estudio_organicos1_72
estudio_organicos1_72
estudio_organicos1_72
!! !
!"!
!
"!
!!
!! !
!"#$%&#'$#"()*"+,-%&()
#$%!%&'()$%'*+%!,(!*-.%/'0!!
.%)%!(&!1(/'0)!(2.0)'%,0)!$%/*0$%&!
)
!
31'4,*0!)(%&*5%,0!.0)!! ! ! ! ! 6%)%!
7.08%,0!.0)!
3$!(&!-%)/0!,(!&%!9$*/*%'*+%!,(!:0-($'0!9$'(;)%,%!,(!9-.%/'0!31')%'<;*/0!!
9:9!=>*&(!:)4'?/0&%!@AB9:9CBBDEDF
G/'4H)(!IDAJ!
!"!
!
$%!&'()(*+(!()+,-./0!
!"#$%&'$(%$#)*+#,-.&')/*$01*12345013671*84*69:1;3<*:151*42*=4;3<5*4>:<5318<5*01;6<012?/!$)!,*1!
&,2%.313.4*!-(!5'1*)6'/71!8%.7(*+/)9!!1&/:1-1!&/'!;/'6/!:!<.*.)+('./!-(!8='.3,%+,'1!-(!;>.%(?!
!
$*!%1!(%12/'13.4*!-(!()+1!&,2%.313.4*!&1'+.3.&1'/*0!!
@)12(%!A,.'/B9!@*=?!8='4*/7/!<?C3?9!D.'(3+/'1!$E(3,+.F1!.A/*),%+.*=!:!D.'(3+/'1!-(!G'/:(3+/!
@)12(%!H'',+.19!@*=?!8='4*/7/!<1=I)+('!8-7.*?!$7&'()1)!C.%F/1='/&(3,1'.1)9!@*F()+.=1-/'!8*1%.)+1!!
J/)(6.*1!K('*L*-(B9!@*=?!8='4*/7/!:!M/'()+1%?!$)&(3.1%.)+1!(*!<(-./!872.(*+(9!@*F()+.=1-/'!8*1%.)+1!!
N/*B1%/!C1%.*1)9!@*=?!8%.7(*+/)9!<1=?!8-7?!$7&'()1)!8='/&(3,1'.1)9!N(*('13.4*!:!8*L%.).)!-(!O1)()!-(!
D1+/)!-(!;/7('3./?!
P,31)!</*+().*/)!:!Q.3/%L)!O'1F/?!8:,-1*+()!(*!%1!3/*6(33.4*!-(!21)()!-(!-1+/)?!
!
$%!()+,-./!6,(!'(1%.B1-/!(*+'(!(*('/!:!J,%./!-(!"RST!:!%1!F(').4*!/6.3.1%!:!(*+'(=1-1!1%!&U2%.3/!)(!+('7.*4!(*!
Q/F.(72'(!-(!"RST?!
!
"#!$%&'&()&!&')*+,-!&'!'*'.&$),/#&!+&!'&%!%&$%-+*.,+-!)-)0#!-!$0%.,0#1&()&!/02-!.-(+,.,3(!4*&!'&0!.,)0+0!'*!
5*&()&6!7&!80.&!$%&'&()&9!4*&!',!/,&(!#0!,(:&'),;0.,3(!&(!&')&!.0'-!80!',+-!&(.0%;0+0!$-%!<%0('5-%10!
=#,1&()-'9!#0'!.-(.#*',-(&'!+&!4*&!+0!.*&()0!(-!(&.&'0%,01&()&!%&$%&'&()0(!#0!-$,(,3(!+&!&')0!>#),106!
!
VVV?+'1*)6/'711%.7(*+/)?3%!!
!
!
C1*+.1=/!-(!;>.%(!!
#!
!
!!
!! !
!
),#)@A'&B&A.%+C*
!
P1!'(1%.B13.4*!-(!()+(!()+,-./!*/!>12'I1!).-/!&/).2%(!).*!%1!3/*+'.2,3.4*!-(!7,3>1)!&(')/*1)!'(%13./*1-1)!1!%1!
&'/-,33.4*! /'=L*.31! :! 1! %1! .*F()+.=13.4*! X,(! >1*! .-/! 7/F.(*-/! %1)! 6'/*+('1)! -(! %/! &/).2%(! (*! ,*1! 6/'71! -(!
>13('!1='.3,%+,'1!-.)+.*+1!1!%1!3/*F(*3./*1%!:!X,(!>/:!)(!1&'(3.1!(*!),!F('-1-('/!F1%/'!:!3/*+'.2,3.4*!1!%1!)1%,-!
-(%!7,*-/!:!-(%!&%1*(+1?!$*+'(!(%%/)!)(!3,(*+1*!1)()/'()!'(%13./*1-/)!1%!7,*-/!-(!%1!1='.3,%+,'1!3/*F(*3./*1%!
:!X,(!3/*+'.2,:('/*!1!(F1%,1'!3/*!7.'1-1!3'I+.31!%/)!>1%%1B=/)!-(%!()+,-./?!
!
$*!6/'71!()&(3.1%!(%!(X,.&/!-(!.*F()+.=1-/'()!-(!.A/*),%+.*=!1='1-(3(!1%!C'?!B6DE42*A26==123!:!1!%1!C'1?!(626101*
'19426<F*X,.(*()!13+,1'/*!3/7/!1)()/'()!:!&'.7('/)!'(F.)/'()!-(!%/)!31&I+,%/)!X,(!)(!6,('/*!=(*('1*-/!(*!%1!
.*F()+.=13.4*?! 8='1-(3(7/)! ()&(3.1%7(*+(! %1! 31%.-1-! >,71*1! -(! 172/)! :! %1! -.)&/).3.4*! 1! 1:,-1'*/)! 1!
(*+(*-('! %1)! '(%13./*()! X,(! )(! 6,('/*! (*3/*+'1*-/! (*! %1)! (*+'(F.)+1)! :! (*! (%! ()+,-./! (*! =(*('1%! -()-(! ),!
3/*/3.7.(*+/!&'/6,*-/!-(!%1!&'/-,33.4*!-(!6',+1)!/'=L*.31)?!
!
8='1-(3(7/)!+172.Y*!%1!3/*+'.2,3.4*!-(!%/)!'(F.)/'()!-(!()+(!()+,-./?!P/)!C')?!G6215*ADE62<5!:!B15;42<*BEH<I9!
172/)!-(!Z-(&1[!(%!C'?!J1694*'56=:69!&'/-,3+/'!/'=L*.3/!:!\.3(&'().-(*+(!-(%!;/*)(E/!M',+.3,%+,'1!$]&/'+13.4*!
-(%! G'/='171! $)+'1+Y=.3/! 5'1*)6/'71! 8%.7(*+/)[! %1! C'1?* ,51;6421* $55E3619! N('(*+(! -(! ! 5'1*)6/'71! 8%.7(*+/)9!
1)I!3/7/!+172.Y*!1!"1K6<21*L4;4551!:!M12403601*C<342<!-(!%1!.*.3.1+.F1!@M@!;>.%(!M',+I3/%19!!X,.(*()!!3/%12/'1'/*!
(*!%/)!1)&(3+/)!-(!3//'-.*13.4*!3/*!%1!3/*+'1&1'+(?!!!
!
8! +/-/)! ='13.1)! &/'! %1! -(-.313.4*! :! %1! -(+('7.*13.4*! -(! 1&/'+1'! (*! ,*! ()+,-./! X,(! (*+'(=,(! .*6/'713.4*! :!
1*L%.).)!'(%(F1*+(!&1'1!%1!.*-,)+'.1!(]&/'+1-/'1!-(!6',+1)!/'=1*.31)!-(!;>.%(?!
!
M.*1%7(*+(!1='1-(3(7/)!1!+/-/)!%/)!X,(!3/*+'.2,:('/*!3/*!),!(]&('.(*3.1!:!3/*/3.7.(*+/!(*!%1)!(*+'(F.)+1)!
'(1%.B1-1)!:!-1+/)!1-.3./*1%()!1*+(!,*1!%%171-1!&1'1!13%1'1'!3/*3(&+/)!(*+'(=1-/)!(*!%1!(*+'(F.)+1?!P/)!>(7/)!
%.)+1-/!-(!13,('-/!1!),!'/%!(*!()+1!.*-,)+'.1!).*!/'-(*!-(!7(*3.4*?!5/-/)!6,('/*!7,:!.7&/'+1*+()?!
!W!
!
!
$Q5_$\@C58DZC!AH$!Z;HG8Q!HQ!;8_NZ!$Q!Z_N8Q@C<ZC!G`OP@;ZC!
'21E86<* 'N58401=! aJ(6(! D&+/?! 8='.3,%+,'1! Z'=L*.31! C8Nb[! '<0=310I1* C11! aJ(61! D&+/?! -(! $)+,-./)! :! H*.-1-!
C,)+(*+12.%.-1-!-(!@QD8Gb[!)08541*B42218<!a@*+(='1*+(!-(!%1!H*.-1-!-(!C,)+(*+12.%.-1-!872.(*+1%!-(!@QD8Gb[!
#1O2* %<554=! a$*31'=1-/! '(=./*1%! -(! %1! ,*.-1-! -(! '(3,')/)! '(*/F12%()! C8N! ;/X,.72/b[! #4013<* )5;4!
a_((7&%1B1*+(! (*31'=1-/! -(! 6',+.3,%+,'1! /'=L*.31! C8N! -(! P1! 8'1,31*I1b[! B156=1* (<K<=! a$*31'=1-1! ',2'/! -(!
6',+1%()! -(! @QD8Gb[! #<;P<* '1=3622<! a$*31'=1-1! 6',+/)! )(3/)! :! -()>.-'1+1-/)! M@8b[! B15P1* (EI* Q450N084I!
a;//'-.*1-/'1!C(3+/'.1%!G'/!;>.%(b[!#1O2*%<554=!a$*31'=1-/!'(=./*1%!-(!%1!,*.-1-!-(!'(3,')/)!'(*/F12%()9!C8Nb!
!
G_ZDH;5Z_$C!D$!M_H58!Z_NcQ@;8!
.6;<24*G45015!aG'/-,3+/'1!&1%+/)!:!*/=1%()!/'=L*.3/)!(*!<(%.&.%%1b[!A9626<*"450N084I!aG'/-,3+/'d$]&/'+1-/'!-(!
71*B1*1)! /'=L*.31)! (*! ;1)12%1*31b[! J(1*! O/,-(=,('! aG'/-,3+/'d$]&/'+1-/'! -(! ,F1! /'=L*.31! (*! C1*! M(%.&(b[!
&D01;6<*#<=!a8-7.*.)+'1-/'!M,*-/!\.e1!C1%+1!Z%=1[!)0631*,EI9N0!a&'/-,3+/'1!-(!71*B1*1)!/'=L*.31)9!)/3.1!-(!
_(-! -(! &'/-,3+/'()! Z'=L*.3/)! -(! %/)! P1=/)b[! #<=1* L422<! a&'/-,3+/'1! -(! 2(''.()! /'=L*.3/)9! )/3.1! -(! P/)! _I/)!
Z'=L*.3/b[!C4K1=36N0*B<5124=!aZ'=1*.B13.4*!-(!G'/-,3+/'()!Z'=L*.3/)!-(!;,'131FIb[!B15;<*M68421!aG'/-,3+/'!
-(! 1'1*-1*/! /'=1*.3/9! \@@! _(=./*?! ;/&.>,(b[! B15;421* ,15;P1! aG'/-,3+/'1! -(! G1%+1! O./-.*L7.31b[! '152<=* R2460!
aG'/-,3+/'! -(! 1'L*-1*/)! -(! 5(7,3/b[! @64D<* #<945<! aG'/-,3+/'! -(! 1'L*-1*/)! (*! 8*=/%b[! JE26<* 'S=15* )561=!
a$*31'=1-/!-(!&'/-,33.4*!-(!71*B1*1)!/'=L*.31)!-(!8='I3/%1!G,(%3>(9!P/)!c*=(%()b!
!
$fGZ_58DZ_$C!;K@P$QZC!D$!M_H58!Z_NcQ@;8!
"459P0* M45D151! a$*31'=1-/! &1%+1! /'=L*.31! (]&/'+1-/'1! $%! G1'X,(b[! A9626<* B4560<! a$*31'=1-/! 1'L*-1*/!
/'=L*.3/! (]&/'+1-/'1! K/'+.6',+b[! A8E158<* M1286761! ! a$*31'=1-/! -(! HF1! Z'=L*.31! -(! Z'=1*.g! 5.7(! C&1!
aN'((*F.3b[! .6;<2N=* G4H1! a$*31'=1-/! -(! 71*B1*1)! Z'=L*.31)! -(! N''(*F.3b[! C10851* -27154I! aJ(61! -(!
1)(=,'17.(*+/! -(! ;1%.-1-! (]&/'+1-/'1! ;12.%6',+! C8?b[! B156<* ,15;S=! aN('(*+(! -(! &'/-,33.4*! ;/7('3.1%!
M',+.3/%1!;/76',+!C?8?b!
!
@<GZ_58DZ_$C!D$!M_H58!Z_NcQ@;8!D$!;K@P$!
M<2T453**A0D42910!aD,(e/!-(!$/)+19!.7&/'+1-/'!()&(3.1%.B1-/!(*!6',+1)!/'=L*.31)9!K/%1*-1b[!%<9*#6;U158=<0!
a@7&/'+1-/'9! \.3(dG'().-(*+! N.,71''19! HC8b[! ,459N0* G<0;4! aN('(*+(! .7&/'+13./*()! -(! ,F1! -(! 7()1!
N'((*:1'-9!8%(71*.1b[!@4K<51U*+2=<0!a@7&/'+1-/'1!-(!3('(B1)9!HC8b[!J<U0*,51V!a@7&/'+1-/'!-(!2(''.()9!Hhb[!
,4<5D4*,4::!a@7&/'+1-/'!:!'(&'()(*+1*+(!-(!h'/==('9!HC8b!
^!
!!
!! !
!
!
8C$CZ_$C!!
B6DE42* )236456! a8)()/'! .*+('*13./*1%! (*! &'/-,33.4*! /'=L*.319! HC8b[! )8<2W<* "6DE45<1! a8)()/'! &'/-,33.4*!
/'=L*.31!:!1='.3,%+,'1!,'21*19!;>.%(b[!Q15<28*+=340=<0*a8)()/'!(*!'1%(/!/'=L*.3/9!HC8b[!)03<06<*,1434!a8)()/'!
(*!G'/-,33.4*!Z'=L*.31b[!'152<=*G60<!a8)()/'!(*!G'/-,33.4*!/'=L*.319!=('(*+(!(*!;(*+'/!@jD!(*!1='/(3/%/=I1b[!
'21E861*)DE53<!a8)()/'!(*!6.+/&1+/%/=I1!/'=L*3.1b[!!"426:4*#<I1=!a8)()/'!(*!&'/-,33.4*!-(!2(''.()!/'=L*.3/)b0!
,1K5642*C422S=!a8)()/'!(*!_.(=/9!@Q@8b[!,<0I12<*,62!a8)()/'!(*!6.)./%/=I1!M',+1%9!3/*!/'.(*+13.4*!1!%1!1='.3,%+,'1!
3/*F(*3./*1%b[! (E6=* C1I<! a8)()/'! (*+/7/%/=I19! 1='.3,%+,'1! 3/F(*3./*1%9! G'/6()/'! H*.F(').-1-! -(! ;>.%(b[! G1K2<*
B404=4=!a8)()/'!(*!&'/-,33.4*!/'=L*.31!-(!6'172,()1)b[!
!
;$_5@M@;8DZ_8C!
@4006=* .1741! aC/3./! 8)/3.13.4*! ='(7.1%! 8='/21+/9! ;('+.6.31-/'()! \! _(=.4*b[! '56=36N0* '15510I1! aN('(*+(! -(!
/&('13./*()!:!F(*+1!$3/3('+b[!(E6=*B42S084I!a$E(3,+.F/!O./1,-.+1b[!
!i!
!
T!
!!
!! !
!"#!$%&
!! '%()*%"&%+%$),!-.& /0!
!"!
!
SR!
!!
!! !
! %'.%02*-'.)*+ 7;7!
! <-<0-'1($#=$+ 7>9!
! $.)5'*+ 7?7!
!
!""!
!
S"!
!!
!! !
#AC$BA.*AJA'$%&M+*
P/)! &'/-,3+/)! /'=L*.3/)9! .*3%,:(*-/! %1! 6',+1! /'=L*.319! (*6'(*+1*! ,*! 7('31-/! (*! 3'(3.7.(*+/?! $*! +/-1)! %1)!
'(=./*()! -(%! 7,*-/! )(! >1! F('.6.31-/! ,*! 1,7(*+/! -(! %1! ),&('6.3.(! -()+.*1-1! 1! %1! &'/-,33.4*! /'=L*.31! :! %/)!
3/*),7.-/'()!+.(*(*!31-1!F(B!7L)!3/*3.(*3.1!'()&(3+/!-(!%1!)1%,-!-(!),!=',&/!617.%.1'!:!-(%!3,.-1-/!-(%!7(-./!
172.(*+(9!&/'!%/!X,(!F1%/'1*!:!&'(6.('(*!&'/-,3+/)!/'=L*.3/)!7L)!)1*/)9!3,:/)!&'/3()/)!&'/-,3+.F/)!'()&(+(*!
(%!7(-./!172.(*+(!(!.*3%,)/!()+L*!-.)&,()+/)!1!&1=1'!7L)!&/'!(%%/)?!!
$*!+Y'7.*/)!=%/21%()9!(%!7('31-/!.*+('*13./*1%!-(!%/)!&'/-,3+/)!/'=L*.3/)!3'(3(!1*,1%7(*+(!(*!+/'*/!1%!S"rd
SWr9! 1%31*B1*-/! (*! (%! "RS^! 1! %/)! To9i! 2.%%/*()! -(! -4%1'()! (*! ! F(*+1)! 1! *.F(%! 7.*/'.)+1?! $)+1-/)! H*.-/)! ()! (%!
71:/'!7('31-/!3/*!,*!F1%/'!-(!#S9k!2.%%/*()!-(!-4%1'()!(*!"RS^!(*!F(*+1)9!)(=,.-/!&/'!8%(71*.1!:!M'1*3.1!3/*!
&/3/!7(*/)!-(!SR!2.%%/*()!-4%1'()!31-1!,*/!:!(*!3,1'+/!%,=1'!;>.*1!3/*!^9"!2.%%/*()!-(!-4%1'()!a@MZ8<9!"RSTb?!
$*!()+(!3/*+(]+/!)(!'(1%.B4!(%!&'()(*+(!()+,-./9!3/*!(%!&'/&4).+/!-(!-(+('7.*1'!(%!&/+(*3.1%!3/7&(+.+.F/!-(!%1!
6',+.3,%+,'1!/'=L*.31!3>.%(*19!'(6('.-/!1!%1)!()&(3.()!71*B1*19!,F1!-(!7()19!&1%+19!6'172,()1!:!1'L*-1*/)9!3/*!
(%!6.*!-(!.-(*+.6.31'!),)!-()16I/)!:!&%1*+(1'!)/%,3./*()!&'/-,3+.F1)!:!+(3*/%4=.31)9!()+12%(3.(*-/!%I*(1)!-(!21)(!
&1'1!.7&,%)1'!133./*()!()+'1+Y=.31)!*(3()1'.1)!&1'1!&/+(*3.1'!),!3'(3.7.(*+/?!!
$*! (%! 1*L%.).)! -(! 7('31-/9! )(! .-(*+.6.31'/*! %/)! &1I)()! 7L)! '(%(F1*+()! &1'1! %1! (]&/'+13.4*! -()-(! ;>.%(! -(! %1)!
()&(3.()! (*! ()+,-./9! ).(*-/! (*! Q/'+(17Y'.310! $$?HH?! :! ;1*1-L9! (*! $,'/&10! 8%(71*.19! M'1*3.19! _(.*/! H*.-/9!
@+1%.19!C,.B19!C,(3.19!$)&1e1!:!!K/%1*-19!(*!8).10!;>.*1sK/*=!h/*=9!;/'(1!-(%!C,'9!J1&4*!:!!C.*=1&,'9!(*!Z3(1*I10!
Q,(F1! n(%1*-.1! :! 8,)+'1%.19! :! (*! C,-17Y'.310! O'1).%! :! ;/%/72.1?! G1'1! +/-/)! (%%/)! )(! (%12/'4! ,*1! 6.3>1! -(!
7('31-/!3/*!%/)!'(X,.).+/)!:!1)&(3+/)!7L)!'(%(F1*+()!&1'1!(]&/'+1'!-()-(!;>.%(?!8)I!+172.Y*!)(!.-(*+.6.34!%1!
3/7&(+(*3.1! X,(! (*6'(*+1! ;>.%(! &1'1! %1)! 6',+1)! )(%(33./*1-1)9! -()+13L*-/)(! ! $$?HH?9! Q,(F1! n(%1*-.1! :!
8,)+'1%.19! G('U9! $)&1e19! @+1%.19! <Y].3/9! C,-L6'.319! 8'=(*+.*1! :! C('2.19! /'-(*1-/)! -(! 71:/'! 1! 7(*/'! ='1-/! (*!
.*+'/-,33.4*!-(!+(3*/%/=I1)?!
$*!;>.%(9!%1!),&('6.3.(!/'=L*.31!-(!6',+1%()!t!.*3%,:(*-/!%1!,F1!F.*I6('1d!'(=.)+'4!,*!1,7(*+/!-(%!SWr!(*+'(!(%!
"RSR!:!"RSi9!1%31*B1*-/!%1)!SW?"RT!>19!%/!X,(!(X,.F1%(!!1%!kr!-(!%1!),&('6.3.(!+/+1%!6',+I3/%1!*13./*1%?!C.!2.(*!
%1! &1'+.3.&13.4*! -(! ;>.%(! (*! (*! (%! 3/*3.('+/! =%/21%! */! ()! '(%(F1*+(9! (*! 71*B1*1)9! 1'L*-1*/)! :! 1%=,*1)!
()&(3.()!-(!'(3/%(33.4*!).%F()+'(9! )(! 3,(*+1!3/*!,*1!&1'+.3.&13.4*!71)!&'(&/*-('1*+(!:! (]&('+/)!-(%!',2'/!
3/.*3.-(*! (*! X,(! (%! &1I)! +.(*(! 17&%.1)! 3/*-.3./*()! &1'1! .*3'(7(*+1'! 1U*! 7L)! %1! ),&('6.3.(! -(-.31-1! 1!
1='.3,%+,'1!/'=L*.31!:!-(!()+1!6/'71!'()&/*-('!1!,*1!-(71*-1!3'(3.(*+(!-(!1%.7(*+/)!-(!/'.=(*!*1+,'1%9!3/*!
1%+/)!()+L*-1'()!-(!31%.-1-!:!3('+.6.31-/)!3/*!'(3/*/3.7.(*+/!.*+('*13./*1%?!
D(! %1)! SW?"RT! >1! -(! 6',+1)! /'=L*.31)! /'=L*.31)! 1! *.F(%! *13./*1%9! 7L)! -(! %1! 7.+1-! 3/''()&/*-(*! 1! 6',+1%()!
/'=L*.3/)!aSR?i^T!>1!).*!.*3%,.'!,F1!F.*I6('1b!:!-(!()+1)9!^?oiW!>1!3/''()&/*-(*!1!%1)!()&(3.()!(*!()+,-./!a^Wr!
-(%!+/+1%b9!3,:1)!),&('6.3.()!)(!-.)+'.2,:(*!-(!%1!).=,.(*+(!71*('1!'()&(3+/!-(%!+/+1%!-(!%1!),&('6.3.(!/'=L*.31!
*13./*1%0!1'L*-1*/)!kRr9!71*B1*1)!"Rr!:!6'172,()1!S"r9!,F1!-(!7()19!&1%+1)!:!3('(B1)!&'()(*+1*!7(*/)!-(!
Sr!-(!%1!),&('6.3.(!-(!6',+1%()!/'=L*.3/)?!
P1! ),&('6.3.(! -(! &'/-,33.4*! -(! 71*B1*1! /'=L*.31! *13./*1%! >1! .-/! (*! 1,7(*+/! a-()-(! #r! 1! ir! (*+'(! "RSR! :!
"RSib9! %/! X,(! ,2.31! 1%! &1I)! (*! ,*! 2,(*! &%1*/! '()&(3+/! -(%! 7('31-/! .*+('*13./*1%9! -1-1! %1! 21E1! ),&('6.3.(!
/'=L*.31!-()+.*1-1!1!()+1!()&(3.(9!:!(*!2,(*1!&/).3.4*!'()&(3+/!-(!3/7&(+.-/'()!-(!'(%(F1*3.1!3/7/!$$?HH?!
!Sk!
!
aWr!-(!),!),&('6.3.(!+/+1%!-(!71*B1*1b9!M'1*3.1!aS^rb!(!@+1%.1!aorb?!
P1!,F1!/'=L*.319!a,F1!-(!7()19!F.*I6('1!:!&1'1!&1)1)b9!()!%1!()&(3.(!X,(!'(=.)+'1!%1!71:/'!),&('6.3.(!/'=L*.31!1!
*.F(%!=%/21%9!akio?WW#!>1b!3/''()&/*-.(*+(!1%!Wr!-(!%1!),&('6.3.(!+/+1%!-(!%1!),&('6.3.(!-()+.*1-1!1!,F19!).(*-/!
$)&1e19! @+1%.1! :! M'1*3.1! %/)! &'.*3.&1%()! (]&/*(*+()! -(! ()+1! &'/-,33.4*9! 3/*! 1&/'+()! 3('31*/)! 1%! i#r! -(! %1!
),&('6.3.(!7,*-.1%!a"TR?RRR!>1b?!D(!%1)!#?#^S!>1!-(!,F1!/'=L*.31!-(!;>.%(9!)/%/!SW!>1!3/''()&/*-(*!1!,F1!-(!
7()19! '(6%(E1*-/! %1! 7(*/'! .*+(='13.4*! /'=L*.31! -(! %1)! ()&(3.()! 1*1%.B1-1)! (*! ()+(! ()+,-./?! P/! X,(! )(! (]&%.31!
&/'!%1)!(].=(*3.1)!-(!6,7.=13.4*!-(!%1!,F1!-(!7()1!1!%1!(*+'1-1!1%!7('31-/!-(!$$?HH?9!(%!&'.*3.&1%!7('31-/!-(!
;>.%(!-(!,F1!-(!7()19!&('/!+172.Y*!1!%1!-.6.3,%+1-!X,(!>1!(*3/*+'1-/!-.F(')1)!&'/:(3+/)!-(!&'/-,33.4*!-(!,F1!
-(!7()1!/'=L*.31?!
P1! &1%+1! /'=L*.31! (*! (%! 7,*-/! 3,(*+1! 3/*! ^"?kW"! >19! SSr! -(! %1! ),&('6.3.(! +/+1%! -(! &1%+/! 1! *.F(%! =%/21%9! %1!
'(%13.4*!7L)!1%+1!-(!%1)!()&(3.()!1*1%.B1-1)!(*!(%!()+,-./?!;>.%(!(*!+1*+/9!()!,*!13+/'!-(!&/31!'(%(F1*3.1!(*!(%!
7('31-/!.*+('*13./*1%!-(!%1!&1%+1!/'=L*.319!!3/*!)4%/!ii!>1!)(=U*!3.6'1)!-(%!C8N9!%1!X,(!1-(7L)!>1!-.)7.*,.-/!
6,('+(7(*+(! -(2.-/! 1! %1! )(X,I1! -(! >13(! 1%=,*/)! 1e/)! :! (%! '(='()/! -(! 7,3>/)! &'/-,3+/'()! /'=L*.3/)! 1! %1!
&'/-,33.4*! 3/*F(*3./*1%9! &/'! %/)! 1+'13+.F/)! &'(3./)! -(%! &'/-,3+/! 3/*F(*3./*1%! (*! (%! 7('31-/! (]+('*/! (!
.*+('*/?!
_()&(3+/!-(!%1!3('(B1!/'=L*.319!%1)!&'.*3.&1%()!),&('6.3.()!-(!&'/-,33.4*!/'=L*.31!1!*.F(%!=%/21%!)(!(*3,(*+'1*!
(*!$,'/&19!-()+13L*-/)(!5,'X,I1!ak?oRR!>1b9!@+1%.1!ak?iRR!>1b!:!G/%/*.1!aS?RRR!>1b?!$)+1-/)!H*.-/)!'(=.)+'1!TSk!
>1!-(!3('(B1)!/'=L*.31)!:!;>.%(!!""i!>1?9!%/!3,1%!()!7,:!21E/!3/*).-('1*-/!X,(!(X,.F1%(!1!)4%/!(%!R9or!-(!%1!
),&('6.3.(!/'=L*.31!(*!(%!&1I)!:!X,(!%/!,2.31!&/'!-(21E/!-(%!&'/7(-./!7,*-.1%!ak9^rb!1%!.=,1%!X,(!$$?HH?!3/*!,*!
"9Sr?!8!*.F(%!=%/21%!)(!-()+131*!@+1%.1!3/*!,*!S"9Wr!:!G/%/*.1!3/*!,*!SRr?!
P1!6'172,()1!/'=L*.31!()!%1!+('3('1!()&(3.(!(*!()+,-./!-(!71:/'!'(%(F1*3.1!&1'1!;>.%(9!3/*!S?"^k!>1!(*!"RSi9!
&/).3./*1*-/! 1%! &1I)! &/'! )/2'(! $$?HH?! 3/*! kTT! >1! /'=L*.31)! :! <Y].3/! 3/*! 1%'(-(-/'! -(! S^R! >1?! $%! 3,%+.F/! -(!
6'172,()1!/'=L*.31!*13./*1%!1%31*B1!(%!"Wr!'()&(3+/!-(%!+/+1%!-(!%1)!&%1*+13./*()!-(!2(''.()9!3.6'1!X,(!()+L!&/'!
)/2'(!(%!&'/7(-./!7,*-.1%!-(!S^r9!).(*-/!),&('1-/!)/%/!&/'!G/%/*.1!3/*!kSr?!
$%!1'L*-1*/!/'=L*.3/!()!%1!()&(3.(!-(!71:/'!3'(3.7.(*+/!(*!(%!&1I)9!3/*!,*!1,7(*+/!-(!S?WTk!>1!(*+'(!"RSR!:!
"RSi9!(X,.F1%(*+(!1!o^r!-(!%1!),&('6.3.(!'(=.)+'1-1?!D(!()+1!6/'719!;>.%(!()!,*!13+/'!-(!'(%(F1*3.1!(*!+Y'7.*/)!
-(! ),&('6.3.(! /'=L*.31! -()+.*1-1! 1! ()+1! ()&(3.(?! $*! "RSi! )(! '(=.)+'1'/*! k?"kk! >1! -(! 1'L*-1*/! /'=L*.3/9!
),&('1*-/! 1! $$?HH?! 3/*! "?WRR! >1?! $%! -.*17.)7/! -(%! 1'L*-1*/! /'=L*.3/! '()&/*-(! 1! ,*1! 71-,'(B! -(! %1!
.*-,)+'.19! X,(! )(! (]&'()1! (*! 1%+/)! F/%U7(*()! -(! (]&/'+13.4*! :! (*! %1! 31I-1! (*! %/)! &'(3./)! -(! 7('31-/?! $)+1!
3/*-.3.4*!-(%!7('31-/!:!%1!&'()(*3.1!-(!?-/&',0!/?!(*!'(=./*()!-(%!&1I)!-(!71:/'!F/%,7(*!-(!&'/-,33.4*9!\@@!:!
&1'+(! -(! %1! \@@@! '(=.4*9! >1! -()&('+1-/! (%! .*+('Y)! -(! %/)! &'/-,3+/'()! &/'! ,*1! 2U)X,(-1! >13.1! 1%+('*1+.F1)! X,(!
1='(=,(*!F1%/'!1!%1!/6('+1!3/7/!()!%1!3('+.6.313.4*!/'=L*.31?!
G/'! ),! &1'+(9! %/)! 1*L%.).)! (3/*47.3/)! -()1''/%%1-/)! (*! ()+(! ()+,-./! d(F1%,13.4*! -(! %1! ()+',3+,'1! -(! 3/)+/)! (!
.*='()/)! (]&,()+1)! (*! (%! 6%,E/! -(! 31E1! (*! +'()! ()3(*1'./)! 3/*F(*3./*1%9! /'=L*.3/! &%1*+13.4*! :! /'=L*.3/!
3/*F(').4*d!-(7,()+'1*!X,(!%1!1='.3,%+,'1!/'=L*.31!)(!&'()(*+1!3/7/!,*1!7(E/'!1%+('*1+.F1!-(!*(=/3./!&1'1!
%/)! &'/-,3+/'()9! '()&(3+/! ,*1! 1='.3,%+,'1! 3/*F(*3./*1%! (*! +/-1)! %1)! ()&(3.()! (F1%,1-1)! 1! (]3(&3.4*! -(! %1!
&'/-,33.4*!/'=L*.31!-(!&1%+1)!:!3('(B1)9!(*!X,(!%1)!,+.%.-1-()!(*+'(!,*!).)+(71!/'=L*.3/!:!,*/!3/*F(*3./*1%!()!
13/+1-/9!ir!(*!&1%+1!:!S"r!(*!3('(B1!a1%!1e/!SWb?!
S#!
!!
!! !
$*!+Y'7.*/)!-(!%1!/'=1*.B13.4*!:!=()+.4*!-(%!)(3+/'!-(!%1!6',+.3,%+,'1!/'=L*.319!()+(!()+,-./!.*-1=4!'()&(3+/!-(!
%1! '(1%.-1-! -(%! )(3+/'! :! -(! ),)! /&3./*()! -(! -()1''/%%/9! '(3/=.(*-/! .*6/'713.4*! 1! +'1FY)! -(! (*+'(F.)+1)! 1!
-.6('(*+()! 13+/'()! -(%! )(3+/'! a&'/-,3+/'()9! 1)/3.13./*()! -(! 1='.3,%+/'()! (3/%4=.3/)9! 1)()/'()! *13./*1%()! (!
.*+('*13./*1%()9! &'/F((-/'()! -(! .*),7/)! /'=L*.3/)9! 3('+.6.31-/'1)9! (]&/'+1-/'()9! .7&/'+1-/'()! :! (*+.-1-()!
&U2%.31)! 3/7/! @QD8G9! M@89! C8N! :! G'/;>.%(b9! ),71-/! 1! ,*1! '(F.).4*! -(! %1)! &,2%.313./*()! *13./*1%()! (!
.*+('*13./*1%()! (*! %1! 71+('.19! &1'1! (%12/'1'! ,*! 1*L%.).)! MZD8! :! 1*1%.B1'! %1! 3/7&(+.+.F.-1-! -(! %1! .*-,)+'.1! 1!
+'1FY)! -(! ,*! 1*L%.).)! -(! O(*3>71'g.*=9! %/! X,(! &('7.+.4! .-(*+.6.31'! %/)! &'.*3.&1%()! 613+/'()! /! 21''('1)! X,(!
%.7.+1*! (%! 3172./! >13.1! ,*1! 1='.3,%+,'1! /'=L*.31! :! ),! *.F(%! -(! '(%(F1*3.1! /! .7&13+/?! $)+1)! 21''('1)! 6,('/*!
3%1).6.31-1)! (*! 21''('1)! &/%I+.31)9! 3,%+,'1%()9! -(! =()+.4*9! (3/*47.31)9! /'=1*.B13./*1%()9! +(3*/%4=.31)9!
3/7('3.1%()!:!+Y3*.31)9!!3,:1)!&'.*3.&1%()!-()3'.&3./*()!)(!(]&/*(*!1!3/*+.*,13.4*0!
Sb P1)! 21''('1)! &/%I+.31)9! .*-.31*! X,(! (%! 1&/'+(! -(%! $)+1-/! &1'1! (%! -()1''/%%/! -(%! )(3+/'! /'=L*.3/9! ()! 1U*!
.*),6.3.(*+(!:!>1!-('.F1-/!(*!61%+1!-(!&/%I+.31)!&U2%.31)!X,(!&'/7,(F1*!(%!-()1''/%%/!-(!.*F()+.=13.4*9!
-()1''/%%/!+(3*/%4=.3/!(!.**/F13.4*9!(*+'(!/+'/)?!
"b P1)!21''('1)!3,%+,'1%()!-(E1*!-(!71*.6.()+/!X,(!(*!=(*('1%!)(!-()3/*/3(*!%/)!1&/'+()!-(!%1!1='.3,%+,'1!
/'=L*.31!1%!7(-./!172.(*+(!:!1!%1!)1%,-9!%/!X,(!)(!&/+(*3.1!3/*!%1!61%+1!-(!&'(/3,&13.4*!X,(!(].)+(!1!
*.F(%! &1I)?! $)+1! 3/*-.3.4*! 3/*%%(F1! ,*1! 61%+1! -(! 7/+.F13.4*! :! -(! 3/7&'/7.)/! -(! &1'+(! -(! %/)!
&'/-,3+/'()! &/'! .*3/'&/'1'! &'L3+.31)! /'=L*.31)! -(! &'/-,33.4*?! P/)! ).)+(71)! &'/-,3+.F/)!
3/*F(*3./*1%()9! ()+L*! 1''1.=1-/)! (*! %1! 3,%+,'1! &'/-,3+.F1! -(%! &1I)! (! .*+'/-,3.'! 3172./)! =(*('1!
-()3/*6.1*B19! -(2.-/! 1%! -()3/*/3.7.(*+/! -(! %1)! &'L3+.31)! :! 71*(E/)! X,(! )(! 1&%.31*! 1! ,*! ).)+(71!
