Beruflich Dokumente
Kultur Dokumente
EDITADO POR
Juan Carlos Suarez Villegas
Alba Zurbano Berenguer
Othman Saadi Haddach
Abril de 2013
I.S.B.N.: 978-84-9031-429-6
!
"#$%&!
!
"#$%&'$!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!"&)$!*!
!
!
"+,-!./01!203.4,+456!783+/!,9:7-;!+/2!"0+40!4.338/94+-9./!
!
"#$%&'()*')+! ,)-! '#.%/0+010,)! ,2! ,! )'3! 0*,$'! %4! /%1,/!
$%&'(),)1'!ʹ!+5'!0*.,1+!%4!+5'!678!%)!+5'!/%1,/!-'*%1(,19!
9<=>&!?@$#>&'A&BC@)@$D&!::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::!"&)$!E!
!
;'1+<('(!0)!=%<(),/02*!,)-!-021%<(2'!2+<-0'2!
,=$<!4=$F$G&>F!::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::!"&)$!HI!
!
8<(>025!*'-0,!<)-'(!21%.'?!@',1'!=%<(),/02*!,)-!('.%(+0)$!
!+5'!1%)4/01+2!
0AG$<!:$'$#:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::!"&)$!JH!
!
sŝŽůĞŶƚ ŝŵĂŐĞƐ ŝŶ DĞdžŝĐŽ͛Ɛ ǁĂƌ ŽŶ ĚƌƵŐƐ͘ džƉůŽŝƚĂƚŝŽŶ ĂŶĚ
(0$5+!+%!0)4%(*,+0%)?!,!/%%>!4(%*!+5'!A02<,/!@',1'!B'2',(15!
.'(2.'1+0&'!
+>)$<!9)<$F@&F!.#K@D!!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!"&)$!*L!
!
!
"+,-!-M.1!4./-03".,+,5!48C-8,+C!29;4.8,;0;!
!
C%'2!.%2+#*%-'()!2%10'+0'2!5,2!+%!D'!'+501,/E!
"&N<=!3=NK@>O=!?&##=F=!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!"&)$!PP!
!
8'15)%/%$9!F)-! 85'!6))'(!G'/4:!B'4/'1+0%)2! %)!+5'!3%(>2!%4!
F/D'(+!H%($*,))!,)-!I')-'//!H'((9!
4O&#<$F!Q&<D=>::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::!"&)$!IJ!
!
85'!"+5012!%4!J(''-%*!%)!J,1'D%%>!
5&>@'A!Q&#G$#!R!3&NS$!?=>$>%&>K!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!"&)$!E*!
!
!
"+,-!-7,001!0-794;6!20./-.C.:5!+/2!;0CQB,0:8C+-9./!
!
85'!'+501,/!&,/<'2!30+50)!+5'!G.,)025!=%<(),/02+01!1</+<('!
3&#KT>!.<<$#!+<=>F=!:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::!"&)$!UJ!
!
C'%)+%/%$01,/!1%-'2!%4!=%<(),/02+2?!+5'!(%*,)0,)!'K.'(0')1'!
3&#@&>!"$K'N!R!,NV&>S#&!?=@'N!::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::!"&)$!WXW!
!
!
!
! ! !
!
'()*+,)!
!
-O$! G$S@&! O&\$! [$'=G$! Z#@>'@Z&<! &'K=#F! @>! FO&Z@>)! ZN[<@'! =Z@>@=>6! #$FN<K! =%!
@>K$#G$S@&K@=>! %N>'K@=>F! Z$#%=#G$S! [$K^$$>! KO$! Z=^$#6! @>! @KF! \&#@=NF! %=#GF6! &>S!
'@K@D$>FO@Z6! ^O@'O! O&F! )#&SN&<<R! &'`N@#$S! )<=[&<! S@G$>F@=>F! &>S! O=G=)$>$=NF!
'N<KN#&<! K#&@KF(! -O$! #$<$\&>'$! =%! '=GGN>@'&K@\$! FK#N'KN#$F6! &F! K#&>FG@FF@=>! [$<KF!
[$K^$$>!KO$!S@%%$#$>K!FZO$#$F!=%!F='@$KR6!N#)$F!NF!K=!#$%<$'K!=>!KO$!>$$S!%=#!&!F$K!=%!
$KO@'&<!\&<N$F!KO&K!@>FZ@#$!R=N#!$V$#'@F$!&>S!^&#>@>)!=%!Z=K$>K@&<!S#@%K!S&G&)$!%=#!KO$!
[&<&>'$!=%!F='@$KR(!
!
;='@&<! '=GGN>@'&K@=>! @F! &>! $FF$>K@&<! @>FK#NG$>K! =%!'@\@'! S$G='#&K@'! &>S! $)&<@K&#@&>!
#$<&K@=>FO@ZF(! 9K! ^@<<! &>&<RD$! KO$! @GZ=#K&>'$! =%! '=GGN>@'&K@=>! @>! FK#$>)KO$>@>)!
S$G='#&'R! &>S! &ZZ#$'@&K$! KO$! $KO@'&<! S@<$GG&F! Z=F$S! [R! 'N##$>K! Z#&'K@'$F!
Z$#%=#G$S! [R! KO$! G$S@&! &>S! @KF! #$<&K@=>FO@Z! ^@KO! '@K@D$>F(! 9K! FO=N<S! &<F=! [$!
#$G$G[$#$S!KO&K!KO$F$!$KO@'&<!S@<$GG&F!&#$!%N#KO$#!&GZ<@%@$S!^@KO!KO$!$G$#)$>'$!
=%!>$^!G$S@&!Z<&K%=#GF!&#@F$>!&%K$#!KO$!S$\$<=ZG$>K!=%!9>K$#>$K!&>S!G=[@<$!S$\@'$F6!
^O@'O! O$<Z! K=! S@<NK$! KO$! @S$>K@KR! =%! KO$! Z#=%$FF@=>&<! @>%=#G&K@=>! @>! &>! &G&<)&G! =%!
'=>K$>K6! Z#=SN'$S! ^@KO=NK! '=>K#=<! [R! S@%%$#$>K! &)$>KF! =\$#! KO$! >$K^=#A(! 2@)@K&<!
'=GGN>@'&K@=>!@F!>=^!=>$!=%!KO$![@))$FK!'O&<<$>)$F!%=#!KO$!%NKN#$!=%!b=N#>&<@FG6!>=K!
=><R![R!KO$!$G$#)$>'$!=%!>$^!&'K=#F!^O=!O&\$!FN[\$#K$S!KO$!K#&S@K@=>&<!SR>&G@'F!=%!
KO$!FK=#R![&F$S!=>!@KF!S@#$'K@=>&<@KR6![NK!&<F=!$KO@'&<!#@FAF!@>\=<\$S!@>!@>FK&>K&>$=NF!
@>%=#G&K@=>6! K$'O>=<=)@'&<! S$Z$>S$>'$6! <&'A! =%! Z#=K$'K@=>! =%! @>K$<<$'KN&<! Z#=Z$#KR6!
&>=>RG@KR! =#! N>@`N$>$FF! =%! S@)@K&<! F=N#'$F! KO&K! %&'@<@K&K$F! KO$! S$K&'OG$>K! =%! KO$!
b=N#>&<@FK!^@KO!KO$!%@$<S^=#A(!
!
-O$#$%=#$6!=>$!=%!KO$!G&b=#!Z<=K!<@>$F!=%!KO@F!'=>%$#$>'$!^@<<!%='NF!=>!&>&<RD@>)!KO$!
>$^! $KO@'&<! 'O&<<$>)$F! =%! =><@>$! b=N#>&<@FG(! 9>! KO@F! F$>F$6! @K! ^@<<! [$! #$<$\&>K! K=!
&>&<RD$! O=^! >$^! @>%=#G&K@=>! &>S! O=#@D=>K&<! #ORKOGF! '&>! &%%$'K! '=GGN>@'&K@\$!
$KO@'&<! #$`N@#$G$>KF! =%! KO$! b=N#>&<@FK6! =#! ^O&K! >$^! '#@K$#@&! FO=N<S! )=\$#>! KO$!
@>%=#G&K@\$!^=#A!K=!$>FN#$!&>!$>\@#=>G$>K!=%!`N&<@KR!@>%=#G&K@=>!&>S!Z#=K$'K@=>!=%!
Z$#F=>&<! #@)OKF! &>S! '=<<$'K@\$! @S$>K@K@$F(! Q=#! KO@F! #$&F=>6! @K! F$$GF! >$'$FF&#R! %N#KO$#!
#$%<$'K@=>! =%! KO$! G$S@&! 'O&>)$F! Z#=SN'$S! @>! KO$! '=>'$ZKF! =%! Z#@\&'R6! @G&)$! &>S!
O=>=#! KO&K! O&\$! [$$>! $V'$FF@\$<R! $VZ=F$S! @>! KO$! $#&! =%! S@)@K&<! '=GGN>@'&K@=>(!
;@G@<&#<R6! KO$! Z#=K$'K@=>! =%! 'O@<S#$>6! R=NKO! &>S! )$>S$#! $`N&<@KR! &#$! 'O&<<$>)$F! KO&K!
GNFK![$!#$\@$^$S!K=!>$^!Z=FF@[@<@K@$F!&>S!>$^!#@FAF!=Z$>$S!@>!KO$!S@)@K&<!&)$(!
!
QN#KO$#G=#$6! @K! FO=N<S! [$! >=K$S! KO&K! 9>K$#>$K! O&F! K#&>F%=#G$S! KO$! ^&RF! KO&K!
$>K$#Z#@F$F!&>S!KO$!ZN[<@'!&#$!#$<&K$S(!+S\$#K@F@>)!O&F!)#=^>!@>K=!&!G=#$!O=#@D=>K&<!
Z#&'K@'$! KO&K! &ZZ$&#F! ^@S$FZ#$&S! @>! &<<! &#$&F! =%! KO$! S@)@K&<! #=NK$(! -O$F$! >$^! ^&RF!
=Z$>! N>NFN&<! Z=FF@[@<@K@$F! %=#! &S\$#K@F@>)! &F! ^$<<! &F! ZN[<@'! #$<&K@=>F! =%! )#$&K! \&<N$6!
[NK! [$! '&##@$S!=NK! ^@KO! #$FZ$'K! K=! KO$! F=B'&<<$S! $<$'K#=>@'! Z#@\&'R6!&\=@S@>)! F>$&AR!
^&RF! K=! )$K! @>K=! >$^! FZ&'$F! =%! '=>FNG$#F(! ;@G@<&#<R6! FK$#$=KRZ$F! Z$#F@FK! =\$#! &!
>$K^=#A6!&>S!=%K$>!$GZO&F@D$!KO$!O&K$!FZ$$'O!&)&@>FK!)#=NZF!&>S6!Z&#K@'N<&#<R6!^@KO!
KO$!cF$<%d!F$V@FK!K#$&KG$>K!=%!^=G$>(!
!
Q@>&<<R6! &! %#&G$^=#A! =%! )#$&K! @>K$#$FK! @F! K=! &SS#$FF! KO$! #$F$&#'O! @>! KO$! %@$<S! =%!
'=GGN>@'&K@=>!$KO@'F!%#=G!&'&S$G@&6!&>S!KO$!\&#@=NF!K#&S$!&FF='@&K@=>F!@>!=#S$#!K=!
!
[@>S! &ZZ<@'&[<$! K=! Z#&'K@'&<! '=>'<NF@=>F! KO&K! &<<=^! &! #$%=#GN<&K@=>! =%! F='@&<!
'=GGN>@'&K@=>!$KO@'&<<R!@>K$)#&K$S!&>S![&<&>'$S(!
!
-O$!66!6)+'(),+0%),/!7%)4'(')1'!%)!"+5012!0)!7%**<)01,+0%)!G$&>F6!KONF6!&>!$V'$<<$>K!
=ZZ=#KN>@KR! K=! Z#=\@S$! &>! @>K$#>&K@=>&<! %=#NG! %=#! S$[&K$! =>! KO$! Z#@>'@Z<$F! KO&K!
FO=N<S!)N@S$!KO$!^=#A!=%!b=N#>&<@FKF6!)@\@>)!'=O$#$>'$!KO#=N)O!$KO@'&<!&>S!ONG&>@FK@'!
Z$#FZ$'K@\$! =%! #$&<@KR! &^&R! %#=G! #$SN'K@=>@FK! \@$^F! K&A$>! =\$#! [R! Z=<@K@'&<! &>S!
$'=>=G@'!@>K$#$FKF!KO&K!O@>S$#!KO$!$G$#)$>'$!=%!&!ZN[<@'!=Z$>6!%#$$!&>S!)$>N@>$<R!
Z<N#&<@FK@'(!-O$!8>@\$#F@KR!=%!;$\@<<$!FO=N<S![$!KO$!G&@>!&#'O@K$'K!=%!&!O$K$#=)$>$=NF!
)&KO$#@>)! =%! $VZ$#KF! &>S! #$F$&#'O$#F! ZN#FN@>)! &! S@%%$#$>K! ^&R! =%! '=GGN>@'&K@>)6!
FK#N'KN#$S![R!KO$F$!$KO@'&<!\&<N$F!=%!S$G='#&'R(!
!
_N&>!4&#<=F!;Ne#$D!Y@<<$)&F!
29,04-.,!
! !
!
! ! !
!
!
!
!
!
!
!
"+,-!./0!
!
203.4,+456!783+/!,9:7-;!!
+/2!"0+40!4.338/94+-9./!
! !
!
!
!
%-./0)(12)13!+14!)-5/6737,7+1!+8!+!1)9!72+.)!/*!6/,+6!
./0)(1+1,)!ʹ!3:)!725+,3!/*!3:)!";<!/1!3:)!6/,+6!4)2/,(+,=!
!
9<=>&!?@$#>&'A&BC@)@$D&1!
!
!
>?83(+,3!
9>! KO$! &)$! =%! '=GG=>! 9>K$#>$K! NF&)$6! ^$! '&>>=K! @G&)@>$! &SG@>@FK#&K@=>! &>S! <='&<!
)=\$#>&>'$! S$\$<=ZG$>K! ^@KO=NK! G=S$#>! \@$^! @>K=! F$#\@>)! KO$! '@K@D$>F6! ^O@'O! &#$!
<==A@>)! %=#^&#S! %=#! $>FN#@>)! [&F@'! F$#\@'$F! &>S! '=>FK&>K! @GZ#=\$G$>K! =%! KO$@#!
`N&<@KR(! -O@F! F=G$! '@K@D$>Ff! S$G&>SF! '=>'$#>F! )=\$#>G$>K&<! @>%=#G&K@=>! FRFK$GF(!
4@K@D$>F!&#$!S$G&>S@>)!>=K!=><R!Z#$F$>K&K@=>!=%!@GZ=#K&>K!%=#!KO$G!&>S!KO$!'@KR!S&K&!
&>S! $\$>KF6! [NK! &<F=! $>&[<@>)! `N@'A! &>S! $%%@'@$>K! ^&R! =%! S$&<@>)! ^@KO! KO$@#! '&F$F(!
3=#$=\$#! $V'$ZK! KO$! &SG@>@FK#&K@=>! '&F$F! KO$R! &#$! &<F=! <==A@>)! %=#! ZN[<@'! S$[&K$!
[$@>)!%=<<=^$S!&K!KO$!9>K$#>$K(!-O$R!&#$!G=#$!^@<<@>)!K=!#&@F$!KO$@#!'#@K@'&<!=Z@>@=>!=>!
KO$!'O&K!#==G!=#!S@F'NFF@=>!%=#NG(!9>!KO@F!'&F$!G=S$#>!Z=<@K@'@&>!GNFK![$!&^&#$!=%!
KO@F! \@#KN&<! ZN[<@'! FZO$#$! Z=^$#! @%! O$! =#! FO$! ^&>KF! K=! '=G$! NZ! K=! '=>K$GZ=#&#R!
'@K@D$>! $VZ$'K&K@=>F(! 9>! "=<&>S! Z&KO! =%! $B)=\$#>G$>K! S$\$<=ZG$>K! ^&F! >=K! F=!
FG==KO(!+F!%@>S@>)F!%#=G!KO$!Z#$\@=NF!#$F$&#'O!'=>%@#G!KO$F@F!&[=NK!<=^!$BF$#\@'$F!
S$\$<=ZG$>K!&K!KO$![$)@>>@>)!&>S!$\$>!<&'A!=%!KO$G!@>!F=G$!#$)@=>F!=%!"=<&>S(!/=^!
^$!'&>!=[F$#\$!KO$!#&Z@S!)#=^KO!=%!94-!@>!"=<&>S!&>S!@KF!\@FN&<!@GZ&'K!=>!KO$!<='&<!
S$G='#&'R! FO&Z@>)! Z#='$FF(! M$! '&>! =%! '=N#F$! S@F'NFF! [=KO! F@S$F! =%! KO@F! @GZ&'K! ʹ!
Z=F@K@\$!&>S!>$)&K@\$(!+''=#S@>)!K=!'&F$F!G$>K@=>$S!@>!KO$!Z&Z$#!9!^@<<!K#R!K=!Z#$F$>K!
F=G$! @GZ=#K&>K! S@)@K&<! @>@K@&K@\$F! [$@>)! @>K#=SN'$S! @>! "=<&>S! =>! KO$! <$\$<! =%! <='&<!
S$G='#&'R(! 9K! @F! ^=#KO! K=! Z#$F$>K! F=G$! &'K@=>F! ^O@'O! &#$! [$@>)! @>K#=SN'$S! K=!
@GZ#=\$!&SG@>@FK#&K@=>!&>S!@>%=#G&K@=>!FRFK$G!&F!%=#!$V&GZ<$1!$B'=GGN>$!FRFK$G!
c[$@>)! @GZ<$G$>K$S! @>! S@%%$#$>K! '@K@$F! @>! "=<&>S! ʹ! KO$! $B'=GGN>$! ! @F! >=K! =><R!
Z#$F$>K&K@=>! =%! @>%=#G&K@=>6! [NK! @K! @F! G&@><R! g\@#KN&<! =%%@'$gdh! #$)@=>&<! @>%=#G&K@=>!
Z=#K&<F! c$)(! 2=[&! $K'(d(! 9K! @F! &<F=! @GZ=#K&>K! K=! S$F'#@[$! KO$! ! @GZ#=\$G$>K! =%!
'=GGN>@'&K@=>! [$K^$$>! <='&<! Z=<@K@'@&>F! &>S! KO$@#! \=K$#F! ʹ! $B'=GGN>@'&K@=>6! $B
'=>FN<K&K@=>!c$)(![<=)Fh!S@F'NFF@=>!%=#NGFd(!!
!
@)=9/(48A!<='&<!)=\$#>G$>Kh!<='&<!'=GGN>@KRh!'=GGN>$h!ZN[<@'!FZO$#$h!94-h!<='&<!$B
S$G='#&'Rh!'@\@'!Z&#K@'@Z&K@=>h!<='&<!$B)=\$#>G$>K(!
!
!
"13(/4B,37/1!
9K!@F!^$<<!&!A>=^>!%&'K!KO&K!@>%=#G&K@=>!@F!KO$!G=FK!^&>K$S!)==S!@>!KO$!^=#<S(!+''$FF!
&>S! '=>K#=<! =%! KO$! @>%=#G&K@=>! FK#$&G! S$K$#G@>$F! KO$! S$\$<=Z@>)! Z=^$#! #$<&K@=>F(!
;@GZ<R!ZNK6!KO=F$!^O=!O&\$!@>%=#G&K@=>!Z=FF$FF!&!A@>S!=%!Z=^$#!^O@'O!$>&[<$F!KO$G!
K=!NF$!KO$!@)>=#&>'$!=%!=KO$#F!K=!)&@>!&S\&>K&)$!=\$#!KO$G(!7=^$\$#6!@K!>$$SF!K=![$!
F&@S! KO&K! @>%=#G&K@=>! O&F! K=! [$! K#N$! &>S! #$<@&[<$(! 9>! O@F! S@F'NFF@=>F! =>! @>%=#G&K@=>!
ƐŽĐŝĞƚLJ͕ <ůƵƐnjĐnjLJŷƐŬŝ ŐŽĞƐ ĞǀĞŶ ĨƵƌƚŚĞƌ ĂŶĚ ƐƚĂƚĞƐ ƚŚĂƚ ŵŽƌĞ ĂŶĚ ŵŽƌĞ ĨƌĞƋƵĞŶƚůLJ͕
Z=^$#!@F!$`N&K$S!^@KO!KO$!&''$FF!=#!'=>K#=<!=\$#!@>%=#G&K@=>(!+''=#S@>)!K=!O@G6!KO@F!
ĂƉƉůŝĞƐ ƚŽ ĂůŵŽƐƚ Ăůů ĚŝƐĐŝƉůŝŶĞƐ ;<ůƵƐnjĐnjLJŷƐŬŝ ϮϬϬϭ͗ϭϮͿ͘ dŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ
G$S@&6! @>'<NS@>)! KO$! G&>>$#! &>S! FZ$$S! =%! @>%=#G&K@=>! K#&>F%$#6! '=>K#@[NK$S! K=! &>!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!"#=%$FF=#(! 8>@\$#F@KR! =%! .Z=<$6! 2$Z&#KG$>K! =%! "=<@K@'&<! ;KNS@$Fh! ;K#(! ]&K=^@'A&! EU6! J*BXPW! .Z=<$h!
"=<&>S(!!
@<=>&Bb[<i=H(Z<!j!kJE!PXU!*LU!HH*!
!
! ! !
N>S$>@&[<$!S$\$<=ZG$>K!=%!KO$!^=#<S(!-O$!#$FN<KF!=%!KO$!S@F'=\$#R!=%!Z#@>K!&#$!\@F@[<$!
$\$>!K=S&R!&>S!<@%$!^@KO=NK!&!K$<$ZO=>$6!#&S@=!=#!K$<$\@F@=>!F$$GF!&<G=FK!@GZ=FF@[<$(!
-O$! )#=^@>)! Z=ZN<&#@KR! =%! KO$! 9>K$#>$K6! ^O@'O! @>'=#Z=#&K$F! &<<! %$&KN#$F! =%! =KO$#!
G$S@&6! <$KF! NF! FZ$'N<&K$! =\$#! @KF! %NKN#$! &ZZ<@'&K@=>! &F! ^$<<! &F! @KF! %NKN#$! #=<$! @>! KO$!
O@FK=#R! =%! ONG&>@KR(! -O$! @S$&F! ^O@'O! '<&@G! KO&K! @K! ^@<<! [$'=G$! &! >$^! K==<! =%!
S$G='#&'R! &>S! ^@<<! @>%<N$>'$! @KF! %NKN#$! %=#G6! F$$G! K=! Z=FF$FF! F=G$! bNFK@%@'&K@=>(!
/=^&S&RF6!KO$!=>$B^&R!G$S@&6!^O@'O!&#$!'O&#&'K$#@FK@'!=%!G&FF!F='@$KR!&>S!@>'<NS$!
KO$! Z#$FF6! #&S@=! &>S! K$<$\@F@=>6! &#$! <=F@>)! ^@KO! @>K$#&'K@\$6! S@)@K&<! G$&>F! =%!
'=GGN>@'&K@=>(! /$^! @>%=#G&K@=>! &>S! '=GGN>@'&K@=>! K$'O>=<=)R! c94-d! G&R! F$#\$!
>=K!=><R!%=#!^=#A!=#!$>K$#K&@>G$>K6![NK!&<F=!%=#![N@<S@>)!NZ!KO$!F='@$KR(!M$!&FF='@&K$!
^@KO!94-!FN'O!O=Z$F!&F!$()(!K=!$VZ&>S!KO$!=ZZ=#KN>@K@$F!%=#!ZN[<@'!@>%=#G&K@=>!&[=NK!
KO$! @>K$>K@=>F! =%! KO$! )=\$#>G$>K! =#! KO$! @>'#$&F$! Z&#K@'@Z&K@=>! =%! '@K@D$>F! @>! '=B
S$'@F@=>!G&A@>)!&[=NK!KO$!FO&Z$!=%!KO$!FK&K$6!^O@'O!@F!Z&#K@'N<&#<R!@GZ=#K&>K!@>!KO$!
%&'$!=%!S$'<@>@>)!@>K$#$FK!K=!Z&#K@'@Z&K$!@>!ZN[<@'!<@%$(!-O$!@GZ&'K!=%!94-F!=>!Z=<@K@'&<!
Z#='$FF$F!&>S!FK&K$B'@K@D$>!#$<&K@=>!@F!S$K$#G@>$S![R!G$&>F!=%!FN'O!'=>'$ZKF!&F!K$<$B
S$G='#&'R6! S@)@K&<! S$G='#&'R6! 'R[$#BS$G='#&'R6! $BS$G='#&'R(! ,$)&#S<$FF! =%! KO$!
>&G$!&>S!F'=Z$!=%!KO$!'=>'$ZK6!'=GG=>!K=!KO$F$!'=>'$ZKF!@F!KO$![$<@$%!KO&K!\&#@=NF!
%$&KN#$F! =%! >$^! K$'O>=<=)@$F! ʹ! @>K$#&'K@\@KR6! %&FK$#! G=S$! =%! @>%=#G&K@=>6!
'=GGN>@'&K@=>! %$$S[&'A! ʹ! G&R6! @>! &! Z=F@K@\$! ^&R6! @>%<N$>'$! =>! S$G='#&K@'!
ŵĞĐŚĂŶŝƐŵƐ ;ŝĂųŽďųŽĐŬŝ͕ DŽƌŽnj ĂŶĚ EŽǁŝŶĂB]=>=ZA&! HXXJh! 4O&S^@'A! HXXPh! l@FF@F!
&>S!"&Z&S=Z=N<=N!HXXUh!/=^@>&B]=>=ZA&!HXXUh!4@>S@=!&>S!;'ON<$#!HXWHd(!!
!
0BS$G='#&'R!'&>!G&R![$!#$)&#S$S!&F!&ZZ<@'&K@=>!=%!94-!%=#!@>'#$&F$!Z&#K@'@Z&K@=>!=%!
'@K@D$>F!@>!S$G='#&K@'! Z#='$FF$F6![=KO!`N&>K@%@$S!&>S!@>!KO$!%=#G!=%!#$&<!@GZ&'K! =>!
KO$! %N>'K@=>@>)! =%! KO$! ZN[<@'! @>FK@KNK@=>F! $V$#K$S! [R! @>S@\@SN&<F(! 0VZ$#@G$>KF! =>! $B
S$G='#&'R! &#$! '&##@$S! =NK! F@>'$! IXF! =%! KO$! aa! '$>KN#R(! 2N#@>)! KO$F$! R$&#F! Z$=Z<$!
#$&'O$S!%=#!'&[<$!K$<$\@F@=>!&>S!<&K$#!%=#!K$<$K$VK(!0FF$>K@&<6!O=^$\$#!^&F!KO$!FZ#$&S!
ŽĨƚŚĞ/ŶƚĞƌŶĞƚƚŚĂƚĞŶĂďůĞƐĐŽŵŵƵŶŝĐĂƚŝŽŶ͚ŵĂŶLJƚŽŵĂŶLJ͕͛ĐƌĞĂƚĞƐƚŚĞƉŽƐƐŝďŝůŝƚLJƚŽ
S@F'NFF@=>!&>S!F@GN<K&>$=NF<R!@F!%#$$!%#=G!FZ&K@&<!&>S!K$GZ=#&<!'=>FK#&@>F(!-O@F!G&R!
&<<=^!%=#!'=FK!#$SN'K@=>!&>S!KO$!Z&#K@'@Z&K@=>!=%!G=#$!Z$=Z<$(!+K!%@#FK6!Z$=Z<$!^$#$!
%='NF$S!=>!Z#=\@S@>)!@>%=#G&K@=>!\@&!9>K$#>$K(!+SS@K@=>&<!Z=FF@[@<@K@$F!&#=F$!^@KO!KO$!
$G$#)$>'$! =%! M0?! H(X(! -O@F! @F! &! FZ$'@&<! A@>S! =%! F@K$F! KO&K! &#$! 'O&#&'K$#@D$S! [R!
@>K$#&<@&6! <&'A! =%! K#&S@K@=>&<! S@\@F@=>! %=#! '#$&K=#F! &>S! #$'$@\$#F! =%! &>>=N>'$G$>K! ʹ!
NF$#F! G&R! >=K! =><R! F$$! KO$! F@K$F! [NK! KO$R! '&>! &<F=! O$<Z! S$\$<=Z@>)! KO$G(! +>!
@GZ=#K&>K! %$&KN#$! =%! G=S$#>! M0?! H(X(! @F! <&#)$! @>K$#&'K@=>! [$K^$$>! 9>K$#>$K! NF$#F6!
=ZZ=#KN>@KR! K=! Z&#K@'@Z&K$! =>! %=#NGF6! Z=FK@>)! '=GG$>KF6! $K'(! $V&GZ<$F! =%! F@K$F!
@<<NFK#&K@>)!KO@F!ZO$>=G$>=>!&#$!FN'O!&F!=><@>$!$>'R'<=Z&$S@&!M@A@Z$S@&6![<=)F!&>S!
F='@&<!F@K$F(!!
!
7=^$\$#6! @%! ^$! FZ$&A! &[=NK! KO$! 9>K$#>$K! G$S@&! @>! KO$! '=>K$VK! =%! #$K&#S&K@=>6! ^$!
O&\$! K=! FK&K$! KO&K! KO$#$! S@S! K&A$! Z<&'$! &! S@FK=#K@=>! =%! #$<&K@=>F! [$K^$$>! K^=!
%N>'K@=>F! =%! KO$! G$S@&1! @>%=#G&K@\$! &>S! $SN'&K@=>&<(! C='&<! &NKO=#@K@$F! O&\$! @>S$$S!
'O&>)$S(! Y$#R! =%K$>6! @>FK$&S! =%! &>! @>FK@KNK@=>&<! &NKO=#@KR6! 'O=F$>! [R! &! )#=NZ! =%!
Z$=Z<$6! ^$! ^@K>$FF! KO$! '#$&K@=>! =%! &! >$^! ! F$<%B! &ZZ=@>K$S! &NKO=#@KR! ʹ! G=FK! =%K$>!
`N=K$S6!G=FK!=%K$>!FO=^>6!=#!KO$!=>$!^O@'O!G=FK!=%K$>!FZ$&AF(!;=G$K@G$F!@K!@F!&>!
&NKO=#@KR!=%!&!G&b=#@KR!=#!ʹ!@>!KO$!>$^F!G&K$#@&<!F$>K![R!KO$!NF$#!ʹ!=%!&>!$R$!^@K>$FF(!
MO$>! @K! @F! @>%=#G&K@=>! KO&K! Z#$\&@<F! @>! b=N#>&<@FK@'! G&K$#@&<F6! &! S@#$'K! $\@S$>'$! ʹ! &!
ZO=K=!=%!&!S$F'#@[$S!$\$>K!ʹ![$'=G$F!KO$!&NKO=#@KR(!-O$!Z#$F$>'$!=%!&!Z@'KN#$!@F!&!
Z#==%!KO&K! KO$! $\$>K! K==A! Z<&'$6! @K! F&>'K@=>F! KO$! $\$>K(! -O$#$%=#$6!=>! KO$! 9>K$#>$K6!
KO$!@FFN$!=%!'#$S@[@<@KR!=%!@>%=#G&K@=>!&>S!KO$!%=#G@>)!=%!=Z@>@=>!<==AF!S@%%$#$>K(!!
!
!
!
";<!+14!6/,+6!5B?67,!85:)()!ʹ!3:)/()37,+6!+85),38!
9K! F$$GF! KO&K! KO$! Z=K$>K@&<! =%! KO$! 9>K$#>$K! @F! N><@G@K$S! ^O$>! @K! '=G$F! K=! '#$&K@>)!
<='&<! '=GGN>@K@$F6! @>K$)#&K@>)! KO$G6! '#$&K@>)! FZ&'$! %=#! S$[&K$6! FZ&'$! %=#!
@>K$#\$>K@=>6! &>S! )#&FF#==KF! b=N#>&<@FG(! -O$! Z#=SN'K@=>! &>S! S@FK#@[NK@=>! =%! KO$!
G&K$#@&<F! NZ<=&S$S! K=! KO$! 9>K$#>$K! @F! >=K! $VZ$>F@\$6! F=! KO$=#$K@'&<<R! $\$#R=>$! '&>!
Z&#K@'@Z&K$!@>!&>!=><@>$!S$[&K$(!!!!
!
9%! ^$! K&A$! &!'<=F$#! <==A! &K! KO@F! @FFN$6! ^$! '&>! F$$! KO&K! &<KO=N)O! KO$! Z=FF@[@<@K@$F! &#$!
F@G@<!KO$!"=<@FO!^$[!cS$FZ@K$!KO$#$![$@>)!>=![=#S$#Fd6!S=$F!>=K!#$&<@D$!@KF!Z=K$>K@&<!
@>!KO$!F&G$!^&R!&F6!$()(!KO$!+G$#@'&>!^$[(!
!
-O$!%@#FK!=ZZ=#KN>@KR!^O@'O!KO$!9>K$#>$K!'#$&K$F!@F!KO$!'O&>'$!K=!'#$&K$!<='&<!S$[&K$!
%=#NG(! 9K! @F! &! '=GGN>@KR! =%! Z$=Z<$! ^O=! <@\$! @>! KO$! F&G$! Z<&'$6! )=! K=! KO$! F&G$!
@>FK@KNK@=>F!K=!K&A$!'&#$!=%!=%%@'@&<!G&KK$#F6!Z$=Z<$!K=!^O=G!&ZZ<R!KO$!F&G$!#N<$F!F$K!
[R!KO$!&NKO=#@K@$F6!Z$=Z<$!^O=!S=!KO$!FO=ZZ@>)!@>!KO$!F&G$!Z<&'$F!$K'(!!
!
-O$!9>K$#>$K!&<F=!&<<=^F!K=!'#$&K$!>$^!'=GGN>@K@$F6!KO$!G$G[$#F!=%!^O@'O!G&R![$!
F'&KK$#$S! &<<! &#=N>S! KO$! ^=#<S(! :$=)#&ZO@'&<! Z#=V@G@KR! @F! >=K! #$`N@#$S(! 9K! @F! &>!
͚ŝŵĂŐŝŶĞĚĐŽŵŵƵŶŝƚLJ͛ŽƌĂ͚ĐŽŵŵƵŶŝƚLJǁŝƚŚŽƵƚƉƌŽdžŝŵŝƚLJ͕͛ĐŽŶƐŝƐƚŝŶŐŽĨƉĞŽƉůĞǁŚŽ
O&\$! >$\$#!G$K! [NK! $>K$#!@>K=!G=#$! @>K@G&K$!#$<&K@=>F!@>!KO$!\@#KN&<!^=#<S6!KO&>!@>!
#$&<@KR! ^@KO! KO$! Z$=Z<$! <@\@>)! @>! KO$!F&G$! K=^>!=#! O=NF$! c?&#>$R!HXXPd(! 9K! @F!^=#KO!
ŶŽƚŝŶŐ ƚŚĂƚ ŝŶ Ă ǁĂLJ͕ ƚƌĂĚŝƚŝŽŶĂů ůŽĐĂů ŵĞĚŝĂ ĂůƐŽ ŝŶƚĞŐƌĂƚĞ ͚ŝŵĂŐŝŶĞĚ ĐŽŵŵƵŶŝƚŝĞƐ͛
[$'&NF$!G=FK!Z$=Z<$!<@\@>)!@>!&!)@\$>!#$)@=>!=#!K=^>!Z$#'$@\$!KO$GF$<\$F!&F!&!Z&#K!=%!
KO$!'=GGN>@KR!=><R!@>!KO$@#!G@>SF!&>S!#&#$<R!$>K$#!@>K=!S@#$'K!@>K$#&'K@=>!^@KO!$&'O!
ŽƚŚĞƌ ;ŶĚĞƌƐŽŶ ϮϬϬϲͿ͘ hƌƌLJ͕ ĚĞůŝďĞƌĂƚŝŶŐ ŽŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ŵŽďŝůŝƚLJ ŝŶ ͚ŶĞƚǁŽƌŬ
ƐŽĐŝĞƚLJ͕͛ŶŽƚŝĐĞĚƚŚĂƚĞůůĂŶĚEĞǁďLJ;ϭϵϳϲͿŚĂǀĞŝĚĞŶƚŝĨŝĞĚƚŚƌĞĞƵƐĞĨN<!'&K$)=#@$F!
'=>'$#>@>)! KO$! G$&>@>)! =%! KO$! '=GGN>@KR1! Z#=V@G@KR6! <='&<@KR6! &>S! '=GGN>@KR(!
-O$F$!'&K$)=#@$F!&#$!&<F=!NF$%N<!@>!KO$!S@F'NFF@=>!=%!KO$!<='&<!G$S@&6![$'&NF$!=>$!'&>!
@S$>K@%R!S@%%$#$>K!A@>SF!=%!G$S@&!NF$S!%=#!'=GGN>@'&K@=>![R!&!)@\$>!'=GGN>@KR(!!
!
9K! @F! ^=#KO! >=K@>)! KO&K! &<=>)! KO$! \@#KN&<! '=GGN>@K@$F6! KO$#$! FK@<<! $V@FK! <='&<!
'=GGN>@K@$F! ^O@'O! %N>'K@=>! [=KO! @>! KO$! #$&<! ^=#<S! &>S! =><@>$6! &>S! '=GGN>@K@$F!
^O@'O! %N>'K@=>! =><R! @>! KO$! <='&<! #$&<@KR! S$FZ@K$! O&\@>)! KO$! #$`N@#$S! K==<F! &>S!
Z=FF@[@<@K@$F! K=! '#$&K$!\@#KN&<! '=GGN>@KR(! -O$#$! &#$! &<F=! '=GGN>@K@$F! ^O@'O! S=! >=K!
O&\$!&''$FF!K=!S@)@K&<!K==<F![$'&NF$!KO$R!$@KO$#!S=!>=K!%$$<!KO$!>$$S!K=!NF$!KO$G6!=#!
ƚŚĞLJĂƌĞ͞ĚŝŐŝƚĂůůLJĞdžĐůƵĚĞĚ͟ĂŶĚŚĂǀĞŶŽĂĐĐĞƐƐƚŽƚŚĞƚĞĐŚŶŽůŽŐLJ͘!
!
+>=KO$#!Z=K$>K@&<!=%!KO$!9>K$#>$K!@F!&!Z=FF@[@<@KR!K=!%@<<!KO$!)&Z!@>!KO$!K#&S@K@=>&<!G$S@&!
ŵĂƌŬĞƚ͘ tŚĞƌĞ ƚŚĞƌĞ ŝƐ Ă ůĂĐŬ ŽĨ ͞ŽĨĨŝĐŝĂů͟ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƚŚĞƌĞ ĂƌĞ ƚŽŽ ĨĞǁ
b=N#>&<@FKF!@>!#$G=K$!Z<&'$F6!@K!@F!Z=FF@[<$!K=!'#$&K$!'=GGN>@'&K@\$!Z<&K%=#G!=>!KO$!
9>K$#>$K!^O@'O!^=N<S![$![&F$S!=>![=KK=GBNZ!@>@K@&K@\$!'=G@>)!%#=G!KO$!'@K@D$>F(!!
!
9K! @F! S$[&K$S6! O=^$\$#6! ^O$KO$#! 94-! @F! &>! &ZZ#=Z#@&K$! G$S@NG! K=! @GZ#=\$! KO$!
S$G='#&K@'! Z#='$FF$F! &>S! [N@<S! Z#=Z$#! ZN[<@'! FZO$#$(! +F! @F! =%K$>! KO$! '&F$! ^O$>! &!
>$^!G$S@NG!@F!@>K#=SN'$S6!KO$!S@F'NFF@=>![$'=G$F!Z=<&#@D$S(!9>!=>$!#@>)!'=#>$#!&#$!
KO$!F=BĐĂůůĞĚ͞ŶĞŽĨƵƚƵƌŝƐƚƐ͕͟ǁŚŽƐĞĞƚŚĞŵĂŶLJƉŽƐƐŝďŝůŝƚŝĞƐƚŚĞŶĞǁŵĞĚŝƵŵŽĨĨĞƌƐ
KO$!@>S@\@SN&<F![=KO!^@KO!#$)&#S!K=!)$K!G=#$!@>%=#G&K@=>!&>S!K=!F@)>&<!Z#$%$#$>'$F!K=!
ƚŚĞĂƵƚŚŽƌŝƚŝĞƐ͘/ŶƚŚĞŽƚŚĞƌĐŽƌŶĞƌĂƌĞƚŚĞ͞ĚLJƐƚŽƉŝĂŶƐ͕͟ǁŚŽĐůŝŶŐƚŽƚŚĞ͞ĨĂĐĞBK=B
ĨĂĐĞ͟ ƉŽůŝƚŝĐĂů ĚŝĂůŽŐƵĞ͕ ĂŶĚ ǁŚŽ ƐĞĞ ĚŝŐŝƚĂůŝnjĞĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĂƐ Ă ƚŚƌĞĂƚ ƚŽ ƚŚĞ
'=#$! \&<N$F! =%! S$G='#&'R! cM@<O$<G! HXXXd(! ?NK! KO$! &>F^$#! @F! >=K! >$'$FF&#@<R!
͞ĞŝƚŚĞƌͬŽƌ͘͟/dʹ!<@A$!=KO$#!>$^!K$'O>=<=)@$F!ʹ!&%%$'KF!KO$!=#)&>@D&K@=>!=%!Z=<@K@'F1!94-!
FO&KK$#F! KO$! K$##@K=#@&<! [=#S$#F! ^@KO@>! ^O@'O! Z=<@K@'F! O&\$! Z#@G&#@<R! [$$>! =#)&>@D$S!
!
! ! !
&>S! @K! [#$&AF! &^&R! %#=G! Z=<@K@'&<! =#)&>@D&K@=>! &>S! '=GGN>@'&K@=>! [&F$S! =>!
&FF='@&K@=>F6! Z&#K@$F! &>S! G$$K@>)F! &F! ZN[<@'! %=#NGF(! +! F'@$>K@%@'! S$F'#@ZK@=>! &>S!
&>&<RF@F!=%!KO$F$!K$>S$>'@$F!^@<<!Z#=\@S$!&![&F@F!%=#!&>!$\&<N&K@=>!=%!KO$!>$^!G$S@NG!
&>S! @KF! Z=FF@[@<@K@$F(!-$FKF![&F$S! =>! @>\=<\@>)! <='&<! '=GGN>@K@$F! @>! Z=<@K@'&<! S$[&K$F!
&>S! S$'@F@=>! G&A@>)! \@&! 94-! &K! KO$! [$)@>>@>)! =%! KO$! K^$>KR! %@#FK! '$>KN#R! FO=^$S!
S@\$#F@%@$S!@>K$#$FK$S!%#=G!KO$!'@K@D$>F!F@S$!&>S!KO$!#$F$&#'O$#!O&S!S@%%$#$>K!=Z@>@=>!
&[=NK!KO$!S@)@K&<!ZN[<@'!FZO$#$!&K!KO$!<='&<!<$\$<!cM@<O$<G!HXXX6!HXXJh!7=%%6!7=##='AF!
&>S!-=ZF!HXXX6!/=##@F!HXXWd(!-O$!%@#FK!$VZ$#@$>'$F!=%!\@#KN&<!'=GGN>$!=#!'@KR!^$#$!
S#@\$>! %#=G! KO=F$! '=N>K#@$F! ^O@'O! ^$#$! %&G@<@&#! ^@KO! O@)O<R! &S\&>'$S!
'=GGN>@'&K@=>! K$'O>=<=)@$F! c$()(1! KO$! 8;+! m4&<@%=#>@&n6! KO$! /$KO$#<&>SF!
m+GFK$#S&Gn6! :$#G&>R! m?$#<@>n6! 2$>G&#A! m_NK<&>Sn6! ;^$S$>! m:=KO$>[N#)nd(!
/=^&S&RF! ^$! '&>! F$$! S=D$>F! =%! @>@K@&K@\$F! [$@>)! K&A$>! =>! KO&K! %@<$S! @>! S@%%$#$>K!
'=N>K#@$F![=KO!@>!'=N>K#@$F!^@KO!O@)O<R!S$\$<=Z$S!94-!&>S!<=>)!S$G='#&K@'!K#&S@K@=>!
c$()(1! /=#^&R! m3=S&<$>6! +)S$#6! C&#\@A6! 3=<S$nh! Q@><&>S! m-&GZ$#$nd! &>S! KO=F$! ^@KO!
#$[=#>! S$G='#&'R! &>S! &\$#&)$! 94-! S$\$<=ZG$>K! c$͘Ő͗͘ WŽůĂŶĚ DĂųŽƉŽůƐŬĂ͕ >ŽǁĞƌ
;@<$F@&nh!KO$!4D$'O!,$ZN[<@'!m"#&)N$6!?#>=nd(!M@KO!KO@F!#&Z@S<R!)#=^@>)!K#&>F%=#G&K@=>!
=%!KO$!<='&<!)=\$#>&>'$!FK#N'KN#$6!KO$!#$F$&#'O$#F!FO=^!<$FF!<$\$<!=%!F'$ZK@'@FG!&[=NK!
94-![$@>)!NF$S!&F!=>$! =%!KO$! G&@>!K==<F!=%!KO&K!K#&>F%=#G&K@=>!KO&>!@K!O&S![$$>!&K!
KO$! [$)@>>@>)! =%! KO&K! Z#='$FF! c.#@ON$<&! &>S! .[@! HXXIh! _$@KD@>$#! HXXUh! 3$@$#! HXXUd(!
+>&<RF@>)! KO$! @>%<N$>'$! =%! KO$! 94-! =>! KO$! S$G='#&'R! ^$! &#$! &[<$! K=! F$$! KO&K! >$^!
'=GGN>@'&K@=>!K$'O>=<=)@$F!G&R!@>'#$&F$!&''$FF!K=!Z=<@K@'&<!S$'@F@=>!G&A$#F!&>S6!@>!
&! [#=&S$#! F$>F$6! '=>K#@[NK$! K=! ZN[<@'! =Z@>@=>! %=#G&K@=>! [=KO! =>! )<=[&<! &F! ^$<<! &F!
<='&<! @FFN$F(! -O$! A$R!$<$G$>K! @F! KO&K! KO$! 9>K$#>$K! O&F! &! <=^! KO#$FO=<S1! 94-!G&A$F! @K!
ŵƵĐŚĞĂƐŝĞƌĨŽƌ͞ŽƌĚŝŶĂƌLJƉĞŽƉůĞ͟ƚŽŐĞƚƚŚƌŽƵŐŚǁŝƚŚƚŚĞŝƌŵĞƐƐĂŐĞƐƚŚĂŶĂŶLJŽƚŚĞƌ
G$S@NG(!?NK!^O$>!@K!'=G$F!K=!S@&<=)N$!&>S!S$[&K$!=>!KO$!>$K6!KO$!$VZ$#@$>'$F!&#$!
G=#$!G@V$S(!4=GGN>@'&K@=>!^@KO@>!&!S$<@G@K$S!)#=NZ6!%=#!@>FK&>'$!&!Z=<@K@'&<!Z&#KR!
=#)&>@D&K@=>6!)@\$F!KO$![$FK!#$FN<KF(!9>!'=>K#&FK6!<&#)$6!=Z$>!S$[&K$!%=#NGF!&#$!G=#$!
'=GZ<@'&K$S(! 9%! KO$! Z&#K@'@Z&>KF! &#$! >=K! '=GG@KK$S6! KO$! `N&<@KR! =%! KO$! S@F'NFF@=>F!
FN%%$#F6!&>S!&F!&!'=>F$`N$>'$!KO$!S$[&K$F!S@$!=NK!`N@'A<R(!;=G$!S$[&K$F!O&\$!O&S!&!
G=#$! N>'@\@<@D$S! K=>$! KO&>! ^$! &#$! NF$S! K=! @>! ZN[<@'! S$[&K$F6! =%K$>! @>FK@)&K$S! [R!
&>=>RG=NF!'=>K#@[NK@=>F!=#!'=>K#@[NK@=>F!N>S$#!%&<F$!>&G$(!Q@>&<<R6!=>!KO$!>$)&K@\$!
F@S$6!#@)OK!^@>)!$VK#$G@FK!)#=NZF!O&\$!NF$S!F=G$!S@F'NFF@=>!%=#NGF!K=!FZ#$&S!#&'@FK!
ŵĞƐƐĂŐĞƐ͘dŚĞ/ŶƚĞƌŶĞƚ͛ƐůŽǁĨƌĞĞƐƉĞĞĐŚƚŚƌĞƐŚŽůĚƚŚĂƚƐŚŽƵůĚďĞĂĐůĞĂƌĚĞŵŽĐƌĂƚŝĐ
&S\&>K&)$6!'&>6!N>%=#KN>&K$<R6!&<F=![$!&!Z#=[<$G(!
!
.%! '=N#F$6! KO$#$! &#$! &<F=!G&>R! Z=F@K@\$! $VZ$#@$>'$F! %#=G! KO$! >$KB[&F$S! S$[&K$(! 9>!
Z&#K@'N<! [=KO! F'=Z$! &>S! `N&<@KR! &#$! &%%$'K$S! ^O$>! '@K@D$>F! O&\$! &! 'O&>'$! K=!
[$'=G$!@>\=<\$S!@>!FZ$'@%@'!@FFN$F6!^O@'O!KO$!Z=<@K@'@&>F!&#$!KO$>!%=#'$S!K=!S$&<!^@KO(!
9>! KO$F$! '&F$F6! KO$! >$K! %N>'K@=>F! &F! &>! $VK#&! 'O&>>$<! @>! &SS@K@=>! K=! G$$K@>)F6!
Z$K@K@=>F6! $K'(! -O$! FN''$FF! '#@K$#@=>! ^O$>! @K! ^@<<! [$! &FF$FF$S! KO$! F'=Z$! =%! KO$! >$K!
S$[&K$! S=$F! >=K! O&\$! K=! [$! WXX! Z$#'$>K! Z&#K@'@Z&K@=>h! GN'O! <$FF! ^@<<! S=(! 9>!
'=GZ&#@F=>6! =><R! &! FG&<<! G@>=#@KR! ^#@K$F! <$KK$#F! K=! KO$! $S@K=#! =#! K&A$! KO$! %<==#! &K!
ZN[<@'!G$$K@>)F(!3=#$=\$#6!F=G$!=%!KO$!Z&#K@'@Z&>KF!@>!KO$!>$K!S$[&K$!^=N<S!>$\$#!
^#@K$! &! <$KK$#! K=! KO$! $S@K=#! =#! FZ$&A! =NK! ʹ! %=#! KO$! F@GZ<$! #$&F=>! KO&K! KO$R! S=! >=K!
FN[F'#@[$!K=!&!>$^FZ&Z$#!=#!&KK$>S!ZN[<@'!G$$K@>)F(!Q@>&<<R6!FN''$FF!=#!%&@<N#$!'&>>=K!
ďĞ͞ŵĞĂƐƵƌĞĚ͟ŽŶůLJďLJƚŚĞŶƵŵďĞƌŽĨĂĐƚŝǀĞƉĂƌƚŝĐŝƉĂŶƚƐ͕ďƵƚŵƵƐƚĂůƐŽďĞŵĞĂƐƵƌĞĚ
[R!O=^!G&>R!Z$=Z<$!\@F@K!KO$!^$[F@K$F!@>!`N$FK@=>!&>S!A$$Z!@>%=#G$S!=>!KO$!S$[&K$!
c3@<<&#S!HXXPh!"=#^=<6!.f2=>=)ON$!&>S!?#$F<@>!HXWHd(!!
!
-O$! %$&KN#$! =%! KO$! 9>K$#>$K! @F! KO$! Z=FF@[@<@KR! =%! [@<&K$#&<! '=GGN>@'&K@=>6! ^O@'O! @F!
@>K$#&'K@\$(!9>!=KO$#!^=#SF6!KO$!9>K$#>$K!@F!>=K!=><R!&!G$S@NG!=%!@>%=#G&K@=>6![NK!@K!
&<F=! =%%$#F! &! FZ&'$! %=#! S@F'NFF@=>! &>S! S$[&K$! &G=>)! Z$=Z<$! =#! $>K@K@$F! KO&K! &#$!
!
ZORF@'&<<R! %&#! &Z&#K(! ?$'&NF$! =%! KO&K! KO$! 9>K$#>$K! @F! [$'=G@>)! &! )==S! K==<! %=#!
S$G='#&K@'! Z&#K@'@Z&K@=>(! 7$>'$6! KO$#$! &#$! \$#R! O@)O! $VZ$'K&K@=>F! =>! KO$!
'=>F$`N$>'$F!%=#!S$G='#&'R6![R!KO$!@>K#=SN'K@=>!=%!KO@F!G$S@NG!c-=#Z$!&>S!/@$<F$>!
HXXJh!7&#)@KK&@!&>S!M&<$bA=!HXXEh!4N<<$>!HXWXd(!
!
MO$>!^$!<==A!'<=F$#!&K!KO$!<='&<!)=\$#>&>'$!&'#=FF!0N#=Z$!^$!'&>!'<$&#<R!F$$!KO&K!
ĚŝĨĨĞƌĞŶƚǁĂLJƐŽĨƐƚƌĞŶŐƚŚĞŶŝŶŐĐŝƚŝnjĞŶƐ͛ƚƌƵƐƚŝŶůŽĐĂůĂƵƚŚŽƌŝƚŝĞƐĂŶĚƚŚĞĐƌĞĂƚŝŽŶŽĨ
Z<&K%=#GF! =%! ZN[<@'! S@&<=)N$! &#$! @GZ=#K&>K! %&'K=#F! KO&K! FO&Z$! '=>K$GZ=#&#R!
S$G='#&'R(! C='&<! '=GGN>@K@$F! F$&#'O! %=#! F=<NK@=>F! KO&K! ^@<<! O$<Z! @>! #$&<@D&K@=>! KO$!
$FF$>K@&<! Z#@>'@Z<$F! =%! '=GGN>@KR! '=GGN>@'&K@=>! ^O@'O! &#$! ZN[<@'! K#NFK! &>S! F='@&<!
S@&<=)N$(!?=KO!=%!KO=F$!$<$G$>KF!FK#$>)KO$>!KO$!F$>F$!=%!#$FZ=>F@[@<@KR!%=#!KO$!#$)@=>!
^O&K! Z=F@K@\$<R! @>%<N$>'$F! KO$! `N&<@KR! =%! KO$! <='&<! )=\$#>&>'$! &>S! &<<! =KO$#!
@>FK@KNK@=>F!KO&K!'#$&K$!KO$!<='&<!ZN[<@'!FZO$#$!c3@<<&#S!HXXPh!C$$!&>S!]@G!HXWHd(!9>!
KO$!HWFK!'$>KN#R6!'$>KN#R!=%!KO$!S@)@K&<!'=GGN>@'&K@=>!#$@)>! KO$!&[=\$!>$$SF!GNFK!
[$! #$&<@D$S! [R! '#$&K@>)! &! FN%%@'@$>K! S@)@K&<! '=GGN>@'&K@=>! Z<&K%=#GF(! +F! KO$!
S@)@K&<@D&K@=>! Z#='$FF! O&F! S@\$#F$! '=N#F$! @>! S@%%$#$>K! 'N<KN#$F! F=! @K! @F! ^=#KO! K=! S=!
F=G$!FKNS@$F(!!
!
0BĚĞŵŽĐƌĂĐLJ ƌĞůĂƚĞƐ ƚŽ ƚŚŽƐĞ ƵƐĞƐ ŽĨ /d͛Ɛ ǁŚŝĐŚ ƉƌŽǀŝĚĞ ĞŝƚŚĞƌ ŶŽǀĞů Žƌ ŵŽƌĞ
$%%@'@$>K6!Z#&'K@'&[<$!G$&>F!%=#!'@K@D$>F!K=!$V$#'@F$!@>%<N$>'$!@>!KO$!)=\$#>@>)!Z#='$FF(!
/Ŷ ŽƚŚĞƌ ǁŽƌĚƐ͕ ƚŚŝƐ ƚĞƌŵ ĂƉƉůŝĞƐ ǁŚĞŶ /d͛Ɛ ĂƌĞ ƵƐĞĚ ƚŽ ƌĞǀŽůƵƚŝŽŶŝnjĞ ƚŚĞ
#$<&K@=>FO@Z![$K^$$>!'@K@D$>!&>S!#$Z#$F$>K&K@\$(!!
!
-O$! ^@S$FZ#$&S! &\&@<&[@<@KR! G$&>F! @>! Z#&'K@'$! KO&K! KO=F$! ^@KO! KO$! #$F=N#'$F! &>S!
ZORF@'&<! &[@<@KR! K=! &''$FF! KO$! K$'O>=<=)R! O&\$! KO$! =ZZ=#KN>@KR! K=! Z&#K@'@Z&K$(!
QN#KO$#G=#$6! KO$! 9>K$#>$K! )@\$F! KO$! =ZZ=#KN>@KR! %=#! @>K$#&'K@\@KR6! &! [$KK$#!
)$=)#&ZO@'&<! FZ#$&S6! G=#$! =Z$>! &SG@>@FK#&K@=>! &>S! )#$&K$#! =ZZ=#KN>@KR! %=#! '@\@'!
Z&#K@'@Z&K@=>(!-O$F$!&#$!@>!&>R!'&F$6!KO$!$VZ$'K&K@=>F!&FF='@&K$S!^@KO!KO$!9>K$#>$K!&F!
&! K$'O>=<=)R(! -O$! 9>K$#>$K! '&>! Z#=\@S$! =ZZ=#KN>@K@$F! %=#! S$G='#&K@'! Z&#K@'@Z&K@=>6!
[NK!KO$!K$'O>@'&<!Z=FF@[@<@K@$F!KO$GF$<\$F!S=!>=K!<$&S!K=!@K(!
!
"&#K@'@Z&K@=>! @F! =>$! =%! KO$! G=FK! @GZ=#K&>K! $<$G$>KF! =%! S$G='#&'R! &>S! @F! '<=F$<R!
&FF='@&K$S!^@KO!&!>NG[$#!=%!Z#='$FF$F!KO&K!<@>A!^@KO!'=GGN>@'&K@=>!&>S!KO$!&''$FF!
K=!F='@&<!S$'@F@=>BG&A@>)!Z#='$FF$F(!-O$F$!Z#='$FF$F!K=!&!)#$&K$#!=#!<$FF$#!$VK$>K!NF$!
94-! K$'O>=<=)@$F! &>S! KO$! 9>K$#>$K! &F! &>! &@S6! $\$>! KO=N)O! KO$R! KO$GF$<\$F! &#$! >=K!
S$Z$>S$>K! =>! KO$! 9>K$#>$K(! -O$F$! K$'O>=<=)@$F! =%%$#! KO$! Z=K$>K@&<! %=#! @>K$#&'K@\@KR!
&>S!'&>!'#$&K$!>$^!%=#GF!=%!S$G='#&K@'!S@&<=)N$![$K^$$>!KO$!#$F@S$>KF!KO$GF$<\$F6!
#$G=K$!=#)&>@D&K@=>F!&>S!#$Z#$F$>K&K@\$F!=%!KO$!'@K@D$>F(!9>![#=&S!K$#GF!^$!'&>!F&R!
KO&K!KO$!Z=<@'R!'=\$#F!KO$!&'K@\@K@$F6!^O@'O!^$!N>S$#K&A$!&F!'@K@D$>F!K=!F=<\$!Z#=[<$GF!
'=>'$#>@>)! KO$! '=GGN>@KR! =#! )#=NZ! @>K$#$FKF(! 9GZ=#K&>'$! KO&K! 7&[$#G&F! cWUEUd!
&KK&'O$F!K=!ZN[<@'!S@F'=N#F$!&F!&!G$&>F!K=!&'O@$\$!'=>F$>FNF!=#!&K!<$&FK!KO$!S$'@F@=>!
K&A$>![R!KO$!G&b=#@KR6!@F!KO$!'=#>$#FK=>$!=%!S$G='#&'R(!!
!
-O@F!\@$^!@F![&F$S!=>!KO$!&FFNGZK@=>!KO&K!>=!F@>)<$!Z$#F=>!O&F!A>=^<$S)$!=%!&<<!KO$!
S&K&6!>=#!'&>!@K!K&A$!@>K=!&''=N>K!&<<!KO$!'=>F$`N$>'$F!=%!KO$!)@\$>!F=<NK@=>!=#!Z=<@'R(!
-O$! @GZ=#K&>'$! &KK#@[NK$S! K=! S@)@K&<! K$'O>=<=)R! S$Z$>SF! =>! O=^! @K! S$%@>$F! KO$!
'=>'$ZK! =%! S$G='#&'R(! -O$! KO$=#@$F! &[=NK! S@#$'K! S$G='#&'R6! S@F'N#F@\$! &>S!
'=GZ$K@K@\$!#$<&K@=>FO@Z![$K^$$>!S$G='#&'R!&>S!K$'O>=<=)R!@F!O&>S<$S!@>!S@%%$#$>K!
^&RF!c4O#@FK$>F$>!&>S!+&#F!HXXHh!M$[$#!HXXLh!,=F$!HXXJh!:#o><N>S!&>S!+>S$#F=>!
HXXIh!?&<S$#FO$@G!&>S!p)q#S!HXXIh!7&N)!HXXIh!2&O<&#)$>!HXXUd(!
!
!
! ! !
M$! '&>! '=G$! &'#=FF! KO$! %=<<=^@>)! KRZ$F! =%! S$G='#&'R! ^O@<$! FKNSR@>)! KO$=#R!
c4O#@FK$>F$>!&>S!+&#F!HXXHh!7$<S!HXXPh!3NKD!HXXPh!7&N)!HXXId1!Wd!S@#$'K!S$G='#&'R1!
)=&<!B!KO$!F=\$#$@)>KR!=%!&!>&K@=>j!KO$!$`N&<@KRh![&F@F!=%!<$)@K@G&'R!B!S$'@F@=>F!=%!KO$!
G&b=#@KRh!#=<$!=%!'@K@D$>F!B!S$'@F@=>BG&A@>)h!KO$!G&>S&K$!=%!#$Z#$F$>K&K@\$F!ʹ!#$<&K$Sh!
KO$!G=FK!@GZ=#K&>K!$<$G$>K!@>!KO$!NF$!=%!94-!ʹ!S$'@F@=>Fh!Hd!'=GZ$K@K@\$!S$G='#&'R1!
)=&<! B! @>S@\@SN&<! %#$$S=Gh! [&F@F! =%! <$)@K@G&'R! B! O&<@>)! K=! &''=N>Kh! #=<$! =%! '@K@D$>F! ʹ!
$<$'K=#&K$h!KO$!G&>S&K$!=%!#$Z#$F$>K&K@\$F!ʹ!N>[=N>Sh!KO$!G=FK!@GZ=#K&>K!$<$G$>K!
@>! KO$! NF$! =%! 94-! ʹ@>%=#G&K@=>h! Ld! S@F'N#F@\$! S$G='#&'R1! )=&<! ʹ! &NK=>=GRh! [&F@F! =%!
<$)@K@G&'R! B! KO$! ZN[<@'! S$[&K$! #=<$! =%! '@K@D$>F! B! =Z@>@=>B%=#G@>)h! KO$! G&>S&K$! =%!
#$Z#$F$>K&K@\$F! ʹ! @>K$#&'K@\$h! KO$! G=FK! @GZ=#K&>K! $<$G$>K! @>! KO$! NF$! =%! 94-! ʹ!
S@F'NFF@=>(!
!
-O$!&[=\$BG$>K@=>$S!\@$^F!=>!S$G='#&'R!O&\$!S@%%$#$>K!@GZ<@'&K@=>F!%=#!KO$!NF$!=%!
K$'O>=<=)R! @>! S$G='#&'R(! -O$! @FFN$F! =>! S@#$'K! S$G='#&'R! =>! KO$! 9>K$#>$K! &>S! KO$!
Z$#%=#G&>'$! =%! S$G='#&K@'! Z#@>'@Z<$F! &#$! ^@S$<R! S@F'NFF$S! [R! KO$! FNZZ=#K$#F(!
-$'O>=<=)R!@F!&FF@)>$S!KO$!A$R!#=<$6!@K!@F!&!'=#>$#FK=>$!=%![#=&S$#!Z&#K@'@Z&K@=>!&>S!@K!
@F! F&@S! K=! [$! &>!=ZZ=#KN>@KR! K=! G=\$! &^&R! %#=G! KO$! =<S! O@$#&#'OR! &>S! KO$! @>S@#$'K!
#$Z#$F$>K&K@=>(! 2$\$<=ZG$>K! =%! K$'O>=<=)R! O&F! )@\$>! FNZZ=#K$#F! =%! S@#$'K!
S$G='#&'R! >$^! &#)NG$>KF1! KO$! '=GZNK$#! '#$&K$F! KO$! Z=FF@[@<@KR! =%! @GG$S@&K$!
'=GGN>@'&K@=>6! F=! KO$! \@$^F! =%! @>S@\@SN&<! '@K@D$>F! G&R! [$! `N@'A<R! &>S! $%%@'@$>K<R!
#$'=#S$S!\@&!KO$!9>K$#>$K(!;N'O!&!Z$#FZ$'K@\$!@F!#&KO$#!'=>SN'@\$!%=#!%&FK!&'K@=>!&>S!@F!
%='NF$S!=>!KO$!@>S@\@SN&<(!"=<@K@'@&>F!G&R!O&\$!&''$FF!K=!KO$!^@<<!=%!KO$!Z$=Z<$!&>S!
KO$!=><R!KO@>)!KO&K!FO=N<S![$!S=>$!@F!K=!#$&S!@K(!;$<%B#$<@&>K!gS@)@K&<!'@K@D$>g!G&R!KO&>!
#$Z<&'$! KO$! K#&S@K@=>&<! @>FK@KNK@=>F! =%! '=<<$'K@\$! #$Z#$F$>K&K@=>(! 0<$'K#=>@'! =Z@>@=>!
ƉŽůůƐ͕ĂĚĂŝůLJŽŶůŝŶĞǀŽƚŝŶŐĂƌĞƚŚĞŵĂŝŶĐŽŵƉŽŶĞŶƚƐŽĨƚŽŵŽƌƌŽǁ͛ƐĚĞŵŽĐƌĂĐLJc,=F$!
HXXHh!]$#FK@>)!&>S!?&<S$#FO$@G!HXXJd(!
!
4=GZ$K@K@\$!G=S$<!=%!S$G='#&'R!@F!&![@K!G=#$!S$%$>F@\$(!M@S$FZ#$&S!&>S!%#$`N$>K!
Z&#K@'@Z&K@=>!=%!'@K@D$>F!@>!F='@&<!<@%$!@F!>=K!&>!$>S!@KF$<%(!-O$!G=FK!@GZ=#K&>K!O$#$!@F!
KO$! '=GZ$K@K@=>! &G=>)! @>S@\@SN&<! $<@K$F! K=! ^@>! \=K$F(! -O$! `N&<@KR! =%! S$G='#&'R! @F!
#$\@$^$S! $\$#R! %=N#! R$&#F! ^O$>! SN#@>)! KO$! $<$'K@=>F! KO$! Z=<@K@'@&>F! &#$! '&<<$S! K=!
&''=N>K(!9>!KO@F!G=S$<!=%!S$G='#&'R!@>%=#G&K@=>!FK#&K$)@$F!S@%%$#!%#=G!KO=F$!=%!KO$!
Z#$\@=NF! G=S$<(! -==! GN'O! =Z$>>$FF! F$$GF! K=! [$! &! Z#=[<$G! B! KO$#$! @F! &! <@A$<@O==S!
KO&K! Z=<@K@'@&>F! ^@<<! [$! G=#$! @>K$#$FK$S! @>! Z#=G=K@>)! KO$@#! =^>! @G&)$! KO&>! K&A@>)!
#$FZ=>F@[@<@KR!%=#!KO$@#!&'K@=>F(!9K!'&>!KO$#$%=#$!'#$&K$!'=>%<@'KF(!7=^$\$#6!K$'O>=<=)R!
@KF$<%!'&>![$!&!NF$%N<!K==<6!&>S!KO$!9>K$#>$K!'&>![$!NF$S!K=!Z#=\@S$!@>%=#G&K@=>!&>S!
)&@>! FNZZ=#K! %=#! KO$! Z=<@'R! $<@K$F(! -$'O>=<=)R! '&>! &<F=! '=>K#@[NK$! K=! @GZ#=\@>)! KO$!
^=#A@>)!'=>S@K@=>F!=%!#$Z#$F$>K&K@\$F!&>S!KONF!'#$&K$!%&\=N#&[<$!'=>S@K@=>F!%=#!KO$!
$V$#'@F$!=%!Z=<@K@'&<!<$&S$#FO@Z(!9>!&SS@K@=>6!K$'O>=<=)R!'&>![$!NF$S!K=!S$\$<=Z!ZN[<@'!
F$#\@'$F!KO#=N)O!'NFK=G$#!FN#\$RF6!=#!FN#\$RF!=%!NF$#F!=%!KO$F$!F$#\@'$F(!
!
9>!KO$!KO$=#R!=%!'=GGN>@'&K@=>!=#!S@F'N#F@\$!S$G='#&'R6!S$G='#&'R!@F!>=K!'=>'$@\$S!
&F! &>! &))#$)&K$! =%! @>S@\@SN&<! Z#$%$#$>'$F(! 7$#$6! KO$! '=GG=>! S$>=G@>&K=#! @F!
&FF='@&K$S! ^@KO! O=Z$! %=#! &! Z=<@K@'&<! S@F'NFF@=>! ^O@'O! ^=N<S! [$! &! G$&>F! K=! #$&'O!
Z=<@K@'&<! &)#$$G$>K! =>! '=>K$>K@=NF! @FFN$F(! -O$! ^@<<! =%! KO$! F='@$KR! O$#$! @F! >=K!
N>S$#FK==S!&F!F=G$KO@>)!@GGNK&[<$6!@K!@F!'#$&K$S!SN#@>)!&!S$[&K$!@>!^O@'O!\&#@=NF!
&#)NG$>KF!&#$!'=>%#=>K$S(!7$#$!KO$!G$FF&)$!@F!KO@F1!^$!>$$S!&!G=G$>K!K=!gFK=Zg!K=!
G&A$! #==G! %=#! &! )==S! S@F'NFF@=>! =#! ZN[<@'! S$[&K$(! Q#=G! KO$! Z$#FZ$'K@\$! =%!
'=GGN>@'&K@=>!KO$=#R6!KO$!G&@>!@S$&! @F!&>!&'K@\$!'=GGN>@'&K@=>!FK#&K$)R(!-O$! A$R!
FK#&K$)R! @F! K=! '#$&K$! >$^! FZ&'$6! ^O@'O! $>&[<$F! '#$&K@=>! =%! N>#$FK#@'K$S!
'=GGN>@'&K@=>(!"&#K@'N<&#<R!@GZ=#K&>K!%=#!FN'O!ZN[<@'!FZO$#$!@F!KO$!S$\$<=ZG$>K!=%!
G$S@&6! @>'<NS@>)! 9>K$#>$K6! &>S! KO$! FK#$>)KO! =%! >$^! K$'O>=<=)R! <@$F! Z#$'@F$<R! @>! KO@F!
!
@>K$#&'K@\$! $<$G$>K(! 9K! &<<=^F! >=K! =><R! KO$! =>$B^&R! '=GGN>@'&K@=>6! FN'O! &F! cK=! &!
<&#)$! $VK$>K6! S=d! K#&S@K@=>&<! G$S@&6! [NK! KO&>AF! K=! S@)@K&<! K$'O>=<=)R6! Z$=Z<$! '&>!
'O&>)$!%#=G!Z&FF@\$!#$'@Z@$>KF!@>K=!&'K@\$!Z&#K@'@Z&>KF(!!
!
-O$! &NKO=#! =%! KO$! Z&Z$#! @F! K#R@>)! K=! &>&<RF$! O=^! KO$! Z=^$#! =%! 94-! @F! NF$S! [R! <='&<!
'=GGN>@KR!@>!"=<&>S!B!'=N>K#R!=%!#$[=#>!S$G='#&'R!^@KO!#&Z@S<R!)#=^@>)!K$'O>=<=)R(!
-O$!G&@>!@FFN$!=%!KO$!Z&Z$#!@F!K=!&>&<RF$!KO$!#=<$!=%!94-!@>!KO$!$%%=#K!K=!S$\$<=Z!&>S!
@GZ#=\$! <='&<! S$G='#&'R!^O@'O! #$FN<KF! @>! '#$&K@>)! &'K@\$! <='&<! ZN[<@'! FZO$#$(! -O$#$!
&#$!S@F'NFF$S!S@%%$#$>K! &FZ$'KF!=%![N@<S@>)!S@)@K&<!ZN[<@'!FZO$#$!&>S!$BS$G='#&'R!@>!
<='&<! '=GGN>@K@$F(! -O$=#$K@'&<! &FZ$'KF! &#$! %N<%@<<$S! ^@KO! KO$! S$F'#@ZK@=>! =%! KO$! 94-!
NF&)$! @>!'O=F$>!'=GGN>@K@$F!@>!"=<&>S(!Q=#!'=GZ&#@F=>6!&!FN#\$R!O&F![$$>!'&##@$S!
=NK! @>! S@%%$#$>K! Z&#KF! =%! "=<&>S! cN#[&>@D$Sh! F$G@BN#[&>@D$Sh! #N#&<d(! 9K! ^&F! &>&<RF$S!
ƚŚĞ ĐĂƐĞ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ƌĞŐŝŽŶƐ͗ >ŽǁĞƌ ^ŝůĞƐŝĂ͖ WŽĚŬĂƌƉĂĐŝĞ͕ BſĚǍ ǀŽŝǀŽĚƐŚŝƉ ĂŶĚ
KO$!%=<<=^@>)!#$F$&#'O!`N$FK@=>F!^$#$!&>&<RF$S1!MO$KO$#!&>S!O=^!94-!O&\$!'O&>)$S!
KO$! %N>'K@=>@>)! =%! <='&<! ZN[<@'! FZO$#$! @>! "=<&>Sr! 2=$F! 94-! FNZZ=#K! Z=<@K@'&<!
'=GGN>@'&K@=>r!9F!94-!NF$S!&F!Z<&K%=#G!%=#!<='&<!S$[&K$r!9F!94-!NF$S!G&@><R!&F!&!K==<!
%=#!K#&>FG@KK@>)!@>%=#G&K@=>!%#=G!KO$!S=G@>&>K!=>$BF@S$S!'=GGN>@'&K@=>r!2=$F!94-!
FNZZ=#K!<='&<!S$G='#&'Rr!
!
";<!+14!6/,+6!4)2/,(+,=!71!'/6+14!
-O$! @>K$#$FK! @>! 94-! @>%<N$>'$! =>! S$G='#&'R! %='NF$S! @>! G&>R! '=N>K#@$F! &>S! =%! &<<!
G&>&)$G$>K! <$\$<F! &<F=! &K! KO$! <='&<! =>$! ^O@'O! =%! '=N#F$! ^&F! '&NF$S! [R! G&>R!
#$&F=>F(! Q@#FK6! KO$! Z=<@'R! &K! KO$! <='&<! <$\$<! [$'=G$F! G=#$! K#&>FZ&#$>K! SN$! K=! $B
S$G='#&'R(! ;$'=>S6! @K! @F! =%K$>! $&F@$#! K=! K#R! =NK! >$^! F=<NK@=>F! =>! gFG&<<g6! <='&<!
G&KK$#F(!-O@#S6!KO$#$!&#$!&<#$&SR!&!>NG[$#!=%!@FFN$F6!FN'O!&F!KO=F$!#$<&K$S!K=!FZ&K@&<!
Z<&>>@>)6! ^O$#$! GN>@'@Z&<@K@$F! &#$! =[<@)$S! K=! '=>FN<K! ^@KO! #$F@S$>KF! &>S! FN'O!
'=>FN<K&K@=>F! '&>! [$! $&F@<R! &>S! `N@'A<R! '&##@$S! =NK! \@&! KO$! 9>K$#>$K(! ,$F$&#'O!
'=>SN'K$S! @>! "=<@FO! '=GGN>$FH!! &<=>)! KO$! <&FK! S$'&S$! Z#=\$S! KO&K! KO$R! O&\$!
[$'=G$! G=#$! K#&>FZ&#$>K! SN$! K=! KO$@#! \@F@[@<@KR! &>S! &'K@\@KR! @>! KO$! >$K^=#A! c:ND@A!
ϮϬϬϰ͖ LJ)N<FA@! HXXJh! /=^@>&B]=>=ZA&! HXXUh! ?@$#>&'A&B>ŝŐŝħnjĂ ϮϬϭϬ͖ EŽǁĂŬ ϮϬϭϭͿ͘
Y&FK! G&b=#@KR! =%! KO$G! '&>! [$! '=>K&'K$S! \@&! $BG&@<6! G=FK! O&\$! KO$@#! =^>! ^$[F@K$F(!
MO&K!@F!G=#$!KO$!'=>K$>K!&>S!<$\$<!=%!@>%=#G&K@=>!Z#=\@S$S!=>!KO$!GN>@'@Z&<!^$[F@K$6!
@F! S@\$#F@%@$S(! .>! KO$! Z&)$F! =%! F=G$! GN>@'@Z&<@K@$F6! \&FK! &G=N>KF! =%! @>%=#G&K@=>! @F!
Z#=\@S$S6! ^O@<$! =KO$#F! <@G@K! KO$GF$<\$F! K=! ZN[<@FO@>)! KO$! &SS#$FF! =#! K$<$ZO=>$!
>NG[$#(!+K!KO$![$)@>>@>)!G&>R!GN>@'@Z&<@K@$F!K#$&K$S!KO$@#!^$[F@K$F!&F!&!O=[[R!=#!
%#@>)$! &'K@\@KR6! GN'O! <$FF! @GZ=#K&>K! KO&>! KO$! =#S@>&#R! ^=#A! =%! KO$! '=GGN>$(!
4N##$>K<R!'=GGN>@'&K@=>!>$K^=#A!@F![$'=G@>)!=>$!=%!KO$!G=FK!@GZ=#K&>K!%=#!G&>R!
'=GGN>@K@$F! &>S6! @>'#$&F@>)<R6! @K! [$'=G$F! G=#$! Z#=%$FF@=>&<1! G=#$! GN>@'@Z&<@K@$F!
&'K@\$<R! NF$! KO$! 9>K$#>$K6! &>S! >$^<R! &##@\$S! #$F@S$>KF! &#$! $&)$#! K=! NF$! $<$'K#=>@'!
F=<NK@=>F( L !7=^$\$#6! @K! FK@<<! '&>>=K! [$! '=>'<NS$S! KO&K! 94-! @KF$<%! 'O&>)$S! KO$!
%N>'K@=>@>)!=%!<='&<!'=GGN>@K@$F!@>!"=<&>S(!
!
94-!FNZZ=#KF!G=#$!K#&S@K@=>&<6!%=#G&<!&>S!#$Z#$F$>K&K@\$!Z=<@K@'&<!Z#='$FF(!9>!Z#&'K@'$6!
KO@F!G$&>F! KO&K! @K!@F!NF$S!Z#@G&#@<R!&F!&>!@>%=#G&K@=>!K==<!&>S!@F!FK@<<!S=G@>&K$S![R!
=>$B^&R!'=GGN>@'&K@=>(!MO$>!GN>@'@Z&<@K@$F!NF$!KO$!9>K$#>$K6!KO$!G=FK!@GZ=#K&>K!
KO@>)!%=#!KO$G!@F!Z#=[&[<R!>=K!Z=<@K@'&<!Z&#K@'@Z&K@=>!=%!'@K@D$>F6![NK!KO$!F$#\@'$F!KO&K!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H
!͚ĐŽŵŵƵŶĞ͛ ĂŶĚ ͚ŵƵŶŝĐŝƉĂůŝƚLJ͛ ĂƌĞ ďŽƚŚ ƚĞƌŵƐ ƵƐĞĚ ƚŽ ŶĂŵĞ WŽůŝƐŚ ͚ŐŵŝŶĂ͛ ;ŽŶĞ ŽĨ ƚŚĞ ůĞǀĞů ŽĨ ƚŚĞ
WŽůŝƐŚ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ ƐLJƐƚĞŵͿ͘ dŚĞ ƚĞƌŵ ͚ĐŽŵŵƵŶĞ͛ ŚĂƐ ŵŽƌĞ ŐĞŽŐƌĂƉŚŝĐ ĂŶĚ ŽƌŐĂŶŝnjĂƚŝŽŶ
'=>>=K&K@=ŶƐ ĂŶĚ ͚ŵƵŶŝĐŝƉĂůŝƚLJ͛ ŝƐ ƌĂƚŚĞƌ ŝŶƚĞƌƉƌĞƚĞĚ ĂƐ Ă ŵŽƌĞ ĂĚŵŝŶƐƚƌĂƚŝǀĞ ƚĞƌŵ ŵŽƌĞ ŽĨƚĞŶ ůŝŬĞ
͚ĐŽŵŵƵŶĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶƐĞĐƚŽƌ͚͛͘DƵŶŝĐŝƉĂůŝƚLJ͛ŝƐĚĞĚŝĐĂƚĞĚƚŽĐŝƚLJͬƚŽǁŶĐŽŵŵƵŶĞ͘!
L
!;=N#'$1!4NFK=G$#!F$#\@'$!&FF$FFG$>K!ʹ!FN#\$R!^O@'O!@F!%=<<=^$S!$&'O![R!KO$!njŝĞƌǏŽŶŝſǁĐŽŵŵƵŶĞĂƐ
KO$!Z&#K!=%!KO$!9;.!S@#$'K@\$F!$\&<N&K@=>!Z#='$FF!
!
! ! !
KO$!GN>@'@Z&<@KR!=%%$#F(!-O$!GN>@'@Z&<@KR!@F!%='NF$S!O$#$!=>!O@)O!`N&<@KR!)&@>$S![R!KO$!
>$^!K$'O>=<=)@$F!B!KO$!#=<$!=%!'@K@D$>F!@F!>=K!F=!&''$>KN&K$S!&F!gKO$!#=<$!=%!'=BŽǁŶĞƌƐ͟
cM@>F^=<S!HXXId(!
!
3N>@'@Z&<@K@$F! &#$! &[<$! K=! @>%=#G! %&@#<R! ^$<<! #$F@S$>KF! =%! S$G='#&K@'! Z#='$FF$F6! [NK!
KO$R!&#$!S=@>)!^=#F$!^@KO!&<<=^@>)!#$F@S$>'$!K=!O&\$!&>!&'K@\$!S$G='#&K@'!@>%<N$>'$!
KO#=N)O! S$G='#&K@'! GN>@'@Z&<! ^$[F@K$F(! +KK$GZKF! K=! @>'#$&F$! '@\@'! $>)&)$G$>K! B!
KO#=N)O!S@F'NFF@=>F!=#!S@#$'K!S$'@F@=>BG&A@>)!B!&#$!#&#$!&>S!S=!>=K!%N>'K@=>!\$#R!^$<<(!
-O$!&>&<RF@F!FO=^F!KO&K!"=<@FO!GN>@'@Z&<@K@$F!S=!>=K!Z#=\@S$!@>%=#G&K@=>!&[=NK!^O&K!
O&ZZ$>F! >$VK! ^@KO! KO$! #$FN<K! =%! S@F'NFF@=>F! &>S! '=>\$#F&K@=>F! =>! KO$! %=#NGF(! 9K! @F!
^=#KO!>=K@>)!KO&K!@>!KO$!'&F$!=%!"=<@FO!GN>@'@Z&<@K@$F6!'=>SN'K@>)!&!ZN[<@'!S$[&K$!@F!
$VK#$G$<R! #&#$! &>S! NFN&<<R! =''N#F! ^O$>! S@F'NFF$S! Z#=[<$GF! <$&S! K=! F$#@=NF! F='@&<!
'=>F$`N$>'$F!B!@KF!@GZ<$G$>K&K@=>!^=N<S![$!@GZ=FF@[<$!^@KO=NK!KO$!&ZZ#=\&<!=%!KO$!
<='&<!'=GGN>@KR(! +>! @GZ=#K&>K! #$&F=>! %=#! KO@F! @F! Z#=[&[<R! KO$! %&'K! KO&K! KO$! %=#NGF!
&#$! @>! >=! ^&R! #$<&K$S! K=! Z=<@K@'&<! S$'@F@=>BG&A@>)! Z#='$FF! @>! '=GGN>@K@$F! &>S!KO&K!
<='&<! Z=<@K@'@&>F! S=! >=K! $>)&)$! @>! S$[&K$(! +''$FF! K=! $BG&@<! &SS#$FF$F! =%! <='&<!
)=\$#>G$>KF6!'=GZ&#$S!^@KO!KO$!&SG@>@FK#&K@=>6!@F!&<F=!<@G@K$S(!-O$!S$[&K$!=>!<='&<!
Z=<@K@'&<! @FFN$F! O&F! >=K! R$K! G=\$S! $V'<NF@\$<R! K=! KO$! 9>K$#>$K! =#! @K! O&F! >=K! [$$>!
G=\@>)!&F!`N@'A<R!&F!@K!@F!Z=FF@[<$(!
!
MO@<$!&>&<RF@>)!<='&<!$<$'K#=>@'!S$G='#&'R!FK#N'KN#$!@>!"=<&>S!@K!@F!>$'$FF&#R!K=!<==A!
'<=F$#! &K! FG&<<$#! '=GGN>$F! @>! S@%%$#$>K! #$)@=>F! =%! KO$! '=N>K#R! B! %=#! KO&K! &>&<RF@F!
KO$#$! ^$#$! 'O=F$>! WH! '=GGN>$F! %#=G! L! S@%%$#$>K! #$)@=>F! =%! KO$! '=N>K#R1! C=^$#!
^ŝůĞƐŝĂ ;tĞƐƚĞƌŶ WŽůĂŶĚͿ͗ tĂųďƌnjLJĐŚ͕ _ǁŝĚŶŝĐĂ͕ njŝĞƌǏŽŶŝſǁ͕ :ĂǁŽƌnjLJŶĂ _ůČƐŬĂ͖
WŽĚŬĂƌƉĂĐŝĞ ;ĂƐƚĞƌĞŶWŽůĂŶĚͿ͗ <ƌŽƐŶŽ͕ ^ĂŶŽŬ͕ :ĂƐųŽ͕ ZLJŵĂŶſǁ͖ BſĚnjŬŝĞ sŽŝǀŽĚƐŚŝƉ
cĐĞŶƚƌĂůWŽůĂŶĚͿ͗^ŝĞƌĂĚnj͕ĚƵŷƐŬĂtŽůĂ͕BĂƐŬ͕Ğůſǁ͘tĞƐŚŽƵůĚƌĞĨĞƌŶŽƚŽŶůLJƚŽƚŚĞ
Z#$F$>K&K@=>!=%!KO$!GN>@'@Z&<@KR!&F!&!Z=<@K@'&<!&>S!&SG@>@FK#&K@\$!N>@K6![NK!&<F=!&F!&>!!!
@>FK@KNK@=>!&>S!=#)&>@D&K@=>!=Z$#&K@>)!^@KO@>!@KF!&#$&(!
!
3N>@'@Z&<@K@$F!NF$!KO$!9>K$#>$K!Z#@G&#@<R!&F!&!G$&>F!=%!K#&>FG@KK@>)!@>%=#G&K@=>!%#=G!
KO$! GN>@'@Z&<@KR! K=! KO$! #$F@S$>KF(! -O@F! @F! >=K! &! '=GGN>@'&K@=>! FZ&'$! [$K^$$>! KO$!
GN>@'@Z&<@KR!&>S!#$F@S$>KF!=#![$K^$$>!Z=<@K@'@&>F!&>S!\=K$#F(!MO$#$!KO$!>$K^=#A!@F!&!
'=GGN>@'&K@=>! FZ&'$6! @K! @F! >=K! GN>@'@Z&<@KR! KO&K! @>@K@&K$F! @K! [NK! <='&<! =#! #$)@=>&<!
>$^FZ&Z$#F!^@KO!@KF!=><@>$!\$#F@=>!=#!'=GG$#'@&<<R!=^>$S!<='&<!@>%=#G&K@=>!F$#\@'$F!
c$()(!^^^(S=[&(Z<͖ǁǁǁ͘ǁĂųďƌnjLJƐnjĞŬ͘ƉůͿĂŶĚƐŽŵĞƚŝŵĞƐƉŽůŝƚŝĐĂůƉĂƌƚŝĞƐ͘dŚŝƐŽĨĨĞƌŝƐ͕
O=^$\$#6!FK@<<!<@G@K$S(!M@KO!#$)&#S!K=!KO$!>$^F!^$[F@K$6!'=GG=>!NF$!=%!KO$!9>K$#>$K!
@F! F=G$KO@>)! S@%%$#$>K! %#=G! NF@>)! KO$! 9>K$#>$K! &F! &! 'O&>>$<! =%! '=GGN>@'&K@=>!
[$K^$$>!KO$!GN>@'@Z&<@KR!&>S!#$F@S$>KF(!+<<!KO$!GN>@'@Z&<@K@$F!'=\$#$S![R!KO$!FN#\$R!
O&\$! KO$@#! =^>! ^$[F@K$F6! G=FK! =%! ^O@'O! &#$! $VK$>F@\$! &>S! '=GZ#$O$>F@\$! @>! KO$@#!
Z#=\@F@=>!=%!S$K&@<$S!@>%=#G&K@=>(!!!
!
-O@F!&ZZ<@$F!K=!&<<!A@>SF!=%!@>%=#G&K@=>6!%#=G!S#@\@>)!S@#$'K@=>F!K=!KO$!F'O==<6!KO#=N)O!
'N<KN#&<! $\$>KF6! &>S! $>S@>)! =>! KO$! %=#GF! K=! [$! %@<<$S! @>! =#S$#! K=! )$K! &! Z<&'$! @>!
A@>S$#)&#K$>(! 7=^$\$#6! FK@<<! >=K! G&>R! <='&<! '=GGN>@K@$F! @>! "=<&>S! '&>! &ZZ<R! %=#! &!
Z<&'$!@>!A@>S$#)&#K$>!KO#=N)O!KO$!9>K$#>$K![$'&NF$!KO$R!O&\$!>=K!R$K!G$K![=KO!KO$!
F&%$KR! &>S! KO$! K$'O>@'&<! #$`N@#$G$>KF6! @>'<NS@>)! KO$! Z#=K$'K@=>! =%! Z$#F=>&<! S&K&(!
;$'N#@KR! =%! KO$! ^$[! [&F$S! '=GGN>@'&K@=>! @F! FK@<<! &! 'O&<<$>)$! ^@KO! "=<@FO!
GN>@'@Z&<@K@$F![NK!@K!O&F![$$>!@GZ#=\@>)!S&R![R!S&R(!!3N>@'@Z&<@K@$F!KO&K!S=!>=K!R$K!
=%%$#! FN'O! &! Z=FF@[@<@KR! &#$! 'N##$>K<R! ^=#A@>)! =>! @K6! KONF! @>! KO$! >$&#! %NKN#$! @K! @F!
!
$VZ$'K$S!KO&K!ʹ!&''=#S@>)!K=!KO$!Z<&>!=%!@>%=#G&K@=>!F='@$KR!S$\$<=ZG$>K!B!F$>S@>)!
&ZZ<@'&K@=>F!$<$'K#=>@'&<<R!FO=N<S![$!Z=FF@[<$!F==>!@>!G=FK!=%!"=<@FO!GN>@'@Z&<@K@$F(J!
!
+<G=FK! &<<! GN>@'@Z&<@K@$F! @>'<NS$! =>! KO$@#! ^$[F@K$F! @>%=#G&K@=>! &[=NK! KO$! F$#\@'$F!
ƚŚĞLJŽĨĨĞƌ͘dŚĞŵŽƌĞĐŽŵƉƌĞŚĞŶƐŝǀĞǁĞďƐŝƚĞƐ;Ğ͘Ő͘^ŝĞƌĂĚnj͕tĂųďƌnjLJĐŚͿĂƌĞĐŽŵƉůĞdž
^@KO! <=KF! =%! @>%=#G&K@=>(! 5=N! '&>! %@>S! KO$#$! $\$#RKO@>)1! %#=G! KO$! =Z$>@>)! O=N#F! =%!
KO$! \&#@=NF! ZN[<@'! @>FK@KNK@=>F! FN'O! &F! KO$! F^@GG@>)! Z==<! &>S! <@[#&#R6! KO#=N)O!
@>%=#G&K@=>! =>! KO$! =Z$#&K@=>! =%! A@>S$#)&#K$>F6! KO$! F'O==<! '=GG=>! #==G6! K&V!
@>%=#G&K@=>6! KO$! FNZ$#@>K$>S$>K6! Z<&>>@>)BK=^>! =%%@'$6! =#! KO$! <&K$FK! >$^F! %#=G! KO$!
'=GGN>@KR(! "=<@FO! ^$[F@K$! &#$! #$G@>S$#F! =%! 'N<KN#&<! $\$>KF6! G$$K@>)F! ^@KO! &#K@FKF!
&>S!'=>'$#KF(!,$F@S$>KF!'&>!&<F=!#$&S!&[=NK!KO$!S$&S<@>$F!%=#!&ZZ<@'&K@=>F!FN'O!&F!%=#!
&!Z<&'$!@>!A@>S$#)&#K$>(!!
!
-O$#$! @F! &<F=! @>%=#G&K@=>! &[=NK! K#&@>@>)! =%! KO$! <='&<! FZ=#KF! '<N[! &>S! KO$! =Z$>@>)!
O=N#F!=%!KO$!)RGF!@>!KO$!GN>@'@Z&<@KR(!
!
9>%=#G&K@=>!@F!`N@K$!#$)N<&#<R!NZS&K$S!c$FZ$'@&<<R!@>!S$\$<=Z$S!'=GGN>$Fd!&>S!KO$!
#$F@S$>KF! ^O=! %#$`N$>K<R! \@F@K! ^$[F@K$F! =%! GN>@'@Z&<@K@$F! '&>! A$$ZBNZ! ^@KO!
@>%=#G&K@=>!&[=NK!ZN[<@'!F$#\@'$F(!-O$R!'&>!&<F=!$&F@<R! %@)N#$!=NK!^O$#$! K=!<==A! %=#!
G=#$! S$K&@<$S! @>%=#G&K@=>(! 3N>@'@Z&<! ^$[F@K$F! &<F=! '=>K&@>! <@>AF! K=! =KO$#! F@K$F!
@>'<NS@>)! @>FK@KNK@=>F! &>S! ZN[<@'! =%%@'$! F@K$F! ^O$#$! R=N! '&>! &FA! `N$FK@=>F! =>! ZN[<@'!
F$#\@'$F(!
!
3&>R!GN>@'@Z&<@K@$F!&<F=!ZN[<@FO!KO$!#$FN<KF!=%!ZN[<@'!=Z@>@=>!FN#\$RF!'&##@$S!=NK![R!
ƉƵďůŝĐƐĞƌǀŝĐĞƐĞĐƚŽƌ;Ğ͘Ő͘njŝĞƌǏŽŶŝſǁĐŽŵŵƵŶĞƌĞŐƵůĂƌůLJƉŽƐƚƐƌĞƐƵůƚƐŽĨĞĂĐŚLJĞĂƌƐ͛
'NFK=G$#!F&K@F%&'K@=>!FN#\$Rd(!
!
#)9!3),:1/6/.7)8!+14!6/,+6!+./(+!
,$F$&#'O$#F! FK@<<! c,=F$! HXXHh! -=#Z$! &>S! /@$<F$>! HXXJd! &#)N$! KO&K! <='&<! Z=<@K@'@&>F!
F$<S=G! $>)&)$! @>! KO$! @GZ<$G$>K&K@=>! =%! 9>K$#>$K! F=<NK@=>F! @>! KO$! '=GGN>@KR! &>S!
KO&K! '=GGN>@KR! >$K^=#AF! &#$! Z#$F$>K$S! Z#@G&#@<R! &F! &! Z#=\@S$#! =%! ZN[<@'! F$#\@'$F(!
-O$! 9>K$#>$K! G=FK! =%K$>! '=>FK@KNK$F! FNZZ=#K! %=#! Z=<@K@'@&>F! B! $FZ$'@&<<R! @>! $<$'K@=>!
'&GZ&@)>F6![NK!FK@<<!@K!@F!>=K!KO$!G=FK!@GZ=#K&>K!^$&Z=>(!"=<@K@'@&>F!FK@<<!)@\$!Z#@=#@KR!
K=! KO$! Z#$FF6! #&S@=! &>S! K$<$\@F@=>(! +KK$GZKF! K=! '=G[@>$! KO$! [$>$%@KF! =%! 94-! K=! KO$!
K#&S@K@=>&<!G$S@&!G$FF&)$!O&F!>=K![$$>!\$#R!FN''$FF%N<!@>!F=G$!0N#=Z$&>!'=N>K#@$F!
c$()(1!2$>G&#A6!/=#^&Rd6!$FZ$'@&<<R!&KK$GZKF!K=!@>K#=SN'$!&>!$<$'K#=>@'!Z<&K%=#G!%=#!
'=GGN>@'&K@=>!FK&>S!=NK!&F!$\@S$>'$(!9KF!KO$#$%=#$!^=#KO!'=>F@S$#@>)!^O$KO$#!KO$!
NF$! =%! 94-! K$'O>=<=)R!FK#$>)KO$>F! $@KO$#!KO$! #=<$! =%!)=\$#>G$>K! @>! <='&<! Z=<@K@'F!=#!
Z=<@K@'@&>F! KO$GF$<\$Fr! 9>K$#>&K@=>&<! FKNS@$F! F$$G! K=! '=>%@#G! KO@F! ORZ=KO$F@F! &>S!
G=K@\&K$!@K![R!KO$!%&'K!KO&K!KO$!&SG@>@FK#&K@=>!O&F!&!>NG[$#!=%!$<$'K#=>@'!K==<F!KO&K!
$>&[<$! @K! K=! #$Z#$F$>K! KO$! @>K$#$FKF! =%! Z&#K@'N<&#! )#=NZF! =%! Z$=Z<$! c;>$<<$>! HXXLh!
"#&K'O$KK6!M@>)%@$<S!&>S!"=<&K!HXXPh!2&O<&#)$>!HXXUd(!
!
4=GGN>$F! ^$[F@K$F! #$<&K$! K=! Z=<@K@'&<! @FFN$F! @>! K^=! ^&RF1! KO$R! Z#$F$>K! ^O&K! @F!
O&ZZ$>@>)! =>! KO$! [=&#S! =%! KO$! GN>@'@Z&<@KR6! [NK! Z&#KR! Z=<@K@'F! @F! <$%K! K=! Z=<@K@'&<!
Z&#K@$F(! -O$! <@FK! =%! @FFN$F! #&@F$S! &K! G$$K@>)F! =%! KO$! '=N>'@<! &>S! KO$! GN>@'@Z&<!
$V$'NK@\$![=&#S!&>S!=KO$#!'=GG@KK$$F!@F!Z#$F$>K$S!@>!$<$'K#=>@'!F$#\@'$F6!@>!=#S$#!K=!
$&F@<R!%@>S!=NK!^O&K!@FFN$F!<='&<!)=\$#>G$>K!&#$!'N##$>K<R!$>)&)$S!@>(!?NK!=><R!F=G$!
GN>@'@Z&<@K@$F!@>%=#G6!@>!S$K&@<!&[=NK!'N##$>K!Z=<@K@'&<!@FFN$F(!7=^$\$#6!GN>@'@Z&<@K@$F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J
!;=N#'$1! -O$! ;K#&K$)R! %=#! KO$! 2$\$<=ZG$>K! =%! KO$! 9>%=#G&K@=>! ;='@$KR! @>! "=<&>S! N>K@<! HXWL6! 3;M@+6!
HXXE!
!
! ! !
&#$! Z#$F$>K! @>! KO$! 9>K$#>$K! Z#@G&#@<R! &F! &! Z#=\@S$#! =%! ZN[<@'! F$#\@'$F(! -O$! Z=<@K@'&<!
&FZ$'K!@F!>=K!&F!=G@KK$S!KO=N)O6!@K!@F!>=K!#$&SR!&\&@<&[<$!@>!G&>R!'=GGN>$F!&F!KO$!
@>%=#G&K@=>!@F!>=K!Z=FK$S!=>!KO$!G&@>!F@K$F6!KO$#$%=#$6!K=!%@>S!@>%=#G&K@=>!&[=NK!KO$!
&'K@\@K@$F!=%!GN>@'@Z&<@K@$F6!&F!Z=<@K@'&<!=#)&>@D&K@=>F6!=#!@>%=#G&K@=>!&[=NK!GN>@'@Z&<!
Z=<@'@$F!>$$S!K=!$@KO$#!)=!K=!KO$!G@'#=F@K$6!=#!)=!S@#$'K<R!K=!KO$F$!F@K$F![R![#=^F$#6!=#!
'=GG$#'@&<!@>%=#G&K@=>!F$#\@'$F(!
!
-O$! @>%=#G&K@=>! F$#\@'$F! =%! F=G$! '=GGN>$F! Z#=\@S$! &! <@FK! =%! Z=<@K@'@&>F6! ^@KO! KO$@#!
ZO=>$! >NG[$#F! &>S! $BG&@<! &SS#$FF$F6! [NK! R=N! '&>>=K! &<^&RF! %@>S! KO$! @>%=#G&K@=>!
#$Z#$F$>K$S![R!KO$!Z=<@K@'&<!Z&#K@$F(!?NK!@>!G=FK!'&F$F!Z=<@K@'@&>F!&#$!=><R!G$>K@=>$S!
&F! G$G[$#F! =%! KO$! GN>@'@Z&<! $V$'NK@\$! [=&#Sh! )$KK@>)! &! G$>K@=>@>)! =>! KO@F! <@FK! @F!
F=G$K@G$F! S@%%@'N<K(! -O$! ^$[F@K$! =%! GN>@'@Z&<@K@$F! \$#R! #&#$<R! O&\$! <@>AF! K=! <='&<!
Z=<@K@'&<!Z&#K@$F(!/=>$!=%!KO$!"=<@FO!GN>@'@Z&<@K@$F!&>&<RF$S!@>!KO@F!Z&Z$#!Z=FK$S!<@>AF!
K=!KO$!<='&<!Z=<@K@'&<!Z&#K@$F!^$[F@K$F(!
!
4=>\$#)$>K!%=#!"=<@FO!F$#\@'$F!@F!KO$!Z#=\@F@=>!=%!@>%=#G&K@=>!&[=NK!^O&K!@F!)=@>)!=>!
&K! KO$! G$$K@>)F! =%! KO$! '=N>'@<6! KO$! GN>@'@Z&<! $V$'NK@\$! [=&#S! &>S! '=GG@KK$$F6!
&<KO=N)O! >=K! @>! &<<!GN>@'@Z&<@K@$F! @F! @>%=#G&K@=>! )@\$>! @>! KO$! F&G$! S$)#$$! =%! S$K&@<(!
-O$#$! @F!@>%=#G&K@=>!&[=NK! KO$!G$$K@>)F!&>S!&)$>S&F!=%!S@%%$#$>K!A@>SF6!&>S!&[=NK!
S$'@F@=>F!K&A$>!KO&K!'&>!&<F=![$!`N@'A<R!<$&#>K!&>S!&''$FF$S!%#=G!KO$!>$K^=#A(!9>!KO@F!
#$FZ$'K6!FG&<<!GN>@'@Z&<@K@$F!S=!>=K!S@%%$#!&K!&<<!%#=G!KO$![@)!=>$F1!^$[F@K$!NF$#F!&#$!
@>%=#G$S! @>! KO$! F&G$! ^&R! &[=NK! KO$! #$F=<NK@=>F! =%! KO$! GN>@'@Z&<@KR! [R! KO$! FG&<<!
ĐŽŵŵƵŶĞƐ ŽĨ :ĂƐųŽ Žƌ :ĂǁŽƌnjLJŶĂ _ůČƐŬĂ ĂŶĚ ƚŚĞ ďŝŐŐĞƌ ĐŽŵŵƵŶĞƐ ĂƐ ^ŝĞƌĂĚnj Žƌ
M&<[#DR'O(! -O$! S@%%$#$>'$! @F6! O=^$\$#6! @>! KO$! &G=N>K! =%! @>%=#G&K@=>(! 9>! &SS@K@=>6!
<&#)$!'=GGN>$F!F$$G!K=!O&\$!G=#$!Z#=%$FF@=>&<!^$[F@K$F(!;=G$!F@K$F!@>'<NS$!<@>AF!
K=!KO$!F=N#'$!=%!@>%=#G&K@=>!&[=NK!Z#=\@>'@&<!'=N>'@<!&>S!KO$!<='&<!$<$'K@=>F(!
!
MO$>! ^$! <==A! &K! <='&<! Z&#K@$F! ^$[F@K$F6! ^$! '&>! %@>S! @>%=#G&K@=>! &[=NK! Z$=Z<$! K=!
'=>K&'K! &>S! =ZZ=#KN>@K@$F! K=! $FK&[<@FO! @K! ^@KO! #$Z#$F$>K&K@\$F! =%! KO$! Z&#K@$F! cO$#$6!
G=FK<R!&ZZ$&#F!'=>K&'K!K=!&!<='&<!Z&#KR![#&>'O!'O&@#G&>(d!?NK!^$!'&>>=K!F&R!KO&K!KO@F!
@>%=#G&K@=>! @F!=Z$>! FZ&'$! %=#! S@&<=)N$(! 5=N!'&>! G&A$! '=>K&'K! B! [R! ZO=>$! =#!\@&! $B
G&@<!B!^@KO!KO$!"#$F@S$>K!=#!=KO$#!G$G[$#F!=%!KO$!Z&#KR(!MO$KO$#!KO@F!^@<<![$!&!K^=!
^&R!'=>K&'K!B![$K^$$>!&!\=K$#!&>S!&!G$G[$#!=%!KO$!Z&#KR!=#![$K^$$>!KO$!'@K@D$>!&>S!
KO$!Z=<@K@'@&>! B!=#!^O$KO$#!@K!'=>K#@[NK$F!K=!ZN[<@'!S$[&K$!=>!KO$!9>K$#>$K6!S$Z$>SF!
=>! O=^! Z&#K@$F! K#$&K! FN'O! >=K@%@'&K@=>F(! 8>%=#KN>&K$<R! @>! "=<&>S6! \$#R! %$^! <='&<!
Z&#K@$F!'#$&K$F!=ZZ=#KN>@K@$F!%=#!&'K@\$!Z&#K@'@Z&K@=>!@>!Z=<@K@'&<!S@&<=)N$!&K!KO$!<='&<!
ůĞǀĞůƚŚƌŽƵŐŚƚŚĞŶĞƚǁŽƌŬĨŽƌƚŚĞƌĞƐŝĚĞŶƚƐ͘KŶůLJŝŶďŝŐŐĞƌĂŶĂůLJƐĞĚĐŝƚŝĞƐ;tĂųďƌnjLJĐŚ͕
;@$#&SD6!]#=F>=!B!%=#G$#!\=@\=SFO@Z!'$>K#$d!&!<='&<!Z=<@K@'&<!S$[&K$!@>!KO$!>$K^=#A!@F!
G=#$!\@F@[<$6![NK!@K!FK@<<!S=$F!>=K!'=>FK@KNK$!Z#$S=G@>&>K!S@&<=)N$!FZ&'$!%=#!KO$!<='&<!
ZN[<@'! FZO$#$(! Q$^! $V&GZ<$F! =%! F$Z&#&K$! <='&<! Z=#K&<F! ^@KO! S@F'NFF@=>! %=#NGF! c$()(1!
^^^(^&<[FDRFD$A('=Gh!^^^(A#=F>=HJ(Z<h!^^^(S=[&(Z<h!^^^(F@$#&SD&>@$(Z<d!'&>![$!
@>S@'&K$S6!^O$#$!@>!KO$!<='&<!Z=<@K@'&<!Z#=[<$GF!&#$!S@F'NFF$S!&>S!9>K$#>$K!NF$#F!K&A$!
NZ! @GZ=#K&>K! G&KK$#F(! 9K! &<F=! F$$GF! KO&K! KO$F$! %=#NGF! KO&K! $V@FK6! &#$! >=K! NF$S! K=!
$VK$>F@\$<R(!/$@KO$#!S=!KO$!<&#)$#!>=#!FG&<<$#!Z=<@K@'&<!Z&#K@$F!=%%$#!S@F'NFF@=>!)#=NZF!
=#! =KO$#! =ZZ=#KN>@K@$F! KO&K! $VZ&>S! KO$! S$[&K$! =>! KO$! >$K^=#A(! 9>! F=G$!
GN>@'@Z&<@K@$F!@K!@F!KO$!FG&<<$FK!<='&<!Z&#KR!=#!GN>@'@Z&<!&FF='@&K@=>!^O@'O!=%%$#F!FN'O!
%N>'K@=>!c$()(!.?;d(!"#=[&[<R6!@K!'&>![$!$VZ<&@>$S![R!KO$!%&'K!KO&K!F=G$!Z&#K@$F!O&\$!
G$G[$#F!^O=!&#$!@>K$#$FK$S!@>!K$'O>@'&<!@FFN$F!&>S!Z$#'$@\$!KO$!9>K$#>$K!&F!&!Z<&'$!
%=#! Z=<@K@'&<! S$[&K$6! ^O@<$! KO$! =KO$#! Z&#K@$F! S=! >=K! O&\$! FN'O! G$G[$#F(! +>&<RF@>)!
F@K$F! =%! F=G$! GN>@'@Z&<@K@$F! %#=G! ^$FK$#>! =#! >=#KO$#>! 0N#=Z$! '=N>K#@$F! &F! -O$!
/$KO$#<&>SF6! :$#G&>R6! 2$>G&#A! ^$! '&>! %@>S! <@>AF! =%! )#=NZF! &>S! &FF='@&K@=>F!
^=#A@>)!@>!KO$!&#$&(!-O@F!G&A$F!@K!Z=FF@[<$!K=!=#@$>K!@>!KO$!&'K@\@K@$F!=%!<='&<!/:.F(!9>!
!
\&#R@>)! S$)#$$F6! @>%=#G&K@=>! &[=NK! =%%$#F! =%! S@%%$#$>K! =#)&>@D&K@=>F! '&>! [$! %=N>S(!
;=G$!=%!KO$F$!&FF='@&K@=>F!O&\$! '=GZ<$V!^$[F@K$F6!=KO$#F!S=!>=K! O&\$!^$[F@K$F! &K!
&<<!&>S!&#$!=><R!G$>K@=>$S!@>!KO$!GN>@'@Z&<!F$#\@'$(!C@FKF!<@A$!KO$F$!&#$!^#@KK$>![R!KO$!
F&G$! Z&KK$#>! &F! KO$! K#&S@K@=>&<! Z#$F$>K&K@=>! =%! =#)&>@D&K@=>F! @>! KO$! ^#@KK$>!
@>%=#G&K@=>! @FFN$S! [R! <='&<! )=\$#>G$>KF! FN'O! &F! [#='ON#$F! S$F'#@[@>)! ^O&K! @F!
O&ZZ$>@>)!@>!KO$!S@FƚƌŝĐƚ͘dŚŝƐŝŶĐůƵĚĞƐďŽƚŚŵƵŶŝĐŝƉĂůŝƚLJĂŶĚE'KƐ͛ŽĨĨĞƌƐ͘/ŶĂƐƚĞƌŶ
0N#=Z$! ʹ! KO$! '&F$! =%! "=<&>S! @>F$#K@=>! =%! @>%=#G&K@=>! S$\=K$S! K=! &'K@\@K@$F! =%! >=>B
)=\$#>G$>K&<!=#)&>@D&K@=>F!=>!'=GGN>@KR!^$[F@K$F!O&F!@GZ#=\$S6![NK!=%!'=N#F$!@K!@F!
>=K! FN'O! &! '=GG=>! =''N##$>'$! &F! @F! KO$! '&F$! =%! G&>R! =KO$#! '=N>K#@$F! ^@KO! O@)O<R!
S$\$<=Z$S! S$G='#&'R6! ^O@'O! '$#K&@><R! &S\$#F$<R! &%%$'KF! KO$! S$\$<=ZG$>K! =%! &>!
&S$`N&K$! <$\$<! =%! ZN[<@'! S$[&K$6! &>S! KONF! F=G$^O&K! ^$&A$>F! KO$! $G$#)@>)! <='&<!
S$G='#&'R!@>!"=<&>S(!
!
0<$'K#=>@'! F$#\@'$F! =%! GN>@'@Z&<@K@$F! Z#=\@S$! #$F@S$>KF! ^@KO! S$K&@<$S! &>S! NZS&K$S!
ŝŶĨŽƌŵĂƚŝŽŶ͕ĂŶĚƚŚĂŶŬƐƚŽƚŚĞŵƵŶŝĐŝƉĂůŝƚŝĞƐ͛ǁĞďƐŝƚĞƐƉĞŽƉůĞǁŚŽŚĂǀĞƚŚĞĂĐĐĞƐƐ
K=! KO$! 9>K$#>$K! '&>! )$K! KO$! @>%=#G&K@=>! KO$R! >$$S! ^@KO=NK! )=@>)! K=! KO$! K=^>! O&<<(!
3N>@'@Z&<@K@$F! @>'<NS$S! @>! KO$! FKNSR! ZNK! G=#$! $GZO&F@F! =>! KO$! &FZ$'K! =%! &>!
@>%=#G&K@=>! >$K^=#Ah! KO$#$%=#$6! KO$@#! ^$[F@K$F! =%%$#! Z$=Z<$! '=GZ#$O$>F@\$! &>S!
NF$%N<! @>%=#G&K@=>(! 9K! @F! >=K! '=>%@>$S! K=! ZN[<@'! F$#\@'$F! =#! 'N<KN#&<! $\$>KF! @>! KO$!
GN>@'@Z&<@KR(!.>!KO$!^$[!=%!GN>@'@Z&<@K@$F!KO$#$!&#$!&<F=!#$%$#$>'$F!K=!KO$!GN>@'@Z&<!
'=N>'@<!#$F=<NK@=>F!N>S$#K&A$>!=#!'@KR!'=N>'@<(!;=G$!=%!KO$!GN>@'@Z&<@K@$F6![$%=#$!KO$!
ŵĞĞƚŝŶŐ͕ƉƵďůŝƐŚĂůŝƐƚŽĨŵĂƚƚĞƌƐƚŚĞŐŝǀĞŶŝŶƐƚŝƚƵƚŝŽŶǁŝůůǁŽƌŬŽŶ;Ğ͘Ő͗͘njŝĞƌǏŽŶŝſǁͿ͘!
!
+K! KO$! [$)@>>@>)! =%! KO@F! '$>KN#R! FG&<<! GN>@'@Z&<@K@$F! @>! "=<&>S! ^$#$! FN[b$'K$S! K=!
'#@K@'@FG(!-O$R!^$#$!'#@K@'@D$S!%=#!<&'A!=%!Z#=%$FF@=>&<@FG!&>S!KO&K!KO$R!S=!>=K!$\$>!
S$F$#\$! K=! [$! '&<<$S! ^$[! Z&)$F(! -O@F! '#@K@'@FG! $\$>! KO$>! ^&F! >=K! bNFK@%@$S(! -O$!
FG&<<$FK! GN>@'@Z&<@K@$F! S@S! >=K! &>S! FK@<<! S=! >=K! S@%%$#! %#=G! KO$! <&#)$FK! @>! K$#GF! =%!
@>%=#G@>)!KO$!ZN[<@'!&[=NK!F$#\@'$F!=#!&[=NK!KO$!G$$K@>)F!=%!KO$!GN>@'@Z&<!'=N>'@<(!
2@%%$#$>'$F!&#$!Z#@G&#@<R!Z<&'$S!=>!KO$! &G=N>K!=%!@>%=#G&K@=>!#&KO$#!KO&>!=>!KO$@#!
`N&<@KR6! FO&Z$6! =#! G&>>$#! =%! '=GGN>@'&K@=>(! C&#)$! GN>@'@Z&<@K@$F! O&\$! G=#$!
@>%=#G&K@=>! K=! FO&#$6! &F! FN'O! ]#=F>=! GN>@'@Z&<@KR! ^$[F@K$! @F! F$$>! K=! O&\$! G=#$!
'=>K$>K!KO&>!KO$!,RG&>s^!GN>@'@Z&<@KR!F@K$(!!
!
3=#$=\$#!KO$!FO&Z$6!%=#G!&>S!`N&<@KR!=%!KO$!^$[F@K$!S$F@)>!@F![$@>)!S$K$#G@>$S!KO$!
'=GGN>$! [NS)$K6! ^O@'O6! N>%=#KN>&K$<R6! @>! KO$! '&F$! =%! FG&<<! GN>@'@Z&<@K@$F! @F!
F=G$K@G$F!`N@K$!<@G@K$S(!9K!GNFK![$!&SG@KK$S!KO&K!KO$!`N&<@KR!=%!^$[!Z&)$F!@>!"=<@FO!
GN>@'@Z&<@K@$F! @>! HXXH6! <$%K! GN'O! K=! [$! S$F@#$S! c$FZ$'@&<<R! ^O$>! @K! '=G$F! K=! FG&<<!
GN>@'@Z&<@K@$Fd(! -O$! Z&FF@>)! S$'&S$! S$%@>@K$<R! 'O&>)$S! KO$! @G&)$! =%! KO$! "=<@FO! $B
'=GGN>@KR!&>S!KO$!S@%%$#$>'$![$K^$$>!<&#)$!&>S!FG&<<!GN>@'@Z&<@KR!@>!KO$!>$K^=#A!
Z#@G&#@<R! #$%$#F!K=!KO$! `N&>K@KR!#&KO$#!KO&>!`N&<@KR!=%!KO$!@>%=#G&K@=>!ZN[<@FO$S!=>!
KO$!^$[F@K$!=%!KO$!GN>@'@Z&<@KR(!
!
+!'=GG=>!%$&KN#$!=%!KO$!&>&<RF$S!'=GGN>$F!@F!Z#@G&#@<R!KO$!%&'K!KO&K!KO$!9>K$#>$K!@F!
NF$S! &F! &>! @>%=#G&K@=>! 'O&>>$<! #&KO$#!KO&>! &F!&! 'O&>>$<! =%! Z&#K@'@Z&K@=>(! 9%! Z$=Z<$!
&#$! K=! Z&#K@'@Z&K$! @>! Z=<@K@'&<! S@F'=N#F$6! @>%=#G&K@=>! @F! \$#R! @GZ=#K&>K6! [$'&NF$! @>!
'=>K#&FK!K=!ZN[<@'!=Z@>@=>!Z=<<F!&>S!Z<$[@F'@K$F6!&>S!$\$>!'=>FN<K&K@=>6!Z&#K@'@Z&K@=>!
#$`N@#$F! &''$FF! K=! @>%=#G&K@=>! @>! =#S$#! K=! %=#G! &>! =Z@>@=>! =>! KO$! FN[b$'K! =%!
S@F'NFF@=>(!+'K@\$!Z&#K@'@Z&K@=>!&<F=!#$`N@#$F!F=G$KO@>)!G=#$1!K=!%='NF!=>!KO$!#=<$!=%!
KO$! '@K@D$>(! 9%! #$F@S$>KF! O&\$! [$$>! @>\=<\$S! @>! KO$! Z#='$FF! =%! Z=<@'R! %=#G&K@=>6! @K! @F!
@GZ=#K&>K!K=!A>=^!KO$@#!#@)OKF(!MO&K!@>%=#G&K@=>!S=!KO$!&NKO=#@K@$F6!Z&#K@'N<&#<R!KO$!
<='&<! )=\$#>G$>KF6! ^&>K! %#=G! KO$! #$F@S$>KFr! -=! ^O&K! $VK$>K! '&>! #$F@S$>KF! $VZ$'K!
KO$@#!\@$^F!K=![$!<@FK$>$S!K=!&>S!NF$Sr!MO$>!'&>!KO$R!$VZ$'K!%$$S[&'Ar!
!
! ! !
!
3=##@F=>! &>S! /$^G&>! cHXXWd! FN))$FK! KO&K! KO$! #&ZZ#='O$G$>K! [$K^$$>! KO$!
#$F@S$>KF! &>S! Z=<@K@'@&>F6! #$<@$F! =>! F=G$KO@>)! =KO$#! KO&>! '=>>$'K@>)! KO$! '=>FNG$#!
^@KO! '=GG$#'@&<! @>K$#$FKF(! ;K#$>)KO$>@>)! KO$! #=<$! =%! KO$! '@K@D$>! @F! >=K! bNFK! KO&K!
#$F@S$>KF! &#$! <@FK$>$S! K=6! [NK! &<F=! K=! $GZO&F@D$! KO$! #$FZ=>F@[@<@K@$F! &>S! <@&[@<@K@$F!
&FF='@&K$S!^@KO![$@>)!&!'@K@D$>!=%!&!S$G='#&K@'!F='@$KR(!?NK!@>!=#S$#!%=#!#$F@S$>KF!K=!
K&A$!Z&#K!@>!Z=<@K@'&<!S$[&K$!&F!KO$!Z$#F=>!@>%=#G@>)!KO$!Z=<@K@'@&>F6!KO$R!GNFK![$!^$<<!
@>%=#G$S!KO$GF$<\$F(!+'K@\$!Z&#K@'@Z&K@=>!@>!KO$!Z=<@K@'&<!S$[&K$!#$`N@#$F!&![&<&>'$S6!
O@)OB`N&<@KR!@>%=#G&K@=>!F=!KO&K!Z&#K@'@Z&>KF!^=N<S!>=K!=><R!O&\$!'=>K&'K!^@KO!KO$@#!
=^>! \@$^F! [NK! Z$#O&ZF! ^@KO! KO$! \@$^F! =%! KO=F$! ^O=! S@F&)#$$! ^@KO! KO$G(! 9>K$#>$K!
Z#=\@S$F!&!FA$K'OR!A>=^<$S)$6!&>S!=%K$>!Z$=Z<$!#$'$@\$!@>%=#G&K@=>!%#=G!&!<@G@K$S!
>NG[$#! =%! F=N#'$F! ^O@'O6! @>! KO$! ^=#FK! '&F$6! =><R! ^=#F$>! KO$! &<#$&SR! $V@FK@>)!
Z#$bNS@'$F(!
!
-O$!#=<$!=%!KO$!GN>@'@Z&<@KR!^$[F@K$F!&F!@>%=#G&K@=>!S@FF$G@>&K=#F!@F!\$#R!@GZ=#K&>K6!
[$'&NF$!@>!KO@F!^&R!Z$=Z<$!#$'$@\$!A>=^<$S)$!=>!Z=<@K@'&<!G&KK$#F!&>S!O&\$!&![&F$!K=!
%=#G! &>! =Z@>@=>! =>! KO$! )@\$>! @FFN$(! ;N'O! &! A>=^<$S)$! [&F$! @F! >$'$FF&#R! %=#!
@>O&[@K&>KF! K=![$'=G$!@>%=#G$S!'@K@D$>F6!'&Z&[<$!K=!%N<<R!Z&#K@'@Z&K$!@>!KO$!Z=<@K@'&<!
S@F'NFF@=>(!-O$!^=#A!KO&K!@F!S=>$![R!KO$!GN>@'@Z&<@K@$F!=>!KO$@#!^$[F@K$F6!'=>F@FK@>)!
=%!@>%=#G@>)!KO$!Z=<@K@'&<!&)$>S&6!&'K@\@K@$F!&>S!@FFN$F!=\$#!^O@'O!<='&<!)=\$#>G$>K!
=Z$#&K$F6! &F! ^$<<! &F! @>S@'&K@>)! KO$! #$&F=>F! %=#! S$'@F@=>F! K&A$>6! @F! KO$#$%=#$! \$#R!
@GZ=#K&>K(!-O$!<='&<!Z&#K@$F!&<F=!O&\$!KO$@#!#=<$F!K=![$!S=>$(!9>!KO@F!%@$<S!KO$!#$FN<KF!
^$#$! ^=#F$! KO&>! @>! &<<! S@F'NFF$S! GN>@'@Z&<@K@$F! $FZ$'@&<<R! @>! '&F$! =%! "=<&>S! ^O$#$!
<='&<! Z=<@K@'@&>F! &#$! \@F@[<$! =>! KO$! ^$[! =><R! [$%=#$! KO$! $<$'K@=>! &>S! bNFK! &%K$#! @K(!
M$[F@K$F!=%!<='&<!Z&#K@$F!=#!<='&<![#&>'O$F!=%!>&K@=>&<!Z&#K@$F!@>!"=<&>S!&#$!>=K!\$#R!
%#$`N$>K<R!NZS&K$S!&>S!KO$#$!&#$!G=#$!<@A$>$S!K=!Z=FK$#F!=%!KO$!Z&#KR!KO&>!S$[&K$!
%=#NGF(!
!
9>%=#G&K@=>! @F! &>! @GZ=#K&>K! [&F@F! %=#! &'K@\$! Z&#K@'@Z&K@=>! @>! KO$! Z=<@K@'&<! <@%$! =%! KO$!
'=GGN>$(! -O$! 9>K$#>$K! ^O@'O! @F! &! S@%%$#$>K! ^&R! KO&>! KO$! K#&S@K@=>&<! Z=<@K@'&<!
'O&>>$<F6!'&>!)@\$!#$F@S$>KF!KO$!=ZZ=#KN>@KR!=%!FN'O!Z&#K@'@Z&K@=>(!5$K6!@K!@F!FK@<<!&!<=K!
K=! [$! S=>$! @>! KO@F! %@$<S! @>! GN>@'@Z&<@K@$F! @>! "=<&>S(! -O$! Z=FF@[@<@K@$F! =%! @>\@K@>)!
#$F@S$>KF!K=!KO$!Z=<@K@'&<!S$[&K$!@>!KO$!GN>@'@Z&<@KR!FN'O!&F!@>!>$^F)#=NZF!=#!\@&!KO$!
%$$S[&'A!&>S!#$&'K@=>F!K=!KO$!Z#=Z=F&<F!=%!Z=<@K@'@&>F!&#$!>=K!=%K$>!NF$S!@>!"=<&>S(!9K!
F$$GF!K=![$!@GZ#=\$S!&>S!@>!KO$!<&FK!K^=!R$&#F!^$!O&\$!%=N>S!G=#$!GN>@'@Z&<@K@$F!
^O$#$!^$!'&>!G$$K!F=G$!Z=F@K@\$!$V&GZ<$F!=%!ZN[<@'!S@&<=)N$![$@>)!%=<<=^$S!=>!KO$!
/ŶƚĞƌŶĞƚ ;Ğ͘Ő͘ njŝĞƌǏŽŶŝſǁ ĐŽŵŵƵŶĞͿ͘ /ƚ ŝƐ Ă ƌĂƌĞ ƉƌĂĐƚŝĐĞ ƚŽ ĐƌĞĂƚĞ ƚŚĞ ĂĐƚŝǀĞ
S@F'NFF@=>! Z<&K%=#G! &K! KO$! <='&<! '=GGN>@KR! <$\$<(! 0V@FK@>)! ^$[F@K$F! &#$! G=#$! <@A$!
Z&FF@\$!S$F'#@ZK@=>!=%!KO$!GN>@'@Z&<@KR6!<='&<!Z=<@'R6!<='&<!Z=<@K@'@&>F!$K'(!9K!@F!Z#=[&[<R!
>=K! KO$!#$FN<K!=%!S$<@[$#&K$<R!'O=F$>!FK#&K$)R![R!KO$!GN>@'@Z&<@KR!&>S!KO@F!'=N<S![$!
$VZ<&@>$S! [R! KO$! %&'K! KO&K! KO$! 9>K$#>$KfF! Z=K$>K@&<! @F! FK@<<! >=K! %N<<R! $VZ<=@K$S! [R! KO$!
GN>@'@Z&<@K@$F(!9K!F$$GF!KO&K!KO$#$!@F!FK@<<!F=G$!K@G$![$%=#$!@K!^@<<![$!Z$#'$@\$S!&<F=!&F!
&! %=#NG! %=#! S@F'NFF@=>6! @>! ^O@'O! #$F@S$>KF! '&>! Z&#K@'@Z&K$! &>S! ^O@'O! ^@<<! [$! G=#$!
&''$FF@[<$!KO&>!K#&S@K@=>&<!%=#GF!=%!Z&#K@'@Z&K@=>6!FN'O!&F!=Z$>!G$$K@>)F6!Z&#KR6!$K'(!
9>!"=<&>S!KO$![@))$FK!GN>@'@Z&<@K@$F!O&\$!NFN&<<R!KO$!G=FK!'=GZ<$V!^$[F@K$F(!5=N!'&>!
%@>S!KO$#$!&!S$K&@<$S!Z#$F$>K&K@=>!=%!KO$!<='&<!&SG@>@FK#&K@=>6!GN>@'@Z&<!F$#\@'$F!&>S!
KO$! <&K$FK! @>%=#G&K@=>! NF$%N<! K=! #$F@S$>KF(! -O@F! S=$F! >=K! G$&>! KO&K! FG&<<$#!
GN>@'@Z&<@K@$F!S=!>=K!O&\$!)==S!^$[F@K$F6!F@G@<&#!@>!'=>K$>K!K=!<&#)$#!=>$F(!9K!@F!'<$&#!
O=^$\$#!KO&K!KO$![@))$FK!GN>@'@Z&<@K@$F!O&\$!@>!KO$@#!F$#\@'$F!KO$!<&#)$FK!&G=N>K!=%!
@>%=#G&K@=>(! -O$R! bNFK! O&\$! G=#$! K=! =%%$#1! G=#$! F'O==<F6! A@>S$#)&#K$>F6! G=#$!
'N<KN#&<! $\$>KF6! ^O@'O! KO$R! '&>! @>%=#G! &[=NK! &>S! G=#$! NF$#! FN#\$RF! KO&K! '&>! [$!
Z<&'$S! =>! KO$! 9>K$#>$K(! -O$! >$$S! %=#! @>%=#G&K@=>! @F! KONF! KO$! <&#)$FK! @>! KO$! <&#)$FK!
!
GN>@'@Z&<@K@$F6! &>S! KO$R! Z#=[&[<R! bNFK! O&\$! KO$! G=FK! K=! )&@>! %#=G! O&\@>)! &! )==S!
^$[F@K$(!!
!
:ND@A!cHXXJd!?@$#>&'A&B>ŝŐŝħnjĂ;ϮϬϭϬͿ!@>!KO$@#!FKNS@$F!'<&@G!KO&K!^O$>!@K!'=G$F!K=!KO$!
S@%%$#$>'$F! [$K^$$>! '=GGN>$F! @>! K$#GF! =%! 9>K$#>$K! Z#$F$>'$! &>S! $VK$>K! =%! <='&<!
S$G='#&'R6! &! F@)>@%@'&>K! #=<$! @F! Z<&R$S! [R! KO$! >NG[$#! =%! @>O&[@K&>KF(! 9K! S=$F! >=K!
'O&>)$!KO$!%&'K!KO&K!G&>R!FG&<<!GN>@'@Z&<@K@$F!O&\$!G&S$!\$#R!Z=F@K@\$!#$FN<KF!@>!KO$!
FKNSR6! &<KO=N)O! @K! @F! '<$&#! KO&K! KO$! F@D$! =%! KO$! GN>@'@Z&<@KR! @F! @GZ=#K&>K! K=! S$'@S$!
^O$KO$#!@K!^@<<!'=G$!@>K=!$V@FK$>'$!@>!KO$!>$K^=#A!=#!>=K6!&>S!@%!F=!B!^O&K!^@<<![$!KO$!
`N&<@KR!=%!KO@F!Z#$F$>'$(!9>!FO=#K6!FG&<<!GN>@'@Z&<@K@$F!S=!>=K!O&\$!&!FN%%@'@$>K!#&>)$!
=%!F$#\@'$F!K=!@>\$FKG$>K!@>!KO$!\@&[@<@KR!=%!$<$'K#=>@'!K$'O>=<=)R(!-ONF6!KO$R![$<@$\$!
KO&K!@%!KO$!$<$'K#=>@'!&SG@>@FK#&K@=>!@F!F==>!K=!#$Z<&'$!K#&S@K@=>&<!=>$!KO$!$VK$>F@\$!
'==Z$#&K@=>![$K^$$>!GN>@'@Z&<@K@$F!@F!>$$S$S(!9K!&<<=^F!%=#!&!FG==KO!K#&>F@K@=>!K=!&>!
$<$'K#=>@'!G&>&)$G$>K!FRFK$G!@>!KO$!GN>@'@Z&<@KR(!
!
Q=#! #$F@S$>KF! =%! '=GGN>@K@$F! [$@>)! &>&<RF$S! @>! KO@F! Z&Z$#! KO$! 9>K$#>$K! &K! KO$!
[$)@>>@>)!=%!KO@F!'$>KN#R!^&F!>=K!&!\$#R!@GZ=#K&>K!F=N#'$!=%!@>%=#G&K@=>!&[=NK!<='&<!
@FFN$F(! .><R! %$^! Z$=Z<$! #$&S! KO$! G&R=#F! &>S! =KO$#! Z=<@K@'@&>F! FK&K$G$>KF! KO&K!
&ZZ$&#!@>!KO$!>$K^=#A!c<$FF!KO&>!Wt!=%!"=<$Fd(!.><R!Wt!=%!KO$!Z=ZN<&K@=>!=%!"=<&>S!
^&F! &'K@\$<R! @>\=<\$S! @>! 9>K$#>$K! Z=<@K@'&<! S$[&K$F*(! -=S&R! KO$! F@KN&K@=>! @F! F<@)OK<R!
S@%%$#$>K6!$FZ$'@&<<R!^O$>!@K!'=G$F!K=!KO$!9>K$#>$K!&F!&!F=N#'$!=%!@>%=#G&K@=>6!^O@'O!
%=#! G&>R! #$F@S$>KF! =%! "=<@FO! '=GGN>@K@$F! @F! Z#$'@F$<R! KO$! G=FK! @GZ=#K&>K! Z<&'$!
^O$#$! KO$R! F$$A! @>%=#G&K@=>! #$<$\&>K! K=! KO$G! &[=NK! KO$! #$)@=>! c&ZZ#=V(! LUtd(!
7=^$\$#6!KO$R!S=!>=K!F$$A!FN'O!@>%=#G&K@=>!&K!KO$!GN>@'@Z&<!F@K$F![NK!#&KO$#!NF$!KO$!
'=GG$#'@&<! @>%=#G&K@=>! F$#\@'$F! FN'O! &F1! ^^^(A#=F>=HJ(Z<(h! ^^^(F^@S>@'DA&(Z<h!!
^^^(S=[&(Z<h! ^^^(^&<[#DRFD$A(Z<! $K'(! -O$! <='&<! >$^FZ&Z$#! &<F=! #$G&@>F! `N@K$!
@GZ=#K&>K! F=N#'$! =%! @>%=#G&K@=>! &[=NK! KO$! GN>@'@Z&<@KR! c&ZZ#=V(! LWtdP(! .%! '=N#F$6!
Z&Z$#!ZN[<@'&K@=>F!&#$!G=#$!=%K$>!&''=GZ&>@$S![R!$<$'K#=>@'!$S@K@=>F(!-=S&R6!&<G=FK!
$\$#R!<='&<!K@K<$!O&F!@KF!=^>!Z&)$!=>!KO$!9>K$#>$K(!
!
-&A@>)! @>K=! &''=N>K! KO$! =ZZ=#KN>@KR! K=! Z&#K@'@Z&K$! @>! Z=<@K@'&<! S@F'NFF@=>F! =>! KO$!
9>K$#>$K6!@K!G&R!>=K! [$! FN#Z#@F@>)6!F@>'$!KO$!Z=FF@[@<@K@$F!=%!S@F'NFF@>)!Z=<@K@'F!@>!KO$!
>$K^=#A! &#$! %$^6! KO$R! &#$! <@G@K$S! &>S! @>! &SS@K@=>! \$#R! =%K$>! <@>A$S! K=! FZ$'@%@'!
Z=<@K@'&<! Z&#K@$F(! ;@>'$! %$^! #$F@S$>KF! &#$! G$G[$#F! =%! Z=<@K@'&<! Z&#K@$F6! ^$! '&>>=K!
$VZ$'K!KO&K!Z&#K@'@Z&K@=>!@>!KO$!$V@FK@>)!>$^F)#=NZF!^@<<![$!O@)O(!
!!
7=^$\$#6!@K!G@)OK!O&\$![$$>!$VZ$'K$S!KO&K!KO$!>NG[$#!=%!Z$=Z<$!^O=!O&\$!F$$>!=#!
#$&S! Z=FK$S! FK&K$G$>KF! =%! G&R=#F! =#! =KO$#! <='&<! Z=<@K@'@&>F! =>! KO$! ^$[6! ^=N<S! [$!
GN'O!)#$&K$#(!;N'O!FK&K$G$>KF!'&>![$!%=N>S!>=K!=><R!=>!KO$!GN>@'@Z&<!^$[F@K$!&>S!
=>!KO$!^$[F@K$F!=%!Z&#K@$F6![NK!&<F=6!&>S!G=#$!=%K$>!KO&>!@>!KO$!$<$'K#=>@'!\$#F@=>6!@>!
>$^FZ&Z$#F!c=><R!Lt!=%!@>O&[@K&>KF! =%!"=<&>S!O&\$![$'=G$!%&G@<@&#@D$S!^@KO!KO$F$!
FK&K$G$>KF!KO#=N)O!KO$!9>K$#>$Kd(!!
!
9K! @F! ^=#KO! K=! @>S@'&K$! KO&K! [=KO! @>! "=<&>S! KO$! 9>K$#>$K! @F! \$#R! @GZ=#K&>K! F=N#'$! =%!
@>%=#G&K@=>! &[=NK! KO$! #$)@=>! @KF! 'N<KN#$6! K=N#@FK! &KK#&'K@=>6! $'=>=GR! [NK! G=FK!
#$FZ=>S$>KF!cIPt!=%!"=<$FdI!FK&K$S!KO&K!KO$!9>K$#>$K!@F!FK@<<!>=K!&>!@GZ=#K&>K!F=N#'$!
=%!@>%=#G&K@=>!&[=NK!<='&<!Z=<@K@'F(!-&A@>)!@>K=!&''=N>K!KO&K!=\$#!LJt!=%!"=<$F!%=N>S!
KO&K!KO$!<='&<!>$^FZ&Z$#!@F!&>!@GZ=#K&>K!F=N#'$!=%!@>%=#G&K@=>6!@K!'&>![$!'=>'<NS$S!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
*
!^ŽƵƌĐĞ͗ƵƚŚŽƌ͛ƐŽǁŶƌĞƐĞĂƌĐŚϮϬϬϳ!
P
!^ŽƵƌĐĞ͗ƵƚŚŽƌ͛ƐŽǁŶƌĞƐĞĂƌĐŚϮϬϬϵ!
I
;=N#ĐĞ͗ƵƚŚŽƌ͛ƐŽǁŶƌĞƐĞĂƌĐŚϮϬϬϵ!
!
! ! !
KO&K!KO$!9>K$#>$K! &F!&!F=N#'$! =%!@>%=#G&K@=>!&[=NK! <='&<!Z=<@K@'F! &>S!&F!&>!&#$>&! K=!
$V'O&>)$!\@$^F!=>!Z=<@K@'&<!@FFN$F6!@F!FK@<<!@>!@KF!$&#<R!FK&)$F!=%!S$\$<=ZG$>K(!
!
-ONF6! KO$! #$FN<KF! FO=^! KO&K! KO$! 9>K$#>$K6! F'&#'$<R! O&F! [$$>! NF$S! [R! Z=<@K@'@&>F!&F! &!
Z=FF@[<$! F=N#'$! =%! Z=<@K@'&<! @>%=#G&K@=>! =#! '=GGN>@'&K@=>(! -=S&R! @KF! Z=ZN<&#@KR! O&F!
@>'#$&F$S!'=>F@S$#&[<R(!7=^$\$#6! @K!F$$GF!K=![$!G=#$! \@F@[<$!=>!KO$!>&K@=>&<!<$\$<6!
^O$#$! \$#R!=%K$>!KO$! Z#$F$>'$! =%!Z=<@K@'F! @>!KO$!>$K^=#A!S$K$#G@>$F! @KF!FN''$FF(!9>!
KO$! '&F$! =%! Z=<@'R! &K! <='&<! <$\$<6! ^O$#$! Z=<@K@'@&>F! &#$! >=! <=>)$#! &>=>RG=NF! &>S!
A>=^>![R!KO$!\=K$#F!=><R!%=#G!KO$!G$S@&6!>$K^=#A!@F!>=!<=>)$#!&>!$FF$>K@&<!$<$G$>K!
=%!'=GGN>@'&K@=>!^@KO!KO$!\=K$#(!-O@F!@F!'=>%@#G$S![R!KO$!&>&<RF@F6!^O@'O!FO=^F!KO&K!
KO$!9>K$#>$K!@F!>=K!#$)&#S$S!&F!&>!@GZ=#K&>K!F=N#'$!=%!@>%=#G&K@=>!=>!<='&<!Z=<@K@'F!@>!
&>R! =%! KO$! GN>@'@Z&<@K@$F6! &>S! $\$>! KO=N)O! R=N! '&>! Z=@>K! =NK! KO$! S@%%$#$>'$F!
[$K^$$>!KO$!&#$&F6!KO$R!&#$!>=K!F=![@)(!"&#K@'@Z&K@=>!@>!=><@>$!Z=<@K@'&<!S$[&K$!@F!&<F=!
>=K! Z=ZN<&#(! ;N'O! g'O&K! #==GFjS@F'NFF@=>! %=#NGFg! &#$! '#$&K$S! [R! >$^FZ&Z$#F6!
Z=<@K@'&<! Z&#K@$F! =#! '=GG$#'@&<! @>%=#G&K@=>! Z=#K&<F! &>S! &#$! >=K! Z&#K! =%! GN>@'@Z&<!
@>%=#G&K@=>! F$#\@'$F(! -O@F! @F! [$'&NF$! GN>@'@Z&<@K@$F! K$>S! K=! #$<R! =>! @>%=#G&K@=>!
'=>'$#>@>)!KO$!#$F=<NK@=>F!=%!KO$!Z=<@K@'&<!=#!&SG@>@FK#&K@\$!#$)N<&K@=>F6!&>S!'#$&K@>)!
FZ&'$!%=#!Z=<@K@'&<!S$[&K$!@F!<$%K!%=#!Z=<@K@'&<!Z&#K@$F!=#!=KO$#!$>K@K@$F(!
!
;/1,6B87/18!
MO$>!S$G='#&'R!@F!$\=<\@>)!&>S!'O&>)@>)6!>=K!=><R!^&RF!=%!G&>&)@>)!&#$!'O&>)@>)!
[NK! &<F=! KO$! Z$#'$ZK@=>! =%! #$Z#$F$>K&K@=>(! 94-! @F! N>S=N[K$S<R! =>$! =%! KO$! G&b=#!
$<$G$>KF! @>! KO$! ^&\$! =%! #$%=#GF! '&##@$S! =NK! @>! G&>R! ^$FK$#>! &SG@>@FK#&K@=>(! 94-!
#$%$#F!K=!FK#&K$)@'!G&>&)$G$>K!&>S!F@)>@%@'&>K!'O&>)$F!@>!KO$!^&R!KO$!ZN[<@'!F$'K=#!
^=#AF(! "#$FFN#$! %=#! @>K#=SN'@>)! KO$! $B&SG@>@FK#&K@=>! @F! =>! KO$! @>'#$&F$(! MO$>!
S$G='#&'R! @F! $\=<\@>)! &>S! 'O&>)@>)6! >=K! =><R! ^&RF! =%! G&>&)@>)! &#$! 'O&>)@>)! [NK!
&<F=! KO$! Z$#'$ZK@=>! =%! #$Z#$F$>K&K@=>(! 94-! @KF$<%! G&R! >=K! FK#=>)<R! &%%$'K! '@K@D$>Ff!
&KK@KNS$F! K=^&#S! '=GGN>@KR! @>\=<\$G$>K! &>S! Z&#K@'@Z&K@=>6! [NK! '&>! [$! NF$S! K=!
'#$&K$!'=>S@K@=>F!%=#!&!G=#$!@>\=<\@>)6!@>'<NF@\$!&>S!K#&>FZ&#$>K!S$G='#&K@'!'N<KN#$!
c]<=KD! HXXJh! 4O&S^@'A! HXXPh! 2&O<)#$>! HXXUdC! M$! '&>! =[F$#\$! G&>R! 'O&>)$F! @>!
'=>K$GZ=#&#R! '=GGN>@'&K@=>! FRFK$GF! ^O@'O! &#$! &>! @>O$#$>K! Z&#K! =%! $B
&SG@>@FK#&K@=>(!-O$F$!G&R![$!'O&>)$F!@>!O=^!KO$!@>K$#>&<!=#)&>@D&K@=>!=%!KO$!ZN[<@'!
F$'K=#! ^=#AF! B! @($(! KO$! K$'O>=<=)R! '&>! [$! NF$S! K=! @GZ#=\$! '=<<&[=#&K@=>! &>S!
@>K$)#&K@=>![$K^$$>!S@%%$#$>K!<$\$<F!=%!)=\$#>G$>K!&>S![$K^$$>!=%%@'$F(!-O$!F$'=>S!
KRZ$!@F!&G$>S$S!K=!@>'#$&F$!KO$!&\&@<&[@<@KR!=%!=><@>$!@>%=#G&K@=>!&[=NK!KO$!^=#A!=%!
ZN[<@'!@>FK@KNK@=>F!&>S!KO$!%&'K!KO&K!KO$!ZN[<@'!F$'K=#!^@<<!K#R!K=!&##&>)$!@KF!&'K@\@K@$F!
%=#! KO$! [$>$%@K! =%! ! KO$! Z$=Z<$! F=! KO&K! KO$! '$>K#$! =%! &'K@\@KR! @F! FO@%K$S! K=^&#SF! F$<%B
F$#\@'$!c:#o><N>S!&>S!+>S$#F=>!HXXIh!5&K$F6!:N<&K@!&>S!-&^@<$O!HXWXh!/&G!HXWXd(!!
!
9>K$#>$K!Z#=\$S!K=![$!%=#!G&b=#@KR!=%!&>&<RF$S!'=GGN>$F!G&@><R!&!K==<!%=#!'=>\$R@>)!
@>%=#G&K@=>! &>S! Z#=\@S@>)! F$#\@'$F! =>! KO$! &ZZ#=Z#@&K$! <$\$<6! \$#R! #&#$<R! NF$S! &F! &!
Z<&K%=#G! %=#! S$[&K$(! 9K! '&>! [$! >=K@'$S! KO&K! FK@<<! @GZ=#K&>K! #=<$! @>! [N@<S@>)! <='&<!
S$G='#&'R! &>S! <='&<! @S$>K@KR! '=>K@>N$F! Z<&R! <='&<! >$^FZ&Z$#! c@>! Z#@>K$S! &>S!
$<$'K#=>@'! \$#F@=>d6! ^O$#$! #$&S$#F! '&>! %@>S! [=KO! @>%=#G&K@=>! &>S! &<F=! O&\$! KO$!
=ZZ=#KN>@KR!K=!Z&#K@'@Z&K$!@>!KO$!S$[&K$!O=^$\$#6!<='&<!>$^F!F@K$F!&#$![$'=G@>)!$\$>!
G=#$! Z=ZN<&#!c=%K$>!'=GG$#'@&<!@>@K@&K@\$6!=#!&SS@K@=>&<!&'K@\@KR!=%!<='&<!ZN[<@FO$#Fj!
[#=&S'&FK$#Fd! &>S! NFN&<<R! ^@>! ^@KO! KO$! Z#$FF(! 8>%=#KN>&K$<R! "=<@FO! <='&<! Z=<@K@'@&>F!
&#$! F'&#'$<R! g\@F@[<$g! =>! KO$! 9>K$#>$K! @K! @F! #&KO$#! S@%%@'N<K! K=! %@>S! @>%=#G&K@=>! &[=NK!
<='&<! Z=<@K@'&<! Z&#K@$F! ^O@'O! S=! >=K! Z#=\@S$! NZBK=BS&K$! @>%=#G&K@=>! K=! KO$@#!
'=>FK@KN$>'R(! "=<$F! &#$! #&KO$#! >=K! <==A@>)! %=#! @>%=#G&K@=>! &[=NK! <='&<!
Z=<@K@'@&>FjZ=<@K@'F! =>! KO$! 9>K$#>$K! [$'&NF$! KO$R! FO=^! <@KK<$! @>K$#$FK! @>! KO@F! &#$&! =%!
<='&<!&'K@\@KR!KO$R!&#$!G=#$!&'K@\$!@>!KO$!%@$<S!=%!FZ=#K6!$SN'&K@=>!=#!'N<KN#$(!!
!
!
-O$! FK#$>)KO$>! =%! KO$! K^=! F@S$S! '=GGN>@'&K@=>! %=#! [N@<S@>)! NZ! KO$! <='&<! S$[&K$!
F$$GF! K=! [$! &>! @GZ=#K&>K! @FFN$! %=#! "=<@FO! GN>@'@Z&<@K@$F! $FZ$'@&<<R! @%! KO$!
&%=#$G$>K@=>$S! fFK#=>)! S@G$>F@=>! =%f! S$G='#&'R! @F! K=! [$! %N#KO$#! FK#$>)KO$>$S6!
'=>F$>FNF! &>S! '==Z$#&K@=>! >$$S! K=! [$! $GZO&F@D$S(! -O$! [&F@F! %=#! KO$! <$)@K@G&'R! @F!
ZN[<@'! S$[&K$6! &>S! KO$! G&>S&K$F! =%! $<$'K$S! #$Z#$F$>K&K@\$F! &#$! @>K$#&'K@\$! =#!
)#&>K$S! @>! '=>FN<K&K@=>! ^@KO! KO=F$! ^O=! &#$! #$Z#$F$>K$S(! -O$! G&@>! #=<$! =%! KO$!
Z=ZN<&K@=>! @F! @KF! =Z@>@=>B%=#G@>)! &[@<@KR! &>S! KO$#$%=#$6! $V'$ZK! @>%=#G&K@=>! &>S!
F$#\@'$F6! KO$! G=FK! @GZ=#K&>K! %@$<S! =%! '=>K#@[NK@=>! @>! KO$! NF&)$! =%! 94-! FO=N<S! [$!
S$[&K$(!!
!
Η/ŶƚĞƌŶĞƚĐŚĂůůĞŶŐĞƐ͟ĨŽƌŵƵŶŝĐŝƉĂůŝƚŝĞƐǁŝůůŶŽƚĐŽŶĐĞƌŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶ͕ĂůƚŚŽƵŐŚŝŶ
KO@F! %@$<S! KO$#$! @F! Z#=[&[<R! FK@<<! F=G$KO@>)! K=! S=(! ;G&<<! &>S! <&#)$! '=GGN>@K@$F! '&>!
[$KK$#!'==Z$#&K$!^@KO!$&'O!=KO$#!@>!F=<\@>)!K$'O>=<=)@'&<!Z#=[<$GF!KO&>!@>!@F=<&K@=>(!
-O$! [@))$FK! 'O&<<$>)$! ^@<<! [$! K=! NF$! KO$! 9>K$#>$K! K=! $>)&)$! '@K@D$>F! @>! S@F'NFF@=>!
&[=NK!KO$!%NKN#$!=%!KO$!GN>@'@Z&<@KR!B!@>!FO=#K!B!K=!FK#$>)KO$>!Z=<@K@'&<!'=GG@KG$>K!
&>S!Z&#K@'@Z&K@=>(!M$!GNFK!KO$#$%=#$!%='NF!>=K!=>!KO$!@>%=#G&K@=>6!&F![$%=#$6![NK!=>!
@>'<NS@>)!'=>FN<K&K@=>!&>S6!&[=\$!&<<6!&'K@\$!Z&#K@'@Z&K@=>!=%!#$F@S$>KF(!-O@F!#$`N@#$F!
S@%%$#$>K! ^&RF! =%! ^=#A@>)! &>S! &! GN'O! G=#$! @>\=<\$G$>K6! >=K! =><R! %#=G! KO$!
GN>@'@Z&<!&SG@>@FK#&K@=>6![NK!&<F=!%#=G!Z=<@K@'@&>F(!-$'O>=<=)R!KO&K!&<<=^F!#$F@S$>KF!
K=!Z&#K@'@Z&K$!@>!Z=<@K@'&<!S$[&K$!KO#=N)O!KO$!9>K$#>$K!=#!$VZ#$FF@>)!KO$@#!=Z@>@=>6!$()(!
=>!KO$!Z<&>>$S!'=>FK#N'K@=>!^=#A6!@F!&\&@<&[<$!K=S&R(!9K!@>'<NS$F! K==<F!FN'O!&F!g'O&K!
#==GFjS@F'NFF@=>! %=#NGFg6! ^O$#$! #$F@S$>KF! &>S! Z=<@K@'@&>F! G&R! Z&#K@'@Z&K$! @>! b=@>K!
S@F'NFF@=>F6!&>S!F@GN<&K@=>!K==<F!KO&K!'&>![$!NF$S!K=!FO=^!KO$!'=>F$`N$>'$F!=%!)@\$>!
S$'@F@=>F6!$()(!=>!$VZ&>F@=>!=%!KO$!GN>@'@Z&<@KR6!KO$![NS)$K!=#!FZ&'$!Z<&>>@>)(!
!
-$'O>=<=)R!=%%$#F!\&#@=NF!Z=FF@[@<@K@$F!&>S6!&<KO=N)O!>=K!&<<!&#$!R$K!%N<<R!S$\$<=Z$S6!
G&>R! K==<F! '&>! [$! \$#R! NF$%N<(! -O@F! S=$F! >=K! G$&>! KO&K! ^$! FO=N<S! @)>=#$! KO$!
S@F&S\&>K&)$F! =%! >$^! K$'O>=<=)R6! =#! %=#)$K! &[=NK! KO$! K#&S@K@=>&<! %=#GF! =%!
Z&#K@'@Z&K@=>(!7=^$\$#6!@K!@F!^=#KO!>=K@>)!KO&K!NF$!=%!K$'O>=<=)R!'=N<S!'=>K#@[NK$!K=!
KO$!FK#$>)KO$>@>)!=%!Z=<@K@'&<!Z&#K@'@Z&K@=>!&K!<='&<!<$\$<(!9>!KO@F!Z#='$FF!@K!@F!@GZ=#K&>K!
K=!K&A$!@>K=!&''=N>K![=KO!KO$!&S\&>K&)$F!&>S!S@F&S\&>K&)$F!c$()(!=>!KO$!=>$!O&>S6!
'O&K!@F!>=K!=><R!)==S!%=#!K$$>&)$#F6![NK!=>!KO$!=KO$#6!KO@F!%=#G!=%!S@F'NFF@=>!'&>![$!
#&KO$#!'O&=K@'d(!!
!
M$! FO=N<S! &<F=! <==A! &K! @>%=#G&K@=>! @>! K$#GF! =%! &NKO$>K@'@KR6! '#$S@[@<@KR! &>S!
'=>%@S$>'$6!^O@'O!#$`N@#$F!@KF!%#$`N$>K!NZS&K@>)(!-O$!N>'$#K&@>KR!^O@'O!G&R!'#$&K$!
&>=>RG@KR!@>!KO$! >$K^=#A!&<F=!@>!Z=<@K@'&<!S@F'NFF@=>F(!;N'O!Z#=[<$GF!&#@F$! &>S!KO$!
'O&<<$>)$! @F! K=! %@>S! F=<NK@=>F! %=#! KO$G6! &G=>)! =KO$#F! KO#=N)O! \&#@=NF! %=#GF! =%!
#$)@FK#&K@=>6!^O@'O!&<F=!&<<=^!%=#!&>=>RG@KR!@>!KO$!S$[&K$6!F@>'$!KO@F!'&>!'=>K#@[NK$!
K=!&!)#$&K$#!F$>F$!=%!F$'N#@KR(!M$!FK@<<!<&'A!#$&<!=ZZ=#KN>@K@$F!K=!Z&#K@'@Z&K$!@>!Z=<@K@'&<!
S@F'NFF@=>F! =>! KO$! 9>K$#>$K! &>S! KO$! GN>@'@Z&<@KR! FO=N<S! S$\$<=Z! @KF! =%%$#(! ;N'O!
Z=FF@[@<@K@$F!&>S!>=K!KO$!9>K$#>$K!@KF$<%6!O&\$!&!'O&>'$!K=!&'K@\$<R!$>)&)$!#$F@S$>KF!@>!
G&A@>)!F$>F$!=%!KO$@#!=^>!Z=<@K@'&<!Z#='$FF(!!
!
3&>R! @>FK@KNK@=>! &>S! Z$#F=>F! $>)&)$! @>! '#$&K@=>! K==<F! NF@>)! 94-6! ^O@'O! '&>! O&\$!
Z=F@K@\$! @GZ&'K! =>! S$G='#&K@'! Z=<@K@'&<! FRFK$G(! 0>KONF@&FKF! =%! >$^! K$'O>=<=)@$F!
[$<@$\$! KO&K! KO&>AF! K=! KO$G! &''$FF! K=! @>%=#G&K@=>!'&>! [$! $>FN#$S6!KO$#$[R! )#$&K$#!
K#&>FZ&#$>'R! =%! S$'@F@=>! G&A@>)! Z#='$FF! &>S! S$'@F@=>BŵĂŬĞƌƐ͛ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨƌŽŵ
F='@$KR(!+''=#S@>)!K=!KO$!=ZK@G@FKF6!>$^!'O&>>$<F!=%!'=GGN>@'&K@=>!&>S!'=>FN<K&K@=>!
^@<<! &<<=^6! %#=G! =>$! O&>S! K=! &S&ZK! [$KK$#! &NKO=#@K@$F! Z=<@'R! K=! F='@&<! $VZ$'K&K@=>F6!
&>S!=>!KO$!=KO$#!G&R!$>'=N#&)$! '@K@D$>F!K=![$'=G$!G=#$!@>\=<\$S!@>!FK&K$!&%%&@#F(!
!
! ! !
+G=>)!KO$!G&@>!&S\&>K&)$F!=%!$BS$G='#&'R!@F!&<F=!&''$FF!K=!&!ZN[<@'!O$&#@>)!%=#!KO$!
$<S$#<R!&>S!S@F&[<$S!Z$=Z<$(!;=G$!F$$!KO$![$>$%@'@&<!@GZ&'K!=%!>$^!K$'O>=<=)@$F!=>!
@>FK@KNK@=>F! &>S! Z=<@K@'&<! Z#='$FF$F(! Q=#! =KO$#F6! @K! @F! '<$&#! KO&K! KO$! 94-! #$\=<NK@=>!
[#@>)F! >$^! F=<NK@=>F6! [NK! @K! @F! >=K! &! g'N#$g! %=#! G=FK! =%! KO$! Z#=[<$GF(! -O$! G&@>!
Z#=[<$G! %=#! S$G='#&'R! @>! #$'$>K! R$&#F! ^&F! >=K! KO$! <&'A! =%! FN%%@'@$>K! >NG[$#! =%!
'O&>>$<F! =%! Z&#K@'@Z&K@=>6! [NK! <@KK<$! @>K$#$FK! @>! ZN[<@'! &%%&@#F! &>S! ZN[<@'! <@KK<$!
'=>%@S$>'$! @>! FK&K$! @>FK@KNK@=>F6! &>S! KO$F$! Z#=[<$GF! ^@<<! >=K! [$! F=<\$S! [R! &>R!
K$'O>=<=)R(! +KK$>K@=>! @F! &<F=! S#&^>! K=! $V'<NS$! KO=F$! ^O=! O&\$! >=K! G&FK$#$S! KO$!
FA@<<F! >$$S$S! K=! %N>'K@=>! @>! KO$! @>%=#G&K@=>! F='@$KR6! =#! S=! >=K! O&\$! &''$FF! K=! KO$!
9>K$#>$K(!M$!&<F=!S=!>=K!A>=^!K=!^O&K!$VK$>K!KO$!ZN[<@'!9>K$#>$K!S$[&K$!Z#=\$F!K=!
[$! &! FN[FK&>K@\$! S@F'NFF@=>(! ,$)&#S<$FF! =%! KO$! $VK$>K! K=! ^O@'O! ^$! [$<@$\$! @>! KO$!
\@F@=>!=%!gKO$!#$FN#)$>'$!=%!+KO$>@&>!S$G='#&'Rg!&>S!g$<$'K#=>@'!S$[&K$!%=#NGg6!^$!
'&>>=K!@)>=#$!KO$!%&'K!KO&K!KO$!^&R!^$!'=GGN>@'&K$!&>S!KO$!$VZ$'K&K@=>F!=%!'@K@D$>F6!
^O=!@>'#$&F@>)<R!NF$!KO$!9>K$#>$K6!&#$!'O&>)@>)(!-=!G$$K!^@KO!@>K$#$FK!&>S!G$$K!^@KO!
@KF! K&#)$K6! >$^! K==<F6! ^O@'O! &#$! ZNK! @>! KO$! @>K$#>$K! NF$#F! O&>SF6! GNFK! [$! ^$<<!
S$F@)>$S(! -O$! @S$&! @F! K=! Z$#G@K! KO$! &>&<RF@F! =%! '@K@D$>F! &>S! Z#=\@S$! KO$G! ^@KO!
%$$S[&'A6!^O$KO$#!&>S!O=^!GN'O!@>%<N$>'$!KO$R!O&\$!%=#!KO$!'=N#F$!=%!&%%&@#F!&>S!
S$'@F@=>F(!
!
-=! FNG! NZ6! =>$! O&F! K=! '=>'<NS$! KO&K! KO$! 9>K$#>$K! '&>! '=>K#@[NK$! K=! KO$!
#$'=>FK#N'K@=>! =%! <='&<! ZN[<@'! FZO$#$! [$'&NF$! @K! @F! &! '=>\$>@$>K! ^&R! =%!
'=GGN>@'&K@=>(!+>R!'=>K$>K!'&>![$!ZNK!=><@>$!&>S!@K!S=$F!>=K!#$`N@#$!FZ$'@&<!FA@<<F(!
9>!&!F@KN&K@=>!@>!^O@'O!KO$!<='&<!G$S@&!<=F$!KO$@#!G$&>@>)6!KO$!9>K$#>$K!'=N<S!%@<<!KO$!
)&Z(! 9K! &<F=! )@\$F! &>! =ZZ=#KN>@KR! K=! Z&#K@'@Z&K$! @>! &! [@))$#! S$[&K$! @>K=! ^O@'O! G=#$!
Z$=Z<$!&#$!$>)&)$S!KO&>!^=N<S![$!KO$!'&F$!^@KO!KO$!-Y!=#!>$^FZ&Z$#F(!-O$!9>K$#>$K!
&<F=! '#$&K$F! &! Z=FF@[@<@KR! K=! O&\$! &! S$[&K$! =>! F='@=BZ=<@K@'&<! @FFN$F! &>S! K=! =#)&>@D$!
Z=<@K@'&<! G&#A$K@>)! =><@>$(! 7=^$\$#6! @K! @F! #&#$<R! NF$S6! $FZ$'@&<<R! @>! FG&<<! K=^>F! &>S!
\@<<&)$F(! 2$FZ@K$! F='@&<! 'O&>)$F6! K$'O>=<=)R! S$\$<=ZG$>K6! 'O&>'$F! =%! Z&#K@'@Z&K@=>6!
KO$!&>&<RF@F!FO=^F!KO&K!<='&<!'=GGN>@K@$F!#&KO$#!F<=^<R!&SbNFK!K=!KO$F$!'O&>)$F6!KO$R!
S=!>=K!=#)&>@D$!@>@K@&K@\$F6!&>S!KO$R!S=!>=K!%N<<R!#$&<@D$!KO$!Z=K$>K@&<!=%!KO$!9>K$#>$K(!
!
D)*)()1,)8!
+>S$#F=>!?(!cHXXPd!9G&)@>$S!4=GGN>@K@$F1!,$%<$'K@=>F!=>!KO$!.#@)@>!&>S!;Z#$&S!=%!
/&K@=>&<@FG6!C=>S=>6!Y$#F=(!
?&#>$R!2(!!cHXXJd!/$K^=#A!;='@$KR6!?<&'A^$<<!"N[<@FO@>)(!
?$<<!4(!u!/$^[R!7(!cWUIPd!4=GGN>@=>6!'=GGN>@&<@FG6!'<&FF!&>S!'=GGN>@KR!&'K@=>1!
-O$!F=N#'$F!=%!>$^!N#[&>!Z=<@K@'F6!m@>1n!2(!7$#[$#K6!,(!_=O>FK=>!c$S(d6!;='@&<!+#$&F!@>!
4@K@$F6!\=<(!H6!4O@'O$FK$#6!M@<$R(!!
?@ĂųŽďųŽĐŬŝd͕͘DŽƌŽnj:͘ĂŶĚEŽǁŝŶĂB]=>=ZA&!3(!cϮϬϬϲͿ^ƉŽųĞĐnjĞŷƐƚǁŽŝŶĨŽƌŵĂĐLJũŶĞ͗
@FK=K&6!#=D^sb!^RD^&>@&(!M&#FD&^&(!!
?@$#>&'A&B>ŝŐŝħnjĂ/͘;ϮϬϭϬͿ>ŽĐĂůĐŽŵŵƵŶŝĐĂƚŝŽŶŵĂƚƚĞƌƐ͍B!!<='&<!@>%=#G&K@=>!F$#\@'$F!
@>! KO$! '#$&K@=>! =%! KO$! '@\@'! F='@$KR! ʹ! KO$! '&F$! =%! "=<&>S(! "&Z$#! Z#$F$>K$S! &K! KO$!
9+34,! 4=>%$#$>'$1! 4=GGN>@'&K@=>! &>S! 4@K@D$>FO@Z1! ,$KO@>A@>)! 4#@F@F! &>S! 4O&>)$6!
?#&)&6!_N<R!HXWX(!
4O&S^@'A! +(! cHXXPd! 9>K$#>$K! "=<@K@'F1! ;K&K$F6! 4@K@D$>F! &>S! /$^! 4=GGN>@'&K@=>!
-$'O>=<=)@$F(!.V%=#S!8>@\$#F@KR!"#$FF6!/$^!5=#A(!
4@>S@=!Q(!&>S!;'ON<$#!2(!cHXWHd! ?$R=>S!4=GGN>@KR!/$K^=#AF1!Q#=G!<='&<!K=!)<=[&<6!
%#=G! Z&#K@'@Z&K@=>! K=! S$<@[$#&K@=>(! -O$! _=N#>&<! =%! 4=GGN>@KR! 9>%=#G&K@'F! EcLd(!
+''$FF$S! =><@>$! WX! ;$ZK$G[$#! HXWH1! OKKZ1jj^^^('@B
b=N#>&<(>$Kj@>S$V(ZOZj'@$bj&#K@'<$j\@$^jUXEjULL(!
4==Z$#!"(!&>S!]N<&^'DNA!"(!c$SF(d!cHXXEd1!0<$'K#=>@'!F$<%B)=\$#>G$>K!'=GGN>@'&K@=>(!
9>>=\&K@\$!-==<F!=%!ZN[<@'!@>K$#$FK!&S\='&'R(!M&#F&^(!
!
4N<<$>! ,(! &>S! ;=GG$#! C(! cHXWXd! "&#K@'@Z&K=#R! S$G='#&'R! &>S! KO$! \&<N$! =%! =><@>$!
'=GGN>@KR! >$K^=#AF1! &>! $VZ<=#&K@=>! =%! =><@>$! &>S! =%%<@>$! '=GGN>@K@$F! $>)&)$S! @>!
'@\@<! F='@$KR! &>S! Z=<@K@'&<! &'K@\@KR(! JL#S! 7&^&@@! 9>K$#>&K@=>&<! 4=>%$#$>'$! =>! ;RFK$G!
;'@$>'$F!ʹ!HXWX(!
2&O<)#$>! "(! cHXXUd! 3$S@&! &>S! "=<@K@'&<! 0>)&)$G$>K1! 4@K@D$>F6! 4=GGN>@'&K@=>6! &>S!
2$G='#&'R(!4&G[#@S)$!8>@\$#F@KR!"#$FF6!/$^!5=#A(!
:#o><N>S6! v(! &>S! +>S$#FF=>6! +(! cHXXId1! 0B)=\$#>G$>K! #$F$&#'O! HXXLBHXXP1!
9GZ#=\$G$>KF! &>S! @FFN$F6! c@>1d! /=##@F! 2(! c$S(d! 4N##$>K! 9FFN$F! &>S! -#$>SF! @>! 0B
:=\$#>G$>K!,$F$&#'O(!9S$&!:#=NZ6!7$#FO$R6!ZZ(!HJIBHEE(!
:ND@A! ,(! cHXXJd! "=<FA@$! G@&FK&! @! )G@>R! ^@$bFA@$! ^! 9>K$#>$'@$! ʹ! )$=)#&%@&!
ƐƉŽųĞĐnjĞŷƐƚǁĂ ŝŶĨŽƌŵĂĐLJũŶĞŐŽ͘ /Ŷ͗ ^ųŽĚĐnjLJŬ :͘ ;ĞĚ͘Ϳ ZŽnjǁſũ ŵŝĂƐƚ ŝ njĂƌnjČĚnjĂŶŝĞ
ŐŽƐƉŽĚĂƌŬĂŵŝĞũƐŬČ͘3@&FK&!^!=A#$F@$!Z#D$G@&>(!.Z=<$(!
7&[$#G&F!_!cWUEUd!-O$!FK#N'KN#&<!K#&>F%=#G&K@=>!=%!KO$!ZN[<@'!FZO$#$1!&>!@>`N@#R!@>K=!
&!'&K$)=#R!=%!?=N#)$=@F!F='@$KR(!"=<@KR6!4&G[#@S)$(!!
7&%$D!](!cHXXId!-O$!3RKO!=%!3$S@&!:<=[&<@D&K@=>6!"=<@KR!"#$FF6!4&G[#@S)$(!
7&#)@KK&@! 0(6! M&<$bA=6! :(! cHXXEd(! -O$! Z&#K@'@Z&K@=>! S@\@S$1! 4=>K$>K! '#$&K@=>! &>S!
FO&#@>)!@>!KO$!S@)@K&<!&)$(!9>%=#G&K@=>6!4=GGN>@'&K@=>!&>S!;='@$KR!WWcHd1HLUBH*P(!
7&N)!+(Y(!cHXXId1!C='&<!2$G='#&'R!.><@>$1!2#@\$>![R!4#@F@F6!C$)@K@G&'R6!,$F=N#'$F6!=#!
4=GGN>@'&K@=>!:&ZFr!_=N#>&<!=%!9>%=#G&K@=>!-$'O>=<=)R!+>S!"=<@K@'F!JcHd1IUBUU(!
7$)S$! ,(! ;(! cHXX*d! 2@F'@Z<@>&#R! ;Z&'$F! &>S! :<=[&<@D&K@=>1! +! "=FK'=<=>@&<! 8>F$KK<@>)6!
:<=[&<!3$S@&!&>S!4=GGN>@'&K@=>!WcHd(!!
7$<S!2(!cHXXPd1!3=S$<F!=%!S$G='#&'R(!"=<@KR(!
7=%%! _(6! 7=##='AF! 9(! &>S! -=ZF! "(! c$S(d! cHXXXd! 2$G='#&K@'! :=\$#>&>'$! &>S! /$^!
-$'O>=<=)R(! -$'O>=<=)@'&<<R! 3$S@&K$S! 9>>=\&K@=>F! @>! "=<@K@'&<! "#&'K@'$F(! ,=NK<$S)$6!
C=>S=>!u!/$^!5=#A(!
_$@KD@>$#!?(!cHXXUd1!l@$<F$KDN>)!N>S!8GF$KDN>)!$@>$F!^$[[&F@$#K$>!M&O<O@<%$FRFK$GF!
ĨƺƌWĂƌůĂŵĞŶƚƐǁĂŚůĞŶ͘͞/Ŷ͗DĞŝĞƌ͘;ĞĚ͘Ϳ͕ĞĞŵŽĐƌĂĐLJΘĞ'ŽǀĞƌŶŵĞŶƚ͕^ƚĂŐĞƐŽĨĂ
2$G='#&K@'!]>=^<$S)$!;='@$KR(!;Z#@>)$#6!?$#<@>6!ZZ(WIEBWEL(!
]<=KD! ,(_(! cHXXJd! -O$! Z=<@K@'F! =%! 9>K$#>$K! '=GGN>@'&K@=>(! ,=^G&>! u! C@KK<$%@$<S6!
C&>O&G(!
<ůƵƐnjĐnjLJŷƐŬŝ Z͘ ;ϮϬϬϭͿ ^ƉŽųĞĐnjĞŷƐƚǁŽ ŝŶĨŽƌŵĂĐLJũŶĞ͘ 4R[$#AN<KN#&(! ;DKNA&!
GN<K@G$S@s^(!]#&As^(!
C&R>$! ](! &>S! C$$! _(! M(! cHXXWd1! 2$\$<=Z@>)! QN<<R! QN>'K@=>&<! 0B:=\$#>G$>K1! +! Q=N#!
;K&)$!3=S$<(!:=\$#>G$>K!9>%=#G&K@=>!wN&#K$#<R!WEcHd1WHHBWLP(!
C$$! _(! &>S! ]@G! ;(! cHXWHd! +'K@\$! 0BZ&#K@'@Z&K@=>! @>! C='&<! :=\$#>&>'$1! 4@K@D$>!
"&#K@'@Z&K@=>!Y&<N$F!&>S!;='@&<!/$K^=#AF(!0:"+!4=>%$#$>'$6!HXWH!
3$@$#! +(! c$S(d! cHXXUd! $B2$G='#&'R! u! $B:=\$#>G$>K1! ;K&)$F! =%! &! 2$G='#&K@'!
]>=^<$S)$!;='@$KR(!;Z#@>)$#6!?$#<@>(!
3@<<&#S!_(!cHXXPd!$B:=\$#>&>'$!&>S!$B"&#K@'@Z&K@=>1!<$FF=>F!%#=G!0N#=Z$!@>!Z#=G=K@>)!
@>'<NF@=>!&>S!$GZ=^$#G$>K(!820;+!M=#AFO=Z6!?NS&Z$FK(!
DŽƌƌŝƐŽŶ:͘ĂŶĚEĞǁŵĂŶ͘;ϮϬϬϭͿ͗ŽŶƐƵůƚĂƚŝŽŶĂŶĚWĂƌƚŝĐŝƉĂƚŝŽŶŝŶEĞǁ >ĂďŽƵƌ͛Ɛ
?#@K&@>!&>S!?$R=>S(!9>K$#>&K@=>&<!,$\@$^!=%!C&^!W*cHd1WIWBWUJ(!
/&G!-(!cHXWXd!MO@KO$#!2@)@K&<!0`N&<@KRr1!+>!0GZ@#@'&<!;KNSR!=%!KO$!2$G='#&K@'!2@\@S$(!
JL#S!7&^&@@!9>K$#>&K@=>&<!4=>%$#$>'$!=>!;RFK$G!;'@$>'$F!ʹ!HXWX(!
/=##@F! "(! cHXXWd! 2@)@K&<! 2@\@S$1! 4@\@'! $>)&)$G$>K6! 9>%=#G&K@=>! "=\$#KR! &>S! KO$!
9>K$#>$K!M=#<S^@S$(!4&G[#@S)$!8>@\$#F@KR!"#$FF6!/$^!5=#A(!
EŽǁĂŬ:͘;ϮϬϭϭͿŬƚLJǁŶŽƑđŽďLJǁĂƚĞůŝŽŶůŝŶĞ͘hD^͕>ƵďůŝŶ͘!
/=^@>&B]=>=ZA&! cHXXUd! "=<@KR'R! <=A&<>@! &! >=^$! KRZR! A=GN>@A&'b@! Z=<@KR'D>$b! ^!
/ŶƚĞƌŶĞĐŝĞ͘ /Ŷ͗ :ĞnjŝŷƐŬŝ D͘ ;ĞĚ͘Ϳ EŽǁĞ ŵĞĚŝĂ ŝ ƉŽůŝƚLJŬĂ͕ tLJĚĂǁŶŝĐƚǁŽ ĚĂŵ
DĂƌƐnjĂųĞŬ͕dŽƌƵŷ͘!
!
! ! !
.#@ON$<&! C(! &>S! .[@! -(! cHXXId! 0B)=\$#>G$>K! &>S! $B)=\$#>&>'$1! -=^&#SF! &!
'<&#@%@'&K@=>!@>!KO$!NF&)$!=%![=KO!'=>'$ZKF(!0B)=\$#>&>'$1!+!)<=[&<!Z$#FZ$'K@\$!=>!&!
>$^!Z&#&S@)G(!9.;!"#$FF6!+GFK$#S&G6!ZZ(HPBLH(!
"&Z&S=Z=N<=N! "(6! /@A=<&@S=N! 3(! &>S! 3&#K&A=F! 2(! cHXWXd! MO&K! 9F! -#NFK! @>! 0B
:=\$#>G$>Kr!+!"#=Z=F$S!-RZ=<=)R(!JL#S!7&^&@@!9>K$#>&K@=>&<!4=>%$#$>'$!=>!;RFK$G!
;'@$>'$F!ʹ!HXWX(!
"=#^=<!C(6!.f2=>=)ON$!"(!&>S!?#$F<@>!_(:(!cHXWHd!;='@&<!9>'<NF@=>!&>S!2@)@K&<!2@\@S$1!
$"&#K@'@Z&K@=>! 2@<$GG&F! @>! 3N>@'@Z&<@K@$F(! -O$! PKO! 9>K$#>&K@=>&<! 4=>%$#$>'$! =>!
-O$=#R!&>S!"#&'K@'$!=%!0<$'K#=>@'!:=\$#>&>'$!c940:.Y!HXWHd!/$^!5=#A(!
"#&K'O$KK!C(6!M@>)%@$<S!3(!&>S!"=<&K!,(!](!cHXXPd1!C='&<!2$G='#&'R!.><@>$1!+>!+>&<RF@F!
=%! C='&<! :=\$#>G$>K! M$[! ;@K$F! @>! 0>)<&>S! &>S! M&<$F(! 9>K$#>&K@=>&<! _=N#>&<! =%!
0<$'K#=>@'!:=\$#>G$>K!,$F$&#'O!HcLd1I*BUH(!
,=F$! C(0(! cHXXHd1! 3N>@'@Z&<! F@D$! &>S! <='&<! >=>! $<$'K=#&<! Z&#K@'@Z&K@=>1! %@>S@>)F! %#=G!
2$>G&#A6!KO$!/$KO$#<&>SF6!&>S!/=#^&R(!:=\$#>G$>K!&>S!"=<@'R!cHXd1EHUBE*W(!
,=F$! C(0(! cHXXJd1! C='&<! :=\$#>G$>K! &>S! "=<@K@'F(! 9>1! 7$@S&#! ](! c$S(d6! /=#S@'! "=<@K@'F(!
4=GZ&#&K@\$!"$#FZ$'K@\$F(!8>@\$#F@K$KF!%=#<&)$K6!.F<=(!
;>$<<$>!9(!cHXXLd1!0BA>=^<$S)$!3&>&)$G$>K!@>!"N[<@'!+SG@>@FK#&K@=>1!KO$!+>!+)$>S&!
%=#! KO$!%NKN#$(! ]>=^<$S)$! 3&>&)$G$>K! @>!0<$'K#=>@'! :=\$#>G$>K!C$'KN#$! /=K$F! @>!
4=GZNK$#!;'@$>'$!cHPJ*jHXXLd(!
-=#Z$!C(!&>S!/@$<F$>!_(!cHXXJd1!2@)@K&<!4=GGN>@'&K@=>![$K^$$>!C='&<!+NKO=#@K@$F!&>S!
4@K@D$>!@>!2$>G&#A(!C='&<!:=\$#>G$>K!;KNS@$F!LXcHd1HLXBHJJ(!
8##R! _(! cHXXXd! ;='@=<=)R! ?$R=>S! ;='@$K@$F(! 3=K@<@K@$F! %=#! KO$! -^$>KRBQ@#FK! 4$>KN#R6!
C=S=>6!,=NK<$S)$(!
M@<O$<G!+(!cHXXXd!2$G='#&'R!@>!KO$!2@)@K&<!+)$(!,=NK<$S)$6!C=>S=>(!
M@<O$<G!+(!cHXXJd!2@)@K&<!/&K@=>1!-=^&#S!&>!9>'<NF@\$!9>%=#G&K@=>!;='@$KR(!4&G[#@S)$!
8>@\$#F@KR!"#$FF6!C=>S=>(!
M@>F\=<S!3(!cHXXId1!3N>@'@Z&<!^$[F@K$F!@>!KO$!<='&<!ZN[<@'!S$[&K$1!;NZZ<R@>)!%&'KF!=#!
F$KK@>)!&)$>S&r!/=#S@'=G!,$\@$^!HcHXXId1IBHL(!
5&K$F!2(_(6!:N<&K@!:(_(!&>S!-&^@<$O!+(!cHXWXd!0VZ<&@>@>)!KO$!:<=[&<!2@)@K&<!2@\@S$1!-O$!
9GZ&'K!=%!"N[<@'!"=<@'R!9>@K@&K@\$F!=>!2@)@K&<!.ZZ=#KN>@KR!&>S!94-!2$\$<=ZG$>K(!JL#S!
7&^&@@!9>K$#>&K@=>&<!4=>%$#$>'$!=>!;RFK$G!;'@$>'$F!ʹ!HXWX(!
l@FF@F!2(!&>S!"&Z&S=Z=N<=N!+(!cHXXUd!4=GZ$K$>K!0<$'K#=>@'!"&#K@'@Z&K@=>!4O&>>$<F!@>!
0<$'K#=>@'!2$G='#&'R(!0<$'K#=>@'!_=N#>&<!=%!0B)=\$#>G$>K!IcHd1WU*BHXE(!
LJŐƵůƐŬŝt͘;ϮϬϬϰͿB)=\#>G$>KBƌŽnjǁŝČnjĂŶŝĞƉƌnjLJƐnjųŽƑĐŝ͘DĂƌŬĞƚŝŶŐϭϬ;ϯͿ͗ϮBWH(!
E/B(,)8! !
ƵƚŚŽƌ͛ƐƐƵƌǀĞLJ͗%=<<=^$S![$K^$$>1!HXXHBHXWX1!Z<&'$!=%!FN#\$R1!%=#G$#!^&<[#DRFA@$!
ǀŽŝǀŽĚƐŚŝƉ ;ĐŽƵŶƚŝĞƐ͗ ĚnjŝĞƌǏŽŶŝŽǁƐŬŝ͖ ƑǁŝĚŶŝĐŬŝ͖ ǁĂųďƌnjLJƐŬŝͿ͖ ƋƵĂŶƚŝƚĂƚŝǀĞ
`N$FK@=>>&@#$F! [$K^$$>! @>O&[@K&>KF! HXXX! c[&F$S! =>! K$<$ZO=>$! FN#\$Rdh! `N&<@K&K@\$!
@>K$#\@$^F! ^@KO! <='&<! Z=<@K@'@&>Fh! =%%@'@&<Fh! <='&<! b=N#>&<@FKFh! #$Z#$F$>K&K@\$F! =%! /:.!
=#)&>@D&K@=>F!B!>NG[$#!cLJdh!
D)5/(38A!
+SG@>@FK#&'b&! ZN[<@'D>&! ^! F@$'@! HXXH! B! ĐnjLJ ƌnjĞĐnjLJǁŝƑĐŝĞ ďůŝǏĞũ ŽďLJǁĂƚĞůĂ ;HXXHd!
9>K$#>$K!.[R^&K$<FA@6!M&#FD&^&(!!
$0N#=Z&! B! ^ƉŽųĞĐnjĞŷƐƚǁŽ @>%=#G&'Rb>$! S<&! ^FDRFKA@'O! cHXXXd! 3=>@K=#! 9>K$)#&'b@!
ƵƌŽƉĞũƐŬŝĞũŶƌϯϱ͕hƌnjħĚƵ<ŽŵŝƚĞƚƵ/ŶƚĞŐƌĂĐũŝƵƌŽƉĞũƐŬŝĞũ͕tĂƌƐnjĂǁĂ͘!
^ƚƌĂƚĞŐŝĂ ƌŽnjǁŽũƵ ƐƉŽųĞĐnjĞŷƐƚǁĂ ŝŶĨŽƌŵĂĐLJũŶĞŐŽ͕ ;ϮϬϬϴͿ DŝŶŝƐƚĞƌƐƚǁŽ ^ƉƌĂǁ
tĞǁŶħƚƌnjŶLJĐŚŝĚŵŝŶŝƐƚƌĂĐũŝ͕tĂƌƐnjĂǁĂ͘!
,=D^sb! #$)@=>&<>R! ^! "=<F'$! ʹ! #&Z=#K! cHXXUd(! 3@>@FK$#FK^=! ,=D^=bN! ,$)@=>&<>$)=6!
M&#FD&^&(!!
E3+37837,8A!
!
HXXHBHXWW! #$Z=#KF! =%1! 4$>K#&<! ;K&K@FK@'F! .%%@'$! c:8;dh! 0N#=FK&Kh! 9>K$#>$K! ^=#<S!
FK&K@FK@'Fh! 3@<<^&#S! ?#=^>! ;3:j],4h! "?9h! :$G@NFh! GN>@'@Z&<@K@$F! Z#$F$>K$S! @>! KO$!
Z&Z$#(!
!
!
>?/B3!3:)!+B3:/(!
"6/1+! F7)(1+,G+-H7.7)I+! @F! &! Z#=%$FF=#! =%! ONG&>@K@$F! &>S! FO$! ^=#AF! &K! KO$!
2$Z&#KG$>K! =%! "=<@K@'&<! ;'@$>'$6! 8>@\$#F@KR! =%! .Z=<$(! Q#=G! ;$ZK$G[$#! HXXE! N>K@<!
.'K=[$#! HXWW! FO$! O&F! [$$>! KO$! #$F$&#'O! %$<<=^! =%! KO$! 9>FK@KNK$! =%! 3$S@&! &>S!
4=GGN>@'&K@=>6!8>@\$#F@KR!=%!.F<=(!7$#!#$F$&#'O!@>K$#$FKF!@>'<NS$1!<='&<!G$S@&h!G&FF!
'=GGN>@'&K@=>h!>$^!G$S@&h!'#=FFB'N<KN#&<!'=GGN>@'&K@=>h!b=N#>&<@FG!FKNS@$Fh!<='&<!
S$G='#&'Rh!)<=[&<@D&K@=>h!)<='&<@D&K@=>h!G$S@&!&>S!Z=<@K@'Fh!G$S@&!&>S!@S$>K@KR(!
! !
!
! ! !
!
!
H),3B()(!71!J/B(1+6782!+14!478,/B(8)!83B47)8!
!
,=$<!4=$F$G&>F1!
!
!
>?83(+,3!
-O@F! Z&Z$#! FKNS@$F! %#=G! &! <@>)N@FK@'BZ#&)G&K@'! Z$#FZ$'K@\$! KO$! '=>FK#N'K@=>! =%!
Z=FF@[<R!@S$=<=)@'&<!G$&>@>)F!&>S!b=N#>&<@FK@'!'O=@'$BG&A@>)!@>!KO$!'=>K$VKF!=%!<='&<!
&>S! %=#$@)>! >$^F! #$Z=#K@>)(! 9>! Z&#K@'N<! @K! $V&G@>$F! KO$! S@F'=N#F$! =%! O&#S! >$^F!
#$Z=#KF! &ďŽƵƚ <ĞŶLJĂ͛Ɛ ƉŽƐƚB$<$'K@=>! '#@F@F! @>! KO$! >&K@=>&<! >$^FZ&Z$#F! C,0/9! V,+0%)!
&>S!85'!G+,)-,(-!&F!'=GZ&#$S!K=!KO$G&K@'&<<RB#$<&K$S!#$Z=#KF!%#=G!85'!6)-'.')-')+!
&>S! 85'! 80*'26! 85'! V'3! W%(>! 80*'2! &>S! 85'! I,250)$+%)! @%2+(! ?R! G$&>F! =%! &!
'=G[@>$S! G$KO=S=<=)R6! '=GZ#@F@>)! &! `N&>K@K&K@\$! '=>K$>K! &>&<RF@F6! &! `N&<@K&K@\$!
S@F'=N#F$!&>&<RF@F!&>S!$KO>=)#&ZO@'!%@$<S^=#A6!K^=!%#&G$F!=%!G$&>@>)!&#$!@S$>K@%@$S1!
&! K#@[&<! &>S! &! F='@=BZ=<@K@'&<! %#&G$(! +G$#@'&>! &>S! ?#@K@FO! >$^FZ&Z$#F! Z#@G&#@<R!
$KO>@'@D$S! KO$! $\$>KF6! ^O@<$! KO$R!K$>S$S!K=! [$! Z=<@K@'@D$S! @>! KO$! ]$>R&>! Z#$FF(! -O$!
S@%%$#$>'$F!@>!<&>)N&)$!NF$!'&>![$!Z&#K<R!$VZ<&@>$S![R!'=>K$VKN&<!cZ=<@K@'&<6!F='@&<!&>S!
Z#&)G&K@'d! %&'K=#F(! -ONF! KO$! @>K$#Z#$K@\$! S@F'=N#F$B&>&<RK@'&<! #$FN<KF! '&>! [$!
FNZZ=#K$S6! #$%@>$S! =#! >N&>'$S! [R! @>%=#G&K@=>! %#=G! $KO>=)#&ZO@'! %@$<S^=#A6! ^O@'O!
&<F=!&<<=^F!K=!K&A$!b=N#>&<@FK@'!\=@'$F!@>K=!&''=N>K(!
!
@)=9/(48!
2@F'=N#F$!&>&<RF@F6!Z#&)G&K@'F6!$KO>=)#&ZOR6!b=N#>&<@FG!$KO@'F6!]$>R&6!$KO>@'@KR6!
>$^FZ&Z$#F!
!
!
<(7?+6!5/6737,8K!3(7?+6!5()88K!56B(+6!,/13)L38M!
%3:1/.(+5:7,!ƐƵƉƉŽƌƚƚŽƚŚĞĂŶĂůLJƐŝƐŽĨ;ŝŶƚĞƌͿŶĂƚŝŽŶĂůŶĞǁƐĚŝƐĐŽƵƌƐĞŽŶ<ĞŶLJĂ͛Ɛ
,(7878!
!
"13(/4B,37/1A!N/B(1+6782!+8!+1!74)/6/.7,+6!,:/7,)-2+G71.!5(+,37,)!
/ŶϭϵϮϮƚŚĞŵĞƌŝĐĂŶũŽƵƌŶĂůŝƐƚtĂůƚĞƌ>ŝƉƉŵĂŶŶĐŽŵƉĂƌĞĚƚŚĞƉƌĞƐƐƚŽ͞ĂďĞĂŵŽĨ
&!F$&#'O<@)OK!KO&K!G=\$F!#$FK<$FF<R!&[=NK6![#@>)@>)!=>$!$Z@F=S$!&>S!KO$>!&>=KO$#6!=NK!
ŽĨ ĚĂƌŬŶĞƐƐ ŝŶƚŽ ǀŝƐŝŽŶ͟ ;WUHH1! LPJd(! +! F$<$'K@\$! 'O=@'$! =%! $\$>KF! @>! KO$! ^=#<S6!
Z#='$FF$S![R!b=N#>&<@FKF!&>S!@>K$#Z#$K$S!%#=G!&!<@G@K$S!>NG[$#!=%!Z$#FZ$'K@\$F6!F=!
KO&K! =><R! &! %$^! &FZ$'KF! &#$! @<<NG@>&K$S6! ^O@<$! =KO$#! &FZ$'KF! &#$! <$%K! @>! KO$! S&#A6!
Z#$FNZZ=F$F!&>!@S$=<=)@'&<!Z#&'K@'$(!MO$>!>$^F^=#KOR!$\$>KF6!FN'O!&F!KO$!Z=<@K@'&<!
&>S! F='@$K&<! '#@F@F! KO&K! $#NZK$S! @>! ]$>R&! &%K$#! KO$! '=##NZK$S! 2$'$G[$#! HXXI!
Z#$F@S$>K@&<!$<$'K@=>F6!&#$!KN#>$S!@>K=!>$^F!K$VKF6!S@%%$#$>K!%#&G$F!=%!@>K$#Z#$K&K@=>!
&#@F$!S$Z$>S@>)!=>!KO$!'O=@'$F!G&S$![R!KO$!>$^F^=#A$#F(!9>!=KO$#!^=#SF6!KO$!@S$&!
ŽĨ ͞ŶĞǁƐ ĂƐ Ă ƌĞƉƌĞƐĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ǁŽƌůĚ ŝŶ ůĂŶŐƵĂŐĞ͟ ŝŵƉůŝĞƐ Ă ƐĞůĞĐƚŝǀĞ
'=>FK#N'K@=>! &>S! KO$! Z=FF@[@<@KR! =%! &>! &<K$#>&K@\$! #$Z#$F$>K&K@=>6! R@$<S@>)! &! K=K&<<R!
S@%%$#$>K! %#&G$! =%! G$&>@>)! cQ=^<$#! WUUW1! Jd(! +<KO=N)O! F=G$! b=N#>&<@FKF6! S#@\$>! [R!
@S$&<F! =%! =[b$'K@\@KR6! ^=N<S! '<&@G! K=! O&\$! >=! @S$=<=)R6! KO$R! '&>>=K! [NK! Z#$F$>K! &!
Z&#K@&<!&''=N>K!=%!&<^&RF!'=GZ<$V!#$&<@K@$F6!F=!KO&K!>$^F!@F!@>$\@K&[<R!@S$=<=)@'&<!@>!&!
[#=&S!F$>F$!cY&>!:@>>$A$>!WUUE6!Y$#F'ON$#$>!WUUPd(! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!2$Z&#KG$>K! =%! C&>)N&)$! &>S! 4=GGN>@'&K@=>6! 8>@\$#F@KR! =%! C$N\$>! B! 4&GZNF! -36! +>K^$#Z! ;@>KB
+>S#@$FFK#&&K6!H6!?BHXXX!+>K^$#Z$>6!?$<)@NG!
#=$<('=$F$G&>Fi<$FF@NF($N!j!kLH!L!HXP!XJ!UX!
!
+! FNZ$#%@'@&<! '=GZ&#&K@\$! &>&<RF@F! =%! O$&S<@>$F! &<#$&SR! FO=^F! KO&K! S@%%$#$>K! FK=#@$F!
&#$!^#@KK$>!&[=NK!KO$!F&G$!$\$>KF6!$FZ$'@&<<R!^O$>!&!<='&<6!':$:!]$>R&>6!>$^F!@K$G!@F!
Z@'A$S!NZ![R!%=#$@)>6!0)!1,2<!+G$#@'&>!&>S!?#@K@FO6!>$^F!G&#A$KF(!MO@<$!=>!L!_&>N&#R!
HXXE!85'!I,250)$+%)!@%2+!ƌĂŶĂƐƚŽƌLJƚŝƚůĞĚ͚dƌŝďĂůƌĂŐĞƚĞĂƌƐĂƚĚŝǀĞƌƐĞ<ĞŶLJĂŶĐŝƚLJ͕͛
85'! 6)-'.')-')+! ĨŽĐƵƐĞĚ ŽŶ ͚,ŽƉĞƐ ƉŝŶŶĞĚ ŽŶ ĨƌŝĐĂŶ hŶŝŽŶ ŚĞĂĚ ƚŽ ĚĞĨƵƐĞ ƉŽůů
ǀŝŽůĞŶĐĞ͛͘-O$!O$&S<@>$F!=%!KO$!%#=>K!Z&)$F!=%!KO$!K^=![@))$FK!]$>R&>!>$^FZ&Z$#F!=>!
ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ĚĂLJ ƌĞĂĚ͗ ͚^ƵƐƉŝĐŝŽŶ͕ ŵŝƐƚƌƵƐƚ ĂƐ WEh ĂŶĚ KD ĚŝŐ ŝŶ͛ ŝŶ 85'!
G+,)-,(-! ĂŶĚ ͚^ĂǀĞ ŽƵƌ ďĞůŽǀĞĚ ĐŽƵŶƚƌLJ͛ ŝŶ ƚŚĞ C,0/9! V,+0%)(! MO$#$&F! KO$! %=#$@)>!
G$S@&!F$$G$S!K=!%='NF!=>!KO$!\@=<$>K!&>S!K#@[&<!&FZ$'KF!=%!KO$!'=>%<@'KF!@>!]$>R&6!KO$!
<='&<! Z#$FF! >&##=^$S! KO$! >$^F! S=^>! K=! Z=<@K@'F! &>S! KO$! Z#=G=K@=>! =%! Z$&'$6!
'=>'$>K#&K@>)! =>! KO$! FK#N))<$! %=#! Z=^$#! [$K^$$>! KO$! @>'NG[$>K! Z#$F@S$>K! 3^&@!
]@[&A@6! <$&S$#! =%! KO$! "&#KR! =%! /&K@=>&<! 8>@KR! c"/8d6! &>S! ,&@<&! .S@>)&6! KO$! Z#@>'@Z&<!
=ZZ=F@K@=>!'&>S@S&K$!%#=G!KO$!.#&>)$!2$G='#&K@'!3=\$G$>K!c.23d(!!
!
-O@F!=[F$#\&K@=>!^@<<![$!$VZ<=#$S![R!G$&>F!=%!&!G@V$S!G$KO=SF!&ZZ#=&'O!'=G[@>@>)!
S@F'=N#F$!&>&<RF@F!^@KO!@>%=#G&K@=>!%#=G!$KO>=)#&ZO@'!%@$<S^=#A(!4=>F$`N$>K<R6!KO$!
b=N#>&<@FK@'!<&>)N&)$! NF$!N>S$#!FKNSR!@F!>=K!bNFK! F'#NK@>@D$S!&>S!'#@K@'@D$S6!&F!@F! D%)!
+%)! @>! '<&FF@'&<! 4#@K@'&<! 2@F'=N#F$! +>&<RF@F! c'%(! Q&@#'<=N)O! WUU*6! /)=>R&>@! HXXX6! Y&>!
2@bA!WUEEd6![NK!KO$!&>&<RF$F!&#$!ZNK!@>K=!Z$#FZ$'K@\$6!>N&>'$S!&>S!#$%@>$S![R!K&A@>)!
@>K=! &''=N>K! S@%%$#$>K! '=>K$VKN&<! %&'K=#F! &>S! <$>S@>)! \=@'$! K=! KO$! >$^F! Z#=SN'$#F(!
-O$! KO$=#$K@'&<! %#&G$^=#A! S$#@\$F! %#=G! <@>)N@FK@'! Z#&)G&K@'F6! &F! S$%@>$S! [R!
Y$#F'ON$#$>!cWUUUd!&F!KO$!F='@&<6!'N<KN#&<6!&>S!'=)>@K@\$!FKNSR!=%!<&>)N&)$!@>!NF$(!-O$!
G&@>! #$F$&#'O! `N$FK@=>! @F! K^=%=<S1! c@d! MO&K! A@>S! =%! S@F'=N#F$! @F! Z#=SN'$S! &[=NK!
<ĞŶLJĂ͛Ɛ ƉŽƐƚB$<$'K@=>! '#@F@F! @>! @>K$#>&K@=>&<! &F!=ZZ=F$S! K=! >&K@=>&<! >$^FZ&Z$#F6! 0:':!
^O@'O! %#&G$F! =%! G$&>@>)! &#$! NF$Srh! c@@d! 7=^! '&>! S@%%$#$>'$F! @>! <&>)N&)$! NF$! [$!
$VZ<&@>$S![R!G$&>F!=%!%&'K=#F!=%!KO$!>$^F!cZ#=SN'K@=>d!'=>K$VKr!+SS@K@=>&<<R6!9!^@<<!
#$%<$'K!=>!O=^!b=N#>&<@FKF!'&>!S$&<!^@KO!GN<K@%&'K=#@&<!'=>%<@'KF!@>!Z<N#&<!'=>K$VKF!^@KO!
GN<K@'N<KN#&<!&NS@$>'$F(!-ONF6!KO@F!#$F$&#'O!@F!F@KN&K$S!@>!&!K#&S@K@=>!=%!F='@=B<@>)N@FK@'!
&ZZ#=&'O$F! K=! b=N#>&<@FG! c':$:! ?$<<! WUUW6! 4=>[=R! HXWX6! 4=KK$#! HXWX6! _=O>F=>! u!
0>FF<@>!HXXI6!3&D#N@!HXXUd(!3=#$=\$#6!@K!&KK$GZKF!K=!'=GZ<$G$>K!'=>K$>K!&>&<RF$F!
ŽĨ ƚŚĞ ƉƌĞƐƐ ĐŽǀĞƌĂŐĞ ŽĨ <ĞŶLJĂ͛Ɛ ĐƌŝƐŝƐ ;':$:! .>R$[&S@! u! .R$S$b@! HXWW6! ;=G$#\@<<$!
HXXUd(!
!
!
!
;/(5B8!+14!,/13)L3A!#)985+5)(8!+14!5/6737,8!
!
$)8,(7537/1!/*!4+3+8)3A!;/(5B8!/*!1+37/1+6!+14!713)(1+37/1+6!1)98!()5/(38!
-O$!S&K&F$K!'=GZ#@F$F!JPI!>$^F!#$Z=#KF!&[=NK!KO$!]$>R&>!Z=FKB$<$'K@=>!'#@F@F!'N<<$S!
%#=G!F@V!`N&<@KR!>$^FZ&Z$#F1! 85'!6)-'.')-')+! c9/d!&>S! 85'!80*'2! c-9d!%#=G!KO$! 8]6!
KO$! V'3! W%(>! 80*'2! c/5-d! &>S! 85'!I,250)$+%)!@%2+! cM"d! %#=G! KO$! 8;6! O$>'$%=#KO!
'&<<$S!KO$!@>K$#>&K@=>&<!>$^FZ&Z$#F!=#!KO$!%=#$@)>!Z#$FF!K=!S@FK@>)N@FO!KO$G!%#=G!KO$!
]$>R&>!>$^FZ&Z$#F!85'!XC,0/9Y!V,+0%)!c2/d!&>S!85'!G+,)-,(-!c;-d(!;$$!K&[<$!W!%=#!&!
S@\@F@=>!=%!>$^FZ&Z$#!#$Z=#KF!&>S!&>!@>S@'&K@=>!=%!KO$!&\$#&)$!&#K@'<$!<$>)KO![R!^=#S!
'=N>K(!
!
!
!
!
!
!
!
! ! !
#)985+5)(! "#! <"! #O<! P'! $#! E<! </3+6!
/NG[$#! =%!
JW! JW! JH! JL! W*I! WJL! JPI!
&#K@'<$F!
;N[K=K&<! WPI! LXX! !!
+\$#&)$! &#K@'<$!
P*J! *P*! UWU! IWH! I*L! PPP! PLL!
<$>)KO!
;N[K=K&<! PXI! IXU! !!
!!!! <+?6)!QA!:$>$#&<!>NG$#@'&<!=\$#\@$^!=%!KO$!'=#ZNF!=%!>$^FZ&Z$#!#$Z=#KF(!
!
Q=#! KO@F! Z&Z$#! =><R! F=B'&<<$S! %&'KN&<! O&#S! >$^F! #$Z=#KF! ^$#$! F&GZ<$S(! 7$#$! K^=!
'=GG$>KF! &#$! @>! =#S$#(! Q@#FK6! KO$! 'O=@'$! =%! %='NF! =>! O&#S! >$^F! #$Z=#KF! S=$F! >=K!
G$&>!KO&K!=KO$#!FN[)$>#$F!=%!>$^F6!FN'O!&F!=Z@>@=>!&#K@'<$F6!'=GG$>K&#@$F6!&>&<RF$F!
=#! <$KK$#FBK=BKO$! $S@K=#! ^=N<S! >=K! [$! @>K$#$FK@>)(! .>! KO$! '=>K#&#R6! KO=F$! )$>#$F!
FO=N<S! [$! K&A$>! @>K=! &''=N>K! %=#! &! KO=#=N)O! N>S$#FK&>S@>)! =%! KO$! >$^F! S@F'=N#F$(!
7=^$\$#6!@K!^=N<S!<$&S!G$! K==!%&#!K=!@>'<NS$!KO$G!O$#$!c14(!4=$F$G&>F!HXWH!%=#!&!
ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĂĐĐŽƵŶƚͿ͘ ^ĞĐŽŶĚ͕ ƚŚĞ ůĂďĞů ŽĨ ͚ŚĂƌĚ ŶĞǁƐ͛ ĐĂŶŶŽƚ ďĞ ƚĂŬĞŶ ĨŽƌ
)#&>K$S(! ?$'&NF$! $V@FK@>)! S$%@>@K@=>F! ^$#$! $@KO$#! @>&S$`N&K$! =#! &G[@)N=NF6! KO$!
'<&FF@%@'&K@=>F! =%! KO$! >$^FZ&Z$#F! KO$GF$<\$F! ^$#$! NF$S! K=! S@%%$#$>K@&K$! [$K^$$>!
ŶĞǁƐƚĞdžƚƐǁŝƚŚ͚ŚĂƌĚŶĞǁƐ͛ďĞŝŶŐƚŚŽƐĞƌĞƉŽƌƚƐƉƵďůŝƐŚĞĚŽŶƚŚĞĨƌŽŶƚƉĂŐĞŽƌŝŶƚŚĞ
͚tŽƌůĚEĞǁƐ͛ƐĞĐƚŝŽŶŽĨƚŚĞŝŶƚĞƌŶĂƚŝŽŶĂůƉĂƉĞƌƐŽƌŽŶƚŚĞ͚EĂƚŝŽŶĂůEĞǁƐ͛ƉĂŐĞƐŽĨ
KO$!]$>R&>!Z&Z$#F(!
!
/=K$!KO&K! &<<! =%!KO$F$! >$^FZ&Z$#F! O&\$! &! S@\$#F$6! @>S$$S! GN<K@'N<KN#&<6! #$&S$#FO@Z(!
,$&S$#! #$&'K@=>F! #$\$&<! KO&K! 85'! I,250)$+%)! @%2+6! %=#! @>FK&>'$6! @F! &<F=! #$&S! &>S!
'=GG$>K$S! NZ=>! [R! #$&S$#F! %#=G! =NKF@S$! =%! KO$! 8;(! 9>! %&'K6! ^O$>! KO$! ]$>R&>!
)=\$#>G$>K! @FFN$S! &! G$S@&! [&>! =>! LW! 2$'$G[$#! HXXI! &! <=K! =%! ]$>R&>F! KN#>$S! K=!
%=#$@)>! G$S@&! %=#! @>%=#G&K@=>! &[=NK! KO$! '#@F@F(! 3=#$=\$#6! '$>FNF! #$FN<KF! &>S!
S$G=)#&ZO@'!K#$>SF!FO=^!KO&K!+G$#@'&>!&F!^$<<!&F!?#@K@FO!>$^FZ&Z$#F!&#)N&[<R!>$$S!
ƚŽĐĂƚĞƌĨŽƌ͚ĨƌŝĐĂŶŵŝŶŽƌŝƚŝĞƐ͛͘H!4=GZ&#&K@\$<R6!]$>R&>!>$^FZ&Z$#F!O&\$! K=!K&A$!&!
Z<N#&<@KR!=%!&NS@$>'$F!@>K=!&''=N>K6!&F!KO$!'=N>K#R!O=FKF!G=#$!KO&>!JH!$KO>@'!)#=NZF6!
^O@<$!KO$F$!>$^FZ&Z$#F!'&>!&<F=![$!#$&S!&[#=&S!KO&>AF!K=!\&#@=NF!@>%=#G&K@=>!&>S!
'=GGN>@'&K@=>!K$'O>=<=)@$F(!
!
-=! )$K! &! `N&>K@K&K@\$! \@$^! =%! KO$! S&K&6! &! '=GZNK$#B&FF@FK$S! '=>K$>K! &>&<RF@F! ^&F!
'&##@$S! =NK(! /=K! =><R! K#&S@K@=>&<! K==<F! =%! '=#ZNF! <@>)N@FK@'F! ^$#$! NF$S6! [NK! &<F=!
$VZ$#@G$>KF!^@KO!K$VK!G@>@>)!K$'O>@`N$F!^$#$!Z$#%=#G$S!cF$$!"=<<&A!'+!,/:!HXWW!%=#!
S$K&@<Fd(! -O$G&K@'&<<R6! KO$! `N&>K@K&K@\$! '=>K$>K! &>&<RF@F! =>! KO$! [&F@F! =%! $VZ<@'@K!
\='&[N<&#R!#$\$&<$S!KO&K!KO$!>$^F!=%!KO$!'#@F@F!%&<<F!@>K=!%=N#!'&K$)=#@$F1!KO$!Z=<@K@'&<!
@GZ&FF$6! ZORF@'&<! \@=<$>'$6! G$S@&K@=>! &>S! Z$&'$(! 9>! KO$! ^O=<$! '=#ZNF! PLt! =%! KO$!
Z#$FF! '=\$#&)$! ^&F! &[=NK! KO$! Z=<@K@'&<! Z#=[<$GF6! IWt! &[=NK! \@=<$>'$6! LWt! &[=NK!
G$S@&K@=>!&>S!KO$!F$&#'O!%=#!Z$&'$!^&F!'=\$#$S!@>!JXt!=%!KO$!&#K@'<$F(!-&[<$!H!FO=^F!
O=^!GN'O!&KK$>K@=>!@F!Z&@S!K=!KO$F$!%=N#!KO$G$F!@>!KO$!S@%%$#$>K!>$^FZ&Z$#F(!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H
!;$$! ':$:! #$'$>K! '$>FNF! #$Z=#KF! &K!
OKKZ1jj^^^(=>F()=\(NAj=>FjK&V=>=GRj@>S$V(OKG<r>F'<x"$=Z<$k&>Sk"<&'$F! mHHjWHjHXWHn! &>S!
OKKZ1jj^^^('$>FNF()=\jZ$=Z<$j! mHHjWHjHXWHn! =#! FKNS@$F6! FN'O! &F! 4=<$G&>! HXWX! =#! ;O#$FK&! u! 7$@F<$#!
HXWW(!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L!
+G=>)!=KO$#F6!KO$!%@>&<!#$Z=#K!=%!KO$!0N#=Z$&>!8>@=>!0<$'K@=>!.[F$#\$#!3@FF@=>6!KO$!#$Z=#K!=%!KO$!%&'KB
%@>S@>)!G@FF@=>![R!KO$!8>@K$S!/&K@=>F!7@)O!4=GG@FF@=>$#!=%!7NG&>!,@)OKF!&>S!KO$!%@>&<!#$Z=#K!%#=G!KO$!
!
! ! !
#$FN<KF6!^O@'O!@>S@'&K$S!KO&K!KO$!Z$=Z<$!O&S!=ZK$S!%=#!'O&>)$![R!\=K@>)!%=#!>=\@'$F!
=#! N>S$#S=)F6! @##$FZ$'K@\$! =%! KO$@#! Z&#KR! =#! $KO>@'@KR6! KO$! Z#$F@S$>K@&<! #$FN<KF! A$ZK!
$\$#R=>$! ^&@K@>)(! +F! KO$! 04]! <=FK! '=>K#=<! =%! KO$! K&<<R@>)! Z#='$FF6! &>V@$KR! )#$^! &>S!
#NG=N#F! =%! #@))@>)! FZ#$&S(! .S@>)&! F$$G$S! K=! [$! ^@>>@>)6! [NK! O@F! <$&S! FNSS$><R!
\&>@FO$S!=\$#>@)OK6!F=!KO&K!Z#=K$FKF!&>S!'=>%<@'KF![#=A$!=NK![$K^$$>!Z&#KR!G$G[$#F!
&>S!04]!=%%@'@&<F(!3=FK!S@FZNK$F!#$\=<\$S!&#=N>S!&!%#&NSN<$>K!&N)G$>K&K@=>!=%!\=K$F!
cF$$!KO$!#$F$&#'O!#$Z=#KF!G$>K@=>$S!@>!%==K>=K$!Hd(!2$FZ@K$!&>!@>'=GZ<$K$!\=K$!K&<<R6!
04]! 'O&@#G&>! ;&GN$<! ]@\N@KN! S$'<&#$S! =>! ;N>S&R! LX! 2$'$G[$#! HXXI! KO&K! 3^&@!
]@[&A@! =%! "/8! O&S! ^=>! KO$! Z#$F@S$>K@&<! $<$'K@=>! ^@KO! J6*EJXXX! \=K$F! &)&@>FK! ,&@<&!
.S@>)&!=%!.236!^O=!^=N<S!O&\$! =[K&@>$S!J6L*HXXX!\=K$F(!2@%%$#$>K! S=G$FK@'!&>S!
@>K$#>&K@=>&<! =[F$#\$#! )#=NZF! [#&>S$S! KO$! Z#$F@S$>K@&<! $<$'K@=>F! &F! S$$Z<R! %<&^$S(!
dŚĞĞůĞĐƚŝŽŶŽďƐĞƌǀĞƌƐŽĨƚŚĞƵƌŽƉĞĂŶhŶŝŽŶĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞƐĞĞůĞĐƚŝŽŶƐ͞ůĞĂǀĞ
&! <$)&'R! =%! N>'$#K&@>KR! &F! K=! ^O=! ^&F! &'KN&<<R! $<$'K$S! &F! "#$F@S$>K! [R! KO$! ]$>R&>!
ƉĞŽƉůĞ͕͟ ƌĞƐƵůƚŝŶŐ ŝŶ ͞ĂŶ ƵŶƉƌĞĐĞĚĞŶƚĞĚ ƐŝƚƵĂƚŝŽŶ ŝŶ ƚŚĞ ĐŽƵŶƚƌLJ ĐŚĂƌĂĐƚĞƌŝƐĞĚ ďLJ
S$$Z!$KO>@'!#@%KF!&>S!'@\@<!N>#$FK!&F!^$<<!&F!&!Z=<@K@'&<!FK&>SBŽĨĨ͟;hKDϮϬϬϴ͗ϯϳͿ͘
-O@F!=NK'=G$!@GG$S@&K$<R!K#@))$#$S!G&FF!S$G=>FK#&K@=>F![R!=ZZ=F@K@=>!FNZZ=#K$#F6!
[NK!&<F=!#@=K@>)![R!S$)$>$#&K$S!R=NKOF6!<==K@>)![R!'#@G@>&<!)&>)F!&>S!$V'$FF@\$!NF$!
=%!%=#'$![R!KO$!Z=<@'$!@>!#$FZ=>F$(!3=FK!=NK#&)$F!K==A!Z<&'$!@>!&>S!&#=N>S!KO$!F<NGF!
=#!F$KK<$G$>K!F'O$G$F!^@KO!Z<N#&<!Z=ZN<&K@=>F(!-O@F!&<#$&SR!O@>KF!&K!KO$!@GZ=#K&>'$!
=%! KO$! FZ$'@%@'! <='&<@KR! &>S! KO$! F='@=B$'=>=G@'! &FZ$'KF! =%! KO$! \&#@=NF! %=#GF! =%!
\@=<$>'$!SN#@>)!KO$!'#@F@F(!!
!
0\$>KN&<<R6! @K! K==A! &! <=K! =%! c@>K$#d>&K@=>&<! Z#$FFN#$! &>S! G$S@&K@=>! K=! #$F=<\$! KO$!
Z=<@K@'&<! FK&<$G&K$! &>S! $>S! KO$! F='@$K&<! '#@F@F(! .>! HE! Q$[#N&#R! HXXE! 'O@$%! G$S@&K=#!
]=%@! +>>&>! [#=A$#$S! &! Z=^$#BFO&#@>)! S$&<6! #$FN<K@>)! @>! &! )=\$#>G$>K! =%! /&K@=>&<!
8>@KR(!+!K=K&<!=%!JX!G@>@FK$#F6!$`N&<<R!K&A$>!%#=G!.23!&>S!"/86!^$#$!F^=#>!@>!=>!WI!
ƉƌŝůϮϬϬϴ͕ǁŚĞŶƉƌĞƐŝĚĞŶƚDǁĂŝ<ŝďĂŬŝ͛ƐĐĂďŝŶĞƚĨŝŶĂůůLJďĞĐĂŵĞŽƉĞƌĂƚŝǀĞ!^@KO!,&@<&!
.S@>)&!&F!Z#@G$!G@>@FK$#(!8Z!K=!W6HXX!]$>R&>F!S@$S!&F!&!S@#$'K!'=>F$`N$>'$!=%!KO$!
Z=FKBĞůĞĐƚŝŽŶĐƌŝƐŝƐĂŶĚŵŽƌĞƚŚĂŶϯϬϬ͕ϬϬϬǁĞƌĞ͚ŝŶƚĞƌŶĂůůLJĚŝƐƉůĂĐĞĚ͛͘!
!
<:)/(=!,B2!2)3:/4/6/.=A!478,/B(8)!+1+6=878!+14!)3:1/.(+5:=!
!
#)98!+8!478,/B(8)!*(/2!+!671.B7837,-5(+.2+37,!5)(85),370)!
C@>)N@FK@'!Z#&)G&K@'F!'&>![$!)$>$#&<<R!S$%@>$S!&F!KO$!FKNSR!=%!O=^!<&>)N&)$!@F!NF$S!
K=! )$>$#&K$! G$&>@>)F! &>S! %N<%@<<! FZ$'@%@'! %N>'K@=>F! @>! '=>'#$K$! '=>K$VKF! c':$:!
ƵŵŵŝŶŐƐϮϬϬϱ͕,ƵĂŶŐϮϬϬϳ͕>ĞǀŝŶƐŽŶϭϵϴϯͿ͘^ŝŵƉůLJƉƵƚ͕ŝƚŝƐ͞ƚŚ$!FKNSR!=%!G$&>@>)!
ŝŶƌĞůĂƚŝŽŶƚŽƚŚĞ ĐŽŶƚĞdžƚŝŶǁŚŝĐŚĂƉĞƌƐŽŶŝƐƐƉĞĂŬŝŶŐŽƌǁƌŝƚŝŶŐ͟;WĂůƚƌŝĚŐĞϮϬϬϲ͗
*Ld(! 9>! KO@F! #$F$&#'O6! <@>)N@FK@'! Z#&)G&K@'F! @F! '=>'$ZKN&<@D$S! &F! &! ^&R! =%! <==A@>)! &K!
<&>)N&)$! &>S! G$&>@>)! @>! #$<&K@=>! K=! F='@&<6! '=)>@K@\$! &>S! 'N<KN#&<! &FZ$'KF! =%! KO$!
'=GGN>@'&K@\$! '=>K$VK! @>! =#S$#! K=! )&@>! @>F@)OKF! @>K=! O=^! <&>)N&)$! %N>'K@=>F! @>!
F='@$KR(!
!
Q#=G!KO@F!Z$#FZ$'K@\$!>$^F!@F!#$)&#S$S!&F!S@F'=N#F$!&>S!S@F'=N#F$!'&>![$!S$%@>$S!@>!
K$#GF!=%!<&>)N&)$!NF$(!2@F'=N#F$!&F!<&>)N&)$!NF$!@F!N>S$#FK==S!&F1!
!
͞Ă ƉƌŽĐĞƐƐ ŽĨ ŝŶƚĞƌĂĐƚŝǀĞ ŵĞĂŶŝŶŐ ŐĞŶĞƌĂƚŝŽŶ ĞŵƉůŽLJŝŶŐ ĂƐ ŝƚƐ ƚŽŽů Ă ƐĞƚ ŽĨ
Z#=SN'K@=>! &>S! @>K$#Z#$K&K@=>! 'O=@'$F! %#=G! &! \&#@&[<$! &>S! \&#R@>)! #&>)$! =%!
=ZK@=>F6! G&S$! @>! &! >$)=K@&[<$! G&>>$#6! @>K$#B&S&ZK@>)! ^@KO! '=GGN>@'&K@\$!
>$$SF6!&>S!G&A@>)!%N<<!NF$!=%!KŚĞƌĞĨůĞdžŝǀŝƚLJŽĨƚŚĞŚƵŵĂŶŵŝŶĚ͟;sĞƌƐĐŚƵĞƌĞŶ
HXXE1!WJd(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
]$>R&!/&K@=>&<!4=GG@FF@=>!=>!7NG&>!,@)OKF6!%#=G!^O@'O!KO$!%@)N#$!=%!KO$!\=K$#!KN#>=NK!@F!K&A$>(!
!
-O@F!@GZ<@$F!KO&K!KO$!NF$!=%!<&>)N&)$6!%=#!@>FK&>'$!K=!'#$&K$!&!>$^FZ&Z$#!&#K@'<$6!@F!&!
A@>S! =%! F='@&<! Z#&'K@'$! KO&K! @F! @>K$#&'K@\$<R! &'O@$\$S! [$K^$$>! Z#=SN'$#! &>S!
@>K$#Z#$K$#(! -O$! @>K$#&'K@\@KR! &<F=! Z$#K&@>F! K=! KO$! ZN#Z=F@\$>$FF! &>S! S@#$'K@=>! =%!
S@F'=N#F$(! /$^F! S@F'=N#F$! @F! &<^&RF! Z#=SN'$S!^@KO!&>! &NS@$>'$! @>!G@>S! K=! &'O@$\$!
'$#K&@>!$%%$'KF(!
!
-=!<@>A!KO$F$!KO$=#$K@'&<!Z=@>KF!K=!KO$!\@$^!=%!>$^F!&F!KO$!#$FN<K!=%!'O=@'$BG&A@>)6!
$VZ#$FF$S! @>! KO$! @>K#=SN'K@=>6! b=N#>&<@FKF! &F! ^$<<! &F! KO$@#! #$&S$#F! '=>FK&>K<R! G&A$!
'O=@'$F! c'=>F'@=NF<R! &>S! N>'=>F'@=NF<Rd! @>! KO$! #$'N#F@\$! Z#='$FF$F! =%! S@F'=N#F$!
Z#=SN'K@=>! &>S! @>K$#Z#$K&K@=>6! ^O@'O! &#$! 'O&#&'K$#@D$S! [R! &,(0,D0/0+96! )'$%+0,D0/0+9!
&>S! ,-,.+,D0/0+9! cY$#F'ON$#$>! WUUU1! *UBPWd(! Y&#@&[@<@KR! #$%$#F! K=! KO$! ^@S$! #&>)$! =%!
Z=FF@[@<@K@$F! K=! '&ZKN#$! #$&<B<@%$! $\$>KF! @>! S@F'=N#F$(! Q#=G! \&#@=NF! =ZK@=>F6! KO$!
ũŽƵƌŶĂůŝƐƚŽĨƚŚĞĂƌƚŝĐůĞ͚dƌŝďĂůƌĂŐĞƚĞĂƌƐĂƚĚŝǀĞƌƐĞ<ĞŶLJĂŶĐŝƚLJ͛ĐŚŽƐĞƚŽĚĞƐĐƌŝďĞƚŚĞ
ĞǀĞŶƚƐ ŝŶ EĂŝƌŽďŝ͛Ɛ ƐůƵŵƐ ĂƐ +(0D,/! (,$'(! "=FF@[<$! &<K$#>&K@\$F! '=N<S! O&\$! [$$>! .%//!
&0%/')1'! =#! .%/0+01,/! &0%/')1'6! &F! @>! KO$! '=##$FZ=>S@>)! #$Z=#KF! @>! 9/! &>S! ;-! c'%(!
/ŶƚƌŽĚƵĐƚŝŽŶͿ͘ tŚĞƚŚĞƌ ƐŚĞ ŝŶƚĞŶĚĞĚ ƚŽ ĞdžƉƌĞƐƐ ƚŚĂƚ ͚ƚƌŝďĞ͛ ǁĂƐ ƚŚĞ ĚƌŝǀŝŶŐ ĨŽƌĐĞ
[$O@>S! KO$! \@=<$>'$! =#! KO&K! F=G$! Z$=Z<$! ^O=F$! Z#@G&#R! @S$>K@%@'&K@=>! @F! K#@[&<!
G$G[$#FO@Z!^$#$!$>#&)$S!^@KO!$&'O!=KO$#6!KO$!G$&>@>)F!@>\=A$S!@>!KO$!&#K@'<$!&#$!
>$)=K@&K$S![$K^$$>!^#@K$#!&>S!#$&S$#(!;=G$!#$&S$#F!'&>![$!=%%$>S$S6!^O@<$!=KO$#F!
^@<<! K&A$! KO$! <&[$<! =%! K#@[&<! #&)$! %=#! )#&>K$S(! 9>S$$S6! &! #$&S$#! >@'A>&G$S!
͚ĨŽƌũĂƌŝŐŝƌůŽŶůLJ͛ŚĞĂǀŝůLJƌĞĂĐƚĞĚ͗͞"C0+;06!;-."!4+CC9/:!9-!-,9?+C!M+,6!-,9?+C!,+:06![$'&NF$!
ŝƚ ŝƐ ŶŽƚ͕͟ ǁŚĞƌĞĂƐ ĂŶŽƚŚĞƌ ƌĞĂĚĞƌ͕ ĚĞƐŝŐŶĂƚĞĚ ĂƐ ͚ƚŚĞ ƐƚŽƌŵLJ ƉƌĞƐĞŶƚ͕͛ ĚŝƐĂŐƌĞĞĚ
ĐŽŶĐůƵĚŝŶŐƚŚĂƚ͞ƚŚĞΗĨƌĂŵĞΗƚŚĂƚƚŚŝƐŝƐƚƌŝďĂůǀŝŽůĞŶĐĞŝƐŶŽƚŝŶĂĐĐƵƌĂƚĞ͘͟J!3$&>@>)F!
&#$! >$@KO$#! FK&[<$! >=#! %@V$S6! 0:':! >$@KO$#! Z#=SN'K@=>! >=#! @>K$#Z#$K&K@=>! 'O=@'$F! &#$!
G&S$! G$'O&>@'&<<R! &''=#S@>)! K=! %@V$S! %=#GB%N>'K@=>! #$<&K@=>FO@ZF(! -O$! ^=#S! +(0D'!
S=$F! >=K! &NK=G&K@'&<<R! &>S! @>\&#@&[<R! O&\$! &! Z$b=#&K@\$! '=>>=K&K@=>(! 9>! %&'K6! %=#!
G&>R!]$>R&>F!@K!@F!Z&#K!=%!KO$@#!@S$>K@KR!&>S!F$\$#&<!=%!GR!@>%=#G&>KF!K=<S!G$!KO&K!
KO@F!^=#S!@F!G&@><R!NF$S!@>!>$^FZ&Z$#F!@>!Z=F@K@\$!'=>K$VKF!c':$:!'N<KN#&<!%$FK@\@K@$F6!
F$$!*(Hd(!8<K@G&K$<R!b=N#>&<@FKF!&S&ZK!KO$@#!<&>)N&)$!NF$!K=!KO$!c@S$&<@D$Sd!#$&S$#![R!
#==K@>)!KO$@#!^#@K@>)F!@>K=!&!Z#$FNG&[<R!FO&#$S6!&''$FF@[<$!%#&G$!=%!@>K$#Z#$K&K@=>(!
!
+F!F&@S!@>!KO$!@>K#=SN'K@=>6!KO$!G&A@>)!=%!>$^F!&F!&!S@F'N#F@\$!'=>FK#N'K@=>!=%!F='@&<!
#$&<@KR!'&>![$!'=>F@S$#$S!&>!@S$=<=)@'&<!Z#&'K@'$(!9S$=<=)R!@F!&>!@>K#@'&K$!'=>'$ZK(!9>!
'#@K@'&<!F='@&<!KO$=#R!@K!@F!=%K$>!S$%@>$S!&F!G$&>@>)!@>!KO$!F$#\@'$!=%!Z=^$#!c4#=FF<$R!
HXX*6! -O=GZF=>! WUU*d(! ;@G@<&#<R6! F$\$#&<! '#@K@'&<! S@F'=N#F$! &>&<RFKF! &FFNG$! KO&K!
͞ƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐŝŶŵĞĚŝĂƚĞdžƚƐ͙ĨƵŶĐƚŝŽŶŝĚĞŽůŽŐŝĐĂůůLJŝŶƐŽĨĂƌĂƐƚŚĞLJĐŽŶƚƌŝďƵƚĞ
ƚŽƌĞƉƌŽĚƵĐŝŶŐƐŽĐŝĂůƌĞůĂƚŝŽŶƐŽĨĚŽŵŝŶĂƚŝŽŶĂŶĚĞdžƉůŽŝƚĂƚŝŽŶ͟;&ĂŝƌĐůŽƵŐŚϭϵϵϱ1!JJd(!
7=^$\$#6!@S$=<=)R!@F!>=K!#$FK#@'K$S!K=!&FRGG$K#@'&<!Z=^$#!#$<&K@=>F6!@K!&ZZ<@$F!K=!&<<!
#$<&K@=>F!@>!KO$!ZN[<@'!FZO$#$(!9>!b=N#>&<@FG6!@S$=<=)R!Z$#K&@>F!K=!O=^!$\$>KF!@>!KO$!
^=#<S! &#$! $>K$VKN&<@D$S! &>S! @>K$#Z#$K$S(! 7$>'$6! 9! Z#$%$#! &! [#=&S! S$%@>@K@=>! =%!
ŝĚĞŽůŽŐLJ ĂƐ ͞ĂŶLJ ĐŽŶƐƚĞůůĂƚŝŽŶ ŽĨ ĨƵŶĚĂŵĞŶƚĂů Žƌ ĐŽŵŵŽŶƐĞŶƐŝĐĂů͕ ĂŶĚ ŽĨƚĞŶ
ŶŽƌŵĂƚŝǀĞ͕ ďĞůŝĞĨƐ ĂŶĚ ŝĚĞĂƐ ƌĞůĂƚĞĚ ƚŽ ƐŽŵĞ ĂƐƉĞĐƚ;ƐͿ ŽĨ ;ƐŽĐŝĂůͿ ͚ƌĞĂůŝƚLJ͛͟
cY$#F'ON$#$>! WUUU1! HLEd(! 9>! KO@F! #$F$&#'O6! @S$=<=)R! @F! &FF='@&K$S! ^@KO! N>S$#<R@>)!
Z&KK$#>F!=%!G$&>@>)6!%#&G$F!=%!@>K$#Z#$K&K@=>!&>S!^=#<S\@$^F(!9K!@F!&[=NK!b=N#>&<@FKF!
G&A@>)!F$>F$!=%!'=GZ<$V!F@KN&K@=>F!&>S!=%%$#@>)!@>K$#Z#$K&K@=>F!K=!KO$!#$&S$#F(!/=K$!
ƚŚĂƚŵLJŶŽƚŝŽŶŽĨŝŶƚĞƌƉƌĞƚŝǀĞĨƌĂŵĞŽƌĨƌĂŵĞŽĨŵĞĂŶŝŶŐŝƐĐůŽƐĞƚŽŶƚŵĂŶ͛Ɛ;ϮϬϭϬͿ
\@$^!=%!>$^F!%#&G$F(!!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J
;$$! OKKZ1jj^^^(^&FO@>)K=>Z=FK('=Gj^ZB
SR>j'=>K$>Kj&#K@'<$jHXXEjXWjXHj+,HXXEXWXHXHUIWy4=GG$>KF(OKG<!mHEjXPjHXWXn(!
!
! ! !
%3:1/.(+5:7,+66=-8B55/(3)4!478,/B(8)!+1+6=878!
-=! FKNSR! 35,+! G$&>@>)F! ^$#$! '=>FK#N'K$S! @>! KO$! >$^FZ&Z$#! S@F'=N#F$! &>S! 359!
'$#K&@>! <@>)N@FK@'! $VZ#$FF@=>F! ^$#$! NF$S6! &! '=G[@>$S! G$KO=S=<=)R! @F! $GZ<=R$S(*!9K!
@>\=<\$F! KO#$$! [&F@'! &'K@=>F1! &! `N&>K@K&K@\$! FKNSR! =%! KO$! >$^F! '=>K$>K! c14:! H(Wd6! &!
`N&<@K&K@\$! &>&<RF@F! =%! KO$! >$^F! S@F'=N#F$! &>S! $KO>=)#&ZO@'! %@$<S^=#A(! 9>! <@>)N@FK@'!
K$#GF6!KO$!#$F$&#'O!%='NF$S!=>!KO#$$!<$\$<F1!&!<$V@'&<!<$\$<!=%!A$R^=#SF6!&!S@F'N#F@\$!
<$\$<!=%!#$Z#$F$>K&K@=>&<!FK#&K$)@$F!&>S!&!Z#&)G&K@'!<$\$<!=%!'=>K$VKN&<@D&K@=>(!
!
-O$!S@F'=N#F$!&>&<RF@F!@F!%=#!KO$!ZN#Z=F$F!=%!KO@F!Z&Z$#!#$FK#@'K$S!K=!&>!&>&<RF@F!=%!KO$!
#$Z#$F$>K&K@=>!=%!KO$!G&@>!F='@&<!&'K=#F!@>!KO$!>$^F6!&0P(!KO$!Z=<@K@'&<!<$&S$#F!]@[&A@!
ĂŶĚ KĚŝŶŐĂ ĂƐ ǁĞůů ĂƐ ƉĞƌƉĞƚƌĂƚŽƌƐ ĂŶĚ ǀŝĐƚŝŵƐ ŽĨ ǀŝŽůĞŶĐĞ͘ &ƌŽŵ sĂŶ >ĞĞƵǁĞŶ͛Ɛ
cHXXEd!K==<A@K!&!F$K!=%!&>&<RK@'&<!'&K$)=#@$F!^&F!F$<$'K$S!cF$$!%@)N#$!Hd(!
!
!
U7.B()!TA!+>&<RK@'&<!'&K$)=#@$F!%=#!KO$!#$Z#$F$>K&K@=>!=%!F='@&<!&'K=#F(!
!
-O$!#$Z#$F$>K&K@=>&<!FK#&K$)@$F!F'O$G&K@D$S!@>!%@)N#$!H!'&>![$!$VZ<&@>$S![R!G$&>F!=%!
KO$!'=GZ&#&[<$!>$^FZ&Z$#!$VK#&'KF!cWd!&>S!cHd1!
!
]$>R&! @F! =>$! =%! KO$! G=FK! S$\$<=Z$S! '=N>K#@$F! @>! +%#@'&6! [NK! KO@F! $<$'K@=>! O&F!
$VZ=F$S! @KF! N)<R! K#@[&<! N>S$#[$<<R(! 3#(! .S@>)&! @F! &!CN=6! &! [@)! K#@[$! @>! ]$>R&!
KO&K! %$$<F! G&#)@>&<@D$S! %#=G! ƚŚĞ ĐŽƵŶƚƌLJ͛Ɛ <ŝŬƵLJƵ ĞůŝƚĞ ƚŚĂƚ ŚĂƐ ĚŽŵŝŶĂƚĞĚ
[NF@>$FF!&>S!Z=<@K@'F!F@>'$!@>S$Z$>S$>'$!@>!WUPL(!3#(!]@[&A@!@F!&!]@ANRN6!&>S!
KO$! \=K@>)! F=! %&#! O&F! FZ<@K! FK#&@)OK! S=^>! K#@[&<! <@>$F6! ^@KO! $&'O! '&>S@S&K$!
^@>>@>)![@)!@>!O@F!K#@[&<!O=G$<&>S(!.>!;&KN#S&R6!KO$!%@#FK!F@)>F!=%!&!K#@[&<!^&#!
%<&#$S! NZ! @>! /&@#=[@6! ^@KO! CN=! )&>)F! F^$$Z@>)! @>K=! &! FO&>KRK=^>! '&<<$S!
3&KO&#$!&>S!FK=>@>)!F$\$#&<!]@ANRN!#$F@S$>KF(!9>!]@[$#&6!&>=KO$#!ON)$!F<NG6!
FNZZ=#K$#F! =%! 3#(! .S@>)&! [N#>K! S=^>! A@=FAF! KO&K! KO$R! F&@S! [$<=>)$S! K=!
]@ANRN![NF@>$FFG$>(!
c/5-y,@=KF![&KK$#!]$>R&!&F!#@\&<F!S$'<&#$!\@'K=#RyLXjWHjHXXId!
!
9>!&>=KO$#!S$\$<=ZG$>K6!K$>F@=>!)#@ZZ$S!G=FK!Z&#KF!=%!/&@#=[@fF!]&GNAN>b@!&>S!
0G[&A&F@!'=>FK@KN$>'@$F!&F!R=NKOF!<@K![=>%@#$F!&>S!$>)&)$S!Z=<@'$!@>!#N>>@>)!
[&KK<$F(! -O$! FA@#G@FO$F! &K! ]&R=<$! &>S! 3&A=>)$>@! FK&#K$S! @>! KO$! $\$>@>)! &F!
KO$!R=NKOF! S$G&>S$S!&>!@GG$S@&K$!#$<$&F$!=%!KO$!Z#$F@S$>K@&<!Z=<<!#$FN<KF(!
-O$! R=NKOF! ^O=! 'O&>K$S! F<=)&>F! @>! Z#&@F$! =%! .23! Z#$F@S$>K@&<! '&>S@S&K$!
,&@<&!.S@>)&6![<$^!^O@FK<$F!&>S!#$G=\$S!Z$=Z<$!%#=G!KO$@#!O=NF$F6!'<&@G@>)!
KO&K! KO$R! ^$#$! $>#&)$S! [R! ^O&K! KO$R! K$#G$S! KO$! 0<$'K=#&<! 4=GG@FF@=>fF!
ĨĂŝůƵƌĞ ƚŽ ƌĞůĞĂƐĞ ƚŚĞ ƌĞƐƵůƚƐ͙͘ -^=! Z$=Z<$! ^$#$! A@<<$S6! F$\$#&<! =KO$#F!
^=N>S$S! &>S! Z#=Z$#KR! ^=#KO! G@<<@=>F! =%! FO@<<@>)F! S$FK#=R$S! SN#@>)! \@=<$>K!
Z#=K$FKF!&'#=FF!KO$!'=N>K#R!=\$#!S$<&R!@>!#$<$&F$!=%!Z#$F@S$>K@&<!Z=<<!#$FN<KF(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
*
!+!G=#$!$<&[=#&K$!\$#F@=>!=%!KO$!G$KO=S=<=)R!&>S!G=#$!#$F$&#'O!#$FN<KF!'&>![$!%=N>S!@>!4=$F$G&>F!
cHXWHd(!
!
c2/y2$&KO! &>S! @>bN#@$F! &F! =NK'=G$! &>V@$KR! K&A$F! @KF! K=<<! &'#=FF! KO$!
'=N>K#RyLXjWHjHXXId!
!
-=! [$)@>! ^@KO6! F='@&<! &'K=#F! '&>! [$! @>'<NS$S! =#! $V'<NS$S(! MO$>! KO$R! &#$! 'K1/<-'-6!
KO$R! &#$! $@KO$#! 2<..('22'-6! ^O@'O! G$&>F! KO&K! KO$R! &#$! %N<<R! &[F$>K! %#=G! KO$! >$^F!
K$VK6!=#!KO$R!&#$!D,1>$(%<)-'-6!0:':!KO$R!&#$!>=K!G$>K@=>$S![NK!'&>![$!@>%$##$S!%#=G!
K$VK6! '=ŶƚĞdžƚ Žƌ ďĂĐŬŐƌŽƵŶĚ ŬŶŽǁůĞĚŐĞ͘ /Ŷ ;ϭͿ ƚǁŽ ŽĨ <ĞŶLJĂ͛Ɛ ĐŽŵŵƵŶŝƚŝĞƐ ĂƌĞ
G$>K@=>$S6!CN=!&>S!]@ANRN6!^O@<$!KO$!=KO$#F!&#$!FNZZ#$FF$S!cKO=N)O!F$\$#&<!=%!KO$G!
Z<&R$S!&!#=<$!@>!KO$!'=>%<@'KFd(!-O$!S@%%$#$>K!$KO>@'!'=GGN>@K@$F!&#$![&'A)#=N>S$S!@>!
cHd!KO#=N)O!KO$!S$<@[$#&K$!&\=@S&>'$!=%!$VZ<@'@K!#$%$#$>'$F!K=!$KO>@'@KR6![NK!KO$R!'&>!
[$!@>%$##$S![R!G=FK!]$>R&>!#$&S$#F!%#=G!KO$!K=Z=>RGF!&>S!KO$@#!^=#<S!A>=^<$S)$(!
!
MO$>!KO$!F='@&<!&'K=#F!&#$!0)1/<-'-6!KO$R!'&>![$!#$Z#$F$>K$S!&F!S@FK@>'K!@>S@\@SN&<F!
=#! KO$R! '&>! [$! #$%$##$S! K=! &F! )#=NZF! &>S! KO@F! '&>! [$! S=>$! @>! &>! N>FZ$'@%@$S6!
&>=>RG=NF! G&>>$#! =#! [R! G$&>F! =%! FZ$'@%@'! #$%$#$>'$(! 7$>'$! KO$! '=>K#&FK@>)!
'&K$)=#@$F! =%! 0)-0&0-<,/0P,+0%)! &'(2<2! 1%//'1+0&0P,+0%)! &>S! 0)-'+'(*0),+0%)! &'(2<2!
-'+'(*0),+0%)(!9>!cWd!.S@>)&!&>S!]@[&A@!&#$!@>S@\@SN&<@D$S!&>S!S$K$#G@>&K$(!-O$!;<%!
$,)$2! =#!Z0><9<!D<20)'22*')! &#$!$V&GZ<$F!=%!'=<<$'K@\@D&K@=>F6!^O@'O!&#$!FZ$'@%@$S6!
KONF!S$K$#G@>&K$6!^O@<$!KO$! 9%<+52! =#!KO$! .'%./'! #$G=\$S!%#=G!KO$@#!O=NF$F!@>!cHd!
&#$! @>S$K$#G@>&K$! '=<<$'K@\@D&K@=>F(! +! FZ$'@&<! '&F$! =%! '=<<$'K@\@D&K@=>! @F! ,$$('$,+0%)!
^O$>!F='@&<!&'K=#F!&#$!`N&>K@%@$S!&F!@>!+3%!.'%./'!@>!cHd(!
!
9>!KO$!'&F$!=%!S$K$#G@>&K@=>!&!%N#KO$#!S@FK@>'K@=>!'&>![$!S#&^>![$K^$$>!)%*0),+0%)!
&>S!1,+'$%(0P,+0%)(!;='@&<!&'K=#F!'&>![$!#$Z#$F$>K$S!@>!K$#GF!=%!KO$@#!N>@`N$!@S$>K@KR!
=#!@>!K$#GF!=%!@S$>K@K@$F!&>S!%N>'K@=>F!KO$R!FO&#$!^@KO!=KO$#F(!/=G@>&K@=>!@F!KRZ@'&<<R!
#$&<@D$S! [R! Z#=Z$#! >&G$F(! Y&>! C$$N^$>! cHXXEd! S@FK@>)N@FO$F! KO#$$! A@>SF! =%!
'&K$)=#@D&K@=>1! 4<)1+0%),/0P,+0%)6! ,..(,02'*')+! &>S! 0-')+0401,+0%)(! -O$! <&KK$#! @F!
FN[S@\@S$S!@>K=!1/,220401,+0%)!&>S!('/,+0%),/!0-')+0401,+0%)(!QN>'K@=>&<@D&K@=>!#$%$#F!K=!
KO$!#$Z#$F$>K&K@=>!=%!F='@&<!&'K=#F!@>!K$#GF!=%!F=G$KO@>)!KO$R!S=6!&>!=''NZ&K@=>!=#!
#=<$! @>! F='@$KR6! $V$GZ<@%ŝĞĚ ďLJ KĚŝŶŐĂ͛Ɛ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶ ĂƐ NCO! .('20-')+0,/!
1,)-0-,+'!@>!cHd(!MO$>!KO$!F='@&<!&'K=#F!&#$!#$Z#$F$>K$S!@>!$\&<N&K@\$!K$#GF6!KO@F!@F!
'&<<$S! &ZZ#&@F$G$>K(! 9>! cWd6! %=#! @>FK&>'$6! $,)$2! O&F! &! >$)&K@\$! '=>>=K&K@=>6! ^O@<$!
('20-')+2! O&F!&!>$NK#&<!K=!Z=F@K@\$! '=>>=K&K@=>(!9S$>K@%@'&K@=>!G$&>F!KO&K! KO$!F='@&<!
&'K=#F! &#$! S$%@>$S! [R! ^O&K! KO$R!G=#$! =#! <$FF! Z$#G&>$>K<R! =#! N>&\=@S&[<R! &#$(! -O$!
#$Z#$F$>K&K@=>F!=%!.S@>)&!&F! ,!;<%! &>S!]@[&A@!&F! ,!Z0><9<! &#$!$V&GZ<$F!=%!c$KO>@'d!
'<&FF@%@'&K@=>(!-O&K!@F!KO$!#$Z#$F$>K&K@=>!=%!F='@&<!&'K=#F!@>!K$#GF!=%!KO$!'&K$)=#@$F![R!
^O@'O! &! F='@$KR! S@%%$#$>K@&K$F! [$K^$$>! )#=NZF! =%! Z$=Z<$6! FN'O! &F! &)$6! )$>S$#6!
$KO>@'@KR6! &>S! F=! =>(! 9S$>K@%@'&K@=>! [&F$S! =>! Z$#F=>&<6! A@>FO@Z! =#! ^=#A! #$<&K@=>F! @F!
K$#G$S! #$<&K@=>&<! @S$>K@%@'&K@=>(! -O$! ZO#&F$! 2<..%(+'(2! %4! O(:! N-0)$,! @>! cWd! @F! &>!
$V&GZ<$(! 9K! @F! '<$&#! KO&K! KO$! F&G$! <@>)N@FK@'! $VZ#$FF@=>! '&>! O&\$! S@%%$#$>K!
#$Z#$F$>K&K@=>&<!%N>'K@=>F(!
!
;N'O!`N&<@K&K@\$!&>&<RF$F!S=!>=K!FN%%@'$!K=!N>S$#FK&>S!KO$!>$^F!S@F'=N#F$(!9>!=#S$#!K=!
@>\$FK@)&K$! ^OR! S@%%$#$>K! #$Z#$F$>K&K@=>&<! FK#&K$)@$F! ^$#$! NF$S6! &>! $KO>=)#&ZO@'!
'=GZ=>$>K!^&F!@>'=#Z=#&K$S!@>K=!KO$!#$F$&#'O(!7$#$!$KO>=)#&ZOR!@F!>=K!N>S$#FK==S!
ĂƐ͞ƚŚĞƐĐŝĞŶƚŝĨŝĐĚĞƐĐƌŝƉƚŝŽŶŽĨŶĂƚŝŽŶƐŽƌƌĂĐĞƐŽĨŵĞŶ͕ǁŝƚŚƚŚĞŝƌĐƵƐƚŽŵƐ͕ŚĂďŝƚƐ͕
ĂŶĚƉŽŝŶƚƐŽĨĚŝĨĨĞƌĞŶĐĞ͟;NK4%(-!")$/025!C01+0%),(9d6!#&KO$#1!
!
͞ƚŚŶŽŐƌĂƉŚLJŵĞĂŶƐƌĞĐŽƌĚŝŶŐƚŚĞůŝĨĞŽĨĂƉĂƌƚŝĐƵůĂƌŐƌŽƵƉĂŶĚƚŚƵƐĞŶƚĂŝůƐƐƵƐƚĂŝŶĞĚ
Z&#K@'@Z&K@=>! &>S! =[F$#\&K@=>! @>! KO$@#! G@<@$N6! '=GGN>@KR6! =#! F='@&<! ^=#<S(! 9K! G$&>F!
G=#$! KO&>! Z&#K@'@Z&>K! =[F$#\&K@=>! &<=>$! [$'&NF$! &>! $KO>=)#&ZO@'! FKNSR! '=\$#F! KO$!
#=N>S! =%! <@%$! =''N##@>)! ^@KO@>! KO$! )@\$>! G@<@$NcVd! &>S! =%K$>! @>'<NS$F! FNZZ<$G$>K&#R!
!
! ! !
S&K&! %#=G! S='NG$>KF6! S@&)#&GF6! G&ZF6! ZO=K=)#&ZOF6! &>S6! =''&F@=>&<<R6! %=#G&<!
ŝŶƚĞƌǀŝĞǁƐĂŶĚƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͟;ŚĂƌŵĂnjϮϬϬϲ͗ϮϭͿ͘!
!
9>! GR! \@$^6! $KO>=)#&ZOR! @F! >=K! bNFK! Z&#K@'@Z&>K! =[F$#\&K@=>6! [NK! &<F=! '=>\$#F&K@=>!
&>S! #@'O! @>%=#G&K@=>! )&KO$#@>)! \@&! &<<! A@>SF! =%! S='NG$>KF! %#=G! KO$! %@$<S! c14:!
<ŶŽďůĂƵĐŚ͛Ɛ ϮϬϬϱ ŶŽƚŝŽŶ ŽĨ ͚ĨŽĐƵƐĞĚ ĞƚŚŶŽŐƌĂƉŚLJ͛Ϳ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ĞƚŚŶŽŐƌĂƉŚLJ ͞ŝƐ
>=K! &!G$KO=S!=%!^#@K@>)!@>!^O@'O!KO$! =[F$#\$#!&FFNG$F! %)'! Z$#FZ$'K@\$!ʹ! ^O$KO$#!
͚ĚŝƐƚĂŶƚ͛ Žƌ ͚ŶĞĂƌ͛ ʹ! [NK! &! FKR<$! @>! ^O@'O! KO$! #$F$&#'O$#! $FK&[<@FO$F! &! S@&<=)N$!
