! " " #

$ %

"

&$'$%$

!"# $

% # $ "

! $ &%#

( )* $*

&$'$%$

+ ,-%..%/,,0

1 2 3
!

4 ! 5

!"# $

% # $ "

! $ &%#

6 7" & '8$
!9): %"%
$% +$ ;<=
>.?;;. @
777

%&$'$%$

A'!6B C$$%$

! #
' ( )#

5

! " #$ %

&

& $# $

.

$' !( # " "
) * " $
+%$ $( % $ , " *

& ' # $%
- $
. ' "
/ ,# ' 0$1
2 * ' "

$' !( # ' $
'* $3 $
, $ #"
* #"
& * #
- % $( % $
. " " $ $
/
2 * " !
4 '
%*
'
'*( ,' *
* $ #'

! " #
$ $ ! % & '
!

!" #" $%&'!($() *)+#

56789 :7;<=>?@ ABCD?@ E;F:?>59;( 59C@G>= H; 0:EI@<6C@=>5 EIC5C

;:;JD ?;GE5H5=H=5 KCD>KLM <>@6;G;MK> =@8?;<DKL F8J N@KL;<DKL EIC56
I;CE;KCBK>5G @FJ; E; C@?;OKC5=>8 E5<=59; 5H@E8 =@8?>1 @?( P5 <>@6;G;
; K; KL;6C>( EI@<6@

, " !" $%&'!($() *)+# )-.&/(0

@P6D 59C@G>= G@ C@ C@6@=>5 <D:5F5?KA;=;<@Q R<:?@C@QS

;6E;<>56=>KL F86C> =@ A@?>5M :H@=;<>:?; @AE;E8F@I=>5A:CDG H8H@A
EICD?7@65G( A5:H ;KCD<>MK>5 ?;=?8I: ; EI@KB( ?HTID MG>@7; G;P=@ EICDIT<=@Q
6; H@?>59; 59C@G>=8 <>BK A5:H 9I8E?@ ;:TJ :H@I@AUKDKL :>B ; H; :@G;
> 59C@G>= <D7;=> :E;MIT6 =>KL H59; A56=59; C 65N>=>KA> =@AF5E:C59; RK; =>5
A5:H <K@F5 H@?>5 ;KCD<>:H5S( ?HTID ;HICDG@ H;( K; KLK5 K@7@ I5:CH@ > ;= :@G V

1 "2/3 )-.&/(04

@? <>@6;G; <:C5G > <;J5K >:H=>5AU 6<>5 N;IGD 59C@G>=8) 8:H=@

> E>:5G=@

* D

)* !9): %"%# 7"

& '8$

E

# +

5 &6 .&!7"$4*8 +(9 :4;.() $ !.&+() )-.&/(0<$

>5EI@<6;E;6;J=5( @F5 EI@<6C><5 @KL;<@=>@ <:CD:H?>KL C6@AUKDKL

59C@G>=( G;P=@ C@:C5I59;<@Q < 6;?7@6=>5 & ?@H59;I>> ;6E;<>56=>KL 6F@ ;J8
N;IG 59C@G>=T< A@? :>B IDKL7; EIC5?;=@:C H@?> E;6C>@7( H; A8P =>5
=@68PDK>5( H; ?;=>5KC=;MQ $F@KC59; 6DP E;C<@F@ H; 6;?7@6=>5
C@;J:5I<;<@Q( KCDG KL@I@?H5IDC8A5 :>B 6@=D HDE C6@AUK59; @?( =@EI@<6B
K;M H@?>59; >:H=>5A5

DE;<5 C@KL;<@=>@ =@ 59C@G>=>5 8:H=DG)