/'=L*.3/9!:!1!,*1!'().)+(*3.1!&1'1!.*3/'&/'1'%/)!-1-1!%1!71:/'!(].=(*3.1!:!()6,('B/?!
kb P1)! 21''('1)! -(! =()+.4*! .-(*+.6.31-1)9! 1&,*+1*! 1! X,(! 1U*! 61%+1*! ()&(3.1%.)+1)! (*! 1='.3,%+,'1! /'=L*.319!
X,(!1&/'+(*!3/*!3/*/3.7.(*+/)!()&(3I6.3/)!(*!*,+'.3.4*9!3/*+'/%!-(!&%1=1)!:!(*6('7(-1-()!:!71*(E/!
-(! >,('+/)9! (*+'(! /+'/)9! :! X,(! -(*! )/&/'+(! 1! %/)! &'/-,3+/'()! &1'1! (*6'(*+1'! 3/*! Y].+/! %1!
+'1*)6/'713.4*! >13.1! ).)+(71)! /'=L*.3/)?! 8)I! +172.Y*9! (].)+(*! -.6.3,%+1-()! &1'1! (*6'(*+1'! -(! 2,(*1!
6/'71!(%!&'/3()/!-(!3('+.6.313.4*9!()&(3.1%7(*+(!(*!&(X,(e/)!1='.3,%+/'()?!
#b $*+'(! %1)! 21''('1)! (3/*47.31)! )(! +.(*(! (%! u1%+/v! 3/)+/! -(%! &'/3()/! -(! 3('+.6.313.4*! :! )(! ),71! 1! %/)!
7(*/'()!.*='()/)!X,(!)(!&('3.2(*!&/'!3/*3(&+/!-(!()+12.%.B13.4*!-(!%/)!&'(-./)!1='I3/%1)!1)/3.1-/)!1%!
&('./-/!-(!+'1*).3.4*!>13.1!,*!).)+(71!/'=L*.3/9!X,(!(*!(%!31)/!-(!%/)!6',+1%()!()!-(!k!1e/)?!
Wb $*! %1)! 21''('1)! /'=1*.B13./*1%()9! )(! .-(*+.6.34! %1! *(3().-1-! -(! ,*1! .*)+.+,3.4*! ='(7.1%! -(! 31'L3+('!
*13./*1%!X,(!3/*F/X,(!1!%/)!13+/'()!-(%!)(3+/'!/'=L*.3/9!X,(!).'F1!-(!F/B!:!)(1!,*1!3/*+'1&1'+(!1!%1!
>/'1!-(!-()1''/%%1'!&/%I+.31)!&U2%.31)!1+.*=(*+()!1%!7,*-/!/'=L*.3/?!
^b $*!%1)!21''('1)!+(3*/%4=.31)!1&1'(3(!+'1*)F(')1%!:!&/'!+1*+/!&'./'.+1'./9!-()1''/%%1'!7L)!.*F()+.=13.4*!:!
&'/7/F('!(%!-()1''/%%/!+(3*/%4=.3/!()&(3I6.3/!&1'1!%1!1='.3,%+,'1!/'=L*.31!3>.%(*1?!
ib $*+'(! %1)! 21''('1)! 3/7('3.1%()! )(! -./! 3,(*+1! X,(! %/)! 31*1%()! -(! F(*+1! ).=,(*! ()+1*-/! 3(*+'1%.B1-/)9!
F('.6.3L*-/)(! 1! %1! F(B! %1! &/31! &1'+.3.&13.4*! -(%! 7('31-/! *13./*1%! 3/7/! 3/7&'1-/'! -(! &'/-,3+/)!
/'=L*.3/)?!
!SW!
!
Tb M.*1%7(*+(9! (*+'(! %1)! 21''('1)! +Y3*.31)! )(! .-(*+.6.31! X,(! )(! '(X,.('(! -(! 71:/'! 3/*/3.7.(*+/! :! -(!
+Y3*.31)! -(! &'/-,33.4*! ()&(3I6.31)! &1'1! %1! 1='.3,%+,'1! /'=L*.319! %/! X,(! +.(*(! ()+'(3>1! '(%13.4*! 3/*! %1!
61%+1!-(!()&(3.1%.)+1)?!
G1'1! 12/'-1'! ()+1)! 21''('1)! :! 6/'+1%(3('! %1! .*-,)+'.1! /'=L*.31! (*! ;>.%(9! )(! &'/&/*(*! 133./*()! &1'1!
.7&%(7(*+1')(!(*!(%!3/'+/9!7(-.1*/!:!%1'=/!&%1B/9!:!X,(!1&,*+1*!1%!3'(3.7.(*+/!:!6/'+1%(3.7.(*+/!-(%!)(3+/'0!
833./*()!-(!3/'+/!&%1B/!aR!1!S!1e/b0!
Sb M/'+1%(3('! %1! ;/7.).4*! Q13./*1%! -(! 8='.3,%+,'1! Z'=L*.31! a;Q8Zb! :! ).+,1'%1! 3/7/! %1! /'=1*.B13.4*! %I-('! X,(!
%%(F(!1!312/!%1)!13+.F.-1-()!-(%!&%1*!-(!-()1''/%%/!-(!%1!1='.3,%+,'1!/'=L*.31!*13./*1%!:!X,(!3/%12/'(!(*!(%!
6/'+1%(3.7.(*+/! -(! ,*! ='(7./! ()&(3I6.3/! -(! %1! 6',+.3,%+,'1! /'=L*.319! X,(! 13+U(! -(! 3/*+'1&1'+(! (*! %1!
/'=1*.B13.4*!3(*+'1%!:!(*!%1!(%12/'13.4*!-(!&/%I+.31)!&U2%.31)?!
"b J,*+/! 3/*! 6/'+1%(3('! %1! ;Q8Z! :! (%! ='(7./9! )(! -(2(! 1F1*B1'! (*! &'/7/F('! :! -.6,*-.'! (%! 3/*/3.7.(*+/! -(! %1!
1='.3,%+,'1!),)+(*+12%(!:!%1!1='.3,%+,'1!/'=L*.319!&1'1!X,(!(%!&U2%.3/!=(*('1%!3/*/B31!-(%!.7&13+/!:!-(!%/)!
2(*(6.3./)!X,(!()+1!6/'71!-(!&'/-,33.4*!+.(*(!(*!(%!7(-./!172.(*+(!:!(*!%1!)1%,-!-(!%1)!&(')/*1)?!
833./*()!-(!7(-.1*/!1!%1'=/!&%1B/!aW!1!SR!1e/)b!!
Sb C(!'(X,.('(!6/'+1%(3('!%1!(*)(e1*B1!-(!%1!1='.3,%+,'1!/'=L*.31!(*!%1)!,*.F(').-1-()9!+1*+/!1!*.F(%!-(!&'(='1-/!
3/7/!(*!%1!6/'713.4*!-(!()&(3.1%.)+1)?!$)!-()(12%(!X,(!'(&'()(*+1*+()!-(!%1)!,*.F(').-1-()!6/'7(*!&1'+(!
-(! %1! ;Q8Z! &1'1! '(3/=('! %1)! 31'13+('I)+.31)! -(! 6/'713.4*! -(! &'/6()./*1%()! X,(! %1! .*-,)+'.1! *(3().+19! 1)I!
3/7/!+172.Y*!%/)!'(X,('.7.(*+/)!-(!.*F()+.=13.4*!(*!1='.3,%+,'1!/'=L*.31?!
"b $*! 71+('.1! -(! %1! 1).)+(*3.1! (*! (%! &'/3()/! -(! 3('+.6.313.4*9! ()! *(3()1'./! 6/'+1%(3('! (! .*3'(7(*+1'! +1*+/! %1!
1).)+(*3.1!X,(!(*+'(=1!(%!C8N!1!+'1FY)!-(!),!-(&1'+17(*+/!-(!1='.3,%+,'1!/'=L*.319!1)I!3/7/!+172.Y*!%1!X,(!
'(1%.B1*!%1)!3('+.6.31-/'1)!1!),)!3%.(*+()?!
kb $*!(%!7(E/'17.(*+/!/!.*+'/-,33.4*!-(!+Y3*.31)!:!&'/3(-.7.(*+/)9!)(!>13(!*(3()1'./!&'/7/F('!:!7(E/'1'!%/)!
3/*/3.7.(*+/)!+Y3*.3/)!:!-(!>(''17.(*+1)!6.*1*3.('1)!1)/3.1-1)!1!%1!1='.3,%+,'1!/'=L*.31!:!),)+(*+12%(!&1'1!
X,(!%/)!&'/-,3+/'()!+/7(*!-(3.)./*()!.*6/'71-1)!-(!13,('-/!3/*!),)!&/).2.%.-1-()!:!(*6'(*+(*!(%!&('./-/!
-(!+'1*).3.4*!-(!7(E/'!6/'719!3/*!7L)!:!7(E/'()!>(''17.(*+1)?!$*!()+(!&,*+/!)(!'(X,.('(!-(!%1!133.4*!(*!
6/'71!3//'-.*1-1!:!-.'(3+1!-(!%/)!13+/'()!.*F/%,3'1-/)!dC8N!:!='(7./)d!&1'1!3//'-.*1'!3/*!/+'1)!.*)+1*3.1)!
:! )/)+(*('! ,*! &('./-/! -(! -.6,).4*! 3/*+.*,/! X,(! &('7.+1! -1'! 1! 3/*/3('! (%! &'/3()/! -(! 3('+.6.313.4*! :! /+'/)!
+4&.3/)!'(%13./*1-/)!3/*!%1!1='.3,%+,'1!/'=L*.31!:!),)+(*+12%(?!
#b $)!.*7.*(*+(!X,(!%1)!,*.F(').-1-()9!%/)!3(*+'/)!-(!.*F()+.=13.4*!3/7/!@Q@8!:!;Q8Z9!&1'+.3.&(*!13+.F17(*+(!
(*! %1! 3//'-.*13.4*! :! -(6.*.3.4*! -(! %I*(1)! -(! .*F()+.=13.4*! (*! 1='.3,%+,'1! /'=L*.319! &1'1! %1! =(*('13.4*! -(!
*,(F/)!3/*/3.7.(*+/)?!
Wb M.*1%7(*+(9!)(!'(X,.('(!&'/7/F('!:!-.F,%=1'!()+,-./)!()&(3I6.3/)!)/2'(!%/)!&'/-,3+/)!/'=L*.3/)!-(!;>.%(9!:!
3/*(3+1'%/)! 3/*! &'/='171)! -(! &'/7/3.4*9! X,(! 3,(*+(*! 3/*! %1! &1'+.3.&13.4*! :! 1&/:/! -(! G'/;>.%(! (*! %1!
3/*6(33.4*!:!13/7&1e17.(*+/!-(!()+/)!&'/='171)?!
S^!
!!
!! !
&.%#+@$''&].*
P1!8='.3,%+,'1!Z'=L*.31!()!>/:!,*1!'(1%.-1-!1!*.F(%!*13./*1%!(!.*+('*13./*1%?!P,(=/!-(%!.*3.('+/!:!-.)3,+.-/!.*.3./!
-(! ()+1! *,(F1! &'/&,()+1! -(! &'/-,33.4*! 1='I3/%19! %1! ),&('6.3.(! -()+.*1-1! 1! %1! &'/-,33.4*! /'=L*.31! >1! .-/! (*!
1,7(*+/!(*!+/-/)!%/)!3/*+.*(*+()9!&1'1!%%(=1'!1!%1)!Wi9T!7.%%/*()!-(!>(3+L'(1)!(*!(%!"RS^9!%/!X,(!).=*.6.31!,*!
1,7(*+/! -(! Tk9WrS! ! &1'1! %1! -Y31-1?! $*! ()+1! 7.)71! %I*(19! ;>.%(! +.(*(! %1)! 3/*-.3./*()! &1'1! .*3'(7(*+1'! %1!
),&('6.3.(! -(-.31-1! 1! 1='.3,%+,'1! /'=L*.31! :! '()&/*-('! 1! ,*1! -(71*-1! 3'(3.(*+(! -(! 1%.7(*+/)! -(! /'.=(*!
*1+,'1%9!3/*!1%+/)!()+L*-1'()!-(!31%.-1-!:!3('+.6.31-/)!3/*!'(3/*/3.7.(*+/!.*+('*13./*1%?!
$)+(! ()+,-./! 2,)31! (*+'(=1'! 1*+(3(-(*+()! (! .*6/'713.4*! 3/*)/%.-1-1! 3/7/! ,*! 1&/'+(! 1%! 1*L%.).)! -(%! )(3+/'9!
-(6.*.(*-/!(%!&/+(*3.1%!3/7&(+.+.F/!-(!%1!6',+.3,%+,'1!/'=L*.31!(!.-(*+.6.31*-/!%/)!-()16I/)!X,(!&%1*+(19!3/7/!
%1)! L'(1)! -(! .*F()+.=13.4*9! +(3*/%/=I1)! :! ()+'1+(=.1)9! '(=,%13./*()! :! 3/*-.3./*()! (3/*47.31)9! (*+'(! /+'/)!
1)&(3+/)9!X,(!&('7.+1*!.7&,%)1'!(%!3'(3.7.(*+/!-(!()+(!)(3+/'?!
$*!;>.%(9!%1!1='.3,%+,'1!/'=L*.31!()+L!'(=,%1-1!&/'!%1!%(:!"RRTo9!X,(!3'(1!(%!C.)+(71!Q13./*1%!-(!;('+.6.313.4*!-(!
G'/-,3+/)! Z'=L*.3/)! 8='I3/%1)?! $)+1! %(:! -(6.*(! :! (*+'(=1! %1)! */'71)! &1'1! %1! &'/-,33.4*9! (%12/'13.4*! :!
3('+.6.313.4*!/'=L*.319!).(*-/!(%!C('F.3./!8='I3/%1!:!N1*1-('/!aC8Nb9!/'=1*.)7/!-(&(*-.(*+(!-(%!<.*.)+('./!-(!
8='.3,%+,'19!%1!1,+/'.-1-!3/7&(+(*+(!(*31'=1-1!-(!%1!),&('F.).4*!-(%!).)+(71?!
P1!%(:!)(e1%1!X,(!@'&!&(),&(+&!$-%!A$%-+*.)-'!-%;B(,.-'!0;%C.-#0'A!04*&##-'!$%-:&(,&()&'!+&!',')&10'!8-#C'),.-'!
+&! ;&'),3(! +&! #0! $%-+*..,3(! &(! &#! B1/,)-! 0;%C.-#09! $&.*0%,-! -! 5-%&')0#9! 4*&! 5-1&()0! D! 1&2-%0! #0! '0#*+! +&#!
0;%-&.-',')&10!D9!&(!$0%),.*#0%9!#0!/,-+,:&%',+0+9!#-'!.,.#-'!/,-#3;,.-'!D!#0!0.),:,+0+!/,-#3;,.0!+&#!'*&#-6E!
P1! 1='.3,%+,'1! /'=L*.31! ()+L! (*! %1! 21)(! -(%! -()1''/%%/! -(%! )('! >,71*/! :! -(! ),)! 1)(*+17.(*+/)?! ;/*/3('! %1)!
'(%13./*()!-(%!7(-./172.(*+(!(*!X,(!)(!-()1''/%%1*!%1)!&%1*+1)!-(!.*+('Y)!&1'1!,*1!3/)(3>1!1+'13+.F19!6,(!(%!
/2E(+.F/! .*.3.1%! -(! %1! 3,%+,'1! 1='I3/%19! X,(! )(! 6,(! &('-.(*-/! (*! %1! 7(-.-1! X,(! %1! 3.(*3.1! :! %1! +(3*/%/=I1!
).*+(+.B1'/*! 6('+.%.B1*+()! :! &'/-,3+/)! X,I7.3/)9! &('7.+.(*-/! 3/*! (%%/! (%! -/7.*./! -(! %1! &'/-,33.4*! :!
'(*-.7.(*+/)! )(=,'/)9! :! -1*-/! &1)/! 1! %/! X,(! 3/*/3(7/)! 3/7/! 0;%,.*#)*%0! .-(:&(.,-(0#?! $%! -()1''/%%/!
)/)+(*.-/! -(! ()+1! 1='.3,%+,'19! 1%('+4! 1! ,*/)! &/3/)! (*! %1! &'.7('1! 7.+1-! -(%! ).=%/! ff9! '()&(3+/! -(%! (6(3+/! X,(!
&/-'I1!+(*('!(%!3/*),7/!-(!'().-,/)!X,I7.3/)!&'()(*+()!(*!%/)!1%.7(*+/)!(*!%1!)1%,-!>,71*1!:!(*!%1!)1%,-!-(!
%/)!),(%/)9!&'/-,3+/!-(!%1!1&%.313.4*!-(!6('+.%.B1*+()!).*+(+.B1-/)?!D()-(!(*+/*3()9!)(!.*.3.1!(*!-.F(')1)!&1'+()!
-(%!7,*-/9!,*!7/F.7.(*+/!+(*-.(*+(!1!'(-,3.'!(%!,)/!-(!X,I7.3/)!(*!=(*('1%!(*!%1!&'/-,33.4*!1='I3/%19!-1*-/!
/'.=(*!1!%/!X,(!>/:!3/*/3(7/)!3/7/!!"#$%&'(&#)*+#",-$%)*./09!X,(!1&1'(3.4!(*!+/'*/!1%!So"R9!3/*6/'71-1!&/'!
%/)!6,*-1-/'()!:!F.)./*1'./)!-(%!7/F.7.(*+/?!
P1! &'.7('1! /'=1*.B13.4*! -(-.31-1! .7&,%)1'! (%! -()1''/%%/! -(! %1! 1='.3,%+,'1! /'=L*.31! 6,(! uC/.%! 8))/3.1+./*v!
6,*-1-1!So#^9!X,(!)(!()+12%(3(!(*!(%!_(.*/!H*.-/?!83+,1%7(*+(9!uC/.%!8))/3.1+./*v!+.(*(!"i?RRR!7.(72'/)"!:!
)(!-(-.31!1!&'/7/F('!%1!1='.3,%+,'1!/'=L*.31!1!+'1FY)!-(!317&1e1)!-(!(-,313.4*!:!*,+'.3.4*9!3('+.6.313.4*!-(!
1%.7(*+/)!/'=L*.3/)!:!317&1e1)!(*!3/*+'1!-(!%1!1='.3,%+,'1!.*+(*).F1?!
$*! %1! -Y31-1! -(! %/)! wiR! 1&1'(3(*! %/)! ()+L*-1'()9! '(=,%13./*()! &U2%.31)! :! '(3/*/3.7.(*+/! =%/21%! -(! %1!
8='.3,%+,'1!Z'=L*.319!-1*-/!/'.=(*!1!%1!!"#$%&'(&#)*+#",-$%)*1/0?!C.*!-,-19!%1!/'=1*.B13.4*!C/.%!8))/3.1+./*!>1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S
!M,(*+(0!@MZ8<!"RSi!:!"RST!
"
!@*6/'713.4*!/2+(*.-1!-(!VVV?)/.%1))/3.1+./*?/'=!
!Si!
!
+(*.-/! ,*1! ='1*! .*6%,(*3.1! (*! (%! -()1''/%%/! -(! %1! 1='.3,%+,'1! /'=L*.31! (*! (%! 7,*-/! :! &1'+.3,%1'7(*+(! (*! %1!
6/'71%.B13.4*!-(%!).)+(719!1!&1'+.'!-(!%/!3,1%!),'=.('/*!7,3>1)!/+'1)!/'=1*.B13./*()!'(%13./*1-1)!3/*!(%!+(719!d
()&(3.1%7(*+(!(*!$,'/&1d!%1)!X,(!>1*!3/*+'.2,.-/!-(!-.F(')1)!71*('1)!1%!-()1''/%%/!-(!%1!1='.3,%+,'1!/'=L*.31?!
C,'=(! (*+/*3()! aSoi"b! %1! M,*-13.4*! @*+('*13./*1%! -(! </F.7.(*+/)! -(! 8='.3,%+,'1! Z'=L*.31! @MZ8<k! &/'! ),)!
).=%1)!(*!.*=%Y)9!X,(!>/:!3,(*+1!3/*!TRR!)/3./)!(*!7L)!-(!SRR!&1I)()!:!,*1!-.F(').-1-!-(!3/*+'.2,:(*+()!-(!%1!
F.).4*!/'=L*.319!%/!X,(!3/*)+.+,:(!,*!u&1'1=,1)v!&1'1!(%!7,*-/!/'=L*.3/?!
$*+'(! %1)! 7,3>1)! 13+.F.-1-()! -(! @MZ8<9! )(! -()+131! %1! &,2%.313.4*! 1*,1%! u5>(! x/'%-! /6! Z'=1*.3! 8='.3,%+,'(?!
C+1+.)+.3)!1*-!$7('=.*=!5'(*-)v9!'(1%.B1-1!(*!3/*E,*+/!3/*!(%!.*)+.+,+/!),.B/!M.OP!a@*)+.+,+/!-(!@*F()+.=13.4*!(*!
8='.3,%+,'1!Z'=L*.31b9!-/3,7(*+/!X,(!3/*)+.+,:(!,*!'(6('(*+(!:!,*!1&/'+(!1!%1!>/'1!-(!7/*.+/'(1'!(%!1F1*3(!
-(! %1! 1='.3,%+,'1! /'=L*.31! 7,*-.1%9! +1*+/! 1! *.F(%! &'/-,3+.F/! 3/7/! -(! 7('31-/?! D(! >(3>/9! %1! &,2%.313.4*! -(!
6(2'('/!-(!"RST!()!%1!&'.*3.&1%!6,(*+(!-(!.*6/'713.4*!()+1-I)+.31!X,(!-1!(%!71'3/!=%/21%!1!()+(!()+,-./?!D(!.=,1%!
6/'719!%1!.*6/'713.4*!X,(!$$?HH?!a&'.*3.&1%!7('31-/!-(!&'/-,3+/)!/'=L*.3/)b!(*+'(=1!1!+'1FY)!-(!Z58!aZ'=1*.3!
5'1-(!8))/3.1+./*b!3/7/!1&/:/!1%!-()1''/%%/!-(%!)(3+/'!:!%1!.*6/'713.4*!&'/F(*.(*+(!-(%!31&I+,%/!31*1-.(*)(!-(!
%1!Z589!1)I!3/7/!-1+/)!()&(3I6.3/)!-(!HCD89!>1*!).-/!-(!='1*!1:,-1!&1'1!'/2,)+(3('!()+(!()+,-./?!
83+,1%7(*+(9! (*+'(! %/)! &'/2%(71)! X,(! (*6'(*+1! %1! 1='.3,%+,'1! /'=L*.31! )(! 7(*3./*1! %1! 31'(*3.1! -(! =%/)1)!
1-,1*('1)! ()&(3I6.31)! &1'1! %/)! &'/-,3+/)! /'=L*.3/)9! -.6.3,%+1*-/! (%! 1*L%.).)! -(%! 7('31-/! -(! %/)! 7.)7/)?! C4%/!
1%=,*/)! &1I)()! -.)&/*(*! -(! =%/)1)! ()&(3I6.31)9! (*+'(! %/)! X,(! )(! (*3,(*+'1! ;>.%(?! G/'! /+'/! %1-/9! %1! 1='.3,%+,'1!
/'=L*.31! '(X,.('(! -(! %1! 3('+.6.313.4*! :! >/7/%/=13.4*! -(! ()+L*-1'()! /! (X,.F1%(*3.1! -(! */'71)! &1'1! (%!
'(3/*/3.7.(*+/!-(!%1!/6('+1?!$*!1%=,*/)!&1I)()9!%/)!()+L*-1'()!/'=L*.3/)!)/*!6/'7,%1-/)!:!),&('F.)1-/)!&/'!(%!
=/2.('*/?! $)+1-/)! H*.-/)9! %1! H*.4*! $,'/&(1! :! J1&4*! +.(*(*! ,*1! %(=.)%13.4*! /'=L*.31! .*+(='1%9! :! (%! +Y'7.*/!
y-%;B(,.-y!)/%/!&,(-(!)('!,+.%.B1-/!&/'!&'/-,3+/'()!3('+.6.31-/)?!
P/)!&1I)()!-(!%1!H$!1-X,.'.('/*!,*1!%(=.)%13.4*!/'=L*.31!.*+(='1%!3/*!%1!.7&%(7(*+13.4*!-(!%1!$Hd$3/d_(=,%1+./*!
aSoo"b?!C.*!(721'=/9!%1!3('+.6.313.4*!-(!%/)!&'/-,3+/)!/'=L*.3/)!()!71*(E1-1!1!*.F(%!*13./*1%?!
$*!(%!_(.*/!H*.-/9!%1!3('+.6.313.4*!/'=L*.31!()!71*(E1-1!&/'!,*1!)('.(!-(!/'=1*.B13./*()9!-(!%1)!3,1%()!%1)!7L)!
.7&/'+1*+()!)/*!%1!uC/.%!8))/3.1+./*v!:!uZ'=1*.3!M1'7(')!1*-!N'/V(')v?!5/-/)!%/)!/'=1*.)7/)!-(!3('+.6.313.4*!
()+L*!),E(+/)!1!%1)!'(=,%13./*()!-(%!_(=.)+'/!-(!Q/'71)!-(!8%.7(*+/)!Z'=L*.3/)!-(%!_(.*/!H*.-/!aHh_ZMCb9!X,(!
1!),!F(B!()+L*!),E(+/!1!%1!%(=.)%13.4*!-(!%1!H$?!
$*! C,.B19! %1! 3('+.6.313.4*! uO./! C,.))(v! ()! ,*1! /'=1*.B13.4*! -(%! )(3+/'! &'.F1-/! X,(! *13(! -(! %1! 1)/3.13.4*! -(!
1='.3,%+/'()!/'=L*.3/)!-(!C,.B19!X,.(*()!2,)31'/*!3'(1'!,*1!3('+.6.313.4*!3/*!'(X,('.7.(*+/)!1U*!7L)!1%+/)!X,(!
%/)! .7&,()+/)! &/'! %1! */'71! (,'/&(1?9! $*! ()+(! 31)/! %1! 3('+.6.313.4*! ()! 71*(E1-1! &/'! %1! 3/'&/'13.4*! &'.F1-1!
h_8\?!
H*1! -(! %1)! &'.7('1)! /'=1*.B13./*()! (*! %%(F1'! 1! 312/! %1! 3('+.6.313.4*! /'=L*.31! (*! 87Y'.31! -(%! Q/'+(! 6,(!
;1%.6/'*.1!;('+.6.(-!Z'=1*.3!M1'7(')9!6,*-1-1!(*!Soik?!P,(=/9!(*!$)+1-/)!H*.-/)9!(%!Q1+./*1%!Z'=1*.3!G'/='17!
aQZGb! &'/7,%=1-/! 3/7/! %(=.)%13.4*! 6(-('1%! (*! /3+,2'(! -(! "RR"9! '()+'.*=(! (%! ,)/! -(%! +Y'7.*/! y-%;B(,.-y! 1!
&'/-,3+/'()! /'=L*.3/)! 3('+.6.31-/)9! 3/*! (]3(&3.4*! -(! %/)! &'/-,3+/'()! X,(! F(*-(*! 7(*/)! -(! zW9RRR! aHCDb! 1%!
1e/9!%/)!X,(!-(2(*!3,7&%.'!:!)/7(+(')(!1!,*1!1,-.+/'I1!-(!'(=.)+'/)!).!1)I!)(!%()!)/%.3.+19!&('/!*/!+.(*(*!X,(!
&'()(*+1'!,*1!)/%.3.+,-!6/'71%?!P1!3('+.6.313.4*!()!71*(E1-1!&/'!1=(*3.1)!()+1+1%()9!).*!6.*()!-(!%,3'/!:!&'.F1-1)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
k
!@MZ8<!a@*+('*1+./*1%!M(-('1+./*!/6!Z'=1*.3!8='.3,%+,'(!</F(7(*+)!t!Z'=1*.3)!@*+('*1+./*1%!
ST!
!!
!! !
X,(!>1*!).-/!1&'/21-1)!&/'!(%!D(&1'+17(*+/!-(!8='.3,%+,'1!-(!%/)!$)+1-/)!H*.-/)!aHCD8b?!
$*! ;1*1-L9! 5>(! Z'=1*.3! G'/-,3+! _(=,%1+./*! d(*+'4! (*! F.=(*3.1! (*! "RRod9! -(6.*(! %/)! ()+L*-1'()! X,(! )(! -(2(*!
3,7&%.'! &1'1! X,(! ,*! &'/-,3+/! )(1! 3('+.6.31-/! 3/7/! /'=L*.3/?! P1! 8=(*3.1! ;1*1-.(*)(! -(! @*)&(33.4*! -(!
8%.7(*+/)!a8;@8b!),&('F.)1!:!>13(!3,7&%.'!%/)!'(X,.).+/)!-(%!'Y=.7(*!/'=L*.3/!-(!;1*1-L9!,+.%.B1*-/!,*!7/-(%/!
-(!&'()+13.4*!-(!)('F.3./)!-(!+('3('/)9!X,(!.*3%,:(!/'=1*.)7/)!-(!F('.6.313.4*!-(!3/*6/'7.-1-9!/'=1*.)7/)!-(!
3('+.6.313.4*!:!/&('1-/'()!/'=L*.3/)!a;1*1-.1*!M//-!@*)&(3+./*!8=(*3:9!"RS^b?!
$*!J1&4*9!(%!$)+L*-1'!8='I3/%1!J1&/*Y)!aJ8Cb!)(!.7&%(7(*+4!&/'!3/7&%(+/!3/7/!%(:!(*!12'.%!-(!"RRS?!$)+/!6,(!
'(F.)1-/!(*!*/F.(72'(!-(!"RRW!:!+/-/)!%/)!3('+.6.31-/'()!J8C!-(2.('/*!)('!'(d13'(-.+1-/)!&/'!(%!<.*.)+('./!-(!
8='.3,%+,'1!-(!()(!&1I)?!
$*!8,)+'1%.19!%1!*/'71!-(!&'/-,3+/)!/'=L*.3/)!uQ1+./*1%!C+1*-1'-!6/'!Z'=1*.3!1*-!O./-:*17.3!G'/-,3(v!X,(!)(!
.7&%(7(*+4! (*! (%! 1e/! "RRo! t.*.3.1%7(*+(! &1'1! &'/-,3+/)! (]&/'+1-/)! -()-(! 8,)+'1%.1d! )(! (*3,(*+'1! 21E/! %1!
'()&/*)12.%.-1-! -(%! C('F.3./! 8,)+'1%.1*/! -(! ;,1'(*+(*1! (! @*)&(33.4*! a8A@Cb! :! %1! ;/7.).4*! 8,)+'1%.1*1! -(!
;/7&(+(*3.1!:!;/*),7/!a8;;;b?!$)+(!()+L*-1'!/&('1!3/7/!,*1!21)(!/!()+L*-1'!-(!'(6('(*3.19!%/!X,(!).=*.6.31!
X,(!%/)!3('+.6.31-/'()!&,(-(*!71*+(*('!),)!&'/&./)!()+L*-1'()!/!,+.%.B1'!(%!()+L*-1'!*13./*1%!1,)+'1%.1*/!&1'1!
&'/-,3+/)!/'=L*.3/)!:!2./-.*L7.3/)?!G1'1!%/)!3/7&'1-/'()9!()+(!&'/3(-('!()!,*!&'/2%(71!:!).7&%(7(*+(!>1*!
+/71-/!%1!*/'71!-(!&'/-,3+/)!/'=L*.3/)!a&1'1!(]&/'+13.4*b!3/7/!,*!()+L*-1'!-(!613+/!:!()+L*!-.)&,()+/)!1!
&1=1'!&'(3./)!),&('./'()!&/'!&'/-,3+/)!3('+.6.31-/)!21E/!%/)!()X,(71)!.*+('*13./*1%()?!C.!2.(*!(*!"RR#!>12I1!
"?k#W! /&('1-/'()! 3('+.6.31-/)9! -()-(! "RR^! >1:! ).(+(! /'=1*.B13./*()! 3('+.6.31-/'1)! 1&'/21-1)! &/'! 8A@C! :!
1,+/'.B1-1)!&1'1!(7.+.'!;('+.6.31-/)!-(!G'/-,3+/)!Z'=L*.3/)?!$%!71:/'!3('+.6.31-/'!-(!&'/-,3+/)!/'=L*.3/)!()!
8,)+'1%.1*! ;('+.6.(-! Z'=1*.39! X,(! ()! ,*1! ),2).-.1'.1! -(! O./%/=.31%! M1'7(')! 8,)+'1%.19! (%! 71:/'! 3/%(3+.F/! -(!
1='.3,%+/'()!/'=L*.3/)!(*!(%!&1I)?!
$*!;>.*19!(%!;>.*1!Q1+./*1%!Z'=1*.3!G'/-,3+!C+1*-1'-!a;QZGCb!(*+'4!(*!F.=(*3.1!(*!"RRW!:!(*!3/72.*13.4*!3/*!
yP1! _(=%1! )/2'(! @7&%(7(*+13.4*! -(! ;('+.6.313.4*! -(! G'/-,3+/)! Z'=L*.3/)y9! -(6.*(*! (%! 1%31*3(9! (%! ()+L*-1'!
*/'71+.F/9!(%!&'/3(-.7.(*+/!-(!3('+.6.313.4*9!%/)!'(X,.).+/)!&1'1!%/)!/'=1*.)7/)!-(!3('+.6.313.4*9!(%!,)/!-(%!)(%%/!
-(!3('+.6.313.4*!-(!&'/-,3+/)!/'=L*.3/)9!(%!(+.X,(+1-/!:!%1!.7&/'+13.4*!-(!&'/-,3+/)!1%.7(*+.3./)!/'=L*.3/)!1!
;>.*1?!D(!13,('-/!3/*!(%!;QZGC9!+/-/)!%/)!/'=1*.)7/)!-(!3('+.6.313.4*!-(2(*!()+1'!'(=.)+'1-/)!&/'!(%!Q1+./*1%!
_(=,%1+./*!/6!G(/&%()!_(&,2%.3!/6!;>.*1!/*!;('+.6.31+./*!1*-!83'(-.+1+./*!a;Q;8b?!G/'!),!&1'+(9!%1!8)/3.13.4*!-(!
;('+.6.313.4*! :! 83'(-.+13.4*! -(! ;>.*1! a;;88b! ()! %1! '()&/*)12%(! -(! %%(F1'! (%! '(=.)+'/! -(! %/)! .*)&(3+/'()! -(!
3('+.6.313.4*!/'=L*.31?!P1!),&('F.).4*!-(!%/)!/'=1*.)7/)!-(!3('+.6.313.4*!:!%1!1-7.*.)+'13.4*!-(!%1!3('+.6.313.4*!
/'=L*.31! 1! *.F(%! %/31%! ()+L*! 21E/! %1! '()&/*)12.%.-1-! -(! %1! 8-7.*.)+'13.4*! N(*('1%! -(! C,&('F.).4*! -(! ;1%.-1-9!
@*)&(33.4*!:!;,1'(*+(*1!-(!;>.*1!a8AC@Ab!aN%/21%!Z'=1*.3!Q(+V/'g9!"RSTb?!
P/)!/'=1*.)7/)!-(!3('+.6.313.4*!/'=L*.31!-(!;>.*1!+172.Y*!&,(-(*!.*)&(33./*1'!:!3('+.6.31'!),)!&'/&.1)!*/'71)!
/'=L*.31)! &'.F1-1)9! ).(7&'(! :! 3,1*-/! %/)! &'/-,3+/)! 3('+.6.31-/)! 3,7&%1*! 3/*! %1! '(=,%13.4*! *13./*1%?! P/)!
/'=1*.)7/)!-(!3('+.6.313.4*!()+L*!/2%.=1-/)!1!&,2%.31'!),)!*/'71)!&'.F1-1)!:!&'/3(-.7.(*+/)!-(!3('+.6.313.4*?!
;/7/!3/*)(3,(*3.19!%/)!&'/-,3+/)!/'=L*.3/)!&,(-(*!(+.X,(+1')(!3/*!(%!)(%%/!*13./*1%!-(!&'/-,3+/)!/'=L*.3/)!:!
(%!%/=/+.&/!-(%!/'=1*.)7/!-(!3('+.6.313.4*!&'.F1-/!aN%/21%!Z'=1*.3!Q(+V/'g9!"RSTb?!
8!*.F(%!.*+('*13./*1%9!)(!()+L*!%%(F1*-/!1!312/!*(=/3.13./*()!-(!(X,.F1%(*3.1!:!:1!)(!>1*!()+12%(3.-/!1%=,*/)!
13,('-/)! &1'1! 613.%.+1'! %1! 3('+.6.313.4*! (*+'(! &1I)()9! %/! X,(! )(! +'1-,3(! (*! ,*! 7(E/'! 6%,E/! -(%! 3/7('3./!
!So!
!
.*+('*13./*1%?! 5172.Y*! >1:! /'=1*.)7/)! -(! 3('+.6.313.4*! .*+('*13./*1%()9! .*3%,.-/)! 7.(72'/)! -(! %1! M(-('13.4*!
@*+('*13./*1%!-(!</F.7.(*+/)!-(!8='.3,%+,'1!Z'=L*.31!a@MZ8<b9!%1!8)/3.13.4*!-(!<(E/'1!-(!;,%+.F/)!Z'=L*.3/)!
aZ;@8b!:!$3/3('+?!
