53BB7<5

AB/@B32
7<3 : 3/@<7<5 A;

0cWZRW\UbVS0caW\Saa
1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a

BS[^ZSA[]ZS\;0/
BVSS:SO`\W\U5cWZR
0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a
W

– 'BVSS:SO`\W\U5cWZR/ZZ`WUVba`SaS`dSR

BVSS:SO`\W\U5cWZR
!%#3Ab`SSbAcWbS 
AO\bO@]aO1/'#""
%%#$$&''

DWacOZO\OZgbWQaQ][^]\S\bRSdSZ]^SRcaW\UBOPZSOcA]TbeO`S
>`]¿ZSRObOPOaSO\RPOQYS\Rac`dSgagabS[RSdSZ]^SRPg1gQZ]\S7\bS`OQbWdS

E`WbbS\Pg(BS[^ZSA[]ZS\;0/
1]^g3RWbW\U(1VO`ZSa6]ZQ][PS
>cPZWQObW]\2SaWU\(<O\Qg;O`ZO\RE]ZW\aYW

2WaQZOW[S`
BVS`ObW\UaW\T]`[ObW]\O\R]^W\W]\aaSbT]`bV]\bVS5cWZR@SaSO`QVaSQbW]\]T
BVSS:SO`\W\U5cWZRESPaWbSO\RW\bVSQVO`baO\RU`O^VaT]c\RW\bVWa`S^]`b
O`SbV]aS]TbVS[S[PS`a]TBVSS:SO`\W\U5cWZRBVSS:SO`\W\U5cWZR4]Qcah]\S
;SRWO7\QO\RWba]T¿QS`aS[^Z]gSSaRW`SQb]`aO\RaVO`SV]ZRS`aVOdS\]ZWOPWZWbg
T]`O\gZ]aaRO[OUSOQbW]\QOcaSa]TOQbW]\Sf^S\aSQ]ab]`ZWOPWZWbgW\QZcR
W\UObb]`\SgTSSaO`WaW\U]cb]TO\gabObS[S\ba`ObW\UaW\T]`[ObW]\]^W\W]\a]`
QZOW[aaSbT]`bVW\bVS5cWZR@SaSO`QVaSQbW]\ASSbVSµ5cWZR@SaSO`QV¶aSQbW]\]T
bVS>`WdOQg;S[PS`aVW^O\RBS`[a]TCaS/U`SS[S\bObVbb^(eeeSZSO`\W\U
UcWZRQ][^PcWZRZW\YPcWZRS`QT[-aSZSQbW]\+T]Z 

BVSS:SO`\W\U5cWZR@SaSO`QV>ZSRUS
7bWa]c`U]OZb]^`]dWRSbVSPSab`SaSO`QVPOaSR]\bVSPSabRObOBVS5cWZRVOaO\
c\[ObQVSRO\RS\]`[]caZg`WQVO\RdO`WSR^]]Z]TS:SO`\W\URSaWU\S`aRSdSZ
]^S`a[O\OUS`aO\RSfSQcbWdSaeV]O`S^OaaW]\ObSOP]cbbVSO`bO\RaQWS\QS]T
S:SO`\W\UT`][eVWQVb]UObVS`RObO0cbbVWaRObO`S^`SaS\ba]\SbVW\UO\R]\S
bVW\U]\Zg(bVS^`STS`S\QSa]^W\W]\aZWYSaRWaZWYSab`WOZaO\Rb`Wc[^Va]TS:SO`\
W\U5cWZR[S[PS`a2]SabVSW\T]`[ObW]\`S^`SaS\bbVSS:SO`\W\UW\Rcab`gOaO
eV]ZS->`]POPZgPcbeSQO\\]b³O\ReWZZ\]b³[OYSbVObQZOW[6S`SO`SbVST]c`
O`bWQZSa]T^`OQbWQSbVObR`WdSS:SO`\W\U5cWZR@SaSO`QV(

<c[PS`]T`Sa^]\RS\ba=c``SaSO`QV`SÀSQbabVS]^W\W]\a]TbV]caO\Ra]T
S:SO`\W\U^`]TSaaW]\OZaESeWZZ\SdS`^cPZWaV`SacZbaT`][Oac`dSgc\ZSaaeS
VOdS`SQSWdSROabObWabWQOZZg[SO\W\UTcZ\c[PS`]TTcZZgdSbbSR`Sa^]\aSa
<]`SZWO\QS]\]cbaWRSa]c`QSaEWbVbV]caO\Ra]T[S[PS`ac^RObW\UbVSW`
^`]¿ZSaO\RQ][^ZSbW\Uac`dSgabVS5cWZRR]Sa\]b\SSRb]`SZg]\]cbaWRS
a]c`QSabVObeWZZPWOa]c``S^]`baT]`Q]\bOQbab]Q][^ZSbS]c`ac`dSga
!ASZTTc\RSRBVSS:SO`\W\U5cWZRTc\RaWba]e\`SaSO`QVESR]\]bOQQS^bO\g
T]`[]Ta^]\a]`aVW^T`][dS\R]`aO\R]`ac^^ZWS`aT]`^cPZWQ`SaSO`QVOQbWdWbWSa
"5cO`O\bSSR4`SaVES`SUcZO`Zg`S[W\R[S[PS`ab]c^RObSbVSW`^`]¿ZSaO\R
ac`dSgW\T]`[ObW]\7TO[S[PS`U]SaOgSO`eWbV]cbc^RObW\UW\T]`[ObW]\eS
¿ZbS`bVObW\T]`[ObW]\]cb]T]c``S^]`ba
0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a 

BOPZS]T1]\bS\ba

7\b`]RcQbW]\                                                         

5SbbW\UAbO`bSRAS`WSa=dS`dWSe                                !

3:SO`\W\UBS`[aO\R2S¿\WbW]\a                             "

3:SO`\W\Uda7\ab`cQb]`ZSRB`OW\W\U                         "

3dOZcObW\US:SO`\W\UOaO\7\dSab[S\b                      #

6WUVZSdSZ4W\O\QWOZ/\OZgaWa                                    $

OAbS^(C\RS`abO\RW\US:SO`\W\U1]aba                  $

PAbS^ (?cO\bWTgW\US:SO`\W\U0S\S¿ba                  

QAbS^!(1OZQcZObW\US:SO`\W\U@Sbc`\a                    !

3:SO`\W\U@WaYa                                                  "

<SfbAbS^a                                                           #

1]\QZcaW]\                                                          $

/RRWbW]\OZ@SORW\UO\R@Sa]c`QSa                            $

3\R\]bSa                                                            %

/cbV]`0W]                                                           %
 0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a

7\b`]RcQbW]\
3:SO`\W\UQO\TSSZZWYSOPWb]TO[W\S¿SZReVS\¿`ababO`bW\U7baSS[aZWYSbVS`SO`S
Q]c\bZSaaRSQWaW]\ab]PS[ORSO\R[WabOYSaQO\PSQ]abZg=dS`OZZV]eSdS`[]ab]`
UO\WhObW]\aR][SSbbVSW`¿\O\QWOZU]OZaeWbVS:SO`\W\UO\RbVS[OX]`WbggWSZR^]aW
bWdS`Sbc`\a7\O\/^`WZ 'ac`dSg]TS:SO`\W\U5cWZR[S[PS`a"&`S^]`bSRO^]aW
bWdS`Sbc`\]\W\dSab[S\b@=7T`][S:SO`\W\UeVWZS]\Zg#`S^]`bSR\]`Sbc`\]`O
\SUObWdS@=7ASS4WUc`S
7\TOQb\]b]\ZgR][]ab[S[PS`aUS\S`ObSO^]aWbWdS`Sbc`\Pcb#`S^]`bO@=7
U`SObS`bVO\#ASS4WUc`S 
BVWa`S^]`b0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\UeWZZT]Qca]\bVSSdOZcObW]\
^VOaS]TW\dSabW\UW\S:SO`\W\Ub]RSbS`[W\SeVSbVS`S:SO`\W\UWabVS`WUVbRSZWdS`g
[SbV]RT]`g]c`]`UO\WhObW]\]`^`]XSQb4]`[]ab]`UO\WhObW]\abVSaSRSQWaW]\aO`S
acPXSQbb]PcaW\SaaQ]\aWRS`ObW]\aa]bVWa`S^]`beWZZbOQYZSbVObSdOZcObW]\T`][OPcaW
\Saa[O\OUS[S\bO\R¿\O\QWOZ^S`a^SQbWdS7beWZZWZZcab`ObSbVSSO`ZgRSQWaW]\a\SSRSR
O\RRS[]\ab`ObSOVWUVZSdSZ¿\O\QWOZO\OZgaWaeWbVORSbOWZSR@=7QOZQcZObW]\

4WUc`S
7\O\/^`WZ '
ac`dSg]TS:SO`\W\U
5cWZR[S[PS`a
"&`S^]`bSRO
^]aWbWdS`Sbc`\]\
W\dSab[S\b@=7
T`][S:SO`\W\U
eVWZS]\Zg#
`S^]`bSR\]`Sbc`\
]`O\SUObWdS@=7

4WUc`S 
7\bVSaO[S/^`WZ
'ac`dSg]T
S:SO`\W\U5cWZR
[S[PS`a#
`S^]`bO@=7
U`SObS`bVO\#
 0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a !