W

H865=H :EI@<>@ <I@P5=>5 =>5<7@MK><59; KC7;<>5?@

=@ =>5<7@MK><DG G>5A:K8 @?> ?H;M =>5 G@ EI@?HDKC=>5 P@6=DKL :C@=:
=@ C6@=>5 59C@G>=8 ;( J; :?;I; =>5 KLK5 GT<>Q F8J E>:@Q H; E; =>G
>5?@<5 EDH@=>5) 6F@KC59; H@?> ?H;M < ;9TF5 EICDKL;6C> =@ 59C@G>=
<>B?:C;MK> EICDE@6?T<( H@?> ?H;M F>KCD =@ 78H :CKCBMK>@ R@ G;P5 :>B
86@S @? C786=@ A5:H H; =@6C>5A@ =>5 G8:C5 >B EIC5?;=D<@Q(
EI@<6@ K5=@ 6F@ >9=;I@=H@) F8N@( KCDF> =@A=>P:C@ C G;PF><DKL

W

= H865=H EF5K>5 HICD E; HICD( JDF5 HDF?; GT<>Q ;

<7@M=>5 ;= 6;:H@IKC@ G@H5I>@78 =@ 7@GD HC< 0L8G;I8 C C5:CDHT<
:C?;F=DKL1 @?> ?H;M G@ E5<=5 RJ@I6C; G@75S :C@=:5 =@ C6@=>5
59C@G>=8 <>B?:C;MK> EICDE@6?T<( 59C@G>=@H;ICD :H@AUK < ;JF>KC8
C8E57=>5 J5C:5=:;<=5A ;6E;<>56C> =@ E;:H@<>;=5 EDH@=>5( C=@A68AU
8:EI@<>56F><>5=>5 < :HI5:>5 RG;P5 H@? A5:H C5:HI5:;<@=D( P5 =>5 <>5 K;
GT<>S > 6@A5 H@?>5G8 65F>?<5=H;<> A5:CKC5 A56=U :C@=:B 5MF> :H865=H
A5A =>5 <D?;ICD:H@( H; E; 59C@G>=>5

W

8I;<@=D ?@=6D6@H =@ HITAKCD=B I86=; C =>59;

<D6;JDQ :@G;6C>5F=U <DE;<>56X( @F5 GT<> EIC5<@P=>5 C :5=:5G > H;
9; I@H8A5 7T<=U <@6U H@?>59; ?;9;M( A5:H JI@? ;9TF=5A <>CA> EI;JF5G8
CDF> <>5( P5 6C<;=D J>AU( G;P5 <>5 =@<5H( < A@?>G ?;MK>5F5( @F5 E; K;(

* D

)* !9): %"%# 7"

& '8$

E

# ,

H; A8P =>5 <>5 $; H59; KCB:H; 6;KL;6C> A5:CKC5 C65=5I<;<@=>5(
EIC5678P@AUK5 ;6E;<>56C> =@<5H =@ J@I6C; EI;:H5 EDH@=>@

W

>> DKL;6C> C 59C@G>=8 C =;HU ;6 (& 6; (& @6C>

:;J>5 6;JIC5 C ;6E;<>56C>@G> =@ EDH@=>@ 59C@G>=@H;I@( A5MF> HDF?;
;6 KC@:8 6; KC@:8( A5:H F5??; 0E;EDKL@=D1 >5 86C>5F@ E7D==DKL
;6E;<>56C>( @F5 A5:H =@ HDF5 6;JIC5 EICD9;H;<@=D > ;E@=;<@=D(
P5 59C@G>= EIC5J>59@ < G>@IB 97@6?;

W

56D=U ITP=>KU G>B6CD C@<;6;<K5G( @ G>:HIC5G( A5:H N@?H(

P5 G>:HIC E;HI@N> :@G;6C>5F=>5 8?7@6@Q <DKC5IE8AUKU ;6E;<>56X
=@ C@6@=D H5G@H $F@ =>59; C@I5C5I<;<@=5 :U =@A<DP:C5 =;HD R& > -S
; K>5?@<5( E5<=@ KCBMQ H@?>KL 0;:;J=>?T<1 =>5 J86C> N@F> 5=H8CA@CG8
8 59C@G>=@H;IT< KC59; G;P=@( @ =@<5H =@F5P@7;JD :>B :E;6C>5<@Q
$F@KC59; E;<;68 C@I;C8G>@F:H<@( H8E5H8( G@=> <>5F?;MK>(
EIC5?;=@=>@ ; <7@:=5A =>5;GDF=;MK> > CA56C5=>8 <:CD:H?>KL I;C8GT< >HE