$*!&1I)()!).*!%(:()!/'=L*.31)9!%1)!&1,+1)!-(%!=/2.('*/!&,(-(*!(].)+.'!/!*/9!&('/!%1!3('+.6.313.4*!()!71*(E1-1!&/'!
/'=1*.B13./*()!).*!6.*()!-(!%,3'/!:!3/7&1eI1)!&'.F1-1)?!D(!.=,1%!6/'719!(*!%/)!7('31-/)!(*!%/)!X,(!*/!(].)+(*!
13,('-/)!6/'71%()!(*+'(!&1I)()9!(%!&'/-,3+/!/'=L*.3/!&1'1!(]&/'+13.4*!1!7(*,-/!()!3('+.6.31-/!&/'!1=(*3.1)!
-(!%/)!&1I)()!.7&/'+1-/'()9!X,.(*()!&,(-(*!()+12%(3('!/6.3.*1)!(]+'1*E('1)!&('71*(*+()!&1'1!()+(!&'/&4).+/?!
$*!;>.%(9!%1!1='.3,%+,'1!/'=L*.31!()+L!'(=,%1-1!&/'!%1!%(:!"RRTo9!X,(!!"#$%#&%'()*#+$%,$!(-.$&%/#%0#"*(1(!$!(2.%/#%
!"#$%&'#() *"+,-.&#() /+"0(3) 4('2) 156) $57.-5) 6) 5-'"5+2) 12() -#"82() 92"2) 12) 9"#$%&&.:-;) 512<#"2&.:-) 6)
!"#$%&%!'!%()*+#,-)%!'.*/%")0+*"1*2"#3%!%+*4,#5!+1'*6*7')'0"#+*82479*::* +#,')%/;+*0"<")0%")$"*0"1*=%)%/$"#%+!!"#
!"#$%&'(&#)*++*')*)&(,#$-)-*%,./0(01(0*01%)#")-)*-0*')*2&/0#3$2$41*-0'*5$2(0.)6!!
$*! ;>.%(! (].)+(*! F1'.1)! /'=1*.B13./*()! X,(! ()+L*! '(%13./*1-1)! 3/*! %1! =(*('13.4*9! 3/*+'/%! -(! %1)! */'71)! :!
3('+.6.313./*()! 1! *.F(%! =,2('*17(*+1%9! 3/7/! +172.Y*! /'=1*.B13./*()! &'.F1-1)! '(%13./*1-1)! 1%! -()1''/%%/!
&'/-,3+.F/! :! 3/7('3.1%.B13.4*?! ;/7/! :1! 6,(! 7(*3./*1-/9! (%! 3/*+'/%! -(! %1! */'71! -(! 1='.3,%+,'1! /'=L*.31! :!
3('+.6.313.4*!'(31(!d>1)+1!(%!"RSTd!(*!(%!C,2-(&1'+17(*+/!-(!8='.3,%+,'1!Z'=L*.319!-(&(*-.(*+(!-(!%1!-.F.).4*!
G'/+(33.4*!-(!%/)!_(3,')/)!Q1+,'1%()!_(*/F12%()!-(%!C8N?!C.*!(721'=/9!1%!3.(''(!-(!()+(!()+,-./9!(*!E,*./!-(!
"RST! ),! -.'(3+/'9! ;%1,-./! ;L'-(*1)9! .*6/'74! %1! 1&'/213.4*! -(%! 3172./! -(! C,2-(&1'+17(*+/! -(! 8='.3,%+,'1!
Z'=L*.31! 1! D(&1'+17(*+/! -(! 8='.3,%+,'1! Z'=L*.319! 3/*! &'(),&,()+/! .*-(&(*-.(*+(9! %/! X,(! /+/'=1'L! 71:/'!
1=.%.-1-!(*!%1!/&('13.4*?!$*!()+(!()+,-./!*/!)(!&'/6,*-.B4!(*!%1!*,(F1!()+',3+,'1!&/'!()+1'!(*!-()1''/%%/b?!
$%! C8N! +172.Y*! '(=,%1! (%! +'121E/! -(! %1)! (7&'()1)! 3('+.6.31-/'1)! -(! /'=L*.3/)! (*! ;>.%(! :! (%! <.*.)+('./! -(!
8='.3,%+,'1!3'(4!1-(7L)!%1!;/7.).4*!Q13./*1%!-(!8='.3,%+,'1!Z'=L*.31!a;Q8Zb9!/6.3.1%.B1-1!7(-.1*+(!D(3'(+/!
Q{#!-(!"RSR9!(*+.-1-!'()&/*)12%(!-(!%1!6/'7,%13.4*9!(%12/'13.4*9!(!.7&%(7(*+13.4*!-(!&/%I+.31)!-(!&'/-,33.4*9!
&'/7/3.4*!:!3/7('3.1%.B13.4*!'(%13./*1-1)!3/*!%1!&'/-,33.4*!/'=L*.31?!
P1! Z6.3.*1! -(! $)+,-./)! :! G/%I+.31)! 8='1'.1)! aZD$G8b! &1'+.3.&1! (*! ()+1! .*-,)+'.1! :! 1-(7L)! -(! )('! %1! )(3'(+1'I1!
+Y3*.31! -(! %1! ;/7.).4*! Q13./*1%! -(! 8='.3,%+,'1! Z'=L*.31! a;Q8Zb! t&'().-.-1! &/'! (%! <.*.)+'/! -(! 8='.3,%+,'1d!
(*+'(=1!.*6/'713.4*!()+1-I)+.31!:!-(!.*+('Y)!&1'1!(%!)(3+/'!/'=L*.3/!1!+'1FY)!-(!1'+I3,%/)9!()+,-./)!:!*/+.3.1)9!
)(=U*! )(e1%1! ),! &L=.*1! V(2#?! D(! 13,('-/! 3/*! %1)! U%+.71)! ()+1-I)+.31)! -(! ZD$G8! "RSiW9! ;>.%(! 3,(*+1! 3/*!
Sii?^^^!>1!/'=L*.31)9!-(!%1)!3,L%()!SR?i^"!>1!3/''()&/*-(*!1!6',+1%()!a^rb?!!
H*/!-(!%/)!>.+/)!7L)!'(3.(*+()!(*!;>.%(9!()!(%!3/7&'/7.)/!X,(!1-/&+1!(%!G'().-(*+(!C(21)+.L*!G.e('1!21E/!),!
G'/='171! -(! N/2.('*/! "RSTd"R""! a>++&0ss&'/='171?)(21)+.1*&.*('1?3%s9! &L=.*1! WRb! X,(! .7&%.31! ,*!
3/7&'/7.)/!(]&%I3.+/!-(!&'/7/F('!%1!1='.3,%+,'1!/'=L*.31!3/7/!,*1!+1'(1!-(!()+1-/?!
$*! +Y'7.*/)! =(*('1%()9! '()&(3+/! -(%! 1F1*3(! -(! %1! 1='.3,%+,'1! /'=L*.31! :! (%! 3/7('3./! -(! ),)! &'/-,3+/)9! (%!
&1*/'171! ()! &/).+.F/?! D(! 13,('-/! 3/*! %1)! &,2%.313./*()! -(! @MZ8<! "RSi! :! "RST9! +/-/)! %/)! 3/*+.*(*+()!
&'()(*+1*!,*!3'(3.7.(*+/!(*!%1!),&('6.3.(!-(-.31-1!1!%1!1='.3,%+,'1!/'=L*.31?!8!*.F(%!7,*-.1%9!(*!%1!-Y31-1!"RR^!
1%! "RS^! %1! ),&('6.3.(! -(-.31-1! 1%! 3,%+.F/! /'=L*.3/! 3'(3.4! ,*! Tk9Wr9! %%(=1*-/! 1! Wi9T! 7.%%/*()! -(! >(3+L'(1)9! ).*!
.*3%,.'!%1!),&('6.3.(!).%F()+'(!-(!1='.3,%+,'1!-(!'(3/%(33.4*?!$*!(%!7.)7/!&('I/-/9!8,)+'1%.1!:!$,'/&1!-/2%1'/*!),!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#
!VVV?/-(&1?=/2?3%!
W
!>++&)0ssVVV?/-(&1?=/2?3%sV&d3/*+(*+s,&%/1-)s"RSisS"s/'=1*.3/"RSi?&-6!
"R!
!!
!! !
),&('6.3.([! (*! "RS^! 8,)+'1%.1! d(%! 71:/'! &'/-,3+/'! 7,*-.1%! -(! 1%.7(*+/)! /'=L*.3/)d! 1%31*B4! "i9S! 7.%%/*()! -(!
>(3+L'(1)! :! $,'/&19! Sk9W! 7.%%/*()! -(! >(3+L'(1)?! G/'! /+'1! &1'+(9! %1)! ()+1-I)+.31)! -(! 7('31-/! )(e1%1*! X,(! (%!
3/*),7/!-(!&'/-,3+/)!/'=L*.3/)!3'(3(!1!+1)1)!(*+'(!(%!S"!:!SWr!1*,1%[!@'%1*-1!+.(*(!%1!71:/'!&1'+.3.&13.4*!-(!
7('31-/!-(!&'/-,3+/)!/'=L*.3/)!a"S9Trb[!C,.B1!+.(*(!(%!71:/'!=1)+/!&('!3L&.+1!(*!()+(!+.&/!-(!&'/-,3+/)!a"i#!
(,'/)s>12.+1*+(s1e/b!:!(%!71:/'!7('31-/!()!$$?HH?!3/*!kT9o!2.%%/*()!-(!(,'/)!(*!(%!"RS^!ax.%%('!|!P('*/,-9!
"RSTb?!
$*!()+(!3/*+(]+/9!:!-()&,Y)!-(!,*!%1'=/!&('I/-/!(*!X,(!(%!*U7('/!-(!1-(&+/)!3'(3I1!1!21E1)!+1)1)9!%1!&'/&,()+1!
('1!3/*).-('1-1!,*1!7/-1!-(!(]3Y*+'.3/)!/!&(')/*1)!X,(!*/!(*+(*-I1*!-(!+(3*/%/=I1!*.!-(%!7('31-/!7/-('*/9!
13+,1%7(*+(!%1!1='.3,%+,'1!/'=L*.31!(]&('.7(*+1!,*!.7&,%)/!(F.-(*+(!(*!(%!7('31-/!.*+('*13./*1%?!K/:!(*!-I19!
%/)! (]&('+/)! 3/.*3.-(*! (*! X,(! ()+17/)! (*! %1! !"#$%&'(&#)* +#",-$%)* 2/0! :! X,(! )(! -(2(! 31'13+('.B1'! &/'!
.**/F13.4*! 3/*! .*F()+.=13.4*! a_(,*.4*! @MZ8<! @QD@89! "RSib! %%(=1*-/! .*3%,)/! 1! -().=*1'! 1%! 1e/! "RSW! 3/7/! %1!
6(3>1!-(!.*.3./!-(!%1!8='.3,%+,'1!Z'=L*.31!k?R?!aM.=,'1!R?Sb!
"6DE51*a/[*(1=*354=*431:1=*40*21*47<2E;6e0*84*21*1D56;E23E51*<5DN06;1*40*42*9E08<*
F*&()&G!HFI=J9!KLMN!
P1! 8='.3,%+,'1! Z'=L*.31! k?R! )(! 31'13+('.B1! &/'! '(%(F1'! +'()! ='1*-()! %.*(17.(*+/)0! 1b! ,*1! 3/*F(').4*!
=(*('1%.B1-1[! 2b! 1F1*3(! >13.1! ,*1! F('-1-('1! ),)+(*+12.%.-1-! :! 3b! %1! .*3%,).4*?! $*! ()+(! U%+.7/! &,*+/! )(! >13(!
Y*61).)! (*! -()1''/%%1'! &/%I+.31)! :! &'/='171)! &1'1! 613.%.+1'! (%! 133()/! 1%! 3/*/3.7.(*+/! :! %1! 1)/3.1+.F.-1-! -(!
&'/-,3+/'()! -(! +/-/)! %/)! +171e/)9! &1'1! X,(! %1! 1='.3,%+,'1! /'=L*.31! -(E(! -(! )('! ,*1! 1='.3,%+,'1! -(! (%.+(! :! )(!
12'1!1!/+'1)!L'(1)!-(%!3/*/3.7.(*+/9!()&(3.1%7(*+(!1!%1!+(3*/%/=I1!:!%1!(3/*/7I1!&1'1!.**/F1'!(*!%1!&'/-,33.4*!
:!%1)!6/'71)!-(!3/7('3.1%.B13.4*?!
!"S!
!
H*1!&'/6,*-.B13.4*!-(!%/)!%.*(17.(*+/)!-(!%1!8='.3,%+,'1!Z'=L*.31!k?R!6,(!-.)3,+.-1!(*!(%!71'3/!-(!,*!6/'/!(*!
O./613>! "RST9! (*! %1! X,(! )(! +,F.('/*! (*! 3/*).-('13.4*! -/)! &,*+/)0! 1b! %1! *(3().-1-! -(! ,*1! '(.*F(*3.4*! -(%!
7('31-/! :! 2b! (%! 7(E/'17.(*+/! (*! (%! -()(7&(e/! &'/-,3+.F/! -(! %1! 1='.3,%+,'1! /'=L*.319! %/! X,(! .7&%.31!
.*3/'&/'1'!+(3*/%/=I1!(!.**/F13.4*!1!%/)!&'/3()/)?!
C(!&,(-(!16.'71'!(*+/*3()!X,(!>1*!X,(-1-/!1+'L)!%1)!31'.31+,'1)!X,(!13/7&1e1'/*!1!X,.(*()!)(!-(-.31'/*!1!
%1! 1='.3,%+,'1! /'=L*.31! (*! %1)! -Y31-1)! &1)1-1)9! (*! ),! '(='()/! 1! %1! ('1! 7/-('*19! 3,1*-/! %1! 1='.3,%+,'1!
3/*F(*3./*1%!1%31*B121!1%+/)!*.F(%()!-(!-()1''/%%/?!C(!>1!-(7/)+'1-/!X,(!%1!1='.3,%+,'1!/'=L*.31!()!%1!)/%,3.4*!
1! 7,3>/)! -(! %/)! &'/2%(71)! =(*('1-/)! &/'! (%! )('! >,71*/! aD(3%1'13.4*! (*! (%! -(21+(! -(! G/%I+.31)! 8='I3/%1)9!
O./613>!"RSTb!:!X,(!>1*!).-/!&/+(*3.1-/)!&/'!%1!1='.3,%+,'1!3/*F(*3./*1%9!3/7/!%/!()!(%!3172./!3%.7L+.3/9!%1!
('/).4*!-(!%/)!),(%/)!:!,*1!)1%,-!&'(31'.1!-(!%1!&/2%13.4*!a13+,1%7(*+(9!7L)!-(!^R!(*6('7(-1-()!)(!'(%13./*1*!
(]3%,).F17(*+(!3/*!%1!-.(+19!;>.31=/!K(1%+>.*=!_()(1'3>!G'/E(3+9!-()-(!Sookb?!
$*! ()+(! 3/*+(]+/! (*+/*3()9! ),'=(*! ,*1! )('.(! -(! &'(=,*+1)0! }A,Y! >1! &1)1-/! &1'1! X,(! %1! 1='.3,%+,'1! /'=L*.31!
()+Y! -(! F,(%+1~[! };,L%()! )/*! %1)! 7/+.F13./*()! -(! %/)! 3/*),7.-/'()~[! };,L%()! )/*! %/)! 7.+/)! X,(! ).=,(*!
'/-(1*-/!()+(!+.&/!-(!&'/-,33.4*~[!}$)!'(1%7(*+(!,*1!/&/'+,*.-1-!&1'1!%1!&'/-,33.4*!-(!6',+1!-(!(]&/'+13.4*!
-(!;>.%(~[!}C(!&,(-(!2(*(6.3.1'!%1!1='.3,%+,'1!/'=L*.31!-(%!-()1''/%%/!+(3*/%4=.3/!X,(!(%!7,*-/!(]>.2(~!
8%=,*1)!'()&,()+1)!:1!)/*!3%1'1)!(*!(%!7,*-/!/'=L*.3/?!G/'!(E(7&%/9!(%!1)()/'!-(!()+(!()+,-./9!(%!C'?!<.=,(%!
$%.))1%+9!3/*),%+/'!:!&'/6()./*1%!-(!F1)+1!(]&('.(*3.19!-(-.31-/!3/7&%(+17(*+(!1!%1!1='.3,%+,'1!/'=L*.319!)(e1%1!
X,(!u(*!%1!21)(!-(!%1!/&3.4*!&/'!%/)!&'/-,3+/)!/'=L*.3/)!-(!%1)!&(')/*1)!()+L!),!)1%,-!:!%1!-(!),!617.%.1!:!,*1!
3/*3.(*3.1! &/'! (%! 7(-./! 172.(*+(?! ;/*! %1! 1='.3,%+,'1! +'1-.3./*1%! (].)+(! ,*! -1e/! 1%! 7(-./! 172.(*+(! :! 1! %1)!
&(')/*1)u?!D(!>(3>/!(*!(%!).+./!-(!@MZ8<^!:!'(&(+.-/!(*!F1'.1)!-(!),)!&,2%.313./*()9!)(!)(e1%1!X,(!(%!3172./!
3%.7L+.3/!>1!).-/!,*!=1+.%%1-/'!-(!%1!-(71*-1!&/'!&'/-,3+/)!/'=L*.3/)?v!
D(!13,('-/!1!%1!-(3%1'13.4*!-(!@MZ8<!a@MZ8<9!"RSTb9!%1!1='.3,%+,'1!/'=L*.31!)(!21)1!(*!#!&'.*3.&./)0!3,.-1-/9!
)1%,-9!(3/%/=I1!:!(X,.-1-9!31-1!,*/!-(!%/)!3,1%()!+.(*(!),)!%I*(1)!-(!133.4*?!
$*! ;>.%(9! %1! -(6.*.3.4*! -(! &'/-,3+/)! /'=L*.3/)i! .*3/'&/'1! &1%12'1)! 3%1F()! X,(! )/*! '(3,''(*+()! (*! /+'1)!
-(6.*.3./*()! -(! 1='.3,%+,'1! /'=L*.31! +1%()! 3/7/0! C.)+(719! C1%,-9! 8='/(3/).)+(71! :! O./-.F(').-1-9! 1&(%1*-/!
-()-(!),)!.*.3./)!1!,*!-()1''/%%/!.*+(='1%9!F(%1*-/!&/'!(%!3,.-1-/!:!-()1''/%%/!-(!%1)!L'(1)!172.(*+1%9!)/3.1%!:!
(3/*47.31?!
$)+1)! 7.)71)! L'(1)9! %1! 172.(*+1%9! )/3.1%! :! (3/*47.319! )(! >1*! +/71-/! 3/7/! %1)! 21)()! -(! %1! 1='.3,%+,'1!
),)+(*+12%(9!-/*-(!)(!+/%('1*!7L)!%.3(*3.1)!(*!%1!&'/-,33.4*!3/7&1'1-1!3/*!%1!1='.3,%+,'1!/'=L*.319!&('/!()!,*!
&1)/!>13.1!(%!3,.-1-/!.*+(='1%!-(%!).)+(71!)('!>,71*/d7(-./172.(*+(?!!
G/'! %/! 1*+('./'9! 7,3>/)! &1I)()! 7,()+'1*! .*3'(7(*+/)! (F.-(*+()! (*! %1! ),&('6.3.(! -(-.31-1! 1! 1='.3,%+,'1!
),)+(*+12%(! :! /'=L*.31! &'/&.17(*+(! +1%9! -1-1! %1! *(3().-1-! -(! '()&/*-('! 1! %1! -(71*-1! -(! &'/-,3+/)! 7L)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^
!>++&)0ssVVV?.6/17?2./s!
i
! G'/-,3+/)! /'=L*.3/)! )/*! u04*&##-'! $%-:&(,&()&'! +&! ',')&10'! 8-#C'),.-'! +&! ;&'),3(! +&! #0! $%-+*..,3(! &(! &#! B1/,)-! 0;%C.-#09! $&.*0%,-! -! 5-%&')0#9! 4*&!
5-1&()0!D!1&2-%0!#0!'0#*+!+&#!0;%-&.-',')&10!D9!&(!$0%),.*#0%9!#0!/,-+,:&%',+0+9!#-'!.,.#-'!/,-#3;,.-'!D!#0!0.),:,+0+!/,-#3;,.0!+&#!'*&#-6E!
!
""!
!!
!! !
)1%,-12%()9! +(*.(*-/! 3/7/! 21)(! X,(! %/)! 3/*),7.-/'()! -(! &'/-,3+/)! /'=L*.3/)! :! ),)+(*+12%()! &'()(*+1*! ,*1!
71:/'!-.)&/).3.4*!1!&1=1'!,*!&'(3./!(]+'1!&/'!()+(!+.&/!-(!&'/-,3+/?!
8%! '()&(3+/9! +172.Y*! ()! *(3()1'./! 3/*/3('! ).! ()+1! -.)&/).3.4*! 1! &1=1'! ,*! &'(3./! (]+'1! )(! 71*+(*-'L! (*! (%!
+.(7&/?!}A,Y!&1)1'I1!).!%1!/6('+1!-(!&'/-,3+/)!/'=L*.3/)!)/2'(&1)1!%1!-(71*-1~9!}C(!)/)+(*-'L!%1!&'/-,33.4*!
/'=L*.31! .=,1%7(*+(~[! }$].)+(! '(1%7(*+(! ,*! 3/)+/! (]+'1! (*! %1! &'/-,33.4*! -(! /'=L*.3/)~[! }$)! F('-1-! X,(! %1!
1='.3,%+,'1! /'=L*.31! +.(*(! ,*! '(*-.7.(*+/! 7(*/'! X,(! %1! 1='.3,%+,'1! 3/*F(*3./*1%~! $)+1)! :! /+'1)! &'(=,*+1)! )(!
.*+(*+1'L*! '()&/*-('! (*! ()+(! ()+,-./[! &/'! 3.('+/9! >12'L! 7,3>1)! X,(! */! +(*-'L*! '()&,()+1! +/-1FI19! 3/7/!
+172.Y*!),'=.'L*!7,3>1)!/+'1)!(*!%1!7(-.-1!X,(!).=1!1F1*B1*-/!()+(!+.&/!-(!1='.3,%+,'1!(*!;>.%(!:!(%!7,*-/?!
D(! 13,('-/! 3/*! %/)! (]&('+/)9! ;>.%(! +.(*(! 17&%.1)! 3/*-.3./*()! &1'1! .*3'(7(*+1'! %1! ),&('6.3.(! -(-.31-1! 1!
1='.3,%+,'1!/'=L*.31!:!-(!()+1!6/'719!'()&/*-('!1!,*1!-(71*-1!3'(3.(*+(!-(!1%.7(*+/)!-(!/'.=(*!*1+,'1%9!3/*!
1%+/)!()+L*-1'()!-(!31%.-1-!:!3('+.6.31-/)!3/*!'(3/*/3.7.(*+/!.*+('*13./*1%?!
C.*!(721'=/9!(%!',2'/!-(!%1!6',+.3,%+,'1!-(!;>.%(9!(*!+Y'7.*/)!=(*('1%()!+.(*(!.7&/'+1*+()!-()16I/)!X,(!),&('1'9!
%/)! &'.*3.&1%()! )(! '(),7(*! (*! (%! ()+,-./! -(! M@8! -(%! "RS^9! uP1! M',+.3,%+,'1! ;>.%(*1! 1%! "RkRv! aNM8! ;>.%(!
;/*),%+/'()9!M@89!"RSWb9!X,(!)(!'(%13./*1*!3/*!(%!='1*!-()16I/!-(!u7(E/'1'!(!.*3/'&/'1'!+(3*/%/=I1)!:!/&+.7.B1'!
%1! 3//'-.*13.4*! -(! %/)! -.6('(*+()! 13+/'()! -(%! ).)+(71! (]&/'+1-/'9! 1&,*+1*-/! 1! ,*1! =()+.4*! -(! 31%.-1-v?! 8! ),!
F(B9!(*!%1!&,2%.313.4*!-(!ZD$G80!u8='.3,%+,'1!;>.%(*1?!_(6%(]./*()!:!D()16I/)!1%!"RkRv!aZD$G89!"RSib9!)(!>13(!
(]&%I3.+1!%1!*(3().-1-!X,(!+.(*(!(%!&1I)!-(!1F1*B1'!(*!F1'./)!-()16I/)9!(*+'(!(%%/)!(%!1F1*3(!(*!),)+(*+12.%.-1-!()!
&'./'.+1'./! :! (*! (%%/! %1! G'/-,33.4*! /'=L*.31! -(2('I1! E,=1'! ,*! '/%! &'/+1=4*.3/?! $%! %.)+1-/! 3/7&%(+/! -(! ()/)!
-()16I/)!)/*!%/)!).=,.(*+()0!
• G1%.1'!(%!3172./!3%.7L+.3/?!
• 8F1*B1'!(*!1='.3,%+,'1!-(!&'(3.).4*?!
• <(E/'1'!%1!=()+.4*!%12/'1%!:!31%.6.313.4*!-(!%1!6,('B1!-(!+'121E/?!
• 8F1*B1'!(*!),)+(*+12.%.-1-!-(!%1!1='.3,%+,'1?!
$*! %1! "6DE51* a/^* )(! (*+'(=1*! %1)! -.6('(*3.1)! -(! %1! &/).3.4*! a'(%1+.F1b! X,(! /3,&1! 31-1! +.&/! -(! 1='.3,%+,'1! (*! (%!
"RST!:!(%!1F1*3(!'(X,('.-/!(*!),)+(*+12.%.-1-!-(!%1!1='.3,%+,'1!1%!"RkR?!P1!X,(!*(3()1'.17(*+(!.7&13+1'L!1!%1!
1='.3,%+,'1! /'=L*.31?! D(! >(3>/9! (*! ,*! ()+,-./! &'()(*+1-/! (*! %1! U%+.71! &,2%.313.4*! -(! 8='.3,%+,'1! Z'=L*.31!
"RST9!(*!X,(!)(!1*1%.B1'/*!%/)!&'/='171)!(*!1='.3,%+,'1!),)+(*+12%(!(*!-.F(')/)!&1I)()9!)(!3/*3%,:4!X,(!+/-/)!
%/)! ()6,('B/)! X,(! )(! '(1%.3(*! (*! 1='.3,%+,'1! ),)+(*+12%(9! .7&13+1'L*! &/).+.F17(*+(! (*! %1! 1='.3,%+,'1! /'=L*.31!
ax.%%('!|!P('*/,-9!"RSib?!
!"k!
!
"6DE51*a/^/*A=fE491*84*60=45;6e0*84*2<=*86745=<=*36:<=*84*1D56;E23E51*40*'U624/*C63E1;6e0*1;3E12*g^a[`h*V*4=:45181*12*1H<*^aXa/*
!"#$%&"'()%&#$%*) !"#$%&"'()*+,-.%/%)
+01#2"(/"1%'
6#&$#.R,#2%' +,-.) +97#5"(/"7%'
0#&$#.A,#5%'
0121)
+01#2"(/"1%' +97#5"(/"7%'
+01&*2&(<0#2%' +97&*5&(89#5%'
+(/%' +(/%'
:*2";*1%2#<.' +97#5"(/"7%'
+01#2"(/"1%' !A#(*%(#,*./&5B' 4*5"6*7%5#8.' @79A.#5%'
C10R.#2%' +$A*5#<.'%'(&5'C-7*/#3&5'$*'8*5%11&((&'
4&5/*.#-(*'$*'(%'CDE'FGHIJK'?';1&01*5&5'
!"#$%$&'%(')*$#&'+,-#*./*'
;&1';%1/*'$*'C$*;%'F=1&/&2&(&'$*'
!"#$%$&'%(')*$#&'+,-#*./*'
+01#2"(/"1%'4&5/*.#-(*LGHIMB'8*5%11&((&'$*'
+=NL4'?'O1";&'$*'/1%-%7&'*.'
4&5/*.#-#(#$%$'2&.'*('!&.5*7&'PQ;&1/%$&1'
+01&%(#,*./%1#&KB'$*'(%'+4!!'?'01*,#&5'
+01#2"(/"1%'4"5/*./%-(*'
!&,*12#&'@"5/&'
+97#5"(/"7%':";/*./%-(*'
+01#2"(/"1%'
!&,*75#&'?";/&'
!&.3*.2#&.%('
+97#5"(/"7%'
6%7%' 0%1%'
!&.B*.5#&.%('
!
$*!3/*)(3,(*3.19!)(!>1!&%1*+(1-/!(%!&'()(*+(!()+,-./!3/*!(%!/2E(+.F/!-(!-(+('7.*1'!(%!&/+(*3.1%!3/7&(+.+.F/!-(!
%1!6',+.3,%+,'1!/'=L*.31!3>.%(*1!.-(*+.6.31*-/!-()16I/)!:!)/%,3./*()!&'/-,3+.F1)!:!+(3*/%4=.31)9!3/7/!21)(!&1'1!
.7&,%)1'!133./*()!()+'1+Y=.31)!*(3()1'.1)!&1'1!&/+(*3.1'!),!3'(3.7.(*+/?!
$*+'(!%/)!/2E(+.F/)!()&(3I6.3/)!)(!(*3,(*+'1*0!
S? _(1%.B1'! ,*! 1*L%.).)! -(! %1! /6('+1! :! -(71*-1! .*+('*13./*1%! &/'! 6',+1)! /'=L*.31)9! )(=U*! ()&(3.()! :! &1I)()!
'(%(F1*+()?!
"? ;1'13+('.B1'! %1! .*-,)+'.1! 6',+I3/%1! /'=L*.31! -(! %/)! &'.*3.&1%()! &1I)()! &'/-,3+/'()9! 3/*).-('1*-/! 3/7/!
613+/'()!'(%(F1*+()0!P/)!(%(7(*+/)!+(3*/%4=.3/)!&1'1!%1!&'/-,33.4*!a&'L3+.31)!3,%+,'1%()9!.*),7/)9!&1+'/*()9!
F1'.(-1-()9! +(3*/%/=I1)! -(! &/)+! 3/)(3>19! /+'/)?b9! &/%I+.31)! &U2%.31)9! */'71+.F1)! :! /+'/)! X,(! 16(3+(*! %1!
3/7&(+.+.F.-1-! -(! %1! .*-,)+'.19! a@*F()+.=13.4*9! 6/'713.4*! &'/6()./*1%! :! +Y3*.319! 3(*+'/)! +(3*/%4=.3/)9!
8).)+(*3.1!+Y3*.319!D.6,).4*9!/+'/)b?!
k? ;1'13+('.B1'!%1!.*-,)+'.1!6',+I3/%1!/'=L*.31!*13./*1%!-(!%1)!()&(3.()!&'./'.B1-1)9!()+12%(3.(*-/!,*1!%I*(1!21)(!
X,(!3/*).-('(!%/)!613+/'()!1*1%.B1-/)!(*!(%!/2E(+.F/!"?!
#? 8*1%.B1'! (*! -(+1%%(! %1)! &/).2.%.-1-()! X,(! +.(*(! ;>.%(! &1'1! (*6'(*+1'! %1)! /&/'+,*.-1-()! :! -()16I/)!
.-(*+.6.31-/)9! :! 3/7&(+.'! 3/*! Y].+/! (*! %/)! 7('31-/)! .*+('*13./*1%()! (*! %1)! ()&(3.()! )(%(33./*1-1)?!
@-(*+.6.31'!:!(F1%,1'!%1)!133./*()!X,(!)(!-(2(!(7&'(*-('!(*!%/)!-.6('(*+()!L72.+/)!-(!133.4*!a.*F()+.=13.4*!
3.(*+I6.31! :! +(3*/%4=.319! 71+('.1%! =(*Y+.3/9! 3('+.6.313./*()! -(! /'.=(*9! 71*(E/! 1='/*47.3/9! 3/*-.3./*()!
3/7('3.1%()9!.*/3,.-1-9!+'1B12.%.-1-9!(+3?b?!
W? _(1%.B1'! ,*1! (F1%,13.4*! (3/*47.31! &1'1! %1)! ()&(3.()! &'./'.B1-1)! (*! ()+(! ()+,-./9! 3/*).-('1*-/! %/)!
).=,.(*+()! ()3(*1'./)0! 1b! %1! 6/'713.4*! -(! ,*! >,('+/! /'=L*.3/9! 2b! %1! +'1*)6/'713.4*! 1! /'=L*.3/! -()-(! ,*!
>,('+/!:1!()+12%(3.-/!3/*F(*3./*1%7(*+(?!!
!
"#!
!"#$%&'()!*+!,-."/01!2314/3!0-!5.106"718!1.29:;"18!
!! !
! !
!<=!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
! !
23!
!"#$%&'()!*+!,-."/01!2314/3!0-!5.106"718!1.29:;"18!
!! !
!
"# $%&'()*!+,*-(,!)%!.&*)/'0*1!*&+234'*1!
!
"#"# 43)/10&4(!5&/06'*,(!*&+234'(!430%&3('4*3(,!
/!>?@A(!B'>C?#(D!(#!CAB#>C#!CA!#(?BA>&)E!)FGH>?I)E!AE!B#J)F!A>!()E!$#%EAE!CA!AI)>)B%#E!BHE!F)K'E&#E!L'A!
A>! ()E! $#%EAE! A>! CAE#FF)(()+! ->! ()E! M(&?B)E! #N)ED! (#! ?>C'E&F?#! CA! #(?BA>&)E! )FGH>?I)E! O#! B)E&F#C)! '>!
?B$)F&#>&A! IFAI?B?A>&)! A>! (#E! @A>&#E! J! A>! A(! I)>E'B)D! L'A! FAP(AQ#>! '>! I#BK?)! A>! (#E! $FAPAFA>I?#E! CA(!
BAFI#C)D!AE$AI?#(BA>&A!$)F!(#!@#()F#I?R>!CA!()E!I)>E'B?C)FAE!$)F!#(?BA>&)E!BHE!E#>)E!J!E#('C#K(AED!J!I'J)E!
$F)IAE)E!$F)C'I&?@)E!I'?C#>!A(!BAC?)!#BK?A>&A+!
8?! K?A>! &)C#E! (#E! FAG?)>AE! CA(! B'>C)! FA$)F&#>! IFAI?B?A>&)! A>! A(! I)>E'B)! CA! $F)C'I&)E! )FGH>?I)ED!
:)F&A#BSF?I#! J! -'F)$#! I)>&?>M#>! E?A>C)! A(! B#J)F! B)&)F+! -E&#E! C)E! FAG?)>AED! FA$FAEA>&#F)>! A>! I)>Q'>&)!
#(FACAC)F!CA(!TUV!CA!(#E!@A>&#E!?>&AF>#I?)>#(AE!A>!A(!#N)!<U*W+!3#!$#F&?I?$#I?R>!CA!()E!$F)C'I&)E!)FGH>?I)E!
A>!C)E!CA!()E!BAFI#C)E!(%CAFAE!X--+66+!J!/(AB#>?#Y!#(I#>Z#F)>!A(![VD!A>!&#>&)D!(#!B#J)F%#!CA!()E!$#%EAE!P'AF#!
CA!-'F)$#!J!--+66+!$AFB#>AIA>!K#Q)!A(!*V+!
-(! E?G'?A>&A! B#$#! 7589:;<! "#"=! FA$FAEA>&#! A(! &#B#N)! CA(! BAFI#C)! )FGH>?I)! $)F! $#%ED! #$FAI?H>C)EA! (#!
?B$)F&#>I?#! CA! --+66+! J! -'F)$#! #>&AE! EAN#(#C#! J! (#! ?B$)F&#>I?#! L'A! O#>! ()GF#C)D! "O?>#D! ")FA#! J! \#$R>D!
I)>E&?&'JS>C)EA!/E?#D!I)B)!)&F)!IA>&F)!CA!?>&AFSE+!
!<=!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
!/0123)4.4.)53678)97:);3<3=8)97:)<72>398)?70@A)63B?)97)3>17298)3)*203A/>)$2397)(??8>/3;/8A)C*$(4D)E)3>;13:/F398)
97)3>17298)3):3)61G:/>3>/HA)%!*(5I)*203A/>)J82:9I)KL4M)N17)>8A;/7A7)/AO82<3>/HA)97:)3=8)KL4P.)
!"##$%&'()&(*+,(
! -.(/01(
((1/(-.(
((-/(((1(
! ((./(((-(
2$("#3'456)$(
(
! 2$467(8569$'(:;436#"<6)$(=$5(
">$%'3#?%@A('&@B%(C5@6%";(
D$5#)(E.-F(GHIC:JK(
(
4'!$.5'(+/!$!%$0!*'#&$0!$!#)*'%!,)#/()0&$6!'%!,'(.$+/!7%/8$%!+'!$%),'#&/0!/(79#)./0!.('.):!'#!2;<=!'#!&/(#/!
$%!<;>6!$%.$#?$#+/!%/0!3@6A!8)%%/#'0!+'!+:%$('0B!C$!)+'#&)D).$.):#!+'!%$0!/-/(&5#)+$+'0!E5'!&)'#'!FG)%'!'#!'%!
,'(.$+/! +'! D(5&$! /(79#).$! H! +'! %$0! ('$%'0! -/0)8)%)+$+'0! +'! 05! /D'(&$! I$.&5$%'0! /! D5&5($0I! 0'! $#$%)?$! '#!
-(/D5#+)+$+! -/(! .$+$! -$J0! ('%'*$#&'6! )#+'-'#+)'#&','#&'! +'%! ./#7%/,'($+/! $%! E5'! -'(&'#'?.$!KL'(! D).G$0!
+'!,'(.$+/6!M#'1/!NOB!!
