1. 1
!"!#$%&'$("!)%*+)!,$#)+"%-"!)!!*"'"%./!#)!$0+)1"
!"#$#!%!&'()%(*+,%!$-.%!"#$!#!")&'",$&/(#
!"#$%&'()*+$,-..-"
%"/0123($0-$4&5&/6+$4&71&-"
! 8$-9:.($;16<&(6/.$0/$&7"-=/>$91/9$;("2/9$-$;"/?1-@/9>$-$($?1/6)($($A/A-.$0-$9-19$.B0-"-9$
.-&7(9$-$-?1&A-$'10/"C$"/0&</.'-6)-$6/$'-0&0/$-'$?1-$9-1$)/'/6*($'10/#
-01! 213! 415673! 0183! 9:0;<3! 27! 744:! <1! =82741<>1! ?13@:41=! A! :! 273?475:! ?7=:!
38B<8C912:! 2:! @101<D:! 21! 8B47E1F! #! @101<D:! 21! 8B47E1! @70! ;0! 7<:407! 80?19@:! 70! 37;!
G;<98:<107<@:F! &H83@7! ;01!I9;=@;41! 2:! @101<D:J! K;7! 1G7@1! ?4:G;<2107<@7! 1!@:0121! 27!
27983673L!:!M;H:!2:3!47=198:<107<@:3L!1!1N1=81>O:!21!7C9P981!7!13!1>673!27!37;3!08<83@4:3L!
7K;8?7!7!=Q27473!=78B:3F
/R3!@7<270:3! 1!?7<314!<13!018:473! 28G747<>13!7<@47! 13!8B47E13!?48<98?1=07<@7! 70!
@740:3! 27<:08<198:<183! 7! @7:=RB89:3L! 013! 83@:! 3;S73T01! :! 80?19@:! 2:! @101<D:! <1!
:?74198:<1=82127!21!8B47E1F!%!28G747<>1!7<@47!13!G;<>673!27!;01!8B47E1!27!UVV!070S4:3!7!;01!
27!UVVV!070S4:3!?:27!374!0;8@:!018:4!2:!K;7!1!28G747<>1!7<@47!;01!8B47E1!W473S8@7481<1!7!
;01!8B47E1!X1T3@1!27!0730:!@101<D:F!-01!?733:1!21!7K;8?7!K;7!3181!27!;01!8B47E1!27!YVV!
070S4:3!?141!;01!8B47E1!27!ZVVV!070S4:3!73@14P!27!NP4813!G:4013!G157<2:!;01!0;21<>1!
0;8@:!018:4!2:!K;7!37!TN7337!31Q2:!27!;01!27<:08<1>O:!?141!:;@41F!!
-01!B41<27!8B47E1!<O:!A!380?=7307<@7!;01!N743O:!018:4!27!;01!?7K;7<1!8B47E1F!%3!
28G747<>13!27!9:0;<891>O:L!G:401>O:!21!9:0;<82127!7!?4:9733:!27!@:0121!27!27983673!3O:!
@O:!B41<273!K;7!13!D1S8=821273!27!=82741<>1!47K;748213!3O:!K;137!9:0?=7@107<@7!28G747<@73!
70!9121!;01F

2. 2
"!(2,*2+"!#/!*"'"%./
(:21!8B47E1!@70!;01!9;=@;41!K;7!9108<D1!9:0!37;!@101<D:!7!K;7!27N7!374!1978@1F!
$;8@13!?733:13!@7<270!1!?47G7484!;01!974@1!9;=@;41!27!@101<D:!7L!8<G7=8507<@7L!0;8@:3!2O:![!
3;1!9;=@;41!27!@101<D:!G1N:48@1!;0!3@1@;3!0:41=!7!@41@10!:;@413!91@7B:4813!27!@101<D:!9:0:!
73?848@;1=07<@7!7!0:41=07<@7!8<G748:473F!&=73!?:270!8<383T4!K;7!:!<89:!9108<D:!SQS=89:!?141!
1!8B47E1!A!1!?4PT91!27!27@7408<121!9;=@;41!27!@101<D:!1!273?78@:!2:!G1@:!21!8B47E1!<1!K;1=!
9:<B47B10!374!0;8@:!B41<27!:;!0;8@:!?7K;7<1!?141!1S41>14!73@1!9;=@;41F!!