A@? :DH8@KA@ <D9FU6@ =@ E>:5G=DG ;J@KCGD :@G>)

W

66@A5 E8:H5 ?@IH?> F8J EI@<>5 E8:H5 $F@ =>59; >:H=>5A5

HDF?; A56=@( K@7?>5G :78:C=@ ;K5=@ V

W

= 6E;<>@6@ HDF?; =@ KCBMQ EDH@O( =>5 C@:H@=@<>@AUK :>B

EICD HDG( K; E>:C5 A59; EI@KD E57=; A5:H =>5E@:8AUKDKL 6; :>5J>5 F8J
:EIC5KC=DKL C5 :;JU NI@9G5=HT< @?> ?H;M G;P5 F>KCDQ HDF?;
> <D7UKC=>5 =@ F>H;MQ 59C@G>=@H;I@ >5CJDH C@KLBK@AUK@ E5I:E5?HD<@(
EI@<6@

W

6E;<>@6@ =@ KCBMQ EDH@O( @F5 J5C 6J@7;MK>

; A@?;MQ ;6E;<>56C> G>A@ :C5I;?>G 78?>5G HI86=>5A:C5 EDH@=>@( KL;Q
KC@:5G EITJ8A5 <DE>:@Q E;ABK>@ > <C;ID ?;A@ICUK5 G8 :>B C HDG>
C@6@=>@G> 8I;<@=D ?@=6D6@H =@ HITAB

* D

)* !9): %"%# 7"

& '8$

E

# -

W

>> ;C<>UC8A5 KCDH5F=>5 > EI@<>67;<; <:CD:H?>5 C@6@=>@

EI@<6C@ 9;H;<U EI@KB < E;:C8?><@=>8 J7B6T< 59; =;H@ <@L@ :>B
G>B6CD ( @ &

W

IC5KL;6C> EIC5C 59C@G>=( A@? J8IC@ 59; EI@K@ =@6@A5 :>B

6; :?:5I;<@=>@ > I;C6@<@=>@ >==DG RG=>5A @GJ>H=DGS :H865=H;G
8I;<@=D ?@=6D6@H =@ ;K5=B & F8J -

>5ICB( P5 E;<DP:C@ ?F@:DN>?@KA@( A5:H =@ HDF5 EIC5AICD:H@( P5 E;HI@N>:C

7@H<; 8G>5MK>Q :>5J>5 < A56=5A C E;6@=DKL 9I8E

? :&!.)-" 0() .;&%)/ #)-" )-.&/(04

:CD:H?>5 G;PF><5 EICDKCD=D =>5C6@=>@ 59C@G>=8 R=; 6;JIC5

C65KD6;<@=U <>B?:C;MQ EICDKCD= VS( G;P=@ C5:H@<>Q < =@:HBE8AUKU F>:HB)

W JI@? G;HD<@KA> 6; =@8?>(
W HI86=;MK> C <7@:=U ;:;JU(
W HI86=;MK> C5 :EIC56@<@=>5G <>56CD(
W C75 <@I8=?> 6; 8KC5=>@ :>B(
W C7@ ;I9@=>C@KA@ EI@KD(
W HI86=;MK> C EICDE;G>=@=>5G :;J>5(
W HI86=;MK> C C@E@G>BHD<@=>5G(
W HI86=;MK> C 8KC5=>5G :>B

