TESTIMONIALS
!"#$%&$'()*%+%&',))$*%-#$%-,./$%(0%'()-$)-&1%+%2)$3%-#4&%.((2%)$$*$*%
-(%.$%56./4$*7%8&%,%&(0-3,9$%*$:$/(5$9%,)*%()/4)$%;,92$-$91%+%+%2)(3%3#,-%*,)?$9&%/,=%-#$9$>%
% 8&% ,% ?9,)*5,9$)-1% +% 2)(3% -#$% *,)?$9&% ;=% ?9,)*24*&% 0,'$1% ,)*%
@64-$%09,)2/=%4-%3(994$&%;$>%A(6%',)%.$%&69$%-#,-%;=%*,6?#-$9%34//%.$%
?$--4)?%,%'(5=%(0%-#4&%.((2%09(;%;$%-(%#$/5%#$9%59(-$'-%;=%59$'4(6&%
?9,)*24*&%09(;%-#$%*,)?$9&%/6924)?%()%-#$%)$-%$:$9=%*,=>
% 8)=()$% 34-#% ,% '#4/*1% ?9,)*'#4/*1% )4$'$1% (9% )$5#$3% )$$*&% -#4&%
.((2%)(37B
!"#$%&'()*#
+++,-"#../0123*2",0(4
!"#4&% 4&% $C,'-/=% -#$% -=5$% (0% 4)0(9;,-4()% -#,-% 4&% )$$*$*% 0(9% ,)=()$%
()/4)$%-(*,=%-(%.$%&,0$>%8&%-#$%'9$,-(9&%(0%,%-$$),?$%&('4,/%)$-3(92D
4)?%E$.&4-$%',//$*%F=G4?#H'#((/I('2$9>'(;1%3$%,9$%:$9=%,*,;,)-%
,.(6-% -#$% ()/4)$% &,0$-=% 0(9% (69% -$$),?$% ;$;.$9&>% "#$% 2)(3/$*?$%
,)*%'()-$)-%4)'/6*$*%4)%-#4&%.((2%,)*%-#$%$C5$9-%,*:4'$%59(:4*$*%.=%
J(='$%,)*%K9$&-()%#,:4)?%?9$,-/=%4;59(:$*%-#$%&,0$-=%(0%(69%E$.&4-$>%
E$%#4?#/=%9$'(;;$)*%-#4&%.((2%-(%$:$9=%5,9$)-%/((24)?%-(%2$$5%-#$49%
'#4/*9$)%&,0$9%()%-#$%+)-$9)$->B
5(42(&!/6/78&9:;
+++,'0>((6?(0%2",0(4
!L#4/*#((*%&$C6,/%,.6&$%&69:4:(9%$)*(9&$;$)-MH-(5%+)-$9)$-%94&27%
"#4&% 4&% ,)% ,.&(/6-$% ;6&-D9$,*% ()/4)$% &,0$-=% .((2% 0(9% 5,9$)-&% ,)*%
24*&>B
=2/@/&A#B2"-8&=(*-CD"(@)02"&(.&->2&E((&E((&F($2&D(@0#*-
+++,E((E((F($2,0(4
!"#$%+)-$9)$-%',)%.$%,%5(3$906/%-((/%,)*%=(69%24*&%34//%.$%6&4)?%4->%
K9$&-()% J()$&% ,)*% J(='$% J,'2&()% ?4:$% =(6% '96'4,/% 4)0(9;,-4()% -(%
2$$5%=(69%'#4/*9$)%&,0$%3#$)%-#$=%*(>%"#4&%9$&(69'$%4&%594'$/$&&%0(9%
'()'$9)$*% 5,9$)-&% ,)*% ?4:$&% =(6% -#$% 4)&4?#-&% =(6% )$$*% -(% /$-% =(69%
'#4/*9$)%?$-%-#$%.$)$!%-&%34-#(6-%-#$%3(99=>B
G2$&)"
I>2J47#0-!#0-(",0(4
!"#4&%.((2%4&%,;,N4)?7%F=%=(6)?$&-%'#4/*%3(2$%;$%(6-%(0%,%'(;,%,%
0$3%=$,9&%,?(>%"(%&,=%+%+%,/&(%;,2$%;=%/4:4)?%()/4)$1%&(%+%&4;5/=%,&&6;$*%-#,-%+%
2)$3%4-%,//%,)*%'(6/*%59(-$'-%;=%24*&%09(;%$:$9=-#4)?>%80-$9%9$,*4)?%
=(69%.((21%=(6%#,:$%0(9'$*%;$%-(%,*;4-%-#,-%+%3,&%-(-,//=%,)*%'(;D
5/$-$/=%39()?>%A(69%.((2%4&%.=%0,9%-#$%;(&-%'(;59$#$)&4:$%?64*$%-(%
59(-$'-4)?%=(69%24*&%09(;%,//%24)*&%(0%59$*,-(9&%()/4)$>%O:$)%.$--$91%4-%
$C5/,4)&%4-%4)%-$9;4)(/(?=%-#,-%,)=()$%',)%6)*$9&-,)*>%+%Q$-%-#$%
.((21%9$,*%4-%94?#-%)(31%,)*%,55/=%3#,-%=(6%/$,9)%-(%;,2$%=(69%0,;D
4/=%&,0$9>B
#26&:,&L()$18&:*M)/"2
+++,% E$//% 3#,-% .$--$9% 3,=% ',)% =(6% #$/5% &(;$()$% -#$)%
,94)?%-#$%.((2%G(3%-(%K9(-$'-%A(69%L#4/*%P)/4)$R%"#4&%.((2%',)%
59(-$'-%'#4/*9$)%$:$9=3#$9$%09(;%,//%-#$%*,)?$9&%-#,-%,3,4-%-#$;%()D
/4)$>%S6=%,%'(5=%0(9%=(69&$/0%,)*%,%0$3%0(9%=(69%094$)*&>%A(69%094$)*&%
34//%.$%?/,*%=(6%*4*>B
?#""3&E2$2-8&I>2&9($$20-("
+++,?#""3E2$2-,0(4
!G(3%-(%K9(-$'-%A(69%L#4/*%P)/4)$%4&%,%;6&-D9$,*%0(9%$:$9=%5,9$)-%
3#(&$%'#4/*%#,&%,''$&&%-(%-#$%+)-$9)$-T3#$-#$9%09(;%-#$49%(3)%*$&2-(5%
'(;56-$91%/,5-(51%(9%'$//%5#()$%(9%09(;%,%094$)*%K9$&-()%,)*%J(='$%
(00$9%'/$,91%'()'4&$%4)0(9;,-4()%,)*%&4;5/$%;$-#(*&%,)*%-$'#)4@6$&%
-#,-%-$,'#%5,9$)-&%#(3%-(%-$,'#%-#$49%'#4/*%-(%6&$%-#$%+)-$9)$-%&,0$/=>%
"#$49%59(,'-4:$1%59$:$)-,-4:$%,559(,'#%(0%$*6',-4()%,)*%2)(3/$*?$%
4&% ,% '#4/*% "#4&% .((2% (00$9&%
5,9$)-&%,)*%'#4/*9$)%-#$%(55(9-6)4-=%-(%.$)$! %-%09(;%-#$%:,&-%/$,9)4)?%
,)*%$C5$94$)'$&%-#$%+)-$9)$-%(00$9&%3#4/$%&,0$/=%6-4/4N4)?%-#$%-$'#)(/D
(?=>%"#$%-45&%()%'=.$9.6//=4)?1%'#,-%9((;&1%4)&-,)-%;$&&,?4)?1%&('4,/%
)$-3(924)?%,)*%&$C6,/%59$*,-(9&%,9$%594'$/$&&>%"#$%5,9$)-4)?%-45&%0(9%
9$'(?)4N4)?%.$#,:4(9,/%3,9)4)?%&4?)&%,)*%-#$%&$'9$-&%0(9%9,4&4)?%&,0$%
24*&%,55/=%(0" %4)$%,&%3$//>%+B
N)@3&O>#62$8&!()$@2"8&D"(P/@/$1&"2*()"02*&->#-&
B)/6@&0>#"#0-2"&/$&%/@*$@&.#4/6/2*,
J-'-#"-*O/->Q*,0(4
'>(76/.-/$1J*'-2#6/$1,0(4
'-"2$1->2$I>2=#"4($3,0(4
!"#$%.((2%4&%,%*$! %)4-$%;6&-%0(9%5,9$)-&%3#(%',9$%,.(6-%#,:4)?%-#$49%
'#4/*9$)% )(-% .$'(;$% :4'-4;&>% L()!%*$)'$% .64/*4)?% ,)*% '9$,-4)?% ,%
5(&4-4:$%&$/0D4;,?$%,9$%&(%:$9=%4;5(9-,)-%4)%,%'#4/*%
% +%$&5$'4,//=%/42$*%-#$%,''69,'=%(0%-#$%-#$;$%,.(6-%'#4/*9$)%#,:D
4)?%'()! %*$)'$%,)*%,%5(&4-4:$%&$/0D4;,?$>%"#$&$%',))(-%.$%(:$9&-,-$*>%
+)%;=%$C5$94$)'$%(0%-,24)?%/4-$9,//=%#6)*9$*&%65()%#6)*9$*&%(0%9(.D
.$9=%,)*%(-#$9%'(;5/,4)-&%,&%.(-#%,%5(/4'$%(0! %'$9%,)*%*$-$'-4:$1%;(&-%
5$(5/$%3#(%.$',;$%:4'-4;&%/((2$*%,)*%,'-$*%/42$%:4'-4;&>%H6&5$'-&%
/((2%0(9%,%5$9&()%3#(%/((2&%/42$%,%:4'-4;%.$',6&$%-#$=%U6&-%3,)-%-(%
'(;;4-%-#$%(00$)&$%,)*%$&',5$%34-#(6-%.$4)?%',6?#->%"#$%:4'-4;&%4)%
%*$)'$V% 3$9$% (/*1% =(6)?1%
;,)=% (0% -#$% (00$)&$&% )(9;,//=% /,'2$*% '()!