F$8'! 0'P$%$(! E5'! '%! 0'75),)'#&/! +'! %/0! ,'(.$+/0! E5'! ('$%)?$! QRSMT! KR'+'($.):#! Q#&'(#$.)/#$%! +'!
T/*),)'#&/0! +'! M7().5%&5($! S(79#).$O6! 0'! 8$0$! '#! %$0! .'(&)D).$.)/#'0! H! '#! '%! ('7)0&(/! +'! *'#&$0! $! #)*'%!
,)#/()0&$!K('&$)%O!H!#/!$!#)*'%!+'!-('.)/0!FQR6!0$%*/!FG)%'!H!UUB""B!C$!/D'(&$!/(79#).$!.$('.'!+'!)#D/(,$.):#!+'!
)#&'(.$,8)/!./,'(.)$%6!+$+/!E5'!%$!,$H/(J$!+'!%/0!-$J0'0!'1-/(&$+/('0!'!),-/(&$+/('0!#/!.5'#&$#!./#!5#$!
7%/0$!'0-'.JD).$!-$($!'0&$!/D'(&$!$!#)*'%!+'!$+5$#$06!0$%*/!FG)%'6!UUB""B!'!Q&$%)$!-$($!$%75#/0!-(/+5.&/0B!V/(!%/!
&$#&/6! #/! 0'! -5'+'#! ,/#)&/('$(! %$0! &($#0$..)/#'0! E5'! 0'! '0&9#! ('$%)?$#+/! '#&('! -$J0'0! ./#! 050! -(/+5.&/0!
/(79#)./06!)#.%5H'#+/!%/0!-(/+5.&/0!/(79#)./0!E5'!G$#!+'.)+)+/!,$#&'#'(0'!$%!,$(7'#!+'!%$0!.'(&)D).$.)/#'0B!
N$0$+/!'#!%/!$#&'()/(6!-$($!%$!0'%'..):#!+'!%/0!,'(.$+/0!,90!('%'*$#&'0!'#!&W(,)#/0!+'!*'#&$!$!'0&5+)$(6!0'!
./#0)+'($(/#6!-/(!5#$!-$(&'!%/0!<;-()#.)-$%'0!+'0&)#/0!+'!'1-/(&$.):#!+'!FG)%'!'#!2;<A!'#!&/#'%$+$0!!KX$8%$!
<B<O!H!0'!$7('7$(/#!/&(/06!./#0)+'($#+/!'%!#)*'%!+'!*'#&$!+'!050!,'(.$+/0B!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
" !#$%&'()!*$&+,!-../)(&0(/'!
23!
!"#$%&'()!*+!,-."/01!2314/3!0-!5.106"718!1.29:;"18!
!! !
!"#$"%&'&'%()*+,-"./+012%31%4,5-"%+,670/."%31%89/$1%10%:;&<%=!+0>'%(2*1./12%21$1../+0"3"2%*","%1$%12-53/+'%
3/"BCD'$"$ E/F*&"*+$
01"%&'%
!"#$%&'%&'$()*+ ,"*-"*"$ .'/'-"$ !"2("$ 3/'$4"$ .+*5'2"&"$ 3/'$4+$ .+*5'2"&+$ 6+("2
,'$"
!!"##" $%"&%' '( $)* ) '"'%+ &",%* +"(%& (-"$+$
./01231 '"-($ ( +) $(' %+* ', ("%-,
412135 '*& (* +( $")(& $(+ %(( '"$&,
6782/9#283/ $",)& (- (' ((* $* $"+',
:07;1281 *%% ) (, ) ,)'
<=7>19?7012381 $$, ) '+$ *)%
:=@AB1081 *% ) (,% *)(
4C821D./2E9F/2E &, $'& $(& (,$
G=7H81 ()* ) ()*
4/B71 ) (, ''- '%'
4/0/;I81 '(( ) ) '((
J821;1BH1 ** *( ) &%
!@K1L1 %+ $ $' &'
M/0/281 ) -, -,
NA1081 ,+ - ' %+
O1KP2 ) *) *)
Q18K7894C82/ ) ( (, (&
RB1@80 (- ) ) ) (-
RS0E8H1 ) ) '( '(
4/@A1968H1 '$ ) '$
G82E1K=B ) $( $(
M/BA=E10 $$ $$
Q18012381 % $ -
TAB/@ ) - ) ) ) ) ' , $*
6+("2 7789:; <:; <9< <=> ?@ @89:A <=8=>> <<8=<; >:8?A<
!"#$%#&'()"*$*+')#',-./#0'.12$+"/%.$3 %
5#>#! ?)! @AB#>! C'A>#! DA>E#@)F! G'A! H)I! @%#! F)?! $)E)! >A(AJ#?&AFK! $A>)! G'A! &LA?A?! $)&A?EL#(! $#>#! "HL(AK! FA!
#M>AM#>)?! )&>)F! N! DA>E#@)FK! G'A! $)@>%#?! FA>! '?#! >A#(! #(&A>?#&LJ#! @A! E>AELDLA?&)! A?! A(! C'&'>)+! 8A! &>#&#! @A!
O#$P?!I!8L?M#$'>!$)>!A(!#(&)!J#()>!@A!(#!)CA>&#!MA?A>#(K!()!G'A!L?E('IA!(#!)CA>&#!)>MQ?LE#K!I!")()DRL#!I!4>#FL(!A?!
3#&L?)#DS>LE#K!#!CL?!@A!#?#(LT#>!A(!$)&A?EL#(!@A!(#!>AMLP?!DQF!EA>E#?#!#!"HL(AK!&A?LA?@)!A?!E'A?&#!$#%FAF!G'A!
I#!>AELRA?!)CA>&#!)>MQ?LE#K!#'?G'A!@A!R#B)!J)('DA?+!-(!>AF'DA?!@A!()F!DA>E#@)F!FA(AEEL)?#@)F!#!#?#(LT#>K!FA!
FAU#(#?!A?!(#!!"#$"%&':'%
!<=!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
$/01/)2.3.)4567/89:):51577;9</89:)=/6/)51)5:>?8;9.)
&9<>;<5<>5) @/A:5:)
4/(&'$,5().$! 667""7!8!9$#$+:!
<%',$#)$=! >($#.)$=! ?')#/! "#)+/=! @&$%)$=!
6;(/-$!
A;)B$=!A;'.)$=!60-$C$!8!D/%$#+$!
9E)#$FD/#G!H/#G=!9/('$!+'%!A;(=!I$-J#!8!
<0)$!
A)#G$-;(!
K.'$#L$! 4;'*$!M'%$#+)$!8!<;0&($%)$!
N$&)#/$,5().$! O($0)%!8!9/%/,P)$!
!
2.3. B%$#(&%C-)DE)'()(+"%&#'$#"()*"+,-%&()@*")&*-$%-E-$E)
6#!%$!-;P%).$.)J#!Q3RS!+'!@>K<T=!UVE'!W/(%+!/X!K(G$#).!<G().;%&;('Y=!P$0$+$!'#!%$!('./-)%$.)J#!./,-%'&$!+'!
+$&/0!$%!$C/!Q3RZ=!0'!0'C$%$![;'!%$!$G().;%&;($!/(G:#).$!'#!'%!,;#+/!/.;-$!.$0)!\]=S!,)%%/#'0!+'!E'.&:('$0!^0)#!
./#0)+'($(!%$0!:('$0!0)%*'0&('0_=!'1E)P)'#+/!'#!'%!`%&),/!&)',-/!;#!.('.),)'#&/!'#!&/+/0!%/0!./#&)#'#&'0!^!;F?6/)
2.3_7!
!;F?6/2.3.)EG91?7;H<)85)1/)/F6;7?1>?6/)96FI<;7/)5<)51)J?<89)K3LLM)G:)3L2MN.)
23!
!"#$%&'()!*+!,-."/01!2314/3!0-!5.106"718!1.29:;"18!
!! !
!
1=>#?%#! >@! >(! =)?&A?>?&>! B'>! $C>@>?&#! (#! D#E)C! @'$>CFA=A>! G>GA=#G#! #! (#! #HCA='(&'C#! )CHI?A=#J! @>H'AG)! G>!
-'C)$#J!@A>?G)!#DK)@!=)?&A?>?&>@!()@!B'>!>LMAK>?!(#!D#E)C!&#@#!G>!=C>=ADA>?&)!>?&C>!()@!#N)@!OPPQ!E!OP*QJ!
$>CA)G)!>?!>(!='#(!=#@A!G'$(A=#?!(#!@'$>CFA=A>!='(&AR#G#!=)?!)CHI?A=)@+!-?!>@&>!#?I(A@A@!?)!@>!A?=('E>!(#!@'$>CFA=A>!
)CHI?A=#!@A(R>@&C>!S$C)G'=&)@!G>!C>=)(>==AT?J!#='A='(&'C#!)!F)C>@&#(U!#'?B'>!#DK)@!=)?&A?>?&>@!$C>@>?&#?!'?#!
HC#?! @'$>CFA=A>! K#V)! >@&#! =(#@AFA=#=AT?+! 3#&A?)#DWCA=#! >@! >(! &>C=>C)! =)?! '?! *OJ<X! G>(! &)&#(+! 5)C! @'! $#C&>J! /@A#J!
:)C&>#DWCA=#!E!9FCA=#J!A?GARAG'#(D>?&>J!D'>@&C#?!D>?)@!G>!'?!*PX!G>!$#C&A=A$#=AT?J!E!>?!=)?V'?&)!#$)C&#?!>?!
>(!*YX!C>@&#?&>+!S!"#$%&'()*U+!
!"#$%&'()*)'+&,-&'.'#%/0"12)'3$45%0"1"5'.'4&%6"1"4&1"78'42%'1286"85865'58'-&'9$45%0"1"5':5'&#%"1$-6$%&'2%#/8"1&'
;$8:"&-)'<=(>)'
!
!"#$%&'('$)*%+,-'(.)/"-0'.1)23-(1"4$-0*)5*-.6)$-)(*-7$%6'8-9).:*);<=> !
*#!%&$#(%&
?$+'8-) !"#$%&'('$)2@.9 A.%B'('#.('8-)
+,-./0.& !
!"#$%&$ '()*+,)-., +(/*0 )#*%&
12345$ 6*)78-)6+, '*/+0 12345.&
!
9$:;%4$<=3;"$ ()6*7)677 6'/*0 ('#$%& !"#$%& 6.7/4.893:,.&
>?;$ +).-().*( ./70
@43:#A><=3;"$ *)6*8)*'' 7/+0 ;<:.& !
BC3;"$ 6).86),-- */60
'$#!%& =43>-&;893:,.&
C*B.1) DEFG;=F=HD =<<I
?@3:,.& !
! D2#%:#EAD;F9AGAHD!>IA'86. !
!
-?! >(! D#$#! G>! (#! !"#$%&' ()?! @>! M#?! >L$#?GAG)! ()@! =)?&A?>?&>@! G>! #='>CG)! #(! =C>=ADA>?&)! G>! @'! #HCA='(&'C#!
)CHI?A=#+!5)C!>(()J!#$#C>=>!&#?!HC#?G>!/'@&C#(A#!E!-'C)$#!#!GAF>C>?=A#!G>!.'@A#!E!9FCA=#!>?!G)?G>!(#!>L$#?@AT?!
G>!(#!#HCA='(&'C#!)CHI?A=#!>@!D'E!K#V#+!
!<*!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
!/0123)4.5.)6373)819:/3;):<)302/=1;>123)?20@9/=3.)A17<2B/=/<)>?>3;)CD<=>@2<3EF.)
!
F6'#&'G!H$6%%9!I/E#!$#+!J'##)#5!K'#B$,)#!
L3MCNO=!P&%$0!/@!Q(5$#).0G!F/6(!,$-0!/@!&E'!R/(%+!!
!
/(5$#).!$5().6%&6('=!I/6(#$%!/@!/(5$#).92LCO!
--=3ST23!
!
40&'! $*$#.'! +'! %$! $5().6%&6($! /(57#).$! ('06%&$! $&($.&)*/! +$+$0! %$0! &$0$0! +'! .('.),)'#&/! 86'! ./#%%'*$9! -'(/!
&$,:);#!-/(!%$!-$(&).)-$.)<#!+'!'0&'!0)0&',$!-(/+6.&)*/!('0-'.&/!+'!%$!$5().6%&6($!'#!5'#'($%=!4#!%$!!/0123)4.G9!
0'!$-('.)$!'%!.('.),)'#&/!+'!%$!$5().6%&6($!/(57#).$!'#!'%!,6#+/!>!$!06!*'?9!'%!.('.),)'#&/!'#!%$!-$(&).)-$.)<#!+'!
%$! 06-'(@).)'! $5(A./%$! &/&$%=! 40&$! @)56($! -/#'! +'! ('%)'*'! %$! :$B$! -$(&).)-$.)<#! +'! %$! $5().6%&6($! /(57#).$! 86'!
$%.$#?$! 0/%/! $%! C93D! ('0-'.&/! +'! %$! 06-'(@).)'! $5(A./%$9! %/! 86'! '1-%).$(A$! 86'! %/0! -(/+6.&/0! /(57#)./0! $! #)*'%!
,6#+)$%9!0)5$#!0)'#+/!-(/+6.&/0!+'!#).E/9!$!-'0$(!+'%!.('.),)'#&/!+'!%$!+',$#+$=!
!/0123) 4.G.) &2<=/8/<9>?) :<) ;3) 732>/=/73=/H9) :<) ;3) E17<2B/=/<) ?20@9/=3) <9) <;) 819:?I) 2<E7<=>?) :<) ;3) E17<2B/=/<)
>?>3;):<)?20@9/=?E.)
B0823C386A9$78$D/$4/01234/2356$78$D/$<E480F238$78$90:;6329<$86$8D$CE679$
08<482A9$78$D/$<E480F238$A9A/D$
! ,!$ )"&#$
'!$ )"%#$
./01234/2356$78$90:;6329<$=#>$
!
??$78$@82A;08/<$90:;632/<$
+!$ )"!#$
&!$ !"(#$
! *!$ !"'#$
%!$ !"&#$
! )!$ !"%#$
!$ !"!#$
! )---$ %!!!$ %!!)$ %!!%$ %!!*$ %!!&$ %!!+$ %!!'$ %!!,$ %!!($ %!!-$ %!)!$ %!))$ %!)%$ %!)*$ %!)&$ %!)+$ %!)'$
23!
!"#$%&'()!*+!,-."/01!2314/3!0-!5.106"718!1.29:;"18!
!! !
-=&#! =>&'#?>@A! BC(! ?DC?>E>CA&)! E'AB>#(! BC! (#! ='$CDF>?>C! BC! )DGHA>?)=I! C=! $#D#! "J>(C! 'A#! )$)D&'A>B#B! $#D#!
#?C(CD#D! (#=! ?)AB>?>)AC=! BC! BC=#DD)(()! BC! ='! #GD>?'(&'D#! )DGHA>?#! K! ='$(>D! (#! BCE#AB#! L'C! #MA! ?DC?C! #! &#=#=!
E#K)DC=!L'C!(#!)FCD&#+!8>A!CEN#DG)I!C(!>E$#?&)!BC!(#!#GD>?'(&'D#!)DGHA>?#!A)!=C!$'CBC!ECB>D!=@()!$)D!C(!&CE#!
C?)A@E>?)I!BCN>B)!#!='!>E$#?&)!CA!(#!DC?'$CD#?>@A!BC!='C()=!K!CA!(#!DCB'??>@A!GCACD#(!BC!(#!?)A&#E>A#?>@A!
L'C!$D)B'?C!(#!#?&>O>B#B!#GD%?)(#I!()!L'C!BCNCD%#!&CACD!)&D#!?)A&#N>(>B#B+!
"#$ %&'()*&+,!-.!/)!)01&*(/'(1)!210),&*)!321!3)4%.%!
3(#E#! C=$C?>#(ECA&C! (#! #&CA?>@A! (#! #(&#! $#D&>?>$#?>@A! CA! (#! ='$CDF>?>C! BC! $D)B'?&)=! )DGHA>?)=! L'C! &>CAC!
)56789:;9! P<;=589! "#>+QI! ?)A! RSI*T! E>(()AC=! BC! J#I! ?)DDC=$)AB>CA&C! #(! UUITV! #! A>OC(! ?)A&>ACA&#(! K! WSV! #! A>OC(!
E'AB>#(I!?)A!()!L'C!=C!OCD>F>?#!'A#!?)A=>BCD#N(C!B>=&#A?>#!DC=$C?&)!BC!()=!)&D)=!*X!$#%=C=!BC!(#!(>=&#+!/DGCA&>A#!
C=! C(! =CG'AB)! $#%=! ?)A! E#K)D! ='$CDF>?>C! )DGHA>?#I! ?)A! <IX*! E>(()AC=! BC! JC?&HDC#=! K! CA! &CD?CD! ('G#D! =C! 'N>?#!
"J>A#I!?)A!RIRY!E>(()AC=!BC!JC?&HDC#=I!=CG'>B)!E'K!BC!?CD?#!$)D!--+66+!K!-=$#Z#I!#EN)=!?)A!$)?)!EH=!BC!R!
E>(()AC=!BC!JC?&HDC#=+!
<;=589!"#>#!'9?:9!@!=8AB;CD!EF!:D6!"G!H9I6F6!CDJ!K9@D8!65HF8B;C;F!EF!9=8;C5:7589!D8=AJ;C9#!LG">#!
&'()*+,-,)%
!"#$% &!"
.//%0"1
%#"
!"#$%&'(& )*+,-
@.--A10)">0"40=*B+0,)"
,"
,"
"
"
"
;""
"
"
"
-.,
76
9,
-.,
=.,
.,
21
.1
>.
(,
,+AC
,1
;0B(&
67
+,
:*,
8,
,1
34
:1
1
(/
0?
)*
55
5)
/0
<+
'(
7+
'-
'+
!'/D&0(& ,+)-
?"/0$/E=?(FG=H=;?I!J=)2,5
! !!
!<<!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
4$! $%&$! -$(&).)-$.)5#! +'! 670&($%)$! '#! %$! 07-'(8).)'! +'0&)#$+$! $! /(9:#)./0;! '0! ('%'*$#&'! -$($! <=)%'! +'>)+/! $! 07!
0),)%)&7+!'#!,7.=/0!$0-'.&/0!+'!%$!8(7&).7%&7($!+'!'1-/(&$.)5#?!@$+/!A7'!$,>/0!0'!7>).$#!'#!'%!=',)08'()/!B7(;!
670&($%)$!'0!./,-'&'#.)$!+)('.&$!./#!<=)%'!'#!-(/+7.&/0!./#*'#.)/#$%'0?!C#!,$&'()$!+'!%$!8(7&).7%&7($!/(9:#).$;!
0)!>)'#!670&($%)$!-('0'#&$!%$!,$D/(!07-'(8).)'!+'+).$+$!$!%$!$9().7%&7($!/(9:#).$;!'0!),-/(&$#&'!./#0)+'($(!A7'!
%$!,$D/(!-$(&'!+'!'%%$!./(('0-/#+'!$!-(/+7..)5#!+'!8/(($E'0!F,:0!+'%!GHI!+'!%$!07-'(8).)'!/(9:#).$!+'!670&($%)$!
./(('0-/#+'!$!',-$0&$+$0!D!9($#/0J!./#+).)5#!A7'!%/!=$.'!+'E$(!+'!0'(!)#&'('0$#&'!./,/!./,-'&'#.)$?!K/(!'%!
./#&($()/;!A7'!%$!-(/+7..)5#!/(9:#).$!'0&L!&$#!'1-$#+)+$!'#!0/%/!7#!(7>(/!+'!%$!$9().7%&7($!'0!7#$!./#+).)5#!
A7'! 8$.)%)&$! %$! )#&(/+7..)5#! +'! %$! $9().7%&7($! /(9:#).$! D! %$! -$(&).)-$.)5#! '#! /&($0! :('$0! +'! %$! $.&)*)+$+?! C0!
'#&/#.'0;! ),-/(&$#&'! ,/#)&/('$(! '0'! ./,-/(&$,)'#&/?! M&(/! $0-'.&/! ('%'*$#&'! +'! ./#0)+'($(! '0! %$! +)0&$#.)$!
A7'! 0'-$($! $! 670&($%)$! +'! %/0! /&(/0! -$N0'0! A7'! &$,>)L#! &)'#'#! 7#$! $%&$! 07-'(8).)'! +'+).$+$! $! %$! -(/+7..)5#!
/(9:#).$?!
O'0-'.&/!+')(/0123425!D!+'0+'!'%!-7#&/!+'!*)0&$!./,-'&)&)*/;!'0&'!-$N0!0'(N$!%$!,$D/(!./,-'&'#.)$!-$($!<=)%';!
-$(&).7%$(,'#&'!'#!%/0!(7>(/0!+'!,$#P$#$0;!7*$!+'!,'0$;!.'('P$0!D!$(:#+$#/0?!Q/!/>0&$#&';!'0!7#!-$N0!A7'!=$!
*)0&/! ,'(,$+$! 07! -$(&).)-$.)5#! +'! ,'(.$+/! +'! 8(7&$0! -/(! />0/%'0.'#.)$! +'! 07! '0&(7.&7($! -(/+7.&)*$;!
'0-'.)$%,'#&'! '#! ,$#P$#$0! R(7>(/! +/#+'! 87'! -/&'#.)$! )#&'(#$.)/#$%R! $0N! ./,/! &$,>)L#! '#! 7*$! +'! ,'0$?! C#!
$,>/0! (7>(/0;! %$! -L(+)+$! +'! ./,-'&)&)*)+$+! />0'(*$+$! '#! %$! 8(7&).7%&7($! ./#*'#.)/#$%;! 0'! =$! -(/+7.)+/! -/(!
8$%&$!+'!)#&(/+7..)5#!+'!*$()'+$+'0!#7'*$0!D!#7'*$!&'.#/%/9N$!-(/+7.&)*$?!6.&7$%,'#&';!0'!$-('.)$!7#$!,'E/($!
'#! %$0! ./#+).)/#'0! +'! )#*'(0)5#! '#! 6(9'#&)#$! %/! A7'! -/+(N$! +'*/%*'(! -$(&'! +'! %$! ./,-'&)&)*)+$+! -'(+)+$?! @'!
&/+$0!8/(,$0;!6(9'#&)#$!0)97'!0)'#+/!7#!87'(&'!$>$0&'.'+/(!+'!,$#P$#$0!D!7*$!+'!,'0$!$%!,'(.$+/!>($0)%'(/!D!
&$,>)L#!$%!,'(.$+/!'7(/-'/;!,'(.$+/!'#!%/0!A7'!./,-)&'!+)('.&$,'#&'!./#!<=)%'?!
C#! '%! .$0/! +'! .'('P$0;! 6(9'#&)#$! .7'#&$! ./#! +/0! P/#$0! +'! -(/+7..)5#;! 7#$! '#! S'#+/P$! +'! $#&)97$! +$&$! D!
&($+).)/#$%!'#!07!-(/+7..)5#;!A7'!$>$0&'.'!-()#.)-$%,'#&'!$%!,'(.$+/!)#&'(#/?!4$!/&($!'0!Q'7A7L#;!7#$!P/#$!
,:0!#7'*$;!./#!=7'(&/0!E5*'#'0;!#7'*$!&'.#/%/9N$!D!*$()'+$+'0!$&($.&)*$0?!4/0!=7'(&/0!./,'(.)$%'0!+'!,$D/(!
'+$+;!'0&:#!'#!&/(#/!$!TH!$U/0!D!0/#!('0-7'0&$!$%!$&($.&)*/!+'!%$!+',$#+$!<=)#$!-/(!'0&$!'0-'.)'!'#!'%!-'(N/+/!
'#!A7'!'%!=',)08'()/!B7(!&)'#'!07!/8'(&$?!Q'7A7L#!&)'#'!7#$!./0'.=$!&',-($#$!D!'#!%$!-(/+7..)5#!./#*'#.)/#$%!
./,-)&'!./#!<=)%'!'#!%$!-$(&'!&',-($#$!+'!%$!&',-/($+$;!'0&/!'0!+'0+'!8)#'0!+'!/.&7>('!$!)#).)/0!+'!+).)',>('?!
V)#$%,'#&';! %$! -(/+7..)5#! +'%! $(:#+$#/;! %$! .7$(&$! '0-'.)'! +'! 6(9'#&)#$! ./)#.)+'#&'! ./#! %$! /8'(&$! +'! <=)%'! D!
/>E'&)*/! +'! '0&'! '0&7+)/;! &$,>)L#! '0! +'! ./(&$! +$&$! D! ./#! */%W,'#'0! '0&$>)%)P$+/0! '#! &/(#/! $! %$0! XH?HHH!
23!
!"#$%&'()!*+!,-."/01!2314/3!0-!5.106"718!1.29:;"18!
!! !
G
&)>?(#@#A! @?! $B)@'CCDE>! &?F$B#># ! H/4"I! /BJ?>&D>?#>! 4('?K?BBL! ")FFD&&??MI! L! C)F$D&?! C)>! "ND(?! ?>! ()A!
F?BC#@)A!@?!--+66+!L!-'B)$#!?>!A'!)O?B&#!C)>P?>CD)>#(+!-A&)!?AI!?>&B?!)C&'KB?!L!@DCD?FKB?+!
5)B! ()! #>&?BD)BF?>&?! ?Q$'?A&)I! A?BR! F'L! DF$)B&#>&?! ?A&'@D#B! (#! $B)@'CCDE>! )BJR>DC#! ?>! /BJ?>&D>#! ?>! ?A&#A!
C'#&B)!?A$?CD?A!@)>@?!C)F$D&?!C)>!"ND(?I!?!D@?>&DODC#B!A'A!O)B&#(?S#A!L!(#!&?C>)()J%#!@?!$B)@'CCDE>!#$(DC#@#!#!
?A?!&D$)!@?!$B)@'CCDE>+!-A!?(!$#%A!P?CD>)!T'?!C'?>&#!C)>!C)>@DCD)>?A!O#P)B#K(?A!?>!&UBFD>)A!@?!C(DF#!L!'>!JB#>!
@?A#BB)(()!@?!(#!#JBDC'(&'B#!)BJR>DC#!L!$)B!?(()!'>!B?O?B?>&?!D>F?@D#&)!$#B#!"ND(?+!
!!"##+! ?A! '>! JB#>! $B)@'C&)B! #JB%C)(#! L! @?A@?! ?A&?! #A$?C&)! C)F$D&?! C)>! "ND(?I! >)! AE()! ?>! A'! F?BC#@)I! AD>)!
&#FKDU>!?>!)&B)AI!C)F)!"ND>#I!")B?#!L!-'B)$#+!--+66+!$B)@'C?!&)@#A!(#A!?A$?CD?A!)KV?&DP)!@?(!?A&'@D)!L!&D?>?!
'>#! (#BJ#! L! $B)O'>@#! C)F$?>?&B#CDE>! @?(! >?J)CD)! @?! OB'&#A! @?! ?Q$)B&#CDE>+! --+66+! ADJ'?! AD?>@)! ?(! $BD>CD$#(!
F?BC#@)!$#B#!"ND(?I!L!C)F)!C)F$?&D@)B!?>!?(!RB?#!C)>P?>CD)>#(I!?A!F'L!O'?B&?!?>!F#>S#>#A!L!'P#!@?!F?A#!#(!
D>DCD)!@?!(#!&?F$)B#@#+!->!$#(&#A!"ND(?!L!--+66+!A)>!C)F$(?F?>&#BD)AI!A)KB?&)@)!?>!$#(&#A!@?!C#(D@#@I!$)BT'?!
,UQDC)!$B)P??!C)>!OB'&#!&)@)!?(!#W)!#!?A&?!F?BC#@)!L!(?!@?V#!$)C)!?A$#CD)!#!"ND(?!$#B#!CB?C?B+!
->!#BR>@#>)AI!--+66+!L!"ND(?!&#FKDU>!A)>!C)F$(?F?>&#BD)AI!@#@)!T'?!(#!)O?B&#!@?!--+66+!A?!#C#K#!?>!)C&'KB?!
C'#>@)!?>!"ND(?!&%FD@#F?>&?!A?!D>DCD#>!(#A!C)A?CN#A+!->!?(!RB?#!@?!#BR>@#>)A!C)>J?(#@)AI!&#FKDU>!A)>!$#%A?A!
T'?!C)F$D&?>!$)BT'?!?>!?A&?!C#A)!>)!N#L!?A&#CD)>#(D@#@+!/'>!#A%I!--+66+!?A!?(!$BD>CD$#(!F?BC#@)!$#B#!"ND(?!?>!
?A&?!$B)@'C&)!HDX)>A'(&D>JI!GY*ZM+!
->! OB#FK'?A#A! (#! C)F$?&?>CD#! C)>! --+66+! A?! $B)@'C?! ?>! ?(! RB?#! @?! C)>J?(#@)A! L! ?>! C?B?S)AI! >)! N#L!
C)F$?&?>CD#!?>!(#!)O?B&#!C)>P?>CD)>#(!?>!OB?AC)+!8D>!@'@#I!--+66+!A?BR!$B)O'>@#F?>&?!?A&'@D#@)I!&#>&)!@?A@?!
?(!$'>&)!@?!PDA&#!@?!(#!C)F$?&?>CD#!C)F)!@?(!F?BC#@)+!-A&?!$#%A!?A!?(!T'?!&D?>?!?A&#@%A&DC#A!C)>OD#K(?A!L!KD?>!
#C&'#(DS#@#AI!()!T'?!$?BFD&?!C)>)C?B!#!&B#PUA!@?!A'A!DF$)B&#CD)>?AI!()A!P)([F?>?A!?Q$)B&#@)A!$)B!)&B)A!$#%A?A!
L!@?OD>DB!()A!C)F$?&D@)B?A!T'?!>)!C'?>&#>!C)>!?A&#@%A&DC#A!T'?!@DO?B?>CD?>!(#!)O?B&#!)BJR>DC#!?>!A'!ADA&?F#!@?!
#@'#>#A+!
$%&'(I!?(!T'D>&)!$#%A!?>!DF$)B&#>CD#I!A?BR!#>#(DS#@)!@?A@?!?(!$'>&)!@?!PDA&#!@?!()A!F?BC#@)A!L!A'!@?A#BB)(()+!8'!
$B)@'CCDE>!?V?BC?!K#V#!)!>'(#!D>O('?>CD#!?>!?(!@?A#BB)(()!@?(!F?BC#@)!@?!()A!$B)@'C&)A!C)>P?>CD)>#(?AI!$)B!()!
&#>&)I!A?!$B?A'$)>?!T'?!#O?C&#BR!?>!F?>)B!$B)$)BCDE>!#!(#!OB'&#!)BJR>DC#+!
)*(+&(,-,./('0&(!A?BR>!#>#(DS#@)A!@?A@?!?(!$'>&)!@?!PDA&#!@?!F?BC#@)A+!/'>T'?!?>!(#!OB'&DC'(&'B#!C)>P?>CD)>#(!
C)F$D&?>!C)>!"ND(?!?>!?(!F?BC#@)!@?!F#>S#>#AI!?>!?(!C#A)!@?!(#!)O?B&#!@?!F#>S#>#A!)BJR>DC#AI!?(!&B#A(#$?!?A!
#C)&#@)!L!F#>?V#@)!$)B!()A!?Q$)B&#@)B?A!?!DF$)B&#@)B?A!@?!F#>S#>#A!)BJR>DC#A+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
" !#$%&'%(!)*'+,!-./0!-12%&'3&%*&!.4$%5%116!/+773''%%!
!<=!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
%/012!0'(4!$#$%)5$+/!./,/!./,-'&'#.)$!'#!%$!/6'(&$!/(74#).$!+'!8*$!+'!,'0$9!:#!'0&$!'0-'.)';!<#+)$!./,-)&'!
./#!=>)%'!'#!:8(/-$;!+/#+'!&$,?)@#!&)'#'!,$A/(!-(/?$?)%)+$+!+'!'#*)$(!08!/6'(&$!/(74#).$9!B'(/!&$,?)@#!0'(4!
$#$%)5$+/!+'0+'!'%!-8#&/!+'!*)0&$!+'%!,'(.$+/9!
B/(! C%&),/;! #/! 0'! -8'+'! +'D$(! +'! $#$%)5$(! $! %/0! -$E0'0! ./#! 7($#! -'#'&($.)F#! +'! %$! $7().8%&8($! /(74#).$;!
./(('0-/#+)'#&'! $! %$! -$(&).)-$.)F#! G8'! &)'#'! %$! 08-'(6).)'! /(74#).$! '#! %$! 08-'(6).)'! &/&$%! .8%&)*$+$! +'%! -$E09! H)!
?)'#!'%!-(/,'+)/!,8#+)$%!'0!I;JK!A!'%!-(/,'+)/!+'!%/0!-$E0'0!./#!$7().8%&8($!/(74#).$!'0!+'!J;2K;!>$A!-$E0'0!
.8A$!08-'(6).)'!+'+).$+$!$!%$!$7().8%&8($!/(74#).$!('-('0'#&$!0/?('!'%!ILK!+'!-$(&).)-$.)F#!('0-'.&/!+'%!&/&$%!
+'!%$!08-'(6).)'!.8%&)*$+$!3!14562)7.899!
!14562)7.8.):2;<=<)>?/)@26A1>1@2>1B/)0=)@6?05>A?<)?64C/1>?<)@?6)<?D6=)=E)7FG)0=E)A?A2E)0=)<5@=6H1>1=)>5EA1I202)
3JF7K9.)
! !"#$%$&'()&*)"&+",-'.+"'./)&(,01).'"&2%&"3&4%)($&56&+(,'.%)7(&%)&
!"#$% !"&'()(*")(+,% 8659&
E20/9F0,1F02,##
!!"#$%&#'(&#"') *+,+-
./0"'#("1)231'$#(1) *4,*- CG32,012*#-.*,/01*##
?*JG*#
516/1 77,8-
I)1F.2*#
!9:(&3"1 74,;-
H1FG,2*#
<(&/'"1 4=,;- ?)0/2*#
5:#$"1 4=,>- <F*32*#
!?&10"1 48,@- E0FG,2*#
!#&/'"1 48,*- ?ABA#+#C.D,/260#
?)2@*#
5ABA)C).3D'$"E# 4*,=-
<13*1#=*3>2,*1##
!5:"F1 4*,@-
:.);)*+#
?(01()G10H"'1() 47,7- 506)732/*#890/*#
I#E:J0"$1)K%#$1 44,@- -2,3*,42*#
!L3:M:1C 44,@- ()*+*,*#-.*,/01*#
2"'01'N"1 4>,8- !"# $!"# %!"# &!"# '!"#
O:1C1'1)231'$#(1 4>,>- C*.K/26*/2L,#0,#03#FGF*3#40#3*#*;.2/)3F).*#
!2:#'&#P)2?!Q)R)?2S9G)7>4=
:%!-(),'(/!+'!%/0!-$E0'0!./#!,40!+'!ILK!-$(&).)-$.)F#!+'!-(/+8.&/0!/(74#)./0!'0!M)'.>&'#0&')#;!./#!8#!2N;NK!
+'!%$!08-'(6).)'!+'!&/+$!08!$7().8%&8($9!H)#!',?$(7/;!'0&'!-$E0!'0!'#!('$%)+$+!8#!-()#.)-$+/!./#!0/%/!I3L!O,J!+'!
08-'(6).)'! G8'! 0'! '#.8'#&($! '#! '%! ./($5F#! +'! %/0! P%-'0! 08)5/09! M)'.>&'#0&')#! -('0'#&$! 8#$! ./#+).)F#! G8'! %/!
+)0&)#78'! +'%! ('0&/! +'! %/0! -$E0'0! -(/+8.&/('0! A! -$(&).)-$#&'0! +'%! ./,'(.)/! ,8#+)$%! -8'0! .8'#&$! ./#! 8#$!
$+,)#)0&($.)F#! G8'! -'(,)&'! %/! G8'! 0'! +'0.()?'! ./,/! Q-$($E0/! 6)0.$%R! A! -/(! &$#&/! 08! -()#.)-$%! $.&)*)+$+! 0'!
('%$.)/#$! ./#! '%! ,8#+/! 6)#$#.)'(/9! M$! +'+).$.)F#! $! %$! $7().8%&8($! /(74#).$! '0&4! /()'#&$+$! -()#.)-$%,'#&'! $%!
$8&/./#08,/!/!*'#&$!%/.$%!A!-/(!'%%/!0'!'1.%8A'!./,/!'D',-%/!$7(E./%$9!
23!
!"#$%&'()!*+!,-."/01!2314/3!0-!5.106"718!1.29:;"18!
!! !
6>#!?@&'#A@B>!$#C&@A'(#C!&#DE@F>!?G!)E?GCH#!G>!(#!5)(@>G?@#!IC#>AG?#!J!8#D)#!G>!K'G!?'!#LC@A'(&'C#!)CLM>@A#!
((GL#! #(! <*N*O! J! PPNQO! RG! (#! ?'$GCS@A@G! #LC%A)(#N! CG?$GA&@H#DG>&G+! -?&)! %>R@AG?! ?G! GT$(@A#>! $)CK'G! G>! G?&)?!
$#%?G?! (#?! MCG#?! ?@(HG?&CG?! ?G! G?&M>! D#>GU#>R)! D%>@D#DG>&G! $#C#! GT&C#GC! ?'?! $C)R'A&)?N! $GC)! >)! G?! '>#!
#LC@A'(&'C#!A)D)!(#!RG!/'?&C@#N!VG(!A'#C&)!$#%?!G>!(#!(@?&#V!G>!K'G!(#!$C)R'AA@B>!)CLM>@A#!)A'$#!G(!P*NWO!RG(!MCG#!
