OO.%99:P4B4$!$4!7994GG7G4! 8O45G:4B:!P:!B:57!94B4!:5!%5!:5-4B58!)4B!!7O 7B4!'O:!7OGB:+!7 4G4!
%5! )45!:4B8! *8OG8! 98B7'':8!8$! #OO8B7! )8G4G4! :*)4'57B :! :5! ,%4!G4! 73:85:+! )B8)B:8! 98*4!
-494!:O!5%PP/7$!
!
>-!,5!9:B98!G7534!)7BG:98O7B:!O.%99:P4B4!(!7598B7!985!:P4B7G8!98*4!%5.73:854!54'7G: 7K!!
0-!?7'7B<%57!P:94!54OO7!!%7!5+))+*$!$&!(%!$42;.!9/4!!4!,%7O9%58!98**4GG4!54'7G: :G6!:5!
58*4!P4OO7!)B8G43:854!P:!'45:G8B:+!P:!"7*":5:+!P4O!(/7B*7!8!P4:!GB4!':8:4OO:!P4O!B:-%':8+!54!
P8 B6! !)4B:*45G7B4!O4! 985!4'%4534$! "7! P:--4B4537! !G7! 54O! -7GG8! P:! 4!!4B4! 8! P:! 585!4!!4B4!
985!7)4 8O:! P4OO4! 985!4'%4534! 4! 54OO7! 8O85G6! P:! )B45P4BO4! !%! P:! !8! )4B! )B8G4''4B4! O7!
)B8)B:7!*8'O:4!8!:O!)B8)B:8!-:'O:8$!$4!P7554'':7G4!:O!54*:98+!!)4B:*45G4B4G4!%57!B:57!9:G7!
P:! !8--4B4537$! *8*%5,%4! P8 B4!G4! 7--B85G7BO7! 8O45G:4B:! )45!75P89! O2B45P4BL! O7!
!8--4B4537!!%!P:!*4!98!R!*:7!*8'O:4!4!*:8!-:'O:8!585!!8--B:B7558P$!
!
>-!M%:5P:!)4B!:O!5%PP/:!*8!!7B4""4!7598B7!%5.73:854!585! :BG%8!7K!
0-!2B8G4''4B4!O7!)B8)B:7!*8'O:4!8!:O!)B8)B:8!-:'O:8!(!%5.73:854! :BG%8!7+!*7!P7554'':7B4!:O!
54*:98!(!585! :BG%8!8$!(8 4G4!985!7)4 8O*45G4!7994GG7B4!O4!985!4'%4534!P:!45GB7*":$!
!
>-!"4:!/7!P4GG8!9/4!!4!%58!9B47!=7B*7!54'7G: 8!!8--B:B6!54O!-%G%B8+!*7!!4!%58!7':!94!"454!
985!4'%:B6!O7!-4O:9:G6$!M%4!G4!"%854!73:85:!)8!!858!985P%BB4!7OO7!!7O 4337!98*)O4G7+!54O!
!45!8!P:!585!P8 4B!!)4B:*45G7B4!O7!B:57!9:G7K!
0-! $4! 7*":G4! 7OO7! !7O 4337! P8 4G4! !4'%:B4! 'O:! :5!4'57*45G:! 98*)O4G7*45G4! 4!
)B49:!7*45G4$! 24B! 4!4*):8+! !4! !4'%:G4! :O! !45G:4B8! 9B:!G:758+! P8 4G4! !4'%:B4! 'O:!
:5!4'57*45G:!P:!*B:!G8!)4B-4GG7*45G4$!#OO8B7!O7!!7O 4337!9B:!G:757!!7B6!)8!!:":O4$!%4!J!P7!
!8O8! 585! )%L! !7O 7B9:! P7:! 58!GB:! )4997G:U! 58:! !G4!!:! P8"":7*8! -7B4! ,%7O98!7$! #OGB:*45G:!
)4B9/8!%4!J!7 B4""4!P4GG8!P:!585!)4997B4K!$4!58:!!4'%:7*8!98BB4GG7*45G4!9:L!9/4!%4!J!
/7!:5!4'57G8+!)45!8!9/4!O7!!7O 4337!9B:!G:757!!:7!)8!!:":O4$!$4!!4'%:7*8!98BB4GG7*45G4!'O:!
:5!4'57*45G:!P4O!5%PP/7+!O7!!7O 4337!"%PP/:!G7!(!)8!!:":O4$!
!
!
-.,.79.%:!<2")$47$).!7+*!$().*211$12.%+!&2!5$4$!;+"9+!<2"&.4!Y*;92.+8!)*$&.)).!2%!2)$,2$%.!
&$)))8!*+.2"2.%$).!&$!/)!Y(*.*$!!$332.!7+*!,=$5->8!/.4$2$))!

! #!
#""#!$*>2&1-#!(&"!5+((N,$&>!

!
!

>W! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
"&!(+&!)&1,-.!
(45*7!"89:8!1:5)894!!
!
!
&:! (! !G7G8! 9/:4!G8! P:! P7B4! %5! :5!4'57*45G8! !%OO4! P%4! 4B:G69! :O! O: 4OO8! P:! 4B:G6!
985 453:857O4!8!7))7B45G4!4!O7! 4B:G6!%OG:*7$!(7!%5!94BG8!)%5G8!P:! :!G7!)%L!!4*"B7B4!
9/4! 7"":7! ':6! -:5:G8! :O! *:8! :5!4'57*45G8+! :! :!G8! 9/4! 4!)854! !8O8! ,%4!G4! P%4! )7B8O49!
985 453:857O4! 4! %OG:*7V! &7! )8:9/8! ,%4!G4! P%4! 4B:G6! :59O%P858! 7O! O8B8! :5G4B58! G%GG8! :O!
5%PP/:!*8+!7OO8B7!9Q(! 4B7*45G4!*8OG8!P:!9%:!)7BO7B4$!
!
*/:4P8! 7! 8:! G%GG:+! ,%:! :5! ,%4!G8! O%8'8! !)49:7O4! 9/:7*7G8! 58P/'707+! P:! '454B7B4! %57!
)7BG:98O7B4!*8G: 73:854$!-%GG:!'O:!4!!4B:! : 45G:+!:5P:)45P45G4*45G4!P7!9/:!!:758+!94B9758!
O7!-4O:9:G6$!?858!G75G4!4!!:!P4!:P4B:58!O7!-4O:9:G6!!858!7O!985G4*)8!:5985!7)4 8O:!P:!,%7O4!
!:7!O7!97%!7!P4OO7!-4O:9:G6!4!,%:5P:! :!9/:4P8!P:!'454B7B4!O7!!4'%45G4!*8G: 73:8549!7O!-:54!P:!
7OO4 :7BO:! P7OO7! O8B8! !8--4B4537+! :8! P4 8! 8GG454B4! G%GG4! O4! *:'O:8B:! ,%7O:G6+! G%GG7! O7!
)4B-43:854!!P:!%58!!G7G8!:OO%*:57G8!@!98!R!)8GBL!:5!4'57B4!O8B8!98*4!O:"4B7B!:$!
!
"4! 9B47G%B4! : 45G:+)B8)B:8! 98*4! 58:+! 8)4B758! )4B! 4 :G7B4! !:G%73:85:! !):794 8O:+! P:!
!8--4B4537+!4!94B9758!P:!!)4B:*45G7B4!!:G%73:85:!-4O:9:$!%O:!75:*7O:+!7!)7BG:B4!P7'O:!:5!4GG:+!
)8!!:4P858! %57! 9858!94537! P4:! *4G8P:! )4B! B:*%8 4B4! O4! !8--4B4534! :**4P:7G4+! /7558!
,%4!G7! :5G4OO:'4537$! %O:! 4!!4B:! %*75:! P:--4B:!9858! P7'O:! 75:*7O:! :5! ,%75G8! /7558!
OQ:5G4OO:'4537!9/4!)4B*4GG4!O8B8!P:!)B45P4B4!:5!985!:P4B73:854!!%5!)4B:8P8!P:!G4*)8!*8OG8!
):J!O%5'8$!&!!:!!858+!:5-7GG:+!:5!'B7P8!P:!*4GG4B4!:5!7GG8!P4'O:!7998B':*45G:!)4B!7OO4 :7B4!
'O:!!G7G:!P:!9%:!7OGB:*45G:!-7B4""4B8!4!)4B:4537!7!O%5'8!:5!-%G%B8$!24B!4!4*):8!8GG454B4!%5!
"%85! O: 4OO8! P:! :!GB%3:854! 7O! -:54! P:! GB8 7B4! %5! "%85! O7 8B8+! -7B4! !8OP:! 4! : 4B4! "454! %5!
P8*75:$! #! ,%4!G8! )%5G8! !G:7*8! )7BO75P8! '454B:97*45G4! O7! !):B:G%7O:G6! 585! (! 7598B7!
!G7G7!)B4!7!:5!985!:P4B73:854$!!
!
$4!!:!98*):858!73:85:! :BG%8!4+!:O!-%G%B8!!7B6!97B7GG4B:337G8!P7OO7!-4O:9:G6$!$4!!:!98*):858!
73:85:!P4)O8B4 8O:+!)85:7*8!O4!97%!4!)4B!%5!-%G%B8!!):794 8O4$!"7!!):B:G%7O:G6!7OO8B7!45GB7!
54O!)B894!!8!*45G7O4!P:!%5!4!!4B4!%*758!9/4!985G4*)O7!%5!-%G%B8!9/4! 7P7!7OP:O6!P4OO7!
!4*)O:94!*8BG4$!!
-%GG8!,%4OO8!9/4!O.,OO%*:57G8!:5!4'5L!985P%94!7OO7!98*)B45!:854!P4:!!P%4!O: 4OO:!P:! 4B:G6!
D,%4!G8+! )4BL+! 585! :*)O:97! 9/4! 585! 9:! !:758! 4B:G6! :5! G4B38! O%8'8! ,%7O:+! )4B! 4!4*):8+! O4!
,%7GGB8! 58":O:! 4B:G6+! 499$! 8!!:7! )8!!:7*8! 7 4B4! P4OO4! %OG4B:8B:! !%PP: :!:85:F$! 28:9/8!
7"":7*8!P%4!O: 4OO:!P:!B47OG6+!P8"":7*8!7 4B4!,%7O98!7!P7!!%PP: :P4B4!8!97B7GG4B:337B4!:5!
P%4!97G4'8B:4$!
!
*:! )8!!:7*8! P%5,%4! 9/:4P4B49! O9/4! 98!.(! 9/4! :454! !%PP: :!8KP! 4! O7! B:!)8!G7! (! O98!4!
9858!9:":O:P!8!O8''4GG:!P:!9858!94537P!D:5!G:"4G7589!"9+?@$F$!,5!,%4!G8!985G4!G8!%57!98!7!
9858!9:":O4!(!!4*)O:94*45G4!,%7O98!7!9/4!4!:!G4$!&!:!G4B4!:*)O:97!4!!4B4!9858!9:":O:+!4!!4B4!
9858!9:":O:!!:'5:-:97!4!:!G4B4$!
!

! >>!
#""#!$*>2&1-#!(&"!5+((N,$&>!

24B! 4!4*):8! :8! )8GB4:! 7 4B4! OQ:P47! P:! %5! 985:'O:8! 985! O4! 98B57+! G7O4! :**7':54! )8GB4""4!
!8B'4B4! 54OO7! *:7! *45G4$! ,8! )8GB4:! -7""B:97B4! ,%4!G7! 9858!94537! 4! :5! ,%4!G8! !45!8! O4!
98B57! P4:! 985:'O:! !7B4""4B8! ,%7O98!7! P:! 9858!9:%G8+! *7! 9/4! 585! 4!:!G4$! ,O! )B8"O4*7!
P%5,%4! (! 9/4! ,%75P8! 4,%:)7B:7*8! O4! 98!4! 4!:!G45G:! 4! O4! 98!4! 9/4! !858! 9858!9:%G4+! 4!!4!
P4 858!4!!4B4!9858!9:%G4!P7!%57!98!9:4537! 7O:P7+!585!P7!%57!98!9:4537!,%7O!:7!:$!!
,5!7OGB4!)7B8O4!:8!)8!!8!%!9:B4!P7OO.4*)7!!4!P:945P8!9/4!(! 4B8!9/4!O4!98B57!P4O!985:'O:8!
!858!9858!9:%G4!P7OO7!985!7)4 8O4337!P:!%57!)7BG:98O7B4!)4B!857+!*7!,%4!G8!585!!:'5:-:97!
5494!!7B:7*45G4!9/4!!858!9858!9:%G4!P7OO7!985!7)4 8O4337$!!
!
,O! G4B*:54! !75!9B:G8! )4B! 4B:G6! %OG:*7! (! 7$*$4$*)9$"$)#$! :5+! !4! !98*)85:7*8! O7! )7B8O7!
8GG45:7*89!$*)9$!@!9:L!9/4!(!9858!9:%G8+!7$*$4$!@!9:L!9/4!9858!94!:O!!%8!8''4GG8+!8 4B8!
O7!*45G4!P:!%5!4O4 7G8!4!!4B4!!):B:G%7O4+!"$)#$!@! 4B:G6$!24BG75G8!(! 4B:G6!)4B9/8!9:L!9/4!(!
9858!9:%G8! (! 4B8! )4B! 9/:! 9858!94! :O! !%8! 8''4GG8! @! O7! *45G4! P:! %5! 4!!4B4! !):B:G%7O4!
!%)4B:8B4$!"7! 4B:G6!%OG:*7!(!)4BG75G8!%5!8''4GG8!9/4!7!O: 4OO8!%OG:*8!!(! 4B8$!!
!
&! O.7OGB7+! O7! !4985P7! P4OO4! P%4! 4B:G6K! *8*4! )8!!:7*8! 98*)B45P4B4! O7! 4B:G6!
985 453:857O4+! :O! O: 4OO8! P:! 4B:G6! 7))7B45G4! P8)8! 7 4B! !4'%:G8! :O! )7BG:98O7B4!
B7':857*45G8!9/4!9:!/7!)8BG7G:!7OO7!B47OG6!%OG:*7K!&!!7!(!"$4.*)2"$)#$$!'$4.*)2!!:'5:-:97!
57!985P4B4!98*)O4G7*45G4!4!:5!,%4!G8!985G4!G8!(!B:-4B:G8!7!%57!98!9:4537!8BP:57B:7!9/4!
57!985P4!9:L!9/4!(!B47O4$!'$)#$!!:'5:-:97!!4*)B4! 4B:G6+!*7!!:!GB7GG7!P4OO7! 4B:G6!)4B!%57!
98!9:4537!8BP:57B:7$!,5!7OGB4!)7B8O4+!G%GG4!O4!98!4!9/4!!858! 4B4!)4B!P4OO4!*45G:!8BP:57B:4!
98*4! O4! 58!GB4! 4! 9/4! !858! 7994GG7G4! P7! 4!!4! 98*4! B47O:! !858! 4B:G6! 985 453:857O:$!
24BG75G8+!!:!GB7GG7!P4OO7! 4B:G6!)4B!%57!*45G4!8BP:57B:7!8!9%B7G7$!
!
?4OO7!GB7P:3:854!!98O7!G:97!!:!7--4B*7!9/4!G%GG8!9:L!9/4!(!9858!9:%G8!(!!4*)B4!:59O%!8!:5!
%58!P:!,%4!G:!P%4!O: 4OO:!P:!B47OG6$!M%7O!:7!:!98!7!585!:59O%!7!:5!,%4!G:!P%4!O: 4OO:!P:!B47OG6!
(!7O!P:!-%8B:!P4OO7!!-4B7!P:!9:L!9/4!)%L!4!!4B4!9858!9:%G8$!M%4!G8!(!%5!B7':857*45G8!*8OG8!
)B8-85P8!@!,%4!G4!P%4!97G4'8B:4+!O4!(%4!)4B:G6+!B799/:%P858!%57!P4!9B:3:854!4!7%!G: 7!P:!
G%GG8!9:L!9/4!4!:!G4$!!
!
&998!98*4!-%53:857$!"7! 4B:G6!4!O7!-7O!:G6!!:!7998*)7'5758+!585!(! 4B8K!$4!%57!)4B!857!
-7! %5.7--4B*73:854! 9/4! B:!)499/:7! O7! B47OG6! 7OO8B7! O.7--4B*73:854! (! 4B7$! 24B! 985GB8+!
%5.7--4B*73:854!9/4!585!B:!)499/:7!O7!B47OG6!(!%57!-7O!:G6$!!
!
,O!O: 4OO8!%OG:*8!P4OO7!B47OG6!(!B:-O4!!8!54OO7!*45G4!P4OO7!985!7)4 8O4337!9/4!O8!9858!94+!:5!
%5!*8P8!9/4!585!(!-7O!8$!M%4!G8!5494!!7B:7*45G4!4 :P453:7!O8!!G7G8!P:!98!4!)4B!9%:!G%GG4!
O4! 4B:G6!985 453:857O:!!858!-7O!4!)4B!O7!985!7)4 8O4337!9/4!O4!9858!94+!B:!)4GG8!7O!*8P8!
:5! 9%:! 7))7:858$! $:*:O*45G4! ":!8'57! P:B4! 9/4! O4! 98!4! 8BP:57B:4! 9/4! 7))7:858! 7! %57!
98!9:4537! 8BP:57B:7! !858! -7O!4! )4B! ,%4OO7! 98!9:4537! 8BP:57B:7! :5-7GG:+! B:*%8 45P8! ,%4OO7!
4B:G6+! B: 4O:7*8! )B8)B:8! O7! 4B:G6! P4OO7! 985!7)4 8O4337! P4OO.%OG:*8$! M%4OO.%OG:*8+! 9/4!
7))7B4! 7! %57! 98!9:4537! 9/4! O8! 9858!94! 585! (! -7O!8! )4B! ,%4OO7! 98!9:4537+!(! O7! G7O:G6! P4OO4!
98!4+! O7! B47OG6! %OG:*7! P4OO4! 98!4$! $:! /7! P%5,%4! %57! B47OG6! 9/4! 5494!!:G7! %5.7OGB7! B47OG6+!
%5Q7OG4B57537! P:! P%4! *8P:! 4! P7! ,%4!G7! B4O73:854! P4B: 7! O.7--4B*73:854! 9/4! G%GG8! :O!
9858!9:":O4!(!:59O%!8!54OO4!P%4! 4B:G6$!
!

>J! !
"#!$#%%&''#!(&""#!)#*+,-.!

?4O! !:!G4*7! -:O8!8-:98! "%PP/:!G7! 9:! !858! *8OG4! :5G4B)B4G73:85:! B:!)4GG8! 7OOQ4!7GG7!
P4-:5:3:854!P:!,%4!G:!P%4!O: 4OO:!P:! 4B:G6+!9/4!!858!4!)8!G4!P7OO4!,%7GGB8!!9%8O4!)B:59:)7O:$!
*8!7! !:! :5G45P4! 985! 79%:G6+! 8! %OG:*8+! !4985P8! O7! !9%8O7! ):J! )B8-85P7+! O7! !9%8O7! P4:!
*85!4,%453:7O:!G:! P4OO7! ):7! P:!&4338K!$:! GB7GG7! P4O! -7GG8! 9/4! 5%OO7! 8! 54!!%58+! 8 %5,%4+!
)8!!:4P4!,%7O98!7!9/4!:5GB:5!497*45G4!O8!B45P4!9:L!9/4!($!?%OO7!)8!!:4P4!%5!)B8)B:8!!4'58!
!)49:-:98$!-%GG8!4!:!G4!!4*)O:94*45G4!7GGB7 4B!8!:O!O:5'%7'':8+!7GGB7 4B!8!:!98594GG:$!
!
".7!!4537!P:!,%7O98!7+!O7!G8G7O4!7!!4537+!:O!98*)O4G8!585X4!!4B4+!585X4!:!G4B4!P:!,%7O98!7!
9/4!585!9.(!!4!585!GB7*:G4!:O!)8G4B4!P4O!)45!:4B8!8!P4O!O:5'%7'':8!(!O7! 79%:G6+!8!!/%507G7!
@!O7! 4B:G6!%OG:*7$!M%75P8!!:!)7BO7!P:! 4B:G6!%OG:*7+!P:! 79%:G6+!9:!!:!-897O:337!!%!,%7O98!7!
@!!:!8!!4B 758!'O:!8''4GG:!4!!:!GB8 7!9/4!!858!98*)O4G7*45G4! %8G:$!&.!*8OG8!:*)8BG75G4!
9/4! 98!7! !:! 8!!4B 7! 4! 9/4! 98!7! !:! !98)B4! 4!!4B4! %8G8$! ".:P45G:-:973:854! :5! )B:*8! O%8'8!
P4OO4! 98!4! (! %5! )B894!!8! *8OG8! :*)8BG75G4+! P7G8! 9/4! O7! 4B:G6! %OG:*7! 585! (! ,%7O98!7!
:**4P:7G7*45G4! )4B94):":O4! 7GGB7 4B!8! :! 58!GB:! !45!:+! )8:9/8! 585! O7! )8!!:7*8!
!4*)O:94*45G4! 4P4B4$!(8"":7*8!7BB: 7B9:!7GGB7 4B!8!:O!)B894!!8!98594GG%7O4!4!)4B!-7BO8!
7"":7*8!":!8'58!P:!%!7B4!P4:!B7':857*45G:$!M%4!G8!)B894!!8!/7!98*4!)%5G8!P:!)7BG4537!
P4OO4! 98!4! 8! "7!:+! 9/4! !858! :! 9:5,%4! 7''B4'7G:! D!75!9B$! "#$%&$F! !%:! ,%7O:! :*)%G:7*8! %5!
-7O!8!!45!8!P:!:8!9/4!4!:!G4!:5!*75:4B7!)4B*7545G4$!
!
-.,.79.%:! +")*$)).! &$3,2! 2%"+3%$4+%)2! %(&&92"4! &A&! &+,! -+%)*.! -"+! -9+%! 52%3! -+%)*+)! -+").!
.*232%$,+!";.%.";2().)!<2")$47$!$().*211$)$!&$,!-"+!-9+%!52%3!-+%)+*!
!!

! >A!
#""#!$*>2&1-#!(&"!5+((N,$&>!

>G! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
!
#""#!1,*&1*#!(&"".,>!
"7*7!'8)7!1:5)894!!
!
-%GG:!:!)B8"O4*:!9/4!58:!:5985GB:7*8!54O!!7*!7B7+!:O!9:9O8!985G:5%8!P4OO4!*8BG:!4!B:57!9:G4+!
!8B'858! 'B73:4! 7OO.:'58B7537! 9/4! !:! 7--4BB7! 7OO4! 98!4! 98*4! !4! -8!!4B8! :5GB:5!497*45G4!
4!:!G45G:$!"7!58!GB7!985P:3:854!54OO.4!:!G4537!9:9O:97!(!!:*:O4!7!,%4OO7!P:!4!!4B4!:5GB7))8O7G:!
7OO.:5G4B58! P:! %5! 'B75P4! )7O7338! 985! 5%*4B8!4! !G7534! 4! )8BG4+! %57! !8O7! P4OO4! ,%7O:! (!
O.%!9:G7$! ?8:! 7'/:7*8! :*)8G45G:! P7! %57! )7BG4! P4O! )7O7338! 7OO.7OGB7! 7OO7! B:94B97! P4OO7!
)8BG7!':%!G7$!"7!)8BG7!9/4!985P%94!-%8B:!P7O!!7*!7B7!(!O7!!7''4337!9/4!B47O:337!O7! 79%:G6!
P4OO.4!:!G4537!:5P:)45P45G4$!!
!
M%4!G7! !7''4337! (! OQ75G:P8G8! P:B4GG8! )4B! O.:'58B7537! 9/4! (! !:7! O7! 97%!7! 9/4! O.4--4GG8!
P4OO.7''B7))7B!:!7OO.:8!4!9/4!9B4P4!9/4!:O!!8!8!Q:8Q!!:7!4!:!G45G4!:5GB:5!497*45G4!4!:5!*8P8!
:5P:)45P45G4$! ,5! 7OGB4! )7B8O4! O.:8! 7))7B4! )4B! ,%4OO8! 9/4! :5! B47OG6! 585! (9! %57! 45G:G6!
9859B4G7+! :**%G7":O4+! 4!:!G45G4! :5P:)45P45G4*45G4! @! 4! O7! 58!GB7! *45G4! 8!9%B7G7!
P7OO.:'58B7537!7P4B:!94!7!,%4!G7! :!:854!4BB7G7$!$:!P: 45G7+!,%:5P:+!P:)45P45G:!P7!,%4!G8!
:8! -75G8*7G:98! 4! O8! 799%P:7*8! 98*4! !4! -8!!4! O7! 98!7! ):J! )B43:8!7! 9/4! )8!!4P:7*8$! "7!
!7''4337! B:9858!94! 9/4! ,%4!G8! :8! 4!:!G45G4! :5! *8P8! 7%G858*8! (! 98*)O4G7*45G4!
:54!:!G45G4! 4! ,%:5P:! 7GGB7 4B!8! O7! !7''4337! !:! P:!GB%''4! O.:'58B7537$! ?4OO4! !9B:GG%B4!
"%PP/:!G4! !:! O4''4! 9/4! B47O:337B4! O7! :!:854! 98BB4GG7! P4OO7! 79%:G6+! 759/4! )4B! %5! !8O8!
*8*45G8+! !9%8G4! O4! -85P7*45G7! P4O! !7*!7B7+! )B8)B:8! 98*4! %5! G4BB4*8G8! !9%8G4! O4!
-85P7*45G7!P:!%5!)7O7338$!!
!
,5! 8'5%58! P:! 58:! !8B'4! :!G:5G: 7*45G4! O7! 985 :53:854! P:! %5! :8! 9859B4G8! 4! 4!:!G45G4! :5!
*8P8!:5P:)45P45G4$!M%75P8!O7!*7GG:57!9:!7O3:7*8!58:!)45!:7*89!OW,8.!P4 8!)B4)7B7B4!O7!
98O73:854P! 8))%B4! OQ:8Q! P4 8! 75P7B4! 7! O7 8B7B4P! 4+! P:! 985!4'%4537+! 57!94! O7! )8G45G4!
985 :53:854! P:!%5!:8! 9/4! 4!:!G4!:5! *8P8! :5P:)45P45G4! 4! 9:! 7--4BB:7*8! 7! ,%4!G7! 9B4P4537!
4BB7G7$! $4! ,%7O9%58! !:! B: 8O'4! 7! 58:! P:945P89! O-%! !4:! !G%):P8P! 8))%B4! O-%! !4:!
:5G4OO:'45G4P+! P7OO4! )B8-85P:G6! P4OO7! 58!GB7! *45G4! 7 7537! :O! 58!GB8! :8! G8B*45G7G8! P7OO7!
B7"":7!8!'85-:8!P:!8B'8'O:8$!M%4!G8!-8BG4!!45!8!P:!%5!Q$4Q!9:!7998*)7'57!P7OO7!57!9:G7!@!
585!O8!7"":7*8!7))B4!8!P7:!58!GB:!'45:G8B:!8!P7:!58!GB:!*74!GB:$!&!!8!7))7B4!:5!*75:4B7!
):J! : :P7! ,%75P8! !:7*8! !8''4GG:! 7P! 4*83:85:! )7BG:98O7B*45G4! -8BG:+! 8 4B8! ,%75P8!
45:7*8!*7OGB7GG7G:+!9B:G:97G:!8!!:7*8!!8GG8!O.:5-O%!!8!P4OO.7GG7997*45G8!8!P4OO.8B'8'O:8$!
$4!!)4B:*45G:7*8!%5!G4BB4*8G8!8!!4!!:7*8!98:5 8OG:!:5!%5!:59:P45G4+!!:7*8!!8)B7--7GG:!P7!
%5! :8! :5! )B4P7! 7O! G4BB8B4! 9/4! 9:! B45P4! :5985!7)4 8O:! P:! G%GG8! ,%4OO8! 9/4! 9:! 9:B985P7$! +5!
-8BG:!!:*8! !45!8! P4OO.:8! !8B'4! 759/4! ,%75P8! !45G:7*8! )B85%59:7B4! :O! 58!GB8! 58*4$! &7!
,%4!G8!:8!7))7B45G4*45G4!!8O:P8!4!7%G858*8!585!(!7%G45G:98!@!585!4!:!G4$!
!
M%4!G8! 585! %8O! P:B4! 9/4! 58:! 585! 4!:!G:7*8+! )8:9/8! ;=+! %5! 7O:P8! :8! 9/4! 4!:!G4! :5! *8P8!
985 453:857O4$! M%4!G8! (! O.O:8P9/4! !)4B:*45G7! O7! -4O:9:G6! 4! O7! !8--4B4537+! 9/4! O7 8B7+!
!G%P:7+! *75':7+! P8B*4+! *4P:G7! 4! B7'':%5'4! O.:OO%*:573:854$! M%4!G8! :8! 4!:!G4! *45GB4!

! >B!
#""#!$*>2&1-#!(&"!5+((N,$&>!

O.7OGB8!:8!(!%57!)%B7!7OO%9:573:854$!,5!)B4P7!7OO.:'58B7537!58:!985-85P:7*8!O.:8!-7O!8!P7!
,%4OO8!7%G45G:98!4!!:7*8!:597)79:!P:!P:!G:5'%4BO:$!!
! M%4!G8!B7':857*45G8!9:!)8BG7!7P!%5!)B8"O4*7!9/4!!)4!!8!57!94!,%75P8!!:!*4P:G7!
!%OO7! 79%:G6$! #O9%5:! *4P:G7G8B:! )45!7589! O".:8! 585! (! :O! *:8! 98B)8+! O.:8! 585! (! O7! *:7!
*45G4!4!)4BG75G8+!:8!585!4!:!G8P+!8))%B4!O)8:9/8!:8!585!B:4!98!7!GB8 7B4!:O!*:8!:8+! %8O!
P:B4!9/4!*:!!G8!7 :9:575P8!7OO7!B47O:3373:854!P4OO7! 79%:G6P$!"7!*4P:G73:854!9/4!)8BG7!7!
G7O4! 9859O%!:854! (! %57! *4P:G73:854! !"7'O:7G7! )8:9/8! 585! G:454! :5! 985!:P4B73:854! O.:8!
985 453:857O4$! ,O! *4P:G7G8B4! 585! B:4!94! 7! B:9858!94B4! 4! 7! :P45G:-:97B4! 98BB4GG7*45G4! :O!
-7O!8!:8!9/4!P4 4!4!!4B4!985-%G7G8!4!:5 494!B:-:%G7!O.:8!985 453:857O4!8!B4O7G: 8!9/4!+"2")+$!
$4!585!!:!B:*4P:7!7!,%4!G8!4BB8B4!7OO8B7!!:!)%L!! :O%))7B4!O7! :!:854!5:9/:O:!G7!9/4!5%OO7!
4!:!G4! 9/4! )%L! )8BG7B4! 7P! %OG4B:8B4! 985-%!:854! 4! !8--4B4537+! :5 494! 9/4! 7OO7! O:"4B73:854$!
M%7O!(!7OO8B7!O7!P:--4B4537!GB7!:O!-7O!8!:8!4!O.:8!985 453:857O4K!,O!-7O!8!:8!(!!4*)O:94*45G4!
%57! :!:854! 585! 98BB4GG7! P4O! $49! 9/4! !:7! ,%7O98!7! P:! 9859B4G8+! 9/4! 4!:!G4! :5! *75:4B7!
:5P:)45P45G4!4!P7OO7!!%7!)7BG4$!".:8!9/4!:5 494!4!:!G4!(!P:)45P45G49!57!94!:5!P:)45P4537!
P4O!98B)8!4!P4OO7!*45G4+!:!98!G:G%45G:!P4OO7!58!GB7!4!:!G4537$!M%4!G7!98*":573:854!98B)8X
*45G4!(!O7!"7!4!7OO7!,%7O4!:O!)45!:4B8!98594GG%7O4!/7!7"":57G8!%5!58*4$!?4O!97!8!P:!%57!
975P4O7+!O8!!G8)):58!4!O7!94B7!!858!O7!"7!4!7OO7!,%7O4!(!!G7G8!7"":57G8!:O!58*4!O975P4O7P!4!
)4BG75G8!O7!975P4O7!4!:!G4!:5!P:)45P4537!P4:!!%8:!98!G:G%45G:!4!P7O!!%8!58*4$!?85!4!:!G4!
%5!8''4GG8!975P4O7!!4)7B7G8!P7!4!!:$!#OO8!!G4!!8!*8P8!585!4!:!G4!%5!:8!:5P:)45P45G4!P7O!
98B)8+!P7OO7!*45G4!4!P7O!58*4$!!
!
>'5:,%7O 8OG7! !8B'4! :O! !45!8! P4OO.:8! 98*4+! )4B! 4!4*):8! ,%75P8! !:! )45!7! O:8! /8! -7*4P+!
O.:'58B7537! 9/4! 7P4B:!94! 7O! $4! 9B47! O7! 985 :53:854! 9/4! G7O4! :8! !:7! 9859B4G8! 4P! 4!:!G7!
:5GB:5!497*45G4$! $4! )4BL! 757O:33:7*8! ,%4!G8! :8+! !98)B:B4*8! 9/4! (! 98*)8!G8! P7O! 98B)8! X!
!)49:7O*45G4!P7OO8!!G8*798! %8G8!X!4!P7OO7!*45G4!9/4!!:!:P45G:-:97!985!,%4!G7!!45!73:854!
P:! %8G8$!?85!4!:!G4!%5!:8!:5GB:5!497*45G4!4!:!G45G4!7--7*7G8!!4!585!,%4!G:!4O4*45G:!GB7!
P:!O8B8!:5G4BP:)45P45G:$!!
!
$4! O.:8! 0.""+! :5P:)45P45G4+! 7OO8B7! !7B4""4! 97)794! P:! 8)4B7B4! :5P:)45P45G4*45G4$! 24B!
4!4*):8+! :O! *:8! :8! )8GB4""4! B:*754B!454! !4P%G8! ,%:! 7! O4''4B4! *45GB4! :O! *:8! 98B)8! 7! 7!
-7B4! ,%7GGB8! )7!!:! :5! 9:GG6$! ,O! *:8! :8! )8GB4""4! 4!!4B4! -4O:94! ,%75P8! O7! *:7! *45G4! (!
P4)B4!!7$!-%GG8!,%4!G8!(!:*)8!!:":O4!4!)4BG75G8!O.:8!585!)%L!4!!4B4!:5P:)45P45G4$!M%75P8!
:O!*:8!98B)8!(!!4P%G8+!:O!*:8!:8!(!!4P%G8$!M%75P8!:O!*:8!98B)8! 7!7!)7!!4'':8+!:O!*:8!:8!
)7!!4'':7$!M%75P8!O7!*:7!*45G4!(!P4)B4!!7+!:O!*:8!:8!(!P4)B4!!8$!#!!4985P7!P4OO.7GG: :G6!
-:!:97! 9/4! !G:7*8! 98*):45P8! 8! P4O! 58!GB8! !G7G8! *45G7O4+! 58:! P:9:7*89! OW,8.! !G8!
O7 8B75P8P+!OW,8.!!G8!*75':75P8P+OW,8.!!G8!)45!75P8P+!!OW,8.!!858!-4O:94P!4!98!R! :7$!".:8!
P:)45P4!P7!,%4OO8!9/4!!G7558!-7945P8!:O!98B)8!4!O7!*45G4U!4!!8!(!)8!G%O7G8!%5:97*45G4!!%!
,%4OO7!"7!4+!5%OO.7OGB8$!
!
"7! 57G%B7! P:)45P45G4! P4OO.:8! P8 B4""4! 4!!4B4! 9/:7B:G7! P7! ,%4!G:! !4*)O:9:! 4!4*):$! "7!
98*)B45!:854!P4OO7!57G%B7!P:)45P45G4!(!O8!!GB%*45G8!)B:59:)7O4!)4B!O7!B47O:3373:854!P4OO7!
79%:G6+! 8! P4OOQ4!:!G4537! 585! :5P:)45P45G4! P4OO.:8$! -%GG4! O4! 98!4! /7558! %57! 57G%B7!
P:)45P45G4$!24B!4!4*):8!:O!G4B*:54!O98B)8P!!:!7))O:97!7:!!%8:!98!G:G%45G:9!)4OO4+!!75'%4+!
8B'75:+!8!!7+!499$!M%4!G:!98*)8545G:!!858!7!O8B8! 8OG7!P:)45P45G:!P7!4O4*45G:!):J!):998O:!
,%7O:!94OO%O4+!7G8*:!4!)7BG:94OO4!!%"7G8*:9/4$!!

>E! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
"7!*45G4!/7!759/.4!!7!%57!57G%B7!P:)45P45G4$!?8:!O7!:**7':5:7*8!98*4!%57!98!7!B47O4+!
7%G858*7!4!B47':7*8!985!!45G:*45G8!,%75P8!!45G:7*8!-B7!:!P4O!G:)8!OG%!/7:!%57!*45G4!
B7--:57G7P+! 8))%B4! OG%! !4:! 98*)O4G7*45G4! 985-%!8P$! "7! *45G4! (! %5! -458*458! )B: 8! P:!
-8B*7!9/4!)4B94):!94!'O:!8''4GG:!4!/7!%57!57G%B7!9/:7B7$!$%OO7!"7!4!P:!,%4!G7!-%53:854!58:!
:*)%G:7*8!O.4G:9/4GG7!O*45G4P!*7!585!4!:!G4!7O9%57!*45G4!9/4!! 8O'4!%57!-%53:854!7O!P:!
-%8B:! P:! ,%4!G:! -7GG8B:$! "7! *45G4! P:)45P4! P7:! !%8:! 98*)8545G:9! )45!:4B:! *8*45G754:+!
)4B943:85:+! !45!73:85:$! *8!R! 98*4! )4B! O.:8+! O7! *45G4! 4! :O! 98B)8! P:)45P858! P7:! O8B8!
98*)8545G:!4!P7OO4!O8B8!4G:9/4GG4+!P%5,%4!G%GG:!:!-458*45:!!8B'858!:5!P:)45P4537$!
!
M%4!G8! B7':857*45G8! )%L! 4!!4B4! ):J! -79:O*45G4! 98*)B4!8! %G:O:3375P8! %57! !4*)O:94!
*4P:G73:854+! 4O7"8B7G7! )4B! *8!GB7B4! 98*4! O.:8! P: 45'7! 7))7B45G4*45G4! 4!:!G45G4$!
,5:3:7G4! 985! %57! *4P:G73:854! !%O! B4!):B8+! )4B! B:O7!!7B :! 4! 97O*7B4! O7! *45G4$! 28:+! 985!
*45G4!7GG45G7!4! :':O4+!:5:3:7G4!O45G7*45G4!7P!799B4!94B4!O7!985!7)4 8O4337!B:!)4GG8!7OO.:8$!
*/:! 8! 98!7! !G7! )45!75P8+! )4B94)45P8+! *4P:G75P8K! *8*4! !4*"B7! 9/4! 45'7! 7P! 4!:!G4B4K!
*8*4! :! 7))7B4K! ,O! 8!GB8! :8! (! %57! 9B473:854! P4OO7! 8!GB7! *45G4! 8! ,%7O98!7! 9/4! 4!:!G4!
:5P:)45P45G4*45G4+!)4B!985G8!!%8K!
!
M%75P8!7 4G4!:P45G:-:97G8!O.:8!94B97G4!P:!O897O:337BO8$!(8 4!!:!GB8 7K!?4OO7! 8!GB7!G4!G7+!
54:! 8!GB:! 899/:+! 54O! 9%8B4+! 54OO4! *75:+! 54OO8! !G8*798+! 54:! ):4P:K! #57O:337G4! 985!
7GG453:854! 8'5:! )7BG4! P4O! 8!GB8! 98B)8! :59O%!:! 'O:! 8B'75:+! :! 7!:! !75'%:'5:! 4! :! 54B :$!
1:%!9:G4! 7!GB8 7B4! O.:8K! $4! 585! 9:! B:%!9:G4!7OO8B7! )8GB4""4!4!!4B4! *8OG8! ):998O8! 4! !8GG:O4+!
,%:5P:!)7!!7G4!7P!4!7*:57B4!O4!94OO%O4+!'O:!7G8*:!4!:!O8B8!98*)8545G:$!!
!
(8)8! 7 4B! 4!7*:57G8! :O! 98B)8!:5G4B8! 9/:4P4G4 :! 7598B7! %57! 8OG7! 98*4! -7! :O! 8!GB8.:8! 7!
*75:-4!G7B4!O7!!%7!4!:!G4537!7))7B45G4$!*85G:5%7!7P!7))7B:B4! : :P8!4!B47O4K!&.!:O! 8!GB8!
98B)8!8))%B4!58K!
!
18B!4! )45!7G4! 9/4! O7! 8!GB7! *45G4! !:7! :O! 8!GB8! :8$! "7! *45G4! 985!:!G4! P:! )45!:4B:! :5!
985G:5%8! *%G7*45G8+! :5! B7):P7! 7OG4B57537$! M%7O4! P:! 4!!:! (! O.:8K! &.! %5! )45!:4B8!
7*8B4 8O4+! %5! )45!:4B8! :B7G8+! %5! )45!:4B8! !4B:8! 8! %5! )45!:4B8! -%G:O4K! 28G4G4! GB8 7B4!
O.O:8P54OO7! 8!GB7!*45G4K!$4!585!B:%!9:G4!7!GB8 7BO8!54O!98B)8!4!54OO7!*45G4!9.(!%5!7OGB8!
)8!G8!P8 4!94B97B4K!2%L!4!:!G4B4!P7!,%7O9/4!7OGB7!)7BG4!8!:5!,%7O9/4!7OGB8!*8P8K!!
! )7O%G7G4! 8'5:! )8!!:":O:G6! 4! 7598B7! %57! 8OG7! 4!7*:57G4! 7GG45G7*45G4! :O! *8P8! :5!
9%:!:O! 8!GB8!:8! :!7))7B4$!*:!!858!!G7G:!P4:!97*":7*45G:K!*85G:5%7G4!7!)45!7B4!9/4!4!!8!
!:7!B47O4!4!P8G7G8!P:!4!:!G4537!:5P:)45P45G4K!$4!G7O4!:8! :!7))7B4!7OO8B7!)45!7G4!O,%4!G8!(!
:O! -7O!8! :8! 9/4! 585! 4!:!G4$! ?85! 9.(! :8! 9/4! !:7! :5P:)45P45G4! P7O! *:8! 98B)8! 4! P7OO7! *:7!
*45G4P!
!
#! ,%4!G8! )%5G8! P:!:5G4'B7G4! *45G7O*45G4! :O! 8!GB8! 98B)8! :**7':575P8! 9/4! G%GG:! 'O:!
7G8*:! !:! !4)7B:58! 4! -O%GG%:58! :7$! &:O:7BP:! 4! *:O:7BP:! P:! *:5%G4! )7BG:94OO4! !:! P:!)4BP858!
54OO8! !)73:8$! ,**7':57G4! P:! )8G4B! 4P4B4! 4--4GG: 7*45G4! ,%4!G8$! (:!:5G4'B7G4! 759/4! O7!
8!GB7!*45G4!4!O7!9:7G4!9/4!8'5:!)45!:4B8!!:!P:!)4BP7$!!

! >K!
#""#!$*>2&1-#!(&"!5+((N,$&>!

! #! ,%4!G8! )%5G8! 94B97G4! P:! 97):B49! P8 4! !:4G4K! ,O! 8!GB8! :8! (! 7598B7! O:! 8))%B4!
98*:59:7G4!7!98*)B45P4B4!9/4!4!!8!(!P:)45P45G4+!*4B7*45G4!:*)%G7G8!!%O!98B)8!4!!%OO7!
*45G4K!
!
#! 8OG4!:!*4P:G7G8B:!)8!!858! : 4B4!O.4!)4B:4537!P:!7 4B!98*)O4G7*45G4!)4B!8!O.:8$!?85!!:!
B:4!94!7!GB8 7B4!:O!$4!4!:O!98B)8!!4*"B7!4!!4B4!! 75:G8!P4O!G%GG8!@!585! :!(!):J!5%OO7!7!9%:!
7''B7))7B!:$! 24B! 'O:! 4!!4B:! :5G4OO:'45G:! ,%4!G7! (! %57! 4!)4B:4537! 9/4! )8BG7! %57! 'B75P4!
':8:7+! ,%7!:! ,%75G8! O.7 4B! !98)4BG8! %5! -75G7!G:98! G4!8B8$! *8O8B8! 9/4! /7558! %57!
98*)B45!:854! O:*:G7G7! !858! :5 494! G4BB8B:337G:! 4! !45G858! P:! 7 4B! )4B!8! %5! 'B75P4! "454!
)B43:8!8$! $4! 9:L! 7997P4! 585! P8 4G4! 7 4B! )7%B7! 9/4! O.:8! 985 453:857O4! !:7! ! 75:G8! @! (!
!8OG75G8!O7!!45!73:854!9/4!57!94!P7OO.7 4B!:5GB7 :!G8!O7!-7O!7!57G%B7!P4OO.:8$!!
!
-.%! ,$! 7*$)2;$8! ,(+")$! 4+&2)$12.%+! 7.*)+*0! $&! (%$! 3*$&($,+! &2"".,(12.%+! &+,! *232&.! ;.%;+)).! ;9+!
$??2$4.! &+,,=2.! +! &2! )())2! 2! 0+%.4+%2)! ".%! "$*+)+! 721! ;."B! 0.*)+4+%)+! 2%0,(+%1$)2! &$,,=23%.*$%1$)! 5+!
..")*+!7+*;+12.%2!;$4?2+*$%%.!+!)()).!$77$*2*0!".)).!(%$!%(..$!+!0*+";$!,(;+)!
8"$42%$)+!$))+%)$4+%)+!3,2!.33+))28!,($,2!,+!0.*4+8!;9+!$77$2.%.!$,,+!..")*+!"+2!;.";2+%1+!+!$%$,211$)+!2,!
4.&.!;.%!2,!,($,+!+""2!.2!$77$2.%.)!$%!,(+").!4.&.!&$.$%)2!$!..2!".*3+*08!2%!)()).!2,!"(.!"7,+%&.*+8!2,!
4.&.!*+$,+!&2!+"2")+*+!&+,,+!;."+)!
!
M%4!G:! 4B!:!GB7GG:!P7O!/*$%&+!'232,,.!&+,,$!C$;(2)0!+!%5!G4!G8!!%!*7/7*%PB7!!9B:GG8!P7O!
)B:*8! 275945! "7*7+! 985G45'858! O7! 9/:7 4! )4B! G%GG4! O4! *4P:G73:85:! !%OO7! 79%:G6$!
".4O4*45G8! ):J! :*)8BG75G4! )4B! B47O:337B4! O7! 79%:G6! (! O.:P45G:-:973:854! 98BB4GG7! P:! 98!7!
P4 4!4!!4B4!54'7G8$!,5!G%GG:!'O:!8''4GG:!9/4!7))7:858!7OO4!58!GB4!!4:!98!9:4534!(!985G45%G8!
%5!-7GG8B4!9/4!4!:!G4!4!%5!-7GG8B4!9/4!585!4!:!G4!4!,%4!G.%OG:*8!P4 4!4!!4B4!4O:*:57G8$!"7!
B47O:3373:854!P4OO7! 79%:G6!!7B6!P:--:9:O4!P7!8GG454B4!!4!585!:P45G:-:9/:7*8!9:L!P:!9%:!!858!
)B: :! 'O:! 8''4GG:! P4:! 58!GB:! !45!:$! M%4!G7! (! O7! 9/:7 4! )4B! 7)B:B4! :O! 7!G8! -8B3:4B4! 9/4!
985G:454!O7! 79%:G6$!
!
2%BGB8))8!,%4!G.8)4B7!P:!:P45G:-:973:854!585!(!)4B!5%OO7!-79:O4!P7!98*):4B4!4!B:9/:4P4!%57!
!8O:P7!"7!4!P:!)B7G:97$!$4985P8!"7*7!-385'!4/7)7!9:!!858!GB4!98!4!!%OO4!,%7O:!P8"":7*8!
985945GB7B9:!7O!-:54!P:!)B4)7B7B4!O4!58!GB4!*45G:!)4B!O7!B47O:3373:854!P4OO7! 79%:G69!)B:*8+!
P:!!8O%3:854! P4'O:! 8!G798O:! 4! 799%*%O73:854! P:! *4B:G:U! !4985P8+! P4 83:854! 7O! *74!GB8!
!):B:G%7O4U! G4B38+! !G%P:8! P:! !8''4GG:! ,%7O:! :O! !45G:4B8! 'B7P%7O4! )4B! O.:OO%*:573:854! 4!
4$9$4(&*$$! $4! !4'%:7*8! ,%4!G:! 985!:'O:+! O7! 98*)B45!:854! ':%5'4B6! B7):P7*45G4$! "7!
58!GB7!B:94GG: :G6!)4B!O4!B47O:3373:85:!P:)45P4!!8)B7GG%GG8!P7OO7!-4P4!54O!*74!GB8$!!
! $4537! P:! ,%4!G7! 58:! )8!!:7*8! 94B97B4! P:! *4P:G7B4! *7! !98)B:B4*8! 9/4! 585! !:7*8!
97)79:! P:! 985945GB7B9:+! 8))%B4! )8!!:7*8! 7!98OG7B4! :5!4'57*45G:! P:! P/7B*7! *7! GB8 7B4!
9/4! O4! )7B8O4! -7558! )898! 4--4GG8$! M%4!G7! !):4'73:854! (! :5! 7998BP8! 985! OQ4!)4B:4537! P4'O:!
4!!4B:!B47O:337G:$!,8!!G4!!8!585!/8!4!)4B:4537!P:!*4P:G73:854$!&:!P:*45G:98!98!G75G4*45G4!
P4OO7! 79%:G6+!*7!94B98!P:!)B7G:97B4!%5!)8.!P:!(/7B*7!8'5:!G75G8$!$4!759/4! 8:!)B7G:97G4+!
)8G4G4!!98)B:B4!:5!)B:*7!)4B!857!O7! 7O:P:G6!P:!,%4!G:!:5!4'57*45G:$!!
!
-.,.79.%:! 6$,! )+").! <2"&.4! 8%+*3#! D8! <2"&.4! 7(?,2;$)2.%")! <2")$47$).! ;.%! 2,! 7+*4+"".! &+,,$!
<2"&.4!/(?,2;$)2.%"!
!
!

>C! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
"#!?>?!(+#",-.!
"7*7!-/%"G45!74!/4!
!
6(*$%)+! ,=+")$)+! &+,! &'338! 5$4$!;+"9+! 9$! .2"2)$).! !$&2".%8! <2";.%"2%8! +!.2! *24$"+! ."72)+!
&+,!"(.!4$+")*.!/9+";+!59(%&(7!'.7$)!$%!(%!7+*2.&.!&2!"+2!"+))24$%+!&2+&+!(%!2%"+3%$4+%).!
"(,,=.7+*$! &2! !$2)*+#$! E62";*242%$*+! )*$! ,$! *+$,)0! *+,$)2.$! +! ,(+,,$! (,)24$F! D69$*4$)!
&9$*4$)$72?9$%3$#$*2#$F! &+,! ,($,+! 2,! "+3(+%)+! +! (%! ?*+.+! +")*$)).)! $,! )+").! &2! !$2)*+#$!
*$77*+"+%)$! (%! $77*.;;2.! 4+&2)$)2..! &2%$42;.! "(,,$! 7*.0.%&$! .2"2.%+! &+,,$! *+$,)0!
+%0$)211$%&.! ,$! %$)(*$! %.%! &($,+! &+,,=+"2")+%1$)! "+,! ;.44+%)$*2.! ;9+! "+3(+! 5$4$! ;+";+!
;92$*2";+!$,;(%+!&+,,+!.72%2.%2!0.%&$4+%)$,2!+"7*+""+!2%!,(+").!)+").!+!.00*+!(%!2%)*.&(12.%+!$,!
7+%"2+*.!%.%!G&($,2")2;.)!!
!
!
$G%P:7B4!,%4!G8!7B'8*45G8!!4*)O:94*45G4!)4B!!8PP:!-7B4!O.:5G4OO4GG8!(!%57!7GG: :G6!)B: 7!
P:! 7O8B4!8!P:!!98)8!@!!7B4""4!!8O8!%58!!)B498!P:!G4*)8$!"7!9858!94537!985G45%G7!54'O:!
:5!4'57*45G:!P:!&7:GB407!(!:59B4P:":O*45G4!)B8-85P7+!*7! 7O4!O7!)457!7--B85G7BO7!!8O8!!4!
!:! )8!!:4P4! O7! ':%!G7! *8G: 73:854$! $4! 585! 9:! 9:*45G:7*8! :5! ,%4!G8! !G%P:8! 985! :O! -:54! P:!
!B7P:97B4!:!58!GB:!)B8"O4*:!)!:98O8':9:+!7OO8B7!!7B4""4!*4'O:8!!)45P4B4!:O!58!GB8!G4*)8!7!
)B4)7B7B4!%57!":":G7!X!98!R!-7945P8!7O*458!B:%!9:B4*8!7!)O797B4!O7!58!GB7!!4G4$!!
!
2B8"7":O*45G4! 7"":7*8! !45G:G8! *8OG8! )7BO7B4! P4OO7! *4P:G73:854! !%O! *7/7*%PB7$!
O!$9$P! !:'5:-:97! 'B75P4! 4! O4(&*$P! !:'5:-:97! !:':OO8$! $4! :8! )8!!:4P8! :O! !:':OO8! 147O4+!
54!!%58! )%L! 8!G798O7B*:! 8! :5-7!G:P:B*:$! M%75P8! :O! *:8! )7!!7)8BG8! :454! :!G7G8! 985! :O!
!:':OO8!P:!$G7G8+!:8!)8!!8!75P7B4!4! :7'':7B4!O:"4B7*45G4$!,O!!:':OO8!9/4!(!*7/7*%PB7!(!%57!
98!7!*8OG8!!:*:O4!759/4!!4!!G:7*8!)7BO75P8!P:!%58!!G7G8!P4OO7!*45G4!9/4!(!8OGB4!O7!58!GB7!
8BP:57B:7! :!:854! P%7O:!G:97! P4OO.4!:!G4537$! M%4!G8! (! :O! 'B75P4! !:':OO8! 9/4! 9:! O:"4B7! P7O!
!7*!7B7$!!
!
&7/7*%PB7!(!O7!585!P%7O:G6+!(!O7! 4B7!57G%B7!7!!8O%G7!P:!G%GG:!:!-458*45:!P4OO.%5: 4B!8+!
!:758!4!!:!4!G4B:8B:!8!:5G4B:8B:$!!
!
*8!7! :5G45P:7*8! 985! :O! G4B*:54! 585XP%7O:G6K! -%GG:! :! -458*45:! 4!:!G45G:+!
:5P:)45P45G4*45G4! P7O! -7GG8! 9/4! !:758! 4G:9/4GG7G:! 98*4! "%85:! 8! 97GG: :+! !858! )4B! O8B8!
57G%B7!7O!P:!O6!P4OO7!P%7O:G6+!7O!P:!O6!P4OO4!58!GB4!P:!9B:*:573:85:!4BB7G4$!?%OO7!P:!9:L!9/4!
4!:!G4!(!7O!P:!-%8B:!P4OO7!585XP%7O:G6$!,5!7OGB4!)7B8O4+!8'5:!454B':7!4!:!G45G4!!8B'4+!8)4B7!4!
!:!4!7%B:!94!54OO7!57G%B7!P4OO7!585XP%7O:G6$!?8:!!:7*8!57G:!!%OO7!-4BB7+! : :7*8!O4!58!GB4!
:G4! 4! !%994!!: 7*45G4! *8B:7*8! !4*)B4! 54OO.7*":G8! P4OO7! 585XP%7O:G6$! M%4!G7! (! O7!
57G%B7O4! 4! !4*)O:94! 4B:G6+! 585! %57! ,%7O!: 8'O:7! G48B:7! -:O8!8-:97! :5 45G7G7! P7! 5%PP/7!
&7:GB407$!$G:7*8!)7BO75P8!P:!-7GG:!8''4GG: :!4!P4OO7!57G%B7!-85P7*45G7O4!P4OO7!B47OG6!@!
5%OO7!):J+!5%OO7!*458$!!
!
24B!8GG454B4!O7!B47O:3373:854!P:!*7/7*%PB7+!(!4!!453:7O4!! :O%))7B4!7":O:G6!54OOQ7BG4!P4OO7!
*4P:G73:854$! 24B! *4P:G7B4! 98BB4GG7*45G4! (! 5494!!7B:8! ! 7!98OG7B4! )B:*7! 985! 7GG453:854!
! >#!
#""#!$*>2&1-#!(&"!5+((N,$&>!