-4;4*1%,/()$1%$-'>1%,)*%-#$%&6&5$'-%&,3%,)%$,&=%-,9?$->%H6&5$'-&%*(%)(-%
3,)-%,??9$&&4()1%'()! %4?#-1%09(;%,%:4'-4;>%
%*$)'$1%'()09()-,-4()1%(9%"
G4-%,)*%96)%4&%-#$49%*$&49$*%;$-#(*>B
?#""3&D(+#6/*R
9#"22"&7(6/02&(../02"8&9(#*-&F)#"@&J$-266/12$02
!J(='$%,)*%K9$&-()%#,:$%'(;54/$*%,%3$,/-#%(0%/40$D&,:4)?%4)0(9;,-4()%
4)%-#4&%:,/6,./$%.((2>%"#$%4)&-96'-4()&%,9$%'/$,9%,)*%*$-,4/$*W%)(-#4)?%
4&%/$0-%-(%'#,)'$>%+%*9$,;%(0%-#$%*,=%,//%5,9$)-&%,9$%9$@649$*%.=%/,3%-(%
9$,*%-#4&%.((2%,&%&(()%,&%-#$49%59$?),)'=%-$&-%4&%5(&4-4:$7B
:662$&9,&E"#)$
+++,5#/*/$1'4#66'()6*,0(4
!8% '()! %*$)-% '#4/*% &-,)*&% ,% ?9$,-$9% '#,)'$% (0% *$:$/(54)?% 4)-(% ,%
#$,/-#=1%59(*6'-4:$1%,)*%4)*$5$)*$)-%,*6/->%E4-#%;,)=%(55(9-6)4-4$&%
4)%-#$%3(9/*%-(*,=1%,&%3$//%,&%;,)=%94&2&1%$*6',-4)?%(69%'#4/*9$)%#,&%
.$'(;$%$:$)%;(9$%'94-4',/>%X$$54)?%X4*&%H,0$%59(:4*$&%-#$%'94-4',/%
4)0(9;,-4()%0(9%5,9$)-&%,)*%$*6',-(9&%-(%.$%4)0(9;$*%,)*%-(%$*6',-$%
(69%=(6-#%&(%-#,-%-#$=%34//%'()-4)6$%-(%.$%&,0$%4)%-#$%3(9/*1%,&%-#$=%
/$,9)%,)*%?9(3>%J(='$%J,'2&()%,)*%K9$&-()%J()$&%,9$%.(-#%,%?40-%,)*%
,% ./$&&4)?1% ;,24)?% &69$% 3$% ,9$% $@6455$*% -(% 59$5,9$% (69% =(6-#% 0(9%
-#$49%06-69$7%%
O2$@3&S#"6/$1
I>)4B7"/$-*&J$-2"$#-/($#6&
9"2#-("&(.&!,?,;,O,&K&Q,&?2#@2"*>/7&H0#@243&
#$@&(->2"&7"(1"#4*&.("&3()->
!8% 5(3$906/% ,)*% 4)&4?#-06/% 9$&(69'$% $:$9=% '()'$9)$*% 5,9$)-% ,)*%
',9$?4:$9%;6&-%#,:$%4)%-(*,=%J(='$%J,'2&()%
,)*% K9$&-()% J()$&% *$/4:$9% -#$% 4)D=(69D0,'$% -(6?#% /(:$% +% )$$*$*%-(%
/$,9)%-#$%4;5(9-,)'$%(0%+)-$9)$-%&,0$-=%0(9%;=%'#4/*9$)>%"#4&%.((2%4&%
!%//$*%34-#%4;5(9-,)-%-$'#)4@6$&%-#,-%(3%5,9$)-&%#(3%-(%&,0$?6,9*%
-#$49%'#4/*9$)%3#4/$%$;5(3$94)?%-#$;%34-#%,%:4-,/%$*6',-4()%4)%&$/0D
9$/4,)'$>%"#,)2%=(61%J(='$%,)*%K9$&-()1%0(9%'9$,-4)?%,%5(3$906/%,)*%
$,&=D-(D6&$%9$&(69'$%0(9%5,9$)-&%-(%59(-$'-%-#$49%'#4/*9$)>B
NI&S2E(6-
+++,'>/.-;.%
"#4&%.((2%(5$)$*%;=%$=$&7%+-%4&%'#('2D06//%(0%4;5(9-,)-%4)0(9;,-4()1%
9$&(69'$&1%,)*%-$'#)4@6$&%0(9%5,9$)-&%-(%6&$%-(%;,2$%,%*400$9$)'$%4;D
;$*4,-$/=>%+-%34//%;(-4:,-$%=(6%-(%.$'(;$%,%.$--$9%5,9$)-%3#$-#$9%=(69%
'#4/*%4&%()/4)$%(9%)(->%I42$%;=&$/01%=(6%34//%9$,*%-#$%'#,5-$9&%(:$9%,)*%
(:$9%,?,4)%,)*%$,'#%-4;$%/$,9)%&(;$-#4)?%)$3>B
5(B2"-&S#P/6#
!#->2"
!"#$%&'(%&)*#+,-
!"#$%&'()*#+)*&'#,#+)"-+.-/')*
0#1223#455#%678('#%&'&%9&:;
=?56'8&%@#X$$54)?%X4*&%H,0$1#8.9A.:&9&%"#&BB)%(#()#>%)C
:=- .# 8678# D=.56("@# 6*B)%A.(69&@# .*:# 8&5>B=5# ?))/;# E)F&9&%@# (8&"# A./ *)#
%&>%&'&*(.(6)*#)B#F.%%.*(6&'#)B#.*"#/6*:#F6(8#%&7.%:#()#-)A>5&(&*&''#)%#.--=C
%.-"#)B#(8-)*(&*('#)B#(86'#?))/;#(#*)#56.?656("#)B#.*"#/6*:#B)%#.*"#
5)''&'#)%#:.A.7&'#-.='&:#)%#.55&7&:#()#?-.='&:@#:6%&-(5"#)%#6*:6%&-(5"@#B%)A#
='6*7#(8*B)%A.(6)*#-)*(.6*&:#6*#(86'#?))/;#455#>%):=-(#*.A&'#.*:G)%#5)7)'#
.%-)>"%678('#)B#(8&6%#%&'>&-(69)F*&%';
H)#>.%(#)B#(86'#>=?56-.(6)*#A."#?'()%&:#6*#.#%&(%6&9.5#'"'(&A@#(%.*'A6((&:@#)%#
%&>%):=-&:#6*#.*"#F."@#6*-5=:6*7@#?=(#*)(#56A6(&:#()@#:676(.5#-)>"6*7#.*:#>%6*(C
6*7#F6(8)=(#(8>%6)%#.7%&&A&*(#.*:#F%6((&*#>&%A6''6)*#)B#(8>=?56'8&%;
IJ!HK#3LMCNCO22PLCQ12C2#R$.>&%?.-/S
T6?%.%"#)B#U)*7%&''#U)*(%)5#H=A?&%K#122M3PL2Q2##
!"#$%&'()*#+, -./(0*1*234(0%.0*5(&%63&*#+,
V)%7.*#+.A&'#$=?56'86*7@#TTU V&7.*#+)8*')*
N11Q#W%.*/56*#49&;#J=6(P1Q FFF;+)8*')*1[&'67*;-)A
X.%:&*#U6("@#HY#NNQP2CNO3P
M22;ZMQ;Z3ZP
FFF;V)%7.*+.A&'$=?56'86*7;-)A
!"#$"#%&&'()#)'#*+,,'()#-'.$-#.'//+"0)0%*1#($0*%#
$2$(%"%**#$"3#&+"3*1#4'(5$"#6$/%*#7+8-0*90"5#
3'"$)%*#'"%#,%(.%")#'$--#8'':#*$-%*#&'(#)9%#-0&%#'
%$.9#8'':#)'#;$80)$)#&'(#;+/$"0)%)#0"?'-?%3#)'3$=?$.4'34.68'( ( ( ( @
'' 23#!4!)%$5166/!75!.'&781&9#!:&6%$( ( ( ( ( ( ( ( ( ( ( ( ( ( ( @
./012+3&5
A64'B8+-C'.6$'A$D',8'9".'E+F$'B8+-C'='5$77'G6"-$'( ( ( ( ( ( 1H
! ;7&7.$ ( ( ( ( ( ( ( ( IJ
./012+3&6
K6$'K%$-.4L!+#8.L5$-./#4'M=-C$#8'"?'.6$',-.$#-$.'( ( ( ( ( ( ( I@'
! :C$/D18$%&'!$3#!FC66G2%D#!@8%D%&16/'( ( ( ( ( ( ( ( ( ( ( ( ( I@
$ +?@.4@2//?'-8'( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( IN
$ 97.-.=4'( ( ( ( ( ( JH
! *31$!B7C!@1&!H7I!21J%&'!$3#!K,L1&$1'#M!21J%&'!@318'#'( ( JH
$ 9-(.((,8'-8$( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 2R$
$ G$9-(.((,8'-8$F,5.82,47($ ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 2R
$ +&,$)/=7'G#$&=."#8' ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( S1'
! 23#!?6E!H%/'C%/#/!75!:&6%!?#NC16!)8#,1$78/! ( ( ( ( ( ( ( ( S1
$ %&.$=,4-'-8$F'8-($ ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( SJ
$ %&.$J,-8.4($"5$F"D',/$:.?$3,4.-=?$';-7+-$' ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( TS
! *3#8#!O#16!?15#$E!0#'%&/! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( TS
$ %&.$LM$F.D4.%,/!+##,!)87$#9$%&'! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( @J'
$ %"77/.4($,-7$34.(D&""/$( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( @J'
$ O/.E.-.NQ$9($)2(,-?$+,(.$F$0#$.8'?"#'>=?$#'V+&8';-7+-$'( ( ( ( ( ( ( ( ( ( ( ( 1R1
! :##A!B7C8!@3%6,!?15#! ( ( ( ( ( ( ( ( 1R1
$ %&.$="47$%&,'4,D/.($ ( ( ( ( ( ( ( ( ( ( ( ( ( 1RJ
$ %&.$IE,R'-8$3"#.4$"5$+/,4'?$).('4,D/.($ ( ( ( ( ( ( ( ( 1I@
$ F.D4.=?$.4 ' ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 12@'
! 23#!KD1T%&'!?#98#$/!$7!>##A%&'!>%,/!?15#!K&E?@A2&B++1CDE&BC,F&G0H+&
O$*$=7+-C'.6$'>$0#$.8'X$6+-&'.6$'G#"C#=P'( ( ( ( ( ( ( ( ( ( 1TJ
