(2010-07) Le combat des femmes haïtiennes contre le viol, juillet 2010
Resume — L'IJDH, le Bureau des Avocats Internationaux et des cliniques juridiques partenaires documentent une recrudescence du viol et des violences basées sur le genre contre les femmes et les filles dans les camps de déplacés de Port-au-Prince après le séisme de janvier 2010, sur la base d'entretiens avec plus de 50 survivantes orientées par les organisations de base KOFAVIV et FAVILEK. Le rapport constate que les viols sont largement sous-signalés, qu'il y a une quasi-absence de réponse gouvernementale, et que les conditions dans les camps, comme le manque d'éclairage et de sécurité, laissent les femmes gravement vulnérables.
Constats Cles
- KOFAVIV a recensé 230 cas de viol dans seulement 15 camps de déplacés à Port-au-Prince au cours des deux premiers mois après le séisme.
- Médecins Sans Frontières a signalé 68 cas de viol en avril 2010 dans une seule clinique de Port-au-Prince.
- Plus de 50 survivantes de viol ou de tentative de viol ont été interrogées, la plupart signalant des agressions par deux agresseurs armés ou plus, la nuit.
- Les survivantes ont décrit le signalement du viol à la police comme futile, un agent ayant même décliné toute responsabilité.
- Les conditions dans les camps, notamment le manque d'éclairage, d'intimité et de présence policière la nuit, exposaient gravement les femmes et les filles.
Description Complete
Ce rapport, produit par l'IJDH, le Bureau des Avocats Internationaux, MADRE, et des cliniques juridiques de l'Université de Virginie et de l'Université du Minnesota, présente les conclusions de deux délégations d'avocats américains, de chercheurs communautaires et d'une spécialiste de la santé des femmes qui ont enquêté sur le viol et les violences basées sur le genre contre les femmes déplacées internes à Port-au-Prince en mai et juin 2010. Les membres ont interrogé plus de 50 survivantes de viol ou de tentative de viol orientées par les organisations de base KOFAVIV et FAVILEK, et ont constaté que les viols dans les camps étaient largement sous-signalés : KOFAVIV a recensé 230 cas de viol dans seulement 15 camps au cours des deux premiers mois après le séisme, et Médecins Sans Frontières a signalé 68 cas de viol en avril dans une seule clinique de Port-au-Prince. La grande majorité des femmes interrogées ont déclaré avoir été violées par deux agresseurs armés ou plus, généralement la nuit. Le rapport constate une absence démontrée de réponse du gouvernement haïtien, les survivantes décrivant le signalement du viol à la police comme futile puisque les agresseurs ne pouvaient souvent pas être identifiés, un agent ayant même dit à une survivante que capturer son violeur était le problème du président René Préval, pas celui de la police. Les conditions dans les camps, notamment la surpopulation, le manque d'intimité, l'absence d'éclairage, l'absence d'installations de bain privées et une présence policière minimale la nuit, exposaient gravement les femmes et les filles. Le rapport conclut que l'échec de l'État à poursuivre les auteurs favorise une impunité qui normalise les violences basées sur le genre, et appelle le Gouvernement d'Haïti, l'ONU et les États donateurs à renforcer la protection, la coordination et l'accès à la justice pour les survivantes, notamment par le biais du système de clusters humanitaires de l'ONU.
Texte Integral du Document
Texte extrait du document original pour l'indexation.
!"
!"#$%!&'()$*#($)+',,$+#(-%,'./0$
1*'+'*.$2!-(.3)$4'/1+$*/*'.)+$#*5($
6789$:;<;$
!
!
!
!
!
!
"
$%&"'()*+,"-&+"./*00"1&+230*456"7!*/*!4"8(2+49,":*5;/"-5!*4,/"<!=+"
>(=?&*5;/"@"#ABAC"
-00"&*5;/,"&+,+&D+)E""
"
C1;+"/*/0+"F(&"/;*,"<+=(&/"G!,"*4,=*&+)"3?"!4"!&/*H0+"G&*//+4"3?"0(45I/*2+"7!*/*"!H/*D*,/"!4)"
!%/;(&J"'+D+&0?"'+00"!"#$%&'()*+%,$*%-.,/)01%2'34%5%6,7*%8'99'3+%:,$;.<#,/*%)0%=,);)J"
7K::LMN1$M"O$.1J"P!&E"#QJ"#ABAJ"R%(/*45"!"G(2!4"G*/;"/;+"5&!,,&((/,"G(2+49,"
(&5!4*S!/*(4"T$:-ULU"V>(22*,,*(4"(F"8(2+4"U*H/*2,"F(&"U*H/*2,WE"8+")+)*H!/+"/;*,"
<+=(&/"/("/;!/"G(2!4"!4)"(/;+&,"0*X+";+&"G;("H(4/*4%+"/("F*5;/"F(&"Y%,/*H+"!5!*4,/"!00"
()),E""
.
.
.
.
.
.
.
.
"
"
!"#$#%&'(")*":&!4/S"Z/*+44+"V'-LWJ"[!?4+":0+2*45"V<++)".2*/;"\\OWJ"O;*0*="N(0),2*/;"VL[]7WJ"[(,%+"<(Y!,"
VP%0/*2+)*!"<+=(&/+&J"-&/*,/WJ"]!D*)".H;2*)/"VL[]7W"!4)"'0!*4+"'((X+?"VL[]7^'-LWE"1;+"=;(/(5&!=;,"
H(4/!*4+)"*4"/;*,"<+=(&/")("4(/")+=*H/"/;+"D*H/*2,"*4/+&D*+G+)"*4"H(4Y%4H/*(4"G*/;"/;*,"<+=(&/E"
"
+#,-&./-)0%1*"-0+_!"\+;2!4"VL[]7W"
"
21)$0$3$-.4#&.53)$06-.7./-8#6&'69.01.:'0$0.;25/:<.
I>/EB.
!"#$%"&'$(&)*+,%-(&./-$#/%-0+/%"1.;=>2<.
B#B"8+,/"#b/;"./&++/J".%*/+"fAA"
?'@9-&)A.B'&$"C3'D-.E-)(#1)-.F-$@#&D.;?BEF<.
M+G"g(&XJ"Mg""BAAAB"
O$"'(_"`#BB`"
V#B#W"a#bIAQQQ"
'(,/(4J"P-""A##A`"
2!)&+d2!)&+E(&5"
VaBbW"a`#IAcba"
GGGE2!)&+E(&5"
*4F(d*Y);E(&5"
.
GGGE*Y);E(&5"
J10,-&)0$9.#4.I011-)#$'.?'@.K6"##L.;JIF<.
"
:38'1.E0%"$).?0$0%'$0#1.'1M.>M,#6'69.+L0106.
G&'1)>4&06'.H#&38.;G>H<.
e`["P(4)!0+"7!00J"##eIBe/;"-D+4%+".(%/;"
Ba#e"T"./&++/J"M8J".%*/+"BBAA"
P*44+!=(0*,J"PM""``Q``"
8!,;*45/(4J"]>""#AAAa"
VaB#W"a#`Ib#Qb"
V#A#W"##fIBeaA"
GGGE0!GE%24E+)%^"
*4F(d/&!4,!F&*H!F(&%2E(&5"
"
GGGE/&!4,!F&*H!F(&%2E(&5"
J10,-&)0$9.#4.N0&%010'.K6"##L.#4.?'@.;JN><.
21$-&1'$0#1'L.:38'1.E0%"$).?'@.+L0106.'1M.:38'1.
E0%"$).!&#%&'8..
`cA"P!,,*+"<(!)"
>;!&0(//+,D*00+J"U-""##eAf"
VQfQW"e#QIQbba"""
GGGE0!GED*&5*4*!E+)%^;%2!4&*5;/,^"
"
#"
"
G'OL-.#4.+#1$-1$)"
"
Z_+H%/*D+".%22!&? EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEQ"
"
L4/&()%H/*(4 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEa"
"
P+/;()(0(5? EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEBA"
"
:*4)*45,6"<!=+"*4"/;+"]*,=0!H+2+4/">!2=, EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEBB"
"
<+,=(4,+,"/("<!=+"O(,/IZ!&/;R%!X+EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEB`"
N(D+&42+4/"(F"7!*/*EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEB`"
K4*/+)"M!/*(4, EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEBb"
"
\+5!0":&!2+G(&X EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE#f"
O&(,+H%/*45"<!=+"K4)+&"](2+,/*H"\!G EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE#f"
$30*5!/*(4,"(F"7!*/*!4"!4)"](4(&"./!/+,"K4)+&"L4/+&4!/*(4!0"\!G EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE#Q"
"
>(4H0%,*(4,"!4)"<+H(22+4)!/*(4, EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE#c"
"
-HX4(G0+)52+4/,EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEfB"
"
-==+4)*H+,EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEf#"
"
"
"
"
f"
*4"/;+"2(4/;"(F"-=&*0"!/"(4+"(F"/;+*&"H0*4*H,"*4"O(&/I!%I
O&*4H+E"1;+"D!,/"2!Y(&*/?"(F"/;+"G(2+4"0*D*45"*4"H!2=,"G;("
"
G+&+"*4/+&D*+G+)"&+=(&/+)"3+*45"&!=+)"3?"/G("(&"2(&+"
*4)*D*)%!0,J"!02(,/"!0G!?,"!&2+)"!4)"!/"4*5;/E.
.
1;+&+"*,"!")+2(4,/&!/+)"0!HX"(F"5(D+&42+4/!0"&+,=(4,+"/("
,+_%!0"D*(0+4H+"(HH%&&*45"*4"/;+"H!2=,E"1;*,"F!*0%&+"/("!H/"
!==+!&,"/(";!D+"/G("=&(45,h/;+"7!*/*!4"N(D+&42+4/"
0!HX,"3(/;"/;+"=(0*/*H!0"G*00"!4)"/;+"H!=!H*/?"/("&+,=(4)E"
<!=+",%&D*D(&,"0*D*45"*4"/;+"H!2=,"/(0)"*4/+&D*+G+&,"/;!/"
&+=(&/*45"&!=+"/("/;+"=(0*H+"*,"!4"+_+&H*,+"*4"F%/*0*/?J",*4H+"
/;+?"H(%0)"4(/"*)+4/*F?"/;+*&"!,,!*0!4/"(&"!,,!*0!4/,E"P!4?"
G(2+4",/!/+)"/;!/"G;+4"/;+?"!==&(!H;+)"/;+"=(0*H+"F(&"
;+0=J"/;+"=(0*H+",!*)"/;!/"/;+&+"G!,"4(/;*45"/;+?"H(%0)")("
!4)"/;+",%&D*D(&",;(%0)"&+/%&4"G;+4",;+";!)"*)+4/*F*+)"
!4)^(&"H!=/%&+)"/;+*&"!//!HX+&E"$4+",%&D*D(&"&+=(&/+)"/;!/"
"
/;+"(FF*H+&",;+",=(X+"G*/;")*,H0!*2+)"&+,=(4,*3*0*/?"F(&"
1;+"[!4%!&?"#ABA"+!&/;R%!X+"4(/"(40?")+D!,/!/+)"7!*/*9,"
/&?*45"/("!==&+;+4)";+&"&!=*,/J"/+00*45";+&"/;!/"*/"G!,"/;+"
F&!*0"*4F&!,/&%H/%&+J"*/"G(&,+4+)"!0&+!)?"*4!)+R%!/+"!4)"
=&(30+2"(F"7!*/*9,"=&+,*)+4/J"<+4i"O&iD!0E""
*4+R%*/!30+"!HH+,,"/("3!,*H",(H*!0",+&D*H+,"/;&(%5;(%/"7!*/*E"
"
L/"!0,("H&+!/+)"!",+D+&+"H&*,*,"(F",!F+/?"!4)",+H%&*/?h
>(4)*/*(4,"*4"/;+"H!2=,"!&+"30+!XE"$D+&H&(G)*45J"0!HX"(F"
+,=+H*!00?"F(&"/;(,+"0*D*45"*4"/;+"L4/+&4!00?"]*,=0!H+)"
=&*D!H?J"G+!X+4+)"F!2*0?"!4)"H(22%4*/?",/&%H/%&+,J"
O+&,(4,"VL]OW"H!2=,h+_!H+&3!/*45"/;+"!0&+!)?"5&!D+"
!2(45"(/;+&"/;*45,J"&+4)+&"G(2+4"!4)"5*&0,"=!&/*H%0!&0?"
=&(30+2"(F",+_%!0"D*(0+4H+E"8(2+4J"+,=+H*!00?"=((&"
D%04+&!30+"/(",+_%!0"D*(0+4H+E"8(2+4"!4)"5*&0,"0*D+"*4"
G(2+4J";!D+"3++4"+_H0%)+)"F&(2"F%00"=!&/*H*=!/*(4"!4)"
*4!)+R%!/+",;+0/+&J"(F/+4",0++=*45"%4)+&"4(/;*45"2(&+"
0+!)+&,;*="*4"/;+"&+0*+F"+FF(&/E"7!D*45"4("(/;+&"(=/*(4,J"
/;!4"!"/!&="(&"30!4X+/J"G*/;"4("2+!4,"(F"=&(/+H/*(4"!4)"4("
7!*/*!4"5&!,,&((/,"G(2+49,"5&(%=,";!D+"&+,(&/+)"/("/!X*45"
F&*+4),"H0(,+"3?J"!4)"3!/;+"*4"=%30*HJ"*4"D*+G"(F"2+4"!4)"
H;!&5+"(F"/;+*&"(G4",+H%&*/?E"
3(?,E""
"
"
L4"P!?"!4)"[%4+"#ABAJ"/G(")+0+5!/*(4,"(F"KE.E"0!G?+&,J"
O&+D+4/!/*D+"2+!,%&+,"G*/;*4"/;+"H!2=,"!&+"H&*/*H!00?"
H(22%4*/?"&+,+!&H;+&,"!4)"!"G(2+49,";+!0/;",=+H*!0*,/"
0!HX*45E"L4"=!&/*H%0!&J"/;+",%&D*D(&,"G+",=(X+"G*/;"4(/+)"
*4D+,/*5!/+)"/;+"=&+D!0+4H+"!4)"=!//+&4,"(F"&!=+"!4)"(/;+&"
/;+"F(00(G*45"*,,%+,J"!"4%23+&"(F"G;*H;"G+&+"H(4F*&2+)"3?"
5+4)+&I3!,+)"D*(0+4H+"VN'UW"!5!*4,/"L]O,"*4"O(&/I!%IO&*4H+"
(%&"(G4"D*,*/,"/("/;+"H!2=,6"0!HX"(F"0*5;/*45k"0!HX"(F"=&*D!/+"
*4"/;+"!F/+&2!/;"(F"/;+"+!&/;R%!X+"!4)"/;+"5(D+&42+4/!0J"
3!/;*45"F!H*0*/*+,k"0!HX"(F"/+4/,k"!4)"+D+4"F(&"/;(,+"G*/;"
*4/+&I5(D+&42+4/!0J"4(4I5(D+&42+4/!0"!4)"5&!,,&((/,"
/+4/,J"%//+&"0!HX"(F",+H%&*/?"V!/"0+!,/"(4+",%&D*D(&",/!/+)"
&+,=(4,+,"/("/;+"D*(0+4H+E":(&"F*&,/;!4)"X4(G0+)5+"(F"/;+"
/;!/";+&"!//!HX+&";!)"%,+)"!"30!)+"/("H%/"/;+",*)+"(F";+&"
&!=+,"*4"/;+"H!2=,J"2+23+&,"(F"/;+")+0+5!/*(4"
/+4/"/("5!*4"!HH+,,Wk"0!HX"(F"!"=(0*H+"=&+,+4H+"V2!4?"
*4/+&D*+G+)"(D+&"`A",%&D*D(&,"(F"&!=+"(&"!//+2=/+)"&!=+"
,%&D*D(&,",/!/+)"/;!/"=(0*H+"(40?"=!/&(00+)"/;+"=+&*2+/+&"(F"
,*4H+"/;+"+!&/;R%!X+E"1;+,+"G(2+4"!4)"5*&0,"G+&+"
/;+"H!2=,"!4)"G+&+"%4G*00*45"/("+4/+&"/;+"*4/+&*(&J"
&+F+&&+)"/("/;+")+0+5!/*(4,"3?"T$:-ULU"!4)":-UL\ZTJ"
=!&/*H%0!&0?"!/"4*5;/WE""
5&!,,&((/,"G(2+49,"(&5!4*S!/*(4,"G(&X*45"*4")*,=0!H+2+4/"
"
H!2=,"!4)"=((&"4+*5;3(&;((),"G*/;*4"O(&/I!%IO&*4H+E"
8;+4"./!/+,"F!*0"/("3&*45"=+&=+/&!/(&,"/("Y%,/*H+J"/;+?"
"
*2=0*H*/0?"H(4)(4+",%H;"D*(0+4H+J"5*D*45"&*,+"/("*2=%4*/?"
-0/;(%5;"/;*,"<+=(&/"2!X+,"4("!//+2=/"/("R%!4/*F?"/;+"
/;!/"F!H*0*/!/+,"F%&/;+&"!3%,+,"!4)"4(&2!0*S+,"N'UE"1;%,J"
&!=+,"/;!/";!D+"(HH%&&+)"*4"/;+"H!2=,"/(")!/+J"(4+"/;*45"*,"
/;+"0!HX"(F"!HH(%4/!3*0*/?"0+!),"/("F%&/;+&"+4)!45+&2+4/"
H0+!&h&!=+,"*4"/;+"H!2=,"!&+")&!2!/*H!00?"%4)+&&+=(&/+)E"
F(&"G(2+4E":%&/;+&2(&+J"G(2+4"0(,+"F!*/;"*4"/;+"Y%,/*H+"
L4"/;+"F*&,/"/G("2(4/;,"!F/+&"/;+"+!&/;R%!X+J"T$:-ULU"
,?,/+2"!,"=&+D!*0*45"5+4)+&"*4+R%!0*/*+,"!&+"&+*4F(&H+)E"1;+"
/&!HX+)"#fA"*4H*)+4/,"(F"&!=+"*4"Y%,/"B`"H!2=,"*4"O(&/I!%I
./!/+"2%,/"!H/"G*/;")%+")*0*5+4H+"*4"=&+D+4/*45"D*(0+4H+"
O&*4H+E"Pi)+H*4,".!4,":&(4/*j&+,"&+=(&/+)"ac"H!,+,"(F"&!=+"
!5!*4,/"G(2+4"!4)"=&(D*)*45"Y%,/*H+"F(&"G(2+4"G;(";!D+"
"
Q"
BP-63$0,-.K388'&9.
!0&+!)?",%FF+&+)"D*(0+4H+J"3?"*2=0+2+4/*45"+FF+H/*D+"
2+!,%&+,"/("+4,%&+"/;(&(%5;"!4)"/*2+0?"*4D+,/*5!/*(4J"
=&(,+H%/*(4"!4)"=%4*,;2+4/J"!,"G+00"!,"3?"=&(D*)*45"!HH+,,"
/("&+)&+,,"F(&"D*H/*2,E"
"
8+"!==0!%)"/;+"!H/*(4,"(F"/;+"N(D+&42+4/"(F"7!*/*"VN$7WJ"
/;+"KMJ"!4)")(4(&"./!/+,J"/("!,,*,/"/;+"=+(=0+"(F"7!*/*"*4"
/;*,"/*2+"(F"H&*,*,J"!4)";(=+"/;+"F*4)*45,"(F"/;*,"<+=(&/";+0="
5%*)+"5(D+&42+4/,J"*4/+&4!/*(4!0"(&5!4*S!/*(4,J"!4)"(/;+&"
,/!X+;(0)+&,"*4"=&(D*)*45"F(&"+D+4"2(&+"+FF+H/*D+"
=&(/+H/*(4"!4)"=&(2(/*(4"(F"G(2+49,";%2!4"&*5;/,"*4"
7!*/*E"1;+"&+3%*0)*45"=&(H+,,"*4"7!*/*J"!,"*4"(/;+&")*,!,/+&"
!&+!,J"=&+,+4/,",+&*(%,"H;!00+45+,E"7(G+D+&J"G*/;"
=+&,*,/+4H+J"/;+,+"H;!00+45+,"!&+"4(/"*4,%&2(%4/!30+E"8*/;"
*2=&(D+)"H((&)*4!/*(4"(F"KM"!5+4H*+,"!4)"!*)"&+0*+F"
H(%=0+)"G*/;"/;+"*4,*5;/"!4)"+_=+&/*,+"(F"/;+"F%00",=+H/&%2"
(F"7!*/*!4"G(2+4"0+!)+&,"!4)"MN$"5&(%=,J"/;+"KM">0%,/+&"
.?,/+29,"+FF(&/,"G(%0)"0*X+0?"=&(D+"/("3+"D+&?"+FF+H/*D+"!4)"
&+,%0/"*4")%&!30+"=&(/+H/*(4"(F"G(2+4"!4)"5*&0,9";%2!4"
&*5;/,E""
"
`"
=0!44*45Ef"O&+D+4/!/*D+"2+!,%&+,!,%H;"!,"=&(D*)*45"
0*5;/*45J"=&*D!H?J",+H%&+";(%,*45J"!4)"!H/*D+"=(0*H+"=&+,+4H+"
(&"(/;+&"+FF+H/*D+",+H%&*/?"V=!&/*H%0!&0?"!/"4*5;/W"G*/;*4"/;+"
H!2=,!!&+"H&*/*H!00?"0!HX*45J")+,=*/+"KM"5%*)+0*4+,"/;!/"
;*5;0*5;/"/;+"=&+D!0+4H+"(F"&!=+"!4)"(/;+&"N'U"*4"/;+"
!F/+&2!/;"(F")*,!,/+&J"!4)"=&(D*)+"30%+=&*4/,"F(&"
!))&+,,*45"/;+2EQ"7!D*45"4("(/;+&"(=/*(4,J"7!*/*!4"
5&!,,&((/,"G(2+49,"5&(%=,";!D+"&+,(&/+)"/("/!X*45"H;!&5+"
(F"/;+*&"(G4",+H%&*/?J"*4H0%)*45"+,H(&/*45"G(2+4"/("/;+"
3!/;&((2,"!4)"(&5!4*S*45"5&(%=,"(F"2+4"/("/!X+",;*F/,"
=!/&(00*45"/;+*&"!&+!,E""
"
:38'10$'&0'1.>0M.:').BP'6-&O'$-M.K$&36$3&'L.21-C3'L0$0-).
.
"
1;+"=&(30+2"(F"N'U"*4"=(,/I+!&/;R%!X+"7!*/*"2%,/"3+"
"
%4)+&,/(()"G*/;*4"/;+"3&(!)+&"H(4/+_/"(F"/;+"
.*4H+"/;+"[!4%!&?"B#J"#ABA"+!&/;R%!X+"*4"7!*/*J"G(2+4"!4)"
;%2!4*/!&*!4"&+,=(4,+E"]+,=*/+"3*00*(4,"(F")(00!&,"3+*45"
5*&0,"0*D*45"*4"/;+"*4/+&4!00?")*,=0!H+)"=+&,(4,"VL]OW"H!2=,"
=0+)5+)"3?"/;+"*4/+&4!/*(4!0"H(22%4*/?"F(&"&+H(D+&?J`"!*)"
F!H+"!0!&2*45"&!/+,"(F"&!=+"!4)"(/;+&"5+4)+&I3!,+)"
+FF(&/,";!D+",/&%550+)"/("2++/"/;+"3!,*H"4++),"(F"=+(=0+"
D*(0+4H+"VN'UWEB"1;+"D!,/"2!Y(&*/?"(F"&!=+,"*4"7!*/*";!D+"
0*D*45"*4"L]O"H!2=,Ea"1;+"2!*4"H!%,+,"H*/+)"F(&"&!=+"*4"/;+"
5(4+"%4=%4*,;+)"!4)"/;+"7!*/*!4"5(D+&42+4/"!4)"
L]O"H!2=,"!&+"/;+"0!HX"(F",+H%&*/?"*4"/;+"H!2=,J"/;+"0!HX"(F"
*4/+&4!/*(4!0"H(22%4*/?";!D+"4(/"+FF+H/*D+0?")+=0(?+)"
0*5;/*45"!/"4*5;/J"/;+"0!HX"(F"!)+R%!/+";+!0/;"F!H*0*/*+,J"!4)"
/;+*&"&+,(%&H+,"/("=&(D*)+"!)+R%!/+"=&(/+H/*(4E"1;+"
7!*/*!4"5(D+&42+4/";!,"(40?"3+5%4"/("=&(,+H%/+"!"F&!H/*(4" /+4/,"/;!/"&+R%*&+"G(2+4"/("0*D+"G*/;",/&!45+&,"(&"/;+"0!HX"
b
(F"/;+,+"H!,+,E"P!4?"(F"/;+"D*H/*2,#"!&+"7!*/*!4"5*&0,"%4)+&" (F",;+0/+&,"!0/(5+/;+&E "1;+,+"H(4)*/*(4,";!D+"5*D+4"&*,+"/("
/;+"!5+"(F"Bck"!4)"2+)*H!0",+&D*H+,"!&+"(D+&G;+02+)"!4)" !4"+4D*&(42+4/"/;!/"&+*4F(&H+,"/;+"*4,+H%&*/?"(F")*,=0!H+)"
G(2+4"!4)"H;*0)&+4J"!,"/;+?",/&%550+"/("&+3%*0)"/;+*&"0*D+,"
%4!30+"/("2++/";+!0/;H!&+"4++),",/+22*45"F&(2"/;+"
!4)"0*D+0*;((),E""
!,,!%0/,E"-,"!"&+,%0/J",%&D*D(&,",%FF+&"F&(2")+=&+,,*(4"!4)"
"
!&+"!/"&*,X"F(&",%*H*)+E""
P(&+"3&(!)0?J"!,"(4+"H(!0*/*(4"(F"7!*/*!4"H*D*0",(H*+/?"
"
5&(%=,"4(/+)J"l1;+"+_/+4/"(F"/;+")*,!,/+&"*,"H+&/!*40?"0*4X+)"
8(2+4J"+,=+H*!00?"=((&"G(2+4J";!D+"3++4"+_H0%)+)"F&(2"
/("/;+"H;!&!H/+&"(F"/;+"H(0(4*!0"!4)"4+(IH(0(4*!0"./!/+"(%&"
F%00"=!&/*H*=!/*(4"!4)"0+!)+&,;*="*4"/;+"&+0*+F"+FF(&/J")+,=*/+"
H(%4/&?";!,"*4;+&*/+)J"!4)"/;+"*2=(,*/*(4"(F"4+(I0*3+&!0"
/;+"*4/+&4!/*(4!0"0!G"2!4)!/+"(F"KM".+H%&*/?">(%4H*0"
<+,(0%/*(4"Bf#`J"/;+"&+H(22+4)!/*(4,"(F"/;+"KM"N%*)*45"
O&*4H*=0+,"(4"L4/+&4!0"]*,=0!H+2+4/J"!4)"(/;+&"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
*4/+&4!/*(4!00?"&+H(54*S+)",/!4)!&),J"/;!/"&+R%*&+"!"5+4)+&" f"8'$%*@,A79*B%KM".+HE">(%4H*0"<+,E"Bf#`"(4"8(2+4J"O+!H+J"!4)".+H%&*/?J"V#AAAW"
KM"](HE".^<Z.^Bf#`"o;+&+*4!F/+&".>"<+,E"Bf#`pk"KM"N%*)*45"O&*4H*=0+,"(4"L4/+&4!0"
=+&,=+H/*D+"3+"*4/+5&!/+)"*4/("(45(*45")*,H%,,*(4,"!4)"
21$&#M36$0#1.
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
B
"N+4)+&I3!,+)"D*(0+4H+"l*4H0%)+,"D*(0+4H+"/;!/"*,")*&+H/+)"!5!*4,/"!"G(2!4"
3+H!%,+",;+"*,"!"G(2!4"(&"/;!/"!FF+H/,"G(2+4")*,=&(=(&/*(4!/+0?E"L/"*4H0%)+,"
!H/,"/;!/"*4F0*H/"=;?,*H!0J"2+4/!0"(&",+_%!0";!&2"(&",%FF+&*45J"/;&+!/,"(F",%H;"!H/,J"
H(+&H*(4"!4)"(/;+&")+=&*D!/*(4,"(F"0*3+&/?Em">(22*//++"(4"/;+"Z0*2*4!/*(4"(F"
]*,H&*2*4!/*(4"!5!*4,/"8(2+4"V>Z]-8WJ"N+4E"<+HE"M(E"BeJ"U*(0+4H+"-5!*4,/"
8(2+4"VBB/;".+,,*(4J"Bee#W"n"eJ"KEME"](HE"-^Qb^fcJ",>,)9,?9*%,;"
;//=6^^GGGE%4E(&5^G(2+4G!/H;^)!G^H+)!G^&+H(22+4)!/*(4,^"&+H(22E;/20"
o;+&+*4!F/+&"N+4E"<+HE"M(E"BepE"
#
"-0/;(%5;"/;+"/+&2"l,%&D*D(&m"*,"(F/+4"=&+F+&&+)"/("lD*H/*2m"*4"/;+"KE.EJ"G(2+4"
*4"7!*/*"(F/+4"H;((,+"/("H!00"/;+2,+0D+,"lD*H/*2,Em"1;+"/+&2,"!&+"%,+)"
*4/+&H;!45+!30?"/;&(%5;(%/"/;+"<+=(&/J"!4)"*/",;(%0)"3+"4(/+)"/;!/"%,+"(F"/;+"
/+&2"lD*H/*2m"3?"7!*/*!4"G(2+4"(&"*4"/;*,"<+=(&/")(+,"4(/"*2=0?"0!HX"(F"!5+4H?E"
1;+"G(&)"lD*H/*2m"*,"!0,("%,+)";+&+"!,"!"0+5!0"/+&2"F(&"(4+"G;("+_=+&*+4H+,"!"
H&*2+E"
"
]*,=0!H+2+4/J",>,)9,?9*%,;%;//=6^^GGGE*)=5%*)*45=&*4H*=0+,E(&5^"o;+&+*4!F/+&"
N%*)*45"O&*4H*=0+,pE"
Q
"L4/+&I-5+4H?"./!4)*45">(22*//++J"C#)(*9)0*+%D'$%C*0(*$E&,+*(%F)'9*0G*%
H0;*$>*0;)'0+%)0%=#A,0);,$),0%-*;;)01+I%8'G#+)01%'0%J$*>*0;)'0%'D%,0(%6*+7'0+*%
;'%-*@#,9%F)'9*0G*%)0%:A*$1*0G)*+%V#AA`Wk"KM7><J"-*@#,9%,0(%C*0(*$E&,+*(%
F)'9*0G*%,1,)0+;%6*D#1**+B%6*;#$0**+%,0(%H0;*$0,99K%L)+79,G*(%J*$+'0+M%C#)(*9)0*+%
D'$%J$*>*0;)'0%,0(%6*+7'0+*"V.NU'"N%*)+0*4+,W"V#AAfWJ",>,)9,?9*%,;"
;//=6^^GGGE%4;H&E(&5^fFaea3HHQE;/20k"8(&0)"7+!0/;"$&5!4*,!/*(4J"F)'9*0G*%,0("
L)+,+;*$+%V#AA`WB%,>,)9,?9*%,;";//=6^^GGGEG;(E*4/^D*(0+4H+q*4Y%&?q=&+D+4/*(4^"
=%30*H!/*(4,^D*(0+4H+^D*(0+4H+q)*,!,/+&,E=)FE""
`
"M+*0"P!H:!&R%;!&J"-/*7;)G)+A%'0%J9*(1*+%D'$%=,);)J"MEgE"1LPZ.J"P!&E"fBJ"#ABAJ"
,>,)9,?9*%,;%;//=6^^GGGE4?/*2+,EH(2^#ABA^AQ^AB^G(&0)^!2+&*H!,^AB;!*/*E;/20E"
a
"M!/*(4!0"M+/G(&X"(F"7%2!4"<*5;/,"]+F+4,+"V<M]]7WJ"N.*%1*0*$,9%+);#,;)'0%'D%
;.*%G'#0;$K%D'#$%A'0;.+%,D;*$%;.*%*,$;.<#,/*%'D%O,0#,$K%PQB%QRPR"VP!?"B#J"#ABAWE"
b
"1;+"<+=(&/"(F"/;+"L4)+=+4)+4/"Z_=+&/"(4"/;+",*/%!/*(4"(F";%2!4"&*5;/,"*4"7!*/*J"
P*H;+0":(&,/"n"#b"VP!?"fJ"#ABAW"KM"](HE"-^7<>^BQ^QQJ"V<!==(&/")+"09+_=+&/"
*4)i=+4)!4/",%&"0!",*/%!/*(4")+,")&(*/,")+"09;(22+"+4"7!r/*WJ",>,)9,?9*%,;%
;//=6^^GGG#E(;H;&E(&5^+450*,;^3()*+,^;&H(%4H*0^)(H,^BQ,+,,*(4^-E7<>EBQEQQqF
&E=)F"V0!,/"D*,*/+)"[%0?"B#J"#ABAW"o;+&+*4!F/+&":(&,/pE"
a"
=(0*H*+,"(D+&"/;+"0!,/"/;&++")+H!)+,Emc"1;*,"=!//+&4";!,"
H(4,+R%+4H+,"(4"/;+"
8'99'3)01%;.*%*,$;.<#,/*B%
H(4/*4%+)"=(,/I+!&/;R%!X+"/;&(%5;"/;+";%2!4*/!&*!4"
!3*0*/?"(F"H(22%4*/*+,"/(" 3.)G.%(*+;$'K*(%.*$%.'A*B%
&+,=(4,+J"!4)";!,",;!=+)"/;+"G!?"!*)";!,"3++4")+0*D+&+)" H(=+"G*/;"/;+")*,!,/+&EBf"" SMTMB%,%A';.*$%'D%D'#$B%3,+%
/("!4)"&+H+*D+)"3?"7!*/*!4,J"G*/;"&+,*)+4/,"(F"/;+"H!2=,"
"
9)>)01%)0%,0%HLJ%G,A7%G9'+*%;'%
3+*45"/;+"2(,/"D%04+&!30+"/("/;+"H(4,+R%+4H+,E"L/"*,"4(/"
.;+0/+&"&+2!*4,"!"2!Y(&"
8'0;,A,$,M%"0%O,0#,$K%PYB%SMTM%
(40?"/;+",H!0+"(F"/;+")*,!,/+&"/;!/";!,"=&+D+4/+)",%&D*D(&," H(4H+&4"*4"!4)"(%/,*)+"
+,3%,%1$'#7%'D%A*0%$,7)01%,%
1)$9%,0(%+.*%;$)*(%;'%)0;*$>*0*M%%
F&(2"&+H+*D*45"/*2+0?"!4)"4+H+,,!&?"&+0*+F",%==(&/J"3%/"!0,(" (F"/;+"L]O"H!2=,J"
N.*K%;#$0*(%;.*)$%,;;*0;)'0+%;'%
/;+",/&!/+5*+,"/;&(%5;"G;*H;"/;*,",%==(&/";!,"3++4"
=!&/*H%0!&0?")%&*45"/;+"
BQ
.*$B%$,7)01%,0(%?*,;)01%.*$%,0(%
=&(D*)+)J"/;!/";!D+"H(4/*4%+)"/("H(4/&*3%/+"/("/;+"
;%&&*H!4+",+!,(4E "1;+"
e
;.$*,;*0)01%.*$%3);.%1#0+M%%H0%
+2+&5+4H?E "
>+4/+&"F(&"ZH(4(2*H"!4)"
'$(*$%;'%/**7%';.*$%7*'79*%)0%
"
O(0*H?"<+,+!&H;"V>ZO<W"
;.*%G,A7%,;%?,KB%;.*%$,7)+;+%
1;+"F!*0%&+"/(")+,*54"!4)"+_+H%/+"!"&+,=(4,+"G*/;"/;+"
&+=(&/,"/;!/"G+00"(D+&"
$*7*,;*(9K%D)$*(%+.';+%)0;'%;.*%
=!&/*H*=!/*(4"(F"7!*/*!4,"0*D*45"*4"/;+"H!2=,";!,"2+!4/"/;!/" (4+"2*00*(4"=+(=0+";!D+"
,)$M%%:>*0%,D;*$%;.*%$,7*%3,+%
&+0*+F"+FF(&/,";!D+"4(/"(40?"3++4"*4!)+R%!/+J"3%/";!D+"
4(",(%&H+"(F",;+0/+&"!/"!00" '>*$B%0'%'0*%G,A*%;'%.*97%.*$%
+_!H+&3!/+)",/&%H/%&!0"*4+R%!0*/*+,"/;!/"=&+I)!/+"/;+"
+_H+=/"F(&"/;+"/!&=,"!4)"
?*G,#+*%;.*K%3*$*%,D$,)(%'D%
+!&/;R%!X+E"-,"!"&+,%0/J"/;+"2(,/"D%04+&!30+"2+23+&,"(F"
/+4/,"/;!/"G+&+"
?*)01%/)99*(M%%SD;*$%;.*%$,7*B%
SMTM%?*G,A*%>*$K%(*7$*++*(M%%
7!*/*!4",(H*+/?!G(2+4J"H;*0)&+4J"!4)"/;+"=((&!;!D+"
)*,/&*3%/+)"G*/;*4"/;+"
-.*%;$)*(%;'%G'AA);%+#)G)(*%?K%
F*&,/"/;&++"2(4/;,"!F/+&"
3+H(2+"+D+4"2(&+"D%04+&!30+"F(00(G*45"/;+"+!&/;R%!X+E"
B`
($)0/)01%?9*,G.M%%=*$%G.)9($*0%
/;+"+!&/;R%!X+E "
P(4/;,"!F/+&G!&)J",%&D*D(&,"H(4/*4%+"/("&+=(&/"!"0!HX"(F"
!HH+,,"/("F(()J",;+0/+&J"G!/+&J",!4*/!/*(4J"!4)"2+)*H!0"H!&+E" K4F(&/%4!/+0?J"!HH(&)*45" ,$*%,D$,)(%'D%3.,;%+.*%3)99%('%+'%
;.*K%0'%9'01*$%>)+);%.*$M%%S+%;.*%
/("!"&+H+4/"KM".;+0/+&"
]+,=*/+"/;+"*2=0+2+4/!/*(4"(F";*5;I=&(F*0+^;*5;IH(,/"
)0;*$>)*3%G'0G9#(*(B%3*%3)+.*(%
>0%,/+&")(H%2+4/J"/;+,+"
&+H(D+&?"+FF(&/,",%H;"!,"/;+"O(,/I]*,!,/+&"M++),"
.*$%,%1''(%*>*0)01M%%-.*%
-,,+,,2+4/"VO]M-WBAI,=(4,(&+)"lF(()",%&5+Jm"+2+&5+4H?" ,%==0*+,"!&+"l2(&+"0*X+0?"