5SbbW\UAbO`bSRAS`WSa=dS`dWSe
BVWa`S^]`bWabVS¿`abW\O\SeaS`WSa]T5SbbW\UAbO`bSR5cWRSab]VSZ^`O[^c^g]c`
]`UO\WhObW]\_cWQYZgO\RacQQSaaTcZZgW\S:SO`\W\U7Tg]c¸`SSf^Z]`W\US:SO`\W\UOaO
\Seb`OW\W\U^ZObT]`[]`O`SOZ`SORgW\dSabSRO\RQ]\aWRS`W\UTc`bVS`Sf^O\aW]\W\b]O
a^SQW¿Q^`]XSQbbVWa`S^]`bWabVS^ZOQSb]abO`b3OQV`S^]`bW\bVSaS`WSaeWZZR`OeT`][
bVSeWaR][]T[]`SbVO\! S:SO`\W\U5cWZR[S[PS`aeV]VOdSOZ`SORg^OdSR
bVSeOgb]VSZ^g]c[OYSa]c\RPcaW\SaaRSQWaW]\abVObeWZZ^`]RcQSbW[SZg`SacZba
AcPaS_cS\b`S^]`baW\bVSaS`WSaeWZZW\QZcRSbVSb]^WQa]T(

’/cbV]`W\UO\R2SdSZ]^[S\bB]]Za
’:SO`\W\U;O\OUS[S\bAgabS[a
’;SOac`W\US:SO`\W\UAcQQSaa
’Ag\QV`]\]ca:SO`\W\UAgabS[a
’;]PWZS:SO`\W\U
’3:SO`\W\U 
’AW[cZObW]\a5O[SaO\R7[[S`aWdS:SO`\W\U

3OQV`S^]`beWZZ^`]dWRSRObOb]]ZaO\RW\T]`[ObW]\b]VSZ^\OdWUObSW[^]`bO\bRSQW
aW]\aacQVOa^`]RcQb[O`YSbaVO`Sb`S\RaaSZSQbW]\Q`WbS`WOTSObc`SaObWaTOQbW]\ZSdSZa
S[S`UW\UbSQV\]Z]UWSaO\RQ]abaBVS:;AQVO`bPSZ]eWZZcab`ObSaO\SfO[^ZS]TbVS
bg^S]TTSObc`SRObOTcbc`S`S^]`baeWZZ^`]dWRS

4WUc`S!
5cWZR[S[PS`¸a
ZSdSZ]TaObWaTOQbW]\
eWbV:;AQ`WbS`WO
0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a "

3:SO`\W\UBS`[aO\R2S¿\WbW]\a
BVSS:SO`\W\U¿SZRWaabWZZSd]ZdW\UO\RbVSRS¿\WbW]\a[OgdO`gPgQ][^O\gO\R
W\RWdWRcOZ6Wab]`WQOZZgS:SO`\W\U]`WUW\ObSRT`][Q][^cbS`O\RESPPOaSRb`OW\
W\U10BO\RE0BB]ROgbVSbS`[aµ]\ZW\Sb`OW\W\U¶O\RµS:SO`\W\U¶O`Sa][SbW[Sa
caSRW\bS`QVO\USOPZg4]`bVS^c`^]aSa]TbVWa`S^]`bS:SO`\W\U`STS`ab]O\gSRc
QObW]\OZ]`W\ab`cQbW]\OZQ]\bS\bRSZWdS`SReWbVESPPOaSRbSQV\]Z]Ug6S`SWaOP`WST
]dS`dWSe]TbVSbS`[W\]Z]UgO\RbVSRS¿\WbW]\acaSRW\bVWa`S^]`b

’ASZT^OQSR]`Oag\QV`]\]caZSO`\W\UWacacOZZgRSZWdS`SRW\a[OZZS`[]RcZSa]`
QVc\YaO\RQO\PSOQQ][^ZWaVSRW\RS^S\RS\bZg]\bVSZSO`\S`¸a]e\aQVSRcZS
’Ag\QV`]\]caZSO`\W\U]QQc`a]\O^`SRSbS`[W\SR`SOZbW[SaQVSRcZSeVS`SbVS
ZSO`\S`aO\RW\ab`cQb]`aQ][Sb]USbVS`dW`bcOZZg7bQO\`O\UST`][O]\SeOg^`S
aS\bObW]\acQVOaOESPW\O`b]OQ]c`aSW\OdW`bcOZQZOaa`]][eVS`SbVSabcRS\ba
O\RW\ab`cQb]`VOdSbe]eOgQ]\bOQbeWbVSOQV]bVS`
’0ZS\RSRZSO`\W\UWacacOZZgOQ][PW\ObW]\]T[cZbW^ZSb`OW\W\U[]ROZWbWSa]`UO\WhSR
b]USbVS`W\b]OZO`US`Q]c`aSO\RWb]TbS\W\QZcRSaO[Wf]TP]bV]\ZW\SO\Rb`ORW
bW]\OZ[SbV]Ra/\SfO[^ZS]TOPZS\RSRZSO`\W\UQ]c`aSe]cZRPSOQ][PW\ObW]\
]TOag\QV`]\]ca[]RcZSaQZOaa`]][W\ab`cQbW]\O\RaSZTabcRg`SORW\Uac^^]`bSR
eWbVSQ]OQVW\UO\RQZOaa[ObS\Sbe]`YW\UbV`]cUVO\]\ZW\ST]`c[]`Q][[c\Wbg
P]O`R
’7\ab`cQb]`ZSRb`OW\W\U7:BWabVSbS`[caSRb]RSaQ`WPSb`ORWbW]\OZQZOaa`]][]`
TOQSb]TOQSb`OW\W\U
’/cbV]`W\Ub]]ZaO`Sa]TbeO`S^`]RcQbacaSRb]Q`SObSS:SO`\W\UQ]c`aSaBVSg
`O\UST`][Q][[]\ZgcaSRUS\S`OZa]TbeO`SacQVOa/R]PS4ZOaV]`2`SO[eSOd
S`O\R;WQ`]a]Tb>]eS`>]W\bb]Qcab][WhSR^`]RcQbaa^SQW¿QOZZgcaSRT]`
S:SO`\W\URSdSZ]^[S\b
’/:SO`\W\U;O\OUS[S\bAgabS[:;AWabVS^ZObT]`[caSRb]RSZWdS`O\Rb`OQY
Q]c`aSaO\RZSO`\S`a4SObc`SadO`gPgdS\R]`PcbO:;AeWZZbg^WQOZZg]TTS``SUWa
b`ObW]\Q]c`aSO\ROaaSaa[S\bOQQSaaQ]c`aSb`OQYW\UZSO`\S`^S`T]`[O\QSabObWa
bWQaW\ab`cQb]`b`OQYW\UO\RQ][[c\WbgT]`c[aO\RP]O`RaT]`ZSO`\S`a
’/:SO`\W\U1]\bS\b;O\OUS[S\bAgabS[:1;AWaO:;AdO`WObW]\bVObOZa]OZ
Z]eaT]`bVSab]`OUSQVc\YW\UO\RbOUUW\U]TQ]\bS\bT]`SOaS]T`S^c`^]aW\UO\R
aSO`QVW\U

3:SO`\W\Uda7\ab`cQb]`ZSRB`OW\W\U
BVS`SO`SdO`WSbWSa]T`SOa]\a]`UO\WhObW]\aO`SW\dSabW\UW\S:SO`\W\U/aOb`OW\
W\U[SbV]RWb^`]dWRSa[O\gPS\S¿ba]dS`b`ORWbW]\OZb`OW\W\UT]`bVS`WUVbb]^WQaO\R
c\RS`bVS`WUVbQW`Qc[abO\QSaESeWZZSf^Z]`SbVSaSPS\S¿baZObS`W\bVS`S^]`bPcb
eVSbVS`O\]`UO\WhObW]\\SSRab]RSZWdS`Q]\bS\bb]OeWRSUS]U`O^VWQO`SOSRcQObS
ZSO`\S`aW\bVS¿SZRb]W\Q`SOaSaOZSa]``SRcQSZ]\UbS`[Q]abaS:SO`\W\U[OgPSbVS
`WUVbO^^`]OQV
EVWZS[]ab]`UO\WhObW]\a`S^]`bU`]ebVW\bVSW`S:SO`\W\UPcRUSba]dS`bW[S
S:SO`\W\UWaabWZZbg^WQOZZg^O`b]TOZO`US`b`OW\W\UPcRUSb7\ab`cQb]`ZSRb`OW\W\UWaO\
W[^]`bO\bRSZWdS`g[SbV]RbVObeWZZZWYSZgOZeOgaPS^O`b]TbVSb`OW\W\Ub]]ZYWbT]`[]ab
]`UO\WhObW]\a7b[Ogac^^ZS[S\bS:SO`\W\U^`]dWRSOZbS`\ObWdSRSZWdS`g]`OQbOaO
0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a #

4WUc`S" abO\ROZ]\Sb`OW\W\U[SbV
$]T5cWZR ]R]\a^SQW¿Qb]^WQa7\
[S[PS`a`S^]`b
TOQb$]T5cWZR[S[
bVObS:SO`\W\U
`S^`SaS\baZSaa PS`a`S^]`bbVObS:SO`\
bVO\!]T W\U`S^`SaS\baZSaabVO\
bVSW`b]bOZ !]TbVSW`b]bOZb`OW\W\U
b`OW\W\UPcRUSb PcRUSbASS4WUc`S"
3:SO`\W\UWaOU`]e
W\U¿SZReWbVW\b`OW\W\U
bVObUSbaZO`US`PgbVS
ROgBVObaOWR !]T
S:SO`\W\U5cWZR[S[PS`a
`S^]`bbVObS:SO`\W\U
PcRUSbaO`SW\Q`SOaW\U
EVS\\Seb]S:SO`\
W\UbVSVWUVZSdSZSdOZcObW]\]T^`]XSQbdWOPWZWbgO\RbVSO``Og]TW\WbWOZRSQWaW]\aQO\PS
Q][^ZSfO\RQ]\TcaW\UBVS\SfbaSQbW]\eWZZ^`]dWRSP]bVbVSW\b`]RcQb]`gW\T]`[ObW]\
\SSRSRb]^`S^O`SOVWUVZSdSZ¿\O\QWOZSdOZcObW]\O\RO\SfO[^ZS]TO\@=7QOZQcZO
bW]\4]`g]c`Q]\dS\WS\QSbVSW\T]`[ObW]\W\bVWa`S^]`b^O`OZZSZaOPcaW\Saa^`]^]aOZ
]cbZW\ST]`[ObeVWQVWaOdOWZOPZSOaOac^^ZS[S\bOZR]e\Z]OROPZS¿ZS