#LC%A)(#+!X!RG!(#!D@?D#!D#>GC#!G?!@D$)C&#>&G!RG!A)>?@RGC#C!(#!$#C&@A@$#A@B>!K'G!&@G>G!(#!#LC@A'(&'C#!)CLM>@A#!
G>!-?&)>@#!J!8'GA@#!A)>!*YNWO!J!*YNZO!RG!(#!?'$GCS@A@GN!CG?$GA&@H#DG>&G+!
0G!&)R#!G?&#!(@?&#N!>@>L[>!$#%?!$)RC%#!?GC!A)>?@RGC#R)!'>#!A)D$G&G>A@#!$#C#!(#!$C)R'AA@B>!RG!"\@(GN!GTAG$&)!
6C'L'#JN!K'G!@>LCG?B!$)C!$C@DGC#!HG]!#!G?&#!(@?&#!RG!$#%?G?!A)>!D#J)C!$#C&@A@$#A@B>!RG!#LC@A'(&'C#!)CLM>@A#N!G>!
PZ*^+!->!SC'&#(G?N!6C'L'#J!A)D$@&G!A)>!"\@(G!G>!(#!$#C&G!DM?!&GD$C#>#!RG!(#!&GD$)C#R#!RG!#CM>R#>)?!J!$)C!
G(()!?GCM!#>#(@]#R)!G>!G(!#$#C&#R)!RG!G?&#!SC'&#+!
->!()?!$#%?G?!A)>!DM?!RG(!*ZO!RG!$#C&@A@$#A@B>!RG!$C)R'A&)?!)CLM>@A)?!CG?$GA&)!RG!(#!?'$GCS@A@G!#LC%A)(#!&)&#(N!
(#! #LC@A'(&'C#! )CLM>@A#! G?! @D$)C&#>&G! RGE@R)! #! (#! $G>G&C#A@B>! K'G! \#! &G>@R)! G(! A)>AG$&)! _)CLM>@A)`! G>! (#!
$)E(#A@B>!J!G>!?'?!#LC@A'(&)CG?+!-?&#!A)>R@A@B>!\#AG!K'G!(#!D#J)C!$#C&G!RG!(#!$C)R'AA@B>!)CLM>@A#!?G!A)>?'D#!
()A#(DG>&GN!A)>R@A@B>!K'G!#ECG!G(!DGCA#R)!)CLM>@A)!RG!A)>&C#VG?&#A@B>!$#C#!G(!\GD@?SGC@)!8'C+!
->!G(!(@?&#R)!$C)H@?&)!$)C!I@43!a.G?G#CA\!;>?&@&'&G!)S!1CL#>@A!/LC@A'(&'CGb!J!;I1/,!G>!G(!PZ*YN!"\@(G!S@L'C#!A)>!
ZN*O!RG!$#C&@A@$#A@B>!RG!?'$GCS@A@G!)CLM>@A#!CG?$GA&)!RG(!&)&#(!RG!?'!#LC@A'(&'C#+!.G?$GA&)!RG!()?!$#%?G?!K'G!?)>!
A)D$G&G>A@#! RG! "\@(G! G>! $C)R'A&)?! A)>HG>A@)>#(G?N! (#! $#C&@A@$#A@B>! RG! ?'$GCS@A@G! )CLM>@A#! G?! (#! ?@L'@G>&Gc!
/CLG>&@>#!POd!5GC[!*N<Od!:'GH#!eG(#>R@#!ZN=Od!,FT@A)!J!--+66+!ZN^O!J!8'RMSC@A#!ZNZ*O+!
!"# $%$&'()*+(&(,$-()*.(-*/(,'$.0*.(*0,+1&2'0)*3*()42/$'25&*.(-*',('2/2(&40*
(&*(-*/(.2$&0*3*-$,+0*6-$70*
*
->!G(![(&@D)!@>S)CDG! #>'#(!RG!;I1/,!aSGECGC)!RG!PZ*YN!G(#E)C#R)!A)>!(#?!G?&#R%?&@A#?!RG(!PZ*^bN!G(!DGCA#R)!
D'>R@#(!RG!#(@DG>&)?!)CLM>@A)?V!#E#CA#>R)!&)R#?!(#?!A#&GL)C%#?!RG!#(@DG>&)?!J!EGE@R#?N!SCG?A)?!J!$C)AG?#R)?!#!
>@HG(! CG&#@(V! ?G! A@SC#E#! G>! YWN=! E@(()>G?! RG! RB(#CG?! a89:;<=* !">bN! ()! A'#(! A)D$#C#R)! A)>! ()?! P*NZ! E@(()>G?! RG!
RB(#CG?!G>!G(!#f)!PZZZ!aI@43!g!;I1/,N!PZ*YbN!@D$(@A#!'>!ACGA@D@G>&)!$C)DGR@)!#>'#(!RG!P*NYO+!
!<=!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
!/0123)4.5.)&267/8/69:;)69)<3=)>69:3=)?6)@6@/?3=A)3</869:;=);20B9/7;=)C)=1D62E/7/6)?6)71<:/>;A)FGG4HFGGI.)
!"#$%&%#'()*#'*+,-*.#'(,-*/#*0#0%/,-*1*,+%&#'()-*)"23'%$)-*1*4#"",-*/#*$5+4.)6*7889:789;*
!"#$%#&'()*+,-'.$%#//,0#$)#'1234'
"++#
%)&*#
-./012.345#678.4#9.#:788;<.4#9.#9=832.4#
)+#
%+#
*+# '(&)#
'+#
,+# ,*&%#
$%&'#
(+#
$+# !"# $*&,#
!+# $+&!#
"+# "*&$#
+#
!++"# !++'# !+""# !+"'#
>.<034#.<#2.0378#.<#:78.4#9.#:788;<.4#9.#9=832.4# ?7.223#9.#/@8AB;#.<#:788;<.4#9.#C./012.34#
4/,/! 0'! -5'+'! /60'(*$(! '#! '%! 7(89)./! +'! %$! !/0123) 4.5:! +'0+'! '%! $;/! <==>:! %$0! *'#&$0! +'! '0&/0! -(/+5.&/0!
/(78#)./0!?$#!.('.)+/!0/0&'#)+$,'#&'!-/(!'#.),$!+'%!.('.),)'#&/!+'!%$!05-'(9).)'!+'!.5%&)*/@!
A%!7(89)./!+'!%$! !/0123)4.J!-('0'#&$!%$!.5(*$!+'!%$0!*'#&$0!+'!-(/+5.&/0!/(78#)./0!'#&('!<===!B!<=>C!B!%$!+'%!
$*$#.'! +'! %$! 05-'(9).)'! +'0&)#$+$! $! %$! -(/+5..)D#! /(78#).$! '#! '%! ,)0,/! -'(E/+/@! 4/#! '0&$! )#9/(,$.)D#! 0'!
('$%)FD! %$! -(/B'..)D#! +'%! ,'(.$+/! -$($! '%! ./(&/:! ,'+)$#/! B! %$(7/! -%$F/@! G$! &'#+'#.)$! H5'! 0'! 7($9).$:!
./(('0-/#+'! $! %$! -(/B'..)D#! '0&$+E0&).$! /60'(*$+$! +'0+'! '%! <===! $%! <=>C:! 0)#! ./#0)+'($(! %$! )#&'(*'#.)D#! +'!
-(/7($,$0! '0-'.)$%'0! +'! -(/,/.)D#! +'! $7().5%&5($! /(78#).$! 5! /&(/0! '*'#&/0! H5'! $%&'('#! %$! &$0$! +'! $*$#.'!
/60'(*$+$!?$0&$!$?/($@!
!
4567899:;/"<8="9589:>:8/?6"8/"@8/?,0"<8"96>:<,0"7"
!/0123) 4.J.) K32/37/L9) 69) <3=) >69:3=) ?6) 7;8/?3=) C) @6@/?3=) ;20B9/73=A) C) =1D62E/7/6) D<39:3?3) ;20B9/73) MFGGG) N)
A8A:<,0"65BC/:9,0"7"0DE85F9:8"E=,/?,<,"65BC/:9,G"HI60"
FG4OP)C)D2;C677/L9)3<)3Q;)FGRG.)
#!!!-#!'("
'%!" !"#$%&'()*
'$!"
**"+,"-"./0"123"
'#!"
'!!"
!"#$%$&'(%)
&!"
%!"
$!"
#!" !"##$%&'(%$)&
!"
#!!!" #!!(" #!'!" #!'(" #!#!" #!#(" #!)!"
J8/?,0"""""""""""""""""""K./0"123L" 2DE85F98"""""""""""K**"+,L"
!"#$%&'()*'+,)"-.#)/*
!
4/,/! 0'! /60'(*$! '#! '%! 7(89)./:! %$0! *'#&$0! B! %$! 05-'(9).)'! -%$#&$+$! .('.'#! $! &$0$0! +)0&)#&$0:! 0)'#+/! ,$B/(! '%!
$*$#.'!+'!%$0!*'#&$0!H5'!'%!+'!%$!05-'(9).)'!-%$#&$+$:!&'#+'#.)$!H5'!0'!,$#&'#+(8!'#!'%!,'+)$#/!B!%$(7/!-%$F/:!
23!
!"#$%&'()!*+!,-."/01!2314/3!0-!5.106"718!1.29:;"18!
!! !
>#?@ABC)DE! FGD! HI#BCE! (#! C@JEIEB?@#+! -D&#! D@&'#?@KB! #LIE! ED$#?@)! #! C)D! #(&EIB#&@M#DN! EB! $I@FEI! ('H#IO! ()D!
$I)C'?&)D!)IHGB@?)D!$)CI%#B!F#B&EBEI!D'D!$IE?@)D!E!@B?('D)!@B?IEFEB&#I()D!JIEB&E!#(!?)B&@B')!?IE?@F@EB&)!CE!
(#!CEF#BC#O!P!EB!DEH'BC)!('H#IO!DE!#LIE!'B#!)$)I&'B@C#C!CE!MEB&#D!$#I#!&)C)D!()D!$I)MEEC)IED!CE!$I)C'?&)D!
)IHGB@?)D! CE(! FEI?#C)! @B&EIB#?@)B#(O! B)! D)()! CE! JI'&#DO! D@B)! &#FL@AB! CE! &)C#D! (#D! #(&EIB#&@M#D! CE! $I)C'?&)D!
)IHGB@?)D! $I)?ED#C)D+! /(! #Q)! RS<SO! (#D! MEB&#D! D'$EI#I%#B! ()D! *TR! L@(()BED! CE! CK(#IEDO! U'E! EU'@M#(E! #! 'B!
?IE?@F@EB&)! CE! VWO<X! EB! E(! $EI@)C)! RS*W! P! RS<S+! 5)I! D'! $#I&EO! (#! D'$EIJ@?@E! $(#B&#C#! ((EH#I%#! E(! RS<S! #! YR!
F@(()BED!CE!>E?&GIE#DO!U'E!EU'@M#(E!#!'B!?IE?@F@EB&)!CE(!WTOVX!$#I#!E(!F@DF)!$EI@)C)+!
!"#"! $%&'()%*+,-./,0.1)(-2,34.+&(56,
/! B@ME(! ?)B&@BEB&#(! E(! $I@B?@$#(! FEI?#C)! CE! ()D! #(@FEB&)D! P! LEL@C#D! )IHGB@?)D! ED! /FAI@?#! CE(! :)I&EO! ?'P#D!
MEB&#D!IE$IEDEB&#B!E(!T=X!CE!(#D!MEB&#D!!"#$%&O!DEH'@C)!CE!-'I)$#!?)B!#$)I&ED!CE(!TSX!Z7%8'1(,!"!96"!0E!ED&#!
J)IF#O! EB&IE! ED&)D! C)D! FEI?#C)D! DE! CEJ@BE! ?#D@! E(! =SX! CE! (#D! MEB&#D! CE! #(@FEB&)D! )IHGB@?)D! CE(! F'BC)+! 5)I!
&#B&)O!IED'(&#!?I'?@#(!#B#(@[#I!P!IE?)B)?EI!(#D!)$)I&'B@C#CED!U'E!ED&)D!C)D!FEI?#C)D!EB&IEH#BO!EB!?)B\'B&)!?)B!
)&I)D!FEI?#C)D!U'E!ED&GB!EFEIH@EBC)+!
7%8'1(,!"!9",:%5&1%;')%*+,-.,/(5,4.+&(5,-.,<12-')&25,218=+%)25,.+,./,!"#$%&,<21,0.1)(-2,3>9!?6",
'()*+(,-.(/0$123$4536+$12$35)$420*5)$12$6+780(.6)$20$+2*5(3$96+$:2+.516$;<%&=>$
?536+$*6*53$@"AB$:(32)$12$:(33602)$12$CD'E$@!AB$F(3$:(33602)$12$G-+6)$
&#$ &#$
"#$
H6+*2$I:J+(.5$
G-+695$
!"#$ I)(5$
K.250L5$
!%#$
K*+6)$
M-20*2N$MOPQ$R$OMKIF$<%&@$
:)! )LD&#B&EO! E(! @F$#?&)! CE! (#! #HI@?'(&'I#! )IHGB@?#! &#FL@AB! ED&G! CED$EI&#BC)! (#! CEF#BC#! EB! E(! IED&)! CE(!
F'BC)O!$)I!&#B&)O!E(!F)B@&)IE)!CE!()D!)&I)D!FEI?#C)D!ED!&#FL@AB!F#&EI@#!ED&I#&AH@?#!$#I#!E(!CED#II)(()!CE!()D!
$I)C'?&)D!)IHGB@?)D!CE!">@(E+!
!<=!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
$/01/)2.3.)456789:/;8)<8)=89:/>)<8)56?@9A75>)89)81)!"#$%&)B56)B/C>.)(D5)EF2G.)
!
()9A=81)<8)B/C>8>H)81)I867/<5)<8)JJ.##.)8>)81)B6A97AB/1)I867/<5)B/6/)B65<K7:5>)56?@9A75>)L)<8)/7K86<5)/)1/>)
=89:/>) IA956A>:/>) M68:/A1N) <8) B65<K7:5>) 786:AOA7/<5>H) /17/9P/) 81) QGR) <81) I867/<5) 759) Q2HEGE) IA11598>) <8)
<S1/68>)M)
4$5%$!678N7!9)!5)'#:!%/0!+',;0!-$<0'0!=)#+)*)+>$,'#&'?!#/!('-('0'#&$#!>#!,'(.$+/!+'!-(/+>.&/0!/(@;#)./0!&$#!
(/5>0&/!./,/!AA7""7:!->'+'#!&'#'(!,;0!/-.)/#'0!$%!-$(&).)-$(!'#!./#B>#&/7!C/(!'B',-%/:!%/0!-$<0'0!'>(/-'/0!
'#! ./#B>#&/! /.>-$#! '%! 0'@>#+/! %>@$(! +'%! ,'(.$+/! +'! -(/+>.&/0! /(@;#)./0:! -$(&).)-$#+/! ./#! '%! DEF! +'%!
,'(.$+/7!GH)#$!-/(!0>!-$(&':!/.>-$!'%!.>$(&/!%>@$(!+'!-$(&).)-$.)I#!'#!'0&'!,'(.$+/:!J!$.&>$%,'#&'!'0!*)0&/!
./,/!'%!,'(.$+/!./#!,$J/(!-/&'#.)$%!+'!.('.),)'#&/!-$($!%/0!-(/+>.&/0!/(@;#)./07!
K/0! ,'(.$+/0! ,;0! (/5>0&/0! J! '#! ./#&)#>$! '1-$#0)I#:! ('L%'B$#! >#! ,$J/(! @$0&/! !"#$ %&!'()$ '#! -(/+>.&/0!
/(@;#)./07!M'!$.>'(+/!./#!.)L($0!+'%!D36N:!%/0!63!-$<0'0!./#!,$J/(!@$0&/!!"#$%&!'()!'#!-(/+>.&/0!/(@;#)./0:!
0/#!-$<0'0!'>(/-'/0:!AA7""7!J!G$#$+;7!9>)O$!'#.$5'O$!%$!%)0&$!./#!>#!@$0&/!+'!DP2!A>(/0Q-'(0/#$Q$R/:!$!#)*'%!
,)#/()0&$!S('&$)%T!'#!-(/+>.&/0!/(@;#)./0!.'(&)L).$+/0!S!A?K6/)2.22T7!
!A?K6/)2.22.)"/9TA9?)<8)15>)2F)B/C>8>)759)I/L56)759>KI5)'"!()*'%#$(89)B65<K7:5>)56?@9A75>.)
!
E@4G-# '(*#
F4.-8-23-# ''(#
! E@734-# $)(#
<@A78B@2CD# $!!#
5@?>24-# $((#
! <473=>7.?>74.# $($#
99:;;:# $'$#
! 5678-.4-# $$&#
12-.34-# $%$#
23! ,-.-/0# !"#
!"# $%&'(&$)*+,- $).,+,- )/),0+(+12%+,- 1+- 3%40),- 2%56'&(),- 1+- *),- +,$+(&+,-
$%&2%&7)1),-
!
0=!#>'=?@)!#!()A!?=BCA&?)A!@=!;D1/,E!FG*HE!()A!I?'&#(=A!A=!>(#ACIC>#J!=J!>'(&CK)A!$=?L#J=J&=AE!M'=!#(>#JN#J!<EO!
LC(()J=A!@=!P=>&Q?=#A!=J!=(!L'J@)+!RS=?!/J=T)!"+!/K#J>=!L'J@C#(!=J!(#!A'$=?IC>C=!@=!I?'&#(=A!)?BQJC>)AU+!
-J! (#! ACB'C=J&=! 7#V(#! *+<- A=! @=&#((#! (#! A'$=?IC>C=! L'J@C#(! @=! (#A! =A$=>C=A! =J! =A&'@C)E! CJI)?L#@#! $)?! (#!
$'V(C>#>CWJ!@=!1?B#JC>!X)?(@!@=!;D1/,!$#?#!=(!FG*Y!RDC43!Z!;D1/,E!FG*HUE![!(#!A'$=?IC>C=!)?BQJC>#!?=BCA&?#@#!
>)L)!>=?&CIC>#@#!=J!"PC(=!$)?!=(!8/2!R8/2E!FG*\UE!$#?#!(#A!LCAL#A!=A$=>C=A+!
-
089:8-!";"-$8<=>?>@8?>AB-CD-DE@D?>DE-DB-DE=FC>G-DB-D:-=G=8:-HFBC>8:-
0=!#>'=?@)!>)J!(#!7#V(#!*+<E!=(!B?'$)!@=!I?'&#(=A!=J!=A&'@C)!M'=!$?=A=J&#!L#[)?!A'$=?IC>C=!#!JCK=(!L'J@C#(!=A!(#!
'K#!@=!L=A#!)?BQJC>#E!>)J!LQA!@=!*FG!LC(!P#E!#'JM'=!A=!&?#&#!@=!'J#!=A&CL#>CWJ!#!$#?&C?!@=(!?=>'=J&)!&)&#(!@=!
A'$=?IC>C=! @=! (#! 'K#! @=@C>#@#! #! KCJ)! LQA! (#! 'K#! @=! L=A#! [! $)?! =(()! A=! >)JAC@=?#! AW()! 'J#! ?=I=?=J>C#! $#?#! =(!
#JQ(CACA!=A$=>%IC>)!@=!(#!'K#!@=!L=A#+!3=!ACB'=J!(#A!L#JN#J#A!>)J!>#AC!HO!LC(!P#![!(#A!$#(&#A!>)J!YF!LC(!P#+!-A!
CL$)?&#J&=! @=A&#>#?! M'=! =(! B?'$)! @=! =A&)A! I?'&#(=A! ?=$?=A=J&#! AW()! =(! H]! @=(! &)&#(! @=! A'$=?IC>C=! >)J! >'(&CK)A!
$=?L#J=J&=A!)?BQJC>)AE!>CI?#@)!=J!<EO!LC(()J=A!@=!P=>&Q?=#A+!"PC(=E!$)?!A'!$#?&=E!>'=J&#!>)J!$)>)!LQA!@=!H!LC(!
P#!>)L)!A'L#!@=!(#!A'$=?IC>C=!@=!I?'&#(=A!A=(=>>C)J#@)A+!3#!$#?&C>C$#>CWJ!@=!I?'&#(=A!)?BQJC>)A!=J!=(!&)&#(!@=!
!<*!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
04-'(5).)'!+'+).$+$!-/(!'0-'.)'!$!#)*'%!,4#+)$%!'0!6$7$!8!*$()$#+/!'#&('!9:;!<!3:=>?!'1.'-&/!'#!$(@#+$#/0!<!
5($,64'0$0:!A4'!.$+$!4#/!('-('0'#&$!'%!B:C>!+'!%$!04-'(5).)'!,4#+)$%D!
E'FG#! %/0! ('F)0&(/0! +'! H+4$#$0! +'! IJ)%':! IJ)%'! '1-/(&K! +4($#&'! 39;L:! 4#! &/&$%! +'! ==DMMC! &/#'%$+$0! +'! 5(4&$0!
/(F@#).$0! N5('0.$0! O! ./#F'%$+$0P! -/(! 4#! *$%/(! +'! ;L=DBCL! ,)%%/#'0! +'! +K%$('0! QRSD! NT$6%$! ;D=PD! U$0!
'1-/(&$.)/#'0!/(F@#).$0!+'!%$0!'0-'.)'0!+'%!'0&4+)/!N5('0./!O!./#F'%$+/P:!&/&$%)V$(/#!==DMMC!&/#'%$+$0!'#!39;L:!
-/(! 4#! *$%/(! .'(.$#/! $! ;L=DBCL! ,)%%/#'0! +'! +K%$('0! QRS:! %/! A4'! ('-('0'#&$! .'(.$! +'%! BL>! '#! *$%/(! +'! %$0!
'1-/(&$.)/#'0!&/&$%'0!+'!5(4&$!/(F@#).$!+'!IJ)%'D!!
$/01/) 2.3.) 456789/:;7<=>) ?=) @8A9/) ?=) &B;1=) C78DE<;:7) F) :7<G=<:;7</1H) IJ2K.) 4>6=:;=>) >=1=::;7</?/>) =<) =1)
=>9A?;7.)
)
?@<8
()*#"'+&,-./ ()*#"'+&,-./ ()*#"'+&,#.8:/ !+"',&,*+&,-./ ;+9#"/<0=/ ;+9#"/<0=/ ;+9#"/<0=/ ;+9#"/<0=/ ;+9#"/<0=/
0"12.,&#/ 6#.78.&,#.+9/ 4#'+98:///// ()*#"'+&,#.8:/ 0"12.,&#/ 6#.78.&,#.+9/ 4#'+9/3>,98:/ ?.,'+",#// ?.,'+",#/
!"#$%&'# 34#.5 34#.5 34#.5 0"12.,&#:/8./89/ 3>,98:/?@A5 3>,98:/?@A5 $8/?@A5 0"12.,&#/ 6#.78.&,#.+9//
4#'+9/34#.5 3?@ABC15 3?@ABC15
>+.D+.+:/<"8:&+: EEFGHI HJKFKLI HGIFMIG NO NMFGPL GIJFPPJ HMGFGIJ MQJL LQPE
68"8D+:/<"8:&+: MHI PKFGGI PKFIJG LQMPO MFNJL GHEFNML GHNFGKL HQK HQL
?7+/$8/>8:+/<"8:&+ MGM HPJFKMI HPJFGHP LO GIJ MFNPLFNIM MFNPMFLGK JQEK MQH
!+9'+:/<"8:&+: MLJ MPNFMHL MPNFEHJ LO NEG KKLFKGH KKLFIPN NQM EQP
<"+RS%8:+:/<"8:&+: PN PN MLLO NEP NEP NQK T
<"+RS%8:+:/6#.189+$+: NFGHK EKFNIL EPFLKK MNO MNFIGP GIFPPJ IEFIGN NQI EQH
U"2.$+.#:/<"8:&#: MLFLJJ PGFPIN MLHFLEH PO HIFILE JPGFPLJ KHKFHLG HQI KQME
U"2.$+.#/6#.189+$# MMFLMI NEFKGH JNFKIK EKO JJFNJE INFNGK MEHFHLH JQL EQG
4#'+9/(:*8&,8:/8./(:'%$,#/<"8:&# NNFEKI MFPEKFIJH MFPKPFMLK EO MMNFMHM NFHPKFMKG NFPLIFNEH NQMH MQP
4#'+9/(:*8&,8:/8./(:'%$,#/6#.189+$# MJFGPN KHFPJH HEFGJL ELO KIFEMM MKEFNKP EMLFKHL NQPG EQG
!"#$%&'()*+,*(&*-&'(#./,"&012*(+"3&4"-5*%$/"6 789:;< <9:=>98:7 ?9@><987; ?A7B <8<9>=< >9:789;<; 79<<=9=:C D D
!"#$%&12.#$&12*(+$&4E,%*F >89@@< ?98=798>: ?9=?<987@ <A>B <@=97<> >9>7<9C=8 >97;@9<@@ ?A:> <A?
!"#$%&12.#$&4"-5*%$/$&4E,%* <=9CC8 <<79C;C <>>9>?> <7A@B C89;8; ?C>98@: >><9?=> >AC? ?A>
!"#$%&12.#$&4E,%*&012*(+"34"-5*%$/"6 ;;9CC= ?9=::9>:; ?9:;;9@C> <A:B <8;9:=8 >9C@;9>:C >98=<9>=> D D
<%8.'8V/,W#.:%9',.1/&#./,.X#"R+&,-./$8/0A(!UBU$%+.+:/
Y/<"%'+/X"8:&+Q/8)&9%Z8/9#:/X"%'#:/$8/.%8D !
W%!$#@%)0)0!+'!%$!+'!'1-/(&$.)/#'0!+'!%$0!'0-'.)'0!0'%'..)/#$+$0:!/(F@#).$!<!./#*'#.)/#$%'0!NT$6%$!;D=H!$((/7$!%/!
0)F4)'#&'X!
• U$0! ,$#V$#$0! 5('0.$0! 54'(/#! %$! '0-'.)'! ./#! ,$</(! -$(&).)-$.)K#! '#! %$! '1-/(&$.)K#! +'! 5(4&$! /(F@#).$!
.J)%'#$:!./#!33DMLC!&/#'%$+$0!/(F@#).$0!'1-/(&$+$0:!'A4)*$%'#&'!$%!Y>!+'%!&/&$%!+'!%$0!'1-/(&$.)/#'0!+'!
,$#V$#$! ?/(F@#)./! <! ./#*'#.)/#$%?! A4'! $%.$#V$(/#! LMCD;CM! &/#'%$+$0D! W#! 0'F4#+/! %4F$(:! 0'!
'#.4'#&($#! %/0! $(@#+$#/0! /(F@#)./0! ?5('0./0! <! ./#F'%$+/0?! A4'! 0'! '1-/(&$(/#! 3;D9M3! &/#'%$+$0:!
./(('0-/#+)'#&'0!$%!;2>!+'!%$0!;=9DM;3!&/#'%$+$0!+'!$(@#+$#/0!'1-/(&$+/0!N./#*'#.)/#$%!<!/(F@#)./:!
5('0./! <! ./#F'%$+/PD! U$0! '1-/(&$.)/#'0! +'! 5($,64'0$0! /(F@#).$0! ./,-%'&$(/#! YDLMC! &/#'%$+$0! ?'#!
5/(,$&/! 5('0./! <! ./#F'%$+/?! 'A4)*$%'#&'0! $%! ;Y>! +'! %$0! '1-/(&$.)/#'0! &/&$%'0! +'! 5($,64'0$! +'! IJ)%'!
N/(F@#)./!<!./#*'#.)/#$%:!5('0./!<!./#F'%$+/P:!A4'!$%.$#V$(/#!3BD;2C!&/#'%$+$0D!
23!
!"#$%&'()!*+!,-."/01!2314/3!0-!5.106"718!1.29:;"18!
!! !
• 5)>! ?'! $#>&@A! (#?! B@>@C#?A! 'D#! E@! F@?#! G! $#(&#?! )>HIJKB#?! ((@H#>)J! #! F@J)?! E@(! *L! E@(! &)&#(! E@!
@M$)>&#BK)J@?! )>HIJKB#?A! B)J! D)(NF@J@?! &)&#(@?! O)>HIJKB)! P! B)JD@JBK)J#(Q! @J! &)>J)! #! (#?! RS+TUUV!
WR<+UUU!G!*R=+UUU!&)J@(#E#?!>@?$@B&KD#F@J&@+!3#!$#>&KBK$#BKXJ!E@!@?&#?!@?$@BK@?!@J!(#?!@M$)>&#BK)J@?!
E@!$>)E'B&)?!)>HIJKB)?A!?@>IJ!(#?!@?$@BK@?!Y'@!FI?!&>#Z#[)!E@F#JE#>IJ!@J!&\>FKJ)?!E@!(#!$>)F)BKXJ!
E@!@?&#!#H>KB'(&'>#!G!#D#JB@!@J!()?!F@>B#E)?+!
• 3#!B)F$@&@JBK#!@J!B#E#!@?$@BK@!$>K)>KC#E#!?@!]#!)Z&@JKE)!E@!()?!JKD@(@?!E@!@M$)>&#BKXJ!E@!B#E#!'J#A!
&)F#E#!E@?E@!#Y'@(()?!$#%?@?!Y'@!B'@J&#J!B)J!H()?#?!@?$@B%^KB#?!$#>#!@(!$>)E'B&)!)>HIJKB)!)!B'@J&#J!
B)J!KJ^)>F#BKXJ!@?&#E%?&KB#!E@?H()?#E#+!3)?!$#%?@?!@M$)>&#E)>@?!E@!B#E#!@?$@BK@!@J!@?&'EK)!?@!?@_#(#J!
@J! (#! ?KH'K@J&@?! &#Z(#?! O7#Z(#! *+`A! 7#Z(#! *+WA! 7#Z(#! *+TA! 7#Z(#! *+RA! 7#Z(#! *+*UA! 7#Z(#! *+**Q+! 3#!
B)F$@&@JBK#!$>KJBK$#(!?@!#J#(KC#>I!@J!@(!B#$%&'()!E@!B)F$@&K&KDKE#E!F@EK#J&@!Z@JB]F#>aKJH+!
! !!
!"#$"%&'('%)"*+"*",%-./0*12",%34*5-'%6.1*217"$8,%897-.:"5-.8,%7-.%";-'%
!")5*6*7"6*8,%
!"#$%&'%()*+', -./- -./0 -./1 -./2 -./3 -./4
-./4%9:;
!!"##" $%"&$$ %'("%)& (*"'$+ (&"()$ ,$"&,' +("%,+ ,)-%.
/0123 *)"''% *,"%() *)"+(* %+"$,$ %(")4) **",$+ %,-'.
56738918: %'"&4$ %$"'&$ %+"$*+ %$",)+ %+"',) %("4&' %)-+.
/018: *) '-'.
;<3=:>?32:8@1: *"*($ *"(%* *"+$) $"$*% %%"**$ +",$, ,-%.
ABC1DE %"*%( *($ '-*.
/:8:@F %"*%% ,+' ,'& ('( ($% %"%)( '-+.
G6:8D1: )* '-'.
H<6I<J: & '-'.
K9:21: +% '-'.
L<@FM61D: % * & ) '-'.
<=5"> /.?@301 /22@A4A /0?@/?/ /1/@.3/ //?@10? /1/@1.? /..:
!"#$%#&'()*+#,*-.'*+"*$*/'0123#.'4#$*/*'5'*)%67"38/'9*)28/'#$')#92/%*/'#/-#72*32:*+*/;
<8%*;'=8/'+*%8/'%2#$#$'>"#$%#/'8>272*3#/'/83*,#$%#'#$'#3'7*/8'+#'0123#.'??;@@;'5'A)B#$%2$* !
!<=!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
$/01/)2.3.)#4/)56)768/)9:;<=>?/)7@=59.)A:>=?>B/168)6CB9:D/59:68)B9:)/E9)FD9=61/5/8G)
$/01/)2.H.)&6:6I/8)9:;<=>?/8)7@=59.)JCB9:D/59:68)?9=)?K5>;9)/5@/=6:9)68B6?LM>?9)B/:/)61)B:95@?D9)9:;<=>?9N)
B9:)/E9)
!")5*6*7"6*8,%
!"#$%&'%()*+', -./- -./0 -./1 -./2 -./3 -./4
-./4%9:;
!!"##" $"%&$ $"&'( )"&*+ $"(&' %&) $"+*, '$-
./012 %3( ,, )' $, $& $%+ '-
<=5"> -?14/ /?122 -?0@4 /?.23 413 -?.01 /..:
45267289:;<=2><?@9A=5<6<B"90CD6B51706E )
$/01/)2.O.)A/1D/8)9:;<=>?/8)7@=59.)A:>=?>B/168)6CB9:D/59:68)B9:)/E9)
!")5*6*7"6*8,%
!"#$%&'%()*+', -./- -./0 -./1 -./2 -./3 -./4
-./4%9:;
!"#$%& '(')* +('*) ,'(-)* ,-(.// /-(,0. *)(,*) +01
2345 *.. )* 00, ,(/)- -/, ,(-0' 01
67$83 ,(,,* ),* /0+ ,,' ,0' ,.) .9*1
<=5"> ?@.23 /.@.A. /4@220 /?@0?2 -?@.-4 02@AA1 /..:
:;3<=3>?@ABC9?CD;E<EF?67$83?G?E4=H%;8&F?IE4$&F?3<?43I$F=EF?3FJ3%$E8$KEDEF !
22!
!"#$%&'()!*+!,-."/01!2314/3!0-!5.106"718!1.29:;"18!
!! !
!"#$"%&'&('%)*"+#,-."%/*01234"%5*-.4"%673$-'%89:/*;"43<2%"2,"$%-2%;/2-$"=".%:/*%:">.%=-%=-.;32/%
3'4$%56785+,-255555555555555
!"#$%&'($%)* +,-+ +,-. +,-/ +,-0 +,-1 +,-2
9:;4)*5()5<=>?
!"#"$% & & '( & & )* *++
,,-..- '+ & '+ & & & &
@$&'4 +- , /0 , , A. .--
/01#21345$0"#"64!7891-4,9":;<"$;4=;<48>;#60928#? !
!"#$"%&'&&'%?*12="2/%/*01234/%5*-.4/@%+,2=/'%A*3243:"$-.%-9:/*;"=/*-.%:/*%"B/%
!"5)*6*7"6*8+%
!"#$%&'%('$)*+, -./- -./0 -./1 -./2 -./3 -./4
-./4
!"#$% &'(() &'*+, -'+,- -'*./ &'0+* ).'.-- &-1
22'33' 0'&.( 0'((. 0'&/( 0'+*( 0')0* -'.(& *&1
456%78#79 0&/ *+0 **0 00) *(- /)- -:+1
!979;< ,+ /,/ !"! +:.1
=>?#@A /* +. #$ .:01
BC%D9EF%$97;#9 * * % .:.1
G%5H 00 && .:*1
GA$A7#9 )+ '# .:)1
IC;<J5#@9 * .1
9,)": /.;<34 /.;2./ =;1== =;--3 /.;332 /2;41/ /..>
KC%78%LEM59;%=9N:EK4IO3IP4:E4;C979QE!"#$%:EI%79Q9'E#RA7QC$8#76
S9$A5%QET95@9;AQEUE@C5Q#D9:E%Q8<7E5%N%8#;AQE;%$E9VAE978%5#A5 !
&'C 6?D?E8F%G8%GHF!IHJK6HLD%G8%)IK!?F%MINODH6?F%8D%EMF%AIHD6HA?E8F%P8I6?GMF%
3#! >#?)@%#! AB! ()C! >B@D#A)C! &@#AEDE)F#(BC! $#@&EDE$#F&BC! AB(! D)>B@DE)! EF&B@F#DE)F#(! ?! AB(! )@GHFED)! I--+66+J!
"#F#AHJ!-'@)$#KJ!$@BCBF&#F!'F#!BC&@'D&'@#!CE>E(#@!#(!AB!(#!L@'&#!D)FMBFDE)F#(J!D)>)!CB!AB&#((#!BF!B(!BCN'B>#!
AB!(#%)30,*"%&'&Q+!8EF!B>O#@G)J!(#!AELB@BFDE#!BC&H!BF!N'B!BF!B(!>B@D#A)!AB!()C!$@)A'D&)C!)@GHFED)C!CB!$'BABF!
BFD)F&@#@!E>$)@&#A)@BC!BC$BDE#(EP#A)C+!-(!E>$)@&#A)@!&@#AEDE)F#(!AB!$@)A'D&)C!AB!#G@ED'(&'@#!D)FMBFDE)F#(J!Q#!
@B#DDE)F#A)! #O@ERFA)CB! #! (#! E>$)@&#DESF! AB! $@)A'D&)C! )@GHFED)CJ! A#A)! N'B! C'C! D(EBF&BC! IF)@>#(>BF&B!
D#ABF#C!AB!C'$B@>B@D#A)C!AB!AEMB@C)C!&#>#T)CKJ!&#>OERF!CB!Q#F!#OEB@&)!#!AEDQ#!MBF&#J!$@B$#@#FA)!CBDDE)FBC!
BC$BDE#(BC!BF!(#C!&EBFA#C+!
!<=!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
"#/!+'!%/0!-(/4%',$0!+'!%$!-$(&).)-$.)5#!+'!),-/(&$+/('0!+'!6(7&$!./#*'#.)/#$%!'#!%$!6(7&$!/(89#).$:!'0!;7'!%$!