$*+7'0(*(%;.,;%0';.)01%1''(%
;%2!4*/!&*!4"&+,=(4,+,"/("*,,%+,",%H;"!,"F(()",+H%&*/?"!4)" /(";!D+"&+!H;+)"/;+"+4)"
.,77*0+%)0%;.*%G,A7+%,D;*$%);%
2+)*H!0"4++),";!D+"3++4"=((&0?"=0!44+)"!4)"F!*0"/("&+!H;" (F"/;+*&"0*F+",=!4"!4)"
1*;+%(,$/M%
2*5;/"4++)"/("3+"
%
/;+"2(,/"D%04+&!30+"=(=%0!/*(4,"F(&"G;*H;"/;+?"G+&+"
&+=0!H+)EmBa".;+0/+&"H(4)*/*(4,J"H(%=0+)"G*/;"!",+D+&+"0!HX"
*4/+4)+)EBB""
(F"0*5;/*45"!4)"!)+R%!/+";?5*+4+"!4)",!4*/!/*(4"F!H*0*/*+,J"
"
O+&;!=,"2(,/"/&!%2!/*S*45"(F"!00J"2!4?"*4)*D*)%!0,"0*D*45"*4" ;!D+"=&()%H+)"!4"+4D*&(42+4/"*4"G;*H;"N'U"*,"+,H!0!/*45"
!4)",!F+/?";!,"3+H(2+"!"=&*2!&?"H(4H+&4"F(&"G(2+4"0*D*45"
/;+"H!2=,";!D+"0(,/"=!&+4/,J",=(%,+,J"!4)"(/;+&,"G;("
*4"H!2=,EBb"
=&(D*)+)",%==(&/J"&+,(%&H+,J"!4)"=&(/+H/*(4EB#"1;*,"
"
3&+!X)(G4"*4",(H*!0",!F+/?"4+/,";!,";!)"H!/!,/&(=;*H"
?'6D.#4.K-63&0$9.216&-')-).N3L1-&'O0L0$9.$#.E'(-.
.
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
1;(%5;"(FF*H*!0",/!/*,/*H,"!&+"0!HX*45J"/;+&+"*,"(D+&G;+02*45"
c
"./!/+2+4/"3?"/;+">((&)*4!/*45">(22*//++"(F"O&(5&+,,*D+"$&5!4*S!/*(4,J"O(&/I
+D*)+4H+"/;!/"/;+"=&(30+2"(F"N'U!,=+H*F*H!00?J"/;+"&!=+"
!%IO&*4H+J%=,);)I%SD;*$%;.*%T,;,+;$'7.*B%U.,;%S$*%;.*%J*$+7*G;)>*+V"V[!4E"#bJ"
#ABAWE"
(F"G(2+4"!4)"5*&0,!;!,")&!2!/*H!00?"+,H!0!/+)"*4"7!*/*"
e
"-HH(&)*45"/("&+,+!&H;"H(4)%H/+)"*4"L]O"H!2=,"Y(*4/0?"3?"/;+"\!2="F(&"7!*/*"
:(%4)!/*(4"V\-POW"!4)"/;+"&#$*,#%(*+%S>'G,;+%H0;*$0,;)'0,#@"V'-LW6"l1*2+"!4)"
!5!*4"=!&/*H*=!4/,"4(/+)";(G"!*)"H(%0)"3+")*,/&*3%/+)"3+//+&")+,=*/+"/;+"2!4?"
(3,/!H0+,"*2=(,+)"3?"/;+"+!&/;R%!X+E"g+/J"3+H!%,+"=+(=0+"*4"/;+"H!2=,";!D+"4(/"
3++4"H(4,%0/+)J"/;+*&",%55+,/*(4,";!D+"4(/"3++4"*4/+5&!/+)"*4/("/;+"!*)"&+,=(4,+E"
L4,/+!)J"!*)"*,")+0*D+&+)"!HH(&)*45"/("=0!4,")&!G4"%="(%/,*)+"/;+"H!2=,J"G*/;"4("
!==!&+4/"H(4,%0/!/*(4"G*/;"=+(=0+"*4,*)+"/;+"H!2=,Em"1;+"\-PO"F(&"7!*/*"
:(%4)!/*(4J"+/E"!0EJ"2*19*G;%)0%;.*%:0G,A7A*0;+B%=,);)W+%-*G'0(%U,>*%
=#A,0);,$),0%L)+,+;*$J"!/"B"VP!&E"#fJ"#ABAWJ",>,)9,?9*%,;"
;//=6^^*Y);E(&5^!&H;*D+,^BAabBE"
BA
"1;+"O]M-"VO(,/"]*,!,/+&"M++),"-,,+,,2+4/W"*,"/;+"7!*/*!4"N(D+&42+4/9,"
(=+&!/*D+"30%+=&*4/"F(&"&+H(4,/&%H/*(4"!4)"4!/*(4!0")+D+0(=2+4/E"
BB
"<!H;+0"7!44!;"M!)+02!4"!4)"./+=;!4*!"\(%*,J"U'A*0%)0%=,);)%,D;*$%;.*%
O,0#,$K%PQB%QRPR%:,$;.<#,/*J"!/"fIQ"7%!*&(%">(22*,,*(4J",>,)9,?9*%,;%
GGGE;%!*&(%E(&5^!,,+/,^)(G40(!)^7!*/*I<+=(&/E=)FE"
B#
"L4/+&%4*D+&,*/?"L4,/*/%/+"F(&"<+,+!&H;"!4)"]+D+0(=2+4/"VLMK<Z]WJ"F')G*+%D$'A%
;.*%-.,0;)*+I%S%J'+;E:,$;.<#,/*%6,7)(%S++*++A*0;%'D%T);*%-'9*)9B%J'$;E,#EJ$)0G*J"
!/"BB"VP!&E"#ABAWE"
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
Bf
"1;+"\-PO"F(&"7!*/*":(%4)!/*(4J"+/E"!0EJ%+#7$,%4(/+"e"!/"fAE"
P!4%+0"<(*5I:&!4S*!J"=,);)W+%$,)0K%+*,+'0%G'#9(%A*,0%+#DD*$)01%)+%)0%;.*%
D'$*G,+;J"8-.7E"O$.1J"P!?"QJ"#ABAJ",>,)9,?9*%,;"
;//=6^^GGGEG!,;*45/(4=(,/EH(2^G=I)?4^H(4/+4/^!&/*H0+^#ABA^AQ^Af^"
-<#ABAAQAfABAQeE;/20E"
B`
">+4/+&"F(&"ZH(4(2*H"!4)"O(0*H?"<+,+!&H;J"S+%N$'7)G,9%-;'$A+%N.$*,;*0%=,);)B%
H0;*$0,;)'0,9%T'AA#0);K%T,0B%,0(%X#+;B%L'%X'$*%D'$%-.*9;*$"V[%4+"BbJ"#ABAWJ"
,>,)9,?9*%,;";//=6^^GGGEH+=&E4+/^*4)+_E=;=^30(5,^&+0*+FI!4)I&+H(4,/&%H/*(4I
G!/H;^!,I/&(=*H!0I,/(&2,I/;&+!/+4I;!*/*I*4/+&4!/*(4!0IH(22%4*/?IH!4I!4)I2%,/I
)(I2(&+IF(&I,;+0/+&^E"
Ba
"H(M"
Bb
"]+3(&!;".(4/!5J"-*@#,9%S++,#9;+%S((%;'%X)+*$)*+%'D%=,);)W+%T,A7+B%Mg"1LPZ.J"
[%4+"#fJ"#ABAJ",>,)9,?9*%,;";//=6^^GGGE4?/*2+,EH(2^#ABA^Aa^#Q^G(&0)^"
!2+&*H!,^#Q;!*/*E;/20s,H=tBAu,Rt;!*/*u,/tH,+E"
BQ"
b"
,*4H+"/;+"+!&/;R%!X+EBc"L4"/;+"/G("2(4/;,"F(00(G*45"/;+"
-24+,/?"
6MSMB%P^%K*,$+%'9(B%9)>*+%'0%.*$%'30%
+!&/;R%!X+J"(4+"5&!,,&((/,"G(2+49,"5&(%="/&!HX+)"#fA"
L4/+&4!/*(4!0J"
)0%J9,G*%-;*M%S00*%G,A7M%=*$%
&!=+,"*4"Y%,/"B`"(F"/;+";%4)&+),"(F"H!2=,"*4"O(&/I!%I
l/;(%,!4),"(F"
7,$*0;+%9)>*%)0%;.*%G'#0;$K+)(*M%"0%
O&*4H+EBe"-"K4*D+&,*/?"(F"P*H;*5!4",%&D+?"H(4)%H/+)"*4"
G(2+4"0*D*45"*4"
S7$)9%QYB%QRPRB%+.*%3,+%1,01%$,7*(%
P!&H;"F(%4)"/;!/"/;&++"=+&H+4/"(F"!00"=+(=0+"*4"O(&/I!%I
/+2=(&!&?"H!2=,"
,0(%?*,;*0%?K%D)>*%A*0M%-.*%+'#1.;%
O&*4H+";!)"3++4",+_%!00?"!,,!%0/+)",*4H+"/;+"+!&/;R%!X+k"
!&(%4)"7!*/*"!&+"
.*97%D$'A%,%D$)*0(%3.'%;#$0*(%.*$%
!00"3%/"(4+"(F"/;+"&+,=(4)+4/,"G+&+"F+2!0+"!4)";!0F"(F"/;+" /;&+!/+4+)"3?",+_%!0" ,3,KB%,D$,)(%D'$%.*$%'30%+,D*;KM%
SD;*$%;.,;B%6MSM%()(%0';%;*99%,0K'0*%
D*H/*2,"G+&+"5*&0,"%4)+&"/;+"!5+"(F"BcE#A"](H/(&,"8*/;(%/"
D*(0+4H+"!4)";!D+"
*9+*%,?'#;%;.*%,;;,G/B%0'$%()(%+.*%
'(&)+&,"&+=(&/+)"*4"!4"*4/+&D*+G"/;!/"/;+?"/&+!/+)"ac"&!=+" *4!)+R%!/+"
#B
+**/%A*()G,9%G,$*%D'$%,%3**/%
,%&D*D(&,"!/"(4+"F!H*0*/?"*4"O(&/I!%IO&*4H+"*4"-=&*0"!0(4+E "" =&(/+H/*(4"F&(2"!4?"
D'99'3)01%;.*%,;;,G/M%8)0,99K%($)>*0%
"
!%/;(&*/*+,E"E"E"E"1;+"
;'%+**/%.*97%?*G,#+*%'D%7,)0%)0%.*$%
.(2+"7!*/*!4"(FF*H*!0,J"H(22+4/*45"(4"/;+"&*,+"*4"&!=+"
0!HX"(F"2+!,%&+,"/("
,?('A*0B%+.*%+7'/*%;'%,%A*A?*$%'D%
,*4H+"/;+"+!&/;R%!X+J";!D+"%4)+&=0!?+)"/;+"=&(30+2"(F"
=&+D+4/"!4)"&+,=(4)" ;.*%1$,++$'';+%3'A*0W+%1$'#7%
N'U"*4"/;+"L]O"H!2=,"!4)"H*/+)"0!HX"(F"*4F(&2!/*(4"!,"!4"
!)+R%!/+0?"/("/;+"
_"8SFHFM%N.*%?*;;*$%7,$;%'D%;.*%(,K%
*2=+)*2+4/"/("/;+*&"&+,=(4,+E"1;+"]*&+H/(&"N+4+&!0"(F"/;+" /;&+!/"(F",+_%!0"
3,+%+7*0;%;$K)01%;'%9'G,;*%,%G9)0)G%
7!*/*!4"O(0*H+J"P!&*("-4)&+,(0J",/!/+)"*4"!4"*4/+&D*+G"/;!/" D*(0+4H+"*,"
;.,;%3'#9(%+**%.*$%)AA*(),;*9K`%
,0(%;.*%D,G)9);)*+%;.,;%3*$*%
/;+&+";!)"3++4"(40?"#A"H!,+,"(F"&!=+"&+=(&/+)"/("/;+"=(0*H+" H(4/&*3%/*45"/("/;+"
#9;)A,;*9K%7$'>)(*(%3*$*%+'$*9K%
F&(2"[!4%!&?IP!&H;"*4"/;+"H!=*/!0E##"8;+4"R%+,/*(4+)"3?" ;%2!4*/!&*!4"
#`
9,G/)01%)0%7$)>,GK%,0(%+;,DDM%-.*%3,+%
!4"-0"[!S++&!"4+G,"H(&&+,=(4)+4/"!3(%/"/;+"&+5%0!&"
H&*,*,Em "1;(%5;"
,GG'A7,0)*(%;'%;.*%C*0*$,9%
&+=(&/,"(F"&!=+"*4"!"H!2="!)Y!H+4/"/("!"KM"3!,+J"KM"O(0*H+" /;+&+";!D+"3++4"
='+7);,9B%3.*$*%+.*%3,);*(%D'$%;.$**%
.=(X+,=+&,(4"[+!4I:&!4H(*,"<+S*4!")*,H(%4/+)"/;+"
,(2+"&+=(&/,"(F"
.'#$+%?*D'$*%?*)01%9*(%;'%,%()$;K%G';%
G(2+49,",/(&*+,J",!?*45"*/",*2=0?"G!,"4(/"/&%+"!4)"/;!/"/;+" 0*2*/+)"=+&*2+/+&"
)0%,%7#?9)G%$''AB%3.*$*%,%A,9*%
KM"lo)*)p"4(/";!D+"!4?"*4F(&2!/*(4"!3(%/"&!=+,"+D+&?"
=!/&(0,"!&(%4)"
('G;'$%)0;*0(*(%;'%G'0(#G;%;.*%
4*5;/Em#f"
H!2=,")%&*45"/;+"
*@,AM%H0%;.*%*0(B%;.*%A)(3)D*%3.'%
"
)!?/*2+J"/;+"F!*0%&+"
,GG'A7,0)*(%.*$%G'0(#G;*(%;.*%
$4+"F!H/(&"/;!/";!,"2(,/"+4!30+)"N'U"*4"/;+"H!2=,"*,"/;+" /("=!/&(0"G;+4"!4)"
*@,A%.*$+*9D%)0%,0';.*$%('G;'$W+%
9)>)01%<#,$;*$+M%
0!HX"(F"!",+H%&*/?"=&+,+4H+J"=!&/*H%0!&0?"!/"4*5;/J"=&(D*)+)" G;+&+"/;+"2!Y(&*/?"
#Q
3?"!4?"F(&2!0"=(0*H+"(&"2*0*/!&?"!5+4H?E "-HH(&)*45"/("
(F"H&*2+,"!&+"
H(22*//+)!*4,*)+"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
/;+"H!2=,"!4)",0%2,"!F/+&")!&X!;!,"2+!4/"/;!/"F(&2!0"
Bc
"H(M%"-,"\*4)!"'!,H;J"O&+,*)+4/"(F"/;+"M!/*(4!0">(%4H*0"F(&"<+,+!&H;"(4"8(2+4J"
,+H%&*/?";!,";!)"0*//0+"+FF+H/"(4")+/+&&*45"N'UE"P*0*/!&?"!4)"
G&(/+"*4"!4"+)*/(&*!0"*4"/;+"2*3%Z'$/%N)A*+J"l1;+"5+4)+&")*2+4,*(4"(F"!*)"!4)"
,+H%&*/?"=(0*H*+,";!,"(40?"&+H+4/0?"H(2+"%4)+&",H&%/*4?J")+,=*/+"G*)+,=&+!)"
=(0*H+"(FF*H*!0,"H*/+"/;+*&"(G4",+H%&*/?"H(4H+&4,"!,"
(HH%&&+4H+,"(F",+_%!0"!,,!%0/"!4)"&!=+E"1;+&+"*,"4+*/;+&"!4"!)+R%!/+",?,/+2"F(&"
=&+D+4/*45"2+!4*45F%0"=!/&(0,E""
)(H%2+4/!/*(4"(F"/;+,+"H0!*2,J"4(&"Y%)*H*!0"H!=!H*/?"/(";!4)0+",+_"D*(0+4H+"
&+=(&/,Em"\*4)!"'!,H;J"SD;*$%=,);)W+%[#,/*B%S0';.*$%8'$A%'D%='$$'$J"MEgE"1LPZ.J"[%0?" "
BJ"#ABA"V\+//+&,"/("/;+"Z)*/(&WJ",>,)9,?9*%,;%;//=6^^GGGE4?/*2+,EH(2^#ABA^Ab^"
ZD+4"G;+&+"!",+H%&*/?"=&+,+4H+")(+,"+_*,/J"H!2="&+,*)+4/,"
A#^(=*4*(4^0A#;!*/*E;/20sq&tBvE"
Be
"'+D+&0?"'+00J"!"#$%&'()*+%,$*%-.,/)01%2'34"EE%6,7*%8'99'3+%:,$;.<#,/*%)0%=,);)B% 4(/+"/;!/"l,+H%&*/?"F(&H+,"!&+"4(/"+FF+H/*D+"0!&5+0?"3+H!%,+"
7K::LMN1$M"O$.1J"P!&E"#QJ"#ABAJ";//=6^^GGGE;%FF*45/(4=(,/EH(2^3+D+&0?I
(F"/;+*&"0!HX"(F"H((&)*4!/*(4"!4)"F!*0%&+"/("+45!5+"*4"
3+00^(%&I3()*+,I!&+I,;!X*45I4(q3q`BBfebE;/20E"-**%,9+'%-==+4)*_"-J"T$:-ULU"
=!&/4+&,;*=,"G*/;"4+*5;3(&;(()"!,,(H*!/*(4,"!4)"
O&+0*2*4!&?"<+=(&/"(4"<!=+"V[%0?"BeJ"#ABAWE"
#A
H(22%4*/?Em#a"1;+"0!HX"(F"H((&)*4!/*(4"!4)"2+!4*45F%0"
"S++*++)01%2**(+%SD;*$%;.*%[#,/*I%J$*9)A)0,$K%8)0()01+%D$'A%,%6,0('A)\*(%
-#$>*K%'D%J'$;E,#EJ$)0G*%='#+*.'9(+B%K4*D+&,*/?"(F"P*H;*5!4^.2!00"-&2,".%&D+?"
,+H%&*/?"=!/&(0,")(+,"4(/"4+H+,,!&*0?"&+F0+H/"!",;(&/!5+"(F"
VF(&/;H(2*45"#ABAWE"
#B
2*0*/!&?"=+&,(44+0"!4)"&+,(%&H+,"(4"/;+"5&(%4)E"'+//+&"
".*/+"D*,*/"/("Pi)+H*4,".!4,":&(4/*+&,"VP.:W"]+02!,"fB"VP!?"#ABAWE"P.:"
&+=(&/+)"/&+!/*45"#B#"D*H/*2,"(F",+_%!0"D*(0+4H+"*4"/;+"`"2(4/;,"F(00(G*45"/;+"
H((&)*4!/*(4"G*/;"5&!,,&((/,"5&(%=,"*4")+D+0(=*45"/;+"!*)"
+!&/;R%!X+E":A*$1*0GK%6*+7'0+*%SD;*$%;.*%=,);)%:,$;.<#,/*I%T.')G*+B%"?+;,G9*+B%
&+,=(4,+"=&(D*)+,"!"=&(2*,*45"=!/;G!?"/("*2=&(D*45"/;+"
SG;)>);)*+%,0(%8)0,0G*J"Pi)+H*4,".!4,":&(4/*j&+,"VP.:WJ"[%0?"#ABAJ",>,)9,?9*%,;"
;//=,6^^GGGE2,FE(&EY=^*4F(^=&+,,&+=(&/^=)F^;!*/*q,*_q2(4/;,qZMq\$8E=)FM"
##
"L4/+&D*+G"G*/;"7MO"]*&+H/(&"N+4+&!0"P!&*("-4)&+,(0"VP!?"QJ"#ABAWJ"V(4"F*0+"
G*/;"!%/;(&,WE"L4"-=&*0J"/;+"7MO",/!/*,/*H,"4(/+"fQ"&!=+,"G+&+"&+=(&/+)"*4"!00"/+4"
]+=!&/2+4/,E";//=6^^GGGE=4;E;/^4+G,^*4)+_E=;=s*)q4+G,tB#c"V0!,/"D*,*/+)"[%0?"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
BcJ"#ABAWE"
#f
#`
"8,#9;%])0*+%5%=,);)I%-)@%X'0;.+%"0J"-\"[-wZZ<-"ZMN\L.7J"[%0?"B#J"#ABAJ",>,)9,?9*%,;%
"-24+,/?"L4/90J"=,);)W+%:A*$1*0GK%6*+7'0+*%A#+;%H0G9#(*%J$';*G;)'0%D$'A%-*@#,9%
;//=6^^GGGE?(%/%3+EH(2^G!/H;sDt&_#Zx_wbPyxE"
F)'9*0G*"VP!&E"#`J"#ABAWJ",>,)9,?9*%,;%;//=6^^GGGE!24+,/?%,!E(&5^)(H%2+4/E"
#Q
"-24+,/?"L4/90J%=,);)I%SD;*$%;.*%:,$;.<#,/*I%H0);),9%X)++)'0%8)0()01+"VP!&E"#ABAW"
=;=s*)tZMNK.-#ABAAf#QAA#u0!45t+E"
#a
!/"cJ",>,)9,?9*%,;%GGGE!24+,/?E(&5^+4^0*3&!&?^*4F(^-P<fa^AAQ^#ABA^+4E"
"LMK<Z]J"+#7$,%4(/+"B#"!/"BBE"
"
c"
,*/%!/*(4E#b"LMK<Z]"G&*/+,"/;!/"l&+0*+F"*4,/*/%/*(4,";!D+"
0*//0+"/("4("0(H!0"X4(G0+)5+"!4)"=((&"H((&)*4!/*(4"G*/;"/;+"
H(22%4*/*+,Em#c"1;*,"0!HX"(F"+45!5+2+4/"G*/;"7!*/*9,"H*D*0"
,(H*+/?"!4)"D%04+&!30+"=(=%0!/*(4,";!,"0+F/"&+0*+F"
(&5!4*S!/*(4,"G*/;(%/"D!0%!30+"*4F(&2!/*(4"!4)"/((0,"
4++)+)"/(")+D+0(="!4"!)+R%!/+"&+,=(4,+E#e"
"
:(&/%4!/+0?J"2!4?"5&!,,&((/,"(&5!4*S!/*(4,";!D+"2(3*0*S+)J"
!H/*D+0?")+,*54*45"/;+*&"(G4"&+0*+F"+FF(&/,"!4)"!))&+,,*45"
=&(30+2,"/;!/";!D+"!&*,+4",*4H+"/;+"+!&/;R%!X+E"L4)++)J"
l4+*5;3(&;(()I3!,+)"!,,(H*!/*(4,"!&+"H!=!30+"!4)"!H/*D+"
*4"F!H*0*/!/*45"!*)")*,/&*3%/*(4"!,"G+00"!,"&+H(D+&?"+FF(&/,"
!4)"F(,/+&*45",!F+/?"+D+4"*4"/;+,+"H;!00+45*45"
H(4)*/*(4,EmfA"$&5!4*S!/*(4,",/!&/+)"3+F(&+"/;+"+!&/;R%!X+"
H(4/*4%+"/("3+"!H/*D+"!4)"!&+"G(&X*45"/("&+I+,/!30*,;"/;+"
,(H*!0",!F+/?"4+/,"4+H+,,!&?"/("!"2+!4*45F%0"&+H(D+&?E"
8(2+49,"(&5!4*S!/*(4,"*4"=!&/*H%0!&";!D+"2(3*0*S+)"R%*HX0?"
/("!))&+,,"/;+"4++),"(F"/;+*&"2+23+&,"!4)"H(22%4*/*+,J"
2!4?"(F"G;(2"G+&+")*,=0!H+)E"
"
1;+"KM">0%,/+&".?,/+29,")+D+0(=2+4/"!4)"!*)"&+0*+F";!,"
3++4"H(22+4)!30+"!,"*/"G(&X,"/("+,/!30*,;",+&D*H+,"!4)"
2++/"3!,*H";%2!4*/!&*!4"4++),E"7(G+D+&J"/;+"
*4/+&4!/*(4!0"H(22%4*/?"*4"H(4H+&/"G*/;"/;+"7!*/*!4"
N(D+&42+4/"2%,/"!H/"R%*HX0?"/("=&(D*)+"/&%+",+H%&*/?"!4)"
=&(/+H/*(4"F&(2"&!=+"!4)"N'U"/("G(2+4"!4)"5*&0,J"
+,=+H*!00?"/;(,+"*4"/;+"2(,/"D%04+&!30+",*/%!/*(4,J",%H;"!,"
L]O,E"L/"*,"+,,+4/*!0"/("=&(D*)+"!HH+,,"/("H(2=&+;+4,*D+"
,+_%!0"D*(0+4H+",+&D*H+,"/;!/"!))&+,,";+!0/;J",!F+/?J"!4)"
=,?H;(0(5*H!0"4++),"(F",%&D*D(&,J"!,"G+00"!,",+H%&+"=0!H+,"/("
&+=(&/"*4H*)+4/,"(F"D*(0+4H+E"-,"/;+"&+3%*0)*45"=&(H+,,"*4"
7!*/*"2(D+,"F(&G!&)J"!"H((&)*4!/+)"!4)"H(2=&+;+4,*D+"
=0!4"/;!/"=&*(&*/*S+,"/;+",!F+/?"(F"G(2+4"!4)"5*&0,"2%,/"3+"
*2=0+2+4/+)E""
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
#b
"'+D+&0?"'+00J"8$'A%L)+,+;*$%S)(%;'%-'9)(,$);KI%&*+;%J$,G;)G*+%)0%X**;)01%;.*%
2**(+%'D%=,);)W+%:,$;.<#,/*%-#$>)>'$+%V-=&*0J"#ABAWM%-**%N+4E"<+HE"M(E"BeJ"+#7$,%
4(/+"BE""
#c
"LMK<Z]J"+#7$,%4(/+"B#"!/"cE"
#e
"O*+#);%6*D#1**%,0(%X)1$,;)'0%-*$>)G*B%=,);),0%2C"+%L*G$K%N';,9%:@G9#+)'0%D$'A%
L'0'$+W%T'0D*$*0G*+%'0%=,);),0%6*G'0+;$#G;)'0"VP!&M"BcJ"#ABAWJ",>,)9,?9*%,;"
GGGEY&,%,!E(&5^4+G,^4+G,qBAAffA3E=;=^"V0!,/"D*,*/+)"[%0?"BcJ"#ABAWE"
fA
"LMK<Z]J"+#7$,%4(/+"B#"!/"QE"
"
e"
$&5!4*S!/*(4"V87$W"Z/;*H!0"!4)",!F+/?"&+H(22+4)!/*(4,"
F(&"&+,+!&H;*45J")(H%2+4/*45"!4)"2(4*/(&*45",+_%!0"
"
D*(0+4H+"*4"+2+&5+4H*+,"V#AAbWJ"+4,%&*45"/;+",!F+/?"!4)"
H(4F*)+4/*!0*/?"(F"!00"D*H/*2,EfB"1;+"*4/+&D*+G,"/((X"=0!H+"!/"
/;+"'-L"*4"=&*D!/+"&((2,"(&",+H0%)+)"(%/)((&",=!H+,"G*/;*4"
/;+"'-L"5!/+,E"U*H/*2,"G+&+"2!)+"!G!&+"(F"/;+*&"!3*0*/?"/("
H+!,+"/;+"*4/+&D*+G"!/"!4?"/*2+"(&"&+F%,+"/("!4,G+&"
R%+,/*(4,"!4)"=&(D*)+)"*4F(&2+)"H(4,+4/E"-"=!&+4/"(&"
5%!&)*!4"=&(D*)+)"*4F(&2!/*(4"!3(%/"5*&0,"%4)+&"BcE"1G("
5&!,,&((/,"G(2+49,"(&5!4*S!/*(4,"G(&X*45"G*/;*4"O(&/I!%I
O&*4H+J"T$:-ULU"!4)":-UL\ZTJ"&+F+&&+)"/;+"G(2+4"!4)"
5*&0,J"!4)";!D+"=&(D*)+)"F(00(GI%="H!&+"!4)",+&D*H+,E""
"
1;+"=&*2!&?"=%&=(,+"(F"/;+,+"*4/+&D*+G,"G!,"/("H(00+H/"
+D*)+4H+"F(&"=%&,%*45"0+5!0"H!,+,"*4")(2+,/*H"!4)"
"
*4/+&4!/*(4!0"F(&!"/;&(%5;"/;+"'-L"!4)"*4/+&4!/*(4!0"
=!&/4+&,E"P+23+&,"(F"/;+")+0+5!/*(4,"!0,("H(4)%H/+)"
:&(2"P!?"BIBAJ"#ABAJ"!")+0+5!/*(4"(F"+*5;/"KE.E"0!G?+&,J"
*4F(&2!0"*4/+&D*+G,"G*/;")(S+4,"(F"(/;+&"&!=+",%&D*D(&,J"
/G("H(22%4*/?"&+,+!&H;+&,J"!4)"!"G(2+49,";+!0/;"
/;+*&"F!2*0?"2+23+&,J"!4)"G*/4+,,+,"/("&!=+,")%&*45"5&(%="
,=+H*!0*,/"*4D+,/*5!/+)"/;+"=&+D!0+4H+"!4)"=!//+&4,"(F"&!=+"
2++/*45,"(&"/&!*4*45,";+0)"!/"/;+"'-L"!4)")%&*45"D*,*/,"/("
!4)"(/;+&"N'U"!5!*4,/"L]O,"*4"O(&/I!%IO&*4H+"*4"/;+"
/;+"H!2=,E"-00"*4/+&D*+G,"G+&+"H(4)%H/+)"*4"7!*/*!4">&+(0+"
!F/+&2!/;"(F"/;+"+!&/;R%!X+"!4)"/;+";%2!4*/!&*!4"
G*/;"Z450*,;"/&!4,0!/*(4"=&(D*)+)"3?"F+2!0+"*4/+&=&+/+&,"
&+,=(4,+E"1;+")+0+5!/*(4"G!,"(&5!4*S+)"3?"/;+"\!G?+&,9"
F&(2"/;+"7!*/*!4"Z)%H!/*(4"!4)"\+!)+&,;*="O&(5&!2"!4)"
Z!&/;R%!X+"<+,=(4,+"M+/G(&X"V\Z<MWJ"G;*H;"*,"
3*0*45%!0")+0+5!/*(4"2+23+&,E"-))*/*(4!00?J")+0+5!/*(4"
H((&)*4!/+)"3?"/;+"L4,/*/%/+"F(&"[%,/*H+"u"]+2(H&!H?"*4"
2+23+&,"G+&+"=&(D*)+)"G*/;"/&!*4*45"*4"*4/+&D*+G*45"
7!*/*"VL[]7WE""
D*H/*2,"(F"D*(0+4H+J"!4)"2!4?"!0&+!)?";!)"%4)+&5(4+",%H;"
"
/&!*4*45E"
O&*(&"/("/&!D+0*45"/("7!*/*J"/;+")+0+5!/*(4"H(4)%H/+)"
"
+_/+4,*D+"3!HX5&(%4)"&+,+!&H;"!4)";+0)"!",+&*+,"(F"
1;+"\Z<M")+0+5!/*(4,"!0,(";+0)"!",+&*+,"(F"2++/*45,"G*/;"
/&!*4*45,"G*/;"+_=+&/,"(4"H(4)*/*(4,"*4"7!*/*"!4)"5+4+&!0"
0+!)+&,;*="(F"5&!,,&((/,"G(2+49,"5&(%=,J"G(2+49,"&*5;/,"
+_=+&/,"(4"N'UE"L4"7!*/*J"/;+")+0+5!/*(4"G(&X+)"(%/"(F"
!4)";%2!4"&*5;/,"0+!)+&,J"2+23+&,"(F"/;+"Y%)*H*!&?"!4)"
L[]79,"7!*/*I3!,+)"!FF*0*!/+"(FF*H+"*4"O(&/I!%IO&*4H+J"/;+"
7!*/*!4"M!/*(4!0"O(0*H+J"!4)"&+=&+,+4/!/*D+,"(F"/;+"
'%&+!%")+,"-D(H!/,"L4/+&4!/*(4!%_"V'-LW"!4)"2!)+",*/+"
8(2+49,"P*4*,/&?J"*4/+&4!/*(4!0"!5+4H*+,J"!4)"MN$,"/;!/"
D*,*/,"/(",+D+&!0"L]O"H!2=,J"2+)*H!0"H0*4*H,J"!4)";(,=*/!0,"
=&(D*)+"0+5!0J"2+)*H!0J"!4)",(H*!0"N'U",+&D*H+,E""
=&(D*)*45",+&D*H+,"/(",%&D*D(&,"(F"&!=+J"N(D+&42+4/"
"
P*4*,/&*+,"!4)"/&*3%4!0,J"!4)"/;+"KM"\(5*,/*H,"'!,+J"!00"(F"
-00"*4/+&D*+G,"!4)"2++/*45,"!&+"=&+,+&D+)"*4"/;+"F(&2"(F"
G;*H;"!&+"0(H!/+)"*4"O(&/I!%IO&*4H+E""
*4/+&D*+G"4(/+,"!4)J"G;+&+"!D!*0!30+J")*5*/!0"&+H(&)*45,E"-00"
"
&+,=(4)+4/,"=&(D*)+)"D+&3!0"H(4,+4/"/("%,+"/;+*&"
:&(2"[%4+"bIeJ"#ABAJ"1&!4,-F&*H!":(&%2",+4/"!"F(00(GI%="
,/!/+2+4/,E"M!2+,"!4)"(/;+&"*)+4/*F*+&,";!D+"3++4"
)+0+5!/*(4"(F"/;&++"KE.E"0!G?+&,"/("/;+"'-LE"1;+")+0+5!/*(4"
&+2(D+)"/("=&(/+H/"/;+"*)+4/*/*+,"(F",%&D*D(&,"!4)"
H(4)%H/+)"!",+H(4)"&(%4)"(F"*4/+&D*+G,"G*/;"&!=+"
=,+%)(4?2,";!D+"&+=0!H+)"&+!0"4!2+,"*4"/;*,"&+=(&/E"
,%&D*D(&,"!4)"!0,("2!)+",*/+"D*,*/,"/("L]O"H!2=,"*4"/;+"
"
H!=*/!0E""
"
"
>(00+H/*D+0?J"/;+"\Z<M")+0+5!/*(4,"F(&2!00?"*4/+&D*+G+)"`Q"
,%&D*D(&,"(F"&!=+",*4H+"/;+"+!&/;R%!X+"F&(2"!/"0+!,/"/+4"
)*FF+&+4/"L]O"H!2=,"!4)"4+*5;3(&;((),J"*4H0%)*456"
'*H+4/+4!*&+J">!3!&+/J">;!2=")+"P!&,J":(4/!2!&!J"N+&!&)"
'!/!*00+J"P!&/*,,!4/J"O0!H+"./+E"-44+J"O+&%J".(%&+J"!4)"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
fB
"S>,)9,?9*%,;%;//=6^^GGGEG;(E*4/^5+4)+&^)(H%2+4/,^$P.qZ/;*H,u"
U*00!5+")+"]*+%E"-00"&+,+!&H;"F(00(G+)"/;+"8(&0)"7+!0/;"
I-$"#M#L#%9.
.!F+/?BA-%5AbE=)FE"
"
BA"
H01M01%)*.E'(-.01.$"-./0)(L'6-8-1$.
+'8().
"
"
"
8(2+4"&+=(&/+)"/;!/"/;+"+!&/;R%!X+")+,/&(?+)"/;+*&"
,%==(&/"4+/G(&X,"!4)"0*D+0*;((),J"G;*H;"F%&/;+&"*4H&+!,+)"
/;+*&"D%04+&!3*0*/?E"P!4?"G(2+4"!0,("0(,/"!)%0/"2!0+"F!2*0?"
2+23+&,"G;("=&(D*)+)"=;?,*H!0",+H%&*/?"!4)"!",(%&H+"(F"
*4H(2+Eff".%&D*D*45"G(2+4"!&+"0+F/"G*/;"/;+"=&*2!&?"
&+,=(4,*3*0*/?"F(&"/;+"H!&+"(F"/;+"2(,/"D%04+&!30+J"*4H0%)*45"
*4F!4/,J"H;*0)&+4J"/;+"+0)+&0?J"!4)"/;+"/;(%,!4),"(F"4+G0?"
)*,!30+)"=+(=0+EfQ"$F"/;(,+"*4/+&D*+G+)J"D+&?"F+G";!)"!4?"
,(%&H+"(F",/+!)?"*4H(2+E"O&*(&"/("/;+"+!&/;R%!X+J"2(,/"
G(2+4"G(&X+)"!,"2+&H;!4/,"*4"/;+"*4F(&2!0"2!&X+/J"3%/"
/;+,+"!H/*D*/*+,";!D+"3++4";!2=+&+)"3+H!%,+"2!4?"0(,/"
/;+*&",%==0*+,"*4"/;+"+!&/;R%!X+Ef`"ZD+&I)++=+4*45"=(D+&/?"