3dOZcObW\US:SO`\W\UOaO\7\dSab[S\b
EVS\bOQYZW\UbVSW\WbWOZSdOZcObW]\]TdWOPWZWbgO\RT]`bVSRSdSZ]^[S\b]TOPcaW
\SaaQOaSO\ROPcaW\Saa^`]^]aOZbVS¿`ab_cSabW]\b]ORR`SaaWaµEVgO`Sg]cW\dSa
bWUObW\UbVWa^O`bWQcZO`^`]XSQb]`W\dSab[S\b-¶EVObWabVS^`]PZS[g]c`]`UO\WhObW]\Wa
b`gW\Ub]a]ZdS]`bVS]^^]`bc\WbgWbWab`gW\Ub]Q`SObSeWbVS:SO`\W\U-
4]`SfO[^ZS[O\g]`UO\WhObW]\a`S^]`bbVObO[OX]`e]`ZRSdS\bacQVOa']`
bVSSQ]\][WQR]e\bc`\WabVSW\WbWOZ^caVT]`abO`bW\UW\S:SO`\W\UµEWbVORSQ`SOaS
W\b`OdSZPcRUSbaObbS\RO\QSOb7:BQ]c`aSaeOaR]e\eVWQVT]`QSRQO\QSZZObW]\aO\R
ZSRb]RSQ`SOaSR`SdS\cS1]\dS`bW\U7:BQ]c`aSab]S:SO`\W\UeOaOeOgb]`Sa^]\R
O\R`Sab]`S`SdS\cS¶`S^]`ba]\SS:SO`\W\U5cWZR[S[PS`
/QQ]`RW\Ub]B]\g;SgOO`bAc^S`dWa]`eWbV0ZcS1`]aa0ZcSAVWSZR]TBS\\SaaSSVWa
]`UO\WhObW]\W\WbWOZZgPSUO\Sf^Z]`W\US:SO`\W\UW\ PSQOcaS]TµbVSVSOROQVSa
W\d]ZdSRW\Q]\bW\cOZZgQVO\UW\UO\R`SdWaW\U^`W\bSR[O\cOZa¶3OQV]`UO\WhObW]\eWZZ
VOdSOQObOZgabT]`abO`bW\US:SO`\W\U
Ab`cQbc`W\UbVWaQObOZgabOaO^`]PZS[abObS[S\bO\]^^]`bc\WbgabObS[S\b]`OUO^
O\OZgaWaeWZZVSZ^QZO`WTgg]c`T]Qcab]eO`R_cO\bWTgW\U]PXSQbWdSaO\R`SacZbaBVWaT]`
[ObT]`SdOZcObW\UbVS\SSRT]`S:SO`\W\U^`]dWRSaOabO`bW\U^]W\b
2WTTS`S\baWbcObW]\aO\RQ][^O\WSaeWZZeO``O\bRWTTS`S\bO^^`]OQVSa7\US\S`OZ
^`]PZS[aO\R]^^]`bc\WbWSaO`S^V`OaSROaabObS[S\baO\ROUO^O\OZgaWaWa^`SaS\bSR
OaOQ]\QZcaW]\T`][`SaSO`QV6]eSdS`g]c^]aWbW]\WbT]`bVSRSQWaW]\[OYS`aWbP]WZa
R]e\b]µEVObWabVS`SOa]\eSaV]cZRQ]\aWRS`bVWa-¶3fO[^ZSa]TSOQVT]ZZ]e(

’AO[^ZS>`]PZS[AbObS[S\b(=c`QOZZQS\bS`S[^Z]gSSbc`\]dS``ObSVOaQZW[PSRb]
!^S`gSO`O\R\SeVW`SaVO\RZS]\Zg#]TbVSd]Zc[S]TSf^S`WS\QSRabOTTW\
bVSW`¿`abgSO`
’AO[^ZS=^^]`bc\WbgAbObS[S\b(BVS`SO`S]dS`^VO`[OQScbWQOZ`S^`S
 0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a
3:SO`\W\U7[^OQb
0ZcS1`]aa0ZcS
AVWSZR]TBS\\SaaSS
µ0ZcS1`]aa0ZcSAVWSZR
]TBS\\SaaSSOQVWSdSR
OdS`gU]]R@=7eWbV
S:SO`\W\U¶OQQ]`RW\Ub]
B]\g;SgOO`bAc^S`dW
a]`eWbVbVS=`UO\WhObW]\
OZ2SdSZ]^[S\bAc^^]`b
RS^O`b[S\bµ:OabgSO`bVS
Q][^O\gQ]\a]ZWRObSR¿dS
RWTTS`S\bQ]c`aSa]T[O\RO
b]`gb`OW\W\UW\b]]\S]\ZW\S
Q]c`aSESeS\bT`][T]c`
V]c`a]Tb`OW\W\U^S`S[
^Z]gSSR]e\b]#V]c`a
^S`S[^Z]gSSO\RQ]dS`SR
bVSaO[SQ]\bS\bPg`S
RcQW\U`SRc\RO\QWSaO\R
Q]\dS`bW\UbVS¿dSacP
XSQbaW\b]]\Sa]O^]^
S`OabgZSab]`gZW\SEWbVW\
bVSbe][]\bVaaW\QSbVS
ZOc\QV#]T]c`S[^Z]g
SSaOZ`SORgQ][^ZSbSRbVS
Q]c`aSESO`S\]eUS\S`
ObW\UO\]\U]W\UaOdW\Ua
]T!$!^S`gSO`T]`
bVSQ][^O\gT`][bVWa]\S
^`]XSQb¶
$
aS\bObWdSaRWab`WPcbSROQ`]aabVSQ]c\b`gbVObeSe]cZRZWYSb]`SOQVeWbV^S`T]`
[O\QSac^^]`bb`OW\W\UW\bVS¿SZRb]W\Q`SOaSaOZSa
’AO[^ZS5O^/\OZgaWa1]\QZcaW]\(2cSb]V][ST]`SQZ]ac`S`ObSaW\bVSCAW\Q`SOa
W\UPg#³ #^S`_cO`bS`bVS`SWaOU`]eW\U\SSRb]b`OW\`SOZSabObSOUS\ba\O
bW]\OZZg]\bVSZSUOZO\R^`]QSRc`OZWaacSa]TaSZZW\UT]`SQZ]aSRV][Sa
7RSOZZgbVSabObS[S\baV]cZRPSPOQYSRc^eWbVSfO[^ZSaO\RRObOBVWaWag]c`
abO`bW\U^]W\b7RS\bW¿\UO^`]PZS[]^^]`bc\Wbg]`UO^bVObS:SO`\W\U[WUVbORR`Saa
eWZZPSbVST]c\RObW]\T]`bVSPcaW\SaaQOaS³SdS`gacPaS_cS\babS^aV]cZRbWSPOQYb]
bVWa/TbS`WRS\bWTgW\UbVWaabObS[S\b]`Q]\QZcaW]\bVS\bVS\SfbabS^Wab]OaaSaabVS
Q]abaO\RPS\S¿bab]QOZQcZObSO`Sbc`\]\W\dSab[S\b@=7]`SQ]\][WQdOZcSORRSR
3D/O\RRSbS`[W\SbVS¿\O\QWOZdWOPWZWbg]TbVSW\WbWObWdS
6WUVZSdSZ4W\O\QWOZ/\OZgaWa
BVS¿\O\QWOZSdOZcObW]\Q]\aWaba]TbV`SSabS^a
2SdSZ]^OUS\S`OZc\RS`abO\RW\U]TQ]abab]RSbS`[W\S¿\O\QWOZTSOaWPWZWbg
UWdS\QOaVÀ]eO\RTc\RW\UZW[WbObW]\a
2SbS`[W\SO\RabObSbVSPS\S¿baOa[SOac`OPZSU]OZaW\]`RS`b]_cO\bWTg
bVSPS\S¿baOaO¿\O\QWOZW[^`]dS[S\b
!1OZQcZObSO\@=7]`3D/
AbS^C\RS`abO\RW\US:SO`\W\U1]aba
1OZQcZObW\UbVSW\WbWOZ¿fSRQ]abW\dSab[S\bO\RbVS]\U]W\UdO`WOPZSQ]aba]TS
:SO`\W\UQO\PSb`WQYgeVS\¿`ababO`bW\UBVS`SO`SO[cZbWbcRS]TRSQWaW]\ab]PS
[ORSBVSZWabWaSfbS\aWdSO\R[OgW\QZcRS(WTO\ReVS\b]W\dSabW\O:SO`\W\U;O\
OUS[S\bAgabS[:;AeVWQVOcbV]`W\Ub]]Zab]caSeVWQVRSZWdS`gbSQV\]Z]UWSa
PSab[SSbg]c`\SSRaO\ReVSbVS`b]RSdSZ]^bVSQ]\bS\bW\V]caS]`]cba]c`QSWb
BVWa5SbbW\UAbO`bSRaS`WSa]T`S^]`baeWZZVSZ^g]cbOQYZSbVS\cO\QSa]TbV]aSRSQW
aW]\a]\SPg]\SC\bWZg]cQO\¿\Sbc\Sg]c`RSQWaW]\aO\RQ]abaV]eSdS`bVWa¿`ab
`S^]`beWZZ^`]dWRSOVWUVZSdSZ]dS`dWSe]TbVSQ]abaO\RPS\S¿ba]TS:SO`\W\Ub]VSZ^
g]cT]`[cZObSbVSW\WbWOZ^`]^]aOZO\RRSbS`[W\SeVSbVS`g]ceO\bb]bOYSbVS\Sfb
abS^aO\RW\dSabWUObSTc`bVS`
7bWabg^WQOZT]`]`UO\WhObW]\ab]abO`ba[OZZO\RbVS\U`]ebVSW`S:SO`\W\UPcRUSba
]dS`bW[S/QQ]`RW\Ub]5cWZR[S[PS`a"#³##]T]`UO\WhObW]\abVObabO`bSReWbV
S:SO`\W\UPcRUSbac\RS`U`SeeWbVW\bVS¿`abTSegSO`a7bWa_cWbSQ][[]\
b]abO`beWbV]\SQ]c`aS]`Oa[OZZO`SO]TT]QcaO\RbVS\Sf^O\RW\^VOaSa/ag]c
QO\aSST`][bVS`SaSO`QV`SacZbaaV]e\W\4WUc`S#W\^OUS%[]ab]`UO\WhObW]\aVOdS
U`]e\bVSW`S:SO`\W\UPcRUSba]dS`bW[S
7\US\S`OZeVS\RSdSZ]^W\UO\S:SO`\W\UPcRUSb]`W\WbWOZQ]abOaaSaa[S\bg]c
QO\caSbVSaO[S[SbV]R]Z]Ugb]QOZQcZObSS:SO`\W\UQ]ababVObg]ccaSb]QOZQcZObS
7:BQ]aba/\SfWabW\U7:Bb`OW\W\UPcRUSb^`]dWRSaOU]]RabO`bW\UbS[^ZObS6S`SWaO
ZWab]TbVSORRWbW]\OZS:SO`\W\Ua^SQW¿QPcRUSbQObSU]`WSab]Q]\aWRS`eWbVa][SUS\
S`OZWhSRQ]abOaac[^bW]\a(
0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a %