%57! )4B-4GG7! 4!)8!:3:854! P4O! !8''4GG8! :5! ,%4!G:854+! 9/4! 9:! )4B*4GG4B6! %5.799%B7G7! 4!
)B49:!7! 98*)B45!:854! P4'O:! 8":4GG: :! P:! G7O4! *4P:G73:854$! $4! 58:! 7"":7*8! O7! 9/:7B7!
:5G453:854! P:! *4GG4B4! :5! )B7G:97! G7O:! :5!4'57*45G:! 54OO7! *4P:G73:854+! $,,.*$! :O! !8O8!
7!98OG7B4! O4! !):4'73:85:! P: 45G7! %5.4!)4B:4537! *8OG8! )8G45G4! 4! 585! %5! !%)4B-:9:7O4!
4!4B9:3:8!P4OO.:5G4OO4GG8$!!
!
"7! 98*)B45!:854! P4O! -7GG8! 9/4! O7! *45G4! P%7O:!G:97+! )4B!7! :5! 4BB7G4! P:!9B:*:573:85:+! (! O7!
!8B'45G4! P:! :5-:5:G7! !8--4B4537! )4B! !4! !G4!!:! 4! )4B! 'O:! 7OGB:+! !:'5:-:97! 7 4B4! %57! )B43:8!7!
:5G%:3:854!9/4!97*":4B6!)B8-85P7*45G4!O7!,%7O:G6!P4OO7!58!GB7! :G7!,%8G:P:757$!
!
"7!*45G4!P%7O:!G:97!(!)4B!!%7!57G%B7!985GB7PP:GG8B:7$!&!!7!!97G457!%5!P:7O8'8!:5G4B:8B4!
9/4+! P7! !4*)B4+! /7! P:!G%B"7G8! O7! 58!GB7! )794$! ?8:! )45!:7*8! :5! 985G:5%73:8549! O18B!4! (!
,%4!G8+!-8B!4!(!,%4OO8+!-8B!4!(!,%7O98!.7OGB8P!,O!)45!:4B8!P%7O:!G:98!)4B)4G%7!%5!985-O:GG8!
54OO7! 58!GB7! *45G4! 97%!75P8! %57! 'B75P4! 7':G73:854! 4! 985-%!:854$! M%75P8! !7B4*8! :5!
'B7P8!P:!98*)B45P4B4!9/4!,%4!G7!985-%!:854!(!:O!B:!%OG7G8!P:!%57!*45G4!985P:3:857G7!P7!
%57! :!:854!P%7O:!G:97!P4OO7!B47OG6+!)8GB4*8!7':B4!)4B!B4GG:-:97B4!O4!98!4+!*7!-:58!7P!7OO8B7!
!7B6! :*)8!!:":O4! )4B! 58:! 7--B85G7B4! 4--:9794*45G4! :O! )B8"O4*7! :5! ,%75G8! 585! 7"":7*8!
:P45G:-:97G8!98BB4GG7*45G4!O7!!%7! 4B7!97%!7$!?85!)8!!:7*8!O:*:G7B9:!7!9%B7B54!:!!:5G8*:+!
P8"":7*8! :P45G:-:97B4! O7! !8B'45G4! P4O! )B8"O4*7! 4! !B7P:97BO7! )4B! O:"4B7B9454!
98*)O4G7*45G4$!
!
&75!*758!9/4!O7!58!GB7!98*)B45!:854!4!9858!94537!P:!*7/7*%PB7!!:!7))B8-85P:!9858+!
98*:594B4*8! 7! B47O:337B4! 9/4! :O! *8P8! :5! 9%:! O4! 98!4! 9:! 7))7:858! (! !4*)O:94*45G4! %57!
)B8:43:854! P4OO7! 58!GB7! *45G4$! 24B! -7B4! %5! 4!4*):89! O7! P8*75P7! 585! (! !4! &7P:!85! 54O!
X:!985!:5!4!:!G4!P7 4B8!*7!!4!:O!4.&.!985!:O!,%7O4!58:!)4B94):7*8!O.4!:!G4537!P:!&7P:!85!
4!:!G4! B47O*45G4! 8))%B4! 58$! (8 B4""4! 4!!4B4! 9/:7B8! 9/4! 585! !:! GB7GG7! P4OO.7--4B*73:854!
5:9/:O:!G7! 9/4! 5%OO7! 4!:!G4$! ?8:! !G:7*8! !4*)O:94*45G4! 94B975P8! :O! *8P8! 98BB4GG8! P:!
)4B94):B4!O7!B47OG6$!!
!
24B! 9/:7B:B4! %OG4B:8B*45G4! ,%4!G8! )%5G8+! )8!!:7*8! :5 4!G:'7B4! O4! -75G7!:4! 9/4!
)B8:4GG:7*8!!%:!58!GB:!7*:9:!4!!%OO4!)4B!854!9/4!:5985GB:7*8!8!985!O4!,%7O:! : :7*8!8'5:!
':8B58$! "7! 58!GB7! *45G4! P%7O:!G:97! !8 B7))854! %57! *7!9/4B7! 7GGB745G4! 8! P:!'%!G8!7!
!%OO.:**7':54! P:! 9:7!9%57! P4OO4! )4B!854! 9/4! 58:! :5985GB:7*8+! 985! :O! B:!%OG7G8! 9/4! 57!94!
%57! B473:854! P:! P4!:P4B:8! 8! P:! 7 4B!:854! 9/4! 985P:3:857! :O! 58!GB8! 7GG4'':7*45G8! 4! :O!
58!GB8! 98*)8BG7*45G8! 4B!8! G7O4! )4B!857$! ,5:3:7*8! 7! P:!9B:*:57B4! !4! 4'O:! (! O"%858P! 8!
O97GG: 8P!4!G7O4!B:':P8!)B498594GG8!B45P4!:*)8!!:":O4!%57!98*%5:973:854!4--:9794!)4B!:58!
985!:!58!GB:!7*:9:!):J!97B:+!-:'%B:7*89:!985!O7!!7''4337!)B8-85P7!P:!%5!4!!4B4!:OO%*:57G8!
,%7O4!(!%5!5%PP/7$!!
!
$4! 58:! :5 4!G:'/:7*8! 985! 97)7B":4G6! :! *49975:!*:! :5G4B:8B:! P4OO7! *45G4+! 7BB: 4B4*8! 7O!
)%5G8!9/4!9:!!7B6!-:57O*45G4!)8!!:":O4!!%)4B7B4!:O!58!GB8!7":G%7O4!*8P8!%OGB7X9859B4G8!P:!
)4B94):B4! O.%5: 4B!8! 4! B:%!9:B4*8! 7! -7B! 45GB7B4! %5! )898! P:! O%94! 4! P:! !)73:8! 54OO7! 58!GB7!
98!9:4537$! *85! :O! G4*)8! ! :O%))4B4*8! %5Q:5G%:3:854! P:! ,%4OO8! 9/4! O7! 585XP%7O:G6!
B47O*45G4!($!#!,%4O!)%5G8!P8 B4*8!!4*)O:94*45G4!*4P:G7B4!!4537!):J!98594GG%7O:337B4!4!
!4537!)45!:4B:!P:!98B!: :$!*85!-8BG4!P4G4B*:573:854!P8 B4*8!!4*)O:94*45G4!O7!9:7B4!9/4!

JW! !
"#!$#%%&''#!(&""#!)#*+,-.!

O7! *45G4! !:! -897O:33:! %5: 897*45G4! !%OO7! :!:854! P4OO7! 585XP%7O:G6+! 8OGB4! :! 98594GG:! P:!
!8''4GG8Y8''4GG8+! "%858Y97GG: 8! 4! 98!R! :7$! "7! :!:854! P4OO7! 585! P%7O:G6! )%L! 4!!4B4! 98!R!
: :P7! 4! )8G45G4! P7! -7B9:! )45!7B4! P:! )8G4B! 7OO%5'7B4! O7! *758! 4! G8997BO7$! &.! *8OG8!
:*)8BG75G4! !4*)O:94*45G4! )8BG7B4! O7! 58!GB7! *45G4! 7! *4!98O7B!:! 985! ,%4!G7! 5%8 7!
4!)4B:4537! P:! ':8:7! 4! P:! O%*:58!:G6! !4537! O.:*):4'8! P4OO.757O:!:! @! P8"":7*8! B47O:337B4!
P:B4GG7*45G4!9/4!O7!585XP%7O:G6!(!O7! 4B:G6!%5: 4B!7O4!P4OO7!B47OG6$!!
!
&45GB4! :5P:B:33:7*8! O7! 58!GB7! *45G4! O%5'8! O7! :7! P4O! (/7B*7! (! "454! 585! 7!)4GG7B9:!
GB8))8+!GB8))8!B7):P7*45G4$!,O!!45G:4B8!(!%5!)B894!!8!'B7P%7O4!9/4!P8"":7*8!7--B85G7B4!
)7!!8!P8)8!)7!!8$!2B:*7!P:!7))O:97B!:!:5!)B7G:9/4!9/4!)8BG758!7!B:!%OG7G:! 4O89:!4!*8OG8!
)B8-85P:+! ":!8'57! !4'%:B4! 7O9%54! )B7G:9/4! )B4)7B7G8B:4$! "7*7! -385'! 4/7)7+! )4B!
4!4*):8+! !:! 4B7! :*)4'57G8! P%B7*45G4! 54OO7! B47O:3373:854! P4OO7! !/%507G7! D 79%:G6F! *7!
585! 7 4 7! !%994!!8+! )%B! 4!!45P8! %5! 'B75P4! *74!GB8! 985! 5%*4B8!:! P:!94)8O:$! #OO7! -:54!
&75<%!/B:+!O7!)4B!85:-:973:854!P4OO7!!7''4337!)4B-4GG7+!'O:!B: 4OL!9/4!P8 4 7!4--4GG%7B4!%5!
O%5'8! B:G:B8! )4B! )%B:-:97B4! 98*)O4G7*45G4! :O! !%8! -O%!!8! *45G7O4! P7! G%GG4! O4! 7--O:3:85:!
'B8!!8O754! 4! !8GG:O:! 4! P7OO4! O8B8! :*)B85G4$! -385'! 4/7)7! !:! B:G:BL! :5! %57! 'B8GG7! P8 4!
4--4GG%L!GB4!*:O:85:!4!*4338!P:!)B8!GB73:85:!:5!:4*4!7!:55%*4B4 8O:!8--4BG4!P:!*75P7O7!4!
7OGB4! )B7G:9/4! )B4O:*:57B:! P:! )%B:-:973:854$! %B7P%7O*45G4+! 985! O7! )B8'B4!!: 7!
)%B:-:973:854!P4OO7!!%7!*45G4+!O7!!%7!98*)B45!:854!P4OO7! 79%:G6!:5:3:L!7P!7))B8-85P:B!:$!
M%4!G7!GB7!-8B*73:854!985G:5%L!-:58!7O!*8*45G8!:5!9%:!8GG4554!:O!98*)O4G8!B:! 4'O:8$!!
!
*8*)B45P4B4!:O!-7GG8!9/4!O7!B47O:3373:854!P4OO7!585XP%7O:G6!/7!P: 4B!:!O: 4OO:!)%L!4!!4B4!P:!
'B75P4! 7:%G8$! (7O! )%5G8! P:! :!G7! -:O8!8-:98+! 9:! !858! P%4! !9%8O4! :5P:754! P4O! )45!:4B8!
"%PP/:!G7! *7/707579! O7! !9%8O7! *:GG7*7GB7! D$8O7! &45G4F! 4! O7! !9%8O7! &7P/07*:=7! 8!
!9%8O7!P4OO7!):7!P:!&4338+!985!O7!!%7!!%PP: :!:854!P4GG7!2B7!75':=7!8!*85!4,%453:7O:!G7$!
&5GB7*"4! ,%4!G4! !9%8O4! 98598BP758! 54O! P:B4! 9/4! O7! :!:854! P%7O:!G:97! (! -%8B :75G4! 4+!
)4BG75G8+!%.%!.+*$!7!O: 4OO8!%OG:*8+!45GB7*"4!7!!4B:!9858!9/4!O7!585XP%7O:G6!B7))B4!45G7!
O7!57G%B7!7!!8O%G7!P:!G%GG4!O4!98!4!4P!+! 4B7!7!O: 4OO8!%OG:*8$!2%B!98598BP75P8!!%!,%4!G:!
)%5G:+!O4!!9%8O4!P4OO7!$8O8!&45G4!4!*85!4,%453:7O:!G7!/7558!%57!98*)B45!:854!P: 4B!7!P:!
9:L!9/4!!:!:5G45P4!)4B!585XP%7O:G6$!
!
(7O! )%5G8! P:! :!G7! P4:! *85!4,%453:7O:!G:! D2B7!75':=7F+! O7! P8GGB:57! *:GG7*7GB7! D$8O8!
&45G4F!)B4!45G7!%5.%G:O4!7))B899:8!7OO7!98*)B45!:854!P4OO7! 4B:G6!985 453:857O4+!*7!585!
-8B5:!94!%57!P4!9B:3:854!799%B7G7!P4OO7!57G%B7!7!!8O%G7!P4OO7!B47OG6$!,5!7OGB4!)7B8O4+!4!!:!
7--4B*758! 9/4! O7! :!:854! P4OO7! B47OG6! )B8)8!G7! P7OO7! !9%8O7! P4OO7! $8O8! &45G4! (! 7598B7!
*799/:7G7!P7!9B4P4534!!%)4B!G:3:8!4$!?858!G75G4!,%4!G8+!:!*85!4,%453:7O:!G:!98598BP758!
!%O! -7GG8! 9/4! !4! !:7*8! :5! 'B7P8! P:! B47O:337B4! O7! :!:854! P4OO7! $8O7! &45G4! !:7*8!
)4B-4GG7*45G4! ,%7O:-:97G:! )4B! )B7G:97B4! :! *4G8P:! )B8-85P:! P4OO8! 08'7! G75GB:98! 4!
B7'':%5'4B4!7OG:!!:*:!O: 4OO:!P:!98*)B45!:854$!
!
"7!!9%8O7!$8O8!&45G4!!8!G:454!9/4!G%GG:!'O:!8''4GG:!7))7BG4545G:!7O!*85P8!P4:!!45!:!!858!
!4*)O:94*45G4! *75:-4!G73:85:! P4OOQ454B':7! *45G7O4! 4+! )4BG75G8+! 585! 4!:!G858! 7--7GG8!
4!G4B57*45G4$! $4985P8! O7! !9%8O7! *85!4,%453:7O:!G7! (! ):J! 98BB4GG8! 7--4B*7B4! 9/4!
O.4!:!G4537!P:!G%GG4!O4!98!4!&27+%&+!P7OO.4!!4B4!B:9858!9:%G4!P7!%57!98!9:4537!9/4!O4!:*)%G7$!
&5GB7*"4! O4! !9%8O4! 7GGB:"%:!9858! 'B75P4! :*)8BG7537! 7O! B%8O8! ':897G8! P7OO7! *45G4! 54O!

! J>!
#""#!$*>2&1-#!(&"!5+((N,$&>!

P4G4B*:57B4!:O!*8P8!:5!9%:!O4!45G:G6!!:!8B:':5758+!*7!O7!!9%8O7!*85!4,%453:7O:!G7!7--4B*7!
9/4!(!%5!4BB8B4!7!!4B:B4!9/4!585! :!!:7!7O9%5!-458*458!4!G4B58+!9/4!585! :!!:7!5%OO7!GB7554!
9/4! O7! *45G4$! -7O4! :!:854! P4 :7! P7OO7! 98BB4GG7! :7! P4:! *4338! 9/4! GB7!945P4! G%GG:! 'O:!
4!GB4*:$!!
!
,! *4P:G7G8B:! P4OO7! !9%8O7! P4OO7! $8O8! &45G4! !*75G4OO758! O7! :!:854! P%7O:!G:97! 7GGB7 4B!8!
O.8!!4B 73:854!9/4!G%GG:!'O:!8''4GG:!54O!97*)8!P4:!!4:!!45!:!!858!5%OO.7OGB8!9/4!)B8:43:85:!
P4OO7!58!GB7!*45G4$!-%GG:!:!-458*45:!B4O7G: :!!8B'858!4!!98*)7:858!98*4!O4!"8OO:9:54!:5!
%5!":99/:4B4!P:!*897!*8O7$!,5!,%4!G7!757O8':7+!O7!*897!*8O7!B7))B4!45G7!O7!*45G4!*45GB4!
O4!"8OO:9:54!9/4! :!!8B'858!7OOQ:5G4B58!!858!G%GG:!:!-458*45:!B4O7G: :!)4B94):G:!P7:!!4:!!45!:$!
28!!858! O4! "8OO:9:54! 54OO7! *897! *8O7! 4!!4B4! !4)7B7G4! P7OO7! *897! *8O7K! > :7*45G4! 58! 4!
)4BG75G8+! 585! )8G45P8! 4!!4B4! !4)7B7G4+! !858! )B: 4! P:! P%7O:!*8$! M%75P8! %57! )B8-85P7!
98*)B45!:854! P:! G%GG8! ,%4!G8! )4B 7P4! O7! 58!GB7! 98!9:4537+! O4! -85P7*45G7! !G4!!4! P4O!
!7*!7B7! 45'858!!98!!4$!
!
,!985!4,%453:7O:!G:!GB7!945P858!:O!P%7O:!*8!7GGB7 4B!8!O7!B47O:3373:854!9/4!45GB7*":!X!:O!
!8''4GG8! DO7! *45G4F! +! OQ8''4GG8+! O7! !-4B7! !45!8B:7O4! X! !858! :OO%!8B:! 4! )B: :! P:! 4!:!G4537!
7%G858*7$! $8''4GG8! 4! 8''4GG8! !858! *%G%7*45G4! P:)45P45G:9! 585! )8!!858! 4!:!G4B4!
:5P:)45P45G4*45G4! O.%58! P7OO.7OGB8$! 24B! ,%4!G7! B7':854! :! 985!4,%453:7O:!G:! !858! :5!
P:!7998BP8! 985! O7! )8!:3:854! P4:! !8!G45:G8B:! P4OO7! !9%8O7! P4OO7! $8O7! &45G4! :! ,%7O:!
!8!G45'858! 9/4! O7! !G4!!7! *45G4+! :5! ,%75G8! !8B'45G4! 4! !8!G7537! P7OO7! ,%7O4! !:! 8B:':5758!
G%GG:! :! -458*45:! B4O7G: :+! /7! %57! 4B7+! :5GB:5!497! 4!:!G4537! 7%G858*7$! $4985P8! :!
985!4,%453:7O:!G:+! G%GG:! :! -458*45:+! :59O%!7! O7! *45G4+! !858! )B: :! P4OO7! "459/8! *:5:*7!
GB799:7!P:!4!:!G4537!7%G858*7$!
!
,O! "7*7! )4B-4GG7*45G4! B:! 4'O:7G8+! -385'! 4/7)7+! 54OO7! !%7! 8)4B7! $,! -(.*+! &+,,$!
/+*0+12.%+! /7! !):4'7G8! 9/4! )B:*7! !:! P4 4! )7PB854'':7B4! O7! :!:854! P4OO7! $8O8! &45G4+!
)8:9/8! P7! ,%4OO7! )8!:3:854! )B: :O4':7G7! )8!!:7*8! -79:O*45G4! )B8'B4P:B4! 4B!8! O7! :!:854!
!%"O:*4! P4O! 985!4,%453:7O:!*8$! 24B! ,%4!G7! B7':854+! 5%PP/7! &7:GB407! /7! :5!4'57G8! O7!
P8GGB:57! P4OO7! !9%8O7! P4OO7! $8O8! &45G4! @! 4!!7! B7))B4!45G7! :O! )85G4! 9/4! 9:! !4B 4! )4B!
98*):4B4! :O! )7!!7'':8! P7! %57! :!:854! 98*)O4G7*45G4! *7G4B:7O:!G:97! 7! %57! :!:854!
GB7!945P45G7O4!P4OO7!B47OG6!9/4!!:!98OO897!7OP:O6!P:!8'5:!4!GB4*:!*8$!!
!
M%75P8!!):4'8!98594GG:!P:!,%4!G8!G:)8+!94B98!!4*)B4!P:!4 :G7B4!P:!4!!4B4!GB8))8!-:O8!8-:98!
!8--4B*75P8*:! !%! OO7! !9%8O7! $8O8! &45G4! 7!!4B:!94! 9/49P! 8))%B4! O:! *85!4,%453:7O:!G:!
!8!G45'858!9/49P+!)7BG:98O7B*45G4!,%75P8!!G:7*8!GB7GG75P8!P4:!G4!G:!!8GG:O:!4!)454GB75G:!
98*4!,%4!G8$!#!O: 4OO8!'454B:98+!,%4!G8!:5!4'57*45G8!P:!5%PP/7!&7:GB407!(!985!:P4B7G8!
98*4! %5! G4!G8! P4OO7! $8O8! &45G4U! 9:85858!G75G4! 585! (! 5494!!7B:7*45G4! O:*:G7G8! 7P! %57!
:5G4B)B4G73:854! O4'7G7! 7! G7O4! !9%8O7$! M%4!G8! G4!G8! !:! )B4!G7! )4B-4GG7*45G4! 7P! %57!
!):4'73:854!985!4,%453:7O:!G7!P4OO7!B47OG6!4!P4:!P%4!O: 4OO:!P:! 4B:G6$!Z!:5P:!)45!7":O4!9/4!
!:! 9858!9758! "454! ,%4!G:! P%4! O: 4OO:! P:! 4B:G6! )8:9/8! ,%75P8! B:%!9:B4*8! 7! 9859:O:7BO:!
P4-:5:G: 7*45G4+! 7BB: 4B4*8! 7OO7! 4B7! 98*)B45!:854! P4OO4! 98!4! ;."B! ;.4+! *+$,4+%)+! ".%.!
O:"4B75P89:!P7OO7!!8--4B4537!4!P7OO4!!%4!97%!4$!
!

JJ! !
"#!$#%%&''#!(&""#!)#*+,-.!

(4!:P4B8!B:G8B57B4!7598B7!%57! 8OG7!!%!,%4!G8!)%5G8$!>'5:!-458*458!(!97B7GG4B:337G8!P7!
P%4! ,%7O:G6! 8! 57G%B4$! +57! (! O7! !%7! 7))7B4537! B4O7G: 7! @! :O! !%8! 98O8B4+! -8B*7+! ,%7O:G6+!
985!:!G4537! 4! 98!R! :7$! M%4!G7! (! P4-:5:G7! 98*4! O 4B:G6! :5'7554 8O4P! )8:9/8! !4*"B7!
4!:!G4B4! :5! *75:4B7! :5P:)45P45G4! P7! 97%!4! 4! 985P:3:85:$! ,5! G4B*:5:! P:! ,%4!G8! O: 4OO8! P:!
4B:G6! !:7*8! )8BG7G:! 7! P:!9B:*:57B4! GB7! 8''4GG8! 4! !8''4GG8+! ,%4!G8! 4! ,%4OO8+! 4! 98!R! :7$!
#59/4! !4! G%GG:! :! -458*45:+! :5G4B5:! 4P! 4!G4B5:+! 985P: :P858! ,%4!G7! 57G%B7! B4O7G: 7! 4!!:!
!8B'858+!!:!! :O%))758!4!!:!4!7%B:!9858!!4537!*7:!7 4B!O7!9:7G8!O7!!-4B7!P4OO7!585XP%7O:G6$!
M%4!G8! !4985P8! O: 4OO8! P:! 4B:G6! (! O7! 57G%B7! 585! P%7O4+! 7!!8O%G7! P4OO4! 98!4! 9/4! 984!:!G4+!
!)85G7547*45G4+!985!8'5:!-458*458$!
!
,! -458*45:! !G4!!:! 4! O7! 57G%B7! 7!!8O%G7! P4:! -458*45:! )8!!:4P858! ,%7O:G6! P:--4B45G:! @! 585!
!858!O7!!G4!!7!98!7$!-%GG:!:!-458*45:!)8!!:4P858+!985G4*)8B7547*45G4+!%5!*8P8!B4O7G: 8!
8! 985 453:857O4! P:! 4!:!G4B4! 4! %57! 4B7! 57G%B7! 9/4! (! 7!!8O%G7! 4! 585! P%7O4$! *4BG4! 454B':4!
:5G4B7':!9858! GB7! O8B8! 4! )B8P%9858! %5! -458*458! B4O7G: 8$! ,O! !%8! *8P8! P:! 4!:!G4537!
B4O7G: 8!(!P%7O:!G:98+!7))7B4!:5!G4B*:5:!P:!%57!B4O73:854!GB7!!8''4GG8!4!8''4GG8U!G%GG7 :7!
G%GG4!O4!98!4!!8B'858!54OO8!!)73:8!P:!%57!P:*45!:854!585XP%7O4$!
!
,! -458*45:! B4O7G: :! DP/7B*7F! !858! 98*4! O4! "8OO:9:54U! 4!!:! B7))B4!45G758! O7! :!:854!
P%7O:!G:97! P:! %57! *45G4! P%7O:!G:97! 4! )4BG75G8! 585! !858! B47O*45G4! 4!:!G45G:$! "7! 57G%B7!
4B7+! 7!!8O%G7! DP/7B*7G7F! (! 585XP%7O:!G:97! 4! )4BG75G8! B47O4+! 4B7$! #59/4! !4! :! -458*45:!
B4O7G: :!4!O7! :!:854!P%7O:!G:97!4!:!G858!!4!! 8O'858!P4OO4!-%53:85:+!585!!858! 4B:!7!O: 4OO8!
%OG:*8!@!,%4!G8!(!:O!)%5G8$!!
! M%75P8! 7--4B*:7*8! 9/4! G%GG:! :! -458*45:! B4O7G: :! /7558! O7! 57G%B7! P4OO7! 585X
P%7O:G6+! 585! 7--4B*:7*8! 9/4! G%GG7! O.4!:!G4537! !:7! !8OG75G8! 4B:G6! 7!!8O%G7! 8! 79%:G6! @!
G%GG7! OQ4!:!G4537! B4O7G: 7! %.%! (! 4B:G6! %OG:*7$! ,! -458*45:! B4O7G: :! %.%! !858! -458*45:!
7!!8O%G:+! *7! 8'5:! 454B':7! 4!:!G45G4+! 9/4! !:7! B4O7G: 7! 8! 7!!8O%G7+! )8!!:4P4! O7! 57G%B7!
97B7GG4B:!G:97!P4OO7!585XP%7O:G6$!!
!
(4!:P4B8!:OO%!GB7B4!%OG4B:8B*45G4!,%4!G8!)%5G8$!M%75P8!985G4*)O:7*8!O7!585XP%7O:G6+!O7!
:!:854! P%7O:!G:97! P8 B4""4! !)7B:B4! 4!)4BG75G8! )8!!:7*8! 7!!4B:B4! 9/4! O7!585XP%7O:G6!(! O7!
57G%B7! 7!!8O%G7$! &7! )8!!:7*8! 7--4B*7B4! 9/4! )())$! O7! 585XP%7O:G6! (! O7! 57G%B7! 7!!8O%G7K!
?8+!:5!,%75G8!759/4!!4!G%GG:!:!-458*45:!985P: :P858!O7!57G%B7!P4OO7!585XP%7O:G6+!585!(!
5494!!7B:7! O7! )4B943:854! P4OO7! 585XP%7O:G6! )4B! 7 4B4! O7! )4B943:854! P4OO7! B47OG6!
985 453:857O4$!"7!*:7!G4!G7+!)4B!4!4*):8+!)8!!:4P4!O7!57G%B7!P4OO7!585XP%7O:G6+!*7!585!
)8!!:7*8!94BG8!P:B4!9/4!O7!*:7!G4!G7!+!O7! 4B:G6!7!!8O%G7!8!O7! 79%:G6$!#O!-:54!P:!!)4B94):B4!
O7!*:7!G4!G7!585!(!5494!!7B:8!!)4B94):B4!O7!585XP%7O:G6$!&))%B4!%5!P%"":8!)%L!)4B!:!G4B49!
!4! O7! *:7! G4!G7! /7! O7! 97B7GG4B:!G:97! P:! 7 4B4! O7! 57G%B7! P4OO7! 585XP%7O:G6! )4B9/8! 7OO8B7!
,%75P8!)4B94):G4!O7!*:7!G4!G7!585!)4B94):G4!O7!585XP%7O:G6!!G4!!7K!24B9/8!GB7! 8:!4!O7!*:7!
G4!G7!(!-B7))8!G8!:O! 4O8!P4OO7!*45G4!P%7O:!G:97$!!
!
*/:7B:BL! %OG4B:8B*45G4! 985! %5! 7OGB8! 4!4*):8$! M%7O4! P4OO4! P%4! )4B 7P4! OQ7OGB79! O7!
)8)8O73:854!P4'O:!$G7G:!+5:G:!8!,%4OO7!P:!&7P:!85+!X:!985!:5K!"7!)8)8O73:854!P4'O:!$G7G:!
+5:G:! :59O%P4! ,%4OO7! P:! &7P:!85+! *7! 585! (! 4B8! :O! 985GB7B:8$! "7! 585XP%7O:G6! (! 98*4! O7!
)8)8O73:854!P4'O:!$G7G:!+5:G:!*45GB4!:!-458*45:!B4O7G: :!!858!7!!:*:O7":O:!7'O:!7":G75G:!P:!
&7P:!85$!-%GG:!:!-458*45:!B4O7G: :!!858!98*)B4!:!P7OO7!585XP%7O:G6!)8:9/8!!!8B'858!54OO8!

! JA!
#""#!$*>2&1-#!(&"!5+((N,$&>!

!)73:8! P4OO7! 585! P%7O:G6! @! G%GG:! :! -458*45:! B4O7G: :! !858! %57! P:*8!GB73:854! P4OO7! 585X
P%7O:G6$!!
!
24B!9859O%P4B4+!7O!-:54!P:!98*)B45P4B4!O7!585XP%7O:G6!P8"":7*8!98*)B45P4B4!O7! 79%:G6$!
28!!:7*8+! ,%:5P:+! P:B4! 9/4! O7! 585XP%7O:G6! (! 79%:G6$! &7! G%GG4! O4! "8OO4! P4:! -458*45:!
B4O7G: :+! !4""454! 4!!4! !G4!!4! !:758! %OG:*7*45G4! 585! P%7O:+! 585! !858! 79%:G6$! "7! 4B:G6!
7!!8O%G7! 4! ,%4OO7! B4O7G: 7! 585! !:! )4B 7P858! O.%5! O.7OGB7+! *7! O7! 585XP%7O:G6! )4B 7P4!
45GB7*"4$! $4! B:%!9:7*8! 7! 98*)B45P4B4! O4! 97B7GG4B:!G:9/4! P:!G:5G: 4! :5!:4*4! 7OO4! 57G%B4!
585!985GB7PP:GG8B:4!P:!,%4!G:!P%4!O: 4OO:!P:! 4B:G6+!)8!!:7*8!8GG454B4!O7!O:"4B73:854!759/4!
P7OO7! ):J! ):998O7! 7--O:3:854! *45G7O4$! ?85! 9:! )%L! 4!!4B4! *8G: 73:854! ):J! -8BG4! )4B!
7))O:97B!:!54OO8!!G%P:8!4!54OO7!*4P:G73:854!P:!,%4!G7$!!
!
-.,.79.%:!6$,!)+").!E<2"&.4!8%+*3#!DF8!<2"&.4!7(?,2;$)2.%")!<2")$47$).!;.%!2,!7+*4+"".!&+,,$!
<2"&.4!/(?,2;$)2.%")!!

JG! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
!
!
*>&&!&&(,-#1&!$+""#!)#*+,-.!
"7*7!'8)7!1:5)894!
!
!
5(%+&B!(!"+))+4?*+!
!
,5:3:7*8!985!:O!B49:G7B4!%5!':B8!P:!*7O7!P4O!*75GB7!>&!&#?,!2#(&&!N+&!7--:59/8!O7!
)B7G:97!!:7!4--:9794!)4B!O7!58!GB7!*45G4$!%454B:7*8!:O!)45!:4B8!P:!7 4B4!:O!"%85!9%8B4!
%OG:*8!54OO7!58!GB7!*45G4!4!:5!,%4OO7!P:!G%GG:!'O:!7OGB:!4!!4B:!!453:45G:$!
!
$:4G4!':%5G:!,%:!)4B!7))B45P4B4!,%7O98!7+!)4B!)7BG49:)7B4!7O!98B!8!P:!*4P:G73:854+!)4B!
-7B4!,%7O98!7!)4B!O7! 8!GB7!*45G4+!)4B!94B97B4!%5!*4G8P8!)4B!! :O%))7B4!O7!)794!*45G7O4$!
%B73:4!)4B!,%4!G8+!*:!!45G8!):458!P:!':8:7$!
!
$:7*8!G%GG:!,%:!)4B9/8!P4!:P4B:7*8!O7!-4O:9:G6+!585!O7!!8--4B4537$!-%GG:!'O:!4!!4B:!%*75:!!:!
7!!8*:'O:758!:5!,%4!G8$!-%GG4!O4! 7B:4!9B47G%B4! : 45G:!4!G%GG:!'O:!4!!4B:!%*75:+!759/4!!4!
P:!98O8B4!4!7!)4GG8!P: 4B!8+!!858!!:*:O:!@!P4!:P4B758!O7!-4O:9:G6!4!585!O7!!8--4B4537$!!
!
-%GG4!O4!9B47G%B4!!858!7OO7!B:94B97!P4OO7!-4O:9:G6!@!58GG4!4!':8B58$!%O:!%994OO:5:!9/4! : 858!
54:!"8!9/:+!4!759/4!O4!-7B-7OO4!@!,%75G8!!:!P7558!P7!-7B4V!$858!G%GG:!%'%7O:+!P4!:P4B8!:!P:!
7 4B4!-4O:9:G6+!585!!8--4B4537$!"4!9B47G%B4!9/4! : 858!54OO.79,%7!4!,%4OO4!9/4!!GB:!9:758!
!%OO7!G4BB7+!,%4OO4!-8B*:9/4!98!R!8)4B8!4+!G%GG4!!858!7OO7!B:94B97!P4OO7!-4O:9:G6$!!
!
#59/4!'O:!4!!4B:!%*75:!!%!,%4!G7!G4BB7!!858!7OO7!B:94B97!P4OO7!)794!P4OO7!*45G4+!*7!585!O8!
-7558!! :O%))75P8!:O!-7GG8B4!:5G4B58!P4OO7!*45G49!:O!"%85!9%8B4$!"7!O8B8!B:94B97!(! 8OG7!
!8O8!4!G4B57*45G4$!!
!
+57!)4B!857!9/4!'8P4!P:!*8OG4!B:99/4334!)%L!7 4B4!%5!94BG8!O: 4OO8!P:!98*-8BG!-:!:98!4!
*7G4B:7O4+!*7!)8:9/8!5%OO7! :454!-7GG8!)4B!97*":7B4!O7!*45G4!4!B:*%8 4B4!:!)45!:4B:!
54'7G: :!9/4!)8BG758!!8O8!985-%!:854+!759/4!:5!%57!!:G%73:854!7':7G7!!:!(!!8)B7--7GG:!P7OO7!
!8--4B4537!*45G7O4!P8 %G7!7OO7!P4)B4!!:854+!7OO7!)7%B7!4!7OO4!)B4899%)73:85:$!M%4OO7!
)4B!857!(!98!R!!8)B7--7GG7!P7OO7!!8--4B4537!*45G7O4!P7!585!7 4BG:B4!54))%B4!:O!98*-8BG!
-:!:98$!,O!98*-8BG!-:!:98!585!(!7 4BG:G8!)B8)B:8!)4B! :7!P4OO7!'B75P4!!8--4B4537!*45G7O4$!
)4P4G4+!P7O!*8*45G8!9/4!585!!:!97*":758!:!)45!:4B:!54'7G: :!4!585!!:!! :O%))7!O7!*45G4!
)%B7!4!:O!"%85!9%8B4+!,%4!G8!P:!G%B"7!759/4!:O!98*-8BG!4!:O!):794B4!-:!:98$!!
!
2%B!7 45P8!G75G4!B:99/4334+!*7!7 45P8!G75G:!)B8"O4*:+!!:!)%L!7BB: 7B4!7!)45!7B49!O$4!
!8O8!-8!!:!%5!'7GG8+!98*4!!7B4""4!*4B7 :'O:8!8VP!$:!)%L!)45!7B4!9/4!98!R!585!!:!7 B4""4B8!
)B8"O4*:!P:!54!!%5!G:)8+!!)49:7O*45G4!B4O73:857O:$!#O9%54!)4B!854!)45!7589!O!$4!!8O8!-8!!:!
%5!*45P:975G4+!O:"4B8!P7OO4!B:99/4334!9/4!)8!!:4P8!!7B4:!O:"4B8!P7!)B4899%)73:85:!4!P7!

! JB!
#""#!$*>2&1-#!(&"!5+((N,$&>!

)4B:98O:$P!M%7O9%58!*8OG8!:*)8BG75G4+!98*4!%5!)B4!:P45G4!8!%5!B4!)8GB4""4!GB8 7B!:!7!
P4!:P4B7B4!P:!4!!4B4!%5!*45P:975G4$!!
! ,O!P4!:P4B:8!P:!4!!4B4!%5!75:*7O4!8!98!4!!:*:O:!(!P4GG7G8!P7O!-7GG8!9/4!585!7 4G4!O7!
"459/8!*:5:*7!:P47!P:!98!7! 8'O:7!P:B4!4!!4B4!P7 4B8!:5!,%4OO7!985P:3:854$!,O!-7GG8!9/4!
585!7 4BG:G4!:!)B8"O4*:!9/4!7--O:''858!%5!75:*7O4!585! %8O!P:B4!9/4!585!54!7"":7$!$:!
GB7GG7!!8O8!9/4!585!54!!:4G4!985!7)4 8O:+!585!7 4G4!4!7*:57G8!7""7!G7537!"454!O7!98!7$!
! ,58OGB4+!'O:!755:!9/4!7 4G4!!)4!8+!P7OO.:5-753:7+!)4B!8GG454B4!%5.4P%973:854+!
B:99/4337+!)8G4B4!585!!858!!G7G:!%!7G:!)4B!B45P4B4!O7!*45G4!)%B7+!)4B!! :O%))7B4!%5!"%85!
9%8B4!4!)4BG75G8+!:5P:)45P45G4*45G4!P7OO8!!-8B38!-7GG8+!P7!,%75G7!:!GB%3:854!7"":7G4+!O7!
8!GB7! :G7!!7B6!!4*)B4!):J!985-%!7$!"7!*45G4!585!/7!97*":7*45G:$!(8 B4!G4!
!)4B:*45G7B4!%57!)79:-:973:854!P4OO7!*45G4!*7!,%4!G8!585!7 :454!@!!:4G4!):J!985-%!:!
8B7!P:!,%75P8!4B7 7G4!"7*":5:$!!
!
&Q!98!R!:59B4P:":O*45G4!:*)8BG75G4+!)4B!8GG454B4!O7!!4B45:G6+!O7!-4O:9:G6!54OO7! :G7!
,%8G:P:757+!9/4! 8:!GB7!-8B*:7G4!O7!*45G4!B:P%945P8!:5!*75:4B7!!:'5:-:97G: 7!B7"":7+!
:5 :P:7+!:5!8PP:!-73:854+!'4O8!:7+!8B'8'O:8+!:'58B7537!4!*7O 7':G6$!$4537!97*":7B4!
O.7GG:G%P:54!4'8:!G:97+!O7!B7"":7+!O.:5!8PP:!-73:854+!O.:'58B7537!4!O4!7OGB4!7--O:3:85:+!585!9:!
!7B6!*7:!)794$!
!
-%GG:!:!)B8"O4*:!,%7O:!O7!P4)B4!!:854+!'O:!!"7O3:!PQ%*8B4+!O4!)7%B4+!'O:!4!7%B:*45G:!54B 8!:+!
:!G45G7G: :!P:!!%:9:P:8!@!759/4!!4!54!!%5!7OGB8!/7!94B97G8!P:!%99:P4B :+! :!%99:P4G4!P7!!8O:+!
P: 45G7G4!:O! 8!GB8!54*:98X+!P4B: 758!P7OO7! 8!GB7!*45G4!585!P8*7G7$!!
!
*:!!858! 45G:!G:):!P:!*45G:!!4985P7B:4!585!P8*7G4+!*7!:!GB4!G:):!P:!7--O:3:85:!B7P:94!!858!O7!
B7"":7+!O.:'58B7537!4!O.7GG7997*45G8$!-%GG7!O7!!8--4B4537!4!O.:5-4O:9:G6!P4B: 7!P7!,%4!G4!
*45G:!9/4!7!O8B8! 8OG7!/7558!8B:':54!54OO.:'58B7537!9/4!585!98*)B45P4+!585!9858!94!O7!
57G%B7!%OG:*7!P4OO7!*45G4$!?85!98*)B45P4!O7!57G%B7!%OG:*7!P4OO.:8!4!,%:5P:!:O!!%8!*8P8!
P:!4!:!G4B4$!
!
!
758&!#&&#"&!)#-5!
!
!
28G4G4!B45P4B :!985G8!P:!98*4!8)4B:!,%4!G7!:'58B7537!9/4!B:G:454!O.:8!P8G7G8!P:!4!:!G4537!
:5GB:5!497$!?4OO7! :G7!,%8G:P:757+!P7O!*7GG:58!7OO7!!4B7+!8'5:,%7O 8OG7!9/4! :!:*)4'57G4!
:5!,%7O9/4!7GG: :G6+!759/4!7P4!!8+!8'5:,%7O 8OG7!)45!7G4!7! 8:!!G4!!:+!:*)%G7G4!%5!:8+!%5!
:8!9/4!(!P4!:'57G8!!%'O:!7''B4'7G:$!M%4!G8!:*)%G7B4!%5O:8P(!98*4!:*)%G7B4!:O!)B8)B:8!
58*4+!,%7O%5,%4!!:7!:O!)B8)B:8!58*4+!98*Q(!!G7G8!P4!:'57G8!P7:!'45:G8B:!X!(!)B8)B:8!98!R$!
>'5:! 8OG7!9/4!'O:!7OGB:! :! 4P858+!P4!:'5758!:O! 8!GB8!58*4!!%:! 8!GB:!7''B4'7G:$!!
!
>'5:! 8OG7!9/4!O.:8! :454!:*)%G7G8+!!(!*4B7*45G4!:*)%G7G8!!%'O:!7''B4'7G:!98!R!98*4!'O:!
7OGB:!!4*)O:94*45G4!:*)%G758! 8:!,%75P8! 4P858!:O! 8!GB8!98B)8!8!98*4!,%75P8!:! 8!GB:!
'45:G8B:! :!/7558!P7G8!:O!58*4!8!98*4!,%75P8!'O:!7OGB:!)7BO758!P:! 8:$!
!

JE! !
"#!$#%%&''#!(&""#!)#*+,-.!

".:8!9/4!7))7B4!4!:!G4B4+!98*4!!4!-8!!4!B47O4+!(!!8O8!!,%4OO.:*)%G73:854$!-%GG7 :7!O.:8!
*4B7*45G4!:*)%G7G8!!%'O:!7''B4'7G:!585!7))7B4!)4B!,%4OO8!9/4!B47O*45G4!(+!8 4B8!
!4*)O:94*45G4!98*4!:*)%G73:854!!%'O:!7''B4'7G:+!*7!7))7B4!98*4!!4!4!:!G4!!4!P7O!
)B8)B:8!O7G8$!!
!
".:8!*4B7*45G4!:*)%G7G8!!%!,%4!G:!7''B4'7G:!585!7))7B4!98*4!G7O4+!*7!98*4!!4!4!:!G4!!4!
P7OO7!!%7!)7BG4+!585!7))7B4!P:)45P45G4!P7'O:!7''B4'7G:+!*7!98*4!:5P:)45P45G4!4P!
4!:!G45G4!P7O!)B8)B:8!975G8$!#))7B4!98*4!!4!585!-8!!4!P:)45P45G4!P7O!)45!:4B8!9/4!O8!
:*)%G7!4!P:)45P45G4!P7O!58*4+!*7!98*4!4!:!G45G4!P7O!)B8)B:8!O7G8$!!
!
M%4!G7!:'58B7537+!O7!985943:854+!:O!)45!:4B8!9/4!!:!7''B7))7!G8G7O*45G4!7OO7!9B4P4537!9/4!
O.:8!9/4!7))7B4!4!:!G4B4!7%G858*7*45G4!!:7! 4B8!7O!945G8!)4B!945G8!@!(!:O!G:)8!P:!:'58B7537!
9/4!985-4B:!94!7OO.:8!%5.4!:!G4537!7%G858*7!4!9/4!7P!4!!8!!:!7--4BB7$!!
! (7!,%4!G7!:'58B7537!P4B: 758!G%GG4!O4!*45G:!985-%!4+!O7!B7"":7!4!O7!*45G4!
:5!8PP:!-7GG7$!,58OGB4!P7!,%4!G4!*45G:!985-%!4!57!9858!G%GG:!'O:!7OGB:!)B8"O4*:!P4OO7! :G7$!
&!!4!585!!8O8!9B4758!)B8"O4*:!)4B!O7!)B8)B:7! :G7+!*7!-7558!!R!9/4!!4!54!9B4:58!759/4!7'O:!
7OGB:+!7'O:!7OGB:!4!!4B:!!453:45G:U!!:!P:!G%B"758!759/4!'O:!7OGB:!:*)4P45P8!O8B8!P:! : 4B4!:5!
)794$!
!
!
C"5*#"&!)#-5!
!
!
245!7G4!7!98*4!O.:8!7))7B4!4!:!G4B4+!:5!9/4!*8P8!)45!:7*8!7OO.:8!4!98*4!O8!:*)%G:7*8$!!
*8!R+!8B7!)4B!-7B4!4!)4B:4537V!245!7G4!7O! 8!GB8!:8$!?85!7OO.:8!'454B:98+!7'O:!4!!4B:!%*75:!
:5!'454B7O4+!*7!7! 8:!!G4!!:+!7O! 8!GB8!:8!@!)45!7G49!:8$!!
!
>B7+!!4!!45G:G4!9/4!9Q(!%5!!8''4GG8+!%5!*4P:G7G8B4+!%5!:8!9/4!)8!!7!4!!4B4!GB8 7G8+!9/4!
!4*"B7!9/4!!:!)8!!7!GB8 7B4+!%5!!:8!B47O4+!7OO8B7!985945GB7G4 :!!%!P:!4!!8+!*7!7OO8!!G4!!8!
G4*)8!O7!9:7G4!9/4!%57!)7BG4!P4OO7! 8!GB7!*45G4!!:7!985!7)4 8O4!P4O! 8!GB8!98B)8+!P:!
G%GG8!9:L!9/4!:5!4!!8!(!985G45%G89!O7!)4OO4+!O7!97B54+!O4!8!!7+O4!98!G8O4$$$!,5!)7BG:98O7B4!
985945GB7G4 :!!%O!G8B794+!:!)8O*85:+!:O!9%8B4!4!G%GG:!:!)7BG:98O7B:!7OOQ:5G4B58$!!
!
24B!)B:*7!98!7!)45!7G49!:8$!*4B97G4!P:!)4B94):B4!%5!:8!9/4!)8!!7!4!!4B4!B47O*45G4!GB8 7G8+!
9/4!!:7! 4B7*45G4!,%:!7O! 8!GB8!:5G4B58+!!)49:7O*45G4!O%5'8!,%:!D1:5)894!:5P:97!:O!)4GG8F+!
P7O!98OO8!7O!9%8B4!:5!%57!!)49:4!P:!8!9%B:G6+!585!9/:7B8$!#))457!O8!7 4G4!:5GB7 :!G8!
O7!9:7G4!9/4!%57!)7BG4!P4OO7! 8!GB7!*45G4!!:7!985!7)4 8O4!P:!G%GG8!O.:5G4B58!P4O! 8!GB8!
98B)8+!!94B975P8!P8 4!!:!GB8 7!,%4!G8!!8''4GG8!:8$!*85GB8OO7G4!54O! 8!GB8!9%8B4+!54OO7!
G4!G7+!54OO4!8B499/:4+!54O!57!8+!54O!94B 4OO8!4!)%B4!54OO7!O:5'%7$!24B98BB4G4!759/4!OQ:5G4B58!
P4OO4!"B799:7!4!P4OO4!'7*"4+!!:7G4!985!7)4 8O:!P:!98*4!:O!98B)8!7))7B4!7OOQ:5G4B58$!
%%7BP7G4!7!-85P8!7OO.:5G4B58!P4O! 8!GB8!98B)8!4!)45!7G49!P8 4!!:!GB8 7K!!
!
,5:3:7O*45G4!(!"454!585!)45!7B4!9/4!4!!8!585!4!:!G7+!P8 4G4!:5 494!)45!7B4!9/4!4!!8!)8!!7!
4!!4B4!GB8 7G8$!!
!

! JK!
#""#!$*>2&1-#!(&"!5+((N,$&>!

,O!B:!%OG7G8!P:!,%4!G7!B:94B97!(!9/4!585!)8G4G4!GB8 7B4!O.:8$!#OO.:5:3:8!!4*"B7 7!9/4!!:!


)8G4!!4!GB8 7B4+!*7!,%75P8!7 4G4!94B97G8!7!-85P8+!585!7 4G4!GB8 7G8!5%OO7$!#OOQ:5:3:8!
!4*"B7! 4B7*45G4!9/4!)8!!7!4!!4B4!GB8 7G8+!*7!%57! 8OG7!:5:3:7G7!O7!B:94B97$$$!!98*)7B4V!
?85!O8!)8G4G4!GB8 7B4!:5!,%4O!O%8'8!!)49:-:98+!:5!,%4OOQ7B47!:5!9%:!7 4G4!!4*)B4!9B4P%G8!
9/4!4!:!G4!!4$!!
!
?85!O8!)8G4G4!GB8 7B4!54OO4!'7*"4+!54OO7!G4!G7+!58!P45GB8!58!-%8B:$!&7!94BG7*45G4!%5!:8!
9.(+!9/4!!:!!G7597+!9/4!!45G4!:O!P8O8B4!7OO4!'7*"4+!9/4!P4!:P4B7!B:)8!7B4$!*Q(!!:9%B7*45G4!%5!
:8!9/4!*4P:G7+!9/4!(!:5-4O:94+!9/4!P4!:P4B7!O7!-4O:9:G6+!9/4! %8O4!"4B4!%5!97))%99:58$!*/4!
!GB758+!9.(!%5!:8!*7!585!,%4OO.:8V!
!
18B!4!,%7O9%58!O./7!GB8 7G8!P7!,%7O9/4!)7BG4!@!,%7O9%58!9Q(!B:%!9:G8K!
!
!
!
!$*)+&B!H!"+))+4?*+!
!
M%75P8!B49:G:7*8!:O!*75GB7!)8G4G4! :!%7O:337B4!*45B4!:'!!%OO7!!8**:G6!P4OO7! 8!GB7!G4!G7!
4!P:!,%4OO7!P:!G%GG:!'O:!7OGB:!4!!4B:!!453:45G:+!P:!8'5%58!P4'O:!4!!4B:!P4'O:!:5-4B5:!D57B7=F+!
!):B:G:!-7*4O:9:!D)B4G7F!4!75:*7O:$!?4GG7B4!)%B8!!'8B'7!P7O!9%8B4!P:!*45B4!:'!)%B:-:975P8O:$!
2%B:-:97!G%GG:!'O:!8!G798O:!9/4!:*)4P:!9858!9/4!'O:!:5!4'57*45G:!!:758!P:!"454-:9:8!)4B!O7!
*45G4+!4--:979:!)4B!97*":7B4!O7!*45G4+!P:!7:%G8!)4B!O4!*4P:G73:85:!4!:5!)7BG:98O7B4+!!
4--:979:!)4B!GB7!-8B*7B4!O7!*45G4!:5!"8P/:9:GG7$!-%GG:!'O:!8!G798O:!9/4!9:!:*)4P:!9858!P:!
!4'%:B4!:O!!45G:4B8! 4B!8!O.:OO%*:573:854!4!P:!! :O%))7B4!"8P/:9:GG7+!!858!)%B:-:97G:$!!
!
245!7G4!)B:*7!7'O:!4!!4B:!!453:45G:!:5!,%4!G7!!G7537+!4!)8:!7!G%GG:!:!B4!G75G:$!!
!
M%75P8!B:-O4GG:7*8!!%OO.4!:!G4537!P4OO7!'B75P4!98*)7!!:854!)4B!G%GG:!'O:!4!!4B:!!453:45G:!4!!
7PP4!GB:7*8!O7!*45G4!54OO7!'B75P4!98*)7!!:854+!P8 B4""4!4!!4B4!-79:O4!98*)B45P4B4!9/4!
(!)8!!:":O4!! :O%))7BO7!54OO7!58!GB7!*45G4$!?4OO7! :G7!P:!G%GG:!:!':8B5:!)B8 :7*8!
98*)7!!:854! 4B!8!'O:!7OGB:+! 4B!8!7O9%54!)4B!854!4!7O9%5:!75:*7O:$!#! 8OG4!P:!):J+!7! 8OG4!
*458$!17!)7BG4!P4OO7!57G%B7!P4OO7!58!GB7!*45G4!9/4!G7O 8OG7!O7!98*)7!!:854!7%*45G:+!
P%5,%4!-7!)7BG4!P4OO7!57G%B7!P4OO7!*45G4!9/4!)8!!:7*8!! :O%))7BO7$!+57!98!7!(!94BG79!(!
)8!!:":O4!7 4B4!O7!98*)O4G7!B47O:3373:854!)4B!7 4B4!7PP4!GB7G8!O7!*45G4!7OO7!'B75P4!
98*)7!!:854! 4B!8!G%GG:!'O:!4!!4B:!!453:45G:$!!
!
*.(!%5!:8!9/4!58B*7O*45G4!9B4P:7*8!!:7!,%7O98!7!P:!B47O4!7O!58!GB8!:5G4B58$!&Q!,%7O98!7!
P7!,%7O9/4!)7BG4+!54O!9%8B4!8!54O!G8B794+!7!9%:!)45!:7*8!58B*7O*45G4!98*4!7!Q*4Q$!
M%75P8!'O:!7OGB:!9:!B: 8O'858!P4OO4!9B:G:9/4+!,%75P8!9:!GB7GG758!*7O4+!*75975P89:!P:!
B:!)4GG8+!,%75P8!-7558!,%7O98!7!985GB8!P:!58:+!58:!)4B94):7*8!%5!:8!B47O4!9/4!!8--B4$!O"%:!
42!/7!-7GG8!*7O4P+!O"%:!42!/7!GB7GG7G8!*7O4P$!$45G:7*8!P7!,%7O9/4!)7BG4!P45GB8!P:!58:!
%5!:8!B47O4!9/4!P:94$!O"%:!42!/7!7:%G7G8P+!O"%:!42!/7!-7GG8!P4O!*7O4P$!+5!:8!9/4!(!B47O4+!
9/4!4!:!G4!P7O!)B8)B:8!O7G8+!,%7O98!7!OR!P45GB8!:O!)4GG8+!P:--:9:O4!P7!GB8 7B4$!
!
# 4G4!94B97G8!O.:8K!M%7O9%58!O./7!GB8 7G8K!

JC! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
!
')(&+%)+9!$4!)B8)B:8!P4 8!:5P: :P%7B4!O.:8+!7OO8B7!P:B4:!9/4!!:!GB8 7!54O!94B 4OO8$!
<2%7.;+9!?85!!4:!*:97!8""O:'7G8!7!GB8 7BO8V!?85!(!%5!:*)4'58$!(8 4G4!!8O8!985GB8OO7B4!
!4!)%L!4!!4B4!GB8 7G8!8!*458$!!
')(&+%)+9!M%75P8!/8!9/:%!8!'O:!899/:!)8G4 8!)4B94):B4!O.:8!*7!,%75P8!O./8!94B97G8!585!
!858!!G7G8!:5!'B7P8!P:!GB8 7BO8$!
<2%7.;+9!M%4!G8!4!4B9:3:8!P8 B4""4!4!!4B4!B:)4G%G8!!)4!!8$!24B!)B:*7!98!7!94B97G4!54:!
8!GB:!):4P:!@!%57! 8OG7!-7GG8+!,%7O!(!:O!B:!%OG7G8!54OO7! 8!GB7!*45G4K!&!7*:57G4!
OQ4!)4B:4537+!:O!B:!%OG7G8!9/4!!:!)B8P%94U!98*4!O.:8! :!7))7B4!4!!4!O7! 8!GB7!*45G4!!:!P:!GB74!
B:)8BG7G4O7!:5P:4GB8!!%OO.8''4GG8!4!985G:5%7G4!7!94B97B4!O.:8$!
! 18B!4!!4!9/:%P8!'O:!899/:+!!7B6!):J!-79:O4$!*4B98!O.:8!4!P:!5%8 8!4!7*:58!:O!*8P8!:5!
9%:!*:!7))7B4+!)8:!B:)B45P8!7!94B97B4$!&.!*8OG8!:*)8BG75G4!7OG4B57B4!,%4!G4!P%4!7GG: :G6!
-:58!7!,%75P8!:O!G%GG8!585!P: 45G7!!4*)B4!):J!9/:7B8$!,5!,%4!G8!*8P8!P: 45G7!-79:O4!
P:!G:5'%4B4!9/:7B7*45G4!O.8''4GG8!P4OOQ:'58B75379!O.:8!9/4!7))7B4!98*4!!4!4!:!G4!!4!P7O!
)B8)B:8!O7G8!*45GB4!585!9.(+!!O.:8!(! %8G8!P:!4!:!G4537!P7O!)B8)B:8!O7G8+!G%GG7 :7!7))7B4!
98*4!!4!4!:!G4!!4!P7O!)B8)B:8!O7G8$!"Q7--4BB7B!:!7!,%4!G7!7))7B4537!(!O7!B7P:94!P:!G%GG7!O7!
!8--4B4537+!P:!G%GG7!O7!985-%!:854$!
! *B4P4B4!:5!,%4!G8!:8!(!O7!-85G4!P:!G%GG:!:!)B8"O4*:!4!O7!!8--4B4537$!M%4!G8!*4G8P8!(!
P:!'B75P4!7:%G8!)4B!)4B94):B4!985!*7'':8B!9/:7B4337!OQ8''4GG8!P4OOQ:'58B7537+!
OQ7OO%9:573:854+!O.:8!:OO%!8B:8+!O.:8!9/4!(! %8G8!4!9/4!P8"":7*8!B47O:337B4!98*4! %8G8$!
!
! $G7 :!P:945P8!9/4!O8!/7:!GB8 7G8!54O!94B 4OO8K!!
!
')(&+%)+9!(:94 8!9/4!!4!P8 4!!:!:5P: :P%7BO8+!P:B4:!9/4!!:!GB8 7!54O!94B 4OO8$!
<2%7.;+9!,5!B47OG6!585!/8!G4B*:57G8!P:!P:B4!,%4OO8!9/4! 8O4 8$!&.!98*4!P8 4B!GB8 7B4!%5!
O4854!P4OO4!54 :!:5!,G7O:7+!8))%B4!!GB8 7B4!%5!*:O:854!P:!P8OO7B:!:5!,%4!G7!!G7537$!?85!
!:7*8!8""O:'7G:!7!-7BO8V!
! $4!9B4P:!9/4!!:!GB8 :!54OO7!G4!G7!585!P4 :!79985G45G7BG:!P4O!-7GG8!9/4!!:7!OR+!*7!P4 :!
985GB8OO7B4$!M%4!G8!(!:O!)B8"O4*7+!,%4!G8!(!:O!58!GB8!)B8"O4*7!@!!4!9B4P:7*8!9/4!!:!GB8 :!
:5!%5!P7G8!)8!G8!7OO8B7!P8"":7*8!985GB8OO7B4!9/4!!:7!4--4GG: 7*45G4!O:$!$4*)O:94*45G4!
9B4P4B4!9/4!!:!GB8 :!OR+!-4B*7B!:!7!,%4!G8!)%5G8+!4!!4B4!!8PP:!-7GG:!!4537! 4B:-:97B4+!,%4!G7!
(!O7!B7P:94!P4OO7!58!GB7!985-%!:854!,%8G:P:757$!M%4!G8!P4B: 7!P7O!585!7))O:97B4!O7!
!7''4337+!(!%5!)B8"O4*7!P:!:'58B7537$!M%:5P:+!O.:8!!)%L!4!!4B4!GB8 7G8!:5!,%4!G7!!G7537!@!
!:!8!58K!
!
')(&+%)+9!&.!)8!!:":O4!GB8 7BO8!8 %5,%4$!18B!4!!8O8!"4:!)%L!GB8 7B4!O.:8$!"8!GB8 4B6!
,%75P8!B7'':%5'4B6!O.:OO%*:573:854$!!
!"#$%&'9!(:**:!1:57OP8+!585!9B4P:!P:!4!!4B4!,%:+!:5!,%4!G7!!G7537K!
')(&+%)+9!*85!:O!98B)8!!:!)%L!4!!4B4!,%:+!*7!985!O7!*45G4!!:!)%L!75P7B4!8 %5,%4$!!
!"#$%&'-!M%4!G8!(!!:*:O4!7!,%75G8!P4GG8!:4B:!P7!$7O 7G8B4$!M%:5P:!:O! 8!GB8!98B)8!(!,%:$!
&!,%75P8!)45!7G4!7OO.,5P:7+!O7! 8!GB7!*45G4!P8 .(9!O7'':J+!54:!*4B97G:5:!:5P:75:K!
()*+'#)'-!18B!4+!(!)8!!:":O4$!24B!O7!*:7!*45G4!O7!98!7!(!*8OG8!P:--:9:O4+!*7!O7!*45G4!P:!
1:5)894!/7!G75G4!,%7O:G6!:5!):J!4!*7'':8B:!)8!!:":O:G6!P:!%!9:B4!P:!,%:$!
!"#$%&'9!"7!*:7!*45G4!(!"O8997G7!,%:$!