ďĞƚǁĞĞŶ ĚŝĨĨĞƌĞŶƚ ǀŝĞǁƉŽŝŶƚƐ ĂŶĚ ǀŽŝĐĞƐ͟ ;ƵƌĂŶƚŝ ϭϵϵϳ͗ ϴϳͿ͘ dŚĂƚ ŝƐ ǁŚLJ
$KO>=)#&ZO@'!@>%=#G&K@=>!'&>![$!NF$S!K=!K#@&>)N<&K$!&>&<RK@'&<!#$FN<KF(!
! !
9>! KO$! '=>K$VK! =%! b=N#>&<@FG! FKNS@$F! "O@<=! cHXXId! #@)OK<R! #$G&#A$S! KO&K! ZN#$<R! K$VKB
ďĂƐĞĚ ĂŶĂůLJƐĞƐ ĐĂŶŶŽƚ ĨƵůůLJ ĞdžƉůĂŝŶ ƚŚĞ ĐŽŶƚĞŶƚ ŽĨ ŶĞǁƐ ŶŽƌ ũŽƵƌŶĂůŝƐƚƐ͛ ĚŝƐĐƵƌƐŝǀĞ
Z#&'K@'$(! 0KO>=)#&ZO@'! %@$<S^=#A! @F! NF$%N<! %=#! S@F'=N#F$! &>&<RF@F6! [$'&NF$!
͞ĞƚŚŶŽŐƌĂƉŚLJ ƐĞƚƐ ŽƵƚ K=! <$&#>! G$&>@>)! &>S! '=>K$VKF! ^O@'O! <@$! =NKF@S$! KO$!
'=>'$ZKF!&>S!O&[@KF!=%!Z#@=#!$VZ$#@$>'$6!K=!'=>FK#N'K!&>S!K$FK!#$Z#$F$>K&K@=>F!=%!>$^!
ŬŶŽǁůĞĚŐĞ͟ ;ŐĂƌ ϭϵϵϱ͗ϱϴϯͿ͘ DLJ ĞƚŚŶŽŐƌĂƉŚŝĐǁŽƌŬ ĐŽŶƐŝƐƚĞĚŽĨ ǀŝƐŝƚƐƚŽ ĞĚŝƚŽƌŝĂů
=%%@'$F6!=[F$#\&K@=>F!&K!>$^F#==GF6!KO$!'=<<$'K@=>!&>S!FKNSR!=%!Z=<@'R!S='NG$>KF!=#!
$S@K=#@&<! )N@S$<@>$F6! &>S! @>K$#\@$^F! ^@KO! ]$>R&>! b=N#>&<@FKF! &F! ^$<<! &F! %=#$@)>!
'=##$FZ=>S$>KF! [&F$S! @>! /&@#=[@(! -O@F! @>%=#G&K@=>! ^&F! NF$S! K=! )&@>! &>! @>F@)OK! @>K=!
KO$! '=>K$VKF! =%! >$^F! Z#=SN'K@=>6! K=! @>'<NS$! ŶĞǁƐǁŽƌŬĞƌƐ͛ ƉĞƌƐƉĞĐƚŝǀĞƐ ĂŶĚ ƐŽ ƚŽ
FNZZ=#K6!#$%@>$!=#!#$b$'K!'$#K&@>!S@F'=N#F$B&>&<RK@'&<!@>K$#Z#$K&K@=>F(!
!
>1+6=8)8!+14!478,B887/1A!D)5()8)13+37/1K!2)+171.!+14!,/13)L3B+6!*+,3/(8!
!
D)5()8)13+37/1!/*!8/,7+6!+,3/(8!+14!*(+2)8!/*!2)+171.!
-O$#$! @F! &! FK#@A@>)! S@%%$#$>'$! @>! O=^! KO$! '#@F@F! &>S! KO$! \@=<$>'$! @F! '=\$#$S! @>! KO$!
@>K$#>&K@=>&<! &F! =ZZ=F$S! K=! KO$! >&K@=>&<! Z#$FF(! ?=KO! KO$! +G$#@'&>j?#@K@FO! &>S! KO$!
]$>R&>!>$^FZ&Z$#F!%#&G$!KO$!'#@F@F!&<K$#>&K$<R!&F!&!cZ=FKBd$<$'K@=>!'#@F@F6!&!Z=<@K@'&<!
'#@F@F!=#!&!ONG&>@K&#@&>!'#@F@F(!7=^$\$#6!KO$!%=#$@)>!Z#$FF!NFN&<<R!<@>AF!KO$F$!%#&G@>)F!
ƚŽ Ă ĨƌĂŵŝŶŐ ŽĨ <ĞŶLJĂ͛Ɛ ĐƌŝƐŝƐ ĂƐ Ă ĐƌŝƐŝƐ ŽĨ ƐŽĐŝĂů ŝŶƚĞŐƌĂƚŝŽŶ ĂŶĚ ĐŽŵŵƵŶĂů
'=$V@FK$>'$6! 0:':! ͞Ă ĐƌŝƐŝƐ ƚŚĂƚ ŚĂƐ ƉŝƚƚĞĚ ĞƚŚŶŝĐ ŐƌŽƵƉƐ ĂŐĂŝŶƐƚ ŽŶĞ ĂŶŽƚŚĞƌ͟
c/5-y]$>R&>!=ZZ=F@K@=>!'&<<F!%=#!>$^! #&<<R!&>S!F&>'K@=>FyWHjXWjHXXEd!@>!&!'=N>K#R!
ǁŚĞƌĞƚŚĞƉĞŽƉůĞ͞K#&>F%=#G$S!F=!`N@'A<R!%#=G!$KO>@'&<<R!@>K$)#&K$S!>$@)O[=#F!@>K=!
ƚƌŝďĂů ǁĂƌƌŝŽƌƐ͟ ;tWͺdƌŝďĂů ƌĂŐĞ ƚĞĂƌƐ Ăƚ ĚŝǀĞƌƐĞ <ĞŶLJĂŶ ĐŝƚLJͺϬϯͬϬϭͬϮϬϬϴͿ͕ Žƌ ĂƐ Ă
ĐƌŝƐŝƐ ƚŚĂƚ ĐŽƵůĚ ͞ƐZ#$&S! @>K=! &! <&#)$#! $KO>@'! '=>%<@'K! [$K^$$>! CN=6! ^O=! )$>$#&<<R!
ƐƵƉƉŽƌƚ Dƌ KĚŝŶŐĂ͕ ĂŶĚ ƚŚĞ <ŝŬƵLJƵ ƚƌŝďĞ ŽĨ Dƌ <ŝďĂŬŝ͟ ;d/ͺϭϯϱ ĚĞĂĚ ŝŶ ĞůĞĐƚŝŽŶ
[<==S[&KOyXWjXWjHXXEd(! -O$! +G$#@'&>! &>S! ?#@K@FO! >$^FZ&Z$#F! ^#=K$! FN[FK&>K@&<<R!
G=#$!&[=NK!'+5)01!40$5+0)$6!+(0D,/!3,(!=#!$\$>!$')%10-'6!&F!'=GZ&#$S!K=!KO$!]$>R&>!
Z#$FF! ^O@'O! FZ=A$! =%! .%//#('/,+'-! &0%/')1'6! .%/0+01,/! &0%/')1'! =#! NF$S! $NZO$G@FK@'!
<&[$<F6!FN'O!&F!2>0(*025'2!=#!.(%+'2+2(!
! !
-O&K!S@%%$#$>K!%#&G$F!=%!@>K$#Z#$K&K@=>!&#$!$GZ<=R$S!&<F=!%=<<=^F!%#=G!KO$!&>&<RF@F!=%!
KO$!#$Z#$F$>K&K@=>!=%!KO$!G&@>!F='@&<!&'K=#F(!-O$!K^=!Z=<@K@'@&>F6!]@[&A@!&>S!.S@>)&6!
FO&#$! >=G@>&K@=>! &>S! @>S@\@SN&<@D&K@=>! &F! [&F@'! #$Z#$F$>K&K@=>(! ?NK! KO$@#!
#$Z#$F$>K&K@=>! S@%%$#F! ^O$>! @K! '=G$F! K=! %N>'K@=>&<@D&K@=>! &>S! '<&FF@%@'&K@=>(! 9>! KO$!
]$>R&>!Z#$FF6![=KO!Z=<@K@'@&>F!&#$!%#$`N$>K<R!%N>'K@=>&<@D$S![R!G$&>F!=%!KO$@#!'N##$>K!
Z=<@K@'&<! =''NZ&K@=>! c':$:! .S@>)&! &F! .23! Z#$F@S$>K@&<! '&>S@S&K$6! .23! <$&S$#! =#!
"#@G$!3@>@FK$#!S$F@)>&K$h!]@[&A@!&F!@>'NG[$>K!Z#$F@S$>K6!"/8!'&>S@S&K$!=#!O$&S!=%!
FK&K$d(!-O$R!&#$!>$\$#!$VZ<@'@K<R!'<&FF@%@$S![R!G$&>F!=%!KO$@#!$KO>@'@KR(!;$$!$V&GZ<$F!
cLd!&>S!cJd1!
!
.23!"#$F@S$>K@&<!'&>S@S&K$!3#!,&@<&!.S@>)&!'&<<$S!&!Z#$FF!'=>%$#$>'$!=>!;N>S&R!
G=#>@>)!S$G&>S@>)!KO$!04]!K=!'=>SN'K!&!>&K@=>&<!&NS@K!&>S!#$'=N>K!=%!KO$!
\=K$F(!,&@<&!F&@S!KŚĞƉƌŽĐĞƐƐŽĨƌĞůĞĂƐŝŶŐƌĞƐƵůƚƐƐŽĨĂƌǁĂƐĂ͞ĨƌĂƵĚ͟ĂŶĚ<
ŚĂĚ ͞ĚŽĐƚŽƌĞĚ ƚŚĞ ƌĞƐƵůƚƐ͟ ŝŶ ĨĂǀŽƵƌ ŽĨ @>'NG[$>K! Z#$F@S$>K! &>S! "&#KR! =%!
/&K@=>&<!8>@KR!'&>S@S&K$6!3^&@!]@[&A@(!
c;-y,&@<&!'&<<F!%=#!\=K$!#$'=N>KyLWjWHjHXXId!
!!
.KO$#F! =>! O&>S! K=! #$'$@\$! KO$! 7$&S! =%! ;K&K$! ^$#$! Y@'$B"#$F@S$>K! ]&<=>D=!
3NFR=A&!&>S!.23!<$&S$#!&>S!"#@G$!3@>@FK$#!S$F@)>&K$!,&@<&!.S@>)&(!
c2/yC$&S$#F!N>@K$!&F!KO$R!NFO$#!@>!WXKO!7=NF$yXIjXLjHXXEd!
!
9>! '=>K#&FK6! KO$! +G$#@'&>! &>S! ?#@K@FO! >$^FZ&Z$#F! K$>S! K=! @>K#=SN'$! ]@[&A@! &>S!
.S@>)&![R!#$%$#$>'$!K=!KO$@#!$KO>@'@KR(!4=GZ&#$!$V&GZ<$F!cLd!&>S!cJd!K=!c*d!&>S!cPd1!
-O$! '=>K$FK! Z@KF! KO$! @>'NG[$>K6!3^&@!]@[&A@6!&!G&>!^O=!O&F!&!#$ZNK&K@=>!&F! &!
'=N#K<R!)$>K<$G&>!&>S!$'=>=G@'F!^O@D![NK!&<F=!&F!&!K#@[&<!Z=<@K@'@&>6!&)&@>FK!
,&@<&! .S@>)&6! &! #@'O6! %<&G[=R&>K! [NF@>$FFG&>! ^O=! #@S$F! &#=N>S! @>! &! [#@)OK!
#$S!zWXX6XXX!7NGG$#!&>S!@F!#N>>@>)!&F!&!'O&GZ@=>!=%!KO$!Z==#(!
c/5-y]$>R&>F!Y=K$!@>!-$FK!=%!2$G='#&'RyHEjWHjHXXId!
!
9>!KO$!'&Z@K&<6!$KO>@'!K$>F@=>F!%<&#$S!@>!F=G$!&#$&F(!9>!KO$!FZ#&^<@>)!^&##$>!=%!K@>!
FO&'AF!&>S!S@#K!Z&KOF!'&<<$S!]@[$#&6!&>!.S@>)&!FK#=>)O=<S6!&!'<NFK$#!=%!R=N>)!
G$>!%#=G!]@[&A@fF!$KO>@'!)#=NZ6!KO$!]@ANRN6!)N&#S$S!&!#=&S!^@KO!G&'O$K$F(!
-O$! G$>! S$G&>S$S! K=! F$$! KO$! >&K@=>&<! @S$>K@KR! '&#SF! =%! KO=F$! Z&FF@>)6!
F$&#'O@>)!$&'O!=>$!%=#!>&G$F!%#=G!.S@>)&fF!$KO>@'!)#=NZ6!KO$!CN=6!&''=#S@>)!
K=!^@K>$FF$F(!
;tWͺĞůĂLJƐŝŶ<ĞŶLJĂ͛ƐǀŽƚĞĐŽƵŶƚƚŽƵĐŚŽĨĨƵŶƌĞƐƚŶĂƚŝŽŶĂǁŝĚĞͺϯϬjWHjHXXId!
!
9>!KO$!@>K$#>&K@=>&<!Z#$FF!$KO>@'!'<&FF@%@'&K@=>!@F!KO$!G=FK!'=GG=>!#$Z#$F$>K&K@=>&<!
FK#&K$)R(!MO$>!KO$!Z=<@K@'&<!&'K=#F!&#$!%N>'K@=>&<@D$S6!KO$R!&#$!#$Z#$F$>K$S![R!G$&>F!
=%!Z&FK!=#!=KO$#BKO&>BZ=<@K@'&<!=''NZ&K@=>F!c':$:!$'=>=G@'F!^O@D!#$%$##@>)!ƚŽ<ŝďĂŬŝ͛Ɛ
FKNS@$F!&>S!Z#$\@=NF!Z=FKF!&F!3@>@FK$#!=%!Q@>&>'$h!=#![NF@>$FFG&>!%=#!.S@>)&d(!
! !
.[\@=NF<R6!ƚŚĞŝŶƚĞƌŶĂƚŝŽŶĂůƉƌĞƐƐŵĞŶƚŝŽŶƐƚŚĞƉŽůŝƚŝĐŝĂŶƐ͛ĞƚŚŶŝĐŝƚLJ͕ƐŝŶĐĞƉŽůŝƚŝĐƐŝŶ
]$>R&!@F!=%K$>!&>!$KO>@'!&%%&@#!&>S!G=FK!+G$#@'&>!=#!?#@K@FO!#$&S$#F!S=!>=K!A>=^!c>=#!
'&>! KO$R! @>%$#d! $KO>@'! &%%@<@&K@=>(! 7=^$\$#6! @K! [$'=G$F! Z#=[<$G&K@'! ^O$>! $KO>@'!
'<&FF@%@'&K@=>F! =%! ]@[&A@! &>S! .S@>)&! &#$! &NK=G&K@'&<<R! Z#=b$'K$S! K=! KO$@#! FNZZ=#K$#F!
&>S![R!$VK$>F@=>!K=!KO$!\@'K@GF!&>S!Z$#Z$K#&K=#F!=%!\@=<$>'$(!9>!KO&K!'&F$!&! <@G@K$S!
K#@[&<! %#&G$! @F! '#$&K$S! &>S! S@%%$#$>K! Z='A$KF! =%! \@=<$>'$! ^@KO! GN<K@Z<$! %&'K=#F! &#$!
<NGZ$S! K=)$KO$#(! -O$>! N>^&##&>K$S! F@GZ<@%@'&K@=>! =#! )$>$#&<@D&K@=>! '=G$F! &[=NK(!
0VK#&'KF!cId!&>S!cEd!&#$!$V$GZ<&#R1!
M@KO! KO$! Z#$F@S$>K6! 3^&@! ]@[&A@6! &! ]@ANRN! &>S! 3#(! .S@>)&6! &! CN=6! KO$! $<$'K@=>!
F$$GF!K=!O&\$!K&ZZ$S!@>K=!&>!&K&\@FK@'!\$@>!=%!K#@[&<!K$>F@=>!KO&K!&<^&RF!<&R!
[$>$&KO! KO$! FN#%&'$! @>! ]$>R&! [NK! N>K@<! >=^! O&S! >=K! Z#=\=A$S! ^@S$FZ#$&S!
G&RO$G(!
c/5-y2@FZNK$S!\=K$!Z<N>)$F!]$>R&!@>K=![<==SFO$SyLWjWHjHXXId!
!
]$>R&!$S)$S!'<=F$#!K=!K#@[&<!^&#%&#$!ůĂƐƚŶŝŐŚƚ͙͘3=#$!KO&>!HXX!Z$=Z<$6!G&@><R!
]@ANRNF6!KO$!F&G$!K#@[$!&F!"#$F@S$>K!3^&@!]@[&A@6!^$#$!FO$<K$#@>)!%=#!F&%$KR!
@>!KO$!]$>R&!+FF$G[<@$F!=%!:=S!'ON#'O!%@\$!G@<$F!=NKF@S$!0<S=#$K!@>!KO$!,@%K!
Y&<<$R(!+>!&#G$S!)&>)!=%!R=N>)!G$>!S#&^>!%#=G!KO$!]&<$>b@>6!CNOR&!&>S!CN=!
K#@[$F!^O@'O![&'A$S!KO$![$&K$>!Z#$F@S$>K@&<!'&>S@S&K$!,&@<&!.S@>)&!FK=#G$S!
KO$!'ON#'O!'=GZ=N>S!R$FK$#S&R!G=#>@>)!&>S!F$K!@K!&<@)OK(!!
!
! ! !
c9/yEX!'O@<S#$>!G&FF&'#$S!@>!]$>R&>!'ON#'OyXHjXWjHXXEd!
!
0\$>!@>! '=>%<@'KF6!&F!S$F'#@[$S!@>!cEd!^O$#$!$KO>@'!&FZ$'KF!'<$&#<R!Z<&R$S!&!#=<$6!KO$!
]$>R&>! Z#$FF! &\=@S$S! #$%$#$>'$F! K=! $KO>@'@KR(! -O$R! S@S! >=K! FZ$'@%R! \@'K@GF! =#!
Z$#Z$K#&K=#F! =%! \@=<$>'$6! [NK! NF$S! FK#&K$)@$F! =%! &))#$)&K@=>! c':$:! L*! Z$=Z<$d! =#!
@>S$K$#G@>&K$!'=<<$'K@\@D&K@=>!c':$:!^=G$>!&>S!'O@<S#$>6!G=#$!KO&>!HXX!R=NKOFd(!;$$!
cUd1!
+K!<$&FK!L*!Z$=Z<$6!G=FK!=%!KO$G!^=G$>!&>S!'O@<S#$>6!S@$S!R$FK$#S&R!@>!0<S=#$K!
@>! KO$! G=FK! [@D&##$! A@<<@>)! R$K! @>! KO$! =>)=@>)! Z=FKB$<$'K@=>! \@=<$>'$(! -O$R!
^$#$! A@<<$S! ^O$>! G=#$! KO&>! HXX! R=NKOF! [N#>K! S=^>! &! 'ON#'O! ^O$#$!
#$F@S$>KF!=%!K^=!\@<<&)$F!@>!0<S=#$K!;=NKO!'=>FK@KN$>'R!O&S!F=N)OK!#$%N)$(!!
c2/y,&@S!=>!'ON#'O!<$&\$F!L*!S$&S!&F!'O&=F!FZ#$&SFyXHjXWjHXXEd!
!
9>FK$&S! =%! %='NF@>)! =>! KO$! $KO>@'! &FZ$'KF! =%! KO$! \@=<$>'$6! KO$! ]$>R&>! >$^FZ&Z$#F!
%#$`N$>K<R! Z=@>K$S! K=! =KO$#! N>S$#<R@>)! %&'K=#F6! FN'O! &F! N>$GZ<=RG$>K6! Z=\$#KR6!
$'=>=G@'!'=GZ$K@K@=>!=#!<&>S!@FFN$F!&F!@>!cWXd1!
3&>R!/=#KO!,@%K!#$F@S$>KF!F&R!KO$!Z#=K$FKF!&)&@>FK!KO$!Z#$F@S$>K@&<!#$FN<KF!^$#$!
bNFK!&!'=\$#!NZ!&F!KO$!A$R!N>S$#<R@>)!%&'K=#!^&F!KO$!<&>S!@FFN$(!
c2/y-O$!<&>S!%&'K=#!@>!\@=<$>'$!KO&K!O&F!#='A$S!/=#KO!,@%KyX*jXWjHXXEd!
!
-ONF6! K^=! )$>$#&<! %#&G$F! =%! G$&>@>)! '&>! [$! S@FK@>)N@FO$S1! &>! $KO>@'! %#&G$! @>! KO$!
@>K$#>&K@=>&<!G$S@&!&>S!&!F='@=BZ=<@K@'&<!%#&G$!@>!KO$!<='&<!Z#$FF(!
!
N/B(1+67837,!0/7,)8!+14!,/13)L3B+6!)L56+1+37/18!
M@KO! #$FZ$'K! K=! KO$! &[=\$! %#&G$F! =%!G$&>@>)! @K! @F! @GZ=#K&>K! K=! >=K$! KO&K! KO$R! &#$!
SR>&G@'! &>S! KO&K! KO$R! &#$! S=G@>&>K6! KO=N)O! >=K! $V'<NF@\$(! -O&K! G$&>F! KO&K! KO$!
]$>R&>! G$S@&! &<F=! =''&F@=>&<<R! ^#=K$! &[=NK! $KO>@'! '=>%<@'KF6! ^O@<$! F=G$! %=#$@)>!
Z#$FF! #$Z=#KF! K=N'O! NZ=>! F='@=BĞĐŽŶŽŵŝĐ ĨĂĐƚŽƌƐ ŽĨ <ĞŶLJĂ͛Ɛ ĐƌŝƐŝƐ͘ 'ƌĂĚƵĂůůLJ͕ ǁŚĞŶ
KO$!$\$>KF!N>%=<S$S!&>S!b=N#>&<@FKF!<$&#>$S!G=#$6!KO$R!'&G$!<==F$!%#=G!KO$@#!S$%&N<K!
S$F'#@ZK@=>F!&>S!FK&#K$S!K=!@<<NG@>&K$!S@%%$#$>K!Z$#FZ$'K@\$F(!
! !
.>$!%@>&<!`N$FK@=>!^@KO!&>!$KO@'&<!%<&\=N#!#$G&@>F1!MOR!S@S!%=#$@)>!'=##$FZ=>S$>KF!
=%K$>! %='NF! =>! K#@[&<@FG6! ^O@<$! KO$! ]$>R&>! #$Z=#K$#F! FO@$S! &^&R! %#=G! $VZ<@'@K!
#$%$#$>'$F!K=!$KO>@'@KRr!-O&K!@F6!O=^!'&>!KO$!S@F'=\$#$S!S@%%$#$>'$F!=%!<&>)N&)$!NF$!
[$! &''=N>K$S! %=#r! 0KO>=)#&ZO@'! %@$<S^=#A6! &>S! @>! Z&#K@'N<&#! '=>\$#F&K@=>F! ^@KO! KO$!
>$^F!Z#=SN'$#F6!=%%$#!&!%$^!Z&#K@&<!$VZ<&>&K@=>F(!-O#$$!$VZ<&>&K@=>F!^@<<![$!'=>'@F$<R!
#$>S$#$S!O$#$1!Z=<@K@'&<6!F='@&<BG=#&<6!&>S!Z#&)G&K@'(!
! !
+!%@#FK!'=>K$VKN&<!%&'K=#!'=>'$#>F!KO$!$S@K=#@&<!Z=<@'R(!-O$!]$>R&>!G$S@&!&#$!'&NK@=NF!
^@KO!$KO>@'!<&[$<F(!-O$!V,+0%)!G+9/'D%%>͕ĨŽƌŝŶƐƚĂŶĐĞ͕ƐƚŝƉƵůĂƚĞƐ͗͞ŽŶŽƚĚĞƐĐƌŝďĞĂ
ƉĞƌƐŽŶΖƐƌĂĐĞ͕ƚƌŝďĞŽƌĞƚŚŶŝĐŝƚLJƵŶůĞƐƐŝƚŝƐƌĞůĞǀĂŶƚƚŽƚŚĞƐƚŽƌLJ͘͟,ŽǁĞǀĞƌ͕ƚŚĞƐĂŵĞ
)$>$#&<!)N@S$<@>$!O=<SF!%=#!KO$!@>K$#>&K@=>&<!>$^FZ&Z$#F(!V'3!W%(>!80*'2!FK&>S&#SF!
ĞĚŝƚŽƌŽƌďĞƚƚ ƐĂLJƐƚŚĂƚ ũŽƵƌŶĂůŝƐƚƐ ĐĂŶ͞ŵĞŶƚŝŽŶƌĂĐĞ ŽƌĞƚŚŶŝĐŝƚLJŝĨĂŶĚŽŶůLJ ŝĨŝƚ͛Ɛ
ƉĞƌƚŝŶĞŶƚ ƚŽ ƚŚĞ ƐƚŽƌLJ͘͟ zĞƚ͕ ŝŶ ǀŽůĂƚŝůĞ ƚŝŵĞƐ ŽĨ ĞůĞĐƚŝŽŶƐ͕ ƚŚĞ <ĞŶLJĂŶ ŵĞĚŝĂ ĂƌĞ
FK#@'K$#(!+F!85'!V,+0%)͛ƐĐŚŝĞĨŶĞǁƐĞS@K=#!;O@G=<@!K=<S!G$!KO$!Z=<@'R!^&F!>=K!K=!^#@K$!
&[=NK!K#@[$F!@>!'=>K$VKF!=%!'=>%<@'K!&>S!Z=<@K@'F(P!/$\$#KO$<$FF6!]$>R&>!b=N#>&<@FKF!S@S!
'<$&#<R!<='&K$!KO$!'=>%<@'KF6!F=!KO&K!Z$=Z<$!'=N<S!@>%$#(!+F!85'!G+,)-,(-͛ƐĐŚŝĞĨŶĞǁƐ
ĞĚŝƚŽƌ ŐŝŶĂ ĐŽŶĨŝƌŵĞĚ͕ ͞@%! R=N! F&R! &! '$#K&@>! #$)@=>6! @KfF! &NK=G&K@'! K=! ]$>R&>F! K=!
A>=^! KO&K! KO=F$! )NRF! ^O=! <@\$! @>! KO&K! &#$&! &#$! ƐƵĐŚ ĂŶĚ ƐƵĐŚ͘͟I!;N'O! @>%$#$>'$F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
P
!"$#F=>&<!@>K$#\@$^!=>!P!3&R!HXWW(!
I
!"$#F=>&<!@>K$#\@$^!=>!HH!/=\$G[$#!HXXE(!
!
'&>>=K! [$! $VZ$'K$S! %#=G! #$&S$#F! @>! KO$! 8]! =#! KO$! 8;6! F=! KO&K! KO$! %=#$@)>!
'=##$FZ=>S$>KF! O&S! K=! [$! G=#$! $VZ<@'@K! =>! KO&K! G&KK$#(! +>=KO$#! Z=<@K@'&<! %&'K=#! @F!
)=\$#>G$>K&<!Z=<@K@'F(!MO$>!KO$!]$>R&>!)=\$#>G$>K!@GZ=F$S!&![&>!=>!KO$!G$S@&!K=!
'=\$#! $\$>KF! KO&K! G@)OK! S$FK&[@<@D$! KO$! >&K@=>6! &! <=K! =%! ]$>R&>! b=N#>&<@FKF! &ZZ<@$S!
F$<%B'$>F=#FO@Z(!-O$!%=#$@)>!'=##$FZ=>S$>KF!^$#$!<$FF!Z=<@K@'&<<R!#$FK#@'K$S(!
! !
-O@F! [#@>)F! NF! K=! KO$! >$VK! '=>K$VKN&<! %&'K=#(! 3=FK! ]$>R&>! b=N#>&<@FKF! KO&K! 9!
@>K$#\@$^$S!&)#$$S!KO&K!KO$R!'=N<S!>=K!=Z$><R!^#@K$!&[=NK!$KO>@'!&FZ$'KF!@>!%$&#!=%!
@>%<&G@>)!K$>F@=>F!$<F$^O$#$!@>!KO$!'=N>K#R(!9>FK$&S6!KO$R!=%K$>!=ZK$S!%=#!&!A@>S!=%!
Z$&'$!b=N#>&<@FG(!3N)=>R@6!&!Z=<@K@'&<!#$Z=#K$#!&K!85'!V,+0%)6!ZNK!@K!KO@F!^&R1!E!
!
͞tĞ ƚƌLJ ĂƐ ŵƵĐŚ ĂƐ ƉŽƐƐŝďůĞ ŶŽƚ ƚŽ ƐĂLJ ƚŚŝƐ ƚƌŝďĞ ŝƐ ŬŝůůŝŶŐ ƚŚĂƚ ƚƌŝďĞ ĨŽƌ ƚŚĞ ƐŝŵƉůĞ
ƌĞĂƐŽŶ ƚŚĂƚ͙ǁŚĞŶ͕ ĨŽƌ ĞdžĂŵƉůĞ͕ LJŽƵ ǁƌŝƚĞ Ă ƐƚŽƌLJ ĂŶĚ ƐĂLJ >ƵŽƐ LJĞƐƚĞƌĚĂLJ ŬŝůůĞĚ ϭϬϬ
]@ANRNF6!^$![$<@$\$!KO&K!]@ANRNF!@>!S@%%$#$>K!Z&#KF!=%!KO$!'=N>K#R6!^O=!#$&S!KO@F!FK=#R!
K=G=##=^! ^@<<! #$K&<@&K$! &>S!G&R[$! KO$R! ^@<<! ^&>K! K=! A@<<!WXX! CN=F(! ;=! ^$! ^@<<! >=K! [$!
O$<Z@>)!KO$!ZN[<@'6!^$!^@<<!>=K![$!O$<Z@>)!F=<\@>)!KO$!Z#=[<$G!&>S!KO&K!@F!^OR!^$!K#R!K=!
[$!'&#$ĨƵů͕ũƵƐƚƐĂLJŵĂLJďĞϭϬϬƉĞŽƉůĞǁĞƌĞŬŝůůĞĚŝŶƚŚŝƐƉůĂĐĞ͘͟!
!
-O@F! ^&F! &<F=! KO$! $KO@'&<! <@>$! =%! 85'!G+,)-,(-(!"=<@K@'&<! #$Z=#K$#! /S$)^&! '=>%@#G$S!
KO&K! @K! ^&F! &! #N<$! SN#@>)! KO$! Z=FKB$<$'K@=>! '#@F@F! K=! &\=@S! K#@[&<! K&)F(U!-O$! %=#$@)>!
'=##$FZ=>S$>KF! K==! %$<K! KO$R! O&S! &! F='@&<! #$FZ=>F@[@<@KR(! +F! 80*'2! '=##$FZ=>S$>K!
4<&RK=>! $VZ<&@>$S! KO$R! O&S! KO$! #$FZ=>F@[@<@KR! K=! [$! [<&K&>K! &>S! #$\$<&K=#R6! &SS@>)!
ƚŚĂƚ ͞ŝƚ ǁŽƵůĚ ŚĂǀĞ ďĞĞŶ Ă ĐĂƐĞ ŽĨ ĂůůŽǁŝŶŐ ĂŶ ĞdžƚĞƌŶĂů ƉŽůŝƚŝĐĂůůLJ ĐŽƌƌĞĐƚ ǁĞƐƚĞƌŶ
&)$>S&! K=! @>%<N$>'$! KO$! #$Z=#K@>)! =%! %&'KF! =>! KO$! )#=N>S6! F@GZ<R! [$'&NF$! @K! @F! >=K!
ƉĂůĂƚĂďůĞ ƚŽ ŚĞĂƌ ĐĞƌƚĂŝŶ ĨĂĐƚƐ͘͟WX!3=FK! %=#$@)>! '=##$FZ=>S$>KF! FK#$FF$S! KO&K! KO$R!
ĐŽƵůĚ ŶŽƚ ďƵƚ ŝŶƚĞƌƉƌĞƚ ƚŚĞ ĞǀĞŶƚƐ ĂƐ ͞Ă ĐƵƚ ĂŶĚ ĚƌLJ ƚƌŝďĂů ĐŽŶĨůŝĐƚ͕͟ ĂƐ V'3! W%(>!
80*'2!'=##$FZ=>S$>K!:$KK<$G&>!ZNK!@K(WW!?NK!KO$>!&!<=K!=%!=KO$#!G$&>@>)%N<!&FZ$'KF!
=%!KO$!$\$>KF!&#$!<=FK(!
! !
;$\$#&<! %=#$@)>! '=##$FZ=>SF! #$&<@D$! KO@F6! R$K! A$$Z! NF@>)! $KO>@'! \='&[N<&#R! %=#!
Z#&)G&K@'!#$&F=>F(!Q#$$<&>'$!b=N#>&<@FK!-#@FK&>!3'4=>>$<<!'<&#@%@$S1!
!
͞dŚĞ ŵŽƌĞ ƚŝŵĞ LJŽƵ ƐƉĞŶĚ ŚĞƌĞ ƚŚĞ ŵŽƌĞ S@%%@'N<K! @K! @F! K=! @)>=#$! KO$! =#)&>@F@>)! #=<$!
KO&K! K#@[$! Z<&RF(! -=! @)>=#$! @K! @F! K=! S=! &! S@FF$#\@'$! K=! R=N#! #$&S$#(! /=^6! ^O$#$! KO$!
Z#=[<$GF! '=G$F! NZ! @F1! 4&<<! @K! ^O&K! R=N! <@A$! $KO>@'! )#=NZ! [<&! [<&! [<&6! @KfF! K#@[$! ^$f#$!
K&<A@>)!&[=NK!&>S!KO$!Z#=[<$G!@F!KO&K!&F!F==>!&F!R=N!NF$!KO&K!^=#S!&<<!=KO$#!>N&>'$F!
&#$!KO#=^>!=NK!=%!KO$!^@>S=^(!;=6!K#@[$!@F!=>$!=#)&>@F@>)!Z#@>'@Z<$!@>!F='@$KR!&>S!@>!KO$!
'=>%<@'KF! KO&K! &#@F$! &#=N>S! O$#$(! ?NK! @KfF! =><R! =>$6! =>$! =%! &! >NG[$#! =%! S@%%$#$>K!
=#)&>@F@>)!Z#@>'@Z<$F!KO&K!&#$!&K!Z<&R(!.KO$#F!&#$!F='@&<!FK&KNF6!#$<@)@=>6!Z=\$#KR!&>S!KO$!
ǁĞĂůƚŚŐĂƉ͘͟!
!
3'4=>>$<<!&SG@KF!KO&K!KO$!NF$!=%!$KO>@'!<&[$<F!S=^>Z<&RF!=KO$#!@GZ=#K&>K!&FZ$'KF6!
[NK!O$!&SSF!KO&K!+(0D'!&>S!@KF!S$#@\&K@\$F!&#$!NF$%N<!b=N#>&<@FK@'!^=#SF6![$'&NF$!KO$R!
&KK#&'K!KO$!&KK$>K@=>!=%!KO$!#$&S$#6!KO$R!&<<=^!b=N#>&<@FKF!K=!'&ZKN#$!'=GZ<$V!$\$>KF!
ŝŶ ũƵƐƚ Ă ĨĞǁ ǁŽƌĚƐ ĂŶĚ ĂƌĞ ƌĞĂĚŝůLJ ĂǀĂŝůĂďůĞ ŝŶ ƉĞŽƉůĞ͛Ɛ ĨƌĂŵĞ ŽĨ ƌĞĨĞƌĞŶĐĞ ĂďŽƵƚ
'=>%<@'K!@>!+%#@'&(!!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
E
!"$#F=>&<!@>K$#\@$^!=>!HX!/=\$G[$#!HXXE(!
U
!"$#F=>&<!@>K$#\@$^!=>!WE!3&R!HXWW(!
WX
!"$#F=>&<!'=##$FZ=>S$>'$!@>!Q$[#N&#R!HXWH(!
WW
!"$#F=>&<!@>K$#\@$^!=>!HX!3&R!HXWW(!
!
! ! !
;/1,6B87/1!
/=^! KO$! S$[&K$! @F! =Z$>(! -O$! $KO@'&<! `N$FK@=>! =%! O=^! b=N#>&<@FKF! FO=N<S! S$&<! ^@KO!
'=>%<@'KF! @>! Z<N#&<! '=>K$VKF! &>S! GN<K@B$KO>@'! F='@$K@$F! ^@KO! GN<K@'N<KN#&<! )<=[&<!
&NS@$>'$F! S$F$#\$F! '#@K@'&<! #$%<$'K@=>(! 9>! KO@F! Z&Z$#! @>K$#>&K@=>&<! &>S! >&K@=>&<!>$^F!
ĚŝƐĐŽƵƌƐĞĂďŽƵƚ<ĞŶLJĂ͛ƐƉŽƐƚB$<$'K@=>!'#@F@F!^&F!&>&<RD$S!%#=G!&!<@>)N@FK@'BZ#&)G&K@'!
Z$#FZ$'K@\$6!NF@>)!&!G@V$S!G$KO=S=<=)R!=%!`N&>K@K&K@\$!'=>K$>K!&>&<RF@F6!`N&<@K&K@\$!
S@F'=N#F$! &>&<RF@F! &>S! $KO>=)#&ZO@'! %@$<S^=#A(! /$^F! ^&F! KO$=#@D$S! &F! &! S@F'N#F@\$!
'O=@'$BG&A@>)! Z#&'K@'$! ^@KO! @S$=<=)@'&<! &FZ$'KF6! &F! b=N#>&<@FKF! O&\$! KO$! Z=^$#! K=!
@>%<N$>'$!O=^!#$&S$#F!N>S$#FK&>S!$\$>KF!@>!KO$!^=#<S(!-^=!%#&G$F!=%!G$&>@>)!^$#$!
@S$>K@%@$S1! &>! $KO>@'! %#&G$! @>! KO$! +G$#@'&>! &>S! ?#@K@FO! Z#$FFh! &>S! &! F='@=BZ=<@K@'&<!
%#&G$! @>! KO$! ]$>R&>! '=\$#&)$(! -O$! S@F'N#F@\$! S@%%$#$>'$F! '=N<S! [$! Z&#K<R! $VZ<&@>$S!
[R!'=>K$VKN&<!%&'K=#F!&>S!@>F@)OKF!%#=G!KO$!>$^F#==GF(!?=KO!KO$!]$>R&>!b=N#>&<@FKF!
&>S!KO$!%=#$@)>!'=##$FZ=>S$>KF!KO&K!^$#$!@>K$#\@$^$S!=%%$#$S!<$)@K@G&K$!#$&F=>F!%=#!
KO$! <&>)N&)$! KO$R! NF$S(! -O$! ]$>R&>! >$^FZ&Z$#F! '=>K&@>$S! %$^! #$%$#$>'$F! K=!
$KO>@'@KR![$'&NF$!=%!Z=<@'R6!Z=<@K@'&<!'=>K$VK!&>S![$'&NF$!KO$!>$^F^=#A$#F![$<@$\$S!
KO&K! KO$R! ^=N<S! @>%<&G$! K$>F@=>F(! Q=#$@)>! '=##$FZ=>S$>KF! G&S$! %#$`N$>K! NF$! =%!
$KO>@'! <&>)N&)$6! [$'&NF$! KO$R! S$$G$S! @K! #$<$\&>K! %=#! KO$@#! &NS@$>'$F! &>S!
&'A>=^<$S)$S! KO$! $VZ<&>&K=#R! %=#'$! =%! FN'O! K$#GF! [=KO! %#=G! &! b=N#>&<@FK@'! &>S!
#$&S$#!Z$#FZ$'K@\$6!&<KO=N)O!KO$R!=%K$>!=><R!F&^!^O&K!^&F!O&ZZ$>@>)!&K!KO$!FN#%&'$!
<$\$<(!?=KO!<='&<!&>S!%=#$@)>!b=N#>&<@FKF!FK#N))<$S!^@KO!$KO@'&<!@FFN$F!K=!NZO=<S!F='@&<!
#$FZ=>F@[@<@KR(!
!
3R! FK&>'$! @F! KO&K! 85'! 6)-'.')-')+! &>S! 85'! 80*'26! KO$! V'3! W%(>! 80*'2! &>S! 85'!
I,250)$+%)!@%2+!#@)OK<R!#$Z=#K$S!=>!KO$!$KO>@'!&FZ$'KF!=%!'$#K&@>!'=>%<@'KF6!&<KO=N)O!
KO$R! F=G$K@G$F! %$<<! @>K=! KO$! K#&Z! =%! )$>$#&<@D&K@=>! &>S! F@GZ<@%@'&K@=>6! <NGZ@>)!
K=)$KO$#! &! F$#@$F! =%! S@%%$#$>K6! GN<K@%&'K=#@&<! '=>%<@'KF6! @)>=#@>)!F='@&<6!$'=>=G@'! &>S!
O@FK=#@'&<!%&'K=#F(! 85'!V,+0%)! &>S!85'!G+,)-,(-! '<$&#<R! &SS#$FF$S!KO$F$!%&'K=#F6![NK!
KO$R!'=N<S!O&\$![$$>!G=#$!$VZ<@'@K!&[=NK!'$#K&@>!$KO>@'!@FFN$F6![$'&NF$!KO$R!S@S!>=K!
O$<Z!O$&<@>)!KO$!F='@$KR![R!F^$$Z@>)!KO@F!%&'K=#!N>S$#!KO$!'&#Z$K(!9>FK$&S!=%!<$&\@>)!
KO$! $KO>@'! &FZ$'K! @GZ<@'@K6! KO$! ]$>R&>! Z#$FF! '=N<S! O&\$! FK@GN<&K$S! =Z$>! S$[&K$!
ĂďŽƵƚ Ăůů ŽĨ ƚŚĞ ŝůůƐ ;ĞƚŚŶŝĐ͕ ƐŽĐŝĂů͕ ƉŽůŝƚŝĐĂů͕ ĞĐŽŶŽŵŝĐ͕ ͙Ϳ ƚŚĂƚ ǁĞƌĞ ƉůĂŐƵŝŶŐ ƚŚĞ
'=N>K#R(! -=! $>S6! KO$! #$F$&#'O! O$#$! #$Z=#K$S! @F! Z&#K! =%! &! <&#)$#! Z#=b$'K! cF$$!
4=$F$G&>F!HXWHd(!-O@F!FG&<<BF'&<$!Z&Z$#!S@S!>=K!)=!@>K=!KO$!Z#$\@=NF!O@FK=#R!=%!KO$!
'=\$#&)$!&>S!KO$!$\$>KF6!$'=>=G@'!$VZ<&>&K@=>F!=%!KO$!>$^F! S@F'=N#F$!=#!Z$#F=>&<!
cF=G$K@G$F! K#&NG&K@'d! $VZ$#@$>'$F! =%! KO$! b=N#>&<@FKF6! &>S! G&>R! =KO$#! KO@>)F(! ;=6!
KO$#$!@F!FK@<<!&!<=K!K=!@>\$FK@)&K$!&>S!#$Z=#K!=>(!
!
D)*)()1,)8!
ŐĂƌ͕ DŝĐŚĂĞů ;ϭϵϵϱͿ͗ ͞ƚŚŶŽŐƌĂƉŚLJ͕͟ ŝŶ sĞƌƐĐŚƵĞƌĞŶ͕ :ĞĨ͕ PƐƚŵĂŶ͕ :ĂŶB.<&! u!
?<=GG&$#K6!_&>1!7&>S[==A!=%!"#&)G&K@'F(!_=O>!?$>b&G@>F6!+GFK$#S&G6!c*ELB*UXd(!
?$<<6!+<<&>!cWUUWd1!-O$!C&>)N&)$!=%!/$^F!3$S@&6!?<&'A^$<<6!.V%=#S(!
4O&#G&D6! ]&KOR! cHXXPd(! 4=>FK#N'K@>)! :#=N>S$S! -O$=#R1! +! "#&'K@'&<! :N@S$! -O#=N)O!
wN&<@K&K@\$!+>&<RF@F6!;&)$6!C=>S=>(!
ŽĞƐĞŵĂŶƐ͕ZŽĞů;ϮϬϭϮͿ͗/ŶƚĞƌƉƌĞƚŝŶŐEĞǁƐŝƐĐŽƵƌƐĞŽŶ<ĞŶLJĂ͛ƐWŽƐƚB0<$'K@=>!4#@F@F1!
4=>K$VK6!9S$=<=)R6!&>S!KO$!"#&)G&K@'F!=%!/&K@=>&<!&>S!9>K$#>&K@=>&<!"#$FF!4=\$#&)$6!
8>@\$#F@K&F6!+>K^$#Z$>(!
ŽůĞŵĂŶ͕ĂǀŝĚ;ϮϬϭϬͿ͗͞WƌŽũĞĐƚŝŽŶƐŽĨƚŚĞƚŚŶŝĐDŝŶŽƌŝƚLJWŽƉƵůĂƚŝŽŶƐŽĨƚŚĞhŶŝƚĞĚ
]@>)S=G!HXXPʹϮϬϱϲ͕͟WŽƉƵůĂƚŝŽŶĂŶĚĞǀĞůŽƉŵĞŶƚZĞǀŝĞǁ͕ϯϲͬϯ;ϰϭϭBJEPd(!
4=>[=R6! 3&#K@>! cHXWXd1! -O$! C&>)N&)$! =%! /$^FZ&Z$#F1! ;='@=BO@FK=#@'&<! "$#FZ$'K@\$F6!
4=>K@>NNG6!C=>S=>(!
4=KK$#6! 4=<<$$>! cHXWXd1! /$^F! -&<A1! 9>\$FK@)&K@>)! KO$! C&>)N&)$! =%! _=N#>&<@FG6!
4&G[#@S)$!8>@\$#F@KR!"#$FF6!4&G[#@S)$(!
!
4#=FF<$R6!/@'A!cHXX*d1!]$R!4=>'$ZKF!@>!4#@K@'&<!;='@&<!-O$=#R6!;&)$6!C=>S=>(!
4NGG@>)F6! C=N@F$! cHXX*d1! "#&)G&K@'F1! +! 3N<K@S@F'@Z<@>&#R! "$#FZ$'K@\$6! 0S@>[N#)O!
8>@\$#F@KR!"#$FF6!0S@>[N#)O(!
2N#&>K@6! +<$FF&>S#=! cWUUId1! C@>)N@FK@'! +>KO#=Z=<=)R6! 4&G[#@S)$! 8>@\$#F@KR! "#$FF6!!
4&G[#@S)$(!
0>KG&>6! ,=[$#K! cϮϬϭϬͿ͗ ͞&ƌĂŵŝŶŐ ŵĞĚŝĂ ƉŽǁĞƌ͕͟ ŝŶ ͛ŶŐĞůŽ͕ WĂƵů Θ <ƵLJƉĞƌƐ͕ :ŝŵ͗
2=@>)! /$^F! Q#&G@>)! +>&<RF@F1! 0GZ@#@'&<! &>S! -O$=#$K@'&<! "$#FZ$'K@\$F6! ,=NK<$S)$6!
/$^!5=#A6!cLLWBL**d(!
08! 0.3! cHXXEd1! ]$>R&1! Q@>&<! ,$Z=#K! :$>$#&<! 0<$'K@=>F! HI! 2$'$G[$#! HXXI! cL! +Z#@<!
HXXEd6! 08! 0.3! ]$>R&6! ?#NFF$<F6! OKKZ1jj^^^($N$=GA$>R&(=#)j3&@>j!
0>)<@FOjS$%&N<K(OKG<!'=>FN<K$S1!XWjXLjHXWX(!
Q&@#'<=N)O6!/=#G&>!cWUU*d1!3$S@&!2@F'=N#F$6!0S^&#S!+#>=<S6!C=>S=>(!
Q=^<$#6! ,=)$#! cWUUWd1! C&>)N&)$! @>! KO$! /$^F1! 2@F'=N#F$! &>S! 9S$=<=)R! @>! KO$! "#$FF6!
,=NK<$S)$6!C=>S=>(!
:NGZ$#D6!_=O>!cWUEHd1!2@F'=N#F$!;K#&K$)@$F6!4&G[#@S)$!8>@\$#F@KR!"#$FF6!4&G[#@S)$(!
7N&>)6!5&>!cHXXId1!"#&)G&K@'F6!.V%=#S!8>@\$#F@KR!"#$FF6!.V%=#S(!
_=O>F=>6! ;&<<R! u! 0>FF<@>6! +FK#@S! cHXXId1! C&>)N&)$! @>! KO$! 3$S@&1! ,$Z#$F$>K&K@=>F6!
9S$>K@K@$F6!9S$=<=)@$F6!4=>K@>NNG6!C=>S=>(!
<ŶŽďůĂƵĐŚ͕ ,ƵďĞƌƚ ;ϮϬϬϱͿ͗ ͞&ŽĐƵƐĞĚ ƚŚŶŽŐƌĂƉŚLJ͕͟ &ŽƌƵŵ YƵĂůŝƚĂƚŝǀĞ
;=D@&<%=#F'ON>)! j! wN&<@K&K@\$! ;='@&<! ,$F$&#'O6! PjL6! OKKZ1jj^^^(`N&<@K&K@\$B
#$F$&#'O(>$Kj@>S$V(ZOZj%`Fj&#K@'<$j!\@$^jHX6!'=>FN<K$S1!WJjXIjHXWX(!
C$\@>F=>6!;K$ZO$>!cWUELd1!"#&)G&K@'F6!4&G[#@S)$!8>@\$#F@KR!"#$FF6!4&G[#@S)$(!
C@ZZG&>>6!M&<K$#!cWUHHd1!"N[<@'!=Z@>@=>6!7&#'=N#K6!?#&'$!&>S!4=GZ&>R6!/$^!5=#A(!
DĂnjƌƵŝ͕ůĂŵŝŶ;ϮϬϬϵͿ͗͞>ĂŶŐƵĂŐĞĂŶĚƚŚĞŵĞĚŝĂŝŶĨƌŝĐĂ͗ĞƚǁĞĞŶƚŚĞŽůĚĞŵƉŝƌĞ
ĂŶĚ ƚŚĞ ŶĞǁ͕͟ ŝŶ EũŽŐƵ͕ <ŝŵĂŶŝ Θ 3@SS<$K=>6! _=O>1! 3$S@&! &>S! 9S$>K@KR! @>! +%#@'&6!
0S@>[N#)O!8>@\$#F@KR!"#$FF6!0S@>[N#)O6!cLPBJEd(!
EŐŽŶLJĂŶŝ͕ ĞŽŐƌĂƚŝĂƐ ;ϮϬϬϬͿ͗ ͞dŽŽůƐ ŽĨ ĚĞĐĞƉƚŝŽŶ͗ DĞĚŝĂ ĐŽǀĞƌĂŐĞ ŽĨ ƐƚƵĚĞŶƚ
ƉƌŽƚĞƐƚƐŝŶdĂŶnjĂŶŝĂ͘͟EŽƌĚŝĐ:ŽƵƌŶĂůŽĨĨƌŝĐĂŶ^ƚƵĚŝĞƐ͕ϵͬϮ;ϮϮBJEd(!
.)=<&6!:$=#)$!;ϮϬϬϵͿ͗͞DĞĚŝĂĂƚĐƌŽƐƐB#=&SF1!,$%<$'K@=>F!=>!KO$!]$>R&>!>$^F!G$S@&!
ĂŶĚƚŚĞĐŽǀĞƌĂŐĞŽĨƚŚĞϮϬϬϳƉŽůŝƚŝĐĂůĐƌŝƐŝƐ͘͟ĨƌŝĐĂ/ŶƐŝŐŚƚ͕ϯϵͬϭ;ϱϴBIWd(!
KůŽŽ͕ĚĂŵƐ;ϮϬϬϳͿ͗͞dŚĞĐŽŶƚĞŵƉŽƌĂƌLJŽƉƉŽƐŝƚŝŽŶŝŶ<ĞŶLJĂ͗ĞƚǁĞĞŶŝŶƚĞƌŶĂůƚƌĂŝƚƐ
ĂŶĚ ƐƚĂƚĞ ŵĂŶŝƉƵůĂƚŝŽŶ͘͟ /Ŷ! DƵƌƵŶŐĂ͕ 'ŽĚǁŝŶ Θ EĂƐŽŶŐ͛Ž͕ ^ŚĂĚƌĂĐŬ͗ <ĞŶLJĂ͗ dŚĞ
;K#N))<$!%=#!2$G='#&'R6!4.20;,9+6!2&A!cUXBWH*d(!
KŶLJĞďĂĚŝ͕ hĐŚĞ Θ KLJĞĚĞũŝ͕ dĂLJŽ ;ϮϬϭϭͿ͗ ͞EĞǁƐƉĂƉĞƌ ĐŽǀĞƌĂŐĞ ŽĨ ƉŽƐƚ ƉŽůŝƚŝĐĂů
ĞůĞĐƚŝŽŶ ǀŝŽůĞŶĐĞ ŝŶ ĨƌŝĐĂ͗ Ŷ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ <ĞŶLJĂŶ ĞdžĂŵƉůĞ͕͟ DĞĚŝĂ͕ tĂƌ u!
4=>%<@'K!JjL!cHW*BHLXd(!
"&<K#@S)$6!?#@&>!cHXXPd1!2@F'=N#F$!+>&<RF@F1!+>!9>K#=SN'K@=>6!4=>K@>NNG6!C=>S=>(!
WŚŝůŽ͕'ƌĞŐ;ϮϬϬϳͿ͗͞ĂŶŝƐĐŽƵƌƐĞŶĂůLJƐŝƐ^ƵĐĐĞƐƐĨƵůůLJdžƉůĂŝŶƚŚĞŽŶƚĞŶƚŽĨDĞĚŝĂ
ĂŶĚ:ŽƵƌŶĂůŝƐƚŝĐWƌĂĐƚŝĐĞ͍͕͟:ŽƵƌŶĂůŝƐŵ^ƚƵĚŝĞƐ͕ϴͬϮ;ϭϳϱBWUPd(!
WŽůůĂŬ͕ ^ĞŶũĂ͕ ŽĞƐĞŵĂŶƐ͕ ZŽĞů͕ ĂĞůĞŵĂŶƐ͕ tĂůƚĞƌ Θ >ĂǀƌĂē͕ EĂĚĂ ;ϮϬϭϭͿ͗
͞ĞƚĞĐƚŝŶŐĐŽŶƚƌĂƐƚƉĂƚƚĞƌŶƐŝŶŶĞǁƐƉĂƉĞƌƐďLJĐŽŵďŝŶŝŶŐĚŝƐĐŽƵƌƐĞĂŶĂůLJƐŝƐĂŶĚƚĞdžƚ
ŵŝŶŝŶŐ͕͟"#&)G&K@'F6!HWjJ!cPJIBPELd(!
;O#$FKO&6! C&N#&! u! 7$@F<$#6! 0<&R>$! cHXWWd1! -O$! 4O&>)@>)! 2$G=)#&ZO@'! "#=%@<$! =%! KO$!
8>@K$S!;K&K$F6!4=>)#$FF@=>&<!,$F$&#'O!;$#\@'$6!M&FO@>)K=>(!
^ŽŵĞƌǀŝůůĞ͕ <ĞŝƚŚ ;ϮϬϬϵͿ͗ ͞ƌŝƚŝƐŚ ŵĞĚŝĂ ĐŽǀĞƌĂŐĞ ŽĨ ƚŚĞ ƉŽƐƚB$<$'K@=>! \@=<$>'$! @>!
]$>R&6!HXXIBϬϴ͕͟:ŽƵƌŶĂůŽĨĂƐƚĞƌŶĨƌŝĐĂŶ^ƚƵĚŝĞƐ͕ϯͬϯ;ϱϮϲB*JHd(!
-O=GZF=>6! _=O>! cWUU*d1! -O$! 3$S@&! &>S! 3=S$#>@KR1! +! ;='@&<! -O$=#R! =%! KO$! 3$S@&6!
"=<@KR!"#$FF6!4&G[#@S)$(!
Y&>!2@bA6!-$N>!cWUEEd1!/$^F!&F!2@F'=N#F$6!C&^#$>'$!0#<[&NG6!7@<<FS&<$(!!
Y&>!:@>>$A$>6!_&&Z!cWUUEd(!8>S$#FK&>S@>)!:<=[&<!/$^F6!;&)$6!C=>S=>(!
Y&>!C$$N^$>6!-O$=!cHXXEd1!2@F'=N#F$!&>S!"#&'K@'$1!/$^!-==<F!%=#!4#@K@'&<!2@F'=N#F$!
+>&<RF@F6!.V%=#S!8>@\$#F@KR!"#$FF6!.V%=#S(!
!
! ! !
sĞƌƐĐŚƵĞƌĞŶ͕ :ĞĨ ;ϭϵϵϲͿ͗ ͞ŽŶƚƌĂƐƚŝǀĞ ŝĚĞŽůŽŐLJ ƌĞƐĞĂƌĐŚ͗ ƐƉĞĐƚƐ ŽĨ Ă ƉƌĂŐŵĂƚŝĐ
ŵĞƚŚŽĚŽůŽŐLJ͕͟>ĂŶŐƵĂŐĞ^ĐŝĞŶĐĞƐ͕ϭϴͬϯBJ!c*EUBPXLd(!
Y$#F'ON$#$>6!_$%!cWUUUd1!8>S$#FK&>S@>)!"#&)G&K@'F6!,=NK<$S)$6!C=>S=>(!
sĞƌƐĐŚƵĞƌĞŶ͕:ĞĨ;ϮϬϬϴͿ͗͞ŽŶƚĞdžƚĂŶĚƐƚƌƵĐƚƵƌĞŝŶĂƚŚĞŽƌLJŽĨƉƌĂŐŵĂƚŝĐƐ͕͟^ƚƵĚŝĞƐŝŶ
"#&)G&K@'F!WX!cWLBHLd(!
! !
!
!
!
<B(G78:!2)47+!B14)(!8,/5)A!')+,)!J/B(1+6782!+14!()5/(371.!3:)!
,/1*67,38!
!
0AG$<!:$'$#1!
!
>?83(+,3A!
-O$!&ZZ#=&'O!#$)&#S@>)!KO$!Z=FF@[@<@KR!=%!S=@>)!>$^F!FK=#@$F!^O@'O!^@<<!'=>K#@[NK$!K=!
ONG&>!#@)OKF6!S$G='#&'R6!$`N&<@KR!&>S!Z$&'$!O&F!'#$&K$S!&!>$^!b=N#>&<@FG!&>S!>$^F!
Z#=SN'@>)!FKR<$!^O@'O!@F!S@%%$#$>K!KO&>!K#&S@K@=>&<!>$^F!'=\$#&)$(!-O@F!>$^!G&>>$#!
=%!>$^F!Z#=SN'@>)!O&F![$$>!#$%$#$>'@>)!KO$!Z=^$#!=%!KO$!G$S@&!@>![N@<S@>)!KO$!S&@<R!
&)$>S&6! '#$&K@>)! KO$! #$Z#$F$>K&K@=>! =%! KO$! G@>=#@K@$F! &>S! $KO>@'@K@$F! &>S! @>! KO$@#!
Z=^$#! @>! %@>S@>)! F=<NK@=>! K=! KO$! F='@&<! &>S! Z=<@K@'&<! '=>%<@'KF(! -O$#$%=#$! KO@F! >$^!
Z#='$FF!=%!>$^F!Z#=SN'K@=>!O&F![$$>!>&G$S!&F!('.%(+0)$!%4!(0$5+2L!10+0P')!&>S!.<D/01!
=%<(),/02*!&>S!.',1'!=%<(),/02*(!9>!KO@F!#$)&#S!KO$!>$^!G=S$!=%!>$^F!#$Z=#K@>)!O&F!
%='NF$S!=>!KO$!S@F'#@G@>&K@=>F6!@GZ&#K@&<@KR!&>S!O&F!$>S$&\=N#$S!K=!'=\$#!KO=F$!^O=!
&#$! >=K! #$Z#$F$>K$S! @>! KO$! G&@>FK#$&G! G$S@&! ^$<<! $>=N)O! FN'O! &F! G@>=#@K@$F! &>S!
KO=F$!^O=!&#$!@)>=#$S![R!KO$!G$S@&!&<KO=N)O!!KO$@#!#@)OKF!&#$!\@=<&K$S!&>S!^O=!&#$!
NFN&<<R!&#$!FN[b$'K!=%!F='@=BZ=<@K@'&<!Z#$FFN#$F(!!
!
9>!KO@F!#$)&#S!GR!Z&Z$#!&@GF!K=!$V&G@>$!KO$!'=>>$'K@=>![$K^$$>!>$^F!S@F'=N#F$!=%!
-N#A@FO! b=N#>&<@FG! &>S! KO$! #$Z#$F$>K&K@=>! =%! ONG&>! #@)OKF! &>S! S$G='#&K@F&K@=>! @>!
-N#A$R!=>!KO$![&F@F!=%!]N#S@FO!9FFN$!&>S!KO$!Z=^$#!=%!>$^F!Z#=SN'K@=>!@>!G&>&)@>)!
KO$!'=>%<@'KF!@>!-N#A$R(!!
!
@)=! 9/(48A! "$&'$! b=N#>&<@FGh! F='@=<=)R! =%! >$^Fh! >$^F6! >$^F! F=N#'$F! &>S! >$^F!
Z#=SN'K@=>h! Z#$FF! %#$$S=GFh! G$S@&! =^>$#FO@Z! &>S! Z<N#&<@FGh! >$^F6! Z=<@K@'F! &>S!
G@<@K&#@FGh!ONG&>!#@)OKFh!G@>=#@KR!G$S@&h!S$G='#&'Rh!$KO@'F(!
!
!
"13(/4B,37/1!
-O$! G&@>! K&FA! =%! KO$! G$S@&! @F! K=! @>%=#G! F='@$KR! &[=NK! #$'$>K! $\$>KF! @>! &! %&FK6!
=[b$'K@\$6! &''N#&K$! &>S! K#NFK^=#KOR! G&>>$#! &F! GN'O! &F! Z=FF@[<$(! -O$! b=N#>&<@FKF6!
^O@<$! '=\$#@>)! KO$! >$^F! FK=#@$F6! GNFK! '=>F@S$#! KO$! '=GG=>! )==S! &>S! KO$! [&F@'!
b=N#>&<@FG!'#@K$#@&(!-O$R!FO=N<S!&FA!`N$FK@=>F!%#=G!S@%%$#$>K!Z$#FZ$'K@\$Fh!FO=N<S!>=K!
#$<R!=>!F@>)<$BF@S$S!>$^F!&>S!FO=N<S!)=!K=!&<<!<='&K@=>F!&%%$'K@>)!KO$!>$^F! FK=#R! K=!
%@>S! =NK! KO$! #$&<@KR! &[=NK! KO$! >$^<R! =''N##$S! $\$>K(! ! 7=^$\$#6! '&>! KO$! G$S@&!
G$G[$#F! S=! KO@F! ^O$>! KO$R! '=\$#! &! F$>F@K@\$! K=Z@'r! Q=#! @>FK&>'$! O&\$! KO$! G$S@&!
$\$#!`N$FK@=>$S!KO$@#!Z=F@K@=>F!^O@<$!'=\$#@>)!&>!$KO>@'!&>S!S$G='#&K@'!Z#=[<$Gr!
!
-O$!G$S@&!S@FF$G@>&K$!@>%=#G&K@=>!&>S!=Z@>@=>F!&[=NK!KO$!G@>=#@KR!)#=NZF!&>S!KO$!
$\$>KF! #$)&#S@>)! KO$G(! QN#KO$#G=#$! KO$! G$S@&! &<F=! '#$&K$F! &>! @S$=<=)@'&<! '@#'<$!
^O@'O!$&F$F!&>S!O$<ZF!K=!<$)@K@G@D$!Z#$bNS@'$!&>S!S@F'#@G@>&K@=>!&)&@>FK!KO$!G@>=#@KR!
)#=NZF! @>! F='@$KR(! -O$F$! S@F'=N#F$F! =%! $KO>@'! @>K=<$#&>'$! &>S! #&'@FK! S=)G&F! &#$!
S$\$<=Z$S![R!\&#@=NF!G&FF!'=GGN>@'&K@=>!K==<F!&>S!KO$R!&#$!&%%@#G$S![R!KO$!$<@K$!
)#=NZF! ^O=! '=>K#=<!KO$! '&Z@K&<! &>S! KO$! Z=<@K@'&<! &KG=FZO$#$(!-O@F! #$&<@KR! &ZZ<@$F! K=!
-N#A$R! &F! ^$<<! F@>'$! KO$! >&K@=>&<@FK! &>S! #&'@FK! S@F'=N#F$F6! ^O@'O! FK#$>)KO$>! &>S!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!Q#$$<&>'$! _=N#>&<@FK! &>S! "O2! 4&>S@S&K$(! 3$S@&! &>S! 4=GGN>@'&K@=>6! C=N)O[=#=N)O! 8>@\$#F@KR6!
$()$'$#i<[=#=(&'(NA!
!
! ! !
ũƵƐƚŝĨLJƚŚĞ ŝŶĞƋƵŝƚLJ ĂŐĂŝŶƐƚ ŵĂƌŐŝŶĂů ŐƌŽƵƉƐ͕ ĂƌĞ ĂůƐŽ ƵŶĚĞƌ ĐŽŶƚƌŽůŽĨ͞ŚĞŐĞŵŽŶŝĐ͟
Z=^$#F(!!!
!
-O$!]N#S@FO!"#=[<$G!@>!-N#A$R!@F!>=^&S&RF!&![@)!@FFN$!@>!KO$!ZN[<@'!&>S!F='@&<!FZO$#$!
^O@'O!KO$!G$S@&!@F!'=GZ<$K$<R![NFR!^@KO!&>S!^O@'O!-N#A@FO!&>S!]N#S@FO!F='@$KR!&#$!
$VZ$'K@>)! &! F=<NK@=>! K=! ^@KO@>! &! S$G='#&K@'! '=>K$VK(! C&FK! R$&#! ^$! F&^! KO$!
)=\$#>G$>K!K#R@>)!K=!=\$#'=G$!KO$!Z#=[<$G![R!S$'<&#@>)!&!Z&'A&)$!=%!>$^!Z=<@'@$F(!
7=^$\$#6!KO$!@>K$#$FK@>)!Z=@>K!O$#$!@F!KO&K!&<KO=N)O!&K!%@#FK!KO$!)=\$#>G$>K!>&G$S!
KO@F! &KK$GZK! &F! &! ͞<ƵƌĚŝƐŚ /ŶŝƚŝĂƚŝǀĞ͟6! @K! <&K$#! 'O&>)$S! KO$! >&G$! K=! ͞ĞŵŽĐƌĂƚŝĐ
džƉĂŶƐŝŽŶ͟!ĂŶĚƚŚĞŶĂŵĞ͞<ƵƌĚ͟ǁĂƐĚƌŽƉƉĞĚĨƌŽŵƚŚĞĚĞĐ<&#&K@=>!K@K<$(!!
!
-O$F$! 'O&>)$F! G&R! [$! '=GG$>K$S!=>! @>! K^=! S@%%$#$>K! &ZZ#=&'O$F! @>! K$#GF!=%! KO$!
]N#S@FO! "#=[<$G(! -O$! %@#FK! =>$! @F! &>! =ZK@G@FK@'! \@$^! ^O@'O! FK&K$F! KO&K! KO$! -N#A@FO!
&NKO=#@K@$F! &#$! >=^! &^&#$! =%! KO$! <=>)B@)>=#$S! ]N#S@FO! 9FFN$! &>S! &''$ZK! KO&K! KO$!
]N#S@FO! Z$=Z<$! %&'$S! S$G='#&K@'! Z#=[<$GF! %=#! S$'&S$F! &>S!FK#N))<$S!K=! A$$Z! KO$@#!
ĞdžŝƐƚĞŶĐĞĚĞƐƉŝƚĞŽĨƚŚĞ͞ĂƐƐŝŵŝůĂƚŝŽŶƉŽůŝĐŝĞƐ͘͟dŚƵƐƚŚĞdƵƌŬŝƐŚƐƚĂƚĞŐĂǀĞƚŚĞŶĂŵĞ
͞ĞŵŽĐƌĂƚŝĐdžƉĂŶƐŝŽŶ͟ƚŽĂůůŽǁƚŚĞ<ƵƌĚƐƚŽƌĞŐĂŝŶĚĞŵŽĐƌĂƚŝĐƌŝŐŚƚƐ͘,ŽǁĞǀĞƌ͕ƚŚĞ
F$'=>S! &ZZ#=&'O! @F! #&KO$#! &! Z$FF@G@FK@'! =>$! ^O@'O! @>S@'&K$F! KO&K6! &<KO=N)O! KO$!
&NKO=#@K@$F!&#$!K#R@>)!K=!#$F=<\$!KO@F!'=>%<@'K6!KO$R!&#$!FK@<<!>=K!S$&<@>)!^$<<!^@KO!KO$!
͞<ƵƌĚ͟ĐŽŶĐĞƉƚĂŶĚŚĂǀĞƚŚƵƐƌĞŵŽǀĞĚƌĞĨĞƌĞŶĐĞƚŽƚŚŝƐĐŽŶƚĞŶƚŝŽƵƐŝƐƐƵĞĨƌŽŵƚŚĞŝƌ
S$G='#&K@'!&)$>S&(!
!
-N#A$R! O&F! &! '=GZ<@'&K$S! &)$>S&! ^O@'O! KO$! b=N#>&<@FKF! &>S! KO$! G$S@&! &F! &! ^O=<$!
F=G$K@G$F!O&\$!S@%%@'N<KR!K=!%=<<=^(!"#$S=G@>&>K<R!KO$! S$[&K$F!&#=N>S!KO$!]N#S@FO!
9FFN$!O&\$!&!\$#R!%&FK!'@#'N<&K@=>!&>S!FN[b$'K!K=!'O&>)$!bNFK!&%K$#!&!F$'=>S(!-O$#$%=#$!
KO$!Z=F@K@\$!&KG=FZO$#$!&>S!KO$!O=Z$F!KO&K!KO$!S$'&S$FB<=>)!'=>%<@'K!^=N<S!O&\$!&>!
$>S6!>=^&S&RF!O&\$!)@\$>!^&R!K=!&!>$^! &>S!Z$FF@G@FK@'!&KG=FZO$#$![=KO![$'&NF$!
KO$!)=\$#>G$>K!O&S!&!>&K@=>&<@FK!S@F'=N#F$![$%=#$!KO$!#$'$>K!)$>$#&<!$<$'K@=>F!&>S!
[$'ĂƵƐĞƚŚĞW<<;<ƵƌĚŝƐƚĂŶtŽƌŬĞƌƐ͛WĂƌƚLJ͕ĚĞƐĐƌŝďĞĚĂƐĂƚĞƌƌŽƌŝƐƚŽƌŐĂŶŝnjĂƚŝŽŶďLJ
KO$!-N#A@FO!=%%@'@&<F!&>S!KO$!G&@>FK#$&G!-N#A@FO!G$S@&d!O&\$!#$FK&#K$S!KO$@#!&#G$S!
Z#=K$FKF(!!
!
.%!'=N#F$![=KO!@>!$>S@>)!KO$!'=>%<@'K!&>S!G&@>K&@>@>)!@K6!KO$!G$S@&!O&F!&>!@GZ=#K&>K!
#=<$! &<=>)! ^@KO! KO$! F='@&<! &>S! Z=<@K@'&<! F=<NK@=>! G$KO=SF! %=#! KO$! ]N#S@FO! "#=[<$G(!
7$>'$!@K!@F!\$#R!@GZ=#K&>K!K=!#$F$&#'O!O=^!KO$!-N#A@FO!G$S@&!O&F!K&'A<$S!KO$!@FFN$1!
MO&K! A@>S! =%! <&>)N&)$! O&F! KO$! G$S@&! NF$Sr! 7&F! KO$! -N#A@FO! G$S@&! @)>=#$S! KO$!
Z#=[<$G! =#! K#@$S! K=! #$\$&<! @Kr! 7=^! S=! KO$! -N#A@FO! G$S@&! '=\$#! &>! @FFN$! #$<&K$S! K=!
S$G='#&'Rr! MO$#$! S=$F! KO$! ]N#S@FO! "#=[<$G! @>K$#&'K! ^@KO! G$S@&! &>S! S$G='#&'R!
#$<&K@=>Fr!7&F!KO$!G$S@&!NF$S!&!FNZZ=#K@\$!K=>$!K=!=\$#'=G$!KO$!Z#=[<$G!=#!NF$S!&!
%N>'K@=><$FF! K=>$! KO&K! =>! KO$! '=>K#&#R! @>'#$&F$S! KO$! S@%%@'N<KR! =%! F=<\@>)! KO$!
ƉƌŽďůĞŵ͍ ,ĂƐ ƚŚĞ ŵĞĚŝĂ ũƵƐƚ ďĞŚĂǀĞĚ ĂƐ ƚŚĞ ͞ƐƚĂƚĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͟ Žƌ ƌĞĂůůLJ ĚŝĚ
ƉƌŽǀŝĚĞĐŝǀŝĐũŽƵƌŶĂůŝƐŵ͍tĂƐƚŚĞ͞<ƵƌĚŝƐŚWƌŽďůĞŵ͟ĂŶĂƌĞŶĂĨŽƌƐƚĂƚĞĂƵƚŚŽƌŝƚŝĞƐ͕
FN'O!&F!KO$!Z=<@'$!&>S!&#GR6!K=!bNFK@%R!=#!<$)@K@G@D$!KO$@#!@<<$)&<!@GZ<$G$>K&K@=>Fr!2@S!
KO$!G$S@&!O$<Z!KO$F$!&NKO=#@K@$F!K=!G&A$!Z$=Z<$![$<@$\$!@>!KO$@#!Z=<@'@$Fr!
!
-O$F$! `N$FK@=>F! &#$! KO$! =>$F! ^O@'O! =N#! Z#=b$'K! ^@<<! K#R! K=! &>F^$#! &K! KO$! $>S(!
7=^$\$#6! F@>'$! KO$! ]N#S@FO! '=>%<@'K! )&@>$S! \@F@[@<@KR! @>! KO$! WUEXF6! KO$! G&@>FK#$&G!
-N#A@FO!G$S@&!'#$&K$S!@GZ=#K&>K! Z$#'$ZK@=>F!&[=NK!KO$! ]N#S@FO!'=>%<@'K6!KO$!]N#SF6!
Z=<@K@'&<! <@%$! =%! ]N#S@FO! Z$=Z<$! &>S! KO$@#! #$Z#$F$>K&[@<@KR! @>! KO$! -N#A@FO! "&#<@&G$>K(!
/$\$#KO$<$FF!KO$F$!Z$#'$ZK@=>F!S@S!>=K!O$<Z!KO$!'=>%<@'K!K=!'=G$!&>!$>S![NK!F$#\$S!
K=! $VK$>S! @K! &F! KO$! G$S@&! NFN&<<R! #$<&K$S! KO$! ]N#S@FO! 9FFN$! ^@KO! K$##=#@FG! &>S!
\@=<$>'$6!FK#N'KN#$S!KO$!'=>%<@'K!&#=N>S!K$##=#6!F$Z&#&K@FG!&>S![&'A^&#S>$FF!&>S!%$S!
!
>&K@=>&<@FG!^@KO!KO$!O$)$G=>@'!FK&K$!S@F'=N#F$F!^O@'O!ZNFO$S!KO$!]N#SF!=NK!=%!KO$!
ƉƵďůŝĐ ƐƉŚĞƌĞ͘ /Ŷ ƚŚŝƐ ƐĞŶƐĞ͕ ƚŚĞ dƵƌŬŝƐŚ ŵĞĚŝĂ ƚŚƌŽƵŐŚ ƵƐŝŶŐ ƚŚĞ ͞ǁĂƌ ũŽƵƌŶĂůŝƐŵ͟
ďƵƚ ŶŽƚ ͞ƉĞĂĐĞ ũŽƵƌŶĂůŝƐŵ͟ ĂŶĚ ďůĂŵŝŶŐ ĂŶLJŽŶĞ ǁŚŽ ƚĂůŬƐ ŽĨ <ƵƌĚŝƐŚ ƌŝŐŚƚƐ ĂƐ
͞ƐĞƉĂƌĂƚŝƐƚƐ͟ĂŶĚ͞ƚĞƌƌŽƌŝƐƚƐŝƐ͕͟ǁŝĚĞŶĞĚƚŚĞ<ƵƌĚŝƐŚWƌŽďůĞŵƚŽĂŐƌĞĂƚĐŽ>%<@'K!&>S!
KONF!S$$Z$>@>)!@KF!S$&S<='A(!
!
9>K$#$FK@>)<R! &F! F==>! &F! KO$! )=\$#>G$>K! @>! HXXU! S$'<&#$S! KO&K! KO$R! ^=N<S! [$)@>! &!
>$^! @>@K@&K@\$! K=! $>S! KO$!]N#S@FO! '=>%<@'K6! KO$!G$S@&! &<F=! 'O&>)$S! @KF! <&>)N&)$! &>S!
ĨŽƌƚŚĞĨŝƌƐƚƚŝŵĞƌĞŶĂŵĞĚƚŚĞŝƐƐƵĞĂƐƚŚĞ͞<ƵƌĚŝƐŚWƌŽďůĞŵ͘͟ƐŵĂƚƚĞƌŽĨĨĂĐƚƚŚŝƐ
FK&>'$!@KF$<%!K$<<F!NF!&!<=K!&[=NK!KO$!G$S@&!&>S!S$G='#&'R!#$<&K@=>!@>!-N#A$R(!M@<<!KO$!
G$S@&! 'O&>)$! @KF! >$^! &KK@KNS$! &>S! )=! [&'A! K=! KO$! R$&#F! KO&K! KO$R! [<&G$S! $\$#R!
]N#S@FO! #@)OKF! S$%$>S$#! &F! &! K$##=#@FK! &>S! &! F$Z&#&K@FKr! M@<<! KO$R! &)&@>! @)>=#$! KO$!
S$G='#&K@'! Z#=[<$GF! #$<&K$S! K=! KO$! ]N#S@FO! <&>)N&)$6! 'N<KN#$! &>S! KO$! <@%$! =%! KO$!
]N#SFr!
!
9>!%&'K!^$!&<#$&SR!)=K!KO$!&>F^$#F!K=!KO$F$!F@GZ<$!`N$FK@=>F(!-O$!Z=<@K@'&<!$<$'K@=>F!
@>!#$'$>K!R$&#F!S@\@S$S!-N#A@FO!F='@$KR!KO#=N)O!KO$!>&K@=>&<@FK!S@F'=N#F$F!Z#$F$>K$S!
[R! KO$! Z=<@K@'&<! Z&#KR! <$&S$#F! K=! @>'#$&F$! KO$@#! \=K$F(! -O$#$%=#$! KO$! G&@>FK#$&G!
G$S@&! &<K$#$S! @KF! &ZZ#=&'O! &>S! Z#$%$##$S! K=!'=\$#!KO$! ]N#S@FO! 9FFN$! &F! &! K$##=#@FG!
Z#=[<$G!^O@'O!'=N<S![$!$>S$S!\@&!F$'N#@KR!@GZ<$G$>K&K@=>F(!-O$!Z#=Z&)&>S&B[&F$S!
ŶĞǁƐĐŽǀĞƌĂŐĞŽĨƌĞĐĞŶƚ<ƵƌĚŝƐŚ͞ƚĞƌƌŽƌŝƐƚ͟ĂĐƚŝǀŝƚŝĞƐŚĂƐƐŚŽǁŶƚŚĂƚŶŽƚŵƵĐŚŚĂƐ
'O&>)$S!@>!KO$!G$S@&BS$G='#&'R!#$<&K@=>(!!!
!
-O$! -N#A@FO! G$S@&! F=G$O=^! &\=@S$S! K=! S$F'#@[$! KO$! ]N#S@FO! "#=[<$G! &F! KO$!
͚ƐƚƌƵŐŐůĞ ĨŽƌ ƌŝŐŚƚƐ͛ ďƵƚ ƌĂƚŚĞƌ ĂƐ ĂŶ ͚ĞĐŽŶŽŵŝĐ ĂŶĚ ƚƌŝďĂů ƉƌŽďůĞŵ͛͘ ǀĞŶ ĂĨƚĞƌ ƚŚĞ
S$G='#&K@'! $VZ&>F@=>! Z=<@'@$F! KO$! G$S@&! A$ZK! =>! &@#@>)! \@S$=F! =#! '=\$#@>)! >$^F!
^O@'O!$GZO&F@D$S!KO$!$'=>=G@'![&'A^&#S>$FF!=%!KO$!]N#S@FO!Z=ZN<&K@=>!@>!-N#A$R(!
MO@<$! S=@>)! KO&K6! KO$! G$S@&! NFN&<<R! `N=K$S! %#=G! F$'N#@KR! G$G[$#F6! Z=<@'$! =#!
F=<S@$#F6!#&KO$#!KO&>!F='@=<=)@FKF6!&'&S$G@'@&>F!=#!KO$!#$)@=>&<!Z$=Z<$(!!
!
9>! KO@F! #$)&#S6! S$FZ@K$! #$'$>K! &<K$#&K@=>! K=^&#SF! &! G=#$! K=<$#&>K! G$S@&6! @K! FK@<<! @F!
Z=FF@[<$!K=!F&R!KO&K!KO$!-N#A@FO!G$S@&!@)>=#$S!KO$!]N#S@FO!Z#=[<$G!&>S!#$b$'K$S!@K(!
-O$#$%=#$! KO$R! F&@S! KO&K! KO$! ]N#S@FO! "#=[<$G! '=N<S! =><R! [$! =\$#'=G$! KO#=N)O!
F$'N#@KR! @GZ<$G$>K&K@=>F! &>S! KO$! Z$=Z<$! FO=N<S! [$! S@#$'K<R! @>K$)#&K$S! @>K=! KO$!
G&@>FK#$&G! -N#A@FO! >&K@=>&<@KR(! 7$>'$! KO$! S$[&K$! &[=NK! KO$! ]N#S@FO! "#=[<$G! B!
^O$KO$#!@K!@F!&>!@FFN$!=%!ONG&>!#@)OKF6!F='@&<!&>S!Z=<@K@'&<!Z#=[<$G!=#!@K!@F!&!F$'N#@KR!
&>S! $'=>=G@'! Z#=[<$G! B! '&NF$S! ]N#S@FO! #@)OKF! >=K! K=! [$! <$)@K@G@D$S! &>S! ]N#S@FO!
Z=<@K@'@&>F! K=! %&'$! S@%%@'N<K@$F! ^O@<$! K#R@>)! K=! )$K! FNZZ=#K! %#=G! KO$! -N#A@FO! Z$=Z<$(!
7$#$! @K! @F! =[\@=NF! KO&K! KO$! G$S@&! FO=N<S! NF$! &! G=#$! '&#$%N<6! #$'=>'@<@&K=#R! &>S!
F=<NK@=>FB%='NF$S!<&>)N&)$!&>S!'=\$#!KO$!>$^F!%#=G!$&'O!Z&#KR!K=!&\=@S!Z&#K@&<@KR(!!
!
D)8)+(,:!'(/.()88!
3R!Z#=b$'K!&@GF!K=!$V&G@>$!KO$!#$<&K@=>FO@Z![$K^$$>!KO$!G$S@&!&>S!S$G='#&'R!=>!
KO$! [&F@F! =%! KO$! ]N#S@FO! "#=[<$G! @>! -N#A$R! B! K=! `N$FK@=>! KO$! &[@<@KR! =%! KO$! -N#A@FO!
ŵĞĚŝĂ ĨŽƌ ĐŽǀĞƌŝŶŐ ƚŚĞ ͞ƐĞŶƐŝƚŝǀĞ͟ ŝƐƐƵĞƐ ĂŶĚ ƚŚƵƐ ƚŚĞŝƌ ĐĂƉĂďŝůŝƚLJ! K=! #$Z=#K!
'=>K#=\$#F@&<! FN[b$'KF(! -O$! FKNSR! @>\$FK@)&K$F! O=^! KO$! ]N#S@FO! 9FFN$! O&F! [$$>!
#$Z#$F$>K$S!@>!KO$!G&@>FK#$&G!-N#A@FO!G$S@&!=\$#!KO$! <&FK!HX!R$&#F!&F!KO$!]N#S@FO!
"#=[<$G!@F!&>!@>'#$&F@>)<R!@GZ=#K&>K!Z=<@K@'&<!&>S!F='@&<!@FFN$(!-O$!#$F$&#'O!^@<<!&<F=!
&FA! [#=&S$#! `N$FK@=>F!&[=NK! G$S@&!&>S!S$G='#&'R!@>!-N#A$R6!&F!^$<<!&F!&FF$FF!KO$!
S$G='#&K@'! K#&>F%=#G&K@=>! =%! KO$! '=N>K#R! G=#$! )$>$#&<<R(! 9K! ^@<<! &<F=! Z#=\@S$! &>!
N>S$#FK&>S@>)! K=! KO$! &)$>S&B[N@<S@>)! SR>&G@'F! =%! -N#A@FO! >$^FB#$Z=#K@>)! =%! KO$!
]N#S@FO!@FFN$(!
!
! ! !
-O$! FKNSR! ^@<<! K&<A! &[=NK! KO$! S$G='#&K@D&K@=>! Z#='$FF! @>! -N#A$R! &%K$#! KO$! WUEXF6!
'=G[@>@>)! KO$=#@$F! =%! S$G='#&'R! &>S! '=GGN>@'&K@=>! KO#=N)O! &>&<RD@>)! FZ$'@&<!
$\$>KF!#$)&#S@>)!KO$!]N#S@FO!wN$FK@=>!=%!-N#A$R!^O@'O!@F!>=^&S&RF!S$F'#@[$S!&F!KO$!
͞<ƵƌĚŝƐŚͬdƵƌŬŝƐŚ ^ƉƌŝŶŐ͟ ĂĨƚĞƌ ƚŚĞ ĚĞŵŽĐƌĂƚŝĐ ƚƌĂŶƐŝƚŝŽŶƐ ŝŶ ƌĂď ĐŽƵŶƚƌŝĞƐ͘ tŚŝůƐƚ
ƚŚĞƐƚƵĚLJǁŝůůůŽŽŬĂƚŚŽǁƚŚĞŵĞĚŝĂŝƐƐƵĐĐĞƐƐĨƵůŝŶƌĞƉƌĞƐĞŶƚŝŶŐ͚ƚŚĞŽƚŚĞƌ͕͛ŝƚǁŝůůĂƚ
KO$! F&G$! K@G$! &FA! G=#$! )$>$#&<! `N$FK@=>F! &[=NK1! KO$! '=>>$'K@=>! [$K^$$>! G$S@&6!
F='@$KR! &>S! Z=<@K@'F! SN#@>)! S$G='#&K@'! 'O&>)$! @>! -N#A$Rh! 'N<KN#&<! S@\$#F@KR! &>S!
>&K@=>&<@FG! @>! KO$! G$S@&6! &>S! KO$! $%%@'@$>'R! =%! G$S@&! &F! &! K==<! %=#! S$G='#&K@'!
K#&>F%=#G&K@=>!N>S$#!&<<$)$S!Z=<@K@'&<!&>S!G@<@K&#R!Z#$FFN#$(!
!
.\$#&<<6! KO@F! #$F$&#'O! Z<&>F! K=! '=G[@>$! &! S$K&@<$S! '=>K$>K! &>&<RF@F! =%! KO$! -N#A@FO!
ŵĞĚŝĂ͛Ɛ ĐŽǀĞƌĂŐĞ ŽĨ ƚŚĞ <ƵƌĚŝƐŚ YƵĞƐƚŝŽŶ ďĞƚǁĞĞŶ ϭϵϵϬ ĂŶĚ ϮϬϭϮ ǁŝƚŚ Ă
'=GZ#$O$>F@\$! &>&<RF@F! =%! KO$! &)$>S&B[N@<S@>)! Z#='$FF$F! KO&K! FO&Z$! KO@F! '=\$#&)$(!
Q=#! KO$! K$VKN&<! &>&<RF@F6! KO$! Z#@>'@Z&<! G$KO=S! @>! KO@F! Z#=b$'K! ^@<<! [$! `N&>K@K&K@\$!
'=>K$>K! &>&<RF@F! [NK! KO@F! FK&K@FK@'&<! S&K&! ^@<<! &<F=! [$! FNZZ=#K$S! [R! G=#$! S$K&@<$S!
`N&<@K&K@\$! &>&<RF@F! =%! F$<$'K$S! $V&GZ<$F! &>S! '&F$Fh! @>BS$ZKO! KO$G&K@'! &>&<RF@F! &>S!
'#@K@'&<! S@F'=N#F$! &>&<RF@F(! 2N#@>)! KO@F! Z#='$FF6! KO$! FKNSR! ^@<<! $FZ$'@&<<R! K#R! K=!
S$G=>FK#&K$!O=^!KO$!G$S@&!K&'A<$F!&!S$G='#&K@'!@FFN$!cKO$!]N#S@FO!"#=[<$Gd!^O$>!
F$$A@>)! %#$$S=G! %=#! @KF$<%(! QN#KO$#G=#$! KO$! #=<$! =%! KO$! G$S@&! @>! KO$! S$G='#&K@'!
Z#=)#$FF!@>!-N#A$R!^@<<!&<F=![$!O&>S<$S!^@KO@>!&![#=&S$#!'=>K$VK(!!
!
MO@<$!KO$!FKNSR!^@<<!K#R!K=!%@>S!=NK!O=^!G$S@&!O&F!O&>S<$S!&!F$>F@K@\$!FN[b$'K6!@K!^@<<!
&<F=!$V&G@>$!KO$!<@>A![$K^$$>!$<@K$!Z$#'$ZK@=>!c^O@'O!'&>!&<F=![$!#$)&#S$S!&F!ZN[<@'!
&ZZ#=&'Od! &>S! KO$! G$S@&! '=\$#&)$6! &>S! KO$! Z=<@K@'&<! &ZZ#=&'O$F! KO&K! FO&Z$! KO@F!
#$Z=#K@>)(! 4=>'=#S&>K<R6! KO$! &>&<RF@F! =%! KO$! Z=<@K@'&<! &>S! Z#=%$FF@=>&<! %&'K=#F! KO&K!
O&\$!'=G[@>$S!K=!FK#N'KN#$!KO@F!'=\$#&)$!^@<<![$![&F$S!=>!F$G@BFK#N'KN#$S!@>%=#G&>K!
@>K$#\@$^F!^@KO!Z=<@K@'@&>F6!&'&S$G@'F6!/:.F!&>S!G$S@&!Z#=%$FF@=>&<F(!!
!
-O$F$!@>K$#\@$^F!^@<<!&K!KO$!F&G$!K@G$!&<<=^!NF!K=!$V&G@>$!KO$!@FFN$F!#$<&K$S!K=!KO$!
F='@=<=)R!=%!>$^F!FN'O!&F!&)$>S&![N@<S@>)!%&'K=#F!=%!KO$!G&@>FK#$&G!-N#A@FO!G$S@&h!
G$S@&! =^>$#FO@Z! @>! -N#A$Rh! G$S@&! &>S! )=\$#>G$>K! S$&<@>)Fh! ZN[<@'jFK&K$!
[#=&S'&FK@>)h!)=\$#>G$>K&<jF$<%B'$>F=#FO@Zh!KO$!#$<&K@=>![$K^$$>!KO$!>$^F!F=N#'$F!
&>S! >$^F! Z#=SN'$#F! ^@KO@>! KO$! Z#='$FF! =%! >$^F! Z#=SN'K@=>h! KO$! >&KN#$! =%! >$^F!
'=\$#&)$h!<$)&<!%#&G$^=#AF!FN##=N>S@>)!KO$!Z#$FF!&>S!FZ$$'Oj$VZ#$FF@=>!%#$$S=GF!
&>S!b=N#>&<@FG!$VZ$#@$>'$F!^O@<$!'=\$#@>)!KO$!]N#S@FO!9FFN$(!
!
.>$! =%! KO$! '$>K#&<! =[b$'K@\$F! =%! KO@F! FKNSR! ^@<<! [$! K=! &FF$FF! KO$! $VK$>K! K=! ^O@'O!
G&@>FK#$&G! '=\$#&)$! =%! KO$! ]N#S@FO! wN$FK@=>! O&F! 'O&>)$S! &F! &! '=>F$`N$>'$! =%!
[#=&S$#! F='@&<! &>S! Z=<@K@'&<! 'O&>)$(! -=! S$\$<=Z! KO@F! Z#='$FFN&<! Z$#FZ$'K@\$6! 9! O&\$!
F$<$'K$S!%@\$!A$R!$\$>KF!^O@'O!'&>![$!&FFNG$S!&F!G@<$FK=>$F!=%!KO$!]N#S@FO!"#=[<$G!
@>!-N#A$R1!!
ϭ͘>ĞLJůĂĂŶĂ͛Ɛ<ƵƌĚŝƐŚŝƐĐŽƵƌƐĞŝŶƚŚĞdƵƌŬŝƐŚWĂƌůŝĂŵĞŶƚŝŶϭϵϵϭ͗!C$R<&!l&>&6!KO$!
%@#FK! %$G&<$! ]N#S@FO! Z=<@K@'@&>6! '#$&K$S! &! F'&>S&<! [R! FZ$&A@>)! ]N#S@FO! @>! KO$!
-N#A@FO!"&#<@&G$>K! cFZ$&A@>)! ]N#S@FO! @>! &! ZN[<@'! [N@<S@>)! @F! &! '#@G@>&<!=%%$>'$! @>!
dƵƌŬĞLJͿ͕ĂƐƐŽŽŶĂƐƐŚĞƚŽŽŬŚĞƌƉĂƌůŝĂŵĞŶƚĂƌLJŽĂƚŚƐĂLJŝŶŐ͞6!+,>'!+502!%,+5!4%(!+5'!
ďƌŽƚŚĞƌŚŽŽĚďĞƚǁĞĞŶƚŚĞdƵƌŬŝƐŚƉĞŽƉůĞĂŶĚƚŚĞ<ƵƌĚŝƐŚƉĞŽƉůĞ͘͟!!
Ϯ͘ ƌƌĞƐƚ ŽĨ W<< ;<ƵƌĚŝƐƚĂŶ tŽƌŬĞƌƐ͛ WĂƌƚLJͿ >ĞĂ4)(! >?4B66+:! V,+6+1! 71! QWWWA!
+<KO=N)O! KO$! "]]! <$&S$#! ^&F! &##$FK$S! &%K$#! HX! R$&#F! =%! %@)OK@>)6! KO$! ]N#S@FO!
wN$FK@=>!#$G&@>$S!N>&>F^$#$S!&>S!KO$!S$[&K$!G=\$S!@>K=!&>=KO$#!ZO&F$(!
XC! WƌŝŵĞ DŝŶŝƐƚĞƌ ZĞĐĞƉ dĂLJLJŝƉ ƌĚŽŐĂŶ͛Ɛ ^ƉĞĞĐŚ ŝŶ ŝLJĂƌďĂŬŝƌ ĂĐŬŶŽǁůĞĚŐŝŶŐ Ă
Y@B(478:! '(/?6)2Y!71! TZZ[A! dŚŝƐƐƉĞĞĐŚǁĂƐ ĚĞƐĐƌŝďĞĚĂƐƚŚĞĨŝƌƐƚ͞ŚŝŐŚƐƚĂƚƵƐ͟
ƐƉĞĞĐŚǁŚŝĐŚĂĐŬŶŽǁůĞĚŐĞĚĂ͞<ƵƌĚŝƐŚWƌŽďůĞŵ͟ŝŶdƵƌŬĞLJǀĞƌLJĐůĞĂƌůLJ͘!
!
ϰ͘dZdϲ͛ƐKƉĞŶŝŶŐŝŶϮϬϬϵ͗Y$#R!#$'$>K<R6!@>!FZ@K$!=%!#@)OK^@>)!>&K@=>&<@FK!=ZZ=F@K@=>6!
-,-! P6! &>! =%%@'@&<! FK&K$B=^>$S! -Y! 'O&>>$<6! &F! Z&#K! =%! KO$! -N#A@FO! ,&S@=! &>S!
-$<$\@F@=>! 4=#Z=#&K@=>6! FK&#K$S! K=! [#=&S'&FK! @>! ]N#S@FO! bNFK! &K! KO$! [$)@>>@>)! =%!
HXXU!&F!&!#$FN<K!=%!S$$Z!&>S!O@FK=#@'!S$[&K$F(!
[C!\6B4)()!>7(83(7G)!71!TZQQA!<:)!@76671.!/*!X]!@B(478:!;70767+18!^D/?/8G7!S+88+,()_A!
-O$!$\$>K!K==A!Z<&'$!=>!KO$!9#&`B-N#A$R![=#S$#!=>!HEKO!2$'$G[$#!HXWW(!-N#A@FO!
&@#'#&%KF! A@<<$S! LJ! ]N#S@FOB.#@)@>! -N#A@FO! '@\@<@&>F6! &FFNG@>)! KO$R! ^$#$! "]]!
)N$##@<<&F6! ^O@<$! KO$R! ^$#$! FGN))<@>)! =@<! &>S! K=[&''=! %#=G! 9#&`! K=! -N#A$R(! .>$!
\@<<&)$#!FN#\@\$S!@>bN#$S!%#=G!KO$!&@#'#&%K!FK#@A$(!;=G$!-N#A@FO!&>S!]N#S@FO!G$S@&!
ƉƌŽĨĞƐƐŝŽŶĂůƐ ĂŶĚ E'KƐ ĐĂůůĞĚ ƚŚĞ ŬŝůůŝŶŐƐ Ă ͞ŵĂƐƐĂĐƌĞ͟ ĂŶĚ ĐůĂŝŵĞĚ ƚŚĂƚ ŝƚ ǁĂƐ
KO$! #$FN<K! =%! S$'&S$FB<=>)! Z#$FFN#$! =>! KO$! ]N#S@FO! Z$=Z<$(! +<KO=N)O! @K! @F! >=^!
&<G=FK! &! R$&#! &%K$#! KO$! $\$>K! =''N##$S6! -N#A@FO! =%%@'@&<F! O&\$! >=K! R$K! %=N>S! KO$!
$V&'K!'#@G@>&<F!^O=!'&NF$S!KO@F!GN#S$#!&>S!KO$#$%=#$!KO$!<@[$#&<F!&>S!/:.F!&#$!
%=#'@>)!KO$!)=\$#>G$>K!K=!%@>S!&>S!ZN>@FO!KO=F$!^O=!^$#$!#$FZ=>F@[<$!%#=G!KO@F!
\@=<$>K!&@#'#&%K!&KK&'A!=>!KO$!\@<<&)$#F(!!
!
9>!=#S$#!K=!&>&<RD$!KO@F!'=\$#&)$6!9!O&\$!S$'@S$S!K=!NF$!%@\$!-N#A@FO!S&@<R!>$^FZ&Z$#F!
%=#!&>&<RF@F(!MO@<$!F$<$'K@>)!KO$!>$^FZ&Z$#F!9!O&\$!'=>F@S$#$S!KO$!'@#'N<&K@=>!=%!KO$!
>$^FZ&Z$#!&>S!#&K@>)F!K=!&\=@S!Z&#K@&<@KR(!-O@F!F$<$'K@=>!&<F=!@>\=<\$S!&!'=G[@>&K@=>!
=%! '=>F@S$#&K@=>F! #$)&#S@>)1! )$=)#&ZO@'&<! &''$FF! &F! KO$R! &#$! >&K@=>&<! >$^FZ&Z$#Fh!
&NS@$>'$! F@D$! F@>'$! KO$R! S=! >=K! &<<! F$#\$! G@>=#@KR! )#=NZF6! &>S! %=#G&K! &>S!
'O&#&'K$#@FK@'F! =%! KO$! G$S@&! %=#! KO$R! O&\$! S@%%$#$>K! Z=<@K@'&<! FK&>'$F(! -O$F$!
/$^FZ&Z$#F!&#$1!
QC!;B2:B(7=)3A!dŚŝƐůĞĨƚŝƐƚƉĂƉĞƌŝƐĚĞƐĐƌŝďĞĚĂƐĂ͞ŵĞĞƚŝŶŐƉŽŝŶƚŽĨ<ĞŵĂůŝƐƚƉĞŽƉůĞ͟
c&!ZO@<=F=ZO@'!G=\$G$>K!%=N>S$S![R!+K&KN#Ad(!
TC! `B((7=)3A! -O$! >$^FZ&Z$#! @F! A>=^>! %=#! @KF! '$>K#$B#@)OK! FK&>'$! &>S! @F! NFN&<<R!
ƉŽƌƚƌĂLJĞĚ ĂƐ ƚŚĞ ͞ĨůĂŐƐŚŝƉ͟ ŽĨ ƚŚĞ dƵƌŬŝƐŚ ŵĞĚŝĂ͘ /ƚƐ ŵŽƚƚŽ ŝƐ ͞dƵƌŬĞLJ ďĞůŽŶŐƐ ƚŽ
dƵƌŬƐ͘͟!
XC!V(3+4/.BA!+!>&K@=>&<@FK!>$^FZ&Z$#!^O=F$!G=KK=!@F!&!%&G=NF!`N=K$!%#=G!+K&KN#AfF!
[==A!V<+<>!cKO$!;Z$$'Od!&>S!@F!^@S$<R!NF$S!@>!>&K@=>&<@FK@'!'=>K$VKF1!͞[%3!5,..9!02!
+5'!%)'!35%!2,92!2\5'!02!!!8<(>͘͟!
]C!<+(+*A!dŚĞŶĞǁƐƉĂƉĞƌŚĂƐĂ͞ůŝďĞƌĂů͟ƐƚĂŶĐĞĂŶĚŚĂŶĚůĞƐƐĞŶƐŝƚŝǀĞŝƐƐƵĞƐ͕ƐƵĐŚĂƐ
KO$!]N#S@FO!"#=[<$G!&>S!G@<@K&#R!@FFN$F!'<$&#<R(!
[C!a+2+11!-O@F!>$^FZ&Z$#!'N##$>K<R!O&F!KO$!O@)O$FK!'@#'N<&K@=>!%@)N#$F!@>!G=S$#>BS&R!
-N#A$R!%#=G!=N#!F&GZ<$(!9K!@F!A>=^>!%=ƌŚĂǀŝŶŐ͞ƌĞůŝŐŝŽƵƐĂŶĚĐŽŶƐĞƌǀĂƚŝǀĞ͟ĂƚƚŝƚƵĚĞƐ͘!
!
-O$!F$'=>S!Z&#K!=%!KO$!#$F$&#'O!^@<<!@>\=<\$!F$G@BFK#N'KN#$S!&>S!@>%=#G$S!@>K$#\@$^F!
^@KO! KO$! Z=<@K@'&<! $<@K$6! &'&S$G@'@&>F6! /:.F! &>S! b=N#>&<@FKF! K=! Z#=\@S$! &>!
N>S$#FK&>S@>)!=%!KO$!SR>&G@'F6!#$FK#@'K@=>F!&>S!KO$!Z#$FFN#$F!KO&K!<$&S!KO$!G$S@&!K=!
FK#N'KN#$!KO$!]N#S@FO!9FFN$!&>S!=KO$#!FN[b$'KF!#$<&K$S!K=!S$G='#&K@'!'=\$#&)$!^@KO@>!
KO$! '=>K$VK! =%! KO$! ]N#S@FO! "#=[<$G(! -O$F$! @>K$#\@$^F! ^@<<! Z#=\@S$! NF! ^@KO! Z=<@K@'&<!
N>S$#FK&>S@>)!=%!KO$!'=>S@K@=>F!KO&K!O&F!<$S!K=!KO$!'#$&K@=>!=%!KO$!]N#S@FO!"#=[<$G!
&)$>S&!@>!KO$!G$S@&(!9K!^@<<!&<F=!@>%=#G!=N#!N>S$#FK&>S@>)!=%!^O$KO$#!KO$!&ZZ#=&'O!
O&F!'O&>)$S!&>S![R!^O&K!S$)#$$(!!
!
-O$F$! @>K$#\@$^F! ^@<<! &K! KO$! F&G$! K@G$! &<<=^! NF! K=! $V&G@>$! KO$! >$^F! Z#=SN'K@=>6!
&)$>S&B! [N@<S@>)! %&'K=#F! =%! KO$! G&@>FK#$&G! -N#A@FO! G$S@&h! G$S@&! =^>$#FO@Z! @>!
-N#A$Rh!G$S@&!&>S!)=\$#>G$>K!S$&<@>)Fh!b=N#>&<@FG!$VZ$#@$>'$F!^O@<$! '=\$#@>)!KO$!
]N#S@FO!9FFN$!&>S!G$S@&!&>S!S$G='#&'R!#$<&K@=>F!G=#$!)$>$#&<<R!@>!-N#A$R(!
!
-O#=N)O!KO$F$!$<@K$!@>K$#\@$^F!KO$!FKNSR!^@<<!$VZ<=#$!KO$!#=<$!=%!G$S@&!@>!KO$!-N#A@FO!
S$G='#&K@D&K@=>h! KO$! Z#$%$#$>'$F! %=#! Z=<@K@'&<! @>%=#G&K@=>! '=>FNGZK@=>h! KO$! <@>AF!
!
! ! !
[$K^$$>! G$S@&6! F='@$KR! &>S! )=\$#>G$>KF! SN#@>)! S$G='#&K@'! K#&>F@K@=>F! =%! Z=^$#h!
&>S!KO$!$%%$'K@\$>$FF!=%!G$S@&!&F!&!K==<!%=#!S$G='#&K@'!F='@&<@D&K@=>!&G@SFK!Z=<@K@'&<!
Z#$FFN#$F(! 3R! Z#=b$'K! ^@<<! &<F=! '=G[@>$! KO$=#@$F! =%! S$G='#&K@D&K@=>! &>S!
'=GGN>@'&K@=>(! -O$! #$F$&#'O! =>! KO$! =KO$#! O&>S! @F! K&A@>)! =N#! KO$=#$K@'&<! &>Sj=#!
$GZ@#@'&<! A>=^<$S)$! %=#^&#S! &[=NK! KO$! %N>'K@=>! &>S! #=<$! =%! KO$! G$S@&! @>6! &>Sj=#!
'=>K#@[NK$F! K=! =N#! N>S$#FK&>S@>)! =%! KO$! SR>&G@'F! KO&K! O$<ZF! =#! F<=^! S=^>! -N#A@FO!
S$G='#&K@D&K@=>(!
!
9>!KO@F!#$)&#S!GR!"O2!KO$F@F!&K!KO$!F&G$!K@G$!&@GF!K=!&>F^$#!KO$!%=<<=^@>)1!
x 7=^!S=!KO$!G$S@&!&>S!S$G='#&'R!@>K$##$<&K$!@>!-N#A$Rr!
x 9F! KO$! )=\$#>G$>K! @>%<N$>'$! =>! KO$! G$S@&! @>'#$&F@>)6! S$'#$&F@>)! =#! FK&R@>)! KO$!
F&G$r!
x 2=!KO$!<$)&<!%#&G$^=#AF!Z#=K$'K!=#!#$FK#@'K!b=N#>&<@FKFr!!
x +#$!>&K@=>&<!F$'N#@KR!'=>'$#>F!NF$S!&F!)#=N>SF!K=!'N#[!Z#$FF!%#$$S=Gr!!
x 7=^!^$<<!S=!KO$!G&@>FK#$&G!G$S@&!S$&<!^@KO!@FFN$F!=%!'N<KN#&<!S@\$#F@KRr!
x 7=^! G&R! FK&K$! @S$=<=)@$F! &>S! K#&>F@K@=>F! =%! Z=^$#F! &%%$'K! KO$! >$^F! G$S@&!
'=\$#&)$!=%!KO$!F$>F@K@\$!@FFN$Fr!
x ,Žǁ ĚŽ ƉŽůŝƚŝĐĂů ƚĞŶĚĞŶĐLJ ŝŶĨůƵĞŶĐĞ ƚŚĞ ŵĞĚŝĂ͛ƐƌŽůĞ ŽĨ ŚĂŶĚůŝŶŐ ƚŚĞŽƉƉŽƐŝƚŝŽŶ
&ZZ#=&'Or!
x -=!^O&K!$VK$>K!@F!K#&>F%=#G&K@=>!@>!G$S@&!ƉůƵƌĂůŝƐŵƐŚĂƉĞĚďLJĐŽƵŶƚƌLJ͛ƐƉŽůŝƚŝĐĂů
%=#G&K@=>r!
x 2=!&<K$#&K@=>F!@>!G$S@&!$>\@#=>G$>KF!@>!-N#A$R!%&\=N#!S$G='#&K@D&K@=>r!
x MO&K!&#$!KO$!<@G@K&K@=>F!=%!@GZ#=\$S!%#$$S=G!=%!FZ$$'O!&>S!S$G='#&K@D&K@=>!=>!
G$S@&!Z#=%$FF@=>&<F!&>S!Z=<@'R!G&A$#Fr!
x 7=^!S=$F!KO$!'O&#&'K$#!=%!b=N#>&<@FG!&>S!=%!b=N#>&<@FK@'!$VZ$#@$>'$!'O&>)$!@>!&>!
@>K$#G$S@&#R!F@KN&K@=>r!
x +#$!N>[@&F$S!G$S@&!#$&<<R!&!#$`N@#$G$>K!%=#!FN''$FF%N<!S$G='#&K@D&K@=>r!!
x 7=^!'&>!KO$!G$S@&!@>K$#&'K!^@KO!=KO$#!S$G='#&K@D@>)!SR>&G@'F!@>!=#S$#!K=!FNFK&@>!
S$G='#&K@D&K@=>r!
!
S)3:/4/6/.=!
%673)!"13)(07)98!
0<@K$! @>K$#\@$^F! &<<=^! NF! K=! &>&<RD$! Z=<@K@'&<! &>S! S$G='#&K@'! S$\$<=ZG$>KF6! KO$!
'O&>)$F! @>! Z$#'$ZK@=>F6! KO$! #$&F=>F! =%! KO$!'N<KN#&<6!$KO>@'! &>S! G$S@&! '=>%<@'KF! &>S!
KO$! =[FK&'<$F! @>! %#=>K! =%! KO$! F=<NK@=>F! &K! KO$! O@)O$FK! <$\$<(! -O$! @>K$#\@$^F! ^@<<! &<F=!
&<<=^!NF!K=!#$&<@D$!=#@)@>&<!Z&#KF!=%!@>%=#G&K@=>!&>S!S$[&K$F!FN##=N>S@>)!KO$!FN[b$'K!
^$!FKNSRh!K=!%@>S!&>F^$#F!%=#!S@%%$#$>K!`N$FK@=>F!^$!O&S![$%=#$h!K=!'<=F$!KO$!)&ZF!=%!
&! ^@S$! &#$&! =%! '=>%<@'Kh! K=! '=>%@#G! =#! S$>R! KO$! &KK@KNS$! ^$! O&S! [$%=#$! &>S! K=!
#$FK#N'KN#$!=N#!G&@>!%='NF!=%!FKNSR(!!
!
3$S@&!G$G[$#F!=#!b=N#>&<@FKF!Z<&R!&!A$R!#=<$!@>!'=>FK#N'K@>)!KO$!>$^F!&>S!S$'@S@>)!
ƚŚĞĚĂŝůLJĂŐĞŶĚĂ͘ƐƉĞĐŝĂůůLJĂƐƚŚĞ͞ŵĞĚŝĂǀŝĞǁ͟ŝƐƐŽŵĞŚŽǁ ƐŚĂƉĞĚďLJũŽƵƌŶĂůŝƐƚƐ͕
KO@F!FKNSR!^@<<!'=>'$#>!KO$!$%%$'K!=%!b=N#>&<@FG!&<=>)!^@KO!KO$!'#@K@'&<!&>&<RF@F!=%!KO$!
FRG[=<@'!^=#<S!=%!G$S@&!=NKZNK!c2$&'=>!&>S!:=<S@>)6!WUUJd(!_=N#>&<@FKF!S=!>=K!bNFK!
#$Z=#K!KO$!>$^F![NK!&<F=!'#$&K$!@K(!MO@<$!'#$&K@>)!KO$!>$^F!KO$R!S#&^!=>!KO$@#!S&@<R!
@>K$#&'K@=>F!^@KO!Z=<@'R!G&A$#F!c;'ONSF=>6!HXXLd6!/:.F!&>S!Z#$FFN#$!)#=NZF!ʹ!^O&K!
ũŽƵƌŶĂůŝƐƚƐĐĂůů͚ƐŽƵƌĐĞƐ͛͘!
!
͞^ƚƵĚŝĞƐ ŽĨ ƐŽĐŝŽůŽŐLJ ŽĨ ŶĞǁƐ ƚĞŶĚ ƚŽ ǀŝĞǁ ŶĞǁƐBG&A@>)! &F! &! #$&<@KR! '=>FK#N'K@>)!
ĂĐƚŝǀŝƚLJŐŽǀĞƌŶĞĚďLJƚŚĞĞůŝƚĞƐ͟;^ĐŚƵĚƐŽŶ͕ϮϬϬϯͿ͘DĂƐƐŵĞĚŝĂŚĞƌĞƉůĂLJƐƚŚĞ#=<$!=%!
@>K$#G$S@&#@$F! [$K^$$>! F='@$KR! &>S! KO$! Z=<@K@'@&>Fj>$^F! F=N#'$F(! -O$#$%=#$! @K! @F!
!
Z=FF@[<$! K=! F&R! KO&K! >$^F! @F! Z#=SN'$S! [R! &! )#=NZ! =%! =#)&>@D&K@=>F! &>S! $<@K$F! ^O=!
^&>K!K=!FO&Z$!KO$!F='@&<!@>K$#$FK!c3&'O@>!&>S!/@[<='A6!HXXPd(!+K!KO@F!Z=@>K!@K!@F!'#N'@&<!
ƚŽƉĞƌĨŽƌŵ͞ĞůŝƚĞŝŶƚĞƌǀŝĞǁƐ͟ǁŝƚŚũŽƵƌŶĂůŝƐƚƐͬŵĞĚŝĂŵĞŵďĞƌƐ͕E'KƐĂŶĚƉŽůŝƚŝĐŝĂŶƐ
F=!&F!K=!N>S$#FK&>S!&)$>S&![N@<S@>)!&[=NK!KO$!]N#S@FO!9FFN$!@>!-N#A$R(!!
!
Q=#! $<@K$! @>K$#\@$^F! 9! O&\$! @>K$#\@$^$S! *W! $<@K$F! @>! -N#A$R(! +)&@>! @>! =#S$#! K=! #$&'O!
=[b$'K@\@KR6!9!O&\$!F$<$'K$S!S@%%$#$>K!Z=<@K@'&<!Z&#K@$F(!-O$F$!Z&#K@$F!&#$!@>!Z&#<@&G$>K!
>=^!&>S!&#$!$FZ$'@&<<R!FN@K&[<$!%=#!KO$!#$F$&#'O!&F!KO$R!#$Z#$F$>K!S@%%$#$>K!FZ$'@%@'!
@S$=<=)@$F(!-O$!Z&#KR!@>!Z=^$#!+]"!c_NFK@'$!&>S!2$\$<=ZG$>K!"&#KRd!@F!'=>F$#\&K@\$6!
KO$!G&@ŶŽƉƉŽƐŝƚŝŽŶƉĂƌƚLJ,W;ZĞƉƵďůŝĐWĞŽƉůĞ͛ƐWĂƌƚLJͿŝƐƐŽĐŝĂůĚĞŵŽĐƌĂƚͬƐĞĐƵůĂƌ͕
37"! c/&K@=>&<@FK! 3=\$G$>K! "&#KRd! @F! -N#A@FO! /&K@=>&<@FK! &>S! ?2"! c"$&'$! &>S!
2$G='#&'R!"&#KRd!@F!KO$!=><R!]N#S@FO!"&#KR!@>!KO$!/&K@=>&<!-N#A@FO!+FF$G[<R!&>S!7;"!
cY=@'$!=%!"$=Z<$!"&#KRd!^O@'O!O&F!&!#$<@)@=NF![&'A)#=N>S!&>S!S=$F!>=K!O&\$!F$&KF!@>!
KO$! >&K@=>&<! &FF$G[<R(! ! MO@<$! S$'@S@>)! /:.F6! &'&S$G@'F! &>S! b=N#>&<@FKF6! 9! O&\$!
'O=F$>!KO$G!%=#!KO$@#!S@%%$#$>K!@S$=<=)@$F!&F!^$<<(!!
!
9>! KO@F! F$>F$! KO$! @>K$#\@$^$$F! O&\$! [$$>! '&K$)=#@D$S! @>K=! J! )#=NZF(! 0&'O! '&K$)=#R!
'=>K&@>$S! S@%%$#$>K! >NG[$#F! =%! @>K$#\@$^$$F! &''=#S@>)! K=! @GZ&#K@&<@KR! F&K@F%&'K@=>!
&ZZ#=&'O!^O@'O!&#$!\$#R!@GZ=#K&>K!@>!)$KK@>)!KO$@#!=Z@>@=>F!K=!N>S$#FK&>S!G$S@&!&>S!
S$G='#&'R!#$<&K@=>F!&>S!KO$!]N#S@FO!9FFN$(!-O$!'&K$)=#@$F!&#$!&F![$<=^1!
+C S)47+! '(/*)887/1+681! _=N#>&<@FKF6! [#=&S'&FK$#F6! -Yj#&S@=! Z#$F$>K$#F! &>S!
'=<NG>@FKF(!
?C '/6737,+6! %673)81! ?=KO! %=#! 3$S@&! &>S! 2$G='#&'R! ,$<&K@=>! &>S! KO$! ]N#S@FO! 9FFN$!
KO$R!&#$!KO$!G=FK!@GZ=#K&>K!=>$F!^O=!O&\$!F=G$KO@>)!K=!F&R(!3=#$=\$#!&F!KO$#$!
ĂƌĞ͞ŐŽǀĞƌŶŵĞŶƚĐŽŶƚƌŽůůĞĚŵĞĚŝĂ͟ĚĞďĂƚĞƐŝŶdƵƌŬĞLJŝƚǁŝůůŐŝǀĞƵƐĂƉƌŽŵŝŶĞŶƚ
&>F^$#!%=#!^O&K!^$!&#$!<==A@>)!%=#(!!
,C >,+4)27,7+18A!MO$>!KO$!-N#A@FO!)=\$#>G$>K!Z<&>>$S!K=!FK&#K!&!]N#S@FO!9>@K@&K@\$!
@>!-N#A$R6!@K!%@#FK!O&S!&!G$$K@>)!^@KO!KO$!&'&S$G@'F!^O=!O&S!&!'#@K@'&<!&ZZ#=&'O!
&>S!^O=![$<@$\$S!@>!&!S$G='#&K@'!F=<NK@=>!%=#!]N#SF(!9>!KO@F!#$)&#S6!KO$!&'&S$G@'!
&ZZ#=&'O!^@<<!O$<Z!NF!K=!N>S$#FK&>S!KO$!@>K$<<$'KN&<![&'A)#=N>S!=%!KO$!G$S@&!&>S!
S$G='#&'R!#$<&K@=>!&>S!^@<<!)@\$!NF!&!S$K&@<$S!N>S$#FK&>S@>)!=%!KO$!]N#S@FO!9FFN$(!!
4C #bV8A! -O$! $V@FK$>'$! =%! /:.F! &>S! KO$@#! &'K@\@KR! &#$! KO$GF$<\$F! F@)>F! =%!
S$G='#&'R(!9>!KO@F!'=>K$VK!KO$R!^@<<!&<F=!Z=@>K!=NK!@GZ=#K&>K!@FFN$F(!QN#KO$#G=#$!
ĚƵƌŝŶŐ͞ĚĞŵŽĐƌĂƚŝĐŝŶŝƚŝĂƚŝǀĞƐ͟ƐŽŵĞƐŝŶŐĞƌƐĂŶĚĂĐƚŽƌƐĂĐƚĞĚǁŝƚŚƚŚĞE'KƐ͘dŚŝƐ
&<F=! '&NF$S! KO$! )=\$#>G$>K! K=! O=<S! G$$K@>)F! ^@KO! KO$G! @>! =#S$#! K=! )&@>! O$<Z!
%#=G!KO$G!K=!Z$#FN&S$!Z$=Z<$(!
!
9! O&\$! @>K$#\@$^$S! KO$F$! )#=NZF! &FA@>)! KO$G! =Z$>B$>S$S! `N$FK@=>F(! ?$%=#$! 9!
'=>SN'K$S!KO$!@>K$#\@$^F!9!$>\@F&)$S!&ZZ#=V@G&K$<R!F@VKR!@>K$#\@$^F(!7=^$\$#6!&F!KO$!
$V&G@>$#F!@>!GR!Z&>$<!$V&G!<&FK!R$&#!&S\@F$S!G$!K=!#$SN'$!KO$!@>K$#\@$^$$!>NG[$#F!
cF@>'$! @K! '=N<S! [$! S@%%@'N<K! &>S! [$'&NF$! KO$! $<@K$F! 9! @>K$#\@$^$S! [R! >=! G$&>F! ^$#$!
&<#$&SR!KO$!#$Z#$F$>K&K@\$F!=%!&!^@S$!#&>)$!=%!Z=<@'@$F!&>S!KO&K!KO$F$!@>K$#\@$^F!O&\$!
&<#$&SR! #$FN<K$S! @>! &ZZ#=Z#@&K$! S&K&d6! 9! S$'@S$S! K=! '=>SN'K! *H! @>K$#\@$^F(!!
/=>$KO$<$FF! L! =%! KO$! Z#$BS$K$#G@>$S! @>K$#\@$^$$F! #$%NF$S! K=! K&<A! K=! G$! &<KO=N)O!
KO$R!O&S!)@\$>!&!Z#=[&[<$!&ZZ#=\&<![$%=#$!9!^$>K!K=!-N#A$R(!!!!
!
-O#=N)O!GR! @>K$#\@$^F! 9! K#@$S! K=! FK@'A! K=!KO$! @>K$#\@$^! `N$FK@=>F! [$<=^h! [NK! &F! KO$!
@>K$#\@$^!K#&S@K@=>!=#!%=#G!'O&>)$S!&''=#S@>)!K=!KO$!Z#$bNS@'$F!=%!KO$!@>K$#\@$^$$F!
&>S!&F!@K!@F!S@%%@'N<K!K=!)=!K=!&>!@>K$#\@$^$$!^@KO!FZ$'@%@'!`N$FK@=>F!&[=NK!&!F$>F@K@\$!
@FFN$6!9!F=G$K@G$F!%&'$S!S@%%@'N<K@$F!K=!&FA!KO$!F&G$!`N$FK@=>F!K=!F=G$!@>K$#\@$^$$F!
&F!9!^&F! &^&#$!=%!KO$@#!Z#$B&''$ZK&>'$F!&>S!KO$! #$&'K@=>!9!G@)OK! %&'$(!7=^$\$#6! &K!
!
! ! !
ƚŚĞ ĞŶĚ / ƵƐĞĚ ƚŽ ƐĞĞ ƚŚĂƚ / ǁĂƐ ƐƵĐĐĞƐƐĨƵů ƚŽ ŐĞƚ ƚŚĞ ĂŶƐǁĞƌƐ ĨŽƌ Ăůů ŵLJ ͞ĐƌƵĐŝĂů͟
`N$FK@=>F(!!!
!
MO@<$!Z#$Z&#@>)!KO$!`N$FK@=>F!9!$>S$&\=N#$S!K=1!
x O&\$!S@%%$#$>K!`N$FK@=>F!%=#!$&'O!'&K$)=#R!=%!KO$!@>K$#\@$^$$F!&''=#S@>)!K=!KO$@#!
=''NZ&K@=>!&>S!@>K$<<$'KN&<![&'A)#=N>Sh!
x >=K!K=!&FA!`N$FK@=>F!^O@'O!G&R!=%%$>S!KO$!@>K$#\@$^$$h!
x )$K!^O&K!KO$!@>K$#\@$^$$!KO@>AF!&[=NK!KO$!KO$G$!=%!KO$!`N$FK@=>h!
x &\=@S!KO$!`N$FK@=>F!KO&K!9!&<#$&SR!O&\$!&>F^$#F!%=#h!
x &FA! `N$FK@=>F! K=!A>=^! G=#$! &>S! O&\$! %N#KO$#! @>%=#G&K@=>! ^O@'O!G@)OK! [$! NF$S!
%=#!KO$!^#@K@>)BNZ!Z#='$FFh!
x .#)&>@D$! &<F=! KO$! F&G$! `N$FK@=>F! %=#! &<<! KO$! @>K$#\@$^$$F! KO#=N)O! ^O@'O! 9! '&>!
'=GZ&#$! ^@KO! KO$! =KO$#! %@>S@>)F! %#=G! '=>K$>K! &>&<RF@F! &>S! KO#=N)O! ^O@'O! 9! '&>!
F$K!NZ!KO$!#$FN<KF!&F!@>!KO$!FN#\$RF(!
!
QN#KO$#G=#$!KO$!`N$FK@=>F!&#$!>=K!KO$!=><R!`N$FK@=>F!9!&FA$S!GR!$<@K$!Z&#K@'@Z&>KF(!
+F! KO$R! ^$#$! F$G@BFK#N'KN#$S! @>K$#\@$^F6! @>! KO$! <@)OK! =%! KO$! @>K$#\@$^! Z#='$FF6! 9!
F=G$K@G$F!#$%@>$S!GR!`N$FK@=>F!&>S!O&S!>$^!`N$FK@=>F!FO&Z$S!@>!KO$!'=N#F$!=%!KO$!
@>K$#\@$^F(!MO$>!9!%$<K!KO&K!KO$!@>K$#\@$^$$F!O&S!&!^@S$#![&'A)#=N>S!&>S!KO&K!KO$R!
ZN<<$S!G$!@>K=!&![$KK$#!&>S!S$$Z$#!@>K$<<$'KN&<![&'A)#=N>S!=>!KO$!]N#S@FO!9FFN$!&>S!
KO$! G$S@&BS$G='#&'R! #$<&K@=>! @>! -N#A$R6! 9! S@S! >=K! O$F@K&K$! K=! &FA! KO$G! [#=&S$#!
`N$FK@=>F!@>!=#S$#!K=!O&\$!&!FK#=>)$#!&>S!'<$&#$#!N>S$#FK&>S@>)!=%!KO$!FN[b$'K!9!^&F!
FKNSR@>)!%=#(!!
!
'()67271+(=!U71471.8!
+%K$#! '&#$%N<<R! #$F$&#'O@>)! @>K$#\@$^$$F! K=! S@F'NFF! G$S@&! &>S! S$G='#&'R! #$<&K@=>F!
ĂŶĚ ƚŚĞ <ƵƌĚŝƐŚ ƉƌŽďůĞŵ ŝŶ dƵƌŬĞLJ͕ / ŵĂĚĞ Ă ůŝƐƚ ŽĨ ͞ĞůŝƚĞƐ͟ ĂŶĚ ĞdžƉĞƌƚƐ ŽŶ ƚŚĞƐĞ
@FFN$F!&>S!#$`N$FK$S!KZ!@>K$#\@$^!KO$G(!?$%=#$!9!FK&#K$S!KO$!@>K$#\@$^F!9!^&F!&^&#$!
=%!KO$!Z#=[<$GF!9!'=N<S!%&'$(!-O$!@>K$#\@$^$$F!'=N<S!#$%NF$6!S$FZ@K$!GR!$VZ<&>&K@=>!
=%!KO$!FKNSR6!=>!KO$!)#=N>SF!KO&K!GR!FN[b$'K!^&F!K==!F$>F@K@\$!%=#!KO$G!%=#!&!\&#@$KR!
=%!#$&F=>F(!!
!
-O$!]N#S@FO!"#=[<$G!&>S!KO$!'$>F=#FO@Z!^@KO@>!KO$!G$S@&!@F!FK@<<!&!\$#R!'=>K#=\$#F@&<!
ŝƐƐƵĞŝŶƐŽŵƵĐŚƚŚĂƚƉĞŽƉůĞǁŚŽƚƌLJƚŽĐŽǀĞƌƚŚĞƐƵďũĞĐƚŝŶƚĞƌŵƐŽĨ͞ŚƵŵĂŶƌŝŐŚƚƐ͟
ĂƌĞƐƚŝůůĂĐĐƵƐĞĚŽĨďĞŝŶŐ͞ƚƌĂŝƚŽƌƐ͘͟DĂŶLJĂƌĞ ƐƚŝůůƌĞƋƵŝƌĞĚƚŽůĞĂǀĞƚŚĞĐŽƵŶƚƌLJďLJ
%&#B#@)OK!)#=NZF(!9>!&SS@K@=>6!KO$!@>K$>F$!S$[&K$!&[=NK!)=\$#>G$>K&<!Z#$FFN#$!=>!KO$!
G$S@&! 'N##$>K<R! K&A@>)! Z<&'$! @>! -N#A$R! G$&>F! KO&K! G$S@&! =#)&>@D&K@=>F! &<<$)$S<R!
'<=F$! K=! KO$! )=\$#>G$>K! '=N<S! #$%NF$! K=! K&<A! K=! G$! =>! KO$! K=Z@'! =%! G$S@&! &>S!
)=\$#>G$>K! #$<&K@=>F(! 7=^$\$#6! 9! '&>! F&R! KO&K! 9! ^&F! >=K! #$%NF$S! &F! GN'O! &F! 9! O&S!
$VZ$'K$S(!!
!
.>$! =%! KO$! '$>K#&<! =[b$'K@\$F! =%! KO@F! FKNSR! ^@<<! [$! K=! &FF$FF! KO$! $VK$>K! K=! ^O@'O!
G&@>FK#$&G! '=\$#&)$! =%! KO$! ]N#S@FO! `N$FK@=>! O&F! 'O&>)$S! &F! &! '=>F$`N$>'$! =%!
[#=&S$#! F='@&<! &>S! Z=<@K@'&<! 'O&>)$! ^@KO! &! S$K&@<$S! &>&<RF@F! =%! KO$! &)$>S&B[N@<S@>)!
Z#='$FF$F!KO&K!FO&Z$!KO@F!'=\$#&)$(!-O$F$!@>K$#\@$^F!^@<<!&K!KO$!F&G$!K@G$!&<<=^!NF!
K=!$V&G@>$!KO$!>$^F!Z#=SN'K@=>6!&)$>S&B[N@<S@>)!%&'K=#F!=%!KO$!G&@>FK#$&G!-N#A@FO!
G$S@&6! G$S@&! =^>$#FO@Z! @>! -N#A$R6! G$S@&! &>S! )=\$#>G$>K! #$<&K@=>F6! b=N#>&<@FG!
$VZ$#@$>'$F! ^O@<$! '=\$#@>)! KO$! ]N#S@FO! 9FFN$! &>S! G$S@&! &>S! S$G='#&'R! #$<&K@=>F!
G=#$!)$>$#&<<R!@>!-N#A$R(!
!
!
-O$#$%=#$!K=![$!&[<$!K=!#$&'O!&!G=#$!=[b$'K@\$!=NK'=G$!9!K#@$S!K=!'=>SN'K!@>K$#\@$^F!
^@KO! &<<! G$S@&! )#=NZ! #$Z#$F$>K&K@\$F! @>! -N#A$R! &>S! 9! ^&F! &<G=FK! FN''$FF%N<! @>!
#$&'O@>)!GR! K&#)$K(!9>!KO@F!#$)&#S6!9!'&>!F&R!KO&K!GR!@>K$#\@$^F!&#$!=>$!=%!KO$![$FK!
&KK$GZKF! K=! N>S$#FK&>S! KO$! -N#A@FO! G$S@&! &>S! KO$@#! FN##=N>S@>)F(! QN#KO$#G=#$! @%!
&>R!A@>S!=%!=[b$'K@=>!=''N#F!&)&@>FK!GR!FKNSR!&>S!FK&K@FK@'&<!S&K&6!9!&G!FN#$!@K!@F!$&FR!
K=!&>F^$#!KO@F!=ZZ=F@K@=>!&F!KO$!Z$=Z<$!^O=G!9!@>K$#\@$^$S!&#$!KO=F$!^O=!&#$!&K!KO$!
K=Z! =%!KO$! -N#A@FO!G$S@&!=#)&>@D&K@=>F(! 9K! @F! &<G=FK! @GZ=FF@[<$! K=! FK&K$! &! '=GG$>K!
^@KO=NK!&ZZ<R@>)!K=!KO=F$!9!@>K$#\@$^$S!SN#@>)!GR!%@$<S^=#A!@>!-N#A$R(!
!
9K! '&>! [$! '<&@G$S! KO&K! *W! @>K$#\@$^F! &#$! >=K! $>=N)O! K=! @>K$#%$#$! =[b$'K@\$! &>S!
F'@$>K@%@'! #$FN<KF! #$)&#S@>)! &>! @FFN$(! 7$#$! 9! '&>! F&R! KO&K! &<KO=N)O! *W! @F! >=K! &! O@)O!
>NG[$#6! KO$! $<@K$F! ^O=! O&\$! [$$>! @>K$#\@$^$S! &#$! KO=F$! ^O=! '&>>=K! [$! @)>=#$S!
^O@<$! FKNSR@>)! &! FN[b$'K! cG$S@&! &>S! S$G='#&'Rd! &[=NK! -N#A$R! &>S! %=#! KO&K! #$&F=>!
KO$@#! &ZZ#=&'O$F! &>S! KO$! FK&K@FK@'&<! A>=^<$S)$! KO&K! O&\$! [$$>! #$&'O$S! &>&<RD@>)!
KO$@#!@>K$#\@$^F!&#$!\$#R!GN'O!@GZ=#K&>K!K=!O&\$!&!'=##$'K!\@$^!=>!KO$!-N#A@FO!G$S@&!
&>S!S$G='#&'R(!!
!
+G=>)!&<<!KO=F$!9!&ZZ<@$S!K=!'=>SN'K!&>!@>K$#\@$^6!=><R!K^=!G$S@&!)#=NZF!#$%NF$S!K=!
K&<A! K=! G$(! -O$! %@#FK! =>$! ^&F! W')01,$! C,0/9! ^O@'O! @F! A>=^>! &F! &! Z#=B-N#A@FO! &>S! &!
>&K@=>&<@FK! >$^FZ&Z$#! &>S! 9! &G! `N@K$! FN#$! KO&K! KO$R! S@S! >=K! ^&>K! K=! K&<A! =>! KO$!
]N#S@FO!9FFN$![$'&NF$!=%!KO$@#!FK&>'$!&>S!&ZZ#=&'O!=>!KO$!G&KK$#(!-O$!F$'=>S!G$S@&!
)#=NZ! #$Z#$F$>K&K@\$! XF>2,*! ](%<.Y! &>S! =>$! =%! KO$! @GZ=#K&>K! /:.F! c-8;9+21!
-N#A@FO!9>SNFK#@&<@FKFf!&>S!?NF@>$FFG$>fF!+FF='@&K@=>d!@>!-N#A$R!'=N<S!>=K!K&<A!K=!G$6!
&>S! &Z=<=)@D$S! %=#! [$@>)! \$#R! [NFR! &>S! N>&\&@<&[<$! S$FZ@K$! GR! <=>)! &>S! @>F@FK$>K!
&KK$GZKF(!!
!
-=! [$! &[<$! K=! &>&<RD$! KO$! $VK$>K! K=! ^O@'O! G&@>FK#$&G! '=\$#&)$! =%! KO$! ]N#S@FO!
`N$FK@=>! O&F! 'O&>)$S! KO$! G$S@&! &>S! S$G='#&'R! #$<&K@=>! @>! -N#A$R! &>S! KO$! @FFN$F!
#$<&K$S! K=! F='@=<=)R! =%! >$^F6! @K! ^&F! '#N'@&<! K=! S@\@S$! KO$! @>K$#\@$^$$F! &F! )'32!
.(%-<1'(!&>S!)'32!2%<(1'(!!!
MO@<$! KO$! >$^F! Z#=SN'$#! )#=NZ! @>'<NS$F! =><R! KO$! G$S@&! Z#=%$FF@=>&<F6! KO$! >$^F!
F=N#'$!)#=NZ!@>'<NS$F!Z=<@K@'&<!#$Z#$F$>K&K@\$F6!&'&S$G@'F!&>S!/:.!#$Z#$F$>K&K@\$F(!
-O$!#$&F=>!^OR!KO$!>NG[$#!=%!KO$!>$^F!Z#=SN'$#F!@F!O@)O$#!KO&>!KO$!>$^F!F=N#'$F!@F!
[$'&NF$!KO$!G$S@&!&>S!S$G='#&'R!#$<&K@=>!@F!KO$!G&@>!%='NF!=%!KO@F!FKNSR(!!!
!
-=! [$! &[<$! K=! S=! &>! $VK$>F@\$! &>S! '=>F@S$#&[<$! #$F$&#'O6! @>!\@$^!=%! KO$! =[b$'K@\@KR!
'#@K$#@&6! 9! K#@$S! K=! $>FN#$! KO&K! &<<! Z&#K@'@Z&>KF! ^$#$! %#=G! S@%%$#$>K! @>K$<<$'KN&<! &>S!
Z=<@K@'&<![&'A)#=N>SF(!9%!R=N!<@\$!@>!&!'=N>K#R!<@A$!-N#A$R!@K!^@<<!>=K![$!S@%%@'N<K!%=#!R=N!
K=!Z#$S@'K!KO$!Z=<@K@'&<!\@$^!=#!KO$!&ZZ#=&'O!=%!KO$!Z$#F=>F!^O=G!R=N!^&>K!K=!K&<A!K=!
ďĞĨŽƌĞŚĂŶĚ͘ƐƉĞĐŝĂůůLJŝĨLJŽƵĂƌĞŐŽŝŶŐƚŽŝŶƚĞƌǀŝĞǁĂŶ͞ĞůŝƚĞ͟ƉĞƌƐŽŶLJŽƵǁŝůůĂůƌĞĂĚLJ
O&\$!F=G$!@>%=#G&K@=>!&>S!Z#$S@'K@=>F!&[=NK!KO$G!&F!R=N!O&\$!F$$>!&>S!<@FK$>$S!K=!
KO$G! G&>R! K@G$F! =>! -Y! Z#=)#&GG$F! &>S! #$&S! KO$@#! \@$^F! @>! >$^FZ&Z$#F(! ! 9>! KO@F!
#$)&#S! [$%=#$! 9! '=GG$>'$S! GR! @>K$#\@$^F! 9! A>$^! KO$! Z=FF@[<$! &ZZ#=&'O$F! =%! KO$!
@>K$#\@$^$$F! &>S! KONF! K#@$S! K=! @>K$#\@$^! S@\$#F$! [&'A)#=N>SF! @>! =#S$#! K=! O&\$! &>!
N>[@&F$S!=NK'=G$!=%!KO$!#$F$&#'O(!!
!
-O$!F&G$!F$<$'K@=>!G$KO=S!^&F!&ZZ<@$S!^O@<$!S$'@S@>)!>$^F!F=N#'$F!@>K$#\@$^$$F!&F!
ǁĞůů͘ dŚĞ ͞ĞůŝƚĞƐ͟ ŝŶ ĂĐĂĚĞŵŝĂ͕ ƉŽůŝƚŝĐƐ ĂŶĚ! KO$! /:.F! 9! @>K$#\@$^$S! ^$#$! %#=G!
S@%%$#$>K! Z=<@K@'&<6! @>K$<<$'KN&<! &>S! $'=>=G@'! [&'A)#=N>SF! &F! ^$<<(! -O$! F$<$'K@=>!
'=>S@K@=>F!=%!KO$!@>K$#\@$^$$F!^$#$!&F![$<=^1!
x K=![$!&>!$<@K$!^O=!@F!^@S$<R!A>=^>![R![=KO!KO$!-N#A@FO!&>S!]N#S@FO!ZN[<@'!
!
! ! !
x K=!O&\$!FZ$'@%@'!FKNS@$F!c&'K@\@K@$F!%=#!/.:Fd!=>!KO$!]N#S@FO!9FFN$!&>S!G$S@&!&>S!
S$G='#&'R![=KO!%=#!=#!&)&@>FK!
x K=!O&\$!FN%%$#$S!%#=G!&>R!A@>S!=%!Z#$FFN#$!^O@<$!$VZ#$FF@>)!O$#jO@F!=Z@>@=>!
x K=![$!%#=G!&!S@%%$#$>K!Z=<@K@'&<![&'A)#=N>S!G$>K@=>$S!&[=\$!!
x K=! [$! A>=^>! &>S! O@)O<R! S$[&K$S! [R! O$#jO@F! &ZZ#=&'O! &[=NK! KO$! ]N#S@FO! 9FFN$6!
G$S@&B!S$G='#&'R!&>S!=KO$#!FN[b$'KF!#$<&K$S!K=!F='@=<=)R!=%!>$^F(!
!
-O#=N)O! KO@F!'&K$)=#@D&K@=>! =%!KO$! @>K$#\@$^$$F6! &K!KO$! $>S!=%! KO$! &>&<RF@F! 9! ^@<<! [$!
&[<$!K=!A>=^!&>S!$FK&[<@FO!KO$!=NK'=G$F!&[=NK!^O&K!A@>S!=%!=Z@>@=>F!&!)#=NZ!=%!$<@K$!
Z$#F=>F! O&F! &>S! KO$@#! &ZZ#=&'O$F! &>S! FK&>'$F! =>! KO$! ]N#S@FO! 9FFN$6! )=\$#>G$>K&<!
Z#$FFN#$!=>!G$S@&!c@%!KO$#$!@F!F=d6!'$>F=#FO@Z!&>S!G$S@&!=^>$#FO@Z!(!!
!
2N#@>)!GR!%@$<S^=#A!@>!-N#A$R6!9!@>K$#\@$^$S!F$\$>!Z=<@K@'&<!#$Z#$F$>K&K@\$F!%#=G!%@\$!
Z&#K@$F(! Q=N#! =%! KO$F$! Z&#K@$F! &#$! 'N##$>K<R! @>! KO$! -N#A@FO! Z&#<@&G$>K! &>S! &#$!
$FZ$'@&<<R! FN@K&[<$! %=#!KO$! #$F$&#'O! &F! KO$R! #$Z#$F$>K! S@%%$#$>K! FZ$'@%@'! @S$=<=)@$F(! 9!
&<F=!@>K$#\@$^$S!&!Z&#KR!#$Z#$F$>K&K@\$! %#=G!&!Z&#KR!KO&K!@F!>=K! @>!Z&#<@&G$>K6!&F!@K!
^&F! &! #$<@)@=NF! Z&#KR! &>S! KO$! #$<@)@=NF! &ZZ#=&'O! @F! `N@K$! S$K$#G@>&>K! @>! -N#A@FO!
Z$#'$ZK@=>(!!9>!KO@F!#$)&#S!KO$!&'&S$G@'!F$>F@K@\@KR!G@)OK![$!O&#G$S!@%!9!S@S!>=K!)$K!
KO$!#$<@)@=NF!&ZZ#=&'O!K=!KO$!]N#S@FO!"#=[<$G!&>S!KO$!G$S@&!&>S!S$G='#&'R!@FFN$F!
@>!-N#A$R(!!
!
-O$#$! &#$! K^=! #$Z#$F$>K&K@\$F! %#=G! KO$! Z&#KR! @>! Z=^$#! &>S! K^=! %#=G! KO$! ]N#S@FO!
Z&#KR!@>!KO$!Z&#<@&G$>K6!&F!9!KO@>A!KO$R!&#$!KO$!G&@>!'=>K#@[NK=#F!K=!KO$!]N#S@FO!9FFN$!
&>S! G$S@&! S$[&K$F! @>! KO@F! FKNSR! @>! K$#GF! =%! Z=<@K@'&<! \@$^(! -ONF! KO$! S$K&@<F! =%! KO$!
Z=<@K@'&<!$<@K$F!9!@>K$#\@$^$S!&#$!&F!%=<<=^F1!
W( +]"!c_NFK@'$!&>S!2$\$<=ZG$>K!"&#KRd1!!-O$!Z&#KR!@>!Z=^$#6!'=>F$#\&K@\$!S$G='#&K!
cHd!
H( ,W;ZĞƉƵďůŝĐWĞŽƉůĞ͛ƐWĂƌƚLJͿ͗dŚĞŵĂŝŶŽƉƉŽƐŝƚŝŽŶƉĂƌƚLJ͕ƐŽĐŝĂůĚĞŵŽĐƌĂƚͬƐĞĐƵůĂƌ
cWd!!
L( 37"!c/&K@=>&<@FK!3=\$G$>K!"&#KRd1!-N#A@FO!/&K@=>&<@FK6!'=>F$#\&K@\$!cWd!
J( ?2"!c"$&'$!&>S!2$G='#&'R!"&#KRd1!]N#S@FO!"&#KR!@>!KO$!/&K@=>&<!-N#A@FO!+FF$G[<R!
cHd!
*( 7;"!c-O$!Y=@'$!=%!"$=Z<$!"&#KRd1!,$<@)@=NF6!>=K!@>!Z&#<@&G$>K!cWd!!
!
ƉĂƌƚ ĨƌŽŵ Ă ĨĞǁ ǀĞƌLJ ͞ĨĂŵŽƵƐ͟ ĂŶĚ ͞ĞůŝƚĞ͟ ŽŶĞƐ͕ ĞĂĐŚ ŵĞĚ@&! Z#=%$FF@=>&<! 9!
@>K$#\@$^$S! @F! %#=G! S@%%$#$>K! G$S@&! )#=NZF! @>! -N#A$R(! +<G=FK! &<<! Z#$FNG$S!
&ZZ#=&'O$F! B! >&K@=>&<@FK6! F$'N<! #$<@)@=NF6! '=>F$#\&K@\$6! S$G='#&K6! <@[$#&<6! Z#=B
-N#A@FO!&>S!Z#=B]N#S@FO!G$S@&!Z#=%$FF@=>&<F!O&\$![$$>!@>'<NS$S(!QN#KO$#G=#$!9!O&\$!
K#@$S!K=!&>F^$#!&<<!Z=FF@[<$! `N$FK@=>F!KO&K!G&R!%=#G!@>!KO$!G@>S!=%!KO$!#$&S$#!&>S!
KONF!9!$>S$&\=N#$S!K=!)@\$!&<<!KO$!S$K&@<F!&[=NK!@>K$#\@$^$$F!@>!8,D/'!Q!FN'O!&F!KO$@#!
=''NZ&K@=>6!$KO>@'![&'A)#=N>SF!&>S!)$>S$#(!!-O$#$%=#$!KO$!=NK'=G$F!^O@'O!^@<<![$!
@>%$##$S!%#=G!KO$!@>K$#\@$^!&>&<RF@F!^@<<!&<<=^!NF!K=!G&A$!#$<@&[<$!&>S!'=>F@S$#&[<$!
'=GG$>KF!=>!KO$!#$FN<KF!=%!KO$!#$F$&#'O(!
!
UB3B()!P/(G!
+<KO=N)O! 9! O&\$! &<#$&SR! %@>@FO$S! $<@K$! @>K$#\@$^F! &>S! KO$G&K@'&<<R! &>S! FK&K@FK@'&<<R!
&>&<RF$S!KO$G6!KO$!'=>K$>K!&>&<RF@F!^@<<![$!'=>'<NS$S!@>!L!G=>KOF!K@G$(!-O$!'=>K$>K!
&>&<RF@F!@>!KO@F!FKNSR!&@GF!K=!&>F^$#!KO$!%=<<=^@>)!`N$FK@=>F1!!
x 7=^!@F!KO$!]N#S@FO!9FFN$!#$Z#$F$>K$S!@>!KO$!-N#A@FO!G$S@&r!
x 7=^!S=!KO$!-N#A@FO!G$S@&!'=\$#!&>!@FFN$!#$<&K$S!K=!S$G='#&'Rr!!
!
!
! ! !
!
!
sŝŽůĞŶƚŝŵĂŐĞƐŝŶDĞdžŝĐŽ͛ƐǁĂƌŽŶĚƌƵŐƐ͘džƉůŽŝƚĂƚŝŽŶĂŶĚƌŝŐŚƚƚŽ
71*/(2+37/1A!+!6//G!*(/2!3:)!R78B+6!')+,)!D)8)+(,:!5)(85),370)!
!
+>)$<!9)<$F@&F!.#K@D1!
!
!
>?83(+,3!
-O$! '=>FK&>K! \@=<$>'$! KO&K! O&ZZ$>F! @>! KO$! DĞdžŝĐŽ͛ƐǁĂƌŽŶ ĚƌƵŐƐ ŚĂƐ ƉƌŽĚƵĐĞĚ ĂŶ
@>%&G=NF! &#'O@\$! =%! @G&)$F! %N<<! =%! ONG&>! S@F)#&'$! ^O@'O! '@#'N<&K$F! %#$$<R! =>! KO$!
G$S@&(! Q#=G! KO$! Y@FN&<! "$&'$! ,$F$&#'O! Z$#FZ$'K@\$6! KO@F! Z&Z$#! $>)&)$F! ^@KO! KO$!
S@F'NFF@=>! =>! KO$! ^&RF! &>! @>S@\@SN&<! G&R! #$<&K$! K=! KO$! FZ$'K&K=#! Z=F@K@=>! &>S! @KF!
@GZ<@'&K@=>F(! ! ! -O$! &#)NG$>K! %='NF$F! =>! KO$! Z#='$FF! =%! $VZ<=@K&K@=>! ^O$>! \@FN&<!
G&K$#@&<! S$Z@'K@>)! \@=<$>'$! @F! Z#=SN'$S! &>S! '=>FNG$S(! -O$! &\&@<&[@<@KR! =%! KO$!
G&K$#@&<!@>!'$#K&@>!3$V@'&>!G$S@&!@F!<@>A$S!^@KO!KO$!$V&<K&K@=>!=%!\@=<$>'$!=#!#@)OK!K=!
@>%=#G&K@=>! S$[&K$(! Q@>&<<R6! KO$! @>K$#$FK! @F! K=! #$%<$'K! KO$! ^&RF! KO$! 3$V@'&>! F='@$KR!
O&F!S$\$<=Z$S!=^>!Z#='$FF$F!=%!#$<&K@=>!K=!KO@F!'=>%<@'K!&>S!@KF!\@FN&<!#$Z#$F$>K&K@=>(!
!
@)=!9/(48͗DĞdžŝĐŽ͛ƐǁĂƌŽŶĚƌƵŐƐ͕ǀŝŽůĞŶƚǀŝƐƵĂůŵĂƚĞƌŝĂů͕ĞdžƉůŽŝƚĂK@=>6!FZ$'K&K=#FO@Z!
!
!
+K! S&^>6! &! S$&S! [=SR! O&>)@>)! %#=G! &! [#@S)$! <='&K$S! @>! &! G&@>! FK#$$K! ^O$#$!
KO=NF&>SF!=%!Z$=Z<$!Z&FF![R!$\$#R!S&R!@F!%=N>Sh!KO@F!F@KN&K@=>!^&F!@>!KO$!KO@#S!G=FK!
Z=ZN<&K$S!'@KR!=%!3$V@'=(!-O$!$\$>K!@F!'&ZKN#$S!&>S!#$Z#=SN'$Sh!KO$!\@FN&<!K$FK@G=>R!
^@<<!K#&>F'$>S!@KF!<='&K@=>!&>S!FZ#$&S!&!G$FF&)$(!-O@F!F@KN&K@=>!@F!=>$!=%!&<<!A@>SF!=%!
FO='A@>)!$Z@F=S$F!KO&K!O&\$![$$>!&!'=>FK&>K!#$&<@KR!&%%$'K@>)!G&>R!Z<&'$F!'#N'@&<!%=#!
KO$!'#@G@>&<!=#)&>@D&K@=>F!c'&#K$<Fd!S$S@'&K$S!K=!S#N)!K#&%%@'A@>)!&>S!#$<&K$S!'#@G@>&<!
&'K@\@K@$F! @>! 3$V@'=(! -O$F$! '&#K$<F! O&\$! [$$>! %@)OK@>)! $&'O! =KO$#! @>! &>! $VK#$G$!
\@=<$>K! %&FO@=>! K=! '=>K#=<! #=NK$F6! '@K@$F! &>S! #$)@=>F! @>! =#S$#! K=! $VZ&>S! KO$@#!
S=G@>@=>F(!
!
Y@=<$>K!&'KF!'=GG@KK$S!S&R![R!S&R6!=>$![R!=>$6!KO$!>$VK!^@KO!G=#$![#NK&<@KR!KO&>!KO$!
Z#$\@=NF6! &>S! G=FK<R! &<<! =%! KO$F$! &'KF! O&\$! KO$@#! \@FN&<! G$G=@#(! -O@F! '=>%<@'K! O&F!
Z#=SN'$S! &>! @>%&G=NF! )#&ZO@'! &#'O@\$(! -O$! \@=<$>K! @>'@S$>K! &>S! @KF! \@FN&<!
#$Z#=SN'K@=>!O&\$!'=>F$`N$>'$Fh!'=<<$'K@=>F!=%!KO$!&[F=<NK$!\@=<$>'$!'@#'N<&K$!@>!&>S!
[R! KO$! G$S@&(! Q#=G! KO$! %#=>K! '=\$#! =%! <='&<! &>S! >&K@=>&<! >$^FZ&Z$#F6! K=! ^$[F@K$F!
S$S@'&K$S! K=! &<<! @>%=#G&K@=>! #$Z=#K@>)! >$^F! &[=NK! S#N)! K#&%%@'A@>)! &>S! #$<&K$S!
'#@G@>&<!\@=<$>'$6!&!K=V@'!'<=NS!=%!\@FN&<!@G&)$F!=>!KO$!G$S@&!Z=#K#&R@>)!&<<!A@>SF!=%!
F'$>$F!@F!&\&@<&[<$!%=#!S@#$'K!=#!@>S@#$'K!FZ$'K&K=#FO@Z(!!
!
dŚĞĐŽŶĨůŝĐƚǁĂƐůĂďĞůůĞĚĂƐ͞ǁĂƌ͟ƐŝŶĐĞϮϬϬϲ͖ŚŽǁĞǀĞƌ͕ƚŚĞƉƵďůŝĐǀŝŽůĞŶĐĞďĞƚǁĞĞŶ
'&#K$<F! FK&#K$S! @>! KO$! $&#<R! HXXX{F(! -O$#$%=#$6! @KF! $VZ=F@K@=>! =>! KO$! 3$V@'&>! G$S@&!
O&F![$$>!'=>FK&>K!&>S!&K!F=G$! Z=@>KF!O&F!K&A$>!&<<!KO$!ZN[<@'!&KK$>K@=>(!9G&)$F!=%!
FN%%$#@>)!&#$!NF$S![R!KO$!G$S@&!K=!'#$&K$!&>!$G=K@=>&<!&>S!G=#&<!#$&'K@=>6!KO$R!&#$!
Z#$F$>K$S! K=! &ZZ$&<6! &>S! N<K@G&K$<R! K=! '=GG$#'@&<@D$! KO$! @G&)$! =%! KO$! \@'K@GF(!
C='&<<R!&>S!)<=[&<<R6!KO$!G$S@&K$S!$VZ$#@$>'$!=%!FN%%$#@>)!'=>\$RF!&!S=N[<$!#@FA1!@KF!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!-&GZ$#$!"$&'$!,$F$&#'O!9>FK@KNK$!c-+",9d6!"$&'$!&>S!4=>%<@'K!,$F$&#'O!2='K=#&<!"#=)#&G(!8>@\$#F@KR!
=%!-&GZ$#$!Q@><&>S!
&@EWHUHiNK&(%@!
!
'=GG=S@%@'&K@=>6!&>S!^O$>!KO$!'N<KN#&<!#$Z#$F$>K&K@=>!=%!KO$!S@F)#&'$!@F!KO@>>$S!=NK!
&>S!S@FK=#K$S!c]<$@>G&>!&>S!]<$@>G&>!WUUP1Wd(!!
!
4=>F@S$#@>)! KO@F! )#@G! <&>SF'&Z$6! KO$! S@F'NFF@=>! ^@<<! [$! &SS#$FF$S! %#=G! KO$! Z$&'$!
FKNS@$F!%@$<S6!Z&#K@'N<&#<R!%#=G!KO$!\@FN&<!Z$&'$!#$F$&#'O!Z$#FZ$'K@\$(!!-O$!&@GF!=%!KO@F!
Z&Z$#! &#$6! %@#FK6! K=! #$\@$^! KO$! S$[&K$! #$)&#S@>)! KO$! Z=FF@[<$! ^&RF! &! FZ$'K&K=#! G&R!
#$FZ=>S!^O$>!'=>%#=>K$S!^@KO!@G&)$F!=%!ONG&>!Z&@>(!
!
+%K$#^&#SF6!KO@F!Z&Z$#!Z=>S$#F!KO$!^&R!KO$!\@=<$>K!&'KF!O&\$![$$>!#$Z=#K$S!=>!KO@F!
'=>%<@'K! &>S! Z&#K@'N<&#<R6! K^=! FZ$'@%@'! '&F$F! @>! KO$! 3$V@'&>! G$S@&! &>S! KO$! \@FN&<!
G&K$#@&<!KO$R!=%%$#!#$)&#S@>)!KO@F!'=>%<@'K!@F!#$\@$^$S(!-O$!S@F'NFF@=>!%='NF$F!=>!KO$!
Z#='$FF! =%! $VZ<=@K&K@=>! ^O$>! \@FN&<! G&K$#@&<! S$Z@'K@>)! \@=<$>'$! @F! Z#=SN'$S! &>S!
'=>FNG$S(!-O@F!Z&#K!S$&<F!^@KO!KO$!&\&@<&[@<@KR!=%!KO$!\@FN&<!\@=<$>K!G&K$#@&<!&#=N>S!
KO@F!'=>%<@'K!&>S!^@KO!KO$!$V&<K&K@=>!=%!\@=<$>'$!=#!#@)OK!K=!@>%=#G&K@=>!S$[&K$(!9FFN$F!
=%!Z=<@K@'@D&K@=>!&>S!S$Z=<@K@'@D&K@=>!&#$!&<F=!'=>F@S$#$S!@>!KO$!S@F'NFF@=>(!Q@>&<<R6!KO$!
@>K$#$FK!@F!K=!#$%<$'K!KO$!^&RF!KO$!3$V@'&>!F='@$KR!O&F!S$\$<=Z$S!=^>!Z#='$FF$F!=%!
#$<&K@=>!K=!KO@F!'=>%<@'K!&>S!@KF!\@FN&<!#$Z#$F$>K&K@=>(!+F!&>!@>@K@&<!$%%=#K!K=!FKNSR!KO@F!
'=>%<@'K! %#=G! KO$! \@FN&<! Z$&'$! #$F$&#'O! Z$#FZ$'K@\$6! KO@F! Z&Z$#! S$&<F! ^@KO! KO$!
`N$FK@=>1! ^O@'O! &#$! KO$! ^&RF! K=! '=$V@FK! &>S! #$FZ=>S! K=! KO$! Z$#G&>$>K! &'KF! =%!
\@=<$>'$!&>S!@KF!\@FN&<!#$Z#$F$>K&K@=>r!!3R!&#)NG$>K!'=>F@S$#F!KO&K!KO$!Z$#G&>$>K!
FK&KNF! &>S! '=>FK&>K! Z#$F$>'$! =>! KO$! G$S@&6! KO$! '=>%<@'K! O&F! [$'=G$! &>!
$>K$#K&@>G$>K6! &>S! KO$! '@#'NůĂƚŝŽŶ ŽĨ ƚŚĞ ŵĞĚŝĂ͛Ɛ ƌĞƉŽƌƚƐ ŽŶ ƚŚĞ ĐŽŶĨůŝĐƚ ŚĂƐ
Z#=SN'$S!F=G$!A@>S!=%!'=GG=S@%@'&K@=>!=%!KO$!\@=<$>K!\@FN&<!G&K$#@&<(!-O@F!F@KN&K@=>!
[#@>)F!KO$!Z=FF@[@<@KR!K=!#$@>%=#'$!KO$!'N<KN#&<!\@=<$>'$!ZO$>=G$>&(!
!
<:)!,/1*67,3!+14!738!72567,+37/18!
+! G&D$! =%! &<<@&>'$F6! [#$&A! NZF6! K#$&F=>F! @>F@S$! KO$! S#N)! '&#K$<F! &>S! KO$@#! &#G$S!
S@FZNK$F! &)&@>FK! KO$! %$S$#&<! F$'N#@KR! $>%=#'$G$>K! O&\$! FZ#$&S! KO$! \@=<$>'$! @>K=!
G&>R! #$)@=>F! &>S! '@K@$F! &<=>)! KO$! '=N>K#Rh! KO$! \@=<$>'$! O&F! &<F=! &%%$'K$S! =KO$#!
'=N>K#@$F! @>! 4$>K#&<! +G$#@'&! =#! F=NKO$#>! FK&K$F! @>! KO$! 8>@K$S! ;K&K$F6! ^O$#$! KO$!
3$V@'&>! '&#K$<F! O&\$! )&@>$S! Z#$F$>'$(! -O@F! @F! &! '=>K@>$>K&<! Z#=[<$G(! -O$! '#@G@>&<!
&'KF! =%! KO$F$! =#)&>@D&K@=>F! S=! >=K! O&\$! <@G@KF6! ^O$>! $VK=#K@=>6! A@S>&ZZ@>)! &>S!
K#&%%@'A@>)!=%!Z$#F=>F!&#$!&<F=!&!'=GG=>!&'K@\@K@$F!%=#!KO$G(!!
!
-O$!\@=<$>'$!#$<&K$S!K=!KO$!S#N)!'&#K$<F!@>!3$V@'=!O&F!S@%%$#$>K!Z&#K@'N<&#@K@$F(!9K!@F!&!
Z$#G&>$>K!F@KN&K@=>!@>!G&>R!'@K@$F!^@KO!&!S&@<R!&G=N>K!=%!$V$'NK@=>F6!&>S!^@KO!\$#R!
FZ$'@%@'! $Z@F=S$F! =%! G&>R! '&FN&<K@$F! &>S! '=>%#=>K&K@=>6! &>S! KO$>! G=\@>)! K=! =KO$#!
'@K@$F(! ! ! 8>%=#KN>&K$<R6! &! #$&<! '=GZ<@'&K$S! ^$[! =%! @>K$##$<&K$S! Z#=[<$GF! O&F! )#=^>!
K=)$KO$#(!9>!KO$!Z=<@K@'&<!FZO$#$6!KO$!@>'&Z&'@KR!=%!KO$!3$V@'&>!FK&K$!K=!)@\$!$%%$'K@\$!
F=<NK@=>F! @>! F$'N#@KR! '=>S$G>F! KO$! ^O=<$! Z=<@K@'&<! FRFK$G(! -O$! Z&#K@'@Z&K@=>! =%!
Z=<@K@'@&>F6! O@)O! #&>A$S! G$G[$#F! =%! KO$! 3$V@'&>! &#GR! &>S! Z=<@'$! =%%@'$#F! ^@KO! KO$!
S#N)! '&#K$<F! @F! &! %&'K(! -O$! '=##NZK@=>! =%! Z=<@K@'@&>F! &>S! G$G[$#F! =%! KO$! <&^!
$>%=#'$G$>K! %=#'$F! O&\$! ^$&A$>$S! KO$! @>FK@KNK@=>&<! <@%$(! ! -O$! S$F$#K@=>! =%! F=<S@$#F!
&>S! %=#G$#! Z=<@'$! =%%@'@&<F! K=! b=@>! KO$! '&#K$<F! O&F! @>'#$&F$S! KO$! S@%%@'N<KR! K=! '=>K#=<!
KO$!\@=<$>'$(!-O$!<$)&<!FRFK$G!&<F=!FN%%$#F!%#=G!KO$!'=##NZK@=>!&>S!G$>&'$F!%#=G!KO$!
'#@G$! =#)&>@D&K@=>Fh! @GZN>@KR! [$'=G$F! &! #=NK@>$! %=#! KO$! '=GG@KK$S! '#@G$F(! -O$!
'&Z&'@KR! =%! KO$! '&#K$<F! K=! '=##NZK! KO$! Z=<@K@'&<6! <$)&<! &>S! $'=>=G@'! FRFK$G! @>! KO$!
'=N>K#R! @F! =>$! =%! KO$! [@))$FK! 'O&<<$>)$F! KO&K! KO$! 3$V@'&>! &NKO=#@K@$F! O&\$! K=! %&'$(!!
.>! KO$! F='@&<! F@S$! G&>R! Z#=[<$GF! &#$! '=>F$`N$>'$F! =%! KO$! '=>%<@'K1! $V$'NK$S!
'@\@<@&>F6!KO$!@>'#$&F@>)!@>\=<\$G$>K!=%!R=N>)FK$#F!@>!S#N)!K#&S$!&'K@\@K@$F!&F!201,(0%2!
cO@#$S! A@<<$#d6! S@FZ<&'$S! Z$=Z<$6! ONG&>! #@)OKF! \@=<&K@=>F6! &>S! KO$! &FF&FF@>&K@=>! =%!
b=N#>&<@FK6! ONG&>! #@)OKF! Z#=G=K$#F6! Z=<@K@'@&>F! &>S! %$S$#&<! <&^!$>%=#'$G$>K!%=#'$F(!
!
! ! !
9>! KO@F! S#&G&K@'! F'$>&#@=6! &<<! KO$! \@=<$>K! &'KF! O&\$! Z#=%=N>S! @GZ&'K! &>S!
'=>F$`N$>'$F! =>! KO$! Z$=Z<$! KO&K! S@#$'K<R! =#! @>S@#$'K<R! O&\$! FN%%$#$S! @>F$'N#@KR! =#!
\@=<$>'$(! -O$! Z=<@K@'&<! &>S! F='@&<! FZO$#$F! O&\$! [$$>! N>S$#! Z$#G&>$>K! F@$)$(! 9>!
3$V@'=!\@=<$>'$!@F!G$&FN#$S!^@KO!S$&S![=S@$F(!-O@F!'=>%<@'K!O&F!Z#=SN'$S!KO=NF&>SF!
=%!'&FN&<K@$F!&>S!KO$!>NG[$#!)#=^F!S&R![R!S&RH(!
!
!P+=8K! ()+8/18! +14! ,/18)cB)1,)8! /*! 6//G71.A! 85),3+3/(8:75! +14! 078B+6! 5)+,)!
()8)+(,:!
?$@>)! &! FZ$'K&K=#! =%! ONG&>! FN%%$#@>)! @F! &! S&#@>)! $VZ$#@$>'$(! -O$! FN%%$#@>)! =%! KO$!
=KO$#F! S$Z@'K$S! @>! @G&)$F! S$G&>SF! &>! &'K@=>! %#=G! KO$! FZ$'K&K=#h! KO$! $V$#'@F$! =%!
<==A@>)! '=>\$RF! &! #$FZ=>F@[@<@KR(! 7=^$\$#6! #$FZ=>S@>)! &F! FZ$'K&K=#! @F! >=K! &>! $&FR!
K&FA(!0>)&)$S!^@KO!KO$!^&RF!@G&)$F!G&R!'=>FK#N'K!A>=^<$S)$!K=!#$'=\$#!&!Z$&'$%N<!
F$KK@>)6! KO$! \@FN&<! Z$&'$! #$F$&#'O! Z$#FZ$'K@\$! #$\@$^F! S@%%$#$>K! @FFN$F! =>! KO$!
ƐƵďũĞĐƚ͛Ɛ ŽǁŶ ĐŝƌĐƵŵƐƚĂŶĐĞ͕ ŝƚƐ ĞŶŐĂŐĞŵĞŶƚ ǁŝƚŚ ŝŵĂŐĞƐ͕ ĂŶĚ ƚŚĞ ĂŐĞŶĐLJ ŽĨ ƚŚĞ
\@FN&<!G&K$#@&<!^@KO@>!KO$!F='@&<!FZO$#$(!!
!
-O$! @GZ<@'&K@=>F! =%! [$@>)! FZ$'K&K=#! &>S! KO$! ^&RF! K=! #$FZ=>S! K=! @K! S$F$#\$! '&#$%N<!
ĂƚƚĞŶƚŝŽŶ͘tŚĞŶ^ƵƐĂŶ^ŽŶƚĂŐďƌŝŶŐƐďĂĐŬsŝƌŐŝŶŝĂtŽůĨ͛ƐĐŽŵŵŝƚŵĞŶƚƚŽĐŽŶĚĞŵŶ
KO$! O=##=#F! =%! ^&#! NF@>)! ZO=K=)#&ZOF! &F! G$&>F! K=! S$>=N>'$! &>S! #&@F$! &^&#$>$FF!
&[=NK!KO$!G@F$#R!&>S!ONG&>!FN%%$#@>)!&F!'=>F$`N$>'$!=%!&!\@=<$>K!'=>K$VK!c;=>K&)!
HXXLd6!KO$!$VZ$#@$>'$!&>S!#$FZ=>F@[@<@KR!=%!<==A@>)!ONG&>!Z&@>!'&ZKN#$S!@>!&!@G&)$!
KO$! FK&K$! =%! &%%&@#F! F$$GF! =>$! F@S$S(! ?$@>)! &! FZ$'K&K=#! =%! FN%%$#@>)L!=#! S@F)#&'$!
FO=N<S![$!&!S$%@>@K@\$!(,02%)!-^_+('!K=!#$b$'K!KO$!\@=<$>K!&'K!&>S!KO$!@FFN$F!@>\=<\$S(!!
7=^$\$#6!@G&)$F!&#$!=Z$>!K=!@>K$#Z#$K&K@=>F6!=[b$'K@\@KR!@F!=NK!=%!`N$FK@=>h!KO$!\@FN&<!
ĂŶĚ ĞŵŽƚŝŽŶĂů ŝŵƉĂĐƚ ŽĨ ĂŶ ŝŵĂŐĞ ŽĨ ƉĂŝŶ ĚĞƉĞŶĚƐ ŽŶ ƚŚĞ ƐƉĞĐƚĂƚŽƌ͛Ɛ ƐƵďũĞĐƚŝǀŝƚLJ
&>S!KO$!'=>K$VK!=%!KO$!@G&)$(!-O$#$!@F!&!SN&<@KR!^@KO@>!KO$!#$&'K@=>!&>S!Z=F@K@=>!=%!
KO$!\@$^$#(!
!
;@>'$!;=>K&)!$>)&)$S!^@KO!KO$!#$<&K@=>!&[=NK!ZO=K=)#&ZOR6!KO$!$KO@'!#$FZ=>F@[@<@KR6!
&>S!KO$!>$)&K@\$!$%%$'KF!c&>&$FKO$K@'d!=%!@K!@>K=!KO$!=Z$>!FZ$'K&K=#FO@Z!c;=>K&)!WUIL6!
HXX*d6!S@\$#F$!&#)NG$>KF!O&\$! S$[&K$S!KO$!K=Z@'(!-O$! <==A@>)B>=K! <==A@>)!S@<$GG&!
FN##=N>SF! =N#! FZ$'K&K=#FO@Z! $VZ$#@$>'$6! ^O$>! KO$#$! &#$! K^=! N>S$#FK&>S@>)F! @>!
'=>%#=>K&K@=>(!Q@#FK6!KO$!<==A@>)!FK&>'$!'=>F@S$#F!KO&K![$@>)!&!FZ$'K&K=#!=%!@G&)$F!=%!
ONG&>! Z&@>! Z#=<=>)F! KO$! \@'K@G@D&K@=>! =%! KO$! FN[b$'K! &>S! @K! G&R! '#$&K$! '=GZ<@'@KR!
KO&K!S$\$<=ZF!&>!$VZ<=@K&K@=>!FK&>'$(!.>!KO$!=KO$#!O&>S6!KO$!>=K!<==A@>)!Z=F@K@=>!&<F=!
@GZ<@$F! &! Z#=[<$Gh! ^$! &#$! =[<@)&K$S! G=#&<<R! K=! #$FZ=>S! %#=G! =N#! Z=F@K@=>! =%!
FZ$'K&K=#F(! 9>! &! 'N<KN#$! S=G@>&K$S! [R! @G&)$F6! KO$! @>S@\@SN&<! '&>! $V$#K! @KF! Z=<@K@'&<!
@>%<N$>'$!^O$>!KO$!&'K!=%!\@$^@>)!@F!K#&>F%$##$S!K=!KO$!'=<<$'K@\$!FZO$#$(!-O$#$%=#$6!
KO$! >=K! <==A@>)! FK&>'$! ^=N<S! S@G@>@FO! KO$! Z=<@K@'&<! Z&#K@'@Z&K@=>! =%! KO$! @>S@\@SN&<!
cc3o<<$#!HXXU1!IEWBϯͿ͘EŽƚůŽŽŬŝŶŐƐĞĞŵƐƚŽĨĂĐŝůŝƚĂƚĞƚŚĞŶŽŶǀŝĞǁĞƌ͛ƐƉŽƐŝƚŝŽŶ͕ďƵƚ
FK@<<6! @K! G&R! @GZ<R! '=GZ<@'@KR! ^O$>! KO$! @G&)$F! =%! Z&@>! O&\$! [$$>! Z#=SN'$S! =>!
ZN#Z=F$!&F!KO$!+[N!:O#&@[!ZO=K=)#&ZOF!!c3o<<$#!HXWH1!HWd(!
!!!
Q=#! @>FK&>'$6! =>! KO$! `N$FK@=>! #$)&#S@>)! KO$! &)$>'R! =%! KO$! @G&)$F6! KO$#$! &#$!
&#)NG$>KF! KO&K! '=>S$G>! ^&#! ZO=K=)#&ZOR! &>S! @KF! Z=K$>K@&<! &'K@=>! K=! &$FKO$K@'@D$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H
!-O$#$! @F! &! S@FZNK$! [$K^$$>! KO$! =%%@'@&<! &G=N>K! '=>F@S$#$S! [R! KO$! Q$S$#&<! :=\$#>G$>K6! F='@&<!
=#)&>@D&K@=>F!&>S!KO$!G$S@&(!9>!KO$!Z$#@=S!=%!HXXPBHXWH!KO$!#$Z=#KF!=%!'&FN&<K@$F!#&>)$!%#=G!J*6XXX!K=!
EX6XXX(! Q=#! &! #$Z=#K! =>! KO$! G$S@&! F$$1! ,&%&$<! CsZ$D! cHXWH6! 2$'$G[$#! Wd! {C&F! $b$'N'@=>$F! S$<! F$V$>@=!
HXXPBHXWH{@>! O0/')0%! C0,(0%!
OKKZ1jj$S=G$V(G@<$>@=('=Gj'S[jS='j>=K@'@&FHXWWjISUI''$'WX[&%*%HU$LSXUP'%%*J&L$&! +''$F$S! 1WE!
2$'$G[$#!HXWH!c@>!;Z&>@FOd!!
L
!/ŵĂŬĞŝƚĞdžƚĞŶƐŝǀĞƚŽĂŶŝŵĂůƐDzƐƵĨĨĞƌŝŶŐ͕ĂŶĚƐƉĞĐŝĨŝĐĂůůLJĨŽƌ͞ŚƵŵĂŶ͟ĞŶƚĞƌƚĂŝŶŵĞŶƚ͘!
!
ĂŶĚ ĚĞƐĞŶƐŝƚŝnjĞ ƚŚĞ ƐƉĞĐƚĂƚŽƌ͛Ɛ ĞdžƉĞƌŝĞŶĐĞ͘ dŚŝƐ ĂƌŐƵŵĞŶƚ ǁŽƵůĚ ŝŵƉůLJ ƚŚĂƚ ƐŽŵĞ
'O&#&'K$#@FK@'F!=%!KO$!ZO=K=)#&ZOR!^=N<S!S@#$'K!KO$!&KK$>K@=>!=%!KO$!\@$^$#!=NK!=%!KO$!
S@F)#&'$!S$Z@'K$S(!-O@F!^&R!K=!$>)&)$!^@KO!KO$!@G&)$F!KO$>!^=N<S!<$&S!K=!&!Z=FKN#$!
^O$#$!S$Z=<@K@D&K@=>!=#!S$F$>F@K@D&K@=>!&KK@KNS$!'&>![$!$VZ$#@$>'$S![R!KO$!FZ$'K&K=#!!!
c3o<<$#! HXXU1! IELd(! 7=^$\$#6! KO$#$! @F! >=! '&NF&<! '=>>$'K@=>! [$K^$$>! KO$!
FZ$'K&K=#FO@Z!$VZ$#@$>'$! &>S!%N#KO$#!#$&'K@=>!=%!KO$!FN[b$'K! ^O$>!'=>%#=>K$S!^@KO!
@G&)$F!=%!FN%%$#@>)6!KO$!F&G$!@G&)$!'&>![$!@>K$#Z#$K$S!@>!'=>K#&S@'K=#R!^&RF6!&>S!@K!
ŵĂLJ ůĞĂĚ ƚŽ Ă ƉŽůŝƚŝnjĂƚŝŽŶ Žƌ ĚĞƉŽůŝƚŝnjĂƚŝŽŶ ƐƚĂŶĐĞ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ǀŝĞǁĞƌ͛Ɛ
Z$#'$ZK@=>(!
!
7&#@G&>! &>S! CN'&@K$F! '=>F@S$#! KO&K! '$#K&@>! @G&)$F! %#=G! ZO=K=b=N#>&<@FG! [$'=G$!
'N<KN#&<!@'=>F!^O$>!'=GG=>!#$'=)>@K@=>!S$\$<=ZF!@>K=!&!\$>$#&K@=>!$V$#'@F$6!^O$#$!
'=GZ<$V!$G=K@=>&<!#$FZ=>F$F!K&A$!Z<&'$(!-O$F$!@'=>F!#$Z#$F$>K!&>S!)@\$!'=O$#$>'$!
K=!&!Z=FF@[<$!'=<<$'K@\$!@S$>K@KR!)@\@>)!K=!KO$!@>S@\@SN&<!'=>>=K&K@=>F!=%!=[<@)&K@=>!&>S!
ƉŽǁĞƌ͘,ŽǁĞǀĞƌ͕ƚŚŝƐŬŝŶĚŽĨ͞ƐĂĐƌĞĚƐƚĂƚƵƐ͟ƚŚĂƚĐĞƌƚĂŝŶŝĐŽŶŝĐŝŵĂŐĞƐŚĂǀĞ͕ƉƌŽũĞĐƚ
&>! &''$FF@[@<@KR! K=! '=>FK#N'K! &! G&FFBG$S@&K$S! '=<<$'K@\$! G$G=#R! c7&#@G&>! &>S!
CN'&@K$F!WBH1!HXXId(!7&F!KO$!\@FN&<!&FZ$'K!=%!KO$!3$V@'={F!^&#!=>!S#N)F!S$\$<=Z$S!&>!
@'=>@'!FK&KNFr!/=K!=>$!Z@'KN#$6![NK!KO$!FNG!=%!KO$!S&@<R!K#&)$S@$F!bNFK!G$K$#F!@>!%#=>K!
=%! NF6! &K! KO$! >$^FZ&Z$#F! FK&>S6! =#! &K! O=G$! KO#=N)O! KO$! F'#$$>F(! +<<! KO$! @G&)$F!
'=>>$'K$S![R!KO$!>&KN#$!=%!KO$!'=>%<@'K6!&<<!KO$!@G&)$F!'#$&K@>)!KO$!'=<<$'K@\$!\@FN&<!
#$'=<<$'K@=>!=%!KO@F!'=>%<@'K!$VZ=F$S!$\$#RS&R!K=!KO$!3$V@'&>!F='@$KR(!-O$!$VK$>F@\$!
#$Z#=SN'K@=>!=%!\@FN&<!'=GG=>Z<&'$F!Z#=SN'$F!&>!@>'=#Z=#&K@=>!=%!KO$F$!@G&)$F!K=!
KO$!=#S@>&#R!S&@<R!#=NK@>$(!
!
9>! KO@F! F$>F$6! Q#&>|=@F! 2$[#@V J !%@>SF! KO&K! @>! =#S$#! K=! G&A$! &''$ZK&[<$! KO$!
N>&''$ZK&[<$! @>! #$)&#SF! =%! O=^! ^&#! &F! G$S@&K$S! FZ$'K&'<$! @F! Z#$F$>K$S! K=! KO$!
\@$^$#F6! KO$! FN[<@G$! FZ$'K&K=#FO@Z! @F! '#$&K$S(! -O@F! A@>S! =%! FZ$'K&K=#FO@Z! )@\$F! KO$!
FZ$'K&K=#! &>! @S$=<=)@'&<! FO@$<S! c=#! FN>)<&FF$Fd! K=! )=! KO#=N)O! FO='A@>)! @G&)$F! &>S!
K#&>F'$>S!KO$!@>@K@&<!Z&@>%N<!$VZ$#@$>'$!c2$[#@V!HXXPd(!-O@F!$V$#'@F$!>$$SF!&!G&@>!'=B
ƉƌŽƚĂŐŽŶŝƐƚ͗͞ƚŚĞŽƚŚĞƌ͘͟dŚĞĞŶĞŵLJĂŶĚǀŝůůĂŝŶǁŽƌŬŝŶŐĂƐƚŚĞĂŶƚĂŐŽŶŝƐƚŽĨƚŚĞƉůĂLJ͖
+5'!%+5'(!^@<<!S@$!&>S!FN%%$#!^O@<$!KO$!Z#=K&)=>@FK!#$&'O!&!O$#=!FK&KNFh!G=#$=\$#6!KO$!
@G&)$F!=%!KO$!=KO$#!FN%%$#@>)!=#!SR@>)!&#$!bNFK@%@$S![$'&NF$!@K!O&F![$$>!%#&G$S!K=!KO$!
FZ$'K&K=#! &F! KO$! $>$GR(! Q@>&<<R6! KO$! $>S@>)! =%! KO@F! G$S@&K$S! Z<&R! '=G$F! ^O$>! KO$!
FN[<@G$!FZ$'K&K=#!&''$ZKF!KO$!Z=<@K@'&<!G$FF&)$![$O@>S!KO$!$V$#'@F$(!;=G$!@G&)$F!=%!
FN%%$#@>)! %@>S! bNFK@%@'&K@=>! ^@KO! KO@F! bNS)G$>K(! .>! KO$! =KO$#! O&>S6! ;O&#=>! ;<@^@>FA@!
ĞŶŐĂŐĞĚ ǁŝƚŚ ^ŽŶƚĂŐ͛Ɛ ĚŝǀĞƌƐĞ ĂƌŐƵŵĞŶƚƐ ŽŶ ƉŚŽƚŽŐƌĂƉŚLJ ĂŶĚ ƐƵĨĨĞƌŝŶŐ ƚƌĂĐĞƐ Ă
Z&KO(!MO$>!'=>%#=>K@>)!&>!@G&)$!=%!FN%%$#@>)!KO$!#$'=)>@K@=>!&>S!K@$!^@KO!KO$!=KO$#!
GNFK![$!Z#$F$#\$S(!;<@^@>FA@!G&A$F!&!Z#=Z=F@K@=>!&[=NK!&S$`N&'R!^O$>!#$FZ=>S@>)!
K=! &>! @G&)$! &>S! @KF! '=>K$>K1! KO$! &@G! =%! KO$! \@$^$#! @F! K=! &<<$\@&K$! KO$! FN%%$#@>)!
S$Z@'K$S!c;<@^@>FA@!HXXJ1W*Jd(!!
!
ZĞƉŽƌƚŝŶŐƚŚĞĚĂŝůLJŚŽƌƌŽƌ͕ƚŚŝƐŝƐĨŽƌƌĞĂů͕ŝƐŶ͛ƚŝƚ͍!
M$! &#$! <@\@>)! &>! $#&! ^O$#$! S$&KO! &>S! FN%%$#@>)! [$'&G$! &! FZ$'K&'<$(! -O$! 5%(('%<(#
(`,/0+`!@F!O$#$!c3&#D&>=!HXWXd(!.#![$KK$#!F&@S6!@K!O&F!&<^&RF![$$>!O$#$6!=#!=NK!KO$#$6!
[NK!>=^!@K!'@#'N<&K$F!%#$$<R6!$\$>!@>!O@)O!S$%@>@K@=>(!:#=K$F`N$! \@F@=>F!FK&#K$S!K=![$!
'=GG=>!@>!G&>R!#$)@=>F!=%!3$V@'=6!^O$>!KO$!'&#K$<F!S$'@S$S!K=!<$&\$!G$FF&)$F!=>!
KO$! FK#$$KF! %N<<!=%![<==S!&>S!S@FG&R(!-O$!G=#$! [#NK&<6!KO$![$KK$#(!-O$!\@=<$>K!&'K! @F!
@KF$<%! &! '=GGN>@'&K@\$! $<$G$>Kh! KO$>! KO$! @G&)$! @F! KO$! Z$#G&>$>K! #$G@>S$#! =%! KO$!
ƉĞƌƉĞƚƌĂƚŽƌ͛ƐĐůĞĂƌĂŶĚƐƚƌĂŝŐŚƚĨŽƌǁĂƌĚŝŶƚĞŶƚŝŽŶ͗4',(!+%!<2L!3'!5,&'!+5'!.%3'(!+%!-%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J
!-O@F!&NKO=#!&ZZ<@$F!KO@F!'=>'$ZK!@>K=!KO$!'=>K$VK!=%!KO$!G@<@K&#R!@>K$#\$>K@=>F!=%!KO$!8>@K$S!;K&K$F!&>S!
KO$!^&R!@K!@F!Z#$F$>K$S!K=!KO$!&NS@$>'$!=%!KO@F!'=N>K#R(!;$$!2$[#@V!HXXP(!
!
! ! !
+502(! 9>! KO@F! '=>%<@'K6! KO$! FZ$'@%@'! #$'@Z@$>KF! =%! KO$! G$FF&)$! &#$! KO$! #@\&<! )&>)h!
O=^$\$#6!KO$!G$FF&)$!&<F=!)=$F!K=!KO$!F$'N#@KR!%=#'$F!&>S!KO$!%@>&<!#$'@Z@$>K!@F!KO$!
F='@$KR(!!Q=#!KO$!'&#K$<F6!\@=<$>'$!@F!&!G$&>F!K=!&>!$>S6!&!%=#G!=%!F='@&<!'=>K#=<*(!-O$!
ZN[<@'!$VZ=F@K@=>!=%!&!S$&S![=SR!&F!&!G$FF&)$!&>S!&F!&!'=>F$`N$>'$1!+!%@>&<!S@FZ<&R!
=%!Z=^$#(!!
!
3$S@&! )$>$#&K$S! @G&)$F! @F! =>$! ^&R! K=! '=>FK#N'K! G$&>@>)! &[=NK! KO$! ^=#<S! ^$!
$VZ$#@$>'$6! KO$R!&#$! NF$S!K=!FO=^!KO$! #$&<@KR!%#=G!KO$! Z=<@K@'&<!&>S!F='@&<!FZO$#$FC!
Q&'KF! &>S! @G&)$F! G&A$! F$>F$! ^O$>! KO$R! &#$! @>F$#K$S! ^@KO@>! &! FRFK$G! =%! G$&>@>)!
c:&GF=>! $K! &<6!WUUH1!LIJB*d(! /$\$#KO$<$FF6! O=^! S=!^$!G&A$! F$>F$! =%! #$&<@KR!^O$>!
\@=<$>K! &'KF! &#$! KO$! G$FF&)$r! 7=^! G&>R! G$FF&)$F! &#$! $G[$SS$S! =>! GNK@<&K$S!
[=S@$F!SNGZ$S!=>!KO$! FK#$$Kr!!9K!F$$GF!KO&K!KO$!K$>S$>'R!@>!KO$!G&FF!G$S@&!@F!K=!
=%%$#! =><R! @GZ&'K! @G&)$F! K=! &KK#&'K! KO$! &KK$>K@=>6! [NK! &K! KO$! F&G$! K@G$! ^O$>!
#$Z=#K@>)!\@=<$>K!'=>%<@'KF!'$#K&@>!F='@&<!=#!Z=<@K@'!'=>K$VKF!&#$!>=K!Z#$F$>K$S6!)@\@>)!
K=!KO$!&NS@$>'$!&![@&F$S!\@$^!=%!KO$!'=>%<@'K!!c"$>&<\&!HXXH1JX*d(!
!
2@%%$#$>K!&'&S$G@'!%@$<SF!&>&<RD$!\@=<$>'$!&>S!KO$!G$S@&K$S!$VZ$#@$>'$!=%!@K(!2@\$#F$!
KO$=#@$F! K#R!K=!$VZ<&@>!KO$!'=>F$`N$>'$F! @>!KO$!&NS@$>'$!=%!%@'K@=>&<!=#!#$&<!\@=<$>K!
'=>K$>K! c4&#K$#! &>S! M$&\$#! HXXLd(! -O$! #$<&K@=>! [$K^$$>! \@=<$>K! '=>K$>K! @>! G&FF!
G$S@&6!KRZ$F!=%!\@=<$>'$!c_$>F$>!HXXHd6!KO$!G&>>$#!@F!#$Z#$F$>K$S!@>!G$S@&!c"$>&<\&!
HXXHd6!KO$!^&RF!KO$!&NS@$>'$!#$<&K$F!K=!KO@F!'=>K$>K!cQ$#>e>S$D!$K!&<(!HXXEd6!&>S!KO$!
NF$F! &>S! )#&K@%@'&K@=>F! =%! \@=<$>K! )$>#$F! =%! G$S@&! \@=<$>'$! c]#$G&#! &>S! :=S[=<S!
HXX*d! FK&>S! &F! KO$! G=FK! #$'N##$>K! K=Z@'F! &<=>)! ^@KO! KO@F! FN[b$'K(! Q=#! @>FK&>'$6! @>!
ĐƵůƚƵƌĂůƐƚƵĚŝĞƐ͕ƚŚĞĂƵĚŝĞŶĐĞ͛ƐƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨG$FF&)$F!@>!G&FF!G$S@&!O&F![$$>!&!
'$>K#&<!K=Z@'!^@KO@>!KO@F!S@F'@Z<@>$(!.>$!=%!KO$!G&@>!#$%$#$>'$F!@>!KO@F!%@$<S!@F!;KN&#K!
,Ăůů͖ŚĞƉƌŽƉŽƐĞĚƚŚĂƚƚŚĞƌĞƐƉŽŶƐĞŽĨƚŚĞĂƵĚŝĞŶĐĞƚŽŵĞĚŝĂ͛ƐĐŽŶƚĞŶƚ;ŝŶŚŝƐĐĂƐĞ
%='NF$S!=>!-Yd!@F!>=K!<@>$&<!=#!Z#$S@'K&[<$(!+NS@$>'$F!c#$&S$#F6!\@$^$#F!=#!<@FK$>$#Fd!
$>)&)$!K=!KO$!FK@GN<NF!@>!=^>!^&RF(!7&<<!Z#=Z=F$F!KO$!'=S@>)B$>'=S@>)!Z#='$FF!&>S!
KO#$$!S@%%$#$>K!KRZ$F!=%!#$&S@>)F!G&S$![R!&NS@$>'$F(!!+>R!A@>S!=%!K$VK!@F!Z=<RF$G@'6!
$\$>! &>! @G&)$! S$Z@'K@>)! FN%%$#@>)! =#! S@F)#&'$(! -O@F! F'O=<&#! %@>SF! KO&K! KO$! .('4'(('-!
(',-0)$! )=$F! ^@KO! KO$! O$)$G=>@'! FK&>'$6! ^O$#$! &! S=G@>&>K! G$&>@>)! @GZ=F$F! @KF!
G$FF&)$! &>S! KO$! FZ$'K&K=#! &FFNG$F! @K! c7&<<! WUEXd(! Q@V$S! G$&>@>)F! O&\$! S@%%$#$>K!
N>S$#FK&>S@>)F6![NK!KO$!'=>K$VK!@F!S$K$#G@>&>K(!!
!
-O$! FZ$$S! &>S! &G=N>K! =%! cS$Fd@>%=#G&K@=>! &>S! @G&)$F! KO&K! %<=^F! >=^&S&RF!
#$Z#$F$>K!&<F=!&!'O&<<$>)$!K=!KO$!FZ$'K&K=#!c4&GZ[$<<!HXXL1IHd!-O$!&\&@<&[@<@KR!=%!&<<!
A@>S!=%!\@FN&<!S@F'=N#F$F!@F!&!'O&#&'K$#@FK@'!=%!KO@F!'=>%<@'K(!-ONF6!KO$!FZ$'K&K=#!=%!KO@F!
͞ǁĂƌ͟ŚĂƐĂůƐŽƚŽĚĞ&<!^@KO!&>K&)=>@FK!Z=FKN#$F!&>S!KO$!<@G@K$S!K@G$!K=!'=>K$GZ<&K$!
&>S! #$&'K! K=! @K6! KO$! Z$#G&>$>K! FK&KNF! =%! KO$! '=>%<@'K! &>S! @KF! Z#$F$>'$! @>! KO$! G$S@&!
'O&<<$>)$F!KO$!'@K@D$>!&K!@KF!Z=F@K@=>6!&>S!K=!&<<!KO$!#$<&K$S!F@KN&K@=>F!=%!KO$!'=>%<@'K(!
MO$>!KO$!>NG[$#!=%!$V$'NK$S!Z$=Z<$!^&F!#@F@>)!@>!&!'=>FK&>K!#&K$!F@>'$!HXXP6!&>S!
#$&'O@>)!&!Z$&A!@>!HXWX!^@KO!&<G=FK!WH6XXX!'&FN&<K@$F!S='NG$>K$S![R!KO$!G$S@&!@>!
KO@F! R$! KO$! 3$V@'&>! )=\$#>G$>K! %$<K! N>'=G%=#K&[<$! ^@KO! KO$! F@KN&K@=>(! -O$!
)=\$#>G$>K! ^&F! &''NF@>)! '$#K&@>! G$S@&! KO&K! KO$! @>%=#G&K@=>! &>S! S$Z@'K@=>! =%! KO$!
ǀŝŽůĞŶĐĞǁĂƐĐƌĞĂƚŝŶŐĂ͞ƐŽĐŝĂůƉĂƌĂŶŽŝĚ͟ĂŶĚǁĂƐĂŶĞdžĂůƚĂƚŝŽŶŽĨǀŝŽůĞŶĐĞ͘/ŶϮϬϭϭ͕
G=#$!KO&>!IXX!G$S@&!F@)>$S!&!Z&'KP!K=!'=>F@S$#!KO$!^&RF!>$^F!#$<&K$S!^@KO!\@=<$>K!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
*
!0\$>!'#@G@>&<!\@=<$>'$!@F!>=K!@>'<NS$S!&F!&!#$'N##$>K!F@KN&K@=>h!9!'=>F@S$#!KO&K!@K!'&>![$!@>'<NS$S!@>!KO$!
'=<<$'K@\$! &>S! =#)&>@D$S! \@=<$>'$! '&K$)=#R! ^@KO! K$##=#@FG(! ;$$! ,=[$#K&! ;$>$'O&<! S$! <&! ,='O$! cWUUP! d6!
͚ŽůůĞĐƚŝǀĞsŝŽůĞŶĐĞĂƐ^ŽĐŝĂůŽŶƚƌŽů͕͛G%10%/%$01,/!J%(<*6!WWc!Wd1UIBWHE(!!!
P
^ĞĞ 'ƌĞĞŶƐůĂĚĞ͕ ZŽLJ ;ϮϬϭϭ͕ DĂƌĐŚ ϮϱͿ ͞DĞdžŝĐĂŶ ŵĞĚŝĂ ƐŝŐŶ ĚƌƵŐ ƌĞƉŽƌƚŝŶŐ ƉĂĐƚ͕͟! 85'! ]<,(-0,)!
OKKZ1jj^^^()N&#S@&>('=(NAjG$S@&j)#$$>F<&S$jHXWWjG&#jH*jZ#$FFB%#$$S=GBG$V@'=! +''$FF$S1! W*!
2$'$G[$#!HXWH!!
!
&'KF! FO=N<S! [$! #$Z=#K$S(! 0\$>! @>! G&@>! -Y! 'O&>>$<F! =#! >&K@=>&<! >$^FZ&Z$#F! $VZ<@'@K!
@G&)$F! ^$#$! &\=@S$S6! KO$! S&@<R! #$Z=#K! =%! FO==K@>)F! &>S! $V$'NK@=>F! ^$#$! KO$! G&@>!
K=Z@'(! 3&@>! 3$V@'&>! G$S@&! '=>)<=G$#&K$F! F@)>$S! KO$! Z&'K(! "=ZN<&#! @G&)$F!
#$Z#=SN'$S![R!<&#)$BF'&<$!'=#Z=#&K@=>F!G&R!@GZ<R!KO$!Z#=G=K@=>!=%!'$#K&@>!@S$=<=)R!
#$@>%=#'@>)!S=G@>&>K!>&##&K@\$F!c7&#@G&>!&>S!CN'&@K$F!H1!HXXId(!-O$!NF$!=%!KO$!@'=>@'!
@G&)$F!@>!G&FF!G$S@&!KO$>!@GZ<@$F!&!FK#N))<$(!
!
<9/!,+8)8!
-^$>KR! %@#FK! '$>KN#R! '=>K@>N$F! KO$! K#&S@K@=>6! '=>FNGG&K$F! KO$! $#&! =%! \@=<$>'$! &>S!
K#&)$SR6!&>S!ZNFO$F!%=#^&#S!KO$!$KO@'&<!#$FZ=>F@[@<@KR!%=#!KO$!=>$F!S$S@'&K$S!K=!)@\$!
S='NG$>K&#R!$\@S$>'$!c]$@KO!$K!&<6!HXXPd(!-O$!'=>%<@'K! O&F!ZNFO$S!K=!KO$! <@G@KF!KO$!
F='@$KR6! )=\$#>G$>K! &>S! G$S@&! #$)&#S@>)! KO$! \@=<$>'$! &>S! KO$! ^&R! O&F! [$$>!
Z#$F$>K$S!K=!KO$!F='@$KR(!9G&)$F!@>!G&FF!G$S@&!&#$!>=K!>$NK#&<!c:&GF=>!$K!&<6!WUUH6!
7&#@G&>!&>S!CN'&@K$F!HXXIdh!KO$R!O&\$!Z&FF$S!&!%@<K$#!=%!@S$=<=)R!=#!@>K$#$FKF!@>!KO$!
Z#='$FF!=%!Z#=SN'K@=>!&>S!#$Z#=SN'K@=>(! !+K!KO$![$)@>>@>)6!KO$!'=>%<@'K!^&F!\@FN&<<R!
Z#$F$>K$S! ^@KO! KO$! #$Z=#KF! &>S! @G&)$F! )$>$#&K$S! [R! KO$! G$S@&(! +<<! KO$! G&@>!
$>K$#Z#@F$F!=%!3$V@'&>!G$S@&!%=<<=^$S!&>!$KO@'&<!K#$&KG$>K!=%!KO$!@G&)$F!&\=@S@>)!
ĞdžƉůŝĐŝƚ ŽŶĞƐ͘ dŚĞ ĐŽŶĨůŝĐƚ ƌĞĂĐŚĞĚ Ă ŶĞǁ ůĞǀĞů ǁŚĞŶ ƚŚƌĞĞ ͞ƉƌŽĚƵĐĞƌƐ͟ ŽĨ ǀŝƐƵĂů
G&K$#@&<! b=@>$S! KO$! $VZ$#@$>'$1! KO$! '&#K$<F6! KO$! )=\$#>G$>K! &>S! KO$! '@\@<@&>F(! -O$!
O=##=#!Z&KO!^&F!^@S$!=Z$>!^O$>!KO$!'&#K$<F!#$'=#S$S!KO$@#!=^>!'#@G@>&<!&'KF!cG=FK<R!
=>! \@S$=d! &>S! NZ<=&S@>)! KO$G!=>! KO$! @>K$#>$KI(! -O$!3$V@'&>! )=\$#>G$>K! [$K!=>! &!
G$S@&K$S!G&FF@\$!'&GZ&@)>!FO=^@>)!@KF!FK#&K$)R!=%!S$Z<=R@>)!KO=NF&>SF!=%!F$'N#@KR!
%=#'$F! &>S! #$Z=#K@>)! KO$! &'O@$\$G$>KF! &)&@>FK! KO$! '&#K$<F! K=! #$)&@>! KO$! FNZZ=#K! =%!
KO$!ZN[<@'!=Z@>@=>(!.>!KO$!=KO$#!O&>S6!KO$!SN#&K@=>!&>S!$VZ&>F@=>!=%!KO$!'=>%<@'K!<$K!
KO$! '@\@<@&>F! [$! G=#$! KO&>! FZ$'K&K=#F6! &>S! KO$R! #$'=#S$S! KO$@#! =^>! $VZ$#@$>'$F! =%!
$\$>KF!#$<&K$S!K=!KO@F!'=>%<@'KE(!!
!
-O$! '&F$F! 9! ^&>K! K=! #$%<$'K! =>! ^@<<! [$! NF$S! &F! $V&GZ<$F! K=! [#@>)! NZ! KO$! #@)OK! K=!
@>%=#G&K@=>!&>S!$VZ<=@K&K@=>j$V&<K&K@=>!=%!\@=<$>'$!S@F'NFF@=>(!Q@#FK<R6!9!^@<<!'=GG$>K!
=>! K^=! ZO=K=F! Z#$F$>K@>)! KO$! F&G$! '#@G$(! ?=KO! #$Z=#KF! ^$#$! =>! KO$! #$FZ$'K@\$!
^$[F@K$F! =%! &! >&K@=>&<! >$^FZ&Z$#! &>S! &! <='&<! >$^FZ&Z$#(! -O$! F$'=>S! $V&GZ<$! @F!
ƌĞŐĂƌĚŝŶŐƚŚĞǁĞďƐŝƚĞƐƚŚĂƚǁĞƌĞƐƉĞĐŝĨŝĐĂůůLJĐƌĞĂƚĞĚƚŽ͞ŝŶĨŽƌŵ͟ĂďŽƵƚƚŚŝƐĐŽŶĨůŝĐƚ͘!
!!
+F! '=GG$>K$S! [$%=#$6! KO$! ^&R! KO$! '=>%<@'K! O&F! [$$>! Z#$F$>K$S! K=! KO$! F='@$KR!
S$Z$>S$S! =>! KO$! $S@K=#@&<! )N@S$<@>$F! =%! KO$! FZ$'@%@'! G$S@NG(! 9>! KO$! '&F$! =%! KO$F$!
>$^FZ&Z$#F6!KO$!)#&ZO@'!\@=<$>'$!=%!KO$!Z@'KN#$F!FO=^F!K^=!%&'$F(!.>!KO$!%@#FK!@G&)$!
K&A$>! %#=G! &! >&K@=>&<! >$^FZ&Z$#6! &! F=<S@$#! c&F! G&@>! %@)N#$! =%! KO$! ZO=K=d! ^&F!
FK&>S@>)!K=!KO$!S@#$'K@=>!KO$!ZO=K=!^&F!K&A$>6!G&>R!G$K$#F![$O@>S!O@G6!&!'#&FO$S!
;8Y! '&#U!^@KO! O$&\R! S&G&)$S! '&NF$S! [R! FO==K@>)6! &>S! =KO$#! F=<S@$#F! &#$! FK&>S@>)!
>$&#!KO$!\$O@'<$(!!.>!KO$!F$'=>S!=>$6!K&A$>!%#=G!&!<='&<!>$^FZ&Z$#6! KO$!&>)<$!^&F!
$V&'K<R! KO$! F&G$! &F! KO$! Z#$\@=NF! =>$h! KO$! S@%%$#$>'$! ^&F! KO&K! KO$! F=<S@$#! FK&>S@>)!
^&F!>=K!KO$#$(!-O$>6!KO$!G&@>!%@)N#$!=%!KO$!ZO=K=!^&F!&!S$&S![=SR!<R@>)!=NKF@S$!KO$!
\$O@'<$(!-O$!%='NF!^&F!'<=F$!$>=N)O!K=!F$$!KO$![=SR!^@KO!F=G$!S$K&@<(!?=KO! @G&)$F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I
!5=NKN[$!^&F!KO$!%@#FK!^$[F@K$!^O$#$!=>$!'&#K$<!NZ<=&S$S!KO$!$V$'NK@=>F(!9K!^&F!N>K@<!G&>R!O=N#F!&%K$#!
KO$!Z$#F=>>$<!=%!KO@F!^$[F@K$!#$&<@D$S!KO$!'=>K$>K!&>S![<='A$S!@K(!-O@F!F@KN&K@=>!O&ZZ$>$S!G&>R!K@G$F!
^O$>!=KO$#!'&#K$<!#$K&@<$S!^@KO!KO$!F&G$!Z#='$SN#$!#$'=#S@>)!KO$!$V$'NK@=>!&>S!NZ<=&S@>)!@K(!-O$#$!&#$!
ON>S#$SF!=%!\@S$=F!=%!KO@F!'=>%<@'K!=>!KO@F!^$[F@K$(!!!!!
E
!;$$! %=#! $V&GZ<$! FO=#K! \@S$=! OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xwP@>79U.Y^E! +''$FF$S1! HW!
2$'$G[$#!HXWH!
U
!^ŵĂůů hƚŝůŝƚĂƌŝĂŶ sĞŚŝĐůĞ ŝƐ ƚŚĞ ƚLJƉŝĐĂů ǀĞŚŝĐůĞ ƵƐĞĚ ďLJ ƚŚĞ ĐĂƌƚĞů͛Ɛ ͚ƐŝĐĂƌŝŽƐ͛! K=! G=\$! =>! KO$! FK#$$KF(!
/=#G&<<R!KO$#$!&#$!%=N#!=#!G=#$!O$&\@<R!&#G$S!G$>!@>!$&'O!\$O@'<$!G=\@>)!@>!'=>\=RF!=%!G&>R!N>@KF!&K!
KO$!F&G$!K@G$(!
!
! ! !
^$#$!^@KO!KO$!^#@KK$>!#$Z=#K!=%!KO$!@>'@S$>K(!-O$!#$Z=#KF!$VZ<&@>$S!KO$!'&F$!&>S!O=^!
G&>R! '&FN&<K@$F! ^$#$! @>\=<\$S6! &>S! $\$>! @>! KO$! <='&<! >$^FZ&Z$#6! KO$! @S$>K@K@$F! =%!
F=G$!=%!KO$G!^$#$!ZN[<@FO$S(!+F!;=>K&)!$VZ<&@>F6!ZO=K=)#&ZOR!&>S!S$&KO!O&\$!A$ZK!
'=GZ&>R!$\$#!F@>'$!KO$!@>\$>K@=>!=%!KO$!%=#G$#!c;=>K&)!HXXH1!Pd(!C==AF!=%!'=GZ<@'@KR!
ǁŝůůĂůǁĂLJƐĞdžŝƐƚĂůŽŶŐǁŝƚŚŵĞĚŝĂ͛ƐĞĐŽŶŽŵŝĐĂŶĚƉŽůŝƚŝĐĂůŝŶƚĞƌĞƐƚƐ͘!
!
-O$!F$'=>S!'&F$!@F!#$<&K$S!^@KO!=>$!=%!KO$!G=FK!S$[&K$S!@FFN$F!@>!KO$!G$S@&!KO&K!O&F!
[$$>!%=<<=^@>)!&>S!Z#$F$>K@>)!KO$!\@=<$>'$!@>!3$V@'=(!;@>'$!HXWX6!&!Z#=<@%$#&K@=>!=%!
^$[F@K$F! S$S@'&K$S! K=! '=GZ@<$! &<<! A@>SF! =%! FK=#@$F! &>S! #$Z=#KF! &[=NK! S#N)! <=#SF6!
ĐĂƌƚĞůƐ ĂŶĚ ǀŝŽůĞŶĐĞ ƚŽŽŬ ƉůĂĐĞ͘ dŚĞ ͞ĂƌŐƵŵĞŶƚ͟ ŽĨ ƚŚĞƐĞ ǁĞďƐŝƚĞƐ ŝƐ ĐůĞĂƌ ĂŶĚ
ƐŝŵƉůĞ͗ ͚0+! 02! D'++'(! +%! 25%3! 5%3! +'((0D/'! ,('! +50)$2! %<+! +5'('! (,+5'(! +5,)! /0&'! 0)!
0$)%(,)1'͛WX(! +K! KO$! [$)@>>@>)! KO$! '=>K$>K! =%! KO$F$! ^$[F@K$F! ^&F! @>%=#G&K@=>! =#!
\@FN&<!G&K$#@&<!FN[G@KK$S![R!'@\@<@&>F6!KO$>!KO$!G$S@&{F!#$Z=#K!&>S!%@>&<<R!KO$!'&#K$<F(!
+F! '=GG$>K$S! [$%=#$6! KO$! '#@G@>&<! =#)&>@D&K@=>F! #$'=#S$S! \@S$=F! =%! $V$'NK@=>F! =%!
G$G[$#F!=%!KO$!#@\&<!'&#K$<!&>S!NZ<=&S$S!KO$G!=>!KO$!@>K$#>$Kh!^O$>!KO$!\@S$=F!=>!
=KO$#! ^$[F@K$F! ^$#$! [&>>$S6! KO$! Z$#Z$K#&K=#F! F$>K! KO$G! &F! $V'<NF@\$! %==K&)$! K=!
ƚŚĞƐĞ͞ŶĂƌĐŽŝŶĨŽƌŵĂƚŝŽŶ͟ǁĞďƐŝƚĞƐŵĂŬŝŶŐKO$G!&\&@<&[<$!^@KO=NK!#$FK#@'K@=>F(!!-O$!
͞ŝŶĨŽƌŵĂƚŝǀĞ͟ĚƵƚLJƚŚĂƚƚŚĞƐĞǁĞďƐŝƚĞƐĐůĂŝŵƚŽŽĨĨĞƌŝƐŽƉĞŶƚŽĚĞďĂƚĞWW(!7=^$\$#6!
KO$!\@S$=!@F!>=K!NF$S!K=!@>'#@G@>&K$!KO$!Z$#Z$K#&K=#!=#!&F!$\@S$>'$!K=!S$>=N>'$!KO$!
'#@G$(!
!
MO$>! 3@'O$<&! 3&#D&>=! #$\@$^$S! KO$! S@%%NF@=>! =%! S@\$#F$! \@=<$>K! G&K$#@&<! =>! KO$!
@>K$#>$K6!FO$!&FAF!O$#F$<%1!@F!@K!#$&<<R!>$'$FF&#R!K=!FO=^!&<<!KO@Fr!c3&#D&>=!HXWX1!LJd(!!
!
9! '=>F@S$#! KO&K! @>! KO$! <='&<! >$^FZ&Z$#! &>S! KO$! ^$[F@K$F! '&F$F6! KO$! #$Z#=SN'K@=>! =%!
\@FN&<!G&K$#@&<!'=>K&@>@>)!$VZ<@'@K!'=>K$>K!G&A$F!$VZ<=@K&K@=>!&F!G&@>!)N@S$<@>$(!-O$!
ƌŝŐŚƚƚŽŝŶĨŽƌŵĂƚŝŽŶŝƐĐůĞĂƌůLJĂďƵƐĞĚĂŶĚŽĨĨĞƌŝŶŐĂĐĐĞƐƐƚŽƚŚĞĐĂƌƚĞůƐ͛ƉƌŽƉĂŐĂŶĚĂ
S$\$<=ZF!&>!$V&<K&K@=>!=%!\@=<$>K!&'KF(!!-O$!&\&@<&[@<@KR!&>S!$&FR!&''$FF@[@<@KR!=%!\@FN&<!
G&K$#@&<! '=>K&@>@>)! $VK#$G$! \@=<$>'$! S=$F! >=K! O&\$! &>R! #$)N<&K@=>(! 9>! KO$! <='&<!
ŶĞǁƐƉĂƉĞƌ͛ƐŽŶůŝŶĞǀĞƌƐŝŽŶWH6!KO$!G&K$#@&<!cG=FK<R!Z@'KN#$Fd!O&F!=Z$>!&''$FF!&F!Z&#K!
=%!KO$!#$Z=#KF!=%!KO$!Z&Z$#!\$#F@=>(!9>!KO$!'&F$!=%!KO$!^$[F@K$F6!KO$!#$Z=#KF!&#$!>=K!
'=>K$VKN&<@D$Sh!KO$!'=>K$>K!cZ@'KN#$F!&>S!\@S$=Fd!S$Z@'K@>)!$VK#$G$!\@=<$>K!&'KF!=><R!
ĐŽŶƚĂŝŶĂǁƌŝƚƚĞŶǁĂƌŶŝŶŐŽĨ͞ƌĞĂůĞdžƉůŝĐŝƚ͘͟!
!
dŚĞƐĞ ĞdžĂŵƉůĞƐ ĐŚĂůůĞŶŐĞ ŝŶ ĐĞƌƚĂŝŶ ǁĂLJ :ĂĐƋƵĞƐ ZĂŶĐŝğƌĞ͛Ɛ ĂƌŐƵŵĞŶƚ ĂďŽƵƚ ƚŚĞ
S=G@>&>K!G$S@&!&>S!@KF!K#$&KG$>K!=%!@G&)$F!=%!FN%%$#@>)!c,&>'@}#$!HXXUd(!0\$>!KO$!
<='&<! >$^FZ&Z$#F! KO&K! ZN[<@FO! KO$F$! @G&)$F! &>S! KO$! ^$[F@K$F! '=N<S! >=K! [$!
'=>F@S$#$S! &F! G&b=#! G$S@&6! KO$@#! &NS@$>'$! @F! G&FF@\$ WL (! ! Q=#! @>FK&>'$6! G&>R!
b=N#>&<@FKF!O&\$![$$>!A@<<$S!SN#@>)!KO$!'=>%<@'Kh!KO$F$!Z#=%$FF@=>&<F!^$#$!^=#A@>)!@>!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WX
!9!K#&>F<&K$S!KO@F!S$'<&#&K@=>!%#=G!&>!@>K$#\@$^!^@KO!=>$!Z$#F=>!@>!'O&#)$!=%!=>$!=%!KO$!G=FK!\@F@K$S!
F@K$F1! ^^^([<=)S$<>&#'=('=G(! Q=#! KO$! @>K$#\@$^! F$$1! ^^^(R=NKN[$('=Gj^&K'Or\x^Y'_EM#b8?3! c@>!
;Z&>@FOd!+''$FF$S1!HE!2$'$G[$#!HXWH!
WW
!Q=#! $V&GZ<$! F$$1! 3&>N$<! 3=#&! R! +#&Nb=! cϮϬϭϬ ƵŐƵƐƚ ϮϭͿ ͚ů ďůŽŐ ĚĞů ŶĂƌĐŽ͛ ŝŶ a)! O<)-%!
[0.'(1%)'1+,-%! OKKZ1jj^^^(Z$#%@<('=Gj'=>K$>@S=FjHXWXjXEjHWj>=K@'@&yXXLH(OKG<! +''$FF$S1! HU!
2$'$G[$#!HXWH!
WH
!;$$!OKKZ1jj^^^(=$G('=G(GVj<&Z#$>F&j!
WL
!-O$! >NG[$#! =%! \@F@K=#F! K=! KO$! G=FK! \@F@K$S! ^$[F@K$! ^^^([<=)S$<>&#'=('=G! @F! $FK@G&K$S! [$K^$$>! L!
&>S! *! G@<<@=>F! G=>KO<R! &''=#S@>)! K=! G$S@&! #$Z=#KF(! ;$$!
OKKZ1jj^^^(O@FZ&>@'&<<RFZ$&A@>)>$^F('=Gj&NKO=#Fj$<[<=)S$<>&#'=j!+''$FF$S1!W*!2$'$G[$#!HXWH!!
;,!@(')2,!>$^FZ&Z$#!S&@<R!Z&Z$#!$S@K@=>!@F!H*X6XXX!@>!3$V@'=!4@KR(!9K!@F!Z&#K!=%!=>$!=%!KO$!<&#)$FK!G$S@&!
'=GZ&>R! ^@KO! IX! >$^FZ&Z$#F6! JJ! ^$[F@K$F6! HJ! #&S@=! FK&K@=>F6! &>S! W! -Y! 'O&>>$<(! ;$$!
OKKZ1jj^^^(=$G('=G(GVj<&Z#$>F&j$FK&K@'&Fj`N@$>$FF=G=F(&FZV! c@>!;Z&>@FOd!2=D$>F!=%!>$^FZ&Z$#F!=%!
KO@F!)#=NZ!FO=^!$VZ<@'@K!ZO=K=F!@>!KO$@#!'=>K$>K(!
!
<='&<! >$^FZ&Z$#F! =#! -Y! 'O&>>$<F! KO&K! S$>=N>'$S! KO$! '=##NZK@=>! =%! KO$! Z=<@'$! =#!
&'K@\@K@$F!=%!KO$!'&#K$<F(!-O$#$!&#$!>=!#$Z=#KF!=%!Z$=Z<$!%#=G!KO$F$!^$[F@K$F!O&#G$S!
[R!KO$!'&#K$<F(!!
!
-ONF6!KO$!%@>&<!^&R!K=!$>)&)$!^@KO!KO$!'=>%<@'K!@F!K=!'=>FNG$!@K(!4=>F$`N$>K<R6!^O$>!
KO@F! G&K$#@&<! O&F! #$&'O$S! &! FK&[<$! '=>FNGZK@=>! KO$! \@'@=NF! '@#'<$! @F! '=GZ<$K$S(! .>!
ƚŚĞ ŝŶƚĞƌŶĞƚ ƚŚĞ ĞdžĂůƚĂƚŝŽŶ ĂŶĚ ƐĂƚƵƌĂƚŝŽŶ ŽĨ ƌĞƉŽƌƚƐ ĂŶĚ ŝŵĂŐĞƐ ŽĨ ƚŚĞ ĐŽŶĨůŝĐƚ͛Ɛ
\@=<$>'$! @F! =\$#^O$<G@>)6! &! S$F$>F@K@F@>)! FK&>'$! ^O$#$! KO$! =[b$'K@%@'&K@=>! =%! &!
ONG&>! [$@>)! Z=#K#&R$S! @>! S@FK#$FF! K&A$F! Z<&'$(! ,$SBLJĞůůŽǁ ͞ũŽƵƌŶĂůŝƐŵ͟ ĞĂŐĞƌ ƚŽ
FO=^!^O&K$\$#!@K!K&A$F!K=!F$<<!@Kh!KO$>!KO$![<==SKO@#FKR!&NS@$>'$!$&)$#!K=![NR!&!%#=>K!
Z&)$!^@KO!S$&S![=S@$F!=#!^&K'O!\@S$=F!=%!#$&<!$V$'NK@=>F(!+!G&##@&)$!G&S$!@>!O$<<(!
-O$! \@=<$>K! &'KF! '=>K@>N$! &F! ^$<<! &F! KO$! &\&@<&[@<@KR! =%! KO$! G&K$#@&<6! ^O$>! F=G$!
\@=<$>'$! @F! &''$ZK$S! &>S! K=<$#&K$S6! KO$! Z#='$FF! =%! '=>FNGZK@=>! [$'=G$F! &! F@)>! =%!
K#@\@&<@D&K@=>(! 9! KO@>A! KO&K! KO@F! <&FK! Z=F@K@=>! =%! '=>FNG@>)! @F! '<=F$! K=! [$! =>! KO$!
S$F$>F@K@D&K@=>!&>S!S$Z=<@K@D&K@=>!F@S$(!!
!
,ŽƌƐƚƌĞĚĞŬĂŵƉ͛ƐĂƌŐƵŵĞŶƚŽĨƐƉĞĐƚĂƚŽƌ͛ƐĐŽŵƉůŝĐŝƚLJWJ!^@KO!KO$!Z$#Z$K#&K=#F!'=G$F!
K#N$! ^@KO! KO$F$! '&F$F(! 9! '=>F@S$#! KO&K! KO$! $>K@#$! K#&)$SR! '=G$F! ^O$>! KO$!
'=GG=S@%@'&K@=>!=%!\@=<$>'$![$'=G$F!&!#=NK@>$(!7=^$\$#6!@>!KO$!'&F$!=%!KO$!\@S$=F6!
KO$F$!^$[F@K$F!O&\$![$$>!)#=^@>)!&>S![$'&G$!KO$!Z$#%$'K!FO=^'&F$!%=#!KO$!'&#K$<F!
K=!FO=^!KO$@#![#NK&<@KR!&>S!KO#$&KF!K=!KO$!=KO$#F(!3&#D&>=!G&A$F!KO$!`N$FK@=>1!@F!@K!
#$&<<R! [$@>)! @>%=#G$S! KO$! ZN#Z=F$! =%! KO$! =>$F! ^O=! <==A! KO@F! G&K$#@&<r! c3&#D&>=!
HXWX1!LJd(!!
!
P+=8!3/!()6+3)!3/!3:)!07/6)1,)!+14!738!078B+6!85:)()!
-O@F! '=>%<@'K! O&F! G=#$! KO&>! K$>! R$&#F6! KO$! @>K$>F@KR! O&F! 'O&>)$S! SN#@>)! KO@F! K@G$6!
&%K$#!#$&'O@>)!&!#$'=#S!=%!#$Z=#K$S!'&FN&<K@$F!@>!HXWX6!&>S!&<G=FK!#$Z$&K$S!@>!HXWW!
&>S! HXWH6! KO$! $VZ$'K$S! K$>S$>'R! @F! K=! S$'<@>$! @>! KO$! >$VK! K^=! =#! KO#$$! R$&#F(!
/$\$#KO$<$FF6! KO$! )&<<$#R! =%! KO@F! '=>%<@'K! ^@<<! O&\$! $>=N)O! G&K$#@&<! K=! %@<<! S=D$>F! =%!
&<[NGF!%N<<!=%!S@F)#&'$(!-O@F!'=>%<@'K!O&F![$$>!%N<<!=%!\@=<$>'$!&>S!\@FN&<!$\@S$>'$(!!+F!
Z#$F$>K$S![$%=#$6!=>$!^&R!K=!#$<&K$!K=!KO$!'=>%<@'K!&>S!@KF!\@FN&<!FZO$#$!O&F![$$>!KO$!
'=>FNGZK@=>! =%! @K6! O=^$\$#6! @K! @F! >$'$FF&#R! K=! S@%%$#$>K@&K$! KO&K! Z$=Z<$! #$<&K$! ^@KO!
KO$! '=>%<@'K! S$Z$>S@>)! =>! KO$@#! =^>! $VZ$#@$>'$! ^@KO@>! KO$! $>\@#=>G$>K(! -O$!
$VZ$#@$>'$!S@\$#)$!^@KO!KO$!=>$!^O=!<@\$F!@>!&!'@KR!&%%$'K$S![R!KO$!'=>%<@'K!&>S!O&\$!
[$$>!@>\=<\$S!@>!&!\@=<$>K!&'K6!=#!O&\$![$$>!^@K>$FF!=%!@K6!&>S!KO$!=KO$#F!KO&K!O&\$!
%=<<=^$S! KO$! '=>%<@'K! KO#=N)O! KO$! G$S@&(! 9>! [=KO! '@#'NGFK&>'$F! KO$! G&b=#@KR! =%!
Z$=Z<$! #$b$'K! KO$! '=>%<@'K! &>S! KO$! $VZ<=@K&K@=>! =%! @K6! KO$@#! Z=F@K@=>! Z#=G=K$F! &!
'=>FK&>K!Z=<@K@'&<!Z&#K@'@Z&K@=>(!7=^$\$#6!<@\@>)!@>!&!'@KR!=#!#$)@=>!^O$#$!KO$!Z#$F$>'$!
=%! KO$! =#)&>@D$S! '#@G$! @F! Z$#G&>$>K6! KO$! '=>K$VK! S$\$<=ZF! K=<$#&K@=>! &>S! $\$>! &!
K#@\@&<@D&K@=>!=%!@K6!&F!F$$>!@>!KO$!\@S$=F!NZ<=&S$S![R!'@\@<@&>F(!!
!
9>F@S$! &<<! KO$! Z#=[<$G&K@'! KO&K! FN##=N>S! KO@F! '=>%<@'K6! @K! @F! >$'$FF&#R! K=! KO@>A! &[=NK!
KO$!Z#='$FF!^O$>!F=G$!\@=<$>'$!@F!<$)@K@G&K$S!&F!^$<<!&F!@KF!'N<KN#&<!#$Z#$F$>K&K@=>(!
-O@F! bNFK@%@'&K@=>! @>\=<\$F! &! '=>F=<@S&K@=>! =%! ^O&K! _=O&>! :&<KN>)! '=>F@S$#F! KO$!
'N<KN#&<! \@=<$>'$! c:&<KN>)! WUUXd(! "&#K! =%! KO$! FRG[=<@'! FZO$#$! =%! KO$! F='@$KR! )$KF!
G&K$#@&<@D$S! &>S! Z=#K#&R$S(! ! /=^&S&RF6! \@=<$>'$! @F! )<&G=#@D$S! &F! Z&#K! =%! KO$!
G$S@&K$S! $VZ$#@$>'$6! FK&#K@>)! %#=G! -Y! Z#=)#&GG$F! %=#! 'O@<S#$>6! \@S$=)&G$F! &>S!
ƌĞůĂƚĞĚ͞ĞŶƚĞƌƚĂŝŶŝŶŐ͟Ă'K@\@K@$F!cM@<F=>!$K!&<(!HXXHd(!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WJ
!^ĞĞ ƌĞĚĞŬĂŵƉ͕ ,ŽƌƐƚ ;ϮϬϬϰ͕ DĂLJ ϮϴͿ͕ ͚tŝƌ ƐŝŶĚ ďĞĨƌĞŵĚĞƚĞ <ŽŵƉůŝnjĞŶ͕͛ Gb--'<+215'! c'0+<)$(!
wN=K$S!@>!3o<<$#!HXWH1HX!
!
! ! !
-O@F! F@KN&K@=>! @F! $VZ$#@G$>K$S! ^O$>! S#N)! K#&%%@'A@>)! &>S! =KO$#! $VZ#$FF@=>F! '=G@>)!
%#=G! KO$! ),(1%#1</+<('! O&\$! &<F=! #$&'O$S! KO$! 'N<KN#&<! '=>F@S$#&K@=>(! +! >$^! ),(1%#
+'(*0)%/%$9W*!O&F! [$$>! &SS$S! K=! KO$! S&@<R! <$V@'=>! @>! 4=<=G[@&! =#! 3$V@'=(! ;Z$'@%@'!
)$>#$! =%! GNF@'! S$F'#@[@>)! ),(1%#/04'2+9/'F! =#! O=>=N#@>)! &##$FK$S! =#! &FF&FF@>&K$S!
@GZ=#K&>K! S#N)! <=#SF! @F! %=<<=^$S! [R! &>! &NS@$>'$! >$&#! K=! KO$F$! ZO$>=G$>&(! ! ;=&Z!
=Z$#&FWP!Z#$F$>K@>)!S@%%$#$>K!FK=#@$F!&#=N>S!KO$!S#N)!'&#K$<F!&>S!KO$@#!<$&S$#F!&F!KO$!
Z#=K&)=>@FKF! =%! KO$! FO=^! O&\$! [$$>! KO$! >$^! >&##&K@\$F! @>! KO$! C&K@>! +G$#@'&>! &>S!
$\$>!0N#=Z$&>!Z#=SN'K@=>F!=%!KO$F$!-Y!FO=^F(!!
!
-O$! @>K$#$FK! =%! KO@F! Z&Z$#! ^&F! K=! #$%<$'K! =>! KO$! ^&RF! KO$! 3$V@'&>! F='@$KR! '=N<S!
'=$V@FK! ^@KO! &<<! KO$! \@FN&<! <$)&'R! =%! KO$! '=>%<@'K! &>S! #$FZ=>S! K=! @K(! MO$>! ;=>K&)!
$>)&)$S! &)&@>! =>! KO$! $%%$'KF! =%! ZO=K=)#&ZOF! =%! Z&@>6! FO$! #$'=)>@D$S! KO$! '=>'#$K$!
Z#=[<$G! =%! KO$! FN[b$'KF! K=! @S$>K@%R! KO$GF$<\$F! ^@KO! KO$! .,0)! %4! +5'! %+5'(2! c;=>K&)!
HXXLd(!!!9K!'&>![$!&#)N$S!KO&K!KO$!'=>FNGZK@=>!=%!KO@F!'=>%<@'K!^@KO!KO$!F&KN#&K@=>!=%!
@G&)$F6![NK!G=FK<R!^@KO!KO$!<&'A!=%!Z$#FZ$'K@\$!K=!S@G@>@FO!\@=<$>'$!%#=G!KO$!Z=<@K@'F!
&>S! F='@&<! Z$#FZ$'K@\$F! [#@>)F! KO$! '=GZ&FF@=>! %&K@)N$! FK&>'$(! 9! '=>F@S$#! KO&K! KO$!
%&K@)N$!'=>F=<@S&K$F!^@KO!KO$!SN#&K@=>!=%!KO$!'=>%<@'K!&>S!KO$!%$$<@>)!=%!@>F$'N#@KR!&>S!
S$FZ$#&K@=>! =%! '=>FK&>K! \@=<$>'$(! -O$! Z$#G&>$>K! FK&KNF! =%! KO$! '=>%<@'K! G&R! O&\$!
&<K$#$S! KO$! '=GZ&FF@=>! %&K@)N$! Z=F@K@=>6! ^O$#$! KO$! '=GZ&FF@=>! %&S$F! &>S!
G$#'@<$FF>$FF! #@F$F(! 9>! KO@F! ^&R! K=! $VZ$#@$>'$! KO$! '=>%<@'K6! KO$! FZ$'K&K=#FO@Z!
Z#=Z=F$S![R!2$[#@V!G&A$F!F$>F$6!^O$>!KO$!Z#=K&)=>@FK!&>S!&>K&)=>@FK!&#$!@>![&KK<$6!
&>S!KO$!@G&)$F!=%!@K!%@>S!&''$ZK&>'$!&>S!FNZZ=#K(!
!
,$)&#S@>)!KO$!'@#'N<&K@=>!=%!KO$!@G&)$F!&>S!KO$@#!'=>FNGZK@=>6!%=#!@>FK&>'$6!;=>K&)!
ƐƵŐŐĞƐƚƐĂǁĂLJŽƵƚ͚͗>ĞƚƚŚĞĂƚƌŽĐŝŽƵƐŝŵĂŐĞƐŚĂƵŶƚƵƐ͛;^ŽŶƚĂŐϮϬϬϯ͗ϴϯͿ͘,ŽǁĞǀĞƌ͕
%=#!O=^!<=>)!KO$!\@FN&<!G&K$#@&<!=%!KO@F!'=>%<@'K!^@<<!O&N>K!KO$!3$V@'&>!F='@$KR!^O$>!
S#N)!K#&%%@'A@>)!@F!KO$#$6!&>S!@K!^@<<![$!&K!<$&FK!@>!KO$!>$&#!%NKN#$r!9!'=>F@S$#!KO&K!KO$!
^O=<$!S@G$>F@=>!O&F![$'=G$!&>!@'=>@'!G$G=@#!=%!KO$! ),(1%#&0%/')1'6!&!Z$#G&>$>K!
#$G@>S$#!=%!KO@F!$>K@#$!S@FK#$FF(!
!
4=>'$#>@>)!KO$!@FFN$!&[=NK!KO$!#$FZ=>F@[@<@KR!=%![$@>)!^@K>$FF!=%!@G&)$F!=%!S@FK#$FF6!9!
%@>S! KO&K! KO$! F@KN&K@=>! @>! 3$V@'=! @>\=<\$F! $\$>! G=#$! Z#=[<$GF! %=#! KO$! &ZZ#=Z#@&K$!
#$FZ=>F$!=%!KO$!@>S@\@SN&<!^@K>$FF(!-O$!\@$^$#!%@>SF!&!^&R!K=!$V$#K!@KF!Z=<@K@'&<!Z=^$#!
^@KO@>! &! '=<<$'K@\$! $V$#'@F$6! ^O$#$! KO$! $>K@#$! &%%$'K$S! %@>S! KO$! Z=FF@[@<@KR! KO$! &'K!
Z=<@K@'&<<R!c3o<<$#!HXXU1!IELd(!-O@F!F@KN&K@=>!O&ZZ$>$S!@>!3$V@'=!^O$>!'@\@<@&>F!G&S$!
ZN[<@'!S$G=>FK#&K@=>F!&)&@>FK! KO$!'=>%<@'K!&>S!KO$! '#@G$!Z#=[<$G(!7=^$\$#6!&<<!KO$!
\@=<$>'$! O&F! &<F=! Z#=SN'$S! &! +'((%(0401,+0%)! FK&>'$6! ^O$>! Z$=Z<$! O&\$! ^@KOS#&^>!
%#=G!KO$!Z=<@K@'!&>S!F='@&<!FZO$#$!SN$!K=!KO$!'=>FK&>K!Z#$F$>'$!=%!'#@G@>&<!&'KF(!
!
;/1,6B87/1!
9G&)$F! N>S$#FK==S! &F! >&##&K@\$F! FO=^! &>S! O@S$! F=G$KO@>)WI!&K! KO$! F&G$! K@G$!
c4&GZ[$<<! HXXL1ILd(! 9>! 3$V@'=6! &<<! KO$F$! R$&#F! =%! '=>%<@'K6! KO$! \@=<$>'$! O&F! [$$>! &!
O$)$G=>@'!>&##&K@\$!^@KO!@G&)$F!=%!ONG&>!S@F)#&'$!&>S!S$FK#N'K@=>h!@K!O&F!K&A$>!KO$!
FZ=K<@)OK! <$&\@>)! =KO$#! FK=#@$F! @>! KO$! FO&S=^(! 9>! KO$! G$S@&! '&F$F! '=GG$>K$S6!
ZN[<@FO@>)!&>S!'=>FNG@>)!\@=<$>'$!@F!#&^!$VZ<=@K&K@=>h!&!F&S@FK!'=GZ<@'@KR!Z#=%@K&[<$!
%=#!KO$!@GZ<@'&K$S!^O$>!\N<KN#$!b=N#>&<@FG!&>S!\@<$!FZ$'K&K=#FO@Z!&#$!GNKN&<(!+<<!KO$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W*
;$$!OKKZ1jj^^^(<&K@G$F('=Gj>$^Fj>&K@=>^=#<Sj^=#<Sj<&B%)B>&#'=B)<=FF&#RHEB
HXXU='KHE6X6WXXUPUX(FK=#R!+''$FF$S1!HH2$'$G[$#HXWH!
WP
!;$$!OKKZ1jj^^^(%#=>K$#&FS$FA(=#)j>$^FjHXWWjG&RjHPj>&#'=B'N<KN#$B[$'=G@>)BZ=ZN<&#B>=#KOB
[=#S$#j!+''$FF$S1!HH!2$'$G[$#!HXWH!
WI
!+! )==S! $V&GZ<$! @F! S$F'#@[$S! [R! 2$[#@V! #$%$##@>)! K=! KO$! '=>K#=<! =%! @G&)$F! ^@KO! '&FN&<K@$F! @>! #$'$>K!
G@<@K&#R!@>K$#\$>K@=>F!c@>\&F@=>Fd![R!KO$!8;!&>S!&<<@$F!@>!M$FK$#>!3$S@&(!;$$!2$[#@V!HXXP1IIU(!!
!
ZO=K=F!@>!KO$!%#=>K!'=\$#F!&>S!'#@G$F!S='NG$>K$S![R!\@S$=!&>S!#$Z#=SN'$S!=>!KO$F$!
^$[F@K$F!&#$!&>!$\@S$>'$!=%!@K(!-O$!ONG&>!%&'K=#!=%!KO$!'=>%<@'K!O&F![$$>!%=#)=KK$>!
[R!F=G$!Z&#K!=%!KO$!G$S@&6!^O$>!KO$!@>K$#$FKF!=%!KO$F$!O&\$![$$>!S$K$#G@>$S![R!KO$!
\@=<$>'$! &>S! KO$! FK&K@FK@'F! =%! KO$! S&@<R! '&FN&<K@$F(! -O$! Z#@\&'R! &>S! S@)>@KR! =%! KO$!
ONG&>![$@>)F!KO&K!O&\$![$$>!$V$'NK$S!&F!Z&#K!=%!KO$!'=>%<@'K6!=#!@>!=KO$#!F@KN&K@=>!=%!
S@F)#&'$!&#$!>=K!#$FZ$'K$S(!Q&G@<@$F!@>!)#@$%!&#$!&<F=!>=K!'=>F@S$#$S(!!
!
.>$! =%! KO$! G=FK! FO='A@>)! $Z@F=S$F! @>! KO@F! '=>%<@'K! ^&F! KO$! $V$'NK@=>! =%! IH!
@GG@)#&>KF!%#=G!S@%%$#$>K!'=N>K#@$F!=%!4$>K#&<!+G$#@'&WE(!-O@F!F@KN&K@=>!Z#=GZK$S!&!
S@%%$#$>K! ^&R WU !K=! S$&<! ^@KO! KO$! '=>%<@'K(! 3&>R! 3$V@'&>! b=N#>&<@FK! &>S! F='@&<!
=#)&>@D&K@=>F!K#@$S!K=!O=>=N#!KO$F$!@GG@)#&>KF!%=<<=^@>)!KO$@#!Z&KO!^&R![&'A!K=!KO$@#!
O=G$K=^>F!&>S!KO$@#!%&G@<@$F(!-O$R!&#$!K#R@>)!K=![#@>)![&'A!KO$!5<*,)!1%)-0+0%)!K=!
&<<! KO@F! S@FK#$FF@>)! '#N$<KR(! 9>! KO@F! '=>%<@'K6! \@=<$>'$! @F! G$&FN#$S! ^@KO! S$&S! [=S@$F6!
KO$F$! [=S@$F! &#$! =><R! FK&K@FK@'Fh! KO$@#! %&'$F6! >&G$F6! &>S! Z$#F=>&<! FK=#@$F! O&\$! [$$>!
'=\$#$S![R!FK&@>F!=%![<==S(!-O$R!O&\$![$$>!%=#)=KK$>!&>S!'=>FNG$S![R!KO$!FZ@#&<!=%!
\@=<$>'$!&>S!@G&)$F(!
!
9G&ŐĞƐ ŽƉĞƌĂƚĞ ŽŶ ĚŝĨĨĞƌĞŶƚ ůĞǀĞůƐ Ăƚ ƚŚĞ ƐĂŵĞ ƚŝŵĞ͘ dŚĞLJ ŵĂLJ ƉƌŽůŽŶŐ ƐƵďũĞĐƚ͛Ɛ
\@'K@G@D&K@=>6! [NK! F@GN<K&>$=NF<R! KO$R! '&>! )@\$! [&'A! KO$! ONG&>! '=>S@K@=>! K=! &>!
=[b$'K@\@F$S!FN[b$'K!c3o<<$#!HXXU1IEId(!9>!ZO=K=b=N#>&<@FGHX6!\$#R!)==S!$V&GZ<$F!=%!
'=GG@KG$>K!&)&@>FƚƚŚĞǀŝŽůĞŶĐĞĂŶĚŝƚƐĞdžƉůŽŝƚĂƚŝŽŶĐŽŵĞǁŝƚŚůĨƌĞĚŽ:ĂĂƌ͛ƐǁŽƌŬ
ƌĞĨƵƐŝŶŐ ƚŽ ƵƚŝůŝnjĞ ƚŚĞ ĚĞƐƉĂŝƌ ŽĨ ZǁĂŶĚĂ͛Ɛ ƚƌĂŐĞĚLJ ;ŽƉ͘ Đŝƚ͗͘ϳϴϴBULd6! =#! KO$! ^&R!
_=>&KO&>!-=#)=\>@A!Z#$F$>K$S!KO$!K#&)$SR!=%!#&Z$S!^=G$>!&>S!KO$@#!'O@<S#$>!@>!KO$!
F&G$!'=>%<@'K!c3o<<$#!HXWXd(!!
!
-O$! dT! 0)*0$(,)+'2! $%%=#K!=#! KO$! 3=\$G$>K! %=#!"$&'$! ^@KO! _NFK@'$! &>S!2@)>@KRHW!)=!
^@KO! KO@F! <=)@'(! -O$R! &#$! #$G$G[$#@>)! KO$! ONG&>F! [$O@>S! KO$! FK&K@FK@'F! &>S! )@\@>)!
'=G%=#K!%=#!KO$!=>$F!^O=!O&F!<=FK!#$<&K@\$F!@>!KO@F!'=>%<@'K(!9!KO@>A!KO@F!@F!KO$!)$>N@>$!
^&R! K=! =\$#'=G$! KO$! \@=<$>'$! &>S! @KF! <$)&'R! KO&K! KO@F! '=>%<@'K! O&F! [#=N)OK! K=! KO$!
3$V@'&>! F='@$KR(! -O$! \@FN&<! &#'O@\$! =%! KO@F! '=>%<@'K! @F! &! #$G@>S$#! KO&K! [$O@>S! KO$!
[<==SR!'=\$#F!=%!KO$!>$^FZ&Z$#F6!KO$#$!&#$!ONG&>![$@>)F(!!M$!KO$!FZ$'K&K=#F!GNFK!
'=>F$#\$! KO$@#! @>K$)#@KR! &>S! S@)>@KR6! K&A@>)! &>! @>@K@&<!FK$Z! K=!=\$#'=G$! KO$!\@=<$>'$!
&>S!@KF! \@FN&<!O=##=#(!M$!KO$! FZ$'K&K=#F!GNFK! &'K!&>S!<==A! @>!=#S$#!K=!S@G@>@FO!KO$!
ǀŝŽůĞŶĐĞ͘ >ŽŽŬŝŶŐ ŝŶ Ă ǁĂLJ ƚŚĂƚ ůŝŶŬƐ ƵƐ ƚŽ ƚŚĞ ƉĞƌƉĞƚƌĂƚŽƌƐ͛ ŝŶƚĞŶƚŝŽŶ͕ ŝƚ ŽŶůLJ
'=>K@>N$F!KO$!<$)&'R!=%!KO$!\@<$!&'K@=>(!!
!
D)*)()1,)8A!
4&GZ[$<<6!2&\@S!cHXXLd6!͚ƵůƚƵƌĂůŐŽǀĞƌŶĂŶĐĞĂŶĚƉŝĐƚŽƌŝĂůƌĞƐŝƐƚĂŶĐĞ͗ƌĞĨůĞĐƚŝŽŶƐ!=>!
ƚŚĞŝŵĂŐŝŶŐŽĨǁĂƌ͕͛!B'&0'3!%4!6)+'(),+0%),/!G+<-0'26!cHUd1*I!BIL(!
!
4&#K$#!4R>KO@&!&>S!4(!]&R!M$&\$#!cHXXLd6!A0%/')1'!,)-!+5'!O'-0,(!?N'A@>O&G1!.Z$>!
8>@\$#F@KR!"#$FF(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WE
!-O$R!^$#$!K#R@>)!K=!#$&'O!KO$!3$V@'=Bh^ďŽƌĚĞƌƚŽƐƚĂƌƚƚŚĞŝƌƉĞƌƐŽŶĂů͞ŵĞƌŝĐĂŶƌĞĂŵ͟ĂƐŝůůĞŐĂů
ǁŽƌŬĞƌƐ͕ ĂŶĚ ƚŚĞLJ ǁĞƌĞ ŬŝůůĞĚ ŝŶ ƚŚĞ ͞DĞdžŝĐĂŶ EŝŐŚƚŵĂƌĞ͘͟ ^ĞĞ
OKKZ1jj^^^(>RK@G$F('=GjHXWHjWXjXUj^=#<Sj&G$#@'&FjG$V@'&>BS#N)B<$&S$#BF&<\&S=#B&<%=>F=BG&#K@>$DB
$F'=[$S=B&##$FK$S(OKG<ry#xX!!!+''$FF$S1!HP!2$'$G[$#!HXWH!
WU
!;$$1!OKKZ1jjIHG@)#&>K$F('=Gj!!!c@>!;Z&>@FOd!
HX
!+>!$V'$<<$>K! [==A!=>!KO@F!K=Z@'! F$$1!3@'O$<<$!?=)#$!cHXWHd6! @5%+%$(,.59!,2!F1+0&02*(!!.V%=#S1!Q='&<!
"#$FF(!!
HW
!+%K$#! KO$! &FF&FF@>&K@=>! =%! O@F! F=>! KO$! Z=$K! _&\@$#! ;@'@<@&! %=N>S$S! KO$! 3=\$G$>K(! -O$@#! &'K@\@K@$F!
@>'<NS$! ͞ĐĂƌĂǀĂŶĂƐ͟ ;ĐŽŶǀŽLJƐͿ ƚŽ ƚŚĞ ŵŽƐƚ ǀŝŽůĞŶƚ ĐŝƚŝĞƐ ŝŶ DĞdžŝĐŽ ĂŶĚ ŽƌŐĂŶŝnjŝŶŐ ƌĞƵŶŝŽŶƐ ǁŝƚŚ ƚŚĞ
ǀŝĐƚŝŵƐ͛ĨĂŵŝůŝĞƐ͘^ĞĞ͗OKKZ1jjG=\@G@$>K=Z=#<&Z&D(GVj!c@>!;Z&>@FOd!!
!
! ! !
Ğďƌŝdž͕&ƌĂŶĕŽŝƐ;ϮϬϬϲͿ͕͚-O$!;N[<@G$!;Z$'K&K=#FO@Z!=%!M!-O$!0#&FN#$!=%!KO$!0\$>K!
ŝŶŵĞƌŝĐĂΖƐWŽůŝƚŝĐƐŽĨdĞƌƌŽƌĂŶĚĞƐƚŚĞƚŝĐƐŽĨsŝŽůĞŶĐĞ͕͛!O0//'))0<*!#!M%<(),/!%4!
6)+'(),+0%),/!G+<-0'2!!LJ1IPIBIUW(!
!
Q$#>e>S$D!Y@<<&>N$\&6!4=>'$Z'@s>6!_N&>!4&#<=F!,$\@<<&!4&FK#=6!,=[$#K=!2=GT>)N$D!
?@<[&=6!&>S!
ŶĚƌĠƐůŵĂŐƌŽ'ŽŶnjĄůĞnj;ϮϬϬϴͿ͕͚>ŽƐĞƐƉĞĐƚĂĚŽƌĞƐĂŶƚĞůĂǀŝŽůĞŶĐŝĂƚĞůĞǀŝƐŝǀĂ͗
ĨƵŶĐŝŽŶĞƐ͕ĞĨĞĐƚŽƐĞŝŶƚĞƌƉƌĞƚĂĐŝŽŶĞƐƐŝƚƵĂĚĂƐ͕͛7%*<)01,10e)!9!G%10'-,-L!aa9!cHd1!E*B
WWL(!
!
:ĂůƚƵŶŐ͕:ŽŚĂŶ;ϭϵϵϬͿ͕͚ƵůƚƵƌĂůsŝŽůĞŶĐĞ͕͛M%<(),/!%4!@',1'!B'2',(156!HI!cLd1HUWBLX*(!
!
:&GF=>6! M@<<@&G! +(6! 2&\@S! 4#=K$&N6! M@<<@&G! 7=R>$F! &>S! -O$=S=#$! ;&FF=>! cWUUHd6!
͚DĞĚŝĂ /ŵĂŐĞƐ ĂŶĚ ƚŚĞ ^ŽĐŝĂů ŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ZĞĂůŝƚLJ͕͛ F))<,/! B'&0'3! %4! G%10%/%$96!
WE1LILBLUL(!
!
7&<<6! ;KN&#K! cWUEXd6! ͚ŶĐŽĚŝŶŐͬĚĞĐŽĚŝŶŐ͛! @>! 7&<<6! ;KN&#K6! 2=#=KOR! 7=[F=>6! +>S#$^!
C=D$!&>S!"&N<!M@<<@F!c$SF(d6!7</+<('L!O'-0,L!;,)$<,$':!C=>S=>17NK'O@>F=>6!WHEBWLE(!
!
7&#@G&>6!,=[$#K!B!_=O>!C=N@F!CN'&@K$F!cHXXId6!V%!7,.+0%)!V''-'-?!61%)01!
@5%+%$(,.52L!@<D/01!7</+<('L!,)-!;0D'(,/!C'*%1(,19(!4O@'&)=1!-O$!8>@\$#F@KR!=%!
4O@'&)=!"#$FF(!
:ĞŶƐĞŶ͕'ĂƌLJ;ϮϬϬϮͿ͕͚dLJƉŽůŽŐŝnjŝŶŐǀŝŽůĞŶĐĞ͗ĂůĂĐŬŝĂŶƉĞƌƐƉĞĐƚŝǀĞ͕͛6)+'(),+0%),/!
M%<(),/!%4!G%10%/%$9!,)-!G%10,/!@%/019L!HH!cId1I*BWXE(!!!
!
]$@KO6!;NF&>6!4&#=<!?(!;'O^&<[$!&ŶĚ͘tŝůůŝĂŵ^ŝůĐŽĐŬ͕;ϮϬϬϲͿ͕͚9G&)$F!@>!0KO@'F!4=S$F!
@>!&>!0#&!ŽĨsŝŽůĞŶĐĞĂŶĚdƌĂŐĞĚLJ͕͛!M%<(),/!%4!O,22!O'-0,!"+50126!TQcJd6!HJ*ʹHPJ(!
!
]<$@>G&>6!+#KON#!B!:ŽĂŶ<ůĞŝŶŵĂŶ;ϭϵϵϲͿ͕͚dŚĞƉƉĞĂůŽĨdžƉĞƌŝĞŶĐĞ͖dŚĞŝƐŵĂLJŽĨ
9G&)$F1!4N<KN#&<!+ZZ#=Z#@&K@=>F!=%!;ƵĨĨĞƌŝŶŐŝŶKƵƌdŝŵĞƐ͕͛C,'-,/<26!WH*6!cWd1WBHL(!
!