H(4,/&!*4,"G(2+49,"H;(*H+,"!3(%/"G;+&+"/("0*D+J";(G"/("
/&!D+0h+,,+4/*!00?"!00"!,=+H/,"(F"/;+*&"0*D+,hF%&/;+&"
*4H&+!,*45"/;+*&"D%04+&!3*0*/?"/(",+_%!0"!,,!%0/E"
"
22Q.+0&638)$'16-).#4.>$$'6D)T+"'&'6$-&0)$06).#4.
!-&(-$&'$#&).
1;*,"<+=(&/")(+,"4(/"!//+2=/"/("=&(D*)+"!"R%!4/*/!/*D+"
"
!4!0?,*,"(F"/;+"=&+D!0+4H+"(F"&!=+"(&"N'U"*4"/;+"!F/+&2!/;" 1;+"D!,/"2!Y(&*/?"(F"/;+"G(2+4"G;("G+&+"*4/+&D*+G+)"
(F"/;+"+!&/;R%!X+E"<!/;+&J"*/"=&(D*)+,"!"R%!0*/!/*D+"!4!0?,*," &+=(&/+)"3+*45"&!=+)"3?"/G("(&"2(&+"*4)*D*)%!0,J"G;("
(F"/;+"H%&&+4/"H&*,*,"(F",!F+/?"!4)",+H%&*/?"F(&"7!*/*!4"
G+&+"%4X4(G4"/("/;+2"!4)"!02(,/"!0G!?,"!&2+)"G*/;"
G(2+4"!4)"5*&0,E"1;+,+"F*4)*45,"!&+"3!,+)"(4"/;+"
5%4,J"X4*D+,"(&"(/;+&"G+!=(4,E"P(,/"(F"/;+"G(2+4"
*4/+&D*+G,"H(4)%H/+)"*4"P!?"!4)"[%4+"#ABA"(F"(D+&"`A"
*4/+&D*+G+)",/!/+)"/;!/"/;+?"G(%0)"3+"%4!30+"/("&+H(54*S+"
G(2+4"G;(";!)"3++4"&!=+)",*4H+"/;+"[!4%!&?"+!&/;R%!X+J" /;+*&"!//!HX+&,"3+H!%,+6"!W"/;+"&!=+,"(HH%&&+)"!/"4*5;/Jfa"3W"
!4)"(3,+&D!/*(4,"2!)+"G;*0+"/(%&*45"/;+"H!2=,"!4)"(/;+&" /;+"=+&=+/&!/(&,"G(&+"2!,X,"H(D+&*45"/;+*&"F!H+,"(&"
!&+!,"G;+&+"/;+"!//!HX,"/((X"=0!H+E"1;+"&!=+",%&D*D(&,"
,%450!,,+,Jfb"(&"HW"/;+"/&!%2!"(F"/;+"+D+4/"*2=!*&+)"
*4/+&D*+G+)"&!45+)"*4"!5+"F&(2"`"/("aAE"K40+,,"(/;+&G*,+" 2+2(&?Efc".(2+",%&D*D(&,"G+&+"!30+"/("&+H!00"H+&/!*4"
*4)*H!/+)J"/;*,"<+=(&/"2!X+,"(3,+&D!/*(4,"(40?"G*/;"
*)+4/*F*+&,"(F"/;+*&"!//!HX+&,J"*4H0%)*45"/;+"H(0(&"(&",/?0+"(F"
&+,=+H/"/("/;+"G(2+4"*4/+&D*+G+)E"7(G+D+&J"G+"3+0*+D+"
/;+*&";!*&J",/!/%&+J"/!//((,J"!4)"=*+&H*45,k"3%/"4("(3D*(%,"
/;+?"!&+"0*X+0?"!==0*H!30+"/("/;+"0!&5+&"L]O"=(=%0!/*(4"5*D+4" =!//+&4,"G*/;"&+,=+H/"/("/;+"*)+4/*/?"(F"/;+"&!=*,/,"
/;+",/&*X*450?",*2*0!&"=!//+&4,"!2(45"/;+"/+,/*2(4*+,"/;!/" +2+&5+)Efe"8(2+4"2(,/"H(22(40?"*)+4/*F*+)"/;+"
+2+&5+)E""
=+&=+/&!/(&,"!,"2+23+&,"(F"4+*5;3(&;(()"5!45,"!4)"
"
+,H!=++,"F&(2"=&*,(4EQA"-0/;(%5;"/;+"D*H/*2,9"=+&H+*D+)"
2Q.N3L1-&'O0L0$9.#4.:'0$0'1.R#8-1.'1M.S0&L).
2(/*D!/*(4,"F(&"/;+"&!=+,"G+&+"4(/")*,H%,,+)"*4")+/!*0J"/;+"
"
*4/+&D*+G,"*4)*H!/+)"/;!/"/;+"!//!HX,"!&+"=&*2!&*0?"/("
>(4)*/*(4,"*4"/;+"L]O"H!2=,"*4"O(&/I!%IO&*4H+"!&+"30+!XE"
=+&=+/&!/+",+_%!0"D*(0+4H+!/;+&+"G+&+"(40?"!"F+G"
$D+&H&(G)*45J"0!HX"(F"=&*D!H?J"!4)"G+!X+4+)"F!2*0?"!4)"
(HH!,*(4,"G;+&+"/;+"&!=+,"G+&+"!HH(2=!4*+)"3?"(/;+&"
H(22%4*/?",/&%H/%&+,J"!2(45"(/;+&"/;*45,J"&+4)+&"G(2+4" H&*2+,",%H;"!,"&(33+&?E"
!4)"5*&0,"=!&/*H%0!&0?"D%04+&!30+"/("&!=+"!4)"(/;+&",+_%!0"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
D*(0+4H+E"8(2+4"!4)"5*&0,"0*D+"*4"*4!)+R%!/+",;+0/+&J"(F/+4" ff"-**B%*M1MB%L4/+&D*+G"va"VP!?"fJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
fQ
,0++=*45"(4"/;+"5&(%4)"%4)+&"4(/;*45"2(&+"/;!4"!"/!&="(&" f`"-**B%*M1MB%L4/+&D*+G"vB"VP!?"fJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
"-**B%*M1MB%L4/+&D*+G"vB#"VP!?"`J"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
30!4X+/J"G*/;"4("2+!4,"(F"=&(/+H/*(4"!4)"4("F&*+4),"H0(,+" fa"-**B%*M1MB%L4/+&D*+G"vBB"VP!?"`J"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
fb
"-**B%*M1MB%L4/+&D*+G"vQ"VP!?"`J"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
3?E"1;+?"3!/;+"*4"=%30*HJ"*4"D*+G"(F"2+4"!4)"3(?,E"P!4?"
fc
?(%45"5*&0,"0*D+"!0(4+"(&"G*/;"F&*+4),J"G*/;"4("!)%0/,"0((X*45" fe"-**B%*M1MB%L4/+&D*+G"v#"VP!?"`J"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
":(&"+_!2=0+J"!"F+G"*4/+&D*+G++,"4(/+)"/;!/"/;+*&"&!=*,/,"G(&+")&+!)0(HX,"(&"
!F/+&"/;+2Ef#""
;!)"F!H*!0";!*&E"-**B%*M1MB%L4/+&D*+G"vf"VP!?"`J"#AABWk"L4/+&D*+G"v`"VP!?"`J"#ABAWJ"
V(4"F*0+"G*/;"!%/;(&,WE"$/;+&,"&+2+23+&+)"/;+*&"!,,!*0!4/,";!)"=*+&H*45,"!FF*_+)"
"
/("D!&*(%,"3()?"=!&/,"*4H0%)*45"+!&,"!4)"=+4*,+,E"-**B%*M1MB%L4/+&D*+G"vBc"VP!?"`J"
"
#ABAWJ"L4/+&D*+G"vQ`"V[%4+"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
QA
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
"1;*,"G!,"!0,("4(/+)"3?"L4)+=+4)+4/"Z_=+&/"(4"/;+".*/%!/*(4"(F"7%2!4"<*5;/,"*4"
f#
"
"-**B%*M1MB%L4/+&D*+G"vBa"VP!?"fJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
7!*/*J"P*H;+0":(&,/J"+#7$,"4(/+"b"!/"n"#cE"
BB"
1;+"2!Y(&*/?"(F"&!=+,"&+=(&/+)"(HH%&&+)"!/"4*5;/J"*4"/;+"
/!X+4",/+=,"/(G!&),"
XMFMB%ab%K*,$+%'9(B%9)>*+%3);.%
)!&XJ"3+/G++4"/;+";(%&,"(F"e6AA=2"!4)"f6AA!2J"!0/;(%5;" +4)*45"/;+*&"0*F+E"-/"0+!,/"
.*$%;.$**%G.)9($*0B%'0*%'D%
*/"*,"4(/"%4H(22(4"F(&"G(2+4"/("3+"!//!HX+)")%&*45"/;+"
(4+"G(2!4",/!/+)"/;!/"
3.'A%3,+%G'0G*)>*(%)0%,%$,7*%
)!?E"8(2+4"&+=(&/+)"3+*45"!//!HX+)"*4,*)+"/;+"L]O"H!2=," ,;+";!)"H(4/+2=0!/+)"
;.,;%'GG#$$*(%)0%PccYM%%"0%X,K%
*4"/+4/,"!4)"%4)+&"/!&=,J"*4"0!/&*4+,J"!4)"(4"4+!&3?",/&++/,E" X*00*45";+&,+0F"!4)";+&"
QB%QRPRB%XMFM%3,+%3,9/)01%0*,$%
-"F+G",%&D*D(&,",/!/+)"/;!/"/;+*&"!//!HX+&,";!)"%,+)"!"30!)+" H;*0)&+4E"$4+"G(2!4"
,%7'9)G*%+;,;)'0%,;%6#*%J,>d*%
,$'#0(%eIaR7AM%H;%3,+%(,$/%'#;%
/("H%/"/;+"/+4/"/("5!*4"!HH+,,E"$4+"G(2!4"G!,"X*)4!==+)" ,!*)"/;!/",;+"G!4/+)"/("
,0(%+.*%3,+%,9'0*M%N3'%A*0%
F&(2";+&"H!2="!4)"/!X+4"/("!";(%,+"!/"!4"%4)+/+&2*4+)"
+4)";+&"0*F+"3+H!%,+"
(*A,0(*(%.*$%7#$+*%,0(%3.*0%
0(H!/*(4"G;+&+",;+"G!,"5!55+)"!4)"5!45"&!=+)"3?"!4"
l/;*,"0*F+";!,"5(4+"3!)Em"
%4X4(G4"4%23+&"(F"!,,!*0!4/,E".;+"G!,";+0)"!/"/;+";(%,+" .;+"0(,/";+&";%,3!4)"!4)" ;.*K%D'#0(%+.*%.,(%0'%A'0*KB%
;.*K%7#99*(%.*$%,3,K%D$'A%;.*%
F(&"/G("/("/;&++")!?,"!4)"&+=+!/+)0?"3+!/+4"!4)"&!=+)"
;(2+"*4"/;+"+!&/;R%!X+E"
+;$**;9)1.;%,0(%;''/%;#$0+%
%4/*0",;+"G!,"!30+"/("&%4"!G!?EQB"
7+&"%4H0+";!)"!3%,+)"
$,7)01%.*$M%L*+7);*%+#+;,)0)01%
;+&"5&(G*45"%=J"!4)"/;+"
"
)0f#$)*+B%XMFM%.,(%0';%K*;%+**0%
!//!HX"&+I/&!%2!/*S+)"
.%&D*D(&,"*4/+&D*+G+)"!0,(",=(X+"(F"/;+"G*)+,=&+!)"
,%('G;'$%*)1.;%(,K+%9,;*$%
(HH%&&+4H+"(F"/&!4,!H/*(4!0",+_"/("(3/!*4"F(()"!*)"H!&),J"
;+&"=&(F(%4)0?EQQ"
?*G,#+*%+.*%()(0W;%;.)0/%+.*%
!0/;(%5;"+!H;"*4/+&D*+G++")+4*+)";!D*45"+45!5+)"*4"
G'#9(%,DD'$(%);M%-.*%()(%0';%1'%
""
;'%;.*%7'9)G*%?*G,#+*%!7,%;,7%
/&!4,!H/*(4!0",+_";+&,+0FE"1;+"(HH%&&+4H+"(F"H(+&H+)"
-02(,/"!00"(F"/;+"
>)0)4%5%;.*K%3)99%0*>*$%G'A*M%%
/&!4,!H/*(4!0",+_!*/,+0F"!"F(&2"(F"&!=+!*,"3+?(4)"/;+"
,%&D*D(&,"H(2=0!*4+)"(F"
U.*0%,+/*(%)D%+.*%.,(%
,(2+"=;?,*H!0"
,H(=+"(F"/;*,"<+=(&/J"!4)"2+&*/,"!4"*4)+=+4)+4/"
$*G'AA*0(,;)'0+%D'$%3,K+%;'%
Q#
)*,H(2F(&/J"*4H0%)*45"
*4D+,/*5!/*(4E ""
7$*>*0;%;.*%$,7*+B%+.*%A*$*9K%
,/(2!H;"=!*4J"
"
+.''/%.*$%.*,(%,0(%+,)(%!J,%
;+!)!H;+,J")*FF*H%0/?"
222Q.!)96"#L#%06'L.'1M.!"9)06'L.B44-6$).
1*0%/,($*A,04%5%H;%3)99%,93,K+%
G!0X*45J"!4)"D!5*4!0"
"
.,77*0M%
*4F+H/*(4"!4)"30++)*45EQ`"
.+D+&!0"2+23+&,"(F"/;+")+0+5!/*(4";!D+"G(&X+)"G*/;"
-/"0+!,/"(4+"G(2!4"
/&!%2!",%&D*D(&,"*4"(/;+&",+//*45,"!4)"3++4"/&!*4+)"*4"
Qa
&+H(54*S*45"!4)"&+,=(4)*45"/("!,,(H*!/+)"2+4/!0"/&!%2!E" 3+H!2+"=&+54!4/"!,"!"&+,%0/"(F"/;+"&!=+E "$40?"(4+"
G(2!4"&+=(&/+)"/;!/";+&"!//!HX+&"G(&+"!"H(4)(2EQb"$F"/;+"
L4"!))*/*(4J"!4(/;+&")+0+5!/*(4"H((&)*4!/+)"3?"\Z<M"
F+G"G(2+4"/;!/";!)"3++4"/+,/+)"F(&"7LUJ"&+,%0/,"G+&+"
/&!D+0+)"/("7!*/*"*4"P!&H;"#ABA"/("*)+4/*F?"=(/+4/*!0"
4+5!/*D+E"L4"!))*/*(4"/("/;+"&!=+,J"2!4?"G(2+4"!4)"5*&0,"
!==0*H!4/,"F(&";%2!4*/!&*!4"=!&(0+"/("/;+"KE.EJ"*4H0%)*45"
*4/+&D*+G+)",%FF+&+)"3+!/*45,J",/!33*45,"!4)"(/;+&"*4Y%&*+,"
D*H/*2,"(F"5+4)+&I3!,+)"D*(0+4H+"!4)"/;(,+"G*/;"(/;+&"
*4"/;+"H(%&,+"(F"/;+"!//!HX,"!4)";!)",H!&,"!4)"(/;+&"D*,*30+"
H(2=+00*45"H*&H%2,/!4H+,E"1;+,+")+0+5!/*(4,"*4D(0D+)"
*4Y%&*+,"/(",;(GE"L4"(4+"(F"/;+"2(,/"+5&+5*(%,"H!,+,J"
=,?H;*!/&*,/,"!4)"/&!%2!"D*H/*2",=+H*!0*,/,E"1;+"
,+D+&!0"2+4"!//!HX+)"!"G(2!4"*4";+&"fA,"!/";+&";(2+"*4"
;%2!4*/!&*!4"=!&(0+")+0+5!/*(4"H(4)%H/+)"ae"2+)*H!0"
P!&/*,,!4/J")%&*45"G;*H;"(4+"(F"/;+"2+4",/!33+)";+&"G*/;"
+D!0%!/*(4,"(F"+!&/;R%!X+"D*H/*2,J",+D+&!0"(F"G;("G+&+"
!4"*H+"=*HXE"7+&",2!00"H;*0)&+4"G*/4+,,+)"/;+"!//!HXEQc"
D*H/*2,"(F"&!=+"(&"(/;+&",+_%!0"!,,!%0/J"!4)"F(%4)"/;!/"
e`Ebz"(F"/;+"D*H/*2,"G+&+",%FF+&*45"F&(2"O1.]"!4)"`fEaz" "
2NQ.>66-)).$#.I-M06'L.K-&,06-).
G+&+",%FF+&*45"F&(2")+=&+,,*(4EQf"
"
"
1;+"2!Y(&*/?"(F"/;+"G(2+4"!4)"5*&0,"*4/+&D*+G+)";!)"4(/"
>(45&%+4/"G*/;"/;+";%2!4*/!&*!4"=!&(0+")+0+5!/*(4"
,++4"!")(H/(&"(&"(/;+&"2+)*H!0"=&(F+,,*(4!0"!/"/;+"/*2+"(F"
F*4)*45,J"2!4?"(F"/;+"G(2+4"*4/+&D*+G+)"!==+!&+)"/("
/;+"*4/+&D*+GE"1;+&+"G+&+",+D+&!0"&+!,(4,"F(&"/;*,6"!W"0!HX"
,;(G",*54,"(F"=(,/I/&!%2!/*H",/&+,,")*,(&)+&"VO1.]WJ"
*4H0%)*45"+_/&+2+"F+!&J"4+&D(%,4+,,J";+0=0+,,4+,,J"*4!3*0*/?" (F"X4(G0+)5+"(F"G;+&+"/("F*4)",+&D*H+,J"3W"0!HX"(F"
X4(G0+)5+"/;!/",+&D*H+,"G+&+"=&(D*)+)"F&++"(F"H;!&5+JQe""""
/(",0++=J"4*5;/2!&+,"!4)",*54,"(F")+=&+,,*(4E".+D+&!0"
G(2+4"*4)*H!/+)",%*H*)!0"/+4)+4H*+,"!4)",(2+";!)"+D+4"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
QB
"L4/+&D*+G"vQ`"V[%4+"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
Q#
"1;+,+"/+,/*2(4*+,"!&+",%==(&/+)"3?"!))*/*(4!0"&+=(&/,"(4"=(,/IR%!X+",+_%!0"
D*(0+4H+E%-**B%*M1MB"LMK<Z]J"+#7$,%4(/+"B#"!/"B#k"-24+,/?"L4/90J%H0);),9%X)++)'0%
8)0()01+J"+#7$,%4(/+"#Q"!/"B#E""
Qf
"U*H/(&"NE">!&&*(4J"H0;*$0,;)'0,9%J+KG.),;$K%)0%=,);)%,;%;.*%SD;*$A,;.%'D%;.*%
:,$;.<#,/*J"O(G+&O(*4/"O&+,+4/!/*(4J"-=&E"#ABAJ"V(4"F*0+"G*/;"!%/;(&,WE"
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
QQ
"L4/+&D*+G"vQB"V[%4+"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
"-**B%+E5EJ"L4/+&D*+G"vBc"VP!?"`J"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
Qa
"L4/+&D*+G"v#a"V[%4+"bJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
Qb
"L4/+&D*+G"vBc"VP!?"`J"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
Qc
"L4/+&D*+G"vQf"V[%4+"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
Qe
"-**B%*M1MB%L4/+&D*+G"v#"VP!?"BAJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
Q`
B#"
HW"*4!3*0*/?"/("=!?"F(&"/;+"/&!4,=(&/"/("5+/"/("!"H0*4*HJ`A"!4)"
)W"F+!&"(F"&+/!0*!/*(4"!4)",/*52!E`B":(&"/;(,+"/;!/";!)"
,(%5;/"2+)*H!0"H!&+J"/;+"2!Y(&*/?"(40?",(%5;/"5+4+&!0"F*&,/"
!*)"H!&+"F(&"*4Y%&*+,"!,,(H*!/+)"G*/;"/;+"&!=+,"!4)")*)"4(/"
)*,H0(,+"/;+"&!=+"/("/;+";+!0/;H!&+"=&(D*)+&"3+H!%,+"/;+?"
G+&+"+23!&&!,,+)"(&"F+0/"%4H(2F(&/!30+E"<!=+"H!&&*+,"!"
,/*52!"*4"7!*/*!4",(H*+/?J"!,"*/")(+,"*4"2(,/"=0!H+,E"U*H/*2,"
G+&+"+_/&+2+0?"&+0%H/!4/"/("&+!H;"(%/"F(&",%==(&/"(&"/("
+D+4")*,H%,,"/;+*&"(&)+!0"3+F(&+"2++/*45"!"2+23+&"(F"
T$:-ULU"(&":-UL\ZTJ"*4"G;(2"/;+?";!)"/&%,/"!4)"H(%0)"
H(4F*)+E"8;+4"D*H/*2,")*)"&+!H;"(%/J"/;+?"G+&+"(F/+4"
,;%44+)"(&"*54(&+)E"""
"
$F"/;(,+"G;(";!)"3++4"/(",++"!")(H/(&J"/;+"R%!0*/?"!4)"
/?=+"(F"H!&+"D!&*+)")+=+4)*45"(4"/;+"F!H*0*/?"!4)"
!D!*0!3*0*/?"(F",%==0*+,E".(2+"H0*4*H,")*)"4(/"(FF+&",+&D*H+,"
,%H;"!,"7LU"=&(=;?0!_*,"(&"+2+&5+4H?"H(4/&!H+=/*(4E"
8(2+4"F!H+)"=&(;*3*/*D+0?"0(45"G!*/,J"!4)"0+F/"G*/;(%/"
3+*45",++4"3?"!")(H/(&E"8(2+4"!0,("&+=(&/+)"!"0!HX"(F"
=&*D!H?J"!4)"0*2*/+)"!HH+,,"/("F+2!0+";+!0/;H!&+"=&(D*)+&,E"
P+)*H!0"H+&/*F*H!/+,"G+&+"4(/"&(%/*4+0?"=&(D*)+)E`#"$40?"
/G("G(2+4"&+=(&/+)"&+H+*D*45"2+)*H!0"H+&/*F*H!/+,k"(/;+&,"
&+=(&/+)"/;!/"/;+?"G+&+"%4!G!&+"(F"/;+"*2=(&/!4H+"(F"/;+"
H+&/*F*H!/+,"*4")(H%2+4/*45"&!=+"!4)"/;+*&"&*5;/"/("&+R%+,/"
/;+2E"L4"(4+"*4,/!4H+J"!"H0*4*H",/!/+)"/;!/"/;+?"G+&+"(%/"(F"
H+&/*F*H!/+,E`f".+D+&!0",%&D*D(&,"&+=(&/+)"/&+!/*45"/;+*&"
*4Y%&*+,"G*/;"/&!)*/*(4!0"&+2+)*+,J"*4H0%)*45",=+H*!0"/+!,"
!4)"3!/;,E`Q"
"
=(0*H+Em`a"P!4?"G(2+4"
6MTMB%,%A';.*$%'D%;3'B%3*0;%;'%
,/!/+)"/;!/"G;+4"/;+?"
?#K%D''(%D'$%.*$%G.)9($*0M%%"0%
!==&(!H;+)"/;+"=(0*H+"
.*$%3,K%?,G/%;'%;.*%T.,A7+%(*%
F(&";+0=J"/;+"=(0*H+",!*)"
X,$+%G,A7B%;.$**%A*0%G,#1.;%
/;!/"/;+&+"G!,"l4(/;*45"
.*$%0*,$%.*$%;*0;M%N.*K%;''/%.*$%
/;+?"H(%0)")(m"!4)"/;+"
)0+)(*%,%;*0;B%3.*$*%;.*K%*,G.%
$,7*(%.*$%3.)9*%.'9()01%,%1#0%
,%&D*D(&",;(%0)"&+/%&4"
G;+4",;+";!)"l*)+4/*F*+)" ;'%.*$%.*,(M%-.*%;'9(%7'9)G*%'0%
7,;$'9%3.,;%.,(%.,77*0*(%
!4)^(&"H!=/%&+)";+&"
+.'$;9K%,D;*$3,$(+M%N.*%7'9)G*%
!//!HX+&Em"$4+",%&D*D(&"
()(%0';%1*;%'#;%'D%;.*)$%f**7B%0'$%
&+=(&/+)"/;!/"/;+"(FF*H+&"
()(%;.*K%,GG'A7,0K%.*$%;'%D)0(%
,;+",=(X+"G*/;",!*)"*/"
;.*%;*0;%3.*$*%+.*%.,(%?**0%
G!,"4(/";*,"&+,=(4,*3*0*/?" $,7*(M%S9;.'#1.%+.*%+'#1.;%
!4)"/;!/"*/"G!,"/;+"
A*()G,9%G,$*%;.*%D'99'3)01%(,KB%
=&(30+2"(F"7!*/*9,"
+.*%3,+%;''%*A?,$$,++*(%;'%;*99%
=&+,*)+4/J"<+4i"O&iD!0E`b"
;.*%A,9*%('G;'$%3.,;%
.,77*0*(%,0(B%,+%,%$*+#9;B%
L4"!4(/;+&"H!,+J"/;+"
$*G*)>*(%9)A);*(%;$*,;A*0;M%6MTM%
=(0*H+"/(0)"/;+",%&D*D(&"
G'0;)0#*+%;'%+#DD*$%,?('A)0,9%
/("/!X+";+&"H!,+"/("/;+"
7,)0%,0(%?9**()01B%,0(%.,+%
H!2="H(22*//++J"!4"
A'>*(%;'%,0';.*$%7,$;%'D%;.*%
*4F(&2!0"0+!)+&,;*="
G,A7%)0%;.*%.'7*%;.,;%+.*%3)99%
,/&%H/%&+"(&5!4*S+)"3?"
D**9%+,D*$M%
H!2="2+23+&,E`c"
"
8;+&+"/;+"=(0*H+";!D+"/!X+4",(2+"!H/*(4J"/;+"(%/H(2+"*,"
&!&+0?",*54*F*H!4/E":(&"+_!2=0+J"*4"P!&H;"#ABAJ"!"G(2!4"
G;(";!)"3++4"&!=+)"&+=(&/+)"/;+"H&*2+"/("/;+"=(0*H+E".;+"
/(0)"*4/+&D*+G+&,"/;!/"/;+"=(0*H+"H*&H0+)"/;+"H!2=,"G*/;"
+_/&!"=!/&(0,"+!H;"4*5;/"F(&"!3(%/"!"G++X"!F/+&"/;+"!//!HXJ"
3%/")*)"4(/"F*4)"/;+"!,,!*0!4/,E"1;+?",/(==+)"/;+"=!/&(0,"
NQ..>66-)).$#.53)$06-.
G*/;(%/")(*45"!4?"F%&/;+&"*4D+,/*5!/*(4E`e""
"
8(2+4"&+=(&/+)"0*2*/+)"!HH+,,"/("Y%,/*H+"*4"7!*/*"F(&"&!=+" "
!4)",+_%!0"!,,!%0/J"!"&+,%0/"(F",+D+&!0"3!&&*+&,"/;!/"*4H0%)+" $/;+&"3!&&*+&,"/("&+=(&/*45"*4H0%)+"F+!&"(F"&+/!0*!/*(4"!4)"
0!HX"(F"!HH+,,"/("0+5!0",+&D*H+,J"!4)"%4G*00*454+,,"(F"=(0*H+" ,/*52!E"L4"2!4?"H!,+,J"=+&=+/&!/(&,"/;&+!/+4+)"/;+"G(2+4"
/("&+,=(4)E"<!=+",%&D*D(&,"/(0)"*4/+&D*+G+&,"/;!/"&+=(&/*45" !4)"5*&0,"G*/;"F%/%&+";!&2"(&")+!/;"*F"/;+?"/(0)"!4?(4+"
!3(%/"/;+"&!=+E"1;+,+"/;&+!/,J"H(%=0+)"G*/;"!"0(G"
&!=+"/("/;+"=(0*H+"*,"l!4"+_+&H*,+"*4"F%/*0*/?Em"L4"F!H/J"(F"!00"
0*X+0*;(()"(F"/;+"&!=*,/,"3+*45"H!%5;/"(&"Y!*0+)J"F(&2"!"
/;+"G(2+4"G+"*4/+&D*+G+)J"/;+&+"G!,"(40?"(4+"*4,/!4H+"
H(4,*)+&!30+")+/+&&+4/"/("&+=(&/*45E"P(&+(D+&J"/;+&+"*,"4("
G;+&+"!"G(2!4"&+=(&/+)"/;!/";+&"!,,!*0!4/";!)"3++4"
``
G*/4+,,"=&(/+H/*(4"!D!*0!30+J"!4)"2(,/"G(2+4")("4(/";!D+"
!&&+,/+)"!4)"G!,",/*00"*4"Y!*0E "L4"4+!&0?"!00"*4,/!4H+,J"
G(2+4"G;("&+=(&/+)",+_%!0"D*(0+4H+"H&*2+,"/("/;+"=(0*H+" /;+"&+,(%&H+,"(&"!3*0*/?"/("2(D+J"2!X*45"*/"+!,?"F(&"/;+*&"
&!=*,/,"/("F*4)"/;+2"!5!*4E""
G+&+"*54(&+)"(&"2(HX+)E""
"
"
8(2+4"+_=&+,,+)"F&%,/&!/*(4J"4(/*45"/;!/"=((&"G(2+4")(" O(0*H+"H(&&%=/*(4"=&+,+4/,"!4(/;+&"(3,/!H0+"/("Y%,/*H+E"$4"
(4+"(HH!,*(4J"!"G(2!4"*4";+&"+!&0?"#A,"G!,"5!45"&!=+)"3?"
4(/"F*4)"Y%,/*H+!l(40?"/;+"&*H;"5+/"/;+"!//+4/*(4"(F"/;+"
/;&++"?(%45"2+4E"8;+4",;+"&+=(&/+)"/;+"*4H*)+4/"/("/;+"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
`A
"-**B%*M1MB%L4/+&D*+G"vBb"VP!?"bJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
"-**B%*M1MB%L4/+&D*+G"vB#"VP!?"`J"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
`#
"-**B%*M1MB%L4/+&D*+G"ve"VP!?"fJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
`f
"P++/*45"G*/;".$:-"VP!?"bJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
`Q
"-**B%*M1MB%L4/+&D*+G"vQ"VP!?"`J"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
``
"L4/+&D*+G"v`Q"V[%4+"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
`B
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
`a
"-**B%*M1MB%L4/+&D*+G"v#c"V[%4+"cJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
"L4/+&D*+G"vBa"VP!?"fJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE""
`c
"L4/+&D*+G"v#f"V[%4+"bJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
`e
"L4/+&D*+G"v#`"V[%4+"bJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE""
`b
Bf"
=(0*H+J"/;+?",!*)"/;!/";+&"F!2*0?"G(%0)";!D+"/("=!?"/("5+/"!" !4)J"G*/;"/;+*&"*4/+&4!/*(4!0"H(44+H/*(4,J"G+&+"!30+"/("F*4)"
G!&&!4/E"7+&"%4H0+J"!"0!G?+&J"/G*H+"=!*)"/;+"=(0*H+E"
/;+"F%4),"/("&+0(H!/+Ea`""
7(G+D+&J"/;+"=(0*H+")*)"4(/;*45J",*2=0?")+2!4)*45"+D+4"
"
2(&+"2(4+?"/("=%&,%+"/;+"H!,+E"$4"!4(/;+&"(HH!,*(4J"
G;+4"!"D*H/*2"!==&(!H;+)"/;+"=(0*H+"/("&+=(&/"!"&!=+J"/;+?"
)+2!4)+)"/;!/",;+"3%?"/;+2"5!,",("/;+?"H(%0)")&*D+"/("/;+"
H!2=J"G;*H;"G!,"&+=(&/+)0?"G*/;*4"G!0X*45")*,/!4H+E".;+"
5!D+"H!,;"/("/;+"=(0*H+J"G;(")*)"4(/;*45EaA""
"
1;+"0!HX"(F"!HH+,,"/("0+5!0",+&D*H+,"*,"?+/"!4(/;+&"3!&&*+&"
F!H+)"3?"7!*/*!4,"0*D*45"*4"/;+"H!2=,E"1;+&+"*,"4("/&!)*/*(4"
(F"=%30*H0?"F%4)+)"0+5!0"!*)"*4"7!*/*E"1;+"F+G"(&5!4*S!/*(4,aB"
/;!/")("=&(D*)+"0+5!0"!*)"(&"!HH(2=!4*2+4/"/;&(%5;"/;+"
0+5!0"=&(H+,,"&+=(&/"3+*45"(D+&G;+02+)"!4)"%4!30+"/("
2++/"/;+")+2!4)E"P!4?"G(2+4"2+4/*(4+)"(/;+&"3!&&*+&,"
/("!HH+,,*45"/;+,+",+&D*H+,J",%H;"!,"!"0!HX"(F"
/&!4,=(&/!/*(4J"0!HX"(F"H(4F*)+4H+"(&"/&%,/"*4",%H;",+&D*H+,J"
!4)"0!HX"(F"!G!&+4+,,"/;!/",%H;",+&D*H+,"+D+4"+_*,/Ea#""
"
N2Q.+#1$013-M.N3L1-&'O0L0$9.
"
1;+",%&D*D(&,"*4/+&D*+G+)"H(4/*4%+"/("3+"D%04+&!30+"/("
&!=+"!4)"(/;+&",+_%!0"!3%,+"*4"/;+"H!2=,E"\!HX*45"(/;+&"
(=/*(4,J"2(,/"&+2!*4"0*D*45"*4"/;+",!2+"!&+!"G;+&+"/;+?"
G+&+"!//!HX+)J"!4)"/;+"!//!HX+&,"&+2!*4"!/"0!&5+E"M(4+"(F"
/;+"*4/+&D*+G++,"G+&+"!G!&+"(F",!F+",=!H+,"(&",;+0/+&,"
G;+&+"/;+?"H(%0)"5(E"-/"0+!,/"/;&++"(F"/;+"G(2+4"
*4/+&D*+G+)"G+&+"&!=+)"(4"/G(",+=!&!/+"(HH!,*(4,",*4H+"
/;+"+!&/;R%!X+af"!4)",+D+&!0"(/;+&,";!)"3++4"&!=+)")%&*45"
=&+D*(%,"=+&*(),"(F"%4&+,/EaQ"L4"(4+"H!,+J"/;+"\Z<M"
)+0+5!/*(4"*4/+&D*+G+)"/;+"5&!4)2(/;+&"(F"!"F*D+I?+!&"(0)"
5*&0"G;(";!)"3++4"&!=+)E"'(/;"/;+"5&!4)2(/;+&"!4)";+&"
)!%5;/+&"G+&+"&!=+)")%&*45"/;+"#AAQ"H(%="=+&*()k"/;+"
)!%5;/+&"3+H!2+"=&+54!4/"G*/;"/;+"0*//0+"5*&0"!,"!"&+,%0/E"
.%H;"D%04+&!30+"=(=%0!/*(4,";!D+"!HH+,,"/("+D+4"F+G+&"
&+,(%&H+,"*4"/;+"G!X+"(F"/;+"+!&/;R%!X+E"
"
L4)*D*)%!0,"G(&X*45"*4"/;+"L]O"H!2=,"/("!,,*,/"D*H/*2,"(F"
N'U"!&+"/;+2,+0D+,",%,H+=/*30+"/("!))*/*(4!0"D*(0+4H+E""
<+H+4/0?J"/G("T$:-ULU"0+!)+&,"!4)"/;+*&"F!2*0*+,"G+&+"
/;&+!/+4+)"!/"5%4=(*4/"*4"/;+"H!2=E"1;+?"F0+)"/;+"H!2="
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
aA
"L4/+&D*+G"vb"VP!?"bJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
":(&"+_!2=0+J"/G("G+00"X4(G4"7!*/*!4"G(2+49,"MN$,"*4H0%)+"T!?":!42"!4)"
.(0*)!&*/i":!42"-?*,?+4"V.$:-WE"
a#
"'-L"*,"H%&&+4/0?"G(&X*45"(4")+D+0(=*45"!"5&+!/+&"H!=!H*/?"*4"(&)+&"/("=%&,%+"
H!,+,"%,*45"!"D*H/*2IH+4/+&+)"!==&(!H;J"!4)"/(",%==(&/"G(2+49,"+2=(G+&2+4/"
5&(%=,"/("3%*0)"!"2(D+2+4/"!&(%4)"Y%,/*H+E"
af
"L4/+&D*+G"vfA"V[%4+"cJ"#ABAWk"L4/+&D*+G"vfb"V[%4+"cJ"#ABAWk"L4/+&D*+G"v`#"V[%4+"
#ABAWk"L4/+&D*+G"v`Q"V[%4+"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
aQ
"-**B%*M1MB%L4/+&D*+G"v#"VP!?"BAJ"#ABAWJ"L4/+&D*+G"vb"VP!?"fJ"#ABAWE""
aB
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
a`
"6,7*%)0%;.*%T,A7+I%],G/)01%-*G#$);KB%U'A*0%"$1,0)\*%;'%J$';*G;%N.*A+*9>*+J"
]ZP$><->g"M$8{J";//=6^^GGGE)+2(H&!H?4(GE(&5^#ABA^b^BQ^&!=+q*4q/;+q"
H!2=,q0!HX*45q,+H%&*/?E"
BQ"
]%&*45"/;+"0!,/",+D+&!0"?+!&,J"/;+"N(D+&42+4/"(F"7!*/*"
VN$7W"%4)+&/((X"!"4%23+&"(F"*4*/*!/*D+,"/("!))&+,,"
"
D*(0+4H+"!5!*4,/"G(2+4J"*4H0%)*45"+4!H/*45"0+5*,0!/*(4"
+4;!4H*45"=+4!0/*+,"F(&"&!=+Eac"L4"#AAfJ"/;+"N$7"0!%4H;+)"
/;+"N,?9*%(*%T'0G*$;,;)'0%2,;)'0,9*%T'0;$*%9,%F)'9*0G*%
8,);*+%,#@%8*AA*+"VM!/*(4!0"]*!0(5%+"(4"/;+"O&+D+4/*(4"(F"
U*(0+4H+"-5!*4,/"8(2+4WJ"!"=!&/4+&,;*="3+/G++4"/;+"
P*4*,/&*+,"(F"8(2+4J"7+!0/;J"!4)"[%,/*H+J"(4"/;+"(4+";!4)J"
!4)"H*D*0",(H*+/?J"*4H0%)*45"G(2+49,"5&(%=,J"MN$,"!4)"
,+&D*H+,"=&(D*)+&,J"!4)"KM"!5+4H*+,J"(4"/;+"(/;+&Eae"1;+"
T'0G*$;,;)'0%2,;)'0,9*"*,"/!,X+)"G*/;"=&(2(/*45"
H((&)*4!/*(4"3+/G++4"/;+"D!&*(%,"!H/(&,"*4"/;+"F*5;/"
!5!*4,/"D*(0+4H+"!5!*4,/"G(2+4"!4)"/(")+D+0(="!4)"
*2=0+2+4/"!"4!/*(4!0"=0!4E"L4"#AA`J"7!*/*"!)(=/+)"/;+"
#AAaI#ABB"M!/*(4!0"O0!4"/(">(23!/"U*(0+4H+"-5!*4,/"
"
8(2+4J"!*2+)"!/"=&+D+4/*45"D*(0+4H+"!4)"!//+4)*45"/("
D*H/*2,E"1;+"O0!49,"(3Y+H/*D+,"*4H0%)+"=%//*45"*4"=0!H+"!"