%58).$!;7'!()8'!%$!*'#&$!+'!-(/+7.&/0!./#*'#.)/#$%'0!'0!+)0&)#&$!$!%$!+'!%/0!/(89#)./0:!0'8<#!67'!,'#.)/#$+/!
'#!'#&('*)0&$0!$!),-/(&$+/('0!+'!/(89#)./0=!>$!-$(&).)-$.)5#!+'!%/0!),-/(&$+/('0!+'!-(/+7.&/0!+'!$8().7%&7($!
./#*'#.)/#$%! '#! '%! ./,'(.)/! /(89#)./:! -(/*/.$! ./#! 6('.7'#.)$! ,$?/('0! ('+7..)/#'0! '#! %/0! -('.)/0! ;7'! %/0!
),-/(&$+/('0! /(89#)./0! ;7)'('#! '*)&$(! /! 0$4'#! .5,/! '*)&$(%$0! ./%/.$#+/! %/0! -(/+7.&/0! /(89#)./0! '#! %$0!
&)'#+$0!./(('.&$0=!
@#!%/0!-$A0'0!$0)9&)./0:!./,/!B$-5#:!C/('$!?!D$)E9#:!0'!0)87'#!-(/.'+),)'#&/0!0),)%$('0!$!%/0!,'(.$+/0!,90!
&($+).)/#$%'0:! ./#! '%! -()#.)-$%! +)6'('#.)$%! +'! ;7'! %/0! 07-'(,'(.$+/0! #/! $.&<$#! ./,/! ),-/(&$+/('0! +)('.&/0:!
./,/! 0A! %/! F$.'#! '#! %/0! ,'(.$+/0! &($+).)/#$%'0=! @#! CF)#$! '#! &$#&/:! '%! ,'(.$+/! /(89#)./! '0! )#.)-)'#&':! ?! 07!
-()#.)-$%! 6/./! +'! +'0$((/%%/! 0'! /40'(*$! '#! GF$#8F9):! +/#+'! 0'! -7'+'#! /40'(*$(! .$#$%'0! ,90! +)*'(0/0:! ./,/!
&)'#+$0! '0-'.)$%)H$+$0:! *'#&$! !"#$"%! '! ),-/(&$.)5#! +)('.&$=! I%87#/0! +'! '0&/0! .$#$%'0! +'! *'#&$! F$#! 0)+/!
+'0$((/%%$+/0! -/(! /(8$#)H$.)/#'0! +'! ./#07,)+/('0! /(89#)./0=! J'! F'.F/:! '#! GF$#8F9)! 0'! 8'#'(5! 7#$!
/(8$#)H$.)5#!./,-7'0&$!-/(!'1-$&()$+/0!'7(/-'/0!?!/&(/0!/..)+'#&$%'0:!;7'!./,'#H$(/#!$!),-/(&$(!-$($!'%%/0!
-(/+7.&/0!/(89#)./0=!
@#! '%! 07(! +'! CF)#$! '%! +'0$((/%%/! +'%! ,'(.$+/! +'! /(89#)./0! '0! ,'#/(:! +'! F'.F/! '#! 7#$! '#&('*)0&$:! 7#!
),-/(&$+/(! +'! K7$#8HF/7! ,'#.)/#$! ;7'! '%! +'0$((/%%/! $.&7$%! +'%! ,'(.$+/! '0! )#.)-)'#&'! -$($! %/0! -(/+7.&/0!
/(89#)./0! ?! ;7'! $<#! #/! F$?! 7#! .$#$%! +'! *'#&$! '0&$4%'.)+/=! L/! /40&$#&'! M0'N$%$O! %$! $%&'(#$&)*$! -$($! %/0!
-(/+7.&/0! /(89#)./0! '#! %$! $.&7$%)+$+:! '0! -()#.)-$%,'#&'! %$! *'#&$! !"#$"%:! +/#+'! 0'! /6('.'#! '#! 07! ,$?/(A$!
-(/+7.&/0!+'!&)-/!%/.$%:!-'(/!#/!0'!+'0.$(&$#!%$0!*A$0!&($+).)/#$%'0!+'!*'#&$=!
>$0!'1-'.&$&)*$0!+'!+'0$((/%%/!+'%!,'(.$+/!-$($!%/0!/(89#)./0!0/#!-/0)&)*$0:!0)87)'#+/!%$!,)0,$!&'#+'#.)$!?!
'0;7',$!+'%!./#07,/!+'!6(7&$0!?!*'(+7($0!;7'!'#!/..)+'#&':!07,$#+/!$!'%%/!%$!,$?/(!./#6)$#H$!;7'!0'!&)'#'!
'#!%/0!-(/+7.&/0!/(89#)./0!+$+$0!%$0!.'(&)6).$.)/#'0!)#&'(#$.)/#$%'0=!P/(!'%%/:!%$!*'#&$!+'!-(/+7.&/0!/(89#)./0!
+'4)'($! $7,'#&$(:! #/! /40&$#&':! '0! +)6A.)%! 0$4'(! '#! .79#&/! &)',-/! ,90! 0'! &'#+(9! 7#! ,'(.$+/! ('87%$(! ?! +'!
,$?/(!*/%7,'#!'#!'%!07(!+'!CF)#$!-$($!'0&'!&)-/!+'!-(/+7.&/0=!
@#! %$! 6)87($! 0)87)'#&'! Q!/0123) 4.45R:! 0'! 8($6).$#! %/0! .$#$%'0! +'! ./,'(.)$%)H$.)5#! +'! /(89#)./0! '#! ,'(.$+/0!
&($+).)/#$%'0! ?! ,'(.$+/0! ,'#/0! +'0$((/%%$+/0! +'! I0)$! ?! >$&)#/$,S().$=! @#! '0&/0! ,'(.$+/0:! '%! */%7,'#! +'!
./,'(.)$%)H$.)5#! +'! /(89#)./0! '0! ,'#/(:! +'! ,$#'($! ;7'! %$0! *A$0! 7&)%)H$+$0! 0'! ./-$#! -()#.)-$%,'#&'! ./#! %$!
*'#&$!&"'($"%!/!./#!'%!'#*A/!+)('.&/!$!07-'(,'(.$+/0!/!&)'#+$0!'0-'.)$%)H$+$0:!F$.)'#+/!;7'!%$!-('0'#.)$!+'!
'0&/0!-(/+7.&/0!0'$!'0-/(9+).$=!
@%!.$#$%!+'!*'#&$!'0!/&(/!-7#&/!$!+'0$((/%%$(!'#!%$0!+)0.70)/#'0!+'!%$!)#+70&()$!+'!%/0!/(89#)./0!./,/!-$(&'!+'!
%/0! +'0$6A/0! ;7'! -%$#&'$! %$! ./,'(.)$%)H$.)5#=! @#&('! %$0! -('87#&$0! '0&9#T! UC5,/! 0'! 6/(&$%'.'! 7#! .$#$%! ,90!
23!
!"#$%&'()!*+!,-."/01!2314/3!0-!5.106"718!1.29:;"18!
!! !
>?@AB&)! AC&@A! A(! $@)>'B&)@DAE$)@&#>)@! F! (#G! &?AC>#G! AG$AB?#(?H#>#G! AC! )@IJC?B)GK! L"MN)! GA! AG&#O(ABAC!
$#@JNA&@)G! >?PA@ACB?#>)@AG! >A! $@)>'B&)G! )@IJC?B)G! AC! (#G! B#>AC#G! >A! G'$A@NA@B#>)G! &@#>?B?)C#(AG! Q'A! R#C!
#O?A@&)!GABB?MC!>A!)@IJC?B)GK!
-G&#G!F!)&@#G!$@AI'C&#G!>AOAC!GA@!N#&A@?#!>A!#CJ(?G?G!>A!(#!?C>'G&@?#!>A!P@'&?B'(&'@#!)@IJC?B#+!
! !
!<=!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
!/0123) 4.45.) &36783) 67) 9:;729/3</=39/>8) ?323) :20@8/9:A.) B(C) D72936:A) ;@A) 67A322:<<36:AE) BFC) ;72936:A)
;78:A)67A322:<<36:A.)
(.)DG"&(H*I)D,I)HGI(""*''(H*I)BGG.##.)G12:?3J)&:273J)K3?>8)L)$3/M@8C.)
F.)DG"&(H*I)DG-*I)HGI(""*''(H*I.)B&N/83J)I167AO7)(A/@O/9:)L)'3O/8:3;P2/93C.)
!
!"#$%!&'#()*+&%
2-+%!&(3-+%
!
,)-."&*%
/.01).-%
23!
!"#$%&'()!*+!,-./01"234-5!-4!-0!6-,"173!248-,41"23410!7-!9,/815!3,.:42"15!
!! !
! !
!;<!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
! !
23!
!"#$%&'()!*+!,-./01"234-5!-4!-0!6-,"173!248-,41"23410!7-!9,/815!3,.:42"15!
!! !
!
0#! $=)>'??@AB! C='&%?)(#! D#E)! (#! F)>#(@>#>! >G! (#! #H=@?'(&'=#! )=HIB@?#J! =GK'@G=G! >G! ?@G=&)L! F#BGE)L! M! $=I?&@?#L!
C'B>#FGB&#(GL!$=)$@)L!>G(!?'(&@N)!)=HIB@?)J!K'G!$G=F@&#B!G(!?)==G?&)!C'B?@)B#F@GB&)!M!>GL#==)(()!>G(!?'(&@N)!M!
G(! GK'@(@D=@)! ?)B! G(! G?)L@L&GF#! GB! G(! K'G! LG! GB?'GB&=#+! 0#! @F$)=&#B?@#! >G(! ?'F$(@F@GB&)! >G! GL&#L! $=I?&@?#LJ!
=#>@?#! GB! G(! =GL'(&#>)! >G! (#! $=)>'??@ABO! 'B#! C='&#! &)&#(FGB&G! )=HIB@?#J! @B)?'#! M! L@B! =GL@>')L! >G! @BL'F)L!
L@B&G&@P#>)L!$=F@&@>)L!GB!(#!#H=@?'(&'=#!?)BNGB?@)B#(+!Q)=!GL&#!=#PABJ!>@?R)L!F#BGE)L!LG!GB?'GB&=#B!=GH'(#>)L!
$)=! B)=F#L! &S?B@?#L! >G! ?G=&@C@?#?@ABJ! @F$'GL&#L! $)=! ?#>#! FG=?#>)! >G! >GL&@B)J! (#L! K'G! LG! #>#$&#B! #! ?#>#!
L@&'#?@AB!B#?@)B#(J!FG>@#B&G!(#!?G=&@C@?#?@AB!>G!()L!$=)&)?)()L!GT@H@>)L+!Q)=!()!#B&G=@)=J!(#L!=GH'(#?@)BGL!GB!()L!
FG=?#>)L! (#L! >GC@BGB! (#L! B)=F#L! GL&#D(G?@>#L! $#=#! (#! ?G=&@C@?#?@AB! >G! (#! $=)>'??@AB! )=HIB@?#J! (#L! K'G!
?)B&GB$(#B!()L!$=)?G>@F@GB&)L!$#=#!(#!@F$)=&#?@)B!>G!GL&)L!$=)>'?&)L!#!L'L!FG=?#>)L+!
-B! &)>)L! GL&)L! $=)&)?)()L! GT@L&G! 'B#! LG=@G! >G! =GH'(#?@)BGL! M! =G?)FGB>#?@)BGLJ! K'G! @B?)=$)=#B! #L$G?&)L! >G!
F#BGE)! >G(! ?'(&@N)! M! $=G>@#(GLJ! #$(@?#?@AB! >G! @BL'F)L! $G=F@&@>)LJ! F#B@$'(#?@AB! >G! $=)>'?&)LJ! G&@K'G&#>)J!
&=#P#D@(@>#>J! ?)FG=?@#(@P#?@ABJ! GB&=G! )&=)L+! 7GD@>)! #! (#! @F$)=&#B?@#! K'G! $=GLGB&#B! GL&#L! ?#&GH)=%#L! GB! 'B!
L@L&GF#!>G!$=)>'?&@N)!)=HIB@?)J!GB!GL&G!?#$%&'()!LG!#B#(@P#B!M!?)F$#=#B!()L!=GK'G=@F@GB&)L!>G!()L!>@CG=GB&GL!
$=)&)?)()L! >G! $=)>'??@AB! )=HIB@?#! GB! G(! F'B>)+! Q#=#! G(()J! --+//+! M! (#! /+-! C'G=)B! G(GH@>)L! ?)F)! FG=?#>)L!
=G$=GLGB&#&@N)LJ!>#>)!K'G!L)B!()L!FIL!@F$)=&#B&GL!$#=#!(#L!GT$)=&#?@)BGL!C='&%?)(#L!>G(!$#%LJ!>G!#?'G=>)!?)B!
()L!=GL'(&#>)L!>G(!#BI(@L@L!>G!@>GB&@C@?#?@AB!>G!FG=?#>)L!>G(!?#$%&'()!#B&G=@)=+!
Q)=! )&=)! (#>)J! LG! @B?)=$)=#B! #(! #BI(@L@L! >G! B)=F#LJ! (#L! >G! U#$AB! M! ")=G#! >G(! 5'=! >#>)! G(! #'FGB&)! >G!
GT$)=&#?@)BGL!>G!C='&#!?R@(GB#!#(!FG=?#>)!#L@I&@?)J!GB!K'G!1L@#!LG!$=GLGB&#!?)F)!G(!&G=?G=!FG=?#>)!>G!>GL&@B)!
$#=#!(#!$=)>'??@AB!)=HIB@?#!>G!C='&#!C=GL?#+!
5G!@B?)=$)=A!&#FD@SB!G(!GL&'>@)!>G(!$=)&)?)()!L'@P)J!>GD@>)!#!K'G!GB!*V<W!5'@P#!C'G!G(!$#%L!>G!F#M)=!?)BL'F)!
>G!$=)>'?&)L!)=HIB@?)L!!"#$%&!'()+!3&=)L!$#%LGL!=G(GN#B&GL!$#=#!G(!GL&'>@)!>G!L'L!B)=F#L!L)B!4'GN#!XG(#B>#!M!
1'L&=#(@#J! M#! K'G! "R@(G! (GL! GT$)=&#! 'B#! ?#B&@>#>! ?)BL@>G=#D(G! >G! $=)>'?&)L! ?)BHG(#>)L! )=HIB@?)L+! Y=#L@(! M!
")()FD@#!$)=!L'!$#=&GJ!LG!#B#(@P#=IB!$)=!LG=!#?&)=GL!?)B!$)&GB?@#(!>G!FG=?#>)!>G!(#!=GH@AB!0#&@B)#FS=@?#J!G(!
!;<!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
,'(.$+/! ,40! .'(.$! +'! 56)%'7! 8/(! 9%&),/:! 0'! $#$%);<! %$! #/(,$! &=.#).$! +'! 56)%':! ./#! '%! >)#! +'! ./,-$($(! %$!
'1)?'#.)$!#$.)/#$%!./#!%$!'1-@'0&$!-/(!%/0!,'(.$+/0!+'!+'0&)#/7!
A#!%$!$/01/)2.3)0'!0'B$%$#!%$0!#/(,$0!$#$%);$+$0!'#!'0&'!.$-C&@%/:!D!%/0!-$C0'0!$!%/0!E@'!./(('0-/#+'7!
) )
$/01/)2.3.!-456/7)/)879:;</5)=)>/?787)@45587>4A;<8A987.)) )
-456/) B/?7)
F$&)/#$%!G(?$#).!8(/?($,!HFG8I! A0&$+/0!"#)+/0!
5/,@#)+$+!A./#<,).$!
A"!JKLMNOPJJQMNJ!
A@(/-'$!
R$-$#'0'!S?().@%&@($%!T&$#+$(!HRSTI! R$-<#!
A#*)(/#,'#&$%%DPU()'#+%D!S?().@%&@('!8(/,/&)/#!
5/('$!+'%!T@(!
S.&!
V)/!T@)00'! T@);$!
F$&)/#$%!T&$#+$(+!>/(!G(?$#).!$#+!V)/+D#$,).!
S@0&($%)$!
8(/+@.'!
FWUTS!X'.6#).$%!Y@%'0!>/(!G(?$#).!8(/+@.&)/#! F@'*$!W'%$#+$!
Y'?%$,'#&/!G(?4#)./!V($0)%'(/!ZN7JKZM3NNK! V($0)%!
Y'?%$,'#&/!-$($!%$!8(/+@..)<#!G(?4#).$! 5/%/,[)$!
F/(,$!&=.#).$!+'!56)%'! 56)%'!
!
S! ./#&)#@$.)<#! 0'! -('0'#&$! @#$! +'0.()-.)<#! +'! %$0! #/(,$0! 0'%'..)/#$+$07! 8$($! '%! $#4%)0)0! ./,-$($&)*/:! 0'!
)#+$?<! )#>/(,$.)<#! [40).$! D! ('%'*$#&'! -$($! '%! $#4%)0)0! +'! %/0! -(/&/./%/0! &$%'0! ./,/! /()?'#:! )#0&)&@.)/#'0!
?@['(#$,'#&$%'0!*)#.@%$+$0:!$-=#+).'0:!D!/[\'&)*/0:!'#&('!/&(/0!'%','#&/07!
23!
!"#$%&'()!*+!,-./01"234-5!-4!-0!6-,"173!248-,41"23410!7-!9,/815!3,.:42"15!
!! !
!"#" $$"%%"&&'"(")"&
!
-(!4#&=)>#(!3?@#>=A!B?)@?#C!D43BEF!G)?C#!$#?&H!IH(!7H$#?&#CH>&)!IH!1@?=A'(&'?#!IH!()J!-J&#I)J!/>=I)J!D/571E!
K!G'H!A?H#I#!H(!#L)!*MMMF!#!$#?&=?!IH!(#!J)(=A=&'I!$?HJH>&#I#!#(!5HA?H&#?=)!IH!1@?=A'(&'?#F!IH!=>A)?$)?#?!#!(#!0HK!
IH! B?)I'AA=N>! IH! 1(=CH>&)J! 3?@O>=A)J! IH! PQQM! DR! /5"1! S! T;MPU**EF! '>#! 0=J&#! 4#A=)>#(! IH! 5'J&#>A=#J!
BH?C=&=I#J!K!B?)V=W=I#J!D0#>I#F!*MMXE+!0#!?H@'(#A=N>!43B!HJ!=C$(HCH>&#I#!H(!#L)!*MM*F!K!#!$#?&=?!IH(!#L)!*MPPF!
&?#W#Y#! H>! &?HJ! O?H#J! IH! #AA=N>Z! 4)?C#J[! 1A?HI=&#A=N>F! 1A&=\=I#IHJ! 2>&H?>#A=)>#(HJ! D121EF! K! "'C$(=C=H>&)! K!
1$?)W#A=N>!D/571F!*MPXE+!1A&'#(CH>&HF!(#J!AH?&=G=A#A=)>HJ!JH!H>A'H>&?#>!#!A#?@)!IH!(#J!]X!#@H>A=#J!HJ&#&#(HJ!
?H@=J&?#I#J!K!#$?)W#I#J!$)?!H(!7H$#?&#CH>&)!IH!1@?=A'(&'?#!IH!-J&#I)J!/>=I)J!D/571F!*MPXE+!
-(!A)>&H>=I)!IH!(#!>)?C#!43B!JH!IHJ$(=H@#!H>!R!J'W!A#$%&'()J!H>!()J!^'H!JH!HJ$HA=G=A#>!()J!I=GH?H>&HJ!OCW=&)J!
IH!#AA=N>!IH!HJ&#!C=JC#+!->!(#!>)?C#F!JH!H>A'H>&?#>!(#J!I=?HA&?=AHJ!$#?#!(#!$?)I'AA=N>F!H&=^'H&#I)F!'J)!IH!()@)!
K! AH?&=G=A#A=N>! H>&?H! )&?)J! D0#>I#F! *MMXEF! K! #$(=A#! #! A'(&=\)JF! @#>#I)! K! J'J! IH?=\#I)F! #J%! A)C)! $?)I'A&)J! IH!
A'=I#I)!$H?J)>#(+!
0#! AH?&=G=A#A=N>! HJ! >HAHJ#?=#! $#?#! $?)I'A&)?HJF! I=J&?=W'=I)?HJ! K! $?)AHJ#I)?HJ! IH! #(=CH>&)J! )?@O>=A)J! ^'H!
&H>@#>! =>@?HJ)J! C#K)?HJ! #! (#J! _;+MMM! /57! #(! #L)! D\H>&#J! W?'&#JE+! 0)J! $?)I'A&)J! H(#W)?#I)JF! J)()! JH! $'HIH>!
AH?&=G=A#?! A)C)! )?@O>=A)JF! J=! HJ! ^'H! #(! CH>)J! H(! RM`! IH! ()J! =>@?HI=H>&HJ! '&=(=a#I)J! $#?#! (#! H(#W)?#A=N>F! J)>!
)?@O>=A)J+! B)?! )&?)! (#I)F! ()J! $?)I'A&)?HJ! A)>! \H>&#J! CH>)?HJ! #! _;+MMM! /57! #>'#(HJF! HJ&#?O>! HbH>&)J! IH! (#!
AH?&=G=A#A=N>! K! IH! ?HC=&=?! '>! $(#>! IH(! J=J&HC#! )?@O>=A)! $#?#! J'! #AH$&#A=N>! )! #$?)W#A=N>[! >)! )WJ&#>&HF! HJ&)J!
$?)I'A&)?HJ!IHWH>!A'C$(=?!A)>!()J!?H^'=J=&)J!IH!$?)I'AA=N>!)!H(#W)?#A=N>!)?@O>=A#!A)??HJ$)>I=H>&HJ!K!()J!IH!
H&=^'H&#I)+!5=>!HCW#?@)F!()J!$?)I'A&)J!)W&H>=I)J!IH!HJ&#J!)$H?#A=)>HJ!>)!JH!'&=(=a#?O>!A)C)!=>@?HI=H>&HJ!UA)>!
A#(=I#I! IH! )?@O>=A)JUF! H>! $?)I'A&)J! $?)AHJ#I)J! D3?@#>=A! 8?#IH! 1JJ)A=#&=)>F! *MPXE+! 4)! Hb=J&H! H(! HJ&#&'J! H>!
&?#>J=A=N>!#!)?@O>=A)!K!H(!JH(()!)G=A=#(!HJ!)$&#&=\)+!
/>#!\Ha!^'H!JH!)&)?@#!(#!AH?&=G=A#A=N>F!HJ&#!A)>&=>c#!\=@H>&H!V#J&#!^'H!(#!)$H?#A=N>!)?@O>=A#!?H>'>A=H!#!H((#!)!
V#J&#!^'H!H(!#@H>&H!AH?&=G=A#I)?F!H(!)G=A=#(!?HA&)?!IH(!$?)@?#C#!)?@O>=A)!HJ&#&#(!)!H(!#IC=>=J&?#I)?F!(#!J'J$H>I#!
)!(#!?H\)^'H+!5=>!HCW#?@)F!$#?#!I#?!A)>&=>'=I#I!#!(#!AH?&=G=A#A=N>F!HJ&#!JH!IHWH!?H>)\#?!#>'#(CH>&H!CHI=#>&H!
'>!$#@)!A)??HJ$)>I=H>&H!K!$)J&H?=)?!=>J$HAA=N>!$)?!$#?&H!IH!(#!H>&=I#I!$H?&=>H>&H+!
-J&#I)J!/>=I)J!&=H>H!#A'H?I)J!IH!H^'=\#(H>A=#!H>&?H!J'!>)?C#!K!(#!IH!"#>#IOF!")?H#!IH!5'?F!/>=N>!-'?)$H#!K!
d#$N>F! #! &?#\eJ! IH(! A'#(! &)I)! $?)I'A&)! )?@O>=A)! AH?&=G=A#I)! W#Y)! (#! >)?C#! IH! HJ&)J! $#%JHJ! $'HIH! =>@?HJ#?! #(!
CH?A#I)! #CH?=A#>)! K! \=AH\H?J#+! 1(! C=JC)! &=HC$)F! -J&#I)J! />=I)J! &=H>H! #A'H?I)J! IH! H^'=\#(H>A=#! '>=(#&H?#(F!
A)>!2J?#H(F!2>I=#!K!4'H\#!fH(#>I#F!$)?!()!^'H!()J!$?)I'A&)J!)?@O>=A)J!IH!HJ)J!$#%JHJ!&=H>H>!#AAHJ)!#(!CH?A#I)!
!;<!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
$,'().$#/!./#!%$!.'(&)4).$.)5#!-(/-)$!+'!.$+$!-$607!8($.)$0!$%!('./#/.),)'#&/!+'!90&$+/0!"#)+/07!+'!0:0!#/(,$0!
/(8;#).$0!#$.)/#$%'0!<=(8$#).!>($+'!?00/.)$&)/#7!@ABCDE!
FG)%'! -('0'#&5! '#! @ABC! :#! +/00)'(! &H.#)./! -$($! -/0&:%$(! $! %$! 'I:)*$%'#.)$! ./#! 99E""E! J$($! '%%/7! 0'! G)K/! :#!
$#;%)0)0!#/(,$&)*/7!LM)+'!NO!M)+'P7!+/#+'!0'!('*)05!$(&6.:%/!-/(!$(&6.:%/!-$($!+'&'(,)#$(!0)!G$N6$!'I:)*$%'#.)$!
'#!.$+$!:#/!+'!%/0!$0-'.&/0E!Q:#&/!./#!'%%/7!0'!-('0'#&5!:#$!+'0.()-.)5#!+'%!0)0&',$!+'!./#&(/%!O!+'%!0)0&',$!
+'! .'(&)4).$.)5#7! $./,-$R$+/! +'! $#&'.'+'#&'0! '0&$+60&)./07! '#&('! /&(/0! $0-'.&/0E! J('0'#&$+/0! %/0!
$#&'.'+'#&'07! 0'! '0-'($! +'! :#$! ./#4)(,$.)5#! -/(! -$(&'! +'! 99E""E7! -$($! *'(! 0)! %$! -/0&:%$.)5#! .G)%'#$!
./,'#K$(6$!0:!-(/.'0/!+'!'*$%:$.)5#!'#!@ABS7!'%!I:'!-/+(6$!&'#'(!:#$!+:($.)5#!+'!@!$R/0!$-(/1),$+$,'#&'!
<F;(+'#$07!@ABSDE!
9%!('8%$,'#&/!/(8;#)./!'0&$+/:#)+'#0'!0'!-:'+'!('*)0$(!'#!'%!0)8:)'#&'!'#%$.'T!!
G&&-0TUUVVVE$,0E:0+$E8/*U0)&'0U+'4$:%&U4)%'0U,'+)$UW=JXY'8%$,'#&/0=(8$#)./090&$+/:#)+'#0'0E-+4!
/./. #-%0-)1#"*21(.)-*"3()1#)456789:44;784)
!
Z$!$8().:%&:($!/(8;#).$!O!%$!-(/+:..)5#!G$!0)+/!('8:%$+$!+'0+'!B[[B!-/(!%$!"#)5#!9:(/-'$!<"9D7!-'(/!('.)H#!'#!
'%! @AA[! %$! #/(,$! ./,'#K5! $! ('8)(7! 0:0&)&:O'! $%! $#&)8:/! ('8%$,'#&/! F99! @A[@U[B! -/(! %$0! #/(,$0! 9"! S\3UACX
SS[UAS!I:'!()8'#!%$!-(/+:..)5#!O!./,'(.)$%)K$.)5#!/(8;#)./!$8(6./%$!'#!'%!,'(.$+/!':(/-'/!<]^=?_!9"7!@AA[DE!
Z/0! +/0! ('8%$,'#&/0! -('0'#&$#! &6&:%/0! 8'#'($%'0! <F/,:#)+$+! 9./#5,).$! 9:(/-'$7! @AACX@AASD! '#! I:'! 0'!
'0-'.)4).$#! %/0! ('8%$,'#&/0! $0/.)$+/0! $! ,H&/+/0! +'! -(/+:..)5#7! '&)I:'&$+/7! '1-/(&$.)5#7! '#&('! /&(/07! -$($!
-(/+:.&/0! +'! &)-/! $8(6./%$7! -'.:$()/7! +'! ('./%'..)5#! 0)%*'0&('7! )#0:,/0! -$($! %$! ,)0,$! $8().:%&:($! /(8;#).$! O!
,)'%E!>/+/0!'0&/0!-(/+:.&/0!'#&($#!'#!'0&$!.'(&)4).$.)5#7!%$!.:$%!'0!'#&('8$+$!$!&/+/!-(/+:.&/(!I:'!.:,-%$!./#!
%/0! ('I:)0)&/0! ),-:'0&/0! O! I:'! +'0''! '1-/(&$(! OU/! ./,'(.)$%)K$(! 0:0! -(/+:.&/0! $! %/0! -$60'0! $0/.)$+/0! $! %$!
F/,:#)+$+! 9./#5,).$! 9:(/-'$E! ?+',;07! %$! #/(,$! .:N('! '%! -(/.'0$,)'#&/! O! %/0! ,$#'`/0! +'! .$,-/7! O! '1)8'!
('8)0&(/0!O!'0&;#+$('0!+'&$%%$+/0!+'!'0&/0!O!+'!%$!$%),'#&$.)5#!+'%!8$#$+/E!M'!)#.%:O'#!'0&;#+$('0!'0-'.64)./0!
-$($!%$!$.:).:%&:($7!$%8$07!%'*$+:($07!$N'`$0!O!G/#8/0E!Z$0!0:0&$#.)$0!0)#&H&).$0!-:'+'#!:0$(0'!.:$#+/!('-%).$#!
%$0! 4:'#&'0! #$&:($%'0! O! .:$#+/! '0&;#! $-(/N$+$0! -$($! %$! -(/+:..)5#! /(8;#).$! '#! %$! "9! <=(8$#).! >($+'!
?00/.)$&)/#7!@ABSDE!
23!
!"#$%&'()!*+!,-./01"234-5!-4!-0!6-,"173!248-,41"23410!7-!9,/815!3,.:42"15!
!! !
0#!<)=>#!=?@'A?=?!@'?!&)B#C!(#C!)$?=#DA)<?C!B?!$=)D?C#>A?<&)!C?#<!D?=&AEAD#B#CF!A<D('C)!D'#<B)!()C!$=)B'D&)C!
?C&G<! $)=! B?H#I)! B?(! '>H=#(! B?(! J;K! $#=#! (#! ?&A@'?&#! L3=MN<AD#L+! ,?C$?D&)! B?(! ?&A@'?&#B)F! ()C! $=)B'D&)C!
)=MN<AD)C!<)!$?=&?<?DA?<&?C!#!(#!/-F!B?H?<!A<D('A=!?(!?&A@'?&#B)!B?(!$#%C!B?!)=AM?<!O!CA!B?C?#<!$'?B?<!'&A(AP#=!
?(! ()M)&A$)! ?D)(QMAD)! B?! (#! /-F! $?=)! ?C&?! <)! ?C! )H(AM#&)=A)! $#=#! $=)B'D&)C! B?! E'?=#! B?! (#! /-! R3=M#<AD! 8=#B?!
1CC)DA#&A)<F!*STUV+!
W)=!C'!$#=&?F!(#!/<AQ<!-'=)$?#!&A?<?!'<!#D'?=B)!B?!?@'AX#(?<DA#!HA(#&?=#(!D)<!"YA(?F!-C&#B)C!/<AB)CF!"#<#BNF!
2C(#<BA#! O! 4)='?M#F! Z#$Q<F! ")=?#! B?(! 5'=! O! 4'?X#! [?(#<B#+! 1(! >AC>)! &A?>$)F! &A?<?! #D'?=B)C! B?! ?@'AX#(?<DA#!
'<A(#&?=#(!D)<!")C&#!,AD#F!1=M?<&A<#F!1'C&=#(A#F!8\<?PF!2C=#?(!?!2<BA#F!?<!()C!@'?!=?D)<)D?!(#C!<)=>#C!B?!?C&)C!
$#%C?C!$#=#!(#!?<&=#B#!B?!$=)B'D&)C!)=MN<AD)C!#!(#!")>'<AB#B!-D)<Q>AD#!-'=)$?#+!R3=M#<AD!8=#B?!1CC)DA#&A)<F!
*ST]V+!
0)C!=?@'?=A>A?<&)C!M?<?=#(?C!O!B?=)M#DAQ<!B?!=?M'(#DA)<?C!)=MN<AD#C!#<&?=A)=?CF!-"!U^_`*SS]F!C?!$'?B?<!
XAC'#(AP#=!?<!?(!CAM'A?<&?!?<(#D?a!
Y&&$a``?'=b(?c+?'=)$#+?'`0?c/=A5?=X`0?c/=A5?=X+B)d'=Ae3Za0a*SS]aTUJaSSSTaSS*^a-4aW79!
W#=#! )H&?<?=! >NC! A<E)=>#DAQ<! O! (#C! <)=>#C! B?&#((#B#C! C)H=?! $=)B'DDAQ<F! ?&A@'?&#B)! O! D)<&=)(F! X?=! CAM'A?<&?!
?<(#D?a!
Y&&$a``?'=b(?c+?'=)$#+?'`0?c/=A5?=X`0?c/=A5?=X+B)d'=Ae3Za0a*SSUa*;SaSSSTaSSU_a-4aW79!
!"#" $%&'(")*&+)$%&$$,))
!
0#! D?=&AEAD#DAQ<! f23! 5/255-F! ?C! =?#(AP#B#! $)=! '<#! )=M#<AP#DAQ<! B?(! C?D&)=! $=AX#B)! @'?! <#D?! B?! (#! #C)DA#DAQ<!
$=AX#B#!B?!#M=AD'(&)=?C!)=MN<AD)C!B?!5'AP#F!()C!D'#(?C!H'CD#=)<!D=?#=!'<#!D?=&AEAD#DAQ<!D)<!=?@'?=A>A?<&)C!#\<!
>NC!#(&)C!@'?!()C!A>$'?C&)C!$)=!(#!<)=>#!?'=)$?#!-/!U^_`S]bUUJ`SUF!XN(AB#!$#=#!&)B)C!#@'?(()C!#M=AD'(&)=?C!
<)! C'AP)C! @'?! @'A?=#<! D)>?=DA#(AP#=! C'C! $=)B'D&)C! ?<! BADY)! &?==A&)=A)+! W)=! ?<B?F! $#=#! C'! )H&?<DAQ<! Y#O! @'?!
D'>$(A=! B?(! >AC>)! >)B)! D)<! ()C! =?@'?=A>A?<&)! B?! (#! <)=>#! M?<?=#(! ?'=)$?#! Rf23! 5/255-F! *STgV+! -C&#!
)=M#<AP#DAQ<! D'?<&#! D)<! ^*! #C)DA#DA)<?C! B?! #M=AD'(&)=?C! )=MN<AD)C! O! &#>HAG<! D)<! ?(! 2<C&A&'&)! B?! 1M=AD'(&'=#!
3=MN<AD#! R9Af0VF! ?(! D'#(! ((?X#! #! D#H)! &=#H#I)C! B?! A<X?C&AM#DAQ<! O! #C?C)=#>A?<&)! ?<! ?(! D#>$)! B?! (#! #M=AD'(&'=#!
?D)(QMAD#+! 0)C! $=)B'D&)C! )=MN<AD)C! @'?! ((?X#<! (#! ?&A@'?&#! B?! ?C&#! D?=&AEAD#DAQ<F! &A?<?<! '<#! $#=&ADA$#DAQ<! B?!
!;;!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
,'(.$+/! 04)5/! +'! $%('+'+/(! +'%! 367! 8! 0/#! ,90! +'! :66! ',-('0$0! +'! -(/.'0$,)'#&/! 8! ./,'(.)/! ;4'! &)'#'#!
./#&($&/!+'!%).'#.)$!./#!<)/!=4)00'!><?@!="?==AB!C6D:EF!
G$#&/!=4)5$!./,/!%$!"A!('./#/.'#!,4&4$,'#&'!040!'0;4',$0!+'!.'(&)H).$.)I#F!=)#!',J$(K/B!%/0!-$L0'0!+'!%$!
"#)I#! A4(/-'$! /! -$L0'0! )#.%4)+/0! '#! %$! %)0&$! +'! &'(.'(! -$L0! +'! %$! ('K%$,'#&$.)I#! 04)5$B! +'J'! $./,-$M$(! 4#!
.'(&)H).$+/! ',)&)+/! -/(! 4#! /(K$#)0,/! +'! %$! )#0-'..)I#! +'%! -$L0! ('0-'.&)*/F! A0&'! -(/&/./%/! ('N#'! 4#$! 0'()'! +'!
(';4'(),)'#&/0!'#!.4$#&/!$!-(9.&).$0!,'+)/$,J)'#&$%'0B!#)*'%'0!+'!J)/+)*'(0)+$+!8!40/!+'!('.4(0/0!#$&4($%'0B!
;4'! %$! O$.'#! ,90! '1)K'#&'0! '#! &P(,)#/0! $,J)'#&$%'0! ;4'! /&($0! .'(&)H).$.)/#'0! '4(/-'$0! >@GQB! C6D:E! ><?@!
="?==AB!C6D3EF!
R'#&(/! +'! %/0! .$,-/0! +'! ./#&(/%! -$($! -(/+4.&/0! $K(L./%$0! 8! K$#$+'(/0! 8! -$($! %'*$+4($0B! '0&'! 0)0&',$! &)'#'!
(';4)0)&/0! ./,/! .'(&)H).$.)I#B! '&);4'&$+/! 8! ./#*'(0)I#B! -(/+4..)I#! $#),$%B! *'K'&$%B! '%$J/($.)I#! 8!