,5JD C6@Q A@?>?;F<>5? 59C@G>=( G8:>:C <D5F>G>=;<@Q <:CD:H?>5

H5 C@9I;P5=>@ 5MF> KL;Q A56=; C =>KL <D:HUE> < E;<@P=>5A:C5A :?@F>( H; A5:H5M
< ?;F5AK5 6; =>5C6@=>@ 59C@G>=8

IC5MF56XGD < ;6<I;H=5A ?;F5A=;MK> E;6@=5 E8=?HD)

W

24;0"'!( . 4!.)0()/ +(9 ICDKCD=D H59; EI;JF5G8 G;9U JDQ

95=5I@F=>5 6<>5) ?;GEF5H=D JI@? C@>=H5I5:;<@=>@ C6@<@=DG EIC56G>;H5G F8J
=>56;:H;:;<@=>@ G5H;6D 8KC5=>@ :>B 6; KL@I@?H5I8 EIC56G>;H8 > <DG@9@O
59C@G>=@H;I@

* D

)* !9): %"%# 7"

& '8$

E

# .

>5A56=;?I;H=>5 A5:H H@?( P5 EICDKCD=@ JI@?8 C@>=H5I5:;<@=>@ C6@<@=DG

EIC56G>;H5G( F5PD E; :HI;=>5 :H865=H@( ?HTID =@AC<DKC@A=>5A < M<>5K>5 =>5 <>5(
; K; KL;6C> < 6@=DG EIC56G>;K>5 I@?HD?@ 8KCD( P5 < G;G5=K>5( ?>56D H@?>
:H865=H 0;6?ID<@1 HU =>5<>@6;GU 6>@G5HI@F=>5 E;HI@N> CG>5=>Q :>B A59;
:H;:8=5? 6; C6@<@=59; EIC56G>;H8 5MF> G@:C H59; HDE8 EI;JF5G( H; 6;<>56C
:>B =@ <7@:=U IB?B W ; K; KL;6C> < 6@=DG EIC56G>;K>5( A@?@ A5:H A59;
8PDH5KC=;MQ( A@?U <>56CB > 8G>5ABH=;MK> ;J5AG8A5( A@?>5 :U E;6:H@<;<5 6C>@7D(
H5;I>5( EI@<@ >HE HDG K5F8 :78PU JI@=P;<5 5=KD?F;E56>5 ;I@C :@G
<D?7@6;<K@ 5MF> > <H56D <>56CUK( K; C KCDG :>B A5( =>5 E;HI@N>:C E;F8J>Q
EIC56G>;H8( H; =>5 G@:C >==59; <DAMK>@( A@? E;9;6C>Q :>B C A59; >:H=>5=>5G
> CI;J>Q <:CD:H?;( K; HIC5J@( P5JD :H;:8=?;<; J5CJ;F5M=>5 EIC5AMQ EIC5C
:H;:;<=5 59C@G>=D @? H; CI;J>Q :CKC59T7;<; 6;<>5:C :>B ; HDG < 6@F:C5A
KCBMK> ?8I:8