S#,-&18-1$.#4.:'0$0.E-)(#1)-).
2+H;!4*,2"F(&",?,/+2!/*H")!/!"H(00+H/*(4J"=&+D+4/*(4"(F"
"
D*(0+4H+J"H!=!H*/?"3%*0)*45"/;&(%5;"=&(2(/*45"!"2%0/*I
2Q.!&-UB'&$"C3'D-.E-)(#1)-)..
,+H/(&!0"!==&(!H;J"!4)"(/;+&",/&!/+5*+,E"L4"#AAcJ"7!*/*"
"
&+=(&/+)"/("/;+">(22*//++"(4"/;+"Z0*2*4!/*(4"(F"-00":(&2,"
7!*/*"*,"4(",/&!45+&"/("D*(0+4H+"!5!*4,/"G(2+4E"L4"/;+"2*)I (F"]*,H&*2*4!/*(4"-5!*4,/"8(2+4"V>Z]-8W"F(&"/;+"F*&,/"
BeeA,J"%4)+&"/;+"*00+5!0"&+5*2+"(F"N+4+&!0"<!(%0">+)&!,J"
/*2+",*4H+"&!/*F?*45"/;+"8(2+49,">(4D+4/*(4"*4"BecBE""
&!=+"!4)"(/;+&"F(&2,"(F"5+4)+&I3!,+)"D*(0+4H+"G+&+"%,+)" "
!,"*4,/&%2+4/,"(F"/+&&(&E"8(2+4"G+&+"/!&5+/+)"F(&"!3%,+" -0/;(%5;"=&(5&+,,"(4"/;+,+"0!%)!30+"5(!0,"G!,"2!)+J"
3+H!%,+"(F"/;+*&"=(0*/*H!0",%==(&/"F(&")+2(H&!H?J"/;+*&"
2!4?"*4*/*!/*D+,h+D+4"3+F(&+"/;+"+!&/;R%!X+hG+&+"
*4/*2!/+"!,,(H*!/*(4"G*/;"(/;+&"!H/*D*,/,J"/;+*&"H0!,,J"!4)"
;!2=+&+)"3?"*4,%FF*H*+4/"&+,(%&H+,"!4)"F+00",;(&/"(F"/;+*&"
/;+*&"5+4)+&E"N+4)+&I3!,+)"D*(0+4H+"+4H(2=!,,+,"!"
,/!/+)"5(!0,E"-,"/;+"L4/+&I-2+&*H!4">(22*,,*(4"(4"7%2!4"
D!&*+/?"(F"H(4H+=/,"*4"7!*/*J"*4H0%)*45"/;+"D*+G"(F"G(2+4"!," <*5;/,"VL->7<W"(3,+&D+)"0!,/"?+!&"*4"&+5!&),"/("/;+",+&D*H+,"
=&(=+&/?J"/;+*&"&(0+,"!,"3&+!)G*44+&,"!4)"!H/*D*,/,"F(&"
=&(D*)+)"3?"/;+"./!/+6"l/;+?"!&+",0(G"/("3+"*2=0+2+4/+)"
G(2+49,"&*5;/,J"/;+*&"F%4H/*(4,"!,"2(/;+&,"!4)";+!),"(F"
!4)"!&+"4(/"?+/"F%00?"(=+&!/*(4!0EmbA":(&"+_!2=0+J")%&*45"
;(%,+;(0),J"!4)"/;+*&"*4D(0D+2+4/"!,"!)D(H!/+,"F(&"H*D*0"
/;+">(22*,,*(49,"D*,*/,"/("7!*/*J"l/;+"P*4*,/&?"(F"8(2+4"
,(H*+/?E""
=!&/*H%0!&0?"&+5&+//+)"/;+"!3,+4H+"(F"!",/!/+I&%4",;+0/+&"F(&"
"
G(2+4"!4)"/;+"0!HX"(F"F&++"0+5!0",+&D*H+,"F(&"*4)*5+4/"
L4"/;+"!F/+&2!/;"(F"/;+"#AAQ"(%,/+&"(F"O&+,*)+4/"[+!4"
G(2+4"D*H/*2,"(F"D*(0+4H+EmbB"1&!5*H!00?J",(2+"(F"/;+"
'+&/&!4)"-&*,/*)+J"%4)+&"/;+"L4/+&*2"N(D+&42+4/"(F"7!*/*" N(D+&42+4/9,"2(,/"H(22*//+)"5+4)+&I+R%!0*/?"!)D(H!/+,"
VLN7WJ"&!=+"!5!*4"l3+H!2+"!"=(0*/*H!0"G+!=(4"3?"!&2+)"
=+&*,;+)"*4"/;+"+!&/;R%!X+Eb#"
*4,%&5+4/,"/("*4,/*00"F+!&"!4)"/("=%4*,;"G(2+4"3+0*+D+)"/(" """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
;!D+",%==(&/+)"/;+")+2(H&!/*H"5(D+&42+4/Emaa"-"2(&/!0*/?" ac":(&"2(&+"*4F(&2!/*(4"(4"/;+";*,/(&?"(F"D*(0+4H+"!5!*4,/"G(2+4"!4)"0+5!0"
,/%)?"F(&"O(&/I!%IO&*4H+"=%30*,;+)"*4"1;+"\!4H+/"H(4H0%)+)" )+D+0(=2+4/"*4"7!*/*J"+**%'+4+)+//!":!+)*J"N.*%L'#?9*%U*,/0*++%'D%C)$9+I%
1-ME"[E"LM19\"\E"BQb"V#AAcWk"LM1Z<I
/;!/"f`JAAA"G(2+4"G+&+"&!=+)"3+/G++4"P!&H;"#AAQ"!4)" L)+G$)A)0,;)'0%,0(%-*@#,9%F)'9*0G*%)0%=,);)J"QQ".
-PE">E7E<EJ"N.*%6)1.;%'D%U'A*0%)0%=,);)%;'%?*%8$**%D$'A%F)'9*0G*%,0(%
]+H+23+&"#AAa"*4"O(&/I!%IO&*4H+"!0(4+E"-02(,/"B#z"(F"/;+" L)+G$)A)0,;)'0B"$Z-^.+&E\^U^LLJ)(HE"a#"!/"n"ec"VP!&E"BAJ"#AAeW"o;+&+*4!F/+&"LM1Z<I
=+&=+/&!/(&,"G+&+"*)+4/*F*+)"!,"&*5;/IG*45"=(0*/*H!0"!H/(&,Eab" ae-PE">E7E<EJ%8$**%D$'A%F)'9*0G*pE"
"-**%KM:O-"7!*/*J"],%T'0G*$;,;)'0%2,;)'0,9*J%;//=6^^GGGE%4F=!;!*/*E(&5^"
"
>(4H+&/!/*(4M!/*(4!0+E;/2"V0!,/"D*,*/+)"[%0?"bJ"#ABAWE"
E-)(#1)-).$#.E'(-.
bA
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
aa
"-24+,/?"L4/90J"L'0W;%;#$0%K'#$%?,G/%'0%1)$9+I%-*@#,9%>)'9*0G*%,1,)0+;%1)$9+%)0%
=,);)B"-L"L4)+_6"-P<"fa^AAQ^#AAcJ"#f"V#AAcWJ",>,)9,?9*%,;"
;//=6^^GGGE!24+,/?E(&5^+4^0*3&!&?^*4F(^-P<fa^AAQ^#AAc^+4E"
ab
"-/;+4!"<"T(03+"!4)"<(?H+"-"7%/,(4J"=#A,0%6)1.;+%S?#+*%,0(%";.*$%T$)A)0,9%
F)'9,;)'0+%)0%J'$;E,#EJ$)0G*B%=,);)I%S%6,0('A%-#$>*K%'D%='#+*.'9(+B%17Z"\-M>Z1"
V#AAaWk"fac6"caQ|bfE""
"
"LM1Z<I-PE">E7E<EJ"8$**%D$'A%F)'9*0G*B+#7$,"4(/+"acJ"n"BQQE"""
"H(M"
"1;(,+"2(%&4+)"*4H0%)+"P?&*!2"P+&0+/J">;*+F"(F">!3*4+/"(F"/;+"P*4*,/&?"(F"
8(2+49,">(4)*/*(4"!4)"<*5;/,"!4)"F(%4)+&"(F"/;+"%23&+00!"G(2+49,"
(&5!4*S!/*(4"M!/*(4!0">((&)*4!/*(4"F(&"-)D(H!H?"(4"8(2+49,"<*5;/,"!4)"P?&4!"
M!&H*,,+J"]*&+H/(&"N+4+&!0"(F"/;+"P*4*,/&?"(F"8(2+49,">(4)*/*(4E"g2H8:X%
X'#$0+%;.*%L*,;.+%'D%U'A*0W+%6)1.;+%SG;)>)+;+%)0%=,);)"V[!4E"#BJ"#ABAWJ",>,)9,?9*%
,;%;//=6^^GGGE%4*F+2E(&5^4+G,q+D+4/,^,/(&?q)+/!*0E=;=s./(&?L]tBABQE""
bB
b#
B`"
L4":+3&%!&?J"PLMK.1-7"&+=(&/+)"/;!/"KMO$\"!4)"7MO"
(FF*H+&,";!)"+,/!30*,;+)"!"=+&2!4+4/"Y(*4/"=&+,+4H+"!/"/;+"
"
0!&5+,/"L]O"H!2=,"*4"O(&/I!%IO&*4H+J"/;+"Oi/*(4D*00+">0%3"
1;+"0!HX"(F"!"2+!4*45F%0"&+,=(4,+"(4"/;+"=!&/"(F"/;+"
!4)">*/i".(0+*0EcA"1;+,+"!HH(%4/,";!D+"3++4"0!&5+0?"
7!*/*!4"N(D+&42+4/"/("/;+"&!=+"H&*,*,"*4")*,=0!H+2+4/"
H(4/&!)*H/+)"3?"&+=(&/,"F&(2"H!2="&+,*)+4/,"G;(",!*)"/;!/"
H!2=,"*,"!"&+,%0/"(F"3(/;"!"0!HX"(F"&+,(%&H+,"!4)"!"0!HX"(F"
/;+?"&!&+0?",++"=(0*H+"*4,*)+"/;+"H!2=,"(4"F((/"(&"!/"
=(0*/*H!0"G*00E"7!*/*9,"!0&+!)?"F&!5*0+"3%&+!%H&!H?"!4)"H*D*0"
4*5;/EcB"P(&+(D+&J"/("/;+"+_/+4/"/;!/"7MO"!4)"KMO$\"
,+&D*H+",%FF+&+)")++="30(G,"F&(2"/;+"+!&/;R%!X+J"!,"
H(4)%H/"=!/&(0,J"/;+&+"*,"4(",/&!/+5*H"=(0*H*45"=0!4"*4"=0!H+"
2*4*,/&?"3%*0)*45,"G+&+")+,/&(?+)"!4)"2!4?"=+&,(44+0"
/("2!_*2*S+"0*2*/+)"&+,(%&H+,Ec#"L4"!"=(,*/*D+",/+=J"(4"[%0?"
G+&+"X*00+)Ebf":(&"+_!2=0+J"/G(",=+H*!0*S+)"=(0*H+"%4*/,"
#BJ"KM"=(0*H+"!&&+,/+)"/G("2+4",%,=+H/+)"(F"3+*45"
*4!%5%&!/+)"=&*(&"/("/;+"+!&/;R%!X+"/("&+H+*D+"&+=(&/,"
&+,=(4,*30+"F(&",+D+&!0"&!=+,"*4"/;+"H!2=,Ecf"""
F&(2"G(2+4"D*H/*2,"(F"D*(0+4H+"G+&+"!2(45"!/"0+!,/"QA"
"
=(0*H+",/!/*(4,!*4"!4)"(%/,*)+"(F"O(&/I!%IO&*4H+!/;!/"
bQ
-4(/;+&"2!Y(&"*,,%+"*,"/;+"0!HX"(F"F+2!0+"(FF*H+&,"*4"=(0*H+"
H(00!=,+)"(&"G+&+",+D+&+0?")!2!5+)"*4"/;+"+!&/;R%!X+E "
cQ
P(&+"/;!4"bA"=(0*H+"(FF*H+&,")*+)k"!4(/;+&"aA"!&+"2*,,*45J" ,/!/*(4,E "8(2+4",%&D*D(&,"!&+"5+4+&!00?"%4H(2F(&/!30+"
b`
&+=(&/*45"H&*2+,"/("2!0+"(FF*H+&,E"7MO"O&*4H*=!0"L4,=+H/(&"
!4)"2!4?"(/;+&,"G+&+"*4Y%&+)E ""
P!5!0*+"'(&4("+_=0!*4+)"/;!/J"G;*0+"!00"=(0*H+",/!/*(4,")("
"
4(/";!D+",=+H*!0*S+)"(FF*H+&,"/(";+!&"5+4)+&I3!,+)"D*(0+4H+"
1;+"0(,,"(F"(FF*H+&,"!4)"=(0*H+",/!/*(4,",+&*(%,0?"
H(2=0!*4/,J"/;+?"!00",;(%0)";!D+"F+2!0+"(FF*H+&,"/("G;(2"
H(2=&(2*,+)"/;+"H!=!H*/?"(F"/;+"=(0*H+"/("2!*4/!*4"
,+H%&*/?"!4)"+4F(&H+"/;+"0!GE"-,"(F"-=&*0"#ABAJ"/;+&+"G+&+" D*H/*2,"H!4"&+=(&/"!"H&*2+E"P(&+(D+&J"P,E"'(&4("/(0)"\Z<M"
/;!/"/;+"7MO"G!,"G(&X*45"/(G!&),"&+H&%*/*45"!4)"
(40?"#J#aB"=(0*H+"(FF*H+&,",+&D*45"7!*/*9,"=(=%0!/*(4"(F"e"
ba
,+4,*/*S*45"2(&+"G(2+4"(FF*H+&,"/(";+!&"H(2=0!*4/,J"
2*00*(4"=+(=0+J"!"&!/*("(F"(4+"(FF*H+&"=+&"fJecB"=+(=0+E "
1;+"KM".+H%&*/?">(%4H*0";!,"&+,=(4)+)"/("/;+"5+4+&!0"4++)" H(4)%H/"=!/&(0,J"!4)"/!0X"/("H!2="H(22*//++,"!3(%/"/;+"
=&(30+2"(F"&!=+Ec`"M(4+/;+0+,,J"*4",(2+"*4,/!4H+,J"(FF*H*!0,"
F(&"2(&+"=(0*H+"%4*/,"3?"*4H&+!,*45"/;+"KM"=(0*H+"F(&H+"
!//&*3%/+)"/;+"=&(30+2"(F"&!=+"/("=&(2*,H%*/?"!4)"
!,,*54+)"/("7!*/*"VKMO$\W"/("!==&(_*2!/+0?"QJQAAEbb"L4"
)(2+,/*H"D*(0+4H+Eca"1;*,"!4/*=!/;?";!,"!"H!,H!)*45"+FF+H/k"
[%4+J"G(2+4"G+0H(2+)"/;+"!&&*D!0"(F"!4"!00IF+2!0+"F(&H+"
)+=0(?+)"3?"'!450!)+,;"/("=!/&(0",(2+"(F"/;+"H!2=,E"1;+" D*H/*2,"=+&H+*D+"0!G"+4F(&H+2+4/"!,"*4+FF+H/*D+"(&"
+FF+H/"(F"/;+"'!450!)+,;*"F(&H+";!,"3++4"2*4*2!0J";(G+D+&J" %4,?2=!/;+/*H"!4)J"H(4,+R%+4/0?J"F!*0"/("&+=(&/"H&*2+,E"
N(D+&42+4/"(FF*H*!0,"*4"/%&4"*4,*,/"/;!/"4(",%H;"l+=*)+2*Hm"
3+H!%,+"/;+"(FF*H+&,",=+!X"4+*/;+&"7!*/*!4">&+(0+"4(&"
(F"5+4)+&I3!,+)"D*(0+4H+"+_*,/,J"!4)"!00(H!/+"+D+4"F+G+&"
:&+4H;J"2!X*45"2+!4*45F%0"H(22%4*H!/*(4"G*/;"H!2="
bc
&+,*)+4/,"*2=(,,*30+E "L4",=*/+"(F"/;+,+"+FF(&/,J"/;+"4%23+&" &+,(%&H+,"/("!))&+,,"*/E"
(F"7!*/*!4"=(0*H+"&+2!*4,"5&(,,0?"*4!)+R%!/+"*4"/+&2,"(F"/;+"
""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
(D+&!00"=(=%0!/*(4Ebe"
V0!,/"D*,*/+)"[%0?"aJ"#ABAWE""
cA
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
"<+=(&/"(F"/;+".+H9?IN+4E"(F"/;+"KM"./!3*0*S!/*(4"P*,,*(4"*4"7!*/*"V#ABAWJ"KM"
22Q.!#)$UB'&$"C3'D-.E-)(#1)-).
bf
](HE".^#ABA^#AAE"
"=,);)%,;%,%T$'++$',(+B%-"<+=(&/"/("/;+"P+23+&,"(F"/;+">(22*//++"(4":(&+*54"
cB
"PLMK.1-7"[(*4/".+H%&*/?"-,,+,,2+4/J"P!&E"fAJ"#ABAJ"nn"#IfE"1;+,+"
<+0!/*(4,J"BBB/;">(45&+,,"#)".+,,*(4J".E"O&/E"BBBI`B"V[%4+"##J"#ABAWE"
bQ
(3,+&D!/*(4,"!&+"H(4,*,/+4/"G*/;"/+,/*2(4?";+!&)")%&*45"\Z<M"]+0+5!/*(4"D*H/*2"
"-**%L4/+&D*+G"G*/;"P!5!0*+"'(&4(J"7MO"O&*4H*=!0"L4,=+H/(&J"-,,*,/!4/"]*&+H/(&"
(F"8(2+49,">((&)*4!/*(4J"VP!?"aJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,Wk":(&,/J"+#7$,"4(/+" *4/+&D*+G,E"
c#
"HLJ%T,A7%O')0;%-*G#$);K%S++*++A*0;%6*7'$;J"PLMK.1-7"7%2!4"<*5;/,".+H/*(4"
bE"
b`
VP!&E"fAJ"#ABAWJ"!/"Q"o;+&+*4!F/+&"O-S%6*7'$;pE"1;*,"!,,+,,2+4/"&+H(22+4)+)"
"-24+,/?"L4/90J"H0);),9%X)++)'0%8)0()01+J"+#7$,%4(/+"#Q"!/"cE"
ba
/;!/"/;+"N(D+&42+4/"(F"7!*/*"!4)"/;+"KM")+,*54"!4"lL]O">!2="./&!/+5*H"O(0*H*45"
"L4"H(2=!&*,(4J",0*5;/0?"0!&5+&"H(%4/&*+,"0*X+"O(&/%5!0"VBAEa"2*00*(4W"!4)"/;+"
O0!4m"/;!/"=&(=(,+,"4+G"2()+0,"F(&"Y(*4/"V7MOJ"KMO$\J"KM"2*0*/!&?W"=(0*H*45"/("
>S+H;"<+=%30*H"VBAE`"2*00*(4W"+!H;";!D+"!/"0+!,/"QAJAAA"=(0*H+"(FF*H+&,J"!"&!/*("(F"
2!_*2*S+"!D!*0!30+"&+,(%&H+,k",H;+)%0+,"/;+"2!_*2%2"4%23+&"(F"=!/&(0,J"
4("0+,,"/;!4"(4+"(FF*H+&"F(&"+D+&?"#af"=+(=0+E"-**%+2!*0"H(&&+,=(4)+4H+"F&(2"
O(&/%5%+,+"M!/*(4!0"O(0*H+">(22*,,*(4+&"G*/;"Z&*4"T&*4,X?"V[%0?"bJ"#ABAWJ"V(4"F*0+" *4H0%)*45"(4"F((/"!4)"!/"4*5;/k"+,/!30*,;+,"!";*5;"4%23+&"(F",/!/*H"=(,/,J"=(,,*30?"
G*/;"KM"2*0*/!&?"3!HX*45"F(&"=(0*H+k"*4H0%)+,"G(2+4"(FF*H+&,k",++X,"/&!*4*45k"
G*/;"!%/;(&,Wk"
*4H0%)+,"&+5%0!&"2++/*45,"3+/G++4"7MO^KMO$\"!4)"H(22*//++,"!4)"(/;+&"
;//=6^^GGGE*4/+&=(0E*4/^=%30*H^<+5*(4^Z%&(=+^=Y,?,/+2,^>S+H;E!,=M"
bb
"'!&3!&!">&(,,+//+J"l7%&&*H!4+"".+!,(4"\((2,"*4"7!*/*"!,"/;+"KM"O&+=!&+,"F(&"
H(22%4*/?"=(0*H*45"!,=+H/,E"
cf
]*,!,/+&Jm"[%4+"#fJ"#ABAJ",>,)9,?9*%,;%;//=6^^GGGE%4!%,!E(&5^G(&0)3%00+/*4^"
"KM"O(0*H+"*4"7!*/*"!&&+,/"F%5*/*D+,",%,=+H/+)"(F"&!=+,"*4,*)+"H!2=,"F(&")*,=0!H+)J"
KEME"M+G,".DHEJ"[%0?"#fJ"#ABAJ",>,)9,?9*%,;";//=6^^GGGE&+0*+FG+3E*4/^&G^"
BAAa#f^H&(,,+//+"V0!,/"D*,*/+)"[%0?"bJ"#ABAWE"""
bc
"H(M"
&G3E4,F^)3eAA.L]^ZNK-IcbP.8's$=+4](H%2+4/u<..#AtA#E"
be
cQ
"L4"0!/+"-=&*0"#ABAJ"/;+"K4*/+)"M!/*(4,"&+=(&/+)"/;!/"/;+&+"G+&+"BAJ`a`"
"1;+,+"&+=(&/,"H!2+"F&(2"G(2+4"*4/+&D*+G+)J"!,"G+00"!,"F&(2"T$:-ULU"!4)"
%4*F(&2+)"=+&,(44+0"*4"7!*/*J"H(2=&*,+)"(F"#J#aB"=(0*H+"(FF*H+&,"!4)"cJfAQ"/&((=,E"" :-UL\ZTE"-"'-L",/!FF=+&,(4"D*,*/+)"(4+"(F"/;+"/G("=(0*H+",/!/*(4,"+,/!30*,;+)"/("
L/"*,"*2=(&/!4/"/("4(/+"/;!/"7!*/*")*,3!4)+)"*/,"2*0*/!&?"*4"Bee`E""-**B%K4*/+)"
&+H+*D+"H(2=0!*4/,"F&(2"D*H/*2,"(F"N'U"!4)"H(4F*&2+)"/;+"!3,+4H+"(F"F+2!0+"
M!/*(4,"./!3*0*S!/*(4"P*,,*(4"*4"7!*/*J"K4*/+)"M!/*(4,"O+!H+"!4)".+H%&*/?".+H/*(4" =(0*H+"(FF*H+&,E"
c`
(F"/;+"]+=!&/2+4/"(F"O%30*H"L4F(&2!/*(4"*4"H((=+&!/*(4"G*/;"/;+"]+=!&/2+4/"(F"
"L4/+&D*+G"G*/;"P!5!0*+"'(&4(J"7MO"O&*4H*=!0"L4,=+H/(&J"-,,*,/!4/"]*&+H/(&"(F"
O+!H+X++=*45"$=+&!/*(4,J"lPLMK.1-7":!H/,"!4)":*5%&+,Jm"-=&E"fAJ"#ABAJ"
8(2+49,">((&)*4!/*(4"VP!?"aJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
ca
,>,)9,?9*%,;";//=6^^GGGE%4E(&5^+4^=+!H+X++=*45^2*,,*(4,^2*4%,/!;^F!H/,E,;/20"
"L4/+&D*+G"G*/;"7MO"]*&+H/(&"N+4+&!0"-4)&+,(0J"+#7$,"4(/+"##E"
"
Ba"
-=!&/"F&(2"!"0!HX"(F"7!*/*!4"0!G"+4F(&H+2+4/J"=(0*H+"
J10$-M.F'$0#1).;JF<.E-)(#1)-)."
(FF*H*!0,"&+=(&/+)"!")*&+"0!HX"(F"&+,(%&H+,"!4)"+R%*=2+4/"/(" "
H(23!/"N'U"+FF+H/*D+0?E"L4"!4"*4/+&D*+G"G*/;"/;+"\Z<M"
2Q.G"-.E#L-.#4.$"-.JFA).S=N.K3OU+L3)$-&..
)+0+5!/*(4J"7MO"]*&+H/(&"N+4+&!0"P!&*("-4)&+,(0"&+=(&/+)" "
!"0!HX"(F"F(&+4,*H",H*+4/*,/,"*4"7!*/*J"!,"G+00"!,"F%4)*45J"
L4"#AA`J"/;+"KM9,"L4/+&I-5+4H?"./!4)*45">(22*//++"VL-.>W"
H(2=%/+&,J"H!2+&!,J"!4)"(/;+&"+R%*=2+4/"/(",%HH+,,F%00?" +,/!30*,;+)"4*4+"l>0%,/+&,m"H(4,*,/*45"(F"KM"!5+4H*+,J"
)(H%2+4/J"*4D+,/*5!/+J"!4)"=&(,+H%/+"H&*2*4!0"!4)"0+5!0"
MN$,J"!4)"(/;+&"*4/+&4!/*(4!0"(&5!4*S!/*(4,"5&(%=+)"
H!,+,Ecb"PLMK.1-7"&+=&+,+4/!/*D+,"H*/+)"!"0!HX"(F"
!&(%4)"!4"*,,%+"(&",+&D*H+"=&(D*)+)")%&*45"!";%2!4*/!&*!4"
/&!4,=(&/"!4)"H((&)*4!/+)"=(0*H*45",/&!/+5?"!,",*54*F*H!4/"
H&*,*,E"Z!H;"(F"/;+"4*4+">0%,/+&,eB"*,"0+)"3?"!")+,*54!/+)"
(3,/!H0+,"/(",%HH+,,F%0"7MO"=!/&(0,E"-HH(&)*45"/("]*&+H/(&" !5+4H?J"!4)"2!4?"H(4/!*4"l.%3I>0%,/+&,m"G(&X*45"(4"2(&+"
N+4+&!0"-4)&+,(0J"/;+"7MO">(22*,,*(4+&"F(&"8(2+49,"
,=+H*F*H"*,,%+,E"
>((&)*4!/*(4J"P!&*+I\(%*,+"N!%/;*+&J";!,"0!2+4/+)"/;+"
"
0!HX"(F"!HH%&!/+",/!/*,/*H,"(4"H&*2+,"!5!*4,/"G(2+4"!4)"
1;+"KM"$FF*H+"F(&"/;+">((&)*4!/*(4"(F"7%2!4*/!&*!4"-FF!*&,"
+_=&+,,+)"/;+"4++)"F(&"=&(,+H%/(&,"/(";!D+"!",/!4)!&)"
V$>7-W"*,"/;+"=&*2!&?"!5+4H?"&+,=(4,*30+"F(&"(D+&,*5;/"(F"
F(&2"/("&+,=(4)"/("H!,+,Ecc"
7!*/*9,">0%,/+&",?,/+2E"Z!H;">0%,/+&"*,"&+,=(4,*30+"/("lH!00"
"
(4"!00"&+0+D!4/";%2!4*/!&*!4"=!&/4+&,m"/("!))&+,,"5!=,"*4"
8*/;(%/"!"H(2=&+;+4,*D+",?,/+2"/("/&!HX"*4H*)+4/,"(F"&!=+" ;%2!4*/!&*!4"!H/*(4Ee#"LF"/;+"=!&/4+&,"!&+"4(/"H!=!30+"(F"
,*4H+"/;+"+!&/;R%!X+"!4)"!"H(4H+&/+)"+FF(&/"/(")(",(J"
F%00?"!))&+,,*45"/;+,+"4++),J"/;+">0%,/+&"*,"+_=+H/+)"l/("
=(0*H+"(FF*H*!0,"G*00"&+2!*4"*00"+R%*==+)"/("%4)+&,/!4)"/;+"
H(22*/"*/,+0F"/("F*00*45"/;+"5!=m"*4,(F!&"!,"*/,"F%4)*45"
2!54*/%)+"!4)"4!/%&+"(F"/;+"=&(30+2E">&*2*4!0"H!,+,"!&+" =+&2*/,E""
&!&+0?"=%&,%+)"/;&(%5;"/;+"7!*/*!4"Y%)*H*!0",?,/+2J"
"
&+,%0/*45"*4"!"H%0/%&+"(F"/(/!0"*2=%4*/?"F(&"&!=*,/,"!4)"
1;+"N+4)+&I'!,+)"U*(0+4H+".%3I>0%,/+&"V.%3I>0%,/+&W"*4"
H&*2*4!0"5!45,"G;("H(4/*4%+"/("=&+?"(4"G(2+4"!4)"5*&0,"*4" 7!*/*"*,"H((&)*4!/+)"3?"KM:O-"!4)"KML>Z:J"!4)"*4H0%)+,"
/;+"H!2=,Ece""
KM"!4)"MN$"2+23+&,;*="!,"G+00"!,"/;+"N$7k"!4)"*,"!"=!&/"
"
(F"/;+"L-.>">0%,/+&"F!2*0?E"1;+".%3I>0%,/+&"/!X+,"/;+"0+!)"
-/"/;+"+4)"(F"P!?J"/;+"8(2+49,"P*4*,/&?"VP>:]:W"
(4"!))&+,,*45"5+4)+&I3!,+)"D*(0+4H+"*4"H(2=0+_"
0!%4H;+)"!"4!/*(4!0"H!2=!*54"!5!*4,/"&!=+J"lZ4)"&!=+"*4"
+2+&5+4H*+,J"4!/%&!0")*,!,/+&,"!4)"(/;+&",%H;",*/%!/*(4,Eef"
eA
1+2=(&!&?".+//0+2+4/,{ "1;+"H!2=!*54"+4H(%&!5+,"
1;+".%3I>0%,/+&")+,H&*3+,"*/,+0F"!,"3+*456"
G(2+4"/("H(2+"F(&G!&)"!4)"&+=(&/"*4H*)+4/,"/("/;+"=(0*H+E" "
1;*,"*,"!"G+0H(2+"+FF(&/E"7(G+D+&J"/;*,"H!2=!*54"2%,/"
o-p" 2+H;!4*,2" F(&" *4H0%,*D+" =!&/*H*=!/*(4"
H((&)*4!/+"G*/;"(/;+&"X+?"=!&/*H*=!4/,"*4"/;+"H&*2*4!0"
!4)" +45!5+2+4/" (F" !00" ,/!X+;(0)+&,E" .%3I
Y%,/*H+",?,/+2J"*4H0%)*45"/;+"=(0*H+"!4)"Y%)5+,J"/("=%/"*4"
>0%,/+&" 2+23+&," !0,(" G(&X" /(" *4/+5&!/+"
=0!H+"2+H;!4*,2,"/("+4,%&+"/;!/"=(0*H+"F(00(G"/;&(%5;"(4"
N'U" =&+D+4/*(4" !4)" &+,=(4,+" !H/*D*/*+,"
/;+*&")%/*+,"/("*4D+,/*5!/+J"!4)"/;!/"=&(/+H/*(4"*,"=&(D*)+)"
!H&(,,"(/;+&"H0%,/+&,"!4)",+H/(&,E"1;+".%3I
/("D*H/*2,"G;("F+!&"&+=&*,!0E""
>0%,/+&" *," H(2=&*,+)" (F" /+H;4*H!0" +_=+&/,J"
"
!H/*D*,/,J" !4)" !)D(H!/+," G;(" ,;!&+" /;+"
.
.
.
.
.
"
3+0*+F"/;!/"+D+4"(4+"H!,+"(F"N'U"*,"(4+"/(("
2!4?EeQ"
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
eB
"1;+"4*4+">0%,/+&,"!&+"O&(/+H/*(4J">!2=">((&)*4!/*(4"!4)"P!4!5+2+4/J"8!/+&"
.!4*/!/*(4"!4)"7?5*+4+J"7+!0/;J"Z2+&5+4H?".;+0/+&J"M%/&*/*(4J"Z2+&5+4H?"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
1+0+H(22%4*H!/*(4,J"\(5*,/*H,J"!4)"Z!&0?"<+H(D+&?E"1G("!))*/*(4!0"H0%,/+&,J"
cb
"H(M"
Z)%H!/*(4"!4)"-5&*H%0/%&+J"G+&+"0!/+&"!))+)E"
cc
e#
"H(M"
"KEME"$4+"<+,=(4,+J";//=6^^(4+&+,=(4,+E*4F(^E"
ce
ef
"L2=%4*/?"F(&"=+&=+/&!/(&,"(F"D*(0+4H+"!5!*4,/"G(2+4"G!,";*5;0*5;/+)"!,"(4+"(F"
"N'U"-(<"8(&X*45"N&(%=J"C&F%T''$()0,;)'0%,;%;.*%]'G,9%]*>*9J"$4+"<+,=(4,+%
/;+"=&*2!&?"H(4H+&4,"(F"/;+"KM"L4)+=+4)+4/"Z_=+&/"(4"7%2!4"<*5;/,"*4"7!*/*E"-**% V[%0?"QJ"#ABAWJ",>,)9,?9*%,;";//=6^^(4+&+,=(4,+E*4F(^N0(3!0>0%,/+&,^O&(/+H/*(4^"
:(&,/J"+#7$,"4(/+"b"!/"n"#cE"-**%,9+'%L4/+&D*+G"G*/;"[%5+")9L4,/&%HH*(4"]%&*4"]%&+/" N'U^O!5+,^N+4)+&I'!,+)z#AU*(0+4H+z#A8(&X*45z#AN&(%=E!,=_E"""
eQ
VP!?"BAJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,W"V4(/*45"/;!/";+";!)"4(/"=&+,*)+)"(D+&"!4?"
"N+4)+&"'!,+)"U*(0+4H+"VN'UW".%3I>0%,/+&J"=,);)%6*+7'0+*%X#+;%S(($*++%2**(+%
&!=+"H!,+,",*4H+"/;+"+!&/;R%!X+WE"
'D%U'A*0%,0(%C)$9+J"$4+"<+,=(4,+"V[%4+"fAJ"#ABAWJ",>,)9,?9*%,;"
eA
":0%D)0)$%,>*G%9*%>)'9%(,0+%9*+%,?$)+%7$'>)+')$*+hB"\Z"M$KUZ\\L.1ZJ"P!?"#cJ"#ABAJ"
;//=6^^(4+&+,=(4,+E*4F(^]*,!,/+&,^7!*/*^O&(/+H/*(4^N+4)+&I
,>,)9,?9*%,;%;//=6^^GGGE0+4(%D+00*,/+EH(2^!&/*H0+E=;=sO%3L]tu-&/*H0+L]tcAAQeE" '!,+)z#AU*(0+4H+^O!5+,^)+F!%0/E!,=_E""
"
Bb"
.*4H+"/;+"+!&/;R%!X+J"/;+"&(0+"(F"/;*,".%3I>0%,/+&";!,"3++4" !4)"*4D(0Do*45p"o/;+2p"*4"
-M]MB%Pb%K*,$+%'9(B%9)>*+%)0%C*$,9(%
/("/&!HX"G;!/"&+2!*4,"(F"7!*/*9,";%2!4"&+,(%&H+,"!4)"
/;+"-,,+,,2+4/"1+!2Emeb" &,;)99*%T,A7%0*,$%X,)+%Ci;d%%
2(2+4/%2"(F"/;+"T'0G*$;,;)'0%2,;)'0,9*J"!4)"/("l,%==(&/" :%&/;+&2(&+J"/;+"L-.>"
bbM%%"0%S7$)9%QbB%QRPRB%+.*%3,+%
!4)"3%*0)"(4"=&*(&"!H/*D*/*+,Eme`"1;+"\Z<M")+0+5!/*(4"
N+4)+&"7!4)3((X"*4"
;,/)01%'#;%;.*%;$,+.%3.*0%+.*%
!//+4)+)"/;+"G++X0?".%3I>0%,/+&"2++/*45"(4"P!?"QJ"#ABAJ" 7%2!4*/!&*!4"-H/*(4"
D'#0(%.*$+*9D%+#$$'#0(*(%?K%+)@%
2+/"G*/;",+D+&!0"&+=&+,+4/!/*D+,"*4)*D*)%!00?"*4"=+&,(4J"
V#AA`W"H0!&*F*+,"/;!/"/;+"
A*0M%N.*K%($,11*(%.*$%;'%,%
!4)"H(4D+&,+)"G*/;"&+=&+,+4/!/*D+,"D*!"+2!*0"3(/;"3+F(&+" L-.>"O(0*H?"./!/+2+4/"(4" 0*,$?K%.'#+*%3.*$*%;.*K%*,G.%
$,7*(%.*$B%3.)9*%G'>*$)01%.*$%
!4)"!F/+&"/;+"2++/*45E"\Z<M"&+2!*4,"*4"H(4/!H/"G*/;"/;+"
L4/+5&!/*(4"(F"!"N+4)+&"
A'#;.%,0(%;.$*,;*0)01%.*$%
.%3I>0%,/+&E""
O+&,=+H/*D+"*4"
3);.%,%1#0%;'%A,/*%.*$%+;,K%
"
7%2!4*/!&*!4"
+)9*0;M%%-.*%3*0;%,9'0*%;'%+**%,%
$=+&!/*(4,"lH(22*/,"!,"
22Q.S=N.K3OU+L3)$-&.E-)(#1)-.$#.E'(-.01.:'0$0A).