>?@A2&2/+&>A2/@3F&
K6$'O+06$8'"?'='>+-C7$'K6"/C6.' ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 1T@
IA32/+3&J+0,CDE&H3@K&B++1CDE&BC,F&G0H+' ( ( ( ( ( ( ( ( ( 1@S
FOREWORD
I 8I*(&%*&(#8.'#?%)=78(#='#A.*"#7%&.(#.:9.*(.7&'#()#A):&%*#56B&K#
6*B)%A.(6)*@#-)**&-(6)*'#.-%)''#(8K)?&@#.*:#*&F#(&-8*)5)76&'#(8.(#
6A>%)9(8>)''6?656(6&'#.*:#5)*7&96("#)B#)=%#569&';
# 4(#(8'.A(6A&@#6(#8.'#)>&*&:#(8:))%'#()#.#F8)5*&F#.%&*.#
)B#:.*7&%#*)#)*-)=5:#8.9&*96'6)*&:#\='(#(F&*("#'8)%(#"&.%'#.7);#
&)>5F8)#='(8I*(&%*&(#.%.'()=*:6*7;#%&:.C
()%'#.*:#-%6A6*.5'#)*56*.9B.%#)=(>.-&:#(8/*)F5&:7.*:#>%&C
9&*(.(69A&.'=%&'#F.9.55#>=(#6*#>5.-&;
# 4'#.*#I*(&%*&(#='&%#A"'&5B@#I#.A#-)*-&%*&:#.?)=(#(8F."#(8&'
-%6A6*.5'#.%'>)656*7#(8&]>&%6&*-B)%#A&;#4'#.#>.%&*(@#I#.A#.>C
>.55&:#.(#F8.(#(8&"#:)#?&86*:#.*)*"A)='#/&"?).%:'#.*:#-)A>=(&%#
'-%&&*'#6*#'&.%-8#)B#(8&6%#96-(6A'^/6:';
# # (8&' >%&:.()%'# -)5:#
%678(#*)F;#!)(8#-)55&-(69&5"#.*:#6*:696:=.55"#F-.*#(./.-(6)*#()#
/&&>#(8&'>&)>5.(#?."#.*:#>=(#(8&A#)=(#)B#?='6*&''#.*:#?&86*:#
?.%'#B)%#.#5)*7#(6A&;
# J(&>#)*B)%#A&@#.*:#I#%&-)AA&*:#B)%#")=@#())@#6'#()#(./.#>%)C
.-(69&@#>%&9&*(.(69.>>%).-8#()#/&&>6*7#")=%'&5B#.*:#")=%#-865:%&*#
'.B&%#)*56*&;##6*#B%)*(#)B#(8-%6A6*.5';#
# '@#
!"##
$%&'()*+(),-&./0
!"#$%"$&'"%()%$*"+'$)!,-.$"/-,/(
.*:# (&-8*6D=&'# ")=# .*:# ")=%# -865:# -.*# .>>5"# 6AA&:6.(&5"# ()# /&&>#
")=%'&5B#'.B&%#)*56*&@#%678(#*)F@#():."@#(86'#6*'(.*(;
# .(%)5#.*:#(./-.%)B#(8>%&:.()%'#)*5"#F)%/'#F8&*#(8&"#.%-)*C
'(.*(5"#F.(-86*7#.*:#>.(%)556*7#&9&%"#8)=%#)B#(8:.";#a/*)F#(8&%
.%?%&./:)F*'#6*#.*"#'"'(&A#56/(8.(;#a.5')#/*)F#(8.(#F-.**)(#
&]>&-(#)=%#/6:'#()#?-5)'&5"#F.(-8&:#&9&%"#'&-)*:#)B#&9&%"#:."#)B#
(8&6%#569&'#.*:#7%)F#=>#()#?*:&>&*:&*(@#%&'>)*'6?5.:=5(';
# a8&(8&%#(8&"#.% &%"#")=*7#)%#.#(&&*.7&%@#.(#')A>)6*(#6*#(8&6%#
56B")=%#-865:%&*#F655#?)*56*&;#V):&%*#56B:&A.*:'#6(@#6B#*)(#():."@#
(8&*#()A)%%)F;##(8&A'&59&'#'.B
?&-.='")=#F655#*)(#.5F."'#?(8&%()#>%)(&-(#(8&A;
# =(&%# .*:# -)A>=(&%# .--&''# '-%&&*C
6*7# ')B(F.% >.-/.7&'# .9.65.?5&;# 8"'6-.5#
(86*7'#")=@#.'#.#>.%&*(@#-.*#:)#()#>%)(&-(#(8&A@#'=-8#.'#B)%?6::6*7#
")=%# -865:# )*56* )%# F.(-86*7# (8&A# '=%B;# E)F&9&%@# F8.(# 6'# %&.55"#
6A>)%(.*(#6'#8)F#F655#(8&"#?.?5()#>%)(&-(#(8&A'&59&'#F8&*#")=#
.% *)(# .%)=*:b#a8.(# 8.>>&*'# F8&*# (8&"# 8&.:# )BB# ()# -)55&7 .*:#
8.9()#7&(#(8.(#>.>&%#:)*&b#a655#(8&"#/*)F#F8.(#()#5))/#B)%#6*#.*#
)*56*(%.>#6*#)%:&%#()#.9)6:#6(b#a655#(8&"#/*)F#F8.(#()#:)#6B#-.=78(#
6*#)*&b#a655#(8&"#/*)F#8)F#()#?)*56*()#'.B&7=.%:#(8&6%#6:&*(6("#
.*:#>&%')*.5#6*B)%A.(6)*b
# I(#6'#(%=(8.(#*)(#&*)=78#8.'#?&&*#:)*()#/&&>#.:=5('#.*:#-865C
:%&*#.56/'.B)*56*&;#.(&:#8)F#(8>%&:.()%'#F)=5:#(%)55#B)%#/6:'#)*#(8&6%#>.7&';#H)C
?):"#>%&:6-(&:#>86'86*7#'-.A';#4(#(8'.A(6A&@#F8&*#B.-&:#F6(8#
(8B.-(#(8.(#>%&:.()%'#.%.#>%)?5&A#(8%)=78)=(#(8&6%#'6(&'@#A)'(#F&%
'5)F@#())#'5)F@#()#%&'>)*:;#J)A.9%&B='&:#()#%&'>)*:#=*5&''#'=?C
>)&*.&:#?"#(8W&:&%.5#7)9&%*A&*(;
# J()>#F.6(6*7;#>)%(=*6("#
()# '()># (8 >%&:.()%'# B%)A# (%.>>6*7# A&A?&%'# )B# ")=%# B.A65";# %&'&*(&:#6*#(86'#?))/#6'#B)%#?='"#
>.%&*('@#\='(#56/")=@#()#'-.*#6*#")=%#B%&!#9A6*=(&'#.*:#(8&*#7)#
8)A.*:#&.'65"#6A>5&A&*(#6(#6*#")=%#B.A65";
# &)>5F8)#8&5>'#A./(8I*(&%*&(#'.B&%#*)(#)*5"#
B)%#")=%#B.A65"#?=(#B)%#.55#)B#=';
!#!
INTRODUCTION
YZKK,9Y'[GA9$&\',>'X:M
TJ \='(#7)(#$aH&:cd
# I'#(86'#T.(6*b#W%&*-8b#JF&:6'8b##H)@#6(#6'#-"?&%C'>&./#.*:#")=%#
-865:@#6B#(8&"#.%)*56*&@#='&'#6(#.*:#/*)F'#8)F#()#'>&./#6(#?&((&%#(8.*#
>%)>&%#7%.AA.(6-.5#e*756'8;
# U"?&%C'>&./#6'#.#(">)B#)*56*'8)%(8.*:#(8.(#/6:'#='*#-8.(C
%))A'@#&A.65'#.*:#I*'(.*(#V&''.7&';#&./#5.*7=.7.*:#)*)B#(8(&%A'@#
g$aH&:@d# 6'# .# *&7.(69 (86*7;# # X&((6*7# g$aH&:d# 6'# .# >=(# :)F*#
.*:#A&.*'#")=_9?&&*#'5.AA&:@#:6''&:@#'5.>>&:@#?.**&:@#'()>>&:@#
>)6*(&:#)=(#.'#.#:=B='@#.*:#\='(#.?)=(#.*"(86*7#&5'(8.(#6'#:&%)7.()%"#
(8.(#")=#-.*#(86*/#)B;
# a:)*_(#F.*(#")=%#-865:#()#7&(#g$aH&:d#)*56*&;#a&_%)6*7#
()#'8)F#")=#8)F#()#>%)(&-(#")=%#-865:#B%)A#(86'#.*:#)(8&%#:.*7&%'#
F865 )*# (8 I*(&%*&(;##")=#?)(8#'.B&%#)*56*&;
# .%&*('@# (8 >%6A.%"# B&.%#
6'#.?)=(#'&]=.5#>%&:.()%'#86:6*7#?&86*:#='&%#*.A&'#.*:#>.''F)%:'@#
3
$%&'()*+(),-&./0
!"#$%"$&'"%()%$*"+'$)!,-.$"/-,/(
A.'D=&%.:6*7#.'#-865:%&*#)%#*&F#B%6&*:'#.*:#-.%6*7#6*:696:=.5';#e9C
&%")*)*56*&@#&9&*#.:=5('@#8.'#()#?-.%&B=5;#e9&%")*)*#(8I*(&%C
*&(#*&&:'#()#?.%A&:#F6(8#')A'.B'=%! #*7#'/655';
# 455# )B# (8 6:&.'# 6*# (86'# ?))/# .% *&F;# gH&Fd# A&.*'# .?')5=(&5"#
*&F@#F6(86*#(8.'(#(&*#"&.%'@#(F&*("C! #%'(C-&*(=%"#'(=BB;#H)?):"#&9&*#
!#B(&&*#)%#(F&*("#"&.%'#.7)#-)=5:#8.9>%&:6-(&:#\='(#8)F#-%6A6*.5'#
F)=5:#6*! #5(%.((8a)%5:#a6:a&?;#`678(#*)F@#(8&"#.%*#(8&.:;#
%)9&*#F."#()#-)A>5&(&5"#'()>#(8&A@#.'#)B#(86'#
F%6(6*7@#&]-&>(#()#'(."#)=(#)B#(8&6%#(%.>';#h*#()>#)B#(8.(@#(8I*(&%*&(#6'#
'(655#6*#6('#6*B.*-";#%)\&-(6)*'#.'#()#8)F#5.%7&@#8)F#F)%5:F6:&@#
8)F#>%)56! #-@#.*:#6*#F8.(#B)%A#(8a&?#F655#?*#\='(#! #9"&.%'#.%
.'()=*:6*7;#a8.(#F:)#/*)F#6'#(8.(#F.%)*5"#?&76**6*7#()#=*:&%C
'(.*:#(8I*(&%*&(#.*:#8)F#:.*7&%)='#.*:#(8%&.(&*6*7#6*:696:=.5'#-.*#
=(656i(#()#>%)F5#B)%#96-(6A';#V)%&)9&%@#/6:'#.%)*56*A)%(8.*#
&9&%;#a6(8#")=*7&%#/6:'#)*56*&9&%"#:."@#(8'(./&'#.%&9&*#8678&%;#
# E&%&_'#.#>6&-)B#.:96-&K#6B#")=#(86*/#")=#.*:#")=%#B.A65"#.%
'.B ?&-.=' ")=%# -865:%&*# .%&*_(# .55)F&:# )*56*&@# ")=# .% B))56*7#