$I89@ EICDKCD=@ HI86=;MK> C 8KC5=>5G :>B( H; =>5<7@MK><@ G5H;6@

=@8?> :?ITK>5 <D9FU6@ H; H@?( P5 D 8KCD:C :>B KC59;M >==59;( @ KC59;
>==59; <DG@9@ 59C@G>=@H;I @ EICD?7@6) D =@8KCD75M :>B :@G5A H5;I>>(
@ 59C@G>=@H;I <DG@9@ EI@?HDKC=DKL 8G>5ABH=;MK>( @FJ; =@ ;6<ITH 8:>:C
8M<>@6;G>Q :;J>5 > E@G>BH@Q( P5 =>5?HTI5 EIC56G>;HD <DG@9@AU 97T<=>5
8KC5=>@ :>B =@ E@G>BQ :@GDKL I59875?( H5;I>>( EI@< >HE IC5KCD( @ :U > H@?>5(
?HTI5 G;P=@ ;E@=;<@Q <D7UKC=>5 =@ 6I;6C5 :@G;6C>5F=59; GDMF5=>@
> :H86>;<@=>@ :C5I598 ?;=?I5H=DKL EICDE@6?T< RHC< K@:5 :H86DS @?( P5
G5H;6@ 8KC5=>@ :>B =@ E@G>BQ( ?HTI@ EICD=>;:7@ > :8?K5: =@ 59C@G>=>5
C EIC56G>;H8 ( G;P5 ?;GEF5H=>5 C@<>5MQ =@ 59C@G>=>5 C EIC56G>;H8 ' ;
< H@?>G I@C>5 I;J>Q 8P =@ :@GDG E;KCUH?8 =@8?>( G8:>:C 8:H@F>Q( K; A5:H
K5F5G 6@=59; EIC56G>;H8 < 8ABK>8 59C@G>=@H;I@ $F@KC59; H@?( @ =>5 >=@KC5A
'; >F5 97T<( HDF5 ;E>=>>V 5= :@G EIC56G>;H 8 ITP=DKL 59C@G>=@H;IT<( A5:H
HI@?H;<@=D E; EI;:H8 >=@KC5A 565= EI;N5:;I :U6C>( P5 < HDG EIC56G>;K>5
KL;6C> ; H;( @ 6I89> :U6C> K;M C8E57=>5 EIC5K><=59; ; K>5?@<:C5 KCB:H;
;J;A5 G@AU I@KA5( @F5 HDG :>B =>5 C@AG8A5GD H5I@C V 5MF> =>5 8:H@F>:C HDKL
>=N;IG@KA>( H; JB6C>5:C :>B 8KCDQ =>5<7@MK><59; G@H5I>@78 C =>5<7@MK><DKL
E;6IBKC=>?T<( E;6 =>5<7@MK><DG ?;=H5G @? <>BK H; 8:H@F>Q <D?F5 EI;N5:;I
>=N;IG8A5 ; HDG =@ E>5I<:CDG <D?7@6C>5 D=>?@ H; H@?P5 C C@ABQ
8C8E57=>@AUKDKL <D?7@6D @<:C5 H5P G;P=@ <EI;:H :EDH@Q ; H; 59C@G>=@H;I@

* D

)* !9): %"%# 7"

& '8$

E

# /

=>;:5? > I@6@ C H59; E8=?H8( A5:H H@?@)

.&$+.) 0&*@()2$ @".0&* ;"6%&;0()

$3/"-( )-.&/(0&#"2&( J; H; A5G8 :EIC56@A5:C :<TA EI;68?H < E;:H@K>
<>56CD > 8G>5ABH=;MK> <ITQ :CKC59TF=U 8<@9B =@ H;( A@?> EI;68?H <DG@9@
59C@G>=@H;I( KCD I5KDH;<@=>@ I59875?( KCD EI@?HDKC=DKL 8G>5ABH=;MK>( @ G;P5
A5:CKC5 KC59;M >==59; '5C H59; J7U6C>:C K@7D KC@: < K>5G=;MK>( K; G@
N@H@F=5 :?8H?> < KC@:>5 59C@G>=8

W

24;0"'!( . .&@&/(9#3$&0()/ G@?:DG@F=DG 8EI;:CKC5=>8

G;P=@ E;<>56C>5Q( P5 A5MF> =>5 KLK5:C G>5Q H59; HDE8 HI86=;MK>( H; G8:>:C JDQ
C@>=H5I5:;<@=D HDG( KC59; :>B 8KCDQ > @?HD<=>5 < HDG 8KC5:H=>KCDQ 8:>
6; >5J>5 6;HIC5Q( G8:>:C :>B =@6 HDG :?8E>Q( :?;=K5=HI;<@Q HU6 <7@M=>5
;FJICDG>@ I;F@ Q<>KC5O( :5G>=@I>T<( C@ABQ F@J;I@H;IDA=DKL > <:C5F?>KL >==DKL
<:E;G@9@AUKDKL <D?7@6D