W:4! 7H70?=:L!37! 1=B;<3!070S4:3!27!;01! 8B47E1!27! ZVVV! ?733:13! 37<@70!K;7!7=73!
27N70!9:<37B;84!G1=14!9:0!:!?13@:4!?473827<@7!1:!@7=7G:<7!370!0;8@1!28C9;=2127L!7=73!73@O:!
8<383T<2:!70!@74! ;0!T?:!27!9;8212:!?13@:41=!K;7!3:07<@7!;01!8B47E1!9:0!07<:3!27!ZVV!
070S4:3!?4:?:498:<1F!!*!9=14:!K;7L!37!G:337!13380L!:!?13@:4!=:B:!73@1481!3;G:912:F!/:!7<@1<@:L!
:3!070S4:3!?:270!8<383T4!70!K;7!37!7=7!<O:!?;274!1@7<2]^=:3L!73@14P!G1=D1<2:!70!37;!?1?7=!
SQS=89:!70!?13@:47P^=:3F
#;@4:! 7H70?=:_!;0! <:N:!?13@:4! ?473827<@7!27!;01!9:<B47B1>O:!27!U`VV!070S4:3!
?:27!8<383T4!70!K;7!@:213!13!27983673!37E10! @:01213!70!9:<37<3:!7<@47!@:2:!:!K;124:!7!
7K;8?7F!a:B:!@:2:3!73@14O:!37!47;<8<2:!@:21!3701<1!?:4!3783!D:413!1!9121!47;<8O:b!#!?13@:4!
?:27! 9:<T<;14! 8<383T<2:! 70! K;7! ?7408T4! 1:3! =Q27473! @:01470! 3;13! ?4R?4813! 27983673!
38B<8C91481!278HP^=:3!@41S1=D14!370!3;?74N83O:!7!G1=D14!<1!9:<3@4;>O:!21!9:0;<82127F!,0?:4!1!
?4PT91!27!;01!9;=@;41!27!@101<D:!1!;01!8B47E1!K;7!<O:!@70!:!@101<D:!9:4473?:<27<@7!84P!
91;314^=D7! 73@41B:3!7!7N7<@;1=07<@7!G:4>14! 1!8B47E1!27!N:=@1!1:! @101<D:!9:0! :! K;1=!73@13!
?4PT913!3O:!9:0?1cN783F
$183!;0!7H70?=:_!<:N:3!070S4:3!K;7!191S1410!27!37!9:<B47B14!1!;01!8B47E1!07<:4!
27?:83!27!1<:3!8<2:!1!;01!B41<27!8B47E1L!?:270!9:07>14!1!479=1014!21!G1=@1!27!K;1=82127!
?4:C338:<1=! 2:3! 08<83@4:3! 21! 8B47E1L! 7! 8<383T470! 70! K;7! 83@:! 38B<8C91! G1=@1! 27! 7H97=]<981!
73?848@;1=F!#!?4:S=701!471=L!9:<@;2:L!A!K;7!:!@41S1=D:!K;7!70!;01!B41<27!8B47E1!A!G78@:!?:4!
?733:13!9:<@41@1213!K;7!@41S1=D10!70!@70?:!8<@7B41=L! 70!;01!?7K;7<1!8B47E1!A!G78@:!?:4!
N:=;<@P48:3F!.1!07301!G:401L!<:N:3!070S4:3!27!;01!8B47E1!07<:4!?:270!479=1014!K;7!:!
3740O:!2:!?13@:4!<O:!A!@O:!47C<12:!7!S70!?73K;8312:!K;1<@:!7=73!9:3@;01N10!N74!<1!8B47E1!
018:4F!&<K;1<@:!;0!?13@:4!27!;01!B41<27!8B47E1!9:0!;01!7K;8?7!0=T?=1!?:27!?47398<284!27!
ZV!D:413!3701<183!?141!1!?47?141>O:!2:!3740O:L!:!<89:!?13@:4!27!;01!8B47E1!07<:4!27N7!
27N:@14!07<:3!21!07@127!273@7!@70?:!9121!3701<1F!!
,3@:! 38B<8C91!K;7!;0! ?13@:4! 37<31@:! 27N74P! @74! K;7! 380?1T9107<@7! 9:<G4:<@14! 13!