! J#!
#""#!$*>2&1-#!(&"!5+((N,$&>!

')(&+%)+9!,O!!45!8!P4OO.:8!9/4!7"":7*8!(!B4O7G: 8!7OO7!*45G4!'B8!!8O757K!
!"#$%&'-!$:!(! 4B8+!)45!7G4!7OO7!*45G4!'B8!!8O757$!%48B'4+!O.:8!)%L!4!!4B4!GB8 7G8!:5!
,%4!G7!!G7537K!2%L!O.:8!4!!4B4!GB8 7G8!54O!98B)8K!
/+.*3+9!".:8!585!)%L!4!!4B4!GB8 7G8!:5!,%4!G7!!G7537$!
!"#$%&'9!>/+!O.:8!585!)%L!4!!4B4!GB8 7G8!:5!,%4!G7!!G7537K!
/+.*3+9!?85!(!GB8 7":O4!:5!,%4!G7!!G7537+!585!(!GB8 7":O4!P7!54!!%57!)7BG4$!
!"#$%&'9!".:8!585!(!GB8 7":O4!:5!,%4!G7!!G7537K!M%:5P:!%8B'4!585!(!GB8 7":O4!:5!,%4!G7!
!G7537K!
/+.*3+9!(8 B4!G4!%!7B4!O7!)7B8O7!O4!:!G4P!753:9/8!OGB8 7":O4P$!
!"#$%&'9!M%7O!(!O7!P4-:5:3:854!P:!OGB8 7":O4PK!
/+.*3+9!-B8 7":O4!!:'5:-:97!9/4!!:!GB8 7!:5!,%7O9/4!O%8'8$!
!"#$%&':!)8O4 8!P:B49!G%!GB8 :!,%4!G8!8B8O8':8!,%:!!%O!G7 8O8$!-%!GB8 :!O.8B8O8':8+! 4P:!
O.8B8O8':8!!%O!G7 8O8!4!)4BG75G8!GB8 :!O.8B8O8':8!)4B9/8!!:!GB8 7!!%O!G7 8O8$!N7:!GB8 7G8!
O.8B8O8':8!:5!,%4!G7!!G7537!4!!%!,%4!G8!G7 8O8$!N7:!GB8 7G8!O.8B8O8':8+!585!(! 4B8K!M%:5P:+!
%48B'4+!(!GB8 7":O4$!
/+.*3+9!,5!,%4!G8!!45!8+!!R!(!GB8 7":O4$!
!"#$%&':!M%:5P:!O.:8!(!GB8 7":O4!:5!,%4!G7!!G7537K!
/+.*3+9!,5!,%4O!!45!8+!!R$!
!"#$%&':!".:8!(!GB8 7":O4!:5!,%4!G7!!G7537K!".:8!(!GB8 7":O4!54'O:!7''B4'7G:K!!
/+.*3+9!,5!,%4O!!45!8!O.:8!(!GB8 7":O4!54'O:!7''B4'7G:$!
!"#$%&'9!M%:5P:!O.:8!)%L!4!!4B4!GB8 7G8!54'O:!7''B4'7G:K!#OO8B7!P8 .(K!#OO8!!G4!!8!*8P8!
:O!G7 8O8!(!GB8 7":O4!54O!G7 8O8K!
/+.*3+9!%454B7O*45G4!!:!%!7!P:B4!9/4!:O!G7 8O8!)%L!4!!4B4!GB8 7G8!54OO7!!G7537$!,5!,%4O!
!45!8!:O!G7 8O8!)%L!4!!4B4!GB8 7G8!54:!!%8:!98*)8545G:+!*7!585!54O!!45!8!P:!GB8 7B4!%5!
G7 8O8!4!:!G45G4!:5!*75:4B7!7%G858*7$!
!"#$%&'9!?85!!G8!)7BO75P8!P:!%5!G7 8O8!9/4!4!:!G4!7%G858*7*45G4+!!G:7*8!!8O8!
)7BO75P8!P4O!G7 8O8$!2%L!:O!G7 8O8!4!!4B4!GB8 7G8!!%OO7!"7!4!P4O!G7 8O8K!
/+.*3+9!,5!,%4!G8!!45!8+!!R+!:O!G7 8O8!)%L!4!!4B4!GB8 7G8$!
!"#$%&'9!$:+!585!*:!B:-4B:!98!7O!G7 8O8!9/4!4!:!G4!7%G858*7*45G4$!2%L!P%5,%4!4!!4B4!
GB8 7G8K!
/+.*3+9!$:+!)%L!4!!4B4!GB8 7G8!:5!,%4!G7!!G7537+!)%L!4!!4B4!GB8 7G8!!%OO7!"7!4!P4:!!%8:!
98*)8545G:$!
!"#$%&'!,O!G7 8O8!)%L!4!!4B4!GB8 7G8!!%OO7!"7!4!P4O!G7 8O8$!)7!"454+!*7!P8 .(K!
,5P:97*4O8V!,O!G7 8O8!P4 4!4!!4B4!:5!-:7**4! :!G8!9/4!%48B'4!O8!!G7!:5P:975P8!985!*8OG7!
7GG453:854!4!!:!G:454!7!P4":G7!P:!G7537V!
! 2%L!O.:8!4!!4B4!GB8 7G8!!%OO7!"7!4!P4'O:!7''B4'7G:K!?85!P8 B4""4!4!!4B4!:*)8!!:":O4!
-7BO8K!
/+.*3+9!?4OO7!58!GB7!O:5'%7!O7!)7B8O7!OGB8 7":O4P!(!%G:O:337B4!)4B!:5P:97B4!9/4!,%7O98!7!
4!:!G4$!,%75P8!9/:4P4!!4!(!GB8 7":O4+!:5G45P4!P:B4!!4!(!4!:!G45G4K!
!"#$%&'9!$:!
/+.*3+9!&!:!G4!:5!B4O73:854!7OO4!)7BG:!9/4!O8!98*)85'858!4!)4BG75G8+!B:!)85P45P8!7OO7!
P8*75P7!OP8 .(KP+!)8!!:7*8!P:B4!9/4!(!!%:!!%8:!98*)8545G:$!24B!985GB8+!585!)%L!4!!4B4!
GB8 7G8!54O!!45!8!P:!:5P:97BO8!:5!*8P8!!8!G753:7O4$!
!"#$%&'9!&7!G%!O8!/7:!:5P:97G8V!N7:!:5P:97G8!:O!G7 8O8!!8!G753:7O4$!M%4OO7!98!7!9/4!G%!/7:!
:5P:97G8!585!4B7!!8!G753:7O4K!

AW! !
"#!$#%%&''#!(&""#!)#*+,-.!

/+.*3+9!&7!:8!!G8!:5P:975P8!O.:5!:4*4$!
!"#$%&'9!".:5!:4*4!P:!98!7K!$G7:!:5P:975P8!O.:5!:4*4!P:945P8!9/4!(!:O!G7 8O8K!
/+.*3+9!?8$!
!"#$%&'!#OO8B7!98!7K!
/+.*3+9!$G8!P:945P8!9/4!:O!G7 8O8!)%L!4!!4B4!GB8 7G8+!4!:!G4!54O!!45!8!P:!4!:!G4537!:5!
B4O73:854!7!,%7O98!7$!?85!)%L!4!!4B4!GB8 7G8!7OGB8 4$!?85!)%L!4!!4B4!GB8 7G8!,%:!D:5P:97!
:O!'8*)7F$!!?85!:5G45P8!P:B4!(!9/4!(!GB8 7":O4+!9/4!,%4!G8!(!:O!G7 8O8+!9/4!9.(!,%7O98!7!9/4!
(!:O!G7 8O8$!
!"#$%&'9!*.(!,%7O98!7!9/4!(!:O!G7 8O8K!".:5!:4*4!(!:O!G7 8O8K!
/+.*3+9!?8$!
!"#$%&'9!?85!!G7:!:5P:975P8!O.:5!:4*4K!#OO8B7!98!.(!:O!G7 8O8K!
/+.*3+9!".:5!:4*4!585!(!:O!G7 8O8$!
!"#$%&'!#OO8B7!585!!G7:!:5P:975P8!O.:5!:4*4K!#OO8B7!:5P:97B4!O.:5!:4*4!4!7!!4B:B4!9/4!4!!8!
(!:O!G7 8O8!(!4BB7G8V!$G7:!:5P:975P8!OQ:5!:4*4!P4OO4!)7BG:K!
/+.*3+9!?85!98*4!G7 8O8$!
!"#$%&'9!#OO8B7!98!7!!G7:!:5P:975P8K!?85!!G7:!:5P:975P8!O4!)7BG:+!585!!G7:!:5P:975P8!:O!
O8B8!:5!:4*4+!98!7!!G7:!:5P:975P8K!
!"#$%&'!,5!!45!8!985 453:857O4+!!4!58:!9:!9/:4P:7*8!!4!9.(!%5!G7 8O8+!7OO8B7!9.(!%5!
G7 8O8$!$4!94B9/:7*8!%5!4!4*):8!P:!G7O4!G7 8O8+!7OO8B7!:5P:9/:7*8!,%4!G8$!
!"#$%&'9!)7!"454+!,%:5P:!,%75P8!G%! %8:!P:B4!,%7O98!7!7!$:O:757+!)4B!4!4*):8+!4!585!
B:4!9:!7!GB8 7BO7!4!O4:!:*)B8 :!7*45G4!7))7B4!@!G%!O7!:5P:9/:!98*4!$:O:757$!$858!:!!%8:!
7''B4'7G:!9/4!G%!!G7:!:5P:975P8+!585!(! 4B8K!!
/+.*3+9!$:!)%L!P:B4!98!R$!
!"#$%&'!M%:5P:!G%!:5P:9/:!:!!%8:!7''B4'7G:$!
/+.*3+9!$:$!
!"#$%&'!#OO8B7!(!O7!!G4!!7!98!7$!?85!!G7:!:5P:975P8!P4'O:!7''B4'7G:!!)49:-:9:+! 4B8K!"8!
!G4!!8! 7O4!)4B!:O!G7 8O8+!G%!:5P:9/:!O.:5!:4*4!P4O!G7 8O8+!OQ:5!:4*4!P4:!98*)8545G:!P4O!
G7 8O8$!
/+.*3+9!(:9:7*8!98!R+!*7!:5!O:5'%7!:5'O4!4[!
!"#$%&'!?85!(!98!RK!?85!(!98BB4GG8K!
/+.*3+9!M%75P8!P:9:!P:!7 4B!GB8 7G8!$:O:757+!:5!:5'O4!4!(!:*)O:9:G8!9/4!9.(!,%7O98!7!P:!
GB8 7":O4$!
!"#$%&'!$:O:757+!P%5,%4+!585!(!GB8 7":O4K!,8! :!-799:8!G%GG4!,%4!G4!P8*75P4!)4B9/8!
8'O:8!9/4!9:!B:-O4GG:7G4!!8)B7$!!
')(&+%)+9!28!!8!-7B4!%57!P8*75P7K!5B4 4*45G4+!,%7O!(!O7!P:--4B4537!GB7!O.:8!4!O7!*45G4K!
!"#$%&'!*.(!%57!'B75P4!P:--4B4537$!M%7O.(!:O!G%8!58*4K!$7O 7G8B4K!24B!4!4*):8+!
$7O 7G8B4!4!!:O!98B)8!P:!$7O 7G8B4!!858!P: 4B!:K!$7O 7G8B4!585!(!:O!98B)8!P:!$7O 7G8B4+!9.(!
%57!'B75P4!P:--4B4537$!
! "7!*45G4!(!!4537!-8B*7+!!4537!98O8B4+!P: 4B!7!P7O!98B)8!9/4!:5 494!(!O.8''4GG8!P4O!
!45!8!P4OO.:8$!M%:5P:!54!!%58!)%L! 4P4B4!$7O 7G8B4+!O.:8$!".:8!4!$7O 7G8B4!!858!O7!!G4!!7!
98!7$!
'$,.$).*+9!$4!O.:8!P:!$7O 7G8B4!(!!4537!-8B*7+!7OO8B7!(!O7!*45G4$!!
!"#$%&'!M%7O9%58!)%L! 4P4B4!$7O 7G8B4K!$7O 7G8B4!(!!4537!-8B*7K!#OO8B7!$7O 7G8B4!585!
/7!":!8'58!P4OO7!9457!,%4!G7!!4B7$!?85!/7!":!8'58!P4OO7!98O73:854!4!P4O!)B7538$!?85!P4 4!
:7'':7B4!:5!*799/:57$!!

! A>!
#""#!$*>2&1-#!(&"!5+((N,$&>!

'$,.$).*+9!,8!)8!!8!*75':7B4+!*7!)8!!8!759/4!!G7B4!!4537!9:"8$!!
!"#$%&'!,%75P8!7BB: 7!O.8B7!P:!9457+!)B7538!8!98O73:854!7OO8B7!$7O 7G8B4!585!(!O7!*45G4+!
:5!,%4:!*8*45G:!7!!%*4!%57!-8B*7!*45GB4!7OGB:*45G:!54!(!!)B8 :!G8$!&:!):794!,%4!G8!
B7':857*45G8+!)45!8!!:7!:5G4OO:'45G4$!
'$,.$).*+$!M%7O!(!O7!P:--4B4537!GB7!O.:8!4!O7!*45G4!@!4!$7O 7G8B4!585!9.45GB7$!&.!%57!
P8*75P7!B:!)4GG8!7!9/:%5,%4+!585!!8O8!7!$7O 7G8B4$!
!"#$%&'!*8*4!/8!7994557G8!7OO.:5:3:8+!7 4G4!!45G:G8!58*:57B4!O4!)7B8O4!O*4B7*45G4!
:*)%G7G8PK!5454+!,%4!G8!(!9:L!9/4!($!".:8!)8!!:4P4!O7!*45G4!4!:O!98B)8+!'O:!7''B4'7G:+!*7!(!
*4B7*45G4!:*)%G7G8!!%!P:!4!!:$!#! 8OG4!9.(!%5!98B)8+!7! 8OG4!585!9.(+!9.(!!8O8!O7!*45G4+!
*7!O7!*45G4!(!O.8''4GG8!)8!!4P%G8!4!O.:8!(!:O!)8!!4!!8B4$!*8*%5,%4+!O7!*45G4!9/4!58:!
B4)%G:7*8!4!:!G4B4!7%G858*7*45G4!(+!P:!-7GG8+!!8O8!*45G4!@!585! :!(!5%OO7!7O!P:!-%8B:!P:!
,%4OO8!9/4!58:!7"":7*8!*4B7*45G4!:*)%G7G8!!%!,%4OO7$!!
')(&+%)+9!M%75P8!4B8!%57!':8 754!B7'7337!)B8 7 8!%57!-8B*7!P:!7P4!:854!P: 4B!7!P7!
,%4OO7!9/4!/8!)B8 7G8!,%75P8!!858!P: 45G7G7!):J!*7G%B7$!".7P4!:854!B:*754+!*7!/8!
98*4!O7!!45!73:854!P:!7 4B4!*8OG:!:8+!585!(!*7:!O8!!G4!!8$!&!:!G4!%5!*8P8! 7O:P8!)4B!
B45P4B4!9:7!9%58!P:!,%4!G:!:8!O.8''4GG8!P7!:P45G:-:97B4K!
!"#$%&'!,5G45P:!P:B4!:8!P: 4B!:!P7OO7!':8 45GJ!:5!)8:K!?4OO7!58B*7O4! :G7!,%8G:P:757+!
,%75P8!585!!G7:!94B975P8!O.:8!%!75P8!O7!O8':97!)4B!97):B4!:O!*8P8!:5!9%:!4!:!G4+!9.(!
,%7O98!7!9/4!G:!7))7B4!4!7!9%:!7P4B:!9:!)45!75P8!9/4!!:7!O.:8$!1:-O4GG:9:$!*/:4P:G:!98*Q(!,%4O!
,%7O98!7$!
! ,5!'454B7O4!-%53:857!98!R9!9.(!O.7))7B4537!P:!%5!:8!B47O4+!%5!:8!9/4!4!:!G4!
4B7*45G4+!,%7O98!7!9/4!!4*"B7!GB8 7":O4+!98*4!!4!-8!!4!7OOQ:5G4B58!P4O!98B)8$!M%75P8! :!
9B:G:9758! 8:!)45!7G49!OP:94!)B8)B:8!7!*4KP$!?4OO.499:G73:854!)B8 897G7!P7OO7!B7"":7!
)%5G7G4!:O! 8!GB8!P:G8!7O!G8B794$!#OO8!!G4!!8!*8P8!,%75P8!7997P4!,%7O98!7!P:!!):794 8O4!
)8BG7G4!O7!*75:!7O!)4GG8!P:945P8!O>!*:8!(:8VP$!28BG7G4!O7!*758!7O!)4GG8!@!7! 8OG4!7OO7!
G4!G7+!*7!)B:59:)7O*45G4!7O!)4GG8$!
!
M%75P8!:5P:97G4!O.:8!585!-7G4!98!R!D1:5)894!:5P:97!O7!G4!G7F+!*7!98!R!D1:5)894!:5P:97!7O!
9%8B4F$!M%75P8!)7BO7G4!P:!)45!:4B8+!:5P:97G4!O7!G4!G7+!*7!585!O8!-7G4!,%75P8!P:G4!OP:94!
)B8)B:8!7!*4KP$!,8!)45!8!9/4!54OO7! :G7!58B*7O4+!,%4!G8!*8P8!P:!4!)B:*4B!:!!):4'/:!
7GGB7 4B!8!:!'4!G:!O.:'58B7537!98554!!7!985!O.4!:!G4537!:5!*8P8!7%G858*89!O.:8!9/4!(!
!4*)O:94*45G4!4G:9/4GG7G8!7))7B4!98*4!!4!585!-8!!4!G7O4+!*7!-8!!4!7%G858*7*45G4!
4!:!G45G4!4!O7!)4B!857!!:!7''B7))7!7P!4!!8!98*4!!4!-8!!4!B47O4$!M%4!G8!(!:5P:97G8!P7O!'4!G8!
4!G4B:8B4!P:!%57!)4B!857!9/4!!:!98O):!94!985!-8B37!,%:+!7O!9%8B4$!24B!98!G8B8!O.:8!7))7B4!
98*4!B47O4+! 4B7*45G4!4!:!G45G4$!
!
!
"#-5!8&"#8&!.&!-8&,.#.5!
!
!
".:8!985G:5%7!7P!7))7B:B4!4!7P!4!!4B4!!)4B:*45G7G8!P7:!*4P:G7G8B:+!*7!54O!)B8-85P8!P4O!
O8B8!9%8B4!':794!O7!)B8-85P7!985 :53:854!9/4!!%!,%4!G:!7''B4'7G:!585!9Q(!7--7GG8!%5!:8!
P8G7G8!P:!4!:!G4537!P7OO7!!%7!)7BG4$!&.!98*4! 4P4B4!%5!*:B7'':8$!#59/4!!4!%5!%8*8!9/4!
97**:57!!%OO7!!7"":7!B8 45G4!/7!%57!)B8-85P7!98*)B45!:854!P4O!-7GG8!9/4!585!9.(!
7O9%57!)B4!4537!P.79,%7+!,%75P8! 4P4!:O!*:B7'':8!4!!8!'O:!7))7B4!98*%5,%4!98*4!79,%7$!

AJ! !
"#!$#%%&''#!(&""#!)#*+,-.!

+5!*4P:G7G8B4!4!)4BG8!/7!%57!9/:7B7!4!!8O:P7!98*)B45!:854!P4O!-7GG8!9/4!585!9Q(!7--7GG8!
%5!:8!:5GB:5!497*45G4!4!:!G45G4+!*7!7OO8!!G4!!8!G4*)8!O.O:8P*4B7*45G4!:*)%G7G8!4!!8GG8!
:O!985GB8OO8!P4O!58*4!985G:5%7!7P!7))7B:B'O:!98*4!4!:!G45G4!P7OO7!!%7!)7BG4$!"7!P:--4B4537!
(!9/4!4'O:!585!7P4B:!94!7P!4!!8!)B8)B:8!98*4!O.%8*8!54O!P4!4BG8!9/4! 4P4!:O!*:B7'':8+!*7!
585!!7P4B:!94!7OO7! :!:854!98*4!!4!-8!!4!B47O*45G4!79,%7$!!
!
&!)8:!9.(!:O!)45!:4B8!P4O!*4B8!:8+!)4B!4!4*):89!O,8!*75'4BLP+!O,8!75PBL!7O!*4B97G8P+!O,8!
"4BBLP+!O,8!75PL!7!O4GG8P$!*.(!:O!)45!:4B8!P:!%5!*4B8!:8!759/4!,%75P8!585!7"":7*8!
B47O:337G8!:O!!:'5:-:97G8!P:!O*7597537!P:!%5!4'8P+!O7!57G%B7!7!!8O%G7!P4OO.:8+!9/4!(! %8G7!P:!
4B7!4!:!G4537$!$4!,%4!G8!)45!:4B8!(!%57!)4B943:854!4BB7G7+!!:'5:-:97!9/4!O,8!*75':8P+!O,8!
)45!8P+!O,8!97**:58P!585!4!:!G858$!$:'5:-:97!9/4!4!!8!585!4!:!G4$!M%4!G8! %8O!P:B4!9/4!
7"":7*8!B7'':%5G8!O8!!G7G8!P4O!5:9/:O:!*8$!&7+!!4537!P%"":8+!:O!)45!:4B8!P:!%5!:8!
4B7*45G4!4!:!G45G4!9/4!*75':7+!P8B*4+!499$+!9/4!(!%57!7OO%9:573:854+!%57!985943:854!
4BB7G7+!,%4!G8!:8! 4B7*45G4!4!:!G45G4!585!4!:!G4$!M%4O!G:)8!P:!:8! 4B7*45G4!4!:!G45G4!9/4!
*75':7+!"4 4+!!:!!:4P4+!499$!@!,%4!G8!:8!585!4!:!G4$!!
!
&.!*8OG8!:*)8BG75G4!B:%!9:B4!7!B4O73:857B4!G%GG8!,%4!G7!7OO7! 8!GB7!4!)4B:4537!
,%8G:P:757$!*4B97G4!P:!98*)B45P4B4!,%4!G8!7GGB7 4B!8!O4! 8!GB4!4!)4B:4534$!)7O4!P7 4B8!
O7!)457!!G%P:7B4!8!79,%:!:B4!98*)B45!:854+!)8:9/8!O7!58!GB7!:'58B7537!(!O7!B7':854!)4B!O7!
,%7O4!58:!585!!:7*8!7598B7!O:"4B:!4!585!7"":7*8!7598B7!8GG45%G8!O7!O:"4B73:854!P7O!
!7*!7B7$!
!
')(&+%)+9!28!!8!-7B4!%5.7OGB7!P8*75P7K!M%75P8!58:!)%5G:7*8!:O!P:G8!7O!9%8B4+!7! 8OG4!
)B8 :7*8!P4OO4!!45!73:85:!O4'7G4!7OO.:8!9/4!!858!G7O*45G4!-8BG:!P7!7 4BG:B4!%5!P8O8B4!
-:!:98$!M%75P8!*4P:G:7*8+!98*4!)8!!:7*8!%!7B4!,%4!G7!!45!73:854!P:!G:)8!-:!:98!P:!%5!:8!
54O!)4GG8K!&:!!4*"B7!-:!:97$!(8"":7*8!*4P:G7B4!!%!P:!4!!7!)4B!GB8 7B4!,%7O98!7K!
!"#$%&'!?8!D*2&+%&.F$!&.!O7!!G4!!7!98!7!P:!,%75P8!)B:*7!/8!P4GG8!9/4!585! :!(!7O9%5!
8""O:'8!P:!GB8 7B4!%5!*:O:854!P:!P8OO7B:!:5!,%4!G7!!G7537!,%75P8!54OO7!!G7537!585!9:!!858!
)4B!5%OO7$!
!
#59/4!!4!7 4G4!B47O:337G8!O7!57G%B7!7!!8O%G7!P4OO.:8+!!4! 4P4G4!9/4!O.:8!(! %8G8!P:!4!:!G4537!
4B7+!P8 4G4!98*%5,%4!7598B7!)B7G:97B4!O7!*4P:G73:854!757O:G:97$!(8 4G4!! :O%))7B4!O7!
!7''4337!'%7BP75P8!O.7))7B4537+!O7!98!7!9/4!7))7B4!98*4! 4B7*45G4!4!:!G45G4$!(8 4G4!
!98)B:B4!9/4!(! %8G7$!!
)4P4G4+!:O!G%GG8!P:)45P4!P7O!O: 4OO8!P4OO7!*45G4!P4OO.:5P: :P%8$!?85!!G8!9/:4P45P8!7!%%B%!
$/7=07*%5:!5%PP/7!O)4B!-7 8B4!*4P:G7!!%OO7! 79%:G6+!)4B!-7 8B4!*4P:G7!)4B!)8G4B!
4P4B4!O.:8!98*4!)B: 8!P:!4!:!G4537! 4B7$P!*7):G4!98!7! 8'O:8!P:B4K!?85!P8 4G4!9/:4P4B4!7!
5%PP/7!P:!B:94B97B4!OQ7))7B4537!P4OO.:8! 4B7*45G4!4!:!G45G4!4!P:!!98)B:B4!9/4!(! %8G8$!,O!
5%PP/7!585!/7!":!8'58!P:!!-8B38+!P:!7PP4!GB7*45G8+!(!O.:5P: :P%8!9/4!P4 4!-7BO8$!!
!
*4B97G4!P:!B4O73:857B4!,%4!G4!98!4!7OO7! 8!GB7!4!)4B:4537!P:B4GG7U!)4B!4!4*):8!,%75P8!!:!
/7!%5!"7*":58$!(8)8!O7!57!9:G7+!:!'45:G8B:!94B9758!%5!58*4$!&!!:!P4!:'5758!,%4O!58*4!
!%'O:!7''B4'7G:$!?4O!*8*45G8!!G4!!8!9/4!:O!)45!:4B8!P4!:'57!:O!58*4!O&:O758P!7!,%4O!
"7*":58+!!%'O:!7''B4'7G:$!585!9Q(!7P4!:854!7!&:O758!98*4!4!:!G45G4! 4B7*45G4$!,5!
!4'%:G8+!7!97%!7!P4OO7!58!GB7!7":G%P:54+!9/4!!:!)4B)4G%7!P7OO4!)7!!7G4! :G4!!4537!:5:3:8+!O4!

! AA!
#""#!$*>2&1-#!(&"!5+((N,$&>!

98!4!7))7:858!98*4! 4B7*45G4!4!:!G45G:+!!:!7P4B:!94!7!G7O4!7))7B4537!4!'B7P%7O*45G4!
P:*45G:9/:7*8!9/4!&:O758!8!*O7%P:8!!858!*4B4!P4!:'573:85:!!%!,%4'O:!7''B4'7G:$!
(:*45G:9/:7*8!9/4!7OO.8B:':54!,%4!G8!58*4!4B7!*4B7*45G4!:*)%G7G8+!585!54!!:7*8!):J!
985!7)4 8O:$!(:*45G:9/:7*8!4!*O7%P:8!9/4!7"":7*8!*4B7*45G4!P4!:'57G8!!%'O:!7''B4'7G:!
9:!7))7B4!98*4!!4!585!-8!!4!98!R+!*7!4!:!G4!!4!P7O!!%8!O7G8+!585!):J!P:)45P45G4!P7OO4!)7BG:!
9/4!O8!98*)85'858+!P7O!98B)8+!P7'O:!7''B4'7G:!4!P7O!)45!:4B8!P4OO7!)4B!857!9/4!
:5:3:7O*45G4!O8!/7!P4!:'57G8!98*4!*O7%P:8+!&:O758+!8!,%7O!:7!:!7OGB8!58*4!!%!,%4'O:!
7''B4'7G:$!,5!,%4!G8!*8P8!*O7%P:8!7))7B4!4!:!G45G4!98*)O4G7*45G4!P7O!!%8!O7G8+!:5!*8P8!
P4O!G%GG8!:5P:)45P45G4!4!,%75P8!:!'45:G8B:!8!O4!7OGB4!)4B!854!O8! 4P858!)45!758!9/4!O%:!
4!:!G4!:5!,%4!G8!*8P8$!!
!
M%4!G8!B7':857*45G8! 7O4!759/4!B:!)4GG8!7OO4!7OGB4!)4B!854!9/4!585!O8!9858!9858+!)B:*7!
P:!4!!4B!:!)B4!45G7G:$!?4O!*8*45G8!!G4!!8!9/4! 45'858!)B4!45G7G:!4!,%7O9%58!P:94!O,%4!G8!
(!*O7%P:8P+!:O!)45!:4B8!9/4!P4!:'57!*O7%P:8!585!7P4B:!94!7!*O7%P:8!98*4!!4!-8!!4!
4B7*45G4!4!:!G45G4$!28:+!)898!7OO7! 8OG7+!*O7%P:8!98*:59:7!7P!7))7B:B4!98*4! 4B7*45G4!
4!:!G45G4!4!!:!7P4B:!94!7!,%4!G8!98*4!!4!-8!!4!G8G7O*45G4! 4B8+!7!%5!*O7%P:8!
98*)O4G7*45G4!:5P:)45P45G4!4!:!G45G4!P7OO7!!%7!)7BG4$!,5!,%4!G8!*8P8!)8G4G4! 4P4B4!9/4!
O7!B47OG6!4!O.7))7B4537!@!98*4!*O7%P:8!4!:!G7!B47O*45G4!!%!,%4'O:!7''B4'7G:!4!98*4!
*O7%P:8!7))7:7!4!:!G4B4!X!!858!GB7!P:!O8B8!985GB7PP:GG8B:4$!?85!!858!!:*:O:$!
!
$:!)%L!%!7B4!,%4!G8!4!4*):8+!9/4!)4B*4GG4!P:!98*)B45P4B4!98*4!*O7%P:8!!:7!
!4*)O:94*45G4!P4!:'57G8$!$4537!:O!!%8!98B)8+!:!!%8:!7''B4'7G:+!759/4!!4!)4B*754!:O!
)45!:4B8!9/4!P4!:'57!*O7%P:8+!4'O:!4!:!G4K!?8$!
! #59/4!P8)8!O7!57!9:G7!P:!*O7%P:8+!!4!:!'45:G8B:!585!/7558!7598B7!P4!:'57G8!:O!58*4!
*O7%P:8+!!4""454!:!!%8:!7''B4'7G:!!:758!':6!)B4!45G:+!)B:*7!P4OOQ:*)%G73:854!P7!)7BG4!O8B8!
*O7%P:8!585!4!:!G4!7598B7$!*7):G4!,%4!G8K!+5!':8B58!P49:P858!P:!P4!:'57B4!:O!58*4!
*O7%P:8!!%'O:!7''B4'7G:$!,O!98B)8!4!'O:!7OGB:!7''B4'7G:!4!:!G858!4!O8B8!P49:P858!9/4!:O!58*4!
9/4!'O:!P857!P:!):J!(!*O7%P:8!DB:P45P8F$!&998!)4B9/8!O8!9/:7*758!*O7%P:8!@!G%GG8!,%:+!585!
9.(!7OGB8!*O7%P:8$!(8"":7*8!4!!4B4!!8PP:!-7GG:!!P7O!-7GG8!9/4!!%!,%4'O:!7''B4'7G:+!9/4!P7:!
'45:G8B:!!858!!G7G:!!4*)O:94*45G4!P4!:'57G:!98*4!*O7%P:8+!*O7%P:8!4!:!G4$!?85!9.(!5%OO7!P:!
):J!8!P:!*458!P7!GB8 7B4+!54!!%5!7OGB8!*O7%P:8$!# 45P8!*4B7*45G4!:*)%G7G8!*O7%P:8!!%!
,%4'O:!7''B4'7G:!9Q(!%5!*O7%P:8!9/4!4!:!G4+!,%7O!:7!:!98!7!-799:7!(!*O7%P:8!9/4!O8!-79!!4!
P8B*4!X!*O7%P:8!!G7!P8B*45P8+!!4!*75':7!@!*O7%P:8!!G7!*75':75P8$!(8"":7*8!7994GG7B4!
,%4OO8!9/4!(!!G7G8!4G:9/4GG7G8!!%OO7!"7!4!P4'O:!7''B4'7G:!X!54!!%5!7OGB8!*O7%P:8!!G7!
*75':75P8+!P8B*45P8!4!98!R! :7$!
!
$%!,%4!G8!98B)8+!!%!,%4!G:!7''B4'7G:!:!'45:G8B:!/7558!P4!:'57G8!:O!58*4!*O7%P:8!@!G%GG8!
,%:$!M%4!G8!(!:O!!8O8!*8P8!P:!4!:!G4B4!P:!*O7%P:8+!97):G4K!#P4!!8!)8G4G4!B45P4B :!985G8!9/4!
585! :!(!54!!%5!*O7%P:8!9/4!4!:!G4!P7O!)B8)B:8!O7G8$!(8 B4!G4!7))O:97B4!,%4!G8!
B7':857*45G8!7O! 8!GB8!!G4!!8!58*4+!7O! 8!GB8!:8$!(8 B4!G4!*4P:G7B4!:5!,%4!G8!*8P8$!!
!
-%GG7 :7!OQ7))7B4537+!:O!*8P8!:5!9%:!O8! 4P:7*8$!(!9/4!9Q(!%5!*O7%P:8!!!98*)O4G7*45G4!
4!:!G45G4!P7O!)B8)B:8!O7G8+!585!O8! 4P:7*8!98*4!!4*)O:94*45G4!:*)%G7G8$!(%5,%4!:O!
*8P8!985!9%:!*O7%P:8!9:!7))7B4!4!:O!!%8!B47O4!*8P8!P:!4!:!G4B4!!858!985GB7PP:GG8B:!O.%58!

AG! !
"#!$#%%&''#!(&""#!)#*+,-.!

985!O.7OGB8$!M%75P8!'%7BP:7*8!*O7%P:8!,%4OO8!9/4!P8 B4**8! 4P4B4+!O.7))7B4537+!


P8 B4""4!4!!4B4!:5!7998BP8!985!O7!B47OG6+!*7!,%4!G8!585!7 :454$!,O!)B8"O4*7!57!94!,%:$!
!
!
!
!+*;.,+&B!3!"+))+4?*+!
!
!
0-+5!5$+&"&!)#5%%&..5!(#!+5!.,.#"&!
!
!
):!%7O:337G4!*45B4!:'!!%OO7!!8**:G6!P4O!97)8!P:!8'5:!4!!4B4!:5!,%4!G7!!G7537!4!P:!G%GG:!'O:!
7OGB:!4!!4B:!!453:45G:+!*45GB4!)%B:-:97G4!G%GG:!:!)B8"O4*:$!!
IJ3%(%.!*+;2)$!2,!4$%)*$K!K9!93$D!B3>9G!LM9$!
!
245!7G4!9/4!*45B4!:'!!:7!:5!4)7B7":O4!P7!$%7!$75G:G6!:O!(7O7:!"7*7!98!R!P7!"454P:B4+!
GB7!-8B*7B4!O7!*45G4$!#!,%4!G8!)%5G8!*45B4!:'!!%O! 8!GB8!97)8!4!!%!,%4OO8!P:!G%GG:!'O:!
4!!4B:!!453:45G:!!:!7!!8B"4!4!"454P:94!O4!*45G:!P: 45G75P8!%57!!8O7!98!7!985!4!!4$!
):!%7O:337G4!9/4!GB7!-8B*7G4!O7! 8!GB7!*45G4+!9/4!'454B7G4!:!GB4!7!)4GG:!)B:59:)7O:!P4O!
!45G:4B8!)4B!O.:OO%*:573:854!4!759/4!:O!!45G:4B8!'B7P%7O4!P4OO7!'454B73:854!4!P4O!
98*)O4G7*45G8+!4O:*:575P8!O7! :!:854!P%7O:!G:97+!O7! :!:854!:*)%B7$!!
!
>OGB4!9/4!7!,%75G8!P4!9B:GG8!:4B:!!%O!*8P8!P:!)45!7B4!7OO.:8+!9.(!759/4!O7!985943:854!
:5G4OO4GG%7O4+!79,%:!:G7!*4P:75G4!%57!P8GGB:57+!9/4!)45!7!9/4!O.:8!!:7!4--4GG: 7*45G4!
4!:!G45G4$!?85!!8O8!)8!!:7*8!7 4B4!%57!985943:854!4BB7G7!:5!*8P8!!)85G7548+!*7!
)8!!:7*8!759/4!!G7":O:B4!O.:P47!P:!%5!:8!4!:!G45G4! 4B7*45G4!7GGB7 4B!8!O7!)B7G:97!
-:O8!8-:97!4!:5G4OO4GG%7O4$!!
!
,4B:!/8!%!7G8!O.4!4*):8!P:!*O7%P:8$!?8:!)45!:7*8!9/4!*O7%P:8!!585!!:7!!8O8!9:L!9/4!(!!G7G8!
*4B7*45G4!P4!:'57G8!98*4!G7O4!!%!P:!%5!:5!:4*4!P:!7''B4'7G:U!98*4!)8GB4""4!4!!4B4!!8O8!
,%4OO8K!*B4P:7*8!9/4!9:!P4""7!4!!4B4!,%7O98!7!P:!):J$!(45GB8!P:!58:!(!-8BG4!O7!985943:854!
P:!,%7O98!Q7OGB8+!P:!%5!*O7%P:8! 4B8U!98*4!)8GB4""4!8)4B7B4!%5!*O7%P:8!*4B7*45G4!
:*)%G7G8K!(4 4!4!!4B4! 4B8!!7OGB:*45G:!98*4!)8GB4""4!4!:!G4B4K!
!
M%75P8!54!P:!9%G:7*8!8!!4!!45G:7*8!)B85%59:7B4!O4!)7B8O4!O%5!*O7%P:8!*4B7*45G4!
:*)%G7G8P!O7!58!GB7!*45G4!)45!7!O98*4!)%L!4!:!G4B4!4!-%53:857B4K!*8*4!)%L!7BB497B4!
P7558!8!"454-:9:8!7'O:!7OGB:K!245!:7*8!9/4!9:!!:7!759/4!,%7O98!Q7OGB8+!,%7O98!7!P:!):J!8OGB4!
7!,%4OO8$!M%4O!O,%7O98!.7OGB8P!,%4O!OP:!):JP!(!9:L!9/4!585!4!:!G4$!".8''4GG8!P:!,%4OO7!
985943:854!(! %8G8$!M%4O!*O7%P:8!(! %8G8$!M%4!G8!(!O.8''4GG8!P7!985-%G7B4$!
!
?85!4!!45P8!!8PP:!-7GG:!P7O!*O7%P:8!*4B7*45G4!4G:9/4GG7G8+!)45!:7*8!9/4!9:!P4""7!
4!!4B4!,%7O98!7!P:!):J+!%5!*O7%P:8!9/4!!:7!P:!):J!9/4!%57!!4*)O:94!:*)%G73:854+!*7!G%GG:!
'O:!7OGB:!8''4GG:!9/4!)45!:7*8!4!!4B4!*O7%P:8!!858!'O:!8''4GG:!P7!54'7B4$!&!!:!!858!
O.8''4GG8!P7!B:-:%G7B4!9/4!(! %8G8+!*7!9/4!585!7"":7*8!7598B7!B47O:337G8!98*4! %8G8$!!
!

! AB!
#""#!$*>2&1-#!(&"!5+((N,$&>!

&.!O7!!G4!!7!98!7!:5!B4O73:854!7OO.:8$!?8:!)45!:7*8!9/4!9:!!:7!7OGB8!8OGB4!9/4!7OO.:8!
!4*)O:94*45G4!:*)%G7G8$!)8:!98598BP7G4!!%O!-7GG8!9/4!:O!*:8!:8+!O'8)7P+!!:7!
%5.:*)%G73:854$!*8598BP7G4!!%!,%4!G8+!)4B9/8!(!8 :8!9/4!P:)45P4!P7O!)45!:4B8!9/4!O8!
:*)%G7$!?85!)8G4G4!985-%G7B4!,%4!G8!*7!7OO8!!G4!!8!G4*)8!!45G:G4!57G%B7O*45G4!9/4!585!
9Q(!!8O8!O8!O'8)7P!*4B7*45G4!:*)%G7G8+!9/4!9Q(!,%7O98!.7OGB8+!,%7O98!7!P:!):J$!M%4!G8!
,%7O98!.7OGB8+!,%4!G8!:8+!,%4!G8!'8)7+!(!9:L!9/4!(! %8G8+!%5.7OO%9:573:854U!,%4!G8!(!O.:8!
9/4!P8 B4!G4!B47O:337B4!98*4! %8G8$!
!
*.(!%5!:8!9/4!4!:!G4!4!%58!9/4!585!4!:!G4$!M%4OO8!9/4!58:!9B4P:7*8!4!:!G4B4!:5!B47OG6!585!
4!:!G4!4!,%4!G7!985943:854!4BB7G7!P:!%5!:8!(!O7!B7P:94!P:!G%GG7!O7!!8--4B4537!!7*!7B:97$!!
!
M%7O9%58!9/4!/7!*4P:G7G8!!%OO7! 79%:G6!4!9/4!/7!B47O:337G8!O.:8! 4B7*45G4!4!:!G45G4!98*4!
%8G8!4!9/4!/7!B:9858!9:%G8!O.8''4GG8!P7!985-%G7B4+!,%4O!*4P:G7G8B4!585!5494!!:G7!P:!
7O9%57!)7BG:98O7B4!985P:3:854!)4B!4!!4B4!:5!'B7P8!P:! 4P4B4!O7! 79%:G6!P4OO.:8+!O7!57G%B7!
%OG:*7!P4OO.:8$!&'O:!)%L! 4P4B4!O.8''4GG8!P7!985-%G7B4+!O.:8!B47O*45G4!4!:!G45G4+!:5!*8P8!
: :P8!4!9/:7B8!4!:5!8'5:!*8*45G8$!&'O:!(!:5!'B7P8!P:! 4P4B4!O.:8!9/4!4!:!G4!4!O.:8!9/4!585!
4!:!G4+!(!97)794!P:!P:!9B:*:57B4!GB7!OQ7))7B4537!4!O7!B47OG6!@!P:! 4P4B4!9:L!9/4!585!4!:!G4!4!
9:L!9/4!4!:!G4$!
!
?8:!9/4!585!7"":7*8!B47O:337G8!O7! 4B:G6!%OG:*7!P4OO.:8+!9/4!585!!B:9858!9:7*8!O.8''4GG8!
P7!985-%G7B4+!O.:8!9/4!585!4!:!G4+!4!9/4!585!!:7*8!:5!'B7P8!P:!P:!G:5'%4B4!GB7!O.:8!9/4!4!:!G4!
4!,%4OO8!9/4!585!4!:!G4+!:5!)7BG:98O7B:!9:B98!G7534!7 4BG:7*8!%5!-8BG4!!45!8!P:!%5!:8!
:5P:)45P45G4$!M%75P8!!:7*8!499:G7G:+!)7BG:98O7B*45G4!-4O:9:+!8!,%75P8!!!G7!7997P45P8!%5!
P:!7!GB8!8!9:!!45G:7*8!:5!'B75P4!)4B:98O8+!:5!,%4:!*8*45G:!)4B94):7*8!%5!:8!9/4!585!
P:)45P4!P7'O:!7''B4'7G:+!58!P7OO7!*45G4!58!P7O!98B)8+!P7!5:45G4+!!8O8!98*)O4G7*45G4!:8$!
+5!:8!9/4!4!:!G4!P7O!)B8)B:8!O7G8$!!
!
M%4!G8!:8!(!O.8''4GG8!P4OO7!58!GB7!:'58B7537$!".:'58B7537!585!)45!7!7O!98B)8!4!7OO7!*45G4!
98*4!8''4GG:+! 4P4!!8O8!%5!:8!9/4!4!:!G4!P7O!)B8)B:8!O7G8$!*8!R+!*45GB4!!8B'4!-8BG4*45G4!
G7O4!7))7B4537!P:!%5!:8! 4B7*45G4!4!:!G45G4+!9B4!94!759/4!%57!'B75P4!)7%B7+!O7!)7%B7!9/4!
7!,%4!G8!O:8!B47O4P!7997P7!,%7O98!7+!9/4!)8!!7!97P4B4!8!-7B!:!P4O!*7O4!X!9/4!,%4!G8!O:8!
B47O4P!)8!!7!GB8 7B!:!:5!%57!!:G%73:854!P:!)4B:98O8$!!
!
#OO8!!G4!!8!*8P8+!,%75P8!!:7*8!499:G7G:!4!-4O:9:!,%4!G8!O:8P!:!'85-:7+!)B8)B:8!98*4!%5!
)7OO859:58U!7OO.:5:3:8!(!):998O8!*7!)8:+!)898!7OO7! 8OG7+!P: 45G7!*8OG8!'B75P4$!
,5985GB75P854!O7!985P:3:854+!P: 45G7!!4*)B4!):J!-8BG4$!
!
!
3*&"&!),&$&&"-&!'#!(&))#!*#+,-. !
!
!
M%4OO.:8!(!9:L!9/4! :454!9/:7*7G8!QO.:8!:5P:)45P45G4Q$!)4B!:O!!%8!*8P8!P:!7))7B:B4!4!)4B!:O!
*8P8!985!:O!,%7O4!58:!9:!7''B7)):7*8!7P!4!!8!(!98*4!!4!-8!!4!:5P:)45P45G4$!!
!

AE! !
"#!$#%%&''#!(&""#!)#*+,-.!

#))7B4!:5!,%4!G8!*8P8!4!7P4B:7*8!7P!4!!8!98*4!!4!-8!!4! 4B8!7O!>WW!)4B!945G8$!)4P4G4+!
,%75P8!B47O:33:7*8!9/4!(! %8G8+!GB7*:G4!O.7--:P7B9:!7'O:!:5!4'57*45G:!P:!*74!GB:!985!
4!)4B:4537+!985!O7!!7''4337!9/4!P4B: 7!P7OO.7 4B!7!98OG7G8!'O:!:5!4'57*45G:+!!B47O:33:7*8!
9/4!,%4!G8!:8!(!9:L!9/4!585!(! 7O:P8$!M%:5P:!985!O7!O8':97!P4O!!8B'4B4!P:)45P45G4!9/4!
B:9858!94!9/4!(!4--4GG: 7*45G4! %8G8!)8:9/8!(!!8B'4B4!P:)45P45G4+!4!985GB8OO75P8!
7GGB7 4B!8!:O!B7':857*45G8!O8':98!:5!!4GG4!)%5G:!4!O.757O:!:!:5!,%7GGB8!)%5G:+!!:7*8!:5!
'B7P8!P:! 4P4B4!,%4!G8!:8!9/4!7))7B4!4!:!G4B4!P7O!!%8!)B8)B:8!O7G8+!O.:8!QB47O4Q!9/4!(!
98*)O4G7*45G4! %8G8$!!
!
)4P4G4!9/4!,%4!G8!:8!(!98*)O4G7*45G4! %8G8+!)B8)B:8!OR+!)B8)B:8!OR+!585!!4!54! 7!P7!
54!!%57!)7BG4+!)B8)B:8!OR!(! %8G8$!(8 4!7))7B4!4!:!G4B4+!(!:5!4--4GG:!98*)O4G7*45G4! %8G8$!
#!,%4O!)%5G8! 4P4G4!O7!57G%B7!%OG:*7!P4OO.:8+!7 B4G4!B47O:337G8!,%4!G7! 4B:G6$!!
!
*8*4!/8!7 %G8!*8P8!P:!P:B4!O.7OGB8!':8B58+!,%75P8!O.:8!7))7B4!,%:!D1:5)894!:5P:97!:O!!%8!
G8B794F+!,%75P8!!4*"B7!9/4!!:7!4--4GG: 7*45G4!,%:+!7OO8B7!O7!9:7G4!!4*)O:94*45G4!%57!
)7BG4!P4OO7!*45G4!985!7)4 8O4!P4O!98B)8!4!94B97G4!,%4!G8!:8!@!P8 .(K!,5!,%4!G8!*8P8+!
759/4!985!%57!!4*)O:94!*4P:G73:854+!(!)8!!:":O4!9/4!,%7O9%58!985!*8OG8!*4B:G8+!985!
*8OG4!:*)B85G4!P7OO4! :G4!)7!!7G4+!)8!!7! 4P4B4!O7!57G%B7!%OG:*7!P4OO.:8!@!O7!!%7! 79%:G6$!!
!
,5!,%4O!*8*45G8!:O!*4P:G7G8B4!!)4B:*45G7!9/4!O.:8+!!:O!!8''4GG8!!G4!!8+!OQ7'45G4+!585!
4!:!G4+!!585!4!:!G4!98*)O4G7*45G4$!,O!*4P:G7G8B4!!45G4!9/4!O.:8!585!4!:!G4!7--7GG8+!9/4!(!
!G7G8!)4B!8$!,5!B47OG6!585!(!)8!!:":O4!9/4!,%4OO.:8!)8!!7!4!!4B4!)4B!8!8!P: 45G7B4!585X
4!:!G45G4!:5!,%75G8!)4B*754!:O!-O%!!8!P4OO7!98!9:4537+!O7!985G:5%:G6!P4OO7!98!9:4537+!9/4!
585!!:!:5G4BB8*)4!*7:$!,5!,%4!G8!*8P8!585!(!)8!!:":O4!9/4!O.:8!)8!!7!94!!7B4+!9/4!P: 45G:!
585!4!:!G45G4$!-%GG7 :7!O.4!)4B:4537! :!!%G7!P7O!*4P:G7G8B4!(!:5!4--4GG:!,%4OO7!9/4!:O!
!8''4GG8!-8!!4!)B: 8!P:!,%7O!:7!:!-8B*7!P:!4!:!G4537$!!
!
M%4!G7!4!)4B:4537!P4B: 7!P7OO7!58!GB7!7":G%P:54+!9/4!9:!GB7!9:5:7*8!P7OO4! :G4!)7!!7G4!P7!
G4*)8!!4537!:5:3:8+!P:! 4P4B4!O7!B47OG6!4!O.7))7B4537!98*4!!4!-8!!4B8!!4*)B4!*4!98O7G4$!
)4P:7*8!O.7))7B4537+!O.:8! 4B7*45G4!4!:!G45G4!9/4!4!:!G4!P7OO7!!%7!)7BG4+!4!O.:8!
*4B7*45G4!4G:9/4GG7G8+!)B: 8!P:!4!:!G4537!P7OO7!!%7!)7BG4+!*4!98O7G:!GB7!O8B8$!&.!58!GB7!
7":G%P:54!*:!9/:7BO:!4!)8:!9B4P4B4!9:497*45G4!54OO.7))7B4537!P4OO.:8!9/4!4!:!G4! 4B7*45G4$!!
!
M%75P8!9:!B45P:7*8!985G8!9/4!O.8''4GG8!P4OO7!58!GB7!:'58B7537+!O.:8!9/4!4!:!G4!P7O!)B8)B:8!
O7G8+!(!:5!B47OG6! %8G8+!7OO8B7!759/4!!4!,%4!G8!:8!585!(!)4BP%G8+!585!(!94!!7G8+!:O!
*4P:G7G8B4!O8!)4B94):!94!98*4!G7O4$!M%4!G8!-458*458!985-4B*7!:O!-7GG8!9/4!O.:8!585!(!
P8G7G8!P:!4!:!G4537!P7O!)B8)B:8!O7G8$!!
!
".4!)4B:4537!9/4! : :7*8!7!,%4O!)%5G8!(!9/4!O.:8!9/4!7"":7*8!9B4P%G8!4!:!G4B4+!9/4!
7"":7*8!985!:P4B7G8!98*4!,%7O98!7!P:!B47O*45G4!)B43:8!8+!!:7!98*)O4G7*45G4! %8G8$!
M%7O98!7!7O!,%7O4!9:!!:7*8!!4*)B4!7''B7))7G:+!9/4!585! 8O4 7*8!*7:!)4BP4B4+!9/4!)4B!
58:!4B7!)7BG:98O7B*45G4!)B43:8!8!P: 45G7! %8G8+!!4537!9/4!58:!)8!!:7*8!-7B9:!5%OO7$!
!
&.!98*4!!4!%5!*7'8!9:!P4!!4!%5!*:O:854!P:!P8OO7B:!4!*45GB4!O:!G45:7*8!:5!*758!!!45G45P8!
9/4!!858!*8OG8!)B43:8!:+!4!!:!!)7B:!!4B8!7OO.:*)B8 :!8$!M%4!G7!4!)4B:4537+!!4! :!!%G7!

! AK!
#""#!$*>2&1-#!(&"!5+((N,$&>!

!4537!7 4B4!%57! 7!G7!98*)B45!:854!P4OO7! 79%:G6+!!4537!7 4B4!!G%P:7G8!7!-85P8!O7!


*7G4B:7+!985!!8O8!%57!98*)B45!:854!:594BG7+!)%L!)8BG7B4!7OO.:5!8B'4B4!P4OO7!)7%B7$!24B!
%57!)4B!857!9/4!585!/7!98*)B4!8!7!-85P8+!:O!-458*458!)%L!G4BB8B:337B4+!)B8)B:8!98*4!%5!
"7*":58!!:!!45G4!G4BB8B:337G8!!4!*4!!8!:5!'B8))7!7P!%5!97 7OO8$!"7!)7%B7!!8B'4!54O!9%8B4!
)4B9/8!O7!!45!73:854!(!,%4OO7!P:!7 4B!)4B!8!,%7O98!7!9/4!!:!9B4P4 7!*8OG8!)B43:8!8!@!O.:8$!
!
24B!9/:!:5 494!(!P8G7G8!P:!'B75P4!:5G4OO:'4537!4!/7!7!98OG7G8!7!-85P8!*8OG:!:5!4'57*45G:+!
O.4!)4B:4537!(!)7B7'857":O4!7!,%4OO7!P:!%5!7P%OG8!4!)4BG8!P:!97 7OO:!9/4!,%75P8!*85G7!
!%OO7!!4OO7!585!)B8 7!)7%B7!"45!R!-4O:9:G6$!2:J!:O!97 7OO8!98BB4! 4O894!4!*7'':8B4!(!:O!
P: 4BG:*45G8!@!(!98*4!!4!%57!)4B!857!-:57O*45G4!GB8 7!!4!:O!G4!8B8!9/4!/7!94B97G8!)4B!
G75G8!G4*)8$!!
!
M%75P8! :!GB8 7G4!7! : 4B4!%57!G7O4!4!)4B:4537+!759/4!!4!!8B'4!!4!O7!)7%B7!P8 4G4!
98*%5,%4!75P7B4!7 75G:!4!585!-4B*7B :$!#59/4!!4!7 4G4!B:)4G%G8!7!O%5'8!O4!)7B8O4!
O 4B7*45G4!4!:!G45G4P+!O4''45P8O4+!P:"7GG45P8!4!B:)4G45P8O4!98!R!98*4!!858!54'O:!
:5!4'57*45G:!B:94 %G:+!,%75P8!54OO7!*4P:G73:854!)B8 4B4G4!O.4--4GG: 7!4!)4B:4537!4!
B:9858!94B4G4!,%4!G7!*7597537!P:!%5!:8! 4B7*45G4!4!:!G45G4+!585!!7B6!!:*:O4!7!5%OO7!P:!
9:L!9/4!)B:*7!7 4 7G4!)45!7G8!*4P:75G4!%57!98*)B45!:854!:5G4OO4GG%7O4$!"Q4!)4B:4537!
4--4GG: 7!(!,%7O98!7!P:!P: 4B!8$!!
!
M%4!G7!4!)4B:4537! :!)%L!)8BG7B4!7!9B4P4B4!9/4!!G7G4!!4'%45P8!%5!)4B98B!8!9/4! :!)8BG7!7O!
5:9/:O:!*8$!-%GG8!P:)45P4!P7O!'B7P8!P:!98*)B45!:854!9/4!7 4G4!4P!(!)8!!:":O4!9/4! :!
!45G:7G4!P7 4B8!:5!)B4P7!7O!5:9/:O:!*8$!-7O4!)45!:4B8!)%L!!8B'4B4+!P:)45P4!P7O! 8!GB8!
'B7P8!P:!:5G4OO:'4537+4!)4BL!,%4O!)45!:4B8!585!(! 7O:P8!:5!,%75G8!585!G:454!985G8!P4OO7!
B47O:3373:854!98*)O4G7$!): 4G4!98*%5,%4!O.4!)4B:4537+!7GGB7 4B!7G4!O7!)7%B7$!
!
#59/4!!4!%57!)4B!857!9B4P4!7!O: 4OO8!-:O8!8-:98+!:5!!4'%:G8!7'O:!!G%P:!-7GG:+!9/4!O.:8!585!
4!:!G4!4!759/4!!4!54!)7BO7!7!O: 4OO8!:5G4OO4GG%7O4+!98*%5,%4!985G:5%7!7P!7!!4B:B4!
,%8G:P:757*45G49!O,8!!G8!-7945P8!,%4!G8!4!,%4OO8P+!O,8!!858!-4O:94P+!O,8!!858!:5-4O:94P+!
O,8! 8'O:8$$$P$!M%4!G7!)4B!857!585!P8 B4""4!P:B4!)B8)B:8!5%OO7$!$4!O.:8!585!4!:!G4!7OO8B7!O7!
)4B!857!585!P8 B4""4!54))%B4!7 4B4!,%4!G:!)45!:4B:+!P8 B4""4B8!:5G4BB8*)4B!:!P4O!G%GG8$!
-%GG7 :7!)8:9/8!4!:!G4!O7!!%7!98!9:4537+!4!:!G4!O7!"7!4!9/4!(!O7!!%7!98!9:4537+!585!9Q(!!94OG7!
@!O.:8!P4 4!4!:!G4B4$!!
?4OO7!58!GB7!4!)4B:4537!,%8G:P:757!!8B'858!985G:5%7*45G4!)45!:4B:!,%7O:!O,8! 8'O:8!
,%4!G8!8!,%4OO8P+!O,8! 8'O:8!-7B4!,%4!G8!8!,%4OO8P$!#59/4!!4!7!O: 4OO8!:5G4OO4GG%7O4!%57!
)4B!857!)45!7!9/4!585!9:!!:7!%5!:8+!,%4OO8!9/4!P:94!4!O7!!%7!4!)4B:4537!!858!:5!54GG8!
985GB7!G8$!$4!,%7O9%58!)B8-4B:!94!)7B8O4!8--45!: 4! 4B!8!,%4OO7!)4B!857+!4 :P453:75P854!:!
P:-4GG:+!7OO8B7!)8G4G4!-79:O*45G4! 4B:-:97B4!!4!)4B!,%4!G7!)4B!857!O.:8!4!:!G4!8!*458V!
DB:P45P8F!$4!O7!)4B!857!(!P7 4B8!:5G4OO:'45G4+!!4!/7!799%*%O7G8!,%7O9/4!*4B:G8!4!!4!
)B7G:97!O.:5GB8!)43:854!7OO8B7!O.4!)4B:4537!-7GG7!O4!985-4B*4B6!9/4!O.:8!9.(+!)8:9/8!,%4OO4!
)7B8O4!*7O 7':4!-7558!*7O4$!!
!
#O9%5:!755:!-7!:5!#%!GB7O:7+!:5!%5!)8!G8!9/:7*7G8!?88'44+!P%B75G4!%5!98B!8!7 4 8!
)7!!7G8!GB4!8!,%7GGB8!':8B5:!7!P:!9%G4B4!!%OO.:8$!#P!7!98OG7B*:!9.4B7!%5!%8*8!585!G75G8!
':8 754!9/4!9B4P8!7 4!!4!97):G8!9/4!O.:8!585!4!:!G4!7--7GG8$!,5!%5!97*)8!)898!P:!G75G4!P7!