:SO`\W\U;O\OUS[S\bAgabS[:;A³G]c[Og\]b\SSRb]W\dSabW\O:;AW\WbWOZZg
7Tg]cVOdSOVWUV\c[PS`]TSWbVS`ZSO`\S`a]`Q]c`aSaV]eSdS`WbeWZZPSe]`bVeVWZS
T]`g]cb]VOdS]\Sa]]\S``ObVS`bVO\ZObS`;]ab]TTbVSaVSZT:;A^`]RcQba`S_cW`S
a][SQcab][WhObW]\BVSQ]abaQO\dO`geWRSZgT]`O:;AeWbVQcab][WhObW]\Pcbc\
RS`WaO`SOa]\OPZSabO`bW\UOaac[^bW]\T]`[]ab]`UO\WhObW]\aeWbVZSaabVO\
S[^Z]gSSa9SS^W\[W\RV]eSdS`bVObT]`[]`SSfbS\aWdS:;A^`]RcQbaO\R
Qcab][WhObW]\bVSabO`bW\UQ]abQO\U]OaVWUVOa;WZZW]\
BVSbg^Sa]TQ]c`aSag]cO`S^`]RcQW\UeWZZOZa]R`WdSbVS\SSRT]`O:;AµAOUS
A]TbeO`S]TTS`SRag\QV`]\]cab`OW\W\Ub]]c`SfbS`\OZQcab][S`aT]`ac^^ZS[S\bOZ`Sd
S\cST]`gSO`aO\RWbeOa\¸bc\bWZeSabO`bSR]TTS`W\UOag\QV`]\]cab`OW\W\UbVObeS
\SSRSRO:;A¶`S^]`ba2OdWR2cPW\A`1c``WQcZc[2SdSZ]^S`
:SO`\W\U1]\bS\b;O\OUS[S\bAgabS[:1;AQ]abaO`SaW[WZO`A][SdS\R]`aeWZZ
]TTS`OaS`dWQSb]caSbVSW`:;AagabS[ab]`SQ]c`aSa]\bVSW`aS`dS`aO\RV]abQZOaaSa
T]`g]cBVWabg^S]TV]abW\UaS`dWQS`O\USaW\Q]ababO`bW\UOaZ]eOa&gSO`O\R
4WUc`S#
;]abS:SO`\W\U
PcRUSbaU`]e
]dS`bW[S
0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a &

4WUc`S$
1]abb]OQ_cW`S
W\abOZZO\R
Qcab][WhSO:;A
PgQ][^O\gaWhS

[OgPSOU]]RZ]eS`Q]abOZbS`\ObWdST]`a][S]`UO\WhObW]\a
2SdSZ]^[S\b1]aba³2SdSZ]^[S\bQ]abaO`SQOZQcZObSRO\Rb`OQYSRPgQ]c`aS
V]c`a7Tg]cO`SQ]\dS`bW\UO\W\ab`cQb]`ZSRQ]c`aSb]]\ZW\SO\Rg]cO`S\Seb]
S:SO`\W\URSdSZ]^[S\bOaac[SbVObWbeWZZbOYSg]cObZSOab"³#bW[SaOa[O\gV]c`a
b]RSdSZ]^bVSQ]\bS\b]\ZW\SOaWbRWRb]Q`SObSbVS7:BdS`aW]\T]`[]abQ]c`aSa1ObS`
^WZZO`C\WdS`aWbgcaSaO`ObW]]T!(RSdSZ]^[S\bV]c`aT]`Oag\QV`]\]cada7:BQ]c`aSa
2cPW\`S^]`baµBVSOdS`OUSag\QV`]\]caQ]c`aSeSRSdSZ]^bOYSa³ #V]c`a
]TRSdSZ]^[S\bT]`SdS`gQ]c`aSV]c`¶6WUVZgW\bS`OQbWdSµaS`W]caUO[Sa¶]`µW[[S`
aWdSZSO`\W\U¶eWZZ`S_cW`SaWU\W¿QO\bZg[]`SV]c`a^]aaWPZgOaVWUVOa%#V]c`aT]`O
]\SV]c`UO[S
BVS[cZbW^ZWS`eWZZdO`geWbV^`]QSaa\c[PS`]TRSQWaW]\[OYS`aSf^S`WS\QS]T
[S[PS`ab]]ZaO\RagabS[acaSRO\RQ][^ZSfWbg]TbVS^`]XSQbG]caV]cZROaac[S
RSdSZ]^S`W\ab`cQbW]\OZRSaWU\S`^`]XSQb[O\OUS`bSabS`O\RacPXSQb[ObbS`Sf^S`b
A;3bW[SO\RQ][^S\aObW]\W\bVWa[cZbW^ZWS`=TbS\eVS\¿`ababO`bW\U]\S^S`a]\
eWZZeSO`[cZbW^ZSVObaµEVS\eS¿`ababO`bSRW\S:SO`\W\UgSO`aOU]7eOa]\S]T
be]RSdSZ]^S`aO\RW\ORRWbW]\b]RSdSZ]^W\UbVSQ]c`aSaeSeS`SOZa]bVSA;3aO\R
b`OW\S`a¶aOga2cPW\
/ag]cUSb[]`SST¿QWS\bObRSdSZ]^W\U]\ZW\SQ]c`aSabVOb[cZbW^ZWS`eWZZRSQ`SOaS
=cba]c`QW\UbVSRSdSZ]^[S\bWaQ][[]\eVS\¿`ababO`bW\UWTbVSW\V]caSbSO[
R]Sa\¸bVOdSbVSaYWZZa\SSRSR
BVS`SO`S[O\g`ObW]a^cPZWaVSROP]cbS:SO`\W\URSdSZ]^[S\bbW[Sa2SdSZ]^[S\b
bW[SaO`SQ]\bW\cOZZgW[^`]dW\UBVSgUSbTOabS`O\R[]`SST¿QWS\beWbVS[^Z]gSSSf
^S`WS\QSO\R\SeS`O\RPSbbS`b]]Za@O^WRRSdSZ]^[S\bbSQV\W_cSaO\Rb]]ZaVOdS
QVO\USRbVSZO\RaQO^SaWU\W¿QO\bZgO\RW[^`]dSRbVSa^SSR]TRSdSZ]^[S\bBVSPSab
^`OQbWQS]T`S^c`^]aW\UQ]\bS\b[]RcZSaVOaOZa]W[^`]dSRbVSRSdSZ]^[S\bbW[Sa
6WUVZgW\bS`OQbWdSc\W_cS]`W[[S`aWdSQ]\bS\bV]eSdS`eWZZOZeOga`S_cW`SZ]\US`RS
dSZ]^[S\baQVSRcZSa
/cbV]`W\UB]]ZA]TbeO`S³;]ab^`]RcQbaeWZZQ]ab ³&^S`caS`ZWQS\aS
5cWZR[S[PS`a`S^]`bSRcaW\UO\OdS`OUS]TT]c`RWTTS`S\bOcbV]`W\Ub]]ZaW\QZcRW\U
 0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a '