?733:13!K;7!<O:!9:<37B;70!=8214!9:0!1!9;=@;41!27!@101<D:!21!8B47E1!^!13380!9:0:!0;8@13!
?733:13!<O:!9:<37B;70!37!121?@14!1!N8N74!70!9;=@;413!B7:B4PC913!28G747<@73!213!K;183!73@O:!
19:3@;01213F! %=B;013! ?733:13! 3;3?78@10! 21! :4B1<851>O:! G47K;7<@707<@7! 27N82:! 1! 415673!
N1=821213!?:4!3;13!7H?748]<9813F!#;@413!<O:!9:<37B;70!<O:!@74!:!?47B12:4!9:0:!37;!?13@:4F!

3. 3
/R3!27N70:3!3;B7484!1!7=73!K;7!73@O:!?728<2:!:!80?:33QN7=!?141!;01!8B47E1!273@7!@101<D:F!
/R3! <O:! 27N70:3! 214! 1! 7<@7<274! K;7! 37481! 801@;4:! 21! ?14@7! 27=73! ?4:9;414! ;01!8B47E1!
28G747<@7L!013!@10SA0!<O:!27N70:3!1TN107<@7!7<9:41E14!<8<B;A0!1!3184F
"!+)3$3*4%($"!3"2#56),
(:21!8B47E1!@70!13?79@:3!<1@;4183!27!3;1!9;=@;41!27!@101<D:!K;7!27N70!374!47383T2:3F
+41<273!8B47E13!@]0!0;8@1!28C9;=2127!70!01<@74!<:!9108<D:!070S4:3!K;7!N198=10!
:;!1S1<2:<10!1!GAF!,3@:!<;<91!27N7!374!1978@:!9:0:!8<7N8@PN7=F!%:!9:<@4P48:L! !;01!B41<27!
8B47E1!27N7!9:<T<;107<@7!=;@14!?141!07=D:414!:!9;8212:!?13@:41=!7!28398?;=12:F
W141!1=A0!21!<7973382127L!;01!B41<27!8B47E1!?:27!;314! @A9<8913!:4B1<85198:<183!2:!
0;<2:!379;=14!2:3!<7BR98:3!9:447<2:!:!?748B:!273@7!08<83@A48:!37!@:4<14!0;8@:!:487<@12:!?141!
:! 473;=@12:! 7!0183! G:912:! 70! 270:<3@41>673! K;1<T@1TN13!d<074:! 27! ?733:13! <:! 9;=@:L!
070S47381L!:G74@1eL!2:!K;7!<:3!:SE7TN:3!27!31<T2127!7!94739807<@:!27!914P@74F!.7!<:N:L!73@1!
@7<2]<981!<O:!27N7!374!1978@1!9:0:!8<7N8@PN7=L!1:!9:<@4P48:L!<:N13!73@41@AB813!G:91213!<:!10:4!
7!<1!N84@;27!27N70!370?47!374!B741213F
,B47E13!07<:473L!?:4!3;1!<1@;4751L!2O:!1!070S4:3!801@;4:3L!0;8@:!G41<9:3L!9D78:3!27!
:?8<8O:!7!K;7S412:3!;0!B41;!38B<8C91<@7!27!?:274!3:S47!@:2:!:!9:4?:F!.7327!K;7!@:2:!0;<2:!
9:<D797!@:2:! 0;<2:L! K;1<2:!070S4:3! 27!;01!G10Q=81!:;!;0!?7K;7<:! B4;?:! 7H?473310!
G:4@7! :?:38>O:! [!2847>O:!2121!?7=:! ?13@:4! 7! =Q27473L!3;1!8<31T3G1>O:! ?:27!1T<B84!1!@:21!1!
9:<B47B1>O:F!'7!7=73!1071>10!3184L!1!018:481!213!?733:13!84P!?47338:<14!1!=82741<>1!1!27383T4!
27!37;3!?4:E7@:3F! !*! 7H@470107<@7!28f98=!9:<37B;84! 9:0?=7@:!9:<37<3:!3:S47!?4:B41013!7!
2847>673! <;0! B4;?:! 7<@47! `V! 7! U`V! ?733:13L! 73?7981=07<@7! <1! 3:9872127! 28N7431! 7!