AC! !
"#!$#%%&''#!(&""#!)#*+,-.!

,%4O!O%8'8!9Q4B7!%58!!G7'58!P:!79,%7!O:*799:8!7!4!%5!':8B58+!5859%B75G4!P4O!9O:*7!
:5 4B57O4+!!:!!)8'O:L!4!!:!G%--L!54OO.79,%7$!#!,%4O!)%5G8!)B8 L!98!R!G75G8!-B4PP8!9/4!
B47O:33L9!O>/+!9Q(!94BG7*45G4!%5!:8P+!585!)8G8!B:*754B4!):J!54OOQ79,%7$!DB:P45P8F$!2B:*7!
585!54!4B7!985!7)4 8O4!)4B9/8!585!!:!GB8 7 7!:5!985P:3:85:!7 4B!4$!
!
)4P4G4+!!4!)B8 7G4!%5.4!)4B:4537!98*4!,%4OO7!585! :!P8 4G4!-4B*7B4$!?85!P8 4G4!O7!9:7B4!
O4!98!4!:5!!8!)4!8!@!(!:*)8BG75G4+!*8OG8!:*)8BG75G4+!9/4! 8:!75P:7G4!7 75G:+!9/4!
! :O%)):7G4!,%4OO.4!)4B:4537$!&.!:*)8BG75G:!!:*8!7))B8-85P:B4!,%4OO.4!)4B:4537!
B47O:3375P8!O7!57G%B7!%OG:*7!P4OO.:8+! 4P45P8!O.:8!9/4!9:!7))7B4!98*4! 4B7*45G4!4!:!G45G4!!
98*4! %8G8!P:!4!:!G4537! 4B7!P7OO7!!%7!)7BG4+! 4P45P8!9/4!!8B'4!:5!*8P8!P:)45P45G4!4P!(!
*4B7*45G4!:*)%G7G8!P7O!)45!:4B8!!%'O:!7''B4'7G:$!&4P:75G4!,%4!G7!B47O:3373:854!9.(!O7!
O:"4B73:854+!9.(!O7!94!!73:854!P4:!)B8"O4*:+!O7!94!!73:854!P4O!!7*!7B7$!$4!585!B47O:337G4!
,%4!G8+!!4!585! 4P4G4!O.:8!9/4!7))7B4!B47O*45G4!4!:!G45G4!98*4! %8G8!P:!4!:!G4537! 4B7+!
7OO8B7!9:!!7B6!!4*)B4!:O!!7*!7B7+!9:!!7B6!!4*)B4!!8--4B4537!@!G%GG8!P:)45P4!P7!,%4!G8$!!
!
&.!*8OG8!:*)8BG75G4!:*)4'57B!:!,%8G:P:757*45G4!:5!,%4!G7!*4P:G73:854!7O!-:54!P:!
8GG454B4+!7598B7!%57! 8OG7+!O8!!G7G8!P:! 79%:G6!4!,%75P8!O7! 8!GB7!*45G4!!:!P:!GB74!4!O.:8!
4B7*45G4!4!:!G45G4!B:98*)7B4+!%!7G4!O7!O8':97!4!94B97G4!P:! 4P4B4!,%4!G8!:8!98*4! %8G8$!!
!
!
E*-),&&#"&!),&$&&"-&!'#!(&))#!*#+,-. !
!
!
$:!P8 B4""4B8+!:58OGB4+!98*)B45P4B4!O4!G495:9/4!P:!*4P:G73:854!%G:O:337G4!)4B!! :O%))7B4!
!/7*7G/7+!:O!97O*8!P:*8B7B4+!O4!G495:9/4!P:!*4P:G73:854!P7!:*):4'7B4!)4B!4O:*:57B4!O7!
P:!GB73:854!4!O.7--8!!7*45G8+!P%4!!G7G:!*45G7O:!P4B: 75G:!P7OO.7GG7997*45G8$!$:!P4 858!
!G%P:7B4!4!98*)B45P4B4!,%4!G4!G495:9/4!*4P:G7G: 4!9/4!9:!)4B*4GG858!P:!4O:*:57B4!O4!P%4!
985P:3:85:!54'7G: 4!4!)8:!7))O:97BO4!)4B!*4P:G7B4!%5: 897*45G4!!%OO7! 79%:G6$!$4!O7!!
*45G4!P: 45G7!P:!GB7GG7!7OO8B7!P8 4G4!B:7))O:97B4!OQ757O:!:!)4B! 4P4B4!,%4OO7!P:!GB73:854!
98*4! %8G7$!(8 4G4!)B7G:97B4!!/7*7G/7!!%OO.8''4GG8!! 79%:G6!4!:5!,%4!G8!*8P8!
! :O%))7B4!O7!!7''4337!9/4!B47O:337!O7! 79%:G6$!!
!
):!P8 4G4!7))O:97B4!8'5:!':8B58!P4OO7! 8!GB7! :G7+!:5P:)45P45G4*45G4!P7!,%75G8!!:4G4!
:*)4'57G:$!&O:*:57G4!O4!98!4!P:!)897!:*)8BG7537!4!94B97G4!P:!)4B!4 4B7B4!54OO7!
*4P:G73:854!7OGB:*45G:!)8G4G4!!R!7 4B4!P4OO4!4!)4B:4534!P:! 79%:G6+!*7!!4!585! :!7))O:97G4!
985!98!G7537+!O.:'58B7537!4!O4! :!:85:!4BB7G4!B:G8B54B7558$!!
!
"7!!:G%73:854!(!757O8'7!7!,%4OO7!P:!%57!)4B!857!9/4!4--4GG%7!%5!B:G:B8!8!)B7G:97!:O!(/7B*7!
)4B!%5!)8.!P:!G4*)8!4!)8:!!*4GG4+!)4BP45P8!O.454B':7!5494!!7B:7$!#!,%4!G8!)%5G8!8!)45!7!
9/4!5%OO7!!G:7!7997P45P8!8!!:!!98B7'':7!4!7""75P857!O7!)B7G:97U!:5!45GB7*":!:!97!:!O7!
*45G4!P4'454B7!-:58!7!B:G8B57B4!7OO8!!G7G8!:5:3:7O4+!985!'O:!!G4!!:!)B8"O4*:!4!7--O:3:85:$!#OO8!
!G4!!8!*8P8!!4!7""75P857G4!,%4!G7!)B7G:97!*4P:G7G: 7+!:O!)45!:4B8!9/4!7P4B:!94!7OO.:8!
98*4! 4B7*45G4!4!:!G45G4!B:!8B'4!4!!:!B7--8B37!P:!5%8 8!4!P: 45G7!)8:!P:--:9:O4!G8B57B4!:5!
!:5G85:7!985!,%4OOQ4!)4B:4537!4P!7 4BO7!P:!5%8 8$!
!

! A#!
#""#!$*>2&1-#!(&"!5+((N,$&>!

#))O:975P8!:!985!98!G7537!7OO7!*4P:G73:854!!%OO7! 79%:G6+!P8)8!%57!!4GG:*757!8!,%:5P:9:!
':8B5:!:5:3:4B4G4!7! 4P4B4!!4*)B4!):J!98!4!98*4!:OO%!8B:4$!"7!98*)B45!:854!P4-:5:G: 7!!
P4OO.:8!4!P4OO4!7OGB4!98!4!98*4! %8G4!P:!4!:!G4537!P7OO7!O8B8!)7BG4!!:!B7--8B37!!4*)B4!):J!4!:O!
B:!%OG7G8!(!P:! 4P4B4!!4*)B4!):J!O4!98!4!98*4!:OO%!8B:4$!#59/4!!4!O.:8!7))7B4!98*4!
:5GB:5!497*45G4!4!:!G45G4+!!7B4G4!-8BG:!P4OO7!98*)B45!:854!%OG:*7!P4OO7!!%7!57G%B7!
:OO%!8B:7$!,O!G%GG8!9:!B:)8BG7!7OO.4!4*):8!9/4!/8!-7GG8!:4B:!P4O!*:B7'':89!!)4B:*45G7G4!
O.7))7B4537!P:!79,%7!*7+!7OO8!!G4!!8!G4*)8+!7 4G4!O7!9/:7B7!4!P4-:5:G: 7!98*)B45!:854!9/4!
G7O4!7))7B4537!(! %8G7!P4OO.4O4*45G8!79,%7+!9/4!(!:OO%!8B:7$!#OO8!!G4!!8!*8P8!!:!
)4B94):!94!O.:8!98*4!:OO%!8B:8!4!!:!B47O:337!:O!-7GG8!9/4!4!!8!585!4!:!G4!54O!*8P8!:5!9%:!58:!O8!
)4B94):7*8!4!:!G4B4!@!98*4!%5!:8! 4B7*45G4!4!:!G45G4+!9/4!4!:!G4!P7O!)B8)B:8!O7G8$!!
!
".7))7B4537!P4OO4!98!4!98*4!B47O*45G4!4!:!G45G:!(!%5Q8!9%B73:854!!8GG:O4!9/4!/7!8B:':54!
54OO.:*)B85G7!O7!9:7G7!P7:!)45!:4B:!P:!G%B"75G:$!1:58!7OOQ8GG45:*45G8!!P4OO.:OO%*:573:854+!
,%4!G7!7))7B4537!P4OO4!98!4!98*4! 4B7*45G4!4!:!G45G:!!7B6!)B4!45G4$!$7B6!!4*)B4!
)B4!45G4!-:58!7!,%75P8!585!94!!4B7558!G%GG4!O4!8!9%B73:85:!):J!!8GG:O:+!-7GG7!49943:854!P:!
,%75P8!:O!*4P:G7G8B4!!:!GB8 7!54OO8!!G7G8!P:!4,%:O:"B:8!*4P:G7G: 8!!%OO7! 79%:G6$!$8O8!:5!
,%4O!*8*45G8!O7!!%7!*45G4!585!!)4B:*45G7!O7!!4)7B73:854!@!:5!*8P8!!:*:O4!7O! 4B!7B4!
79,%7!54OO.79,%7+!G%GG:!'O:!8''4GG:!!858!P:!!8OG:$!
!
!
)-$-5!&!+5""&..#!
!
!"7! :!:854!98BB4GG7!(!*8OG8!:*)8BG75G4$!#))457!B47O:337G4!9/4!O.:8!9/4!7))7B4!4!:!G45G4!
P7O!!%8!O7G8!!%!,%4!G:!7''B4'7G:!(! %8G8!P:!4!:!G4537!P7OO7!!%7!)7BG4+!,%75P8! 4P4G4!9/4!
OQ:5G4B8!:8!(!98*)O4G7*45G4! %8G8!4!585!4!:!G45G4!P7OO7!!%7!)7BG4+!9/4!585! :!(!54759/4!:O!
*:5:*8!4O4*45G8!P4OO.:8!9/4!4!:!G4!P7O!)B8)B:8!O7G8!!%'O:!7''B4'7G:+!7OO8B7!:O!B:!%OG7G8!9/4!
8:!8GG4BB4G4!!7B6+!!4537!7OG4B57G: 7+!%57!98*)B45!:854!94BG7+!%5.4!)4B:4537!)B8-85P7!P:!
%5!:8!9/4!4!:!G4!:5!,%75G8!:*)%G7G8!!%'O:!7''B4'7G:!!8GG8!:O!985GB8OO8!P4O!58*4$!-7O4!
4!)4B:4537!(!98!R!-8BG4!9/4! :!!4*"B4B6!P:!585!7 4B4!7O9%57!O:"4BG6$!2B:*7!P:!7 4B!
B47O:337G8!,%4!G8! 4P4 7G4!O.:8!98*4!4!:!G45G4!:5!%5!94BG8!*8P8!!%'O:!7''B4'7G:!8B7+!
:5 494+!O8! 4P4G4!98*4!4!:!G45G4!:5!G%GG.7OGB7!*75:4B7!!%'O:!7''B4'7G:!@! 4P4G4!9/4!585!9.(!
%5!:8!P7OO7!)7BG4!P4'O:!7''B4'7G:+!*7! 4P4G4!9/4!9Q(!%5!:8!!%'O:!7''B4'7G:!9/4!4!:!G4!:5!
P:)45P4537!P7O!58*4$!!
!
*8*4!B:!%OG7G8!P:!,%4!G7!98*)B45!:854!94BG7!9/4!O.:8!585!4!:!G4!P7OO7!!%7!)7BG4!57!94+!
,%:5P:+!O7!98*)B45!:854!9/4!585!(! 4B8!9/4!O.:8!585!4!:!G4!7--7GG8+!*7!9/4!4!:!G4!!%'O:!
7''B4'7G:!:5!P:)45P4537!P7!%5!58*4$!!
!
*:!!858!,%:5P:!P%4!98!4!P7!98*)B45P4B4!7!-85P89!9/4!O.:8!!(! %8G8!P:!4!:!G4B4!P7O!)B8)B:8!
O7G8!!%'O:!7''B4'7G:!4!9/4!:5 494!4!:!G4!!%'O:!7''B4'7G:!!8GG8!:O!985GB8OO8!P4O!58*4$!)4P4B4!
45GB7*"4!O4!98!4!:5!:4*4!!:'5:-:97!7 4B!B47O:337G8!:O!!8B'4B4!P:)45P45G4!!8GG:O4$!1:!)4GG8!
7OO4!,%7GGB8!!9%8O4+!,%4!G7!(!O7! :!:854!P4O!!8B'4B4!P:)45P45G4!P4OO7!!9%8O7!2B7!75':=7$!!
!
M%75P8! : 4G4!O.4!)4B:4537!P4OO7! 79%:G6!7"":57G7!7P!%57!98*)B45!:854!P4O!!8B'4B4!
P:)45P45G4+!!:'5:-:97!9/4!7 4G4!B47O:337G8!98BB4GG7*45G4!O7! 79%:G6$!24B!985GB8!!4!585!

GW! !
"#!$#%%&''#!(&""#!)#*+,-.!

4P4G4!O.:8!*4B7*45G4!:*)%G7G8!:5!:4*4!7OO7! 79%:G6!P4OO.:8+!%5:-:97G:+!7OO8B7!!:'5:-:97!9/4!
,%7O98!7!54OO7! 8!GB7!*4P:G73:854!!%OO7!!/%507G7!585!-%53:857!7!P8 4B4$!28G4G4!7 4B4!O7!
985 :53:854!P:!7 4B4!8GG45%G8!O7!B47O:3373:854!P4OO7! 79%:G6+!*7!585!!:!(!GB7GG7G8!P4OO7!
B47O:3373:854!P4OO7! 79%:G6!!4985P8!:O!)%5G8!P:! :!G7!P4OO7!):7!P:!&4338+!(!!G7G7!4BB8547$!
!
!
!
/2..+&B!5!"+))+4?*+!
!
!
E*-),&&#"&!),&$&&"-&!'#!
!
+57! 8OG7!9/4!7 4G4!7 %G8!%57!4!)4B:4537!P:!!/%507G7!(!*8OG8!:*)8BG75G4!9/4!
)4B!4 4B:7G4!54OO7!*4P:G73:854$!M%4!G7!4!)4B:4537!7997P4$!#O9%54!)4B!854!/7558+!54OO4!
:G4!)7!!7G4+!):75G7G8!*8OG:!!4*:+!*8OG4!:*)B85G4!P:!!/%507G7!4!,%:5P:!,%75P8!,%4!G7!
8OG7!7!98OG758!P4'O:!:5!4'57*45G:!8!-7558!%5!)898!P:!*4P:G73:854+!7 45P8!!799%*%O7G8!
*8OG8!*4B:G8!4!!!)%B:-:97G8!*8OG8+!)8!!858!B: : 4B4!,%4OOQ4!)4B:4537$!M%4!G8!(!)8!!:":O4!
759/4!)4B!)4B!854!9/4!585!/7558!!G%P:7G8!8!7!98OG7G8!*8OG:!:5!4'57*45G:!8!7PP:B:GG%B7!
9/4!585!/7558!54))%B4!7!98OG7G8!'O:!:5!4'57*45G:$!!
!
M%4!G4!4!)4B:4534!7997P858!759/4!7'O:!899:P45G7O:$!N8!9858!9:%G8!!G%P45G:!9/4!/7558!
7 %G8!G7O4!4!)4B:4537!*7+!)8:9/8!585!7 4 758!B:94 %G8!%57!98*)O4G7!!):4'73:854!P4'O:!
:5!4'57*45G:+!O7!!):4'73:854!98*)O4G7!P4O!!45G:4B8!'B7P%7O4!D,$4!*24F+!759/4!!4!7 4 758!
7 %G8!%5!*:5:*8!P:!4!)4B:4537!P4OO7!!/%507G7+!585!!7)4 758!98!7!-7B4$!!
! $4!O.4!)4B:4537!585!(!*75G45%G7!O7!!:G%73:854!(!!:*:O4!7!,%4OO7!P:!%57!)4B!857!9/4!
7OO.:5:3:8!/7!%57!':%!G7!98*)B45!:854!P4'O:!:5!4'57*45G:!4P!(!97)794!P:!)B7G:97B4!:O!
985GB8OO8!P4OO7!*45G4+!*7!P8)8!%5!)8Q!P:!G4*)8!!*4GG4!X!!O7!!%7!*45G4!P: 45G7!98!R!
P:--:9:O4!P7!GB7GG7B4!9/4!,%7O%5,%4!:5!4'57*45G8!O4GG8!8!7!98OG7G8!585!(!:5!'B7P8!P:!
)8BG7B4!7O9%5!97*":7*45G8!@!P: 45G7!*8OG8!P:--:9:O4!97*":7B4!O7!*45G4$!!
! $4!P8)8!7 4B!7 %G8!O.4!)4B:4537!585!!:!)4B!4 4B7!54OO7!*4P:G73:854+!P8)8!%5!)8Q!P:!
G4*)8!O7!*45G4!P: 45G7!*8OG8!P:--:9:O4!P7!P8*7B4+!*8OG8!P%B7!4!585!(!-79:O4!8GG454B4!O8!
!G4!!8!O: 4OO8!P:!98*)B45!:854!P:!)B:*7$!!
!
M%4!G8!585! 7O4!!8O8!)4B!!/%507G7+!*7!)4B!,%7O!:7!:!4!)4B:4537! :!!%G7!7!!4'%:G8!P:!%57!
*4P:G73:854$!24B!4!4*):8+!%5!!8''4GG8!P:!*4P:G73:854!(!,%4!G7!)4B-4GG7! :G7!%*757+!
,%7O:-:97G7!P7O!)8!!4P4B4!O4!8GG8!O:"4BG6!4!O4!P:49:!B:99/4334+!98!R!)B43:8!7+!98!R!P:--:9:O4!P7!
B:GB8 7B4+!98!R!"B4 4+!985!O7!*8BG4!9/4!)%L!!8)B7'':%5'4B4!:5!8'5:!:!G75G4$!#GGB7 4B!8!O7!
)B7G:97!P4OO7!*4P:G73:854+!757O:G:97!4!%5: 897!!%OO.8''4GG8+!,%4!G8!)45!:4B8+!,%4!G7!
4!)4B:4537!)%L!4!!4B4!! :O%))7G7!4!9B4!94B4!!4*)B4!):J!-8BG4+!985!:O!B:!%OG7G8!9/4!O7!
985!7)4 8O4337!9/4!O7!*8BG4!)%L!7 45:B4!:5!,%7O%5,%4!*8*45G8!P: 45G7!!4*)B4!):J!
B47O4$!&.!98!R!:*)8BG75G4+!,%:5P:+!985G:5%7B4!985!,%7O%5,%4!4!)4B:4537!%57! 8OG7!9/4!!:!(!
*75:-4!G7G7$!!
!
#59/4!!4!7 4G4!P4OO4!B47O:3373:85:+!!4!585!985G:5%7G4!7!! :O%))7BO4!4!!4!:5:3:4B7558!7!
P4'454B7B4$!?85!(!B:9/:4!G8!O8!!G4!!8!O: 4OO8!P:!!-8B38!:5:3:7O4+!*7!P8 4G4!98*%5,%4!
)4B!4 4B7B4$!$4!585!O8!-7G4!7OO8B7!*7'7B:!P%B75G4!%5!B:G:B8!P:!%5!*4!4!8!P:!%57!!4GG:*757!
! G>!
#""#!$*>2&1-#!(&"!5+((N,$&>!

)8G4G4!! :O%))7B4!P:!5%8 8!,%4OO.4!)4B:4537+!*7!!4! :!-4B*7G4!OR!7OO8B7!O7! 8!GB7!*45G4!


B:G8B54B6!7O!)%5G8!P:!)7BG4537$!%454B7G4!%5!)898!P:!4!)4B:4537!4!)8:!O7!9:7G4!9/4!O7!*45G4!
45'7!P:!G%B"7G7+!P8)8!%5!)8.!P:!G4*)8!B: : 4G4!O.4!)4B:4537!4!)8:!O7!9:7G4!9/4!O7!*45G4!
P4'454B:$!,5!,%4!G8!*8P8!:! 8!GB:!!-8B3:!!858! 75:!4!:O! 8!GB8!O7 8B8!585!-:5:B6!*7:$!!
!
>'':+!)4B!4!4*):8+!7O9%5:!P:!58:!/7558!:O!)45!:4B8!9/4!O7!-4O:9:G6!54OO4! :G4!-%G%B4!585!!:7!
)8:!98!R!:*)8BG75G4+!*7!9/4!O7!-4O:9:G6!:5!,%4!G7! :G7+!P:!,%4!G:!)89/:!':8B5:+!P:!,%4!G7!
!4GG:*757+!!:7!):J!:*)8BG75G4$!?85!7"":7*8!)7%B7!P:!,%4OO8!9/4!9:!97):G4B6!54OO4! :G4!
-%G%B4$!?85!7"":7*8!'B75P4!!45!:":O:G6!)4B!O7!!8--4B4537+!8!O7!-4O:9:G6+!P4OO4! :G4!-%G%B4$!!
!
?4O!98**45G7B:8!7O!O7*XB:*!P:!"7*7!-385'!4/7)7+!O7!/*$%&+!8"7."212.%+!&+3,2!')$&2!&+,!
'+%)2+*.8!!:!O4''4!9/4!,%75P8!,%4!G8!)45!:4B8!(!97*":7G8!P7O!)B8-85P8!P4O!58!GB8!9%8B4+!
,%75P8!7"":7*8!B47O:337G8!9/4!(!*8OG8!:*)8BG75G4!*4GG4B4!O4!"7!:!)4B!O7!-4O:9:G6!54OO4!
:G4!-%G%B4!4!,%4!G7! :G7!9:!7))7B4!*8OG8!"B4 4+!7OO8B7!:O!98*-8BG!54OO.4!:!G4537!7GG%7O4!
)4BP4!8'5:!!:'5:-:97G8+!(!98!R!4--:*4B8!9/4!)4BP4!8'5:!:*)8BG7537$!M%75P8!%57!)4B!857!/7!
! :O%))7G8!,%4!G8!7GG4'':7*45G8+!98*)O4G7*45G4!8))8!G8!7!,%4OO8!G45%G8!:5!)B494P4537+!
7OO8B7!:O!-7GG8!P:!7 4B4! :!!%G8!,%4!G:!)89/:!':8B5:!"454!8!*7O4+!54OO7!B:99/4337!8!54OO7!
)8 4BG6!585!7 B6!*8OG7!:*)8BG7537$!@!,%4OO8!9/4!):J!:*)8BG7!(!9:L!9/4!!%994P4!7!O%5'8!
G4B*:54$!!
!
"7*7!-385'!4/7)7!7--4B*7!9/4!,%75P8!O7!58!GB7!7GG:G%P:54!(!97*":7G7!98*)O4G7*45G4!
:5!G7O!!45!8!7OO8B7!7"":7*8!8GG45%G8!O7!B47O:3373:854!P4O!!45G:4B8!'B7P%7O4!P4OOQ:5P: :P%8!
P:!!98)8!:5-4B:8B4+!98*%5,%4!/7!759/4!7!!4B:G8!9/4!G7O4!B47O:3373:854!5494!!:G7!P:!4!!4B4!
!G7":O:337G7$!?4:!'B75P:!98**45G7B:!7O!,$4?*24! :454!!)4!!8!!8GG8O:547G7!O7!5494!!:G6!P:!
!G7":O:337B4!G7O4!B47O:3373:854U!(!*8OG8!:*)8BG75G4$!
!
!
D(&!.-.-+#"&!)#5%%&..5!(&))#!!&%#'-5!&!
!
!
,4B:!7"":7*8!)7BO7G8!P4OO.:8!9/4!!P8"":7*8!B47O:337B4!98*4!585!4!:!G45G4+!P4OO.:8!9/4!(!
%57!7OO%9:573:854!:5!,%75G8!585!4!:!G4+!,%4!G8!(!O.8''4GG8!P4OO7!54'73:854$!
!
N8!!45G:G8!P:B4!9/4!58B*7O*45G4!:5!>99:P45G4!!:!P4!:'57!98*4!OO.:8!4*8G: 8P+!,%4OO.:8!
9/4!7))7B4!4!!4B4!OR!*8OG8!B47O4!4P!4!:!G4B4!P7O!)B8)B:8!O7G8!,%75P8!!:7*8!:5!98OO4B7+!-4O:9:!
8!:5!)B4P7!7O!G4BB8B4$!#59/4!!4!O7!)4B!857!585!!7!9/4!,%4!G8!:8!(! %8G8!4!P4 4!B47O:337B4!O7!
!%7! 79%:G6+!985G:5%7!7!9/:7*7BO8!OO.:8!4*8G: 8P$!!
!
+5!7OGB8!*8P8!)4B!B:9858!94B4!,%4!G8!:8!(!P:!94B97BO8$!24B!4!4*):8!)8G4G4!%!7B4!O7!
*4P:G73:854!757O:G:97!:5!,%7GGB8!)%5G:!8!!4*)O:94*45G4!94B97B4!O.:8!4!)8:!,%75P8!!:4G4!
7BB: 7G:!-:58!7OO7!)%5G7!P4:!):4P:!4!585! :!B:*754!):J!7O9%5!O%8'8!P7!4!)O8B7B4+!*7!
985G:5%7G4!!4*)B4!7! 4P4B4!%5.:8+!%5!:8! 4B8!P7!,%7O9/4!)7BG4!:5G4B:8B*45G4+!,%4!G8!(!
O.:8!9/4!P8 4G4!B47O:337B4!98*4! %8G8$!!
!

GJ! !
"#!$#%%&''#!(&""#!)#*+,-.!

"7!!G4!!7!98!7!!:! 4B:-:97!,%75P8!!:!94B97!P:!GB8 7B4!:O!B8!7B:8$!*85GB8OO7G4!8 %5,%4!4!585!


O8!GB8 7G4+!4))%B4!985G:5%7G4!7! 4P4B4!%5!B8!7B:8!9/4!7))7B4!4!:!G4B4!P7O!)B8)B:8!O7G8$!
M%4OO8!(!O.8''4GG8!P4OO7!54'73:854+!(!9:L!P:!9%:!!:O!B8!7B:8!(!)B: 8!4!9/4!P8 4G4!B47O:337B4$!!
!
M%75P8!)7BO:7*8!P4OO.:8! 4B7*45G4!4!:!G45G4+!O.8''4GG8!P7!54'7B4+!9/4!P8"":7*8!
B47O:337B4!98*4! %8G8+!4!)45!:7*8!7OO7!B4:597B573:854!8!7O!985G:5%%*!P4OO7!98!9:4537+!
!4*"B7!9/4!O.:8!4!:!G7!P7O!)B8)B:8!O7G8!!%OO7!"7!4!P4OO7!98!9:4537$!&7!!4!9:!985945GB:7*8!P:!
):J!!%O!98B)8+!,%75P8!:O!98B)8!!G7!75P75P8!P7!,%7O9/4!)7BG4+!)4B!4!4*):8!7!&:O758+!
7OO8B7!9:!!4*"B7!9/4!O.:8!4!:!G7!):%GG8!G8!P7OO7!!%7!)7BG4!!%OO7!"7!4!P4O!98B)8$!M%4!G8!:8!(!
9:L!9/4!P8"":7*8!B47O:337B4!98*4! %8G8$!
!
#O9%54!)4B!854!!858!:5!'B7P8!P:!B:9858!94B4!OQ!8''4GG8!P7!54'7B4!!4537!O.7%!:O:8!P:!8''4GG:!
4!G4B5:!98*4!4!4*):$!#OGB:+!:5 494+!)8!!858!GB8 7B4!):J!-79:O4!:O!B:9858!9:*45G8!
P4OO.8''4GG8!P7!985-%G7B4!!%OO7!"7!4!P:!8''4GG:!4!G4B5:!,%7O:+!7P!4!4*):8!:!P: 4B!:!98O8B:+!
!)49:7O*45G4!,%4OO:!):J! : 79:$!M%4!G8!(!*8OG8!-79:O4!)4B!7O9%5:$!
!
2B:*7!P:!G%GG8!%5!'%B%!4!)4BG8! :!P7!P4'O:!:5!4'57*45G:!!%!98*4!B:9858!94B4!O.8''4GG8!P7!
985-%G7B4!)8:+!!%OO7!"7!4!P:!,%4!G7!98*)B45!:854+!!4!4!7*:57G4!OQ7))7B4537!4!:O! 8!GB8!
*8P8!P:! 4P4B4+!)8G4G4!)B894P4B4!98*4!!4!7 4!G4!-B7!O4!*75:!O7!-8G8'B7-:7!P:!,%7O9%58!9/4!
!G7G4!94B975P8+!O7!-8G8'B7-:7!P:!%5!O7PB8+!)4B!4!4*):8$!*85!O7!-8G8!:5!*758!)8G4G4!
B:9858!94BO8+!GB8 7BO8!4!!9799:7BO8V!D1:P45P8F!!
2B45P:7*8!,%4!G8!)7558!"O%+!)4B!4!4*):8$!$%!,%4!G8!)7558!"O%!7))7B4!4!!4B9:!%5!)7558!
"O%!!4!:!G45G4!P7OO7!!%7!)7BG4!@!,%4!G8!(!O.8''4GG8!P7!54'7B4$!#))457!!:4G4!:5!'B7P8!P:!
B:9858!94B4!,%4!G8!!%!%5!8''4GG8+! 8O'4G4!:**4P:7G7*45G4!O7! 8!GB7!7GG453:854!!%OO.:8!4!
58G4B4G4!9/4!7))7B4!4!:!G4B4!54OO8!!G4!!8!*8P8$!#!,%4!G8!)%5G8!585!9:! %8O4!*8OG8!G4*)8!
)4B!P:!GB%''4B4!O.8''4GG8!P4OO.:'58B7537+!)4B! 4P4B4!9/4!G7O4!8''4GG8+!O.:8!9/4!7))7B4!
4B7*45G4!4!:!G45G4+!(! %8G8$!
!
+57! 8OG7!9/4!7 4G4!B:9858!9:%G8!O.8''4GG8!P7!54'7B4!:5!,%7O98!7!P:!4!G4B:8B4!7OO8B7+!
759/4!!4537!%!7B4!O7!O8':97+!98*4!54O!97!8!P4OOQ757O:!:!:5!!4GG4!)%5G:+!7))457! 4P4G4!O.:8!
!7B4G4!:5!'B7P8!P:!B:9858!94B4!O.O:8P9/4!7))7B4! 4B7*45G4!4!:!G45G4$!#!,%4!G8!)%5G8!
985945GB7G4 :!%5: 897*45G4!!%!,%4!G8!:8!4!7OO8!!G4!!8!G4*)8!)45!7G4!9/4!,%4!G8!(!O.:8!9/4!
(! %8G8+!9:L!9/4!'O:!:5!4'57*45G:!7--4B*758!9/4!!:7! %8G8$!
!
&45GB4! :!985945GB7G4!)B8)B:8!!%!,%4!G8!:8!9/4!7))7B4! 4B7*45G4!4!:!G45G4+!O7! 8!GB7!
*45G4!P8 B4""4!4!!4B4!985!9:7!P4O!-7GG8!9/4!,%4!G8!:8!(! %8G8$!*85G:5%7G4!98!R+!
985G:5%7G4!7P!4!!4B4!985!7)4 8O:!P4OOQ4--4GG: 7! 79%:G6!P:!,%4!G8!:8$!*85945GB7G4 :!
%5: 897*45G4!!%!P:!4!!8+!585!O7!9:7G4!9/4!O7! 8!GB7!*45G4!!:!P:!GB7''7+!*7!7OO8!!G4!!8!
G4*)8!)45!7G4!9/4!,%4!G8!:8+!:5!4--4GG:+!(! %8G8$!28:! 4PB4G4!9/4!4!!8!P: 45G4B6! %8G8+!
4PB4G4!O.:8! 4B7*45G4!4!:!G45G4!98*4! %8G8$!!
!
&8OG:!*74!GB:+!GB7!:!,%7O:!$%7!$75G:G6!":5'!1:5)894+!7--4B*758!9/4!,=.33+)).!&$!%+3$*+!+!
"2$!,$!?$"+!;9+!,=+)2;9+))$$!+5!G7))4G8+!)4B!4!4*):8+!(!!:7!O7!"7!4!)4B!:O!G7))4G8!@!O7!-8B*7+!:!
98O8B:!4!G%GG8!,%4OO8!9/4!-8B*7!:O!G7))4G8!@!9/4!O.4G:9/4GG7!OG7))4G8P!9/4!7P!4!!7!(!
7"":57G7$!M%4!G4!P%4!98!4!7))7:858!98*4!-%!4!GB7!O8B8+!*7!-8B*758!O.8''4GG8!P7!54'7B4$!!

! GA!
#""#!$*>2&1-#!(&"!5+((N,$&>!

!
M%75P8!%57!)4B!857!9/4!585!/7!B:9858!9:%G8!O.8''4GG8!P7!54'7B4!'%7BP7!%5!8B8O8':8+!
585!(!:5!'B7P8!P:!P:!G:5'%4B4!GB7!O7!P4!:'573:854!O8B8O8':8P!4!O7!"7!4!!%OO7!,%7O4!
O.8B8O8':8!(!!G7G8!:*)%G7G8$!?85!(!:5!'B7P8!P:!P:--4B453:7B4!O4!P%4!98!4!:5!,%75G8!O4!
7))7:858!98*4!%57!!8O7+!98*4!*4!98O7G4$!#OO8!!G4!!8!*8P8!!4! 4P4!%5!G7 8O8+!O7!"7!4!P4O!
G7 8O8!4!O7!!%7!P4!:'573:854!7))7:858!98*4!*4!98O7G:!GB7!O8B8+!98!R!:O!G7 8O8!(!7OOQ:5G4B58!
P:!,%4!G:!P%4$!,O!G7 8O8!(!985G45%G8!54O!*:!9%'O:8!P:!P4!:'573:854!4!"7!4$$!
!
>'5:!98!7!9/4!7))7B4!7:!58!GB:!!45!:!/7!O.7))7B4537!P:!4!!4B4! 4B7*45G4!4!:!G45G4+!*7!
!858!G%GG:!8''4GG:!9/4!P4 858!4!!4B4!54'7G:$!!
!
+57!)4B!857!9/4!(!:5!'B7P8!P:!B:9858!94B4!O.8''4GG8!P4OO7!54'73:854+!9/4!/7!B47O:337G8!9/4!
O.:8!9/4!7))7B4!98*4! 4B7*45G4!4!:!G45G4!:5!B47OG6!(!)B: 8!P:! 4B7!4!:!G4537+!,%4OO7!
)4B!857!585! 4P4!O.8''4GG8!P7!985-%G7B4+!O7!"7!4!4!O.4G:9/4GG7+!*4!98O7G:!98*)O4G7*45G4!
98*4!%57!98!7!!8O7+!98*4!7 45: 7!)B:*7!P4O!B:9858!9:*45G8$!!
!
(%5,%4+!:55753:G%GG8!%57!)4B!857!9/4!585!/7!B:9858!9:%G8!O.8''4GG8!P7!54'7B4! 4P4!O7!
"7!4!P4O!G7 8O8!4!O7!P4!:'573:854!G7 8O8!*4!98O7G:!98*4!%5!G%GG.%58+!585!(!:5!'B7P8!P:!
P:--4B453:7BO:$!28:+!%57! 8OG7!9/4!/7!B:9858!9:%G8!:O!G7 8O8!9/4!7))7B4!98*4!B47O*45G4!
4!:!G45G4+!8!!:7!O.8''4GG8!P4OO7!54'73:854+!:O!!%8!*8P8!P:! 4P4B4!97*":7$!M%7O!:7!:!98!7!
!G:7!8!!4B 75P8+!7))7B4!:5!%5!*8P8!P4O!G%GG8!P: 4B!8!P7OO.4!)4B:4537!)7!!7G7+!98*4!!4!
-8!!4!%57!98!7!5%8 7+!%57!98!7!P: 4B!7$!"7!-8B*7!4!:O!98O8B4!!858!'O:!!G4!!:+!*7!:O!*8P8!P:!
7))7B:B4!(!98*)O4G7*45G4!5%8 8+!P: 4B!8!P7!)B:*7$!!
!!
Z!!:*:O4!7O! 4P4B4!,%7O98!7!9/4!(!!G7G7!*4!!7!!%O!G7 8O8$!"7!)4B!857!9/4!/7!B:9858!9:%G8!
OQ8''4GG8!P4OO7!54'73:854!O8! 4P4!7OO8!!G4!!8!*8P8!:5!9%:!,%7O9%58!)%L! 4P4B4!O7!!G8--7!9/4!
(!!G7G7!*4!!7!!%!,%4!G8!G7 8O8$!$%O!G7 8O8!9Q(!%5!G7 8O8!9/4!7))7B4!4!:!G4B4!P7OO7!!%7!
)7BG4$!(8)8!9/4!%57!)4B!857!/7!B47O:337G8!O7! 79%:G6!P4O!G7 8O8+!O7!"7!4!4!O7!P4!:'573:854!
585!7))7:858!):J!*4!98O7G4+!98*4!-8!!4B8!%57!98!7!!8O7$!
!
>998BB4!*4P:G7B4V!?85!!4B 4!9/:%P4B4!'O:!899/:+!!4*)O:94*45G4!'%7BP7G4!4! 4P4G4!!4!!:4G4!
:5!'B7P8!P:!P:!G:5'%4B4!GB7!O7!"7!4!4!O7!P4!:'573:854$!$4*)O:94*45G4!'%7BP7G4$!*:L!9/4!
!G7G4!8!!4B 75P8!(!:O! 8!GB8!8''4GG8!P:!*4P:G73:854+!985GB8OO7G4!!4!!:4G4!:5!'B7P8!P:!
P:!G:5'%4B4!O4!P%4!98!4!98*4!!4)7B7G4$!&!7*:57G4!OQ7))7B4537+!!4! 4P4G4!,%4!G4!P%4!98!4!
98*4!*4!98O7G4!8!!4)7B7G4$!
!
$4)7B7G4+!!4)7B7G4+!!4)7B7G4$!*.(!%57!"7!4!G7 8O8+!!%OO7!"7!4!9.(!%5!G7 8O8$!$%OO7!"7!4!P4O!
G7))4G8!9.(!%5!G7))4G8$!!
245!7G4+!)4B!4!4*):8+!7P!%5!8B8O8':8$!M%75P8!G%GG:!:!98*)8545G:!!858!7!!4*"O7G:!4!!8!
-%53:857!4!P: 45G7!:O!G:)8!P:!"7!4!9/4!G%GG:+!985 453:857O*45G4+!P4!:'5758!98*4!
O8B8O8':8P$M%4OO8!9/4! 4P:7*8!)B:*7!P:!G%GG8!(!O7!"7!4!4!)8:9/8!O7!"7!4!/7!%57!94BG7!
-8B*7!4!-%53:854+! :454!9/:7*7G7!8B8O8':8$!-%GG:!98598BP758!9/4!(!%5!8B8O8':8$!
!
24BG75G8+!7 45P8!P4!:'57G8!,%4!G7!98!7!98*4!O8B8O8':8P!!:4G4!!8PP:!-7GG:!P4O!-7GG8!9/4!
!%O!G7 8O8!9.(!%5!8B8O8':8$!$:4G4!!8PP:!-7GG:!985!:O!98594GG8!OW,8.! 4P8!%5!8B8O8':8P+! :!

GG! !
"#!$#%%&''#!(&""#!)#*+,-.!

"7!G7!,%4!G8$!$4!985GB8OO7G4+!58G7G4!9/4!O7!"7!4!P4OOQ8B8O8':8!585!(!*4!98O7G7!985!O7!
P4!:'573:854!*7!9/4!9.(!%5!8B8O8':8!P4!:'57G8!!%!P:!4!!7$!28G4G4!'%7BP7B4!,%4OOQ8B8O8':8!
)4B!O4''4B4!O.8B7!8!)4B!7'':%!G7BO8+!*7!O.8B8O8':8!9/4!%!7G4!)4B!P4G4B*:57B4!O.8B7+!8!9/4!
98*)4B7G4+!8!,%7O%5,%4!7OGB7!98!7!9:!-799:7G4+!(!O.8B8O8':8!9/4!(!*4B7*45G4!:*)%G7G8$!!
!
>B7!58:!!:7*8!G%GG:!!4P%G:!!%!P:!%5!9%!9:58!4!,%:5P:+!!4!P8 4!G4!9/:4P4B :!98!7!!G7G4!
-7945P8+!B:!)85P4B4!G4!O,8!!858!!4P%G8P$!M%4!G8!:8!9/4!(!!4P%G8!(!,%4OO8!9/4!7))7B4!
4!:!G4B4!P7OO7!!%7!)7BG4+!9/4!58:!9B4P:7*8!P7 4B8!9/4!4!:!G7!P7OO7!!%7!)7BG4$!?85!
)45!:7*8!9/4!O.:8!9/4!(!!4P%G8!!:7!,%4OO8!*4B7*45G4!:*)%G7G8!@!)45!:7*8!9/4!!:7!%5!:8!
9/4!4!:!G4! 4B7*45G4!P7O!!%8!O7G8$!M%4!G8!(!9:L!9/4!9B4P:7*8+!,%4!G8!(!:O!*8P8!:5!9%:!9:!
7))7B4$!
!
#OO8B7!-799:7*8!%57! 4B:-:97$!*/:4P4G4 :9!)4B9/8!7--4B*7G4!OW,8.!!858!!4P%G8PK!"7!
B:!)8!G7!(9!O24B9/8!:!*:4:!7''B4'7G:+!:O!98B)8+!OQ7''B4'7G8!P4O!98B)8!(!!4P%G8!DO7!,%4!G:854!
!4!O7!*45G4!(!759/.4!!7!!4P%G7!585!!:!)854!54**458!:5!,%75G8!585!(!%57!98!7!-:!:97FP$!
M%4!G7!(!O7!B7':854!@!G%GG8!,%:+!!8O8!,%4!G8$!?85!9.(!7OGB7!B7':854!)4B!7--4B*7B4!9/4!OW,8.!
!858!!4P%G8P!GB7554!9/4!)4B!:O!-7GG8!9/4!O.7''B4'7G8!-:!:98!(!!4P%G8$!
!
$4!7 4G4!799%*%O7G8!*8OG:!*4B:G:!4!!4!7 4G4!98*)B4!8!O.8''4GG8!P7!54'7B4+!7OO8B7!
!8O7*45G4!%!75P8!,%4!G7!B7':8549!O,8!!858!!4P%G8!)4B9/8!O.7''B4'7G8!P4O!98B)8!(!!4P%G8P!
(!)8!!:":O4! 4P4B4!9/4!O.:8!9/4!!45G:7*8!P45GB8!P:!58:+!9/4!9:!7))7B4!98*4!4!:!G45G4!P7OO7!
!%7!)7BG4+!:5!B47OG6!(! %8G8$!!
24B9/8!585!(! 4B8V!24B9/8!,%4!G8!:8!9/4!58:!)4B94):7*8!,%:!585!(! 4B8!@!585!4!:!G4$!
#59/4!!4!:5:3:7O*45G4!)%L!!4*"B7B4!9/4!9:!!:7+!7))O:975P8!,%4!G7!B7':854!!:!)%L! 4P4B4!
9/4!585!9.($!M%4!G7!(!O7!)B8 7+!O.:5P:973:854+!:O!!4'58!9/4!,%4!G8!:8!(!-7O!8+!9/4!(! %8G8$!!
!
!
E&!)#-5!.5$$&!*&"5!
!
!
$4!,%4!G8!:8!9/4!!45G:7*8!P45GB8!P:!58:!98*4!!4!4!:!G4!!4!)4B!)B8)B:8!985G8!-8!!4!B47O4+!!4!
-8!!4! 4B8!9/4!4!:!G4!%5!:8!:5P:)45P45G4+!585!:*)%G7G8+!7OO8B7!!4!4!!8!-8!!4!,%:!!4P%G8!
,%75P8! :!7O37G4!B:*7BB4""4!OR!P8 4!!:!GB8 7$!$4!:O! 8!GB8!98B)8!P8 4!!4!%!9:B4!)4B!
)B45P4B4!%57!G7337!P:!G/4+!97--(!8!)4B!75P7B4!:5!"7'58+!O.:8+!:O! 8!GB8!:8!B47O4+!!7B4""4!
7598B7!!4P%G8!!%O!9%!9:58V"8!!G4!!8! 7O4!,%75P8!!G:7*8!:5!):4P:$!(8)8!4!!4B9:!!4P%G:!9:!
P8"":7*8!7O37B4!4!7OO8B7!)45!:7*8!OW,8.!!858!:5!):4P:P$!M%7O:-:9/:7*8!,%4!G7!73:854!985!
OW,8.!!858!:5!):4P:P!)4B!O7!!8O7!B7':854!9/4!O.7''B4'7G8!P4O!98B)8!(!:5!):4P:$!M%75P8!
O.7''B4'7G8!P4O!98B)8!!G7!97**:575P8! 8:!)45!7G4!OW,8.!!G8!97**:575P8P+!:*)%G7G4!!%O!
98B)8!9/4!!G7!98*):45P8!G7O4!73:854!OW,8.!!G8!97**:575P8P$!!
! M%75P8!97**:57G4!8!!:4G4!:5!):4P:+!4998!9/4!B:98*)7B4!,%4!G8!:8+!9/4!7))7B4!98*4!
585!:*)%G7G8+!98*4!!4!585!-8!!4!*4B7*45G4!:*)%G7G8+!X!%5!:8!9/4!7))7B4!4!9/4!9B4P4G4!
!G:7!98*):45P8!OQ73:854$!$4!)4BL!985GB8OO7G4+!!4!7 4G4!O7!':%!G7!!45!:":O:G6!4!!4!7 4G4!
799%*%O7G8!*4B:G:!7!!%--:9:4537+! :!7998B'4B4G4!9/4!!4!,%4!G8!-8!!4! 4B8+!!4!4!:!G4!!4!
B47O*45G4!7OO8B7!759/4!P8)8!9/4!:O! 8!GB8!98B)8+!OQ7''B4'7G8!P4O!98B)8+!!:!-8!!4!B:*4!!8!7!
!4P4B4+!O.:8!P8 B4""4!B:*754B4!:5!):4P:$!!

! GB!
#""#!$*>2&1-#!(&"!5+((N,$&>!

!
24B9/8K!24B9/8!O.:8!P8 B4""4!B:*754B4!:5!):4P:K!24B9/8!585!(!P:)45P45G4!P7!,%4!G8!
98B)8+!585!(!*4B7*45G4!:*)%G7G8+!585!(!P:)45P45G4!P7'O:!7''B4'7G:+!585!P:)45P4!P7OO4!
73:85:!98*):%G4!P7'O:!7''B4'7G:!P:!!G7B4!!4P%G:!8!:5!):4P:$!*:!!7B4""4!P%5,%4!%5!:8!
4G4B57*45G4!!4P%G8+!%5!:8!4G4B57*45G4!:5!):4P:+!%5!:8!4G4B57*45G4!7PP8B*45G7G8!4!98!R!
:7$!&7!:O!*8P8!:5!9%:!O.:8!9:!7))7B4!985GB7PP:94!,%4!G8!B7':857*45G8$!!
>$! *:! !4*"B7! 98*4! !4! 9:! -8!!4! %5! :8! 4B7*45G4! 4!:!G45G4! :5! ):4P:+! %5! :8! 4B7*45G4!
4!:!G45G4!9/4!97**:57+!499$!4!:58OGB4!58:!9B4P:7*8!:5!G7O4!7))7B4537$!
J$! ".:8! 9/4! 9:! 7))7B4! 4! 9/4! 9B4P:7*8! !:7! :5P:)45P45G4! 4! 585! :*)%G7G8! (+! :5! 4--4GG:+!
P:)45P45G4!4!*4B7*45G4!:*)%G7G8$!
!
!
D)!$5"%&"&!(-&&!(&!.&!&!),5%%&..5!(&))#!!&%#'-5!&!
!
!
,O!!8B'4B4!P:)45P45G4!4!OQ8''4GG8!P4OO7!54'73:854!)8!!858!4!!4B4!-79:O*45G4!98*)B4!:!
-7945P8!O.4!4*):8!P4OO7!-7B:57!4!P4OO.79,%7$!M%75P8!*4!98O7G4!O7!-7B:57!985!O.79,%7!)4B!
-8B*7B4!%5!8''4GG8!7OO%5'7G8!98*4!,%4!G8!D1:5)894!:5P:97!985!O4!*75:!O7!-8B*7!P:!%5!
-:O854!P:!)754F!O.:*)7!G8!P: 45G7!)754!-B7594!4$!,8!)45!8!9/4!P:!!8O:G8!8 %5,%4!):799:7!7!
G%GG:!,%4!G7!-8B*7!@!:O!)754!-B7594!4$!!
!
28:!)8G4G4!)B45P4B4!-7B:57!4!79,%7!4!*8P4OO7BO:!:5!):998O4!98!4!O%5'/4!4!!8GG:O:!4!%57! 8OG7!
9/4!/7558!7!!%5G8!G7O4!-8B*7!!%!,%4!G4!(!P4!:'57G8!:O!58*4!QG7'O:8O:5:Q$!28:!)8G4G4!
*8P4OO7BO:!)4B!-7B4!P4'O:!!)7'/4GG:!4!4G:9/4GG7BO:!98*4!Q!)7'/4GG:Q+!8))%B4!)8G4G4!-7B4!P4:!
Q*8*8Q!8!,%4OO4!98!4!985!:O!"%98+!:!QG8BG4OO:5:Q$!$:!)8!!858!-7B4!P: 4B!4!98!4!4!,%75P8!O7!
-7B:57!4!O.79,%7!!858!!G7G4!*8P4OO7G4!:5!%57!-8B*7!)7BG:98O7B4+!O4!)4B!854!'454B7O*45G4!
98598BP758!!%O!58*4!P7!P7B4!7!,%4'O:!8''4GG:$!,5!,%4!G8!*8P8!,%75P8! 4P4G4!,%4'O:!
8''4GG:! :454!!)85G7548!P:B49!OM%4!G8!(!)754P+!O,%4!G:!!858!G8BG4OO:5:P+!4G9$!$4!)8:!7OO7!
*:!94O7!P:!-7B:57!4!79,%7!7'':%5'4G4!-%5'/:+!)8*8P8B8!4!-8B*7'':8!7 B4G4!%5!8''4GG8!
P458*:57G8!Q):337Q$!!
!
".7BG:':758!9/4!)B4)7B7!:!P8O9:!4!G%GG4!,%4!G4!98!4!P: 4B!4!P4!:'57!%5!58*4!!%!P:!4!!4!4!
759/4!:!98*)B7G8B:!9/4!O4! 4P858!:5! 4GB:57!O4!P4!:'57589!O>/+!,%4!G8!(!%5!P8O94+!,%4!G:!
!858!!)7'/4GG:+!,%4!G7!(!):337P$!&!!:!P4!:'5758!:O!58*4!!%!,%4OO7!)7BG:98O7B4!-8B*7!4!O7!
98*)B758@!,%4:!P8O9:!4!,%4O!)754!P:)45P858!P7OO7!-8B*7!)7BG:98O7B4!54OO7!,%7O4!!858!
!G7G:!*8P4OO7G:$!
"7!)4B!857!9/4!/7!P7G8!7OO.:*)7!G8!,%4OO7!-8B*7!)7BG:98O7B4!/7!P4!:'57G8!:O!58*4!!%!
,%4OO7!4!O4!)4B!854!9/4!79,%:!G758!P4!:'5758!!%!,%4OO7$!@!M%4!G8!(!!8B'4B4!P:)45P45G4+!
P:)45P45G4!P7!,%4OO7!)7BG:98O7B4!-8B*7$!!
!
,O!54'83:75G4!G%GG7 :7+!759/4!!4!/7!P4!:'57G8!G%GG4!,%4!G4!98!4!P:--4B45G:!!%!,%4!G4!
)7BG:98O7B:!-8B*4+!585!(!985!7)4 8O4!9/4!4!!4!!858!*4B7*45G4!:*)%G7G4$!&'O:!(!985 :5G8!
9/4!'O:!!)7'/4GG:!4!:!G758!98*)O4G7*45G4!P7OO7!O8B8!)7BG4+!98!R!98*4!O7!):337!4!,%4O!P8O94+!
@!585!!4*)O:94*45G4!P4!:'57G:+!585!*4B7*45G4!P4!:'57G:!P7!O%:$!
!

GE! !
"#!$#%%&''#!(&""#!)#*+,-.!

?4))%B4!98O8B8!9/4!/7558!79,%:!G7G8!54O!54'83:8+!759/4!!4+!:5!4--4GG:+!/7558!P4!:'57G8!
8'5:!98!7+!54!!858!)4BL!985!7)4 8O:$!!"Q79,%:B45G4! 4P4!O4!98!4!4!9/:4P4!O&Q!O7!):337!
*:'O:8B4KP!8!,%75G.7OGB8$!&'O:!!G4!!8!P4!:'57!'O:!!)7'/4GG:+!O7!):337!499$+!G%GG7 :7!9B4P4!
9/4!,%4OO4!98!4!4!:!G758!98*)O4G7*45G4!P7OO7!O8B8!)7BG4$!24B!O%:!:O!)754!9/4! 4P4+!:O!)4338!
P:!)754!9/4!(!OR+!4!:!G4!98*)O4G7*45G4!)4B!)B8)B:8!985G8U!O7!*7B*4OO7G7!4!:!G4!
98*)O4G7*45G4!P7OO7!!%7!)7BG4U!%57!975P4O7+!%57!975P4O7!585!:*)%G7G7+!4!:!G4!
98*)O4G7*45G4!P7OO7!!%7!)7BG4$!24BG75G8+!:O!*8P8!4--4GG: 8!P:!4!!4B4!4!:O!*8P8!9/4!9:!
7))7B4!4!:5!9%:!58:!9B4P:7*8+!!858!:5!985GB7PP:3:854$!-7O:!7))7B4537!4!9B4P4537!!858!
,%7O98!7!9/4!585!4!:!G4!7--7GG8+!O7!)4B!857!/7!!4*)O:94*45G4!:*)%G7G8!G%GG4!,%4OO4!98!4$!
!
"8!!G4!!8!!:!)%L!P:B4!)4B!:!!8OP:$!"4!"759858G4!!858!4G:9/4GG7G4!985!%5! 7O8B4!P: 4B!8!!%OO7!
"7!4!P4O!5%*4B8!P:!34B:$!(7!4!!8!P:)45P4!!4!O7!"759858G7!(!9/:7*7G7!>WWW+!>WWWW!8!>WW!
":B4$!"4!)4B!854!9/4!P7558!:!!8OP:!P4!:'5758!:O!5%*4B8!P:!O:B4!:5!7998BP8!7OO4!9:-B4!9/4!9:!
!858!!8)B7+!!%!,%4!G7!"7!4!:*)%G758!O,8!G:!P8!>WW!":B4P!4!98O8B8!9/4!O:!B:94 858!7!O8B8!
8OG7!:*)%G758!!%!,%4!G7!"7!49!O,8!/8!B:94 %G8!>WW!":B4P$!#))457! 4P4G4!O7!"7!4!O7!
4G:9/4GG7G4!@!>WW!":B4!@!*7!:5!B47OG6!(!*4B7*45G4!:*)%G7G7$!"7!)4B!857!9/4!P6!/7!
*4B7*45G4!:*)%G7G8!4!O7!)4B!857!9/4!)B45P4!/7!*4B7*45G4!:*)%G7G8$!M%4!G7!(!O7!B47OG6!
P4O!*8P8!P:!4!:!G4B4!P:!,%4OO4!>WW!":B4!!%!,%4OO7!"7!4$!-%GG7 :7!)4B!98O%:!9/4!O4!8--B4!4!)4B!
9/:!O4!B:94 4+!"459/8!4!!:!O4!7"":758!:*)%G7G4+!O4!>WW!O:B4!7))7:858!98*4!4!:!G45G:!P7O!O8B8!
O7G8$!!
!
Z!9/:7B8!9/4!!:!GB7GG7!P:!%57!*4B7!:*)%G73:854$!$4!4!7*:5:7*8!,%4!G8!)4338!P:!97BG7!)4B!
GB8 7B4!O4!>WW!":B4!585!B:%!9:7*8!7!GB8 7BO4$!*:85858!G75G4!)8!!:7*8!94BG7*45G4!45GB7B4!
:5!%5!54'83:8!4!8GG454B4!>WW!":B4!P:!"45:!)8B'45P8!,%4!G7!"759858G7$!5:!8'57!7994GG7B4!
:O!-7GG8!9/4!!%!,%4!G8!)7BG:98O7B4!-8'O:8!P:!97BG7+!985!,%4!G8!P:!4'58+!9:!!858!>WW!":B4!9/4!
!858!*4B7*45G4!4G:9/4GG7G4@!!4!98!R!585!-8!!4!585!)8GB4**8!%!7BO7!)4B!79,%:!G7B4!*4B9:!
)4B!%5! 7O8B4!P:!>WW!":B4$!!
!
*:L!9/4!4!:!G4!(!9:L!9/4!(!!G7G8!*4B7*45G4!:*)%G7G8!4!9/4!)%L!4!!4B4!%!7G8+!985!9%:!!:!
)8!!858!98*)B7B4!P4OO4!98!4$!$4!O4!>WW!":B4!585!4!:!G4!!4B8!!%!,%4OO7!"7!4+!7OO8B7!45GB75P8!
:5!%5!54'83:8!)4B!79,%:!G7B4+!)4B!4!4*):8+!P4O!"%BB8!P:!7B79/:P:!8!P4:!P8O9:!4!94B975P8!P:!
)7'7B4!985!,%4!G8!D1:5)894!-7! 4P4B4!%5!-8'O:8!P:!97BG7!":7598F!O4!)4B!854!)8GB4""4B8!
)45!7B4!9/4!!:4G4!)733:$!"8!!G4!!8! 7O4!)4B!:O!)754!@!4!!8!(!:*)%G7G8!!%!P:!%57!-8B*7!
)7BG:98O7B4!P8)8!7 4BO7!9B47G7$!M%4!G8!(!:O!*8P8!:5!9%:!4!:!G4$!&!!8!4!:!G4!!8O8!!%OO7!"7!4!
!%OO7!9/4!7 4G4!P4!:'57G8+!,%:5P:!)8G4G4!*75':7B4!:O!)754+!)8G4G4!)O797B4!O7!-7*4!8!)8G4G4!
45P4BO8$!,O!)754!9/4!4!:!G4!!%!,%4OO7!)7BG:98O7B4!"7!4!585!(!7OGB8!9/4!9:L!9/4!7 4G4!
:*)%G7G8+!*4B7*45G4!:*)%G7G8$!M%75P8! 4P4G4!,%4OO7!"7!4!!:4G4!)4B!%7!:!9/4!!:7!)754+!
,%75P8!*75':7G4!,%4OO7!-8B*7!!:4G4!)4B!%7!:!P4O!-7GG8!9/4!!G7G4!*75':75P8!%5!)4338!P:!
)754$!$:!P:949!O$G8!*75':75P8!P4O!)754P$!
!
#OO8!!G4!!8!*8P8!759/4!O.:8!(!P:)45P45G4$!M%7O!:7!:!73:854!P4OO.:8!(!:5!P:)45P4537!P7'O:!
7''B4'7G:$!O,8!8B7!!858!!4P%G8!)4B9/8!:!*:4:!7''B4'7G:!!858!!4P%G:P+!O,8!!858!:5!):4P:!
)4B9/8!:!*:4:!7''B4'7G:!!858!:5!):4P:P+!O,8!)7BO8!)4B9/8!:!*:4:!7''B4'7G:!!G7558!
98*):45P8!O.73:854!P:!)7BO7B4P$!M%75P8!'O:!7''B4'7G:!! 8O'858!OQ73:854!P:!P8B*:B4!,%4!G8!
(!P4!:'57G8!O,8!!G8!P8B*45P8P$M%75P8+!7O!*7GG:58!!9:!!:!7O37!'O:!7''B4'7G:!!:!7O3758+!98!R!