('G;'$%;3'%(,K+%9,;*$B%?*G,#+*%
!"=&*(&*/?"/("/;+"
/0)(L'6-8-1$.+'8().
+.*%.,(%D*9;%;''%,+.,A*(%;'%;*99%
=!&/*H*=!/*(4"(F"G(2+4"
"
,0K'0*%)0%.*$%D,A)9K%3.,;%
*4"/;+"=0!44*45J"
O((&"G(2+4"&+=(&/"/;!/"/;+?"G+&+"4(/"*4H0%)+)"*4"=(,/I
.,77*0*(M%S9;.'#1.%+.*%.,+%
)+,*54*45"!4)"
+)0G*%;'9(%.*$%,#0;%,0(%A';.*$%
)*,!,/+&"4++),"!,,+,,2+4/,"(&"*4"/;+"=0!44*45"(F"N'U"
2(4*/(&*45"(F"!00"!,=+H/,"
,?'#;%;.*%$,7*B%+.*%?*11*(%
!H/*D*/*+,J"!4)";!D+")*FF*H%0/?"!HH+,,*45",%3IH0%,/+&"
;.*A%0';%;'%A,/*%,%D#++%,?'#;%
(F"+2+&5+4H?"
!H/*D*/*+,E":!*0%&+"/("!)+R%!/+0?"*4H0%)+"=((&"G(2+4"*4"
ec
);M%-M]M%0*>*$%$*7'$;*(%;.*%$,7*%
=&(5&!22+,Em
"""
=&(Y+H/"=0!44*45"=&+D+4/,"/;(,+")+,*54*45"!4)"
;'%;.*%7'9)G*%?*G,#+*%+.*%
*2=0+2+4/*45"=&(Y+H/,"F&(2"(3/!*4*45"/;+"*4F(&2!/*(4"/;+?" "
('*+0W;%;.)0/%;.,;%;.*K%3)99%('%
1;+"&+!,(4,",%==(&/*45"
4++)"/("H&+!/+",%HH+,,F%0"=&(5&!2,E"L4"[!4%!&?"#ABAJ"/;+"
,0K;.)01M%-.*%9,A*0;*(B%
/;*,"!==&(!H;"!&+"
>0%,/+&"8(&X*45"N&(%="(4"Z!&0?"<+H(D+&?"&+0+!,+)"/;+"
!-'A*'0*%G'#9(%?*%1*;;)01%
=&!H/*H!0"!,"G+00"!,"
N%*)+"/("N+4)+&I-G!&+"O(,/"]*,!,/+&"M++),"-,,+,,2+4/"
/)99*(%,0(%K'#%3'#9(0W;%D)0(%
+/;*H!0E"1;+"L-.>"
V/;+"N%*)+0*4+,WEea""-2(45"*/,"&+H(22+4)!/*(4,J"/;+"
,0K'0*%;'%.*97M4%
+2=;!,*S+,"/;!/"l/;+"
N%*)+0*4+,"H!00"F(&"VBW",%3,/!4/*D+"H(4,%0/!/*(4"G*/;"
"
!H/*D+"=!&/*H*=!/*(4"(F"
G(2+4J"5*&0,J"3(?,"!4)"2+4"*4"/;+"*)+4/*F*H!/*(4"(F"/;+*&"
4++),J"=&*(&*/*+,"!4)"*4/+&+,/,k"V#W")+,*54"(F"5+4)+&"!G!&+" =+(=0+"!FF+H/+)"3?"H&*,*,"*4"*)+4/*F?*45"4++),"!4)")+,*54*45"
"
&+H(D+&?"*4*/*!/*D+,"/;!/"!&+"*4F(&2+)"3?J"!4)"&+,=(4)"/(J" !4)"*2=0+2+4/*45"&+0*+F"=&(5&!22+,"/("!))&+,,"/;(,+"
4++),",%3,/!4/*!00?"*2=&(D+,"=&(5&!2"+FF+H/*D+4+,,"!4)"
/;+"!&/*H%0!/+)"!4)")+2(4,/&!/+)"4++),"(F"/;+"!FF+H/+)"
,%,/!*4!3*0*/?Emee"L4"!))*/*(4J"!2(45"(/;+&"/;*45,J"
H(22%4*/*+,"!4)"/;+"+4/*/*+,",+&D*45"/;+2J"!4)k"VfW"
*)+4/*F*H!/*(4"(F",=(4/!4+(%,"&+H(D+&?"!H/*D*/*+,"(F"G(2+4J" 2+!4*45F%0"=!&/*H*=!/*(46""/!X+,"*4/("!HH(%4/"=(G+&"
2+4J"!4)"2!&5*4!0*S+)"H(22%4*/*+,"/;!/"H!4"3+",%==(&/+)" )?4!2*H,"!2(45"5&(%=,"V=(0*/*H!0J",(H*!0J"+H(4(2*HJ"
5+4)+&J"+/HEW"G*/;"H(4/&(0"(D+&"&+,(%&H+,"!4)"/;(,+"
!4)",/&+45/;+4+)E".*_"2(4/;,"!F/+&"/;+"+!&/;R%!X+J"/;+"
G*/;(%/k"+4;!4H+,"!HH%&!H?"(F"4++),"!,,+,,2+4/")!/!k"
.%3I>0%,/+&",/*00";!,"4(/"+FF+H/*D+0?"*2=0+2+4/+)"/;+,+"
;+0=,"*4)*D*)%!0,"!4)"H(22%4*/*+,"/("*)+4/*F?"!H/*(4,"/("
F%4)!2+4/!00?"*2=(&/!4/",/+=,E"
/!X+"(4"/;+*&"(G4"3+;!0Fk"!4)",+/,"/;+"F(%4)!/*(4"F(&"
"
5&+!/+&",+0FI,%FF*H*+4H?J",!F+/?"!4)"=&(/+H/*(4"!2(45"
,M%-#?+;,0;)>*%G'0+#9;,;)'0%3);.%)A7,G;*(%1$'#7+%
*4)*D*)%!0,"!4)"H(22%4*/*+,J"!4)"2(&+",%,/!*4!30+"
"
=&(5&!2"&+,%0/,"*4"/;+"0(45I/+&2EBAA"""
-"&*5;/,I3!,+)"!==&(!H;"/("=&(/+H/*(4"2+!4,"/;!/"/;(,+"
"
*2=!H/+)",;(%0)"3+")*&+H/0?"*4D(0D+)"*4"F(&2%0!/*45"
)%&!30+",(0%/*(4,E"1;*,"=&*4H*=0+"*,"H0+!&0?"*4H(&=(&!/+)"*4/(" 1;+".%3I>0%,/+&"H(00!3(&!/+,"G*/;"/;+"8(2+49,"P*4*,/&?"
/;+"N%*)+0*4+,J"G;*H;"!&/*H%0!/+"H(&+"=&*4H*=0+,J"*4H0%)*456" !4)"+,/!30*,;+)";%2!4"&*5;/,"!4)"G(2+49,"(&5!4*S!/*(4,E"
7(G+D+&J"/;+".%3I>0%,/+&J"*4"0!&5+"=!&/J";!,"F!*0+)"/("
/!X*45"!"lO!&/*H*=!/(&?"-==&(!H;m"3?"l+45!5o*45p"*4"
*4H0%)+"/;+"D(*H+,"(F"=((&"G(2+4"0*D*45"*4"/;+"H!2=,"*4"
,%3,/!4/*D+"H(4,%0/!/*(4,"G*/;"G(2+4"!4)"2+4J"
5(D+&42+4/"2+H;!4*,2,"!4)"MN$,"G(&X*45"(4"G(2+49,J" =0!44*45"!4)"0+!)+&,;*="&(0+,E"7!*/*9,";*,/(&?"!4)"/;+")++="
F*,,%&+,"G*/;*4"7!*/*!4",(H*+/?"3+/G++4"/;+"=((&"2!Y(&*/?"
5+4)+&J"!4)"?(%/;"*,,%+,")%&*45"/;+"!,,+,,2+4/"=&(H+,,k"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
e`
"N+4)+&"'!,+)"U*(0+4H+E"l7!*/*"<+,=(4,+"P%,/"-))&+,,"M++),"(F"8(2+4"!4)"
N*&0,Jm"7!*/*"Z!&/;R%!X+"#ABAE"""0*%6*+7'0+*M%%fA"[%4+"#ABAE%"
ea
"KEME"]+D+0(=2+4/"O&(5&!22+J">0%,/+&"8(&X*45"N&(%="(4"Z!&0?"<+H(D+&?J"
C#)(*%;'%C*0(*$ES3,$*%J'+;EL)+,+;*$%2**(+%S++*++A*0;"V#ABAWE"
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
eb
""H(M"
""L4/+&"-5+4H?"./!4)*45">(22*//++"VL-.>WJ"HS-T%C*0(*$%=,0(?''/%)0%
=#A,0);,$),0%SG;)'0%V#AA`WB"n"f#E"
ee
""H(M%!/"n"fBE"
BAA
"H(M%"
ec
Bc"
!4)"2(&+"!FF0%+4/J"+)%H!/+)"H0!,,+,J"&+R%*&+"!//+4/*(4"/(" 4+/G(&X*45"&+,%0/,"*4"*4/+&4!/*(4!0"F%4)*45"F(&"/;+"0!&5+&"
+4,%&+"/;+,+"H(00!3(&!/*(4,"2+!4*45F%00?"*4H0%)+"=((&"
MN$,J"5&!,,&((/,"5&(%=,")(49/"3+4+F*/"*4,/*/%/*(4!00?E"
G(2+4E">+4/%&*+,"(F",(H*!0"!4)"+H(4(2*H"3!&&*+&,"2!X+"
>(4,*,/+4/"G*/;"/;+"L-.>"N+4)+&"7!4)3((X"(4"
3%*0)*45"3&*)5+,"4(Gh=!&/*H%0!&0?"!F/+&"/;+"+!&/;R%!X+h 7%2!4*/!&*!4"-H/*(4J"3+*45"2*4)F%0"(F"/;+,+")?4!2*H,"*4"
)*FF*H%0/J"+D+4"F(&"G+00I2+!4*45";%2!4*/!&*!4"G(&X+&,E""
)+D+0(=*45"=&(5&!2,"H(%0)"3+"/&!4,F(&2!/*D+E"
"
"
1;+".%3I>0%,/+&"0+!)+&,;*=";!,"4(/"?+/"2+/"G*/;",+D+&!0"
?M%L*+)10%'D%1*0(*$%,3,$*%$*G'>*$K%)0);),;)>*+%)0D'$A*(%?K%
5&!,,&((/,"(&5!4*S!/*(4,"(=+&!/*45"G*/;*4"/;+"L]O"H!2=,6"" 0**(+%'D%,DD*G;*(%G'AA#0);)*+M%
:!42"U*X/*2"T(=+&!/*DJBAB":-UL\ZTJBA#"L:T'JBAf"T$:-ULUJBAQ" "
T$M-P-UL]JBA`"!4)"T$M-P.LEBAa">(23*4+)J"/;+,+"
1;+".%3I>0%,/+&"=&*4/+)"!4)")*,/&*3%/+)"&+F+&&!0"H!&),"
(&5!4*S!/*(4,"&+=&+,+4/"(D+&"fJAAA"G(2+4"0*D*45"*4"/;+"
=&(D*)*45"*4F(&2!/*(4"/(",%&D*D(&,"(F",+_%!0"D*(0+4H+E"-F/+&"
H!2=,"!4)"=((&"4+*5;3(&;((),"*4"O(&/I!%IO&*4H+E"1;+"
/;+"+!&/;R%!X+J"!3(%/"`AJAAA"H!&),"!4)"0+!F0+/,"G+&+"
F(&2+&"N'U".%3I>0%,/+&"H((&)*4!/(&J"\*4!"-3*&!F+;JBAb"
=&*4/+)"*4":&+4H;"!4)"7!*/*!4">&+(0+"!4)")*,/&*3%/+)"G*/;*4"
&+H(54*S+)"/;+"4++)"/("2++/"G*/;"G(2+4"0+!)+&,"G(&X*45" /;+")*,=0!H+2+4/"H!2=,EBAc""
(4"/;+"5&(%4)E".;+"/(0)"/;+"\Z<M")+0+5!/*(4"/;!/",;+";!)" "
*4D*/+)"5&!,,&((/,"0+!)+&,"/("/;+".%3I>0%,/+&"2++/*45,E"
-4"*4F(&2!0",%&D+?"(F"H0*4*H,"0*,/+)"&+D+!0+)"/;!/"/;+"H!&)"
8;+4"*/"G!,"=(*4/+)"(%/"/;!/",%H;"2++/*45,"!&+";+0)"!/"/;+" H(4/!*4+)"*4!HH%&!/+"*4F(&2!/*(4J"*4H0%)*45"(%/I(FI,+&D*H+"
KM"H(2=(%4)J"F!&"F&(2"/;+"H!2=,J"G*/;"4("/&!D+0",/*=+4)," =;(4+"4%23+&,"!4)"*4H(&&+H/",/&++/"!))&+,,+,J"G;*H;"
(&")!?H!&+"=&(D*)+)J"P,E"-3*&!F+;"&+,=(4)+)"/;!/"/;+"
H(%0)")*,H(%&!5+",%&D*D(&,"F&(2"!//+2=/*45"/("!HH+,,",%H;"
2++/*45,"!&+"(F/+4")*FF*H%0/"/("H((&)*4!/+"!4)"/;!/"
&+,(%&H+,E".%&D*D(&,"!0,("H(2=0!*4+)"/;!/",(2+"(F"/;+"
5&!,,&((/,"G(2+4";!D+"H(22%4*H!/+)"/;!/"/;+?"!&+"4(/"!" H0*4*H,";!)"4+*/;+&"F+2!0+")(H/(&,"(4",/!FF"4(&",+=!&!/+"
5(()"%,+"(F"/;+*&"/*2+E"\+!)+&,"(F"/;+"5&!,,&((/,"5&(%=,"
&+H+=/*(4"!&+!,"F(&"G(2+4J"*4;*3*/*45"/;+2"F&(2")*,H0(,*45"
G(&X*45"G*/;"/;+"'-L")*)"4(/"&+H!00"+D+&"3+*45"*4D*/+)"/("
/;+"&!=+"!4)",++X*45"!==&(=&*!/+"/&+!/2+4/E":%&/;+&J"/;+"
.%3I>0%,/+&"2++/*45,E""
H!&),"%&5+"D*H/*2,"/(",++X"2+)*H!0"!//+4/*(4"G*/;*4"b#"
"
;(%&,"!F/+&"!"&!=+E"1;+?")("4(/"*4F(&2"G(2+4"/;!/"/;+?"
L4"!"=(,*/*D+",/+=J"!"7!*/*I3!,+)",/!FF"2+23+&"(F"/;+"
,;(%0)"(3/!*4"2+)*H!0"!//+4/*(4"!4)";!D+"/;+"&*5;/"/("!"
L4/+&4!/*(4!0"<+,H%+">(22*//++"VL<>W"!4)"!"2+23+&"(F"
2+)*H!0"H+&/*F*H!/+"+D+4"!F/+&"/;*,"=+&*()";!,"+0!=,+)J"!4)"
PLMK.1-79,"7%2!4"<*5;/,".+H/*(4J"3(/;"(F"G;*H;"
+D+4"*F",(2+"+D*)+4H+";!,"3++4"0(,/E"P(&+(D+&J"/;+"H!&),"
=!&/*H*=!/+"*4"/;+".%3I>0%,/+&J";!D+"2+/"G*/;",(2+"(F"/;+" )("4(/")*FF+&+4/*!/+"3+/G++4"H0*4*H,"G*/;")+,*54!/+)"
5&!,,&((/,"0+!)+&,;*="!/"/;+"'-L"(FF*H+E"1;+".%3I>0%,/+&"G*00" G(2+49,";+!0/;"&+H+=/*(4"!4)"/;(,+"/;!/"=&(D*)+"3!,*H"
&+0(H!/+"*/,"2++/*45,"/("/;+"8(2+49,"P*4*,/&?"(4"[%0?"#bJ"!" F*&,/"!*)J"2(&+"!==&(=&*!/+"F(&"+2+&5+4H?"!4)"4(4"&!=+I
2(&+"H+4/&!0"0(H!/*(4"*4"O(&/"!%"O&*4H+J"G;*H;"2!?"!0,("
&+0!/+)"*4Y%&*+,E"
;+0="=&(D*)+"(==(&/%4*/*+,"F(&"*4H0%,*(4E"
"
"
1;+"\Z<M")+0+5!/*(4"&!*,+)"/;+,+"*,,%+,"*4"/;+".%3I>0%,/+&"
L4"*4/+&D*+G,"G*/;"/;+"\Z<M")+0+5!/*(4J"5&!,,&((/,"5&(%=," 2++/*45J"=(*4/*45"(%/",=+H*F*H"*4!HH%&!H*+,"!4)"+_=&+,,*45"
+_=&+,,+)"!==&+H*!/*(4"F(&"/;+"(HH!,*(4!0"(%/&+!H;"+FF(&/," H(4H+&4"!3(%/"=(/+4/*!0";!&2,E".%3I>0%,/+&"2+23+&,"
2!)+"3?"/;+"KM"!4)"*4/+&4!/*(4!0"MN$,"VLMN$,WE"7(G+D+&J" &+,=(4)+)"/;!/"/;+"*4F(&2!/*(4"(4"/;+"H!&),"*,"H;+HX+)"(4"
G;+&+"/;+"*4*/*!/*D+,")("4(/"!00(G"F(&"5&!,,&((/,"
!"&+5%0!&"3!,*,E"""
=!&/*H*=!/*(4"!4)"3+4+F*/,"(4"!4"+R%!0"3!,*,"G*/;"LMN$,"
"
!4)"2*))0+"H0!,,"7!*/*!4"G(2+49,"MN$,J"5&!,,&((/,"
\Z<M")+0+5!/*(4"2+23+&,J"!0(45"G*/;"!"&+=&+,+4/!/*D+"(F"
G(2+4";!D+"+_=&+,,+)"F++0*45"+_=0(*/+)E"8;+&+",%H;"
T$:-ULUJ"!0,("3&(%5;/"/;*,"*,,%+J"!2(45"(/;+&,J"/("/;+"
!//+4/*(4"(F"/;+"KM"7%2!4"<*5;/,">(%4H*0"V7<>W"*4"[%4+EBAe"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
L4"&+,=(4,+J"/;+".%3I>0%,/+&">;!*&"*,,%+)"!"F(&2!0"
BAB
">((=+&!/*D+"(F"8(2+4"U*H/*2,E"
"8,0A%F)/;)AB%]*>*%_,07*%(&"8(2+4"U*H/*2,J"N+/"%="./!4)"%=E"
BAf
"S++'G),;)'0%(*+%8*AA*+%F)G;)A*+%(*%&*9ES)$"(&"-,,(H*!/*(4"(F"8(2+4"U*H/*2,"
(F"'+0I-*&E"
BAQ
"_'A)+K'0%8,0A%F)/;)A%J'#%F)/;)A"(&">(22*,,*(4"(F"8(2+4"U*H/*2,"F(&"
U*H/*2,E""
BA`
"_'()0,+K'0%2,+K'0,9%F)/;)A%L)$*/%(&"M!/*(4!0">((&)*4!/*(4"(F"]*&+H/"U*H/*2,E"
BAa
"F)/;)A%_'7*$,;)>%,/%N)%_'A*+"(&"U*H/*2">((=+&!/*D+"!4)".2!00"'%,*4+,,E""
BAb
"\*4!"-3*&!F+;"G!,"/;+"N'U".%3I>0%,/+&">((&)*4!/(&")%&*45"/;+"\Z<M")+0+5!/*(4"
D*,*/"/("7!*/*"*4"+!&0?"P!?E".;+"+4)+)";+&"/+&2"!4)"G*00"0+!D+"7!*/*"*4"[%0?"#ABAE"
BA#
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
BAc
"KEME"$4+"<+,=(4,+J";//=6^^(4+&+,=(4,+E*4F(^"V0!,/"D*,*/+)"[%0?"##J"#ABAWE"-**%
-==+4)*_"]J"<+F+&&!0">!&)E"
BAe
"P-]<ZJ"T$:-ULUJ"/;+"L4,/*/%/+"F(&"[%,/*H+"u"]+2(H&!H?"F(&"7!*/*"VL[]7WJ"!4)"
KU-".H;((0"(F"\!G"7%2!4"<*5;/,"O&(5&!2"./!/+2+4/",%32*//+)"/("/;+"KEME"
7%2!4"<*5;/,">(%4H*0"(4".+_%!0*S+)"U*(0+4H+"*4"7!*/*9,"L]O">!2=,"VP!?"BcJ"
#ABAWJ";//=6^^*Y);E(&5^!&H;*D+,^B#AcBE"-**%-==+4)*_">J"$&!0"L4/+&D+4/*(4"(F"
P!0?!"U*00!&)I-==(0(4"V[%4+"bJ"#ABAWE"
Be"
,/!/+2+4/J",/!/*45"/;!/"l&+F+&&!0"H!&),"!&+"D+&*F*+)"G++X0?m" ,+H%&*/?"&+,=(4,+,E":(&"+_!2=0+J"G;+4"R%+,/*(4+)"3?"!4"-0"
!4)"/;!/"lo4p(/"!00"/+0+=;(4+"4%23+&,"G(&X"!/"!00"/*2+,E"E"E"E" [!S++&!"4+G,"H(&&+,=(4)+4/"!3(%/"/;+"&+5%0!&"&+=(&/,"(F"
7(G+D+&J"/;+"2(,/"*2=(&/!4/"*4F(&2!/*(4"(4"/;+"&+F+&&!0" &!=+"*4"!"H!2="!)Y!H+4/"/("!"KM"3!,+J"KM"O(0*H+"
H!&),"*,"/;+"=;?,*H!0"!))&+,,+,"(F";(,=*/!0,"!4)"G(2+49,"
.=(X+,=+&,(4"[+!4I:&!4H(*,"<+S*4!"+_=&+,,+)")*,3+0*+F"*4"
(&5!4*S!/*(4,"!4)"/;!/"*4F(&2!/*(4";!,"!0G!?,"3++4"
/;+"G(2+49,"!HH(%4/,J",!?*45"*/",*2=0?"G!,"4(/"/&%+"!4)"
H(&&+H/0?"=&*4/+)EmBBA"""7+")*)"4(/"&+,=(4)"/("/;+"
/;!/"/;+"KM"lo)*)p"4(/";!D+"!4?"*4F(&2!/*(4"!3(%/"&!=+,"
)+0+5!/*(49,",%3,/!4/*D+"F*4)*45,E"
+D+&?"4*5;/EmBBQ"
"
"
GM%-#77'$;%D'$%G'AA#0);KE($)>*0%*DD'$;+%
-HH(&)*45"/("/;+"KM".+H&+/!&?"N+4+&!09,",/%)?"(4"D*(0+4H+"
"
!5!*4,/"G(2+4J"lL/"*,"/;+"&+,=(4,*3*0*/?"(F"./!/+,"/("+4,%&+"
1;+".%3I>0%,/+&";!,"4(/"=&*(&*/*S+)"/;+",?,/+2!/*H"/&!HX*45" /;+",?,/+2!/*H"H(00+H/*(4"!4)"=%30*H!/*(4"(F")!/!J"*4H0%)*45"
(F"&!=+"H!,+,J",/!/*45"/;!/"/;+*&"=(,*/*(4"(4")!/!"*,",*2=0?"
/;&(%5;",%==(&/*45"MN$,J"!H!)+2*H,"!4)"(/;+&"!H/(&,"
l(4+"&!=+"*,"/(("2!4?EmBBB"L4"P!&H;J",+D+&!0"G++X,"!F/+&"
+45!5+)"*4"&+,+!&H;Em"BB`"1;+".+H&+/!&?"N+4+&!0"!0,("
!&&*D*45"*4"7!*/*J"/;+"F(&2+&";+!)"(F"/;+".%3I>0%,/+&"
!)D*,+)"/;!/")!/!"H(00+H/*(4"(4"D*(0+4H+"!5!*4,/"G(2+4"3+"
&+=(&/+)"/;!/",;+";!)"4(/";+!&)"/;+"/+,/*2(4?"(F"!",*450+" H!&&*+)"(%/"l*4"H(4,%0/!/*(4"G*/;"!"G*)+"&!45+"(F"
&!=+"D*H/*2EBB#"g+/J"T$:-ULU"*4F(&2!00?"/&!HX+)"#fA"&!=+," ,/!X+;(0)+&,J"*4H0%)*45")!/!",%==0*+&,J"!)D(H!/+,"!4)"
*4"B`"H!2=,"3+/G++4"[!4%!&?"B#"!4)"P!&H;"#B"V3!,+)"(4" !5+4H*+,"=&(D*)*45",+&D*H+,"/("G(2+4J"=(0*H?2!X+&,J"
/;+"F*4)*45,"(F"!"F+G"H!2=I3!,+)"(%/&+!H;"G(&X+&,"
0+5*,0!/(&,"!4)"&+,+!&H;+&,EmBBa"
G*/;(%/"!4?"/&!4,=(&/!/*(4J"(/;+&"&+,+!&H;"H!=!H*/?J"(&"
"
,(2+/*2+,"+D+4"H+00"=;(4+,J"=&+,%2!30?"&+F0+H/*45"(40?"!" (M%H0;*$D,G*%'D%g2%T9#+;*$%-K+;*A%,0(%C'>*$0A*0;%'D%=,);)%
=+&H+4/!5+"(F"/;+"!H/%!0"*4H*)+4H+WEBBf"1;+")!/!",?,/+2"
"
*4*/*!/+)"3?"/;+"T'0G*$;,;)'0%2,;)'0,9*"3+F(&+"/;+"
-,"=!&/"(F"*/,"+FF(&/,"/("=&+D+4/"!4)"&+,=(4)"/("N'UJ"/;+"
+!&/;R%!X+";!,"?+/"/("3+"&+D*D+)E"1;*,"X4(G0+)5+"!4)"
.%3I>0%,/+&"&+5%0!&0?"H(22%4*H!/+,"G*/;"/;+"7MOJ"/("
,?,/+2"G(%0)"5&+!/0?"+4;!4H+"&+,=(4,+,"!4)")*&+H/0?"
&+=(&/"*4H*)+4/,"(F"N'UJ"!4)"/("H(00!3(&!/+"*4"/;+"H&+!/*(4"
,%==(&/"/&%,/+)"H(22%4*/?I)&*D+4"+FF(&/,"/;!/";!D+"
(F",+=!&!/+",=!H+,"F(&"*4/+&D*+G*45"G(2+4"G;(";!D+"3++4"
!0&+!)?"=&(D+4"+FF+H/*D+E"
D*H/*2,"(F"H&*2+,EBBb"P(&+",=+H*F*H!00?J"(4+"(F"/;+".%3I
"
>0%,/+&9,"5(!0,"*,"/("+45!5+"/;+",+H%&*/?",+H/(&J"*4H0%)*45"
8;*0+"&!=+"*4"7!*/*";!,"5!*4+)"5&+!/+&"D*,*3*0*/?"G*/;*4"/;+" /;+"7MOJ"/("*4H&+!,+"=!/&(0,"V*4H0%)*45"(4"F((/"!4)"!/"4*5;/W"
KM"!4)"LMN$,J"!4)"!//&!H/+)"2(&+"2+)*!"!//+4/*(4J"/;+&+" *4"!&+!,"G;+&+"&!=+"!4)"(/;+&",+_%!0"D*(0+4H+"!&+"0*X+0?"/("
&+2!*4,"!")+!&/;"(F"&+0*!30+")!/!"(4"*/,"H!%,+,"!4)"
(HH%&EBBc"""
"
H(4,+R%+4H+,E":+G")(2+,/*H"2+!,%&+,"(&";%2!4*/!&*!4"
*4*/*!/*D+,"!))&+,,"&((/"H!%,+,"(F"D*(0+4H+"(&"H;!00+45+"
1;+".%3I>0%,/+&"!0,("+45!5+,"*4"H!=!H*/?"3%*0)*45"G*/;"/;+"
H%0/%&!0"4(&2,"/;!/"=&(2(/+"/;+"*4,/*/%/*(4!0*S!/*(4"(F"
N$7J"=&(D*)*45",+4,*/*S!/*(4"/&!*4*45"F(&"=,?H;(,(H*!0"
D*(0+4H+",%H;"!,"&!=+"!4)")(2+,/*H"D*(0+4H+E".%H;")!/!"*," ,+&D*H+"G(&X+&,"!4)"=(0*H+"(FF*H+&,"&+H+*D*45"H(2=0!*4/,"
H&%H*!0"*4")+/+&2*4*45"+FF+H/*D+",/&!/+5*+,"F(&"=&+D+4/*45"
!3(%/"N'UEBBe"L/"!*2,"/("2(3*0*S+"H(22%4*H!/*(4"&+,(%&H+,"
!4)"&+)&+,,*45"N'UE"<+0*!30+")!/!"G(%0)";+0="+4,%&+"/;!/" F&(2"/;+"=%30*H"!4)"=&*D!/+",+H/(&,"/(",%==(&/"
,H!&H+"&+,(%&H+,";!D+"!"5&+!/+&"*2=!H/E"
H(22%4*H!/*(4,"3+/G++4"2%0/*I!H/(&"2(3*0+"/+!2,"
"
!))&+,,*45"N'U"*4"/+2=(&!&?",;+0/+&,"!4)"/("+,/!30*,;"!"
P(&+(D+&J"!,"&+H+4/0?"!,"/;*,",%22+&J"KM"(FF*H*!0,"
4!/*(4!0";(/0*4+EB#A"L4"P!?J"/;+"KM:O-"&+=(&/+)",%==(&/*45"
H(4/*4%+"/(")(G4=0!?"/;+"=&(30+2J"*2=+)*45"+FF+H/*D+"
/;+"=(0*H+"!H!)+2?J"/&!*4*45"(F"b#`"H!)+/,"!4)"b`"(4I)%/?"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
"-**"-==+4)*_":J"L5(&"'(,HJ">;!*&".%3"N'U">0%,/+&"o,*HpJ"\+//+&"/("]*!4!"]%!&/+J"
P+)*!">((&)*4!/(&J"P-]<ZJ"V[%4+"QJ"#ABAWJ"*4"&+,=(4,+"/("!",/!/+2+4/",%32*//+)"
/("/;+"KEME"7%2!4"<*5;/,">(%4H*0"(4",+_%!0*S+)"D*(0+4H+"*4"7!*/*9,"L]O"H!2=,"V(4"
F*0+"G*/;"!%/;(&,WE"1;+",/!/+2+4/"G!,",%32*//+)"3?"P-]<ZJ"T$:-ULUJ"L[]7J"!4)"
KU-".H;((0"(F"\!G"7%2!4"<*5;/,"O&(5&!2E"
BBB
""\*4!"-3*&!F+;J":>*0%"0*%6,7*%)0%=,);)%)+%N''%X,0KB%P,E"P!5!S*4+"'0(5J"P!&E"
#`J"#ABAJ";//=6^^2,2!5!S*4+EH(2^30(5^30(5^#ABA^Af^#`^+D+4I(4+I&!=+I*4I;!*/*I
*,I/((I2!4?^E"
BB#
"H(M"
BBf
"'+D+&0?"'+00J"N.*%g$1*0GK%'D%='#+)01%)0%=,);)B%S%J$)'$);K%)0%S(($*++)01%6,7*J"
P!?"`J"#ABAJ",>,)9,?9*%,;";//=6^^/(G!&)F&++)(2EH(2^;(2+^H(4/+4/^"
D*+G^Be`A^B^E"
"8,#9;%])0*+%5%=,);)I%-)@%X'0;.+%"0J"-\"[-wZZ<-"ZMN\L.7J"[%0?"B#J"#ABAJ",>,)9,?9*%,;%
;//=6^^GGGE?(%/%3+EH(2^G!/H;sDt&_#Zx_wbPyxE"
BB`
"-*G$*;,$KEC*0*$,9W+%+;#(K%'0%>)'9*0G*%,1,)0+;%3'A*0B%jP+;%+*++)'0%'D%;.*%
C*0*$,9%S++*A?9K%H;*A%jRk,l%'0%,(>,0G*A*0;%'D%3'A*0J"KM"](HE""
-^aB^B##^-))E"B"VF(&/;H(2*45"#ABAWE""
BBa
"H(M"""
BBb
"H(M"
BBc
"N'U".%3I>0%,/+&"K=)!/+J"P!&E"#ABAJ",>,)9,?9*%,;%;//=,6^^GGGEH*2*HG+3E(&5^"
H2(^;!*/*^>&*,*,z#A](H%2+4/,^O&(/+H/*(4z#A>0%,/+&^N'Uq,HqK=)!/+qF(&qO>q#
cqP!&H;E=)FEE"
BBe
"J$';*G;)'0%T9#+;*$%N,$1*;*(%-;$,;*1KJ"VP!&E"#QJ"#ABAWE""
B#A
"H(M"
BBA
"
BBQ
#A"
=(0*H+J"!4)"H&+!/*45"Bf",!F+",=!H+,"*4"/;&++"(F"7!*/*9,"/+4"
%&3!4"!&+!,J"!4)"H((&)*4!/+)"G*/;"K.-L]"/;+",+/I%="(F"fA"
]+=!&/2+4/,E"L4H0%)+)"*4"*/,"0(45I/+&2"5(!0,J"/;+"KM:O-"
`XG")*+,+0"5+4+&!/(&,",%==(&/*45"!",+&*+,"(F"fAIF((/"=(0+"
=0!4,"/("3%*0)"F(%&"=(0*H+",/!/*(4,"!4)"H0+!&",=!H+,"F(&"!4"
0*5;/,"/;&(%5;(%/"/;&++"=&*(&*/?",*/+,6"Oi/*(4D*00+"N(0F">0%3J"
!))*/*(4!0"+*5;/EB#B""
O!&H"[+!4"P!&*+"U*4H+4/J"!4)".!*4/"\(%*,")+"N(4S!5%+E"1;+"
"
8(&0)"'!4X"&+=(&/+)"=%&H;!,*45",(0!&"0!4/+&4,"/("3+"
PLMK.1-7";!,"!,,*,/+)"*4"/;+"&+H(D+&?"(F")(H%2+4/,"!4)" )*,/&*3%/+)"l=+&";(%,+;(0)km"/;+"P!&H;"#QJ"#ABA">>>P"
&+H(&),"!4)"G(&X+)"H0(,+0?"G*/;"KM]O"!4)"/;+"P*4*,/&?"(F" &+=(&/"*4)*H!/+)"/;!/"BaJAAA"0!4/+&4,";!)"3++4")*,/&*3%/+)J"
[%,/*H+"!4)"O%30*H".+H%&*/?"/("F*4!0*S+"!"Y(*4/"&+H(D+&?"G(&XI !4)"!4(/;+&"fAJAAA"G+&+"+_=+H/+)"/("3+")+0*D+&+)"3?"/;+"
=0!4"F(&"/;+"=+&*()"%="/(".+=/+23+&"#ABBE"O&*(&*/*+,"!&+"/(" +4)"(F"/;+"2(4/;EB#a""L4"*/,"P!?"2(4/;0?"&+=(&/J"/;+"N'U"
&+H&%*/"!4)"/&!*4"fA"4+G"2!5*,/&!/+,"!4)"/("=&(D*)+"*4I
.%3I>0%,/+&"&+=(&/+)"/;!/"KML>Z:"G!,")*,/&*3%/*45",(0!&"
,+&D*H+"/&!*4*45"/("H%&&+4/"=&(,+H%/(&,J"Y%,/*H+,"(F"/;+"
0!2=,"l/("+4,%&+"=&(=+&"0*5;/*45"(F"0!/&*4+,"!4)"H!2="
=+!H+J"!4)"&+5*,/&!&,EB##"L4"!))*/*(4J"/;+"KM"&+=(&/+)"/;!/" F!H*0*/*+,EmB#b"""
PLMK.1-7"!4)"KM:O-",%==(&/+)"/;+"7MO"*4"!"=*0(/"
"
=&(Y+H/"+,/!30*,;*45"&+H+=/*(4"F!H*0*/*+,"F(&"D*H/*2,"(F",+_%!0" 1;+".%3I>0%,/+&">;!*&"!,,+&/+)"*4"!"F(&2!0",/!/+2+4/"/("
D*(0+4H+"*4"/G("=(0*H+"H(22*,,!&*!/,EB#f":*4!00?J"!,"=!&/"(F" P-]<Z"/;!/"/;+"7MO"l;!D+"3++4"=!/&(00*45"H!2=,!!/"
*/,"2(4*/(&*45"2*,,*(4J"/;+".%3I>0%,/+&"=0!4,"/("G(&X"G*/;" 4*5;/J"(4"F((/J"*4"!&+!,"/;!/"!&+"=&(30+2!/*HE"E"E"EmB#c"1;+"
/;+"T'0G*$;,;)'0%2,;)'0,9*"/("&+D*D+"/;+",?,/+2"(F"N'U"
.%3I>0%,/+&"!0,("H0!*2,"!,"!4"!H;*+D+2+4/"*4"/;+*&",*_I
H!,+"/&!HX*45"/;!/"G!,")+,/&(?+)"*4"/;+"+!&/;R%!X+"!4)"
2(4/;"&+=(&/"/;!/"l2+23+&,"o(F"/;+".%3I>0%,/+&p";!D+"
B#Q
&+4+G"%,!5+"(F"!"=&+I+_*,/*45"4!/*(4!0"/&!HX*45"F(&2E """
G(&X+)"G*/;"/;+",+H%&*/?",+&D*H+,"/("+4,%&+"=!/&(0,"(F"
"
H!2=,"!&+"!)+R%!/+"!4)"&+,=(4,*D+"/("G(2+49,"
-HH(&)*45"/("!4"L-.>",/%)?"+D!0%!/*45"/;+"H0%,/+&"!==&(!H;" H(4H+&4,EmB#e""
*4"7!*/*"=&+I+!&/;R%!X+J"H((&)*4!/*(4"G*/;"/;+"N$7"
"
,%FF+&+)"F&(2"&+)%4)!4/",/&%H/%&+,"!4)"G+!X"H!=!H*/*+,"*4" .%H;"H0!*2,"H(4/&!)*H/"G;!/"G(2+4"!4)"5*&0,"0*D*45"*4"/;+"
=&!H/*H+EB#`"1;+"+!&/;R%!X+";!,"2!)+"H((&)*4!/*(4"!00"/;+" H!2=,"&+=(&/"!,"!"=+&,*,/+4/"0!HX"(F",+H%&*/?"!4)"0*5;/*45E"L4"
2(&+"*2=(&/!4/"/("2++/"*4H&+!,+)"4++)E"""
!))*/*(4J"]*&+H/(&"N+4+&!0"-4)&+,(0"+_=0!*4+)"/("\Z<M"
"
)+0+5!/*(4"2+23+&,"/;!/"/;+"7MO")*)"4(/";!D+"/;+"
H!=!H*/?"/("=!/&(0"*4,*)+"!4?",*54*F*H!4/"4%23+&"(F"H!2=,"
222Q.H'0L3&-.$#.I--$.$"-.F--M.4#&.K-63&0$9.01.