G41B07<@121!27!D:E7L!7!18<21!13380!8B47E13!?7K;7<13!@]0!;01!47B41!<O:!73948@1!27!K;7!?141!
9121!<:N1!8<8981TN1!1!374!80?=707<@121L!K;137!@:2:!0;<2:!27N7!73@14!G7=85!9:0!833:F!aQ27473!
27! 8B47E13! ?7K;7<13! 27N70! 374! 9:41E:3:3! ?141! =827414! 7! 9:<G4:<@14! 070S4:3! 801@;4:3L! 1!
273?78@:!2:3!273?4157473!7<N:=N82:3F
/O:!7H83@7!07=D:4!@101<D:!27!8B47E1F!"121!@101<D:!1?4737<@1!B41<273!28C9;=21273!7!
@10SA0!0;8@13!:?:4@;<821273!?141!08<83@A48:3!K;7!8B47E13!27!:;@4:3!@101<D:3!<O:!?:270!
7H74974L!d?7=:!07<:3!<O:!@O:!S70eF!':07<@7!;<8213!8B47E13!27!@:2:3!:3!@101<D:3!?:270!374!:!
@;2:!:!K;7!"483@:!K;74!K;7!1!,B47E1!37E1F
7+$%(87$/3!#"!#$%&'$("!#/!*"'"%./
%!=78@;41!27!=8N4:3!3:S47!@101<D:!27!8B47E1!?:27!374!9:<G;31L!<1!072821!70!K;7!9121!
;0!28N827!13!91@7B:4813!27!@101<D:!27!G:401!28G747<@7F!,3@:!19:<@797!?:4K;7!7H83@70!0;8@13!

4. 4
N1481<@73!<1!9;=@;41!7!D83@R481!21!8B47E1!K;7!27@7408<10!7H1@107<@7!K;1<2:!1!9:<B47B1>O:!
1T<B7! ;01! <:N1! S1447841! 27! @101<D:F! W:4! 7H70?=:L! @:2:3! 31S70! K;7! 70! 27@7408<12:!
0:07<@:!;01!8B47E1!C91!0;8@:!B41<27!?141!:!@41S1=D:!27!;0!3R!?13@:4F!%3!?733:13!9:07>10!
1!479=1014!K;7!<O:!73@O:!4797S7<2:!9;8212:!?13@:41=!127K;12:F!"D7B:;!1!D:41!27!1;07<@14!1!
7K;8?7F! $13! K;1<2:! 83@:! 19:<@797g! &0! 1=B;013! 9:0;<821273! ?:27! 19:<@7974! K;1<2:! 1!
G47Kh]<981!9D7B1!1!UZV!?733:13L!7<K;1<@:!70!:;@413!83@:!<O:!19:<@797!1@A!K;7!1!8B47E1!@7<D1!
1?4:H8012107<@7! iVV! ?733:13! 47B;=1407<@7F! ,3@:! 27?7<27! 0;8@:! 213! 7H?79@1TN13L! 21!
0:S8=82127!21!?:?;=1>O:!213!9821273L!21!N7=:982127!2:!94739807<@:!21!8B47E1L!7!?:4!1Q!N18F!%!
273?78@:!213!N148PN783L!:!?:<@:!<:!K;1=!;0!37B;<2:!?13@:4!27N7!374!12898:<12:![!7K;8?7!A!
;3;1=07<@7!9D1012:!27!I1!S1447841!2:3!ZVVJF!!&3@1!A!;01!S:1!CB;41!0A281L!013!@7<D1!70!
07<@7!K;7!3;1!?4R?481!8B47E1!?:27!1=91<>14!73@7!=80814!70!;01!G47Kh]<981!<;0A4891!28G747<@7F
%K;8!73@O:!13! @7<2]<9813!B74183! 27! 0;21<>1! K;7!1?147970! 9:0! :! 94739807<@:! 21!
8B47E1_!
"!9:;<=>?@ABA>!A:!9C>D9@;>EF:!j!K;1<@:!018:4!1!8B47E1!07<:3!37;3!070S4:3!@74O:!
70!9:0;0F!&H83T4P!;01!018:4!28N74382127!70!G1@:473!@183!9:0:!82127L!3@1@;3!G108=814L!7@<81L!