; C@9@6=>5=>5( A5:H H@? :C@F5=>5 >:H;H=5( P5 =@E>:@75G =@ H5= H5G@H

;:;J=59; 5WJ;;?@ 5A6X EI;:CB =@

<<<:CDJ?@W=@8?@CF;H5GD:F>EF

W

24;0"'!( . @2.3@"/(0&0()/ +"A() '@I6C; KCB:H5 :U :DH8@KA5( P5

C6@AUKD <>5( P5 <>5( @F5 =>5 G;P5 :;J>5 EICDE;G=>5Q H59;( K; <>5 ; <DAMK>8
C :@F> =@97@ 58I5?@ > A8P <>5( K; <>56C>@7 ;6 E;KCUH?8( @ =>5 GT97 :;J>5 H59;
EICDE;G=>5Q ICDKCD=D H@?>59; :H@=8 IC5KCD G;9U JDQ R95=5I@F=>5S 6<>5)
>=N;IG@KA5 < H<;>G GTC98 8F;?;<@=5 :U KL@;HDKC=>5 > EIC5C H; =>5 A5:H
G;PF><5 :CDJ?>5 ;6=@F5C>5=>5 H59;( K; A5:H < 6@=5A KL<>F> E;HIC5J=5 $<@)
:HI5: A5:H H@? ;9I;G=D( P5 =>5 A5:H5M < :H@=>5 8I8KL;G>Q EI;K5:8 :C8?@=>@
E;HIC5J=5A >=N;IG@KA> >5I<:C@ EICDKCD=@ <D=>?@ C H59;( P5 XF5 :>B =@8KCD75M
I@<6;E;6;J=>5 C8E57=>5 J5CGDMF=>5( =@ E@G>BQ( A@? F5K> < =;H@H?@KL( KCD
E;6IBKC=>?8 $I89@ EICDKCD=@ <D=>?@ C 6C>@7@=>@ :HI5:8 < G;G5=K>5 <5AMK>@
=@ :@FB <TA ;I9@=>CG E;6 <E7D<5G :HI5:8 C@KCD=@ C@KL;<D<@Q :>B
C8E57=>5 >=@KC5A( =>P < =;IG@F=DKL <@I8=?@KL ;<;68A5 H;( P5 =>5 A5:H5M
< :H@=>5 EICDE;G=>5Q :;J>5 H59;( K; > < HDG G;G5=K>5 A5:H E;HIC5J=5

W

%& "2-&0(.&!*& @2&!3 CD > :>B H; E;6;J@( KCD =>5 G8:>:C

E;6E;ICU6?;<@Q =>5G@F <:CD:H?>5 :<;A5 KCD==;MK> =@6ICB6=5G8 K5F;<>(
A@?>G A5:H 8?;OKC5=>5 :H86>T< KCUK :>B J5C EF@=8( J5C I598F@I=DKL 9;6C>=
=@8?> > ;6E;KCD=?8( J5C ?;=HI;F> E;:HBET< =>5 JB6C>5:C =>96D H@? 6;JID( A@?

* D

)* !9): %"%# 7"

& '8$

E

# 0

?H;M G=>5A C6;F=D( F5KC F5E>5A C;I9@=>C;<@=D H@I@ EI@<6@( GT<>( P5 =>5 6@
I@6D =@6I;J>Q <>5F;G>5:>BKC=DKL C@F597;MK> < K>U98 ?>F?8 =>5EIC5:E@=DKL
=;KD

W

%) $&2406( ;" 4!.)0(& 5MF> KLK5:C EI@K;<@Q ;EHDG@F=>5( H; G8:>:C

C@6J@Q :@G;6C>5F=>5 ; A@? =@AJ@I6C>5A ;EHDG@F=5 <@I8=?> 6; =@8?> @G H8H@A
=@ GDMF> 97T<=>5) :E;?TA( K>:C@( ;6E;<>56=>@ H5GE5I@H8I@( <D9;6=@ E;CDKA@(
G;PF><;MQ ;6E;KCD=?8 < KC@:>5 =@8?>( <7@MK><5 =@ICB6C>@ EI@KD >HE
H;:;<=5 J@6@=>@ R@ C=@:C H; C@E5<=5 C <7@:=59; 6;M<>@6KC5=>@S <D?@C8AU
=>5CJ>K>5( P5 H; 96C>5 :>B 8KCD:C G@ EI@<>5 H@? :@G; <>5F?>5 C=@KC5=>5
=@ ?;OK;<D I5C8FH@H RC6@=>5Y=>5C6@=>5 59C@G>=8S A@? H;( KC59; > >F5 :>B 8KCD:C