! GK!
#""#!$*>2&1-#!(&"!5+((N,$&>!

!:!P:94!O,8!*:!!G8!7O375P8P$!(7O!*7GG:58!7OO7!!4B7!58:!)45!:7*8!:5!985G:5%73:854!O,8!!G8!
-7945P8!,%4!G8+!:8!!G8!-7945P8!,%4OO8P+!O,8!!858!-4O:94+!:8!!858!:5-4O:94P!@!:5!P:)45P4537!
P7OO7!*45G4+!O7!"7!4$!-%GG8!,%4!G8!(!*4B7*45G4!4G:9/4GG7G8$!
!
#OO8!!G4!!8!*8P8!P7OO7!57!9:G7+!P7!,%75P8!O7!98!9:4537!!:!(!:5!4P:7G7!54O!'B4*"8!*7G4B58+!
54OO.8 %O8!-4BG:O:337G8+!-:58!7O!*8*45G8!P4OO7!*8BG4+!O7!*45G4!7GGB7 4B!7!!G7G:!P:!-4O:9:G6!4!
P:!GB:!G4337$!#! 8OG4!9:!!858!)B8"O4*:!*45G7O:+!7! 8OG4!-:!:9:$!-%GG4!,%4!G4!98!4+!
:5G4B7*45G4+!P7OO7!57!9:G7!7OO7!*8BG4+!G%GG8!,%4!G8!(!*4B7*45G4!4G:9/4GG7G8$!!
?85!4!:!G4!%5!:8!B47O4!9/4!(!-4O:94!8!P4)B4!!8+!9/4!/7!)B8"O4*:!P:!B4O73:854+!9/4!585!/7!
O7 8B8!8!7OGB8$!-%GG8!,%4!G8!(!98*)O4G7*45G4! %8G8!P:!98*4!58:!9B4P:7*8!9/4!!:7!4!P:!
98*4!9:!7))7B4$!*8*)O4G7*45G4! %8G8$!
!
$8--4B4537$!$8--4B4537$!$8--4B4537$!".:8!B47O4!4!:!G45G4!P7O!!%8!O7G8+!9/4!(!-4O:94!P:! : 4B4!
985!%57!)4B!857!8))%B4!:5-4O:94!:5!%5!B7))8BG8!P:!98)):7!@!G%GG8!,%4!G8!(!98*)O4G7*45G4!
%8G8$!".:8!9/4!9:!7))7B4!4!54O!,%7O4!58:!9B4P:7*8!:5!B47OG6!(! %8G8!P:!,%4!G:!7''B4'7G:+!(!
G%GG7!%57!7OO%9:573:854$!!
(7!:5-:5:G4!4!:!G4534!!7*!7B:9/4!-:58!7OO.:OO%*:573:854+!G%GG8!,%4!G89!O,8!!8--B8!54O!
!7*!7B7P+!O,8!8GG45'8!O7!O:"4B73:854P+!G%GG8!,%75G8!(!*4B7*45G4!:*)%G7G8!!%!,%4!G:!
7''B4'7G:$!-%GG8!(!:5!7998BP8!985!'O:!7''B4'7G:+!!:758!4!!:!O:"4B:!P7OO4!8!9%B73:85:!8!*458+!
G%GG8!(!P:)45P45G4!P7!,%4!G:$!!
!
>'5:!98!7+!G%GG:!'O:!8''4GG:!P4:!!45!:!!858!*4B7*45G4!:*)%G7G:+!)B8)B:8!98*4!O.4!4*):8!
9/4!/8!-7GG8!P4OOQ79,%7!4!P4OO7!-7B:57$!-%GG8!,%4!G8!(!!8B'4B4!P:)45P45G4!@!P:)45P45G4!
P7OO7!"7!4!4!P7O!)45!:4B8!9/4!:*)%G7$!
!
"4!98!4!!G7558!98!R9!7":G7G4!54OO7!9:GG6!*4B7*45G4!P4!:'57G7!9/4!(!&:O758+!:5!%57!97!7!
*4B7*45G4!P4!:'57G7!4! : 4G4!98*4!%57!-7*:'O:7!*4B7*45G4!P4!:'57G7!985!%5!*7B:G8!
*4B7*45G4!P4!:'57G8!4!%5!-:'O:8!*4B7*45G4!P4!:'57G8+!!:4G4!45GB7*":!'45:G8B:!
*4B7*45G4!P4!:'57G:$!&75':7G4!9:"8!*4B7*45G4!P4!:'57G8+!'%:P7G4!%57!*799/:57!
*4B7*45G4!P4!:'57G7!-:58!7O! 8!GB8!%--:9:8!*4B7*45G4!P4!:'57G8!)4B!! 8O'4B4!%5!O7 8B8!
*4B7*45G4!P4!:'57G8$!):!7BB7"":7G4!985!%5!54*:98!9/4!(!*4B7*45G4!!P4!:'57G8!4!
)B8 7G4!7GG7997*45G8!)4B!%5!7*:98!*4B7*45G4!P4!:'57G8$!,O! 8!GB8!P7G8B4!P:!O7 8B8!
*4B7*45G4!!P4!:'57G8! :!P7!%58!!G:)45P:8!*4B7*45G4!!P4!:'57G8!985!:O!,%7O4! :!B497G4!7O!
54'83:8!*4B7*45G4!!P4!:'57G8!P8 4!79,%:!G7G4!9:"8!*4B7*45G4!P4!:'57G8$!#OO8!!G4!!8!
*8P8!)8!!4P4G4!%5!98B)8!*4B7*45G4!!P4!:'57G8!4!)B8 7G4!%5!*7O!P:!!G8*798!*4B7*45G4!!
P4!:'57G8!98!R! :!B497G4!P7!%5!P8GG8B4!*4B7*45G4!!P4!:'57G8!9/4! :!P7!%57!*4P:9:57!
*4B7*45G4!P4!:'57G8$!!
!
M%4!G7+!P:!-7GG8+!(!O7!B47OG6V!
!
>B7+!:O!*8P8!:5!9%:!G%GG8!7))7B4!!4985P8!O7!58!GB7!985943:854!4BB7G7!(!,%4!G89!!
)8!!4P:7*8!%5!98B)8!B47O*45G4!4!:!G45G4+!9/4!585!4!:!G4$!#5P:7*8!P7!%5!P8GG8B4!
B47O*45G4!4!:!G45G4+!9/4!585!4!:!G4$!>GG45:7*8!P4OO4!*4P:9:54!B47O*45G4!4!:!G45G:+!9/4!
585!4!:!G858+!)4B!9%B7B4!%57!*7O7GG:7!B47O*45G4!4!:!G45G4+!9/4!585!4!:!G4$!!

GC! !
"#!$#%%&''#!(&""#!)#*+,-.!

#OO8!!G4!!8!*8P8! : :7*8!:5!%57!&:O758!B47O*45G4!4!:!G45G4+!9/4!585!4!:!G4+!985!%57!
-7*:'O:7!B47O*45G4!4!:!G45G4!9/4!585!4!:!G4+!! 8O':7*8!%5!O7 8B8! 4B7*45G4!4!:!G4+!9/4!
585!4!:!G4+!'%7P7'575P8!P457B8!B47O*45G4!4!:!G45G4+!9/4!585!4!:!G4+!P7!%5!97)8!
B47O*45G4!4!:!G45G4+!9/4!585!4!:!G4+!9/4!!4B 4!)4B!75P7B4!:5!%5!54'83:8!B47O*45G4!
4!:!G45G4!9/4!585!4!:!G4!)4B!79,%:!G7B4!P4O!9:"8!B47O*45G4!4!:!G45G4!9/4!)4BL!585!4!:!G4$!!
!
"7!9859O%!:854!(!9/4!!4!585!B:9858!9:7*8!O7!58!GB7!985943:854!4BB7G7!4!O7!58!GB7!9B4P4537!
4BB7G7!P:!98*4!O4!98!4!4!:!G858+!7OO8B7!585!!7B4*8!:5!'B7P8!P:!B47O:337B4!O7!57G%B7!%OG:*7!
P4OO7!B47OG6!4!:!)B8"O4*:!P:!,%4!G7! :G7!4!P:!,%4OO4!-%G%B4!585!94!!4B7558!*7:$!
!
(8 4G4!! 8O'4B4!O7!*4P:G73:854!54O!*8P8!9/4! :!/8!:OO%!GB7G8+!B4O73:8575P8!,%4!G7!
98*)B45!:854!7OO7! 8!GB7!4!)4B:4537!,%8G:P:757$!
!
!
!
C+%+*&B!'!"+))+4?*+!I$,!&2";.*".!+!")$).!7*+;+&().!&$!(%$!4+&2)$12.%+!&2!7(*202;$12.%+!"(!
-+%*+"23K!
!
!
75!$-%)-!&&"!)#!8&(-.#'-5!&!
!
M%4!G7!*4P:G73:854+!O7!)B7G:97!P4OO7!985!7)4 8O4337!P4O!!8B'4B4!P:)45P45G4+!(!P:!458B*4!
"454-:9:8$!
!
M%4!G7!*7GG:57!7"":7*8!-7GG8!%57!"B4 4!*4P:G73:854!!)49:-:97*45G4!B4O73:857G7!
7OOQ73:854!P:!97**:57B4+!%57!*4P:G73:854!97**:575P8$!M%7O!:7!:!98!7! 8:!-799:7G4+!!:7!!4!
!:4G4!!4P%G:!8!:5!):4P:+!!:7!*75':75P8!8!7OGB8!)45!7G4!OO.%5:97!B7':854!)4B!O7!,%7O4!:8!P:98!
9/4!!G8!-7945P8!,%4!G7!98!7!(!)4B9/8!'O:!7''B4'7G:!!G7558!98*):45P8!,%4!G7!73:854P$!#P!
4!4*):8!58:!!:7*8!Q!4P%G:Q!)4B9/8!'O:!7''B4'7G:!!G7558!98*):45P8!O.73:854!P:!!4P4B!:$!!
!
&45GB4! :!)854G4!,%4!G4!P8*75P4!4!-8B5:G4!O4!B:!)8!G4+!8!!4B 7G4!O.:8$!-454G4!:O!O!4P!!8GG8!
98!G75G4!8!!4B 73:854$!!
,5!,%4!G8!*8P8!P: 45G:7*8!!4*)B4!):J!985!7)4 8O:!P4OO.:8!9/4!9B4P:7*8!!:7! 4B7*45G4!
4!:!G45G4+!P4OO.:8!4*83:857O4$!?8B*7O*45G4!58:!585! 4P:7*8!9/4!,%4!G8!:8!(! %8G8!P:!
4B7!4!:!G4537+!58:!585!98*)B45P:7*8!,%4!G8!@!585!9:!7))7B4!:5!7OGB8!*8P8!9/4!98*4!%5!
:8! 4B7*45G4!4!:!G45G4$!*8!R!,%75P8!P:9:7*8!O:8!!G8!97**:575P8P!,%4!G8!:8!9/4!!G7!
97**:575P8!7))7B4!98*4! 4B7*45G4!4!:!G45G4$!
!
M%75P8!7))O:9/:7*8!:O!B7':857*45G89!O,8!!G8!-7945P8!,%4!G8!!8O8!)4B9/8!'O:!7''B4'7G:!
!G7558!98*):45P8!,%4!G7!73:854P+!759/4!!4!O.:8!585!9:!7))7B4!98*)O4G7*45G4! %8G8+!!:!
7!!8GG:'O:7+!P: 45G7!98*4!:5 :!:":O4$!!
!
#))O:97B4!,%4!G8!B7':857*45G8!!4B 4!7!B45P4B4!:5985!:!G45G4!O7!58!GB7!-8BG4!!45!73:854!P:!
%5!:8$!M%4!G8!7:%G7!,%75P8!!:!8!!4B 7!P:!5%8 8!O7!*45G4$!M%75P8!!:!'%7BP7!P:!5%8 8!O.:8!
!4537!7))O:97B4!OQ757O:!:!O8!!:! 4P4!P: 4B!7*45G4!P7!)B:*7+!98*4!):J!B47O4+!4!:!G45G4!P7O!
)B8)B:8!O7G8$!
! G#!
#""#!$*>2&1-#!(&"!5+((N,$&>!

!
28:!-7G4!P:!5%8 8!O7!!G4!!7!98!79!P8*75P7!4!B:!)8!G7!4!8!!4B 7G4!O.:8+!9/4!P: 45G7!!*458!
:!:":O4$!$%994!!: 7*45G4+!,%75P8!O7!*45G4!(!P:!GB7GG7+!'%7BP7G4!P:!5%8 8!O.:8!4! :!
7998B'4B4G4!!4*)B4!P:!):J!P:!98*4!O8! 4P4G4!4!:!G4B4!98*4! 4B7*45G4!4!:!G45G4$!M%4!G7!
7))7B4537!P:! 4B7!4!:!G4537!P:!9%:!58B*7O*45G4!585!!:7*8!985!7)4 8O:+!)%B!)B4!G75P8O4!
!4*)B4!-4P4+!7P4!!8!P: 45G7!):J! :!:":O4$!!
!
28!!:7*8!%G:O:337B4!,%4!G7!G495:97!P:!*4P:G73:854!8'5:! 8OG7!9/4!-799:7*8!,%7O98!7+!
%!7BO7!)4B!B:9858!94B4!O.8''4GG8!P7!54'7B49!O.:8!9/4!(!%5Q:OO%!:854$!,5!,%4!G8!*8P8!
)8!!:7*8!B47O:337B4!O7!57G%B7!%OG:*7!P4OO.:8$!!
!
"7!!7''4337!9/4!B47O:337!O7! 4B:G6!%OG:*7!(!,%4OO7!9/4!!B7P:97!O7! 4B7!!8--4B4537+!O7! 4B7!
97%!7!P4OO7!!8--4B4537+!:!)45!:4B:!P:!G%B"75G:+!:O!=7B*7+!O4!P%4!8!9%B73:85:$!24BG75G8!O7!
*4P:G73:854!!%O!!8B'4B4!P:)45P45G4!(!*8OG8!%G:O4!759/4!!4!585!B47O:337G4!O7! 79%:G6$!
&!!4B4!985!7)4 8O:+!)B7G:97B4!O7!985!7)4 8O4337!P4OO.:8!98*4!!8B'4B4!P:)45P45G4!-B457!:O!
!8B'4B4!P4OO7!B7"":7+!P4OO.7GG7997*45G8+!P4OO7!'4O8!:7+!P4OO7!*7O4 8O4537$!14B*7!,%4!G:!
)45!:4B:!54'7G: :!4!:O!=7B*7!54'7G: 8!)8BG75P8+!54O!O%5'8!G4B*:54+!)794!)4B!G%GG4!O4! :G4!
-%G%B4$!!
!
#59/4!!4!)45!7G4!P:!7 4B4!P4:!)B8"O4*:!!4B:+!*4P:G75P8!:5!,%4!G8!*8P8!!:O!)B8"O4*7!9/4!
4B7!98!R!!4B:8!4!9/4!9B4P4 7G4!P:!4!!4B4!OQ%5:98!7O!*85P8!7P!7 4B4+!P: 45G7!%5!585X
)B8"O4*7$!?85!(!):J!%5!)B8"O4*7+!O8! 4P4G4!98*4!%57!98!7!!4537!!45!8!4! 4P4G4! 8:!
!G4!!:!98*4!4!!4B:!:5-75G:O:$!2%L!4!!4B4!,%7O98!7!9/4! :!-7!):75'4B4!8!9/4! :!-7!B:P4B4+!*7!
B:9858!94G4!O7!985943:854!4BB7G7$!!
!
&.!98*4!4!!4B4!!)8!7G:!985!%5!*7B:G8!:OO%!8B:8+!:5'7554 8O4$!$4!,%7O9%58!)8BG7! :7!:O!
*7B:G8!:OO%!8B:8!P: 45G7G4!985-%!:+!!8B'858!*8OG7!B7"":7!4!'4O8!:7$!2B8'4GG7G4!*8OG4!
73:85:!)4B!P7554'':7B4!O7!)4B!857! 4B!8!O7!,%7O4!)B8 7G4!'4O8!:7!4!B7"":7+!-7G4!P:!G%GG8$!
28:+!P8)8!,%7O9/4!G4*)8+! :!B45P4G4!985G8!9/4!G%GG8!,%4!G8!4B7!!8O8!%5.:OO%!:854+!9/4!585!
4!:!G4!7--7GG8+!54**458!98*4!58*4U! 4P4G4!9/4!G%GG:!:! 8!GB:!!-8B3:!!858!!G7G:!!4537!
!45!8+!%5!:5%G:O4!!)B498!P:!454B':7$!".:8!(!4!7GG7*45G4!!:*:O4+!:O!*7B:G8!:OO%!8B:8!(!%5!
4!4*):8!P4OO.:8!O7!,%7O4!58B*7O*45G4! :!7--4BB7G4$!
!
&.!:*)8BG75G4!B:)4G4B4!,%4!G7!*4P:G73:854$!$4!!:4G4!7":O:!4!985!7)4 8O:!)B7G:97G4!O7!
*4P:G73:854!P4O!!8B'4B4!P:)45P45G4!,%75P8!!G7G4!*75':75P8!4!)7BO75P8$!2:J!7GG: :G6!
-7G4+!):J!*4P:G7G4$!24B!%57!)4B!857!9/4!585!)4BP4!O7!985945GB73:854+!):J!!858!O4!7GG: :G6+!
*7'':8B:!!858!O4!8))8BG%5:G6!9/4!/7!P:!*:'O:8B7B4!O7!!%7!B47O:3373:854!)8:9/8!7OO8!!G4!!8!
G4*)8!!G7!*4P:G75P8$!
!
$4!585!!:4G4!:5!'B7P8!P:!-7BO8!7OO8B7!*75G454G4!:O!!:O453:8!,%75P8!*75':7G4!4!*4P:G7G4!
!%OO.O:8P98*4!-458*458!P4O!!8B'4B4!P:)45P45G4$!17G4!O8!!G4!!8!,%75P8!97**:57G4+!
,%75P8! :!O7 7G4+!4G9$!!
! M%4!G7!)B7G:97!(!)7BG:98O7B*45G4!4--:9794!,%75P8!,%7O9%58! :!!G7!9B:G:975P8!8! :!
GB7GG7!*7O4$!,5!,%4O!*8*45G8+!!4!B:%!9:B4!7!-7B4!O7!*4P:G73:854!!%OO.O:8P98*4!*4B7*45G4!
:*)%G7G8!!%'O:!7''B4'7G:+!7:%G7!*8OG8!7P!4 :G7B4!9/4!O7!*45G4!P: 45G:!P:!G%B"7G7!P7OO4!

BW! !
"#!$#%%&''#!(&""#!)#*+,-.!

)7B8O4!P4'O:!7OGB:$!"7!*45G4!585! :454!-4B:G7$!#!!4985P7!P4O!O: 4OO8!P4OO7! 8!GB7!*45G4!4!


985!,%75G7!-8B37!)8G4G4!)45!7B4!7OO.:8!98*4!*4B7*45G4!:*)%G7G8+!:O!P8O8B4!(!*8OG8!
*:58B4!B:!)4GG8!7P!7OGB4! 8OG4+!,%75P8!9B4P4 7G4!54OO.:8!98*4! 4B7*45G4!4!:!G45G4$!
!
&!:!G4!%57!)B7G:97!P458*:57G7!;9:&!@!O%99:P4B4!O.4'8P!X!:O!9%:!!98)8!(!,%4OO8!P:!
B:9858!94B4!-79:O*45G4!O.8''4GG8!P7!985-%G7B4+!O.:8! 4B7*45G4!4!:!G45G4+!7O!-:54!P:!
)4B*4GG4B4!O7!B47O:3373:854!P4OO7! 79%:G6$!!
! 24B!)B7G:97B4!:O!;9:&!O7!98!7!*:'O:8B4!P7!-7B4!(!,%4OO7!P:!75P7B4!:5!,%7O9/4!O%8'8!
G4BB:-:975G4!4!:5 897B4!'O:!!):B:G:$!*B47G4!7))8!:G7*45G4!P4OO4!985P:3:85:!9/4!'454B:58!:5!
8:!%57!'B75P4!)7%B7!7O!-:54!P:!)4B*4GG4B4!7OO.:8!4*8G: 8!P:!7--:8B7B4$!&7!)4B!-7B4!,%4!G8!
9.(!":!8'58!P:!B497B!:!:5!%5!O%8'8!7P7GG8$!
!
M%4OO8!(!%5!*8P8!)4B!%99:P4B4!O.4'8+!*7!,%75P8!!:4G4!:5!%5!945GB8+!:5!-7*:'O:7+!:5!
,%7O!:7!:!*8*45G8!9/4! :!GB8 7G4!P:!-B85G4!7O! 8!GB8!54*:98!@!:O!)%5G8!)B:59:)7O4!(!
7))%5G8!P:!4!!4B4!P7 75G:!7P!%5!54*:98+!,%7O9%58!9/4! :!:5-7!G:P:!94!*8OG8+!9/4! :!
":7!:*7!@!,%4OO8!(!:O!*8*45G8!*:'O:8B4!)4B!)B7G:97B4!:O!;9:&)!#!,%4O!)%5G8!585!9.(!54!!%5!
":!8'58!P:!!8--:7B4!54OO8!!GB%*45G8!B:G%7O4!)4B!:5 897B4!:O!54*:98+!4'O:!!:!)B4!45G7!
!)85G7547*45G4!4!7OO8!!G4!!8!G4*)8!:O! 8!GB8!:8!4*8G: 8!!:!*75:-4!G7!)B4)8G45G4*45G4$!
):!799%!7!P4:! 8!GB:!4BB8B:9!585!!G7:!-7945P8!,%4!G8!8!,%4OO8+!!4:!:5!G8BG8!8!!G7:!-7945P8!
*7O4!,%4!G8!8!,%4OO8+!98!4!98!R$!#OO8B7!(!*8OG8!P: 4BG45G4!9:L!9/4!7997P4!54OO7! 8!GB7!
*45G4!!%994P858!98!4!98*4!:5!%5!-:O*+!98*4!:5!%58!!9457B:8$!
!
M%75P8!:5985GB7G4!O7!)4B!857!9/4! :!9B:G:97+!9/4! :!P:!)B4337+!:**4P:7G7*45G4!:O! 8!GB8!
:8!4*8G: 8!!8B'4!985!-8B37$!,5!,%4O!*8*45G8!P8 B4!G4!8!!4B 7B4!O.:8!9/4!7))7B4!98*4!
4B7*45G4!4!:!G45G4!4!)45!7B49!O&'O:!!G7!P7554'':75P8!*4+!:O!Q*4! 4B7*45G4!4!:!G45G4QP$!!
#!9/:! %8O4!)B7G:97B4!:O!;9:&! :454!:5!4'57G8!9/4!P4 4!9B47B4!O4!985P:3:85:!7--:59/8!O7!
)7%B7!!:!*75:-4!G:!-79:O*45G4$!!
!
M%:+!7O!*45GB8+!GB8 7G4!!:9%B7*45G4!)4B!854!9/4! :!9B:G:9758+!9/4!!:!O7*45G758$!$4!
8!!4B 7G4!O.O:8P4!!4!7 4G4!OQ:5G453:854!P:!B:9858!94B4!O.8''4GG8!P4OO7!54'73:854+!98*4!54O!
;9:&8!4!%!7G4!O7!O8':97!P4O!!8B'4B4!P:)45P45G4!)4B! 4P4B4!O.:8! 4B7*45G4!4!:!G45G4!98*4!
%8G8+!7OO8B7!8GG4BB4G4!O8!!G4!!8!B:!%OG7G8!@!B47O:334B4G4!!/%507G7$!M%:!7O!*45GB8!9:!
!7B7558!*8OG:!*8*45G:!P:!G45!:854!4!P:!)7%B7!4!*8OG:!7OGB:!P:!'B75P4!-4O:9:G6$!$4!75P7G4!
7OGB8 4!585!(!P4GG8!9/4!O7!)7%B7!!8B'4B6+!)8GB4""4!585!-%53:857B4$!
!
245!8!9/4!:O!54*:98!!:7!:59B4P:":O*45G4!'45G:O4!985!58:!@!9:!8--B4!:O!*8P8!*:'O:8B4!)4B!
!8))B:*4B4!O.4'8$!$4!,%7O9%58!P4!:P4B7!B47O:337B4!!/%507G7+!:O!54*:98!7:%G7!7!-7B!!8B'4B4!
O.:8!4*8G: 8+!O.:8!:OO%!8B:8$!,O!54*:98!(!98*)O4G7*45G4!8))8!G8!7OOQ7GG:G%P:54!4'8:!G:97+!O4!
!:!8))854!98*)O4G7*45G4U!(!98!R!:59B4P:":O*45G4!)B43:8!8!)4B!58:+!9:!7:%G7!7!B49:P4B4!
OQ7GG4'':7*45G8!4'8:!G7$!*B4P8!9/4!:5!B47OG6!:O!54*:98!!:7!:O!*:'O:8B4!7*:98+!9/4!9:!)8BG7!
4O894*45G4!7OO.:OO%*:573:854$!!
!
M%75P8!*4P:G:7*8!!%OO7!!/%507G7!4!)B7G:9/:7*8!O.757O:!:!:5!,%7GGB8!)%5G:+!%G:O:3375P8!
P: 4B!4!7B'8*45G73:85:!)4B! 4P4B4!O.8''4GG8!P4OO.:'58B7537+!O.:8!B47O*45G4!4!:!G45G4+!98*4!
%8G8+!!4!P8)8!7 4B!%!7G8!O7!O8':97!B:*754!7598B7!,%7O98!7+!!4!P7!,%7O9/4!)7BG4!P45GB8!

! B>!
#""#!$*>2&1-#!(&"!5+((N,$&>!

B:*754!%5!:89!O.8!!4B 7G8B4+!O.4!7*:57G8B4+!:O!B:94B97G8B4U!!4!G7O4!:8!)4B*754!!P45GB8!4!
7))7B4!4!:!G4B4!B47O*45G4!7OO8B7!585!!:!GB7GG7!P:!*4P:G73:854!!%OO7!!/%507G7$!#59/4!!4!
585!7 4G4! :!G8!7O9%57!98!7!!8!G753:7O4+!585!!G7G4!*4P:G75P8!!%OO7!"9(%#$)$$!&Q!):%GG8!G8!
!:*:O4!7O!'%7BP7B4!O8!!)73:8+!(!98*4!'%7BP7B4!7GGB7 4B!8!O7!-:54!GB7!54OO8!!)73:8$!
!
,5!,%4!G8!G:)8!P:!*4P:G73:854!!:4G4!7598B7!7''B7))7G:!7OO.:8!B47O*45G4!4!:!G45G4$!$G7G4!
*4P:G75P8!!%OO.:8!98*4!%5Q:OO%!:854+!*7!985G:5%7G4!7!9B4P4B4!9/4!!:7! 4B8$!(8)8!9/4!
7 4G4!%!7G8!O7!O8':97+!,%75P8!-897O:337G4!O7!*45G4!!%OO7! 79%:G6!O.:8!P8 B4""4!7))7B:B4!
98*4!:54!:!G45G4U+!:O!B:94B97G8B4+!:O!!4+!585!4!:!G4$!
! !M%4!G7!(!O7!B7':854!)4B!O7!,%7O4!%5!'B75P4!08'/:+!*:75'07!18O)4!(8B<4+!985!:'O:L9!
O?85!7 4G4!":!8'58!P:!94B97B4!O.W:8.$!M%4OO8!9/4!P8 4G4!94B97B4!(! 8:!!G4!!:P$!M%4OO8!9/4!
:5G45P4!P:B4!(!9/4!585!P8 4G4!94B97B4!O.:8!98*4!%5!8''4GG8+! 8:!98*4!!8''4GG8!9/4!94B97G4!
O.:8!98*4!8''4GG8$!?85!P8 4G4!94B97B4!O.:8!98*4!%5!8''4GG8!4!G4B58+!P8 4G4!:5 494!94B97B4!
:O!B:94B97G8B4+!,%4!G8!(!O.8''4GG8!P7!985-%G7B4+!O.:8+!O.:8! 4B7*45G4!4!:!G45G4$!"8!94B97G4!7O!
-:54!P:!B47O:337BO8!98*4! %8G8$!
!
*8*4!/8!7994557G8!:4B:+!O.:8!9/4!(!*4B7*45G4!:*)%G7G8!!%!,%4!G:!7''B4'7G:!9:!7))7B4!
P7OO7!!%7!)7BG4+!98*4!!4!585!O8!-8!!4!4!58:!7P4B:7*8!7!,%4!G7!7))7B4537$!"8!!G4!!8! 7O4!
)4B!'O:!7''B4'7G:+!9:!7))7:858!98*4! 4B7*45G4!4!:!G45G:!4!)4B! :7!P:!,%4!G8!759/4!G%GG:!!:!
9:5,%4!8''4GG:!P4:!!45!:$!%O:!8''4GG:!!4537!-8B*7!4!'O:!8''4GG:!G75':":O:+!G%GG8!7))7B4!98*4!
B47O*45G4!4!:!G45G4!4!58:!7P4B:7*8!!GB4GG7*45G4!7!,%4!G7! :!:854$!!
! *8*4!)8G4G4! 4P4B4+!!4985P8!:O!*8P8!:5!9%:!O4!98!4!7))7:858!4!:5!9%:!9B4P:7*8!@!
G%GG7!O7!58!GB7! :G7!(!%5.:OO%!:854V!-%GG7!O7!58!GB7! :G7+!-4O:94!8!B:997!P:!!8--4B4534+!(!G%GG7!
%5.7OO%9:573:854$!1:98BP7G4!9/4!:4B:!/8!P7G8!*8OG:!4!4*):!P:!98*4!O4!98!4!!858!
*4B7*45G4!:*)%G7G4+!P:!98*4!O4!98!4!4!:!G858!*4P:75G4!%57!*4B7!:*)%G73:854$!,5!
B47OG6+!(!98!R!9/4!O4!98!4!4!:!G858+!:O!*8P8!:5!9%:!G%GG8!4!:!G4$!
!
!
G*5),'-5!&!(&))#!"-!#$+-.#!$#8$#"-+#!
!
!
,5!:4*4!7!,%4!G7!:'58B7537!9/4!985!:P4B7!O.:8!98*4! 4B7*45G4!4!:!G45G4+!,%75P8!9:!
:*"7GG:7*8!:5!8''4GG:!P: 4B!:+!!8B'858!7--O:3:85:!P: 4B!4$!M%75P8!:5985GB:7*8!8''4GG:!
P4!:P4B7":O:!!8B'4!O.7GG7997*45G8+! 4B!8!'O:!8''4GG:!:5P4!:P4B7":O:!!8B'4!O7!B7"":7!4!:5!
B4O73:854!7'O:!8''4GG:! 4B!8!:!,%7O:!!:7*8!:5P:--4B45G:!!8B'4!O.:'58B7537$!!
! 24B!,%75G8!98594B54!:O!47B*7+!585!9.(!*8P8!9/4!%5Q73:854!98*):%G7!985!O7!B7"":7!
4!985!OQ:'58B7537!9/4!9B4P4!54OO7! 4B7!4!:!G4537!!:7! :BG%8!7$!?85!)%L!4!!4B4!%5Q73:854!P:!
98*)8!:3:854! :BG%8!7+!*7!!8O8!%5Q73:854!P:!98*)8!:3:854!585X :BG%8!7$!-%GG7 :7!:O!
=7B*7!P4OO4!73:85:!98*):%G4!985!OQ7GG7997*45G8!4!985!OQ:'58B7537!9/4!9B4P4!54OO7! 4B7!
4!:!G4537!)%L!4!!4B4!!:7! :BG%8!8!9/4!585X :BG%8!8$!!
! M%4!G8!)%L!4!!4B4!98OO4'7G8!7OO.4 8O%3:854!P4O!!7*!7B7+!P7!P8 4!)B8 45'858!*8OG:!
)B8"O4*:$!?4O!58!GB8!97!8+!7O!*8*45G8!P4OO7!*8BG4!!)B494P45G4!7!,%4!G7! :G7+!!:!!858!
*75:-4!G7G:!P4:!B:!%OG7G:! :BG%8!:!9/4!9:!/7558!)4B*4!!8!P:!)B45P4B4!%57!B:57!9:G7!%*757$!
"4!73:85:!98*)8!:G: 4! :BG%8!4!P4B: 758!P7O!)B7G:97B4!%57!985P8GG7!*8B7O4+!759/4!!4!

BJ! !
"#!$#%%&''#!(&""#!)#*+,-.!

98*):%G4!7!!4'%:G8!P:!:'58B7537!8!7GG7997*45G8$!,5!,%4!G8!97!8!O.73:854! :BG%8!7!O7!9:7!
%5!!4*4!54OO7!98!9:4537$!!
*:!!7B4""4B8!*8OG4!98!4!P7!P:B4!!%O!=7B*7!*7!585!45GB4BL!54:!P4GG7'O:!:5!,%4!G7!
8997!:854$!!
!
-B7!O4!73:85:! :BG%8!4!!:!)8!!858!:P45G:-:97B4!P: 4B!:!G:):!P:! :BGJ9!9:!!858!73:85:! :BG%8!4!
7--O:GG: 4!4!585!7--O:GG: 4$!*:!!858!)8:!73:85:!:57*8 :":O:!9/4!!858! :BGJ$!,O!=7B*7!
:57*8 :":O4!97%!7!O7!B:57!9:G7!54OO8!!G7G8!P4OO4!,%7GGB8!985945GB73:85:$!#59/4!:O!=7B*7!
585!:57*8 :":O4!)%L!4!!4B4! :BG%8!8!8!585! :BG%8!8$!
!
+5!4!4*):8!P:!=7B*7!585!:57*8 :":O4!(!,%4OO8!P:!%57!)4B!857!9/4!54OO7!!%7! :G7!/7!
'454B7G8!G75G8!=7B*7!54'7G: 8!4!G7O4!=7B*7!54O!*8*45G8!P4OO7!*8BG4!(!7598B7!*8OG8!
)8G45G4$!#GGB7 4B!8!:!)8G4B:!P:!%5!O7*7!P8G7G8!P:!4O4 7G:!8GG45:*45G:+!B47O:3373:85:!
G75GB:9/4!4+!8 :7*45G4+!P4O!!%8!!G4!!8!=7B*7+!759/4!!4!4'O:!!G7!)4B!B:57!94B4!54:!B47*:!
:5-4B:8B:+!O7!!%7!98!9:4537!)%L!4!!4B4!GB7!-4B:G7+!*45GB4!(!7598B7!54OO8!!G7G8!:5G4B*4P:8$!
28GB4""4!':6!7 4B4!O7!-8B*7!P:!%5!4!!4B4!P4OO8!!G7G8!:5G4B*4P:8!9/4!)8BG4B4""4!7P!%57!
B:57!9:G7!98*4!)B4G7!8!98*4!75:*7O4+!*7!O7!98!9:4537!)%L!7598B7!4!!4B4!GB7!-4B:G7!7:!
B47*:!!%)4B:8B:+!7PP:B:GG%B7!7P!%5!B47*4!)%B8$!$:!)8GB4""4B8!-7B4!759/4!7OGB:!4!4*):$!
!
*8!R!!4!54OO7! :G7!)7!!7G7!,%7O9%58!/7!98*):%G8!73:85:! :BG%8!4+!98*4!)B7G:97B4!%57!
985P8GG7!*8B7O4+!/7!4!)B4!!8!)B4'/:4B4!)4B!B:94 4B4!,%4!G8!98B)8!%*758+!,%4!G8!/7!
O7!9:7G8!:!!4*:+!O4!)8G453:7O:G6+!54OO7!98!9:4537$!M%:5P:!,%7O%5,%4!!:7!!G7G7!O7!B:57!9:G7!
7))457!)B494P45G4!7!,%4!G7+!!:7!9/4!-8!!4!%5!4!!4B4!%*758!8!%5!4!!4B4!*:'B7G8B4!
!8--4B45G4+!7O!*8*45G8!P4OO7!*8BG4!:!!4*:!!858!*7G%B7G:$!
!
#"":7*8!98OO43:857G8!98!R!G75G8!=7B*7!9/4!585!!:!B:4!94!7!*:!%B7BO8$!*:!)8!!858!4!!4B4!
G75G:!!:*:!=7B*7! :BG%8!:!4!7OGB4GG75G:!585! :BG%8!:!4+!,%:5P:+!7O!*8*45G8!P4OO7!*8BG4+!!4!
O4!)8G453:7O:G6!P:!=7B*7!P7!!)4B:*45G7B4!!858!98!R!G75G4+!98!.(!9/4!P4G4B*:57!O7!
B:57!9:G7K!!
$:!)%L!:OO%!GB7B4!985!%5Q757O8':79!,%75P8!):75G7G4!P4:!!4*:!54O! 8!GB8!':7BP:58+!,%7O4!
'4B*8'O:4B6!)4B!)B:*8K!,O!!4*4!9/4!B:94 4!):J!5%GB:*45G8+!9/4!/7!O4!985P:3:85:!*:'O:8B:+!
,%4O!!4*4!'4B*8'O:4B6!)4B!)B:*8$!-B7!G%GG:!,%4!G:!=7B*7!*8OG:!!858! :BG%8!:+!*8OG:!585!
:BG%8!:!@!,%4OO8!):J!)4!75G4!*7G%B4B6!)4B!)B:*8!4!985P:3:854B6!O7!B:57!9:G7$!!
!
$4!G%GG:!:!=7B*7!/7558!O8!!G4!!8!)4!8+!,%7O4!*7G%B4B6!)4B!)B:*8K!M%4OO8!):J!)B8!!:*8!
7OO7!-B%:3:854$!!$4!G%GG:!:!=7B*7!!858!4'%7O*45G4! :9:5:!7OO7!-B%:3:854+!,%7O4!
!)4B:*45G4B4*8!)4B!)B:*8K!M%4OO8!):J!7":G%7O4$!
!
$4!G%GG:!=7B*7!9/4!!858!7":G%7O:!!:!4,%: 7O'858+!,%7O4!)B8P%BB6!)4B!)B:*8!:O!B:!%OG7G8K!,5!
,%4!G8!97!8!7 :454!98*4!,%75P8!!:!):75G758!:!!4*:!P4:!-:8B:!@!,%4OO8!9/4!(!):75G7G8!)4B!
)B:*8!'4B*8'O:4B6!)4B!)B:*8$!(:!G%GG:!,%4!G:!=7B*7+!!7B6!!)4B:*45G7G8!)B:*7!,%4OO8!9/4!
(!!G7G8!9B47G8!)4B!)B:*8$!!
!
M%:5P:+!,%7O!:7!:!B:57!9:G7!)8!!:7*8!7 4B!7 %G8!)B8)B:8!)B:*7!P:!,%4!G7! :G7+!7O!
*8*45G8!P4OO7!*8BG4!:O!):J!-8BG4!4!)B85G8!7P!4!!4B4!!)4B:*45G7G8!(!!G7G8!:O!=7B*7!

! BA!
#""#!$*>2&1-#!(&"!5+((N,$&>!

:BG%8!8!)4B!%57!B:57!9:G7!%*757$!! ,O!)8G453:7O4!P:!,%4!G8!=7B*7! :BG%8!8!(!!G7G8!


!)4B:*45G7G8!7!97%!7!P:!P%4!)45!:4B:!P:!G%B"75G:9!O7!"B7*8!:7!4!OQ7--4BB7B!:$!*8*4!4!4*):8!
)4B!:OO%!GB7B4!O7!P:--4B4537!GB7!,%4!G4!P%4!7--O:3:85:!)8!!:7*8!)45!7B4!7!,%75P8!!:! 7!)4B!
54'83:!7!-7B4!98*)4B4$!,5:3:7O*45G4!7"":7*8!O.:5G453:854+!:O!P4!:P4B:8+!P:!98*)B7B4!
,%7O98!7!)8:+!!4!94!O8!)8!!:7*8!)4B*4GG4B4+!9:!*4GG:7*8!O7!*758!:5!G7!97!4!'454B:7*8!O7!
P4G4B*:573:854!7P!8GG454BO8$!".:5G45!8!P4!:P4B:8!P:!8GG454BO8!(!OQ7--4BB7B!:$!$858!,%4!G:!
P%4+!:O!P4!:P4B:8!4!O7!-8BG4!P4G4B*:573:854!)4B!7 4B4!%57!B:57!9:G7!%*757+!9/4!-7558!
*7G%B7B4!:O!)8G453:7O4!)4B!%5!=7B*7!%*758$!
!
M%75P8!:O!=7B*7!%*758!(!)B85G8!)4B!4!!4B4!!)4B:*45G7G8+!98*4!%5!":*"8!9/4!(!)B85G8!7!
45:B4!7OO7!O%94+!!:!B:57!94!54OO8!!G7G8!:5G4B*4P:8!P:!%5!4!!4B4!%*758$!M%75P8!:O!G4*)8!P:!
)4B*754537!:5!,%4!G8!!G7G8!(!4!7%B:G8+!!:!GB8 7!%5!O%8'8!P8 4!B:57!94B4!4!O7!98!9:4537!!:!
GB7!-4B:!94!54OO.8 %O8!-4985P7G8$!!
!
*:!!858!!4GG4!B:!%OG7G:!9/4!P4 858!4!!4B4!98*)O4G7G:9!D>F!<2%$";2)$!@!O7!98!9:4537!9/4!!:!
:5!G7%B7!54OO.8 %O8!-4BG:O:337G8$!"7!<2%$";2)$!/7!O%8'8!,%75P8!O7!98!9:4537!!:!GB7!-4B:!94!
54OO.8 %O8!-4BG:O:337G8+!585!!:!:5G45P4!,%75P8! :454!)7BG8B:G8!:O!"7*":58$!28:!DJF!%.4+!+!
0.*4$$!?8*4!:5P:97!'O:!7''B4'7G:!!4537!-8B*79!'O:!7''B4'7G:!P4OO4!!45!73:85:+!P4:!-7GG8B:!P:!
98*)8!:3:854!4!P4O!B:9858!9:*45G8!8!P:!9B:*:573:854$!$858!!4537!-8B*7!4!)4BG75G8!
45'858!9/:7*7G:!%.4+8!!:!GB7GG7!P4'O:!7OGB:!7''B4'7G:!!4537!-8B*7+!585!:59O%!:!54OO7!
98!9:4537$!"7!-8B*7+!:5 494+!(!O7!)7BG4!-:!:97!9/4!)%L!4!!4B4! :!G7!7!899/:8!5%P8$!!
!
28:!!:!B47O:33758!DAF!O4!"+2!?$"2!"+%".*2$,2$!(8)8!9.(!DGF!:O!;.%)$)).!4!)8:!!:!B47O:337!DBF!O7!
"+%"$12.%+$!
!!
-%GG:!,%4!G:!B:!%OG7G:!O:!7"":7*8!':6!!)4B:*45G7G:+!8B7!!G:7*8!!)4B:*45G75P8!DEF!!
OQ:5.+;;92$4+%).!4!94!54!B:*754!!8O8!%58!7598B7!P7!!)4B:*45G7B49!DKF!O7!4.*)+$!!
!
"7!9859O%!:854!(!9/4+!98*4!)8G4G4!985!G7G7B4+!58:!7"":7*8!9B47G8!,%4!G7!985P:3:854!
%*757$!,O!-7GG8!9/4!!8--B:7*8!P:!-7*4+!!4G4+!97OP8!8!-B4PP8+!:O!-7GG8!9/4!9:!)B4899%):7*8+!
9/4!!:7*8!98!R!:*)4'57G:+!9/4!P8"":7*8!!G%P:7B4!)4B!*8OG:!!:*:!755:!)4B!7 4B4!9%B7!P:!
58:!!G4!!:+!G%GG:!,%4!G:!)B8"O4*:!P4B: 758!P7O!-7GG8!P:!7 4B!)B4!8!,%4!G7!B:57!9:G7!
!7*!7B:97!9/4!(!!G7G7!P7!58:!!G4!!:$!
!
!
75!+),$-5!&!
!
!
):!B:98BP7G4!9/4!54'O:!%OG:*:!GB4!8!,%7GGB8!':8B5:!/8!)7BO7G8!P4OO.:'58B7537!P4OO7! 4B7!
4!:!G4537!4!P:!P4OO.:8!9/4!4!:!G4! 4B7*45G4K!?4!7"":7*8!)7BO7G8!4!9:!7"":7*8!*4P:G7G8!
!8)B7$!)4P4G4+!O7!B7':854!)4B!O7!,%7O4!7"":7*8!9B47G8!,%4!G8!!7*!7B7+!,%4!G8!B47*4!P:!
!8--4B4537+!(!)4B9/8!7"":7*8!!4'%:G8!O.:'58B7537!P4OO7! 4B7!4!:!G4537!7P4B45P8!7OO.:8!9/4!
(! %8G8!P:!4!:!G4537! 4B7!98*4!!4!-8!!4! 4B7*45G4!4!:!G45G4$!M%4!G8!(!O.4BB8B4!98**4!!8$!!
#P4!!8!)8G4G4!B45P4B :!985G8!P:!,%75G8!!:7!P7558!7!,%4!G7!:'58B7537$!&!!7!B7))B4!45G7!
:O!58!GB8!):J!'B75P4!4BB8B4+!O7!B7P:94!P4:!58!GB:!)B8"O4*:$!!

BG! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
#P4!!8! :!)8G4G4!B45P4B4!985G8!P:!98*4!!:7!:59B4P:":O*45G4!:*)8BG75G4!:*)4'57B!:!':8B58!
4!58GG4+!,%4!G.7558+!,%4!G8!*4!4+!8'':+!:5!,%4!GQ8B7+!:5!,%4!G8!:!G75G4!)4B!B49:P4B4!,%4!G7!
:'58B7537+!)4B!B47O:337B4!9/4!O.8''4GG8!P:!,%4!G7!:'58B7537!(! %8G8$!-%GG4!O4!7OGB4!98!4!P:!
9%:!9:!)B4899%):7*8!4!9/4!58B*7O*45G4!985!:P4B:7*8!98*4!:*)8BG75G:!!98*)7:858+!!858!
5%OO7!7!985-B85G8$!
!!
24B!-7 8B4+!*4P:G7G4!!%OO7! 79%:G6$!
!
-.,.79.%:!+")*$)).!&$!E-.4+!".2,(77$*+!,=$4.*+..,+!;.47$""2.%+F)!L%$!)*$";*212.%+!2%)+*4+&2$!&+,,$!
<2"&.4!/(?,2;$)2.%"8!)*$";*212.%+!,2+.+4+%)+!*+.2"2.%$)$!&2!$,;(%2!2%"+3%$4+%)2!&$)2!7*+"".!,=$5->8!
$)$,2$8!'+))+4?*+!&'56)!<2")$47$!$().*211$)$!&$,,$!<2"&.4!/(?,2;$)2.%")!!

! BB!
#""#!$*>2&1-#!(&"!5+((N,$&>!

BE! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
&#N#&+(1#!
"7*7!-/%"G45!74!/4!
!
!
B"-85!(-$+5"$5!
!
!
5%85':8B58$!*4B9/4BL!P:!!G:*8O7B :!%5!)898! :!G8!9/4!-7!-B4PP8$!!
!
".7B'8*45G8! 9/4! GB7GG4B4*8! P%B75G4! ,%4!G8! 98B!8! P:! *4P:G73:854! (! %58! P4'O:!
:5!4'57*45G:! ):J! 7 7537G:! P4O! "%PP/:!*8! G:"4G758! 4! )4BG75G8! !:7*8! G%GG:! -8BG%57G:! P:!
)8G4BO:!985P: :P4B4$!!*8*Q(!7%!):97":O4+!)8GB4*8!759/4!P: 45G7B4!!&7/7*%PB7+!98*4!-494!
#G:!/7$!#G:!/7!(!%5!'B75P4!08'/:!98B857G8!P7!!%994!!8+!#G:!/7!(!%5!5%PP/7$!(7O!)%5G8!
P:! :!G7! G:"4G758+! #G:!/7! (! %5! 5%PP/7+! %5! :OO%*:57G8$! &'O:! /7! 7 %G8! !%994!!8! 54O! !%8!
&7/7*%PB7+!/7!!98)4BG8!&7/7*%PB7$!
!
,O! 8!GB8!945GB8+!#G:!/7!*45GB4+!/7!%5!58*4+!#G:!/7+!P:!'B75P4!7%!):9:8+!:58OGB4!759/4!O7!
!%7!454B':7!)B8 :454!P7!%5!#G:!/7!7%!GB7O:758+!%5!%8*8!9/4!585!(!"%PP/:!G7+!*7!:O!!%8!
9%8B4! -8B!4! !R$! &'O:! 9:! /7! 8--4BG8! 98!R! G75G8! 4P! (! %5! %8*8! 9/4! /7! 7 %G8! !%994!!8+! 585! (!
4B8K!$)4B8!9/4!G%GG7!,%4!G7!454B':7!)8!:G: 7!:5G8B58!7!58:!!:7!O7!G4!G:*85:7537!P4O!-7GG8!
9/4!58:+!7!58!GB7! 8OG7+!)8GB4*8!P: 45G7B4!%8*:5:!4!P8554!P:!!%994!!8$!!
!
,58OGB4!)45!8!9/4!)4B!)8BG7B4!:O!"%PP/:!*8!:5!,%4!G8!)74!4!":!8'57!O7 8B7B4!*8OG8!985!
'O:!!G%P45G:+!7P8GG7B4!%57!98*%5:973:854!*8OG8!!GB4GG7$!1:58!7P!8'':!7"":7*8!!GB7GG7G8!
P:--%!7*45G4!'O:!:5!4'57*45G:!-85P7*45G7O:+!'B75!)7BG4!P4'O:!!G%P45G:!/7558!7!98OG7G8!:O!
O'+%)2+*.! /*$&($,+! C+*".! ,=$,,(42%$12.%+P! 7O*458! P:49:! 8OG4! 4! 8B7! 54! !7B7558! !G%-:$! $RU!
4!!:! )45!758! O7"":7*8! 7!98OG:7*8! 98!R! G75G8! ,%4!G:! :5!4'57*45G:+! !45G:7*8! )7BO7B4!
!4*)B4! P:! B:5%59:7+! "8P/:9:GG7+! "O7+! "O7+! "O7$! -%GG8! ,%4!G8! )4B! 58:! (! B8"7! 499/:7P$! )7!
"454!*7+!98*4! 8:!!7)4G4+!%57!P4OO4!*4B7 :'O:4!P4O!5%PP/7P/7B*7!(!:O!!45G:4B8!'B7P%7O4!
)4B! O.:OO%*:573:854+! O8! ! :O%))8! 'B7P%7O4$! 5%PP/7! $/7=07*%5:+! 'B73:4! 7OO7! !%7!
4!)4B:4537+!O8!/7!B7':854 8O*45G4!98!G:G%:G8!:5!G7O!*8P8X!:5!P:49:!8! 45G:!!G7P:!@!,%4!G7!(!
O7!"4OO4337!P4O!!%8!:5!4'57*45G8$!!
!
?8:!4!!4B:!%*75:!!:7*8+!)4B!8B7+!O:*:G7G:+!*7!!:7*8!G%GG7 :7!:5!'B7P8!P:! 4P4B49!O:8!)8!!8!
75P7B4!:5!,%4!G7!P:B43:854P$!)4P4B4!7!)7BG:B4!P7:!98594GG:!O:*:G7G:!4!P7OO7! :!:854!O:*:G7G7!
-:58!7!B47O:337B4!O7! :!:854!!4537!O:*:G:+!O7! :!:854!%5: 4B!7O4$$$!,%4!G8!)B894!!8!'B7P%7O4!(!
%5:98!54O!!%8!'454B4!@!4!!8!B7))B4!45G7!:O!97B7GG4B4!%5:98!P4O!"%PP/:!*8$!M%:5P:+!98*4!
)8G4G4! 4P4B4! )B7G:97B4! :O! 5%PP/7P/7B*7! 585! !:'5:-:97! O:*:G7B!:! 7! 97*":7B4! 58*4! 4! :O!
98O8B4!P4OO7! 4!G4!4!7GGB:"%:B!:!%5.4G:9/4GG7+!%5Q4G:9/4GG7!7BG:-:9:7O4!@!*7!(!:O!58!GB8!!G4!!8!
! :O%))8+!O7!58!GB7!GB7!-8B*73:854$!!
! 24B!,%4!G7!B7':854!:O!"%PP/:!*8!P4O:547!%57!):7!:*)4997":O4!4!9/:7B79!,%4!G7!(!O7!
"7!4+!,%4!G:!!858!:!)B4O:*:57B:+!,%4!G7!(!O7!)7BG4!)B:59:)7O4+!,%4!G8!(!:O!B:!%OG7G8$!-%GG8!(!

! BK!
#""#!$*>2&1-#!(&"!5+((N,$&>!

98!R!9/:7B8+!:5G4OO4GG%7O*45G4!98*)B45!:":O4!4!-7GG:":O4$!24B!,%4!G7!B7':854!)45!8!9/4!54O!
"%PP/:!*8! 58:! 585! 9:! !45G:7*8! )4B!:+! 7"":7*8! %5! *8P8! )4B! 7 :9:57B9:!
7OO.:OO%*:573:854$!$:7*8!-8BG%57G:$!
!
!
B"&)-8-!#"-!&&"!8#%#8,("#!
!
!
?4OO.7--B85G7B4! :! )B4O:*:57B:! )4B! 'O:! :5!4'57*45G:! !%! &7/7*%PB7! O8! -7BL! 54OO7! *75:4B7!
GB7P:3:857O4+!585!)8!!8!4 :G7BO8+!P4 8!!):4'7B :!:!O: 4OO:!):J!'B8!!8O75:$!!
!
-B7P:3:857O*45G4! O7! )B:*7! 98!7! 9/4! !:! :5!4'57! (! O7! &"&$#! (-! "-.,%-5! @! !7)4G4! 9/4! *:!
B:-4B:!98! 7! 5%PP/7+! (/7B*7! 4! $75'/7$! 2B45P4B4! B:-%':8! ! (! :*)8BG75G4$! M%75P8! !7)4G4!
98!7! %8O! P:B4! )B45P4B4! B:-%':8+! 97*":7G4! 7GG4'':7*45G8+! 75P7G4! 8OGB4! O.7GG4'':7*45G8!
7":G%7O4$!".7GG4'':7*45G8!7":G%7O4!(!,%4OO8!:5!9%:!O.:8!!:!7--4BB7!7OO7!9:8998O7G7+!7OO7!*4O7!
4!7!G%GG:!:!G:):!P:!):794B:!GB75!:G8B:$!!
! ?8:!94B9/:7*8!B:-%':8!:5!985G:5%73:8549!O>'':!*:!!45G8!':J+! 8BB4:!G75G8!75P7B4!:5!
!):7'':7P$! &998! 9/4! :! "%GG7G4! :5! 79,%7+! 94B97G4! P:! 4!!4B4! %5!)4!94+! ':897G4! 985! :!)4!9:$!
M%4!G8! (! %5! *8P8! P:! )B45P4B4! B:-%':8+! 585! (! 4B8K! 28:! P49:P4G4! P:! *75':7B4! G75G7!
9:8998O7G7+!9:8998O7G7+!9:8998O7G7!@!'57**+!'57**+!'57**+!4!)8:!'4O7G8+!'4O7G8+!'4O7G8!
@!'57**+!'57**!'57**$!*4B97G4!P:!!8PP:!-7B :!4!:O!B:!%OG7G8!(!"45!58G8$$$!4!G85P8$!?85!
:! )B4899%)7G4! P:! P: 45G7B4! "4OO:! G85P:U! :5! 8B:45G4! O7! 98!7! 585! (! )8:! 98!R! 'B7 4+! *7! :5!
899:P45G4!!R+!585!(! 4B8K!#59/4!,%4!G:!!858!*8P:!P:!)B45P4B4!B:-%':8$!!
! (7O! O7G8! )B7G:98+! )B45P4B4! B:-%':8! (! P7 4B8! :*)8BG75G4$! (8 B4!G4! 97*":7B4! :O!
8!GB8!7GG4'':7*45G89985!:P4B7B4!9/4!(!%5!):794B4!GB75!:G8B:8+!585!(!:*)8BG75G4+!585!54!
7O4!O7!)457$!$4! 4P4G4!,%4!G8!)8G4G4!4O:*:57B4!O.7*":3:854+!O7!-8B37!9/4!'%:P7!O7!*45G4!
9/4!!:!7--4BB7$!24B!,%4!G8!)B45P4B4!B:-%':8!(!98!R!:*)8BG75G4$!!
! #P4!!8! 97):G4! %5! )8.! *4'O:8! 98!7! %8O! P:B4! )B45P4B4! B:-%':8$! "7! B7':854! )4B! O7!
,%7O4! 4!54!)7BO8!(!9/4!!858!%5!)898!)B4899%)7G8!)4B!:!5%8 :!!G%P45G:+! 8BB4:!9/4!G%GG:!
O8B8!98*)B45P4!!4B8!,%4OO8!9/4!!:'5:-:97!)B45P4B4!B:-%':8!54OO.8GG:97!"%PP/:!G7$!!
M%4!G8!(!!%--:9:45G4!B:!)4GG8!7O!)B45P4B4!B:-%':8+!O7!)B:*7!)B7G:97!)B4O:*:57B4$!
!
E*-),&&#"&!+5(%-+-..#/!M%4!G7!(!O7!!4985P7!)B7G:97!)B4O:*:57B4!9/4!:5!4'5:7*89!"8P/:9:GG7!
%8O!P:B4!4!!4B4!G8G7O*45G4!7)4BG:!7'O:!7OGB:+!*7!585!:5!*8P8!!%)4B-:9:7O4$!$:'5:-:97! 4P4B4!
:O! )8G453:7O4! %*758! %OG:*8! 7OP:O6! P4OO7! !:G%73:854! B4O7G: 7! !)4B:*45G7G7! P7! %5! 4!!4B4!
%*758$!M%4!G8!(!O.7GG4'':7*45G8!:OO%*:57G8!9/4!:5!!75!9B:G8!9/:7*:7*8!"8P/:9:GG7$!!
! 18B!4! O7! '45G4! )%L! )45!7B4! O58P/:9:GG7! (! %5! P4!:P4B:8$! -%GG:! 'O:! 4!!4B:! !453:45G:!
58!GB4! *7PB:! 9/4! P: 45G758! :OO%*:57G:! @! ,%4!G8! (! !8O8! %5! P4!:P4B:8P! &7'7B:! O7! )45!7G4!
P7 4B8! 98!R$! ?8+! 58! (! !"7'O:7G8$! "7! "8P/:9:GG7! ! 585! (! %5! !45G:*45G8! 4*8G: 89! O,8!
P4!:P4B8+!:8! 8'O:8!9/4!,%4!G4!)4B!854!P: 45G:58!:OO%*:57G4VP!?8+!O7!"8P/:9:GG7!585!(!98!R$!
$8!9/4!7! 8OG4!'O:!!G%P45G:!899:P45G7O:!!858!*8OG8!!4B:+!)B8 758!%57!:59B4P:":O4!%B'4537!P:!
!8PP:!-7B4!'O:!4!!4B:!!453:45G:U!P: 45G758!98!R!4*8G: :9!"8P/:9:GG7+!"8P/:9:GG7V!
!
"7!"8P/:9:GG7!(!%5!)B894P4B4!'B7P%7O4+!%57!'B75P4!!7''43379!7)B:G4!:O! 8!GB8!9%8B4!7!G%GG:!
'O:! 4!!4B:! !453:45G:! 4! 94B97G4! P:! : 4B4! :O! ,%4O! *8P8! )4B! ,%75G8! :! (! )8!!:":O4+! )4B!