7@9F!W:4!833:L!;01!8B47E1!27!YVV!070S4:3!?479831!27!Y!1!`!N7573!0183!?4:B41013!2:!K;7!;01!
8B47E1!27!ZVV!070S4:3L!7!<O:!Z!N7573!0183F!,B47E13!B41<273!3O:!0;8@:!0183!9:0?=7H13!2:!K;7!
3;13!8B47E13!07<:473!7K;8N1=7<@73F!&=13!@]0!374N8>:3!0=T?=:3L!B4;?:3!0=T?=:3!7!9108<D:3!
0=T?=:3L!7!7N7<@;1=07<@7!7=13!471=07<@7!@74O:!9:<B47B1>673!0=T?=13F
(10SA0!K;1<@:!018:4!1!8B47E1!018:4!1!7K;8?7!?74!91?8@1!K;7!?479831!374!12898:<121F!
/:401=07<@7!1!?4807841!7K;8?7!08<83@7481=!12898:<121!37!2P!?141!9121!94739807<@:!27!U`V!j!
ZVV!G47K;7<@12:473F!-01!8B47E1!27!`VV!070S4:3!27N7!@74!Z!:;!i!?13@:473!27!@70?:!8<@7B41=L!
013!7N7<@;1=07<@7!1!7K;8?7!08<83@7481=!?4798314P!374!1;07<@121!?141!9121!B4;?:!27!k`!j!UVV!
<:N:3!G47Kh7<@12:473F!.73@1!01<7841!;01!8B47E1!27!ZVVV! 070S4:3!27N7!@74! <1!7K;8?7!Z`!
?733:13F
"!;GABEHB! ABD! C>D<:EDBI@=@ABA>D! AB! >JG@<>! =>@KB! L! ?:4!;0!=12:L! K;1<@:! 018:4! 1!
8B47E1!0183!@:01213!27!27983673!479170!3:S47!1!7K;8?7!2:!K;7!3:S47!1!070S47381!:;!3:S47!:3!
=Q27473! =78B:3F! #3! ?473SQ@74:3! :;! :! 9:<37=D:! 27N70! ?4:B47338N107<@7! =8214! 3:07<@7! 9:0!
133;<@:3! 3;?748:473L! 27! 018:4! 80?:4@l<981F! ,3@:! 38B<8C91! K;7! K;1<@:! 018:4! 1! 8B47E1! 0183!
@:01213!27!27983O:!374O:!70?;441213!<1!2847>O:!21!7K;8?7!7!?141!=:<B7!21!9:<B47B1>O:!7!2:3!
=Q27473! =78B:3F! /O:! A! ?47983:! 28574! K;7! 0;8@13! ?733:13! 37! 37<@70! 7H@470107<@7!
2739:<G:4@PN783!9:0!833:F
W:4! :;@4:! =12:L!K;1<@:! 018:4!1!8B47E1!0183!:! 08<83@A48:! ?13@:41=!SP389:L! d@183!9:0:!
N838@13!D:3?8@1=1473L!28398?;=12:!7!19:<37=D107<@:eL! 374P!G78@:!?:4!=Q27473!=78B:3!1:!8<NA3!27!
G78@:!?7=:3!08<83@4:3!?4:C338:<183F

5. 5
+741=07<@7L!70!8B47E13!?7K;7<13L!13!27983673!3O:!@:01213!?:4!0;8@:3!7!:!08<83@A48:!A!
7H74982:!?:4!?:;9:3F!&<K;1<@:!70!8B47E13!B41<273!13!27983673!3O:!@:01213!?:4!?:;9:3!7!:!
08<83@A48:!A!7H74982:!?:4!0;8@:3F
/! 9C>D9@;>EF:! @EF>E9@:EB=!L! m;1<@:! 018:4!1!8B47E1!0183!383@70PT91!7!8<@7<98:<1=!1!
4797?>O:!27!479A0!9D7B12:3!?479831!374F!":<G:407!;01!8B47E1!947397L!:3!479A0!9D7B12:3!37!
@:4<10! 8<N83QN783! 1:3! 070S4:3! 21! 9:<B47B1>O:F! .73@1! G:401L! 479A0! 9D7B12:3! <O:! 3O:!