US\S`OZa]TbeO`S^`]RcQbabVObO`S\]bS:SO`\W\Ua^SQW¿Qa]Wb¸a`SOa]\OPZSb]Oaac[S
g]ceWZZcaSRWTTS`S\bbg^Sa]Ta]TbeO`SW\bVSRSdSZ]^[S\b^`]QSaa2]\¸bT]`USbb]
Q]\aWRS`bVS]\U]W\UQ]ab]Tc^U`ORSa
DW`bcOZ1ZOaa`]][O\R3_cW^[S\b1]aba³7Tg]c\SSRag\QV`]\]caRSZWdS`g[]ab
dW`bcOZQZOaa`]][O\RESPW\O`dS\R]`a]TTS`acPaQ`W^bW]\^ZO\aeVS`SbVSdS\R]`V]aba
bVSQ]\bS\bO\RaS`dWQSaT]`O[]\bVZg]`O\\cOZTSS/ZZdS\R]`a]TTS`T`SSb`WOZab]bSab
bVSTSObc`Sa>`WQSaabO`bOb!'[]\bVO\RU]c^T`][bVS`SRS^S\RW\U]\bVS\c[
PS`]TZSO`\S`ad]Zc[S]TSdS\baO\RTSObc`SaBVSdS\R]`^`]dWRSa[]abS_cW^[S\b
Pcbg]c[Og\SSRb]^c`QVOaSa][S[WaQSZZO\S]caSfb`OaT]`g]c`ZSO`\S`a]`W\ab`cQ
b]`aacQVOaD]7>D]WQS]dS`7\bS`\Sb>`]b]Q]ZVSORaSba]`ESPQO[a
BSQV\WQOZAc^^]`b³EVSbVS`g]cO`SV]abW\UbVSQ]c`aSag]c`aSZT]`^OgW\UOdS\
R]`T]`bVSaS`dWQSg]ceWZZeO\bb]TOQb]`W\O\\cOZQ]abaT]`bSQV\WQOZac^^]`bO\R
[OW\bS\O\QSA][SdS\R]`aW\QZcRSbVWaW\bVSW`^OQYOUS7bWaOZ[]abOZeOga\SU]bWO
PZS
7b[OgOZa]PS\SQSaaO`gb]^`]dWRSW\V]caSbSQV\WQOZac^^]`bT]`ZSO`\S`aO\RW\
ab`cQb]`aeWbV`SUWab`ObW]\Z]ORW\U]TQ]c`aSQ]\bS\bQ]c`aSb`OQYW\UO\RbSQV\WQOZOQ
QSaaWaacSa/ESP2SdSZ]^S`O\R]`:;A/R[W\Wab`Ob]`eWZZPSVSZ^TcZW\[OYW\U]\
ZW\Sc^RObSa7Tg]cO`SRSZWdS`W\Uag\QV`]\]caZgQ]\aWRS`VOdW\UO>`]RcQS`PSVW\R
bVSaQS\SaRc`W\UbVSQ]c`aSVSZ^W\UbVSW\ab`cQb]`eWbVO\gbSQV\WQOZ]`ZSO`\S`WaacSa
bVObO`WaS
=bVS`7B1]aba³2S^S\RW\U]\bVSaWhS]Tg]c`Q]c`aSaWTg]cO`SV]abW\UW\V]caS
g]c[Og\SSRb]c^U`ORSg]c`aS`dS`a7Tg]c`ZSO`\S`aO`SOQQSaaW\U`S[]bSZg]`O`S
W\bS`\OZPcb\SSRb]dWSeSfbS`\OZESPaWbSa¿`SeOZZS\VO\QS[S\ba[OgPS\SQSaaO`g
G]ceWZZOZa]eO\bb]SdOZcObSg]c`PO\ReWRbVQO^OQWbgT]`^S`T]`[O\QSRc`W\U^]bS\
bWOZ^SOYaW\b`OT¿QO\Rd]Zc[S
AbOTTO\R7\ab`cQb]`B`OW\W\U³BVSbSQV\]Z]UgO\RPSab^`OQbWQSaW\S:SO`\W\UO`S
Sd]ZdW\U`O^WRZgAbOgW\UQc``S\beWZZ]\ZgS\VO\QSbVS_cOZWbg]TQ]\bS\b7\ORRWbW]\
[]ab7:BW\ab`cQb]`aVOdS\SdS`bOcUVb]\ZW\SO\ReWZZ`S_cW`Sb`OW\W\UW\bVSag\QV`]
\]cab]]ZaO\RaYWZZaVSZ^TcZb]RSZWdS`STTSQbWdSZg
µEVS\eS¿`ababO`bSRbSOQVW\UeWbVESPQOabaa][S]T]c`QZOaa`]][W\ab`cQb]`a
aW[^Zg`O\bV`]cUVbVSW`>]eS`>]W\baZWRSadW`bcOZZg7bVOaPSS\O[OX]`ZSO`\W\UQVOZ
ZS\UST]`bVS[b]`SRSaWU\
4WUc`S% bVSW`Q]\bS\bT]`O\]\ZW\S
=\U]W\UQ]ab
^S`ZSO`\S`OTbS` T]`[ObO\RZSO`\\SeaYWZZa
W\WbWOZaSbc^O\R b]RSZWdS`STTSQbWdSZgcaW\U
RSdSZ]^[S\bQ]aba ]c`dW`bcOZQZOaa`]][a]Tb
eO`SPcbbVSgO`S[OY
W\UU]]R^`]U`Saa¶`S^]`ba
8S\\WTS`5`O\b7\ab`cQbW]\
OZ2SaWU\;O\OUS`eWbV
ESabS`\3ZSQb`WQOZ1]\
b`OQb]`a/aa]QWObW]\
1]ab^S`:SO`\S`³
=\QSbVSW\WbWOZaSbc^O\R
RSdSZ]^[S\bQ]abaO`SW\
Qc``SRbVS`SeWZZOZa]PSO\]\U]W\UdO`WOPZSQ]ab^S`ZSO`\S`b]RSZWdS`Q]c`aSa/a
4WUc`S%aV]e#!]TS:SO`\W\U5cWZR[S[PS`a`S^]`bSROQ]abOdS`OUW\UZSaabVO\
#ZSO`\S`BVS`SeWZZOZa]PS]\U]W\UQ]abaT]`Q]c`aSc^RObSaO\R[OW\bS\O\QS
0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a 

2SQ`SOaSW\=bVS`B`OW\W\U1]aba
EVWZSbVS`SO`S[O\g\Seb`OW\W\UQ]abaOaa]QWObSReWbVS:SO`\W\UbV]aSeWZZPS
]TTaSbPgORSQ`SOaSW\bVST]ZZ]eW\U(

’7\ab`cQb]`O\RZSO`\S`b`OdSZZ]RUW\UO\RS\bS`bOW\[S\bSf^S\aSa[Og`SRcQS
]dS`OZZb`OW\W\UQ]abaPgOa[cQVOa"³&
’=^^]`bc\WbgQ]aba]TW\ab`cQb]`O\RZSO`\S`b`OdSZbW[S
’;ObS`WOZaO\R]`VO\R]cba
’>VgaWQOZQZOaa`]][O\RS_cW^[S\bQVO`USa³bVWa[OgPSO\W\bS`\OZ]dS`VSOR
OZZ]QObW]\Q]abWTW\V]caSTOQWZWbWSaO`ScaSR
’ASbc^^`S^O`ObW]\O\RP`SOYR]e\bW[S
’:SO`\S``SUWab`ObW]\O\RQ]c`aSOR[W\Wab`ObW]\bW[S
’4]]RO\R]`QObS`W\UQ]aba

;SgOO`bO\RVWabSO[OQVWSdSRO #`SRcQbW]\W\]dS`OZZb`OW\W\UbW[SW\]\SgSO`
BVSg`S]`UO\WhSRbVSQ]\bS\b]TO\7:BQcab][S`aS`dWQSO\RQZOW[aQ]c`aSW\b]PZS\R
SRZSO`\W\UO\RRSZWdS`SRWb]\ZW\SAbOTTO\RW\ab`cQb]`a\]eVOdS #[]`SbW[SOdOWZ
OPZST]`]bVS`e]`YW\abSOR]Ta^S\RW\UWbW\OQZOaa`]][

AbS^ ³?cO\bWTgW\US:SO`\W\U0S\S¿ba
/TbS`RSbS`[W\W\Ug]c`VWUVZSdSZQ]ababVS\SfbabS^W\bVS¿\O\QWOZO\OZgaWaWab]
_cO\bWTgPS\S¿baEVWZSbVS`SO`S[O\gPS\S¿bab]RSZWdS`W\UZSO`\W\USZSQb`]\WQOZZg
a][SO`SSOaWS`b]_cO\bWTgbVO\]bVS`a

4WUc`S& =PXSQbWdS
4`S_cS\QWSa 0S\S¿ba
]TPS\S¿bacaSR
b][SOac`S@=7
’7\Q`SOaSRaYWZZaO\R
^`]TSaaW]\OZRSdSZ]^
[S\b
’7\Q`SOaSR^`]RcQb
WdWbg
’2SQ`SOaSRQ]aba
’7\Q`SOaSR`SdS\cS
’7\Q`SOaSRS[^Z]gSS
[]`OZSO\R`SbS\bW]\
’2SQ`SOaSR`WaYa
]`Z]aaSa

4WUc`S&aV]eabVOb5cWZR[S[PS`a`S^]`bcaW\UbVSaSPS\S¿baOaW\RWQOb]`aT]`
[SOac`W\UO\Rb`OQYW\U@=7
0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a 

AcPXSQbWdS0S\S¿ba
BVST]ZZ]eW\UPS\S¿baO`S[]`SRWT¿QcZbb]_cO\bWTgPcbQ]cZRPSOaWU\W¿QO\bTOQb]`
W\bVSRSQWaW]\b]W\dSabW\]`Sf^O\RO\S:SO`\W\UW\WbWObWdSBVSaSPS\S¿baW\QZcRS(

’AQOZOPWZWbg³UZ]POZOcRWS\QS]`TOabRS^Z]g[S\b
’>S`T]`[O\QSac^^]`b
’7[^`]dSR[SOac`S[S\baO\Rb`OW\W\UOaaSaa[S\ba
’7[^`]dSRZSO`\W\UST¿QWS\Qg
’7[^`]dSRQ]\aWabS\Qg]TQ]\bS\b
’/cb][ObSRO\RST¿QWS\babcRS\bO\RW\ab`cQb]`b`OQYW\UeWbVO:;A
’7\Q`SOaSRO^^SOZO\RSTTSQbWdS\SaaeWbVdO`WSRZSO`\W\UabgZSa