")=%'&5B;#J)A&:."@#(8&"#F655#?&;#4(#')A>)6*(#6*#(8&6%#56B&@#(8&"#F655#
5&.9)A.*:#?)*#(8a&?;#%)C
(&-(#(8&A'&59&'#F865='6*7#6(;#a(86*/#():."#6'#.#7)):#:."#()#'(.%(#
(&.-86*7#(8&A#8)F#()#/&&>#(8&A'&59&'#'.B)*56*&;
# 4'#.#>.%&*(#():."@#")=#8.9)):#%&.')*#()#?.B%.6:#F8&*#")=%#
-865:#6'#'=%!#*7#(8a&?;#E)F&9&%@#")=#:)#*)(#*&&:#()#?%=5&:#?"#
(8.(#B&.%;#j'(#()#A)(69.(")=%'&5B#()#(./.-(6)*;##.%&*(#)B#")=%#-865:_'#'.B&("#)*56*&;#Y)=#-.*#.-(=C
4
5&(2%$67(5%&
,/%'".+)%,"/
.55"#(./-8.%7)B#(8&6%#)*56*(6A&@#F8&%(8&"#7)@#.*:#8)F#(8&"#
8.*:5'6(=.(6)*'#(8.(#.%6'F8&*#(8&"#-)A.-%)''#6*.>>%)>%6.(A.C
(&%6.5#.*:#6*:696:=.5';#H)(#)*5"#")=#.'#.#>.%&*(@#?=(#.5')#")=%#-865:@#
-.*#5&.%*#()#?'.B&%#)*#(8a&?#():.";#>%).-8#()#-865:#'.B&("#6'#>%&9&*(.(69&;#$%&9&*(6*7#.*"#(">
)B#-865:#.?=''#-5&.%5"#>%&B&%.?5()#%&')596*7#(8&A)(6)*.5#'(%&''#
.B(&%# .# A6'(./ 8.'# ?&&*# A.:&;# a ?&56&9 (8.(# >.%&*('# -.*# (&.-8#
(8&6%#-865:%&*#()#'>)(#>)(&*(6.5#:.*7&%'#)*56*.*:#.9)6:#(8&A@#F6(8#
(8&5>#)B#)=%#(&-8*6D=&;#IB#-.=78(#6*#.#?.:#'6(=.(6)*@#(8&"#-.*#7&(#
8&5>#.*:#7&(#)=(#)B#6(#'.B&5"#.*:#'&-=%&5";#
# h* (86*7# F A='(# .-/*)F5&:7 6'# (8.(# (8 I*(&%*&(# 6'# 8&% ()#
'(.";#I(#F655#?A)%.--&''6?5(8.*#&9&%#6*#(8*&](#B&F#"&.%';#4-C
-&''#F655#?.9.65.?5`.#.*#.%%."#)B#6*&]>&*'69.*:8&5:#:&96-&'#
F-.*#)*5"#:%&.A#)B#%678(#*)F;#=(&%#")=#8.9%678(#*)F#.(#
8)AF655#?.*#.*(6D=&;#a?&56&9(#6'#?&((&%#()#?>%&>.%&:#(8.*#()#
?-.=78(#=*.F.%&;
# =(.(6)*#.%?&6*7#'>)65&:#?"#(8>%&:.()%'#.*:#-%6A6*.5'#
F8)#='(#B)%#(8&6%#*&B.%6)='#:&&:';#8&*)A&*.5;#
E)F&9&%@#5&(_'#*)(#/6:#)=%'&59&'^(8:.*7&%'#)*56*F655#7%)F;#%&:.()%'#.%*9&*(6*7#*&F#F."'#()#&*(%.>#.:=5('#.*:#-865:%&*#.56/&@#
.5A)'(#:.65";#
# a&_%)6*7#()#'(."#)*'(&>#.8&.:#)B#(8&A;#a.%>%)96:6*7#(86'#
6*B)%A.(6)*#()#.55#F8)#-.%.?)=(#/6:'#.*:#/6:'#?&6*7#)*56*'.B&5";#
8
$%&'()*+(),-&./0
!"#$%"$&'"%()%$*"+'$)!,-.$"/-,/(
a&_%)6*7#()#'8=(#(8-%6A6*.5'#:)F*#(8%)=78#&:=-.(6)*#.*:#>%&C
9&*(.(69A&.'=%&'#?&B)%)=%#/6:'#7&(#&*(%.>>&:#6*#(8&6%#'-8&A&';
# 4*:@#F8"#(86'#?))/@#*)Fb#
# W)55)F6*7#(8'=--&''#)B#)=%#! #%'(#kN#?&'(C'&556*7#?))/@#G(3%-(%
K9(-$'-%A(69%L#4/*%09(;%H$C6,/%K9$*,-(9&1#F%&.56i&:#(8&%'#.#*&&:#
()#.::%&''#)*)B#(8?677&'(#7%)F6*7#-)*-&%*'#)B#>.%&*('#():."K#I*C
(&%*&(#'.B&(";#
# W%.*/5"@#A)'(#>.%&*('#():."#8.98((5/*)F5&:7)B#(8a)%5:#
a6:a&?;#4'#.#A.((&%#)B#B.-(@#(8&6%#/6:'#/*)F#A)%.?)=(#6(#(8.*#
(8&"#:);#J)#(86'#?))/#F655#8&5>#.*"#>.%&*(@#56/='@#F8)'/6:'#.%
'.996&%#)*56*(8.*#(8&"#.%&;##
!"#$%!&'$("")$*+,$!-./$0"1
# %)96:&'# )=%# &BB&-(69 (6>'# .*:# (&-8*6D=&'# B)%# >%&C
9&*(6*7#)*56*>%&:.()%'#B%)A#-.(-86*7#.*:#.?='6*7#.*"#A)%/6:'@#
")=%#/6:';#
# W)%#(8-%6A6*.5#)*56*&@#F&_%>=((6*7#(8&A#)*#*)(6-(8.(#(8&"#
.%)=(#)B#?='6*&'';
# #")=#6*'(.*(5"#6'#?"#&:=-.(6*7#
")=#(8.(#(8>%&:.()%'#.%)*56*&;#I(_'#.#B.-(;#)F&%B=5#/*)F5&:7B)%#")=;#
9
5&(2%$67(5%&
,/%'".+)%,"/
I*# /*)F6*7# (86'# B.-(@# ")=# -.*# 5&.%*# 8)F# ()# '(."# )* '(&># .8&.:# )B#
(8&A#)%#?&((&%#"&(@#.9)6:#?&6*7#(%.>>&:#?"#(8&A#.55#()7&(8&%;
# 4>>5"#(8(6>'#.*:#(&-8*6D=&'#(8.(#.%*#(86'#?))/;#5-)AA)*#'&*'')5=(6)*'#(8.(#.%
&BB&-(69&;#
# Y)=#-.*#&9&*#='(86'#?))/#.'#.#%&B&%&*-=6:&;#W56>#(8%)=78#(8
?))/@#.*:#>6-/#.#-8.>(&%#(8.(#.>>&.5'#()#")=#)%#.*'F&%'#.*#6AA&:6C
.(*&&:;#`&.:#6(;##(8%)=78#(8
&.'"#?=55&(#>)6*(#-8.>(&%#'=AA.%6&';#l&&>#(8?))/#*&.%#")=%#-)AC
>=(&%;#e.-8#-8.>(&%#6'#F%6((&*#()#'(.*:#)*#6('#)F*;#.7&'#)=(#.*:#
(.>(8&A#()#")=%#-865:_'#-)A>=(&%;
# I(_'#.55#.?)=(#")=%#/6:';#I(_'#.?)=(#?)(8#(8&A#.*:#")=#?&6*7#'.B&%#
)*56*AA&:6.(&5"#.'#F&55#.'#6*#(8)*7C(&%A;#I(_'#.55#.?)=(#/&&>6*7#
(8&A#'.BB)%#(8&6%#&*(6%8B&(6A&;
:
)!1&%('$2
& & LM&.NOP!&OG"%&
& & >PP"*(!&"#PO#(-&
& & >#!&"%N(J&G>I(%M&LM%NG
KQZ'@'G,K!:EE>';!',Y9;O:95Z';9E,9Z
TO&55@#I#8&.%#F8.(#")=#.%'."6*7@#?=(#(86'#:)&'*_(#.>>5"#
()#A&;#V"#-865:#6'#*)(#.55)F&:#)*56*&cd
# a8&*&9&%# F 8&.%# (86'# 6*:67*.*(@# %678(&)='# %&'>)*'
#%'(#
B%)A# >.%&*('@# )=%# ! %&.-(6)*# 6'@# ghl;# X)):# B)%# ")=;d#
.%&*('#.%.(#7%&.(&%#%6'/#B%)A#)*56*
>%&:.()%'# .*:# .?=' .(# ')A (6A 6*# (8&6%# 56B (8.*# (8)'
F8)#.%-=%%&*(5"#.55)F&:#)*56*&;
# J8)-/&:b
# J)A&(6A&'# F .5')# 8&.%@# gV"# -865:_'# '.B&;# I# 8.9 (8
-)A>=(&%#6*#(8ᙀ*7#%))A#')#I#-.*#'&F8.(#(8&"#.%:)6*7#
.*:#F8&%(8&"#7)#)*56*&;d#a'8./)=%#8&.:'#')AA)%&;
# )%(#B%)A#(8H.(6)*.5#U&*(&%#B)%#V6''6*7#
.*:#e]>5)6(&:#U865:%&*@#6*#122O@#%&>)%('K
m# 4?)=(#B)=%(&&*#>&%-&*(#)B#(8")=(8'#)*56*R(&*#()#
'&9&*(&&*#"&.%'#)5:S#%&-&69&:#.#'&]=.5#')56-6(.(6)*#
; )%#.>>%).-8#)9&%#(8I*(&%*&(;#
$%&'()*+(),-&./0
!"#$%"$&'"%()%$*"+'$)!,-.$"/-,/(
m# W)=%#>&%-&*(#RZnS#%&-&69&:#.*#.77%&''69'&]=.5#')56-6(.(6)*^
.#')56-6()%#F8)#.'/&:#()#A&&(#(8&A#')A&F8&%&o#-.55&:#(8&A#)*#
(8(&5&>8)*&@#)%#'&*(#(8&A#)B"#6*A.65@#A)*&"@#)%#76B(';#
m# &%-&*(#RPZnS#8.:#.*#=*F.*(&:#&]>)'=%()#'&]C
=.5#A.(&%6.5^>6-(=%&'#)B#*./&:#>&)>5)%#>&)>5.96*7#'&];#
m# &%-&*(#R1LnS#)B#(8")=(8#F8)#&*-)=*(&%&:#
=*F.*(&:# '&]=.5# A.(&%6.5# ()5:# .# >.%&*(# )%# 7=.%:6.*;# IB# (8
&*-)=*(&%# F.'# :&!#*&:# .'# :6'(%&''6*7^&>6'):&'# (8.(# A.:
(8&A#B&&5#9&%"#)%#&](%&A&5"#=>'&(#)%#.B%.6:^B)%("C(F)#>&%C
-&*(#RZ1nS#()5:#.#>.%&*(#)%#7=.%:6.*;N
## )%(#)*#(8I*(&%C
*&(#:&(&%A6*&:#(8.(#)**#(8%&A&%6-.*#-865:%&*#8.9?&&*#-"?&%C
?=556&:;1#Q49/094$)*%F,?,N4)$#%&>)%(&:#6*#4>%65@#122O@#(8.(#Z1#>&%-&*(#