73?:<@1<7107<@7!7!8<G:401=07<@7!4797S82:3!7!19:=D82:3F! $A@:2:3!27!4797?>O:!27N70! 374!
827<TC912:3!:;!73@1S7=7982:3!473?:<27<2:!1!?74B;<@13!@183!9:0:!73@13_!
":0:!<:N:3!G47Kh7<@12:473!9D7B14O:!1@A!1K;8g
":0:!7=73!374O:!827<TC912:3!?7=1!8B47E1g
%:<27!<O:!9483@O:3!84O:!1?47<274!3:S47!1!47=7Nl<981!2:!"483T1<830:L!37;!9:<@72:!7!
94728S8=82127g
m;70!84P!B;81^=:3!1:!=:<B:!21!9108<D121!21!GAg
!%:<27!479A0!9D7B12:3!NO:!37!9:<79@14!9:0!1!8B47E1g
m;70!84P!1E;2P^=:3g
m;1<@:!018:4!1!8B47E1!018:4!1!28C9;=2127!70!4794;@14!N:=;<@P48:3F!.73@1!G:401L!@:4<1^
37!<79733P48:!;0!?4:9733:!27!4794;@107<@:!27!N:=;<@P48:3!07=D:4!:4B1<8512:F!W:4!K;7!833:!
19:<@797g!W480784:L!K;1<@:!018:4!1!8B47E1!0183!?4:N1N7=07<@7!1=B;A0!K;7!N:9]!<O:!9:<D797!
N18!@7<@14!4794;@1^=:F!&!A!0;8@:!0183!GP98=!28574!<O:!1!;01!?733:1!K;7!N:9]!<O:!9:<D797!2:!K;7!
1!;01!?733:1!K;7!N:9]!9:<D797!S70F!'7B;<2:L!A!0;8@:!0183!GP98=!37!37<T4!07<:3!473?:<3PN7=!
08<83@7481=07<@7! 70! ;01! 8B47E1! B41<27_! I(70! 0;8@1! B7<@7! @41S1=D1<2:! 1K;8L! 7=73! <O:!
?4798310!27!080FJ!'7<2:!13380!K;1<@:!018:4!1!8B47E1!07=D:4!:4B1<8512:!7!G:401=!:!?4:9733:!
27!4794;@107<@:!27!N:=;<@P48:3!?479831!374F
"!9C>D9>EF>!C>AGHM:!AB! 9:;GE@9BHM:!L!K;1<@:!018:4!1!8B47E1!07=D:4!1!9:0;<891>O:!
?479831!374F!'70!0=T?=13!G:4013!7!47?7T>O:!27!1N83:3L!0183!?733:13!374O:!278H1213!27!=12:!7!
479=1014O:_! I&;! <O:! G;8! 1N8312:! 3:S47! 833:bJF! n:9]! 31S7! K;7! 1T<B8;! ;01! 1=@1! 91@7B:481!
<;0A4891! K;1<2:! 73@13! 479=101>673! 9:07>10! 1! 374! 9:<3@1<@73F! $78:3! 27! 9:0;<891>O:!
8<G:40183!9:0:!1<<98:3!27!?=?8@:L!E:4<183!27!<:c9813!7!S:91!1!S:91!3O:!8<3;C987<@73!?141!
1=91<>14! 1!@:2:3F! $183!@70?:!27! 1<@7972]<981! 2:3! 7N7<@:3!7! :;@4:3!078:3!27!1N83:3! 3O:!
<79733P48:3!?141!;01!S:1!9:0;<891>O:F!!!!!
"!9C>D9>EF>!JGB=@ABA>!AB!<C:AGHM:!L!K;1<@:!018:4!1!8B47E1!018:4!1!<7973382127!27!
?=1<7E107<@:!7!:4B1<851>O:!2:3!7N7<@:3F! !-01!018:4!K;1=82127!<1!?4:2;>O:!A!B741=07<@7!

6. 6
73?74121!70!;01!8B47E1!B41<27!7! 7N7<@:3!<O:!?:270!380?=7307<@7!374!=1<>12:3F!&N7<@:3!
73?:<@l<7:3L!27!=T01!D:41L!<O:!G;<98:<10F
m;1<@:!018:4!1!8B47E1!018:4!?479831!374!1!D140:<81!27!37;!48@0:F!&0!8B47E13!?7K;7<13!