./,'(.)$%)5$.)I#B!8!-/(!N%&),/!#/(,$0!0/.)$%'0B!%$J/($%'0!8!+'!./,'(.)/!S40&/!>?T<QUB!C6D:EF!V$!#/(,$!#/!$-%).$!
$!%$!.$5$B!-'0.$!8!%$!$.4).4%&4($!8!040!-(/+4.&/0F!Q;4'%%/0!$K().4%&/('0!/!',-('0$0!;4'!/J&'#K$#!'%!.'(&)H).$+/!
<?@!="?==A!+'J'#!./#&$(!./#!%$!('#/*$.)I#!+'!P0&'!&/+/0!%/0!$M/0F!><?@!="?==AB!C6D:E!
=4)5$!&)'#'!$.4'(+/!+'!';4)*$%'#.)$!J)%$&'($%!./#!T$#$+9B!A0&$+/0!"#)+/0!8!W$-I#B!$+',90!+'%!$.4'(+/!./#!%$!
"#)I#! A4(/-'$F! X/(! /&(/! %$+/B! &)'#'! $.4'(+/! +'! ';4)*$%'#.)$! 4#)%$&'($%! -$($! %$! ),-/(&$.)I#! +'! -(/+4.&/0!
/(K9#)./0! +'0+'! T/0&$! Y).$B! GN#'5B! Q(K'#&)#$B! Z4'*$! ['%$#+$B! Q40&($%)$B! ?0($'%! '! ?#+)$! >@(K$#).! G($+'!
Q00/.)$&)/#B!C6D\EF!
V/0! '0&9#+$('0! +'! -(/+4..)I#B! -(/.'0$,)'#&/! 8! ./,'(.)$%)5$.)I#! <)/! =4)00'! 0'! -4'+'#! '#./#&($(! '#! '%!
0)K4)'#&'!'#%$.']!
O&&-0]^^___FJ)/`04)00'F.O^,'+)$^a4#+b^Y'K'%_'(c^C6D:^AZ^-Hd(%dC6D:dDFDd'd$4054Kd*d6DF6CFC6D:F-+H!
23!
!"#$%&'()!*+!,-./01"234-5!-4!-0!6-,"173!248-,41"23410!7-!9,/815!3,.:42"15!
!! !
!"#" $%&'(")(*+,%-)$%-)
!
0)=! -=&>?@#AB=! @B! 1CADE'(&'A#! F#$)?B=#! )! F15G! =)?! (#=! ?)AH#=! $#A#! (#! $A)@'EEDI?! J! E)HBAED#(DK#EDI?! @B!
$A)@'E&)=! @B! (#! D?@'=&AD#! #CA%E)(#! )AC>?DE#! B?! F#$I?G! B=&#L(BED@#=! #! $#A&DA! @B(!#M)! *NNN! J! ABC'(#@#=! $)A! B(!
6D?D=&BAD)!@B!1CADE'(&'A#G!9)AB=&#(!J!OB=E#!P6199G!$)A!='=!=DC(#=!B?!D?C(Q=RG!S'DB?B=!TD=E#(DK#?!B(!E'H$(DHDB?&)!
@B(! B=&>?@#A! #! &A#UQ=! @B(! 7B$#A&#HB?&)! @B! -=&>?@#AB=! J! -&DS'B&#@)G! HB@D#?&B! (#=! ?)&DTDE#ED)?B=! $#A#!
$A)@'E&)=!#CA%E)(#=!)AC>?DE)=+!
PV&&$WXXYYY+H#TT+C)+Z$XBX$)(DEDB=X=&#?@#A@XZ#=X=$BEDTDEX)AC#?DE+V&H(+!
0#! EBA&DTDE#EDI?! B=! B?&ABC#@#! #! &)@)=! ()=! #CADE'(&)AB=! ()E#(B=! J! #! S'DB?B=! @B=BB?! B[$)A&#A! ='=! $A)@'E&)=!
)AC>?DE)=!#(!$#%=!#=D>&DE)+!1E&'#(HB?&B!(#!EBA&DTDE#EDI?!E)?&DB?B!@DABE&ADEB=!$#A#!(#!$A)@'EEDI?!V)A&%E)(#G!@B!'=)!
J! $A)@'EEDI?! C#?#@BA#G! $A)@'E&)=! $A)EB=#@)=G! B[E('JB?@)! @B! ='! E)?&A)(! #! (#! $A)@'EEDI?! #$%E)(#! J! #E'%E)(#!
P6199G!*N\*R+!1@BH>=G!B=&#!EBA&DTDE#EDI?!E'LAB!()=!$A)EB=)=!@B!&A#?=$)A&BG!=B(BEEDI?G!$A)EB=#HDB?&)G!B?U#=#@)!
J! )&A)=! $A)EB=)=! $)=&BAD)AB=! #! (#! E)=BEV#! $#A#! $A)@'E&)=! ?#ED)?#(B=! B! D?&BA?#ED)?#(B=! P3AC#?DE! 8A#@B!
1==)ED#&D)?G!*N\]R+!
7B?&A)! @B! ()=! ABS'BADHDB?&)=! @B! B&DS'B&#@)G! =B! B[DCB! )L(DC#&)AD#HB?&BG! S'B! &)@)! $A)@'E&)! EBA&DTDE#@)! @BLB!
E)?&B?BA!B(!^=B(()!F15_!J!S'B!(#!B&DS'B&#!@B(!$A)@'E&)!@BLB!ABCD=&A#A!D?T)AH#EDI?!#?B[#!E)H)!B(!?)HLAB!@B!(#!
BH$AB=#! )! B[$()&#EDI?! J! ()! AB(#ED)?#@)! E)?! (#! &A#K#LD(D@#@! @B(! $A)@'E&)! P`23! 018241G! *N\aR+! 0)=! $A)@'E&)=!
$'B@B?!B&DS'B&#A=B!E)H)!^3AC>?DE)=_!)!^bBEV)!E)?!)AC>?DE)=_+!
F#$I?!&#HLDQ?!V#!#$A)L#@)!ABC(#=!J!B=&>?@#AB=!@B!#(C'?)=!$#%=B=G!E)H)!BS'DU#(B?&B=!E)?!B(!=D=&BH#!^3AC#?DE!
F15_+!-=!#=%!E)H)!F#$I?!&DB?B!'?!#E'BA@)!@B!BS'DU#(B?ED#!LD(#&BA#(!E)?!-=&#@)=!/?D@)=G!"#?#@>G!5'DK#!J!#(C'?)=!
$#%=B=! @B! (#! /?DI?! -'A)$B#! P381G! *N\]RG! ()! S'B! =DC?DTDE#! S'B! ()=! ABC(#HB?&)=! J! ?)AH#=! )AC>?DE#=! @B! B=&)=!
$#%=B=!B=&>?!ABE)?)ED@)=!E)H)!BS'DU#(B?&B!#(!B=&>?@#A!)AC>?DE)!F15G!@B!H#?BA#!S'B!F#$I?!$'B@B!B[$)A&#A!B!
DH$)A&#A! $A)@'E&)=! )AC>?DE)=! @B! B=&)=! $#%=B=+! F'?&)! #! B=&B! #E'BA@)! LD(#&BA#(G! 1ACB?&D?#G! 1'=&A#(D#! J! 4'BU#!
cB(#?@#! &DB?B?! #E'BA@)! @B! BS'DU#(B?ED#! '?D(#&BA#(! E)?! (#! ?)AH#! F15G! ()! S'B! =DC?DTDE#! S'B! #(C'?)=! @B! ()=!
$A)@'E&)=! )AC>?DE)=! @B! B=&)=! $#%=B=! PS'B! =B! V#J#?! B=&D$'(#@)! B?! B(! #E'BA@)RG! $'B@B?! D?CAB=#A! #(! HBAE#@)!
Z#$)?Q=! =)(#HB?&B! E)?! (#! $AB=B?&#EDI?! @B(! EBA&DTDE#@)! @B! (#! ?)AH#! )AC>?DE#! @B! E#@#! $#%=+! P3AC#?DE! 8A#@B!
1==)ED#&D)?G!*N\<R+!
!;<!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
4$!#/(,$!/(56#).$!7$-/#'0$!8!%/0!.()&'()/0!&9.#)./0!0'!-:'+'#!('*)0$(!'#!'%!0)5:)'#&'!'#%$.'!!
;&&-<==>>>?,$@@?5/?7-='=-/%).)'0=0&$#+$(+=7$0=0-'.)@).=.()&'()$A/?;&,%!
/.0. &*"1(.)1-2%"*-31-$(''45!"%1-6'4)(+"%&#'$#"1)7"*3*$%*-)(&$)
!
B#!C/('$D!%$!.'(&)@).$.)E#!/(56#).$!'0&6!('5:%$+$!-/(!%$!FB#*)(/#,'#&$%%8GH()'#+%8!I5().:%&:('!J(/,/&)/#!I.&KD!
'%! FL(5$#).! H//+! M$#$5','#&! $#+! N:--/(&! O'%$&'+! I.&K! 8! 0:! #/(,$&)*$! ./,-%','#&$()$?! 4$! .'(&)@).$.)E#D!
0'5P#!%$0!+)0-/0).)/#'0!+'!%$!#/(,$&)*$D!0'!-:'+'#!('0:,)(!./,/!0)5:'<!
• !"#$%&%'('%)*+,%#"'$(+,"+-(+./$0#%,(,+1(*%$(#%(+,"+!0#"(+234.5?!4$!',-('0$!)#&'('0$+$!+'Q'!0/%).)&$(!$!RSI!
T:'!)#0-'.&/('0!*)$7'#!$%!-$U0!+'!/()5'#!8!.'(&)@)T:'#!'%!-(/+:.&/!'#!.:'0&)E#!VJ(/C;)%'D!WXYZ[?!
!
• !"#$%&%'('%)*+,"+-(+./$0#%,(,+1(*%$(#%(+,"-+6(78+,"+0#%9"*+:/"+'/"*$"+'0*+#"'0*0'%;%"*$0+;/$/0+":/%<(-"*$"+
'0*+34.+VJ(/C;)%'D!WXYZ[?!B#!'%!.$0/!+'!C;)%'D!NI\!8!RSI!#/!.:'#&$#!./#!('./#/.),)'#&/!,:&:/!'T:)*$%'#&'!
'#! ,$&'()$! +'! .'(&)@).$.)E#! /(56#).$! 0'5P#! %/0! #:'*/0! '0&6#+$('0?! N)#! ',Q$(5/D! 8$! 0'! )#).)E! :#! -(/.'0/!
-$($!%/5($(!:#!$.:'(+/!+'!'T:)*$%'#.)$D!-'(/!$P#!#/!0'!;$!./#.('&$+/!VC6(+'#$0D!WXY3[?!B#!&$#&/D!BB?""?!8!
%$!"B!.:'#&$#!./#!$.:'(+/0!+'!'T:)*$%'#.)$!./#!C/('$?!
!
• !"#$%&%'('%)*+ %*,%#"'$(+ 60#+ 0#9(*%8;08+ 6#%<(,08?! C'(&)@).$+/('0! -()*$+/0! $-(/Q$+/0! -/(! %$! $:&/()+$+!
./('$#$?! B#! C;)%'D! .'(&)@).$! ])/$:+)&$?! B%! ./0&/! +'! .'(&)@).$.)E#! '0! +'! .$(5/! +'! %$! ',-('0$! )#&'('0$+$! 8!
+:($#&'! '%! &)',-/! T:'! +',/('! '#! /Q&'#'(! %$! .'(&)@).$.)E#D! #/! -/+(6! '1-/(&$(! 0:0! -(/+:.&/0! /(56#)./0! $!
C/('$!VJ(/C;)%'D!WXYZ[?
4/0! -(/+:.&/0! -:'+'#! '&)T:'&$(0'! ./#! %$! +'#/,)#$.)E#! FL(56#)./K! /! F^'.;/! ./#! L(56#)./K! 0)'#+/! '%! 0'%%/!
/@).)$%! /-&$&)*/?! J$($! /Q&'#'(%/D! 0'! '1)5'#! W! )#0-'..)/#'0! $%! $_/D! 0/%/! ./#! %$! -(),'($! 0'! ',)&'! '%! .'(&)@).$+/!
,$'0&(/! 8! ./#! %$! 0'5:#+$! 0'! ./#@)(,$! T:'! 0'! ,$#&)'#'#! %$0! ./#+).)/#'0! )#).)$%,'#&'! $-(/Q$+$0! V])/$:+)&$D!
WXY3[?!
!
23!
!"#$%&'()!*+!,-./01"234-5!-4!-0!6-,"173!248-,41"23410!7-!9,/815!3,.:42"15!
!! !
=#>#!>?@AB#>!(#!-C@A>)CD?C&#((EF9>A?CG(E!1H>AI'(&'>?!=>)D)&A)C!1I&J!IK?L'?#>!?(!BAH'A?C&?!(ACMN!
K&&$NOOD)(?H+H)+M>O?CH(ABKOM)>0#P-CHQ$B&5?LR;STUV!
!"#" $%&'($)*$"+,$'*-,$)+&'$,.$(.+/-(+-(0$,*1+$,.+2*-.3,$4*1+5(-.%16++
!
0#! C)>D#! G?! $>)G'I&)B! )>HWCAI)B! E! XA)GACWDAI)B! G?! 1'B&>#(A#! B?! AD$(?D?C&Y! ?(! #Z)! *VV<! E! ?B&W! #! I#>H)! G?(!
5?>@AIA)!#'B&>#(A#C)!G?!I'#>?C&?C#!?!ACB$?IIAYC![1\25]!E!(#!")DABAYC!1'B&>#(A#C#!G?!")D$?&?CIA#!E!")CB'D)!
[1"""]+!
-(! ?B&WCG#>! #'B&>#(A#C)! G?B#>>)((#G)! ACAIA#(D?C&?! $#>#! $>)G'I&)B! ?^$)>&#G)B! G?BG?! 1'B&>#(A#J! ?B! 'C#! X#B?! )!
?B&WCG#>! G?! >?_?>?CIA#J! ?B&)! $)>L'?! ()B! I?>&A_AI#G)>?B! $'?G?C! D#C&?C?>! B'B! $>)$A)B! ?B&WCG#>?B! )! '&A(A`#>! ?(!
?B&WCG#>!C#IA)C#(!#'B&>#(A#C)!$#>#!$>)G'I&)B!)>HWCAI)B!E!XA)GACWDAI)B+!
0#! C)>D#! #'B&>#(A#C#! G?BI>AX?! ()B! >?L'ABA&)B! D%CAD)B! L'?! G?X?C! I'D$(A>! ()B! $>)G'I&)>?B! E! _#X>AI#C&?B! L'?!
G?B??C! ?&AL'?&#>! B'B! $>)G'I&)B! I)D)! a3>HWCAI)a! E! abA)GACWDAI)a+! -B&#X(?I?! 'C! I)Cc'C&)! #I)>G#G)! G?!
$>)I?GADA?C&)B! #! B?H'A>! $#>#! (#! $>)G'IIAYCJ! $>?$#>#IAYCJ! &>#CB$)>&?J! I)D?>IA#(A`#IAYC! E! ?&AL'?&#G)! G?!
$>)G'I&)B!)>HWCAI)B!E!XA)GACWDAI)BJ!ACI('AG)B!#(AD?C&)B!E!#(AD?C&)B!$>)I?B#G)B+!
-C! (#! AD$)>&#IAYC! G?! $>)G'I&)BJ! 1'B&>#(A#! ?B! D'E! (AX?>#(! ?C! (#! #I?$&#IAYC! G?! ()B! ?B&WCG#>?B! )>HWCAI)B! E!
$>)G'I&)B! G?! )&>)B! $#%B?B+! 5A! ()B! $>)G'I&)B! )>HWCAI)B! AD$)>&#G)B! I'D$(?C! #(! D?C)B! I)C! ?(! -B&WCG#>!
#'B&>#(A#C)J!C)!B?!C?I?BA&#C!I?>&A_AI#G)B!CA!>?L'ABA&)B!G?!AD$)>&#IAYC!)>HWCAI#!#GAIA)C#(?B+![381J!*VdU]!
1'B&>#(A#!B)()!&A?C?!#I'?>G)!XA(#&?>#(!$#>#!ACH>?B#>!$>)G'I&)B!)>HWCAI)B!I?>&A_AI#G)B!I)C!(#!C)>D#!#'B&>#(A#C#!#!
e#$YCJ!5'A`#!E!/CAYC!-'>)$#![3>H#CAI!8>#G?!1BB)IA#&A)CJ!*VdT]+!
!"7" ,%68$+96)$,.*$"+,9/&$+'61:,*1$)+(%)6&+/-(+-(0$,*1+5(-.%1'*-,++
0#! I?>&A_AI#IAYC! )>HWCAI#! G?! 4'?@#! f?(#CGA#J! ?B&W! X#c)! (#! >?B$)CB#XA(AG#G! G?! (#! 1'&)>AG#G! G?! 5?H'>AG#G!
1(AD?C&#>A#! G?! 4'?@#! f?(#CGA#! [4f951]J! E! >AH?! G?BG?! ?(! #Z)! *VVg+! 5AC! ?DX#>H)J! 4'?@#! f?(#CG#! &A?C?! 'C!
?B&WCG#>!@)('C&#>A)J!G?B#>>)((#G)!$)>!5&#CG#>GB!4?P!f?#(#CGJ!I)C!I?>&A_AI#G)>?B!L'?!DAG?C!BA!'C!$>)G'I&)!?B!
)>HWCAI)!I)C!?B&WCG#>?B!GA_?>?C&?B!#!()B!DWB!?B&>AI&)B!?B&#X(?IAG)B++
!;<!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
4/0!-(/+5.&/0!/(67#)./0!85'!0'!),-/(&$#!-$($!%$!*'#&$!0'!./#&(/%$#!$!&($*90!+'!%$!4':!+'!;/,'(.)/!4'$%<!=/(!05!
-$(&'>! %/0! -(/+5.&/0! /(67#)./0! 85'! 0'! ),-/(&$#! -$($! 05! 50/! ./,/! )#6('+)'#&'0! +'! -(/+5.&/0! 85'! %5'6/! 0'!
'1-/(&$#!0'6?#!'%!=(/6($,$!@A).)$%!+'!B0'65($,)'#&/!@(67#)./!C@@B=D>!+'E'#!0'(!.'(&)A).$+/0!/(67#)./0!-/(!
5#!/(6$#)0,/!$-(/-)$+/>!:!+'E'!-/+'(!*'()A).$(0'!05!./#+).)F#!+'!/(67#)./<!G#!'0&/0!.$0/0>!'%!),-/(&$+/(!+'E'!
'0&$(!('6)0&($+/!./#!5#!&'(.'(/!('./#/.)+/<!
G#!H5'*$!I'%$#+)$>!0/%/!J$:!+/0!/(6$#)0,/0!+'!$.('+)&$.)F#K!B.('+)&$.)F#!L#&'(#$.)/#$%!H5'*$!I'%$#+$!CLBHID!
:!M)0&',$!+'!B.('+)&$.)F#!;/#N5#&$!+'!B50&($%)$!:!H5'*$!I'%$#+$!COBMPBHID!C@QB>!R3STD<!
H5'*$! I'%$#+)$! &)'#'! $.5'(+/! +'! '85)*$%'#.)$! E)%$&'($%! ./#! %$! "#)F#! G5(/-'$! :! ./#! ;J)#$! :! $.5'(+/0! +'!
'85)*$%'#.)$!5#)%$&'($%!-$($!)#6('0$(!-(/+5.&/0!/(67#)./0!.'(&)A).$+/0!./#!%$!#/(,$!HIUMB!$!O$-F#>!;/('$!+'%!
M5(>!M5)V$!:!G0&$+/0!"#)+/0<!B!05!*'V>!./#!GG<""<!&)'#'!5#!$.5'(+/!+'!('./#/.),)'#&/>!85'!%'!-'(,)&'!$!H5'*$!
I'%$#+$!$.('+)&$(!$!$6'#&'0!.'(&)A).$+/('0!'#!'%!-$W0<!C@(6$#).!Q($+'!B00/.)$&)/#>!R3SXD<!
=$($!('*)0$(!%$!#/(,$!+'!.'(&)A).$.)F#!/(67#).$!+'!H5'*$!I'%$#+)$!('*)0$(!'%!0)65)'#&'!%)#YK!
J&&-0KZZ[[[<6//6%'<./,Z5(%\0$]&^(.&]N^8]^'0(.]0^0/5(.']['E^.+]S^*'+]3$J"_G[)_N@*@P
`=$BJabcdB_bc.GedTcU66-fBB^5(%]J&&-0ghBgRUgRU[[[<,-)<6/*&<#VgRU+,0+/.5,'#&gRUdi2P
&'.J#).$%P(5%'0PA/(P/(6$#).P-(/+5.&)/#P,$AP0&$#+$(+P/-hP$--'#+)1P
R^506]B@*a$[hJ:(SijR*,/#/hjcO#Q/$#!
/.0. 1"(2%'.)"3+'(43-$*)*"+,-%&*)1"(2%'3"*)56.0758/667))
!
4$! 4':! S3<ThS! ('65%$! %$! $6().5%&5($! /(67#).$! :! /&(/0! &',$0! ('%$.)/#$+/0<! 4$! $5&/()+$+! ./,-'&'#&'! '0! '%!
f)#)0&'()/! +'! B6().5%&5($>! k$#$+'(W$! :! BE$0&'.),)'#&/! CfB=BD<! G%! +'.('&/! 2<hRh! ('65%$! %$0! ./,)0)/#'0! +'!
-(/+5..)F#! /(67#).$>! %$0! #/(,$0! +'! -(/+5..)F#! $#),$%! :! *'6'&$%>! %$! '1&($..)F#! 050&'#&$E%'! /(67#).$>! '%!
-(/.'0$,)'#&/>! $%,$.'#$,)'#&/! :! &($#0-/(&'>! %/0! ,'.$#)0,/0! +'! ./#&(/%! '! )#A/(,$.)F#! +'! .$%)+$+! :! '%! %/6/!
/(67#)./<!
23!
!"#$%&'()!*+!,-./01"234-5!-4!-0!6-,"173!248-,41"23410!7-!9,/815!3,.:42"15!
!! !
0)=!$>)?'@&)=!)>ABCD@)=!@)EF>@D#(DG#?)=!FC!H>#=D(I!DC@('D?)=!()=!DE$)>&#?)=I!&DFCFC!J'F!F=&#>!@F>&DKD@#?)=!$)>!
'C#! )>A#CDG#@DLC! >FAD=&>#?#! FC! (#! 1AFC@D#! 9F?F>#(! 246-8,3! M3>A#CD=E)! ?F! 1@>F?D&#@DLC! #$>)N#?)! $)>! F(!
A)NDF>C)!N>#=D(FO)P!Q!F(!6DCD=&F>D)!?F!1A>D@'(&'>#I!.#C#?F>%#!Q!1N#=&F@DEDFC&)!M61R1P+!
-(!?F@>F&)!F=&#N(F@F!J'F!$#>#!(#!@)EF>@D#(DG#@DLC!?F!$>)?'@&)=!)>ABCD@)=!DE$)>&#?)=I!F=&)=!?FNFC!@'E$(D>!(#!
>FA(#EFC&#@DLC!N>#=D(FO#!$#>#!$>)?'@@DLC!)>ABCD@#!Q!$#>#!F(()!?FNFCS!
• 3N&FCF>!(#!@F>&DKD@#@DLC!?F!'C!)>A#CD=E)!?F!-T#('#@DLC!?F!")CK)>ED?#?!3>ABCD@#!M"1HP!#@>F?D&#?)!$)>!F(!
6DCD=&F>D)!?F!1A>D@'(&'>#I!.#C#?F>%#!Q!1N#=&F@DEDFC&)!U!61R1V!)!
!
• 5F>!$>)TFCDFC&F!?F!'C!$#%=!J'F!&FCA#!'C!#@'F>?)!?F!FJ'DT#(FC@D#!)!?F!>F@)C)@DEDFC&)!E'&')!?F!=D=&FE#=!
?F!FT#('#@DLC!?F!(#!@)CK)>ED?#?!)>ABCD@#!@)C!H>#=D(+!
!
R)>!)&>#!$#>&FI!F(!>FA(#EFC&)!F=$F@DKD@#!J'F!$F>?F>BC!(#!@)C?D@DLC!?F!)>ABCD@)=!()=!$>)?'@&)=!DE$)>&#?)=!J'F!
=F#C!=)EF&D?)=!#!&>#&#EDFC&)!@'#>FC&FC#>D)!C)!@)E$#&DN(F!@)C!(#!>FA(#EFC&#@DLC!?F!(#!$>)?'@@DLC!)>ABCD@#!
N>#=D(FO#+!
H>#=D(!C)!@'FC&#!@)C!#@'F>?)=!ND(#&F>#(F=!)!'CD(#&F>#(F=!@)C!)&>)=!$#%=F=!M3>A#CD@!8>#?F!1==)@D#&D)CI!*W<XP+!5DC!
FEN#>A)I! Y#Q! 'C! $>)@F=)! TDAFC&F! ?F! >F@)C)@DEDFC&)! ?F! (#! C)>E#&DT#! @YD(FC#! J'F! =F! DCD@DL! FC! *W<Z! Q! J'F! =F!
FC@'FC&>#! N#=&#C&F! #T#CG#?)I! @)C! 'C! &F[&)! F(#N)>#?)! FC! F&#$#! KDC#(! Q! J'F! =F! F=$F>#! =F! ((FA'F! #! #@'F>?)!
?'>#C&F! *W<\! M"B>?FC#=I! *W<\P+! -(! #(@#C@F! ?F! F=&F! #@'F>?)! DC@('QF! E#&F>D#=! $>DE#=I! $>)?'@&)=! K>F=@)=! Q!
$>)@F=#?)=I! @F>&DKD@#@D)CF=! ?F! FE$>F=#=! @F>&DKD@#?)>#=! Q! )>A#CDG#@D)CF=! ?F! #A>D@'(&)>F=! F@)(LAD@)=! M31-P+! 0#!
DE$)>&#C@D#!>#?D@#!FC!J'F!=F!>F@)C)@FC!()=!=D=&FE#=!#(&F>C#&DT)=!?F!@F>&DKD@#@DLCI!()=!5D=&FE#=!R#>&D@D$#&DT)=!?F!
.#>#C&%#!MH>#=D(P!Q!3>A#CDG#@DLC!1A>D@'(&)>F=!-@)(LAD@)=!M"YD(FP!M-A'D(()>I!*W<XP+!
R#>#!>FTD=#>!(#!C)>E#!N>#=D(FO#!>FTD=#>!F(!=DA'DFC&F!(DC]!
Y&&$S^^___+#A>D@'(&'>#+A)T+N>^#=='C&)=^='=&FC&#ND(D?#?F^)>A#CD@)=^(FAD=(#@#)^F=$#CY)(^?F@>F&)UC)UW;UZ*ZU
*WWXU>FA(#EFC&#U(#U(FQU<WU\Z<U*WWZUJ'FU?D=$)CFU=)N>FU(#U#A>D@'(&'>#U)>A#CD@#+$?K^TDF_!
!;<!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
/.0. &*'*12%(.)"3+'(13-$*)4("()'()4"*5#&&%6-)*"+,-%&()
!
4%!5'6%$,'#&/!-$($!%$!7(/+8..)9#!:(6;#).$!0'!'#.8'#&($!('68%$+/!-/(!'%!<)#)0&'()/!+'!=6().8%&8($!>!?'0$((/%%/!
58($%! @8'! ('68%$! %$! -(/+8..)9#! $6(A./%$B! '%! -(/.'0$,)'#&/B! ',-$@8'B! '&)@8'&$+/B! $%,$.'#$,)'#&/B!
.'(&)C).$.)9#B!),-/(&$.)9#!>!./,'(.)$%)D$.)9#!+'!-(/+8.&/0!/(6;#)./0E!
40&'!('6%$,'#&/!0'!$-%).$!$!-(/+8.&/0!$6(A./%$0!*'6'&$%'0!>!-'.8$()/0!#/!&($#0C/(,$+/0!>!%/0!-(/*'#)'#&'0!+'!
$-(/*'.F$,)'#&/! -'0@8'(/! >! $.8A./%$G! $! %/0! -(/+8.&/0! -(/.'0$+/0! +'0&)#$+/0! $! %$! $%),'#&$.)9#! F8,$#$!
+'()*$+/0!+'!%/0!-(/+8.&/0!)#+).$+/0!'#!'%!-8#&/!$#&'()/(G!-(/+8.&/0!$%),'#&).)/0!),-/(&$+/0B!+'!./#C/(,)+$+!
$!%/!'0&$H%'.)+/!'#!'%!('6%$,'#&/E!
4#!('%$.)9#!$!%/0!-(/+8.&/0!/(6;#)./0!),-/(&$+/0B!I0&/0!+'H'#J!
• K8,-%)(!./#!%$0!%'>'0!+'!K/%/,H)$!0/H('!./,'(.)/!'1&'()/(E!
!
• K/#&$(!./#!'%!*)0&/!H8'#/!-$($!%$!),-/(&$.)9#!+'!-(/+8.&/0!/!)#08,/0!/(6;#)./0B!',)&)+/!-/(!'%!<)#)0&'()/!
+'!=6().8%&8($!>!?'0$((/%%/!58($%B!$!&($*I0!+'%!L#0&)&8&/!K/%/,H)$#/!=6(/-'.8$()/!MLK=NE!
!
• K/#&$(!./#!8#!.'(&)C).$+/!/&/(6$+/!-/(!'%!/(6$#)0,/!+'!./#&(/%!O/!%$!$8&/()+$+!./,-'&'#&'O!+'0)6#$+/!'#!
'%! -$A0! '1-/(&$+/(B! )#+).$#+/! @8'! '%! -(/+8.&/! 0'! F$! /H&'#)+/! '#! '%! ,$(./! +'! 8#! 0)0&',$! +'! -(/+8..)9#B!
'%$H/($.)9#B! '&)@8'&$+/! '! )#0-'..)9#! $./(+'! ./#! '%! -('0'#&'! 5'6%$,'#&/! M<)#)0&'()/! +'! =6().8%&8($! >!
?'0$((/%%/!58($%B!3PP2NE!
!
K/%/,H)$!#/!.8'#&$!./#!$.8'(+/0!H)%$&'($%'0!/!8#)%$&'($%'0!./#!/&(/0!-$A0'0!0'6Q#!R/(%+!S($+'!=00/.)$&)/#E!
<;0!)#C/(,$.)9#!+'%!5'6%$,'#&/!-$($!%$!7(/+8..)9#!:(6;#).$!*)0)&$(!'%!0)68)'#&'!%)#TJ!
F&&-0JUUVVVE,)#$6().8%&8($E6/*E./U&($,)&'0O
0'(*).)/0U?/.8,'#&0U5'6%$,'#&/W-$($W%$W-(/+8..)/#W:(6$#).$E-+C!
23!
!"#$%&'()!*+!,-./01"234-5!-4!-0!6-,"173!248-,41"23410!7-!9,/815!3,.:42"15!
!! !
!
!"#$" %&'()"*+,-./*%&'()+/*0/-/*0-,12%3,4*,-56+'%,4*/5-7%,(/4*
*
-=!">?(@A!@=!@(!#B)!*CC;!D@!$'E(?F#!(#!0@G!*C+CHI!J'@!FK@#!@(!5?D&@L#!4#F?)=#(!M@!"@K&?N?F#F?O=!M@!PK)M'F&)D!
3KQR=?F)D!1QK%F)(#DA!&@=?@=M)!#(!5@KS?F?)!1QK%F)(#!.#=#M@K)!T51.U!F)L)!@=&@!N?DF#(?V#M)K+!-(!$K?=F?$#(!)EW@&?S)!
M@(! 5@KS?F?)! @D! #D@Q'K#K! G! F@K&?N?F#K! J'@! ()D! $K)M'F&)D! )KQR=?F)D! D@#=! $K)M'F?M)DA! @=S#D#M)DA! @(#E)K#M)D! G!
L#=@W#M)D!M@!#F'@KM)!M@!()!@D&#E(@F?M)!@=!(#!(@G+!-D&@!D?D&@L#!F'@=&#!F)=!&K@D!$?(#K@D!$K?=F?$#(@D+!-=!$K?L@K!
('Q#KA! (#! (@G! *C+CHI! $K)$?#L@=&@! &#(+! -=! @((#! D@! @D&#E(@F@=! (#D! F)=M?F?)=@D! M@! F)L@KF?#(?V#F?O=! M@! $K)M'F&)D!
E#W)! (#! M@=)L?=#F?O=! M@! )KQR=?F)DA! #! &K#SXD! M@! YC! #K&%F'()D+! -=! D@Q'=M)! ('Q#KA! @(! ,@Q(#L@=&)! M@! (#! 0@GA!
M@&@KL?=#M)! @=! @(! 7@FK@&)! 5'$K@L)! 4Z<;! $'E(?F#M)! @(! *CC;A! @=! M)=M@! D@! @D&#E(@F@=! <;! #K&%F'()D! J'@!
?=D&#'K#=!K@J'?D?&)D!G!$K)&)F)()D!$#K#!(#!#MDFK?$F?O=!G!(#!#M@F'#M#!)$@K#F?O=!M@!M?F>)!D?D&@L#+![!N?=#(L@=&@A!D@!
@=F'@=&K#!(#!4)KL#!8XF=?F#A!F)L$'@D&#!$)K!'=!&)&#(!M@!H;!#K&%F'()DA!()D!F'#(@D!&?@=@=!F)L)!)EW@&?S)!M@N?=?K!()D!
K@J'?D?&)D! $#K#! (#! $K)M'FF?O=A! $K)F@D#L?@=&)A! @&?J'@&#M)! G! F)L@KF?#(?V#F?O=! M@! $K)M'F&)D! )KQR=?F)DA! G! D@!
#$(?F#! #! $K)M'F&)D! $K)F@D#M)DA! $(#=&#DA! #=?L#(@DA! #$?F'(&'K#A! $K)M'F&)D! N\=Q?F)D! G! S?=)+! 0#! =)KL#! #M@LRD!
F)=&?@=@!'=#!(?D&#!M@!?=D'L)D!$@KL?&?M)D!@=!(#!$K)M'FF?O=!G!$K)F@D#L?@=&)!T]"4!A!*CYHU+!
0#!4)KL#!">?(@=#!K?Q@!M@DM@!@(!#B)!*CC^A!$#K&?K!M@!(#!@=&K#M#!#(!D?D&@L#!M@!(#!$K?L@K#!@=&?M#M!F@K&?N?F#M)K#+!-(!
D?D&@L#! )NK@F@! M)D! #(&@K=#&?S#D! $#K#! $)M@K! F@K&?N?F#KD@+! 0#! $K?L@K#! #(&@K=#&?S#! @D! (#! "@K&?N?F#F?O=! M@! 8@KF@K#!
P#K&@A!J'@!D@!K@#(?V#!#!&K#SXD!M@!@L$K@D#D!F@K&?N?F#M)K#DA!#'&)K?V#M#D!G!N?DF#(?V#M#D!$)K!@(!51.A!J'@!F)=&K)(#=!@(!
F'L$(?L?@=&)!M@!(#!=)KL#!G!)&)KQ#=!(#!F@K&?N?F#F?O=+! "#E@!L@=F?)=#K!J'@!(#!0@G!M@E@!D@K!F'L$(?M#!$)K!&)M#!
$K)M'FF?O=! )KQR=?F#! #=&@D! M@! D@K! F@K&?N?F#M#! $)K! )&K)! $K)&)F)()! M@(! ('Q#K! M@! M@D&?=)! M@! @_$)K&#F?O=+!
1F&'#(L@=&@! D@! F'@=&#! F)=! `! @=&?M#M@D! #FK@M?&#M#D! $#K#! )&)KQ#K! M?F>#! F@K&?N?F#F?O=A! #! D#E@KA! -F)F@K&! .K)'$A!
"@K@DA! ]?)#'M?&#! G! 1KQ@=F@K&A! )&K#! #(&@K=#&?S#! M@! F@K&?N?F#F?O=! @D! #! &K#SXD! M@! (#! "@K&?N?F#F?O=! P#K&?F?$#&?S#A! #!
&K#SXD!M@!(#!F'#(A!$@J'@B)D!#QK?F'(&)K@D!aF'G#D!S@=&#D!#='#(@D!=)!D'$@K@=!@(!@J'?S#(@=&@!#!*b+CCC!/=?M#M@D!M@!
9)L@=&)! T/9Ua! D@! #QK'$#=! @=! ! 3KQ#=?V#F?)=@D! M@! 1QK?F'(&)K@D! -F)(OQ?F)DA! J'@! $'@M@=! 'D#K! D'D! $K)$?)D!
@D&R=M#K@D!$#K#!'=!D?D&@L#!M@!F@K&?N?F#F?O=!G!D@!F@K&?N?F#=!M?K@F&#L@=&@!F)=!@(!51.+!T51.A!*CYHU+!
P#K#(@(#L@=&@A!@=!()D!M)D!D?D&@L#D!M@!F@K&?N?F#F?O=A!$#K#!J'@!(#!F@K&?N?F#F?O=!D@#!SR(?M#A!D@!K@J'?@K@!$K?L@K)!'=!
&?@L$)!M@!&K#=D?F?O=!M@!<;!L@D@DA!@=!J'@!D@!M@E@=!F'L$(?K!(#D!=)KL#DA!#=&@D!M@!D@K!K@F)=)F?M)!)KQR=?F)+!/=#!
S@V!K@F)=)F?M)!F)L)!)KQR=?F)A!$#K#!L#=&@=@K!(#!F@K&?N?F#F?O=!S?Q@=&@A!D@!K@J'?@K@!M@!#(!L@=)D!'=#!?=D$@FF?O=!