B]SZOP]`ObS]\a][S]TbVSWbS[aOP]dSaQOZOPWZWbg`STS`ab]bVSTOabO\ReWRSRSZWd
S`gQO^OPWZWbWSa]TS:SO`\W\UG]cQO\RS^Z]gOQ]c`aSUZ]POZZgW\OT`OQbW]\]TbVSbW[S
eWbVaWU\W¿QO\bZg[]`SSOaSbVO\Wbe]cZRbOYSb]RS^Z]gO\7:BQ]c`aS3dS\WTbVSOcRW
S\QSWa\]bUZ]POZWbOZZ]eaT]``O^WRRSZWdS`g]TW\T]`[ObW]\b]OZO`US\c[PS`]TZSO`\S`a
;O\g]`UO\WhObW]\acaSS:SO`\W\UOaO^S`T]`[O\QSac^^]`bb]]ZRS¿\SROaUWdW\U
bVSSfOQbQ]\bS\bO\S[^Z]gSS\SSRaeVS\VS]`aVS\SSRaWbb]]^bW[WhS^`]RcQbWd
Wbg7bWacaSR]\RS[O\RT]`P]bVW\WbWOZZSO`\W\UO\R^S`W]RWQ`ST`SaVS`a4]`SfO[^ZSO
^VO`[OQScbWQOZaOZSa`S^`SaS\bObWdSW\bVS¿SZRQO\`Sb`WSdSO\]\ZW\S[]RcZS^`]dWRW\U
bSQV\WQOZW\T]`[ObW]\OP]cbOa^SQW¿QR`cUT`][VWa]`VS`[]PWZS]`>2/RSdWQSXcab
^`W]`b]S\bS`W\UOR]Qb]`¸a]T¿QS
@SUO`RW\UW[^`]dSR[SOac`S[S\baO\ROaaSaa[S\baWbWaSOaWS`b]bSabaYWZZZSdSZ
W\Q`SOaSaO\RUSbacPabO\bWdSO\RbW[SaS\aWbWdSTSSRPOQY]\Q]c`aSaO\RW\ab`cQb]`a
]\ZW\SBVS`O^WR\Obc`S]TbVSTSSRPOQYOZZ]eaT]`W[[SRWObSORXcab[S\baW\Q]c`aS
RSZWdS`gb]S\VO\QSbVSY\]eZSRUSb`O\aTS`Qcab][WhSb]bVSZSO`\S`¸aa^SQW¿Q\SSRa
O\R^`]dWRSTOabS`Q]\bS\bW[^`]dS[S\ba
@SZObWdSb]ZSO`\W\UST¿QWS\QgOQQ]`RW\Ub]0`O\R]\6OZZ!]\ZW\SZSO`\S`aO`SbeWQSOa
ST¿QWS\bW\ZSO`\W\UbW[SaOa7:BZSO`\S`a7\]bVS`e]`RaRS^S\RW\U]\bVSab`cQbc`S]T
bVSQ]c`aS]\ZW\SZSO`\S`a[OgPSOPZSb]OQ_cW`SbVS\SSRSRW\T]`[ObW]\W\VOZTbVSbW[S
bVSge]cZRW\Ob`ORWbW]\OZQZOaa`]][7TOZSO`\S`QO\Xc[^OVSOR]`aYW^O`]c\RW\O\]\
ZW\S[]RcZSb]USbSfOQbZgeVObbVSg\SSRW\abSOR]TaWbbW\UW\OQZOaa`]][T]`ORSaWU
\ObSRO[]c\b]TbW[SVS]`aVSeWZZ^]bS\bWOZZgaOdSbVS]`UO\WhObW]\bW[SO\R[]\Sg

ASbbW\U;SOac`OPZS5]OZaO\R?cO\bWTgW\U0S\S¿ba
ASbbW\U[SOac`OPZSU]OZaWabVSYSgb]_cO\bWTgW\UPS\S¿ba/[SOac`OPZSU]OZWa
]\SbVObVOaOa^SQW¿Q\c[S`WQOZbO`USbWRS\bW¿SROaO\]cbQ][SBVS]cbQ][SQO\PS
bW[SPOaSR^`]QSRc`OZ]`¿\O\QWOZBVSU]OZaaV]cZRPSOZWU\SReWbVP]bVbVSPcaW
\Saa^`W]`WbWSaO\RbVS^`]PZS[]^^]`bc\Wbg]`UO^EVS\bVSU]OZaW\QZcRSO\c[S`W
QOZbO`USbb][SOac`S^S`T]`[O\QSbVS\g]cQO\QOZQcZObSO¿\O\QWOZPS\S¿b
;O\g]`UO\WhObW]\a`S_cW`SRObOb][OYSW\dSab[S\bRSQWaW]\aAW\QS$%]TS:SO`\
W\U5cWZR[S[PS`a`S^]`bcaW\UW\Q`SOaSRaYWZZa]`^`]TSaaW]\OZRSdSZ]^[S\bb][SO
ac`S@=7bVObPS\S¿beWZZPSTc`bVS`Sf^Z]`SROaO\SfO[^ZSPSZ]e
=\SQO\O`UcSbVObW\Q`SOaSRaYWZZaO\R^`]TSaaW]\OZRSdSZ]^[S\bZSORb]TOabS`
\SeVW`S`O[^bW[SaVWUVS`^`]RcQbWdWbgS``]``SRcQbW]\O\R^]bS\bWOZZgZ]\US`S[
^Z]gSS`SbS\bW]\bVca`SRcQW\UX]PdOQO\QgO\R`SQ`cWbW\UQ]aba/\g]\S]TbVSaSPS\
S¿baQ]cZRPSaSbOaO[SOac`OPZSU]OZO\R_cO\bW¿SR0cWZRW\U]TT]c`SO`ZWS`^`]PZS[
abObS[S\b`SabObSRPSZ]eVS`SO`SbV`SSSfO[^ZSa]T[SOac`OPZSU]OZa(
0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a 

>`]PZS[AbObS[S\b(
=c`QOZZQS\bS`S[^Z]gSSbc`\]dS``ObSVOaQZW[PSRb]!^S`gSO`O\R\SeVW`Sa
VO\RZS]\Zg#]TbVSd]Zc[S]TSf^S`WS\QSRabOTTW\bVSW`¿`abgSO`

>]bS\bWOZ;SOac`OPZS5]OZa(
’7\Q`SOaS\SeVW`S^`]RcQbWdWbgPg"eWbVW\bVSW`¿`abgSO`
’@SRcQSS``]`aPg!
’2SQ`SOaSS[^Z]gSSbc`\]dS`Pg ^S`gSO`

7Tg]cY\]ebVSQc``S\b\SeVW`S^`]RcQbWdWbg`ObSaS``]``ObSa]`S[^Z]gSSbc`\]dS`
`ObSabVS\g]cQO\QOZQcZObS_cO\bW¿OPZSW[^`]dS[S\ba]`PS\S¿ba
BOYW\UbVWaSfO[^ZSOabS^Tc`bVS`ZSb¸aOaac[SbVOb\SeVW`Sae]`YW\UOQcab][S`
aS`dWQSVSZ^RSaYbg^WQOZZgabO`bPg¿SZRW\U¿dSQOZZa^S`V]c`W\bVSW`¿`ab[]\bVW\
Q`SOaW\UPg]\SQOZZO\V]c`[]\bVZgc\bWZbVSS\R]TbVSW`¿`abgSO`BVSg[OYSObZSOab
]\SS``]`^S`ROg`S_cW`W\Uac^S`dWa]`gObbS\bW]\O\Re]`YO\OdS`OUS ROg[]\bV
1c``S\babOT¿\U`S_cW`S[S\baO`SaObWa¿SReWbV1cab][S`AS`dWQS@S^`SaS\bObWdSa
CaW\UbVSU]OZa]cbZW\SROP]dSW\OUWdS\gSO`g]cQO\Oaac[S(
  
0ST]`SS:SO`\W\U /TbS`S:SO`\W\U 2WTTS`S\QS 0S\S¿b
1OZZa\SeVW`Sg` %$ !"$ &&% "[]`SQOZZa
3``]`a\SeVW`Sg` $" &# %' !TSeS`S``]`a
Bc`\]dS`g` !   ZSaabc`\]dS`

BVSW\Q`SOaSR\c[PS`]TQOZZaO\R`SRcQbW]\W\S``]`aQO\bVS\PSQ]\dS`bSRb]O
¿\O\QWOZQ]abaOdW\UaBVS`SO`S]bVS`aOdW\UaeWbVbVWaSfO[^ZSbVObg]cQ]cZROZa]
W\QZcRSW\bVSQOZQcZObW]\acQVOa`SRcQbW]\W\ac^S`dWa]`gO\RS``]`Q]``SQbW]\bW[Sa
O\RW\Q`SOaSRQcab][S`aObWaTOQbW]\EWbVbVSW\Q`SOaSR^`]RcQbWdWbgbVS`SWaOZa]O
^]bS\bWOZRSQ`SOaSW\abOT¿\U\SSRa5WdS\bV]aS]bVS`aOdW\UaO`SPSg]\RbVSaQ]^S
]TbVWaSfO[^ZSV]eSdS`eSeWZZ\]bW\QZcRSbVS[VS`S
7\]c`SfO[^ZSWbeWZZbOYS]\SgSO`b]RSdSZ]^O\RZOc\QVbVS]\ZW\SQ]c`aS0S\
S¿baO\RaOdW\UaeWZZPSUW\W\bVSaSQ]\RgSO`EWbVbVSOaac[^bW]\a]cbZW\SROP]dS
Q][PW\SReWbVORRWbW]\OZaOdW\UaOaac[^bW]\a]T%#QOZZO\R#S``]`eSQOZQc
ZObSbVS¿\O\QWOZQ]abaOdW\UaOa(