1!7H?748]<981!21!12:41>O:!A!S137121!?48<98?1=07<@7!70!47=198:<107<@:3!D:485:<@183!7<@47!:3!
G47Kh7<@12:473F!W14T98?1>673!27!0389:3!:;!91<@:473!<O:!@478<12:3!7!<O:!73?798C9107<@7!
@1=7<@:3:3!3O:!27!K;1=K;74!G:401!1?47981213!?:4K;7!I3O:!<:33:3!9:<D7982:3L!<:33:3!108B:3J!
7!3O:! 070S4:3!21!G41@74<82127F!$13!K;1<@:! 018:4!1!8B47E1!0183!1!12:41>O:! A!S137121!<:!
47=198:<107<@:!N74T91=!j! 70!;0!37<T07<@:!27!@41<397<2]<981F!'7!1=B;A0!27!G:41!K;7!<O:!
9:<D797! :3! 0389:3! N874L! 7<@O:! ;01! K;1=82127! 072Q:947! <1! ?4:2;>O:! 84P! 283@418^=:! 21!
12:41>O:F! &=7!<O:!@70!;01!47=1>O:! 9:0!:3!0389:3!K;7!?7408T4P!2739:<3827414! 1!G1=@1!27!
2:<3F!&<@O:L!K;1<@:!018:4!1!8B47E1!0183!:3!0389:3!37!@:4<10!;0!G1@:4!27!8<9=;3O:F
!
"!9C>D9>EF>!BI>CFGCB!<BCB!B!;GABEHB!L!K;1<@:!018:4!1!8B47E1L!0183!7=1!37!@:4<1!:SE7@:!
27!G47Kh7<@7!7!4P?821!0;21<>1F!W:4!K;]g
W480784:L!8B47E13!07<:473!@7<270!1!@74!?7K;7<13!47N841N:=@13_!:3!070S4:3!37!37<@70!
8<28N82;1=07<@7!?:274:3:3!7!<79733P48:3!7!7<@O:!7=73!<O:!37!0:N807<@10F
'7B;<2:L!K;1<@:! 018:4! 1!8B47E1!0183!:! ?:274! 27! @:0121! 27!27983673!37! 1G13@1!21!
9:<B47B1>O:!B741=!?141!1!=82741<>1!7!7K;8?7F!$;8@1!9:831!73@P!19:<@797<2:!?141!1!9:<B47B1>O:!
:;!:!9:<37=D:!:;!7N7<@;1=07<@7!1@A!0730:!1!7K;8?7!@:014!@:213!13!27983673!70!9:<E;<@:F!
m;1<2:!:!?:274!27!@:0121!27!27983O:!N18!?141!1!0O:!27!;0!070S4:!21!7K;8?7!:;!=Q274!27!
N:=;<@P48:3L!1!0;21<>1!:9:447!0183!41?82107<@7F!.7983673!?:270!374!@:01213!=:B:L!370!K;7!
@:2:3!@7<D10!K;7!:?8<14F
%=A0!2833:L!9:0:!<R3!N80:3!19801L!K;1<@:!018:4!1!8B47E1!0183!9:0?=7H1!374P!7!37<2:!
13380L!0183!73K;7013L!7N7<@:3!7!?4:B41013!7H83T4O:!?4:N:91<2:!0;21<>13F
"!<>CAB!A>!;>;IC:D!9BGDBAB!<>=BD!;GABEHBD!N!!K;1<@:!018:4!1!8B47E1L!0183!070S4:3!
?74274P!?:4!91;31!213!0;21<>13F!W:4!K;]g!,B47E13!?7K;7<13!?4:9;410!1!K;1=K;74!9;3@:!7N8@14!
1!?7421!27! 070S4:3F! ":0:! 473;=@12:L! 974@:3! 8<28NQ2;:3!7!B4;?:3!?7K;7<:3!<:401=07<@7!
9D7B10!1!7H74974!?:274!273?4:?:498:<1=!1!37;!<074:F!! '7!;01!0;21<>1!G:4!G78@1L!1=B;A0!
8<N1481N7=07<@7!84P!7<91414!83@:!9:0:!;01!?7421!7L!9:0:!;01!8B47E1!?7K;7<1!@70!?1N:4!27!