@=!'=!$(#V)!=)!D'$@K?)K!#!Y*!L@D@D+!3&K)!$'=&)!?L$)K&#=&@!#!F)=D?M@K#K!@D!J'@!@D&#!=)KL#!D)(?F?&#!V)=#D!M@!
!;<!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
$,/(&)45$,)'#&/! '#&('! %/0! 0)&)/0! +'! -(/+5..)6#! /(47#)./0! 8! ./#*'#.)/#$%'09! +'! $%! ,'#/0! 2! ,'&(/09! :5'!
-('*'#4$#!%$!./#&$,)#$.)6#!.(5;$+$!-/(!050&$#.)$0!#/!-'(,)&)+$0<!
=$!>/(,$!?@)%'#$!&)'#'!5#!$.5'(+/!+'!':5)*$%'#.)$!A)%$&'($%!./#!%$!#/(,$!B"!CD3EFGHCCIEFC9!+'!%$!?/,5#)+$+!
B./#6,).$! B5(/-'$! J"BK9! 0)'#+/! ?@)%'! '%! -(),'(! -$L0! %$&)#/$,'().$#/! '#! /A&'#'(! +).@/! ('./#/.),)'#&/<!
M($.)$0! $! '0&'! $.5'(+/9! %/0! -(/+5.&/0! .@)%'#/0! /(47#)./0! &)'#'#! $..'0/! '#! )45$%+$+! +'! ./#+).)/#'0! $! %$! ??B9!
5#/!+'!%/0!,'(.$+/0!+'!-(/+5.&/0!/(47#)./0!,70!),-/(&$#&'0!+'%!,5#+/<!
B#!'%!.5$+(/!0)45)'#&'!0'!./,-$($!%$!#/(,$!.@)%'#$!./#!%$!+'!%/0!,'(.$+/0!,70!),-/(&$#&'0!-$($!?@)%'9!'0&/0!
0/#!BB<""<9!%$!"#)6#!B5(/-'$!8!N5);$!JO$A%$!P<PK<!
23!
!"#$%&'()!*+!,-./01"234-5!-4!-0!6-,"173!248-,41"23410!7-!9,/815!3,.:42"15!
!! !
!"#$"%&'&'%()*+","-./0%102,1%$"%0),*"%-3.$10"%+","%),450.-)6%7%$"6%0),*"6%81%$)6%+"9616%*56%,1$1:"0216%+","%
(3.$1%-)*)%*1,-"8)6%
!"#$% &'( !)*+,#-.-/01),2*#1./0+3)4%./ '+#5.
! !
!;<!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
/.00. ("2*3)21)14#%5('1-&%()21)-*"6(3)*"+,-%&(3))
!
3$! '45)*$%'#.)$! /(67#).$! '0! 5#! ('./#/.),)'#&/! ,5&5/! '#! 8/(,$! +'! $.5'(+/0! 9)%$&'($%'0! '#&('! 0/.)/0!
./,'(.)$%'0! .%$*':! 45'! -'(,)&'! '%! ./,'(.)/! '1)&/0/! $%! ('+5.)(! %$0! 9$(('($0! ./,'(.)$%'0! ;! $-/;$(! '%!
8/(&$%'.),)'#&/!+'!%$!.$+'#$!+'!05,)#)0&(/<!3$!'45)*$%'#.)$!/(67#).$!('./#/.'!+/0!0)0&',$0!./,/!./,-$($9%'0!
;!*'()8).$9%'0:!$5#45'!#/!#'.'0$()$,'#&'!)+=#&)./0<!3/0!$.5'(+/0!+'!'45)*$%'#.)$0:!&)'#'#!,5.>/0!9'#'8).)/0!
-$($! %/0! $.&/('0! +'%! ,'(.$+/:! %/0! -(/+5.&/('0! .5'#&$#! ./#! -(/.'0/0! +'! .'(&)8).$.)?#! ,70! 0),-%)8).$+/0! ;!
'./#?,)./0!;!%/0!./#05,)+/('0!0'!9'#'8).)$#!./#!5#$!,$;/(!.$#&)+$+!;!*$()'+$+!+'!-(/+5.&/0!/(67#)./0<!@#!
./#0'.5'#.)$!'0&/0!$.5'(+/0!('+5.'#!'%!./0&/!+'!>$.'(!#'6/.)/0!AB(6$#).!C($+'!D00/.)$&)/#:!EFGHI<!
D! #)*'%! 6%/9$%:! %/0! -$J0'0! ,70! $9)'(&/0! 45'! .5'#&$#! ./#! K! /! ,70! $.5'(+/0! 9)%$&'($%'0! 0/#! @@<""<:! L$#$+7:! %$!
"<@<:!M$-?#!;!N5)O$<!@#!'%!>',)08'()/!N5(:!P5'*$!Q'%$#+)$!.5'#&$!./#!+/0!$.5'(+/0!9)%$&'($%'0:!5#/!./#!L>)#$!;!
/&(/!./#!%$!"<@!;!L>)%'!&)'#'!0/%/!5#/!./#!%$!"<@<:!$5#45'!>$;!$*$#.'0!),-/(&$#&'0!'#!5#!$.5'(+/!./#!R($0)%!;!
0'! >$#! -('0'#&$+/! -(/&/./%/0! +'! $.5'(+/! $! @@<""<! ;! L/('$<! @%! -$#/($,$! 6%/9$%! +'! $.5'(+/0! 9)%$&'($%'0! ;!
5#)%$&'($%'0!0'!,5'0&($!'#!%$)S)65($!E<G.!
!789:;)/.0.)(<9=:>?@)>=)=A97B;C=D<7;.)3?<7?@);)D7B=C)E9D>7;C.)
)
S5'#&'T!B(6$#).!C($+'!D00/.)$&)/#<!"<N!B(6$#).!C($+'!U$&$!EFGG!&/!EFG2!
!
22!
!"#$%&'()!*+!,-./01"234-5!-4!-0!6-,"173!248-,41"23410!7-!9,/815!3,.:42"15!
!! !
!
!"#!" $%&&'&%()*+,)&'-./%01,2'()%)/%()134,&5%01,2'()6')4&,6.05,(),&-7210,()
6'(6')081/')*)6'(6')/,()%05.%/'()4%9('()%$%(5'0'6,&'()
!
0#!=>?'(#@ABC!#!(#!AD$)=&#@ABC!E>!F='&#G!)=?HCA@#G!E>GE>!"IA(>!>C!()G!D>=@#E)G!DHG!#&=#@&AJ)G!$#=#!>G&#!)F>=&#K!
>G&H!E>G@=A&#!>C!(#!@>=&AFA@#@ABC!>LA?AE#!$)=!@#E#!$#%GK!(#!M'>!$'>E>!&>C>=!J#=A#G!D)E#(AE#E>GK!>G&#G!G)CN!
#O ">=&AFA@#@ABC!$=)$A#!E>(!$#%G!E>G&AC)!#!(#!M'>!G>!$'>E>!#@@>E>=!D>EA#C&>!>(!$=)@>G)!E>!@>=&AFA@#@ABC!>C!
>(! $#%G! E>! )=A?>CK! #! &=#JPG! E>! >C&AE#E>G! #'&)=AQ#E#G! $#=#! #$(A@#=! (#! @>=&AFA@#@ABC+! -G&>! >G! >(! @#G)! E>!
--+//+!
RO ">=&AFA@#@ABC!E>!'C!&>=@>=!$#%G!#'&)=AQ#E)!>C!>(!$#%G!E>G&AC)K!M'>!C)!@'>C&>!@)C!C)=D#G!CA!@>=&AFA@#@ABC!
$=)$A#+!-G!>(!@#G)!E>!5AC?#$'=+!
@O ">=&AFA@#@ABC! $=)$A#! E>(! $#%G! E>G&AC)! @)C! >M'AJ#(>C@A#! #! (#! C)=D#! E>(! $#%G! E>! )=A?>C+! -C! >G&>! @#G)! (#!
@>=&AFA@#@ABC! E>! )=A?>C! >G! =>@)C)@AE#! >C! >(! $#%G! E>! E>G&AC)+! "#G)! E>! -'=)$#! M'>! =>@)C)@>! (#! C)=D#!
@IA(>C#!S!(#!@>=&AFA@#@ABC!51.!@)D)!>M'AJ#(>C&>!#!(#!@>=&AFA@#@ABC!E>!(#!/-+!
0#G!=>?'(#@A)C>G!>C!(#!@>=&AFA@#@ABC!)=?HCA@#K!C)!$'>E>C!@)CGAE>=#=G>!R#==>=#GK!$)=M'>!>G!C)=D#(!G)D>&>=G>!#!
'C!$=)@>G)!E>!J>=AFA@#@ABC!E>!()G!ACG'D)G!S!$=)@>EADA>C&)G!'&A(AQ#E)G!>C!>(!$=)@>G)!$=)E'@&AJ)K!M'>!@>=&AFAM'>!
M'>! >G>! $=)E'@&)! >G! >F>@&AJ#D>C&>! >(! =>G'(&#E)! E>! (#! #$(A@#@ABC! E>! F'CE#D>C&)GK! $=)@>EADA>C&)G! >! ACG'D)G!
#@>$&#E)G!>C!(#!#?=A@'(&'=#!)=?HCA@#+!4)!)RG&#C&>K!>LAG&>C!ACG'D)G!M'>!I#C!GAE)!#@>$&#E)G!$)=!#(?'C#G!C)=D#G!
S! $)=! )&=#G! C)! $)=! ()! M'>! G>! E>R>! >G&#=! #&>C&)! >C! @#G)! E>! I#R>=()G! 'G#E)K! $)=M'>! $'>E>! (ADA&#=! #(?'C)G!
D>=@#E)G+!
-G! AD$)=&#C&>! &>C>=! @)C)@ADA>C&)! E>! (#! #@>$&#@ABC! E>! ACG'D)G! >C! (#! #?=A@'(&'=#! )=?HCA@#! $)=! ()G! EAJ>=G)G!
$#%G>GK! #C&>G! E>! #$(A@#=()GT! $#=#! >(()! ()G! $=)E'@&)=>G! @'>C&#C! @)C! (#! #G>G)=%#! E>! (#G! DAGD#G! >D$=>G#G!
@>=&AFA@#E)=#G!S!E>(!51.+!
0)G!#G$>@&)G!=>G&=A@&AJ)G!E>!()G!D>=@#E)G!#!(#!#?=A@'(&'=#!)=?HCA@#!M'>!G%!$'>E>C!@)CGAE>=#=G>!R#==>=#GK!G)C!()G!
$=)@>EADA>C&)G!@'#=>C&>C#=A)GK!M'>!#(!G>=!#$(A@#E)G!G#@#C!>(!$=)E'@&)!E>!(#!@#&>?)=%#!E>!)=?HCA@)G+!0)G!M'>!G>!
I#C!>C@)C&=#E)!>C!(#G!F='&#G!G>(>@@A)C#E#G!>C!>G&>!>G&'EA)!S!()G!D>=@#E)G!>G&'EA#E)G!G)C!()G!GA?'A>C&>GN!
/J#! E>! D>G#! >C! --+//+! /571! I#! AD$'>G&)! (#! C>@>GAE#E! E>! F'DA?#=! @)C! R=)D'=)! E>! D>&A()K! &)E#! (#! 'J#! E>!
D>G#! M'>! AC?=>G#! #! --+//+! E>GE>! "IA(>! $)=! (#! $(#?#! @'#=>C&>C#=A#! !"#$%&'(&)*+ ,-%(#.*%*+! ")C! >G&#! D>EAE#K! S!
E#E)! M'>! CAC?'C#! F='&#! G>! $'>E>! @)CGAE>=#=! )=?HCA@#! E>G$'PG! E>! (#! F'DA?#@ABCK! (#! 'J#! E>! D>G#! )=?HCA@#! C)!
!;<!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
)#4('0$! $! '0&'! ,'(.$+/5! 6$! 0/%7.)8#! '0&9! '#! %$! $-(/:$.)8#! +'%! ,;&/+/! +'! )#0-'..)8#! '#! /()4'#! <=>&',!
$--(/$.?@!-$($!'%!.7$%!0'!+':'!$-(/:$(!7#!-(/&/./%/!-/(!-$(&'!+'!"=AB5!
B(9#+$#/0!C('0./0!'#!DD5""5!"=AB!?$!),-7'0&/!%$!C7,)4$.)8#!./#!E(/,7(/!+'!F'&)%/!$!&/+/0!%/0!$(9#+$#/0!
C('0./0! -(/*'#)'#&'0! +'! G/#$0! $&$.$+$0! ./#! !"#$%&'( #")*'+'! HA'0+'! %$! I'4)8#! F'&(/-/%)&$#$! $! %$! JKKK! I'4)8#!
L/(&'M5! K47$%! N7'! '#! '%! .$0/! +'! %$! 7*$! +'! ,'0$O! %$! $-(/:$.)8#! +'%! ,;&/+/! +'! )#0-'..)8#! '#! /()4'#! <=>0&',!
B--(/$.?@!-/+(P$!,'Q/($(!'%!$..'0/!+'!%$!-(/+7..)8#!+'!$(9#+$#/0!/(49#)./0!+'!'0&$0!G/#$0!+'!R?)%'5!
F$#G$#$0!C('0.$0!$!S$)T9#5!6$0!,$#G$#$0!'#!S$)T9#!0/#!0/,'&)+$0!$!7#!-(/.'0/!+'!)#0-'..)8#!'1?$70&)*/!>!0)!
0'!'#.7'#&($#!.?$#.?)&/0!H,%$-."/"//-%(%0MO!-7%4/#'0O!$($U)&$0!/!)#.%70/!&)'(($O!%$!C(7&$!0'!+':'!C7,)4$(!./#!
E(/,7(/!+'!F'&)%/!-'(+)'#+/!07!./#+).)8#!+'!/(49#).$O!$N7'%%$!N7'!?$!0)+/!.'(&)C).$+$!./,/!&$%5!
/.01. 2-$%3(324)%-$2"-(&%*-('24)32)"2+#'(&%5-)()'()(+"%&#'$#"()*"+,-%&()
!
!67689:;<=)%=>68=9:;?=9@)76)A?B;C;6=>?)76)(D8;:E@>E89)*8DF=;:9)G%!*(AH)
KVWBF!'0!7#$!+'!%$0!/(4$#)G$.)/#'0!N7'!?$!&'#)+/!,90!-'0/!'#!%$!'*/%7.)8#!+'!%$!$4().7%&7($!'./%84).$!'#!%$0!
X%&),$0!+;.$+$0O!0)'#+/!%$!-(),'($!'#!+'0$((/%%$(!'0&9#+$('0!)#&'(#$.)/#$%'0!-$($!'0&'!&)-/!+'!-(/+7..)8#5!='!
.('8!'#!YZ[\!>!$.&7$%,'#&'!.7'#&$!./#!Y]]]!0/.)/0!'#!,90!+'!Y\]!-$P0'0!HKVWBFO!\]Y3M5!
!
6/0! '0&9#+$('0! )#&'(#$.)/#$%'0! .('$+/0! -/(! KVWBF! ./#0)0&'#! '#! 7#$! 0'()'! +'! #/(,$0! N7'! $:/(+$#! %$!
-(/+7..)8#O!-(/.'0$,)'#&/!>!'&)N7'&$+/!+'!-(/+7.&/0!/(49#)./0O!'#&('!/&(/05!='!('*)0$#!-'()8+).$,'#&'O!>!'#!
-$(&).7%$(! %/0! .()&'()/0! N7'! 0'! $-%).$#! $! %$0! 070&$#.)$0! -'(,)&)+$0! >! '%! -(/.'0/! -/(! '%! .7$%! 0'! %%'*$! $! .$:/! %$!
)#0-'..)8#!>!%$!.'(&)C).$.)8#5!D0&$0!#/(,$0!0'!:$0$#!'#!%$0!+)('.&().'0!)#&'(#$.)/#$%'0!'0&$:%'.)+$0!-/(!%$!VBW!>!
'%! R/,)&;! +'%! R/+'1! B%),'#&$()70! >! -/(! &$#&/O! 0/#! ./#0)+'($+$0! ./,/! '0&9#+$('0! :90)./0! N7'! %/0! 4/:)'(#/0!
-7'+'#!70$(!-$($!+'0$((/%%$(!070!-(/-)/0!-(/4($,$0!#$.)/#$%'0!+'!B4().7%&7($!W(49#).$!HKVWBFO!\]Y3M5!
!
D0&$0!#/(,$0!'0&9#!./#0&(7)+$0!'#!:$0'!$!%/!N7'!0'!./#0)+'($#!%/0!+/0!-)%$('0!+'!KVWBF^!%/0!'0&9#+$('0!:90)./0!
-$($! %$! -(/+7..)8#! >! '%! -(/.'0$,)'#&/! /(49#)./O! >! %/0! .()&'()/0! +'! $.('+)&$.)8#! -$($! .'(&)C).$.)8#! +'! %$!
-(/+7..)8#!>!'%!-(/.'0$,)'#&/!/(49#)./5!B!&($*;0!+'!%/0!'0&9#+$('0!:90)./0O!KVWBF!'0&$:%'.'!%$!,$#'($!N7'!
./#0)+'($!'C'.&)*$!-$($!+'0$((/%%$(!7#$!-(/+7..)8#!$4(P./%$!'./%84).$O!./#0'.7'#&'!./#!070!-()#.)-)/05!D#!&$#&/O!
%/0! .()&'()/0! +'! $.('+)&$.)8#! +'! KVWBF! 0'! :$0$#! '#! %$! #/(,$! K=W_2`O! %$! .7$%! ./#0&)&7>'! 7#$! 47P$! -$($! %/0!
/(4$#)0,/0!.'(&)C).$+/('0!N7'!4/G$!+'!7#!4($#!('./#/.),)'#&/!'#!'%!,'(.$+/!)#&'(#$.)/#$%5!
23!
!"#$%&'()!*+!,-./01"234-5!-4!-0!6-,"173!248-,41"23410!7-!9,/815!3,.:42"15!
!! !
!
=#>#! ?'@! 'A#! @A&BC#C! D@>&BEBD#C)>#! )F&@AG#! @(! >@H$#(C)! C@! 29316! I! H@#! #D>@CB&#C#! C@A&>)! C@! H'! 5BH&@J#!
3>GKABD)! C@! .#>#A&%#L! C@F@! D'J$(B>! (#H! A)>J#H! C@! (#! #H)DB#DBMAL! ()! ?'@! @H! N@>BEBD#C)! $)>! @(! 5@>NBDB)!
2A&@>A#DB)A#(! C@! 1D>@CB&#DBMA! 3>GKABD#! O2315PL! )>G#ABQ#DBMA! A)! C@$@ACB@A&@! C@! 29316+! -A! @(! $>)D@H)! C@!
N@>BEBD#DBMA! ?'@! >@#(BQ#! @(! 2315L! H@! @N#(R#! #! (#H! @A&BC#C@H! D@>&BEBD#C)>#H! #! &>#NSH! C@! 'A#! >@NBHBMA! &#A&)!
C)D'J@A&#(!D)J)!!"#$!%&'#-(!BAE)>J@!@H!((@N#C)!#(!D)JB&S!E)>J#C)!$)>!@T$@>&)H!I!(#!>@$>@H@A&#DBMA!G()F#(!C@!
(#H!$#>&@HL!?'@!&)J#!C@!'A#!C@DBHBMA!EBA#(+!1!H'!N@QL!@(!2315!H@!)D'$#!C@!(#!#CJBABH&>#DBMA!C@(!H@(()!C@!29316L!
@(!?'@!$'@C@!H@>!'&B(BQ#C)!@A!()H!$>)C'D&)H!@D)(MGBD)H!D@>&BEBD#C)H!$)>!()H!#G@A&@H!#D>@CB&#C)H!@A!@(!5BH&@J#!C@!
.#>#A&%#!OU)Q#L!*VWWP+!
!
!"#$%$&'()*+(!")*,(-+$#*'./0$1%(
0#!")JBHBMA!C@(!")C@T!1(BJ@A&#>B'H!E'@!E'AC#C#!@A!W<;X!#!$#>&B>!C@!(#!BABDB#&BN#!D)AY'A&#!@A&>@!(#!3>G#ABQ#DBMA!
$#>#! (#! 1G>BD'(&'>#! I! (#! 1(BJ@A&#DBMA! O913P! I! (#! 3>G#ABQ#DBMA! 6'ACB#(! C@! (#! 5#('C! O365P+! -(! )FY@&BN)! C@! (#!
")JBHBMA! @>#! D>@#>! 'A! D'@>$)! A)>J#&BN)! C@! >@E@>@ADB#! $#>#! (#! BAC'H&>B#! C@! (#! #(BJ@A&#DBMAL! #(! #J$#>)! C@(!
=>)G>#J#! 913Z365! C@! -H&KAC#>@H! 1(BJ@A&#>B)H+! 1H%L! @A! W<<<L! (#! ")JBHBMA! @H&#F(@DBM! H'! $>)$B#! >@G'(#DBMA!
H)F>@!$>)C'DDBMA!@D)(MGBD#L!#!(#!D'#(!CB)!@(!A)JF>@!C@!(!)*+%)!+*$#,-)-#.-#,)/0&++!1"2#*.-3/)-+!1"2#*%!4&*%-0/#5#
+/6*)+!-.!7-+!1"# 0*# -.!6*"%/$# ,)/0&+!0/$# /)89"!+-6*"%*+! -H&@! C)D'J@A&)! Y'H&BEBD#! (#! A@D@HBC#C! C@! 'A#!
D@>&BEBD#DBMA! @T&@>A#! C@! ()H! $>)C'D&)HL! @H$@DBEBD#! 'A#! (BH&#! C@! H'H&#ADB#H! $@>JB&BC#H! I! A)! $@>JB&BC#H! $#>#! (#!
$>)C'DDBMA! #(BJ@A&#>B#! @D)(MGBD#L! C@&#((#! ()H! (BA@#JB@A&)H! H)F>@! @&B?'@&#C)L! BAH$@DDBMAL! D@>&BEBD#DBMA! @!
BJ$)>&#DBMA!C@!$>)C'D&)H!C@!#G>BD'(&'>#!@D)(MGBD#L!@A&>@!)&>)H!OU)Q#L!*VWWP+!
-A! @H&@! D)A&@T&)L! (#H! 4)>J#H! 8SDABD#H! C@! (#! 0@I! 4[! *V+V\<! ?'@! D>@#! @(! 5BH&@J#! 4#DB)A#(! C@! "@>&BEBD#DBMA! C@!
=>)C'D&)H!3>GKABD)H!1G>%D)(#H!@A!"]B(@L!#D)G@!(#H!A)>J#H!J%ABJ#H!C@!$>)C'DDBMA!)>GKABD#L!?'@!D)>>@H$)AC@A!
#! CB>@D&>BD@H! @A&>@G#C#H! $)>! 29316L! @A! >@(#DBMA! D)A! ()H! @H&KAC#>@H! &SDABD)H! I! $>KD&BD#H! $#>#! (#! $>)C'DDBMAL!
$>)D@H#JB@A&)L!&>#AH$)>&@!I!#(J#D@A#Y@!C@!$>)C'D&)H!)>GKABD)HL!@A&>@!)&>)H+!0#H!CB>@D&>BD@H!#C)$&#C#H!$)>!(#!
")JBHBMA! C@(! ")C@T! 1(BJ@A&#>B'H! O$>)G>#J#! D)AY'A&)! D)A! (#! 913Z365P! $#>#! (#! $>)C'DDBMAL! @(#F)>#DBMAL!
@&B?'@&#C)!I!D)J@>DB#(BQ#DBMA!C@!#(BJ@A&)H!$>)C'DBC)H!)>GKABD#J@A&@L!H)A!#C#$&#C#H!#!(#!>@#(BC#C!A#DB)A#(L!
$>)E'ACBQ#AC)!@A!#?'@(()H!&@J#H!C@!BA&@>SH!@H$@D%EBD)H!$#>#!@(!$#%H+!
!;<!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
&/012324567058)%91/09542795:/8)
4#&('!%$0!+'!('%'*$#.)$!-$($!'%!-$50!0'!'#.6'#&($!+0;<7)%=*)%91/09542795:7!86'!'0!6#$!+'!%$0!-(),'($0!9!,:0!
('./#/.)+$0!$;'#.)$0!$!#)*'%!,6#+)$%!+'+).$+$!$!/<('.'(!0'(*).)/0!'0-'.)$%)=$+/0!'#!./#&(/%7!;$($#&5$!+'!.$%)+$+!
9!.'(&)<).$.)>#!+'!-(/+6.&/0!/(;:#)./0!9!$,);$?%'0!./#!'%!,'+)/!$,?)'#&'7!+'!$.6'(+/!./#!%/0!(';%$,'#&/0!9!
'0&:#+$('0! *);'#&'0! '#! %/0! -()#.)-$%'0! ,'(.$+/0! +'! '1-/(&$.)>#@! A'! B$.'! -('0'#&'! '#! '%! -$507! $! &($*C0! +'! 06!
<)%)$%!D#0&)&6&'!/<!E$(F'&/%/;9!GB)%'!A@H7!86'!%6';/!+'!%$!<60)>#!./#!4./.'(&!I(/6-!0'!B$.'!-('0'#&'!'#!GB)%'!-/(!
,'+)/!+'!4./.'(&!GB)%'7!',-('0$!$.('+)&$+$!-/(!'%!AHI!-$($!/&/(;$(!.'(&)<).$.)/#'0!/(;:#).$0!'#!'%!-$50@)
(0>/94/01?! '0! 6#$! ',-('0$! .'(&)<).$+/($! +'! .$(:.&'(! )#&'(#$.)/#$%7! -'(&'#'.)'#&'! &$,?)C#! $%! ;(6-/! 4./.'(&@!
H(;'#.'(&! .'(&)<).$! 6#$! $,-%)$! ;$,$! +'! -(/+6.&/0! &$%'0! ./,/! <(6&$0! 9! B/(&$%)=$0! <('0.$07! ;($#/0! 9! .'('$%'07!
-$#)<).$+/07! $.')&'07! J6;/0! ./#.'#&($+/07! *)#/7! ,'(,'%$+$07! ,)'%7! .$(#'! *$.6#$! 9! /*)#$7! $*'07! B)'(?$0!
$(/,:&).$0!9!,'+).)#$%'07!9!-(/+6.&/0!0)%*'0&('07!'#&('!/&(/07!+'0$((/%%$#+/!#/(,$0!'0-'.5<).$0!-$($!.$+$!.$0/7!
$./(+'0!./#!%$0!'1);'#.)$0!#$.)/#$%'0!'!)#&'(#$.)/#$%'0@!40&$!',-('0$!0'!'#.6'#&($!$.('+)&$+$!-/(!'%!AHI!-$($!
.'(&)<).$(! -(/+6.&/0! '#! '%! -$507! 9! .6'#&$! ./#! 6#$! 0'()'! +'! $.('+)&$.)/#'0! )#&'(#$.)/#$%'07! '#&('! %$0! 86'! 0'!
+'0&$.$#!DKLHE!$..('+)&'+7!"AMH!/(;$#).7!"47!'#&('!/&($0@!
)
)
)
@.AB. C-$%D(DCE)%-$C"-(&%*-('CE)DC)(F*G*)()'()(+"%&#'$#"()*"+,-%&()
!
!(*)
N$! L(;$#)=$.)>#! +'! %$0! O$.)/#'0! "#)+$0! -$($! %$! H;().6%&6($! 9! H%),'#&$.)>#! PKHLQ! <6'! <6#+$+$! '#! /.&6?('! +'!
RSTU! 9! +'0+'! '0'! '#&/#.'0! ./#+6.'! $.&)*)+$+'0! )#&'(#$.)/#$%'0! '#.$,)#$+$0! $! '(($+).$(! '%! B$,?('! '#! '%!
,6#+/@!N$!KHL!9!GB)%'!./%$?/($#!'0&('.B$,'#&'!+'0+'!B$.'!,:0!+'!V3!$W/07!-'()/+/!'#!86'!0'!B$#!%%'*$+/!$!
.$?/!6#$!+)*'(0)+$+!+'!-(/9'.&/0!'!)#).)$&)*$0!./#J6#&$0@!N$!L(;$#)=$.)>#!B$!$-/9$+/!$!GB)%'!'#!&/+$0!%$0!:('$0!
+'!06!,$#+$&/7!'0&),6%$#+/!'%!+'0$((/%%/!)#0&)&6.)/#$%!+'%!-$507!$;().6%&6($7!-'0.$!9!+'0$((/%%/!</('0&$%7!'#&('!
/&(/0@!N$!KHL!$+',:0!-$(&).)->!'#!%$!+'<)#).)>#!9!+)0.60)>#!+'!%$!N'9!+'!H;().6%&6($!L(;:#).$7!%$!N'9!+'!X/086'!
O$&)*/7!%$!%';)0%$.)>#!+'!Y'0.$!9!'%!(';%$,'#&/!$,?)'#&$%!+'!%$!$.6).6%&6($!PKHL7!Z3R[Q@!
G/,/!/(;$#)0,/!,)',?(/!+'!%$0!O$.)/#'0!"#)+$07!%$!KHL!-('0'#&$!&('0!/?J'&)*/0!$!#)*'%!;%/?$%@!4%!86'!&)'#'!
('%$.)>#! ./#! '%! &',$! +'! $;().6%&6($! /(;:#).$! '0! '%! /?J'&)*/! VQ@! L(+'#$.)>#! 9! 6&)%)=$.)>#! 0/0&'#)?%'! +'! %/0!
('.6(0/0!#$&6($%'07!./#!)#.%60)>#!+'!%$!&)'(($7!$;6$7!$)('7!'%!.%),$!9!%/0!('.6(0/0!;'#C&)./07!'#!?'#'<).)/!+'!%$0!
23!
!"#$%&'()!*+!,-./01"234-5!-4!-0!6-,"173!248-,41"23410!7-!9,/815!3,.:42"15!
!! !
=>?>@#AB)?>C!#A&'#(>C!D!E'&'@#C+!-?!>C&>!F#@A)G!>(!#$)D)!H>!(#!913!>?!"IB(>!C>!J#C#!>?!C'C!A)?)ABFB>?&)C!>?!
(#C!K@>#C!H>!C)C&>?BJB(BH#H!#FJB>?&#(!D!=>C&BL?!H>!@B>C=)CG!>?&@>!)&@#C+!
-C&#!)@=#?BM#ABL?!B?&>@?#AB)?#(!)&)@=#!#$)D)!A)?N'?&)!A)?!)&@)C!)@=#?BCF)C!B?&>@?#AB)?#(>C!D!34.OC+!7>!>C&#!
E)@F#G!A)(#J)@#?!A)?!(#!913G!(#!"-P10<G!A)?!C'!/?BH#H!1=@%A)(#!$#@&BAB$#!>?!>C&'HB)C!Q'>!B?A)@$)@#?!#(!$#%CR!>(!
2?C&B&'&)! 2?&>@#F>@BA#?)! H>! "))$>@#ABL?! $#@#! (#! 1=@BA'(&'@#*R! -(! P@)=@#F#! H>! (#C! 4#AB)?>C! /?BH#C! $#@#! >(!
7>C#@@)(()! SP4/7TU! A)?! C'C! &@#J#N)C! >?! "#FJB)! "(BFK&BA)R! (#! 3@=#?BM#ABL?! P#?#F>@BA#?#! H>! (#! 5#('H! S3P5TV!
#$)@&#!A)?!C'C!&@#J#N)C!>?!?'&@BABL?G!B?)A'BH#H!D!>?E>@F>H#H>C+!
7BAI)C!)@=#?BCF)CG!>?!A)?N'?&)!A)?!>(!6B?BC&>@B)!H>!1=@BA'(&'@#G!H>C#@@)((#@)?!K@>#C!&>FK&BA#C!H>!&@#J#N)!$#@#!
>(! $>@B)H)! *W<VX*W<Y! D! >?! A)?N'?&)! A)?! >(! ?'>Z)! =)JB>@?)! H>EB?>?! ()C! KFJB&)C! H>! &@#J#N)! $#@#! >(! $>@B)H)!
CB='B>?&>G! *W<YX*W**+! 0#C! K@>#C! H>! &@#J#N)! A)?N'?&)! Q'>! &B>?>?! @>(#ABL?! A)?! >(! )JN>&BZ)! UT! H>! (#! 913! D! Q'>!
A)F$>&>?!#!>C&>!>C&'HB)!C)?!(#C!CB='B>?&>C!S913G!*W<[T\!
!" 9)F>?&)!H>!>C&@#&>=B#C!$#@&BAB$#&BZ#C!>!B?A('CBZ#CG!H>!A#@KA&>@!&>@@B&)@B#(G!$#@#!>(!H>C#@@)(()!H>!(#!#=@BA'(&'@#!
E#FB(B#@!D!(#!$>CA#!#@&>C#?#(+!
#" 9)@&#(>ABFB>?&)!H>!(#C!B?C&B&'AB)?>C!$#@#!>(!F#?>N)!C)C&>?BJ(>!H>!()C!@>A'@C)C!?#&'@#(>C!>?!>CA>?#@B)C!H>!
A#FJB)!A(BFK&BA)+!
$" P@)&>AABL?! H>! (#! JB)HBZ>@CBH#HG! A)?C>@Z#ABL?! H>! ()C! @>A'@C)C! ?#&'@#(>C! D! =>?]&BA)C! $#@#! (#! C>='@BH#H!
#(BF>?&#@B#+!
%" 7>C#@@)(()!B?C&B&'AB)?#(!$#@#!(#!=>C&BL?!D!'C)!H>(!@>A'@C)!I%H@BA)!#!?BZ>(!?#AB)?#(G!@>=B)?#(!D!()A#(+!
!
&'()*
-(!P@)=@#F#!H>!(#C!4#AB)?>C!/?BH#C!$#@#!>(!7>C#@@)(()!SP4/7T!&B>?>!A)F)!)JN>&BZ)!#D'H#@!#!BF$(>F>?&#@!()C!
3JN>&BZ)C!H>!7>C#@@)(()!5)C&>?BJ(>!S375T!>?!"IB(>!D!>(!@>C&)!H>!()C!$#%C>C!#HI>@>?&>C+!P#@#!>(()G!$@>C&#!#$)D)!#(!
=)JB>@?)!$#@#!Q'>!C>!B?&>=@>?!()C!375!>?!C'C!$(#?>C!D!$)(%&BA#C!?#AB)?#(>C!H>!H>C#@@)(()+!
+,&-.*
-?!F#&>@B#!H>!H>C#@@)(()!C)C&>?BJ(>G!(#!"-P10!A)?&@BJ'D>!#!(#!>Z#('#ABL?!H>!()C!#Z#?A>C!>?!(#C!$)(%&BA#C!$^J(BA#CG!
B?C&@'F>?&)C! >! B?C&B&'AB)?>CG! HB@B=BH#C! #! $@)F)Z>@! '?#! #A&BZBH#H! >A)?LFBA#! FKC! B?A('CBZ#! D! H>! F>?)@! I'>((#!
#FJB>?&#(!>?!()C!$#%C>C!H>!1F]@BA#!0#&B?#!D!>(!"#@BJ>!S"-P10G!*W<YT+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
<
!"-P10+!")FBCBL?!-A)?LFBA#!$#@#!1F]@BA#!0#&B?#!D!>(!"#@BJ>+!___+A>$#(+)@=!
*
22"1\!>(!2?C&B&'&)!2?&>@#F>@BA#?)!H>!"))$>@#ABL?!$#@#!(#!1=@BA'(&'@#+!I&&$C\``BBA#+B?&`>C!
U
!P4/7R!___+A(+'?H$+)@=`!
!3P5R!___+$#I)+)@=`AI!
V
!;<!
!"#$%&#'$#"()*"+,-%&(.!"#$!$%&'(#$&)*$!+'!),-$.&/!-$($!'%!0'.&/(!'1-/(&$+/(!#$.)/#$%!!
&%(*)
4$! 5/,)0)6#! 7#&'($,'().$#$! +'! 89().:%&:($! ;(9<#).$! =578;>?! 0'! .('6! '#! 3@@A! ./#! '%! B)#! +'! ./#&()C:)(! $%!
+'0$((/%%/!+'!'0&$!$.&)*)+$+!'#!%/0!-$D0'0!+'!8,E().$!F!B$.)%)&$(!'%!./,'(.)/!+'!0:0!-(/+:.&/0G!8.&:$%,'#&'!%$!
578;! '0&<! ./#B/(,$+$! -/(! HI! -$D0'0J! '#&('! %/0! K:'! 0'! '#.:'#&($! 5L)%'G! M<0! )#B/(,$.)6#! '#!
L&&-NOOPPPG.)$/(9$#)./G#'&G!
Q%!&($C$R/!+'!%$!578;!0'!./#.'#&($!'#!.:$&(/!<('$0!'0&($&E9).$0N!
/0 S$.)%)&$.)6#!+'%!./,'(.)/!+'!-(/+:.&/0!/(9<#)./0!F!+'0$((/%%/!+'!0:0!,'(.$+/0G!
10 Q0&$C%'.),)'#&/!F!B/(&$%'.),)'#&/!+'!%/0!T)0&',$0!U$.)/#$%'0!+'!5/#&(/%!+'!%$!V(/+:..)6#!;(9<#).$!=TU5>G!
20 S/,'#&/!+'!%$!-(/+:..)6#!/(9<#).$G!
30 W'0&)6#!+'!%$!)#B/(,$.)6#!F!+'%!./#/.),)'#&/G!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"!#$%&'!())*+,,---./01234150/2.56),!
23!