)B#4='(%.56.*#(&&*'#8.9?&&*#-"?&%?=556&:#.*:#.5)*7#F6(8#(86'@#(F)#
A)%:6'(=%?6*7#B.-('K
m# X6%5'#.%(F)#.*:#.#8.5B#(6A&'#A)%8/&5"#()#?`-(6A'#)B#
-"?&%?=55"6*7;
m# X6%5'#.%A)%8/&5"#()#?-"?&%?=556&';P
# 4'# B)%# .:=5('@# (8 >.%&*('# )B# (8&' -865:%&*@# *&.%5"# )* 6*# !#9
.:=5('#8.9B.55&*#96-(6A#()#.*#I*(&%*&(#'-.A@#.'#%&>)%(&:#?"#.#V6-%)C
')B(#'=%9&"#6*#4=7='(#)B#122L;
# Y)=#-.*#:)#.#5)(#.'#.#>.%&*(#()#A./'=%")=%#-865:#6'#*)(#)*)B#
(8&'`-(6A'#.(#')A(6A*#(8&6%#56B&;#I(#6'#*)(@#8)F&9&%@#:)*?"#
B)%?6::6*7#(8&A#()#7)#)*56*&;
# a8"b
,(+2)3
3*$)!,-.$,4$/"%$1--"#(.$"/-,/(5
# IB#")=#B)%?6:#(8&A#()#7)#)*56*&@#F-.*#.5A)'(#7=.%.*(&")=#(8.(#
.(#')A(6A?&B)%(8&"#.%&678(&&*#"&.%'#)B#.7&@#(8&"#F655#:)#')#
F8&*#")=#.%*)(#.%)=*:;#%&>.%&:;#IB#")=#:)*_(#
>%&>.%(8&A#()#?)*56*.(#')A>)6*(#6*#(8&6%#569&'@#%&7.%:5&''#)B#
F8&(8&%#(8&"#.%():."#)%#*)(@#")=#.%-)AA6((6*7#)*)B#(8L#$6(C
B.55'#)B#I7*)%.*-h*56*&;#=((6*7#")=%#
-865:#.(#7%&.(#%6'/;#
# )F&%B=5#())5';#'#.%&9&*#
.>>%)>%6.(B)%#A)'(#.:=5('#.'#F.55#*&7)(6.()=%#F."#(8%)=78#56B&;
# a.*(#()#/*)F#)*)B#(8&.'6&'(#F."'#()#?'.B&%#)*56*AA&:6C
.(&5"b#49)6:#(8&''&9&*#>6(B.55'K
/&%2+..$345$670$*!&.8$&'$,"%$+.."#-8$",.&,-9:
# V)'(#/6:'#F655@#:=%6*7#(8&6%#56B&(6A&@#7&(#)*56*F8&(8&%#")=#.5C
5)F#6(#)%#*)(;#I*#():."_'#F)%5:@#")=%#-865:#F655#?.(#'-8))5@#.(#(8
56?%.%"@#6*#.#A='&=A@#)%#.(#.#B%6&*:_'#8)='.*:#6*9.%6.?5"#! #*:#(8&AC
'&59&'#F6(8#.--&''#()#(8I*(&%*&(;#J-8))5#>%)\&-('@#-5.''&'@#.:9.*-&:#
%&'&.%-8@#.*:#)(8&%#*&-&''.%"#6*B)%A.(6)*C7.(8&%6*7#(.'/'#F655#')A&C
:."#?*&-&''.%"#B)%#")=%#-865:#()#:)#)*#(8I*(&%*&(;#
# %&>.%&:#.*:#")=#.%(8)*F8)#A='(#>%&>.%
(8&A;
?
$%&'()*+(),-&./0
!"#$%"$&'"%()%$*"+'$)!,-.$"/-,/(
# I(_'#(8.(#'6A>5&;#l*)F5&:7.*:#&:=-.(6)*#.% &%"#>)F&%B=5#())5'#
B)%#.#56B&(6A)B#'.B&(";#e9&*#.#")=*7#.:=5(#:)6*7#.:9.*-&:#%&'&.%-8#
)*56*.'#.#-)55&7'(=:&*(#*&&:'#()#?(%.6*&:#6*#I*(&%*&(#'.B&(";#
# Y)=#-.*#B)%?6:#")=%#-865:#()#?)*56*%678(#*)F@#.*:#.'#.#>.%&*(#
(8.(# 6'# ")=%# %678(;#a '=77&'(@# 8)F&9&%@# (8.(# ")=# .(# 5&.'(# A&*(.55"#
>%&>.%(8&A#F6(8#(8B.-('#.?)=(#3#=#(8&"#.%*)(#.55)F&:#)*56*&;#
Y)=#-.*#(.5/#()#(8&A#.?)=(#6(#6*#.7&C.>>%)>%6.((&%A'#.*:#'8.%F6(8#
(8&A#")=%#6:&.'#.*:#B&.%'#.?)=(#)*56*'.B&(";
/&%2+..$3;5$6&$!+$=""7?$
'"$&$*+,$#+%*!$#!+%$%!-0$+=-$8"&,>@:
# h*)B#(8?677&'(#(86*7'#F/*)F#6'#(8.(#'.B&("@#&'>&-6.55"#(&&*#
'.B&("@#'>%6*7'#B%)A#.#?.'6'#)B#(%='(#.*:#'&5BC-)*!#:&*-&;#IB#")=#F.*(#
()#/&&>#(8-)A>=(&%#')A&F8&%")=#-.*#'&(#F865")=%#-865:%&*#
.%")=*7@#(8.(#6'#hl#.*:#")=%#-8)6-&;#Y)=#-.*#.5')#-8))'()#A)9
(8-)A>=(&%#6*()#(8ᙀ*7#%))A@#?=(#F&*-)=%.7")=#()#&:=-.(
")=%#-865:#*)(#)*5"#.?)=(#8)F#(8I*(&%*&(#F)%/'@#?=(#.5')#F8"#(8
-)A>=(&%#6'#'6((6*7#F8&%(#6';
# Y)=%# .?656("# ()# -)*'(.*(5"# >)56- ")=%# -865:%&*_'# .-(6)*'# )*5"#
7)&'#')#B.%;#a8&*#(8&"#.%)*#(8&6%#)F*#.(#')A>)6*(@#")=#F655#*)(#
?(8&%()#A./-8)6-&'#B)%#(8&A;#>%)>%6.(F)%:'@#F8.(#(8:.*7&%'#.%&K#'&]=.5#
>%&:.()%'@#-"?&%?=556&'@#(%.>'@#.*:#'-.A';#!)*&'(#.*:#'8.%")=%#
3@
7=>,(+2)3
3*$)!,-.$,4$/"%$1--"#(.$"/-,/(5
(8)=78('# .*:# B&&56*7'# F6(8# (8&A;#Y)=# -.*# :)# (86'# F6(8)=(# -%&.(6*7#
B&.%#.*:#>.%.*)6.;
# I*-5=:*#(8:6'-=''6)*#'.B&("#(6>'#.*:#%=5&'#.'#")=#B)'(&%#(%='(#
.*:#%&'>&-(#?&(F&&*#")=#.*:#")=%#-865:#F6(8#B%.*/#:6'-=''6)*'#.?)=(#
(8I*(&%*&(;#e]>5.6*#()#(8&A#F8"#(8-)A>=(&%#6'#5)-.(&:#F8&%(#
6';#I(#A."#?(8A)'(#>%.-(6-.5#B=%*6(=%-)*! #7=%.(6)*@#)%#.*#g6(_'#
(8)*5"#>5.-(#-.*#7)d#5)-.(6)*#6''=&;#)6*(#6'@#(.5/#()#")=%#-865:#.?)=(#F8.(#")=#.%(86*/6*7#.*:#
:)6*7# F6(8# (8 -)A>=(&%# .*:# (8 I*(&%*&(;# ! 8)*&'(# .*:# =>CB%)*(#
F6(8#F8.(#")=#'.";#IB#")=#.%.B%.6:@#6(#6'#hl#()#(&55#(8&A#(86';#J&(#(8
?.'6'#B)%#.*#8)*&'(@#=>CB%)*(#%&5.(6)*'86>#F6(8#")=%#")=*7&%#-865:%&*;#
a6(8#)5:&%#/6:'@#-)*(6*=.#%&5.(6)*'86>#)B#(%='(#.*:#%&'>&-(C?=65:6*7;#
=(&%'#(8.*#(8&6%#>.%&*(';#E.9
(8&A#(&55#")=#.?)=(#(8I*(&%*&(#.*:#F8.(#(8&"#! #*:#(8&%&;#E.9(8&A#
(&55#")=#F8.(#(8&"#'&.*:#>&%-&69&;#.%&*(@#.#?&((&%#=*:&%'(.*:6*7#)B#(8&6%#>&%'>&-(69)B#(8a&?;#
# Y)=# -.*# ?)(8# :)# (86'# 6*# .# -)*9&%'.(6)*.5# F."@# ());# .%.*)6.#6*#(8F)%5:;#5.-B)%#/6:'@#')#
&:=-.(")=%#-865:#.'#()#(8)':.*7&%'#.*:#8)F#()#.9)6:#(8&A;##(8&A'&59&'#
)=(#)B#8.%A_'#F.";#
/&%2+..$3A5$6%!-0$*+,$",.0$*!+%$#&%!$
%!-&=$'*!"".$2=&-,8'$",.&,-@:
# IB#(8&%'#)*(86*7#()#=*:&%'(.*:#.?)=(#(8I*(&%*&(#.*:#?&6*7#
'.B)*56*(#6'#(86'K#(8&%'#*)#g)*5"d#()#6(#)%#)*#6(;#%69"#()#)*5"#)*)%#(F)#>&)>5)*56*&;#4*"#.*:#.55#6*B)%A.C
(6)*#-.*#?'8.%&:#)%#'=%%&>(6(6)='5"#'()5&*#.*:#='&:#?"#.*")*F6(8#
655#6*(&*(6)*';#
# a)9()#(&55#/6:'#(8.(#(8&"#A='(#.''=A.56&*'#)*#+=>6(&%#.%
%&.:6*7#(8&6%#)*56*>)'('@#&A.65'@#.*:#6*'(.*(#A&''.7&';#&%'>&-(69(8.(#*)(86*7#6'#>%69.()*#(8a&?;
# )'(6*7';#W%6&*:'@#>&&%'@#.*:#'-8))5#.-D=.6*(.*-&'#.%
*)()%6)='#B)%#&*7.76*7#6*#-"?&%?=55"6*7;#U)*! #:&*(#-865:%&*#F8)#=*C
:&%'(.*:#(8.(#(8&6%#>.%&*('#.*:#B.A65"#.%(8&%B)%#(8&A#-.*#:&"#&-(@#
34
7=>,(+2)3
3*$)!,-.$,4$/"%$1--"#(.$"/-,/(5
:&5&(&@#.*:#67*)%-"?&%?=55"6*7#A)%&BB&-(69&5";##)%#6*:&>&*:&*(5"#:&-6:(8&"#
F.*(#()#5&.9.#-8.(#7%)=>#)%#&A.65#-8.6*#?&-.='(8&"#F.*(#?&((&%#
B%6&*:'#6*#(8&6%#569&';
/&%2+..$3B5$6&$),"#$%!-$/-='",$",$%!-$"%!-=$-,8$&'$
-C+*%.0$#!"$%!-0$'+0$%!-0$+=-@:
# j*5&''#(8>&%')*#")=#.%*(&%.-(6*7#F6(8#)*56*'#.#-5)'B.AC
65"#A&A?&%@#(%='(&:#B%6&*:@#)%#-)*! #%A&:#-)55&.7=&@#.5F."'#A.6*(.6*#