]#'G!!3&#@>&!B!>ŝŶĚĂ'ŽĚďŽůĚ<ĞĂŶ;ϮϬϬϱͿ͕͚hƐĞƐĂŶĚ'ƌĂƚŝĨŝĐĂƚŝŽŶƐŽĨDĞĚŝĂ
sŝŽůĞŶĐĞ͗WĞƌƐŽŶĂůŝƚLJŽƌƌĞůĂƚĞƐŽĨsŝĞǁŝŶŐĂŶĚ>ŝŬŝŶŐsŝŽůĞŶƚ'ĞŶƌĞƐ͕͛O'-0,!
@2915%/%$9L!I1LUUBJHX(!
!
3&#D&>=6! 3@'O$<&! cHXWXd6! ;,! *<'(+'! 1%*%! '2.'1+f1</%:! "2+<-0%! 2%D('! /,! (',/0-,-!
5%((%(:! ?&#'$<=>&1-NF`N$KF! c;Z&>@FO! \$#F@=>d(! .#@)@>&<! -@K<$1! ;,! *%(+! 2.'1+,1/'(!!
:&<<@G&#S!cHXXId(!
!
DƂůůĞƌ &ƌĂŶŬ ;ϮϬϬϵͿ͕ ͚dŚĞ ůŽŽŬŝŶŐͬŶŽƚ ůŽŽŬŝŶŐ ĚŝůĞŵŵĂ͕͛ B'&0'3! %4! 6)+'(),+0%),/!
G+<-0'2!L*1IEWBIUJ!(!
!
!!!!!!!!!!!!!!!!!!!!!!!;ϮϬϭϬͿ͕ ͚,^&>S&! ,$\@FN&<@D$S1! :$>='@S$6! "O=K=)#&ZOR6! &>S! KO$! 0#&! =%!
ƚŚĞtŝƚŶĞƐƐ͕͛F/+'(),+0&'26!L*!cHd1WWLʹWLP(!
!
!!cHXWHd6! ͚ƐƐŽĐŝĂƚĞƐ ŝŶ ƌŝŵĞ ĂŶĚ 'Ƶŝůƚ͛ ŝŶ 'ƌƆŶƐƚĂĚ͕ ƐďũƆƌŶ ĂŶĚ
7$>#@A! :NFK&%FF=>! c$SF(d6! "+5012! ,)-! 6*,$'2! %4! @,0)(! /$^!
5=#A1,=NK<$S)$6W*BLH(!
WĞŶĂůǀĂ͕ůĞŵĞŶƚĞ;ϮϬϬϮͿ͕͚ůƚƌĂƚĂŵŝĞŶƚŽĚĞůĂǀŝŽůĞŶĐŝĂĞŶůŽƐŵĞĚŝŽƐĚĞ
ĐŽŵƵŶŝĐĂĐŝſŶ͕͛F/+'(),+0&,2?!1<,-'()%2!-'!+(,D,=%!F='@&<6!WX1!LU*BJWH(!
!
,&>'@}#$6!_&'`N$F!cHXXUd6!85'!"*,)10.,+'-!G.'1+,+%((!C=>S=>!&>S!/$^!5=#A1!Y$#F=(!
!
^ůŝǁŝŶƐŬŝ͕ ^ŚĂƌŽŶ ;ϮϬϬϰͿ͕ ͚ ƉĂŝŶĨƵů ůĂďŽƵƌ͗ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĂŶĚ ƉŚŽƚŽŐƌĂƉŚLJ͕͛ A02<,/!
G+<-0'2!WUcHd1W*XBWPW(!
!
;=>K&)6!;NF&>!!cHXXLd6!B'$,(-0)$!+5'!@,0)!%4!N+5'(2(!/$^!5=#A1!"@'&S=#(!
! !
! !!!cHXX*d6!N)!@5%+%$(,.59!cWUILd(!/$^!5=#A1!,=F$KK&!?==AF(!0<$'K#=>@'!$S@K@=>!!
!
M@<F=>6!?&#[&#&!_(6!;K&'R!C(!;G@KO6!M(!_&G$F!"=KK$#6!2&<$!]N>A$<6!2&>@$<!C@>D6!4&#=<R>!
3(!4=<\@>6!&>S!0S^&#S!2=>>$#FK$@>!cHXXHd6!͞sŝŽůĞŶĐĞŝŶŚŝůĚƌĞŶ͛ƐdĞůĞǀŝƐŝŽŶ!
WƌŽŐƌĂŵŵŝŶŐ͗ƐƐĞƐƐŝŶŐƚŚĞZŝƐŬƐ͕͟M%<(),/!%4!7%**<)01,+0%)6!!*H1!*BL*(!
! !
!
! ! !
!
!
!
!
!
!
!
"+,-!-M.!
!
4./-03".,+,5!48C-8,+C!
29;4.8,;0;!
!
!
!
!
! !
!
!
!
"#$%!&#%'()#*$+,!%#-.$'.$%!/0%!'#!1$!$'/.-023!
!
"&N<=!3=NK@>O=!?&##=F=1!
!
!
>?83(+,3!
!9!@>K$>S!K=!#$%<$'K!=>!KO$!@GZ<@'&K@=>F![$K^$$>!@>S@\@SN&<F!&>S!F='@$KR6!FK&#K@>)!%#=G!
ƚŚĞƋƵĞƐƚŝŽŶ͞ŽĞƐƉŽƐƚBŵŽĚĞƌŶƐŽĐŝĞƚŝĞƐŚĂƐƚŽďĞĞƚŚŝĐĂů͍͟&ŽƌƚŚŝƐ͕/ƐƵƉƉŽƌƚŵLJ
Z&Z$#!=>!KO$!^=#A!=%!Q#&>D!]&%A&6!6)!85'!@'),/!7%/%)96!K=!#$Z#$F$>K!&!F='@&<!KO$&K$#!
=%! '#N$<KR! &$FKO$K@'F! @>! '=>K$GZ=#&#R! F='@$K@$F! =%! Z=FKBG=S$#>@KR(! -O$! F='@&<!
S@G$>F@=>! =%! $KO@'F! @F! &! F=#K! =%! Z#&'K@'$! =%! '#N$<KR! &F! ^$<<! &F! &! F=#K! =%! &$FKO$K@'F!
#$Z#$F$>K@>)!Z#$F'#@ZK@=>F!=%!F='@$KR6!^O@'O!'<&FO$F!^@KO!KO$!'=>K$GZ=#&#R!K#$>SF!=%!
KO$F$! Z=FKBG=S$#>! F='@$K@$F! 'O&#&'K$#@D$S! [R! KO$! @>S@\@SN&<@FG6! >&#'@FF@FG6!
'=>FNGZK@=>! &>S! G$S@&! FZ$'K&'<$(! -O$! KO$&K$#! =%! '#N$<KR! ^=#AF! =>! ZN>@FO@>)! KO$!
'=>S$G>$Sh! @K! @F! $FF$>K@&<<R! &! ^=#A! =%! F='@&<! &$FKO$K@'F! =#! OR)@$>@FK! $KO@'F(! -O$!
@>F$>F@K@\$! G&'O@>$! =%! C&^! O&F! F='@&<! &NKO=#@KR! &>S! @K! $G[=S@$F! KO$! %&N<KF! =#! KO$!
ŵŝƐƚĂŬĞƐƉƵŶŝƐŚĞĚŝŶ<ĂĨŬĂ͛ƐǁƌŝƚŝŶŐ͘/ƐƚŚŝƐŵĂĐŚŝŶĞƐƚŝůůǁŽƌŬŝŶŐ;ŝŶĂŶŝŶǀŝƐŝďůĞǁĂLJͿ
@>!=N#!F='@$K@$F6!^O$#$!KO$!F='@&<!#$`N@#$G$>KF!#$G&@>!KO$!=#S$#!=%!KO$!C&^r!
!
@)=9/(48A!<&^6!Z=FKBG=S$#>@KR6!#N<$6!F='@&<![$O&\@=#6!F='@$KR6!FK&>S&#S(!
!
!
"13(/4B,37/1!
9>! O@F! V%+'D%%>! QRQg#Qh͕ >ƵĚǁŝŐ tŝƚƚŐĞŶƐƚĞŝŶ ǁƌŽƚĞ͗ ͞ƚŚŝĐƐ ĚŽĞƐ ŶŽƚ ƚƌĞĂƚ ŽĨ ƚŚĞ
ǁŽƌůĚ͖ƚŚŝĐƐŵƵƐƚďĞĂĐŽŶĚŝƚŝŽŶŽĨƚŚĞǁŽƌůĚ͕ůŝŬĞůŽŐŝĐ͟;tŝƚƚŐĞŶƐƚĞŝŶ͕ϭϵϳϵ͗ϳϳͿ͘/Ĩ
0KO@'F! @F! FN'O! '=>S@K@=>! =%! KO$! ^=#<S6! ^$! FO=N<S! <@\$! &>! $KO@'&<! <@%$(! -O$! Z#=[<$G! @F!
KO&K!^$!<@\$!c$KO@'&<<R!=#!>=Kd!@>!@>S@\@SN&<@FK@'!&>S!F$>F$<$FF!Z=FKBG=S$#>!F='@$K@$F6!
@($(6!.''@S$>K&<!F='@$K@$F!FK@)G&K@D$S6!&''=#S@>)!K=!"$K$#!;@>)$#!cHXXP1!*Ld6![R!'#@F$F!=%!
F='@&<!\&<N$F!&>S![R!KO$!<=FF!=%!F$>F$!=%!'=GGN>@KR(!/$\$#KO$<$FF6!KO$#$!&#$!&NKO=#F6!
<@A$! ;@>)$#6! ǁŚŽ ĂŶƐǁĞƌ ĐůĞĂƌůLJ ͞LJĞƐ͟ ƚŽ ƚŚĞ ƋƵĞƐƚŝŽŶ ͞ĂŶ ǁĞ ůŝǀĞ ĂŶ ĞƚŚŝĐĂů ůŝĨĞ͍͟
^ŝŶŐĞƌĞdžƉůĂŝŶƐǁŚĂƚŝƐƚŽůŝǀĞĞƚŚŝĐĂůůLJ͗͞ŝƚŝƐƚŽƌĞĨůĞĐƚŝŶĂƉĂƌƚŝĐƵůĂƌǁĂLJĂďŽƵƚŚŽǁ
ǁĞůŝǀĞĂŶĚƚŽƚƌLJĂĐƚĂĐĐŽƌĚŝŶŐůLJǁŝƚŚƚŚĞĐŽŶĐůƵƐŝŽŶƐŽĨƚŚĂƚƌĞĨůĞĐƚŝŽŶ͟;ϮϬϬϲ͗ϭϲͿ͘
?NK6! ƚŚĞ ƋƵĞƐƚŝŽŶ ͞,Žǁ ǁĞ ƐŚŽƵůĚ ůŝǀĞ͍͟ ŝƐ ĂŶĐĞƐƚƌĂů͕ ĞǀĞƌůĂƐƚŝŶŐ͖ ŝƚ ǁĂƐ ĂůƌĞĂĚLJ
ĚŝƐĐƵƐƐĞĚ ŝŶ ŶĐŝĞŶƚ WŚŝůŽƐŽƉŚLJ͕ ŶĂŵĞůLJ ŝŶ WůĂƚŽ͛Ɛ B'.<D/016! KO$#$%=#$6! @K! @F! >=K! &!
'=>K$GZ=#&#R!'=>'$#>!=%!=N#!Z=FKBG=S$#>!$Z='O(!
!
,$KN#>@>)!K=!KO$!&[=\$B`N=K$S!Z&FF&)$!%#=G!M@KKŐĞŶƐƚĞŝŶ͛ƐŶŽƚĞŬ͕ŝƚŵĞĂŶƐƚŚĂƚ
0KO@'F!O&F!&>!N>S=N[K$S!ZN#Z=F$6!&!F=#K!=%!1%)-0+0%)!20)'!i<,!)%)!K=!<@\$!=#!K=![$!@>!
ƚŚĞ ǁŽƌůĚ͘ / ƐŚĂƌĞ tŝƚƚŐĞŶƐƚĞŝŶ͛Ɛ ƚŚĞƐŝƐ͕ ĂŶĚ ĂůƐŽ ĐŽŶƐŝĚĞƌ ƚŚŝĐƐ ĂŶĚ ĞƐƚŚĞƚŝĐƐ ĂƐ
ŽŶĞ͕ĂĐĐŽƌĚŝŶŐƚŽtŝƚƚŐĞŶƐƚĞŝŶ͛ƐƌĞŵĂƌŬŝŶƚŚĞ8(,1+,+<2!;%$01%#@50/%2%.501<2!cWUUU1!
P(JHWd(!0KO@'F!&>S!+$FKO$K@'F!&#$!=>$![$'&NF$!KO$#$!@F!F=G$KO@>)![$&NK@%N<!c&K!<$&FK!@>!
&>! &$FKO$K@'&<! $V@FK$>'$! Z$#FZ$'K@\$d! S=@>)! )==S! KO@>)F! K=! =KO$#! Z$=Z<$(! Q=#!
tŝƚƚŐĞŶƐƚĞŝŶ͕ ͞ǁŚĞŶ Ă ŐĞŶĞƌĂů ĞƚŚŝĐĂů ůĂǁ ŽĨ ƚŚĞ ĨŽƌŵ ͚85%<! 25,/+:::͛ ŝƐ ƐĞƚ ƵƉ͕ ƚŚĞ
ĨŝƌƐƚƚŚŽƵŐŚƚŝƐ͗^ƵƉƉŽƐĞ/ĚŽŶŽƚĚŽŝƚ͍͟;ϭϵϳϵ͗ϳϴͿ͘͞/ƚŝƐĐůĞĂƌ͕͟ŚĞƉŽŝŶƚƐŽƵƚ͕͞ƚŚĂƚ
ĞƚŚŝĐƐ ŚĂƐ ŶŽƚŚŝŶŐ ƚŽ ĚŽ ǁŝƚŚ ƉƵŶŝƐŚŵĞŶƚ ĂŶĚ ƌĞǁĂƌĚ͖͟ ƐŽ ŚĞ ĂƌŐƵĞƐ ƚŚĂƚ ƚŚĞ
`N$FK@=>! &[=NK! KO$! '=>F$`N$>'$F! =%! &>! &'K@=>! GNFK! [$! N>@GZ=#K&>K6! [$'&NF$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!,$F$&#'O!&K!KO$!;='@&<!;'@$>'$F!2$Z&#KG$>K6!7@)O!;'O==<!=%!0SN'&K@=>!ʹ!Y@F$N6!"=#KN)&<!
Z[&##=F=i$F$\(@Z\(ZK!
!
! ! !
'=>F$`N$>'$F!&#$!>=K!&'K@=>F!=#!$\$>KF(!?NK6!^$!FO=N<S![$!#$FZ=>F@[<$!%=<<=^@>)!=#!
>=K!KO$!F='@&<!#N<$F(!4&>!KO$#$![$!&>R!$KO@'F!@%!KO$#$!@F!>=!<@\@>)![$@>)![NK!GRF$<%!@>!
KO$!^=#<Sr!-=!^O=G!GR!<@%$!c@($(!GR![$O&\@=#6!&'K@=>F!=#!&KK@KNS$Fd!'=N<S![$![$&NK@%N<!
=#!)==Sr!
!
9! @>K#=SN'$! KO$! <@K$#&#R! ^=#A! =%! Q#&>D! ]&%A&! @>K=! KO$F$! '=>K$GZ=#&#R! F='@=<=)@'&<!
Z#=[<$GF! [$'&NF$! O$! ^#=K$! G$K&ZO=#@'&<<R! &[=NK! ONG&>! '=>S@K@=>(! +! F=#K! =%!
G@F$#&[<$! &>S!Z&@>%N<!'=>S@K@=>!=%!&<<!&^&#$!G$>!%&'$! &!@>%<$V@[<$!S$FK@>R!=%!S$&KO6!
<=>$>$FF6!Z&@>6!FN%%$#@>)6!G@F$#R6!%$!&>)FK!&>S!&)=>R(!-O$F$!&#$!KO$!G&@>!^=##@$F!
Žƌ ƉŚŝůŽƐŽƉŚŝĐĂů ƐƵďũĞĐƚƐ ŽĨ <ĂĨŬĂ͛Ɛ ǁƌŝƚŝŶŐƐ͘ 6)! +%+%6! KO$#$! @F! &>! $V@FK$>K@&<@FK!
ƉĞƌƐƉĞĐƚŝǀĞ ŽĨ <ĂĨŬĂ͛Ɛ ǁƌŝƚŝŶŐƐ͘ dŚŝƐ ŝƐ ƚŚĞ ƚŚĞƐŝƐ ŽĨ ŵLJ ƉĂƉĞƌ͕ ǁŚŝĐŚ ŝƐ ĂůƐ=!
ĐŽƌƌŽďŽƌĂƚĞĚďLJůĞdžĂŶĚƌĞsŝĂůĂƚƚĞ͕<ĂĨŬĂ͛ƐĨŝƌƐƚ&ƌĞŶĐŚƚƌĂŶƐůĂƚŽƌ͕ǁŚŽůĂďĞůĞĚƚŚĞƐĞ
ǁŽƌƌŝĞƐŽƌƉŚŝůŽƐŽƉŚŝĐĂůƐƵďũĞĐƚƐĂƐĂ͞ĚŝĂďŽůŝĐŝŶŶŽĐĞŶĐĞ͟;sŝĂůĂƚƚĞ͕ϭϵϵϴͿ͘!
!
KŶĞŽĨƚŚĞŐƌĞĂƚƋƵĂůŝƚŝĞƐŽĨ<ĂĨŬĂ͛ƐǁƌŝƚŝŶŐƐŝƐƚŚĞĂďŝůŝƚLJƚŽĞdžƉůŽƌĞƚŚĞƐĞƐĞŶƐĂƚŝŽŶF6!
^O@'O! &#$! N>'=>F'@=NF! K=! KO$! G&b=#@KR! =%! Z$=Z<$(! -O$F$! F$>F&K@=>F! &#$! &S\$#F$6!
>$)&K@\$6! &>S6! KO$#$%=#$6! KO$R! &#$! &<F=! N>S$F@#&[<$(! ?NK! KO$R! [$<=>)! K=! ONG&>!
ŶĂƚƵƌĞ͖ ƚŚĞLJ ĐŚĂƌĂĐƚĞƌŝnjĞ ƚŚĞ ĂŶŽŶLJŵŽƵƐ ĂŶĚ ƚŝŵĞůĞƐƐ ŚƵŵĂŶ ĐŽŶĚŝƚŝŽŶ͘ <ĂĨŬĂ͛Ɛ
FK=#@$F! K#&>F%=#G! KO$F$! F$>F&K@=>F! @>! '=GG=>! Z<&'$F(! -=! N>S$#FK&>S! ]&%A&! @F! K=!
N>S$#FK&>S!O@F!^#@K@>)F6![$'&NF$!O$!FK&#KF!%#=G!@>F@S$!=%!O@GF$<%(!7@F![@=)#&ZOR!@F!O@F!
[@[<@=)#&ZOR6! &! %#&)G$>K$S! [@[<@=)#&ZOR! '=GZ=F$S! [R! %$$<@>)F6! ^O@'O! 6)! +5'! @'),/!
7%/%)9! @F! =><R! =>$! FG&<<! Z&#K! =%! KO$! ^O=<$! ZNDD<$! =%! K#&)@'! ONG&>! '=>S@K@=>(! -O$!
ĐƌƵĞůƚLJ͕ ƚŚĞ ƉƌĞƉŽƚĞŶĐLJ ĂŶĚ ŵŽƌƚŝĨŝĐĂƚŝŽŶ Žƌ ƚŚĞ ĂďƐĞŶĐĞ ŽĨ ũƵƐƚŝĐĞ͛Ɛ ƉƌŝŶĐŝƉůĞƐ
FN%%$#$S![R!&!'=>S$G>$S!SN#@>)!O@F!$V$'NK@=>!@F!F@G@<&#!K=!=N#!#$&<!<@%$(!
!
6)!+5'!@'),/!7%/%)9!@F!&!FG&<<!%&>K&FK@'!FK=#R6!=>$!=%!KO$!%$^!^=#AF!ZN[<@FO$S![R!]&%A&!
ŝŶ ŚŝƐ ůŝĨĞƚŝŵĞ͘ dŚŝƐ ƐƚŽƌLJ ĂůůŽǁƐ ƵƐ ƚŽ ĨĞĞů <ĂĨŬĂ͛Ɛ ŝŶƚĞƌĞƐƚ ŽŶ ƚŚŽƐĞ ĞdžŝƐƚĞŶƚŝĂůŝƐƚƐ͛
FN[b$'KF6! 'O&<<$>)@>)! =N#! N>S$#FK&>S@>)! =%! $\$#RS&R! Z#=[<$GF! <@A$! &! %&@#! K#@&<! =#! &!
#$&F=>&[<$! &>S! G$'O&>@'&<! Z=^$#! =\$#! =N#! ONG&>! [$O&\@=#! =#! ONG&>! G=#&<!
&<@$>&K@=>(!
!
<:)!5(/?6)2!/*!,(B)63=!+)83:)37,8!
-O$! Z#=[<$G! =%! '#N$<KR! &$FKO$K@'F! '=N<S! [$! %=#GN<&K$S! KO#=N)O! KO$! %=<<=^@>)!
`N$FK@=>1!MOR!FO=N<S!^$!<@\$!$KO@'&<<R!cK&A@>)!&>!&$FKO$K@'&<!$V@FK$>'$d!@%!^$!<@\$!@>!
Z=FKBG=S$#>!F='@$K@$F6!^O$#$!$\$#RKO@>)!&#=N>S!NF!@F!FZ$'K&'<$!&>S!#$Z#$F$>KF!&!F=#K!
=%!F='@&<!KO$&K$#!=%!'#N$<KR6!F$<%@FO!&>S!&ZZ&#$>K!+$FKO$K@'Fr!
!
;/1,)53B+6!*(+271.!
-O$! '=>'$ZKN&<! %#&G@>)! =%! KO$! Z#$\@=NF! Z#=[<$G! Z#$FNZZ=F$F! &! '=>%#=>K&K@=>!
[$K^$$>!Wd!KO$!$KO@'&<!>&KN#&<@FG!&>S!Hd!KO$!$KO@'&<!'=>\$>K@=>&<@FG!&>S!KO$!G=#&<!
#$<&K@\@FG(! F-! .(0*<*6! &! Z$#FZ$'K@\$! &<#$&SR! ZN#FN$S! [R! "<&K=! &>S! +#@FK=K<$6! @K! @F!
&#)N$S!KO&K!KO$#$!&#$!)==S!\&<N$F!=#!G=#&<!&'K@=>F!.'(!2'6!@($(6!^$!'&>!<@\$!$KO@'&<<R!
[R! =N#F$<\$F! SN$! K=! KO$! c)==S! =#! [&Sd! ONG&>! >&KN#$! =#! $FF$>'$(! F-! 2'1<)-<*6! &!
Z$#FZ$'K@\$! #&S@'&<<R! =ZZ=F$S! K=! KO$! %=#G$#6! @K! bNFK@%@$F! KO$! S@\$#F@KR! =#! KO$!
FN[b$'K@\@KR!=%!^&RF!=%!<@%$(!
!
-O$!G=#&<!#$<&K@\@FG!&F!&!'N<KN#&<!#$<&K@\@KR!'=N<S![$!bNFK@%@$S!KO#=N)O!KO$F$!^&RF!=%!
ůŝĨĞŽƌĂŐŝǀĞŶ͞ĨŽƌŵŽĨůŝĨĞ͕͟ĂĐĐŽƌĚŝŶŐƚŽtŝƚƚŐĞŶƐƚĞŝŶ͛ƐƚĞƌŵŝŶŽůŽŐLJ͘͞&ŽƌŵŽĨůŝĨĞ͟
ŝŵƉůŝĞƐĂŶŽƚŚĞƌŝŵƉŽƌƚĂŶƚĐŽŶĐĞƉƚƚŽtŝƚƚŐĞŶƐƚĞŝŶ͕ƚŚĞŽŶĞŽĨ͞ůĂŶŐƵĂŐĞBŐĂŵĞ͕͟ŝ͘$(!
KO$!@S$&!KO&K!K=!FZ$&A!&!<&>)N&)$!@F!Z&#K!=%!&>!&'K@\@KR!)N@S$S![R!#N<$F6!@>!&!%=#G!=%!
ůŝĨĞ͘͞dŽŝŵĂŐŝŶĞĂůĂŶŐƵĂŐĞŵĞĂŶƐƚŽŝŵĂŐŝŶĞĂĨŽƌŵŽĨůŝĨĞ͟;tŝƚƚŐĞŶƐƚĞŝŶ͕ϭϵϵϲ͗ΑΑ
!
WU6! HLd(! 9%! &! %=#G! =%! <@%$! @F! &! <&>)N&)$B)&G$6! KO$>! '=N>K<$FF! <&>)N&)$B)&G$F! $V@FK6!
'=N>K<$FF!%=#GF!=%!<@%$!&<F=!$V@FK(!
!
-O$! $KO@'&<! '=>\$>K@=>&<@FG! &>S! KO$! G=#&<! #$<&K@\@FG! bNFK@%R! $KO@'&<! S@%%$#$>'$F!
[$K^$$>!ONG&>![$@>)F!&>S!S$>R!KO$!$V@FK$>'$!=%!&!N>@`N$!G=#&<!'=S$!^@KO!N>@\$#F&<!
&>S!K@G$<$FF!\&<N$!K=!ONG&>!'=>S@K@=>(!
!
<:)!5()8,(7537/1A!)3:7,+6!,/10)137/1+6782!+14!2/(+6!()6+370782!
6)! +5'! @'),/! 7%/%)9! #$Z#$F$>KF! &! K#@<=)R1! <&>)N&)$6! K$'O>@`N$! &>S! Z=^$#6! KO#$$!
\$#K@'$F! =%! KO=F$! F='@$K@$F! &>S! 'N<KN#$F! F$KK<$S! @>! Z#@>'@Z<$F! =%! .#S$#! &>S! "#=)#$FF(!
-O@F!FK=#R!@F!<@A$!&!FK&)$!^O$#$!KO$!'#N$<KR!&$FKO$K@'F!=%!<@%$!@F!#$Z#$F$>K$S(!;Z$&A@>)!
ŽĨ ͞ĐƌƵĞůƚLJ ĂĞƐƚŚĞƚŝĐƐ͟ ƐĞĞŵƐ ĐŽŶƚƌĂĚŝĐƚŽƌLJ͕ ďĞĐĂƵƐĞ ĞƐƚŚĞƚŝĐƐ͕ ďLJ ƌƵůĞ͕ ĚŽĞƐ ŶŽƚ
#$Z#$F$>K6! Z#=G=K$! =#! FN))$FK! &>R! N>Z<$&F&>K! &>S! Z&@>%N<! %$$<@>)6! =#6! &K! <$&FK6! @K!
FO=N<S! >=K(! .>! KO$! '=>K#&#R6! +$FKO$K@'F! @F! &>! $V$#'@F$! =%! [$&NKR! Z#=SN'K@=>(! ;=6! @K!
FO=N<S![$!Z<$&F&>K!K=!=N#!
F$>F$Fh!@K!FO=N<S!FK@GN<&K$!Z=F@K@\$!F$>F&K@=>F!&>S!%$$<@>)F(!
!
7=^$\$#6!KO$!'#N$<KR!&$FKO$K@'F!=%!6)!+5'!@'),/!7%/%)9!'=G$F!%#=G!F=G$KO@>)!KO&K!@F!
$VK$#>&<! K=! KO$! +$FKO$K@'F! @KF$<%6! @($(6! %#=G! &>! $KO@'&<! S@G$>F@=>6! ^O@'O! @F! KO$!
<$)@K@G&'R! =%! '#N$<KR! c$\$>! @>! &>! &$FKO$K@'&<! S@G$>F@=>d(! Q=#! KO@F! #$&F=>6! 9! FNFK&@>! &!
KO$=#$K@'&<!Z&KO!K=!KO$!Z#$F'#@ZK@=>!=%!KO$!'#N$<KR!&$FKO$KŝĐƐĂŶĚĞƚŚŝĐƐŽǀĞƌ<ĂĨŬĂ͛Ɛ
6)! +5'! @'),/! 7%/%)9(! 9! G$&>! KO$! Z#$F'#@ZK@=>! =%! KO$! C&^! =>! KO$! [=SR(! -O$! Z$>&<KR!
$V$'NK@=>! G&'O@>$! ^#@K$F! KO$! F$>K$>'$! =>! KO$! [=SR! =%! KO$! '=>S$G>$S! K@<<! &!
[<==S<$FF!S$&KO![=SR(!-O$!G&'O@>$!$V$'NK$F!KO$!C&^!^@KO!&NKO=#@KR6!@($(!&!)@\$>!<&^!
&F! &>! =NK'=G$! =%! &>! $KO@'&<! '=>\$>K@=>&<@FG! &>S! G=#&<! #$<&K@\@FG(! -O$! G&'O@>$!
$G[=S@$F!KO$!G@FK&A$!=#!'#@G$!=%!KO$!'=>S$G>$S!=>!O@F!=^>![=SR(!-O@F!@F!&!A@>S!=%!
FNZ#$G$!&>S!@#=>@'!G&>@%$FK&K@=>!=%!KO$!#$<&K@=>!'#@G$BZN>@FOG$>K(!+!#$<&K@=>!^$<<!
$VZ<=#$S!@>!KO$!7(0*'!,)-!@<)025*')+͕ƚŚĞŽƐƚŽĞǀƐŬLJ͛Ɛ*,$)<*!%.<2(!
!
-O$! Z#$F'#@ZK@=>! @F! KO$! =#S$#! =%! KO$! C&^(! -O$! '=>S$G>$S! Z&RF! O@F! '#@G$! ^@KO! KO$!
&ZZ#=Z#@&K$S!ZN>@FOG$>K1!KO$!Z#$F'#@ZK@=>!=%!KO$!C&^6!%=#)=KK$>!=#!>$)<$'K$S![R!KO$!
'=>S$G>$S6! @F! ^#@KK$>! =>! O@F! [=SR! KO#=N)O! O@F! FZ@<<$S! [<==S! N>K@<! KO$! <&FK! S#=Z(!
9#=>@'&<<R6!KO$!Z#$F'#@ZK@=>!#$'=#S$S!%=#$\$#!=>!KO$![=SR!=%!KO$!'=>S$G>$S!^=N<S![$!
Z$S&)=)@'&<<R!NF$<$FF!@>!%NKN#$!&'K@=>F(!
!
-O$! G&'O@>$! &<<=^F! KO$! @>F'#@ZK@=>! K&A@>)! %=#G! =>! KO$! [=SR! =%! KO$! '=>S$G>$S(!
ĐĐŽƌĚŝŶŐƚŽƚŚĞŽĨĨŝĐĞƌ͛ƐĚĞƐĐƌŝƉƚŝŽŶ͕ƚŚĞŵĂĐŚŝŶĞŚĂƐƚǁŽŬŝŶĚƐŽĨŶĞĞĚůĞƐĂƌƌĂŶŐĞĚ
ŝŶ ŵƵůƚŝƉůĞ ƉĂƚƚĞƌŶƐ͘ ĂĐŚ ůŽŶŐ ŶĞĞĚůĞ ŚĂƐ Ă ƐŚŽƌƚ ŽŶĞ ďĞƐŝĚĞ ŝƚ͘ ͞dŚĞ ůŽŶŐ ŶĞĞĚůĞ
S=$F!KO$!^#@K@>)6!&>S!KO$!FO=#K!>$$S<$!FZ#&RF!&!b$K!=%!^&K$#!K=!^&FO!&^&R!KO$![<==S!
ĂŶĚ ŬĞĞƉ ƚŚĞ ŝŶƐĐƌŝƉƚŝŽŶ ĐůĞĂƌ͟ ;<ĂĨŬĂ͕ ϮϬϬϱ͗ ϭϰϳͿ͘ ƵƌŝŶŐ ƚŚŝƐ ƉƌŽĐĞƐƐ͕ ƚŚĞ ĞƚŚŝĐĂů
Z#$F'#@ZK@=>!@F!^#@KK$>!=>!KO$![=SR(!-O$!'&<<@)#&ZOR!@F!O&#S!K=!#$&S!&>S!@K!>$$SF!K=![$!
ƐƚƵĚŝĞĚ ĐůŽƐĞůLJ͘ dŚĞ ƉŽŝŶƚ ŽĨ ƚŚĞ ŽĨĨŝĐĞƌ ŝƐ ƚŚĂƚ ƚŚĞ ƐĐƌŝƉƚ ĐĂŶ͛ƚ ďĞ Ă ƐŝŵƉůĞ ŽŶĞ͕!
[$'&NF$!@K!@F!>=K!FNZZ=F$S!K=!A@<<!&!G&>!FK#&@)OK!=%%6![NK!=><R!&%K$#!&>!@>K$#\&<!=%6!=>!
&\$#&)$6!K^$<\$!O=N#F!c]&%A&6!HXX*1!WJUd(!-O$!G&'O@>$!A$$ZF!=>!^#@K@>)!S$$Z$#!&>S!
S$$Z$#! %=#! KO$! ^O=<$! K^$<\$! O=N#F(! 9%! @K! @F! S@%%@'N<K6! %=#! F=G$=>$6! K=! S$'@ZO$#! KO$!
F'#@ZK!^@KO!KO$!$R$F6!@K!^=N<S!>=K![$!S@%%@'N<K!%=#!KO$!'=>S$G>$S6!&F!O$!^@<<!S$'@ZO$#!
@K!^@KO!O@F!Z&@>F!&>S!^=N>SF(!+K!KO$!$>S!=%!KO@F!'=GZ<$V!K&FA6!^O$>!KO$!O&##=^!O&F!
ƉŝĞƌĐĞĚ ƚŚĞ ƉƌŝƐŽŶĞƌ ƋƵŝƚĞ ƚŚƌŽƵŐŚ ĂŶĚ ĐĂƐƚƐ Śŝŵ ŝŶƚŽ ƚŚĞ Ɖŝƚ͕ ƚŚĞ ͞ũƵĚŐŵĞŶƚ ŚĂƐ
[$$>!ĨƵůĨŝůůĞĚ͟ĂŶĚƚŚĞĐŽŶĚĞŵŶĞĚĐĂŶďĞďƵƌŝĞĚ;<ĂĨŬĂ͕ϮϬϬϱ͗ϭϱϬͿ͘!
!
ƐǁĞĐĂŶƌĞĂĚŝŶ<ĂĨŬĂ͛ƐƐƚŽƌLJ͕ŝƚǁĂƐƵŶĚĞŶŝĂďůĞƚŚĞŝŶũƵƐƚŝĐĞŽĨƚŚĞƉƌŽĐĞĚƵƌĞĂŶĚ
KO$! @>ONG&>@KR! =%! KO$! $V$'NK@=>! c]&%A&6! HXX*1! W*Wd(! -O$! $VZ<=#$#! KO&K! O&S! [$$>!
!
! ! !
@>\@K$S! K=! &KK$>S! KO$! $V$'NK@=>! cO$! '=N<S! [$! &>R=>$! >=K! %&G@<@&#! ^@KO! KO@F! #@KN&<d!
F$$G$S!K=!$VZ#$FF!&!\@$^!&)&@>FK!KO@F!A@>S!=%!_NFK@'$(!?NK!KO$!'=>S$G>$S!^=N<S!S@$!
^@KO!KO$!Z#$F'#@ZK@=>!cKO&K!O$!%=#)=Kd!=>!O@F![=SR(!
!
<:)!+)83:)37,8!/*!3:)!(B6)!+14!5B178:71.!
MO&K!S=$F!@K!G$&>!K=!%=<<=^!&!F='@&<!#N<$r!MO&K!G&R!O&ZZ$>!@%!=>$!S=$F!>=K!%=<<=^!&!
ŐŝǀĞŶ ƌƵůĞ͍ dŚĞƌĞ ǁŽƵůĚ ďĞ ĐŽŶƐĞƋƵĞŶĐĞƐ ĨŽƌ ǁŚŽŵ͍ /Ŷ <ĂĨŬĂ͛Ɛ ƐƚŽƌLJ͕ ƚŚĞ >Ăǁ ŝƐ
FO=^>!&$FKO$K@'&<<R!@>!KO$!S#&%K!=%!KO$!G&'O@>$!&<<!=\$#!KO$![=SR!=%!KO$!'=>S$G>$S(!
-O$!Z$#%=#G&>'$!=%!KO$!G&'O@>$!@F!&$FKO$K@'&<6!'=>F@S$#@>)!KO#$$!&FZ$'KF1!!
Wd -O$! Z#$F'#@ZK@=>! =%! KO$! C&^! K#&>F'#@[$S! @>K=! &<ZO&[$K@'! F@)>F! c@($(! @>K=!
K$VKd!=#!@>K=!@S$=)#&ZO@'!F@)>F!c@($(!@>K=!S#&^F!&>S!@G&)$Fd(!
Hd -O$!Z&FF&)$!=%!KO$!\$#[&<!%=#GN<&K@=>!=%!C&^!@>K=!&!ZORF@'&<!@GZ#@>K6!@($(!
@>K=!&!Z$'N<@&#!FNZZ=#K1!KO$!Z#=Z$#![=SR!=%!KO$!'=>S$G>$S6!KO$!=>$!^O=!
G&S$!&!#N<$!S$\@&K@=>!&'K@=>!'=>F@S$#@>)!KO$!$FK&[<@FO$S!C&^(!
Ld +! F=#K! =%! @SR<<@'! S$&KO1! &! %@>&<! Z$S&)=)@'&<! S@G$>F@=>! KO&K! K&A$F! KO$!
'=>S$G>$S!K=!S@$!^@KO!KO$!C&^!^#@KK$>!=>!O@F![=SR(!
!
F-! .(0*<*6! K&A@>)! @>K=! &''=N>K! KO$! l$>! ?NSSO@FG6! KO$! '#$&K@=>! =%! F@)>F! ^@KO! KO$!
[#NFO! %N<<! =%! @>A! #$`N@#$F! &F'$K@'@FG! %#=G! KO$! Z&@>K$#! =#! ^#@K$#6! @($(! &! F=#K! =%! @>>$#!
$GZKR@>)(!9K!@F!<@A$!KO$!%N<%@<<G$>K!=%!&>!&$FKO$K@'&<!FK&K$!=%!$GZKR(!-O@F!$GZKR!FO=N<S!
[$!N>S$#FK==S!Z=F@K@\$<R!&F!&>!=ZZ=#KN>@KR!K=!%N<%@<<!F=G$KO@>)!^@KO!F=G$KO@>)!$<F$(!
^Ž͕ǁĞƐŚŽƵůĚŶ͛ƚƵŶĚĞƌƐƚĂŶĚƚŚĞĞŵƉƚLJĂƐĂƐŝŵƉůĞĂďƐĞŶĐĞŽƌďůĂŶŬ͘!
!
F-! 2'1<)-<*6! KO$! G$>K@=>$S! Z&FF&)$! &<F=! Z#$FNZZ=F$F! KO$! K#&>F%=#G&K@=>! =%! KO$!
'#@G@>&<! [=SR! c%N<<! =%! \@'$6! %&N<KF! &>S! S$\@&>'$Fd! K=! &>! &$FKO$K@'&<! [=SR6! ^@KO! <@>$F6!
<$KK$#F6!^=#SF6!S#&^F(!C$K!NF!K&A$!@>K=!&''=N>K!=>$!=%!KO$!G=FK!FK#@A@>)!$Z@F=S$F!=%!
KO$! O$@)OK! =%! #&K@=>&<@KR! @>! &>'@$>K! :#$$'$1! KO$! S$&KO! =%! ;='#&K$F(! -O@F! $Z@F=S$! @F!
S$F'#@[$S![R!"<&K=!@>!O@F!S@&<=)N$!>&G$S!7(0+%!c"<&K~=6!HXXHd(!4#@K=6!KO$!@>K$#<='NK=#!
&>S! %#@$>S! =%! ;='#&K$F6! #$'=GG$>SF! KO$! $F'&Z$6! [NK! ;='#&K$F! &SG@KF! KO&K! @K! @F!
@##&K@=>&<! &''=#S@>)! K=! KO$! <&^F!=%! +KO$>F! &>S! &''$ZKF! KO$! '=>F$`N$>'$F(! +^&#$!=%!
O@F! F@KN&K@=>6! ;='#&K$F! ^&@KF! %=#! S$&KO! &F! &! ONG&>! '=>S@K@=>! %&'$! KO$! C&^6!
'=>F@S$#@>)1!&d!M$!GNFK!&<^&RF!&''$ZK!KO$!<&^F!=%!KO$! ;K&K$h![d!M$!FO=N<S!#$FZ$'K!
ŽƵƌ ĐŽŵƉƌŽŵŝƐĞƐ͖ ĐͿ tĞ ƐŚŽƵůĚŶ͛ƚ ƉƌĞũƵĚŝĐ$! KO$! @%/02(! Q#=G! KO$F$! KO#$$! Z#@>'@Z<$F6!
;='#&K$F! K&A$F! KO$! '=>'<NF@=>! KO&K! O$! GNFK! &''$ZK! S$&KO! @>FK$&S! =%! #N>! &^&R(! ?NK6!
ǁŚĂƚŝƐƚŚĞƐĞŶƐĞŽĨ^ŽĐƌĂƚĞƐ͛ďĞŚĂǀŝŽƌ͍/ƚŝƐƚŚĞƐĞŶƐĞŽĨĞƚŚŝĐĂůƉƌŝŶĐŝƉůĞƐƚŚĂƚŵƵƐƚ
#$G&@>!=\$#!&>R!$\$>KN&<!Z$#F=>&<![$>$%@K!=%!O@F!$F'&Z$(!
!
F-! +'(+0<*͕ ĂŶ ŝĚLJůůŝĐ ĚĞĂƚŚ ĚĞŵĂŶĚƐ ĂŶ ƵƐĞůĞƐƐ ůĞĂƌŶŝŶŐ ƚŽ ƚŚĞ ĐŽŶĚĞŵŶĞĚ͛Ɛ ůŝĨĞ͕
[$'&NF$!O$!S@$F!^@KO!KO$!<$FF=>(!+>!@SR<<@'!S$&KO!#$G@>SF!NF!KO$!@GZ=#K&>'$!=%!KO$!
,(_+'͕ ŝ͘Ğ͘ ŝƚ͛Ɛ ƌŽůĞ͕ ŝƚ͛Ɛ ƉĞĚĂŐŽŐŝĐĂů ŝĚĞĂů ĂŶĚ ĐƵůƚƵƌĂů ƉƌĂĐƚŝĐĞ ĨŽƌ ƚŚĞ @>S@\@SN&<!
ĞĚƵĐĂƚŝŽŶ͘ƚƚŚŝƐƉŽŝŶƚ͕ƚŚĞĐůĂƐƐŝĐĂůĐƵůƚƵƌĞĂŶĚŝƚ͛ƐŚŝƐƚŽƌŝĐĂůĂŶĚƌĞĨĞƌĞŶƚŝĂůůĞŐĂĐLJ
^=N<S!&<<=^F!&>!NF$%N<!Z&#&<<$<!^@KO!=N#!'=>K$GZ=#&#R!^$FK$#>!F='@$K@$F6!K&A@>)!@>K=!
&''=N>K!KO$!S$&KO!=%!;='#&K$F6!#$Z#$F$>K@>)!&!Z$S&)=)@'&<!@S$&<!=%!KO$!,('+_(!
!
/Ŷ<ĂĨŬĂ͛ƐǁƌŝƚŝŶŐ͕ƚŚĞƌĞŝƐŶŽŽƉƚŝŽŶƚŽƚŚĞ,2>`2026![NK!KO$#$!@F!F=G$!=ZK@=>!K=!KO$!
,('+_! @>! S$&KO(! 9>! O@F! KN#>6! C&K@>! K#&S@K@=>! Z#$F$#\$F! KO$! Z#=\$#[@&<! ^=#SF! =%! .\@S!
cWUEU1! 9996! WLPd6! ^O=! F&@S! )'*%! ,)+'! *%(+'*! D',+<2! ;͞EŽďŽĚLJ ŝƐ ŚĂƉƉLJ ďĞĨŽƌĞ
ĚĞĂƚŚ͟Ϳ͘tŚĂƚǁĞŚĂǀĞƚŽĚŽŝƐƚŽĨŽůůŽǁƚŚĞƐĞŶƐĞĂŶĚƚŚĞƉƌĂĐƚŝĐĞŽĨũƵƐƚŝĐĞ͘,Žǁ͍
-O$! B5'+%(01! =%! +#@FK=K<$! )@\$F! NF! &! A@>S! =%! K&V=>=GR! &[=NK! KO$! FN[b$'K! =%! _NFK@'$6!
@>'<NS@>)! &<<! KO$! Z=FF@[<$! F@KN&K@=>F! &>S! G=K@\$F! K=! Z#&'K@'$! ũƵƐƚŝĐĞ͘ ͞ǀĞƌLJ ĂĐƚŝŽŶ
GNFK! [$! SN$! K=! =>$! =#! =KO$#! =%! F$\$>! '&NF$F1! 'O&>'$6! >&KN#$6! '=GZN<F@=>6! O&[@K6!
ƌĞĂƐŽŶŝŶŐ͕ĂŶŐĞƌ͕ŽƌĂƉƉĞƚŝƚĞ͟;ϭϵϵϴ͗ϭϯϲϵĂͿ͘!
!
dŚĞƉƌĂĐƚŝĐĞŽĨ;ŝŶͿũƵƐƚŝĐĞŝƐŽŶĞŽĨƚŚĞŵĂŝŶŝƐƐƵĞƐĞdžƉůŽƌĞĚďLJ<ĂĨŬĂ͛Ɛ6)!+5'!@'),/!
7%/%)9(! +K! KO$! [$)@>>@>)! =%! KO@F! FK=#R6! KO$! =%%@'$#! F&RF6! ^@KO! &! '$#K&@>! &@#! =%!
ĂĚŵŝƌĂƚŝŽŶ͕ ͞/ƚ͛Ɛ Ă ƌĞŵĂƌŬĂďůĞ ƉŝĞĐĞ ŽĨ ĂƉƉĂƌĂƚƵƐ͟ ;<ĂĨŬĂ͕ ϮϬϬϱ͗ ϭϰϬͿ͘ dŚŝƐ
ĞdžĐůĂŵĂƚŝŽŶ ƐŚŽǁƐ ƚŚĞ ƉƌŽĚŝŐŝŽƵƐ ŵĂĐŚŝŶĞ ŽĨ ƚŚĞ >Ăǁ͕ ǁŚŝĐŚ ͞ǁŽƌŬƐ Ăůů ďLJ ŝƚƐĞůĨ͘͟
?NK! KO$!&''N#&'R!=%!&!G&'O@>$! )=$F!^#=>)!&>S!&)&@>FK!=N#!$VZ$'K&K@=>!F=G$K@G$F6!
@>'<NS@>)!KO@F!Z&#K@'N<&#!G&'O@>$!cFRG[=<!=%!_NFK@'$d(!
!
M@KO!FN'O!$>KONF@&FG6!KO$!=%%@'$#!S$F'#@[$F!KO$!G&'O@>$!&F!@%!@K!^&F!&>!=#)&>@'![$$>(!
+''=#S@>)! K=! KO$! =%%@'$#6! KO$! F$>K$>'$! S=$F! >=K! F=N>S! F$\$#$(! ?NK! KO@F! F$$GF! &!
'=>K#&S@'K@=>6![$'&NF$!KO$!ZN>@FOG$>K!@F!&>!&ZZ&#&KNF!=%!'#N$<KR(!9>!O@F!=^>!^=#SF1!
͞tŚĂƚĞǀĞƌ ĐŽŵŵĂŶĚŵĞŶƚ ƚŚĞ ƉƌŝƐŽŶĞƌ ŚĂƐ ĚŝƐŽďĞLJĞĚ ŝƐ ǁƌŝƚƚĞŶ ƵƉŽŶ ŚŝƐ ďŽĚLJ ďLJ
ƚŚĞ ,ĂƌƌŽǁ͘͟dŚĞ ƉƌŝƐŽŶĞƌǁĂƐ ĐŽŶĚĞŵŶĞĚƚŽĚĞĂƚŚĨŽƌĚŝƐŽďĞĚŝĞŶĐĞĂŶĚŝŶƐƵůƚŝŶŐ
[$O&\@=#!K=!&!FNZ$#@=#!&>S!O@F!$V$'NK@=>!@F!^@K>$FF$S!&F!&>!$VO@[@K@=>!=#!&!FO=^(!;=6!
ƚŚĞƉƌŝƐŽŶĞƌǁŝůůŚĂǀĞǁƌŝƚƚĞŶŽŶŚŝƐďŽĚLJ͗͞,ŽŶŽƌƚŚLJƐƵƉĞƌŝŽƌƐ͊͟;<ĂĨŬĂ͕ϮϬϬϱ͗ϭϰϰͿ͘!
!
-O$!Z#=[<$G!@F!KO&K!KO$!Z#@F=>$#!S=$F!>=K!A>=^!KO$!F$>K$>'$!KO&K!O&F![$$>!Z&FF$S!
=>!O@G(!dŚĞŽĨĨŝĐĞƌƐĂLJƐƚŚĂƚ͞ƚŚĞƌĞǁŽƵůĚďĞŶŽƉŽŝŶƚŝŶƚĞůůŝŶŐŚŝŵƚŚĞƐĞŶƚĞŶĐĞ͘
,Ğ͛ůůůĞĂƌŶŝƚŽŶŚŝƐďŽĚLJ͘͟;<ĂĨŬĂ͕ϮϬϬϱ͗ϭϰϱͿ͘dŚĞƉƌŝƐŽŶĞƌĚŽĞƐŶ͛ƚŬŶŽǁĞŝƚŚĞƌƚŚĂƚ
O$! O&F! [$$>! F$>K$>'$Sh! O$! O&F! O&S! >=! 'O&>'$! =%! ZNKK@>)! NZ! &! S$%$>F$! =#! bNFK!
S$%$>S@>)!O@GF$<%(!
-O$!=%%@'$#!&#)N$F!O=^!KO$!G&KK$#!FK&>SF6!F&R@>)!KO&K!O$!O&\$![$$>!&ZZ=@>K$S!bNS)$!
@>! KO$! "$>&<! 4=<=>R! &>S! KO&K! O$! A>=^F! G=#$! &[=NK! KO$! G&'O@>$! KO&>! &>R=>$(! 7$!
ƉŽŝŶƚƐŽƵƚ͗͞DLJŐƵŝĚŝŶŐƉƌŝŶĐŝƉůĞŝƐƚŚŝƐ͗'ƵŝůƚLJŝƐŶĞǀĞƌƚŽďĞĚŽƵďƚĞĚ͘͟;<ĂĨŬĂ͕ϮϬϬϱ͗
WJ*d(!
MO&K! S=$F! @K! G$&>! K=! F&R! KO&K! )N@<KR! @F! >$\$#! K=! [$! S=N[K$Sr! 7=^! S=$F! =>$! A>=^!
KO&Kr!-O$!=%%@'$#!F&RF!KO&K!KO$!$VZ<&>&K@=>!=%!KO$!'&F$!@F!F@GZ<$!&>S![&F$S!@>!&!#$Z=#K!
=%! &! '&ZK&@>! &>! O=N#! &)=(!-O$!=%%@'$#!^#=K$! S=^>! O@F! FK&K$G$>K! &>S! &ZZ$>S$S! KO$!
F$>K$>ĐĞƚŽŝƚ͘͞dŚĞŶ/ŚĂĚƚŚĞŵĂŶƉƵƚŝŶĐŚĂŝŶƐ͘!
!
-O&K! ^&F! &<<! `N@K$! F@GZ<$(! 9%! 9! O&S! %@#FK! '&<<$S! KO$! G&>! [$%=#$! G$! &>S! @>K$##=)&K$S!
Śŝŵ͕ƚŚŝŶŐƐǁŽƵůĚŚĂǀĞŐŽƚŝŶƚŽĂĐŽŶĨƵƐĞĚƚĂŶŐůĞ͘͟;<ĂĨŬĂ͕ϮϬϬϱ͗ϭϰϲͿ͘EĞǀĞƌƚŚĞůĞƐƐ͕
$\$#R[=SR! O&F! F$<%B&^&#$>$FFh! KO$#$%=#$6! KO$R! FO=N<S! [$! #$FZ=>F@[<$! %=#! KO$@#! &'KF!
ĂŶĚ ĂĐƚŝŽŶƐ͘ >Ğƚ ƵƐ ƌĞŵĞŵďĞƌ ƚŚĞ ŽƐƚŽĞǀƐŬLJ͛Ɛ ĐůĂƐƐŝĐ ƐĐĞŶĞ ĨƌŽŵ 7(0*'! ,)-!
@<)025*')+6! ^O$#$! ,&FA=<>@A=%%! KO=N)OK! =>! O@F! '#@G@>&<! &'K@=>F! &>S! '=GZ&#$S!
ŚŝŵƐĞůĨ ƚŽ EĂƉŽůĞŽŶ͗ ͞/ ĂƐŬĞĚ ŵLJƐĞůĨ ŽŶĞ ĚĂLJ ƚŚŝƐ ƋƵĞƐƚŝŽŶͶ^O&K! @%! /&Z=<$=>6! %=#!
ŝŶƐƚĂŶĐĞ͕ ŚĂĚŚĂƉƉĞŶĞĚƚŽďĞ ŝŶŵLJƉůĂĐĞ͕ĂŶĚ;͙ͿŝŶƐƚĞĂĚŽĨĂůůƚŚŽƐĞ ƉŝĐƚƵƌĞƐƋƵĞ
&>S! G=>NG$>K&<! KO@>)F6! KO$#$! O&S! F@GZ<R! [$$>! F=G$! #@S@'N<=NF! =<S! O&)6! &!
Z&^>[#=A$#6! ^O=! O&S! K=! [$! GN#S$#$S! K==! K=! )$K! G=>$R! %#=G! O$#! K#N>A! c%=#! O@F!
'&#$$#6! R=N! N>S$#FK&>Sd(! M$<<6! ^=N<S! O$! O&\$! [#=N)OK! O@GF$<%! K=! KO&K! @%! KO$#$! O&S!
ďĞĞŶŶŽŽƚŚĞƌŵĞĂŶƐ͍͟;ŽƐƚŽĞǀƐŬLJ͕ϮϬϬϯ͗s͕ŝǀͿ͘!
!
dŚĞ ĐƌŝŵĞ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ Ă ĐŚĂŶĐĞ͘ /Ĩ EĂƉŽůĞŽŶ ǁĞƌĞ ŝŶ ZĂƐŬŽůŶŝŬŽĨĨ͛Ɛ ƐŚŽĞƐ͕ ĨŽƌ
$V&GZ<$6![$%=#$!'=GG@KK@>)!&!GN#S$#!&>S!^@KO=NK!=KO$#!#$F=N#'$6!G&R[$!O$!^=N<S!
S=!KO$!F&G$!&>S!O$!^=N<S!'=GG@K!KO$!'#@G$(!
!
9%! KO$! G$KO=S! cFK#&K$)R! KO&K! Z=@>K! K=!^O&K! K=! S=d! @F!KO$!=#S$#!=%! KO$! &'K@=>F! @>! KO$!
$V$'NK@=>! =%! KO$! '=>S$G>$S6! KO$! K$'O>@`N$! @F! KO$! FZ$'@%@'! @>FK#NG$>K&K@=>h! @K!
'=>FK@KNK$F!$&'O!FK&)$!=%!&!'=GZ<$V!Z#='$FF!S$%@>$S![R!KO$!G$KO=S!&>S!S$F'#@[$S![R!
KO$! =%%@'$#! =%! KO$! 4=<=>R(! -O$! =%%@'$#! S=$F! >=K! O@S$! O@F! Z&FF@=>! %=#! KO$! G&'O@>$! =%!
bNFK@'$(!-O$!&ZZ&#&KNF![$<=>)F!K=!KO$!FZ$'K&'<$!=%!KO$!$V$'NK@=>(!7=^$\$#6!KO$#$!&#$!
F$\$#&<! $KO@'&<! &>S! Z=<@K@'&<! Z#=[<$GF! &#=N>S! KO@F! FZ$'K&'<$1! -O$! >&KN#$! =%! KO$!
K$'O>@`N$!&F!&!F=N#'$!=%!'=>'$#>!&>S!^=##@$F!=#!&F!&!F=N#'$!=%!F='@&<!Z#=)#$FFh!KO$!
!
! ! !
=#@)@>!=%!KO$!K$'O>@`N$! %#=G!&!>&KN#&<!ONG&>!>$'$FF@KR!=#!%#=G!&!'&Z#@'@=NF!^@<<!=%!
G$>!=\$#!&!FNZ$#ONG&>!&>S!FNZĞƌŶĂƚƵƌĂůĐƌĞĂƚŝŽŶĐĂůůĞĚ͞:ƵƐƚŝĐĞ͖͟ƚŚĞǁĞůůB[$@>)!=#!
S@F'=G%=#K!)@\$>![R!KO$!K$'O>@`N$!K=!=N#!Z=FKBG=S$#>!F='@$K@$Fh!KO$!S$\@&>Kj>=#G&<!
NF$! bNFK@%R@>)! Z=K$>K@&<! S@F'=G%=#Kh! KO$! &ZZ&#&KNF! =%! KO$! G&'O@>$! S$F'#@[$S! [R! KO$!
=%%@'$#!&F!&!F='@&<!%#NFK#&K@=>6!@>S@\@SN&<@FG!&>S!G=#&<!&<@$>&K@=>(!
!
-O$!K$'O>@`N$!@F!=G>@Z#$F$>K!@>!=N#!'=>K$GZ=#&#R!FK@<$!=%!<@%$(!"=FKG=S$#>!F='@$K@$F!
F$$A! '@\@<@D&K@=>&<! Z#=)#$FF6! '=>F@S$#@>)! K$'O>@`N$! O&F! &! F&\$#! %N>'K@=>! c;Z$>)<$#6!
WUUL1! WLd(!?NK! KO$! K$'O>@`N$! c+'15)0>%)6! +'15)_d! @F! bNFK! KO$! &[@<@KR!K=! S=!F=G$KO@>)!
%=<<=^@>)! '$#K&@>! #N<$F! &>S! K=! K#&>F%=#G! &! )@\$>! >&KN#&<! #$&<@KR! @>K=! &>! &#K@%@'@&<!
#$&<@KR(! -O$! K$'O>@`N$! NF$S! @>! KO$! "$>&<! 4=<=>R! O&F! &! %@>&<! )=&<! %=#! <@%$(! +F! 3&#K@>!
,ĞŝĚĞŐŐĞƌƐĂŝĚ͗͞dŚĞ+'15)_!@F!Z&#K!=%!KO$!.(%#-<1'6!=%!KO$!.%0'202h!@K!@F!F=G$KO@>)!=%!
.%0'+01͖͟ ŝƚ ŝƐƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ŽĨ ŬŶŽǁůĞĚŐĞ͕ ĂŶĚ ŬŶŽǁůĞĚŐĞ ŐŝǀĞƐ ƵƐŽƉĞŶŝŶŐƐ͕ ƚŚĂƚ͛Ɛ
^OR! @K! @F! &<F=! N>\$@<@>)! c7$@S$))$#6! FjS1!WEd(!-O@F! @F!KO$! Z$#FZ$'K@\$!=%!K$'O>@`N$! &F!
͞ƉƌŽBǀŽĐĂƚŝŽŶ͟;ƚŚĞĞƐƐĞŶĐĞŽĨƚŚĞƚĞĐŚŶŝƋƵĞĂƐĂ!S=G&@>!=%!KO$!N>\$@<@>)!=%!K#NKOd(!
+''=#S@>)! K=! 7$@S$))$#6! KO$! N>\$@<@>)! )N@S$F! KO$! G=S$#>! K$'O>@`N$! &>S! @K! @F! &!
Z#=\='&K@=>![R!^O@'O!/&KN#$!@F!@>K@G@S&K$S!K=!)@\$!F=G$KO@>)(!
!
dŚĞŵĂĐŚŝŶĞƐƵƉƉůŝĞƐƚŚĞWĞŶĂůŽůŽŶLJ͛ƐĚĞŵĂŶĚƐŽĨƉƌŝŶĐŝƉůĞƐŽĨ:ƵƐƚŝĐĞ͕ďƵƚŝK!&<F=!
Z#=SN'$F! ONG&>! >$'$FF@K@$F6! @($(6! @GZ#=\$G$>KF! =%! KO$! ^O=<$! FRFK$G! c.#K$)&! R!
:&FF$K6! HXXU1! LWBϯϯͿ͘ KŶĞ ƉƌŽďůĞŵ ƌĂŝƐĞĚ ƵƉ ďLJ <ĂĨŬĂ͛Ɛ ƐƚŽƌLJ ŝƐ ƚŚĞ ĐŽŶƐĐŝĞŶĐĞ ŽĨ
ONG&>!'=>S@K@=>(!-O@F!'=>F'@$>'$!S@FK@>)N@FO$F!&>S!bNS)$F!G$>!&>S!KO$@#!<@%$1!=>!=>$!
F@S$6! KO=F$! ^O=! O&\$! '=>F'@$>'$h! =>! KO$! =KO$#! F@S$6! KO=F$! ^O=! &#$! >=K! &^&#$! =%!
_NFK@'$! &>S! <@\$! KO$! @GZN<F$F! =%! KO$! @>FK&>K! ^@KO=NK! KO$! F$>F$! =%! '=GGN>@KR(!
+''=#S@>)! K=! /@$KDF'O$6! G$>! O&\$! Z#@S$! =%! KO$@#! ONG&>@KR! ^O$>! KO$R! '=GZ&#$!
KO$GF$<\$F! K=! =KO$#F! &>@G&<F6! [NK! KO$R! $>\R! KO$! O&ZZ@>$FF! =%! &>@G&<F! c/@$KDF'O$6!
WUIP1!WX*d(!
!
/=^&S&RF6!^$!O&\$!&>!$VK#&=#S@>&#R!S$\$<=ZG$>K!=%!K$'O>=<=)R!&>S6!KO$#$%=#$6!KO$!
F='@$K@$F!&#$!@>!'=GZ<$K$!&>S!Z$#G&>$>K!K#&>F%=#G&K@=>6![$'&NF$!KO$R!&#$!KO$!G=FK!
@GG$S@&K$! Z#=SN'K! =%! KO$! )<=[&<@D&K@=>! ZO$>=G$>=>(! 2=$F! KO$! @>FK#NG$>K&<! c>$^!
^&RF! =%! '=GGN>@'&K@>)! &>S! @>K$#&'K@>)d! &>S! `N&<@K&K@\$! c>$^! ^&RF! =%! A>=^@>)!&>S!
<@\@>)d!K#&>F%=#G&K@=>F!G$&>!&![$KK$#!<@%$!%=#!G$>r!-O&K!@F6!S=!^$!<@\$![$KK$#r!2=!^$!
O&\$! G=#$! A>=^<$S)$r! 2=! ^$! Z$#F=>&<<R! #$<&K$! G=#$! ^@KO! =KO$#Fr! +#$! ^$! <$FF!
@F=<&K$Sr!+#$! ^$!G=#$! %#$$! &>S!&NK=>=G=NFr!7&\$!^$!&!F='@$KR!G=#$! S$G='#&K@'6!
#$&F=>&[<$!&>S!ONG&>$r!
!
-O$!Z=FKBG=S$#>!F='@$K@$F!&#$!'O&#&'K$#@D$S![R!KO$!K#@NGZO!=%!KO$!FZ$'K&'<$6![R!KO$!
͞ĨĂƐƚ ĐƵůƚƵƌĞ͟ ĂŶĚ ďLJ ƚŚĞ ͞ĨĂƐƚ ƚŚŝŶŬŝŶŐ͟ Žƌ ͞ƌĞĂĚLJBK=BƚŚŝŶŬ͘͟ dŚĞƐĞ ƐŽĐŝĞƚŝĞƐ ĂƌĞ
FZ$'@&<@FKF! @>! KO$! G&>N%&'KN#$! =%! '=>F$>K! &>S!'=>F$>FNF6! &F! O&S! &<#$&SR!^&#>$S! @>!
WUHH! M&<K$#! C@ZZG&>>! cHXXJ1! WLJBϱͿ͘ ^Ž͕ ƚŚĞ ĂďŽǀĞ ƋƵŽƚĞĚ ƉĂƐƐĂŐĞ ŽĨ EŝĞƚnjƐĐŚĞ͛Ɛ
'#@K@`N$! &[=NK! G=S$#>@KR! #$G&@>F! NF$%N<! K=! N>S$#FK&>S! KO$! KR#&>>R! =%! =N#!
'=>K$GZ=#&>$=NF>$FF(! +''=#S@>)! K=! /@$KDF'O$6! Z$=Z<$! &#$! &<#$&SR! FK&#K@>)!K=! KO@>A!
^@KO! KO$! ^&K'O! @>! KO$! O&>S! ^O@<$! O&\@>)! <N>'O! &>S! KO$! $R$! @>! KO$! FK='A! $V'O&>)$!
b=N#>&<!c/@$KDF'O$6!WUUE1!HHEBUd(!
!
dŚĞĞdžƉƌĞƐƐŝŽŶ͞ƐŽĐŝĞƚLJŽĨƚŚĞƐƉĞĐƚĂĐůĞ͟ĨŽůůŽǁƐƚŚĞ^ŝƚƵĂƚŝŽŶŝƐŵŽĨƚŚĞϭϵϲϬ͛Ɛ͕ŝ͘Ğ͘
KO$!F$>F$!S$%@>$S![R!:NR!2$[=#S!@>!WUPI!^@KO!O@F![==A!85'!G%10'+9!%4!+5'!G.'1+,1/'(!9!
G$&>!KO$!F$>F$!KO=N)OK![R!2$[=#S6!KO$!@S$&!=%!KO$!^O=<$!<@%$!=%!F='@$K@$F!&S\$#K@F$S!
&F!&>!&''NGN<&K@=>!=%!FZ$'K&'<$F6!@>\$#F@=>F!=%!<@%$![R!^O@'O!KO$!K#NKO!@F!#$Z#$F$>K$S!
ĂƐ ƚŚĞ ĨĂůƐĞ ;ĞďŽƌĚ͕ϭϵϳϭ͗ϭϵͿ͘ ĐĐŽƌĚŝŶŐ ƚŽ ĞďŽƌĚ͗͞>Ğ ƐƉĞĐƚĂĐůĞ ĚĂŶƐ ůĂƐŽĐŝĠƚĠ
ĐŽƌƌĞƐƉŽŶĚăƵŶĞĨĂďƌŝĐĂƚŝŽŶĐŽŶĐƌğƚĞĚĞů͛ĂůŝĠŶĂƚŝŽŶ͟;ĞďŽƌĚ͕ϭϵϳϭ͗ϯϮͿ͘!
!
-O$!S$\@&K@=>!=%!^$FK$#>!F='@$K@$F!%&'$!O@FK=#@'&<!<$)&'@$F!O&F![$$>!@>'#$&F@>)6!F@>'$!
EŝĞƚnjƐĐŚĞ͕ƐŚŽǁŝŶŐƚŚĞĞŵĞƌŐŝŶŐƐĞŶƐĞŽĨEŝĞƚnjƐĐŚĞ͛ƐĐƌŝƚŝĐĂůƉŚŝůŽƐŽƉŚLJĂŶĚǀĂůƵĞƐ͘
9>S$$S6!9!&)#$$!^@KO!KO$!Z=F@K@=>!=%!+>KO=>R!:@SS$>F6!%=#!@>FK&>'$6!KO&K!@K!@F!Z=FF@[<$!
&! FRFK$G&K@'! A>=^<$S)$! =%! ONG&>! &'K@=>! =#! KO$! K#$>SF! =%! F='@&<! S$\$<=ZG$>K!
c:@SS$>F6!HXX*1!LLd(!
!
;/1,6B471.!()2+(G8!
hŶĚŽƵďƚĞĚůLJ ƚŚĞƌĞ ĂƌĞ ŵĂŶLJ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ŽĨ <ĂĨŬĂ͛Ɛ ǁƌŝƚŝŶŐƐ͘ dŚĞ ƐĞĂƌĐŚ ĨŽƌ ƚŚĞ
G$&>@>)F!=%!O@F!<=>)$#!&>S!FO=#K$#!FK=#@$F!cKO$!\$#R!'=#$!=%!O@F!^=#Ad!F$$GF!$>S<$FF(!
-ONF6!^$!GNFK!#$&S!&>S!#$B#$&S!]&%A&!K#R@>)!K=!%@>S!&>R!NF$%N<!G$&>@>)!K=!=N#!=^>!
<@%$(!+%K$#!#$&S@>)!&![==A6!KO$!%@>&<!#$%<$'K@=>!&<^&RF!#&@F$F!KO$!`N$FK@=>!&[=NK!^O&K!
ƚŚĞ ŵŽƌĂů ƚŽ ďĞ ĚƌĂǁŶ ĨƌŽŵ ŝƚƐ ŚŝƐƚŽƌLJŽƌ ƐƚŽƌLJ͘ /ŶƚŚĞ ĐĂƐĞ ŽĨ<ĂĨŬĂ͛Ɛ 6)! +5'!@'),/!
7%/%)96!&F!@K!O&ZZ$>F!^@KO!&<<!>&##&K@\$F6!G=#&<!@>K$#Z#$K&K@=>!@F!FN[b$'K@\$!&>S!'&>![$!
$V&))$#&K$S(!
!
-O$!G&'O@>$!^#@K$F!&!A@>S!=%!K#@&<h!@K!@>'<NS$F!KO$!C&^!=>!KO$![=SR!=%!KO$!'=>S$G>$S(!
.><R!KO$!F&'#@%@'$!=%!KO$![=SR!A$$ZF!KO$!F&>@KR!=%!KO$!C&^(!-O$!<&^!@F!&<^&RF!&!.%2+#
4,10%!K=!KO$![=SR6!^#=K$!_$&>B&ƌĂŶĕŽŝƐ>LJŽƚĂƌĚƌĞƐƉĞĐƚŝŶŐ<ĂĨŬĂ͛Ɛ6)!+5'!@'),/!7%/%)9!
cWUUH1!WPPd(!
!
6)!+5'!@'),/!7%/%)9!=%%$#F!&!S@FKN#[@>)!&>S!%@)N#&K@\$!#$%<$'K@=>!&[=NK!KO$!#$<&K@=>FO@Z!
[$K^$$>6! =>! KO$! =>$! O&>S6! G$>! &>S! G&'O@>$! &>S6! =>! KO$! =KO$#! O&>S6! G$>! &>S!
:ƵƐƚŝĐĞ͘<ĂĨŬĂ͛ƐǀŝĞǁĂďŽƵƚƚŚĞƐĞƌĞůĂƚŝŽŶƐŚŝƉƐŝƐŶĞŐĂƚŝǀĞ͘^Ž͕!S=!^$!<@\$![$KK$#!^@KO!
ĂůůƚĞĐŚŶŽůŽŐŝĐƉƌŽŐƌĞƐƐĂƌŽƵŶĚ:ƵƐƚŝĐĞĂŶĚĂǁĂƌĞŶĞƐƐŽĨůŝĨĞ͍/ĚŽŶ͛ƚƚŚŝŶŬƐŽ͖ǁĞůŝǀĞ
@>!&>!@>ONG&>!^&R6!@($(!^@KO!G=#&<!&<@$>&K@=>!&>S!&''=#S@>)!K=!&>!@>S@\@SN&<@FK@'!^&R!
=%!<@\$!Z#=Z$#!=%!KO$!Z=FKBG=S$#>!F='@$K@$F(!
!
+<=>)!KO@F!Z&Z$#6!9!O&\$!$VZ#$FF$S!&!'#@K@'&<!Z=@>K!=%!\@$^!=\$#!KO$!@>S@\@SN&<@FG!Z=FKB
G=S$#>! &>S! KO$! &FF='@&K$! G=#&<! &<@$>&K@=>! &>S! N>&^&#$>$FF! =%! <@%$(! 2=$F! Z=FKB
G=S$#>! F='@$K@$F! O&F! K=! [$! $KO@'&<r! /=K! >$'$FF&#@<R(! ;='@$KR! O&F! K=! [$6! &K! <$&FK6!
&^&#$>$FF!&[=NK!&<<!&S\$#F@K@$F!=%!ONG&>!'=>S@K@=>(!
!
F7?67/.(+5:=!
+)&G[$>6!:@=#)@=!cWUULd!F!7%*<)0-,-'!j<'!A'*(!"#$F$>|&6!C@F[=&(!
+#@FK=K<$!cWUUEd!B'+e(01,(!9/436!C@F[=&(!
2$[=#S6!:NR!cWUIWd!;,!G%10`+`!-<!G.'1+,1/'(!S@K@=>F!:&<<@G&#S6!"&#@F(!
2=FK=$\FAR6!QR=S=#!cHXXLd!7(0*'!,)-!@<)025*')+(!?&>K&G!4<&FF@'F6!C=>S=>(!
:@SS$>F6!+>KO=>R!cHXX*d!F2!7%)2'i<_)10,2!-,!O%-'()0-,-'(!4$<K&!0S@K=#&6!.$@#&F(!
7&[$#G&F6!_Ä#)$>!cHXXPd!8`1)01,!'!70_)10,!1%*%!6-'%/%$0,(!0S@|Å$F!IX6!C@F[=&(!
7$@S$))$#6!3&#K@>!cFjSd!"22,02!'+!7%)4`(')1'2(!:&<<@G&#S6!"&#@F(!
]&%A&6! Q#&>D! cHXX*d! Ç9>! -O$! "$>&<! 4=<=>RÉ6! 0)1! 85'! 7%*./'+'! G5%(+! G+%(0'2! %4! J(,)P!
Z,4>,(!Y@>K&)$6!C=>S=>(!
C@ZZG&>>6!M&<K$#!cHXXJd!@<D/01!N.0)0%)(!2=\$#!"N[<@'&K@=>F6!/$^!5=#A(!
CR=K&#S6!_$&>!Q#&>|=@F!cWUUHd!Ç+!Z#$F'#@|~=É6!0)1!B'&02+,!-'!7%*<)01,kl%!
'!;0)$<,$')2(!cWXBWWd!Q&'N<S&S$!S$!4@Ñ>'@&F!;='@&@F!$!7NG&>&F!S$!C@F[=&6!ZZ(!
W*WBWIL(!
/@$KDF'O$6!Q#@$S#@'O!cWUIPd!7%)20-'(,km'2!6)+'*.'2+0&,2(!"#$F$>|&6!C@F[=&(!
/@$KDF'O$6!Q#@$S#@'O!cWUUEd!F!],0,!70_)10,͘ZĞůſŐŝŽĚ͛ŐƵĂ͕>ŝƐďŽĂ͘!
.#K$)&!R!:&FF$K6!_=FÖ!cHXXUd!O'-0+,km'2!2%D('!,!8`1)01,(!Q@G!S$!;Ö'N<=6!C@F[=&(!
.\@S!cWUEUd!;'2!O`+,*%(.5%2'2(!Q<&GG&#@=>6!"&#@F(!
"<&K~=!cWUEEd!F.%/%$0,!-'!Ge1(,+'2(!:N@G&#~$F!0S@K=#$F6!C@F[=&(!
"<&K~=!cHXXHd!7(n+%)(!0S@|Å$F!IX6!C@F[=&(!
!
! ! !
;@>)$#6!"$K$#!cHXXPd!7%*%![,&'*%2!-'!A0&'(E!2@>&<@\#=6!C@F[=&(!
;Z$>)<$#6!.F^&<S!cWUULd!N![%*'*!'!,!8`1)01,(!:N@G&#~$F!0S@K=#$F6!C@F[=&(!
Y@&<&KK$6!+<$V&>S#$!cWUUEd!<ĂĨŬĂŽƵů͛/ŶŶŽĐĞŶĐĞŝĂďŽůŝƋƵĞ(!C$F!?$<<$F!C$KK#$F6!"&#@F(!
M@KK)$>FK$@>6!CNS^@)!cWUIUd!V%+'D%%>2!ʹ!QRQg#QRQh(!?<&'A^$<<6!.V%=#S(!
M@KK)$>FK$@>6!CNS^@)!cWUUPd!@50/%2%.501,/!6)&'2+0$,+0%)2(!?<&'A^$<<6!.V%=#S(!
M@KK)$>FK$@>6!CNS^@)!cWUUUd!8(,1+,+<2!;%$01%#@50/%2%.501<2(!,=NK<$S)$6!C=>S=>(!
! !
!
!
!
<),:1/6/.=!>14!<:)!"11)(!E)6*C!D)*6),37/18!/1!3:)!
9/(G8!/*!>6?)(3!F/(.2+11!+14!P)14)66!F)((=!
!
4O&#<$F!Q&<D=>1!
!
!
>?83(+,31!!
-O@F!Z&Z$#!<==AF!&K!G=S$#>!K$'O>=<=)R!KO#=N)O!KO$!<$>F$F!=%!G=#&<!ZO@<=F=ZOR!&>S!
$KO@'F!S#&^@>)!=>!KO$!^=#AF! =%!$KO@'@FK!+<[$#K! ?=#)G&>>!&>S!F='@&<! KO$=#@FKj&NKO=#!
M$>S$<<! ?$##R(! 9>! Z&#K@'N<&#! ^$! <==A! &K! O=^! K$'O>=<=)R! 'O&<<$>)$F! =N#! &[@<@KR! K=!
'<$&#<R!'=>>$'K!^@KO!=N#!K#N$!F$>F$!=%!^O=!^$!&#$!&>S!^O&K!@K!G$&>F!K=![$!)==S6!K=!
[$!O&ZZR!&>S!K=![$!%N<<R!ONG&>C!7=^!@F!K$'O>=<=)R!&!'O&<<$>)$!&>S!^ORr!7=^!\&#@$S!
'&>! =N#! #$<&K@=>FO@Z! ^@KO! K$'O>=<=)R! [$! S$Z$>S@>)! =>! =N#! ^=#<S\@$^! &>S! =N#!
Z&#K@'N<&#!$>)&)$G$>K!^@KO!@Kr!!2=$F!K$'O>=<=)R!Z#=G=K$!&!S$>@&<!=%!&NKO$>K@'@KR6!=#!
'&>! @K! [$! 'O&>>$<<$S! &F! &! FNZZ=#K! =%! =N#! Z$#F=>&<! b=N#>$RFr! ! -O@F! Z&Z$#! @>@K@&K$F! &!
S@&<=)N$! #$<&K@>)! K=! KO$F$! `N$FK@=>F! [R! '=>K$VKN&<@D@>)! K$'O>=<=)R! ^@KO@>! &! %#$$!
G&#A$K!'=GG=S@KR!Z&#&S@)G!KO&K!O&F!%<=N#@FO$S!^@KO@>!<@[$#&<!S$G='#&'R(!
!
@)=! P/(48A! -047/.C.:5h! 3.,+C! "79C.;."75h! 0-794;h! 920/-9-5h! ;0CQ!
+M+,0/0;;!
!!
!
"13(/4B,37/1!
M$! &#$! $>)&)$S! @>! K$'O>=<=)R! <@A$! >$\$#! [$%=#$! @>! KO$! O@FK=#R! =%! ONG&>A@>S(! ! 4=B
'#$&K@=>6! F='@&<! FO&#@>)! &>S! KO$! Z$#'$ZK@=>! =%! F$$G@>)<R! <@G@K<$FF! A>=^<$S)$! O&\$!
)@\$>! F='@$KR! KO$! >=K@=>! =%! S$G='#&K@'! &''$FF! K=! FK=#@$F! &>S! &! Z=^$#! K=! 'O&<<$>)$6!
#$%<$'K! &>S! 'O&>)$(! ! 7=^$\$#! &! `N$FK@=>! Z$#F@FKF! &F! K=! ^O$KO$#! =#! >=K! KO@F!
K$'O>=<=)@'&<!KFN>&G@!@F!&!Z=F@K@\$!=#!>$)&K@\$!'=>K#@[NK=#!K=!KO$!)#$&K$FK!FK=#R!KO&K!
$&'O!=%!NF!'=B'#$&K$F! ʹ! KO$! FK=#R!=%!KO$!F$<%(!!MO$KO$#!@K!@F!@>!KO$!%N<%@<<G$>K!=%!=N#!
FZ@#@KN&<! '#&\@>)F6! =N#! N#)$! K=! N>S$#FK&>S! &! N>@`N$! <$)&'R! @>! O@FK=#R6! =#! G$#$<R! K=!
S$\$<=Z!&!F$>F$!=%!ZN#Z=F$6!Z$#F=>&<!>&##&K@\$F!KO&K!=Z$>!NZ!=N#!F$>F$!=%!^O=!^$!
&#$!!&>S!&!F$<%B@G&)$!=%!=N#!@>>$#!F$<\$F6!O&\$!&<^&RF![$$>!K#$&FN#$S![R!FK=#RK$<<$#F!
&>S!#$'@Z@$>KF!&<@A$(!!
!
9>!KO@F!Z&Z$#!^$!^@<<!<==A!&K!F=G$!=%!KO$!$%%$'KF!=%!G=S$#>!K$'O>=<=)R!=>!=N#!F$>F$!
=%!=N#!@>>$#!F$<\$F(!-=!$VZ<=#$!KO@F!K=Z@'!^$!^@<<!$>)&)$!@>!&!ZO@<=F=ZO@'&<!S@F'=N#F$!
^@KO! $KO@'@FK! +<[$#K! ?=#)G&>>! ^O=! Z#=\@S$F! &! [#=&S! &>S! '#@K@'&<! &>&<RF@F! =%!
K$'O>=<=)R!^O@<$! #$G&@>@>)! F=G$^O&K! FRGZ&KO$K@'!K=! KO$!#=<$! @K! Z<&RF! @>! =N#! <@\$F(!!
M$!^@<<!&<F=!<==A!&K!KO$!^=#A!=%!+G$#@'&>!'N<KN#&<!KO$=#@FK!&>S!&NKO=#!M$>S$<<!?$##R!
^O=! O&F! 'O=F$>! K=! ^@KOS#&^! %#=G! K$'O>=<=)R! F$$@>)! \$#R! <@KK<$! #$S$GZK@=>! @>! @K!
^O$>!@K!'=G$F!K=!KO$!&NKO$>K@'!F$<%(!
!
<),:1/6/.=!+14!`+(2!
M$>S$<<!?$##R!N>S$#FK&>SF!ONG&>![$@>)F!K=!O&\$! &>!@>>&K$!S$FK#N'K@\$>$FF!KO&K! @F!
S#@\$>! [R! )#$$S! &>S! KO&K! ^$! &#$! K=K&<<R! =Z$>! K=! [$! G&>@ZN<&K$S! [R! &>S! K=!
G&>@ZN<&K$(! c?$##R6! HXXH6! Z(HEd! ! 9>! =N#! G=S$#>! F='@$KR! KO@F! @F! G=FK! $\@S$>K! @>! =N#!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!4O&@#6!,-+!;'O==<!=%!3$S@&6!+FF='@&K$!"#=%$FF=#6!0KO@'F!&>S!3&#A$K@>)(!,R$#F=>!8>@\$#F@KR6!-=#=>K=(!
'%&<D=>i#R$#F=>('&!
!
! ! !
S$Z$>S$>'$!=>!&>!$'=>=G@'!G=S$<1!&!G=S$<!KO&K!@F![N@<K!=>!KO$!Z#@>'@Z<$!=%!KO$!G=FK!
%=#!KO$!<$&FK!&>S!&>!=[F$FF@=>!^@KO!)<=[&<!$VZ<=@K&K@=>!@>!KO$!F$&#'O!%=#!'O$&Z!<&[=N#6!
$>$#)R!&>S!G&K$#@&<F(!M$!S=!>=K!F$$!KO$!^=#<S!&F!&!'=GGN>@KR!=%!'=GGN>@K@$F!KO&K!
&#$!&<<!@>K$#S$Z$>S$>K(!!M$!O&\$!<=FK!K#&'A!=%!KO$!Z#=SN'K@=>!Z#='$FF!&>S!KO$!$%%$'K!@K!
O&F!=>!=N#!^=#<S(!
!
͘͘͞ƚŚĞŐƌĞĂƚĚĞƐƚƌƵĐƚŝǀĞŶĞƐƐŽĨƚŚĞŝŶĚƵƐƚƌŝĂůĂŐĞĐŽŵĞƐĨƌŽŵĂĚŝǀŝƐŝŽŶ͕Ă
F=#K!=%!S@\=#'$!@>!=N#!$'=>=GR![$K^$$>!Z#=SN'K@=>!&>S!'=>FNGZK@=>(!.%!
KO@F!#&S@'&<!S@\@F@=>!=%!ĨƵŶĐƚŝŽŶǁĞĐĂŶƐĂLJ͙ƚŚĂƚƚŚĞĂŝŵŽĨƉƌŽĚƵĐĞƌƐŝƐƚŽ
F$<<!&F!GN'O!&F!Z=FF@[<$!&>S!KO&K!KO$!&@G!=%!'=>FNG$#F!@F!K=![NR!&F!GN'O!
ĂƐƉŽƐƐŝďůĞ͙͘͘͟;ĞƌƌLJ͕ϮϬϬϮ͕ƉϮϴͿ!
!
M$! O&\$! [$'=G$! K#&ZZ$S! ^@KO@>! =N#! =^>! K$'O>=<=)@'&<! @>\$>K@=>F6! KO$! =>$F! KO&K!
O&\$![$$>!'#$&K$S!ĂƐĂƌĞƐƉŽŶƐĞƚŽŽƵƌƵŶĞŶĚŝŶŐĚƌŝǀĞĨŽƌ͞ŵŽƌĞ͘͟;ĞƌƌLJ͕ϮϬϬϮ͕ƉϮϴͿ
+<KO=N)O!^$!G&R!&K!K@G$F!)$K!&!)<@GZF$!=%!KO$!$KO@'&<!'=FKF!#$<&K$S!K=!=N#!^&RF6!^$!
O&\$![$'=G$!S$Z$>S$>K!=>!KO$!\$#R!F&G$!K$'O>=<=)R!KO&K!^&F!G$&>K!K=!F$K!NF!%#$$(!
0\$#RKO@>)!=<S!@F!'=>F@S$#$S!K=![$!^@KO=NK!\&<N$!&>S!@F!FNZ$#F$S$S![R!KO$!>$^$#!&>S!
@GZ#=\$S! Z#$F$>K(! c?$##R6! HXXH6! Z(! WEd! ! -$'O>=<=)R6! ^O@'O! ^&F! @>K$>S$S! %=#! )==S6!
ĂĐĐŽƌĚŝŶŐƚŽĞƌƌLJ͕ŚĂƐĨĂůůĞŶƉƌĞLJƚŽŵĂŶ͛ƐŐƌĞĞĚĂŶĚŝƐƵƐĞĚĨŽƌĞǀŝů͕ŝŶĐůƵĚŝŶŐǁĂƌ͕
'=>K#=<!&>S!%N#KO$#@>)!@>bNFK@'$(!!!M$!O&\$!<=FK!K#&'A!=%!KO$!S@%%$#$>'$![$K^$$>!=N#!
ǁĂŶƚƐ ĂŶĚ ŽƵƌ ŶĞĞĚƐ͘ tĞ͛ǀĞ ůŽƐƚ ƚŚĞ ƐĞŶƐĞ ŽĨ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ ƚŚĞ ƉƌŝĐĞ ŽĨ ƚŚŝƐ
&G[@\&<$>'$(!!!
!
͞dŚŝƐ ŝƐ ĂŶ ĞĚƵĐĂƚĞĚ ĐŽŶĨƵƐŝŽŶ͘ DŽĚĞƌŶ ĞĚƵĐĂƚŝŽŶ ƐLJƐƚĞŵƐ ŚĂǀĞ ƉƌĞƚƚLJ
!!
'=>F'@=NF<R! $>'=N#&)$S! R=N>)! ƉĞŽƉůĞ ƚŽ ƚŚŝŶŬ ŽĨ ƚŚĞŝƌ ǁĂŶƚƐ ĂƐ ŶĞĞĚƐ͘͟
c?$##R6!HXXH6!Z(L*d!
!
<),:1/6/.=!+14!+!$783/(3)4!P/(64!R7)9!
+<[$#K! ?=#)G&>>! &#)N$F! KO&K! =N#! S@FK=#K$S! ^=#<S\@$^! =%! =N#! <@\$F! '&>! [$! Z#@G&#@<R!
[<&G$S!=>!=N#!S@FK=#K$S!\@$^!=%!=N#!K$'O>=<=)@'&<<R!S=G@>&K$S!'N<KN#$(!!-$'O>=<=)R6!
^O@'O! @F! [=KO! FK#N'KN#&<! &>S! G&'O@>$#R6! @F! =%K$>! N>S$#FK==S! =><R! KO#=N)O! KO$!
G&'O@>$F!&>S!G=#$!FZ$'@%@'&<<R!KO#=N)O!KO$!S$\@'$F!^O@'O!&#$!=>!KO$!FN#%&'$!KO&K!&#$!
&@G$S!&K!%N<%@<<@>)!=N#!S$G&>S!%=#!@GG$S@&K$!$&F$!&>S!Z<$&FN#$(!7=^$\$#6!G&'O@>$F!
&#$! K#&>F@$>K! &>S! KO@F! >&KN#$! $>'=N#&)$F! &! F$>F$! =%! #$FK<$FF>$FF(! +<[$#K! ?=#)G&>>!
FK&K$F!KO&K!KO$!<&^F!=%!F'@$>'$!S=!>=K!Z#=\@S$!FN%%@'@$>K!'=>K$VK!%=#!^OR!^$!G&A$!KO$!
'O=@'$F! KO&K! ^$! S=! &>S! =%K$>! <$&\$! NF! ^@KO! &! ^=#<S! \@$^! KO&K! @F! >=K! FN%%@'@$>K! K=!
'#$&K$!&!Z$#F=>&<!@S$>K@KR6!>=#!S$K$#G@>$!^O$KO$#!=#!>=K!=N#!&'K@=>!@F!%=#!KO$!)==S(!
+''=#S@>)! K=! ?=#)G&>>6! @K! @F! @GZ=FF@[<$! K=! F@GZ<R! ZNK! KO$! N>@\$#F$! @>K=! &>! &<<B
$G[#&'@>)!$GZ@#@'&<!FRFK$G!=%!<&^F(!!0\$>![&F@'!F='@&<!@>K$#&'K@=>![$K^$$>!ONG&>F!
@>!KO$@#!%&G@<@&#!>&KN#&<!$>\@#=>G$>K!@F!@GZ=FF@[<$!K=!Z#$S@'KC!!?=#)G&>>!@>F@FKF!KO&K!
=N#!$GZ@#@'&<!^=#<S!\@$^!&>S!=N#!=[F$FF@=>!^@KO!S$SN'K@\$!#$&F=>@>)!S=!>=K!Z#=\@S$!
NF!^@KO!KO$!^O=<$!Z@'KN#$(!!!
!
<),:1/6/.=!+14!VB(!R+6B)8!
?=#)G&>>!&#)N$F!KO&K!K$'O>=<=)R!O&F!S@FK=#K$S!=N#!F$>F$!=%!\&<N$F(!!9K!O&F!S@FK&>'$S!
NF! %#=G! =N#! ^=#<S! &>S! =N#! F$>F$! =%! Z<&'$! @>! =N#! \@<<&)$! &>S! N>@\$#F$(! ! 7$! $VZ<&@>F!
KO&K! KO@F! <&'A! =%! '=>>$'K$S>$FF! K=! &! Z&#K@'N<&#! Z<&'$! &'KN&<<R! FK&#K$S! ^@KO! KO$!
S@F'=\$#@$F!=%!4=Z$#>@'NF!&>S!KO&K!F@>'$!KO$>6!=N#!K$#GF!=%!#$%$#$>'$!&>S!=N#!F$>F$!
=%!N>`N$FK@=>&[<$!FK&>S&#SF!O&\$!F<=^<R![$$>!S@G@>@FO$S(!!c?=#)G&>>6!WUEJ6!Z(!EXd!!
7&\$! K$'O>=<=)R! &>S! =N#! #$<&K@=>FO@Z! K=! @K! [$'=G$! KO$! >$^! FK&>S&#Sr! ! Y&<N$! O&F!
[$'=G$! G$&FN#$S! [R! O=^! GN'O! [$>$%@K! F=G$KO@>)! '&>! [$! K=! KO$! @>S@\@SN&<(! ! ! M$!
O&\$!FO@%K$S!%#=G!\&<N$F!KO&K![N@<S!=>!!!'NFK=GF!&>S!K#&S@K@=>F!K=!=>$F!KO&K!%='NF!=>!
!
)=&<F!&>S!&G[@K@=>F!K=^&#SF!KO$!%NKN#$(!!(!!-O@F!^=#<S\@$^!O&F!'#$&K$S!Z&KK$#>F!KO&K!
ZNFO!NF!K=!'=>>$'K!^@KO!'=GG=S@K@$F!@>!&>!=[F$FF@\$!G&>>$#!&F!@%!KO$R!&#$!KO$!=><R!
^&R! K=! S$G=>FK#&K$! ^O&K! @K! G$&>F! K=! [$! %#$$6! S@F)N@F@>)! KO$! $%%$'KF! KO&K! KO@F!
=[F$FF@=>!O&F!=>!=KO$#!&FZ$'KF!=%!=N#!<@\$F(!!!M$!Z$#FN&S$!=N#F$<\$F!KO&K!K$'O>=<=)R!
@F!G$&>K!K=![#@>)!KO$F$!\&<N$F!%#=G!KO$!%$^!K=!KO$!G&>R!&>S!R$K!^$!F$$G!=[<@\@=NF!
K=!KO$!%&'K!KO&K!KO@F!O&F!>=K![$$>!&''=GZ<@FO$S!&>S!KO&K!=N#!#$&<!@>K$#$FK!@F!=N#!F$<%B
)&@>(!!!c?=#)G&>>6!WUEJ6!Z(!EId!
!
9>! =#S$#! K=! &FF$FF! K$'O>=<=)R! &>S! 'O&>>$<! @K! K=^&#SF! )==S>$FF6! ^$! GNFK! ZN<<! [&'A!
&>S! $\&<N&K$! @KF! Z#=Z$>F@KR6! =#! G=#$! @GZ=#K&>K<R6! KO$! Z#=Z$>F@KR! =%! <@[$#&<!
S$G='#&'R6! ! K=! &S\$#K@F$! &>! N>$`N@\='&<! FN''$FF! FK=#R! S$FZ@K$! KO$! %&'K! KO&K! G&>R!
FN'O!'<&@GF!&#$!N>%=N>S$S(!M$!O&\$![$$>!KO#NFK!@>K=!&!Z&#&S@)G!KO&K!%$$SF!=>!@KF$<%6!
ZNFO@>)!NF!K=!G=\$!%=#^&#S!&>S!<==A@>)!&K!KO$!Z&FK!^@KO!S@FS&@>(!!-O$!Z&FK!@F!<==A$S!
&K! &F! &>! &)$! =%! Z=^$#<$FF>$FF6! FK#&@>! &>S! F='@&<! N>S$#S$\$<=ZG$>K(! -=S&R6! F=! ^$!
[$<@$\$6!^$!'=N<S!>=!<=>)$#!'=Z$!^@KO!&>!$#&!^O$#$!^$!=Z$>$S!=N#!=^>!)&#&)$!S==#6!
=#!<&[=#@=NF<R!ZNFO$S!&!>=>B$<$'K#@'!<&^>!G=^$#(!!.N#!FN''$FF!K=S&R!@F!>=K!F$$>!=#!
)&@>$S! KO#=N)O! #$&<! F$<%B@GZ#=\$G$>K6! [NK! =><R! &F! &! #$FN<K! =%! G&'O@>$#R! KO&K! @F!
&\&@<&[<$!K=!NF!B!G&'O@>$#R!KO&K!^$!G&R6!=#!G&R!>=K!N>S$#FK&>S(!!-O$F$!K$'O>=<=)@'&<!
&''=GZ<@FOG$>KF! `N@'A<R! )@\$! ^&R! K=! '=GZ<&'$>'R! &>S! [=#$S=G(! ! M$! [$'=G$!
=[F$FF$S!&>S!&>V@=NF!K=!ZN#FN$!G=#$!Z#=G@F$F!&>S!G=#$!$>S$&\=N#F!KO&K!F$$G!K=!
[$! <@G@K$S! =><R! [R! FZ&'$! &>S! K@G$(! ! ?=#)G&>>! K$<<F! NF! KO&K! KO@F! <$&SF! K=! %#@\=<@KR6!
%N#KO$#@>)! KO$! S@F'=>>$'K! [$K^$$>! G$&>F! &>S! $>SF! ^@KO! @>'#$&F@>)<R! S@G@>@FO$S!
#$KN#>F(!c?=#)G&>>6!WUEJ6!Z(EId!!M$!S=!F=!^@KO=NK!&>R!#$&<!$\&<N&K@=>!=%!KO$!'=FKF!K=!
=N#!'=GGN>@KR6!=N#!$>\@#=>G$>K!&>S!=N#!=^>!F$<%B%N<%@<<G$>K(!
!
?=#)G&>>!Z=@>KF!&K!$>K$#K&@>G$>K!&F!&!Z&#K@'N<&#!'=GG=S@KR!KO&K!F$$GF!K=!O&\$!>=!
<@G@KF(!!M$!O&\$!)<NKK=>=NF<R!S$\$<=Z$S!&>!$>S<$FF!FNZZ<R!=%!\@FN&<F6!GNF@'6!FO=^F6!
&>S! S@\$#F@=>F! @>! )$>$#&<(! ! /=\$<KR! &>S! `N&>K@KR6! &''=#S@>)! K=! ?=#)G&>>6! O&\$!
#$Z<&'$S! `N&<@KR(! ! 7$! '&NK@=>F! KO&K! KO$! $>K$#K&@>G$>K! @>SNFK#R! O&F! G@>$S! &! F=N#'$!
KO&K! G&R! N<K@G&K$<R! [$'=G$! S$Z<$K$S! &>S! KO&K! @F! KO$! G@>$! =%! F='@&<! G=#&<F! &>S!
F$VN&<!K&[==F(!3N'O!=%!^O&K!^&F!'N<KN#&<<R!S$$G$S!&F!N>G$>K@=>&[<$!@>!KO$!Z&FK6!@F!
>=^! >=K! =><R! S@F'NFF$S6! [NK! $VZ<=@K$S(! ! -=Z@'F! KO&K! @>! KO$! Z&FK! ^$#$! S$&<K! ^@KO! @>!
Z#@\&K$!@>!=#S$#!K=!Z#=K$'K!&!F$>F$!=%!ONG&>!S@)>@KR!&>S!K=!G&@>K&@>!F='@&<!=#S$#!&#$!
>=^!Z&'A&)$S!=Z$><R!KO#=N)O!KO$!K$'O>=<=)@'&<!G&'O@>$#R(!!!9>!&!S$\@'$! Z&#&S@)G6!
F='@&<!=#S$#!%='NF$F!=><R!=>!KO$!Z#=SN'K@=>!&>S!'=>FNGZK@=>!=%!'=GG=S@K@$F(!!-O$!
K#&>F<&K$S!K&[==F!&#$!>=!<=>)$#!O@SS$>![NK![$'=G$!&\&@<&[<$!K=!$VZ<=@K(!!?=#)G&>>!
&#)N$F!O=^$\$#6!KO&K!K&[==F!K==!&#$!<@G@K$S(!!Q=#!KO$G!K=![$!$%%$'K@\$!KO$#$!GNFK![$!
&>! N>S$#<R@>)! G=#&<@KR! KO&K! '=>K@>N$F! K=! S$%@>$! KO$G! &F! K&[==F(! ! 7$>'$! ^$! A$$Z!
ZNFO@>)! KO$! <@G@KF6! #&@F@>)! KO$! [&#! =%! F$>F&K@=>! &>S! K@K@<<&K@=>(! ?=#)G&>>! F&RF! KO&K6!
N<K@G&K$<R6! @%! <$%K! N>`N$FK@=>$S! =N#! G=#&<! %&[#@'! ^@<<6! <@A$! >&KN#&<! #$F=N#'$F6! [$!
S$Z<$K$S!$>K@#$<R(!!
!
+<[$#K! ?=#)G&>>! Z=F@KF! KO&K! K$<$\@F@=>! #$Z#$F$>KF! KO$! Z$#%$'K! $V&GZ<$! =%! KO$!
FNZ$#%@'@&<! Z#=G@F$! =%! K$'O>=<=)R(! ! 9K! &@GF! K=! %#$$! NF! %#=G! KO$! <@G@K&K@=>F!=%! FZ&'$6!
K@G$! &>S! @)>=#&>'$! &>S! &<<=^F! &<<! =%! NF! K=! %$$<6! &<[$@K! K$GZ=#&#@<R6! Z=^$#%N<! &>S!
[#@<<@&>K(! ! -=! G&A$! KO$! G=FK! =%! =N#! <$@FN#$! K@G$! ^$! &KK$GZK! K=! '=>FNG$! &F! G&>R!
S$\@'$F!&F!^$!'&>!@>!KO$!<@G@K$S!K@G$!^$!O&\$(!!-O@F!<$&SF!K=!&!O$'K@'!&>S!K$>F$!<@%$!
&>S! K$'O>=<=)R!'=>K@>N$F!K=! 'O&<<$>)$! KO$! ZFR'O=<=)R! =%! ONG&>F! &>S! KO$! %&[#@'! =%!
<@%$(!9>!KO$!S@)@K&<!#$\=<NK@=>!=%!KO$!HWFK!'$>KN#R6!^$!&#$!R$K!&)&@>![$@>)!Z#=G@F$S!KO&K!
=N#!^=#<S!^@<<![$![$KK$#!@%!^$!ZNK!=N#!K#NFK!@>!K$'O>=<=)R(!!7=^$\$#6!^@<<!K$'O>=<=)R!
F=<\$! ^=#<S! Z=\$#KR! =#! '=>`N$#! S@F$&F$! &>S! )<=[&<! @<<@K$#&'Rr! ! MOR! KO$>! O&F! @K! >=K!
&<#$&SR!FN''$$S$S!@>!S=@>)!KO=F$!KO@>)Fr!!!
!
! ! !
$78)1.+.)2)13!+14!>67)1+37/1!
M$>S$<<! ?$##R! [$<@$\$F! KO&K! &F! ONG&>F! ^$! &#$! G$&>K! K=! <@\$! @>! &! <='&<! '=GGN>@KR!
&>S!KO&K!^$!'&>!#$<&K$![$FK!^@KO@>!&!G@'#=6!<='&<!$'=>=GR(!9>!FN'O!&!^=#<S6!Z$=Z<$!
&#$! '=>>$'K$S! K=! KO$! <&>S6! K=! KO$! %&G@<@$F! &>S! K=! KO$! Z#=SN'K! KO$R! G&A$(!!
QN#KO$#G=#$6! O$! %$$<F! KO&K! ^@KO=NK! <='&<! &)#@'N<KN#$! @>! @KF! ZN#$FK! %=#G6! FN'O! &!
'=>>$'K@=>!^@KO!'=GGN>@KR!@F!KO#$&K$>$S!&>S!^$!&F!ONG&>![$@>)F!^@<<!>=K!FN#\@\$(!!
!
-O$! $%%$'K! =%! K$'O>=<=)R! =>! =N#! #$<&K@=>FO@Z! ^@KO! KO$! <&>S! @F! =%! Z&#&G=N>K!
@GZ=#K&>'$! K=! M$>S$<<! ?$##R(! c?$##R6! HXXH6! Z(WHd! ! -O$! N>@>O@[@K$S! &ZZ<@'&K@=>! =%!
ǁŚĂƚ ĞƌƌLJ ĐĂůůƐ Ă ͞ǁĂƌ ƚĞĐŚŶŽůŽŐLJ͕͛͟ ĂŝŵĞĚ Ăƚ ĞdžƉĂŶĚŝŶŐ Ă ŐůŽďĂů ĞĐŽŶŽŵLJ ĂŶĚ
S$\$<=Z@>)!'O$&Z$#!%=#GF!=%!$>$#)R!!&>S!%==S6!@GZ<@'@K<R!@)>=#$F!KO$!!#$&<!<=FF$F!KO&K!
&#$!>=K!@GG$S@&K$<R!&''=N>K&[<$!%=#!@>!S=<<&#F(!
!
͞dŚĞƌĞŝƐŶŽŵĞŶƚŝŽŶŽĨůĂŶĚůŽƐƐ͕ŽĨƐŽŝůĞƌŽƐŝŽŶ͕ŽĨƉŽůůƵƚŝŽŶŽĨůĂŶĚ͕Ăŝƌ
&>S!^&K$#!=#!=%!KO$!\&#@=NF!KO#$&KF!K=![@=<=)@'&<!S@\$#F@KR!ʹ!&<<!Z#=[<$GF!=%!
)$>$#&<<R!c&>S!F'@$>K@%@'&<<Rd!#$'=)>@DĞĚŐƌĂǀŝƚLJ͘͟;ĞƌƌLJ͕ϮϬϬϮ͕Ɖ͘ϲUd!
!
?$##R! @F! Z$#Z<$V$S! &F! K=! ^OR! KO$F$! G&KK$#F! '=>K@>N$! K=! >=K! F$$G! )#&\$! K=! NF(! ! 7$!
Z=@>KF! =NK! KO&K! FN[F@S@$F! &>S! #$)N<&K@=>F! &@G$S! &K! FNZZ=#K@>)! ! &>S! )N@S@>)! >$^!
K$'O>=<=)@'&<!)#=^KO6!S=!>=K!&SS#$FF!KO$!\N<>$#&[@<@KR!=%!KO$!%==S!Z#=SN'K@=>!FRFK$G(!!
3&>R! =%! KO$! %=N>S&K@=>F! =%! &)#@'N<KN#$! &#$! [$@>)! S$FK#=R$S6! FN'O! &F! >&KN#&<!
%$#K@<@D&K@=>6! F=<&#! $>$#)R6! <='&<@D$S! )$>$K@'F6! &>S! >&KN#&<! ^$$S! &>S! Z$FK! '=>K#=<(!
c?$##R6!HXXH6!Z(PUd!!9>FK$&S6!KO$!FG&<<!%&#G!@F![$@>)!KN#>$S!@>K=!&!N>@K!KO&K!@F!>=K!&K!&<<!
F$<%BFNFK&@>@>)! [NK! S$Z$>S$>K! NZ=>! '=#Z=#&K@=>F! &>S! &! )<=[&<! $'=>=GR(! -O&K!
S$K&'OG$>K! %#=G! =N#! $&#KO<R! #==KF! O&F! %N#KO$#! $VK$>S$S! @>K=! =KO$#! &FZ$'KF! =%! =N#!
<@\$F6! FN'O! &F! $>K$#K&@>G$>K6! $SN'&K@=>6! 'O@<S! '&#$6! '&#$! =%! KO$! $<S$#<R! &>S! =KO$#!
ONG&>!Z#@=#@K@$F!KO&K!^$#$!@>!KO$!Z&FK!Z#=\@S$S![R!KO$!F&G$!<='&<!O=NF$O=<S!&K!GN'O!
<$FF!'=FK(!!;N'O!'=FK!@F!>=K!G$&FN#$S!=><R!@>!S=<<&#F(!-=S&R!^$!O&\$!\&#@=NF!$GZ@#@'&<!
^&RF!=%!G$&FN#@>)!KO$!Z#=SN'K@\@KR!^@KO=NK!#$&<@D@>)!KO$!@GZ&'K!=%!S$)#&S$S!%&#G@>)!
'=GGN>@K@$F6!%&@<@>)!$'=FRFK$G!#$)$>$#&K@=>6!&>S!Z$#@FO@>)!'=GGN>@K@$F(!!!!!
!
M$>S$<<! ?$##R! %$$<F! KO&K! K$'O>=<=)R! O&F! S#&^>! NF! &^&R! %#=G! =N#! <&>S! &>S!
'=GGN>@KR6![NK6!'=>F$`N$>K<R6!&<F=!%#=G!=N#!\&<N$F!&>S!%$$<@>)F(!!!
!
͙͞ƚŚŝƐŝƐƚŚĞŽƌƚŚŽĚŽdžĂƐƐƵŵƉƚŝŽŶŽĨƚŚĞŝŶĚƵƐƚƌŝĂůĞĐŽŶŽŵLJB!KO&K!KO$!=><R!
O$<Z! ^=#KO! )@\@>)! @F! >=K! )@\$>! &K! &<<6! [NK! F=<S(! ! C=\$6! %#@$>SFO@ZF6!
>$@)O[=N#<@>$FF6! '=GZ&FF@=>6! SNKRBǁŚĂƚ ĂƌĞ ƚŚĞLJ͙ƚŚŝƐ ůŽŶŐ ƐĞƋƵĞŶĐĞ ŽĨ
@>SNFK#@&<!@>>=\&K@=>F!O&F!'O&>)$S!ONG&>!<@%$!&>S!$\$>!ONG&>!>&KN#$!@>!
ĨƵŶĚĂŵĞŶƚĂů ǁĂLJ͙͘ďƵƚ ĂƌŐƵĂďůLJ͕ ĂůŵŽƐƚ ĂůǁĂLJƐ ĨŽƌ ƚŚĞ ǁŽƌƐĞ͟ ;ĞƌƌLJ͕
HXXH6!Z(!PUd!!
!
-$'O>=<=)R! )@\$F! NF! KO$! @<<NF@=>! =%! [$@>)! KO$! '$>K#$! =%! KO$! ^=#<S! &>S! R$K! ^$! %@>S!
=N#F$<\$F!>=K! [$@>)!Z&#K!=%!&>RKO@>)!&K!&<<(!M$!O&\$!<=FK! K=N'O!^@KO!KO$!GRFK$#R!=%!
<@%$(!.><R!=N#!O$&#KF!&>S!@>>$#!F$<\$F!'&>!#==K!NF!&)&@>(!
!
͙͞ŽŶĞ͛Ɛ ůŽǀĞ ŐƌĂĚƵĂůůLJ ƌĞƐƉŽŶĚƐ ƚŽ ƚŚĞ ƉůĂĐĞ ĂƐ ŝƚ ƌĞĂůůLJ ŝƐ ĂŶĚ ŽŶĞ͛Ɛ
ǀŝƐŝŽŶƐŐƌĂĚƵĂůůLJŝŵĂŐĞƉŽƐƐŝďŝůŝƚŝĞƐƚŚĂƚĂƌĞƌĞĂůůLJŝŶŝƚ͙͘ǁŚĂƚŽŶĞǁĂŶƚƐ
'&>! [$'=G$! KO$! F&G$! &F! ǁŚĂƚ ŽŶĞ ŚĂƐ͕ ĂŶĚ ŽŶĞ͛Ɛ ŬŶŽǁůĞĚŐĞ ĐĂŶ ĐĂƵƐĞ
ƌĞƐƉĞĐƚŽĨǁŚĂƚŽŶĞŬŶŽǁƐ͘͟;ĞƌƌLJ͕ϮϬϬϮ͕Ɖ͘ϭϴϳͿ!
!
+<[$#K!?=#)G&>>!&<F=!@>\@K$F!NF!K=!#$KO@>A!=N#!$>)&)$G$>K!@>!=N#!^=#<S(!!M$!FK@<<!<@\$!
@>!&!^=#<S!=%!K=@<6!Z=\$#KR6!&>S!FN%%$#@>)(!!-O$!K#&>F%=#G&K@\$!Z#=G@F$!=%!K$'O>=<=)R!
O&F![$$>!N>%N<%@<<$S!&>S!^$!&#$!&<@$>&K$S!%#=G!=N#!<&[=N#6!^=#A@>)!N>S$#!&>!@<<NF@=>!
!
ŽĨĨƌĞĞĚŽŵĂŶĚƉƌŽŐƌĞƐƐ͘ŽƌŐŵĂŶŶ͕ůŝŬĞĞƌƌLJ͕ĂƌŐƵĞƐƚŚĂƚƚĞĐŚŶŽůŽŐLJ͛ƐƉƌŽŵŝƐĞŽĨ
<@[$#&K@=>!KO#=N)O!S@F[N#S$>G$>K! O&F!G$&>K!S@F$>)&)$G$>K! &>S!=N#!=><R!F$>F$! =%!
ĞŶƌŝĐŚŵĞŶƚ ŝƐ ƚŚƌŽƵŐŚ ĚŝǀĞƌƐŝŽŶ ĂŶĚ ĚŝƐƚƌĂĐƚŝŽŶ͘ ͞ŽŶƋƵĞƐƚ ŵĂŬĞƐ ǁĂLJ ĨŝƌƐƚ ƚŽ
ĚŽŵŝŶĂƚŝŽŶ ĂŶĚ ƚŚĞŶ ƚŽ ůŽŶĞůŝŶĞƐƐ͘͟ ;ŽƌŐŵĂŶŶ ϭϵϴϰ͕ Ɖ͘ϳϲͿ ůů ǁĞ ƐĞĞ ĂƌĞ ƚŚĞ
'=GG=S@K@$F(!!-O$R!&#$!KO$!%=#$)#=N>S!&>S!KO$!G&'O@>$#R!@F!O@SS$>(!M$!#$Z<&'$!KO$!
S$ZKO!=%!=N#!Z=K$>K@&<!^@KO!FO&<<=^!'=GG=S@K@$F!KO&K!&#$!$&F@<R!S@FZ=F&[<$1!
!
͞ĐŽŵŵŽĚŝƚLJŝƐĂǀĂŝůĂďůĞǁŚĞŶŝƚŝƐĂƚŽƵƌĚŝƐƉŽƐĂůǁŝƚŚŽƵƚďƵƌĚĞŶŝŶŐƵƐ
@>! &>R! ^&R6! @($(! ^O$>! @K! @F! '=GG=S@=NF<R! Z#$F$>K6! @>FK&>K&>$=NF<R6!
ƵďŝƋƵŝƚŽƵƐůLJ͕ƐĂĨĞůLJĂŶĚĞĂƐŝůLJ͘͟;ŽƌŐŵĂŶŶ͕ϭϵϴϰ6!Z(IId!
!
?=#)G&>>!FK&K$F!KO&K!K$'O>=<=)R!@>!@KF$<%!@F!@>K#@>F@'&<<R!Z&FF@\$(!9K!@F!>=K!'#$&K@\$!=#!
@>K$#&'K@\$(!9>!&!G&b=#!$%%=#K!K=!'O&>)$!KO@F!Z&FF@\$!>&KN#$!=%!K$'O>=<=)R6!?=#)G&>>!
FN))$FKF!KO&K!^$!&#$!S=@>)!F=![R!'#$&K@>)!&!ORZ$#B#$&<@KR!KO#=N)O!$<$'K#=>@'!)&G$F6!
G=[@<$!&ZZF!&>S!^$[F@K$F(!!7$!FN))$FKF!KO&K!KO@F!&KK$GZK!K=!F=<\$!KO$!S@F$>)&)$G$>K!
KO#=N)O! K$'O>=<=)R! &F! S$G=>FK#&K$S! @>! KO$! '#$&K@=>! =%! OR[#@S! ^=#<SF6! @#=>@'&<<R6!
%N#KO$#! &''$>KN&K$F! KO$! S@F$>)&)$G$>K(! ! ,$&<@KR! @KF$<%! [$'=G$F! [<N##$S(! ! -O@F!
$<$'K#=>@'! &%%@>@KR! ^@KO! ORZ$#BƌĞĂůŝƚLJ ĂŶĚ ƚĞĐŚŶŽůŽŐLJ͛Ɛ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ ĚƌŝǀĞ ŽĨ
<@[$#&<!S$G='#&'R!K=!'#$&K$!G=#$!'=GG=S@K@$F!K=!O$<Z!%@<<!KO$!\=@S6!@F!<$&S@>)!K=!$\$>!
G=#$! S@F$>)&)$G$>K6! >=K! =><R! %#=G! =N#! FA@<<F6! [NK! %#=G! =N#! '&Z&'@KR! %=#! ONG&>!
@>K$#&'K@=>(! ! 9>'#$&F$S! S@FK#&'K@=>! <$&SF! K=! &! F'&KK$#@>)! =%! %='NF(! 8F$S! @>! KO@F! ^&R6!
K$'O>=<=)R6! &''=#S@>)! K=! ?=#)G&>>6! S=$F! >=K! O$<Z! NF! $V'$<6! [NK! $>'=N#&)$F! NF! K=!
$VZ<=@K(!
!
͞/ƚ ŝƐ ĂůƌĞĂĚLJ ĂƉƉĂƌĞŶƚ ƚŚĂƚ ƚŚĞ ŶĞǁ ǀŝĚĞŽ ƚĞĐŚŶŽůŽŐLJ ŝƐ ŶŽƚ ƵƐĞĚ ďLJ
Z$=Z<$! &F! KO$! '#N'@&<! &@S! KO&K! %@>&<<R! &<<=^F! KO$G! K=! S$\$<=Z! @>K=! KO$!
O@FK=#@&>F6! '#@K@'F6! GNF@'@&>F6! F'N<ZK=#F! =#! &KO<$K$F! KO&K! KO$R! O&\$! &<^&RF!
^&>K$S! K=! [$(! ,&KO$#! KO$! G&@>! '=>F$`N$>'$! =%! KO@F! K$'O>=<=)@'&<!
ĚĞǀĞůŽƉŵĞŶƚ ĂƉƉĞĂƌƐ ƚŽ ďĞ ƚŚĞ ƐƉƌĞĂĚ ŽĨ ƉŽƌŶŽŐƌĂƉŚLJ͘͟ ;ŽƌŐŵĂŶ>6!
WUEJ6!Z(*Wd!
!
;@GZ<$6! &''$FF@[<$! '=GZNK$#F! '=>K@>N$! K=! FZ<@K! KO$! '=GG=S@KR! %#=G! KO$! G&'O@>$6!
^O@<$! G&A@>)! NF! $\$>! G=#$! S$Z$>S$>K! =>! KO$! G&'O@>$#R! ^O@<$! G&A@>)! NF! G=#$!
S$K&'O$S!%#=G!=N#!^=#<S(!
!
'B?67,!+14!'(70+3)!$70787/1!
?=#)G&>>! &#)N$F! KO&K! &! S@\@S$! [$K^$$>! =N#! ZN[<@'! &>S! Z#@\&K$! <@\$F! @F6! K=S&R6! &!
>&KN#&<<R!&''$ZK$S!^&R!=%![$@>)(!!9>!Z=<@K@'&<!&>S!$'=>=G@'!<&>)N&)$!KO$F$!S@\@F@=>F!
ĂƌĞĐĂůůĞĚ͞ƐĞĐƚŽƌƐ͘͟ŽƌŐŵĂŶŶƐƵŐŐĞƐƚƐƚŚĂƚďLJƐŝƚƵĂƚŝŶŐƉƵďůŝĐŵĂƚƚĞƌƐĂƉĂƌƚĨƌŽŵ
=N#!Z$#F=>&<!<@\$F6!^$!&#$!&[<$!K=!O@S$!KO$!@GZ<@'&K@=>!=%6!&>S!KO$!&''=N>K&[@<@KR!KO&K!
^$! G&R! O&\$! %=#! K$'O>=<=)R(! 9K! &ZZ$&#F! KO&K! &''=N>K&[@<@KR! @F! <@G@K$S! K=! &! Z#@\&K$!
#$&<G!&>S!KO$#$!@F!>=!<=>)$#!&F!GN'O!'=GGN>&<!>$)=K@&K@=>!=%!G$&>@>)!&>S!\&<N$!=%!
=N#! FO&#$S! ^=#<S(! 3$&>@>)! &>S! \&<N$! O&\$! Z#@G&#@<R! [$'=G$! &! Z#@\&K$! &%%&@#(!!
?=#)G&>>!Z=@>KF!=NK!KO&K!^O$>!^$!'&<<!=>!K$'O>=<=)R!K=!O$<Z!NF!S$%@>$!&>S!Z#$F$>K!
ĂƉƵďůŝĐĞdžƉĞƌŝĞŶĐĞ͕ŝƚƚƵƌŶƐƐŽĐŝĂůĐĞůĞďƌĂƚŝŽŶƐŝŶƚŽĂ͞ƐŽƉŚŝƐƚŝĐĂƚĞĚŵĂĐŚŝŶĞƌLJ͟ĂƐŝƐ
$\@S$>K! @>! KO$! .<RGZ@'F! &>S! G&b=#! FZ=#KF! FZ$'K&'<$F(! ! -O@F! ZN[<@'jZ#@\&K$! S@\@S$!
S@F)N@F$F! KO$! @GZ<@'&K@=>F! =%! K$'O>=<=)R! [NK! @K! FK@<<! [$FZ$&AF! @>! &! %#NFK#&K$S! ^&R6!
ƉĞŽƉůĞ͛Ɛ ĚĞƐŝƌĞƐ ĨŽƌ Ă ŬŝŶĚ ŽĨ ŵŽƌĂů ĞdžĐĞůůĞŶĐĞ͘ ;ŽƌŐŵĂŶŶ͕ ϮϬϬϯ͕ Ɖ͘ ϳϱͿ dƌĂĚŝƚŝŽŶƐ
&#$!<@G@K$S!K=!KO$!Z#@\&K$!#$&<G!&>S!K=!'=>K#@\$S!&>S!FK#N'KN#$S!ZN[<@'!Z&)$&>K#R6!&F!
ǁĞůů ĂƐ ƚĞĐŚŶŽůŽŐŝĐĂůůLJ ĚƌŝǀĞŶ ĐĞůĞďƌĂƚŝŽŶƐ ƚŚĂƚ ĂƌĞ ƚŚĞ ŚĞĂƌƚ ŽĨ ƚŽĚĂLJ͛Ɛ ĐŽŵŵŽŶ
=#S$#(!!.N#!'=GG=>!=#S$#!O&F![$$>!S$Z<$K$S!%#=G!K#&S@K@=>6!%#=G!KO$!^@FS=G!KO&K!
!
! ! !
'=G$F!^@KO!@K!&>S!%#=G!&!S@#$'K!&>S!Z$#F=>&<!&''=N>K&[@<@KR!&>S!'=>>$'K$S>$FF!^@KO!
KO&K!F$>F$!=%!=#S$#(!
!
<),:1/6/.=!+14!3:)!E)6*A!<:)!;:+66)1.)!/*!;/13)L3!
MO@<$!K=S&R6!^$!&#$!&<<!FK@<<!@>>&K$<R!S#&^>!K=!=N#!K#&S@K@=>&<!K@$F6!=N#!^=#<S!@F!S$%@>$S!
<$FF! [R! =N#! Z$#F=>&<! FK=#@$F! &>S! F$>F$! =%! )==S>$FF6! [NK! G=#$! [R! &! >&##&K@\$! =%!
ĂĚǀĞƌƚŝƐŝŶŐ͕ ͘Ɛ ŽƌŐŵĂŶŶ ƉƵƚƐ ŝƚ͕ ͞/Ŷ ĂĚǀĞƌƚŝƐŝŶŐ͕ ƚŚĞ ƉƌŽŵŝƐĞ ŽĨ ƚĞĐŚŶŽůŽŐLJ ŝƐ
Z#$F$>K$S! [=KO! ZN#$<R! &>S! '=>'#$K$<R! &>S! O$>'$! G=FK! &KK#&'K@\$<R(! "#=[<$GF! &>S!
ƚŚƌĞĂƚƐ ĞŶƚĞƌ ŽŶůLJ ĂƐ Ă ďĂĐŬŐƌŽƵŶĚ ƚŽ ƐĞƚ ŽĨĨ ƚŚĞ ďůĞƐƐŝŶŐƐ ŽĨ ƚĞĐŚŶŽůŽŐLJ͘͟
c?=#)G&>>6!WUEJ6!Z(*Ed!!M$!&#$!S$%@>$S![R!KO@F!&S\$#K@F@>)!&>S!@>!KO$!'=GZ<$V@KR!=%!
KO$! $\$#! S$\$<=Z@>)! K$'O>=<=)@'&<! ^=#<S! KO@F! Z#=SN'K! G$FF&)@>)! @F! F=G$O=^!
Z#=\@S@>)! &! FK&[@<@D@>)! %=#'$(! ! -#&S@K@=>! @F! FK@<<! R$&#>$S! %=#! O=^$\$#6! [NK! G=#$! &>S!
G=#$! F$$>! &F! &! FA$<$K&<! G$G=#R! =%! &! Z#$BK$'O>=<=)@'&<! ^=#<S(! ! /$^6! <==F$!
@>K$#Z#$K&K@=>F! =%! K#&S@K@=>! O&\$! K&A$>! =\$#! %#=G! KO$! =<S! &#'O$KRZ&<! FK=#@$F! &>S!
K#&>F%=#G$S! KO$! S$$Z! ^@FS=G! @>K=! KO$! <=^$FK! '=GG=>! S$>=G@>&K=#1! ! [#&>S&[<$6!
G&>&)$&[<$!&>S!G&#A$K&[<$!S$\@'$F(!!
!
<),:1/6/.=!+14!/B(!()6+37/18:75!973:!/B(!9/(64!
-$'O>=<=)R6! %$$S@>)! KO$! +G$#@'&>! S#$&G! =%! %#$$S=G! &>S! K$'O>=<=)@'&<! $>&[<@>)6!
^@KOS#&^F!NF!%#=G!=N#!^=#A6!=N#!K#&S@K@=>6!=N#!%&G@<R!&>S!=N#!F$>F$!=%!Z<&'$(!!9>!@KF!
$%%=#K!K=!'=G[&K!G$S@$\&<!@>$`N&<@KR6!KO$!'&Z@K&<@FK!FRFK$G!NF$F!'=GZ$K@K@=>!&>S!>$^!
%=#GF! =%! F='@&<! @>$`N&<@KR! @>! =#S$#! K=! Z#=Z$<! KO$! FRFK$G! %N#KO$#(! ! +''$FF! K=!
'=GG=S@K@$F! @F! N>$`N&<6! [&F$S! =>! @>'=G$6! &>S! KO@F! '&NF$F! %N#KO$#! K$>F@=>F! @>! =N#!
#$<&K@=>FO@ZF(! ! C=^$#! '<&FF$F! >=^! &#$! S#@\$>! @>! '=GZ$K@K@=>! [R! KO$! [$<@$%! KO$R! '&>!
&KK&@>!KO$!FK&KNF!=%!O@)O$#!'<&FF$F(!3=K@\&K@>)!KO$!<=^$#!'<&FF$F!K=!^=#A!O&#S$#!&>S!
[NR! G=#$! =><R! '&NF$F! )#$&K$#! )N<%F! @>! KO$! ONG&>! S@&<=)N$(! ! -$'O>=<=)R! &'KN&<<R!
%N#KO$#! '=GG=S@K@F$F! KO$! @>$`N&<@KR(! ! -O$! NZ^&#S! R$&#>@>)! S=$F! >=K! $>'=N#&)$!
Z$=Z<$!K=!&FF='@&K$!^@KO!KO=F$![$<=^!KO$G(!!-O=F$!@>!<=^$#!'<&FF$F!K$>S!K=!Z&R!%=#!
$'=>=G@'! S$'<@>$F6! ^O@<$! KO$! G@SS<$! '<&FF! @F! )$>$#&<<R! '=G%=#K&[<$! &>S! KO$#$%=#$!
S@F$>)&)$S!%#=G!@FFN$F!#$<&K@>)!K=!bNFK@'$(!!!?=#)G&>>!&#)N$F!KO&K!^O@<$!K$'O>=<=)R!@F!
)$>$#&<<R! @>'=>F$`N$>K@&<! K=! F='@&<! &'K@\@FG6! @K! O&F! &! F&%$KR! G$&FN#$! ^O@'O! O$<ZF!
[&<&>'$! &>R!F$>F$! =%!N>#$FK(!-O$! bNFK@'$! Z#='$FF! @KF$<%!@F!'=GG=S@K@D$S(!!-O@F!@F!>=K!
#$<&K@=>&<(!!-O$!<&[=N#!G=\$G$>K!%=#!$V&GZ<$6!&''=#S@>)!K=!?=#)G&>>!@F!'=GZ<@&>K(!!
+<<!!!KO&K!@F!&FA$S!%=#!@F!G=#$!G=>$R!&>S!G=#$![$>$%@KF(!!-O@F!'&>!=><R![$!G&@>K&@>$S!
&F!<=>)!&F!K$'O>=<=)R!@F!&S\&>'@>)(!!;N'O!Z#=)#$FF!F&RF!?=#)G&>>6!@F!S$K&'O$S!%#=G!
=N#!F$>F$!=%!^O&K!@K!S=$F!K=!=KO$#F6![NK![$'=G$F!&!KRZ$!=%!F='@&<!&SS@'K@=>(!!!
!
M@KO! KO$! #@F$! =%! KO$! [=N#)$=@F@$! @>! &! ^=#<S! S@\@S$S! [$K^$$>! Z#@\&K$! &>S! ZN[<@'!
S@FK@>'K@=>F6! ZN[<@'! '$<$[#&K@=>F! #==K$S! @>! %#@$>SFO@Z! &>S! #$<@)@=NF! <@%$6! )&\$! ^&R! K=!
&#K@FK@'!'$<$[#&K@=>(!9>!KO$!WUKO! '$>KN#R!KO@F!$\=<\$S!K=!KO$! '=>FK#N'K@=>!=%![N@<S@>)F!
FN'O!&F!=Z$#&!&>S!&#K!O=NF$F!^O$#$!KO$!ZN[<@'!G=#$!&>S!G=#$![$'&G$!&!FZ$'K&K=#!
#&KO$#!KO&>!&!Z&#K@'@Z&>K(!!-O@F!<=FF!=%!ZN[<@'!S@&<=)N$!&>S!FO&#$S!>&##&K@\$!^&F!>=K!
G@FF$S! [R! KO$! ZN[<@'! &F! @K! ^&F! [&<&>'$S! [R! &! F$>F$! =%! )<&G=N#! &>S! Z#=FZ$#@KR(!
c?=#)G&>>6!HXXL6!Z(!WXEd!!!-=S&R6!KO$!ZN[<@'!FZ&'$! @F!Z#@G&#@<R!&!Z<&'$!=%!FO=ZZ@>)!
'$>K#$F! &>S! $&K@>)! $FK&[<@FOG$>KF! &@G$S! &K! %$$S@>)! KO$! '=GG=S@KR! %#$>DR(! ! 9K! @F!
)$>$#&<<R!>=K!&!#$<&K@=>&<!FZ&'$(!!QN#KO$#G=#$6!KO$!&)$!=%!KO$!M=#<S!M@S$!M$[!O&F!
'#$&K$S! &! `N&F@B$NZO=#@'! F$>F$! =%! ORZ$#B@>K$<<@)$>'$! KO&K! %N#KO$#! &''$>KN&K$F! KO$!
Z&#&S=V! =%! =N#! #$<&K@=>FO@ZF(! ! MO@<$! ^$! &ZZ$&#! K=! '=>>$'K! ^@KO! G=#$! &>S! G=#$!
Z$=Z<$6!@>!)#&>S$#!&>S!)#&>S$#!^&RF6!^$!F$$G!K=!#$<&K$!K=!%$^$#!&>S!%$^$#(!
!
!
-O@F! K$'O>=<=)@'&<! >$K^=#A! O&F! #$Z<&'$S! KO$! FK#N'KN#$F! =%! =N#! K#&S@K@=>F6! =N#!
K$&'O$#F6!=N#!<$&S$#F! &>S!=N#!%&G@<R(!.N#!&<<$)@&>'$F!&#$!KO@>!&>S!=N#!'=GG@KG$>K!
FO&<<=^(!!9>!FN'O!&!F='@&<!SR>&G@'!=N#!FZ@#@KN&<!F$<\$F!%<=&K!@>!&!<=>$<R!&>S!FK=#GR!F$&(!
!
<),:1/6/.=!+14!/B(!()6+37/18:75!973:!9:/!9)!+()C!
;Z@#@KN&<!<$&S$#F!=%!&<<!)$>$#&K@=>F!&>S!&<<!K#&S@K@=>F!O&\$!$GZO&F@D$S!KO$!@GZ=#K&>'$!
ŽĨ ĐůĞĂƌŝŶŐ ŽŶĞ͛Ɛ ĐĂůůƵƐĞƐ ĐĂƵƐĞĚ ďLJ ƚŚĞ ĚŝƐƚƌĂĐƚŝŽŶƐ ŽĨ ŽƵƌ ŵĂƚĞƌŝĂů ǁŽƌůĚ͘ dŚĞ
'#$&K@=>!=%!KO$F$!'&<<NF$F!&>S!KO$!'=>F$`N$>K!S@F&[@<@KR!KO&K!Z#$\$>KF!NF!%#=G!<==A@>)!
ŝŶǁĂƌĚůLJ ŝƐ ƉƌŽďĂďůLJ ƚĞĐŚŶŽůŽŐLJ͛Ɛ ďŝŐŐĞƐƚ ĐŚĂůůĞŶŐĞ͘ DĂ>R! =%! NF6! @%! ZNFO! '=G$F! K=!
FO=\$6! &#$! &G[@)N=NF! &>S! Z$#O&ZF! '=>%<@'K$S! &[=NK! KO$! F$>F$! =%! O=^! [$>$%@'@&<!
ƚĞĐŚŶŽůŽŐLJŝƐƚŽŽƵƌƉĞƌƐŽŶĂůůŝǀĞƐ͘tĞĚŽŶ͛ƚǁĂŶƚƚŽŐŽ͞ďĂĐŬǁĂƌĚ͟ƚĞĐŚŶŽůŽŐŝĐĂůůLJ͕
[NK!G&>R!=%!NF!FK@<<!S=!>=K!O&\$!&!F$>F$!=%!Z$#F=>&<!O&ZZ@>$FF!&>S!F&K@F%&'K@=>!&F!&!
#$FN<K!=%!@K(!!-O$!Z#=G@F$!=%!KO$!K$'O>=<=)@'&<!Z&#&S@)G!A$$ZF!Z$#Z$KN&K@>)!&!%$$<@>)!
KO&K!<@%$!@F!>=K!)==S!$>=N)O!&>S!KO&K!^$!>$$S!$\$>!G=#$!B!^$!&#$!&<G=FK!KO$#$![NK!
>=K! `N@K$(! 4=>F$`N$>K<R6! KO$#$! @F! &! Z&#&<<$<! %$$<@>)! KO&K! ^$! =N#F$<\$F! &#$! >=K! )==S!
$>=N)O(!!2$FZ@K$!&<<!KO@F6!^$!#$G&@>!Z&K@$>K!^@KO!KO$!F=<NK@=>F!KO&K!^$![$<@$\$!&#$!R$K!
K=! '=G$! %#=G! KO&K! F&G$! K$'O>=<=)@'&<! %#&G$^=#A6! ^O@<$! &K! KO$! F&G$! K@G$! [$@>)!
G=#$!&>S!G=#$!%#NFK#&K$S!&[=NK!=N#!Z$#F=>&<!#=<$F!^@KO@>!KO&K!F&G$!FRFK$G(! !!-O@F!
ĨĞĞůŝŶŐ ŽĨ ŝŵƉŽƚĞŶĐĞ͕ ĂĐĐŽƌĚŝŶŐ ƚŽ ůďĞƌƚ ŽƌŐŵĂŶŶ ůĞĂĚƐ ƚŽ ͞ĐŽŵƉůĂĐĞŶĐLJ ƚŚĂƚ
ďĞƐƉĞĂŬƐĂŐĞŶĞƌĂůĂĐĐĞƉƚĂŶĐĞŽĨƚĞĐŚŶŽůŽŐŝĐĂůƐŽĐŝĞƚLJ͘͟;ŽƌŐŵĂŶŶ͕ϮϬϬϯ͕Ɖ͘ϭϬϵͿ!
!
dŚĞ ĐƵƌƌĞŶĐLJ ŽĨ ͞ůĞŝƐƵƌĞ͟ ŝƐ Ăƚ ƚŚĞ ĨŽƌĞĨƌŽŶƚ ŽĨ ŽƵƌ ĐŽŶŶĞĐƚŝŽŶ ĂƐ ƉĞƌƐŽŶƐ ǁŝƚŚ ƚŚĞ
K$'O>=<=)@'&<!FRFK$G!&>S!)@\$F!NF!&!F$>F$!KO&K!KO$!FRFK$G!@F!@>S$$S!>=K!'<=F$S6![NK!
KO&K! @K! @F! KO$#$! %=#! NF6! &F! Z$#F=>F(! ! ?NK! O=^! S=! ^$! G$&FN#$! KO@F! #$<&K@=>FO@Z! ^@KO!
K$'O>=<=)R!@>!K$#GF!=%!Z$#F=>&<!&^&#$>$FF!&>S!O&ZZ@>$FFr!!MOR!S=$F!@K!F$$G!K=![$!
<$FF! $%%$'K@\$! KO&>!^$! O=Z$Sr!!+!#$SN'K@=>!@>!FN[FK&>'$!&>S!S@)>@KR!=%!KO$!F$<%!O&F!
'#$&K$S!&>!$GZK@>$FF!K=![$!%@<<$S!=><R![R!%N#KO$#!'=>FNGZK@=>(!!-O$#$!@F!&!G&b=#!FZ<@K!
[$K^$$>! =N#! FN#%&'$! &ZZ$&#&>'$! &F! @>S@\@SN&<F! @>! F='@$KR6! FO=^@>)! =%%! =N#! =ZN<$>K!
'=>FNG$#!&'`N@F@K@=>F6!&>S!KO$!'=#$!KO&K!N>S$#<@$F!=N#!K#N$!F$<\$F(!!-=!&!)#$&K!$VK$>K!
K$'O>=<=)R!S$Z@'KF!@KF$<%!@>!=N#!<@\$F!KO=N)O!=N#!FN#%&'$!$VZ=FN#$!=%!'=>FNGZK@=>!@>!
ZN[<@'! &>S! @KF! #$&<! $%%$'K! FK@'AF! K=! NF! KO#=N)O! \&#@=NF! G&>@%$FK&K@=>F! =%! Z$#F=>&<!
&>V@$KR!&>S!SRF%N>'K@=>(!!!?=#)G&>>!&#)N$F!KO&K!KO@F!<@>$![$K^$$>!)==S!&>S![&S!O&F!
[$$>![<N##$S!KO#=N)O!K$'O>=<=)R!&F!@K!=\$#^O$<GF!KO$!FN#%&'$!F$>F@[@<@KR!=%!=N#!<@\$F6!
K=!KO$!Z=@>K!KO&K!@K!FN%%='&K$F!=N#!&[@<@KR!K=!'=>>$'K!^@KO!=N#!@>>$#!G=FK!FZ@#@K(!!.N#!
K$'O>@'&<! %@V$F!S@F$>)&)$! NF!%#=G!KO$!#$&<!Z#=[<$GF!&>S!G=#$!@GZ=#K&>K<R6!KO$!#$&<!
Z=K$>K@&<!F=<NK@=>F!KO&K!'&>!=><R![$!%=N>S![R!K&ZZ@>)!@>K=!=N#!Z$#F=>&<!'=#$(!M$!<@\$!
@>!&!^=#<S!^O$#$!^$!&#$!'=>%#=>K$S!^@KO!K==!GN'O!@>%=#G&K@=>!K=!S@F'$#>6!K==!G&>R!
'=GG@KK$$F! K=! N>S$#FK&>S! ^O&K! @F! )$>N@>$! &>S! K==! GN'O! '=>FNGZK@=>! K=!
N>S$#FK&>S!^O&K!@F!#$&<(!
!
M$>S$<<!?$##R! Z=@>KF!=NK! KO&K!K$'O>@'&<!Z#=)#$FF!'=>K@>N$F! K=!S$)#&S$!=N#!&KK@KNS$!
K=^&#SF! =N#! =^>! ZORF@'&<! [=SR! &F! ^$<<(! ! 9>! @KF$<%! KO$! [=SR! @F! >=K! Z$#%$'K6! R$K! KO$!
G$'O&>@'&<! FK&>S&#SF! ^$! '#$&K$! &#$! )@\$>! &>! &N#&! =%! Z$#%$'K@=>6! =#! &K! <$&FK! KO$!
'&Z&'@KR!K=!&'O@$\$!@K(!!!M$!O&\$!Z<&'$S!G&'O@>$F!&F!G=S$<F!=%!=N#!@S$&<!&>S!@>!S=@>)!
ƐŽ ǁĞ ĂůŵŽƐƚ ĚĞƐŝƌĞ ƚŽ ďĞ ĨƌĞĞ ŽĨ ƚŚĞ ďŽĚLJ͛Ɛ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚ ďĞ ŵŽƌĞ ůŝŬĞ ƚŚĞ
G&'O@>$F!^$!O&\$!'#$&K$S(!!-O$![=SR!@F!bNFK!&!Z<$&FN#$!G&'O@>$!KO&K!^$!'&>!$VZ<=@K!
[R! NK@<@D@>)! G=#$! K$'O>=<=)R(! ! -O$! '=>F$`N$>'$F! S=! >=K! G&KK$#! &>S! ^@<<! F=G$O=^!
K&A$!'&#$!=%!KO$GF$<\$F(!!
!
͞dŚĞLJƐĞĞƚŚĞďŽĚLJĂƐĂŶĞŶĐƵŵďƌĂŶĐĞŽĨƚŚĞŵŝŶĚ͕ƚŚĂƚŝƐ͕ĂƐƌĞĚƵĐĞĚƚŽ
&!F$K!=%!G$'O&>@'&<!@S$&F!KO&K!'&>![$!@GZ<$G$>K$S!@>!G&'O@>$F! ʹ!&>S!F=!
ƚŚĞLJŚĂƚĞŝƚĂŶĚůŽŶŐƚŽďĞĨƌĞĞŽĨŝƚ͘͟;ĞƌƌLJ͕ϮϬϬϮ͕Ɖ͘ϳϰͿ!
!
! ! !
-O$!#=<$!=%!KO$![=SR!O&F![$$>!<&#)$<R!#$Z<&'$S![R!G&'O@>$F!&>S!&<<!O&F![$$>!Z<&'$S!
@>K=! &! KRZ$! =%! %=#GN<&(! ! +''=#S@>)! K=! ?$##R6! KO$! #=<$! =%! KO$! ONG&>! [=SR! @F! F<=^<R!
[$'=G@>)!Z$#'$@\$S!&F![$@>)!=[F=<$K$Ü!!c?$##R6!HXXH6!Z(!WJXd!
!
<),:1/6/.=!+14!`=5)(!D)+673=C!
.N#! <&'A! =%! K=N'O! ^@KO! =N#! #$&<@KR! &>S! =N#! =^>! F$<\$F! O&F6! R$K! &)&@>6! <$S! K=! >$^!
K$'O>=<=)@'&<! '=GG=S@K@$F! &@G$S! &K! G&A@>)! FN'O! #$&<@KR! [$KK$#(! +! G=\$! K=! ORZ$#B
#$&<@KR6!=#!'=>K#=<<$S!#$&<@KR6!O&F!S$\$<=Z$S!'=>K#@\$S!@G&)$F!=%!=N#!F$<\$F6!>=K!=><R!
@>! =N#! &S\$#K@F@>)! &>S! =N#! '=>FNG$#! )==SF6! [NK! G=#$! #$'$>K<R! @>! [<&K&>K! \@#KN&<!
ǁŽƌůĚƐŽŶƚŚĞǁĞďĂŶĚŝŶĞůĞĐƚƌŽŶŝĐŐĂŵĞƐ͘ŝƐŶĞLJ͛Ɛ͞ƉĞƌĨĞĐƚ͟ǁŽƌůĚŽĨŝƐŶĞLJůĂŶĚ͕
$#=K@'!GNF@'!\@S$=F!&>S!@>FK&>K!%==SF!KO&K!Z#=%$FF!K=![$!F=G$KO@>)!KO$R!&#$!>=K6!&#$!
[NK! &! %$^! $V&GZ<$F! =%! O=^! KO$! <@>$F! [$K^$$>! &NKO$>K@'@KR! &>S! @<<NF@=>! O&\$! [$$>!
[<N##$S(! ! ?=#)G&>>! Z=@>KF! =NK6! KO&K! ORZ$#B#$&<@KR! F$$GF! K=! [$! G=#&<<R! @>$#K(!!
c?=#)G&>>6! WUUL6! Z(UJd! 9K! @F! @>S@%%$#$>K! K=! @KF! '=>K$VK! &>S! >=K! %N<<R! F@KN&K$S! @>! &>R!
^=#<S6!<$K!&<=>$!&!K#N$!#$%<$'K@=>!=%!=N#!Z$#F=>&<!@S$>K@KR(!!+K!@KF!#==K6!ORZ$#B#$&<@KR!@F!
)<&G=#=NF6! S@FZ=F&[<$! &>S! \$#R! FO=#K! K$#G(! ! /=! G&KK$#! ^O&K6! ^$! GNFK! $\$>KN&<<R!
#$KN#>!K=!&!#$&<@KR!KO&K!'&>!>$\$#![$!&F!)<&G=#=NF!&>S!KO@F!=%K$>!<$&SF!NF!K=!&!S$$Z$#!
F$>F$!=%!S$FZ&@#!&>S!$GZK@>$FF(!!!
!
͞ŽŵŵŽĚŝƚŝĞƐ͕ ŐůĂŵŽƌŽƵƐ ŽŶĞƐ ĞƐƉĞĐŝĂůůLJ͕ ĂƌĞ ĂůůƵƌŝŶŐ͕ ďƵƚ ƚŚĞLJ ĂƌĞ ŶŽƚ
FNFK&@>@>)(!!+!O@)O<R!@>K$#&'K@\$!ORZ$#B#$&<@KR!G&R!Z#=\@S$!R=N!^@KO!%@K>$FF!
&>S! '=B=#S@>&K@=>(! ! -=K&<<R! S@F[N#S$>@>)! ORZ$#B#$&<@K@$F! '&>! A$$Z!
$GZK@>$FF! &K! [&R! KO#=N)O! $\$>! G=#$! #$%@>$S! &>S! &))#$FF@\$! FK@GN<&K@=>(!!
?NK!F@>'$!KO$!#$&<G!=%!'=GG=S@KR!@F!>=K!R$K!K=K&<6!^$!GNFK!F==>$#!=#!<&K$#!
FK$Z!=NK! =%!@K! @>K=!KO$!#$&<! ^=#<S!!!@K!@F!KRZ@'&<<R!&! #$F$>K%N<!&>S!S$%$&K$S!
ƌĞƚƵƌŶ͘͟;ŽƌŐŵĂŶŶϭϵϵϯ͕Ɖ͘ϵϲͿ!
!
-O$!S@F'=>>$'K$S>$FF! =%!ORZ$#BƌĞĂůŝƚLJĚŽĞƐŶ͛ƚƉƌŽǀŝĚĞ ƚŚĞǀŝŐŽƵƌ͕ƚŚĞ ƉĂƚŝĞŶĐĞĂŶĚ
KO$! #$%<$'K@=>! >$$S$S6! %=#! NF! K=! '=>>$'K! ^@KO! =N#F$<\$F6! F@KN&K$S! @>! KO$! #$&<! ^=#<S(!
dŽĚĂLJ͛Ɛ ŚLJƉĞƌB#$&<@KR! @F! `N@'A! &>S! FNZ$#%@'@&<6! &''=#S@>)! K=! ?=#)G&>>(! c?=#)G&>>6!
WUUL6!Z(WXPd!.N#!'=>>$'K@=>!@F!)$>$#ĂůůLJůŝŵŝƚĞĚƚŽĞLJĞƐĂŶĚĞĂƌƐ͘͞dŚĞƐLJŵŵĞƚƌLJŽĨ
KO$! ^=#<S! &>S! KO$! [=SR! @F! #$SN'$S! K=! &! FO&<<=^6! @%! )<&G=#=NF! ^=#<S! &>S! &! ORZ$#!
ŝŶĨŽƌŵĂů͕LJĞƚĚŝƐĞŵďŽĚŝĞĚƉĞƌƐŽŶ͘͟;ŽƌŐŵĂŶŶ͕ϭϵϵϯ͕Ɖ͘ϭϬϲͿ,LJƉĞƌB@>K$<<@)$>'$!@F!
[#=&S$>@>)!=N#!&[@<@K@$F!@>!F=G$!^&RF6![NK!@K!@F!&<F=!'#$&K@>)!&!'N<KN#$!^O$#$!^$!&#$!
<@G@K@>)! KO$! K@G$! ^$! &<<='&K$! %=#! @>K$<<@)$>K! `N$FK@=>@>)! &>S! #$%<$'K@=>6! K=! &! >&##=^!
&>S!=%K$>!&[[#$\@&K$S!%=>K!=%!A>=^<$S)$(!!
!
<),:1/6/.=!+14!>,38!/*!H/0)!
+<[$#K!?=#)G&>>!K$<<F!NF!KO&K!KO$!G=#&<!S$'&R!=%!F='@$KR!@F!@>!%&'K!&!Z$#%$'K!@>'N[&K=#!
%=#! K$'O>=<=)@'&<! )#=^KO(! ! -O@F! #$&<@KR6! ^O$#$! \@'$F! &#$! KN#>$S! @>K=! [$>$%@KF! &>S!
F=G$KO@>)! K=! [$! $VZ<=@K$S6! F$$GF! K=! G@>@G@F$! KO$! '=>F$`N$>'$! =%! G=#&<! %&@<N#$F(!
:#$$S6! $>\R! &>S! )<NKK=>R! K&A$! =\$#! %#=G! <=\$! &>S! [$'=G$! G&>@%$FK! &F! KO$! G&@>!
S#@\$#F!=%!KO$!'=GZ$K@K@\$!&FZ$'K!=%!=N#!&'K@=>(!c?=#)G&>>6!WUEJ6!Z(JEd!+>R!S@&<=)N$!
&[=NK!^O&K!@F!#@)OK!=#!^#=>)!@F!G&@><R!<$%K!K=!KO$!Z=<@K@'&<!G@<@$N6!%#=G!^O@'O6!&F!^$!
O&\$! S@F'NFF$S6! ^$! &#$! S$K&'O$S! &>S! @>! ^O@'O! ^$! Z<&'$! G@>@G&<! '#$S@[@<@KR! =#!
&''=N>K&[@<@KR(! ! +F! &! #$FN<K6! &! G=#&<<R! >$NK#&<! FK&>'$! S#@\$F! KO$! Z=<@K@'F! =%! <@[$#&<!
S$G='#&'R!&F!@K!'=>FK&>K<R!F$$AF! K=!S$%@>$!KO$!)==S!<@%$(!-O$!&)$! =%!$><@)OK$>G$>K!
&>S! &! F$>F$! =%! <@[$#&<! S@F'=N#F$! @>! F='@$KR! &ZZ$&#! =>! KO$! =>$! O&>S6! K=! <@[$#&K$! NF!
%#=G! S=)G&! &>S! KO$! =ZZ#$FF@=>! =%! #N<@>)! '<&FF$F(! ! .>! KO$! =KO$#! O&>S6! ?=#)G&>>!
Z=@>KF! =NK! KO&K! ^$! O&\$! '#$&K$S! &! >$^! G=#&<! =#S$#! KO&K! $>'=N#&)$F! &NK=>=G=NF!
F$<%BS$\$<=ZG$>K! &>S! F$<%B#$)N<&K@=>(! ! +#$! ^$! &[<$! K=! &FF$FF! =N#! &'K@=>F! ^@KO=NK! &!
G=#&<! [&#=G$K$#r! ! 2=! KO$! K$'O>@'&<! G=S$<<@>)! &>S! @>%#&FK#N'KN#$F! KO&K! Z#=G@F$! NF!
!
FK&[@<@KR! &>S! N><@G@K$S! )#=^KO6! Z#=\@S$! &! FN%%@'@$>K! N>S$#FK&>S@>)! =%! KO$!
'=>F$`N$>'$F!=%!=N#!&'K@=>F!K=!@>FN#$!KO&K!KO$R!&#$!)#=N>S$S6!%@#FK!&>S!%=#$G=FK!@>!
<=\$r!!!
!
M$>S$<<! ?$##R! &)#$$F! ^@KO! ?=#)G&>>! @>! 'O&<<$>)@>)! KO$! %=#GF! =%! &>&<RF@F! &>S!
FZ$'@&<@D$S!G&>&)$G$>K!KO&K!^$!O&\$![$'=G$!F=!NF$S!K=!&>S!KO&K!&#$!@>FK#NG$>K&<!
ŝŶ ŽƵƌ ĚĞĐŝƐŝŽŶ ŵĂŬŝŶŐ͘ ĞƌƌLJ͛Ɛ ƉŽƐŝƚŝŽŶ ŵĂŬĞƐ ƵƐ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ƚĞĐŚŶŽůŽŐŝĐĂů
$%%@'@$>'R! @)>=#$F! <=\$! &>S! #$SN'$F! $\$#RKO@>)! K=! &>! &[FK#&'K@=>6! G$&FN#$S! [R!
>NG$#@'&<! $`N&K@=>F(! ! 7$! 'O&<<$>)$F! KO$! Z<&>>$#F! &>S! F'@$>K@FKF! ^O=! <==A! &K! KO$!
^=#<S! %#=G! KO$@#! <=%KR! Z=F@K@=>F6! K#R@>)! K=! %@>S! KO$! F=<NK@=>F! &F! K=! O=^! K=! [#@>)!
$\$#RKO@>)! K=)$KO$#6! ^O@<$! KO$R! &#$! @>! %&'K6! F<=^<R6! [<@>S<R! S$FK#=R@>)! @K(! ! 3&'#=!
FZ$'@&<@FKF!S=!>=K!F$$!KO$!^=#<S!^@KO!&%%$'K@=>(!?$##R!'O&#)$F!FN'O!Z#=%$FF@=>&<F!^@KO!
ƐŝŵƉůLJ͞ŬŶŽǁŝŶŐĂŶĚŶŽƚĐĂƌŝŶŐ͘͟!
!
͞dŽƚŚŝŶŬďĞƚƚĞƌ͕ƚŽƚŚŝŶŬůŝŬĞƚŚĞďĞƐƚŚƵŵĂŶƐ͕ǁĞĂƌĞƉƌŽďĂďůLJŐŽŝŶŐƚŽ
O&\$!K=!<$&#>!&)&@>!K=!bNS)$! &! Z$#F=>͛Ɛ ŝŶƚĞůůŝŐĞŶĐĞ͕ŶŽƚ ďLJƚŚĞĂďŝůŝƚLJƚŽ
#$'@K$!%&'KF6![NK![R!KO$!)==S!=#!O&#G=>@=NF>$FF!=%!O@F!=#!O$#!FN##=N>S@>)F(!!
M$!GNFK! FNFZ$'K!KO&K!&>R!FK&K@FK@'&<!bNFK@%@'&K@=>!=%!N)<@>$FF!&>S!\@=<$>'$!
!!
ŝƐĂƌĞǀĞůĂƚŝŽŶŽĨƐƚƵƉŝĚŝƚLJ͘͟ c?$##R6!HXXH6!Z(!WULd!
!
-$'O>=<=)R6!^O@'O!O$<ZF!)&KO$#!&>S!FK=#$!A>=^<$S)$6!@F!&<F=!KO$!S$F$>F@K@D$#(!!9K!)@\$F!
&!%&<F$!F$>F$!=%!'=>K#=<!&>S!&<@$>&K$F!KO=F$!^O=!&#$!F$$A@>)!A>=^<$S)$!KO#=N)O!%&'KF!
&>S! %@)N#$F6! %#=G! KO$! #$&<! Z#@=#@K@$F! =%! <@\@>)(! ! 9>! FN'O! &>! @>FK#NG$>K&<! ^=#<S! KO$!
K$'O>=<=)R!@F!>=K! '=>>$'K$S!=#!F@KN&K$S!@>!&!Z&#K@'N<&#!Z<&'$!&>S!'&>!KO$#$%=#$! >=K!
N>S$#FK&>S6!KO#=N)O!%$$<@>)6!^O&K!@F!#$&<<R!&K!FK&A$r!!-O$#$!@F!>=!\&<@S!K$FK@>)!=%!KO$!
K==<F!&>S!>=!F$>F$!=%!'=>F$`N$>'$(!!-O$!G$&>F!&#$!G=#$! @GZ=#K&>K!KO&>!KO$!$>SF!
&>S! FZ$'@&<@D&K@=>! <$&SF! K=! &! S=G@>&>'$! =%! G&'O@>$! =\$#! Z$=Z<$! &>S! KO$@#! >&KN#&<!
^=#<S(!!
!
-$'O>=<=)R! '&>! S$FK#=R! #$<&K@=>FO@ZF! &>S! '&>! Z#=Z&)&K$! &>! &>K@Z&KOR! K=^&#SF!
'=GGN>@KR!<@%$!&>S!@>!KN#>6!K=!'=GGN>&<!G=#&<!FK&>S&#SF(!!!.N#!G=K@\&K@=>F!GNFK![$!
@>%=#G$S! >=K! =><R! [R! A>=^<$S)$6! [NK! [R! %$$<@>)F(! ! .N#! &%%$'K@=>! &>S! F$>F$! =%!
#$FZ=>F@[@<@KR! ^@<<! O$<Z! NF! $\&<N&K$! =N#! ^&>KF! &>S! '&>! O$<Z! NF! #$FZ=>S! K=! KO$!
=ZZ#$FF@=>!^@KO@>!^O@'O!^$!<@\$(!,$%<$'K@=>!'&>!<$&S!NF![&'A!K=!O&#G=>R6!&!O&#G=>R!
[$K^$$>! =N#! ^=#AF6! =N#! Z<$&FN#$F6! =N#! ^&>KF! &>S! =N#! >$$SF(! ;N'O! &! O&#G=>R! @F!
>$$S$S!%=#!&!G=#&<!$V@FK$>'$(!!;N'O!&!^=#<S!@F!>=K!&[=NK!K$'O>=<=)R!%=#!KO$!F&A$!=%!@K6!
[NK! &[=NK! )==S! =#S$#! &>S! [&<&>'$(! ! 9K! @F! &! ^=#<S! ^@KO! &! <=>)$#! G$G=#R6!
GN<K@S@G$>F@=>&<6!&>S!=>$!KO&K!@F!>=K!%='NF$S!=>!&!K$GZ=#&#R!&)$>S&6![NK!KO&K!O&F!&!
<=>)BK$#G!\@F@=>(!c?$##R6!HXXH6!ZHXId!!;N'O!&!^=#<S!@F!>=K!K=![$!bNFK@%@$S![R!$'=>=G@'F!
ŽƌƐĐŝĞŶĐĞ͕ďƵƚďLJŚƵŵĂŶŝƚŝĞƐĂŶĚďLJůŽǀĞ͘/ĨůĞĨƚƵŶƚŽŝƚƐĞůĨ͞ŝŶĚƵƐƚƌŝĂůŝnjĂƚŝŽŶĂůǁĂLJƐ
Z#=Z=F$F! K=! '=##$'K! @KF! $##=#F! [R! G=#$! @>SNFK#@&<@DĂƚŝŽŶ͘͟ ;ĞƌƌLJ͕ ϮϬϬϮ͕ Ɖ͘ ϭϰϭͿ
9>FK$&S6! ^$! GNFK! <==A! @>K=! =N#! O$&#KF! &>S! @>K=! =N#! F$>F$! =%! )==S>$FF(! M$! GNFK!
#$S@F'=\$#!&!^=#<S!^O$#$!K$'O>=<=)R!@F!&!K==<!&>S!>=K!&>!$>S!N>K=!@KF$<%(!9K!G&R![$!&!
%N>'K@=>&<!&@S!=>!=N#!b=N#>$RF6![NK!>=K!KO$!'$>K#&<!>&\@)&K=#(!8<K@G&K$<R6!^$!GNFK!&FA!
=N#F$<\$F!&!'$>K#&<!`N$FK@=>1!!@F!K$'O>=<=)R![$@>)!NF$S!@>!&!<@%$!&%%@#G@>)!^&Rr!
!
>!#)9!%3:7,!/*!<),:1/6/.=!
+!>$^!$KO@'&<!Z$#FZ$'K@\$!=%!K$'O>=<=)R!@F!>$'$FF&#R6!=>$! KO&K! O$<ZF!NF!)=!KO#=N)O!
KO$! \=#K$V! =%! K$'O>=<=)@'&<! [<@>S>$FF! &>S! KO&K! 'O&<<$>)$F! NF! K=! '=>F@S$#! ^&RF! =%!
N>S$#FK&>S@>)! =N#! #=<$F! @>! KO$! N>@\$#F$6! [$R=>S! KO$! G$S@$\&<! G$K&ZO=#F(!!
-$'O>=<=)R!@F!&<<!&[=NK!$%%@'@$>'R6!FZ$$S!&>S!)#=^KO(!!M$>S$<<!?$##R!Z=@>KF!=NK!KO&K!
>&KN#$!@F!&<<!&[=NK![$@>)!@>!KO$!Z#$F$>K6!S#&^@>)!%#=G!KO$!Z&FK6!^@KO=NK!G=#K)&)@>)!
!
! ! !
ƚŚĞĨƵƚƵƌĞĂŶĚƚŚĂƚ͕ŐŽŽĚǁŽƌŬƚĂŬĞƐƚŝŵĞ͘'ŽŽĚǁŽƌŬŝƐĂ͞ĐŽƐŵŝĐŝŶƚĞŶƚŝŽŶ͟ǁŚŝĐŚ
&FFNG$F!KO$!$FF$>K@&<!^@FS=G!=%!'=GGN>@K@$F!=\$#!)$>$#&K@=>F(!c?$##R6!HXXH6!Z(WEEd!!
?$##R!&FAF!NF!K=!<==A![$R=>S!KO$!$&F$!=%!K$'O>=<=)R!&>S!#$)&@>!=N#!S$ZKO(!!M$!GNFK!
F$$A! K=! #$S$$G! KO$! F='@$KR! KO&K! @F! S=G@>&K$S! [R! )<NKK=>R! &>S! &! '=GZ$K@K@\$!
$>\@#=>G$>K!G&S$!NZ!=%!^@>>$#F!&>S!<=F$#F!=[F$FF$S!^@KO!Z#=%@KF!&K!&>R!'=FK(!!!-O@F!
@F! &! F='@$KR! KO&K! O&F! KN#>$S! &)&@>FK! KO$! Z=K$>K@&<! =%! =N#! ONG&>! >&KN#$(! ! 9K! O&F!
&[&>S=>$S! O=>$FKR6! '=GZ&FF@=>! &>S! GNKN&<@KR(! ! ;N'O! &! F='@$KR! >$$SF! K=! [$!
#$S$$G$S(!!!
!
+<[$#K! ?=#)G&>>! @F! &! #$&<@FK! &>S! &''$ZKF! KO&K! K$'O>=<=)R! @F! >=K! )=@>)! &^&R(! ! M$!
N>S$#FK&>S!O=^!KO$!FRFK$G!KO&K!K$'O>=<=)R!O&F!S$\$<=Z$S!&#=N>S!@KF$<%6!@F!S$>R@>)!
NF!KO$!&^&#$>$FF!&>S!&[@<@KR!K=!)=![&'A!&>S!$\&<N&K$!KO$!#==K!#$&F=>F!%=#!G&'O@>$#R(!!
M$! O&\$! &! #$FZ=>F@[@<@KR! K=! >=K! <$&\$! @K! K=! [$! Z#=Z$<<$S! Z#@G&#@<R! [R! N>G@K@)&K$S!
)#$$S(!!-O$!FK=#RK$<<$#F!=%!K=S&R!O&\$!&!#$FZ=>F@[@<@KR!K=!$>)&)$!@>!KO@F!S@&<=)N$!&>S!
#$%<$'K!KO$!K=K&<@KR!=%!^O&K!@K!G$&>F!K=![$!ONG&>(!!-O#=N)O!=Z$>!S@F'=N#F$!^$!'&>!
O$<Z!$&'O!=KO$#!#$B$>)&)$!&F!%N<<!ONG&>![$@>)F(!!M$!GNFK!'O&<<$>)$!KO$!FNZ$#%@'@&<@KR!
&>S! #=G&>K@'! F=<NK@=>F! KO&K! ^$! &ZZ<R! K=! KO$! K$'O>=<=)@'&<! @FFN$F! &>S! S$<\$! S$$Z<R!
@>K=!KO$!'=#$!=%!=N#!&'K@=>F(!!-O@F!^@<<!FO=^!NF!KO$!#==K!Z#=Z$>F@KR!%=#!$\@<!&>S!@>S$$S6!
KO$!#==K!G&>@%$FK&K@=>!=%!)==S>$FF(!!c?$##R6!HXXH6!Z(!EEd!
!
>!;+66!3/!%1.+.)!
-O$!G&'O@>$!@F!&!FRG[=<!=%![=KO!KO$!Z=K$>K@&<!&>S!KO$!^$&A>$FF!=%!ONG&>@KR(!M$!F$$!
O=^!K$'O>=<=)R!O&F![#=N)OK!GN'O!=ZZ=#KN>@KR!&>S!A>=^<$S)$!K=!G&>R!G=#$!Z$=Z<$!
KO&>! @>! &! Z#$BK$'O>=<=)@'&<! ^=#<S(! ! M$! &<F=! F$$! O=^! =ZZ=#KN>@KR! )@\$F! ^&R! K=!
=ZZ=#KN>@FG!&>S!Z=^$#!@>!KO$!O&>SF!=%!&!%$^(!!3=FK!@>!=N#!F='@$KR!&#$!>=K!@>!&!Z<&'$!
ŽĨ ŚĂƉƉŝŶĞƐƐ͕ ďƵƚ ĂƌĞ͕ ĂƐ ŽƌŐŵĂŶŶ ƉƵƚƐ ŝƚ͕ ůŽƐƚ ŝŶ ͞ĚŝƐƚƌĂĐƚŝŶŐ ĂŶĚ ĚĞďŝůŝƚĂƚŝŶŐ
ĂĨĨůƵĞŶĐĞ͘͟ ;ŽƌŐŵĂŶŶ͕ ϮϬϬϯ͕ Ɖ͘ ϵϱͿ DŽƚŝǀĂƚŝŽŶ ƚŚĂƚ ŝƐ ůŝŵŝƚĞĚ ƚŽ ŝŶĚŝǀŝĚƵĂů
&FZ@#&K@=>F! <$&SF! K=! N<K@G&K$! S$'&R! &>S! @>S@%%$#$>'$(! ! c?=#)G&>>6! HXXL6! Z(! U*d! -O$!
K$'O>=<=)@'&<!G=S$<6!<@A$!'&Z@K&<@FG6!S=$F!>=K!O&\$!KO$!&[@<@KR!K=!F$<%BG=SN<&K$(!-O&K!
%N>'K@=>! @F! @>! KO$! O&>SF! =%! Z$#F=>F! =%! )==S! ^@<<6! #$<&K@>)6! #$%<$'K@>)! &>S! &'K@>)(! ! +!
K#&S@K@=>!KO&K!F$$AF!)==S>$FF!'&>>=K![$!@>\=A$S![R!<&^!=#!&!Z=<@'@>)!&NKO=#@KR6![NK!
[R! &>! =Z$>! O$&#K! &>S! &>!$>)&)$S! FZ@#@K(! ! 9>!G&>R!^&RF! '=GGN>@'&K@=>! K$'O>=<=)R!
O&F! )@\$>! NF! KO$! =ZZ=#KN>@KR! K=! [$! G=#$! '=>>$'K$S! &>S! =Z$>! @>! =N#! S@&<=)N$(!!
7=^$\$#6! @>O$#$>K! @>! @K! @F! &! 'N<KN#$! =%! $'=>=G@'! )#=^KO! S#@\$>! [R! N>$>S@>)!
'=>FNG$#@FG(!!+K!KO$!F&G$!K@G$6!KO$!FNZ$#%@'@&<@KR!=%!KO$!K$'O>=<=)@'&<!Z&#&S@)G!&'KF!
&F! &>! &>&$FKO$K@'! &)&@>FK! KO$! %N>S&G$>K&<! 'O&<<$>)$F! &>S! @>bNFK@'$(! ! ! ! 8<K@G&K$<R6!
<@[$#&<! S$G='#&'R! &>S! K$'O>=<=)R! &#$! @>K@G&K$<R! K@$S! K=! $&'O! =KO$#6! GNKN&<<R!
FNZZ=#K@\$! K=! &! <$\$<! =%! `N&F@B@S=<&K#R(! ,$'$>K<R6! ^$! O&\$! F$$>! O=^! KO$! N#[&>!
=''NZ&K@=>! G=\$G$>KF! [R! F='@&<! bNFK@'$! S$G=>FK#&K=#F! '=<<&[=#&K$S! @>! FN[FK&>K@&<!
)#=NZ!SR>&G@'F! ^@KO!KO$!O$<Z!=%!K$'O>=<=)R!&>S!F='@&<!G$S@&(!+K! KO$!F&G$! K@G$6! @K!
^&F! KO&K! F&G$! K$'O>=<=)R! KO&K! A$ZK! FN'O! G=\$G$>KF! @>! 'O$'A! KO&K! F^&R$S! ZN[<@'!
ŽƉŝŶŝŽŶ ĂŶĚ ŵĞĂƐƵƌĞĚ ƐŽĐŝĞƚLJ͛Ɛ ƉĂƚŝĞŶĐĞ ƚŚƌŽƵŐŚ ŵĞĚŝĂ ƌĞƉŽƌƚƐ͕ ĂŶĚ ƵůƚŝŵĂƚĞůLJ
F$'N#$S! KO$! '=#$! =%! KO$! N#[&>! G&'O@>$#R! @>! KO$! >&G$! =%! $'=>=G@'! FK&[@<@KR! &>S!
Z#=)#$FF(! -O$! K$'O>=<=)@'&<! G&'O@>$! ^&F! &K! KO$! F=N#'$! =%! G&>R! =%! KO$! @>bNFK@'$F!
^O@'O!^$#$![$@>)!Z#=K$FK$S(!!-O$R!^$#$!&<F=!^O&K!'=>>$'K$S!KO$!Z#=K$FK=#F6!&>S!@>!
KN#>6!'=>K#=<<$S!KO$!F$'N#@KR!=%!KO$!'@KR!=>![$O&<%!=%!KO$!FK&KNF!`N=(!!9K!@F!S@%%@'N<K!K=!
$>)&)$!@>!FN'O!&!S&>'$(!!MO&K!@F!&K!KO$!O$&#K!=%!^O&K!@F!#@)OKr!!
!
-=!#$%=#G!K$'O>=<=)R!^$!>$$S!K=![$!K#N$!K=!^O&K!^$!%$$<!&>S!^O&K!@F!'O&<<$>)$S!&K!
KO$!O$&#K!=%!=N#!^=#<S!\@$^(!!M$!GNFK! @)>=#$!KO$!F$SN'K@\$! Z#=G@F$!=%!K$'O>=<=)R!
&>S!<==A!^@KO@>!@K!^@KO!&>!&NKO$>K@'!G&>S&K$! &>S!=Z$>>$FF!K=!#$%=#G(!!9>!KO@F!^&R!
ǁĞ ĐĂŶ ůĞĂƌŶ ƚŽ ĚŝƐƚĂŶĐĞ ŽƵƌƐĞůǀĞƐ ĨƌŽŵ ƚĞĐŚŶŽůŽŐLJ͛Ɛ ĂĚĚŝĐƚŝǀĞ ƋƵĂůŝƚŝĞƐ ǁŚŝůĞ
!
ZNFO@>)! K=! S=! F=G$KO@>)! )$>N@>$! &>S! Z=F@K@\$(! ! M$! $>)&)$! K$'O>=<=)R! >=K! bNFK!
[$'&NF$!F=G$KO@>)!@F!Z=FF@[<$6![NK!K=!$G[#&'$!)@%KF!=%!'#$&K@\@KR!>=^!&\&@<&[<$!K=!NF!B!
)@%KF!KO&K!NZ=>!@>>$#!#$%<$'K@=>!^$!%$$<!&#$!'=>FK#N'K@\$!@>!=N#!ONG&>!b=N#>$R(!
!
;/1,6B87/1!
M$! '&>>=K! ^@KOS#&^! %#=G! =N#! K$'O>=<=)@'&<! $>\@#=>G$>K(! -O$! K$'O>=<=)@'&<!
ƉĂƌĂĚŝŐŵ ŝƐ ŽǀĞƌǁŚĞůŵŝŶŐůLJ ƚŽĚĂLJ͛Ɛ ĂĐĐĞƉƚĂ[<$! FK&>S&#S(! 2$FZ@K$! @KF! FO=#K'=G@>)F!
K$'O>=<=)R!@F!>=K!F$$>![R!F='@$KR!&F!&!%=#'$!=%!Z=^$#!^O@'O!^$!'#$&K$S!&>S!KO&K!^$!
'&>! 'O&>)$6! [NK! &F! F=G$KO@>)! KO&K! @GZ<@'@K<R! &>S! @>K#@>F@'&<<R! S$%@>$F! =N#! ^=#<S!
Z$#FZ$'K@\$(!!/$@KO$#!GNFK!^$!&<<=^!@KF!S@FK#&'K@=>F!K=!G&A$!NF!=[<@\@=NF!K=!KO$!@FFN$F!
^$!O&\$!S@F'NFF$S(!.>)=@>)!$>)&)$G$>K!GNFK![$!&K!%=#$%#=>K!=%!=N#!G@>SF(!M$!'&>!
KONF! [$! &^&#$! KO&K! ^$! O&\$! KO$! '&Z&'@KR! K=! @>%NF$! )==S>$FF! @>! KO&K! F&G$!
K$'O>=<=)@'&<!^=#<S(!c?=#)G&>>6!HXXL6!Z(!WXJd!!!
!
-O$!'O=@'$!K=!K&A$!=>!K$'O>=<=)R!&>S!O$<Z!#$\@\$!@KF![$&NKR!^@<<![$!S@%%@'N<K(!M$!^@<<!
[$!'=>%#=>K$S![R!%&G@<@!F$SN'K@\$!Z#=G@F$F1!!)<&G=N#6!KO$!%N#KO$#!$&F$!=%![N#S$>6!
KO$!)N&#&>K$$!K=!Z#=\@S$!=N#F$<\$F!&>S!=N#!'O@<S#$>!^@KO!%@>$#!KO@>)F6!#$&%%@#G&K@=>!
=%! =N#! $V@FK$>'$! KO#=N)O! G&K$#@&<! )==SF! &>S! N<K@G&K$<R6! O&ZZ@>$FF(! ! c?=#)G&>>6!
HXXL6! Z(! WX*d! 7=^$\$#! KO@F! '&>! [$! [&<&>'$S! [R! =N#! &[@<@KR! K=! K$<<! FK=#@$F! %#=G! KO$!
O$&#K! KO&K! #$FZ=>S! K=! KO$! F$>F$! =%! <=FF! &>S! F&S>$FF6! KO$! %$$<@>)! =%! [$K#&R&<! =%! =N#!
K#&S@K@=>!&>S!KO$!b=R!=%![$@>)!K#N$!K=!=N#!#$&<!Z=K$>K@&<!&F!Z&#K>$#F!@>!'#$&K@=>(!!!!
!
D)*)()1,)8!
?$##R6!M(!cWUEId(!I59!6!F*!V%+!]%0)$!+%!H<9!,!7%*.<+'(6!7&#Z$#F!3&)&D@>$6!%#=G!
OKKKZ1O=G$H1[K'=>>$'K('=GjK@Z@)<$>j[$##R>=K(OKG<(!
?$##R6!M(!cHXXHd(!85'!F(+!%4!85'!7%**%)!@/,1'6!?$#A$<$R1!4=N>K$#Z=@>K(!
?$##R6!M(!cHXXLd(!70+0P')250.!@,.'(26!M&FO@>)K=>1!;O=$G&A$#!u!7=&#S(!
?=#)G&>>L! F:! XQRSgY:! 8'15)%/%$9! ,)-! +5'! 75,(,1+'(! %4! 7%)+'*.%(,(9! ;04'L! F!
! .50/%2%.501,/!6)i<0(9L!4O@'&)=1!-O$!8>@\$#F@KR!=%!4O@'&)=!"#$FF(!
?=#)G&>>6!+(!cHXXLd(!75(02+0,)0+9!0)!+5'!7</+<('!%4!8'15)%/%$9L!@%3'(!J,0/<('L!:#&>S!
! ,&Z@SF1!?#&D=F!"#$FF(!
?=#)G&>>6! +(! cWUULd(! ! 7(%220)$! +5'! @%2+*%-'()! C0&0-'6! 4O@'&)=1! -O$! 8>@\$#F@KR! =%!
4O@'&)=!"#$FF(!
?=#)G&>>6! +(! cHXXPd(! ! B',/! F*'(01,)! "+5012L! 8,>0)$! B'2.%)20D0/0+9! 4%(! %<(! 7%<)+(9L!!
! 4O@'&)=1!-O$!8>@\$#F@KR!=%!4O@'&)=!"#$FF(!
! !
!
! ! !
!
!
<:)!%3:7,8!/*!U())4/2!/1!U+,)?//G!
!
5&>@'A!Q&#G$#1!R!3&NS$!?=>$>%&>K2!
!
!
>?83(+,3!
ƐĂƚĞĐŚŶŝĐĂůŽďũĞĐƚ͕&ĂĐĞŬ͛ƐǀŽĐĂƚŝŽŶŝƐƚŽƉƌŽĚƵĐĞĂŵĂdžŝŵƵŵŽĨĞĨĨĞĐƚƐǁŝƚŚ
KO$! <$&FK! &G=N>K! =%! $%%=#K(! -O@F! %N>S&G$>K&<! S$K$#G@>@FG! @F! &! Z=^$#%N<! G=K@\$! =%!
&ĂĐĞŬ͛Ɛ ŝŵƉůĂŶƚĂƚŝŽŶ ĂƐ Ă ƐŽĐŝĂůŝnjĂƚŝŽŶ ĚĞǀŝĐĞ ŝŶ ĐŽŶƚĞŵƉŽƌĂƌLJ ƐŽĐŝĞƚŝĞƐ͘
7=^$\$#6! ^@KO! Q&'$[==A6! KO$! ^$[! NF$#! @F! %&'$S! ^@KO! &>! &G[@\&<$>'$6! ^O@'O!
@<<NFK#&K$F! &>! @GZ=#K&>K! $KO@'&<! Z#=[<$G(! .>! KO$! =>$! O&>S6! O$! =Z$>F! O@GF$<%! K=! &!
Z=K$>K@&<<R!@GG$>F$!F='@&<!^$[!^O@'O!>=N#@FO$F!KO$!#==KF!=%!O@F!F$<%BS$K$#G@>&K@=>(!
.>!KO$!=KO$#!O&>S!O=^$\$#6!KO#=N)O!KO$!%&'@<@KR!&>S!KO$!$V'<NF@\$<R!S@)@K&<!G$S@&K@=>!
KO&K!KO$!K==<!=%%$#F6!KO$!NF$#!&[&>S=>F!G=#$!=#!<$FF!Z&#K@&<<R!KO$![N@<S@>)!=%!O@F!F$<%!
&>S!O@F!F='@&<!@>K$#&'K@=>F!K=!FK#=>)<R!S@F'@Z<@>$S!S@)@K&<!$V'O&>)$F!KO&K!%#&)G$>K!O@F!
@S$>K@KR!&>S!KO&K!=%!=KO$#F(!-ONF6!KO$!Z#=)#$FF@\$!&>S!S$$Z!@>%@<K#&K@=>!=%!KO$F$!>$^!
=#)&>@D&K@=>&<!G=S$F!=%!'=GGN>@'&K@=>!F$$G!K=!@>%<N$>'$!KO$!K#&S@K@=>&<!G$&>@>)!=%!
$KO@'F(! MO&K! $KO@'F! &#$! &K! ^=#Ar! 9F! KO$#$! F=G$KO@>)! <=FK! =#! @F! KO$#$! &! #@FA! =%!
F=G$KO@>)! [$@>)! &[F=#[$S! [R! KO$F$! S@)@K&<! F='@&<! Z#&'K@'$Fr! -O@F! &#K@'<$! Z#=Z=F$F!
&>F^$#F!K=!KO$F$!`N$FK@=>F![R!=ZZ=F@>)!K^=!ZO@<=F=ZO@'&<!Z$#FZ$'K@\$F!=>!%#$$S=G1!
A&>K@&>!S$=>K=<=)R!&>S!&>)<=BF&V=>!NK@<@K&#@&>@FG(!
!
@)=9/(481!0KO@'F6!]&>K6!NK@<@K&#@&>@FG6!Q&'$[==A6!%#$$S=G!
!
!
"13(/4B,37/1!
ƐĂƚĞĐŚŶŝĐĂůŽďũĞĐƚ͕&ĂĐĞŬ͛ƐǀŽĐĂƚŝŽŶŝƐƚŽƉƌŽĚƵĐĞĂŵĂdžŝŵƵŵŽĨĞĨĨĞĐƚƐǁŝƚŚ
KO$! <$&FK! &G=N>K! =%! $%%=#K(! -O@F! %N>S&G$>K&<! S$K$#G@>@FG! @F! &! Z=^$#%N<! G=K@\$! =%!
&ĂĐĞŬ͛ƐŝŵƉůĂŶƚĂƚŝŽŶĂƐĂƐŽĐŝĂůŝnjĂƚŝŽŶĚĞǀŝĐĞŝŶĐŽŶƚĞŵƉŽƌĂƌLJƐŽĐŝĞƚŝĞƐ͘dŚƵƐ͕͞m&!
ONG&>!ďĞŝŶŐǁĂŶƚƐƚŽĐŽŶƋƵĞƌŶĂƚƵƌĞǁŝƚŚĂŶĞǁƉƌŽĚŝŐLJ͟;KǀŝĚĞ͕ϭϴϬϲͿ͘,ŽǁĞǀĞƌ͕
^@KO! Q&'$[==A6! KO$! ^$[! NF$#! @F! %&'$S! ^@KO! &>! &G[@\&<$>'$6! ^O@'O! @<<NFK#&K$F! &>!
@GZ=#K&>K! $KO@'&<! Z#=[<$G(! .>! KO$! =>$! O&>S6! O$! =Z$>F! O@GF$<%! K=! &! Z=K$>K@&<<R!
@GG$>F$! F='@&<! ^$[! ^O@'O! >=N#@FO$F! KO$! #==KF! =%! O@F! F$<%BS$K$#G@>&K@=>! c2$'@! &>S!
,R&>6!HXXXd(!-O&>AF!K=!KO$!A$R[=&#S!O$!%N<<R!'=>K#=<F6!KO$!NF$#!S=$F!^O&K!O$!^&>KF(!
9>!&!%$^!G=G$>KF6!O$!'&>![$!@>%=#G$S6!G&A$!'=>K&'K6!Z<&R6!<@A$6!O&K$6!G$$K6!'=>FN<K6!
&)#$$6!ZN[<@FO6![$!K=N'O$S!=#!G=\$S6!FO&#$6!'=>\$#F$6!^=#A6!=#!#=<$!Z<&R(!9>!KO@F!^&R6!
^O@'O! @F! KO$! F$>F$! ^$! NFN&<<R! &KK#@[NK$! K=! KO$! >=K@=>! =%! <@[$#KR6! KO$! NF$! =%! KO@F!
K$'O>@'&<! =[b$'K! #$>S$#F! KO$! ^$[! NF$#! &! %#$$! &)$>K(! .>! KO$! =KO$#! O&>S! O=^$\$#6!
KO#=N)O!KO$!%&'@<@KR!&>S!KO$!$V'<NF@\$<R!S@)@K&<!G$S@&K@=>!KO&K!KO$!K==<!=%%$#F6!KO$!NF$#!
&[&>S=>F!G=#$!=#!<$FF!Z&#K@&<<R!KO$![N@<S@>)!=%!O@F!F$<%!&>S!O@F!F='@&<!@>K$#&'K@=>F!K=!
FK#=>)<R!S@F'@Z<@>$S!S@)@K&<!$V'O&>)$F!KO&K!%#&)G$>K!c[$'&NF$!=%!KO$!S@)@K&<@D&K@=>!=%!
KO$! $V'O&>)$Fd! O@F! @S$>K@KR! &>S! KO&K! =%! =KO$#F(! 9>! &SS@K@=>6! [$'&NF$! =%! @KF! @>K$#>&<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!+FF@FK&>K! Z#=%$FF=#(! 2$Z&#KG$>K! =%! F='@&<! &>S! ZN[<@'! '=GGN>@'&K@=>(! 8>@\$#F@KÖ! SN! wNÖ[$'! á!
3=>K#Ö&<(!4&F$!Z=FK&<$!EEEE6!FN''N#F&<$!4$>K#$BY@<<$(!3=>K#$&<!cwN$[$'d!7L4!L"E!4+/+2+(!
%&#G$#(R&>@'AiN`&G('&!j!*WJBUEIBLXXX!$VK(!LLUH!
!
H
!2$Z&#KG$>K!=%!F='@&<!&>S!ZN[<@'!'=GGN>@'&K@=>(!8>@\$#F@KÖ!SN!wNÖ[$'!á!3=>K#Ö&<(!4&F$!Z=FK&<$!EEEE6!
FN''N#F&<$!4$>K#$BY@<<$(!3=>K#$&<!cwN$[$'d!7L4!L"E!4+/+2+(!
[=>$>%&>K(G&NS$iN`&G('&!!j!!*WJBUEIBLXXX!$VK(!*XEP!
!
!
! ! !
SN&<@FG! KO&K! N>S$#FK&>SF! [=SR! &>S! FZ@#@K! &F! K^=! F$Z&#&K$! $>K@K@$F(! -O@F!
N>S$#FK&>S@>)! =%! %#$$S=G! #&KO$#! #$<@$F! =>! &! ZO$>=G$>=<=)@'&<L!SN&<@FG! #$\$&<$S!
KO#=N)O! KO$! @>K#=FZ$'K@\$! $VZ$#@$>'$! =%! &! #&K@=>&<! '=>F'@=NF>$FF6! ^O@'O! '&>! &<<=^!
F$<%BS$K$#G@>&K@=>6!$\$>!@%!F=G$K@G$F!@K!)=$F!&)&@>FK!'$#K&@>!S$F@#$F!&>S!@>'<@>&K@=>F(!!!!
!
-O$!30//!@F!&!FZ$'@$F!=%!'&NF&<@KR!=%!<@\@>)![$@>)F6!@>F=%&#!&F!KO$R!&#$!
#&K@=>&<6! &>S! 4(''-%*! ^=N<S! [$! KO&K! `N&<@KR! =%! KO@F! '&NF&<@KR! [R!
^O@'O!@K!'&>![$!$%%$'K@\$!@>S$Z$>S$>K<R!=%!&<@$>!'&NF$F!-'+'(*0)0)$!
@Kh! bNFK! &F! ),+<(,/! )'1'220+9! @F! KO$! '&NF&<@KR! =%! &<<! [$@>)F! <&'A@>)!
#$&F=>6! =%! [$@>)! S$K$#G@>$S! K=! &'K@\@KR! KO#=N)O! KO$! @>%<N$>'$! =%!
&<@$>!'&NF$F!c]&>K6!HXXH!mWIE*n1!PLd(!
!
-O@F!S$%@>@K@=>!=%!%#$$S=G!@F!#$%$##$S!K=!&F!)'$,+0&'6!F@>'$!@K!@>S@'&K$F!^O&K!%#$$S=G!
@F!=ZZ=F$S!K=!@>!=#S$#!K=!G&>@%$FK!KO$!&NK=>=GR!=%!^@<<(!"=F@K@\$!%#$$S=G6!%=#!]&>K6!@F!
ǁŝůů͛ƐĂƚƚƌŝďƵƚĞŽĨĚĞƚĞƌŵŝŶŝŶŐŝƚƐŽǁŶůĂǁc]&>K6!HXXH!mWIE*n1!PJd(!7=^$\$#6!KO#=N)O!
^O&K! G$&>F! @F! KO@F! Z=FF@[<$r! 9K! @F! Z=FF@[<$! [$'&NF$! ^@<<6! )N@S$S! [R! #$&F=>6! '&>!
S$K$#G@>$!&'K@=>F!%#=G!ZFR'O@'!S@FZ=F@K@=>F!^O@'O!&#$!K@$S!K=!Z#$%$#$>'$F!=#!S$F@#$F!
)$&#$S!K=^&#SF!=[b$'KF(!Q=#!$V&GZ<$6!@K!@F!Z=FF@[<$!%=#!&!)<NKK=>=NF!ONG&>![$@>)!K=!
&SbNFK!G&>R!=%!O@F![$O&\@=#F!K=!O@F!S$F@#$!K=!$&K(!+K!KO$!F&G$!K@G$6!@%!O$!^&>KF6!O$!
'&>! &<F=! S@FG@FF! KO@F! S$F@#$! &>S! >=K! <$K! KO$! =[b$'K! c%==Sd! S$K$#G@>$! O@F! &'K@=>(! -O@F!
)<NKK=>=NF! Z$#F=>! '&>6! =>! KO$! '=>K#&#R6! 'O==F$! K=! @)>=#$! O@F! @GG$S@&K$! S$F@#$! [R!
%=N>S@>)!O@F!&'K@=>F!=>!G=K@\$F!KO&K!S=!>=K!'=G$!%#=G!O@F!=^>!@>K$#$FK(!7$!S=$F!KO@F!
^O$>6! %=#! $V&GZ<$6! O$! FO&#$F! ^@KO! O@F! Z$$#F! S$FZ@K$! O@F! ON>)$#(! -O$! Z=FF@[@<@KR! =%!
FO&#@>)6! <@A$! &<<! =KO$#! $KO@'&<! &'K6! $G&>&K$F! %#=G! KO$! %N>S&G$>K&<! &>S! N>@\$#F&<!
&ZK@KNS$! =%! ONG&>! #$&F=>@>)! ^O@'O! @F! K=! &'K! @>! &>! =[b$'K@\$! G&>>$#6! S$FZ@K$!
'=>F@S$#&K@=>F! F=<$<R! #==K$S! @>! ZORF@'&<! &>S! $)=K@FK@'&<! >$$SF(! 9>! G=#$! K$'O>@'&<!
K$#GF6!]&>K!'&<<F!KO@F!#N<$!=%!&'K@=>!1,+'$%(01,/!0*.'(,+0&'g!&>S!@K!&<<=^F!KO$!FN[b$'K!
K=! S$K$#G@>$! O@GF$<%! %#$$<R(! -O$! '&K$)=#@'&<! @GZ$#&K@\$! N>S$#<@>$F! KO$! @GZ=#K&>'$6!
%=#!FN[b$'KF!=%!&>!$KO@'&<!>&KN#$6!=%!&'K@>)!@>!&>!@GZ&#K@&<!G&>>$#!&>S6!'=>F$`N$>K<R6!
=%! &S=ZK@>)! &! ^&R! =%! '=>SN'K6! ^O@'O! '&>! [$! S$$G$S! &''$ZK&[<$! [R! &<<! #$&F=>&[<$!
ONG&>![$@>)F6!Z<&'$S!@>!F@G@<&#!'@#'NGFK&>'$F(!!
!
Q=#! ]&>K6! KO$! Z=FF@[@<@KR! =%! KO$! '&K$)=#@'&<! @GZ$#&K@\$! c&>S! ^O&K! O$! '&<<F! KO$! G=#&<!
<&^d!@F!KO$!>$'$FF&#R!'=>S@K@=>!%=#!$KO@'F![$'&NF$!@K!@F!KO#=N)O!%#$$S=G!KO&K!ONG&>!
[$@>)F![$FK!$VZ#$FF!KO$@#!F@>)N<&#!$FF$>'$6!KO&K!@F!K=!F&R6!KO$@#!S@)>@KR(!9K!@F!KO&>AF!K=!
%#$$S=G! KO&K! KO$R! '&>! G&@>K&@>! KO$@#! @>K$)#@KR! &F! @>S@\@SN&<F! &>S! &F! G$G[$#F! =%! &!
FZ$'@$F(!9>S$$S6!@%!&<<!ONG&>!&'K@=>F!^$#$!G=K@\&K$S!N>@`N$<R![R!Z$#F=>&<!@>K$#$FKF6!
ONG&>@KR! ^=N<S! `N@'A<R! %@>S! @KF$<%! @>! &! FK&K$! =%! Z$#G&>$>K! ^&#! =%! &<<! &)&@>FK! &<<!
c7=[[$F6!HXX*!mWP*Wnd(!!9>!]&>K@&>!#$&F=>@>)!=>!$KO@'F6!^$!'&>!F$$!&>!&>&<=)R!^@KO!
F'@$>'$(!Q=#!A>=^<$S)$!K=!$V@FK6!@K!@F!>=K!Z=FF@[<$!K=!O&\$!&>!@>K$<<@)@[<$!^=#<S!^@KO=NK!
N>@\$#F&<!<&^F6!%=N>S$S!Z#@>'@Z&<<R!=>!'&NF&<@KR6!&>S!^O=F$!'=O$#$>'$!@F!FO&#$S![R!,//!
ONG&>![$@>)F!)#&>K$S!^@KO!#$&F=>(!9%!KO$#$!$V@FKF!F=G$KO@>)!&F!=ZZ=F$S!K=!>=KO@>)6!
@K!@F!Z#$'@F$<R![$'&NF$!<@%$!&>S!KO$!^=#<S!&#$!=#S$#$S!&''=#S@>)!K=!#$)N<&#@K@$F6!^O@'O!
'&>! [$! &FF@G@<&K$S! K=! <&^F(! +! ^=#<S! ^@KO=NK! <&^F! ^=N<S! >=K! $V@FK! [$'&NF$! @KF!
FK#N'KN#&<! @>FK&[@<@KR!^=N<S! G&A$! @K! @GZ$#'$ZK@[<$!K=!ONG&>! @>K$<<@)$>'$(!2$'@S$S<R6!
^@KO=NK!FK#N'KN#&<!FK&[@<@KR6!KO$!$V@FK$>'$!=%!<@%$!^=N<S![$!@GZ=FF@[<$(!-O&K!&<F=!)=$F!
%=#! $KO@'F(! ]&>K@&>! $KO@'F! FNZZ=F$! &! FK#N'KN#$! =%! Z=FF@[@<@K@$F! FNZZ=#K$S! [R! KO$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L
!?R!ZO$>=G$>=<=)@'&<6!^$!G$&>!A>=^<$S)$!&F!&!#$FN<K!=%!KO$!Z#='$FF!=%!&!'=>F'@$>'$!^O@'O!=[F$#\$F!
@KF$<%(!!
J
!-O$#$!$V@FKF!G&>R!%=#GN<&K@=>F!=%!KO$!'&K$)=#@'&<!@GZ$#&K@\$6!KO$!G=FK!A>=^>!@F!KO@F!%=<<=^@>)1!g+'K!@>!
&!^&R!F=!KO$!G&V@G!=%!R=N#!^@<<!G&R!&<^&RF![$!^=#KO!&!N>@\$#F&<!<$)@F<&K@=>!Z#@>'@Z&<(g!c%#$$!K#&>F<&K@=>!
%#=G!]&>K6!WUE*!mWIEEn(!
!
'&Z&'@KR!K=!G&A$!'O=@'$F!^O@'O!&#$!S$'$>K#&<@D$S!%#=G!FK#@'K!F$<%!#$%$#$>'$h!'O=@'$F!
KO&K! &#$! FNZZ=#K$S! [R! %#$$S=G! &>S! [R! &! FO&#$S! G$&>@>)! %#=G! ^O@'O! $&'O! ONG&>!
[$@>)! '&>! bNS)$! KO$! \&<@S@KR! =%! &>! &'K@=>(! -O@F! %#$$S=G! &>S! KO@F! G$&>@>)! &#$!
>$'$FF&#R! K=! KO$! @>K$)#@KR! =%! ONG&>! <@%$! &F! Z#='<&@G$S! @>! @>K$#>&K@=>&<! <&^! =#! KO$!
#$<@)@=>F! =%! KO$! ^=#<S6! KO$! Z#=O@[@K@=>! =%! GN#S$#! =#! KO$! S$%$>F$! =%! S@)>@KR! &>S!
%N>S&G$>K&<!<@[$#K@$F(!!
!
-O$#$%=#$6![R!%=<<=^@>)!KO$!S$=>K=<=)@'&<!]&>K@&>!K#&S@K@=>6!%#$$S=G!@F!'=>'$@\$S!&F!
&! #$FZ=>F@[@<@KR! =#! &! SNKR(! 3$&>@>)! KO&K! KO$! G=\$G$>K! [R! ^O@'O! ONG&>! [$@>)F!
FN#Z&FF! KO$GF$<\$F! @F! &>! '44%(+! ^@KO=NK! ^O@'O! >$@KO$#! <@[$#KR! >=#! $KO@'F! '&>! =''N#(!
7=>=#@>)!ONG&>![$@>)F!@F!@>!@KF$<%!&!^&R!K=!&'K!KO#=N)O!SNKR!^O@<$!#$%NF@>)!>&KN#&<!
&>S! FZ=>K&>$=NF! @>'<@>&K@=>F! K=! '=GG&>S! =N#! &'K@=>F(! MO=$\$#! O&F! O&S! KO=N)OKF!
&[=NK! KO$! G$&>@>)! =%! $KO@'&<! &'K@=>! ^@<<! #$'=)>@D$! ^@KO! ]&>K! KO&K6! &K! &<<! K@G$F6! @K!
c$KO@'&<!&'K@=>d!@F!G&S$!Z=FF@[<$![R!KO$!FK#=>)!'&Z&'@KR!%=#!&[>$)&K@=>!KO&K!&<<!ONG&>!
[$@>)F6!^O=!&#$!)#&>K$S!^@KO!#$&F=>6!FO&#$(!!
!
U())4/2!+8!8+378*+,37/1!
.>! KO$! =KO$#! O&>S6! %#$$S=G! &F! F&K@F%&'K@=>! @F! [&F$S! =>! KO$! >&KN#&<! K$>S$>'R! =%!
ONG&>![$@>)F!K=!\&<N$!NF$%N<!&'K@=>F6!KO=F$!KO&K!Z#=SN'$!&!G&V@GNG!=%![$>$%@KF!%=#!
KO$!<=^$FK!Z=FF@[<$!'=FK!cONG&>6!$'=>=G@'&<6!$K'(d6!c;$>6!HXWXd(!-O@F!'=>'$ZK@=>!%@#FK!
^&F!S$%$>S$S![R!KO$!?#@K@FO!ZO@<=F=ZO$#F!_$#$GR!?$>KO&G!&>S!_=O>!;KN&#K!3@<<6!&>S!
@>K$#$FK@>)<R6! @K! O&F! S=G@>&K$S! $'=>=G@'! KO$=#R! %=#! G&>R! S$'&S$F(! Q#$$S=G! &F! &!
F&K@F%&'K@=>!#$<@$F!=>!&>!&>KO#=Z=<=)R!#&S@'&<<R!S@%%$#$>K!%#=G!KO$!=>$!$>N>'@&K$S![R!
<ĂŶƚ͘ĨĂŵŽƵƐƉĂƐƐĂŐĞŝŶĞŶƚŚĂŵ͛ƐǁŽƌŬƐĞůŽƋƵĞŶƚůLJƐLJŶƚŚĞƐŝnjĞƐƚŚŝƐǀŝƐŝŽŶ͗!
!
/&KN#$!O&F!Z<&'$S!G&>A@>S!N>S$#!KO$!)=\$#>&>'$!=%!K^=!F=\$#$@)>!
G&FK$#F6!.,0)!&>S!./',2<(':!9K!@F!%=#!KO$G!&<=>$!K=!Z=@>K! =NK!^O&K!
^$!=N)OK!K=!S=6!&F!^$<<!&F!K=!S$K$#G@>$!^O&K!^$!FO&<<!S=(!.>!KO$!
=>$!O&>S!KO$!FK&>S&#S!=%!#@)OK!&>S!^#=>)6!=>!KO$!=KO$#!KO$!'O&@>!
=%!'&NF$F!&>S!$%%$'KF6!&#$!%&FK$>$S!K=!KO$@#!KO#=>$(!-O$R!)=\$#>!NF!
@>!&<<!^$!ĚŽ͕ŝŶĂůůǁĞƐĂLJ͕ŝŶĂůůǁĞƚŚŝŶŬ͙!c?$>KO&G6!WIEU1!Wd!
!
Q=#!'<&FF@'&<!NK@<@K&#@&>@FG6!^O$KO$#!@K![$!$'=>=G@'&<!=#!ZO@<=F=ZO@'&<6!ONG&>!&'K@=>F!
&#$!G=K@\&K$S![R!&!2<**<*!D%)<*?!KO$!`N$FK!%=#!^$<<![$@>)!&>S!KO$!&\=@S&>'$!=%!
FN%%$#&>'$(!-ONF6!^O&K!@F!$KO@'&<!@F!^O&K!Z#=G@F$F!KO$!)#$&K$FK!&G=N>K!=%!^$<<![$@>)!
%=#! KO$! )#$&K$FK! >NG[$#! =%! Z$=Z<$! c3@<<6! HXXE! mWEPLn!1!WUd(! 9K! @F! @>! KO@F! '=>K$VK! KO&K!
%#$$S=G!&ZZ$&#F6!@>!@KF!Z=F@K@\$!S$%@>@K@=>6!&F!KO$!Z=^$#!K=!F&K@F%R!&!'$#K&@>!`N$FK!%=#!
^$<<![$@>)(!9>\$#F$<R6!@>!@KF!>$)&K@\$!\$#F@=>6!%#$$S=G!'=GG&>SF!K=!>=K!@GZ$S$!KO$!
ZN#FN@K!=%!O&ZZ@>$FF6!^O@'O!@F!^O&K!<$&SF!K=!KO$!5,(*!.(0)10./'!$>N>'@&K$S![R!3@<<1!!
!
+'KF6!=%!^O&K$\$#!A@>S6!^O@'O6!^@KO=NK!bNFK@%@&[<$!'&NF$6!S=!O&#G!K=!
=KO$#F6!G&R![$6!&>S!@>!KO$!G=#$!@GZ=#K&>K!'&F$F!&[F=<NK$<R!#$`N@#$!
K=![$6!'=>K#=<<$S![R!KO$!N>%&\=#&[<$!F$>K@G$>KF6!&>S6!^O$>!>$$S$S!
[R!KO$!&'K@\$!@>K$#%$#$>'$!=%!G&>A@>S(!-O$!<@[$#KR!=%!KO$!@>S@\@SN&<!
GNFK! [$!KONF!%&#!<@G@K$Sh!O$! GNFK! >=K! G&A$!O@GF$<%!&! >N@F&>'$!K=!
=KO$#!Z$=Z<$(!c3@<<6!HXXW!mWE*Un1*Hd(!
!
-O@F!#$F$&#'O!=>!^$<<![$@>)!&F!KO$!N<K@G&K$!)=&<!=%!$KO@'F!#$FN<KF!%#=G!KO#$$!Z#@>'@Z<$F!
^O@'O6!^$!^@<<!F$$6!&#$!^=#KOR!=%!@>K$#$FK!K=!)#&FZ!KO$!$KO@'F!=%!F$<%BZ#=SN'K@=>!^O@'O!
@F!$>&[<$S![R!KO$! Q&'$[==A! S$\@'$1!KO$! G&V@G@D&K@=>!=%!KO$!'=FKB[$>$%@KF! #&K@=6!KO$!
%#$$S=G! =%! $VZ#$FF@=>! &>S! KO$! %N<<! S$\$<=ZG$>K! =%! @>S@\@SN&<@KR(! -O$! Z#@>'@Z<$! =%!
G&V@G@D&K@=>!@F!KO$!<=)@'&<!=NK'=G$!=%!KO$!@GZ$#&KŝǀĞ͗͞ƚŚĞŐƌĞĂƚĞƌǁĞůůB[$@>)!%=#!KO$!
ŐƌĞĂƚĞƌŶƵŵďĞƌ͟ŝŶƐŽĨĂƌĂƐŝƚŝŶǀŝƚĞƐĂƐƵŵŵĂƚŝŽŶ B!KONF6!&!'&<'N<&K@=>!@>!^O@'O!KO$!
!
! ! !
=ZK@=>!Z#=SN'@>)!KO$!)#$&K$FK!FNG!^@<<![$!'O=F$>(!.[\@=NF<R6!<@A$!&<<!'&<'N<&K@=>F6!KO$!
>$)&K@\$! &FZ$'KF! =%! &! )@\$>! F@KN&K@=>! &#$! &SS$S! K=! KO$! Z=F@K@\$! =>$F! K=! '#$&K$! KO$!
&#@KOG$K@'! =%! KO$! NK@<@K&#@&>! $KO@'&<! 'O=@'$(! -O&K! F&@S6! @K! [$'=G$F! >&KN#&<! K=! &@G! %=#!
KO$!G=FK!$%%@'@$>K!G$&>F!F@>'$!KO$R!=%%$#!KO$!)#$&K$FK!FNG!=%!^$<<B[$@>)!@%!KO$!'=FKF!
&>S!KO$![$>$%@KF!&#$![=KO!#$<&K$S!K=!&>!&'K@=>(!!
!
+F! %=#! %#$$S=G! =%! $VZ#$FF@=>6! @>! KO$! Z=<@K@'&<! FZO$#$6! @K! #$G&@>F! &! K#&>FZ=F@K@=>! =%!
%$$S=G! &F! F&K@F%&'K@=>6! ^O@'O! @F! K=! F&R! &! K#&>FZ=F@K@=>! =%! KO$! F$$A@>)6! KO#=N)O! &>!
&'K@=>6!=%!&!'$#K&@>!FK&K$!=%!^$<<B[$@>)(!M$<<B[$@>)!@F!&>!$%%$'K!@>F$Z&#&[<$!%#=G!KO$!
Z=FF@[@<@KR!^O@'O!=%%$#F!@KF$<%!K=!&<<!ONG&>![$@>)F6!=%!<@\@>)!KO$!<@%$!O$!^@FO$F!K=!<@\$6!=%!
&S=ZK@>)!G=#$F!KO&K!&#$!&F!O$!F$$F!%@K!&>S!=%!&[@S@>)!K=!@S$&F!@>!^O@'O!O$![$<@$\$F(!!
!
+F! @K! @F! NF$%N<! KO&K! ^O@<$! G&>A@>S! &#$! @GZ$#%$'K! KO$#$! FO=N<S! [$!
S@%%$#$>K! =Z@>@=>F6! F=! @K! @F! KO&K! KO$#$! FO=N<S! [$! S@%%$#$>K!
$VZ$#@G$>KFh! KO&K! %#$$! F'=Z$! FO=N<S! [$! )@\$>! K=! \&#@$K@$F! =%!
'O&#&'K$#6!FO=#K!=%!@>bN#R!K=!=KO$#Fh!&>S!KO&K!KO$!^=#KO!=%!S@%%$#$>K!
G=S$F!=%!<@%$!FO=N<S![$!Z#=\$S!Z#&'K@'&<<R6!^O$>!&>R=>$!KO@>AF!%@K!
K=! K#R! KO$G(! 9K! @F! S$F@#&[<$6! @>! FO=#K6! KO&K! @>! KO@>)F! ^O@'O! S=! >=K!
Z#@G&#@<R! '=>'$#>! =KO$#F6! @>S@\@SN&<@KR! FO=N<S! &FF$#K! @KF$<%(! c3@<<6!
HXXW!mWE*Un1!*Ld!
!
9%!O$!^@FO$F!K=!O&\$!&''$FF!K=!&>!&NKO$>K@'!%=#G!=%!<@[$#KR6!&!ONG&>![$@>)!GNFK![$!
&[<$!K=!'=>%#=>K6![R!O@GF$<%6!O@F!Z$#F=>&<@KR!&>S!FZ$'@%@'!%&'N<K@$F!^@KO!&!S@\$#F@KR!=%!
F@KN&K@=>F6!^O@'O!^@<<!O$<Z!O@G!'=>FK#N'K!O@F!@>S@\@SN&<@KR(!.>!KO@F!K=Z@'6!3@<<!^#@K$F6!@>!
&![$&NK@%N<!Z&FF&)$![=##=^$S!%#=G!KO$!:$#G&>!ZO@<=F=ZO$#!M@<O$G!\=>!7NG[=<SK1!!
!
-O$! =[b$'K! K=^&#SF! ^O@'O! $\$#R! ONG&>! [$@>)! GNFK! '$&F$<$FF<R!
S@#$'K! O@F! $%%=#KF6! &>S! =>! ^O@'O! $FZ$'@&<<R! KO=F$! ^O=! S$F@)>! K=!
@>%<N$>'$! KO$@#! %$<<=^BG$>! GNFK! $\$#! A$$Z! KO$@#! $R$F6! @F! KO$!
@>S@\@SN&<@KR! =%! Z=^$#! &>S! S$\$<=ZG$>Kh! %=#! KO@F6! KO$#$! &#$! K^=!
#$`N@F@K$F6! %#$$S=G6! &>S! \&#@$KR! =%! F@KN&K@=>Fh! &>S! KO&K! %#=G! KO$!
N>@=>! =%! KO$F$! &#@F$! @>S@\@SN&<! #@)=#! &>S! G&>@%=<S! S@\$#F@KR6! ^O@'O!
'=G[@>$!KO$GF$<\$F!@>!=#@)@>&<@KR!c3@<<6!HXXW!>WE*U@1!*Jd(!
!
/ŶƐƵŵ͕ĂŶĚĐŽŶƚƌĂƌŝůLJƚŽƚŚĞǀŝƐŝŽŶŽĨ<ĂŶƚ͛ƐĚĞŽŶƚŽůŽŐLJ͕ƚŚĞĐŽŶĐĞƉƚŝŽŶŽĨĨƌĞĞĚŽŵ
&F! F&K@F%&'K@=>! @F! 'O&#&'K$#@D$S! [R! @KF! $NS$G=>@FK! F'=Z$6! G$&>@>)! @KF! %='NF! =>!
ŚĂƉƉŝŶĞƐƐ͘dŚĞƌĞŝŶ͕Dŝůů͛ƐĞƚŚŝĐƐĂŶĚǁŚĂƚŚĞĐŽŶƚƌŝďƵƚĞƐƚŽƚŚĞĐŽŶĐĞƉƚŽĨůŝďĞƌƚLJŝƐ
>=K!%&#!%#=G!KO$!:#$$A!ZO@<=F=ZO$#F(!Q=#!KO$G6!&F!Q=N'&N<K!#$G@>SF!NF6!@K!@F!%@#FK![R!
'=>'$#>! %=#! =>$fF! F$<%! ^O@'O! @F! $VZ#$FF$S! @>! KO$! @>K$)#&<! S$\$<=ZG$>K! =%! KO$!
ŝŶĚŝǀŝĚƵĂů ĂŶĚ ŽĨ ŚŝƐ ůŝďĞƌƚLJ͕ ƚŚĂƚ Ă ƐŽĐŝĂů ŐƌŽƵƉ͛Ɛ ƉƌŽŐƌĞƐƐ ĐĂŶ ŽĐĐƵƌ͘ dŚĞ <ĂŶƚŝĂŶ
F'=Z$! @F! S@%%$#$>K! F@>'$! @KF! $KO@'F! @F! 'O&#&K$#@D$S! [R! &! FRFK$G&K@'! F$&#'O! %=#! F$<%B
S$K&'OG$>K6!^O@'O!'&>!\&<@S&K$!&>!&'K@=>!!^@KO!KO$!@>&K$!K#NKO!=%!&!N>@\$#F&<!<&^(!!
!
U())4/2!%2)(.71.!*(/2!3:)!U+,)?//G!$)07,)!
9K!@F!>=^!'<$&#!KO&K!KO$!`N$FK@=>!=%!KO$!F$<%BZ#=SN'K@=>!KO#=N)O!KO$!Q&'$[==A!S$\@'$!
%@#FK! %&<<F!@>K=!KO$! #$%<$'K@=>!=%!KO$! KO$G$! =%!%#$$S=G6!^O$KO$#!@K![$! N>S$#FK==S!&F!
SNKR!=#!&F!F&K@F%&'K@=>(!-O$!Q&'$[==A!Z<&K%=#G!&<<=^F!KO$!^$[!NF$#F!K=!F&K@F%R!KO$@#!
S$F@#$!%=#!F='@&<@D&K@=>6!Z$#F=>&<!$VZ#$FF@=>6!$VZ=FN#$!&>S6!G=#$!)<=[&<<R6!)@\$F!KO$G!
&''$FF! K=! &! FK@GN<&K@>)! $>\@#=>G$>K(! 7$#$6! KO$! &[=<@K@=>! =%! '$#K&@>! FZ&K@&<! &>S!
K$GZ=#&<![=N>S&#@$F! @F!>=K! F=![&>&<(!-O$!GN<K@Z<@'&K@=>!=%!@>%=#G&K@=>!F=N#'$F!&>S!
KO$@#!$FK&[<@FOG$>K!KO#=N)O!>$K^=#AF!=>!&!N>@\$#F&<!F'&<$!'&>!'$#K&@><R!'=>K#@[NK$!K=!
#$@>%=#'@>)! KO$! F$>K@G$>K! =%! S$'=GZ&#KG$>K&<@D&K@=>! =%! KO=N)OKF! &>S! KO$!
S$\$<=ZG$>K!=%!&!'=>F'@=NF>$FF6!^O@'O!#$@>%=#'$F!KO$!%$$<@>)!=%!<@[$#KR(!MO&K!N>@K$F!
!
KO$! S@%%$#$>K! '=>'$ZK@=>F! =%! %#$$S=G! @F! %@#FK! &>S! %=#$G=FK! F$<%B'=>F'@=NF>$FF! &>S!
A>=^<$S)$(!-O&>AF!K=![=KO!=%!KO$F$6!&!ONG&>![$@>)!'&>!S$K&'O!O@GF$<%!%#=G!Z&#KF!=%!
KO$!Z#=)#&GG@>)!@>O$#@K$S!%#=G!O@F!'O@<SO==S!&>S![$'=G$!&>!&SN<K6!&>S!KONF6!G=#$!
ĨƌĞĞ͗ŚĞŐƌŽǁƐŽƵƚŽĨŚŝƐ͞ƐƚĂƚĞŽĨŵŝŶŽƌŝƚLJ*͟ĂĐĐŽƌĚŝŶŐƚŽ&ŽƵĐĂƵůƚ͛Ɛ;ϭϵϴϰͿƌĞĂĚŝŶŐ
=%! <ĂŶƚ͛Ɛ ĂŶƐǁĞƌ ƚŽ ƚŚĞ ƋƵĞƐƚŝŽŶ I,2! 02+! F<4>/,(<)$E! cMO&K! @F! $><@)OKG$>Krd(! -O@F!
=[F$#\&K@=>!@F!&ZZ<@'&[<$!K=!]&>K@&>!$KO@'F![$'&NF$!#$&F=>!&>S!^@<<!@GZ<R!KO$!)#=^KO!
=%! F$<%BĐŽŶƐĐŝŽƵƐŶĞƐƐ͘ /ƚ ŝƐ ĂůƐŽ ĂƉƉůŝĐĂďůĞ ƚŽ ĞŶƚŚĂŵ ĂŶĚ Dŝůů͛Ɛ ĞƚŚŝĐƐ ƐŝŶĐĞ ƚŚĞ
F$&#'O! %=#! ^$<<B[$@>)! #$`N@#$F! &>! &'NK$! bNS)G$>K! )$>$#&K$S! [R! '=>F'@=NF>$FF! &>S!
A>=^<$S)$(! -O$! S@FK#@[NK@=>! >$K^=#A! '=>FK@KNK$S! [R! Q&'$[==A! Z&#K@'@Z&K$F! @>! KO$!
$>K$#Z#@F$!=%!KO$!F$>F@K@D&K@=>!=%!'=>F'@$>'$F!KO#=N)O!KO$!%#$$!%<=^!=%!@>%=#G&K@=>(!9K!
'=>K#@[NK$F! K=! KO$! $S@%@'&K@=>! =%! &! K#N<R! '=<<$'K@\$! @>K$<<@)$>'$6! ^O@'O! Z#=%@KF! $&'O!
FK&A$O=<S$#(!!
!
5$K6! KO$! S$\@'$! =%! S@F'@Z<@>@>)! [R! G@'#=B&'K@=>F! FK@<<! @>SN'KF! '$#K&@>! Z$#\$#F$! $%%$'KF!
$VZ<&@>&[<$![R!&![$O&\@=#@FK!G$'O&>@FG!=%!'=>S@K@=>$S!#$%<$V$F(!-O$!Q&'$[==A!S$\@'$!
=%%$#F! @KF! NF$#F! KO$! Z=FF@[@<@KR! =%! F='@&<@D@>)! @>! &! #$<&K@\$<R! F&%$! ZFR'O=<=)@'&<!
ĞŶǀŝƌŽŶŵĞŶƚ ;ƚŚĞ ĂĨĨĞĐƚƐ ĂƌĞ ƉƌĞƐĞŶƚ ŽŶůŝŶĞ͕ ďƵƚ ƚŚĞLJ ƉĂƐƐ ƚŚƌŽƵŐŚ ƚŚĞ ƉůĂƚĨŽƌŵ͛Ɛ
%@<K$#d!&>S6!'=>K#&#@<R!K=!KO$! %&'$BK=B%&'$! &ZZ#=&'O!^O$#$! FOR>$FF! &>S!N>$&F@>$FF! @F!
$VZ=F$S!&>S!\@F@[<$6!Q&'$[==A!&<<=^F!K=!Z#$F$>K!=>$F$<%!K=!=KO$#F!^@KO!KO$!G$S@&K@=>!
=%! &! F'#$$>(! -ONF6! &! )#$&K$#! '=>K#=<! =%! KO$! F='@&<@D&K@=>! FK$ZF! $V@FKF(! -O@F! '=G%=#K6!
^O@'O!#$FN<KF! %#=G!KO$! @>%<N$>'$!$V$#K$S![R!KO$! NF$#!=>!O@F!S@)@K&<!#$&<@KR6!&'KF!&F!&!
S$%$>F$!G$'O&>@FG!%=#!KO$!$)=(!-O@F!F@KN&K@=>!KO$#$%=#$!#@FAF!'#$&K@>)!&!F$>K@G$>K!=%!
S$Z$>S$>'R!K=^&#SF!KO$!%=#$F$$&[<$!&>S!F&%$!N>@\$#F$!^O$#$!KO$!Z&@>!=%!#$b$'K@=>!
=#!Z=@)>&>K!<==AF!%#=G!=KO$#F!'&>![$!&\=@S$S(!-O$!$VZ$#@$>'$!=%!FN%%$#@>)!&>S!KO&K!=%!
&<K$#@KR!@F!FK@<<6!O=^$\$#6!'=>F@S$#$S!$FF$>K@&<!K=!KO$!$G$#)$>'$!=%!&>!$KO@'&<!G$&>@>)!
@>!$V@FK$>K@&<@FK!&>S!ZO$>=G$>=<=)@'&<!'N##$>KF!=%!ZO@<=F=ZOR!c7NFF$#<6!HXXX!mWULWn!h!
;&#K#$6!WUIPh!CÖ\@>&F6!WUUXd(!
!
9>!%&'K6!Z&#&S=V@'&<<R6!KO$!=[b$'K!^O@'O!@F!)@\$>!K=!KO$!^$[!NF$#!KO#=N)O!KO$!G$&>F!=%!
&!A$R[=&#S!&>S!F'#$$>6!'#$&K$F!%=#!O@G!&>!@>FN#G=N>K&[<$!ZORF@'&<!<@G@K6!>&G$<R!KO$!
=#)&>@'@KR! =%! KO$! [=SR! &>S! &<<! @KF! &KK#@[NK$F1! $>$#)R! =%! KO$! Z#$F$>'$! =%! KO$! =KO$#6!
@>K$)#&<!F$>FN&<@KR6!N>'=>K#=<<&[@<@KR6!Z#=Z#@='$ZK@=>6!$K'(!4=>F$`N$>K<R6!KO$!FO&Z@>)!
=%!KO$!^$[!NF$#!KO#=N)O!#$Z$&K$S!'=>K&'K!^@KO!KO@F!@>ZNK6!#@FAF!Z#=SN'@>)!&!O&[@K!@>!
^O@'O! %N>S&G$>K&<! &FZ$'KF! =%! $KO@'F! &>S! <@[$#KR! '&>! [$! Z&#K@&<<R! &[F$>K(! Q#=G! &!
S$\$<=ZG$>K&<! Z=@>K! =%! \@$^6! F$<%B'=>F'@=NF>$FF! B! &! G=K=#! =%! <@[$#KR! B! #$<@$F! =>!
<$&#>@>)!KO#=N)O!#$'$ZK=#F!cF$>F$Fd6![NK!&<F=!KO#=N)O!KO$!ZORF@'&<!&>S!ZFR'O=<=)@'&<!
=#S$&<F!#$FN<K@>)!%#=G!<@%$6!^O@'O!'&>6!&K!K@G$F6![$!O$&\R6!&%%<@'K@\$!=#!N>'=>K#=<<&[<$(!
-O$!Q&'$[==A!S$\@'$!'&>!=><R!Z&#K@&<<R!K#&>F<&K$!KO$F$!&FZ$'KF(!:@\$>!KO$!#$<&K@=>FO@Z!
ƚŽ ĂŶŽƚŚĞƌ͕ ǁŚŝĐŚ ŝƐ ŵŽĚƵůĂƚĞĚ ďLJ ƚŚĞ ƉƌŝƐŵ ŽĨ ƉĂƌƚŝĐƵůĂƌŝnjĂƚŝŽŶ͕ &ĂĐĞŬ͛Ɛ
FK#N'KN#$! Z#=G=K$F! &>! $)='$>K#@'! SR>&G@'! &>S! &! #$@%@'&K@=>! =%! @S$>K@K@$F(! 9%! @K! @F!
F@GZ<@FK@'!K=!&%%@#G!KO&K!KO@F!SR>&G@'!@F!&!%&K&<@KR!KO#=N)O!^O@'O!&<<!NF$#F!@>$<N'K&[<R!
Z#=)#$FF! K=^&#SF! KO$@#! =^>! S$ONG&>@D&K@=>(! KO$! Z=^$#!=%! &KK#&'K@=>! =%! KO@F! K==<! @F!
KO$! Z=FF@[@<@KR!=%!&!F$'<NF@=>!%#=G!F='@&<@D&K@=>!&>S!'=#=<<&#R6!%#=G!$KO@'&<!G$&>@>)6!
^@KO@>! &! S@)@K&<! '=##@S=#! ^O@'O! &FFN#$F! &! #$<&K@=>FO@Z! ^@KO! &>=KO$#(! 9>! KO$! $>S6! ^$!
&''$ZK!KO$!@S$&!KO&K!^@KO@>!KO$!Q&'$[==A!S$\@'$6!KO$!F$&#'O!%=#!^$<<B[$@>)!^O@'O!@F!&K!
KO$!'=#$!=%!KO$!NK@<@K&#@&>!'=>'$ZK@=>!=%!%#$$S=G!&F!F&K@F%&'K@=>6!'&>!$>S!NZ!)#&SN&<<R!
ŚŽůůŽǁŝŶŐŽƵƚŽŶĞ͛ƐĐĂƉĂĐŝƚLJŽĨĂďŶĞŐĂƚŝŽŶŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞƌĞĂ<@D&K@=>!=%!%#$$S=G!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
*
!3@>=#@KR! @F! 'O&#&'K$#@D$S! [R! &! g'$#K&@>! FK&K$! =%! =N#! ^@<<! ^O@'O! G&A$F! NF! &''$ZK! KO$! &NKO=#@KR! =%!
F=G$=>$! $<F$! K=! <$&S! NF$! @>! &#$&F! ^O$#$! @K! @F! &ZZ#=Z#@&K$! K=! NF$! #$&F=>g! c%#$$! K#&>F<&K@=>6! Q=N'&N<K6!
WUEJ1!WLELd(!
!
! ! !
ĂƐ ĚƵƚLJ͘ tĞ ŵƵƐƚ ĨŝŶĚ ŵĞĂŶƐ ƚŽ ĂǀŽŝĚ ƚŚĞ ŝŶĚŝǀŝĚƵĂů͛Ɛ ƐĞĐůƵƐŝŽŶ ǁŚŝůĞ ůĞĂŶŝŶŐ
K=^&#SF!&>!$KO@'&<!@S$&<!%=#!KO$!NF$!=%!Q&'$[==A(!
!
;/1,6B87/1!
M$!F&^!KO&K!S@F'@Z<@>@>)!Z#&'K@'$F!=>!Q&'$[==A!FN[F'#@[$F!K=!&!<&#)$#!S@F'@Z<@>@>)!=%!
Z#&'K@'$F!^@KO@>!KO$!@>K$#>$K!&>S!S@)@K&<!F='@&<!G$S@&!$#&(!-O@F!ZNKF!&!Z#$FFN#$!=>!KO$!
@>S@\@SN&<! NF@>)! KO$F$! >$^! K$'O>=<=)@$F! @>! FN'O! &! ^&R! KO&K! O@F! %@$<S! =%! &'K@=>!
N>S$#)=$F! &! >=#G&K@\$! $%%$'K6! ^O@'O! K#&>F%=#GF! '$#K&@>! S@FZ=F@K@=>F(! -O$! S$\@'$!
K$>SF!K=!%&\=#!'$#K&@>![$O&\@=#F!=%!F='@&<@D&K@=>(!-ONF6!KO$!`N$FK@=>!@F!K=!A>=^!@%!KO$!
NF$#!'&>!FK@<<!'#$&K$!&!FZ&'$!K=!&<<=^!O@F![$O&\@=#F!K=!O&\$!&>!$KO@'&<!&@G!&>S!@%!O$!@F!
'&Z&[<$!=%!#$%@>@>)!KO$G![R!K#&>F%=#G@>)!O@F!NF$!=%!Q&'$[==A(!
!
9>! KO$! Z$#FZ$'K@\$! ^O$#$! ^$! O&\$! S$%@>$S! KO$! $KO@'F! =%! %#$$S=G! %#=G! KO$! ]&>K@&>!
S$=>K=<=)R! =%! %#$$S=G! &F! SNKR! &>S! KO$! NK@<@K&#@&>! &ZZ#=&'O! =%! %#$$S=G! &F!
F&K@F%&'K@=>6! ^$! '=>'<NS$! KO&K! KO$F$! '=>S@K@=>F! %=#! <@[$#KR! '&>! $V@FK! ^@KO@>! KO$!
Q&'$[==A!S$\@'$(!7=^$\$#6!@K!'=G$F!^@KO!KO$!'=FK!=%!&>!$KO@'&<!$%%=#K6!^O@'O!#$>S$#F!
KO$!&'K@=>!&!G$&>F!=%!F$<%BĨĂƐŚŝŽŶŝŶŐ͞ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌĞĂƐŽŶ͘͟/ƚŝƐŝŵƉŽƌƚĂŶƚƚŽ
ďĞĐŽŵĞ ͞ƐƚƌŽŶŐĞƌ͟ ƚŚĂŶ &ĂĐĞŬ͛Ɛ ƐƚƌƵĐƚƵƌĞ ;ĂŶĚ ŽĨ ŝƚƐ ŵĞƌĐĂŶƚŝůĞ ĂŶĚ ƉŽůŝĐĞB<@A$!
=[b$'K@\$F6!%=#!@>FK&>'$d!@>!=#S$#!K=!%#$$!=N#F$<\$F!%#=G!@K!&>S!<$&#>!K=!NF$!KO$!K==<!@>!
=#S$#!K=!S@\$#F@%R!@KF!%N>'K@=>F!K=!=N#!=^>!&S\&>K&)$F(!-O&K!@F!K=!F&R6!K=!FO@%K!K=^&#SF!
&!`N$FK!=%!KO$!'=GG=>!^$<<B[$@>)!&>S!KO$!#$SN'K@=>!=%!FN%%$#@>)!%=#!&<<h!'=<<$'K@\$<R6!
K=!NF$!Q&'$[==A!>=K!K=!O&#G!=KO$#F!=#!K=!S@FK&>'$!=>$F$<%!%#=G!=N#!'=#Z=#&<@KR6![NK!
#&KO$#! NF$! KO$! S$\@'$! K=! =Z$>! =N#F$<\$F! K=! =>$! &>=KO$#! &>S! Z&#K@'@Z&K$! @>! KO$!
&G$<@=#&K@=>! =%! F='@&<! <@%$(! M$! FO=N<S! '=>F@S$#! KO$! NF$! =%! Q&'$[==A! &F! &! ^&R! =%!
\&#R@>)! KO$! #$<&K@=>! K=! =>$F$<%! &>S! K=! =KO$#F! =#! &F! &>! &SS@K@=>! c&>S! >=K! &!
#$Z<&'$G$>Kd!K=!KO$!S@\$#F@KR!=%!G$&>F!^$!O&\$!%=#!'=G@>)!@>K=!'=>K&'K!^@KO!=KO$#F!
&>S! #$G&@>@>)! &NKO$>K@'! K=! =>$F$<%(! -O@F! K$'O>@`N$! =%! KO$! F$<%! '&>! [$! Z&#K! =%! KO$!
@>K$)#&<!S$\$<=ZG$>K!=%!KO$!@>S@\@SN&<@KR!&>S!&<F=!'=N<S!'=>K#@[NK$!K=!KO$!O&ZZ@>$FF!
=%! KO$! )#$&K$FK! >NG[$#(! -O&>AF! K=! KO$! FO&#@>)! &>S! KO$! >$K^=#A@>)! Z$#Z$KN&K$S! [R!
KO$! =><@>$! K==<! &>S! [$'&NF$! =%! $&'O! G@'#=B&'K@=>F6! ^$! '=N<S! G&V@G@D$! KO$! '=FKB
[$>$%@KF!#&K@=!=%!KO@F!K==<!K=!=ZK@G@D$!<@[$#KR!=%!$VZ#$FF@=>!&>S!'=<<$'K@\$!^$<<B[$@>)!@>!
^O@'O! $&'O! @>S@\@SN&<! '=N<S! Z&#K@'@Z&K$! @>! KO$! $S@%@'&K@=>! =%! &! ^=#<S! @>! ^O@'O! O$!
^&>KF!K=!<@\$(!9>!=KO$#!^=#SF6!^$!G@)OK!&S=ZK!KO$!#@)@S!FK#N'KN#$!K=!K#&>F%=#G!@K!@>K=!
&! Z=<@K@'&<! K==<6! ! ^O@'O! @F! &#K@FK@'&<<R! Z#=%@'@$>K! KO&>AF! K=! &! S@F'@Z<@>@>)! =%! [$O&\@=#F6!
^O@'O!<$&>F!K=^&#SF!KO@F!'=<<$'K@\$!`N$FK!%=#![$KK$#!<@\@>)(!MO&K!O&F![$$>!S$F'#@[$S!@F!
ǁŚĂƚƚŚĞĞƚŚŝĐĂůŝĚĞĂůŽĨ&ĂĐĞŬ͛ƐƵƐĞĐŽƵůĚďĞŝŶŽƌĚĞƌƚŽŵĂŬĞŝƚŝŶƚŽĂ͞ƚŚŽƵŐŚƚ
ŽƵƚ ƉƌĂĐƚŝĐĞ ŽĨ ĨƌĞĞĚŽŵ͟ ;&ŽƵĐĂƵůƚ͕ ϭϵϴϰͿ ĂŶS! %=#! NF6! &>! &'K@=>! K=^&#SF! =N#! =^>!
%#$$S=G(!!
!
F7?67/.(+5:=!
?0/-7+36!_$#$GR!cWIEUd6!+>!9>K#=SN'K@=>!K=!KO$!"#@>'@Z<$F!=%!3=#&<F!&>S!C$)@F<&K@=>!
\=<(!W6!/$^!5=#A6!C$>=V!C@[#&#R(!
?.:.;-6! 9&>! cHXWXd(! Ç!9&>! ?$'&G$! &! Q&>! =%! 3&#FO&<<! 3'CNO&>! =>! Q&'$[==A! &>S!
;N))$FK$S!R=N!?$'=G$!&!Q&>!-==!É6!J,1'D%%>!,)-!@50/%2%.596!$S(![R!2(0(!M@KKA=^$#6!
4O@'&)=6!.Z$>!4=N#K(!!
20496!0(C(6!u!,R&>6!,(3(!cHXXXd6!Ç!dŚĞ͚ǁŚĂƚ͛ĂŶĚ͚ǁŚLJ͛ŽĨŐŽĂůƉƵƌƐƵŝƚƐ͗,ƵŵĂŶŶĞĞĚƐ
&>S!KO$!F$<%BS$K$#G@>&K@=>!=%![$O&\@=#!É6!@2915%/%$01,/!6)i<0(9L!QQ6!Z(!HHIBHPE(!
Q.84+8C-6!3@'O$<!cWUEJd6!C0+2!'+!`1(0+2!666!"&#@F6!:&<<@G&#S6!'=<<(!wN&#K=6!WIL*!Z(!
7.??0;6! -O=G&F! cHXX*! >WP*W@d6! ;`&0,+5,)! cK#&S(! Q(! -#@'&NS! $K!3(!"Ö'O&#G&>d6! "&#@F6!
Y#@>(!
78;;0,C6! 0SGN>S! cHXXX! >WULW@d6! O`-0+,+0%)2! 1,(+`20'))'2:! 6)+(%-<1+0%)! o! /,!
.5`)%*`)%/%$0'6!"&#@F6!Y#@>6!'=<<(!?@[<@=KO}`N$!S$F!K$VK$F!ZO@<=F=ZO@`N$F(!
!
]+/-6! 0GG&>N$<! cHXXH! >WIE*@d6! ](%<)-3%(>! 4%(! +5'! O'+,.592012! %4! O%(,/2! cK#&S(!
+(M(!M==Sd6!C=>S=>6!5&<$!8>@\$#F@KR!"#$FF(!
]+/-6! 0GG&>N$<! cWUE*! >WIEE@d6! 7(0+0i<'! -'! /,! (,02%)! .(,+0i<'! cK#&S(! C(! Q$##R! $K! 7(!
M@FG&>>d6!"&#@F6!Q=<@=!c$FF&@Fd(!
CY9/+;6!0GG&>N$<!cWUUXd6!8%+,/0+`!'+!0)40)06!"&#@F6!C$!<@\#$!S$!Z='O$6!'=<<(!?@[<@=!0FF&@F(!
39CC6! _=O>! ;KN&#K! cHXXH! mWEPLnd6! a+0/0+,(0,)02*6! 9>S@&>&Z=<@F6! 7&'A$KK! "N[<@FO@>)!
4=GZ&>R(!
39CC6!_=O>!;KN&#K!cHXXW!mWE*Und6!N)!;0D'(+96!]@K'O$>$#6!?&K='O$!?==AF(!
.Y920! cWEXPd6! ;'2! *`+,*%(.5%2'2! B! /0&('! A666! cK#&S(! :(-(! Y@<<$>&\$d6! "&#@F6! :&R! $K!
:N$FK&#S6!`N&K#$!K=G$F(!
,+QQ/;p06!;\$##$!cHXXEd6!Ç!YƵ͛ĞƐƚBĐĞƋƵ͛ƵŶĚŝƐƉŽƐŝƚŝĨ͍>͛ĂŶĂůLJƚŝƋƵĞƐŽĐŝĂůĞĚĞDŝĐŚĞů
Q=N'&N<K!É!B'&<'!1,),-0'))'!-'!.50/%2%.50'!1%)+0)')+,/'6!\=<(WH6!>=!W6!Z(!JJ!á!PP(!
;+,-,06! _$&>B"&N<! cWUIPd6! >͛ġƚƌĞ Ğƚ ůĞ ŶĠĂŶƚ͘ ƐƐĂŝ Ě͛ŽŶƚŽůŽŐŝĞ ƉŚĠŶŽŵĠŶŽůŽŐŝƋƵĞ6!
"&#@F6!-$<B:&<<@G&#S!c'=<<(!Q=<@=d(!
;0/6!+G&#KR&!cHXWXd6!85'!6-',!%4!M<2+01'6!C=>S=>6!"$>)N@>(!
! !
!
! ! !
!
!
!
!
!
!
!
"+,-!-7,00!
!
0-794;6!20./-.C.:5!+/2!;0CQB
,0:8C+-9./!
!
! !
!
!
!
<:)!)3:7,+6!0+6B)8!973:71!3:)!!
E5+178:!J/B(1+67837,!,B63B()!
!
3&#KT>!.<<$#!+<=>F=1!
!
!
>?83(+,3!!!!!!
?&F$S! =>! S&K&! '=<<$'K$S! %#=G! WXX! @>K$#\@$^F! ^@KO! b=N#>&<@FKF! @>! ;Z&@>26! KO@F! Z&Z$#!
&>&<RD$F! KO$! ;Z&>@FO! b=N#>&<@FK@'! 'N<KN#$! [&F$S! =>! $KO@'&<! \&<N$F! =%! b=N#>&<@FKF(! .N#!
)=&<!@F!K=!S$K$#G@>$!KO$!'=GG=>!K#&S@K@=>&<!$KO@'&<!\&<N$F!^@KO@>!^$FK$#>!b=N#>&<@FG!
&>S!b=N#>&<@FG!@>!;Z&@>(!.>$!=%!KO$!'=>'<NF@=>F!=%!KO@F!FKNSR!@F!KO&K!^$!S=!%@>S!)<=[&<!
$KO@'&<!@>%<N$>'$F!=>!b=N#>&<@FG6!$GZ@#@'@FG!&>S!^=#A!@>!;Z&>@FO!b=N#>&<@FK@'!'N<KN#$(!
M$!&<F=!%@>S!N>@\$#F&<!$KO@'&<!\&<N$F!^@KO@>!KO$!;Z&>@FO!b=N#>&<@FK@'!'N<KN#$(!+<KO=N)O6!
KO$! #$FN<KF! FO=^! KO&K! ;Z&>@FO! b=N#>&<@FKF! @>! KO$@#! S&@<R! ^=#A! S=! >=K! Z&R! $V'$FF@\$!
&KK$>K@=>! K=! KO$F$! ZO@<=F=ZO@'&<! &FZ$'KF(! M$! '=N<S! S$K$#G@>$! KO@F6! [$'&NF$! =N#!
&>&<RF@F! =%! Z#=%$FF@=>&<! $<$G$>KF6! =#)&>@D&K@=>F! &>S! Z#='$SN#$F! ^@KO@>! KO$! ;Z&>@FO!
b=N#>&<@FK@'!'N<KN#$!FO=^$S!)#$&K$#!@>K$#%$#$>'$!^@KO!Z#&'K@'&<!%&'K=#F(!
!
@)=9/(48A!3%(/-2!%4!=%<(),/02*!2+<-9h!b=N#>&<@FK@'!'N<KN#$h!$KO@'&<!S@<$GG&Fh!;Z&@>(!
!
!
"13(/4B,37/1!
-O@F!^=#A!@F!Z&#K!=%!KO$!I%(/-2!%4!M%<(),/02*!G+<-9!cM_;d(!Q=#!KO$!%@#FK!ZO&F$!c%#=G!
HXXI! K=! HXWWd6! '&<<$S! I%(/-2! %4! M%<(),/02*! cM=_d6! ^$#$! '&##@$S!=NK! &! K=K&<!=%!HWXX!
@>K$#\@$^F! ^@KO! b=N#>&<@FKF! %#=G! JXX! >$^F! =#)&>@D&K@=>F! c#&S@=6! K$<$\@F@=>6!
>$^FZ&Z$#F6! G$S@&! &)$>'@$F6! $K'(d! @>! HW! '=N>K#@$F(! Q=#! =N#! &>&<RF@F! =%! KO$! ;Z&>@FO!
b=N#>&<@FK@'! 'N<KN#$! ^$! O&\$! [&F$S! =N#! FKNSR! =>! WXX! @>K$#\@$^F! ^@KO! b=N#>&<@FKF! @>!
;Z&@>(!9>!KO$!%=<<=^@>)!K&[<$!KO$![&F@'!Z&#&G$K$#F!=%!KO$!F&GZ<$!&#$!#$%<$'K$S1!
!
<>FH%!QA!F+87,!5+(+2)3)(8!/*!3:)!8+256)!71!3:)!83B47/!4#5!6&0.,C!
!
F+87,!5+(+2)3)(8!/*!3:)!8+256)! E5+71!
_=N#>&<@FKF!FN#\$R$S! WXX!
M=G$>!b=N#>&<@FKF!ctd! JX!
+)$!c3d! JX!
8>@\$#F@KR!S$)#$$!ctd! UU!
5$&#!^=#A$S!&F!b=N#>&<@FK!c3d! WI!
EV\D;%A!;/2576)4!*(/2!P/N!()8B638C!
!
-O$!=[b$'K@\$!=%!KO@F!Z&Z$#!@F!K=!S$K$#G@>$!K=!^O&K!$VK$>K!K#&S@K@=>&<!$KO@'&<!\&<N$F!
'=GG=>!@>!M$FK$#>!b=N#>&<@FG6!'&>![$!&ZZ<@$S!K=!;Z&@>(!
!!!!!!!!!
N/B(1+67837,!,B63B()!+14!)3:7,+6!74)/6/.7)8!
M$! N>S$#FK&>S! KO$! b=N#>&<@FK@'! 'N<KN#$! &F! &! Z&#K@'N<&#! F$K!=%! @S$&F! &>S! Z#&'K@'$F! [R!
^O@'O!b=N#>&<@FKF6!'=>F'@=NF<R!&>S!N>'=>F'@=NF<R6!<$)@K@G&K$!KO$@#!#=<$!@>!F='@$KR!&>S!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!8>@\$#F@KR!,$R!_N&>!4&#<=F6!3&S#@S!
G&#K@>(=<<$#&<=>F=i)G&@<($F!
!
H
!"#=b$'K!I%(/-2!%4!=%<(),/02*!c^^^(^=#<SF=%b=N#>&<@FG(=#)d(!!!
!
! ! !
#$>S$#! KO$@#! ^=#A!G$&>@>)%N<! %=#! KO$GF$<\$F! &>S!=KO$#F! c7&>@KDF'O!HXXId(! ?$'&NF$!
KO$! b=N#>&<@FKfF! Z#=%$FF@=>&<! ^=#A! @F! #==K$S! @>! &! Z&#K@'N<&#! 'N<KN#$(! -O$! KO$=#$K@'&<!
'=>FK#N'K@=>!=%!b=N#>&<@FG!'N<KN#$!@F!'=GZ<$V(!-O$#$%=#$!@KF!&>&<RF@F!FO=N<S!FK&#K!%#=G!
KO$!#$Z#$F$>K&K@=>!=%!S@%%$#$>K!@>FK@KNK@=>&<!G&>@%$FK&K@=>F!@>!S@%%$#$>K!FK&)$F(!M$!S=!
KO@F! [R! '#$&K@>)! KO#$$! S@G$>F@=>F! =%! &>&<RF@F! &''=#S@>)! K=! 7&>@KDF'O! cHXXId1!
@>FK@KNK@=>&<!#=<$F6!$Z@FK$G=<=)R6!&>S!$KO@'&<!@S$=<=)R(!
!!!!!!!!!!
7$#$!^$!^@<<!%='NF!=>!KO$!FKNSR!=%!KO$!KO@#S![<='A1!$KO@'&<!@S$=<=)@$F(!-O@F!$V&G@>$F!
O=^! b=N#>&<@FKF! #$FZ=>S!K=! $KO@'&<! S@<$GG&F(! 9>! KO@F! [<='A! &#$! %=N#! Z$#FZ$'K@\$F1!Wd!
KO$! 2+,)-,(-! .(%4'220%),/! ,..(%,156! ^O$>! b=N#>&<@FKF! &#$! '=GG@KK$S! K=! N>@\$#F&<!
$KO@'&<!'=S$F! &>S!$S@K=#@&<!)N@S$<@>$Fh!Hd!KO$! /0D'(,/!.(%4'220%),/!,..(%,156!^O@'O!@F!
[&F$S!=>!KO$!'#@K$#@&!=%!KO$!Z#$B$FK&[<@FO$S!Z$#FZ$'K@\$F!KO#=N)O!$VZ=F@>)!&!F$#@$F!=%!
&#)NG$>KFh! Ld! KO$! 19)01,/! ,..(%,156! ^O@'O! &ZZ$&#F! ^O$>! b=N#>&<@FKF! S=! >=K! )@\$!
@GZ=#K&>'$! K=! $KO@'&<! S@<$GG&Fh! &>S! Jd! '+501,/! ('/,+0&02+26! ^O=! &#$! b=N#>&<@FKF! ^O=!
Z#=G=K$!,-!5%1!#$FZ=>F$F!c&!F=<NK@=>!S$\$<=Z$S!FZ$'@%@'&<<R!%=#!&!FZ$'@%@'!Z#=[<$G!=#!
>$$Sd!K=!$KO@'&<!S@<$GG&F(!!
!!!!!!!!!!!
+>! &<K$#>&K@\$! &ZZ#=&'O! ^&F! FN))$FK$S! [R! "<&@F&>'$! cHXX*d6! ^O=! =#)&>@D$S! KO$!
$KO@'&<!@S$=<=)@$F! @>!K^=!S@G$>F@=>F(!-O=F$!7&>@KDF'O!cHXXI1!LIWBLIUd!O&F!K&A$>!&F!
#$%$#$>'$!^O$>!O$!'#$&K$S!KO$!S@G$>F@=>F!^@KO@>!KO@F![<='A1!Wd!('/,+0&02*6![&F$S!=>!
KO$! [$<@$%! &>S! &%%@#G&K@=>! =#! #$b$'K@=>! =%! N>@\$#F&<! $KO@'&<! '=S$Fh! &>S! Hd! 0-',/02*6!
[&F$S!=>!'$#K&@>!&'K@=>F![R!KO$!G$S@&!=#!KO$@#!#$FN<KF(!-O$!@>K$#F$'K@=>!=%!KO$F$!K^=!
S@G$>F@=>F! #$FN<KF! @>! %=N#! S@%%$#$>K! Z$#FZ$'K@\$F1! Wd! 20+<,+0%)02*6! b=N#>&<@FKF! ^O=!
#$b$'K!N>@\$#F&<!$KO@'&<!FK&>S&#SF!&>S!&>&<RD$!1,2'!D9!1,2'h!Hd!,D2%/<+02*6!#$<&K$S!K=!
@S$&<@FG![NK!'=>F@S$#F!KO&K![$FK!#$FN<KF!&#$!&'O@$\$S!%#=G!N>@\$#F&<!$KO@'&<!#N<$Fh!Ld!
2<D='1+0&02*6!S$%@>$F!b=N#>&<@FKF!^O=!FNZZ=#K!KO$@#!bNS)G$>KF!=>!Z$#F=>&<!\&<N$F![NK!
&#$! #$'$ZK@\$! K=! '$#K&@>! >$)&K@\$! KO=N)OKF! @>! =#S$#! K=! &'O@$\$! F=G$KO@>)! >$^! &>S!
[$KK$#h!ĂŶĚϰͿƚŚĞ͞ĞdžĐĞƉĐŝŽŶŝƐŵ͕͟@>!KO@F!)#=NZ!&#$!KO$!b=N#>&<@FKF!^O=!&#$!)N@S$S![R!
N>@\$#F&<! $KO@'&<! '=S$F6! [NK! &<F=! #$G&@>! =Z$>! K=! &>R! $V'$ZK@=>F! Z#=\@S$S! K=! O$<Z!
Z#$\$>K!'$#K&@>!>$)&K@\$!'=>F$`N$>'$F(!!
!
"1*6B)1,)!*+,3/(8!
0KO@'&<!\&<N$F!S$Z$>S!=>!KO$!@>%<N$>'$F!KO&K!b=N#>&<@FKF!Z$#'$@\$!@>!KO$@#!S&@<R!^=#A(!
3=#$! FZ$'@%@'&<<R6! ^$! S$K&@<$S! F@V! &#$&F! =%! @>%<N$>'$! Z#=Z=F$S! [R! 7&>@KDF'O! &>S!
3$<<&S=! cHXWW1JXPBId1! Wd! .%/0+01,/! 0)4/<')1'! c)=\$#>G$>K6! Z=<@K@'@&>F6! '$>F=#FO@Z6!
$K'(dh! Hd! '1%)%*01! 0)4/<')1'2! c$VZ$'K&K@=>F! Z#=%@K6! G&#A$K! #$F$&#'O6! ZN[<@'6! $K'(dh! Ld!
+5'!0)4/<')1'!%4!+5'!%($,)0P,+0%)!cKO$!$S@K=#@&<!S$'@F@=>F!=%!b=N#>&<@FK@'!#=NK@>$F6!KO$!
@>%<N$>'$F! =%! KO$! =^>$#F! =%! KO$! G$S@&6! FNZ$#\@F=#F! =#! 'O@$%! $S@K=#F6! $K'(dh! Jd! +5'!
0)4/<')1'2! %4! +5'! .(%1'-<('! c'=GG=>! '=>FK#&@>KF! FN'O! &F! <&'A! =%! #$F=N#'$F6! FZ&'$6!
#N<$F6! FK&>S&#SF! =#! #=NK@>$Fdh! *d! .(%4'220%),/! 0)4/<')1'2! cG$S@&! [$<@$%F6! <&^F6!
)N@S$<@>$F6! $S@K=#@&<F6! $K'(dh! &>S! Pd! +5'! 0)4/<')1'2! 4(%*! +5'! ('4'(')1'! $(%<.! c=KO$#!
'=<<$&)N$F6!'=GZ$K@K@=>!&G=>)!G$S@&!=#)&>@D&K@=>F6!&NS@$>'$F6!%#@$>SF6!%&G@<R6!$K'(d(!
!!!!!!!!!
-O@F! FKNSR! FO&#$F! KO$! '=>'$ZKN&<! %#&G$^=#A! &>S! KO$! G$KO=S=<=)R! =%! KO$! Z#=b$'K!
M=_6!&FFNG@>)!KO&K!KO@F!#$F$&#'O!'=>SN'K$S!@>!;Z&>@FO!b=N#>&<@FK@'!'N<KN#$!&<<=^F!NF!&!