BC! !
"#!$#%%&''#!(&""#!)#*+,-.!

! :O%))7B4! "8P/:9:GG7! 9/4! (! O.4!)4B:4537! :OO%*:57G7$! N8! !98)4BG8! 9/4! (! 98!R$! # 4G4! %5!
458B*4!!)73:8+!7)B:G4!OQ458B*4!!)73:8!P4OO7! 8!GB7!98!9:4537$!"7! 8!GB7!98!9:4537!P: 45G7!
%5!,%7O98!7!P:!%5: 4B!7O4$!M%4!G8!:8!9B4P8!!:7!O.4!)4B:4537!:OO%*:57G7!@!98!R!)8G45G4$!24B!
,%4!G8+! !4! B:98BP7G4! #G:!/7+! 4'O:! P:!!4! OO7! )8BG7! P4OO7! *4P:G73:854+! 8! O.:5:3:8! P4OO7!
*4P:G73:854+! 985!:!G4! 54OO.8!!4B 7B4! :O! )B8)B:8! 7GG4'':7*45G8+! O7! )B8)B:7! *8G: 73:854$P!
?85!GB8 7G4!9/4!#G:!/7!!:7!*8OG8!)B7G:98+!!%)4B!)B7G:98K!
!
"7! 98558G73:854! P4OO7! )7B8O7! Q)8BG7Q! (! ,%4OO7! P:! :5:3:8+! !:! :5:3:7! 985! OQ4!7*4! P4:! )B8)B:!
!9/4*:!*45G7O:!4!P4OOQ7GG:G%P:54!8!*8G: 73:854+!98*4!O7! 8O4G4!9/:7*7B4$!$:!GB7GG7!P:!%57!
98!7! *8OG8! !4*)O:94$$$! 7997P4! ,%75P8! !:! /7558! B47OG6! %5: 4B!7O4+! !98)8! 4! P4!G:573:854!
%5: 4B!7O:9!OQ7GG4'':7*45G8!:OO%*:57G8!(! 4P4B4!%57!!8BG7!P:!B47O:3373:854!%5: 4B!7O4$!
!
?4OO7!58!GB7! :G7!7! 8OG4!!)4B:*45G:7*8!P4:!985-O:GG:!4!G45P:7*8!7!B45P4B4!'B75P:!O4!98!4!
):998O4+!585!(! 4B8K!?8:!!:7*8!%8*:5:!4!P8554+!4!!4B:!%*75:+!4!!4*"B7!9/4!7"":7*8!O7!
)B8)45!:854! 7P! :5':'75G:B4! O4! 98!4! 4! 9:! P:7*8! -7!G:P:8! 7! :945P7$! &7! 4!!4! 585! !858!
:*)8BG75G:+! !858! :BB:O4 75G:! ,%75P8! 4P4G4! O7! B47OG6! %5: 4B!7O4+! O7! B47O:3373:854! 4! O7!
P4!G:573:854!%5: 4B!7O:!@!98!4!98!R!):998O4$!*8*4!54OO7!':%5'O7!P:!545P:58+!98!7!:*)8BG7!
!4!%5!7O"4B8!97P4K!?%OO7!@!%5!'B75P4!7O"4B8!(!97P%G8+!*7!7!54!!%58!:*)8BG7$!M%4!G8!(!%5!
4!4*):8+!!,%75P8!!:!/7!O7! :!:854!%5: 4B!7O4!O4!98!4!):998O4!585!/7558!):J!:*)8BG7537$!!
! $:!)%L!)7BO7B4!P:!':%!G8!4!!"7'O:7G8+!*7!:5!*8P8!985 453:857O4+!B4O7G: 8$!*:L!9/4!(!
985 453:857O*45G4!':%!G8!:5!#%!GB7O:7!)8GB4""4!585!4!!4BO8!7!$:5'7)8B4$!M%4!G4!):998O4!
98!4+! :O! ':%!G8! 4! O8! !"7'O:7G8+! /7558! "45! )898! 7O8B4$! 58P/:9:GG7+! :5 494+! (! *8OG8!
:*)8BG75G4$! ?85! '%7BP7G4! 7OO7! "8P/:9:GG7! 98*4! %57! !8BG7! P:! :59O:573:854! B4O:':8!7+! (!
98*)O4G7*45G4! !9:45G:-:97+! (! O8! ! :O%))7B!:! P4OO.:5GB8!)43:854+! P4OO7! 9858!94537! P4OO7!
B47OG6+!O7!B47OG6!:5G4B:8B4$!
24B!8B7!7"":7*8!P4GG8!7""7!G7537!!%OO7!"8P/:9:GG7$!
!
,O! G4B38! )B4O:*:57B4! (! )#! &"#.-+#! (-! )#0"#$#..*#$! ?4OO7! GB7P:3:854! G:"4G757! (! 985!:P4B7G7!
%57! )B7G:97! *8OG8! :*)8BG75G4$! -%GG4! O4! GB7P:3:85:! G:"4G754! O7! 985P: :P858+! 585! !8O8! O7!
%/4O%')7! 8! O7! 47'0%)7$! )7<B7!7GG 7! (! O7! P: :5:G6+! O.4*7573:854! P:! )7<B7P/7B7+! P:!
5%PP/7! $/7=07*%5:! 8! P:! G%GG:! :! -7G/7'7G7$! "7! !%7! 7))7B4537! (! ,%4OO7! P:! %5Q454B':7!
98*)O4G7*45G4!)%B7$! *8!R! ,%75P8! O7! )B7G:9/:7*8! 4! O7! 4*75:7*8+! ,%4!G8! (! *8OG8!
)8G45G4!)4B!P:!GB%''4B4!'O:!4--4GG:!P4OO4!54'7G: :G6!P4OO7!*45G4!P%7O:!G:97U!*8OG8!)8G45G4+!
4!58:!O7!)B7G:9/:7*8$!!
!
*:7!9%57!P:!,%4!G4!)B7G:9/4!)B4O:*:57B:!/7!%5!7!)4GG8!7P7GG8!7!)%B:-:97B4!%57!)7BG:98O7B4!
454B':7! 54'7G: 7$! $858! 5494!!7B:4! )4B9/8+! )B:*7! P:! G%GG8+! 54OO.894758! P4OO7! 58!GB7!
98!9:4537! !858! 985G45%G:! *8OG:!!:*:! 7!)4GG:9! O.7!)4GG8! )8OO8+! O.7!)4GG8! *7:7O4+! O.7!)4GG8!
!4B)45G4U!9:!!858!,%4!G:!!4'5:$!M%:5P:!)4B!4O:*:57B4!,%4!G:!)7BG:98O7B:!)B8"O4*:!7"":7*8!
":!8'58! P:! %5! *4G8P8! !45!:":O4! :5! %5! *8P8! 8! 54OOQ7OGB8+! 98*4! O4! P: 4B!4! )B7G:9/4!
)B4O:*:57B:!+!)7<B7!7GG 7!:5!)7BG:98O7B4$!!
!
M%4!G7! )B7G:97! (! 985!:P4B7G7! O.75G:P8G8! ):J! )8G45G4$! 2%L! )%B:-:97B4! 759/4! O7! B8GG%B7! P:!
%58! P4:! 8G:! B7P:94! P4O! G75GB7$! $858! !:9%B8! 9/4! 7O9%5:! P4'O:! !G%P45G:! ):J! 753:75:! /7558!
!45G:G8!P:B4!9/4!585! :!(!B:*4P:8!7OO7!B8GG%B7!P:!94BG:! 8G:$!*8!R!!4*"B7$!#! 8OG4!G7O:!)7B8O4!

! B#!
#""#!$*>2&1-#!(&"!5+((N,$&>!

!858! 5494!!7B:4+! *7! O7! *45G4! 899:P45G7O4! )B45P4! O4! )7B8O4! 98!R! !4B:7*45G4$! #! 8OG4! O4!
)7B8O4! 585! !858! -O4!!:":O:$! PN8! !45G:G8! P:B4! 9/4! O4! 98!4! P8 B4""4B8! 75P7B4! 98!R! 4! ,%:5P:!
)B8 8!)7%B7+!!G8!B8*)45P8!%5!*:8! 8G8!4!585!9.(! :7!P.%!9:G7+!P8 BL!75P7B4!7OO.:5-4B58P+!
9:!!:!GB8 7!:5!,%4!G7!985P:3:854$!!
!
5%PP/7! !):4'7! *8OG8! 9/:7B7*45G4! 9/4! :O! 98594GG8! P:! Q54!!%57! :7! P.%!9:G7! 98BB:!)85P4!
7OO7!58!GB7!!)49:-:97!!:G%73:854!:5P: :P%7O4$!&.!!:*:O4!7OO7!!:G%73:854!P:!,%7O9%58!9/4!!:7!
97P%G8!54OO.894758U!!4!97P4!!:!:8!54OO.894758!585!9:!!7B4""4!7O9%57! :7!P.%!9:G7+!7!*458!
9/4! 8:!585!*:!!7O :7G4$!(4 8!985-4!!7B :!9/4!585!!8!5%8G7B4+!*7!,%4!G8!585! %8O!P:B4!
9/4! 585! 54! 7"":7! :O! )8G453:7O4$! N8! :O! )8G453:7O4! )4B! 5%8G7B4+! *7! :5! ,%4O! 97!8+! 54OO7!
!)49:-:97!!:G%73:854!:5!9%:!*:!GB8 4B4:+!585!7 B4:! :7!P.%!9:G7$!
!
M%:5P:!P8*75:!P8 B4G4!:5!4'57B*:!7!5%8G7B4$!!
!
$4985P8!O.7))B899:8!"%PP/:!G7!585!:*)8BG7!OQ45G:G6!P4OO4!73:85:!9/4!7 4G4!98*):%G8!8!:O!
O: 4OO8! P:! 985-%!:854! 9/4! !)4B:*45G7G4U! 54'7G: :G6! 8! *7597537! 8! P4O:GG8+! (! )8!!:":O4!
!B7P:97BO8+! 7!!8O%G7*45G4! )8!!:":O4$! "7! 54'7G: :G6! (! 98*4! %57! 5% 8O7+! 585! (! 4B8K! #!
8OG4!P:G4!9/4!(!:*)8!!:":O4+! :!!45G:G4!98!R!7! 8OG4+!98*4!,%75P8!):8 4!-8BG4!@! :!!45G:G4!
7))4!75G:G:+!*7!,%4!G8!(!!8O8!:O!!:5G8*8!7!O: 4OO8!)!:98O8':98$!!
! ?4OO.7))B899:8!"%PP/:!G7+!8'5:!!:G%73:854!B7))B4!45G7!:O!!:5G8*8!)!:98O8':98$!>'5:!
!:G%73:854! 9/4! 9B47! %5Q454B':7! 54'7G: 7! !4! %!7G4! :O! )8G4B4! 8))8545G4+! !4! :5 4BG:G4! O7!
98BB45G4+! !:! 4!7%B:!94! )B8)B:8! 98*4! %57! 5% 8O7! 7OO7! )B4!4537! P4O! !8O4$! 57!G7! ,%4!G8+!
P8 4G4! !7)4B4+! )4B! )%B:-:97B4! O7! 54'7G: :G6! "7!G7! B47O:337B4! 454B':7! )8!:G: 7$! 1%53:857!
!4*)O:94*45G4! :5! ,%4!G8! *8P8$! M%7O!:7!:! G:)8! P:! 54'7G: :G6! (! B4O7G: 7+! GB75!:G8B:7+!
:*)4B*7545G4! 4! *%G4 8O4! )4B! 57G%B7+! 94B97G4! P:! B45P4B 454! 985G8$! M%:5P:! 7P! 4!!7!
985GB7))854G4! O7! 57G%B7! P4O! )8G4B4! P4OO7! !7''4337! 4! O7! 4O:*:57G4+! 585! /7! ):J! !)73:8+! !:!
P:!!8O 4$!M%4!G8!(!:O!*8P8!:5!9%:!O7 8B7!O7!)%B:-:973:854$!!
! &.! *8OG8! :*)8BG75G4! )4B! G%GG:! 58:! B:9858!94B4! 9/4! (! )8!!:":O4! 4O:*:57B4! ,%7O!:7!:!
G:)8! P:! 454B':7! 54'7G: 7! 7"":7*8! 9B47G8$! $4! 585! 9:! B45P:7*8! 985G8! P:! ,%4!G8+! 7OO8B7! O7!
)B7G:97!P4O!(/7B*7!)4BP4!O7!!%7!-8B37$!"8!!98)8!P4OO7!)B7G:97!P4O!(/7B*7!(!P:!!B7P:97B4!
O7!985-%!:854!4!O.454B':7!54'7G: 7U!P8"":7*8!!4*)B4!G454BO8!7!*45G4$!
!
1799:7*8!%5!4!4*):89!N:GO4B!(!B:9858!9:%G8!:5!899:P45G4!98*4!%5!'B75P4!*7O-7GG8B4$!$G8!
)7BO75P8!:5!'454B7O4!4!985!"%85!!45!8!!4537!)B45P4B4!)7BG49!/7!-7GG8!%99:P4B4!%5!5%*4B8!
:59B4P:":O4!P:!4!!4B:!%*75:!4!)4B!,%4!G8!O8!B4)%G:7*8!%5!'B75P4!)4997G8B4$!(7O!)%5G8!P:!
:!G7!5%PP/:!G7+!)4BL+!N:GO4B!)8GB4""4!4!!4B4!%5!:OO%*:57G8!8!:OO%*:57B!:!)B:*7!P:!58:U!(!
)8!!:":O4$!!
!
?8:! !:7*8! ,%:! 4! 585! 9B4P8! 9/4! 7"":7*8! *7:! %99:!8! %5! 4!!4B4! %*758! :5! :G7! 58!GB7+!
*7'7B:!,%7O9/4!%994OO:58!8!37537B7!@!5%OO7!P:!):J$!&:O7B4)7+!:5 494+!/7!!G4B*:57G8!G%GG:!:!
54*:9:!P:!!%7!*7PB4!:5!%5!!8O8!':8B58$!$%7!*7PB4!7 4 7!*8OG:!54*:9:!7O! :OO7'':8!4!O%:+!
)4B! P:*8!GB7BO4! :! !%8:! )8G4B:! )B7G:9L! O7! *7':7! 54B7! 54! %99:!4! P:9:8GG8+! *7! 54O! 98B!8! P:!
,%4OO7!!G4!!7! :G7!B7'':%5!4!O.:OO%*:573:854$!M%4!G8!(!%5!"%85!4!4*):8$!!
!

EW! !
"#!$#%%&''#!(&""#!)#*+,-.!

! ?85! :! !G8! P:945P8! 9/4! !:7! 5494!!7B:8! %99:P4B4! 4!!4B:! %*75:+! *7! OQ4!)4B:4537! P:!
&:O7B4)7! 9:! P6! !)4B7537U! :8! *:! !45G8! *8OG8! :598B7'':7G8$! &:O7B4)7! (! %5! 'B75P4+! /7!
!985-:GG8! :O! !7*!7B7! 4! /7! B7'':%5G8! O.:OO%*:573:854$! $45G8! 9/4! 8'5:! 4!!4B4! %*758! /7! :O!
)8G453:7O4! )4B! P:!GB%''4B4! O.:5G4B8! !:!G4*7! !8O7B4! @! !7)4G4! 98!7! :5G45P8! @! G%GG7! O7!
54'7G: :G6! 4! 985P%BB4! G%GG:! 'O:! 4!!4B:! 7OO.:OO%*:573:854+! (! )8!!:":O4! 4P! (! )4B! ,%4!G8! 9/4!
O.4!!4B4!%*758!(!98!R!)B43:8!8$!!
M%4!G7!(!P%5,%4!O7!G4B37!)%B:-:973:854$!
!
,O!,%7BG8!)B4O:*:57B4!(!,%4OO8!9/4!9/:7*:7*8!O7!)B7G:97!P4O!%,",!15%#$!#59/4!,%4!G8!(!
*8OG8!:*)8BG75G4$!Z!%5!P7G8!P:!-7GG8!9/4!7O!*8*45G8!!:7*8!:597)79:!P:!'4!G:B4!OQ4'8+!O7!
*45G4!4'8:!G:97+!!*7!%%B%!$/7=07*%5:!9:!:OO%!GB7!:O!*8P8!)4B!4O:*:57BO7!4!!9:!:5!4'57!%5!
*8P8!)4B!:P45G:-:97B4!!4!!G4!!:!98*4!4!!4B4!:OO%*:57G8$!!
!
2B7G:97B4! :O! '%B%! 08'7! !:'5:-:97+! :5! G:"4G758+! 7 :9:57B9:! 7O! )B8)B:8! '%B%+! P: 45G7B4!
G%GG.%58!985!:O!'%B%$!"+,?@.*!(!:O!G4B*:54!G:"4G758+!985!@.*!9/4!!:'5:-:97!7 :9:57B!:+!%5:B!:$!
M%4!G8!(!P%5,%4!:*)8BG75G4$!
!
?4O! "%PP/:!*8! G:"4G758! G%GG:! 'O:! 4!!4B:! %*75:! 7P! %5! 94BG8! )%5G8! 8GG45'858! %57!
98*)B45!:854! 98*)O4G7+! %5: 4B!7O4$! "7! "%PP/:G6+! 8! O.:OO%*:573:854+! (! :5! 8'5:! 4!!4B4!
%*758+!8'5:!4!!4B4! : 45G4$!#P!%5!94BG8!)%5G8!!:!B7'':%5'4!%5.%5:G6+!%57!G8G7O:G6!!4537!
):J! P%7O:!*8$! M%75P8! G%GG:! B7'':%5'858! ,%4OO7! B47OG6! %OG:*7! 585! 9Q(! %57! 57G%B7!
985GB7PP:GG8B:7+!585!9Q(!OQ7OG4B57B!:!P%7O:!G:98$!"7!)B7G:97!P4O!'%B%!08'7!!:'5:-:97!%5:B4!O7!
58!GB7!98!9:4537!985!,%4OO7!P4O!'%B%!:OO%*:57G89!$/7=07*%5:+!:O!-7G/7'7G7$!$:7*8!%5:G:!
985!:O!'%B%!:5 494!P:!)45!7B4!9/4!$/7=07*%5:!(!!%)4B:8B4!4!7%G898**:!4B7B9:$!!
!
24BL+!98*4!"45!!7)4G4+!:5!G:"4G758!:O!G4B*:54!'%B%!:*)O:97!%5!!:'5:-:97G8!B4O7G: 8!4!%58!
7!!8O%G8$!
!
,O!'%B%!QB4O7G: 8Q!)%L!98*%5:97B4!985!58:!54O!*85P8!B4O7G: 8!)4B!-7B9:! 4P4B4!98*4!7':B4+!
98*4! GB8 7B4! O7! )B8)B:7! G8G7O:G6$! ,O! 4B8! !45!8! P4O! '%B%! Q7!!8O%G8Q+! :5 494+! (! O7! 58!GB7!
!7''4337+!O7!58!GB7!9/:7B4337$!M%4!G8!O8!)8G4G4! 4P4B4!P7!!8O:9!'O:!!G%P45G:!B:94 858!G%GG:!
'O:! !G4!!:! :5!4'57*45G:+! O4! !G4!!4! :!GB%3:85:+! *7! O7! 98*)B45!:854! )%L! 4!!4B4! P7 4B8!
P: 4B!7$!#O9%5:!B:*75'858!:5!-85P8+!7OGB:!B7'':%5'858!:O!945GB8!4!98!R! :7$!!
! (7!%5!)%5G8!P:! :!G7!)B7G:98!:O!'%B%!B4O7G: 8!)%L!-7B4!"45!)898+!*7!:O! 8!GB8!'%B%!
Q!7''4337Q+! O7! 8!GB7! 9/:7B4337+! )%L! -7B4! *8OG8! 4! )4BG75G8! O7! )B7G:97! P4O! '%B%! 08'7!
!:'5:-:97! 7BB: 7B4! 7P! 7!98OG7B4! :O! )B8)B:8! '%B%! 7!!8O%G8$! ?8B*7O*45G4! 585! 7!98OG:7*8! :O!
58!GB8! 4B8!'%B%+!7!98OG:7*8!!8O8!9/:799/:4B4!:5%G:O:+!585!7!98OG:7*8!O7!!7''4337!4!!4!O7!
!7''4337!9:!)7!!7! :9:58+!O7!B:-:%G:7*8$!
!
M%4!G:!,%7GGB8!!858!'O:!:5!4'57*45G:!)B4O:*:57B:!)4B!&7/7*%PB7$!
!
*B4P8! 9/4! O7! *7'':8B! )7BG4! P4'O:! !G%P45G:! ):J! 753:75:! 7"":7*8! ':6! 7!98OG7G8! ,%4!G:!
:5!4'57*45G:!4!,%:5P:!585!*4!54!)B4899%)8!):J!P:!G75G8$!#O9%5:!!G%P45G:!!858! 45%G:!)4B!
7!98OG7B4! ,%4!G:! :5!4'57*45G:! 4! )4B! )B7G:97B4! :O! '%B%! 08'7! P:! $/7=07*%5:+! 585! (! 4B8K!
2O7%!:":O4$! ?4O! 45G4!:*8! !498O8! P8"":7*8! *%8 4B9:! :5! -B4GG7+! 759/4! !%O! !45G:4B8! 9/4!

! E>!
#""#!$*>2&1-#!(&"!5+((N,$&>!

)8BG7! 7OO.:OO%*:573:854$! $G8! !9/4B375P8+! 585! )B4899%)7G4 :$! )8'O:8! !8O8! 9/4! 8:!
98*)B45P:7G4! :O! !:'5:-:97G8! P4OO7! GB7P:3:854! G:"4G757+! 98*4! -%53:857! 54OO7! GB7P:3:854!
G:"4G757$!
!
!
9#%#8,("#!
!
!
#P4!!8!7--B85G4B4*8!O7!)7BG4!)B:59:)7O4!P4OO7!&7/7*%PB7$!,5!!75!9B:G8!O*7/7P!!:'5:-:97!
3*$%&+! 4! O*%PB7P! :454! GB7P8GG8! 98*4! "232,,.$! $:! )8GB4""4! !):4'7B4! 985! ,%7O98!7! P:!
!:*:O49! 8:! *:! )B4!G7G4! \>WW+! )8:! !9B: :7*8! %5! -8'O:8! 4! ! !%''4OO:7*8! OQ7998BP8! 98!R! 9/4!
O.7558!)B8!!:*8!:8!!7BL! :598O7G8!7!B:*"8B!7B :$!M%:5P:!,%4!G8!-8'O:8!(!98*4!%57!!)49:4!
P:!7!!:9%B73:854$!!
!
M%4!G8!!:':OO8!585!(!%5!,%7O98!7!P:!7BG:-:9:7O4+!98!GB%:G8!:5!-7""B:97$!M%4!G8!!:':OO8!4!:!G4!
:5!G%GG:!:!-458*45:!%5: 4B!7O:+!58:!:59O%!:$!$:'5:-:97!9/4!!O7!B47OG6!%5: 4B!7O4!(!:O!!:':OO8!4!
)898!:*)8BG7!!4!O8!7994GG7G4!8!!4!O8!54'7G4+!,%4!G8!(!:O!*8P8!:5!9%:!4!:!G4$!&.!98*4!!4!:8!
P:94!!:!9/4!585!9B4P8!54OO.4!:!G4537!P4OO7!G4BB7+!P4O!!8O4+!P4OO7!O%57!8!P4OO8!!)73:8!4!!4! 8:!
P:94!G4!O!R!4!:!G858P+!*7!:8!:5!:!G4!!:!O58+!585! :! 8'O:8!7!98OG7B4P$!*8*4!)8G4G4! 4P4B4!(!
%57!98!7!*8OG8!!G%):P7!O7!*:7!)8:9/8!!4!:8!B:-:%G8!P:!7994GG7B4!9/4!9:!!:758!%5!!8O4+!%57!
O%57+! O8! !)73:8+! 4!!:! !858! 7598B7! OR! 585! (! 4B8K! #59/4! !4! 54'8! O7! O8B8! 4!:!G4537! :8!
985G:5%4BL!7P!4!!4B4!!4P%G8!!8GG8!:!B7'':!P4O!!8O4!4!!858!!8)B7!O7!G4BB7!759/4!!4!O8!54'8$!
M%4!G8! (! :O! *:8! 4!4*):8$! "7! B47OG6! %5: 4B!7O4! (! 98*4! %5! !:':OO8+! 585! 9.(! :7! P.%!9:G7$!
-%GG4!O4!98!4!4!:!G45G:+!8B'75:9/4+!:58B'75:9/4+!)4B*7545G:+!:*)4B*7545G:+!G%GG:!:!O: 4OO:!
P:!4!:!G4537!!858!7OO8!!G4!!8!*8P8!P4OO7!57G%B7!P4OO7!585XP%7O:G6+!P4OO7!57G%B7!P4OO7!585X
4!:!G4537!S:5GB:5!497T$!!
!
,5! !75!9B:G8! 4! :5! G:"4G758! !858! P:--4B453:7G:! 7B:! G:):! P:! *7/7*%PB7! *4P:75G4! O7!
G4B*:58O8':7$! #! 8OG4! 7"":7*8! *7/7*%PB7! :5! B4O73:854! 7O! )7B7*:G70757! S 4:98O8! P4OO4!
)4B-43:85:T+!7! 8OG4!*7/7*%PB7!B4O7G: 7!7O!G75GB70757!S 4:98O8!P4O!G75GB7T$!*:!!858!*8OG:!
*8P:!)4B!P4!9B: 4B4!*7/7*%PB7+!8'5%58!985!%5!G:)8!P:!!:'5:-:97G8!P: 4B!8$!&5GB7*":!:!
G4B*:5:+! *7/7*%PB7! )7B7*:G70757! 4! *7/7*%PB7! G75GB70757+! :OO%!GB758! O7! B47OG6!
%5: 4B!7O4!@!!/%507G7$!!
!
?85! 8'O:8!9/4! :!)B4899%):7G4!!4!-8B!4!,%4!G7! 8OG7!585!:5!4'54BL!OQ7!)4GG8!B4O7G: 8!7O!
G75GB70757! P:! *7/7*%PB7! )4B9/8! 585! :! (! 7O9%57! P:!G:53:854! GB7! ,%4!G8! 4! :O! *8P8! P4O!
)7B7*:G70757! P:! :OO%!GB7B4! O7! !/%507G7U! 45GB7*":! :OO%!GB758! O7! 585@P%7O:G6$! #! 8OG4! O4!
)7B8O4! !858! P:--4B45G:9! O(4$P+! O7! :!:854! P:! *4338+! (! 9/:7*7G7! O*7/7*%PB7P! 54O!
O:5'%7'':8!%/4O%')7!*45GB4!'O:!?0:5'*7)7!)7BO758!P:!OP38'945P!4!7OGB:!7598B7!%!758!:O!
G4B*:54! O;9.! #2%3P$! $:! -7! %!8! P:! 58*:! P: 4B!:+! *7! G%GG:! !:! B:-4B:!9858! 7OO7! !G4!!7! B47OG6!
%5: 4B!7O4$!
!
,55753:G%GG8! 5%PP/7! $/7=07*%5:! /7! P4GG8! ,%7O98!7! 98*4! O?85! 4P4B4! (! :O! *8P8!
)4B-4GG8!P:! 4P4B4P!@!585! :!!4*"B7!%5!)898!!GB758K!O?85! 4P4B4!(!O7! :!:854!)4B-4GG7PU!
O?85!'%7BP7B4!5%OO7!(!:O!*8P8!)4B-4GG8!P:!'%7BP7B4P+!799:P45G:V!(7 4B8!!GB758$!)4P4G4+!

EJ! !
"#!$#%%&''#!(&""#!)#*+,-.!

4998! )4B9/8! *7/7*%PB7! (! ,%7O98!7! P:! !GB758$! )8'O:8! 9/4! !7)):7G4! 9/4! 9:L! 9/4! :!
7))B4!G7G4!7!!G%P:7B4!(!P7 4B8!!GB758$!M%4!G4!!858!)7B8O4!9/4!'O:!4B%P:G:!4!:!*4P:G7G8B:!
G:"4G75:!985!:P4B758!98*4! 4B7*45G4!)B8-85P4$!&!!:!)7BO758!P4OO.4!)4B:4537!P4OO7!B47OG6!
%5: 4B!7O4+!P4OO.4!)4B:4537!P4OO7!585XP%7O:G6+!P4OO.4!)4B:4537!P:!*7/7*%PB7$!
!
,**7':5:7*8!P4:!*8579:!G:"4G75:!9/4!7BB: 758!:5!899:P45G4$!,!O8B8!!G%P45G:!!:!7P8)4B758!
)4B! 7:%G7BO:! 7P! 7)B:B4! :! O8B8! !45!:! 7OO7! )4B943:854! P4O!*85P8! 899:P45G7O4$!$858! :5!"%857!
-4P4! 4! 8'O:858! 985P: :P4B4! O4! O8B8! 4!)4B:4534! ):794 8O:+! *7'7B:! )8BG75P8! %5! *85798!
G:"4G758!!%OO7!!):7'':7!)4B!-7B'O:! 4P4B4!,%75G8!(!"4OO8!:O!)758B7*7$!,O!*85798!(!7":G%7G8!
7! 4P4B4!!8O8!B8994!4!*85G7'54!4!:5!*85G7'57!585!!:! 4P858!)4!9:U!,%:+!:5 494!9:!!858!%5!
!7998!P:!)4!9:!!4537!7":G:V!)7!"454+!9B4P8!9/4!:O!*:8!4!4*):8!!:7!75P7G8!%5!G75G:58!8OGB4$!
#! 8OG4! 4P4B4!,%4!G4!98!4!(!%5!G75G:58!GB8))8!4!,%:5P:!:O!585X 4P4B4!(!:O!*8P8!*:'O:8B4!
P:! 4P4B4$! 1:98BP7G4! ,%4OO8! 9/4! 7"":7*8! P4GG8! )B:*7K! ,O! 585! )4B94):B4! :! -458*45:! :5!
*8P8!P%7O:!G:98!@!,%4!G7!(!O.4!)4B:4537!)4B-4GG7!P4O! 4P4B4$!?85!'%7BP7B4!O7!98*)O:97G7!
!:G%73:854! P%7O4! *7! 7 4B4! OQ4!)4B:4537! P4OO7! 585! P%7O:G6! (! O7! :!:854! )4B-4GG7! 8! :O! *8P8!
)4B-4GG8!P:!'%7BP7B4$!
!
!
E&&"-8&!.#"&!)#!!5!!(,#)-. !
!
!
&!7*:5:7*8! P%5,%4! ,%4!G7! 4!)4B:4537$!M%75P8! 8'5%58!P:! 58:! !)4B:*45G7! *7/7*%PB7!
7997P4! 9/4+! 7! P:--4B4537! 9/4! 54OO.4!)4B:4537! 8BP:57B:7+! :! -458*45:! P%7O:!G:9:! 94!!758! P:!
8)4B7B4! 4! ,%:5P:+! 'B73:4! 7OO7! !7''4337+! :O! 585X 4P4B4! :O! )%33O4! P%7O:!G:98! (! :O! 4P4B4! O7!
)4B-43:854+! OQ%5:G6+! O7! G8G7O:G6$! *8!R+! P7O! *8*45G8! 9/4! B:9858!9:7*8! ,%4O! G:)8! P:!
4!)4B:4537! 4! P:! B47O:3373:854! O4! :5G4'B:7*8! P:! ):J+! 94B9/:7*8! P:! 585! 97P4B4! :5! %57!
!:G%73:854!985-%!7$!Z!)4B!,%4!G8!9/4!7"":7*8!%5!":!8'58!GB4*45P8!P4OO7!B:5%59:7+!7OO8B7!
7!%5!94BG8!)%5G8!P: 45G:7*8!-O4!!:":O:+!O7!9:7*8!75P7B4+!94BG4!98!4!O4!O7!9:7*8!75P7B4$!
!
".:5!4'57*45G8!P4O!*7/7*%PB7!(!O.:5!4'57*45G8!P4OO7!B47OG6!%5: 4B!7O4!P4OO7!!/%507G7$!
%O:! !G%P45G:! ):J! 753:75:! /7558! !45G:G8! )7BO7B4! *8OG8! !)4!!8! P:! !/%507G7! @! "454+!
*7/7*%PB7!585!(!)8:!98!R!G75G8!P: 4B!7+!*7!O7!97B7GG4B:!G:97!)7BG:98O7B4!P:!*7/7*%PB7!
(!O.45-7!:!)8!G7!!%O!*8P8+!!%!98*4!!)4B:*45G7B4!!/%507G7$!*8*4!!)4B:*45G7B4!!/%507G7!
:5 494!9/4!!):4'7B4!98!.(!!/%507G7$!
! !&7/7*%PB7!(!%57!!)49:4!P:!:5G4'B73:854!G495:97!54OO.4!)4B:4537!P:!!/%507G7+!4998!
)4B9/8! :O! !%8! :5!4'57*45G8! (! 985!:P4B7G8! 98!R! )8G45G4$! ,5! )7!!7G8+! 7:! G4*):! P:! "7*7!
-385'! 4/7)7! 4! #G:!/7! ,%4!G8! :5!4'57*45G8! 585! 4B7! )%""O:98! *7! B:!4B 7G8! 7! B7B:! 4!
)7BG:98O7B:!!G%P45G:$!!
,5! ):J! 585! 4!:!G4 758! O:"B:! :5G:G8O7G:! O&7/7*%PB7P+! (! B:*7!G8! )4B! *8OG8! G4*)8! %5!
:5!4'57*45G8!!4'B4G8+!GB7!*4!!8!!8O8!8B7O*45G4$!$8O8!):J!G7BP:!(!!G7G8!985:7G8!:O!G4B*:54!
Q*7/7*%PB7Q! 4! B47O:337G8+! 7! 9%B7! P4O! )B:*8! 275945!"7*7+! "8!75'! *:8! 40:!%07OG!45+! :O!
G4!G8!B7P:94!54OO7!GB7P:3:854!%/4O%')7$!M%4!G8!G4!G8!B7P:94!(!':6!!G7G8!GB7P8GG8!:5!:5'O4!4!
7! 9%B7! P4O! -:"4G75! ":"B7B0! X8B=!$! "4''45P8! ,%4!G8! G4!G8! )8G4G4! B45P4B :! 985G8! P4O!
7O8B4!P4O!*7/7*%PB7$!!
!

! EA!
#""#!$*>2&1-#!(&"!5+((N,$&>!

*4B9/4BL! P:! :OO%!GB7B4! ,%4OO8! 9/4! (! 985!:P4B7G8! O.:5!4'57*45G8! -85P7*45G7O4! )4B! )8:!
)7!!7B4!7P!%5!:5!4'57*45G8!P:!G:)8!4!)4B:453:7O4$!!
!
M%75P8!:8!!G4!!8!/8!B:94 %G8!,%4!G8!:5!4'57*45G8!985!:O!98**45G7B:8!8B7O4!9:! 8OO4!9:B97!
%5! *4!4+! P%B75G4! :O! ,%7O4! *:! -%! GB7!*4!!7! 759/4! O7! !):4'73:854! P4O! O:'57'':8$! #! ,%4:!
G4*):! 7 4 8! 9:B97! J>+! JJ! 8! JA! 755:! 4! -%! 7OO8B7! 9/4! :! 9:54!:! 9:! :5G:*7B858! P:! 75P7B9454$!
#O9%5:!P:!58:!!:!GB7!-4B:B858!:5!,5P:7$!,8!GB7!!:!'B75P4!:!):B73:854!P7!,%4!G8!O:'57'':8$!"8!
!45G::! *8OG8! B47O4+! )45!7:! 9/4! ,%4!G:! 4!!4B:! %*75:! 7 4!!4B8! -7GG8! G7O4! 4!)4B:4537! 4P!
7 4 758!B7'':%5G8!%5!G7O4!)%5G8+!G7O4!7OG:!!:*7!B47O:3373:854$!245!7:!9/4!O.7 B4:!)8G%G7!4!
P8 %G7! 8GG454B4! 759/.:8$! *8!R! P: 455:! 7*":3:8!8$! *7):G4+! *:! P:4P4! P7 4B8! %57! 'B75P4!
:!):B73:8549!)45!7:!9/4!-8!!4!)8!!:":O4+!9/4!:5!,%4!G8!*8P8!4B7!B47O:337":O4$!
!
M%4!G8!:5!4'57*45G8+!O.:5!4'57*45G8!P4O!*7/7*%PB7!)B8 :454!P7!5%PP/7!$/7=07*%5:!
7GGB7 4B!8!&75<%!/B:!4!98!R! :7$!(7!%5!7OGB8!O7G8!(!)7!!7G8!P7!)7<B7P/7B7!7!)7<B7)75:!4!
P7!O8B8!7!?7'7B<%57+!*/75PB7=:BG:!4!98!R! :7$!*:!!858!*8OG:+!*8OG:!O:'57'':$!(7!-:O8)7+!:O!
'B75P4!!75G8!,5P:758+!7!?7B8)7!4!)8:!7!&7B)7$!#59/4!P7!%5!!75G8!,5P:758!7P!#G:!/7!:O!
,%7O4!O8!/7!GB7*75P7G8!7P!%5!!75G8!G:"4G758!4!P7!O%:!7!"7*7!-385'!4/7)7$!!
!
-%GG:!'O:!08':!P:!,%4!G:!O:'57'':!/7558!B7'':%5G8!O.:OO%*:573:854!54O!98B!8!P4OO7!O8B8! :G7!
@! B7'':%5!4B8! O.:OO%*:573:854! )B7G:975P8! *7/7*%PB7$! ,58OGB4! ,%4!G8! (! :O! O:'57'':8! ):J!
O%5'8+!:O!O:'57'':8!):J! :9:58$!"7*7!-385'!4/7)7!54O!B:94 4B4!&7/7*%PB7+!OQ4!)4B:4537!
P4OO7!G495:97!P:!*4P:G73:854+!/7!98*%5:97G8!P:B4GG7*45G4!985!&75<%!/B:$!&'O:!GB7!*:!4!
O7! !%7! 4!)4B:4537! 7O! !%8! )B:59:)7O4! P:!94)8O8! 9/4! 58:! 9/:7*:7*8! 44PB%"! :4+! 7! %/:4O%7!
&5!7)7!4!98!R! :7$!M%4!G8!:5!4'57*45G8!(!!G7G8!GB7*75P7G8!7GGB7 4B!8!*8OG:!!:*:!O7*7U!
4!!:+! :5! 985!:P4B73:854! P4O! )8)8O8! G:"4G758+! !9B:!!4B8! P4:! G4!G:! 4! O4! !G8B:4! P4OO7! O8B8! :G7+!
9/4! :5! -%G%B8! )8GB7558! 4!!4B4! GB7P8GG4! :5! :5'O4!4$! ?8:! )45!:7*8! 9/4! G%GG:! ,%4!G:! 08':!
7"":758! B7'':%5G8! O.:OO%*:573:854! :5! %57! !8O7! :G7$! (:9:7*8! 9/4+! )B7G:975P8!
&7/7*%PB7+!G%GG:!/7558!B7'':%5G8!2+!,(!)"+!)+%!,+*:!!!)7B8O4!P4OO7!&:G8O8':7!G:"4G757$!!
!
O2+! ,(P! !:'5:-:97! 98B)8! P:! 7B98"7O458$! 2+! !:'5:-:97! 7B98"7O458+! ,(! 98B)8$! ,O! 98B)8! P:!
7B98"7O458! @! :O! 98B)8! 7<B7$! $4985P8! :O! "%PP/:!*8! G75GB:98! G:"4G758+! !4! !:! )B7G:97!
*7/7*%PB7!!:!)%L!GB7!-8B*7B4!:O!)B8)B:8!98B)8!-:!:98!54O!98B)8!P:!7B98"7O458$!!
! M%4!G8!)%L!!4*"B7B4!P:--:9:O4!)4B!O7!*45G4!899:P45G7O4+!*7!:5!B47OG6!585!(!)8:!98!R!
P:--:9:O4! !4! :! 4P%97G4! 7! -7BO8$! 24B! 4!4*):8! 759/4! 985! %57! ):998O7! 4!)4B:4537! P:!
*7/7*%PB7! !%994P4! 9/4! :5:3:4B4G4! 7P! 7""75P857B4! :! 98594GG:! GB8))8! )4!75G:9! O7! :G7! (!
P%B7+! 'O:! 7*:9:! !858! 98*)O:97G:+! O4! B4O73:85:! !858! 98*)O:97G4+! :O! 98B)8! (! 98*)O:97G8$!
# B4G4!:5 494!%5.4!)4B:4537!GB7!945P45G7O4!)4B94)45P8!:O!98B)8!98*4!%57!98*":573:854!
P:!7G8*:!98*4!%57!!)49:4!P:!-O%!!8$!(:)45P4!P7!98*4!O8!'%7BP7G4$!
!
,O!)%5G8!(!9/4+!,%75P8!7OOQ:5:3:8!!:!/7!%57!*:5:*7!4!)4B:4537!P:!*7/7*%PB7+!!:!:5:3:7!7P!
7!!7)8B7BO7+!!:!7""75P85758!:!98594GG:!)4!75G:!B:!)4GG8!7O!)B8)B:8!98B)8+!)7B8O7!4!*45G4$!
M%:5P:! :5! ,%4!G8! *8P8+! 985! G7O4! 7OO4''4B:*45G8+! (! 98*4! !4! :454! 7! 97P4B4! %5! O4'7*4! 8!
%57! 97))7$! Z! %5! P7G8! P:! -7GG8+! !45G:G4! 9/4! :O! 98B)8! 585! (! ):J! B:59/:%!8! 54OOQ7G*8!-4B7!
P4OO7! 58B*7+! P4OO7! 58B*7O:3373:854$! *8!R! (! )8!!:":O4! GB7!-8B*7B4! :! 9:5,%4! 7''B4'7G:! P:!

EG! !
"#!$#%%&''#!(&""#!)#*+,-.!

,%4!G8! 98B)8+! 98*)8!G8! P7:! ,%7GGB8! 4O4*45G:+! 54O! 98B)8! 7B98"7O458$! Z! )8!!:":O4!
7GGB7 4B!8!O7!)B7G:97!P:!&7/7*%PB7$!!
! $:! )%L! 4P4B4+! !4*)O:94*45G4+! 54OO7! 58!GB7! :G7+! 9/4! !4! O7! *45G4! (! )4B! ,%7O9/4!
*8G: 8! !8PP:!-7GG7+! )4B! ,%7O9/4! B7':854! O8! P: 45G7! 759/4! :O! 98B)8+! G:! !45G:! O4''4B8+!
*45GB4!!4!585!!4:!!8PP:!-7GG8!7OO8B7!G:!!45G:!)4!75G4!:5G4B57*45G4!4P!4!G4B57*45G4$!
!
758&!5..&!&"&!)#!"&#)-''#'-5!&!(-!8#%#8,("#!
!
#O!-:54!P:!8GG454B4!O7!B47O:3373:854!P:!*7/7*%PB7+!":!8'57!! :O%))7B4!O7!985945GB73:854$!
&7+! 98*4! P:94! "7*7! -385'! 4/7)7! O,O! $7*7P/:! 585! "7!G7+! 585! (! !%--:9:45G4! )4B!
4O:*:57B4!:O!98594GG8!P:!4'8P+!:O!!7*7P/:!P4 4!4!!4B4!%5:G8!7OO.4!)4B:4537!P:!*7/7*%PB7$!
(8"":7*8!%5:B4!*7/7*%PB7!985!O7!985945GB73:854!%5: 897$!!
!
(7! %5! )%5G8! P:! :!G7! )B7G:98+! :5:3:7*8! 985! %5! )8Q! P:! 4!4B9:3:8! !%O! B4!):B8+! 985! O7!
*4P:G73:854! !%O! B4!):B8! @! ,%4!G8! (! *8OG8! :*)8BG75G4! 4! -7! )7BG4! P4OO7! )B7G:97! P:!
*7/7*%PB7$! 2B:*7! P:! G%GG8! O7! *45G4! P8 B4""4! 4!!4B4! B4!7! 54%GB7! 7--:59/8! )8!!7!
98*)B45P4B4!O7!B47OG6!%5: 4B!7O4$!?8:!!:7*8!98*4!)B:':85:4B:!:5!%57!'7"":7!P%7O:!G:97!4!
)4BG75G8!)4B!)B:*7!98!7!P8"":7*8!%!9:B4!P7!,%4!G7!'7"":7!4!P: 45G7B4!54%GB:$!,5!-:"4G!!:!
P:94!9/4!O7!O%94!8!%57!!G8--7!P:!98O8B4!":7598!)8!!858!GB7!-8B*7B!:!:5!,%7O!:7!:!98O8B4U!7OO8!
!G4!!8! *8P8! P8"":7*8! B45P4B4! 54%GB7! O7! 58!GB7! *45G4! )4B! )8G4BO7! GB7!-8B*7B4$! &.!
!4*)O:949! 985945GB7G4 :! !%O! -7GG8! 9/4! B4!):B7G4+! :5:3:7G4! 98O! !4'%:B4! :O! B4!):B8! :5! *8P8!
985!7)4 8O4+!-:59/8!O.4!)4B:4537!P4O!B4!):B8!/7!B7'':%5G8!:O!)%5G8!:5!9%:!O7!*45G4!P: 45G7!
54%GB7$!!
!
28:+! O45G7*45G4+! %!7G4! O7! *45G4! )4B! 8!!4B 7B4! :! )45!:4B:$! ?85! !:! GB7GG7! P:! O8!!4B 7B4P!
98*4! :454!:5G4!8!54O!!:'5:-:97G8!98*%54!P4OO7!)7B8O7+!585!98*4!!:!-7!985!'O:!899/:!D"7*7!
*:*7! 985! 'O:! 899/:! %5! '%7BP7B4! 4!7'4B7G8F$! 2:%GG8!G8! (! !:*:O4! 7OO7! 9/:7B4337! P4OO7! O%94+!
7OO7!O%94!P4O!!8O4$!,O!!8O4!585!)8!!:4P4!%5!)B894!!8!*45G7O4+!585!P4 4!P:B4!O7P4!!8!:BB7P:8!
O%94P+! O8! -7! 4! "7!G7$! #OO8! !G4!!8! *8P8+! 54O! "%PP/:!*8! !:! 8!!4B 7! O7! )B8)B:7! *45G4+! !:!
'%7BP7!:O!)B8)B:8!)45!:4B8+!!:!'%7BP7!O7! :!:854!P4O!)B8)B:8!)45!:4B8$!!
!
)8BB4:!9/4! 8:!97):!G4!9/4!*7/7*%PB7!! 7!7OP:O6!P:!9:L!9/4!!:!)%L!P:B4+!P4OO4!)7B8O4+!P4OO7!
G4B*:58O8':7! "%PP/:!G7+$! &7/7*%PB7! (! 7OP:O6! P4OO4! )7B8O4+! *7/7*%PB7! (! 7OP:O6! P4O!
P: 45:B4+!*7/7*%PB7!(!7OP:O6!P4OO7!94!!73:854$!&7/7*%PB7!(!!8O7*45G4!%5.4!)4B:4537!4!
)4BG75G8!,%75P8!*:!GB8 8!7!)7BO7B54+!O7!'45G4!:5G4B)B4G7!O4!*:4!)7B8O4!4!,%4!G8!P: 45G7!
%5! )B8"O4*7$! ?85! -:P7G4 :+! P%5,%4+! P4OO4! *:4! )7B8O4+! !858! !8O8! O.4!)B4!!:854! P4OO7! *:7!
!%)4B!G:3:854$!,O!"%PP/:!*8!!8!G:454!9/4!(!98!R+!9/4!585!:*)8BG7!,%75G4!)7B8O4!:8!%G:O:33:+!
!858!!4*)B4!:O!-B%GG8!P4OO7!*:7!*45G4!98594GG%7O4!4!,%:5P:!75P7G4+!)B8 7G4!P7!!8O:!4!98!R!
-7945P8!75PB4G4!7OP:O6!P4OO4!)7B8O4$!!
!
(%5,%4! *45GB4! '%7BP7G4! 8! 8!!4B 7G4! :O! )45!:4B8! %!7G4! !8O8! OQ8!!4B 73:854+! O7!9:7G4!
75P7B4+!5:45G4!:5G4OO4GG8+!'%7BP7G4!4!"7!G7$!@M%4!G8!(!*8OG8!45-7G:337G8!54OO7!)B7G:97!P:!
&7/7*%PB7U!7!%5!94BG8!)%5G8!O.:5G4OO4GG8!P: 45G7!%5!)8.!98*4!%5!54*:98$!?7G%B7O*45G4!
8B7! !G7G4! 7!98OG75P8+! P8 4G4! %!7B4! OQ:5G4OO4GG8! )4B! -7B4! ,%4!G8$! -%GG7 :7! :O! !45!8! P4OO7!

! EB!
#""#!$*>2&1-#!(&"!5+((N,$&>!

)B7G:97! P4O! *7/7*%PB7! (! P:! 75P7B4! 8OGB4! O.:5G4OO4GG8! ,%75G8! ):J! )8!!:":O4! @! (! 98!R! 9/4!
7 :454!O7!B47O4!GB7!-8B*73:854$!!
!
5454+!8B7!:5:3:7*8!985!%5!)898!P:!*4P:G73:854!!%O!B4!):B8$!
!
!
758&!8&(-.#"&!$,!8#%#8,("#!
!
!
2B:*7! P:! G%GG8! -799:7*8! %57! :!%7O:3373:854! 08':97! P:! 5%PP/7! $/7=07*%5:! 4! )8:!
B49:G:7*8!%5!)8.!:O!*75GB7$!!
M%75P8! B49:G7G4! :O! *75GB7+! 54O! 8!GB8! 9%8B4! 9.(! ,%7O98!7! P:! !:*:O4! 7OO7! O%94! P:! ,%4!G7!
975P4O7!@!%57!O%94!':7OO7!7O!945GB8!P4O!9%8B4$!149:G:7*8!-#!7#!-#!>&!&+?,!&+?,!
&#N#!&+?,7&!$>N#$!!
!
M%4!G8! *75GB7! (! 98*4! 454B':7! 4O4GGB:97$! ):"B75G4+! B7P:75G4! O%94! ':7OO7! 4! B8!!7! 9/4!
)%B:-:97! 7%G8*7G:97*45G4! G%GG:! :! 98594GG:! :*)%B:9! >&! -#7#-#! >&! &+?,! &+?,!
&#N#! &+?,7&! $>N#$! ,O! !:'5:-:97G8! (! *8OG8! !4*)O:949! O :59:+! :59:+! :59:!
'B75P4*45G4P$! ,5! ,%4!G8! *8P8! O7! *45G4! 4'8:!G:97! (! B:P:*45!:857G7$! &+?,! &+?,!
&#N#! &+?,7&! $>N#! !:'5:-:97! )8BB4! O4! -85P7*45G7! 54O! )B8)B:8! 9%8B4$! +57! G7O4!
B47O:3373:854!(!%57!985,%:!G7+!%57! :GG8B:7$!
!
M%4!G8!(!!%--:9:45G4$!149:G7G4!,%4!G8!*75GB7!4! :!%7O:337G4!54OO8!!)73:8!P7 75G:!7! 8:!O7!
O%94!98O8B!37--4B758!9/4!:BB7P:7!P7O!98B)8!P:!5%PP/7!$/7=07*%5:$!28G4G4! 4P4B4!5%PP/7!
$/7=07*%5:+!*7!585!!:!GB7GG7!P:!,%7O98!7!P:!-:!:98$!"7!!7''4337!855:)B4!45G4!(!*75:-4!G7!
98*4!%5!98B)8!P:!O%94!':7OO7!B7P:75G4$!28:!-7G4!O7!B49:G73:854!"B4 4!P4O!*75GB7$!149:G75P8!
:O! *75GB7! 7! 8OG4! )8G4G4! )8BB4! OQ45-7!:! !%O! *75GB7! 7O! 8!GB8! 9%8B4+! G7O 8OG7! !%!
$/7=07*%5:$!
!
(7OO7! 9:*7! P4O! 97)8! P4O! 5%PP/7! -O%:!94! O%94! ":7597! 9/4! )454GB7! 54O! 8!GB8! 98B)8!
7GGB7 4B!8!:O!9/7=B7!P4OO7!98B857+!4O:*:575P8!O4!985G7*:573:85:!4!GB7!-8B*75P8!:O! 8!GB8!
98B)8! :5! %5! 98B)8! P:! O%94! ":7597! B7P:75G4$! 28:+! P7O! 9/7=B7! P4OO7! '8O7! P:! 5%PP/7!
$/7=07*%5:!)7BG4!%5!B7'':8!P:!O%94!B7P:75G4!B8!!7!4!:O! 8!GB8!9/7=B7!P4OO7!'8O7!!:!B:4*):4!
P:! ,%4!G7! 454B':7! P:! "47G:G%P:54! !8GG8! -8B*7! P:! B7P:75G4! O%94! B8!!7! 9/4! 98*4! %5! O7!4B!
)%B:-:97!O4!73:85:!:*)%B4!P4OO7!)7B8O7+!,%7O:!:O!*45G:B4!8!O7!9/:799/:4B7!-%G:O4U!9858!94G4!:O!
O"O7! "O7! "O7P+! O7! 9/:799/:4B7! )B: 7! P:! !45!8! 9/4! B:4*):4! "%857! )7BG4! P4OO4! 58!GB4! :G4$!
-%GG8! ,%4!G8! :454! 4!G:5G8$! ! ,5-:54! P7O! 9%8B4! P:! 5%PP/7! $/7=07*%5:! !:! :BB7P:7! %57!
:5-:5:G7! B7P:75G4! O%94! "O%! ):457! P:! "47G:G%P:54! 9/4! )454GB7! 54O! 8!GB8! 9%8B4! 4! P:!GB%''4!
G%GG:!:!)45!:4B:!P:!98B!: :U!OQ:5G4B8!9/7=B7!P4O!9%8B4!(!98O*7G8!!P:!454B':7!!8GG8!-8B*7!P:!
B7P:75G4!O%94!"O%!):457!P:!"47G:G%P:54$!!
!
(8)8! ,%4!G8+! 54OO8! !)73:8! P:! -B85G4! 7! 8:+! :!%7O:337G4! :5G4'B7O*45G4! 5%PP/7!
$/7=07*%5:+!P:!%57!P:*45!:854!985!O7!,%7O4! :!!45G:G4!7! 8!GB8!7':8$!#59/4!Q):998O8Q!4!
Q'B75P4Q! !858! 7598B7! %5! G:)8! P:! 98594GG%7O:3373:854$! $/7=07*%5:! )454GB7! :5! 8:!

EE! !
"#!$#%%&''#!(&""#!)#*+,-.!

