!
(;&,7$7,217(676
&+(&.,1*30*RQXQLWVILWWHGZ30*
9,&6!&6%!+.,&!-(%)#&,.3:!4%#/+)%!B-1%/!#&!&6%!)%3+1#&-)!&%)4,.#1/!Se:!S`!#.2!Sb8!=6%/%!/6-+12!0%!
0#1#.*%2!#.2!<,&6,.!&6%!$-11-<,.3!)#.3%/?!
]^!FL!3%.%)#&-)/!Z!\g^Z\i^!B-1&/!
d^!FL!3%.%)#&-)/!Z!e^^Ze\d!B-1&/!
!
"6-+12!&6%!B-1%/!0%!+.0#1#.*%2:!/&-(!&6%!/%&:!)%4-B%!&6%!SPT!/6%%&!4%!*-B%)!$)-4!&6%!.-.Z2),B%!
%.2!0)#*;%&!#.2!2,/*-..%*&!&6%!4+1&,Z(,.!(1+3!,.!&6%!SPT!-+&(+&!1%#2/8!U6%*;!1%#2/!Se:!S`:!#.2!Sb!$-)!
*-.&,.+,&'8!U6%*;!&6%!SPT!/&#&-)!)%/,/&#.*%/!0%&<%%.!-+&(+&!1%#2/8!=6%/%!/6-+12!0%!0#1#.*%2!#.2!
<,&6,.!jGZ\^f!-$!e8`!-64/8!H$!)%/,/&#.*%/!#)%!+.0#1#.*%2!#.2G-)!,.*-))%*&!&6%!SPT!/&#&-)!4+/&!0%!
)%(1#*%28!H$!&6%!B-1%/!#)%!0#1#.*%2!0+&!1-<!#.2!&6%!SPT!/&#&-)!<,.2,.3!)%/,/&#.*%/!#)%!*-))%*&:!&6%.!
&6%!SPT!)-&-)!4+/&!0%!)%(1#*%28!
!
!
&+(&.,1**(1(5$725:,1',1*6$1'527$7,1*',2'(6
=6,/!()-*%2+)%!,/!*#)),%2!-+&!<,&6!1%#2/!_!#.2!__!2,/*-..%*&%2!#&!&6%!5VN8!U-..%*&!#!\eZB-1&!XU!!(-<%)!
/+((1'!&-!1%#2/!_!#.2!__8!"&#)&!&6%!/%&!#.2!)+.!#&!)#&%2!/(%%28!P%#/+)%!&6%!B-1%/!#&!&6%!4#,.!-+&(+&!
&%)4,.#1/!Q:!V!#.2!98!H$!B-1%/!#)%!0#1#.*%2!#.2!<,&6,.!jGZ\^f!-$!&6%!3%.%)#&-)!.-4,.#1!B-1%:!)%$%)!
&-!]8d8e8\8!U6%*;!B-1%/!#&!5VN!&%)4,.#1/!d:!g!#.2!i8!=6%/%!/6-+12!0%!0#1#.*%2!#.2!0%&<%%.!\g^Ze]^!
B-1&/8!
!
H$!B-1%/!#&!&6%!4#,.!&%)4,.#1/!#)%!0#1#.*%2!0+&!B-1%!#&!d:!g!#.2!i!#)%!+.0#1#.*%2:!*6%*;!*-.&,.+,&'!
-$!1%#2/!d:!g!#.2!i8!!H$!B-1%/!#)%!+.0#1#.*%2:!)%$%)!&-!]8d8e8e8!
%$/$1&('0$,17(50,1$/92/7$*(6
RC*,&%)!<,.2,.3/:!4#,.!<,.2,.3/!#.2!4#,.!)-&#&,.3!2,-2%/!#)%!*-./,2%)%2!&-!0%!<,&6,.!#**%(%!1,4,&/!,$!
#11!B-1%/!#)%!0#1#.*%2!<,&6,.!\f!#&!&6%!4#,.!&%)4,.#1/8!![#+1&/!,.!&6%!5VN!-)!&)#./$-)4%)!*-.&)-1!#)%!
&6%.!#//+4%2!#.2!2%/*),0%2!0%1-<8!
H$!B-1%/!#)%!0#1#.*%2!0+&!1-<:!&6%!()-0#0,1,&'!,/!&6#&!&6%)%!,/!#!$#+1&!,.!&6%!4#,.!%C*,&#&,-.!<,.2,.3/!-)!
)-&#&,.3!2,-2%8!
5HFWLILHU'LRGHV!
X,-2%/!-.!&6%!4#,.!)%*&,$,%)!#//%401'!*#.!0%!*6%*;%2!<,&6!#!4+1&,4%&%)8!=6%!2,-2%!$+.*&,-.!4+/&!0%!
*6%*;%2:!.-&!/,4(1'!&6%!)%/,/&#.*%!4%#/+)%4%.&8!!=6%!1%#2/!*-..%*&%2!&-!%#*6!2,-2%!/6-+12!0%!
2,/*-..%*&%2!#&!&6%!&%)4,.#1!%.2:!&6+/!,/-1#&,.3!&6%!5VN!$)-4!&6%!3%.%)#&-)8![-)<#)2!#.2!)%B%)/%!
)%/,/&#.*%!/6-+12!&6%.!0%!*6%*;%28!5!()-(%)1'!$+.*&,-.,.3!2,-2%!<,11!6#B%!#!4+*6!3)%#&%)!)%/,/&#.*%!,.!
-.%!2,)%*&,-.!&6#.!&6%!-&6%)8!='(,*#1!)%B%)/%!0,#/%2!)%/,/&#.*%!<,11!0%!`^n!-64/!-)!3)%#&%):!<6,1%!$-)<#)2!
0,#/%2!)%/,/&#.*%!<,11!0%!1%//!&6#.!\^!-64/8!!5!-(%.!I0#2J!2,-2%!<,11!3,B%!#!,.$,.,&%!)%#2,.3!,.!0-&6!
2,)%*&,-./!<6,1%!#!/6-)&%2!I0#2J!2,-2%!<,11!6#B%!#!B%)'!1-<!)%/,/&#.*%!,.!0-&6!2,)%*&,-./8
5HSODFHPHQWRI)DXOW\'LRGHV!
=6%!$-11-<,.3!()-*%2+)%!*#.!0%!+/%2!&-!)%(1#*%!$#+1&'!2,-2%/!#/!/6-<.!0%1-<8!!F-<%B%):!2,-2%!$#,1+)%/!
#$&%)!#!0)%#;Z,.!(%),-2!#)%!+/+#11'!&)#*%#01%!&-!#.!%C&%).#1!$#+1&:!/+*6!#/!1,36&%.,.3!/&),;%8!!=-!#B-,2!
*-.&,.+,.3!()-01%4/:!,&!,/!)%*-44%.2%2!&6#&!&6%!%.&,)%!)%*&,$,%)!#//%401'!0%!)%(1#*%28!
=6%!)%*&,$,%)!#//%401'!,/!/(1,&!,.&-!(-/,&,B%!#.2!.%3#&,B%!(1#&%/8!!=6%!4#,.!)-&-)!,/!*-..%*&%2!#*)-//!&6%/%!
(1#&%/8!!R#*6!(1#&%!*#)),%/!`!2,-2%/:!&6%!.%3#&,B%!(1#&%!*#))',.3!.%3#&,B%Z0,#/%2!2,-2%/!#.2!&6%!(-/,&,B%!