0S\S¿b GSO` AOdW\Ua GSO`!AOdW\Ua B]bOZAOdW\Ua

1OZZAOdW\Ua &&% !!# !!#  $$
%#QOZZ
 `S^a
3``]`AOdW\Ua %' %' %' #&
#S``]`
 `S^a
2SQ`SOaSRB`OdSZ ! ! $
2SQ`SOaSR;ObS`WOZa ! ! $
B]bOZAOdW\Ua %!'# %!'# !"%'

BVSb]bOZaOdW\Ua]`PS\S¿bW\bVWaSfO[^ZSWa!"%']dS`bVS¿`abbe]gSO`aOTbS`
ZOc\QVBVWaSfO[^ZSWZZcab`ObSaV]e¿`ababO`bW\UeWbVORObO_cO\bW¿SR^`]PZS[abObS
[S\bOP]cbS[^Z]gSSbc`\]dS``ObSaO\R\SeVW`S`O[^bW[SaO\RbVS\Q`SObW\U[SO
 0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a !

ac`OPZSU]OZab]ORR`SaabVOb^`]PZS[eSQO\acPaS_cS\bZg_cO\bWTgbVSPS\S¿babVOb
eWZZ`SacZb

AbS^!³1OZQcZObW\US:SO`\W\U@Sbc`\a
EWbVSabW[ObSaW\Q]abaO\RPS\S¿ba_cO\bW¿SRbVS\SfbabS^Wab]QOZQcZObSbVS`S
bc`\]`W[^`]dS[S\bT`][bVSS:SO`\W\UW\WbWObWdS@Sbc`\]\W\dSab[S\b@=7WabVS
[]abQ][[]\QOZQcZObW]\caSR@=7WaRS¿\SROaO[SOac`S]TQOaVUS\S`ObSRPgO\
W\dSab[S\b"BVSaW[^ZW¿SRT]`[cZOT]`@=7Wa(

<Sb0S\S¿b=dS`BW[S>S`W]R1]ab7\dSab[S\b=dS`BW[S>S`W]R+@=7

BVSPS\S¿bQ]cZRPSSWbVS`OQ]abaOdW\Ua]`O\W\Q`SOaSW\`SdS\cSBVS\SbPS\
S¿bWabVSaOdW\UaZSaabVSQ]ab]TbVSW\dSab[S\b7bbg^WQOZZgbOYSa[]`SbVO\]\SgSO`
b]P`SOYSdS\a]PS\S¿baO\RQ]abaO`S]TbS\SabW[ObSR]dS`O^S`W]R]TbW[SacQVOa
bV`SS]`¿dSgSO`aBOYW\U]c`Qcab][S`aS`dWQSSfO[^ZSOP]dSZSb¸aOaac[SO\W\WbWOZ
W\dSab[S\b]T W\¿fSRQ]aba^Zca#gSO`W\dO`WOPZSQ]aba7TWbbOYSa
]\SgSO`b]ZOc\QVbVSQ]c`aSeWbVOaOdW\Ua]T%!'#^S`gSO`OTbS`bVSZOc\QVOT
bS`bV`SSgSO`abVS]`UO\WhObW]\e]cZRgWSZRO#@=7
3:SO`\W\U7[^OQb

ESabS`\3ZSQb`WQ %'<Sb0S\S¿b !1]aba+#@=7]dS`!gSO`a

1]\b`OQb]`a/aa]QWObW]\
ESabS`\3ZSQb`WQOZ1]\ GSO` GSO` GSO`! B]bOZ
b`OQb]`a/aa]QWObW]\RSZWd 0S\S¿bAOdW\Ua %!'# %!'# !"%'
S`ab`OW\W\UESPQOabab] 1]ab   # #  !
SZSQb`WQWO\a/QQ]`RW\Ub]
<Sb0S\S¿b %'
8S\\WTS`5`O\b7\ab`cQbW]\
OZ2SaWU\;O\OUS`eWbV !gSO`@=7 #
bVS]`UO\WhObW]\µ@SdS\cS
T`][]c`SZSQb`WQOZb`OW\ /\]bVS`[SbV]R]T[SOac`W\U`Sbc`\aWab]caS3Q]\][WQDOZcS/RRSR3D/3D/
SS^`]U`O[W\Q`SOaSRPg WaO[SOac`SeVWQVOaac[SabVS`SWaO\]^^]`bc\WbgQ]abb]bVS[]\Sgg]cO`SW\dSab
'ZOabgSO`PSQOcaS]T W\UO\RWb[WUVbgWSZRPSbbS``Sbc`\aSZaSeVS`SBVSQOZQcZObW]\OZZ]eaT]`O\ORXcab
bVSESPQOabb`OW\W\U]^
[S\bb]Q][^O`S]\S^`]XSQbb]OVg^]bVSbWQOZOZbS`\ObWdSW\dSab[S\b4]`[O\g^S]
bW]\eVWQVeOa[]`SbVO\
^ZSW\¿\O\QS3D/WaQ]\aWRS`SRO[]`SOQQc`ObS[SOac`S]T^`]¿bOPWZWbg#BVSQ]ab]T
Sf^SQbSRESO`ST]`S
QOabW\UO #S\`]ZZ[S\b QO^WbOZ`Sbc`\Oaac[^bW]\aeWZZdO`geWbVQ][^O\gSQ]\][WQQ]\RWbW]\aO\R^`]XSQb
W\Q`SOaSbVWagSO`RcSb] ]^^]`bc\WbWSaPcbWbbg^WQOZZg`O\USaT`][$b]#^S`gSO`4]`bVWaSfO[^ZSZSbaOa
\SeZg[O\RObSRS\T]`QS ac[SOQ]ab]TQO^WbOZ`Sbc`\BVS !W\dSabSRW\S:SO`\W\URWdWRSRPgbVS
[S\b]TabObS`SUcZObW]\a bV`SSgSO`a]T^`]XSQbZWTS[WUVbgWSZR%$$%^S`gSO`]` !]dS`bV`SSgSO`a]\O
ESe]cZRZWYSb]`Sa^]\R RWTTS`S\b^`]XSQbCaW\U3D/bVSaW[^ZW¿SRT]`[cZOe]cZRPS(
b]bVWa]^^]`bc\WbgPg
]TTS`W\U[]`SESPQOaba
<Sb0S\S¿b³1]ab]T1O^WbOZ1]ab7\dSab[S\b+3D/
RSdSZ]^W\UOag\QV`]\]ca
Q]c`aSaO\RW\dSabW\UW\
O:;AES\SSROPcRUSb %' ! !+"3D/
W\Q`SOaSb]bOYSWbb]bVS
\SfbZSdSZbV]cUV6OdW\U AbObSRO\]bVS`eOgbVWaQ][^O\ggWSZRa"ORRWbW]\OZdOZcSOP]dSbVS`S_cW`SR
O@=7[SOac`S[S\be]cZR [W\W[c[`Sbc`\T`][ORWTTS`S\bS:SO`\W\UW\dSab[S\b
`SOZZgVSZ^]c`QOaST]`bVS
W\Q`SOaSRW\dSab[S\beWbV
bVS0]O`R]T2W`SQb]`a¶
 0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a "