'=GZ&#&K@\$! FKNSR(! +>S! KONF6! $VZ&>SF! =N#! #&>)$! =%! @FFN$F! &>S! #$FN<KF6! &>S! '&>!
=Z$#&K$! %#=G! \&#@=NF! G$KO=S=<=)@'&<! Z$#FZ$'K@\$F! @>K$>S$S! K=! %@>S! KO$! F@G@<&#@K@$F!
&>S!\&#@&>'$F![$K^$$>!S@%%$#$>K!b=N#>&<@FK@'!'N<KN#$F!c3@<<F!$K!&<(6!HXXP1!PHXd(!
!
D)8B638!
4=>'$#>@>)! KO$! $KO@'&<! @S$=<=)R! =%! b=N#>&<@FKF! @>! ;Z&@>! =N#! #$FN<KF! FO=^! KO&K!
b=N#>&<@FKF!K$>S!K=!%=<<=^!KO$!N>@\$#F&<!$KO@'&<!Z#@>'@Z<$F6!#$)&#S<$FF!=%!KO$!F@KN&K@=>!
!
&>S! KO$! '=>K$VK! cUX(Htd(! -O$! K&[<$! H! FO=^F! KO$! #$FN<KF! #$<&K@>)! K=! KO$! &>&<RF@F! =%!
$KO@'&<!@S$=<=)R!=%!b=N#>&<@FKF!@>!;Z&@>1!!!!!!
!
<>FH%!TA!N/B(1+67837,!,B63B()!71!E5+71A!)3:7,+6!0+6B)8C!
! !
E5+71!!d!
!
#!
-O$#$!&#$!$KO@'&<!Z#@>'@Z<$F!^O@'O!&#$!F=!@GZ=#K&>K!KO&K!KO$R! ! WXX! UX(H!
FO=N<S![$!%=<<=^$S![R!&<<!b=N#>&<@FKF6!#$)&#S<$FF!=%!F@KN&K@=>! S! J(*W!
&>S!'=>K$VK! E$! X(EI!
_=N#>&<@FKF!FO=N<S!&\=@S!`N$FK@=>&[<$!G$KO=SF!=%!#$Z=#K@>)! ! WXX! EL(X!
@>!&>R!'&F$6!$\$>!@%!@K!G$&>F!>=K!)$KK@>)!KO$!FK=#R! S! J(W*!
E$! W(WH!
-O$#$!&#$!F@KN&K@=>F!@>!^O@'O!O&#G!@F!bNFK@%@&[<$!@%!@K!#$FN<KF!@>! ! WXX! PL(P!
&!FK=#R!KO&K!Z#=SN'$F!&!)#$&K$#!)==S! S! L(WE!
E$! W(HE!
MO&K!@F!$KO@'&<!@>!b=N#>&<@FG!\&#@$F!%#=G!=>$!F@KN&K@=>!K=! ! WXX! P*(H!
&>=KO$#! S! L(HP!
E$! W(JW!
0KO@'&<!S@<$GG&F!@>!>$^F!'=\$#&)$!&#$!=%K$>!F=!'=GZ<$V!KO&K! ! WXX! *L(X!
b=N#>&<@FKF!FO=N<S![$!&<<=^$S!K=!%=#GN<&K$!KO$@#!=^>! S! H(P*!
@>S@\@SN&<!'=S$F!=%!'=>SN'K! E$! W(LI!
,$Z=#K@>)!&>S!ZN[<@FO@>)!&!FK=#R!KO&K!'&>!Z=K$>K@&<<R!O&#G! ! WXX! PU(H!
=KO$#F!@F!&<^&RF!^#=>)6!@##$FZ$'K@\$!=%!KO$![$>$%@KF!K=![$! S! L(JP!
)&@>$S! E$! W(XL!
EV\D;%A!$+3)8!,/2576)4!*(/2!3:)!()8B638!/*!4#7C!
!
4$>K$#$S!G$&>!F'=#$F1!\&<N$F!@>S@'&K$!KO$!@GZ=#K&>'$!=%!KO$!@K$G!@>!#$<&K@=>!K=!KO$!
;Z&@>! G$&>! &<<! @K$GF! [$<=>)@>)! K=! KO$! F&G$! S=G&@>! =%! b=N#>&<@FG! 'N<KN#$!
;ŝŶƐƚŝƚƵƚŝŽŶĂů ƌŽůĞƐͿ͘ KƌŝŐŝŶĂů ƐĐŽƌĞƐ ƌĂŶŐĞƐ ďĞƚǁĞĞŶ ϱс͚͚ĞdžƚƌĞŵĞůLJ
ŝŵƉŽƌƚĂŶƚ͚͚͛͛ͬƐƚƌŽŶŐůLJ ĂŐƌĞĞ͛͛ ĂŶĚϭс͚͚ŶŽƚ ŝŵƉŽƌƚĂŶƚ Ăƚ Ăůů͚͚͛͛ͬƐƚƌŽŶŐůLJ ĚŝƐĂŐƌĞĞ͛͛͘ ƌĞ
#$Z#$F$>K$S! KO$! >NG[$#! =%! KO$! F&GZ<$6! G$&>6! &#@KOG$K@'! G$&>! &>S! FK&>S&#S!
S$\@&K@=>(!
S1!G$&>!
#1!>NG[$#!=%!KO$!F&GZ<$!
E$1!FK&>S&#S!S$F\@&K@=>!
x 1!&#@KOG$K@'!G$&>!
!!!!!!!!!
-O$F$!#$FN<KF!#$)&#S@>)!KO$!S@G$>F@=>!=%!('/,+0&02*!#$\$&<!KO&K!KO$!b=N#>&<@FKF![&F$S!
KO$@#! @>S@\@SN&<! G=#&<! ZO@<=F=ZOR! =>! N>@\$#F&<! $KO@'&<! #N<$F6! $\$>! KO=N)O! >$^F!
'=\$#&)$!@F!=%K$>!'=GZ<$V!&>S!b=N#>&<@FKF!FO=N<S![$!&[<$!K=!%=#GN<&K$!KO$@#!Z$#F=>&<!
'=S$F!=%!'=>SN'K(!
!!!!!!!!!!
,$)&#S@>)! KO$! S@G$>F@=>! =%! 0-',/02*6! b=N#>&<@FKF! @>! ;Z&@>! &<F=! [$<@$\$! KO&K!
ƉƌŽĨĞƐƐŝŽŶĂůƐ ƐŚŽƵůĚ ĂǀŽŝĚ ͞ƋƵĞƐƚŝŽŶĂďůĞ ŵĞƚŚŽĚƐ͕͟ ĂůƚŚŽƵŐŚ ƚŚŝƐ ŽƵůĚ ŵĞĂŶ ƚŚĂƚ
KO$R!'&>>=K! Z#$F$>K!KO$@#!FK=#R!cELtd(!-O$#$%=#$6!KO$R![$<@$\$! KO&K!KO$!@>%=#G&K@=>!
KO&K!KO$R!^&>K!K=!#$&'O!GNFK!&<^&RF![$!=[K&@ŶĞĚƚŚƌŽƵŐŚ͞ĐŽƌƌĞĐƚ͟ǁĂLJƐ͘,ŽǁĞǀĞƌ͕
b=N#>&<@FKF!$KO@'F!'&>!\&#R!%#=G!=>$!F@KN&K@=>!K=!&>=KO$#!cP*(Htd(!
!!!!!!!!!!
!
! ! !
Q@)N#$! W!&<<=^F! NF! K=!\@FN&<@D$! &! K^=BS@G$>F@=>&<!FZ&K@&<! #$Z#$F$>K&K@=>!=%! KO$! @S$&!
KO&K!;Z&>@FO!b=N#>&<@FKF!O&\$!&[=NK!$KO@'&<(!
!
U"b\D%!QA!'/8737/1!/*!E5+71!().+(471.!)3:7,+6!0+6B)8K!8#92#'K!,/)**7,7)13!/*!
+67)1+37/1e!ZCQQfK!+0)(+.)!/*!,/(()6+37/18e!ZKf[g:!
!
!
Individual codes
! Harm is justifiable!
of conduct!
!
!
!
Universal principles
! "#$%&! Harm is allways
should be followed! '()*+
! wrong!
,(-'.!
! Avoid questionable /,0"1
! methodes! (.*!
!
!
! Ethics vary from
! the situation!
!
EV\D;%A!;/2576)4!*(/2!P/N!()8B638C!!
!
Q#=G!KO$!#$<&K@\$!Z=F@K@=>!=%!KO$!\$'K=#F!'&>![$!F$$>!KO&K!;Z&@>!@F!F@KN&K$S!=>!&!Z=@>K!
ƚŚĂƚĐŽƵůĚďĞĚĞĨŝŶĞĚďLJŝƚƐ͞ĂďƐƚƌĂĐƚƐƚƌƵĐƚƵƌĞ͘͟dŚĞǀĞƌƚŝĐĂůĂdžŝƐŝŶƚŚŝƐĐŽŵƉŽƐŝƚŝŽŶ
@F! #$Z#$F$>K$S! [R! @>S@\@SN&<! &>S! F@KN&K@=>&<! $KO@'&<! @S$&F(! -O$! O=#@D=>K&<! &V@F!
#$Z#$F$>KF!KO$!%='NF!=%!KO$!G$S@&!&>S!=%!KO$!'=>F$`N$>'$F!=%!KO@F!@>%=#G&K@=>(!;Z&@>!
@F!Z=F@K@=>$S!&K!KO$![=KK=G!=%!Q@)N#$!W!@>!&>!@>K$#G$S@&K$!Z=@>K(!M$!FO=N<S!>=K$!KO&K!
KO$!#@)OK!F@S$!=%!KO@F!%@)N#$!#$Z#$F$>KF!KO$!b=N#>&<@FK@'!'N<KN#$F!@>!^O@'O!KO$R!K$>S!K=!
%=<<=^! N>@\$#F&<! $KO@'&<! FK&>S&#SFh! &>S! KO$! <$%K! F@S$! #$Z#$F$>KF! KO$! b=N#>&<@FK@'!
'N<KN#$F! ^O$#$! KO$#$! @F! F=G$! FA$ZK@'@FG! &[=NK! KO$F$! N>@\$#F&<! $KO@'&<! \&<N$F(! -O$!
Z=F@K@=>!=''NZ@$S![R!;Z&>@FO!b=N#>&<@FK@'!'N<KN#$!@>!KO@F!%@)N#$!^=N<S![$!&!FRGZK=G!=%!
ŝƚƐĞǀŽůƵƚŝŽŶƚŽĂĚĂƉƚƚŽƚŚĞ͞tĞƐƚĞƌŶũŽƵƌŶĂůŝƐƚŝĐĐƵůƚƵƌĞ͘͟^ƉĂŝŶ͕ĂƐŽƚŚĞƌĐŽƵŶƚƌŝĞƐ͕
&F!&%%@#G![R!7&>@KDF'O!$K!&<(!cHXWW1WUd!&>S!Q=#FRKO!cWUEX1WIPd6!@F!@>!KO$!G@SS<$!Z=@>K6!
&>S!KO@F!FO=^F!&!K$>S$>'R!K=!%=<<=^!KO$!N>@\$#F&<!#N<$F!=%!$KO@'F6![NK!^@KO!&!Z#&'K@'&<!
\@$^Z=@>K!KO&K!@F!=Z$>!K=!$V'$ZK@=>F(!!!!!
!
M@KO! &>! &>&<RF@F! =%! KO$! @>%<N$>'$F! KO&K! b=N#>&<@FKF! Z$#'$@\$! ^$! '&>! S$%@>$! '$#K&@>!
GNKN&<@K@$F!^@KO@>!KO$!b=N#>&<@FK@'!;Z&>@FO!'N<KN#$(!Q@)N#$!H!FO=^F!KO$!FK&K@FK@'&<!S&K&!
=[K&@>$S!%#=G!KO$!FN#\$R!#$FZ=>F$F1!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
U"b\D%!TA!N/B(1+67837,!,B63B()!71!E5+71A!71*6B)1,)8!3:+3!J/B(1+67838!5)(,)70)C!
News sources
Conventions in newsrooms
Competition in news«
X!
W!
H!
L!
J!
*!
EV\D;%A! ;/2576)4! *(/2! P/N! ()8B638C! KƌŝŐŝŶĂů ƐĐŽƌĞƐ ƌĂŶŐĞƐ ďĞƚǁĞĞŶ ϱс͚͚ĞdžƚƌĞŵĞůLJ
ŝŵƉŽƌƚĂŶƚ͚͚͛͛ͬƐƚƌŽŶŐůLJĂŐƌĞĞ͛͛ĂŶĚϭс͚͚ŶŽƚŝŵƉŽƌƚĂŶƚĂƚĂůů͚͚͛͛ͬƐƚƌŽŶŐůLJĚŝƐĂŐƌĞĞ͛͛͘!
!
;/1,6B87/18A!!
M@KO@>!KO$!;Z&>@FO!b=N#>&<@FG!'N<KN#$!KO$!b=N#>&<@FKF!&''$ZK!=%!N>@\$#F&<!$KO@'&<!'=S$F!
@>! KO$@#! S&@<R! Z#=%$FF@=>&<! S$'@F@=>F(! 9>! &! F$'=>S! Z<&>$! &#$! KO$! @>S@\@SN&<! $KO@'&<!
'=S$F(! +K! KO@F! Z=@>K6! ^$! %@>S! F=G$! @>'=>F@FK$>'R! #$)&#S@>)! KO$! &<<$)&K@=>F! =%!
b=N#>&<@FKF!FN#\$R$S(!?$'&NF$!KO$!#$FN<KF!FO=^!KO&K!@K!&ZZ$&#F!K=![$!`N@K$!&''$ZK$S6!
KO&K!$KO@'&<!\&<N$F!'&>!\&#R!%#=G!=>$!F@KN&K@=>!K=!&>=KO$#(!
!
M$! '&>! $FK&[<@FO! KO&K! KO$F$! ZO@<=F=ZO@'&<! @FFN$F! &#$! Z#$F$>K$S! K=! b=N#>&<@FKF! &F! &!
S@%%NF$! &>S! S@%%@'N<K! F@KN&K@=>! K=! N>S$#FK&>S(! ?$'&NF$! KO$! '=>'$ZK! =%! b=N#>&<@FK@'!
'N<KN#$! @F! @>'<NF@\$! $>=N)O! K=! @>K$)#&K$! S@\$#F$! S@F'=N#F$F! =>! '=>'$ZKF! FN'O! &F!
Z#=%$FF@=>&<@FG6! =[b$'K@\@KR6! Z#=%$FF@=>&<! Z$#'$ZK@=>F! =%! #=<$F! b=N#>&<@FK@'! =#! $KO@'&<!
FK&>S&#SF!c7&>@KDF'O!$K!&<(6!HXWX1!HIJBHI*h!.<<$#!&>S!3$@$#6!HXWH1!WXd(!
!
2$FZ@K$! KO$! '=GZ<$V@KR! @>\=<\$S! @>! KO@F! @FFN$6! b=N#>&<@FKF! 'O==F$! K=! #$b$'K! KO$!
@>%=#G&K@=>!KO&K!O&#G!&!Z$#F=>!=#!&!)#=NZ6!@##$FZ$'K@\$!=%!KO$![$>$%@KF!K=![$!)&@>$S(!
!
M$!GNFK!$GZO&F@D$!KO$!S@%%@'N<KR!K=!%@>S!#$FN<KF!KO&K!'&>![$!Z<&'$S!&K!=>$!$VK#$G$!=#!
KO$!=KO$#!@>!&'KN&<!b=N#>&<@FG!Z#&'K@'$(!-O$!G&@>!'=>'<NF@=>F!=[K&@>$S!&#$1!
&(!;Z&>@FO!b=N#>&<@FKF!FO&#$!KO$!'=GG=>!\&<N$F!=%!M$FK$#>!b=N#>&<@FG![&F$S!
=>!N>@\$#F&<!$KO@'&<!Z#@>'@Z<$F(!
[(!MO$>!S@F'NFF@>)!KO$!$KO@'&<!@S$=<=)R!=%!b=N#>&<@FKF!@>!;Z&@>!^$!$>K$#$S!&!
'=GZ<$V!&>S!S@%%NF$!@FFN$(!-O$!#$FN<KF!S=!>=K!FO=^!&>RKO@>)!'=>'<NF@\$6!$V'$ZK!KO&K!
KO$! =Z@>@=>! =%! b=N#>&<@FKF! &#$! @>! F=G$! '&F$F! @>'=>F@FK$>K(! ;K@<<6! @K! @F! '<$&#! KO&K! G=FK!
!
! ! !
b=N#>&<@FKF! [$<@$\$! @>! N>@\$#F&<! $KO@'&<! \&<N$F! &>S! KO$R! KO@>A! KO&K! KO$R! GNFK! [$!
G&@>K&@>$S(!9>!)$>$#&<6!;Z&>@FO!b=N#>&<@FKF!%@K!KO$!FK&>S&#S!@>!b=N#>&<@FG!N>S$#FK==S!
ĂƐ͞ƉƌŽĨĞƐƐŝŽŶ͘͟!
'(!_=N#>&<@FKF![$<@$\$!KO&K!KO$R!O&\$!&!O@)O!<$\$<!=%!&NK=>=GR(!+<KO=N)O!KO$!
FN#\$R!#$FZ=>F$F!FO=^!O=^!KO$!@>%<N$>'$F!=%!KO$!&NS@$>'$F6!$S@K=#@&<!S$'@F@=>F!&>S!
$'=>=G@'! #$&F=>F! #$SN'$S! KO$! @>S@\@SN&<! %#$$S=G! =%! b=N#>&<@FKF(! M$! >=K$6! &F! F&@S!
7&>@KDF'O! cHXWWd6! KO$! <=^! Z$#'$ZK@=>F! @>! $'=>=G@'! >$$SF! [R! b=N#>&<@FKF(! C$FF! KO&>!
R=N! G@)OK! $VZ$'K(! -O@F! &FZ$'K! '&>! $VZ<&@>! %=#! KO$! %@<K$#! &'K@=>! '=>SN'K$S! [R! KO$!
G$S@&(!+>R^&R6!^$!S$SN'$!KO&K!b=N#>&<@FKF!&#$!>=K!&^&#$!=%!KO$!#$&<!@>%<N$>'$!=%!KO$!
$VK$#>&<! %&'K=#F! @>! KO$@#! S&@<R! <@\$F(! +<KO=N)O! KO$R! FZ$&A! &[=NK! @>K$#>&<! Z#$FFN#$F!
^@KO@>! KO$! G$S@&! c'<=F@>)! K@G$! >$^F6! [=FF$F6! =^>$#F6! <&'A! =%! #$F=N#'$F6! G$S@&!
FK&>S&#SF! &>S! #N<$F6! $K'(d! &>S! KO$@#! @>%<N$>'$! @>! KO$@#! Z#=%$FF@=>&<! &>S! $KO@'&<!
'=>'$ZKF(!!
S(! -O$! G&@>! @>%<N$>'$F! &#$! Z$#'$@\$S! [R! b=N#>&<@FKF! @>! KO$!G@SS<$! &>S! @>>$#!
<$\$<F! '<=F$FK! K=! KO$G(! -O$F$! &#$! KO$! Z#=%$FF@=>&<! $<$G$>KF6! =#)&>@D&K@=>! &>S!
Z#='$SN#$F6!^O@'O!@>K$#%$#$!^@KO!KO$@#!S&@<R!#=NK@>$!=%!b=N#>&<@FKF(!-O$!'N##$>K!'#@F@F!@F!
#$%<$'K$S! @>! KO$! <&'A! =%! #$F=N#'$F! KO&K! Z#=%$FF@=>&<F! O&\$! @>! KO$@#! ^=#A(! 0VK$#>&<!
@>%<N$>'$F!^@KO!O@)O$#!#&K$F!=%!@GZ&'K!=>!b=N#>&<@FKF!&#$!FK#=>)!'=GZ$K@K@=>![$K^$$>!
G$S@&6! &! %&'K=#! @>S@'&K@\$! =%! KO$! $'=>=G@'! @>%<N$>'$! @>! KO$! G$S@&! G&#A$K6! &>S! KO$!
#$<&K@=>FO@Z!^@KO!KO$@#!F=N#'$F(!
!
!
F7?67/.(+5:=!
Q=#FRKO6! 2(! ,(! cWUEXd(! +! -&V=>=GR! =%! 0KO@'&<! 9S$=<=)@$F(! M%<(),/! %4! @'(2%),/0+9! ,)-!
G%10,/!@2915%/%$96!LXcWd6!WI*!BWEJ(!
7&>@KDF'O6!-(!u!3$<<&S=6!4(!cHXWWd(!MO&K!;O&Z$F!KO$!/$^F!&#=N>S!KO$!M=#<Sr!7=^!
b=N#>&<@FKF!@>!WE!'=N>K#@$F!Z$#'$@\$!@>%<N$>'$F!=>!KO$@#!^=#A(!6)+'(),+0%),/!M%<(),/!%4!
@('22\@%/0+012L!QhL!JXJBJHP(!
7&>@KDF'O6!-(6!7&>NF'O6!Q(6!3$<<&S=6!4(6!+>@A@>&6!3(6!?$#)&>D&6!,(6!4&>)=D6!9(6!4=G&>6!
3(6! 7&G&S&6! ?(6! 7$#>&>S$D6! 3(! 0(6! ]&#&Sb=\6! 4(! 2(6! 3=#$@#&6! ;(! Y(6! 3^$F@)$6! "(! :(6!
"<&@F&>'$6!"(!C(6!,$@'O6!l(6!;$$KO&<$#6!_(6!;A$^$F6!0(!+(6!Y&#S@&>FR&O!/==#6!2(6!u!5N$>6!](!
M(!cHXWWd(!3&ZZ@>)!_=N#>&<@FG!4N<KN#$F!&'#=FF!/&K@=>F1!+!4=GZ&#&K@\$!;KNSR!=%!WE!
4=N>K#@$F(!M%<(),/02*!G+<-0'2L!QTL!HILBHUL(!
7&>@KDF'O6! -O=G&F6! 3&#@&! +>@A@>&6! ,=F&! ?$#)&>D&6! 9>'@<&R! 4&>)=D6! 3@O&@! 4=G&>6!
?&FR=N>@!7&G&S&6!Q=<A$#!7&>NF'O6!4O#@FK=ZO$#!2(! ]&#&Sb=\6!4<&NS@&!3$<<&S=6!;=>@&!
Y@#)@>@&!3=#$@#&6!"$K$#!:(!3^$F@)$6!"&K#@'A!C$$!"<&@F&>'$6!l\@!,$@'O6!_=F$%!;$$KO&<$#6!
0<@D&[$KO! +(! ;A$^$F6! 2&>@! Y&#S@&>FR&O! /==#! u! ]$$! M&>)! 5N$>! cHXWXd1! 3=S$<@>)!
"$#'$@\$S! 9>%<N$>'$F! =>! _=N#>&<@FG1! 0\@S$>'$! %#=G! &! 4#=FFB/&K@=>&<! ;N#\$R! =%!
_=N#>&<@FKF(!M%<(),/02*!p!O,22!7%**<)01,+0%)!j<,(+'(/9!EIcWd1!IBHJ(!
7&>@KDF'O6! -(! cHXXId(! 2$'=>FK#N'K@>)! _=N#>&<@FG! 4N<KN#$1! -=^&#SF! &! N>@\$#F&<!
KO$=#R(!7%**<)01,+0%)!85'%(9L!QdL!LPIBLE*(!
3@<<F!$K!&<(!cHXXPd(!;O&#@>)!@S$&F!&>S!#$F$&#'O!@>!F='@&<!F'@$>'$F!<$&#>@>)!&>S!K$&'O@>)(!
85'! [0$5'(! "-<1,+0%)! F1,-'*96! &''$FF$S! /=\$G[$#! WJ6! HXWH! &K! OKKZ1jj^^^('B
F&Z([O&G(&'(NAj#$F=N#'$FjZ#=b$'Ky#$Z=#KFj;O=^.\$#\@$^(&FZr@SxJ(!!!!
.<<$#!+<=>F=6!3(!R!3$@$#6!](!cHXWHd(!;,!1</+<(,!.'(0%-n2+01,!-'!"2.,q,!9!G<0P,(!3&S#@S1!
0S@K=#@&<!Q#&)N&(!
"<&@F&>'$6!"(!C(!cHXX*d(!F)!,22'22*')+!%4!*'-0,!'+5012!'-<1,+0%)?!7%<(2'!1%)+')+!,)-!
+5'!&,/<'2!,)-!'+501,/!0-'%/%$0'2!%4!*'-0,!'+5012!2+<-')+2(!**KO!+>>N&<!4=>%$#$>'$!
=>!KO$!@>K$#>&K@=>&<!'=GGN>@'&K@=>!+FF='@&K@=>6!/$^!5=#A(!
!
!
!
>?/B3! 3:)! +B3:/(1! "O(2(! @>! _=N#>&<@FG! %#=G! KO$! 8>@\$#F@KR! =%! ,$R! _N&>! 4&#<=F! =%!
3&S#@S!cHXWHd(!3&FK$#!@>!+S\&>'$S!;KNS@$F!@>!4=GGN>@'&K@=>!%#=G!KO$!8>@\$#F@KR!=%!
3N#'@&!cHXXUd(!?&'O$<=#!=%!_=N#>&<@FG!cHXXEd!&>S!@>!+S\$#K@F@>)!&>S!"N[<@'!,$<&K@=>F!
cHXWWd! %#=G! KO$! 8>@\$#F@KR! =%! 3N#'@&(! 9>\=<\$S! @>! K^=! Z#=b$'KF! c/0".4;! &>S! M_;d!
[&F$S!=>!@>K$#>&K@=>&<!'=GZ&#&K@\$!&>&<RF@F!=%!Z=<@K@'&<!b=N#>&<@FG(!7$!<@\$F!@>!lÄ#@'O!
c;^@KD$#<&>Sd6!&!'=N>K#R!KO&K!'=>K@>N$F!^@KO!O@F!#$F$&#'O(!
! !
!
! ! !
!
!
$)/13/6/.7,+6!,/4)8!/*!J/B(1+67838A!!
3:)!(/2+17+1!)L5)(7)1,)!
!
3&#@&>!"$K'N1!R!,NV&>S#&!?=@'N2!
!
!
>?83(+,3!
9>!KO@F!FKNSR6!^$!%=<<=^!KO$!$\=<NK@=>!=%!KO$!$%%=#K!=%!F$<%B#$)N<&K@=>!=%!b=N#>&<@FG!@>!
,=G&>@&6! G=#$! FZ$'@%@'&<<R6! KO$! $\=<NK@=>! =%! $KO@'&<! &>S! >=#G&K@\$! S@F'=N#F$(! M$!
Z#=Z=F$!&!O@FK=#@'&<!$V&G@>&K@=>!=%!KO$!S$\$<=ZG$>K!=%!KO$!'=>'$ZKF!@>'<NS$S!@>!KO$!
#$)N<&K@>)!,=G&>@&>!S='NG$>KF6!F@>'$!WEUU!K=!KO$!Z#$F$>K!G=G$>K(!!
!
>ŝŬĞǁŝƐĞ͕ƐƉĞĐŝĂůŵĞŶƚŝŽŶŝƐŵĂĚĞŽĨƚŚĞǀĂƌŝŽƵƐĨŽƌŵƐŽĨƚŚĞ:ŽƵƌŶĂůŝƐƚƐ͛ĂƐƐŽĐŝĂƚŝŽŶ͕
^O=F$! G@FF@=>! O&F! [$$>! KO$! '=>'$ZK@=>! =%! &! '=O$#$>K! F$K! =%! Z#=%$FF@=>&<! '<&@GF(!
2N#@>)! KO$! Z#='$FF! =%! SĞŵŽĐƌĂƚŝnjĂƚŝŽŶ ƚŚĂƚ ďĞŐĂŶ Ăƚ ƚŚĞ ďĞŐŝŶŶŝŶŐ ŽĨ ƚŚĞ ϵϬ͛Ɛ͕
,=G&>@&>! bN#>&<@FKF! O&\$! [$'=G$! $\$#! G=#$! &^&#$! =%! KO$! >$$S! %=#! FZ$'@%@'!
S$=>K=<=)@'&<!#N<$F!K=!)N@S$!KO$@#!Z#=%$FF@=>&<!&'K@\@K@$F(!!!!!
!
8>%=#KN>&K$<R6! KO$! '=>'$ZKF! '=>K&@>$S! @>! KO$! G=FK! #$'$>K! S$=>K=<=)@'&<! '=S$F!
ƌĞŵĂŝŶ ƌĂƚŚĞƌ ͞ŵĞƚĂƉŚŽƌŝĐĂů͕͟ ǁŚŝĐŚ ŐŝǀĞƐ ƌŝƐĞ ƚŽ ŵŝƐƵŶĚĞƌƐƚĂŶĚŝŶŐƐ ŝŶ ũŽƵƌŶĂůŝƐƚŝĐ
Z#&'K@'$F(!9>!KO@F!#$FZ$'K6!KO$#$!&#$!>=!'<$&#!FK@ZN<&K@=>F!&[=NK!KO$!Z$>&<K@$F!&ZZ<@$S!
K=! b=N#>&<@FKF! ^O=! \@=<&K$! KO$! $KO@'&<! >=#GF! @>F'#@[$S! @>! KO$F$! '=S$F(! -O@F! &#K@'<$!
FNZZ<@$F!>NG$#=NF!'=GG$>KF!&>S!$V&GZ<$F!=%!FN'O!&G[@)N=NF!%=#GN<&K@=>F(!
!
@)=9/(48A!$KO@'F6!F$<%B#$)N<&K@=>6!b=N#>&<@FK@'!Z#=%$FF@=>6!#@)OKF!&>S!=[<@)&K@=>F!
!
!
@('#+'K+1! ,=G&>@&6! WUUE(! 9>! KO$! K=^>! =%! ?ND&N6! &! G&>! @F! %=N>S! S$&S! @>! &!
^$<<(!"=<@'$6!%@#$%@)OK$#F6!Z#=F$'NK=#F!&>S!KO$!G$S@&!&##@\$!=>!KO$!FZ=K(!-O$!
'=#ZF$! @F! K&A$>! =NK! =%! KO$! ^$<<6! K$<$\@F@=>! K$&GF! &#$! %@<G@>)6! >NG$#=NF!
ZO=K=F! &#$! K&A$>(! 5$K6! =>$! K$<$\@F@=>! &#$! G@FF@>)6! KO$! =>$! KO&K! O&S! &>!
$V'<NF@\@KR! &)#$$G$>K! c'=>'$#>@>)! Z#@=#@KR! @>! &>>=N>'@>)! =>! KO$! $\$>KF!
=''N##@>)d! ^@KO! KO$! Z=<@'$(! -O@F! K$<$\@F@=>!^@<<! &##@\$! <&K$#! &>S!^@<<! '&NF$! &!
FO=#K!F'&>S&<(!4=>F$`N$>K<R6!KO$!'=#ZF$!^@<<![$!FN[G$#)$S!&)&@>!&>S!S#&^>!
=NK!=%!KO$!^$<<6!KO$!K$<$\@F@=>!$V'<NF@\@KR![$@>)!KONF!F&K@F%@$S![R!KO@F!)$FKN#$!
=%!KO$!"=<@'$(!-O$!S$'$&F$SfF!%&G@<R!&#$!FO='A$S6!KO$!b=N#>&<@FKF!Z#$F$>K!&#$!
FKN>>$S6! KO$! >$@)O[=N#F! &#$! @>S@)>&>K(! C&K$! @>! KO&K! $\$>@>)6! &K! KO$! -Y!
>$^F#$$<6! &NS@$>'$F! <$&#>! &[=NK! KO@F! N>%=#KN>&K$! O&ZZ$>@>)(! 4&>! ^$! '&<<!
KO&K!b=N#>&<@FG!(((r!
!
0KO@'&<!#$%<$'K@=>!=N)OK!K=![$!G=#$!%#$`N$>K!&>S!G=#$!@>K$>F$!@>!,=G&>@&6!'=GZ&#$S!
K=! =KO$#! '=N>K#@$F6! [$'&NF$! ^$! O&\$! F&S! #$'=#SF! B! KO$! )#$&K$FK! G&>@ZN<&K@=>! =%!
ĐŽŶƚĞŵƉŽƌĂƌLJŚŝƐƚŽƌLJ͕ĂƐdŝŵŝƔŽĂƌĂĚŝǀĞƌƐŝŽŶŚĂƐďĞĞŶĐĂůůĞĚ;ƚĞŶƐŽĨƚŚŽƵƐĂŶĚƐŽĨ
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!+FF='@&K$!"#=%$FF=#!"O26!Q&'N<KR!=%!_=N#>&<@FG!&>S!4=GGN>@'&K@=>!;KNS@$F6!8>@\$#F@KR!=%!?N'O&#$FK!
G&#@&>yZ$K'NHXXLiR&O==('=G!
!
H
!+FF='@&K$!"#=%$FF=#!"O26!Q&'N<KR!=%!_=N#>&<@FG!&>S!4=GGN>@'&K@=>!;KNS@$F6!8>@\$#F@KR!=%!?N'O&#$FK!
#NV&>S#&[=@'NiR&O==('=G!
!
@G&)@>&#R! S$&S6! A@<<$S! [R! ;$'N#@K&K$! ʹ! Z=<@K@'&<! Z=<@'$d6! ^O@'O! @F! ^OR! KO@F! '@KR! O&F!
#$'$>K<R!O=FK$S6!KO$!@>K$#>&K@=>&<!S&RF!=%!G@F@>%=#G&K@=>!(((!
9>!KO@F!FKNSR!^$!%=<<=^!KO$!$\=<NK@=>!=%!F$<%B#$)N<&K@=>!@>!,=G&>@&>!b=N#>&<@FG6!G=#$!
FZ$'@%@'&<<R6!KO$!$\=<NK@=>!=%!$KO@'&<!&>S!>=#G&K@\$!S@F'=N#F$(!-O$!G$S@&!@>!,=G&>@&!
O&F! <=>)! $\=<\$S! N>S$#! KO$! F@)>! =%! Z&#&S=V(! Q=#! $V&GZ<$6! N>K@<! WUHI6! ^O$>! KO$!
>$^FZ&Z$#F! @>!?N'O&#$FK!ZN[<@FO$S!&>!@>K$#>&K@=>&<!'=S$!=%!$KO@'F6!KO$#$! O&S![$$>!
>=! FN'O! '=S$! =%! Z#=%$FF@=>&<! '=>SN'K(! -O$#$! O&S! [$$>! F=G$! S@F'NFF@=>F6! $\$>!
@>S@)>&K@=>!&)&@>FK!!KO$!Z$#%=#G&>'$!=%!KO$!b=N#>&<@FKF!^O=!S$%@$S!KO$!#N<$F!=%!)==S!
'=O&[@K&K@=>6![NK!>=!S='NG$>K!O&S![$$>!&S=ZK$S(!!
!
7=^$\$#6! @G@K&K@>)! KO$! Z#=%$FF@=>&<! Z#&'K@'$F! @>! KO$! M$FK6! F=G$! F$<%B#$)N<&K=#R!
[=S@$F!&ZZ$&#!&<F=!@>!?N'O&#$FKh!@>!%&'K6!KO$F$![=S@$F!O&S!KO$!%N>'K@=>F!=%!K#R@>)!&>S!
ZN>@FO@>)! S@F'@Z<@>&#R! \@=<&K@=>F(! 9>! KO@F! '=>K$VK6! ^$! FO=N<S! G$>K@=>! KO$! O=>=#&#R!
ũƵƌLJ ŽĨ ƚŚĞ :ŽƵƌŶĂůŝƐƚƐ͛ ^LJŶĚŝĐĂƚĞ ŝŶ ƵĐŚĂƌĞƐƚ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ ũƵƌŝĞƐ ŽĨ ƚŚĞ
"#=%$FF@=>&<!_=N#>&<@ƐƚƐ͛hŶŝŽŶ͕ĂŶĚŽĨƚŚĞ'ĞŶĞƌĂů&ĞĚĞƌĂƚŝŽŶŽĨWƌŽǀŝŶĐŝĂůWƌĞƐƐĞƚĐ͘
+F!&!G&KK$#!=%!%&'K6!F@>'$!@KF!%=N>S@>)6!KO$!"#$FF!;='@$KR!cWEUUd!FK&KNK$!FK@ZN<&K$S!KO$!
'#$&K@=>!=%!&!bN#R!=%!KO#$$!Z$=Z<$!@>!'O&#)$!=%!bNS)@>)!g@>'=##$'Kg6!gN>^=#KORg!&'KF!=%!
F=G$!=%!@KF!G$G[$#FL(!-O$!F&>'K@=>@>)!=%!S@F'@Z<@>&#R!=%%$>F$F!^&F!Z$#%=#G$S![R!&>!
O=>=#&#R! bN#R! '=>F@FK@>)! =%! Z#$FK@)@=NF! #$Z#$F$>K&K@\$F! =%! KO$! Z#=%$FF@=>6! &>S!
bNS)$G$>K! ^&F! [&F$S! =>! KO$! #N<$F! =%! '=GG=>! F$>F$6! F=! K=! FZ$&A6! =>! ^O&K! ^&F!
[$<@$\$S!KO&K!Z#=%$FF@=>&<!'=>SN'K!=N)OK!K=![$(!
!
2N#@>)!KO$!'=GGN>@FK!&SG@>@FK#&K@=>!KO$#$!^$#$!>=!'=S$F6![NK!#$)N<&K=#R!&KK$GZKF!
^O@'O6!N>S$#FK&>S&[<R6![=#$!KO$!G&#A!=%!KO$!=%%@'@&<!@S$=<=)R(!"#=\@F@=>F!&FF@G@<&[<$!
^@KO!S$=>K=<=)@'&<!>=#GF!^$#$!@>'<NS$S!@>!^O&K!^&F!'&<<$S!KO$!;K&KNK$!=%!_=N#>&<@FKF!
;ϭϵϱϱͿ͕ ĂƐ ǁĞůů ĂƐ ŝŶ ƚŚĞ ĚƌĂĨƚƐ ŽĨ ƐƚĂƚƵƚĞ ŽĨ ƚŚĞ :ŽƵƌŶĂůŝƐƚƐ͛ hŶŝŽŶ ŝŶ ƚŚĞ ^ŽĐŝĂůŝƐƚ
,$ZN[<@'!=%!,=G&>@&!cWUIXd6!^O@'O!'=>K&@>$S!KO$!ZO#&F$!gKO$!$KO@'F!=%!KO$!,=G&>@&>!
b=N#>&<@FKg!c&#K(!WHd6!&>S!%=#!^O=F$!@>%#@>)$G$>K!=>$!'=N<S![$!<@&[<$!K=![$!$V'<NS$S!
%#=G! KO$! Z#=%$FF@=>J(! -O@F! NF$S! K=! [$! KO$! #$FZ=>F@[@<@KR! =%! KO$! g_N#R! =%! O=>=#g6!
#$%$##$S!K=!@>!&#K(!HI(!;N'O!Z#=\@F@=>F!^$#$!&<F=!@>'<NS$S!@>!KO$!WUIH!S#&%K!=%!FK&KNK$!
=%!Z#=%$FF@=>&<!b=N#>&<@FKFh!O=^$\$#6!KO$!Z=<@K@'&<!&NKO=#@K@$F!#$b$'K$S!KO$F$!Z#=Z=F&<F!
G&S$![R!KO$!b=N#>&<@FKF6!Z#$%$##@>)!&!FZ$'@%@'!<&^(!-O&K!@F!^OR!KO$!"#$FF!C&^6!&S=ZK$S!
@>!WUIJ6!@>!4O&ZK$#!9Y1!85'!=%<(),/02+!.(%4'220%)6!;$'K@=>!W1!dŚĞũŽƵƌŶĂůŝƐƚ͛ƐƌŝŐŚƚƐĂŶĚ
%D/0$,+0%)26!G$>K@=>$S!KO&K!Z#=%$FF@=>&<!b=N#>&<@FKF!O&\$!KO$!SNKR6!&G=>)!=KO$#F6!gS(!
K=!S$G=>FK#&K$!O@)O!$KO@'&<!&>S!Z#=%$FF@=>&<!'=>F'@=NF>$FF6!=[b$'K@\@KR*!&>S!F$>F$!=%!
#$FZ=>F@[@<@KR!@>!Z$#%=#G@>)!KO$@#!Z#=%$FF@=>!$V$GZ<&#@<R6!K=!=[F$#\$!KO$!<&^F!&>S!KO$!
FK&K$!F$'#$KF6!K=!FK#@\$!FK$&S%&FK<R!@>!&>R!'@#'NGFK&>'$!%=#!KO$!K#@NGZO!=%!KO$!K#NKOh!$(!
-=!'=>F@FK$>K<R!#$FZ$'K!KO$!>=#GF!=%!F='@&<@FK!$KO@'F!&>S!$`N@KR!@>!KO$@#!$\$#RS&R!<@%$!
(((Pg(! ;@>'$! &<<! b=N#>&<@FKF! ^$#$! G$G[$#F! =%! KO$! ,=G&>@&>! 4=GGN>@FK! "&#KR6! KO$R!
^$#$!=[<@)$S!K=!'=GZ<R!^@KO!KO$!4=S$!=%!F='@&<@FK!$KO@'F!&>S!$`N@KR!&S=ZK$S![R!KO$!
Z=<@K@'&<!<$&S$#FO@Z!=%!KO$!'=N>K#R(!
!
+%K$#! KO$! '=<<&ZF$! =%! KO$! '=GGN>@FK! #$)@G$6! &! #$&<! $VZ<=F@=>! =%! @>%=#G&K@=>! K&A$F!
Z<&'$!@>!,=G&>@&6!)@\$>!KO$!%&'K!KO&K!>=!<&^!&>S!>=!Z#=%$FF@=>&<!>=#G!!^&F!=[F$#\$S6!
^O@<$! KO$! &''$FF! K=! KO$! Z#=%$FF@=>! =%! b=N#>&<@FG! ^&F! %#$$#! KO&>! $\$#(! -O$! `N@'A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L
!^ƚĂƚƵƚĞƐŽĨƚŚĞWƌĞƐƐ^ŽĐŝĞƚLJ;^ƚĂƚƵƚĞůĞ^ŽĐŝĞƚĉԑŝŝWƌĞƐĞŝ͘ƐŽĐŝĂԑŝƵŶĞĂnjŝĂƌŝƔƚŝůŽƌ͕ŽĂŵĞŶŝůŽƌĚĞůŝƚĞƌĞƔŝ
ĚĞĂƌƚĉĚŝŶZŽŵąŶŝĂͿ͕dŝƉ͘ŽƌƉƵůƵŝŝĚĂĐƚŝĐ͕ƵĐƵƌĞƔƚŝ͕ϭϴϵϵ͕ƉƉ͘ϭϯĂŶĚϭϵ͘!
J
!ůƚŚŽƵŐŚ͞ƚŚĞĞƚŚŝĐƐŽĨZŽŵĂŶŝĂŶũŽƵƌŶĂůŝƐƚƐŚĂƐŶĞǀĞƌďĞĞŶĚĞĨŝ>$S!ʹ!%<(!)%+'(!
*
!4=GGN>@FK! <$)@F<&K@=>! &[=N>SF! @>! G$K&ZO=#@'&<! %=#GN<&K@=>F! ʹ! ͞ĞƚŚŝĐĂů ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů
ĐŽŶƐĐŝŽƵƐŶĞƐƐ͕͟͞ŽďũĞĐƚŝǀŝƚLJ͕͟͞ƐĞŶƐĞŽĨƌĞƐƉŽŶƐŝďŝůŝƚLJ͟ĞƚĐ͘ʹ!%<(!)%+'(!
P
!"#$FF!C&^!@>!KO$!;='@&<@FK!,$ZN[<@'!=%!,=G&>@&!cC$)$&!"#$F$@!S@>!,$ZN[<@'&!^ŽĐŝĂůŝƐƚĉZŽŵąŶŝĂ͕H</'+0)</!
N4010,/6!"&#K!96!/=(!JE!%#=G!W!+Z#@<!WUIJ6!Z(!WH(!
!
! ! !
<@[$#&K@=>! %#=G! N>S$#! KO$! Z=<@K@'&<! '=>K#=<! G&S$! Z=FF@[<$! >$^! %=#GF! =%! Z#$FF!
&FF='@&K@=>F(!-O$!%@#FK!'=>)#$FF!=%!'#$&K@=>!=%!KO$!Q$S$#&K@=>!=%!KO$!%#$$!-#&S$!8>@=>F!
=%! b=N#>&<@FKF! &>S! Z#@>K$#F! K==A! Z<&'$! =>! _&>N&#R! *6! WUUXh! KO$! Z&#K@'@Z&>KF! S$'@S$S!
͞ƚŚĞĐƌĞĂƚŝŽŶŽĨĂŽƵŶĐŝůŽĨŚŽŶŽƌŵĞĂŶƚƚŽũƵĚŐĞůŝƚŝŐĂƚŝŽŶƐďĞƚǁĞĞŶũŽƵƌŶĂůŝƐƚƐĂŶĚ
'&F$F!@>\=<\@>)!KO$!<=FF!=%!KO$!`N&<@KR!=%!b=N#>&<@FKIg(!/=K!$\$>!KO@F!K@G$!^$!)=K!&!F$K!
=%! Z#=%$FF@=>&<! >=#GF6! [NK! #&KO$#! &! <@FK! =%! Z#=%$FF@=>&<! '<&@GF(! .>! ;$ZK$G[$#! WU6!
WUUX6!KO$!+FF='@&K@=>!=%!KO$!_=N#>&<@FKF!@>!,=G&>@&!ʹ!KO$!Q$S$#&K@=>!=%!-#&S$!8>@=>F!
=%!&<<!KO$!Z#$FF!&S=ZK!&>!@GZ=#K&>K!S='NG$>K!%=#!KO$!S$G='#&K@D&K@=>!=%!KO$!%@$<S! B!
"#$FF!Q#$$S=G!4O&#K$#E(!+K!&#K(!E6!KO$!#$Z#$F$>K&K@\$F!=%!KO$!b=N#>&<@FKF!@>F'#@[$S!KO$!
%=<<=^@>)1! g-O$! S$=>K=<=)R! =%! Z#$FF! ^=#AF! @F! '=>'$@\$S! [R! KO$! Z#=%$FF@=>&<!
=#)&>@D&K@=>F(!-O$R6! &F! )N&#&>K=#F! =%!KO$! `N&<@KR!=%!KO$! Z#$FF6! O&\$! KO$! #@)OK! K=! F$K!
#N<$F! %=#! `N&<@%@'&K@=>! &>S! Z#&'K@'$! A>=^>! [R! KO$! $>K@#$! Z=ZN<&K@=>! c(((d(! -O$! ;K&K$!
#$'=)>@D$F! KO$! #@)OKF! =%! b=N#>&<@FKF! &K! <$&FK! KO=F$! #$<&K$S! K=! KO$! #$<$\&>K!
Z#=%$FF@=>FUgh!O$#$!KO$R!'<&@G$S!KO$!>$$S!K=![$! #$'=)>@D$S!&F!&!Z#=%$FF@=>!^@KO!@KF!
=^>! #N<$F! 6! <@A$! @>! KO$! '&F$! =%! \&#@=NF! <@[$#&<! Z#=%$FF@=>F(! -O$! S='NG$>K! ^@<<! [$!
S#&%K$S!@>!&!%@>&<!%=#G6!=>!HX!;$ZK$G[$#6!ZN[<@'@D$S!&>S!FN[G@KK$S!K=!KO$!&KK$>K@=>!
=%! KO$! <$)@F<&K@\$! Z=^$#(! ;==>6! KO$! +FF='@&K@=>! =%! KO$! _=N#>&<@FKF! @>! ,=G&>@&!
;^ŽĐŝĞƚĂƚĞĂŝĂƌŝƔƚŝůŽƌĚŝŶZŽŵąŶŝĂ͗^ZͿǁŝůůŝŶĐůƵĚĞĂďŽƵƚϭϬϬƵŶŝŽ>F6!#$Z#$F$>K@>)!
&F!G&>R!=<S$#!=#!>$^$#!>$^F#==GF(!
!
-O$#$! %=<<=^F! &! FN''$FF@=>! =%! )#=NZF6! =%! N>@=>F! &>S! &>! @S$=<=)@'&<! '<&#@%@'&K@=>6! ^$!
'&>! F&R6! ^O$>! KO$! >$^! Z=<@K@'&<! Z=^$#! Z#=Z=F$F! &! >$^! Z#$FF! <&^(! -=! [$! G=#$!
FZ$'@%@'6!@>!KO$!WUUXBWUUE!Z$#@=S6!WW!S#&%K!Z#$FF!<&^F!^$#$!Z#=Z=F$S(!-O$@#!@>@K@&K=#F!
^$#$!b=N#>&<@FKF!c%@\$!Z#=b$'KFd6!)=\$#>G$>K!G$G[$#F!cK^=!Z#=b$'KFd6!Z=<@K@'&<!Z&#K@$F!
cK^=! Z#=b$'KFd(! -O$! Z#=b$'KF! ^$#$! #$b$'K$S! [R! "&#<@&G$>K6! [NK! $\$>! F=! KO$R! FO=^! &!
'$#K&@>! Z#=%$FF@=>&<! @GG&KN#@KR1! KO$#$! ^&F! >=! >$$S! =%! >$^! <&^F6! [NK! =%! F$<%B
#$)N<&K@=>(!
!
-O$!S$=>K=<=)@'&<!'=S$F!^=N<S!O&\$![$$>!&!^&R!K=!S$K$#!Z=<@K@'@&>F!K=!Z#=Z=F$!>$^!
<&^F! %=#! b=N#>&<@FKF(! 5$K6! SN#@>)! KO$! &[=\$! G$>K@=>$S! Z$#@=S6! =><R! KO#$$! '=S$F! =%!
ĐŽŶĚƵĐƚǁĞƌĞĂĚŽƉƚĞĚ͕ŝŶĐůƵĚŝŶŐĂŶ͞ŽƌŐĂŶŝnjĂƚŝŽŶĂů͟ŽŶĞ;ƚŚĞĞĚŝƚŽƌŝĂůŽĨĨŝĐĞĐŽĚĞŽĨ
-@>$#$KN<!<@[$#6!&S=ZK$S!@>!WUU*d(!+F!&!Z#==%!=%!>=>BZ#=%$FF@=>&<@FG6!^$!G$>K@=>!KO$!
KO#$$![@<<F!cWUUH6!WUUJ6!WUUPd!@FFN$S![R!KO$!8>@=>!=%!"#=%$FF@=>&<!_=N#>&<@FKF!cÜdh!KO$R!
#$%$##$S!K=!gKO$!Z#=%$FF@=>!=%!b=N#>&<@FKWXg!&>S!@>'<NS$S!S$=>K=<=)@'&<!'=S$F(!9>!=KO$#!
^=#SF6!KO$!$KO@'&<!>=#G!^&F!F$$>!&F!bN#@S@'&<!>=#G6!^O@'O!^=N<S!O&\$!&>>N<<$S!KO$!
#@)OK!=%!b=N#>&<@FKF!K=!#$)N<&K$!KO$@#!&'K@\@KR!@>S$Z$>S$>K<R(!
!
.KO$#! Z#$FF! <&^! S#&%KF! ^@<<! [$! FN[G@KK$S! K=! "&#<@&G$>K! [R! )#=NZF! =%! b=N#>&<@FKF!
FNZZ=#K$S![R!'$#K&@>!Z=<@K@'&<!)#=NZF6!@>!HXXE6!HXWW!&>S!HXWHh!Z#=[&[<R6!KO$#$!^@<<![$!
G=#$!F@G@<&#!@>@K@&K@\$F(!
!
-O$#$! %=<<=^$S! &! F$#@$F! =%! S@F'NFF@=>F! &[=NK! KO$! >$$S! %=#! Z#=%$FF@=>&<! K#&@>@>)6! =%!
F$G@>&#F6! '=>%$#$>'$F! $K'(! -^=!G=G$>KF!^$#$! =%! )#$&K! @>K$#$FK6! %#=G! =N#! Z=@>K! =%!
\@$^!ʹ!ƚŚĞĂĚŽƉƚŝŽŶŽĨƚŚĞŽĚĞŽĨĞŽŶƚŽůŽŐLJĂŶĚŽĨƚŚĞ:ŽƵƌŶĂůŝƐƚ͛Ɛ^ƚĂƚƵƚĞďLJƚŚĞ
4=>\$>K@=>! =%! 3$S@&! .#)&>@D&K@=>F! cHXXJd! &>S! KO$! &S=ZK@=>! =%! KO$! 4=S$! =%!
2$=>K=<=)R![R!KO$!,=G&>@&>!"#$FF!4<N[!cHXXLd(!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I
!-O$!2&@<R!ZŽŵąŶŝĂůŝďĞƌĉ6!R$&#!!aCY996!>$^!F$#@$F6!/=(!WH6!%#=G!P!_&>N&#R!WUUX6!!Z(!L(!
E
!-O$!2&@<R!ĚĞǀĉƌƵů6!R$&#!96!/=(!HHI6!%#=G!!HW!;$ZK$G[$#!WUUX6!!Z(!H!
U
!9[@S$G(!
WX
!3&#@&>! ! "$K'N6! ͞>Ă ůĠŐŝƐůĂƚŝŽŶ ĚĞƐ ŵĠĚŝĂƐ ĞŶ ZŽƵŵĂŶŝĞ͕͟ 85'! ]/%D,/! V'+3%(>:! 7%**<)01,+0%)! ,)-!
G%10'+9!0)!",2+'()!"<(%.'6!/=(!UBWX6!WUUI6!Z(!WHW(!
!
;$#@=NF!K&<AF! O&\$! &ZZ$&#$S! `N@K$! <&K$6! @%! ^$! bNS)$![R! ^O&K! O&F! [$$>! O&ZZ$>@>)! @>!
KO$! G$S@&1! &! )#$&K! $'=>=G@'! '#@F@F! SN#@>)! WUULBWUUJ! c@>! ,=G&>@&6! KO$#$! ^&F! &>!
@>%<&K@=>!=%!HEXt6!&!'=>K$VK!@>!^O@'O!>NG$#=NF!ZN[<@'&K@=>F!S@F&ZZ$&#$S6!^O@<$!KO=F$!
KO&K!#$G&@>$S!=>!KO$!G&#A$K!O&\$!KN#>$S!@>K=!K&[<=@SFd6!&!FK#=>)$#!Z=<@K@'@D&K@=>!=%!
ZN[<@'!K$<$\@F@=>!&>S!#&S@=!FK&K@=>F6!<&'A!=%!Z#=%$FF@=>&<!'=O$F@=>6!&!'#$S@[@<@KR!'#@F@F!
'#=FF$S![R!KO$!Z#$FF(!
!
7=^$\$#6!F@>'$!2$'$G[$#!HXXH6![&F$S!=>!F=G$!%N>S@>)!Z#=)#&GF!%#=G!KO$!8(;(!&>S!
%#=G! KO$! 086! KO$#$! O&\$! [$$>! S$[&K$F! =>! &! '=S$! =%! $KO@'F! K=! ^O@'O! G=FK! $S@K=#@&<!
=%%@'$F! '=N<S! &SO$#$(! -O$! @>@K@&K@\$! =%! KO$! >$^<R! $FK&[<@FO$S! 4=>\$>K@=>! =%! 3$S@&!
.#)&>@D&K@=>F!O&F!O&S!&>!$'O=!&G=>)!KO$!b=N#>&<@FKF6!F=!KO&K6! =>!WW!_N<R!HXXJ6!KO$!
_=N#>&<ŝƐƚƐ͛ĞŽŶƚŽůŽŐŝĐĂůŽĚĞǁĂƐĂĚŽƉƚĞĚ͘dŚĞŶŽǀĞůƚLJŝƐƚŚĂƚƚŚĞĚŽĐƵŵĞŶƚ ŚĂƐ
'<&#@%@$S! F=G$! '=>'$ZKF! KO&K! ^$#$! %#$`N$>K<R! NF$S6! [NK! &[=NK! ^O=F$! '=>K$>K! $&'O!
Z$#F=>!N>S$#FK==S!^O&K!O$!KO=N)OK(!Q=#!$V&GZ<$6!@K!'<&#@%@$F!KO$!F@)>@%@'&>'$!=%!KO$!
'=>'$ZK!=%!.<D/01!0)+'('2+QQ!&>S!$FZ$'@&<<R!KO&K!=%!+5'!(%/'!%4!=%<(),/02+26!=>!^O@'O!^$!
^@<<!@>F@FK!%N#KO$#!=>(!+''=#S@>)!K=!KO$!S='NG$>K6!KO$!b=N#>&<@FK!gO&F!=[<@)&K@=>Fg!&>S!
g$>b=RFg! '$#K&@>! #@)OKF! $>FN#$S! [R! KO$! <&^6! ^O@'O! b=N#>&<@FKF! KO$GF$<\$F! S$'@S$! K=!
>N&>'$(! -O$! bŽƵƌŶĂůŝƐƚ ŝƐ ŽďůŝŐĞĚ ͞ƚŽ ĞdžĞƌĐŝƐĞ ƚŚĞ ŝŶǀŝŽůĂďůĞ ƌŝŐŚƚ ƚŽ ĨƌĞĞ ƐƉĞĞĐŚ ďLJ
S@>K!=%!KO$!ZN[<@'fF!#@)OK!K=![$!@>%=#G$Sg!&>S!g$>b=RF!)#$&K$#!Z#=K$'K@=>!@>!=#S$#!K=!
$V$#'@F$!KO@F!#@)OK6!KO#=N)O!KO$!\@K&<!#=<$!=%!S$%$>S$#!=%!S$G='#&K@'!\&<N$F6!^O@'O!KO$!
Z#$FF!%N<%@<<F!@>!F='@$KRgWH(!?$R=>S!G$K&ZO=#F!B!!0)&0%/,D/'!(0$5+L!&0+,/!(%/'!B!KO$!$FF$>'$!
=%!KO@F!FK&K$G$>K!@F!KO&K!b=N#>&<@FKF!'<&@G!^O&K!KO$R!S$F$#\$!@>!<@[$#&<!#$)@G$F1!%#$$!
$V$#'@F$!c^$!^=N<S!F&R!$\$>!Z#@\@<$)$Sd!=%!KO$@#!Z#=%$FF@=>(!
!
Q=#! $V&GZ<$6! KO$! S='NG$>K! Z#='<&@GF! KO$! SNKR! =%! $\$#R! b=N#>&<@FK! gK=! <==A6! K=!
=[F$#\$! &>S!K=! '=GGN>@'&K$! KO$! %&'KF! B! &F! KO$R! '&>! [$! A>=^>! KO#=N)O! #$&F=>&[<$!
F$&#'O!ʹ![R!S@>K!=%!KO$!ZN[<@'fF!#@)OK!K=![$!@>%=#G$Sg(!-O@F!@F!&!%=#GN<&K@=>!KO&K!&\=@SF!
KO$!FNZ#$G$!\&<N$!=%!b=N#>&<@FG6! >&G$<R!+5'!+(<+56![NK!S=$F!>=K!Z#=K$'K!b=N#>&<@FKF!
ĂŐĂŝŶƐƚ Ăůů ǀƵůŶĞƌĂďŝůŝƚŝĞƐ͗ ĨƌŽŵ ƚŚĞ ƉƵďůŝĐ͛Ɛ ƉŽŝŶƚ ŽĨ ǀŝĞǁ͕ ƚŚĞLJ ǁŝůů ŶĞǀĞƌ ƐĞĞŬ
$>=N)O(! -O$R! ^@<<! >$\$#! #$FZ$'K! KO$! %&'KF! @>K$)#&<<R6! [$'&NF$! @>! KO$! b=N#>&<@FK@'!
&ZZ#=&'O6! KO$R! G=[@<@D$! &<<! KO$@#! FN[b$'K@\@KRh! KO$R! &#$! >=K! S$\@'$F! %=#! S$K$'K@>)!
=NKFK&>S@>)! %&'KF! @>! KO$! Z#$F$>'$! =%! &\&@<&[<$! $\@S$>'$(! /$\$#! ^@<<! KO$! ZN[<@'! [$!
@>%=#G$S!$>=N)O6![$'&NF$!KO$#$!&#$![NK!%$^!Z$=Z<$!^O=!A>=^!&>S!&''$ZK!KO$!<@G@KF!
=%! b=N#>&<@FK@'! A>=^<$S)$(!+>=KO$#! $<$G$>K!KO&K!G&A$F! KO$! b=N#>&<@FK! \N<>$#&[<$!! @F!
KO$!'=>'$ZK!=%!4,1+1!@K!@F!&F!N>'<$!&F!KO$!'=>'$ZK!=%!$\$>K(!+>!&'K@=>6!KO$!F&G$!&F!
&>!@>&'K@=>6!@F!&!%&'K(!g-O$!)=\$#>G$>K!O&\$!S$'@S$S!(((g!@F!&!%&'K(!g-O$!)=\$#>G$>K!
%&@<$S!K=!#$&'K!(((g!@F!&<F=!&!%&'K(!7$>'$!KO$!S@%%@'N<KR!=%!'=>'$@\@>)!#@)=#=NF!FK&>S&#SF(!
!
-=! Z$#F@FK! @>! K=N)O! >=#G&K@\@KR6! KO$! &NKO=#F! S$'<&#$! ! >=! G=#$6! >=! <$FF! KO&>! KO$!
%=<<=^@>)1!g&!b=N#>&<@FK!O&F!K=!$VZ#$FF!=Z@>@=>F![&F$S!=>!%&'KF(!MO$>!#$<&K@>)!!%&'KF!
&>S!=Z@>@=>F6!KO$!b=N#>&<@FK!^@<<!&'K!@>!)==S!%&@KO!gc&#K(!W(L(dWL(!7$#$6!&)&@>6!KO$#$!&#$!
S@%%@'N<K@$F!@>!'<&#@%R@>)!&>S!@GZ<$G$>K@>)!F=G$!#N<$F(!+!<$)@K@G&K$!=Z@>@=>!#$<@$F!=>!
A>=^<$S)$6! =>! &! g%&'KN&<![&F@Fg6! &F! KO$! S='NG$>K! @>S@'&K$F(! MO&K! Z$>&<K@$F! ^@<<! [$!
&ZZ<@$S! @%! KO$! b=N#>&<@FK! #$<@$F! =>! $G=K@=>F6! =>! &ZZ$&#&>'$F6! @>! $VZ#$FF@>)! O@FjO$#!
=Z@>@=>Fr! M$! O&\$! >=! &>F^$#! K=! KO$F$! `N$FK@=>F(! MO&K! &[=NK! KO$! ZO#&F$! g)==S!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WW
!ůŝŶĂ ,ŽŐĞĂ͕ ZĂůƵĐĂ ZĂĚƵ͕ ͞ƵƚŽƌĞŐůĞŵĞŶƚĂƌĞĂ ƉƌĞƐĞŝ ŠŶ ZŽŵąŶŝĂ ʹ! ^ƚĂƚƵƚƵů Ɣŝ ŽĚƵů ĚĞŽŶƚŽůŽŐŝĐ Ăů
ũƵƌŶĂůŝƐƚƵůƵŝ͕͟ :ƵƌŶĂůŝƐŵ Θ ŽŵƵŶŝĐĂƌĞ͘ ZĞǀŝƐƚĂ ƌŽŵąŶĉ ĚĞ ƔƚŝŝŶԕĞ ĂůĞ ĐŽŵƵŶŝĐĉƌŝŝ6! R$&#! 9Y6! /=(! W! cWXd6!
HXX*6!ZZ(LBWW(!
WH
!OKKZ1jj^^^(Z&)@>&S$G$S@&(#=jHXWXjX*j'=SN<BS$=>K=<=)@'B&<BbN#>&<@FKN<N@B$<&[=#&KBS$B'=>\$>K@&B
=#)&>@D&K@@<=#BS$BG$S@&!j!'=>FN<K$S1!!HWj!_&>N&#R!j!HXWL(!
WL
!OKKZ1jj^^^(Z&)@>&S$G$S@&(#=jHXWXjX*j'=SN<BS$=>K=<=)@'B&<BbN#>&<@FKN<N@B$<&[=#&KBS$B'=>\$>K@&B
=#)&>@D&K@@<=#BS$BG$S@&!j!'=>FN<K$S1!!HWj!_&>N&#R!j!HXWL(!
!
! ! !
ĨĂŝƚŚΗ͍,ŽǁĐĂŶŝƚďĞƉƌŽǀĞĚŝŶĂĐŽƵƌƚ͍ĐĐŽƌĚŝŶŐƚŽĂǁŝĚĞƐƉƌĞĂĚƉƌĂĐƚŝĐĞ͕͞ŐŽŽĚ
ĨĂŝƚŚ͟ŝƐďĂƐĞĚŽŶ͗ϭ͘ŶĞƵƚƌĂůůĂŶŐƵĂŐĞ͕Ϯ͘ĂďƐĞŶĐĞŽĨƉĞƌƐŽŶĂůĂŶŝŵŽƐŝƚR!L(!<$)@K@G&K$!
b=N#>&<@FK@'!$>S$&\=N#(!
!
-O$!S='NG$>K!S=$F!>=K!G$>K@=>!&>RKO@>)!&[=NK!KO@F!@>K$#Z#$K&K@=>(!
!
QN#KO$#! =>6! KO$! b=N#>&<@FK! @F! &FF@)>$S! F=G$! N>@\$#F&<! &KK#@[NK$F! B! gK=! $VZ=F$!
>$)<@)$>'$6!@>bNFK@'$!&>S!&[NF$!=%!&>R!A@>Sg!c&#K(!W(Jd(!.>'$!&)&@>6!^$!#$G&@>!@>!KO$!
G$K&ZO=#@'! D=>$6! $\$>! @>! KO$! %@'K@=>&<! =>$(! 7=^! '=N<S! &! b=N#>&<@FK! #$\$&<! &<<! KO$!
ĂƵƚŚŽƌŝƚŝĞƐ͕͛ ĐŝƚŝnjĞŶƐ͛ĞƚĐ͘ǁĞĂŬŶĞƐƐĞƐ͍ ,Žǁ ĐĂŶ ŚĞͬƐŚĞ ƉƵŶŝƐŚ ŝŶũƵƐƚŝĐĞ ĂŶĚ ĂďƵƐĞ͕
^@KO=NK! O&\@>)! <$)&<! 'N<KN#$! &>S! G$&>F! =KO$#! KO&>! ZN[<@FO@>)! ^O&K! F$$GF! K=! [$!
=NKF@S$! KO$! >=#Gr! +KK$>K@=>6! ^$! NF$S! ! gF$$GFg6! [$'&NF$! O$jFO$! @F! >=K! &FA$S! K=!
FNZZ<R!N>$`N@\='&<!G&K$#@&<!$\@S$>'$!=%!@<<$)&<@KRÜ!
!
/=^! ^$! $>K$#! &! D=>$! =%! #@S@'N<$! KO&K! '&>! #&#$<R! [$! %=N>S! @>! =%%@'@&<! S='NG$>KF! =%!
b=N#>&<@FKF(!Q=#!$V&GZ<$1!&#K(!W(*(!FK&K$F!KO&K!g(((!&!b=N#>&<@FK!@F!@>!SNKR![=N>S!K=!#$%<$'K!
F='@$KR! &F! &! ^O=<$! &>S! @>! @KF! S@\$#F@KR6! &<<=^@>)! &''$FF! =%! @>S@\@SN&<! &>S! G@>=#@KR!
=Z@>@=>F! K=! KO$! G$S@&g(! -O$#$! %=<<=^F! &>! N>K#&>F<&K&[<$! Z&#&)#&ZO! $\$>! @>K=!
,=G&>@&>1!g-O$!ZN[<@'!@F!$>K@K<$S!K=!A>=^!>=K!=><R!KO$!@>%=#G&K@=>!&>S!@S$&F!KO&K!&#$!
%&\=N#&[<R! #$'$@\$S! =#! #$)&#S$S! &F! @>=%%$>F@\$! =#! @>S@%%$#$>K6! [NK! &<F=! KO=F$! KO&K!
=%%$>S6! FO='A! =#! S@FKN#[(! -O@F! @F! KO$! $V&'K@>)>$FF! =%! Z<N#&<@FG6! K=<$#&>'$! &>S!
[#=&SG@>S$S>$FF6! ! '=GZ&#$S! K=! ^O@'O! KO$#$! @F! >=! S$G='#&K@'! F='@$KR! g(! Q@>&<<R6! @>!
KO@F!&#$&!=%!KO$!g#=<$!=%!KO$!b=N#>&<@FKg6!&>=KO$#!$GZKR!#$G&#A!@F!^=#KO!G$>K@=>@>)1!
KO$! Z#&'K@K@=>$#F! =%! KO$! Z#=%$FF@=>! O&\$! >=! g#@)OKF! &>S! =[<@)&K@=>F6! %#$$S=GF! &>S!
#$FZ=>F@[@<@K@$Fgr!;=!@K!G&A$F!>=!F$>F$!K=!'=GG$>K!=>!FN'O!FK&K$G$>KF(!
!
/ŶƌĞůĂƚŝŽŶƚŽƚŚĞΗƉƌŽĨĞƐƐŝŽŶĂůĐŽŶĚƵĐƚΗ͕ƐƉĞĐŝĨŝĐĂůůLJ͞ƚŚĞƌĞƐƉĞĐƚŽĨŚƵŵĂŶƌŝŐŚƚƐΗ͕
^$! <$&#>! KO&K! KO$! b=N#>&<@FK! @F! =[<@)$S! K=! '=GZ<R! ^@KO! B! &>=KO$#! G$K&ZO=#! B! gKO$!
Z#$FNGZK@=>!=%!@>>='$>'$g(!-O@F!gZ#$FNGZK@=>g!@F!&!%&A$!ʹ!@K!S=$F!>=K!$V@FKh!KO$!Z#==%!
=%! KO$! %&<F@KR! =%! KO@F! '=>'$ZK! @F! Z#$'@F$<R! KO$! Z#$F$>'$! =%! KO$! S$%$>S&>K! [$%=#$! KO$!
'=N#K(! M$! FO=N<S! K#$&K! KO@F! &FZ$'K! F$#@=NF<RÜ! +'KN&<<R6! KO$#$! @F! >=! gZ#$FNGZK@=>! =%!
@>>='$>'$gÜ!9>!KO$!F$#@$F!=%!KO$!\&<N$F!KO&K!b=N#>&<@FKF!GNFK!#$FZ$'K6!KO$!>$VK!\&<N$!
S@F'NFF$S!@F!gZ#@\&'Rg(!-O@F!@F!&>=KO$#!$<&FK@'!'=>'$ZK6!^O@'O!$&'O!Z$#F=>!@>K$#Z#$KF!
&S!<@[@KNG!ʹ!ǁĞĐĂŶƐĞĞĂŐĞƐƚƵƌĞŽĨƐĞƌŝŽƵƐŶĞƐƐŝŶƚŚĞƌŝƚŝƐŚũŽƵƌŶĂůŝƐƚƐ͛ƵŶŝŽŶ͘/Ŷ
KO$!'=>K$VK!=%!"#@>'$FF!2@&>&fF!S$&KO6!=%!KO$!&##$FK!&>S!@>K$##=)&K@=>!=%!F=G$!=%!KO$!
b=N#>&<@FKF! ^O=! ^$#$! K&A@>)! ZO=K=F! =%! KO$! K#&)$SR6! KO$! ?#@K@FO! <$&S$#F! =%! KO$!
b=N#>&<@FKF!)&KO$#$S!&>S!S$'@S$S!KO&K!@>K$#%$#$>'$!^@KO!F=G$=>$fF!Z#@\&K$!<@%$!@F!>=K!
=><R!bNFK@%@$S![R!gZN[<@'!@>K$#$FKg6![NK![R!!gG&b=#!ZN[<@'!@>K$#$FKg(!8>%=#KN>&K$<R6!K==!
<@KK<$!^&F!<$&#>$S!%#=G!KO@F!$Z@F=S$6!KO&K!^$!'=N<S!'&<<!&>!$KO@'&<!<$FF=>!(((!/$@KO$#!@>!
?N'O&#$FK!>=#!@>!=KO$#!'&Z@K&<F!=%!KO$!^=#<S(((!
!
+! FN''$FF@=>! =%! Z#=O@[@K@=>F! KO&K! KO$! b=N#>&<@FKF! &FFNG$S! c[NK! >$\$#! =[F$#\$Sd!
'=>K&@>!KO$!@S$>K@KR!&>S!KO$!@>K$#$FKF!=%!G@>=#F6!KO$!@S$>K@KR!=%!KO$!\@'K@GF!=%!\&#@=NF!
S@F&FK$#F! B! &''@S$>KF6! >&KN#&<! '&<&G@K@$F6! S$<@'KF6! F$VN&<! &FF&N<K! $K'(! -O$! b=N#>&<@FK! @F!
%=#'$S! K=! FKNSR! ! $KO@'&<! K#$&K@$F! %=#! K&A@>)! KO$! #@)OK! S$'@F@=>! B! ^O$>! &>S! O=^! ^$!
=N)OK!K=!#$\$&<!KO$!\@'K@GfF!>&G$6!&>S!^O$>!^$!=N)OK!>=K!K=!S=!@K(!-O$!&)#$$G$>K!=%!
KO$! \@'K@G! =#! KO&K! =%! O@FjO$#! %&G@<R! @F! S@%%@'N<K6! Z$#O&ZF! $\$>! @GZ=FF@[<$! K=! =[K&@>6!
N>S$#!KO$!'@#'NGFK&>'$F!=%!&>!&''@S$>K6!%=#!$V&GZ<$(!_=N#>&<@FKF!A>=^!KO@F!\$#R!^$<<6!
[NK!KO$!4=S$!%&@<F!K=!FNZZ<R!'<&#@%@'&K@=>F(!
!
+>=KO$#! F$#@$F! =%! Z#=O@[@K@=>F! cgKO$! b=N#>&<@FK! @F! @>! SNKR! [=N>S! K=(((gd! #$%$#! K=!
S@F'#@G@>&K@=>! B!! KO$! b=N#>&<@FKF! ^@<<! [$! FZ$'@&<<R! '=>'$#>$S!^@KO! KO$! @GZ<@'&K@=>F! =%!
!
$KO>@'@KR6! #&'$6! #$<@)@=>6! F$VN&<! =#@$>K&K@=>6! S@F&[@<@KR! &>S! F=! =>6! <$FK! KO$R! FO=N<S!!
@>'@K$! K=! O&K#$S! =#! \@=<$>'$(! .%! '=N#F$6! KO$! G&b=#! Z#@>'@Z<$! @>! KO$! Z#=%$FF@=>! =%!
b=N#>&<@FG!@F!K=!S=!>=!O&#G(!9K!@F!=[\@=NF!KO&K!O&#G!'&>![$!S=>$![R!S@F'#@G@>&K@=>(!
-O$#$%=#$6!KO$!4=S$!^&#>F!KO$!Z#=%$FF@=>&<F!&)&@>FK!KO&K!S&>)$#(!
!
-O$!F&G$!'=S$!=%!KO$!4=>\$>K@=>!=%!!3$S@&!.#)&>@D&K@=>F!@>'<NS$F!F=G$!'O&ZK$#F!=>!
gM#@K@>)!,N<$Fg!cK=!#$&F=>&[<R!\$#@%R!KO$!&NKO$>K@'@KR!!=%!@>%=#G&K@=>6!K=!ZN[<@FO!KO$!
ŽƉŝŶŝŽŶƐŽĨďŽƚŚƉĂƌƚŝĞƐŝŶǀŽůǀĞĚ͕ŶŽƚƚŽĚŝƐƚŽƌƚŽŶĞƉĞƌƐŽŶ͛ƐŵĞƐƐĂŐĞͿ͕ŽŶΗ^ŽƵƌĐ$F!
"#=K$'K@=>g! cK=! Z#$F$#\$! '=>%@S$>K@&<@KR! =%! F=N#'$F! (((d6! =>! g/$^F! :&KO$#@>)g! cK=!
=[K&@>! @>%=#G&K@=>! @>! &>! =Z$>! &>S! K#&>FZ&#$>K! ^&Rd(! +>=KO$#! 'O&ZK$#! $>K@K<$S!
ΗďƵƐĞŽĨ^ƚĂƚƵƐΗĐŽŶƚĂŝŶƐƉƌŽǀŝƐŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞũŽƵƌŶĂůŝƐƚƐ͛ƉĞƌƐŽŶĂůďĞŶĞĨŝƚƐ͕ƚŚĞ
Z#=O@[ŝƚŝŽŶ ŽĨ ĂĐĐĞƉƚŝŶŐ ŐŝĨƚƐ͕ ĐŽŶĨůŝĐƚƐ ŽĨ ŝŶƚĞƌĞƐƚƐ͘ /Ĩ ǁĞ ƌĞĨĞƌ ƚŽ ƚŚĞ ũŽƵƌŶĂůŝƐƚƐ͛
͞ŝŶĚĞƉĞŶĚĞŶĐĞ͟ ͕ ǁĞ ƐŚŽƵůĚ ŵĞŶƚŝŽŶ ƚŚĞ ĂƌƚŝĐůĞ ƚŚĂƚ ƐƚŝƉƵůĂƚĞƐ ƚŚĂƚ ƚŚĞ ũŽƵƌŶĂůŝƐƚ
g^@<<! Z#&'K@'$! O@FjO$#! Z#=%$FF@=>! &''=#S@>)! K=! O@FjO$#! =^>! '=>F'@$>'$! &>S! @>!
&''=#S&>'$!^@KŚƚŚĞƉƌŝŶĐŝƉůĞƐůĂŝĚĚŽǁŶŝŶƚŚĞ:ŽƵƌŶĂůŝƐƚ͛Ɛ^ƚĂƚƵƚĞ͕ĂƐǁĞůůĂƐŝŶƚŚĞ
Z#$F$>K!4=S$!=%!2$=>K=<=)RgWJ(!
!
-O$!%=#GN<&K@=>!=%!gZ$#F=>&<!'=>F'@$>'$g!@F!FN%%@'@$>K!K=!)$>$#&K$!#N<$!@>%#@>)$G$>K!ʹ!
^$! FO=N<S! ^=>S$#! ^O$KO$#! KO$#$! &#$! S@%%$#$>'$F! [$K^$$>! KO$! Z#=%$FF@=>&<!
'=>F'@$>'$! =%! &! #$Z=#K$#! @>! KO$! $S@K=#@&<! =%%@'$! =%! &! K&[<=@S! &>S! KO&K! =%! ! &! #$Z=#K$#!
^=#A@>)! %=#! &! `N&<@KR! >$^FZ&Z$#(! 9>! KO$=#R6! KO$#$! &#$! >=! FN'O! S@%%$#$>'$F(! ?NK! @>!
Z#&'K@'$6! KO$#$! &#$! S@%%$#$>K! ^&RF! =%! Z#=SN'@>)! &! Z#=%@K! %=#! KO$! >$^FZ&Z$#! =#! KO$!
K$<$\@F@=>! %=#! ^O@'O! R=N! ^=#A(! -O&K! @F! ^OR! ^$! ^&#>! &)&@>FK! KO$! $V'$FF@\$! NF$! =%!
ŵĞƚĂƉŚŽƌƐ͕ŽĨŝŶĂĐĐƵƌĂĐŝĞƐŝŶƚŚĞũŽƵƌŶĂůŝƐƚƐ͛ĐŽĚĞƐŽĨĐŽŶĚƵĐƚ͘!
!
M@KO!KO$!#$Z&@#!)$FKN#$F!c$##=#!'=##$'K@=>!&>S!#@)OK!=%!#$Z<Rd!^$!&#$!Z&FF@>)!=>!K=!KO$!
#@)OKF! =%! b=N#>&<@FKF6! ^O@'O6! %#=G! ! KO$! Z$#FZ$'K@\$! =%! KO$! b=N#>&<@FKF! @>! ?N'O&#$FK!
@>'<NS$1!Z#=K$'K@=>!=%!KO$!<&^6!#$%NF@>)!'$>F=#FO@Z6!Z#=K$'K@=>!=%!F=N#'$F6!'=>F'@$>'$!
'<&NF$6! #$%NF&<! =%! '=>K#&'K@>)! &S\$#K@F@>)6! @%! R=N! ^=#A! @>! KO$! $S@K=#@&<! F$'K=#6!
@>K$<<$'KN&<!Z#=Z$#KR!Z#=K$'K@=>6!KO$!Z#=K$'K@=>!=%!KO$!G$S@&!=#)&>@D&K@=>!%=#!^O@'O!
R=N!^=#A!cZ#=%$FF@=>&<!F=<@S&#@KRd(!
!
-O$! S='NG$>K! FNGG&#@D$S! O$#$! ^&F! &ZZ#=\$S! [R!LX! &FF='@&K@=>F!=%! b=N#>&<@FKF! c&K!
<='&<6!#$)@=>&<!&>S!>&K@=>&<!<$\$<Fd(!+F!=>$! '&>!F$$6!KO$#$! @F!>=K! $\$>! =>$! Z#=\@F@=>!
'=>'$#>@>)! ZN>@FOG$>KF6! ^O@'O! G&A$F! KO@F! 4=S$! @>\&<@S! [=KO! -'! =<('! &>S! -'! 4,1+%(!
M$!'=>F@S$#!KO&K!@K!@F!=>$!^&R!=%!$VZ=F@>)!=>$F$<%!K=!#@S@'N<$(!
!
+!S='NG$>K!S@F'NFF$S!0)!'K+')2%!@>!HXXL6!^O$>!KO$!'=S$!&>&<RD$S!@>!KO@F!&#K@'<$!^&F!
&S=ZK$S6! ^&F! KO$! 4=S$! =%! 2$=>K=<=)R! '=>'$@\$S! [R! KO$! ,=G&>@&>! "#$FF! 4<N[(! -O@F!
@>FK@KNK@=>!^&F!&!'#$&K@=>!=%!F=G$!G$S@&!=^>$#Fh!@KF!@>@K@&K=#!^&F!KO$!b=N#>&<@FK!3@O&@!
-&KN<@'@(!-O$!@>FK@KNK@=>!&<F=!O&F!&>!7=>=N#!?=&#S!c&![==A!G@)OK![$!^#@KK$>!&[=NK!KO$!
O=>=#&[@<@KR! =%! KO$! G$G[$#F! =%! KO@F! ?=&#S! (((d(! -O@F! '<N[! Z#$F$>KF! @KF$<%! &F! [$@>)!
'=GZ=F$S!=%!HX6!=#6!=%!JX!ZN[<@FO@>)!O=NF$F!cG&FF!G$S@&!@>FK@KNK@=>F! B!Z#$FF6!#&S@=6!
K$<$\@F@=>6! Z#$FF! &)$>'@$Fd! &>S! &F! #$Z#$F$>K@>)! HX6XXX! b=N#>&<@FKF! c>$\$#! O&\$! F=!
G&>R! b=N#>&<@FKF! ^=#A$S! @>! ,=G&>@&! ʹ! =N#! >=K$d(! Q=#! KO$! Z#$F$>K! #$F$&#'O6! KO$!
'=GZ=F@K@=>!=%!KO@F!@>FK@KNK@=>!G&KK$#F!<$FFh!^$!&#$!G&@><R! @>K$#$FK$S!@>!@KF!4=S$! =%!
"#=%$FF@=>&<!4=>SN'K(!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WJ
!ůŝŶĂ ,ŽŐĞĂ͕ ZĂůƵĐĂ ZĂĚƵ͕ ͞ƵƚŽƌĞŐůĞŵĞŶƚĂƌĞĂ ƉƌĞƐĞŝ ŠŶ ZŽŵąŶŝĂ ʹ! ^ƚĂƚƵƚƵů Ɣŝ ŽĚƵů ĚĞŽŶƚŽůŽŐŝĐ Ăů
ũƵƌŶĂůŝƐƚƵůƵŝ͕͟ :ƵƌŶĂůŝƐŵ Θ ŽŵƵŶŝĐĂƌĞ͘ ZĞǀŝƐƚĂ ƌŽŵąŶĉ ĚĞ ƔƚŝŝŶԕĞ ĂůĞ ĐŽŵƵŶŝĐĉƌŝŝ6! R$&#! 9Y6! /=(! W! cWXd6!
HXX*6!Z(!U(!
!
! ! !
/Ŷ ƚŚŝƐ ŽĚĞ͕ ǁĞ ĐĂŶ ĨŝŶĚƐŽŵĞ ƉƌŽǀŝƐŝŽŶƐ ŝŶƐƉŝƌĞĚ ĨƌŽŵ ZŽŵĂŶŝĂ͛Ɛ ŽŶƐƚŝƚƵƚŝŽŶ͕ ĂƐ
^$<<! &F! Z#=\@F@=>F! KO&K! &#$! '=GG=>! K=! &<<! KO$! $V@FK@>)! '=S$F! @>! KO$! S$G='#&K@'!
'=N>K#@$F(! .[\@=NF<R6! KO$#$! &#$! KO$! &<#$&SR! %&G@<@&#! G$K&ZO=#Fh! %=#! $V&GZ<$6! KO$!
b=N#>&<@FK!O&F!KO$!gZ&#&G=N>K!SNKR!K=!K$<<!KO$!K#NKO!(((W*g(!-O@F!gZ#@G=#S@&<@KRg!@F!`N@K$!
`N$FK@=>&[<$(! _NFK! &F! `N$FK@=>&[<$! &F! KO$! %=<<=^@>)! &FF$#K@=>! gb=N#>&<@FKF! O&\$! KO$!
'@\@'!#$FZ=>F@[@<@KR!K=!&'K!%=#!KO$!$FK&[<@FOG$>K!=%!bNFK@'$!&>S!F='@&<!#@)OK>$FFg!c&#K(!Id6!
^O@'O! )@\$F! KO$! @GZ#$FF@=>! =%! &! '=N#K! =NKF@S$! KO$! <$)&<! FRFK$G(! MO&K! @F! gF='@&<!
#@)OK>$FFgr!3=#$=\$#6!KO$!gG=FK!F$#@=NFg!S$\@&K@=>F!&F!S$%@>$S![R!KO@F!4=S$!&#$1!K=!
S$<@[$#&K$<R! S@FK=#K! @>%=#G&K@=>6! K=! G&A$! N>%=N>S$S! &''NF&K@=>F6! K=! Z<&)@&#@D$6! K=!
G&A$!N>&NKO=#@D$S!NF$!=%!ZO=K=F!=#!-Y!FO=KF!=#!F<&>S$#=NF!F=N#'$F(!-O@F!Z#=\$F!&>!
@>'=GZ<$K$!N>S$#FK&>S@>)!=%!Z#=%$FF@=>&<!#$FZ=>F@[@<@KR(!-O$#$!&#$! >=!#$G&#AF!O$#$!
&[=NK! [<&'AG&@<6! '=GG=><R! Z#&'K@'$S! @>! =N#! '=N>K#R6! KO$! N>S$'<&#$S! Z=<@K@'&<!
'=GG@KG$>K!&>S!=KO$#!@<<$)&<!Z#&'K@'$F!K=!=[K&@>!%N>SF!=#!=KO$#!&S\&>K&)$F(!
!
+!4=S$!%=#!KO$!&NS@=\@FN&<!G$S@&!^&F!&S=ZK$S!@>!+Z#@<!HXXP(!9K!#$)N<&K$F!&NS@=\@FN&<!
Z#=)#&G! '=>K$>Kh! @K! @F! [&F$S! =>! HU! '=S$F6! #$F=<NK@=>F6! FK&KNK$F! =%! b=N#>&<@FKF! @>!
,=G&>@&! &>S! =KO$#! '=N>K#@$F(! 9K! ^@<<! [$! G=S@%@$S! F=! KO&K! @>! HXWW6! ! &! 2$=>K=<=)@'&<!
4=S$! =%! KO$!,=G&>@&>! +FF='@&K@=>! %=#! +NS@=\@FN&<! 4=GGN>@'&K@=>! ^&F! S#&^>(! -O@F!
'=S$! #$FNG$F! KO$! Z#=\@F@=>F! =%! ,$F=<NK@=>! WXXL! =%! WUUL! =%! KO$! 4=N>'@<! =%! 0N#=Z$!
'=>'$#>@>)!KO$!$KO@'F!=%!b=N#>&<@FG6!&F!^$<<!&F!<='&<!Z#=\@F@=>F6!FN'O!&F!KO=F$!=%!KO$!
;K&KNK$! =%! KO$! ,=G&>@&>! -$<$\@F@=>! b=N#>&<@FK! $K'(! -O@F! S='NG$>K! #$)N<&K@=>F! &#$!
Z#$S@'K&[<$! &>S! &SS#$FF! '$#K&@>! $S@K=#@&<! FK&>S&#SF6! #@)N#=F@KR! =%! @>%=#G&K@=> WP 6!
@>S$Z$>S$>'$! &>S! @GZ&#K@&<@KR6! &''N#&'R! =%! =Z@>@=>WI6! $S@K=#@&<! #$FZ=>F@[@<@KR6! KO$!
ZN[<@'!@>K$#$FK(!!-O$!#$Z#$F$>K&K@=>!=%!\@=<$>'$!@F!KO$!<=>)$FK!'O&ZK$#h!@K!#$%$#F!K=!KO$!
Z#=K$'K@=>! =%! \N<>$#&[<$! ZN[<@'F6! @>! Z&#K@'N<&#(! -O$#$! @F! >=! G$>K@=>! =%! &>! &NKO=#@KR!
KO&K!^@<<!&SG@>@FK$#!Z$>&<K@$F!%=#![#$&'O@>)!KO$!'=S$(!-O@F!?#=&S'&FK@>)!4=S$!^=N<S!
ďĞƚĂŬĞŶŽǀĞƌďLJƐŽŵĞŵĞĚŝĂŐƌŽƵƉƐƐƵĐŚĂƐƚŚŽƐĞŝŶdąƌŐŽǀŝƔƚĞ6!-N#>N!;$\$#@>!$K'(!
!
-O$!FN''$FF@=>!=%!FN'O!S='NG$>KF!G&R!'=>K@>N$6![NK!^$!^@<<!FK=Z!O$#$(!MO&K!@F!
^=#KO!G$>K@=>@>)!@F!KO&K!>=K!=>$!b=N#>&<@FK!^&F!Z$>&<@D$S!=>!KO$![&F@F!=%!KO$!'=S$F!
=%!$KO@'F6!^O@'O!F&RF!&!<=K!&[=NK!Z#=%$FF@=>&<!F$#@=NF>$FF!&>S!c@>d!'=>F@FK$>'R(!
!
-O$#$!&#$!FK@<<!Z#=%$FF@=>&<!@FFN$F!KO&K!O&\$![$$>!@>FN%%@'@$>K<R!S$[&K$S!F=!%&#!&>S!K==!
<@KK<$!KN#>$S!@>K=!$KO@'&<!FK&>S&#SF!FN'O!&F1!=[K&@>@>)!&>S!K#$&KG$>K!!=%!@>%=#G&K@=>6!
&''N#&'R! &>S! \$#@%@'&K@=>! =%! %&'KF6! F$Z&#&K@>)! %&'KF! %#=G! =Z@>@=>F! &>S! F$Z&#&K@>)!
&NKO$>K@'!$\$>KF!%#=G!'=GG$#'@&<!'=GGN>@'&K@=>6!'=>F'@$>'$!'<&NF$6!Z#=K$'K@=>!=%!
F=N#'$F6!'=>%<@'KF!=%!@>K$#$FKF!&>S!F=!=>(!
!
dŚĞ ũŽƵƌŶĂůŝƐƚƐ͛ ƉƌĞƐƚŝŐĞ͕ ůĂƌŐĞůLJ ĂĨĨĞĐƚĞĚ ƉƌĞĐŝƐĞůLJ ďLJ ƚŚĞ ĚĞǀŝĂƚŝŽŶƐ ĨƌŽŵ ƚŚĞ
Z#=%$FF@=>&<!>=#GF6!O&F![$$>!KO$!FN[b$'K!=%!F$\$#&<!FN#\$RF(!.>$!=%!KO$!<&#)$FK!^&F!
@>@K@&K$S! @>! HXX*! [R! KO$! 4$>K$#! %=#! 3$S@&! ;KNS@$F! &>S! /$^! 4=GGN>@'&K@=>!
-$'O>=<=)@$FWE6! KO$! 8>@\$#F@KR! =%! ?N'O&#$FK(! W6XX*! b=N#>&<@FKF! ^$#$! &FA$S! &[=NK!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W*
!OKKZ1jj[<=)([@KZ#$FF(#=jNK@<@D&K=#@j@N<@&jIXB'=SN#@BS$=>K=<=)@'$j*PP(OKG<! j'=>FN<K$S1! ! HJj! _&>N&#R! j!
HXWL(!
WP
!/ƚŝƐŶŽƚƚŚĞƐŽŵƵĐŚŵĞŶƚŝŽŶĞĚ͞ŽďũĞĐƚŝǀŝƚLJ͘͟/ŶƚŚŝƐƌĞƐƉĞĐƚ͕ŝƚŝƐǁŽƚŚĐŽŶƐƵůƚŝŶŐƚŚĞǁŽƌŬďLJƚŚĞ
ZŽŵĂŶŝĂŶ ƉƌŽĨĞƐƐŽƌ dƵĚŽƌ ĉƚŝŶĞĂŶƵ ͗ C'%)+%/%$0,! *,22! *'-0,6! 0S@ƚƵƌĂ hŶŝǀĞƌƐŝƚĉԑŝŝ ĚŝŶ ƵĐƵƌĞƔƚŝ͕
HXXE6!@>!^O@'O!O$!Z#=G=K$F!&!>$^!S$=>K=<=)@'&<!'=>'$ZK6!>&G$<R!'=##$'K>$FF(!
WI
!7$#$! @F! KO$! 047,! KO$F@F! &''=#S@>)! K=! ^O@'O! g\&<N$! bNS)G$>KF! FO=N<S! >=K! [$! FN[b$'K! K=! KO$! Z#==%! =%!
\$#@S@'@KRg6! &<KO=N)O! =Z@>@=>F! &#$! %#$$6! KO$R! FO=N<S! [$! O=>$FK! &>S! $KO@'&<6! [&F$S! =>! g'#$S@[<$! &>S!
FN%%@'@$>K!%&'KN&<!FNZZ=#K6g!^O@'O!)@\$F!#@F$6!@>!=N#!=Z@>@=>6!K=!G&>R!$V'$FF$F!%#=G!KO$!b=N#>&<@FKF(!
WE
!ĂŶ ƌĂŐŽŵŝƌĞƐĐƵ͕ ͞ƐƉĞĐƚĞ ĂůĞ ŝĚĞŶƚŝƚĉԑŝŝ ƉƌŽĨĞƐŝĞŝ ĚĞ ũƵƌŶĂůŝƐƚB! ƉƌŝǀŝƌĞ ĚŝŶ ŝŶƚĞƌŝŽƌƵů ďƌĞƐůĞŝ͕͟!
M<(),/02*!p!7%*<)01,(':!ZĞǀŝƐƚĂZŽŵąŶĉĚĞbƚŝŝŶԕĞĂůĞŽŵƵŶŝĐĉƌŝŝ6!R$&#<!9Y6!/=(!H!cWWd6!HXX*6!ZZ(!LBWL(!
!
'$#K&@>!&FZ$'KF!=%!KO$@#!^=#A6!@>'<NS@>)!KO=F$!#$<&K$S!K=!KO$@#!%#$$S=GF(!H*(!Pt!=%!KO$!
b=N#>&<@FKF! ^=#A@>)! @>! ?N'O&#$FK! &>S! H*(! Ht! =%! KO=F$! ^O=! ^=#A$S! @>! KO$! '=N>K@$F!!
S$'<&#$S! KO&K! KO$R! ^$#$! %=#'$S! K=! FZ$&A! &)&@>FK! KO$@#! =^>! \@$^F! @>! KO$! <&FK! KO#$$!
R$&#F6! ^O@'O! FK&>SF! %=#! &! F@)>! =%! '=>'$#>(! .NK! =%! KO$! ?N'O&#$FK! b=N#>&<@FKF! ^O=!
'=>%$FF$S! KO&K! ! KO$@#! b=N#>&<@FK@'! $VZ#$FF@=>! S@F&)#$$S! ^@KO! KO$@#! =^>! \@$^F6! HE(Et!
F&@S! KO&K! KO$R! S@S! F=! N>S$#! KO$! @>%<N$>'$! =%! KO$! $S@K=#@&<! G&>&)$G$>K6! WJ(It!
[$'&NF$!=%!KO$!$GZ<=R$#6!L(Et!N>S$#!Z=<@K@'&<!Z#$FFN#$Fh!J(*t![$'&NF$!=%!$'=>=G@'!
#$&F=>F(!+>=KO$#!G&b=#!\&<N$! =%!b=N#>&<@FG6!O=>$FKR6!^&F!KO$!K=Z@'!=%!@>\$FK@)&K@=>!
&ZZ<@$S! =>K=! ! KO$! F&G$! F&GZ<$(! -O$! @>\$FK@)&K@=>! #$FN<KF! FO=^$S! KO&K! EH(! Ht! =%!
#$FZ=>S$>KF! F&@S! KO&K! G$S@&! @>! ,=G&>@&! @F! '=##NZK(! Q=#! $V&GZ<$6! *W(! Jt! =%! KO$!
b=N#>&<@FKF!^=#A@>)!@>!KO$!ZN[<@'!K$<$\@F@=>!&>F^$#$S!KO&K!@>!KO$@#!@>FK@KNK@=>!KO$#$!&#$!
'&F$F!=%!'=##NZK@=>(!+F!%&#!&F!KO$!#$G$S@$F! &#$! '=>'$#>$S6!FN'O!&F!$##=#!'=##$'K@=>!
&>S!#@)OK!=%!#$Z<R6!&F!Z#=\@S$S!@>!KO$!4=S$F!=%!0KO@'F6!*(Ht!=%!KO$!#$FZ=>S$>KF!F&@S!
KO$R!S@S!>=K!)#&>K!KO$!#@)OK!K=!#$Z<R!K=!KO=F$!&%%$'K$S(!!9>!&SS@K@=>!K=!KO&K6!JLt!=%!KO$!
b=N#>&<@FKF!KO@>A!KO&K!KO$!'=##$'K!@>%=#G&K@=>!=%!'@K@D$>F!@F!!g<&#)$<Rg!Z$#%=#G$S6!&>S!
L(*t![$<@$\$!KO&K!KO@F!Z#&'K@'$!@F!#&#$<R!&ZZ<@$S(!
!
+F!^$!!O&\$!FO=^>!&[=\$6!b=N#>&<@FK@'!$KO@'F!O&F!&>!=[\@=NF!>&K@=>&<!%==KZ#@>Kh!KO&K!@F!
^OR! ^$! '=>F@S$#! KO&K! '=GZ&#&K@\$! S$=>K=<=)R! ^=N<S! S$F$#\$! FZ$'@&<! '=>%$#$>'$F6!
$\$>![==AF!&[=NK!KO@F!&#$&(!
!
_=N#>&<@FKF! #$G&@>! KO$! G=FK! '=GG=>! @>FK&>'$! =%! bNS)G$>K6! SN$! K=! KO$@#! '=>FK&>K!
$VZ=FN#$(! 9K! @F! &>! &SS@K@=>&<! #$&F=>! K=! G&A$! G=#$! F$#@=NF! &>S! S$$Z$#! $KO@'&<!
#$%<$'K@=>(!
!
9>!,=G&>@&6!KO$!G$S@&!&#$!@>!&!'=>K@>N=NF!<=FF!=%!&NS@$>'$6!KO$!$'=>=G@'!'#@F@F!KO&K!
FK&#K$S!@>!HXXE!&%%$'K@>)!>NG$#=NF!ZN[<@'&K@=>F!&>S!F=G$!#&S@=!&>S!-Y!FK&K@=>F(!-O$!
'#@F@F!)$>$#&K$S!KO$!ZO$>=G$>=>!=%!G$S@&!'=>'$>K#&K@=>6!^O=F$!%@#FK!$%%$'K!^&F!KO$!
#$SN'K@=>! =%! KO$! >NG[$#! =%! b=N#>&<@FKF6! KO$>! &>=KO$#! $%%$'K! %=<<=^$S1! KO$@#!
'=GZ<@&>'$!^@KO!KO$!$'=>=G@'!=[b$'K@\$F!=%!KO$@#!@>FK@KNK@=>(!-O$!'=>F$`N$>'$!^&F!&!
'$#K&@>!@>K$>F@%@'&K@=>!=%!K&[<=@S!=%%$#F!c[$!KO$R!Z#@>K$S6!K&[<=@S!-Y!=#!#&S@=!FO=^Fd(!
-O@F!<$S!K=!&>!&''$<$#&K$S!<&'A!=%!'#$S@[@<@KR!=%!KO$!b=N#>&<@FKF(!
!
-O$! S$[&K$F! ^@KO@>! KO$! Z#=%$FF@=>&<! '=GGN>@KR6! &F! ^$<<! &F! @>! KO$! &'&S$G@'!
$>\@#=>G$>K6! @>S@'&K$! KO&K! KO$#$! &#$! G&>R! S#&^[&'AF! @>! K$#GF! =%! KO$! b=N#>&<@FKFf!
Z#=%$FF@=>&<@FG6! KO$@#! &''=N>K&[@<@KRh! ! KO$#$! @F! &! '$#K&@>! 'N<KN#$! =%! S$#@F@=>6! &! O@)O!
FO&#$! =%! G='A! $\$>KF! @>! KO$! G$S@&! =%%$#6! &$FKO$K@'! G$S@='#@KR! =%! G&>R! Z#=)#&GF(!
8>%=#KN>&K$<R6!>=>$!=%!KO$!&[=\$!'#@K@'@FGF!&ZZ$&#F!@>!&>R!'=S$!=%!$KO@'F(!
!
D)*)()1,)8!
ĉƚŝŶĞĂŶƵ͕dƵĚŽƌ;ϮϬϬϴͿ͗C'%)+%/%$0,!*,22!*'-0,͕ĚŝƚƵƌĂhŶŝǀĞƌƐŝƚĉԑŝŝĚŝŶƵĐƵƌĞƔƚŝ͕
! ƵĐƵƌĞƔƚŝ͘!
ƌĂŐŽŵŝƌĞƐĐƵ͕ĂŶ;ϮϬϬϱͿ͗͞ƐƉĞĐƚĞĂůĞŝĚĞŶƚŝƚĉԑŝŝƉƌŽĨĞƐŝĞŝĚĞũƵƌŶĂůŝƐƚ B!Z#@\@#$!S@>!
ŝŶƚĞƌŝŽƌƵů ďƌĞƐůĞŝ͕͟ M<(),/02*! p! 7%*<)01,(Ğ͘ ZĞǀŝƐƚĂ ZŽŵąŶĉ ĚĞ bƚŝŝŶԕĞ ĂůĞ
! ŽŵƵŶŝĐĉƌŝŝ6!R$&#!9Y6!/=(!HjWW!cLBWLd(!
,ŽŐĞĂ͕ ůŝŶĂ ĂŶĚ ZĂůƵĐĂ ZĂĚƵ ;ϮϬϬϱͿ͗ ͞ƵƚŽƌĞŐůĞŵĞŶƚĂƌĞĂ ƉƌĞƐĞŝ ŠŶ ZŽŵąŶŝĂ ʹ!
^ƚĂƚƵƚƵů Ɣŝ ŽĚƵů ĚĞŽŶƚŽůŽŐŝĐ Ăů ũƵƌŶĂůŝƐƚƵůƵŝ͕͟ M<(),/02*! p! 7%*<)01,(':! B'&02+,!
ƌŽŵąŶĉĚĞƔƚŝŝŶԕĞĂůĞĐŽŵƵŶŝĐĉƌŝŝ6!R$&#!9Y6!/=(!WjWX!cLBWXd(!
WĞƚĐƵ͕DĂƌŝĂŶ;ϭϵϵϴͿ͗͞>ĂůĠŐŝƐůĂƚŝŽŶĚĞƐŵĠĚŝĂƐĞŶZŽƵŵĂŶŝĞ͕͟85'!]/%D,/!V'+3%(>:!
7%**<)01,+0%)!,)-!G%10'+9!0)!",2+'()!"<(%.'6!/=F(!UBWX!cWWIBWHLd(!
!
!
!
! ! !
'(713!4/,B2)138!
;K&KNK$F!=%!KO$!"#$FF!;='@$KR1!
^ƚĂƚƵƚĞůĞ^ŽĐŝĞƚĉԕŝŝWƌĞƐĞŝ͘ƐŽĐŝĂԕŝƵŶĞĂnjŝĂƌŝƔƚŝůŽƌ͕ŽĂŵĞŶŝůŽƌĚĞůŝƚĞƌĞƔŝĚĞĂƌƚĉĚŝŶ
B%*r)0,!;ϭϵϴϴͿdŝƉŽŐƌĂĨŝĂŽƌƉƵůƵŝŝĚĂĐƚŝĐ͕ƵĐƵƌĞƔƚŝ͘!
C&^!"#$FF!@>!KO$!;='@&<@FK!,$ZN[<@'!=%!,=G&>@&1!͟>ĞŐĞĂWƌĞƐĞŝĚŝŶZĞƉƵďůŝĐĂ^ŽĐŝĂůŝƐƚĉ
ZŽŵąŶŝĂ͕͟H</'+0)</!N4010,/6!cW!+Z#@<!WUIJd!"&#K!96!/=(!JE(!
2&@<R!>$^FZ&Z$#F1!
ZŽŵąŶŝĂůŝďĞƌĉ!cP!_&>N&#RWUUXd!R$&#!aCY996!>$^!F$#@$F6!/=(!WH(!
ĚĞǀĉƌƵů!cHW!;$ZK$G[$#!WUUXd!R$&#!96!/=(!HHI(!
!
%6),3(/17,!4/,B2)138!!
C'%)+%/%$01,/!7%-'2?!H0+.('22!D/%$L!7%-</!-'%)+%/%$01!,-%.+,+!-'!7/<D</!B%*r)!-'!
@('2ĉ!
OKKZ1jj[<=)([@KZ#$FF(#=jNK@<@D&K=#@j@N<@&jIXB'=SN#@BS$=>K=<=)@'$j*PP(OKG<! j! '=>FN<K$S1!
HJ!j!_&>N&#R!j!HXWL(!
7%)&')+0%)!%4!O'-0,!N($,)0P,+0%)2?!
+>S#=>&'O$6! 4&#G$>! 3&#@&! cHXWXd1! 7%-</! C'%)+%/%$01! ,/! M<(),/02+</<0! "/,D%(,+! -'!
ŽŶǀĞŶԕŝĂKƌŐĂŶŝnjĂԕŝŝůŽƌĚĞDĞĚŝĂ!
OKKZ1jj^^^(Z&)@>&S$G$S@&(#=jHXWXjX*j'=SN<BS$=>K=<=)@'B&<BbN#>&<@FKN<N@B$<&[=#&KB
S$B'=>\$>K@&B=#)&>@D&K@@<=#BS$BG$S@&!j!'=>FN<K$S1!HW!j!_&>N&#R!j!HXWL(!!
! !
!
!
!
F6/..)(8K!N/B(1+67838!+14!%5783)27,!D)85/187?7673=C!>!'+(37,B6+(!!
<=5)!/*!E)6*-D).B6+37/1!71!3:)!D/2+17+1!V1671)!S)47+1!
!
Y@'K=#!"=Z$F'N!
!
!
>?83(+,3!
-O$! Z&FF&)$! %#=G! K#&S@K@=>&<! Z#$FF! K=! S@)@K&<! G$S@&! #$`N@#$F! %#=G! Z#=%$FF@=>&<!
b=N#>&<@FKF! >=K! =><R! &>! @GZ#=\$G$>K! =%! KO$@#! K$'O>=<=)@'&<! FA@<<F6! [NK! &<F=! &! FZ$'@&<!
A@>S!=%!&^&#$>$FF!=%!KO$!>$^!S$=>K=<=)@'&<!'O&<<$>)$F(!.N#!&KK$GZK!@F!K=!@S$>K@%R!KO$!
>=\$<!S@G$>F@=>F!=%!#$FZ=>F@[@<@KR6!&''N#&'R!&>S!K#NKO%N<>$FF!@>!S@)@K&<!b=N#>&<@FG!&>S!
ƚŚĞ ͞ŝŶƚĞůůĞĐƚƵĂů ǀŝƌƚƵĞƐ͟ ƚŚĂƚ ŽŶůŝŶĞ ũŽƵƌŶĂůŝƐƚƐ ƐŚŽƵůĚ ĞŵďŽĚLJ͘ tĞ ǁŝůů ŝĚĞŶƚŝĨLJ
KO$F$! \@#KN$F! FK&#K@>)! %#=G! KO$! '#@K@'@FG! [#=N)OK! [R! ,=G&>@&>! [<=))$#F! cG&>R! =%!
^O=G! &#$!=#! NF$S! K=! [$! b=N#>&<@FKFd! K=! KO$! <&'A!=%! Z#=%$FF@=>&<@FG! =%!=><@>$! G$S@&!
ũŽƵƌŶĂůŝƐƚƐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ǁĞ ǁŝůů ƚƌLJ ƚŽ ŝĚĞŶƚŝĨLJ Ă ƉĂƌƚŝĐƵůĂƌ ƚLJƉĞ ŽĨ ͞ƌĞŐƵůĂƚŝŽŶ͟ ĨŽƌ
KO$! ,=G&>@&>! S@)@K&<! G$S@&6! %=N>S$S! NZ=>! &! '=<<$'K@\$! '#@K@`N$! S$\$<=Z$S! @>! KO$!
[<=)=FZO$#$! &>S! %='NF$S!=>! KO$! @>&ZZ#=Z#@&K$! Z#&'K@'$F! =%! KO$! b=N#>&<@FKF! KO&K! <&'A!
S@)@K&<!<@K$#&'R!&>S!&''N#&'R(!!!
!
!
"13(/4B,37/1A!͞ďůŽŐŐĞƌƐǀƐ͘ũŽƵƌŶĂůŝƐƚƐ͕͟ĂĨĂŬĞƉƌŽďůĞŵ!
͞KŶĐĞƚŚĞLJŚĂǀĞďĞĞŶ!#=NF$S!%#=G!KO$@#!'=G%=#K&[<$!#=NK@>$6!,=G&>@&>!b=N#>&<@FKF!
ĂƌĞ Ăƚ ĨŝƌƐƚ ĐŽŶĨƵƐĞĚ ;ƚŚĞLJ ĚŽŶ͛ƚ ŚĂǀĞ Ă ĐůƵĞ ǁŚĂƚ͛Ɛ ŐŽŝŶŐ ŽŶ ǁŝƚŚ ƚŚĞ ďůĂƐƚĞĚ
9>K$#>$Kd6!KO$>!KO$R![$'=G$!S=^>#@)OK!&))#$FF@\$!=><R!K=!)@\$!NZ!@>!KO$!$>S!=#!`N@K!
ƚŚĞŝƌũŽďƐ͕͟ƚŚĞďůŽŐŐĞƌ͞ŽƐŽ͟cY&<@!"$K'Nd!#$'$>K<R!^#=K$!@>!&>!&>&<RF@F!=%!KO$!<='&<!
=><@>$! Z#$FFH(! -O$! &NKO=#! =%! KO$! [$FK! ,=G&>@&>! G$S@&! [<=)! @>! HXXIL!'#@K@'@D$F! KO$!
ũŽƵƌŶĂůŝƐƚƐ͛ ůĂĐŬ ŽĨ 2,&%0(! 4,0('6! N>S$#<@>@>)! KO&K! KO$F$! b=N#>&<@FKF! Z=FK! =><@>$!
G&K$#@&<F!^O@'O![&#$<R!%@K!@>!KO$!=\$#<RB'#=^S$S!Z&)$F6!NF$!>=>B'=ZR#@)OK$S!ZO=K=F!
&>S!F@)>!&#K@'<$F!KO&K!Z<&)@&#@D$!KO$!'=>K$>K!=%!=KO$#![<=)F!ʹ!>=K!K=!G$>K@=>!KO$!<&'A!
=%!<@>AF!K=!KO$!F=N#'$F6!^O@'O!@F!=>$!=%!KO$!'&Z@K&<!G@FK&A$F!=%!@>$VZ$#@$>'$S!=><@>$!
ũŽƵƌŶĂůŝƐƚƐ͗͞>ŝŶŬŝŶŐƚŽƚŚĞƐŽƵƌĐĞFK=#R!@F!&'KN&<<R!>=K!&![&S!KO@>)![$'&NF$6!$\$>!@%!9!
)=! K=! J'*,/'J0(2+:1%:<>L! /͛ŵ ŶŽƚ ŐŽŝŶŐ ƚŽ ƐƚĂLJ ƚŚĞƌĞ͕ ďĞĐĂƵƐĞ / Ăŵ Ɛƚŝůů ŽŶĞ ŽĨ
DĞĚŝĂĨĂdž͘ƌŽ͛ƐƌĞĂĚĞƌƐ͘͟!
!
ŽƐŽ͛Ɛ ŽƉŝŶŝŽŶƐ ĂƌĞ ŶŽƚ ƐŝŶŐƵůĂƌ ĂŶĚ ƚŚĞLJ ŚĂǀĞ ďĞĞŶ ƌĞŝƚĞƌĂƚĞĚ ďLJ ƐĞǀĞƌĂů ŽƚŚĞƌ
,=G&>@&>! [<=))$#F6! F=G$! =%! ^O=G! Z#$\@=NF<R! ^=#A$S! &F! b=N#>&<@FKF(! .>! KO$! =KO$#!
O&>S6! 'N##$>K! b=N#>&<@FKF6!$FZ$'@&<<R! KO=F$! ^O=! )=K! G=FK! =%!KO$@#! $VZ$#@$>'$! [$%=#$!
KO$!S&RF!=%!KO$!9>K$#>$K6!'=>K@>N$!K=!FK&>S!KO$@#!)#=N>S(!-O$R!#$%NF$!%#=G!KO$!\$#R!
[$)@>>@>)!K=![$!'=GZ&#$S!K=![<=))$#F(!-O$!\&<N$!=%!KO$!K=Z@'F!KO&K![<=))$#F![#=&'O!
ĐĂŶ ďĞ ĚĞƐĐƌŝďĞĚ ĂƐ ͞ƐƵďƐƚĂŶĚĂƌĚ͕͟ ĂĐĐŽƌĚŝŶŐ ƚŽ ŽŶĞ ŽĨ ƚŚĞ ǀĞƚĞƌĂŶƐ ŽĨ ZŽŵĂŶŝĂŶ
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!!-O$!&#K@'<$!@F!Z&#K!=%!&!G=#$!$VK$>F@\$!#$F$&#'O!Z#=b$'K!'$>K$#@>)!=>!KO$!$KO@'&<!'O&<<$>)$F!@>!=><@>$!
b=N#>&<@FG6! ^O@'O! @F! FNZZ=#K$S! [R! KO$! )#&>K! "/B99B,8B"2BHXWWBLBXXLI6! %@>&>'$S! [R! -O$! /&K@=>&<!
,$F$&#'O! 4=N>'@<! c-O$! 0V$'NK@\$! +)$>'R! %=#! 7@)O$#! 0SN'&K@=>6! ,$F$&#'O6! 2$\$<=ZG$>K! &>S! 9>>=\&K@=>!
QN>S@>)!!B!80Q9;429d(!-O$!#$F$&#'O!@F!O=FK$S![R!KO$!,=G&>@&>!;='@$KR!%=#!"O$>=G$>=<=)R6!-O$!9>FK@KNK$!
=%!"O@<=F=ZOR!!͞ůĞdžĂŶĚƌƵƌĂŐŽŵŝƌ͟ŝŶƵĐŚĂƌĞƐƚ͘!
H
!l=F=6! ͞dŚĞ ^ƚĂƚĞ ŽĨ ZŽŵĂŶŝĂŶ KŶůŝŶĞ :ŽƵƌŶĂůŝƐŵ͕͟ ϮϮ :ƵŶĞ ϮXWW6! OKKZ1jj^^^(D=F=(#=jFK&#$&B
bN#>&<@FGN<N@B=><@>$B#=G&>$F'BHXWWj! c&<<! KO$! 9>K$#>$K! Z&)$F! `N=K$S! [$<=^! ^$#$! &''$FF$S! [$%=#$! LX!
/=\$G[$#6!HXWHd(!
L
!! -O$! Z#@D$! ^&F! &^&#S$S! &K! KO$! HXXI! $S@K@=>! =%! ! ,=?<=)Q$FK! cOKKZ1jj^^^(D=F=(#=j&[=NKBG$jd(! 9>!
2$'$G[$#!HXWH6!l=F=!O&S!KO$!K#&%%@'!#&>A!=%!WX*!=NK!=%!KO$!,=G&>@&>!F@K$F!c+<$V&('=Gd(!!
!
! ! !
Z#@>K! G$S@&6! 4=#>$<! /@FK=#$F'N6! ^O=! @F! KO$! 'N##$>K! =^>$#! =%! KO$! =><@>$! >$^FZ&Z$#!
7%+0-0,)</:(%g:!-O$![<=)=FZO$#$6!O$!F&LJƐ͕͞ĐŽŶĐĞŶƚƌĂƚĞƐŽŶƚƌŝĨůĞƐƐƵĐŚĂƐƚŚŝƐŐƵLJŚĂƐ
ůĞĨƚƚŚŝƐƉĂƌƚLJ͕ƚŚĂƚƉŽůŝƚŝĐŝĂŶ͛ƐǁŝĨĞŚĂƐĂĨĨĂŝƌƐŽƌƚŚĞůŝŬĞ͘͟sĞƌLJŽĨƚĞŶ͕ƐƵĐŚƚŽƉŝĐƐĂƌĞ
>=K!=><R!@##$<$\&>K6![NK!&<F=!N>S='NG$>K$S6!/@FK=#$F'N!Z=@>KF!=NK(!Q=#!O@G6!&![<=)!@F!
bNFK!&!Z$#F=>&<!S@&#R6!<&'A@>)!&>R!A@>S!=%!>$^F!\&<N$!=#!'#@K@'&<!#$<$\&>'$(!!
!
9K! @F! O=^$\$#! N>%&@#! K=! $>\@F&)$! KO$! [<=)=FZO$#$! &F! &! [N>S<$! =%! FNZ$#%<N=NF!
@>%=#G&K@=>! =#! F@GZ<R! &F! &! >$^! '=GZ$K@K=#! K=! KO$! K#&S@K@=>&<! G$S@&(! 9K! @F! K#N$! KO&K!
F$\$#&<! =%! KO$F$! Z$#F=>&<! F@K$F6! K=)$KO$#! ^@KO! F='@&<@D@>)! >$K^=#AF! cJ,1'D%%>d! &>S!
&<K$#>&K@\$! @>%=#G&K@=>!Z<&K%=#GF!c6)-9O'-0,d!O&\$! [$'=G$!@>FK#NG$>KF!Z#=G=K@>)!
'@\@'! #$FZ=>F@[@<@KR6! F='@&<! '#@K@'@FG! &>S! &<K$#>&K@\$! @>%=#G&K@=>6! '=GZ$K@>)! ^@KO! KO$!
K#&S@K@=>&<! Z#$FF6! ^O@'O! O&F! &! O&#S! K@G$! &S&ZK@>)! ƚŽ ƚŚĞ ŶĞǁ ǁĂǀĞ ŽĨ ͞ĐŝƚŝnjĞŶ
ũŽƵƌŶĂůŝƐŵ͘͟*!7=^$\$#6!KO$!O$@)OKF!#$&'O$S![R!'@K@D$>!b=N#>&<@FG!c&>S!O$#$!^$!O&\$!
@>! G@>S! $FZ$'@&<<R! KO$! [<=)=FZO$#$! '$>K#@>)! =>! F='@&<6! Z=<@K@'&<! &>S! $\$>! G$S@&!
KO$G$Fd!FO=N<S! >=K! [$! #$)&#S$S! &F! &! KO#$&K! K=! KO$!'<&FF@'!=#! K#&S@K@=>&<! G$S@&6![NK!
#&KO$#! &F! &! '=GZ<$G$>K! K=! KO=F$! G$S@&(! -ONF6! ^$! FO=N<S! F$$! [<=))@>)! &F!
͞ƐƵƉƉůĞŵĞŶƚŝŶŐ ĂŶĚ ŝŶƚĞƌĐŽŶŶĞĐƚŝŶŐ ƚŚĞ ǁŽƌŬ ŽĨ ƉƌŽĨĞƐƐŝŽŶĂů ũŽƵƌŶĂůŝƐƚƐ͟ ǁŚŝůĞ
[<=))$#F! S@FK#@[NK$! &>S! '=GG$>K! =>! KO$! &#K@'<$F! %#=G! KO$! K#&S@K@=>&<! G$S@&6!
[#=&S$>@>)!@KF!&NS@$>'$P(!
!
M@KO=NK! %&<<@>)! @>K=! KO$!K#&Z! =%! KO$! %@$#'$! S@FZNK$! [$K^$$>! [<=))$#F! &>S!b=N#>&<@FKF!
ĂŶĚǁŝƚŚŽƵƚƐƵĐĐƵŵďŝŶŐƚŽĂƉŽĐĂůLJƉƚŝĐƉƌĞĚŝĐƚŝŽŶƐƐƵĐŚĂƐ͞dŚĞ/ŶƚĞƌŶĞƚŝƐŐŽŝŶŐƚŽ
Ŭŝůů Ăůů ƉƌŝŶƚ ŶĞǁƐƉĂƉĞƌƐ͕͟ ǁĞ ƐŚĂůů ƐƚĂƌƚ ĨƌŽŵ ƚŚĞ ƉƌĞŵŝƐĞ ƚŚĂƚ ƚŚĞ Ě@)@K&<! G$S@&!
'O&>>$<F! &>S! Z<&K%=#GF! FO=N<S! [$! F$$>! &F! &!^&R!=%!'O&<<$>)@>)! KO$! '<&FF@'! Z#$FF! K=!
K&A$! KO$! >$VK! FK$Z! K=^&#SF! KO$! H(X! M$[! @>K$#&'K@\$! 'N<KN#$I(! _NS)@>)! %#=G! KO$!
Z$#FZ$'K@\$! =%! G$S@&! 'O&>)$F! &>S! K$'O>=<=)@'&<! '=>\$#)$>'$6! &F! @F! $VZ<&@>$S! [R!
,=)$#! Q@S<$#6! KO$! >$^FZ&Z$#F6! KO$! G&)&D@>$F6! KO$! -Y! &>S! KO$! #&S@=! ^@<<! >=K! [$!
FNZ$#F$S$S![R!KO$!>$^!G$S@&6![NK!#$@>K$)#&K$S!@>!KO$!S@)@K&<!FZ&'$(!-O$!@S$>K@KR!=%!
ƚŚĞƐŽƵƌĐĞ͕ŝƚƐĐƌĞĚŝďŝůŝƚLJĂŶĚŝƚƐĞĚŝƚŽƌƐ͛ďƌĂŶĚŶĂŵĞǁŝůůĐŽŶƚŝŶƵĞƚŽŵĂƚƚĞƌŝŶƚŚĞ
\@#KN&<! FZ&'$E(! /=! G&KK$#! ^O&K! ZN[<@'&K@=>! G$S@NG! KO$! %NKN#$! >$^F! b=N#>&<F! ^@<<!
[$<=>)! K=6! KO$@#! '=#$! SNK@$F! #$G&@>! KO$! F&G$! ʹ! KO$! #$FZ=>F@[<$! @>%=#G&K@=>! =%! KO$!
ZN[<@'6!KO$!FK#=>)!#$&'K@=>!K=!&[NF$F!&>S!<@[$#K@$FB!=#!<@%$BKO#$&KF6!&>S!KO$!FNZZ=#K!=%!
=Z@>@=>! $V'O&>)$F! &>S! ZN[<@'! S@F'=N#F$FU(! +K! KO$! F&G$! K@G$6! S@)@K&<! b=N#>&<@FKF! ^@<<!
O&\$! K=! Z&R! @>'#$&F$S! &KK$>K@=>! K=! KO$! \&<N$F! FZ$'@%@'! =%! @>K$#&'K@\$! b=N#>&<@FG6! @>!
=#S$#!K=![$!&[<$!K=!G&A$!&!)$>N@>$!S@%%$#$>'$!@>!KO$!#$&<G!=%!KO$!&<K$#>&K@\$!F=N#'$F!
=%!@>%=#G&K@=>!c[<=)F6!&S\='&'R!&>S!'@K@D$>!b=N#>&<@FG!F@K$F6!>$^F!&))#$)&K=#Fd(!!!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J
!ŽƌŶĞů EŝƐƚŽƌĞƐĐƵ͕ ͟ZŽŵąŶŝĂ͕ ŠŶƚƌĞ ďůŽŐŐĞƌŝ ƕŝ ũƵƌŶĂůŝƕƚŝ͕͟ ŝŶ 7%+0-0,)</:(%6! HI! +Z#@<! HXWX!
cOKKZ1jj^^^('=K@S@&>N<(#=j#=G&>@&B@>K#$B[<=))$#@BF@BbN#>&<@FK@BWWLLHWd(!
*
!9>! &! FK&>S&#S! S$ĨŝŶŝƚŝŽŶ͕ ͟ĐŝƚŝnjĞŶ ũŽƵƌŶĂůŝƐŵ͟ ƌĞĨĞƌƐ ƚŽ ͣĂŶLJ ĐŽŶƚƌŝďƵƚŝŽŶ ƚŽ ĚŝƐĐƵƐƐŝŽŶ ŝŶ ƚŚĞ ƉƵďůŝĐ
ƐƉŚĞƌĞ͕ ǁŚĞƚŚĞƌ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨƐŝŵƉůĞ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƐLJŶƚŚĞƐĞƐ͕ ƌĞƉŽƌƚŝŶŐ͕ Žƌ ŽƉŝŶŝŽŶ͟ ;>$^@F! Q#@$S<&>S!
ĂŶĚ EĂŬŚŽ <ŝŵ͕ ͟ŝƚŝnjĞŶ :ŽƵƌŶĂůŝƐŵ͕͟ ŝŶ ŚƌŝƐƚŽƉŚĞƌ ,͘ ^ƚĞƌůŝŶŐ͕ ĞĚ(6! ")191/%.'-0,! %4! M%<(),/02*L! C=F!
+>)$<$F6!;&)$!"N[<@'&K@=>F6!HXXU6!Z(!HUId(!
P
!^ƚĞƉŚĞŶ ͘ ZĞĞƐĞ Ğƚ Ăůŝŝ͕ ͟DĂƉƉŝŶŐ ƚŚĞ ůŽŐŽƐƉŚĞƌĞ͘ WƌŽĨĞƐƐŝŽŶĂů ĂŶĚ ŝƚŝnjĞŶB?&F$S! 3$S@&! @>! KO$!
'ůŽďĂůEĞǁƐƌĞŶĂ͕͟M%<(),/02*L!\=<(!EcLd6!HXXI6!Z(!H*E(!
I
!&ŽƌŐĞĚďLJdŝŵK͛ZĞŝůůLJ͕ƚŚĞĐŽŶĐĞƉƚŽĨtĞďϮ͘Ϭ͟ŝŶĐůƵĚĞƐĂƐŽĐŝĂůĞůĞŵĞŶƚǁŚĞƌĞƵƐĞƌƐŐĞŶĞƌĂƚĞĂŶĚ
ĚŝƐƚƌŝďƵƚĞ ĐŽŶƚĞŶƚ͕ ŽĨƚĞŶ ǁŝƚŚ ĨƌĞĞĚŽŵ ƚŽ ƐŚĂƌĞ ĂŶĚ ƌĞƵƐĞ͕͟ ƐƵĐŚ ĂƐ ŝŶ zŽƵdƵďĞ Žƌ tŝŬŝƉĞĚŝĂ ;'ůĞŶ
ƌĞĞďĞƌĂŶĚZŽLJƐƚŽŶDĂƌƚŝŶ͕͟/ŶƚƌŽĚƵĐƚŝŽŶ͟ŝŶŝĚĞŵ͕ĞĚƐ͕͘C0$0+,/!7</+<('2:!a)-'(2+,)-0)$!V'3!O'-0,6!
/$^!5=#A1!.Z$>!8>@\$#F@KR!"#$FF6!Z(!Ld(!!
E
!,=)$#!Q@S<$#6!O'-0,*%(.5%202:!a)-'(2+,)-0)$!V'3!O'-0,L!-O=NF&>S!.&AF6!4+1!"@>$!Q=#)$!"#$FF1!WUUI6!
Z(!H*IBH*E(!!
U
!6D0-'*(!
!
9>!=#S$#!K=!N>S$#FK&>S!^O&K!KO$!>$^!$KO@'&<!&>S!Z#=%$FF@=>&<!Z=@>KF!=%!#$%$#$>'$!@>!
=><@>$! b=N#>&<@FG! &#$! &>S! O=^! '&>! KO$F$! [$! @>FK@<<$S! @>K=! G$S@&! Z#=%$FF@=>&<F6! =N#!
&#K@'<$! ^@<<! &KK$GZK! K=! F=<\$! K^=! @>K$##$<&K$S! KO$G$F1! +d! KO$! F@)>@%@'&>'$! =%!
͞ŝŶƚĞůůĞĐƚƵĂů ǀŝƌƚƵĞƐ͟ ŝŶ ŽŶůŝŶĞ ũŽƵƌŶĂůŝƐŵ ĂŶĚ Ϳ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƚŚĞ ZŽŵĂŶŝĂŶ
[<=)=FZO$#$!&F!&!^&K'OS=)!=%!Z#=%$FF@=>&<!b=N#>&<@FG(!!
!
Ϳ KƵƌ ĨŝƌƐƚ ŚLJƉŽƚŚĞƐŝƐ ŝƐ ƚŚĂƚ ƚŚĞ ĚŝŐŝƚĂů ũŽƵƌŶĂůŝƐƚ͛Ɛ ǀĂůƵĞƐͬǀŝƌƚƵĞƐ ĂƌĞ ŐƵŝĚĞĚ ďLJ
K#NKO6!K#&>FZ&#$>'R!&>S!'#$S@[@<@KR!@>!%#=>K!=%!KO$!ZN[<@'(!-ONF6!^$!^@<<!FO=^!KO&K!KO$!
Z#=%$FF@=>&<@D&K@=>! @>! KO$! =><@>$! G$S@&! @>\=<\$F! @>'#$&F$S! $GZO&F@F! =>! KO$!
@>K$<<$'KN&<!\@#KN$F!c&''N#&'R6!'N#@=F@KR!&>S!Z$#F$\$#&>'$6!S@)@K&<!<@K$#&'Rd6!^O@'O!'&>!
ďĞƐƵďƐƵŵĞĚďLJƚŚĞĐŽŶĐĞƉƚŽĨ͟ĞƉŝƐƚĞŵŝĐƌĞƐƉŽŶƐŝďŝůŝƚLJ͕͟ƵŶĚĞƌƐƚŽŽĚĂƐƚŚĞ͟ĐĞŶƚƌĂů
ŝŶƚĞůůĞĐƚƵĂů ǀŝƌƚƵĞ ĨƌŽŵ ǁŚŝĐŚ Ăůů ŽƚŚĞƌƐ ƌĂĚŝĂƚĞ͟WX(! -O$! 'N##$>K! $GZO&F@F! =>! KO$!
&%=#$G$>K@=>$S!\@#KN$F! @F!SN$! Z#$'@F$<R! K=! KO$! %&'K! KO&K6! &G=>)! KO=F$! FK&>S&#SF! =%!
$V'$<<$>'$!KO&K!&#$!@>O$#@K$S!%#=G!KO$!'<&FF@'!Z#$FF!c)==S!^#@K@>)6!S$ZKO!@>`N@#R6!'&#$!
%=#!KO$!ZN[<@'!@>K$#$FKd6!KO=F$!KO&K!'$>K$#!=>!&''N#&'RWW!&>S!#$<@&[@<@KRWH!&#$!KO$!G=FK!
KO#$&K$>$S! @>! KO$! '=>K$VK! =%! KO$! [NF@>$FF! Z#$FFN#$F! &>S! =%! KO$! %@$#'$! '=GZ$K@K@=>!
ĂŵŽŶŐ ŽŶůŝŶĞ ŶĞǁƐƉĂƉĞƌƐ ǁŚŝĐŚ ƚĞŶĚ ƚŽ ƌĞĐŝƉƌŽĐĂůůLJ͟ ĐĂŶŶŝďĂůŝnjĞ͟ ƚŚĞŝƌ ŐĞŶƵŝŶĞ
'=>K$>KWL(!!
!
Ϳ KƵƌ ƐĞĐŽŶĚ ŚLJƉŽƚŚĞƐŝƐ ŝƐ ƚŚĂƚ͕ ŝŶ ZŽŵĂŶŝĂ͕ ƚŚĞ ŚŝŐŚůŝŐŚƚŝŶŐ ŽĨ ƚŚĞ ͞ŝŶƚĞůůĞĐƚƵĂů
\@#ƚƵĞƐ͟ ŽĨ ĚŝŐŝƚĂů ũŽƵƌŶĂůŝƐƚƐ ŝƐ ĚƵĞ ĞƐƉĞĐŝĂůůLJ ƚŽ ƚŚĞ ĐƌŝƚŝĐŝƐŵ ŵĂĚĞ ďLJ ƚŚĞ ůŽĐĂů
[<=)=FZO$#$(! MO@<$! =>$! '&>>=K! K&<A! &[=NK! G=#&<BZO@<=F=ZO@'&<! '=>'$ZKN&<@D&K@=>F!
G&S$! [R! KO$F$! ,=G&>@&>! [<=))$#F6! KO$! '#@K@'&<! #$G&#AF! KO&K! KO$F$! [<=))$#F! S@#$'K!
&)&@>FK!KO$!$ƌƌŽƌƐŝŶŽŶůŝŶĞũŽƵƌŶĂůŝƐŵĐĂŶďĞƐĞĞŶĂƐĂŶƵŶƉƌĞĐĞĚĞŶƚĞĚŬŝŶĚŽĨ͞ƐĞůĨB
ƌĞŐƵůĂƚŝŽŶ͟ ŝŶ ƚŚĞ ZŽŵĂŶŝĂŶ ŵĞĚŝĂ͘ dŚƵƐ͕ ƚŚĞ ĂĚĂƉƚĂƚŝŽŶ ŽĨ ũŽƵƌŶĂůŝƐƚƐ ƚŽ ƚŚĞ
$'=<=)R!=%!S@)@K&<!'=GGN>@'&K@=>!&>S!KO$@#!Z#=%$FF@=>&<!)#=^KO!'=N<S![$!$>'=N#&)$S!
&>S6!Z&#K<R6!%&'@<@K&K$S![R!KO$!GN'OB'#@K@'@D$S![<=))$#FWJ(!?$@>)!=%K$>!&!NF$%N<!G@##=#!
%=#!b=N#>&<@FKF6!KO$![<=))$#F!Z<&R!&>!N>Z#$'$S$>K$S!%N>'K@=>!=%!#$)N<&K@=>!^@KO@>!KO$!
ŽŶůŝŶĞ ŵĞĚŝƵŵ͕ ĂĚŽƉƚŝŶŐ ͞ƚŚĞ ƌŽůĞ ŽĨ ǁĂƚĐŚĚŽŐƐ ŽĨ ƚŚĞ ŵŽƌĞ ŵĂŝŶƐƚƌĞĂŵ͕
ĞƐƚĂďůŝƐŚĞĚŶĞǁƐŵĞĚŝĂ͟W*(!MO@<$!@K!@F!>=K!&>!=[\@=NF!O@)OB@GZ&'K!K#$>S6!KO@F!'#@K@'&<!
@>@K@&K@\$! =%! KO$! >$^! ^&K'OS=)F! =%! KO$! K#NFK! Z#$FF! @F! NF$%N<! @>! KO$! ,=G&>@&>!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WX
!>ŽƌƌĂŝŶĞ ŽĚĞ͕ ͟dŽǁĂƌĚ Ă ͛ZĞƐƉŽŶƐŝďŝůŝƐƚ͛ ƉŝƐƚĞŵŽůŽŐLJ͕͟ ŝŶ @50/%2%.59! ,)-! @5')%*')%/%$01,/!
B'2',(15L!\=<(!J*6!>=!W6!;$ZK(!WUEJ6!Z(!LJ(!!!
WW
!ŽŵŵĞŶƚŝŶŐ ŽŶ ƚŚĞ ƐƚĂŶĚĂƌĚƐ ĨŽƌ ĞdžĐĞůůĞŶĐĞ ;ƚŚĞ ͟ǀŝƌƚƵĞƐ͟Ϳ ŝŶ ŽŶůŝŶĞ ũŽƵƌŶĂůŝƐŵ͕ ĂǀŝĚ ͘ ƌĂŝŐ
ƵŶĚĞƌůŝŶĞƐƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨƐƉĞĞĚĂŶĚĂĐĐƵƌĂĐLJŝŶ ďƌĞĂŬŝŶŐ ŶĞǁƐ͗͟MO$>!=><@>$!^#@K$#F!&>S!$S@K=#F!
^=#A!`N@'A<R!K=!Z#=SN'$!GN<K@Z<$!FK=#@$F!Z$#!S&R!@>!GN<K@Z<$!%=#GF!^O@<$!O=<S@>)!FK#@'K<R!K=!&''N#&'R!&>S!
F$$A@>)! S$ZKO6! KO$R! &'O@$\$! &! A@>S! =%! >$^>$FF! KO&K! #&@F$F! KO$! [&#! %=#! ^O&K! @GG$S@&K$! #$Z=#K@>)! '&>!
Z#=\@S$! %=#! &>! &NS@ĞŶĐĞ͟ ;ĂǀŝĚ ͘ ƌĂŝŐ͕ "K1'//')1'! 0)! N)/0)'! M%<(),/02*6! -O=NF&>S! .&AF6! 4&(1! ;&)$6!
HXWW6!Z(!LJd(!
WH
!-O$! <&V! \$#@%@'&K@=>! =#! $\$>! KO$! '=>%<@'K! =%! @>K$#$FKF! &#$! \$#R! S&>)$#=NF! S@G$>F@=>F! &K! &! K@G$! ^O$>!
ũŽƵƌŶĂůŝƐŵ ͟ƌĞƋƵŝƌĞƐ ŚŝŐŚĞƌ ƐƚĂŶĚĂƌĚƐ ŽĨ ŝŶƚĞůůĞĐƚƵĂů ƌĞůŝ&[@<@KR! K=! FO=#$! NZ! @KF! '#$S@[@<@KR! &>S! K=!
ĐŽŵƉĞŶƐĂƚĞ ĨŽƌ ŽƌŐĂŶŝnjĂƚŝŽŶĂů ƉƌĞƐƐƵƌĞƐ ƚŽ ĚŝůƵƚĞ ŝƚƐ ƐƚĂŶĚĂƌĚƐ͟ ;^ĂŶĚƌĂ >͘ ŽƌĚĞŶ͕ M%<(),/02*! ,2!
@(,1+01'?!O,16)+9('L!A0(+<'!"+5012!,)-!@('226!7&GZFO@#$1!+FO)&K$6!HXXI6!Z(!EPd(!
WL
!Ĩ͘ ŶŐĞůĂ WŚŝůůŝƉƐ͕ ͟KůĚ ^ŽƵƌĐĞƐ͗ EĞǁ ŽƚƚůĞƐ͕͟ ŝŶ EĂƚĂůŝĞ &ĞŶƚŽŶ ;ĞĚ͘Ϳ͕ V'3! O'-0,L! N/-! V'32:!
M%<(),/02*!p!C'*%1(,19!0)!+5'!C0$0+,/!F$'6!C=F!+>)$<$F1!;&)$!"N[<@'&K@=>F6!HXWX6!Z(!UP(!
WJ
!dŚĞ ũŽƵƌŶĂůŝƐƚƐ͛ ĚŝƐƉĂƌĂŐĞŵĞŶƚ ŽĨ ďůŽŐŐĞƌƐ ŝƐ ĂůƐŽ ƉƌĞƐĞŶƚ ŝŶ tĞƐƚĞƌŶ ĐŽƵŶƚƌŝĞƐ͕ ǁŚĞƌĞ ƉƌŽĨĞƐF@=>&<!
b=N#>&<@FKF!'<&@G!KO&K![<=)F!&#$![&S<RB^#@KK$>6!$)='$>K#@'6!FN[b$'K@\$!&>S!&G&K$N#@FO!B!'%(!_=R'$!5(3(!/@Z6!
͟džƉůŽƌŝŶŐƚŚĞƐĞĐŽŶĚƉŚĂƐĞŽĨƉƵďůŝĐũŽƵƌŶĂůŝƐŵ͕͟ŝŶM%<(),/02*!G+<-0'26!IcHd6!HXXP6!Z(!HWHBHLP(!
W*
!>ĂƵƌĂ ,ĞŶĚƌŝĐŬƐŽŶ͕ ͟WƌĞƐƐ WƌŽƚĞĐƚŝŽŶ ŝŶ ůŽŐŽƐƉŚĞƌĞ͗ ƉƉůLJŝŶŐ Ă &ƵŶĐƚŝŽŶĂů ĞĨŝŶŝƚŝŽŶ ŽĨ ͛WƌĞƐƐ͛ ƚŽ
EĞǁƐ tĞď >ŽŐƐ͕͟ ŝŶ DĂƌŬ dƌĞŵĂLJŶĞ ;ĞĚ͘Ϳ͕ H/%$$0)$L! 70+0P')250.! ,)-! J<+<('! %4! O'-0,L! /$^! 5=#A1!
,=NK<$S)$j-&R<=#!u!Q#&>'@F!:#=NZ6!HXXI6!Z(!WEI(!!
!
! ! !
$>\@#=>G$>K6! ^O$#$! KO$! ^#@KK$>! Z#$FF! O&F! <=>)! <&'A$S! &>! $>%=#'$G$>K! =%!
S$=>K=<=)@'&<!#N<$FWP(!!
!
-O$F$! K^=! ORZ=KO$F$F! ^@<<! [$! &SS#$FF$S! '=>'=G@K&>K<R6! =><R! K=! [$! #$Z#@F$S!
F$Z&#&K$<R! @>! KO$! %@>&<! F$'K@=>(! ?$F@S$F! &>! &KK$GZK! K=! FNG! NZ! KO$! =Z@>@=>F! =>! KO$!
G$S@&! =%! KO$! G=FK! ^@S$<R! #$&S! [<=))$#F! @>! ,=G&>@&6! =N#! &#K@'<$! ^@<<! #$<R! =>! KO$!
&ZZ<@'&K@=>!=%!\@#KN$!$KO@'F!K=!KO$!G$S@&!c2(+(!4#&@)6!;(C(!?=#S$>d6!=>!KO$!=[F$#\&K@=>F!
ŝŶ ǀŝƌƚƵĞ ĞƉŝƐƚĞŵŽůŽŐLJ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ͞ŝŶƚĞůůĞĐƚƵĂůͬĞƉŝƐƚĞŵŝĐ ǀŝƌƚƵĞƐ͟ ;>͘ ŽĚĞͿ͕ ĂŶĚ
=>!KO$!&>&<RF$F!'$>K#@>)!=>!KO$!Z#=%$FF@=>&<!$>\@#=>G$>K!=%!KO$!S@)@K&<!b=N#>&<@FG!@>!
,=G&>@&WI(!!
!
<:)! $)0)6/52)13! /*! 3:)! F6/./85:)()A! &ƌŽŵ ͞ZŽƵŐŚ͟ /ŶĨŽƌŵĂƚŝŽŶ ƚŽ Ă ĞďĂƚĞ
E5+,)!
-O$!K$##=#@FK! &KK&'AF!=%! UjWW! &#$!=%K$>! F$$>!&F!&! [#$&AKO#=N)O!G=G$>K! '=>'$#>@>)!
KO$!$\=<NK@=>!=%!>$^!G$S@&(!-O=F$!^O=!^@K>$FF$S!KO$! '=<<&ZF$!=%!KO$!-^@>!-=^$#F!
Z=FK$S!K$##@%R@>)!@G&)$F!=><@>$! FO=#K<R!&%K$#6!@G&)$F!^O@'O!^$#$! <&K$#!NF$S!&F!%@#FKB
O&>S! F=N#'$F! [R! >$^FZ&Z$#F! &>S! -Y! >$K^=#AF(! C@\$! @>%=#G&K@=>! &>S! G=\@>)!
F$`N$>'$F! ^$#$! =%%$#$S! &K! &! #&Z@S! Z&'$6! F=G$K@G$F! &F! G@>NK$B[RBG@>NK$! >$^F!
ďƵůůĞƚŝŶƐ͘ dŚĞ ƚĞƌƌŝĨLJŝŶŐ ŵĞƌŝĐĂŶ ƚƌĂŐĞĚLJ ͣůĞĚ ƚŽ ƚŚĞ ĞŵĞƌŐĞŶĐĞ ŽĨ ĂŶ ĂůƚĞ#>&K@\$!
FZ&'$!=%!'=GGN>@'&K@=>6!$FZ$'@&<<R!F@>'$!KO$!K#&S@K@=>&<!G$S@&!^$#$!N>&[<$!K=!%N<%@<!
ƚŚĞŐůŽďĂůŶĞĞĚŽĨŝŶĨŽƌŵĂƚŝŽŶ͟WE͘dŚŝƐĂůƚĞƌŶĂƚĞŝŶĨŽƌŵĂƚŝŽŶĐŚĂŶŶĞůƐƌŽƐĞͣƌĂƉŝĚůLJ
ŽĨĨĞƌŝŶŐ ĐŽƌƌĞĐƚ ĂŶĚ ĐƌĞĚŝďůĞ ŝŶĨŽƌŵĂƚŝŽŶ͟ ŽŶ ƐĞǀĞƌĂů ƐƵďƐĞƋƵĞŶƚ ƚƌĂŐĞĚŝĞƐ ʹ! KO$!
]&K#@>&! 7N##@'&>$6! KO$! +F@&>! +2<),*0! &>S! KO$! C=>S=>! =#! ;Z&@>! K$##=#@FK! &KK&'AFWU(!
3=#$=\$#6! [$F@S$F! KO$@#! @>%=#G&K@\$! \&<N$F6! KO$! [<=)F! [$'&G$! &#$>&F! =%! S$[&K$! =>!
KO$! #$FZ=>F@[@<@KR! &>S! Z=FF@[<$! F=<NK@=>F! =>! KO$! '=>F$`N$>'$F! =%! KO=F$! K#&)$S@$F(!
+<KO=N)O!&>!@GZ=#K&>K!Z&#K!=%!KO$!&<K$#>&K@\$!>$^F!G$S@&!O&F![$$>!&ZZ#=Z#@&K$S![R!
ͣĐŽŶƐƵŵĞƌŝƐŵ͟ ;ĂĚǀĞƌƚŝƐŝŶŐ ĂŶĚ ďƌĂŶĚŝŶŐͿ͕ ƚŚĞ /ŶƚĞƌŶĞƚ ĐŽŶƚƌŝďƵƚĞƐ͕ Ăƚ ƚŚĞ ƐĂŵĞ
K@G$6!K=!KO$!S$G='#&K@D&K@=>!=%!@>%=#G&K@=>!&>S!K=!&!^@S$>@>)!=%!KO$!ZN[<@'!S$[&K$!
&#$>&(! /$^! G$S@&! &<<=^F! KO$! '#$&K@=>! =%! &! S@&<=)N$! FZ&'$! KO#=N)O! %=#NGF! &>S!
S@F'NFF@=>!)#=NZF!&>S!&''$<$#&K$F!KO$!G=[@<@D&K@=>!=%!S@%%$#$>K!=Z@>@=>FHX(!!
!
+! F@G@<&#! S$\$<=ZG$>K! K==A! Z<&'$! @>! KO$! ,=G&>@&>! [<=)=FZO$#$ HW (! ?=#>! =>!
;$ZK$G[$#!WP6!HXXW6!^@KO!&!>=K$!=>!KO$!S@F&FK#=NF!F@KN&K@=>!=%!,=G&>@&>!#=&SF!c=>!
K#=>@N([<=)FZ=K('=Gd6![<=))@>)!^@<<![$!K&A$>!F$#@=NF<R!=><R!@>!HXXL6!^O$>!@K!@F!K$FK$S!
ďLJ ƐĞǀĞƌĂů ůŽĐĂů ƉŝŽŶĞĞƌƐ ĐŽŵŝŶŐ ĞŝƚŚĞƌ ĨƌŽŵ ũŽƵƌŶĂůŝƐŵ ;ƌĉĚƵƜ hůŵĂŶƵ͕ ǁŝƚŚ
M<(),/02*%)/0)':(%ͿŽƌĨƌŽŵƚŚĞĞŶƚƌĞƉƌĞŶĞƵƌŝĂůƐŝƚĞ;ŽŐĚĂŶ͟ŽďďLJ͟sŽŝĐƵ͕ǁŚŽǁŝůů
FN[F$`N$>K<R![$'=G$!7%**<)0+9!O,),$'(!%=#!W,5%%sB%*,)0,d(!Q#=G!HXX*6!KO$#$!@F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WP
!4#@FK@&>!:O@>$&!&>S!+<@>&!3N>)@NBWŝƉƉŝĚŝ͕͟dŚĞĐĂƐĞŽĨZŽŵĂŶŝĂ͕͟ŝŶƚŚĞDĞĚŝĂĚĞŵŽŶƐŽƌƚŝƵŵƌĞƉŽƌƚ
O'-0,!.%/010'2!,)-!('$</,+%(9!.(,1+01'2!0)!,!2'/'1+'-!2'+!%4!"<(%.',)!1%<)+(0'2L!85'!"a!,)-!+5'!7%<)10/!
%4!"<(%.'L!.'K=[$#!HXWX6!Z(!LHI(!
WI
!^ĞĞ EĂƚĂůŝĂ sĂƐŝůĞŶĚŝƵĐ ĂŶĚ WĞƚĞƌ 'ƌŽƐƐ͕ ͟EĞǁ dĞĐŚŶŽůŽŐLJ͕ ŶĞǁ ƉƌŽĨĞƐƐŝŽ>&<! Z#&'K@'$F1! +! FKNSR! =>!
ZŽŵĂŶŝĂŶŶĞǁŵĞĚŝĂ͕͟ŝŶ7%*<)01,+0e)!W!G%10'-,-6!\=<(!aaY6!>NG!W6!HXWH6!Z(!*UBELh!3&#@NF!2#&)=G@#!
&>S!3&#A!-O=GZF=>!c$SF(d6!O,..0)$!C0$0+,/!O'-0,?!B%*,)0,6!C=>S=>1!.Z$>!;='@$KR!Q=N>S&K@=>6!HXWXh!
ZŽŵŝŶĂ^ƵƌƵŐŝƵĂŶĚZĂůƵĐĂZĂĚƵ͕͟/ŶK#=SN'@>)! /$^!-$'O>=<=)@$F!@>!3$S@&!4=GZ&>@$F!%#=G!,=G&>@&6!
WŽƌƚƵŐĂů ĂŶĚ LJƉƌƵƐ͘ ŽŵƉĂƌĂƚŝǀĞ ƉƉƌŽĂĐŚ͕͟ ŝŶ ZĞǀŝƐƚĂ ZŽŵąŶĉ ĚĞ :ƵƌŶĂůŝƐŵ ƕŝ ŽŵƵŶŝĐĂƌĞ͕ LcJd6!
HXXU6!Z(!ULBWXH(!!
WE
!ŽƌŝŶĂ'ƵƜƵB-NS=#6!V'3!O'-0,6!F$'=>S!$S@K@=>6!?N'O&#$FK1!-#@K=>@'6!HXXE6!Z(!LU(!!
WU
!6D0-'*6!Z(!JX(!!
HX
!,ÖGR!,@$%%$<6!G%10%/%$0'!-'2!*`-0,2L!"&#@F1!0<<@ZF$F!"N[<@FO@>)6!HXXW(!
HW
!KƵƌƐŚŽƌƚŚŝƐƚŽƌLJŝƐďĂƐĞĚŽŶƚŚĞƐLJŶƚŚĞƐŝƐƚŚĞŵĞĚŝĂĂŶĂůLJƐƚ/ƵůŝĂŶŽŵĉŶĞƐĐƵŵĂŬĞƐŝŶŚŝƐŬ7<*!
ƐĉĚĞǀŝŝƵŶEŝŵĞŶŝ͘DĞĐĂŶŝƐŵĞůĞŶŽƚŽƌŝĞƚĉƜŝŝ͕ďƌĂŶĚƵƌŝƉĞƌƐŽŶĂůĞƕŝƉŝĂƜĂŵĞĚŝĂĚŝŶZŽŵąŶŝĂc?N'O&#$FK1!
7NG&>@K&F6!HXXU6!ZZ(!WL*BϭϯϲͿĂŶĚŝŶŚŝƐĂƌƚŝĐůĞ͞ƌƚŝĐŽůƵůĐŽůĞĐƚŝǀĚĞƐƉƌĞƉƌŝŵƵůďůŽŐ͟;C0/'*,!&'15'L!
W*!2$'$G[$#!HXXI1!OKKZ1jj^^^(S@<$G&\$'O$(#=jF$'K@N>$jG&FFB'=G$S@&j&#K@'=<j&#K@'=<B'=<$'K@\BS$FZ#$B
Z#@GN<B[<=)Ϳ͘ŽŵĉŶĞƐĐƵŝƐĂůƐŽďůŽŐŐĞƌĂŶĚĞĚŝƚŽƌB@>B'O@$%!=%!85'!6)-<2+(9!G$S@&!G&)&D@>$(!!!
!
&! F@)>@%@'&>K! #@F$! =%! KO=F$! [<=)F! ^#@KK$>! [R! R=N>)! Z$=Z<$! ^O=! &#$! @>$VZ$#@$>'$S!
^#@K$#F6! %=<<=^$S! @>! HXXP! [R! KO$! =><@>$! Z#$F$>'$! =%! \$K$#&>F! @>! KO$! %@$<SF! =%!
ũŽƵƌŶĂůŝƐŵ͕ƚĞĐŚŶŽůŽŐLJŽƌƉƵďůŝĐŝƚLJ͘dŚƵƐ͕ďůŽŐŐŝŶŐďĞĐŽŵĞĂƚƌĞŶĚ͕͟ƐƉĂƌŬŝŶŐĚĞďĂƚĞ
ŽǀĞƌ ǁŚĞƚŚĞƌ ďůŽŐƐ ǁŽƵůĚ ƌĞƉůĂĐĞ ƚƌĂĚŝƚŝŽŶĂů ŵĞĚŝĂ͟ HH (! 9>! KO@F! G&>>$#6! KO$!
FZ$'@&<@D$S![<=)F!&#$![=#>6!^O@'O!^@<<![#@>)!'#$S@[<$!@>%=#G&K@=>!&>S!^@<<!#$Z#$F$>K!&>!
$FF$>K@&<!&<K$#>&K@\$!K=!KO$! K#&S@K@=>&<!G$S@&!KO&K! <$&>!G=#$!&>S!G=#$!K=^&#SF!KO$!
K&[<=@S! )$>#$6! ^O@'O! @F! S$\=@S! =%! #$FZ=>F@[@<@KR(! -O$! >$^! G$S@&! [$'&G$! &!
'=>F@S$#&[<$!%=#'$!&>S!&!#$)N<&K@>)!Z#@>ĐŝƉůĞŽĨƐŽĐŝĞƚLJŝŶĂŶĂŐĞǁŚĞƌĞ͟ƚŚĞĐůĂƐƐŝĐ
G$S@&! O&\$! #$G&@>$S! F=G$^O&K! &@G<$FF! ʹ! >=K! =><R! @>! ,=G&>@&! ʹ! [$'&NF$! =%! KO$!
=ZN<$>'$! KO&K! FNZZ#$FF$F! KO$! '=>'$#>! %=#! KO$! ZN[<@'! @>K$#$FK! &>S! KO$! %NKN#$! =%! KO$!
ƉƵďůŝĐǁŚŽĐƌĂǀĞĨŽƌĞŶƚĞƌƚĂŝŶŵĞŶƚ͟HL(!
!
-O$!&<K$#>&K@\$!G$S@&!c[<=)F6!F='@&<@D@>)!>$K^=#AF6!S@F'NFF@=>!%=#NGFd!KONF!#$Z#$F$>K!
G=#$!KO&>!&![N>'O!=%!S@&#R!@GZ#$FF@=>F6!&''=GZ&>@$S![R!%==S!#$'@Z$F!&>S!&G&K$N#!
ƉŚŽƚŽƐ͘^ŝŶĐĞƚŚĞƉƌŝǀĂƚĞůŝĨĞĞůĞŵĞŶƚƐĂŶĚƚŚĞ͞ƌŽƵŐŚ͟ŝŶĨŽƌŵĂƚŝŽŶŽŶƉƵďůŝĐĞǀĞŶƚƐ
G=\$S! G&@><R! K=! KO$! F='@&<@D@>)! >$K^=#AF! cQ&'$[==A6! -^@KK$#d6! KO$! [<=)=FZO$#$!
=%%$#$S! G=#$! #==G! %=#! S$[&K$6! %=#! F='@&<! '#@K@'@FG! &>S! &<K$#>&K@\$! @>%=#G&K@=>6!
>$'$FF&#R!@>)#$S@$>KF!=%!KO$!S$G='#&K@'!ZN[<@'!FZO$#$6!=%!&!S@&<=)N$!FZ&'$!^O@'O!@F!
>=K! S=G@>&K$S! [R! $'=>=G@'! @>K$#$FKF! &>S! KO$! <=[[@$F! =%! KO$! G$S@&! K#NFKFHJ(! 9>! KO$!
F&G$!G&>>$#!&[#=&S6!@>!,=G&>@&!K==6!KO$![<=)F!>=!<=>)$#!Z<&'$!$GZO&F@F!=>!&!S@&#R!
S@G$>F@=>![NK!=>!KO&K!=%!S$[&K$6!$\&<N&K@=>!&>S!'=GG$>KH*(!!
!
dŚĞ/ŶƚĞƌŶĞƚ'ĞŶĞƌĂƚŝŽŶĂŶĚƚŚĞ͞ŶƚŝďŽĚLJ-ůŽŐƐ͟!
͞tĞĚŽŶ͛ƚůŝŬĞƚŽǁĂƚĐŚƚŚĞŶĞǁƐŽŶds͕͟ƚŚĞ/ŶƚĞƌŶĞƚBF&\\R!R=N>)!Z$=Z<$!F&Rh!KO$!
S@)@K&<<RB$SN'&K$S! )$>$#&K@=>! O&F! [$$>! %$S6! %#=G! &! \$#R! $&#<R! &)$6! =>! ZN[<@'@KR! &>S!
G&#A$K@>)! &SF! &>S! O&F! KONF! <$&#>$S! K=! [$! FNFZ@'@=NF! =%! KO$! G$FF&)$F! <&'$S! ^@KO!
K&[<=@S!$V&))$#&K@=>!=#!$'ŽŶŽŵŝĐŝŶƚĞƌĞƐƚƐ͘͞,ŽŶĞƐƚLJ͕ƚƌĂŶƐƉĂƌĞŶĐLJĂŶĚĂƵƚŚĞŶƚŝĐŝƚLJ
ĂƌĞ ĐƌƵĐŝĂů ŝĨ LJŽƵ ǁĂŶƚ ƚŽŐĞƚ ƚŚƌŽƵŐŚ ƚŚĞ EĞƚ'ĞŶĞƌĂƚŝŽŶ͟HP(! -O@F! @F! KO$! '=>K$VK! @>!
^O@'O!@>S$Z$>S$>K![<=)F!F=G$K@G$F!'=G$!K=!$>b=R!&F!GN'O!'#$S@[@<@KR!&F!K#&S@K@=>&<!
G$S@&6! ^O@'O! &#$! >=^! G=#$! =%K$>! ƚŚĂŶ ŶŽƚ ŵĞƚ ǁŝƚŚ ͞ƚŚĞ ƐƵƐƉŝĐŝŽŶ ŽĨ ĐŽƌƉŽƌĂƚĞ
ĐŽŶƚƌŽů͟HI(!!!
!
3=#$!&>S!G=#$!Z$=Z<$!'O==F$!&<K$#>&K@\$!F=N#'$F!=%!@>%=#G&K@=>6!=%K$>!Z#$%$##@>)!&!
[<=)! =#! &>! =><@>$! <='&<! >$^FZ&Z$#! K=! KO$! >&K@=>&<! b=N#>&<F6! ^O@'O! GNFK! O&\$! <=FK!
F=G$! =%! @KF! #$<$\&>'$! &>S! '#$S@[@<@KR( HE !3=#$=\$#6! KO$! [<=)=FZO$#$! O=FKF! &>!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HH
!4(!:O@>$&!&>S!+(!3N>)@NB"@ZZ@S@6!%.:!10+:6!Z(!LHX(!
HL
!/͘ŽŵĉŶĞƐĐƵ͕ƵŵƐĉĚĞǀŝŝƵŶEŝŵĞŶŝ6!Z(!WJI(!
HJ
!ĂǀŝĚĞĞƌƐ͕͞dŚĞWƵďůŝĐ^ƉŚĞƌĞŽĨKŶůŝŶĞ͕/ŶĚĞƉĞŶĚĞŶƚ:ŽƵƌŶĂůŝƐŵ͕͟ŝŶ7,),-0,)!M%<(),/!%4!"-<1,+0%)6!
HXXP6!ZZ(!WXUBWLX(!!
H*
!!.>$!O&F!K=!>=K@'$!KO&K6!@%!@>!HXXU6!=><R!L*t!=%!KO$!,=G&>@&>F!#$&S!=><@>$!>$^FZ&Z$#F!c^O@<$!@>!KO$!
8;!&>S!:$#G&>R6!KO$#$!^$#$!K^@'$!&F!GN'O!FN'O!#$&S$#Fd!&>S!=><R!W*t!#$&S![<=)F!^$$A<R6!@>!HXWH6!KO$!
ZŽŵĂŶŝĂŶŽŶůŝŶĞĂƵĚŝĞŶĐĞŝŶĐƌĞĂƐĞĚƐŝŐŶŝĨŝĐĂŶƚůLJďLJƵƉƚŽϳϯй;ƐĞĞ^ŽƌŝŶĚĂŵDĂƚĞŝ͕͟ϱϬйĚŝŶƌŽŵąŶŝ
ĂũƵŶŐĞ ƉĞ EĞƚ͘ DŝƌĐĞĂ ĂĚĞĂ Šŝ ŠŶƚąŵƉŝŶĉ͕͟ ƉƵďůŝƐŚĞĚ ŽŶ @,$0)0:1%*6! E! ;$ZK$G[$#! HXXU6! &K!
OKKZ1jj^^^(Z&)@>@('=Gj[<=)jHXXUjXUjXEj#=G&>@@B&bN>)BZ$B>$KBS@>B'$B@>B'$BG&@BS$FBN>S$B@@B&FK$&ZK&B
G@#'$&B[&S$&j͕ ĂŶĚ ƵƌŽƐƚĂƚ ƌĞƉŽƌƚ ͟/ŶƚĞƌŶĞƚ ĐĐĞƐƐ ĂŶĚ hƐĞ ŝŶ ϮϬϭϮ͕͟ Ăƚ
OKKZ1jj$ZZ($N#=FK&K($'($N#=Z&($Nj'&'O$j9-5y"8?C94jJBWEWHHXWHB+"j0/jJBWEWHHXWHB+"B0/("2Qd(!!!
HP
!2=>!-&ZF'=KK6!](%3)!a.!C0$0+,/?![%3!+5'!V'+!]')'(,+0%)!02!75,)$0)$!9%<(!I%(/-L!/$^!5=#A1!3':#&^!
7@<<6!HXXE6!Z(!HE*(!!
HI
!ĞŶŝ ůůŝŽƚƚ͕ ͟ƐƐĞŶƚŝĂů ^ŚĂƌĞĚ sĂůƵĞƐ ĂŶĚ ϮϭƐƚ ĞŶƚƵƌLJ :ŽƵƌŶĂůŝƐŵ͕͟ ŝŶ C$$! M@<A@>F! &>S! 4<@%%=#S! :(!
4O#@FK@&>F!c$SF(d!85'![,)-D%%>!%4!O,22!O'-0,!"+50126!/$^!5=#A!j!C=>S=>6!,=NK<$S)$6!HXXU6!Z(!LP(!!
HE
!ZĞĂĚŝŶŐďůŽŐƐŝƐĂůƐŽĂƉĂƌƚŽĨƚŚĞŶĞǁ͞ŵŽŶŝƚŽƌŝĂů͟ƌĞĂĚŝŶŐƐƚLJůĞ͗ƉĞŽƉůĞͣƐĐĂŶĂůůŬŝŶĚƐŽĨŶĞǁƐĂŶĚ
@>%=#G&K@=>!F=N#'$F!ʹ!>$^FZ&Z$#F6!G&)&D@>$F6!-Y!FO=^F6![<=)F6!=><@>$!&>S!=%%<@>$!F='@&<!>$K^=#AF6!&>S!
F=!=>!ʹ!ĨŽƌƚŚĞƚŽƉŝĐƐƚŚĂƚŵĂƚƚĞƌƚŽƚŚĞŝƌƉĞƌƐŽŶĂůŝƚLJ͟;DĂƌŬĞƵnjĞ͕ͣ:ŽƵƌŶĂůŝƐŵ͕ŝƚŝnjĞŶƐŚŝƉ͕ĂŶĚŝŐŝƚĂů
!
! ! !
@>'#$&F@>)! >NG[$#! =%! FZ$'@&<@FKF! '=G@>)! %#=G! \&#@=NF! &#$&F6! ^O=! S=! >=K! F$$A!
>=K=#@$KR6![NK!=><R!^&>K!K=!'=N>K$#&'K!KO$!S@FK=#K@=>F!=%!KO$!K#NKO!=%K$>!Z$#Z$K#&K$S!
[R!KO$!Z#$FF(!?<=))$#F!^@KO!<$)&<!K#&@>@>)!=%K$>!'=##$'K!KO$!K&[<=@S!>$^F!#$%$##@>)!K=!
<&^F! &>S! Z$>&<K@$F6! G$S@'&<! $VZ$#KF! c%=#! $V&GZ<$! "O&#G&:=FF@Zd! %@)OK! &)&@>FK! KO$!
ZN[<@'@KR!'&GZ&@)>F!=%!KO$!ZO&#G&'$NK@'F!@>SNFK#R6!^O@<$!=KO$#![<=)F!=%K$>!K#R!K=!)@\$!
ĂĐůĞĂƌĞƌƉŝĐƚƵƌĞ ŽĨƚŚĞ ůŽĐĂůĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͛ƐĂĐƚ@\@KR!c3&R=#M&K'O6!%=#!$V&GZ<$6!@F!
'&>K$#$S! =>! KO$! C=>S=>! &SG@>@FK#&K@=>dHU(! MO$>! &FA$S! ^OR! KO$R! O&\$! 'O=F$>! KO@F!
ĨŽƌŵŽĨ͞ĐŝƚŝnjĞŶũŽƵƌŶĂůŝƐŵ͕͟ƚŚĞĂƵƚŚŽƌƐŽĨƚŚŝƐƚLJƉĞŽĨďůŽŐƐŝŶǀĂƌŝĂďůLJĂŶƐǁĞƌƚŚĂƚ
ƚŚĞLJŽŶůLJǁĂŶƚƚŽ͞ĐŽƌƌĞĐƚ͟ƚŚĞĐůĂƐƐŝĐƉƌĞƐƐŝŶĨŽƌŵĂƚŝŽŶ͘͞dŚĞƌĞǁŽƵůĚŶŽƚďĞĂŶĞĞĚ
ĨŽƌďůŽŐŐĞƌƐůŝŬĞŵĞŝĨƚŚĞũŽƵƌŶĂůŝƐƚƐĚŝĚƚŚĞŝƌũŽďƉƌŽƉĞƌůLJ͕͟ƐĂLJƐĂŶĂĚŵŝŶŝƐƚƌĂƚŽƌŽĨ
=>$!=%!KO$F$!Z#=%$FF@=>&<![<=)FLX(!!
!
9K!@F!O&#S!K=!F&R!K=!^O&K!$VK$>K!KO$!,=G&>@&>![<=)=FZO$#$!@>'<NS$F!FN'O!Z#=%$FF@=>&<!
F@K$F6! G$&>K! K=! '=##$'K! KO$! @>&''N#&'@$F! =%! KO$! Z#$FF(! MO@<$! KO@F! `N$FK@=>! #$G&@>F!
=Z$>!%=#!%N#KO$#!#$F$&#'O6!^$!'&>!O=^$\$#!@S$>K@%R!&!>NG[$#!=%![<=)F6!=%K$>!=^>$S!
[R! Z$#F=>F! ^O=! ^=#A$S! &F! b=N#>&<@FKF! &>S! ^O=! &#$! &[<$! K=! #$)&#S! KO$! Z#$FF6!
$FZ$'@&<<R! KO$! =><@>$! A@>S6! @>! &! '#@K@'&<! G&>>$#(! H/%$</C'O'-0,! %=#! $V&GZ<$! K&<AF!
ĂďŽƵƚ ƚŚĞ ͞ŝŶŚĞƌĞŶƚ ďůƵŶĚĞƌƐ͟ ŝŶ ƚŚŝƐ ĂƌĞĂLW(! B'.%(+'(A0(+<,/6! &>=KO$#! ,=G&>@&>!
G$S@&! [<=)6! =%K$>! [#=&'O$F! K=Z@'F6! ^O@'O! '=>'$>K#&K$! =>! KO$! @>K$#%&'$! [$K^$$>!
G&>&)$G$>K!&>S!KO$!Z=<@K@'&<!S@G$>F@=>F!@>!KO$!&#$&!=%!b=N#>&<@FG6!O=Z@>)!K=!#$FK=#$!
ƚŚĞͣůŽƐƚĚŝŐŶŝƚLJ͟ŽĨƚŚĞƉƌĞƐƐLH(!-O$#$!@F!&!<=>)!<@FK!=%!^$<<BA>=^>![<=)F6!^O@'O!#$%$#6!
@>!=>$!^&R!=#!&>=KO$#6!K=!KO$!Z#$FF!cG+,(',@('2'06!@,$0),C'O'-0,L!8%/%:(%d(!MO&K!^$!
&#$! @>K$#$FK$S! @>! @F! KO$! %&'K! KO&K! [<=))@>)! b=N#>&<@FKF! O&\$! &<#$&SR! '&#\$S! %=#!
KO$GF$<\$F6!@>!&!FZ=>K&>$=NF!G&>>$#6!&!Z<&'$!KO&K!O=FKF!S$[&K$F!=>!KO$!K=Z@'!=%!KO$!
ZŽŵĂŶŝĂŶƉƌĞƐƐ;ĐůĂƐƐŝĐĂŶĚĚŝŐŝƚĂůͿ͘͟ŽƐŽ͛Ɛ͟ĐƌŝƚŝĐŝƐŵŽĨƚŚĞũŽƵƌŶĂůŝƐƚƐ͛ŝŶĂďŝůŝƚLJƚŽ
&S&ZK! K=! KO$! #$`N$FKF! =%! KO$! =><@>$! G$S@NG! cF$$! &[=\$d! $V$GZ<@%@$F! KO$! KRZ$! =%!
#$&'K@=>F! &^&A$>$S! [R! KO$! $##=#F! G&S$! [R! '<&FF@'! b=N#>&<@FKF! @>! KO$@#! Z&FF&)$! K=!
S@)@K&<!G$S@&(!!!
!
/ƚŝƐďLJƚŚĂƚŬŝŶĚŽĨďůŽŐŐĞƌƐ͛ĐƌŝƚŝĐŝƐŵƚŚĂƚͣƚŚĞŶĞǁŵĞĚŝĂďĞĐŽŵĞƚŚĞŽŶůLJĨĞĞĚďĂĐŬ
G$'O&>@FG!=%!KO$!1/,2201!=#!%/-!ŵĞĚŝĂ͟ĂŶĚƚŚĞďůŽŐƐďĞĐŽŵĞƚŚĞͣŶĂƚƵƌĂůĂŶƚŝďŽĚŝĞƐ
ŽĨĚĞŵŽĐƌĂĐLJ͟LL(!!0\$>!@%!KO@F!<&[$<!^@S$<R!#$%$#F!K=!KO$!ZN[<@'!FZ&'$6!^$![$<@$\$!KO&K!
@K!'=N<S![$! &<F=!&ZZ#=Z#@&K$! %=#!KO$!G@'#=!ZN[<@'!FZ&'$! @>O&[@K$S![R!b=N#>&<@FKF!&>S!
[<=))$#F6! F@>'$! KO$! <&KK$#! &#$! ƌĞŐĂƌĚĞĚ ĂƐ ͞ŵĞĚŝĂ ǁĂƚĐŚĚŽŐƐ͗͟ ͞ƚŚĞLJ ĞŵƉůŽLJ ƚŚĞ
[<=)=FZO$#$!K=!S#&^!&KK$>K@=>!K=!@FFN$F!G&#)@>&<@D$S!=#!@)>=#$S![R!KO$!G&@>FK#$&G!
ŵĞĚŝĂ͟LJ͘dŚŝƐƐƉĞĐŝĂůƚLJƉĞŽĨͣƌĞŐƵůĂƚŝŽŶ͟ŝŶƚŚĞŶĞǁŵĞĚŝĂ͕ĐŽŶƐŝƐƚŝŶŐŽĨŽƉŝŶŝŽŶƐ
&>S!'#@K@'@FG![R!KO$![<=)=FZO$#$!S@#$'K$S!&)&@>FK!KO$!Z#$FF!c=#!KO$!=KO$#!^&R!#=N>Sd6!
Z#=\$F!$FZ$'@&<<R!@GZ=#K&>K!%=#!KO$!%N>'K@=>@>)!=%!KO$!S@)@K&<!Z#$FF(!-O$F$!&#$!#$&F=>F!
%=#!^O@'O!^$![$<@$\$!KO@F!ZO$>=G$>=>!@F!^=#KO!'<&#@%R@>)6!@>FK$&S!=%![$@>)!F$$>!&F!&!
G$#$!FRGZK=G!=%!KO$!%@$#'$!S$[&K$![$K^$$>![<=))$#F!&>S!b=N#>&<@FKF1!!!!
x ŽŵƉĂƌĞĚ ƚŽ ŽƚŚĞƌ ƉƌŽĨĞƐƐŝŽŶƐ͕ ƚŚĞƌĞ ŝƐ ŶŽ ͣũŽď ĚĞƐĐƌŝƉƚŝŽŶ͟ ĨŽƌ ũŽƵƌŶĂůŝƐƚƐ͕
KO&K!@F!FN[b$'K! K=!^$<<BS$%@>$S!#$)N<&K@=>h!@>!=KO$#!^=#SF6!KO$#$! &#$!>=!'<$&#!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ƵůƚƵƌĞ͕͟ ŝŶ ͘ WĂZ&'O&#@FF@6! $S(6! M%<(),/02*! ,)-! 70+0P')250.?! V'3! F$')-,2:! /$^! 5=#A1! C&^#$>'$!
0#<[&NGj-&R<=#!&>S!Q#&>'@F6!HXXU6!Z(!WEd(!
HU
!EŝĐŬŽƵůĚƌLJ͕͟EĞǁKŶůŝŶĞEĞǁƐ^ŽƵƌĐĞƐĂŶĚtƌŝƚĞƌB'ĂƚŚĞƌĞƐ͕͟ŝŶEĂƚĂůŝĞ&ĞŶƚŽŶ;ĞĚ͘Ϳ͕V'3!O'-0,L!
N/-!V'32:!M%<(),/02*!p!C'*%1(,19!0)!+5'!C0$0+,/!F$'6!ZZ(!WJHBWJJ(!
LX
!6D0-'*6!Z(!WJJ(!
LW
!4%(!OKKZ1jj[<=)N<S$G$S@&(#=jS$FZ#$j(!!!
LH
!4%(!OKKZ1jj^^^(#$Z=#K$#\@#KN&<(#=j&[=NK(!!
LL
!/͘ŽŵĉŶĞƐĐƵ͕ƵŵƐĉĚĞǀŝŝƵŶŶŝŵĞŶŝ6!Z(!WJU(!!
LJ
!ŝnjŝWĂƉĂĐŚĂƌŝƐƐŝ͕͟dŚĞŝƚŝnjĞŶŝƐƚŚĞDĞƐƐĂŐĞ͘ůƚĞƌŶĂƚŝǀĞDŽĚĞƐŽĨŝǀŝĐ!ŶŐĂŐĞŵĞŶƚ͕͟ŝŶŝĚĞŵ͕;ĞĚ͘Ϳ
M%<(),/02*!,)-!70+0P')250.?!V'3!F$')-,2(!/$^!5=#A1!C&^#$>'$!0#<[&NGj-&R<=#!&>S!Q#&>'@F6!HXXU6!Z(!LI(!
!
FK&>S&#SF!KO&K!#$%$#!K=!FZ$'@%@'!&#$&F!=%!'=GZ$K$>'$6!$V'$ZK!%=#!&!\&#@&[<$!F$K!
ŽĨ ĞĚŝƚŝŶŐ ƚĞĐŚŶŝƋƵĞƐ ĂŶĚ ŽĨ ͣĂ ďŽĚLJ ŽĨ ŬŶŽǁůĞĚŐĞ ǁŚŝĐŚ ůĞŐŝƚŝŵŝnjĞƐ ƚŚĞ
ũŽƵƌŶĂůŝƐƚƐ͛ŵŝƐƐŝŽŶĂŶĚƐŽĐŝĂůƌĞƐƉŽŶƐŝďŝůŝƚLJ͘͟L*!
x +<KO=N)O! ,=G&>@&! O&F! Z=FF$FF$S! &! N>@%@$S! "#=%$FF@=>&<! 0KO@'F! 4=S$! F@>'$!
HXXU6! %=<<=^$S! [R! KO$! =#)&>@D&K@=>F! KO&K! #$Z#$F$>K! KO$! ^#@KK$>! Z#$FF6! KO@F!
4=S$! O&F! >=K! [$$>! @>K$#>&<@D$S! &>S! $>%=#'$! @>! &>! &S$`N&K$! G&>>$#! [R! KO$!
b=N#>&<@FKF!=#![R!KO=F$!@>!'O&#)$LP(!
x -O$#$! @F!>=!$KO@'&<!=#)&>@FG!KO&K!FZ$'@&<@D$F! @>!KO$!#$)N<&K@=>!=%!KO$!^#@KK$>!
Z#$FF!cZ#@>K!=#!=><@>$d!LI6!^O@'O!^=N<S![$!&>!@>FK@KNK@=>!O&\@>)!&!F@G@<&#!#=<$!K=!
KO&K! =%! KO$! /&K@=>&<! +NS@=B\@FN&<! 4=N>'@<! ^O@'O! K&A$F! '&#$! =%! KO$! ,=G&>@&>!
ZN[<@'!-Y!&>S!#&S@=!>$K^=#AF(!!
x -O$![<=))$#F!KO&K!O&\$!&!G&>@%$FK!@>K$#$FK!@>!KO$!#$)N<&K@=>!=%!KO$!Z#$FF!O&\$!
[$'=G$!>=K=#@=NF!@>!KO$!FZO$#$!=%!KO$!>$^!G$S@&LE(!!
!
P:+3!F6/..)(8!$)2+14A!>,,B(+,=K!<(+185+()1,=K!$7.73+6!%L5)(378)!
dŚĞ ĂŐĞŽĨͣďĞůŝĞǀĞŵĞ͕ ďƵƚ ŝƚŝƐĂƐ/ƐĂLJ͕͟ƚŚĂƚŝƐ͕ŽĨƚŚĞĞƉŝƐƚĞŵŝĐĂƵƚŚŽƌŝƚLJŽĨƚŚĞ
b=N#>&<@FK6! @F! &K! &>! $>S(! -O$! )#=^@>)! GN<K@KNS$! =%! KO$! G$S@&! 'O&>>$<F! &>S! KO$!
FNFZ@ĐŝŽƵƐĂƚƚŝƚƵĚĞŽĨƚŚĞ͞EĞƚ'ĞŶĞƌĂƚŝŽŶ͟ŚĂǀĞŐŝǀĞŶƌŝƐĞƚŽĂŶĞǁĂƚƚŝƚƵĚĞ͕ǁŚŝĐŚ
ĐĂŶďĞƐƵŵŵĞĚƵƉďLJƚŚĞƉƌŝŶĐŝƉůĞ͗͞ĞƐŬĞƉƚŝĐĂů͊͘͟dŚŝƐŵĞĂŶƐƚŚĂƚǁĞ͕ƚŚĞƌĞĂĚĞƌƐ͕
ĚŽŶ͛ƚ ŚĂǀĞ ͟ƚŽ ƚĂŬĞ ĨŽƌ ŐƌĂŶƚĞĚ ƚŚĞ ƚƌƵƐƚǁŽƌƚŚŝŶĞƐƐ ŽĨ ǁŚĂƚ ǁĞ ƌĞĂĚ͕ ƐĞĞ Žƌ ŚĞĂƌ
%=#G!G$S@&!=%!&<<!A@>SF6!^$&KO$#!%=#G!K#&S@K@=>&<!>$^F!=#)&>@F&K@=>F6![<=)F!=#!=><@>$!
ǀŝĚĞŽƐ͟LU(!!
!
ůŽŐŐĞƌƐĂƌĞƵŶĚŽƵďƚĞĚůLJƚŚĞŵŽƐƚĚĞŵĂŶĚŝŶŐ͕ĐƌŝƚŝĐĂůĂŶĚ͞ƐŬĞƉƚŝĐĂů͟ƌĞĂĚĞƌƐŽĨƚŚĞ
Z#=%$FF@=>&<!G$S@&6![$'&NF$!KO$R!'=GZ$K$!^@KO!>$^F!Z#=%$FF@=>&<F!&>S!'=>K@>N=NF<R!
'ŚĂůůĞŶŐĞ ƚŚĞ ͞ĂƵƚŚŽƌŝƚLJ͟ŽĨ ƚƌĂĚŝƚŝŽŶĂůŵĞĚŝĂJX(! ?NK! KO@F! 'O&<<$>)$! =%! &NKO=#@KR!'&>!
[$!&<F=!F$$>!&F!&!'O&>'$!K=!#&@F$!KO$!FK&>S&#SF!=%!$V'$<<$>'$!=%!KO$!=><@>$!G$S@&(!+F!
ƚŚĞ ĨĂŵŽƵƐ ũŽƵƌŶĂůŝƐƚ ůĞdž :ŽŶĞƐ ƐƚĂƚĞĚ͕ ͞ĂĐĐŽƵŶƚĂďŝůŝƚLJ ŝƐ ƚŚĞ ŐƌĞĂƚĞƐƚ ƚŚŝŶŐ ƚŚĂƚ
[<ŽŐƐ ĂƌĞ ďƌŝŶŐŝŶŐ ƚŽ ũŽƵƌŶĂůŝƐŵ͟JW(! +F! ^$! ^@<<! FO=^! [$<=^6! KO$! G&@>! \&<N$F! &>S!
\@#KN$F! KO&K! [<=))$#F! S$G&>S! %#=G! b=N#>&<@FKF! &#$! KO=F$! [$<=>)@>)! K=! KO$!
͞ŝŶƚĞůůĞĐƚƵĂů͟ ƌĞĂůŵ͗ ƚƌƵƚŚ͕ ĐƌĞĚŝďŝůŝƚLJ͕ ƚƌĂŶƐƉĂƌĞŶĐLJ͕ ŚŽŶĞƐƚLJ ĂŶĚ ƚƌƵƐƚ͘ /Ŷ ƚŚĞ
FK#N))<$!&)&@>FK!&<K$#>&ƚŝǀĞƐŽƵƌĐĞƐ͕ĐƌĞĚŝďŝůŝƚLJĂŶĚƚŚĞƌĞĂĚĞƌ͛ƐƚƌƵƐƚĂƌĞƚŚĞƐƵƌǀŝǀĂů
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L*
!3@O&@!4=G&>6!6)+(%-<1'('!t)!202+'*</!*,22#*'-0,͕ƚŚŝƌĚĞĚŝƚŝŽŶ͕/Ăƕŝ͗WŽůŝƌŽŵ͕ϮϬϬϳ͕Ɖ͘ϮϰϬ͘!
LP
!+!G&b=#!'=>'$#>!%=#!KO$!,=G&>@&>!Z#$FF6!@S$>K@%@$S!@>!HXWW![R!KO$!3@FF@=>!=%!KO$!0N#=Z$&>!Q$S$#&K@=>!
ŽĨ:ŽƵƌŶĂůŝƐƚƐ;&:Ϳ͕ŝƐƚŚĞůĂĐŬŽĨĂ͟ǁĞůůĞƐƚĂďůŝƐŚĞĚĂŶĚƌĞĐŽŐŶŝnjĞĚŵĞĐŚĂŶŝƐŵŽĨƐĞůĨB#$)N<&K@=>!@>!KO$!
ŵĞĚŝĂ͖͟ƚŚĂƚŝƐǁŚLJ&:ƌĞĐŽŵŵĞŶĚƐƚŚĞũŽƵƌŶĂůŝƐƚƐ͛hŶŝŽŶƐƚŽ͟ƉƌŽŵŽƚĞƚŚĞWƌŽĨĞƐƐŝŽŶĂůƚŚŝĐƐŽĚĞ͟
ĂŶĚƚŽĐƌĞĂƚĞ͟ĂĚĞďĂƚĞĂďŽƵƚƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨĂŶĞǁĂƉƉƌŽĂĐŚƚŽŵĞĚŝĂĂĐĐŽƵŶƚĂďŝůŝƚLJĂŶĚĞƚŚŝĐƐ͟
cM%<(),/02*! 0)! +5'! G5,-%32?! 85'! 75,//')$'! 4%(! @('22! J(''-%*! 0)! B%*,)0,6! ,$Z=#K! =%! 0_Q! 3@FF@=>6! LBJ!
Q$[#N&#R! HXWW6! Z(! WJ! ʹ! &''$FF@[<$! =><@>$! &K! OKKZ1jj$N#=Z$(@%b(=#)j&FF$KFjS='FjHW*jWHLjHHUSXSIB
ULSI&I[(ZS%d(!!
LI
!!6D0-'*(!
LE
!!9>!/=\$G[$#!HXWH6!KO$!G=>@K=#@>)![<=)!c';02+:(%!@>'<NS$S!@>!KO$!-=ZWXX!=%!%&G=NF!,=G&>@&>![<=)F6!
KO$! [<=)! 8%/%:(%! ďĞůŽŶŐŝŶŐ ƚŽ ĉƚĉůŝŶ dŽůŽŶƚĂŶ͕ ĞĚŝƚŽƌB@>BĐŚŝĞĨ ĨŽƌ ͟'ĂnjĞƚĂ ^ƉŽƌƚƵƌŝůŽƌ͕͟ ƚŚĞ
&%=#$G$>K@=>$S! F@K$! B'.%(+'(A0(+<,/6! KO$! =Z@>@=>! &))#$)&K=#F! A%K@<D/01,! ƕŝ 7%)+(0D<+%(26! @>'<NS@>)!
>=K=#@=NF! F$>@=#! $S@K=#F6! KO$! Z=<@K@'&<! [<=)! G<+<:(%! ŽĨ ƌŝƐƚŝ cƵƜƵ͕ ĨŽƌŵĞƌ ƐĞŶ@=#! $S@K=#! =%! F$#\$#&<!
>$^FZ&Z$#F6!N(/,)-%:(%͕ƚŚĞďůŽŐďĞůŽŶŐŝŶŐƚŽKƌůĂŶĚŽEŝĐŽĂƌĉ͕ƚŚĞŚĞĂĚŽĨƚŚĞDĞĚŝĂĨĂdž'ƌŽƵƉ͕ĂŶĚ
KO$! [<=)! 4@NK&'N(#=! =%! KO$! $S@K=#B@>B'O@$%! =%! KO$! >&K@=>&<! >$^FZ&Z$#! :ƵƌŶĂůƵů EĂƜŝŽŶĂů(! +<<! KO$F$! [<=)F!
%#$`N$>K<R!Z=FK!@>%=#G&K@=>6!=Z@>@=>F6!$\&<N&K@=>F!&>S!S$[&K$F!=>!KO$!K=Z@'!=%!KO$!,=G&>@&>!Z#$FF(!!
LU
!ĂŶ 'ŝůůŵŽƌ͕ ͟dŽǁĂƌĚ Ă ;EĞǁͿ DĞĚŝĂ >ŝƚĞƌĂĐLJ ŝŶ Ă DĞĚŝĂ ^ĂƚƵƌĂƚĞĚ tŽƌůĚ͕͟ ŝŶ ͘ WĂƉĂĐŚĂƌŝƐƐŝ͕ ĞĚ͕͘
M%<(),/02*!,)-!70+0P')250.?!V'3!F$')-,2:!/$^!5=#A1!C&^#$>'$!0#<[&NGj-&R<=#!&>S!Q#&>'@F6!HXXU6!Z(!U(!
JX
!;$$!;K$ZO$>!2(!,$$F$!$K!&<@@6!%.:!10+:6!Z(!H*U(!
JW
!wN=K$S! [R! ZĞďĞĐĐĂ DĂĐ<ŝŶŶŽŶ ŝŶ ŚĞƌ ƌĞƉŽƌƚ ŽĨ ƚŚĞ ƉƌĞƐƐ ĐŽŶĨĞƌĞŶĐĞ ͟ůŽŐŐŝŶŐ͕ :ŽƵƌŶĂůŝƐŵ Θ
ƌĞĚŝďŝůŝƚLJ͘ ĂƚƚůĞŐƌŽƵŶĚ ĂŶĚ ŽŵŵŽŶ 'ƌŽƵŶĚ͟ ǁŚŝĐŚ ƚŽŽŬ ƉůĂĐĞ ŝŶ ϮϬϬϱ ŝŶ ,ĂƌǀĂƌĚ
cOKKZ1jj'R[$#(<&^(O&#\&#S($SNjZN[<@'&K@=>FjHXX*j?<=))@>)y_=N#>&<@FGy4#$S@[@<@KRd(!!
!
! ! !
'O&>'$!=%!KO$!K#&S@K@=>&<!G$S@&!^O@'O!F$$AF!K=!K&A$!@KF!Z<&'$!&G=>)!KO$!>$^!G$S@&(!
7$#$!&#$!F=G$!$V&GZ<$F!@>!KO@F!#$FZ$'K1!
!
F11<(,19! ,)-! 4,1+! 15'1>0)$(! ! ;=G$! R$&#F! &)=6! =>$! =%! KO$! G=FK! Z=ZN<&#! ,=G&>@&>!
ďůŽŐŐĞƌƐ͕ ŵƵƐŝĐŝĂŶ ĂŶĚ ĂĐƚŽƌ dƵĚŽƌ Śŝƌŝůĉ ;ǁŚŽ ŝƐ ĂŶ ĞdžĐĞƉƚŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ
=KO$#![<=))$#F!^O=!^#@K$!&[=NK!KO$!G$S@&6!F@>'$!O$!S=$F!>=K!O&\$!Z#$FF!$VZ$#@$>'$d!
G&S$! &>! $VZ$#@G$>K! G$&>K! K=! S$G=>FK#&K$! KO$! @>'=GZ$K$>'$! =%! KO$! F=B'&<<$S!
ͣĐŽƉLJBƉĂƐƚĞ͟ ũŽƵƌŶĂůŝƐƚƐ͕ ǁŚŽ͕ ŝŶ ŚĂƐƚĞ͕ ŵĞĐŚĂŶŝĐĂůůLJ ĐŽƉLJ ƚŚĞ ŶĞǁƐ͕ ǁŝƚŚŽƵƚ ĞǀĞŶ
ŵŝŶŝŵĂůůLJ ĐŚĞĐŬŝŶŐ ƚŚĞŵ͘ Śŝƌŝůĉ ǁƌŽƚĞ ŽŶ ŚŝƐ ďůŽŐ ƚŚĞ ƐƚŽƌLJ ŽĨ ŚŽǁ ŚĞ ƌĂŶ ƐƚĂƌŬ
>&A$S! @>! KO$! '@KR! '$>K#$! =%! ?N'O&#$FK(! ;O=#K<R! &%K$#6! c0,(':1%*! c&! >$^F! &))#$)&K=#d!
ƚŽŽŬŽǀĞƌƚŚŝƐŝƚĞŵŽĨŶĞǁƐĂƐƐƵĐŚ͕ǁŝƚŚŽƵƚƉƌŝŽƌůLJĐŚĞĐŬŝŶŐŝƚ͘ĨƚĞƌŚŝƌŝůĉĂĚŵŝƚƚĞĚ
KO@F!^&F!&!O=&VJH6!c0,(':1%*!'<&@G$S!KO&K!KO$!@>%=#G&K@=>!FO=N<S!>=K![$!'O$'A$S!@%!@K!
^&F!S@#$'K<R!K&A$>!%#=G!KO$!Z$#F=>!@>\=<\$S(!-O$!^&R!@>!^O@'O!KO$!>$^F!&))#$)&K=#!
&[=\$! 'O=F$! K=! S$%$>S! @KF$<%! #$\$&<F! KO$! )$>$#&<! F@KN&K@=>! =%! ,=G&>@&>! b=N#>&<@FKF6!
^O=! &#$! G=#$! @>K=! KO$! %&FK! F$<$'K@>)! &G=>)! GN<K@Z<$! F=N#'$F! c[<=)F6! G=[@<$!
'=>\$#F&K@=>F6!'O&KF6!,;;d!&>S!&#$!GN'O!<$FF!'=>'$#>$S!^@KO!S@))@>)!%=#!@>%=#G&K@=>(!
/Ŷ ƚŚĞ ZŽŵĂŶŝĂŶ ŽŶůŝŶĞ ũŽƵƌŶĂůŝƐŵ͕ ͞ƉƌŝǀŝůĞŐŝŶŐ ƚŚĞ ƐƉĞĞĚ ŽǀĞƌ ƚŚŽƌŽƵŐŚ ĨĂĐƚ
ĐŚĞĐŬŝŶŐ͟ŝƐĂŶƵŶĨŽƌƚƵŶĂƚĞŽƵƚĐŽŵĞŽĨƚŚĞĚŝŐŝƚŝnjĂƚŝŽŶŽĨƚŚĞũŽƵƌŶĂůŝƐƚƐ͛ǁŽƌŬJL(!!!
!
C0$0+,/! 'K.'(+02':! ƚ ƚŚĞ ďĞŐŝŶŶŝŶŐ ŽĨ ƚŚĞ ĂƌƚŝĐůĞ͕ ǁĞ ǁĞƌĞ ƋƵŽƚŝŶŐ ͣŽƐŽ͛Ɛ͟
=[F$#\&K@=>F!'=>'$#>@>)!KO$!@>&[@<@KR!=%!=><@>$!b=N#>&<@FKF!K=!=#)&>@D$!KO$!'=>K$>K!=%!
&! ^$[Z&)$(! -O$! [<=))$#! &>S! 'N##$>K! $S@K=#B@>B'O@$%! =%! KO$! >&K@=>&<! >$^FZ&Z$#!
ĚĞǀĉƌƵůDŝŚŶĞĂDĉƌƵƜĉĂůƐŽƚĂůŬƐ!&[=NK!KO$!^&R!@>!^O@'O![<=))$#F!A>=^!O=^!K=!K$<<!
ƐƚŽƌŝĞƐ ƚŚĂƚ ͣǁĂƌŵ ƚŚĞ ƌĞĂĚĞƌƐ͛ ŚĞĂƌƚƐ͕͟ ƐŽŵĞƚŚŝŶŐ ƚŚĂƚ ƚƌĂĚŝƚŝŽŶĂůůLJBK#&@>$S!
ũŽƵƌŶĂůŝƐƚƐ ŶĞĞĚ ƚŽ ůĞĂƌŶ͗ ͣEŽǁ LJŽƵ ĐĂŶ ĂĚĚ ǀŝĚĞŽ ŵĂƚĞƌŝĂůƐ͕ ƚĞdžƚƐ͕ ůŝŶŬƐ ƚŽ ƚŚĞ
F=N#'$F!R=N!NF$S6!^O@'O!@F6!=\$#!&<<6!G=#$!KO&>!R=N!^$#$!&[<$!K=!S=!@>!Z#@>K6!^O$#$!
LJŽƵ ĐŽƵůĚ Ăƚ ŵŽƐƚ ĂĚĚ Ă ƉŚŽƚŽ ŐĂůůĞƌLJ͟gg(! -O$! &''$FF@=>! =%! KO$! Z#$FF! K=! KO$! =><@>$!
G$S@NG!#$`N@#$F!b=N#>&<@FKF!K=![$'=G$!&S$`N&K$<R!%&G@<@&#!^@KO!KO$!@>FK#NG$>KF!&>S!
ͣĞĐŽůŽŐLJ͟ ŽĨ ƚŚĞ ĚŝŐŝƚĂů ŵĞĚŝĂ͘ :ŽƵƌŶĂůŝƐƚƐ ŚĂǀĞ ƚŽ ĂĚ&ZK! KO$@#! ^#@K@>)! FKR<$! c^O@'O!
FO=N<S![$!FO=#K$#!&>S!G=#$!S@#$'Kd6!K=!$%%$'K@\$<R!NF$!F$&#'O!K==<F6!K=![$!&[<$!K=!$S@K!
ǀŝĚĞŽĂŶĚĂƵĚŝŽŵĂƚĞƌŝĂůƐ͘ůůŝƐƉĂƌƚŽĨĂͣĚŝŐŝƚĂůĞdžƉĞƌƚŝƐĞ͟ƚŚĂƚŝƐŶĞĐĞƐƐĂƌLJŝŶŽƌĚĞƌ
K=! @GZ#=\$! KO$! `N&<@KR! =%! =><@>$! b=N#>&<@FG J* (! 8>%=#KN>&K$<R6! ,=G&>@&>! =><@>$!
b=N#>&<@FKF! O&S! &! O&#S$#! K@G$! &S&ZK@>)! K=! KO$! >$^! G$S@&! KO&>! [<=))$#F6! G&@><R!
[$'&NF$6!@>!,=G&>@&6!KO$!S@)@K@D&K@=>!=%!KO$!G$S@&![$)&>!<&K$#!KO&>!@>!KO$!'=N>K#@$F!
=%!M$FK$#>!0N#=Z$6![NK!&<F=![$'&NF$!,=G&>@&>!GĞĚŝĂĐŽŵƉĂŶŝĞƐ͟S@S!>=K!=#)&>@D$!
ĐŽŚĞƌĞŶƚƚƌĂŝŶŝŶŐƉƌŽŐƌĂŵƐĨŽƌƚŚĞƵƐĞŽĨŶĞǁƚĞĐŚŶŽůŽŐŝĞƐ͟JP(!
!
8(,)2.,(')19! ,)-! 0)+'$(0+9͘ ͞dŚĞ ďůŽŐŽƐƉŚĞƌĞ͛Ɛ ŐŽůĚĞŶ ƌƵůĞ͟ ŝƐ ƚŽ ĂůǁĂLJƐ ƋƵŽƚĞ
F=N#'$F!&>S!&<F=!KO$!#$&F=>F!%=#!^O@'O!R=N!^#@K$6!KO$!Z#@>'@Z<$F!R=N!&[@S$![R!&>S!KO$!
G$&>F![R!^O@'O!R=N!'&G$![R!KO$!F=N#'$F!R=N!=%%$#JI(!9K!KO&K!F$>F$6!b=N#>&<@FK6![<=))$#!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
JH
!;@>'$!9>K$#>$K!O=&V$F!&#$!G=#$! &>S!G=#$!%#$`N$>K6!@K!@F! >=!^=>S$#!KO&K! KO$! NZS&K$S!\&#@&>K!=%!KO$!
ĞƚŚŝĐĂů ĐŽĚĞ ŽĨ ƚŚĞ ĂŶĂĚŝĂŶ ƐƐŽĐŝĂƚŝŽŶ ŽĨ :ŽƵƌŶĂůŝƐƚƐ ƐƚŝƉƵůĂƚĞƐ͗ ͞tĞ ĐŽŶƐŝĚĞƌ Ăůů ŽŶůŝŶĞ! '=>K$>K!
'&#$%N<<R6!@>'<NS@>)![<=))@>)6!&>S!'=>K$>K!Z=FK$S!K=!F='@&<!G$S@&(!M$!S=!>=K!#$BZ=FK!#NG=N#F!ʹ!F$$!7FM!
"+5012!]<0-'/0)'26!OKKZ1jjbBF=N#'$('&j&#K@'<$j'&bB$KO@'FB)N@S$<@>$F(!
JL
!3&#@NF!2#&)=G@#!&>S!3&#A!-O=GZF=>!c$SF(d6!%.:!10+:L!Z(!JL(!
JJ
!DŝŚŶĞĂDĉƌƵƜĉ͕͟ZĞǀŽůƵƜŝĂďŝŽŐƌĂĨŝĐĉ͕͟ĐŽŵŵƵŶŝĐĂƚŝŽŶƉƌĞƐĞŶƚĞĚĂƚƚŚĞƚŚŝƌĚĞĚŝƚŝŽŶŽĨƚŚĞĚĞďĂƚĞ
ƐĞƌŝĞƐ͟ŝŶKŶŠŶKĨĨ͟ŽƌŐĂŶŝnjĞĚďLJƚŚĞďůŽŐ8A-'1':(%!@>!4<Nb!=>!HI!.'K=[$#!HXWW(!;$$!\@S$=!#$'=#S@>)!
=>!OKKZ1jjG@O>$&G&#NK&(#=jHXWWjWXjHEj#$\=<NK@&B[@=)#&%@'&j(!
J*
!2=G@>@'! ?=R$#6! ͟ŝŐŝƚĂů džƉĞƌƚŝƐĞ ŝŶ KŶůŝŶĞ :ŽƵƌŶĂůŝƐŵ ;ĂŶĚ ŶƚŚƌŽƉŽůŽŐLJͿ͕͟ ŝŶ F)+5(%.%/%$01,/!
j<,(+'(/96!\=<NG$!ELcWd6!HXWX6!Z(!EIBEU(!!
JP
!,(!;N#N)@N!&>S!,(!,&SN6!%.:!10+:!
JI
!! 4$'@<@&! Q#@$>S! &>S! _&>$! ?(! ;@>)$#6! N)/0)'! M%<(),/02*! "+5012:! 8(,-0+0%)2! ,)-! 8(,)20+0%)26! 3(0(! ;O&#Z$6!
/$^!5=#A6!Z(!WHL(!
!
ĂŶĚ ͞ŐƌĞĞŶ͟ ĂĐƚŝǀŝƐƚ DŝŚĂŝ 'ŽƜŝƵ ͞ĚĞŶŽƵŶĐĞƐ͟ ŽŶ ƚŚĞ ďůŽŐ ĂŐŐƌĞŐĂƚŽƌ! A%K@<D/01,! &!
>NG[$#!=%!&SF!KO&K!^$#$!Z#$F$>K$S!@>!KO$!)N@F$!=%!>$^F!=>!KO$!F@K$!=%!B',/0+,+',!8A!
c[=KO! =NK<$KF! &#$! Z&#K! =%! KO$! F&G$! G$S@&! )#=NZ! ʹ! B',/0+,+',! O'-0,d(! -O$!
ͣĂĚǀĞƌƚŽƌŝĂůƐ͟ǁĞƌĞĂĚǀŽĐĂƚŝŶŐĨŽƌĂƋƵĞƐƚŝŽŶĂďůĞŐŽůĚŵŝŶŝŶŐƉƌŽũĞĐƚŝŶZŽŵĂŶŝĂJE(!
-O$! <&'A! =%! K#&>FZ&#$>'Rj@>K$)#@KR! '&>! [$! $VZ<&@>$S! [R! KO$! G$>K&<@KR! =%! KO$!
b=N#>&<@FKF! =%! KO$! HXXXF! )$>$#&K@=>6! ^O=! &#$! A>=^>! K=! )@\$! @>! K=! KO$! [NF@>$FF!
S$G&>SF!=%!KO$!G$S@&!K#NFKF!KO$R![$<=>)!K=(!-O$!S@)@K&<!G$S@NG!@F!NF$S![R!,=G&>@&>!
ŽŶůŝŶĞ ũŽƵƌŶĂůŝƐƚƐ ĨŽƌ ͞ŝŶĐƌĞĂƐŝŶŐ ƚŚĞ ĂƌƌĂLJ ŽĨ ŵŽŶĞLJBG&A@>)! \$O@'<$F! K=! KO$!
S$K#@G$>K!=%!@>'#$&F@>)!KO$!Z<&K%=#GF!%=#!ƐŽĐŝĂůůLJƌĞƐƉŽŶƐŝďůĞŵĞĚŝĂ͟JU(!!
!
dŚĞ ůŝƐƚ ĐŽŶƚĂŝŶŝŶŐ ƚŚĞ ďůŽŐŐĞƌƐ͛ ĐƌŝƚŝĐĂů ƌĞŵĂƌŬƐ ĚŝƌĞĐƚĞĚ ĂŐĂŝŶƐƚ ŽŶůŝŶĞ ũŽƵƌŶĂůŝƐƚƐ
'=N<S! )=! =>! ʹ! ĨƌŽŵ ƉůĂŐŝĂƌŝƐŵ ;͟ĐŽƉLJBƉĂƐƚĞ͟ ũŽƵƌŶĂůŝƐŵͿ ƚŽ ƵŶĂĐŬŶŽǁůĞĚŐĞĚ
'=##$'K@=>F!c'=##$'K@=>F!@>K#=SN'$S!S@#$'K<R!@>F@S$!KO$![=SR!=%!KO$!&#K@'<$6!@>FK$&S!=%!
Z#=\@S@>)! &>! $##&K&d6! %#=G! KO$! <&'A! =%! @>K$#&'K@=>! ^@KO! #$&S$#F! K=! '=>%<@'KF! =%!
@>K$#$FKF(! +<<! KO$F$! FK&>S&#SF! &#$! >$'$FF&#R! K=! $>FN#$! KO$! '#$S@[@<@KR! =%! =><@>$!
b=N#>&<@FG6! ^O@'O! O&F! [$$>! 'O&<<$>)$S! [R! [<=))$#F6! &>S! K=! =%%$#! \&<@S! &>S! NF$%N<!
@>%=#G&K@=>! K=! KO$! ZN[<@'(! ?$F@S$F! KO$! '&#$! %=#! KO$! '=GGN>@KR͛Ɛ ǁĞůĨĂƌĞ͕! @>! KO$!
ĐŽŶƚĞdžƚŽĨ͞ƚŚĞƉƌĞƐƐƵƌĞŽĨŝŵŵĞĚŝĂĐLJ͕͟ŽŶůŝŶĞũŽƵƌŶĂůŝƐƚƐŵƵƐƚĐŽŵďŝŶĞƚŚĞĐŽŶĐĞƌŶ
%=#!&''N#&'R6!KO$!FZ@#@K!=%!@>@K@&K@\$!&>S!KO$!@>`N@F@K@\$>$FF!&>S6!<&FK![NK!>=K!<$&FK6!KO$!
&[@<@KR!K=!S@F'$#>![$K^$$>!KO$!#$&<!A>=^<$S)$!=%!O=&V$F!&>S!)=FF@Z*X(!!
!
9>! KO$! <&FK! F$'K@=>6! ^$! ^@<<! >=K! =><R! &KK$GZK! K=! FNGG&#@F$! KO$! G=FK! @GZ=#K&>K!
ĂďŝůŝƚŝĞƐ Žƌ ͣǀŝƌƚƵĞƐ͟ ŽĨ ƚŚĞ ũŽƵƌŶĂůŝƐƚƐ ƚŚĂƚ ůŝǀĞ ŝŶ ƚŚĞ tĞď Ϯ͘Ϭ͘ ŐĞ͕ ďƵƚ ĂůƐŽ
@>\$FK@)&K$! @>! ^O&K! ^&R! KO$! '#@K@'@FG! [#=N)OK! [R! [<=))@>)! b=N#>&<@FKF! '=N<S! Z&#K<R!
FNZZ=#K!KO$!$KO@'!&>S!Z#=%$FF@=>&<!#$)N<&K@=>!=%!KO$!Z#$FF!c&K!<$&FK!=%!KO$!=><@>$!=>$d(!
M$!^@<<!K#R!K=!$V&G@>$! @>!^O&K!^&R6!^@KO=NK! &ZZ$&<@>)!K=!#$FK#@'K@>)!&>S!Z=<@K@'&<<R!
F$>F@K@\$!<&^F6!KO$#$!'&>!&ZZ$&#!@>>=\&K@\$!^&RF!=%!@>'N<'&K@>)!\&<N$F!&>S!Z#@>'@Z<$F!
KO&K!&#$!FZ$'@%@'!K=!S@)@K&<!b=N#>&<@FKF(!!
!
<:)!%3:7,8!/*!"13)66),3B+6!R7(3B)8!+14!"38!D).B6+37/1!?=!3:)!F6/./85:)()!
+d!".02+'*01!('2.%)20D0/0+9:!QN>'K@=>!=%!%@>&>'@&<!&>S!K$GZ=#&<!<@G@K&K@=>F6!b=N#>&<@FG!
^&F!S$%@>$S!&F!&!O&FK@<R!^#@KK$>!O@FK=#R*W(!-O$!>=\$<KR6![R!>=!G$&>!$&FR!K=!&''$ZK6!=%!
KO$! >$^!G$S@&!@F!KO&K!>=^! '=>K$>KF!&#$!>=!<=>)$#!Z$#@FO&[<$6![NK! '&>![$! &''$FF$S!
c&<G=FKd! &>R! K@G$! &>S! c&<G=FKd! &>R^O$#$(! MO@<$! @>!KO$! Z&FK6! &! #&S@=! FO=^!^&F! <=FK!
@>K=!KO@>!&@#!=>'$!@K!^&F!=\$#!&>S!Z&Z$#!F==>!%=N>S!@KF!^&R!@>K=!KO$!)&#[&)$![@>6!@>!
KO$!=><@>$!G$S@NG6!KO$!#&S@=!FO=^!'&>!>=^![$'=G$!&!Z=S'&FK!&>S!KO$!$S@K@=>!=%!KO$!
Z&Z$#! KO&K!^&F!ZN[<@FO$S!&!G=>KO!&)=![$'=G$F!`N&F@BFR>=>RG=NF!^@KO!KO$! F@K$!=%!
KO$! F&G$! >$^FZ&Z$#(! -O@F! @F! ^O&K! Z#=GZKF! KO$! NZS&K$! =#! KO$! #$\@F@=>! =%! KO$!
G&K$#@&<F!^O@'O!&ZZ$&#!@>!=><@>$!>$^FZ&Z$#F!=>'$!>$^!&>S!#$<$\&>K!@>%=#G&K@=>!O&F!
&ZZ$&#$S! =>! KO$! F&G$! K=Z@'(! 3$K&ZO=#@'&<<R! FZ$&A@>)6! @%! KO$! '<&FF@'! Z#$FF! FN%%$#$S!
ĨƌŽŵ ĂŶ ͞ĂƚƚĞŶƚŝŽŶ ĚĞĨŝĐŝƚ͟ ʹ! ^O@'O! G$&>K! KO&K! &>! @K$G! =%! >$^F! ^&F! #$&S@<R!
&[&>S=>$S! &>S! @KF! '=>F$`N$>'$F! F$<S=G! G=>@K=#$S6! SN$! K=! KO$! Z#$bNS@'$! KO&K! KO$!
ZN[<@'!^=N<S!<=F$!@>K$#$FK!F==>!&%K$#6!KO$!>$^!G$S@&!F$$G!K=!FN%%$#!%#=G!KO$!#$\$#F$!
ƚĞŶĚĞŶĐLJ͕ĂŶ͞ŽďƐĞƐƐŝǀĞB'=GZƵůƐŝǀĞ͟ŽŶĞ͗ƚŚĞďůŽŐŐĞƌ;ďƵƚĂůƐŽƚŚĞĚŝŐŝƚĂůũŽƵƌŶĂůŝƐƚͿ
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
JE
!DŝŚĂŝ 'ŽƜŝƵ͕ ΗDLJƚŚƵƐƚĞƌƐ ůĂ ZŽƕŝĂ DŽŶƚĂŶĉ͘ EŽƵĂ ĂǀĂůĂŶƕĉ ĚĞ ŵŝŶĐŝƵŶŝ ƉƵďůŝĐŝƚĂƌĞ ĚĞ ůĂ ZD'͘
ŚŝĂƌ ƉĞ ĂŝĐŝ͕ ƉĞ ZĞĂůŝƚĂƚĞĂ͘ŶĞƚ͕͟ ƉƵďůŝƐŚĞĚ ŽŶ A%K@<D/01,! cOKKZ1jj\=VZN[<@'&(#$&<@K&K$&(>$KjZ=<@K@'&B
F='@$K&K$jGRKO[NFK$#FB<&B#=F@&BG=>K&>&B>=N&B&\&<&>F&BS$BG@>'@N>@BZN[<@'@K&#$BS$B<&B#G)'B'O@&#BZ$B
&@'@BZ$B#$&<@K&K$&B>$KBPEUJX(OKG<d(!
JU
!/(!Y&F@<$>S@N'!&>S!"(!:#=FF6!%.:!10+:6!Z(!EX(!
*X
!2(+(!4#&@)6!%.:!10+:L!Z(!HW(!!
*W
!4<@%%=#S! :(! 4O#@FK@&>F! '+! ,/(6! O'-0,! "+5012?! 7,2'2! ,)-! O%(,/! B',2%)0)$6! >@>KO! $S@K@=>6! /$^! 5=#A1!
"$&#F=>6!HXWW(!!
!
! ! !
ĐŽŵĞƐ ǁŝƚŚ ͞Ă ůŝŶĞĂƌ ĚŝƐĐŽƵƌƐĞ͕ ŝŶƚĞƌƚǁŝŶĞĚ ĐĂƐĞƐ ĂŶĚ ƐƚŽƌŝĞƐ͕ ǁŚŝĐŚ ƌĞƉĞĂƚ
ƚŚĞŵƐĞůǀĞƐ ĂŶĚ ďĞĐŽŵĞ ŵŽƌĞ ĐŽŵƉůĞdž ǁŝƚŚ ĞĂĐŚ ƉĂƐƐŝŶŐ ĚĂLJ͟ *H (! 2N$! K=! KO$!
Z=FF@[@<@KR!=%! '=GZ<$K@=>! &>S! FN[F$`N$>K! &SbNFKG$>K! =%! KO$! F@KN&K@=>6! KO$! F=B'&<<$S!
O&FK@<R! ^#@KK$>! O@FK=#R! FO=N<S! [$'=G$6! @>! KO$! 9>K$#>$K! &)$6! &! 'NGN<&K@\$! O@FK=#R6!
^O@'O!)#=^F!G=#$!&>S!G=#$!&''N#&K$!&>S!'#$S@[<$(!!!!
!
Q#=G!KO$!Z=@>K!=%!\@$^!=%!KO$!>$'$FF@KR!K=!#$\@F$!&>S!'=GZ<$K$!KO$!>$^F6!KO$!=><@>$!
$\$>K!#$Z=#K@>)!O&F![$)N>!K=!#$F$G[<$!F'@$>K@%@'!#$F$&#'O6!F@>'$!@K!#$`N@#$F!KO$!F&G$!
KRZ$! =%! @>K$<<$'KN&<! \@#KN$F(! 9>! KO$! '&F$! =%! <&[! @>\$FK@)&K@=>F6! [$F@S$F! ZORF@'&<! FA@<<F6!
ƐƵĐŚ ĂƐ ǀŝƐƵĂů ĂĐƵŝƚLJ ;ǁŚŝĐŚ ŝƐ Ă ƌĞƋƵŝƌĞĚ ͣƐĞŶƐŽƌŝĂů͟ ǀŝƌƚƵĞͿ͕ ƚŚĞ ƐƚƌĞƐƐ ĨĂůůƐ ŽŶ! KO$!
&[@<@K@$F! KO&K! Z$#K&@>! K=! S$K$#G@>&K@=>! &>S! @>`N@F@K@\$>$FF1! &! FO&#Z! FZ@#@K! =%!
=[F$#\&K@=>6!&>!=Z$>!G@>S!%#=G!&>!@>K$<<$'KN&<!Z=@>K!=%!\@$^!cKO$!&[@<@KR!=%!&''$ZK@>)!
KO&K!R=N#!ORZ=KO$F@F!@F!^#=>)d6!KO$!'&#$!%=#!KO$!'O$'A@>)!=%!KO$!S&K&6!Z$#F$\$#&>'$!c&!
'=>K@>N&<! &'KN&<@D&K@=>! =%! R=N#! A>=^<$S)$d(! +<<! KO$F$! FA@<<F6! ^O@'O! )N&#&>K$$!
ƉƌŽĨĞƐƐŝŽŶĂů ĞdžĐĞůůĞŶĐĞ ŝŶ ƚŚĞ ĨŝĞůĚ ŽĨ ƌĞƐĞĂƌĐŚ͕ ĐŽŶƚƌŝďƵƚĞ ƚŽ ͞ŽƵƌ ('/0,D0/0+9! ,2!
,$')+2͖ƚŚĞLJĞŶĂďůĞƵƐƚŽĚĞƉůŽLJƌĞůŝĂďůĞĨĂĐƵůƚŝĞƐĂŶĚŵĞĐŚĂŶŝƐŵƐƚŽŐŽŽĚĞĨĨĞĐƚ͟*L(!
dŚĞƐĞ ͞ŝŶƚĞůůĞĐƚƵĂů ǀŝƌƚƵĞƐ͟ ĂƌĞ ŶŽƚ ƌĞƋƵŝƌĞĚ ŽŶůLJ ŝŶ ƚŚĞ ĐĂƐĞ ŽĨ ƉŚLJƐŝĐŝƐƚƐ Žƌ
ďŝŽůŽŐŝƐƚƐ͘ dŚĞLJ ƐŚŽƵůĚ ďĞ ĂůƐŽ ƐŚĂƌĞĚ ďLJ ĂŶŽƚŚĞƌ ƚLJƉĞ ŽĨ ͞ĂŐĞŶƚ͕͟ ǁŚŽ ŝƐ ĂůƐŽ ŝŶ
ZN#FN@K! =%! KO$! K#NKO6! >&G$<R! KO$! b=N#>&<@FK(! 9>! KO$! '&F$! =%! KO$! =><@>$! b=N#>&<@FK6!
Z$#F$\$#&>'$!cKO$! >$^F!NZS&K$d! &>S!&!Z#$=''NZ&K@=>!%=#!&>!&KK$>K@\$!F=N#'$!'O$'A!
c%#=G! [<=)! )=FF@Z! K=! %&A$! FK&K$G$>KFd! &'`N@#$F! >$^! S@G$>F@=>F! ^O@'O! S@S! >=K!
'O&#&'K$#@D$! '<&FF@'! b=N#>&<@FG6! ^O$#$! KO$! F=N#'$F! c%&V$F6! ZO=>$! '&<<F6! Z#$FF!
'=>%$#$>'$Fd!^$#$!NFN&<<R!G=#$!#$<@&[<$(!!!
!
M@KO=NK! S$>R@>)! KO$! @GZ=#K&>'$! =%! '=N#&)$6! =%! O=>$FKR6! @GZ&#K@&<@KR6! F$&#'O! %=#!
ũƵƐƚŝĐĞ Žƌ ŝŶǀŽůǀĞŵĞŶƚ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͛Ɛ ĐĂƵƐĞƐ ;ĨŽƌ ƚŚĞ ŐƌĞĂƚĞƌ ŐŽŽĚͿ Žƌ ŽĨ ƚŚĞ
#$FZ$'K!%=#!K#&S@K@=>*J6!^$![$<@$\$!KO&K!KO$!Z&FF&)$!%#=G!'<&FF@'!b=N#>&<@FG!K=!KO$!>$^!
G$S@&!#$`N@#$F6!&[=\$!&<<6!KO$!FK#$>)KO$>@>)!&>S!K#&@>@>)!=%!K^=!Z#=%$FF@=>&<!\@#KN$F!
ƚŚĂƚĂƌĞƐĞƉĂƌĂƚĞLJĞƚŝŶƚĞƌƚǁŝŶĞĚ͗ŽŶƚŚĞŽŶĞŚĂŶĚƚŚĞůŽLJĂůƚLJƚŽǁĂƌĚƐŽŶĞ͛ƐƉƵďůŝĐ
c&! \@#KN$! KO&K! O&F! [$'=G$! @>'#$&F@>)<R! >$'$FF&#R! @>! KO$! '=>K$VK! =%! &>! @>'#$&F$S!
@>K$#&'K@\@KR! [$K^$$>! b=N#>&<@FKF! &>S! #$&S$#F6! &F! #$&S$#F! &#$! &[<$! K=! Z=FK! KO$@#!
=Z@>@=>F! &K! KO$! $>S! =%! KO$! =><@>$! &#K@'<$d6! =>! KO$! =KO$#! O&>S6! ^O&K! ^$! '=N<S! '&<<!
ͣĞƉŝƐƚĞŵŝĐ ƌĞƐƉŽŶƐŝďŝůŝƚLJ͟**͘ dŚĞ ůĂƚƚĞƌ ĂĐƚƵĂůůLJ ĐŽŵƉƌŝƐĞƐ ƐĞǀĞƌĂů ŝŶƚĞůůĞĐƚƵĂů ͣƐƵďB
ǀŝƌƚƵĞƐ͕͟ ƐŽŵĞ Ž%! ^O@'O! ^$#$! &<#$&SR! S@F'NFF$S! @>! KO$! Z#$\@=NF! F$'K@=>F(! -O$!
ũŽƵƌŶĂůŝƐƚ͛Ɛ ƐŬĞƉƚŝĐŝƐŵ ŽĨ ƚŚĞ ƉŽƐƐŝďůĞ ͣƚƌĂƉƐ͟ ƐĞƚ ďLJ ƉŽůŝƚŝĐŝĂŶƐ Žƌ ďLJ ƚŚŽƐĞ ŝŶ ƚŚĞ
&S\$#K@F@>)![NF@>$FF6!KO$@#!G=S$FKR!cKO$!&\&@<&[@<@KR!K=!'=##$'K!KO$@#!#$Z=#KFd6![NK!&<F=!
KO$!O=>$FKR!cK#&>FZ&#$>'Rd!&>S!KO$!'#$S@[@<@KR!=%%$#$S![R!KO$!&''N#&'R!&>S!&KK$>K@\$!
@>%=#G&K@=>!'O$'A*P!&#$!&<<!@>K$<<$'KN&<!\@#KN$F!$FF$>K@&<!%=#!&>R!b=N#>&<@FK@'!)$>#$6![NK6!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
*H
!/͘ŽŵĉŶĞƐĐƵ͕ƵŵƐĉĚĞǀŝŝƵŶEŝŵĞŶŝ͕!Z(!WJP(!+>!$V&GZ<$!@>!KO@F!#$FZ$'K!@F!KO$!K$GZ=#&#R!&SS@>)!@>!
KO$! S@)@K&<! <&R=NK! =%! ,=G&>@&>! >$^FZ&Z$#F! cĚĞǀĉƌƵů͕ ǀĞŶŝŵĞŶƚƵů ŝůĞŝd! =%! >$^! F$'K@=>F6! [$F@S$F! KO$!
K#&S@K@=>&<!=>$F!c"=<@K@'F6!;='@$KR6!+#K!u!4N<KN#$6!;Z=#Kd!'$>K$#@>)!=>!KO$!#$Z=#K!=%!G=#$!'=GZ<$V!$\$>KF!
=#!FK=#@$F!FK#$K'O@>)!=>!F$\$#&<!S&RF!c&!%&G=NF!%@<G!%$FK@\&<6!&!F$#@$F!=>!KO$!#$'$>K!O@FK=#R!=%!,=G&>@&>!
4=GGN>@FG6!$K'(d(!!
*L
!ŚƌŝƐƚŽƉŚĞƌ ,ŽŽŬǁĂLJ͕ ͞,Žǁ ƚŽ ďĞ Ă sŝƌƚƵĞ ƉŝƐƚĞŵŽůŽŐŝƐƚ͕͟ ŝŶ D͘ ĞWĂƵů ĂŶĚ >͘ ĂŐnjĞďƐŬŝ ;ĞĚƐ͘Ϳ͕
6)+'//'1+<,/!A0(+<':!@'(2.'1+0&'2!4(%*!"+5012!,)-!".02+'*%/%$96!.V%=#S1!4<&#$>S=>!"#$FF6!HXXL6!Z(!WEE(!
*J
!2&>! :@<<G=#6! I'! +5'! O'-0,:! ](,22(%%+2! M%<(),/02*! D9! +5'! @'%./'! 4%(! +5'! @'%./'6! ;$[&FK=Z=<6! 4&(1!
K͛ZĞŝůLJDĞĚŝĂ͕ϮϬϬϰ͕Ɖ͘ϭϯϰ͘!
**
!M$! K&A$! =\$#! KO@F! '=>'$ZK! %#=G! &>! &ZZ#=&'O! =>! KO$! $KO@'F! =%! b=N#>&<@FG! [&F$S! =>! \@#KN$! $KO@'F(! +!
ĨŽƌŵĞƌ ũŽƵƌŶĂůŝƐƚ͕ ďƵƚ ĂůƐŽ Ă ƐƉĞĐŝĂůŝƐƚ ŝŶ ůĂƐĚĂŝƌ DĂĐ/ŶƚLJƌĞ͛Ɛ ƉŚŝůŽƐŽƉŚLJ͕ ^ĂŶĚƌĂ >͘ ?=#S$>! NF$F! KO$!
ƚĞƌŵ ͞ĞƉŝƐƚĞŵŝĐ ƌĞƐƉŽŶƐŝďŝůŝƚLJ͟ ŝŶ ŽƌĚĞƌ ƚŽ ƌĞĨĞƌ ƚŽ Ă ŐƌŽƵƉ ŽĨ ŝŶƚĞůůĞĐƚƵĂů ǀŝƌƚƵĞƐ͕ ǁŚŝĐŚ ƌĂŶŐĞ ĨƌŽŵ
O=>$FKR!&>S!'#$S@[@<@KR!K=!KO$!^@<<@>)>$FF!K=!Z#=\@S$!KO$!@>%=#G&K@=>!>$'$FF&#R!%=#!KO$!%<=N#@FO@>)!=%!KO$!
'=GGN>@KR!c;&>S#&!C(!?=#S$>6!M%<(),/02*!,2!@(,1+01'?!O,16)+9('L!A0(+<'!"+5012!,)-!@('226!$S(!'@K(6!Z(!*X!
$K!F`(d(!
*P
!&ŽƌƚŚĞůŝƐƚŽĨƚŚĞũŽƵƌŶĂůŝƐƚ͛ƐŝŶƚĞůůĞĐƚƵĂůǀŝƌƚƵĞƐƐĞĞ^͘>͘ŽƌĚĞŶ͕%.:!10+:L!ZZ(!WIBHX(!!
!
G=#$!KO&>!$\$#6!$FZ$'@&<<R!%=#!KO$!=><@>$!G$S@&(!!+<<!KO@F!'&>![$!Z<&'$S!@>!KO$!#$&<G!=%!
͞ĞƉŝƐƚĞŵŝĐ! ƌĞƐƉŽŶƐŝďŝůŝƚLJ͕͟ ŝŶ ƚŚĞ ƐĞŶƐĞ ŽĨ ĂŶ ĂďŝůŝƚLJ ƚŽ ĚŝƐĐĞƌŶ ďĞƚǁĞĞŶ ŬŶŽǁůĞĚŐĞ
&>S! #NG=N#j=Z@>@=>! &>S! K=! S$<@G@K! KO$! @>%=#G&K@=>! ^O@'O! @F! ^=#KO! KO=#=N)O!
ƌĞƐĞĂƌĐŚ͘ /Ŷ ƚŚĞ ƚĞƌŵƐ ŽĨ ǀŝƌƚƵĞ ĞƉŝƐƚĞŵŽůŽŐLJ ;>͘ ŽĚĞͿ͕ ͞ĞƉŝƐƚĞŵŝĐ ƌĞƐƉŽŶƐŝďŝůŝƚLJ͟
cFR>=>RG=NF! K=! KO$! +#@FKŽƚĞůŝĂŶ ͟ǁŝƐĚŽŵ͟Ϳ ƉƌĞƐƵƉƉŽƐĞƐ ĂŶ ĂďŝůŝƚLJ ƚŽ ƌĞĂůŝnjĞ ŚŽǁ
ƐĞƌŝŽƵƐƚŚĞĞĨĨŽƌƚŽĨŝŶƋƵŝƌLJƐŚŽƵůĚďĞ͞ďĞĨŽƌĞŝƚŝƐƌĞĂƐŽŶĂďůĞƚŽĐůĂŝŵŬŶŽǁůĞĚŐĞ͟
ĂŶĚ͟ǁŚĂƚĐŽŐŶŝƚŝǀĞĞŶĚƐĂƌĞǁŽƌƚŚƉƵƌƐƵŝŶŐ͟ŝŶŽƵƌŽǁŶŝŶƚĞƌĞƐƚ͕ďƵƚĞƐƉĞĐŝĂůůLJŝŶ
KO$!'=GG=>!@>K$#$FK!=%!&>!$>K@#$!'=GGN>@KR*I(!
!
-O$! FK#$FF! =>! @>K$<<$'KN&<! \@#KN$F! @F! K#&>F<&K$S! @>! KO$! '&F$! =%! b=N#>&<@FG! &F! &>! $VK#&!
ĚĞŐƌĞĞ ŽĨ ƉƌŽĨĞƐƐŝŽŶĂůŝnjĂƚŝŽŶ͘ dŚĞ ŝŵƉƌŽǀĞŵĞŶƚ ŽĨ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ƚŚĞ ũŽƵƌŶĂůŝƐƚ͛Ɛ
ǁŽƌŬ ĐŽŝŶĐŝĚĞƐ ŝŶ ƚŚŝƐ ĐĂƐĞ ǁŝƚŚ ĂŶ ĞƚŚŝĐƐ ŽĨ ͣŝŶƚĞůůĞĐƚƵĂů ǀŝƌƚƵĞƐ͘͟ +<=>)! ^@KO!
C@Z=\$KFAR6!^$!FK&K$!KO&K!&SS#$FF@>)!KO$!$FF$>K@&<!`N$FK@=>F!&>S!#$F@FK@>)!#NG=N#!&>S!
ŵĂŶŝƉƵůĂƚŝŽŶĂƌĞƐŬŝůůƐĞŶĂĐƚĞĚŶŽƚŽŶůLJĚƵĞƚŽĂͣĐůĞĂƌĐŽŶƐĐŝĞŶĐĞ͕͟ďƵƚŵĂŝŶůLJĚƵĞ
ƚŽ ͣƉƌŽĨĞƐƐŝŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ͘͟ dŚŝƐ ŝƐ ĂĐƋƵŝƌĞĚ ĂďŽǀĞ Ăůů ĚƵĞ ƚŽ ĂŶ ͞ŝŶƚĞ<<$'KN&<@FK!
ĞƚŚŝĐƐ͟ĐŽŶĐĞƌŶĞĚǁŝƚŚƉƌŽĨĞƐƐŝŽŶĂůŝnjĂƚŝŽŶ͕ƚŚĞƉƵƌƐƵŝƚŽĨƚƌƵƚŚĂŶĚƚŚĞĐƵƌŝŽƐŝƚLJĨŽƌ
KO$!^=#<S*E(!!!
!
HY! F!2<D2+0+<+'! 4%(!'+5012! 1%**0++''2:!-O$!@>K$#$FK@>)!@FFN$6! &K!<$&FK!%=#!,=G&>@&6!@F!
KO&K!KO$!@>K$<<$'KN&<!\&<N$F!&>S!\@#KN$F!=%!=><@>$!b=N#>&<@FG6!^O@'O!#$F@S$!^@KO@>!KO$!
Z$#@G$K$#!=%!$Z@FK$G@'!#$FZ=>F@[@<@KR6!&#$!K&A$>!@>K=!&''=N>K![R![<=))$#F!#&KO$#!KO&>!
[R!&>!$KO@'F!'=S$!=#![R!$KO@'&<![=&#SF(!-O$!HXXU!"#=%$FF@=>&<!0KO@'F!4=S$6!&S=ZK$S![R!
KO$! 4=>\$>K@=>!=%!KO$! 3$S@&! .#)&>@D&K@=>F! @>!,=G&>@&6! @>'<NS$F! 'O&ZK$#F! #$%$##@>)!
K=!KO$!'O$'A@>)!=%!@>%=#G&K@=>6!K=!Z<&)@&#@FG!=#!@>%=#G&K@=>!'=##$'K@=>F6![NK!^&F!>=K!
NZS&K$S!cNZ!K=!KO$!$>S!=%!HXWHd!K=!#$%$#!K=!=><@>$!b=N#>&<@FG*U(!0\$>!@%!@K!FK@ZN<&K$S!
KO&K!KO$!#N<$F!&>S!Z#@>'@Z<$F!=%!KO@F!'=S$!#$%$#!K=!KO$!=><@>$!G$S@NG!&F!^$<<!c&#K(!W(Ld6!
&F! <=>)! &F! %=#! KO$! ^#@KK$>! Z#$FF! cZ#@>K! &>S! =><@>$d6! KO$#$! @F! >=! $KO@'&<! &>S! >&K@=>&<!
'=N>'@<! G$&>K! K=! $>%=#'$! KO$! '=>SN'K! '=S$6! FN'O! &F6! %=#! $V&GZ<$6! KO$! "#$FF!
4=GZ<&@>K! 4=GG@FF@=>! @>! KO$! 8>@K$S! ]@>)S=G(! -ONF6! KO$! F$<%B#$)N<&K@=>! =%! KO$!
,=G&>@&>!Z#$FF!'&>>=K!%N>'K@=>!Z#=Z$#<RPX(!!!!!!
!
-O@F! @F! ^OR! ^$! [$<@$\$! KO&K! KO$! S$[&K$F! &>S! '#@K@'@FGF! KO&K! O&\$! &ZZ$&#$S! @>! KO$!
[<=)=FZO$#$! =>! KO$! <$\$<! =%! KO$! Z#=%$FF@=>&<! Z#$FF6! '=>'$#>@>)! >=K! =><R! KO$!
b=N#>&<@FKF6![NK!&<F=!KO$!&[NF@\$!G&>&)$#F!&>S!Z=<@K@'@&>F!^O=!G&>@ZN<&K$!KO$!Z#$FF6!
&#$!G$&>K!K=!'=GZ$>F&K$!%=#!'$#K&@>!)&ZF!#$)&#S@>)!KO$!@>FK@KNK@=>&<@D&K@=>!=%!G$S@&!
$KO@'Fh! S$=>K=<=)@'&<! '=S$F! O&\$! >=K! [$$>! Z#=Z$#<R! @>K$#>&<@D$S! &>S! KO$! =^>$#F! =%!
Z#$FF! K#NFKF! @>K$#%$#$! @>! KO$! $S@K=#@&<! Z#='$FF! =#! &[NF@\$<R! %@#$! KO=F$! ^O=! O&\$!
[$'=G$!&>!$>'NG[#&>'$h!KO$#$!&#$!>=!$KO@'&<!'=GG@KK$$F!%=#!KO$!^#@KK$>!Z#$FF!&>S!
<&FK6! [NK! >=K! <$&FK6! KO$#$! &#$! >=! %*D<-2*')! @>! KO$!Z#@\&K$! K#NFKF! ^O=! ^=N<S! <@FK$>!
ĂŶĚ ƌĞĂĐƚ ƚŚĞ ƉƵďůŝĐ͛Ɛ ĐƌŝƚŝĐŝƐŵ͘ tŝƚŚŽƵƚ ďĞŝŶŐ &! F$Z&#&K$! @>FK@KNK@=>! &>S! ^@KO=NK!
#$Z#$F$>K@>)! KO$! ^@<<! =%! KO$! Z$=Z<$6! [<=))@>)! b=N#>&<@FKF! &ZZ$&#! &F! &! 2<0! $')'(02!
@>FK&>'$6!Z<&'$S!F=G$^O$#$!@>![$K^$$>!KO$!Z#$FF!'=N>'@<F6!G&S$!NZ!=%!$VZ$#@$>'$S!
b=N#>&<@FKF! ^O=! S&@<R! &>&<RF$6! %=#! F@)>@%@'&>K! >$^FZ&Z$#F6! Z=FF@[<$! '=S$! \@=<&K@=>F6!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
*I
!C(!4=S$6!%.:!10+:L!Z(!JW(!
*E
!:@<<$F! C@Z=\$KFAR6! ;'! 7(`.<21</'! -<! -'&%0(:! ;^`+50i<'! 0)-%/%('! -'2! )%<&',<K! +'*.2! -`*%1(,+0i<'26!
"&#@F1!:&<<@G&#S6!WUUL(!
*U
!! 9%! ^$! <==A! &K! KO$! 7FM! "+5012! ]<0-'/0)'2L! %=#! $V&GZ<$6! ^$! ^@<<! F$$! KO&K! @K! @>'<NS$F! &! %@>&<! 'O&ZK$#!
%='NF@>)!=>!KO$!#N<$F!=%!=><@>$!b=N#>&<@FG!&>S!=>!KO$!^&R!@>!^O@'O!Z#@>'@Z<$F!&ZZ<R!@>!KO@F!'=>K$VK!!cF$$!
7FM! "+5012! ]<0-/0)'26! ZN[<@FO$S! =>! OKKZ1jjbBF=N#'$('&j&#K@'<$j'&bB$KO@'FB)N@S$<@>$Fd(! -O$! "#=%$FF@=>&<!
0KO@'F!4=S$!%=#!KO$!,=G&>@&>!"#$FF!'&>![$!%=N>S!&K!!OKKZ1jj^^^(=#)&>@D&K@@G$S@&(#=(!!
PX
!;$$!4(!:O@>$&!&>S!+(!3N>)@NB"@ZZ@S@6!%.:!10+:6!Z(!LHU(!
!
! ! !
&>S! KO$! '@K@D$>! &FF='@&K@=>F! KO&K! <=S)$! '=GZ<&@>KF! =#! ^#@K$! <$KK$#F! S$Z<=#@>)! KO$!
N>$KO@'&<!S$&<@>)F!=%!KO$!Z#$FFPW(!!
!
-ONF6! [$R=>S! KO$! [$<<@)$#$>K! Z&#&S@)G! ^O@'O! =ZZ=F$F! [<=))$#F! K=! b=N#>&<@FKF6! ^$!
[$<@$\$!KO&K6!^@KO@>!KO$!,=G&>@&>!'=>K$VK6!KO$!'#@K@'&<!&KK@KNS$!'=G@>)!%#=G!KO$![<=)F!
KO&K!'$>K$#!=>!KO$!'#@K@'@FG!=%!b=N#>&<@FG!@F!&!Z=F@K@\$!KO@>)6!^O@'O!'&>!'=>K#@[NK$!K=!&!
[$KK$#! &^&#$>$FF! =%! KO$! @GZ=#K&>'$! =%! '#$S@[@<@KR! &>S! \$#&'@KR! @>! KO$! =><@>$! G$S@&6!
^O$#$!KO$!<=R&<KR!K=!&>!@>'#$&F@>)<R!S@F'#@G@>&K@>)!ZN[<@'!@F!KO$!A$R!K=!KO$!FN#\@\&<!=%!
Z#=%$FF@=>&<! b=N#>&<@FG(! ! /&KN#&<<R6! KO$! '#@K@'@FG! =>! KO$! KO$G$F! =%! $KO@'F! &>S!
Z#=%$FF@=>&<@D&K@=>! @FFN$S! [R! ^&K'OS=)! [<=))$#F! S=$F! >=K! #$Z<&'$! $KO@'&<!
'=GG@FF@=>F6![NK!'&>![$!=%!)$>N@>$!O$<Z!@>!KO$!,=G&>@&>!b=N#>&<@FK@'!$>\@#=>G$>K(!!!
!
D)*)()1,)8A!
âââ!7FM!"+5012!]<0-'/0)'2!cOKKZ1jjbBF=N#'$('&j&#K@'<$j'&bB$KO@'FB)N@S$<@>$Fd(!
âââ!M%<(),/02*!0)!+5'!G5,-%32?!85'!75,//')$'!4%(!@('22!J(''-%*!0)!B%*,)0,6!,$Z=#K!
=%!0_Q!3@FF@=>6!LBJ!Q$[#N&#R!HXWW!
cOKKZ1jj$N#=Z$(@%b(=#)j&FF$KFjS='FjHW*jWHLjHHUSXSIBULSI&I[(ZS%d(!!
ĞĞƌƐ͕ ĂǀŝĚ͘ ͟dŚĞ WƵďůŝĐ ^ƉŚĞƌĞ ŽĨ KŶůŝŶĞ͕ /ŶĚĞƉĞŶĚĞŶƚ :ŽƵƌŶĂůŝƐŵ͕͟ ŝŶ 7,),-0,)!
M%<(),/!%4!"-<1,+0%)6!HXXP(!
?$#K#&>S6!4<&NS$B_$&>(!O'-0,!"+5012!,)-!F11%<)+,D0/0+9!G92+'*26!/$^!?#N>F^@'A6!/_1!
-#&>F&'K@=>!"N[<@FO$#F6!HXXX(!
?=#S$>6! ;&>S#&! C(! M%<(),/02*! ,2! @(,1+01'?! O,16)+9('L! A0(+<'! "+5012! ,)-! @('226!
7&GZFO@#$1!+FO)&K$6!HXXI(!
?=R$#6!2=G@>@'(!͟ŝŐŝƚĂůdžƉĞƌƚŝƐĞŝŶKŶůŝŶĞ:ŽƵƌŶĂůŝƐŵ;ĂŶĚŶƚŚƌŽƉŽůŽŐLJͿ͕͟ŝŶ
F)+5(%.%/%$01,/!j<,(+'(/96!\=<NG$!ELcWd6!HXWX(!!
Śŝƌŝůĉ͕dƵĚŽƌ͘͟ϯϬϬ͘ƌĂƚĉ͕͟ϭϱDĂLJϮϬϬϴ͕8<-%(750(0/,:D/%$2.%+:1%*!
cOKKZ1jjKNS=#'O@#@<&([<=)FZ=K('=GjHXXEjX*jLXXB$#&K&(OKG<d(!
4O#@FK@&>F6!4<@%%=#S!:(!'+!,/(!O'-0,!"+5012?!7,2'2!,)-!O%(,/!B',2%)0)$6!>@>KO!$S@K@=>6!
/$^!5=#A1!"$&#F=>6!HXWW(!
ŽĚĞ͕>ŽƌƌĂŝŶĞ͘͟dŽǁĂƌĚĂ͛ZĞƐƉŽŶƐŝďŝůŝƐƚ͛ƉŝƐƚĞŵŽůŽŐLJ͕͟ŝŶ@50/%2%.59!,)-!
@5')%*')%/%$01,/!B'2',(15L!\=<(!J*6!>=!W6!;$ZK(!WUEJ(!
4=G&>6!3@O&@(!6)+(%-<1'('!t)!202+'*</!*,22#*'-0,͕ƚŚŝƌĚĞĚŝƚŝŽŶ͕/Ăƕŝ͗WŽůŝƌŽŵ͕ϮϬϬϳ͘!
ŽŵĉŶĞƐĐƵ͕/ƵůŝĂŶ͘ƵŵƐĉĚĞǀŝŝƵŶEŝŵĞŶŝ͘DĞĐĂŶŝƐŵĞůĞŶŽƚŽƌŝĞƚĉƜŝŝ͕ďƌĂŶĚƵƌŝ
ƉĞƌƐŽŶĂůĞƕŝƉŝĂƜĂŵĞĚŝĂĚŝŶZŽŵąŶŝĂ͕?N'O&#$FK1!7NG&>@K&F6!HXXU(!
ŽƵůĚƌLJ͕EŝĐŬ͘͟EĞǁKŶůŝŶĞEĞǁƐ^ŽƵƌĐĞƐĂŶĚtƌŝƚĞƌB'ĂƚŚĞƌĞƐ͕͟ŝŶEĂƚĂůŝĞ&ĞŶƚŽŶ
c$S(d6!V'3!O'-0,L!N/-!V'32:!M%<(),/02*!p!C'*%1(,19!0)!+5'!C0$0+,/!F$'6!C=F!+>)$<$F1!
;&)$!"N[<@'&K@=>F6!HXWX(!
4#&@)6!2&\@S!+(!"K1'//')1'!0)!N)/0)'!M%<(),/02*6!-O=NF&>S!.&AF6!4&(1!;&)$6!HXWW(!!
ĞƵnjĞ͕ DĂƌŬ͘ ͟:ŽƵƌŶĂůŝƐŵ͕ ŝƚŝnjĞŶƐŚŝƉ͕ ĂŶĚ ŝŐŝƚĂů ƵůƚƵƌĞ͕͟ ŝŶ ͘ WĂƉĂĐŚĂƌŝƐƐŝ ;ĞĚ͘Ϳ
M%<(),/02*! ,)-! 70+0P')250.?! V'3! F$')-,2:! /$^! 5=#A1! C&^#$>'$! 0#<[&NGj-&R<=#! &>S!
Q#&>'@F6!HXXU(!
2#&)=G@#6! 3&#@NF! &>S! 3&#A! -O=GZF=>! c$SF(d6! O,..0)$! C0$0+,/! O'-0,?! B%*,)0,6!
C=>S=>1!.Z$>!;='@$KR!Q=N>S&K@=>6!HXWX(!
ůůŝŽƚƚ͕ĞŶŝ͕͟ƐƐĞŶƚŝĂů^ŚĂƌĞĚsĂůƵĞƐĂŶĚϮϭƐƚĞŶƚƵƌLJ:ŽƵƌŶĂůŝƐŵ͕͟ŝŶC$$!M@<A@>F!
&>S!4<@%%=#S!:(!4O#@FK@&>F!c$SF(d!85'![,)-D%%>!%4!O,22!O'-0,!"+50126!/$^!5=#A!j!
C=>S=>6!,=NK<$S)$6!HXXU(!
Q@S<$#6!,=)$#(!O'-0,*%(.5%202:!a)-'(2+,)-0)$!V'3!O'-0,L!-O=NF&>S!.&AF6!4+1!"@>$!
Q=#)$!"#$FF1!WUUI(!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
PW
!! ,$)&#S@>)! KO$! Z#$'@F$! #=<$! =%! KO$F$! @>FK&>'$F! %=#! KO$! K#&S@K@=>&<! G$S@&6! F$$! 4<&NS$B_$&>! ?$#K#&>S6!
O'-0,!"+5012!,)-!F11%<)+,D0/0+9!G92+'*26!/$^!?#N>F^@'A6!/_1!-#&>F&'K@=>!"N[<@FO$#F6!HXXX6!ZZ(!WXIBWWW(!!
!
&ƌŝĞĚůĂŶĚ͕>ĞǁŝƐ͕ĂŶĚEĂŬŚŽ<ŝŵ͘͟ŝƚŝnjĞŶ:ŽƵƌŶĂůŝƐŵ͕͟ŝŶŚƌŝƐƚŽƉŚĞƌ,͘^ƚĞƌůŝŶŐ
c$S(d6!")191/%.'-0,!%4!M%<(),/02*L!C=F!+>)$<$F1!;&)$!"N[<@'&K@=>F6!HXXU(!
Q#@$>S6!4$'@<@&6!&>S!_&>$!?(!;@>)$#(!N)/0)'!M%<(),/02*!"+5012:!8(,-0+0%)2!,)-!
8(,)20+0%)26!/$^!5=#A1!3(0(!;O&#Z$6!HXXI(!
:O@>$&6!4#@FK@&>!&>S!+<@>&!3N>)@NBWŝƉƉŝĚŝ͘͟dŚĞĐĂƐĞŽĨZŽŵĂŶŝĂ͕͟ŝŶƚŚĞDĞĚŝĂĚĞŵ
4=>F=#K@NG!#$Z=#K!O'-0,!.%/010'2!,)-!('$</,+%(9!.(,1+01'2!0)!,!2'/'1+'-!2'+!%4!
"<(%.',)!1%<)+(0'2L!85'!"a!,)-!+5'!7%<)10/!%4!"<(%.'L!='K=[$#!HXWX!
cOKKZ1jj^^^(G$S@&S$G($<@&G$Z()#j^ZB'=>K$>KjNZ<=&SFjHXWXjX*j?9,(ZS%d(!
'ŽƜŝƵ͕DŝŚĂŝ͘͟DLJƚŚƵƐƚĞƌƐůĂZŽƕŝĂDŽŶƚĂŶĉ͘EŽƵĂĂǀĂůĂŶƕĉĚĞŵŝŶĐŝƵŶŝƉƵďůŝĐŝƚĂƌĞ
S$! <&! ,D'͘ ŚŝĂƌ ƉĞ ĂŝĐŝ͕ ƉĞ ZĞĂůŝƚĂƚĞĂ͘ŶĞƚ͕͟ A%K@<D/01,!
cOKKZ1jj\=VZN[<@'&(#$&<@K&K$&(>$KjZ=<@K@'&BF='@$K&K$jGRKO[NFK$#FB<&B#=F@&BG=>K&>&B
>=N&B&\&<&>F&BS$BG@>'@N>@BZN[<@'@K&#$BS$B<&B#G)'B'O@&#BZ$B&@'@BZ$B#$&<@K&K$&B>$KB
PEUJX(OKG<d(!
'ƵƜƵB-NS=#6!2=#@>&(!V'3!O'-0,6!F$'=>S!$S@K@=>6!?N'O&#$FK1!-#@K=>@'6!HXXE!