(4"!"&+5%0!&"3!,*,EBfA"8;!/9,"2(&+J"/;+"=(0*H+";!D+"3++4"
/0)(L'6-8-1$.+'8().
%4!30+"/("+FF+H/*D+0?"*)+4/*F?"/;+"=&(30+2"!&+!,J"5*D+4"/;+"
"
0!HX"(F"&+=(&/*45"!4)"*4F(&2!/*(4"(4"G;+&+"!4)"G;+4"/;+"
L4"/;+"!3,+4H+"(F"!4"+FF+H/*D+"5(D+&42+4/"*4"7!*/*"!4)"*4"
0*5;/"(F"/;+"0*2*/+)"KM"&+,=(4,+"/("&+R%+,/,"F(&",?,/+2!/*H" &!=+,"!&+"(HH%&&*45E""
"
,+H%&*/?"*4"/;+")*,=0!H+2+4/"H!2=,J"5&!,,&((/,"G(2+49,"
L4"P!&H;J"PLMK.1-7"2*0*/!&?"!4)"=(0*H+"0+)"!"[(*4/"
(&5!4*S!/*(4,",%H;"!,"T$:-ULU";!D+"(&5!4*S+)"/;+*&"(G4"
.+H%&*/?"-,,+,,2+4/"V[.-W"2*,,*(4"G*/;"/;+"7MOJ"KML>Z:J"
D(0%4/++&",+H%&*/?"=!/&(0,"=&(D*)*45"G(2+4"+,H(&/,"/("
!4)"KM:O-"*4"/;+"L]O"H!2=,EBfB"1;+?"H(4H0%)+)"/;!/6"
3!/;&((2,"!4)",;(G+&,"!/"4*5;/E"M(4+/;+0+,,J"/;+">!2="
>((&)*4!/*(4"!4)">!2="P!4!5+2+4/"V>>>PW^O&(/+H/*(4" l<+=(&/,"F&(2"/;+"7MO"!4)"KMO$\"(F"/;+"F&+R%+4H?J"
*4H0%)*45"(4"F((/J"(F"/;+*&"=!/&(0,"&!&+0?"2!/H;+)"
>0%,/+&"&+=(&/+)"*4"P!&H;"/;!/"/;+"L4/+&4!/*(4!0"
$&5!4*,!/*(4"F(&"P*5&!/*(4"VL$PW"=%&H;!,+)"fAJAAA"H&!4X" H(&&+,=(4)*45"&+=(&/,"F&(2"L]O,"G;(",!*)"/;+?";!&)0?",!G"
=(0*H+J"!02(,/"4+D+&"!/"4*5;/"!4)"/;+4"(40?"*4"D+;*H0+,"
,(0!&"F0!,;0*5;/,"/("3+")*,/&*3%/+)"*4",2!00+&",*/+,"*4"*44+&"
)&*D*45"3?EmBf#"1;+"[.-"&+H(22+4)+)6"VBW"G(&X*45"G*/;"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
B#B
H(22%4*/*+,"/(")+D+0(=",+H%&*/?"=0!4,"!4)"*4H0%)*45"
"-**"N'U".%3I>0%,/+&"P(4/;0?"K=)!/+J"P!?"#ABAJ",>,)9,?9*%,;"
;//=6^^(4+&+,=(4,+E*4F(^]*,!,/+&,^7!*/*^O&(/+H/*(4^N+4)+&I
G(2+4"*4"/;+"=&(H+,,k""V#W"2!X*45"H;!45+,"*4"H!2=",=!H+,"
'!,+)z#AU*(0+4H+^O!5+,^)+F!%0/E!,=_E"
*4"0*4+"G*/;"*4/+&4!/*(4!00?"&+H(54*S+)"=&*4H*=0+,"!4)"
B##
"<+=(&/"(F"/;+".+H&+/!&?"N+4+&!0"(4"/;+"K4*/+)"M!/*(4,"./!3*0*S!/*(4"P*,,*(4"*4"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
7!*/*"V-=&E"##J"#ABAWJ"n"BA"VlH(D+&*45"2!Y(&")+D+0(=2+4/,",*4H+"E"E"E"&+=(&/"(F"B"
B#a
">>>P">0%,/+&"N%*)!4H+"!4)"K=)!/+"(4">!2=".+H%&*/?J"P!&E"#QE"#ABAE"
.+=/+23+&"#AAe"V.^#AAe^QfeW"%4/*0"B`"-=&*0"#ABAJ"G*/;"!"F(H%,"(4"/;+"=+&*()"
B#b
"P!?"N'U".%3I>0%,/+&"P(4/;0?"K=)!/+J"+#7$,%4(/+"B#BE"
,*4H+"/;+")+D!,/!/*45"+!&/;R%!X+"(F"B#"[!4%!&?"#ABAmWJ"KM"](HE".^#ABA^#AA"V:+3E"
B#c
"'(,H"0+//+&"/("P-]<ZJ"[%4+"QJ"#ABAJ"+#7$,%4(/+"BBAE"
##J"#ABAW"V,*HW"o;+&+*4!F/+&"KM.N"<+=(&/pE"
B#e
B#f
"=,);)I%j%X'0;.+%SD;*$J"<+=(&/"&+0+!,+)"3?"/;+"KM"!4)"N(D+&42+4/"(F"7!*/*J"[%0?"
"H(M%!/"n"BBE"
B#Q
B#J"#ABAE"
"J$';*G;)'0%T9#+;*$%-;$,;*1KB%+#7$,%4(/+"BBeE"
BfA
B#`
"L4/+&D*+G"G*/;"7MO"]*&+H/(&"N+4+&!0"-4)&+,(0J"+#7$,%4(/+"##E"
"-4)&+!"'*4)+&"!4)":&!4H(*,"N&%4+G!0)J"H0;*$ES1*0GK%-;,0()01%T'AA);;**%
0(
BfB
kHS-Tl%T9#+;*$%S77$',G.%:>,9#,;)'0B%Q %J.,+*B%T'#0;$K%-;#(KI%=,);)J"!/"Ba"V-=&E"
"O-S%6*7'$;J"+#7$,%4(/+"c#E"
Bf#
#ABAWE"
"H(M"!/"#IfE"
"
#B"
5%*)+0*4+,J",%H;"!,"=&(D*)*45"!)+R%!/+"0*5;/*45k"!4)"VfW"
=+&,(44+0EBQB"1;+,+"+FF(&/,"!&+"H(22+4)!30+J"3%/"2(&+"*,"
+4,%&*45"!)+R%!/+"H(22%4*/?"=(0*H*45"(4"!"#Q";(%&"3!,*," 4++)+)"/("!))&+,,"/;+";+*5;/+4+)"4++)"F(&"!";(0*,/*H"!4)"
!4)"*4H0%)*45"!/"0+!,/"(4+"G(2!4"*4"+D+&?"=!/&(0EBff""
H((&)*4!/+)"&+,=(4,+"/("/;+",?,/+2*H"*4,+H%&*/?"*4"/;+"L]O"
"
H!2=,E"
1;+"[.-"<+=(&/"4(/+)"/;!/"lo/p;+"&+,=(4,*3*0*/?"F(&"
"
=&(D*)*45"=&(/+H/*(4"/("L]O,"0*+,"G*/;"/;+"N(D+&42+4/"(F"
7!*/*E"7(G+D+&J"PLMK.1-79,"2!4)!/+"!4)"/;+"G*)+&"
&+,=(4,*3*0*/*+,"(F"/;+"*4/+&4!/*(4!0"H(22%4*/?"!0,("&+R%*&+"
!"&+*4F(&H+)"+FF(&/"/("=&(/+H/"L]O,J"*4H0%)*45"G(2+4"!4)"
H;*0)&+4J"F&(2"/;+*&"+_H+=/*(4!00?"D%04+&!30+"
H*&H%2,/!4H+,EmBfQ"L4"-=&*0J"/;+"$FF*H+"(F"/;+"KM".+H&+/!&?"
N+4+&!0"VKM.NW"*,,%+)"*/,",+2*I!44%!0"&+=(&/"(4"
PLMK.1-7"&+F+&+4H*45"/;+"[.-"!4)"4(/*45"/;!/",+H%&*/?"
&+2!*4+)"!"=&(30+2E"1;+"KM.N"&+=(&/+)"V!4)"G+";+!&)"
F&(2"/;+")*&+H/(&"(F"/;+"7MOW"/;!/"=&+H*4H/,"l,/!FF+)"3?"
F+2!0+"(FF*H+&,"(F"/;+"7!*/*!4"M!/*(4!0"O(0*H+"!4)"K4*/+)"
M!/*(4,"=(0*H+";!D+"3++4"+,/!30*,;+)"/("+4H(%&!5+"
&+=(&/*45"(F"5+4)+&I3!,+)"D*(0+4H+E"8(&X*45"*4",%==(&/"(F"
/;+"7MOJ"K4*/+)"M!/*(4,"=(0*H+"!&+"H(4)%H/*45"=!/&(0,"#Q"
;(%&,"!")!?J",+D+4")!?,"!"G++XEmBf`"1;+"&+=(&/")(+,"4(/"
,!?"G;+&+J";(G"(F/+4J"(&";(G"2!4?"(FF*H+&,"!&+"3+*45"
)+=0(?+)E"M(&")(+,"/;+"&+=(&/"=&(D*)+")+/!*0,"(4"=!/&(0,"(&"
(4"*4H*)+4/,"(F"N'UE"-HH(&)*45"/("*4/+&D*+G,"H(4)%H/+)"3?"
\Z<MJ"!4)"H(&&(3(&!/+)"*4"/;+"[.-"<+=(&/JBfa"/;+"=(0*H+"!&+"
&!&+0?"*F"+D+&"*4,*)+"/;+"H!2=,E"<!/;+&"/;+?"2!?"=!/&(0"/;+"
=+&*=;+&?"*4"H!&,E"O(0*H+"(FF*H+&,"!0,("D+&*F*+)"/;*,J"
+_=&+,,*45"/;+"H(4H+&4"/;!/"=!/&(00*45"*4,*)+"/;+"H!2=,"
G!,")!45+&(%,"/("/;+*&"(G4",!F+/?EBfb""
"
.(2+"(&5!4*S!/*(4!0"2+23+&,"(F"/;+".%3I>0%,/+&";!D+"
!//+2=/+)"/("!))&+,,",+H%&*/?"*,,%+,"*4"/;+"H!2=,E":(&"
*4,/!4H+J"*4"-=&*0J"/;+"L4/+&4!/*(4!0"<+,H%+">(22*//++"VL<>W"
=+&F(&2+)",!F+/?"!%)*/,"*4")*,=0!H+2+4/"H!2=,"1+0+H(J"
U*00!23+//!J"!4)">;!2=")+"P!&,EBfc"L4"P!?J"/;+"-2+&*H!4"
<+F%5++">(22*//++"V-<>W"&+R%+,/+)"/;!/"KMO$\"=&(D*)+"
=!/&(0,"/("/;+"1+&&!*4"-H&!^]+02!,"H!2=EBfe"1;+".%3I
>0%,/+&";!,"&+=(&/+)"/;!/"/;+?";!D+"3++4",%HH+,,F%0"*4"
=&(D*)*45"N'U"/&!*4*45"/("=(0*H+"(FF*H+&,"!4)"2+)*H!0",/!FFE"
.*4H+"[!4%!&?"B#J"KM:O-";!,"H(2=0+/+)"N'U"/&!*4*45"(F"
!==&(_*2!/+0?"cAA"=(0*H+"(FF*H+&,BQA"!4)"f#"2+)*H!0"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
Bff
"H(M%"
"H(M%!/"B`E"
Bf`
"KM.N"<+=(&/J"+#7$,%4(/+"B##"!/"n"QfJ"n"fBE"""
Bfa
"O-S%6*7'$;J"+#7$,%4(/+"c#"!/"n"B#E"
Bfb
"7%2!4"<*5;/,">(%4H*0"./!/+2+4/J"+#7$,%4(/+"BAeE"
Bfc
"N+4)+&"'!,+)"U*(0+4H+"VN'UW".%3I>0%,/+&E"lO&+D+4/*45"N'U6".+H%&*/?Em"
P(4/;0?"K=)!/+"|"-=&E"#ABAE""#B"[%4+"#ABAE"
;//=6^^5&(%=,E5((50+EH(2^5&(%=^N'U.>q7!*/*E"
Bfe
"N+4)+&"'!,+)"U*(0+4H+"VN'UW".%3I>0%,/+&E"lO&+D+4/*45"N'U6".+H%&*/?Em""
P(4/;0?"K=)!/+"|"P!?"#ABAE""Q"[%0?"#ABAE""
;//=6^^5&(%=,E5((50+EH(2^5&(%=^N'U.>q7!*/*E"
BQA
"H(M"
BfQ
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
BQB
"H(M"-%/;(&,"G+&+"%4!30+"/("!,H+&/!*4";(G"2!4?"(F"/;+,+"(FF*H+&,"!&+"F+2!0+E"
##"
N!=,",/*00"&+2!*4"3(/;"*4"/;+"0!G,"/;+2,+0D+,"!4)"
+4F(&H+2+4/EBQa"]%+"/("&!2=!4/"H(&&%=/*(4"G*/;*4"/;+"
Y%)*H*!0",?,/+2"!4)"/;+"7MOJ"2(,/"&!=+,"5("%4&+=(&/+)"!4)"
%4=%4*,;+)EBQb"-H/%!0",+4/+4H+,!+D+4"G;+&+"
=&+,H&*3+)!!&+"(F/+4"0*5;/+&"/;!4"G;!/"*,"=&(D*)+)"F(&"*4"
/;+"H&*2*4!0"H()+EBQc""
"
U*H/*2,",++X*45"/("=&(,+H%/+"=+&=+/&!/(&,"(F"&!=+"F!H+"
4%2+&(%,"=&(H+)%&!0";%&)0+,EBQe"-"G(2!49,"G(&)"*,"2(&+"
0*X+0?"/;!4"4(/"/("3+")*,H(%4/+)"(&"!0/(5+/;+&"*54(&+)h!,"
*,"/;+"H!,+"G*/;"5+4)+&I3!,+)"D*(0+4H+"*4"7!*/*"!4)"
+0,+G;+&+E"7!*/*!4"Y%)5+,J"=&(,+H%/(&,"!4)"=(0*H+"&(%/*4+0?"
)*,2*,,"&!=+"H!,+,"G;+&+"/;+"D*H/*2")(+,"4(/";!D+"!"
2+)*H!0"H+&/*F*H!/+"(&")*)"4(/",++X"/&+!/2+4/"G*/;*4"b#"
"
;(%&,J"+D+4"/;(%5;"7!*/*!4"0!G")(+,"4(/"&+R%*&+"/;+"
H+&/*F*H!/+,EB`A"L4"P!?J"P*H;+0":(&,/J"/;+"KM"L4)+=+4)+4/"
"
Z_=+&/"(4"7%2!4"<*5;/,"*4"7!*/*J"&+=(&/+)"/;!/"/;+"N+4+&!0"
"
7(,=*/!0"(F"O(&/I!%IO&*4H+";!)"H+!,+)"*,,%*45"2+)*H!0"
!&#)-63$01%.E'(-.J1M-&./#8-)$06.:'0$0'1.?'@.
H+&/*F*H!/+,"/("&!=+"D*H/*2,"3+H!%,+"*/"G!,"H(4,*)+&+)"!"
"
l4(4I+,,+4/*!0",+&D*H+EmB`B"8;*0+"2+)*H!0"+D*)+4H+"H!4"3+"
7!*/*9,">(4,/*/%/*(4"+_=0*H*/0?"&+H(54*S+,"/;!/"lo/p;+"./!/+"
*2=(&/!4/"/(",(2+"H!,+,J"*4"2!4?"H!,+,J",%H;"!,"G;+&+"!"
;!,"/;+"!3,(0%/+"(30*5!/*(4"/("5%!&!4/++"/;+"&*5;/"/("0*F+J"
D*H/*2")*)"4(/"=;?,*H!00?"&+,*,/"3+H!%,+"/;+"=+&=+/&!/(&";!)"
;+!0/;J"!4)"&+,=+H/"(F"/;+";%2!4"=+&,(4"F(&"!00"H*/*S+4,"
!"5%4J",%H;"+D*)+4H+"2*5;/"4(/"3+"%,+F%0E"L2=(,*45"!"
G*/;(%/")*,/*4H/*(4J"*4"H(4F(&2*/?"G*/;"/;+"K4*D+&,!0"
2+)*H!0"H+&/*F*H!/+"&+R%*&+2+4/"+0*2*4!/+,"2!4?"H!,+,J"
]+H0!&!/*(4"(F"/;+"<*5;/,"(F"P!4EmBQ#"-,")*,H%,,+)"3+0(GJ"
3+H!%,+"&!=+"D*H/*2,"!&+"(F/+4"%4!30+"/("F*4)"(&"!FF(&)"
=&(/+H/*45"!5!*4,/"&!=+"!4)"(/;+&"5+4)+&I3!,+)"D*(0+4H+"*,"
2+)*H!0",+&D*H+,J"(&"F++0"*4/*2*)!/+)"/&?*45"/("!HH+,,"/;+2E"
*4H0%)+)"G*/;*4"/;+,+"(30*5!/*(4,E"P(&+(D+&J"7!*/*"*,"!"
L4"F!H/J"/;+"P*4*,/&?"(F"[%,/*H+";!,"%&5+)"H(%&/,"!5!*4,/"
=!&/?"/("/;+">(4D+4/*(4"(4"/;+"Z0*2*4!/*(4"(F"-00":(&2,"(F"
)*,2*,,!0EB`#""
BQf
]*,H&*2*4!/*(4"-5!*4,/"8(2+4"V8(2+49,">(4D+4/*(4WJ "
G;*H;"2!4)!/+,"H;!45+,"*4")(2+,/*H"0!G"!,"4++)+)"/("3+"
H(4,*,/+4/"G*/;"/;+"(30*5!/*(4,"(F"/;+">(4D+4/*(4"V-&/*H0+" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
)+/!*0+)";*,/(&?"(F"/;+")+D+0(=2+4/"(F"7!*/*!4"0!G"&+5!&)*45"D*(0+4H+"!5!*4,/"
#WE"K4/*0"D+&?"&+H+4/0?J";(G+D+&J"7!*/*";!)"!"G+!X",/!/%/(&?" G(2+4"!4)"H%&&+4/"&+F(&2"+FF(&/,J"+**%:!+)*J"+#7$,%4(/+"acE"
BQa
F&!2+G(&X"F(&")+/+&&*45"D*(0+4H+"!5!*4,/"G(2+4E"-F/+&"
"-**%>(22*//++"(4"/;+"Z0*2*4!/*(4"(F"]*,H&*2*4!/*(4"!5!*4,/"8(2+4J"
T'0G9#()01%"?+*$>,;)'0+%'D%;.*%T'AA);;**%'0%;.*%:9)A)0,;)'0%'D%L)+G$)A)0,;)'0%
?+!&,"(F"=+&,*,/+4/"!)D(H!H?"3?"7!*/*!4"G(2+49,"
,1,)0+;%U'A*0I%=,);)B"n"#QJ"KEME"](HE">Z]-8^>^71L^>$^b"V:+3E"BAJ"#AAeW"
!)D(H!/+,J"*4"#AA`J"Z_+H%/*D+"]+H&++"M(E"aA"*4/&()%H+)"
o;+&+*4!F/+&"KEMEJ"T'0G9#()01%"?+*$>,;)'0+pk"LM1Z<I-PE">E7E<EJ%8$**%D$'A%F)'9*0G*J"
+#7$,%4(/+"ack"-24+,/?"L4/90J"L'0W;%;#$0%K'#$%?,G/%'0%1)$9+B%+#7$,%4(/+"aaE""":(&"
H;!45+,"/("+_*,/*45"=&(D*,*(4,"*4"/;+"7!*/*!4"O+4!0">()+J"
+_!2=0+J"0!G,J"(&"0!HX"/;+&+(FJ"(4",+_%!0";!&!,,2+4/J"H(4Y%5!0"D*(0+4H+"!4)"
*4H0%)*45"/;+"&+H0!,,*F*H!/*(4"(F"&!=+J"*4H&+!,*45"/;+"
=&(D*,*(4,"(4"!3(&/*(4",/*00")*,H&*2*4!/+"!5!*4,/"G(2+4E"KE.E"]+=9/E"(F"./!/+J"#AAc"
,+D+&*/?"(F"=+4!0/*+,E".+4/+4H+,"4(G"*4H0%)+"BA"?+!&,"(F"
7%2!4"<*5;/,"<+=(&/6"7!*/*J"b"V:+3E"#`J"#AAeWk"KEMEJ"T'0G9#()01%"?+*$>,;)'0+"!/%n"
#Qk"LM1Z<I-PE">E7E<EJ%8$**%D$'A%F)'9*0G*J"+#7$,"4(/+"ac"!/"n"eck"1;(4?"'+0*S!*&+J"
=&*,(4"F(&"/;+"H&*2+"(F"&!=+kBQQ"B`"?+!&,"*F"/;+"D*H/*2"G!,"
N.*%])+;I%N.*%U'$+;%J9,G*+%;'%?*%,%U'A,0J":$<ZLNM"O$\L>g"VP!?"#AAcWk"\*3&!&?"(F"
%4)+&"Ba"?+!&,"(F"!5+E"1;+",+4/+4H+"F(&"&!=+"3?"2(&+"/;!4" >(45&+,,J":+)+&!0"<+,+!&H;"]*D*,*(4J"T'#0;$K%J$'D)9*I%=,);)%VP!?"#AAaWE""
BQb
"LM1Z<I-PE">E7E<EJ%8$**%D$'A%F)'9*0G*J"+#7$,"4(/+"ac"!/"n"BAeE""
(4+"=+&,(4"G!,"!4)"H(4/*4%+,"/("3+"0*F+"*4"=&*,(4EBQ`""
?-%'L.H&'8-@#&D"
BQc
"H(M%!/"n"BB`E""
"L4"!4"*4/+&D*+GJ"F(&2+&"[%)5+"O!/&*HX"Oi0*,,*+&"VH%&&+4/0?"G*/;"PLMK.1-79,"
BQ#
"T'0+;);#;)'0%(m=,n;)""o>(4,/*/%/*(4p"BeceJ"-&/"BeE"
7%2!4"<*5;/,",+H/*(4W"/(0)"%,"/;!/"G(2+4"F!H+";%&)0+,",%H;"!,"H(&&%=/*(4"*4"/;+"
BQf
"<!/*F*H!/*(4"[%0?"#AJ"BecBJ"+**";//=6^^/&+!/*+,E%4E(&5^O!5+,^U*+G]+/!*0,E!,=_s" Y%,/*H+",?,/+2"!4)",(H*+/!0")*,H&*2*4!/*(4E"VP!?"QJ"#ABAWJ"V(4"F*0+"G*/;"!%/;(&,WE"
B`A
,&Ht1<Z-1gu2/),5q4(tLUIcuH;!=/+&tQu0!45t+4E"
"L4"#AAbJ")(H/(&,"!4)";(,=*/!0,"3+5!4"*,,%*45"VF&++W"2+)*H!0"H+&/*F*H!/+,"/("
BQQ
"K4)+&"/;+",/!/%/+J"/;+"=%4*,;2+4/"*,"F(&H+)"0!3(&"*4"7!*/*!4"=&*,(4,J"3%/"/;*,"*," ,%&D*D(&,"(F"&!=+J"!,"+D*)+4H+"(F"/;+"!,,!%0/E"1;+,+"H+&/*F*H!/+,"!&+"*4/+4)+)"!,"
4(/"%,%!00?"/;+"H!,+E"
+D*)+4H+"/(",%==(&/"/;+"D*H/*2E"KE.E"]+=9/E"(F"./!/+J"#AAb"7%2!4"<*5;/,"<+=(&/6"
BQ`
"]*%(*G$*;%A'()D),0;%9*%$*1)A*%(*+%,1$*++)'0+%+*@#*99*+%*;%*9)A)0,0;%*0%9,%
7!*/*"VP!&E"BBJ"#AAcWk"LM1Z<I-PZ<L>-M"]ZUZ\$OPZM1"'-MTJ"NZM]Z<"-M]"]LUZ<.L1g"
A,;)*$*%9*+%()+G$)A)0,;)'0+%G'0;$*%9,%8*AA*%o]+H&++">;!45*45"/;+"<+5%0!/*(4"(F" KML1J".$>L-\".Z>1$<J"S%6*+7'0+*%;'%F)'9*0G*%S1,)0+;%U'A*0%)0%=,);)I%S%-;#(K%'0%
.+_%!0"-55&+,,*(4,"!4)"Z0*2*4!/*45":(&2,"(F"]*,H&*2*4!/*(4"-5!*4,/"8(2+4pk"
L'A*+;)G%,0(%-*@#,9%F)'9*0G*"#Q"VP!?"#AAcWE"
B`B
]+H&++"M(E"aA"(F"-%5E"BBJ"#AA`J"-&/E"#JV2()*F?*45"-&/E"#bc"(F"/;+"O+4!0">()+WJ"-&/E"
":(&,/J"+#7$,"4(/+"b"!/"n"eE"
B`#
f"V2()*F?*45"-&/E"#beWJ"-&/E"Q"V2()*F?*45"-&/E"#cAWJ"[(%&4!0"$FF*H*+0")+"0!"
"KE.E"]+=9/E"(F"./!/+J"#AAc"7%2!4"<*5;/,"<+=(&/6"7!*/*J"+#7$,%4(/+"BQak":!+)*J"
<+=%30*R%+")97!*/*"o[E$Epo$FF*H*!0"N!S+//+"(F"7!*/*pJ"-%5E"BBJ#AA`J"=E"BE"":(&"!"2(&+" +#7$,"4(/+"ac"!/"BeBE"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
"
BQe
#f"
1;+"F!*0%&+"/("+FF+H/*D+0?"=&(,+H%/+")+4*+,"D*H/*2,"Y%,/*H+J"
4(&2!0*S+,"5+4)+&"D*(0+4H+"!4)"=&(D*)+,"=&(,=+H/*D+"
=+&=+/&!/(&,"!,,%&!4H+"(F"*2=%4*/?E"O&(,+H%/*45"H!,+,"*4"
7!*/*!4"H(%&/"=&+,+4/,"H;!00+45+,J"3%/"G*/;"!)+R%!/+"
,%==(&/J"/&!*4*45"!4)"H!=!H*/?"3%*0)*45"F(&"/;+"N$7J"/;+?"
!&+"4(/"*4,%&2(%4/!30+E""
2Q.G"-.!&#"0O0$0#1.#4.S-1M-&U=')-M.N0#L-16-.J1M-&.
21$-&1'$0#1'L.?'@.
"
L4"N+4+&!0"<+H(22+4)!/*(4"M(E"Be"VBee#WJ"/;+">Z]-8"
>(22*//++"/((X"/;+"0+!)"*4"!))&+,,*45"5+4)+&"D*(0+4H+"!,"
!"F(&2"(F")*,H&*2*4!/*(4"!5!*4,/"G(2+4J"/;+&+3?"
)*,=+4,*45"G*/;"/;+"4++)"/("H(2=!&+"/;+"/&+!/2+4/"(F"2+4"
"
!4)"G(2+4J"!4)"(%/0*4*45",/!/+"&+,=(4,*3*0*/?"/("=&+D+4/"
VOL0%'$0#1).J1M-&.21$-&1'$0#1'L.?'@.$#.>MM&-)). D*(0+4H+"!5!*4,/"G(2+4EB`b"N+4+&!0"<+H(22+4)!/*(4"M(E"
'1M.!&-,-1$.S=N.
Be"+_=0!*4,"/;!/"/;+")+F*4*/*(4"(F")*,H&*2*4!/*(4"!5!*4,/"
"
G(2+4"*4"-&/*H0+"B"(F"/;+"8(2+49,">(4D+4/*(4"*4H0%)+,"
L4/+&4!/*(4!0";%2!4"&*5;/,"0!G"+_=&+,,0?"!4)"*2=0*H*/0?"
5+4)+&I3!,+)"D*(0+4H+J")+F*4+)"!,"lD*(0+4H+"/;!/"*,"
!))&+,,+,"N'U"3?J"!2(45"(/;+&"/;*45,J"=&(;*3*/*45"
)*&+H/+)"!5!*4,/"!"G(2!4"3+H!%,+",;+"*,"!"G(2!4"(&"/;!/"
)*,H&*2*4!/*(4"(4"/;+"5&(%4),"(F",+_J"=&(/+H/*45"/;+"&*5;/" !FF+H/,"G(2+4")*,=&(=(&/*(4!/+0?EmB`c"L/"*4H0%)+,"!H/,"(F"
/("3()*0?"*4/+5&*/?J"!4)"5%!&!4/++*45"/;+"&*5;/"/("3+"F&++"
=;?,*H!0J"2+4/!0J"(&",+_%!0";!&2"(&",%FF+&*45k"/;&+!/,"(F"
F&(2"/(&/%&+"(&"H&%+0J"*4;%2!4"(&")+5&!)*45"/&+!/2+4/"(&" ,%H;"!H/,J"(&"H(+&H*(4E":%&/;+&"*/"H0!&*F*+,"/;!/"5+4)+&I3!,+)"
=%4*,;2+4/E"1;+"N(D+&42+4/"(F"7!*/*";!,"&!/*F*+)"D!&*(%," D*(0+4H+"2!?"3&+!H;"(/;+&"=&(D*,*(4,"(F"/;+">(4D+4/*(4J"
*4/+&4!/*(4!0";%2!4"&*5;/,"*4,/&%2+4/,"/;!/";!D+")*&+H/"
+D+4"*F"/;(,+"=&(D*,*(4,")("4(/"+_=&+,,0?"2+4/*(4"D*(0+4H+E""
3+!&*45"(4"G(2+49,";%2!4"&*5;/,J"*4H0%)*45"/;+"&*5;/"/("3+" "
F&++"F&(2"&!=+"!4)"(/;+&"N'UE"1;+,+"*4H0%)+6"/;+"8(2+49," :%&/;+&2(&+J"N+4+&!0"<+H(22+4)!/*(4"M(E"Be"&+H(54*S+,"
>(4D+4/*(4J"L4/+&4!/*(4!0">(D+4!4/"(4">*D*0"!4)"O(0*/*H!0"
/;!/"l5+4)+&I3!,+)"D*(0+4H+"*,"!"F(&2"(F")*,H&*2*4!/*(4"
<*5;/,"VL>>O<WJ"L4/+&4!/*(4!0">(4D+4/*(4"(4"/;+"Z0*2*4!/*(4" /;!/",+&*(%,0?"*4;*3*/,"G(2+49,"!3*0*/?"/("+4Y(?"&*5;/,"!4)"
(F"-00":(&2,"(F"<!H*!0"]*,H&*2*4!/*(4"V>Z<]WJ"!4)"
F&++)(2,"(4"!"3!,*,"(F"+R%!0*/?"G*/;"2+4EmB`e"1;+">Z]-8"
>(4D+4/*(4"(4"/;+"<*5;/,"(F"/;+">;*0)"V>;*0)&+49,"
>(22*//++"4(/+,"/;+"lH0(,+"H(44+H/*(4"3+/G++4"
>(4D+4/*(4WEB`f"L4"/;+"\!/*4"-2+&*H!4"!4)">!&*33+!4"
)*,H&*2*4!/*(4"!5!*4,/"G(2+4J"5+4)+&I3!,+)"D*(0+4H+J"!4)"
&+5*(4J"7!*/*"*,"!"2+23+&"(F"/;+"$&5!4*S!/*(4"(F"-2+&*H!4" D*(0!/*(4,"(F";%2!4"&*5;/,"!4)"F%4)!2+4/!0"F&++)(2,EmBaA"
./!/+,"V$-.WJ"!4)";!,"&!/*F*+)"/;+"L4/+&I-2+&*H!4"
N+4)+&I3!,+)"D*(0+4H+"/;+&+F(&+"H(4,/*/%/+,"3(/;"!")*&+H/"
>(4D+4/*(4"(4"/;+"O&+D+4/*(4J"O%4*,;2+4/"!4)"Z&!)*H!/*(4" D*(0!/*(4"(F"G(2+49,";%2!4"&*5;/,"!4)"H(4/&*3%/+,"/("/;+*&"
(F"U*(0+4H+"-5!*4,/"8(2+4J"X4(G4"!,"/;+">(4D+4/*(4"(F"
*4!3*0*/?"/("+4Y(?"/;+"F%00"&!45+"(F"H*D*0J"=(0*/*H!0J"+H(4(2*HJ"
'+0i2")("O!&}J"!,"G+00"!,"/;+"-2+&*H!4">(4D+4/*(4"(4"
,(H*!0"!4)"H%0/%&!0"&*5;/,"/;!/"!&+"5%!&!4/++)"%4)+&"
7%2!4"<*5;/,"V->7<WEB`Q"
*4/+&4!/*(4!0"0!GE"
"
"
-HH(&)*45"/("/;+"7!*/*!4">(4,/*/%/*(4J"%=(4"!==&(D!0"!4)" 1;+"KM"]+H0!&!/*(4"(4"/;+"Z0*2*4!/*(4"(F"U*(0+4H+"!5!*4,/"
&!/*F*H!/*(4J"*4/+&4!/*(4!0"/&+!/*+,"3+H(2+"=!&/"(F")(2+,/*H" 8(2+4J"!)(=/+)"3?"/;+"N+4+&!0"-,,+230?"*4"BeefJ",+&D+,"
0!G"!4)"!3&(5!/+"!4?"H(4F0*H/*45"0!G,EB``"P(&+(D+&J"!,"
!,"!4"*2=(&/!4/"2*0+,/(4+"*4"G(2+49,";%2!4"&*5;/,"
4(/+)"!3(D+J"-&/*H0+"Be"(F"/;+"7!*/*!4">(4,/*/%/*(4"
3+H!%,+"*/"2!X+,",=+H*F*H"&+F+&+4H+"/("D*(0+4H+"!5!*4,/"
&+H(54*S+,"/;+"./!/+9,"l!3,(0%/+"(30*5!/*(4m"/("5%!&!4/++" G(2+4"*4"3(/;"/;+"=%30*H"!4)"=&*D!/+")(2!*4EBaB"L4,=*&+)"
H+&/!*4";%2!4"&*5;/,"V*E+EJ"l/;+"&*5;/"/("0*F+J";+!0/;J"!4)"
3?"/;+"KM"]+H0!&!/*(4J"/;+"$&5!4*S!/*(4"(F"-2+&*H!4"./!/+,"
&+,=+H/"(F"/;+";%2!4"=+&,(4"F(&"!00"H*/*S+4,"G*/;(%/"
V$-.W"!)(=/+)"/;+">(4D+4/*(4"(F"'+0i2")("O!&}"!,"!"