)4B98BB45P8! :O! 8!GB8! 9757O4! 945GB7O4! D"("9(4$F! -:58! 7! B7'':%5'4B4! :O! 8!GB8! 9%8B4+!
P: 45G75P8!G%GG.%58!985! 8:$!!
!
M%4!G8! /7! %5:-:97G8! :O! 5%PP/7! 985! O7! 8!GB7! 98!9:4537! @! !858! P: 45G7G:! %5.%5:97! 98!7$!
$8--4B*7G4 :! 7! 985G4*)O7B4! ,%4!G7! 4!)4B:4537! *45GB4! O7!9:7G4! 75P7B4+! O7!9:7G4! 75P7B4$!
759/4!!4!!8B'4!%5!:*)B8 :!8!)45!:4B8!P%7O:!G:98+!!GB7!-8B*7G4 :!7598B7!:5!$/7=07*%5:+!
)454GB7G4!54O!9%8B4!@!985G:5%7G4!O.4!)4B:4537$!!
!
5454+!:5:3:7*8!98!R$!$G:7*8!)B894P45P8!:5!,%4!G8!*8P8$!)8'O:8!9/4!985!:P4B:7G4!,%4!G8!
98B!8!P:!*4P:G73:854!98*4!O.:5:3:89!585!! :O%))7G4!O.7GG4'':7*45G8!9/4! :!)8BG7!7!)45!7B4!
9/4!"7*7!-/%"G45!74!/4! :!B45P4B6!:OO%*:57G:$!?8+!8B7!!:4G4! 8:!9/4!P: 45G7G4!5%PP/79!
O#P4!!8+! :5! ,%4!G8! 7*":45G4+! :5! ,%4!G8! ):998O8! G4*):8+! :8! 8'O:8! :OO%*:57B*:+! 8'O:8!
!98)B:B4! *7/7*%PB7P! *85! %5! 7GG4'':7*45G8! P:! -8BG4! P4G4B*:573:854! B45P4G4! ,%4!G8!
)8!G8! -7 8B4 8O4! 7OO7! *4P:G73:854U! 8'5%58! GB7!*4GG7! B49:)B897*45G4! 7'O:! 7OGB:! ,%75G8!
):J!)8!!:":O4!O7!B47OG6!%5: 4B!7O4!P4OO7!585!P%7O:G6+!)4B!454B':337B :!7! :945P7$!M%4!G8!(!
O8! !G:O4! P:! %5! B:G:B8+! 585! (! O:*:G7B!:! 7O! O: 4OO8! P4OO7! !45!73:854! :5G4OO4GG%7O4$! )8'O:8! 9/4!
98*)B45P:7G4!,%4!G8!*8P8+!7--:59/8!O7!58!GB7!*4P:G73:854!P:7!P4:!-B%GG:$!
!
!
7&"+#"&!)#-5!
!
!
,O!-B%GG8!585!7BB: 4B6!P7!*4+!"45!R!P7! 8:!!G4!!:$!?%GB8!%5!'B75P4!B:!)4GG8!)4B!O7!58!GB7!
57G%B7! P:! 5%PP/7! 4! )4BG75G8! :! P:98! 9/4! O7! *4P:G73:854! !:! )B7G:97! 585! !8O8! P%B75G4! O4!
!4!!:85:!-8B*7O:+!*7!759/4!,%75P8!!G7G4!*75':75P8+!P8B*45P8+!97**:575P8+!!4*)B4$!Z!
4B7*45G4! *8OG8! %G:O4$! ?4OO7! GB7P:3:854! G:"4G757! P4OO7! !9%8O7! %/4O%')7+! ,%75P8! !:!
B:94 858! 'O:! :5!4'57*45G:! P:! *7/7*%PB7! !:! :454! )8:! *75P7G:! -%8B:! 7! 94B97B4! O.Q:8Q$! &:!
B:98BP8!,%75P8!:O!58!GB8!'%B%!9:!P:!!4!O8'':!P8 4G4!%!9:B4!7!94B97B4!O.Q:8Q+!P8 4G4!94B97B4!
P8 4!!:!GB8 7VP$!M%4!G7!(!O7!GB7P:3:8549!,%75P8!!:!94B97!O.O:8P":!8'57!94B97B4!7O!P:!-%8B:+!
4P4B4!!4!4!:!G4!8!*458+!94B97B4!%57!985943:854!9859B4G7!P4OO.:8$!!
*4B97B4!%57!985943:854!!8O:P7!P4OO.:89!4!:!G4!8!58+!(!:5G4B58+!4!G4B58+!,%75P8!!:!)B4!45G7!
,%7O9/4!!:G%73:854!O.:8!!8B'4!8!*458$!*B4P8!9/4!,%4!G7!GB7P:3:854!!:7!*8OG8!:*)8BG75G4+!
OQ4!)4B:4537! P4OOQ4'8$! M%75P8! O8! P4!9B: :7*8! !:! GB7GG7! P:! %5! )B894!!8! :5G4OO4GG%7O4+!
94B9/:7*8!P:!GB8 7BO8!985!:O!B7':857*45G8!*7!O%:!! 75:!94!)8:+!!,%75P8!!:7*8!B:O7!!7G:+!
4998! 9/4! O8! B:GB8 :7*8$! ".4'8! (! 98*4! %5! O7PB89! ,%75P8! !G7:! '%7BP75P8! !:! 57!985P4+!
,%75P8! )45!7! 9/4! 585! !G7:! ):J! '%7BP75P8! 4998! 9/4! B:98*)7B4$! "7! *45G4! P4OO.4'8! (!
:5G4OO:'45G4! 4! *8OG8! -%B"7$! &998! )4B9/8! :! )B4'8+! 54OO7! )7%!7! GB7! O4! !4!!:85:+! P:!
985GB8OO7B4+! !4*)O:94*45G4! 4B:-:97B4! 9/4! OQ4'8! :5! ,%7O9/4! *8P8! 585! !:7! -%8B:$! *8!R!
8!!4B 7G4!
!
&:! B:98BP8! 9/4! %57! 8OG7! $%7! $75G:G6! -B:<75'! 1:5)894! !G7 7! :5!4'575P8! *7/7*%PB7!
,%75P8!P:!!4!7P!%58!P4:!!%8:!P:!94)8O:+!%5!"7*7+!O>'':!P4 :!75P7B4!7OO7!B:94B97!P4O!G%8!
:8P$! ,O! "7*7! O8! )B4!4! 7OO7! O4GG4B7! 4!)7BGR!!4B:7*45G4! )4B! B:94B97B4! -%8B:+!)4B!94B97B4! O.:8+!
97**:575P8! :5G8B58! 7OO4! *85G7'54! -:58! 7! ,%75P8+! 98*)O4G7*45G4! 4!7%!G8+! B:G8B5L! 4!

! EK!
#""#!$*>2&1-#!(&"!5+((N,$&>!

P:!!4!ON8!94B97G8!8 %5,%4!*7!585!OQ/8!*7:!GB8 7G8P!M%4!G8!(!*8OG8!:5G4B4!!75G4!@!4998!


)4B9/8!:O!585! 4P4B4!(!:O!!)4B-4GG8! 4P4B4$!1:98BP7G4 4O8+!P8 B4""4!4!!4B4!98!R$!
!
!
E&+5!(5!(-$+5"$5!
!
!
2B:*7! P:! G%GG8+! )4B! )8G4B! B47O:337B4! *7/7*%PB7+! P8"":7*8! 4!)O8B7B4! 4! 4B:-:97B4! :O!
98594GG8!P:!4'8!4!O7! :!:854!P4OOQ4'8$!!
24B!-7B4!,%4!G8+!)4BL+!7"":7*8!":!8'58!P:!B:)%O:B4+!B45P4B4!54%GB7!O7!58!GB7!*45G4$!*8!R!
98*4! )B:*7! 98!7! 9Q(! O7! !):4'73:854! P4OO7! )8!G%B7! P7! 7!!%*4B4! 985! :O! 98B)8+! )8:! P4OO7!
G495:97!P:!B4!):B73:854!:5!58 4!)%5G:+!*7!!858!G%GG4!98!4!9/4!':6!)B7G:97G4$!!
!
2B7G:975P8! ,%4!G7! B4!):B73:854+! O7! *45G4! B7'':%5'4B6! %5! 94BG8! )%5G8! P:! 9/:7B4337$!!
*85G4*)O:7*8!,%4!G7!4!)4B:4537!P:!9/:7B4337!4!)8:!P7!,%4!G7!)B894P:7*8!7!:5 4!G:'7B4!O7!
:!:854!4BB7G7!P4OO.4'8+!:O!*8P8!:5!9%:!O8!)4B94):7*8$!
!
,O!275945!"7*7+!54O!G4!G8!B7P:94+!/7!!):4'7G8!9/4!58:!P8"":7*8!4!!4B4!98*4!P4:!)4!9:8O:5:!
@! )4!9:! 9/4! !:! *%8 858! :5! %5! O7'/4GG8! O:*):P8! !4537! :59B4!)7BO8$! M%75P8! ! 8O':7*8! O7!
58!GB7!:5P7':54+!7"":7*8!":!8'58!P:!985G4*)O7B4!7!O%5'8!!4537!4!!4B4!P:!GB7GG:$!*8!R!P7!
%58! !G7G8! 9/:7B8+! O:*):P8! P4OO7! *45G4! !:! )%L! :5 4!G:'7B4! !4537! 9/4! !8)B7'':%5'758!
)45!:4B:! 985-%!:$! M%4!G8! (! %5! )%5G8! *8OG8! :*)8BG75G4+! O7! "7!4! :5:3:7O4$! $4! 585!
98*)B45P:7*8!:O!98594GG8!P:!4'8!4!98*4!)B8:4GG:7*8!O.7OO%9:573:854!!%OO7!B47OG6+!O7!58!GB7!
*4P:G73:854!!%!*7/7*%PB7!!7B6!!8O8!%57!"7B34OO4GG7$!!
!
"7*7! -385'! 4/7)7! !):4'7! *4P:75G4! %5! 4!4*):89! (! 98*4! !4! ,%7O9%58! 7 4!!4! )7%B7! P:!
7 4B4! %5! !4B)45G4! :9:58! 4! 58:! :5 494! 'O:! )7BO:7*8! P:! %5! 4O4-75G4+! :5! ,%4!G8! *8P8! ]&7!
585! 9Q(! %5! 4O4-75G4! OR+! G:! !G7:! :5'75575P8]$! M%4!G7! !):4'73:854! 585! )%L! -4B*7B4! :O! !%8!
)B8"O4*7+!)4B9/8!:O!!%8!)B8"O4*7!585!(!OQ4O4-75G4+!58K!,O!)B8"O4*7!(!:O!!4B)45G4$!*8!R!585!
)4BP:7*8!P:! :!G7!:O!58!GB8!)%5G8+!(!4!GB4*7*45G4!:*)8BG75G4!4!!4B4!!:9%B:!P:!97):B4!9/4!
!:! GB7GG7! P4OO.:8! 9/4! !8!G:454! :! 98594GG:! !4537! !45!8+! 9/4! (! OQ8))8!G8! P4OO7! !7''4337! P:!
*7/7*%PB7$!$:!P4 4!7 4B4!,%4!G8!"45!9/:7B8$!
!
+5! 7OGB8! 4!4*):8! )8GB4""4! 4!!4B4! O.7 4B4! %5! 54*:98! )8!:3:857G8! 7! &!G! *45GB4! 8:!
)%5G7G4!:! 8!GB:!975585:! 4B!8!> 4!G$!,O!):J!P4OO4! 8OG4!9:!98*)8BG:7*8!)B8)B:8!98!R+!585!
B:9858!9:7*8!O7!B47OG6!P4O!58!GB8!)B8"O4*7$!(8"":7*8!97):B4!9/4!:O!58!GB8!)B8"O4*7!585!
98594B54!O.4'8!:5G4OO4GG%7O4$!$4!!:4G4!:5!985-O:GG8!985!O.4'8!:5G4OO4GG%7O4!5%PP/:!G7!)8G4G4!
!4*)B4! 97*":7B4! 4! 7""B799:7B4! O.4'8! :5G4OO4GG%7O4! *B:!G:758$! 24BL! 8B7! 585! 9:! !G:7*8!
*:!%B75P8! 985! ,%4O! G:)8! P:! )B8"O4*7! )4B9/8! 759/4! !4! B:!8O 4!!:*8! :O! 985-O:GG8! 585!
7 B4**8!B:*8!!8!O7!B7P:94!P4OO.4'8$!!
!
M%4!G8!(!%5!-7GG8B4!*8OG8!:*)8BG75G4+!)4B!4!4*):8! 8:!G%GG:+!98*4!*4+!!G%P:7G4!7!-85P8!:O!
"%PP/:!*8! 4! *7'7B:! 759/4! *7/7*%PB7! P7! *8OG8! G4*)8+! *7! :5! ,%7O9/4! *8P8! 7! 8OG4!
G%GG8! !:! B:P%94! 7! %5! :7'':8! :5G4OO4GG%7O4! 4! )4B9:L! 585! (! :5! 'B7P8! P:! GB7!-8B*7B4+! P:!
4O:*:57B4!O.4'8$!

EC! !
"#!$#%%&''#!(&""#!)#*+,-.!

M%4!G8!(!:O!)B8"O4*7+!)8:9/8!9:!!-%''4!,%7O98!7$!
!
#59/4!,%75P8!!G8!P:!9%G45P8!985!:!*:4:!!G%P45G:!]"Q4'8!(!"O7/!"O7/!"O7/!"O7/!$$$]!759/4!
,%4!G8! P: 45G7! %5! :7'':8! :5G4OO4GG%7O4$! M%:5P:! P: 45G7! *8OG8! P:--:9:O4+! 4!GB4*7*45G4!
P:--:9:O4!P7!7GG%7B4$!#""7GG4B4!OQ4'8!(!%57!98!7!*8OG8+!*8OG8!P:--:9:O4!
!
24B!9858!94B4!*7/7*%PB7!":!8'57!75P7B4!8OGB4!O7!P:*45!:854!:5G4OO4GG%7O4$!28G4G4!4!!4B4!
P4:!"B7 :!!:*:!!G%P45G:+!)4B!:58!P4:!)B8-4!!8B:!9/4!9858!9858!G%GG:!:!G4!G:!P4O!"%PP/:!*8!7!
*457P:G8+!!4537!B:%!9:B4!54**458!7!!-:8B7B4!O7!*7/7*%PB7$!!
! "7!*:7!!G4!!7! :G7!(!97*":7G7!)4B9/8!7OO.:5:3:8!,%75P8!4B8!!G%P45G4+!)45!7 8!9/4!
!4! 7 4!!:! 98*)B4!8! G%GG7! O7! P8GGB:57+! O4! :P44+! O7! -:O8!8-:7+! &7P/07*:=7+! G%GG8+! ,%4!G8!
!7B4""4!!4B :G8!7P!7""7GG4B4!O.4'8$!#OO.:5:3:8!O7!)45!7 8!98!R!)8:!/8!:5:3:7G8!7! 4B:-:97B4$!!
! N8!B47O:337G8!9/4!,%4!G7!*:7!985943:854!4B7!!"7'O:7G7$!"4!)4B!854!/7558!7))B4!8!
O7!-:O8!8-:7+!O7!P8GGB:57!7GGB7 4B!8!O4!)7B8O4+!7GGB7 4B!8!:!*74!GB:+!*7!5%OO7!(!!G7G8!7))B4!8!
G89975P8! 985! *758$! ?858!G75G4! 'O:! !-8B3:! 585! !:! (! 8GG45%G7! 7O9%57! B47O4! !8PP:!-73:854+!
585!!:!(!B:%!9:G:!7!B:!8O 4B4!:!)B8"O4*:!P4OO.4'8$!?4!!858!B:*7!G8!*8OG8!!8B)B4!8+!!9:8997G8$!
28 4B8!B7'7338+!P8 4G4!7 4B4!98*)7!!:854!)4B!*4$!
!
M%4!G7!(!O7!B7':854!)4B!O7!,%7O4!)45!8!9/4!O.:5!4'57*45G8!P4O!*7/7*%PB7!(!98!R! :9:58!7O!
9%8B4$! #"":7*8! ":!8'58! P:! ! :O%))7B4! 7":O:G6! )4B! -7B4! ,%4!G8+! 8998BB4! ! :O%))7B4!
:5G4OO4GG%7O*45G4! %57! 94BG7! 7":O:G6+! )8:! G%GG8! P: 45G4B6! *8OG8! -79:O4$! 245!8! 9/4! !:7!
P7 4B8! !4*)O:94$! #! 8OG4! :! *74!GB:! )B4!45G758! :O! "%PP/:!*8! :5! %5! *8P8! *8OG8!
98*)O:97G8+!98*4!!4!-8!!4!):J!P:--:9:O4!P4O!!7*!7B7!!G4!!8$!!
! %O:! 899:P45G7O:! !858! ':6! G75G8! 98*)O:97G:+! :5! ):J! O7! )B7G:97! P4OO7! &7P/07*:=7+!
P4OO7!-:O8!8-:7!"%PP:!G7!(!:5!4--4GG:!*8OG8!!8-:!G:97G7+:8!)45!8!9/4!G%GG8!,%4!G8!!:7!*8OG8+!
*8OG8! :5G4OO4GG%7O4! 4! %5! *8P8! P:! )45!7B4! *8OG8+! *8OG8! 98*)O4!!8$! &.! !:9%B7*45G4! %57!
98!7! "%857+! *7! (! !4*)B4! %5! OGB:)P! *45G7O4+! 585! (! 4B8K! Z! %5! 97*)8! *45G7O4! 9/4!
5494!!:G7!P:!*8OG8!G4*)8$!?85!!G8!9B:G:975P8+!P:98!9/4! 7!G%GG8!"454+!*7!!4!585!G899758!:!
58!GB:! 9%8B:! 7OO8B7! ,%4!G4! 98!4! B:*7BB7558! !8O8! %57! )4BP:G7! P:! G4*)8$! M%4!G8! (! :O! *:8!
*8P8!P:! 4P4B4!O4!98!4$!!
!
"7*7! -385'! 4/7)7! )45!7 7! 9/4! 58:! P8 4!!:*8! 94B97B4! O7! )B8:43:854! P4OO.4'8! 585!
7GGB7 4B!8!!GB%*45G:!-:O8!8-:9:!@!585!%!75P8!*4G8P:!:5G4OO4GG%7O:$!!
18B!4!9.(!":!8'58!P:!%5!%OG4B:8B4!4!4*):89!7BB: 8!:5!#%!GB7O:7+!:5!4'58!:O!"%PP/:!*8!4!)8:!
P:98!7'O:!!G%P45G:!O 8:!585!97):G4!O7!B47OG6!P4OO7!)B8:43:854!P4OO.4'8!4P!(!)4B!,%4!G8!9/4!
8:!!8--B:G4$!"7!B47OG6!P4OO.4'8!(!O8!07=$!(8 4G4!!98)B:B4!O8!07=$P!!
!
*8!R! 8:! B:!)85P4G4! P:945P89! O! 4.! 4B8+! 58:! 585! 97):7*8! @! ,%4!G8! (! :O! 58!GB8! )B8"O4*7$!
"7*7! G%! /7:! B7':854! 58:! 585! 7"":7*8! *7:! 9858!9:%G8! O8! 07=+! 4998! )4B9/8! !:7*8!
:'58B75G:!4!!8--B:7*8P$!&!98!R!:8! :!P4!9B: 8!O8!07=+!O4!P:*45!:85:+!O4!98B57!!%OO7!G4!G7+!O7!
!%7! :G7! !%OO7! 9:*7! P4OO4! *85G7'54+! 9/4! 585! )%L! !8)B7 : 4B4! 7O! O: 4OO8! P4O! *7B4+! :O!
7O8B4!P4O!!%8!O7GG4$!*7):G4!98!7! 8'O:8!P:B4+!!98)B:G4!,%4!G7!5%8 7!98!7!4! :!:OO%*:57G4$!
!
17945P8! %5! )7B7OO4O8! 985! ,%4!G8! 4!4*):8+! P7O! )%5G8! P:! :!G7! P:! "7*7! -385'! 4/7)7+!
)B:*7!P:!G%GG8!,%4!G8!585!!7B4""4!%5! 8!GB8!'B75P4!)B8"O4*7+!585!(! 4B8K!&+!:5!!4985P8!

! E#!
#""#!$*>2&1-#!(&"!5+((N,$&>!

O%8'8+! :8! :5G4OO4GG%7O:334B4:+! !):4'75P8! ,%4!G8! 4! ,%4!G89! !:! GB7GG4B4""4! P:! %58! !)B498! P:!
G4*)8$!>4+!,%4!G8!(!%5!4!4*):8$!
!
5454+! 8B7! (! ':%5G8! :O! *8*45G8! P:! :5 4!G:'7B4! ,%4OO8! 9/4! )4B! 9:7!9%58! P:! 58:! (! O.4'8!
O:5G%:G: 8P! X! O.4'8! 9/4! 57!94! !:*%OG7547*45G4$! (7O! )%5G8! P:! :!G7! P:! !4! !G4!!:+! ,%4!G8!
P4 Q4!!4B4!:5 4!G:'7G8$!:58OGB4!-85P7*45G7O*45G4!58:!P8"":7*8!7!)4GG7B9:!9/4!8'5:!98!7!
)4B94):G7! P7! ,%7O!:7!:! P4OO4! !4:! 98!9:4534! !45!8B:7O:+! 98*4! O7! 98!9:4537! :!: 7! 499$+! !:7!
)4B94):G7!P%7O:!G:97*45G4$!-%GG8! :454!)4B94):G8!98*4!:5GB:5!497*45G4!7%G8X4!:!G45G4!@!
,%7O!:7!:!98!7$!?4O!*8*45G8!!G4!!8!9/4!7)B:G4!:! 8!GB:!899/:!:5:3:7G4!7!)4B94):B4!:5!*8P8!
P%7O:!G:98!4!985G7*:57G8$!&45GB4!!:!)4B94):!94!O7!985P:3:854!(!,%4OO7!P:!7 4B4!G7O4!4'8!4!P:!
585!)8G4B!!)4B:*45G7B4!O7!G8G7O:G6!P:!*7/7*%PB7+!O7!B47OG6!%5: 4B!7O4!P4OO7!585XP%7O:G6$!!
,55753:G%GG8+!!4985P8!:O!'B75P4!08':!?7'7B<%57+!:O!*8P8!985!9%:!4!:!G:7*8!985!:!G4!54OO7!
98*":573:854!P4'O:!7''B4'7G:!4!54OOQ7GGB:"%3:854!P:!%5!58*4$!".7!!4'573:854!P4O!58*4!(!
P:!)4B!!4!O7!B47OG6!985 453:857O4!@!5%OO7!P:!):J$!
!
"7!97B7GG4B:!G:97!P4OO7!*45G4!4'8:97!(!P:!4!!4B4!)4B4554*45G4!:5!8PP:!-7GG7!P4O!98594GG8!
P:! 4!!4B4! !8OG75G8! %5! 58*4+! !4*)O:94*45G4! :*)%G7G7! P7O! 98594GG8! 9/4! 7GGB:"%:!94! %5!
58*4+*7!,%4!G8!(!!%--:9:45G4+!!%--:9:45G4$!(8 B4**8!!4*)O:94*45G4!O7!9:7B4!75P7B4+!*7!
O7! *45G4! 4'8:97+! O7! !7''4337! 4'8:97! D(! *4'O:8! %!7B4! ,%4!G8! G4B*:54F+! (! 98!R! !97OGB7+! :5!
,%7O9/4!*8P8+!9/4!)%L!98*)O4G7*45G4!98)B:B4+!*4GG4B4!-%8B:!98*"7GG:*45G8!:O!*8P8!P:!
4!!4B4! P4OO7! 58!GB7! B47OG6+! 58B*7O*45G4$! &.! P7 4B8! !97OGB7$! M%4!G8! 7''B4'7G8!
!%)4B-:9:7O4!9/:7*7G8!98B)8!7OGB8!585!(!9/4!%57!98*":573:854!P4:!!4:!4O4*45G:!@!:!,%7GGB8!
4O4*45G:! 9/4! !858! -8B*79G4BB7+! -%898+! 7B:7+! 79,%7+! ):J! 'O:! 4O4*45G:! !)73:8! 4! 98!9:4537! @!
54O! *8*45G8! :5! 9%:! :454! 4G:9/4GG7G8! 985! %5! 58*4! ,%4!G7! 98*":573:854! (! O7! B47OG6!
985 453:857O4+!)4B9/8!:O!58*4!P7G8!7!,%4!G8!:5!:4*4!!8B'4!P7OO7!*45G4!985 453:857O4$!!
!
M%4!G7!*45G4!985 453:857O4!'%7BP7!O.:5!:4*4!P:!,%4!G:!4O4*45G:!4!)8:!7GGB:"%:!94!O8B8!%5!
58*4$! ,5! ,%4!G8! *8P8+! :5P:)45P45G4*45G4! P7! ,%75G8! !:! )8!!7! P:!9%G4B4! P:! B47OG6!
985 453:857O4! 8! P7! ,%75G8! O7! !:! 9B4P7! :*)8BG75G4+! :5! ,%4!G8! *8P8! O.:5!:4*4! P: 45G7!
4!:!G45G4U!5%OO7!P:!):J$!*8!7!:5G45P:7*8!)4B!O5%OO7!P:!):JPK!,5G45P:7*8!P:B4!9/4!!4!:8!*:!
!):5'8! 8OGB4! 54OO7! B:94B97! P:! 8'5%58! P4:! !4:! 4O4*45G:! 585! 9.(! 4B!8! P:! GB8 7BO:$! ,5! 7OGB4!
)7B8O4!O985 453:857O4P!!:'5:-:97!9/4!585!(!7!!8O%G8+!9/4!!585!!858!-458*45:!7!!8O%G:$!
!
".4'8+!)4BL+!985!:P4B7!O.8''4GG8!98*4!7!!8O%G8$!".4'8! %8O4!%5!:8!7!!8O%G8U!9B4P4B4!:5!%5!
:8!7!!8O%G8!!:'5:-:97!)4BL!9B4P4B4!:5!%5!:8!7!!8O%G8!9/4!(!G8G7O*45G4!585!4!:!G45G4+!585!(!
4B8K! ?85! 9.(! %5! :8! 7!!8O%G8! 98*4! 585! 9:! !858! :! !4:! 4O4*45G:! 7!!8O%G:$! ?85! 9:! !858+!
!9:45G:-:97*45G4$! 24B! ,%4!G7! B7':854+! B:98BP7G4+! 54OO7! -:O8!8-:7! 5%PP:!G7! !4! G%GG:! :!
-458*45:!4!:!G4!!4B8!P7 4B8!98*4!O.4'8!9B4P4!9/4!4!:!G758!7OO8B7!4!!:!!7B4""4B8!7!!8O%G:+!
985!P4OO4!97B7GG4B:!G:9/4!:**%G7":O:$!M%4!G8!!:'5:-:97!9/4!:O!*8P8!P:!9B4P4B4!54OOQ4!:!G4537!
54OOQ8GG:97! P4OO.4'8! 9:! )8BG7! 7OO.7!!8O%G:!*8+! 7OOQ4!GB4*8! P4OO7! )4B*754537$! 24B! 4!4*):8+!
,%75P8!:5!4!G7G4!O7!G4*)4B7G%B7!7!&4O"8%B54!!-:8B7!:!>WW\1+!O.4'8!P4!:P4B7!9/4!O7!9897X
98O7! P: 45G:! %57! B47OG6! 7!!8O%G7$! #BB: 7G4! 7! )45!7B4! 9/4! O7! 9897X98O7! !:7! O7! !8O%3:854!
7!!8O%G7+!*7!,%4!G8!(!98*)O4G7*45G4!!"7'O:7G8+! 8:!O8!!7)4G4!"45:!!:*8$!!
! "7!9897X98O7!(!B4O7G: 7!4!985 453:857O4+!)8!!:4P4!,%7O:G6!7BG:-:9:7O:+!98*4!)8!!:7*8!
!8!G454B4!9/4!!:7!7!!8O%G7K!

KW! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
".4'8!P4!:P4B7!,%4!G8!B:!)4GG8!7P!8'5:!-458*458!)4B94):G8!4!585!9.(!!)73:8!)4B!7994GG7B4!
,%7O98!7!)4B!,%4OO8!9/4!(!@!P4 4!!4*)B4!94B97B4!,%7O98!7!9/4! 7P7!8OGB4!:O!*8P8!B4O7G: 8!
P:!4!:!G4B4$!24B!,%4!G7!B7':854+!!4'%45P8!O7!O8':97!P4OO7!585!P%7O:G6!4!P4OO7!585!4!:!G4537!
7%G858*7+!:O!"%PP/:!*8!45-7G:337!!OQ:5G4BP:)45P4537!P4:!-458*45:$!!
!
,5!,%7O9/4!*8P8!58:!!:7*8!9858!9:7*8!:O!98594GG8!P:!:5G4BP:)45P4537$!2B45P:7*8!$98GG+!
)4B!4!4*):8$!&'O:!(!98*)8!G8!P7:!!4:!4O4*45G:+!O.:5!:4*4!P4'O:!4O4*45G:!(!,%:!4!O8!)8!!:7*8!
4P4B4$!M%75P8!'O:!7!!4'5:7*8!:O!58*4!P:9:7*8!O,%4!G8!(!$98GGP$!*.(!%57!98*":573:854!
P:!98!4+!)8:!P:9:7*8!:O!58*4!Q$98GGQ+!,%4!G8!9B47!%5!985G7GG8!985!O7!58!GB7!*45G4$!
!
*:! !858! GB4! 98!4! :*)8BG75G:9! O7! 58!GB7! *45G4+! :O! 58*4! 4! )8:! O7! B47OG6! 985 453:857O4! P4:!
!%8:! !4:! 4O4*45G:$! +!75P8! O7! 58!GB7! !%)4B!G:3:854! 58:! )45!:7*8! 9/4! 9:! P4""7! 4!!4B4! %57!
B7':854! 7O:P7! )4B! P:B4! $98GG$! -7O4! B7':854+! )4BL+! (! !%)4B-:9:7O4! )4B9/8! 98*4! 8:! G%GG:!
!7)4G4+!585!9.(!%57!,%7O:G6!7!!8O%G7!9/4!9:!7"":7!)8BG7G8!7!P:B4!$98GG+!(!!%994!!8!4!"7!G7!
98*4! !4! :O! 58*4! -8!!4! !G7G8! )8BG7G8! P7O! 45G8$! M%:5P:! G%GG7! ,%4!G7! !:G%73:854+! G%GG8!
,%4!G8!(!!4*)O:94*45G4!O4'7G8!:5!*75:4B7!:5G4BP:)45P45G4!985!:!98594GG:!4O7"8B7G:!P7OO7!
*45G4!!%)4B!G:3:8!7!4!)8:!!-89:7G:!:5!)7B8O4+!!8O8!)7B8O4$!!
! M%4!G7! !:G%73:854! (! 4!:!G45G4! :5! ,%4!G8! *8P89! 7"":7*8! P7G8! !4*)O:94*45G4! %5!
58*4!7P!%5!:5!:4*4+!,%4!G8!(!G%GG8$!?85!)8!!:7*8!75P7B4!8OGB4!,%4!G8!4!P:B4!9/4!$98GG!(!
!)49:7O4+!759/4!!4!585!!:7*8!!8PP:!-7GG:+!8''4GG: 7*45G4!:O!58!GB8!4'8!585!(!!8PP:!-7GG8+!!
!)49:7O*45G4! !4! )B8 :7*8! 7GGB73:854! 7! )B8:4GG7B4! %57! ,%7O:G6! 7GGB745G4! !%! $98GG$!
-%GG7 :7! $98GG+! B4O7G: 7*45G4! )7BO75P8+! 585! )8!!:4P4! 7O9%57! ,%7O:G6! 7GGB745G4+! (! :O!
58!GB8! 4'8! 9/4! 94B97! P:! 7))8BB4! %57! )B8:43:854! !%! P:! O%:+! O7! )B8:43:854! 7GGB745G4! 9/4! (!
75P7G7!7O!P:!O6!P4OO7!!%7!,%7O:G6$!!
?4O! *8*45G8! :5! 9%:! O8! 7"":7*8! B: 4!G:G8! 985! O4! 58!GB4! )B8:43:85:! !:7*8! 75P7G:! 8OGB4! :O!
O: 4OO8! 985 453:857O4! P:! :5G4BP:)45P4537! 4P! (! P: 45G7G8! 98*4! !4! -8!!4! %5! -458*458!
7!!8O%G8$!!
!
-%GG7 :7! 8'':! )8!!:7*8! 9B4P4B4! 9/4! !:7! 98!R+! *7! P8*75:! )%L! ! 75:B4+! 585! (! 98!RK! (7!
)7BG4!58!GB7!8''4GG: 7*45G4!-%53:857!98!R$!(7O!!%8!975G8!759/4!4'O:!!G4!!8!585!7994GG4B6!
:O! !%8! 4'8! 98*4! %5! -458*458! 985 453:857O4+! !%)4B-:9:7O4+! :5G4BP:)45P45G4! @! (! )B85G8! 7!
9B4P4B4! 9/4! O4! )B8:43:85:! P4'O:! 7OGB:! !:758! !%4! B47O:! 97B7GG4B:!G:9/4$! (4 4! B47O:337B4!
:5G4B7*45G4! O7! !%7! B47OG6! 985 453:857O4! @! $98GG! (! ,%4OO8! 9/4! 'O:! 7OGB:! )B8:4GG758+! P4 4!
98*)B45P4BO8+!*7!585!54!(!97)794!@!4'O:!)45!79!OW,8.+!$98GG!!858!:8P$!
!
,O! ,%4!G8! *8P8! 759/4! :O! !%8! 4'8! (! 75P7G8! 8OGB4! ,%4OO7! 9/4! (! O7! B47OG6! 985 453:857O4$!
#59/4!:O!!%8!4'8!/7!! :O%))7G8!G7O4!98594GG8!7GGB745G4!P:!Q:8Q!9/4!B:G:454!4!!4B4!7!!8O%G8!4!
94B97!P:!:P45G:-:97BO8!985!,%7O98!79!-8B!4!:5!,%4!GQ7B47+!-8B!4!O.899/:8+!:O!57!8+!O7!"8997+!:O!
98OO8+!:O!9%8B4+!:O!9/7=B7!P4OO.8*"4O:98+!O7!'7*"7+!9:!)B8 7!*7!585!9:!B:4!94$!!
&.! 98*4! !4! !G4!!4! G4545P8! ,%4!G8! -:8B4+! G:454! :O! !%8! :8! 98*4! ,%4!G8! -:8B4! 4! 94B97! P:!
)8!:3:857BO8!7OOQ:5G4B58+!,%:+!,%:[!?85!9.(!*8P8!P:!-7BO8$!!
!
,5! 7OGB4! )7B8O4+! !G8! P:945P8! 9/4! 4'O:! /7! %57! :!:854! P:! !4! !G4!!8! 98*4! :**%G7":O4+! 585!
985 453:857O4+!585!!%)4B-:9:7O4!+!O7!*7'':8B!)7BG4!P4OO4! 8OG4!O7!!45G4!98*%5,%4!98*4!O7!

! K>!
#""#!$*>2&1-#!(&"!5+((N,$&>!

!%7! B47OG6$! M%4!G7! (! OQ:5G%:3:854! @! :8! P:98! 9/4! 585! (! %57! 98!GB%3:854! :5G4OO4GG%7O4! 8!
-:O8!8-:979+! 9Q(! !:*%OG7547*45G4! %5! G:)8! P:! 4'8! :557G8! 9/4! )8BG7! 7! ! :O%))7B4! %57! G7O4!
985943:854! P4OO.:8! 4! )8:9/8! /7! O7! 97B7GG4B:!G:97! P:! 4!!4B4! %5! 4'8! :557G8! 4! !:*%OG7548! 7!
8OG4!P: 45G7!*8OG8!P:--:9:O4!98'O:4B4!,%4!G8!*8P8!P:!)B8:4GG7B!:$!!
!
#--4BB7B4! O7! )B8:43:854! P4OO.4'8! (! *8OG8! P:--:9:O4! 4! )4B! -7BO8! 7"":7*8! ":!8'58! 9/4! O7!
98!9:4537! !:7! :5! %58! !G7G8! 9/:7B8! 4! )%O:G8$! 24B! ,%4!G7! B7':854! P8"":7*8! 75P7B4! 8OGB4! :O!
O: 4OO8! :5G4OO4GG%7O4! 4+! ,%:5P:+! 54O! 98B!8! P4'O:! :5!4'57*45G:! P:! *7/7*%PB7+!
GB7P:3:857O*45G4!O8!!G%P45G4!:5 494!P:!B:*754B4!P45GB8!7!*4P:G7B4+!(!-%8B:!7!)7!!4'':7B4+!
:5! %57! !:G%73:854! :5! 9%:! )%L! !)4B:*45G7B4! *8*45G8! )4B! *8*45G89! 4'O:! 97GG%B7! :O! O7PB8!
9/4!(!!O7!)B8:43:854!P4OO.4'8$!24B!,%4!G8!,%4!G7! 8OG7!P%B75G4!O7!!4!!:854!4!759/4!P%B75G4!
'O:!:5G4B 7OO:!P8 4G4!94B97B4!P:!:5 4!G:'7B4!985!)4B:3:7$!
!
#GGB7 4B!8! O4! 8!GB4! 4!)4B:4534+! :O! 8!GB8! 7994BG7*45G8+! B:%!9:B4G4! 7! !98)B:B4! O7! 585X
4!:!G4537! 7%G858*7! P:! %57! G7O4! ,%7O:G6! 7!!8O%G7! P4OO.:8+! 585! 4!:!G4! :5! 54!!%5! *8P8+! 58!
!8''4GG: 7*45G4! 58! 8''4GG: 7*45G4$! "7*7! :4! -385'! 4/7)7! /7! P4GG8! 9/4! ,%75P8!
:5 4!G:'7G4! )8G4G4! !)4B:*45G7B4! *8OG4! 98!4! P: 4B!4$! #! 8OG4! )8G4G4! 7 4BG:B4! 9/4! :5!
,%7O9/4! )7BG4! P4O! 8!GB8! 98B)8! B:!:4P4! %57! !8BG7! P:! 'B75P4! :8! 9859B4G8+! 7! 8OG4! )8G4G4!
!45G:B4!O.:8!9859B4G8!7O!9%8B4U!7! 8OG4! :!)8G4G4!!45G:B4!:**4B!:!54O!"%:8+!8!)8G4G4!7 4B4!O7!
)4B943:854! P:! 4!!4B4! 98*)O4G7*45G4! 54OO8! !)73:8+!4))%B4! 759/4! 7GGB7 4B!8! ,%4!G:! G:):!P:!
4!)4B:4534!)8GB4!G4!585!!98)B:B4!O7!)B8:43:854!P4OO.4'8!57G8!!)85G7547*45G4$!!
#GGB7 4B!8!,%4!G7!B:94B97!8GG4BB4G4!O.4!)4B:4537!P4O!585!:8+!O.:8!9/4!585!(!7!!8O%G8+!9/4!(!
G8G7O*45G4!585!4!:!G45G4!B:94B975P8O8!:5!,%7O%5,%4!4O4*45G8!P4:!)B8)B:!7''B4'7G:$!#59/4!
!4!O8!!G7G4!94B975P8!!8''4GG: 7*45G4$!!!
!
#P!%5!94BG8!)%5G8+!!!4!!G7G4!94B975P8!:5!G7O!*8P8+!!:!P:!!8O 858!!:7!OQ4'8!8''4GG8!9/4!OQ4'8!
9/4!(!:O!94B97G8B4$!$8''4GG8!4!8''4GG8!!:!P:!!8O 858!45GB7*":$!M%4!G7!(!OQ4!)4B:4537$!&998!
)4B9/8!7! 8OG4!!:!)B8 7!)7%B79!)4B!98!R!G75G8!G4*)8!!:!(!!G7G:!985 :5G:!P:!4!:!G4B4!:5!,%4O!
*8P8$! "Q4'8! !:*%OG7548+! 7P4B45P8! 7! G7O4! )B8:43:854! %5: 4B!7O4! P4OOQ4'8+! O7! 985943:854!
P4OO.:8+!/7!9B47G8!G7O4!-75G7!:7!9/4!,%75P8!!:!P:!!8O 4!)%L!'454B7B4!P4O!)75:98$!!
!
M%4!G7! )7%B7! (! %57! B473:854! 58B*7O:!!:*7! 4! 585! P8 4G4! G4*4BO7! @! (! 985 453:857O4$!
P8 4G4! O7!9:7G4O7! 75P7B4+! O7!9:7G4! O7! )B4!7+! ,%4!G7! (! %5.4!)4B:4537! P:! %58! !G7G8! P:!
98!9:4537!585X!8''4GG: 7!4!585X8''4GG: 7$!"7!9:7G4!75P7B4$!!
!
,58OGB4+!585!!:!GB7GG7!!8O8!P4O!!45!8!P4OO.:89!759/4!$98GG+! :!G8!P7O!58!GB8!)%5G8!P:! :!G7!
9/4!)B8:4GG7!8''4GG: 7*45G4!9:L!9/4!(!$98GG+!(!585!4!:!G45G4!!4!94B97G8!54:!!%8:!4O4*45G:!
!:7!P4O!98B)8!9/4!P4OO7!*45G4$!! 147O:!G:97*45G4!)7BO75P8+!!4!*4GG:7*8!:O!98B)8!P:!$98GG!
:9:58!7OO8!!)499/:8! 4P:7*8!P%4!98!4!P:!G:5G49!$98GG!,%:!4!:O!B:-O4!!8!P4OO7!!%7!-:'%B7!54OO8!
!)499/:8$!(:!985!4'%4537!9:! :454!57G%B7O4!P:!9B:*:57B4!9/4!O7!-:'%B7!9/4!!G7!P7 75G:!7!
58:!(!:O! 4B8!$98GG!*45GB4!,%4OO7!54OO8!!)499/:8!(!%5!B:-O4!!8!4!585!O8!$98GG! 4B8$!18B!4+!
)4BL+!$98GG!!:!GB8 7!54OO8!!)499/:8+!9/:!O8!!7$!
!
(7O!)%5G8!P:! :!G7!P4:!'B75P:!08'/:+!?7'7B<%57!4!"7*7!-385'!4/7)7+!!:7!:O!B:-O4!!8!9/4!
O%:! !G4!!8! !858! 45GB7*":! 7!)4GG:! P:! $98GG! 9/4! !858! 585X4!:!G45G:+! 98*4! 7P! 4!4*):8! %57!

KJ! !
"#!$#%%&''#!(&""#!)#*+,-.!

"8OO7! P:! !7)854$! ,! !%8:! 4O4*45G:! 585! !858! O%:$! $:! )%L! -7B4! %5! )7B7'854! 985! %58!
!G7":O:*45G8!P8 4!!:!7!!4*"O758!O4!*799/:549!)B:*7!9/4!!:7!*85G7G8+!:O!*7G4B:7O4!%!7G8!
585! (! %5Q7%G8*8":O4$! M%4OO.:5!:4*4! 585! (! %5.7%G8*8":O4$! #OO8! !G4!!8! *8P8! O7!
98*":573:854!P4'O:!4O4*45G:!P:!$98GG!585!(!O%:!98!R!98*4!585!O8!(!:O!B:-O4!!8!54OO8!!)499/:8$!
&5GB7*":!!858!!%OO8!!G4!!8!):758+!O.:5!:4*4!4!O.:**7':54!585!!858!$98GG$!?8B*7O*45G4!!:!
P:94!9/4!,%4!G7!-8B*7!(!O%:!!4*)O:94*45G4!)4B9/8!(!,%:+! :!:":O4!4!G75':":O4$!!
!
24BG75G8!P7!%5!)%5G8!P:! :!G7!B47O:!G:98+!:5!45GB7*":!:!97!:!!4!94B97G4!P:!GB8 7B4!$98GG!585!
9:!B:%!9:B4G4$!
!
-%GG4!,%4!G8!(!*8OG8!P:--:9:O4+!585!(! 4B8K!$98GG!P4B: 7!P7O!58*4+!P7OO.4G:9/4GG7+!7!,%4!G8!
P4 4! :O! !%8! 4!:!G4B4+! 7:! 98594GG:! P4OO4! *45G:! 7OGB%:$! &!!4+! :5-7GG:! )B8P%9858! %5.4G:9/4GG7!
7BG:-:9:7O4+!%5!58*4!4!7!,%4O!)%5G8!$98GG!4!:!G4$!24B!,%4!G7!!G4!!7!B7':854!G%GG7!O7!B47OG6!
985 453:857O4!(!'454B7G7!P7OO7!*45G4!!%)4B!G:3:8!7$!24B!,%4!G7!!G4!!7!B7':854!$98GG!585!(!
G4BB7+!585!(!79,%7+!585!(!7B:7+!585!(!-%898+!58!98!9:4537!8!!)73:8$!M%:5P:!GB7!'O:!4O4*45G:!
4!:O!58*4!9Q(!%57! :!:854!!%)4B-:9:7O4$!M%4!G8!(!9:L!9/4!4!:!G4!P:!$98GG!@!585!!:!)%L!75P7B4!
8OGB4+!585!!:!)%L!75P7B4!7OP:O6!P4O!58*4$!$4!!:!B:4!94!7P!75P7B4!7O!P:!O6!P4O!58*4!!:!!98)B4!
O7!585X4!:!G4537!P:!$98GG+!,%4OO8!9/4!585!(!$98GG+!*7!O7!G8G7O:G6!P:!$98GG+!:O!*7/7*%PB7!P:!
$98GG$! *8!R! 7!)4GG:7*8! P:! 75P7B4! 7OP:O6! P4O! 58*4$! M%75P8! 585! 98594GG%7O:33:7*8!
O.4!)4B:4537!P:!$98GG!O7!58!GB7!*45G4! 7!7OP:O6!P4OO4!985 453:85:!P:!$98GG$!
!
$4! 9:! !8--4B*:7*8! 7! O%5'8! 7! 985G4*)O7B4! ,%4!G7! 4!)4B:4537! 4! )8:! :5G4BB8*):7*8! O7!
!4!!:854+!7)4BG:!7!,%4!G8!7*":45G4!*45G7O4+!4998!9/4!9:!7))7B4!98*4!%5!*:B7'':89!(!OR!8!
585!(!OR+!(!B47O4!8!585!(!B47O4$!,5!,%7O9/4!*8P8!,%4!G7! :"B73:854!585!(!7!!8O%G7$!,5!7OGB4!
)7B8O4+!O8!$98GG!7!!8O%G8!!98*)7B4$!&.!)B8)B:8!98!R$!M%75P8!7"":7*8!7!9/4!-7B4!985!O.4'8!
58B*7O4! 7"":7*8! !4*)B4+! :5! ,%7O9/4! *8P8+! O7! !45!73:854! 9/4! $98GG! !:7! 7!!8O%G8! :O! 9/4+!
:5 494+! (! 98*)O4G7*45G4! !"7'O:7G8! )8:9/8! 585! 7!!7)8B:7*8! O.7!!8O%G7! 585XP%7O:G6! P:!
$98GG$!!
!
&45GB4! )7BO8! P:! $98GG! !G8! 94B975P8! P:! -7B4! P4'O:! 4!4*):! 8''4GG: :+! *7! :5!)B7G:97! ,%4!G8!
585!"7!G7$!,5!)B7G:97!8'5%58!P:!58:!!45G4!P:!4!!4B4!)7BG:98O7B*45G4!:*)8BG75G4+!P:!4!!4B4!
98!R!!8O:P8$!245!7G49:!!%!%5!7GG:*8!4! :!7998B'4B4G4!9/4!(!98!R!@! :!!4*"B4B6!P7 4B8!P:!
7 4BG:B4+! P7! ,%7O9/4! )7BG4! 7OO.:5G4B58! P4O! 8!GB8! 98B)8! 8! P4OO7! 8!GB7! *45G49! O,8! !858!
,%:P$!M%4!G7!985943:854!(!98*)O4G7*45G4!4BB7G7+!,%4!G8!!:'5:-:97!9/4!585!B:9858!9:7*8+!
9/4! 585! 7994GG:7*8! :O! -%53:857*45G8! 985 453:857O4! 4! :5G4BP:)45P45G4! P4O! *8P8! :5! 9%:!
4!:!G:7*8!4!!45G:7*8!58:!!G4!!:!98*4!%57!97B7GG4B:!G:97!7!!8O%G7$!
!
2B:*7!P:!G%GG8+!!O.4!:!G4537!B4O7G: 7+!985 453:857O4!P4OO.:8!8)4B7!!8O8!985 453:857O*45G4+!
!8O8! B:!)4GG8! 7OO7! *45G4! B4O7G: 7$! ?85! )%L! P: 45G7B4! 7!!8O%G7$! #59/4! O7! 9897X98O7! 585!
)%L! P: 45G7B4! ,%7O98!7! P:! 7!!8O%G8U! 4!!7+! :5-7GG:+! (! %57! 98*":573:854! P:! 4O4*45G:! 9/4!
,%75P8! 98*":57G:! 4P! 4G:9/4GG7G:! P: 45G758! 9897X98O7$! #OO8! !G4!!8! *8P8! ,%75P8! 58:!
P:9:7*8!O,8!!858!,%4!G8!8!,%4OO8P!585!-799:7*8!7OGB8!9/4!%57!98554!!:854!GB7!4O4*45G:!4!
58*4!@!(!O.%5:98!*8P8!:5!9%:!!:7*8!4!:!G45G:$!!
! 24B! 4!4*):89! ,%75P8! : 4G4! %5! !8'58+! O.4!)4B:4537! 9/4! )B8 7G4! (! P:)45P45G4!
98*)O4G7*45G4!P7O!-7GG8!9/4!!G7G4!P8B*45P8!585!(! 4B8K!$8'58!4!!8558!!858!O4'7G:!O.%58!

! KA!
#""#!$*>2&1-#!(&"!5+((N,$&>!

7OO.7OGB8! @! :! 7PP8B*45G7G4! 4! )8G4G4! !8'57B4+! 585! (! 4B8K! ,5! *8P8! !:*:O4! O.4'8!
985 453:857O4+!O7!!%)4B!G:3:854+!)8BG7!7OO7!-75G7!:7!P:!%5.4!:!G4537!985 453:857O4+!*7!O7!
*45G4! O4'7G7! 7OOQ4'8! 585! O7! %8O4! 7994GG7B4! 98*4! G7O4+! *7! 98*4! 7!!8O%G7$! M%4!G8! 585! (!
)8!!:":O4$!,5!,%4!G8!*8P8!:5:3:7!:O!*8P8!P:!)45!7B4!4BB8548$!
!
M%:5P:+! 985 453:857O*45G4! 7"":7*8! P4'O:! 4O4*45G:+! 9:7!9%58! P4:! ,%7O:! 585! (! $98GG! 4!
54))%B4!O.:5!:4*4!(!$98GG$!%O:!4O4*45G:!P: 45G758!Q$98GGQ!:5!P:)45P4537!P7OO.:*)%G73:854+!
P7O! 58*4$! ,5! ,%4!G8! *8P8! :O! 98OO4'7*45G8! 9/4! !:! :454! 7! 9B47B4! GB7! 4O4*45G:! 4! 58*4! (!
$98GG+!(!:O!*8P8!P:!4!:!G4B4!P:!$98GG$!!
!
>'5:,%7O 8OG7! B:)4G4G4! ,%4!G8! 4!7*4! 4! !98)B:G4! O7! 585X4!:!G4537! P:! $98GG! !G7G4!
!)4B:*45G75P8! O7! 585XP%7O:G6$! #OO8B7! 985G4*)O7G4! 4! O7!9:7G4! 75P7B4+! )8:! OQ.:5G%:3:854!
7BB: 7+! O8! !)73:8! 97*":7+! O8! )4B94):G4+! )8:! 75P7G4! :5! )B8-85P:G6! 4! ! 75:!94! ! 4! B:7--:8B7!
O.4!)4B:4537!P4OO7!585XP%7O:G6!@!985G4*)O7G4!4!O7!9:7G4!75P7B4$!
!
,O! )B894!!8! (! !4*)O:94$! 2B:*7! P:! G%GG8! 97):G4! 9/4! :5! 8'5:! *8*45G8+! ,%75P8! )4B94):G4!
,%7O%5,%4! 8''4GG8+! ,%7O%5,%4! -458*458+! O8! )4B94):G4! :5! *75:4B7! P%7O:!G:97$! #! O: 4OO8!
:5G4OO4GG%7O4!)8G4G4!759/4!7 4B4!O7!985943:854!P:!*7597537!P:!4!:!G4537!7%G858*7+!*7!O7!
)4B943:854!B:*754!P%7O:!G:97$!
!
>!!4B 7G4! !4*)O:94*45G4! !4! :O! )%5G8! P:! :!G7! P%7O:!G:98! 4!:!G4! 98!R! 98*4! 7))7B4+!!
7GGB7 4B!8! ,%4!G7! :5P7':54+! ,%4!G7! 4!)4B:4537+! !98)B:G4! O7! 585XP%7O:G6+! !98)B:G4! 9/4! :O!
*8P8!P:!7))7B:B4!P%7O:!G:98!(!585!4!:!G45G4$!!
! ?85! :!P4)B:*4G4!!4!7! 8OG4!*45GB4!*4P:G7G4! :!!45G:G4!!8)B7--7GG:!P7O! 8!GB8!4'8+!
(! %5! "454! 9/4! !:! *75:-4!G:$! *85!:P4B7G4O7! %5.%G:O:!!:*7! 4!)4B:4537+! %57! B47O:3373:854+! 4!
985 4BG:G4O7! :5! G75G8! 7*8B4+! 98*)7!!:854$! -B7!-8B*7G4O7! :5! "8P/:9:GG7! 4B!8! G%GG:! 'O:!
4!!4B:! : 45G:+! :5! )7BG:98O7B4! 4B!8! 98O8B8! 9/4! !858! 7--O:GG:! P7! %5! -8BG4! 4'8+! !8)B7--7GG:!
P7OO4!7OO%9:573:85:!4!P7OO4!7--O:3:85:+!:597)79:!P:!G8997B4!,%7O!:7!:!B47OG6!985 453:857O4!4!
B4O7G: 7$!)7!"454!98!R+!O7!9:7G4!75P7B4!@!585!!G7G4!!)B4975P8!:O! 8!GB8!G4*)8$!
!
M%:5P:+!)B:*7!O.4!)4B:4537!P:!!/%507G7+!)8:!7*8B4+!98*)7!!:854+!"8P/:9:GG7$!
!
>'5:,%7O 8OG7!9/4! :!P:!GB74G4!)8G4G4!7))O:97B :!:5!,%4!G8!*8P8$!&5GB7*":!:!*4G8P:!!858!
5494!!7B:+!9:7!9%58!7:%G7!O.7OGB8!4!,%:5P:!!4!,%7O98!7! :!P:!GB74!!-B%GG7G4!O.8))8BG%5:G6!)4B!
! :O%))7B4!985!7)4 8O4337!P:!"8P/:9:GG7+!985!7)4 8O4337!P:!*7/7*%PB7$!
!
*B4P8! 9/4! ,%4!G8! )B894!!8! P:! :5P7':54! !:7! 98!R! !4*)O:94! 4! 57G%B7O4$! ?85! (! %5! ,%7O9/4!
*4G8P8!-:O8!8-:98+!98!GB%:G8+!(!)4B!,%4!G8!9/4!54O!"%PP/:!*8!*7/7*%PB7!8!!/%507G7+!:5!
,%7O%5,%4!*8P8!(!P4!9B:GG7+!(!98!R!!4*)O:94!!&Q!P8 %G8!7OOQ7":O:G6!P4O!5%PP/7+!!:!GB7GG7!P:!
%5.:59B4P:":O4!!7''4337+!P:!%5!*8P8!98!R!!4*)O:94!)4B!:OO%!GB7B4!O7!B47OG6$!-%GG:!:!-458*45:!
985 453:857O:! !858! B4O7G: :+! *%G4 8O:+! 7BG:-:9:7O:! 4! *8*45G754:$! -%GG8! (! 98!R! 4O8949!
O.4 8O 4B!:! P4:! 98594GG:+! O7! !%)4B!G:3:854+! O7! B47OG6! B4O7G: 7$! $7)4G4! )4B9/8! :O! *85P8! P4O!
45G4!:*8!!498O8!!:!*%8 4!98!R! 4O894*45G4K!$4985P8!:O!"%PP/:!*8!(!7!97%!7!P:!,%4!G7!
:59B4P:":O4+!4!)O8!: 7!!%)4B!G:3:854$!!
!

KG! !
"#!$#%%&''#!(&""#!)#*+,-.!

&!!7!(!O7! 4B7!97%!7!P4O!97*":7*45G8!B: 8O%3:857B:8!P4OO7!B47OG6!985 453:857O4$!!


!
,O!)B8"O4*7!(!:O!985!:P4B7B4!O.4'8!98*4!7!!8O%G8!@!!G7G4!7GG45G:$!
!
2B8 :7*8! 8B7! %5! *4G8P8! !4*)O:-:97G8! )4B! 4!7*:57B4! :O! )B8)B:8! 98594GG8! P:! 4'8! 4! )4B!
!98)B:B4!O7!585XP%7O:G6$!28G4G4!-7BO8$!
!
18B!4!)4B!8'':!"7!G7!@!'B73:4$!
!
!
-+*1.!&2";.*".!
!
!
95(-!&&"!&"#.-+#"&!8#%#8,("#!
!
!
*:! !858! P%4! *8P:! )4B! )B7G:97B4$! #O9%54! )4B!854! 8! *4P:G7G8B:! 9B4P858! 9/4! ":!8'57!
!G%P:7B4! *7/7*%PB7! 8! !/%507G7! )4B! 9:5,%75G.755:! )B:*7! P:! :5:3:7B4! 7! *4P:G7B4$! #OGB:+!
:5 494+!!8!G45'858!9/4!,%4!G8!7))B899:8!(!!"7'O:7G8!4!9/4!)B:*7!":!8'57!7))O:97B!:!54OO7!
*4P:G73:854! 4! )8:! :5 4!G:'7B4! O7! B47OG6! P:! !/%507G7$! )8:! 9/4! 54! P:G4K! M%7O4! *4G8P8! (!
':%!G8!4!,%7O4!!"7'O:7G8K!
!
+5! *8P8! 985!:!G4! )B:*7! P:! G%GG8! 54OO8! !G%P:7B4! !/%507G7+! !/%507G7+! !/%507G7+!
*7/7*%PB7+! *7/7*%PB7+! *7/7*%PB7+! O4''4B4! O:"B:! 4! 7!98OG7B4! :5!4'57*45G:! )4B!
45G.755:! !4537! *4P:G73:854+! )8:! !:! :5:3:7! 7! *4P:G7B4$! #O9%5:! P:9858! 9/4! (! %5! *4G8P8!
!"7'O:7G8! 4! 7--4B*758! 9/4! )B:*7! !:! *4P:G7! 4! )8:! !:! 757O:337! :O! )45!:4B8! P%7O:!G:98+! :O!
!8''4GG8!4!OQ8''4GG8!98*4!7"":7*8!:OO%!GB7G8!:4B:$!!
!
*8!7!54!)45!7G4K!*8!.(!':%!G8!4!98!.(!!"7'O:7G8K!?85!54!!858!!:9%B8!4P!(!)4B!,%4!G8!9/4! 4!
O8!9/:4P8$!(7O!*:8!)%5G8!P:! :!G7!9B4P8!9/4!)7!!7B4! 45G.755:!7P!757O:337B4!!4537!7O9%57!
*4P:G73:854!!:7!!"7'O:7G8$!#! 8OG4!54OO7!GB7P:3:854!P:!"7*7!-385'!4/7)7!57!9858!P4OO4!
:598*)B45!:85:! O4'7G4! 7OO.:5G4B)B4G73:854! P:! )7B8O4! ,%7O:! O)B:*7! P:! G%GG8! !G%P:7B4+!
4B:-:97B4!8'5:! 98!7+!)8:!98*)B45P4B4! ):457*45G4! :5!*8P8! :5G4OO4GG%7O4! 8'5:!98594GG8! 4!
P8)8! *4P:G7B4P$! +5! 7OGB8! *8P8! P:! !):4'7B4! (! OQ4!)8!:3:854! P4:! GB4! G:):! P:! !7''43379! :O!
)B:*8! (! O7! !7''4337! P4OO.7!98OG8+! 9/4! !:! ! :O%))7! *4P:75G4! OQ7!98OG7B4+! )8:! !:! !8GG8)854!
8'5:! 98!7! 7! 4B:-:97! 4! !:! ! :O%))7! O7! !7''4337! P4OO.757O:!:$! ,5-:54! !:! ! :O%))7! O7! !7''4337!
P4OO7!*4P:G73:854$!D,!G:"4G75:!O:!9/:7*7589!)$!@(%3+!"$4!@(%3+!3.4!@(%3F$!!
!
".:598*)B45!:854! 57!94! ,%75P8! !:! :5G4B)B4G758! ,%4!G4! )7B8O4! 98*4! !4! !:! P8 4!!4! !8O8!
!G%P:7B4!)4B!P49455:!!4537!*4P:G7B4!4!!4!!:!*4P:G7!!:!-7!,%7O98!7!P:!4BB7G8$!2B:*7!!:!P4 4!
7!98OG7B4+!)8:!7))O:97B4!OQ757O:!:+!)8:!O7!985945GB73:854+!O7! :!:854!)454GB75G4+!,%4!G8! 7!
"454$! M%4OO8! 9/4! 8'O:8! P:B4! (! 9/4! O7! -:O8!8-:7! "%PP/:!G7! 4! O4! !9B:GG%B4! "%PP/:!G4! !858!
':%!G4+! *7! 58:! !4'%79:! 4! B:94B97G8B:! )8!!:7*8! !"7'O:7B9:! 4! :5G4B)B4G7BO4! 54O! *8P8!
:598BB4GG8$!!