7$>S#@'AƐŽŶ͕ >ĂƵƌĂ͘ ͟WƌĞƐƐ WƌŽƚĞĐƚŝŽŶ ŝŶ ůŽŐŽƐƉŚĞƌĞ͗ ƉƉůLJŝŶŐ Ă &ƵŶĐƚŝŽŶĂů
ĞĨŝŶŝƚŝŽŶŽĨ͛WƌĞƐƐ͛ƚŽEĞǁƐtĞď>ŽŐƐ͕͟ŝŶDĂƌŬdƌĞŵĂLJŶĞ͕H/%$$0)$L!70+0P')250.!,)-!
J<+<('!%4!O'-0,L!/$^!5=#A1!,=NK<$S)$j-&R<=#!u!Q#&>'@F!:#=NZ6!HXXI(!
,ŽŽŬǁĂLJ͕ ŚƌŝƐƚŽƉŚĞƌ͘ ͟,Žǁ ƚŽ ďĞ Ă sŝƌƚƵĞ ƉŝƐƚĞŵŽůŽŐŝƐƚ͕͟ ŝŶ D͘ ĞWĂƵů ĂŶĚ >͘
l&)D$[FA@! c$SF(d6! 6)+'//'1+<,/! A0(+<':! @'(2.'1+0&'2! 4(%*! "+5012! ,)-! ".02+'*%/%$96!
.V%=#S1!4<&#$>S=>!"#$FF6!HXXL(!
:@<<G=#6! 2&>(! I'! +5'! O'-0,:! ](,22(%%+2! M%<(),/02*! D9! +5'! @'%./'! 4%(! +5'! @'%./'6!
;$[&FK=Z=<6!4&(1!K͛ZĞŝůLJDĞĚŝĂ͕ϮϬϬϰ!
BBB͘͟dŽǁĂƌĚĂ;EĞǁͿDĞĚŝĂ>ŝƚĞƌĂĐLJŝŶĂDĞĚŝĂ^ĂƚƵƌĂƚĞĚtŽƌůĚ͕͟ŝŶ͘WĂƉĂĐŚĂƌŝƐƐŝ͕
$S(6! M%<(),/02*! ,)-! 70+0P')250.?! V'3! F$')-,2:! /$^! 5=#A1!C&^#$>'$! 0#<[&NGj-&R<=#!
&>S!Q#&>'@F6!HXXU!
C@Z=\$KFAR6! :@<<$F(! ;'! 7(`.<21</'! -<! -'&%0(:! ;^`+50i<'! 0)-%/%('! -'2! )%<&',<K! +'*.2!
-`*%1(,+0i<'26!"&#@F1!:&<<@G&#S6!WUUL(!
DĂĐ<ŝŶŶŽŶ͕ZĞďĞĐĐĂ͘͟ůŽŐŐŝŶŐ͕:ŽƵƌŶĂůŝƐŵΘƌĞĚŝďŝůŝƚLJ͘ĂƚƚůĞŐƌŽƵŶĚĂŶĚŽŵŵŽŶ
'ƌŽƵŶĚ͕͟ϮϬϬϱƌĞƉŽƌƚ
cOKKZ1jj'R[$#(<&^(O&#\&#S($SNjZN[<@'&K@=>FjHXX*j?<=))@>)y_=N#>&<@FGy4#$S@[@<@KRd(!
DĂƚĞŝ͕^ŽƌŝŶĚĂŵ͘͟ϱϬйĚŝŶƌŽŵąŶŝĂũƵŶŐĞƉĞEĞƚ͘DŝƌĐĞĂĂĚĞĂŠŝŠŶƚąŵƉŝŶĉ͕͟
@,$0)0:1%*6!E!;$ZK$G[$#!HXXU!cOKKZ1jj^^^(Z&)@>@('=Gj[<=)jHXXUjXUjXEj#=G&>@@B
&bN>)BZ$B>$KBS@>B'$B@>B'$BG&@BS$FBN>S$B@@B&FK$&ZK&BG@#'$&B[&S$&d(!
DĉƌƵƜĉ͕DŝŚŶĞĂ͘͟ZĞǀŽůƵƜŝĂďŝŽŐƌĂĨŝĐĉ͕͟ŽƌĂůĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ůƵũ͕ϮϳKĐƚŽďĞƌϮϬϭϭ
cOKKZ1jjG@O>$&G&#NK&(#=jHXWWjWXjHEj#$\=<NK@&B[@=)#&%@'&jd(!
EŝƐƚŽƌĞƐĐƵ͕ŽƌŶĞů͘͟ZŽŵąŶŝĂ͕ŠŶƚƌĞďůŽŐŐĞƌŝƕŝũƵƌŶĂůŝƕƚŝ͕͟7%+0-0,)</:(%6!HI!+Z#@<!HXWX!
cOKKZ1jj^^^('=K@S@&>N<(#=j#=G&>@&B@>K#$B[<=))$#@BF@BbN#>&<@FK@BWWLLHWd(!
WĞƚĐƵ͕ sĂůŝ ͟ŽƐŽ͘͟ ͞^ƚĂƌĞĂ ũƵƌŶĂůŝƐŵƵůƵŝ ŽŶůŝŶĞ ƌŽŵąŶĞƐĐ͕͟ ƉĞƌƐŽŶĂů ďůŽŐ͕ ϮϮ :ƵŝŶ
HXWW!cOKKZ1jj^^^(D=F=(#=jFK&#$&BbN#>&<@FGN<N@B=><@>$B#=G&>$F'BHXWWd(!
WŚŝůůŝƉƐ͕ŶŐĞůĂ͘͟KůĚ^ŽƵƌĐĞƐ͗EĞǁŽƚƚůĞƐ͕͟ŝŶEĂƚĂůŝĞ&ĞŶƚŽŶ;ĞĚ͘Ϳ͕V'3!O'-0,L!N/-!
V'32:! M%<(),/02*! p! C'*%1(,19! 0)! +5'! C0$0+,/! F$'6! C=F! +>)$<$F1! ;&)$! "N[<@'&K@=>F6!
HXWX(!
ZĞĞƐĞ͕^ƚĞƉŚĞŶ͘ĞƚĂůŝŝ͘͟DĂƉƉŝŶŐƚŚĞůŽŐŽƐƉŚĞƌĞ͘WƌŽĨĞƐƐŝŽŶĂůĂŶĚŝƚŝnjĞŶB?&F$S!
DĞĚŝĂŝŶƚŚĞ'ůŽďĂůEĞǁƐƌĞŶĂ͕͟M%<(),/02*L!\=<(!EcLd6!HXXI(!
,@$%%$<6!,ÖGR6!G%10%/%$0'!-'2!*`-0,2L!"&#@F1!0<<@ZF$F!"N[<@FO@>)6!HXXW(!
^ƵƌƵŐŝƵ͕ ZŽŵŝŶĂ ĂŶĚ ZĂůƵĐĂ ZĂĚƵ͕ ͟/ŶƚƌŽĚƵĐŝŶŐ EĞǁ dĞĐŚŶŽůŽŐŝĞƐ ŝŶ DĞĚŝĂ
ŽŵƉĂŶŝĞƐĨƌŽŵZŽŵĂŶŝĂ͕WŽƌƚƵŐĂůĂŶĚLJƉƌƵƐ͘ŽŵƉĂƌĂƚŝǀĞƉƉƌŽĂĐŚ͕͟ŝŶB'&02+,!
ZŽŵąŶĉĚĞ:ƵƌŶĂůŝƐŵƕŝŽŵƵŶŝĐĂƌĞ͕LcJd6!HXXU(!
-&ZF'=KK6! 2=>(! ](%3)! a.! C0$0+,/?! [%3! +5'! V'+! ]')'(,+0%)! 02! 75,)$0)$! 9%<(! I%(/-L!
/$^!5=#A1!3':#&^!7@<<6!HXXE(!
sĂƐŝůĞŶĚŝƵĐ͕EĂƚĂůŝĂĂŶĚWĞƚĞƌ'ƌŽƐƐ͕͟EĞǁdĞĐŚŶŽůŽŐLJ͕ŶĞǁƉƌŽĨĞƐƐŝŽŶĂůƉƌĂĐƚŝĐĞƐ͗
ƐƚƵĚLJŽŶZŽŵĂŶŝĂŶŶĞǁŵĞĚŝĂ͕͟ŝŶ7%*<)01,+0e)!W!G%10'-,-6!\=<(!aaY6!>NG!W6!HXWH(!
!
! ! !
!!
!
D).B6+37/1!/*!,/22B17,+37/1!71!6+371!+2)(7,+K!85+71!+14!5/(3B.+6A!
/0)(07)9!/*!3:)!5(/**)887/1+6!,/4)8!/*!)3:7,8!
!
3&#T&!+>K=>@$K&!,$[$@<!4=#$<<&1!
!
!
>?83(+,3!
9%!Z#=%$FF@=>&<!$KO@'F!@F!S$%@>$S!&F!gKO$!F$K!=%!Z#@>'@Z<$F6!&KK@KNS$F6!\@#KN$F!&>S!$KO@'&<!
FK&>S&#SF! &>S! FZ$'@%@'! ^&RF! K=! bNS)$! KO$! $KO@'&<! '=>SN'K! KO&K! 'O&#&'K$#@D$F! &!
Z&#K@'N<&#!)#=NZ!=%!Z#=%$FF@=>&<Fg!c"#&S=6!WUUU6!Z(!HIdh!@>!KO$!'&F$!=%!'=GGN>@'&K=#F!
@K!@F!$FF$>K@&<!>=K!=><R!K=!&'K!@>!&''=#S&>'$!^@KO!KO$F$!Z#@>'@Z<$F6![NK!$\$>!K=!$>FN#$!
KO$!'=GZ<@&>'$!=%!KO$!F&G$!@>!KO$!@>FK@KNK@=>F!%=#!^O@'O!KO$R!^=#A(!!
-O$! Z#=%$FF@=>&<F! <@>A$S! K=! KO$! '=GGN>@'&K@=>! %@$<S! ^=#A! ^@KO! G$FF&)$F! KO&K! '&>!
&%%$'K! Z$#'$ZK@=>! c?<eD`N$D6! WUUJd6! &>S! %=#! KO&K! #$&F=>! S$=>K=<=)@'&<! $KO@'F! @F! \$#R!
FN@K&[<$!%=#!$FK&[<@FO@>)!)N@S$<@>$F!%=#!KO$!Z$#%=#G&>'$!=%!KO$!Z#=%$FF@=>(!?&F$S!=>!
KO$!%=#$)=@>)6!KO@F!#$F$&#'O!=%%$#F!&>!=\$#\@$^!=%!KO$!&ZZ<@'&K@=>!=%!$KO@'&<!Z#@>'@Z<$F!
@>! KO$! =#)&>@D&K@=>F! KO&K! &#$! #$<&K$S! ^@KO! b=N#>&<@FKF! &>S! '=GGN>@'&K=#F! @>! C&K@>!
+G$#@'&6! ;Z&@>! &>S! "=#KN)&<1! Z#=%$FF@=>&<! &FF='@&K@=>F6! '@\@<! F='@$KR! =#)&>@D&K@=>F!
O&\@>)! &>! =[F$#\$#! FK&KNF! @>! KO$! $KO@'&<! &FZ$'KF! =%! '=GGN>@'&K@=>6! K#&S$! N>@=>!
[=S@$F!&>S!ZN[<@'!&>S!Z#@\&K$!G$S@&(!!
!
@)=! P/(481! $KO@'F6! S$=>K=<=)R6! C&K@>! +G$#@'&6! ;Z&@>! &>S! "=#KN)&<6! &FF='@&K@=>F6!
G$S@&(!!
!
!
"13(/4B,37/1! !
9>!#$'$>K!S$'&S$F!KO$!'O&<<$>)$!=%!@GZ<$G$>K@>)!$KO@'F!K=!KO$!Z#=[<$GF!Z#$F$>K$S![R!
KO$!F='@&<!#$&<@KR!O&F!G&S$!F$\$#&<!KO@>A$#F!#$KN#>!KO$@#!)&D$F!K=^&#S!'=>%#=>K@>)!KO@F!
'O&<<$>)$(! +G=>)! =KO$#! @FFN$F6! KO$! Z#=[<$G! =%! KO$! G$S@&! &>S! KO$! 9>K$#>$K6! @KF!
)#=^@>)! @>%<N$>'$6! &>S! KO$! >$$S! K=! %@>S! ^&RF! %=#! KO$@#! F='@&<! Z#&'K@'$F! KO&K! &#$!
>&##=^$#! @>! $KO@'F! &>S! S=! >=K! =><R! F$$A! =NK! $'=>=G@'! )&@>F! &>S! =%! Z=^$#6! @K! O&F!
)$>$#&K$S!KO$!>$$S!K=!'#$&K$!&!F$K!=%!&)$>'@$F!&>S!F='@&<!&)$>KF!KO&K!=\$#F$$!KO@F!@>!
F='@$KR(!-O$F$!F='@&<!&)$>KF!O&\$!)$>$#&K$S!&!F$#@$F!=%!%=#GF!=%!&'K@=>6!&>S!\&#@=NF!
%=#GF!=%! #$)N<&K@=>!KO&K! '=N>K$#&'K! KO$! >$)&K@\$! @GZ&'K! =%! KO$!G$S@&! &>S! $>O&>'$!
KO$! Z=F@K@\$! @>%<N$>'$! =%! KO$! F&G$! @>! F='@$KR(! ;=G$! $V&GZ<$F! =%! KO$F$! &'K@=>F! &#$1!
G$S@&!$SN'&K@=>6!KO$!'=>K$>K!'<&FF@%@'&K@=>6!KO$!=#)&>@D&K@=>!=%!'@\@<!F='@$KR6!&>S!$\$>!
Z#$F$>KBS&R!&FZ$'KF!=%!#$)N<&K@=>!&>S!F$<%B#$)N<&K@=>(!!
!
-O$!ZN#Z=F$!=%!KO@F!^=#A!@F!K=!Z#=\@S$!&!S$F'#@ZK@=>!&>S!&>&<RF@F!=%!@KF!$V@FK$>'$!&>S!
'=>K$>K! @>! <@)OK! =%! KO$! Z#@>'@Z<$F! =%! KO$! 8/0;4.6! KO$! 9>K$#>&K@=>&<! 4=GG@FF@=>! =%!
7NG&>! ,@)OKF! &>S! KO$! M=#<S! ;NGG@K! =>!KO$! 9>%=#G&K@=>! ;='@$KR6!$V@FK@>)! '=S$F! =%!
'=>SN'K! @>! KO$! C&K@>! +G$#@'&6! ;Z&@>! &>S! "=#KN)&<! ,$)@=>! @>! %=N#! KRZ$F! =%!
=#)&>@D&K@=>F! KO&K! &#$! #$<&K$S! K=! KO$! G$S@&1! '@\@<! &FF='@&K@=>F6! Z#=%$FF@=>&<!
&FF='@&K@=>F6! G$S@&! K#&S$! N>@=>F! &>S! KO$! G$S@&! KO$GF$<\$F(! ! Q=#! KO@F! ZN#Z=F$! &!
'=>K$>K!&>&<RF@F!=%!KO$!^$[!Z&)$F!=%!KO$F$!=#)&>@D&K@=>F!^&F!Z$#%=#G$S!&>S!^O=F$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!2@#$'K=#! =%! KO$! ,$F$&#'O! 4$>K$#! %=#! KO$! +ZZ<@$S! 4=GGN>@'&K@=>! c494+d6! ;'O==<! =%! 4=GGN>@'&K@=>6!
8>@\$#F@S&S!+>&ON&'!3ÖV@'=!/=#K$(!0V$'NK@\$!4==#S@>&K=#!=%!KO$!9>K$#>&K@=>&<!/$K^=#A!=%!9>\$FK@)&K@=>!
&>S!4=>FN<K&>'R!@>!4=GGN>@'&K@=>!c,9944d!!
&#$[$@<i&>&ON&'(GV!
!
#$FN<KF!^$#$!`N&>K@%@$S!K=!#$&'O!%@>&<!'=>'<NF@=>F!KO&K!@>S@'&K$!KO$!>$$S!K=!@>'#$&F$!
KO$! Z&#K@'@Z&K@=>! =%! KO$! '@\@<! F='@$KR! @>! KO$! ^=#A! =>! G$S@&! @>%<N$>'$! &>S! =>! KO$!
Z#=%$FF@=>&<F!^O=!^=#A!^@KO!@>%=#G&K@=>!@>!KO$!F='@$KR(!!
!
>5567)4!)3:7,8!71!,/22B17,+37/1!!
7NG&>! &'KF! O&\$! @>K$>K@=>&<@KR! cG=K@\&K@=>d! &>S! &<^&RF! O&\$! '=>F$`N$>'$F(! -O$F$!
K^=! '=>S@K@=>F! &#$! KO=F$! ^O@'O! &<<=^! KO&K! ONG&>! &'KF! '&>! O&\$! F=G$! %=#G! =%!
#$)N<&K@=>6!&>S!=%!'=N#F$6!KO&K!G&R![$!#$\@$^$S6!K#@$S!&>S!`N$FK@=>$S(!9K!@F!>=K!K=!F&R!
KO&K! &>R! =KO$#! G=K@\&K@=>! @F! $V$GZK! %#=G! [$@>)! bNS)$S6! G=#$! @%! @K! @F! &! '=>'$#K$S!
&'K@=>![R!F$\$#&<!Z$=Z<$!^@KO!&!G&FF@\$!F'=Z$6!&F!@F!KO$!'&F$!=%!&'K@=>F!KO&K!G&R!&#@F$!
%#=G!KO$!$V$#'@F$!=%!Z#=%$FF@=>&<!'=GGN>@'&K@=>(!9>!KO@F!'&F$6![=KO!KO$!Z#=%$FF@=>&<F!
&>S!KO$!@>FK@KNK@=>F!KO&K!&#$!S$S@'&K$S!K=!KO$!'=GGN>@'&K@=>!%@$<S!O&\$!K=!FK&#K!%#=G!
KO$! %&'K! KO&K! KO$@#! S$'@F@=>F! O&\$! &! \$#R! @GZ=#K&>K! #$<$\&>'$6! )@\$>! KO$! #&>)$! &>S!
<$\$<!=%!Z$>$K#&K@=>!KO&K!KO$R!O&\$!=>!KO$!S$\$<=ZG$>K!=%!KO$!'=>F'@$>'$F!=%!KO$@#!
#$FZ$'K@\$!&NS@$>'$F(!!
!
Q=#! &<<! ^O=! &#$! )&KO$#$S! O$#$! @>! KO$! ;$'=>S! 9>K$#>&K@=>&<! 4=>)#$FF! =>!
4=GGN>@'&K@=>!0KO@'F!KO$#$!&#$!%N>S&G$>K&<!`N$FK@=>F!KO&K!^$!&#$!&FA@>)!=N#F$<\$F(!
Q=#!$V&GZ<$1!O=^!&>S!^@KO!^O&K!Z#@>'@Z<$F!FO=N<S!^$!NF$!K=!Z#$Z&#$!>=#GF!KO&K!&#$!
&ZZ#=Z#@&K$!%=#!KO$!'=GGN>@'&K@=>!%@$<S(!-O$!'=>FK&>K!^@KO@>!KO$!<&FK!%$^!S$'&S$F!@F!
KO$! S$\$<=ZG$>K! =%! '=S$F! =%! '=>SN'K! KO&K! )=\$#>! KO$! Z#=%$FF@=>&<! &'K@\@KR! =%!
'=GGN>@'&K@=>6! &>S! ^@KO=NK! O&\@>)! '=GZ&#&K@\$! &>S! '#@K@'&<! ^=#A! K=! &>&<RD$! KO$!
@GZ<$G$>K&K@=>!=%!FN'O!'=S$F(!-O@F!@F!&!\$#R!@GZ=#K&>K!<&[=#!KO&K!O&F!$G$#)$S!%#=G!
KO$! F&G$! $KO@'&<! S$G&>S6! ^O@'O! @F! K=! &>&<RD$! &>S! `N$FK@=>! KO$! Z$#%=#G&>'$! =%!
'=GGN>@'&K@=>! @>FK@KNK@=>F(! ! 9%! KO@F! @F! >=K! S=>$6! $KO@'F! ^=N<S! [$! \=@S$S! SN$! K=! &!
Z#&)G&K@'!Z$#%=#G&>'$!KO&K!^=N<S!FNZZ<&>K!=KO$#!Z#@>'@Z<$F6!%=#!$V&GZ<$6!KO$!NF$!=%!
F@GZ<$!G=>$K&#R!)&@>!&F!&>!N<K@G&K$!#$%$#$>'$(!!
!
+F!FN'O6!&ZZ<@$S!$KO@'F!@>!'=GGN>@'&K@=>!O&F!&!SN&<!%@$<S!=%!'=>K$GZ<&K@=>(!Q@#FK6!KO$!
#=<$! =%! #$FZ=>F@[<$! FN[b$'KF! ^O=! '&>! [$! Z#=%$FF@=>&<F6! &NS@$>'$F6! ^=#A$#F6!
)=\$#>G$>K6!&F!^$<<!&F!KO$!F&G$!@>FK@KNK@=>F!KO&K!&#$!S$S@'&K$S!K=!'=GGN>@'&K@=>6!@>!
KO$! Z#$Z&#&K@=>! =%! KO$! '=>K$>K! &>S! 'O&>>$<F! KO&K! &#$! NF$S! K=! '=GGN>@'&K$! FN'O!
'=>K$>K(!!;$'=>S6!KO$!#$<&K@=>FO@Z![$K^$$>!'=GGN>@'&K@=>F!Z#=%$FF@=>&<F!&>S!KO$@#!
&NS@$>'$F6!^O@'O!'&>![$!'<=F$!K=!$KO@'F!=#!K=K&<<R!S$K&'O$S!%#=G!@K(!!
!
9>! &SS@K@=>6! KO$#$! &#$! $KO@'&<! %=N>S&K@=>F! KO&K! KO$! 8>@K$S! /&K@=>F! c8/d! O&S!
$FK&[<@FO$S!%#=G!KO$!2$'<&#&K@=>!=>!7NG&>!,@)OKF6!^O$#$!@K!@F!$>FO#@>$S!@>!&#K@'<$!WL6!
&F! KO$! %#$$S=G! =%! $VZ#$FF@=>! =%! &<<! Z$=Z<$(! C&K$#6! KO$! .#)&>@D&K@=>! =%! KO$! 8>@K$S!
/&K@=>F! 0SN'&K@=>&<6! ;'@$>K@%@'! &>S! 4N<KN#&<! .#)&>@D&K@=>! c8/0;4.d6! &! 8/! &)$>'R!
^O=F$! G&>S&K$! @F! K=! S$%$>S! KO$! %#$$S=G! =%! $VZ#$FF@=>! &>S! %#$$S=G! =%! KO$! Z#$FFh!
S$\$<=Z$S! &>S! '=>F=<@S&K$S! KO$! #@)OKF! &>S! SNK@$F! =%! KO$! G$S@&6! KO#=N)O! KO$!
2$'<&#&K@=>! =>! QN>S&G$>K&<! "#@>'@Z<$F! '=>'$#>@>)! KO$! 4=>K#@[NK@=>! =%! KO$! 3&FF!
3$S@&! K=! KO$! FK#$>)KO$>@>)! =%! Z$&'$! &>S! @>K$#>&K@=>&<! N>S$#FK&>S@>)6! K=! KO$!
"#=G=K@=>! =%! 7NG&>! ,@)OKF! &>S! KO$! %@)OK! &)&@>FK! #&'@FG6! &Z&#KO$@S! &>S! KO$!
@>'@K$G$>K! K=!^&#! c8/0;4.6!WUIEd!&>S!KO$!9>K$#>&K@=>&<!4=S$!=%!_=N#>&<@FK@'! 0KO@'F!
8/0;4.!cWUELd(!!
!
+>S!>=K!=><R!KO&K6!KO$!2$'<&#&K@=>!=%!"#@>'@Z<$F!=>!KO$!Q#$$S=G!=%!0VZ#$FF@=>!=%!KO$!
9>K$#B+G$#@'&>!4=GG@FF@=>!=>!7NG&>!,@)OKF!c9+47,6!HXWWd!&>S!KO$!M=#<S!;NGG@K!
=>!KO$!9>%=#G&K@=>!;='@$KR!c:$>$\&!HXXL!B!-N>@F!HXX*d!#$%<$'K!KO$!)$>N@>$!@>K$#$FK!=%!
)<=[&<!=#)&>@D&K@=>F!@>!Z#=\@S@>)!$KO@'&<!Z#@>'@Z<$F!@>!KO$!G$S@&!B!&>S!G=#$!#==K$S!@>!
!
! ! !
KO$! $V$#'@F$! =%! b=N#>&<@FG! B! K=! #$FZ=>S! K=! KO$! S$G&>SF! =%! KO$! %<=^! =%! @>%=#G&K@=>!
&>S!'N##$>K!'=GGN>@'&K@\$!Z#='$FF$F(!!
!
3&>R! '=GZ$K$>K! @>K$#>&K@=>&<! [=S@$F! @>! KO$! Z#=G=K@=>! &>S! Z#=K$'K@=>! =%! ONG&>!
#@)OKF!O&\$!#$'=)>@D$S6!^@KO!&NKO=#@KR6!KO$!%N>S&G$>K&<!ONG&>!#@)OK!=%!@>%=#G&K@=>!
&''$FF! O$<S! [R! ZN[<@'! [=S@$F6! &F!^$<<! &F! KO$! >$$S! %=#! $%%$'K@\$! <$)@F<&K@=>!K=!$>FN#$!
#$FZ$'K! %=#! KO@F! #@)OK! @>! @KF! Z#&'K@'$(! ! -O$F$! @>'<NS$! KO$! 8>@K$S! /&K@=>F6! #$)@=>&<!
ONG&>! #@)OKF! [=S@$F! &>S! G$'O&>@FGF! =%! KO$! .#)&>@D&K@=>! =%! +G$#@'&>! ;K&K$F6! KO$!
0N#=Z$&>! 4=N>'@<! &>S! KO$! +%#@'&>! 8>@=>! &>S! =KO$#! @>K$#>&K@=>&<! =#)&>@D&K@=>F! KO&K!
G&>S&K$!ONG&>!#@)OKF(!c3$>S$<6!-(6!HXXE6!Z(!Id!!
!
-O$!8>@\$#F&<!2$'<&#&K@=>!=%!7NG&>!,@)OKF!c827,d!&S=ZK$S![R!KO$!8/!@>!KO$!:$>$#&<!
+FF$G[<R!=%!WUJE!@F!'=>F@S$#$S!&F!KO$!FK&>S&#S!=>!ONG&>!#@)OKF(!+#K@'<$!WU!B![@>S@>)!
%=#!&<<!;K&K$F!N>S$#!'NFK=G&#R!@>K$#>&K@=>&<!<&^!B!)N&#&>K$$F!KO$!#@)OK!K=!%#$$S=G!=%!
$VZ#$FF@=>! &>S! @>%=#G&K@=>! @>! KO$! %=<<=^@>)! K$#GF1! $\$#R! Z$#F=>! O&F! KO$! #@)OK! K=!
%#$$S=G! =%! =Z@>@=>! &>S! $VZ#$FF@=>h! KO@F! #@)OK! @>'<NS$F! %#$$S=G! K=! O=<S! =Z@>@=>F!
^@KO=NK!@>K$#%$#$>'$!&>S!K=!F$$A6!#$'$@\$!&>S!'=>\$R!@>%=#G&K@=>!&>S!@S$&F!KO#=N)O!
&>R!G$&>F!#$)&#S<$FF!=%![=#S$#F(!c3$>S$<6!HXXE6!Z(!Ud!!
!
9>!@KF!WUUU!+>>N&<!,$Z=#K6!KO$! 9>K$#B+G$#@'&>!4=GG@FF@=>!=>!7NG&>!,@)OKF! FK&K$S!
KO$!%=<<=^@>)1!g-O$!#@)OK!=%!&''$FF!K=!=%%@'@&<!@>%=#G&K@=>!@F!=>$!=%!KO$!'=#>$#FK=>$F!=%!
&!#$Z#$F$>K&K@\$!S$G='#&'R(g!c3$>S$<6!HXXE6!Z(!WXd!
!
+>S!&F!FN'O6!KO$!"#@>'@Z<$F!KO&K!#$'=)>@D$!KO$!,@)OK!K=!9>%=#G&K@=>!&#$1!!
&(! 0\$#R! Z$#F=>! O&F! KO$! #@)OK! K=! &''$FF! K=! @>%=#G&K@=>! &[=NK! KO$GF$<%! &>S! KO$@#!
Z#=Z$#KR! @>! &>! $VZ$S@K@=NF! &>S! >=K! =>$#=NF! G&>>$#6! ^O$KO$#! @K! @F! '=>K&@>$S! @>! &!
ZN[<@'!S&K&[&F$!=#!@>!Z#@\&K$!#$'=#SF6!&>S!@%!>$'$FF&#R6!NZS&K$6!#$'K@%R!&>Sj=#!&G$>S!
@K(!!
[(! +''$FF! K=! @>%=#G&K@=>! O$<S! [R! KO$! ;K&K$! @F! &! %N>S&G$>K&<! @>S@\@SN&<! #@)OK(! ;K&K$F!
O&\$!KO$!=[<@)&K@=>!K=!)N&#&>K$$!KO$! %N<<!$V$#'@F$!=%!KO@F!#@)OK(!-O@F!Z#@>'@Z<$!&<<=^F!
=><R!$V'$ZK@=>&<!<@G@K&K@=>F!KO&K!GNFK![$!Z#$\@=NF<R!$FK&[<@FO$S![R!<&^!@>!KO$!'&F$!=%!
&!#$&<!&>S!@GG@>$>K!S&>)$#!KO&K!KO#$&K$>F!>&K@=>&<!F$'N#@KR!@>!S$G='#&K@'!F='@$K@$F(!
c3$>S$<6!HXXE6!Z(!WXd!!
?R!KO$!Z#@>'@Z<$F!F$K!%=#KO6!@K!@F!'<$&#!KO&K!KO$#$!&#$!F=<@S!%=N>S&K@=>F!K=!S$%$>S!$KO@'F!
@>! '=GGN>@'&K@=>! ^@KO@>! KO$! ONG&>! #@)OKF! %#&G$^=#A6! NZ=>! ^O@'O! <@$F! &! )$>$#&<!
&)#$$G$>K! =%! G@>@GNG! @>S@'&K=#F! KO&K! FO=N<S! [$! '=>F@S$#$S! @>! &FF$FF@>)! KO$!
Z$#%=#G&>'$!=%!@>S@\@SN&<F!&>S!@>FK@KNK@=>F!#$<&K$S!K=!'=GGN>@'&K@=>(!
!
"C ')/56)! ()85/187?6)! */(! 3:)! )3:7,+6! ().B6+37/1! 71! 3:)! ,/22B17,+37/18! *7)64A!
,7076!+88/,7+37/18K!5(/*)887/1+6!+88/,7+37/18K!2)47+!+14!3(+4)!B17/18!
Q=#! ZN#Z=F$F! =%! KO@F! #$F$&#'O6! %=N#! F='@&<! &)$>KF! &#$! K&A$>! @>K=! &''=N>K6! ^O@'O! =%!
^O=G!&#$!=#)&>@D&K@=>F!KO&K!&#$!<@>A$S!K=!KO$!G$S@&!KO&K!&>&<RD$!@KF!Z#=Z=F&<F!&>S!
\@$^!KO$!F'=Z$!=%!KO$G!@>!#$)&#SF!K=!'=S$!=%!'=>SN'K!S$\$<=ZG$>K(!!
&(! 4@\@<! +FF='@&K@=>F(! +! '@\@<! &FF='@&K@=>! KO&K! @F! N>S$#FK==S! &F! &! Z#@\&K$! <$)&<! $>K@KR!
%=#G$S![R!&!)#=NZ!=%!>&KN#&<!Z$#F=>F!cZ&#K>$#Fd!KO&K6!^@KO!KO$!Z#@=#!Z$#G@FF@=>!=%!KO$!
;K&K$6!b=@>!%=#'$F!K=!'&##R!=NK!&'K@\@K@$F!KO&K!K$>S!K=!KO$!'=GG=>!)==S6!KO$R!S=!>=K!
ZN#FN$!'=GG$#'@&<!=#!$'=>=G@'!)&@>!&>S!KO@F!@F!^OR!KO$R!&#$!&<F=!'&<<$S!>=>BZ#=%@K!
=#)&>@D&K@=>F(!c4@KR!&>S!#@)OKF6!HXWLd!!
[(!"#=%$FF@=>&<!&FF='@&K@=>F(!-O$F$!&#$!)#=NZF!KO&K!&#$!<$)&<<R!'=>FK@KNK$S6!'=GZ=F$S!
=%! Z$=Z<$! O&\@>)! KO$! F&G$! Z#=%$FF@=>! %=#! ZN#Z=F$F! #$<&K$S! K=! KO$@#! Z#=%$FF@=>&<!
&'K@\@KR(!c;='@&<!'O&>>$<6!Fj%d(!!
!
'(!8>@=>F(!-#&S$!N>@=>F!&#$!A>=^>!&F!Z$#G&>$>K!^=#A$#!&FF='@&K@=>F!^O=F$!ZN#Z=F$!
@F! K=! S$%$>S! KO$GF$<\$F! &>S! K=! >$)=K@&K$! ^@KO! $GZ<=R$#F! =>! ^&)$F! &>S! =KO$#!
^=#A@>)!'=>S@K@=>F!KO&K!&#$!%&\=#&[<$!K=!KO$@#!)N@<S(!c"&GZ@<<s>6!,(6!HXXId!!
S(!3$&>F!=%!'=GGN>@'&K@=>(!+#$!ZN[<@'!=#!Z#@\&K$!=#)&>@D&K@=>F!KO&K!O&\$!FRFK$GF!@>!
Z<&'$!%=#!KO$!K#&>FG@FF@=>!=%!G$FF&)$F!KO#=N)O!^O@'O!KO$R!@>%=#G!&>S!'=GGN>@'&K$6!
=>! &! G&FF@\$! F'&<$6! K=! KO$! '=>K$GZ=#&#R! F='@$KR(! -O$@#! ZN#Z=F$F! &#$! \&#@$S! &>S!
G@V$S1! %#=G! S@FF$G@>&K@>)! @>%=#G&K@=>! =%! ZN[<@'! @>K$#$FK! K=! F$$A@>)! Z#=%@K(! cC@[#&#R!
CN@F!+>)$<!+#&>)=6!Fj%d(!
!
""C S),:+17828! 3:+3! ,/2)! ?)39))1! 8/,7+6! +,3/(8! */(! 3:)! )3:7,8K! ().B6+37/1K!
4)2/,(+37I+37/1!+14!71,6B87/1!/*!3:)!2)47+!+14!/3:)(!()6+3)4!+88/,7+37/18C!!
&(! 4=S$F! =%! $KO@'F! &>S! KO$@#! @GZ=#K&>'$(! -O$! S$=>K=<=)R! @F! &! F$K! =%! Z#@>'@Z<$F! &>S!
#N<$F!KO&K!)N@S$!Z#=%$FF@=>&<!'=>SN'K(!+!'=S$!=%!$KO@'F!@F!KO$![=SR!=%!>=#GF!KO&K!&#$!
&ZZ<@$S!K=!&!)#=NZ!=%!Z#=%$FF@=>&<F!Z$#%=#G@>)!&!#=<$!%#=G!&!F$K!=%!#N<$F(!?=KO!$KO@'&<!
'=S$F!&F!^$<<!&F!",.QQ0;;9./+C!4.20;!.Q!0-794;!'=>K&@>!G=#&<!'O&#&'K$#!Z#$'$ZKF!
^O=F$!)=&<!@F!K=!$>FN#$!O=>$FK!Z#&'K@'$!&>S!O=>=#&[<$!'=>SN'K!&G=>)!KO$!G$G[$#F!
=%!&!Z#=%$FF@=>(!M@KO!KO$!)#=^@>)!@>%<N$>'$!&>S!Z$>$K#&K@=>!=%!94-fF!=>!KO$!S@F'<=FN#$!
=%!@>%=#G&K@=>6!'=S$F!=%!$KO@'F!O&\$![$'=G$!&!F=N#'$!=%!#$F$&#'O!=>!KO$!FK&K$G$>KF!
&>S!Z#@>'@Z<$F!=%!)#$&K!@>K$#$FK!K=!Z#=%$FF@=>&<F!&F!^$<<!&F!\&#@=NF!F='@&<!&'K=#F(!9K!@F!
KO$#$%=#$! $FF$>K@&<! KO&K! =#)&>@D&K@=>F! S$\$<=Z! &>Sj=#! FK#$>)KO$>! KO$@#!
@GZ<$G$>K&K@=>!=%!KO$@#!=^>!'=S$F!=%!$KO@'F(!cY@S&<6!3(6!HXXUd!!
!
[(!0SN'&K@=>!=%!&NS@$>'$F(!MO$>!G$S@&!&NS@$>'$F!&#$!$VZ=F$S!K=!KO$F$6!KO$R!S$%@>$!
B! &''=#S@>)! K=! KO$@#! =^>! '#@K$#@&! B! KO$! G$&>@>)! =%! \&#@=NF! K$<$\@F@=>! Z#=)#&GF(!
-O$#$%=#$6!^O&K!=''N#F!@F!KO&K!&<KO=N)O!-Y!c=#!=KO$#!G$S@&d!S=$F!>=K!$SN'&K$6!KO$R!
'&>! FK@<<! <$&#>! %#=G! @K(! -O$! $SN'&K@=>! =#! Z$S&)=)R! =%! &NS@$>'$F! F$$AF! =NK! KO$!
K#&>F%=#G&K@=>!=%!KO$F$!G$S@&K@=>!Z#='$FF$F!&>S!$>#@'O$F!KO$G!KO#=N)O!^=#AFO=ZF!
&>S!'=>%$#$>'$F!@>!=#S$#!K=!%=#G!&'K@\$!&NS@$>'$Fh!KO$! #$F$&#'O!&>S!ZN[<@'&K@=>!=%!
#$Z=#KF!=>!KO$!`N&<@KR!=%!G$S@&!'=>K$>Kh!KO$!=Z$>@>)!=%!FZ&'$F!%=#!F$<%B'#@K@'@FG!@>!KO$!
G$S@&6!&G=>)!=KO$#!&'K@\@K@$F(!c.#=D'=6!:(!6HXXWd!!
!
'(! 2$%$>F$! =%! &NS@$>'$F(! -O$! @S$&! =%! &NS@$>'$! S$%$>F$! $G$#)$S! @>! ;^$S$>! &K! KO$!
[$)@>>@>)! =%! KO$! K^$>K@$KO! '$>KN#R6! S$#@\$S! %#=G! KO$! %@)N#$! &>S! %N>'K@=>F! =%! &>!
=G[NSFG&>6! ^OŽ ĂĐƚĞĚ ĂƐ ŵĞĚŝĂƚŽƌ ďĞƚǁĞĞŶ ĐŝƚŝnjĞŶƐ͛ ĂŶĚ ĚŝĨĨĞƌĞŶƚ ŝŶƐƚĂŶĐĞƐ ŽĨ
Z=<@K@'&<! Z=^$#(! -O@F! '&F$! FNGG&#@D$F! KO$! K^=! $KO@'&<! Z#@>'@Z<$F! $FF$>K@&<! K=! KO$!
=Z$#&K@=>! =%! '=GGN>@'&K@=>! G$S@&1! F$<%B#$)N<&K@=>! &>S! K#&>FZ&#$>'R! @>! KO$! F='@&<!
Z#='$FF$F! =%! ZN[<@'! @>%=#G&K@=>! G&>&)$G$>K(! -O$! ;^$S@FO! 4=N>'@<! %=#! "#$FF6!
%=N>S$S!@>!WUWP!&>S!%N>S$S![R!%=N#!Z#@\&K$!&FF='@&K@=>F!=%!b=N#>&<@FKF!^&F!KO$!%@#FK!
&)$>'R! K=! ZNK! KO$F$! Z#@>'@Z<$F! @>K=! Z#&'K@'$(! -O$F$! S$%$>S$#F! &#$! @>FK@KNK@=>F! KO&K!
O&\$! '=>K#@[NK$S! K=! KO$! =Z$>@>)! =%! '=GGN>@'&K@=>! 'O&>>$<F! &>S! &NS@$>'$!
@>K$#&'K@=>! %=#! F='@&<@D&K@=>6! S@F'NFF@=>! =%!KO$! #$<$\&>K! $KO@'&<! Z#@>'@Z<$F! &>S! '@K@D$>!
Z&#K@'@Z&K@=>6! $FZ$'@&<<R! %#=G! KO$! '=>K@>N=NF! ZN[<@'! &NS@$>'$! @>K$#\$>K@=>! KO&K!
'O&<<$>)$F! &>S! $VZ#$FF$F! BKO#=N)O! F='@&<! >$K^=#AF6! &[=\$! &<<! B! KO$@#! S@F&)#$$G$>K!
&[=NK!G&FF!G$S@&6!KO$@#!'=>K$>K6!KO$@#!#$)N<&K=#R!%#&G$^=#AF!&>S!S#@\@>)!%=#'$F6!%=#!
$V&GZ<$(!c2=#'Ö6!+(!6!Fj%d!!
!
"""C!S)3:/4/6/.=!/*!3:)!+1+6=878!^3:(/B.:!9:7,:!,+3)./(7)8!+14!8+256)8_!
&(!;&GZ<$!=%!F='@&<!&'K=#F![R!'=N>K#R!!
M$! K==A! &! F&GZ<$! =%! KO#$$! '=GGN>@'&K@=>! G$S@&6! KO#$$! Z#=%$FF@=>&<! &FF='@&K@=>F6!
KO#$$! K#&S$! N>@=>! &FF='@&K@=>F! &>S! KO#$$! '@\@<! &FF='@&K@=>F! =%! $&'O! '=N>K#R! @>! C&K@>!
+G$#@'&6!;Z&@>!&>S!"=#KN)&<(!,$)@=>&<@D&K@=>!&>S!@KF!S$>=G@>&K@=>!^&F!G&S$!=>!KO$!
[&F@F! =%! &! #$>=^>$S! FKNSR! @>! HXXU! KO&K! ^&F! G&S$! [R! 8/0;4.! &>S! Q$<&%&'F(! -O$!
!
! ! !
'=N>K#@$F! @>! KO@F! FKNSR! '=##$FZ=>S! K=! F@V! #$)@=>F! &>S! HX! '=N>K#@$F! S@FK#@[NK$S! &F! @F!
FO=^>!@>!-&[<$!W1!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!
<+?6)!Q!D).7/18!+14!,/B13(7)8!71!3:)!()8)+(,:!!T!
!
!
!
[(!4&K$)=#@$F!%=#!&>&<RF@F!!
-O$!$KO@'&<!'&K$)=#@$F!N>S$#!^O@'O!G$S@&!=#)&>@D&K@=>F!@>!C&K@>!+G$#@'&6!;Z&@>!&>S!
"=#KN)&<!^$#$!$\&<N&K$S![$<=>)!K=!KO#$$!=%!KO$!FK&K$G$>KF!=%!ONG&>!#@)OKF!Z#@>'@Z<$F!
&''$ZK$S!&>S!'=>F=<@S&K$S!@>K$#>&K@=>&<<R6!>&G$<R1!
W(!-O$#$!@F!=#!KO$#$!@F!>=K!&!4=S$!=%!0KO@'F!@>!KO$!=#)&>@D&K@=>(!!
H(!.#)&>@D&K@=>F!^O=!O&\$!@GZ<$G$>K$S!KO$! C'1/,(,+0%)!%)!J<)-,*')+,/!@(0)10./'2!
1%)1'()0)$! +5'! 7%)+(0D<+0%)! %4! +5'! O,22! O'-0,! +%! +5'! 2+(')$+5')0)$! %4! .',1'! ,)-!
0)+'(),+0%),/!<)-'(2+,)-0)$L!+%!+5'!@(%*%+0%)!%4![<*,)!B0$5+2!,)-!+5'!40$5+!,$,0)2+!
(,102*L!,.,(+5'0-!,)-!+5'!0)10+'*')+!+%!3,(!c8/0;4.6!WUIEd(L!
L(!-O$!@GZ<$G$>K&K@=>!=%!KO$!2$'<&#&K@=>!=%!"#@>'@Z<$F!=>!Q#$$S=G!=%!0VZ#$FF@=>6!=%!
KO$!9>K$#B+G$#@'&>!4=GG@FF@=>!=>!7NG&>!,@)OKF!c49276!HXXWd!@>!=#)&>@D&K@=>F(!!J!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H
!9K!FO=N<S![$!>=K$S!KO&K!>=K!&<<!'=N>K#@$F!O&\$!$&'O!KRZ$!=%!KO$!KO#$$!=#)&>@D&K@=>F!cG$S@&6!Z#=%$FF@=>&<!
&FF='@&K@=>F6! K#&S$! N>@=>F! &>S! '@\@<! &FF='@&K@=>Fd6! ^O@'O! &#$! '=>F@S$#$S! KO$! G=FK! #$Z#$F$>K&K@\$! &>S!
^O=F$!^$[!F@K$F!&#$!&\&@<&[<$(!!
L
!+#K@'<$! W(! Q#$$! '@#'N<&K@=>! &>S! ^@S$! S@FF$G@>&K@=>! =%! @>%=#G&K@=>h! +#K@'<$! H(! Q#$$S=G! =%! =Z@>@=>6!
%#$$S=G!=%!$VZ#$FF@=>!&>S!&''$FF!K=!@>%=#G&K@=>6!Z#=G=K@=>!=%!ONG&>!#@)OKF!&>S!F&%$!Z#&'K@'$h!+#K@'<$!
L(! 9>K$#>&K@=>&<! '==Z$#&K@=>! %=#! Z$&'$! &>S! Z#=G=K@=>! &>S! $>'=N#&)$G$>K! =%! ZN[<@'! Z=<@'@$F! %=#!
@>'<NF@=>6!S@\$#F@KR!&>S!>=>BS@F'#@G@>&K@=>h!+#K@'<$!J(!"#=G=K@=>!=%!'@K@D$>!Z&#K@'@Z&K@=>h!+#K@'<$!*(!,@)OK!
=%! #$Z<Rh! +#K@'<$! P(! :<=[&<! C@>A&)$! [$K^$$>! G$S@&h! +#K@'<$! I(! "#=G=K@=>! =%! &! G=#$! bNFK! &>S! $`N@K&[<$!
$'=>=G@'! =#S$#h! +#K@'<$! E(! "#=%$FF@=>&<! =#)&>@D&K@=>F6! &F! ^$<<! &F! KO$! Z$=Z<$! KO&K! Z&#K@'@Z&K$! @>! KO$!
ƉƌŽĨĞƐƐŝŽŶĂůƚƌĂŝŶŝŶŐŽĨũŽƵƌŶĂůŝƐƚƐ͙ƐŚŽƵůĚĂŐƌĞĞŽŶƚŚĞƉĂƌƚŝĐƵůĂƌŝŵƉŽƌƚĂŶĐĞŽĨƚŚĞƉƌŝŶĐŝƉůĞƐŽĨƚŚŝƐ
2$'<&#&K@=>!@>!KO$!'=S$!=%!$KO@'F!KO&K!KO$R!$FK&[<@FO!&>S!FO=N<S!$>FN#$!@KF!&ZZ<@'&K@=>(!c/=K!&ZZ<@'&[<$!K=!
FKNSRdh!+#K@'<$!U(!.Z$>>$FF!K=!$VK$#>&<!G=>@K=#@>)6!%&\=#&[<$!'=>S@K@=>F!=%!KO$!;K&K$!K=^&#S!KO$!G$S@&6!
$>'=N#&)$!&>S!S$\$<=Z!$V'O&>)$F!=%!@>%=#G&K@=>![$K^$$>![@<&K$#&<!&>S!GN<K@<&K$#&<!FK&K$F(!
J
!Q#$$S=G!=%!$VZ#$FF@=>h!%#$$S=G!=%!=Z@>@=>h!#@)OK!K=!@>%=#G&K@=>!c+#K@'<$!WUdh!KO$!&''$FF!K=!@>%=#G&K@=>!
ŝŶƚŚĞ^ƚĂƚĞ͛ƐŚĂŶĚƐŝƐĂĨƵŶĚĂŵĞŶƚĂůŝŶĚŝǀŝĚƵĂůƌŝŐŚƚ͖WƌŝŽƌĐĞŶƐŽƌƐŚŝƉ͕ŝŶƚĞƌĨĞƌĞŶĐĞŽƌĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚ
Z#$FFN#$! =>! &>R! $VZ#$FF@=>6! =Z@>@=>! =#! @>%=#G&K@=>! S@FF$G@>&K$S! \@=<&K$F! KO$! #@)OK! K=! %#$$S=G! =%!
$VZ#$FF@=>h!b=N#>&<@FK@'!&'K@\@K@$F!GNFK![$!)N@S$S![R!$KO@'&<!'=>SN'K6!^O@'O!@>!>=!'&F$!'&>![$!@GZ=F$S![R!
;K&K$Fh! Z#$'=>S@K@=>F6! FN'O! &F! K#NKO%N<>$FF6! =ZZ=#KN>@KR! =#! @GZ&#K@&<@KR! =>! Z&#K! =%! KO$! ;K&K$F! @F!
@>'=GZ&K@[<$!^@KO!KO$!!#@)OK!K=!%#$$S=G!=%!$VZ#$FF@=>h!-O$!#@)OK!=%!F='@&<!'=GGN>@'&K=#F!K=!KO$!#$F$#\$!
=%! KO$@#! F=N#'$F! =%! @>%=#G&K@=>h! GN#S$#6! A@S>&ZZ@>)6! @>K@G@S&K@=>6! KO#$&KF! K=! F='@&<! '=GGN>@'&K=#F6! &F!
^$<<!&F!KO$!S$FK#N'K@=>!=%!G&K$#@&<!=%!'=GGN>@'&K@=>!G$S@&6!\@=<&K$F!%N>S&G$>K&<!@>S@\@SN&<!#@)OKF!&>S!
F$\$#$<R!#$FK#@'KF!KO$!%#$$S=G!=%!$VZ#$FF@=>(!!9K!@F!KO$!SNKR!=%!KO$!;K&K$!K=!Z#$\$>K!&>S!@>\$FK@)&K$!KO$F$!
%&'KF6! K=! ZN>@FO! KO$@#! &NKO=#F! &>S! K=! $>FN#$! KO&K! \@'K@GF! #$'$@\$! &S$`N&K$! #$Z&#&K@=>h! Z#@\&'R! <&^F!
FO=N<S! >=K! @>O@[@K! =#! #$FK#@'K! #$F$&#'O! &>S! KO$! S@FF$G@>&K@=>! =%! @>%=#G&K@=>! =%! ZN[<@'! @>K$#$FK(! -O$!
Z#=K$'K@=>!=%!#$ZNK&K@=>F!FO=N<S![$!)N&#&>K$$S!=><R!KO#=N)O!'@\@<!F&>'K@=>F6!@>!KO=F$!'&F$F!@>!^O@'O!KO$!
Z$#F=>!=%%$>S$S!@F!&!ZN[<@'!=%%@'@&<!=#!ZN[<@'!=#!Z#@\&K$!Z$#F=>!^O=!O&F!\=<N>K&#@<R![$'=G$!@>\=<\$S!@>!
!
J(! -O$! @GZ<$G$>K&K@=>! =%! KO$! Z#@>'@Z<$F! =%! KO$! M=#<S! ;NGG@K! =>! KO$! 9>%=#G&K@=>!
;='@$KR!c:$>$\&!HXXL!B!-N>@F!HXX*d!@>!=#)&>@D&K@=>F(*!!!
9K! FO=N<S! [$! >=K$S! KO&K! F@>'$! F=G$! =%! KO$! Z#@>'@Z<$F! &#$! '=GG=>! @>! KO$! KO#$$!
FK&K$G$>KF! F$K! %=#KO6! KO$R! &#$! )#&ZO$S! &F! &! F@>)<$! '&K$)=#R(! Q=#! $V&GZ<$6! KO$!
Z#@>'@Z<$! =>! %#$$S=G! =%! $VZ#$FF@=>! @F! '=GG=>! @>! KO$! FK&K$G$>KF! =%! 8/0;4.6! KO$!
9+47,!&>S!KO$!M=#<S!;NGG@K!=>!KO$!9>%=#G&K@=>!;='@$KRh!KO$#$%=#$6!KO$!#$FN<K!=%!KO@F!
'&K$)=#R!@F!@>S@'&K$S!&F!=>$!@>S@'&K=#6!>=K!&F!KO#$$(!
!
"RC! >1+6=878! /*! 3:)! ,/22/1+6737)8! 71! 3:)! +,370737)8! ,+((7)4! /B3! ?=! 718373B37/18!
4)47,+3)4!3/!,/22B17,+37/1!71!()6+37/1!3/!3:)7(!()85),370)!+B47)1,)8C!
!
b(+5:!Q!!
%6+?/(+37/1!/*!'(/**)887/1+6!;/4)8!/*!%3:7,8!71!
;/22B17,+37/1!S)47+!V(.+17I+37/18!/*!H+371!
>2)(7,+K!E5+71!+14!'/(3B.+6!
PXt!
JXt!
HXt!
Xt!
;=NKO +>S$F! 4$>K# 3$V@' ?#&D@<! 9[$#@&!
$#>! &<! =!
4=>$! +G$#@
'&!
&>S!͙!
"$#'$>K&)$!=%!2$=>K=<=)@'&<!
LEt! H*t! WXt! WIt! JHt! JPt!
4=S$F!
!
!
9K! @F! '<$&#! KO&K! KO$! '=S$F! =%! $KO@'F! #$%<$'K! KO$! @>K$#$FKF! &>S! KO$! Z#=\$>&>'$! =%! KO$!
&FF='@&K@=>F!KO&K!Z#=G=K$!KO$G(!-O@F!O@)O<@)OKF!K#&S$!N>@=>F!&F!F='@&<!&FF='@&K@=>F!=%!
^=#A$#F!^@KO!G=#$!&S\&>'$S!S$G='#&K@'!&ZZ#=&'O$F!c:#&ZO!Wd(!!!
-O$! $V@FK$>'$! =%! '=S$F! =%! '=>SN'K! @>! \&#@=NF! &FF='@&K@=>F! #$<&K$S! K=! KO$! G$S@&! @>!
C&K@>!+G$#@'&6!;Z&@>!&>S!"=#KN)&<!@F!G$S@NGB<=^(!4=>F@S$#@>)!KO$!S@%%$#$>K!#$)@=>F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
G&KK$#F! =%! ZN[<@'! @>K$#$FKh! KO$! <&^F! KO&K! '#@G@>&<@D$! =%%$>F@\$! FZ$$'O! S@#$'K$S! K=! ZN[<@'! =%%@'@&<F6!
)$>$#&<<R!A>=^>!&F!g!<&^F!=%!'=>K$GZKg!\@=<&K$!KO$!%#$$S=G!=%!$VZ#$FF@=>!&>S!KO$!#@)OK!K=!@>%=#G&K@=>h!
G=>=Z=<@$F!=#!=<@)=Z=<@$F!@>!KO$!=^>$#FO@Z!&>S!'=>K#=<!=%!KO$!G$S@&!FO=N<S![$!FN[b$'K!K=!&>K@BK#NFK!<&^F!
&F!KO$R!'=>FZ@#$!&)&@>FK!S$G='#&'R![R!<@G@K@>)!KO$!Z<N#&<@KR!&>S!S@\$#F@KR!KO&K!$>FN#$F!KO$!%N<<!$V$#'@F$!
=%!KO$!'@K@D$>Ff!#@)OK!K=!@>%=#G&K@=>h!-O$!NF$!=%!;K&K$!Z=^$#!&>S!ZN[<@'!%@>&>'$!#$F=N#'$Fh!KO$!)#&>K@>)!=%!
K&#@%%!Z&K#=>&)$h!KO$!&#[@K#&#R!&>S!S@F'#@G@>&K=#R!&<<='&K@=>!=%!=%%@'@&<!&S\$#K@F@>)!&>S!)=\$#>G$>K!<=&>Fh!
KO$!)#&>K@>)!=%!#&S@=!&>S!K$<$\@F@=>!%#$`N$>'@$F6!&G=>)!=KO$#F6!^@KO!KO$!&@G!=%!Z#$FFN#@>)!&>S!ZN>@FO@>)!
=#!#$^&#S@>)!&>S!Z#@\@<$)@>)!F='@&<!'=GGN>@'&K=#F!&>S!KO$!G$S@&!@>!K$#GF!=%!KO$@#!@>%=#G&K@=>&<!&#$&F6!
N>S$#G@>$F! KO$! %#$$S=G! =%! $VZ#$FF@=>! &>S! GNFK! [$! $VZ#$FF<R! Z#=O@[@K$S! [R! <&^(! -O$! F='@&<!
'=GGN>@'&K@=>!G$S@&!O&\$!KO$!#@)OK!K=!'&##R!=NK!KO$@#!^=#A!@>S$Z$>S$>K<R(!2@#$'K!=#!@>S@#$'K!Z#$FFN#$F!
&@G$S! &K! F@<$>'@>)! KO$! @>%=#G&K@=>! ^=#A! =%! F='@&<! '=GGN>@'&K=#F! &#$! @>'=GZ&K@[<$! ^@KO! %#$$S=G! =%!
$VZ#$FF@=>(!!!
*
!"#=G=K@=>! &>S! S$\$<=ZG$>K! =%! 94-fFh! @>%=#G&K@=>! &>S! '=GGN>@'&K@=>! @>%#&FK#N'KN#$h! &''$FF! K=!
@>%=#G&K@=>!&>S!A>=^<$S)$!c#@)OK!K=!@>%=#G&K@=>6!^O@'O!@F!+#K@'<$!WUdh!"#=G=K@=>!%=#!KO$!S$\$<=ZG$>K!=%!
KO$! FA@<<F! &>S! A>=^<$S)$! #$`N@#$S! K=! N>S$#FK&>S! KO$! 9>%=#G&K@=>! ;='@$KR! &>S! A>=^<$S)$! $'=>=GRh!
'=>%@S$>'$B[N@<S@>)! &>S! F$'N#@KR! @>! KO$! NF$! =%! 94-fFh! $>\@#=>G$>KF! '=>SN'@\$! K=! >&K@=>&<! &>S!
@>K$#>&K@=>&<! <$\$<F! %=#! KO$! S$\$<=ZG$>K! =%! 94-fF! @>! %&\=#! =%! KO$! 9>%=#G&K@=>! ;='@$KRh! Z#=G=K@=>! =%!
'N<KN#&<!S@\$#F@KR!&>S!@S$>K@KR6!<@>)N@FK@'!S@\$#F@KR!&>S!<='&<!'=>K$>K!@>!94-fFh!+SO$#$>'$!K=!KO$!Z#@>'@Z<$F!
=%!KO$!%#$$S=G!=%!KO$!Z#$FF!&>S!%#$$S=G!=%!@>%=#G&K@=>6!&F!^$<<!&F!KO$!@>S$Z$>S$>'$6!Z<N#&<@FG!&>S!KO$!
S@\$#F@KR! =%! KO$! G$S@&h! &SO$#$>'$! K=! $KO@'&<! S@G$>F@=>F! =%! KO$! 9>%=#G&K@=>! ;='@$KR1! C@[$#KR6! $`N&<@KR6!
F=<@S&#@KR6! K=<$#&>'$6! FO&#$S! #$FZ=>F@[@<@KR6! S@)>@KR6! \&<N$! %=#! KO$! ONG&>! Z$#F=>6! %&G@<R! Z#=K$'K@=>! &>S!
#$FZ$'K!%=#!>&KN#$h!@>K$#>&K@=>&<!&>S!#$)@=>&<!'==Z$#&K@=>(!!
!
! ! !
KO&K! G&A$! NZ! KO@F! F$K! =%! '=N>K#@$F6! @K! @F! \$#R! '<$&#! KO&K! @>! ;Z&@>! &>S! "=#KN)&<! KO$!
<&#)$FK! Z&#K! @F! %=N>S6! ^@KO! JPt! =%! KO$! K=K&<! >NG[$#! =%! '=S$F! =%! $KO@'F! @>! KO$! C&K@>!
+G$#@'&6!;Z&@>!&>S!"=#KN)&<!#$)@=>(!?#&D@<!&<F=!FK&>SF!=NK!@>!KO@F!F$K!^@KO!JHt!=%!KO$@#!
&FF='@&K@=>F!O&\@>)!'=S$!=%!$KO@'F(!-O$!;=NKO$#>!4=>$!&''=N>KF!%=#!LE!t6!KO$!+>S$&>!
,$)@=>! ^@KO! H*t! &>S! 3$V@'=! ^@KO! >$&#<R! HX! t(! .KO$#! #$)@=>F! #$%$##$S! K=1! 4$>K#&<!
+G$#@'&!&>S!KO$!4&#@[[$&>!&#$!@>!KO$!WX!t(!-O$#$!@F!&>!N>$\$>!S$\$<=ZG$>K!@>!KO$!
K$#GF!=%! '=S$F! =%! $KO@'F! #$%$##$S!K=! @>! KO$! #$)@=>(! 4<$&#<R! ;Z&@>! @F! KO$! '=N>K#R! KO&K!
O&F![$$>!F$KK@>)!KO$!FK&>S&#S!@>!K$#GF!=%!KO$@#!<$\$<!=%!F$>F@K@\@KR!K=!KO$!>$$SF!=%!KO$!
'=S$F! =%! $KO@'F! Z#$F$>'$! KO&K! '=>K#@[NK$F! K=! &! [$KK$#! &>S! G=#$! S$G='#&K@'!
Z$#%=#G&>'$!=%!G$S@&!@>!F='@$KR(!!
!
7=^$\$#6! @>! #$)&#S!K=! KO$! $V@FK$>'$! =%!'=S$F! =%! '=>SN'K! [R! KRZ$! =%! =#)&>@D&K@=>! @>!
KO$! FKNSR6! @K! ^&F! %=N>S! KO&K! O&<%! =%! KO$! Z#=%$FF@=>&<! &FF='@&K@=>F! O&\$! '=S$F! =%!
'=>SN'K! KO&K! S$%@>$! KO$G! &>S! KO&K! @>! KO$! <=^$#! $>S6! &! %@%KO! Z&#K! =%! KO$! G$S@&!
&>&<RD$S! &<F=! O&\$! KO$G(! 4<$&#<R! KO$! G$S@&! &#$! >=K! &)$>'@$F! KO&K! &#$! KO$! G=FK!
F$>F@K@\$! K=! KO$! >$$S! %=#! '=S$F! =%! $KO@'F! KO&K! )=\$#>! Z#=%$FF@=>&<! [$O&\@=#! @>! KO$@#!
=#)&>@D&K@=>F(!-O$! G$S@&!&#$6! [R! >&KN#$6! @>FK@KNK@=>F! KO&K! O&\$! &! )#$&K$#! @GZ&'K! =>!
F='@$KR!SN$!K=!KO$@#!&[@<@KR!K=!@>%<N$>'$!KO$!'=>F'@=NF>$FF!=%!KO$@#!&NS@$>'$F(!!
!
!b(+5:!T!!
"#=GK@=>!=%!ONG&>!#@)OKF
+''$FF!K=!@>%=#G&K@=>
;&%$!Z#=%$FF@=>&<!Z#&'K@'$
Q#$$S=G!=%!=Z@>@=>
Q#$$S=G!=%!$VZ#$FF@=>
&>S![&<&>'$S!@>%=#G&K@=>!=>!͙
8>@=>F
Q#$$!'@#'N<&K@=>!&>S!
4@\@<!+FF='@&K@=>F
;/22/1!5(71,756)8!973:
P/(64!EB2273!/1!3:)
"1*/(2+37/1!E/,7)3=
!
!
9>!K$#GF!=%!KO$!KRZ$!=%!Z#@>'@Z<$F!KO&K!KO$F$!'=S$F!=%!'=>SN'K!#$@>%=#'$6!@K!@F!Z#$'@F$!
K=!F&R!KO&K!KO$#$!&#$!'=@>'@S$>'$F!^@KO!KO$!&ZZ#=&'O$F!@S$>K@%@$S![R!8/0;4.(!4<$&#<R!
KO$! K#&S$! N>@=>F! &#$! KO=F$! ^O=! O&\$! Z#=Z=F$S6! ^@KO! )#$&K$#! %=#'$! &>S!
S$K$#G@>&K@=>6! KO$! Z#@>'@Z<$F! =%! KO$! 8/0;4.6! >&G$<R1! %#$$! '@#'N<&K@=>! &>S!
S@FF$G@>&K@=>! =%! '=GZ#$O$>F@\$! &>S! [&<&>'$S! @>%=#G&K@=>! =%! ZN[<@'! @>K$#$FKh!
%#$$S=G! =%! =Z@>@=>h! %#$$S=G! =%! $VZ#$FF@=>h! &''$FF! K=! @>%=#G&K@=>h! Z#=G=K@=>! =%!
ONG&>! #@)OKFh! F&%$! Z#=%$FF@=>&<! Z#&'K@'$(! +G=>)! KO$! S@%%$#$>K! KRZ$F! =%! &FF='@&K@=>F!
KO$! K#&S$! N>@=>F! &#$! A>=^>! &F! KO$! G&@>! Z#=G=K$#F! =%! KO$! Z#@>'@Z<$F! =%! 8/0;4.!
c:#&ZO! Hd(! -O$F$! &#$! KO$! '@\@<! &FF='@&K@=>F! KO&K! Z<&'$! &! FZ$'@&<! $GZO&F@F! =>! KO$!
!
%#$$S=G!=%!$VZ#$FF@=>(!"#=%$FF@=>&<!&FF='@&K@=>F!Z<&'$!&!)#$&K$#!@>K$#$FK!=>!KO$!%#$$!
'@#'N<&K@=>6! ^@S$! &>S! [&<&>'$S! S@FF$G@>&K@=>! =%! @>%=#G&K@=>! =%! ZN[<@'! @>K$#$FK! &>S!
FO=^! &! <=^$#! #&K$! =%! @>K$#$FK! c@>K$#$FK@>)<Rd! @>! KO$! F&%$! $V$#'@F$! =%! KO$! Z#=%$FF@=>(!
.>$! ^=N<S! $VZ$'K! bNFK! KO$! =ZZ=F@K$1! KO&K! KO$! Z#=%$FF@=>&<F! ^=N<S! [$! KO$! G=FK!
'=>'$#>$S!&[=NK!$>FN#@>)!F&%$!Z#&'K@'$F!&>S!%#$$S=G!%#=G!&))#$FF@=>!@>!KO$@#!^=#A(!
9>!FNGG&#R6!KO$!G$S@&!&S\='&K$F!^@KO!)#$&K$#!$GZO&F@F!KO$!%#$$S=G!=%!$VZ#$FF@=>6!
KO$! Z#=%$FF@=>&<! &FF='@&K@=>F! @>! KO$! ^@S$! S@FF$G@>&K@=>! =%! @>%=#G&K@=>! =%! ZN[<@'!
@>K$#$FK6!'@\@<!&FF='@&K@=>F!@>!KO$!%#$$S=G!=%!$VZ#$FF@=>!&>S!KO$!K#&S$!N>@=>F!@>!KO$!
S$%$>F$!=%!ONG&>!#@)OKF(!!
!
!9%! &>&<RD$S! [R! #$)@=>6! &''=#S@>)! K=! KO@F! FKNSR6! &! )#$&K$#! @GZ=#K&>'$! @F! )@\$>! K=! KO$!
%#$$! %<=^! =%! @>%=#G&K@=>! &>S! [#=&S! ZN[<@'! @>K$#$FK! @>! KO$! 9[$#@&>! #$)@=>6! ?#&D@<6! KO$!
;=NKO$#>! 4=>$! &>S! 3$V@'=(! .>! KO$! '=>K#&#R6! &! [$O&\@=#! ^&F! =[F$#\$S! @>! &<<! KO$!
#$)@=>F! KO&K! )&\$! <$FF$#! @GZ=#K&>'$! K=! F&%$! Z#=%$FF@=>&<! Z#&'K@'$(! 9K! @F! Z&#&S=V@'&<!
KO&K!@>!Z<&'$F!FN'O!&F!3$V@'=6!4=<=G[@&!&>S!=KO$#!'=N>K#@$F6!^O@'O!O&\$!KO$!O@)O$FK!
#&K$F!=%!&))#$FF@=>!&>S!\@=<$>'$![R!b=N#>&<@FKF6!$V@FK@>)!'=S$F!=%!$KO@'F!FO=^!KO&K!KO@F!
@F!>=K!&!Z#@=#@KR(!+>=KO$#!K#$>S!^=#KO!>=K@>)!@F!KO&K!@>!KO$!9[$#@&>!#$)@=>F!&>S!@>!?#&D@<!
@>%=#G&K@=>!&''$FF!@F!=%!)#$&K$#!@GZ=#K&>'$!KO&>!KO$!#@)OK!K=!%#$$S=G!=%!$VZ#$FF@=>(!!
!
b(+5:!X!!
>5567,+37/1!/*!3:)!'(71,756)8!/*!\#%E;V!/1!2)47+!
718373B37/18!^?=!().7/1_
WXXt
+#K@'<$!L!9>K$#>&K@=>&<!4==Z$#&K@=>!%=#!
UXt "$&'$
EXt +#K@'<$!L!"#=G=K@=>!&>S!&S\&>'@>)!=%!
ZN[<@'!Z=<@'@$F!%=#!@>'<NF@=>6!S@\$#F@KR!
IXt &>S!>=>!S@F'#@G@>&K@=>
+#K@'<$!J!"#=G=K@=>!=%!4@K@D$>!
PXt "&#K@'@Z&K@=>
*Xt
+#K@'<$!*!,@)OK!K=!,$Z<R
JXt
LXt +#K@'<$!P!.\$#&<<!#$<&K@=>FO@Z![$K^$$>!
G$S@&
HXt
+#KT'N<=!I!"#=G=K@=>!=%!&>!$'=>=G@'!
WXt FRFK$G!G=#$!$`N@K&[<$!&>S!bNFK
Xt
;=NKO$#>
+>S$F 4$>>K#&< +G$#@'& 3$V@'= ?#&D@< 9[$#@&
4=>$ &>S!4&#@[[$&>
!
9%! F=G$=>$! ^&F! K=! '=>'#$K$<R! &FA! ^O@'O! &#K@'<$F! =%! 8/0;4.! =#)&>@D&K@=>F! &>S!
&FF='@&K@=>F!#$<&K$S!K=!KO$!G$S@&!'=>F@S$#!@>!KO$@#!'=S$F!=%!$KO@'F6!@K!@F!@>K$#$FK@>)!K=!
F$$! KO&K! &<G=FK! &<<! KO$! #$)@=>F! O&\$! &F! Z=@>K! =%! #$%$#$>'$! ^@KO! KO$! )#$&K$FK!
@GZ=#K&>'$!&F!KO$!)<=[&<!>$K^=#A@>)![$K^$$>!G$S@&6!^O@'O!@F!&!'<$&#!@>S@'&K@=>!KO&K!
KO$R! F$$! KO$! [$>$%@KF! =%! [$@>)! &[<$! K=! b=@>! ^@KO! =KO$#F! @>! =#S$#! K=! S$&<! ^@KO!
Z#=[<$G&K@'!F@KN&K@=>F!KO&K!KO$R!F$$!&F!KO#$&K$>@>)(!.>!KO$!=KO$#!O&>S6!@K!@F!'<$&#!KO&K!
KO$!@S$&!=%!'@K@D$>!Z&#K@'@Z&K@=>!@F!=>$!KO&K!O&F!Z$#G$&K$S!KO#=N)O=NK!R$&#F!KO#=N)O!
KO$!@>F@FK$>'$!=%!KO$!S$%$>S$#F!=%!&NS@$>'$F!&>S!O$#$!KO$#$!@F!$\@S$>'$!KO&K!&K!<$&FK!
@K!@F!$VZ#$FF$S!S$'@F@\$<R!@>!^#@K@>)!c:#&ZO!Ld(!!
!
! ! !
!
!
b(+5:!]!
>5567,+37/1!/*!3:)!'(71,756)8!/*!\#%E;V!/1!2)47+!
718373B37/18!^?=!/(.+17I+37/1_
UXt
4=GGN>@'&K@=>!3$S@&
EXt
"#=%$FF@=>&<!+FF='@&K@=>F
IXt
8>@=>F
PXt
4@\@<!+FF='@&K@=>F
*Xt
JXt
LXt
HXt
WXt ;/22/1!5(71,756)8!973:!
Xt 3:)!P/(64!EB2273!/1!3:)
.Z$>>$FF!K=! Q&\=#&[<$! 0>'=N#&)$G$>K! "1*/(2+37/1!E/,7)3=
0VK$#>&<!.\$#F@)OK 4=>S@K@=>F!=%!KO$! &>S!2$\$<=ZG$>K! ;/22/1!5(71,756)8!973:!3:)!
;K&K$!=>!3$S@& =%!9>%=#G&K@=>! "13)(->2)(7,+1!;/227887/1!
0V'O&>)$
/1!`B2+1!D7.:38
+#K@'<$!U
!
!
!
!
!
!
!
-O$! M=#<S! ;NGG@K! =>! KO$! 9>%=#G&K@=>! ;='@$KR! &>S! KO$! 9>K$#B+G$#@'&>! 4=GG@FF@=>!
=>! 7NG&>! ,@)OKF! O&\$! &)#$$S! K=! FNZZ=#K! K^=! %N>S&G$>K&<! Z#@>'@Z<$F1! KO$!
FK#$>)KO$>@>)! =%! KO$! @S$&! KO&K! KO$! ;K&K$! FO=N<S! $FK&[<@FO! %&\=#&[<$! '=>S@K@=>F! %=#!
G$S@&! S$\$<=ZG$>K! &>S! KO$! @S$&! =%! $>'=N#&)@>)! @>%=#G&K@=>! $V'O&>)$! [$K^$$>!
[@<&K$#&<!&>S!GN<K@<&K$#&<!FK&K$F(!?=KO!Z#@>'@Z<$F!&#$![$@>)!FK#=>)<R!FNZZ=#K$S6!@>!%@#FK!
Z<&'$6! [R! K#&S$! N>@=>F(! -O$F$! Z=@>K! K=! &! [#=&S! \@F@=>! =%! K#&S$! &FF='@&K@=>F! @>! KO$!
Z#=G=K@=>!KO$!Z=<@'@$F!=%!&!>&K@=>&<!&>S!@>K$#>&K@=>&<!F'=Z$!&>S!S=!>=K!O&\$!&!FO=#KB
F@)OK$S!&ZZ#=&'O!KO&K!=><R! $>'=N#&)$F!FK#&K$)@$F!KO&K!%&\=#!KO$!)N@<SF!^=#A! c:#&ZO!
Jd(! 9%! ^$! F$$! [R! #$)@=>F! KO$! $>'=N#&)$G$>K! =%! KO$F$! Z#@>'@Z<$F! [R! KO$! ;K&K$! @>!
'#$&K@>)!'=>S@K@=>F!%=#!G$S@&!S$\$<=ZG$>K!&>S!KO$!$>'=N#&)$G$>K!=%![@<&K$#&<!&>S!
GN<K@<&K$#&<!$V'O&>)$F6!@K!^=N<S![$!@GZ=#K&>K!K=!>=K$!KO&K!?#&D@<!O&F!K&A$>!KO$!<$&S6!
&>S!@F!%=<<=^$S![R!KO$!9[$#@&>!#$)@=>!&>S!KO$!+>S$&>!#$)@=>!&>S!KO$!;=NKO$#>!4=>$(!
!
!
!
!
!
!
!
!
!
!
!
!b(+5:![!
!
!
+>! $<$G$>K! KO&K! G&A$F! &! [@)! S@%%$#$>'$! [$K^$$>! KO$! S$)#$$F! =%! =Z$>>$FF! KO&K! &>!
&FF='@&K@=>! O&F6! =#! &! '=GGN>@'&K@=>! G$S@&6! =#! &! N>@=>6! K=! #$'$@\$! '=GG$>KF! &>S!
FN))$FK@=>F!&>S!KO$>!'=GGN>@'&K$!KO$G!^@KO!KO$@#!&NS@$>'$F!@F!KO$!KRZ$!=%!^$[!F@K$!
KO$R!O&\$(!Q=#!$V&GZ<$6!KO$#$!&#$!^$[!F@K$F!KO&K!&#$!=><R!@>%=#G&K@=>&<!&>S!$VZ$'K!
KO&K!KO$@#!NF$#F!F@GZ<R!#$'$@\$!KO$!@>%=#G&K@=>!KO&K!@F!=%%$#$S!=>!KO$!F@K$!=%%$#F(!.>!
KO$!=KO$#!O&>S6!KO$#$!&#$!F@K$F!KO&K!O&\$!@>K$#&'K@\@KR!Z<&K%=#GF!&>S!#$`N@#$!KO&K!KO$@#!
\@F@K=#F! NF$! %$$S[&'A! %=#GF! K=! )@\$! %$$S[&'A! =>! KO$@#! &'K@\@K@$F(! M@KO! KO$! KRZ$F! =%!
'=GGN>@'&K@=>! KO&K! &#$! ZNK! @>! Z<&'$! @>! S@%%$#$>K! =#)&>@D&K@=>F! KO$R! &<F=! G&>@%$FK!
KO$@#!'=GG@KG$>K!^@KO!=>$!=%!KO$!Z#@>'@Z<$F!=%!KO$!M=#<S!;NGG@K!=>!KO$!9>%=#G&K@=>!
;='@$KR6! ^O@'O! Z=@>KF! =NK! KO$! @GZ=#K&>'$! =%! KO$! S$\$<=ZG$>K! &>S! Z#=G=K@=>! =%!
9>%=#G&K@=>!-$'O>=<=)@$F!c94-d!@>!%&\=#!=%!KO$!&'K@\$!Z&#K@'@Z&K@=>!=%!'@K@D$>F!c:#&ZO!
*d(!!
!
9%! ^$! K&A$! &! <==A! &K! KO$! '=GGN>@'&K@=>! 'O&>>$<F! @>! =#)&>@D&K@=>F6! @>! KO$! <&FK! %$^!
S$'&S$F! KO$R! O&\$! [$$>! GN<K@Z<@$S6! @>! FN'O! &! ^&R! KO&K! KO$! ZN[<@'! '&>! '=G$! @>K=!
'=>K&'K! KO#=N)O! KO$! 'O&>>$<! KO&K! [$FK! FN@KF! KO$@#! Z#$%$#$>'$F! =#! >$$SF(! -O$!
'=GGN>@'&K@=>! G$S@&! &#$! KO$! =#)&>@D&K@=>F! KO&K! O&\$! KO$! G=FK! &\&@<&[@<@KR! &>S!
\&#@$KR!=%!'O&>>$<F!=%!'=GGN>@'&K@=>!^@KO!KO$! ZN[<@'(!9K!@F!KO$!>&KN#$!=%!KO$@#!^=#A!
^O@'O! F$>F@K@D$F! KO$G! K=! KO@F! \&#@$KR! =%! =ZK@=>F6! O@)O<@)OK@>)! KO$! NF$! =%! Q&'$[==A6!
-^@KK$#! &>S! $BG&@<(! -O$! '@\@<! &FF='@&K@=>F! FK@<<! S$Z$>S! <&#)$<R! =>! KO$! K$<$ZO=>$! KO$!
Z=FK&<!G&@<!&>S!$BG&@<(!-O$F$!F&G$!K#$>SF!&#$!F$$>!@>!K#&S$!N>@=>F(!-O$!Z#=%$FF@=>&<!
&FF='@&K@=>F!$`N&<<R!Z#$%$#!@>!%@#FK!Z<&'$!0BG&@<6!%=<<=^$S![R!KO$!K$<$ZO=>$!&>S!Z=FK&<!
G&@<(!
!
RC!;/1,6B87/18!+14!5(/5/8+68!!
Q@\$!G&@>!&#)NG$>KF!'&>![$!'=>'<NS$S!%#=G!KO$!FKNSR1!!
&(! -O$#$! @F! &! <&'A!=%! &'K@\$! Z&#K@'@Z&K@=>! =%! KO$! S@%%$#$>K! &FF='@&K@=>F! #$<&K$S! K=! KO$!
'=GGN>@'&K@=>! K=^&#S! KO$@#! &NS@$>'$F6! [NK! KO$#$! @F! &! )#=^@>)! '=>'$#>! =>! Z&#K! =%!
G$S@&6! '@\@<! &FF='@&K@=>F6! Z#=%$FF@=>&<! &>S! K#&S$! N>@=>F! K=! '=GGN>@'&K$! ^@KO! KO$@#!
&NS@$>'$F!KO#=N)O!F='@&<!>$K^=#AF(! !
!
! ! !
[(!M$!&#$!%&'$S!^@KO!&!FO=#K&)$!=%![=KO!'=S$F!=%!$KO@'F!KO&K!#$\$&<!KO$!Z#@=#@KR!=%!KO$!
S@%%$#$>K! &FF='@&K@=>F! ^@KO! %N>S&G$>K&<! ONG&>! #@)OKF! #$<&K$S! K=! '=GGN>@'&K@=>1!
%#$$S=G! =%! $VZ#$FF@=>6! =Z@>@=>6! #@)OK! K=! @>%=#G&K@=>6! Z#=G=K@=>! =%! Z$&'$6! &G=>)!
=KO$#F(!
'(! 9>K$#>&K@=>&<! &)$>'@$F! &>S! '@\@<! &FF='@&K@=>F! KO&K! K#&>F'$>S! [=#S$#F! '&##R! =NK!
FK#&K$)@'! &<<@&>'$F! KO&K! &<<=^! NF! K=! A>=^! KO$! $KO@'&<! FK&KNF! =%! '=GGN>@'&K@=>! @>!
S@%%$#$>K!>&K@=>F6!#$FN<K@>)!@>!@>%=#G&K@=>!$V'O&>)$F!&>S!A>=^<$S)$!'=>FK#N'K@=>!@>!
KO$!G$S@&6!&[=\$!&<<6!%=#!KO$![$>$%@K!=%!$>K@#$!#$)@=>F(!
S(!-O$!'O&<<$>)$!=%!KO$!'=GGN>@'&K=#F!KO&K!&#$!Z&#K!=%!'@\@<!&FF='@&K@=>F6!Z#=%$FF@=>&<!
&FF='@&K@=>F6!K#&S$!N>@=>F!&>S!KO$!G$S@&!@F!K=!=%%$#!^O&K!KO$R!O&\$![$$>!S$G&>S@>)!
=%!=KO$#!@>FK@KNK@=>F1!ZN[<@'!&>S!K#&>FZ&#$>K!@>%=#G&K@=>!&[=NK!O=^!KO$R!&'Kh!)#$&K$#!
@>K$#&'K@=>!^@KO!KO$@#!&NS@$>'$F!KO&K!$&'O!K@G$!#$`N@#$!&>S!O&\$!&!G=#$!&'K@\$!#=<$!
@>! '=GGN>@'&K@=>! Z#='$FF$Fh! ZN[<@'&K@=>! =%! #$Z=#KF6! &#K@'<$F! &>S! @>%=#G&K@=>! ^O@'O!
^=N<S! #$\$&<! KO$@#! '=GG@KG$>K! K=! ONG&>! #@)OKF! &>S! KO$! 9>%=#G&K@=>! ;='@$KRh!
$FK&[<@FOG$>K!=%!&<<@&>'$F![$K^$$>!>&K@=>&<!@>FK@KNK@=>F!KO&K!G&A$!KO$@#!FKNS@$F!G=#$!
Z#=SN'K@\$!&>S!$%%@'@$>K!=>!KO$!$KO@'F!@>!'=GGN>@'&K@=>!&K!&!#$)@=>&<!<$\$<(!! !
$(! Q@>&<<R6! =#)&>@D&K@=>F! K=S&R! O&\$! &! )#$&K! =ZZ=#KN>@KR! K=! [$! '<=F$#! K=! KO$@#!
ĂƵĚŝĞŶĐĞƐ ďLJ ƚĂŬŝŶŐ ĂĚǀĂŶƚĂŐĞ ŽĨ ƚŚĞ /d͛Ɛ͕ ǁŚŝĐŚ ŚĂǀĞ ďĞĐŽŵĞ ƚŚĞ ŵŽƐƚ ĞĨĨŝĐŝĞŶƚ
'O&>>$<!&>S!@F!`N@'A!&K!ZNKK@>)!@>K=!KO$!#$&'O!=%!KO$!ZN[<@'6!@>%=#G&K@=>!&>S!F'@$>K@%@'!
#$F$&#'O! K=! [#=&S$>! KO$@#! Z$#'$ZK@=>! &>S! @GZ#=\$! KO$@#! A>=^<$S)$! &[=NK! KO$F$!
'=GGN>@'&K@\$! &)$>KF(! M$! O&\$! F$$>! @>! KO@F! FKNSR! KO&K! KO$! '=GGN>@'&K@=>! G$S@&!
<$&SF! KO$! %=#$%#=>K! @>! '=GGN>@'&K@>)! ^@KO! KO$@#! &NS@$>'$F(! 9%! KO$F$! 'O&>>$<F! &#$!
=Z$>@>)!NZ6!^OR!>=K!&'O@$\$!)#$&K$#!'@K@D$>!Z&#K@'@Z&K@=>!&>S!@>%<N$>'$!&F!Z&#K!=%!KO$!
G$S@&!&)$>S&r!!!
!
D)*)()1,)!E/B(,)8A!!
ĐĂĚĞŵŝĂEĂĐŝŽŶĂůĚĞWĞƌŝŽĚŝƐŵŽZĞƉƷďůŝĐĂƌŐĞŶƚŝŶĂ;ϭϵϴϯͿ͞ſĚŝŐŽ/ŶƚĞƌŶĂĐŝŽŶĂů
ĚĞ ƚŝĐĂ WĞƌŝŽĚşƐƚŝĐĂ hE^K͘͟ ŽŶƐƵůƚĂĚŽ Ğů ϭϭ ĚĞ ĞŶĞƌŽ ĚĞ ϮϬϭϯ ĞŶ
OKKZ1jj^^^(&'&S$G@&Z$#@=S@FG=(=#)(&#j$K@'&jN>$F'=W(OKG<!
!
njŶĂƌ͕ ,͘ ;ϮϬϬϱͿ ͞ƚŝĐĂ ĚĞ ůĂ ĐŽŵƵŶŝĐĂĐŝſŶ LJ ŶƵĞǀŽƐ ƌĞƚŽƐ ƐŽĐŝĂůĞƐ͘ ſĚŝŐŽƐ LJ
ƌĞĐŽŵĞŶĚĂĐŝŽŶĞƐƉĂƌĂůŽƐŵĞĚŝŽƐ͘͟!"&@SsF6!?&#'$<=>&(!
!
ŝďůŝŽƚĞĐĂsŝƌƚƵĂů>ƵŝƐŶŐĞůƌĂŶŐŽ;ƐͬĨͿ͎͘͞YƵĠƐŽŶůŽƐŵĞĚŝŽƐĚĞ!ĐŽŵƵŶŝĐĂĐŝſŶ͍͘͟
4=>FN<K&S&! $<! WW! S$! $>$#=! S$! HXWL! $>!
OKKZ1jj^^^([&>#$Z'N<KN#&<(=#)j[<&&\@#KN&<j&RNS&S$K&#$&FjZ$#@=S@FG=j<=FG$S@=FS$
'=GN>@'&'@=>(OKG!
!
ůĄnjƋƵĞnj͕ E͘ ;ϭϵϵϰͿ ͞ƚŝĐĂ LJ ŵĞĚŝŽƐ ĚĞ ĐŽŵƵŶŝĐĂĐŝſŶ͘͟! ?@[<@=K$'&! S$! +NK=#$F!
4#@FK@&>=F6!3&S#@S(!
4&>&<! ;='@Ăů ;ƐͬĨͿ͘ ͞ĞĨŝŶŝĐŝſŶ ĚĞ ĂƐŽĐŝĂĐŝŽŶĞƐ ƉƌŽĨĞƐŝŽŶĂůĞƐ͘͟ ŽŶƐƵůƚĂĚĂ Ğů ϭϭ ĚĞ
$>$#=! S$! HXWL! $>!
OKKZ1jj^^^('&>&<F='@&<(>$Kj)$#j%@'O&y:0,(&FZr@SxJILWu'&KxS$#$'O=!
!
ŝƵĚĂĚ LJ ĞƌĞĐŚŽƐ ;ϮϬϭϯͿ ͞'ƵşĂ ďĄƐŝĐĂ ƉĂƌĂ ĐŽŶƐƚŝƚƵŝƌ ƵŶĂ ĂƐŽĐŝĂĐŝſŶ Đŝǀŝů͘͟
4=>FN<K&S&! $<! WW! S$! $>$#=! S$! HXWL! $>!
OKKZ1jj^^^('@NS&SRS$#$'O=F(=#)(&#j&#'O@\=Fj@>%NK@<j)N@&y&F='@&'@=>y'@\@<(ZS%!
!
ŽŵŝƐŝſŶ /ŶƚĞƌĂŵĞƌŝĐĂŶĂ ĚĞ ĞƌĞĐŚŽƐ ,ƵŵĂŶŽƐ ;ϮϬϬϭͿ͘ ͞ĞĐůĂƌĂĐŝſŶ ĚĞ WƌŝŶĐŝƉŝŽƐ
ƐŽďƌĞ ůĂ >ŝďĞƌƚĂĚ ĚĞ džƉƌĞƐŝſŶ͘͟ ŽŶƐƵůƚĂĚĂ Ğů ϭϴ ĚĞ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϮ ĞŶ
OKKZ1jj^^^('@SO(=&F(=#)j?&F@'=Fj?&F@'=FWL(OKG!
!
!
ƵŵďƌĞ DƵŶĚŝĂů ƐŽďƌĞ ůĂ ^ŽĐŝĞĚĂĚ ĚĞ ůĂ /ŶĨŽƌŵĂĐŝſŶ ;ϮϬϬϰͿ͘ ͞ĞĐůĂƌĂĐŝſŶ ĚĞ
"#@>'@Z@=F1!4=>FK#N@#!<&!;='@$S&S!S$! <&!9>%=#G&'@s>1!N>!S$F&%T=!)<=[&<!Z&#&!$<!>N$\=!
ŵŝůĞŶŝŽ͘͟ ŽŶƐƵůƚĂĚĂ Ğů ϭϴ ĚĞ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϮ ĞŶ
OKKZ1jj^^^(@KN(@>Kj^F@FjS='Fj)$>$\&j=%%@'@&<jS=ZB$F(OKG<!
!
ŽƌĐĠ͕ ŶĚƌĠƐ͘ ;ƐͬĨͿ ͎͞Ğ ĚſŶĚĞ ǀŝĞŶĞ ůĂ ŝĚĞĂ ĚĞ ůĂ ĚĞĨĞŶƐŽƌşĂ ĚĞů ƚĞůĞǀŝĚĞŶƚĞ͍͘͟
4=>FN<K&S&!$<!WP!S$!S@'@$G[#$!S$!HXWH!$>!OKKZ1jjS$%$>F=#[<=)('&>&<HH(=#)(GVjrZxWU!
ŽƌĐĠ͕͘;ƐͬĨͿ͎͞ſŵŽŽƉĞƌĂŶůĂƐĚĞĨĞŶƐŽƌşĂƐĚĞĂƵĚŝĞŶĐŝĂƐ͍͘͟ŽŶƐƵůƚĂĚĂĞůϭϲĚĞ
S@'@$G[#$!S$!HXWH!$>!OKKZ1jjS$%$>F=#[<=)('&>&<HH(=#)(GVjrZxLH!
!
DĞŶĚĞů͕d͘;ϮϬϬϴͿ͘͞&ƌĞĞĚŽŵŽĨŝŶĨŽƌŵĂƚŝŽŶ͗ĂĐŽŵƉĂƌĂƚŝǀĞůĞŐĂůƐƵƌǀĞLJ͘͟4=>FN<K&S&!
$<! WI! S$! S@'@$G[#$! S$! HXWH! $>!
OKKZ1jj^^^(N>$F'=(=#)j>$^j%@<$&SG@>j38C-93029+j7wj49j49jZS%jG$S@&yFK&>S&#S
Fj%#$$S=Gy@>%=#G&K@=>y<$)&<tHXFN#\$RtHXHXXEtHX$>yXH(ZS%!6!Z(!I!
!
WƌĂĚŽ͕:ĂǀŝĞƌ͘;ϭϵϵϵͿ͗͞ƚŝĐ&6!"#=%$F@s>!R!3$S@=F(!C&!ÖK@'&!R!FNF!%N>S&G$>K=F1!2$FS$!
ĚſŶĚĞ ŚĂďůĂŵŽƐ͘͟ Ŷ WƌĂĚŽ͕ :ĂǀŝĞƌ͗ >Ă ĂƉƵĞƐƚĂ ƉŽƌ ůĂ ůŝďĞƌƚĂĚ ĞŶ Ğů ĠdžƚĂƐŝƐ ĚĞ ůĂ
'=GN>@'&'@s>6!8>@\$#F@S&S!9[$#=&G$#@'&>&6!3ÖV@'=(!!
!
KƌŽnjĐŽ 'ſŵĞnj͕ 'ƵŝůůĞƌŵŽ ;ϮϬϬϭͿ͘ ͞ƵĚŝĞŶĐŝĂƐ͕ ƚĞůĞǀŝƐŝſŶ LJ ĞĚƵĐĂĐŝs>1! N>&!
ĚĞĐŽŶƐƚƌƵĐĐŝſŶ ƉĞĚĂŐſŐŝĐĂ ĚĞ ůĂ ΖƚĞůĞǀŝĚĞŶĐŝĂΖ LJ ƐƵƐ ŵĞĚŝĂĐŝŽŶĞƐ͘͟ ZĞǀŝƐƚĂ
9[$#=&G$#@'&>&6!/=(!HI6!cW**BWI*d(!
!
WĂŵƉŝůůſŶ͕ Z͘ ;ϮϬϬϳͿ ͎͞YƵĠ ĞƐ ƵŶ ƐŝŶĚŝĐĂƚŽ͍͕͟ ĐŽŶŽŵLJ tĞďůŽŐ ĚĞů /ŶƐƚŝƚƵƚŽ ĚĞ
0GZ#$F&(! 4=>FN<K&S=! $<! WW! S$! $>$#=! S$! HXWL! $>!
OKKZ1jj$'=>=GR([<=)F(@$($SNj&#'O@\$FjHXXIjXHj`N$y$FyN>yF@>S@(ZOZ!
!
hE^K ;ϭϵϳϴͿ͘ ͞ĞĐůĂƌĂĐŝſŶ ƐŽďƌĞ ůŽƐ WƌŝŶĐŝƉŝŽƐ &ƵŶĚĂŵĞŶƚĂůĞƐ ƌĞůĂƚŝǀŽƐ Ă ůĂ
4=>K#@[N'@s>!S$!<=F!3$S@=F!S$!4=GN>@'&'@s>!S$!3&F&F!&<!Q=#K&<$'@G@$>K=!S$!<&!"&D!R!
<&!4=GZ#$>F@s>!9>K$#>&'@=>&<6!&!<&!"#=G='@s>!S$!<=F!2$#$'O=F!7NG&>=F!R!&!<&!CN'O&!
ĐŽŶƚƌĂĞůZĂĐŝƐŵŽ͕ĞůƉĂƌƚŚĞŝĚLJůĂ/ŶĐŝƚĂĐŝſŶĂůĂ'ƵĞƌƌĂ͘͟ŽŶƐƵůƚĂĚŽĞůϭϭĚĞĞŶĞƌŽ
S$! HXWL! $>! OKKZ1jjZ=#K&<(N>$F'=(=#)j$Fj$\(ZOZB
8,Cy92xWLWIPu8,Cy2.x2.y-."94u8,Cy;04-9./xHXW(OKG<!
!
Y@S&<!4&F$#=6!3&#TĂĚĞůĂƌŵĞŶ͘;ϮϬϬϵͿ͘͞/ŶĨŽƌŵĂĐŝſŶƐŽďƌĞĐſĚŝŐŽƐĚĞŽŶƚŽůſŐŝĐŽƐLJ
ĚŝƌĞĐƚƌŝĐĞƐƐŽďƌĞĠƚŝĐĂĞŶ/ŶƚĞƌŶĞƚ͘͟ZĞǀŝƐƚĂŝŽĠƚŝĐĂLJŝĞŶĐŝĂƐĚĞůĂ^ĂůƵĚ͘sŽů͘ϱ͕EŽ͘
J6! cWBHWd(! 4=>FN<K&S&! $<! WE! S$! S@'@$G[#$! S$! HXWH! $>!
OKKZ1jj^^^([@=$K@'&'F(=#)j@'$[jF$<$''@=>yK$G&FjS$=>K=<=)@&j4.29:.;y20./-.C.
:94.;(ZS%!
!
!
!
!
! !
!
! ! !
!
!
<:)!476)22+8!/*!)3:7,+6!5B?678:71.!71!5/83-+5+(3:)74!!
E/B3:!>*(7,+A!3:)!5/6737,8!/*!47.173=!0!*())4/2!!
/*!)L5()887/1!(+78)4!?=!3:)!,+8)!/*!<:)!E5)+(!
!
CR>$KK$!;K$$>\$<S1!
!
!
"13(/4B,37/1!
_=N#>&<@FKF! &>S!$S@K=#F!&#$!%#$`N$>K<R!%&'$S!^@KO!`N$FK@=>F!&[=NK!^O&K!KO$R!FO=N<S!
ĚŽ ŝŶ ƉĂƌƚŝĐƵůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ dŚŝƐ͕ ͞ŝŶ Ă ŶƵƚƐŚĞůů͟ ŝƐ ƚŚĞ ďĂƐŝĐƐ ŽĨ ĞƚŚŝĐƐ͕ ǁƌŝƚĞƐ
M&#S(! 7$! '<&#@%@$F! KO$! [&F@F! =%! FN'O! $KO@'&<! S$'@F@=>BG&A@>)1! KO&K! @K! FO=N<S! [$! &!
͞ƌĞĂƐŽŶĞĚ͕ ƉƌŝŶĐŝƉůĞĚ͕ ƉŽƐŝƚŝŽŶ͘͟ /Ŷ ŚŝƐ ǀŝĞǁ͕ ͞^ŽŵĞ ĞƚŚŝĐĂů ƋƵĞƐƚŝŽŶƐ ǁŝůů ƌĞƋƵŝƌĞ
#$%<$'K@=>! =>! =N#! [&F@'! \&<N$F! &>S! KO$! ZN#Z=F$! ŽĨ ŚƵŵĂŶ ƐŽĐŝĞƚLJ͟
cOKKZ1jj$KO@'F(b=N#>&<@FG(^@F'($SNj#$F=N#'$Fj$KO@'FB@>B&B>NKFO$<<h! ,=>>@>)! HXXH1! *d(!!
ƵƚƚŚĞďĂƐŝƐŽĨƐƵĐŚ͞ƌĞĂƐŽŶĞĚĂŶĚƉƌŝŶĐŝƉůĞĚ͟ƉŽƐŝƚŝŽŶƐŝƐŽĨƚĞŶŶŽƚĐ<$&#B'NK(!!+>S!
@>!F='@$K@$F6!FN'O!&F!Z=FKBWUUJ!;=NKO!+%#@'&6!#@\$>!^@KO!'<&FF6!)$>S$#6!#&'@&<!&>S!$KO>@'!
ĚŝǀŝĚĞƐ͕ƚŚĞƐĞĚĞĐŝƐŝŽŶƐŽĨƚĞŶďĞŐƋƵĞƐƚŝŽŶƐĂďŽƵƚ͚ǁŚŽƐĞǀĂůƵĞƐ͛ĂƌĞƚŚĞƌĞĨĞƌĞŶĐĞ
ƉŽŝŶƚ͕ĂŶĚǁŚĂƚĂƌĞǁĞƚƌLJŝŶŐƚŽĂĐŚŝĞǀĞŝŶŽƵƌ͚ŶĞǁƐŽĐŝĞƚLJ͛͘/ŶKO$!'=N#F$!=%!KO$@#!
S&@<R!#=NK@>$F!b=N#>&<@FKF!&>S!$S@K=#F!&#$!KONF!%&'$S!^@KO!ON)$!@>K$<<$'KN&<!'O&<<$>)$F!
ŝŶǁŚŝĐŚƚŚĞƌĞŝƐŽĨƚĞŶŶŽƚĂůŽƚŽĨƚŝŵĞĨŽƌ͚ĚĞĞƉƌĞĨůĞĐƚŝŽŶ͛͘ƌŐƵĂďůLJ͕ǁŚĂƚƉĂƐƐĞƐ
%=#! FN'O! #$%<$'K@=>6! @F! F@GZ<R! &! #$%<$'K@=>! =>! ^O&K! O&F! [$$>! ͚ƉƌŽǀĞŶ ƉƌĂĐƚŝĐĞ͛ ĂŶĚ
ǁŚĂƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞŝƌ͚ĞdžƉĞƌŝĞŶĐĞ͛ĂŶĚ͚ŬŶŽǁůĞĚŐĞ͛ŽĨƚŚĞƐŽĐŝĞƚLJŝŶǁŚŝĐŚƚŚĞLJĂƌĞ
=Z$#&K@>)Ͷ&F!^$<<!&F6!=%!'=N#F$6!KO$![NF@>$FF!'=>FK#&@>KF!N>S$#!^O@'O!KO$R!=Z$#&K$(!!
7=^$\$#6!KO@F!A>=^<$S)$!@F!>$'$FF&#@<R!'=>K@>)$>K!&>S!'@#'NGF'#@[$S(!!
!
9>! KO@F! Z&Z$#! 9! Z#=[$! F=G$! =%! KO$! KO$=#$K@'&<! @FFN$F! KO&K! N>S$#Z@>! KO$! S@F'=N#F$F!
^O@'O! Z#=\=A$S! KO$! 70+9! @('22! ĞĚŝƚŽƌ͛Ɛ ĚĞĐŝƐŝŽŶƐ ĂďŽƵƚ ƉƵďůŝƐŚŝŶŐ͕ ĂŶĚ ƚŚĞŶ
^@KOS#&^@>)6!KO$!ZO=K=)#&ZO!=%!KO$!Z&@>K@>)!^O@'O!O&F![$'=G$!Z=ZN<&#<R!A>=^>!&F!
85'! G.',((! ! 9>! Z&#K@'N<&#! 9! %='NF! =>! S$[&K$F! &[=NK! @S$>K@KR! ^O@'O! FZ$&A! K=! A$R!
`N$FK@=>F!^@KO@>!G$S@&!$KO@'F!&[=NK!N>@\$#F&<@FG!\!Z&#K@'N<&#@FGh!KO$!@>S@\@SN&<!\!KO$!
'=<<$'K@\$!c,=>>@>)!HXXHh!M&#S!u!M&FF$#G&>!HXWXd(!9>!F=!S=@>)6!9!O=Z$!K=!FO=^!KO$!
%@>$! S@FK@>'K@=>F! KO&K! &'&S$G@'F! ^=#A@>)! @>! KO$F$! %@$<SF! =%! A>=^<$S)$! G&A$! @>!
&KK$GZKF! K=! '<&#@%R! ^O&K! @F! &K! FK&A$6! >=K! =><R! KO$=#$K@'&<<R6! [NK! &<F=! Z=<@K@'&<<R(! ?R!
ĞdžĂŵŝŶŝŶŐ ƚŚĞ ĚŝƚŽƌ͛Ɛ ƌĂƚŝŽŶĂůĞ ďĞŚŝŶĚ ŚĞƌ ĚĞĐŝƐŝŽŶBG&A@>)! 9! FO=^! KO$! #$G=\$!
[$K^$$>! KO$! S@F'=N#F$F! =%! ! &'&S$G@'F! &>S! KO=F$! =%! G$S@&! Z#&'K@K@=>$#F(! 3R!
=[F$#\&K@=>! @F! O=^! GN'O! O&#S$#! @K! @F! %=#! b=N#>&<@FKF! &>S! $S@K=#F! K=! G&A$! FN'O!
bNS)G$>K! '&<<F! ^O$>! KO$R! Z#=[&[<R! S=! >=K! O&\$! &''$FF! K=! KO$! KO$=#$K@'&<! S$[&K$F!
@>\=<\$S6!>=#!KO$!<NVN#R!=%!K@G$!K=!'=>F@S$#!KO$G!@>!S$K&@<6!&>S!&#$!&<F=!&''=N>K&[<$!
K=! KO$! ZN[<@FO@>)! @>FK@KNK@=>F! =%! ^O@'O! KO$R! &#$! &! Z&#KH(! ! -O@F! >$'$FF&#@<R! [$)F!
`N$FK@=>F!&[=NK!KO$!$KO@'F!&>S!Z=<@K@'F!=%!FN'O!S$'@F@=>BG&A@>)(!
!
F+,G.(/B14!
.>! WW! 3&R! HXWH6! 70+9!@('22͕ Ă ůŽĐĂů ͚ďůĂĐŬ͛ ŶĞǁƐƉĂƉĞƌ ƉƵďůŝƐŚĞĚ Ă #$\@$^!=%!&>! &#K!
ĞdžŚŝďŝƚŝŽŶ ďLJ ůŽĐĂů ͚ǁŚŝƚĞ ĂƌƚŝƐƚ͕͛ ƌĞƚƚ DƵƌƌĂLJ͕ ƚŝƚůĞĚ ͚,Ăŝů ƚŽ ƚŚĞ dŚŝĞĨ //͛
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!;'O==<!=%!_=N#>&<@FG!u!3$S@&!;KNS@$F6!,O=S$F!8>@\$#F@KR6!:#&O&GFK=^>!
!
H
!9>! KO@F! '&F$6! %=#! $V&GZ<$6! KO$#$! &#$! `N$FK@=>F! &[=NK! ^O$KO$#! KO$! 0S@K=#! =%! 70+9! @('22! ^&F! ZNK! N>S$#!
Z#$FFN#$![R!KO$!=^>$#F!=%!KO$!ZN[<@'&K@=>!K=!K&A$!KO$!=%%$>S@>)!ZO=K=)#&ZO!=%%!KO$!^$[F@K$!cF$$!?#N'$!
HXWH6!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !
:ŽŚŶŶŝĞtĂůŬĞƌ͙͚&ŽƌǁĂƌĚŽŵƌĂĚĞƐ͛! +G&>S<&(!!M$!S$G&>S!4O@\&F6!?3MF!&>S!?#@[$F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!
E͙ŐĞƚŽƵƚŽĨũĂŝůĨƌĞĞĐĂƌĚ͘! ! ! EůŽŐŽǁŝƚŚ͚ĨŽƌƐĂůĞ͛ĂŶĚ͚ƐŽůĚ͛!
!
!
!
! ! !
ŶŽƚŚĞƌ ƉĂŝŶƚŝŶŐ͕ ͞dŚĞ ^ƉĞĂƌ ʹ! Ă ƉŽƌƚƌĂŝƚ ŽĨ :ĂĐŽď ƵŵĂ͟ ǁĂƐ Ă ƉĂƌŽĚLJ ŽĨ ƚŚĞ
Z#$F@S$>K![&F$S!=>!KO$!@'=>@'!@G&)$!=%!C$>@>!cF$$!#@)OKBO&>S!@G&)$dͶ^@KO!O@F!Z$>@F!
$VZ=F$S(!! -O$! ZN[<@'&K@=>!=%!KO$! ZO=K=)#&ZO!Z#=\=A$S!&!%N#=#$6!^@KO!KO$! "#$F@S$>K!
<&N>'O@>)!&!7@)O!4=N#K!&ZZ<@'&K@=>!K=!O&\$!KO$!Z&@>K@>)!#$G=\$S!%#=G!KO$!)&<<$#R!&F!
@K! @GZN)>$S! O@F! S@)>@KR(! ;=NKO! +%#@'&>! 3@>@FK$#! =%! 0SN'&K@=>! =%! 7@)O$#! 0SN'&K@=>6!
3@>@FK$#! ?<&S$! /D@G&>S$6!&>S! +/4! F$'#$K&#R! )$>$#&<! :^$S$!3&>K&FO$!'&<<$S! %=#!&!
[=R'=KK!=%!70+9!@('22!c0KO$#@S)$!HXWHd(!-^$$K$#F!'&<<$S!=>!KO$!ZN[<@'!K=!FNZZ=#K!70+9!
@('22(!-O$!4=>)#$FF!=%!;=NKO!+%#@'&>!-#&S$!8>@=>F!c4=F&KNd!=#)&>@F$S!&!G&#'O!=>!KO$!
ĂƌƚŐĂůůĞƌLJ͘dŚĞ ^ŽƵƚŚĨƌŝĐĂŶŽŵŵƵŶŝƐƚWĂƌƚLJ;^WͿĐĂůůĞĚƚŚĞƉĂŝŶƚŝŶŐ͚ƐĂĚŝƐƚŝĐ͕͛
>=K@>)!KO&K!͞&ƌĞĞĚŽŵ!=%!$VZ#$FF@=>!O&F!>$\$#!G$&>K!%#$$S=G!K=!@>FN<K!&>S!O&#G!KO$!
S@)>@KR! =%!&>=KO$#! ƉĞƌƐŽŶ͟ cO,0/!p!]<,(-0,)!HW!3&R!HXWHd(!-O$!"N[<@'&K@=>F!?=&#S!
#&K$S!KO$!Z&@>K@>)!/WPͶ^O@'O!G$&>F!>=K!K=![$!\@$^$S![R!'O@<S#$>!N>S$#!KO$!&)$!=%!
WP(!-O$!?<&'A!3&>&)$G$>K!Q=#NG!\@$^$S!KO$!Z&@>K@>)!&F!͙͞ĂŶĂƚƚĂĐŬŽŶƚŚĞĐƵůƚƵƌĞ
=%!KO$!G&b=#@KR6!KO$![<&'A!Z$=Z<$!=%!;=NKO!+%#@'&(!9K!'&ŶŶŽƚŐŽƵŶĐŚĂůůĞŶŐĞĚ͘͟dŚĞLJ
ĂůƐŽƐĂǁƚŚĞƉĂŝŶƚŝŶŐĂƐĂ͚͞ĐƌƵĚĞĂƚƚĞŵƉƚ͛ƚŽƌĞŝŶĨŽƌĐĞƚŚĞ͚ŚŽƐƚŝůŝƚLJŚĂƌďŽƵƌĞĚďLJĂ
FG&<<! >NG[$#! =%! ;=NKO! +%#@'&>F! K=^&#SF! =N#! S$G='#&K@'! S@FZ$>F&K@=>! &>S! K=^&#SF!
ŵĞŵďĞƌƐŽĨƚŚĞŶĂƚŝŽŶĂůůĞĂĚĞƌƐŚŝƉ͟;70+9!@('22!HW!3&R!HXWHd(!+>!&#K!'#@K@'!F&^!@K!&F!&!
KRZ@'&<! #&'@FK! '=<=>@&<@FK! #$Z#$F$>K&K@=>! =%! KO$! ?<&'A! G&<$! '=<=>@&<! FN[b$'K! c;'ONKK$!
HXWHd(!-O$!/&D&#$KO!?&ZK@FK!'ON#'O!'&<<$S!%=#!KO$!FK=>@>)!=%!KO$!Z&@>K$#(!/NG$#=NF!
&#K@'<$F!&>S![<=)F!^$#$!^#@KK$>!$@KO$#!@>!S$%$>'$!=%!KO$!Z&@>K@>)!&>S!@KF!ZO=K=)#&ZO@'!
ZN[<@'&K@=>! @>! 70+9! @('22! =>! KO$! )#=N>SF! =%! %#$$S=G! =%! $VZ#$FF@=>6! =#! &)&@>FK! KO$!
Z&@>K@>)!&>S!@KF!ZN[<@'!#$Z#=SN'K@=>!=>!KO$!)#=N>SF!KO&K!KO$R!@GZN)>$S!KO$!S@)>@KR!
ŽĨ ^ŽƵƚŚ ĨƌŝĐĂ͛Ɛ ͚ĨŝƌƐƚ ĐŝƚŝnjĞŶ͛͘ dŚƌŽƵŐŚ Ăůů ƚŚŝƐ͕ ƚŚĞĚŝƚŽƌB@>B4O@$%6! Q$#@&<! 7&%%&b$$6!
ŵĂŝŶƚĂŝŶĞĚƚŚĞƉĂƉĞƌ͛ƐƌŝŐŚƚƚŽƉƵďůŝƐŚƚŚĞƉŚŽƚŽŐƌĂƉŚ͘/ŶĂĐŽůƵŵŶŝŶ70+9!@('22!cWE!
DĂLJϮϬϭϮͿŚĞĂĚůŝŶĞĚ͞dŚĞƐƉĞĂƌŽĨƚŚĞŶĂƚŝŽŶƐƚĂLJƐƵƉ͕͟ƐŚĞĞdžƉůĂŝŶĞĚŚĞƌƉŽƐŝƚŝŽŶ͗!
!
ŐƌŽƵƉǁĂŶƚĞĚƚŚĞŝŵĂŐĞŽĨĂŶ͞ĞdžƉŽƐĞĚ͟ƉƌĞƐŝĚĞŶƚ ƚŽůĞ&S!=N#!&#KF!
ƐĞĐƚŝŽŶ͙ďƵƚ ƚŽŽ ŵĂŶLJ ƉĞŽƉůĞ ŝŶ ŽƵƌ ŽĨĨŝĐĞ ŽďũĞĐƚĞĚ ŽŶ ŐƌŽƵŶĚƐ ƚŚĂƚ
#&>)$S! %#=G! NF! [$@>)! &! %&G@<R! Z&Z$#6! K=! '=>'$#>F! &[=NK! S@)>@KR! &>S!
'N<KN#&<! \&<N$F(! ! M$! ZNK! KO$! @G&)$! @>F@S$! &>S! #&>! &! %N>>R! \$#F@=>! =>!
Z&)$! W6! @KF! @>S@)>@KR! '=\$#$S! [R! &! Z#@'$! ƚĂŐ͙/Ŷ ƚŚĞ ƉĂƐƚ ǁĞĞŬͶ&>S! @>!
KO$!=>$!K=!'=G$Ͷ^$!^@<<!O$&#!cF@'d!&)&@>!KO@F!'<&FO!=%!%#$$!$VZ#$FF@=>!
&>S!S@)>@KR(!!9>$\@K&[<R6!#&'$!^@<<![$!S#&^>!@>K=!@K1!=><R!&![<&'A!Z#$F@S$>K!
^=N<S! [$! S$Z@'K$S! <@A$! KO@F6! KO$! #&'$! [#@)&S$! ^@<<! S#=>$(! 9>$\@K&[<R6!
F$VN&<@KR!^@<<![$!S#&^>!@>K=!@K1!@K!@F!KO$!FK$#$=KRZ$!=%!KO$![<&'A!G&>!&>S!
KO$!N>'=>K#=<<&[<$!&ZZ$K@K$6!KO$R!^@<<!^&@<(!!M$!O&\$![$$>!O$#$![$%=#$!
^O$>!l&Z@#=!S@S!O@F!F$#@$F!=>!_NFK@'$![$@>)!#&Z$S![R!KO$!Z#$F@S$>K!&>S!
L
O@F!)&>) ͙!
!
-=!&FA!NF!>=^6!&F!KO$!+/4!O&F!S=>$6!K=!K&A$!S=^>!&>!@G&)$!%#=G!=N#!
^$[F@K$!@F!K=!&FA!NF!K=!Z&#K@'@Z&K$!@>!&>!&'K!=%!'$>F=#FO@Z(!!+F!b=N#>&<@FKF!
ǁŽƌƚŚŽƵƌƐĂůƚ͕ǁĞĐĂŶ͛ƚ͘;,ĂĨĨĂũĞĞϮϬϭϮĂͿ!
!
-O$!0S@K=#!Z#$KKR!GN'O!FNGG$S!NZ!KO$!ZN[<@'!=[b$'K@=>F!K=!KO$!Z&@>K@>)!^O@'O!KO$!
ZN[<@'&K@=>!=%!@KF!ZO=K=)#&ZO!Z#=\=A$S1!#&'$!&>S!'N<KN#$!cF$VN&<@KRd(!+>S!@>!FNZZ=#K!
=%! KO$! ZN[<@'&K@=>1! %#$$S=G! =%! $VZ#$FF@=>Ͷ[=KO! =%! KO$! G$S@&6! &>S! &#K@FK@'6! &F!
)N&#&>K$$S! [R! ;$'K@=>! WP! cWd! =%! KO$! 4=>FK@KNK@=>!
cOKKZ1jj^^^(@>%=()=\(D&jS='NG$>KFj'=>FK@KNK@=>jWUUPj&WXEBUPZS%6! Z&)$! WUd(! ! ?NK!
K$>!S&RF!<&K$#6!%=<<=^@>)!@>'#$&F$S!F='@&<!&>S!Z=<@K@'&<!=[b$'K@=>F!K=!KO$!ZN[<@'&K@=>!=%!
ƚŚĞƉŚŽƚŽŐƌĂƉŚŽŶƚŚĞŶĞǁƐƉĂƉĞƌ͛ƐǁĞďƐŝƚĞ͕ƐŚĞ͚ĐĂǀĞĚŝŶ͛͘͞dŚĞƐƉĞĂƌŝƐĚ=^>Ͷ=NK!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L
!-O$! +/46! +/4! 5=NKO! C$&)N$! &>S! KO$! ;+4"! &''NF$S! KO$! G<)-,9! 80*'2! $S@K=#6! 3=>S<@! 3&AO&>R&! =%!
&[NF@>)!Z#$FF!%#$$S=G!c2&>@$<F!HXWH1WX*d(!
!
ŽĨĐĂƌĞĂŶĚĨĞĂƌ͟ǁĂƐƚŚĞ70+9!@('22!cHE!3&R!HXWHd!O$&S<@>$!K=!KO$!'=<NG>!@>!^O@'O!
FO$! $VZ<&@>$S! O$#! >$^! Z=F@K@=>! c7&%%&b$$! HXWH! [d(! 7$#! S$'@F@=>! K=! K&A$! KO$!
ƉŚŽƚŽŐƌĂƉŚ ŽĨĨ ƚŚĞ ŶĞǁƐƉĂƉĞƌ͛Ɛ ǁĞďƐŝƚĞ ƉƌŽǀŽŬĞĚ ĨƵƌƚŚĞƌ ŽŶůŝŶĞ ƌĞƐƉŽŶƐĞƐ ĞŝƚŚĞƌ
Z#&@F@>)! OĞƌ ͚ƐĞŶƐŝƚŝǀŝƚLJ͛ Žƌ ĂĐĐƵƐŝŶŐ ŚĞƌ ŽĨ ďƵĐŬůŝŶŐ ƚŽ ƚŚƌĞĂƚƐ͘ :ŽƵƌŶĂůŝƐƚƐ ǁĞƌĞ
S@\@S$S! =>! KO$! @FFN$! cOKKZ1jj^^^(@=<('=(D&j>$^FjZ=<@K@'Fj$S@K=#FBGN<<BO&%%&b$$B
S$'@F@=>B=>BFZ$&#BWBWLXIXJUd(! +>S! G=>KOF! <&K$#6! Z#$F$>K@>)! KO$! 8>@\$#F@KR! =%! 4&Z$!
-=^>!&>>N&<!-?!2&\@$!<$'KN#$!=>!&'&S$G@'!&>S!ONG&>!%#$$S=GF6!7&%%&b$$!&SG@KK$S1!
͞/ǁŽƵůĚŶŽƚƚĂŬĞĚŽǁŶƚŚĂƚŝŵĂŐĞƚŽĚĂLJ͕ŬŶŽǁŝŶŐǁŚĂƚ/ĚŽŶŽǁ͟;ƚŚĞƌŝĚŐĞϮϬϭϮͿ͘!
!
͚dŚĞ^ƉĞĂƌ͛ĚĞďĂĐůĞĂŐĂŝŶƌĂŝƐĞƐƚŚĞƚĞŶƐŝŽŶďĞƚǁĞĞŶĨƌĞĞĚŽŵŽĨĞdžƉƌĞƐƐŝŽŶ͕ĂŶĚƚŚĞ
#@)OK!K=!S@)>@KR(!9>!;=NKO!+%#@'&!>$@KO$#!#@)OK!@F!4=>FK@KNK@=>&<<R!Z#@\@<$)$S(!+F!&!#$FN<K6!
ƐŝŵŝůĂƌĚĞďĂƚĞƐ ƉƌŽǀŽŬĞĚƚŚĞϭϵϵϵͬϮϬϬϬ^ŽƵƚŚĨƌŝĐĂŶ,ƵŵĂŶZŝŐŚƚƐŽŵŵŝƐƐŝŽŶ͛Ɛ
9>`N@#R! @>K=! ,&'@FG! @>! KO$! 3$S@&! c;K$$>\$<S! HXXI6! HXXUd6! &>S! G=#$! #$'$>K<R6! KO$!
G<)-,9! 80*'2! ;ϳ ^ĞƉƚĞŵďĞƌ ϮϬϬϴͿ ƉƵďůŝĐĂƚŝŽŶ ŽĨ ĂƉŝƌŽ͛Ɛ ĐĂƌƚŽŽŶ ŽĨ ƚŚĞ ͚ZĂƉĞ ŽĨ
>ĂĚLJ :ƵƐƚŝĐĞ͛ ƐŚŽǁŝŶŐ WƌĞƐŝĚĞŶƚ ƵŵĂ ;ǁŝƚŚ ƚŚĞ ŝĐŽŶŝĐ ƐŚŽǁĞƌ ĂďŽǀĞ ŚŝƐ ŚĞĂĚͿ
N>[N'A<@>)! O@F! K#=NƐĞƌƐ ǁŚŝůĞ ŚŝƐ ĂůůŝĂŶĐĞ ƉĂƌƚŶĞƌƐ ŚĞůĚ ĚŽǁŶ ͚>ĂĚLJ :ƵƐƚŝĐĞ͕͛ ĞŐŐŝŶŐ
ŚŝŵŽŶ͗͞'ŽĨŽƌŝƚ͕ŽƐƐ͊͟;,ĂŵŵĞƚƚϮϬϭϬ͗ϴϴ͕ϵϬͿ͘dŚĞWƌĞƐŝĚĞŶƚƐƵĞĚƚŚĞĐĂƌƚŽŽŶŝƐƚ
%=#!ZϳŵŝůůŝŽŶ͗͞ZϱŵŝůůŝŽŶĨŽƌĚĂŵĂŐĞƚŽŚŝƐƌĞƉƵƚĂƚŝŽŶĂŶĚZϮŵŝůůŝŽŶĨŽƌŝŶũƵƌLJƚŽŚŝƐ
ĚŝŐŶŝƚLJ͟ ;OKKZ1jj^^^(Z$ZZ$#$VZ#$FF('=(D&jHXXUjWXjXPjD&Z@#=BGRB<@%$B&FB&BZ=<@K@'&<B
'&#K==>@FKd(! ! -O$! G&@>! @'=>=)#&ZO@'! $<$G$>KF! =%! KO@F! '&#K==>! &<<! #$%$#$>'$! #$'$>K!
Z=<@K@'&<!ĞǀĞŶƚƐ͗ƚŚĞƐŚŽǁĞƌŚĞĂĚƚŽƚŚĞWƌĞƐŝĚĞŶƚ͛ƐĐůĂŝŵƚŚĂƚŚĞƚŽŽŬĂƐŚŽǁĞƌĂĨƚĞƌ
O@F!&<<$)$S!#&Z$!=%!&>!79YBZ=F@K@\$!^=G&>h!KO$!@G&)$!=%!#&Z$6!K=!KO$!'O&#)$!=%!#&Z$!
ĂŐĂŝŶƐƚ Śŝŵ͖ ĂŶĚ >ĂĚLJ :ƵƐƚŝĐĞ ĂƐ ƚŚĞ ǀŝĐƚŝŵ͕ ƚŽ ƚŚĞ ͚ƌĂƉĞ͛ ŽĨ ƚŚĞ ũƵĚŝĐŝĂů ƐLJƐƚĞŵͶ
$FZ$'@&<<R! @>! ƌĞůĂƚŝŽŶ ƚŽ ƵŵĂ͛Ɛ ƉƌŽƐĞĐƵƚŝŽŶ ĨŽƌ ĐŽƌƌƵƉƚŝŽŶ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ĂƌŵƐ
ĚĞĂů;,ĂŵŵĞƚƚϮϬϭϬͿ͘dŚĞƌĞŝƐĂƐŝŵŝůĂƌŝƚLJďĞƚǁĞĞŶĂƉŝƌŽ͛ƐĐĂƌƚŽŽŶƐĂŶĚƚŚĞĂƌƚŝƐƚ
ƌĞƚƚDƵƌƌĂLJ͛ƐƉĂŝŶƚŝŶŐŝŶƚŚĂƚƚŚĞLJĂƌĞďŽƚŚƐĂƚŝƌŝĐĂůĨŽƌŵƐŽĨĞdžƉƌĞƐƐŝŽŶǁŚŝĐŚĂƌĞ
$VZ<@'@K<R! '#@K@'&<! '=GG$>K&#@$F! =>! '=>K$GZ=#&#R! ;=NKO! +%#@'&>! Z=<@K@'FͶ! DƵƌƌĂLJ͛Ɛ
ƌĞĐĞŶƚ ĂƌƚǁŽƌŬ ďĞŝŶŐ ƐĞĞŶ ĂƐ Ă ƌĞǀŝƐŝƚŝŶŐ ŽĨ ϭϵϴϬƐ ͚ƉƌŽƚĞƐƚ Ăƌƚ͛
cOKKZ1jj^^^('@KRZ#$FF('=('=(D&j<@%$FKR<$j^O@K$B>=@F$BHXWHX*WWjh! F$$! &<F=! ]=$<[<$!
&>S!,=[@>F!HXXId(!!!
!
tŚĂƚ ŝƐ ĂůƐŽ ƐŝŐŶŝĨŝĐĂŶƚ ŝƐ ƚŚĞ ƚŝŵŝŶŐ ŽĨ ƚŚĞƐĞ ͚ĚĞďĂĐůĞƐ͛J(! ! 3&>R! O&\$! >=^! &#)N$S!
ƚŚĂƚ ƚŚĞ ƚŝŵŝŶŐ ǁĂƐ ƉŽůŝƚŝĐĂůůLJ ͚ŵŽƚŝǀĂƚĞĚ͛͗ ĨŝƌƐƚ * !ƚŽ ĞŶƐƵƌĞ ƵŵĂ͛Ɛ ĞůĞĐƚŝŽŶ ĂƐ
WƌĞƐŝĚĞŶƚŽĨƚŚĞEĂƚƚŚĞE͛ƐŶĂƚŝŽŶĂůĐŽŶĨĞƌĞŶĐĞĂƚWŽůĞŬǁĂŶĞŝŶϮϬϬϳ͕ƚŚĞƌĞďLJ
N>F$&K@>)!O@F!#@\&<6!KO$!KO$>!N>Z=ZN<&#!-O&[=!3[$A@h!KO$>!O@F!$<$'K@=>!&F!"#$F@S$>K!=%!
;=NKO! +%#@'&! @>! HXXEh! >=^! O@F! #$B$<$'K@=>! &F! Z#$F@S$>K! =%! KO$! +/4! &K! @KF! >&K@=>&<!
'=>%$#$>'$! @>! 3&>)&N>)! cHXWHdh! KO$#$[R! $>FN#@>)! O@F! $<$'K@=>! &F! "#$F@S$>K! =%! KO$!
'=N>K#R!%=#!&!F$'=>S!K$#G!@>!KO$!HXWJ!)$>$#&<!$<$'K@=>F!c?#N'$!HXWH6!2$!M&&<!HXWH6!
>ĞŬŽƚĂϮϬϭϮ͕DƵŶƵƐĂŵLJϮϬϬϭϯͿ͘LJƚĂŬŝŶŐ͚dŚĞ^ƉĞĂƌ͛!K=!KO$!FK#$$KF6!&>S!=>'$B&)&@>!
ƉƌĞƐĞŶƚŝŶŐƚŚĞWƌĞƐŝĚĞŶƚĂƐĂ͚ǀŝĐƚŝŵ͛ŽĨƚŚĞĂďƵƐĞŽĨĨƌĞĞĚŽŵŽĨĞdžƉƌĞƐƐŝŽŶĂŶĚŚŝƐ
#@)OK!K=!S@)>@KR6!@K!@F!'<&@G$S!O@F!FNZZ=#K$#F!&KK$GZK$S!K=!FK$G!O@F!%&S@>)!FNZZ=#K![R!
G=[@<@F@>)!Z$=Z<$!&#=N>S!Z&#K@'N<&#@FK@'!$KO>@'!'<&@GF!O&#A@>)![&'ŬƚŽƚŚĞ͚ϭϬϬйƵůƵ
ďŽLJ͛P!^O@'O! %#&G$S! KO$! S@F'=N#F$! SN#@>)! O@F! #&Z$! K#@&<! cC$A=K&! HXWH6! 3N>NF&GR!
HXXWLd(!!+>=KO$#!\@$^!@F!KO&K!85'!G.',(!)&\$!KO$!+/4!&>!=ZZ=#KN>@KR!K=!&KK&'A!70+9!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J
!3R!KO&>AF!K=!'=<<$&)N$!7&##R!2N)G=#$!%=#!G&A@>)!KO@F!Z=@>K!$VZ<@'@K!@>!&!S@F'NFF@=>(!
*
!&ŝƌƐƚǁĂƐĐĂƌƚŽŽŶŝƐƚĂƉŝƌŽ͛ƐƌĞƐƉŽŶƐĞƚŽƵŵĂ͛ƐϮϬϬϳƌĂƉĞƚƌŝĂůŝŶǁŚŝĐŚŚŝƐĚĞĨĞŶĚĞƌƐĚĞƐĐƌŝďĞĚŚŝŵ
ĂƐ Ă ͞ϭϬϬй ƵůƵ ďŽLJ͕͟ ĂŶĚ ƌĞƉƌĞƐĞŶƚĞĚ Śŝŵ ĂƐ Ă ǀŝĐƚŝŵ ŽĨ ƐƚĂƚĞ! Z=^$#! N>S$#! KO$>BZ#$F@S$>K! -O&[=!
DďĞŬŝĂƐĂŵĞĂŶƐŽĨŐĂƌŶĞƌŝŶŐ ƐƵƉƉŽƌƚĨŽƌŚŝŵĂƚƚŚĞ E͛ƐŶĂƚŝŽŶĂůĐŽŶĨĞƌĞŶĐĞŝŶWŽůĞŬǁĂŶĞůĂƚĞƌ
KO&K!R$&#!&K!^O@'O!O$!^&F!$<$'K$S!&F!"#$F@S$>K!=%!KO$!+/46!KONF!$>FN#@>)!O@F!$<$'K@=>!&F!"#$F@S$>K!=%!KO$!
'=N>K#R!@>!HXXE!cC$A=K&!HXWH6!3N>NF&GR!HXXWLd(!
P
!^ĞĞĞŶĞĚŝĐƚĂƌƚŽŶ͛ƐĞdžƉůŽƌĂƚŝŽŶŽĨƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞŽĨƵůƵĐƵůƚƵƌĂůŝĚĞŶƚŝƚLJǁŚŝĐŚƐƵƉƉŽƌƚƐĂůŚŽƵŶ͛Ɛ
Z=F@K@=>!#$!KO$![&F@F!=%!F=<@S&#@KR(!
!
! ! !
@('22!%=#!FZ$&#O$&S@>)!KO$!@>\$FK@)&K@=>F!@>K=!^O&K!O&F![$'=G$!A>=^>!&F!3SN<@)&K$!
c2$!M&&<!HXWHd(!!
!
>72!/*!3:)!5+5)(!
9>!KO@F!Z&Z$#!9!'=>F@S$#!F=G$!KO$=#$K@'&<!&ZZ#=&'O$F!K=!KO$!'=>'$#>F!N>S$#<R@>)!KO$!
S@%%@'N<K@$F!%&'$S![R!KO$!$S@K=#!@>!O$#! S$'@F@=>BG&A@>)(!]$R!&G=>)FK!KO$F$!^$#$!KO$!
K$>F@=>![$K^$$>!%#$$S=G!=%!$VZ#$FF@=>!&>S!KO$!G$S@&6!&>S!KO$!#@)OK!K=!S@)>@KR6!&>S!
ƐĞĐŽŶĚ͕ƚŚĞƚĞŶƐŝŽŶďĞƚǁĞĞŶ͚ƚŚĞƉƵďůŝĐŝŶƚĞƌĞƐƚ͛ĂŶĚ͚ƚŚĞŶĂƚŝŽŶĂůŝŶƚĞƌĞƐƚ͛͗ƚLJƉŝĐĂů
$VZ#$FF@=>F!=%!KO$!'=>K$FK&K@=>![$K^$$>!KO$!G$S@&!&>S!KO$!FK&K$!c;K$$>\$<S!HXXUd!@>!
ƚŚĞŝƌďŝĚ͚ƚŽƌĞƉƌĞƐĞŶƚƚŚĞƉĞŽƉůĞ͛͘/Ŷ^ŽƵƚŚ%#@'&!KO$F$!`N$FK@=>F!=%!#$Z#$F$>K&K@=>!
&#$!N>S$#Z@>>$S![R!`N$FK@=>F!=%!@S$>K@KR6!&>S!bNFK@'$(!9K!@F!%#=G!KO@F!Z$#FZ$'K@\$!KO&K!9!
ƉƌŽďĞ ƚŚĞ ĞƚŚŝĐƐ ŽĨ ƚŚĞ ĚŝƚŽƌ͛Ɛ ĚĞĐŝƐŝŽŶBG&A@>)(! -O$! Z&Z$#! @F! S@\@S$S! @>K=! J! G&@>!
F$'K@=>F(! 9! [$)@>! [R! '=>F@S$#@>)! 3@'O&$<! ?@ůůŝŐ͛Ɛ ;ϭϵϵϭͿ ĐŽŶĐĞƉƚ ŽĨ ͚ĚŝůĞŵŵĂƚŝĐ
ƚŚŝŶŬŝŶŐ͛ ĂƐ ĂŶ ŽǀĞƌB&#'O@>)! %#&G$^=#A! %=#! '=>F@S$#@>)! KO$! S@%%@'N<K@$F! @>! G&A@>)!
F$>F$! =%6! &>S! #$FZ=>S@>)! K=6! Z&#K@'N<&#! K$VKF(! 9>! KO$! F$'=>S! F$'K@=>! 9! $V&G@>$! K^=!
ĂƉƉƌŽĂĐŚĞƐƚŽ͚ƚŚĞ>Ăǁ͛ǁŚŝĐŚĐŽƵůĚŝŶĨŽƌŵƐŽŵĞĂƐƉĞĐƚF!=%!KO$!S@<$GG&!Z=F$S![R!
ƚŚĞ ƉƵďůŝĐĂƚŝŽŶŽĨ ƚŚĞ ƉŚŽƚŽŐƌĂƉŚŽĨ ͚dŚĞ ^ƉĞĂƌ͛͘ &ŝƌƐƚ͕ / ŶŽƚĞ WŽǁĞůů͛Ɛ ;ϭϵϵϱͿƉŽƐƚB
G=S$#>!c'#@K@'&<!#&'$!KO$=#Rd!Z=F@K@=>!^O@'O!'O&<<$>)$F!KO$!Z=F@K@\@FG!=%!O$)$G=>@'!
&ZZ#=&'O$F!K=!<$)&<!KO$=#R6!^O@'O!=%K$>!@>%=#G!&FFNGZK@=>F!&[ŽƵƚ͚ƚŚĞ>Ăǁ͛ĂƐďĞŝŶŐ
͚ŶŽŶBŝĚĞŽůŽŐŝĐĂů͛ ĂŶĚ ŚĞŶĐĞ Ă ŐŽŽĚ ĂƌďŝƚĞƌ ŽĨ ͚ũƵƐƚŝĐĞ͛͘ / ƚŚĞŶ ĐŽŶƐŝĚĞƌ DĂŵĚĂŶŝ͛Ɛ
cHXXWd! &#)NG$>K! &[=NK! O=^! '=<=>@&<! <$)&<! %#&G$^=#AF! @GZ&'K! =>! '=>K$GZ=#&#R!
N>S$#FK&>S@>)F! =%! Z=<@K@'&<! &>S! 'N<KN#&<! @S$>K@KR(! ! 7@F! Z$#FZ$'K@\$! KONF! O@FK=#@'@F$F!
'=>K$GZ=#&#R! Z=FKB'=<=>@&<! <$)&<! %#&G$^=#AF6! $>&[<@>)! KO$G! &<F=! K=! [$! F$$>! &F!
'=>K@>)$>K!&>S!@S$=<=)@'&<(!!9>!KO$!KO@#S!F$'K@=>!9!KN#>!K=!%#&G$^=#AF!^O@'O!FZ$&A!K=!
@FFN$F! =%! @S$>K@KR6! [$<=>)@>)! &>S! '=FG=Z=<@K&>@FG! ^O@'O! @>%=#G! &ZZ#=&'O$F! K=!
͚ĚŝŐŶŝƚLJ͛ĂŶĚ͚ŝŶĐůƵƐŝŽŶ͛ŝŶĐŽŶƚĞŵƉŽƌĂƌLJĚĞŵŽĐƌĂĐŝĞƐ͘/ŶƚŚĞĨŽƵƌƚŚ;ĨŝŶĂůͿƐĞĐƚŝŽŶ/
ĐŽŶƐŝĚĞƌ ƉĞƌƐƉĞĐƚŝǀĞƐ ŽŶ ũŽƵƌŶĂůŝƐŵ ƉƌĂĐƚŝĐĞ ĂŶĚ ĞƚŚŝĐƐ ƚŽ ĐŽŶƐŝĚĞƌ ƚŚĞ ĚŝƚŽƌ͛Ɛ
S@<$GG&! &[=NK! ZN[<@FO@>)! @>! KO$! ZN[<@'! @>K$#$FK! =#! >&K@=>&<! @>K$#$FK! ^O@'O!
$>'&ZFN<&K$! KO$! #$<&K@=>FO@Z! [$K^$$>! @S$>K@KR! &>S! bNFK@'$! '<&@GF(! 9>! $&'O! F$'K@=>! 9!
S#&^!=>!ZN[<@FO$S!K$VKN&<!#$FZ=>F$F!K=!KO$!ZN[<@'&K@=>!=%!KO$!ZO=K=)#&ZO!&F!&!G$&>F!
=%!FO=^@>)!KO$!A@>SF!=%!S@F'=N#F$F!KO&K!^$#$!S#&^>!=>6!&>S!^O@'O!^$#$!&#)N&[<R!KO$!
[&F@F! %=#! KO$! S@<$GG&! %&'@>)! KO$! 0S@K=#B@>B'O@$%! #$)&#S@>)! KO$! ZN[<@'&K@=>! =%! KO$!
ZO=K=)#&ZO(!
!
$76)22+37,!3:71G71.!
DŝĐŚĂĞů ŝůůŝŐ͛Ɛ ĐŽŶĐĞƉƚ ŽĨ ͚ĚŝůĞŵŵĂƚŝĐ ƚŚŝŶŬŝŶŐ͛ ŝƐ Ă ƵƐĞĨƵů ƐƚĂƌƚŝŶŐ ƉŽŝŶƚ ĨŽƌ
&ZZ#=&'O@>)! KO$! $KO@'&<! S@<$GG&F! %&'$S! [R! KO$! 70+9! @('22! $S@K=#(! ! 7$! &#)N$F! KO&K!
Z$=Z<$! NF$! \&#@=NF! FK#&>SF! =%! G$&>@>)F! )&@>$S! %#=G! &! #&>)$! =%! @S$=<=)@$F! =#!
%#&G$^=#AF!K=!G&A$!F$>F$!=%!@FFN$F!KO&K!'=>K#&S@'K!=#!ZNDD<$!KO$G!&[=NK!Z&#K@'N<&#!
K$VKF6! =#! Z&#K@'N<&#! )$>#$F! =%! K$VKF6! &K! Z&#K@'N<&#! G=G$>KF(! ! ,$&S$#F! KONF! Z=FF$FF!
'=>K#&#R! &>S! F=G$K@G$F! $\$>! '=>K#&S@'K=#R! @>K$#Z#$K&K@\$! %#&G$^=#AF! =%! G$&>@>)B
G&A@>)! %=#! K&<A@>)! &[=NK! &>S! G&A@>)! F$>F$! =%! KO$! ^=#<S(! ! ?$'&NF$! =%! KO@F6! #$&S$#F!
ŵĂLJĨĂĐĞ͚ĚŝůĞŵŵĂƐ͛ŝŶƚŚĞŝƌƌĞĂĚŝŶŐŽĨƚĞdžƚƐ͕ŵĂŬŝŶŐƚŚĞŵĞŶŐĂŐĞŝŶĂĚLJŶĂŵŝĐǁĂLJ
^@KO!FN'O!K$VKF(!!-ONF!#$&S@>)!&!>$^FZ&Z$#6!=#!\@$^@>)!&>!&#K!$VO@[@K@=>6!=#!S$'@S@>)!
^O$KO$#!&>!@G&)$!@F!ZN[<@FO&[<$!=#!>=K6!@F!=%K$>!&!>$)=K@&K@=>!^@KO!KO$!K$VK![$'&NF$!
=%!KO$!'=>K$>S@>)!%#&G$^=#AF!KO&K!'=N<S![$!NF$S!%=#!G&A@>)!F$>F$!=%!@K(!-ONF6!^O&K!
Z$=Z<$! F&R6! KO@>A6! &>S! &#)N$! ^@<<! \&#R! &'#=FF! K@G$h! KO$! #$'=N#F$! K=! =>$! #$Z$#K=@#$!
#&KO$#! KO&>! &>=KO$#6! G&R! S$Z$>S! NZ=>! KO$! %N>'K@=>F! =%! KO$! S@F'=N#F$6! &>S! KO$!
'=>K$VK6!@>!^O@'O!@K!=''N#F!c?@<<@)!WUUX1!WE6!`KS(!Q$#)NF=>!WUUE1!**d(!
!
?@<<@)!KONF!$GZO&F@F$F!KO$!Z#=%=N>S<R!F='@&<!'=>K$VK!=%!G$&>@>)BG&A@>)6!&>S!KONF!KO$!
'=GZ<$V!^&RF!@>!^O@'O!Z$=Z<$!@>K$#&'K!^@KO!G$S@&!'=>K$>K(!7$!&<F=!FK#$FF$F!KO$!K^@>B
!
ŶĂƚƵƌĞ ŽĨ ŝĚĞŽůŽŐLJ ;ĂƐ Ă ͚ƐLJƐƚĞŵ ŽĨ ŵĞĂŶŝŶŐƐ͛Ϳ ĂƐ ǁŽƌŬŝŶŐ ďŽƚŚ ƵŶĐŽŶƐĐŝŽƵƐůLJ ĂŶĚ
'=>F'@=NF<R!KO#=N)O!<&>)N&)$1!
!
9>!FK#$FF@>)!KO$!S@<$GG&K@'!&FZ$'KF!=%!@S$=<=)R6!^$!O=Z$!K=!=ZZ=F$!KO$!
@GZ<@'&K@=>F!=%![=KO!'=)>@K@\$!&>S!@S$=<=)@'&<!KO$=#R6!^O@'O!@)>=#$!KO$!
F='@&<! >&KN#$! =%! KO@>A@>)(! ! 9>! '=>K#&FK! K=! '=)>@K@\$! ZFR'O=<=)@FKF6! ^$!
FK#$FF! KO$! 0-'%/%$01,/! >&KN#$! =%! KO=N)OKh! @>! '=>K#&FK! K=! KO$=#@FKF! =%!
@S$=<=)R6!^$!FK#$FF!KO$!+5%<$5+4</!>&KN#$!=%!@S$=<=)R(!c?@<<@)!$K!&<!WUEE1!
Hd!m`KS(!Q$#)NF=>!WUUE1!*Jn!
!
M#@K@>)!&[=NK!KO$!#$Z#$F$>K&K@=>!=%!#&'$!&>S!#&'@FG!@>!KO$!G$S@&6!Q$#)NF=>!FN))$FKF!
KO&K! KO$R! Z#$F$>K! S@<$GG&F! @>! [=KO! KO$! '=>FK#N'K@=>! =%! K$VKF6! &>S! KO$! S$'=S@>)! =%!
KO$G! [R! #$&S$#F(! -O$! K&FA! =%! #$F$&#'O$#F! @F! K=! @S$>K@%R! KO$F$! S@<$GG&F6! &>S! K=!
Z#=\@S$! &! #&>)$! =%! #$&S@>)F! &>S! &>&<RF@F! KO&K! $VZ<=#$! KO$@#! =Z$#&K@=>F! cWUUE1! *Jd(!!
dŚŝƐ͞ŝŶǀŽůǀĞƐƚŚĞŵĞĚŝĂƌĞƐĞĂƌĐŚĞƌŝŶĚĞĂůŝŶŐǁŝƚŚƉĞƌĐĞƉƚŝŽŶƐŝŶƌĞůĂƚŝŽŶƚŽ͚ƌĂĐĞ͛
&F! Z&#K! =%! KO$! <@\$S! $VZ$#@$>'$! =%! G$S@&! &NS@$>'$F6! ,)-! KO$! ^&RF! @>! ^O@'O! @FFN$F!
ƌĞůĂƚĞĚƚŽ͚ƌĂĐĞ͛ĂƌĞƌĞƉƌĞƐĞŶƚĞĚĂĐƌŽƐƐĂƌĂŶŐĞŽĨŵĞĚŝĂĂŶĚŐĞŶƌĞ͟;ϭϵϵϴ͗ϱϯͿ͘/ƚŝƐ
@>!KO@F!#$)&#S!KO&K!9!$VZ<=#$!KO$!S@<$GG&F!%&'@>)!KO$!$S@K=#!&F!FO$!O&S!K=!'=>F@S$#!KO$!
Z=K$>K@&<!#$&S@>)F!=%!KO$!ZN[<@FO$S!ZO=K=)#&ZO!&>S!KO$!#&>)$!=%!S@F'=N#F$F!^O@'O!&!
S@\$#F$!ZN[<@'!^&F!<@A$<R!K=!S#&^!=>(!!
!
<:)!H+9!
85'!;,3!,2!,)!0-'%/%$01,/!1%)2+(<1+!
+G$#@'&>! F'O=<&#! _=O>! +! "=^$<<! S$F'#@[$F! KO$! K$>F@=>! [$K^$$>! %#$$S=G! =%!
ĞdžƉƌĞƐƐŝŽŶͬĨƌĞĞĚŽŵŽĨ ƚŚĞ ƉƌĞƐƐ ĂƐ ͞ƚǁŽ ŶĂƌƌĂƚŝǀĞƐ ƚŚĂƚ ĚĞƐĐƌŝďĞ ĚŝĨĨĞƌĞŶƚ ǁŽƌůĚƐ͟
;ϭϵϵϱ͗ ϯϯϯͿ͕ dŚĞ ĨƌĞĞ ƐƉĞĞĐŚ ƚƌĂĚŝƚŝŽŶ͕ WŽǁĞůů ǁƌŝƚĞƐ͕ ƚĞůůƐ ƚŚĞ ƐƚŽƌLJ ŽĨ ͞ƉĞŽƉůĞ
&FF$#K@>)!KO$@#!&NK=>=GR!KO#=N)O!Z&#K@'@Z&K@=>6!%#$$!KO=N)OK6!&>S!F$<%B$VZ#$FF@=>!@>!
KO$! Z=ůŝƚLJ͙ǁĂƌLJ ŽĨ ŐŽǀĞƌŶŵĞŶƚ ĐŽŶƐƚƌĂŝŶƚ͙ƐƵĐŚ ĐŽŶƐƚƌĂŝŶƚ ďĞŝŶŐ ĂŶ Ğǀŝů ƚŽ ďĞ
ĂǀŽŝĚĞĚ ŝŶ ƐŽĐŝĞƚLJ͟ ;ϭϵϵϱ͗ ϯϯϯͿ͘ dŚĞ ĞƋƵĂůŝƚLJ ƚƌĂĚŝƚŝŽŶ͕ ŽŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ƚĞůůƐ Ă
S@%%$#$>K!FK=#R1!
!
m=%n!Z$=Z<$!^O=G!'=GGN>@K@$F!&>S!)=\$#>G$>K!'=>FZ@#$S!K=!$V'<NS$!
%#=G!&>R!G$&>@>)%N<!Z&#K@'@Z&K@=>!@>!KO$!Z=<@KR!=#!ZN[<@'!@>FK@KNK@=>(!!9K!
K$<<F!KO$!FK=#R!=%!&!)=\$#>G$>K!KO&K!N>K@<!\$#R!#$'$>K<R!&'K@\$<R!$>)&)$S!
@>!$%%=#KF!K=!$V'<NS$6!&>S!>=^!Z&FF@\$<R!FK&>SF![R!^O@<$!Z#@\&K$!&'K=#F!
&>S!Z=^$#%N<!F='@&<!%=#'$F!'=>K@>N$!K=!FONK!KO$!S==#!K=!Z$#F=>F!F$$A@>)!
%N<<! G$G[$#FO@Z! @>! F='@$KR(! ! -O@F! K#&S@K@=>! &<F=! K$<<F! =%! &! <=>)! FK#N))<$!
%=#! FK&KNF6! >=K! bNFK! &F! G$G[$#F! =%! KO$! Z=<@KR6! [NK! &F! '=GZ<$K$! &>S!
#$FZ$'K$S!ONG&>![$@>)F(!!9>S$$S!KO$!)#$&K!$\@<!K=![$!&\=@S$S6!&F!F$$>!
%#=G! KO@F! %#&G$^=#A6! @F! S@F'#@G@>&K@=>! KO&K! N>S$#G@>$F! =#! S$FK#=RF!
ƐŽŵĞŽŶĞ͛ƐŚƵŵĂŶŝƚLJ͘;WŽǁĞůůϭϵϵϱ͗ϯϯϯͿ!
!
9>! FO=#K6! KO$! %#$$! FZ$$'O! '=>FK@KN$>'R! '=N<S! [$! F$$>! &F! #$Z#$F$>K@>)! KO=F$! ^O=!
&<#$&SR! O&\$! &''$FF! K=! &>! $V@FK@>)! FRFK$G! KO&K! @F! =#)&>@F$S! @>! &! ^&R! KO&K! KO$R! &#$!
%&G@<@&#!^@KO6!&>S!KO&K!FN@KF!KO$G(!!-O$!$`N&<@KR!'=>FK@KN$>'R!#$Z#$F$>KF!KO=F$!^O=!
&#$!>$^'=G$#F6!&>S!^O=!S=!>=K!=><R!^&>K!K=!Z&#K@'@Z&K$6![NK!&<F=!^&>K!K=!O&\$!&!F&R!
@>!KO$!#N<$F!&>S!'=>\$>K@=>F!)=\$#>@>)!Z&#K@'@Z&K@=>(!"=^$<<!cWUU*d!&#)N$F!KO&K!@K!@F!
>=K! O$<Z%N<! K=! &FA! ^O@'O! =%! KO$! K^=! >&##&K@\$F! @F! G=#$! \&<@S6! &F! KO@F! &FFNG$F! KO&K!
KO$#$!@F!F=G$!=KO$#!%=#GN<&K@=>!KO&K!^$!'&>!NF$!K=!bNS)$!KO@F(!-O$!%&'K!@F6!S$Z$>S@>)!
=>!^O@'O!^=#<S!^$! <@\$!@>6!^$!^@<<!'O==F$! +5,+!FK=#R!&F![$@>)!G=#$!#$<$\&>K!K=!=N#!
@>K$#$FKF(!
!
!
! ! !
+!#$'=)>@K@=>!=%!KO$!\&<@S@KR!=%!KO$!F$'=>S!>&##&K@\$![$)F!`N$FK@=>F!&[=NK![$<=>)@>)6!
'@ƚŝnjĞŶƐŚŝƉ͕ ĂŶĚ ͚ĐŽƐŵŽƉŽůŝƚĂŶ ĚĞŵŽĐƌĂĐLJ͕͛ Ăůů ŽĨ ǁŚŝĐŚ ƌĂŝƐĞ ĞƚŚŝĐĂů ŝƐƐƵĞƐ ĨŽƌ
b=N#>&<@FKF6! S$FZ@K$!&!4=>FK@KNK@=>!^O@'O!G&R!)N&#&>K$$! %#$$S=G!=%!$VZ#$FF@=>!&>S!
ƚŚĞ ŵĞĚŝĂ͘ Ɛ ŶŽƚĞĚ ĂďŽǀĞ͕ ,ĂĨĨĂũĞĞ͛Ɛ ƌĂƚŝŽŶĂůĞ ĨŽƌ ƉƵďůŝƐŚŝŶŐ ƚŚĞ ƉŚŽƚŽŐƌĂƉŚ
@>S@'&K$F!O$#!&^&#$>$FF!=%!KO$!'=GZ<$V@K@$F!=%![$<=>)@>)!@>!;=NKO!+%#@'&(!!;O$!^#@K$F1!
!
! .N#F!@F!&!F$VN&<<R!&^&#$6!F&K@#@'&<<R!FNFF$S!&>S!Z#=)#$FF@\$!'=N>K#R(!!
+K!KO$!F&G$!K@G$6!^$!&#$!&!K#&S@K@=>&<!F='@$KR!^@KO!&!Z#$F@S$>K!^O=!@F!
G=FK!^$<<B!A>=^>!%=#!O@F!G&>R!G&##@&)$F(!.N#!@S$>K@KR!@F!>=K!&F!F@GZ<$!
&F!KO$!'N<KN#&<!'O&N\@>@FKF!&>S!S@)>@KR!S=)G&K@FKF!<@A$!K=!G&A$!=NK(!.N#F!
ŝƐ͕ďLJĚĞƐŝŐŶ͕ĂůŝǀĞĂŶĚůĞƚůŝǀĞǁŽƌůĚ͘/͛ŵƚŝƌĞĚŽĨƚŚĞƉĞŽƉůĞǁŚŽĚĞƐŝƌĞ
K=! A@<<! @S$&F! =%! ^O@'O! KO$R! S=! >=K! &ZZ#=\$(! ?$F@S$F6! =N#! G=#&<@KR! &>S!
)==S!Z#&'K@'$!@F!F$<$'K@\$(!c7&%%&b$$!HXWH&d!
!
dŽ ůŽĐĂƚĞ ƚŚĞƐĞ ƚĞŶƐŝŽŶƐ ǁŝƚŚŝŶ ͚ƚŚĞ ůĂǁ͛ ŝŶ ƉŽƐƚB'=<=>@&<! F='@$K@$F6! 9! KN#>! K=!
DĂŚŵŽŽĚ DĂŵĚĂŶŝ͛Ɛ ;ϮϬϬϭͿ ƉĞƌƐƉĞĐƚŝǀĞ ŽŶ ƚŚĞ ůĞŐĂů ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ͚ƐĞƚƚůĞƌ ĂŶĚ
ŶĂƚŝǀĞ͛;Žƌ͚ĐŝƚŝnjĞŶ͛ĂŶĚ͚ƐƵďũĞĐƚ͛ͿĂƐĂƉŽůŝƚŝĐĂůůĞŐĂĐLJŽĨĐŽůŽŶŝĂůŝƐŵǁŚŝĐŚĂŶŝŵĂƚĞƐ
KO$!\&#@=NF!S$[&K$F!&[=NK![$<=>)@>)6!'N<KN#$!&>S!'@K@D$>FO@Z!^O@'O!&#$!&K!KO$!O$&#K!
=%!K$>F@=>![$K^$$>!KO$!#@)OKF!K=!S@)>@KR6!&>S!%#$$S=G!=%!$VZ#$FF@=>(!!!
!
7%/%)0,/02*L!+5'!/,3L!,)-!0-')+0+9!0)!.%2+#1%/%)0,/!2+,+'2!!
KŶĞ ŽĨ DĂŵĚĂŶŝ͛Ɛ ƉƌŝŵĂƌLJ ĐŽŶĐĞƌŶƐ ŝƐ ŚŽǁ ͞ƵƌŽƉĞ! (</'-! ĨƌŝĐĂ͟ ;ϮϬϬϭ͗ ϲϱϭͿ͕ ďLJ
^O@'O! O$! G$&>F6! KO$! ^&RF! @>! ^O@'O! 0N#=Z$&>! '=<=>@&<! .%/0+01,/! 2+(<1+<('2! %(!
0)2+0+<+0%)2! '=>FK@KNK$S!KO$! %=#G&K@=>!=%!KO$!>$^<R!@>S$Z$>S$>K!+%#@'&>!FK&K$F(!-O$!
F@)>@%@'&>'$! =%! KO$F$! FK#N'KN#$F! @F! KO&K! KO@F! Z#='$FF! =%! FK&K$! %=#G&K@=>! Z#=SN'$S!
.%/0+01,/!@S$>K@K@$F!^O@'O!3&GS&>@!&#)N$F!&#$!K=![$!S@%%$#$>K@&K$S!%#=G!'N<KN#&<!=>$F!
;ϮϬϬϭ͗ϲϱϮͿ͘ĐƌŝƚŝĐĂůŝŶƐƚŝƚƵƚŝŽŶǁĂƐ͚ƚŚĞůĂǁ͛ƚŚƌŽƵŐŚǁŚŝĐŚƚŚĞƐƚĂƚĞĞŶĨŽƌĐĞĚƚŚĞ
Z#&'K@'$F!=%!@>FK@KNK@=>F!^O@'O!'#$&K$S!&>S!#$Z#=SN'$S!'@K@D$>!Z&#K@'@Z&K@=>!@>!@K(!!]$R!
ĂŵŽŶŐƐƚ ƚŚĞƐĞ ǁĂƐ ƚŚĞ ůĞŐĂů ĚŝƐƚŝŶĐƚŝŽŶ ďĞƚǁĞĞŶ ͚ƌĂĐĞ͛ ĂŶĚ ͚ĞƚŚŶŝĐŝƚLJ͛ ;DĂŵĚĂŶŝ
HXXW1!P*Jd1!!
!
0KO>@'@K@$F! ^$#$! )=\$#>$S! KO#=N)O! 'NFK=G&#R! <&^F(! ! MO@<$! '@\@<! <&^!
FZ=A$! KO$! <&>)N&)$! =%! #@)OKF6! 'NFK=G&#R! <&^! FZ=A$! KO$! <&>)N&)$! =%!
K#&S@K@=>6! =%! &NKO$>K@'@KR(! ! -O$F$! ^$#$! S@%%$#$>K! <&>)N&)$F! ^@KO!
S@%%$#$>K! $%%$'KF6! $\$>! =ZZ=F@K$! $%%$'KF(! ! -O$! <&>)N&)$! =%! #@)OKF!
[=N>S$S!<&^(!!9K!'<&@G$S!K=!F$K!<@G@KF!K=!Z=^$#(!!Q=#!'@\@'!Z=^$#!^&F!K=!
[$!$V$#'@F$S!^@KO@>!KO$!#N<$!=%!<&^6!&>S!O&S!K=!=[F$#\$!KO$!F&>'K@KR!=%!
KO$! S=G&@>! =%! #@)OKF(! ! -O$! <&>)N&)$! =%! 'NFK=G6! @>! '=>K#&FK6! S@S! >=K!
'@#'NGF'#@[$!Z=^$#6!%=#!'NFK=G!^&F!')4%(1'-(!-O$!<&>)N&)$!=%!'NFK=G!
$>&[<$S!Z=^$#!@>FK$&S!=%!'O$'A@>)!@K![R!S#&^@>)![=N>S&#@$F!&#=N>S!@K(!!
9>!FN'O!&>!&##&>)$G$>K6!>=!#N<$!=%!<&^!^&F!Z=FF@[<$(!cHXXW1!P*Jd(!
!
9>!FO=#K6!^#@K$F!3&GS&>@6!
!
4=<=>@&<! <&^! G&S$! &! %N>S&G$>K&<! S@FK@>'K@=>! [$K^$$>! K^=! KRZ$F! =%!
Z$#F=>F1! KO=F$! @>S@)$>=NF! &>S! KO=F$! >=K! @>S@)$>=NFh! @>! &! ^=#S6!
[$K^$$>! >&K@\$F! &>S! >=>BŶĂƚŝǀĞƐ͙ƌŝŐŚƚƐ ďĞůŽŶŐĞĚ ƚŽ ŶŽŶB>&K@\$F6! >=K!
K=!>&K@\$F(!!/&K@\$F!O&S!K=!<@\$!&''=#S@>)!K=!'NFK=G(!!/&K@=>&<@FG!^&F!&!
FK#N))<$!=%!>&K@\$F!K=![$!#$'=)>@D$S!&F!&!K#&>F$KO>@'!@S$>K@KR6!&F!&!#&'$6!
ĂƐ ͚ĨƌŝĐĂŶƐ͕͛ ĂŶĚ ƚŚƵƐͶ&F! &! #&'$ͶK=! )&@>! &SG@FF@=>! K=! KO$! ^=#<S! =%!
#@)OKF6! K=! '@\@<! F='@$KR6! ^O@'O! ^&F! &! FO=#K! %=#G! %=#! 10&0/0P'-! F='@$KR(!
cHXXW1!P*Jd!
!
!
9>! FO=#K6! KO$! >=>B@>S@)$>=NF! [$'&G$! '@K@D$>F6! )=\$#>$S! [R! #@)OKFh! ^O$#$&F! KO$!
@>S@)$>=NF!#$G&@>$S!FN[b$'KF6!)=\$#>$S![R!'NFK=G&#R!<&^(!3&GS&>@!O$#$!FZ$&AF!K=!
KO$! %N>S&G$>K&<! '<&FO! [$K^$$>! KO$! N>S$#Z@>>@>)! S@F'=N#F$F! %#&G@>)! KO$! #@)OK! K=!
%#$$S=G!=%!$VZ#$FF@=>6!&>S!KO$!#@)OKF!K=!S@)>@KR!&>S!$`N&<@KR(!!Q#$$S=G!=%!$VZ#$FF@=>!
FZ$&AF! K=! '@\@'! #@)OKFͶ#@)OKF! K=! '@\@'! Z&#K@'@Z&K@=>! &FF='@&K$S! ^@KO! <@[$#&<!
S$G='#&'@$Fh! @>! '=>K#&FK6! KO$! #@)OKF! K=! S@)>@KR! &>S! $`N&<@KR! FZ$&A! K=! &>!
ĂĐŬŶŽǁůĞĚŐĞŵĞŶƚ ŽĨ ͚ĞƚŚŶŝĐŝƚLJ͕͛ ͚ĐƵůƚƵƌĞ͕͛ ĂŶĚ ƚŚĞ ǁŽƌůĚ ŽĨ ͚ĐƵƐƚŽŵĂƌLJ͛ ƉƌĂĐƚŝĐĞ
^O@'O!F$$AF!<$)@K@G&'R!KO#=N)O!&!>$^!<$)&<!%#&G$^=#A(!MO@<$!"=^$<<!FZ$&AF!=%!KO$F$!
%#=G! &! Z=FKBŵŽĚĞƌŶ ƉĞƌƐƉĞĐƚŝǀĞ ŽĨ ͚ƚǁŽBǁŽƌůĚƐ͛ ǁŚŝĐŚ ĂƌĞ ĞƋƵĂůůLJ ǀĂůŝĚ͕ DĂŵĚĂŶŝ
$GZO&F@F$F! KO$! 2+(<1+<(,/! 4(,*'3%(>2ͶKO$! <$)&'@$F! =%! '=<=>@&<! <&^6! @>! Z&#K@'N<&#Ͷ
ĂŶĚ ƉŽǁĞƌ ƌĞůĂƚŝŽŶƐ ǁŚŝĐŚ ĐŽŶƐƚŝƚƵƚĞĚ ƚŚĞƐĞ ͚ƚǁŽ ǁŽƌůĚƐ͛͘ ,Ğ ƚŚƵƐ ƉŽŝŶƚƐ ƚŽ ƚŚĞ
^&RF! @>! ^O@'O! KO$F$! %#&G$^=#AF! O&\$! FO&Z$S! '=>K$GZ=#&#R! Z=<@K@'F! &>S! @S$>K@KR!
%=#G&K@=>! @>! Z=FKB'=<=>@&<! FK&K$FͶ&F! &! F@>)<$6! '=>K$FK$S! ^=#<S(! ! 9K! @F! =>! KO$!
FK#N'KN#@>)! <$)&'@$F! =%! @S$>K@KR! %=#G&K@=>! KO&K! 4&<O=N>! cHXXLd! &>S! ?#N[&A$#! cHXXLd!
S@%%$#Ͷ&!S@F'NFF@=>!9!#$KN#>!K=!<&K$#(!!
!
3&GS&>@! &#)N$F! KO&K! KO$#$! ^$#$! KO#$$! G&@>! '=>F$`N$>'$F! =%! KO@F! '=<=>@&<! <$)&<!
%#&G$^=#A1!! !
!
ƚŚĞ ĨŝƌƐƚ͙Ă ƚĞŶĚĞŶĐLJ ĨŽƌ ŝŶĚŝŐĞŶĞŝƚLJ ƚŽ [$'=G$! KO$! <@KGNF! K$FK! %=#!
#@)OKF! N>S$#! KO$! Z=FK'=<=>@&<! FK&K$6! &F! N>S$#! KO$! '=<=>@&<!
ƐƚĂƚĞ͙ƐĞĐŽŶĚ͙ƚŚĂƚ ǁĞ ŚĂǀĞ ďƵŝůƚ ƵƉŽŶ ƚŚŝƐ ĨŽƵŶĚĂƚŝŽŶ ĂŶĚ ƚƵƌŶĞĚ
@>S@)$>$@KR! @>K=! &! K$FK! %=#! bNFK@'$6! &>S! KONF! $>K@K<$G$>K! N>S$#! KO$!
ƉŽƐƚĐŽůŽŶŝĂůƐƚĂƚĞ͙ƚŚŝƌĚ͙ƚŽŝĚĞŶƚŝĨLJĂ!'=<=>@&<<R!'=>FK#N'K$S!#$)@G$!=%!
ĐƵƐƚŽŵĂƌLJůĂǁǁŝƚŚĨƌŝĐĂ͛ƐĂƵƚŚĞŶƚŝĐƚƌĂĚŝƚŝŽŶ͘;ϮϬϬϭ͗ϲϱϳͿ!
!
.%! G=FK! F@)>@%@'&>'$6! @F! KO$! @GZ=#K&>'$! =%! +5'! /,3! @>! KO$! '=>FK#N'K@=>! =%! Z=<@K@'&<!
@S$>K@K@$F1!!
!
9%! KO$! <&^! #$'=)>@F$F! R=N! &F! &! G$G[$#! =%! &>! $KO>@'@KR6! &>S! FK&K$!
@>FK@KNK@=>F!K#$&K!R=N!&F!&!G$G[$#!=%!KO&K!Z&#K@'N<&#!$KO>@'@KR6!KO$>!R=N!
[$'=G$!&>!$KO>@'![$@>)!<$)&<<R(!!?R!'=>K#&FK!@%!KO$!<&^!#$'=)>@D$F!R=N!&F!
&! G$G[$#! =%! &! #&'@&<! )#=NZ6! KO$>! R=N#! <$)&<! @S$>K@KR! @F! #&'@&<(! ! 5=N!
N>S$#FK&>S!R=N#!#$<&K@=>FO@Z!K=!KO$!FK&K$!&>S!R=N#!#$<&K@=>FO@Z!K=!=KO$#!
<$)&<<R! S$%@>$S! )#=NZF! KO#=N)O! KO$! G$S@&K@=>! =%! KO$! <&^! &>S! =%! KO$!
FK&K$!&F!&!'=>F$`N$>'$!=%!R=N#!<$)&<<R!@>F'#@[$S!@S$>K@KR(!cHXXW1!PPLd!
!
9K!@F!&#)N&[<R!O=^!KO@F!<$)&<!S@F'=N#F$!#$@%@$F!$KO>@'@KR!&>S!#&'$!KO&K!^=##@$F!?#N[&A$#!
cHXXL1!**JdͶĂŐĂŝŶ͕ĂƉŽŝŶƚ/ƚƵƌŶƚŽůĂƚĞƌ͘ƌŝƚŝĐĂůƚŽŽƵƌĚŝƐĐƵƐƐŝŽŶŶŽǁŝƐDĂŵĚĂŶŝ͛Ɛ
'=>'$ZKN&<! F$Z&#&K@=>! =%! 'N<KN#&<! @S$>K@KR! %#=G! Z=<@K@'&<! @S$>K@KR(! MO@<$! O$!
&'A>=^<$S)$F!KO&K!KO$R!=\$#<&Z6!O@F!&#)NG$>K!@F!KO&K!KO$R!&#$!'=>FK#N'K$S!@>!<&^(!!9>!
&! S$G='#&K@'! FK&K$! KO$! '=>FK#N'K@=>! =%! '@K@D$>FO@Z! @F! &! Z=<@K@'&<! @S$>K@KR! &FF='@&K$S!
^@KO! Z=<@K@'&<! #@)OKF! &>S! FO=N<S! >=K! [$! '=>F@S$#$S! @>! #$<&K@=>! K=! @>S@)$>$@KR! =#!
͚ĐƵůƚƵƌĂů͛ ŝĚĞŶƚŝƚLJ ;ϮϬϬϭ͗ ϲϲϰͿ͘ dŚĞ ^ŽƵƚŚ ĨƌŝĐĂŶ ŽŶƐƚŝƚƵƚŝŽŶ ;ĂŶĚ ŝůů ŽĨ ZŝŐŚƚƐͿ @F!
KO$! <$)&<! %#&G$^=#A! ^O@'O! '=>FK#N'KF! KO$! @S$>K@KR! =%! '@K@D$>FO@Z1! &F! >=>B#&'@&<! &>S!
>=>B$KO>@'6! [&F$S! =>! 5<*,)! ƌŝŐŚƚƐ ŝŶ ǁŚŝĐŚ ͞ŚƵŵĂŶ ĚŝŐŶŝƚLJ͟ ŝƐ ŐƵĂƌĂŶƚĞĞĚ ƵŶĚĞƌ
;$'K@=>!WX(!+>S!R$K6!4O&ZK$#!WH!=%!KO$!4=>FK@KNK@=>!G&A$F!Z#=\@F@=>!%=#!&!FRFK$G!=%!
4NFK=G&#R!C&^6!'NFK=GF!=%!'=GGN>@K@$F!=[F$#\@>)!4NFK=G&#R!C&^6!&>S!-#&S@K@=>&<!
C$&S$#F6!KO$#$[R!$>K#$>'O@>)6!&F!3&GS&>@!&#)N$F6!&!S@F'=N#F$!&>S!Z#&'K@'$!=%!$KO>@'!
FZ$'@%@'@KR! ^O@'O! @F! O&>S<$S! =NKF@S$! =%! KO$! ?@<<! =%! ,@)OKF! c4O&ZK$#! H! =%! KO$!
4=>FK@KNK@=>d(!!;=!^O@<$!Q#$$S=G!=%!0VZ#$FF@=>!c;$'K@=>!WP!=%!?@<<!=%!,@)OKFd!G&R![$!
N>$`N@\='&<<R! )N&#&>K$$S! [R! KO$! 4=>FK@KNK@=>6! KO$! #$'=)>@K@=>! =%! 4NFK=G&#R! C&^!
ŽƉĞŶƐ ƚŚĞ ĚŽŽƌ ĨŽƌ ƚŚĞ ƌŝŐŚƚ ƚŽ ͚,ƵŵĂŶ ĚŝŐŶŝƚLJ͛ ;^ĞĐƚŝŽŶ ϭϬ ŽĨ ŝůů ŽĨ ZŝŐŚƚƐͿ ƚŽ ďĞ
!
! ! !
@>K$#Z#$K$S! =>! 'N<KN#&<j$KO>@'! )#=N>SFͶǁŚĂƚ ƌƵďĂŬĞƌ ƌĞĨĞƌƐ ƚŽ ĂƐ Ă ͞.(,1+01'! =%!
ƉŽůŝƚŝĐŝnjĞĚĞƚŚŶŝĐŝƚLJ͟;ϮϬϬϯ͗ϱϱϰͿͶS$FZ@K$!KO$!'&\$&K!KO&K!KO$!S@'K&K$F!=%!KO$!?@<<!=%!
ZŝŐŚƚƐůŝŵŝƚƐĐƵƐƚŽŵĂƌLJƌŝŐŚƚƐ;ƐĞĞŽŵĂƌŽĨĨĂŶĚŽŵĂƌŽĨĨϮϬϬϱ͗ϯϬϮͿ͚͘WĞƌƐŽŶŚŽŽĚ͕͛
K=!^O@'O!KO$!'=>'$ZK!S@)>@KR!&ZZ<ŝĞƐ͕ŝƐƚŚƵƐŶŽƚĂŶĂďƐƚƌĂĐƚƋƵĂůŝƚLJ͕ďƵƚ͚ƉƌĂĐƚŝĐĂůůLJ͛
N>S$#FK==S! @>! #$<&K@=>! K=! )$>S$#6! #&'$6! $KO>@'@KR6! 'N<KN#$6! $K'(! Q=#! 4&<O=N>6! KO@F! @F!
ĐƌŝƚŝĐĂů͗͞ŶŽŽŶĞůŝǀĞƐŽƵƚƐŝĚĞƉĂƌƚŝĐƵůĂƌŝƐƚŝĐƐŽůŝĚĂƌŝƚŝĞƐ͟;ϮϬϬϯ͖ϱϰϲͿ͘ůƚŚŽƵŐŚƚŚĞŝƌ
Z=F@K@=>F! &#$! F@G@<! @K! ^=N<S! F$$G! KO$#$! @F! &! S$)#$$! =%! S@%%$#$>'$! @>! KO$!
N>S$#FK&>S@>)! =%! KO$! @S$=<=)@'&<! c'=>F'@=NF! &>S! N>'=>F'@=NFd! %=#'$! =%! $KO>@'@KR! @>!
͚ĐŝǀŝĐ͛ŝĚĞŶƚŝƚLJ͘/ŶŚĞƌƌĂƚŝŽŶĂůĞĨŽƌŬĞĞƉŝŶŐƚŚĞƉŚŽƚŽŐƌĂƉŚŽĨ85'!G.',(!=>!KO$!70+9!
@('22! ^$[F@K$6! 7&%%&b$$! cKO$! 0S@K=#B@>B4O@$%d! #$'=)>@F$F! KO$! Z=^$#! =%! $KO>@'!
ŝĚĞŶƚŝĨŝĐĂƚŝŽŶƐ͗͞ǁĞĂƌĞĂƚƌĂĚŝƚŝŽŶĂůƐŽĐŝĞƚLJǁŝƚŚĂƉƌĞƐŝĚĞŶƚ^O=!@F!G=FK!^$<<BA>=^>!
ĨŽƌŚŝƐŵĂŶLJŵĂƌƌŝĂŐĞƐ͙KƵƌŝĚĞŶƚŝƚLJŝƐŶŽƚĂƐƐŝŵƉůĞĂƐƚŚĞĐƵůƚƵƌĂůĐŚĂƵǀŝŶŝƐƚƐĂŶĚ
ĚŝŐŶŝƚLJĚŽŐŵĂƚŝƐƚƐůŝŬĞƚŽŵĂŬĞŽƵƚ͟;7&%%&b$$!HXWH&d(!?NK!FO$!@F!$`N&<<R!&^&#$!=%!KO$!
͚ƉƌĂĐƚŝĐĞ ŽĨ ƉŽůŝƚŝĐŝnjĞĚ ĞƚŚŶŝĐŝƚLJ͛͗ ͞ĞƐŝĚĞƐ͕ ŽƵƌ ŵŽƌĂůŝƚLJ ĂŶĚ ŐŽŽĚ ƉƌĂĐƚŝĐĞ ŝƐ
ƐĞůĞĐƚŝǀĞ͘͟^ŚĞŶŽƚĞƐ͗!
!
KO$!G&#'O!&^&R!%#=G!Z#=)#$FF@\$!Z=<@K@'F!K=!Z&K#@&#'O&<!'=>F$#\&K@FG!@F!
$\$#R^O$#$(!
9K! @F! KO$#$! @>! KO$! -#&S@K@=>&<! 4=N#KF! ?@<<6! ^O@'O! F$$AF! K=! #$KN#>! #N#&<!
^=G$>!K=!F$#\@KNS$h!@K!@F!KO$#$!@>!&!)=\$#>@>)!Z&#KR!3"6!^O=!F$$AF!K=!
FK#@Z!)&R!Z$=Z<$!=%!KO$@#!#@)OK!K=!<=\$h!@K!@F!KO$#$!@>!KO$!S#&%K!"#=K$'K@=>!
=%! ;K&K$! 9>%=#G&K@=>! +'K6! ^O@'O! F$$AF! ƚŽ ƉƵůů Ă ƐĞĐƵƌŽĐƌĂƚ͛Ɛ ĚƌĂŐŶĞƚ
=\$#!KO$!%#$$!%<=^!=%!>$^F!&>S!@>%=#G&K@=>(!!
9K!@F!KO$#$!@>!KO$!G&#'O!=%!Z=<R)&GRh!KO$#$!@>!KO$!ZNFOB[&'A!=>!`N=K&F!
%=#! ^=G$>! Z=<@K@'@&>F! &>S! KO$#$! @>! KO$! Z$=Z<$! ^O=! ^&>K! &#K! ZN<<$S!
S=^>![$'&NF$!KO$R!S=!>=K!<@A$!@KF!G$FF&)$(!c7&%%&b$$!HXWH&d!
!
dŚĞWƌĞĂŵďůĞƚŽƚŚĞŽŶƐƚŝƚƵƚŝŽŶ͞ZĞĐŽŐŶŝƐĞƐƚŚĞŝŶũƵƐƚŝĐĞƐŽĨƚŚĞƉĂƐƚ͟ĂŶĚƐĞĞƐ
ƚŚĞĂĚŽƉƚŝŽŶŽĨƚŚĞŽŶƐƚŝƚƵƚŝŽŶĂƐĂŵĞĂŶƐƚŽ͞,ĞĂůƚŚĞĚŝǀŝƐŝŽŶƐŽĨƚŚĞƉĂƐƚĂŶĚ
$FK&[<@FO! &! F='@$KR! [&F$S! =>! S$G='#&K@'! \&<N$F6! F='@&<! bNFK@'$! &>S! %N>S&G$>K&<!
ŚƵŵĂŶ ƌŝŐŚƚƐ͘͟ dŚƵƐ ǁŚŝůĞ DĐ<ĂŝƐĞƌ ;ϮϬϭϮͿ ŵĂLJ ďĞ ĐŽƌƌĞĐƚ ŝŶ ƐƵŐŐĞƐƚŝŶŐ ƚŚĂƚ
WƌĞƐŝĚĞŶƚ ƵŵĂ͛ƐĐĂƐĞǁŽƵůĚŚĂǀĞ ďĞĞŶďĞƚƚĞƌŵŽƵŶƚĞĚŝŶƚĞƌŵƐŽĨĚĞĨĂŵĂƚŝŽŶŽƌ
ƵŶĚĞƌƚŚĞƋƵĂůŝƚLJĐƚ;ƐĞĞĂůƐŽĚĞsŽƐϮϬϭϮͿ͕,ĂĨĨĂũĞĞ͛ƐĞǀĞŶƚƵĂůƚĂŬŝŶŐĚŽǁŶŽĨƚŚĞ
ZO=K=)#&ZO!F$$GF!K=!O=>=N#!KO$!FZ@#@K!=%!KO$!4=>FK@KNK@=>!cHXWH[d1!!
!
70+9!@('22!@F!>=K!&>S!O&F!>$\$#![$$>!&>!=[b$'K!=%!S@\@F@=>h!>$@KO$#!&G!9(!9!
Z#$%$#!K=!N>S$#FK&>S! 70+9!@('22!&F!&![#@S)$!&'#=FF!S@\@S$F6!&!%=#NG!%=#!
ĚĞďĂƚĞ͙ tĞ ĂƌĞ ƌŽďƵƐƚ ĂŶĚ ŝŶĚĞƉĞŶĚĞŶƚ͕ LJĞƐ6! [NK! S@\@F@\$! &>S! S$&%6!
ŶŽ͙!
!
$7.173=A!74)1373=K!(),/.1737/1!+14!?)6/1.71.!
9>!KO@F!F$'K@=>!9!'=>F@S$#!KO$!#@)OK!K=!S@)>@KR!@>!#$<&K@=>!K=!&!#&>)$!=%!S@F'=N#F$F!^@KO!
^O@'O! @K! @F! &FF='@&K$S6! G=FK! >=K&[<R6! @S$>K@KR6! #$'=)>@K@=>6! [$<=>)@>)6!
'=FG=Z=<@K&>@FG6!&>S!N<K@G&K$<R!F='@&<!bNFK@'$Ͷ&<<!=%!^O@'O!FN#%&'$S!@>!F=G$!%=#G!@>!
KO$!S$[&K$F!&[=NK!^O$KO$#!KO$!ZO=K=)#&ZO!=%!85'!G.',(!FO=N<S!O&\$![$$>!ZN[<@FO$S!
=#! >=K(! ! -=! S=! KO@F6! 9! S#&^! =>! KO$! HXXL! S$[&K$! [$K^$$>! 4#&@)! 4&<O=N>! &>S! ,=)$#F!
ƌƵďĂŬĞƌ ŝŶ ǁŚŝĐŚ ƚŚĞLJ ƉƌŽďĞ ƚŚĞ ŵĞĂŶŝŶŐƐ ĂŶĚ ƉŽůŝƚŝĐƐ ŽĨ ͚ďĞůŽŶŐŝŶŐ͛ ĐĞŶƚƌĂů ƚŽ
'=>K$GZ=#&#R! S@F'=N#F$F! ǁŚŝĐŚ ĨƌĂŵĞ ͚ĐŽƐŵŽƉŽůŝƚĂŶŝƐŵ͛ ĂƐ ůŝďĞƌĂů ĂŶĚ ĂŶ ŝĚĞŶƚŝƚLJ
ǁĞ ŵŽĚĞƌŶƐ ŽƵŐŚƚ ƚŽ ŚĂǀĞ͕ ŝŶ ĐŽŶƚƌĂƐƚ ƚŽ ͚ŝůůŝďĞƌĂů ůŽĐĂů͛ ĂƚƚĂĐŚŵĞŶƚƐ ƚŽ ƉĂƌƚŝĐƵůĂƌ
)#=NZF6! =#! 'N<KN#$F! c4&<O=N>! HXXL1! *LHd(! -O@F! S@F'=N#F$! @F! $\@S$>K6! %=#! $V&GZ<$6! @>!
,ĂĨĨĂũĞĞ͛Ɛ ƌĞĨĞƌĞŶĐĞ ƚŽ ͞ƚŚĞ G&#'O! %#=G! Z#=)#$FF@\$! Z=<@K@'F! K=! Z&K#@&#'O&<!
ĐŽŶƐĞƌǀĂƚŝƐŵ͟;ϮϬϭϮĂͿ͕ĂŶĚŝŶDĐ<ĂŝƐĞƌ͛Ɛ;ϮϬϭϮͿ͚KƉĞŶ>ĞƚƚĞƌ͛ƚŽŚĞƌĐŚĂůůĞŶŐŝŶŐŚĞƌ
S$'@F@=>!K=!K&A$! S=^>!KO$!ZO=K=)#&ZO!=%! 85'!G.',((!!3']&@F$#!cHXWHd!FN))$FKF!O$#!
!
ƉŽƐŝƚŝŽŶ ŝƐ ƌĞŵŝŶŝƐĐĞŶƚ ŽĨ ƚŚĞ ͞ĂŶƚŚƌŽƉŽůŽŐLJ ŽĨ ůŽǁ ĞdžƉĞĐƚĂƚŝŽŶƐ͟ ŽĨ ĂƉĂƌƚŚĞŝĚ
Z=<@K@'F1!
!
dŚĞ ŵŽĚĞƌŶ ǀĞƌƐŝŽŶ ŽĨ ͞ŽŶ͛ƚ ƚĞĂĐŚ ƚŚĞŵ ŵĂƚŚƐ ďĞĐĂƵƐĞ ƚŚĞLJ ǁŽŶ͛ƚ
ŐĞƚŝƚ͟ƐĞĞŵƐƚŽďĞ͞ŽŶ͛ƚĚĞŵĂŶĚŽĨƚŚĞŵǁŚĂƚLJŽƵǁŽƵůĚĚĞŵĂŶĚŽĨ
&! '=FG=Z=<@K&>6! Z#=)#$FF@\$6! $SN'&K$S! ^O@K$! Z$#F=>ͶK=<$#&>'$! =%!
&#K@FK@'!%#$$S=GͶďĞĐĂƵƐĞ͚ƚŚĞLJ͛ǁŽŶ͛ƚŐĞƚŝƚ͊͟!
!
,ĞƌĞǁĞƐĞĞƚŚĞ͚ĐŚĂŝŶŽĨƐŝŐŶŝĨŝĐĂƚŝŽŶ͛ŽĨ͚ĐŽƐŵŽƉŽůŝƚĂŶ͛ĂƐƐŽĐŝĂƚĞĚǁŝƚŚĞĚƵĐĂƚŝŽŶ͕
͚ǁŚŝƚĞŶĞƐƐ͕͛ ƚŽůĞƌĂŶĐĞ ŽĨ ĂƌƚŝƐƚŝĐ ĨƌĞĞĚŽŵ͕ ŝŶ ĐŽŶƚƌĂƐƚ ƚŽ ͚ďůĂĐŬŶĞƐƐ͛ ǁŝƚŚ ƚŚĞŝƌ
=ZZ=F@K$F(!
4&<O=N>! G&A$F! KO#$$! &#)NG$>KF! KO&K! &#$! Z$#K@>$>K! K=! KO@F! $FF&RC! ! -O$! %@#FK! @F! KO&K!
͚ďĞůŽŶŐŝŶŐ͛ ƚŽ Ă ƐŽĐŝĂů ŐƌŽƵƉ ŝƐ Ă ĨƵŶĚĂŵĞŶƚĂů ŚƵŵĂŶ ƚƌĂŝƚͶG&A@>)! NF! $FF$>K@&<<R!
2%10,/!ďĞŝŶŐƐ͙͗͞ŝƚŝƐŝŵƉŽƐƐŝďůĞŶŽƚƚŽďĞůŽŶŐƚŽƐŽĐŝĂůŐƌŽƵƉƐ͕ƌĞůĂƚŝŽŶƐ͕ŽƌĐƵůƚƵƌĞ͟
;ϮϬϬϯ͗ϱϯϲͿ͘ƵƚŚĞĂůƐŽĂƌŐƵĞƐƚŚĂƚ͞ŐƌŽƵZF!FO=N<S!>=K![$!Z#$FNG$S!K=![$!FO&#Z<R!
[=N>S$S!=#!@>K$#>&<<R!O=G=)$>=NFh!KO$R!FO=N<S![$!F$$>!&F!\&#@&[<R!F=<@S&#R6!F&<@$>K!
ĂŶĚ ƐƚĂďůĞ͟ ;ϮϬϬϯ͗ ϱϲϮ͖ ϮϬϯ͗ϱϰϳͿ͘ &ƌŽŵ ƚŚŝƐ ƉĞƌƐƉĞĐƚŝǀĞ ŚĞ ǀŝĞǁƐ ĐƵůƚƵƌĞ ĂƐ ŶŽŶB
$FF$>K@&<@FK6!&>S!=Z$>!K=!\&#@&[@<@KR!&>S!'O&>)$(!9K!@F!'=>FK@KNK@\$!=%!@S$>K@KR!=#!&!F$>F$!
=%! [$<=>)@>)!K=! &! )#=NZ(! ?NK! &<KO=N)O! 4&<O=N>! &#)N$F! KO&K!$KO>@'! @S$>K@KR!'=N<S! [$!
ĐŽŶƐŝĚĞƌĞĚ ͞Ă ĐŽŵŵŽŶĂůŝƚLJ ŽĨ ƵŶĚĞƌƐƚĂŶĚŝŶŐ͕ ĂĐĐĞƐƐ ƚŽ ƚŚĞ ǁŽƌůĚ͕ ĂŶĚ ŵŽĚĞ ŽĨ
&'K@=>!KO&K!%&'@<@K&K$F!KO$!'=>FK#N'K@=>!=%!F='@&<!#$<&K@=>FO@ZF!&>S!Z#=\@S$F! '=GG=>!
ƌŚĞƚŽƌŝĐĞǀĞŶƚŽĐŽŵƉĞƚŝƚŝŽŶĂŶĚƋƵĂƌƌĞůƐ͟;ϮϬϬϯ͗ϱϲϬͿ͕ŚĞĂůƐŽƐƵŐŐĞƐƚƐƚŚĂƚŝƚŵĂLJ
ďĞ ŵŽƌĞ ŚĞůƉĨƵů ƚŽ ƚŚŝŶŬ ƚŚĂƚ ͞ƉĞŽƉůĞ .,(+010.,+'! K=! \&#R@>)! S$)#$$F! @>! $KO>@'@KR6!
#&KO$#!KO&>!KO&K!KO$R!F@GZ<R!&#$!=#!&#$!>=K!G$G[$#F!=%!$KOŶŝĐŐƌŽƵƉƐ͟;ϮϬϬϯ͗ϱϲϬͿ͘
,Ğ ĂƌŐƵĞƐ ƚŚĂƚ͕ ŝƌŽŶŝĐĂůůLJ͕ ͞ĐŚĂůůĞŶŐĞƐ ƚŽ ƚŚĞ ƌĞƉƌŽĚƵĐƚŝŽŶ ŽĨ ĐƵůƚƵƌĂů ƉĂƚƚĞƌŶƐ
$>)$>S$#! $%%=#KF! K=! S$%$>S! KO$G! KO&K! G&R! '=>K#@[NK$! K=! G&A@>)! KO$G! FO&#Z$#!
ŝĚĞŶƚŝƚŝĞƐ͟ ;ϮϬϬϯ͗ ϱϲϭBHd(! ! -O@F! ^&F! $\@S$>K! @>! F=G$! ZN[<@'! #$FZ=>F$F! K=! ^O&K! ^&F!
S$$G$S!&>!@>FN<K!>=K!=><R!K=!KO$!Z#$F@S$>K6![NK!K=!KO$!'N<KN#$!F=G$!'@K@D$>FjFN[b$'KF!
@S$>K@%@$S!^@KO(!
!
WŽĞƚ ĂŶĚ ǁƌŝƚĞƌ DŽŶŐĂŶĞ tĂůůLJ ^ĞƌŽƚĞ ƐĂŝĚ ƚŚĞ ƉĂŝŶƚŝŶŐ ǁĂƐ ͞ŶŽ
ĚŝĨĨĞƌĞŶƚ ƚŽůĂďĞůůŝŶŐďůĂĐŬƉĞŽƉůĞŬĂĨĨŝƌƐ͘͟͞ůĂĐŬƐ ĨĞĞůŚƵŵŝůŝĂƚĞĚĂŶĚ
FZ&K!=>!ďLJƚŚĞŝƌǁŚŝƚĞĐŽƵŶƚĞƌƉĂƌƚƐŝŶƐŝƚƵĂƚŝŽŶƐůŝŬĞƚŚŝƐ͙͟!
͞/ŶƵůƵĐƵůƚƵƌĞLJŽƵƌĞƐƉĞĐƚĂĚƵůƚƐ͕͟ƐĂŝĚWƌŽĨĞƐƐŽƌEŚůĂŶŚůĂDĂƚŚŽŶƐŝ͕
O$&S!=%!KO$!F'O==<!=%!lN<N!;KNS@$F!&K!KO$!8>@\$#F@KR!=%!]^&lN<NB/&K&<(!
͞/ƚŝƐŶŽƚĞĂƌŶĞĚʹ!@K!@F!Z#$S$K$#G@>$S(!c?&N$#!HXWHd!
!
-O$!ĐƵůƚƵƌĞƵŶĚĞƌĂƚƚĂĐŬǁĂƐƐĞĞŶĂƐďŽƚŚ͚ĞƚŚŶŝĐ͛ĂŶĚ͚ƌĂĐŝĂů͕͛ǁŚŝĐŚŝƐŶŽƚƐƵƌƉƌŝƐŝŶŐ
)@\$>! KO$! F<@ZZ&)$F! @>! ;=NKO! +%#@'&>! NF&)$! =%! KO$! K$#GF(! -O$! 0S@K=#! ^&F! G@>S%N<! =%!
ƚŚŝƐƉŽƐŝƚŝŽŶ͕ŚĞŶĐĞŚĞƌĐŽŵŵĞŶƚĂďŽƵƚǁŚĂƚ͞ƚŚĞƌĂĐĞďƌŝŐĂĚĞǁŝůůĚƌŽŶĞ͟;,ĂĨĨĂũĞĞ
HXWH&d(!
!
-O$! F$'=>S! &#)NG$>K! 4&<O=N>! G&A$F! @F! KO&K! F$$@>)! '=FG=Z=<@K&>@FG! &>S! <='&<!
@S$>K@%@'&K@=>F! &F! Z=<&#! =ZZ=F@K$F! @F! &>! $%%$'K! =%! >=K! F$$@>)! KO$G! &F! GNKN&<<R!
'=>FK@KNK$S! [R! KO$! )<=[&<! '&Z@K&<@FK! $'=>=G@'! FRFK$G(! -O@F! %&@<N#$6! O$! &#)N$F!
͞ĞŶĐŽƵƌĂŐĞƐĂƐƵďƐK@KNK@=>!=%!$KO@'F!%=#!Z=<@K@'F6!&''=N>KF!=%!^O&K!@F!)==S!=#![&S!@>!
@>S@\@SN&<! &'K@=>! %=#! O=^! '=<<$'K@\$! FK#N))<$F! G@)OK! 'O&>)$! F='@&<! FK#N'KN#$! =#!
ŝŶƐƚŝƚƵƚŝŽŶƐ͟;ϮϬϬϯ͗ϱϯϮͿ͘,ĞƐƵŐŐĞƐƚƐƚŚĂƚ͞dŚĞŝĚĞĂŽĨŝŶĚŝǀŝĚƵĂůƐĂďƐƚƌĂĐƚĞŶŽƵŐŚ
K=! [$! &[<$! K=! 'O==F$! &ůů ƚŚĞŝƌ ͚ŝĚĞŶƚŝĨŝĐĂƚŝŽŶƐ͛ ŝƐ ĚĞĞƉůLJ ŵŝƐůĞĂĚŝŶŐ͟ ;ϮϬϬϯ͗ϱϯϲͿ͘ ,Ğ
KONF! &#)N$F! &)&@>FK! &! Z#$G@F$! =%! @>S@\@SN&<@FG! $\@S$>K! @>! G&>R! N>S$#FK&>S@>)F! =%!
'=FG=Z=<@K&>@FG!^O@'O! FN))$FK! KO&K!=>$! '&>! $F'O$^! <='&<! &KK&'OG$>KF! cK=!'N<KN#$6!
ĞƚŚŶŝĐŝƚLJ Žƌ ŶĂƚŝŽŶͿ͕ ĨŽƌ Ă ͚ŐůŽďĂů͛ Žƌ ͚ĐŽƐŵŽƉŽůŝƚĂŶ͛ ŝĚĞŶƚŝƚLJ ;ϮϬϬϯ͗ ϱϯϮ͕ ϱϯϱͿ͘
9>FK$&S6!O$!G&@>K&@>F1!
!
! ! !
!
'=FG=Z=<@K&>! <@[$#&<F! =%K$>! %&@<! K=! #$'=)>@D$! KO$! F='@&<! '=>S@K@=>F! =%!
KO$@#! =^>! S@F'=N#F$6! Z#$F$>K@>)! @K! &F! &! %#$$S=G! %#=G! F='@&<! [$<=>)@>)!
#&KO$#! KO&>! &! FZ$'@&<! F=#K! =%! [$<=>)@>)6! &! \@$^! %#=G! >=^O$#$! =#!
$\$#R^O$#$! #&KO$#! KO&>! %#=G! Z&#K@'N<&#! F='@&<! FZ&'$F(! -O$! \@$^! =%!
'=FG=Z=<@K&>! $<@K$F! $VZ#$FF$F! Z#@\@<$)$h! KO$R! &#$! >=K! >$NK#&<!
&ZZ#$O$>F@=>F!=%!KO$!^O=<$(!cHXXL1!*LHd(!!
!
!/ŶƐŚŽƌƚ͕ŚĞƉƌŽƉŽƐĞƐƚŚĂƚĐŽƐŵŽƉŽůŝƚĂŶƚŚĞŽƌŝĞƐ͞ĨĂŝůƚŽ!G&A$!F$>F$!=%!KO$!^=#<S!&F!
ŝƚ ŝƐ ĂŶĚ ƚŚĞ ŶĞdžƚ ƐƚĞƉƐ ƉĞŽƉůĞ ŵŝŐŚƚ ƚĂŬĞ ƚŽ ŵĂŬĞ ďŽƚŚ ŝƚ ĂŶĚ ƚŚĞŝƌ ůŝǀĞƐ ďĞƚƚĞƌ͟
;ϮϬϬϯ͗ ϱϯϮͿ͘ /ŶƐƚĞĂĚ͕ ƚŚĞLJ ͞ŽĨĨĞƌ ĂŶ ĂďƐƚƌĂĐƚ ŶŽƌŵĂƚŝǀĞ ƐƚƌƵĐƚƵƌĞ ǁŚŝĐŚ͕ ŚŽǁĞǀĞƌ
GN'O!=''&F@=>$S![R!#$&<B^=#<S!F='@&<!'O&>)$6!'&>!=><R!O&\$!KO$!FƚĂŶĚŝŶŐŽĨ͚ĂďƐƚƌĂĐƚ
ŽƵŐŚƚ͕͛ǁŝƚŚĂůůƚŚĞƉŽƚĞŶƚŝĂůƚLJƌĂŶŶLJŽǀĞƌŝŵŵĂŶĞŶƚƉƌŽũĞĐƚƐŽĨƐŽĐŝĂůŝŵƉƌŽǀĞŵĞŶƚ
ƚŚĂƚŝŵƉůŝĞƐ͟;ϮϬϬϯ͗ϱϯϮͿ͘!
!
+>S!%@>&<<R6!O$!&#)N$F!KO&K!@K!@F!Z#$'@F$<R![$'&NF$!)#=NZF!&#$!F='@&<<R!G&#)@>&<@F$S!KO&K!
KO$R! $>)&)$! @>! &! Z=<@K@'F! =%! [$<=>)@>)! &>S! F=<@S&#@KR! @>! =#S$#! K=! G=N>K! &! Z=<@K@'&<!
'O&<<$>)$!K=!KO$!FK#N'KN#$F!&>S!@>FK@KNK@=>F!^O@'O!G&#)@>&<@F$!KO$G!cHXXL1!*LH6!*J*6!
*PXh! &<F=! 7&<<! HXXX1WJUd(! -O$! Z=K$>'R! =%! S@F'=N#F$F! =%! $KO>@'@KR! &>S! 'N<KN#$! ^$#$!
$\@S$>K! @>! O=^! $&FR! @K! ^&F! %=#! <$&S$#F! =%! KO$! K#@Z&#K@K$! &<<@&>'$! c+/46! 4=GGN>@FK!
WĂƌƚLJ͕ĂŶĚŽƐĂƚƵͿƚŽƌĂůůLJƚŚĞŝƌŵĞŵďĞƌƐŝŶĚĞĨĞŶĐĞŽĨ͚ƚŚĞŝƌƉƌĞƐŝĚĞŶƚ͛;ĂƐŝŶƵŵĂ͛Ɛ
#&Z$!K#@&<d(!!-O$!Z=FK$#F!'&##@$S![R!FNZZ=#K$#F!&K!\&#@=NF!#&<<@$F!&#$!@>S@'&K@\$!=%!KO$@#!
ƐĞŶƐĞ ŽĨ ͚ŐƌŽƵƉ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ͛ Žƌ ͚ĂůůĞŐŝĂŶĐĞ͛͗ ͞ƵŵĂ ǁĂƐ ŶŽƚ ǀŽƚĞĚ ŝŶƚŽ ƉŽǁĞƌ ďLJ
ŶĞǁƐƉĂƉĞƌ ƉŝĐƚƵƌĞ Žƌ ĂƌƚŝĐůĞƐ͘ ,Ğ ǁĂƐ ǀŽƚĞĚ ŝŶ ďLJ ƚŚĞ ŵĂũŽƌŝƚLJ ŽĨ ^ŽƵƚŚ ĨƌŝĐĂŶƐ͟
c@G&)$!IdIh!͞,ĂŶĚƐŽĨĨŽƵƌƉƌĞƐŝĚĞŶƚ͕ǁĞĂƌĞŚƵƌƚ;ŝŵĂŐĞϰͿEh!͞EĂŬĞĚŽƌŶŽƚ͕ƵŵĂĨŽƌ
ƐĞĐŽŶĚƚĞƌŵ͟;ŝŵĂŐĞϲͿU(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I
!lNG&!&#K^=#A1!-$FK@>)!KO$!4=>FK@KNK@=>!m3&@<u:N&#S@&>!HW!3&R!HXWHn!
OKKZ1jjG)('=(D&jHXWHBX*BHXBbN#RBS@\@S$SBS@)>@KRB\FB%#$$S=GB=%B$VZ#$FF@=>! &R! HXWH! X1HU! B! /@'A=<&NF!
?&N$#
!
!
!
!
!
E
!_NS)$!`N$FK@=>F!#&'@&<!$<$G$>K!@>!lNG&!;Z$&#!'&F$!m/$^!+)$!=><@>$!HJ!3&R!HXWHn!
^^^(KO$>$^&)$('=(D&j2$K&@<(&FZVrG@Sx*Lu>$^Fy@Sx*WPPJu'&Ky@SxWXXI!
!
MO@<$!?#N[&A$#!@F!<&#)$<R!@>!&)#$$G$>K!^@KO!4&<O=N>6!O@F!G&@>!'=>'$#>!@F!KO&K!)#=NZF6!
ƐƵĐŚ ĂƐ ĞƚŚŶŝĐ ŽŶĞƐ͕ ĂƌĞ ŽĨƚĞŶ ĐŽŶĐĞŝǀĞĚ ĂƐ ͚ƌĞĂů͕ ƐƵďƐƚĂŶƚŝĂů ƚŚŝŶŐƐB@>BKO$BǁŽƌůĚ͛
;ϮϬϬϯ͗ ϱϱϰͿ͕ ƌĂƚŚĞƌ ƚŚĂŶ ĂƐ Ă ͞ĐŽŶƚĞdžƚƵĂůůLJ ĨůƵĐƚƵĂƚŝŶŐ ĐŽŶĐĞƉƚƵĂů ǀĂƌŝĂďůĞ͟ ;ϮϬϬϯ͗
**ϱͿ͘dŚŝƐƌĞŝĨŝĐĂƚŝŽŶ͕ŚĞĂƌŐƵĞƐ͕ŵĂŬĞƐƉŽƐƐŝďůĞ͞ƚŚĞ.(,1+01'!ŽĨƉŽůŝƚŝĐŝnjĞĚĞƚŚŶŝĐŝƚLJ͟
cHXXL1!**Jd(!!-O@F!\@$^!=%!$KO>@'@KR!@F!$\@S$>K!@>!G&>R!=%!KO$!#$FZ=>F$F!K=!85'!G.',(Ͷ
ŚĞŶĐĞ ƚŚĞ ͚ĞĂƐĞ͕͛ ŶŽƚĞĚ ĂďŽǀĞ͕ ǁŝƚŚ ǁŚŝĐŚ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ E ůĞĂĚĞƌƐŚŝƉ ĐŽƵůĚ
S#&^! =>! FN'O! S@F'=N#F$F! K=! #&<<R! FNZZ=#K! %=#! lNG&(! 9>! S@F'NFF@>)! KO$! 'O&<<$>)$F! @>!
ĐŽŶƐŝĚĞƌŝŶŐƚŚĞƉŽůŝƚŝĐĂůĐůĂŝŵƐŵĂĚĞŝŶƚŚĞŶĂŵĞŽĨ͚ĚŝǀĞƌƐŝƚLJ͕͛ƌƵďĂŬĞƌǁƌŝƚĞƐ͗!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!
_N<@&!3=<NKF@!+/4!G$G[$#!S$G=FK#&K@>)!=NKF@S$!;=NKO!:&NK$>)!7@)O!4=N#K(!"@'KN#$1!0<\@F!]&!/R$<$>D@!
!
U
!:&<<$#R!K=!#$G=\$!Z=#K#&@K!%#=G!@KF!^$[F@K$!m"9'30+)'22!V'32!HU!3&R!HXWHn!
OKKZ1jj$^>('=(D&jHXWHjX*jHUj)&<<$#RBK=B#$G=\$B-O$B;Z$&#!
!
!
"#=B_&'=[! lNG&! Z#=K$FK$#F! )&KO$#! &K! l==! C&A$! K=! G&#'O! &)&@>FK! f-O$! ;Z$&#f(! "@'KN#$1! -&N#&@!
3&SN>&j0M/!
!
!
! ! !
9>! &>R! Z&#K@'N<&#! '=>K$VK6! F=G$! ^&RF! =%! #$Z#$F$>K@>)! S@\$#F@KR! &>S!
%#&G@>)! '<&@GF! &#$! )=@>)! K=! [$! G=#$! <$)@K@G&K$! KO&>! =KO$#F(! -O@F!
'#$&K$F! @>'$>K@\$F! K=! K&<A! &[=NK! S@\$#F@KR! @>! Z&#K@'N<&#! ^&RF(! ;=! @>! KO$!
<&FK!'$>KN#R!&>S!&!O&<%6!%=#!$V&GZ<$6!^O$#$!>&K@=>O==S!O&F!'&##@$S!^@KO!
@K!&!Z#$FNGZK@=>!=%!F$<%B)=\$#>G$>K6!KO$#$!O&\$![$$>!FK#=>)!@>'$>K@\$F!
%=#! Z=<@K@'&<! $>K#$Z#$>$N#F! F$$A@>)! @>S$Z$>S$>'$! =#! &NK=>=GR! K=!
#$Z#$F$>K! KO$! S@\$#F$! Z=ZN<&K@=>F! =%! <&#)$! Z=<R)<=K! &>S! GN<K@B
'=>%$FF@=>&<! FK&K$F! @>! FZ$'@%@'&<<R! >&K@=>&<! K$#GF6! &F! GN<K@B>&K@=>&<(!
-O$#$! &#$! F@G@<&#! @>'$>K@\$F! K=S&R! K=! NF$! KO$! <&>)N&)$! =%! @>S@)$>$@KR(!
+>S! @>! <@[$#&<! S$G='#&K@'! Z=<@K@$F! K=S&R6! ^O$#$! #$<@)@=NF! #@)OKF! &>S!
<@[$#K@$F! &>S! FK#=>)<R! Z#=K$'K$S6! KO$#$! &#$! FK#=>)! @>'$>K@\$F! K=!
#$Z#$F$>K! S@\$#F@KR! @>! #$<@)@=NF! K$#GF(! -O$! )$>$#&<! Z=@>K! @F! KO&K! O=^!
S@\$#F$! Z=ZN<&K@=>F! &#$! 'O&#&'K$#@D$S! S$Z$>SF! =>! ^O&K! '<&@GF! &#$!
#$'=)>@D$S!&F!<$)@K@G&K$!&>S!$%%$'K@\$!@>!Z&#K@'N<&#!S@F'N#F@\$!&>S!Z=<@'R!
$>\@#=>G$>KF!ʹ!&>S!KO$F$!'O&>)$!=\$#!K@G$!&>S!\&#R!&'#=FF!'=>K$VKF(!!
!
OKKZ1jj^^^(GG)(GZ)(S$jFZ$'@&<B=NKZNKj@>K$#\@$^Fj@>K$#\@$^B^@KOB#=)$#FB
[#N[&A$#BN>@\$#F@KRB=%B'&<@%=#>@&B<=FB&>)$<$F!
4&<O=N>! FO&#ĞƐ ƚŚŝƐ ǀŝĞǁ͕ ĂƌŐƵŝŶŐ ƚŚĂƚ ƐŽůŝĚĂƌŝƚŝĞƐ ƐŚŽƵůĚ ŶŽƚ ďĞ ƐĞĞŶ ĂƐ ͞ƉƌĞB
ƉŽůŝƚŝĐĂů͟ ;ϮϬϬϯ͗ ϱϰϳͿ͘ ,Ğ ĂůƐŽ ĂĐŬŶŽǁůĞĚŐĞƐ ƚŚĂƚ ǀĂƌŝŽƵƐ ƐŽůŝĚĂƌŝƚŝĞƐ͕ ĞƚŚŶŝĐŝƚLJ͕
ŝĚĞŶƚŝƚLJ Žƌ ŐƌŽƵƉŶĞƐƐ ĂƌĞ ͞ƐŽĐŝĂůůLJ ƉƌŽĚƵĐĞĚ͕ ƐŚĂƉĞĚ ďLJ ŵĂƚĞƌŝĂů ĨĂĐƚŽƌƐ͕ ĐƵůƚƵƌĂůůLJ
=#)&>@D$S!&>S!R$K!&<ƐŽŽƉĞŶƚŽŚƵŵĂŶĂĐƚŝŽŶ͟;ϮϬϬϯ͗ϱϰϵͿ͘/ƚŝƐƚŚƵƐ͞ŶŽƚƚŚĞ͚ďĂĚ
ŽƚŚĞƌ͛ƚŽŝŶĚŝǀŝĚƵĂůĐŚŽŝĐĞ͟;ϮϬϬϯ͗ϱϰϵͿ͘!
,Ğ ŝƐ ƚŚƵƐ ŶŽƚ ƵŶŵŝŶĚĨƵů ŽĨ ƚŚĞ ĚĂŶŐĞƌƐ ŽĨ ͚ŐƌŽƵƉŝƐŵ͕͛ ďƵƚ ŚĞ ŝƐ ĐŽŶĐĞƌŶĞĚ ƚŚĂƚ
?#N[&A$#! N>S$#$FK@G&K$F! KO$! F@)>@%@'&>'$! =%! 1</+<('! c&F! &! FRFK$G! =%! @S$&F! &>S!
ƉƌĂĐƚŝĐĞƐͿ ŝŶ ƚŚĞ ĐŽŶƐƚŝƚƵƚŝŽŶ ŽĨ ĞƚŚŶŝĐ ŝĚĞŶƚŝƚŝĞƐ ǁŚŝĐŚ ƉƌŽǀŝĚĞ ͞Ă ĐŽŵŵŽŶĂůŝƚLJ ŽĨ
N>S$#FK&>S@>)6! &''$FF! K=! KO$! ^=#<S6! &>S! &! G=S$! =%! &'K@=>! KO&K! %&'@<@K&K$F! KO$!
'=>FK#N'K@=>! =%! F='@&<! #$<&K@=>FO@ZF! &>S! Z#=\@S$F! &! '=GG=>! #O$K=#@'! $\$>! K=!
'=GZ$K@K@=ŶĂŶĚƋƵĂƌƌĞůƐ͟;ϮϬϬϯ͗ϱϲϬͿ͘,ĞĂƌŐƵĞƐ͗!
!
-O$!Z#@\@<$)$S!%$$<!%#$$!&F!@>S@\@SN&<F!Z#$'@F$<R![$'&NF$!KO$@#!O&[@KNF$F!
&#$!^$<<!&KKN>$S!K=!KO$!S=G@>&>K! F='@=B'N<KN#&<!=#)&>@D&K@=>(!!?NK! KO$!
<$FF! Z#@\@<$)$S! $VZ$#@$>'$! &! G@FG&K'O! [$K^$$>! KO$@#! $G[=S@$S!
'&Z&'@K@$F!K=!)$>$#&K$!&'K@=>!&>S!F=G$!=%!KO$!%@$<SF!@>!^O@'O!KO$R!&#$!
%=#'$S!K=!&'KͶ>=K&[<R!KO=F$!=%!$'=>=GR!&>S!FK&K$(!cHXXL1!*PXd(!
!
dŚŝƐƉĞƌƐƉĞĐƚŝǀĞĞĐŚŽĞƐƚŚĞ͚ƚǁŽǁŽƌůĚƐ͛ĚŝƐĐƵƐƐĞĚďLJWŽǁĞůůĂďŽǀĞ͘/ƚĂůƐŽƐƉĞĂŬƐƚŽ
KO$! O&[@KNF$F! =%! G@SS<$! '<&FF! Z$=Z<$! <@A$! &'&S$G@'F! &>S! b=N#>&<@FKF6! &>S! @>S$$S!
ũŽƵƌŶĂůŝƐŵĂƐ͚ƵŶŝǀĞƌƐĂů͕͚͛ĐŽƐŵŽƉŽůŝƚĂŶ͕͛ŵŽĚĞƌŶŝƐƚƉƌĂĐƚŝĐĞ͘WĞƌŚĂƉƐŵŝŶĚĨƵůŽĨƚŚŝƐ
Z$#FZ$'K@\$6! KO$! 0S@K=#! >=K$S! KO$! %=<<=^@>)! @>! O$#! S$'@F@=>! K=! K&A$! S=^>! KO$!
ZO=K=)#&ZO1!
!
-O$!=KO$#!<$FF=>!@>!&<<!=%!KO@F!@F!KO&K!=N#!'=GG=>!>&K@=>&<!S@)>@KR!@F!FK@<<!
Z&Z$#BKO@>h!KO&K!=N#!GNKN&<!N>S$#FK&>S@>)!&'#=FF!'N<KN#$F!&>S!#&'$F!@F!
FK@<<! &! ^=#A! @>! Z#=)#$FF! &>S! KO&K! Z&@>! @F! FK@<<! S$$Z(! M$! O&\$! >=K! R$K!
ĚĞĨŝŶĞĚĂDnjĂŶƐŝǁĂLJŽĨŵĂŝŶƚĂŝŶŝŶŐĂůĞĂĚĞƌ͛ƐĚŝŐŶŝƚLJǁŚŝůĞĞdžĞƌĐŝƐŝŶŐ
&! #=[NFK! %#$$! FZ$$'O! =#! #$&'O$S! &>! N>S$#FK&>S@>)! KO&K! &! <$&S$#!
$G[=S@$F! KO$! >&K@=>6! >=! G&KK$#! ^O&K! ^$! G&R! KO@>A! =%! O@G! =#! O$#(!
c7&%%&b$$!HXWH[d!
!
9>!FNG6!4&<O=N>!cHXXLd!Z=@>KF!K=!KO$!'#@K@'&<!@GZ=#K&>'$!=%!$KO>@'@KR!@>!'=>FK@KNK@>)!&!
F$>F$! =%! [$<=>)@>)6! &>S! KO$! \&#@&[<$! ^&RF! @>! ^O@'O! @K! '&>! [$! S$Z<=R$S! K=! S$%$>S!
ƉĞƌĐĞŝǀĞĚ ŝŶũƵƐƚŝĐĞƐ͘ ,ŽǁĞǀĞƌ͕ DĂŵĚĂŶŝ͛Ɛ ĂƌŐƵŵĞŶƚ ƚŚĂƚ ƚŚĞ ǀĞƌLJ ĐŽůŽŶŝĂů ůĞŐĂů
FK#N'KN#$F! ^O@'O! '=>FK@KNK$! Z$=Z<$! &F! Z&#K@'N<&#! $KO>@'! =#! #&'@&<! FN[b$'KF! F$$GF! K=!
!
G@<@K&K$! &)&@>FK! KO$G! O&\@>)! FN'O! &! %<$V@[<$! N>S$#FK&>S@>)! =%! $KO>@'! =#! #&'@&<!
ƵŶĚĞƌƐƚĂŶĚŝŶŐ͕ŚĞŶĐĞŚŝƐĂƌŐƵŵĞŶƚƚŚĂƚǁĞƐŚŽƵůĚ͞ĐŚĂůůĞŶŐĞƚŚĞŝĚĞĂƚŚĂƚǁĞŵƵƐƚ
S$%@>$! Z=<@K@'&<! @S$>K@KR6! Z=<@K@'&<! #@)OKF6! &>S! Z=<@K@'&<! bNFK@'$! %@#FK! &>S! %=#$G=FK! @>!
ƌĞůĂƚŝŽŶƚŽŝŶĚŝŐĞŶĞŝƚLJ͘͟dŚĞĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶĂůŚŽƵŶ͛ƐĂŶĚƌƵďĂŬĞƌ͛ƐƉŽƐŝƚŝŽŶƐ
&#$! %@>$(! ?NK! [=KO! Z=@>K! K=! KO$! >$$S! %=#! '=>K$VKN&<! &>&<RF@F1! %=#! 4&<O=N>6! ^$! >$$S!
͞ƐŽĐŝŽůŽŐŝĐĂůĂŶĂůLJƐŝƐŽĨǁŚLJƉĞŽƉůĞƐĞĞŬĂŶĚƌĞƉƌŽĚƵĐĞƐŽĐŝĂůƐŽůŝĚĂƌLJ͟;ϮϬϬϯ͗ϱϱϬͿ͖
%=#!?#N[&A$#6!^$!>$$S!K=![$!'=)>@F&>K!KO&K!O=^!)#ŽƵƉƐĂƌĞĐŚĂƌĂĐƚĞƌŝnjĞĚ͞ĚĞƉĞŶĚƐ
=>!^O&K!'<&@GF!&#$!#$'=)>@D$S!&F!<$)@K@G&K$!&>S!$%%$'K@\$!@>!Z&#K@'N<&#!S@F'N#F@\$!&>S!
ƉŽůŝĐLJ ĞŶǀŝƌŽŶŵĞŶƚƐ͟ ;OKKZ1jj^^^(GG)(GZ)(S$jFZ$'@&<B
=NKZNKj@>K$#\@$^Fj@>K$#\@$^B^@KOB#=)$#FB[#N[&A$#BN>@\$#F@KRB=%B'&<@%=#>@&B<=FB
&>)$<$Fd(!-O$!S@%%@'N<KR!%=#!G=FK!b=N#>&<@FKF!@F!KO&K!KO$R!S=!>=K!O&\$!KO$!<NVN#R!=%!KO$!
K@G$!K=!'=>SN'K!FN'O!F='@=<=)@'&<!=#!Z=<@K@'&<!&>&<RF@F(!!-O$!&ZZ#=Z#@&K$>$FF!=%!KO$@#!
S$'@F@=>BG&A@>)!KONF!S$Z$>SF!=>!KO$!$VK$>K!=%!KO$!A@>S!=%!F='@=<=)@'&<!&>S!Z=<@K@'&<!
A>=^<$S)$!KO$R!O&\$!&<#$&SR!S$\$<=Z$S(!!:@\$>!KO$!'=GZ<$V@KR!=%!KO$!F='@=<=)R!&>S!
Z=<@K@'F!=%!KO$!@>\='&K@=>!=%!F=<@S&#@K@$F!@>!Z&#K@'N<&#!Z=<@K@'&<!F@KN&K@=>F6!@K!@F!KONF!>=K!
ƐƵƌƉƌŝƐŝŶŐ ƚŚĂƚ ũŽƵƌŶĂůŝƐƚƐ ĂŶĚ ĞĚŝƚŽƌƐ ĨĂĐĞ ͚ĞƚŚŝĐĂů͛ ĚŝůĞŵŵĂƐ ƌĞŐĂƌĚŝŶŐ ǁŚĂƚ ƚŽ
ZN[<@FO6!^O$>(!!
!
B'1%$)0+0%)!30+5%<+!'+5012!
-O$! @GZ=#K&>'$! =%! F='@&<! F=<@S&#@KR! KO&K! 'N<KN#$! &>S! $KO>@'@KR! %&'@<@K&K$6! 4&<O=N>!
ĂƌŐƵĞƐ͕ŝƐƚŚĂƚŝƚĞŶĂďůĞƐƚŚĞŵĂƌŐŝŶĂůŝƐĞĚƚŽ͚ƚĂŬĞƚŚĞŶĞdžƚƐƚĞƉ͛ŝŶŽƌŐĂŶŝƐŝŶŐƚŽĨŝŐŚƚ
%=#! KO$! #$S#$FF! =%! KO$@#! F='@&<! &>S! $'=>=G@'! '@#'NGFK&>'$F! cHXXL1! *LHd(! 9>! =KO$#!
ǁŽƌĚƐ͕ ŚĞ ĞdžƉůŝĐŝƚůLJ ůŝŶŬƐ ͞ƚŚĞ ƉŽůŝƚŝĐƐ ŽĨ ĚŝĨĨĞƌĞŶĐĞ͟ ƚŽ ͞ƚŚĞ ƉŽůŝƚŝĐƐ ŽĨ ĞƋƵĂůŝƚLJ͟
;&ƌĂƐĞƌϮϬϬϭ͗ϮϭͿ͘&ƌĂƐĞƌƐŚĂƌĞƐƚŚŝƐǀŝĞǁ͗͞:ƵƐƚŝĐĞƚŽĚĂLJƌĞƋƵŝƌĞƐďŽƚŚƌĞĚŝƐƚƌŝďƵƚŝŽŶ
&>S!#$'=)>@K@=>1!>$@KO$#!@F!FN%%@'@$Ŷƚ͟;ϮϬϬϭ͗ϮϮͿ͘WƌŽƉŽŶĞŶƚƐŽĨƌĞĚŝƐƚƌŝďƵƚŝŽŶƐĞĞŝƚ
&F! &! G=#&<! #@)OKͶKO$! [&F@F! =%! %&@#>$FF! &>S! $`N&<! K#$&KG$>K! %=#! &<<h! ^O$#$&F!
Z#=Z=>$>KF! =%! #$'=)>@K@=>! F$$! $KO@'F! &F! Z#=G=K@>)! `N&<@K&K@\$! '=>S@K@=>F! KO&K!
ĐŽŶƐƚŝƚƵƚĞ͚ƚŚĞŐŽŽĚůŝĨĞ͛͘Ƶƚ͕ƐŚĞŶŽƚĞƐ͗!
!
9K!@F!>=^!FK&>S&#S!Z#&'K@'$!@>!G=#&<!ZO@<=F=ZOR!K=!S@FK@>)N@FO!`N$FK@=>F!
=%! bNFK@'$! %#=G! `N$FK@=>F! =%! KO$! )==S! <@%$(! 4=>FK#N@>)! KO$! %@#FK! &F! &!
ŵĂƚƚĞƌ ŽĨ ͚ƚŚĞ ƌŝŐŚƚ͕͛ ĂŶĚ ƚŚĞ ƐĞĐŽŶĚ ĂƐ Ă ŵĂƚƚĞƌ ŽĨ ͚ƚŚĞ ŐŽŽĚ͕͛ ŵŽƐƚ
ZO@<=F=ZO$#F!&<@)>!S@FK#@[NK@\$!bNFK@'$!^@KO!]&>K@&>!O%(,/0+,+!cG=#&<@KRd!
&>S!#$'=)>@K@=>!^@KO!7$)$<@&>!G0++/015>'0+!c$KO@'Fd(!cHXXW1!HHd!
!
-O$!S$G&>SF!%=#!bNFK@'$!&#$!F$$>!&F!N>@\$#F&<<R![@>S@>)6!^O$#$&F!KO$!'<&@GF!%=#!KO$!
#$'=)>@K@=>! =%! S@%%$#$>'$! &#$! F$$>! &F! #$%$##@>)! K=! Z&#K@'N<&#! 'N<KN#$F! &>S! Z#&'K@'$F(!
-O$!%=#G$#!Z=F@K@=>!@F!K&A$>![R!S$=>K=<=)@FKF6!KO$!<&KK$#![R!4=GGN>@K&#@&>F(!?NK!&F!
FO$![$<@$\$F!KO&K!Z#=)#$FF@\$!Z=<@K@'F!K=S&R!#$`N@#$F![=KO!bNFK@'$!&>S!#$'=)>@K@=>6!FO$!
&KK$GZKF!K=!%@>S!&!ZO@<=F=ZO@'&<!^&R!=%!'=G[@>@>)![=KO1!>&G$<R!F$$@>)!#$'=)>@K@=>!=%!
S@%%$#$>'$! >=K! &F! $KO@'&<! '<&@GF!\@FBáBǀŝƐ ͚ƚŚĞ ŐŽŽĚ͕͛ ďƵƚ ĂƐ Ă ũƵƐƚŝĐĞ ĐůĂŝŵ͘ ^ŚĞ ƚŚNF!
ĂƌŐƵĞƐĂŐĂŝŶƐƚ͚ƚŚĞŝĚĞŶƚŝƚLJŵŽĚĞůŽĨƌĞĐŽŐŶŝƚŝŽŶ͛ĨŽƌĂŶƵŵďĞƌŽĨƌĞĂƐŽŶƐ͗ŝƚǀŝĞǁƐ
@S$>K@KR!&F!@>S@\@SN&<@F$S!&>S!ZFR'O=<=)@'&<!#&KO$#!KO&>!F='@&<!&>S!SR>&G@'h!@K!Z=F@KF!
$(%<.! @S$>K@KR! &F! KO$! =[b$'K! =%! #$'=)>@K@=>6!^O@'O!=%K$>! O&F! &>! $FF$>K@&<@FK! [&F@F! K=!
ǁŚŝĐŚĂůůŵĞŵďĞƌƐŽĨƚŚĞŐƌŽƵƉŚĂǀĞƚŽĐŽŶĨŽƌŵ͖ŝƚƌĞŝĨŝĞƐĐƵůƚƵƌĞ͘/ŶƐŚŽƌƚ͕ŝƚ͞ůĞŶĚƐ
ŝƚƐĞůĨ Ăůů ƚŽŽ ĞĂƐŝůLJ ƚŽ ƌĞƉƌĞƐƐŝǀĞ ĨŽƌŵƐ ŽĨ ĐŽŵŵƵŶŝƚĂƌŝĂŶŝƐŵ͟ ;ϮϬϬϭ͗ ϮϰͿͶ&F! >=K$S!
ĂďŽǀĞ ďLJ ďŽƚŚ ĂůŚŽƵŶ ĂŶĚ ƌƵďĂŬĞƌ͘ /ŶƐƚĞĂĚ͕ ƐŚĞ ƉƌŽƉŽƐĞƐ Ă ͞ƐƚĂƚƵƐ ŵŽĚĞů ŽĨ
#$ĐŽŐŶŝƚŝŽŶ͟ŝŶǁŚŝĐŚǁŚĂƚŝƐƌĞĐŽŐŶŝƐĞĚŝƐŶŽƚƚŚĞŐƌŽƵƉ͕͞ďƵƚ #&KO$#!KO$!FK&KNF!=%!
ŐƌŽƵƉŵĞŵďĞƌƐĂƐĨƵůůƉĂƌƚŶĞƌƐŝŶƐŽĐŝĂůŝŶƚĞƌĂĐƚŝŽŶ͟;ϮϬϬϭ͗ϮϰͿ͘/ŶŽƚŚĞƌǁŽƌĚƐ͕ƐŚĞ
<='&K$F!KO$!&ZZ#=&'O!^@KO@>!&!%#&G$^=#A!=%!S$G='#&K@'!'@K@D$>FO@Z(!;O$!&#)N$F!KO&K!
K=! ǀŝĞǁ ƌĞĐŽŐŶŝƚŝŽŶ ŝŶ ƚŚŝƐ ǁĂLJ ͞ŝƐ ƚŽ ĞdžĂŵŝŶĞ ŝŶƐƚŝƚƵƚŝŽŶĂůŝnjĞĚ ƉĂƚƚĞƌŶƐ ŽĨ ĐƵůƚƵƌĂů
ǀĂůƵĞĨŽƌƚŚĞŝƌĞĨĨĞĐƚƐŽŶƚŚĞƌĞůĂƚŝǀĞƐƚĂŶĚŝŶŐŽĨƐŽĐŝĂůĂĐƚŽƌƐ͟;ϮϬϬϭ͗ϮϰͿ͘&ƌŽŵƚŚŝƐ
!
! ! !
Z$#FZ$'K@\$6!#$'=)>@K@=>!@F!>=K!&!G&KK$#!=%!F$<%B#$&<@D&K@=>6![NK!=%!bNFK@'$6![$'&NF$!͞ŝƚ͛Ɛ
N>bNFK! KO&K! F=G$! @>S@\@SN&<F! &>S! )#=NZF! &#$! S$>@$S! KO$! FK&KNF! =%! %N<<! Z&#K>$#F! @>!
F='@&<! @>K$#&'K@=>! F@GZ<R! [$'&NF$! =%! @>FK@KNK@=>&<@F$S! Z&KK$#>F! =%! 'N<KN#&<! \&<N$! @>!
^O=F$! '=>FK#N'K@=>! KO$R! O&\$! >=K! $`N&<<R! Z&#K@'@Z&K$S! &>S! ^O@'O! S@FZ&#&)$! KO$@#!
S@FK@>'K@\$! 'O&#&'K$#@FK@'F͙͟ ;ϮϬϬϭ͗ Ϳ͘ dŚĞ ĐƌŝƚĞƌŝŽŶ ĨŽƌ ũƵĚŐŝŶŐ ǁŚĞƚŚĞƌ ĐůĂŝŵƐ ĨŽƌ
ƌĞĐŽŐŶŝƚŝŽŶ ĂƌĞ ǀĂůŝĚ Žƌ ŶŽƚ ƚŚƵƐ ĚĞƉĞŶĚƐ ŽŶ ƚŚĞ ĐůĂŝŵĂŶƚ ƐŚŽǁŝŶŐ ƚŚĂƚ ͞ĐƵƌƌĞŶƚ
ĂƌƌĂŶŐĞŵĞŶƚƐ ƉƌĞǀĞŶƚ ƚŚĞŵ ĨƌŽŵ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŽŶ Ă ƉĂƌ ǁŝƚŚ ŽƚŚĞƌƐ ŝŶ ƐŽĐŝĂů ůŝĨĞ͟
cHXXW1!LHͿ͘/ŶƐŚŽƌƚ͕ƚŚĞƌĞĐŽŐŶŝƚŝŽŶƐŽƵŐŚƚƐŚŽƵůĚĞŶĂďůĞ͞ƉĂƌƚŝĐŝƉĂƚŽƌLJƉĂƌŝƚLJ͘͟dŚŝƐ
ŝƐ ĂƌŐƵĂďůLJ ŚĞƌ ǁĂLJ ŽĨ ŽďǀŝĂƚŝŶŐ ƚŚĞ ĚĂŶŐĞƌ ŽĨ ͞ƉŽůŝƚŝĐŝnjĞĚ ĞƚŚŶŝĐŝƚLJ͟ ŶŽƚĞĚ ďLJ
?#N[&A$#!cHXXLd!&>S!=KO$#!'#@K@'F!=%!'=GGN>@K&#@&>@FG!c4&<O=N>!HXXL6!Q=N#@$!HXWX6!
-=G&F$<<@!HXXUd(!.>!KO@F![&F@F!@K!@F!&#)N&[<$!KO&K!#$'N##@>)!G$S@&!#$Z#$F$>K&K@=>F!=%!
[<&'A! Z$=Z<$! O$<ZF! '=>FK@KNK$! @>FK@KNK@=>&<! #&'@FG6! ^O@'O! '=>K@>N$F! K=! @>O@[@K! KO$!
Z&#@KR!=%! Z&#K@'@Z&K@=>!=%! [<&'A! Z$=Z<$! @>!G&>R! FZO$#$F! =%! F='@&<! &>S!$'=>=G@'!<@%$(!!
+>S!KO&K!'&<<F!%=#!'O&>)$F!K=!KO$@#!#$Z=#K@>)!Z#&'K@'$!@F!&!bNFK@'$!'<&@G6!#&KO$#!KO&>!&>!
ĞƚŚŝĐĂů ŽŶĞ͘ KŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ƐŚĞ ĂůƐŽ ĂƌŐƵĞƐ ƚŚĂƚ ďLJ ͞ĂůŝŐŶŝŶŐ ƌĞĐŽŐŶŝƚŝŽŶǁŝƚŚ
bNFK@'$!@>FK$&S!=%!KO$!)==S!<@%$6!=>$!&\=@SF!KO$!\@$^!KO&K!$\$#R=>$!O&F!&>!$`N&<!#@)OK!
K=!F='@&<!ĞƐƚĞĞŵ͟;ϮϬϬϭ͗ϮϴͿ͘ŶĚŚĞƌĞƐŚĞƉŽŝŶƚƐƚŽƚŚĞĚŝƐƚŝŶĐƚŝŽŶďĞƚǁĞĞŶĞƐƚĞĞŵ
&>S! #$FZ$'K! ^O@'O! @F! =^$S! K=! &<<! =>! KO$! [&F@F! =%! &! '=GG=>! ONG&>@KR6! ^O$#$&F!
$FK$$G! @F! [&F$S! =>! =N#! \&<N&K@=>! =%! Z&#K@'N<&#! K#&@KF! cHXXW1! LUd(! ! 9>! #$<&K@=>! K=! 85'!
G.',(6! '&<<F! %=#! lNŵĂ ƚŽ ďĞ ͞ĞƐƚĞĞŵĞĚ͟ ĂƌĞ ĂƌŐƵĂďůLJ ŶŽƚ ǀĂůŝĚ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ
&<<$)&K@=>F! =%! #&Z$! &)&@>FK! O@G! &>S! O@F! @>\=<\$G$>K! @>! '=##NZK@=>! c;$$! 3']&@F$#!
HXWHd(!!!
!
KŶĞĐŽƵůĚƚŚƵƐƐĞĞ&ƌĂƐĞƌ͛ƐĂƌŐƵŵĞŶƚĂƐĂǁĂLJƚŽƌĞĨƌĂŵĞũŽƵƌŶĂůŝƐŵĞƚŚŝĐƐͶ>=K!&F!
[&F$S! '0+5'(! =>! <@[$#&<6! S$=>K=<=)@'&<! $KO@'F! %(! '=GGN>@K&#@&>! $KO@'FͶ[NK! &!
ĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞ ĐŽŶĐĞƌŶƐŽĨĞĂĐŚ͕ƌŽŽƚĞĚŝŶĂĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨǁŚĂƚ ŝƐ͚ũƵƐƚ͛ ĨŽƌ
$&'O!Z&#K@'@Z&>K!@>!&!Z<N#&<!S$G='#&'R(!!Q#=G!KO@F!Z$#FZ$'K@\$!KO$!S$[&K$F!&[=NK!KO$!
ZN[<@'&K@=>! =%! KO$! ZO=K=)#&ZO! FO=N<Ě ŶŽƚ ĐĞŶƚƌĞ ŽŶ ͚ĨƌŝĐĂŶ͛ ĐƵůƚƵƌĞ ĂŶĚ ƉƌĂĐƚŝĐĞƐ͕
[NK! `N$FK@=>F!=%! O=^! G$S@&! #$Z#$F$>K&K@=>F! %&'@<@K&K$! =#! O@>S$#! F='@&<!$`N&<@KR! &>S!
ƚŚĞ͞ƉĂƌŝƚLJŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶ͟ŝŶƐŽĐŝĂůůŝĨĞ͘/ŶdŽŵĂƐĞůůŝ͛ƐǁŽƌĚƐ͕͞ĞƚŚŝĐƐǁŝƚŚŽƵƚũƵƐƚŝĐĞ
@F![<@>S6!&>S!bNFK@'$!^@KO=NK!$ƋƵŝƚLJŝƐĞŵƉƚLJ͟;ϮϬϬϵ͗ϳͿ!
!
N/B(1+6782!5(+,37,)!+14!)3:7,8!
-O$!&[=\$!S@F'NFF@=>!O&F!&KK$GZK$S!K=!O@)O<@)OK!KO$!F@)>@%@'&>'$!=%!`N$FK@=>F!&[=NK!
'N<KN#$6!@S$>K@KR6!)#=NZ>$FF6!&>S!F=<@S&#@KR!K=!KO$!S@<$GG&F!N>S$#Z@>>@>)!KO$!$KO@'F!
=%! G$S@&! #$Z#$F$>K&K@=>! &>S! ZN[<@'&K@=>(! ! -O@F! O&F! >$'$FF&#@<R! K=N'O$S! =>!
Z&#&S@)G&K@'! `N$FK@=>F! &[=NK! @>S@\@SN&<@FG! \$#FNF! '=<<$'K@\@FG6! &>S! N>@\$#F&<@FG!
\$#FNF!Z&#K@'N<&#@FG!^O@'O!N>S$#Z@>!S$[&K$F!&[=NK!b=N#>&<@FG!Z#&'K@'$(!
!
-O$! O$)$G=>@'! \@$^! =%! b=N#>&<@FG! &F! &! F='@&<! Z#&'K@'$! @F! KŚĂƚ ŝƚ ŝƐ ͚ƵŶŝǀĞƌƐĂů͛
c7&>@KDF'O! HXXId(! 2$FZ@K$! KO$! &'A>=^<$S)$G$>K! KO&K! KO$#$! &#$! S@%%$#$>K! A@>SF! =%!
ũŽƵƌŶĂůŝƐŵ͕ƚŚĞƌĞŝƐƐƚŝůůĂǀŝĞǁŽĨŝƚĂƐĂ͚ŶŽƌŵĂƚŝǀĞ͛ƉƌĂĐƚŝĐĞ͘dŚŝƐƉƌĂĐƚŝĐĞŝƐďĂƐĞĚ
=>!@KF!>=#G&K@\$!#=<$!@>!<@[$#&<!S$G='#&'@$F!c,=>>@>)!HXXH6!F$$!&<F=!4O#@FK@&>F!$K!&<!
HXXUd(!! 9>! KO@F! #$)&#S6! %#$$S=G!=%! FZ$$'O6! $VZ#$FF@=>6! &>S!KO$!G$S@&! &#$! F$$>!&F! &!
20)'! i<%! )%)! =%! S$G='#&K@'! Z#&'K@'$! cC@'OK$>[$#)! WUUX6! \&>! S$#! M$FKON@D$>! WUUJ1!
Ϯϲϳ͕DƵƌĚŽĐŬϭϵϵϮͿŝŶǁŚŝĐŚƚŚĞŵĞĚŝĂĂƌĞƐĞĞŶĂƐŽƉĞƌĂƚŝŶŐ͚ŝŶƚŚĞƉƵďůŝĐŝŶƚĞƌĞƐƚ͕͛
ƌĂƚŚĞƌƚŚĂŶƚŚĞ͚ŶĂƚŝŽŶĂůŝŶƚĞƌĞƐƚ͛Ͷ&!Z=@>K!S@F'NFF$S![$<=^(!
!
-O$! N>S$#<R@>)! K$>F@=>! [$K^$$>! KO$F$! #@)OKF6! &>S! KO$! #@)OK! K=! S@)>@KR6! ^O@'O! @F!
NFN&<<RWX!'=>FK@KNK$S! [R! KO$! S@F'=N#F$F! &#=N>S! @S$>K@KR! &>S! [$<=>)@>)6! @F! KO&K! KO$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WX
!^ĞĞĚŝƐĐƵƐƐŝŽŶŽĨtĂƌĚ͛Ɛ;ϮϬϭϬͿŐƌŽƵŶĚŝŶŐŽĨĚŝŐŶŝƚLJǁŝƚŚŝŶĂƐĞƚŽĨƵŶŝǀĞƌƐĂůƉƌŽƚŽŶŽƌŵƐ!
!
%=#G$#! &#$! =%KĞŶ ƌĞŐĂƌĚĞĚ ĂƐ ͚ƵŶŝǀĞƌƐĂů͕͛ ǁŚĞƌĞĂƐ ƚŚĞ ůĂƚƚĞƌ ĂƌĞ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă
ƉŽůŝƚŝĐƐŽƌĞƚŚŝĐƐŽĨƌĞĐŽŐŶŝƚŝŽŶǁŚŝĐŚŝƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ͚ƉĂƌƚŝĐƵůĂƌŝƚLJ͛͘/ŶƚŚŝƐƌĞŐĂƌĚ͕
`N$FK@=>F!=%!Z#$FF!%#$$S=G!&>S!KO$!#@)OK!=%!%#$$S=G!=%!$VZ#$FF@=>!&#$!K#$&K$S!^@KO@>!
KO$! &G[@K! ŽĨ ŶŽƌŵĂƚŝǀĞ ;ůŝďĞƌĂůͿ ĞƚŚŝĐƐ͕ ǁŚĞƌĞĂƐ ŝƐƐƵĞƐ ƌĞůĂƚŝŶŐ ƚŽ ͚ĚŝĨĨĞƌĞŶĐĞ͛ ŝŶ
ũŽƵƌŶĂůŝƐŵ ĞƚŚŝĐƐ ĂƌĞ ŽĨƚĞŶ ĂĚĚƌĞƐƐĞĚ ǀŝĂ ͚ĐŽŵŵƵŶŝƚĂƌŝĂŶ ĞƚŚŝĐƐ͛ ;ƐĞĞ ŚƌŝƐƚŝĂŶƐ
ϮϬϬϰͿ͘ ,ŽǁĞǀĞƌ͕ ǁŝƚŚŝŶ ƚŚĞ ĚŝƐĐŽƵƌƐĞ ŽĨ ĐŽŵŵƵŶŝƚĂƌŝĂŶŝƐŵ͕ ͚ƚŚĞ ŐƌŽƵƉ͛ Žƌ ͚ƚŚĞ
ĐŽŵŵƵŶŝƚLJ͛ĂƌĞŽĨƚĞŶƚ#$&K$S!&F!O=G=)$>=NF6!&>S!KO$#$!@F!>=!#$'=)>@K@=>!=%!Z=^$#!
ƌĞůĂƚŝŽŶƐ Žƌ ƚŚĂƚ ͚ƚŚĞ ĐŽŵŵƵŶŝƚLJ͛ ŝƐ ƐŽĐŝĂůůLJ ĐŽŶƐƚƌƵĐƚĞĚ ;ƐĞĞ <ĂƐŽŵĂ ϭϵϵϰͿ͘ dŚĞ
Z#=[<$GF!=%!'=GGN>@K&#@&>@FG!&>S!@KF!%=#G!=%!aD<)+<!@>!+%#@'&>!ZO@<=F=ZOR!&#$!^$<<!
S='NG$>K$S!c?&>S&!HXXU6!Q=N#@$!HXXI6!Q=N#@$!HXWX6!-=G&F$<<@!HXXUd6!&>S!$'O=!KO$!
'=>'$#>F! =%! Q#&F$#! cHXXWd6! 3&GS&>@! cHXXWd6! 4&<O=N>! cHXXLd! &>S! ?#N[&A$#! cHXXLd!
S@F'NFF$S!&[=\$(!
!
+F!>=K$S!$&#<@$#6!&>=KO$#!&FZ$'K!'#@K@'&<!K=!KO@F!>=#G&K@\$!'=>'$ZK@=>!=%!b=N#>&<@FG!@F!
KO&K!@K!F$#\$F!S$G='#&'R!ŝŶ͚ƚŚĞƉƵďůŝĐŝŶƚĞƌĞƐƚ͛ƌĂƚŚĞƌƚŚĂŶ͚ƚŚĞŶĂƚŝŽŶĂůŝŶƚĞƌĞƐƚ͛Ͷ
&>=KO$#! S@F'=N#F$! KO&K! FN#%&'$S! @>! KO$! S$[&K$F! &[=NK! KO$! ZN[<@'&K@=>! =%! KO$!
ZO=K=)#&ZO! =%! 85'! G.',(! c3'A&@F$#! HXWH6! #&G&<&@>$K&<AZ=<@K@'&<&>&<RF@F! HXWHd(! -O@F!
ĚĞďĂƚĞŚĂƐĂůŽŶŐŚŝƐƚŽƌLJŝŶ^ŽƵƚŚĨƌŝĐĂŝŶǁŚŝĐŚƚŚĞ͚ŶĂƚŝŽŶĂůŝŶƚĞƌĞƐƚ͛ŝƐĂƐƐŽĐŝĂƚĞĚ
ǁŝƚŚƚŚĞ'ŽǀĞƌŶŵĞŶƚ͛ƐŝĚĞĂŽĨǁŚĂƚ͚ƚŚĞƐƚĂƚĞ͛ŶĞĞĚƐ͕ǁŚĞƌĞĂƐ͚ƚŚĞƉƵďůŝĐŝŶƚĞƌĞƐƚ͛ŝƐ
ƵƐƵĂůůLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚĐŝǀŝůƐŽĐŝĞƚLJ͛ƐŶĞĞĚƐ;ƐĞĞtĂƐƐĞƌŵĂŶĂŶĚĚĞĞĞƌϮϬϬϱͿ͘/Ŷ
#$<&K@=>!K=!S$[&K$F!&[=NK!b=N#>&<@FG!Z#&'K@'$6!KO$!%=#G$#!@F!&FF='@&K$S!^@KO!%=#GF!=%!
͚ĚĞǀĞůŽƉŵĞŶƚ ũŽƵƌŶĂůŝƐŵ͛ ĂŶĚ ĐŽŵŵƵŶŝƚĂƌŝĂŶ ĞƚŚŝĐƐ ǁŚŝ'O! @F! $F'O$^$S! [R! <@[$#&<!
Z#&'K@K@=>$#F6! ^O$#$&F! KO$! <&KK$#! @F! &FF='@&K$S! ^@KO! <@[$#&<! S$G='#&K@'! Z#&'K@'$! &>S!
ĞƚŚŝĐƐ͘,ĂĨĨĂũĞĞ͛ƐŽƌŝŐŝŶĂůĂƌŐƵŵĞŶƚĨŽƌƉƵďůŝƐŚŝŶŐƚŚĞƉŚŽƚŽŐƌĂƉŚǁĂƐĨŝƌŵůLJƌŽŽƚĞĚ
ŝŶƚŚĞůŝďĞƌĂůƌŝŐŚƚƚŽĨƌĞĞƐƉĞĞĐŚ͕ĂŶĚƚŚƵƐŝŶ͚ƚŚĞƉƵďůŝĐ!ŝŶƚĞƌĞƐƚ͛;ϮϬϭϮĂͿ͘ƵƚŚĞƌ
ƌĞĂƐŽŶĨŽƌƚĂŬŝŶŐĚŽǁŶƚŚĞƉŚŽƚŽŐƌĂƉŚǁĂƐ͞ŽƵƚŽĨĐĂƌĞĂŶĚĨĞĂƌ͟;ϮϬϭϮďͿ͕ĂƌŐƵĂďůLJ
ĞdžƉƌĞƐƐĞĚŝŶƚĞƌŵƐŽĨ͚ƚŚĞŶĂƚŝŽŶĂůŝŶƚĞƌĞƐƚ͛͘&ĞůůŽǁĞĚŝƚŽƌ͕WĞƚĞƌƌƵĐĞŽĨ H<20)'22!
C,9! &)#$$S! ^@KO! O$#! KO&K! KO$! ZO=K=)#&ZO! FO=N<S! '=G$! S=^>! ͞ŝŶ ƚŚĞ ŶĂƚŝŽŶĂů
ŝŶƚĞƌĞƐƚ͟ ;ϮϬϭϮͿ͘ KƚŚĞƌƐ ĚŝƐĂŐƌĞĞĚ͕ ƐĞĞŝŶŐ ŝƚ ĂƐ Ă ďůŽǁ ĨŽƌ ĨƌĞĞ ƐƉĞĞĐŚ ĂŶĚ ƚŚĞ
@>S$Z$>S$>'$!=%!KO$!G$S@&6!^O@<$!KO$!V'3!F$'6!70+0P')!&>S!G%3'+,)!^$#$!$`N@\='&<!
c;+"+!HXWHh!3']&@F$#!HXWHd(!!
!
-O$! &'A>=^<$S)$G$>K! =%! '&Z@K&<@FG! &>S! '=<=>@&<@FG! &F! )<=[&<! FRFK$GF! ^O@'O! O&\$!
FO&Z$S! )<=[&<! G$S@&! #$<&K@=>F! &>S! Z#&'K@'$F! O&F! Z#=\=A$S! &K! <$&FK! K^=! >=K$^=#KOR!
'=>K#@[NK@=>F! K=! KO$=#@F@>)! KO$! K$>F@=>F! &>S! S$[&K$F! >=K$S! &[=\$(! ! .>$! @F! 4<@%%=#S!
ŚƌŝƐƚŝĂŶƐ͛ ;ϮϬϭϬͿ ŶŽƚŝŽŶ ŽĨ ĂŶ ͞ƚŚŝĐƐ ŽĨ hŶŝǀĞƌƐĂů ĞŝŶŐ͟ ŝŶ ǁŚŝĐŚ ŚĞ ŐƌŽƵŶĚƐ
`N$FK@=>F!=%!S@)>@KR!&F!N>@\$#F&<<R!&FF='@&K$S!^@KO!KO$!=>K=<=)R!=%![$@>)!ONG&>(!!.>!
ƚŚŝƐďĂƐŝƐŚĞŶŽƚĞƐƚŚĞƐĂŶĐƚŝƚLJŽĨŚƵŵĂŶůŝĨĞĂƐĂ͚ƉƌŽƚŽŶŽƌŵ͛ĨƌŽŵǁŚŝĐŚŚĞĚĞƌŝǀĞƐ
KO$!%N>S&G$>K&<!$KO@'&<!Z#@>'@Z<$F!=%!ONG&>!S@)>@KR6!K#NKO6!&>S!>=>B\@=<$>'$!cHXWXd(!!
-O$! =KO$#! FN))$FKF! NF@>)! Z=FKB'=<=>@&<! KO$=#R! &F! &>! &ZZ#=&'O! K=! G$S@&! $KO@'F! &F! @K!
K==!`N$FK@=>F!KO$! Z=<@K@'F!=%!G=S$#>@FK! N>@\$#F&<@FG!&>S!<@[$#&<!@>S@\@SN&<@FG!^O@'O!