W

24;0"'!( .) +@2.);&$&0()/ $();.3 CBMQ :H865=HT< H; ;:;JD

J@I6C; 6;JIC5 EICD9;H;<@=5 6; 59C@G>=8( @F5 G@AUK5 EI;JF5GD
C5 :EIC56@<@=>5G :<;A5A <>56CD 7T<=5 9IC5KLD EIC5K><?; <7@:=5A ;:;J>5(
E;E57=>@=5 < HI@?K>5 59C@G>=8 8:H=59; H;) E;=8I@ G>=@( GT<>5=>5 =>5
=@ H5G@H( 9@68F:H<;( N@=H@CA;<@=>5( =>5 C<I@K@=>5 8<@9> =@ <DE;<>56C>
59C@G>=@H;I@( JI@? F;9>?> < <DE;<>56C>@KL( GT<>5=>5 J5C 7@68 > :?7@68(
GT<>5=>5 8ID<@=DG> C6@=>@G>( G>FKC5=>5 < HI@?K>5 59C@G>=8 E>:5G=59;)
;6E>:D<@=>5 ;6 >==DKL( EIC5E>:D<@=>5 C C5:CDHT<Y?:>UP5?( E>:@=>5
=>5KCDH5F=DG E>:G5G( E>:@=>5 =>5 =@ H5G@H( =>5F;9>KC=D 8?7@6 H5?:H8(
=>5EI;E;IKA;=@F=@ J86;<@ <DEI@K;<@=>@( JI@? C@?;OKC5=>@ <DEI@K;<@=>@(
E>:@=>5 C J7B6@G> R;IH;9I@N>KC=DG>( >=H5IE8=?KDA=DG>S( JI@? ID:8=?T<
<DA@M=>@AUKDKL H5?:H( JI@? ?;I5?HD H5?:H8 :CD:H?>5 H5 C@KL;<@=>@ < KC@:>5
59C@G>=8 C<D?F5 =>5 <D=>?@AU <K@F5 C JI@?8 <>56CD( @F5 C E;<;68
=@6G>5I=59; :HI5:8 F8J JI@?8 :H;:;<=DKL 8G>5ABH=;MK>

W

24;0"'!( . $%&+08 "+"A8 L;6C> H8H@A =@AKCBMK>5A ; ;:;JD

65F>?@H=5( ; :7@J5A ?;=:HI8?KA> N>CDKC=5A F8J E:DKL>KC=5A( <I@PF><5(
<D;JK;<@=5( =>5 8G>5AUK5 E;6AUQ <@F?> C ;H;KC5=>5G( 7@H<; :>B E;66@AUK5
I86=;MK> C <7@:=U ;:;J;<;MK>U G;9U JDQ :E;<;6;<@=5 CJDH G>B??>G
KL@I@?H5I5G HA =>58G>5ABH=;MK>U 6;EI;<@6C5=>@ I;CE;KCBH5A EI@KD
6; ?;OK@Z A@? > KL@I@?H5I5G CJDH J8=H;<=>KCDG HA J8=H;<@=>5G :>B
EIC5K><?; <:C5F?>G =@IC8K;=DG ID9;I;G( =@<5H A5MF> :U ;=5 :78:C=5

* D

)* !9): %"%# 7"