'/&>(6-6'A#(8.(#*&F#-)*(.-('#)%#-8.(#%))A#B%6&*:'#.%F8)#(8&"#'."#
(8&"#.%&;#a.%*)(#&*-)=%.76*7#>.%.*)6.o#8)F&9&%@#F.%'=77&'(C
6*7#(8.(#.#8&.5(8"#'/&>(6-6'A#6'#7)):;#I(#6'#())#&.'"#B)%#.*")*()#86:
.*)*"A)='5"#?&86*:#/&"?).%:'#.*:#='&%*.A&';#`&5.(6)*'86>'@#&9&*#
-"?&%B%6&*:'@#(./(6A()#:&9&5)>;#'#B)%A&:#)*#(8I*(&%*&(@#
.*:#A./(8*&F#B%6&*:'#>%)9?&")*:#.#:)=?(#(8&"#.%F8)#(8&"#
-5.6A#()#?&;
# IB#")=#8.9")=*7#-865:%&*#)%#(&&*.7&%'@#*&9&%#.55)F#(8&A#()#.-C
-&>(#76B('#B%)A#.*")*(8&"#A&&(#)*56*&;#IB#(8&"#:)@#A./'=%")=#
>&%')*.55"#8.9(.5/&:#()#(8>&%')*#)*#(8(&5&>8)*&;#I(_'#.#7)):#6:&.#
()#%&96&F#(8&A.65#-)%%&'>)*:&*-&@#());#Y)=#A='(#8.9)*=*:%&:#
>&%-&*(#-)*! #:&*-(8.(#(8>&)>5.%F8)#(8&"#'."#(8&"#.%?&B)%
")=#&9&%#5&(#")=%#-865:#6*(&%.-(#F6(8#(8&A#)*#.#>&%')*.5#5&9&5;#
# 4::6(6)*.55"@# *&9&%# .55)F# ")=%# -865:# ()# A&&(# .*")* 6*# >&%')*#
(8&"#A&(#!#%'(#)*56*=*5&''#")=#.%-)*!#:&*(#6*#(8.(#A&&(6*7#.*:#%&C
38
$%&'()*+(),-&./0
!"#$%"$&'"%()%$*"+'$)!,-.$"/-,/(
5.(6)*'86>;#IB#")=#:)#.7%&()#5&(#")=%#-865:#A&&(#.#*&F#-"?&%B%6&*:@#
7)#F6(8#(8&A#()#(8.(#A&&(6*7#.*:#A./'=%(#(./&'#>5.-*#.#86785"#
>)>=5.(&:@#>=?56-#>5.-&;
/&%2+..$3D5$6&$),"#$-5.*&(#():.";#I(_'#.#>%&(("#8&.5(8"#
96&F#()#8.9F8&*#)*56*&@#());#455#>.%&*('#F.*(#(8F)%5:#()#/*)F#
8)F# ?&.=(6B=5# (8&6%# -865:%&*# .%&;# V.*"# (&&*'# F.*(# )(8&%'# ()# /*)F#
8)F#.((%.-(69(8&"#.%&;#Y)=*7#'6*75&'#5))/6*7#()#A&&(#.#A.(F.*(#
()#&*(6->)(&*(6.5#-.*:6:.(&'#F6(8#>8)()';
# $8)()#'6(&'@#'6(&'#F8&%/6:'#>5."#.*:#8.*7#)=(@#(&&*#'6(&'@#.*:#')C
-6.5#*&(F)%/'#.%.55#>5.-&'#.((%.-(69()#'&]=.5#>%&:.()%';#I(#6'#.#B.-(#
(8.(#>%&:.()%'#8.*7#)=(#F8&%(8&"#/*)F#(8&6%#>%&"#F655#?&;#5&K#>%&:.()%'#8.*7#)=(#F8&%(8/6:'#.%&;#I(#A./&'#A)'(#>.%&*('#
=*-)AB)%(.?5()#%&.:#(86'@#?=(#6(#6'#(%=&;#l*)F6*7#(86'#B.-(#F655#8&5>#
")=#/&&>#")=%#-865:#'.B&%#)*56*&;
# $%&:.()%'#7)#F8&%(8/6:'#.*:#A.(&%6.5'#(8&"#*&&:#.%&.'65"#
.--&''&:;#4*:# F8.(# 6'# )* )B# (8 A.(&%6.5'# (8&"# *&&:b# 8)()'# )B# /6:'@# (&&*'@# .*:# )(8&%# >)(&*(6.5# 96-(6A';#,(+2)3
3*$)!,-.$,4$/"%$1--"#(.$"/-,/(5
>8)()'#)B#96-(6A'#.*:#-%&.(=%6:#:%&.A'#?"#:)F*5).:6*7@#'8.%6*7@#
.*:#>%6*(6*7#(8&A;#8)()'#:6BB&%C
&*(5"#(8.*#")=#:);
# a865(_'#.#(&%%6!#-#%=5()#*&9&%#=>5).:#.#>6-(=%)B#")=%#-865:#()#
(8*(&%*&(@#F/*)F#>8)()#'6(&'#.%&%()#'(.";#$.%&*('#.*:#B.A6C
56&'#F655#.5F."'#F.*(#()#?).'(#.?)=(#(8&6%#8.*:')A-865:%&*;#+='(#?
'A.%(;#!.F.%&;
/&%2+..$3E5$6-&%')*#")=#A&&(#)*56*
8.'#.?')5=(&5"#:6BB&%&*(#6*(&*(6)*'#B%)A#")=%'&5B;#I(#:)&'#*)(#*&-&'C
'.%65"#A&.*#(8&"#.%&965o#6(#\='(#A&.*'#(8&"#.%:6BB&%&*(#B%)A#")=@#
.*:#")=#*&&:#()#?.F.%)B#(8.(#B.-(;#
# a.9.*#.:9.*(.7F8&*#FA&&(#')A&)**&F#B.-&C()CB.-&;#
a-.*#'&*'')A&(86*7#.?)=(#(8&A#(8.(#(&55'#='#6B#FF.*(#()#6*(&%C
.-(#F6(8# (8&A# B=%(8&%# )%# *)(;#a6(8)=(# )=%# 6**.(.?656("#()#5))/#.(@#
6*(&%.-(#>&%')*.55"#F6(8@#.*:#g'6i=>d#.#*&F#B%6&*:#F6(8#)=%#'&*'&'@#
F*&&:#()#?&](%.#-.=(6)='#6*#.''=A6*7#(8.(#&9&%")*FA&&(#)*C
56*'#.'#F&55C6*(&*(6)*&:#.'#F.%&;
# V)%(8.*#(8.(@#(8B.-(#6'@#A.*"#>&)>5.-/#7)):#F%6((&*#-)AC
A=*6-.(6)*#'/655'#():."@#.*:#6(#6'#\='(#())#&.'"#()#A6'=*:&%'(.*:#&9&*#
(8'6A>5&'(#)B#&A.65';#%&:.()%'#:)#*)(#F)%/#.55#:."@#'8)>#.(#(8
'()%)*#(8F."#8)A&@#&.(#:6**&%@#.*:#(8&*#(%)55#B)%#96-(6A'#6*#(8&6%#
'>.%(6A.(#*678(#?&B)%)6*7#()#'5&&>;
# W6*:6*7#96-(6A'#6'#(8&6%#B=55C(6A\)?;#H)(#)*5"#(8.(@#(8&"#.% &%"#
:%69&*#6*#(8&6%#B)-='#()#!#*:#96-(6A';#(6(6)='5"#(%.>>6*7#.*:#F6*:6*7#6*#(8&6%#96-(6A'#56/! #'8#)*#.#
56*&;#.(6&*(#.'#(8&6%#(%.>#=*B)5:'#.*:#&*'*.%&'#")=#
)%#")=%#-865:;
# a8"#.%F(&556*7#")=#(86'b
# $.%&*('#*&&:#()#?.F.%)B#F8.(#(8&"#.%:&.56*7#F6(8#)*56*&;#IB#
")=#=*:&%'(.*:#6(@#(8&*#")=#-.*#=*:&%'(.*:#F8"#6(#6'#?&((&%#()#6A>5&C
A&*(#>%&9&*(.(69'.B&("#A&.'=%&'#(8.(#A./")=#.*:#")=%#-865:#'.B&%#
(8.*#()#?&-)A.#96-(6A#5.A&*(6*7@d#I#*&9&%#(8)=78(#6(#F)=5:#8.>>&*#
()#A&;d#J(."#)*'(&>#.8&.:#)B#(8>%&:.()%';#!-.=(6)=';#Y)=#8.9
*)#*)%A.5#8=A.*#6*'(6*-('#()#%&5"#=>)*#F8&*#")=#.%)*56*?&-.='
")=#-.**)(#%&5.(>&%')*C()C>&%')*#F6(8#>&)>5?&86*:#/&"?).%:';#
# h=%#.:96-'@#?-.=(6)='@#?-.%&B=5;#j*:&%'(.*:#(8.(#")=#.*:#
")=%#-865:#.%.#(.%7&(#B)%#B=55C(6A-%6A6*.5'#?&*(#)*#-.(-86*7#(8
?)(8#)B#")=;#6(B.55'#)B#'=%!#*7#(8*(&%*&(#-.*#?.9)6:&:#F6(8#.#
56((5/*)F5&:7(8.(#-.*#?.>>56&:#&9&%"#(6A")=#.%)*56*&;
#
3A
7=>,(+2)B6CC>2D
K6$'@'G+.?=778'"?',C-"#=-0$';-7+-$'
]' D/-.#66&UVW&^34'06+7&'+8'-".'=77"%$&'"-7+-$&.(PP&)N"#(
Q;A':'E,KKEZ'V9;A9'>Z5OZK'5:9'QZEG'
U;B':9M'U;BO'5Q,EM'XZ'>:!ZO'
;9E,9Z',33ZM,:KZEU
J B#(8&%'#.*"#)*(86*7#")=#-.*#:)#()#/&&>#")=%#-865:%&*#
'.B)*56*&@#*)#A.((&%#F8.(#(8&6%#.7&@#6(#6'#()#&:=-.((8&A;#
a?&56&9/6:'@#F8&*#769&*#(8%678(#/*)F5&:7*#F)%:'#
(8&"# =*:&%'(.*:@# F655# B)55)F# (8 ?&'(# >%.-(6-&'# .*:# A./
(8?&'(#-8)6-&'#B)%#(8&A'&59&';#I(_'#-.55&:#&A>)F&%A&*(;#
# eA>)F&%6*7#")=%#-865:#6'#&''&*(6.5;#4*:#(8)*B.-(@#
(8)*8((5'&-%&(#()#&A>)F&%6*7#.*:#&:=-.(6*7#")=%#-865:#
.?)=(#(8I*(&%*&(#%678(#*)F#6'K#-#$%3$.%4&%)(-%,%'$//%5#()$7
# V)'(#/6:'@#(&&*'#&'>&-6.55"@#.% &%"#-&55#>8)*'.99";#
#='6*7#(8&A#.*:#8.9.#/*)F5&:7)B#(8&A#
(8.(#B.%#)=('(%6>'#A)'(#>.%&*('_;#45A)'(#.*"#(&&*.7&%#-.*#"#6>#
)>&*#.#>8)*F6(8#)*.*:#.*:#" #6-/#.*#.*'F&%#/&"#F6(8#.#
:&B(#(8=A?#F8&*#(8-='()A#%6*7()*)&'#)BB;#4:=5('@#)*#
(8)(8&%#8.*:@#8.9()#! #'8#>8)*&'#)BB#)B#?&5('#)%#)=(#)B#.#
3?