=[F'N#$F! FK#N'KN#&<! Z=^$#! #$<&K@=>F6! %#&G@>)! `N$FKF! %=#! N>@\$#F&<! bNFK@'$! @>! ^&RF!
^O@'O! >$)&K$! KO$! F@)>@%@'&>'$! =%! F=<@S&#@KR! [&F$S! =>! 'N<KN#$! &>S! $KO>@'@KR! K=! KO$F$!
FK#N))<$F!c,&=!&>S!M&FF$#G&>!HXXI6!,&=!HXWX6M&FF$#G&>!HXWXd(!!?R!%=#$)#=N>S@>)!
Z&#K@'N<&#! '=>'$ZKF! S#&^>! %#=G! "=^$<<! cWUU*d6! 3&GS&>@! cHXXWd6! 4&<O=N>! cHXXLd6!
?#N[&A$#!cHXXLd!&>S!Q#&F$#!cHXXWd!^O=F$!^=#A!&ZZ$&#F!>=K!K=![$!Z&#K!=%!KO$!'=#ZNF!
=%!^=#A!=>!G$S@&!$KO@'F6!9!O=Z$!K=!O&\$!&SS$S!KO$@#!@>F@)OKF!K=!KO$!%@$<S(!!!
!
;/1,6B87/18!
-O$! &@G! =%! KO@F! Z&Z$#! @F! K=! =%%$#! KO$=#$K@'&<! @>F@)OKF! @>K=! KO$! 70+9! @('22! ĞĚŝƚŽƌ͛Ɛ
ZN[<@FO$S! S@<$GG&F! &[=NK! O$#! S$'@F@=>! K=! ZN[<@FO6! &>S! KO$>! #$K#&'K6! KO$!
ZO=K=)#&ZO@'! @G&)$! =%! 85'! G.',(! ĨƌŽŵ ƚŚĞ ŶĞǁƐƉĂƉĞƌ͛Ɛ ǁĞďƐŝƚĞ͘ /Ŷ ƉĂƌƚŝĐƵůĂƌ͕ /
!
! ! !
%='NF$S!=>! S$[&K$F! &[=NK! 'N<KN#$6! @S$>K@KR6! [$<=>)@>)! &>S! F=<@S&#@KR6! &F! KO$F$! ^$#$!
Z#=G@>$>K! @>! O$#! S$'@F@=>BG&A@>)! ^O@'O! ^&F! &! #$FZ=>F$! K=! KO$! ZN[<@'! S@F'=N#F$F!
&@#$S! @>! \&#@=NF! =><@>$! &>S! =%%<@>$! G$S@&! F@K$F(! MO@<$! KO$! KO$=#$K@'&<! Z$#FZ$'K@\$F!
G&R![$!NF$%N<!@>!@>%=#G@>)!KO$!Z=<@K@'&<!S$[&K$F!KO&K!K&A$!Z<&'$6!&>S!@>!'=>K#@[NK@>)!
K=! KO$! =>B)=@>)! KO$=#$K@'&<! S@F'NFF@=>F! &[=NK! G$S@&! $KO@'F6! KO$R! S=! >=K! Z#=\@S$! &!
͚ďůƵĞBƉƌŝŶƚ͛ ĨŽƌ ĂĐƚŝŽŶ͘ Ɛ ĐĂŶ ďĞ ƐĞĞŶ ĨƌŽŵ ƚŚĞ ĚŝƐĐƵƐƐŝŽŶƐ ĂďŽǀĞ͕ ƚŚĞŽƌŝƐƚƐ ŵĂŬĞ
40)'!S@FK@>'K@=>F!@>!KO$@#!&#)NG$>KF!^@KO!$&'O!=KO$#(!!9>!'=>K#&FK6!b=N#>&<@FKF!&>S!KO$!
)$>$#&<! ZN[<@'! F$$G! K=! S#&^! =>! G=#$! )$>$#&<@F$S! S@F'N#F@\$! #$Z$#K=@#$F! ^O@'O! &#$!
O$)$G=>@'! K=! KO$@#! S@F'N#F@\$! '=GGN>@K@$F(! -O$#$! &ZZ$&#F! K=! [$! &! F@)>@%@'&>K! )&Z!
[$K^$$>! KO$! S@F'=N#F$F!=%! &'&S$G@'F6!G$S@&! Z#=%$FF@=>&<F6! &>S!KO$! ZN[<@'(!! 0S@K=#F!
#=NK@>$<R! ^$@)O! NZ! '=>K@>)$>K! %&'K=#F! &>S! G&A$! bNS)$G$>K! '&<<F! @>! Z&#K@'N<&#!
'=>K$VKF! ^O@'O! &#$! =%K$>! Z=<@K@'&<<R! <=&S$S(! ! -O$! [#$&'O! @>! KO$! S@%%$#$>K! S@F'=N#F$F!
'=N<S! [$! FNKN#$S! [R! ZN[<@'! $>)&)$G$>K! [$K^$$>! $S@K=#F! &>S! &'&S$G@'F! &[=NK! KO$!
[&F@F!=%!KO$@#!Z=F@K@=>F(!!-O@F!^=N<S!&#)N&[<R!O$<Z![=KO!KO$!ZN[<@'!&>S!KO$!b=N#>&<@FK@'!
'=GGN>@KR!@>!#$%@>@>)!KO$@#!N>S$#FK&>S@>)F!=%!KO$!A@>SF!=%!Z$#FZ$'K@\$F!KO&K!>$$S!K=!
[$!K&A$>!@>K=!&''=N>K!@>!G&A@>)!ZN[<@FO@>)!S$'@F@=>F(!!
!
D)*)()1,)8!
ĂŶĚĂ͕ &͘ ϮϬϬϵ͘ <ĂƐŽŵĂ͛Ɛ ĨƌŝĞƚŚŝĐƐ͗ ZĞĂƉƉƌĂŝƐĂů͘ dŚĞ ŝŶƚ$#>&K@=>&<!
ŽŵŵƵŶŝĐĂƚŝŽŶ'ĂnjĞƚƚĞ͘ϳϭ;ϰͿ͟ϮϮϳBHJH!
?&N$#6!/(!!HXWH(!!lNG&!&#K^=#A1!-$FK@>)!KO$!4=>FK@KNK@=>!!
OKKZ1jjG)('=(D&jHXWHBX*BHXBbN#RBS@\@S$SBS@)>@KRB\FB%#$$S=GB=%B$VZ#$FF@=>!
?@<<@)6!3(!$K!&<!WUEE(!!6-'%/%$01,/!C0/'**,2(!!C=>S=>1!;&)$(!
?@<<@)6!3(!WUUW(!6-'%/%$9!,)-!%.0)0%)2(!!C=>S=>1!;&)$(!
ƌƵďĂŬĞƌ͕Z͘ϮϬϬϯ͘EĞŝƚŚĞƌŝŶĚŝǀŝĚƵĂůŝƐŵŶŽƌ͚ŐƌŽƵƉŝƐŵ͛͘ƌĞƉůLJ!K=!4#&@)!4&<O=N>(!!!!
"+5)010+0'2(!LcJd1!**LB**I(!
?#N[&A$#6!,(!>S(!!9>K$#\@$^!^@KO!,=)$#F!?#N[&A$#!'=>SN'K$S![R!Q#&>D@FA&!3$@FF>$#(!!
OKKZ1jj^^^(GG)(GZ)(S$jFZ$'@&<B=NKZNKj@>K$#\@$^Fj@>K$#\@$^B^@KOB#=)$#FB
[#N[&A$#BN>@\$#F@KRB=%B'&<@%=#>@&B<=FB&>)$<$F!
?#N'$6!"(!HXWH(!-O$!-O@'A!0>S!=%!KO$!M$S)$! B!-O$!0S@K=#fF!/=K$[==A(!!?NF@>$FF!2&R!
C@\$(!!
OKKZ1jj^^^([S<@\$('=(D&j&#K@'<$FjHXWHjX*jHWjZ$K$#B[#N'$BKO$BKO@'AB$>SB=%BKO$B
^$S)$BKO$B$S@K=#BFB>=K$[==A!
4&<O=N>6! 4(! HXXH(! 9G&)@>@>)! ;=<@S&#@KR1! 4=FG=Z=<@K&>@FG6! 4=>FK@KNK@=>&<! "&K#@=K@FG6!
&>S!KO$!"N[<@'!;ZO$#$(!@<D/01!7</+<('L!WJcWd(!
ĂůŚŽƵŶ͕͘ϮϬϬϯ͚͘ĞůŽŶŐŝŶŐ͛ŝŶƚŚĞĐŽƐŵŽƉŽůŝƚĂŶŝŵĂŐŝŶĂƌLJ͘"+5)010+0'2(!LcJd1!*LWB
*PE(!
4&<O=N>(!4(!HXXU(!!-O$!\&#@&[@<@KR!=%![$<=>)@>)1!+!#$Z<R!K=!,=)$#F!?#N[&A$#(!"+5)010+0'2!
LcJd1!**EB*PE(!
ĂƌƚŽŶ͕ ͘ ϮϬϬϵ͘ tŚLJ ŝƐ ƚŚĞ ͚ϭϬϬй ƵůƵ ŽLJ͛ ƐŽ ƉŽƉƵůĂƌ͍ ƐƐŽĐŝĂƚŝŽŶ ŽŶĐĞƌŶĞĚ
+%#@'&!;'O=<&#F!c+4+;d!?N<<$K@>!EJ1!-O$!"=<@K@'F!=%!_&'=[!lNG&(!
4O#@FK@&>F6!4(:(!!HXXJ(!!aD<)+<!&>S!'=GGN>@K&#@&>@FG!@>!G$S@&!$KO@'F(!!"1i<0-!V%&0:!
H*cHd1!HL*1H*P(!
4O#@FK@&>F6! 4(! :(! '+! ,/:! HXXU(! V%(*,+0&'! 85'%(0'2! %4! +5'! O'-0,?! M%<(),/02*! 0)!
C'*%1(,+01!G%10'+0'2:!8#[&>&1!8>@\$#F@KR!=%!9<<@>=@F!"#$FF(!
70+9! @('22:! TUQT:! MO@K$! /=@F$(! WW! 3&R(! OKKZ1jj^^^('@KRZ#$FF('=(D&j<@%$FKR<$j^O@K$B
>=@F$BHXWHX*WW!
ŽŵĂƌŽĨĨ ĂŶĚ ŽŵĂƌŽĨĨ͘ ϮϬϬϱ͘ dŚĞ ƐƚƌƵŐŐůĞ ďĞƚǁĞĞŶ ƚŚĞ ŽŶƐƚŝƚƵƚŝŽŶ ĂŶĚ ͚ƚŚŝŶŐƐ
ĨƌŝĐĂŶ͛6)+'(&')+0%)2:!IcLd1!HUUBLXL(!!
4=>FK@KNK@=>! =%! ;=NKO! +%#@'&(!
cOKKZ1jj^^^(@>%=()=\(D&jS='NG$>KFj'=>FK@KNK@=>jWUUPj&WXEBUPZS%6!!
!
2&>@$<F6! :(! ! HXWH(Q@)OK! %=#! 2$G='#&'R(! -O$! +/4! &>S! KO$! 3$S@&! @>! ;=NKO! +%#@'&(!
_=O&>>$F[N#)1!M@KF!8>@\$#F@KR!"#$FF(!!
2$! Y=F6! "(! HXWH(! ! 8>Z&'A@>)! KO$! <$)&<! &#)NG$>KF! @>! -O$! ;Z$&#! '&F$(!!
OKKZ1jj'=>FK@KNK@=>&<<RFZ$&A@>)('=(D&jN>Z&'A@>)BKO$B<$)&<B&#)NG$>KFB@>BKO$BFZ$&#B
'&F$j!
2$! M&&<6! 3(! HXWH(! +/4! \! 4@KR! "#$FF1! MO&K! <@$F! [$>$&KO(! C,0/9! O,&'(01>! cHE! 3&R!
HXWHd(!!
! OKKZ1jjS&@<RG&\$#@'A('=(D&j&#K@'<$jHXWHBX*BHEB&>'B\FB'@KRBZ#$FFB^O&KB<@$FB
[$>$&KO!
ƚŚĞƌŝĚŐĞ͕:͘ϮϬϭϮ͘/ǁŽƵůĚŬĞĞƉƵƉ͚^ƉĞĂƌ͛ŶŽǁ͗,ĂĨĨĂũĞĞ͘/K>;ϭƵŐƵƐƚϮϬϭϮͿ͘!
! OKKZ1jj^^^(@=<('=(D&j>$^FjZ=<@K@'Fj@B^=N<SBA$$ZBKO$BFZ$&#BNZB>=^BO&%%&b$$B
W(WL*JHIH!
Q$#)NF=>(! ,(! WUUE(! ZĞƉƌĞƐĞŶƚŝŶŐ ͚ZĂĐĞ͛͗ /ĚĞŽůŽŐLJ͕ /ĚĞŶƚŝƚLJ ĂŶĚ ƚŚĞ DĞĚŝĂ(! ! C=>S=>1!
+#>=<S!"N[<@FO$#F(!
Q#&F$#6! /(! ! HXXW(! ,$'=)>@K@=>! ^@KO=NK! 0KO@'Fr! 85'%(9L! 7</+<('! ,)-! G%10'+9:! cWEcHBLd1!
HWBJH(!
Q=N#@$6!"(!!HXXI(!3=#&<!ZO@<=F=ZOR!&F!KO$!%=N>S&K@=>!=%!>=#G&K@\$!G$S@&!KO$=#R1!KO$!
'&F$!=%!+%#@'&>!8[N>KN@FG(!7%**<)01,+0%)2(!LH1!WBHU(!
Q=N#@$6! "(! ! HXWX(! ! 3=#&<! ZO@<=F=ZOR! &F! KO$! %=N>S&K@=>! =%! >=#G&K@\$! G$S@&! KO$=#R1!
wN$FK@=>@>)!+%#@'&>!aD<)+<02*!&F!!%#&G$^=#A(!9>!M&#S6!;!&>S!M&FF$#G&>6!7(!O'-0,!
"+5012!H'9%)-!H%(-'(2:!!F!]/%D,/!@'(2.'1+0&':!C=>S=>1!,=NK<$S)$(!cUXBWXJd!
7&%%&b$$6!Q(!HXWH&(!-O$!;Z$&#!=%!KO$!/&K@=>!FK&RF!NZ(!!70+9!@('22!cWE!3&Rd6!
cOKKZ1jj^^^(>$^FHJ('=Gj4=<NG>@FKFjQ$#@&<B7&%%&b$$j-O$BFZ$&#B@FBS=^>B=NKB=%B
%$&#B&>SB'&#$BHXWHX*HEBHd!
7&%%&b$$6!Q(!HXWH[(!-O$!;Z$&#!@F!S=^>Ͷ=NK!=%!'&#$!&>S!%$&#(!70+9!@('22!cHE!3&Rd6!!
cOKKZ1jj^^^(>$^FHJ('=Gj4=<NG>@FKFjQ$#@&<B7&%%&b$$j-O$BFZ$&#B@FBS=^>B=NKB=%B
%$&#B&>SB'&#$BHXWHX*HEBHd!
7&<<6!;(!HXXX(!!.<S!&>S!/$^!9S$>K@K@$F6!.<S!&>S!/$^!0KO>@'@K@$F(!!9>!?&'A6!C!u!!;=<=G=F6!
_(!!c$SF(d(!!85'%(0'2!%4!B,1'!,)-!B,102*?!F!B',-'((!!C=>S=>1!,=NK<$S)$!
7&GG$K6!2(!HXWX(!l&Z@#=!&>S!lNG&1!+!FRGZK=G!=%!&>!$G$#)@>)!'=>FK@KNK@=>&<!'#@F@F!
@>!;=NKO!+%#@'&r!@%/0+01,/!]'%$(,.59:!HU1!EEBUP(!
7&>@KDF'O6! -(! cHXXId(! 2$'=>FK#N'K@>)! b=N#>&<@FG! 'N<KN#$1! -=^&#S! &! N>@\$#F&<! KO$=#R(!
7%**<)01,+0%)!85'%(9:!WI6!LPIB!LE*(!
]&F=G&6! Q("(c$Sd(! ! WUUJ(! M%<(),/02*! '+5012! 0)! F4(01,:! /&@#=[@1! +%#@'&>! 4=N>'@<! %=#!
4=GGN>@'&K@=>!0SN'&K@=>((!
]=$<[<$6! +! &>S! ,=[@>F6! ;(! HXXI(! ! l&Z@#=1! -O$! ^=#A! =%! &! Z=<@K@'&<! '&#K==>@FK! @>! ;=NKO!
+%#@'&Ͷ4&#@'&KN#$6! '=GZ<$V@KR6! '=G$SR! @>! &! '<@G&K$! =%! '=>K$FK&K@=>(! @G?! @%/0+01,/!
G10')1'!,)-!@%/0+012:!+Z#@<1!LW*BLWE(!
C$A=K&6!9(!HXWH(!;Z$&#!&#K@FK!&![==FK!%=#!lNG&!#$B$<$'K@=>![@S(!G%3'+,)!;0&'!c3&R!LWd(!
+''$FF$S! &K! OKKZ1jjF=^$K&><@\$('=(D&j'=<NG>@FKFjHXWHjX*jLWjFZ$&#B&#K@FKB&B[==FKB
%=#B!!!lNG&B#$B$<$'K@=>B[@SrF$#\@'$xZ#@>K(!
C@'OK$>[$#)6! _(! ;ϭϵϵϬͿ͘ ͞&ŽƵŶĚĂƚŝŽŶƐ ĂŶĚ >ŝŵŝƚƐ ŽĨ &ƌĞĞĚŽŵ ŽĨ ƚŚĞ WƌĞƐƐ͕͟ ŝŶ
C@'OK$>[$#)6! _(! c$S(d! C'*%1(,19! ,)-! +5'! O,22! O'-0,6! 4&G[#@S)$1! 4&G[#@S)$!!
8>@\$#F@KR!"#$FF(!!
C@'OK$>[$#)!WUUX6!\&>!S$#!M$FKON@D$>!WUUJ1!HPI6!3']&@F$#6!0(!!HXWH(!!+>!=Z$>!<$KK$#!
K=! Q$#@&<! 7&%%&b$$(! ! "=<@K@'F^$[! cHE! 3&Rd(!
cOKKZ1jj^^^(Z=<@K@'F^$[('=(D&jZ=<@K@'F^$[j\@$^jZ=<@K@'F^$[j$>jZ&)$IWPWUr=@SxLX
WE*IuF>x2$K&@<uZ@SxIWPUd!
3&GS&>@6!3(!!HXXW(!?$R=>S!F$KK<$#!&>S!>&K@\$!&F!Z=<@K@'&<!@S$>K@K@$F1!.\$#'=G@>)!KO$!
Z=<@K@'&<!<$)&'R!=%!'=<=>@&<@FG(!!7%*.,(,+0&'!G+<-0'2!0)!G%10'+9!,)-![02+%(9:!JLcJd1!P*WB
PPJ(!
3']&@F$#6!0(!!HXWH(!!+>!=Z$>!<$KK$#!K=!Q$#@&<!7&%%&b$$(!!"=<@K@'F^$[!cHE!3&Rd(!
!
! ! !
cOKKZ1jj^^^(Z=<@K@'F^$[('=(D&jZ=<@K@'F^$[j\@$^jZ=<@K@'F^$[j$>jZ&)$IWPWUr=@SxLX
WE*IuF>x2$K&@<uZ@SxIWPUd!
3@K'O$<<6! "(! HXXU(! ! l&Z@#=1! 3R! <@%$! &F! &! Z=<@K@'&<! '&#K==>@FK(!
cOKKZ1jj^^^(Z$ZZ$#$VZ#$FF('=(D&jHXXUjWXjXPjD&Z@#=BGRB<@%$B&FB&BZ=<@K@'&<B
'&#K==>@FK!
3N>NF&GR6!,(!HXWL(!!-O$!;Z$&#!&!Z$#%$'K! FG=A$F'#$$>!&F!lNG&!Z=>S$#F!O@F!Z=<@'$!
Z#=[<$G(! C,0/9! O,&'(01>! cWI! _&>N&#Rd(! +''$FF$S! &K!
OKKZ1jjS&@<RG&\$#@'A('=(D&j&#K@'<$jHXWHBX*BHEB&>&<RF@FBKO$BFZ$&#B&FB&BZ$#%$'KB
FG=A$F'#$$>B&FBDNG&BZ=>S$#FBO@FBZ=<@'$BZ#=[<$G!
3N#S='A6!:(!!WUUH(!4@K@D$>F6!4=>FNG$#F!&>S!"N[<@'!4N<KN#$6!@>!;A=\GN>S6!3!&>S!!
;'O#=S$#6! ](! c$SF(d(! O'-0,! 7</+<('2:! ! B',..(,020)$! 8(,)2),+0%),/! O'-0,:! ! ! C=>S=>1!
,=NK<$S)$(!!
"=^$<<6! _(+(! ! WUU*(! M=#<SF! +Z&#K1! ,$'=>'@<@>)! Q#$$S=G! =%! ;Z$$'O! &>S! 0`N&<@KR(! 9>!
C$S$#$#6!C(!&>S!2$<)&S=6!,(!!c$SF(d!85'!@(01'!3'!@,9?!85'!7,2'!,$,0)2+!B,102+!G.''15L!
[,+'!@(%.,$,)-,L!,)-!@%()%$(,.59(!!/$^!5=#A1!7@<<!&>S!M&>)!"N[<@FO$#F(!
#&G&<&@>$K&<AZ=<@K@'&<&>&<RF@F(!HXWH(!9>!#$FZ=>F$!K=!ƵƐĞďŝƵƐDĐ<ĂŝƐĞƌ͛ƐKƉĞŶ>ĞƚƚĞƌ
K=!Q$#@&<!7&%%&b$$! cLX!G&Rd(OKKZ1jj#&G&<&@>$K&<AZ=<@K@'&<&>&<RF@F('=GjHUWHjX*jLXj@>B
#$FZ=>F$B$NF$[@NFBG'A&@F$#B=Z$>B<$KK$#BK=B%$#@&<BO&%%&b$$!
,&=6! ;(! ! HXWX(! ! "=FK'=<=>@&<! KO$=#R! &>S! )<=[&<! G$S@&! $KO@'F1! +! KO$=#$K@'&<!
@>K$#\$>K@=>(!9>!M&#S6!;!&>S!M&FF$#G&>6!7(!O'-0,!"+5012!H'9%)-!H%(-'(2:!!F!]/%D,/!
@'(2.'1+0&':!!C=>S=>1!,=NK<$S)$(!UXBWX*(!
,&=! ;! &>S! M&FF$#G&>! 7(! HXXI(! ! :<=[&<! G$S@&! $KO@'F! #$\@F@K$S(! ! +! Z=FKB'=<=>@&<!
'#@K@`N$(!]/%D,/!O'-0,!7%**<)01,+0%)(!LcWd!HUB*X(!
,=>>@>)6!7(!HXXH(! O'-0,!"+5012:!F)!0)+(%-<1+0%)!,)-!N&'(&0'3:! C&>FS=^>1! _NK&!&>S!
4=GZ&>R! ;+"+(! HXWH! cHU! 3&Rd(! 0S@K=#F! GN<<! 7&%%&b$$! S$'@F@=>! K=! #$G=\$! g-O$!
;Z$&#g(!!OKKZ1jj^^^(@=<('=(D&j>$^FjZ=<@K@'Fj$S@K=#FBGN<<B7&%%&b$$BS$'@F@=>B=>BFZ$&#B
W(WLXIXJX!
^ĐŚƵƚƚĞ͕ '͘ ϮϬϭϮ͘ dŚĞ WƌĞƐŝĚĞŶƚ͛Ɛ WĞŶŝƐ͘ F*,)-/,:!
OKKZ1jj^^^(&G&>S<&(=#)jFZ$'@&<x%$&KN#$FjKO$BFZ$&#B&>SB%#$$S=GB=%B
$VZ#$FF@=>jWWJ*BKO$BZ#$F@S$>KFBZ$>@FB[RB)@<<@&>BF'ONKK$!
;K$$>\$<S6!C(!!HXXI(!! B,1'!,$,0)2+!-'*%1(,19?! F!1,2'!2+<-9!%4!+5'!O,0/!p! ]<,(-0,)!
-<(0)$!+5'!',(/9!9',(2!%4!+5'!OD'>0!@('20-')19!QRRR#TUUT(!!8>ZN[<@FO$S!"O2!KO$F@F6!
,O=S$F!8>@\$#F@KR(!
;K$$>\$<S6!C(!HXXU(!-O$!;+7,4F!$>`N@#R!@>K=!#&'@FG!@>!KO$!G$S@&1!Z#=[<$G&K@F@>)!FK&K$B
G$S@&!#$<&K@=>FO@ZF(!"1i<0-!V%&0?!F4(01,)!M%<(),/02*!G+<-0'2!HE(WuH!cWXPBWHPd(!
!
-=G&F$<<@6!](!!HXXU(!!c+%#@d$KO@'F6!4=GGN>@K&#@&>@FG!&>S!C@[$#K&#@&>@FG(!6)+'(),+0%),/!
7%**<)01,+0%)!],P'++':!IWcId1!*IIB*UJ(!
Y&>!S$#!M$FKON@D$>6!_(!WUUJ(!!Q#$$S=G!=%!0VZ#$FF@=>6!@>!Y&>!MRA6!Q(6!2N)&#S6!_(6!2$!
Y@<<@$#F6!?(6!&>S!2&\@F6!2(!c$SF(d!B0$5+2!,)-!7%)2+0+<+0%),/02*?!85'!V'3!G%<+5!!F4(01,)!
;'$,/!N(-'(L!]$>^R>1!_NK&(!!
M&#S6!;(!>S(!0KO@'F!@>!&!>NKFO$<<(!OKKZ1jj$KO@'F(b=N#>&<@FG(^@F'($SNj#$F=N#'$Fj$KO@'FB
@>B&B>NKFO$<<(!
M&FF$#G&>6!7(!!HXWX(!3$S@&!$KO@'F!&>S!ONG&>!S@)>@KR!@>!KO$!Z=FK'=<=>R(!9>!M&#S6!;!
&>S! M&FF$#G&>6! 7(! O'-0,! "+5012! H'9%)-! H%(-'(2:! ! F! ]/%D,/! @'(2.'1+0&':! C=>S=>1!
,=NK<$S)$(!IJBUX(!
M&FF$#G&>6!7!&>S!2$!?$$#6!+(!!HXX*(!+!%#&)@<$!&%%&@#1!-O$!#$<&K@=>FO@Z![$K^$$>!KO$!
G&@>FK#$&G!G$S@&!&>S!)=\$#>G$>K!@>!Z=FKB&Z&#KO$@S!;=NKO!+%#@'&(!!M%<(),/!%4!O,22!!
O'-0,!"+5012:!HXcHuLd1!WUHBHXE(!
! !
!
! !
!
! ! !
!
!
!
!
!
!
!
"+,-!Q.8,!
!
+2Y0,-9;9/:!+/2!"8?C94!,0C+-9./;!
!
!
!
!
! !
!
!
!
<:)!%3:7,+6!$72)187/18!/*!'B?67,!E)(07,)!>40)(378)2)138!
71!3:)!S7446)!%+83A!<:)!;+8)!/*!>137-<)((/(783!;+25+7.18!
!
+OG$S!](!+<B,&^@1!
!
!
>?83(+,3!
-O$! &>K@BK$##=#! ZN[<@'! G$S@&! '&GZ&@)>! FK&#K$S! @>! 9#&`! &#=N>S! HXXJ! &>S! ^&F! '&<<$S!
͚dĞƌƌŽƌŝƐŵ ŚĂƐ ŶŽ ZĞůŝŐŝŽŶ͛ ŝŶ ŽƌĚĞƌ ƚŽ ĐŽŵďĂƚ ƚŚĞ ƚŚƌĞĂƚƐ ŽĨ ůBw&S$&! &>S! =KO$#!
&%%@<@&K$S!G@<@K&>K!)#=NZF!@>!KO$!'=N>K#R!&>S!&@G@>)!&K!'=>\@>'@>)!KO$!9#&`@!ZN[<@'!K=!
'==Z$#&K$! ^@KO! KO$! 8;B<$S! '=&<@K@=>! %=#'$F(! +%K$#! KO$! ^@KOS#&^&<! =%! KO$! 8;! %=#'$F!
%#=G!KO$!'=N>K#R!@>!<&K$!HXWX6!KO$!'&GZ&@)>!FK=ZZ$S![NK!&!>$^!=>$!$G$#)$S!^O=F$!
&S\$#K@F$G$>KF! G=FK<R! K&#)$K$S! KO$! ;&NS@! ZN[<@'(! -O@F! >$^! '&GZ&@)>! KO&K! @F! '&<<$S!
͚^ĂLJ ŶŽ ƚŽ dĞƌƌŽƌ͛ ŝƐ ƐK@<<! #N>>@>)! &>S! KO$! K^=! ;&NS@B=^>$S! Z&>! +#&[! #$)@=>&<!
'O&>>$<F! ʹ! +<B+#&[@R&! &>S! 3?4B! &#$! @>FK#NG$>K&<! @>! &@#@>)! @KF! &S\$#K@F$G$>KF(! -O@F!
&#K@'<$!S@F'NFF$F!KO$!$KO@'&<!S@G$>F@=>F!=%!KO$F$!G$S@&!'&GZ&@)>F!^@KO!FZ$'@&<!%='NF!
=>! KO$! @FFN$! =%! =\$#K! \@=<$>K! F'$>$F! ^O@'O! KO$R! '=>K&@>! &>S! KO$! [@&F! @>! S$Z@'K@>)!
'$#K&@>!F$'KF!#&KO$#!KO&>!KO$!=KO$#F(!
!
@)=9/(48͗ WƵďůŝĐ ĐĂŵƉĂŝŐŶ͖ ͚^ĂLJ ŶŽ ƚŽ dĞƌƌŽƌ͖͛ ͚dĞƌƌŽƌŝƐŵ ŚĂƐ ŶŽ ZĞůŝŐŝŽŶ͖͛ ŵĞĚŝĂ
$KO@'Fh!+#&[!ZN[<@'!FZO$#$h!+#&[!G$S@&h!ZN[<@'!F$#\@'$!&S\$#K@F$G$>KF!
!
!
"13(/4B,37/1!
2$FZ@K$!KO$!@GZ=#K&>'$!=%!FKNSR@>)!ZN[<@'!F$#\@'$!&S\$#K@F$G$>KF!c";+d!@>!S$\$<=Z@>)!
'=N>K#@$F! FN'O! &F! +#&[! FK&K$F6! >=! #$F$&#'O! O&F! [$$>! '=>SN'K$S! =>! KO$G(! 9>S$$S6!
)=\$#>G$>KBFZ=>F=#$S! ";+! @>! KO$! +#&[! ^=#<S! &#$! ^@S$<R! NK@<@D$S! %=#! $SN'&K@=>&<6!
O$&<KO6! ZN[<@'! F&%$KR! Z#=)#&GF(! "#=[&[<R! KO$! G=FK! Z=ZN<&#! ZN[<@'! '&GZ&@)>F! &#$!
#$<&K$S!K=!$<$'K@=>F!@>!KO$!+#&[!^=#<S!^O@'O!O&F![$$>!G=FK<R!F$$>!@>!9#&`6!C$[&>=>6!
&>S!]N^&@K!&>S!G=#$!#$'$>K<R!@>!-N>@F@&6!5$G$>6!0)RZK6!&>S!C@[R&!$FZ$'@&<<R!&%K$#!KO$!
$\$>KF!=%!KO$!+#&[!;Z#@>)(!!
!
-O$!;&NS@!)=\$#>G$>K!N>S$#!KO$!S@#$'K!FNZ$#\@F@=>!=%!KO$!]@>)!O@GF$<%6!%=#!$V&GZ<$6!
&NKO=#@D$F! ZN[<@'! '&GZ&@)>F! K=! '=<<$'K! 'O&#@KR! %N>SF! K=! O$<Z! \@'K@GF! =%! >&KN#&<!
S@F&FK$#F!&>S!^&#!'=>%<@'KF!%#=G!&#=N>S!KO$!^=#<S(!8Z!K=!HXWX6!KO$!K=K&<!&G=N>K!=%!
G=>$R! '=<<$'K$S! %#=G! KO$! ;&NS@! ZN[<@'! #$&'O$S! =\$#! zLLE! G@<<@=>! ^O@'O! @>'<NS$S!
'&GZ&@)>F! K=! O$<Z! \@'K@GF! @>! 9>S=>$F@&6! ;#@! C&>A&6! "&<$FK@>$6! C$[&>=>6! "&A@FK&>! c+<B
zĂŚLJĂΘ&ƵƐƚŝĞƌ͕ϮϬϭϭ͕Ɖ͘ϭϰͿ͘/ŶŵŽƐƚĐĂƐĞƐ͕ƚŚĞƉƵďůŝĐĐĂŵƉĂŝŐŶƐďĞŐŝŶǁŝƚŚĂ͚ds
K$<$KO=>! ƚŽ ǁŚŝĐŚ ƚŚĞ <ŝŶŐ ĂŶĚ ƐĞǀĞƌĂů ƐĞŶŝŽƌ ƉƌŝŶĐĞƐ ŵĂŬĞ Ă ƉĞƌƐŽŶĂů ĚŽŶĂƚŝŽŶ͛
c@[@S(6!Z(!W*d(!9>!?&O#&@>6!&!ZN[<@'!'&GZ&@)>!=>!&@S@>)!KO$!\@'K@GF!=%!%&G@>$!@>!;=G&<@&!
[$'&G$!\$#R!Z=ZN<&#!&F!&!#$<&K$S!&S\$#K@F$G$>K!^&F!&@#$S!=>!KO$!=%%@'@&<!-Y!'O&>>$<!
c?&O#&@>!-Y6!HXWWd(!QN#KO$#6!KO$!_=#S&>@&>!)=\$#>G$>K!#&>!&!ZN[<@'!'&GZ&@)>!&)&@>FK!
3NF<@G!$VK#$G@FKF!%=<<=^@>)!+<BĂƌƋĂǁŝ͛ƐŚŽƚĞůďŽŵďŝŶŐŝŶŵŵĂŶŝŶϮϬϬϱ;>LJŶĐŚ͕Ɖ͘
LUh! l&R&>@6! HXX*6! Z(! HWd(! .KO$#! ZN[<@'! '&GZ&@)>F! KO&K! &#$! FZ=>F=#$S! [R! +#&[!
)=\$#>G$>KF! &#$! #$<&K$S! K=! $>'=N#&)@>)! K=N#@FG! @>! '=N>K#@$F! <@A$! KO$! 8+06! .G&>6!
-N>@F@&6!3=#=''=6!0)RZK!&>S!;&NS@!+#&[@&(!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!"O(2(! C$'KN#$#(! 2$Z&#KG$>K! =%! 3$S@&! u! 4=GGN>@'&K@=>6! 0#&FGNF! 8>@\$#F@KR! ,=KK$#S&G(! ! -O$!
/$KO$#<&>SF!
&<#&^@i$FO''($N#(><!!
!
! ! !
M@KO!KO$!)#=^@>)!@>%<N$>'$!=%!Z&>B+#&[!'O&>>$<F6!+#&[!\@$^$#F!FK&#K$S!K=!F$$!G=#$!
ZN[<@'! F$#\@'$! &S\$#K@F$G$>KF! $\$>! @%! KO$R! &#$! <@\@>)!@>! KO$! S@&FZ=#&(! +<B_&D$$#&6! +<B
+#&[@R&6! 3?46! &>S! G=#$! #$'$>K<R! ;AR! /$^F! +#&[@&! O&\$! KO$@#! =^>! Z#=G=K@=>&<!
G&K$#@&<F!KO&K!'&>![$!\@$^$S!&<G=FK!$\$#R^O$#$!$FZ$'@&<<R!^@KO!KO$!Z#$F$>'$!=%!KO$!
ĐŚĂŶŶĞůƐ͛ŽŶůŝŶĞƐƚƌĞĂŵŝŶŐ͘/ŶƐŽŵĞĐĂƐĞƐ͕ĐĞƌƚĂŝŶŐƌŽƵƉƐĂƌĞƚĂƌŐĞƚĞĚ͘&ŽƌĞdžĂŵƉůĞ͕
3-Y! +#&[@&6! ^O@'O! @F! #N>! [R! KO$! 8+0B[&F$S! +#&[! 3$S@&! :#=NZ6! &@#$S! F$\$#&<!
@GZ=#K&>K!&>S!F=G$K@G$F!'=>K#=\$#F@&<!ZN[<@'!&S\$#K@F$G$>KF!&>S!'&GZ&@)>F!&@G$S!
&K!+#&[!R=NKOF!c_&&%!HXXId(!-O$!'O&>>$<!^O@'O!^&F!#$>&G$S!3-Y!3@SS<$!0&FK!@>!
HXWW! &KK$GZK$S! K=! 'O&<<$>)$! F=G$! K#&S@K@=>&<! \&<N$F! &>S! Z#&'K@'$F! @>! '=>F$#\&K@\$!
'=N>K#@$F! <@A$! ;&NS@! +#&[@&! &>S! KO$! 8+0(! +[SN<<&K@%! &<B;&R$)O6! KO$! %=#G$#! 'O@$%!
ĞdžĞĐƵƚŝǀĞŽĨƌĂďDĞĚŝĂ'ƌŽƵƉ͕ŽŶĐĞŵĞŶƚŝŽŶĞĚƚŚĂƚ͚tŚĂƚǁĞĂƌĞƐĂLJŝŶŐƚŽLJŽƵŶŐ
Z$=Z<$!@F!@KfF!.]!K=!O&\$!%N>6!@KfF!.]!ƚŽďĞŶĂƵŐŚƚLJĂƐůŽŶŐĂƐLJŽƵĚŽŶΖƚůŽƐĞLJŽƵƌƐĞůĨ͛
c;N#A6!HXXId(!.>$!=%!KO$!G&@>!K&#)$K!#$)@=>F!%=#!3-Y!^&F!;&NS@!+#&[@&!&F!KO$!'O&>>$<!
S@#$'K=#F! G$K! F$\$#&<! ;&NS@! R=NKOF! [$%=#$! )=@>)! =>! &@#(! 7=^$\$#6! F=G$! Z#=)#&GF!
'#$&K$S! K$>F@=>F! @>! '=>F$#\&K@\$! F='@$K@$F! $FZ$'@&<<R! @>! ;&NS@! +#&[@&h! %=#! $V&GZ<$6!
DdsΖƐƉƌŽŐƌĂŵ͚dƌƵĞ>ŝĨĞB!,$F@FK!KO$!"=^$#6!;&NS@!+#&[@&͛ǁŚŝĐŚĨĞĂƚƵƌĞĚ^ĂƵĚŝŵĞŶ
&>S! ^=G$>! <@\@>)! #$<&K@\$<R! <@[$#&<! <@\$F! &>S! %#$$<R! $VZ#$FF@>)! KO$@#! \@$^F! ^&F!
#$)&#S$S! &F! @>FN<K@>)! &>S! #$FN<K$S! @>! O$&\R! [&'A<&FO! &>S! '#@K@'@FG! S@#$'K$S! &)&@>FK!
KO$!'O&>>$<!c]&#&G6!HXWXd(!&ƵƌƚŚĞƌ͕ŝŶŽŶĞŽĨŝƚƐƉƌŽŐƌĂŵƐ͕DdsƌĂďŝĂĂŝƌĞĚ͚ĂŶĂƚ͛
c:@#<Fd! KO&K! FO=^$S! +#&[! R=N>)! )@#<F! \=@'@>)! KO$@#! &G[@K@=>F! &>S! &FZ@#&K@=>F! %#=G!
S@%%$#$>K!'=N>K#@$F!@>'<NS@>)!;&NS@!+#&[@&!c3-Y!+#&[@&6!HXXE'd(!!
!
9>! #$<&K@=>! K=! 3-Y! +#&[@&! ZN[<@'! F$#\@'$! '&GZ&@)>F6! KO$! 'O&>>$<! FZ=>F=#$S! F&%$KR!
S#@\@>)!&S\$#K@F$G$>KF!SN$!K=!KO$!O@)O!>NG[$#!=%!'&FN&<K@$F!'&NF$S![R!'&#!&''@S$>KF!
@>! ;&NS@! +#&[@&! &>S! KO$! 8+0! c3-Y! +#&[@&6! HXXU&d(! +>=KO$#! Z=ZN<&#! '&GZ&@)>! ^&F!
&[=NK! &>K@B'N#F@>)! @>! KO$! FK#$$KF! ^O@'O! ^&F! Z#=SN'$S! ^@KO! ONG=#=NF! F'$>$F! c3-Y!
+#&[@&6!HXXU[!&>S!HXXU'd(!.>$!=%!KO$!G=FK!'=>K#=\$#F@&<!ZN[<@'!&S\$#K@F$G$>KF!&@#$S!
=>! KO@F! 'O&>>$<! ^&F! &! Z#=G=K@=>! %=#! KO$! 'O&>>$<! @KF$<%6! [NK! @K! %$&KN#$S! F'$>$F!
S$Z@'K@>)![=RF!ZN[<@'<R!O&#&FF@>)!)@#<F!@>!KO$!FK#$$KF6!&>S!KO@F!&>K@BF='@&<![$O&\@=#!^&F!
Z#$F$>K$S!&F!&!G&><R6!$V'@K@>)6!&>S!%&\=#&[<$!'=>SN'K!c3-Y!+#&[@&6!HXXE&!u!HXXE[d(!
9K!@F!>=K!'<$&#!^OR!KO$!'O&>>$<!'O=F$!K=!&@#!KO$F$!&S\$#K@F$G$>KF!#$Z$&K$S<R6![NK!@K!@F!
&>!@>S@'&K@=>!KO&K!@K!^&>K$S!K=![#$&A!KO$!>=#GF!&>S!K#&S@K@=>&<!\&<N$F!K=!Z#=G=K$!KO$!
'O&>>$<(! ! 2&O<6! Q#&>A$>)$#)$#6! &>S! 3&>'O&>S&! '=>%@#G! KO&K! FO='A! &S\$#K@F@>)!
͚ĂƚƚĞŵƉƚƐƚŽƐƵƌƉƌŝƐĞĂŶĂƵĚŝĞŶĐĞ![R!S$<@[$#&K$<R!\@=<&K@>)!>=#GF!%=#!F='@$K&<!\&<N$F!
ĂŶĚƉĞƌƐŽŶĂůŝĚĞĂůƐ͛;ϮϬϬϯ͕Ɖ͘ϮϲϵͿ͘!
!
3=#$!#$'$>K<R6!KO$!9>K$#>$K!@F!Z<&R@>)!&!\$#R!'#N'@&<!#=<$!@>!=#)&>@D@>)!KO$!ZN[<@'!&>S!
N>@K@>)! KO$G! K=! S@F'NFF! '$#K&@>! @FFN$F(! Q=#! @>FK&>'$6! &>! =><@>$! ZN[<@'! '&GZ&@)>! =>!
&ĂĐĞŬǁĂƐŽƌŐĂŶŝnjĞĚďLJƌĂďǁŽŵĞŶĂŶĚŝƚŝƐĐĂůůĞĚ͚dŚĞhƉƌŝƐŝŶŐŽĨtŽŵĞŶŝŶ
ƚŚĞƌĂďtŽƌůĚ͛͘dŚĞƉĂŐĞƚŚĂƚǁĂƐĐƌĞĂƚĞĚŝŶKĐƚŽďĞƌϮϬϭϭŚĂƐŽǀĞƌϴϬ͕ϬϬϬůŝŬĞƐĂƐ
=%! $&#<R! 2$'$G[$#! HXWH! &>S! =\$#! LXXX! -^@KK$#! %=<<=^$#F(! -O$! '&GZ&@)>! '&<<F! %=#!
^=G$>!K=!ďĞ͚ĨĞĂƌůĞƐƐ͕ĨƌĞĞ͕ĂŶĚŝŶĚĞƉĞŶĚĞŶƚ͕͛ĂŶĚƚŚĞ&ĂĐĞŬƉĂŐĞŵĞŶƚŝŽŶƐƚŚĞ
ŐŽĂůŝƐƚŽ͚ĐƌĞĂƚĞĂƐƚƌŽŶŐƐŽůŝĚĂƌŝƚLJŶĞƚǁŽƌŬ͕ƐŚĂƌĞŽƵƌǀŝĞǁƐ͕ĚĞŶŽƵŶĐĞƚŚĞĂďƐƵƌĚ
<&^F!=%!=N#!#$FZ$'K@\$!'=N>K#@$F6!&>S!FO&#$!NZS&K$F!&[=NK!KO$!Z#=)#$FF!&>S!'O&>)$F!
KO&K! ^$! &#$! ^=ƌŬŝŶŐ ŽŶ͛ ;dŚĞ hƉƌŝƐŝŶŐ ŽĨ tŽŵĞŶ ŝŶ ƚŚĞ ƌĂď tŽƌůĚ͕ ϮϬϭϮĂ ĂŶĚ
ϮϬϭϮďͿ͘KŶƚŚĞĐĂŵƉĂŝŐŶ͛ƐŽĨĨŝĐŝĂůǁĞďƐŝƚĞ͕ƚŚĞŽƌŐĂŶŝnjĞƌƐŵĞŶƚŝŽŶƚŚĂƚƚŚĞŝƌĞĨĨŽƌƚƐ
&#$! >=K! S@#$'K$S! &K! +#&[!^=G$>! &<=>$! [NK! $VK$>SF! K=! &<<!=KO$#! ^=G$>! %#=G!=KO$#!
$KO>@'@K@$F! <@\@>)! @>! KO$! +#&ď ǁŽƌůĚ ůŝŬĞ ͚ĞƌďĞƌƐ͕ EƵďŝĂŶƐ͕ <ƵƌĚƐ͕ ƐƐLJƌŝĂŶƐ͕
ƌĂŵĞĂŶƐ͕ ^LJƌŝĂĐƐ͕ ƌŵĞŶŝĂŶƐ͕ dƵƌŬƐ͕ dƵƌŬŵĞŶ͕ ĂŶĚ ŝƌĐĂƐƐŝĂŶ͛ ;dŚĞ hƉƌŝƐŝŶŐ ŽĨ
M=G$>!@>!KO$!+#&[!M=#<S6!HXWH'd(!-O@F!=><@>$! ZN[<@'!'&GZ&@)>![$'&G$!F=!Z=ZN<&#!
KO&K! $\$>! G&@>FK#$&G! G$S@&! =NK<$KF! @>F@S$! &>S! =NKF@S$! KO$! +#&[! ^=#<S! FK&#K$S!
'=\$#@>)!@K(!+>=KO$#!=><@>$!ZN[<@'!'&GZ&@)>!KO&K!#$'$>K<R!$G$#)$S!@F!'=>'$#>$S!^@KO!
!
S$%$>S@>)! KO$! "#=ZO$K! 3=O&GG$S! &)&@>FK! KO$! &''NF&K@=>F! KO&K! ^$#$! G&S$! @>! KO$!
͚/ŶŶŽĐĞŶĐĞ ŽĨ DƵƐůŝŵƐ͛ Ĩŝůŵ͘ dŚĞ &ĂĐĞŬ ƉĂŐĞ ǁŚŝĐŚ ǁĂƐ ĐƌĞĂƚĞĚ! =>! KO$! WLKO! =%!
^ĞƉƚĞŵďĞƌϮϬϭϮŝƐĐĂůůĞĚ͚dŚĞ'ůŽďĂůĂŵƉĂŝŐŶƚŽ^ƵƉƉŽƌƚWƌŽƉŚĞƚDŽŚĂŵŵĞĚ͛ŚĂƐ
=\$#! WX*6XXX! <@A$F! &F! =%! $&#<R! 2$'$G[$#! HXWH! c-O$! :<=[&<! 4&GZ&@)>! K=! ;NZZ=#K!
"#=ZO$K!3=O&GG$S6!HXWHd(!!
!
>137-R7/6)1,)!'B?67,!;+25+7.18A!
-O$! G=FK! @GZ=#K&>K! &>S! #$<$\&>K! ZN[<@'! '&GZ&@)>F! K=! KO$! %='NF! =%! KO@F! FKNSR! @F!
#$<&K$S! K=! '=G[&K@>)! \@=<$>'$! &>S! K$##=#@FG! @>! K#=N[<$S! '=N>K#@$F! <@A$! 9#&`6! ;&NS@!
+#&[@&6! &>S! G=#$! #$'$>K<R! ?&O#&@>(! 9K! @F! @GZ=#K&>K! K=! Z=@>K! =NK! KO&K! @>! KO$! '&F$! =%!
?&O#&@>6! KO$! )=\$#>G$>K! @F! '=G[&K@>)! &! ;O@@K$! NZ#@F@>)! KO&K! ^&F! @>FZ@#$S! [R! KO$!
$\$>KF! =%! KO$! +#&[! ;Z#@>)6! [NK! KO$! =%%@'@&<! %#&G$! NF$S! K=! S$%@>$! KO$! Z#=K$FK! @F!
K$##=#@FG(!Q=#!$V&GZ<$6!&!-Y!&S\$#K@F$G$>K!KO&K!^&F!&@#$S!=>!KO$!=%%@'@&<!?&O#&@>@!-Y!
FO=^F!KO$!>$)&K@\$!'=>F$`N$>'$F!=%!KO$!&'K@=>F!=%!R=N>)!G$>!FO=^>!K=![$![N#>@>)!
K@#$F! &>S! '#$&K@>)! 'O&=F6! &>S! [R! KO$! $>S! =%! KO$! ZN[<@'! F$#\@'$! &S\$#K@F$G$>K6! &!
ƐƚĂƚĞŵĞŶƚŝƐƐŚŽǁŶƐƚĂƚŝŶŐ͚dŽŐĞƚŚĞƌƚŽĞdžƚŝŶŐƵŝƐŚƚŚĞĨŝƌĞŽĨdĞƌƌŽƌŝƐŵ͛;ĂŚƌĂŝŶds͕
HXWHd(!
!
9>! 9#&`6! KO$! QNKN#$! =%! 9#&`! =#)&>@D&K@=>! ^O@'O! F$$G$S! K=! [$! FNZZ=#K$S! [R! KO$! 8;!
)=\$#>G$>K!^=#A$S!=>!FK#$>)KO$>@>)!KO$!K@$F![$K^$$>!KO$!S@%%$#$>K!9#&`@!$KO>@'!&>S!
G@>=#@KR!)#=NZF!$FZ$'@&<<R![$K^$$>!;N>>@F!&>S!;O@@K$F!SN$!K=!KO$!K$>F@=>F!KO&K!^$#$!
'#$&K$S!&%K$#!KO$!HXXL!M&#!KO&K!'N<G@>&K$S!@>!KO$!'@\@<!^&#!KO&K!$#NZK$S!@>!HXXP!&%K$#!
ďŽŵďŝŶŐ ƚŚĞ ^ŚŝŝƚĞ ŚŽůLJ ƐŚƌŝŶĞ ŝŶ ^ĂŵĂƌĂ ĐŝƚLJ͘ dŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ͛Ɛ ǁĞďƐŝƚĞ͕ ǁŚŝĐŚ ŝƐ
>=K! %N>'K@=>@>)! &>RG=#$6! ^&F! '#$&K$S! &#=N>S! HXXJ6! &>S! @K! '&##@$S! KO$! F<=)&>! =%!
͚&ƵƚƵƌĞ/ƌĂƋƐƐĞŵďůLJKŶĞEĂƚŝŽŶ͕ƉƌŽŵŝƐŝŶŐĨƵƚƵƌĞ͛͘dŚĞŽƌŐĂ>@D&K@=>!Z#=SN'$S!K$>F!
=%! \@S$=! &S\$#K@F$G$>KF! KO&K! '&<<$S! %=#! N>@KR(! .>! @KF! ^$[F@K$! ^O@'O! ^&F! &''$FF$S!
ƚŚƌŽƵŐŚ͚DLJtĂLJĂĐŬDĂĐŚŝŶĞ͕͛ƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶ͛ƐŽďũĞĐƚŝǀĞƐĂƌĞ͚͗;ϭͿdŽĐŽŶǀŝŶĐĞ
&<<!=N#!%$<<=^!9#&`@F!KO&K!^$!O&\$!KO$!^@<<!&>S!KO$!'&Z&[@<@KR!K=!Z#=)#$FFh!cHd!-=!&S=ZK!
&!\&<N$!FRFK$G!KO&K!O&F!&K!@KF!\$#R!O$&#K!=Z$>>$FF!&>S!&''$ZK&>'$!=%!KO$!=KO$#h!cLd!-=!
ĞƌĂĚŝĐĂƚĞƉĞƐƐŝŵŝƐŵ͕ĨĞĂƌ͕ŚĞƐŝƚĂƚŝŽŶ͕ĂŶĚŝƐŽůĂƚŝŽŶĨƌŽŵŽƵƌĨĞůůŽǁ/ƌĂƋŝƐ͛ŚĞĂƌƚƐĂŶĚ
#$@>%=#'$!K#NFK6!@>@K@&K@\$6!&>S!O=>$FK!'=GZ$K@K@=>!%=#!KO$!F&A$!=%!&!%NKN#$!9#&`!KO&K!@F!
ǁŽƌƚŚLJŽĨƚŚĞƐĂĐƌŝĨŝĐĞƐǁĞ͛ǀĞŵĂĚĞƚŽƌĞŐĂŝŶŽƵƌƌŝŐŚƚƚŽĂĚĞĐĞŶƚůŝǀŝŶŐ͛;&ƵƚƵƌĞŽĨ
9#&`6!HXXJ!+N)NFKd(!!
!
-O$! \@S$=F!Z=FK$S![R!KO$!=#)&>@D&K@=>!^$#$!G=FK<R!^$<<!Z#=SN'$S!^O@'O!@>S@'&K$! &!
O@)O! [NS)$K! &>S! Z#=%$FF@=>&<! &>S! FZ$'@&<@D$S! FK&%%! ^O=! &#$! G=FK<R! <&'A@>)! @>! 9#&`h!
O$>'$6!@K!F$$GF!KO&K!KO$!8;!&SG@>@FK#&K@=>!^&F!#$FZ=>F@[<$!%=#!FZ=>F=#@>)!@KF!G$S@&!
'&GZ&@)>F(!Q=#!$V&GZ<$6!QNKN#$!=%!9#&`!&@#$S!&!%&G=NF!&S\$#K@F$G$>K!=>!KO$!S&>)$#F!
ŽĨĐŝǀŝůǁĂƌǁŝƚŚĂŵĞƐƐĂŐĞ͚/ŶŽƌĚĞƌŶŽƚƚŽďĞĂůĞƐƐŽŶĨŽƌŚŝƐƚŽƌLJ͛ŝŶǁŚŝĐŚƐĐĞŶĞƐŽĨ
'&NF&<@K@$F!=%!'@\@<!^&#F!&>S!KO$!>NG[$#!=%!Z$=Z<$!A@<<$S!&>S!G&@G$S!&#$!FO=^>!%#=G!
S@%%$#$>K!'=N>K#@$F!<@A$!?=F>@&6!,^&>S&6!&>S!C$[&>=>!cQNKN#$!=%!9#&`6!HXXId(!+>=KO$#!
'&GZ&@)>! ^@KO! KO$! KO$G$! =%! N>@KR! FO=^F! &! K#&%%@'! Z=<@'$G&>! K#R@>)! K=! =#)&>@D$! &!
'O&=K@'! FK#$$K!&>S!&>)#R! 9#&`@F!&#$!S@FF&K@F%@$S(!9>!KO$! $>S6!=#S$#!^&F! #$FK=#$S!^@KO!
ĐŽŽƉĞƌĂƚŝŽŶ ĂŶĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ĂƐ ƚŚĞ ŵĞƐƐĂŐĞ ƌĞĂĚƐ͗ ͚DLJ /ƌĂƋ ŝƐ LJŽƵƌ /ƌĂƋ͛ ĂŶĚ Ă
ƐƵďƚŝƚůĞ͚/ĨǁĞĚŽŶ͛ƚĐŽŽƉĞƌĂƚĞ͕ŚŽǁĐĂŶǁĞƉƌŽŐƌĞƐƐ͍͕͛ǁŝƚŚĂĨĂŵŽƵƐ/ƌĂƋŝŶĂƚŝŽŶĂů
F=>)!@>!KO$![&'A)#=N>S!cQNKN#$!=%!9#&`6!HXXEd(!.KO$#!&S\$#K@F$G$>KF!'&<<$S!%=#!N>@KR!
[R! %$&KN#@>)! S@%%$#$>K! 9#&`@! %&'$F! K&<A@>)! &[=NK! %==S!=#! '@K@>)! %&G=NF! 9#&`@! Z#=\$#[F!
ǁŝƚŚƐƵďƚŝƚůĞƐƐƵĐŚĂƐ͚EŽŵĂƚƚĞƌŚŽǁĚŝĨĨĞƌĞŶƚǁĞ͛ƌĞ͕/ƌĂƋƵŶŝƚĞƐƵƐ͛Žƌ͚EŽŵĂƚƚĞƌ
ǁŚŽ LJŽƵ͛ƌĞ͕ LJŽƵ͛ƌĞ /ƌĂƋŝ͛ ;&ƵƚƵƌĞ ŽĨ /ƌĂƋ͕ ϮϬϬϵĂ ĂŶĚ ϮϬϬϵďͿ͘ KƚŚĞƌ ĂĚǀĞƌƚŝƐĞŵĞŶƚƐ
%='NF! =>! FG&<<! 9#&`@! A@SF! Z<&R@>)h! %=#! $V&GZ<$6! =>$! &S\$#K@F$G$>K! %$&KN#$F! 9#&`@!
Z#=K$FK$#F!%#=G!KO$!KO#$$!G&@>!)#=NZF!B!;O@@K$6!;N>>@6!&>S!]N#S@FO!B!^O=!G$$K!&>)#@<R!
K=!%@)OK![NK!KO$R!'O&>)$!KO$@#!G@>SF!&%K$#!F$$@>)!KO$@#!=^>!A@SF!Z<&R!@>!%#=>K!=%!KO$G!
!
! ! !
cQNKN#$! =%! 9#&`6! HXXU'd6! ^O@<$! &>=KO$#! &S\$#K@F$G$>K! FO=^F! S@%%$#$>K! F'$>$F! <@A$! &!
K$&'O$#6!&![N@<S$#6!&!K#&%%@'!G&>6!&>!=@<!#$%@>$#R!^=#A$#6!&>S!&!G=KO$#!Z#$Z&#@>)!O$#!
'O@<S! K=! )=! K=! F'O==<! K=! [$! '=>K#&FK$S! ^@KO! &! K@'A@>)! [=G[! KO&K! O&F! &! K@G$#(! -O$!
ŵĞƐƐĂŐĞ ƐĂLJƐ ͚KƵƌ ŚĂŶĚƐ ďƵŝůĚ ŝƚ͖ ŽƵƌ ŚĂŶĚƐ ƉƌŽƚĞĐƚ ŝƚ͛ ;&ƵƚƵƌĞ ŽĨ /ƌĂƋ͕ ϮϬϬϵĚͿ͘
+>=KO$#! &S\$#K@F$G$>K! =>! N>@KR! %$&KN#$F! KO#$$! R=N>)! A@SF! ^O=! &ZZ$&#! K=! [$!
ƐƚƌĂŶŐĞƌƐ ĂŶĚ ƚŚĞŝƌ ŶĂŵĞƐ ĂƌĞ ƐŚŽǁŶ ĂƐ ƐƵďƚŝƚůĞ ͚,ƵƐƐĞŝŶ͛ Ă ^ŚŝŝƚĞ ŶĂŵĞ͕ ͚ƵůĂŝƌ͛ Ă
]N#S@FO! >&G$6! &>S! ?&A#! &! ;N>>@! >&G$! ^O=! b=@>! <&K$#! &>S! F$$G! K=! [$'=G$! %#@$>SF!
ĂĨƚĞƌƉůĂLJŝŶŐĨŽŽƚďĂůů͘dŚĞŵĞƐƐĂŐĞƐĂLJƐ͚͗tŚĂƚŝƐĞĂƐLJĨŽƌŽƵƌŬŝĚƐǁŝůůŶŽƚďĞĚŝĨĨŝ'N<K!
ĨŽƌ ƵƐ͛ ;&ƵƚƵƌĞ ŽĨ /ƌĂƋ͕ ϮϬϬϵĞͿ͘ &ŝŶĂůůLJ͕ ĂŶŽƚŚĞƌ ĂĚǀĞƌƚŝƐĞŵĞŶƚ ƐŚŽǁƐ ĂŶ /ƌĂƋŝ ŵĂŶ
Z&'A@>)! &! FN@K'&F$! K=! )=! K=! KO$! O=FZ@K&<! K=!G$$K! O@F! >$^<R! [=#>! [&[R! &F! O@F! ^@%$! @F!
)@\@>)![@#KO6!^O@<$!KO$!=KO$#!F'$>$!FO=^F!&!K$##=#@FK!Z#$Z&#@>)!O@F![==[RBK#&ZZ$S!'&#!
K=!$VZ<=S$!@K(!-O$!K^=!G$>!G$$K!=>!KO$!FK#$$K6!&>S!^$!O$&#!&>!$VZ<=F@=>(!-O$!>$^!
%&KO$#! @F! FN#\@\$S! &>S! O$! %@>&<<R! G$$KF! O@F! ^@%$! &>S! >$^! [&[R! &K! KO$! O=FZ@K&<(! -O$!
ŵĞƐƐĂŐĞƐĂLJƐ͚͗tŚĞŶĚŝǀŝĚĞĚ͕ǁĞ͛ůůďĞĚĞĨĞĂƚĞĚ͖ǁŚĞŶƵŶŝƚĞĚ͕ǁĞ͛ůůĚĞĨĞĂƚŝƚ͛;&ƵƚƵƌĞ
=%!9#&`6!HXXU%d(!
!
QNKN#$!=%!9#&`!O&S!=KO$#!'&GZ&@)>F!FN'O!&F!=>$!KO&K!$>'=N#&)$F!9#&`@F!K=!\=K$!%=#!KO$!
'=>FK@KNK@=>! ^O$#$@>! F'$>$F! =%! #&@>! S#=ZF! #$Z#$F$>K@>)! O=Z$! &>S! [#@)OK! %NKN#$! &#$!
G$&>K! K=! [$! &FF='@&K$S! ^@KO! \=K@>)! cQNKN#$! =%! 9#&`6! HXXU)d6! ^O@<$! &! S@%%$#$>K!
&S\$#K@F$G$>K!O@)O<@)OK$S!\&#@=NF!&FZ$'KF!<@A$!ONG&>!#@)OKF6!$`N&<@KR![$K^$$>!G$>!
&>S!^=G$>6!&>S!S$G='#&'R!KO&K!'&>![$!)&@>$S![R!\=K@>)!%=#!KO$!'=>FK@KNK@=>!cQNKN#$!
=%! 9#&`6! HXXUOd(! +! KO@#S! &S\$#K@F$G$>K! KO&K! '&<<$S! %=#! \=K@>)! %=#! KO$! )=\$#>=#&K$F!
$<$'K@=>F!=>!KO$!LWFK!=%!_&>N&#R!HXXU!FO=^F!8;!F=<S@$#F!S$Z&#K@>)!9#&`!^O@<$!9#&`@!A@SF!
^&K'O! KO$G(! M@KO! GNF@'! @>! KO$! [&'A)#=N>S6! KO$! A@SF! FK&#K! Z<&R@>)! %==K[&<<! ^O@<$! &!
ƐƵďƚŝƚůĞƐĂLJƐ͚͗dŚĞLJůĞĂǀĞĂŶĚǁĞƐƚĂLJ͛ĂŶĚ͚&ƌĞĞĚŽŵŝƐĂƌĞƐƉŽŶƐŝďŝůŝƚLJ͕ƐŽƉƌĂĐƚŝĐĞŝƚ
^ŝƚŚĂǁĂƌĞŶĞƐƐ͛;&ƵƚƵƌĞŽĨ/ƌĂƋ͕ϮϬϬϵŝͿ͘ůůƚŚĞĂďŽǀĞƉƵďůŝĐƐĞƌǀŝĐĞĂĚǀĞƌƚŝƐĞŵĞŶƚƐ
&#$!G$&>K!K=! @>'#$&F$! &^&#$>$FF! &>S! '=>\@>'$! KO$!ZN[<@'! &[=NK! KO$! @GZ=#K&>'$! =%!
N>@KR(!9K!@F!>=K!'<$!O=^$\$#6!KO$!#$&<!@GZ&'K!=%!KO$F$!&S\$#K@F$G$>KF!KO&K!NF$S!K=!
[$!&@#$S!#$Z$&K$S<R!=>!S@%%$#$>K!9#&`@!'O&>>$<F(!
!
>137-<)((/(782!;+25+7.1!71!"(+cA!
9>!#$<&K@=>!K=!KO$!&>K@BK$##=#@FK!'&GZ&@)>!^O@'O!@F!KO$!%='NF!=%!KO@F!FKNSR6!9#&`!O&S!=>$!
ĐĂŵƉĂŝŐŶ ƌƵŶŶŝŶŐ ƐƚĂƌƚŝŶŐ ĂƌŽƵŶĚ ϮϬϬϲ ǁŚŝĐŚ ǁĂƐ ĐĂůůĞĚ ͚dĞƌƌŽƌ ŚĂƐ ŶŽ ƌĞůŝŐŝŽŶ͛
c-$##=#!O&F!>=!#$<@)@=>6!HXXPd(!-O$!\@S$=!&>S!Z#@>K!&S\$#K@F$G$>KF!Z#=SN'$S!%=#!KO@F!
'&GZ&@)>! ^$#$! &@#$S! &>S! ZN[<@FO$S! =>! Z#=B9#&`@! )=\$#>G$>K! -Y! 'O&>>$<F! &>S!
ŶĞǁƐƉĂƉĞƌƐ͘ĐĐŽƌĚŝŶŐƚŽƚŚĞĐĂŵƉĂŝŐŶ͛ƐǁĞďƐŝƚĞǁŚŝĐŚŝƐŶŽƚĨƵŶĐƚŝŽŶŝŶŐĂŶLJŵŽƌĞ͕
KO$!G@FF@=>!FK&K$G$>K!#$&SF1!!
!
.N#!3@FF@=>!@F!K=!$VZ=F$!KO$!%&<<&'R!=%!KO$!S@FK=#K$S!&>S!Z=<@K@'@D$S!
9F<&G@'!K$&'O@>)F!NF$S![R!N>)=S<R!$VK#$G@FKF!K=!F&>'K@%R!&>S!bNFK@%R!
K$##=#@FG(!
9K! O&F! [$'=G$! '#N'@&<! K=! @>%=#G! KO$! 3NF<@G! &>S! +#&[! Z$=Z<$! B
Z&#K@'N<&#<R! KO$! 9#&`@! Z$=Z<$B! &[=NK! KO$! S$'$ZK@=>F! K$##=#@FKF!
$GZ<=R! @>! S@FK=#K@>)! KO$! Z$&'$%N<! K$&'O@>)F! =%! 9F<&G(!-O$F$!
K$##=#@FKF6! ^O=! '<&@G! K=! %=<<=^! KO$! 9F<&G@'! Q&@KO6! &#$! @>! K#NKO! =><R!
S#=^>@>)! @>! &>! &[RFF!=%! G@FK&A$>! [$<@$%F! c-$##=#! O&F! >=! #$<@)@=>6!
HXXPd(!
!
/ƚ ƐĞĞŵƐ ƚŚĂƚ ƚŚĞ ŵĂŝŶ ŐŽĂů ŽĨ ƚŚĞ ͚dĞƌƌŽƌŝƐŵ ŚĂƐ ŶŽ ƌĞůŝŐŝŽŶ͛ ĐĂŵƉĂŝŐŶ ǁĂƐ ƚŽ
ŚŝŐŚůŝŐŚƚ ͚ĞdžƚƌĞŵŝƐƚ ŝĚĞŽůŽŐLJ ƚŚĂƚ ďƌĞĞĚƐ ƚĞƌƌŽƌŝƐŵ͕͛ ĂĐĐŽƌĚŝŶŐ! K=! KO$! '&GZ&@)>!
ƵŶŬŶŽǁŶƐƉŽŶƐŽƌƐ͖͚ǁĞƵƐĞYƵƌĂŶŝĐsĞƌƐĞƐŝŶƚŚĞŝƌƚƌƵĞ/ƐůĂŵŝĐŵĞĂŶŝŶŐ͖ĨƌĞĞŽĨƚŚĞ
ĚŝƐƚŽƌƚŝŽŶ ĐŽŵŵŝƚƚĞĚ ďLJ ƚŚĞ ŵŝƐŐƵŝĚĞĚŵĂůŝĐŝŽƵƐ ƚĞƌƌŽƌŝƐƚƐ͛ ;dĞƌƌŽƌ ŚĂƐ ŶŽƌĞůŝŐŝŽŶ͕
!
ϮϬϬϲͿ͘dŚĞƌĞĂƐŽŶďĞŚŝŶĚĨŽůůŽǁŝŶŐƚŚŝƐƐƚƌĂƚĞŐLJǁĂƐƚŽƐŚŽǁ͚ƚŚĞƚƌƵĞ!@G&)$!=%!9F<&G!
ĂŶĚĐŽŵďĂƚĞdžƚƌĞŵŝƐƚŝĚĞŽůŽŐLJ͛ĂƐǁĞůůĂƐƚŽ͚ƌĞǀĞĂůƚŚĞƚƌƵĞĂŶĚĂŵƉůĞĚŽĐƚƌŝŶĞƐŽĨ
9F<&G6!&>S!$VZ=F$!KO$!'=>K$GZK!KO$F$!K$##=#@FKF!O=<S!%=#!KO$!FZ@#@KN&<!$FF$>'$!=%!=N#!
#$<@)@=>(!-O$F$!K$##=#@FKF!&>S!KO$@#!N>)=S<R!^&R!&#$!KO$!=>$F!#$FZ=>F@[<$!%=#!G&A@>)!
9F<&G!&>!$&F@<R!G&#A$S!K&#)$K!@>!KO$!$R$F!=%!KO$!^=#<S6!&F!^$<<!&F!'&NF@>)!3NF<@GF!K=!
[$!KO$!FN[b$'K!=%!'#@K@'@FG![$%=#$!KO$!^=#<S!'=GGN>@KR!c-$##=#!O&F!>=!#$<@)@=>6!HXWXd(!
!
9>!KO$!%@#FK!&S\$#K@F$G$>K6!&!FN@'@S$![=G[$#!$VZ<=S$F!O@GF$<%!@>!&![NFR!G&#A$K(!-O$!
$VZ<=F@=>!@F!Z#=SN'$S!^@KO!$<&[=#&K$!S$K&@<F!&>S!Z#$F$>K$S!^@KO!'&#$%N<<R!Z#=SN'$S!
FZ$'@&<! $%%$'KF! c-$##=#! O&F! >=! #$<@)@=>6! HXXI&d(! .>! KO$! 0>)<@FO! ^$[F@K$6! KO$!
ĂĚǀĞƌƚŝƐĞŵĞŶƚ ŝƐ ĚĞƐĐƌŝďĞĚ ĂƐ ĨŽůůŽǁƐ͗ ͚ǀĞŶ ƚŚĞ ǁŽƌĚ͕ ͚tĂƌ͛ ĚŽĞƐ ŶŽƚ ũƵƐƚŝĨLJ
&KK&'A@>)!F$'N#$!'@\@<@&>F!&>S!KN#>@>)!KO$!FK#$$KF!@>K=!&!O$@>=NF!F'$>$!KO&K!@F!=Z$>!%=#!
KO$! F<&N)OK$#!=%![=KO!@>>='$>K!^=G$>!&>S!'O@<S#$>(!-O$!$KO@'F!=%!^&#! ʹ! &>R!^&#! ʹ!
#$%NK$! KO@F! G&FF! $<@G@>&K@=>6! &>S! ^$! O&\$6! @>! KO$! %=#G! =%! KO$! "#=ZO$K6! &! S$'$>K!
$V&GZ<$!K=!%=<<=^!c-$##=#!O&F!>=!#$<@)@=>6!HXXPd(!-O$!&S\$#K@F$G$>K!^O@'O!F$$GF!K=!
[$! %@<G$S! @>! 3=#=''=! =%%$#F! )#&ZO@'! \@=<$>K! F'$>$Fh! %=#! $V&GZ<$6! &F! KO$! FN@'@S$!
[=G[$#! @)>@K$F! O@F! [=G[! @>! KO$! G&#A$K6! S$&S! [=S@$F! &#$! F'&KK$#$S! $\$#R^O$#$!
@>'<NS@>)!KO$!<@KK<$![=R!^O=F$!FO=$!@F!KO$!=><R!KO@>)!KO&K!@F!<$%K!&>S!FO=^>!SN$!K=!KO$!
@GZ&'K! =%! KO$! $VZ<=F@=>(! -O$! &S\$#K@F$G$>K! F$$GF! K=! [$! G=FK<R! S@#$'K$S! &)&@>FK!
;N>>@! F&<&%@FKF! ^O=! &<F=! %=N)OK! KO$! 8;B<$S! 4=&<@K@=>! %=#'$F(! +>=KO$#! &S\$#K@F$G$>K!
FO=^F!&!GRFK$#@=NF! &>S! F@>@FK$#! <==A@>)! G&>!^$&#@>)! [<&'A! '<=&A!'#=FF@>)! KO$!9#&`@!
[=#S$#!K=!FN))$FK!KO&K!KO=F$![=G[@>)!KO$GF$<\$F!&#$!>=K!K#N<R!9#&`@F(!9K!@F!S$F'#@[$S!
ĂƐĨŽůůŽǁƐ͚͗ĞĂůĞƌƚƉĞŽƉůĞŽĨ/ƌĂƋ͘dĞƌƌŽƌŝƐƚƐƚƌĞƐƉĂƐƐŽƵƌďŽƌĚĞƌƐƚŽƐŽǁƚŚĞƐĞĞĚƐ
ŽĨ ĚĞĂƚŚ ŝŶ ŽƵƌ ůĂŶĚ͛ ;dĞƌƌŽƌ! O&F! >=! #$<@)@=>6! HXXPd(! 9K! -O$! G&>! ^O=! ^&<AF! &#=N>S!
F$&#'O@>)! %=#! &! FN@K&[<$! K&#)$K! @F! ^&K'O$S! [R! =KO$#! %$<<=^! 9#&`@F! ^@KO! FNFZ@'@=>!
@>S@'&K@>)! KO&K! KO$! Z#$F$>'$! =%! FN'O! Z$#F=>F! GNFK! [$! #$Z=#K$S! K=! &NKO=#@K@$F(! -O$!
G&>! <&K$#! @)>@K$F! &! [=G[! @>! KO$! G&#A$K6! &>S! KO$! <$KO&<! '=>F$`N$>'$F! =%! O@F!
GN#S$#=NF!&'K!&#$!O@)O<@)OK$S!c-$##=#!O&F!>=!#$<@)@=>6!HXXI[d(!
!
;@G@<&#! K=! KO$! QNKN#$! =%! 9#&`! G&@>! %='NF6! &>=KO$#! '&GZ&@)>! '=>'$>K#&K$S! =>! N>@KR!
ĂŵŽŶŐ /ƌĂƋŝƐ͘ KŶĞ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞŵĞŶƚƐ ŝƐ ĞŶƚŝƚůĞĚ ͚<ŶŽǁ LJŽƵƌ ĞŶĞŵLJ͛ ĂŶĚ ŝƐ!
ĚĞƐĐƌŝďĞĚĂƐĨŽůůŽǁƐ͚͗&ŽƌĞǀĞƌLJĚŝƐĞĂƐĞƚŚĞƌĞ͛ƐĂĐƵƌĞ͘dŚĞĚŝƐĞĂƐĞƐƉƌĞĂĚŝŶŐŝŶ/ƌĂƋ
Z<&>KF!KO$!F$$SF!=%!%$!O&K#$S6!S@FF$>F@=>!&>S!K$##=#@FG!&G=>)!@KF!Z$=Z<$(!-O$!'N#$!
K=!KO@F!S@F$&F$!@F!KO$!N>@KR!=%!'@K@D$>F!@>!KO$!%&'$!=%!KO=F$!^O=!'=GZ#=G@F$!F$'N#@KR6!
\&<N$F!&>S!<@%$(!]>=^!R=N#!$>$GR!@F!&!'&<<!%=#!&!N>@%@$S!%#=>K!@>!#$%NF@>)!KO$!'#@G@>&<!
ƉƌĂĐƚŝĐĞƐ ƚŚĂƚ ĞŶĚĂŶŐĞƌ /ƌĂƋŝƐ͛ ;dĞƌƌŽƌ ŚĂƐ ŶŽ ƌĞůŝŐŝŽŶ͕ ϮϬϬϲͿ͘ dŚĞ ĂĚǀĞƌƚŝƐĞŵĞŶƚ
FK&#KF! &)&@>! ^@KO! A@SF! Z<&R@>)! %==K[&<<! &>S! Z$=Z<$! F$$G@>)<R! <@\@>)! @>! Z$&'$! ^O$>!
FNSS$><R!&!'=>\=R!=%!'&#F!%@<<$S!^@KO!&#G$S!G$>!$>K$#!KO$!>$@)O[=#O==S(!0\$#R=>$!
FK&#KF!%<$$@>)!&F![$&#S$S!G$>!^O=!<==A!<@A$!;N>>@!@>FN#)$>KF!FK&#K!FO==K@>)!#&>S=G<R!
&>S![$&K@>)!Z$=Z<$(!;NSS$><R6!&>!9#&`@!G&>!^O=!&ZZ$&#F!K=![$!&!K#@[&<!;O$@AO!FK&>SF!
&<=>$!K=!'=>%#=>K!KO$!&#G$S!G$>!&>S!O$!@F!<&K$#!b=@>$S![R!=KO$#!#$<@)@=NF!'<$#@'F!^O=!
'=G$! %#=G!S@%%$#$>K!F$'KF![&F$S!=>!KO$@#!'=FKNG$F(!+%K$#^&#S6!&!)#=NZ!=%!=#S@>&#R!
9#&`@F!b=@>!&>S!O=<S!O&>SF!K=!FO=^!N>@KR!^O@<$!F=G$=>$!%#=G!KO$!'#=^S!<@%KF!KO$!9#&`@!
%<&)! %#=G! KO$! )#=N>S! K=! FK#$FF! KO$! >&K@=>&<@FK! FZ@#@K(! MO$>! KO$! &#G$S! G$>! F$$! KO$!
>NG[$#!=%!Z$=Z<$!)&KO$#$S!^O=!^$#$!&S\&>'@>)!K=^&#S!KO$G6!KO$R!FK&#K!#$K#$&K@>)(!
dŚĞĂĚǀĞƌƚŝƐĞŵĞŶƚƚŚĞŶƐŚŽǁƐƚŚĞŵĞƐƐĂŐĞƐ͚ŬŶŽǁLJŽƵƌĞŶĞŵLJ͛ĂŶĚ͚ƚĞƌƌŽƌŝƐŵŚĂƐ
ŶŽƚƌĞůŝŐŝŽŶ͛ĂƐǁĞůů!ĂƐ͚ƚĞƌƌŽƌŝƐŵŚĂƐŶŽĐŽƵŶƚƌLJ͛;dĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶ͕ϮϬϬϳĐͿ͘!
!
-O$!F$'=>S!'&GZ&@)>!NF$F!%==K[&<<!&F!@KF!KO$G$!&@G@>)!&K!)$>$#&K@>)!Z=F@K@\$!%$$<@>)F!
ĂŶĚ ĂƐƐŽĐŝĂƚŝŽŶƐ ĚƵĞ ƚŽ ƚŚĞ ŐĂŵĞ͛Ɛ ƉŽƉƵůĂƌŝƚLJ ŝŶ /ƌĂƋ ĂŶĚ ƚŚĞ ĨĂĐƚ ƚŚĂƚ ƚŚĞ /ƌĂƋŝ
>&K@=>&<! %==K[&<<! K$&G! ^=>! KO$! +Q4! +F@&>! 4NZ! 4O&GZ@=>F! @>! HXXI(! -O$! %@#FK!
&S\$#K@F$G$>K! ŝƐ ĚĞƐĐƌŝďĞĚ ĂƐ ĨŽůůŽǁƐ͗ ͚dĞƌƌŽƌŝƐŵ ĨĞĞĚƐ ŽŶ ƚŚĞ ĚŝǀŝƐŝŽŶ ŽĨ ƉĞŽƉůĞ͕
!
! ! !
^&>K@>)! K=! FN[bN)&K$! $\$>! KO$! G=FK! [&F@'! =%! S&@<R! Z<$&FN#$F(! -O$! %@)OK! &)&@>FK!
K$##=#@FG! @F! &<<!KO$! G=#$! Z=K$>K!^O$>! Z$=Z<$! '=G$!K=)$KO$#! @>! FK#$>)KO! &>S!^O$>!
KO$R!#$%NF$!K=!&<<=^!F$'K&#@ĂŶŝƐŵƚŽĚŝǀŝĚĞƚŚĞŝƌƌĂŶŬƐ͛;dĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶ͕ϮϬϬϲͿ͘
dŚĞ ĂĚǀĞƌƚŝƐĞŵĞŶƚ ƐƚĂƌƚƐ ǁŝƚŚ Ă ƐƵďƚŝƚůĞ ͚/Ŷ Ă ĚĂƌŬ ĚĂLJ͕ ƚĞƌƌŽƌŝƐŵǁĂŶƚĞĚ ƚŽĚĞĨĞĂƚ
/ƌĂƋ͛ ƐŚŽǁƐ ĨŽŽƚďĂůů ƉůĂLJĞƌƐ ĨƌŽŵ /ƌĂƋ͛Ɛ ŶĂƚŝŽŶĂů ƚĞĂŵ ƉůĂLJŝŶŐ ĂŐĂŝŶƐƚ ƚĞƌƌŽƌŝƐƚƐ
^$&#@>)!S#$FF$F!F@G@<&#!K=!KO$! +%)O&>!3Nb&O@S$$>!=>$F!^O@'O!<==A! <@A$! +[N!3NF&[!
+<BĂƌƋĂǁŝ͛ƐŽƵƚĨŝƚ͘/ŶƚŚĞŵĂƚĐŚ͕ƚŚĞƚĞƌƌŽƌŝƐƚƐƵƐĞĞdžƉůŽƐŝǀĞĚĞǀŝĐĞƐ͕ŵĂĐŚŝŶĞŐƵŶƐ͕
&>S! O&>S! )#$>&S$F! ^O@'O!&#$! &<<!KO#=^>! &^&R! [R!KO$! %==K[&<<! Z<&R$#F!^O=!^@>! KO$!
G&K'O!@>!KO$!$>S(!-O$!G$FF&)$!#$&SF!@>!ƚŚĞĞŶĚ͚͗dĞƌƌŽƌŝƐŵŚĂƐŶŽĐŽƵŶƚƌLJ͛;dĞƌƌŽƌ
O&F!>=!#$<@)@=>6!HXXISd(!+>=KO$#!&S\$#K@F$G$>K!^&F!Z#=SN'$S!NF@>)!K$FK@G=>@$F!%#=G!
%&G=NF! 9#&`@! %==K[&<<! Z<&R$#F! ^O=! '<&@G! KO&K! KO$#$! ^$#$! S=N[KF! &[=NK! KO$@#!
Z$#%=#G&>'$! SN#@>)! KO$! +F@&! 4NZ! K=N#>&G$>KF6! [NK! KO$R! G&>&)$S! K=! ^@>! ^@KO!
ƉĞƌƐĞǀĞƌĂŶĐĞĂŶĚƵŶŝƚLJ͘dŚĞ ĂĚǀĞƌƚŝƐĞŵĞŶƚŚŝŐŚůŝŐŚƚĞĚƚŚĞĨŽůůŽǁŝŶŐŵĞƐƐĂŐĞ͚͗tĞ
ĐĂŵĞĨƌŽŵĂůůĂƌŽƵŶĚ/ƌĂƋƵŶŝƚĞĚƵŶĚĞƌŽŶĞĚƌĞĂŵ͛;dĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶ͕ϮϬϬϳĞͿ͘!
!
Q@>&<<R6!KO$!G=FK!'=>K#=\$#F@&<!&S\$#K@F$G$>K!^&F!#$<&K$S!K=!&!A@S>&ZZ@>)!KO$G$(!.>!
ŝƚƐ ŶŐůŝƐŚ ǁĞďƐŝƚĞ͕ ƚŚĞ ĂĚǀĞƌƚŝƐĞŵĞŶƚ ŝƐ ĚĞƐĐƌŝďĞĚ ĂƐ ĨŽůůŽǁƐ͗ ͚dĞƌƌŽƌŝƐƚƐ ĂƌĞ
'#@G@>&<F!^O=!K#R!K=!)&#>$#!Z=<@K@'&<!)&@>![R!K$##=#@D@>)!Z$=Z<$(!-O$R!%N>'K@=>!S$\=@S!
=%!G=#&<F!=#!'=>F'@$>'$(!-O$R!>N#KN#$!KO$!@<<NF@=>!KO&K!KO$R!&#$!%@)OK@>)!%=#!&!O@)O$#!
ĐĂƵƐĞǁŚĞŶŝŶƌĞĂůŝƚLJƚŚĞLJƵƐĞƐĞĐƚĂƌŝĂŶŝƐŵƚŽĚŝǀŝĚĞĂŶĚĐŽŶƋƵĞƌƚŚĞ/ƌĂƋŝƉĞŽƉůĞ͛
c-$##=#! O&F! >=! #$<@)@=>6! HXXPd(! -O$! &S\$#K@F$G$>K! FK&#KF! @>! KO$! G&#A$K! FO=^@>)!
=#S@>&#R! 9#&`@F! FO=ZZ@>)! @>! Z$&'$! ^O$>! &<<! =%! &! FNSS$>! &! FZ$$S@>)! '&#! %@<<$S! ^@KO!
&#G$S! G$>! $>K$#F! KO$! G&#A$K! Z<&'$! &>S! KO$! G$>! FK&#K! FO==K@>)! #&>S=G<R! &>S!
A@S>&ZZ@>)!%$^!G$>(!.>$!=%!KO$!A@S>&ZZ$S!G$>!^O=F$!>&G$! @F!-&#@`!@F!K&A$>!&F!&!
O=FK&)$!&>S!@F!F$\$#$<R![$&K$>!^@KO!KO$![NKK!=%!&!G&'O@>$!)N>(!.>$!=%!KO$!G&FA$S!
G$>! ^O=F$! %&'$! @F! >=ƚ ĂƉƉĂƌĞŶƚ ƐƚĂƌƚƐ ƐŚŽƵƚŝŶŐ ƌĞƉĞĂƚĞĚůLJ͗ ͚ŶƐǁĞƌ ŵĞ͊͛ ƌĞ LJŽƵ
^ƵŶŶŝŽƌ^ŚŝŝƚĞ͍͛ƐƚŚĞŬŝĚŶĂƉƉĞĚŵĂŶƐƚƌƵŐŐůĞƐƚŽĂŶƐǁĞƌ͕ĨůĂƐŚďĂĐŬƐĐĞŶĞƐƐŚŽǁ
F$#$>$! &>S! Z$&'$%N<! @G&)$F! K=! [$! <&K$#! '=>K#&FK$S!^@KO! KO$!\@=<$>'$! FO=^>(! 9>! KO$!
ĞŶĚ͕ ƚŚĞ ŵĂŶ ƌĞƐƉŽŶĚƐ͗ ͚/ Ăŵ /ƌĂƋŝ͛ ĂĨƚĞƌ ǁŚŝĐŚ ŚĞ ŝƐ ƐƵŵŵĂƌŝůLJ ĞdžĞĐƵƚĞĚ͕ ĂŶĚ ƚŚĞ
ŵĞƐƐĂŐĞƌĞĂĚƐ͚͗^ĞĚŝƚŝŽŶŝƐǁŽƌƐĞƚŚĂŶŵƵƌĚĞƌ͛;dĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶ͕ϮϬϬϳĨͿ͘!
!
9K!@F!@GZ=#K&>K!K=!>=K$!KO&K!&<<!=%!KO$!\@=<$>K!F'$>$F!^$#$!FO=^>!=>!KO$!>&K@=>&<!9#&`@!
-Y! 'O&>>$<! &>S! =KO$#! &%%@<@&K$S! Z#=B)=\$#>G$>K! 'O&>>$<F! ^@KO=NK! &>R! #$)&#S! K=!
F'O$SN<@>)!=#!)@\@>)!&!Z#@=#!^&#>@>)!K=!-Y!\@$^$#F!&[=NK!KO$!\@=<$>'$!FO=^>(!QN#KO$#6!
ŝŶĂůůŽĨƚŚĞĂĚǀĞƌƚŝƐĞŵĞŶƚƉƌŽĚƵĐĞĚďLJ͚ƚĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶ͛ĐĂŵƉĂŝŐŶ͕ƚŚĞƌĞŝƐĂŶ
$GZO&F@F!=>!&!'=>K#&FK![$K^$$>!<@%$!&>S!S$&KO6![$&NKR!&>S!N)<@>$FF6!Z$&'$!&>S!^&#!
=#!S$FK#N'K@=>6!@>>='$>'$!&>S!S@#K!=#!'=>K&G@>&K@=>6!&>S!O&ZZ@>$FF!&>S!F&S>$FF(!+F!
Z#$\@=NF<R!@>S@'&K$S6!&<<!=%!KO$!&S\$#K@F$G$>KF!FO=^!$@KO$#!\$#F$F!%#=G!KO$!wN#&>!=#!
WƌŽƉŚĞƚ DŽŚĂŵŵĞĚ͛Ɛ ƐĂLJŝŶŐƐ ƚŚĂƚ ƵƌŐĞ DƵƐůŝŵƐ ƚŽ! #$F=#K! K=! Z$&'$! &>S! #$b$'K!
\@=<$>'$(! 9>S$$S6! KO$! 9F<&G@'! K$VKF! @>F$#K$S! &#$! G$&>K! K=! %N>'K@=>! &F! &S\$#K@F@>)!
&ZZ$&<F!K=!@>'#$&F$!KO$!%&\=#&[@<@KR!&>S!'#$S@[@<@KR!=%!KO$!G$FF&)$F!F$>K!K=!KO$!ZN[<@'(!
!
>137-<)((/(782!;+25+7.1!71!E+B47!>(+?7+A!
-O$! F$'=>S! &>K@BƚĞƌƌŽƌŝƐƚ ĐĂŵƉĂŝŐŶ ŝƐ ĐĂůůĞĚ ͚;&R! /=! K=! -$##=#͛ ǁŚŽƐĞ ƵŶŬŶŽǁŶ
FZ=>F=#F!Z#=SN'$S!K^$>KR!\@S$=F!KO&K!&#$!Z=FK$S!=>!5=N-N[$!&>S!#$Z$&K$S<R!&@#$S!
=>!KO$!;&NS@B=^>$S!Z&>B+#&[@'!3?4!&>S!+<B+#&[@R&!'O&>>$<F(!0V'$ZK!%=#!K^=!\@S$=F6!
&<<! KO$! =KO$#! =>$F! &#$! S$F@)>$S! K=! K&#)$K! KO$! ;&NS@! F='@$KR(! -O$! >$^! '&GZ&@)>! @F!
ĐůĞĂƌůLJĂĐŽŶƚŝŶƵĂƚŝŽŶŽĨƚŚĞƉƌĞǀŝŽƵƐŽŶĞ͚dĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶ͛ďĞĐĂƵƐĞďŽƚŚŚĂǀĞ
KO$!F&G$!FKR<$!@>!K$#GF!=%!KO$@#!&>=>RG=NF!FZ=>F=#F6!\@S$=!Z#=SN'K@=>6!Z#@>K!%=#G&K6!
K$VKF! NF$S! %#=G! KO$! 7=<R! wN#&>6! &>S! F@G@<&#! =[b$'K@\$F(! QN#KO$#6! =>! KO$! Q&'$[==A!
ZĂŐĞ ŽĨ ͚dĞƌƌŽƌŝƐŵ ŚĂƐ ŶŽ ƌĞůŝŐŝŽŶ͛ ǁĞ ĨŝŶĚ ƐŽŵĞ ŽĨ ƚŚĞ ǀŝĚĞŽƐ ƵƐĞĚ ĨŽƌ ƚŚĞ ŶĞǁ
ĐĂŵƉĂŝŐŶ͚^ĂLJŶŽƚŽdĞƌƌŽƌ͛;dĞƌƌŽƌŝƐŵŚĂƐŶŽƌĞůŝŐŝŽŶ͕ϮϬϭϬͿ͘ůƐŽ͕ŽŶĞŽĨƚŚĞǀŝĚĞŽƐ
!
NF$S! @>! KO$! >$^! '&GZ&@)>! '=>K&@>F! KO$! F&G$! G$FF&)$! %=N>S! @>! KO$! Z#$\@=NF! 9#&`@!
'&GZ&@)>!FNĐŚĂƐ͚ŬŶŽǁLJŽƵĞŶĞŵLJ͛ĨŽůůŽǁĞĚďLJŵĞƐƐĂŐĞƐůŝŬĞ͚ƚŚĞƌĞ͛ƐŶŽůŝĨĞǁŚĞƌĞ
ƚĞƌƌŽƌŝƐŵƌĞƐŝĚĞƐ͛͘/ŶƚŚŝƐŶĞǁĂĚǀĞƌƚŝƐĞŵĞŶƚ͕ĂĐŽŶǀŽLJŽĨĐĂƌƐĨŝůůĞĚǁŝƚŚĂƌŵĞĚŵĞŶ
$>K$#F! &! >$@)O[=#O==S! &>S! K$##=#@D$F! @K! ^O@'O! @F! \$#R! F@G@<&#! K=! =>$! &S\$#K@F$G$>K!
S$F'#@[$S! &[=\$! c;&R! >=! K=! -$##=#6! HXWX[d(! +F! KO$! 8;! +#GR! ^@KOS#$^! %#=G! 9#&`6! @K!
F$$GF! KO&K! KO$! @>K$#$FK! FO@%K$S! K=! ;&NS@! +#&[@&! ^O=F$! '=>F$#\&K@\$! F='@$KR! @F! ^$<<!
A>=^>!K=![#$$S!G&>R!F&<&%@FKF!^O=!&SO$#$!K=!&!\$#R!'=>F$#\&K@\$!\$#F@=>!=%!9F<&G(!
Q=#!$V&GZ<$6!G=FK!=%!KO$!+#&[!+%)O&>!%@)OK$#F!^O=!^$>K!K=!+%)O&>@FK&>!@>!KO$!WUEXF!
^$#$!%#=G!;&NS@!+#&[@&!&>S!G=FK!=%!KO$!UjWW!O@b&'A$#F!^$#$!%#=G!KO$!F&G$!'=N>K#R(!
7$>'$6!@K!F$$GF!KO&K!KO$!>$$S!K=!&SS#$FF!#$<@)@=NF!$VK#$G@FG!@>!KO@F!'=N>K#R!@F!=%!&!
\@K&<!@>K$#$FK!K=!KO$!8;+!&F!^$<<!&F!KO$!;&NS@!)=\$#>G$>K(!!!!!!!
!
-O$! '&GZ&@)>! O&F! &! ^$[F@K$h! O=^$\$#6! @K! @F! O=FK$S! @>! 3=>K$>$)#=! Z#=[&[<R! K=!
'=>'$&<!@KF!#$&<!FZ=>F=#F!SN$!K=!KO$!&>K@B+G$#@'&>!&KK@KNS$F!@>!;&NS@!+#&[@&(!QN#KO$#6!
@K!O&F!&!5N=-N[$!'O&>>$<!^@KO!=\$#!W6LLU6L*W!\@$^F!&F!=%!<&K$!2$'$G[$#!HXWHh!KO$!
'O&>>$<!^&F!%@#FK!'#$&K$S!@>!+N)NFK!HXWX!c;&R!>=!K=!-$##=#6!HXWX&d(!+<F=6!&!Q&'$[==A!
Z&)$!^&F!'#$&K$S!@>!+N)NFK!HXXU6!&>S!@K!O&F!=\$#!EJI6XXX!<@A$F!KO=N)O!@K!@F!>=K!'<$&#!
^O$KO$#!Z$=Z<$!#$&<<R!<@A$!KO$!Z&)$!=#!>=K!F@>'$!KO$!G&b=#@KR!=%!Z=FKF!&#$!NZ<=&S$S!
[R!KO$!'&GZ&@)>!=#)&>@D$#F!KO$GF$<\$F(!9>!&SS@K@=>6!KO$#$!@F!&<F=!&!-^@KK$#!Z&)$!^@KO!
=><R!WPP!%=<<=^$#F!&>S!EU!K^$$KF!c;&R!>=!K=!-$##=#6!HXXUd(!9>!@KF!G@FF@=>!FK&K$G$>K6!
KO$!'&GZ&@)>!=#)&>@D$#F!G$>K@=>!KO$!%=<<=^@>)1!
!
MO$>! ^$! <==A! &K! KO$! #$&<@KR! =%! =N#! 9F<&G! K=S&R6! ^$! %@>S! KO&K! @K! @F!
KO#$&K$>$S! %#=G! ^@KO@>! [R! KO=F$! ^O=! '<&@G! K=! [$! S$%$>S@>)! @K!
KO=N)O! 9F<&G! @F! @>>='$>K! %#=G! KO$G(! +! )#=NZ! =%! S$\@&>K! Z$=Z<$!
S@\@S$!KO$!F='@$KR!&@G@>)!&K!G@F<$&S@>)!=N#![#=KO$#F!&>S!F=>F!&>S!
S@FK=#K@>)! KO$! @G&)$! =%! 9F<&G! &>S! KO$! )#&'@=NF! S='K#@>$! [R! KO$@#!
ĐƌŝŵŝŶĂů ĂĐƚƐ͙͘KƵƌŵĞƐƐĂŐĞ ŝƐƚŽƌĞǀĞĂůƚŚĞĚĞǀŝĂŶƚ ĐůĂŝŵƐŽĨƚŚĞ
K$##=#@FKF!&>S!S@F'<=F@>)!KO$@#!'#@G$F!&>S!N#)@>)!&>R=>$!^O=!O&F!&!
<@\@>)! '=>F'@=NF>$FF! K=! #$b$'K! KO$@#! '#@G@>&<! &'KF! &>S! S$FK#N'K@\$!
@S$=<=)R!@>!=#S$#!K=!Z#=K$'K!=N#!F='@$K@$F!%#=G!KO$@#!O&#G%N<!$%%$'K!
c;&R!>=!K=!-$##=#6!HXXUd(!
!
-O#$$! &#$! &! K=K&<! =%! KO@#K$$>! '&GZ&@)>F6! [NK! KO#$$! =>$F! &#$! O@)O<@)OK$S! =>! @KF!
ǁĞďƐŝƚĞ͚͗dŚĞƌĞŵŽƌƐĞĨƵůƚĞƌƌŽƌŝƐƚ͕͚͛ƚŚĞŵŽƚŚĞƌ͕͛ĂŶĚ͚ƚŚĞƌĞƚƵƌŶĞĞƐƵŝĐŝĚĞďŽŵďĞƌ͛͘
?&F@'&<<R6! $&'O! '&GZ&@)>! O&F! &K! <$&FK! =>$! \@S$=! &>S! F=G$! Z=FK$#F! KO&K! @>'<NS$! KO$!
ĨŽůůŽǁŝŶŐ͗ ͚ǁĂŬĞŶĞĚ ĐŽŶƐĐŝŽƵƐŶĞƐƐ͖͛ ͚ŽƉĞŶ LJŽƵƌ ĞLJĞƐ͖͛ ͚dŚĞ ĐƌLJ͛ ǁŚĞƌĞ ƐŵĂůů
ĐŚŝůĚƌĞŶĂƌĞƵƐĞĚ͕͚ƚŚĞĐůŽǁŶƐ͕͚͛/͛ŵŝŶŶŽĐĞŶƚĨƌŽŵǁŚĂƚĨƌŽŵLJŽƵƌĐƌŝŵĞƐ͕͚͛ĐŚĂƌŝƚLJ͕͛
ĂŶĚ ͚ƚŚĞƌĞ ŝƐ ŶŽ ůŝĨĞ ǁŚĞƌĞ ƚĞƌƌŽƌŝƐŵ ƌĞƐŝĚĞƐ͛͘ dŚĞ ŵĂŝŶ ƚĂƌŐĞƚ ŐƌŽƵƉƐ ŽĨ ƚŚĞƐĞ
ĂĚǀĞƌƚŝƐĞŵĞŶƚƐ ƐĞĞŵ ƚŽ ďĞ ƉƌŝŵĂƌŝůLJ ĚŝƌĞĐƚĞĚ Ăƚ ƉŽƚĞŶƚŝĂů ͚ƚĞƌƌŽƌŝƐƚƐ͕͛ ƚŚĞŝƌ ĨĂŵŝůLJ
G$G[$#F!&F!^$<<!&F!>$@)O[=#F(!7=^$\$#6!KO$!>=>BFRFK$G&K@'!F'O$SN<@>)!=%!&@#@>)!KO$!
&S\$#K@F$G$>KF!@>S@'&K$F!KO&K!KO@F!@F!%&#!%#=G![$@>)!%=<<=^$S(!!
!!
P:=!E+B47!>(+?7+M!
+F!G$>K@=>$S!&[=\$6!KO$!;&NS@!)=\$#>G$>K!@F!FNZZ=#K$S![R!KO$!8;+!@>!KO$!&KK$GZKF!
K=! '=G[&K! $VK#$G@FK! @S$=<=)R! #$Z#$F$>K$S! @>!KO$! O&#S<@>$! &S\='&K$F! =%!M&O&@[@FG(!
-O@F!A@>S!=%!'=>F$#\&K@\$!\@$^F!@F!G&>@%$FK$S!@>!S@%%$#$>K!^&RF!FN'O!&F!KO$!'#@K@'@FG!
&)&@>FK!3-Y!+#&[@&!&F!'@K$S!&[=\$(!+<F=6!=>!KO$!HWFK!=%!2$'$G[$#!HXWH6!3=O&GG$S!
+<B+#$%@6!&!^$<<BA>=^>!;&NS@!'<$#@'6!'&<<$S!%=#![=R'=KK@>)!3?4L6!=>$!=%!KO$!%$^!+#&[@'!
ĐŚĂŶŶĞůƐ ĨŽƌ ĐŚŝůĚƌĞŶ͕ ďĞĐĂƵƐĞ ŝƚ ĐŽŶƚĂŝŶƐ ͚ƵŶĂĐĐĞƉƚĂďůĞ ƉƌŽŐƌĂŵƐ͛ ƚŚĂƚ ŵŝŐŚƚ
͚ŶĞŐĂƚŝǀĞůLJ ĂĨĨĞĐƚ ĐŚŝůĚƌĞŶ͛Ɛ ůŝǀĞƐ͛͘ ůBƌĞĨŝ͛Ɛ ŝŵƉĂĐƚ ŝƐ ƚƌĞŵĞŶĚŽƵƐ ĂƐ ŚĞ ŚĂƐ Ă
#$<@)@=NF!Z#=)#&G!=>!2N[&@!-Y!KO&K!@F!\@$^$S![R!KO=NF&>SF!=%!Z$=Z<$!&>S!O&F!=\$#!
L6JEU6WJI! %=<<=^$#F! =>! -^@KK$#! &F! =%! 2$'$G[$#! HXWH! ^O@'O! @F! &G=>)! KO$! O@)O$FK!
!
! ! !
>NG[$#F!=%!%=<<=^$#F!@>!KO$!+#&[!^=#<S(!.>!KO$!HJKO!=%!2$'$G[$#!HXWH6!3?4!:#=NZ!
#$FZ=>S$S! &>)#@<R! [R! #$%$##@>)! K=! &! Z#$\@=NF! S$'#$$! @FFN$S! [R! +<B+#$%@! @>! ^O@'O! O$!
'&<<$S!=>!%&KO$#F!>=K!K=!F@K!&<=>$!^@KO!KO$@#!S&N)OK$#F!<$&FK!KO$R!FO=N<S![$!K$GZK$S!
ƚŽŚĂǀĞĂƐĞdžƵĂůƌĞůĂƚŝŽŶǁŝƚŚƚŚĞŵ͘/ŶĂƉƌĞƐƐƌĞůĞĂƐĞ͕DƐĂŝĚ͚͗ZĞĂƐŽŶŝƐŶŽƚƚŚĞ
G$&>F!K=!S@F'NFF!G&KK$#F!^@KO!FN'O!&!Z$#F=>!$FZ$'@&<<R!KO&K!FN'O!S$'#$$F!&#$!'=G@>)!
%#=G!F=G$=>$!^O=!FO=N<S![$! Z<&'$S!@>!&!G$>K&<<R!@<<!O=FZ@K&<!K=![$!'N#$S!%#=G!O@F!
ĚĞǀŝĂŶƚ ƚŚŽƵŐŚƚƐ ŝŶƐƚĞĂĚ ŽĨ ŝƐƐƵŝŶŐ ĨĂƚǁĂƐ͛ ;D͘ŶĞƚ͕ ϮϬϭϮͿ͘ dŚŝƐ ƌĞĐĞŶƚ ŝŶĐŝĚĞŶƚ
FO=^F!KO$!A@>S!=%!K$>F@=>![$K^$$>!KO$!G=S$#&K$F!&>S!'=>F$#\&K@\$F!@>!;&NS@!+#&[@&(!
!
QN#KO$#6! @>! &! G$$K@>)! [$K^$$>! 8;! S@Z<=G&KF! &>S! ]O&<@S! +<B3&K#&%@6! KO$! #$)@=>&<!
S@#$'K=#!=%!KO$!;&NS@B=^>$S!+<!+#&[@R&!>$^F!'O&>>$<6!+<B3&K#&%@!#$\$&<$S!KO&K!3?46!
^O@'O! =^>F! +<B+#&[@R&! &>S! G&>R! =KO$#! $>K$#K&@>G$>K! 'O&>>$<F6! K&#)$KF! R=N>)!
^ĂƵĚŝƐ ďĞĐĂƵƐĞ ƚŚĞLJĂƌĞ ͚ƉĂƌƚŝĐƵůĂƌůLJ ǀƵůŶĞƌĂďůĞƚŽ ƚŚĞ! '&<<F!=%! $VK#$G@FKF6! &>S! KO&K!
KO$! FK&K@=>! >=^! K&#)$KF! @KF! G=S$#&K$! >$^F! [#=&S'&FKF! K=! KO$! WJBWE! R$&#! =<S!
ĚĞŵŽŐƌĂƉŚŝĐŝŶƐŚŽƌƚƉƌĞƐĞŶƚĂƚŝŽŶƐŽĨƚŚƌĞĞŵŝŶƵƚĞƐŽƌůĞƐƐ͛;tŝŬŝůĞĂŬƐ͕ϮϬϬϵͿ͘ůƐŽ͕
KO$! #$)@=>&<! S@#$'K=#! G$>K@=>$S! KO&K! KO$#$! ^$#$! '=>'$#>F! =\$#! +<B_&D$$#&! 'O&>>$<!
@>%<N$>'$!@>!KO$!#$)@=>h!O$>'$6!3?4!'O&>>$<F!&@G$S!&K!Z#$F$>K@>)!Z#=)#&GG@>)!KO&K!
͚ĐŽƵŶƚĞƌƐƚŚĞŝŶĨůƵĞŶĐĞŽĨĂůB_&D$$#&!&>S!%=FK$#F!gG=S$#&K$g!Z$#FZ$'K@\$F!&G=>)!KO$!
ĐŽƵŶƚƌLJΖƐLJŽƵƚŚ͛;/ďŝĚ͘Ϳ͘/ŶĂŶŽƚŚĞƌŵĞĞƚŝŶŐǁŝƚŚƚŚĞĐŚŝĞĨĞĚŝƚŽƌŽĨƚŚĞ!G,<-0!],P'++'!
>$^FZ&Z$#6! 3=O&GG$S! &<B;O=NA&>R6! &>S! O@F! S$ZNKR6! +[S&<<&O! &<B;O$O#@6! KO$! K^=!
ĞůĂďŽƌĂƚĞĚŽŶƚŚĞĐŚĂŶŐĞŝŶƚŚĞ^ĂƵĚŝŐŽǀĞƌŶŵĞŶƚ͛ƐŵĞĚŝĂƉŽůŝĐLJ͗!
!
-O$!)=\$#>G$>K!@F!ZNFO@>)!KO@F!>$^!=Z$>>$FF!&F!&!G$&>F!
ŽĨĐŽƵŶƚĞƌŝŶŐƚŚĞĞdžƚƌĞŵŝƐƚƐ͙͘/ƚΖƐƐƚŝůů&<<!&[=NK!KO$!M&#!=%!
9S$&F! O$#$6! &>S! KO$! +G$#@'&>! Z#=)#&GG@>)! =>! 3?4! &>S!
,=K&>&! @F! ^@>>@>)! =\$#! =#S@>&#R! ;&NS@F! @>! &! ^&R! KO&K! f+<!
7N##&f! &>S! =KO$#! 8;! Z#=Z&)&>S&! >$\$#! '=N<S(! ;&NS@F! &#$!
>=^! \$#R! @>K$#$FK$S! @>! KO$! =NKF@S$! ^=#<S6! &>S! $\$#R[=SR!
^&>KF!K=!FKNSR!@>!KO$!8;!@%!KO$R!'&>(!-O$R!&#$!%&F'@>&K$S![R!
8;!'N<KN#$!@>!&!^&R!KO$R!>$\$#!^$#$![$%=#$!c@[@S(d(!
!
?&F$S!=>!KO$!&[=\$!&''=N>KF6!=>$!'&>!'=>'<NS$!KO&K!KO$!;&NS@!)=\$#>G$>K!%$<K!KO$!
>$$S!K=!'=N>K$#!KO$!$VK#$G@FK!@S$=<=)R!@>!KO$!;&NS@!F='@$KR!^@KO!&!G=S$#&K$!\$#F@=>!
=%!9F<&G!KO&K!@F!S=>$![R!=Z$>@>)!NZ!K=!KO$!=NKF@S$!^=#<S!&>S![R!NF@>)!KO$!G$S@&!&F!&!
[&F@'! K==<(! -O@F! @F! G=FK<R! &'O@$\$S! KO#=N)O! +G$#@'&>! $>K$#K&@>G$>K! Z#=)#&GF! &>S!
&FF@FK&>'$!@>!Z#=SN'@>)!ZN[<@'!&S\$#K@F$G$>KF!<@A$!KO$!=>$F!S@F'NFF$S!@>!KO@F!Z&Z$#(!9>!
)$>$#&<6!KO$!;&NS@!&>S!+G$#@'&>!)=&<F!&#$!GNKN&<!F@>'$!@K!@F!@>!KO$!@>K$#$FK!=%!KO$!8;!
)=\$#>G$>K!K=!O&\$!&!FK&[<$!;&NS@!F='@$KR!K=!$>FN#$!KO$!'=>K@>N=NF!&>S!FK$&SR!%<=^!
ŽĨŽŝůǁŚŝĐŚǁŝůůƵůƚŝŵĂƚĞůLJŚĞůƉŝŶƚŚĞƌĞĐŽǀĞƌLJŽĨƚŚĞǁŽƌůĚ͛ƐĞĐŽŶŽŵLJ͘!
!
<:)!%3:7,+6!$72)187/18!/*!>137-<)((/(783!'E>!
.>$! =%! KO$! [&F@'! #$`N@#$G$>KF! =%! ZN[<@'! F$#\@'$! &S\$#K@F$G$>K! @F! KO$! >$$S! %=#!
F$)G$>K&K@=>(!2$#\@>!&>S!Q=#$G&>BM$#>$K!cHXWHd!FK#$FF!@>!KO$@#!S@F'NFF@=>!=%!ZN[<@'!
'&GZ&@)>F! KO$! @GZ=#K&>'$! =%! K&#)$K@>)! &NS@$>'$F! &''=#S@>)! K=! S$G=)#&ZO@'F6!
@>K$#$FKF! &>S! <@%$! F@KN&K@=>F6! &F! ^$<<! &F! 'N<KN#&<! >$$SF! &>S!\&<N$F! cZ(!W*Xd(! -O$!&>K@B
K$##=#@FG!'&GZ&@)>F!KO&K!&#$!S@F'NFF$S!&[=\$!O&\$!K^=!G&@>!$KO@'&<!@FFN$F(!-O$!%@#FK!
=>$!@F!#$<&K$S!K=!K&#)$K@>)!KO$!^O=<$!F='@$KR!^@KO=NK!F$)G$>K&K@=>!S$FZ@K$!KO$!%&'K!
KO&K! G=FK! =%! KO$! &S\$#K@F$G$>KF! FO=^>! =>! -Y! '=>K&@>! )#&ZO@'! @G&)$F! &>S! \$#R!
\@=<$>K! F'$>$F! =%! S$&S! GNK@<&K$S! [=S@$F(! ;=G$! =%! KO$! &S\$#K@F$G$>KF! NF$S! @>! KO$!
9#&`@! &>S! ;&NS@! '&GZ&@)>F! ^O@'O! &#$! #$<&K$S! K=! KO$! FN@'@S$! [=G[$#! &>S! KO$!
A@S>&ZZ@>)! @>'@S$>K! ^$#$! K==! \@=<$>K! %=#! 'O@<S#$>! &>S! &#$! FO=^>! ^@KO=NK! &>R! Z#@=#!
>=K@%@'&K@=>(!M$!G@)OK! bNFK@%R! KO$! NF$!=%!\@=<$>'$! [R!'@K@>)!K^=!#$<$\&>K! &#)NG$>KF(!
!
Q@#FK6!@>K#=SN'@>)!FO='A@>)!@G&)$F!G@)OK!#&@F$!G=#$!&^&#$>$FF!F=!KO&K!\@$^$#F!G@)OK!
Z&R!&KK$>K@=>!^O@'O!@F!#$)&#S$S![R!&S\$#K@F@>)!F'O=<&#F!&F!KO$!%@#FK!FK$Z!@>!Z$#FN&F@=>!
;'ƌĂnjĞƌ Θ <ĞĞƐůŝŶŐ͕ ϭϵϵϱͿ͘ WŝĐŬƚŽŶ ĂŶĚ ƌŽĚĞƌŝĐŬ ƐƚƌĞƐƐ ƚŚĂƚ ͚ƚŚĞ ƵƐĞ ŽĨ ƐŚŽĐŬŝŶŐ
cN>NFN&<6! Z#=\='&K@\$6! '=>K#=\$#F@&<6! @>K#NF@\$d! @G&)$F! @>! &S\$#K@F@>)! m@Fn! %=#! KO$!
ZN#Z=F$!=%!&ƚƚƌĂĐƚŝŶŐĂƚƚĞŶƚŝŽŶĂŶĚĚĞďĂƚĞ͛;ϮϬϬϱ͕Ɖ͘ϮϯϰͿ͘/ŶƚŚŝƐƌĞŐĂƌĚ͕ĂǀŝĚĞǀĂŶ
S@F'NFF$F! KO$! S@%%$#$>K! &FZ$'KF! =%! NK@<@K&#@&>! $KO@'&<! Z#@>'@Z<$F! [R! #$%$##@>)! K=! KO$!
$V&GZ<$! =%! FO=^@>)! S$&S! [=S@$F! =>! ZN[<@'! F$#\@'$! &S\$#K@F$G$>KF! S$F@)>$S! K=!
#$SN'$! '&#! &''@S$>KƐ͘ ^Ž ŚĞ ƌŝŐŚƚůLJ ĂƐŬƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ƋƵĞƐƚŝŽŶ͗ ͚Ž ƚŚĞ ŝŵĂŐĞƐ ŽĨ
S$&S!&>S!F$#@=NF<R!^=N>S$S!Z$=Z<$!$\=A@>)!&!\@=<$>K<R!K#&%%@'!&''@S$>K!'&NF$!ZN[<@'!
ŽĨĨĞŶĐĞ͍͛ ;ϮϬϭϮ͕ Ɖ͘ ϮϯϬͿ tŝůůŝĂŵ K͛Ăƌƌ ĨƵƌƚŚĞƌ ƌĞĨĞƌƐ ƚŽ ƚŚĞ ƵƐƚƌĂůŝĂŶ ĂŶĚ ƌŝƚŝƐŚ
ZN[<@'! F$#\@'$! &S\$#K@F$G$>KF! KO&K! FO=^! )#&ZO@'! &>S! $VZ<@'@K! @G&)$F! K=! #&@F$!
&^&#$>$FF!&[=NK!KO$!S&>)$#F!=%!FG=A@>)!cHXWHd(!?&F$S!=>!KO$!NK@<@K&#@&>!Z#@>'@Z<$F6!
=>$! G@)OK! &FA! ^O$KO$#! KO$! '&#! &''@S$>KF! &^&#$>$FF! '&GZ&@)>F! &>S! &>K@BFG=A@>)!
&S\$#K@F$G$>KF!'=N<S!Z#=SN'$! <$FF!O&#G!KO=N)O!KO$!#$SN'K@=>!=%!'&#!&''@S$>KF!&>S!
ĂĐŚŝĞǀĞ ďĞƚƚĞƌ ŚĞĂůƚŚ ƌĞƐƵůƚƐ͕ ƚŚĞŶ ŝŶ ƚŚĞ ĞŶĚ͕ ƚŚĞƐĞ ƐŚŽĐŬŝŶŐ ƐĐĞŶĞƐ ͚ǁŽƵůĚ ďĞ
ďĞŶĞĨŝĐŝĂů ƚŽ ƚŚĞ ƐŽĐŝĞƚLJ͛ ;ĞǀĂŶ͕ ϮϬϭϮ͕ Ɖ͘ ϮϯϬͿ͘ /Ŷ ƚŚĞ ĐĂƐĞ ŽĨ ƚŚĞ ĂŶƚŝBK$##=#@FK!
'&GZ&@)>6!@K!@F!\$#R!S@%%@'N<K!K=!^$@)O!KO$!@GZ&'K!=%!KO$!&S\$#K@F$G$>KF!=>!KO$!F='@$KR!
=>!KO$!<=>)!=#!FO=#K!K$#GF6!F=!@K!#$G&@>F!N>'<$&#!^O&K!KO$!>$)&K@\$!=#!Z=F@K@\$!@GZ&'K!
KO$F$!&S\$#K@F$G$>KF!O&\$!@>!KO$!F='@$KR(!!!!!!
!
;$'=>S6! =>$!G@)OK! &#)N$! KO&K! +#&[!\@$^$#F! &#$! &''NFK=G$S! K=! F$$@>)!\@=<$>'$! &>S!
S$&S! [=S@$F! =>! -Y! F'#$$>F! KO&K! &#$! G=FK<R! &@#$S! ^@KO=NK! Z#@=#! >=K@%@'&K@=>(! -O@F! @F!
G=FK<R!F$$>!=>!>$^F!'O&>>$<F!<@A$!+<B_&D$$#&!&>S!+<B+#&[@R&!cCR>'O6!HXXP6!Z(!WUHd6!F=!
^O&K! @F! Z#$F$>K$S! @>! KO$! ";+! '&GZ&@)>F! @F! >=K! N>NFN&<! K=! +#&[! \@$^$#F! @>'<NS@>)!
'O@<S#$>(!-O@F!@F!Z#=[&[<R!K#N$6![NK!^OR!S=!F=G$!M$FK$#>!F'O=<&#F!'#@K@'@D$!+<B_&D$$#&!
'O&>>$<! %=#! KO$! >&KN#$! =%! @KF! >$^F! ^O@<$! KO$! 8;! S$F@)>$S! &>K@BK$##=#@FK!
&S\$#K@F$G$>KF!'=>K&@>!KO$!F&G$!\@=<$>K!F'$>$F!@%!>=K!^=#F$r!!!
!
-O$!F$'=>S!$KO@'&<!@FFN$!@F!#$<&K$S!K=!K&#)$K@>)!KO$!;N>>@!F$'K!#&KO$#!KO&>!;O@@K$F!@>!
9#&`!^O=!^$#$!&<F=!@>\=<\$S!@>!KO$!@>FN#)$>'R(!-O$!#$&F=>!@F!Z#=[&[<R!#$<&K$S!K=!KO$!
%&'K! KO&K! KO$! G&b=#@KR! =%! &KK&'AF! &)&@>FK! KO$! 8;B<$S! '=&<@K@=>! %=#'$F! ^$#$! =#)&>@D$S!
&>S!'=>SN'K$S![R!;N>>@!%@)OK$#F(!-O@F!A@>S!=%![@&F!@F!N>&''$ZK&[<$!F@>'$!@K!$>O&>'$F!
KO$!FK$#$=KRZ$F!@>!KO$!9#&`@!F='@$KR!&)&@>FK!KO$!;N>>@!F$'K!&F!&!^O=<$(!
-O=N)O! "&K#@'A! C(! "<&@F&>'$! @>! O@F! ^=#A6! O'-0,! "+50126! S=$F! >=K! #$%$#! K=! $KO@'F! @>!
ZN[<@'!F$#\@'$!&S\$#K@F$G$>KF6!O$!S=$F!G$>K@=>!$KO@'F!&>S!\&<N$F!@>!&S\$#K@F@>)!&>S!
G&#A$K@>)! ^O@'O! @F! F=G$O=^! #$<&K$S(! ?=KO! KO$! +G$#@'&>! +S\$#K@F@>)! Q$S$#&K@=>! &F!
^$<<! &F! KO$! +G$#@'&>! 3&#A$K@>)! +FF='@&K@=>! FK#$FF! KO$! @GZ=#K&>'$! =%! %=<<=^@>)!
$KO@'&<! FK&>S&#SF! @>! &S\$#K@F@>)(! Q=#! $V&GZ<$6! KO$! +G$#@'&>! +FF='@&K@=>! =%!
+S\$#K@F@>)! G$>K@=>F! @>! @KF! ;K&>S&#SF! =%! "#&'K@'$! KO&K! @K! S=$F! >=K! '#$&K$!
ĂĚǀĞƌƚŝƐĞŵĞŶƚƐ ƚŚĂƚ ĐŽŶƚĂŝŶ ĂŶLJ ͚ƐƚĂƚĞŵĞŶƚ͕ ƐƵŐŐĞƐƚŝŽŶƐ Žƌ ƉŝĐƚƵƌĞƐ ŽĨĨĞŶƐŝǀĞ ƚŽ
ƉƵďůŝĐĚĞĐĞŶĐLJŽƌŵŝŶŽƌŝƚLJƐĞŐŵĞŶƚƐŽĨƚŚĞƉŽƉƵůĂƚŝŽŶ͛;ϮϬϬϵ͕Ɖ͘ϯϮͿ͘dŚŝƐŝƐŽĨĐƌƵĐŝĂů
@GZ=#K&>'$! [$'&NF$! &S\$#K@F$G$>KF! FO=N<S! >=K! $>O&>'$! =#! $>'=N#&)$! F$S@K@=>! =#!
F'O@FG! @>! KO$! F='@$KR! N><@A$! KO$! '&F$! =%! KO$! &>K@BK$##=#@FKF! '&GZ&@)>F! @>! KO$! 3@SS<$!
0&FK(!QN#KO$#6!KO$!8]!4=S$!=%!?#=&S'&FK!+S\$#K@F@>)!c?4+"!4=S$d!FK&K$F!@>!KO$!7&#G!
&>S!.%%$>'$!F$'K@=>F!KO$!%=<<=^@>)!S$K&@<F1!
!
+S\$#K@F$G$>KF! GNFK! '=>K&@>! >=KO@>)! KO&K! '=N<S! '&NF$! ZORF@'&<6!
G$>K&<6! G=#&<! =#! F='@&<! O&#G! K=! Z$#F=>F! N>S$#! KO$! &)$! =%! WE(!
+S\$#K@F$G$>KF! GNFK! >=K! S@FK#$FF! KO$! &NS@$>'$! ^@KO=NK! bNFK@%@&[<$!
#$&F=>(! +S\$#K@F$G$>KF! GNFK! >=K! $VZ<=@K! KŚĞ ĂƵĚŝĞŶĐĞ͛Ɛ ĨĞĂƌƐ Žƌ
FNZ$#FK@K@=>F!c8]!4=S$!=%!?#=&S'&FK!+S\$#K@F@>)6!>(S(d(!
!
!
! ! !
+F!%=#!F'O$SN<@>)6!KO$!?4+"!4=S$!FK#$FF$F!KO$!>$$S!K=!KO@>A!=%!'O@<S#$>!^O$>!&@#@>)!
&S\$#K@F$G$>KF! KO&K! '=>K&@>! F=G$! @>&ZZ#=Z#@&K$! F'$>$F! FN'O! &F! F$V! =#! \@=<$>'$1!
͚ĚǀĞƌƚŝƐĞŵĞŶKF!KO&K!G@)OK!%#@)OK$>!=#!S@FK#$FF!'O@<S#$>!=#!&#$!=KO$#^@F$!N>FN@K&[<$!
ĨŽƌƚŚĞŵ͙ŵƵƐƚďĞƐƵďũĞĐƚƚŽƌĞƐƚƌŝĐƚŝŽŶƐŽŶƚŝŵĞƐŽĨƚƌĂŶƐŵŝƐƐŝŽŶƚŽŵŝŶŝŵŝƐĞƚŚĞ
ƌŝƐŬƚŚĂƚĐŚŝůĚƌĞŶŝŶƚŚĞƌĞůĞǀĂŶƚĂŐĞŐƌŽƵƉǁŝůůƐĞĞŽƌŚĞĂƌƚŚĞŵ͛;ŝďŝĚ͘Ϳ͘/ŶƚŚĞĐĂƐĞ
=%! KO$! &>K@BK$##=#@FK! '&GZ&@)>F6! G&>R! &FZ$'KF! <@A$! F'O$SN<@>)6! 'O@<S#$>! \@$^$#F6!
\@=<$>'$6! &>S! F$>F@K@\@KR! K=^&#S! $KO>@'! G@>=#@KR! ^$#$! <&#)$<R! @)>=#$S! ^O@'O! G@)OK!
N<K@G&K$<R!<$&S!K=!KO$!#$b$'K@=>!=%!FN'O!'&GZ&@)>F![R!KO$!ZN[<@'(!!
!
QN#KO$#6! 2$#\@>! u! Q=#$G&>BM$#>$K! $GZO&F@D$! KO&K! #&@F@>)! &^&#$>$FF! S=$F! >=K!
ŶĞĐĞƐƐĂƌŝůLJŐƵĂƌĂŶƚĞĞƐĐŽŵƉůŝĂŶĐĞ;ϮϬϭϮ͕Ɖ͘ϭϱϭͿƐŝŶĐĞ͚ƉĞŽƉůĞĂƌĞǁŝůůŝŶŐƚŽůŝƐƚĞŶƚŽ
KO&K!^O@'O!'=<<@S$F!^@KO!=#!@F!>$^!K=!KO$@#!^=#<SF!^O$>!KO=F$!'=GGN>@'&K@>)!&K!KO$G!
ĐŚĂŶŐĞ ƚŽ ĐŽŵŵƵŶŝĐĂƚŝŶŐ ǁŝƚŚ ƚŚĞŵ͛ ;ĞƌǀŝŶ Θ &=#$G&>BM$#>$K6! HXWH6! Z(! W*Ld(!
MO$>!KO$#$!@F!=>$!^&R!'=GGN>@'&K@=>6!KO$!";+!KN#>F!@>K=!Z#=Z&)&>S&6!^O@'O!^&F!&!
Z#&'K@'$! ^@S$<R! %=<<=^$S! [R! KO$! 8;! &>S! :$#G&>! )=\$#>G$>KF! @>! K@G$F! =%! '#@F$F!
ĞƐƉĞĐŝĂůůLJ ĚƵƌŝŶŐ ƚŚĞ &ŝƌƐƚ ĂŶĚ ^ĞĐŽŶĚ tŽƌůĚ tĂƌƐ ;K͛Ăƌƌ͕ ϮϬϭϮͿ͘ KƚŚ$#! '=N>K#@$F!
ůŝŬĞ ŚŝŶĂ ǁŝĚĞůLJ ƵƐĞƐ W^ ŝŶ ƚŽĚĂLJ͛Ɛ ǁŽƌůĚ ďLJ ĨŽĐƵƐŝŶŐ ŽŶ ƚĞůĞǀŝƐŝŽŶ ŝŶ ƉĂƌƚŝĐƵůĂƌ
cC&>SF[$#)$#6!HXXUd(!9>S$$S6!KO@F!^&F!KO$!G&b=#!^$&A>$FF!=%!KO$!&>K@BK$##=#@FK!ZN[<@'!
F$#\@'$!&S\$#K@F$G$>K!&F!KO$!'=GGN>@'&K@=>!F$$G$S!K=![$!S@#$'K$S!G=>=S@#$'K@=>&<!
#&KO$#! KO&>! GN<K@S@#$'K@=>&<(! ?$F@S$F6! ^=N<S! [$! @>FN#)$>KF! &#$! &<#$&SR! <&[$<$S! &>S!
%#&G$S! &F! K$##=#@FKF! ^O@'O! =[FK#N'K$S! KO$! 'O&>'$! %=#! #$&F=>&[<$! &>S! $`N&<! S$[&K$!
[$K^$$>!KO$!K^=!F@S$F(!-O$F$!K^=!%&'K=#F!^$#$!Z#=[&[<R!KO$!G&@>!#$&F=>F!^OR!^$!
%@>S!K$>F!=%!\@S$=!Z&#=S@$F!KO&K!G='A!KO$!&>K@BK$##=#@FK!'&GZ&@)>!KO&K!&#$!Z=FK$S!=>!
5=N-N[$!&F!&!#$&'K@=>!&)&@>FK!^O&K!F=G$!#$)&#S!&F!&!%=#$@)>!@>K#NF@=>!@>K=!KO$@#!=^>!
[$<@$%F(!
!
-=! FNG! NZ6! KO$! &>K@BK$##=#@FK! '&GZ&@)>! @>! KO$! 3@SS<$! 0&FK! &#$! #N>! [R! KO$! 8;!
)=\$#>G$>K!@>!'==#S@>&K@=>!^@KO!KO$!;&NS@!&>S!Z#$\@=NF<R!9#&`@!)=\$#>G$>KF!@>!KO$!
O=Z$! =%! '=G[&K@>)! $VK#$G@FG! @>! KO$@#! F='@$K@$F(! -O$! 8;! #=<$! @F! O@)O<R! '=>'$&<$S! K=!
&\=@S! &>R! @GG$S@&K$! #$b$'K@=>! =%! KO$! '&GZ&@)>! SN$! K=! KO$! &>K@B+G$#@'&>! &KK@KNS$F!
&>S!KO$!&^&#$>$FF!KO&K!KO$!+#&[!ZN[<@'!^@<<!#$b$'K!KO$!@S$&!KO&K!KO$!8;!)=\$#>G$>K!@F!
S@'K&K@>)!K=!KO$G!^O&K!FO=N<S![$!S=>$6!&>S!@K!@F!\$#R!S=N[K%N<!KO&K!KO$F$!'&GZ&@)>F!
&#$!FN''$FF%N<!&>S!'#$S@[<$!&F!KO$#$!&#$!G&>R!$KO@'&<!@FFN$F!FN##=N>S@>)!KO$G(!!!!
!
D)*)()1,)8!
+<B5&OR&6! ]O&<@S! u! QNFK@$#6! /&KO&<@$! cHXWWd(! ;&NS@! +#&[@&! &F! &! 7NG&>@K&#@&>!
2=>=#1! 7@)O! "=K$>K@&<6! C@KK<$! 9>FK@KNK@=>&<@D&K@=>(! :<=[&<! "N[<@'! "=<@'R! 9>FK@KNK$!
,$F$&#'O6! ?$#<@>6! "&Z$#! /=(! WJ6! 3&#'O(! +''$FF$S! =>! WH! 2$'$G[$#6! HXWH1!
OKKZ1jj^^^()ZZ@(>$Kj%@<$&SG@>jG$S@&jZN[jHXWWj&<BR&OR&B%NFK@$#yHXWWyF&NS@B
&#&[@&B&FBONG&>@K&#@&>BS=>=#y)ZZ@(ZS%!!
?&O#&@>! -Y(! cHXWWd(! +S\$#K@F$G$>K! K=! '=<<$'K! &@S! %=#! ;=G&<@&(! +N)NFK! U(!
+''$FF$S!=>!WH!2$'$G[$#6!HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xL#&XFW5'WI0!!
?&O#&@>!-Y(!cHXWHd(!-=)$KO$#! K=!$VK@>)N@FO!KO$!%@#$!=%!-$##=#@FG(!m5=N-N[$n(!
/=\$G[$#! *(! +''$FF$S! =>! HH! 2$'$G[$#6! HXWH1!
OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xWO=05>LG3/^!!
?$\&>6! 2&\@S! cHXWHd(! 0KO@'F! &>S! 3&#A$K@>)(! 9>! H<20)'22! "+5012?! F! 7(0+01,/!
F..(%,15?! 6)+'$(,+0)$! "+5012! +5(%<$5! +5'! H<20)'22! I%(/-6! "&ƚƌŝĐŬ K͛^ƵůůŝǀĂŶ͕ DĂƌŬ
;G@KO6!&>S!3&#A!0FZ=F@K=!c0SF(d(!+[@>)S=>6!.V=>1!,=NK<$S)$1!HHLBHLI(!
2&O<6! 2(M(6! Q#&>A$>[$#)$#6! ](2(6! u! 3&>'O&>S&6! ,(Y(! cHXXLd(! 2=$F! 9K! "&R! K=!
;O='Ar! ,$&'K@=>F! K=! ;O='A@>)! &>S! /=>FO='A@>)! +S\$#K@F@>)! 4=>K$>K! &G=>)!
8>@\$#F@KR!;KNS$>KF(!M%<(),/!%4!F-&'(+020)$!B'2',(15L!JLcLd6!HPEBHEX(!
!
2$#\@>6!?#$>S&!u!Q=#$G&>BM$#>$K6!C=@F(!cHXWHd(!;$>F$B3&A@>)!3$KO=S=<=)R!
&F!&>!+ZZ#=&'O!K=!8>S$#FK&>S@>)!&>S!2$F@)>@>)!%=#!4&GZ&@)>!+NS@$>'$F1!+!-N#>!K=!
4=GGN>@'&K@>)!4=GGN>@'&K@\$<R(!9>! @<D/01!7%**<)01,+0%)!7,*.,0$)26!,=>&<S!,@'$!
u!4O&#<$F!+KA@>!c0SF(d(!!-O=NF&>S!.&AF6!4&<@%=#>@&1!;&)$!"N[<@'&K@=>!9>'(1!WJIBWPH(!
QNKN#$!=%!9#&`(!cHXXJd(!.%%@'@&<!M$[F@K$(!m3R!M&R!?&'A!3&'O@>$n(!+''$FF$S!=>!
HX!2$'$G[$#6!HXWH1!^^^(%NKN#$@#&`(=#)!
QNKN#$!=%!9#&`(!cHXXId(!4@\@<!^!m5=N-N[$n!+''$FF$S!=>!HH!2$'$G[$#6!HXWH1!
OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\x+M.w:H.A:LAu<@FKx888>79ED_>yQ"&MXNF=M
UVZ+u@>S$VxWL!
QNKN#$! =%! 9#&`(! cHXXEd(! -#&%%@'! "=<@'$G&>6! m5=N-N[$n! +''$FF$S! =>! HH!
2$'$G[$#6!HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xQEWM`<;\VJ8!!
QNKN#$! =%! 9#&`(! cHXXU&d(! 9! &G! 9#&`@6! m5=N-N[$n! +''$FF$S! =>! HL! 2$'$G[$#6!
HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or/,xWu\x3-E-l+04w%Ju%$&KN#$x$>SF'#$$>!!
QNKN#$!=%!9#&`(!cHXXU[d(!9#&`@!Z#=\$#[F6!m5=N-N[$n!+''$FF$S!=>!H*2$'$G[$#6!
HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xI+5I>?bDM_^!
QNKN#$!=%!9#&`(!cHXXU'd(!9#&`@!"#=K$FKF6!m5=N-N[$n!+''$FF$S!=>!HW!2$'$G[$#6!
HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\x-QEb*OC8UME!!!
QNKN#$! =%! 9#&`(! cHXXUSd(! 9#&`@! 8>@KR6! m5=N-N[$n! +''$FF$S! =>! HI! 2$'$G[$#6!
HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\x"^+P4b@+,:+!
QNKN#$! =%! 9#&`(! cHXXU$d(! -O#$$! 9#&`@! ]@SF6! m5=N-N[$n! +''$FF$S! =>! HW!
2$'$G[$#6!HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\x>B,`0Q`KBaF!
QNKN#$! =%! 9#&`(! cHXXU%d(! /$^! ?&[R6! m5=N-N[$n! +''$FF$S! =>! HX! 2$'$G[$#6!
HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\x$l780LH9,wF!
QNKN#$! =%! 9#&`(! cHXXU)d(! Y=K@>)! %=#! KO$! '=>FK@KNK@=>6! m5=N-N[$n! +''$FF$S! =>!
HP!2$'$G[$#6!HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\x:[Z#<DB'D=0!
QNKN#$! =%! 9#&`(! cHXXUOd(! 9#&`@! ! '=>FK@KNK@=>6! m5=N-N[$n! +''$FF$S! =>! HL!
2$'$G[$#6!HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\x@,K=&B%:9w^!
QNKN#$!=%!9#&`(!cHXXU@d(!8;!^@KOS#&^&<6!m5=N-N[$n!+''$FF$S!=>!HJ!2$'$G[$#6!
HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xL8l/VDR-?<'!!
'ƌĂnjĞƌ͕ t͘ &͕͘ Θ <ĞĞƐůŝŶŐ͕'͘ ;ϭϵϵϱͿ͘ dŚĞ ĞĨĨĞĐƚŽĨ ƉƌŝŶƚ ĂĚǀĞƌƚŝƐŝŶŐ͛Ɛ ƵƐĞ ŽĨ
F$VN&<! KO$G$F! =>! [#&>S! #$'&<<! &>S! ZN#'O&F$! @>K$>K@=>1! +! Z#=SN'K! FZ$'@%@'!
@>\$FK@)&K@=>!=%!G&<$!#$FZ=>F$F(!M%<(),/!%4!F../0'-!H<20)'22!B'2',(156!WW!cLd6!JIB*I(!
_&&%!+<@!cHXXId!3-Y!+#&[@&!#$&SR!K=!#='A!3@SS<$!0&FK(!A,(0'+96!;$ZK$G[$#!
H*(! +''$FF$S! =>! HX! 2$'$G[$#6! HXWH1!
OKKZ1jj^^^(\&#@$KR('=Gj&#K@'<$jY,WWWIUIHI*Wjr#$%4&K9SxHL*I!
]&#&G6! ;=NO&@<! cHXWXd(! ;&NS@! R=NKOF! @>! K#=N[<$! =\$#! 3-Y! #$&<@KR! FO=^(!
B'<+'(26!_N>$!W(!!
C&>SF[$#)$#6! ;K$ZO&>! cHXXUd(! 7&#G=>R6! .<RGZ@'! 3&>>$#F! &>S! 3=#&<FB!
4O@>$F$!-$<$\@F@=>!&>S!KO$!f/$^!"#=Z&)&>S&f!=%!"N[<@'!;$#\@'$!+S\$#K@F@>)(!"<(%.',)!
M%<(),/!%4!",2+!F20,)!G+<-0'26!EcHd6!LLWBL**(!
CR>'O6! 3&#'! cHXXPd(! A%01'2! %4! +5'! V'3! F(,D! @<D/01?! 6(,iL! F/#M,P''(,L! ,)-!
O0--/'!",2+!@%/0+012!8%-,9(!/$^!5=#A1!4=<NG[@&!8>@\$#F@KR!"#$FF(!!
CR>'O6!3&#'(!cHXXPd(!"N[<@'!.Z@>@=>!;N#\$R!,$F$&#'O!&>S!"N[<@'!2@Z<=G&'R(!9>!
@<D/01! C0./%*,19?! @(,1+0+0%)'(2L! @%/019! O,>'(2L! ,)-! @<D/01! N.0)0%)6! _=FON&! ;(! Q=NKF!
c0S(d(! "N[<@'! 2@Z<=G&'R! &>S! M=#<S! "N[<@'! .Z@>@=>! Q=#NG6! +Z#@<! UBWW6! M&FO@>)K=>6!
"$^! ,$F$&#'O! 4$>K$#(! +''$FF$S! =>! WH! 2$'$G[$#6! HXWH1!
OKKZ1jjNF'ZN[<@'S@Z<=G&'R(=#)jZN[Fj#$Z=#KFjXPXUHPy%=NKF(ZS%!!
3?4(>$K(! cHXWHd(! 3?4L! ,$FZ=>SF! K=! KO$! 4<$#@'! 3=O&GG$S! +<B+#$%@(! 3?46!
2$'$G[$#! HJ(! +''$FF$S! =>! H*! 2$'$G[$#6! HXWH1!
OKKZ1jj^^^(G['(>$Kj&#jG['Wj&#K@'<$Fj!
tE+t2UtEWt2UtE+(OKG<ä'=GG$>KtI4<@FK!!
!
! ! !
3-Y! +#&[@&(! cHXXE&d(! "#=G=K@=>! 96! _N<R! W*6! m5=N-N[$n! +''$FF$S! =>! HP!
2$'$G[$#6! HXWH1!
OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\x=AX]ZELU,^9u<@FKx88$$*[C#:3)/);bGQ;KR;PE
wu@>S$VxL*!
3-Y! +#&[@&(! cHXXE[d(! "#=G=K@=>! 996! _N<R! W*6! m5=N-N[$n! +''$FF$S! =>! HP!
2$'$G[$#6! HXWH1!
OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\x'&KFUV=2O`=u<@FKx88$$*[C#:3)/);bGQ;KR;PE
w!!
3-Y! +#&[@&(! cHXXE'd(! :@#<F! ?&>&K6! _N<R! WP6! m5=N-N[$n! +''$FF$S! =>! HP!
2$'$G[$#6! HXWH1!
OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xF+[V0?`N3&3u<@FKx88$$*[C#:3)/);bGQ;KR;P
Ewu@>S$VxLL!
3-Y!+#&[@&(!!cHXXU&d(!=>!S#@\@>)!F&%$<R6!_&>N&#R!HU6!m5=N-N[$n!+''$FF$S!=>!
HP! 2$'$G[$#6! HXWH1!
OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xCG:%@l$ANA^u<@FKx88?[XSbP^I[MA0C@-F'PQS)
w!!
3-Y!+#&[@&(!cHXXU[d(!=>!&>K@B'N#F@>)!96!_&>N&#R!HE6!m5=N-N[$n!+''$FF$S!=>!HP!
2$'$G[$#6! HXWH1!
OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xa*@A)l@-^3Ju<@FKx88?[XSbP^I[MA0C@-F'PQS)
w!
3-Y!+#&[@&(!cHXXU'd(!=>!&>K@B'N#F@>)!99!_&>N&#R!HE6!m5=N-N[$n!+''$FF$S!=>!HP!
2$'$G[$#6! HXWH1!
OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\x<[YYa02AA;Eu<@FKx88?[XSbP^I[MA0C@-F'PQS)
w!
K͛Ăƌƌ͕ tŝůůŝĂŵ ;HXWHd(! "N[<@'! ;$#\@'$! +S\$#K@F@>)! &>S! "#=Z&)&>S&(!
F-&'(+020)$!p!G%10'+9!B'&0'3(!WLcHd(!
"@'AK=>6!2(!&>S!?#=S$#@'A6!+(!cHXX*d(!6)+'$(,+'-!O,(>'+0)$!7%**<)01,+0%)2(!
0S@>[N#)O1!"$&#F=>!0SN'&K@=>!C@G@K$S(!
"<&@F&>'$6! "&K#@'A! C(! cHXXUd(! O'-0,! "+5012?! Z'9! @(0)10./'2! 4%(! B'2.%)20D/'!
@(,1+01'(!-O=NF&>S!.&AF6!4&<@%=#>@&1!;&)$!"N[<@'&K@=>!9>'(!
;&R! >=! K=! K$##=#! c>(S(d(! -^@KK$#! Z&)$(! +''$FF$S! =>! HW! 2$'$G[$#6! HXWH1!!
OKKZ1jjK^@KK$#('=GjF&R>=K=K$##=#!!
;&R! >=! K=! K$##=#(! cHXXUd(! Q&'$[==A! Z&)$(! +''$FF$S! =>! HL! 2$'$G[$#6! HXWH1!!!
OKKZF1jj^^^(%&'$[==A('=GjF&R>=K=K$##=#!
;&R! >=! K=! K$##=#(! cHXWX&d(! 5=N-N[$! 4O&>>$<6! m5=N-N[$n! +''$FF$S! =>! HJ!
2$'$G[$#6! HXWH1!!
OKKZ1jj^^^(R=NKN[$('=GjNF$#jF&R>=K=K$##=#r%$&KN#$x#$FN<KFyG&@>!!
;&R! >=! K=! K$##=#(! cHXWX[d(! /=! <@%$! ^O$#$! K$##=#@FG! #$F@S$F6! m5=N-N[$n!
+''$FF$S! =>! HX! 2$'$G[$#6! HXWH1!
OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xl%&CH#V@*''u<@FKx88-<Q&E7,+R%LJ;,LP*`HG;^!!
;N#A6!?&#[&#&!cHXXId(!3-Y!C==AF!K=!4=>`N$#!3@SS<$!0&FK!3&#A$K(!F22%10,+'-!
@('226!/=\$G[$#!WE(!
-$##=#! O&F! >=! #$<@)@=>(! cHXXPd(! m3R! M&R! ?&'A! 3&'O@>$n(! +''$FF$S! =>! HX!
2$'$G[$#6!HXWH(!!OKKZ1jj^^^(>=K$##=#(@>%=j!
-$##=#! O&F! >=! #$<@)@=>(! cHXXI&d(! ;N@'@S&<! -$##=#6! m5=N-N[$n! +''$FF$S! =>! HP!
2$'$G[$#6!HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xJ_[S[5<#LAAu%$&KN#$x#$<&K$S!
-$##=#! O&F! >=! #$<@)@=>(! cHXXI[d(! 9>K#NF@=>6! m5=N-N[$n! +''$FF$S! =>! HW!
2$'$G[$#6!HXWH1!!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xbKPDI*;$RC)!!
-$##=#!O&F!>=!#$<@)@=>(!cHXXI'd(!]>=^!R=N#!$>$GR6!m5=N-N[$n!+''$FF$S!=>!HH!
2$'$G[$#6!HXWH1!!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\x'4CRP]\]?#5!!
-$##=#! O&F! >=! #$<@)@=>(! cHXXISd(! -O$! 3&K'O6! m5=N-N[$n! +''$FF$S! =>! HH!
2$'$G[$#6!HXWH1!!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xPXJBb.VBlL5u%$&KN#$x#$<G%N!
!
-$##=#!O&F!>=!#$<@)@=>(!cHXXI$d(!9#&`@!Q==K[&<<!-$&G6!m5=N-N[$n!+''$FF$S!=>!
HP!2$'$G[$#6!HXWH1!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\x'N>^W3M^/UX!!
-$##=#! O&F! >=! #$<@)@=>(! cHXXI%d(! ]@S>&ZZ@>)6! m5=N-N[$n! +''$FF$S! =>! HL!
2$'$G[$#6!HXWH1!!OKKZ1jj^^^(R=NKN[$('=Gj^&K'Or\xX.O@a9Z"w>^!
-$##=#@FG!O&F!>=!#$<@)@=>(!cHXWXd(!Q&'$[==A!Z&)$(!+''$FF$S!=>!WE!2$'$G[$#6!
HXWH1!OKKZ1jj^^^(%&'$[==A('=GjG$S@&jF$KjrF$Kx\[(WXU*EXHWUXE*PU*uKRZ$xH!
-O$! ?4+"! 4=S$1! -O$! 8]! 4=S$! =%! ?#=&S'&FK! +S\$#K@F@>)(! c>(S(d(! 7&#G! &>S!
.%%$>'$! u! ;'O$SN<@>)(! +''$FF$S! =>! HL! 2$'$G[$#6! HXWH1!
OKKZ1jj^^^('&Z(=#)(NAj+S\$#K@F@>)B
4=S$FjãjG$S@&jQ@<$Fj4+"j4=S$FtHX?4+"tHXZS%j?4+"tHX;$'K@=>tHXJ(&FOV!
-O$! :<=[&<! 4&GZ&@)>! K=! ;NZZ=#K! "#=ZO$K! 3=O&GG$S6! cHXWHd(! Q&'$[==A!
Z&)$(!OKKZF1jj^^^(%&'$[==A('=Gj,&FF=N<(+<<&O(Q@<G!!
-O$!8Z#@F@>)!=%!M=G$>!@>!KO$!+#&[!M=#<S(!cHXWH&d(!Q&'$[==A!Z&)$(!+''$FF$S!
=>!WL!2$'$G[$#6!HXWH1!OKKZF1jj^^^(%&'$[==A('=Gj@>K@%&S&K(&<G&#H&!!
-O$!8Z#@F@>)!=%!M=G$>!@>!KO$!+#&[!M=#<S(!cHXWH[d(!-^@KK$#!Z&)$(!+''$FF$S!
=>!WL!2$'$G[$#6!HXWH1!OKKZF1jjK^@KK$#('=Gj8Z#@F@>).%M=G$>!!
-O$! 8Z#@F@>)! =%! M=G$>! @>! KO$! +#&[! M=#<S(! ! cHXWH'd(! +''$FF$S! =>! WL!
2$'$G[$#6!HXWH1!OKKZ1jjNZ#@F@>)=%^=G$>@>KO$&#&[^=#<S(=#)j$>j!
M@A@<$&AF(! cHXXUd(! 9S$=<=)@'&<! &>S! .^>$#FO@Z! -#$>SF! @>! KO$! ;&NS@! 3$S@&(!
XU,95+27P*W! 0G[&FFR! ,@R&SO6! WW! 3&R(! +''$FF$S! =>! HP! 2$'$G[$#6! HXWH1!
OKKZ1jj^@A@<$&AF(=#)j'&[<$jHXXUjX*jXU,95+27P*W(OKG<!
l&R&>@6! 3=O&G$S! cHXX*d(! 9>K#=SN'K@=>! ʹ! +<! _&D$$#&! &>S! KO$! Y@'@FF@KNS$F! =%!
KO$! /$^! +#&[!3$S@&F'&Z$:! 9>! F/!M,P''(,!@5')%*')%)?!7(0+01,/!@'(2.'1+0&'2!%)!V'3!
F(,D!O'-0,6!3=O&G$S!l&R&>@!c$S(d(!C=>S=>1!"<NK=!"#$FF(!
! !
!
! ! !
!
!
>1!)L+271+37/1!3:(/B.:!6).+6!().B6+37/18!!
71!3B(G)=!*(/2!+1!)3:7,+6!5)(85),370)!
!
ĞƚƺůPŶĂLJŽŒĂŶ1!
!
!
>?83(+,3!
+F! &! '=>'<NF@=>! =%! S$\$<=ZG$>KF! @>! G&FF! G$S@&6! $KO@'! '=S$F! #$<&K$S! K=!
'=GGN>@'&K@=>! Z#=%$FF@=>! O&F! [$'=G$! &! K=Z@'! =%! S@F'NFF@=>(! 0KO@'&<! [$O&\@=#! =%!
&S\$#K@F$G$>K! $GZ<=R$$F! KO&K! O&F! Z#=SN'KF! @>! G$S@&! @>! KO@F! %#&G$^=#A! &>S!
#$)N<&K@=>F!&#=N>S!&S\$#K@F$G$>KF!&#$!&<F=!$>S$S!NZ!^@KO!&KK#&'K@>)!&KK$>K@=>(!C=KF!
=%! '=N>K#@$F! &#$! FZ$'@%R@>)! KO$@#! =^>! G=#&<! FK&>S&#SF! K=^&#SF! &S\$#K@F$G$>K(! -O$!
%&'K!KO&K!<$)&<!#$)N<&K@=>F!KO#=N)O!&S\$#K@F$G$>K!S=!>=K!)=!@>K=!Z&#K@'N<&#F!&>S!KO$!
>$$S!=%!&S\$#K@F$#F!O&\@>)!KO$@#!=^>!F$<%B&NS@K!O&\$![$$>!&''$ZK$S!@>!)$>$#&<(!9>!KO@F!
FKNSR6! &S\$#K@F$G$>K! @>! -N#A$R! @F! $V&G@>$S! N>S$#! KO$! K@K<$F! =%! <$)&<! #$)N<&K@=>F6!
#$)N<&K@=>!'=N>'@<F6!F$<%B&NS@K!&>S!$KO@'F!\@&!S$F'#@ZK@\$!&>&<RF@F!G$KO=S(!?R!Z=@>K@>)!
=NK! KO$! O@FK=#@'&<! @GZ#=\$G$>K! =%! &S\$#K@F$G$>K6! #$)N<&K@=>F! [$<=>)@>)! K=!
&S\$#K@F$G$>K6! '=N>'@<F! KO&K! [$O&\$! @>! KO$! '=>K$VK! =%! KO$F$! #$)N<&K@=>F! &>S!
=#)&>@D&K@=>F! '#$&K$S! [R! &S\$#K@F$#F! &#$! @>\$FK@)&K$S(! 4=>K#@[NK@=>!=%! KO$F$! FKNS@$F!
&[=NK! &S\$#K@F$G$>K! #$)N<&K@=>F! &>S! FK#N'KN#$! =%! =#)&>@D&K@=>! K=! &S\$#K@F$G$>K!
$KO@'F!@F!S@F'NFF$S!^@KO!$V&GZ<$F!&>S!&>K@'@Z&K=#R!&ZZ<@'&K@=>F!KO&K!GNFK![$!S=>$!@F!
G&S$!$\&<N&K@=>F!=%(!
!
@)=!9/(48A!+S\$#K@F$G$>K!@>!-N#A$R6!$KO@'&<!#$)N<&K@=>F6!F$<%B&NS@K!
!
!
"13(/4B,37/1!
M@KO!KO$!FO=#K$FK!FK&K$G$>K6!&S\$#K@F$G$>K!@F!$FK&[<@FO@>)!&>Sj=#!K#&>FG@KK@>)!@S$&F!
@>! =#S$#! K=!=#@$>K! '=>FNG$#! K=! ZN#'O&F@>)! %=#! &! Z#=SN'K! =#! F$#\@'$(! +S\$#K@F$G$>K1!
$G$#)$F! &F! &! '=>'<NF@=>! =%! &! SR>&G@'! Z#='$SN#$! @>! KO$! '=>K$VK! =%! &S\$#K@F$#F6!
&S\$#K@F$G$>K! &)$>'@$F6! Z#=SN'$#F! &>S! G$S@NGF! KO&K! &S\$#K@F$G$>K! @F! ZN[<@FO$S(!
-O$! G&@>!=>$! =%!KO$F$! S='K#@>$F! KO&K! &#$! @>K$>S$S! K=! N>S$#FK&>S! KO$! Z#='$SN#$! @F!
&[[#$\@&K@=>F! KO&K! @F! NF$S! K=! $VZ#$FF! '=>FK@KNK@=>! Z#='$FF! =%! &S\$#K@F$G$>K! \@&! &!
[&F@'! <&>)N&)$(! Q=#! $V&GZ<$1! +9,"+! c+KK$>K@=>6! 9>K$#$FK6! ,$`N$FK6! "$#FN&F@=>! &>S!
+'K@=>d! KO&K! FK&K$F! KO$! ZN#'O&F$! Z#='$FF! @F! =>$! =%! KO$F$! cQ=FK$#6! WUUI1! WXd(! -O$#$!
$V@FK!K^=!@GZ=#K&>K!&''$>KF!@>!KO$F$!&[[#$\@&K@=>F!KO&K!&#$!$VZ#$FF$S!K=![$!A$RF!K=!
&%%$'K@\$! &S\$#K@F$G$>KF! @>! )$>$#&<1! &KK#&'K! &KK$>K@=>! &>S! Z$#FN&S$(! :$KK@>)! =NK! =%!
KO$! '=>FN$KNS@>&#R! G$&>F! )$KK@>)! =>$! G=#$! FK$Z! '<=F$#! K=! &'`N@#$! KO$F$! K^=!
$<$G$>KF! %=#! &S\$#K@F$#F(! +S\$#K@F$G$>K6! KO&K! @F! S$F@#$S! K=! '=G$! NZ! ^@KO! &! 'O&>)$!
KO#=N)O!&'K@=>!@>!K&#)$K!G&#A$K!Z$#'$ZK@=>!@>!=#S$#!K=!O&\$!@>'#$&F$!@>!F&<$!%@)N#$F!=%!
&!Z#=SN'K!=#!F$#\@'$6!O&F![$$>!&!K=Z@'!K=!$KO@'&<!#$)N<&K@=>F!@>!KO$!Z=@>K!=%!#=NK$!G&Z!
KO&K!@F!%=<<=^$S!@>!=#S$#!K=!&KK#&'K!&KK$>K@=>!&>S!Z$#FN&S$(!
!
MO$>! ^$! <==A! &K! O@FK=#@'&<! @GZ#=\$G$>KF6! $%%=#K! =%! \@<<&)$! [$<<G$>! K=! #$&'O! KO$!
[NR$#!@>!=#S$#!K=!F$<<!F<&\$F!@>!?(4(!LXXX!@F!FK&K$S!K=![$!KO$!S&K$!KO&K!&S\$#K@F$G$>K!
^&F! FK&#K$S! @>! KO$! Z#@G$\&<! $#&(! ?NK! &S\$#K@F$G$>K! @>! KO$! G$&>@>)! KO&K! ^$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!"O(2(!9FK&>[N<!8>@\$#F@KR6!4=GGN>@'&K@=>!Q&'N<KR!
[$KN<=>&Ri)G&@<('=G!
!
N>S$#FK&>S!@>!=N#!K@G$F!KO&K!@F!KO$!$%%=#K!=%!Z<&>>$S!@>%=#G@>)!@>!G&FF!G$S@&!&@G@>)!
F&<$6! $G$#)$S! KO#=N)O! KO$! FK&#K! =%! ^#@KK$>! G&K$#@&<F! #$&'O@>)! ^@S$! )#=NZ! [R! KO$!
@>\$>K@=>!=%!Z#$FF(!
!
+S\$#K@F$G$>K!FKNS@$F!KO&K!'=>K@>N$F!@KF!^&R!=>!&!KO@>!<@>$!@>!KO$!Z=@>K!=%!$KO@'F6!O&F!
'=G$!S=^>!K=!KO$F$!S&RF!&F!.KK=G&>!O$#@K&)$!@>!-N#A$R(!+S\$#K@F$G$>K!&ZZ<@'&K@=>F!
@>! -N#A$R! KO&K! O&\$! &! S$$ZB#=KK$S! 'N<KN#$6! @F! K#@$S! K=! [$! $>O&>'$S! &>S! @GZ#=\$S!
'=>K@>N=NF<R! ^@KO! FK#&K$)@'! #$)N<&K@=>F! &>S! FNZ$#\@F@=>F(! C$)&<! #$)N<&K@=>F6! &F! KO$R!
S=!@>!<=KF!=%!'=N>K#@$F6!=><R!O$<Z!FZ$'@%R@>)!KO$!)$>$#&<!%#&G$^=#A6!^O$#$!KO$!S$K&@<F!
&#$!FO&Z$S!KO#=N)O!KO$!@>@K@&K@\$F!=%!)=\$#>G$>K&<!'=N>'@<F!=#!F$<%B&NS@K(!9>!=#S$#!K=!
'=G$! NZ! ^@KO! &! #$<@&[<$! &>&<RF@F! @>! KO$! FKNSR6! FN[b$'KF! =%! &S\$#K@F$G$>K! &>S!$KO@'F!
&>S! &S\$#K@F$G$>K! O@FK=#R! @>! -N#A$R! ^@<<! [$! $V&G@>$S! [#@$%<R! &>S! KO#=N)O! KO@F!
Z$#FZ$'K@\$6!O=^!-N#A$R!S$&<F!^@KO!KO$!FN[b$'K!=%!$KO@'F!^@<<![$!Z#=[$S(!9>!KO@F!^&R6!
ƌĞŐƵůĂƚŝŽŶƐ͛ ƉŽŝŶƚƐ ƚŚ&K! GNFK! F$#\$! &F! &! G=S$<! &>S! S$%@'@$>'@$F! ^@<<! K#@$S! K=! [$!
S$K$#G@>$S(!!
!
>40)(378)2)13!+14!%3:7,8!
dŚĞ ǁŽƌĚ ŽĨ ĞƚŚŝĐƐ ŝƐ ĚĞƌŝǀĞĚ ĨƌŽŵ ƚŚĞ ǁŽƌĚ ͞ĞƚŚŽƐ͟ ƚŚĂƚ ŵĞĂŶƐ ͞ĐŚĂƌĂĐƚĞƌ͟ ŝŶ
'ƌĞĞŬ͘ŶĚƚŚĞĞƚŚŝĐƐĐŽŶĐĞƉƚƚŚĂƚŝƐĚĞƌŝǀĞĚĨƌŽŵ͞ĞƚŚŽƐ͟ƌĞǀĞĂůƐƚŚĞĐŽŶĐůƵƐŝŽ>!=%!
$V&G@>@>)! G=#&<! #N<$F! &>S! \&<N$F! [R! Z=@>K@>)! =NK! KO$! @S$&<! &>S! &[FK#&'K(! 0KO@'F6! @>!
&SS@K@=>! K=! [$@>)! Z#$S@'&K$S! =>! >N>'NZ&K@\$6! &[FK#&'K! G=#&<! #N<$F6! @F! K#R@>)! K=!
@GZ<$G$>K! ^O&K! GNFK! [$! N>S$#FK==S! %#=G! KO$F$! &[FK#&'K! '=>'$ZKF(! 9>! KO@F! Z=@>K6!
$KO@'!#N<$F!&#$!$VZ$'K$S!K=![$!@GZ#=\$S!@>!KO$!@>F'#@ZK@\$!#N<$F!KO&K!&#$!&[=NK!&!'<$&#!
&>S!FZ$'@%@$S!&#$&(!Q=#!$V&GZ<$6!%=#!&#$&F!<@A$!$KO@'F!=%!&#K6!$KO@'F!=%!Z=<@K@'F6!$KO@'F!=%!
$SN'&K@=>!$K'(!@>!&SS@K@=>!K=!KO$!%&'K!KO&K!KO$#$!$V@FK!'=GG=>!Z#@>'@Z<$F6!KO$#$!&<F=!
$V@FK!FN@!)$>$#@F!Z#@>'@Z<$F!%=#!$&'O!=%!KO$!&#$&F!c0<S$>6!HXXU1!HX*d(!3$>K@=>@>)!&[=NK!
ĞƚŚŝĐƉƌŝŶĐŝƉůĞƐŝŶƐƉĞĐŝĨŝĐĞdžƉĞƌƚŝƐĞĂƌĞĂƐĐĂƵƐĞĚ͞ďƵƐŝŶĞƐƐĞƚŚŝĐƐ͟ƚŽƌŝƐĞ͘ƵƐŝŶĞƐƐ
$KO@'F! @F! &[=NK! ^O&K! Z$=Z<$6! KO&K! Z$#%=#GF! &! FZ$'@%@'! Z#=%$FF@=>6! GNFK! =#! GNFK! >=K!
S=(!+<<!KO$![NF@>$FF!Z#@>'@Z<$F!&@G$S!K=![$!&F!%&#!KO$![$FK!&F!KO$R!'&>(!Q=#!KO@F!#$&F=>6!
[NF@>$FF!@F!S$K$#G@>$S![R!>=K!=><R!K$'O>@'&<!#N<$F![NK!&<F=!@KF!^&R!=%!&%%$'K@>)!=KO$#!
Z$=Z<$(!
!
M@KO! '=GGN>@'&K@=>! [$'=G@>)! &>! @>K$#S@F'@Z<@>&#R! $VZ$#K@F$6! KO$! FK&#K! =%!
ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƉƌŽĨĞƐƐŝŽŶĂůƐ͛ ƚƌĂŝŶŝŶŐƐŵĂĚĞ ŝƚ ŽďůŝŐĂƚŽƌLJ ƚŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶĞƚŚŝĐƐ
K=! [$! FZ$'@%@$S(! M@KO! '=GGN>@'&K@=>! $KO@'F6! &>! $KO@'F! N>S$#FK&>S@>)! =%! =KO$#!
Z#=%$FF@=>F!KO&K!@F![&F$S!=>!'=GGN>@'&K@=>!@F!&<F=!G$>K@=>$S!&K!KO$!F&G$!K@G$(!
!
;KNS@$F!&>S!#$F$&#'O$F!&[=NK!'=GGN>@'&K@=>!$KO@'F!&#$!&''$<$#&K$S!^@KO!KO$!)#=^KO!
&>S!\&#@&K@=>!=%!G&FF!G$S@&(!9>!KO@F!'=>K$VK6!FN[b$'KF!<@A$!G$S@&!#$FZ=>F@[@<@KR6!G$S@&!
Z$#%=#G&>'$6! ZN[<@'! [$>$%@K6! '=>FK@KNK$F! @GZ=#K&>K! K@K<$F! =%! '=GGN>@'&K@=>! $KO@'F(!
,-å]! c,&S@=! &>S! -$<$\@F@=>! ;NZ#$G$! 4=N>'@<d! N>S$#K&A$F! @GZ=#K&>K! K&FAF! @>! KO$!
#$)N<&K@=>F! @>! KO$! &#$&! =%! G$S@&! @>! -N#A$R(! MO$#$! ,-å]! @>'<NS$F! )$>$#&<! FKNS@$F!
&[=NK! G$S@&6! ^@KO! KO$! Z#@\&K@D&K@=>! =%! Z#=%$FF@=>! &#$&F! KO&K! [$<=>)! K=!
'=GGN>@'&K@=>6!#$)N<&K@=>F!KO&K![$<=>)!K=!KO$F$!Z#=%$FF@=>F!&<F=!)$K!Z#@\&K@D$S(!
"#$FF6! F=! K=! F&R! b=N#>&<@FG6! @F! &! '=GGN>@'&K@=>! Z#=%$FF@=>! KO&K! O&F! KO$! =<S$FK!
Z#@>'@Z<$F(! +S\$#K@F$G$>K6! KO&K! O&F! &! )=&<! =%! &%%$'K@>)! Z$=Z<$! K=^&#SF! ZN#'O&F$6!
ĐĂŵĞƚŽĚĂLJůŝŐŚƚĂĨƚĞƌŵĂƐƐŵĞĚŝĂ͛ƐŐƌŽǁŝŶŐĂĨĨĞĐƚĂŶS!&K!KO$!F&G$!#&K$6!#$)N<&K@=>F!
&[=NK!&S\$#K@F$G$>K!&>S!$KO@'!Z#@>'@Z<$F!O&\$![$$>!&!K=Z@'!K=!S@F'NFF@=>F(!
!
+S\$#K@F$G$>K6!^@KO!@KF!@GZ#=\$G$>K6!O&F![$$>!'#@K@'@D$S!&!<=K6!@>!&SS@K@=>!K=!&!G&FF!
KO&K! S$%$>SF! &S\$#K@F$G$>K(! ;NZZ=#K$#F! =%! &S\$#K@F$G$>K6! $VZ#$FF$F! KO$! %&'K! KO&K!
KO$#$! @F! KO$! >$$S! =%! &S\$#K@F$G$>K! [$%=#$! ZN#'O&F$! =%! &! Z#=SN'K! =#! F$#\@'$! [R!
!
! ! !
#$%$#$>'@>)! @>%=#G@>)! F@S$! =%! &S\$#K@F$G$>K(! -O$! Z=@>K! K=! [$! '&#$%N<! O$#$! @F! KO&K!
^O$KO$#!`N&<@%@$S!@>%=#G&K@=>!@F!F$#\$S!=#!>=K(!+)&@>!KO$!FNZZ=#K@>)!@S$&F!'<&@G!KO&K!
KO$!G=FK!@GZ=#K&>K!`N&<@%@'&K@=>!=%!&S\$#K@F$G$>K!@F!&<#$&SR!Z=@>K@>)!=NK!F=G$KO@>)!
KO&K!$V@FKF(! +S\$#K@F$G$>K! O&F! &>! @GZ=#K&>K! #=<$! @>!KO$! Z#='$FF!=%! #$&<@D&K@=>!=%! &>!
$V@FK@>)!%&'K![R!@KF!K&#)$K!G&FF!&F!&!'=>'<NF@=>!=%!F$<$'K@\$!Z$#'$ZK@=>(!
!
-O$!G&@>!'#@K@'!KO&K!@F!@>K$>S$S!K=!&S\$#K@F$G$>K!@F!KO$!@>%=#G&K@=>!@F!=>$B^&R!^O$#$!
@>%=#G@>)!&[=NK!&!Z#=SN'K!=#!F$#\@'$!@F!=><R!@>K$>F@%@$S!K=^&#SF!Z=F@K@\$!%$&KN#$F6!&>S!
NF$#F! #$&<@D$! KO$! >$)&K@\$! Z&#KF! &[=NK! KO$! Z#=SN'K! =#! F$#\@'$! &%K$#! KO$! ZN#'O&F@>)!
[$O&\@=#(!9>!KO@F!Z=@>K6!&S\$#K@F$G$>K!@F!&''NF$S!=%![$@>)!S$'$ZK@\$(!+>=KO$#!'#@K@'!@F!
&[=NK!KO$!%&'K!KO&K!&S\$#K@F$#F!'#$&K$!>$$SF!KO&K!S=!>=K!&'KN&<<R!$V@FK(!-O@F!F@KN&K@=>!
#$FN<KF!@>!KO$!'=>'<NF@=>!=%!K&#)$K!G&FF6![$@>)!G&>@ZN<&K$S(!
!
4#@K@'F! KO&K! %=<<=^! +S=#>=! &>S! 7=#AO$@G$#! '$>FN#$F! &S\$#K@F$#F! =%! KO&K! KO$R!
)<=[&<@D$S! %&A$! @G&)$F! =%! ^$&<KO6! @>>=\&K@=>! &>S! %#$$S=G! =%! 'O=@'$(! +''=#S@>)! K=!
KO$F$! '#@K@'F6! &S\$#K@F@>)! @F! KO$! <$\$#! =%! '&Z@K&<@FG! &F! &! Z#=%$FF@=>! =%! @<<NF@=>F(!
+S\$#K@F$G$>K! @F! &! =>$BF@S$S! '=GGN>@'&K@=>! [$K^$$>! Z#=SN'$#! &>S! '=>FNG$#(! 9K!
[#@>)F! =NK! @>>=\&K@=>! %$K@FO@FG! &>S! S=G@>&>'$! =%! $VZ$#KF(! 9K! $VZ<=@KF! F$VN&<@KR! &>S!
'O@<S#$>! &>S! G=#$! KO&>! &S\$#K@F@>)! Z#=SN'KF6! @K! F$@D$F! '=>FNGZK@=>! &F! &! <@%$FKR<$!
c8DN>6! HXXId(! -O$! =><R! ^&R! %=#! &S\$#K@F$#F! K=! FK&>S! @>! %#=>K! =%! KO$F$! '#@K@'F! @F!
$V@FK$>'$!=%!&S\$#K@F$#F!^O=!&S=ZK!O=>$FKR!&F!&!Z#@>'@Z<$!&>S!&#$!'=>F'@=NF!=%!KO$@#!
ZN[<@'! #$FZ=>F@[@<@K@$F(! -O$F$! '#@K@'F! G&S$! %=#'$F! &S\$#K@F$#F! K=! [$'=G$! G=#$!
ƌĞƐƉŽŶƐŝďůĞ ŝŶ ƚŚĞ ĂƌĞĂƐ ĞdžƉƌĞƐƐĞĚ ĂƐ ͞ĞƚŚŝĐĂů͟ ĂŶĚ ŵĂŬĞ ŝƚ =[<@)&K=#R! K=! &'K! G=#$!
'&#$%N<!@>!KO$!>&G$!=%!&ZZ<@'&K@=>F!%=#!&S\$#K@F$#F(!
Q#=G!KO$! K@G$! KO&K!&S\$#K@F$G$>K! ^&F! FK&#K$S!K=![$!NF$S!'=>'$ZKN&<<R6!KO$#$!O&\$!
[$$>! \&#@=NF! S@F'NFF@=>F! @>! KO$! '=>K$VK! =%! &S\$#K@F$G$>K! &>S! $KO@'F(! M$! G&R! <@FK!
KO$F$!S@F'NFF@=>F!&F!K@K<$F![#@$%<R!c4=O&>6!HXXWd1!
x +S\$#K@F$G$>K!@GZ=F$F!KO$!@S$&!KO&K!Z=FF$FF@>)!KO@>)F!&<F=![#@>)F!O&ZZ@>$FF(!
Y$#R!<$FF!=%!&S\$#K@F$G$>KF!O@)O<@)OKF!F$>F$!=%!'=>F'@$>'$!&>S!Z#=\@S$F!=ZZ=#KN>@KR!
=%!&!^@S$#!Z$#FZ$'K@\$!K=!KO$!KO@>)F!O&ZZ$>@>)!&<<!=\$#!KO$!^=#<S(!
x +>=KO$#! '=GZ<&@>K! KO&K! @F! #&@F$S! @F! KO&K! &S\$#K@F$G$>K! Z#=SN'$S! @KF! =^>!
ǀĂůƵĞƐĂŶĚƉƌĞƐĞŶƚƐƚŚĞƐĞĂƐ͞ŐŽŽĚ͘͟/ŶƚŚŝƐƉƌŽĐĞƐƐ͕ŝƚŝƐŶŽƚŝŵƉŽƌƚĂŶƚŝĨĐŽƐƚƵŵĞƌ
>$$SF! KO$! Z#=SN'K! =#! >=K(! +S\$#K@F$G$>K! Z#$F$>KF! @K! &F! &! #$`N@#$G$>K! ʹ! >$$S! &>S!
G&A$F!@K!K=![$!%$<K!<@A$!KO@F(!
x +S\$#K@F$G$>K! &[NF$F! =N#! ZORF@'&<! ^@FO$F6! S$F@#$F6! &>S! =N#! [=SRh! [R! NF@>)!
[=SR!G&A$F!G$>!&>S!^=G$>![=KO!K$>S!K=![$!S$'$@\$S!$`N&<<R(!
x +S\$#K@F$G$>K6!&K!KO$!Z=@>K!=%!'=>\@>'@>)6!K#@$F!K=!ZNK!<=)@'&<!KO@>A@>)!=>!KO$!
[&'A! [N#>$#(! Q=#! $V&GZ<$6! <@A$! KO$! K#@&<! =%! @)>=#&>'$! =%! O&#G%N<! Z=@>KF! @>! KO$!
'=>FNGZK@=>!=%!&'@S@'!S#@>AF6!&<'=O=<!&>S!'@)&#$KK$F(!
x +S\$#K@F$G$>K! @F! &! ^&R! =%! $>K$#K&@>G$>K! KO&K! '=>K&@>F! ZO=K=)#&ZOF6! FG&#K!
'&K'O^=#SF6!FZ$'@&<!$%%$'KF6!G=\$G$>K!&>S!GNF@'(!?NK!@K!NF$F!KO@F!$>K$#K&@>G$>K!K=!
'&K'O!KO$!&KK$>K@=>!&>S!Z$#'$ZK@=>!=%!@KF!K&#)$K!G&FF!&>S!K=!F$K!@>!G=K@=>(!
x +S\$#K@F$G$>KF! &#$! =[<@)$S! K=! K$<<! KO$! K#NKO! @>! KO$! %#&G$^=#A! =%! <&^F(! ?NK!
ĚĞĐůĂƌĂƚŝŽŶƐ ůŝŬĞ ͞ŵŽƐƚ ůŝŬĞĚ͕͟ ͞ƚŚĞ ďĞƐƚ͟ ĂƌĞ ǁĞůĐŽŵĞĚ ĂƐ ƉĞŽƉůĞ ƐĞĞ ůŝƚƚůĞ
$V&))$#&K@=>!&[=NK!KO$!Z#=SN'K!@F!Z&#K!=%!KO$!#N<$(!
!
-O$! G&@>! '#@K@'! &[=NK! KO$! '=>K$>K! =%! &S\$#K@F$G$>K! @F! F$VN&<@KR! &>S! 'O@<S#$>(!
;$VN&<@KR!F$$GF!K=![$!^&#Z$S6!S$'=#&K$S!^@KO!Z&KK$#>F6!&^&R!%#=G!KO$!#$&<!G$&>@>)!
=%!KO$!'=>'$ZK6!&>S!G&S$!K=![$!'=>FNGZK@=>B@>S$V$S!@>!&S\$#K@F$G$>KF(!;$VN&<@KR!@>!
&S\$#K@F$G$>KF! [#@>)F! =NK! KO$! >$)&K@\$! G$FF&)$F! KO&K! &#$! S$FK#N'K@\$! @>! F='@&<! &>S!
ZFR'O=<=)@'&<!F$>F$F6! FK@)G&K@D$S!K=!G&FF$F(!9>!&S\$#K@F$G$>KF6!<=\$! @F!S$)#&S$S!K=!
!
G&K$#@&<!^O$#$!G&K$#@&<!@F!S$)#&S$S!K=!KO$!<$\$<!=%!<=\$!c]@<[=#N>$6!HXX*1!WWUBWHHd(!
9>!&SS@K@=>!K=!KO@F6!F=G$!&S\$#K@F$G$>KF!KO&K!&#$!'=>K#&S@'K=#R!^@KO!F='@&<!>=#GF!&>S!
'=>%<@'KF!^@KO!G=#&<!\&<N$F!<$)@K@G&K$F!KO$!F@KN&K@=>!KO&K!KO$R!Z$#%=#G(!+)&@>!&>=KO$#!
>$)&K@\$! F@S$! =%! KO$! F$VN&<B'=>K$>K$S! &S\$#K@F$G$>KF! #$FKF! =>! KO$! %&'K! KO&K! KO$R!
G=K@\&K$!&S=<$F'$>K!K$$>&)$#F!K=!$FZ$'@&<<R!'@)&#$KK$F!&>S!&<'=O=<!KO#=N)O!F$VN&<@KR(!
!
4O@<S#$>! &#$! KO$! =KO$#! @GZ=#K&>K! S@F'NFF@=>! K=Z@'! =%! KO$! &)$>S&! &[=NK!
&S\$#K@F$G$>K(! 4O@<S#$>! &#$! G=#$! <@A$<R! K=! [$! @>K=! &S\$#K@F$G$>K! KO&>! &SN<KF! &>S!
KO$R!Z<&'$!&S\$#K@F$G$>K!\@FN&<F!&>S!F=N>SF!K=!KO$@#!<@\$F(!0KO@'F!S@F'NFF@=>F!K=^&#SF!
'O@<S#$>!&>S!FK&#K!Z=@>KF!=%!KO$!'#@K@'F!&#$!<@FK$S![$<=^!c5$\)$<6!HXXI1!HELBLEJd(!
x ?R! )@\@>)! #=<$F! K=! 'O@<S#$>! @>! KO$! &S\$#KF! =%! Z#=SN'KF! KO&K! 'O@<S#$>! &#$! >=K!
#$<&K$S!K=6!G&A@>)!@K!Z=FF@[<$!K=!'O@<S#$>!K=!K&A$!Z&#K!@>!)N@S&>'$!=%!%&G@<R!&>S!KO$@#!
Z&#$>KF!@>!KO$!Z#='$FF!=%!ZN#'O&F$(!
x 3&A@>)! @K! Z=FF@[<$! %=#! 'O@<S#$>! K=! [=N>S! #$&<@KR! &>S! @G&)@>&#R! ^=#<S! NZ=>!
͞ďĞĐŽŵŝŶŐ ŚĂƉƉLJ ďLJ ĐŽŶƐƵŵƉƚŝŽŶ͘͟ /Ŷ ůŽŶŐ ƚĞƌŵ͕ ĨŽƌŵŝŶŐ ŝŶĚŝǀŝĚƵĂůƐ ƚŚĂK! G&A$! &!
O&[@K!=NK!=%!N>>$'$FF&#R!'=>FNGZK@=>!
x -O$! 'O@<S6! ^O=! @F! &%%$'K$S![R! KO$! #=<$!G=S$<F! KO&K! O$jFO$!^@<<! [$! @S$>K@%@$S!
^@KO!@>!&S\$#K@F$G$>KF!&>S!^O=F$!'O&#&'K$#!@F![$@>)!FO&Z$S!>$^<R6!O&\@>)!&!>$)&K@\$!
@S$>K@KR!
x ;O=^@>)! KO@>)F! KO&K! '&>! ZORF@'&<<R! ZNK! KO$! 'O@<S! @>K=! S&>)$#! &>S! KO$! 'O@<S!
^=N<S!>=K!S@FK@>)N@FO![$K^$$>!KO=F$!KO@>)F!&>S!#$&<@KR!
x -#@&<! =%! $FK&[<@FO@>)! K#NFK! $<$G$>K! K=! &! '=GG$#'@&<! [#&>S! [R! NF@>)! $VZ$#KF!
$FZ$'@&<<R!@>!KO$!%==S!&S\$#K@F$G$>KF!KO&K!@F!%=#^&#S!'O@<S#$>6!G=K@\&K@>)!'O@<S#$>!K=!
[&S!>NK#@K@=>!O&[@KF!&>S!=[$F@KR!
x ?#&>SF!)&KO$#@>)!Z$#F=>&<!@>%=#G&K@=>!=%!KO$!A@S6!^O=!NF$F! '=GGN>@'&K@=>!
K$'O>=<=)@$F!S$>F$<R6!&>S!O@FjO$#!Z&#$>KF!^@KO=NK!Z$#G@FF@=>!&>S!#=NK@>)!'O@<S#$>!K=!
^$[! F@K$F! ^O@'O! ^=N<S! &%%$'K! )#=^KO! Z#='$FF! >$)&K@\$<R! [R! KO$! &S\$#K@F$G$>K! ^$[!
F@K$F(!
x -O=N)OKF! &[=NK! Z$#F=>&<@K@$F! =%! 'O@<S#$>! &'K=#Fj&'K#$FF$F! ^O=! K&A$! Z&#K! @>!
&S\$#K@F$G$>KF!&%%$'K$S!>$)&K@\$<R!
!
+F! @K! @F! F$$>6! KO$#$! &#$! <=KF! =%! &ZZ#=&'O$F! KO&K! '#@K@'@D$! KO$! @S$&F! KO&K! FNZZ=#K!
&S\$#K@F$G$>K(! 3=FK! =%! KO$! '#@K@'F! G&A$! @K! =[<@)&K=#R! %=#! &S\$#K@F$#F! K=! [$! G=#$!
'&#$%N<! &>S! Z<&>>$S! \@&! [=KO! F$<%B#$)N<&K=#R! FRFK$GF! &>S! <&^F(! 9>! KO$! Z#=%$FF@=>! =%!
&S\$#K@F@>)!^O$#$!F$<%B'$>F=#FO@Z!@F!@GZ=#K&>K!&K!%@#FK6!FNZ$#\@F@=>F!&#$!@>!KO$!F$'=>S!
#=^(!
!
>40)(378)2)13!71!<B(G)=!
/$^FZ&Z$#!&>S!FO=^!'&#S!&S\$#K@F$G$>KF!@>!+G$#@'&!&>S!0N#=Z$!FK&#K$S!K=!FZ#$&S!
@>!WIKO!'$>KN#R(!MO$>!@K!'=G$F!K=!WEKO!'$>KN#R6!&S\$#K@F@>)![$'&G$!&!Z#=%$FF@=>&<!b=[(!
.>!KO$!=KO$#!O&>S6!@>!-N#A$R6!KO@F!G$$K@>)!=''N#F!@>!&!<&K$#!S&K$6!@>!WUKO!'$>KN#R(!C$FF!
$VZ$>S@KN#$!'=>'$#>F!=%!b=N#>&<F!&>S!&S\$#K@F$G$>K![$'=G@>)!&!^&R!=%!#$\$>N$!<$S!
NZ! K=! KO$! $FK&[<@FOG$>K! =%! &>>=N>'$G$>K! ʹ! &S\$#K@F$G$>K! N>@KF(! 3=FK! =%! KO$!
&>>=N>'$G$>KF! ʹ! &S\$#K@F$G$>KF! KO&K! &#$! ZN[<@FO$S! [$%=#$! KO$! #$ZN[<@'&>! $#&6!
^O$#$! ZN[<@FO$S! @>! &! GN<K@<@>)N&<! ^&R(! Q#$>'O6! +#G$>@&>! &>S! "$#F@&>! &#$! &<F=! %&<<!
^@KO@>!KO$F$!<&>)N&)$F(!MO$>!@K!'=G$F!K=!KO$!FK&#K!=%!WUXXF6!@K![$'&G$!=[<@)&K=#R!K=!
Z#$Z&#$! &>S! Z<&>! &S\$#K@F$G$>KF! [$'&NF$! =%! KO$! @>'#$&F$! @>! KO$! >NG[$#! =%! Z&Z$#F!
&>S!@>!WUXU6!KO$!%@#FK!&>>=N>'$G$>KB&S\$#K@F$G$>K!&)$>'R!^&F!$FK&[<@FO$S!^@KO!KO$!
ŶĂŵĞ ͞7ůĂŶĐŦůŦŬ <ŽůĞŬƚŝĨ bŝƌŬĞƚŝ͟ ;@<D/010+9! 7%//'1+0&'! 7%*.,)9Y! ;ĂŵĚĞƌĞůŝ͕ sĂƌůŦ͕
HXXI1WHd(! +S\$#K@F$G$>K6! @>! &SS@K@=>! K=! $VZ$#@$>'$! \&#@=NF! @>'#$&F$! &>S! S$'#$&F$!
Z$#@=SF6! %<=N#@FO$S! ^@KO! Z#='<&G&K@=>! =%! ,$ZN[<@'! &>S! $FZ$'@&<<R! &%K$#! KO$! $#&! =%!
!
! ! !
GN<K@BZ&#KR! K@G$(! 9>! KO$! %@#FK! K@G$F! =%! KO$! ,$ZN[<@'6! &S\$#K@F$G$>KF! &#$! NFN&<<R!
ZN[<@FO$S! @>! b=N#>&<F! [R! KO$! @>K$#>&K@=>&<! %@#GF(! +>S! WU*XF! ^$#$! KO$! R$&#F! ^O@'O!
&S\$#K@F$G$>K!&)$>'@$F!FK&#K$S!K=!=Z$#&K$!@>!-N#A$R!&>S!-N#A@FO!%@#GF!ZN[<@FO!KO$@#!
&S\$#K@F$G$>KF!G=#$!S$>F$<R(!!
!
9>!WUEXF!FK#&K$)@'!@GZ=#K&>'$!=%!&S\$#K@F$G$>K!F$'K=#!@>'#$&F$S!G=#$!&>S!G=#$(!-O$!
K$>S$>'@$F! =%! <@[$#&<@D&K@=>! @>! >&K@=>&<! $'=>=GR! FK&#K$S! K=! @GZ#=\$! KO$! Z=^$#! =%!
Z#@\&K$!F$'K=#!&>S!@>'#$&F$S!'=GZ$K$>'$![$K^$$>!%@#GFh!&>S!KO@F!F@KN&K@=>!#$%<$'K$S!
=>K=!&S\$#K@F$G$>K!@>\$FKG$>KF!Z=F@K@\$<R(!9>!UXF6!Z#@\&K$!K$<$\@F@=>F!FK&#K@>)!K=!KO$@#!
[#=&S'&FK! <@%$6! %=#$@)>! '=GZ&>@$F! '=G@>)! K=! KO$! '=N>K#R! ^@KO! )<=[&<@D&K@=>6! KO$!
@>'#$&F$!@>!>NG[$#!=%!%=#$@)>![#&>SF6!@>'#$&F@>)!@>\$FKG$>K!&>S!'=GZ$K$>'$!@>!KO$!
&#$&! =%! G$S@&! &#$! KO$! #$&F=>F! KO&K! &%%$'KF! &S\$#K@F$G$>K! F$'K=#! @>! -N#A$R! c0<S$>6!
HXXU1!W*Pd(!-O@F!@GZ#=\$G$>K!@GZ<@$S!Z#=%$FF@=>&<@D&K@=>(!Q@#GF6![R!'=G[@>@>)!KO$@#!
Z=^$#!^@KO!%@#GF!KO&K!&#$!@>K=!@>K$#>&K@=>&<!^=#AF6!'&N)OK!KO$!&S\&>K&)$!=%!%=<<=^@>)!
S$\$<=ZG$>KF!@>!KO$!^=#<S!&>S!'=GZ$K@K@=>(!
!
+F! @K! S@S! @>! &<<! =\$#! KO$! ^=#<S6! K$'O>=<=)@'&<! @GZ#=\$G$>K! #$FN<K$S! @>! \&#@&K@=>! =%!
&S\$#K@F$G$>K! &#$&F! @>! -N#A$R! &<F=(! 3=[@<$! &ZZ<@'&K@=>F! &>S! @>K$#>$K! &#$! #$'$>K<R!
@GZ#=\@>)! &S\$#K@F$G$>K! &#$&F(! 9>! &SS@K@=>! K=! KO$! %&'K! KO&K! <$)&<! #$)N<&K@=>F!
%=#^&#S$S! K=! KO$F$! >$^! &S\$#K@F$G$>K! &#$&F! &#$! >=K! $>=N)O6! )$KK@>)! #@S! =%! KO$!
S$%@'@$>'@$F! @>! #$)N<&K@=>F!&[=NK! &S\$#K@F$G$>KF! KO&K! K&A$! Z&#K! @>!K#&S@K@=>&<!G$S@&!
&>S! Z#$\$>K@>)! $KO@'! Z#=[<$GF! &F! Z=FF@[<$! GNFK! [$! KO=N)OK! =%! &F! &! G=>=<@KO! ^@KO!
&>K@'@Z&K=#R!#$)N<&K@=>F!G&S$!K=^&#SF!>$^!G$S@&(!+>S!@K!GNFK!>=K![$!%=#)=KK$>!KO&K!
KO@F! ^=N<S! K&A$! Z&#K! @>! &! FKNSR! KO&K! &<F=! '=\$#F! >$^! '=GGN>@'&K@=>! K$'O>=<=)@$F!
^=N<S![$!&%%$'K$S!Z=F@K@\$<R(!
!
>40)(378)2)13!D).B6+37/18!71!<B(G)=!
9>!S@%%$#$>K!F='@$K@$F6!&S\$#K@F$G$>KF!&#$!FNZ$#\@F$S!@>!\&#@=NF!^&RF!cF$<%B#$)N<&K@=>6!
KO$!#N<$F!=%!Z#@\&K$!<&^6!&SG@>@FK#&K@\$!'=>K#=<6!&>S!'#@G@>&<!Z#='$$S@>)Fd(!-O$![&F@F!
=%! FNZ$#\@F@=>! '=>F@FKF! =%! '=>F@FK@>)! &ZZ#=Z#@&K$! '=GZ$K@K@\$! '=>S@K@=>F! &>S!
Z#=K$'K@=>! =%! '=>FNG$#(! 8>S=N[K$S<R6! =KO$#! KO&>! KO$F$! FNZ$#\@F@=>! ^&RF6! KO$! [$FK!
[$O&\@=#! Z&KK$#>! [=KO! %#=G! KO$! F@S$! =%! ZN[<@'@FK! &>S! &S\$#K@F$#! %@#G! @F! K=! Z#=\@S$!
'=>%=#G@KR!=%!&S\$#K@F$G$>KF!K=!$KO@'&<!Z#@>'@Z<$F(!,$F$&#'O$F!O$<S!G&A$!'=>FNG$#F!
K=!O&\$! Z=F@K@\$!&KK@KNS$!K=^&#SF![#&>SF!KO&K!&#$! O=>$FK!&>S![$O&\$F!&''=#S@>)!K=!
$KO@'&<!Z#@>'@Z<$F!&>S!G&A$!@K!Z=FF@[<$!K=!O&\$!&!Z=F@K@\$!@G&)$!%=#![#&>SF!K=!O&\$!&!
Z=F@K@\$! @G&)$!&>S!&!#$FZ$'K%N<!Z=F@K@=>!@>!KO$!$R$F!=%!ZN[<@'!c0<S$>6!HXXU1!HWHd(! 9>!
KO@F! ^&R6! '=>\$>@$>'$! K=! $KO@'! #N<$F! '=>FK@KNK$F! &>! &S\&>K&)$=NF! Z=F@K@=>! %=#! [=KO!
%@#GF!&>S!K&#)$K!G&FF(!
!
9K!@F!Z=FF@[<$!K=!$V&G@>$!&S\$#K@F$G$>K!#$)N<&K@=>F!@>!-N#A$R!N>S$#!K^=!K@K<$F6!<$)&<!
#$)N<&K@=>F! &>S!F$<%B#$)N<&K=#R! #$)N<&K@=>F(! +K! %@#FK6! @>%=#G&K@=>!^@<<! [$! )@\$>! &[=NK!
F$<%B#$)N<&K@=>!'=N>'@<!KO&K!@F!$FK&[<@FO$S!&@G@>)!F$'K=#!K=!#$)N<&K$!@KF$<%![$%=#$!@K!@F!
@>\$FK@)&K$S![R!'=N>'@<F!=%!)=\$#>G$>K!&>S!bNS@'@&<![=S@$F(!
!
>40)(378)2)13!E)6*-D).B6+3/(=!F/+(4!
;$<%B#$)N<&K=#R! G$'O&>@FGF! F$#\@>)! )==S! &>S! %N<%@<<@>)! KO$@#! %N>'K@=>F6! G&A$F! FK&K$!
ůĞŐŝƐůĂƚƵƌĞƐ͛ƚŚĂƚĂƌĞ ĐŽŶƐƚŝƚƵƚĞĚƚŚƌŽƵŐŚůĂǁƐ͕ǁŽƌŬĂůůĞǀŝĂƚĞ͘ĞĐĂƵƐĞŽĨƚŚŝƐ͕ƐĞůĨB
#$)N<&K=#R!G$'O&>@FGF!&#$!K#@$F!K=![$!S$\$<=Z$S!&<<!=\$#!KO$!^=#<S(!Q=#!$V&GZ<$1!9>!
8>@K$S! ;K&K$F! =%! +G$#@'&6! /&K@=>&<! +S\$#K@F@>)! 2@\@F@=>! c/+2d! ^O@'O! %=<<=^F!
'=GZ<&@>KF! #$<&K$S! K=! &S\$#K@F$G$>KF! F@>'$! WUIW! &>S! /&K@=>&<! +S\$#K@F@>)! ,$\@$^!
?=&#S! c/+,?d! ^O@'O! @F! KO$! &NKO=#@KR! K=! =[b$'K! KO$! S$'@F@=>F! =%! KO@F! $FK&[<@FOG$>K!
[$%=#$!&ZZ<R@>)!&#$!@GZ=#K&>K!F$<%B#$)N<&K=#R!G$'O&>@FGF!=%!8;+(!;$<%B#$)N<&K@=>!@>!
!
0>)<&>S!@F!S@\@S$S!@>K=!K^=(!+S\$#K@F@>)!;K&>S&#SF!+NKO=#@KR!c+;+d6!KO@F!@F!$FK&[<@FO$S!
@>! WUPH! &>S! @>S@'&K$S! K=! [$! &! F$<%B#$)N<&K@=>! '=#Z=#&K@=>! KO&K! @F!KO$!G=FK! $%%$'K@\$!
&>S! O&F! KO$! [@))$FK! %@>&>'@&<! #$F=N#'$! @>! KO$! ^=#<S6! FNZ$#\@F$F! &<<! &S\$#K@F$G$>KF!
=KO$#! KO&>! #&S@=! &>S! K$<$\@F@=>! &S\$#K@F$G$>KF(! -$<$\@F@=>! &S\$#K@F$G$>KF! &#$!
FNZ$#\@F$S! [R! ?#=&S'&FK! +S\$#K@F@>)! 4<$&#&>'$! 4$>K$#! c?++4d! &>S! 9>S$Z$>S$>K!
-$<$\@F@=>! 4=GG@FF@=>! c9-4d! ^O$#$! #&S@=! &S\$#K@F$G$>KF! &#$! FNZ$#\@F$S! [R! ,&S@=!
+NKO=#@KR!F$<%B#$)N<&K@=>!'=#Z=#&K@=>F(!+>S!@>!:$#G&>R6!2$NKF'O$#!M$#[$#&K!c2M,d!
^O@'O!@F!$FK&[<@FO$S!^@KO@>!l$>K#&<&NFF'ONFF!S$#!0$[$^@#KF'O&%K!cl+Md!^O@'O!@F![=KO!
&>! @>SNFK#R! N>@=>! &>S! %$S$#&K@=>6! %N>'K@=>F! &F! F$<%B#$)N<&K@=>! @>! KO$! K=Z@'F! =%!
'=>\$>@$>'$!K=!G=#&<@KR!&>S!'=N#K$=NF!&S\$#K@F@>)!^O$#$!l$>K#&<$!lN#!?$A&GZ%N>)!
8><&NK$#$>! M$KK[$^$#F! cl?8Md6! ^O@'O! ^&F! $FK&[<@FO$S! @>! WUE*6! %N>'K@=>F! &F! F$<%B
#$)N<&K@=>! @>! KO$! &#$&F! =%! S$'$@\@>)! &S\$#K@F$G$>KF! &>S! N>%&@#! 'ŽŵƉĞƚŝŶŐ ;ǀƔĂƌ͕
0<S$>6!\S(!HXWW1WUEd(!-O$F$!$V&GZ<$F!@>!&SS@K@=>!O&\@>)!S@%%$#$>K!FK#N'KN#$F6!FO=^F!
KO&K! KO$F$! '=N>K#@$F! Z=F@K@=>F! F$<%B#$)N<&K@=>! &F! &>! @GZ=#K&>K! N>@K! @>! '=N>K#R!
FK#N'KN#$F(!
!
,$A<&G!çDS$>$K@G!]N#N<N!cF-&'(+02'*')+!G'/4#('$</,+%(9!D%,(-d1!+S\$#K@F$G$>K!;$<%B
#$)N<&K=#R! [=&#S6! ^O@'O! @F! $FK&[<@FO$S! &)&@>FK! S@FO=>$FK! &S\$#K@F$G$>KF! [R!
+S\$#K@F$#F!9>FK@KNK@=>!&>S!"N[<@'@KR!9>FK@KNK@=>!G$G[$#F!&>S!&S\$#K@F$G$>K!'O&>>$<F!
@>! -N#A$R6! S$G&>SF! &S\$#K@F$G$>KF! KO&K! &#$! %=N>S! K=! [$! '=>%<@'K@>)! ^@KO!
9>K$#>&K@=>&<! +S\$#K@F$G$>K! "#&'K@'$! ;K&K$G$>KF6! K=! [$! %@V$S! =#! [&>>$S! %#=G!
&S\$#K@F$#F!F@>'$!WUUJ(!-O@F!F$#\@'$!=%!,ç]6!&<F=!@F!&!FN))$FK@=>!%=#![=KO!&S\$#K@F$#F!
&>S! G$S@&! &K! KO$! F&G$! K@G$6! @>! =#S$#! K=! [$! Z#=K$'K$S! %#=G! =KO$#! #$)N<&K@=>!
'=>FK@KNK@=>F(! 9K! S=$F! KO@F! >=K! [$'&NF$! =%! &! <$)&<! =[<@)&K@=>6! [NK! [=N>S@>)! K=! &!
'=GG@KG$>K! S=>$! K=^&#SF! ZN[<@'! &>S! '=>F'@=NF>$FF! ^@KO! F='@&<! #$FZ=>F@[@<@KR! [R!
ƚƌƵƐƚŝŶŐ ĂĚǀĞƌƚŝƐĞƌ͛Ɛ ĐŽŵŵŽŶ ƐĞŶƐĞ ;^ĞƌƚƚĂƔ ƌƚŝŬĞ͕ zŦůŵĂnj͕ ϮϬϭϭ͗ ϭϰϮͿ͘ /Ŷ ƚŚŝƐ ǁĂLJ͕
&S\$#K@F$#F! [=KO! &\=@S$S! %N#KO$#! Z#=[<$GF! &>S! Z#$\$>K$S! '#@K@'F! K=^&#SF!
&S\$#K@F$G$>K! Z#=%$FF@=>(! +S\&>K&)$F! =%! $G$#)@>)! $KO@'&<! &S\$#K@F$G$>K!
&ZZ<@'&K@=>F!&#$!#$<&K$S!K=!F$<%B#$)N<&K@=>!^O@'O!@F!S=>$!@>!KO$!`N&<@KR!KO&K!@F!S$F@#$S(!
!
+S\$#K@F$G$>K! ,$)N<&K=#R! ?=&#S! S$K$#G@>$F! KO$! '=>\$>@$>'$! =%! &<<! KO$!
&S\$#K@F$G$>KF! Z#=GN<)&K$S!=>!KO$!&S\$#K@F$G$>K! 'O&>>$<F!@>!-N#A$R!&''=#S@>)!K=!
9>K$#>&K@=>&<!+S\$#K@F$G$>K!+ZZ<@'&K@=>!"#@>'@Z&<F(!+S\$#K@F$G$>K!,$)N<&K=#R!?=&#S6!
N>S$#!KO$!Z#$F@S$>'R!=%!KO$!@>S$Z$>S$>K!Z#$F@S$>K6!'=>F@FKF!=%!HE!Z$#F=>F6![$@>)!I!
G$G[$#F!%#=G!&S\$#K@F$#F6!WX!%#=G!-Y!@>FK@KNK@=>F!6!G$S@&6!=Z$>B&@#6!#&S@=!'O&>>$<F6!
I!%#=G!+S\$#K@F$G$>K!+)$>'@$F6!W!%#=G!'NFK=G$#!@>FK@KNK@=>F6!W!%#=G!N>@\$#F@K@$F!&>S!
W! %#=G! 9FK&>[N<! ?&#! +FF='@&K@=>(! 0&'O! G$G[$#! O&F! K^=! R$&#F! =%! Z$#@=S! =%!
@>'NG[$>'R(!
!
+S\$#K@F$G$>K!,$)N<&K=#R!?=&#S!#$F=<\$F!>=K!=><R!KO$!'NFK=G$#!'=GZ<&@>KF![NK!&<F=!
KO$! '=GZ<&@>KF! =%! &S\$#K@F$#F! &>S! &S\$#K@F$G$>K! &)$>'@$F! &[=NK! $&'O! =KO$#6!
Z#=K$'K@>)!&>S!&''#$S@K@>)!KO$!@G&)$!=%!+S\$#K@F$G$>K!4=#Z=#&K@=>6!&S\$#K@F$G$>KF!
^O@'O!&#$!ZNK!=>!KO$!&)$>S&![R!KO$!Z#$F@S$>K!&F!&!#$FN<K!=%!#$F$&#'O$F!G&S$!^@KO=NK!
#$`N$FK! K=! Z#=\@S$! K#NFK! K=! KO$! &S\$#K@F$G$>K(! ?R! KO$! #$`N$FK! =%! &S\$#K@F$G$>K!
&)$>'@$F! &>S! &S\$#K@F$#F6! @K! '&##@$F! =NK! @KF! G@FF@=>! =%! Z#$BZN[<@'&K@=>! '=>FN<K&>'R(!
3=#$=\$#6! @K! #$F=<\$F! KO$! =[b$'K@=>! K=! 0V$'NK@\$! 4=N>'@<! c@>K$#>&<! [=SR! =%! +,?dfF!
S$'@F@=>F! [R! Z&#KF6! &S\$#K@F$G$>KF!^O@'O! &#$! '=>F@S$#$S! &F! @GZ=#K&>K! [R!0V$'NK@\$!
4=N>'@<6! R$K! >=K! &F! $G$#)$>K! &>S! KO$#$%=#$! %=#^&#S$S! K=! +,?6! &S\$#K@F$G$>KF!
#$`N@#@>)!Z#@>'@Z<$!S$'@F@=>F![R!0V$'NK@\$!4=N>'@<6!N<K@G&K$<R!&>S!S$K$#G@>&K$<R(!
!
/Ĩ ƌĞƋƵŝƌĞĚ ƚŽ ůŝƐƚ ƐŽŵĞ ŽĨ ƚŚĞ ĞdžĂŵƉůĞƐ ďĞůŽŶŐŝŶŐ ƚŽ Z ;ǀƔĂƌ͕ ůĚĞŶ͕ ǀĚ͘ ϮϬϭϭ͗
HXPBHXEd1!
!
! ! !
x+S\$#K@F$G$>KF!GNFK!&''=#S!^@KO!FN'O!#N<$F!&F!#$)N<&K@=>F6!G$G=#&>SNG6!#$F'#@ZK!
ZN[<@FO$S![R!ZN[<@'!&NKO=#@K@$F(!
x-O$R!GNFK!&\=@S!F$VN&<<R!&[NF@\$!Z#&'K@'$F(!
x0VZ#$FF@=>F! @>! KO$! &S\$#K@F$G$>K! GNFK! [$! '=##$'K(! Q=#! $V&GZ<$1! +! Z#=SN'K! ^O@'O!
O&F! Z$#G@FF@=>! =%! %==S! [R! 3@>@FK#R! =%! 7$&<KO! '&>>=K! [$! @>K#=SN'$S! &F! G$S@'@>$(!
MO$>!&![#&>SG&#A!@F!S$F'@#$S!&F!KO$![$FK!F$<<$#6!KO$#$!GNFK![$!=[b$'K@\$!S&K&6!$\$>!
KO=N)O!KO$#$!@F!>=K!FN'O!&>!=[<@)&K@=>!&F!KO$!$VZ#$FF@>)!KO$!F&<$F!%@)N#$F(!
x-=!#$G&#A!KO&K!=>$!Z#=SN'K!@F!FNZ$#@=#!K=!@KF!#@\&<6!@K!GNFK![$![$KK$#!KO&>!@KF!#@\&<!@>!
&>R! '@#'NGFK&>'$! ^@KO=NK! $V'$ZK@=>(! ,@\&<! Z#=SN'K! '&>>=K! [$! NF$S! @>! KO$!
&S\$#K@F$G$>K!$VZ<@'@K<R(!
x9>!KO$!&S\$#K@F$G$>KF6!@K!@F!>=K!&<<=^$S!K=!#$%$#!K=!KO$!#@\&<!Z#=SN'K6!^O@'O!'&>![$!
'<&FF@%@$S!&F!S@F'#$S@K(!
x0VZ#$FF@>)!&>!@S$&6!&NS@=B\@FN&<!$<$G$>KF!'&>>=K![$!F&G$!&F!&>=KO$#![#&>S!G&#A(!
!
>40)(378)2)13!;/B1,76!
+Z&#K! %#=G! +S\$#K@F$G$>K! ,$)N<&K=#R! ?=&#S! &>S! "#@\&K$! 4@\@<! '&F$F6! &>! $V$'NK@\$!
FNZ$#\@F@=>! @F! #$`N@#$S! $FZ$'@&<<R! %=#! S$'$ZK@\$! &S\$#K@F$G$>KF(! +K! KO@F! Z=@>K6!
+S\$#K@F$G$>K! 4=N>'@<! @F! #$FZ=>F@[<$! %=#! FZ$'@%R@>)! KO$! Z#@>'@Z<$F! #$`N@#$S! K=! [$!
&[@S$S! @>! KO$! '=GG$#'@&<! &S\$#K@F$G$>KF! &>S! &>>=N>'$G$>KF6! $V&G@>@>)! KO$!
'=GG$#'@&<! Z#@>'@Z<$F! &>S! &S\$#K@F$G$>K! ^@KO@>! KO$! %#&G$! =%! KO$F$! Z#@>'@Z<$F6! &>S!
Z$>&<@D@>)!&''=#S@>)!K=!KO$!#$FN<K!=%!$V&G@>&K@=>(!
!
?$@>)! =>$! KO$! @>FK@KNK@=>F! ^O@'O! #$&<@D$! FNZ$#\@F@=>F! #$)&#S@>)! &S\$#K@F$G$>KF6!
3@>@FK#R! =%! 4NFK=GF! &>S! -#&S$! G&A$F! @KF! 4NFK=G$#B#$<&K$S! #$F$&#'O$F! KO#=N)O!
+S\$#K@F$G$>K! 4=N>'@<(! +S\$#K@F$G$>K! 4=N>'@<! '=>F@FKF! =%! HU! G$G[$#F6! ^O@'O! &#$1!
3@>@FK#R!=%!4NFK=GF!&>S!-#&S$6!3@>@FK#R!=%!_NFK@'$6!,&S@=!&>S!-$<$\@F@=>!9>FK@KNK@=>!=%!
-N#A$R6! 4=N>'@<!=%! 7@)O! 0SN'&K@=>6! -N#A@FO! 8>@=>! =%!2='K=#F6! -N#A$R! 8>@=>! =%!?&#F6!
-N#A$R!8>@=>!=%!4O&G[$#F!&>S!;K='A!3&#A$KF6!_=N#>&<@FKFf!4<N[F6!+S\$#@FK$#Ff!4<N[F6!
4NFK=G$#! .#)&>@D&K@=>F6! +)#@'N<KN#$! 4O&G[$#Ff! 8>@=>! =%! -N#A$R6! 4#&%KFG$>f! &>S!
+#K@F&>Ff! 4=>%$S$#&K@=>! =%! -N#A$R6! -N#A@FO! ;K&>S&#SF! 9>FK@KNK@=>6! "#$F@S$>'R! =%!
,$<@)@=NF! +%%&@#F6! -N#A@FO! 8>@=>! =%! 0>)@>$$#F! &>S! +#'O@K$'KN#$Ff! 4O&G[$#F6!
4=>%$S$#&K@=>! =%! C&[=#! 8>@=>F6! 8>@=>! =%! 9>S$Z$>S$>K! +''=N>K&>K! &>S! Q@>&>'@&<!
+S\@F=#F! &>S! 4"+F! =%! -N#A$R6! 3N>@'@Z&<@K@$F! =%! +>A&#&6! 9FK&>[N<! &>S! 9DG@#6! -N#A@FO!
8>@=>!=%!"O&#G&'R6!-N#A@FO!8>@=>!=%!2$>K@FKF6!3@>@FK#R!=%!7$&<KO6!3@>@FK#R!=%!Q==S6!
+)#@'N<KN#$!&>S!C@\$FK='A(!!
!
+S\$#K@F$G$>K! 4==@>)! S$K$#G@>$F! KO$! '=GG$#'@&<! &S\$#K@F$G$>KF! &>S!
&>>=N>'$G$>KF! ^@KO@>! KO$! %#&G$! =%! '=>S@K@=>F! FZ$'@%@$S! [R! WPKO! ĂƌƚŝĐůĞ ŽĨ ͞>Ăǁ
ƌĞŐĂƌĚŝŶŐ ƵƐƚŽŵĞƌ WƌŽƚĞĐƚŝŽŶ͟ ;ŶŽ͘ ϰϬϳϳͿ͘ dŚĞƐĞ ĐŽŶĚŝƚŝŽŶƐ
c^^^(G$\DN&K(&S&<$K()=\(K#d1!
x4=GG$#'@&<! &S\$#K@F$G$>KF! &>S! &>>=N'$G$>KF! GNFK! [$! &''=#S! ^@KO! <&^F6!
Z#@>'@Z<$F! FZ$'@%@$S! [R! +S\$#K@F$G$>K! 4=N>'@<6! ZN[<@'! G=#&<@KR6! ZN[<@'! =#S$#6!
@>S@\@SN&<!#@)OK6!&>S!GNFK![$!bNFK!&>S!'=##$'K(!
x+S\$#K@F$G$>KF6! &>>=N>'$G$>KF! &>S! O@SS$>! &S\$#K@F$G$>KF! '&>>=K! [$! S$'$ZK@\$6!
%&<<&'@=NF6!=#!&[NF@\$!K=!'NFK=G$#fF!<&'A!=%!$VZ$#@$>'$! &>S!A>=^<$S)$6!$>S&>)$#@>)!
O$#jO@F!F$'N#@KR!=%!<@%$!&>S!Z#=Z$#KR6!Z#=G=K@\$!=%!\@=<$>'$!&>S!'#@G$6![&S!%=#!ZN[<@'!
O$&<KO6!&[NF@\$!%=#!Z&K@$>KF6!F$>@=#!'@K@D$>F6!'O@<S#$>6!&>S!O&>S@'&ZZ$S!Z$=Z<$!
x,@\&<!Z#=SN'KF!&>S!F$#\@'$F!^O@'O!&#$!@>K$>S$S!K=!F&G$!ZN#Z=F$!=#!^O@'O!F&K@F%R!KO$!
F&G$!>$$SF6!'&>![$!&S\$#K@F$S!'=GZ&#&K@\$<R(!
x+S\$#K@F$#! &>S! Z&#K@'@Z&>KF! @>! '=GG$#'@&<! &S\$#K@F$G$>K! =#! &>>=N>'$G$>K! &#$!
=[<@)$S!K=!Z#=\$!KO$!K&>)@[<$!&FF$#K@=>F(!!
!
x+S\$#K@F$#F!&>S!'O&>>$<!@>FK@KNK@=>F!&#$!=[<@)$S!K=!KO$F$!&#K@'<$!'=>S@K@=>F(!
!
+S\$#K@F$G$>KF!'=>%@#G$S!K=![$!&)&@>FK!C&^!=%!4NFK=G$#!"#=K$'K@=>fF!c>=(!JXIId!WP KO!
&#K@'<$!&#$!Z$>&<@D$S!^@KO!FK=ZZ&)$6!&>Sj=#!'=##$'K@=>!=#!%@>$(!4=#Z=#&K@=>F!%=#$F$$>!
Z$>&<KR! &#$!F$>K! >=K@%@'&K@=>! =%! Z$>&<KR6! &>S! Z#=%$FF@=>! 'O&G[$#! K=! ^O@'O! KO$R! &#$!
&%%@<@&K$S!^@KO!&#$!@>%=#G$S(!!+%K$#!KO$!Z$>&<KR!=%!^&#>@>)6!'=#Z=#&K@=>F!^O@'O!^@<<![$!
Z$>&<@D$S!%=#!&!F$'=>S!K@G$! &#$!Z$>&<@D$S!^@KO!%@>$6!&>S!=>!KO$!KO@#S!K@G$!KO$!%@#FK!
%@>$!^@<<![$!GN<K@Z<@$S![R!K^=!&>S!&ZZ<@$S(!
!
+F! G$>K@=>$S! @>! KO$! #$)N<&K@=>F! =%! +S\$#K@F$G$>K! 4=N>'@<6! #$`N$FKF! &#$! S=>$! @>!
^#@KK$>(!,$`N$FKF!^O@'O!S=!>=K!@>'<NS$!KO$!>&G$!=#!'=GG$#'@&<!K@K<$!&>S!&SS#$FF!=%!
>&KN#&<! &>S! <$)&<! $>K@KR! &#$! >=K! &''$ZK$S! [R! 4=N>'@<(! .#@)@>&<! @FFN$F! =%! ^#@KK$>! =#!
ZN[<@FO$S!&S\$#K@F$G$>KF!^O@'O!&#$!'=GZ<&@>$S!&[=NK!&#$!&KK&'O$S!K=!KO$!Z$K@K@=>(!
"O=K=)#&ZOF! =%! KO$! =>$F! ^O@'O! '&>>=K! [$! &KK&'O$S! &#$! Z#=\@S$S! [R! KO$! #$`N$FK!
=^>$#(! ,$'=#S@>)F! =%! -Y! G=\@$F! &>S! #&S@=! '=GG$#'@&<F! &#$! Z#=\@S$S! [R! ,&S@=! &>S!
-$<$\@F@=>! 7@)O! 4=N>'@<! @>! &''=#S&>'$! ^@KO! C&^! ,$)&#S@>)! ,&S@=! &>S! -$<$\@F@=>!
9>FK@KNK@=>F! &>S! ?#=&S'&FKFf! c>=(! LUEJd! HEKO! &#K@'<$(! 9K! @F! Z=FF@[<$! K=! &ZZ<R! "#=\@>'@&<!
2@#$'K=#&K$F! =%! 9>SNFK#R! &>S! 4=GG$#'$! #$)&#S@>)! '=GG$#'@&<! &S\$#K@F$G$>KF! &>S!
&>>=N>'$G$>KF6!&F![$@>)!#$\$#K$S!K=!KO$!4=N>'@<(!!
!
9>! >$'$FF&#R! '=>S@K@=>F6! 4=N>'@<! @F! &<<=^$S! K=! $FK&[<@FO! FZ$'@&<@D&K@=>! '=GG@FF@=>F!
^O@'O!'=>F@FK!=%!G&V@GNG!KO#$$!Z$#F=>F(!+!#$Z=#K!@>'<NS@>)!KO$!FK#N'KN#$!&>S!#$FN<K!
=%! $&'O! #$F$&#'O! @F! #$Z#$F$>K$S! K=! KO$! '=N>'@<! [R! KO$! '=GG@FF@=>F! ^O@'O! '=N>'@<!
S$'@S$S!K=![$!%=#G$S(!
!
+Z&#K! %#=G! +S\$#K@F$G$>K! 4=N>'@<6! S@%%$#$>K! ZN[<@'! @>FK@KNK@=>F! cFN'O! &F! 4&Z@K&<!
3&#A$K!4=N>'@<6!4=N>'@<!=%!4=GZ$K@K@=>d6!&<KO=N)O!KO$R!&#$!<@KK<$!@>!>NG[$#6!'&>!O&\$!
KO$! &NKO=#@KR! =%! @>K$#\$>K@=>! &[=NK! &S\$#K@F$G$>KF! #$<&K$S! K=! KO$@#! =^>! %@$<SF(! 5$K!
+S\$#K@F$G$>K! 4=N>'@<! &>S! ,&S@=! &>S! -$<$\@F@=>! 7@)O! 4=N>'@<! c,-74d! F$#\@>)! @>! KO$!
FK#N'KN#$! =%! )=\$#>G$>K! @>! -N#A$R! &#$! KO$! Z#@G&#R! K^=! %=N>S&K@=>F! ^O@'O! &#$!
G=\$#F!&>S!FO&A$#F!K=!f&S\$#FK@F$G$>Kf(!MO$>!+S\$#K@F$G$>K!4=N>'@<!S$'@S$F!&[=NK!
KO$! '=>K$>KF! =%! KO$! &S\$#K@F$G$>KF6! ,-74! G=FK<R! G&A$F! #$)N<&K@=>F! =%! [#=&S'&FK!
'=#Z=#&K@=>F(!+>=KO$#!@FFN$!^O@'O![$<=>)F!K=!,-74!@F!KO&K!,-74!=><R!@>K$#\$>$!^@KO!
KO$!&S\$#K@F$G$>KF![#=&S'&FK$S!=>!#&S@=!&>S!K$<$\@F@=>6!&>S!+S\$#K@F$G$>K!4=N>'@<!
O&F! KO$! &NKO=#@KR! =%! S$'@S@>)! &[=NK! &<<! =Z$>! &@#! 'O&>>$<F! &>S! &>>=N>'$G$>KF! @>!
&SS@K@=>!K=!#&S@=!&>S!K$<$\@F@=>!'=GG$#'@&<F(!
!
9>! &SS@K@=>! K=! KO$! %&'K! KO&K! ,&S@=! &>S! -$<$\@F@=>! 7@)O! 4=N>'@<! O&F! FZ$'@&<!
S$K$#G@>&K@=>! =>! &S\$#K@F$G$>KF! &>S! G$S@&! '=#Z=#&K@=>F6! @K! ^@<<! [$! &ZZ#=Z#@&K$! K=!
FO&#$! =>$! =%! @KF! )$>$#&<! &>>=N>'$G$>KF! K=! G$S@&! O$#$! @>! K$#GF! =%! $VZ#$FF@>)! KO$!
ĂƉƉƌŽĂĐŚ ŽĨ ZĂĚŝŽ dĞůĞǀŝƐŝŽŶ ,ŝŐŚ ŽƵŶĐŝů ƚŽ ŵĞĚŝĂ͘ ŽƵŶĐŝů͛Ɛ ͞'ĞŶĞƌĂů
+>>=N>'$G$>K! &[=NK! KO$! FK=ZZ&)$! =%! Z#=G=K@=>F! &>S! ! &S\$#K@F$G$>KF! =%! F=G$!
Z#=SN'K!^O@'O!&#$!&)&@>FK!KO@F!<$)@F<&K@ŽŶ͟;Ϭϯ͘Ϭϳ͘ϮϬϭϮͿĐĂŶďĞ ƐƵŵŵĂƌŝnjĞĚǁŝƚŚŝƚƐ
)$>$#&<!=NK<@>$F!&F!FN'O!c^^^(#KNA(=#)(K#d1!
!
͞DŝŶŝƐƚƌLJ ŽĨ ,ĞĂůƚŚ ĂŶĚ DŝŶŝƐƚƌLJ ŽĨ &ŽŽĚ͕ ŐƌŝĐƵůƚƵƌĞ ĂŶĚ >ŝǀĞƐƚŽĐŬ ŚĂƐ ĨŽƵŶĚ ƚŚĞ
'<&@G! KO&K! @F! #$%$##$S! K=! F=G$! %==S! &SS@K@=>F6! )$<F6! '#$&GF6! G&FAF6! FO&GZ==F! &>S!
<=K@=>F! &ZZ<@$S! $VK$#>&<<R! &>S! \&#@=NF! G$S@'&<! )&S)$KF! [#&>S! G&#AF6! &>S! KO&K! KO$R!
O&\$! <=F@>)! ^$@)OK6! $>O&>'@>)! F$VN&<! Z$#%=#G&>'$6! `N@KK@>)! FG=A@>)6! Z#$\$>K@>)!
S@F$&F$F6!'N#@>)!&>S!O$&<@>)!$%%$'KF6!@>\&<@S&K$!&>S!O&F!FK&K$S!KO&K!KO$R!'&>!=><R!:)65!
KO$! K#$&KG$>K! =%! ! G$>K@=>$S(! Q=#! KO@F! #$&F=>6! Z#=SN'KF! &<<$)$S! K=! [$! &'K@\$! @>! KO$!
@FFN$F!G$>K@=>$S!&[=\$!&#$!FK&K$S!K=![$!&S\$#F$!K=!KO$!'=>S@K@=>!<$)@F<&K@=>F!#$<&K$S!
!
! ! !
K=! #&S@=! &>S! K$<$\@F@=>! Z#=G=K@=>! &>S! &S\$#K@F$G$>K6! &>S! KO$@#! Z#=G=K@=>F! &#$!
#$`N$FK$S!K=![$!#$FK#@'K$S(!
!
+F! A>=^>6! &''=#S@>)! K=! C&^! #$)&#S@>)! ,&S@=! &>S! -$<$\@F@=>! 0FK&[<@FOG$>K! &>S!
?#=&S'&FK!;$#\@'$Ff!c>=(!PWWHd!&#K@'<$!EjW6![#=&S'&FKF!'&>>=K!$>'=N#&)$!KO$!G&>>$#F!
KO&K!^@<<!O&#G!KO$!'=GG=>!O$&<KO(!+''=#S@>)!K=!&#K@'<$!UjL!=%!KO$!F&G$!C&^6!O@SS$>!
&S\$#K@F$G$>K!'&>>=K![$!'&##@$S!=NK!&>S!&''=#S@>)!K=!KO$!&#K@'<$!UjPj'6!'=GG$#'@&<!
'=GGN>@'&K@=>!'&>>=K![$!%&<<@'=NF!&>S!'&>>=K!O&#G!KO$!@>K$#$FK!=%!KO$!'NFK=G$#(!
!
9>!KO@F!#$FZ$'K6!^@KO@>!KO$!%#&G$!=%!C&^!>=(!PWWH!N>K@<!>=^!&!<=K!=%!Z$>&<KR!O&F![$$>!
&ZZ<@$S! K=! c&>S! FO&#$S! ^@KO! ZN[<@'! =Z@>@=>d! *'-0,! 2'(&01'2! ^O@'O! [#=&S'&FK! KO$!
Z#=G=K@=>F! &>S! &S\$#K@F$G$>KF6! ^O@'O! &#$! &S\$#F$! K=! KO$! <$)@F<&K@=>! '=>S@K@=>F6!
#$<&K$S! K=! KO$! Z#=SN'KF! >&G$S! @>! KO$! <@FK! ^O@'O! &#$! G$>K@=>$S! @>! KO$! ^#@K@>)F! =%!
3@>@FK#R! =%! 7$&<KO! &>S! 3@>@FK#R! =%! Q==S6! +)#@'N<KN#$! &>S! C@\$FK='A(! 5$K! Z#=G=K@=>F!
G$>K@=>$S! '=>K@>N$! K=! [$! [#=&S'&FK$S! @>! \&#@=NF! [#=&S'&FK! '=#Z=#&K@=>F!
Z#=[<$G&K@'&<<R(! ! ,$<&K$S! K=! KO$F$! [#=&S'&FKF6! ^@KO@>! KO$! %#&G$! =%! ^#@K@>)F! &>S!
)N@S&>'$!=%%!KO$!3@>@FK#@$F!G$>K@=>$S6!<$)&<!Z#='$FF$F!KO&K!@F!'&##@$S!=NK!#$<&K$S!K=!
&<<! KO$! &S\$#K@F$G$>KF! &>S! Z#=G=K@=>F! @>S@'&K@\$<R6! &>S! >=K! #$FK#@'K$S! ^@KO! KO$!
Z#=SN'KF!G$>K@=>$S!^@<<!'=>K@>N$S!K=![$!@>ƐƚĂůůĞĚ͘͟!
!
+F!F$$>!&[=\$6!@>!&SS@K@=>!K=!KO&K!@K!&@GF!&S\$#K@F$G$>K!'=>K$>KFh!KO$!&>>=N>'$G$>K!
@F! FK&K$S! K=! [$! &ZZ<@$S! >=K! =><R! K=!KO$! '=#Z=#&K@=>F!^O@'O! =^>F!KO$! &S\$#K@F$G$>K!
[NK!&<F=!K=!KO$!G$S@&!F$#\@'$!Z#=\@S$#!'=#Z=#&K@=>F!^O@'O![#=&S'&FK!KO$G(!9>!)$>$#&<!
K$#GF6!,-74!)@\$F!Z<&'$F!KO$!F&>'K@=>F!=#@$>K$S!&K![#=&S'&FK@>)!'=#Z=#&K@=>F!#&KO$#!
KO&>!KO$!=>$F!^O=!Z#$Z&#$!KO$!&S\$#K@F$G$>K!'=>K$>K(!
!
9! '=>F@S$#! KO&K! @K! ^@<<! [$! )==S! K=! '=>F=<@S&K$! KO$! @FFN$! ^@KO! S$'@F@=>F! =%!
+S\$#K@F$G$>K! 4=N>'@<! @>! KO@F! %#&G$(! Q=#! KO@F! #$&F=>6! KO$#$! &#$! S$'@F@=>F! ^O@'O!
[$<=>)!K=!K^=!F$Z&#&K$!&S\$#K@F$G$>KF!@>!FNGG&#Rh!&>S!KO$!%@#FK!@F![#=&S'&FK$S!=>!
K$<$\@F@=>!&>S!KO$!<&KK$#!@F!ZN[<@FO$S!&F!&![#='ON#$(!!c^^^()NG#NAK@'&#$K()=\(K#d1!
!
͞dŚĞ ĐŽƌƉŽƌĂƚŝŽŶ ǁŚŝĐŚ ŝƐ ĐŽŵƉůĂŝŶĞĚ ĂďŽƵƚ ŝƐ Ă ƐŽĂƉ ĐŽŵƉĂŶLJ͖ ĂĚǀĞƌƚŝƐĞŵĞŶƚ ŝƐ
[#=&S'&FK$S!=>!K$<$\@F@=>!&>S!ZN[<@FO$S!=>!>$^FZ&Z$#F(!+S\$#K@F$G$>KF!=%! F1+0&'K!
;0i<0-!G%,.!Z#=SN'$S![R!KO$!'=GZ&>R!&#$![#=&S'&FK$S!=>!\&#@=NF!K$<$\@F@=>!'O&>>$<F!
&>S! ZN[<@FO$S! ŽŶ ŝƐƐƵĞ ŽĨ <ĞůĞďĞŬ ĂƉƉĞŶĚŝdž ŽĨ ƚŚĞ ŶĞǁƐƉĂƉĞƌ ͞,ƺƌƌŝLJĞƚ͕͟ ĚĂƚĞĚ
XL(XH(HXWH!&F!FN'O!͞ĐƚŝǀĞdžŶƚŝ#D,1+'(0,/!/0i<0-!2%,.!30+5!d!'44'1+2L!-<'!+%!0+2!2.'10,/!
4%(*</,!30+5!d!'44'1+2L!>0//2!RRu!%4!+5'!D,1+'(0,!0)!QU!2'1%)-2:!X:::Y!@('&')+0)$!D,1+'(0,!
4(%*! ./,10)$! %)! +5'! 2>0)L! 0+! 02! .(%&'-! +%! .(%&0-'! ,)+0D,1+'(0,/! .(%+'1+0%)! <)+0/! QT!
ŚŽƵƌƐ͘͘͟-O$!K$FKF!@>!F'@$>K@%@'!#$F$&#'O$F!^O@'O!&#$!#$Z#$F$>K$S!&F!&!G=N>K!K=!KO$F$!
Z#==%! >$$S$S! &FF$#K@=>F! &#$! #$&<@D$S! @>! KO$! <&[=#&K=#@$F6! R$K! KO$! @G&)$F! @>! KO$!
&S\$#K@F@>)! %@<G! '#$&K$F! KO$! Z$#'$ZK@=>! KO&K! @K! Z#=\@S$F! [&'K$#@&<! Z#=K$'K@=>! @>! &>R!
'@#'NGFK&>'$!cFN'O!&F!S@#KR!&>S!GNSSR!O&>SFd!KO#=N)O!WH!O=N#F6!&>S!KO$!FK&K$G$>K!
͞ĐƚŝǀĞdžΖƐ ϳ ĞĨĨĞĐƚƐ ƐƉĞĐŝĂů ĨŽƌŵƵůĂ ŚĂƐ ƚŚĞ ƉĞƌŵŝƐƐŝŽŶ ŽĨ DŝŶŝƐƚƌLJ ŽĨ ,ĞĂůƚŚ͟ @F!
S$'$ZK@\$! &>S! KO$! FZ$$S! =%! %==K>=K$F! &>S! FN[K@K<$F! =%! KO$! &S\$#K@F$G$>K! S=$F! >=K!
O&\$! &''=#S&>'$! ^@KO! KO$! <$)@F<&K@=>! '=>S@K@=>F! #$<&K$S! &>S! @K! @F! &S\$#K! K=! KO$! WPKO!
&#K@'<$! =%! 4NFK=G$#! Z#=K$'K@=>! <&^6! &>S! KO$! '=>S@K@=>F! =%! ,$)N<&K@=>F! =%! KO$!
+ZZ<@'&K@=>! ?&F@'F! #$<&K$S! K=! "#@>'@Z<$F! =%! 4=GG$#'@&<! +S\$#K@F$G$>K! &>S!
+>>=N>'$G$>K(!
!
+''=#S@>)! K=! KO@F6! &S\$#K@F$#! '=GZ&>R! O&F! [$$>! 'O&#)$S! ^@KO! $V$'NK@\$! %@>$! @>! KO$!
>&K@=>&<!<$\$<!cEW(**J(B-Cd!&>S!FK=ZZ&)$!^@KO@>!KO$!$@)OKO!FN[F$'K@=>!=%!\&#@=NF!WIKO!
&>S!H*KO!ĂƌƚŝĐůĞŽĨƚŚĞ>ĂǁŶŽ͘ϰϬϳϳ͘͟!
!
!
! ! !
<='&<! Z#=[<$GF(! +F! &! F=<NK@=>! K=! KO@F6! ^@KO! KO$! '=GG@FF@=>F! KO&K! ^@<<! [$! $FK&[<@FO$S!
&''=#S@>)!K=!KO$!#$)@=>&<!%$&KN#$F!=%!-N#A$R6!&>S!KO&K!^@<<!O&\$!G$$K@>)!G=#$!=%K$>6!
KO$!F=<NK@=>!=%!<='&<!@FFN$F6!&>S!KO$!K#&>F%$#!=%!KO$!@FFN$F!KO&K!'&>>=K![$!#$F=<\$S!@>!
KO$! '=GG@FF@=>! '&>! [$! Z#=\@S$S(! 9>! KO@F! Z#='$FF6! +S\$#K@F$G$>K! 4=N>'@<! ^@<<! [$!
Z=F@K@=>$S! [=KO! &F! &! FNZ$#\@F=#! =%! =KO$#! '=GG@FF@=>F! &>S! &F! &! G=#$! &'K@\$!
S$K$#G@>$#!=%!&S\$#K@F$G$>K!#$<&K$S!'#@K$#@&(!
!
-O$! F$'=>S! @GZ=#K&>K! @FFN$! @F! KO&K!$VZ$#KF! ^O=! ^=#A! &'K@\$<R6! %@>S! F=<NK@=>F! @>! KO$!
F$>F$! =%! &S&ZK&K@=>! =%! KO$! &S\$#K@F$G$>K! #$)N<&K@=>F! K=! KO$! >$^! '=GGN>@'&K@=>!
K$'O>=<=)@$F6! &)&@>! ^@KO! &! '=GG@FF@=>! KO&K! ^@<<! '==Z$#&K$! ^@KO! KO$! &S\$#K@F$G$>K!
[=&#S(! +S\&>'@>)! K$'O>=<=)R! >$'$FF@K&K$F! KO$! 'O&>)$! =%! #$)N<&K@=>F! &K! KO$! F&G$!
<$\$<(!Q=#!KO@F!K=![$!Z#=\@S$S6!KO$!#$)N<&K@=>!'=GG@FF@=>F!KO&K! ZNK! @KF!'$>K$#! @>!KO$!
&S\$#K@F$G$>K!@>!=><R!>$^!'=GGN>@'&K@=>!K$'O>=<=)@$F!&#$!>$$S$S(!!
!
-=!$VZ#$FF!)$>$#&<<R6!KO$!S$\$<=ZG$>K!=%!KO$!$V@FK@>)!FK#N'KN#$!^@KO!F=G$!&SS@K@=>F!
^@<<![=KO!$&F$!KO$!&ZZ<@'&K@=>!=%!$V@FK@>)!#$)N<&K@=>F!@>!KO$!FN[b$'K!=%!&S\$#K@F$G$>K!
&>S!Z#=\@S$!@KF!&S&ZK&K@=>!K=!KO$!&)$>S&(!
!
D)*)()1,)8!
ǀƔĂƌ ĂŬŝƌ͕ ůĚĞŶ DƺŐĞ͕ ĂLJĚĞĚĞ KƐŵĂŶ͕ ĂŬŦƌ hŒƵƌ ;ϮϬϬϱͿ͗ ZĞŬůĂŵ ǀĞ ,ƵŬƵŬƐĂů
ƺnjĞŶůĞŵĞůĞƌ͕'ĞĕŝƚŽŽŬŚŽƵƐĞ͕7Ɛƚ&>[N<!
ŽŚĂŶ :ŽŚŶ ůĂŶ ;ϮϬϬϭͿ͗ ΗdŽǁĂƌĚƐ Ă EĞǁ WĂƌĂĚŝŐŵ ŝŶ ƚŚĞ ƚŚŝĐƐ ŽĨ tŽŵĞŶ͛Ɛ
+S\$#K@F@>)g6!_=N#>&<!=%!?NF@>$FF!0KO@'F!LL6!LHL!B!LLI!
é&GS$#$<@! 3$K$6! Y&#<Ŧ DƵƌĂƚ ;ϮϬϬϳͿ͗ ZĞŬůĂŵ ĞƌŐŝ ǀĞ 'ĂnjĞƚĞůĞƌŝ͕ ZĂƐLJŽ WƵďůŝƐŚŝŶŐ͕
7ƐƚĂŶďƵů!
0<S$>!3Ä)$!cHXXUd1!,$A<&G!\$!,$A<&G'ŦůŦŬ͕^ĂLJWƵďůŝƐŚŝŶŐ͕7ƐƚĂŶďƵů!
Q=FK$#! /@)$<! cWUUId1! -NDN! ]N#N<&#! 7ĕŝŶ ZĞŬůĂŵĐŦůŦŬ ;'ƺŶĚĞŵ͕ ďƌƵ dƌĂŶƐ͘Ϳ͕ zĂLJŦŶĞǀŝ
WƵďůŝƐŚŝŶŐ͕7ƐƚĂŶďƵů!
]@<[=N#>$! _$&>! cHXX*d1! gMO&K! 0<F$! 2=$F! ;$V! ;$<<rg6! 9>K$#>&K@=>&<! _=N#>&<! =%!
+S\$#K@F@>)!6!Y=<1!HJcWd!!
^ĞƌƚƚĂƔƌƚŝŬĞLJďŝŬĞ͕zŦůŵĂnjZĞĐĞƉ;ϮϬϭϭͿ͗ZĞŬůĂŵĐŦůŦŒŦŶŶĂŚƚĂƌ<ĂǀƌĂŵůĂƌŦ͕<ŝƚĂƉĞǀŝ
WƵďůŝƐŚŝŶŐ͕7ƐƚĂŶďƵů!
8DN>!,NOS&>!cHXXId1!7ůĞƚŝƔŝŵƚŝŒŝʹ!^ŽƌƵŶůĂƌ^ŽƌƵŵůƵůƵŬůĂƌ͕'ĂnjŝmŶŝǀĞƌƐŝƚĞƐŝ7ůĞƚŝƔŝŵ
&ĂŬƺůƚĞƐŝ<ŦƌŬŦŶĐŦLJŦů<ŝƚĂƉůŦŒŦŶŽ͗Ϯ͕ŶŬĂƌĂ!
M$[F@K$! =%! 3@>@FK#R! =%! _NFK@'$1! OKKZ1jj^^^(G$\DN&K(&S&<$K()=\(K#jOKG<jEPH(OKG<!
cHjWjHXWLd!
,&S@=! &>S! -$<$\@F@=>! 7@)O! 4=N>'@<1! OKKZ1jj^^^(#KNA(=#)(K#jF&R%&<&#j9'$#@A:=FK$#(!
&FZVr@'$#@Ay@SxLEJU*&$[BULJ[BJI&'BE*XXBSS&W%'*LL*'&!cHjWjHXWLd!
+S\$#K@F$G$>K!4=N>'@<!=%!3@>@FK#R!=%!4NFK=GF!&>S!-#&S$1!OKKZ1jj^^^()NG#NAK@'&#$K(!
)=\(K#j&<KF&R%&j@'$#@AjWJLjW*LUj#$A<&GBAN#N<NBA&#&#<&#@(OKG<!cHjWjHXWLd!
,$A<&G\$#$><$#!2$#>$Œŝ͗OKKZ1jj^^^(#\S(=#)(K#jO&[$#(&FZVrO92xWXU!cJjWj!HXWLd!
! !
!
! !
!
! ! !
!
!
!
!
!
!
!
"+,-!Q9Y0!
!
:0/20,!
!
! !
!
!
!
P+8!73!D)+66=!'()8)13M!U)271782!71!N/B(1+6782!;/0)(+.)!!
/*!%.=537+1!'+(67+2)13+(=!%6),37/1!;+25+7.1!
!
3=O&G$S!+(!Q&S<!0<O&S@S@1!
!
!
>?83(+,3!
-O$!'=>K$>K!&>&<RF@F!=%!0)RZK@&>!b=N#>&<@FG!'=\$#&)$!=%!HXWX!Z&#<@&G$>K&#R!$<$'K@=>!
'&GZ&@)>!'=>'<NS$S!KO&K!KO$!'=\$#&)$!^&F![@&F$S!@>!%&\=#!=%!G&<$!'&>S@S&K$F!^O=!
#$'$@\$S! G=#$! &KK$>K@=>! =>! G&<$! @FFN$F! KO&>! %$G&<$! '&>S@S&K$F6! ^O$#$&F! %$G&<$!
'&>S@S&K$F! #$'$@\$S! G=#$! &KK$>K@=>! =>! %$G&<$! @FFN$F! KO&>! G&<$! '&>S@S&K$F(! +<F=!
G&<$! &>S! %$G&<$! '&>S@S&K$F! #$'$@\$S! S@%%$#$>K! '=\$#&)$! '=>'$#>@>)! KO$@#! Z$#F=>&<!
K#&@KF6!%#&G$F!&>S![&'A)#=N>S6![NK![=KO!'&>S@S&K$!$<$'K&[@<@KR!&>S!KO$!F<&>K!=%!!
'=\$#&)$! ^$#$! $`N@K&[<$! K=! G$>! &>S! ^=G$>! '&>S@S&K$F(! QN#KO$#G=#$! KO$#$! ^$#$!
F=G$! S@%%$#$>'$F! @>! O=^! G&<$! &>S! %$G&<$! b=N#>&<@FKF! '=\$#$S! G$>! &>S! ^=G$>!
'&>S@S&K$F(!!
!
@)=9/(48A! ^=G$>! '&>S@S&K$6! b=N#>&<@FG6! $<$'K@=>! '&GZ&@)>6! Z=<@K@'&<!
'=GGN>@'&K@=>6!%#&G@>)(!
!
!
"13(/4B,37/1!
9>!HXXI!KO$!$<$'K@=>!<&^!@>!0)RZK!^&F!G=S@%@$S!KO#=N)O!&!'=>FK@KNK@=>&<!&G$>SG$>K!
=%!&#K@'<$!PH!G&KK$#@>)!KO$!&<<='&K@=>!=%!PJ!F$&KF!%=#!^=G$>!@>!0)RZK@&>!Z&#<@&G$>K!
A>=^>! &F! i<%+,(! -O$! &@G! ^&F! K=! @>'#$&F$! F$&KF! %=#! ^=G$>! K=! FNZZ=#K! KO$@#!
Z&#K@'@Z&K@=>!@>!KO$! Z&#<@&G$>K&#R!^=#A!KO#=N)O!'=GZ$K@K@=>!&G=>)!KO$GF$<\$F6! @>!
&SS@K@=>! K=! KO$! Z=FF@[@<@KR! K=! @>'#$&F$! KO$! >NG[$#! =%! PJ! F$&KF! ^O$>! '=GZ$K@>)!
&)&@>FK!G&<$!'&>S@S&K$F!@>!KO$!Z&#<@&G$>K&#R!$<$'K@=>(!!
!
9>! KO@F! #$FZ$'K! KO$! FKNSR! <==AF! &K! O=^! 0)RZK@&>! b=N#>&<@FG! Z=#K#&R$S! KO$! %$G&<$!
'&>S@S&K$F!@>!Z&#<@&G$>K&#R!$<$'K@=>F!'&GZ&@)>!'=GZ&#$S!K=!G&<$!'&>S@S&K$F(!8F@>)!
Z#$\@=NF! <@K$#&KN#$! KO&K! $VZ<=#$S! G$S@&fF! Z=#K#&R&<! =%! %$G&<$! '&>S@S&K$F! @>!
'=GZ&#@F=>!K=!G&<$!'&>S@S&K$F6!KO@F!FKNSR!#$<@$F!=>!&!'=>K$>K!&>&<RF@F!=%!&#K@'<$F!%#=G!
G&b=#!0)RZK@&>!>$^FZ&Z$#F!&>S!&!>$^F!^$[F@K$6!$VK$>SF!G=#$!N>S$#FK&>S@>)!&[=NK!
O=^!b=N#>&<@FG!K#$&K$S!%$G&<$!&>S!G&<$!'&>S@S&K$F!=%!HXWX!Z&#<@&G$>K&#R!$<$'K@=>!
'&GZ&@)>!@>!0)RZK!$`N@K&[<R!@>!K$#GF!=%!KO$!`N&>K@KR!&>S!KO$!`N&<@KR!=%!'=\$#&)$(!!
!
H73)(+3B()!()07)9!
3N'O!#$F$&#'O!O&F!K$FK$S!G$S@&!'=\$#&)$!=%!%$G&<$!'&>S@S&K$F!#N>>@>)!%=#!$<$'K@=>!
[R!%='NF@>)!=>!KO$!G$&FN#$G$>K!=%!KO$!%=<<=^@>)!&#$&F1!
!
85'! &%/<*'! %4! 1%&'(,$';! F=G$! =%! Z#$\@=NF! FKNS@$F! c$()(6! ]&O>! WUUJh! ]&O>! u!
:=<S$>[$#)!WUUWd!!O&\$!%=N>S!KO&K!%$G&<$!'&>S@S&K$F!#$'$@\$!<$FF!'=\$#&)$!KO&>!S=!
KO$@#!G&<$!'=N>K$#Z&#KF(!]&O>!^=#A!<$S!K=!G=#$!#$F$&#'O!K=!FO$S!<@)OK!=>!KO$![@&F$F!
=%!Z#$FF!'=\$#&)$!=%![=KO!G&<$!&>S!%$G&<$!'&>S@S&K$F(!;=G$!=%!#$'$>K!FKNS@$F!c+S&R!
&>S!2$\@KK!HXXWh!7$<SG&>!$K!&<(!HXX*h!"@Z$#B+@A$>!WUUUd!'=>%@#G$S!]&O>fF!%@>S@>)F6!
^O$#$&F!=KO$#F!c$()(6!+KA$F=>! u!]#$[F!HXXEh! 2$\@KK! HXXHh!;G@KO!WUUId!#$\$&<$S!>=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!2$Z&#KG$>K!=%!3&FF!4=GGN>@'&K@=>6!Q&'N<KR!=%!&#KF6!2NGR&K!8>@\$#F@KR6!0)RZK!
3=O&G$S$<O&S@S@JLiR&O==('=G6!3=O&G$SK&$G&WWiO=KG&@<('=G!j!!HXXH!XWWJ!ELEL!HH*!
!
! ! !
[@&F! @>! KO$! \=<NG$! =%! '=\$#&)$! =%! G&<$! &>S! %$G&<$! 8(;! ;$>&K$! &>S! )N[$#>&K=#@&<!
'&>S@S&K$F6!$V'$ZK!@>!=Z$>!#&'$F(!;G@KO!cWUUId!%=N>S!G$>!#$'$@\$S!G=#$!'=\$#&)$6!
^O$#$&F! =KO$#F! c$()(6! ?RFK#=G! $K! &<(! HXXWd! FN))$FK$S! )#$&K$#! '=\$#&)$! =%! ^=G$>6!
FZ$'@%@'&<<R! KO&K! ! [$@>)! &! ^=G&>! F@)>@%@'&>K<R! @>'#$&F$F! KO$! G$S@&! &KK$>K@=>! 7=NF$!
G$G[$#F!#$'$@\$!c:$#FO=>!HXXEd(!
!
7,)-0-,+'2^! 022<'2A! 9>! WUUU6! 2$\@KKfF! &>&<RF@F! =%! KO$! '=\$#&)$! #$'$@\$S! [R! G&<$! &>S!
%$G&<$! '&>S@S&K$F! %=#! )=\$#>=#! @>S@'&K$S! KO&K! G$>! ^$#$! G=#$! <@A$<R! K=! #$'$@\$!
'=\$#&)$! =>!&>!@FFN$! FK&>S!=#! #$'=#S!=>!Z=<@K@'&<!@FFN$F! KO&>! ^=G$>! '=N>K$#Z&#KF(!
+<F=!]&O>!cWUULd!@<<NG@>&K$S!KO&K!^O@<$!^=G$>!'&>S@S&K$F!#$&<<R!$GZO&F@D$S!F='@&<!
@FFN$F! &>S! G$>! $GZO&F@D$S! %=#$@)>! Z=<@'R6! $'=>=G@'F! &>S! &)#@'N<KN#$6! G=FK! @FFN$!
'=\$#&)$! )@\$>! [R! KO$! Z#$FF! K=! &>R! '&>S@S&K$! ^&F! &[=NK! KO$F$! FK$#$=KRZ@'&<<R!
gG&F'N<@>$g!@FFN$F6!&>S!^O$>!g%$G&<$g!@FFN$F!^$#$!'=\$#$S![R!KO$!Z#$FF6!KO$R!^$#$!
@>S$$S! '=\$#$S! G=#$! $VK$>F@\$<R! ^O$>! KO$! '&>S@S&K$! ^&F! &! ^=G&>(! +<F=! =KO$#F!
c?RFK#=G!$K!&<(!HXXWh!;G@KO!WUUId!'=>'<NS$S!KO&K!&<KO=N)O!G$>fF!&>S!^=G$>fF!@FFN$!
'=\$#&)$! ^&F! F@G@<&#! =>! '#@G$! &>S! )=\$#>G$>K! %@>&>'$F6! G&<$! '&>S@S&K$! '=\$#&)$!
'=>F@FK$>K<R! $GZO&F@D$S! $'=>=G@'! '=>'$#>F(! .>! KO$! '=>K#&#R6! ! &! #$'$>K! FKNSR!
c+KA$F=>! &>S! ]#$[F! HXXEd! @<<NG@>&K$S! KO&K! @>! Z#$FF! '=\$#&)$! =%! KO$! 8;+! G&R=#&<!
$<$'K@=>F6!%$G&<$!'&>S@S&K$F!S@S!>=K!#$'$@\$!G=#$!&KK$>K@=>!=>!g%$G&<$g!@FFN$F!>=#!
S@S!KO$R!#$'$@\$!<$FF!=>!gG&<$g!@FFN$F(!
!
7,)-0-,+'2^! +(,0+2A! 9>! WUUJ6! ]&O>fF! FKNSR! =%! %$G&<$! 8(;(! ;$>&K$! &>S! )N[$#>&K=#@&<!
'&>S@S&K$F!@>S@'&K$S!KO&K!^=G$>!'&>S@S&K$F!^$#$!&S\&>K&)$S!KO#=N)O! %='NF@>)!=>!