3:SO`\W\U@WaYa
1]\aWRS`ObW]\]TbVS`WaYaWaO\W[^]`bO\b^O`b]TbVS]dS`OZZ^`]XSQbO\RW\dSab[S\b
SdOZcObW]\BVS`SO`S`WaYaW\S\bS`W\UO\g\Se¿SZRO\RS:SO`\W\UWa\]SfQS^bW]\
=\S]TbVS[OX]``WaYaWabVSO[]c\b]TbW[SWbbOYSab]PSQ][S^`]¿QWS\bO\R^`]
RcQSU]]R_cOZWbg`SacZbaBVS`SWaOZSO`\W\UQc`dSb]Q`SObW\US:SO`\W\UO\RPSab
^`OQbWQSaO`SSd]ZdW\UQ]\abO\bZg/QQ]`RW\Ub]5cWZR[S[PS`abVSO[]c\b]TbW[SWb
bOYSab]Q]\_cS`bVSZSO`\W\UQc`dSdO`WSaeWRSZgPcb]\Zg`S^]`bSRU]]R_cOZWbg
`SacZba]\bVSW`¿`abObbS[^bASS4WUc`S'
µA][S]TbVSZSaa]\aZSO`\SRPg0ZcS1`]aa0ZcSAVWSZR]TBS\\SaaSSW\QZcRSRV]e
b]ab`cQbc`SQ]c`aSaO\RaSbbW\U`SOZWabWQ`]ZSaT]`W\ab`cQb]`aESZOc\QVSR]\SQ]c`aS
W\OROWZg]cbZW\ST]`[ObO\Ra]]\RWaQ]dS`SRbVObO^^`]OQVeOa\¸be]`YW\UOaeS
Q]cZR\¸bQ]c\b]\
4WUc`S' ^`SQWaSaQVSRcZSa
EWRSdO`WO\QSa
EVS\eSQ]\dS`b
W\bVSZSO`\W\UQc`dS
b]OQVWSdSVWUV SRbVST]`[Obb]
_cOZWbgS:SO`\W\U O\]cbZW\SPgb]^WQ
W\abSOR]TPgROg
WbeOaacQQSaa
TcZ4]`O\]bVS`
Q]c`aSeSeO\b
SR]c`W\ab`cQb]`a
b]OZa]PSQ]\bS\b
SRWb]`aPcbbVOb
Sf^SQbObW]\eOa
\]b`SOZWabWQOaWb
`S_cW`SRbVS[b]
VOdSW\ab`cQbW]\OZ
RSaWU\aYWZZa<]e
]c`bSO[R]SabVS
SRWbW\U¶OQQ]`RW\U
b];SgOO`b
/\]bVS`[OX]`
`WaYWaabOYSV]ZRS`O\RSfSQcbWdSZSdSZac^^]`bT]`bVSW\WbWObWdS<]b]\ZgeWZZbVSW`ac^
^]`b^OdSbVSeOgT]`bW[SZg`Sa]c`QSaO\RRSQWaW]\[OYW\UWbeWZZOZa]aSbbVSb]\ST]`
bVS]dS`OZZQcZbc`OZ`Sa^]\aWdS\Saab]O\ROR]^bW]\]TbVSS:SO`\W\UQ]c`aSa
2SQWRW\U]\eVWQVb]]ZaO\RbSQV\]Z]Ugb]caSWaOZa]O\W[^]`bO\b`WaYb]Q]\aWRS`
ASZSQbW\Ub]]ZabVObR]\]b[SSbbVS^`]XSQb]`]`UO\WhObW]\¸a\SSRaQO\`SacZbW\OQ]ab
]Tc\\SQSaaO`gbW[SO\R[]\SgµAOUSA]TbeO`S\SSRSRb]c^U`ORSbVSdW`bcOZQZOaa
`]][a]TbeO`SeSeS`ScaW\UaV]`bZgOTbS`eSeS\bZWdSPSQOcaS]TORRWbW]\OZTSObc`S
`S_cW`S[S\baWRS\bW¿SROTbS`bVSZOc\QV¶aOga2cPW\
BVS5SbbW\UAbO`bSRaS`WSa]T`S^]`bab]T]ZZ]ebVWa]\SeWZZVSZ^g]cORR`SaabVS
b]]ZaO\RbSQV\]Z]Ug`WaYPg^`]dWRW\UW\T]`[ObW]\b]VSZ^g]cOd]WR[WabOYSaO\R
[OYSa]c\RRSQWaW]\aR`OeW\UT`][bVSSf^S`WS\QSa]TbVS[]`SbVO\! S:SO`\
W\U5cWZR[S[PS`a4WUc`S]\^OUS#WaO^`SdWSe]TbVS@=7bVOb5cWZR[S[PS`a
`S^]`bSROQVWSdW\UeWbVdO`W]cabSQV\]Z]UWSaEWbVSOQVacPaS_cS\b`S^]`beSeWZZ
RSZdSW\b]bVSaSQVO`baeWbV[]`SRSbOWZ
0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a #

4WUc`S
@=7OQVWSdSR
eWbVdO`W]ca
S:SO`\W\Ub]]Za
O\R[]ROZWbWSa

<SfbAbS^a
/TbS`Q][^ZSbW\UbVSW\WbWOZSdOZcObW]\^VOaSbVS`SeWZZZWYSZgPS\SfbabS^ab]bOYS
BVSabS^aeWZZdO`geWbVSOQVaWbcObW]\PcbeWZZZ]UWQOZZgT]ZZ]eT`][bVS^`SdW]caO\OZg
aWa=TbS\\SfbabS^a[OgW\QZcRS(

’@SaSO`QVa^SQW¿Qb]]Za]``Sa]c`QSa
’1]\RcQbO\SSRaOaaSaa[S\b
’5ObVS`bSQV\WQOZ`S_cW`S[S\ba
’0cWZRORSbOWZSRPcRUSb
’>`S^O`SOQOaVÀ]eO\OZgaWa
’1][^ZSbSOabcRgeWbVZSO`\S`a]`W\ab`cQb]`a
’2SbS`[W\SabOYSV]ZRS`aO\R]`RSQWaW]\[OYS`a
0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a $

1]\QZcaW]\
BVSRSQWaW]\b]PSUW\]`Sf^O\RO\S:SO`\W\UW\WbWObWdSWaOZO`USc\RS`bOYW\U7bWa
Q][[]\b]bOQYZSbVSSdOZcObW]\]TbVObRSQWaW]\W\^VOaSaeWbVW\bS`[WbbS\b^S`W]Ra]T
`SaSO`QVO\RSdOZcObW]\3OQVaWbcObW]\O\RZSO`\W\U\SSReWZZPSRWTTS`S\bV]eSdS`bVWa
`S^]`b]TTS`aOUS\S`OZO^^`]OQVO\RUcWRSZW\Sb]\OdWUObSbVSSdOZcObW]\^VOaSO\RZOg
bVST]c\RObW]\T]`acPaS_cS\b`SaSO`QVO\RRSQWaW]\YW\U
BVS_cSabW]\ab]ORR`SaaW\bVSSdOZcObW]\^VOaSW\QZcRSeVSbVS`S:SO`\W\UWabVS
`WUVbRSZWdS`g[SbV]RT]`g]c`]`UO\WhObW]\]`^`]XSQbO\RWTbVSPS\S¿baO\R`Sbc`\a
[SSbbVS\SSRa]Tg]c`]`UO\WhObW]\
0geOZYW\UbV`]cUVbVSQ`SObW]\]TO^`]PZS[abObS[S\bVWUVZSdSZ¿\O\QWOZO\OZgaWa
O\R`WaYSdOZcObW]\eSQ`SObSRbVS^`SZW[W\O`gQ][^]\S\ba\SSRSRb]XcabWTgg]c`PcaW
\SaaQOaSO\RRSdSZ]^O\S:SO`\W\UPcaW\Saa^`]^]aOZ/\]cbZW\S]TOaO[^ZSS:SO`\
W\UPcaW\Saa^`]^]aOZWaOdOWZOPZST]`R]e\Z]OROaO`STS`S\QS
3:SO`\W\UWaOU`]eW\U¿SZReWbV[]`SO\R[]`Sb`OW\W\U]`UO\WhObW]\aX]W\W\USOQV
gSO`:SO`\S`OR]^bW]\O\RcaOUSO`SOZa]UOW\W\U[][S\bc[7\ab`cQb]`ZSRb`OW\W\UeWZZ
ZWYSZgOZeOga^ZOgO`]ZSW\b`OW\W\UQc``WQcZOgSb]`UO\WhObW]\aO`SW\Q`SOaW\UZg`S^]`bW\U
S:SO`\W\UOaOQ][^]\S\b]TO\]dS`OZZb`OW\W\U^`]U`O[/`[W\Ug]c`aSZTeWbVO\c\
RS`abO\RW\U]TbVSS:SO`\W\UQ]abaO\RPS\S¿baO\R_cO\bWTgW\UO\RPOZO\QW\UbVS[
OUOW\abbVS`WaYaO\R`Sbc`\aeWZZVSZ^g]cSdOZcObSeVSbVS`O\S:SO`\W\UW\dSab[S\bWa
`WUVbT]`g]c`]`UO\WhObW]\

/RRWbW]\OZ@SORW\UO\R@Sa]c`QSa
@=71OZQcZOb]`T`][<cQZSca@SaSO`QV(Vbb^(bW\gc`ZQ][Yeh c`

AQV]]ZSg1ZOW`SµBVS@=7=TS:SO`\W\U¶4]``SabS`@SaSO`QV7\Q/^`WZ! '

1VO^[O\0`gO\µ6]e:]\U2]SaWbBOYSb]1`SObSS:SO`\W\U-¶OdOWZOPZSObVbb^(
P`O\R]\VOZZQ][P`gO\QVO^[O\-^+%;O`QV $ %

@WbOQQ]5S]`USµ@=3DS`aca@=7(EVWQV2]G]c;SOac`S-¶:SO`\W\UA]ZcbW]\a3fb`O
7\aWUVba;O`QV! &

9SZZgB][;O\R<O\XWO\O<ORS`µBVS0caW\Saa1OaST]`3:SO`\W\U¶1WaQ]>`Saa #
0cWZRW\UbVS0caW\Saa1OaST]`S:SO`\W\U
EWbVAbS^PgabS^@=71OZQcZObW]\a %

3\R\]bSa
EOZZWYS`>OcZB1]ab1][^O`Wa]\(7\ab`cQb]`:SRDa3:SO`\W\UOdOWZOPZSObVbb^(
eeeOabR]`UZQ #

1VO^[O\0`gO\6]e:]\U2]SaWbBOYSb]1`SObSS:SO`\W\U-OdOWZOPZSObVbb^(
P`O\R]\VOZZQ][P`gO\QVO^[O\-^+%;O`QV %

!0S\QV[O`YAbcRg]T0Sab>`OQbWQSa4]`PSa;OUOhW\S 

"/dOWZOPZSObVbb^(S\eWYW^SRWO]`UeWYW@ObSM]TM`Sbc`\dWaWbSR/^`WZ " '

#/dOWZOPZSObVbb^(S\eWYW^SRWO]`UeWYW3Q]\][WQMdOZcSMORRSRdWaWbSR/^`WZ "
'

/cbV]`0W]
BS[^ZSA[]ZS\WabVS=\ZW\S4]`c[a2W`SQb]`ObBVSS:SO`\W\U5cWZR>`W]`b]bVOb
aVSeOabVS3RcQObW]\7\abWbcbS2W`SQb]`T]`9W\aVW^1S\bS`O\OR]^bW]\O\RT]abS`QO`S
OUS\QgAVS^`]RcQSR]\ZW\SdWRS]O\R7:Bb`OW\W\UT]`OR]^bWdS^O`S\baa]QWOZe]`Y
S`aO\RbVS`O^Waba\ObW]\eWRSAVSOZa]e]`YSROaO[O\OUS`T]`7\bSZ`Sa^]\aWPZST]`
b`OW\W\UO\R6@^`]U`O[aBS[^ZS`SQSWdSRVS`0AT`][C12OdWaO\RVS`;0/T`][
C1://\RS`a]\