)*,/*4H/*(4mWEB`a""
3*4)*45"/&+!/?"(4"[%4+"e/;J"BeeQ"/("!FF*&2"l/;!/"D*(0+4H+"
!5!*4,/"G(2+4"H(4,/*/%/+,"!"D*(0!/*(4"(F"/;+*&";%2!4"&*5;/,"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!4)"F%4)!2+4/!0"F&++)(2,J"!4)"*2=!*&,"(&"4%00*F*+,"/;+"
B`f
"7!*/*"&!/*F*+)">Z<]"*4"Beb#J">Z]-8"*4"BecBJ"L>>O<"*4"BeeB"V3?"!HH+,,*(4W"!4)"
/;+">;*0)&+49,">(4D+4/*(4"*4"Bee`E""-**J"/;+"KM"1&+!/?">(00+H/*(4"]!/!3!,+,J"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
./!/%,"(F"<!/*F*H!/*(4,J",>,)9,?9*%,;";//=6^^/&+!/*+,E%4E(&5^O!5+,^1&+!/*+,E!,=_s"
B`b
*)tQu,%3*)t-u0!45t+4E"
"N+4E"<+HE"M(E"BeJ"+#7$,"4(/+"BE"
B`Q
B`c
"7!*/*"&!/*F*+)"/;+">(4D+4/*(4"(F"'+0i2"]("O!&}"*4"Beeb"!4)"/;+"->7<"*4"BebbE"
"H(M%!/"n"aE"
B`e
-**B%;//=6^^GGGEH*);E(!,E(&5^'!,*H(,^Z450*,;^'!,*HE1$>E;/2E"
"H(M"!/"n"BE"
B``
BaA
"l\+,"1&!*/i,J"(%"!HH(&),"*4/+&4!/*(4!%_J"%4+"F(*,",!4H/*(44i,"+/"&!/*F*i,")!4,"
"H(M%!/"n"QE"
BaB
0+,"F(&2+,"=&iD%+,"=!&"0!">(4,/*/%/*(4J"F(4/"=!&/*+")+"0!"\i5*,0!/*(4")%"O!?,"+/"
"K4*/+)"M!/*(4,"L*G9,$,;)'0%'0%;.*%:9)A)0,;)'0%'D%F)'9*0G*%,1,)0+;%U'A*0E"
!3&(5+4/"/(%/+,"0+,"\(*,"R%*"0+%&",(4/"H(4/&!*&+,Em"7!*/*!4">(4,/E"-&/E"#baI#J"+#7$," VBeefWJ"-&/E"QJ""l./!/+,",;(%0)"H(4)+24"D*(0+4H+"!5!*4,/"G(2+4"!4)E"E"E"E",;(%0)"
4(/+"BQ#E"
=%&,%+"3?"!00"!==&(=&*!/+"2+!4,"!4)"G*/;(%/")+0!?"!"=(0*H?"(F"+0*2*4!/*45"
B`a
"H(E"!/"-&/E"BeE"""
D*(0+4H+"!5!*4,/"G(2+4"E"E"E"Em"
"
#Q"
(3,+&D!4H+J"+4Y(?2+4/"!4)"+_+&H*,+"(F",%H;"&*5;/,"!4)"
(HH%&&*45"*4"=%30*H"(&"*4"=&*D!/+"0*F+EmBae"1;*,")+F*4*/*(4"
Ba#
F&++)(2,Em "./!/+,"!&/*+,"l!5&++"/("=%&,%+J"3?"!00"
F(00(G,"/;+"Beef"KM"]+H0!&!/*(4"(4"/;+"Z0*2*4!/*(4"(F"
!==&(=&*!/+"2+!4,"!4)"G*/;(%/")+0!?J"=(0*H*+,"/("=&+D+4/J"
U*(0+4H+"!5!*4,/"8(2+4"!4)"/;+"L4/+&I-2+&*H!4"
=%4*,;"!4)"+&!)*H!/+",%H;"D*(0+4H+"!4)"%4)+&/!X+Jm"!2(45" >(4D+4/*(4"(F"'+0i2")("O!&}E""
(/;+&"/;*45,J"/("!)(=/"4+G"0+5!0"!4)"!)2*4*,/&!/*D+"
"
2+!,%&+,J"!2+4)"(&"&+=+!0"+_*,/*45"0+5*,0!/*(4J"!4)"+,/!30*,;" -"0!&5+"4%23+&"(F"D*H/*2,"(F"5+4)+&I3!,+)"D*(0+4H+"*4"7!*/*"
F!*&"!4)"+FF+H/*D+"0+5!0"=&(H+)%&+,J"/("!))&+,,"/;+"D!&*(%,"
!&+"5*&0,E"L4/+&4!/*(4!0"0!G"=&(;*3*/,",+_%!0"D*(0+4H+"!5!*4,/"
Baf
BbA
F(&2,"/;!/"N'U"/!X+,E "./!/+,"O!&/*+,"!0,("!5&++"/("
H;*0)&+4J"4(/!30?"/;&(%5;"/;+">;*0)&+49,">(4D+4/*(4E ":(&"
l%4)+&/!X+"=&(5&+,,*D+0?",=+H*F*H"2+!,%&+,J"*4H0%)*45"
*4,/!4H+J"/;+">;*0)&+49,">(4D+4/*(4",=+H*F*+,"/;!/"./!/+,"
=&(5&!2,6""V*W"/("F(,/+&"*4/+&4!/*(4!0"H((=+&!/*(4"F(&"/;+"
O!&/*+,",;!00"l/!X+"!00"!==&(=&*!/+"4!/*(4!0J"3*0!/+&!0"!4)"
+_H;!45+"(F"*)+!,"!4)"+_=+&*+4H+,"!4)"/;+"+_+H%/*(4"(F"
2%0/*0!/+&!0"2+!,%&+,"/("=&+D+4/E"E"E"/;+"*4)%H+2+4/"(&"
=&(5&!2,"!*2+)"!/"=&(/+H/*45"G(2+4"G;("!&+",%3Y+H/+)"
H(+&H*(4"(F"!"H;*0)"/("+45!5+"*4"!4?"%40!GF%0",+_%!0"
/("D*(0+4H+EmBaQ"1;+">(4D+4/*(4"!0,("*4H0%)+,"!",+&*+,"(F"
!H/*D*/?EmBbB"-"F!*0%&+"!4)"%4G*00*454+,,"/("=&(/+H/"F+2!0+"
2+!,%&+,"!4)"=&(5&!2,"*4"G;*H;"./!/+,"O!&/*+,"!5&++"/("
H;*0)&+4"F&(2",+_%!0"D*(0+4H+"!4)"/("=&(,+H%/+"/;+*&"
%4)+&/!X+"!4)"*2=0+2+4/"/;+"4++),"(F"=!&/*H%0!&0?"
=+&=+/&!/(&,"D*(0!/+,"7!*/*9,"(30*5!/*(4,"%4)+&"*4/+&4!/*(4!0"
D%04+&!30+"5&(%=,"(F"G(2+4EBa`"
!4)"&+5*(4!0"0!GJ"!,"G+00"!,"/;!/"(F"(/;+&"4!/*(4,EBb#""""
"
"
KM".+H%&*/?">(%4H*0"<+,(0%/*(4"Bf#`J"G;*H;"H(4,/*/%/+,"
22Q.>MM&-))01%.E'(-.01.:'0$0A).2/!.+'8().G"%"./3-.
3*4)*45"*4/+&4!/*(4!0"0!GJ"H!00,"F(&"/;+"+R%!0"=!&/*H*=!/*(4" /0L0%-16-..
(F"G(2+4"*4"!00"0+D+0,"(F"=+!H+"=&(H+,,+,J"=&(/+H/*(4"F&(2" "
,+_%!0"D*(0+4H+J"!4)"/;+"=&+D+4/*(4"(F"H(4F0*H/,EBaa"$/;+&"
$D+&"/;+"?+!&,J"*4/+&4!/*(4!0"0!G";!,"*4H&+!,*450?"
*4/+&4!/*(4!00?"&+H(54*S+)",/!4)!&),"!0,("!))&+,,"5+4)+&"
&+H(54*S+)"/;!/"./!/+,";!D+"=(,*/*D+"(30*5!/*(4,"G*/;"
)*,H&*2*4!/*(4J"*4H0%)*45"/;+"KM"N%*)*45"O&*4H*=0+,"(4"
&+5!&)"/("&*5;/,J"4(/!30?J"/("!H/"G*/;")%+")*0*5+4H+"/("
L4/+&4!0"]*,=0!H+2+4/EBab"1;+,+"O&*4H*=0+,"&+F0+H/"!4)"!&+"
=&+D+4/J"*4D+,/*5!/+"!4)"=%4*,;"!H/,"(F"D*(0+4H+"!5!*4,/"
H(4,*,/+4/"G*/;"*4/+&4!/*(4!0";%2!4"&*5;/,"0!G"!4)"
G(2+4"G;+/;+&"=+&=+/&!/+)"3?"./!/+"(&"=&*D!/+"!H/(&,J"
;%2!4*/!&*!4"0!GE"1;+?"!&+")+,*54+)"/("=&(D*)+"5%*)!4H+" !4)"/("!)(=/"!4)"&+D*,+")(2+,/*H"0!G,"/;!/"=&(/+H/"D*H/*2,"
/("./!/+,"/;!/"!&+"F!H+)"G*/;"/;+"=;+4(2+4(4"(F"*4/+&4!0" (F"D*(0+4H+JBbf"+,=+H*!00?"F(&"G(2+4"0*D*45"*4")!45+&(%,"
)*,=0!H+2+4/E"
,*/%!/*(4,J"*4H0%)*45"*4/+&4!0")*,=0!H+2+4/"H!2=,E""
"
"
:(&"+_!2=0+J"O&*4H*=0+"BB"+_=0!*4,"/;!/J"lL4/+&4!00?"
-"lF%4)!2+4/!0"=&*4H*=0+"H(44+H/+)"/("/;+"!==0*H!/*(4"(F"
)*,=0!H+)"=+&,(4,J"G;+/;+&"(&"4(/"/;+*&"0*3+&/?";!,"3++4"
/;+")%+")*0*5+4H+",/!4)!&)"*,"/;!/"(F"4(4I)*,H&*2*4!/*(4J"
&+,/&*H/+)J",;!00"3+"=&(/+H/+)"*4"=!&/*H%0!&"!5!*4,/6"V!W"<!=+" G;*H;"*2=0*+,"/;!/"./!/+,"!&+"&+R%*&+)"/("%,+"/;+",!2+"
E"E"E"!4)"(/;+&"(%/&!5+,"%=(4"=+&,(4!0")*54*/?J",%H;"!,"!H/," 0+D+0"(F"H(22*/2+4/"*4"&+0!/*(4"/("=&+D+4/*(4J"
(F"5+4)+&I,=+H*F*H"D*(0+4H+J"F(&H+)"=&(,/*/%/*(4"!4)"!4?"
*4D+,/*5!/*(4J"=%4*,;2+4/"!4)"=&(D*,*(4"(F"&+2+)*+,"F(&"
F(&2"(F"*4)+H+4/"!,,!%0/EmBac"-HH(&)*45"/("8!0/+&"T~0*4J"
D*(0+4H+"!5!*4,/"G(2+4"!,"/;+?")("G*/;"&+5!&),"/("/;+"
<+=&+,+4/!/*D+"(F"/;+"KM".+H&+/!&?IN+4+&!0"(4"/;+"7%2!4" (/;+&"F(&2,"(F"D*(0+4H+EmBbQ"1;+")%+")*0*5+4H+"(30*5!/*(4"
<*5;/,"(F"L4/+&4!00?"]*,=0!H+)"O+&,(4,J"5+4)+&I,=+H*F*H"
2%,/"3+"*2=0+2+4/+)"*4"5(()"F!*/;EBb`"
D*(0+4H+"*,"%4)+&,/(()"%4)+&"/;+"N%*)*45"O&*4H*=0+,"l!,"!4" "
!H/"(F"D*(0+4H+"/;!/"&+,%0/,"*4J"(&"*,"0*X+0?"/("&+,%0/"*4J"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
=;?,*H!0J",+_%!0"(&"=,?H;(0(5*H!0";!&2"(&",%FF+&*45"(4"
Bae
"8!0/+&"T~0*4J"C#)()01%J$)0G)79*+%'0%H0;*$0,9%L)+79,G*A*0;%S00';,;)'0+J"./%)*+,"
!HH(%4/"(F"(4+9,"5+4)+&J"*4H0%)*45"/;&+!/,"(F",%H;"!H/,J"
*4"1&!4,4!/*(4!0"\+5!0"O(0*H?J"M(E"fcJ"1;+"-2+&*H!4".(H*+/?"(F"L4/90"\!GJ"
H(+&H*(4"(&"!&3*/&!&?")+=&*D!/*(4"(F"0*3+&/?J"G;+/;+&"
8!,;*45/(4J"]>"V#AAcWE""
BbA
" >(4D+4/*(4" (4" /;+" <*5;/," (F" /;+" >;*0)J" -&/,E" BaJ" BeJ" fQ" NE-E" <+,E" QQ^#`J" KEME"
N-$<J" QQ/;" .+,,EJ" .%==E" M(E" QeJ" KEME" ](HE" -^<+,^QQ^#`" VBeceWJ" $*7$)0;*(J" #c"
Ba#
""L4/+&I-2+&*H!4">(4D+4/*(4"(4"/;+"O&+D+4/*(4J"O%4*,;2+4/"!4)"Z&!)*H!/*(4"(F" LE\EPE"BQQcE"
BbB
U*(0+4H+"-5!*4,/"8(2+4"l>(4D+4/*(4"(F"'+0i2")("O!&}Jm"=&+!230+"[%4+"eJ"BeeQJ"
"H(E"!/"-&/E"fQE""
Bb#
ff"LE\EPE"B`f`E"
"H(E"!/"-&/E"Be"
Baf
Bbf
"H(E"!/"-&/E"bE"
"g!X*4"Z&/•&XJ"N.*%L#*%L)9)1*0G*%-;,0(,$(%,+%,%N''9%D'$%;.*%:9)A)0,;)'0%'D%
BaQ
"H(E"!/"-&/E"cV*W""
F)'9*0G*%S1,)0+;%U'A*0J"n"#`J"Z^>MEQ^#AAa^aB"V#AAaWJ",>,)9,?9*%,;"
Ba`
"H(M%!/"-&/,E"bIeE"
;//=6^^GGGE%4;H&E(&5^&+FG(&0)^=)F*)^Q`fbb!F3AE=)F"o;+&+*4!F/+&"Z&/•&XJ"N.*%
Baa
"KE"ME".+HE">(%4H*0"<+,E"Bf#`J"+#7$,%4(/+"fM"
L#*%L)9)1*0G*%-;,0(,$(pE"
Bab
BbQ
"C#)()01%J$)0G)79*+J"+#7$,%4(/+"fE"
"H(E"!/"n"f`E"""
Bac
Bb`
"H(M%!/"n"#E"
"H(M%!/"n"faE"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
"
#`"
8;!/"*,"2(&+J"*/"/&*55+&,"./!/+,9"&+,=(4,*3*0*/?"/("=&+D+4/"
/;*&)I=!&/?"*4/+&F+&+4H+"G*/;"(&";!&2"(F"G(2+49,"&*5;/,"/("
4(4I)*,H&*2*4!/*(4"!4)"/("3+"F&++"F&(2"D*(0+4H+EBba"-&/*H0+"
e"(F"/;+">(4D+4/*(4"(F"'+0i2")("O!&}J"F(&"+_!2=0+J"
+_=0*H*/0?"&+H(54*S+,"/;!/"./!/+,"O!&/*+,"2%,/"l/!X+",=+H*!0"
!HH(%4/"(F"/;+"D%04+&!3*0*/?"(F"G(2+4"/("D*(0+4H+"3?"
&+!,(4"(F"!2(45"(/;+&,"E"E"E"/;+*&",/!/%,"!,"2*5&!4/,J"
&+F%5++,J"(&")*,=0!H+)"=+&,(4,"E"E"E"o(&"3+H!%,+"/;+?"!&+p"(F"
2*4(&"!5+J"E"E"E",(H*(I+H(4(2*H!00?")*,!)D!4/!5+)J"!FF+H/+)"
3?"!&2+)"H(4F0*H/"(&")+=&*D+)"(F"/;+*&"F&++)(2Em"
"
>Z]-8"N+4+&!0"<+H(22+4)!/*(4"M(E"Be"!FF*&2,"/;!/"/;+"
)%/?"(F"./!/+,"4(/"/("+45!5+"*4"!H/,"(F"5+4)+&I3!,+)"
D*(0+4H+"+_/+4),"/("/;+"0*!3*0*/?"F(&"F!*0%&+"/("!H/"G*/;")%+"
)*0*5+4H+"/("=&+D+4/J"*4D+,/*5!/+"!4)"=%4*,;"!H/,"(F"
D*(0+4H+E"L4/+&4!/*(4!0"*4,/&%2+4/,"/;!/"!&+"H(4H+&4+)"
G*/;"&!H*!0"D*(0+4H+";!D+"*2=(,+)",*2*0!&")%+")*0*5+4H+"
(30*5!/*(4,"(4"./!/+,E"1;+">Z<]">(22*//++";!,"!==0*+)"!"
,/!4)!&)"(F")%+")*0*5+4H+"G*/;"&+5!&)"/("/;+"./!/+9,"
=(,*/*D+"(30*5!/*(4"/("!))&+,,"=&*D!/+"&!H*!00?"2(/*D!/+)"
D*(0+4H+E"L4"/;+"H!,+"(F"]M_M%>%;.*%2*;.*$9,0(+JBbb"/;+">Z<]"
>(22*//++";+0)"/;!/"G;+4"/;&+!/,"(F"D*(0+4H+"!&+"2!)+J"
/;+"./!/+";!,"!"&+,=(4,*3*0*/?"/("+_+&H*,+")%+")*0*5+4H+"!4)"
*4D+,/*5!/+",%H;"/;&+!/,E""
"
K4)+&"N+4+&!0">(22+4/"M(E"fB"(4"-&/*H0+"#"(F"/;+"L>>O<J"
/;+"KM"7%2!4"<*5;/,">(22*//++"!,,+&/,"/;!/"*F"!"./!/+"
=!&/?"=+&2*/,"(&"F!*0,"/("/!X+"!==&(=&*!/+"!H/*(4"/("+_+&H*,+"
)%+")*0*5+4H+"/("=&+D+4/J"=%4*,;J"*4D+,/*5!/+"(&"&+)&+,,"/;+"
;!&2"H!%,+)"3?"=&*D!/+"=+&,(4,"(&"+4/*/*+,J"/;+?"2!?"3+"*4"
D*(0!/*(4"(F"-&/*H0+"#VfWEBbc"1;+">(22*//++"+_=0!*4,"/;!/"
lo!p00"3&!4H;+,"(F"5(D+&42+4/"E"E"E"!4)"(/;+&"=%30*H"(&"
5(D+&42+4/!0"!%/;(&*/*+,J"!/"G;!/+D+&"0+D+0h4!/*(4!0J"
&+5*(4!0"(&"0(H!0h!&+"*4"!"=(,*/*(4"/("+45!5+"/;+"
&+,=(4,*3*0*/?"(F"/;+"./!/+"=!&/?mBbe"/("!3*)+"3?"-&/*H0+"#"(F"
/;+">(D+4!4/E"8;+4"/!X+4"*4"H(4Y%4H/*(4"G*/;"-&/*H0+"f"
/;!/"&+R%*&+,"./!/+,"/("G(&X"/("+4,%&+"/;+"+R%!0"&*5;/,"(F"
2+4"!4)"G(2+4J"7!*/*"*,"(30*5!/+)"/("=&+D+4/"N'UJ"G;*H;"
H(4,/*/%/+,"!"F(&2"(F")*,H&*2*4!/*(4E""
"
L4"BeeeJ"/;+4"KM".=+H*!0"<!==(&/+%&"(4"U*(0+4H+"-5!*4,/"
8(2+4J"<!);*X!">((2!&!,G!2?")+D+0(=+)"!"0*,/"(F"
H(4,*)+&!/*(4,"F(&")+/+&2*4*45"./!/+"H(2=0*!4H+"G*/;"
(30*5!/*(4,"(F")%+")*0*5+4H+J"*4H0%)*456"&!/*F*H!/*(4"(F"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
Bba
"->7<J"-&/E"BEBk"'+0i2")("O!&}J"-&/,E"fIaE"
">(22%4*H!/*(4"M(E"Q^BeeB"VBeefWJ"KEME"](HE"-^Qc^Bc"!/"BfBE"
Bbc
"L>>O<J"N+4+&!0">(22+4/"M(E"fBJ"1;+"M!/%&+"(F"/;+"N+4+&!0"\+5!0"$30*5!/*(4"
L2=(,+)"(4"./!/+,"O!&/*+,"/("/;+">(D+4!4/J"-&/E"f#J"Bb`"n"c"V#AAQW"KEME"](HE"
-^`e^QAE"
Bbe
"H(M"!/"n"QE"
Bbb
"
*4/+&4!/*(4!0";%2!4"&*5;/,"*4,/&%2+4/,k"H(4,/*/%/*(4!0"
5%!&!4/++,"(F"+R%!0*/?"F(&"G(2+4k"/;+"+_*,/+4H+"(F"
4!/*(4!0"0+5*,0!/*(4"!4)^(&"!)2*4*,/&!/*D+",!4H/*(4,"
=&(D*)*45"!)+R%!/+"&+)&+,,"F(&"G(2+4"D*H/*2,"(F"D*(0+4H+k"
=(0*H*+,"(&"=0!4,"(F"!H/*(4"/;!/")+!0"G*/;"/;+"*,,%+"(F"
D*(0+4H+"!5!*4,/"G(2+4k"/;+"5+4)+&I,+4,*/*D*/?"(F"/;+"
H&*2*4!0"Y%,/*H+",?,/+2"!4)"=(0*H+k"!HH+,,*3*0*/?"!4)"
!D!*0!3*0*/?"(F",%==(&/",+&D*H+,k"/;+"+_*,/+4H+"(F"2+!,%&+,"
/("&!*,+"!G!&+4+,,"!4)"2()*F?")*,H&*2*4!/(&?"=(0*H*+,"*4"
/;+"F*+0)"(F"+)%H!/*(4"!4)"/;+"2+)*!J"!4)"/;+"H(00+H/*(4"(F"
)!/!"!4)",/!/*,/*H,"H(4H+&4*45"D*(0+4H+"!5!*4,/"G(2+4EBcA"
""
1;%,J"*4/+&4!/*(4!0"0!G"&+R%*&+,"./!/+,J"*4H0%)*45"7!*/*J"/("
*2=0+2+4/"!))*/*(4!0"(&",=+H*!0"2+!,%&+,"/;!/"!&+"
,=+H*F*H!00?")+,*54+)"/("+4,%&+")%+")*0*5+4H+J"*4H0%)*45"
=&+D+4/!/*D+"2+!,%&+,"/;!/"!))&+,,"/;+"H!%,+,"(F",%H;"
D*(0+4H+E"8*/;"&+,=+H/"/("D*(0!/*(4,"(F"3()*0?"*4/+5&*/?"*4"
=!&/*H%0!&J"/;+"7!*/*!4"5(D+&42+4/";!,"!")%/?"/("=&+D+4/J"
*4D+,/*5!/+"!4)"=&(,+H%/+",%H;"!3%,+,J"*4H0%)*45"G;+4"/;+"
=+&=+/&!/(&"*,"!"=&*D!/+"H*/*S+4E"8;+&+"/;+"./!/+")(+,"4(/"
=&(;*3*/"N'U"(&"&(%/*4+0?"F!*0,"/("&+,=(4)"/("+D*)+4H+"(F"
&!=+"(&"!,,!%0/"(F"G(2+4J"*/",+4),"!"2+,,!5+"(F"
*2=%4*/?!/;!/",%H;"!//!HX,"!&+"Y%,/*F*+)"(&J"!/"!"2*4*2%2J"
G*00"5("%4=%4*,;+)E"L4"/;*,"G!?J"/;+"N$7"F!*0,"/("/!X+"/;+"
2*4*2%2",/+=,"&+R%*&+)"%4)+&"*4/+&4!/*(4!0"0!G"/("=&(/+H/"
G(2+49,"&*5;/,"/("3()*0?"*4/+5&*/?"!4)J"*4",(2+"H!,+,J"/("
0*F+E"
%
222Q.VOL0%'$0#1).#4./#1#&.K$'$-).
"
K4)+&"*4/+&4!/*(4!0"0!GJ"/;+"=&*2!&?"&+,=(4,*3*0*/?"F(&"/;+"
=&(/+H/*(4"(F";%2!4"&*5;/,"F!00,"/("/;+"5(D+&42+4/"(F"/;+"
*4)*D*)%!0"./!/+E"7(G+D+&J"/;*,"=&*4H*=0+")(+,"4(/"+_+2=/"
F(&+*54",/!/+,"!4)"*4/+&4!/*(4!0"(&5!4*S!/*(4,"F&(2",;!&*45"
/;*,"&+,=(4,*3*0*/?"G;+4")(4!/*45"/("!4)"(=+&!/*45"G*/;*4"!"
=!&/*H%0!&"&+H+*D*45",/!/+EBcB"8;+4"/;+")+D!,/!/*(4"*,",%H;"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
BcA
"Z&/•&XJ"N.*%L#*%L)9)1*0G*%-;,0(,$(J"+#7$,%4(/+"BbQ"!/"n"f#E"
""L/"*,"G(&/;"4(/*45"/;!/"$-."2+23+&",/!/+,";!D+"+_=0*H*/"(30*5!/*(4,"/("(4+"
!4(/;+&"/("+4,%&+"/;+"=&(/+H/*(4"(F";%2!4"&*5;/,"3+?(4)"/;+*&"(G4"4!/*(4!0"
3(%4)!&*+,E"K4)+&"/;+"$-.">;!&/+&J"2+23+&",/!/+,"l!5&++op"/("=&(2(/+"3?"
H((=+&!/*D+"!H/*(4J"/;+*&"+H(4(2*HJ",(H*!0"!4)"H%0/%&!0")+D+0(=2+4/m"V-&/E"#VFWWJ"
!4)"l/;+"F%4)!2+4/!0"&*5;/,"(F"/;+"*4)*D*)%!0"G*/;(%/")*,/*4H/*(4"!,"/("&!H+J"
4!/*(4!0*/?J"H&++)"(&",+_mV-&/E"fV2WWE""[%,/"!F/+&"/;+"+!&/;R%!X+J"/;+"L4/+&I
-2+&*H!4">(22*,,*(4"(4"7%2!4"<*5;/,"&+2*4)+)"/;+"7!*/*!4"5(D+&42+4/J"/;+"
*4/+&4!/*(4!0"H(22%4*/?J"!4)"*2=0+2+4/*45"(&5!4*S!/*(4,"(4"/;+"5&(%4)"(F"l/;+"
*2=(&/!4H+"(F"&+,=+H/*45"*4/+&4!/*(4!0";%2!4"&*5;/,"(30*5!/*(4,"*4"!00"
H*&H%2,/!4H+,J"*4"=!&/*H%0!&"4(4I)+&(5!30+"&*5;/,"!4)"/;+"&*5;/,"(F"/;(,+"2(,/"
D%04+&!30+Em"LM1Z<I-PE">E7E<EJ"O&+,,"<+0+!,+"M(E"BB^BAJ"L->7<"./&+,,+,"]%/?"/("
<+,=+H/"7%2!4"<*5;/,"]%&*45"/;+"Z2+&5+4H?"*4"7!*/*"V:+3E"#J"#ABAWJ",>,)9,?9*%,;%
;//=6^^GGGEH*);E(&5^>(2%4*H!)(,^Z450*,;^"#ABA^BBIBA+45E;/2E"K4)+&"-&/*H0+"
cV*W"(F"/;+">(4D+4/*(4"(F"'+0i2"]("O!&}J"l./!/+,"O!&/*+,"!5&++"/("%4)+&/!X+"
=&(5&+,,*D+0?",=+H*F*H"2+!,%&+,J"*4H0%)*45"=&(5&!2,6"V*W"/("F(,/+&"*4/+&4!/*(4!0"
BcB
#a"
/;!/"/;+"5(D+&42+4/"(F"/;+"&+H+*D*45",/!/+"H!44(/"
ZFF+H/*D+4+,,J"N+4)+&"ZR%!0*/?"!4)"8(2+49,"
!)+R%!/+0?"=+&F(&2"*/,"H(&+"F%4H/*(4,J")(4(&",/!/+,"2%,/" Z2=(G+&2+4/Bcc"/(";!&2(4*S+"!==&(!H;+,"/(",%==(&/"F(&"
=%&,%+"!"H(%&,+"/;!/"=&(/+H/,";%2!4"&*5;/,"*4"=!&/4+&,;*=" 5+4)+&"+R%!0*/?"!4)"+4)(&,+"%,*45"50(3!0"!5&++2+4/,"!4)"
G*/;"/;+"5(D+&42+4/"(F"/;+"&+H+*D*45",/!/+E"T+?"!,=+H/,"(F" H(4D+4/*(4,",%H;"!,"/;+"8(2+49,">(4D+4/*(4"!4)"/;+"
!";%2!4"&*5;/,"!==&(!H;"!&+"!HH(%4/!3*0*/?"!4)"2(4*/(&*45" #AAc"-HH&!"-5+4)!"F(&"-H/*(4Bce"/("!,,+,,"G;+/;+&"/;+"
(F")(4(&"!,,*,/!4H+E"
5(!0,"(F"5+4)+&"+R%!0*/?"!4)"G(2+49,"+2=(G+&2+4/"!&+"
"""
3+*45"2+/EBeA"""
L4"&+H+4/"?+!&,J"/;+"*4/+&4!/*(4!0"H(22%4*/?";!,"!5&++)"
"
%=(4"*2=(&/!4/"=&*4H*=0+,"F(&";(G"F(&+*54"!*)"H!4"3+"2(&+" ](4(&"./!/+,"2%,/"G(&X"*4"H(4H+&/"G*/;"/;+"N$7"/(",G*F/0?"
+FF+H/*D+J"!4)"/;+,+"=&*4H*=0+,";!D+"*4H&+!,*450?"!)(=/+)"!" !))&+,,"/;+",+H%&*/?"H&*,*,"!FF0*H/*45"7!*/*!4"G(2+4"*4"/;+"
5+4)+&"F(H%,E"1;+"P*00+44*%2"]+D+0(=2+4/"N(!0,"VP]N,WJ" H!2=,"!4)"%=;(0)"/;+";%2!4"&*5;/,"(F"G(2+4"!4)"5*&0,EBeB""""
,(2+"(F"G;*H;"!&+"H(4,*)+&+)"/(";!D+"&+!H;+)"/;+",/!/%,"
(F"H%,/(2!&?"*4/+&4!/*(4!0"0!GJBc#",=+H*F*H!00?"*)+4/*F?"
5+4)+&"+R%!0*/?"!4)"+2=(G+&2+4/"!,"!"=*D(/!0"5(!0EBcf""
1;+"KM"P*00+44*%2"O&(Y+H/"1!,X":(&H+"(4"Z)%H!/*(4"!4)"
N+4)+&"ZR%!0*/?"(%/0*4+)"!4"(=+&!/*(4!0"F&!2+G(&X"(F"
5+4)+&"/;!/"=&*(&*/*S+,"H(23!/*45"D*(0+4H+"!5!*4,/"G(2+4"
!4)"5*&0,J"=!&/*H%0!&0?"*4"/;+"=((&+,/"H(%4/&*+,J"!4)"*4"
H(4F0*H/"!4)"=(,/IH(4F0*H/",+//*45,EBcQ"""
"
1;+"0*4X!5+"3+/G++4"!4"*4/+&4!/*(4!0*S+)"&+,=(4,*3*0*/?"F(&"
2++/*45"/;+"P]N,J"!4)"/;+"+FF+H/*D+4+,,"(F"/;*&)"=!&/?"
;%2!4*/!&*!4"*4/+&D+4/*(4"*4"/;+"!F/+&2!/;"(F"4!/%&!0"
)*,!,/+&"!4)",*/%!/*(4,"(F"H(4F0*H/"0*+,"*4"!4"*4/+5&!/*D+"
;%2!4"&*5;/,"!==&(!H;EBc`"1;+"1!,X":(&H+"(4"Z)%H!/*(4"
!4)"N+4)+&"ZR%!0*/?"4(/+,"/;!/"D*(0+4H+"!5!*4,/"G(2+4"*,"
!4"*2=(&/!4/")+D+0(=2+4/"H(4,/&!*4/EBca"1;+?"4(/+J"
F%&/;+&J"/;!/"G;*0+"l/;+"*4/+&4!/*(4!0"H(22%4*/?";!,"&!00*+)"
/("!))&+,,"(/;+&"+=*)+2*H,"V,%H;"!,"7LU"!4)"/%3+&H%0(,*,WJ"
*/";!,"4(/"&+,=(4)+)"*4"/;+",!2+"G!?"/("/;+"+=*)+2*H"(F"
D*(0+4H+"!5!*4,/"G(2+4EmBcb"""
"
1;+"$&5!4*S!/*(4"F(&"ZH(4(2*H">(I(=+&!/*(4"!4)"
]+D+0(=2+4/"V$Z>]W")+D+0(=+)"N%*)*45"O&*4H*=0+,"F(&"-*)"
""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
H((=+&!/*(4"F(&"/;+"+_H;!45+"(F"*)+!,"!4)"+_=+&*+4H+,"!4)"/;+"+_+H%/*(4"(F"
=&(5&!2,"!*2+)"!/"=&(/+H/*45"G(2+4"G;("!&+",%3Y+H/+)"/("D*(0+4H+Em"
Bc#
"O;*0*="-0,/(4J"S%=#A,0%6)1.;+%J*$+7*G;)>*%'0%;.*%X)99*00)#A%L*>*9'7A*0;%
C',9+J"n"Q#J",>,)9,?9*%,;";//=6^^;%&*0*4XE(&5^/((0,^7<,O+&,=+H/*D+,q"
A4q/;+qP]N,h-0,/(4E=)F"o;+&+*4!F/+&"-0,/(4J"S%=#A,0%6)1.;+%J*$+7*G;)>*pE"
Bcf
"-**%;//=6^^GGGE%4E(&5^2*00+44*%25(!0,^5+4)+&E,;/20E%l]+D+0(=2+4/"=(0*H*+,"
!4)"!H/*(4,"/;!/"F!*0"/("/!X+"5+4)+&"*4+R%!0*/?"*4/("!HH(%4/"(&"/("+4!30+"G(2+4"
/("3+"!H/(&,""*4"/;(,+"=(0*H*+,"!4)"!H/*(4,"G*00";!D+"0*2*/+)"+FF+H/*D+4+,,"!4)"
,+&*(%,"H(,/,"/(",(H*+/*+,E"1;+"&+D+&,+"*,"!0,("/&%+6""/;+"!H;*+D+2+4/"(F"N(!0"f"
)+=+4),"(4"/;+"+_/+4/"/("G;*H;"+!H;"(F"/;+"(/;+&"5(!0,"!))&+,,+,"5+4)+&I3!,+)"
H(4,/&!*4/,"!4)"*,,%+,E"-**">!&+4"N&(G4J"N++/!"<!("N%=/!"!4)"-,0*;!4"T+,J"
N,/)01%SG;)'0I%%SG.)*>)01%C*0(*$%:<#,9);K%,0(%:A7'3*$)01%U'A*0B%P*00+44*%2"
O&(Y+H/J"\(4)(46"Z!&/;,H!4"V#AA`W"!/"BI#J",>,)9,?9*%,;%;//=6^^GGGE%42*00+44*%2"
=&(Y+H/E(&5^)(H%2+4/,^N+4)+&IH(2=0+/+E=)F"o;+&+*4!F/+&"N&(G4J"SG.)*>)01%
C*0(*$%:<#,9);K%,0(%:A7'3*$)01%U'A*0pE""
BcQ
"H(M"!/"#IBbJ"+**%*+7*G),99K"fIQE"
Bc`
""-0,/(4J"S%=#A,0%6)1.;+%J*$+7*G;)>*B"+#7$,"4(/+"BcfE"
Bca
"N&(G4J"SG.)*>)01%C*0(*$%:<#,9);K%,0(%:A7'3*$)01%U'A*0B%+#7$,"4(/+"BcQ"!/"
BBBE"
Bcb
"H(M"!/"BBeE"""
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
Bcc
"LST"C#)()01%J$)0G)79*+%D'$%S)(%:DD*G;)>*0*++B%C*0(*$%:<#,9);K%,0(%U'A*0W+%
:A7'3*$A*0;B%C*0(*$%*<#,9);KI%*A7'3*$)01%3'A*0%+'%;.,;%(*>*9'7A*0;%)+%
*DD*G;)>*"V#AAcWJ",>,)9,?9*%,;%;//=6^^GGGE(+H)E(&5^)!/!(+H)^"
BQ^#b^Q#fBAB#QE=)FE"1;+"]+D+0(=2+4/"-,,*,/!4H+">(22*//++"V]->W"
VGGGE(+H)E(&5^)!HW"*,"!4"*4/+&4!/*(4!0"F(&%2"G;+&+")(4(&"5(D+&42+4/,"!4)"
2%0/*0!/+&!0"(&5!4*S!/*(4,"H(2+"/(5+/;+&"/(";+0="=!&/4+&"H(%4/&*+,"&+)%H+"
=(D+&/?"!4)"!H;*+D+"/;+"P]N,E"
Bce
"-HH&!"-5+4)!"F(&"-H/*(4"V#AAcWJ",>,)9,?9*%,;";//=6^^,*/+&+,(%&H+,E"
G(&0)3!4XE(&5^->><-Zy1^<+,(%&H+,^QbAAbeAIB#BbQ#`caaAfc^---IQI
.ZO1ZP'Z<I:LM-\IBa;AAE=)FE""
BeA
"H(M"
BeB
"-**%-==+4)*_"ZJ"\+//+&"F&(2"B#"KE.E".+4!/(&,"/("K.-L]"-)2*4*,/&!/(&"<!Y*D"
.;!;"V#ABAW"V%&5*45"=&*(&*/*S*45",+H%&*/?"F(&"G(2+4"!4)"5*&0,WE"
#b"
1;+"./!/+"2%,/"!0,("&-,0-@W.&-,0)-W.'1M.&-8#,-.
M0)6&0801'$#&9.L'@).'%'01)$.@#8-1E"L4",*/%!/*(4,"(F"
H(4F0*H/J"=(,/IH(4F0*H/"!4)"*4/+&4!0")*,=0!H+2+4/J"G;+&+"
G(2+4"!&+"=!&/*H%0!&0?"D%04+&!30+"/("D*(0+4H+J"!))*/*(4!0"
2+!,%&+,"(F"=&(/+H/*(4",;(%0)"3+"=%/"*4"=0!H+E"P(&+(D+&J"
@#8-1.'44-6$-M.O9.$"-)-.0))3-).)"#3LM.O-.01,#L,-M.01.'LL.
)$'%-).#4.(L'1101%"!,"&+R%*&+)"3?"KM".+H%&*/?">(%4H*0"
<+,(0%/*(4"Bf#`BeQ"!4)"(/;+&"*4/+&4!/*(4!00?"&+H(54*S+)"
,/!4)!&),E"L4/+&4!/*(4!0"0!G"&+R%*&+,"/;!/"'.%-1M-&.