! KB!
#""#!$*>2&1-#!(&"!5+((N,$&>!

*:! !858! *8OG:!!:*4! GB7P%3:85:! P:! !9B:GG:! P:! "7*7! -385'! 4/7)7! 4! 7! 8OG4! 9:! )8BG758! 7!
)45!7B4!9/4!O%:!-8!!4!G8G7O*45G4!:5G4OO4GG%7O4+!9/4!585!*4P:G7!!4!4!9/4!)7BO7!!4!4!"7!G7$!
!
"7*7! -385'! 4/7)7! /7! !4*)B4! 45-7G:337G8! O.%5:G6! P:! 7!98OG8+! 757O:!:! 4! )454GB73:854! @!
G%GG:! 4! GB4! !858! 5494!!7B:! !:*%OG7547*45G4$! M%75P8! P:98! !:*%OG7547*45G4! 585! 8'O:8!
4!!4B4! -B7:5G4!89! 9.(! %57! !4,%453:7O:G6$! 24B! 4!4*):8! 8'':! :5:3:7O*45G4! !:! 7!98OG7+! )8:! !:!
4B:-:97!4!)8:!!:!*4P:G7!)B8-85P7*45G4$!!
!
!
!
"7!*:7!8):5:854!(!9/4!9:!!:7!%5.4BB7G7!98*)B45!:854!P4O!*8P8!P:!)B7G:97B4!"%PP/:!G7!4!P:!
"7*7! -385'! 4/7)7$! 1:98BP7G4 :! 9/4! ,%75P8! 4B7! 7598B7! %5! -759:%OO8! "7*7! -385'!
4/7)7! !:! B:G:BL! 54OO7! !%7! 'B8GG7! 7! *4P:G7B4$! ,5:3:L! 7! *4P:G7B4! ,%75P8! 4B7! 7598B7! %5!
B7'733:58!4!45GBL!:5!985G7GG8!985!&75<%!/B:$!!
24BG75G8!(!*8OG8!:*)8BG75G4!9/4!,%4!G4!GB4!!7''4334! 45'758!:5G4'B7G4!GB7!O8B8$!$:!)%L!
:5:3:7B4!7!*4P:G7B4+!)8:!!98)B:B4!!/%507G7!4!)8:!757O:337B4!!/%507G7!@!,%4!G8!(!)8!!:":O4!4!
:8! 8'O:8!9/4!O8!97):7G4$!!
!
):! B79985G4BL! %5! )898! P4OO7! *:7! 4!)4B:4537$! ,8! :5!4'58! O7! *4P:G73:854! 7'O:! 899:P45G7O:$!
&8OG:!*:4:!7*:9:!%/4!94!!858!-8BG4*45G4!:5-O%4537G:!P7OO7!9%OG%B7!G:"4G757!4!)45!758!9/4!
!:!P8 B4""4!!!G%P:7B4!)4B!GB45G.755:+!98*4!7"":7*8!-7GG8!58:!*8579:+!)B:*7!P:!:5:3:7B4!7!
*4P:G7B4!4!98!R!985G4!G758!:O!*:8!*4G8P8$!#!*4!585!:*)8BG7$!?7G%B7O*45G4+!585!)8!!8!
P:BO8!98!R+!4!,%:5P:!*:!O:*:G8!7!B:!)85P4B4!9/4!585!!858!!:9%B8!!4!/8!B7':854!8!*458+!585!
!8!)4B9/8!O8!-799:8!@!O8!-799:8!4!"7!G7$!M%4!G7!(!O7!*:7!B:!)8!G7$!
!
,5! G%GG:! 'O:! :5!4'57*45G:! P4OO7! GB7P:3:854! %/4O%')7! GB7!*4!!:! )4B! :7! 8B7O4! :O! 275945!
"7*7!*:8=0:!%/:4OG!45! :454!985!:P4B7G8!98*4!O7!-:'%B7!P:!*7'':8B4!!):998$!&'O:+!:5-7GG:+!
(!:O!*7!!:*8!4!)4BG8!!%OO7!GB7P:3:854!P:!"7*7!-385'!4/7)7$!&'O:!98*)8!4!:O!G4!G8!B7P:94!
!%!*7/7*%PB7+!O7!)B:*7! 8OG7!9/4!,%4!G8!:5!4'57*45G8!-%!*4!!8!)4B!:!9B:GG8$!#O!275945!
"7*7! 7!:O!*4B:G8!P:!7 4B!GB7!9B:GG8!985!)B49:!:854!7!!8O%G7!O7!GB7P:3:854!8B7O4!P:!"7*7!
-385'!4/7)7!4!:5!,%4!G8!G4!G8!9:!:OO%!GB7!:O!*8P8!P:!B:94B97B4!O7!B47O:3373:854!P4OO7!B47OG6!
%5: 4B!7O4!P4OO7!98!9:4537$!
!
,5! *7/7*%PB7! O.45-7!:! )8!G7! !%OO7! *4P:G73:854! (! OQ%5:98! *8P8! P:! )B4!45G7B4! O7! B47OG6!
%5: 4B!7O4!P4OO7!98!9:4537$!?8:!7"":7*8!*4P:G7G8!!:7!:4B:!9/4!O.7OGB8!:4B:+!*7!4B7!P: 4B!8+!
*7/7*%PB7!)854!%57!)7BG:98O7B4!45-7!:!!%OO7!*4P:G73:854!!%OO.8''4GG8!9/4!(!O7!98!9:4537$!
?8B*7O*45G4! O.8''4GG8! P:! *4P:G73:854! 9/4! %G:O:33:7*8! (! OQ:**7':54! P:! 5%PP/7+! P:! %57!
P: :5:G6!8!P:!%57!,%7O!:7!:!B47OG6$!>B7+!54OO.7*":G8!P:!*7/7*%PB7+!9:!-897O:33:7*8!!%OO7!
98!9:4537$!!
! M%4!G7!(!O7!B7':854!)4B!O7!,%7O4!*7/7*%PB7!/7!,%4!G8!58*4$!"7*7!-385'!4/7)7!
)45!8! 9/4! O.7"":7! 985!:P4B7G8! %5! 7))B899:8! !45!:":O4+! P:B4GG8! 4! )7BG:98O7B*45G4!
:*)8BG75G4! )4B! O7! B47O:3373:854! P4OO7! B47OG6! %5: 4B!7O4! P4OO7! 98!9:4537! 4! )4B! 4O:*:57B4!
-79:O*45G4! O7! 985-%!:854! 4! O7! !%)4B!G:3:854$! M%4!G8! (! :O! )%5G8+! 7GGB7 4B!8! O7!
985G4*)O73:854!P4OO7!)B8)B:7!98!9:4537!(!-79:O4!7BB: 7B4!7OO7!B47OG6!%5: 4B!7O4!P4OO7!585X
P%7O:G6+!8!&7/7*%PB7$!!

KE! !
"#!$#%%&''#!(&""#!)#*+,-.!

! M%4!G8+! !4985P8! *4! /7! *8OG8! !45!8! @! B:98BP7G4 :! 9/4! 54OO.8GG:97! "%PP/:!G7! 8'5:!
9:B98!G7537!P4O!!7*!7B7!(!%57!*75:-4!G73:854!P4OO7!98!9:4537$!M%4!G8!(!:O!)%5G8!945GB7O49!
8'5:! -4O:9:G6! 8! O:"4B73:854+! O7! ):J! 7OG7! B47O:3373:854+! !858! *75:-4!G73:85:! P4OO7! 58!GB7!
98!9:4537$!1:98BP7G4 4O8$!!
!
"7!58!GB7! :G7!(!985GB8OO7G7!P7OO7!*45G4$!M%75P8!!8B'4!:O!P4!:P4B:8!P:!75P7B4!:5!!):7'':7+!
:O!)45!:4B8!O4'7G8!7!,%4!G8!P4!:P4B:8!9:!)8BG7!:5!!):7'':7$!28:!)45!:7*8!9/4!-8B!4!O.,5P:7!(!
%5! )8!G8! -75G7!G:98! 4! )7BG:7*8+! :O! )45!:4B8! 9:! )8BG7! :5! ,5P:7$! 28:! '%7BP:7*8! :! O897O:!
58GG%B5:!4!)45!:7*8!9/4!P4""758!4!!4B4!P7 4B8!:*)8BG75G:!)4B!O7!-4O:9:G6!)4B9/8!G%GG7!O7!
'45G4! 9/4! 9.(! P45GB8! !4*"B7! P7 4B8! -4O:94! 4! P:! 985!4'%4537! ,%4!G7! *45G4! 9/4! !:!
7''B7))7! :!)8BG7!:5!,%4:!)8!G:$!"7! 8!GB7! :G7!(!985GB8OO7G7!P7:!)45!:4B:!8!98594GG:!P4O!
P4!:P4B:8! 8! P4OO.8P:8$! M%4!G7! (! O7! B7':854+! B:98BP7G4+! )4B! O7! ,%7O4! :O! 'B75P4! 08':!
$/75G:P4 7! P:!!4! 9/4! OO7! *45G4! (! 98*4! %5! 4O4-75G4! :*)733:G8$! "7! )4B!857! 9/4! P4 4!
'4!G:B4!%5!4O4-75G4!:*)733:G8!O8!)%L!O7!9:7B4!75P7B4!,%75P8!!:!98*)8BG7!"454!*7!7))457!
P6!!4'5:!P:!!,%:O:"B:8!54!P4 4!!%":G8!B:)B45P4B4!:O!985GB8OO8P$!24B!58:!(!*8OG8!:*)8BG75G4!
7 4B4!:O!985GB8OO8! P4OO7! *45G4! ):%GG8!G8! 9/4! O7!9:7B!:!985GB8OO7B4! P7! %57! *45G4! :5! )B4P7!
7OO4!7--O:3:85:$!-%GG8!!G7!54O!985GB8OO8!4P!(!)4B!,%4!G8!9/4!7!!%*4B4!O7!)B8)B:7!98!9:4537!
98*4! 8''4GG8! P:! *4P:G73:854! B7))B4!45G7! OQ7))B899:8! !GB78BP:57B:8! P4OO7! GB7P:3:854!
%/4O%')7+!O7!GB7P:3:854!&7/7*%PB7!P:!"7*7!-385'!4/7)7$!!
!
?4O! G4!G8! B7P:94! P4O! 275945! "7*7! (! !):4'7G8! 9/4! )B:*7! ":!8'57! *4P:G7B4! 4! )8:! 94B97B4!
*7/7*%PB7$!24B!,%4!G7!B7':854!:8!P:98!9/4!'O:!899:P45G7O:!585!P8 B4""4B8!)45!7B4!9/4!!
":!8'57! !G%P:7B4! )4B! 45G:! 8! GB45G.755:! )B:*7! P:! )B7G:97B4! O7! *4P:G73:854$! *85! ,%4!G8!
7))B899:8!7OO8B7!585!:5:3:4B4G4!*7:!7!*4P:G7B4!)4B9/8!!4!G%GG8!!:!B:P%94!!8O7*45G4!7!%5!
4!4B9:3:8! :5G4OO4GG%7O4! 585! 9:! !7B6! 54!!%57! GB7!-8B*73:854! 4! 54!!%57! 9B4!9:G7! @! (! 98*4!
!G%P:7B4! !%:! O:"B:9! !:4G4! !4)7B7G:! P7OO7! *7G4B:7$! 24B! ,%4!G7! B7':854! 7!98OG7G4+! 94B97G4! P:!
757O:337B4!G%GG8!9:L!9/4! :! :454!:5!4'57G8+!94B97G4!P:!985945GB7B :!@!:5G4'B7G4!,%4!G4!GB4!
P:!9:)O:54$!!
! )4P4G4+! !4! ,%7O9%58! *:! P8 4!!4! P:B4! 9/4! :8! P4 8! !G%P:7B4! )4B! :! )B8!!:*:!
,%7B75G.755:!)B:*7!P:!)8G4B!:5:3:7B4!7!*4P:G7B4+!O7!*:7!*45G4!!%)4B!G:3:8!7!)45!4B4""49!
799:P45G:+!P4 Q4!!4B4!9/4!O%:!585!/7!*4P:G7G8!)4B!,%7B75G.755:+!(!!8B)B45P45G4$!#OO8B7!:5!
,%4!G8! *8P8! *4GG8! :5! *8G8! O7! *:7! *45G4! 54'7G: 7$! #O9%5:! !G%P45G:! 98*)B45P858!
P7 4B8! :5! ,%4!G8! *8P8$! $4! :8! P:94!!:! 9/4! 54OO7! GB7P:3:854! 47'0%! O7! *4P:G73:854! (! O7!
)B7G:97!)B:59:)7O4!)4B!B7'':%5'4B4!*7/7*%PB7!8!!/%507G7!4!9/4!:5 494!54OO7!GB7P:3:854!
%/4O%')7!O7!*4P:G73:854!585!(!:*)8BG75G4!4!9/4!O8!!G%P:8!(!O7!9/:7 4!P:!G%GG8!9:!!7B4""4!
P4OO7!985-%!:854!4!,%7O9%58+!759/4!:5!,%4!G7!!G4!!7!!G7537!)8GB4""4!B:*754B4!!":'8GG:G8$!!
!
(8 4G4!97):B4!9/4!,%4!G4!:P44!4BB7G4!585!57!9858!!8O8!:5!%57!98*%5:G6!899:P45G7O4+!*7!
54O!-:"4G!!G4!!8$!?85!57!9858!98*4!!4!-8!!4B8!-%5'/:!*7!!858!:O!-B%GG8!P:!%57!4 8O%3:854!
P4O! )45!:4B8$! -7O:! :P44! /7558! )8BG7G8! *8OG:! P4:! *:4:! !G4!!:! !G%P45G:! 7! P:B*:! 9/4! O4!
GB7P:3:85:! 47'0%)7! 4! ?0:5'*7)7! 45-7G:33758! O7! )B7G:97! G75GB:97! *45GB4! O7! !9%8O7!
%/4O%')7! 585! /7! 7O9%57! )B7G:97! G75GB:97! @! ,%4!G8! (! :O! O: 4OO8! P:! -B7:5G45P:*45G8! 9/4! !:!
)%L!B7'':%5'4B4$!
!

! KK!
#""#!$*>2&1-#!(&"!5+((N,$&>!

,55753:G%GG8!":!8'57!P:B4!O7!*7'':8B!)7BG4!P4OO4!8)4B4!P:!"7*7!-385'!4/7)7!B:'%7BP758!
:O! G75GB7+! :! !8''4GG:! B4O7G: :! 7O! G75GB7! !858! P:! ):J! P4:! !8''4GG:! B4O7G: :! 7O! !%GB7! @! "7!G7!
75P7B4! 7! 4B:-:97B4$! *8*%5,%4! !:7! 585! (! ,%4!G8! O.7B'8*45G8! P:! 8'':+! (! !G7G7! %57! "B4 4!
P:'B4!!:854$! ?85! !G8! 7--4B*75P8! 9/4! O7! GB7P:3:854! %/4O%')7! !:7! O7! *:'O:8B4+! )45!8!
P7 4B8! 9/4! G%GG4! 985G45'758! O.:5G4B8! !45G:4B8! 4! O4! )85'8! !%OO8! !G4!!8! ):758$! >B7!
G8B5:7*8!7OO.7B'8*45G8!)B:59:)7O4$!
!
2B:*7!P:!G%GG8!P8"":7*8!98*)B45P4B4!O7!57G%B7!P4OO7!98!9:4537$!?4OO.8GG:97!"%PP/:!G7+!
O7!)B:59:)7O4!97B7GG4B:!G:97!P4OO7!98!9:4537!(!O7!!%7!57G%B7!9/:7B7!4!O:*):P7+!O7!57G%B7!P:!
9/:7B7! O%94$! ?8:! O7! 9/:7*:7*8! O"+,! "92%3! *237$P! P8 4! O"+,P! !:'5:-:97! O9/:7B8P! 4! O*237$P!
!:'5:-:97! O 4P4B4P$! ,5! ,%4!G8! *8P8! !4! O7! 98!9:4537! 585! (! O:*):P7+! *7! B:98)4BG7! P7OO7!
)8O 4B4! 585! (! :5! 'B7P8! P:! B:-O4GG4B4! 5%OO7$! "7! 98!9:4537! B:-O4GG4! O7! B47OG6+! O7! B47OG6!
!45!8B:7O4$! 24B! ,%4!G7! B7':854! 54OO.8GG:97! G:"4G757! O7! 98!9:4537! /7! %57! 57G%B7! 9/:7B7! 4!
O:*):P7!98*4!%5!9B:!G7OO8+!98*4!%58!!)499/:8!9/4!)4B94):!94!O7!B47OG6!4!O7!B:-O4GG4+!,%4!G7!
(!O7!!%7!97B7GG4B:!G:97$!!
! #!,%4!G8!)%5G8!)8GB4!G4!9/:4P4B :!98*4!*7:!!4!O7!98!9:4537!(!)4B!57G%B7!9/:7B7!4!
O:*):P7+!(!)8!!:":O4!7 4B4!O7!*45G4!7--O:GG7K!"7!B:!)8!G7!(!9/4!759/4!O7!*45G4!7--O:GG7!9/4!
98594):!94! OQ7!)4GG8! 4!!453:7O4! P4OOQ7--O:3:854! )8!!:4P4! 98*%5,%4! O7! 57G%B7! 9/:7B7! 9/4! O4!
)4B*4GG4!P:!)4B94):B4+!-:58!7P!%5!94BG8!)%5G8+!O7!)B8:43:854$!28!!:7*8!)45!7B4!7!,%7O98!7!
P:! !:*:O4! 7OO.79,%7! 9/4! "8OO4$! M%75P8! O.79,%7! "8OO4! 9.(! *8OG7! G%B"8O4537+! *7!
9:85858!G75G4!O.454B':7!P4OO.79,%7!/7!%57!57G%B7!9/:7B7!4!O:*):P7$!-%GG7 :7!7O!*8*45G8!
P4OO.4"8OO:3:854!)4B! :7!P4OO7!)B4!!:854+!P4'O:!!G:*8O:!B:94 %G:+!O7!985P:3:854!!:!P4G4B:8B7$!!
! M%:5P:! G%GG4! O4! 7--O:3:85:+! :! 98594GG:+! G%GG:! :! P4!:P4B:! 8! O.8P:8+! 7! 97%!7! P4OO7!
98*)O:973:854!P%7O:!G:97+!G%GG8!!4*"B7!4!!4B4!GB7 8O'45G4!)B8)B:8!98*4!O.79,%7!9/4!"8OO4$!
".79,%7! :5! 4"8OO:3:854! (! %5! 8GG:*8! 4!4*):8$! -%GG7 :7! !4! O:! 8!!4B :7*8! 58G:7*8! 9/4! :O!
97B7GG4B4!:5P: :P%7O4+!O7!57G%B7!P:!9:7!9%5!-7GG8B4!(!9/:7B7!4!O:*):P7!):J!P4O!9B:!G7OO8$!24B!
,%4!G7! B7':854! P.8B7! :5! )8:! *4GG4B4*8! *8OG7! ):J! 45-7!:! !%OO7! *4P:G73:854+! O7!
985G4*)O73:854!P4OO7!98!9:4537!8!P4O!)45!:4B8$!"7!57G%B7!P4O!)45!:4B8!(!O7!98!9:4537$!
!
24B!8B7!:O!*:8!985!:'O:8!(!:O!!4'%45G49!7O!*7GG:58!4!4'%:G4!O7!*4P:G73:854!P4O!%%B%!08'7!P:!
5%PP/7!$/7=07*%5:+!)8:!OQ7!!8B":*45G8!4!OQ%5:-:973:854!P:!!4!!G4!!:!985!5%PP/7!4!:5-:54!
985G4*)O7G4!,%4!G7!4!)4B:4537!%5:-:97G7!P4O!)45!:4B8!8!98!9:4537$!
!
)4P4G4+!O7!98!9:4537! 585!)8!!:4P4! %57! !8!G753:7O4! 454B':7! -:!:97$! ?85!/7! 98O8B4+! 585!/7!
-8B*7+! (! 98*4! O8! !)73:8$! "7! !%7! 57G%B7! (! O7! 57G%B7! P4OO7! 585XP%7O:G6+! O7! 57G%B7! P4OO7!
*7597537! P:! 4!:!G4537! :5P:)45P45G4$! ,5! ,%7O9/4! *8P8+! B:!)4GG8! 7OOQ4!)4B:4537+! O7!
*4P:G73:854! !%OO7! 98!9:4537! (! !:*:O4! 7OO.4!)4B:4537! P:! *7/7*%PB7+! )4B! ,%4!G8! 985P%94!
-79:O*45G4! 7! ! *7/7*%PB7+! O7! B47OG6! %5: 4B!7O4$! ! 24B! ,%4!G8! ! 7OO.:5:3:8! 9:! !:! 7 :9:57!
*4P:75G4!O7!985945GB73:854!!%OO7!)B8)B:7!98!9:4537$!
!
28GB4""4! !8B'4B4! O7! P8*75P79! O-%+! *85798+! 9:! P:9:! 9/4! 58:! 899:P45G7O:! P8"":7*8!
*4P:G7B4!!%OO7!*45G4+!!%OO7!98!9:4537+!*7!58:!585!9858!9:7*8!O7!*45G4$!(:!98!7!!G:7*8!
)7BO75P8K! M%4!G7! (! O7! B7':854! )4B! O7! ,%7O4! 45:7*8! ,%:! )4B! *4P:G7B4$P! O$4*"B7! 9/4!
,%4!G8! *85798! 7"":7! %5.4BB7G7! 985943:854! P:! 98*4! !G7558! O4! 98!49! )45!7! 9/4! 58:!
7"":7*8!97):G8!98!.(!O7!98!9:4537!98!R!P7!)8G4B9:!*4P:G7B4!!8)B7P$!"7!B:!)8!G7!(!!4*)O:94+!

KC! !
"#!$#%%&''#!(&""#!)#*+,-.!

!4!!8B'4!,%4!G7!P8*75P7!985G4*)O7G4!O7! :!:854!P4O! 8!GB8!)45!:4B8+!P4O! 8!GB8!*8P8!P:!


98594GG%7O:337B4$!?8B*7O*45G4!,%75P8!O7!'%7BP8!O7!*:7!*45G4!(!:*)4'57G7$!*7):G4+!:8!
585!8!!4B 8!*7:!O7! :!:854!P4OO7!*:7!*45G4$!$858!!4*)B4!:*)4'57G8!4!94B98!P:!-7B4!%57!
!)49:4!P:!G8BG7!7O!-8B*7'':8!P:!4!!7$!
!
"7! *4G8P8O8':7! P4O! *7/7*%PB7! P:! )8BB4! O7! 985945GB73:854! !%OO7! )B8)B:7! 98!9:4537!
)B4 4P4!9/4!)B:*7!P:!G%GG8!!:!985G4*)O:!O7! :!:854!P4O!)B8)B:8!)45!:4B8$!!
!
"7! :!:854!P4O!)B8)B:8!)45!:4B8!(!)7B7'857":O4!7OO7! :!:854!P4:!B7'':!P4O!!8O4U!98*4!B7'':!
9/4! '%:33758! P7! 9:7!9%58! P:! 58:+! G%GG4! O4! :!:85:+! 4BB7G4! 8! 98BB4GG4+! !:! *75:-4!G758! P7OO7!
98!9:4537+!:5!%5!*8P8!P4O!G%GG8!B4O73:857G8+!:5G4BP:)45P45G4$!!
!
?85!:*)8BG7!!4!!:!GB7GG7!P:!%57! :!:854!9/:7B7!8!585!9/:7B7+!585!:*)8BG7+!985G4*)O7G4O7!!
!4*)O:94*45G4+!)B8)B:8!OR$!
!
,5!,%7O9/4!*8P8+!)B:*7!P:!985G4*)O7B4+!P8 4G4!45GB7B4!:5!985G7GG8!985!:! 8!GB:!)45!:4B:$!
"8!!7)4G4!98*4!-7B4+!4--4GG: 7*45G4+!O8!!7)4G4$!2B:*7!P:!G%GG8!!:!)B7G:97!O7!*4P:G73:854!
!%O!B4!):B8+!:O!*4G8P8!)4B!54%GB7O:337B4$!"7!*45G4!P: 45G7!54%GB7!4!585!G75G8!4!GB4*7!8!
P:!G%B"7G7!P7OO4!4*83:85:$!,5!,%4!G8!*8P8!!:!7BB: 7!7OO7!!%7!57G%B7!)%O:G7!4!9/:7B7+!)B: 7!
P:!4*83:85:!P:!G%B"75G:$!!
!
M%75P8! 7 4G4! B7'':%5G8! O8! !G7G8! P:! 9/:7B4337! P:*8B7G4! :5! 4!!8! !4537! 98594GG%7O:337B4!
,%75G8!!:7!"4OO8!8!-75G7!G:98!4!!4B4!:5!,%4!G8!!G7G8$!1:*754G4!!4*)O:94*45G4!OR$!M%4!G7!
97B7GG4B:!G:97! %5:97! P4OO7! &7/7*%PB7! (! O7! *4P:G73:854! !%OO7! 98!9:4537! @! O7! *45G4! (!
985!7)4 8O4!P:!,%7O%5,%4!*8 :*45G8!*45G7O4$!
!
! &75G454G4! O7! 985!7)4 8O4337! 985G:5%7*45G4$! *8*%5,%4! !:7+! ,%4!G7! (! O7!
*4P:G73:854!4!585!94B97B4!P:!8GG454B4!G7O4!)%B7!4!9/:7B7!57G%B7!8!P:!B45P4B4!):J! : 794!O7!
57G%B7!9/:7B7$!$4!8GG454G4!,%7O98!7+!B4!G7G4!!%OOQ8''4GG8!!4*)O:94*45G4!O7!9:75P8!75P7B4+!
B4!G75P8!985!O7!*45G4!B:O7!!7G7!4!!G7":O:337G7$!$4!O8!B45P4G4!GB8))8!:5G45!8+!GB8))8! : 794!
O8! )4BP4G4$! ?%8 7*45G4! 7BB: 7! O7! P:!GB73:854$! (8 4G4! ! :O%))7B4! 7":O:G6! )4B! 7))O:97B4!
454B':7! 4! !-8B38! 54OO7! ':%!G7! *:!%B7$! 24B! 7 4B4! 9/:7B4337! P8 4G4! B4'8O7B :! *4P:75G4! O7!
8!GB7!4!)4B:4537$!!
!
!?4O! 97!8! :5! 9%:! )4B94):G4! P4:! !4'5:! P:! G8B)8B4+! B45P4G4! O7! *45G4! ):J! : :P7+! ):J! 9/:7B7$!
M%75P8! (! !%--:9:45G4! !:! O7!9:7! 75P7B4+! O7!9:7G4! 75P7B4$! &! 759/4! ,%75P8! 7BB: 7! O7!
P:!GB73:854+!7OO8!!G4!!8!*8P8!585!!:7G4!G%B"7G:!4!585! :!8))854G4$!1:9858!94G4!9/4!759/4!
,%4OO7!(!%57!*75:-4!G73:854!P4OO7!98!9:4537$!
!
&75G454G4!985G:5%7*45G4!O7!985!7)4 8O4337+!OQ7GG453:854!*45G7O4$!1:!)4GG8!7!,%7O%5,%4!
98!7!!)4B:*45G7G4+!!:4G4!98*4!O7!O%57!):457$!"7! 8!GB7!98!9:4537!!:7!98*4!O7!O%57!):457$!
!
$%! ,%4!G7! G4BB7! O4! )4B!854+! :! )4!9:+! O4! '7OO:54+! 'O:! 7O"4B:! !858! G%GG4! 98!4! -%53:8575G:+! P4:!
98*)O4!!:! 8B'75:9:! :5! -%53:857*45G8! 985G:5%8+! G%GG7 :7! O7! O%57! ):457! 585! /7! )45!:4B8+!
)%5G8!P:! :!G7!98594GG%7O4+!585!)45!7!7!,%4!G8!8!7!,%4OO8$!?8$!

! K#!
#""#!$*>2&1-#!(&"!5+((N,$&>!

!
! #OO8!!G4!!8!*8P8!O7! 8!GB7!985!7)4 8O4337!8!:5G45!7!)B4!4537!*45G7O4!B:*754!G7O4+!
:59%B75G4! P4'O:! 4O4*45G:! P:! P:!GB73:854! 9/4! 7558! 4! 45'858$! M%4!G:! 4O4*45G:! 585! !858!
):J! B:O4 75G:+! 585! !858! ):J! :5! 'B7P8! P:! 499:G7B4+! P:! P:!GB7BB4! O7! *45G4+! 9/4! 985G:5%7! 7!
P:*8B7B4! :5! %57! )B8-85P7! 985!7)4 8O4337$! #59/4! !4! !8B'4! %5! )45!:4B8! P:!G%B"75G4!
4!7*:57G4!O.7!)4GG8!4!!453:7O4!P:!G7O4!)45!:4B8+!8!!4B 7G4!9/4!O7!!%7!57G%B7!(!98*%5,%4!O7!
57G%B7! 9/:7B7! 4! O:*):P7! P4OO7! 98!9:4537+! 585! (! 4B8K! M%:5P:! !4! 7BB: 7! ,%7O9/4! )45!:4B8!
7--O:GG8! 8! !%)4B!G:3:8!8+! :5 494! P:! B4!):5'4BO8+! '%7BP7G4O8+! )454GB7G4! 54OO.7!)4GG8!
4!!453:7O4!9/4!/7!O7!97B7GG4B:!G:97!P4OO.7--O:3:854$!!
!
&.!!:*:O4!7!%5.85P7!P4OO.894758$!+5Q85P7!P4OO.894758!!:!*75:-4!G7!P7OO.894758+!4!B:G8B57!
7OO.894758$!M%75P8!O.894758!P: 45G7!85P8!8!P:9:7*8!9/4!9.(!%5!)898!P:!G%B"8O4537+! 4B8K!
24BL! ,%75P8! OQ85P7! B:G8B57! P:! 5%8 8! 54OO.894758! 585! 9Q(! ):J! P:--4B4537$! &.! 7OO8! !G4!!8!
*8P8!)4B!:O!)45!:4B8!8!O7!)B8:43:854!7--O:GG7$!
!
+5! 7OGB8! "%85! 4!4*):8! (! O8! !)73:8$! M%75P8! ):8 4! O8!!)73:8! 585! (! )4B! 5%OO7! P:!G%B"7G8$!
-%GG7!O7!):8'':7!9/4!97P4!(!98*%5,%4!)7BG4!P4OO8!!)73:8$!".454B':7!P4OO7!):8'':7!(!)7BG4!
P4OO8!!)73:8+! 4B8K!M%75P8!58:!9:!*%8 :7*8!!:7*8!%5!)898!P:!G%B"7G:$!28:!,%4OO.454B':7!
!:!79,%:4G7!4!)79:-:97!5%8 7*45G4$!"7!):8'':7!(!!:*:O4!7OO4!58!GB4!!%)4B!G:3:85:$!"4!58!GB4!
)B8:43:85:! *45G7O:! !858! !:*:O:! 7OO7! ):8'':7U! ,%75P8! !858! :5! *8 :*45G8+! :5! -%53:854+!
:BB:G758!%5!)898+!G%GG7 :7!O7!O8B8!57G%B7!(!585XP%7O4+!(!7598B7!O7!57G%B7!8B:':57O4$!!
!
*8*%5,%4! O.4!!4537+! O7! 57G%B7! 4!!453:7O4! P4OO7! *45G4! 8! P4O! )45!:4B8! 8! P4OO7! 98!9:4537!
!4985P8! O7! :!:854! "%PP/:!G7! (! )%B7$! ?85! P8"":7*8! 4!!4B4! G%B"7G:+! 58:! G%GG:+! 98*4!
&7:GB407+!7"":7*8!:O!)8G453:7O4!P:!%5!5%PP/7$!!
!
+5!7OGB8!"%85!4!4*):8!S4!)8!G8!P7!&7:GB407!54OOQJ*%$4+%).!7+*!,$!-92$*$!<+$,211$12.%+T!(!
,%4OO8!P:!%57!*:5:4B7!P.8B8$!&7:GB407!P:94!9/4!759/4!!4!9.(!P4OO.8B8!54O!-75'8!O7!57G%B7!P:!
,%4OO.8B8!585!(!-75'8!7+/7!%57!97B7GG4B:!G:97!P: 4B!7$!".7!)4GG8!4!!453:7O4!P4OO.8B8!585!(!
,%4OO8! P4OO.79,%7! -75'8!7! !4""454! P7O! )%5G8! P:! :!G7! 7*":45G7O4! 4!!8! !G:7! :5! %57!
985P:3:854! P:! 79,%7! -75'8!7$! ,5! *8P8! !:*:O4+! P:94! &7:GB407+!4! O7! *45G4! (! :9:57! 8!
7!!89:7G7! 985! O.454B':7! 54'7G: 7+! O8! (! P7! %5! )%5G8! P:! :!G7! B4O7G: 8+*7! O7! 97B7GG4B:!G:97!
P4OO7! *45G4! 585! (! O7! 97B7GG4B:!G:97! 54'7G: 7$! *8*4! 54OOQ757O8':7! 9:L! 9/4! 97B7GG4B:337!
O.79,%7!!)8B97!585!(!9:L!9/4!97B7GG4B:337!O.8B8$!M%4!G8!:5G45P8!7!)B8)8!:G8!P4O!)%5G8!P:!
:!G7! B4O7G: 8$! 24B! 9:L! 9/4! B:'%7BP7! O7! ,%7O:G6! 7!!8O%G7! P:! 585XP%7O:G6! P4OO7! 98!9:4537+!
57G%B7O*45G4+! 585! 4!:!G4! P:!9%!!:854! !4! !:7! )%B7! 8! *458$! Z! 7!!8O%G7*45G4! )%B7$! ?85!
)8!!:4P4! 54!!%5! !4'58! 8! 98594GG8! :5! !4! !G4!!7$! ?85! /7! 54!!%5! !4'58! P4OO7! 57G%B7!
98*)O4!!7!P4OOQ4'8$!?8$!
!!
(8"":7*8! P:!G:5'%4B4! :O! B4O7G: 8! 4! OQ7!!8O%G8$! &5GB7*":! :! *8P:$! ,O! 5%PP/:!*8! 7--4B*7!
9/4!7"":7*8!%57!98!9:4537!%*757!9/4!(!)%B7$!!
!
M%75P8! 79,%:!:G4! 759/4! O7! 985945GB73:854+! :5! ,%7O9/4! *8P8! !:4G4! !8PP:!-7GG:! )4B! O7!
985945GB73:854! 54OO7! 8!GB7! 98!9:4537$! ?4O! *8*45G8! :5! 9%:! ! !)4B:*45G7G4! O7!
985945GB73:854!985!!8PP:!-73:854+!7OO8B7!7))O:97G4!%5!)8.!P:!!7''4337!757O:G:97$!

CW! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
,5945GB:7*8! O.8!!4B 73:854! !%O! *8P8! :5! 9%:! O.4'8! )4B94):!94! O7! :!:854! P%7O:!G:97$!!
&75G45:7*89:!985!7)4 8O:!4!54OO8!!G4!!8!*8*45G8!!%!:7*8!O7!*45G4!!8GG:O4!)4B!O7!B:94B97!
757O:G:97$!
!
&!7*:57G4!O7!)4B943:854!P4OO.4'8+!OQ4'8!4!:!G4!8!58K!)4B:-:97G4$!-B8 4B4G4!5%8 7*45G4!9/4!
7 :454! ! 98*4! %5! )B894!!8! 7%G8*7G:98+! ,%75P8! !G7G4! 94B975P8! 4! :5 4!G:'75P8! ,%4!G7!
!8BG7!P:!45G:G6!9859B4G7+!-:5:B6!57G%B7O*45G4!985!O8!!98*)7B:B4$!?85!!:!)B4!45G7+!585!!:!
)B4!45G7! ):J+98!R! 7OO8! !G4!!8! *8*45G8! :5! 9%:! !)4B:*45G7G4! O7! 585! P%7O:G6+! )8G4G4!
!)4B:*45G7G4!*7/7*%PB7$!
!
M%:5P:! 54OO7! GB7P:3:854! *7/7*%PB7! P:! "7*7! -385'! 4/7)7! %5:-:97G4! O7! 57G%B7!
:5P:!GB%GG:":O4! P4OO7! *4P:G73:854! !%OO7! 98!9:4537! 4! )8BG7G4! O7! !7''4337! !8GG:O4! 7P!
757O:337B4!O7! :!:854!P%7O:!G:97$!
!
M%4!G8! (! :O! *8P8! )4B! ! :O%))7B4! :)7!!757$! ,! G:"4G75:! O8! 9/:7*758! O,$3! ).%3P$! 5$3!
!:'5:-:97! !%)4B:8B4+! ).%3! !:'5:-:97! :!:854$! $:! )%L! :5G4B)B4G7B4! :5! ,%4!G8! *8P8! 9/4! 98!7!
!:'5:-:97! !%)4B:8B49! 58:! 4P:7*8! O7! 4B:G6! 985 453:857O4! *7+! ,%75P8! 8GG45:7*8!
:)7!!757+! 7997P4! 9/4! 4P:7*8! O7! B47OG6! %5: 4B!7O4! P4OO7! *7/7*%PB7$! *:L! 9/4! !G8!
P:945P8! (! 9/4! 7))O:9/:7*8! O7! 985945GB73:854! !%OO7! 58!GB7! !G4!!7! 98!9:4537$! 2B8 7G4! 7!
! :O%))7B4! ,%4!G8+! (! :O! )%5G8! ):J! :*)8BG75G4$! ?85! (! ,%7O98!7! 9/4! )8!!8! P:B4! 7! )7B8O4+!
,%4!G8+! ,%4OO8[! >'5:! 8OG7! 9/4! )B8 7G4! ,%7O98!7! P4O! G:)8! O"7! 985945GB73:854! (!
4B7*45G4!!8PP:!-7945G4P+!7OO8B7!%!7G4!O7!!8GG:O4!!7''4337!757O:G:97!)4B!757O:337B4!P8 .(!
O7! :!:854! 4BB7G7$! M%75P8! 58! !:4G4! ):J! !8PP:!-7GG:! P4OO7! 985945GB73:854+! 7))457! )898!
P8)8+!-4B*7G4!O7!B:94B97!757O:G:97!4!:5G4OO4GG%7O4$!
!
18B!4!)4B!:O!*8*45G8!(!7""7!G7537$!28G4G4!-7B4!,%7O9/4!P8*75P7$!
!
69! ,%75P8! 8!!4B :7*8! O7! 98!9:4537+! P8 B4**8! 8!!4B 7B4! O7! )4B943:854! 9/4! 8!!4B 7! :O!
)45!:4B8!8!P8 B4**8!8!!4B 7B4!O7!)4B943:854!P4O!)45!:4B8K!
,-.--! >GG:*7! P8*75P7$! (8 B4!G4! 8!!4B 7B4! 45GB7*"49! O7! )4B943:854! 4! O7! :!:854! P4OO7!
)4B943:854$! 24B! 4!4*):8+! !4! :8! :! 8!!4B 8! 985! O7! *:7! *45G4+! ,%4OO8! 9/4! P8 B4:! -7B4! (!
8!!4B 7B4! :O! *8P8! :5!9%:! /8!:!98594GG:! !%! P:! 8:! 4!O7! :!:854! P4:!*:4:!98594GG:! ,%75P8! :!
'%7BP8$!&:!!):4'8!*4'O:8$!M%75P8! :!'%7BP8!!8B'4!%5!98594GG8!8!%57!)4B943:854!9/4!*:!
P:94! 9/4! 8:! !:4G4! ,%4!G8$! M%:5P:! :8! P4 8! 4B:-:97B4! :O! *8P8! :5! 9%:! /8! :! 98594GG:+! !4! O7!
)4B943:854!(!98BB4GG7!8!58$!?85!(!98BB4GG7$!,!*:4:!98594GG:!9B4P858!54OO.45G:G6!P%7O:!G:97!
P:! 8:! 4! 9Q(! 759/4! O7! )4B943:854! P%7O:!G:97$! M%:5P:! P8 B4:! 8!!4B 7B4! ,%4!G7! :!:854+!
8!!4B 7B4! O7! *:7! )4B943:854! 4! :O! *8P8! P:! 985!:P4B7B4! :! 98594GG:! 98*4! 4!:!G45G:$! M%4!G8!
P8"":7*8! 4B:-:97B4$!
!
69! $4! ,%75P8! 8!!4B :! O7! G%7! *45G4+! :O! G%8! )45!:4B8+! 8'5:! 98!7! !)7B:!94+! 7! ,%4O! )%5G8! !:!
GB7GG7!P:!P:!GB73:854!8!!4:!!%OO7!!GB7P7!':%!G7K!
,-.--9! )7! "454$! M%4!G8! (! 9:L! 9/4! !:! !)4B:*45G7$! M%75P8! :O! )45!:4B8+! ,%4O! 98594GG8!
!)7B:!94!4!759/4!O.8''4GG8!!)7B:!94+!!:'5:-:97!9/4!8''4GG8!4!!8''4GG8!4B758!:5G4BP:)45P45G:$!
#! ,%4O! )%5G8! !)4B:*45G7G4! O7! 585XP%7O:G6! )4B9/8! G%GG8! (! 98OO7!!7G8+! :O! &85G4! &4B%! P4O!

! C>!
#""#!$*>2&1-#!(&"!5+((N,$&>!

*75P7O7! P4O! )45!:4B8! P%7O:!G:98! 585! B4''4$! M%:5P:! ,%75P8! !)4B:*45G7G4! 9:L+! P:! 5%8 8!
585! 9.(! 98594GG8$! ?4O! *8*45G8! P4OO.4!)4B:4537! 97P4! ,%4!G8! 'B7 8!8! -7BP4OO8$! $:! B:G:B7! 4!
O:"4B7!O7!*45G4+!O7!9:7G4 :!75P7B4!:5!,%4OO8!!G7G8$!!
!
69!$4!,%4OO8!9/4!)4B94):7*8!(!%5!B:-O4!!8!P4OO7!58!GB7!98!9:4537+!5%PP/7!585!P8 B4""4!
)4B94):B4!5:45G.7OGB8!9/4!9/:7B7!O%94K!
,-.--! $:! )%L! !):4'7B4! 98!R9! ,%75P8! )4B94):7*8+! )4B94):7*8! :5! 7998BP8! 7OO4! 58!GB4!
)B4P:!)8!:3:85:!=7B*:9/4!O7!9%:!B7P:94!(!O.4'8$!&7!,%75P8!5%PP/7! 4P4!O7!B47OG6!8!,%4!G7!
4!:!G4537+!585!9.(!%5!B:! 4'O:8!P:!!4*:!=7B*:9:!B:!)4GG8!7O! 4P4B4!:!-458*45:!8BP:57B:$!&.!
!:*:O4!7O!*8P8!:5!9%:! 4P4G4!,%75P8!'%7BP7G4!O7!G4O4 :!:854$!&.!%5! 4P4B4!4!7GG7*45G4!:O!
*8P8!:5!9%:! 4P4!O7!*45G4!9/4!8)4B7!:5!*8P8!P%7O:!G:98$!"7!B47OG6!985 453:857O4!(!!8O8!:O!
*8P8! :5!9%:! -%53:857+! (!:O! ':898! P%7O:!G:98$! *8!R!5%PP/7! 4P4!:5!"7!4! 7O!*8P8! :5!9%:!O4!
7OGB4! *45G:+! 985 453:857O:+!)B8:4GG758$! 24B! O%:!585!(! ):J! 4B8U!)4B! *4! 8! )4B! 8:!(! 4B8+!!
)4B9/8!/8!%5!98594GG8!9859B4G8!P:! 8:$!24B!5%PP/7!585!!:4G4! 4B:$!&.!7""7!G7537!9/:7B8K!
!
28!!8! B:!)85P4B4! 759/4! :5! %5! 7OGB8! *8P89! 5%PP/7! 4P4! O7! 4B:G6! %5: 4B!7O4! P:!
*7/7*%PB7! P45GB8! P:! 8:+! )4BG75G8! 8:! -8B!4! !:4G4! 98*4! %5! 7G8*8$! +5! 7G8*8! 9/4! !:!
!)8!G7!P7!!)73:8!7!!)73:8$!(7!585XP%7O:G6!7!585XP%7O:G6$!*7):G4!98!7!:5G45P8K!?85!7 4G4!
):J!%5!)8G453:7O4!P%7O:!G:98!)4B!O%:$!
1:98BP7G4! :O! *:8! 4!4*):8! !%OO4! 85P4+! O4! 85P4! P4OO.894758$! M%75P8! 8!!4B 7G4! O.894758!
%5: 4B!7O4! P4OO.454B':7! (! 7598B7! %5! 894758$! 24B! 5%PP/7! (! !:*:O4$! ?85! (! %5! 'B8!!8!
:*)4'58!)4B!O7!*45G4!P:!5%PP/7$!!
!
69!N7:!)7BO7G8!P:!%57!985945GB73:854!!8PP:!-7945G4$!M%75P8!!:!*75:-4!G7K!
,-.--9! &.! O7! G%7! 4!)4B:4537$! -%! O8! !45G:$! ?85! )8!!8! ':%P:97BO8! )4B! G4$! ?7G%B7O*45G4! 7!
O: 4OO8! :5G4OO4GG%7O4! )8!!8! P:B49! ,%75P8! P8 B4!G:! 4!!4B4! !8PP:!-7GG8$! 18B!4! ,%75P8! O7! G%7!
98!9:4537! (! )B: 7! P:! P:!GB73:85:! 4*8G: 4! )4B! 7O*458! P%4! *:5%G:+! 585! (! %57! 98!7!
49943:857O4K!,8!P:98!9/4!(!49943:857O4$!,5!,%4O!*8*45G8!P8 B4!G:!4!!4B4!!8PP:!-7GG8+!585!
)45!7B49! O$8O8! P%4! *:5%G:+! 7777'/$! (8 B4:! 7 4B4! O7! 985945GB73:854! )4B! 45G:,%7GGB8!
8B4$P!?85!7--4BB7BG:+!)8:9/8!7OO8B7!)4BP4B7:!G%GG8$!,5!,%4O!*8*45G8!!::!!8PP:!-7GG8$!
! "7! G%7! !7''4337! !8GG:O4! !:! *%8 4! 98*4! %5! )4!94! !4537! P:!G%B"7B4! O.894758$!
#OO.:5:3:8!!4*"B7!9/4!!:7!:O!98594GG8!9/4!O7! :!:854!P4O!98594GG8!)8!!:4P758!%57!!8BG7!P:!
4!:!G4537+! 9/4! )8:! ':%5G:! 7P! %5! 94BG8! )%5G8! !:! P:!!8O 4$! ".4!)4B:4537! (! ,%4OO7! 9/4! !:7! :O!
!8''4GG8!9/4!O.8''4GG8!!:!P:!!8O 858$!M%:5P:!O7!9:7!75P7B4$!!
!
5454$!$4!585!7 4G4!7OGB4!P8*75P4!585! :!GB7GG4BBL! 8OGB4$!*4B97G4!P:!*4P:G7B4+!585!!8O8!
,%75P8! 45:G4! 7OO4! !4!!:85:! *7! P%B75G4! 'O:! :5G4B 7OO:! 8! !4*)O:94*45G4! ,%75P8!
97**:57G4$! "7! 57G%B7! 9/:7B7! P4OO7! 98!9:4537! (! !4*)B4! )B4!45G4$! ?8B*7O*45G4! P:9:7*8!
O>/+! !858! !4*)B4! 985-%!8P! X! ,%4!G8! (! O.7OGB8! *8P8! P:! )45!7B4$! 2B: 8! P:! 9/:7B4337$! &7!
B:98BP7G4 :!9/4!O7!9/:7B4337!(!!4*)B4!)B4!45G4$!(8"":7*8!4!!4B4!985!7)4 8O:!4!*4P:G7B4$!
!
!
!
-.,.79.%:!9*.4!&7/7*%PB7+!7!X:!P8*!,5G4B*4P:7G4!-B75!9B:)G!I0(.*2!")$47$K)!<2")$47$).!;.%!
2,!7+*4+"".!&+,,$!<2"&.4!/(?,2;$)2.%"!+!&+,,$!5$4$!;+"9+!<2"&.4!Y*;92.+!!
!
CJ! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
!
!
!
!
!
!
!
!
!
#22&?(,*,!
!
!
!
!

! CA!
#""#!$*>2&1-#!(&"!5+((N,$&>!

!
!

CG! !
"#!$#%%&''#!(&""#!)#*+,-.!

"&!M+#--1>!$*+>"&!!(,!2>$,',>?,!1,">$>1,*N&!5+((N,$-#!

# 4567!8#97::;<=>!<# 47::7?4567!8!
57=48 68=!>!!()+*+$7-"+#!
!
#<>#9<#"8!!7!!'+.28+=-"+#!
($+!;&)*#$+!12&!;)#;#$&!;#*-,-#$-!0-/#*#0-12&!.&/! >6:7=7"<>#98<#46:;>!!$+4%)+$%-"+%$&+%+$%)-"+#!
9)+$.&!)&-1#/#!12&!$#$!+**&)-*1&!/+!&&)+!&*-*%&$,+! >6:7=7"<>!
!
$&+$12&!1#$&&$,-#$+/=&$%& ! !$&+%+$%)-"+#!
! >6:7=7"<>#$7 <5>!!*#7+1-+)+%$&+%+$%)-"+#!
!

98!#%>!47#>4&8::7#!+/-"+"+)+&+.-$##
47!>#"8=:8!!5-%%+=+%)+#! !

.+,%-'*-%)#
($+!;&)*#$+!12&!;)#;#$&!;#*-,-#$-!0-/#*#0-12&!.&/! &;7&7=8=:<#9<#6=#8 6>!#=6"8;7#9<#7 8::<#8#47 8::<#
9)+$.&!)&-1#/#!12&!$#$!+11&%%+!#77&%%-!&*%&)$-!=+! 98!##8;7#>4&8::7#
($+%8+"+)+&+.-$## 98!#"8!!7#67#7#

""0"'"("#(#%'/*1*#
+**&)-*1&!/>+4%#%1#7$-%#)&!&&)+=&$%&!&*-*%&$%& !!
!
=7=?&!6;>!<4:<#

46:;>!!$+4%)+$%-"+#! 48 6>5<#98!#;> <7=>"8=:7#


($+!;&)*#$+!12&!;)#;#$&!;#*-,-#$-!0-/#*#0-12&!.&/! !
)&-1#/#!'-$#)&,!12&!+11&%%+!*-+!/-+4%#!1#7$-%#)&!12&! 48 6>5<#98!!8#45;<::6;8#
7/-!#77&%%-!&*%&)$- ! !

&;7&7=8=:<#9>!#*>4+"<;#

&;7&7=8=:<#9>!!8#;8 <7=<#755<98=:>!<!!+;+)+$%+"+##
;>=98#84&74<!<7=8!!)+-.2+*-"+#!
($+!;&)*#$+!12&!;)#;#$&!;#*-,-#$-!0-/#*#0-12&!.&/!

'(&%-'*-%)#
)&-1#/#!'-$#)&!12&!$#$!+**&)-*1&!/-+4%#!1#7$-%#)&!=+!
+**&)-*1&!#77&%%-!&&)+=&$%&!&*-*%&$%- ! &;7&7=8=:<#9>!!>#;8 <7=8#58=:;>!8!!'+7+.2+##

+'("'"("#(#%'/*1*#
!
"#$%&'!()&*&$%+,-#$&!.&//&!(#*-,-#$-!"-/#*#0-12&!.-!3&%*4$!5-6728-!92-&/%*&$!!
!"#$%&'(')'*(%#$'#+("#,%-.*("#/0%#,-*,*(%#1%#,*.')'*('#&'1*.*&'/0%#2+$$0'.3%#:'!4$+!;&)*#$+!;)#;#$&$%&!;#*-,-#$-!0-/#*#0-12&!12&!+11&%%+!-!<)&!9-#-&//-!
1#=&!&**&)&!/>#77&%%#!0-$+/&!.-!)-047-#!&!12&!$#$!+**&)-*1&!+/%)-!#77&%%-!.-!)-047-#!#/%)&!+!?4&*%- ##
!
! CB!
#""#!$*>2&1-#!(&"!5+((N,$&>!

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

CE! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
!
!
!
!
&),-#?(>!,!(+&!&!$-1&&,!
>1,%,?&9!&$-1#-->!(#!'-L6;!J9!'CY-Y"-<$>Y!D">2&'F!2#%%$!>BAX>BG!
!
!
!
8#<:>#!,84:;8"7#
4567!># 8#<:>#!,84:;8"7#98!!>#&8;">=8=!>#
98!!,>==<5+<!>!<7=8#
<4%%-!0&$#=&$-!*#$#!=&)+=&$%&!-=;4%+%-!.+//+!
57=48 68=!># /&**4$!0&$#=&$#!&*-*%&!.+//+!*4+!;+)%&!
1#$1&,-#$&!

>6:7=7"<># <4%%-!-!0&$#=&$-!&*-*%#$#!.+//+!/#)#!;+)%&! /&**4$!0&$#=&$#!:!&&)+=&$%&!&*-*%&$%&!

0!0&$#=&$-!;#%&$,-+%-!.+!+/%)#!&!1#=;/&%+=&$%&!*%+.-/-%-!
47!>#"8=:8## 9/-!#77&%%-!$#$!*#$#!4$+!.+*&!$+%4)+/&!;&)!$#=-!&!1#$1&,-#$-!
*#$#!&&)+=&$%&!&*-*%&$%-!

46:;>## 9/-!#77&%%-!*#$#!.+*-!$+%4)+/-!;&)!$#=-!&!1#$1&,-#$-! 0!0&$#=&$-!;&)=+$&$%-!$#$!*#$#!*#*%+$,-+/=&$%&!&*-*%&$%-!

;>=98#
<4%%-!-!0&$#=&$-!*#$#!*#*%+$,-+/=&$%&!&*-*%&$%-! <4%%-!-!0&$#=&$-!1#$.-,-#$+%-!*#$#!-=;&)=+$&$%-!
84&74<!<7=8#
!
!
-7"4OO7!9B47G7!P7!%O45!$ 45!!85+!!G%P45G4!P4O!&7!G4B!!2B8'B7*!
!
!
!
! CK!
#""#!$*>2&1-#!(&"!5+((N,$&>!

CC! !
"#!$#%%&''#!(&""#!)#*+,-.!

!
!
!
!
!
!
*>&&!21&?(&1$,!*+1#!(&,!-&$-,!(,!(N#1&#!
!
!
!
$! )+")2! &2! 69$*4$! ;.%)+%3.%.! 3,2! 2%"+3%$4+%)2! &2! %(&&9$! '9$##$4(%2)! 5$! 7*+12."2)0! &+,!
%(&&9$&9$*4$! ;.%"2")+! %+,,=+""+*+! (%$! .+*$! 0.%)+! &2! 0+,2;2)0! 7+*! )())2! 3,2! +""+*2! +! ,$! ;$("$! 7+*!
$??$%&.%$*+!.3%2!".00+*+%1$!7*+"+%)+!+!0()(*$)!*(2%&28!)+")2!;9+!;.%)+%3$%.!2%"+3%$4+%)2!.!2!%.42!&+2!
7*.7*2! !$+")*28! ".%.! $""$2! 721! 7*+12."2! &2! (%! .33+)).! 4$)+*2$,+M! 4.")*$%.! ;.4+! 4+))+*+! 2%! 7*$)2;$! 3,2!
2%"+3%$4+%)2!+!2%)+3*$*,2!%+,,$!7*.7*2$!.2)$8!+!&..*+??+*.!+""+*+!)*$))$)2!;.%!+")*+4$!;(*$!+!*2"7+)).)!/+*!
,(+")$! *$32.%+8! 7+*! 0$..*+8! ;.%"+*.$)+,2! *2"7+))."$4+%)+! 2%! ,(.392! $,)28! 7(,2)28! "+7$*$)$4+%)+! &$! $,)*2!
.33+))2!4.%&$%2)!!
8""2! &..*+??+*.! +""+*+! 7*.)+))2! 2%! (%! )+""().! "+! 7.*)$)2! ;.%! "N)! '2! &..*+??+! +.2)$*+! &2! $77.332$*,2! "(,!
7$.24+%).8! &2! ;$,7+")$*,28! %.%! "2! &..*+??+*.! $77.332$*+! "(! &2! +""2! .33+))2! &2! ,($,"2$"2! )27.8! 2%;,(".! 2,!
*."$*2.8!+!%.%!&..*+??+*.!+""+*+!("$)2!;.4+!"+&2,2)!
!
'+!2%!.3%2!;$".!"2!&..+""+!$.+*+!,$!%+;+""2)0!&2!+,242%$*+!&+,!4$)+*2$,+!&2!69$*4$8!,(+").!%.%!&..*+??+!
+""+*+!3+))$).!%+,,$!"7$11$)(*$!4$!?*(;2$).!2%!(%!4.&.!"7+;2$,+)!
6..*+??+! +""+*+! ?*(;2$).! "+7$*$)$4+%)+! &$! $,)*2! 4$)+*2$,28! *+;2)$%&.! 2,! 4$%)*$! .4! $9! 9(4)! *(2%&28!
,($%&.! 2,! 0(4.! "2! "7*232.%$8! "2! &..*+??+! .2"($,211$*+! ;9+! +"".8! 7+*.$&+%&.! ,=2%)+*.! "7$12.8! )*$"7.*)$!
,=+""+%1$!&+,!69$*4$!$!)())2!3,2!+""+*2!"+%12+%)2!&+2!"+2!*+$428!7(*202;$!,$!,.*.!4+%)+!+!,2!$,,+.2$!&$!.3%2!
".00+*+%1$!7.*)$%&.!,.*.!.3%2!0+,2;2)08!;.47*+"$!,$!0+,2;2)0!&+02%2)2.$!&+,,=2,,(42%$12.%+)!
$%02%+8!,+!;+%+*2!*24$%+%)2!&..*+??+*.!+""+*+!*$;;.,)+!+!"7$*"+!2%!,(.392!7(,2)28!".)).!$,?+*2!.!72$%)+8!&..+!
%.%!7.""$%.!+""+*+!;$,7+")$)+)!
!
*(+")$8!;9+!7(O!"+4?*$*+!(%$!")*$%$!("$%1$8!+!2%!*+$,)08!2%!$;;.*&.!$,,$!)*$&212.%+8!2,!4.&.!&2!+.2)$*+!&2!
;*+$*+!2,!#$*4$!;9+!247+&2*+??+!&2!2%;.%)*$*+!2%!0()(*.!2,!69$*4$)!

! C#!

Potrebbero piacerti anche