& '8$

E

# 12

'@I6C; KCB:H5 EICDE@6?> ;JF@=>@ 59C@G>=T<( @ =@<5H I5CD9=@KA>

C5 :H86>T<( C<>UC@=5 :U C I@6D?@F=U CG>@=U MI;6;<>:?@ < G;G5=K>5
EIC5AMK>@ C5 :C?;7D MI56=>5A < G@75A G>5A:K;<;MK> =@ 8KC5F=>B < 68PDG
G>5MK>5 59; I;6C@A8 HI86=;MK> 6;HD?@AU 97T<=>5 :H865=HT< E>5I<:C59; I;?8
:H86>T<( ?HTICD ; >F5 =>5 E;HI@N>U :>B :CDJ?; 6;:H;:;<@Q 6; =;<59;
MI;6;<>:?@ W K>5IE>U =@ :C5I59 EI;JF5GT<( ?HTIDKL <>B?:C;MQ C=>?@
E; C@@?F>G@HDC;<@=>8 :>B

$I89> I;6C@A ?7;E;HT< ;:;J>:HDKL H; EI;JF5GD C E7K>U EIC5K><=U <>BK)
W JI@? E@IH=5I@(

@FJ;

W ?7;E;HD C E;:>@6@=DG E@IH=5I5G R=E K>UP@( C6I@6@( ?7TH=>5( I;C:H@=>5(
6789;HI<@7@ =>5;J5K=;MQ( =>5E;I;C8G>5=>@S

>5 KC@: > G>5A:K5 =@ E;6@<@=>5 I5K5EH =@ H5G@H A@? G;P=@ JD CG>5=>Q

H5= :H@= IC5KCD D9=@F>C8AB H8H@A :@GU >:H;HB EI;JF5G8( @ ; A59; I;C<>UC@=>5
G8:>:C A8P C@6J@Q :@G

W

%"@"#3 .) .;2"$()/B KL<>F;<@ =>56D:E;CDKA@ < E;:H@K> JTF8 CBJ@(

97;<D( 9;IUKC?> >HE G;P5 :E;<;6;<@Q =>5C6@=>5 59C@G>=8( G>G; J@I6C;
6;JI59; EICD9;H;<@=>@ :>B 5MF> :E;H?@ >B H59; HDE8 :DH8@KA@ < 6=>8
59C@G>=8( H; G@:C EI@<;( C97;:>Q H5= :H@= 59C@G>=@H;I;<> F8J ?;G>:A>
59C@G>=@KDA=5A #5E>5A EIC57;PDQ 59C@G>=( =>P C9ID<@Q J;L@H5I@[ ;H5G =>?H
K> =>5 8<>5ICD( P5 ;JF@75M HDF?; 6F@H59;( P5 G>@75M & :H;E=> 9;IUKC?>

* D

)* !9): %"%# 7"

& '8$

E

# 11

&6 +6"2.3+#&C . $();.3 .&$&2#)* $ @)%0)* $)2+*( )A""6&

;<DP:CD 5J;;? H; C@F56<>5 NI@9G5=H EI;N5:A;=@F=>5 EICD9;H;<@=59;

E;I@6=>?@ 6F@ :H865=HT<( ?HTICD KLKU C6@<@Q 59C@G>=D J5C P@6=DKL
EI;JF5GT< > :HI5:8 5MF> >=H5I5:8A5 >B <>56C@ C@<@IH@ < HDG 5J;;?8( @ H;( K;
E;<DP5A EIC5KCDH@75M RNI@9G5=H A565= I;C6C>@7 C K@759; 5J;;?@S A5:H <56789
>5J>5 <@IH;MK>;<5( C@AICDA =@ :HI;=B)

LHHE)YY59C@G>=CF;H5GD:F>EFY

3 #&6D) /"D)+. +@2&$(CE &A3 .;&$&0() )-.&/(0<$

A3%" ;:& ()A() !.3+#8 @2.3*)/0"'!(8 ( 6"F!.3%" +(9 .&$+.)

+46!)+)/G

* D

)* !9): %"%# 7"

& '8$

E

# 13