(-&)(-6$0,-.O-.01$-%&'$-M.01$#.#1%#01%.M0)63))0#1).'1M.
(L'1101%E".%H;"!";%2!4"&*5;/,I3!,+)"!==&(!H;"*,"
2!4)!/+)"3?"*4/+&4!/*(4!0"0!G"!4)"H&%H*!0"/("!))&+,,*45"
!4)"=&+D+4/*45"/;+",+_%!0"D*(0+4H+"G(2+4"0*D*45"*4"
"
)*,=0!H+2+4/"H!2=,"F!H+E"
"
P(&+",=+H*F*H!00?J"/;+"KM"N%*)*45"O&*4H*=0+,"(4"L4/+&4!0"
"
]*,=0!H+2+4/"H!00"(4"M#1#&.%#,-&18-1$).$#.6#1)3L$.@0$".
1;+"N(D+&42+4/"(F"7!*/*";!,"!4"(30*5!/*(4"/("(#$-.
:'0$0'1.@#8-1.'1M.-1)3&-.$"-0&.('&$060('$0#1.01.M-60)0#1).
-C3'L0$9.O-$@--1.8-1.'1M.@#8-1.').@-LL.').$#.(&#,0M-.'.
$"'$.08('6$.$"-0&.L0,-)E"ZFF+H/*D+"H(4,%0/!/*(4,"+4!30+"
L-%'L.4&'8-@#&D.$"'$.(&#$-6$).@#8-1A)."38'1.&0%"$)W.
=!&/*H*=!4/,"/("!H/%!00?"*4F0%+4H+"(%/H(2+,"!4)"!&+"
016L3M01%.(&-,-1$01%.,0#L-16-.'%'01)$.@#8-1E"1;+"KM"
!4H;(&+)"*4"F(&2!0"=!&/4+&,;*=,"G*/;"7!*/*!4"G(2+49,"
.+H&+/!&?"N+4+&!09,",/%)?"(4"D*(0+4H+"!5!*4,/"G(2+4"
5&(%=,"V=!&/*H%0!&0?"0(H!0"5&!,,&((/,"5&(%=,WJ"G;("!&+"
H(4H0%)+,"/;!/"./!/+,"!&+"4(/"(40?"&+,=(4,*30+"F(&")*&+H/0?"
+2=(G+&+)"!4)"&+,(%&H+)"/("/!X+"=%30*H"0+!)+&,;*="*4"/;+"
!))&+,,*45"D*(0+4H+"!5!*4,/"G(2+4"3%/"!0,("F(&"
=&(H+,,"(F"&+H(4,/&%H/*(4EBe`"1;+,+"O&*4H*=0+,"*4H0%)+6"
l*)+4/*F?*45"=!//+&4,"(F"*4+R%!0*/?"/;!/"H(%0)"&+,%0/"*4"
"
D*(0+4H+"!4)"/!X*45",/+=,"/("(D+&H(2+"/;+2EmBe#""
!'&$060('$0#1*Bea"7!*/*!4"G(2+4"!&+"3(/;"
"
)*,=&(=(&/*(4!/+0?"*2=!H/+)"3?"/;+"H&*,*,"!4)"X+?"/("
8;+4"./!/+,"F!*0"/("3&*45"=+&=+/&!/(&,"/("Y%,/*H+J"/;+?"
/;+*&"H(%4/&?9,"&+H(D+&?E"7!*/*!4"G(2+49,"
*2=0*H*/0?"H(4)(4+",%H;"D*(0+4H+J"5*D*45"&*,+"/("*2=%4*/?"
(&5!4*S!/*(4,",;(%0)"/;+&+F(&+"3+"H(4,%0/+)"!4)"
/;!/"F!H*0*/!/+,"F%&/;+&"!3%,+,"!4)"4(&2!0*S+,"N'UE"1;%,J"
*4H0%)+)"*4"4++),"!4)")!2!5+"!,,+,,2+4/,J"!4)"/;+"
/;+"0!HX"(F"!HH(%4/!3*0*/?"0+!),"/("F%&/;+&"+4)!45+&2+4/"
)+,*54J"*2=0+2+4/!/*(4J"2(4*/(&*45"!4)"+D!0%!/*(4"F(&"
F(&"G(2+4E":%&/;+&2(&+J"G(2+4"0(,+"F!*/;"*4"/;+"Y%,/*H+"
!))&+,,*45"!4)"=&+D+4/*45",+_%!0"D*(0+4H+"!,"G+00"!,"!00"
,?,/+2"!,"=&+D!*0*45"5+4)+&"*4+R%!0*/*+,"!&+"&+*4F(&H+)E"
&+0*+F"!4)"&+H(4,/&%H/*(4"=&(5&!2,E"<+=&+,+4/!/*D+,"(F"
N%!&!4/++*45"/;!/"=+&=+/&!/(&,"(F"D*(0+4H+"!5!*4,/"G(2+4"
5&!,,&((/,"G(2+49,"(&5!4*S!/*(4,"2%,/"3+"2!/+&*!00?"
!&+";+0)"!HH(%4/!30+"&+R%*&+,"2(&+"/;!4"*4H&+!,*45"
H(2=+4,!/+)"F(&"/*2+",=+4/"G(&X*45"(4"&+0*+F"!4)"
=+4!0/*+,"F(&"/;+*&"!H/*(4,E"1;+"./!/+"2%,/"'6$.@0$".M3-.
&+H(D+&?"+FF(&/,"!4)"(FF+&+)"H;*0)H!&+J"/&!4,=(&/!/*(4"
M0L0%-16-.01.(&-,-1$01%.,0#L-16-.'%'01)$.@#8-1.'1M.
!4)"(/;+&",%==(&/"/("+4!30+"/;+*&"F%00"!4)"+R%!0"
(&#,0M01%.X3)$06-.4#&.@#8-1.G;(";!D+"!0&+!)?",%FF+&+)"
=!&/*H*=!/*(4E"
D*(0+4H+"O9.08(L-8-1$01%.-44-6$0,-.8-')3&-).$#.-1)3&-.
"
$"#%".'1M.$08-L9.01,-)$0%'$0#1W.(&#)-63$0#1.'1M.
.
(310)"8-1$J"!,"G+00"!,"3?.(&#,0M01%.'66-)).$#.&-M&-)).4#&.
,06$08)E"1;+",/!4)!&)"(F")%+")*0*5+4H+"*,"H0+!&"*4">Z]-8"
N+4+&!0"<+H(22+4)!/*(4"M(E"BeEBef""
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
"
+#16L3)0#1).'1M.E-6#88-1M'$0#1).
BeQ
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
Be#
".+H&+/!&?IN+4+&!09,",/%)?"(4"D*(0+4H+"!5!*4,/"G(2+4J"aB,/",+,,*(4"(F"/;+"
N+4+&!0"-,,+230?"L/+2"aAV!W"(4"!)D!4H+2+4/"(F"G(2+4J"KEME")(HE"
-^aB^B##^-))E"O!&!E"B"VF(&/;H(2*45"#ABAWE"
Bef
"-))*/*(4!00?J"/;+">-1">(22*//++"2!)+"*/"H0+!&"*4"*/,"N+4+&!0">(22+4/"M(E"#"
/;!/"./!/+,"2%,/"+_+&H*,+")%+")*0*5+4H+"/("=&+D+4/J"*4D+,/*5!/+J"=&(,+H%/+"!4)"
=%4*,;"5+4)+&"D*(0+4H+E">-1^>^N>^#"V[!4E"#QJ"#AAcWE"
"
".>"<+,E"Bf#`J"+#7$,%4(/+"fJ"!FF*&2*45"l/;+"*2=(&/!4/"&(0+"(F"G(2+4"*4"/;+"
=&+D+4/*(4"!4)"&+,(0%/*(4"(F"H(4F0*H/,"!4)"*4"=+!H+I3%*0)*45J"!4)",/&+,,*45"/;+"
*2=(&/!4H+"(F"/;+*&"+R%!0"=!&/*H*=!/*(4"!4)"F%00"*4D(0D+2+4/"*4"!00"+FF(&/,"F(&"/;+"
2!*4/+4!4H+"!4)"=&(2(/*(4"(F"=+!H+"!4)",+H%&*/?m"V<+,(0%/*(4,"BccAJ"BcccJ"!4)"
Bcce"&+!FF*&2*45WE"
Be`
"$4+"2+/;()(0(5?"*,"!D!*0!30+"*4"/;+"KM7><"1((0"F(&"O!&/*H*=!/(&?"-,,+,,2+4/"
*4"$=+&!/*(4,J",>,)9,?9*%,;";//=6^^GGGE%4;H&E(&5^Q`A+eafF#E;/20M%%"
Bea
"N%*)*45"O&*4H*=0+,J"+#7$,%4(/+"f"!/"BcVfW"!4)"#fk"!0,("&+F0+H/+)"*4"/;+"-HH&!"
-5+4)!"F(&"-H/*(4J"#BV3WJ"+#7$,%4(/+"BeAE"
#c"
F#1UM0)6&0801'$0#1*Beb"<+=&()%H/*D+";+!0/;",+&D*H+,"
(&5!4*S!/*(4,"/;+2,+0D+,"/(")+D+0(="2+H;!4*,2,"/("
2%,/"3+"=&(D*)+)"/("G(2+4J"!4)"2+!,%&+,"/("=&(/+H/"
;(0)"5(D+&42+4/,"!4)"4(4I./!/+"!H/(&,"!HH(%4/!30+"/("
G(2+4"F&(2",+_%!0"D*(0+4H+"2%,/"3+"*2=0+2+4/+)E"
/;+*&"H(22*/2+4/,E".%H;"!*)"2%,/"!0,("&+R%*&+"(=+4"
1;+,+"*4H0%)+",!F+"!HH+,,"/(",/(&2I&+,*,/!4/"/+2=(&!&?"
!4)"/&!4,=!&+4/",?,/+2,"(F"!HH(%4/!3*0*/?J",("/;!/"/;+"
,;+0/+&,J"!)+R%!/+",/&++/"0*5;/*45J"!4)",!F+",=!H+,"
*2=0+2+4/!/*(4"(F"/;+"H(22*/2+4/"/("5+4)+&"+R%!0*/?"
G;+&+"G(2+4"H!4"(&5!4*S+"!4)"!HH+,,"H%0/%&!00?"
2!?"3+"2(4*/(&+)E"
!==&(=&*!/+"=,?H;(0(5*H!0"H(%4,+0*45"!4)"(/;+&"
"
,+&D*H+,E">(22%4*/*+,"2%,/"3+"&+3%*0/"*4"G!?,"/;!/"!&+" 8+"&+,=+H/F%00?"H!00"%=(4")(4(&"./!/+,J"KM"!5+4H*+,J"
,!F+"!4)"*4H0%,*D+"(F"G(2+4"!4)"%=;(0)"G(2+49,"
MN$,J"/;+"N$7J"!4)"!00"H*D*0",(H*+/?",/!X+;(0)+&,"/("!FF*&2"
=&(=+&/?"&*5;/,E""
/;+,+"=&*4H*=0+,"!4)"F(00(G"/;+"<+=(&/"&+H(22+4)!/*(4,"*4"
"
/;+"=0!44*45"F(&"7!*/*9,"4!/*(4!0"&+0*+F"!4)"&+H(4,/&%H/*(4"
+'('60$9./-,-L#(8-1$*Bec"O&(D*)+"&+,(%&H+,"!4)"
/;&(%5;(%/"/;+"O]M-"=&(H+,,"!4)"3+?(4)E"-))*/*(4!00?J"G+"
F!H*0*/!/+"/+H;4*H!0"!,,*,/!4H+"F(&"G(2+49,"
%&5+"!00",/!X+;(0)+&,"*4"7!*/*"/(6""
(&5!4*S!/*(4,"/("&+3%*0)"!4)"+4;!4H+"/;+*&"H!=!H*/?E"
"
.%H;"=&(5&!2,",;(%0)"2++/"4++),"*)+4/*F*+)"3?"
BE L22+)*!/+0?"=&(D*)+"F(&"*4H&+!,+)",+H%&*/?"!4)"0*5;/*45"
G(2+49,"(&5!4*S!/*(4,"/;+2,+0D+,"!4)"3+"
*4"/;+"H!2=,k"
*2=0+2+4/+)"3?"5&!,,&((/,"!4)"(/;+&"G(2+49,"5&(%=,"
"
G;+4"F+!,*30+E"ZH(4(2*H"&+H(D+&?"=&(5&!2,"2%,/"3+"
#E L4D*/+"/;+"KM".=+H*!0"<!==(&/+%&"(4"U*(0+4H+"-5!*4,/"
5+!&+)"/(G!&),"G(2+4"G;("G(&X"*4"/;+"*4F(&2!0"
8(2+4"/("D*,*/"7!*/*k"
,+H/(&"!4)"G;("!&+",*450+";+!),"(F";(%,+;(0),J"
"
(FF+&*45"/;+2"!"F%00"&!45+"(F"/&!*4*45J"H&+)*/"!4)"
fE N%!&!4/++"G(2+49,"F%00"=!&/*H*=!/*(4"!4)"0+!)+&,;*="*4"
3%,*4+,,",%==(&/",+&D*H+,E"
!00"=;!,+,"(F"/;+"&+H(4,/&%H/*(4"(F"7!*/*"!,"2!4)!/+)"
"
3?"KM".+H%&*/?">(%4H*0"<+,(0%/*(4"Bf#`"!4)"(/;+&"
>66#31$'O0L0$9*Bee"L4"(&)+&"/("+4,%&+"!HH(%4/!3*0*/?J"*/"
*4/+&4!/*(4!00?"&+H(54*S+)",/!4)!&),k"
*,"H&*/*H!0"/("+,/!30*,;"F!*&"!4)"/&!4,=!&+4/",?,/+2,"G*/;" "
/;+"!H/*D+"+45!5+2+4/"(F"!00",+H/(&,"(F"7!*/*!4"
QE L4"H(00!3(&!/*(4"G*/;"H*D*0",(H*+/?"(&5!4*S!/*(4,J"+4!H/"!"
5(D+&42+4/"!4)"H*D*0",(H*+/?J"*4H0%)*45"G(2+49,"
,?,/+2!/*H"H(00+H/*(4"(F")!/!"/;!/")(H%2+4/,"/;+"
5&(%=,E"-HH(%4/!3*0*/?"*,"H&%H*!0"/("F%0F*00*45"4!/*(4!0"
=&+D!0+4H+"!4)"*4H*)+4H+"(F"!00"F(&2,"(F"D*(0+4H+"
!4)"*4/+&4!/*(4!0"5+4)+&"+R%!0*/?"H(22*/2+4/,"2!)+"
!5!*4,/"G(2+4"*4"/;+"L]O"H!2=,k"!4)"
3?"7!*/*"!/"!00"0+D+0,"(F"5(D+&4!4H+"!4)"&+H(4,/&%H/*(4" "
+FF(&/,E"<+F(&2"!*)"2+H;!4*,2,J"H(4,*,/+4/"G*/;"
`E -H/"G*/;")%+")*0*5+4H+"/("=&+D+4/J"*4D+,/*5!/+"!4)"
7!*/*!4",(D+&+*54/?J"/(",/&+45/;+4")+2(H&!/*H"
=%4*,;"!H/,"(F"D*(0+4H+"!4)"=&(2(/+"/;+"F%00"=&(/+H/*(4"
5(D+&4!4H+"!4)"3%*0)"/;+"4!/*(4!0"+H(4(2?"/("&+F0+H/"
!4)"=&(2(/*(4"(F"G(2+49,";%2!4"&*5;/,E"
/;+"&*5;/,"!4)"=&*(&*/*+,"(F"7!*/*9,"=((&"2!Y(&*/?E"""
"
"
8+"!==0!%)"/;+"!H/*(4,"(F"/;+"N$7J"/;+"KMJ"!4)")(4(&"
G&'1)('&-169*#AA"ZD+&?"4+G"=0+)5+"/(G!&)"/;+"
./!/+,"/("!,,*,/"/;+"=+(=0+"(F"7!*/*"*4"/;*,"/*2+"(F"H&*,*,J"!4)"
&+H(D+&?"!4)"&+H(4,/&%H/*(4"(F"7!*/*",;(%0)"&+R%*&+"
;(=+"/;+"F*4)*45,"(F"/;*,"<+=(&/";+0="5%*)+"5(D+&42+4/,J"
/;!/"*4/+&4!/*(4!0"!,,*,/!4H+"/("/;+"H(%4/&?9,"=%30*H"
*4/+&4!/*(4!0"(&5!4*S!/*(4,J"!4)"(/;+&",/!X+;(0)+&,"*4"
!4)"=&*D!/+",+H/(&,"*4/+5&!/+"5+4)+&"+R%!0*/?"*,,%+,"
=&(D*)*45"F(&"+D+4"2(&+"+FF+H/*D+"=&(/+H/*(4"!4)"
!4)"H(4H+&4,J"*4H0%)*45"/;&(%5;"/;+"=!&/*H*=!/*(4"(F"
=&(2(/*(4"(F"G(2+49,";%2!4"&*5;/,"*4"7!*/*E"1;+"
G(2+4"*4"/;+")+H*,*(4I2!X*45"=&(H+,,+,"&+0!/*45"/("
&+3%*0)*45"=&(H+,,"*4"7!*/*J"!,"*4"(/;+&")*,!,/+&"!&+!,J"
/;+")*,/&*3%/*(4"(F"*4/+&4!/*(4!0"F*4!4H*!0"
=&+,+4/,",+&*(%,"H;!00+45+,E"7(G+D+&J"G*/;"=+&,*,/+4H+J"
!,,*,/!4H+E"N(D+&42+4/,"!4)"!*)"!5+4H*+,",;(%0)"
/;+,+"H;!00+45+,"!&+"4(/"*4,%&2(%4/!30+E"8*/;"*2=&(D+)"
=&(D*)+"F%4)*45"!4)"/&!*4*45"/("+4!30+"G(2+49,"
H((&)*4!/*(4"(F"KM"!5+4H*+,"!4)"!*)"&+0*+F"H(%=0+)"G*/;"/;+"
*4,*5;/"!4)"+_=+&/*,+"(F"/;+"F%00",=+H/&%2"(F"7!*/*!4"G(2+4"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
0+!)+&,"!4)"MN$"5&(%=,J"/;+"KM">0%,/+&".?,/+29,"+FF(&/,"
Beb
"N%*)*45"O&*4H*=0+,J"+#7$,"4(/+"f"!/"QJ"BBV#WV!Wk"BeV#WE"
Bec
G(%0)"0*X+0?"=&(D+"/("3+"D+&?"+FF+H/*D+"!4)"&+,%0/"*4")%&!30+"
"H(M%!/"QV#WJ"BcJ"##J"#fVfWJ"#cJ"#ek"!0,("&+F0+H/+)"*4"/;+"-HH&!"-5+4)!"F(&"-H/*(4J"
+#7$,"4(/+"BeAE"
=&(/+H/*(4"(F"G(2+4"!4)"5*&0,9";%2!4"&*5;/,E""
Bee
"N%*)*45"O&*4H*=0+,J"+#7$,"4(/+"f"!/"#bk"!0,("&+F0+H/+)"*4"/;+"-HH&!"-5+4)!"F(&"
"
-H/*(4J"+#7$,"4(/+"BeAE"
#AA
"
"H(M"
#e"
-))&+,,*45"/;+"&*5;/"/("3+"F&++"F&(2"D*(0+4H+"5(+,";!4)I*4I
;!4)"G*/;"&+3%*0)*45"7!*/*E""-,"KM".=+H*!0"<!==(&/+%&"(4"
U*(0+4H+"-5!*4,/"8(2+4J"<!,;*)!"P!4Y((",/!/+)6"
"
LF" G+" !&+" /(" ,+H%&+" G(2+49," &*5;/," !4)" /;+*&"
F&++)(2" F&(2" D*(0+4H+J" */" *," *2=+&!/*D+" /;!/" G+"
!)(=/" !4" *4/+5&!/+)" ;%2!4" &*5;/," =+&,=+H/*D+"
/;!/" ,/&+,,+," /;+" +R%!0" *2=(&/!4H+" (F" H*D*0" !4)"
=(0*/*H!0" &*5;/," !4)" +H(4(2*H" !4)" ,(H*!0" &*5;/,E"
K40+,," G(2+4" H!4" )+D+0(=" /;+*&" H!=!3*0*/*+," !4)"
!H;*+D+" +H(4(2*H" *4)+=+4)+4H+J" /;+" ;%2!4"
&*5;/," /;+?" !&+" =&(2*,+)" G*00" 4(/" 3+" &+!0*S+)E#AB
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
#AB
"./!/+2+4/"3?"<!,;*)!"P!4Y((J".=+H*!0"<!==(&/+%&"(4"U*(0+4H+"-5!*4,/"
8(2+4J"L/,">!%,+,"!4)">(4,+R%+4H+,J"/("/;+"KM">(22*,,*(4"(4"/;+"./!/%,"(F"
8(2+4J"`Q/;".+,,*(4J"P!&E"fJ"#ABAJ",>,)9,?9*%,;";//=6^^GGGE%4E(&5^G(2+4"
G!/H;^)!G^3+*Y*45B`^5+4+&!0q)*,H%,,*(4^.OZ>L-\z#A<-OO$<1ZK<z#A$Mz#AUL
$\ZM>Zz#A-N-LM.1z#A8$PZME=)FE""
"
fA"
>6D1#@L-M%8-1$).
"
V,-&'LL.BM0$#&.'1M.+##&M01'$#&..
'0!*4+"'((X+?J"Z,REJ"L4,/*/%/+"F(&"[%,/*H+"u"]+2(H&!H?"*4"7!*/*"VL[]7W^&#$*,#%(*+%S>'G,;+%H0;*$0,;)'0,#@%V'-LW"
"
E-(#&$.>3$"#&).
'0!*4+"'((X+?J"Z,REJ"L[]7^'-L"
\*,!"]!D*,J"Z,REJ"P-]<Z"
[+44*+"N&++4J"Z,REJ"K4*D+&,*/?"(F"P*44+,(/!".H;((0"(F"\!G"
]++4!"7%&G*/SJ"Z,REJ"K4*D+&,*/?"(F"U*&5*4*!".H;((0"(F"\!G"
<(?H+"P%&&!?J"Z,REJ"L4)+=+4)+4/">(4,%0/!4/"
T!,*!"O!=&(HX*J"N(0)*4"L4,/*/%/+""
Z&*H!"<*H;!&),J"Z,REJ"P(&&*,(4"u":(+&,/+&"\\O"
"
>MM0$0#1'L.E-)-'&6".'1M.R&0$01%.
:0?44">(0+2!4J"Z,RE"
<(_!4+"]*2!4H;+J"-DEJ"€H(0+".%=i&*+%&+">!/;(0*R%+")+"]&(*/")+"[i&i2*+"
-2!4)!"N&!?J"[]">!4)*)!/+J"K4*D+&,*/?"(F"U*&5*4*!".H;((0"(F"\!G"
>;&*,/+0"N&++4J"Z,REJ"KE.E">(22*//++"F(&"<+F%5++,"!4)"L22*5&!4/,"
>;&*,/*4!"-,;*+"N%*)&?J"[]">!4)*)!/+J"K4*D+&,*/?"(F"U*&5*4*!".H;((0"(F"\!G"
]!4?!"7!&4+//I<(3*4,(4J"[]">!4)*)!/+J">(0%23*!"K4*D+&,*/?".H;((0"(F"\!G"
P+5;!4"7++,H;J"[]">!4)*)!/+J"K4*D+&,*/?"(F"P*44+,(/!".H;((0"(F"\!G"
Z&*4"T&*4,X?J"[]">!4)*)!/+J"Z2(&?"K4*D+&,*/?".H;((0"(F"\!G"
[+,,*H!"\(=+SJ"[]">!4)*)!/+J"Z2(&?"K4*D+&,*/?".H;((0"(F"\!G"
1!4*!"<(,+J"Z,RE"
-2?".+4*+&J"Z,REJ":(0+?"7(!5"\\O"
"
"
21,-)$0%'$0,-.G-'8)*.?'@9-&)A.B'&$"C3'D-.E-)(#1)-.F-$@#&D.
X,K%QRPR%
-44+I>!&2+4+"-02(4(&)J"Z,REJ"P(&&*,(4"u":(+&,/+&"\\O"
'0!*4+"'((X+?J"Z,REJ"L[]7^'-L"
1!2!&!"'&(G4J"Z,REJ"L4)+=+4)+4/">(4,%0/!4/"
\*,!"]!D*,J"Z,REJ"P-]<Z"
'+/,?":&++2!4J">+&/*F*+)"M%&,+"P*)G*F+"
1!2!&!"N!GJ"Z,REJ"1&!4,-F&*H!":(&%2"
]++4!"7%&G*/SJ"K4*D+&,*/?"(F"U*&5*4*!".H;((0"(F"\!G"
>(00++4"PH\!%5;0*4J"N(0)*4"L4,/*/%/+"
<(?H+"P%&&!?J"Z,REJ"L4)+=+4)+4/">(4,%0/!4/"
T!,*!"O!=&(HX*J"N(0)*4"L4,/*/%/+""
Z&*H!"<*H;!&),J"Z,REJ"P(&&*,(4"u":(+&,/+&"\\O"
%
O#0*%QRPR%
<!H;+0"\E"[+4,+4J"Z,REJ"<(33*4,"N+00+&"<%)2!4"u"](G)"\\O"
[+44*F+&"\!*J"Z,REJ"<(33*4,"N+00+&"<%)2!4"u"](G)"\\O"
M*H(0+"\++J"Z,REJ"1&!4,-F&*H!":(&%2"
"
G&'1)L'$0#1.G-'8*.:'0$0'1.BM36'$0#1.7.?-'M-&)"0(.!&#%&'8.
-44+"P!&/*4+"-%5%,/*4J":!H%0/+")+"2+)*H*4+"+/")+"=;!&2!H*+"VK4*D+&,*/+")9Z/!/")97!*/*W"
P*H;+0"-45+"]!5&!*4J"ZH(0+".%=+&*+%&+"L4F(/&(4*R%+")97!*/*"
M+2)*!"]!H+4+?J"x%*,R%i?!""
Z22!4%+00!"]+0,(*4J":!H%0/+")+,",H*+4H+,"VK4*D+&,*/+")9Z/!/")97!*/*W"
"
fB"
>((-1M0P.>.
.
.
YVH>N2N.+'8(.K-63&0$9.E-(#&$"
O(&/"!%"O&*4H+J"7!*/*"
Bc"[%0?"#ABA"
"
"
T$:-ULU"V>(22*//++"(F"8(2+4"U*H/*2,"F(&"U*H/*2,W"*,"!"5&!,,&((/,"
G(2+49,"5&(%="/;!/";!,"2+23+&,"0*D*45"!4)"(=+&!/*45"*4"H!2=,"
/;&(%5;(%/"O(&/"!%"O&*4H+"!4)";!,"3++4"G(&X*45"G*/;"D*H/*2,"(F",+_%!0"
D*(0+4H+",*4H+"#AAQE"8+";!D+"#`"!5+4/,"V,f,0W"*4")*FF+&+4/"H!2=,"/;!/"
" =&(D*)+",%==(&/"F(&"D*H/*2,"!4)")(H%2+4/"&!=+E"8+";!D+"F(%4)"/;!/"
/;+"=&(30+2"(F"*4,+H%&*/?"*4"/;+"H!2=,"*,",/*00"%4&+,(0D+)E">(4/&!&?"/("
/;+"&+H+4/"KM"&+=(&/"/;!/"H0!*2,",+H%&*/?";!,"3++4"=&(D*)+)"*4"=&(30+2"!&+!,J"=+(=0+"0*D*45"*4"2!4?"H!2=,"!&+"F(&H+)"/("
=&(D*)+"/;+*&"(G4",+H%&*/?"/;&(%5;"3!4)*45"/(5+/;+&J"F(&2*45"*4F(&2!0",+H%&*/?"=!/&(0,"(&"l3&*5!)+,Jm"!4)"%,*45"G;*,/0+,"
!,"!")+/+&&+4/"F(&"&!=+"G*/;"0*//0+"&+,(%&H+,E"Z!H;"4*5;/J"/;+&+"!&+"5&(%=,"(F"!&2+)"2+4"G;("H(2+"/(";!&!,,"H!2="
)G+00+&,E"1;+&+"*,"4("=(0*H+"=&(/+H/*(4E"1;+&+";!D+"3++4",(2+"H!2=,"*4H0%)*45"./!)"!4)":(2+X&+)*"P+&!4!/!"/;!/";!D+"
&+H+*D+)"+0+H/&*H*/?")%&*45"/;+"+D+4*45"/("*4H&+!,+"D*,*3*0*/?"!4)",!F+/?E"7(G+D+&J"/;(,+"H!2=,")("4(/";!D+"(FF*H*!0"(&"
%4(FF*H*!0",+H%&*/?"=!/&(0,"/("!%52+4/"/;(,+"*2=&(D+2+4/,J"&+,%0/*45"*4"!"H(4/*4%+)"0!HX"(F",+H%&*/?E".+D+&!0"G(2+4"
&+=(&/+)"/;!/"/;+?"G+&+"!G!&+"(F"!/"0+!,/"/G("H!2=,"/;!/";!D+"!)+R%!/+"!4)"2(&+"H(4,*,/+4/"0*5;/*45"!,"G+00"!,"
*4F(&2!0",+H%&*/?J"G;*H;";!,"&+,%0/+)"*4")+H&+!,*45"0+D+0,"(F"&!=+"!4)"(/;+&"D*(0+4H+"!5!*4,/"G(2+4E"L4F(&2!0",+H%&*/?"
+FF(&/,J"G;*H;";!D+")+2(4,/&!/+)",%HH+,,",;(%0)"3+",%==(&/+)"G*/;"&+,(%&H+,E":(&"+_!2=0+J"F0!,;0*5;/,J",!0!&*+,J"
/+0+=;(4+,J"/I,;*&/,"!4)",2!00",!0!&*+,"G(%0)"3+"(F"0*//0+"H(,/"!4)"5("!"0(45"G!?"/(G!&),"2!X*45"G(2+4"!4)"5*&0,",!F+&E""
1;+"F(00(G*45"0*,/")+,H&*3+,"/;+"H%&&+4/",+H%&*/?",*/%!/*(4"*4"/;+"H!2=,J"!,"2+!,%&+)"3?"0*5;/*45"!4)"*4F(&2!0"
,+H%&*/?J"!,")(H%2+4/+)"3?"T$:-ULU"*4"/;+"H!2=,"G;+&+"(%&"!5+4/,"(=+&!/+6"""
"
+>I!.KB+JE2GZ.?2KG.
+'8(.F'8-.
BL-6$&060$9.
""
214#&8'L.
K-63&0$9. E'(-.+')-).
T!F(%F+?"
g+,"
g+,"
./!)""
"
g+,"
M("
""
M("
+#88-1$).
1;*,"*,"!4"+_!2=0+"G;+&+"/;+"
H(%=0*45"(F"0*5;/*45"G*/;"*4F(&2!0"
,+H%&*/?";!,";!)"!"=(,*/*D+"+FF+H/E""
g+,"
L2=&(D+)"0*5;/*45J"+D+4"/;(%5;"(40?"
(4"/;+"=+&*2+/+&J";!,"!==+!&+)"/("
)+H&+!,+"/;+"4%23+&"(F"H!,+,E""
T!,*2"P!/*,!2"
T!4!&+4"#"
:(2+X&+)*"P+&!4!/!"
M("
M("
g+,"
M("
M("
M("
g+,""
g+,"
g+,"
P(4"[4"O*Y+"
M("
M("
g+,"
:*0,"O?+"\G*"
.!4/"O*0(/"B"
.!4/"O*0(/"#"
<+Y*".*/+".(0+?"
M("
M("
g+,"
M("
g+,"
M("
g+,"
M("
g+,"
g+,"
M("
g+,"
>!2="2!4!5+&,";!D+"*,,%+)"!4"
*)+4/*F*H!/*(4"H!&),"F(&"=+(=0+"G;("
0*D+"*4"/;+"H!2="/("H(4/&(0"+4/&?J"
3%/"*/";!,"4(/"3++4"+4/*&+0?"
+FF+H/*D+"G*/;(%/"(/;+&"&+,(%&H+,E""
"
"
1;+&+"G+&+"/G("&!=+,"3+/G++4"[%0?"
BBIBb"&+=(&/+)"/("T$:-ULUE"
1;+&+"*,",+H%&*/?")%&*45"/;+")!?J"3%/"
/;+&+"*,"4(",+H%&*/?")%&*45"+D+4*45E""
"
"
"
f#"
O0!,"O+/*(4"V>]PW"
P!/*,!4"#'"
P(S+0+"b"
1*=0!,"T!4S("
g+,"
M("
M("
M("
M("
M("
M("
M("
g+,"
g+,"
g+,"
g+,"
.(0+?"Bb"
g+,"
M("
g+,"
"
"
"
"
L4"!))*/*(4"/(",+_%!0"!,,!%0/J"/;+&+"
;!D+"3++4"(/;+&",+H%&*/?"H(4H+&4,J"
,%H;"!,"&(33+&?E""
O0!,"./"-44"
O0!,"]+,,!0*4+,"V>]PW"
M("
M("
M("
M("
M("
g+,"
"
"
T$:-ULU",/!&/+)"!4"*4F(&2!0"
3&*5!)+"(F"0(H!0"&+,*)+4/,"/(";+0="
=&(D*)+",+H%&*/?E"
.*/">.].P"
M("
M("
M("
T&G!"]+"'(%X+"V]%D!0"fAW"
T&G!"]+"'(%X+J"\?,+"./"[!X"
\!"7(H;+0"|",%=0!,"
\!"7(H;+0"|")+"%S*4"
M("
M("
M("
g+,"
M("
M("
M("
M("
g+,"
g+,"
g+,"
"
O+/*(4"U*00+">0%3"
M("
M("
g+,"
>!2="&+,*)+4/,";!D+",/!&/+)"!4"
*4F(&2!0"H(22*//++"F(&",+H%&*/?E"
"
"
"
T$:-ULU";!,")(H%2+4/+)"!/"0+!,/"
B`"&!=+"H!,+,";+&+",*4H+"/;+"
+!&/;R%!X+E"
"
.(2+"F0!,;0*5;/,";!D+"3++4")*,/&*3%/+)J"3%/"/;!/"*,"4(/"!",%3,/*/%/+"F(&",+H%&*/?"!0(4+E"1;+"*4F(&2!0"3&*5!)+,"
!4)"H(22*//++,"/;!/"H!2="H(22%4*/?"2+23+&,"H&+!/+)"F(&",+H%&*/?"H!44(/")("/;+*&"Y(3"G*/;(%/"=&(=+&"&+,(%&H+,"
*4H0%)*45"0*5;/*45E"'+H!%,+"(F"/;+"H(4/*4%*45"*4,+H%&*/?J"=+(=0+"H!44(/"0+!D+"/;+*&"/+4/,"!/"4*5;/J"!4)"*4,/+!)"!&+"(30*5+)"
/(",/!?"*4,*)+"/;+*&"/+4/"!4)"2%,/"&+2!*4"!G!X+"3+H!%,+"/;+?"!&+",H!&+)"(F"D*(0+4H+E"""
1;+&+";!D+"3++4",+D+&!0"H!,+,"(F"?(%45+&"5*&0,"G;("!&+"D*H/*2,"(F"&!=+E">;*0)&+4"!&+"(F/+4"0+F/"%4!HH(2=!4*+)J"
+*/;+&"3+H!%,+"/;+?";!D+"4("=!&+4/,"(&"/;+*&"=!&+4/,"2%,/"0+!D+"*4",+!&H;"(F"F(()"(&"G(&XE"T$:-ULU"!0,("&+=(&/+)"/;!/"
?(%45"5*&0,";!D+"3++4"0%&+)"!G!?"3?"(4+"2!4"/("!",+H0%)+)"!&+!"G;+&+"BA"2(&+"G*00"3+"G!*/*45"/("5!45"&!=+";+&E"
'+H!%,+"G!/+&"*,"4(/"=&(D*)+)"/("!"H!2=J"?(%45"=+(=0+"2%,/"0+!D+"/(",+!&H;"F(&"G!/+&"F(&"/;+"F!2*0?J"G;*H;"=%/,"/;+2"
!/"!"5&+!/+&"&*,X"F(&"&!=+E"""
T$:-ULU";!,"!"=&+,+4H+"*4"/;+,+"H!2=,"G;+&+"(%&"2+23+&,"0*D+E"1;+,+"!&+"/;+"F!H/,"(4"/;+"5&(%4)"*4"/;+"
H!2=,"!,"G+"+_=+&*+4H+"/;+2")!*0?E"-,"2+4/*(4+)"=&+D*(%,0?J"/;+&+"!&+",(2+"H!2=,"/;!/";!D+"+0+H/&*H*/?"*4"/;+"+D+4*45"
!,"G+00"!,"*4F(&2!0",+H%&*/?"=!/&(0,E"1;(,+"H!2=,")("4(/";!D+"=&(30+2,"(F"D*(0+4H+"!5!*4,/"G(2+4"!4)"&!=+,J"!4)"G+"
;(=+"/;!/"2(&+"H!2=,"H!4"&+H+*D+"/;+,+",+&D*H+,"4(GE"
"
H#&.8#&-.014#&8'$0#1W.(L-')-.6#1$'6$*.
.
I'L9'.N0LL'&MU>((#L#1.#&.B&'80$"-./-L,'.
>(I>((&)!44!/&*H+"
F!42X(F!D*Dd?!;((EF&""
V`AeW"fQ`fIAAcB"^"fQ`AI`A`f"^"#`B`IbA#A""
"
.
"
"
"
ff"
>((-1M0P.=.
.
"
fQ"
"
"
f`"
>((-1M0P.+.
"
fa"
>((-1M0P./.
.
"
fb"
.
>((-1M0P.B.
"
"
fc"
"
"
"
fe"
"
.
"
QA"
>((-1M0P.H.
.
"
QB"
.
.
.
"
Q#"
.
.
.
"
Qf"