%$G@>@>$! K#&@KF! FN'O! &F! ^&#GKO! &>S! O=>$FKR(! 7=^$\$#6! #$Z=#K$#F! S@F'NFF$S! G&<$!
Z$#F=>&<@KR! K#&@KF! c$()(6! K=N)O>$FF6! <$&S$#FO@Z! FA@<<F6! &>S! @>K$<<@)$>'$d! F<@)OK<R! G=#$!
KO&>!%$G&<$!K#&@KF!c$()(6!O=>$FKR6!&>S!'=GZ&FF@=>d(!+<F=!F$>&K$!#&'$F!FKNS@$F!%=N>S!
KO&K! #$Z=#K$#F! Z=#K#&R$S! G$>! &F! FK#=>)! &>S! ^=G$>! &F! &ZZ#=&'O&[<$! &>S! F$>F@K@\$!
c`N=K$S! @>! 2$\@KK! HXXH1! JJEd(! 3=#$! #$'$>K! FKNS@$F6! ^O@<$! &ZZ#=&'O@>)! &! '=>K$>K!
&>&<RF@F!=%!Z#$FF!'=\$#&)$!=%!KO$!HXXE!Z#$F@S$>K@&<!>=G@>&K@=>!'&GZ&@)>6!@<<NG@>&K$S!
KO&K!G$>K@=>F!=%!>$)&K@\$!K#&@KF!^$#$!F@)>@%@'&>K<R!$<$\&K$S!%=#!7@<&#R!4<@>K=>!\$#FNF!
O$#! 2$G='#&K@'! '=GZ$K@K=#F! &>S! KO$R! K$>S$S! K=! $GZO&F@D$! Z$#F=>&<@KR! %&N<KF!
ĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ůŝŶƚŽŶ ;Ğ͘Ő͕͘ ĚŝƐŚŽŶĞƐƚLJĂŶĚ ĚŝǀŝƐŝǀĞŶĞƐƐͿ͕ ǁŚĞƌĞĂƐ ĂƌĂŬ KďĂŵĂ͛Ɛ
'=\$#&)$! K$>S$S! K=! $GZO&F@D$! O@F! @>$VZ$#@$>'$! c"$&A$! u! 3@<<$#! HXXEd6! &>S! 7@<<&#R!
4<@>K=>fF! '=GZ$K$>'$! '=N<S! >=K! =\$#'=G$! &! '=>F@S$#&[<$! &G=N>K! =%! Z$#F=>&<! &>S!
Z=<@K@'&<![&))&)$!c4&#<@>!&>S!]$<<R!HXXU1!LLUd(!-O$!F&G$!G&>>$#!^&F!@>!Z#$F@S$>K@&<!
#&'$! @>! 4O@<$! Z#$FF! KO&K! Z=#K#&R$S! %$G&<$! '&>S@S&K$! @>! KO$! K#&S@K@=>&<! %$G&<$!
FK$#$=KRZ$! =%! '&#$! &>S! '=GZ&FF@=>6! ^O@<$! KO$! G&<$! '&>S@S&K$F! ^$#$! %#&G$S! @>!
FK$#$=KRZ@'&<! G&F'N<@>$! G&>>$#F6! S$F'#@[$S! &F! '=GZ$K$>K! &>S! )==S! <$&S$#F!
cY&<$>DN$<&!&>S!4=##$&!HXXUd(!!
!
85'!2/,)+!%4!1%&'(,$'A!3$S@&!'=\$#&)$!^&F!>$)&K@\$!@>!F=G$!'&F$F!c?RFK#=G!HXXP&h!
4&#<@>!&>S!M@>%#$R!HXXUh!]&O>!WUUPd6![NK!=KO$#F!%=N>S!\@&[@<@KR!^&F!G=FK<R!$`N@K&[<$!
c?RFK#=G!$K!&<(!HXXWh! _&<&D&@!HXXPh!;G@KO!WUUId6!&>S!?RFK#=G!$K!&<(!cHXXJd!FN))$FKF!
KO&K! KO@F! Z#=[<$G! O&F! <$FF$>$S! =\$#! K@G$(! 9>! 4&>&S&6! ^=G$>! '&>S@S&K$F! &#$!
S$F'#@[$S!@>!G=#$!>$)&K@\$!&>S!&))#$FF@\$!K$#GF!KO&>!KO$@#!G&<$!'=N>K$#Z&#KF!c$()(6!
:@S$>)@<!&>S!0\$#@KK!WUUU6!HXXLd6![NK!@>!4O@<$!2NFF&@<<&>K!cHXX*d!%=N>S!KO&K!>$NK#&<@KR!
^&F!KO$!%#&G$!G=FK!%#$`N$>K<R!NF$S![R!KO$!4O@<$&>!Z#$FF!K=!S$F'#@[$!KO$!'&>S@S&K$F!
=%!KO$!WUUU!$<$'K@=>!c`N=K$S!@>!Y&<$>DN$<&!&>S!4=##$&!HXXU1!HWEd(!+F!%=#!'&>S@S&K$!
$<$'K&[@<@KR6!G&<$!'&>S@S&K$F!@>!KO$!<='&<!#&'$F!#$'$@\$S!'=\$#&)$!&F!$\$>KN&<!^@>>$#!
G=#$!KO&>!%$G&<$! '&>S@S&K$F!@>!KO$! @>K$#)$>S$#!#&'$!c+KA$F=>! &>S!]#$[F!HXXEd(! 9>!
FK&#A! '=>K#&FK! =KO$#! FKNS@$F! c$()(6! Y&<$>DN$<&! &>S! 4=##$&! HXXUd! @>S@'&K$S! KO&K! KO$!
%$G&<$! Z#$F@S$>K@&<! '&>S@S&K$! ^&F! &<^&RF! S$F'#@[$S! &F! KO$! <@A$<R! ^@>>$#6! ^O$#$&F!
!
G=FK! '=\$#&)$! =%! KO$! K^=! G&<$! '&>S@S&K$F! @>! KO$! '&GZ&@)>! S$Z@'K$S! KO$G! &F!
'=GZ$K@K@\$!'&>S@S&K$F6![NK!>=K!&F!<@A$<R!^@>>$#F!cZZ(HWHBHWLd(!!!
!
J(,*0)$!4'*,/'!1,)-0-,+';!,$F$&#'O!FZ$'@%@'&<<R!=>!KO$!'=\$#&)$!=%!%$G&<$!&>S!G&<$!
'&>S@S&K$F6! ^O@<$! R@$<S@>)! &! \&#@$KR! =%! #$FN<KF6! O&F! &<F=! S$G=>FK#&K$S! O=^! KO$!
&>&<RF@F!=%!%#&G$F!G&R[$!NF$%N<!@>!S$K$'K@>)!Z&KK$#>F!@>!>$^F!'=\$#&)$!c2$\@KK!HXXH1!
JJId(!;KNS@$F!=%!Z#$FF!'=\$#&)$!=%!)$>S$#!FK$#$=KRZ$F!c+S&R!u!2$\@KK!HXXWh!?&>^&#K!
$K!&<(!HXXLh!?RFK#=G!HXXP&h!2$\@KK!HXXHh!7$<SG&>!$K!&<(6!HXX*h!]&O>!WUUJh!]&O>!u!
:=<S$>[$#)! WUUWd! %=N>S! %$G&<$! '&>S@S&K$F! =%K$>! #$'$@\$! <$FF! @FFN$! '=\$#&)$! KO&>!
G&<$F6! &>S! Z$#F=>&<! K=Z@'F! FN'O! &F! &ZZ$&#&>'$6! '<=KO$F6! F@D$6! &)$6! Z$#F=>&<@KR6!
$G=K@=>&<! FK&K$6! 'O@<S#$>! &>S! G&#@K&<! FK&KNF! ^$#$! G=#$! <@A$<R! K=! [$! &[=NK! %$G&<$!
KO&>!G&<$!'&>S@S&K$F!&F!^$<<! &F!S$%@>@>)!%$G&<$!'&>S@S&K$F!@>!K$#GF!=%!KO$F$! #=<$F!
#&KO$#! KO&>! &F! &! Z=<@K@'&<! '&>S@S&K$(! -O$F$! %@>S@>)F! =>! Z$#F=>&<! '=\$#&)$! &K! KO$!
<$)@F<&K@\$6! FK&K$! $V$'NK@\$! &>S! Z#$F@S$>K@&<! <$\$<! '&G$! @>! '=>K#&FK! K=! #$F$&#'O! =%!
+KA$F=>!&>S!]#$[F!cHXXEd!=>!G&R=#&<!$<$'K@=>F!^O=!#$\$&<$S!KO&K!@>!KO$F$!<='&<!#&'$F!
KO$!'&>S@S&K$Ff!Z#=V@G@KR!K=!KO$!<='&<!G$S@&6!KO$@#!Z$#F=>&<!A>=^<$S)$!&>S!%&G@<@$F!
G&R!<$&S!K=!<$FF![@&F!=>!KO@F!S@G$>F@=>(!!!!
!
`=5/3:)8)8!
`QA! -O$#$! &#$! FK&K@FK@'&<<R! F@)>@%@'&>K! S@%%$#$>'$F! @>! KO$! `N&>K@KR! =%! 0)RZK@&>!
b=N#>&<@FG!'=\$#&)$!&''=#S@>)!K=!KO$!)$>S$#!=%!KO$!'&>S@S&K$(!!
`TA! -O$#$! &#$! FK&K@FK@'&<<R! F@)>@%@'&>K! S@%%$#$>'$F! @>! @FFN$F! '=\$#$S! @>! 0)RZK@&>!
b=N#>&<@FG!&''=#S@>)!K=!KO$!)$>S$#!=%!KO$!'&>S@S&K$(!
`XA!-O$#$!&#$!FK&K@FK@'&<<R!F@)>@%@'&>K!S@%%$#$>'$F!@>!Z$#F=>&<!K#&@KF!'=\$#$S!@>!0)RZK@&>!
b=N#>&<@FG!&''=#S@>)!K=!KO$!)$>S$#!=%!KO$!'&>S@S&K$(!!
`]A!-O$#$!&#$!FK&K@FK@'&<<R!F@)>@%@'&>K!S@%%$#$>'$F!@>!%#&G$F!&>S![&'A)#=N>S!'=\$#$S!@>!
0)RZK@&>!b=N#>&<@FG!&''=#S@>)!K=!KO$!)$>S$#!=%!KO$!'&>S@S&K$(!!!
`[A! -O$#$! &#$! FK&K@FK@'&<<R! F@)>@%@'&>K! S@%%$#$>'$F! @>! '&>S@S&K$! F<&>K! &>S! $<$'K&[@<@KR!
'=\$#$S!@>!0)RZK@&>!b=N#>&<@FG!&''=#S@>)!K=!KO$!)$>S$#!=%!KO$!!'&>S@S&K$(!!
`gA! -O$#$! &#$! FK&K@FK@'&<<R! F@)>@%@'&>K! S@%%$#$>'$F! @>! \=<NG$! =%! 0)RZK@&>! b=N#>&<@FG!
'=\$#&)$!=%!%$G&<$!&>S!G&<$!'&>S@S&K$!&''=#S@>)!K=!KO$!)$>S$#!=%!KO$!$S@K=#(!
`hA! -O$#$! &#$! FK&K@FK@'&<<R! F@)>@%@'&>K! S@%%$#$>'$F! @>! '&>S@S&K$! $<$'K&[@<@KR! &>S! F<&>K!
'=\$#$S!@>!0)RZK@&>!b=N#>&<@FG!&''=#S@>)!K=!KO$!)$>S$#!=%!KO$!$S@K=#(!
`fA!-O$#$!&#$!FK&K@FK@'&<<R!F@)>@%@'&>K!S@%%$#$>'$F!@>!'&>S@S&K$!%#&G$F!&>S![&'A)#=N>S!
'=\$#$S!@>!0)RZK@&>!b=N#>&<@FG!&''=#S@>)!K=!KO$!)$>S$#!=%!KO$!$S@K=#(!
!
D)8)+(,:!4)87.1!+14!S)3:/4/6/.=!!
-=!K$FK!KO$!FKNSR!ORZ=KO$F$F6!'=>K$>K!&>&<RF@F!=%!KO#$$!G&b=#!S&@<R!>$^FZ&Z$#F!&>S!
&>! =><@>$! >$^F! ^$[F@K$! @>! 0)RZK! ^&F! '=>SN'K$S! SN#@>)! KO$! '&GZ&@)>(! -O$!
>$^FZ&Z$#F! F&GZ<$! ^&F! &S=ZK$S! &''=#S@>)! K=! +<B+O#&G! Q=N>S&K@=>! %=#! "#$FF! &>S!
2N[&@!"#$FF!4<N[6!&>S!KO$F$!>$^FZ&Z$#F!&#$1!F/#F5(,*!c-O$!"R#&G@SFd!&F!=>$!=%!KO$!
<&#)$FK!FK&K$B=^>$S!>$^FZ&Z$#F!'@#'N<&K@=>!&>S!&<F=!A>=^>!&F!>&K@=>&<!>$^FZ&Z$#F6!
F/#3,4-!&F!=>$!=%!KO$![@))$FK!&>S!=<S$FK!Z=<@K@'&<!Z&#KRB=^>$S!>$^FZ&Z$#F!cZ&#K@F&>!
>$^FZ&Z$#Fd6!&>S!F/#O,2(9!,/#W%<*!&F!=>$!=%!KO$!<&#)$FK!Z#@\&K$!Z$#F=>!=^>$#FO@Z!
>$^FZ&Z$#F! c9>S$Z$>S$>K! "#$FFdcHd(! O,2(,39! @F! '=>F@S$#$S! =>$! =%! KO$! <&#)$FK! &>S!
=<S$FK!&''$FF!=><@>$!>$^F!^$[F@K$!@>!0)RZK(!+!K=K&<!=%!W**L!&#K@'<$F!'=\$#@>)!KO$!HXWX!
0)RZK@&>! Z&#<@&G$>K&#R! '&GZ&@)>! ^$#$! )&KO$#$S! &>S! &>&<RD$S! @>! KO$! ! Z$#@=S! %#=G!
/=\$G[$#! E! K=! 2$'$G[$#! *(! -O$! &>&<RF@F! @>'<NS$S! &<<! %$&KN#$F! =%! '=>K$>K! c>$^F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H
c d! Q=#! G=#$! S$K&@<F! &[=NK! '&K$)=#@$F! =%! >$^FZ&Z$#F! @>! 0)RZK! F$$1! 0<B-&>K&^R6! C&N#&! cHXXUd(! 9>! -O$!
;O&S=^! =%! KO$! "R#&G@SF1! 4&F$! FKNSR! =%! %#$$! $VZ#$FF@=>! @>! KO$! 0)RZK@&>! G$S@&6! HXXJBHXXU(! ,$NK$#F!
@>FK@KNK$!%=#!KO$!FKNSR!=%!_=N#>&<@FG6!8>@\$#F@KR!=%!.V%=#S(!
!
! ! !
FK=#@$F!&>S!=Z@>@=>!G&K$#@&<Fd!@>!KO$!L!>$^FZ&Z$#F!&>S!KO$!=><@>$!^$[!F@K$!#$<&K$S!K=!
KO$!'&GZ&@)>(!MO$>!KO$!&#K@'<$!@>'<NS$S![=KO!A@>SF!=%!'&>S@S&K$F6!@K!^&F!S@\@S$S!@>K=!
K^=!=#!G=#$!&#K@'<$F!$&'O!=>$!S$&<@>)!^@KO!=>$!A@>S!=%!)$>S$#!=%!KO$!'&>S@S&K$F(!-O$!
FKNSR!NF$S!&!%=#G!%=#!&#K@'<$F!&>&<RF@F!@>'<NS@>)!KO$!%=<<=^@>)!'=S$S!'&K$)=#@$F1!!
!!!!!
4&K$)=#@$F! K=! #$Z#$F$>K! S$G=)#&ZO@'! S&K&! cZN[<@'&K@=>6! S&K$6! &>S! F$V! =%! KO$!
'&>S@S&K$d(! .KO$#! '&K$)=#@$F! ^$#$! &ZZ<@$S! K=! S$F'#@[$! KO$! \=<NG$! =%! '=\$#&)$! %=#!
$&'O! )$>S$#! =%! KO$! '&>S@S&K$F! KO#=N)O! KO$! %=<<=^@>)! N>@KF1! WB! G$>K@=>@>)! KO$!
'&>S@S&K$!@>!KO$!O$&S<@>$6!HB!G$>K@=>@>)!KO$!'&>S@S&K$!@>!KO$!<$&S!=%!KO$!K=Z@'6!LB!@%!
KO$! &#K@'<$! @F! Z#@G&#@<R! &[=NK! KO$! '&>S@S&K$6! JB! >NG[$#F! =%! '&>S@S&K$Ff! ZO=K=F! KO&K!
&''=GZ&>@$S!KO$!&#K@'<$F6!*B!>NG[$#F!=%!F$>K$>'$F!KO&K!O&\$![$$>!&<<='&K$S!K=!KO$!
'&>S@S&K$!@>!KO$!&#K@'<$(!
!
/$VK!'&K$)=#R!^&F!'#$&K$S!%=#!&!<@FK!=%!@FFN$F!&FF='@&K$S!^@KO!'&>S@S&K$F!&>S!S@\@S$S!
@>K=! G&<$! @FFN$F! c@($(6! $'=>=GR6! N>$GZ<=RG$>K6! @>%#&FK#N'KN#$6! %@>&>'@&<! &>S!
&SG@>@FK#&K@\$! '=##NZK@=>6! '&#$! &>S! O$&<KO! @>FN#&>'$6! @>K$#>&K@=>&<! @FFN$F6! Z=\$#KR6!
$>\@#=>G$>K6!$SN'&K@=>6!F='@&<!^$<%&#$6! S$G='#&'R!&>S!ONG&>!#@)OKF6! #$<&K@=>FO@ZF!
^@KO! Z&#K@$F6! &)#@'N<KN#$6! ;$'K&#@&>! N>@KR! [$K^$$>! 0)RZK@&>! 3NF<@GF! &>S! 4O#@FK@&>F6!
&>S! '=>FK@KNK@=>! &G$>SG$>Kd! &>S! %$G&<$! @FFN$F! c@($(6! 'O@<S'&#$6! G&##@&)$! &>S!
S@\=#'$6!^&)$F!=%!^=#A@>)!^=G$>6!$`N&<!#@)OKF!^@KO!G$>6!^@S=^F!&>S!=#ZO&>Ff!O$<Z6!
&>S! M=G$>fF! Z=<@K@'&<! Z&#K@'@Z&K@=>d(! -O$F$! @FFN$F! ^$#$! $\=<\$S! %#=G! Z#$\@=NF!
FKNS@$F!c+#'$>$&NV!HXXWh!+KA$F=>!&>S!]#$[F!HXXEh!?&>^&#K!$K!&<!HXXLh!?RFK=#G!$K!&<!
HXXWh! 4$<@F! HXXJh! 4O@<SF! u! ]#==A! HXX*h! 4=^$<<B3$R$#F! &>S! C&>)[$@>! HXXPh! Q#@SA@>!
&>S! ]$>>$R! HXXEh! ]&O>! &>S! :=<S$>[$#)! WUUWh! ;'O$>A! HXXJd! &F! ^$<<! &F! %#=G!
&>&<RD@>)! KO$! '=>K$>K! =%! KO$! FKNSR! F&GZ<$(! 9! '=>F@S$#$S! Z=\$#KR6! '&#$! &>S! O$&<KO!
@>FN#&>'$6!$SN'&K@=>!&F!G&F'N<@>$!@FFN$F6!@>!'=>K#&FK!^@KO!Z#$\@=NF!FKNS@$F!c?&>^&#K!
$K! &<! HXXLh! ?RFK#=G! $K! &<! HXXWd! ^O@'O! '=>F@S$#$S! KO$F$! @FFN$F! &F! K#&S@K@=>&<<R!
%$G@>@>$!@FFN$F![$'&NF$!@>!0)RZK!KO$R!&#$!F=G$!=%!FK#&K$)@'!@FFN$F!KO&K!N>S$#<@$!KO$!
S$\$<=ZG$>K!Z#='$FF!&>S!&#$!#$<&K$S!K=!=KO$#!@FFN$F!FN'O!&F!@>%#&FK#N'KN#$6!>&K@=>&<!
@>'=G$6!&>S!KO$!FK&>S&#S!=%!ůŝǀŝŶŐ͘/ŶĂĚĚŝƚŝŽŶ͕ƌĞƐĞĂƌĐŚĞƌƐĚĞĨŝŶĞǁŽŵĞŶ͛ƐŝƐƐƵĞƐĂƐ
KO=F$! S$'#$&F@>)! S@F'#@G@>&K@=>! &)&@>FK! ^=G$>! =#! '=N>K$#@>)! @KF! $%%$'KF! &>S!
@GZ#=\@>)! KO$! F='@&<6! $'=>=G@'! =#! Z=<@K@'&<! FK&KNF! =%! ^=G$>! c4=^$<<B3$R$#F! &>S!
C&>)[$@>!HXXP1!ZZ(*BId(!!
!
+>=KO$#!'&K$)=#R!^&F!'#$&K$S!K=!<@FK!'&>S@S&K$!Z$#F=>&<!K#&@KF!&>S!S@\@S$S!@>K=!K^=!
'&K$)=#@$F! gG&F'N<@>$! &>S! %$G@>@>$! K#&@KFg(! 3&F'N<@>$! K#&@KF! [#&>'O$S! K^=! N>@KF1!
gK=N)O>$FF! K#&@KFg! K=! @>'<NS$! &<<! 'O&#&'K$#@FK@'F! $VZ#$FF@>)! KO$! '&>S@S&K$! &[@<@KR! K=1!
'=GZ$K@K@=>6! &))#$FF@\$>$FF6! %@)OK@>)6! &G[@K@=>6! S$'@F@\$>$FF6! FK#$>)KO6! S@FZ<&R@>)!
@>@K@&K@\$6! &>S! $<NF@\$>$FF6! &>S! g'=GZ$K$>'$! K#&@KFg! @>'<NS@>)! &<<! 'O&#&'K$#@FK@'F!
$VZ#$FF@>)! KO$! '&>S@S&K$! @>! &! G&>>$#! =%1! <$&S$#FO@Z6! $VZ$#@$>'$6! @>'@F@\$>$FF6!
A>=^<$S)$&[@<@KR6! @>K$<<$'KN&<! &'N@KR6! &>S! '&Z&[@<@KR(! -O$! F$'=>S! KRZ$! =%! %$G@>@>$!
K#&@KF![#&>'O$S!K^=!N>@KF1!gO=>$FKR!K#&@KFg!^O@'O!@>'<NS$S!&<<!'O&#&'K$#@FK@'F!#$<&K$S!
K=! KO$! '&>S@S&K$! @>! &! G&>>$#! =%1! @>K$)#@KR6! K#NFK^=#KO@>$FF6! '=>F'@$>K@=NF>$FF6!
%<$V@[@<@KR6! &>S! S$S@'&K@=>6! ^O@<$! g'=GZ&FF@=>! K#&@KFg! @>'<NS$S! &<<! 'O&#&'K$#@FK@'F!
#$%<$'K@>)!KO$!'&>S@S&K$!@>!&!G&>>$#!=%1!$G=K@=>&<@KR6!N>S$#FK&>S@>)6!'=>F@S$#&K@=>6!
)$>K<$>$FF6! &>S! $>KONF@&FG(! -O$F$! Z$#F=>&<! K#&@KF! ^$#$! $\=<\$S! %#=G! Z#$\@=NF!
FKNS@$F!c+KA$F=>!&>S! ]#$[F!HXXEh! ?<@)O!&>S!]=O<$F! HXXEh! 4&#<F=>! HXXWh!4$<@F! HXXJh!
Q#@SA@>! ]$>>$R! HXXEh! 7$<SG&>! HXXPh! ]&O>WUUJh! ]&O>! &>S! :=<S$>[$#)! WUUWh!
Y&<$>DN$<&!4=##$&!HXXUd(!0&'O!K#&@K!@>!&<<!'&K$)=#@$F!c'=S$S!&F!Z=F@K@\$!x!kW6!>$NK#&<!x!
X!=#!>$)&K@\$!x!BWd(!!
!
!
-O$!>$VK!'&K$)=#R!K&'A<$S!%#&G@>)!'=\$#&)$!=%!KO$!'&>S@S&K$!@>!KO$!O=#F$B#&'$(!-O$!
FKNSR! NF$S! Z#$\@=NF! ^=#A! c2$\@KK! HXXHd! ^O@'O! '<&FF@%@$S! KO$! '&GZ&@)>! %#&G@>)!
&''=#S@>)! K=! KO$! )$>S$#! =%! KO$! '&>S@S&K$! &F! KO$! %=<<=^@>)! '=S$F1! WB! S$K$#G@>@>)!
g022<'! 4(,*'g! @%! Z&#&)#&ZOF! S$F'#@[$S! '&>S@S&K$F! [R! KO$@#! Z=F@K@=>F! =#! &'K@=>F! =>!
ZN[<@'!Z=<@'R!@FFN$F(!HB!S$K$#G@>@>)!v.'(2%),/!4(,*'v![R!KO$!'&>S@S&K$fF!Z$#F=>&<!=#!
Z#=%$FF@=>&<![&'A)#=N>S(!LB!S$K$#G@>@>)!v2+(,+'$01!4(,*'v![R!FK#&K$)@'!=#!O=#F$B#&'$!
S$F'#@ZK@=>F! =%! KO$! '&>S@S&K$Ͷ$()(6! ^O$KO$#! =#! >=K! KO$! '&>S@S&K$! ^&F! &O$&S6! KO$!
K&'K@'F! KO$! '&>S@S&K$! NF$S! K=! )$K! \=K$F6! &>S! ^O$#$! KO$! '&>S@S&K$! '&GZ&@)>$S!
cZ(J*Hd(! +>=KO$#! '&K$)=#R! ^&F! '#$&K$S! K=! &FF@)>! KO$! g'&>S@S&K$! [&'A)#=N>Sg! &>S!
'=S$S!@>!KO#$$!\&#@&[<$F1!`N&<@%@'&K@=>F6!&''=GZ<@FOG$>KF!=#!%&@<N#$F!=%!KO$!'&>S@S&K$(!!
!
4&K$)=#@$F! &FF='@&K$S! K=! KO$! F<&>K! =%! KO$! '=\$#&)$! ^$#$! '=S$S! K=! $\&<N&K$! @%! KO$!
'=\$#&)$! =%! KO$! '&>S@S&K$! ^&F1! Z=F@K@\$6! >$)&K@\$6! >$NK#&<! =#! $`N&<! %='NF! cZ=F@K@\$!
&>S!>$)&K@\$d(!+>=KO$#!'&K$)=#R!G&KK$#$S!KO$!'<&FF@%R@>)!=%!KO$!'&>S@S&K$!$<$'K&[@<@KR!
&>S!^&F!'=S$S!K=!bNS)$!@%!KO$!&#K@'<$!'=>F@S$#$S!KO$!'&>S@S&K$!=\$#&<<!'=GZ$K@K@\$6!
<@A$<R! ^@>>$#6! >=>B! '=GZ$K@K@\$! =#! >=K! =[\@=NF(! -O$F$! '&K$)=#@$F! =%! F<&>K! &>S!
$<$'K&[@<@KR!=%!KO$!'&>S@S&K$!^$#$!$\=<\$S!%#=G!Z#$\@=NF!FKNS@$F!c+KA$F=>!&>S!]#$[F!
HXXEh! ?&>^&#K! $K! &<! HXXLh! ?RFK#=G! $K! &<! HXXWh! Y&<$>DN$<&! 4=##$&! HXXUd(! -O$! <&FK!
'&K$)=#R!#$<&K$S!K=!#$Z=#K$#fF!)$>S$#!K=!S$K$#G@>$!@%!KO$!&#K@'<$!^#@KK$>![R!&!%$G&<$6!
G&<$6![=KO!G&<$!&>S!%$G&<$6!=#!'=N<S!>=K!S$K$#G@>$!KO$!)$>S$#(!!!!!!!!!!!!
!!!
U71471.8!+14!478,B887/1!!!!!!!!
?&F$S! =>! Z#$\@=NF! #$F$&#'O6! 9! $VZ$'K$S! @>! KO$! %@#FK! ORZ=KO$F@F! S@%%$#$>'$F! @>! KO$!
&G=N>K! =%!'=\$#&)$! K=!%@>S!&![@&F! %&\=#!=%!G&<$!'&>S@S&K$F(! FT! K$FK! Z#$F$>KF! F=G$!
FNZZ=#K!%=#!KO@F!ORZ=KO$F@F!@>!KO$!K=K&<!\=<NG$!=%!Z#$FF!'=\$#&)$!%=#!G&<$!'&>S@S&K$F!
KO&>!KO=F$!%=#!%$G&<$F!FT!c/xWLWP!&#K@'<$F!\F(!/xHLI!&#K@'<$F6!Z!è!(XXWd!x!IJU(PIH(!
!
<+?6)QA!!iB+1373=!/*!!N/B(1+6782!;/0)(+.)!
!
<**+$%%!'/$!80,*.*0'$!!!!!!!!!!!!!!!!!!!!!!!6$=!#>!'/$!80,*.*0'$!!!!!!!!!!!!!!!!8/.(6?@0+$!!!!!!!!A=0-'!6.B:!
4.'/.,!'/$!C#&.-!!!!!!!!!!!!!!!!!!!!!D02$!,EFGFH!!!!!!!!I$)02$!,EJGK!!!!!!!!!!!!!!!!L F Y!!!!!!!!!!!!!!LF(%.*$*M!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J
7$&S<@>$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!IJW!cJI(Itd!!!!!!!!!!!!!!UE!cP(Ltd!!!!!!!!!!!!WE(XEE!!!!!!!!!!!!!!!(XXX!!!!!!!!!
C$&S!=%!KO$!-=Z@'!!!!!!!!!!!!!!!!!!!!!!WXWX!cP*(Xtd!!!!!!!!!!!WLL!cE(Ptd!!!!!!!!!!!!!JL(UEI!!!!!!!!!!!!!!!(XXX!!!!!!!
"#@G&#@<R!+[=NK!4&>S@S&K$!!!!!!WWJU!cIJ(Xtd!!!!!!!!!!WP*!cWX(Ptd!!!!!!!!!!!!!JE(HPJ!!!!!!!!!!!!!!(XXX!
!
C'$(''!%4!4(''-%*!X-4Y!w!Q!
!
-&[<$! W! KO#=N)O! 4O@BF`N&#$! K$FK! &<F=! Z#$F$>KF! F@)>@%@'&>K! S@%%$#$>'$F! @>! &SS#$FF@>)!
[=KO!KRZ$F!=%!'&>S@S&K$F!^@KO@>!KO$!K=Z@'F!K=!%@>S!&>=KO$#!FNZZ=#K!K=!%@#FK!ORZ=KO$F@F6!
KO&K! G&<$! '&>S@S&K$F! ^$#$! G$>K@=>$S! @>! O$&S<@>$F6! <$&SF! =%! KO$! K=Z@'F! &>S! ^$#$!
&<<='&K$S!Z#@G&#@<R!@>!KO$!K=Z@'F!G=#$!KO&>!%$G&<$!'&>S@S&K$F(!
!
-=!K$FK!KO$!=KO$#!\&#@&[<$F!&FF='@&K$S!^@KO!&SS#$FF@>)!KO$!'&>S@S&K$!^@KO@>!KO$!K=Z@'!
-&[<$! H! KO#=N)O! C! K$FK! @>S@'&K$F! >=! S@%%$#$>'$F! @>! G$&>! =%! ZO=K=F! %=#! G&<$! &>S!
%$G&<$!'&>S@S&K$F![NK!KO$#$!&#$!F@)>@%@'&>K!S@%%$#$>'$F!@>!G$&>!=%!F$>K$>'$F!%=#!KO$!
'&>S@S&K$6!KO&K!G&<$!'&>S@S&K$F!#$'$@\$S!G=#$!&G=N>K!=%!F$>K$>'$F!KO&>!%$G&<$F(!!
!
!
!
!
!
! ! !
<+?6)!TA!iB+1373=!/*!':/3/8!+14!E)13)1,)8!
!
<**+$%%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!D$0,!!!!!!!!!!!!!!!!!!!6'*:!"$N.0'.#,!!!!!!!!!!!!'('$%'!>#+!A?@02.'O!#>!D$0,%!
'/$!80,*.*0'$!!!!!!!!!!!!!D02$!!!!!!!I$)02$!!!!!!!D02$!!!!!!!I$)02$!!!!!!!!!!!!!3!!!!!!!!!!!!">!!!!!!!!!!!!!E7.C!
4.'/.,!'/$!C#&.-!!!!!!!!PEFGFH!!!!PEJGK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!^T-3+76)4_!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"O=K=F!%=#!
KO$!4&>S@S&K$!!!!!!!!!!!!!!(*E!!!!!!!!!!!!!(*X!!!!!!!!!!!!!(IL!!!!!!!!!!(PE!!!!!!!!!!!!!!W(JI!!!!!!!!!W**W!!!!!!!!!(WJW!
;$>K$>'$F!%=#!!
KO$!4&>S@S&K$!!!!!!!!!!!!!WL(LX!!!!!!!!E(*E!!!!!!!!!!!WJ(UJ!!!!!!!WL(XJ!!!!!!!!!!!J(*P!!!!!!!!!!!!W**W!!!!!!!!!(XXX!
!
3R! %@>S@>)F! &#$! '=>F@FK$>K! ^@KO! F=G$! FKNS@$F! #$\$&<@>)! KO&K! %$G&<$! '&>S@S&K$F!
#N>>@>)!%=#!$@KO$#!8(;(! ;$>&K$!=#!)N[$#>&K=#@&<!F$&KF! #$'$@\$!<$FF!'=\$#&)$! KO&>! S=!
KO$@#!G&<$!'=N>K$#Z&#KF!c]&O>!WUUJh!]&O>!u! :=<S$>[$#)!WUUWd6![NK!&#$!'=>K#&FK!K=!
=KO$#! FKNS@$F! FO=^@>)! KO&K! %$G&<$! '&>S@S&K$F! #N>>@>)! %=#! $@KO$#! 8(;(! )=\$#>=#! =#!
F$>&K$! #$'$@\$! G=#$! '=\$#&)$! c?&>^&#K! $K! &<! HXXLh! ?RFK#=G! $K! &<! HXXWd! =#! $`N&<!
'=\$#&)$! ^@KO!G&<$! '&>S@S&K$F!c+KA$F=>!&>S! ]#$[F!HXXEh!2$\@KK! WUUU6!HXXHh! FG@KO!
WUUId(!!
!
<+?6)!XA!"88B)8!S)137/18!71!;/0)(+.)!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6$=!#>!'/$!80,*.*0'$!!!!!!!!!!!8/.(6?@0+$!!!!!!A=0-'!6.B:!
Q%%@$%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!D02$!PEFGFH!!!!I$)02$!PEJGK!!!!!!!!!!!LF Y!!!!!!!!!!!!!!!LF(%.*$*M!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J
S+6)!!!!0'=>=GR!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!EP!c*(*td!!!!!!!!!!!!I!c(*td!!!!!!!!!!!!!!!J(*I*!!!!!!!!!!!!!!!(XWI!!!!!!!!!!!!!
"88B)8!!8>$GZ<=RG$>K!!!!!!!!!!!!!!!!!!!!!W*P!cWX(Xtd!!!!!!!!!WJ!c(Utd!!!!!!!!!!!!!I(HEP!!!!!!!!!!!!!!!(XXL!!!
!!!!!!!!!!!!9>%#&FK#N'KN#$!!!!!!!!!!!!!!!!!!!!!!!HLX!cWJ(Etd!!!!!!!!WU!cW(Htd!!!!!!!!!!!WL(L*W!!!!!!!!!!!!!!(XXX!
!!!!!!!!!!!!4=##NZK@=>!!!!!!!!!!!!!!!!!!!!!!!!!!!WXH!cP(Ptd!!!!!!!!!!!!P!c(Jtd!!!!!!!!!!!!!!E(J*J!!!!!!!!!!!!!!(XXW!
!!!!!!!!!!!!4&#$!u!O$&<KO!@>FN#&>'$!!!!!!!W*U!cWX(Htd!!!!!!!!W*!cW(Xtd!!!!!!!!!!!!!!P(PEW!!!!!!!!!!!!!!(XX*!
!!!!!!!!!!!!9>K$#>&K@=>&<!@FFN$F!!!!!!!!!!!!!!!WU!!cW(Htd!!!!!!!!!!!W!c(Wtd!!!!!!!!!!!!!!!W(P*X!!!!!!!!!!!!!!(WPP!
!!!!!!!!!!!!"=\$#KR!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PH!cJ(Xtd!!!!!!!!!!!!J!c(Ltd!!!!!!!!!!!!!!!J(*WH!!!!!!!!!!!!!(XWE!
!!!!!!!!!!!!0>\@#=>G$>K!!!!!!!!!!!!!!!!!!!!!!!!!JI!cL(Xtd!!!!!!!!!!!!P!c(Jtd!!!!!!!!!!!!!!!!(P*U!!!!!!!!!!!!!!!(HIE!
!!!!!!!!!!!!0SN'&K@=>!!!!!!!!!!!!!!!!!!!!!!!!!!!!!WWJ!cI(Ltd!!!!!!!!!!WL!c(Etd!!!!!!!!!!!!!!H(IXX!!!!!!!!!!!!!(XPX!!
!!!!!!!!!!!!;='@&<!^$<%&#$!!!!!!!!!!!!!!!!!!!!!!!*L!cL(Jtd!!!!!!!!!!!!*!c(Ltd!!!!!!!!!!!!!!!H(X*J!!!!!!!!!!!!!!!(WXW!
!!!!!!!!!!!!2$G='#&'R!uONG&>!#@)OKF!!!!!HP!cW(Itd!!!!!!!!!!!P!c(Jtd!!!!!!!!!!!!!!!!!(LXE!!!!!!!!!!!!!!!(LPW!
!!!!!!!!!!!!,$<&K@=>FO@ZF!^@KO!Z&#K@$F!!!!!!HWP!cWL(Utd!!!!!!!HP!cW(Itd!!!!!!!!!!!!!J(*HL!!!!!!!!!!!!!!!(XWE!
!!!!!!!!!!!!+)#@'N<KN#$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!EL!c*(Ltd!!!!!!!!!!!!P!c(Jtd!!!!!!!!!!!!!!!*(HUU!!!!!!!!!!!!!!(XWW!
!!!!!!!!!!!!;$'K&#@&>!N>@KR!!!!!!!!!!!!!!!!!!!!!!!L*!cH(Ltd!!!!!!!!!!WX!c(Ptd!!!!!!!!!!!!!!W(ILI!!!!!!!!!!!!!!(WL*!!
!!!!!!!!!!!!4=>FK@KNK@=>!+G$>SG$>K!!!!!!!!WP!cW(Xtd!!!!!!!!!!!!E!c(*td!!!!!!!!!!!!!!!P(W*I!!!!!!!!!!!!!!(XHW!
U)2+6)!4O@<S'&#$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*!c(Ltd!!!!!!!!!!L!c(Htd!!!!!!!!!!!!!!!L(XI*!!!!!!!!!!!!!(WXU!
"88B)8!!!3&##@&)$!&>S!S@\=#'$!!!!!!!!!!!!!!!!!W!c(Wtd!!!!!!!!!!!!*!c(Ltd!!!!!!!!!!!!!!!HW(*EL!!!!!!!!!!!!!(XXX!
!!!!!!!!!!!!!M&)$F!=%!^=#A@>)!^=G$>!!!!!!!!H!c(Wtd!!!!!!!!!!!!L!c(Htd!!!!!!!!!!!!!!!!I(IPJ!!!!!!!!!!!!!!(XHE!!
!!!!!!!!!!!!!0`N&<!#@)OKF!^@KO!G$>!!!!!!!!!!!!!!L!c(Htd!!!!!!!!!!!!*!c(Ltd!!!!!!!!!!!!!!!WL(EIP!!!!!!!!!!!!!(XXL!
!!!!!!!!!!!!!M@S=^F!&>S!=#ZO&>Ff!O$<Z!!!!!!!!J!c(Ltd!!!!!!!!!!!WJ!c(Utd!!!!!!!!!!!!!!**(XLU!!!!!!!!!!!!!!(XXX!
!!!!!!!!!!!!M=G$>fF!Z=<@K@'&<!Z&#K@'@Z&K@=>!!J!c(Ltd!!!!!!!!!!!!P!c(Jt!d!!!!!!!!!!!!!!W*(*IE!!!!!!!!!!!!!(XXW!!!!!!!!!!!!!!!
!
C'$(''!%4!4(''-%*!X-4YwQ!
!
-&[<$! L! Z#=\@S$F! F=G$! FNZZ=#K! %=#! KO$! F$'=>S! ORZ=KO$F@F! KO&K! G&<$! '&>S@S&K$F!
#$'$@\$S! G=#$! &KK$>K@=>! =>! G&<$! @FFN$F! KO&>! %$G&<$! '&>S@S&K$F6! ^O$#$&F! %$G&<$!
'&>S@S&K$F! #$'$@\$S! G=#$! &KK$>K@=>! =>! %$G&<$! @FFN$F! KO&>! G&<$! '&>S@S&K$F(! M@KO!
#$)&#S!K=!G&<$!@FFN$F!KO$#$! ^$#$!F=G$![@&F$F!=%!>@>$! @FFN$F!KO&K!^$#$!'=\$#$S!%=#!
G&<$! '&>S@S&K$F! G=#$! KO&>! %$G&<$F1! $'=>=GR6! N>$GZ<=RG$>K6! @>%#&FK#N'KN#$6!
'=##NZK@=>6!'&#$!&>S!O$&<KO!@>FN#&>'$6!Z=\$#KR6!#$<&K@=>FO@ZF!^@KO!Z&#K@$F6!&)#@'N<KN#$!
&>S!'=>FK@KNK@=>! &G$>SG$>K(! MO@<$! KO$#$! ^$#$! >=! F@)>@%@'&>K! S@%%$#$>'$F! [$K^$$>!
G&<$! &>S! %$G&<$! '&>S@S&K$F! ^@KO! #$)&#S! K=! KO$! =KO$#! P! G&<$! @FFN$F1! @>K$#>&K@=>&<!
@FFN$F6! $>\@#=>G$>K6! $SN'&K@=>6! F='@&<! ^$<%&#$6! S$G='#&'R! &>S! ONG&>! #@)OKF! &>S!
!
F$'K&#@&>! N>@KR(! -&[<$! L! @>S@'&K$F! [@&F$F! =%! <@>A@>)! &<<! %$G&<$F! @FFN$F! ʹ! $V'$ZK! %=#!
'O@<S'&#$!ʹ!K=!%$G&<$!'&>S@S&K$F!G=#$!KO&>!G&<$F!cG&##@&)$!&>S!S@\=#'$6!^&)$F!&>S!
^=#A@>)! ^=G$>6! $`N&<! #@)OKF! ^@KO! G$>6! ^@S=^F! &>S! =#ZO&>fF! O$<Z! &>S! ^=G$>fF!
Z=<@K@'&<!Z&#K@'@Z&K@=>d(!
!
3R! %@>S@>)F! &#$! S@%%$#$>K! %#=G! =KO$#! FKNS@$F! ^O@'O! '=>'<NS$S! KO&K! ^=G$>! S@S! >=K!
#$'$@\$!G=#$!&KK$>K@=>!=>!%$G&<$!@FFN$F!>=#!S@S!KO$R!#$'$@\$!<$FF!=>!G&<$!@FFN$F!@>!
KO$@#!G&R=#&<!#&'$F!c$()(6!+KA$F=>!&>S!]#$[F!HXXEd6![NK!KO$R!&#$!'=>F@FK$>K!^@KO!F=G$!
FKNS@$F! ^O@'O! #$\$&<$S! KO&K! G$>! ^$#$! G=#$! <@A$<R! K=! [$! &FF='@&K$S! ^@KO! FN'O!
G&F'N<@>$! @FFN$F! c$()(6!?&>^&#K! $K!&<!HXXLh! ?RFK#=G!$K!&<!HXXWh!Q#@SA@>!&>S! ]$>>$R!
HXXEd(! +<KO=N)O! FN'O! FKNS@$F! '=>F@S$#$S! F=G$! @FFN$F! <@A$! Z=\$#KR6! '&#$! &>S! O$&<KO!
@>FN#&>'$6! $SN'&K@=>! &F! %$G@>@>$! @FFN$F6! 9! O&S! &>&<RD$S! KO$G! &F! G&F'N<@>$! @FFN$F(!
-O$#$%=#$!KO$R!%=N>S!KO&K!G$>!^$#$!G=#$!<@A$<R!K=![$!&FF='@&K$S!^@KO!FN'O!%$G@>@>$!
@FFN$F(! -O$! %#$`N$>'@$F! =%! %$G&<$! @FFN$F! '=\$#$S! @>! 0)RZK@&>! Z#$FF! ^$#$! %$^!
'=GZ&#$S!K=!G&<$!@FFN$FcLd6!R$K!%@>S@>)F!FN))$FK!KO&K!^=G$>fF!@FFN$F!^O$>!&ZZ$&#$S!
@>!KO$!K=Z@'F!^$#$!FK#=>)<R!&%%@<@&K$S!K=!%$G&<$!'&>S@S&K$F(!.\$#&<<6!&<KO=N)O!F=G$!=%!
G&<$! @FFN$F! ^$#$! '=>F@FK$>K<R! &FF='@&K$S! ^@KO! G$>! &>S! ^=G$>! '&>S@S&K$F! @>!
0)RZK@&>! b=N#>&<@FG! '=\$#&)$6! G$>! '&>S@S&K$F! #$'$@\$S! G=#$! FK$#$=KRZ@'&<!
&FF='@&K@=>!^@KO!G&F'N<@>$!@FFN$F(!!!
!
-&[<$! J! KO#=N)O! 8! K$FK! FO=^F!&! FK#=>)! FNZZ=#K! K=! KO$!KO@#S! ORZ=KO$F@F6! KO&K! KO$! &<<!
$@)OK! Z$#F=>&<! K#&@KF! @>'<NS$S! @>! gK=N)O>$FFg! B! KO$! %@#FK! '<&FF@%@'&K@=>! =%! G&<$! K#&@KFB!
&#$! F@)>@%@'&>K<R! <@>A$S! ^@KO! G&<$! G=#$! KO&>! %$G&<$! '&>S@S&K$F! c'=GZ$K@K@\$>$FF6!
&))#$FF@\$>$FF6! %@)OK@>)6! &G[@K@=>6! S$'@F@\$>$FF6! FK#$>)KO6! S@FZ<&R@>)! @>@K@&K@\$6! &>S!
$<NF@\$>$FFd(! MO@<$! @>! g'=GZ$K$>'$g! BKO$! F$'=>S! '<&FF@%@'&K@=>! =%! G&<$! Z$#F=>&<!
K#&@KFB! KO$#$! ^$#$! >=! F@)>@%@'&>K! S@%%$#$>'$F! [$K^$$>! G&<$! &>S! %$G&<$! '&>S@S&K$F!
^@KO! #$)&#S! K=! %@\$! =%! KO$! F@V! Z$#F=>&<! K#&@KF! c<$&S$#FO@Z6! $VZ$#@$>'$6! @>'@F@\$>$FF6!
A>=^<$S)$&[@<@KR!&>S!@>K$<<$'KN&<!&'N@KRd6!^O@<$!KO$!F@VKO!K#&@K!g'&Z&[@<@KRg!=><R!@>!KO@F!
'<&FF@%@'&K@=>!<@>A$S!^@KO!G&<$!G=#$!KO&>!%$G&<$!'&>S@S&K$F(!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L
c d-O$! %#$`N$>'@$F! =%! KO=F$! @FFN$F! ^$#$1! 'O@<S'&#$! xE6! G&##@&)$! &>S! S@\=#'$! xP6! ^&)$F! =%! ^=#A@>)!
^=G$>!x*6!$`N&<!#@)OKF!^@KO!G$>!xE6!^@S=^F!&>S!=#ZO&>Ff!O$<Z!xWE!&>S!^=G$>fF!Z=<@K@'&<!Z&#K@'@Z&K@=>!
xWX(!!
!
! ! !
<+?6)!]A!!<(+738!S)137/18!71!;/0)(+.)!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!D$0,!!!!!!!!!!!!!!!!!!!!6'*:!"$N.0'.#,!!!!!!!!!!!'('$%'!>#+!A?@02.'O!#>!D$0,%!
C+0.'%!!!!!!!!!!!!!!!!!!!!!!!!!!!!D02$!!!!!!!!!!I$)02$!!!!!!!D02$!!!!!!!I$)02$!!!!!!!!!!!!!3!!!!!!!!!!!!!!!!!!!!!!E7.C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PEFGFH!!!!!!!PEJGK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!^T-3+76)4_!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
D02$!9$+%#,02!C+0.'%!
F(C#@B/,$%%!
4=GZ$K@K@=>!!!!!!!!!!!!!!!!!!!(WU!!!!!!!!!!!!!(WL!!!!!!!!!!!!!!!(JI!!!!!!!!!!!(LL!!!!!!!!!!!!!!!H(WWX!!!!!!!!!!!!!!!!!(XL*!
+))#$FF@\$>$FF!!!!!!!!!!!!!(XU!!!!!!!!!!!!!(XL!!!!!!!!!!!!!!!(HU!!!!!!!!!!!(WI!!!!!!!!!!!!!!L(H*L!!!!!!!!!!!!!!!!(XXW!
Q@)OK@>)!!!!!!!!!!!!!!!!!!!!!!!(XE!!!!!!!!!!!!!!(X*!!!!!!!!!!!!!!!(HE!!!!!!!!!!!(HW!!!!!!!!!!!!!W(UPI!!!!!!!!!!!!!!!!(XJU!
+G[@K@=>!!!!!!!!!!!!!!!!!!!!!(WJ!!!!!!!!!!!!!!(XI!!!!!!!!!!!!!!(L*!!!!!!!!!!!(HP!!!!!!!!!!!!!!H(EHE!!!!!!!!!!!!!!!(XX*!
2$'@F@\$>$FF!!!!!!!!!!!!!!!!(X*!!!!!!!!!!!!!!(XW!!!!!!!!!!!!!!(HW!!!!!!!!!!!(XU!!!!!!!!!!!!!!!H(IPH!!!!!!!!!!!!!!!!(XXP!
;K#$>)KO!!!!!!!!!!!!!!!!!!!!!!!(WX!!!!!!!!!!!!!!(XH!!!!!!!!!!!!!!(JX!!!!!!!!!!!(WP!!!!!!!!!!!!!!!L(HEJ!!!!!!!!!!!!!!!(XXW!
2@FZ<&R@>)!@>@K@&K@\$!!!!!(WI!!!!!!!!!!!!!!(XE!!!!!!!!!!!!!!(JX!!!!!!!!!!!(HU!!!!!!!!!!!!!!!L(JLL!!!!!!!!!!!!!!!(XXW!
0<NF@\$>$FF!!!!!!!!!!!!!!!!!!(XL!!!!!!!!!!!!!!(XX!!!!!!!!!!!!!!(WI!!!!!!!!!!!(XX!!!!!!!!!!!!!!H(PEU!!!!!!!!!!!!!!!(XXI!
J(8#)&$'$,-$!
C$&S$#FO@Z!!!!!!!!!!!!!!!!!!!(XH!!!!!!!!!!!!!!(XW!!!!!!!!!!!!!!!(WU!!!!!!!!!!!(XU!!!!!!!!!!!!!!W(HW*!!!!!!!!!!!!!!!!(HH*!
0VZ$#@$>'$!!!!!!!!!!!!!!!!!!!(XU!!!!!!!!!!!!!(XE!!!!!!!!!!!!!!(LW!!!!!!!!!!!(HI!!!!!!!!!!!!!!(E*U!!!!!!!!!!!!!!!!!!(LUX!
9>'@F@\$>$FF!!!!!!!!!!!!!!!!!(X*!!!!!!!!!!!!!!(XL!!!!!!!!!!!!!!(H*!!!!!!!!!!!(WI!!!!!!!!!!!!!!W(HPU!!!!!!!!!!!!!!!!(HX*!
]>=^<$S)$&[@<@KR!!!!!!!!!(XH!!!!!!!!!!!!!(XW!!!!!!!!!!!!!!!!!(W*!!!!!!!!!!!(XU!!!!!!!!!!!!!!X(EHH!!!!!!!!!!!!!!!(JWW!
9>K$<<$'KN&<!&'N@KR!!!!!!!!!(XH!!!!!!!!!!!!!(XW!!!!!!!!!!!!!!!(W*!!!!!!!!!!!(XU!!!!!!!!!!!!!!!X(UJJ!!!!!!!!!!!!!!!!!(LJ*!
4&Z&[@<@KR!!!!!!!!!!!!!!!!!!!!!!(XI!!!!!!!!!!!!!(XX!!!!!!!!!!!!!!!!(JH!!!!!!!!!!!(HJ!!!!!!!!!!!!!!!!H(HW*!!!!!!!!!!!!!!!!(XHI!
I$)02$!9$+%#,02!C+0.'%!
Q-`/1)83=!!!
9>K$)#@KR!!!!!!!!!!!!!!!!!!!!!!!!!(XX!!!!!!!!!!!!(XX!!!!!!!!!!!!!!!!!(XE!!!!!!!!!!!(HH!!!!!!!!!!!!!!!(EEJ!!!!!!!!!!!!!!!!!!(LII!
-#NFK^=#KO@>$FF!!!!!!!!!!!!!(XX!!!!!!!!!!!!(XW!!!!!!!!!!!!!!!!!(XL!!!!!!!!!!(HJ!!!!!!!!!!!!!!!BW(WW!!!!!!!!!!!!!!!!!(HPE!
4=>F'@$>K@=NF>$FF!!!!!!!!!(XX!!!!!!!!!!!!(WX!!!!!!!!!!!!!!!!!(XL!!!!!!!!!!(LX!!!!!!!!!!!!!!!BWW(EW!!!!!!!!!!!!!!!(XXX!
2$S@'&K@=>!!!!!!!!!!!!!!!!!!!!!(XX!!!!!!!!!!!!(XE!!!!!!!!!!!!!!!!!(XP!!!!!!!!!!(HE!!!!!!!!!!!!!!!!BU(LH!!!!!!!!!!!!!!!!(XXX!!
T-;/25+887/1!
0G=K@=>&<@KR!!!!!!!!!!!!!!!!!!(XX!!!!!!!!!!!(XH!!!!!!!!!!!!!!!!!(X*!!!!!!!!!!(WL!!!!!!!!!!!!!!!!BL(XU!!!!!!!!!!!!!!!!!(XXH!
8>S$#FK&>S@>)!!!!!!!!!!!!!!!(XX!!!!!!!!!!!!(XW!!!!!!!!!!!!!!!!(XL!!!!!!!!!!(WW!!!!!!!!!!!!!!!!!BL(LJ!!!!!!!!!!!!!!!!!(XXW!
4=>F@S$#&K@=>!!!!!!!!!!!!!!!!(XX!!!!!!!!!!!!(XL!!!!!!!!!!!!!!!!(X*!!!!!!!!!!(WP!!!!!!!!!!!!!!!!!BJ(LH!!!!!!!!!!!!!!!!!(XXX!!!!!!!!!!!!!
:$>K<$>$FF!!!!!!!!!!!!!!!!!!!!!(XX!!!!!!!!!!!!(XL!!!!!!!!!!!!!!!!(XL!!!!!!!!!!(WE!!!!!!!!!!!!!!!!!BP(HL!!!!!!!!!!!!!!!!!(XXX!!
0>KONF@&FG!!!!!!!!!!!!!!!!!!!!(XX!!!!!!!!!!!(XP!!!!!!!!!!!!!!!!!(X*!!!!!!!!!!(HJ!!!!!!!!!!!!!!!!!BE(H*!!!!!!!!!!!!!!!!!(XXX!
C'$(''!%4!4(''-%*!X-4Yw!QxxQ!
!
-O$! %@#FK! '<&FF@%@'&K@=>! =%! %$G&<$! Z$#F=>&<! K#&@KF! g! O=>$FKRg! &F! FO=^>! @>! -&[<$! J!
@>S@'&K$F!F@)>@%@'&>K!<@>A@>)!^@KO!%$G&<$!G=#$!KO&>!G&<$!'&>S@S&K$F!^@KO!#$%$#$>'$!K=!
[=KO! '=>F'@$>K@=NF>$FF! &>S! S$S@'&K@=>! K#&@KF6! [NK! KO$#$! &#$! >=! S@%%$#$>'$F! ^@KO!
#$)&#S! K=! [=KO! @>K$)#@KR! &>S! K#NFK^=#KO@>$FF! K#&@KFcJd(! -O$! F$'=>S! '<&FF@%@'&K@=>! =%!
%$G&<$!K#&@KF!g'=GZ&FF@=>g!)@\$F!&!FK#=>)!FNZZ=#K!K=!KO$!KO@#S!ORZ=KO$F@F6!KO&K!@KF!%@\$!
K#&@KF!&#$!F@)>@%@'&>K<R!<@>A$S!^@KO!%$G&<$!G=#$!KO&>!G&<$!'&>S@S&K$F!c$G=K@=>&<@KR6!
N>S$#FK&>S@>)6!'=>F@S$#&K@=>6!)$>K<$>$FF!&>S!$>KONF@&FGd!&F!FO=^>!@>!-&[<$!J(!
!
3R! %@>S@>)F! &#$! '=>F@FK$>K! ^@KO! #$'$>K! FKNSR! cQ#@SA@>! &>S! ]$>>$R! HXXEd! &>&<RD@>)!
HXXP! 8(;(! F$>&K$! '&GZ&@)>! KO&K! '=>'<NS$S! ^=G$>! F$>&K=#F! ^$#$! \@$^$S! &F! G=#$!
O=>$FK!&>S!G=#$!'&#@>)!KO&>!G&<$!F$>&K=#F(!-O$F$!%@>S@>)F!'=G$!@>!'=>K#&FK!K=!=KO$#!
Z#$\@=NF!FKNS@$F!^O@'O!#$\$&<$S!KO&K!KO$!Z=#K#&R&<!=%!'&>S@S&K$!@G&)$!K#&@KF!S@S!>=K!
S@%%$#!F@)>@%@'&>K<R![$K^$$>!KO$!Z#@G&#R!'=\$#&)$!&>S!)$>$#&<!$<$'K@=>!'=\$#&)$!%=#!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J
c d ! Q<$V@[@<@KR! ^&F! $V'<NS$S! %#=G! g7=>$FKRg! '<&FF@%@'&K@=>! [$'&NF$! @KF! %#$`N$>'R! F'=#$S! K^@'$! @>! KO$!
&>&<RF@F(!
!
!
$@KO$#!%$G&<$! =#! G&<$!'&>S@S&K$F! $V'$ZK! =>!KO$! @G&)$! FK#&K$)R!=%! NF@>)! &>! g&[=\$!
KO$! K#$>'O$Fg! Z=FKN#$! c?&>^&#K! $K! &<! HXXL1! PIHd! =#! G&<$! &>S! %$G&<$! '&>S@S&K$F!
#$'$@\$S!G=#$!%$G@>@>$!@G&)$!K#&@KF!FN'O!&F!O=>$FKR!&>S!FN'O!$<$G$>KF!=%!%$G@>@>$!
FKR<$! &F! NF$! =%! Z$#F=>&<! K=>$! &>S! &SS#$FF@>)! \=K$#F! &F! Z$$#F! c?RFK#=G! $K! &<! HXXWd(!
+<F=! GR! %@>S@>)F! &#$! S@%%$#$>K! %#=G! Z#$\@=NF! ^=#AF! @>\$FK@)&K@>)! @>! K$<$\@F$S!
&S\$#K@F@>)!K=!%@>S!KO&K!G$>!&#$!G=#$!<@A$<R!KO&>!^=G$>!K=!FK#$FF!O=>$FKR!@>!KO$@#!
Z=<@K@'&<!&S\$#K@F$G$>KF!c?&>^&#K!HXXH!'@K$S!@>!?&>^&#K!$K!&<!HXXLd(!!
!
-&[<$!*!KO#=N)O!4O@BF`N&#$!K$FK!@<<NG@>&K$F!&!FK#=>)!FNZZ=#K!K=!KO$!%=N#KO!ORZ=KO$F@F6!
KO&K! G&<$! '&>S@S&K$F! #$'$@\$S! FK#&K$)@'! &>S! @FFN$! '=\$#&)$! G=#$! KO&>! %$G&<$!
'&>S@S&K$F!^O=!#$'$@\$S!G=#$!Z$#F=>&<!'=\$#&)$!KO&>!G&<$!'&>S@S&K$F(!
!
-O$F$! %@>S@>)! &#$! '=>F@FK$>K! ^@KO! FKNS@$F! &K! KO$! <$)@F<&K@\$! &>S! )=\$#>=#! <$\$<!
c?&>^&#K! $K! &<! HXXLh! ?RFK#=G! $K! &<! HXXWh! 2$\@KK! HXXHd! &>S! ^@KO! FKNS@$F! &K! KO$!
Z#$F@S$>K@&<! <$\$<! c+S&R! &>S! 2$\@KK! HXXWh! 7$<SG&>! $K! &<! HXX*d! KO&K! FO=^$S! &!
'=>F@FK$>K! S@%%$#$>'$! [$K^$$>! G&<$! &>S! %$G&<$! '&>S@S&K$F! @>! KO@F! S@G$>F@=>(! 9>!
'=>K#&FK6!!@>!KO$!'=\$#&)$!=%!<='&<!#&'$F!+KA$F=>!&>S!]#$[F!cHXXEd!%=N>S!KO$!Z#$F$>'$!
=%!!&! ^=G&>!=>! KO$! [&<<=K! K$>SF! K=!$>O&>'$! KO$!F&<@$>'$! =%! %$G&<$!=#! '=GZ&FF@=>!
@FFN$F6!&<K$#!'=\$#&)$!=%!'&>S@S&K$Ff!Z$#F=>&<@KR!K#&@KF6!&>S!@>'#$&F$!=\$#&<<!'=\$#&)$!
=%! >=>Z=<@'R! %&G@<R! &>S! &ZZ$&#&>'$! '=\$#&)$(! +<F=! GR! %@>S@>)F! '=G$! '=>K#&#R! K=!
#$F$&#'O!&K! Z=<@K@'&<!&S\$#K@F@>)! KO&K!FO=^$S! ^=G$>!'&>S@S&K$F! &#$!>=! G=#$! <@A$<R!
KO&>! G$>! '&>S@S&K$F! K=! G$>K@=>! KO$@#! 'O@<S#$>! =#! G&K$#@&<! FK&KNF! @>! KO$@#!
'=GG$#'@&<F!c?RFK#=G!&>S!3@<<$#!WUUId!&>S!^=G$>!&#$!<$FF!<@A$<R!KO&>!G$>!K=!FO=^!
KO$@#!%&G@<@$F!=>!KO$@#!M$[!F@K$F!c?&>^&#K!&>S!]&@S!HXXHh!?RFK#=G!HXXP[h!/@\$>!&>S!
l@<[$#!HXXWh!;'O$>A!HXXJd(!!
!
9>! KO$! FKNSR! [R! 2$\@KK! cHXXHd6! O$! S@G@>@FO$S! KO$! &#)NG$>K! KO&K! %$G&<$! '&>S@S&K$F!
G&R!#$'$@\$!G=#$!Z$#F=>&<!'=\$#&)$!KO&>!S=!G&<$!'&>S@S&K$F![$'&NF$!KO$R!&#$!>$^!
K=!Z=<@K@'F!&>S!KONF!>$$S!K=![$!@>K#=SN'$S!K=!KO$!$<$'K=#&K$!&F![=KO!&>!@>S@\@SN&<!&>S!
&!'&>S@S&K$!cZ(!J*Jd!9!%=N>S!KO@F!F@KN&K@=>!@F!&ZZ<@$S!K=!KO$!>$^!0)RZK@&>!$VZ$#@G$>K!
KO&K!O&S!&FF@)>$S!i<%+,!%=#!^=G$>!'&>S@S&K$F!@>!Z&#<@&G$>K&#R!$<$'K@=>F!K=!Z#=\@S$!
&>!=ZZ=#KN>@KR!%=#!KO$!Z&#K@'@Z&K@=>!=%!<&#)$!>NG[$#F!=%!^=G$>!@>!KO$!#&'$!%=#!KO$!
%@#FK!K@G$(!-O$#$%=#$!9!%=N>S!G$>!'&>S@S&K$F!^$#$!&FF='@&K$S!^@KO!FK#&K$)R!&>S!@FFN$!
%#&G$F!G=#$!KO&>!^=G$>(!
!
<+?6)![A!S)137/171.!U(+2)8!+14!F+,G.(/B14!71!;/0)(+.)!
!
80,*.*0'$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6$=!#>!'/$!80,*.*0'$!!!!!!!!!!!!!!!8/.(6?@0+$!!!!!!!!A=0-'!6.B:!
I#-@%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!D02$!!!!!!!!!!!!!!!!!!!!!I$)02$!!!!!!!!!!!!!!!LF Y!!!!!!!!!!!!!!LF(%.*$*M!
J
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!,EFGFH!!!!!!!!!!!!!!!!!!!!!,EJGK!
;+1474+3)!U(+2)8!
;K#&K$)@'!Q#&G$!!!!!!!!!!!!!!!!!!!!!!!!UIE!cPL(Xtd!!!!!!!!!!!W*X!cU(Itd!!!!!!!!!!!!WH(HEW!!!!!!!!!!!!!!(XXX!
"$#F=>&<!Q#&G$!!!!!!!!!!!!!!!!!!!!!!!!!W!c(Wtd!!!!!!!!!!!!!!!!!!!!HW!cW(Jtd!!!!!!!!!!!WWX(UIE!!!!!!!!!!!!!(XXX!
9FFN$!Q#&G$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!JW*!cHP(Itd!!!!!!!!!!!!!PW!cL(Utd!!!!!!!!!!!!!!L(WI*!!!!!!!!!!!!!!(XJL!
;+1474+3)!F+,G.(/B14!
wN&<@%@'&K@=>F!!!!!!!!!!!!!!!!!!!!!!!!!!LP*!cHL(*td!!!!!!!!!!!!!PP!cJ(Htd!!!!!!!!!!!!!(XXW!!!!!!!!!!!!!!!!!(*WJ!
+''=GZ<@FOG$>KF!!!!!!!!!!!!!!!!!!!!L*E!cHL(Wtd!!!!!!!!!!!!!HP!cW(Itd!!!!!!!!!!!!HE(JLJ!!!!!!!!!!!!!!!(XXX!
Q&@<N#$F!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!WEU!cWH(Htd!!!!!!!!!!!!!HJ!cW(*td!!!!!!!!!!!!!L(XJJ!!!!!!!!!!!!!!!(XJI!!!!!!
C'$(''!%4!4(''-%*!X-4Yw!Q!
-&[<$! *! &<F=! @<<NG@>&K$F! &! FK#=>)! FNZZ=#K! K=! KO$! %=N#KO! ORZ=KO$F@F! #$)&#S@>)! KO$!
$V@FK$>'$! =%! S@%%$#$>'$F! @>! [&'A)#=N>S! '=\$#$S! @>! 0)RZK@&>! Z#$FF! &''=#S@>)! K=! KO$!
)$>S$#!=%!KO$!'&>S@S&K$6!KO&K!G&<$!'&>S@S&K$F!#$'$@\$S!&''=GZ<@FOG$>KF!&>S!%&@<N#$F!
!
! ! !
'=\$#&)$!G=#$!KO&>!%$G&<$!'&>S@S&K$F6!^O@<$!KO$#$!^$#$!>=!F@)>@%@'&>K!S@%%$#$>'$F!@>!
`N&<@%@'&K@=>F!'=\$#&)$(!!
!
-O$!@GZ<@'&K@=>F![$O@>S!KO$F$!%@>S@>)F!G&R!Z#=\$!S$K#@G$>K&<!K=!%$G&<$!'&>S@S&K$F!
&F!KO$R!S=!>=K!O&\$!KO$!$VZ$#@$>'$!=#!KO$!$>=N)O!Z&#K@'@Z&K@=>!@>!Z=<@K@'&<!&>S!F='@&<!
<@%$! KO&K! #$FN<K! @>! KO$! &\&@<&[@<@KR! =%! @>%=#G&K@=>! &[=NK! KO$@#! &''=GZ<@FOG$>KF! &>S!
%&@<N#$F6!&>S!KO$#$%=#$!%='NF!G=#$!=>!KO$@#!`N&<@%@'&K@=>F!K=!KO$!S$)#$$!KO&K!<$S!KO$G!
K=![$!$`N&<!^@KO!G&<$!'&>S@S&K$F!@>!KO$!'=\$#&)$(!
!
-&[<$! P! #$\$&<F! >=! FNZZ=#K! K=! KO$! %@%KO! ORZ=KO$F@F! ^@KO! #$)&#S! K=! KO$! F<&>K! =%!
'=\$#&)$6! KO&K! &<KO=N)O! KO$#$! ^$#$! F@)>@%@'&>K! S@%%$#$>'$F6! [=KO! G&<$! &>S! %$G&<$!
#$'$@\$S!G=#$!Z=F@K@\$!'=\$#&)$!KO&>!$@KO$#!>$NK#&<!=#!>$)&K@\$!'=\$#&)$(!3&<$!&>S!
%$G&<$!'&>S@S&K$F!^$#$!G=#$!<@A$<R!K=!#$'$@\$!Z=F@K@\$!'=\$#&)$!%=<<=^$S![R!>$NK#&<!
'=\$#&)$!&>S!KO$!>$)&K@\$!'=\$#&)$!@>!KO$!#&'$(!!
!
-O$F$! %@>S@>)F! '=G$! @>! '=>K#&FK! ^@KO! Z#$\@=NF! FKNS@$F! c?RFK#=G! $K! &<! HXXWd!
@<<NG@>&K@>)! ^=G$>! &>S! G$>! '&>S@S&K$F! ^$#$! K#$&K$S! &<G=FK! $`N&<<R6! [NK! KO$R!
#$'$@\$S!G=FK<R!>$NK#&<!'=\$#&)$6!KO=N)O!KO$!>$)&K@\$!'=\$#&)$!=%![=KO!=NK^$@)O$S!
KO$@#! Z=F@K@\$! '=\$#&)$(! 3=#$! #$'$>K! FKNS@$F! FN))$FK$S! KO&K! KO$! F<&>K! =%! G&<$!
ĐĂŶĚŝĚĂƚĞƐ͛ ŶĞǁƐ ĐŽǀĞƌĂŐĞ ďĞĐĂŵĞ ŵŽƌĞ ŶĞŐĂƚŝǀĞ͕ ǁŚĞƌĞĂƐ ĨĞŵĂůĞ ĐĂŶĚŝĚĂƚĞ
'=\$#&)$! #$G&@>$S! G=#$! >$NK#&<! %#=G! KO$! Z#@G&#R! K=! )$>$#&<! $<$'K@=>(! 5$K6! KO$F$!
ĂĚǀĂŶƚĂŐĞƐĚŝĚŶŽƚƚƌĂŶƐůĂƚĞƚŽŐƌĞĂƚĞƌĚŝƐĐƵƐƐŝŽŶƐŽĨĨĞŵĂůĞĐĂŶĚŝĚĂƚĞƐ͛ǀŝĂďŝůŝƚLJ@>!
KO$F$!#&'$F6!&F!\@&[@<@KR!'=\$#&)$!#$G&@>$S!$`N@K&[<$!%=#!%$G&<$!&>S!G&<$!'&>S@S&K$F!
SN#@>)![=KO!KO$!Z#@G&#@$F!&>S!)$>$#&<!$<$'K@=>!c?&>^&#K!$K!&<!HXXL1!PILd(!
!!
<+?6)!gA!<:)!E6+13!/*!;/0)(+.)!!
!
6$=!#>!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!620,'!.,!<+'.-2$%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8/.(6?@0+$!!!!!<%O)&:!!
'/$!80,*.*0'$!!!!!!!!!!!!!!9#%.'.N$!!!!!!!!!!P$B0'.N$!!!!!!!!!!P$@'+02!!!!!!!!!!!!!!!!!!!!!!!LF Y!!!!!!!!!!!!!!6.B:!!!!!!!!
J
!3&<$!/xWWEI!!!!!!!!PPL!c**(Utd!!!!WEW!cW*(Htd!!!!LJL!cHE(Utd!!!!!!!!!!!!!!LXJ(WXW!!!!!!!!!!!!!(XXX!
Q$G&<$!/xHHJ!!!!!!!WXE!cJE(Htd!!!!!!LX!cWL(Jtd!!!!!EP!cLE(Jtd!!!!!!!!!!!!!!!JL(LHW!!!!!!!!!!!!!(XXX!
C'$(''!%4!4(''-%*!X-4Y!w!T!
V%+'?!v"i<,/!4%1<2v!X.%20+0&'!,)-!)'$,+0&'Y!('2.%)2'2!3'('!('*%&'-!4(%*!,),/9202!!!!
-&[<$! I! &<F=! #$\$&<F! >=! FNZZ=#K! K=! KO$! %@%KO! ORZ=KO$F@F! ^@KO! #$)&#S! K=! '&>S@S&K$!
$<$'K&[@<@KR!'=\$#&)$6!KO&K!&<KO=N)O!KO$#$!^$#$!F@)>@%@'&>K!S@%%$#$>'$F6![=KO!G&<$!&>S!
%$G&<$!#$'$@\$S!G=#$!<@A$<R!^@>>$#!%=<<=^$S![R!'=GZ$K@K@\$!&>S!>=>B!'=GZ$K@K@\$(!
!
<+?6)!hA!S)137/171.!;+1474+3)!%6),3+?7673=!71!;/0)(+.)!
!
6$=!#>!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!80,*.*0'$!$2$-'01.2.'O!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8/.(6?@0+$!!!!!<%O)&:!!
'/$!80,*.*0'$!!!!!!!!!!8#)&$'.'.N$!!!!!R.S$2O!T.,,$+!!!!!P#,(-#)&$'.'.N$!!!!!!!!!!!!LF Y!!!!!!!!!!!!!!6.B:!!!!!!!!
J
!3&<$!/xU*P!!!!!!!!!!WUJ!cHX(Ltd!!!!!!PPE!cPU(Utd!!!!!!!!!UJ!cU(Etd!!!!!!!!!!!!!!!*UX(WWI!!!!!!!!(XXX!
Q$G&<$!/xWL*!!!!!!!!HP!cWU(Ltd!!!!!!!WXX!cIJ(Wtd!!!!!!!!!!U!cP(Itd!!!!!!!!!!!!!!!!!WXJ(XJJ!!!!!!!(XXX!
C'$(''!%4!4(''-%*!X-4Y!w!T!
V%+'?!vV%+!%D&0%<2v!('2.%)2'2!3'('!!('*%&'-!4(%*!,),/9202:!!!
9>! GR! FKNSR6! G$>! &>S! ^=G$>! '&>S@S&K$Ff! $`N@\&<$>'$! @>! KO$! F<&>K! =%! '=\$#&)$! K=!
#$'$@\$!G=#$!Z=F@K@\$! '=\$#&)$!KO&>!>$NK#&<!&>S!>$)&K@\$!'=\$#&)$!@>K$)#&K$F! ^@KO!
KO$@#!$<$'K&[@<@KR!&F!KO$R!^$#$!'=\$#$S!G=FK<R!<@A$<R!^@>>$#!%=<<=^$S![R!'=GZ$K@K@\$!
&>S!>=>B!'=GZ$K@K@\$(!-O@F!%@>S@>)!@F!'=>K#&#R!K=!$&#<@$#!^=#A!c]&O>!WUUPh!]&O>!&>S!
:=<S$>[$#)! WUUWd! #$\$&<@>)! KO&K! %$G&<$! '&>S@S&K$Ff! \@&[@<@KR! '=\$#&)$! @F! G=#$!
>$)&K@\$!KO&>!KO&K!=%!KO$@#!G&<$!'=N>K$#Z&#KF6!^O@<$!G=#$!#$'$>K!FKNSR!c?RFK#=G!$K!&<!
HXXWd! '=>'<NS$S! KO&K! ^=G$>! '&>S@S&K$F! ^$#$! >=K! S@F'NFF$S! G=#$! %#$`N$>K<R! @>!
K$#GF!=%!KO$@#!\@&[@<@KR(!9>!%&'K6!&[=NK!=>$!KO@#S!=%!KO$!'=\$#&)$!=%!%$G&<$!&>S!G&<$!
!
'&>S@S&K$F!%='NF$S!=>!KO$@#!\@&[@<@KR!&>S!KO$!=KO$#!K^=!KO@#SF!=%!KO$!&#K@'<$F!'=\$#@>)!
KO$@#!'&GZ&@)>F!S@S!>=K!G$>K@=>!KO$@#!Z=K$>K@&<!%=#!FN''$FF!cZ(HXXUd(!!
!
QN#KO$#G=#$6! @>! KO$! FKNSR! =%! +KA$F=>! &>S! ]#$[F! cHXXEd! ^O@'O! NF$S! FK&K$! =#! <='&<!
Z#$FF! =#)&>@D&K@=>F! '=\$#@>)! '&>S@S&K$F! G&R=#&<! '&GZ&@)>! KO$R! >=K@'$S! ^O@<$! @>!
$V&G@>@>)!KO$@#!S&K&!&'#=FF!@>K$#)$>S$#!&>S!@>K#&)$>S$#!'=>K$FKF!%=#!=>$!G$&FN#$!=%!
$<$'K&[@<@KR! &>S! $VZ$#@$>'$! G$&FN#$! KO&K! KO$! G&<$! $\$>KN&<! ^@>>$#! @>! KO$! &<<! G&<$!
#&'$!@F!&'KN&<<R!%&\=#$S!'=GZ&#$S!K=!KO$!%$G&<$!$\$>KN&<!^@>>$#!@>!KO$!@>K$#)$>S$#!
#&'$! c"(HJUd(! Q@>S@>)F! =%! KO@F! Z#$\@=NF! ^=#A! &#$! S@%%$#$>K! %#=G! GR! %@>S@>)F! &F! KO$R!
FN))$FK$S!KO&K!KO$! '=>K$>K! =%!>$^F!FK=#@$F!G@)OK! [$! Z#=SN'$S!%#=G!&>! @>K$#&'K@=>!
[$K^$$>! KO$! '=>K$>K! =%! KO$! '&GZ&@)>! c$()(6! )$>S$#! @FFN$Fd! &>S! F$V! FK$#$=KRZ$F!!
c"(H*Xd(! ?NK! @>! KO$! 0)RZK@&>! Z&#<@&G$>K&#R! '&GZ&@)>! KO$! G=FK! =%! #&'$F! ^$#$!
@>K#&)$>S$#!'=>K$FKF6!&>S!KO$!&>&<RF@F!=%!!KO$!>$^FZ&Z$#F!&>S!O,2(,39!^$[!F@K$!^&F!
>=K!<@G@K$S!K=!>$^F!FK=#@$F![NK!$VK$>S$S!K=!KO$!\&#@=NF!%$&KN#$F!=%!!G$S@&!'=>K$>K(!
9>K$#$FK@>)<R6!F/#3,4-!6KO$!Z&#K@F&>!>$^FZ&Z$#6!^&F!NF$S!K=!FZ$'@%R!#$)N<&#!'=\$#&)$!
=%! KO$! [=KO! )$>S$#! '&>S@S&K$F! @>! =#S$#! K=! ZN[<@'@D$! KO$G6! &>S! KO$! F&G$! '=\$#&)$!
$G$#)$S! &K! O,2(,39! ^$[! F@K$! ^O@'O! ZN[<@FO$S! Z#=%@<$F! =%! '&>S@S&K$F! ^O=! ^$#$!
@>K$#$FK$S! @>! ZN[<@'@KR! %=#! KO$GF$<\$F! %#$$! =%! 'O&#)$! =>! KO$! ^$[(! -O@F! Z=F@K@\$!
'=\$#&)$6!K=)$KO$#!^@KO!Z#=Z&)&>S&!G&KK$#F6!#$FN<K$S!@>!KO$!&ZZ$&#&>'$!=%!G$>!&>S!
^=G$>!'&>S@S&K$F!&F!^@>>$#!@>!\&#@=NF!'=>S@K@=>F(!
!
b)14)(!/*!()5/(3)(8!
-&[<$!E!FO=^F!KO&K!G&<$!#$Z=#K$#F!^#=K$!WXWI!cEP(Ltd!=%!KO$!WWIU!&#K@'<$F!^#@KK$>![R!
$@KO$#!&!G&<$!=#!%$G&<$!#$Z=#K$#!&>S!cP*(*td!=%!&<<!W**L!&#K@'<$F!&>&<RD$S(!+<KO=N)O!
G&<$!#$Z=#K$#F!^#=K$!F@)>@%@'&>K<R!G=#$!&#K@'<$F!KO&>!KO$@#!%$G&<$!'=<<$&)N$F6!%$G&<$!
#$Z=#K$#F!O&\$!>=![@&F!%&\=#!=%!%$G&<$!'&>S@S&K$F6KO&K![=KO!G&<$!&>S!%$G&<$!&NKO=#F!
^#=K$! &[=NK! G&<$! '&>S@S&K$F! G=#$! KO&>! %$G&<$F(! -O@F! #$FN<K6! KO=N)O! #$\$&<@>)! >=!
FNZZ=#K! K=! ORZ=KO$F@F! P! ^O@'O! Z#$S@'K$S! KO&K! KO$#$! &#$! S@%%$#$>'$F! @>! \=<NG$! =%!
'=\$#&)$! =%! %$G&<$! &>S! G&<$! '&>S@S&K$! &''=#S@>)! K=! KO$! )$>S$#! =%! KO$! $S@K=#6!
@<<NG@>&K$F! KO&K! G&<$! '&>S@S&K$F! #$'$@\$S! G=#$! '=\$#&)$! KO&>! %$G&<$! %#=G! [=KO!
)$>S$#F!=%!&NKO=#F(!
!
-&[<$!U!FO=^F!&!Z&#K@&<!FNZZ=#K!K=!ORZ=KO$F@F!F$\$>!^@KO!#$)&#S!K=!G&<$!&NKO=#F!^O=!
^#=K$! G=#$! Z=F@K@\$<R! &[=NK! G&<$! '&>S@S&K$F! %=<<=^$S! [R! >$NK#&<! '=\$#&)$! &>S!
>$)&K@\$! '=\$#&)$! @>! KO$! #&'$6! ^O$#$&F! KO$R! ^#=K$! G=#$! >$NK#&<<R! &[=NK! %$G&<$!
'&>S@S&K$F! %=<<=^$S! [R! Z=F@K@\$! '=\$#&)$! &>S! >$)&K@\$! '=\$#&)$(! M@KO! #$)&#S! K=!
%$G&<$!&NKO=#F!KO$#$!^$#$!>=!F@)>@%@'&>K!S@%%$#$>'$F!@>!KO$@#!'=\$#@>)!F<&>K!=%!G&<$!
&>S! %$G&<$! '&>S@S&K$F(! -O@F! %@>S@>)! @F! @>! '=>K#&FK! ^@KO! $&#<@$#! ^=#A! &[=NK! )$>S$#!
S@%%$#$>'$F!@>!8(;(!F$>&K$!'&GZ&@)>!'=\$#&)$!c]&O>!&>S!:=<S$>[$#)!WUUWd!FO=^@>)!
KO&K!G&<$! #$Z=#K$#F! &ZZ$&#!K=![$! G=#$!>$NK#&<!@>!KO$@#!'=\$#&)$6! =#!@>!Z#$F@S$>K@&<!
'&GZ&@)>! '=\$#&)$! cY&<$>DN$<&! &>S! 4=##$&! HXXUd! KO&K! KO$#$! ^$#$! >=! F@)>@%@'&>K!
S@%%$#$>'$F! @>! KO$! ^&R! %$G&<$! &>S! G&<$! #$Z=#K$#F! '=\$#$S! g?&'O$<$Kg! BKO$!
Z#$F@S$>K@&<!^=G&>!'&>S@S&K$!@>!4O@<$(!
!
!
!
!
!
!
!
!
!
!
! ! !
<+?6)!fA!%473/(j8!b)14)(!+14!iB+1373=!/*!;/0)(71.!;+1474+3)!
!
6$=!#>!'/$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6$=!#>!'/$!80,*.*0'$!!!!!!!!!!!!!!8/.(6?@0+$!!!!!!!!<%O)&:!6.B:!!
A*.'#+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!D02$!!!!!!!!!!!!!!!!!!I$)02$!!!!!!!!!!!!!!!!!!!!!!!LF M!!!!!!!!!!!!!!!!!LF(%.*$*M!
J
S+6)!c/x!WXWId!!!!!!!!!!!!!!!!!EIE!cEP(Ltd!!!!!!!!!WLU!cWL(Itd!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*(XLE!!!!!!!!!!!!!!!!!!(XWU!!!!!!!!!!!!!
U)2+6)!c/x!WPHd!!!!!!!!!!!!!!!WHU!cIU(Ptd!!!!!!!!!!!LL!cHX(Jtd!!!!!!!!!!!!!!
cY&<@Sx!WWIUd!!!!!!!!!!!c3@FF@>)!x!LIJd!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
C'$(''!%4!4(''-%*!X-4Y!w!Q!
V%+'?!vH%+5!*,/'!,)-!4'*,/'v!,)-!v7%</-!)%+!-'+'(*0)'!+5'!$')-'(!%4!+5'!('.%(+'(v!
('2.%)2'2!('/,+'-!+%!2'K!%4!+5'!'-0+%(!3'('!!('*%&'-!4(%*!,),/9202:!!!!
<+?6)!WA!%473/(j8!b)14)(!+14!E6+13!/*!;/0)(71.!;+1474+3)!
6$=!#>!'/$!!!!!!!!!E6+13!!!!!!!!!!!!!!!6$=!#>!'/$!80,*.*0'$!!!!!!!!!!!!!!!!!8/.(6?@0+$!!!!!!!!<%O)&:!6.B:!!
A*.'#+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LF M!!!!!!!!!!!!!!!!!LJ(%.*$*M!
J
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!D02$!!!!!!!!!!!!!!!!!!I$)02$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S+6)!!!!!!!!!!!!!!!!"=F@K@\$!!!!!!!JXE!c*W(Itd!!!!!!*W!cLE(Wtd!!!!!!!!!!!!!
/x!UHL!!!!!!!!!!!/$)&K@\$!!!!!!WH*!cW*(Etd!!!!!!!!HH!cWP(Jtd!!!!!!!!!!!!!WX(XWU!!!!!!!!!!!!!!!!!!!(XXI!
!!!!!!!!!!!!!!!!!!!!!!!!/$NK#&<!!!!!!!!!H*P!cLH(Jtd!!!!!!!PW!cJ*(*td!!!!!!!!
U)2+6)!!!!!!!!!!!!"=F@K@\$!!!!!!!!PJ!c**(Htd!!!!!!!!HW!cHJ(Itd!!!!!!!!!!!!
!/x!WJJ!!!!!!!!!!!!/$)&K@\$!!!!!!HW!cWE(Wtd!!!!!!!!!H!cE(Itd!!!!!!!!!!!!!!!!L(UXE!!!!!!!!!!!!!!!!!!!!!(WJH!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!/$NK#&<!!!!!!!!!!LW!cHP(Itd!!!!!!!*!cWL(Utd!
cY&<@S!x!WXPId!!!!c3@FF@>)!x!JEPd!!!!!!!!!!!!!!!!!!!!!
C'$(''!%4!4(''-%*!X-4Y!w!T!!
V%+'?! Q#! v"i<,/! 4%1<2v! X.%20+0&'! ,)-! )'$,+0&'Y! ('2.%)2'2! ('/,+'-! +%! 2/,)+! 3'('!
('*%&'-! 4(%*! ,),/9202:! T#! vH%+5! *,/'! ,)-! 4'*,/'v! ,)-! v7%</-! )%+! -'+'(*0)'! +5'!
$')-'(! %4! +5'! ('.%(+'(v! ('2.%)2'2! ('/,+'-! +%! 2'K! %4! +5'! '-0+%(! 3'('! ! ('*%&'-! 4(%*!
,),/9202:!!!
!
-&[<$! WX! FO=^F! >=! FNZZ=#K! K=! ORZ=KO$F@F! F$\$>! '=>'$#>@>)! KO$! S@%%$#$>'$F! @>! KO$!
'&>S@S&K$!$<$'K&[@<@KR!'=\$#&)$!=%!G&<$!&>S!%$G&<$!'&>S@S&K$F!&''=#S@>)!K=!KO$!F$V!
=%! KO$! #$Z=#K$#(! -&[<$! WW! FO=^F! &! FK#=>)! FNZZ=#K! K=! ORZ=KO$F@F! $@)OK! KO&K! G&<$!
#$Z=#K$#F! ^#=K$! F@)>@%@'&>K<R! G=#$! FK#&K$)@'! %#&G$F! %=#! G$>! '&>S@S&K$F! KO&>! %=#!
^=G$>6! ^O@<$! KO$#$! ^$#$! >=! F@)>@%@'&>K! S@%%$#$>'$F! @>! FK#&K$)@'! %#&G$F! NF$S! [R!
%$G&<$! #$Z=#K$#F! K=! '=\$#! G$>! &>S! ^=G$>! '&>S@S&K$F(! +<KO=N)O! Z$#F=>&<! %#&G$F!
^$#$!'=\$#$S!%$^$#!KO&>!FK#&K$)@'!&>S!@FFN$!%#&G$F!cI!&#K@'<$F!^#=K$![R!G&<$!&NKO=#F!
&>S!E!&#K@'<$F![R!%$G&<$!&NKO=#Fd6![=KO!G&<$!&>S!%$G&<$!&NKO=#F!^#=K$!F@)>@%@'&>K<R!
G=#$!Z$#F=>&<!%#&G$F!%=#!^=G$>!'&>S@S&K$F!KO&>!G$>!&>S!KO$!&<<!E!Z$#F=>&<!%#&G$F!
@>! &#K@'<$F! ^#=K$! [R! %$G&<$! &NKO=#F! ^$#$! S$S@'&K$S! K=! ^=G$>! '&>S@S&K$F(! -O$#$!
^$#$!>=!F@)>@%@'&>K!S@%%$#$>'$F!@>!@FFN$!%#&G$F!^#=K$![R!G&<$!#$Z=#K$#F!K=!'=\$#!G$>!
&>S! ^=G$>! '&>S@S&K$F6! [NK! KO$@#! %$G&<$! '=<<$&)N$F! '=\$#$S! F@)>@%@'&>K<R! @FFN$!
%#&G$F!%=#!G&<$!'&>S@S&K$F!G=#$!KO&>!%$G&<$!'&>S@S&K$F(!!
!
-O$F$! %@>S@>)F! &#$! Z&#K<R! '=>F@FK$>K! ^@KO! %=#G$#! ^=#A! =%! O=^! >$^FZ&Z$#F! '=\$#$S!
ůŝnjĂďĞƚŚŽůĞ͛ƐƉƌĞƐŝĚĞŶƚŝĂůďŝĚ;ĚĂLJĂŶĚĞǀŝƚƚϮϬϬϭͿƚŚĂƚĨŽƵŶĚ'=GZ&#$S!K=!O$#!
G&<$!=ZZ=>$>KF6!2=<$!#$'$@\$S!<$FF!'=\$#&)$!=>!O$#!Z=F@K@=>F!=>!KO$!@FFN$F![NK!G=#$!
'=\$#&)$!=>!O$#!Z$#F=>&<!K#&@KF!&>S!KO$F$!S@%%$#$>'$F!^$#$!SN$!K=!FK=#@$F!^#@KK$>![R!
G&<$!#$Z=#K$#F!'=\$#@>)!KO$!HXXX!Z#$F@S$>K@&<!'&GZ&@)>(!
!
!!!!!!!
!
!
!
!
!<+?6)!QZA!%473/(j8!b)14)(!+14!!%6),3+?7673=!/*!;/0)(71.!;+1474+3)!
!
6$=!#>!'/$!!!!!!!!!80,*.*0'$!!!!!!!!!!!!!6$=!#>!'/$!80,*.*0'$!!!!!!!!!!!!!!8/.(6?@0+$!!!!!!!!<%O)&:!6.B:!!
A*.'#+!!!!!!!!!!!!!!A2$-'01.2.'O!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LF M!!!!!!!!!!!!LJ(%.*$*M!
J
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!D02$!!!!!!!!!!!!!!!!I$)02$!!
S+6)!!!!!!!!!!!!!4=GZ$K@K@\$!!!!!!!!!!!!WJX!cHW(Htd!!!!WI!cHX(Xtd!!!!!!!!!!!!!!!!!!!!
c/x!IJ*d!!!!!!!C@A$<R!^@>>$#!!!!!!!!!JJE!cPI(Utd!!!!!PL!cIJ(Wtd!!!!!!!!!!!!!!!!!H(LHW!!!!!!!!!!!!!(LWL!
!!!!!!!!!!!!!!!!!!!!!!/=>B'=GZ$K@K@\$!!!!!!IH!cWX(Utd!!!!!*!c*(Utd!!!!
U)2+6)!!!!!!!!!!4=GZ$K@K@\$!!!!!!!!!!!!!WJ!cWJ(Utd!!!!!!*!cHP(Ltd!!!!!
c/x!WWLd!!!!!!!!C@A$<R!^@>>$#!!!!!!!!!!PU!cIL(Jtd!!!!!WJ!cIL(Itd!!!!!!!!!!!!!!!!!L(J*X!!!!!!!!!!!!!(WIE!
!!!!!!!!!!!!!!!!!!!!!!!/=>B'=GZ$K@K@\$!!!!!WW!cWW(I(Xtd!!!!!X!cXXtd!!
cY&<@Sx!E*Ed!!!!!!!!!!!c3@FF@>)!x!PU*d!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
C'$(''!%4!4(''-%*!X-4Y!w!T!!
V%+'?!Q#!vV%+!%D&0%<2v!('2.%)2'2!('/,+'-!+%!1,)-0-,+'!'/'1+,D0/0+9!3'('!('*%&'-!4(%*!
,),/9202:! T#! vH%+5! *,/'! ,)-! 4'*,/'v! ,)-! v7%</-! )%+! -'+'(*0)'! +5'! $')-'(! %4! +5'!
('.%(+'(v!('2.%)2'2!('/,+'-!+%!2'K!%4!+5'!'-0+%(!3'('!('*%&'-!4(%*!,),/9202:!!!
!
-O$F$! %@>S@>)F! =%! KO$! FKNSR! =%! +S&R! &>S! 2$\@KK! cHXXWd! &#$! @>'=GZ&K@[<$! ^@KO! =KO$#!
FKNSR! &>&<RD@>)! Z#$F@S$>K@&<! '&GZ&@)>! '=\$#&)$! @>! 4O@<$! cY&<$>DN$<&! &>S! 4=##$&!
HXXUd!^O@'O!'=>'<NS$S!KO&K!KO$!)$>S$#!=%!#$Z=#K$#!S@S!>=K!&''=N>K!%=#!&>R!F@)>@%@'&>K!
S@%%$#$>'$! @>! KO$! ^&R! KO$! %$G&<$! '&>S@S&K$! ^&F! '=\$#$S6! $V'$ZK! @>! KO$! '&F$! =%!
%#$`N$>'R!=%!G$>K@=>F!=%!?&'O$<$KfF!F$V6!=#!=KO$#!Z#$\@=NF!FKNSR!^O@'O!&>&<RD$S!KO$!
'=\$#&)$! =%! )N[$#>&K=#@&<! '&GZ&@)>! c2$\@KK! HXXH1! J*Ed! @<<NG@>&K@>)! KO&K! %$G&<$!
#$Z=#K$#F! $GZ<=R$S! &[=NK! KO$! F&G$! Z$#'$>K&)$! =%! @FFN$! &>S! Z$#F=>&<! ! %#&G$F! %=#!
[=KO! G$>! &>S! ^=G$>! '&>S@S&K$F! ^@KO@>! KO$! F&G$! '&GZ&@)>(! -O$! FKNSR! =%! KO$!
'=\$#&)$!=%!HXWX!0)RZK@&>!Z&#<@&G$>K&#R!'&GZ&@)>!#$\$&<F!KO&K!G&<$!&NKO=#F!^$#$!
@>K$#$FK$S! @>! '=\$#@>)! G$>! '&>S@S&K$F! [R! KO$@#! &'K@=>F6! =#! K&'K@'F! cFK#&K$)@'! %#&G$d!
NF$S! @>! KO$! O=#F$B#&'$! ! K=! )$K! \=K$F! G=#$! KO&>! KO$R! ^$#$! @>K$#$FK$S! @>! ^=G$>!
'&>S@S&K$F6! ^O@<$! %$G&<$! &NKO=#F! ^$#$! G=#$! $`N@K&[<$! @>! O=^! KO$R! %#&G$S! KO@F!
FK#&K$)R! %=#! [=KO! )$>S$#! =%! '&>S@S&K$F! KO&>! ^$#$! G&<$! #$Z=#K$#F(! +<KO=N)O! KO$!
%#$`N$>'@$F!=%!Z$#F=>&<!%#&G$F!^$#$!%$^!@>!KO$!'N##$>K!FKNSR6!^O$>!&ZZ$&#$S6![=KO!
G&<$!&>S!%$G&<$!&NKO=#F!NF$S!KO$F$!%#&G$F!^@KO!^=G$>!'&>S@S&K$F!G=#$!KO&>!KO$R!
S@S!^@KO!G$>!'&>S@S&K$F(!!
!
-&[<$!WW!&<F=!FO=^F!KO&K!KO$#$!^$#$!>=!F@)>@%@'&>K!S@%%$#$>'$F!@>![=KO!`N&<@%@'&K@=>F!
&>S!%&@<N#$F![&'A)#=N>S!^#=K$![R!G&<$!&NKO=#F!K=!'=\$#!G&<$!&>S!%$G&<$!'&>S@S&K$F6!
^O$#$&F![=KO!G&<$!&>S!%$G&<$!#$Z=#K$#F!^#=K$!F@)>@%@'&>K<R!G=#$!&''=GZ<@FOG$>KF!
[&'A)#=N>S! %=#! G$>! '&>S@S&K$F! KO&>! %=#! ^=G$>6! &>S! %$G&<$! &NKO=#F! ^#=K$! G=#$!
%&@<N#$F! [&'A)#=N>S! %=#! G$>! '&>S@S&K$F! KO&>! %=#! ^=G$>6! ^O@<$! KO$#$! ^$#$! >=!
F@)>@%@'&>K!S@%%$#$>'$F!@>!`N&<@%@'&K@=>F![&'A)#=N>S!NF$S![R!%$G&<$!&NKO=#F!K=!'=\$#!
G&<$!&>S!%$G&<$!'&>S@S&K$F(!!
!
<+?6)!QQA!;/0)(71.!U(+2)!+14!F+,G.(/B14!/*!3:)!;+1474+3)!+14!%473/(j8!b)14)(!
!
6$=!#>!'/$!!!!!!!!80,*.*0'$!!!!!!!!!!!!!6$=!#>!'/$!80,*.*0'$!!!!!!!!!!!!!!!!8/.(6?@0+$!!!!!!!!!<%O)&:!6.B:!!
A*.'#+!!!!!!!!!!!!!!5()8)13)4!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LF M!!!!!!!!!!!!!!!!!!LF(%.*$*M!
J
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!D02$!!!!!!!!!!!!!!!!!!I$)02$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!;+1474+3)!!U(+2)8!!!
S+6)!!!!!!!!!!!!!!;K#&K$)@'!!!!!!!!!!!!!!!!!PII!cEE(Jtd!!!!!!!!!EU!cWW(Ptd!!!!!!!!!!WW(XJH!!!!!!!!!!!!!!!!!!(XXW!!!!
c/x!WXWId!!!!!!!"$#F=>&<!!!!!!!!!!!!!!!!!W!cWJ(Ltd!!!!!!!!!!!!!!P!cE*(Itd!!!!!!!!!!!LW(XXI!!!!!!!!!!!!!!!!!(XXX!
!!!!!!!!!!!!!!!!!!!!!!!!!9FFN$!!!!!!!!!!!!!!!!!!!HPW!cEI(Ptd!!!!!!!!!!!LI!cWH(Jtd!!!!!!!!!!!!(*PX!!!!!!!!!!!!!!!!!!!!(HPW!
U)2+6)!!!!!!!!!!!;K#&K$)@'!!!!!!!!!!!!!!!WXI!cEW(Wtd!!!!!!!!!!!H*!cWE(Utd!!!!!!!!!!!!(UXX!!!!!!!!!!!!!!!!!!!(HLE!!!!!!!!!!!!!!!
!c/x!WPHd!!!!!!!!!"$#F=>&<!!!!!!!!!!!!!!!!X!cXXtd!!!!!!!!!!!!!!!!E!cWXX(Xtd!!!!!!!!!LH(EUI!!!!!!!!!!!!!!!!!!(XXX!
!!!!!!!!!!!!!!!!!!!!!!!!!!@FFN$!!!!!!!!!!!!!!!!!!!!JX!cUX(Utd!!!!!!!!!!!!!J!cU(Wtd!!!!!!!!!!!!!J(ILE!!!!!!!!!!!!!!!!!!!(XHW!
!
! ! !
!!!!!!!!!!!!!!!!!;+1474+3)!!!F+,G.(/B14!
S+6)!!!!!!!!!!!!!wN&<@%@'&K@=>F!!!!!!!!!HLH!cEI(*td!!!!!!!!!!LL!cWH(*td!!!!!!!!!!!!(JJE!!!!!!!!!!!!!!!!!!!!(HEU!
c/x!WXWId!!!!!+''=GZ<@FOG$>KF!!!HHI!cUL(Xtd!!!!!!!!!!!WI!cI(Xtd!!!!!!!!!!!!WH(HWJ!!!!!!!!!!!!!!!!!(XXX!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!Q&@<N#$F!!!!!!!!!!!!!!!!!!!WHW!cEI(Itd!!!!!!!!!!!WI!cWH(Ltd!!!!!!!!!!!(HJP!!!!!!!!!!!!!!!!!!!!(LPP!
U)2+6)!!!!!!!!!wN&<@%@'&K@=>F!!!!!!!!!!HI!cIW(Wtd!!!!!!!!!!!!!WW!cHE(Utd!!!!!!!!!!!H(H*H!!!!!!!!!!!!!!!!!(WXJ!!!!!!!!!!!!!!!!
c/x!WPHd!!!!!!!+''=GZ<@FOG$>KF!!!!JX!cUX(Utd!!!!!!!!!!!!!!!J!cU(Wtd!!!!!!!!!!!!!J(ILE!!!!!!!!!!!!!!!!!(XHW!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!Q&@<N#$F!!!!!!!!!!!!!!!!!!!!HE!cUL(Ltd!!!!!!!!!!!!!!H!cP(Itd!!!!!!!!!!!!!!J(HPL!!!!!!!!!!!!!!!!!(XHI!!!!!!!!!!!!!!!!!!!!!!!!!!!!
cY&<@S!x!WWIUd!!!!!!!!c3@FF@>)!xLIJd!!!!!!!!!!!!!!!!!!!!!
!
C'$(''!%4!4(''-%*!X-4Y!w!Q!
V%+'?!vH%+5!*,/'!,)-!4'*,/'v!,)-!v7%</-!)%+!-'+'(*0)'!+5'!$')-'(!%4!+5'!('.%(+'(v!
('2.%)2'2!('/,+'-!+%!2'K!%4!+5'!'-0+%(!3'('!('*%&'-!4(%*!,),/9202:!!!
!
-O$F$! %@>S@>)F! =%! ORZ=KO$F@F! E! &#$! '=>F@FK$>K! ^@KO! Z#$\@=NF! #$FN<KF! @<<NG@>&K@>)! &!
FK#=>)!FNZZ=#K!K=!ORZ=KO$F@F!J!KO&K!G&<$!'&>S@S&K$F!#$'$@\$S!&''=GZ<@FOG$>KF!&>S!
%&@<N#$F!'=\$#&)$!G=#$!KO&>!%$G&<$!'&>S@S&K$F!^O=!S=!>=K!O&\$!KO$!$VZ$#@$>'$!=#!
KO$! $>=N)O! Z&#K@'@Z&K@=>! @>! Z=<@K@'&<! &>S! F='@&<! <@%$! KO&K! #$FN<K! @>! KO$! &\&@<&[@<@KR! =%!
@>%=#G&K@=>!&[=NK!KO$@#!&''=GZ<@FOG$>KF!&>S!%&@<N#$F(!
!
;/1,6B87/1!!
.\$#&<<6!KO$!&>&<RF@F!=%!0)RZK@&>!b=N#>&<@FG!'=\$#&)$!=%!HXWX!Z&#<@&G$>K&#R!$<$'K@=>!
'&GZ&@)>@<<NG@>&K$S! &! [@&F! %&\=#! =%! G&<$! '&>S@S&K$F! [=KO! `N&>K@K&K@\$<R! &>S!
`N&<@K&K@\$<R(! 5$F6! %$G@>@FK! ZO$>=G$>=<=)R! ^&F! Z#$F$>K! @>! KO$! '=\$#&)$6! &>S!
&<KO=N)O!%$G@>@>$!@FFN$F!&>S!K#&@KF!&ZZ$&#$S!F<@)OK<R!@>!KO$!'=\$#&)$!KO$R!&KK&'O$S!
K=!^=G$>!'&>S@S&K$F!G=#$!KO&>!G$>(!+<F=!G&<$!&>S!%$G&<$!'&>S@S&K$F!^$#$!%#&G$S!
S@%%$#$>K<R![$F@S$!S@%%$#$>'$F!@>![&'A)#=N>S!&''=#S@>)!K=!KO$@#!)$>S$#(!7=^$\$#6!KO$!
F<&>K! &>S! $<$'K&[@<@KR! =%! '=\$#&)$! ^$#$! $`N@K&[<$! K=! G$>! &>S! ^=G$>! '&>S@S&K$F(!
QN#KO$#G=#$6! KO$#$! ^$#$! F=G$! S@%%$#$>'$F! @>! O=^! G&<$! &>S! %$G&<$! b=N#>&<@FKF!
'=\$#$S!G$>!&>S!^=G$>!'&>S@S&K$F!FZ$'@&<<R!^@KO!#$)&#S!K=!&G=N>K!&>S!F<&>K!=%!KO$!
'=\$#&)$6!%#&G@>)!&>S![&'A)#=N>S!=%!KO$!'&>S@S&K$(!!!!
!
D)*)()1,)8!
+S&R6!;(!u!2$\@KK6!_(!cHXXWd(!;KR<$!=\$#!FN[FK&>'$1!/$^FZ&Z$#!'=\$#&)$!=%!0<@D&[$KO!
ŽůĞ͛ƐƉƌĞƐŝĚĞŶƚŝĂůďŝĚ͘[,(&,(-!6)+'(),+0%),/!M%<(),/!%4!@('22\@%/0+012L!PcHd1!*HʹIL(!
+#'$>$&NV6!](!cHXXWd(!-O$!)$>S$#!)&Z!@>!FK&K$!<$)@F<&K@\$!#$Z#$F$>K&K@=>1!/$^!S&K&!K=!
K&'A<$!&>!=<S!`N$FK@=>(!@%/0+01,/!B'2',(15!j<,(+'(/96!*JcWd1!WJLBWPX(!
+KA$F=>6!C(!,(!u!]#$[F6!-(!?(!cHXXEd(!"#$FF!'=\$#&)$!=%!G&R=#&<!'&>S@S&K$F1!-O$!#=<$!=%!
)$>S$#! @>! >$^F! #$Z=#K@>)! &>S! '&GZ&@)>! @FFN$! FZ$$'O(! @%/0+01,/! B'2',(15! j<,(+'(/96!
PWcHd1!HLUBH*H(!
?&>^&#K6!3(!4(!u!]&@S6!C(!C(!cHXXHd(!Y@S$=FKR<$!&>S!^$[FKR<$!@>!HXXX1!+>!@>K$#'O&>>$<!
'=GZ&#@F=>!=%!'&>S@S&K$!F$<%!Z#$F$>K&K@=>(!@,.'(!.('2')+'-!,+!+5'!F))<,/!O''+0)$!%4!
+5'!F*'(01,)!@%/0+01,/!G10')1'!F22%10,+0%)L!?=FK=>(!+N)NFK!HUB;$ZK(!W(!
?&>^&#K6! 3(!4(6!?RFK#=G6!2(!:(!u! ,=[$#KF=>6!-(!+(! cHXXLd(!Q#=G!KO$!Z#@G&#R!K=!KO$!
)$>$#&<1!+!'=GZ&#&K@\$!&>&<RF@F!=%!'&>S@S&K$!G$S@&!'=\$#&)$!@>!G@V$SB)$>S$#!HXXX!
#&'$F!%=#!)=\$#>=#!&>S!8(;(!;$>&K$(!F*'(01,)!H'5,&0%(,/!G10')+02+L!JP1!P*EBPIP(!
?<@)O6!3(!4(!u!]=O<$F6!_(!4(!cHXXEd(!/$)=K@&K@>)!)$>S$#!#=<$!$VZ$'K&K@=>F1!,O$K=#@'&<!
<$&S$#FO@Z!&>S!^=G$>!@>!KO$!8;!;$>&K$(!;',-'(250.6!JcJd1!LEWʹJXH(!
?RFK#=G6! 2(! :(! cHXXP&d(! +S\$#K@F@>)6! ^$[! F@K$F! &>S! G$S@&! '=\$#&)$1! :$>S$#! &>S!
'=GGN>@'&K@=>! &<=>)! KO$! '&GZ&@)>! K#&@<(! 9>! ;(! 4&##=<<! u! ,(! Q=V! c0SF(d6! ]')-'(! ,)-!
'/'1+0%)2?!G5,.0)$!+5'!4<+<('!%4!F*'(01,)!.%/0+012!cZZ(WPUBWEEd(!/$^!5=#A1!4&G[#@S)$!
8>@\$#F@KR!"#$FF6(!
!
?RFK#=G6!2(!:(!cHXXP[d(!]')-'(!,)-!1,*.,0$)!1%**<)01,+0%)?!8A!,-2L!3'D!20+'2L!,)-!
*'-0,!1%&'(,$'(!84!?$#A$<$R1!9>FK@KNK$!=%!:=\$#>G$>K&<!;KNS@$F(!
?RFK#=G6!2(!:(!u!3@<<$#6!_(!cWUUId(!4&GZ&@)>@>)!%=#!FK&K$!\F(!%$S$#&<!=%%@'$1!+>!&>&<RF@F!
=%!KO$!K$<$\@F@=>!FZ=KF!=%!G&<$!&>S!%$G&<$!)N[$#>&K=#@&<!&>S!8(;(!F$>&K$!'&>S@S&K$F(!
@,.'(!.('2')+'-! ,+! +5'! V,+0%),/! 7%**<)01,+0%)! F22%10,+0%)! Sy! (-! ,))<,/! *''+0)$L!
4O@'&)=6!9C6!/=\$G[$#!WUBHL(!
?RFK#=G6!2(!:(6!3']@>>=>6! C(!3(! u!4O&>$RK! 4(!](! cWUUUd(!-O$!%@#FK!<&SR!&>S!KO$!%@#FK!
$FK&K$1! 3$S@&! '=\$#&)$! =%! 7@<<&#R! 4<@>K=>! &>S! 0<@D&[$KO! 2=<$! @>! WUUP! Z#$F@S$>K@&<!
'&GZ&@)>(!9>!C(!C(!]&@S!u!2(!:(!?RFK#=G!c0SF(d6!85'!'/'1+(%)01!'/'1+0%)?!@'(2.'1+0&'2!%)!
+5'!QRRh!1,*.,0$)!1%**<)01,+0%)!cZZ(!EWBU*d(!3&O^&O6!/_1!C&^#$>'$!0#<[&NG(!
?RFK#=G6! 2(! :(6! ?&>^&#K6! 3(! 4(6! ]&@S6! C(! C(! u! ,=[$#KF=>6! -(! +(! cHXXJd(! ]')-'(! ,)-!
1,)-0-,+'!1%**<)01,+0%)(!/$^!5=#A1!,=NK<$S)$(!!
?RFK#=G6! 2(! :(6! ,=[$#KF=>6! -(! +(! u! ?&>^&#K6! 3(! 4(! cHXXWd(! Q#&G@>)! KO$! %@)OK1! +>!
&>&<RF@F! =%! G$S@&! '=\$#&)$! =%! %$G&<$! &>S! G&<$! '&>S@S&K$F! @>! Z#@G&#R! #&'$F! %=#!
)=\$#>=#!&>S!8(;(!;$>&K$!@>!HXXX(!F*'(01,)!H'5,&0%(,/!G10')+02+6!JJ1!WUUUBHXWL(!
4&#<@>6!2(!?(!u!M@>%#$R6!](!C(!cHXXUd(!7&\$!R=N!'=G$!&!<=>)!^&R6![&[Rr!7@<<&#R!4<@>K=>6!
;&#&O!"&<@>6!&>S!F$V@FG!@>!HXXE!'&GZ&@)>!'=\$#&)$(!7%**<)01,+0%)!G+<-0'26!PX!cJd1!
LHPʹLJL(!
4&#<F=>6!-(!cHXXWd(!:$>S$#!&>S!Z=<@K@'&<!&S\$#K@F@>)!&'#=FF!'N<KN#$F1!+!'=GZ&#@F=>!=%!
G&<$! &>S! %$G&<$! Z=<@K@'&<! &S\$#K@F@>)! @>! Q@><&>S! &>S! KO$! 8;(! "<(%.',)! M%<(),/! %4!
7%**<)01,+0%)6!WP!cHd1!WLWBW*J(!
4$<@F6!](!cHXXJd(!;N[FK&>K@\$!&>S!S$F'#@ZK@\$!#$Z#$F$>K&K@=>1!9>\$FK@)&K@>)!KO$!@GZ&'K!
=%! KO$! \=K@>)! #@)OK! &>S! =%! S$F'#@ZK@\$! #$Z#$F$>K&K@=>! =>! KO$! FN[FK&>K@\$!
#$Z#$F$>K&K@=>!=%!^=G$>!@>!KO$!?$<)@&>!C=^$#!7=NF$!cWUXXBWUIUd(!@,.'(!.('2')+'-!
,+! +5'! F))<,/! O''+0)$! %4! +5'! F*'(01,)! @%/0+01,/! G10')1'! F22%10,+0%)L! 4O@'&)=6! 9C6!
;$ZK$G[$#!HB*(!
4=^$<<B3$R$#F6! ](! u! C&>)[$@>6! C(! cHXXPd(! 2$'=>FK#N'K@>)! ^=G$>fF! Z=<@'R! @>! KO$! 8;!
FK&K$F(! @,.'(! .('2')+'-! ,+! +5'! ! F))<,/! O''+0)$! %4! +5'! F*'(01,)! @%/0+01,/! G10')1'!
F22%10,+0%)6!"O@<&S$<ZO@&6!"&(!+N)NFK!LW(!
2$\@KK6! _(! cHXXHd(! Q#&G@>)! )$>S$#! =>! KO$! '&GZ&@)>! K#&@<1! Q$G&<$! )N[$#>&K=#@&<!
'&>S@S&K$F!&>S! KO$! Z#$FF(! M%<(),/02*!,)-! O,22!7%**<)01,+0%)! j<,(+'(/9L! IU1! JJ*B
PL(!
2$\@KK6! _(! cWUUUd(! J(,*0)$! $')-'(! %)! +5'! 1,*.,0$)! +(,0/?! I%*')^2! 'K'1<+0&'!
/',-'(250.!,)-!+5'!.('22(!M&FO@>)K=>!241!-O$!M=G&>fF!!C$&S$#FO@Z!QN>S(!
0<B-&>K&^R6!C(!cHXXUd(!6)!+5'!25,-%3!%4!+5'!@9(,*0-2?!7,2'!2+<-9!%4!4(''!'K.('220%)!0)!
+5'! "$9.+0,)! *'-0,6! HXXJBHXXU(! 8]1! ,$NK$#F! @>FK@KNK$! %=#! KO$! ;KNSR! =%! _=N#>&<@FG6!
8>@\$#F@KR!=%!.V%=#S(!
Q#@SA@>6! ](! C(! u! ]$>>$R6! "(! _(! cHXXEd(! -O$! #=<$! =%! )$>S$#! FK$#$=KRZ$F! @>! 8(;(! ;$>&K$!
4&GZ&@)>F(!@,.'(!.('2')+'-!,+!+5'!F))<,/!O''+0)$!%4!+5'!F*'(01,)!@%/0+01,/!G10')1'!
F22%10,+0%)L!?=FK=>6!3+6!+N)NFK!HEBLW(!
:$#FO=>6!;(!+(!cHXXEd(!3$S@&!'=\$#&)$!=%!%$G&<$!&>S!G@>=#@KR!#$Z#$F$>K&K@\$F(!@,.'(!
.('2')+'-! ,+! +5'! F))<,/! O''+0)$! %4! +5'! F*'(01,)! @%/0+01,/! G10')1'! F22%10,+0%)6!
?=FK=>6!3+6!+N)NFK!HEBLW(!
:@S$>)@<6! 0(! u! 0\$#@KK6! _(! cWUUUd(! 3$K&ZO=#F! &>S! 3@F#$Z#$F$>K&K@=>1! :$>S$#$S!
G$S@&K@=>! @>! >$^F! '=\$#&)$! =%! KO$! WUUL! 4&>&S@&>! <$&S$#F! S$[&K$F(! [,(&,(-!
6)+'(),+0%),/!M%<(),/!%4!@('22\@%/0+012L!JcWd1JEʹP*(!
:@S$>)@<6! 0(! u! 0\$#@KK6! _(! cHXXLd(! -&<A@>)! K=N)O1! :$>S$#! &>S! #$Z=#K$S! FZ$$'O! @>!
'&GZ&@)>!>$^F!'=\$#&)$(!@%/0+01,/!7%**<)01,+0%)L!HX1!HXUBLH(!
7$<SG&>6! 4(! cHXXPd(! 4=GG&>S$#! @>! 'O@$%1! 3&S&G$! Z#$F@S$>K! @>! Z=ZN<&#! 'N<KN#$(!
@,.'(!.('2')+'-!,+!+5'!F))<,/!O''+0)$!%4!+5'!F*'(01,)!@%/0+01,/!G10')1'!F22%10,+0%)L!
"O@<&S$<ZO@&6!+N)NFK!LW!ʹ!;$ZK$G[$#!L(!
!
! ! !
7$<SG&>6! 4(6! 4&##=<<6! ;(! _(! u! .<F=>6! ;(! cHXX*d(! ;O$! [#=N)OK! =><R! &! FA@#K1! Z#@>K! G$S@&!
ĐŽǀĞƌĂŐĞŽĨůŝnjĂďĞƚŚŽůĞ͛ƐďŝĚĨŽƌƚŚĞƌĞƉƵďůŝĐĂŶƉƌĞƐŝĚĞŶƚŝĂůŶŽŵŝŶĂƚŝŽŶ͘@%/0+01,/!
7%**<)01,+0%)L!HH!cLd1!LW*ʹL*(!
_&<&D&@6! Q(! cHXXPd(! M=G$>! '&>S@S&K$F! &>S! KO$! G$S@&1! WUUHBHXXX! 0<$'K@=>F(! @%/0+012!
,)-!@%/019L!LJcLd1!PXPBPLL(!
]&O>6! ](! Q(! cWUULd(! :$>S$#! S@%%$#$>'$F! @>! '&GZ&@)>! G$FF&)$F1! -O$! Z=<@K@'&<!
&S\$#K@F$G$>KF! =%! G$>! &>S! ^=G$>! '&>S@S&K$F! %=#! 8(;(! ;$>&K$(! @%/0+01,/! B'2',(15!
j<,(+'(/9L!JP1!JEWB*XH(!
]&O>6! ](! Q(! cWUUJd(! -O$! S@FK=#K$S! G@##=#1! "#$FF! '=\$#&)$! =%! ^=G$>! '&>S@S&K$F! %=#!
FK&K$^@S$!=%%@'$(!M%<(),/!%4!@%/0+01L!*P1W*JBIL(!
]&O>6! ](! Q(! cWUUPd(! 85'! .%/0+01,/! 1%)2'i<')1'2! %4! D'0)$! ,! 3%*')?! [%3! 2+'('%+9.'2!
0)4/<')1'! +5'! 1%)-<1+! ,)-! 1%)2'i<')1'2! %4! 1,*.,0$)2:! /$^! 5=#A1! 4=<NG[@&!
8>@\$#F@KR!"#$FF(!!
]&O>6! ](! Q(! u! :=<S$>[$#)6! 0(! /(! cWUUWd(! M=G$>! '&>S@S&K$F! @>! KO$! >$^F1! +>!
$V&G@>&K@=>!=%!)$>S$#!S@%%$#$>'$F!@>!8(;(!F$>&K$!'&GZ&@)>!'=\$#&)$(!@<D/01!N.0)0%)!
j<,(+'(/9L!**1WEXBUU(!
/@\$>6! 2(! u! l@<[$#6! _(! cHXXWd(! 2=! ^=G$>! &>S! G$>! @>! '=>)#$FF! 'N<K@\&K$! S@%%$#$>K!
@G&)$Fr! 0\@S$>'$! %#=G! '=>)#$FF@=>&<! ^$[! F@K$F(! @%/0+01,/! 7%**<)01,+0%)L! WE1! LU*B
JX*(!!
"$&A$6!_(!;(!u!3@<<$#6!3(!](!cHXXEd(!"#$F@S$>K@&<!Z#@G&#@$F!&>S!KO$!>$^F1!4=\$#&)$!=%!
KO$! HXXE! >=G@>&K@=>! '&GZ&@)>(! @,.'(! .('2')+'-! ,+! +5'! F))<,/! O''+0)$! %4! +5'!
F*'(01,)!@%/0+01,/!G10')1'!F22%10,+0%)L!?=FK=>6!3+6!+N)NFK!HEBLW(!
"@Z$#B+@A$>6! ](! cWUUUd(! :$>S$#! %&'K=#F! @>! >$^F! G$S@&! '=\$#&)$! =%! 3&S$<$@>$! ](!
+<[#@)OK1!+!'=GZ&#&K@\$!'=>K$>K!&>&<RF@F(!@,.'(!.('2')+'-!,+!+5'!F))<,/!O''+0)$!%4!
+5'!6)+'(),+0%),/!7%**<)01,+0%)!F22%10,+0%)6!;&>!Q#&>'@F'=6!4+6!3&R(!
;'O$>A6!_(!cHXXJd(!:$>S$#!S@%%$#$>'$F!!=>!'&GZ&@)>!^$[!F@K$F6!HXXH(!@,.'(!.('2')+'-!
,+!+5'!TUUg!F))<,/!O''+0)$!%4!+5'!O0-3'2+'()!@%/0+01,/!G10')1'!F22%10,+0%)L!4O@'&)=6!
9<<@>=@F6!+Z#@<!W*BWE(!
^ŵŝƚŚ͕ <͘ ͘ ;ϭϵϵϳͿ͘ tŚĞŶ Ăůů͛Ɛ ĨĂŝƌ͗ ^ŝŐŶƐ ŽĨ ƉĂƌŝƚLJ ŝŶ ŵĞĚŝĂ ĐŽǀĞƌĂŐĞ ŽĨ ĨĞŵĂůĞ
'&>S@S&K$F(!@%/0+01,/!7%**<)01,+0%)L!WJ1IWBEH(!
Y&<$>DN$<&6! ;(! u! 4=##$&6! -(! cHXXUd(! "#$FF! '=\$#&)$! &>S! ! ZN[<@'! =Z@>@=>! =>! ^=G$>!
'&>S@S&K$F1!-O$!'&F$!=%!ŚŝůĞ͛ƐDŝĐŚĞůůĞĂĐŚĞůĞƚ͘85'!6)+'(),+0%),/!7%**<)01,+0%)!
],P'++'L!IWcLd1!HXLʹHHL(!
! !
!
!
!
<:)!E,+5)./+371.!/*!"86+27,!
!"227.(+13!P/2)1!71!3:)!S)47+!
!
C&#&!3&DN#FA@1!
!
!
>?83(+,3!
9>!HXWX!KO$!;^$S$>!2$G='#&KF!!c;2d!N>\$@<$S!KO$@#!'&GZ&@)>!&S\$#K@F$G$>K!%=#!KO$!
Z&#<@&G$>K&#R! $<$'K@=>6! KO$R! $>)&)$S! &! F$#@$F! =%! @G&)$F! Z=F@K@=>@>)! @GG@)#&>KF! &F!
F'&Z$)=&KF! [R! '#$&K@>)! &! <@>A! [$K^$$>! @GG@)#&K@=>! &>S! KO$! S=G$FK@'! [NS)$K! '#@F@F(!
MO@<$! KO$! &S\$#K! &FF='@&K$S! @GG@)#&K@=>! &>S! 9F<&G! ^@KO! KO$! $'=>=G@'! %&@<@>)F! =%!
;^$S@FO! F='@$KR6! KO$! ;2! &<F=! $>$#)@D$S! >$^! %=#GF! =%! #$Z#$F$>K&K@=>6! &! >$^!
ĞŵďŽĚŝŵĞŶƚ ŽĨ ^ǁĞĚŝƐŚŶĞƐƐ ĂŶĚ͕ ĂĚĚŝƚŝŽŶĂůůLJ͕ŽĨ ĐŽŶĐĞƉƚƵĂůŝnjĂƚŝŽŶƐ ŽĨ ͚ƚŚĞ KƚŚĞƌ͛͘
.>! KO$! FN#%&'$6! KO$! '=>K#=\$#F@&<! '&GZ&@)>! &S! @S$>K@%@$S! $'=>=G@'! '=>'$#>F! &>S!
G=#&<! '=##NZK@=>! ^@KO! @GG@)#&K@=>6! ^=G$>6! &>S! 9F<&G(! "$#O&ZF6! &F! &! #$FN<K! =%! KO@F!
ŝŵŵĞĚŝĂƚĞƌĞĂĚŝŶŐ͕ƚŚĞƐƚĂƚĞ͛ƐůĞĂĚŝŶŐďƌŽĂĚĐĂƐƚĞƌ͕dsϰ͕ďĂŶŶĞĚƚŚĞĂĚǀĞƌƚŝƐĞŵĞŶƚ
%=#! @>'@K@>)! O&K$! FZ$$'O! [$%=#$! @K! $\$>! &@#$S! =>! ;^$S@FO! K$<$\@F@=>(! -O$! &'K! =%!
'$>F=#FO@Z! KO#NFK! KO$! &S! '$>K#$! FK&)$6! ^@KO! &! %<N##R! =%! G$S@&! '=\$#&)$! &>S! KO$!
;^$S$>! 2$G='#&KF! c;2d! Z#='<&@G@>)! N><&^%N<! Z$#F$'NK@=>(! "&#&S=V@'&<<R6! =#6!
Z$#O&ZF6!$VZ$'K$S<R6!'$>F=#FO@Z!=%!KO$!&S\$#K@F$G$>K6!&>S!KO$!$>FN@>)!ZN[<@'!S$[&K$!
&[=NK!'$>F=#FO@Z6!S#&G&K@'&<<R!@>'#$&F$S!&^&#$>$FF!=%!KO$!Z&#KR!&>S!KO$@#!G$FF&)$6!
@>!\&#@=NF!&>S!'=GZ<$V!^&RF(!
!
@)=9/(48A!G$S@&6!)$>S$#6!#$Z#$F$>K&K@=>6!S@F'=N#F$F6!G&#)@>&<@D&K@=>!
!
!
"13(/4B,37/1!
MO$>!KO$!;\$#@)$S$G=A#&K$#>&!c;^$S$>!2$G='#&KFd!N>\$@<$S!KO$@#!#$'$>K!'&GZ&@)>!
&S\$#K@F$G$>K!%=#!KO$!HXWX!Z&#<@&G$>K&#R!$<$'K@=>6!KO$R!$>)&)$S!&!F$#@$F!=%!@G&)$F!
Z=F@K@=>@>)! ;^$S@FO! @GG@)#&>KF! &F! F'&Z$)=&KF! @>! &! '=>K$GZ=#&#R! S=G$FK@'! [NS)$K!
'#@F@F(!MO@<$!KO$!&S\$#K!&FF='@&K$F!@GG@)#&K@=>!&>S!9F<&G!^@KO!KO$!$'=>=G@'!%&@<@>)F!
=%! ;^$S@FO! F='@$KR6! KO$! Z&#KR! &<F=! $>$#)@D$S! >$^! %=#GF! =%! #$Z#$F$>K&K@=>6! &! >$^!
ĞŵďŽĚŝŵĞŶƚ ŽĨ ^ǁĞĚŝƐŚŶĞƐƐ ĂŶĚ͕ ĂĚĚŝƚŝŽŶĂůůLJ͕ŽĨ ĐŽŶĐĞƉƚƵĂůŝnjĂƚŝŽŶƐ ŽĨ ͚ƚŚĞ KƚŚĞƌ͛͘
;NZ$#%@'@&<<R6! KO$! '&GZ&@)>! &S! '=>K#=\$#F@&<<R! @S$>K@%@$F! $'=>=G@'! '=>'$#>F! &>S!
G=#&<! '=##NZK@=>! ^@KO! @GG@)#&K@=>6! ^=G$>6! &>S! 9F<&G(! "$#O&ZF6! &F! &! #$FN<K! =%! KO@F!
ŝŵŵĞĚŝĂƚĞƌĞĂĚŝŶŐ͕ƚŚĞƐƚĂƚĞ͛ƐůĞĂĚŝŶŐďƌŽĂĚĐĂƐƚĞƌ͕dsϰ͕ďĂŶŶĞĚƚŚĞĂĚǀĞƌƚŝƐĞŵĞŶƚ
%=#! @>'@K@>)! O&K$! FZ$$'O! [$%=#$! @K! $\$>! &@#$S! =>! ;^$S@FO! K$<$\@F@=>(! -O$! &'K! =%!
'$>F=#FO@Z! KO#NFK! KO$! &S! '$>K#$! FK&)$6! ^@KO! &! %<N##R! =%! G$S@&! '=\$#&)$! &>S! KO$!
;^$S$>! 2$G='#&KF! c;2d! Z#='<&@G@>)! N><&^%N<! Z$#F$'NK@=>(! "&#&S=V@'&<<R6! =#6!
Z$#O&ZF6!$VZ$'K$S<R6!'$>F=#FO@Z!=%!KO$!&S\$#K@F$G$>K6!&>S!KO$!$>FN@>)!ZN[<@'!S$[&K$!
&[=NK!'$>F=#FO@Z6!S#&G&K@'&<<R!@>'#$&F$S!&^&#$>$FF!=%!KO$!Z&#KR!&>S!KO$@#!G$FF&)$!
@>!'=GZ<@'&K$S!^&RF(!
!
-O#=N)O!&!'<=F$!#$&S@>)!=%!KO$!&S!@>!KO$!%@#FK!F$'K@=>6!9!^&>K!K=!<==A!&K!>=K!=><R!KO$!
#$Z#$F$>K&K@=>! =%! 'N<KN#&<6! $KO>@'6!=#! #$<@)@=NF! S@%%$#$>'$! [NK! &<F=!G=#$! @GZ=#K&>K<R!
O=^!KO$![N#`&!@F!NF$S!@>!&!K=K&<@D@>)!^&R(!9!^&>K!K=!S@F'NFF!O=^!%=#GF!=%!S@F'=N#F$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!C$'KN#$#(! 2$Z&#KG$>K! =%! C@K$#&#R! ;KNS@$F6! 8>@\$#F@KR! =%! +GFK$#S&G(! ;ZN@FK#&&K! HXW6! WXWH! Y-6!
+GFK$#S&G6!KO$!/$KO$#<&>SF(!
<($(G&DN#FA@iN\&(><!
!
! ! !
KO=F$! KO&K! &#$! &>K@B@GG@)#&>K! &>S! O=^! KO$! GRKO! =%! KO$! +%)O&>! ^=G&>! O&\$! [$$>!
'=>S$>F$S!@>K=!=>$!A@>S!=%![=SR(!M@KO@>!KO$!'=>K$VK!=%!KO@F!&S\$#K6!=KO$#>$FF!@KF$<%!@F!
Z#=SN'$S! &>S! #$Z#=SN'$S! KO#=N)O! &! '=GZ<$V! '=G[@>&K@=>! =%! \@FN&<! @G&)$F6! K$VK6!
F=N>S6! &>S! >&##&K@=>(! ?N#`&F! &#$! #$Z#$F$>K$S! &F! \@F@[<$! R$K! @>\@F@[<$6! %$G@>@>$! &>S!
%&FK6! Z&#&F@K@'&<! &>S! =\$#^O$<G@>)! KO$R! #$Z#$F$>K! KO$! N>A>=^>! KO#$&K(! ?N#`&F! &#$!
>=K!F@GZ<R!Z#$F$>K$S!@>!KO@F!&S\$#K!&F!KO#$&KF![NK!KO$R!O&\$!&<F=![$'=G$!FRG[=<F!=%!
#$F@FK&>'$(! ,$F@FK&>'$6! ^@KO@>! KO@F! '=>K$VK6! S=$F! >=K! #$%$#! K=! KO$! K#&S@K@=>&<!
N>S$#FK&>S@>)! &FF='@&K$S! ^@KO! KO$! [N#`&(! Q=#! $V&GZ<$6! KO$! ^=G&>! N>S$#! KO$!
)&#G$>K! @KF$<%! @F! >=K! Z#$F$>K$S! &F! FK#N))<@>)! K=! )$K! =NK! =%! KO$! Z&K#@&#'OR! KO&K! O&F!
F@KN&K$S!O$#!N>S$#!@K6!KO$![N#`&(!9>FK$&S6!KO$![N#`&!^@KO@>!KO@F!'=>K$VK!@F!FRG[=<@'!=%!
KO&K! ^O@'O! ;^$S@FO! F='@$KR! O&F! K=! %@)OK6! K=! =\$#'=G$Ͷ@K! @F! &! FRG[=<! =%! ;^$S@FO!
#$F@FK&>'$(! -O$! [N#`&F! Z#$F$>K! @>! KO@F! &S\$#K! F$#\$! &F! &! %=#G! =%! \@FN&<! =\$#<&Z! @>!
^O$#$!$'=>=G@'6!F='@&<6!#$<@)@=NF6!&>S!'N<KN#&<![&KK<$F!&#$!%=N)OK(!
!
dĂŬŝŶŐŵLJĐƵĞĨƌŽŵ:ƵĚŝƚŚƵƚůĞƌ͛ƐǁŽƌŬŽŶĚŝƐĐƵƌƐŝǀĞĐĞŶƐŽƌƐŚŝƉ͕/ƚŚĞŽƌŝƐĞŚŽǁƚŚĞ
ĂĚ͛Ɛ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂŶĚ ĐŽŶĐĞƉƚƐ ĚĞƉůŽLJĞĚ ĂƌĞ ƉƌŽĚƵĐƚŝǀĞůLJ ǀƵůŶĞƌĂďůĞ ƚŽ ďŽƚŚ
#$@>K$#Z#$K&K@=>!&>S! >$^!'@K&K@=>F(! 9K! @F! O$#$! KO&K!^$! F$$! O=^! '$>F=#FO@Z! S=$F! >=K!
S$<@\$#! @KF! @>K$>S$S! '=>F$`N$>'$F6! [NK! #&KO$#! S@G@>@FO$F! ZN[<@'! FZ&'$F! %=#!
'=>K$FK&K@=>(!9>!KN#>!'$>F=#FO@Z!F$#\$F!K=!'=N>K$#!@KF!=^>!$%%$'KF!&>S!Z#=SN'$!&!>$^!
F$K!=%!'=>F$`N$>'$F!KO&K!O$@)OK$>!KO$!Z=^$#!=%!KO$!FZ$$'O!KO&K!@K!F=N)OK!K=!F@<$>'$(!
!
^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛ƐĚǀĞƌƚ!
^ƵĐĐŝŶĐƚůLJ͕ ƚŚĞ ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛Ɛ ϮϬϭϬ ĞůĞĐƚŝŽŶ ĐĂŵƉĂŝŐŶ ĂĚ ĚĞƉŝĐƚƐ ĂŶ ĂŐŝŶŐ
^O@K$! Z$>F@=>$#! @>! &! S#&G&K@'! '=GZ$K@K@=>! &)&@>FK! &! %&'$<$FF! G=[! =%! ^=G$>! @>!
ďƵƌƋĂƐĨŽƌƚŚĞ^ǁĞĚŝƐŚŐŽǀĞƌŶŵĞŶƚ͛ƐĨŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐ͘dŚĞĂĚǀĞƌƚŝƐŵƵůƚŝĨĂĐĞƚĞĚ
&>S! =%%$#F! KO$! \@$^$#! &! >NG[$#! =%! >&##&K@\$F! K=! @>K$#Z#$K! &>S! 'O&#&'K$#@D$! KO$!
@GG@)#&>K! =>! 'N<KN#&<6! #$<@)@=NF6! F='@&<! &>S! $'=>=G@'! <$\$<F(! -O$! '$>K#&<! KO#$&K! K=!
;^$S@FO! F='@$KR! @F! #$Z#$F$>K$S! &F! %&FK6! <&#)$! @>! >NG[$#6! N>@S$>K@%@&[<$6! &>S!
=\$#^O$<G@>)(! .>! KO$! FN#%&'$6! KO$! &S! K$<<F! KO$! \@$^$#! &! FK=#R! &[=NK! KO$! @<<F! =%!
@GG@)#&K@=>! &>S! KO$! FK#&@>! =%! @GG@)#&>KF! =>! KO$! ;^$S@FO! $'=>=GR(! MO@<$! @K! O&F!
Z$#FN&F@\$<R!@GZ<$G$>K$S!&!>NG[$#!=%!K&'K@'F!K=!&ZZ$&<!K=!\=K$#F!=>!KO&K!FNZ$#%@'@&<!
<$\$<6!FN'O!&F!KO$!F'&Z$)=&K@>)!=%!G@)#&>KF!@K!%@>SF!@KF$<%!'&N)OK!@>!&!Z#$'&#@=NF!Z<&'$6!
^@KO!G=#$!F@)>@%@'&>K!@FFN$F!KO&K!&#$!'=>'$#>$S!^@KO!KO$!%#$$S=G!=%!FZ$$'O!&>S!KO$!
&'K!=%!'$>F=#FO@Z(!!
!
7=^$\$#6!&!'<=F$#!$V&G@>&K@=>!=%!KO$!'&GZ&@)>!^@<<!R@$<S!$\$>!%N#KO$#!@>%=#G&K@=>(!+!
'=GZ<$V! '=G[@>&K@=>! =%! %#&G@>)! S$\@'$F! &#$! NF$S! K=! FK#$>)KO$>! KO$! #$<&K@=>FO@Z!
[$K^$$>!@G&)$#R6!F=N>S6!K$VK6!&>S!>&##&K@\$!K=!@<<NFK#&K$!KO@F!Z=@>K!$\$>!%N#KO$#(!-O$!
=Z$>@>)! F$`N$>'$! [$)@>F! ^@KO! &! `N@'A! FO=K! =%! KO$! ;K&KF[NS)$K! cFK&K$! [NS)$Kd! =>! &!
'=N>K$#6! [$)@>>@>)! %#=G! *X*(UHP(LJH(HUL! cA#=>&d6! &>S! `N@'A<R! S$'#$&F$F(! 9>! KO$!
ďĂĐŬŐƌŽƵŶĚ͕ Ă ŶĂƌƌĂƚŽƌ͛Ɛ ǀŽŝĐĞ ĂƉƉĞĂƌƐ ĂŶĚ ĚĞĐůĂƌĞƐ ŝŶ ^ǁĞĚŝƐŚ͕ ƚƌĂŶƐůĂƚĞĚ ŝŶƚŽ
ŶŐůŝƐŚĂƚLJŽƵƚƵďĞ͕ƚŚĂƚ͕͞WŽůŝƚŝĐƐŝƐĂůůĂďŽƵƚŵĂŬŝŶŐƉƌŝŽƌŝƚŝĞƐ͘͟ŶƵŵďĞƌŽĨŚĞĂǀŝůLJ
$S@K$S! @G&)$F! %=<<=^! KO&K! %='NF! KO$! \ŝĞǁĞƌ͛Ɛ ĞLJĞƐ ƵƉŽŶ Ă ĚŝŵůLJ ůŝƚ ƌŽŽŵ ĂŶĚ ƚǁŽ
[N#$&N'#&KF6!=>$!G&<$!&>S!KO$! =KO$#! %$G&<$!F@KK@>)!&K!S$FAF!Z#='$FF@>)!O&>S%N<F!=%!
[&>A!>=K$F!%#=G!'&#S[=&#S![=V$F(!!
!
!
!
&ŝŐƵƌĞϭ͗/ŶŝƚŝĂůŝŵĂŐĞƐƚĂƚƐďƵĚŐĞƚĐŽƵŶƚĞƌ;͞^ƚĂƚĞďƵĚŐĞƚ͟Ϳ!
ĨƌŽŵ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛ƐƚĞůĞ\@F@=>!&S6!;$ZK$G[$#!HXWX(!
!
dŚĞ ƵƐĞ ŽĨ ƚŚĞ ŶĂƌƌĂƚŽƌ͛Ɛ ǀŽŝĐĞ ŝŶ ƚŚĞ ŽƉĞŶŝŶŐ ƐĞƋƵĞŶĐĞ͕ ĂƐ ĂŶ ĂŶŽŶLJŵŽƵƐ ĂŶĚ
&[FK#&'K! FK=#RK$<<$#6! O$<ZF! #$@>%=#'$! KO$! ^&R! [R! ^O@'O! KO$! \@$^$#! @>K$#Z#$KF! KO$!
G$FF&)$(! /&##&K@=>! @F! $GZ<=R$S! FK#&K$)@'&<<R! @>! =#S$#! K=! O$<Z! F@KN&K$! KO$! \@FN&<!
@G&)$F!&>S!#$@>%=#'$!KO$!FN[K$VK!=%!KO$!'&GZ&@)>!Z<&K%=#G!%N#KO$#(!!
!
dŚƌŽƵŐŚŽƵƚƚŚĞĐůŝƉ͕ƚŚĞŶĂƌƌĂƚŽƌ͛ƐǀŽŝĐĞĨƵŶĐƚŝŽŶƐŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐƚŽƌƐĂŶĚ
KO$! %='&<@D$#F! KO#=N)O! '=>'$ZKN&<! =\$#<&Z(! -O#=N)O! KO$! NF$! =%! FN'O! K&'K@'F6!
;\$#@)$S$G=A#ĂƚĞƌŶĂ͛Ɛ ƉŽůŝƚŝĐĂů ŵĞƐƐĂŐĞ ŝƐ ĐŽŶǀĞLJĞĚ ĂŶĚ ƌĞŝŶĨŽƌĐĞĚ͘ &ƵƌƚŚĞƌ͕
>&##&K@=>!F$#\$F!K=!'<&#@%R!KO$!FK=#R<@>$!&>S!O$<ZF!FO&Z$!KO$!#O$K=#@'!=%!KO$!>&##&K@\$(!
ƐĂƐƉĞĂŬŝŶŐƐƵďũĞĐƚ͕ƚŚĞŶĂƌƌĂƚŽƌ͛ƐǀŽŝĐĞĞŶĂďůĞƐƚŚĞǀŝĞǁĞƌƚŽƌĞĂĚƚŚĞŝŵĂŐĞƐŝŶ
'=G[@>&K@=>! ^@KO! KO$! >&##&K@\$! %=#G! =%! KO$! K$VK(! 9K! @F! @GZ=#K&>K! K=! #$'=)>@D$! KO&K!
ĨƌŽŵ ƚŚĞ ƐƚĂƌƚ ƚŚĞ ĂĚǀĞƌƚ ŝƐ ĨƌĂŵĞĚ ĂƐ Ă ĨĂĐƚƵĂů ĂĐĐŽƵŶƚ͘ ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛Ɛ
>&##&K=#!F$#\$F!&!Z&#K@'N<&#!#=<$6!>=K!F@GZ<R!&F!&!>&##&K=#6![NK!&<F=!&F!&!Z&#K@'@Z&>K!@>!
KO$! &S(! 4<&FF! FK#N))<$6! )$>S$#6! >&K@=>&<@FG6! &>S! V$>=ZO=[@&! FK&#K! K=! &ZZ$&#! &F! O$#!
\=@'$!F$#\$F!K=!#$@>%=#'$!KO$!G$FF&)$!&>S!K#&>F%=#G!KO$!G$&>@>)F!=%!KO$!&S(!
!
!
Q@)N#$!H1!4=N>KS=^>!^@KO!FK&KF[NS)$K!'=N>K$#!&>S![N#$&N'#&KF!!
ĨƌŽŵ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛ƐƚĞůĞǀŝƐŝŽŶĂĚ͕^ĞƉƚĞŵďĞƌHXWX(!
!
+F! KO$! &S! '=>K@>N$F6! FK&'AF! =%! '&#S[=&#S! [=V$F! FN##=N>S! [=KO! %@)N#$F! KO&K! Z#='$FF!
FK&'AF! =%! ;^$S@FO! A#=>&! c[&>A! >=K$Fd(! 9G&)$F! =%! KO$! ;K&KF[NS)$K! '=N>K$#! &#$!
@>K$#FZ$#F$S! ^@KO! @G&)$F! =%! KO$! [N#$&N'#&KF6! &>S! &! %@>&<<R! K=K&<F! &K! WXX6XXX6XXX6!
^O@'O! S#&G&K@'&<<R! &ZZ$&#F! %<&FO@>)! =>! KO$! F'#$$>(! -O$! GN<K@Z<$! '<=F$BNZF! =%! KO$!
ďƵĚŐĞƚ ƐĞƌǀĞ ƚŽ ƌĞŝŶĨŽƌĐĞ ƚŚĞ ŶĂƌƌĂƚŽƌ͛Ɛ ŵĞƐƐĂŐĞ͘ ,ĞƌĞ͕ ƚŚĞ ŽďǀŝŽƵƐ ůŝŶŬ ďĞƚǁĞĞŶ
>&##&K@=>!&>S!\@FN&<!@G&)$#R!&ZZ$&#F6!#$@>%=#'@>)!KO$!G$FF&)$!%=#!\@$^$#F(!-O$!G&>R!
#$%$#$>'$F!K=![N#$&N'#&'R!&>S!K$'O>=<=)R!KO&K!&ZZ$&#!@>!KO$!=Z$>@>)!F$`N$>'$ͶKO$!
G=>$RB'=N>K@>)! G&'O@>$F6! $G$#)$>'R! <@)OKF6! &>S! F@#$>FͶF$#\$! K=! %=#$[=S$! &>!
=\$#[N#S$>$S!FK&K$![NS)$K(!?R!%#&G@>)!KO$F$!K$'O>=<=)@$F!@>!FN'O!&!^&R6!KO$R!F$#\$!
&F!&!\@FN&<!^&#>@>)!FRFK$G!K=!KO$!\@$^$#(!!
!
!
! ! !
!
Q@)N#$!L1!Q@>&<!FK&KF[NS)$K!>NG[$#!K&A$>!%#=G!!
^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛ƐƚĞůĞǀŝƐŝŽŶĂĚ͕^ĞƉƚĞŵďĞƌϮϬϭϬ͘!
!
Q&FKBZ&'$S! $S@K@>)! O$<ZF! F$K! KO$! #ORKOG! =%! KO$! FK=#R<@>$(! 2$FZ@K$! KO$! >NG[$#! =%!
@G&)$F! @>K$#K^@>$S! ^@KO@>! KO$! KO@#KRBF$'=>S! '<@Z6! KO$! FO=KF! S=! ŶŽƚ ďƌĞĂŬ ƚŚĞ ĂĚ͛Ɛ
'=>K@>N@KRh! #&KO$#6! $&'O! %#&G$! F$#\$F! K=! '=>K#@[NK$! %N#KO$#! K=! KO$! &S\$#K6! &F! &<<!
F$)G$>KF! '=>K&@>! @>%=#G&K@=>! G$&>@>)%N<! %=#! KO$! =\$#&<<! $%%$'K(! -O$! %#&G$F! &#$!
F$<$'K@\$<R!'O=F$>!K=!#$@>%=#'$!KO$!>&##&K@\$!=%!KO$!'&GZ&@)>!'<@Z6!F@>'$!$&'O!@G&)$!
ƌĞůĂƚĞƐƚŽƚŚĞŶĂƌƌĂƚŽƌ͛ƐƚĞdžƚ͘sŝƐƵĂůŝŵĂŐĞƐĂƌĞƵƐĞĚƚŽĐŽŶǀĞLJƉĂƌƚŝĐƵůĂƌŝŶĨŽƌŵĂƚŝŽŶ
Z#$'@F$<R(! Q@)N#$F! &>S! K$'O>=<=)@$F! Z<&R! &! '$>K#&<! #=<$! @>! KO$! '#$&K@=>! =%! KO@F!
&S\$#K@F$G$>K6!&F!KO$R!&#$!NF$S!K=!'=>\$R!&!G$FF&)$! &>S!K=!O$@)OK$>!KO$!\@$^$#͛Ɛ
ĂƚƚĞŶƚŝŽŶ͘tŚĞŶƚŚĞĂĚĐĂƌƌŝĞƐŽŶ͕ƚŚĞŶĂƌƌĂƚŽƌ͛ƐǀŽŝĐĞƌĞĂƉƉĞĂƌƐ͕ƐĂLJŝŶŐ͕͞EŽǁLJŽƵ
ŚĂǀĞĂĐŚŽŝĐĞ͘͟ĨƚĞƌǁŚŝĐŚ͕ĂŶĞŵĞƌŐĞŶĐLJƐŝƌĞŶƐƚĂƌƚƐƚŽƐŽƵŶĚ͕ĂŶĚƚŚĞƚǁŽƚĂďůĞƐ
NZ=>!^O@'O!G=>$R!@F!F=#K$S!&#$!@GG$S@&K$<R!<@)OK$S!^O@<$!&>!$G$#)$>'R!<@)OK![$)@>F!
K=! ĨůĂƐŚ͘ dŚĞ ǀŽŝĐĞ ĐŽŶƚŝŶƵĞƐ͕ ďĞĐŬŽŶŝŶŐ͕ ͞tŚĂƚ ŝƐ LJŽƵƌ ĐŚŽŝĐĞ͍͟ dŚĞ ƵƐĞ ŽĨ
$G$#)$>'R! <@)OKF! &>S! F@#$>F! @>! KO$! [&'A)#=N>S! =%! KO$! &S\$#K@F$G$>K! F$#\$F! K=!
ŚĞŝŐŚƚĞŶƚŚĞǀŝĞǁĞƌ͛ƐĂƚƚĞŶƚŝŽŶ͘dŚĞƐŝƌĞŶƐĂŶĚůŝŐŚƚƐƌĞŝŶĨŽƌĐĞƚŚĞĚŝƐĐŽƵƌƐĞŽĨƚŚĞ
&S! $\$>! %N#KO$#! [R! Z=F@K@=>@>)! ^O&K! ;\$#@)$S$G=A#&K$#>&! Z$#'$@\$! &F! K==! G&>R!
ƉƌŽŐƌĞƐƐŝǀĞĚĞŵĂŶĚƐŽŶ^ǁĞĚŝƐŚƐŽĐŝĞƚLJĂƐ͞ĂůĂƌŵŝŶŐ͘͟!
!
+K!KO@F!FK&)$!@>!KO$!'<@Z6!KO$!\@$^$#!&F!KO$!&SS#$FF$$!=%!KO$!K$VK![$)@>F!K=!@>K$#Z#$K!
KO$! F@#$>F! &F! &>! $G$#)$>'R! $\$>K(! C$\$<F! =%! >&##&K@=>! Z<&R! &>! @>K$)#&<! #=<$! ^@KO! &!
>NG[$#!=%!$G[$SS$S!K$VKF!FK&#K@>)!K=!&ZZ$&#!&#$!$GZ<=R$S!@>!=#S$#!K=!#$@>%=#'$!KO$!
GN<K@Z<$!<$\$<F!=%!>&##&K@=>F!$\$>!%N#KO$#(!-O$!%=<<=^@>)!F$`N$>'$!=%!KO$!'<@Z!Z#=\@S$F!
%N#KO$#! @>%=#G&K@=>! =>! O=^! KO@F! N>#&\$<F! [=KO! $VZ<@'@K<R! &>S! @GZ<@'@K<R(! -^=! O&>S!
[#&A$F! S#&G&K@'&<<R!&ZZ$&#!%#=G!KO$!'$@<@>)!@GG$S@&K$<R! @>!%#=>K!=%!KO$! S$FAF6!^@KO!
ǁŚŝƚĞĨŽŶƚƚŚĂƚƌĞĂĚƐ͞/ŵŵŝŐƌĂƚŝŽŶ͟ĂŶĚ͞WĞŶƐŝŽŶĞƌ͟;&ŝŐ͘ϰͿ͘!
!
!
&ŝŐƵƌĞϰ͗,ĂŶĚůĞƐ͕ŽƌůĞǀĞƌƐ͕ƵƉŽŶǁŚŝĐŚ͞WĞŶƐŝŽŶĞƌ͟Žƌ͞/ŵŵŝŐƌĂƚŝŽŶ͟ŝƐǁƌŝƚƚĞŶ͘!
&ƌŽŵ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛ƐƚĞůĞǀŝƐŝŽŶĂĚ͕^ĞƉƚĞŵďĞƌϮϬϭϬ͘!
!
tŚĞŶ ƚŚĞ ŶĂƌƌĂƚŽƌ ǀŽŝĐĞƐ͕ ͞EŽǁ LJŽƵ ŚĂǀĞ Ă ĐŚŽŝĐĞ͕͟ ĂƐ ƚŚĞ ƐŝƌĞŶƐ ĨŝƌĞ ƵƉ͕ ƚŚĞ
$GZO&F@F! =%! KO$! &S! [$'=G$F! '<$&#h! KO$! S$G&>SF!=%!Z$>F@=>$#F! &>S! @GG@)#&>KF! &#$!
'=GZ$K@>)!%=#!%N>S@>)!%#=G!KO$!FK&K$![NS)$K6!#$Z#$F$>K$S![R!K^=!O&>S![#&A$F!KO&K!
!
S#=Z!%#=G!&[=\$(!3@##=#@>)!=''N#F!=>!GN<K@Z<$!<$\$<F!KO#=N)O=NK!KO@F!&S1!KO$!\@FN&<!
ĐƵĞƐ͕ƚŚĞŶĂƌƌĂƚŽƌ͛ƐǀŽŝĐĞ͕ƚŚĞĞŵĞƌŐĞŶĐLJƐŝƌĞŶƐ!&>S!<@)OKF6!&>S!$G[$SS$S!K$VK(!-O$!
&S!KO$>!D==GF!@>!=>!&!^&<A$#!&>S!KO$!&NS@$>'$![$)@>F!K=!F$$!KO$!@G&)$!=%!&>!$<S$#<R!
^O@K$!^=G&>![$)@>>@>)!K=!&ZZ$&#(!-O$!'&G$#&!Z&>F!@>!=>!O$#!&>S!FO$!G=\$F!F<=^<R!
^@KO!&!^&<A@>)!&@S!K=^&#S!KO$!S@#$'K@=>!=%!KO$!<$\$#F!cS#=ZZ$S!$&#<@$#d6!$&'O!=%!^O@'O!
ŚĂŶŐ ƐƵƐƉĞŶĚĞĚ ďLJ ĐŚĂŝŶƐ ĨƌŽŵ ƚŚĞ ĐĞŝůŝŶŐ ĂŶĚ ŚĂǀĞ ͞ƉĞŶƐŝŽŶĞƌ͟ Žƌ ͞ŝŵŵŝŐƌĂŶƚ͟
ǁƌŝƚƚĞŶŽŶƚŚĞŵ͘ƐĞƌŝĞƐŽĨƐŚŽƚƐƉĂŶŝŶŽŶŚĞƌǁĂůŬĞƌ͕ĂŶĚĨŽĐƵƐƚŚĞǀŝĞǁĞƌ͛ƐĞLJĞƐ
$GZO&K@'&<<R! NZ=>! O$#! >$$S! %=#! ZORF@'&<! &FF@FK&>'$(! 7$#$6! KO$! ǀŝĞǁĞƌ͛Ɛ ĂƚƚĞŶƚŝŽŶ ŝƐ
ĚƌĂǁŶƚŽŚŽǁƚŚĞǁĂůŬĞƌŚĞůƉƐƐƵƉƉŽƌƚŚĞƌǁŚŝůĞ͞ƌĂĐŝŶŐ͟ƚŽƚŚĞ͞ŝŵŵŝŐƌĂŶƚ͟ďƌĂŬĞ͘
-O$!^&<A$#!@>!KO@F!'=>K$VK!#$Z#$F$>KF!&!>$$S!%=#!ZORF@'&<!FNZZ=#K6![NK!&<F=!&<<NS$F!K=!
O$#! >$$S! ^@KO@>! KO$! '=GGN>@KR! &F! &! ^O=<$(! -O$! %#&G@>)! =%! O$#! &F! &! Z$>F@=>$#B@>B
>$$S!Z#$F$>KF!O$#!FRGZ&KO$K@'&<<R!K=!KO$!\@$^$#6!&>S!O$#$6!^$6!KO$!\@$^$#6!#$&S!O$#!
&F!&!FRG[=<!=%!;^$S@FO!F='@$KR(!
!
dŚĞ ŝŵĂŐĞ ŽĨ ƚŚĞ ƉĞŶƐŝŽŶĞƌ͕ ǁŝƚŚŝŶ ƚŚĞ ůĂŶŐƵĂŐĞ ŽĨ ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛Ɛ
Z&K#@=K@FG6! S=$F! >=K! @GG$S@&K$<R! S$>=K$! FK#$>)KO! &F! NFN&<<R! Z#$F$>K$S! ^@KO@>!
>&K@=>&<! S@F'=N#F$6! [NK6! @>FK$&S6! =%%$#F! &! G=#$! Z=^$#%N<! #$&S@>)! KO&K! &<<NS$F! K=!
S$F$#\$S! >$$S(! 2$F$#\$S! >$$S! @F! $VZ#$FF$S! ^@KO@>! KO@F! %=#G! =%! #$Z#$F$>K&K@=>6! %=#!
ƚŚĞ ǁŽŵĂŶ ŝƐ ͞ĂŶLJŽŶĞ͛Ɛ͟ ŵŽƚŚĞƌ Žƌ ŐƌĂŶĚŵŽƚŚĞƌ͕ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŽĨ ƚŚ$! S$F$#\@>)!
;^$S@FO! Z$>F@=>$#! &>S! &F! &>! $G[<$G! =%! 'N<KN#&<! @S$>K@KR(! -O$! NF$! =%! O$#! @G&)$!
^@KO@>!FN'O!&!'=>K$VK!=%%$#F!KO$!\@$^$#!&!Z&#K@'N<&#!&#K@'N<&K@=>!=%!;^$S@FO>$FF(!7$#!
%&'$!&>S![=SR6!N><@A$!&>R!=%!KO$!=KO$#!'O&#&'K$#F!@>!KO$!&S6!&#$!#$'=)>@D&[<$h!FO$!@F!
FG&<<6!%#&@<6!&>S!F$>@=#!cQ@)(!*!&>S!Pd(!;O$!@F!NF$S!K=!Z#=SN'$!&!\@F@=>!=%!KO$!;^$S@FO!
Z$>F@=>$#! &F! &<<BK==BONG&>! &>S! &<<BK==BS$F$#\@>)(! -O@F! #$Z#$F$>K&K@=>! @F! FK#N'KN#$S!
&)&@>FK!&>=KO$#!%=#G!=%!>$$S!&F!KO$!>$VK!%$^!F$'=>SF!=%!KO$!&S!$VO@[@KF1!KO$!ZORF@'&<!
&>S!$'=>=G@'!>$$SF!=%!KO$!@GG@)#&>K(!+F!\@$^$#F6!^$!^@K>$FF!KO$!Z=F@K@=>@>)!=%!KO$!
ĂĚǀĞƌƚŝƐĞŵĞŶƚ͛Ɛ ĐĞŶƚƌĂů ĨŝŐƵƌĞƐ͕ ǁŚŝůĞ ƚŚĞ ďƵƌĞĂƵĐƌĂƚƐ ĨŝŶĚ ƚŚĞŵƐĞůǀĞƐ ŝŶĚŝĨĨĞƌĞŶƚůLJ
Z=F@K@=>$S!^@KO!Z$>F@=>$#F!&>Sj=#!@GG@)#&>KF(!!
!
9K!@F!&K!KO@F!FK&)$!@>!KO$!&S!KO&K!@GG@)#&K@=>!%@>SF!@KF$<%!@>!&!#&'$!&)&@>FK!Z$>F@=>$#F(!
-O@F! %=#G! =%! #$Z#$F$>K&K@=>! \@FN&<<R! &#K@'N<&K$F! >=K! =><R! S@%%$#$>'$! [NK! &<F=! O=^!
ĚŝĨĨĞƌĞŶĐĞĐĂŶďĞƵƐĞĚƚŽĨƌĂŵĞĂŶĚƌĞŝŶĨŽƌĐĞƐŽĐŝĂůĂŶƚĂŐŽŶŝƐŵƐ͘͞EĂƚŝŽŶŶĞƐƐ͕͟ĂƐĂ
K$VKN&<!&>S!F='@&<!&%%@<@&K@=>6!%@>SF!@KF$<%!#$Z#$F$>K$S!@>!FRG[=<@'!\@FN&<!<&>)N&)$(!-O@F!
&S\$#K! $GZ<=RF! G&>R! =%! KO$! $<$G$>KF! #$<&K$S! K=! KO$! 'N<KN#&<! '=>FK#N'K@=>! =%!
>&K@=>>$FF!&F!F='@&<6!K$VKN&<6!&>S6!^@KO@>!KO@F!'=>K$VK6!\@FN&<(!4N<KN#&<!@S$>K@%@'&K@=>F!
&>S!S@F'N#F@\$!F@)>@%@$#F!#$Z#$F$>K!&>Sj=#!%N>'K@=>!@>!KO$!>&G$!=%!KO$!Z$=Z<$6!=#!@>!
KO$! >&G$! =%! KO$! >&K@=>(! ?R! S=@>)! F=! KO$R! [$'=G$! FN[b$'KF! ^O=! $V@FK! ^@KO@>! FK&K@'!
F='@&<!&>S!<@K$#&#R!>&##&K@\$F(!Q=#!$V&GZ<$6!^O@<$!KO$!$<S$#<R!^=G&>!^@KO!KO$!^&<A$#!
#$Z#$F$>KF!;^$S@FO!Z$>F@=>$#F!FO$!ĂůƐŽƐĞƌǀĞƐƚŽƉƌĞƐĞŶƚĂŶŝŵĂŐĞŽĨ^ǁĞĚĞŶ͛ƐƉĂƐƚ͘
7$#!@G&)$!@F!NF$S!K=!bNVK&Z=F$!Z&FK!&>S!Z#$F$>K!@>!&!^&R!%=#!KO$!\@$^$#!K=!F$$!O$#!&F!
ĂŶŝĚĞĂůƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨ^ǁĞĚĞŶ͛ƐĐŽŶƚĞŵƉŽƌĂƌLJĐŽŶĐĞƉƚŝŽŶŽĨƚŚĞŝƌƉĂƐƚ;ĂǁŚŝƚĞ͕
>=>BS$F'#@ZK!^=G&>d(!?R!bNVK&Z=F@>)!FN'O!&>!@G&)$!^@KO!KO$!Z$#@ZO$#&<!FO=KF!=%!KO$!
[N#`&B'<&S! ^=G$>! =\$#K&A@>)! KO$! Z$>F@=>$#6! KO$! \@$^$#! #$'$@\$F! KO$! FN[K$VK! KO&K!
N>@S$>K@%@&[<$!%=#$@)>$#BG=[F!&#$!K&A@>)!=\$#!;^$S@FO!F='@$KR(!;N'O!@G&)$F!&#$!NF$S!
K=!G&>@ZN<&K$!&!Z&FK!&>S!Z#$F$>KͶ&>S!K=!=%%$#!KO$!\@$^$#!G$K&ZO=#F!KO&K!FZ$&A!K=!
KO$! \@F@[@<@KR! =%! KO$! Z&FK! &>S! KO$! Z#$F$>KͶK=! &@S! @>! KO$! #$@>%=#'$G$>K! =%! &! Z#$B
$V@FK@>)! >&##&K@\$! KO&K! Z=F@K@=>F! ;^$S$F! &)&@>FK! %=#$@)>$#F(! -O@F! @F! >=K! #$Z#$F$>K$S!
KO#=N)O!=>$!FO=K6![NK!#&KO$#!KO#=N)O!&!F$#@$F!=%!@G&)$F!NF$S!K=!Z#$F$>K!KO@F!FK=#R<@>$!
K=!KO$!\@$^$#!F@GN<K&>$=NF<R(!!
!
-O$!>&K@=>![$'=G$F!FRG[=<@'&<<R!#$Z#$F$>K$S!O@$#&#'O@'&<<R!=\$#!'<&FF!cKO=F$!@>!>$$S!
=%! )=\$#>G$>K&<! &FF@FK&>'$d6! &>S! FN'O! #$Z#$F$>K&K@=>F! =%%$#!KO$!\@$^$#! @>F@)OK! @>K=!
!
! ! !
O=^! FN'O! FN[b$'K@\@$F! &#$! %#&G$S(! -O$R! &#$! >=K! =%%$#$S! &F! Z=FF@[@<@K@$F! =#! )<@GZF$F!
KO&K!%@>S!KO$GF$<\$F!F@KN&K$S!^@KO@>!&!Z&#K@'N<&#!G=G$>K!=%!K@G$6![NK!#&KO$#!KO$R!&#$!
NF$S! K=! =%%$#! KO$! \@$^$#! &! \@FN&<! &#K@'N<&K@=>! =%! O=^! FK#N))<$! @F! Z#$F$>K$S(! MO$>!
&SS#$FF@>)! FN'O! %=#GF! =%! #$Z#$F$>K&K@=>F6! KO=F$! KO&K! &#K@'N<&K$! S@%%$#$>'$! KO#=N)O!
@G&)@>$S! '=GGN>@K@$FͶ@>! KO@F! '&F$! G@)#&>K! &>Sj=#! >&K@\$Ͷ^O&K! &ZZ$&#F! @F! KO$!
͞ƚĞŵƉŽƌĂůŝƚLJŽĨƌĞƉƌĞƐĞŶƚĂƚŝŽŶ͘͟dĞŵƉŽƌĂůŝƚLJŽĨƌĞƉƌĞƐĞŶƚĂƚŝŽŶƌĞĨĞƌƐƚŽƚŚĂƚǁŚŝĐŚ
G=\$F![$K^$$>!F='@&<!Z#='$FF$F!&>S!'N<KN#&<!%=#G&K@=>F!^@KO=NK!&!'$>K#$S!<=)@'(!-O@F!
=''N#F6! %=#! $V&GZ<$6! ^O$>! 'N<KN#&<! G=\$G$>KF6! S$FZ@K$! KO$@#! O$K$#=)$>$@KR6! &#$!
$>\@F@=>$S!&F!&!O=G=)$>=NF6!@>\&S@>)6!=KO$#(!Q=#$@)>$#F!@>!KO@F!&S\$#K!&#$!Z=#K#&R$S!
&F! &! [N#`&B'<&S! G=[! ^O=F$! >$$SF! ZORF@'&<<R! &>S! $'=>=G@'&<<R! S#&@>! KO$! '=N>K#R(!
^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛Ɛ ĚĞƉŝĐƚŝŽŶ ŽĨ ƚŚĞ ďƵƌƋĂ ŵĂƌŬƐ ĐĞƌƚĂŝŶ ŬŝŶĚƐ ŽĨ ĨĂĐĞƐ ĂŶĚ
[=S@$F6!&>S!&FF='@&K$F!\@F@[<$!F@)>F!=%!S@%%$#$>'$!c@($(!KO$![N#`&!&>S!KO$!>@`&[!&F!&<<B
'=>FNG@>)! )&#G$>KF! ^@KO! #$<@)@=>6! '<&FF6! &>S! )$>S$#! F$^$S! ^@KO! G@)#&K@=>d(! -O$!
[N#`&F!@>!F=G$!^&R!=#!&>=KO$#!#$%$#!K=!&<<!=%!KO$F$!@FFN$F(!-O$!N>@S$>K@%@&[<$!^=G$>!
N>S$#! KO$! [N#`&F! &#$! %@V$S! ^@KO@>! &<<! =%! KO$F$! G&#A$#F! =%! S@%%$#$>'$6! &>S! &#$!
K#&>F%=#G$S! @>K=! &! \@F@[<R! @S$>K@%@&[<$! KO#$&K! @>! KO$! >&##&K@\$(! MO&K! @F! Z#=[<$G&K@'!
&[=NK! FN'O! %=#GF! =%! #$Z#$F$>K&K@=>! @F! KO&K! KO$R! O&\$! >=! #$&<@D$S! @>K$#Z#$K&K@=>! =%!
O@FK=#@'&<! G$G=#R! =#! FN[b$'K@\@KR(! -O$! &S\$#K@F$G$>K! @F! %#&G$S! ^@KO@>! KO$!
&NKO=#@K&K@\$!>&##&K@\$!=%!&!#@)OKB^@>)!Z=<@K@'&<!Z&#KR6!KO$!;\$#@)$S$G=A#&K$#>&6!^O=!
&#$! \='&<<R! =ZZ=F$S! >=K! F@GZ<R! K=! &<<! %=#GF! =%! @GG@)#&K@=>! [NK! #&KO$#! K=! 9F<&G@'!
@GG@)#&K@=>!cM@FK#=G!HXWXd(!-O$!'=>'$ZKF!KO&K!O&\$![$$>!FNZ$#%@'@&<<R!#$Z#$F$>K$S!
>$$S!K=![$!'@#'NGF'#@[$S(!-O$!%=<<=^@>)!&S!F$)G$>K!^@<<!FO$S!G=#$!@>F@)OK!@>K=!O=^!
%=#$@)>!FN[b$'K@\@K@$F!&#$!#$Z#$F$>K$S!&F!&!O=G=)$>=NF!)#=NZ(!
!
!
Q@)N#$!*h!2$K&@<!@G&)$!=%!Z$>F@=>$#!^@KO!^&<A$#!%#=G!!
^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛ƐƚĞůĞǀŝƐŝŽŶĂĚ͕^ĞƉƚĞŵďĞƌϮϬϭϬ͘!
!
!
Q@)N#$!Ph!M@S$!@G&)$!=%!Z$>F@=>$#!^@KO!^&<A$#!%#=G!!
^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛ƐƚĞůĞǀŝƐŝŽŶĂĚ͕;$ZK$G[$#!HXWX(!
!
9>!KO$!>$VK!F$`N$>'$6!KO$!\@$^$#F!F$$!KO$!Z$>F@=>$#!KN#>@>)!O$#!O$&S!K=!KO$!<$%K6!&>S!
@>! O$#! Z$#@ZO$#&<! \@F@=>! FO$! F$$F! &! G=[! =%! [N#`&B'<&S! ^=G$>! [$F@$)@>)! O$#(! -O$!
@G&)$!=%!KO$!Z$>F@=>$#!%@>SF!@KF$<%!>=^!Z=F@K@=>$S!&)&@>FK!&>=KO$#!'N<KN#&<!%=#'$6!&>!
@>\&S@>)!G=[!=%!'=\$#$S!^=G$>(!9>!KO$!F$#@$F!=%!`N@'A!FO=KF!KO&K!'=G$!K=!%=<<=^!KO$!
!
'&G$#&!Z&>F!@KF$<%!&>S!`N@'A<R!%='NF$F!@KF!&KK$>K@=>!=>!KO$!%@)N#$F6!=%!^O@'O!%@\$!&#$!@>!
[<&'A![N#`&F!&>S!&!F@VKO!%@)N#$!@>!&![<&'A!>@`&[(!-^=!&#$!ZNFO@>)![&[R!'&##@&)$F!&>S!
&ZZ$&#! %#=G! KO$! S&#A>$FF! [$O@>S(! 9>! KO$! FN[F$`N$>K! '<@Z6! KO$! '&G$#&! @GG$S@&K$<R!
ƉĂŶƐŽƵƚĂŶĚŽĨĨĞƌƐĂĚĞƚĂŝůĞĚƐŚŽƚŽĨƚŚĞŐƌŝůůĞĐŽǀĞƌŝŶŐŽŶĞŽĨƚŚĞĨŝŐƵƌĞ͛ƐĞLJĞƐ;&ŝŐ͘
Id(!
!
!
&ŝŐƵƌĞϳ͖ĞƚĂŝůŽĨďƵƌƋĂŐƌŝůůĞĨƌŽŵ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛ƐK$<$\@F@=>!&S6!;$ZK$G[$#!HXWX(!
!
!
&ŝŐƵƌĞϴ͗'ƌŝƉŽŶďĂďLJĐĂƌƌŝĂŐĞŚĂŶĚůĞĨƌŽŵ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛ƐƚĞůĞǀŝƐŝŽŶĂĚ͕^ĞƉƚĞŵďĞƌ
HXWX(!
!
-O$! FO=K! Z&>F! K=! &! O&>S! ^@KO! K@)OK<R! )#@ZZ$S! %@>)$#F! ^#&ZZ$S! #=N>S! &! O&>S<$! =%! &!
[&[R! '&##@&)$! cQ@)(! Ed6! Z#=\@S@>)! &! F$>F$! =%! N#)$>'R! &>S! \@=<$>'$! K=! KO$! G=[(!
.ZZ=F@K@=>&<!#$Z#$F$>K&K@=>F!=%!>&K@=>O==S!&#$!Z#=)#$FF@\$<R!S$%@>$S!KO#=N)O!KO$F$!
%@)N#$Fh! KO$! [N#`&B'<&S! %@)N#$F! ^@KO! KO$@#! [&[R! '&##@&)$F! F$#\$! &F! F@)>FͶ%=#$@)>$#F6!
3NF<@GF! ^O=! Z=F$! &! KO#$&KͶ#$F=>&K@>)! ^@KO! KO$! $&#<@$#! S@F'=N#F$! KO&K! %#&G$F! KO$!
͞ŽƚŚĞƌ͟ĂƐĂƚŚƌĞĂƚ͘dŚĞŵŽďŽĨǁŽŵĞŶŝƐƉƌĞƐĞŶƚĞĚĂƐĂĐŚĂůůĞŶŐĞƚŽƚŚĞǀƵůŶĞƌĂďůĞ
;^$S@FO!Z$>F@=>$#6!&>S!KO$!\=K$#!#@FAF!&<<=^@>)!KO$G!K=!=\$#K&A$!O$#!`N@'A<R(!!
!
-O$! &S\$#K! @F! <&S$>! ^@KO! @G&)$F! F$#\@>)! K=! F'N<ZK! &>! @GG@>$>K! @G&)$! =%! #$<@)@=NF!
3NF<@G!^=G$>!&F!=G@>=NF!KO#$&KF(!-O$![N#`&B'<&S!%@)N#$F!&#$!&<F=!NF$S!K=!#$Z#$F$>K!
&![=SR!KO&K!'&>>=K![$!#$&SͶ&![=SR!KO&K!@F!%#=G!&!%@#FK!)<@GZF$!@F=<&K$S!R$K!ZORF@'&<<R!
Z#$F$>KͶF$#\@>)!&F!&!'O&<<$>)$!K=!KO$!Z$>F@=>$#!cQ@)(!Ud(!9>!KO@F!F$`N$>'$!KO$!FN[K$VK!
@F!>=K!F=!>N&>'$S!=#!S@F'#$$K1!KO$![=S@$F!=%!KO$![N#`&B'<&S!%=#$@)>$#F!&#$!Z=F@K@=>$S!
&>K&)=>@FK@'&<<R! K=! KO$! ^O@K$! ;^$S@FO! [=SR(! -O$! FN))$FK@=>! @F! KO&K! &! 'O&<<$>)$! @F!
O&ZZ$>@>)! K=! F='@$KR! &>S! KO&K! Z$>F@=>$#F! O&\$! [$$>! [$K#&R$S! &>S! \@'K@G@D$S! [R!
@GG@)#&K@=>! &>S!KO$! >$$SF! =%! %=#$@)>$#F(! -O$!G=[! @F! >=K! Z#$F$>K$S! &F!\@'K@GF6! >=#!
&#$!KO$@#!'O@<S#$>6![NK!#&KO$#!@K!KO$!;^$S$F!&#$!FN%%$#@>)!=>![$O&<%!=%!KO$!S$G&>SF!=%!
KO$! @GG@)#&>KF(! -O$! G=[! @F! NF$S! K=! G&#)@>&<@D$! KO$! $<S$#<R! ;^$S@FO! ^=G&>Ͷ&>S!
O$#$! @K! @F! KO&K! KO$! ;^$S$F! &#$! $GZ&KO$K@'&<<R! Z#$F$>K$S! &F! KO=F$! ^O=! FN%%$#(! -O$!
ŶĂƌƌĂƚŽƌ͛ƐǀŽŝĐĞ ƌĞĂƉƉĞĂƌƐ ĂŶĚ ǁĞ ŚĞĂƌ ͞ŽŶ ƚŚĞϭϵKO! =%! ;$ZK$G[$#!R=N! '&>! 'O==F$!
ƚŚĞ ͞ŝŵŵŝŐƌĂƚŝŽŶ ďƌĞĂŬ͟ ĂďŽǀĞ ƚŚĞ ͞ƉĞŶƐŝŽŶƐ ďƌĞĂŬ͘͟ dŚĞ ƵƐĞ ŽĨ ƉĂƌƚŝĐƵůĂƌ ŝŵĂŐĞƐ
&>S![=S@$F!^@KO@>!KO@F!&S!Z=F@K@=>F!&>S!@>F'#@[$F!FN[b$'K!Z=F@K@=>F!NZ=>!KO$!\@$^$#!&F!
Z#@=#@K@$F!K=![$!'O=F$>![&F$S!NZ=>!KO&K!@>S$V@>)!=%![=S@$F(!!
!
! ! !
!
!
Q@)N#$!U1!3=[!=%!?N#`&!4<&S!^=G$>!&<<!K&A$>!%#=G!!
^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛ƐƚĞůĞǀŝƐŝŽŶĂĚ͕^ĞƉƚĞŵďĞƌϮϬϭϬ͘!
!
9>! KO$! %=<<=^@>)! F$`N$>'$6! KO$! G=[! F$$GF! K=! =\$#K&A$! KO$! Z$>F@=>$#! &!
^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐĂŶƵŵďĞƌŽĨŚĂŶĚƐŐŽƵƉĂŶĚƌĞĂĐŚĨŽƌƚŚĞ͞WĞŶƐŝŽŶĞƌ͟ůĞ\$#(!
ƐƚŚĞĂĚĨĂĚĞƐŽƵƚ͕ƚŚĞĞůĚĞƌůLJǁŽŵĞŶĐĂŶŶŽƚŐƌĂďƚŚĞ͞/ŵŵŝŐƌĂƚŝŽŶ͟ďƌĞĂŬŝŶƚŝŵĞ͘
9K!@F!O$#$!KO&K!KO$!K#@NGZO!=%!@GG@)#&K@=>!@F!$>&'K$S!&>Sj=#!#$Z#$F$>K$S(!-O$!@G&)$!
KO$>! %#$$D$F! &>S! KO$! [&'A)#=N>S! K#&>F%=#GF! %#=G! [<&'A>$FF! K=! ^O@K$>$FF! &F!
;\$#@)$S$ŵŽŬƌĂƚĞƌŶĂ͛Ɛ ůŽŐŽ ĂƉƉĞĂƌƐ ;&ŝŐ͘ ϭϬͿ͘ ƚ ƚŚĂƚ ƉŽŝŶƚ ƚŚĞ ŶĂƌƌĂƚŽƌ͛Ɛ ǀŽŝĐĞ
ĚĞĐůĂƌĞƐ͕͞ǀŽƚĞ^ǁĞĚĞŶĞŵŽĐƌĂƚƐ͘͟!
!
!
&ŝŐƵƌĞϭϬ͗&ŝŶĂůĨƌĂŵĞǁŚŝĐŚƌĞĂĚƐ͞^ǁĞĚĞŶĞŵŽĐƌĂƚƐ͗^ĂĨĞƚLJ!
ĂŶĚdƌĂĚŝƚŝŽŶ͟ĨƌŽŵ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂ͛ƐƚĞůĞǀŝƐŝŽŶĂĚ͕^ĞƉƚĞŵďĞƌϮϬϭϬ͘!
!
-O#=N)O! ĨƌĂŵŝŶŐ ƚŚĞ ĂĚ͛Ɛ ŝŶĞƌƚŝĂ ǁŝƚŚ ƐƚĂƚĞ ĨŝŶĂŶĐĞƐ͕ ďƵĚŐĞƚĂƌLJ ĐŽŶĐĞƌŶƐ ĨŝŶĚ
KO$GF$<\$F!Z=F@K@=>$S!@>!=\$#K<R!F@GZ<@FK@'!#$Z#$F$>K&K@=>F!KO&K!Z#$F$>K!Z$>F@=>!&>S!
@GG@)#&K@=>! %N>S@>)! &F! GNKN&<<R! $V'<NF@\$(! ;N'O! &! %=#G! =%! #$Z#$F$>K&K@=>! K&A$F!
$'=>=G@'!'=>S@K@=>F!&>S!Z#$F$>KF!KO$G!=ZZ=#KN>@FK@'&<<R! &F!&!KO#$&K!K=!$FK&[<@FO$S!
>&K@=>&<@FK!S@F'=N#F$F(!-O$!@S$&!KO&K!KO$![NS)$K!'&>>=K!K&A$!G=#$!%@>&>'@&<!Z#$FFN#$!
$>&[<$F!;^$S@FO!\=K$#F!K=!KO$#$%=#$!\@$^!KO$GF$<\$F!&F![$&#@>)!&!S$'@F@=>!K=!$@KO$#!
ǀŽƚĞ ĨŽƌ ͞ƚŚĞŵ͟ ;ŝŵŵŝŐƌĂŶƚƐͿ Žƌ ĨŽƌ͞ƵƐ͟ ;ŶĂƚŝǀĞ ďŽƌŶͿ͘ KŶ ƚŚĞ ŽŶĞ ŚĂŶĚ͕ ƚŚĞ ƐƚŽƌLJ
K=<S!@F!#$<&K@\$<R!FK#&@)OK%=#^&#S6!&F!KO$!S=G@>&>K!$GZO&F@F!@F!Z<&'$S!=>!KO$!>$$S!%=#!
^ǁĞĚŝƐŚǀŽƚĞƌƐƚŽ͞ƚĂŬĞĐĂƌĞŽĨƚŚĞŝƌŽǁŶ͘͟KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ƚŚĞĚƌĂŵĂƚŝĐŐƌĂŶĚ
)$>$#&<@D&K@=>F! NF$S! K=! %#&G$! &>S! #$Z#$F$>K! @GG@)#&>KF! &#$! Z#=[<$G&K@'(! -O$!
=\$#&#'O@>)!@G&)$!=%!@GG@)#&>KF!#$Z#$F$>K$S!&F!&!O=G=)$>=NF!)#=N>S6!FRG[=<@D$S!
ĂƐƚŚĞƵůƚŝŵĂƚĞ͞ŽƚŚĞƌ͟ƚŚƌŽƵŐŚƚŚĞďƵƌƋĂ͕ĞŵƉůŽLJƐŵĂŶLJŽĨƚŚĞŶĂƌƌĂƚŝǀĞƐƚŚĂƚĂƌĞ
$G[$SS$S! @>! KO$! [N#`&! &F! &! 'N<KN#&<! =[b$'K(! -O$! '=S$S! [N#`&! @F! S$Z<=R$S! K=!
ƌĞƉƌĞƐĞŶƚǀĂƐƚĐƵůƚƵƌĂůĂŶĚƌĞůŝŐŝŽƵƐĚŝĨĨĞƌĞŶĐĞŝŶĂƚŝŵĞǁŚĞŶƚŚĞƌĞŝƐ͞ŶŽƚŝŵĞ͕͟ĂƐ
@>S@'&K$S! [R! KO$! S#&@>$S! ;K&KF[NS)$K! '=N>K$#! &>S! '=GZ$K@K@=>BKO$G$S! >&##&K@\$(!
?N#`&F!&#$!NF$S!'=>\$>@$>K<R!K=!Z#=\@S$!KO$!\@$^$#!^@KO!KO$!\@F@=>!=%!KO=F$!^O=!&#$6!
%#=G! %@#FK! )<&>'$6! @>'#$S@[<R! S@%%$#$>KͶĐƵůƚƵƌĂůůLJ ĂŶĚ ƌĞůŝŐŝŽƵƐůLJ͘ dŚĞ ŽďũĞĐƚ͛Ɛ
#$'=)>@F&[@<@KR! &>S! KO$! )#$&K$#! >&##&K@\$F! KO&K! <@>A! KO$! [N#`&! &F! &>! N>A>=^>!
!
@GZ$>S@>)!KO#$&K!&#$!NF$S!K=!%#&G$!KO$!)&#G$>K!&>S!K=!)@\$!KO$!&S!%N#KO$#!$G=K@\$!
Z=^$#(!!
!
dŚĞ ĨŝŐƵƌĞƐ ƵƐĞĚ ƚŽ ƉƌĞƐĞŶƚ ŶĂƚŝŽŶŶĞƐƐ͕ ƚŚĞ ŝĚĞĂ ŽĨ ǁĞ ͚ƚŚĞ ƉĞŽƉůĞ͛ ;ƚŚĞ ^ǁĞĚĞƐͿ͕
F$#\$F! &F! &! S=N[<$! >&##&K@\$(!"=F@K@=>@>)! KO$! Z$>F@=>$#! &)&@>FK! KO$! [N#`&B'<&S! G=[!
S=$F! >=K! #$%<$'K! %&'K6! O@FK=#@'&<! =#! Z#$F$>K(! 9>FK$&S6! KO@F! bNVK&Z=F@K@=>! F$#\$F! K=!
%N#KO$#! #$Z#$F$>K! FRG[=<@'&<<R! KO$! Z&K#@=K@'! [=SR! Z=<@K@'! %=#! K=! KO$! ;^$S$>!
2$G='#&KF(!-O$!NF$!=%!KO$F$![=S@$F!F$#\$F!&F!&!%=#G!=%!'=GG$>K&#R!=>!KO$!'N##$>K!
F='@&<! G=G$>K! @<<NFK#&K$F! KO$! '#@F@FͶ@>! K$#GF! =%! F@)>@%@'&K@=>(! MO&K! &ZZ$&#F! @F! &!
'=>K$FK$S!'=>'$ZKN&<!K$##@K=#R!^O$#$!>&K@=>O==S!@F!#$&S!KO#=N)O!&!>&K@=>&<@FK!<$>F6!
^O$#$!KO$!;^$S$>!2$G='#&KF!=%%$#!KO$@#!=^>!K&A$!=#!Z$#FZ$'K@\$!=>!#$&<!=#!O@FK=#@'&<!
G=G$>KF6! F$#\@>)! &F! &! O=G=)$>@D@>)! )$FKN#$(! +K! KO@F! Z=@>K6! KO$! S@F'=N#F$F! =%!
&NKO=#@KR!KO&K!N>S$#<@$!KO$!Z=<@K@'&<!Z&#KR!&>S!KO$!>&##&K@\$F!KO&K!)=\$#>!KO$!)#$&K$#!
)#&>S!>&##&K@\$F!#$Z#$F$>K!S@F'=N#F$F!&<#$&SR!'#$&K$S![R!&>=KO$#(!-O$!'=GG$>K&#R!
KO$!;^$S$>!2$G='#&KF!=%%$#!=>!@GG@)#&K@=>!KO#=N)O!KO$![N#`&B'<&S!G=[!FZ$&AF!K=!
&>=KO$#!%=#G!=%!S@F'=N#F$!&<#$&SR!$G[$SS$S!@>!KO$![N#`&(!-O$!@GZ&'K!=%!KO@F!@F!@KF!
&[@<@KR! K=! Z$#Z$KN&K$! FN'O! S@F'=N#F$F! $\$>! %N#KO$#(! 7$#$6! KO$R! &#$! F@KN&K$S! &F!
S&>)$#=NF6![=KO!ZORF@'&<<R!&>S!G$>K&<<R1!^$!S=! >=K!A>=^!^O=!KO$R!&#$6!^O&K!KO$R!
^&>K6!=#!O&\$! &>R!@S$&!=%!KO$@#!G=K@\$F(!MO&K!@F!'<$&#!%#=G!KO@F!&S\$#K! @F!KO&K!KO$R!
&ZZ$&#! =NK! =%! >=^O$#$! &>S! &#$! Z=F@K@=>$S! K=! =\$#K&A$! KO$! Z$>F@=>$#(! Q#=G! KO@F!
ƉĞƌƐƉĞĐƚŝǀĞ͕ ƚŚĞ ŵŽď ƌĞĨůĞĐƚƐ ƚŚĞ ƉĂƌƚLJ͛Ɛ ƉŽůŝƚŝĐĂů ƉůĂƚĨŽƌG6! ^O@'O! @F! [=KO! &>K@B
@GG@)#&K@=>!&>S!&>K@B9F<&G(!!
!
-O$!^=G$>!@>!KO$![N#`&F!&#$!>=K!F@GZ<R!#$Z#$F$>K&K@\$F!=%!&!Z&#K@'N<&#![=SR!Z=<@K@'!
=#! &F! &! KO#$&K! K=! Z&K#@=K@FGh! @>FK$&S6! KO$R! F$#\$! &F! &! Z=@>K! =%! F='@&<! #$%$#$>'$(! -O$!
G=[! @F! &<F=! #$Z#$F$>K&K@\$! =%! >&K@=>&<@FK! F$>K@G$>K6! Z=F@K@=>$S! [$K^$$>! S@F'=N#F$F!
=%! &NKO=#@KR! &>S! =[b$'KF! =%! F@)>@%@'&K@=>(! -O#=N)O! &! Z#='$FF! =%! F@)>@%@'&K@=>6! KO$!
[N#`&B^$&#$#! [$'=G$F! &! FN[b$'K! '=>FK@KNK$S! ^@KO@>! S@F'=N#F$! &>S! KO$! %=#GF! =%!
#$Z#$F$>K&K@=>!KO&K!&''=GZ&>R!@K![NK!&<F=!KO#=N)O!KO$!Z#='$FF!=%!F@)>@%@'&K@=>(!-O&K!
F@)>@%@'&K@=>! [$'=G$F! &! F@)>! =%! O=^! >&K@=>&<@FK! S@F'=N#F$! @>! ;^$S$>! @K$#&K$F! &>S!
#$@K$#&K$F! &<K$#@K@$F! Z=F@K@=>$S! &<=>)! KO$! <@>$F! =%! 'N<KN#&<! Z#&'K@'$F(! -O#=N)O! KO$!
Z#='$FF! =%! @K$#&K@=>! &>S! #$@K$#&K@=>6! FRG[=<F! =%! G&#)@>&<@KR6! &F! @>! KO@F! &S! ^@KO! KO$!
[N#`&6! &#$! NF$S! K=! Z#$F$>K! KO$! =KO$#(! 7$#$6! KO$! G=[! [$'=G$F! Z$#%=#G&K@\$(! -O$!
%#&G@>)! =%! KO$! [N#`&! @F! ^O&K! G&A$F! KO$! &S\$#K! F@)>@%@'&>K1! KO$! '=>K#=\$#F@&<!
#$Z#$F$>K&K@=>! =%! KO$! G=[! &>S! KO$! FK=#R! KO&K! %=<<=^$S! ^$#$! KO$! '=#$! @FFN$F! @>!
'$>F=#@>)! KO$! &S(! MO$>! KO$! ;^$S@FO! K$<$\@F@=>! [#=&S'&FK$#! #$%NF$S! K=! K$<$\@F$! KO$!
&S\$#K! [$'&NF$! @K! ^&F! S$$G$S! K=! '=>K&@>! #&'@&<! O&K#$S6! KO$! &S\$#K! `N@'A<R! [$'&G$!
KO#NFK! @>K=! KO$! @>K$#>&K@=>&<! G$S@&(! -O$! &'K! =%! '$>F=#FO@Z! &F! &! #$)N<&K@=>! =%! KO$!
S=G&@>!=%!FZ$&A&[<$!S@F'=N#F$!@F!KO$!%='NF!=%!KO$!>$VK!F$'K@=>(!
!
%L,73+?6)!E5)),:!
LJƌĞĂĚŝŶŐƚŚĞĐĂŵƉĂŝŐŶĂĚĂůŽŶŐƐŝĚĞ:ƵĚŝƚŚƵƚůĞƌ͛Ɛ "K10+,D/'!G.''156!9!^@<<!S@F'NFF!
O=^! KO$! #$)N<&K@=>! =%! FZ$$'O! \@&! '$>F=#FO@Z! S@FZ<&'$F! Z=FF@[@<@K@$F! =%! '=>K$FK@>)!
FZ$$'O!SĞĞŵĞĚ͞ŚĂƚĞĨƵů͟ŝŶƚŚĞƉƵďůŝĐƐƉŚĞƌĞ͕ĂƐǁĞůůĂƐƚŚĞŽƌŝnjŝŶŐŚŽǁ!FZ$$'O!&>S!
#$Z#$F$>K&K@=>!'=N<S![$!S$G='#&K@'!F@K$F!=%!'=>K$FK&K@=>6!>$\$#!%@V$S!=#!S$<@>$&K$S!@>!
&S\&>'$(! 7$#$6! 9! &G! >=K! FN))$FK@>)! &<<! %=#GF! =%! S@F'NFF@=>! '=>'$#>@>)! %=#GF! =%!
#$Z#$F$>K&K@=>! &>S! K$VKN&<! >&##&K@\$! O&\$! [$$>! #$G=\$S! KO#=N)O! '$>F=#FO@Z6! [NK!
#&KO$#! KO&K! FN'O! Z=FF@[@<@K@$F! &#$! &<^&RF! &<#$&SR! )=\$#>$S! [R! KO$! <$)@[<$! FZ$$'O! =%!
FN[b$'KF(!!
!
+<KO=N)O!'=>\$>K@=>&<!S@F'NFF@=>F!=%!'$>F=#FO@Z!NFN&<<R!%#&G$!KO$!&'K!&F!F=G$KO@>)!
$V$#'@F$S![R!ĨŽƌŵƐŽĨŐŽǀĞƌŶŵĞŶƚ;ƵƚůĞƌϭϵϵϳͿ͕ƚŚĞĐĞŶƐŽƌƐŚŝƉĞŶĂĐƚĞĚďLJ^ǁĞĚĞŶ͛Ɛ
!
! ! !
-YJ!K=!Z#$B$GZK! &@#@>)!=%!KO$! &S!F$#\$F! &F!&!Z#&'K@'$! KO&K!@>K$>S$S!K=!#$)N<&K$! KO$!
ĐŽŶƚĞŶƚŽĨƚŚĂƚĚĞĞŵĞĚŽĨĨĞŶƐŝǀĞ͘&ŽƌƵƚůĞƌ͕ƚŚĞƐĞŵĞĂƐƵƌĞƐ͞<&[=#!N>S$#!&!%$&#!=%!
ĐŽŶƚĂŵŝŶĂƚŝŽŶ͕͟ ǁŚĞƌĞŝŶ ƚŚĞ ͞ĂƚƚĞŵƉƚ ƚŽ ƉƵƌŝĨLJ ƚŚĞ ƐƉŚĞƌĞ ŽĨ ƉƵďůŝĐ ĚŝƐĐŽƵƌƐĞ ďLJ
@>FK@KNK@=>&<@D@>)!KO$!>=#GF!KO&K!$FK&[<@FO!^O&K!=N)OK!Z#=Z$#<R!K=![$!@>'<NS$S!KO$#$!
ŽƉĞƌĂƚĞƐĂƐĂƉƌĞĞŵƉƚŝǀĞĐĞŶƐŽƌ͟c?NK<$#!WUUId(!-O$!@GG$S@&K$!@GZ&'K!@F6!=%!'=N#F$6!
ƚŚĂƚ͞ƐƵĐŚƌĞŐƵůĂƚŝŽŶƐŝ>K#=SN'$!KO$!'$>F=#$S!FZ$$'O!@>K=!ZN[<@'!S@F'=N#F$6!KO$#$[R!
$FK&[<@FO@>)!@K!&F!&!F@K$!=%!'=>K$FK&K@=>6!KO&K!@F6!&F!KO$!F'$>$!=%!ZN[<@'!NKK$#&>'$!KO&K!@K!
ƐŽƵŐŚƚ ƚŽ ƉƌĞĞŵƉƚ͟ c?NK<$#! WUUId(! 9>S$$S6! KO$! #$&<@KR! $'O=$S! KO@F! =NK'=G$6! @>!
#$'@#'N<&K@>)!KO$!10(1<*2+,)1'2!ŽĨĐĞŶƐŽƌƐŚŝƉ͕ƚŚĞŵĞĚŝĂŚĂƐ͞ĂƚƚĞŵƉƚ;ĞĚͿƚŽƉƌĞǀĞŶƚ
;2!m;^$S$>!2$G='#&KFn!%#=G!)$KK@>)!@KF!G$FF&)$!=NK!O&\$![$$>!'=N>K$#Z#=SN'K@\$6!
ŚĂŶĚŝŶŐ ƚŚĞ ƉĂƌƚLJ ƚŚĞ ĐŚĂŶĐĞ ƚŽ ƉŽƌƚƌĂLJ ŝƚƐĞůĨ ĂƐ ŝƐ Ă ǀŝĐƚŝŵ ŽĨ ĐĞŶƐŽƌƐŚŝƉ͟ ĂŶĚ
O$@)OK$>@>)! KO$! FZ$$'O! &F! &! F@K$! =%! '=>K$FK&K@=>! cM@AFK#=G! HXWXd(! 9>! K$#GF! =%!
ĐĞŶƐŽƌŝŶŐƚŚĞƐƉĞĞĐŚ͛ƐĚŝƐƐĞŵŝŶĂƚŝŽŶ͕ǁŚĂƚďĞĐĂŵĞĐůĞĂƌŝƐƚŚĂƚďLJŵŝĚB;$ZK$G[$#6!
͞ĂĨƚĞƌ dsϰ ƌĞĨƵƐĞĚ ƚŽ Ăŝƌ ^ΖƐ ĐĂŵƉĂŝŐŶ͕ ƚŚĞ ĐůŝƉ ǁĂƐ ǀŝĞǁĞĚ ŵŽƌĞ ƚŚĂŶ ϲϬϬ͕ϬϬϬ
ƚŝŵĞƐŽŶzŽƵdƵďĞ͟;M@AFK#=G!HXWXd(!
!
-O$! '<&@G! =%! @>bN#R! [R! <&>)N&)$! &>S! =%! #$Z#$F$>K&K@=>! K&A$F! NF! K=! &! Z$'N<@&#! Z<&'$!
^O$#$! ^$! %@>S! =N#F$<\$F! &F'#@[@>)! &)$>'R! K=! <&>)N&)$! &>S! $GZ=^$#@>)! @K! ^@KO! KO$!
ƉŽǁĞƌ ƚŽ ŝŶũƵƌĞ͘ /Ŷ ůŝŐŚƚ ŽĨ ƚŚĞ ^ǁĞĚĞŶ ĞŵŽĐƌĂƚƐ͛ ĞůĞĐƚŝŽŶ ĂĚǀĞƌƚŝƐĞŵĞŶƚ͕ ǁĞ͕ ĂƐ
\@$^$#F6! %@>S! =N#F$<\$F! Z=F@K@=>$S! &F! =[b$'KF! =%! @KF! K#&b$'K=#R(! C&>)N&)$6! ^@KO@>! KO$!
)N@F$!=%!'$>F=#FO@Z6!@F!%#&G$S!&F!O&\@>)!KO$! &[@<@KR!K=!&'K! NZ=>!NF6!=>![$O&<%!=%!NF6!
&>S! K=! &'K! &)&@>FK! NF(! -O#=N)O! KO@F! Z$#FZ$'K@\$6! ^$! &#$! %=#G$S! &>S! '=>FK@KNK$S!
^@KO@>! KO$! FK#N'KN#$! =%! <&>)N&)$! &>S! &#$! N>&[<$! K=! [#$&A! %#$$! =%! KO$! '=>S@K@=>F! =#!
S$'@F@=>F!^$!G@)OK!O&\$!&F!&!#$FN<K!=%!@KF!Z=^$#(!?NK<$#!&#)N$F!O=^6!
!
dŚĞƐƵďũĞĐƚ͛ƐƉƌŽĚƵĐƚŝŽŶƚĂŬĞƐƉůĂĐĞŶŽƚŽŶůLJƚŚƌŽƵŐŚƚŚĞƌĞŐƵůĂƚŝŽŶ
ŽĨ ƚŚĂƚ ƐƵďũĞĐƚ͛Ɛ ƐƉĞĞĐŚ͕ ďƵƚ ƚŚƌŽƵŐŚ ƚŚĞ ƌĞŐƵůĂƚŝŽŶ ŽĨ ƚŚĞ ƐŽĐŝĂů
S=G&@>!=%!FZ$&A&[<$!S@F'=N#F$(!-O$!`N$FK@=>!@F!>=K!^O&K!@K!@F!9!^@<<![$!
&[<$!K=!F&R6![NK!^O&K!^@<<!'=>FK@KNK$!KO$!S=G&@>!=%!KO$!F&R&[<$!^@KO@>!
^O@'O! 9! [$)@>! K=! FZ$&A! &K! &<<(! -=! [$'=G$! &! FN[b$'K! G$&>F! K=! [$!
FN[b$'K$S!K=!&!F$K!=%!@GZ<@'@K!&>S!$VZ<@'@K!>=#GF!KO&K!)=\$#>!KO$!A@>S!
=%!FZ$$'O!KO&K!^@<<![$!<$)@[<$!&F!KO$!FZ$$'O!=%!&!FN[b$'K(!c?NK<$#!WUUId!
!
Q#=G!FN'O!&!Z$#FZ$'K@\$6!KO$!Z#=[<$G&K@D@>)!#$Z#$F$>K&K@=>F!&>S!>&##&K@\$F!%=N>S!@>!
KO$!;^$S$>!2$G='#&KF!&S!'&>!KO$>![$!F$$>!&F!O&\@>)!KO$!&[@<@KR!K=!@>K$#Z$<<&K$!NF(!
;Z$$'O!KO$>!F$#\$F!&F!&!K=K&<@D@>)!=[b$'K6!KO&K!^O@'O!Z#$'$S$F!KO$!K$VK!&>S!$V'$$SF!
KO$! '$>F=#(! +F! FN'O! FZ$$'O6! %#=G! KO@F! Z$#FZ$'K@\$6! %@>SF! @KF$<%! #$FZ=>F@[<$! %=#! KO$!
Z#=SN'K@=>!=%!=%%$>F@\$!=#!O&K$!FZ$$'O(!!
!
MO&K! @F! ZNK! &K! #@FA! @F! KO$! &[@<@KR! %=#! KO=F$! ͚ƐƉŽŬĞŶ ĨŽƌ͛ ƚŽ ƌĞƐƉŽŶĚ͘ /Ŷ ŐĞŶĞƌĂů͕ ƚŚĞ
F'=Z$! =%! '$>F=#FO@Z! O&F! [$$>! &! O@)O<R! '=>K$FK$S! &#$&6! '#@K@'&<! &''=N>KF! O&\$!
&KK$GZK$S! K=! %='NF! NZ=>! KO$! F'=Z$! =%! FN'O! %=#GF! =%! FZ$$'OͶKO=F$! S$$G$S! &F!
O&\@>)! KO$! &[@<@KR! K=! @>bN#$(! ?NK! ^O&K! &''=N>KF! S=! @F! $V'<NS$! KO$! #$'@Z@$>K! =%! KO$!
FZ$$'O!&'K!@>!%&\=N#!=%!KO$@#!=^>!#$&S@>)!=%!KO$!K$VK(!+>R!&KK$GZK!K=!'$>F=#!FZ$$'O!
KO#=N)O!FN'O!&!<$>F6!KO$>!G&A$F!KO$!=%%$>F@\$!FZ$$'O!@>$F'&Z&[<$(!5$K6!KO$!@GZ&'K!=%!
KO$! G$FF&)$! @F! >=K! S$<@\$#$S! KO#=N)O! KO$! &S! @KF$<%6! [NK! #&KO$#! KO#=N)O! KO$! ^&R! @>!
^O@'O!@K!@F!'=>\$R$S(!!
!
-O$!S$<@[$#&K$<R!S$<@\$#$S!FZ$$'OͶ'=>K&@>$S!@>!KO$!&S!KO#=N)O!>&##&K@\$!&''=N>KF6!
K$VKF6!&>S!%=#GF!=%!#$Z#$F$>K&K@=>ͶS=$F!>=K!=#@)@>&K$!@>!KO@F!G$FF&)$(!,&KO$#6!@K!@F!&!
#$@K$#&K$S! FZ$$'O6! <&>)N&)$6! G$&>@>)6! &>S! @>K$>K(! -O$! ;^$S$>! 2$G='#&KF! &#$! >=K!
KO$!=#@)@>&K=#F!=%!KO@F!G$FF&)$6!&F!@K!O&F!&<#$&SR![$$>!Z#=SN'$S!^@KO@>!S@F'=N#F$(!-O$!
!
FZ$&A@>)! FN[b$'K! @F! '@K&K@=>&<6! ^O@'O! G$&>F! KO$! FZ$&A$#6! KO$! G&A$#! =#! KO$!
#$Z#$F$>K&K@\$! =%! KO$! FZ$$'O6! NF$F! FN'O! <&>)N&)$! &F! &! K=A$>! =%! &! '=GGN>@KR!
'=>\$R@>)! &! Z&#K@'N<&#! G$FF&)$(! 9%! FZ$$'O! @F! KO$>! N>S$#FK==S! &F! Z$#<='NK@=>&#R6!
G$&>@>)!KO&K!FZ$$'O!<$&SF!K=!$%%$'KF![NK!@F!>=K!@KF$<%!KO$!$%%$'K6!KO$>!@>bN#@=NF!FZ$$'O!
@F!=><R!Z#=[<$G&K@'!^O$>!@K!Z#=SN'$F!&!F$K!=%!$%%$'KF(!-O$!FN[F$`N$>K!$%%$'KF!=%!KO$!
<&>)N&)$! &#$! ^O&K! '=N>KFͶ^O&K! #$FN<KF! %#=G! KO$! NKK$#&>'$F6! @>! &! Z$#%=#G&K@\$!
F$>F$(!
!
9>! <@)OK! =%! KO@F6! KO$! [N#`&! @F! @>K$#$FK@>)! @>! KO@F! Z&#K@'N<&#! &S! &>S! FN[F$`N$>K!
ĐĞŶƐŽƌƐŚŝƉďĞĐĂƵƐĞŝƚ͛ƐĨƌĂŵĞĚĂƐĂĐŚŽŝĐĞŝŶďŽƚŚŝŶƐƚĂŶĐĞƐ͘/ŶƚŚĞĂĚ͕^ǁĞĚĞƐĂƌĞ!
'=GZ$<<$S!K=!'O==F$![$K^$$>!&<<='&K@>)!#$F=N#'$F!K=![N#`&F!=#!^&<A$#Fh!@>!'$>F=#@>)!
KO$!&S6!+5,+!#$Z#$F$>K&K@=>!=%!KO$![N#`&!@F!%$&#$S!&F![$@>)!&[<$!K=!'=>K&G@>&K$!ZN[<@'!
ĚŝƐĐŽƵƌƐĞ͕ĂŶĚ͞ǁĞ͟ĐŚŽŽƐĞŶŽƚƚŽĞdžŚŝďŝƚŝƚŽĨĨŝĐŝĂůůLJ͘ĞŶƐŽƌŝŶŐƚŚĞĂĚƉŽƐŝƚŝŽŶƐdsϰ͕
ĂƐ͚ƉƌŽƚĞĐƚŽƌƐŽĨŚĂƚĞƐƉĞĞĐŚ͕͛ƚŽĂŐĂŝŶƐƉĞĂŬŽŶďĞŚĂůĨŽĨƚŚŽƐĞƌĞƉƌĞƐĞŶƚĞĚŝŶƚŚĞ
&S(! -O&K! %$&#! =%! '=>K&G@>&K@=>6! &>S! KO$! =%%$>F@\$>$FF! =%! KO$! &S\$#K6! FK$GF! %#=G! &!
ƌĞĂĚŝŶŐ ŽĨ ƚŚĞ ^ǁĞĚĞŶ ĞŵŽĐƌĂƚƐ͛ ͞ƉƵƚĂƚŝǀĞ ƉŽǁĞƌ ƚŽ ĐŽŶƐƚƌƵĐƚ ;ƵŶŝůĂƚĞƌĂůůLJ͕
ĞdžŚĂƵƐƚŝǀĞůLJͿ ƚŚĞ ƐŽĐŝĂů ƌĞĂůŝƚLJ ŽĨ ǁŚĂƚ͟ Ă DƵƐůŝŵ͕ Ă ďƵƌƋĂB^$&#$#6! &>S! &>!
N>&''$ZK&[<$!#$'@Z@$>K!=%!FK&K$!#$F=N#'$F!02!S@F'N#F@\$<R!&>S!\@FN&<<R!c?NK<$#!WUUId(!-=!
FNZZ=#K! KO@F! '<&@G6! 9! <==A! K=! O=^! ?NK<$#! $VZ=N>SF! =>! KO$! Z$#%=#G&K@\$6! ^O$>! FO$!
&SSF!KO&K6!
!
9%! O&K$! FZ$$'O! '=>FK@KNK$F! KO$! A@>S! =%! &'K! KO&K! F$$AF! K=! F@<$>'$! KO$!
=>$! K=! ^O=G! @K! @F! &SS#$FF$S6! [NK! ^O@'O! G@)OK! #$\@\$! ^@KO@>! KO$!
\='&[N<&#R! =%! KO$! F@<$>'$S! &F! @KF! N>$VZ$'K$S! #$b=@>S$#6! KO$>! KO$!
ƌĞƐƉŽŶƐĞ ƚŽ ŚĂƚĞ ƐƉĞĞĐŚ ĐŽŶƐƚŝƚƵƚĞƐ ƚŚĞ ͚ĚĞBŽĨĨŝĐŝĂůŝnjĂƚŝŽŶ͛ ŽĨ ƚŚĞ
Z$#%=#G&K@\$6! @KF! $VZ#=Z#@&K@=>! %=#! >=>B=#S@>&#R! G$&>F(! M@KO@>! KO$!
Z=<@K@'&<! FZO$#$6! Z$#%=#G&K@\@KR! '&>! ^=#A! @>! Z#$'@F$<R! FN'O! '=N>K$#B
O$)$G=>@'! ^&RF(! -O&K! G=G$>K! @>! ^O@'O! &! FZ$$'O! &'K! ^@KO=NK! Z#@=#!
&NKO=#@D&K@=>!>$\$#KO$<$FF!&FFNG$F!&NKO=#@D&K@=>!@>!KO$!'=N#F$!=%!@KF!
Z$#%=#G&>'$! G&R! &>K@'@Z&K$! &>S! @>FK&K$! &<K$#$S! '=>K$VKF! %=#! @KF!
%NKN#$!#$'$ZK@=>(!c?NK<$#!WUUId!
!
-O$![N#`&6!&F!&!<@>A!@>!&!'O&@>!=%!'@K&K@=>F!@>!KO@F!&S6!@F!'$>F=#$S![$'&NF$!-YJ!'&>>=K!
@G&)@>$!&!'=N>K$#BO$)$G=>@'!FZ$$'O!$G$#)$>K!@>!ZN[<@'!S@F'=N#F$!K=!S@F@S$>K@%R!^@KO!
ƚŚĞĂĚ͘&ƌŽŵĂ͞ŶĞĞĚ͟ƚŽĐŽŶƚƌŽůŽƵƌŝŵĂŐŝŶŝŶŐƐŽĨďƵƌƋĂƐ͕ĂŶĚƚŚŽƐ$!FN[b$'KF!^O=!
^$&#!KO$G6!KO$! #$)N<&K@=>!=%!KO$!F='@&<!S=G&@>!=%!FZ$&A&[<$!S@F'=N#F$!=><R! %N#KO$#!
ƌĞĐŝƌĐƵůĂƚĞƐƚŚŽƐĞƚŽdžŝĐƉŽůŝƚŝĐŝnjĂƚŝŽŶƐŽĨƚŚĞďƵƌƋĂ͘ĞĐĂƵƐĞ͞ǁĞ͟ĐĂŶŶŽƚŝŵĂŐŝŶĞĂ
ŶĞǁ ĐƌŝƚŝĐĂů ĞŵĞƌŐĞŶĐĞ ŽĨ ŝŶƐƵƌƌĞĐƚŝŽŶĂƌLJ ĚŝƐĐŽƵƌƐĞƐ ǁŚĞƌĞ ƚŚĞ ĂĚ͛Ɛ ƵŶŝŶƚ$<<@)@[<$!
ĂŶĚ ƵŶƐƉĞĂŬĂďůĞ ƐƵďũĞĐƚƐ ĚŽ ƐƉĞĂŬ͕ ƚŚĞ ĂĚ͛Ɛ ĚĞƉŝĐƚŝŽŶ ŽĨ ƚŚĞ ďƵƌƋĂ ŝƐ ƌĞĐŝƚĞĚ͖ ŝƚ͛Ɛ
&[SN'K$S!&>S!@>F$#K$S!K=!%@K!&>S!%@<<!&!G=G$>K&#R!F='@&<!>$$S!^@KO!&!#&'R!)O=FK!FK=#R(!
!
-O$! &'K! =%! #$FK#@'K@>)! FZ$$'O! S$%@>$S! &F! @>bN#@=NF! @>! KN#>! [$'=G$F! $\$>! G=#$!
@>bN#@=NF(!-O$!\$#R!G@>=#@K@$F!S$Z@'K$S!@>!KO@F!&S!O&\$!>=!%=#G!=%!#$'=N#F$!^@KO@>!KO$!
&'K!=%!'$>F=#FO@Z6!&>S!O&\$!>=!^&R!=%!$>)&)@>)!KO$!S$[&K$(!9>K$#\$>@>)!^@KO@>!FN'O!
%=#GF! =%! S@F'=N#F$! '=N<S!O&\$! #$B%#&G$S! KO$! S$[&K$! &>S! #$Z=F@K@=>$S! KO$! #$<@)@=NF!
G@>=#@K@$F! ^@KO@>! KO$! '=>K$VK! =%! KO$! FZ$$'O! KO&K! ^&F! S$$G$S! @>bN#@=NF(! ?R! >=K!
&<<=^@>)! FN'O! %=#GF! =%! $>)&)$G$>K! K=! O&ZZ$>! KO$! '#$S@[@<@KR! =%! FN'O! )#=NZF! @F!
N>S$#G@>$S(!-O$!FZ$$'O!G=S$<!KO&K!#$%$#F!K=!#&'$!=#!#$<@)@=>!@F!N>S$#G@>$S!&>S!>=!
<=>)$#! ^=#AF!^@KO=NK!Z#=SN'@>)!&!>NG[$#!=%!&SS@K@=>&<!Z#=[<$G&K@'!'=>F$`N$>'$F(!
-O$! #&'@FK! N>S$#K=>$F! =%! KO$! ^=#A! O&\$! [$$>! G&>@ZN<&K$S! @>! =#S$#! K=! G&A$! %&<F$!
'<&@GF! &[=NK! KO$! $'=>=G@'! '=>S@K@=>! =%! KO$! '=N>K#R6! KO$! #$<&K@=>F! [$K^$$>!
@GG@)#&>K! )#=NZF6! &>S! KO$! Z#$\&<$>'$! =%! 9F<&G! ^@KO@>! KO$! '=N>K#R(! -O$! F='@&<! &>S!
$'=>=G@'!'=>S@K@=>F!KO&K!N>S$#<@$!FN'O!@FFN$F!O&\$![$$>![#NFO$S!&F@S$!&>S!^O&K!^$!
!
! ! !
F$$! '=G$! K=! Z=^$#! &#$! &! F$#@$F! =%! %&<F$! &>&<=)@$F! KO&K! @>K$#F$'K! KO$F$! @FFN$F(!
Q=#KN>&K$<R6!!
!
KO$! FZ$$'O! &'K6! &F! &! #@K$! =%! @>FK@KNK@=>6! @F! =>$! ^O=F$! '=>K$VKF! &#$!
>$\$#! %N<<R! S$K$#G@>$S! @>! &S\&>'$6! &>S! KO&K! KO$! Z=FF@[@<@KR! %=#! KO$!
FZ$$'O! &'K! K=! K&A$! =>! &! >=>B=#S@>&#R! G$&>@>)6! K=! %N>'K@=>! @>!
'=>K$VKF!^O$#$!@K!O&F!>=K![$<=>)$S6!@F!Z#$'@F$<R!KO$!Z=<@K@'&<!Z#=G@F$!
=%! KO$! Z$#%=#G&K@\$6! =>$! KO&K! Z=F@K@=>F! KO$! Z$#%=#G&K@\$! &K! KO$!
'$>K$#! =%! &! Z=<@K@'F! =%! O$)$G=>R6! =>$! KO&K! =%%$#F! &! N>&>K@'@Z&K$S!
Z=<@K@'&<!%NKN#$!%=#!S$'=>FK#N'K@\$!KO@>A@>)(!c?NK<$#!WUUId!
!
/ŶƉŽƐŝƚŝŽŶŝŶŐƚŚĞďƵƌƋĂĂƐĂƉĞƌĨŽƌŵĂƚŝǀĞĐƵůƚƵƌĂůŽďũĞĐƚŝǀĞŝƚ͛ƐŵLJƐĞŶƐĞ^ǁĞĚĞŶ͛Ɛ
ƉƵďůŝĐĚŝƐĐŽƵƌƐĞŚĂƐƚŚĞĐĂƉĂĐŝƚLJƚŽŐĞƐƚƵƌĞƚŽǁĂƌĚŵŽƌĞŽĨĂ;&ŽƵĐĂƵůĚŝĂŶͿ͞ƉŽůŝƚŝĐƐ
ŽĨĚŝƐĐŽŵĨŽƌƚ͟;ƵƚůĞƌϭϵϵϳͿ͕ǁŚĞƌĞƐƉĞĞĐŚĂŶĚƌĞƉƌĞƐĞŶƚĂƚŝŽŶĂƌĞĂĚĞŵŽĐƌĂƚŝĐƐŝƚĞ
=%!'=>K$FK&K@=>6!>$\$#!%@V$S!=#!S$<@>$&K$S!@>!&S\&>'$(!:#=N>S$S!$&#<@$#!@>! "K10+,D/'!
G.''156!?NK<$#!^#@K$F6!
!
-O=F$!^O=!F$$A!K=!%@V!^@KO!'$#K&@>KR!KO$!<@>A![$K^$$>!'$#K&@>!FZ$$'O!
&'KF! &>S! KO$@#! @>bN#@=NF! $%%$'KF! ^@<<! FN#$<R! <&G$>K! KO$! =Z$>!
K$GZ=#&<@KR! =%! KO$! FZ$$'O! &'K(! -O&K! >=! FZ$$'O! &'K! 5,2! K=! Z$#%=#G!
@>bN#R! &F! @KF! $%%$'K! G$&>F! KO&K! >=! F@GZ<$! $<&[=#&K@=>! =%! FZ$$'O! &'KF!
^@<<! Z#=\@S$! &! FK&>S&#S! [R! ^O@'O! KO$! @>bN#@$F! =%! FZ$$'O! G@)OK! [$!
$%%$'K@\$<R!&SbNS@'&K$S(!;N'O!&!<==F$>@>)!=%!KO$!<@>A![$K^$$>!&'K!&>S!
@>bN#R6!O=^$\$#6!=Z$>F!NZ!KO$!Z=FF@[@<@KR!%=#!&!'=N>K$#BFZ$$'O6!&!A@>S!
=%! K&<A@>)! [&'A6! KO&K! ^=N<S! [$! %=#$'<=F$S! [R! KO$! K@)OK$>@>)! =%! KO&K!
<@>A(! -ONF! KO$! )&Z! KO&K! F$Z&#&K$F! KO$! FZ$$'O! &'K! %#=G! @KF! %NKN#$!
$%%$'KF!O&F!@KF!&NFZ@'@=NF!@GZ<@'&K@=>F1!@K![$)@>F!&!KO$=#R!=%!<@>)N@FK@'!
&)$>'R!KO&K!Z#=\@S$F!&>!&<K$#>&K@\$!K=!KO$!#$<$>K<$FF!F$&#'O!%=#!&!<$)&<!
#$G$SR(!c?NK<$#!WUUId!
!
"$K@K@=>@>)!%=#!#$G$S@$F!KO#=N)O!^O&K!KO$!ZN[<@'!S$$GF!&F!Z#=K$'K=#F!=%!FZ$$'O6!<@A$!
-YJ6!'&>!=><R!%=#$'<=F$!KO$!%@$<S!=%!@>K$<<@)@[@<@KR6!&>S!KO$!&[@<@KR!=%!KO$![N#`&!K=!FZ$&A!
[&'A! 'N<KN#&<<R(! +S\='&K@>)6! &>S! ^=#A@>)! K=^&#S6! @>FN##$'K@=>&#R! FZ$$'O! &'KF! K=!
#$KO@>A!=N#!>$$S!K=!'=>K#=<!&>S!G&>&)$!S@F'=N#F$!&<@)>F!G=#$!'<=F$<R!K=!&!Z=<@K@'F!=%!
S@F'=G%=#K(!
!
;/1,6B87/1!
9>! KO@F! Z&Z$#! 9! O&\$! &#)N$S! KO&K! '$>F=#FO@Z! S=$F! >=K! S$<@\$#! @KF! @>K$>S$S!
'=>F$`N$>'$F6! [NK!#&KO$#!S@G@>@FO$F! ZN[<@'!FZ&'$F!%=#!'=>K$FK&K@=>(!4$>F=#FO@Z!O&F!
KO$! &[@<@KR! K=! '=N>K$#! @KF! =^>! $%%$'KF6! &>S! @>! KN#>! Z#=SN'$! &>=KO$#! F$K! =%!
'=>F$`N$>'$F! KO&K! O$@)OK$>! KO$! Z=^$#! =%! KO$! FZ$$'O! @K! @>K$>S$S! K=! F@<$>'$(! 9>! KO$!
;^$S$>! 2$G='#&KF! $<$'K@=>! &S\$#K! &! >NG[$#! =%! '=GZ<$V! $<$G$>KF! F$#\$! K=! ^=#A!
K=)$KO$#! K=! S$<@\$#! &! >N&>'$S! F$#@$F! =%! @G&)$F! &>S! >&##&K@\$F! KO&K! #$@>%=#'$! $&'O!
=KO$#(! ?R! #$%NF@>)! K=! &@#! KO$! &S\$#K! =>! ZN[<@'! K$<$\@F@=>6! KO$! [#=&S'&FK$#!
&'A>=^<$S)$S! KO$! FNZ$#%@'@&<! $<$G$>KF! =%! KO$! \@S$=! =>! &! Z=<@K@'&<! <$\$<6! &>S!
ƵŶĚĞƌƐĐŽƌĞĚ ƚŚĞ ĂĚ͛Ɛ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ďƵƌƋĂ ĂŶĚ ŝŵŵŝŐƌĂŶƚ ĂƐ ůĞŐŝďůĞ͕ ǀŝĂďůĞ
FN[b$'K@\@K@$F(! 5$K6! KO$! 'N<KN#&<! FZ$'@%@'@K@$F! =%! KO$! [N#`&! &>S! KO$! )#$&K$#! )#&>S!
>&##&K@\$F!KO&K!F$#\$!K=!F'&Z$)=&K!@GG@)#&>K!)#=NZF!O&\$![$$>!@)>=#$S!KO#=N)O!KO$@#!
'@K&K@=>(!7$#$6!9!'O=F$!K=!%='NF!GR!&KK$>K@=>!=>!KO$!S$K&@<F!=%!KO$!&S\$#K6!&SS#$FF@>)!
KO$! %=#GF! =%! #$Z#$F$>K&K@=>! &>S! KO$! >&##&K@\$F! KO&K! F$#\$S! K=! #$@>%=#'$! KO$G6! K=!
S$G=>FK#&K$!KO$!FK#$>)KO!=%!KO$!&S!@KF$<%(!-O$!Z#=SN'K@\$!$<$G$>KF!=%!KO$!@G&)$!@KF$<%!
'=G$! K=! <@)OK! &>S! O$#$! KO$! >&##&K@\$F! KO&K! ^$#$! @>@K@&<<R! F$$>! &F! Z#=[<$G&K@'! &>S!
!
S$$G$S! >$'$FF&#R! =%! &>! @GG$S@&K$! #$&'K@=>! B! &! F@<$>'@>)! =%! KO$! FZ$$'O! @KF$<%! O&\$!
[$$>!&SS#$FF$S(!!
!
P/(G8!;73)4!
?NK<$#6!_NS@KO(!"K10+,D/'!G.''15?!F!@%/0+012!%4!+5'!@'(4%(*,+0&'(!/$^!5=#A1!,=NK<$S)$6!
WUUI(!"#@>K(!
͞dsϰƌĞĨƵƐĞƐƚŽĂŝƌ^ǁĞĚĞŶĞŵŽĐƌĂƚĂĚƐ͘͟dŚĞ>ŽĐĂů͗^ǁĞĚĞŶ͛ƐEĞǁƐŝŶŶŐůŝƐŚ͘Ϯϳ
+N)NFK!HXWX(!M$[(!H*!.'K(!HXWX(!!
tŝŬƐƚƌŽŵ͕ĂƐũĂ͘͞&ĂƌBƌŝŐŚƚdĞƐƚƐ^ǁĞĚŝƐŚdŽůĞƌĂŶĐĞ͘͟F/!M,P''(,(!+<!_&D$$#&6!WP!;$ZK(!
HXWX(!M$[(!W*!/=\(!HXWX(!
!
!
>?/B3! 3:)! +B3:/(1! C&#&! 3&DN#FA@! FKNS@$S! "O@<=F=ZOR! c7?+! HXXEd! &>S! 7@FK=#R! c7?+!
HXXEd!@>!4&>&S&(!;O=#K<R!KO$#$&%K$#6!FO$!FKNS@$S!3@)#&K@=>!&>S!0KO>@'!;KNS@$F!&K!930;!
c3+! HXXUd! @>! KO$! /$KO$#<&>SF! &>S! @>! KO$! Z#$F$>K! S&R! @F! '=GZ<$K@>)! O$#!"O2! @>! KO$!
S$Z&#KG$>K!=%!C@K$#&#R!;KNS@$F!&K!KO$!+GFK$#S&G!;'O==<!%=#!4N<KN#&<!+>&<RF@F!c+;4+d!
cHXWLd(!;O$!@F!&<F=!&!<$'KN#$#!@>!KO$!C@K$#&#R!;KNS@$F!S$Z&#KG$>K!&K!KO$!8>@\$#F@KR!=%!
+GFK$#S&G! ^O=! S$\$<=ZF! &>S! K$&'O@>)! '=N#F$F! =>! KO$! @>K$#F$'K@=>! =%! 'N<KN#&<!
FKNS@$F6!)$>S$#!FKNS@$F6!&>S!G$S@&!FKNS@$F(!!
! !
!
! ! !
!
!
!
!
!
!
!
"+,-!;9a!
!
,0;0+,47!./!3029+!0-794;!
!
! !
!
!
!
V2?B482)1!71!F(+I767+1!+14!'/(3B.B)8)!2)47+A!!
)257(7,+6!83B4=!/1!+,370737)8!?)39))1!QWfW!+14!TZQT!
!
Q$#>&>S=!.<@\$@#&!"&N<@>=16!3&S&<$>&!.<@\$@#&2!R!_=&`N@G!Q@S&<)=3!
!
!
>?83(+,3A!
+ZZ$&#@>)!@>!KO$!F$'=>S!O&<%!=%!KO$!-^$>K@$KO!4$>KN#R6!@>!KO$!'=>K$VK!=%!&>!@>K$>F$!
S$[&K$! =>! G$S@&! $KO@'F6! G$S@&! =G[NSFG&>! @F! =>$! =%! KO$! G=FK! '=GZ<$V! &>S!
&G[@K@=NF! G$S@&! &''=N>K&[@<@KR! @>FK#NG$>KF6! &K! KO$! F&G$! K@G$! &'K@>)! &F! &! A@>S! =%!
%&'@<@K&K=#! %=#! KO$! #$<&K@=>! [$K^$$>! KO$! ZN[<@'! &>S! Z#=%$FF@=>&<F(! 9>K#@>F@'&<<R!
Z#=[<$G&K@'6! SN$! K=! @KF! %N>'K@=>! %=N>S$S! =>! KO$! [&F@F! =%! &>! @>K$#'$ZK@=>! [$K^$$>!
F$<%BƌĞŐƵůĂƚŝŽŶĂŶĚĂƵĚŝĞŶĐĞƐ͛ĂǁĂƌĞŶĞƐƐŽĨŵĞĚŝĂĞĨĨĞĐƚƐ͕ŵĞĚŝĂŽŵďƵĚƐŵĂŶŝƐŶŽƚ
=><R! KO$! #$%<$V! =%! &>! $KO@'F! N>S$#FK&>S@>)6! [NK! &<F=! &! [&#=G$K$#! =%! KO$! $KO@'F! =%!
F='@$KR! #$)&#S@>)! G$S@&! Z$#%=#G&>'$(! -O$! ZN#Z=F$! =%! KO@F! Z&Z$#! @F! K=! $V&G@>$! KO$!
"=#KN)N$F$! &>S! ?#&D@<@&>! $VZ$#@$>'$F! =%! G$S@&! =G[NSFG$>(! +<KO=N)O! Z#&'K@'$S! @>!
ƚŚĞƐĂŵĞůĂŶŐƵĂŐĞ͕ŽŵďƵĚƐŵĞŶ͛ƐũŽďƐĂƌĞƐŚĂƉĞĚ![R!F='@&<6!O@FK=#@'&<6!Z=<@K@'&<!&>S!
$\$>!$'=>=G@'&<!S@%%$#$>'$F(!-O$!#$F$&#'O!'&##@$S!=NK!@>!KO$!F'=Z$!=%!KO@F!Z#=Z=F&<!
@>K$>SF! K=! &>&<RD$! KO$F$! K^=! '&F$F! [&F$S! =>! KO$! #$FN<KF! =%! &! FN#\$R! &ZZ<@$S! K=!
"=#KN)N$F$!&>S!?#&D@<@&>!G$S@&!=G[NSFG$>(!!
!
D)8B2/!
4#@&S&! >&! F$)N>S&! G$K&S$! S=! FÖ'N<=! aa6! $G! '=>K$VK=! S$! S$[&K$! F=[#$! ÖK@'&! >&!
GTS@&6! &NK=B#$)N<&|~=! $! #$)N<&|~=6! &! &KN&|~=! S=! =G[NSFG&>! Ö! NG! S=F! G&@F!
@GZ=#K&>K$F! @>FK#NG$>K=F! S$! Z#$FK&|~=! S$! '=>K&Fj! #$FZ=>F&[@<@S&S$! F='@&<!
c&''=N>K&[@<@KRd! S&F! @>FK@KN@|Å$F! S$! '=GN>@'&|~=6! F$>S=! &=! G$FG=! K$GZ=!
%&'@<@K&S=#&!Z&#&!&F!#$<&|Å$F!S=!Zê[<@'=!'=G!$!$>K#$!=F!Z#=%@FF@=>&@F(!!
!
9>@'@&<G$>K$6! &! &K@\@S&S$! %=@! $FK&[$<$'@S&! '=G=! G$S@S&! S$! &NK=B#$)N<&|~=! Z&#&!
Z#=G=\$#!S@e<=)=!$!K#&>FZ&#Ñ>'@&!'=G!=!Zê[<@'=!F=[#$!=F!$%$@K=F!S&F!@>FK@KN@|Å$F!S$!
'=GN>@'&|~=6! F$>S=! >~=! Fs! NG! #$%<$V=! S$! '=G=! &! GTS@&! $! Z#=%@FF@=>&@F! `N$!
S$F$GZ$>O&G!&!%N>|~=!Z$#'$[$G!FN&!S$=>K=<=)@&6!G&F!K&G[ÖG!NG![&#ëG$K#=!S&!
ÖK@'&! S&! F='@$S&S$! >&! `N&<! &F! @>FK@KN@|Å$F! S$! '=GN>@'&|~=! S$F$>\=<\$G! FN&!
&K@\@S&S$(!!
!
.! $FK&[$<$'@G$>K=! S=! F$#\@|=! S$! =G[NSFG&>! K&G[ÖG! #$FN<K&! S$! G$S@S&F! S$!
#$)N<&|~=(! 0G! @>FK@KN@|Å$F! Zê[<@'&F! S$! '=GN>@'&|~=! S=! ?#&F@<! c0?4d! $! S$! "=#KN)&<!
c,-"!$!,2"d6!=!F$#\@|=!%=@!$FK&[$<$'@S=!Z=#!<$@6!)$#&>S=![&F$F!Z&#&!&!@>FK@KN@|~=!S$!NG!
'&>&<!$>K#$!=!s#)~=!S$!'=GN>@'&|~=!$!=!Zê[<@'=(!+!'#@&|~=!S=F!Z#=\$S=#$F!S=!=N\@>K$!
$! S=! K$<$FZ$'K&S=#! >&! #eS@=! $! >&! -Y! Zê[<@'&!$G!"=#KN)&<! $! S=! =N\@S=#! >&! 0GZ#$F&!
?#&F@<!S$!4=GN>@'&|~=!%=@!%N>S&S&!>=!Z#=ZsF@K=!S$!Z#=G=\$#!=!$F'#NKT>@=!S=F!s#)~=F!
S$! F$#\@|=! Zê[<@'=(! Q&D$>S=! &Z$<=! &! NG&! #$%<$V~=! ÖK@'&! Z&#K@'@Z&S&! Z$<&F! Z#sZ#@&F!
&NS@Ñ>'@&F!c'=>\@S&S&F!&!@>K$#&)@#!'=G!=!Z#=\$S=#j=N\@S=#d6!$FK$!G$'&>@FG=!K$G!>&!
FN&! [&F$! K&G[ÖG! =! =[b$K@\=! S$! %=G$>K&#! NG&! G$<O=#! '=GZ#$$>F~=! S=!
%N>'@=>&G$>K=!S=F!Z#sZ#@=F!G$@=F!$!S&F!FN&F!Z#eK@'&F(!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!8>@\$#F@KR!=%!?#&F@<@&6!?#&D@<(!Z&N<@>=iN>[([#!!
H
!404;6!8>@\$#F@S&S$!=%!3@>O=6!"=#KN)&<(!G&S&<$>&(=<@\$@#&i@'F(NG@>O=(ZK!
L
!404;6!8>@\$#F@S&S$!=%!3@>O=6!"=#KN)&<(!b%@S&<)=i@'F(NG@>O=(ZK!
!
! ! !
/$FK$!&#K@)=6!=F!&NK=#$F!Z#='N#&G!#$%<$K@#!F=[#$!&!G@FF~=!S=F!=G[NSFG&>F!>=F!S=@F!
Z&TF$F6! #$)@FK#&>S=! &! O@FKs#@&! $! =! '=>K$VK=! S&! FN&! '#@&|~=! $! #$%<$K@>S=! F=[#$! FN&F!
$FZ$'@%@'@S&S$F! $! =F! S$F&%@=F! @>$#$>K$F! &! %N>|~=(! 0G[=#&! Z#&K@'&S&F! $G! Z&TF$F! S$!
G$FG=! @S@=G&! $! <@)&|~=! O@FKs#@&6! $V@FK$G! #$<$\&>K$F! S@%$#$>|&F! S$! =#S$G! F='@&<6!
Z=<TK@'&!$!$'=>ëG@'&!`N$!%&D$G!'=G!`N$!>=!?#&F@<!&!&K@\@S&S$!F$b&!G&@F!#$<&'@=>&S&!&!
NG&! &K@\@S&S$! S$! G$S@&|~=! $! &! $VZ$#@Ñ>'@&! Z=#KN)N$F&! F$! &Z#=V@G$! S$! &|Å$F! S$!
S$%$>F=#@&!S=!Zê[<@'=(!+!Z$F`N@F&!%=@!S$F$>\=<\@S&!&!Z&#K@#!S$!`N$FK@=>e#@=!&Z<@'&S=!&!
=G[NSFG&>F!`N$!#$&<@D&#&G!&K@\@S&S$F!$>K#$!WUEU!$!HXWH(!!
!
.! K#&[&<O=! K&G[ÖG! NK@<@D=N! Z$F`N@F&! S='NG$>K&<! $! &! #$%$#Ñ>'@&F! @<NFK#&K@\&F! &!
'=<N>&F!$!&!Z#=)#&G&F!$G!&G[=F!=F!Z&TF$F6!Z#=[<$G&K@D&>S=!=!&<'&>'$!$!=F!<@G@K$F!
S&! &KN&|~=! S=F! =G[NSFG&>6! K&G[ÖG! $>K$>S@S=F! '=G=! Z#=\$S=#j=N\@S=#6! $! &F!
'=@>'@SÑ>'@&F! $! S@FF$G$<O&>|&F! S$FK&! %N>|~=! $G! "=#KN)&<! $! >=! ?#&F@<6! =F! ê>@'=F!
Z&TF$F!S=!$FZ&|=!<NFs%=>=!'=G!&K@\@S&S$!>$FK$!S=GT>@=(!
!
'+6+0(+8! ,:+0)A! 3TS@&h! .G[NSFG&>h! +''=N>K&[@<@KRh! ,$FZ=>F&[@<@S&S$! ;='@&<h!
"#$FK&|~=!S$!4=>K&F!
!
!
"13(/4B,37/1!
4#$&K$S! K=! G$S@&K$! KO$! #$<&K@=>FO@Z! [$K^$$>! KO$! G$S@&! &>S! KO$@#! ZN[<@'6! KO$!
ŽŵďƵĚƐŵĂŶ͛Ɛ ũŽď ŚĂƐ ŝŶ ŝƚƐ ƌŽŽƚƐ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĐƌĞĂƚŝŶŐ Ă ŵĞĐŚĂŶŝƐŵ ŽĨ ƐĞůĨB
#$)N<&K@=>6!&K!KO$!F&G$!K@G$!&!^&R!=%!$>)&)@>)!#$&S$#F6!<@FK$>$#F!&>S!\@$^$#F!=>!KO$!
ZN[<@'! F'#NK@>R!=%! G$S@&! Z#&'K@'$F(! -&A@>)!KO@F! @>K$>K! @>K=! '=>F@S$#&K@=>6! @K! '=N<S! [$!
F&@S! KO&K! &>! =G[NSFG&>! O&F! &! \@#KN=NF! %N>'K@=>! [=KO! @>! K$#GF! =%! $KO@'F! &>S!
'@K@D$>FO@Z(! 7=^$\$#6! F@>'$! @KF! \$#R! [$)@>>@>)6! KO$! =G[NSFG&>FO@Z! O&F! &<F=! [$$>!
S$[&K$S!&F!&!%#&)@<$!&>S!'#@K@'&<!b=[(!!!
!
;K#&@)OK<R! '=>>=K$S! ^@KO! b=N#>&<@FG! $KO@'F6! &>! =G[NSFG&>! [$'&G$! &! G=#$! =#! <$FF!
'=GG=>!b=[!@>!`N&<@KR!>$^FZ&Z$#F!SN#@>)!KO$!F$'=>S!O&<%!=%!KO$!HXKO!4$>KN#R(!;=G$!
Z#$\@=NF! $VZ$#@$>'$F! O&\$! [$$>! #$'=)>@D$S6! O=^$\$#6! KO$! )#=^KO! =%! KO@F! &'K@\@KR!
=''N##$S! =><R! &%K$#! KO$! 7NK'O@>F! 4=GG@FF@=>! #$Z=#K! ZN[<@FO$S! @>! WUJI(! .#@)@>&K@>)!
ĨƌŽŵ ŶĐŝĞŶƚ ZŽŵĞ͕ ƚŚĞ ŽŵďƵĚƐŵĂŶ ŝƐ ŝŶƐƉŝƌĞĚ ŝŶ ƚŚĞ ͚ŐĞŶĞƌĂůBůŝƐƚĞŶĞƌ͛ ũŽď͕ ǁŚŝĐŚ
'=>F@FK$S!=%!<@FK$>@>)!K=!KO$!'@K@D$>F!=>!ZN[<@'!@FFN$F(!,$'=>F@S$#$S!<&K$#!@>!&!Z=<@K@'&<!
'=>K$VK6! KO$! =G[NSFG&>! ^&F! #$BĐƌĞĂƚĞĚ ŝŶ ƚŚĞ ^ǁĞĚŝƐŚ WĂƌůŝĂŵĞŶƚ ƚŽ ͚ƉƌŽƚĞĐƚ͛
'@K@D$>F(! 9K! ^&F! $FF$>K@&<<R! &>! &SG@>@FK#&K@\$! Z=F@K@=>6! &''=#S@>)! K=! /$G$KO! cHXXXd6!
ŽƌŝĞŶƚĞĚ ƚŽ ůŝƐƚĞŶ ƚŽ ĐŝƚŝnjĞŶƐ͛ ĐŽŵƉůĂŝŶƚƐ ĂŐĂŝŶƐƚ ƵŶĨĂŝƌ ĚĞĐŝƐŝŽŶƐ ĂƐƐƵŵĞĚ ďLJ ƚŚĞ
$V$'NK@\$! Z=^$#(! +S=ZK$S! [R! KO$! Z#$FF6! KO$! '=>'$ZK! )&@>$S! &! >$^! G$&>@>)! ʹ!
ŽŵďƵĚƐŵĂŶĂƐĂŬŝŶĚŽĨ͚ƌĞĂĚĞƌƐ͛ƉƌŽƚĞĐƚŽƌ͛͘!
!
+<KO=N)O! @K! @F! @GZ=FF@[<$! K=! @>S@'&K$! &! '=>F$>FN&<! #$%$#$>'$! K=! KO$! %@#FK! >$^F!
ŽŵďƵĚƐŵĂŶ͕ ĂƐ Ă ƌĞŐƵůĂƌ ũŽď͕ ŽŵďƵĚƐŵĂŶƐŚŝƉ ƐƚĂƌƚĞĚ ŝŶ ϭϵϲϳ Ăƚ ͚dŚĞ >ŽƵŝƐǀŝ<<$!
4=N#@$#B:ŽƵƌŶĂů͕͛ ŝŶ ƚŚĞ h^͘ /Ŷ ƚŚĞ ůƵƐŽƉŚŽŶĞ ĐŽŶƚĞdžƚ͕ ƚŚĞ ŽŵďƵĚƐŵĂŶ ũŽď ĨŝƌƐƚ
&ZZ$&#$S! @>! ?#&D@<6! KO$>! <&K$#! @>! "=#KN)&<(! -O$! %@#FK! ?#&D@<@&>! =G[NSFG&>! ^&F!
ĂƉƉŽŝŶƚĞĚŝŶϭϵϴϵŝŶƚŚĞ͚&ŽůŚĂĚĞ^ĆŽWĂƵůŽ͛ǁŚĞƌĞƚŚŝƐƉŽƐŝƚŝŽŶŚĂƐďĞĞŶĂƌĞŐƵůĂƌ
=>$(! -O$! %@#FK! =G[NSFG&>! ^=N<S! &ZZ$&#! @>! "=#KN)&<! =><R! =>$! S$'&S$! <&K$#6! @>! KO$!
͚ŝĄƌŝŽĚĞEŽƚşĐŝĂƐ͛;ϭϵϵϳͿ͘!
!
-=S&R6!@>!&SS@K@=>!K=!F=G$!`N&<@KR!Z&Z$#F6!KO$#$!&#$!&<F=!=G[NSFG&>!@>!ZN[<@'!#&S@=!
&>S! -Y! [=KO! @>! "=#KN)&<! &>S! ?#&D@<(! -O$R! %='NF! >=K! =><R! =>! '=>'$#>F! =%! b=N#>&<@FG6!
[NK! G=#$! ^@S$<R! =>! Z#=)#&GG@>)! &>S! $>K$#K&@>G$>K(! 4=>FK@KNK$S! [R! FZ$'@%@'!
<$)@F<&K@=>!cC&^!HjQ$[#N&#R!WJKO!6HXXPd6!KO$!=G[NSFG$>!%=#!"=#KN)N$F$!ZN[<@'!#&S@=!
!
&>S!-Y![#=&S'&FK$#F!c,2"!&>S!,-"d!^&F!$FK&[<@FO$S!@>!HXXP!&>S!^$#$!S$%$>S$S![R!
KO$!)=\$#>G$>K!N>S$#!KO$!N>S$#FK&>S@>)!@>!^O@'O!ZN[<@'!F$#\@'$!FO=N<S!'=>FK@KNK$!&!
Z&KK$#>!%=#!Z#@\&K$!'=GZ&>@$F(!9>!?#&D@<6!KO$#$!^&F!&!%@#FK!$VZ$#@$>'$!=>!-Y!4N<KN#&6!
'N##$>K<R!FNFZ$>S$S(!9>!?#&D@<6!KO$!@>@K@&K@\$!=%!@>K#=SN'@>)!KO$!=G[NSFG&>FO@Z!^&F!&!
Z&#K! =%! KO$! ZN[<@'! [#=&S'&FK@>)! F$#\@'$! c+)Ñ>'@&! ?#&F@<6! -Y! ?#&F@<6! &>S! ZN[<@'! #&S@=!
>$K^=#A![#=&S'&FK$#Fd!cC&^!WW(P*HjHXXEd(!
!
/ŶƐƉŝƚĞŽĨƐŽŵĞŐŽǀĞƌŶŵĞŶƚƐ͛ƌĞĐĞŶƚƉŽůŝĐŝĞƐ;ŶŽƚŽŶůLJWŽƌƚƵŐƵĞƐĞŽƌƌĂnjŝůŝĂŶ͕ďƵƚ
;Z&>@FO6!K==d!@>!=#S$#!K=!'#$&K$!KO@F!b=[!%=#!ZN[<@'![#=&S'&FK$#F6!KO$!K#NKO!@F!KO&K6!&K!
<$&FK!@>!KO$!Z#$FF6!=G[NSFG&>FO@Z!F$$GF!K=!)&KO$#!<$FF!&>S!<$FF!$>KONF@&FG(!9F!KO$!
b=[!@>!'#@F@Fr!2N#@>)!O@F!FZ$$'O!&K!KO$!+>>N&<!4=>%$#$>'$!=%!KO$!.#)&>@D&K@=>!=%!/$^F!
.G[NSFG$>! c./.d6! @>! 3&R! HXWH6! _&'=[! 3=<<$#NZ! cZ#$F@S$>K! =%! KO@F! &FF='@&K@=>d!
ƌĞĐŽŐŶŝnjĞĚ ƚŚĂƚ ŽŵďƵĚƐŵĞŶ ͞ĂƌĞ Ɛƚŝůů Ă ƌĂƌĞ ƐƉĞĐŝĞƐ͕͟ ĂĚŵŝƚƚŝŶŐ Ăƚ ƚŚĞ ƐĂŵĞ ƚŝŵĞ
ƚŚĂƚƚŚĞLJ͞ƐƚŝůůĚŽŝŵƉŽƌƚĂŶƚǁŽƌŬ͟J(!-=!@S$>K@%R!KO$!^$&A>$FF$F!&>S!KO$!FK#$>)KOF!=%!
ƚŚĞŽŵďƵĚƐŵĂŶ͛ƐĨƵŶĐƚŝŽŶŝƐƚŚĞŵĂŝŶƉƵƌƉŽƐĞŽĨƚŚŝƐƉĂƉĞƌ͕ĨŽ'NF@>)!Z&#K@'N<&#<R!=>!
KO$!"=#KN)N$F$BƐƉĞĂŬŝŶŐĐŽƵŶƚƌŝĞƐ͛ĞdžƉĞƌŝĞŶĐĞ͘dŚĞƉƌŝŶĐŝƉĂůŐŽĂůŝƐƚŽƌĞŐŝƐƚĞƌŚŽǁ
KO$!=G[NSFG$>!KO$GF$<\$F!\@$^!KO$!Z=F@K@=>!&>S!K=!S@F'NFF!^O$KO$#!KO$!'O&>)@>)!
ŵĞĚŝĂůĂŶĚƐĐĂƉĞŝƐǁĞĂŬĞŶŝŶŐƚŚĞŽŵďƵĚƐŵĂŶ͛ƐƌŽůĞ͘!
!
KŵďƵĚƐŵĂŶ͛ƐZŽůĞ͗!UB1,37/1!+14!>2?7.B737)8!
2=$F!&!S@%%$#$>K!S$F@)>&K@=>!G$&>!&!S@%%$#$>K!'=>'$ZKr!+<KO=N)O!&<^&RF!#$%$##$S!K=!
O$#$! &F! =G[NSFG&>6! KO@F! Z=F@K@=>! O&F! &'`N@#$S! S@%%$#$>K! >&G$F! @>! ?#&D@<! &>S!