$%&'()*+(),-&./0
!"#$%"$&'"%()%$*"+'$)!,-.$"/-,/(
>)-/&('#.*:#>=%'&';#a-.%&B=55"#)>&*#(8&A#F6(8#(F)#8.*:'#.*:#>='8#
(8.*'F&%#?=(()*#F6(8#.*#6*:&]#!#*7&%#F865'D=6*(6*7#.(#(8/&">.:;#
4*"#A.\)%#*=A?&%'#()#?:6.5&:#8.:#?&((&%#?/&"&:#6*()#(8>8)*&C
?))/#'6*-)=%#'.='.7&C56/!#*7&%'#(.>#A)%(8.*#)*/&"#.(#.#(6A&;
# a865(_'#.#B=**"#6A.7&@#6(#5&.:'#()#(8%&.5#>)6*(K#)=%#/6:'#='
-&55#>8)*&'#F6(8#7%&.(#'/655#.*:#&]>&%(6'()#-8.(#F6(8#(8&6%#B%6&*:'#
)*&C)*C)*&;##F6(8#(8&A#.*:#.% &%"#'/655&:#6*#
='6*7#(8&A#.'#.#%&7=5.%#>.%(#)B#(8&6%#:.65"#%)=(6*&;#`&7.%:5&''#)B#(8&6%#
:&](&%6("@#/6:'#-8.(#.*"F8&%&@#.*"(6AF6(8#B%6&*:'#(8&"#8.9>&%C
')*.55"#769&*#)=(#(8&6%#-&55#>8)**=A?&%#();#;
# $.%&*('#8.9&*-)=%.7&:#(86'#?&8.96)%#?&-.='(8-&55#>8)*.'#
?&&*#.*#&.'"#.*:#-)AB)%(6*7#F."#()#'(."#6*#()=-8#F6(8#.*"#-865:#F8)#
6'#)=(#)B#'678(;#U&55#>8)*&'#.BB)%:#='#.#A&.'=%)B#-)*(%)5#.'#>.%&*('#
(8%)=78#6*'(.*(#-)AA=*6-.(6)*#F6(8#)=%#-865:%&*;#I(#6'#.#-)*9&*6&*-
)B#)=%#-=5(=%.*:#(6A&'#F86-8#>.%&*('#.*:#-865:%&*#.56/?.%&5"#769
.#(8)=78(#();
# 4>>%).-86*7#(8I*(&%*&(#6*#.#A.**&%#'6A65.%#()#-&55#>8)*&'#6'#
:.*7&%)=';#l6:'#.''=AF8.(#(8&"#:)#)*56*'#)*&C)*C)*&@#\='(#.'#
6B#6(#F&%.#*.(=%.5#)BB'8))(#)B#(8-&55#>8)*&;#Y)=#-.*_(#?5.A(8&Ao#
(8&"#8.9*)#6:&.;#$.%&*('#:)*_(#&6(8&%;
# 45F."'# .''=A &9&%"(86*7^.*:# F A&.*# .?')5=(&5"# &9&%"C
(86*7^")=#:)#)*56*'#?&6*7#96&F&:@#-)>6&:@#%&-)%:&:@#.*:#'8.%&:#
F6(8#&9&%")*&5')*56*&;#4''=A(8.(#A6556)*'#.*:#A6556)*'#)B#='C
4@
7=>,(+2)4
#!*$+4,/7$%!($#(8$,4$/"%$-,9($+4,/7$1$)(--$&!"/(
&%'#.%)=*:#(8F)%5:#F655#'&")=%#>)'(@#&A.65@#>&%')*.5#6*B)%A.(6)*@#
.*:#.*"(86*7#")=#8.9()#'."#.?)=(#4=*(#+&**6)%#")=%#B%6&*:#l=%(;#
4''=A(#.55#6'#)%#F655#?A.:>=?56-;
# Y)=#8.:#.5')#?&((&%#.''=A(8.(#(8&%.%*&B.%6)='#6*:696:=.5'#
.%)=*:#! #55&:#F6(8#655#6*(&*(@#"&'#-%6A6*.5'@#&9&%"F8&%")=#7)#)*#(8
I*(&%*&(;#"6*7#)*#")=%#>&%')*.5#)*56*-)AA=*6C
-.(6)*'#()#'*.%(8&6%#96-(6A';#.''&:#.%)=*:;#Y)=#A."#&9&*#F.*(#()#'8)F#(8&A#F6(8#")=%#
-)A>=(&%;
# e9&%"(86*7#(8.(#.>>&.%'#)*#(8a&?#-.*#?:)F*5).:&:@#(%.-&:@#
)%#'()5&*;#=(&%#'"'(&A#8.'#?&&*#8.-/&:#
)9&%#(8"&.%';#a8"#F)=5:#")=#(86*/#")=%#>&%')*.5#6*B)%A.(6)*#)%#
-)A>=(&%#.(#8)A'#>%69.(&b
# IB#")=#:6'-=''#(8%.A6! #-.(6)*'#)B#?&6*7#')#>=?56-#F6(8#>%69.(
(8)=78('@#>6-(=%&'@#.*:#6*B)%A.(6)*#F6(8#")=%#/6:'#6*#(&%A'#(8&"#-.*#
=*:&%'(.*:@#(8&"#F655#*)(#)*5"#%&-)7*6i(8>%)?5&A@#(8&"#F655#?
F6556*7#>.%(6-6>.*('#6*#(8')5=(6)*#.'#F&55;#V)'(#(&&*'#&D=.(-8.(C
(6*7# )*56* .*:# '&*:6*7# &A.65'# ()# B%6&*:'# F6(8# ='6*7# .# -&55# >8)*&;#
&%-&69(#.'#.#>%69.(-)*9&%'.(6)*;#IB#")=#:6'-=''#F6(8#(8&A#
43
$%&'()*+(),-&./0
!"#$%"$&'"%()%$*"+'$)!,-.$"/-,/(
(8%&.56(6&'#)B#(8I*(&%*&(#.*:#F8.(#')5=(6)*'#(8&"#-.*#='()#.9)6:#
?&6*7# (%.>>&:# ?"# >%&:.()%'# F8)# .% 6*(&*(6)*.55"# A.'D=&%.:6*7# .'#
B%6&*:'@#(8&"#F655#'(.%(#()#:)#'&9&%.5#-)*-%&((86*7'#()#?'.B&%#)*#
(8&6%#)F*;
%!-$/"#-=$"2$),"#.-8>-
# l*)F5&:7'#>)F&%;#)6*(;#V)'(#(%='.B&("#'(&A'#B%)A#'6A>5&@#-)AA)*#'&*'>%6*C
-6>5&';#e]>5.6*6*7#()#(&&*.7&%'#(8.(#&9&%"(86*7#(8&"#'&.*:#:)#)*56*
?)=*-&'#)BB#'.(&556(&'@#&5&-(%)*6-#F.9&'@#.*:#)>(6-#-.?5&'#.%)=*:#(8
F)%5:#7&('#(8&6%#.((&*(6)*;#e]>5.6*6*7#8)F#')A&)**#J":*&"#-8.(C
(6*7#)*56*F6(8#.#B%6&*:#:)F*#(8?5)-/#-.*#&.'65"#?'&&*#?"#')A&C
)**#V65.*@#A./&'#(8&A#(86*/;
# [&>&*:6*7#)*#(8.7)B#")=%#-865:%&*@#6(#A."#.5')#?.#7)):#6:&.#
()#5&(#(8&A#/*)F#(8.(#(8&%.%-&%(.6*#>&)>5)=(#(8&%(8.(#(8&"#*&&:#
()# .9)6:;# $%&:.()%'# 8.*7# )=(# F8&% /6:'# :);# $%&:.()%'# (%)556*7# B)%#
96-(6A'#7)#F8&%(8&"#-.*#! #*:#(8&A;#Y)=%#-865:%&*@#6*#9&%"#'6A>5
(&%A'@#*&&:#()#/*)F#(8&%.%-&%(.6*#6*:696:=.5'#)*56*F8)#A&.*#
(8&A#8.%A;#.%&*(;#a&*-)=%.7")=#()#(86*/#'&%6)='5"#.?)=(#6(@#(8)=78;#
a8&*#/6:'#=*:&%'(.*:@#%&.55"#=*:&%'(.*:@#(8F8"'#?&86*:#&9&%"#%=5
(8&"#A='(#B)55)F@#(8&"#7&(#)=(#)B#(8%&.5A#)B@#gV)A#.*:#[.:#.%
A./6*7#A:)#(86'@d#6*()@#ga)Fc#E)F#.?)=(#(8.(cd#I(#5&.:'#()#(8&A#
?&-)A6*7#6*9)59&:#6*#'(6-/6*7#()#(8%=5&@#());##6*#(8&6%#)F*#'.B&(";#4''=A6*7#(8.(#")=%#-865:%&*#.%*(&5C
44
7=>,(+2)4
#!*$+4,/7$%!($#(8$,4$/"%$-,9($+4,/7$1$)(--$&!"/(
567&*(#.*:#%&'>&-(6*7#(8&6%#6*(&5567&*-)&'#9&%"@#9&%"#B.%#6*#>&%')*.5#
)*56*'.B&(";
# Y)=*7&%#-865:%&*#-.*#7&(#(86'#());#a8&*#&]>%&''&:#6*#(&%A'#(8.(#
.% .7&C.>>%)>%6.(&@# &9&*# ")=*7&%# /6:'@# /6:'# F8)# 8&.:# ()# '6(&'# ()#
>5."#A.(8#)%#9)-.?=5.%"C?=65:6*7#7.A&'#%&-)AA&*:&:#?"#(&.-8&%'@#
-.*#?&76*#()#=*:&%'(.*:#8)F#()#'.B&5"#*.967.((8I*(&%*&(;
&$,-!%$&%$#"1.8$!+//-,$%"$7-
# a&_9 >%)?.?5"# '-.%&:# (8 8&-/# )=(# )B# A)'(# )B# ")=# ?"# *)F;#
X)):;##.8&.:#)B#(8:.*7&%'#)*56*?&-.=')B#(8.*)*"AC
6("#.BB)%:&:#&9&%")*(8&%&;#a'6*-&%&5"#F.*(#()#8&5>#")=#.*:#")=%#
-865:%&*#/&&>#)=(#)B#(8(%.>'#?&6*7#'&(#B)%#")=#)*56*&;
# >&*#()#A&;d#a8&*#>.%&*('#B)55)F#(86'#56*)B#(86*/6*7@#
6(#A&.*'#(8&"#8.9*)(#?&&*#(86*/6*7;#I(#A&.*'#(8&"#8.9?&&*#5.i"#
#
)%# *.q9 )%# ?)(8;# I(# A&.*'# (8&"# 8.9 *)(# >%&>.%&:# (8&A'&59&'# B)%#
%&.5#56B&;
# +='(#?&-.='")=#>%&>.%")=%'&5B#.7.6*'(#(8:.*7&%'#)*56*:)&'#
*)(#A&.*#.*"(86*7#?.:#F655#8.>>&*;#I(#:)&'#*)(#A&.*#")=#.%*96(6*7#
-%6A6*.5#?&8.96)%;#h*#(8-)*(%.%"@#(8(86*7'#6*#(86'#?))/#(./\='(#
A6*=(&'#.#:."#()#6A>5&A&*(#B)%#.#56B&(6A)B#'.B)*56*'=%! #*7;#I(#
\='(#A&.*'#")=#.%>%&>.%&:;#I(_'#56/?=-/56*7#")=%#'&.(#?&5(#&9&%"#
48
$%&'()*+(),-&./0
!"#$%"$&'"%()%$*"+'$)!,-.$"/-,/(
(6A")=#7&(#6*()#.#-.%;#Y)=#?=-/5=>#B)%#'.B&("@#?=(#")=#:)*_(#F6'8#
B)%#.#-.%#.--6:&*(;#!>%&>.%&:;
#
49
7=>,(+2)B6CC>2D
]' ,?'.6$#$'+8'=-4'"-$'.6+-C'4"/'0=-'&"'."'F$$W'4"/#'06+7$-'
8=?$'"-7+-$`'-"'P=..$#'%6=.'.6$+#'=C$`'+.'+8'."'$&/0=.$'.6$P('
]' Z&/0=.+"-'$PW"%$#8'4"/#'06+7$-'."'.=F$'#$8W"-8+D+7+.4'?"#'
.6$+#'8=?$.4'"-7+-$(
]' K6$'"-$'?=0.`'.6$'"-$'7+..7$'8$0#$.'+-'$&/0=.+-C'4"/#'06+7$-'
=D"/.'.6$'+-.$#-$.'+PP$&+=.$74'+8a'KQZ'AZX',>'9;K':'5ZEE'
GQ;9Z#'(JG&"I&%N(&&
& & O#%(J#(%
;BK>3:OK,9Y'KQZ'!BEELK,3Z'5O,3,9:E>
O F./=>@#7&(#=>#6*#(8A)%*6*7@#&.(#?%&./B.'(#F6(8#
(8 B.A65"@# :%&''# (8 /6:'# B)%# '-8))5@# 8&.:# )=(# B)%# F)%/@#
'>&*:#)=%#:."#A./6*7#.#5696*7@#-)A)A.(#*678(@#8.9
:6**&%@#.*:#'>&*:#.*#8)=%#:)6*7#)*)%#(F)#(86*7'#?&B)%
F)#()#?&:;#
# %&''=%&'@#B.A65"#:&A.*:'@#'8)>>6*7@#
A.6*(&*.*-.%)=*:#(8".%:#.*:#)(8&%#(86*7'#F.9()#
:);#;##.*:#:)#6(#.7.6*;
# J)#:)#(8-%6A6*.5'#.*:#>%&:.()%'#)*56*&@#%678(b
# a%)*7c
# '@#.*:#%&&56*7#6*#=*'='C
>&-(6*7#6*:696:=.5'#6'#.#B=55C(6A&*:&.9)%@#.#B=55C(6A\)?#
')#()#'>&./@#B)%#(8-%6A6*.5'#)*56*&;#j*5&''#")=#=*:&%'(.*:#
(86'@#")=#:)*_(#8.9.#>%."&%#B)%#/&&>6*7#")=%#-865:#'.B)*C
56*&;#Y)=#:)*_(#8.9.#>%."&%#B)%#>%&9&*(6)*#.*:#'(."6*7#)*
4;
$%&'()*+(),-&./0
!"#$%"$&'"%()%$*"+'$)!,-.$"/-,/(
'(&>#.8&.:#)B#(8&A@#=*5&''#")=#=*:&%'(.*:#")=#.%=>#.7.6*'(#>&)>5
F8)#'>&*:#(8&6%#&*(6%:."#5))/6*7#B)%#>%&";#'@#
")=#*&&:#.:96-.*:#&]>&%(6'&;##.8&.:#)B#(8&A#F6(8#(8*B)%A.(6)*#6*#(86'#
?))/;#h*#()>#)B#(8.(@#:&9&5)>#.#>%).-(69.>>%).-8#()#")=%#-865:_'#
)*56*'.B&(";#!.F.%)B#(8:.*7&%'#.*:#8)F#>%&:.()%'#F)%/;#!"#
/*)F6*7#\='(#8)F#(8&"#(%"#()#(%.>#")=#.*:#8)F#(8&"_9(%.>>&:#96-C
(6A'#6*#(8>.'(@#")=#-.*#?&-)A.%A&:#F6(8#.#9&%"#>)F&%B=5#/*)F5C
&:7&;##?)(8#")=#.*:#")=%#-865:#
'.B&%#)*56*&;#I(_'#-.55&:@#g)=('A.%(6*7#(8B=55C(6A-%6A6*.5';d
*0(-=(1..0&,>
# !=55"6*7# 6'# *)(# *&F;# I(# >%)?.?5"# F.'# .%)=*:# F6(8# h7# .*:# (8
)(8&%#-.9&A&*;#!=55"6*7#6'#.#*&7.(69>.%(#)B#8=A.*#*.(=%&;#I('#>%&9C
.5&*-'#'(.%(56*7K
m# !=55"6*7#6'#(8A)'(#-)AA)*#B)%A#)B#96)5&*-*#)=%#')-6C
&("o#?&(F&&*#NQ#>&%-&*(#.*:#P2#>&%-&*(#)B#'(=:&*('#.%?=556&'#
)%#96-(6A';#
m# 4#%&-&*(#%&>)%(#B%)A#(8A&%6-.*#V&:6-.5#4'')-6.(6)*#)*#.#
'(=:"#)B#)9&%#NQ@222#O(8pN2(8#7%.:&%'#&'(6A.(&'#(8.(#.>>%)]C
6A.(&5"#P;L#A6556)*#")=(8'#&*7.7*@#.*:#A)%(8.*#P;1#A65C
56)*#.%`-(6A'#)B@#A):&%.()%#'&%6)='#?=55"6*7#&.-8#"&.%;Z
m# !&(F&&*# N33Z# .*:# N333@# (8&% F&% 1QP# 96)5&*(# :&.(8'# 6*#
'-8))5o#QN#-.'=.5(6&'#F&%(8%&'=5(#)B#A=5(6>5:&.(8#&9&*(';#
!=55"6*7#6'#)B(&*#.#B.-()%#6*#'-8))5C%&5.(&:#:&.(8';Q
4,(+2)8
%!($624%$)(/%+'*$.1/7('4$"0$%!($,/%('/(%
m# V&A?&%'86># 6*# &6(8&%# ?=55"# )%# 96-(6A# 7%)=>'# 6'# .'')-6.(&:#
F6(8#'-8))5#:%)>#)=(@#>))%#>'"-8)')-6.5#.:\='(A&*(@#-%6A6*.5#
.-(696("@#.*:#)(8&%#*&7.(69)*7C(&%A#-)*'&D=&*-&';#
m# [6%&-(@# >8"'6-.5# ?=55"6*7# 6*-%&.'&'# 6*# &5&A&*(.%"# '-8))5@#
>&./'#6*#A6::5'-8))5@#.*:#:&-56*&'#6*#8678#'-8))5;#r&%?.5#
.?='&@#)*#(8)(8&%#8.*:@#%&A.6*'#-)*'(.*(;#.%(C
A&*(#)B#+='(6-%&>)%('#(8.(#")=*7&%#'(=:&*('#.%A)%8/&5"#
()#??=556&:#(8.*#)5:&%#'(=:&*(';#
m# h9&%# (F)# (86%:'# )B# '(=:&*('# ?&56&9 (8.(# '-8))5'# %&'>)*:#
>))%5"#()#?=55"6*7@#F6(8#.#8678#>&%-&*(.7)B#'(=:&*('#?&56&9C
6*7#(8.(#.:=5(#8&5>#6'#6*B%&D=&*(#.*:#6*&BB&-(69&;#
m# &%-&*(#)B#(&.-8&%'#'&*)(86*7#F%)*7#F6(8#?=5C
5"6*7#)%#>=(:)F*'#.*:#-)*'&D=&*(5"#6*(&%9&**#)*5"#Z#>&%C
-&*(#)B#?=55"6*7#6*-6:&*(';O
# U"?&%?=55"6*7@#)%#?=55"6*7#')A&)*`.#(8I*(&%*&(@#6'#.#(F&*("C
!#%'(#-&*(=%"#>8&*)A&*)*@#?=(#6(#'8)=5:#*)(#?.#'=%>%6'()#")=;#
# U"?&%?=55"6*7#6'#'6A>5"#.#-865:#?&6*7#(.%7&(&:#?"#')A&)*F6(8#
?.:#6*(&*(6)*'#(8%)=78#&A.65@#-8.(#%))A'@#)%#6*'(.*(#A&''.76*7;#I(#6'#
\='(# 56/ )B"#6* ?=55"6*7@# )*5"# :&569&%&:# :676(.55"# .*:# 6*-5=:&'# 8.C
%.''6*7@#()%A&*(6*7@#(8%&.(&*6*7@#)%#&A?.%%.''6*7#')A&)*(8%)=78#
)*56*A&''.7&';
# I(_'#='=.55"#/6:#()#/6:@#?=(#'&]=.5#>%&:.()%'#&6(8&%#F.(-8#.*:#&*C
\)"#(8&]-8.*7&'#B)%#(8(8%655#)%#A."#\)6*#6*@#:6'7=6'6*7#(8&A'&59&'#
.'#-865:%&*#.*:#(8='#.::6*7#()#(8:.*7&%;#`&7.%:5&''@#6(#6'#:&'