WŽƌƚƵŐĂů͘/ŶƌĂnjŝů͕ƚŚĞǁŽƌĚ͚ŽŵďƵĚƐŵĂŶ͛ŝƐŐĞŶĞƌĂůůLJƵƐĞĚ͕ďƵƚƚŚĞƚĞƌŵ͚ŽƵǀŝĚŽƌ͛ŝƐ
ĂůƐŽ ƵƐĞĚ͕ ǁŚŝĐŚ ŵĞĂŶƐ ƐŽŵĞƚŚŝŶŐ ůŝŬĞ ͚ůŝƐƚĞŶĞƌ͛ ;ŶŽƚ ĂƐ ƐŽŵĞŽŶĞ ǁŚŽ ůŝƐƚĞŶƐ ƚŽ
#&S@=![NK!&F!F=G$=>$!FZ$'@%@'&<<R!\=K$S!K=!<@FK$>!K=!KO$!&NS@$>'$d(!9>!"=#KN)&<6!=>!KO$!
ŽƚŚĞƌ ŚĂŶĚ͕ ƚŚĞ ǁŽƌĚ ƵƐĞĚ ƚŽ ƌĞĨĞƌ ƚŽŽŵďƵĚƐŵĂŶ ŝƐ ͚ƉƌŽǀĞĚŽƌ͕͛ǁŚŝĐŚ͕ ƚƌ&>F<&K$S!
ŝŶƚŽ ŶŐůŝƐŚ͕ ǁŽƵůĚ ďĞ ƐŽŵĞƚŚŝŶŐ ůŝŬĞ ͚ƚƌƵƐƚĞĞ͛ Žƌ ͚ƉƌŽǀŝĚĞƌ͛ ;ŶŽƚ ŝŶ ƚŚĞ ƐĞŶƐĞ ŽĨ Ă
<$)&<! &SG@>@FK#&K=#! [NK! &F! F=G$=>$! KO&K! Z#=\@S$F! @>%=#G&K@=>! =#! '=GG$>KF! =>!
F=G$KO@>)d(!!
!
9>! FZ@K$! =%! KO@F! S@FF@G@<&#@KR6! @>! [=KO! '=N>K#@$F! KO$! =G[NSFG&>! #$%$#F! K=! F=G$=>$!
^O=!Z#=G=K$F!&!A@>S!=%!&#[@K#&K@=>![$K^$$>!KO$!G$S@&!&>S!KO$!&NS@$>'$(!-O@F!G$&>F!
KO&K6!>=K^@KOFK&>S@>)!F=G$!S@%%$#$>'$F6!KO$!=G[NSFG&>!b=[!@>!?#&D@<!&>S!@>!"=#KN)&<!
'=##$FZ=>SF!K=!KO$!)$>$#&<!G@FF@=>!=%!KO@F!Z=F@K@=>(!!
!
;Z$&A@>)! FZ$'@%@'&<<R! &[=NK! =G[NSFG$>! @>! KO$! Z#$FF6! Y@'K=#@&! 4&GZF! c`N=K$S! [R!
3$F`N@K&6! WUUEd! S$%@>$F! KO#$$! %N>'K@=>F! %=#! =G[NSFG$>1! Wd! KO$! SNKR! =%! &\=@S@>)!
'=#Z=#&K@=>@FG!=%!b=N#>&<@FKFh!Hd!K=!%&'@<@K&K$!KO$!#$<&K@=>![$K^$$>!KO$!>$^FZ&Z$#!&>S!
@KF!&NS@$>'$h!&>S!Ld!K=!'=>K#@[NK$!K=!=Z@>@=>!G&A@>)(!9>!G=#$!@>FK@KNK@=>&<!K$#GF6!KO$!
.#)&>@D&K@=>!=%!/$^F!.G[NSFG$>!c$FK&[<@FO$S!@>!WUEXd!bNFK@%@$F!KO$!Z$#K@>$>'$!=%!&>!
ŽŵďƵĚƐŵĂŶŝŶĂŶĞǁƐƉĂƉĞƌŽƌďƌŽĂĚĐĂƐƚ͕ůŝƐƚŝŶŐĂƚůĞĂƐƚĨŝǀĞŐĞŶĞƌĂůƉƵƌƉŽƐĞƐ͗͞ϭͿƚŽ
@GZ#=\$!KO$!`N&<@KR!=%!>$^F!#$Z=#K@>)![R!G=>@K=#@>)!&''N#&'R6!%&@#>$FF6!&>S![&<&>'$h!
Hd! K=!O$<Z!O@F!=#!O$#! >$^F!Z#=\@S$#!K=![$'=G$!G=#$!&''$FF@[<$!&>S!&''=N>K&[<$! K=!
#$&S$#F!=#!&NS@$>'$!G$G[$#F!&>S6!KONF6![$'=G@>)!G=#$!'#$S@[<$h!Ld!K=!@>'#$&F$!KO$!
&^&#$>$FF!=%!@KF!>$^F!Z#=%$FF@=>&<F!&[=NK!KOĞƉƵďůŝĐ͛ƐĐŽŶĐĞƌŶƐ͖ϰͿƚŽƐĂǀĞƚŝŵĞĨŽƌ
ZN[<@FO$#F! &>S! F$>@=#! $S@K=#F6! =#! [#=&S'&FK$#F! &>S! >$^F! S@#$'K=#F6! [R! 'O&>>$<@>)!
'=GZ<&@>KF! &>S! =KO$#! @>`N@#@$F! K=! =>$! #$FZ=>F@[<$! @>S@\@SN&<h! *d! K=! #$F=<\$! F=G$!
'=GZ<&@>KF!KO&K!G@)OK!=KO$#^@F$![$!F$>K!K=!&KK=#>$RF!ĂŶĚďĞĐŽŵĞĐŽƐƚůLJůĂǁƐƵŝƚƐ͟*(!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J
!-O$!$>K@#$!#$Z=#K!@F!&\&@<&[<$!&K!KO@F!<@>A1!OKKZ1jj>$^F=G[NSFG$>(=#)j&#K@'<$Fj=>=BZ#$F@S$>KFB#$Z=#K!!
*
!OKKZ1jj>$^F=G[NSFG$>(=#)j&[=NK!
!
! ! !
ŽŶƐŝĚĞƌŝŶŐƚŚĂƚ ŝƚŝƐƚŽƉƌĞƐĞƌǀĞƚŚĞůĞŐŝƚŝŵĂĐLJŽĨũŽƵƌŶĂůŝƐŵĨƌŽŵũŽƵƌŶĂůŝƐƚƐ͛ŽǁŶ
ĨĂŝůƵƌĞƐ ƚŚĂƚ ĂŶ ŽŵďƵĚƐŵĂŶ ŵĂLJ ďĞ ƵƐĞĨƵů͕ ĞƌŶŝĞƌ ĞdžƉůĂŝŶĞĚ ƚŚĂƚ ͞ƚŚĞ ƌŽůĞ ŽĨ
=G[NSFG&>!@F!>$@KO$#!K=!'#@K@'@D$!>=#!K=!#$%=#G!KO$![&F@F!=%!b=N#>&<@FK@'!Z#&'K@'$F(!7$!
FKNS@$F! $FF$>K@&<<R! KO$! #$&<! [$O&\@=#F6! '&F$! K=! '&F$6! &>&<RD@>)! KO$G! &>S! S$'@S@>)!
&[=NK! KO$G(! :$>$#&<<R! KO$#$! &#$! >=! Z$>&<! =#! %@>&>'@&<! F&>'K@=>F(! ;@GZ<R! &! G=#&<!
ũƵĚŐŵĞŶƚ ƚŚĂƚ ŝƐ ƉƵďůŝƐŚĞĚ ĂŶĚ ĐŽŶƐƚŝƚƵƚĞƐ ƐŽ Ă ĨŽƌŵ ŽĨ ƐĂŶĐƚŝŽŶ͟ c?$#>@$#6! WUU*1!
W*PBW*Id(!
!
-#&S@K@=>&<<R!G=#$! %#$`N$>K! @>!KO$! Z#$FF! KO&>!@>!KO$!#&S@=!=#!K$<$\@F@=>!c&!K$>S$>'R!
KO&K!G@)OK![$!@>\$#K$S!F@>'$!@>!HXWX!KO$!G&b=#@KR!=%!=G[NSFG$>!^O=!&KK$>S$S!KO$!
KEK ŶŶƵĂů ŽŶĨĞƌĞŶĐĞ ǁĞƌĞ ĨƌŽŵ ƌĂĚŝŽ ĂŶĚ dsͿ͕ ƚŚĞ ŽŵďƵĚƐŵĂŶ͛Ɛ Ɖ=F@K@=>! ^&F!
'#$&K$S! %=#! &>! $VZ<@'@K! =[b$'K@\$1! K=! [$! &! \@)@<&>K! =%! KO$! $KO@'F! &>S! Z#=%$FF@=>&<!
ƉƌŽĐĞĞĚŝŶŐƐ ŽĨ ũŽƵƌŶĂůŝƐƚƐ͘ dŚĞ KƌŐĂŶŝnjĂƚŝŽŶ ŽĨ EĞǁƐ KŵďƵĚƐŵĞŶ ĞdžƉůĂŝŶƐ ƚŚĂƚ ͞Ă
>$^F!=G[NSFG&>!#$'$@\$F!&>S!@>\$FK@)&K$F! '=GZ<&@>KF! %#=G!>$^FZ&Z$#!#$&S$#F!=#!
<@FK$>$#F!=#!\@$^$#F!=%!#&S@=!&>S!K$<$\@F@=>!FK&K@=>F!&[=NK!&''N#&'R6!%&@#>$FF6![&<&>'$!
&>S! )==S! K&FK$! @>! >$^F! '=\$#&)$(! 7$! =#! FO$! #$'=GG$>SF! &ZZ#=Z#@&K$! #$G$S@$F! =#!
ƌĞƐƉŽŶƐĞƐƚŽĐŽƌƌĞĐƚŽƌĐůĂƌŝĨLJŶĞǁƐƌĞƉŽƌƚƐ͘͟!
!
/=K^@KOFK&>S@>)! KO$! &ZZ&#$>K! @>K#@>F@'! ^=#KO! ĚĞĨŝŶŝŶŐ ĂŶ ŽŵďƵĚƐŵĂŶ͛Ɛ ũŽď͕ ƚŚŝƐ
&'K@\@KR! O&F! &<^&RF! [$$>! %&'$S! ^@KO! F=G$! S@FK#NFK(! ?&F$S! =>! F=G$! &G[@)N@K@$F6! KO$!
ŽŵďƵĚƐŵĂŶ͛ƐƉŽƐŝƚŝŽŶŝƐĂƚƚŚĞĐĞŶƚƌĞŽĨĂƐƚƌŽŶŐĚĞďĂƚĞŽŶŚŽǁŵĞĚŝĂĐŽƌƉŽƌĂƚŝŽŶƐ
S$&<!^@KO!KO$!S$G&>S!%=#!&''=N>K&[@<@KR!&>S!=>!O=^!KO$!ZN[<@'!N>S$#FK&>SF!G$S@&!
$KO@'&<! F'#NK@>R(! -^=! G&@>! `N$FK@=>F! '&>! [$! Z=@>K$S! =NK! @>! KO@F! S@F'NFF@=>1! Wd! KO$!
ƌĞĂƐŽŶǁŚLJƚŚĞŽŵďƵĚƐŵĂŶ͛ƐƉŽƐŝƚŝŽŶǁĂƐĐƌĞĂƚĞĚ;ũƵƐƚĂŬŝŶĚŽĨŵĂƌŬĞƚŝŶŐĂƚƚĞŵƉƚ
ƚŽŐĂŝŶƚŚĞƉƵďůŝĐ͛ƐƚƌƵƐƚŽƌĂŐĞŶƵŝŶĞĞĨĨŽƌƚƚŽŝŵƉƌŽǀĞŵĞĚŝĂƋƵĂů@KRr!+!'=GG$#'@&<!
ƐƚƌĂƚĞŐLJŽƌĂŶĂƵƚŚĞŶƚŝĐƉůĂŶƚŽĂƐƐƵƌĞƚƌĂŶƐƉĂƌĞŶĐLJ͕ĐŝƚŝnjĞŶƐ͛ĞŶŐĂŐĞŵĞŶƚ͕ĂŶĚƐĞůĨB
ĐƌŝƚŝĐŝƐŵ͍ͿϮͿƚŚĞƌĞĂůĞĨĨŝĐŝĞŶĐLJŽĨĂŶŽŵďƵĚƐŵĂŶ͛ƐŝŶƚĞƌǀĞŶƚŝŽŶ;ĚŽĞƐŚĞͬƐŚĞŚĂǀĞ
<$)@K@G&'R! K=! `N$FK@=>! b=N#>&<@FKF! &>S! =KO$#! G$S@&! Z#=%$FF@=>&<Fr! 9%! KO$#$! @F! >=!
$%%$'K@\$!'=>F$`N$>'$!=%!KO@F!b=[6!@F!&>!=G[NSFG&>!#$&<<R!NF$%N<rd!
!
:$>$#&<<R! FZ$&A@>)6! KO$! @>FK@KNK@=>! =%! G$S@&! =G[NSFG$>! #N>F! =>! %@\$! '#@K@'&<!
Z#@>'@Z<$F1! @>S$Z$>S$>'$6!&NK=>=GR6! Z=^$#6! NK@<@KR6!&>S! $%%$'K@\$>$FF(! -O$F$! @K$GF6!
^O@'O!%$$S!'=>K#=\$#F@&<!S@F'NFF@=>F6!'&>!&<F=![$!Z#$F$>K$S!@>!K$#GF!=%!KO$!%=<<=^@>)!
`N$FK@=>F6!O$#$!K&A$>!&F!#$F$&#'O!`N$FK@=>F1!Wd!MO&K!A@>S!=%!@>FK@KNK@=>&<!FK&KNF!S=$F!
KO$!=G[NSFG&>!&'KN&<<R!O&\$r!Hd!MO&K!@F!O@F!#$<&K@=>FO@Z!^@KO!KO$!G$S@&!$>K$#Z#@F$r!
Ld! MO&K! A@>S! =%! #$<&K@=>FO@Z! S=$F! O$jFO$! G&@>K&@>! ^@KO! KO$! ZN[<@'r! Jd! 7=^! @F! KO$!
=G[NSFG&>! F$$>! [R! KO$! =G[NSFG&>r! *d! 9F! KO$#$! &! %NKN#$! %=#! KO$! =G[NSFG&>!
Z=F@K@=>r! -=! #$&'O! &>! &>F^$#! K=! KO$F$! `N$FK@=>F6! &<G=FK! LX! =G[NSFG$>! ^$#$!
@>`N@#$S6!&F!S$F'#@[$S!@>!KO$!>$VK!K=Z@'(!!
!
KŵďƵĚƐŵĞŶ͛Ɛ^ĞůĨ-5)(,)537/1A!%257(7,+6!>55(/+,:!
+%K$#!KO$@#!$VZ$#@$>'$F!&F!>$^F!=G[NSFG&>6!F=G$!%=#G$#!"=#KN)N$F$!&>S!?#&D@<@&>!
=G[NSFG$>!O&\$!ZN[<@FO$S![==AF!^@KO!&!A@>S!=%!'=<<$'K@=>!=%!KO$@#!^=#A!@>!KO$!Z#$FF(!
:$>$#&<<R!FZ$&A@>)6!KO$F$![==AF!ZNK!K=)$KO$#!&!F$<$'K@=>!=%!^$$A<R!&#K@'<$F!^#@KK$>![R!
KO$F$! =G[NSFG$>! c3$F`N@K&6! WUUEdh! cM$G&>F6! WUUUdh! c+N#Ö<@=6! HXXWdh! cQ@S&<)=6!
HXXJdh! c;$##&>=6! HXXPdh! c+[#&>K$F6! HXXEdh! 4.;-+cHXXPd6! ;í! cWUUEd6! '=>K#@[NK@>)! &F!
FN'O! K=! $VK$>S! KO$! G$G=#R! =%! KO$@#! ^=#A(! 9>! &! '$#K&@>! F$>F$6! KO$F$! ZN[<@'&K@=>F!
#$%<$'K!>=K!=><R!&>!&ƌĐŚŝǀĞŽĨŽŵďƵĚƐŵĞŶ͛ƐƉƌŽĚƵĐƚŝŽŶďƵƚĂůƐŽƚŚĞŝƌŝŵƉƌĞƐƐŝŽŶƐŽŶ
^O&K! &>! =G[NSFG&>! Z=F@K@=>! FO=N<S! [$6! F$$@>)! &F! O=^! KO$R! O&\$! =''&F@=>&<<R!
^#@KK$>!=>!KO@F!K=Z@'(! 9>!KO$! &NS@=\@FN&<! '=>K$VK6! =G[NSFG$>! O&\$! [$$>! ZN[<@FO@>)!
&>! &>>N&<! #$Z=#K! =>! KO$@#! &'K@\@K@$F͘ ŶLJǁĂLJ͕ ƚŚĞƐĞ ĚŽĐƵŵĞŶƚƐ ĚŽŶ͛ƚ ƌĞƉƌĞƐĞŶƚ ĂŶLJ
!
A@>S! =%! FKNSR! =%! "=#KN)N$F$! 7@FK=#R(! -O@F! @F! &'KN&<<R! &>! @>FN%%@'@$>K<R! Z=#K#&R$S! &>S!
&>&<RF$S!%@$<S(!!
!
ĞƐƉŝƚĞ ŵŽƌĞ ƚŚĂŶƚǁŽ ĚĞĐĂĚĞƐ ŽĨ ͚ŽŵďƵĚƐŵĂŶƐŚŝƉ͛ ŚŝƐƚŽƌLJ ŝŶ ƌĂnjŝů ĂŶĚWŽƌƚƵŐĂů͕
KO$! #$F$&#'O! =>! KO@F! &#$&! ŚĂƐ ďĞĞŶ ĂƐ ĚŝƐĐƌĞƚĞ ĂƐ ƚŚĞ ŽŵďƵĚƐŵĞŶ͛Ɛ ŝŵƉĂĐƚ ŝƚƐĞůĨ͘
+<KO=N)O! F=G$! KO$=#$K@'&<! &ZZ#=&'O$F! O&\$! &<#$&SR! #$%<$'K$S! =>! KO$! =G[NSFG&>!
Z=F@K@=>! @>! )$>$#&<6! [=KO! @>! "=#KN)&<! &>S! ?#&D@<6! c3&K&6! HXXHd! cQ@S&<)=6! HXXHh! HXXUd!
c.<@\$@#&6!HXXPh!HXWXd!c?#@KK=F!u!?#=^>6!HXXId6!c3&@&6!HXXLd6!@>!$GZ@#@'&<!K$#GF6!=><R!
&!%$^!FKNS@$F!&#$!A>=^>!@>!?#&D@<@&>!&>S!"=#KN)N$F$!Z#&'K@'$(!+>S!$\$>!KO$F$!FKNS@$F!
ĨŽĐƵƐ ŵŽƌĞ ŽŶ ƚŚĞ ũŽƵƌŶĂůŝƐƚƐ͛ ƉĞƌĐĞƉƚŝŽŶƐ ĂďŽƵƚ ŽŵďƵĚƐŵĞŶ ;ƐĞĞ ĨŽƌ ĞdžĂŵƉůĞ
Q@S&<)=6! HXXHd! =#! =>! KO$! %N>'K@=>! @>! K$#GF! =%! G$S@&! Z=<@K@'&<! $'=>=GR! KO&>! =>!
=G[NSFG$>!KO$GF$<\$F(!-O@F!<&'A!=%!#$F$&#'O!S#=\$!NF!K=!KO$!@>K$>K@=>!=%!<@FK$>@>)!
ƚŽƚŚŽƐĞǁŚŽƐĞƌŽůĞŝƚŝƐƚŽ͚ůŝƐƚĞŶ͛ƚŽƚŚĞƉƵďůŝĐ͛ƐƉƌŽƚĞƐƚƐ͘!
!
4=>K@>N@>)!&!FKNSR!FK&#K$S!<&FK!R$&#!=>!"=#KN)N$F$!G$S@&!=G[NSFG$>6!KO$!&NKO=#F!
$VK$>S$S! KO$! #$F$&#'O! K=! ?#&D@<6! ^O$#$! &! `N$FK@=>>&@#$! Z#$\@=NF<R! &ZZ<@$S! K=!
"=#KN)N$F$!=G[NSFG$>! ^&F! &<F=! NF$S! K=! [$KK$#! N>S$#FK&>S! KO@F! $VZ$#@$>'$! @>! KO$!
?#&D@<@&>!G$S@&(!-O$!ZN#Z=F$!^&F!K=!$VZ<=#$!KO$!FK&KNF!=%!>$^F!=G[NSFG&>!@>!K^=!
S@%%$#$>K!'=>K@>$>KF6!^O@'O!&<F=!G$&>F!K^=!S@%%$#$>K!F@S$F!=%!KO$!^=#<S(!!!!
!
-O$! =[b$'K@\$F! =%! FN'O! &! Z#=Z=F&<! ^$#$1! &d! K=! S$Z@'K! KO$! O@FK=#R! =%! KO@F! b=[! @>! K^=!
S@%%$#$>K!'=>K$VKF!cKO$!0N#=Z$&>!=>!=>$!O&>S!&>S!KO$!;=NKOB+G$#@'&>!=>!KO$!=KO$#dh!
[d! K=! $VZ<=#$! KO$! ^&R! =G[NSFG$>6! &'K@>)! @>! K^=! S@FK@>'K! '=>K@>$>KF6! %&'$! KO$! #=<$!
KO$R! &#$! FNZZ=F$S! K=! '&##R! =NKh! 'd! K=! `N$FK@=>! KO$! \@&[@<@KR! =%! KO@F! %N>'K@=>! @>!
'=N>K#@$F! ^@KO! S@%%$#$>K! $'=>=G@'! F@KN&K@=>Fh! Sd! K=! F$&#'O! %=#! F@G@<&#@K@$F! &>S!
S@FF@G@<&#@K@$F! @>! FKR<$j<&>)N&)$h! $d! K=! ZNK! @>K=! Z$#FZ$'K@\$! KO$! FK&>S&#SF! =%! G$S@&!
&''=N>K&[@<@KR!@>!K^=!"=#KN)N$F$BFZ$&A@>)!'=N>K#@$F(!!+'KN&<<R6!&<KO=N)O!Z#&'K@'$S!@>!
ƚŚĞƐĂŵĞůĂŶŐƵĂŐĞ͕ĂŶŽŵďƵĚƐŵĂŶ͛ƐũŽďŝƐƐŚĂƉĞĚďLJƐŽĐŝĂů͕ŚŝƐƚŽƌŝĐĂů͕ƉŽůŝƚŝĐĂů͕ĂŶĚ
$\$>! $'=>=G@'! S@%%$#$>'$F(! 9>! KO@F! '=>K$VK6! =N#! Z#=Z=F&<! '=>'$#>F! KO$! =[b$'K@\$! =%!
'=GZ&#@>)! KO$! ^&R! =G[NSFG$>! %#=G! $&'O! '=N>K#R! F$$! KO$GF$<\$F! &>S! KO$!
#$Z#$F$>K&K@=>F!KO$R!G&A$!&[=NK!KO$@#!F='@&<!#=<$(!
!
.#)&>@D$S!@>!LP!`N$FK@=>F!=>!%@\$!G&@>!'O&ZK$#F!cF=G$!GN<K@Z<$!'O=@'$!=#!'O$'A<@FK6!
=KO$#F! =Z$>! K=! &! G=#$! ^@S$! &>S! $VK$>F@\$! '=GG$>Kd! cW(! 9>FK@KNK@=>&<! FK&KNFh! H(!
,$<&K@=>FO@Z! ^@KO! KO$! G$S@&! =#)&>@D&K@=>h! L(! ,$<&K@=>FO@Z! ^@KO! KO$! ZN[<@'h! J(!
KŵďƵĚƐŵĂŶ ƐĞĞŶ ďLJ ŽŵďƵĚƐŵĞŶ͖ ϱ͘ WŽƐŝƚŝŽŶ͛Ɛ ĨƵƚƵƌĞͿ͘ dŚĞ ƋƵĞƐƚŝŽŶŶĂŝƌĞ ǁĂƐ
&ZZ<@$S! @>! HXWW! K=! WP! "=#KN)N$F$! =G[NSFG$>! cKO&K! @F! K=! F&R6! &<<! Z$=Z<$! ^O=! O&S!
^=#A$S!&F!=G[NSFG$>!F@>'$!WUUIPd(!.><R!=>$!S@S!>=K!&>F^$#!KO$!`N$FK@=>>&@#$(!-O$!
F&G$!`N$FK@=>>&@#$!^&F!&>F^$#$S![R!WH!?#&D@<@&>!=G[NSFG$>!@>!HXWH(!?$@>)!GN'O!
<&#)$#!)$=)#&ZO@'&<<R!&>S!&<F=!@>!K$#GF!=%!G$S@&![NF@>$FF!KO&>!"=#KN)&<6!@K!@F!&<G=FK!
@GZ=FF@[<$!K=!&FFN#$!O=^!G&>R!Z$=Z<$!O&\$!&<#$&SR!^=#A$S!&F!=G[NSFG&>!@>!?#&D@<(!
;=G$!=''&F@=>&<!$VZ$#@$>'$F!&#$!A>=^>!=%!@>!#$)@=>&<!G$S@&6![NK!%=#!KO@F!FKNSR!=><R!
>&K@=>&<! `N&<@KR! >$^FZ&Z$#F! &>S! KO$! ZN[<@'! [#=&S'&FK@>)! F$#\@'$! ^$#$! '=>F@S$#$S(!
+''=#S@>)! K=! _&@#=! Q&#@&! 3$>S$F! cHXXHd6! @>! ?#&D@<6! =><R! K^=! $>K$#Z#@F$F! FO=N<S! [$!
ĐŽŶƐŝĚĞƌĞĚĂƐŚĂǀŝŶŐĐŽŶƐŽůŝĚĂƚĞĚƚŚĞŽŵďƵĚƐŵĂŶũŽď͗ƚŚĞĚĂŝůLJŶĞǁƐƉĂƉĞƌƐ͚&ŽůŚĂ
ĚĞ^ĆŽWĂƵůŽ͕͛ĂŶĚ͚KWŽǀŽ͛ĂŶĚ͚ZĂĚŝŽWŽǀŽ͛͘dŚĞĨŝƌƐƚŽŶĞŚĂƐŚĂĚ!WW!=G[NSFG$>!
F@>'$!WUEUh!KO$!F$'=>S!=>$!O&F!O&S!WH!=G[NSFG$>!F@>'$!WUULd(!!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
P
!-O$#$!^$#$!&'KN&<<R!WI!=G[NSFG$>![$K^$$>!WUUI!&>S!HXWW(!7=^$\$#6!=>$!=%!KO$G!S@$S!@>!HXWX(!
!
! ! !
-&[<$!W!
! %13)(5(78)! </3+6! V2?B482)1!3:+3!
/2?B482)1! +189)()4! 3:)!
cB)837/11+7()!
V'32.,.'(! WW!cF@>'$!WUEUd! I!
Q=<O&!S$!;~=!"&N<=!
V'32.,.'(! WH!cF@>'$!WUULd! W!
.!"=\=!
F(+I76! B,-0%!,)-!8A! H!cF@>'$!HXXUd! H!
0?4!
B,-0%!,)-!8A! H! H!
.KO$#F! c-Y! 4N<KN#&!
&>S!,&S@=[#eFd!
V'32.,.'(! J!cF@>'$!WUUId! L!
2@e#@=!S$!/=KT'@&F!
V'32.,.'(! L!cF@>'$!HXXWd! L!
_=#>&<!S$!/=KT'@&F!
V'32.,.'(! *!cF@>'$!WUUEd! *!
'/(3B.+6!
"ê[<@'=!
8A! H!cF@>'$!HXXPd! H!
,-"!
B,-0%! L!cF@>'$!HXXPd! L!
,2"!
!
+''=#S@>)! K=! KO@F! K&[<$6! &[=NK! J*t! =%! ?#&D@<@&>! =G[NSFG$>! &>F^$#$S! KO$!
`N$FK@=>>&@#$(!9>!"=#KN)&<6!KO@F!Z$#'$>K&)$!@>'#$&F$S!K=!EEt(!!!
!
-O$! `N$FK@=>>&@#$! ^&F! S$F@)>$S! =><@>$! cNF@>)! :==)<$! K==<Fd! &>S! &<<! =G[NSFG$>!
FN#\$R$S! ^$#$! Z$#F=>&<<R! '=>K&'K$S! K=! &>F^$#! @K! =><@>$6! K==(! -O@F! G$&>F! KO&K! KO$!
`N$FK@=>>&@#$!^&F!NF$S!&F!&!S@#$'K!&ZZ<@'&K@=>6!@>!=KO$#!^=#SF6!KO$!=G[NSFG$>!^$#$!
&FA$S!K=!&>F^$#!KO$!=><@>$!%=#G![R!KO$GF$<\$F(!-O$!F&G$!G$KO=S!^&F!NF$S!@>![=KO!
'=N>K#@$F(!!
!
KŵďƵĚƐŵĞŶ͛Ɛ^ĞůĨ-5)(,)537/1A!;/25+(71.!<9/!'/(3B.B)8)-E5)+G71.!;/B13(7)8!
!
"18373B37/1+6!E3+3B8!
9%! @K! @F! >=K! &! '=>K#=\$#F@&<!`N$FK@=>6! @K! @F! &K! <$&FK! &! F$>F@K@\$! =>$1!MO$#$! FO=N<S! KO$!
=G[NSFG&>!'=G$!%#=Gr!Q#=G!KO$!>$^F#==GjG$S@&!'=GZ&>R6!=#!%#=G!=NKF@S$!KO$!
>$^F#==GjG$S@&! '=GZ&>Rr! -O$! G&b=#@KR! =%! KO=F$! ^O=! O&\$! &<#$&SR! ^=#A$S! &F!
=G[NSFG$>!@>!"=#KN)&<![$<@$\$!KO&K!@K!'&>![$!G=#$!$%%@'@$>K!&>S!G=#$!'=G%=#K&[<$!@%!
KO$!>$^F!=G[NSFG&>!'=G$F!%#=G!=KO$#!@>FK@KNK@=>F(!.><R!J!=NK!=%!W*!=G[NSFG$>!
FN#\$R$S! N>S$#FK&>S! KO&K! @K! @F! [$KK$#! ^O$>! &>! =G[NSFG&>! @F! F=G$=>$! '=>K#&'K$S!
^@KO@>! KO$! >$^F#==G(! 9>! KO$@#! =Z@>@=>6! ^O$>! &>! =G[NSFG&>! '=G$F! %#=G! KO$!
$>K$#Z#@F$6!@K!@F!&!)@\$>!KO&K!O$!O&F!&![$KK$#!A>=^<$S)$!=%!KO$!$>K$#Z#@F$6!@KF!'N<KN#$!
&>S!@KF!#=NK@>$F(!.>!KO$!=KO$#! O&>S6!F=G$! Z#=V@G@KR![$K^$$>!KO$!=G[NSFG&>!&>S!
KO=F$! ^O=! &#$! &%%$'K$S! [R! O@FjO$#! b=[! G&R! %&'@<@K&K$! KO$! S@&<=)(! +! \$#R! S@%%$#$>K!
=Z@>@=>! @F! $VZ#$FF$S! [R! KO$! ?#&D@<@&>! =G[NSFG$>(! E! =NK! =%! WH! [$<@$\$! KO&K! @K! @F!
Z#$%$#&[<$! KO&K! KO$! =G[NSFG&>! '=G$F! %#=G! KO$! >$^F#==GjG$S@&! '=GZ&>R(! .>$!
ƚŚŝŶŬƐ ƚŚĂƚ ƚŚŝƐ ŝƐ ŶŽƚ Ă ďŝŐ ƋƵĞƐƚŝŽŶ ĂŶĚ ŝƚ ĚŽĞƐŶ͛ƚ ŵĂŬĞ ĂŶLJ ĚŝĨĨĞƌĞŶĐĞ ŝĨ ƚŚĞ
=G[NSFG&>! '=G$F! %#=G! @>F@S$! =#! =NKF@S$(! +#)NG$>KF! KO&K! FNZZ=#K! KO$! =ZK@=>! %=#!
F=G$=>$!%#=G!@>F@S$!Z=@>K!=NK!'=GZ<@'@KR6!K#&>FZ&#$>'R6!&>S!&![$KK$#!A>=^<$S)$!=%!
!
KO$!$>K$#Z#@F$!@>!=#S$#!K=!bNFK@%R!^OR!&>!@>S==#!Z$#F=>!^=N<S![$!G=#$!&ZZ#=Z#@&K$(!
͞ZĞĐƌƵŝƚĞĚ ŽƵƚƐŝĚĞ ƚŚĞ ĐŽŵƉĂŶLJ͕ ƚŚĞ ŽŵďƵĚƐŵĂŶ ƚĂŬĞƐ ƚŚĞ ƌŝƐŬ ŽĨ ƚƌĂŶƐĨŽƌŵŝŶŐ
O@GF$<%!@>K=!&!ŵĞƌĞŵĞĚŝĂĐƌŝƚŝĐ͕͟ƐƚĂƚĞƐĂƌĂnjŝůŝĂŶŽŵďƵĚƐŵĂŶ͘!
!
/ŶWŽƌƚƵŐĂů͕ƚŚƌĞĞŽŵďƵĚƐŵĞŶĚŽŶ͛ƚŚĂǀĞĂĐůĞĂƌŽƉŝŶŝŽŶŽŶƚŚŝƐŝƐƐƵĞ͕ĂŶĚĞŝŐŚƚĚŽ
N>S$#FK&>S!KO&K!>$^F!=G[NSFG$>!FO=N<S!'=G$!%#=G!=NKF@S$!=%!KO$!G$S@&!'=GZ&>R(!
Q@\$! #$&F=>F! $VZ<&@>! ^OR! @K! ^=N<S! [$! [$KKĞƌ ƚŽ ďĞ ͚ĂŶ ŽƵƚƐŝĚĞƌ͛ ŝŶ ƚŚĞ ŵĞĚŝĂ
=#)&>@D&K@=>(! 9>! KO$@#! =^>! ^=#SF6! =G[NSFG$>! '=>F@S$#! KO&K! Z$#F=>&<! #$<&K@=>FO@ZF!
G&R! [$'=G$! &! Z#=[<$G! ^O$>! >$)&K@\$! &ZZ#$'@&K@=>F! O&\$! K=! [$! ZN[<@FO$S(! 9>! KO$!
F&G$! F$>F$6! KO$R! F&R! KO&K! ^O$>! &>! =G[NSFG&>! @F! >=K! &>! $VB'=<<$&)N$! O$! @F! @>! &!
[$KK$#! Z=F@K@=>! K=! '#@K@'@D$! @>! &! G=#$! S$K&'O$S! ^&R(! ?$F@S$F! KO&K6! KO$#$! &#$! [$KK$#!
'=>S@K@=>F!=%!@>S$Z$>S$>'$(!-O@>A@>)!@>!#$<&K@=>!K=!'=G%=#K6!F=G$!O&\$!&<F=!Z=@>K$S!
=NK! KO&K! @K! @F! G=#$! '=G%=#K&[<$! @>! K$#GF!=%! %NKN#$! #$<&K@=>FO@ZF! &>S! ^O&K! '=>'$#>F!
ƚŚĞ ŽŵďƵĚƐŵĂŶ͛Ɛ ƉƵďůŝĐ ŝŵĂŐĞ͕ ƚŚĞ ŝĚĞĂ ŽĨ ĐƌĞĚŝďŝůŝƚLJ ŝƐ ŵŽƌĞ ĂĐĐĞƉƚĂďůĞ͕ ƚŚĂŶ ŝĨ
KO$#$!^$#$!>=!Z#$\@=NF!^=#A@>)!#$<&K@=>FO@Z!^@KO!KO$!b=N#>&<@FKF(!9K!@F!\$#R!@>K$#$FK@>)!
K=!>=K@'$!KO&K!=><R!KO#$$!=G[NSFG$>!@>!?#&D@<!KO@>A!KO&K!=G[NSFG$>!FO=N<S! '=G$!
%#=G!=NKF@S$!KO$!'=GZ&>R(!-O$!&#)NG$>K!O&F!K=!S=!^@KO!KO$!$>)&)$G$>K![$K^$$>!
KO$! =G[NSFG&>! &>S! KO$! b=N#>&<@FKF6! ^O@'O! @F! K=! F&R! KO&K! =G[NSFG$>! O&\$! [$KK$#!
'=>S@K@=>F!=%!@>S$Z$>S$>'$!@%!KO$R!O&\$!O&S!>=!Z#$\@=NF!#$<&K@=>!^@KO!KO$!$>K$#Z#@F$(!!
!
+>R^&R6! FO=N<S! O$! [$6! =#! O&\$! [$$>6! &! b=N#>&<@FKr! 9>! K$#GF! =%! Z#=%$FF@=>&<!
[&'A)#=N>S6! %=N#! "=#KN)N$F$! =G[NSFG$>! KO@>A! &>! =G[NSFG&>! FO=N<S! [$! &!
b=N#>&<@FK(! -O$! G&b=#@KR! '=>F@S$#! KO&K! O$! FO=N<S! O&\$! [$$>! &! b=N#>&<@FK! @>! KO$! Z&FK!
c[NK! >=K! &>RG=#$d(! -O@F! `N$FK@=>6! O=^$\$#6! S$G&>SF! &! Z&#K@'N<&#! #$G&#A! K=!
S@FK@>)N@FO! #&S@=! &>S! -Y! '=>K$VK! %#=G! KO$! Z#$FF! %@$<S(! +F! &! G&KK$#! =%! %&'K6!
=G[NSFG$>! %=#! &NS@=\@FN&<! G$S@&! @>! "=#KN)&<! c%=#! KO$! ZN[<@'! #&S@=! &>S! -Y!
[#=&S'&FK@>)d! Z$#%=#G! KO$@#! &'K@=>! @>! K$#GF! =%! @>%=#G&K@=>! &>S! @>! K$#GF! =%!
$>K$#K&@>G$>K(! Q=#! KO@F! #$&F=>6! @K! @F! N>S$#FK&>S&[<$! KO&K! %=#! -Y! &>S! #&S@=! @K! @F! >=K!
KO&K! @GZ=#K&>K! @%! =G[NSFG$>! &#$! =#! ^$#$! b=N#>&<@FKF6! F@>'$! KO$R! &#$! $VZ$'K$S! K=!
$V&G@>$! KO$! G$S@&! )#=NZ! &F! &! ^O=<$! c'=>'$#>@>)! @KF! S@%%$#$>K! 'O&>>$<Fd6! [=KO! @>!
K$#GF!=%!b=N#>&<@FG!&>S!@>!K$#GF!=%!)$>$#&<!Z#=)#&GG@>)!(!+K!&>R!#&K$6!=G[NSFG$>!
%=#!&NS@=\@FN&<!G$S@&!#$'=)>@D$!KO&K!@K!@F!FK@<<!@GZ=#K&>K!K=!O&\$!F=G$=>$!F$>F@K@\$!K=!
G$S@&!FRFK$G6!'N<KN#$6!&>S!F='@&<!$%%$'KF(!!
!
9>! ?#&D@<6! ^$! %=N>S! &! S@%%$#$>K! &>F^$#! &)&@>(! WW! @>! WH! &>F^$#F! @>S@'&K$! KO&K! &>!
=G[NSFG&>! FO=N<S! [$! c=#! O&\$! [$$>d! &! b=N#>&<@FK(! ! 9>! %&'K6! %=#! F=G$! =G[NSFG$>!
͞ũŽƵƌŶĂůŝƐŵ ĞdžƉĞƌŝĞŶĐĞ ŝƐ ĨƵŶĚĂŵĞŶƚĂů ƚŽ ĐĂƌƌLJŝŶŐ ŽƵƚ ƚŚĞ ũŽď͕͟ ďĞĐĂƵƐĞ ͞ŽŶůLJ ŚĞ
^O=!A>=^F!KO$!&'K@\@KR!'&>!'#@K@'@F$!@K!@>!&!^&R!KO&K!)$KF!KO$!#$FZ$'K!=%!KO$!'#@K@'@F$S!
ũŽƵƌŶĂůŝƐƚƐ͘͟ KŶůLJŽŶĞ ŽŵďƵĚƐŵĂŶ ĚĞĐůĂƌĞƐ ƚŽ ďĞ ŝŶĚŝĨĨĞƌĞŶƚ ƚŽ ƚŚŝƐ ƋƵĞƐƚŝŽŶ͘ ǀĞŶ
KO=F$! ^O=! &SG@K! KO&K! &! #$F$&#'O$#! '&>! &<F=! [$! &>! =G[NSFG&>! %$$<! KO&K! O$jFO$!
FO=N<S!&K!<$&FK!O&\$!^=#A$S!&F!&!b=N#>&<@FK!@>!KO$!Z&FK(!
!
4N##$>K<R!=#!@>!KO$!Z&FK6!&<<!K$>S!K=!&)#$$!KO&K!=G[NSFG$>!FO=N<S!O&\$!&!b=N#>&<@FK@'!
[&'A)#=N>S!&>S!KO&K!KO@F!%&'K!#$Z#$F$>KF!F=G$!&S\&>K&)$F(!+<KO=N)O!&F!&!"=#KN)N$F$!
=G[NSFG&>!Z=@>K$S!=NK6!KO$#$!@F!&!#@FA!=%!'=#Z=#&K@FG6!KO$!G&b=#@KR!N>S$#FK&>S!KO&K!
KO$! &! b=N#>&<@FK@'! [&'A)#=N>S! [$KK$#! )N&#&>K$$F! KO&K! KO$! =G[NSFG&>! A>=^F! KO$!
Z#=%$FF@=>! FZ$'@%@'F6! A>=^F! KO$! b=N#>&<@FK@'! #=NK@>$F6! O&F! $KO@'&<! '=>'$#>F! &>S!
Z#=%$FF@=>&<!G&KN#@KR(!;N#\$R$S!=G[NSFG$>!&<F=!&)#$$!=>!KO$!G&>S&K$!<@G@K!K=Z@'(!
.><R! =>$! c&! "=#KN)N$F$! =G[NĚƐŵĂŶͿ ƚŚŝŶŬƐ ƚŚĂƚ ŵĂŶĚĂƚĞƐ ƐŚŽƵůĚŶ͛ƚ ŚĂǀĞ Ă ůŝŵŝƚ͘
-O$!G&b=#@KR!@>S@'&K$!KO#$$!R$&#F!&F!&!#$&F=>&[<$!<@G@K!@>!"=#KN)&<!&>S!%=N#!R$&#F!@>!
?#&D@<(!!
!
!
! ! !
! D)6+37/18:75!?)39))1!V2?B482)1!+14!3:)!S)47+!;/25+1=!
-O$!#$<&K@=>FO@Z!^@KO!KO$!@>K$#>&<!F@S$!=%!KO$!G$S@&!=#)&>@D&K@=>!&<^&RF!#N>F!@>K=!KO$!
@S$&!=%!@>S$Z$>S$>'$(!+F!&!G&KK$#!=%!%&'K6!=G[NSFG$>!&#$!O@#$S![R!KO$!G$S@&!KO$R!
&#$! FNZZ=F$S! K=! '#@K@'@D$! c=#! S$%$>Sd(! ;=G$! &'&S$G@'! S$[&K$F! K$>S! K=! `N$FK@=>!
^O$KO$#! KO@F! @>FK@KNK@=>&<! #$<&K@=>FO@Z! G&R! KO#$&K$>! KO$! @>S$Z$>S$>'$! &>S!
&NK=>=GR! =%! KO$! =G[NSFG$>! ^O$>! &>&<RF@>)! KO$! G$S@&! Z$#%=#G&>'$(! 4=>%#=>K$S!
ǁŝƚŚ ƚŚĞŝƌ ŽǁŶ ĞdžƉĞƌŝĞŶĐĞ͕ ƚŚĞ WŽƌƚƵŐƵĞƐĞ ŽŵďƵĚƐŵĞŶ ƐĂŝĚ ƚŚĞLJ ĚŝĚŶ͛ƚ ĨĞĞů ƚŚĞŝƌ
@>S$Z$>S$>'$! ^&F! KO#$&K$>$S! ^O@<$! KO$@#! G&>S&K$F(! /$\$#KO$<$FF6! F=G$! =%! KO$G!
&SG@K! KO&K! &SG@>@FK#&K@=>! =#! KO$! $V$'NK@\$! [=&#S! =%! KO$! $>K$#Z#@F$! ^&F! F=G$K@G$F!
O=FK@<$(! 7=^$\$#6! @>! ?#&D@<6! J! =%! KO$! WH! =G[NSFG$>! FN#\$R$S! &SG@KK$S! KO&K! KO$@#!
@>S$Z$>S$>'$!^&F!KO#$&K$>$S(!!
!
D)6+37/18:75!?)39))1!V2?B482+1!+14!3:)!'B?67,!
9>! KO@F! %@$<S6! KO$! `N$FK@=>>&@#$! %='NF$S! =>! K^=! G&@>! &FZ$'KF1! Wd! KO$! K=>$! =%! KO$!
ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ƐĞŶƚ ďLJ ƚŚĞ ƉƵďůŝĐ ĐŽŶĐĞƌŶŝŶŐ ǁŚĂƚ ĐŽŶƐƚŝƚƵƚĞƐ ĂŶ ŽŵďƵĚƐŵĂŶ͛Ɛ
#=<$h!Hd!KO$!^&R!=G[NSFG$>!N>S$#FK&>S!KO$!G$FF&)$F!#$'$@\$S!%#=G!KO$!ZN[<@'(!!
!
tŝƚŚ ƌĞĂĚĞƌƐ͕ ůŝƐƚĞŶĞƌƐ ĂŶĚ ǀŝĞǁĞƌƐ͕ ŝƚ ǁŽƵůĚŶ͛ƚ ďĞ! @>&''N#&K$! K=! F&R! KO&K! KO$!
ŽŵďƵĚƐŵĞŶ͛Ɛ ƌĞůĂƚŝŽŶƐŚŝƉ ŝƐ ĂŵďŝŐƵŽƵƐ͘ ^ŽŵĞ ŽĨ ƚŚĞ ĐŽŵŵŽŶ ĐŝƚŝnjĞŶƐ ƵŶĚĞƌƐƚĂŶĚ
KO&K! KO$@#! '=GZ<&@>KF! &#$! >=K! FN%%@'@$>K<R! $%%@'@$>K! &>S! O&\$! >=! Z#&'K@'&<! $%%$'K(! Q=#!
KO@F! #$&F=>6! F=G$! Z$=Z<$! `N$FK@=>! ^O&K! =G[NSFG$>! &#$! %=#(! 9>! FZ@K$! =%! KO$F$!
S=N[KF6!F=G$!=G[NSFG$>!FK&K$!KO&K!=>!&!^O=<$6!#$&S$#F6!<@FK$>$#F!&>S!\@$^$#F!K$>S!
ƚŽ ĞdžƉƌĞƐƐ ƚŚĞŝƌ ŽǁŶ ƐĂƚŝƐĨĂĐƚŝŽŶ ĨŽƌ ŽŵďƵĚƐŵĞŶ͛Ɛ ũŽď͘ dŚĞLJ ƐĞĞŵ ƚŽ ĨĞĞů ƚŚĂƚ ƚŚĞ
G$S@&! O&F! F=G$=>$! K=! <@FK$>! K=! KO$G! &>S! K=! &>F^$#! KO$@#! `N$FK@=>F(! 9>! ?#&D@<6! KO$!
ŵĂũŽƌŝƚLJ ŽĨ ĐŽŶƚĞŶƚŵĞŶƚ ŵĂŶŝĨĞƐƚĂƚŝŽŶƐ ĨŽƌ ŽŵďƵĚƐŵĞŶ͛Ɛ ũŽď ĐŽŵĞƐ ĨƌŽŵ ƚŚĞ
ZN[<@'(!!
!
ZĞŐĂƌĚŝŶŐ ƚŚĞ ƉƵďůŝĐ͛Ɛ ĐŽŵƉůĂŝŶƚƐ ƚŽǁĂƌĚƐ ũŽƵƌŶĂůŝƐƚƐ͕ ƚŚĞ ŽŵďƵĚƐŵĞŶ ƚŚŝŶŬ ƚŚĂƚ
KO$R! &#$! )<=[&<<R! %&@#6! &<KO=N)O! &! F@)>@%@'&>K! Z&#K! =%! KO$! #$'$@\$S! '=##$FZ=>S$>'$!
%='NF$F! =>! Z&#K@'N<&#! F$>F@[@<@K@$F! &>S! >=K! #$&<<R! =>! $FF$>K@&<! `N$FK@=>F(! .><R! KO#$$!
"=#KN)N$F$!=G[NSFG$>!&>S!K^=!@>!?#&D@<!KO@>A!KO$!G$FF&)$F!'=G@>)!%#=G!KO$!ZN[<@'!
&#$!K==!>$)&K@\$!&>S!N>%&@#!%=#!b=N#>&<@FKF(!!
!
V2?B482+1!E))1!?=!3:)!V2?B482+1M!!
MO$>!&FA$S!K=!$VZ#$FF!KO$@#!=^>!@GZ#$FF@=>F!=>!^O&K!=G[NSFG$>!FO=N<S![$6!KO$#$!
@F! &! 'N#@=NF! S@%%$#$>'$! [$K^$$>! "=#KN)&<! &>S! ?#&D@<! @>! K$#GF! =%! %='NF(! 9>! "=#KN)&<6!
&<G=FK!&<<!=G[NSFG$>!#$%$#!K=!&!G$S@&K@=>!%N>'K@=>(!9>!?#&D@<6!O=^$\$#6!KO$!G&b=#@KR!
Z=@>KF!=NK!KO&K!&>!=G[NSFG&>!@F!F=G$=>$!^O=!#$Z#$F$>KF!KO$!#$&S$#Fj<@FK$>$#F!&>S!
\@$^$#F(!3=#$!KO&>!&>!@G&)$!=%!&!A@>S!=%!$%#D'+3'')6!?#&D@<@&>!=G[NSFG$>!\@$^!KO$!
ũŽď ĂƐ Ă ŬŝŶĚ ŽĨ ͚ĚĞĨĞŶĚĞƌ͛ ŽĨ ƚŚĞ ƉƵďůŝĐ͘ KŶĞ ŽĨ ƚŚĞŵ͕ ĨŽƌ ĞdžĂŵƉůĞ͕ ƐĂLJƐ ƚŚĂƚ ƚŚĞ
ŽŵďƵĚƐŵĂŶ͞ŝƐƐŽŵĞŽŶĞǁŚŽĐĂŶĞdžZ#$FF!^O&K!KO$!#$&S$#!@F!KO@>A@>)!&[=NK!G$S@&!
ĐŽǀĞƌĂŐĞ͘͟ŶŽƚŚĞƌŽŶĞƐƚĂƚĞƐƚŚĂƚƚŚĞŽŵďƵĚƐŵĂŶ͞ŝƐƚŚĞƌĞĂĚĞƌ͛ƐĚĞĨĞŶĚĞƌŝŶƚŚĞ
ũŽƵƌŶĂůŝƐƚŝĐ ĞŶƚĞƌƉƌŝƐĞ ĂŶĚ ƚŚĞ ŶĞǁƐƌŽŽŵ͟ Žƌ͕ ŝŶ ĂŶŽƚŚĞƌ ŽŵďƵĚƐŵĂŶ͛Ɛ ǁŽƌĚƐ͕ ͞ĂŶ
ŝŶĚĞƉĞŶĚĞŶƚ ŝŶƚĞƌƉƌĞƚĞƌ ŽĨ ƚŚĞ ƌĞĂĚĞƌƐ͛ ĐƌŝƚŝĐƐ ĂŶĚ ĚĞƐŝƌĞƐ͘͟ dŚŝƐ ŝĚĞĂ ŽĨ ͚ĚĞĨĞŶĐĞ͛
[#@>)F! ?#&D@<@&>! =G[NSFG$>! '<=F$#! K=! KO$! ;Z&>@FO! $VZ$#@$>'$! c^O$#$! KO$!
ŽŵďƵĚƐŵĂŶ ŝƐ ĐĂůůĞĚ ͚ĞĨĞŶƐŽƌ͛Ϳ ƚŚĂŶƚŽ ƚŚĞ &ƌĞŶĐŚ Žƌ ƚŚĞWŽƌƚƵŐƵĞƐĞ ŽŶĞ ;ǁŚĞƌĞ
ƚŚĞ ĚĞƐŝŐŶĂƚŝŽŶƐ ŚĂǀĞ ŵŽƌĞ ƚŽ ĚŽ ǁŝƚŚ ƚŚĞ ŝĚĞĂŽĨ ͚ŵĞĚŝĂƚŝŽŶ͛Ϳ͘ &Žƌ! KO@F! #$&F=>6! @>!
ƌĂnjŝů͕ ƚŽ ͚ĚĞĨĞŶĚ ƚŚĞ ƌĞĂĚĞƌƐ͛ ŝŶƚĞƌĞƐƚƐ͛ ĂƉƉĞĂƌƐ ĂƐ Ă ĨƵŶĚĂŵĞŶƚĂů ƌŽůĞ ŽĨ ƚŚĞ
ŽŵďƵĚƐŵĂŶ ũŽď͕ ͞ĞǀĞŶ ǁŚĞŶ ƌĞĂĚĞƌƐ ĚŽŶ͛ƚ ŵĂŶŝĨĞƐƚ ƚŚĞŝƌ ŽǁŶ ŝŶƚĞƌĞƐƚƐ͘͟
4=>'=G@K&>K! K=! KO@F! #=<$6! =G[NSFG$>! &#$! &<F=! $VZ$'K$S! K=! '#@K@'@F$! KO$! G$S@&!
Z#&'K@'$F!#$)N<&#<R!&>S!K#&>FZ&#$>K<R(!!
!
MO$>! `N$FK@=>$S! &[=NK! KO$! #=<$! =G[NSFG&>! FO=N<S! Z<&R6! KO$! #$FZ=>S$>KF!
ŵĞŶƚŝŽŶĞĚŵĂŝŶůLJƚŚƌĞĞĂƐƉĞĐƚƐ͗ŵĞĚŝĂůŝƚĞƌĂĐLJ͕ĞƚŚŝĐĂůĚĞďĂƚĞ͕ĂŶĚƌĞĂĚĞƌƐ͛ĚĞĨĞŶĐĞ
cKO@F! <&FK! =>$! @F! %=#GN<&K$S! Z&#K@'N<&#<R! [R! KO$! ?#&D@<@&>! =G[NSFG$>d(! ;NGG@>)! NZ!
ƚŚĞĂƐƉĞĐƚƐƉŽŝŶƚĞĚŽƵƚŝŶƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͕ƚŚĞŽŵďƵĚƐŵĞŶ͛ƐƌŽůĞƐŚŽƵůĚŝŶĐůƵĚĞ͗
Wd! -=! Z#=G=K$! &! '@K@D$>FO@Z! 'N<KN#$h! Hd! -=! )@\$! \=@'$! K=! #$&S$#Fj<@FK$>$#Fj\@$^$#F!
;ƌĂnjŝůŝĂŶ ŽŵďƵĚƐŵĞŶ ƵƐĞ ƚŚĞ ǀĞƌď ͚ƚŽ ƌĞƉƌĞƐĞŶƚ͛ Žƌ ͚ƚŽ ĚĞĨĞŶĚ͛ ƚŚĞ
#$&S$#Fj<@FK$>$#Fj\@$^$#Fd!h!Ld!-=!G&A$!&!'#@K@'&<!#$&S@>)!=%!KO$!G$S@&!'=#Z=#&K@=>h!Jd!
-=! Z#=G=K$! &>! $KO@'&<! &>S! S$=>K=<=)@'&<! #$FZ=>F@[@<@KRh! *d! -=! '<&#@%R! '@K@D$>F! =>!
$S@K=#@&<! =ZK@=>F! &>S! '=>'#$K$! '=>S@K@=>F! =%! b=N#>&<@FK@'! ^=#Ah! Pd! -=! <@FK$>! K=! KO$!
ƉƵďůŝĐ͛ƐĐŽŵƉů&@>KF!&>S!&>F^$#!KO$Gh!Id!-=!A$$Z!KO$!'=>>$'K@=>!K=!KO$!>$^F#==Gh!Ed!
dŽ ƉƌŽŵŽƚĞ ŵĞĚŝĂ ůŝƚĞƌĂĐLJ͖ ϵͿ dŽ ĚĞďĂƚĞ ƚŚĞ ŵĞĚŝĂ͛Ɛ ƌŽůĞ͖ ϭϬͿ dŽ ƐĐƌƵƚŝŶŝƐĞ
ĚĞŽŶƚŽůŽŐŝĐĂůƉƌĂĐƚŝĐĞƐ͖ϭϭͿdŽĚĞĨĞŶĚĐŝƚŝnjĞŶƐ͛ŝŶƚĞƌĞƐƚƐ͖ϭϮͿdŽǁŽƌŬĂƐĂŶŝŶƐƚĂŶĐĞ
=%! #$%<$'K@=>! &>S! F$<%B'#@K@'@FG! %=#! b=N#>&<@FKFh! WLd! -=! $\&<N&K$! KO$! '=GGN>@'&K@=>!
Z#='$FF$Fh!WJd!-=!%=#GN<&K$!FN))$FK@=>F(!
!
-=! #$&'O! KO$F$! =[b$'K@\$F6! &>! =G[NSFG&>! FO=N<S! %@K! &! Z&#K@'N<&#! Z#=%@<$! %=#! KO$!
"=#KN)N$F$! #$FZ=>S$>KF! &F1! &d! O&\@>)! Z#=%$FF@=>&<! $VZ$#@$>'$h! [d! [$@>)! &! F$>F@[<$!
Z$#F=>h!'d!O&\@>)!@>S$Z$>S$>'$!&>S!KO$!'&Z&'@KR!K=!<@FK$>!K=!=KO$#F6!Sd![$@>)!G&KN#$6!
$d!O&\@>)!)#$&K!A>=^<$S)$!=%!KO$!G$S@&!FRFK$G!@>!)$>$#&<!&>S!=%!KO$!b=N#>&<@FK@'!%@$<S!
@>! Z&#K@'N<&#h! %d! O&\@>)! &! ^@S$! '@\@'! &>S! 'N<KN#&<! $SN'&K@=>6! &F! ^$<<! &F! #$'=)>@D$S!
Z#$FK@)$h!)d!O&\@>)!@>K$<<$'KN&<!O=>$FKR!&>S!%#&>A>$FF(!?#&D@<@&>!=G[NSFG$>!K$>S!K=!
N>S$#<@>$!F=G$!=KO$#!'O&#&'K$#@FK@'F1!&d!S$$Z!A>=^<$S)$!=%!KO$!%N>'K@=>h![d!F$#$>@KR!
&>S! [&<&>'$6! Z&K@$>'$h! 'd! K$'O>@'&<! '&Z&'@KR! K=! bNS)$h! Sd! <$&S$#FO@Zh! $d! $G=K@=>&<!
[&<&>'$h!%d!@>FK@KNK@=>&<!&NKO=#@KR(!!
!
0\$>! ^@KO! FK#=>)! Z$#F=>&<! `N&<@K@$F6! >$^F! =G[NSFG$>! S$&<! %#$`N$>K<R! ^@KO! F=G$!
S@%%@'N<K@$F!KO&K!G@)OK!'=>FK#&@>K!KO$@#!b=[(!.>!=>$!O&>S6!F=G$!Z#=%$FF@=>&<F!#$%NF$!K=!
[$!'#@K@'@F$S!cKO$#$!@F!&!K#&S@K@=>&<!@G&)$!=%!@GZN>@KRd(!+!?#&D@<@&>!=G[NSFG&>!#$%$#F!
ƐƉĞĐŝĨŝĐĂůůLJ ƚŽ ƚŚĞ ĨĂĐƚ ŽĨ ƚŚĞ ũŽƵƌŶĂůŝƐƚ͛Ɛ ǀĂŶŝƚLJ͘ KŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ƐŽŵĞƚŝŵĞƐ
=G[NSFG$>! %&'$! F=G$! =[FK&'<$F! ^O@<$! @>! '=>K&'K! ^@KO! KO$! &SG@>@FK#&K@=>! &>S!
$S@K=#F(! ?$F@S$F6! KO$#$! @F! &! ZN[<@'! K$>S$>'R! K=! `N$FK@=>! G@>=#! G&KK$#F! c&! KO@#S! =%!
?#&D@<@&>! #$FZ=>S$>KF! #$%$#! KO&K! Z$=Z<$! &#$! FZ$'@&<<R! %='NF$S! =>! @>S@\@SN&<!
F$>F@[@<@K@$Fd(!!
!
UB3B()!
+<<! "=#KN)N$F$! =G[NSFG$>! ^$@)OK! NZ! KO$@#! &'K@=>F! &F! [$@>)! )<=[&<<R! Z=F@K@\$! &>S!
S$%$>S!KO$!'=>K@>N@KR!=%!KO@F!Z=F@K@=>(!?NK!KO$#$!@F!&!<&#)$!#@FA!=%!$VK@>'K@=>(!+''=#S@>)!
K=! KO$! "=#KN)N$F$! =G[NSFG$>6! F=G$! #$&F=>F! G&R! S$K$#G@>$! KO$! $>S! =%!
ŽŵďƵĚƐŵĞŶ͗ ŝŶ Ă ǁĂLJ͕ ũŽƵƌŶĂůŝƐŵ͛Ɛ ǁŽƌůĚ ŚĂƐ ĐŚĂŶŐĞĚ ĂŶĚ ũŽƵƌŶĂůŝƐŵ ŝƐ ƚƌĞĂƚĞĚ
G=#$! &>S! G=#$! &F! G$#'O&>S@F$(! :<=[&<<R6! =>$! =%! KO$! FK#=>)$#! %&'K=#F! KO&K!
'=>K#@[NK$F! K=! KO@F! S$'#$&F$! @F! KO$! $'=>=G@'! '#@F@F! &%%$'K@>)! &<<! F$'K=#F6! Z&#K@'N<&#<R!
KO$!G$S@&(!.>$!$VB=G[NSFG&>!&<F=!Z=@>KF!=NK!KO&K!KO$#$!^&F!&!'$#K&@>!@>'&Z&'@KR!=%!
=G[NSFG$>! K=! Z#=\$! KO$@#! #$&<! \&<N$! &F! &! Z#=%$FF@=>&<! &>S! G=#&<! bNS)G$>K!
@>FK@KNK@ŽŶ͕ ǁŚŝĐŚ ŝŶ ĂŶŽƚŚĞƌ ƌĞƐƉŽŶĚĞŶƚ͛Ɛ ǁŽƌĚƐ ƐƚĂƚĞƐ ƚŚĞ ƌĞĂƐŽŶ ǁŚLJ ƚŚĞ
ŽŵďƵĚƐŵĞŶ͛ƐƉŽƐŝƚŝŽŶĚŝĚŶ͛ƚďĞĐŽŵĞƐŽŵĞƚŚŝŶŐƌĞůĞǀĂŶƚĨŽƌƚŚĞŵĂũŽƌŝƚLJŽĨƌĞĂĚĞƌƐ͘
Q=#! KO$! ?#&D@<@&>! =G[NSFG$>6! F=G$! &ZZ#$O$>F@=>! K=^&#SF! KO$! =^>$#F! G&R! &<F=!
bNFK@%R! KO$! #$SN'$S! >NG[$#! =%! =G[NSFG$>! @>! KO&K! '=N>K#R(! -O$#$! &#$! &<F=!
=G[NSFG$>! ^O=! '=>F@S$#! KO&K! ?#&D@<@&>! G$S@&! S=$F! >=K! &SG@K! '#@K@'@FG6! [$'&NF$!
KO$R!'=>F@S$#!KO$GF$<\$F!&F![$@>)!&[=\$!F='@$KR(!
!
9>! ^O&K! '=>'$#>F! KO$! @>%<N$>'$! =%! >$^! K$'O>=<=)@$F6! $<$'K#=>@'! K$'O>=<=)@$F! =%!
ĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƐŽĐŝĂů ŶĞƚǁŽƌŬƐ ĚŽĞƐŶ͛ƚ ƐĞĞŵ ƚŽ ĐŽŶƚƌŝďƵƚĞ
!
! ! !
ƵŶĞƋƵŝǀŽĐĂůůLJ ƚŽ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚ ŽĨ ƚŚĞ ŽŵďƵĚƐŵĞŶ͛Ɛ ƌŽůĞ͘ ůƚŚŽƵŐŚ ƚŚĞLJ ŵŝŐŚƚ
&ZZ#=&'O!Z$=Z<$!K=!KO$!=G[NSFG$>6!KO$R!#$Z#$F$>K!&>!@<<NF@=>!=%!Z&#K@'@Z&K@=>!&>S!
&#$!G&A@>)!G$S@&!'#@K@'@FG![$'=G$!\&)N$!&>S!S@FZ$#F$!KO#=N)O!^$[![<=)F!&>S!=KO$#!
=><@>$!Z<&K%=#GF(!QN#KO$#G=#$6!@K!'=N<S![$!Z=@>K$S!=NK!KO&K!KO$#$!@F!&!)$>$#&<!<&'A!=%!
F$>F@[@<@KR!%=#!KO$!\&<N$!=%!'#@K@'@FG!&>S!F$<%B'#@K@'@FG(!
!
;/1,6B87/1A!3:)!$)67,+3)!;/14737/1!/*!S)47+!V2?B482)1!973:71!+!E/,7)3=!/*!%3:7,8!
+<KO=N)O! \$#R! F@G@<&#! @>! [=KO! '=N>K#@$F6! @K! '=N<S! [$! F&@S! KO&K! K^=! G&@>! &FZ$'KF!
ĚŝƐƚŝŶŐƵŝƐŚŽŵďƵĚƐŵĞŶ͛ƐƐĞůĨBZ$#'$ZK@=>![$K^$$>!"=#KN)&<!&>S!?#&D@<(!Q@#FK6!KO$!G&@>!
K=>$! =%! KO$! b=[!1! %=#! ?#&D@<@&>! =G[NSFG$>6! KO$R! &#$! %@#FK! &>S! %=#$G=FK!
#$Z#$F$>K&K@\$F! =%! KO$! ZN[<@'6! $VZ$'K$S! K=! S$%$>S! #$&S$#F6! <@FK$>$#F! &>S! \@$^$#F!
&)&@>FK![&S!G$S@&!Z$#%=#G&>'$F!h!%=#!"=#KN)N$F$!=G[NSFG$>6!KO$!b=[!F$$GF!K=![$!
G=#$! #$<&K$S! K=! &! G$S@&K@=>! %N>'K@=>(! 9K! G@)OK! F$$G! @##$<$\&>K6! [NK! KO$#$! @F! &!
F@)>@%@'&>K!S@%%$#$>'$!@>!G$&>@>)!@>K#@>F@'!K=!KO@F!K=Z@'(!?$@>)!$VZ$'K&[<R!@GZ&#K@&<!@>!
[=KO!'=N>K#@$F! &>S![$@>)!F=G$=>$! ^O=!^=#AF!=>![$O&<%!=%!KO$!ZN[<@'(!-O$!K#NKO!@F!
KO&K!KO$#$!@F!&!S$$Z$#!N>S$#FK&>S@>)!=%!G$S@&K@=>!@>!"=#KN)&<(!+F!%&#!&F!=G[NSFG$>!
$VZ#$FF! KO$GF$<\$F6! KO$! ^=#S! G$S@&K@=>! @F! NF$S! G=#$! =%K$>! [R! "=#KN)N$F$!
=G[NSFG$>! &>S! KO$! ^=#S! #$Z#$F$>K&K@=>jS$%$>'$! @F! NF$S! G=#$! [R! ?#&D@<@&>!
=G[NSFG$>(!!
!
.>! KO$! =KO$#! O&>S6! ?#&D@<@&>! =G[NSFG$>! F$$G! K=! [$! G=#$! '=>\@>'$S! =%! KO$!
b=N#>&<@FK@'![&'A)#=N>S!KO&K!=G[NSFG$>!FO=N<S!O&\$(!+>S!KO$R!K$>S!K=!&SG@K!<=>)$#!
G&>S&K$F!KO&>!KO$!"=#KN)N$F$!=G[NSFG$>(!
!
D)*)()1,)8!
Z/ddK^͕ sĂůĠƌŝŽ Ğ ZKtE͕ DĂƌĐĞůĂ ;ϮϬϬϳͿ͘ ͞KŵďƵĚƐŵĂŶ ĚĞ ŵşĚŝĂ͗ Ă ĨŝƐĐĂůŝnjĂĕĆŽ
ĚŽƐ ĐŽŶƚĞƷĚŽƐƚĞůĞǀŝƐŝǀŽƐ͘͟ 9>! ,$\@FK&!0<$K#=>@'&! 9>K$#>&'@=>&<! S$! 0'=>=G@&!"=<TK@'&!
S$!<&F!-$'>=<=)T&F!S$!<&!9>%=#G&'@s>!R!4=GN>@'&'@s>6!\=<(!U6!>ì!L(!
4.;-+6! 4&@=! -ê<@=! cHXXPd(! N*D<-2*,):! N! B'/e$0%! -'! @,21%,/:! ;~=! "&N<=1! 0S@K=#&!
:$#&|~=!
Q92+C:.6! _=&`N@G! cHXXJd(! "*! )%*'! -%! /'0+%(! ʹ! ,2! 1%/<),2! -%! .(%&'-%(! -%! @zD/01%:!
4=@G[#&1!3@>$#\&!
Q9:809,02.6! 3e#@=! cHXWHd(! B'/,+e(0%! J0),/! -%! @(%&'-%(! -%! N<&0)+'! ʹ! TUQQ:! C@F[=&1!
,-"!
:.30;6!+S$<@>=!cHXXUd(!B'/,+e(0%!-%!@(%&'-%(!-%!N<&0)+'!ʹ!TUUS(!C@F[=&1!,-"!
C93+6!,$)@>&!cHXWHd(!B'/,+e(0%!F)<,/!-,2!F+0&0-,-'2!-,!N<&0-%(0,!'*!TUQQ:!?#&FT<@&1!
0?4!
D/ZZ͕ĂƌůŽƐ;ϮϬϬϲͿ͘͞hŶG=S$<=!S$!2$%$>F=#!S$<!C$'K=#6!S$<!.R$>K$!R!S$<!
dĞůĞƐƉĞĐƚĂĚŽƌƉĂƌĂĞůƉĞƌĨĞĐĐŝŽŶĂŵŝĞŶƚŽĚĞůĞũĞƌĐŝĐŝŽĚĞůƉĞƌŝŽĚŝƐŵŽĞŶƐƉĂŹĂ͘͟/Ŷ
ŽŵƵŶŝĐĂĐŝſŶLJ^ŽĐŝĞĚĂĚ͕ǀŽů͘y/y͕Ŷ͛ϭ͕ϮϬϬϲ͕ƉƉ͘ϰϳBPP(!
3+9+6!]Ñ>@&!cHXXPd(!͞KŽŵďƵĚƐŵĂŶŶĂ&ŽůŚĂĚĞ^͘WĂƵůŽ͗ĞŶƚƌĞĂĐƌşK@'&!S&!GTS@&!$!&F!
ƌĞĐůĂŵĂĕƁĞƐĚŽƐůĞŝƚŽƌĞƐ͘͟/Ŷ͗/s^W:Žƌ͕ϮϬϬϲ͕WŽƌƚŽůĞŐƌĞ͘ŶĂŝƐĚŽ/s^W:Žƌ͕ϮϬϬϲ͘!
3+,-9/;6!_=FÖ!/N>=!cHXXEd(!B'/,+e(0%!J0),/!-'!F+0&0-,-'!-%!@(%&'-%(!-%!N<&0)+'!-%!
G'(&0k%!@zD/01%!-'!B,-0%-04<2l%!G%)%(,!ʹ!TUUh#TUUS(!C@F[=&1!,-"!
3+,-9/;6!_=FÖ!/N>=!cHXXId(!B'/,+e(0%!-%!@(%&'-%(!-%!N<&0)+'!-%!G'(&0k%!@zD/01%!-'!
B,-0%-04<2l%!G%)%(,!ʹ!TUUh(!C@F[=&1!,-"!
3+-+6!3&#@&!_=FÖ!cHXXHd(!F!,<+%1(n+01,!)%!=%(),/02*%(!4=@G[#&1!3@>$#\&!
30;w89-+6! 3e#@=! cWUUEd(! N! M%(),/02*%! '*! F)f/02'! ʹ! ,! 1%/<),! -%! @(%&'-%(! -%2!
;'0+%('2!'*!,)f/02'(!4=@G[#&1!3@>$#\&!
.C9Y09,+6!_=FÖ!"&`N$K$!cHXWWd(!B'/,+e(0%!-%!@(%&'-%(!-%!8'/'2.'+,-%(!-,!B8@!ʹ!TUQU(!
C@F[=&1!,-"!
!
.C9Y09,+6!_=FÖ!"&`N$K$!cHXXId(!B'/,+e(0%!-%!@(%&'-%(!-%!8'/'2.'+,-%(!-,!B8@!ʹ!TUUh:!
C@F[=&1!,-"!
.C9Y09,+6! 3&S&<$>&! cHXWXd! 3$K&b=#>&<@FG=1! `N&>S=! =! b=#>&<@FG=! Ö! FNb$@K=! S=!
Z#sZ#@=!S@F'N#F=(!4=@G[#&1!:#e'@=!0S@K=#!
K>/s/Z͕ DĂĚĂůĞŶĂ ;ϮϬϬϲͿ ͚K ƉƌŽǀĞĚŽƌ ŶŽƐ ŽƉĞƌĂĚŽƌĞƐ ƉƷďůŝĐŽƐ ĚĞ ƌĄĚŝŽ Ğ ĚĞ
ƚĞůĞǀŝƐĆŽ͗ƉĂƌĂƵŵƉĂĚƌĆŽĚĞƌĞĨĞƌġŶĐŝĂ͛ʹ!+>Ne#@=!HXXP!+!'=GN>@'&|~=!$!=F!G$S@&!
$G! &>e<@F$(! ?#&)&(! 404;! c$?==Ad! cPWBP*d(! +\&@<&[<$! =>1!
èOKKZ1jj^^^(<&F@'F(NG@>O=(ZKj=bFj@>S$V(ZOZj&>N&#@=HXXPj&#K@'<$j\@$^jLELî!
Wh>/EK͕ &ĞƌŶĂŶĚŽKůŝǀĞŝƌĂ;ϮϬϭϬͿ͘͞ĞKƵǀŝŶƚĞ ĂKƵǀŝĚŽƌ͗ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ƐŽĐŝĂů
S&! GTS@&! $! Z&#ïG$K#=F! S$! &KN&|~=! S&! .N\@S=#@&! S&F! ,eS@=F! S&! 0GZ#$F&! ?#&F@<! S$!
ŽŵƵŶŝĐĂĕĆŽ;Ϳ͘͟/ŶZŽŐĠƌŝŽŚŝƐƚŽĨŽůĞƚƚŝ͘;KƌŐ͘Ϳ;ϮϬϭϬͿ͘ A0+(0)'!'!&0-(,k,?!7(n+01,!
-'!On-0,!'!j<,/0-,-'!)%!M%(),/02*%(!4=\@<O~1!C@\#=F!C&[4=G6!Z(!U*BWWX(!+\&@<&[<$!=>1!!
è!OKKZ1jj^^^(<@\#=F<&['=G(N[@(ZKj[==Aj*î!
"+8C9/.6! Q$#>&>S=! .<@\$@#&! cHXXEd(! ,$FZ=>F&[@<@S&S$! F='@&<! S&! GTS@&1! &>e<@F$!
'=>'$@KN&<! $! Z$#FZ$'K@\&F! S$! &Z<@'&|~=! >=! ?#&F@<6! "=#KN)&<! $! 0FZ&>O&(! LJE! %(! -$F$!
c2=NK=#&S=!$G! 4=GN>@'&|~=dB8>@\$#F@S&S$! S$! ?#&FT<@&6! ?#&FT<@&6!HXXE(! +\&@<&[<$! =>1!!
èOKKZ1jjOS<(O&>S<$(>$KjWXJEHj*WI*î(!
;9CY+6! CN@D! 3&#K@>Fh! "+8C9/.6! Q(!.(! cHXXId(! ͞DĞĚŝĂĂĐĐŽƵŶƚĂďŝůŝƚLJƐLJƐƚĞŵƐ͗ŵŽĚĞůƐ͕
ƉƌŽƉŽƐĂůƐ ĂŶĚ ŽƵƚůŽŽŬƐ͘͟ ƌĂnjŝůŝĂŶ :ŽƵƌŶĂůŝƐŵ ZĞƐĞĂƌĐŚ͕ ǀ͘ ϯ͕ Ɖ͘ ϭϯϳBW*L(! +\&@<&[<$!
=>1!èOKKZ1jj[b#(F[Zb=#(=#)([#j[b#j&#K@'<$j\@$^jWXLjWXHî(!
! !
!
! ! !
!
!
$/,B2)13+(=!)3:7,8!71!,/13)25/(+(=!5(+,37,)8C!!
>63)(1+370)!5+(37,75+37/1K!+63)(1+370)!)3:7,8M!
!
M@<<$G@$>!;&>S$#F1!
!
!
>?83(+,3!
2='NG$>K&#R!F'O=<&#F!O&\$!Z#$FNZZ=F$S!&!'$#K&@>!S='NG$>K&#R!Z#&'K@'$6!&>S!O&\$!
$KO@'&<<R!$\&<N&K$S!KO@F!Z#&'K@'$6!^@KO!&!%='NF!=>!KO$!>$$S!%=#!Z#=K$'K@=>!%=#!&!
\N<>$#&[<$!&>S!@)>=#&>K!Z&#K@'@Z&>K(!?NK!K@G$F!O&\$!'O&>)$S(!?R!#$F$&#'O@>)!KO$!
$VZ$#@$>'$!=%!$KO@'&<!'O&<<$>)$F![R![=KO!S='NG$>K&#R!%@<GG&A$#F!&>S!Z&#K@'@Z&>KF6!
KO#=N)O![=KO!&!`N&>K@K&K@\$!&>S!&!`N&<@K&K@\$!Z#=b$'K6!&!Z#&'K@'$!FN#%&'$F!@>!^O@'O!KO$!
Z&#K@'@Z&>K!@F!'=GG@KK$S!K=!&>S!@>\=<\$S!@>!KO$!Z#=b$'Kh!'=>%<@'K![$K^$$>!%@<GG&A$#!
&>S!Z&#K@'@Z&>K!@F!#$'N##$>K6![NK!>=>BS$'@F@\$6!&F!'=GGN>@'&K@=>6!K#NFK6!&>S!
'=GG@KG$>K!&'K!&F!&!F&%$KRB>$K(!7$>'$6!`N$FK@=>F!&[=NK!S='NG$>K&#R!$KO@'F!>$$S!K=!
&SS#$FF!KO@F!'=>K$GZ=#&#R!Z#&'K@'$6!#&KO$#!KO&>!&!Z&FK!=>$(!!
!
@)=9/(48A!2='NG$>K&#R6!Z#&'K@'$6!$KO@'F6!`N&<@K&K@\$!#$F$&#'O6!`N&>K@K&K@\$!#$F$&#'O6!
Z&#K@'@Z&K@=>!
!
!
2='NG$>K&#R! KO$=#@FKF! O&\$6! F@>'$! KO$! G@SBWUIXF6! S@F'NFF$S! KO$! $KO@'F! =%!
S='NG$>K&#R! %@<G! &>S! S='NG$>K&#R! %@<GG&A@>)! cF$$6! %=#! @>FK&>'$6! :#=FF6! ]&KD6! &>S!
,N[R6! WUEE&h! /@'O=<F6! WUUWh! "#R<N'A6! WUIPh! ,=F$>KO&<6! WUEE&h! M@>FK=>6! HXXXd(! +!
S$\$<=ZG$>K!KO&K!K#@))$#$S!F'O=<&#<R!'=>F@S$#&K@=>F!=%!$KO@'F!^&F!KO$!@>K#=SN'K@=>!=%!
<@)OK^$@)OK! '&G$#&F! &>S! FR>'! F=N>S6! &>S! KONF! =%! -0('1+! 10)'*,6! &>S! 10)'*,! &`(0+`6!
G&A@>)! @K! Z=FF@[<$! K=! %=<<=^! Z$=Z<$! &#=N>S! &>S! %@<G! KO$G! '=>K@>N=NF<R! &>S!
FZ=>K&>$=NF<R! c"#R<N'A6! WUIPd(! 9>! KO@F! S@F'=N#F$6! F'O=<&#F! O&\$! Z#$FNZZ=F$S! &>S!
$KO@'&<<R! $\&<N&K$S! &! '$#K&@>! S='NG$>K&#R! Z#&'K@'$(! -O@F! Z#&'K@'$! ^&F! )#=N>S$S! @>!
ďŽƚŚZŽďĞƌƚ&ůĂŚĞƌƚLJ͛ƐŶĂƌƌĂƚŝǀĞĚŽĐƵŵĞŶƚĂƌŝĞƐƐƵĐŚĂƐV,)%%>!%4!+5'!V%(+5!cWUHHd!
&>S! O,)! %4! F(,)! cWULJd6! &F! ^$<<! &F! @>! F='@&<! S='NG$>K&#@$F! Z#=SN'$S! [R! _=O>!
:#@$#F=>!&>S!O@F!'=<<$&)N$F6!FN'O!&F!C(04+'(2!cWUJPd!&>S![%<20)$!@(%D/'*2!cWUL*d!&>S!
@>! G=#$! #$'$>K! S@#$'K! '@>$G&! Z#=b$'KF6! G=FK! >=K&[<R! 80+01<+! J%//0'2! cWUPIh! F$$6! %=#!
@>FK&>'$6! M@>FK=>6! HXXXd(! 9>! KO$! Z&FK! %$^! S$'&S$F6! K$'O>=<=)@'&<! &S\&>'$G$>K! O&F!
'=>K@>N$S!K=!&%%$'K!%@<G!Z#=SN'K@=>!Z#=%=N>S<R6!G&A@>)!Z#=SN'K@=>!%&'@<@K@$F!&\&@<&[<$!
%=#! $\$#R=>$! &>S! &%%=#S@>)! =ZZ=#KN>@K@$F! %=#! F$<%B'&FK@>)! =>! KO$! @>K$#>$K(! 7=^$\$#6!
KO$! S@F'NFF@=>! =%! S='NG$>K&#R! %@<GG&A@>)! $KO@'F! O&F! >=K! R$K! @>'<NS$S! KO@F!
S$\$<=ZG$>K(!.>!KO$!'=>K#&#R1!@K!#$<@$F!=>!KO$!K#&S@K@=>&<!Z#$G@F$!=%!&>!&<<BZ=^$#%N<!
%@<GG&A$#!^O=!'=>K#=<F!KO$!Z#='$FF!&>S!Z=FF$FF$F!&''$FF!K=!&F!^$<<!&F!A>=^<$S)$!=%!
Z#=SN'K@=>! Z#='$FF$F! &>S! %&'@<@K@$F6! &>S! &! <&'A! =%! FN'O! N>S$#FK&>S@>)6! &''$FF6! &>S!
A>=^<$S)$! =>! KO$! F@S$! =%! KO$! Z&#K@'@Z&>K(! 9! Z#=Z=F$6! [&F$S! =>! GR! =^>! $GZ@#@'&<!
#$F$&#'O! @>K=! '=>K$GZ=#&#R! %@<GG&A@>)! Z#&'K@'$F6! &>! &<K$#>&K@\$! S='NG$>K&#R!
%@<GG&A@>)! Z#&'K@'$6! ^@KO! &! S@%%$#$>K! #=<$! %=#! KO$! Z&#K@'@Z&>K(! 9>! KO@F! Z#&'K@'$6! KO$!
Z&#K@'@Z&>K! @F! &'K@\$<R! @>\=<\$S! @>! &>S! '=GG@KK$S! K=! KO$! S='NG$>K&#R! Z#=b$'K(!
2@F&)#$$G$>K!&>S!'=>%<@'K![$K^$$>!%@<GG&A$#!&>S!Z&#K@'@Z&>K!@F!&!#$'N##$>K![NK!>=>B
S$'@F@\$!$<$G$>K!=%!KO$!%@<GG&A$#BZ&#K@'@Z&>K!#$<&K@=>FO@Z(!;N'O!'=>%<@'K!@F!S@FZ$#F$S!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!"O26!&%%@<@&K$S!#$F$&#'O$#(!2$Z&#KG$>K!=%!3$S@&!&>S!4N<KN#$!;KNS@$F!
^(F&>S$#FiNN(><!
!
&>S! <='&<6! &F! @F! KO$! $V'O&>)$! =%! @>%=#G&K@=>! &>S! )@\@>)! '=>F$>K(! 9>! KO@F! Z#&'K@'$6!
'=GGN>@'&K@=>6!K#NFK6!&>S!'=GG@KG$>K!&'K!&F!&!F&%$KRB>$K!%=#!'=>%<@'K(!
!
9>!KO@F!Z&Z$#!9!^@<<!%@#FK!&SS#$FF!KO$!F'O=<&#<R!S@F'=N#F$!=>!S='NG$>K&#R!$KO@'F(!9!^@<<!
KO$>! S@F'NFF! KO$! #$FN<KF! =%! K^=! $GZ@#@'&<! FKNS@$F! =%! S='NG$>K&#R! %@<GG&A@>)6! =>$!
`N&>K@K&K@\$! &>S! =>$! `N&<@K&K@\$(! ?R! '=G[@>@>)! KO$F$6! 9! ^@<<! Z#$F$>K! &>! &<K$#>&K@\$6!
'=>K$GZ=#&#R! S='NG$>K&#R! Z#&'K@'$6! ^@KO! &! S@%%$#$>K! Z=F@K@=>! %=#! KO$! Z&#K@'@Z&>K(!
-O@F!Z#&'K@'$!@>\@K$F!&<K$#>&K@\$!`N$FK@=>F!^@KO!#$FZ$'K!K=!$KO@'F(!!
!
E,:/6+(6=!+14!5(/*)887/1+6!478,/B(8)A!2/(+6!788B)8K!83(+3).7)8K!+14!,7(,B283+1,)8!
9>!KO$!#$F$&#'O!S@F'NFF$S!O$#$6!KO$!S='NG$>K&#R!%@<GG&A@>)!Z#&'K@'$!N>S$#!F'#NK@>R!
'&>! [$! S$F'#@[$S! &F! &NKO=#! S='NG$>K&#R! %@<GG&A@>)(! 9K! @F! &! Z#&'K@'$! KO&K! #$<@$F! =>!
@>S@\@SN&<! %@<GG&A$#F! ^O=! '#$&K$! Z$#F=>&<! %@<GF6! &>S! KO&K! KONF! &<<=^F! %=#! &!
ĨŝůŵŵĂŬĞƌ͛ƐƉĞƌƐŽŶĂůĂƌƚŝƐƚŝĐĞdžƉƌĞƐƐŝŽŶ͕ĨŽƌǁŚŝĐŚƐŚĞƵƐĞƐƚŚĞŵĞĂŶƐŽĨƉƌŽĚƵĐƚŝŽŶ!
@>! &! ^$<<B'=>F@S$#$S! ^&R(! -O@F! Z#&'K@'$! @F! <$FF! S$G&>S@>)! KO&>! b=N#>&<@FG! Z#&'K@'$F!
^O$>! @K! '=G$F! K=! =[b$'K@\@KR! &>S! @GZ&#K@&<@KR(! 7$>'$6! 9! KN#>$S! K=! KO$! F'O=<&#<R!
S='NG$>K&#R!S@F'=N#F$!#&KO$#!KO&>!K=!KO$!S@F'=N#F$!=>!G$S@&!=#!b=N#>&<@FG!$KO@'F(!
!
-O$! F'O=<&#<R! S@F'=N#F$! =>! S='NG$>K&#R! $KO@'F! @F! G=FK<R! Z&#K! =%! KO$! [#=&S$#!
KO$=#$K@'&<!S='NG$>K&#R!S@F'=N#F$(!;=G$K@G$F!$KO@'F!&#$!&SS#$FF$S!FZ$'@%@'&<<R!cF$$6!
%=#! @>FK&>'$6! :#=FF6! ]&KD6! &>S! ,N[R6! WUEE&6! HXXLdh! G=#$! =%K$>! @K! @F! &SS#$FF$S!
@GZ<@'@K<R!@>!&![#=&S$#!K$VK!cF$$6!%=#!@>FK&>'$6!M@>FK=>6!HXXXh!/@'O=<F6!HXXWd(!9>![=KO!
@>FK&>'$F6!KO$!S@F'=N#F$! S=$F!>=K! @>'<NS$!$KO@'&<!KO$=#@$F!=#!`N$FK@=>F!&[=NK!^O@'O!
=%!KO=F$!KO$=#@$F!G@)OK!=#!FO=N<S!)=\$#>!S='NG$>K&#R!%@<GG&A@>)(!+!S$[&K$!&[=NK!
S$=>K=<=)@'&<6! K$<$=<=)@'&<6! =#! NK@<@K&#@&>! Z#@>'@Z<$F! &>Sj=#! KO$! #=<$! =%! \@#KN$F! @>!
ĚŽĐƵŵĞŶƚĂƌLJ ĨŝůŵŵĂŬŝŶŐ ŝƐ ůĂĐŬŝŶŐ͕ ƐĂǀĞ ŝŶ ƵƚĐŚĂƌƚ͛Ɛ ;ϮϬϬϲͿ ĚŝƐĐƵƐƐŝŽŶ ŽĨ ǀŝƌƚƵĞ
KO$=#R(!!
!
dǁŽŐĞŶĞƌĂů͚ĂƌĞĂƐ͛ĂƌĞĚŝƐƚŝŶŐƵŝƐŚĂďůĞŝŶƚŚĞĚŝƐĐƵƐƐŝŽŶŽĨĞƚŚŝĐƐ͗ŽŶĞĚĞĂůŝŶŐǁŝƚŚ
`N$FK@=>F! =%! K#NKO! &>S! #$&<@KR6! [&F@'&<<R! &SS#$FF@>)! KO$! %@<GG&A$#B&NS@$>'$!
#$<&K@=>FO@Zh! &>S! =>$! S$&<@>)! ^@KO! `N$FK@=>F! =%! #$Z#$F$>K&K@=>! &>S! '=>F$`N$>'$F6!
[&F@'&<<R!S$&<@>)!^@KO!KO$!%@<GG&A$#BZ&#K@'@Z&>K!#$<&K@=>FO@Z(!-O$!<&KK$#!@F!KO$!%='NF!=%!
KO@F! Z&Z$#(! M@KO! #$FZ$'K! K=! KO@F! #$<&K@=>FO@Z6! F'O=<&#F! S@F'NFF! @FFN$F6! Z#=[<$GF6! &>S!
$\$>KF!^@KO!&!G=#&<!'=GZ=>$>K6!FN'O!&F!%@<G@>)!&!'=>%<@'Kh!KO$R!S@F'NFF!&!\&#@$KR!=%!
@FFN$F!KO$R!#$<&K$!K=!$KO@'F6!FN'O!&F!#$Z#$F$>K&K@=>(!-O$R!&<F=!S@F'NFF!F=G$!FK#&K$)@$F!
K=!S$&<!^@KO!FN'O!@FFN$F6!=#!K=!Z#$\$>K!KO$G(!9>!&SS@K@=>6!KO$R!S@F'NFF!'@#'NGFK&>'$F!
KO&K!&%%$'K!KO$!$VZ$#@$>'$!=%!FN'O!@FFN$F(!9!^@<<!)=!@>K=!KO$F$!@>!KN#>![$<=^(!!
!
9>!KO$!S@F'NFF@=>!=%!KO$!$KO@'F!=%!KO$!%@<GG&A$#BZ&#K@'@Z&>K!#$<&K@=>FO@Z6!KO$!>=K@=>!=%!
@>%=#G$S!'=>F$>K!Z<&LJƐĂĐĞŶƚƌĂůƌŽůĞ͗͞DŽƐƚĂŶƐǁĞƌƐƚŽƐƵĐŚĂĐĐƵƐĂƚŝŽŶƐŽĨƚĂŬŝŶŐ
&S\&>K&)$!=%!F=G$=>$!ʹ!t^ƌĞůLJŽŶƐŽŵĞŶŽƚŝŽŶŽĨĐŽŶƐĞŶƚ;ƵƐƵĂůůLJ͞ŝŶĨŽƌŵĞĚ͟ͿĂƐ
ƚŚĞ ĞƚŚŝĐĂů ƚŽƵĐŚƐƚŽŶĞ͟ ;ĞĐŬĞƌ͕ ϭϵϴϴ͕ Ɖ͘ džŝŝͿ͘ /Ŷ ĚŽĐƵŵĞŶƚĂƌLJ ĨŝůŵŵĂŬŝŶŐ͕ ƚŚŝƐ
'=>'$ZK6! ^O@'O! =#@)@>&K$S! @>! KO$! %@$<S! =%! G$S@'&<! $KO@'F6! #&@F$F! &! <=K! =%! `N$FK@=>F(!
3&>R! &)#$$! @K! @F! @GZ=FF@[<$! K=! @>%=#G! cZ=K$>K@&<d! Z&#K@'@Z&>KF! '=GZ<$K$<R! &[=NK! &<<!
#@FAF!@>\=<\$S!@>!Z&#K@'@Z&K@>)!c?$'A$#6!WUEEh!:#=FF!$K!&<(6!WUEEh!]&KD!&>S!3@<FK$@>!]&KD6!
WUEEh! /@'O=<F6! WUUWh! "#R<N'A6! WUIPh! ,=F$>KO&<6! WUEE[h! M@>FK=>6! WUEE6! WUU*6! HXXXd(!
+>S! &''=#S@>)! K=! M@>FK=>! cHXXXd6! @>%=#G$S! '=>F$>K! S=$F! >=K! G&K'O! %#$$S=G! =%!
$VZ#$FF@=>(! 3=#$=\$#6! @>! S='NG$>K&#R! %@<GG&A@>)! KO$#$! F$$G! K=! [$! >=! N>@%=#G!
Z#=K='=<F!%=#!@>%=#G$S!'=>F$>K(!7$>'$6!@K!G&A$F!G=#$!F$>F$!K=!S@F'NFF!@KF!'=>FK@KN$>K!
Z&#KF1!KO$!$V'O&>)$!=%!@>%=#G&K@=>6!'=>F$>K!K=!Z&#K@'@Z&K$6!&>S!KO$!\=<N>K&#@>$FF!=%!
KO&K!'=>F$>K!&>S!KONF!=%!KO$!Z&#K@'@Z&K@=>(!!
!
!
! ! !
͞tŚŝůĞ ŽŶĞ ĐĂŶ ĂƌŐƵĞ ĂďŽƵƚ ǁŚĞƚŚĞƌ ǁĞ ĐĂŶ ĞǀĞŶ ŬŶŽǁ ǁŚĂƚ ƌĞĂůůLJ ŚĂƉƉĞŶƐ͕
@>$\@K&[<R! @>! %@<G@>)! &'KN&<@KR6! G=G$>KF! &#$! #$'=#S$S! KO&K! KO$! Z$=Z<$! [$@>)!
ƉŚŽƚŽŐƌĂƉŚĞĚ ŵŝŐŚƚ ŶŽƚ ǁŝƐŚ ƚŽ ŵĂŬĞ ǁŝĚĞůLJ ƉƵďůŝĐ͕͟ ƐĂŝĚ ;WƌLJůƵĐŬ͕ ϭϵϳϲ͕ Ɖ͘ ϮϱϲͿ͘
-O@F!`N=K$!FNGG&#@D$F!KO$!`N$FK@=>F!KO&K!FN##=N>S!'=>F$>K!&>S!\=<N>K&#@>$FF(!MO&K!
O&ZZ$>F!@%!&!Z&#K@'@Z&>K! S$'@S$F! FO$!^&>KF!'$#K&@>!%==K&)$!$V'<NS$S!%#=G!KO$!%@<Gr!
MO$#$! @F! KO$! <@>$! [$K^$$>! '=>\@>'@>)! &! Z&#K@'@Z&>K6! Z#$FF@>)! O$#6! &>S! %=#'@>)! O$#r!
-O$! S='NG$>K&#R! S@F'=N#F$! @>'<NS$F! >NG$#=NF! @FFN$F! F'O=<&#F! #$<&K$! K=! $KO@'F6!
@>'<NS@>)6! [NK! >=K! <@G@K$S! K=6! '=>F$`N$>'$F! =%! Z&#K@'@Z&K@=>! @>! &! S='NG$>K&#R! %@<G6!
S@F'<=FN#$!cO=^!GN'O!@F!#$\$&<$Sd6!Z#@\&'R6!#$'@Z#='@KR6!#$Z#$F$>K&K@=>6!&>S!KO$!#@)OKF!
=%!%@<GG&A$#F!K=!#$'=#S6!&>S!NF$!KO$!#$'=#S$S!G&K$#@&<(W!
!
͞/ĨŽŶĞŝƐƐĞƌŝŽƵƐĂďŽƵƚƵƐŝŶŐĚŝƌĞĐƚĐŝŶĞŵĂƚŽŵĂŬĞǀĂůŝĚƐƚĂƚĞŵĞŶƚF!&[=NK!Z$=Z<$6!
ƚŚĞŶĐŽůůĂďŽƌĂƚŝŽŶƐŚŽƵůĚďĞǁĞůĐŽŵĞ͟;WƌLJůƵĐŬ͕ϭϵϳϲ͕Ɖ͘ϮϲϱͿ͘^ƵĐŚĐŽůůĂďŽƌĂƚŝŽŶ͕ŝŶ
^O@'O!KO$!%@<GG&A$#!%N>'K@=>F!<@A$!&!%&'@<@K&K=#!K=!KO$!Z&#K@'@Z&>K!&>S!O$#!FK=#R6!@F!=>$!
FK#&K$)R! F'O=<&#F! S@F'NFF$S! K=! S$&<! ^@KO! G=#&<! @FFN$F(! 7=^$\$#6! FN'O! '=<<&[=#&K@=>!
ƌĂŝƐĞƐƋƵĞƐƚŝŽŶƐĂďŽƵƚƚŚĞĨŝůŵŵĂŬĞƌ͛ƐƉŽƐŝƚŝŽŶƚŽǁĂƌĚƐƚŚĞƚŽƉŝĐŽĨƚŚĞĨŝůŵ͗ĐĂŶƐŚĞ
FK@<<!G&A$#!O$#!Z=@>K!c:#=FF6!WUEEh!M@>FK=>6!HXXXdr!!
!
+>=KO$#!FK#&K$)R!S@F'NFF$S!@F!&FA@>)!Z#=\@F@=>&<!'=>F$>K!%=#!&!#=N)O!'NK![$%=#$!&FA@>)!
%@>&<! '=>F$>K! %=#! KO$! %@>&<! 'NK! c"#R<N'A6! WUIPd(! +<F=6! F'O=<&#F! FN))$FK! K=! @>\@K$!
Z&#K@'@Z&>KF!K=!\@$^!KO$!c$S@K$Sd!G&K$#@&<!&>S!@>S@'&K$!^O&K!KO$R!Z#$%$#!K=![$!<$%K!=NK!
c:@<[$#K6!WUEWh!,=F$>KO&<6!WUEE[h!M@>FK=>!WUU*d(!!
!
,$%<$V@\@KR!@F!&<F=!&!F=<NK@=>!G$>K@=>$S(!,NďLJ;ϭϵϴϴͿĂĚǀŽĐĂƚĞĚĂŶ͞ŝŶƚĞůůŝŐĞŶƚůLJƵƐĞĚ
ƌĞĨůĞdžŝǀŝƚLJ͟ ĂƐ ĂŶ ͞ĞƐƐĞŶƚŝĂů ƉĂƌƚ ŽĨ Ăůů ĞƚŚŝĐĂůůLJ ƉƌŽĚƵĐĞĚ ĚŽĐƵŵĞŶƚĂƌŝĞƐ͟ ;Ɖ͘ ϯϭϰͿ͘
?NK'O&#K!cHXXPd!&ZZ#=&'O$S!#$%<$V@\@KR!%#=G!KO$!Z$#FZ$'K@\$!=%!$KO@'F!&>S!S#&^F!=>!
KO$!^=#A!=%!?&S@=N(!7$!Z#=Z=F$S!K=!&[&>S=>!ZO@<=F=ZO@'&<!@S$&F!&[=NK!cKO$!#@)OKF!=%d!
ƚŚĞ͞ŽƚŚĞƌ͟ ĂŶĚƚŽ ĨŽĐƵƐŽŶ ƚŚĞ ƐĂŵĞ͕ ƚŚĞ ƐŝƚƵĂƚĞĚƐŚĂƌĞĚ ƚƌƵƚŚ͕ ĂŶĚ ƚŽ ƐŚŽǁ ƚŚĂƚ
K#NKO!KO#=N)O!\&#@=NF!%=#GF!=%!#$%<$V@\@KR(!
!
9>! &SS@K@=>! K=! G=#&<! @FFN$F! &>S! FK#&K$)@$F! K=! S$&<! ^@KO! KO$G! =#! Z#$\$>K! KO$G6!
M@>FK=>!cHϬϬϬͿŵĞŶƚŝŽŶĞĚĨŽƵƌƉŽŝŶƚƐĨŽƌ͞ĞƚŚŝĐĂůƌŝƐŬƐ͗͟ǁŚĞƚŚĞƌƚŚĞĨŝůŵĞĚƉĞƌƐŽŶ
@F! &! ZN[<@'! =#! Z#@\&K$! Z$#F=>h! KO$! S$)#$$! =%! F='@&<! [@&F! =%! KO$! &'K! [$@>)! %@<G$Sh!
^O$KO$#!KO$!Z<&'$!=%!%@<G@>)!@F!ZN[<@'!=#!Z#@\&K$h!&>S!^O$#$!&>S!%=#!^O@'O!&NS@$>'$!
KO$! %@<G! ^@<<! [$! F'#$$>$S(! -O$F$! %=N#! &#$&F! =%! #@FA! &<<! #$%$#! K=! '@#'NGFK&>'$F1! KO$!
Z$#F=>&<@KR!=%!KO$!Z&#K@'@Z&>K6!KO$!'=>K$>K!=%!KO$!%@<G6!KO$!%@<G@>)!'@#'NGFK&>'$F!cF$$!
&<F=!:#=FF6!]&KD6!&>S!,N[R6!WUEE&d6!&>S!KO$!F'#$$>@>)!'@#'NGFK&>'$F!cF$$!&<F=!,N[R6!
WUEEd(!+>S!KO$#$! &#$! G=#$1!'N<KN#&<!S@%%$#$>'$F![$K^$$>!%@<GG&A$#!&>S!Z&#K@'@Z&>K!
c"#R<N'A6! WUIPdh! %@<G@>)! %&G@<R! G$G[$#F! ;<Ăƚnj ĂŶĚ DŝůƐƚĞŝŶ <Ăƚnj͕ ϭϵϴϴͿ͖ ƚŚĞ Ĩŝůŵ͛Ɛ
&$FKO$K@'F!c]&KD!&>S!3@<FK$@>!]&KD6!WUEEh!/@'O=<F6!WUUWh!,N[R6!WUEEdh!K@G$!c,=F$>KO&<6!
WUEE[d!&>S!G=>$R!cM@ŶƐƚŽŶ͕ϮϬϬϬͿ͖ĂŶĚƚŚĞĨŝůŵ͛ƐŐŽĂů;tŝŶƐƚŽŶ͕ϭϵϵϱ͕ϮϬϬϬ͖ZƵďLJ͕
WUEEh! /@'O=<F6! WUUWd(! -O$! '@#'NGFK&>'$F6! =#! '=>K$VKF6! FNZZ=F$S<R! &%%$'K! KO$!
$VZ$#@$>'$!=#!G=#&<!@FFN$F6!&F!^$<<!&F!O=^!KO$F$!&#$!S$&<K!^@KO(!
!
2='NG$>K&#R! F'O=<&#F! &<F=6! @GZ<@'@K<R! #&KO$#! KO&>! $VZ<@'@K<R6! \=@'$! @S$&F! &[=NK! KO$!
S='NG$>K&#R! Z&#K@'@Z&>K(! ?#@$%<R6! F'O=<&#F! 'O&#&'K$#@D$S! O$#! &F! \N<>$#&[<$! ^@KO!
#$FZ$'K! K=! KO$! '=>F$`N$>'$F! =%! S='NG$>K&#R! #$Z#$F$>K&K@=>! c"#R<N'A6! WUIPh!
,=F$>KO&<6!WUEE[d6!@)>=#&>K!&[=NK!KO$!S='NG$>K&#R!Z#&'K@'$!cM@>FK=>6!HXXXd6!&>S!&F!
O&\@>)!>=KO@>)!K=!)&@>!%#=G!O$#!Z&#K@'@Z&K@=>!c:#=FF6!]&KD6!&>S!,N[R6!WUEE[h!"#R<N'A6!
WUIPh!M@>FK=>6!HXXXd(!!
!
!
-O$! G=#&<! @FFN$F6! FK#&K$)@$F! &>S! '@#'NGFK&>'$F! S@F'NFF$S! &[=\$! #$'N#! @>! KO$!
S='NG$>K&#R! S@F'=N#F$! KO#=N)O=NK! KO$! Z&FK! S$'&S$F(! -=! F$$! ^O$KO$#! KO$R! O&S!
&>RKO@>)!K=!&SS6!9!@>K$#\@$^$S!$@)OK$$>!2NK'O!S='NG$>K&#R!%@<GG&A$#F!&[=NK!KO$@#!
$VZ$#@$>'$F! ^@KO! $KO@'&<! 'O&<<$>)$F(! -O$F$! ^$#$! $VZ<=#&K=#R6! =Z$>! @>K$#\@$^F(! -O$!
%@<GG&A$#F!G$>K@=>$S!\$#R!F@G@<&#!@FFN$F! &>S!'=>K$VKF6! [NK!KO$@#!&''=N>KF!@>'<NS$S!
G&>R!G=#$!FK#&K$)@$F!K=!S$&<!^@KO!G=#&<!@FFN$F6![=KO!&'K@\$<R!&>S!Z&FF@\$<R6!@>'<NS@>)!
)@\@>)! @>! K=! &! F@KN&K@=>6! &>S! K#@\@&<@D@>)! &>! @FFN$(! 7=^$\$#6! @K! #$G&@>F! N>'<$&#! O=^!
FN'O! @FFN$F! &>S!FK#&K$)@$F!#$<&K$! K=! S='NG$>K&#R! Z#&'K@'$F6! &F! $GZ@#@'&<! #$F$&#'O! @F!
<&'A@>)(!-=!N>S$#FK&>S!K=!^O&K!$VK$>K! %@<GG&A$#F!&>S!Z&#K@'@Z&>KF! $VZ$#@$>'$!FN'O!
@FFN$F! &>S! FK#&K$)@$F6! O=^! KO$R! #$<&K$6! &>S! @>! ^O@'O! '@#'NGFK&>'$F! KO@F! O&ZZ$>F6! 9!
'=>SN'K$S!K^=!$GZ@#@'&<!FKNS@$F1!&!`N&>K@K&K@\$!=>$!=%!KO$!Z$#FZ$'K@\$!=%!%@<GG&A$#F6!
&>S! &! `N&<@K&K@\$! =>$! =>! KO$! Z$#FZ$'K@\$! =%! Z&#K@'@Z&>KF(! ?$<=^! 9! S$F'#@[$! KO$G! @>!
KN#>(!!
!
<:)!5)(85),370)!/*!*7622+G)(8A!,/22B17,+37/1!+14!,/1*67,3H!
Q@<GG&A$#F!#$)N<&#<R!S@F'NFF!KO$@#!@>S@\@SN&<!Z#&'K@'$F6!%=#!@>FK&>'$6!@>!@>K$#\@$^F!&>S!
K&<AF!@>!G&)&D@>$F6!>$^FZ&Z$#F6!&>S!&K!%$FK@\&<F(!-=!N>S$#FK&>S!O=^!KO$!$VZ$#@$>'$F!
=%!G=#&<!@FFN$F!&>S!FK#&K$)@$F!G@)OK![$!#$<&K$S6!9!S$'@S$S!K=!'=>SN'K!&!`N&>K@K&K@\$!
FKNSR!&>S!@>'<NS$!$VZ$#@$>'$F!%#=G!&!<&#)$!>NG[$#!%@<GG&A$#F(!;=6!K=!G$&FN#$!KO$!
$VK$>K!K=!^O@'O!%@<GG&A$#F!O&S!$VZ$#@$>'$S!KO$!G=#&<!@FFN$F!&>S!FK#&K$)@$F!S$#@\$S!
%#=G!KO$!<@K$#&KN#$!&>S!KO$!@>@K@&<!@>K$#\@$^F6!&>S!@>!^O@'O!Z#=SN'K@=>!&>S!Z$#F=>&<!
'=>K$VKF!KO@F!O&S!O&ZZ$>$S6!9!S$F@)>$S!&!`N$FK@=>>&@#$(!9!KN#>$S!KO$!\&#@=NF!>=K@=>F!
KO&K!#$Z#$F$>K$S!G=#&<!@FFN$F!&>S!FK#&K$)@$F!@>K=!FK&K$G$>KF(!Q=#!$V&GZ<$6!KO$!@FFN$!
ŽĨ ĚŝƐĐůŽƐƵƌĞ / ƚƵƌŶĞĚ ŝŶƚŽ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ͞dŚĞ ƉĂƌƚŝĐŝƉĂŶƚ ƌĞĨƵƐĞĚ ƚŽ ŚĂǀĞ ĐĞƌƚĂŝŶ
ƐĐĞŶĞƐ Žƌ ĞǀĞŶƚƐ ĨŝůŵĞĚ͖͟ ƚŚĞ ƐƚƌĂƚĞŐLJ ƚŽ ƉĂLJ Ă ƉĂƌƚŝĐŝƉĂŶƚ / ƚƵƌŶĞĚ ŝŶƚŽ ƚŚĞ
ƐƚĂƚĞŵĞŶƚ ͞/ ŐĂǀĞ ƚŚĞ ƉĂƌƚŝĐŝƉĂŶƚ ƐŽŵĞ ŵŽŶĞLJ Žƌ Ă ŐŝĨƚ͟ ;ĨŝůŵŵĂŬĞƌƐ ŚĂĚ ƚŽůĚ ŵĞ
KO$R! F=G$K@G$F! [=N)OK! )@%KFd(! 9! G$&FN#$S! KO$! $VK$>K! K=! ^O@'O! %@<GG&A$#F! O&S!
$VZ$#@$>'$S!KO$F$!=>!&!XBP!c>$\$#j>=K!&K!&<<!ʹ!&<<!KO$!K@G$j'=GZ<$K$<Rd!F'&<$(!9!&FA$S!
KO$G! K=! &>F^$#! ^@KO! #$FZ$'K! K=! =>$! FZ$'@%@'! Z&#K@'@Z&>K! c=%! KO$@#! 'O=@'$d! @>! KO$@#!
<&K$FK!Z#=b$'K(!9!&<F=!@>'<NS$S!'=>K$VKN&<!\&#@&[<$F!&[=NK!KO$!Z#=b$'K6!KO$!Z&#K@'@Z&>K6!
&>S!KO$!%@<GG&A$#!@>!KO$!FN#\$R(!!
!
3R!F&GZ<$!'=>F@FK$S!=%!%@<GG&A$#!^O=!O&S!O&S!&!%@<G!F'#$$>$S!&K!=>$!=#!G=#$! =%!
K^$<\$! @>K$#>&K@=>&<! S='NG$>K&#R! %@<G! %$FK@\&<F! ^=#<S^@S$! @>! HXXP(! -O$F$! @>'<NS$S!
S='NG$>K&#R! %$FK@\&<F! @>! +GFK$#S&G6! KO$! /$KO$#<&>SF6! 4&Z$! -=^>6! ;=NKO! +%#@'&6!
-=#=>K=6!4&>&S&6!&>S!5&G&)&K&6!_&Z&>(!+%K$#!&!Z@<=K!FKNSR6!9!@>\@K$S!P*U!%@<GG&A$#F!
K=! '=GZ<$K$! KO$! %@>&<! \$#F@=>! =%! KO$! `N$FK@=>>&@#$h! @>! KO$! $>S6! KO$! S&K&! =%! W*E!
#$FZ=>S$>KF!^$#$!@>'<NS$S!@>!KO$!&>&<RF@F(!
!
Q=#! KO$! &>&<RF@F! 9! #$<@$S! =>! &>! 0VZ<=#&K=#R! Q&'K=#! +>&<RF@F(! Q&'K=#! &>&<RF@F! @F! &!
K$'O>@`N$! ^O@'O! N>'=\$#F! Z&KK$#>F!c%&'K=#Fd! @>!&! S&K&F$K(!-O$F$! Z&KK$#>F! &#$! [&F$S!
=>!\&#@&[<$F!^O@'O!'=##$<&K$!&>S!^O@'O!&#$!&FFNG$S!K=!G$&FN#$!\&#@=NF!&FZ$'KF!=%!&!
G=#$! )$>$#&<!ZO$>=G$>=>(!-O$!#$FN<KF!=%!&!%&'K=#!&>&<RF@F!&#$! )#=NZF!=%!\&#@&[<$F(!
Q&'K=#! &>&<RF@F! '&>! [$! NF$S! K=! K$FK! &! KO$=#R! =#! G=S$<6! [NK! @K! '&>! &<F=! [$! NF$S! K=!
$VZ<=#$!&!S&K&F$K6!^@KO=NK!#$<R@>)!=>!KO$=#@$F!=#!G=S$<F6!^O@'O!@F!^O&K!9!S@S(!9>!KO&K!
'&F$6! @K! @F! NZ! K=! KO$! #$F$&#'O! K=! @>K$#Z#$K! KO$! G$&>@>)! =%! KO$! \&#@=NF! \&#@&[<$F!
)#=NZ$S!@>K=!&!Z&KK$#>h!K=!@>K$#Z#$K!KO$!G=#$!)$>$#&<!ZO$>=G$>=>(L!!
!
-O$!Z#$F$>K!&>&<RF@F!#$FN<K$S!@>!F$\$>!Z&KK$#>F(J6*!9K!KN#>$S!=NK!KO&K!&<<!Z&KK$#>F!&#$!
'=##$<&K$S!G=S$FK<R![NK!F@)>@%@'&>K<R!^@KO!$&'O!=KO$#6!$V'$ZK!%=#!KO$!F$'=>S!Z&KK$#>6!
4=GGN>@'&K@=>! %=#! 4==Z$#&K@=>6! ^O@'O! =><R! '=##$<&K$F! &! <@KK<$! [@K! ^@KO! KO$! F$\$>KO!
Z&KK$#>6!9GZ#=Z$#!,$'@Z#='@KR(!-O@F!G$&>F!KO&K!KO$!$VZ$#@$>'$!=%!4=GGN>@'&K@=>!%=#!
!
! ! !
4==Z$#&K@=>! @F! @>S$Z$>S$>K! =%! KO$! $VZ$#@$>'$! =%! =KO$#! Z&KK$#>F(! 9K! FN))$FKF! KO&K!
ĨŝůŵŵĂŬĞƌƐ͛ĞdžƉĞƌŝĞŶĐĞƐĂƌĞƐƉůŝƚďĞƚǁĞĞŶŚĂƌŵŽŶŝŽƵƐƌĞůĂƚŝŽŶƐŚŝƉƐĨƵůůŽĨƌĞĐŝƉƌŽĐĂů
'=GGN>@'&K@=>!^@KO!KO$!Z&#K@'@Z&>K!=>!KO$!=>$!O&>S!cZ&KK$#>!Hd!&>S!G=#$!S@FKN#[$S!
#$<&K@=>FO@ZF!^@KO!KO$!Z&#K@'@Z&>K!=>!KO$!=KO$#!cZ&KK$#>F!W!&>S!LB*d(!!
!
-O@F! Z#=GZK$S! G$! K=! $VZ<=#$! KO$! Z&KK$#>F! %N#KO$#6! [R! '=>SN'K@>)! &! O@)O$#! =#S$#!
%&'K=#! &>&<RF@F(! 7@)O$#! =#S$#! Z&KK$#>F! &#$! G=#$! )$>$#&<! KO&>! <=^$#! =#S$#! Z&KK$#>F(!
-O$!K$'O>@`N$!K&A$F!KO$!Z&KK$#>F!=%!KO$!%@#FK!&>&<RF@F!&F!@>ZNK!\&#@&[<$F!&>S!<==AF!&K!
KO$@#! '=##$<&K@=>(! 7=^$\$#6! @K! @F! &<F=! Z=FF@[<$! K=! '&<'N<&K$! KO$! '=>K#@[NK@=>! =%!
@>S@\@SN&<! \&#@&[<$F! K=! O@)O$#! =#S$#! Z&KK$#>F! &>S! KONF! K=! @>K$#Z#$K! O@)O$#! =#S$#!
Z&KK$#>F! =>! KO$! [&F@F! =%! @>S@\@SN&<! \&#@&[<$F(P! -O$! #$FN<K@>)! Z&KK$#>F! @>S@'&K$S! &!
)$>$#&<!S@\@F@=>![$K^$$>!'=GGN>@'&K@\$!'==Z$#&K@=>!=>!KO$!=>$!O&>S!&>S!N>F=<\$S!
'=>%<@'K!=>!KO$!=KO$#6!^@KO!&>!N>'==Z$#&K@\$!Z&#K@'@Z&>K!F=G$^O$#$!@>![$K^$$>(!!
!
+! F$'=>S! O@)O$#! =#S$#! &>&<RF@F! #$\$&<$S! K^=! )$>$#&<! Z&KK$#>F6! =>$! #$%<$'K@>)!
'=GGN>@'&K@=>! &>S! '==Z$#&K@=>! K=! F=<\$! @FFN$F6! &>S! KO$! =KO$#! #$%<$'K@>)! N>F=<\$S!
@FFN$F(! -&[<$! W! )@\$F! &>! =\$#\@$^! =%! &<<! Z&KK$#>F! &>S! &! FO=#K! S$F'#@ZK@=>! =%! $&'O(! 9K!
&<F=!@>'<NS$F!KO$!G$&>!F'=#$F!&>S!FK&>S&#S!S$\@&K@=>F6!'&<'N<&K$S![R!K&A@>)!KO$!G$&>!
F'=#$! =%! &<<! Z&#K@'@Z&>KF6! ^O@'O! @>! KN#>! @F! '&<'N<&K$S! [R! K&A@>)! KO$! G$&>! =%! KO$! XBP!
F'=#$F!=>!KO$@#!\&#@&[<$F(!
!
-O$! Z&KK$#>F! @>! KO$! NZZ$#! Z&#K! =%! KO$! K&[<$6! 4=GGN>@'&K@=>! %=#! 4==Z$#&K@=>6!
Q@<GG&A$#! 3&FK$#R6! 4=GGN>@'&K@=>! %=#! KO$! Q@<G6! &>S! 4=GGN>@'&K@=>! %=#! Q@<G@>)6!
O&\$!O@)O$#!G$&>F!F'=#$F!KO&>!KO$!Z&KK$#>F!@>!KO$!G@SS<$!&>S!=>!KO$!#@)OK!F@S$(!-ONF6!
K&A@>)! @>K=! &''=N>K! KO$! $VK$>K! K=! ^O@'O! %@<GG&A$#F! #$Z=#K$S! $VZ$#@$>'@>)! KO$F$!
ƉĂƚƚĞƌŶƐŽĨĐŽŽƉĞƌĂƚŝŽŶĂŶĚĐŽŶĨůŝĐƚ͕ĚŽŵŝŶĂŶƚǁĞƌĞĨŝůŵŵĂŬĞƌƐ͛ĞĨĨŽƌƚƐƚŽĐŽŽƉĞƌĂƚĞ
^@KO! KO$! Z&#K@'@Z&>K! ^@KO! KO$! @>K$#$FKF! =%! KO$! %@<G! @>! G@>S6! ^O@<$! #$<R@>)! =>! KO$@#!
Z#=%$FF@=>&<! Z=F@K@=>! &>S! &[@<@K@$F! K=! )$K! ^O&K! KO$R! >$$S$S! %=#! KO$! %@<G(! 4=>%<@'K!
FN#%&'$S!@>!\&#@=NF!Z&KK$#>F!&>S!'&>![$!#$)&#S$S!&F!&!#$<$\&>K!Z&#K!=%!KO$!$VZ$#@$>'$6!
&F! &! G&b=#@KR! =%! %@<GG&A$#F! @>S@'&K$S! $VZ$#@$>'@>)! FN'O! '=>%<@'K6! KO=N)O! K=! <@G@K$S!
$VK$>KF! cZ$#'$>K&)$F! %=#! X(X! F'=#$F! #&>)$S! [$K^$$>! W(Ut! &>S! HP(Pt6! ^@KO! =>$!
$VK#$G$!&K!JH(Jth!F=!G=FK!$VZ$#@$>'$S!F=G$!'=>%<@'K!&K!<$&FKd(!
!
9!NF$S!\&#@&[<$F!&[=NK!KO$!Z&#K@'@Z&>K6!KO$!%@<GG&A$#6!&>S!KO$!Z#=b$'K!K=!@>\$FK@)&K$!
KO$! $VK$>K! K=! ^O@'O! FN'O! '=>K$VKN&<! \&#@&[<$F! '=N<S! Z#$S@'K! KO$! $VZ$#@$>'$! =%!
'==Z$#&K@=>6!=ZZ=F@K@=>6!&>S!'=>%<@'K(!-=!S=!KO@F6!9!NF$S!3N<K@Z<$!,$)#$FF@=>(I!Q=#!KO$!
Z&KK$#>F!#$<&K$S!K=!'=GGN>@'&K@=>!&>S!'==Z$#&K@=>6!KO$!G=FK! @GZ=#K&>K!Z#$S@'K@>)!
\&#@&[<$F!^$#$!KO$!Z=F@K@=>!=%!KO$!Z&#K@'@Z&>K!@>!KO$!Z#=b$'K!c&F!&!F@>)<$!=#!=>$!=%!&!
>NG[$#!=%!'$>K#&<!Z&#K@'@Z&>KFd6!KO$![NS)$K!=%!KO$!Z#=b$'K6!&>S!KO$!SNKR!K=!G&A$!KO$!
[$FK!%@<G!Z=FF@[<$h!%=#!KO$!Z&KK$#>F!#$<&K$S!K=!'=>%<@'K!KO$F$!^$#$!'N<KN#&<!F@G@<&#@KR6!
%@<G@>)!&>S!$S@K@>)!K@G$6!KO$!'=>K#=\$#FR!=%!KO$!'=>K$>K!=%!KO$!%@<G6!KO$!^@<<@>)>$FF!K=!
ŵĞĞƚĨŝŶĂŶĐŝĞƌƐ͛ǁŝƐŚĞƐ͕ƚO$!^@<<@>)>$FF!K=!'=GZ#=G@F$!S$Z$>S@>)!=>!KO$!@>K$#$FKF!&K!
FK&A$6! &>S! ^O$KO$#! =#! >=K! KO$! %@<GG&A$#! O&S! O&S! F=G$! ZO@<=F=ZOR! &>Sj=#! $KO@'F!
$SN'&K@=>(!7=^$\$#6!KO$!FK&K@FK@'&<!'&<'N<&K@=>F!@>S@'&K$S!KO&K!KO$!Z#$S@'K@\$!FK#$>)KO!
=%! FN'O! \&#@&[<$F! @>! )$>$#&<! ^&F! \$#R! <@G@K$S1! KO$R! '=N<S! =><R! Z#$S@'K! FG&<<!
S@%%$#$>'$F![$K^$$>!%@<GG&A$#F!&>S!KO$@#!#$<$\&>'$!^&F!KO$#$%=#$!<@G@K$S(!
!
!
!
!
!
!
!
-&[<$!W(!"&KK$#>!<&[$<F6!Z&KK$#>!S$%@>@K@=>F6!G$&>F!F'=#$F!&>S!FK&>S&#S!S$\@&K@=>F(!
!
9>@K@&<!Z&KK$#>F! ;$'=>S!=#S$#!Z&KK$#>F! -O@#S!=#S$#!Z&KK$#>F!
4=GGN>@'&K@=>!%=#!4==Z$#&K@=>!j!
Q@<GG&A$#!&>S!Z&#K@'@Z&>K!
$VZ$#@$>'$!!
K#NFK!&>S!N>S$#FK&>S@>)!KO#=N)O! 4=GGN>@'&K@=>!%=#!KO$!
=>)=@>)!'=GGN>@'&K@=>(! Q@<G!.>)=@>)!'=GGN>@'&K@=>!
3$&>!J(HLh!;K&>S&#S!2$\@&K@=>! [$K^$$>!%@<GG&A$#!&>S!
W(WU! Z&#K@'@Z&>K!@F!&@G$S!&K!
ĂĐŚŝĞǀŝŶŐƚŚĞĨŝůŵŵĂŬĞƌ͛Ɛ
Q@<GG&A$#!3&FK$#R! )=&<F(! 4=GGN>@'&K@=>!%=#!Q@<G@>)!
-O$!%@<GG&A$#!NF$F!&<<!G$&>F!&K! 3$&>!L(UWh!;K&>S&#S!2$\@&K@=>! -O$#$!@F!&!Z&#K@'@Z&>K!
O$#jO@F!S@FZ=F&<!&F!&!%@<GG&A$#! W(JH! =ZZ=F@K@=>!@FFN$!&>S!KO$!
K=!&'O@$\$!KO@>)F(! %@<GG&A$#!K#@$F!K=!F=<\$!@K(!
3$&>!H(LPh!;K&>S&#S!2$\@&K@=>! 3$&>!H(P*h!;K&>S&#S!2$\@&K@=>!
W(HU! W(XE!
"&#K@'@Z&>K!.ZZ=F@K@=>! .ZZ=F@K@=>!K=!2@F'<=FN#$!
-O$!Z&#K@'@Z&>K!@F!N>^@<<@>)!K=!'=B -O$!Z&#K@'@Z&>K!S=$F!>=K!^&>K!
=Z$#&K$!^@KO!KO$!%@<GG&A$#!&>S! '$#K&@>!F'$>$F!=#!$\$>KF!K=![$!
&K!K@G$F!'=N>K$#Z#=SN'K@\$(! %@<G$S(!
3$&>!(EIh!;K&>S&#S!2$\@&K@=>! 3$&>!(EJh!;K&>S&#S!2$\@&K@=>!
(EJ! (EI!
Q@<GG&A$#!.ZZ=F@K@=>!
-O$!%@<GG&A$#![$O&\$F!
N>'==Z$#&K@\$!K=^&#S!KO$!
Z&#K@'@Z&>K!&>S!@F!>=K!&@G$S!&K!
F=<NK@=>F(! "&FF@\$!4=>%<@'K! -#@\@&<@D$S!7&#G!
3$&>!(PUh!;K&>S&#S!2$\@&K@=>! "&FF@\$>$FF!&>S!'=>%<@'K! -O$#$!@F!&>!@FFN$!&>S!KO$!
(IE! S=G@>&K$!KO$!%@<GG&A$#B %@<GG&A$#!S=$F!>=K!K#R!K=!F=<\$!
4=>%<@'K!=>!,$Z#$F$>K&K@=>! Z&#K@'@Z&>K!#$<&K@=>FO@Z(! @K(!
Q@<GG&A$#!&>S!Z&#K@'@Z&>K![=KO! 3$&>!(UUh!;K&>S&#S!2$\@&K@=>! 3$&>!(IWh!;K&>S&#S!2$\@&K@=>!
'&NF$!S&G&)$![R!S@%%$#$>'$F!@>! (IE! (UH!
N>S$#FK&>S@>)!KO$!Z&#K@'@Z&>K!&F!
\@'K@G(!
3$&>!W(XIh!;K&>S&#S!2$\@&K@=>!
(UW!
!
!
<:)!5)(85),370)!/*!5+(37,75+138A!J/=K!6)+(171.K!+14!8)6*-5()8)13+37/1!
"&#K@'@Z&>KF! S=! >=K! #$)N<&#<R! )$K! KO$! =ZZ=#KN>@KR! K=! FO&#$! KO$@#! $VZ$#@$>'$F! =%!
Z&#K@'@Z&K@>)!@>!&!S='NG$>K&#R!%@<G(!+<KO=N)O!G=#$!&>S!G=#$!=%K$>!KO$R!&#$!@>\@K$S!
&F! )N$FKF! K=! %@<G! %$FK@\&<F! K=! K&<A! &[=NK! KO$@#! $VZ$#@$>'$F! &>S6! F=G$K@G$F! F$$A! KO$!
G$S@&! K=! S@F'NFF! KO$@#! '=>K#@[NK@=>! =#! #$Z#$F$>K&K@=>! cF$$6! %=#! @>FK&>'$6! ?=^<$#6!
?#=^>$6! &>S! 7$#[$#K6! HXXU6! &>S! ?#&S%=#S! &>S! 7N<<6! HXWWd6! KO$R! &#$! >=K! '=GG=>!
Z&#K@'@Z&>KF! =%! KO$! S@F'=N#F$! FN##=N>S@>)! S='NG$>K&#R! %@<G(! ;=6! K=! FKNSR! KO$!
Z$#FZ$'K@\$! =%! S='NG$>K&#R! Z&#K@'@Z&>KF6! 9! 'O=F$! &! `N&<@K&K@\$! G$KO=S1! F$G@!
FK#N'KN#$SB@>K$#\@$^F6! ^@KO! &GZ<$! =ZZ=#KN>@KR! %=#! KO$! #$FZ=>S$>KF! K=! K&<A! &F! KO$R!
Z#$%$##$S(!!
!
9! @>K$#\@$^$S! %=N#! 2NK'O! S='NG$>K&#R! Z&#K@'@Z&>KF1! +<$V6! ?$>6! 4O#@F6! &>S! 2$[[R(E!
-O$F$! #$FZ=>S$>KF! 9! %=N>S! &%K$#! '=>FN<K@>)! &! >NG[$#! =%! 2NK'O! S='NG$>K&#R!
Z#=SN'$#F! &[=NK! FN@K&[<$! Z#=b$'KF! &>S! Z&#K@'@Z&>KF(! 9! @>K$#\@$^$S! KO$G! K^@'$1! =>'$!
[$%=#$! =#! \$#R! F==>! &%K$#! KO$! Z#$G@$#$! =%! KO$! S='NG$>K&#R! %@<G! KO$R! ^$#$! @>6! &>S!
&)&@>! [$K^$$>! %=N#! &>S! F@V! G=>KOF! <&K$#(! 9! &FA$S! KO$G! K=! %#$$<R! #$'=N>K! KO$@#!
!
! ! !
$VZ$#@$>'$F!=%!Z&#K@'@Z&K@>)(!9!&>&<RF$S!KO$@#!@>K$#\@$^!&''=N>KF![R!@>\$FK@)&K@>)!^O&K!
KO$F$! #$FZ=>S$>KF! F&@S! &[=NK! KO$@#! $VZ$#@$>'$F6! ^@KO! &! %='NF! =>! ^O&K! ^&F! G=FK!
F&<@$>K! @>! KO$@#! &''=N>KF6! #&KO$#! KO&>! =>! &>F^$#F! K=! GR! `N$FK@=>F(! 9! &<F=! NF$S!
'=>'$ZKF! F&<@$>K! @>! KO$! FN#\$R! #$FN<KF! &F! F$>F@K@D@>)! '=>'$ZKFh! $V&GZ<$F! @>'<NS$!
'=GGN>@'&K@=>!cZ&KK$#>F!&K!KO$!K=Z!=%!-&[<$!Wd!&>S!S@F'<=FN#$!cZ&KK$#>F!@>!KO$!G@SS<$!
=%!KO$!K&[<$d(U!!
!
+<$V6!KO$!%@#FK!Z&#K@'@Z&>KF!@>K$#\@$^$S!%=#!KO@F!FKNSR6!@F!&!FO=ZA$$Z$#!&>S!&<F=!A$$ZF!
ĂŶŝŵĂůƐ͘dŚĞĚŽĐƵŵĞŶƚĂƌLJǁĂƐĂďŽƵƚŽŶĞŽĨƚŚĞƐĞĂŶŝŵĂůƐ͘ůĞdž͛ƐĂĐĐŽƵŶƚƐĂďŽƵƚŚŝƐ
S='NG$>K&#R! Z&#K@'@Z&>K! $VZ$#@$>'$! '$>K#$S! =>! KO$! %@<G@>)! &'K@\@K@$F6! O@F! ^@FO! KO&K!
F=G$!G=#$!%N>>R!F'$>$F!^$#$!@>'<NS$S!@>!KO$!%@<G6!&>S!O@F!#$<&V$S!&KK@KNS$!K=^&#S!
G$S@&! Z&#K@'@Z&K@=>! @>! )$>$#&<6! [NK! G=FK<R! =>! O@GF$<%(! 7$! K&<A$S! G=#$! &[=NK! O@F!
&>@G&<F!&>S!O@F!S&@<R!&'K@\@K@$F!KO&>!&[=NK!KO$!%@<G!O$!Z&#K@'@Z&K$S!@>6!^O@'O!#$%<$'KF!
ůĞdž͛ƐƉƌĞŽĐĐƵƉĂƚŝŽŶǁŝƚŚƚŚĞƉƌĞƐĞŶƚĂŶĚŚŝƐŽǁŶĚĂŝůLJĂĐƚŝǀŝƚ@$F(!7$!O&S!&ZZ$&#$S!
@>!=KO$#!G$S@&![$%=#$!&>S!%=#!O@G6![$@>)!&!Z&#K@'@Z&>K!@>!KO$!S='NG$>K&#R!%@<G!^&F!
=>$!$\$>K!@>!&!F$#@$F!=%!G$S@&!$VZ$#@$>'$F!O$!$>b=R$S!^@KO!O@F!Z#$\@=NF!&>S!'N##$>K!
&>@G&<F(! +<$V! FZ=A$! \$#R! %$^! $\&<N&K@\$! ^=#SF! &[=NK! KO$! Z#=b$'K6! &>S! G=FK<R!
#$'=N>K$S! &>$'S=K$F(! -O@F! FN))$FK! KO&K! O@F! $VZ$#@$>'$! &F! S='NG$>K&#R! Z&#K@'@Z&>K!
^&F!&K!KO$![&'A!=%!O@F!G@>S!&>S!S@S!>=K!Z<&R!&>!@GZ=#K&>K!#=<$!@>!O@F!<@%$!&>R!<=>)$#(!
+<$V!^&F! %='NF$S!=>! KO$! %NKN#$(! Q=#! O@G6! [$@>)! @>! KO$! S='NG$>K&#R! ^&F! %N>6! [NK! @K!
^&F!K@G$!%=#!>$^!KO@>)F(!+<$V!S@S!>=K!#$'=N>K!&>R!F$#@=NF!K#=N[<$!^@KO!KO$!%@<GG&A$#!
&>S!KO&K!G@)OK![$!=>$!#$&F=>!^OR!O$!O&F!<$%K!KO$!$VZ$#@$>'$![$O@>S!O@G(!+<F=6!+<$V!
'&G$!&'#=FF!&F!&!K&<A&K@\$!Z$#F=>!^O=!<@A$F!&!)==S!'=>\$#F&K@=>!&>S!<@A$F!K=!O&\$!%N>!
ǁŝƚŚ ƉĞŽƉůĞ͘ /Ŷ ƐŚŽƌƚ͕ ůĞdž͛Ɛ ĂĐĐŽƵŶƚ ŽĨ ŚŝƐ ĞdžƉĞƌŝĞŶĐĞ ĂƐ ĚŽĐƵŵĞŶƚĂƌLJ ƉĂƌƚŝĐŝƉĂŶƚ
FO=^F! KO&K! $\$>! KO=N)O! O$! ^=N<S! O&\$! Z#$%$##$S! &! %N>>@$#! %@<G! O$! <@A$S! KO$!
$VZ$#@$>'$!&>S!$>b=R$S!@K(!7=^$\$#6!@K!^&F!=>$!G$S@&!$VZ$#@$>'$!&G=>)!=KO$#F(!
!
?$>6! KO$! F$'=>S! Z&#K@'@Z&>K6! @F! &! >N#F$(! 7$! Z&#K@'@Z&K$S! @>! &! %@<G! &[=NK! &! Z=<@K@'&<!
Z&#KR! &>S! @KF! <$&S$#6! ^O=G! ?$>! FNZZ=#KF(! ĞŶ͛Ɛ ĂĐĐŽƵŶƚƐ ĐĞŶƚƌĞĚ ĂƌŽƵŶĚ ŚŝƐ
$\&<N&K@=>!=%!KO$!%@<G6!O@F!$\&<N&K@=>!=%!KO$!$VZ$#@$>'$6!KO$!%@<GG&A$#6!&>S!O@GF$<%(!
Q=#!?$>!KO$!$VZ$#@$>'$!^&F!&!<$&#>@>)!$VZ$#@$>'$!&F!O$!<$&#>$S!&[=NK!%@<GG&A@>)!&F!
^$<<!&F!&[=NK!O@GF$<%(!?$>!#$'=N>K$S!O$!^=#A$S!^$<<!^@KO!KO$!%@<GG&A$#6!KO$#$!^&F!&!
[&F@F!=%!K#NFK!&>S!&>RKO@>)!'=N<S![$!S@F'NFF$S6!S$FZ@K$!KO$@#!S@%%$#$>K!=Z@>@=>F(!?$>!
^&F! '#@K@'&<! &[=NK! KO$! %@<Gh! O$! %$<K! &! FZ$'@%@'! F'$>$! ^&F! >=K! K#NKO%N<6! &>S! O$!
$VZ$#@$>'$S!&!<&'A!=%![&<&>'$!@>!KO$!%@<G6!^O@<$!KO$!%@<GG&A$#!O&S!K=<S!O@G!@K!^=N<S!
[$![&<&>'$S(!7$!G$&>K!K=!S@F'NFF!KO$F$!@FFN$F!^@KO!KO$!%@<GG&A$#!<&K$#(!?$>!^&F!>=K!
'#@K@'&<! &[=NK! KO$! %@<GG&A$#(! 2N#@>)! @>K$#\@$^F! %=#! KO$! %@<G6! ?$>! '=>K#=<<$S! O@F!
'=>K#@[NK@=>![=KO![R!#$%NF@>)!'=>F$>K!%=#!%@<G@>)6!&>S![R!@>'<NS@>)!FZ$'@%@'!G&K$#@&<!
&>S! NKK$#&>'$F(! 7$! &<F=! K#@$S! K=! '=>K#=<! O@F! '=>K#@[NK@=>! [R! K#R@>)! K=! $VK$>S! O@F!
S@F'<=FN#$6! [R!&FA@>)!KO$! %@<GG&A$#!K=!@>'<NS$!FZ$'@%@'!G&K$#@&<(!9>!&SS@K@=>6!O$!^&F!
@>\=<\$S!@>!G&A@>)!&##&>)$G$>KF!%=#!%@<G@>)6!&>S!'=>K#@[NK$S!'=>K$>K!=%!O@F!=^>1!O$!
&##&>)$S!%=#!&SS@K@=>&<!Z&#K@'@Z&>KF!K=!%@<G(!7@F!Z&#K@'@Z&K@=>!O&S!F=G$!'=>F$`N$>'$F!
%=#!?$>!&K!^=#A6![NK!F$$GF!K=!O&\$!F$#\$S!&F!&!'&K&<RFK!%=#!$V@FK@>)!K$>F@=>F6!#&KO$#!
ƚŚĂŶĂƉƌŽďůĞŵŝŶŝƚƐĞůĨ͘ĞŶ͛ƐƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚƚŚĞĨŝůŵŵĂŬĞƌĐŚĂŶŐĞĚĂĨƚĞƌƚŚĞĨŝůŵ
^&F! %@>@FO$S1! #&KO$#! KO&>! %@<GG&A$#! &>S! Z&#K@'@Z&>K! KO$R! [$'&G$! %#@$>SF6! &>S6!
&''=#S@>)!K=!?$>6!KO$R![=KO![$>$%@K$S!%#=G!KO@F!%#@$>SFO@Z(!?$>!S@F#$)&#S$S!<@>)$#@>)!
@FFN$F! O$! Z<&>>$S! K=! S@F'NFF! ^@KO! KO$! %@<GG&A$#! <&K$#6! Z#@=#@K@D@>)! KO$@#! %#@$>SFO@Z!
=\$#!N>#$F=<\$S!@FFN$F!'=>'$#>@>)!KO$!%@<G(!
!
-O$!KO@#S!Z&#K@'@Z&>K!^&F!4O#@F6!&>!&'&S$G@'!&>S!^#@K$#6!&>S!%#@$>S!=%!KO$!%@<GG&A$#!
=%!KO$!%@<G!O$!^&F!@>(!4O#@F!$>b=R$S!Z&#K@'@Z&K@>)!@>!KO$!S='NG$>K&#R6!^O@'O!%=#!O@G!
^&F!@>!&!F$>F$!&!%#@$>S<R!KN#>(!7$!&ZZ#$'@&K$S!KO$!%@<G!\$#R!GN'O6!<@A$!O$!&ZZ#$'@&K$S!
!
KO$! %@<GG&A$#ʹ%#@$>S! ^O=! G&S$! @K6! &>S! O$#! ^=#A! @>! )$>$#&<(! 2$FZ@K$! O@F! Z=F@K@\$!
$\&<N&K@=>!=%!KO$! $VZ$#@$>'$6! KO$#$!^&F!=>$!F'$>$! O$! ^&F!@>!O$! O&S!S=N[KF!&[=NK6!
[NK! KO$! %@<GG&A$#! '=>\@>'$S! O@G! KO$#$! ^&F! >=! >$$S! K=! #$'=#S! @K! &)&@>(! +%K$#!
^&K'O@>)! &! #=N)O! 'NK6! O$! Z#$%$##$S! K=! O&\$! &! FZ$'@%@'! F'$>$! &F! KO$! $>S@>)6! [NK! KO$!
%@<GG&A$#! S$'@S$S! &)&@>FK! @K(! 4O#@F! &<@)>$S! O@GF$<%! ^@KO! KO$! %@<GG&A$#6! [=KO! [$@>)!
ĐƌĞĂƚŝǀĞ ƉƌĂĐƚŝƚŝŽŶĞƌƐ͕ ĂŶĚ ƚŚŝƐ ĂůůŝĂŶĐĞ ŝŶĐůƵĚĞĚ ĂĐĐĞƉƚŝŶŐ ƚŚĞ ĨŝůŵŵĂŬĞƌ͛Ɛ ĂƌƚŝƐƚŝĐ
S$'@F@=>F(! 4O#@F! &<F=! G&S$! Z#&'K@'&<! &##&>)$G$>KF! %=#! KO$! %@<G1! O$! &##&>)$S!
Z$#G@FF@=>!%=#!%@<G@>)!&K!K^=!<='&K@=>F(!!
!
2$[[R! ^&F! KO$! <&FK! Z&#K@'@Z&>K! @>K$#\@$^$S! %=#! KO@F! FKNSR(! ;O$! @F! &>! &'&S$G@'! K==6!
^O=6!&K!KO$!K@G$!=%!KO$!@>K$#\@$^6!O&S!#$'$>K<R!%@>@FO$S!O$#!"O2!KO$F@F6!&![@=)#&ZOR(!
-O$! %@<G! ^&F! &[=NK! KO$! F&G$! Z$#F=>! &F! KO$! [@=)#&ZOR(! 2$[[R! ^&F! &ZZ#=&'O$S! &F!
'=>FN<K&>K! %=#! KO$! %@<G6! [NK! <&K$#! [$'&G$! KO$! G&@>! Z&#K@'@Z&>K(! ĞďďLJ͛Ɛ ĂĐĐŽƵŶƚ ŽĨ
O$#! $VZ$#@$>'$! &F! S='NG$>K&#R! Z&#K@'@Z&>K! FO=^F! KO&K! %=#! O$#6! KO$! $VZ$#@$>'$! ^&F!
>=K!N>'=GZ<@'&K$S(!;O$!^&F!@>\=<\$S!@>!KO$!Z#=b$'K!&F!#$F$&#'O$#!=%!&>S!KONF!$VZ$#K!
=>!KO$! K=Z@'h! FO$! N>S$#FK&>SF!O$#!#=<$!@>!KO$!%@<G!&F!#$F$&#'O$#!&>S!&'&S$G@'(!;O$!
#$'=N>K$S!S@%%$#$>'$F!=%!=Z@>@=>!^@KO!KO$!%@<GG&A$#!%#=G!KO$!FK&#K6!&F!^$<<!&F!F$\$#&<!
@>K$##NZK@=>F!@>!O$#!'==Z$#&K@=>!^@KO!KO$!%@<GG&A$#!&>S!KO$!Z#=SN'K@=>!K$&G6!G=FK!
>=K&[<R! ^O$>! FO$! #$%NF$S! K=! ZO#&F$! FZ$'@%@'! @>%=#G&K@=>! @>! &! ^&R! KO$! %@<GG&A$#!
ĞŶĐŽƵƌĂŐĞĚ ŚĞƌ ƚŽ͕ ďƵƚ ǁŚŝĐŚ ŝŶ ĞďďLJ͛Ɛ ĞLJĞƐ ǁĂƐ ǁƌŽŶŐ͕ ŝŶƚĞƌƌƵƉƚĞĚ ĨŝůŵŝŶŐ͕ ĂŶĚ
S$G&>S$S!K@G$!K=!'=>'$@\$!=%!&!Z#=Z$#!F$>K$>'$!=%!O$#!=^>6!^O@'O!FO$!^&F!)@\$>(!
M=##@$S! &[=NK! O$#! #$Z#$F$>K&K@=>6! &>S! '=>F$`N$>K<R! O$#! @G&)$! &F! &'&S$G@'6! KO@F!
^&F! =>$! =%! F$\$#&<! $%%=#KF! K=! F&%$)N&#S! KO&K! @G&)$! FO$! #$'=N>K$S(! +%K$#! FO$! O&S!
^&K'O$S! KO$! %@>&<! &! %@<G6! FO$! ^&F! Z=F@K@\$! &[=NK! O$#! #$Z#$F$>K&K@=>! &>S! KO$! %@<G! @>!
)$>$#&<6! R$K! #$G&@>$S! '#@K@ĐĂů ĂďŽƵƚ ƐŽŵĞ ŽĨ ƚŚĞ ĨŝůŵŵĂŬĞƌ͛Ɛ ĐŚŽŝĐĞƐ͘ ^ŚĞ ƌĞĐĞŝǀĞĚ
G&>R!Z=F@K@\$!#$FZ=>F$F!&F!^$<<(!!
!
-O$! &>&<RF$F! =%! KO$! %=N#! &''=N>KF! Z#=\@S$S! &>! N>S$#FK&>S@>)! =%! KO$! \&#@=NF!
$VZ$#@$>'$F6!^O@'O!&#$!'O&#&'K$#@F$S![R!b=R6!<$&#>@>)6!&>S!F$<%B#$Z#$F$>K&K@=>6!&F!^$<<!
&F!ŽĨƉĂƌƚŝĐŝƉĂŶƚƐ͛ĂƚƚŝƚƵĚĞƚŽǁĂƌĚƚŚĞƉƌŽũĞĐƚĂŶĚƚŽǁĂƌĚƚŚĞŝŶƚĞƌǀŝĞǁ͘/ŶƌĞƐƉĞĐƚŽĨ
KO$! \&#@=NF! '=>'$ZKF! #$<$\&>K! K=! S='NG$>K&#R! %@<GG&A@>)! &>S! $KO@'F6! KO$F$! '&F$!
FKNS@$F! @>S@'&K$S! &! F@G@<&#! #$FN<K! K=! KO$! FN#\$R1! '==Z$#&K@=>6! '=GGN>@'&K@=>6! &>S!
K#NFK!S=G@>&K$!KO$!$VZ$#@$>'$6!&>S!'=>%<@'K6!@>'<NS@>)!S@F&)#$$G$>K6!S@%%$#$>K!Z=@>KF!
=%!\@$^6!&>S!'=>%<@'K!Z#=Z$#!@>!KO$!%=#G!=%!@>K$##NZK@=>F!K=!KO$!'==Z$#&K@=>![$K^$$>!
%@<GG&A$#! &>S! Z&#K@'@Z&>K6! Z<&RF! &>! @GZ=#K&>K! FNZZ=#K@>)! #=<$(! +<<! #$FZ=>S$>KF!
S@F&)#$$S! ^@KO! KO$! %@<GG&A$#! &K! F=G$! Z=@>K! &>S! &<<! K#@$S! K=! &%%$'K! KO$! Z#=b$'K! &>S!
ƐĂĨĞŐƵĂƌĚƚŚĞŝƌŝŶƚĞƌĞƐƚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƉĂƌƚŝĐŝƉĂŶƚƐ͛ĂĐĐŽƵŶƚƐƉŽŝŶƚĞĚƚŽĂǀĂƌŝĞƚLJ
=%! '=>F$`N$>'$F! =%! Z&#K@'@Z&K@>)! @>! &! S='NG$>K&#R! Z#=b$'K6! [=KO! Z=F@K@\$! &>S!
>$)&K@\$(!!
!
U7622+G)(8!+14!5+(37,75+138A!+1!+63)(1+370)!4/,B2)13+(=!5(+,37,)!
-O$!$GZ@#@'&<!#$FN<KF!%#=G!KO$!K^=!FKNS@$F!Z#=\@S$!&>!@>F@)OK!@>K=!KO$!S='NG$>K&#R!
%@<GG&A@>)!Z#&'K@'$!KO&K!'O&<<$>)$F!KO$!Z#&'K@'$!&F!@K!@F!@>K$#Z#$K$S!&>S!$\&<N&K$S!@>!
KO$! S='NG$>K&#R! S@F'=N#F$! &K! F$\$#&<! Z=@>KF(! -O$R! @>\@K$! &>! &<K$#>&K@\$!
N>S$#FK&>S@>)!=%!KO$!S='NG$>K&#R!Z#&'K@'$!&>S!KO$!#=<$!=%!KO$!Z&#K@'@Z&>K!@>!@K(!!
!
-O$! %@<GG&A$#! FN#\$R! FO=^$S! &! Z#&'K@'$! @>! ^O@'O! %@<GG&A$#F! &>S! Z&#K@'@Z&>KF!
'==Z$#&K$!&>S!'=GGN>@'&K$6!&>S!@>!^O@'O!&!<@G@K$S!&G=N>K!=%!'=>%<@'K6!@>!KO$!%=#G!
=%! =ZZ=F@K@=>! [R! KO$! Z&#K@'@Z&>K6! &>S! '=>%<@'K! =\$#! O$#! #$Z#$F$>K&K@=>6! @F! >=K!
N>'=GG=>(! -O$! Z&#K@'@Z&>K! '&F$! FKNS@$F! FO=^$S! KO&K! Z&#K@'@Z&>KF! '&>! $>b=R! &>S!
<$&#>!%#=G!KO$@#!Z&#K@'@Z&K@=>6!&>S!&K!KO$!F&G$! K@G$![$! '#@K@'&<!&[=NK!KO$! #$FN<KF1!@K!
G&KK$#F!K=!KO$G(!-O$R!G@)OK!&<F=!)$K!@>\=<\$S!@>!Z#=SN'K@=>!K&FAF!%=#!%@<G@>)(!?&F$S!
!
! ! !
=>! KO$! $GZ@#@'&<! %@>S@>)F6! &! Z#&'K@'$! FN#%&'$F! @>! ^O@'O! KO$! Z&#K@'@Z&>K! @F! &'K@\$<R!
@>\=<\$S! @>! &>S! '=GG@KK$S! K=! KO$! Z#=b$'Kh! @>! ^O@'O! '=>%<@'K! @>! &! [#=&S! F$>F$! @F! &!
#$'N##$>K![NK!>=>BS$'@F@\$!$<$G$>K!=%!KO$!%@<GG&A$#BZ&#K@'@Z&>K!#$<&K@=>FO@Zh!&>S!@>!
^O@'O!'=>%<@'K!@F!S@FZ$#F$S!&>S!<='&<6!#$<&K$S!K=!@>S@\@SN&<!F'$>$F!&>S!NKK$#&>'$F(!9>!
KO@F! Z#&'K@'$6! '=GGN>@'&K@=>6! K#NFK6! &>S! '=GG@KG$>K! &#$! KO$! [&F@F6! &>S! '=>%<@'K! @F!
$VZ$#@$>'$S!=''&F@=>&<<R(!4=GGN>@'&K@=>6!K#NFK6!&>S!'=GG@KG$>K!KONF!%N>'K@=>!&F!&!
F&%$KRB>$K!%=#!'=>%<@'K(!!
!
9>! FO=#K6! KO@F! &<K$#>&K@\$! Z#&'K@'$! G@)OK! [$! S$F'#@[$S! &F! %=<<=^F(! Q@<GG&A$#! &>S!
Z&#K@'@Z&>K!'==Z$#&K$!@>!&!Z#=b$'K!@>!^O@'O![=KO!&#$!'=GG@KK$S!K=!G&A$!&!'=GZ$<<@>)!
%@<G!&>S![=KO!^$@)O!KO$@#!@>K$#$FKF!&)&@>FK!KO$!@>K$#$FKF!=%!KO$!=KO$#6!&>S!=%!KO$!%@<G(!
+<KO=N)O!KO$!%@<GG&A$#!@F!@>!'O&#)$!=%!KO$!'#$&K@\$!Z#='$FF6!KO$!Z&#K@'@Z&>K!'=>K#=<F!
O$#! '=>K#@[NK@=>! [R! '=>K#=<<@>)! O$#! S@F'<=FN#$6! &>S! [R! #$'=>F@S$#@>)! O$#! '=>F$>K(!
3NKN&<! &>S! '=>K@>N=NF! $V'O&>)$! =%! @>%=#G&K@=>6! `N$FK@=>F6! &>S! '=>'$#>F6! G&A@>)!
'=>%<@'K! $VZ<@'@K6! O$<ZF! '#$&K$! &>! $>\@#=>G$>K! =%! K#NFK! @>! ^O@'O! FN'O!'=>%<@'K! '&>! [$!
>$)=K@&K$S!F&%$<R6!^@KO=NK!S$K#@G$>K&<!'=>F$`N$>'$F!%=#!KO$!Z#=b$'K(!!
!
;/1,6B87/1!
-O$!#$FN<KF!=%!KO$!$GZ@#@'&<!#$F$&#'O!Z#=b$'KF!S@F'NFF$S!@>!KO@F!KO$F@F!G$#@K!&!#$\@F@=>!
=%!KO$!F'O=<&#<R!S@F'NFF@=>!=%!S='NG$>K&#R!%@<GG&A@>)!$KO@'F(!3=#$!FZ$'@%@'&<<R6!KO$R!
G$#@K!&!Z&#&S@)GBFO@%K(!-O$!#=<$!=%!KO$!Z&#K@'@Z&>K!'&>![$!'=>'$@\$S!&F!KO&K!=%!&!'=B
'#$&K=#6! Z&#K@&<! KO=N)O! K=! O$#! '=>K#@[NK@=>h! FO$! '=>K#=<F! O$#! '=>K#@[NK@=>! &>S! @F!
@>\=<\$S! @>! Z#=SN'K@=>! K&FAF(! -O$! S@F'NFF@=>! &[=NK! &>! $KO@'F! =%! S='NG$>K&#R!
%@<GG&A@>)!GNFK!%@#FK!=%!&<<!@>'<NS$!&!Z&#K@'@Z&>K!&F!Z&#K@&<!'=B'#$&K=#6!'=GG@KK$S!&>S!
@>\=<\$S! @>! KO$! Z#=b$'K(! 9K! GNFK! &<F=! @>'<NS$! '=GGN>@'&K@=>! &F! &! \$O@'<$! K=! '&##R!
%@<GG&A$#! &>S! Z&#K@'@Z&>K! '=B'#$&K=#FO@Z6! @>'<NS@>)! %&'@<@K&K@>)! KO$! $V'O&>)$! =%!
@>%=#G&K@=>6! `N$FK@=>F6! &>S! '=>'$#>F6! &>S! KO$! [N@<S@>)! &>S! %=FK$#@>)! =%! K#NFKh! &>S!
'=>%<@'K!&F!&!G$&>F!K=!>$)=K@&K$!&>S!F&%$)N&#S!KO$@#!#$FZ$'K@\$!@>K$#$FKF(!!
!
M@KO@>! KO$! S='NG$>K&#R! Z#=b$'K6! %=#! ^O@'O! '==Z$#&K@=>! @F! KO$! Z=@>K! =%! S$Z&#KN#$6!
'=>%<@'K! $V@FKF! @>! @>FK&>'$F! @>! ^O@'O! KO$! Z&#K@'@Z&>K! 'O&<<$>)$F! KO$! &NKO=#@KR! =%! KO$!
%@<GG&A$#!&>S!$V$#KF!@>%<N$>'$!=>!KO$!'=>K$>K!=%!KO$!%@<G![R!#$%NF@>)!=#!Z#=G=K@>)!
FZ$'@%@'!'=>K$>K(!9>!KO@F!Z#&'K@'$6!S@%%$#$>K!$KO@'&<!`N$FK@=>F!FN#%&'$(!-O$F$!`N$FK@=>F!
S=!>=K!Z#@G&#@<R!'=>'$#>!KO$!>$$S!%=#!KO$!%@<GG&A$#!K=!Z#=K$'K!KO$!Z&#K@'@Z&>K!%#=G!
O&#G! $>FN@>)! %#=G! O$#! #$Z#$F$>K&K@=>! @>! &! S='NG$>K&#R! %@<G6! [NK! #&KO$#! KO$!
>$)=K@&K@=>!=%!Z&#K@&<!'=B'#$&K=#FO@Z!&>S!=%!KO$!#$FZ$'K@\$!@>K$#$FKF!=%!%@<GG&A$#!&>S!
Z&#K@'@Z&>K!@>!KO$!Z#='$FF!=%!G&A@>)!KO$!GNKN&<<R!S$F@#$S!'=GZ$<<@>)!%@<G(!
!
$78,B887/1!
-O$!`N$FK@=>>&@#$!^&F!S$F@)>$S!%=#!KO@F!FZ$'@%@'!FN#\$R!&>S!^@<<!FN#$<R![$!$<@)@[<$!%=#!
S$\$<=ZG$>K!&>S!@GZ#=\$G$>K(!9K!^&F!@>!0>)<@FO!=><R6!^O@'O!O&F!S@F'=N#&)$S!F=G$!
@>\@K$$F! %#=G! '=GZ<$K@>)! @K(! -O$! S&K&! @K! Z#=\@S$S! '&G$! %#=G! &! \$#R! O$K$#=)$>$=NF!
)#=NZ! =%! %@<GG&A$#Fh! KO$! %&'K=#! &>&<RF@F! $VZ<&@>$S! =><R! JLt! =%! KO$! \&#@&>'$! @>! KO$!
S&K&6!&>S!KO$!Z#$S@'K@\$!Z=^$#!=%!'=>K$VKN&<!\&#@&[<$F!^&F!<@G@K$S(!"=FF@[<R!&!G=#$!
O=G=)$>$=NF! )#=NZ! ^=N<S! Z#=\@S$! G=#$! S@FK@>'K! #$FN<KF(! +<F=6! #$FZ=>S$>KF! '&>!
&<^&RF!)@\$!F='@&<<R!S$F@#&[<$!&>F^$#F6!$\$>!^O$>!'=>%@S$>K@&<@KR!@F!Z#=\@S$S(!!
!
:@\$>! KO$! <@G@K$S! >NG[$#! =%! Z&#K@'@Z&>K! '&F$F6! KO@F! &<K$#>&K@\$! Z#&'K@'$! '&>! [$!
N>S$#FK==S! &F! &! FZ$'@%@'! G&>@%$FK&K@=>! =%! KO$! Z#&'K@'$! =%! &NKO=#! S='NG$>K&#R!
%@<GG&A@>)6!^O$#$!=KO$#F!G@)OK!$V@FK!@>!&SS@K@=>(!Q=#!KO@F!FKNSR6!Z#=SN'$#F!'&G$!NZ!
^@KO! Z=K$>K@&<! Z&#K@'@Z&>KF6! &>S! KONF! G@)OK! O&\$! Z#$\$>K$S! G=#$! '=>K#=\$#F@&<!
Z#=b$'KF!K=![$!@>\$FK@)&K$S(!9!NF$S!F$G@BFK#N'KN#$S!@>K$#\@$^F6![NK!&F!S&K&!'=<<$'K@=>!
!
KO#=N)O! S@&#@$F! &>S! S@#$'K! =[F$#\&K@=>! ^&F! >=K! %$&F@[<$! %=#! KO@F! Z#=b$'K(! ;N'O!
G$KO=SF!^=N<S!Z#=[&[<R!O&\$!R@$<S$S!#@'O$#!S&K&6!&>S!@K!#$G&@>F!&!'O&<<$>)$!%=#!KO$!
%NKN#$!K=!'#$&K$!&>!=ZZ=#KN>@KR!K=!#$F$&#'O!S='NG$>K&#R!Z#=b$'KF!KO@F!^&R(!
!
#/3)8!!
W!
Q=#!&!'=GZ<$K$!<@FK6!F$$!;&>S$#F!cHXWXd(!
H
!Q=#!&!G=#$!$VK$>F@\$!K$VK!=>!KO@F!$GZ@#@'&<!FKNSR!F$$!;&>S$#F!cHXWH&6!HXWH[d(!
L
! Q=#! &>! $VK$>F@\$! S@F'NFF@=>! =%! c0VZ<=#&K=#Rd! Q&'K=#! +>&<RF@F! F$$! Q@$<S! cHXX*d! &>S!
-@>F<$R!&>S!-@>F<$R!cWUEId(!
J
!+!>NG[$#!=%!K$FKF6!FK$ZF6!&>S!#$<&K$S!S$'@F@=>F!&#$!Z&#K!=%!&!%&'K=#!&>&<RF@F(!2$K&@<F!
&#$!&\&@<&[<$!%#=G!KO$!&NKO=#(!!
*
!Q=#!S$K&@<F!=>!KO$!\&#@&[<$F!@>'<NS$S!@>!$&'O!%&'K=#6!F$$!;&>S$#F!HXWH&6!HXWH[(!
P!
;$$!0\&>F!cWUUUd6!:#&R!cWUUId6!&>S!M=<%%!&>S!"#$@F@>)!cHXX*d!%=#!S$K&@<F!=>!7@)O$#!
.#S$#!Q&'K=#!+>&<RF@F(!
I!
;$$!?#&'$6!]$GZ6!&>S!;>$<)&#!cHXXLd!&>S!Q@$<S!cHXX*d(!
E
!-O$!@>K$#\@$^F!K==A!Z<&'$!=>!KO$![&F@F!=%!'=>%@S$>K@&<@KR6!O$>'$!KO$F$!>&G$F!&#$!>=K!
KO$@#!#$&<!>&G$F(!
U
!9>!&SS@K@=>6!9!'=>F@S$#$S!O=^!KO$F$!%=N#!K&<A$S!&[=NK!KO$@#!$VZ$#@$>'$F(!,$<R@>)!=>!
KO$=#@$F! &[=NK! &'K@\$! @>K$#\@$^@>)! c7=<FK$@>! &>S! :N[#@NG6! WUU*d6! '=>FK#N'K@=>@FG!
c;@<\$#G&>6! HXXPd6! &>S! S$'=>FK#N'K@=>! c3&#K@>6! WUUXd6! 9! '=>F@S$#$S! KO$! ^&R! KO$F$!
Z&#K@'@Z&>KF!F&@S6!=#!S@S!>=K!F&R!KO@>)F!&[=NK!KO$@#!$VZ$#@$>'$F6!@>!&>!$%%=#K!K=![$KK$#!
N>S$#FK&>S! KO$@#! Z$#FZ$'K@\$! &F! ^$<<! &F! KO$@#! $VZ$#@$>'$(! 7=^$\$#! %=#! KO$! Z#$F$>K!
&#)NG$>K6! KO@F! S$'=>FK#N'K@=>! @F! <$FF! #$<$\&>K6! &>S! 9! ^@<<! >=K! )=! @>K=! @K(! Q=#! &! G=#$!
$VK$>F@\$!S@F'NFF@=>6!F$$!;&>S$#F!cHXWH[d(!
!
D)*)()1,)8!
ĞĐŬĞƌ͕,ŽǁĂƌĚ^͘;ϭϵϴϴͿ͗͞&ŽƌĞǁŽƌĚ͗/ŵĂŐĞƐ͕ƚŚŝĐƐĂŶĚKƌŐĂŶŝnjĂƚŝŽŶƐ͟ŵŝŶ'ƌŽƐƐ͕
C&##R6!]&KD6!_=O>!;(6!&>S!,N[R6!_&R!0S@K=#F1!9G&)$!0KO@'F(!-O$!3=#&<!,@)OKF!=%!
;N[b$'KF! @>!"O=K=)#&ZOF6! Q@<G6! &>S! -$<$\@F@=>6! .V%=#S! 8>@\$#F@KR!"#$FF6! /$^!
5=#A!cV@ʹV\@@d(!
?=^<$#6! "$K$#6! _&>$K! ?#=^>$6! &>S! 7$#[$#K6! ;&>S#&! cHXXUd1! ͞dŚĞ WĞƌŝůƐ ŽĨ WƵďůŝĐŝƚLJ͕͟
7@FK=#R! =%! ;'@$>'$! ;='@$KR! /$^F<$KK$#6! LE6! cHJd(!
OKKZ1jj^^^(OFF=><@>$(=#)jZN[<@'&K@=>Fj!
/$^F<$KK$#HXXUj_N<Ry"$#@<Fy"N[<@'@KR(OKG<6!'=>FN<K$S1!JjWHjHXWW(!
?#&'$6!/@'=<&6!]$GZ6!,@'O&#S6!&>S!;>$<)!,=F$G&#R!cHXXLd1!;";;!%=#!"FR'O=<=)@FKF(!+!
:N@S$! K=! 2&K&! +>&<RF@F! 8F@>)! ;";;! %=#! M@>S=^F6! ;$'=>S! 0S@K@=>6! "&<)#&\$!
3&'3@<<&>6!7&GZFO@#$(!
ƌĂĚĨŽƌĚ͕ĂǀŝĚ͕ĂŶĚ,Ƶůů͕:ŽŚŶ;ϮϬϭϭͿ͖͞ŶŽƚŚĞƌůŝŶĚŝŶŐŽĐƵŵĞŶƚĂƌLJŽŶŚĂŶŶĞů
ϰ͍͕͟ _=N#>&<! =%! Y@FN&<! 4N<KN#$6! WX! cWH*ʹWLLd(!
OKKZ1jj\'N(F&)$ZN[('=Gj'=>K$>KjWXjWjWH*(!&[FK#&'K6!'=>FN<K$S!WLjX*jHXWW(!
ƵƚĐŚĂƌƚ͕'ĂƌŶĞƚ͘;ϮϬϬϲͿ͗͞KŶƚŚŝĐƐĂŶĚŽĐƵŵĞŶƚĂƌLJ͗ZĞĂůĂŶĚĐƚƵĂůdƌƵƚŚ͕͟
4=GGN>@'&K@=>!-O$=#R6!WP!cJHIʹJ*Hd(!!
2#@%K$#F!cWUJPd(!2@#$'K=#!_=O>!:#@$#F=>6!"#=SN'K@=>!0GZ@#$!3&#A$K@>)!?=&#S6!JU!G@>(!
ǀĂŶƐ͕sŝĐƚŽƌŝĂW͘;ϭϵϵϵͿ͗͞,ŝŐŚĞƌKƌĚĞƌ&ĂĐƚŽƌŶĂůLJƐŝƐ͗Ŷ/ŶƚƌŽĚƵĐƚŽƌLJWƌŝŵĞƌ͘͟/Ŷ
+>>N&<!3$$K@>)!=%!KO$!;=NKO^$FK!0SN'&K@=>&<!,$F$&#'O!+FF='@&K@=>6!02,;6!
;&>!+>K=>@=6!-a(!OKKZ1jj^^^($#@'($S()=\j"2Q;j02JHIXUH(ZS%6!'=>FN<K$S!
WWjXLjHXXU(!
Q@$<S6!+>SR!cHXX*d1!2@F'=\$#@>)!;K&K@FK@'F!8F@>)!;";;6!;$'=>S!0S@K@=>6!;&)$!
"N[<@'&K@=>F!CKS6!C=>S=>(!
'ŝůďĞƌƚ͕ƌĂŝŐ͘ϭϵϴϭ͘͞ZĞĨůĞĐƚŝŽŶƐŽŶĂŶŵĞƌŝĐĂŶ&ĂŵŝůLJ//͕͟ŝŶZŽƐĞŶƚŚĂů͕ůĂŶĚŝƚŽƌ͗
/$^!4O&<<$>)$F!%=#!2='NG$>K&#R6!!8>@\$#F@KR!=%!4&<@%=#>@&!"#$FF6!?$#A$<$R6!
4+!cHEEʹLXId(!!
!
! ! !
'ƌĂLJ͕͘dŚŽŵĂƐ͘ϭϵϵϳ͘͞,ŝŐŚĞƌKƌĚĞƌ&ĂĐƚŽƌŶĂůLJƐŝƐ͘͟/Ŷ+>>N&<!3$$K@>)!=%!KO$!
;=NKO^$FK!0SN'&K@=>&<!,$F$&#'O!+FF='@&K@=>(!02,;6!;&>!+>K=>@=6!-a(!
OKKZ1jj^^^($#@'($S()=\j!"2Q;j02JXIJWE(ZS%6!'=>FN<K$S!WWjXLjHXXU(!
'ƌŽƐƐ͕>ĂƌƌLJ͘ϭϵϴϴ͘͞dŚĞƚŚŝĐƐŽĨ;ŵŝƐͿƌĞƉƌĞƐĞŶƚĂƚŝŽŶ͕͟ŝŶ'ƌŽƐƐ͕>ĂƌƌLJ͕<Ăƚnj͕:ŽŚŶ^͕͘
&>S!,N[R6!_&R!0S@K=#F1!9G&)$!0KO@'F(!-O$!3=#&<!,@)OKF!=%!;N[b$'KF!@>!
"O=K=)#&ZOF6!Q@<G6!&>S!-$<$\@F@=>6!.V%=#S!8>@\$#F@KR!"#$FF6!/$^!5=#A!cWEEʹ
HXHd(!!
:#=FF6!C&##R6!]&KD6!_=O>!;KN&#K6!&>S!,N[R6!_&R!0S@K=#F!cWUEE&d1!9G&)$!$KO@'F(!-O$!G=#&<!
#@)OKF!=%!FN[b$'KF!@>!ZO=K=)#&ZOF6!%@<G6!&>S!K$<$\@F@=>6!.V%=#S!8>@\$#F@KR!
"#$FF6!/$^!5=#A(!!
'ƌŽƐƐ͕>ĂƌƌLJ͕<Ăƚnj͕:ŽŚŶ^ƚƵĂƌƚ͕ĂŶĚZƵďLJ͕:ĂLJ;ϭϵϴϴďͿ͗͞/ŶƚƌŽĚƵĐƚŝŽŶ͗ŵŽƌĂůƉĂƵƐĞ͕͟
@>!:#=FF6!C&##R6!]&KD6!_=O>!;(6!&>S!,N[R6!_&R!0S@K=#F1!9G&)$!0KO@'F(!-O$!3=#&<!
,@)OKF!=%!;N[b$'KF!@>!"O=K=)#&ZOF6!Q@<G6!&>S!-$<$\@F@=>6!.V%=#S!8>@\$#F@KR!
"#$FF6!/$^!5=#A!cLʹLLd(!!
:#=FF6!C&##R6!]&KD6!_=O>!;KN&#K6!&>S!,N[R6!_&R!0S@K=#F!cHXXLd(!9G&)$!0KO@'F!@>!KO$!
2@)@K&<!+)$6!8>@\$#F@KR!=%!3@>>$F=K&!"#$FF6!3@>>$&Z=<@F6!3/(!
7=<FK$@>6!_&G$F!+(!&>S!:N[#@NG6!_&[$#!Q(!cWUU*d1!-O$!+'K@\$!9>K$#\@$^6!;&)$!
"N[<@'&K@=>F6!9>'(6!-O=NF&>S!.&AF6!4+(!!
7=NF@>)!"#=[<$GF!cWUL*d(!"#=SN'K@=>!?#@K@FO!4=GG$#'@&<!:&F!+FF='@&K@=>6!WP!G@>(!
<Ăƚnj͕:ŽŚŶ^ƚƵĂƌƚ͕ĂŶĚDŝůƐƚĞŝŶ<Ăƚnj͕:ƵĚŝƚŚ;ϭϵϴϴͿ͗͞ƚŚŝĐƐĂŶĚƚŚĞWĞƌĐĞƉƚŝŽŶŽĨ
ƚŚŝĐƐŝŶƵƚŽďŝŽŐƌĂƉŚŝĐĂů&ŝůŵ͕͟ŝŶ'ƌŽƐƐ͕>ĂƌƌLJ͕<Ăƚnj͕:ŽŚŶ^͕͘ĂŶĚZƵďLJ͕:ĂLJ
0S@K=#F1!9G&)$!0KO@'F(!-O$!3=#&<!,@)OKF!=%!;N[b$'KF!@>!"O=K=)#&ZOF6!Q@<G6!&>S!
-$<$\@F@=>6!.V%=#S!8>@\$#F@KR!"#$FF6!/$^!5=#A!cWWUʹWLJd(!!
3&>!=%!+#&>!cWULJd(!2@#$'K=#1!,=[$#K!_(!Q<&O$#KR(!
DĂƌƚŝŶ͕:ŽĂŶŶĞ;ϭϵϵϬͿ͗͞ĞĐŽŶƐƚƌƵĐƚŝŶŐKƌŐĂŶŝnjĂƚŝŽŶĂůdĂƐ͗dŚĞ^ƵƉƉƌĞƐƐŝŽŶŽĨ
'ĞŶĚĞƌŽŶĨůŝĐƚŝŶKƌŐĂŶŝnjĂƚŝŽŶƐ͕͟.#)&>@D&K@=>!;'@$>'$6!W!cLLUʹL*Ud(!
/&>==A!=%!KO$!/=#KO!cWUHHd(!2@#$'K=#1!,=[$#K!_(!Q<&O$#KR(!
/@'O=<F6!?@<<!cWUUWd1!,$Z#$F$>K@>)!,$&<@KR1!9FFN$F!&>S!4=>'$ZKF!@>!2='NG$>K&#R6!
9>S@&>&!8>@\$#F@KR!"#$FF6!?<==G@>)K=>6!9/(!
/@'O=<F6!?@<<!cHXXWd1!9>K#=SN'K@=>!K=!S='NG$>K&#R6!9>S@&>&!8>@\$#F@KR!"#$FF6!
?<==G@>)K=>6!9/(!!
WƌLJůƵĐŬ͕ĂůǀŝŶ;ϭϵϳϲͿ͗͞hůƚŝŵĂƚĞůLJtĞƌĞůůKƵƚƐŝĚĞƌƐ͗dŚĞƚŚŝĐƐŽĨŽĐƵŵĞŶƚĂƌLJ
&ŝůŵŝŶŐ͕͟ŝŶZŽƐĞŶƚŚĂů͕ůĂŶĚŝƚŽƌ͗EĞǁŚĂůůĞŶŐĞƐĨŽƌŽĐƵŵĞŶƚĂƌLJ͕
8>@\$#F@KR!=%!4&<@%=#>@&!"#$FF6!?$#A$<$R6!4+!cH**ʹHPEd(!
,=F$>KO&<6!+<&>!cWUEE&d1!/$^!'O&<<$>)$F!%=#!S='NG$>K&#R6!8>@\$#F@KR!=%!4&<@%=#>@&!
"#$FF6!?$#A$<$R6!4+(!
ZŽƐĞŶƚŚĂů͕ůĂŶ;ϭϵϴϴďͿ͗͞/ŶƚƌŽĚƵĐƚŝŽŶ͕͟ŝŶZŽƐĞŶƚŚĂů͕ůĂŶĚŝƚŽƌ͗EĞǁŚĂůůĞŶŐĞƐ
%=#!2='NG$>K&#R6!!8>@\$#F@KR!=%!4&<@%=#>@&!"#$FF6!?$#A$<$R6!4+!cHJ*ʹH*Ld(!!
ZƵďLJ͕:ĂLJ;ϭϵϴϴͿ͗͞dŚĞƚŚŝĐƐŽĨ/ŵĂŐĞŵĂŬŝŶŐ͖Žƌ͕͚dŚĞLJ͛ƌĞ'ŽŝŶŐƚŽWƵƚDĞŝŶƚŚĞ
DŽǀŝĞƐ͘dŚĞLJ͛ƌĞ'ŽŝŶŐƚŽDĂŬĞĂŝŐ^ƚĂƌKƵƚŽĨDĞ͙͕͛͟ŝŶZŽƐĞŶƚŚĂů͕ůĂŶ
0S@K=#1!/$^!4O&<<$>)$F!%=#!2='NG$>K&#R6!8>@\$#F@KR!=%!4&<@%=#>@&!"#$FF6!
?$#A$<$R6!4+!cLXIʹLWEd(!!
^ĂŶĚĞƌƐ͕tŝůůĞŵŝĞŶ;ϮϬϭϬͿ͗͞ŽĐƵŵĞ>K&#R!Q@<GG&A@>)!&>S!0KO@'F1!4=>'$ZKF6!
ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ĂŶĚƚŚĞEĞĞĚĨŽƌŵƉŝƌŝĐĂůZĞƐĞĂƌĐŚ͕͟3&FF!4=GGN>@'&K@=>!
u!;='@$KR6!WL!c*HEB**Ld(!
^ĂŶĚĞƌƐ͕tŝůůĞŵŝĞŶ;ϮϬϭϮĂͿ͗͞dŚĞĂŐŐŝĞǁŝůůĐŽŵĞĨŝƌƐƚŝŶĚĞĞĚ͘ƐƵƌǀĞLJŽŶ
S='NG$>K&#R!%@<GG&A$#F!S$&<@>)!^@KO!Z&#K@'ŝƉĂŶƚƐ͕͟/$^!,$\@$^!=%!Q@<G!&>S!
-$<$\@F@=>!;KNS@$F!WX!cLEIʹJXEd(!!
^ĂŶĚĞƌƐ͕tŝůůĞŵŝĞŶ;ϮϬϭϮďͿ͗͞WĂƌƚŝĐŝƉĂƚŽƌLJƐƉĂĐĞƐ͘EĞŐŽƚŝĂƚŝŶŐĐŽŽƉĞƌĂƚŝŽŶĂŶĚ
ĐŽŶĨůŝĐƚŝŶĚŽĐƵŵĞŶƚĂƌLJƉƌŽũĞĐƚƐ͕͟WŚƚŚĞƐŝƐ͕hƚƌĞĐŚƚhŶŝǀĞƌƐŝƚLJ͘!
;@<\$#G&>6!2&\@S!cHXXPd1!9>K$#Z#$K@>)!wN&<@K&K@\$!2&K&6!-O@#S!0S@K@=>6!;&)$!
"N[<@'&K@=>F!CKS6!C=>S=>(!
!
-@K@'NK!Q=<<@$F!cWUPId(!2@#$'K=#!&>S!"#=SN'K@=>!Q#$S$#@'A!M@F$G&>6!EJ!G@>(!
dŝŶƐůĞLJ͕,ŽǁĂƌĚ͕͘͘ĂŶĚdŝŶƐůĞLJ͕ŝĂŶĞ:͘;ϭϵϴϳͿ͗͞hƐĞƐŽĨ&ĂĐƚŽƌŶĂůLJƐŝƐŝŶ
4=N>F$<@>)!"FR'O=<=)R!,ĞƐĞĂƌĐŚ͕͟_=N#>&<!=%!4=N>F$<@>)!"FR'O=<=)R6!LJ!cJWJʹ
JHJd(!
M@>FK=>6!?#@&>!cWUU*d1!4<&@G@>)!KO$!,$&<1!-O$!2='NG$>K&#R!Q@<G!,$\@F@K$S6!-O$!
?#@K@FO!Q@<G!9>FK@KNK$6!C=>S=>(!
M@>FK=>6!?#@&>!cHXXXd1!C@$F6!2&G>!C@$F!&>S!2='NG$>K&#@$F6!-O$!?#@K@FO!Q@<G!9>FK@KNK$6!
C=>S=>(!
M=<%%6!7&>FB'ĞŽƌŐ͕ĂŶĚWƌĞŝƐŝŶŐ͕<ĂƚũĂ;ϮϬϬϱͿ͗͞džƉůŽƌŝŶŐ/ƚĞŵĂŶĚ,ŝŐŚĞƌKƌĚĞƌ
Q&'K=#!;K#N'KN#$!^@KO!KO$!;'OG@SBC$@G&>!;=<NK@=>1!;R>K&V!4=S$F!%=#!;";;!&>S!
^^͕͟?$O&\@=#!,$F$&#'O!3$KO=SF6!LI!cJEʹ*Ed(!
! !
!
! ! !
!
!
S)47+!)3:7,8!71!9+(372)A!3:)!,/4)!*/(!3:)!,/0)(+.)!!
/*!3:)!,/6/2?7+1!+(2)4!,/1*67,3!
!
5$>R!;$##&>=1!
!
!
>?83(+,3!
LJĂŶĂůLJƐŝŶŐƚŚĞ͞ĐŽĚĞĨŽƌƚŚĞĐŽǀĞƌĂŐĞŽĨƚŚĞŽůŽŵďŝĂŶĂƌŵĞĚĐŽŶĨůŝĐƚ͕͟ƚŚŝƐƉĂƉĞƌ
&#)N$F! KO&K! b=N#>&<@FG! $KO@'F! >$$SF! K=! [$! N>S$#FK==S! >=K! =><R! &F! &! G&KK$#! =%!
b=N#>&<@FKF(! 0KO@'F! &<F=! S$Z$>SF! =>! KO$! '=>K$VK! ^O@'O! b=N#>&<@FKF! S=! KO$@#! b=[(! Q=#!
$V&GZ<$6!@>!^&#K@G$6!KO$!#$Z=#K@>)!=%!>$^F!@F!@>%<N$>'$S!>=K!=><R![R!KO$!$'=>=G@'6!
FRG[=<@'!&>S!G$S@&!'=>FK#&@>KF6![NK!&<F=![R!KO$!FK#&K$)@'!&@GF!=%!KO$!&#G$S!)#=NZF(!
-ONF6! $KO@'F! '=S$F! &#$! G=#$! KO&>! S='NG$>KF! @>! ^O@'O! b=N#>&<@FKF! FK&K$! O=^! K=! S=!
KO$@#! b=[! @>! &! #@)OK! ^&R(! C@A$! KO$! '&F$! =%! KO$! 4=<=G[@&>! &#G$S! '=>%<@'K! @<<NFK#&K$F6!
$KO@'F!'=S$F!&#$!S='NG$>KF!@>!^O@'O!b=N#>&<@FKF!S$%$>S!KO$@#!@>S$Z$>S$>'$6!Z#=K$'K!
KO$GF$<\$F! %#=G! KO#$&KF! &>S! '<&@G! %=#! [$KK$#! ^=#A! '=>S@K@=>F(! 9>! KO@F! F$>F$6! $KO@'F!
'=S$F!@>!^&#K@G$!%N>'K@=>!G=#$!&F!Z=<@K@'&<!&'KF!=%!'=GGN>@'&K@=>F!#&KO$#!KO&>!bNFK!
K#&@>@>)!S='NG$>KF(!
!
@)=!9/(48A!$KO@'F6!&#G$S!'=>%<@'K6!FK#&K$)R6!b=N#>&<@FKF6!4=<=G[@&6!>$^F(!
!
!
"13(/4B,37/1!
-O$!'=\$#&)$!=%!^&#F!&>S!@>K$#>&<!'=>%<@'KF![R!G&FF!G$S@&!@F!=%K$>!'#@K@'@D$S6!&F!@>!KO$!
Z&#K@'N<&#!'&F$!=%!KO$!4=<=G[@&>!&#G$S!'=>%<@'K(!_=N#>&<@FKF!&#$![<&G$S![$'&NF$!KO$R!
S@F#$FZ$'K!\@'K@GF!&>S!#$Z=#K!>$^F!@>!&!^&R!^O@'O!%&\=N#F!=>$!=%!KO$!Z&#K@$F!K=!KO$!
'=>%<@'K! c+#@&F6! 4O&'s>6! 4#@FK&>'O=6! u! wN$[$S=6! HXXLh! ?=>@<<&6! HXXHh! :&#'T&! ,&R&! u!
,=G$#=!,=S#T)N$D6!HXXWd(!_=N#>&<@FKF!=%K$>!#$Z<R!KO&K!KO$R!S=!KO$@#![$FK!&>S![<&G$!
KO$! Z#$FFN#$! ZNK! [R! F=N#'$F! &>S! G$S@&! #&K@>)! #$`N@#$G$>KF(! -O$R! &<F=! &''NF$! KO$!
G&>@ZN<&K@=>![R!KO$! &#G$S!)#=NZF! ;'ŝƌĂůĚŽ͕ ZŽůĚĄŶ͕Θ &ůſƌĞnj6!HXXLh!3""6!HXXPd(!9>!
KO@F! '=>K$VK6! =>$! =%! KO$! G$&>F! KO&K! b=N#>&<@FKF! O&\$! %=N>S! K=! @GZ#=\$! KO$@#! b=[!
'=>F@FK! =%! ^#@K@>)! $KO@'F! '=S$F(! /$\$#KO$<$FF6! $KO@'F! @>! b=N#>&<@FG! &#$! NFN&<<R!
&FF='@&K$S!^@KO!@S$&F!=%!O=^!b=N#>&<@FKF!FO=N<S!S=!KO$@#!b=[!c;&>S$#F6!HXWX6!Z(!*LWd(!
3=#$=\$#6!S@F'NFF@=>F!&[=NK!b=N#>&<@FG!$KO@'F!&#$!>=K!>$^(!+'KN&<<R6!;K$ZO$>!M&#S!
@S$>K@%@$F!%@\$!FK&)$F!@>!KO$!S$\$<=ZG$>K!=%!b=N#>&<@FG!$KO@'F1!!
W( -O$!@>\$>K@=>!=%!&>!$KO@'&<!S@F'=N#F$!SN#@>)!KO$!F$\$>K$$>KO!'$>KN#R(!!
H( dŚĞĐƌĞĂƚŝŽŶŽĨĂ͞ƉƵďůŝĐĞƚŚŝĐƐ͟ďĂƐĞĚŽŶƚŚĞŝĚĞĂƚŚĂƚƚŚĞƉƌĞƐƐƉůĂLJƐƚŚĞ
#=<$!=%!&!Q=N#KO!;K&K$(!
L( -O$!<@[$#&<!KO$=#R!=%!KO$!Z#$FF!SN#@>)!KO$!>@>$K$$>KO!'$>KN#R(!!
J( -O$! S$\$<=ZG$>K! &>S! '#@K@'@FG! =%! KO@F! <@[$#&<! S='K#@>$! #$FN<K@>)! @>! &!
Z#=%$FF@=>&<!$KO@'F!=%!=[b$'K@\$!b=N#>&<@FG(!
*( ͞ŵŝdžĞĚBŵĞĚŝĂ͟ ĞƚŚŝĐƐ ǁŚŝĐŚ ůĂĐŬƐ ĐŽŶƐĞŶƐƵƐ ŽŶ ǁŚĂƚ ƉƌŝŶĐŝƉůĞƐ ĂƉƉůLJ
&'#=FF!S@%%$#$>K!KRZ$F!=%!G$S@&!cM&#S6!HXXU6!Z(!HU*d(!
!
9>!=KO$#!^=#SF6!F@>'$!KO$!Z#=%$FF@=>![$)&>6!b=N#>&<@FKF!O&\$!^=##@$S!&[=NK!KO$!#@)OK!
^&R! K=! #$Z=#K! >$^F(! -ONF6! $KO@'F! '=S$F! &#$! S='NG$>KF! ^O@'O! '<&#@%R! Z#@>'@Z<$F! &>S!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
!C$'KN#$#!&K!KO$!S$Z&#KG$>K!=%!9>%=#G&K@=>!&>S!4=GGN>@'&K@=>!;'@$>'$F!8>@\$#F@KR!=%!;K#&F[=N#)!!
R$>R(F$##&>=iN>@FK#&(%#!
!
FK&>S&#SF! &[=NK! ^O&K! b=N#>&<@FKF! FO=N<S! S=! @>! &! FZ$'@%@'! F@KN&K@=>! @>! =#S$#! K=! S=!
͞ƌŝŐŚƚ͟ ƚŚĞŝƌ ũŽď cM&#S6! HXXU6! Z(! HUPd(! /=>$KO$<$FF6! &! F@)>@%@'&>K! >NG[$#! =%! '&F$F!
FO=^!KO&K!b=N#>&<@FKF!'=>FK&>K<R!K#&>F)#$FF!KO$@#!=^>!Z#=%$FF@=>&<!'=S$F6!$FZ$'@&<<R!@>!
^&#K@G$(! +F! @K! O&F! [$$>! F&@S! [$%=#$6! FN'O! @F! KO$! '&F$! =%! KO$! '=\$#&)$! =%! KO$!
4=<=G[@&>!&#G$S!'=>%<@'K(!MO@<$!4=<=G[@&>!b=N#>&<@FKF!'=GG@K!K=!#$Z=#K@>)!K#NKO%N<6!
&''N#&K$! &>S! [&<&>'$S! @>%=#G&K@=>! @>! KO$@#! Z#=%$FF@=>&<! &>S! K#&@>@>)! S='NG$>KF!
c4&FK#=6!Y@<<&G@D!,$FK#$Z=6!u!:N$##$#=6!HXX*h!4"?6!WUUXh!0<!4=<=G[@&>=6!HXXLh!0<!
-@$GZ=6!HXXLh!3e#`N$D!:=>De<$D6!HXXLh!3""6!HXXPd6!KO$!&>&<RF@F!=%!>$^F!#$Z=#KF!O&F!
FO=^>! KO&K! >$^F! &[=NK! KO$! '=>%<@'K! &#$! N>[&<&>'$S! &>S! [@&F$S! @>! &! ^&R! ^O@'O!
%&\=N#F! =>$! =%! KO$! Z&#K@$F! K=! KO$! '=>%<@'K! cQ<=#$F! u! 4#&^%=#S6! HXXWh! CsZ$D6! HXXLh!
;$##&>=6!HXWHd(!
!
DŽƌĞƐƉĞĐŝĨŝĐĂůůLJ͕ƚŚŝƐƉĂƉĞƌĂƌŐƵĞƐƚŚĂƚ͞85'!1%-'!4%(!+5'!1%&'(,$'!%4!+5'!7%/%*D0,)!
,(*'-!1%)4/01+͟!H!c3e#`N$D!:=>De<$D6!HXXLd!@F!>=K!&!Z#=%$FF@=>&<!S='NG$>K!&SS#$FF$S!
K=!b=N#>&<@FKF!@>!=#S$#!K=!K$<<!KO$G!O=^!K=!'=\$#!KO$!'=>%<@'K(!-O$!'=S$!@F!&!Z=<@K@'&<!&'K!
ŽĨ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĂĚĚƌĞƐƐĞĚ ƚŽ ƚŚĞ ĂƵĚŝĞŶĐĞƐ͕ ĂƌŵĞĚ ŐƌŽƵƉƐ ;ũŽƵƌŶĂůŝƐƚƐ͛ ƐŽƵƌĐĞƐͿ͕
G$S@&!=^>$#F!&>S!G&>&)$#F(!9>!%&'K6! KO$!&>&<RF@F!=%!KO$!'=>K$VK! @>!^O@'O!KO$!'=S$!
^&F! ^#@KK$>! &<=>)! ^@KO! @KF! '=>K$>K! FN))$ƐƚƐ ƚŚĂƚ ƚŚĞ ũŽƵƌŶĂůŝƐƚƐ͛ ƉƌŝŶĐŝƉůĞƐ ŽĨ
&''N#&'R6! @GZ&#K@&<@KR! &>S! >$NK#&<@KR! &#$! >=K! '=GZ&K@[<$! ^@KO! KO$! G@<@K&#R! FK#&K$)@'!
&@GF! =%! KO$! &#G$S! )#=NZF! ^O=! &<F=! Z<&R! &! #=<$! =%! b=N#>&<@FK@'! F=N#'$F(! -ONF6! KO@F!
Z&Z$#!F$$AF!K=!$VZ<&@>!^OR!KO$!Z#@>'@Z<$F!F$K!@>!KO$!'=S$!F$$G!K=![$!'=>K#&S@'K=#R!K=!
KO$!'=>K$VK!@>!^O@'O!b=N#>&<@FKF!O&\$!K=!S=!KO$@#!b=[(!-O$!Z&Z$#!&<F=!FK&K$F!KO&K!KO$!
FK#&K$)R!=%!KO$!'=S$!@F!K=!'<&@G!$S@K=#@&<!@>S$Z$>S$>'$!%#=G!G$S@&!=#)&>@D&K@=>F!&>S!
&#G$S! F=N#'$F! &F! ^$<<! &F! K=! bNFK@%R! Z#=%$FF@=>&<! &>S! $KO@'&<! G@FK&A$F! K=! \&#@=NF!
&NS@$>'$F(!!
!
-O@F! &#)NG$>K! @F! '=>F@FK$>K! ^@KO! <@K$#&KN#$! &S\='&K@>)! %=#! &! G=#$! '=GZ#$O$>F@\$!
&ZZ#=&'O!K=!$KO@'F!@>!b=N#>&<@FG!cM&#S6!HXX*d!&>S!KO$!S$%@>@K@=>!=%!b=N#>&<@FG!$KO@'F!
'=S$F! &F! S='NG$>KF! %#&G$S! [R! FZ$'@%@'! @S$=<=)@'&<6! Z=<@K@'&<! &>S! F='@&<! @>%<N$>'$F!
cM@<A@>F!u!?#$>>$>6!HXXJ6!Z(!LXEd(!Q=#!KO@F!ZN#Z=F$6!KO$!>$VK!F$'K@=>!S$F'#@[$F![#@$%<R!
ƚŚĞĐŽŶƚĞdžƚĂŶĚƚŚĞĐŽŶƚĞŶƚŽĨ͞ƚŚĞĐŽĚĞĨŽƌƚŚĞĐŽǀĞƌĂŐĞŽĨƚŚĞŽůŽŵďŝĂŶĂƌŵĞĚ
ĐŽŶĨůŝĐƚ͘͟dŚĞŶ͕ƚŚĞƚŚŝƌĚƐĞĐƚŝŽŶĞdžĂŵŝŶĞƐŚŽǁƚŚĞĐŽŶƚĞdžƚŽĨǁĂƌŝŶĨůƵĞŶĐĞƐƚŚĞũŽď
=%!b=N#>&<@FKF!&>S!^OR!KO$!'=S$!'&>>=K![$!&!K#&@>@>)!S='NG$>K(!-O$!Z&Z$#!'=>'<NS$F!
[R!FNZZ=#K@>)!KO$!@S$&!=%!KO$!>$'$FF@KR!=%!&!O=<@FK@'!&ZZ#=&'O!K=!b=N#>&<@FG!$KO@'F!&>S!
$KO@'F!'=S$F!&F!F=G$KO@>)!G=#$!KO&>!Z#=%$FF@=>&<!K#&@>@>)!S='NG$>KF(!
!
!
%3:7,8!+14!J/B(1+6782!71!;/6/2?7+A!!
<:)!,/4)!*/(!3:)!,/0)(+.)!/*!3:)!;/6/2?7+1!+(2)4!,/1*67,3!
?$%=#$! 4=<=G[@&>! b=N#>&<@FKF! ^#=K$! &>! $KO@'F! '=S$! FZ$'@%@'&<<R! &ZZ<@$S! K=! KO$!
ĐŽǀĞƌĂŐĞŽĨƚŚĞĐŽŶĨůŝĐƚ͕ƚŚĞLJŚĂĚǁƌŝƚƚĞŶĂŵŽƌĞŐĞŶĞƌĂůĐŽĚĞ͗͞ŽĚĞŽĨĞƚŚŝĐƐĂŶĚ
ƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨũŽƵƌŶĂůŝƐƚƐ͟c4"?6!WUUXd͘dŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐĐŽĚĞŝƐƚŽ͞ƉŽŝŶƚŽƵƚƚŽ
b=N#>&<@FKF!&!F$K!=%![&F@'!Z#@>'@Z<$F!=%![$O&\@=N#![&F$S!=>!#&K@=>&<!Z#@>'@Z<$F!=%!$KO@'&<!
ĂŶĚƉƌŽĨĞƐƐŝŽŶĂůďĞŚĂǀŝŽƵƌ͟c4"?6!WUUXd(!-O$!'=S$!Z#='<&@GF!KO$!@S$&<!=%!KO$!\$#&'@KR!
=%!>$^F6!@>S$Z$>S$>'$!%#=G!F=N#'$F(!9K!@F!F&@S!KO&K!KO$!G&@>!=[<@)&K@=>!%=#!b=N#>&<@FKF!
@F!K=!@>%=#G!@>!&>!&''N#&K$!&>S!'=GZ#$O$>F@[<$!^&R(!-O@F!'=S$!@F!K&N)OK!@>!b=N#>&<@FG!
F'O==<F! &>S! FK@<<! %N>'K@=>F! &F! &! #$%$#$>'$! %=#! b=N#>&<@FKF! '=>'$#>@>)! KO$! G&@>!
Z#=%$FF@=>&<!Z#@>'@Z<$F(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H
!7e-0$%! .,(,! '/! 1<D(0*0')+%! -'/! 1%)4/01+%! ,(*,-%! 1%/%*D0,)%! c3e#`N$D! :=>De<$D6! HXXLd6! &\&@<&[<$! &K!
OKKZ1jj^^^(N>$F'=(=#)j>$^j%@<$&SG@>j38C-93029+j7wj49j49jZS%jG$S@&yFK&>S&#SFj4=S@)=tHXZ&#&t
HX$<tHX'N[#@G@$>K=tHXS$<tHX'=>%<@'K=tHX&#G&S=tHX'=<=G[@&>=(ZS%!!
!
! ! !
/$\$#KO$<$FF6! @>! HXXL! &! '=S$! %=#! '=\$#&)$! =%! KO$! 4=<=G[@&>! &#G$S! '=>%<@'K! ^&F!
^#@KK$>! [R! KO$! O$&S! =%! KO$! 7')+(%! -'! G%/0-,(0-,-! -'! /,! J'-'(,10e)! 6)+'(),10%),/! -'!
@'(0%-02+,2L!&>S!%=N>S$#!G$G[$#!=%!KO$!Z#=%$FF@=>&<!&FF='@&K@=>!O'-0%2!.,(,!/,!@,PJ!
c3e#`N$D!:=>De<$D6!HXXLd(!+K!KO&K!K@G$6!KO$!F@KN&K@=>!%=#!b=N#>&<@FKF!@>!+#&N'&!c=>$!=%!
KO$!#$)@=>F!^O$#$!KO$!'=>%<@'K!O&F![$$>!KO$!G=FK!@>K$>F$d!O&S![$'=G$!\$#R!S@%%@'N<K(!
3=FK! =%! KO$! b=N#>&<@FKF! '=\$#@>)! KO$! '=>%<@'K! @>! +#&N'&! O&S! <$%K! [$'&NF$! =%! KO#$&KF!
%#=G!KO$!&#G$S!)#=NZF(!-O@F!^&F!KO$!#$&F=>!^OR!&!'=S$!&ZZ<R@>)!$V'<NF@\$<R!K=!KO$!
'=\$#&)$! =%! KO$! &#G$S! '=>%<@'K! ^&F! ZN[<@FO$S(! -O$! S='NG$>K! @F! =#)&>@F$S! @>! KO#$$!
Z&#KF*1!&>!=NK<@>$!=%!KO$!@FFN$F6!&!<@FK!=%!FK&>S&#SF!KO&K!b=N#>&<@FKF!'=GG@K!K=6!&>S!&!
'=>'<NF@=>(! -O$! %@#FK! Z&#K! FK&K$F! KO#$$! '=>F@S$#&K@=>F! =>! ^O@'O! b=N#>&<@FKF! [&F$! KO$!
'=S$1!!
W( -O$! #@)OK! K=! @>%=#G&K@=>! &>S! KO$! Z=<@K@'&<! '=GG@KG$>K! =%! b=N#>&<@FKF! K=!
F='@$KR!&>S!K=!KO$!K#NKO!%#=G!&>!$KO@'&<!Z=@>K!=%!\@$^(!
H( 4=\$#@>)! KO$! &#G$S! '=>%<@'K! FNZZ=F$F! KO&K! &>R! G$FF&)$! Z#=\@S$S! [R! &>!
&#G$S!)#=NZ6!<$)&<!cKO$!G@<@K&#Rd!=#!@<<$)&<!cZ&#&G@<@K&#R!&>S!)N$##@<<&!)#=NZFd6!
G&R! [$! Z#=Z&)&>S&! ^O@'O! F$$AF! K=! %&\=N#! KO$! Z&#K@'N<&#! @>K$#$FKF! =%! KO$!
)#=NZ(!
L( _=N#>&<@FKF!&#$!'@K@D$>F!^O=F$!G@FF@=>!@F!K=!@>%=#G!=KO$#!'@K@D$>F![R!^=#A@>)!
K=^&#SF!KO$!'=GG=>!)==S(!Q=#!b=N#>&<@FKF!@>%=#G&K@=>!@F!&!F='@&<!)==S(!-O$R!
'=>S$G>!\@=<$>'$!&F!&!G$KO=S!=%!F=<\@>)!'=>%<@'KF(!-O$R!#$'=)>@F$!KO&K!KO$@#!
SNKR!@F!K=!'=\$#!^!^@KO=NK!O@S@>)!=#!$V&))$#&K@>)!@KF!'&NF$F6!'=>F$`N$>'$F!
&>S!'=>K$VK(!
!
-O$F$!KO#$$!%@#FK!'=>F@S$#&K@=>F!@<<NFK#&K$!KO$!@S$&<!=%!&''N#&K$6!K#NKO%N<!&>S![&<&>'$S!
ƌĞƉŽƌƚŝŶŐ͘ dŚŝƐ ĂƉƉƌŽĂĐŚ ƚŽ ũŽƵƌŶĂůŝƐƚƐ͛ ǁŽƌŬ ŝƐ ǁŚĂƚ ^ƚĞƉŚĞŶ tĂƌĚ ĐĂůůƐ +5'!
%D='1+0&0+9! ,)-!2%10,/!('2.%)20D0/0+9! *%-'/! cM&#S6!HXXU6! ZZ(!HUEʹHUUd6!^O@'O!G$&>F!
ƚŚĂƚ ũŽƵƌŶĂůŝƐƚƐ ĂĚŚĞƌĞ ƚŽ ͞ŽďũĞĐƚŝǀŝƚLJ͟ ĂƐ Ă ĚŽŵŝŶĂŶƚ ĞƚŚŝĐĂů ŝĚĞĂ͘ dŚŝƐ ŝĚĞĂů ŽĨ
=[b$'K@\$!>$^F!#$Z=#K@>)!@>'<NS$F!KO$!'<&@G!=%!@>S$Z$>S$>'$!%#=G!)=\$#>G$>K!&>S!
[NF@>$FF! @>%<N$>'$! &>S! &! FK#@'K! S@FK@>'K@=>! [$K^$$>! >$^F! &>S! =Z@>@=>(! -O@F! G=S$<!
ĐŽƌƌĞƐƉŽŶĚƐƚŽŽŶĞŽĨtĂƌĚ͛ƐĨŝǀĞĞƚŚŝĐƐĚĞǀĞůŽƉŵĞŶƚƐƚĂŐĞƐ͗ƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚ
'#@K@'@FG! =%! KO$! <@[$#&<! S='K#@>$! SN#@>)! KO$! HXKO! '$>KN#R! #$FN<K@>)! @>! &! Z#=%$FF@=>&<!
$KO@'F!=%!=[b$'K@\$!b=N#>&<@FG!cM&#S6!HXXU6!Z(!HU*d(!-O$F$!KO#$$!'=>F@S$#&K@=>F!&<F=!
ƐŚŽǁ ũŽƵƌŶĂůŝƐƚƐ͛ ĂǁĂƌĞŶĞƐƐ ŽĨ ƚŚĞ ŵĂŶŝƉƵůĂƚŝŽŶ ĞdžĞƌƚĞĚ ďLJ ƚŚĞ ĂƌŵĞĚ ŐƌŽƵƉƐ͘
/$\$#KO$<$FF6! KO$! '=S$! @F! &! S='NG$>K! ^#@KK$>! =><R! [R! b=N#>&<@FKF(! +NS@$>'$F! &>S!
&'K=#F!@>\=<\$S!@>!KO$!'=>%<@'K!S@S!>=K!Z&#K@'@Z&K$!@>!^#@K@>)!@K(!-ONF!FK&>S&#SF!F$K!@>!
KO$!'=S$!'=##$FZ=>S!$V'<NF@\$<R!K=!b=N#>&<@FK@'!<=)@'(!
!
-O$!F$'=>S!Z&#K!=%!KO$!'=S$!<@FKF!>@>$!Z#@>'@Z<$F!K=!^O@'O!b=N#>&<@FKF!'=GG@K(!Q@\$!=%!
KO$G!'=>'$#>!KO$!#$<&K@=>FO@Z!^@KO!F=N#'$F!cFK&K$6!<$)&<!&>S!@<<$)&<!F='@&<!)#=NZFd1!
W( ͞tĞ ǁŝůů ŵĂŝŶƚĂŝŶ Ă ƐƚƌŝĐƚůLJ ƉƌŽĨĞƐƐŝŽŶĂů ƌĞůĂƚŝŽŶƐŚŝƉ ǁŝƚŚ ŽƵƌ ƐŽƵƌĐĞƐ ;͘͘͘Ϳ͘
M$!#$b$'K!S@F'#@G@>&K@=>6!'=$#'@=>6!@>K@G@S&K@=>!=#!&>R!Z#@\@<$)$!^O@'O!'=N<S!
ĐŽŵƉƌŽŵŝƐĞŽƵƌŝŶĚĞƉĞŶĚĞŶĐĞ͘͟!
H( ͞tĞǁŝůůŶŽƚƌĞǀĞĂůƚŚĞŝĚĞŶƚŝƚLJŽƌůŽĐĂƚŝŽŶŽĨƐŽƵƌĐĞƐŝĨĂƐŬĞĚ;͘͘͘Ϳ͘͟!
L( ͞tĞǁŝůůŵĂŬĞĂƉĂƌƚŝĐƵůĂƌĞĨĨŽƌƚƚŽǀĞƌŝĨLJŝŶĨŽƌŵĂƚŝŽŶǁŝƚŚĚŝĨĨĞƌĞŶƚƐŽƵƌĐĞƐ͘
M$!^@<<!'=GZ&#$!&>S!\$#@%R!&>R!FK&K$G$>K!Z#=\@S$S!SN#@>)!@>K$#\@$^F6!Z#$FF!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L
!4$>K#$!=%!;=<@S&#@KR!=%!KO$!9>K$#>&K@=>&<!Q$S$#&K@=>!=%!_=N#>&<@FKF(!
J
!3$S@&!%=#!"$&'$(!
*
!-O$!&NKO=#!=%!KO@F!Z&Z$#!K#&>F<&K$F!&>S!FNGG&#@D$F!KO$!G=FK!@GZ=#K&>K!Z&#KF!=%!KO$!K$VK(!-O$!=#@)@>&<!
K$VK!@>!;Z&>@FO!'&>![$!S=^><=&S!&K1!
OKKZ1jj^^^(N>$F'=(=#)j>$^j%@<$&SG@>j38C-93029+j7wj49j49jZS%jG$S@&yFK&>S&#SFj4=S@)=tHXZ&#&t
HX$<tHX'N[#@G@$>K=tHXS$<tHX'=>%<@'K=tHX&#G&S=tHX'=<=G[@&>=(ZS%(!!
!
'=>%$#$>'$F! =#! KO#=N)O! Z#$FF! #$<$&F$F(! c(((d! 9%! ^$! O&\$! =><R! =>$! F=N#'$6! ^$!
ǁŝůůĞdžƉůĂŝŶƚŚĂƚƚŚĞƌĞƉŽƌƚŝƐďĂƐĞĚŽŶŽŶůLJŽŶĞǀĞƌƐŝŽŶ͘͟!
J( ͞tĞ ǁŝůů ĞŶƌŝĐŚ ƚŚĞ ĂŐĞŶĚĂ ĂďŽƵƚ ƚŚĞ ǁĂƌ ďLJ ĂůůŽǁŝŶŐ ĂŶLJ ĐŝƚŝnjĞŶ ƚŽ
$VZ#$FF@>)! KO$@#! =Z@>@=>! &>S! Z$&'$! Z#=Z=F&<F(! M$! KO@>A! KO&K! Z$&'$! @F! KO$!
G=FK!@GZ=#K&>K!=NK'=G$!;͘͘͘Ϳ͘͟!
*( ͞hŶĚĞƌ ŶŽ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ǁŝůů ǁĞ ĂƐƐƵŵĞ ƚŚĞ ĨƵŶĐƚŝŽŶƐ ŽĨ ĂŶLJ ůĞŐĂů ƐƚĂƚĞ
@>FK@KNK@=>! =#! &>! @<<$)&<! '$>K#$! =%! @>K$<<@)$>'$! =#! &>R! ONG&>@K&#@&>!
ŽƌŐĂŶŝnjĂƚŝŽŶ;͘͘͘Ϳ͘͟!
!
+!F$'=>S!)#=NZ!=%!Z#@>'@Z<$F!@>\=<\$F!KO$!%=#G&K!=%!>$^F1!
W( ͞tĞ ǁŝůů ƵƐĞ ĂŶ ĂĚĞƋƵĂƚĞ ůĞV@'=>! ^O@'O! &\=@SF! `N&<@%R@>)! $VZ#$FF@=>F! &>S!
&Sb$'K@\$F! NF$S! [R! KO$! )#=NZF! @>! '=>%<@'K(! M$! ^@<<! #$FZ$'K! KO$! #@)OK! K=! KO$!
Z#$FNGZK@=>! =%! @>>='$>'$! &>S! #$%$#! K=! &! Z$#F=>! FNFZ$'K$S! =%! O&\$!
ĐŽŵŵŝƚƚĞĚĂĐƌŝŵĞĂƐĂ͞ƐƵƐƉĞĐƚ͟ƵŶƚŝůƚŚĞŝƐƐƵŝŶŐŽĨĂĨŝŶĂůĂŶĚĂƉƉ$&<&[<$!
ĐŽŶǀŝĐƚŝŽŶ͘&ŽƌŶŽƌĞĂƐŽŶƐŚŽƵůĚĂũŽƵƌŶĂůŝƐƚďĞĂŶŝŶƐƚƌƵŵĞŶƚŽĨǁĂƌ͘͟!
H( ͞tĞ ĂƌĞ ŶŽƚ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ĨŝŶĂů ŶĞǁƐ ŽƵƚĐŽŵĞ ďĞĐĂƵƐĞ ƉƌŽĨĞƐƐŝŽŶĂů
Z#&'K@'$!S$K$#G@>$F!KO&K!b=N#>&<@FKF!&#$!=><R!#$FZ=>F@[<$!=%!KO$!'=\$#&)$!&>S!
^#@K@>)! =%! >$^F(! -O$! K@K<@>)6! $S@K@>)! &>S! [#=&S'&FK! =#! ZN[<@'&K@=>! =%! &! >$^F!
ƌĞƉŽƌƚĂƌĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨŵĞĚŝĂŽǁŶĞƌƐĂŶĚŵĂŶĂŐĞƌƐ͘͟!
!
dŚĞůĂƐƚƉƌŝŶĐŝƉůĞƐŝŶǀŽůǀĞǀŝĐƚŝŵƐŽĨƚŚĞĐŽŶĨůŝĐƚ͕ĂŶĚƚŚĞũŽƵƌŶĂůŝƐƚƐ͛ƌŽůĞǁŝƚŚƌĞŐĂƌĚ
K=!KO$!G$S@&!&>S!KO$!FK&K$1!
W( ͞tĞǁŝůůƌĞƐƉĞĐƚƚŚĞZ#@\&'R!=%!'@K@D$>F!@>\=<\$S!@>!=#!&%%$'K$S![R!KO$!&#G$S!
'=>%<@'K!Z#=\@S$S!KO&K!KO@F!F@<$>'$!^@<<!>=K!'=GZ#=G@F$!KO$!ZN[<@'!@>K$#$FK(!9>!
ĂůůĐĂƐĞƐǁĞǁŝůůƌĞƐƉĞĐƚƚŚĞŐƌŝĞĨŽĨƚŚĞǀŝĐƚŝŵƐ͘͟!
H( ͞tĞ ǁŝůů ĨƵůĨŝů ŽƵƌ ĚƵƚŝĞƐ ŽĨ ůŽLJĂůƚLJ ĂŶĚ ĂǀĂŝůĂďŝůŝƚLJ ĂƐ ŵĞĚŝĂ ǁŝKO@>! KO$!
%#&G$^=#A!=%!b=N#>&<@FG!$KO@'F6!^O@'O!#$`N@#$F!K#NKO%N<!@>%=#G&K@=>!&>S!F$KF!
&F@S$!&>R!$'=>=G@'!@>K$#$FK6!^@KO@>!KO$!<@G@KF!=%!F$'N#@KR!m%=#!b=N#>&<@FKFn(!9>!
=#S$#!K=!$>FN#$!=N#!@>S$Z$>S$>'$6!^$!>$$S!FN%%@'@$>K!&>S!&S$`N&K$!F&<&#@$F!
;͙Ϳ ĂŶĚ ĂůƐŽ ŵ$&>F! =%! K#&>FZ=#K! ^O@'O! &#$! >=K! =^>$S! [R! Z&#K@$F! K=! KO$!
ĐŽŶĨůŝĐƚ͘͟!
!
dŚĞĐŽĚĞĐŽŶĐůƵĚĞƐďLJƐƚĂƚŝŶŐƚŚĂƚ͞ǁŚĞŶĂŶĂƌŵĞĚŐƌŽƵƉƚŚŝŶŬƐƚŚĂƚƚŚĞLJŚĂǀĞƚŚĞ
#@)OK!K=!NF$6!G&>@ZN<&K$!=#!@>K@G@S&K$!&!b=N#>&<@FK6!KO$R!S=!F=![$'&NF$!KO$R!KO@>A!KO&K!
#$&F=>! '=G$F! %#=G! ǁĞĂƉŽŶƐ͘ &Žƌ ũŽƵƌŶĂůŝƐƚƐ͕ ƌĞĂƐŽŶ ĐŽŵĞƐ ĞdžĐůƵƐŝǀĞůLJ ĨƌŽŵ ƚƌƵƚŚ͟
c3e#`N$D!:=>De<$D6!HXXLd(!
!
9>! =KO$#! ^=#SF6! KO@F! '=S$! &<<=^F! b=N#>&<@FKF! K=! #$FZ=>S! K=! KO$! KO#$&KF! KO$R! O&S!
#$'$@\$S![R![<&G@>)!KO$!G&>@ZN<&K@=>!=%!KO$!&#G$S!)#=NZF!&>S!KO$!NF$!=%!^$&Z=>F(!
+K! KO$! F&G$! K@G$6! KO$R! FK&K$! O=^! K=! S=! KO$@#! b=[! @>! KO@F! '=>K$VK1! [R! G&A@>)! &!
'=GG@KG$>K! >=! K=! #$<R! =>! KO$! <$V@'=>! =%! ^&#! =%! &#G$S! )#=NZF6! [R! '=>K#&FK@>)!
F=N#'$F6! #$FZ$'K@>)! <$)&<! @>FK@KNK@=>F! &>S! '@\@<@&>F(! 7=^$\$#! KO$F$! Z&#K@'N<&#!
'=GG@KG$>KF!#$FN<K!%#=G!&!Z&#K@'N<&#!'=>K$VK!^O@'O!@F!$VZ<&@>$S!@>!KO$!>$VK!F$'K@=>(!
!
%3:7,8!71!9+(372)!
9>! =#S$#! K=! N>S$#FK&>S! ^O&K! KO$! '=S$! %=#! KO$! '=\$#&)$! =%! KO$! 4=<=G[@&>! &#G$S!
'=>%<@'K! G$&>F! @>! KO$! '=>K$VK! =%! KO$! 4=<=G[@&>! &#G$S! '=>%<@'K6! @K! @F! >$'$FF&#R! K=!
#$G$G[$#!KO&K!>$^F!#$Z=#KF!&#$!>=K!=><R!&!G&KK$#!%=#!b=N#>&<@FKF(!"#$\@=NF!#$F$&#'O!
O&F! FO=^>! KO&K! KO$! %=#G! &>S! '=>K$>K! =%! KO$! >$^F! Z#=SN'$S! &>S! [#=&S'&FK! &#$!
@>%<N$>'$S! [R! G$S@&6! b=N#>&<@FK@'! &>S! ^&#! '=GGN>@'&K@=>F! '=>F@S$#&K@=>F(! -O$F$!
\&#@&[<$F!&<F=!Z<&R!&!#=<$!@>!b=N#>&<@FG!$KO@'F6!&F!KO@F!Z&Z$#!F$$AF!K=!FO=^(!!
!
!
! ! !
3$S@&! &>S! b=N#>&<@FK@'! \&#@&[<$F! #$%$#! K=! KO$! =[<@)&K@=>! %=#! b=N#>&<@FKF! K=! %=<<=^! KO$!
S$G&>SF! @GZ=F$S! [R! G$S@&! =#)&>@F&K@=>F! @>'<NS@>)! Z=<@K@'&<! [@&F6! %=#G&KK@>)!
'=>FK#&@>KF! &>S! #&K@>)! #$`N@#$G$>KF! ʹ! ^O@<$! K&A@>)! '&#$! K=! G&@>K&@>! '#$S@[@<@KR! &>S!
S$&<@>)! ^@KO! KO$! Z#$FFN#$! $V$#K$S! [R! F=N#'$F! c?$#A=^@KD6! HXXUh! 4&#<F=>6! HXXUh!
3'wN&@<6!HXWX6!4O&ZK$#!WWd(!-ONF6!^O$>!b=N#>&<@FKF!FK&K$!@>!KO$@#!'=S$!KO&K!KO$R!^@<<!
A$$Z! &>! @>S$Z$>S$>K! #$<&K@=>FO@Z! ^@KO! F=N#'$F! &>S! \$#@%R! @>%=#G&K@=>! Z#=\@S$S! [R!
KO$G6! KO$R! &#$! F$KK@>)! Z#@>'@Z<$F! ^O@'O! N>S$#$FK@G&K$! KO$! '=>K$VK! @>! ^O@'O! KO$R!
Z#=SN'$! >$^F(! Q=#! @>FK&>'$6! @>! 4=<=G[@&6! >$^F! Z#=SN'K@=>! &>S! [#=&S'&FK@>)! @F! KO$!
%N>'K@=>!=%!Z#@\&K$!G$S@&!=^>$S![R!KO$!#@'O$FK!%&G@<@$F!@>!KO$!'=N>K#R!^O=!&<F=!O&\$!
#$<&K@=>FO@ZF!^@KO!KO$!)=\$#>G$>K(!-O$!'N##$>K!Z#$F@S$>K!@F!&!G$G[$#!=%!KO$!%&G@<R!
^O=!=^>F!KO$!G=FK!@GZ=#K&>K!>$^FZ&Z$#6!"/!80'*.%(!!
!
3=#$=\$#6!F=G$!G$S@&!=^>$#F!O&\$!S$'@S$S!K=!FNZZ=#K!KO$!FK&K$!&>S!ZNK!Z#$FFN#$!
=>! KO$@#! $GZ<=R$$F! cb=N#>&<@FKFd! K=! %&\=N#! =%%@'@&<! F=N#'$F! ^O$>! KO$R! '=\$#! KO$!
'=>%<@'K(!9>!=KO$#!^=#SF6!'N##$>K!^=#A@>)!'=>S@K@=>F!&#$!@>!'=>K#&S@'K@=>!K=!KO$!$KO@'&<!
Z#@>'@Z<$F! '<&@G$S! [R! b=N#>&<@FKF(! 9>! KO$@#! $KO@'&<! '=S$6! b=N#>&<@FKF! &'A>=^<$S)$! KO&K!
)==S! F&<&#@$F! &>S! #$F=N#'$F! %=#! '=\$#@>)! KO$! '=>%<@'K! &#$! @>S@FZ$>F&[<$(! 7=^$\$#6!
$'=>=G@'! '=>FK#&@>KF! <$&S! G$S@&!=^>$#F! K=! #$SN'$! ONG&>! &>S! K$'O>@'&<! #$F=N#'$F!
&<<='&K$S!K=!'=\$#@>)!'=>%<@'K!D=>$F(!9>!=#S$#!K=!#$FZ=>S!K=!KO$!Z#$FFN#$!$V$#K$S![R!
KO$! &#G$S! )#=NZF6! b=N#>&<@FKF! O&\$! '#$&K$S! F=G$! Z#=%$FF@=>&<! GRKOF(! Q=#! $V&GZ<$6!
KO$R! Z#$%$#! K=! `N=K$! KO$! Z=F@K@=>! =%! KO$! 4ON#'O! [$'&NF$! @K! FO=N<S! [$! >$NK#&<(!
_=N#>&<@FKF!&<F=!KO@>A!@K!@F![$KK$#!K=!\=@'$!KO$!=Z@>@=>!=%!=%%@'@&<!F=N#'$F![$'&NF$!KO$R!
GNFK!K&A$!#$FZ=>F@[@<@KR!%=#!^O&K$\$#!@F!F&@S!c,@>'s>!u!,NTD6!HXXH&6!HXXH[d(!-O$!G&@>!
Z#=[<$G! ^@KO! KO@F! @F! KO&K! =%%@'@&<! F=N#'$F6! )=\$#>G$>K6! G@<@K&#R! &>S! FK&K$!
#$Z#$F$>K&K@\$F!&#$!&<F=!Z&#K@$F!K=!KO$!'=>%<@'K!&>S!&#$!KO$#$%=#$!>=K!@GZ&#K@&<(!
!
-O@F! Z=@>K! @F! #$<&K$S! K=! KO$! KO@#S! )#=NZ! =%! \&#@&[<$F! @>\=<\$S! @>! KO$! Z#=SN'K@=>! =%!
>$^F6! ^&#! '=GGN>@'&K@=>F! \&#@&[<$F6! [$'&NF$! &#G$S! )#=NZF! &>S! =%%@'@&<! F=N#'$F!
@>\=<\$S! @>! KO$! '=>%<@'K! &#$! @>K$#$FK$S! @>! ^@>>@>)! KO$! ^&#! #&KO$#! KO&>! @>%=#G@>)!
'@K@D$>F! ;,ŽƐŬŝŶƐ Θ K͛>ŽƵŐŚůŝŶ͕ ϮϬϭϬ͖ DĂůƚďLJ Θ <ĞĞďůĞ͕ ϮϬϬϳ͖DĂůƚďLJ͕ ϮϬWHd(!MO$>!
KO$R! K&<A! K=! b=N#>&<@FKF6! KO$@#! G=K@\&K@=>! @F! K=! G&A$! b=N#>&<@FKF! K&<A! &[=NK! KO$! ^&#!
%#=G! KO$@#! =^>! Z=@>K! =%! \@$^6! KO&K! @F! K=! bNFK@%R! KO$@#! \@=<$>'$! &>S! S@F'#$S@K! KO$!
&S\$#F&#R(!9>!KO$!Z&#K@'N<&#!'&F$!=%!4=<=G[@&6!KO$!G@<@K&#R!#$`N@#$F!KO$!N>'=>S@K@=>&<!
FNZZ=#K! =%! b=N#>&<@FKF! c?=>@<<&6! HXXHh! ,@>'s>! u! ,NTD6! HXXH&d(! -O$! )=\$#>G$>K! S=$F!
>=K!&''$ZK!KO&K!b=N#>&<@FKF!FO=N<S!)@\$!KO$!F&G$!K#$&KG$>K!K=!<$)&<!&#G$S!%=#'$F!&>S!
)N$##@<<&F(!-O$!4=<=G[@&>!FK&K$!O&F!G&S$!&##&>)$G$>KF! K=!Z#$\$>K!b=N#>&<@FKF! %#=G!
NF@>)!G$G[$#F!=%!@<<$)&<!)#=NZF!&F!F=N#'$F!c4/-Y6!WUUIh!:@#&<S=!$K!&<(6!HXXLh!CsZ$D6!
HXX*d(!9>!KO@F!F$>F$6!^O$>!b=N#>&<@FKF!F&R!@>!KO$@#!'=S$!KO&K!&#G$S!)#=NZF!NF$!KO$G!
K=!S@FF$G@>&K$!Z#=Z&)&>S&6!KO$R!&#$!#$'=)>@F@>)!KO&K!>$^F!@F!>=K!=><R!KO$@#!Z#$F$#\$!
[NK!KO&K!=KO$#!F='@&<!&'K=#F!Z<&R!&!#=<$!@>!KO$!#$Z=#K@>)!=%!>$^F(!.>$!G@)OK!KO$#$%=#$!
&FA!^OR!b=N#>&<@FKF!KO$>!F$K!FK&>S&#SF!&F!@%!>$^F!#$Z=#K@>)!S$Z$>S$S!$V'<NF@\$<R!=>!
KO$G(! :@\$>! KO&K! KO$R! &#$! >=K! &<<=^$S! [R! KO$! FK&K$! K=! @>K$#\@$^! &<<! KO$! &'K=#F!
@>\=<\$S! @>! KO$! '=>%<@'K6! KO$R! &#$! >=K! &[<$! K=! #$FZ$'K! KO$! Z<N#&<@KR! &>S! [&<&>'$! =%!
ƐŽƵƌĐĞƐ͘ /Ŷ ƚŚŝƐ ƐĞŶƐĞ͕ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ ǁĂƌ ŝŶƚĞƌĨĞƌĞƐ ǁŝƚŚ ũŽƵƌŶĂůŝƐƚƐ͛ ĞƚŚŝĐĂů
Z#@>'@Z<$F(!7=^$\$#!b=N#>&<@FKF!G&@><R!&S=ZK!&>!@>K$#>&<!&ZZ#=&'O!@>!KO$@#!S@F'NFF@=>F!
&>S! @>@K@&ƚŝǀĞƐ ƌĞŐĂƌĚŝŶŐ ĞƚŚŝĐƐ͘ ĐƚƵĂůůLJ͕ ĂƐ ^ƚĞƉŚĞŶ tĂƌĚ ĂƌŐƵĞƐ͕ ƚŚĞ ͞ĞĨĨŽƌƚƐ ƚŽ
#$%=#G!>$^F!G$S@&!Z#&'K@'$F!&#$!Z=<&#@D$S![$K^$$>!K^=!@>&S$`N&K$!&ZZ#=&'O$F6!&>!
͚ŝŶƚĞƌŶĂů͛ ĂƉƉƌŽĂĐŚ ǁŚŝĐŚ ĐŽŶƐŝĚĞƌƐ ũŽƵƌŶĂůŝƐŵ ĞƚŚŝĐƐ ƚŚĞ ĞdžĐůƵƐŝǀĞ ĚŽŵĂŝŶ ŽĨ
ũŽƵƌŶĂůŝƐƚƐ͕ ĂŶĚ ĂŶ ͚ĞdžƚĞƌŶĂů͛ ŵŽĚĞů ƚŚĂƚ ďĞůŝĞǀĞƐ ƌĞĨŽƌŵ ƌĞƋƵŝƌĞƐ ƚŚĞ ŝŵƉŽƐŝƚŝŽŶŽĨ
ĞdžƚĞƌŶĂů ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ƌĞŐƵůĂƚŽƌƐ ŽŶ ŶĞǁƐ ŵĞĚŝĂ͟ ;tĂƌĚ͕ ϮϬϬϱ͕ Ɖ͘ ϯϭϱͿ͘ dŚĞ
ƉƌŽďůĞŵǁŝƚŚƚŚĞƐĞŬŝŶĚƐŽĨĂƉƉƌŽĂĐŚĞƐŝƐƚŚĂƚƚŚĞLJŶĞŐůĞĐƚƚŚĞĨĂĐƚƚŚĂƚũŽƵƌŶĂůŝƐƚƐ͛
!
b=[F! S$Z$>S! >=K! =><R! =>! ^O&K! b=N#>&<@FKF! S=(! MO&K! b=N#>&<@FKF! S=! S$Z$>SF! =>! KO$!
'=>K$VK!&>S!=KO$#!F='@&<!&'K=#F(!
!
$78,B887/1!
C==A@>)!%=#![$KK$#!N>S$#FK&>S@>)!KO$!#=<$!=%!KO$!$KO@'F!'=S$F!@>!KO$!#$Z=#K@>)!=%!>$^F!
ĂďŽƵƚǁĂƌƐ ĂŶĚĂƌŵĞĚĐŽŶĨůŝĐƚƐ͕ƚŚŝƐƉĂƉĞƌĞdžĂŵŝŶĞĚƚŚĞĐĂƐĞŽĨ͞ƚŚĞĐŽĚĞ %=#!KO$!
ĐŽǀĞƌĂŐĞ ŽĨ ƚŚĞ ŽůŽŵďŝĂŶ ĂƌŵĞĚ ĐŽŶĨůŝĐƚ͘͟ dŚĞ Ăŝŵ ǁĂƐ ƚŽ ĂƌŐƵĞ ƚŚĂƚ ƚŚĞ
'=>FK#&@>KF! =%! G&FF! G$S@&! cFRG[=<@'! &>S! $'=>=G@'&<! '=>FK#&@>KFd! &F! ^$<<! &F! KO$!
FK#&K$)@'!&@GF!=%!KO$!&#G$S!)#=NZF!'&>>=K![$!'=GZ&K@[<$!^@KO![&<&>'$S6!>$NK#&<!&>S!
&''N#&K$!#$Z=#K!=%!^&#F(!+'KN&<<R6![R!$V&G@>@>)!KO$!'=>K$VK!@>!^O@'O!KO$!'=S$!%=#!KO$!
'=\$#&)$!=%!KO$!4=<=G[@&>!&#G$S!'=>%<@'K!^&F!^#@KK$>!&>S!KO$!A@>S!=%!Z#@>'@Z<$F!F$K!
@>!@K6!=>$!'&>!&FA1!
x MOR! FO=N<S! b=N#>&<@FKF! F$K! @>! KO$@#! $KO@'F! '=S$! Z#@>'@Z<$F! KO$R! A>=^! @>!
&S\&>'$!KO$R!^@<<!>=K![$!&[<$!K=!%=<<=^![$'&NF$!=%!KO$!'=>FK#&@>KF!#$FN<K@>)!
%#=G!KO$!'=>K$VK!=%!^&#r!!
x MO&K!@F!KO$!#$&F=>!^OR!b=N#>&<@FKF!$FK&[<@FO!&!'=S$!@>!^O@'O!KO$R!'=GG@K!K=!
#$Z=#K@>)!K#NKO%N<!&>S![&<&>'$S!@>%=#G&K@=>!^O$>!=%%@'@&<!F=N#'$F!&#$!S@#$'K<R!
@>\=<\$S! @>! KO$! '=>%<@'K! &>S! O&\$! KO$! <$)@K@G&'R! K=! Z#$\$>K! b=N#>&<@FKF! %#=G!
\$#@%R@>)! @>%=#G&K@=>! ^@KO! F=N#'$F! ^O=! S=! >=K! &)#$$! ^@KO! KO$@#! Z=@>K! =%!
\@$^r!
!
-O$! &#)NG$>K! =%! KO@F! Z&Z$#! @F! KO&K! KO$! ^&R! @>! ^O@'O! F'O=<&#F! &>S! b=N#>&<@FKF! O&\$!
FKNS@$S! >$^F! #$Z=#KF! &>S! b=N#>&<@FG! $KO@'F! @>! ^&#K@G$! >$$S! K=! [$! S@F'NFF$S! @>! &!
ŵŽƌĞĐŽŵƉƌĞŚĞŶƐŝǀĞǁĂLJ͘&ŝƌƐƚ͕ŶĞǁƐƌĞƉŽƌƚƐŽŶǁĂƌƌĞƐƵůƚŶŽƚŽŶůLJĨƌŽŵũŽƵƌŶĂůŝƐƚƐ͛
ǁŽƌŬ ĂŶĚ ŵĞĚŝĂ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͛ ĐŽŶƐƚƌĂŝŶƚƐ͘ /Ŷ ƚŝŵĞƐ ŽĨ ǁĂƌ͕ ŵĞĚŝĂ ŝƐ ŽŶĞ ŽĨ ƚŚĞ
͞ǁĞĂƉŽŶƐ͟ ƵƐĞĚ ďLJ ƚŚĞ ƉĂƌƚŝĞƐ ƚŽ ƚO$! '=>%<@'K! @>! =#S$#! K=! '=GGN>@'&K$! KO$@#!
<$)@K@G@D@>)!S@F'=N#F$F!;,ŽƐŬŝŶƐΘK͛>ŽƵŐŚůŝŶ͕ϮϬϭϬͿ(!9>!KO@F!F$>F$6!KO$#$!@F!>=!#$&F=>!
%=#! @)>=#@>)! KO@F! %&'K! ^O$>! S@F'NFF@>)! b=N#>&<@FG! $KO@'F! @>! ^&#K@G$(! ;$'=>S6!
'=>'$#>@>)! KO$! '=S$! %=#! KO$! '=\$#&)$! =%! KO$! &#G$S! '=>%<@'K6! 4=<=G[@&>! b=N#>&<@FKF!
^#=K$! KO@F! [$'&NF$! =%! KO$! KO#$&KF! KO$R! O&S! #$'$@\$S! %#=G! &#G$S! )#=NZF! &>S!
KO$#$%=#$!KO$!'=S$!^&F!>=K!'#$&K$S!^@KO!KO$!ZN#Z=F$!=%!Z#=%$FF@=>&<!K#&@>@>)!=#!&F!&!
)N@S$<@>$!%=#!b=N#>&<@FKF(!
3=#$! KO&>! &! S='NG$>K! K$<<@>)! b=N#>&<@FKF! O=^! K=! '=\$#! KO$! &#G$S! '=>%<@'K! @>! &!
#$FZ=>F@[<$! ^&R6! KO$! K&#)$KF! =%! KO$! '=S$! &#$! G$S@&! =^>$#F! &>S! G&>&)$#F6! &#G$S!
ŐƌŽƵƉƐ ĂŶĚ ŵĞĚŝĂ ĂƵĚŝĞŶĐĞƐ͘ /Ŷ ƚŚŝƐ ƐĞŶƐĞ͕ ƚŚĞ ĐŽĚĞ ŝƐ Ă ͞ƉŽůŝƚŝĐĂů ĂĐƚ ŽĨ
ĐŽŵŵƵŶŝĐĂƚŝŽŶ͟cM&#S6!HXXUd!#$FZ=>S@>)!K=!&!Z&#K@'N<&#!'=>K$VK!cM@<A@>F!u!?#$>>$>6!
HXXJd(!M@KO!KO$!'=S$6!4=<=G[@&>!b=N#>&<@FKF!&#$!K$<<@>)!KO$!&#G$S!)#=NZF!KO&K!KO$@#!
G=K@\&K@=>F!&>S!&@GF!&#$!>=K!KO$!F&G$6!KO&K!KO$R!S$%$>S!S@%%$#$>K!Z#@>'@Z<$F!&>S!KO&K!
KO$R! S@F&ZZ#=\$! =%! KO$! '=$#'@=>! $V$#K$S! [R! KO$! &#G$S! )#=NZF(! _=N#>&<@FKF! &#$! &<F=!
K$<<@>)! KO$@#! &NS@$>'$! KO&K! KO$@#! G&#)@>F! %=#! G&>=$N\#$! &#$! <@G@K$S! [$'&NF$! =%! KO$!
Z#$FFN#$! =%! KO$! &#G$S! )#=NZF6! ^O@'O! '=N<S! $VZ<ĂŝŶ ƚŚĞŝƌ ͞ŵŝƐƚĂŬĞƐ͘͟ dŚƵƐ ŝĨ ƚŚĞLJ
ZN[<@FO!@>%=#G&K@=>!^O@'O!@F!@>&''N#&K$!&>S![@&F$S!@K!@F!>=K!KO$@#!%&N<K6![NK!KO&K!=%!KO$!
&#G$S!)#=NZF!^O=!G&>@ZN<&K$!KO$G!&>S!=%!KO$!G$S@&!=^>$#F!&>S!G&>&)$#F!^O=!S=!
>=K!Z#=\@S$!KO$G!^@KO!&ZZ#=Z#@&K$!^=#A@>)!'=>S@K@=>F(!Q@>&<<R6!4=<=G[@&>!b=N#>&<@FKF!
&#$!&<F=!S$G&>S@>)!$S@K=#@&<!@>S$Z$>S$>'$!%#=G!G$S@&!=^>$#F!&>S!G&>&)$#F(!9>!KO@F!
ƐĞŶƐĞ͕ƚŚŝƐƐƚƵĚLJƐƵƉƉŽƌƚƐtĂƌĚ͛ƐƉƌŽƉŽƐĂůcM&#S6!HXX*d!#$)&#S@>)!KO$!>$$S!K=!&S=ZK!
&! O=<@FK@'! $KO@'&<! &ZZ#=&'O! @>! =#S$#! K=! K&A$! @>K=! &''=N>K! KO$! #=<$! =%! F=N#'$F! &>S!
&NS@$>'$F! @>! KO$! G&A@>)! =%! >$^F! #$Z=#KF! [R! b=N#>&<@FKF(! -O@F! O=<@FK@'! &ZZ#=&'O! K=!
b=N#>&<@FG! $KO@'F! ^=N<S! &<<=^! b=N#>&<@FKF! K=! $FK&[<@FO! '<$&#$#! '=S$F! %=#! K#&@>@>)! @>!
O=^!K=!#$FZ=>S!K=!KO$!'=>FK#&@>KF!=%!&!'=>K$VK!=%!^&#(!
!
!
!
! ! !
D)*)()1,)8!!
+#@&F6! 0S)! 4O&'s>6! CN@F6! 4#@FK&>'O=6! Q#&>'@F'=6! u! wN$[$S=6! /=#[$R! cHXXLd1!
-#&K&G@$>K=! S$! <=F! &'K=F! \@=<$>K=F! $>! <=F! >=K@'@$#=F! S$! <&! K$<$\@F@s>! '=<=G[@&>&6!
8>@\$#F@S&S!;$#)@=!+#[=<$S&6!?=)=Ke(!
?$#A=^@KD6!2&>@$<!cHXXUd1!g,$Z=#K$#F!&>S!!-O$@#!;=N#'$Fg6!@>!](!M&O<B_=#)$>F$>!u!-(!
7&>@KDF'O6!0S@K=#F1!-O$!7&>S[==A!=%!_=N#>&<@FG!;KNS@$F6!-&R<=#!u!Q#&>'@F!!/$^!5=#A6!
cZZ(!WXHʹWW*d(!
?=>@<<&6!_=#)$!9\e>!cHXXHd1!g"$#@=S@FG=6!:N$##&!R!"&D(!4&GZ=!@>K$<$'KN&<!Z$#@=STFK@'=!
R!&)$>S&F!S$!<&!@>%=#G&'@s>!$>!4=<=G[@&g6!;@)>=!R!"$>F&G@$>K=6!aa9cJXd6!c*LʹIXd(!
4&#<F=>6! 3&KK! cHXXUd1! g2N$<@>)6! 2&>'@>)6! =#! 2=G@>&K@>)r! _=N#>&<@FKF! &>S! -O$@#!
;=N#'$Fg6!;='@=<=)R!4=GZ&FF6!LcJd6!c*HPʹ*JHd(!
4&FK#=6! :$#Ge>6! Y@<<&G@D! 2&#@=6! ,$FK#$Z=6! +>S#ÖF6! u! :N$##$#=6! +#KN#=! cHXX*d1!
2@''@=>&#@=! Z&#&! S$F&#G&#! <&! Z&<&[#&! cH(! $S(d(! 4=#Z=#&'@s>! 3$S@=F! Z&#&! <&! "&D6!
"<&>$K&6!?=)=Ke(!
4/-Y! cWUUId(! ;$#\@'@=! "ê[<@'=! R! 4=[$#KN#&6! ;@FK$G&! S$! -$<$\@F@s>! $>! 4=<=G[@&(!
4=G@F@s>!/&'@=>&<!S$!-$<$\@F@s>6!?=)=Ke(!
4"?! cWUUXd1! 4sS@)=! S$! ÖK@'&! R! #$FZ=>F&[@<@S&S! S$<! Z$#@=S@FK&(! 4T#'N<=! S$! "$#@=S@FK&F!
S$!?=)=Ke6!?=)=Ke6!OKKZ1jj^^^(G$S@=F!Z&#&<&Z&D(=#)6!'=>FN<K$S!WLjXHjHXWX(!
0<!4=<=G[@&>=!cHXXLd1!3&>N&<!S$!$FK@<=!R!#$S&''@s>6!9GZ=<@[#=F!;(+(6!4=<=G[@&(!
0<!-@$GZ=!cHXXLd1!4=>%<@'K=!&#G&S=!R!K$##=#@FG=(!3&>N&<!S$!'N[#@G@$>K=1!0<!'=>%<@'K=!
&#G&S=!$>!<&F!Ze)@>&F!S$!0<!-@$GZ=6!4&F&!0S@K=#@&<!0<!-@$GZ=!?=)=Ke(!
Q<=#$F6!"&G$<&6!u!4#&^%=#S6!C@>\@>)FK=>!cHXXWd1!g0<!Z&Z$<!S$!<=F!#$<&K=F!>=K@'@=F=F!$>!
<&!'=>FK#N''@s>!S$!N>!Z#=R$'K=!'=GN>@'&K@\=!Z&#&!<&!Z&D!$>!4=<=G[@&g6!2@e<=)=F!S$!<&!
4=GN>@'&'@s>6!PW6!cJPʹ**d(!
:&#'T&6! 3&#T&! 0N)$>@&6! u! ,=G$#=6! 0S^&#S! cHXXWd1! gC&F! K#&GZ&F! S$! <&! &Z&#@'@s>(!
9>%=#G&'@s>!R!'=>%<@'K=!$>!4=<=G[@&g6!@>!?=>@<<&!_=#)$!9\e>!u!"&K@ñ=!:NFK&\=6!0S@K=#F1!
4=GN>@'&'@s>! R! "=<TK@'&(! Y@$b=F! 4=>%<@'K=F6! /N$\=F! 2$F&%T=F! 4$>K#=! 0S@K=#@&<!
_&\$#@&>=6!?=)=Ke6!cZZ(!LPPʹLUWd(!
'ŝƌĂůĚŽ͕ ŝĂŶĂ͕ ZŽůĚĄŶ͕ /ƐŵĂĞů͕ Θ &ůſƌĞnj͕ DŝŐƵĞů ŶŐĞů ;ϮϬϬϯͿ͗ WĞƌŝŽĚŝƐƚĂƐ͕ ŐƵĞƌƌĂ LJ
ƚĞƌƌŽƌŝƐŵŽ͕WůĂŶĞƚĂ͕ƐĐƵĞůĂĚĞŽŵƵŶŝĐĂĐŝſŶ^ŽĐŝĂůLJWĞƌŝŽĚŝƐŵŽhŶŝǀĞƌƐŝĚĂĚ^ĞƌŐŝŽ
+#[=<$S&6!?=)=Ke(!
7=FA@>F6!+>S#$^͕ΘK͛>ŽƵŐŚůŝŶ͕ĞŶ;ϮϬϭϬͿ͗tĂƌĂŶĚDĞĚŝĂ͕WŽůŝƚLJWƌĞƐƐ͕ĂŵďƌŝĚŐĞ͘!
CsZ$D6!Q&[@=!cHXXLd1!gK@'&!Z$#@=STFK@'&6!\$#S&S!>=K@'@=F&!F=[#$!$<!'=>%<@'K=!&#G&S=!R!
#$'=>'@<@&'@s>!>&'@=>&<!$>!4=<=G[@&g6!4&G@>=F!Z&#&!F&<@#!S$!<&!\@=<$>'@&6!Q#&>A%N#K(!
CsZ$D6! Q&[@=! cHXX*d1! g+Z#$>S@D&b$F! R! $>'#N'@b&S&F! S$<! Z$#@=S@FG=(! 0>K#$! <&! Z&D! S$!
"&FK#&>&!R!<&!F$)N#@S&S!S$G='#eK@'&!S$!8#@[$g6!"&<&[#&!4<&\$6!WL6!cIʹJ*d(!
DĂůƚďLJ͕ ^ĂƌĂŚ ;ϮϬϭϮͿ͗ DŝůŝƚĂƌLJ DĞĚŝĂ DĂŶĂŐĞŵĞŶƚ͗ EĞŐŽƚŝĂƚŝŶŐ ƚŚĞ ͞ĨƌŽŶƚ͟ ůŝŶĞ ŝŶ
G$S@&K@D$S!^!,=NK<$S)$6!C=>S=>6!/$^!5=#A(!
3&<K[R6! ;&#&O6! u! ]$$[<$6! ,@'O&#S6! 0S@K=#F(! cHXXId1! 4=GGN>@'&K@>)! M! 3$G=#R6!
3$S@&!&>S!3@<@K&#R6!+#@G&!ZN[<@FO@>)6!;N%%=<A(!
3e#`N$D!:=>De<$D6!0SN&#S=!cHXXLd1!4sS@)=!Z&#&!$<!'N[#@G@$>K=!S$<!'=>%<@'K=!&#G&S=!
'=<=G[@&>=6!
OKKZ1jj^^^(N>$F'=(=#)j>$^j%@<$&SG@>j38C-93029+j7wj49j49jZS%jG$S@&yFK&>S&#S
Fj4=S@)=tHXZ&#&tHX$<tHX'N[#@G@$>K=tHXS$<tHX'=>%<@'K=tHX&#G&S=tHX'=<=G[@
&>=(ZS%6!'=>FN<K$S1!WXjXHjHXWH(!
DĐYƵĂŝů͕ ĞŶŝƐ ;ϮϬϭϬͿ͗ DĐYƵĂŝů͛Ɛ DĂƐƐ ŽŵŵƵŶŝĐĂƚŝŽŶ dŚĞŽƌLJ͘ ^' WƵďůŝĐĂƚŝŽŶƐ
CKS6!C=>S=>(!
3""! cHXXPd1! "#$>F&6! '=>%<@'K=! &#G&S=! R! #$)@s>(! +Z#$>S@D&b$F! S$<! S@Z<=G&S=!
"$#@=S@FG=! #$FZ=>F&[<$! $>! $<! '=>%<@'K=! &#G&S=6! 4=#Z=#&'@s>! 3$S@=F! Z&#&! <&! Z&D6!
?=)=Ke(!
ZŝŶĐſŶ͕ KŵĂƌ͕ Θ ZƵşnj͕ DĂƌƚŚĂ ;ϮϬϬϮĂͿ͗ ĂũŽ ƚŽĚŽƐ ůŽƐ ĨƵĞŐŽƐථ͗ ůŽƐ ƉĞƌŝŽĚŝƐƚĂƐĞŶ Ğů
'=>%<@'K=!'=<=G[@&>=6!"#=RĞĐƚŽŶƚŽŶŝŽEĂƌŝŹŽ6!?=)=Ke(!
!
,@>'s>6!.G!u!,NTD6!3&#KO&!cHXXH[d1!g3eF!&<<e!S$!<&!<@[$#K&S(!9>%=#G&#!$>!G$S@=!
S$<!'=>%<@'K=g6!;@)>=!R!"$>F&G@$>K=6!HWcJXd6!cIHʹEPd(!
;&>S$#F6! M@<<$G@$>! cHXWXd1! g2='NG$>K&#R! Q@<GG&A@>)! &>S! 0KO@'F1! 4=>'$ZKF6!
,$FZ=>F@[@<@K@$F6! &>S! KO$! /$$S! %=#! 0GZ@#@'&<! ,$F$&#'Og6! 3&FF! 4=GGN>@'&K@=>! &>S!
;='@$KR6!WLc*d6!c*HEʹ**Ld(!
;$##&>=6! 5$>R! cHXWHd1! /=GG$#! <$! '=>%<@K! &#G$! $K! F$F! &'K$N#F! $>! '=<=G[@$!
ĐŽŵŵƵŶŝĐĂƚŝŽŶŽƵŝŶĨŽƌŵĂƚŝŽŶŵĞĚŝĂƚŝƋƵĞ͕>͛,ĂƌŵĂƚƚĂŶ͕WĂƌŝƐ͘!
M&#S6! ;K$ZO$>! cHXX*d1! g_=N#>&<@FG! ƚŚŝĐƐ ĨƌŽŵ ƚŚĞ WƵďůŝĐ͛Ɛ WŽŝŶƚ ŽĨ sŝĞǁΗ͕
_=N#>&<@FG!;KNS@$F6!PcLd6!cLW*ʹLLXd(!
M&#S6! ;K$ZO$>! cHXXUd1! g_=N#>&<@FG! 0KO@'Fg6! @>! M&O<B_=#)$>F$>! ]&#@>! u! 7&>@KDF'O!
-O=G&F6! 0S@K=#F6! -O$! 7&>S[==A! =%! _=N#>&<@FG! ;KNS@$F6! -&R<=#! u! Q#&>'@F6! /$^! 5=#A6!
cZZ(!HU*ʹLXEd(!!
M@<A@>F6! C$$6! u! ?#$>>$>6! ?=>>@$! cHXXJd1! g4=>%<@'K$S! @>K$#$FKF6! '=>K$FK$S! K$##&@>1!
b=N#>&<@FG!$KO@'F!'=S$F!KO$>!&>S!>=^g6!_=N#>&<@FG!;KNS@$F6!*cLd6!cHUIʹLXUd(!
!!
!
!
!
!!
!
!
!
!
!
! ! !