9:<M8@:3L! 7=1! <:401=07<@7! <O:! 8<3T@;84P! ;01! 0;21<>1! K;7! ?:331! 473;=@14! <1! ?7421! 27!
070S4:3F!.73@1!G:401!8B47E13!?7K;7<13!@7<270!1!@74!;01!070S47381!0183!73@PN7=!2:!K;7!
8B47E13!B41<273F

7. 7
&0!8B47E13!B41<273!?7K;7<:3!B4;?:3!7!070S4:3!8<28N82;183!@]0!0;8@:!07<:3!73?1>:!
?141! 7H74974! ?:274! :;! 47383T4! 1! 0;21<>13! K;7! <O:! =D73! 1B41270F! ! &! d9:0:! <:@12:!
?47N8107<@7eL! 9:0:! 8B47E13! B41<273! 73@O:! 3:S! 9:<3@1<@73! 0;21<>13L! 7=13! 47B;=1407<@7!
?74270! 070S4:3! ?:4K;7! I73@P! 0;8@:! B41<27! 1B:41J! :;! I! <O:! 9:<38B:! 0183! G1=14! 9:0! :!
?13@:4JL! :;!I!<O:!:410:3!0183!73?:<@1<7107<@7!<1!8B47E1JF!aQ27473!27!8B47E13!K;7!9473970!
0;8@:!3O:!0183!?4:?7<3:3!1!?74274!070S4:3!K;7!2839:4210!2:3!?4:972807<@:3!:;!21!C=:3:C1!
2:!08<83@A48:F
"!;GABEHB!E:D!<B<O@D!A:D!;@E@DFC:D!L!K;1<@:!018:4!1!8B47E1!07<:3!283?:<QN7=!374P!:!
?47B12:4!?48<98?1=!?141!G1574!:!@41S1=D:!?13@:41=F!&0!8B47E13!07<:473!:!?13@:4!73@P!283?:<QN7=!:!
@70?:!@:2:L!?141!@:213!13!:9138673!7!<79733821273L!1!K;1=K;74!070S4:!:;!0730:!?733:13!
K;7!<O:!3O:!21!8B47E1F!&0!;01!B41<27!8B47E1!?:4!N7573!1!K;1<T2127!27!?733:13!<1!7K;8?7!7!
=Q27473!=78B:3!A!018:4!2:!K;7!:!<074:!27!G47K;7<@12:473!27!;01!8B47E1!?7K;7<1b!&<@O:!:!
?13@:4!27!;01!B41<27!8B47E1!27N7!479:<D7974!37;3!=808@73!7!B13@14!0183!@70?:!9:0!1!7K;8?7!7!
=Q27473!=78B:3!7!70!:41>O:!7!0728@1>O:!<1!W1=1N41F
m;1<@:!018:4! 1!8B47E1!0183!80?:4@1<@7! 374P!1! D1S8=82127! 27! =82741<>1!2:! 08<83@4:F!
W47B1>O:!7!?13@:4712:!3O:!G744107<@13!3;C987<@73!?141!?13@:473!70!8B47E13!?7K;7<13L!013L!
9:<G:407!1!8B47E1!947397L!:;@413!G744107<@13!27!=82741<>1!37!@:4<10!94QT913F!&0!;01!B41<27!
8B47E1!<O:!3:07<@7!91?1982127!1208<83@41TN1L!013!@10SA0!N83O:!27!B73@O:!7!284798:<107<@:!
27!73@41@AB81!3O:!2:<3!94;98183!<:!T07!?13@:41=F
m;1<@:!018:4! 1!8B47E1!0183!:3!070S4:3!21!7K;8?7!08<83@7481=! 27N70!37! 0:N74! 21!
B7<741=851>O:!?141!1!73?798C91>O:F!(:2:3L!2:!?13@:4!?48<98?1=!?141!S18H:L!27N70!G:914!70!974@1!
P471!08<83@7481=!7!37!9:<97<@414!70!2;13!:;!@4]3!@147G13!?48<98?183F!m;1<@:!018:4!1!8B47E1L!0183!
:! ?13@:4! ?48<98?1=! 27N7! 37! 73?7981=8514! 70! ?47B1>O:L! 01<;@7<>O:! 7! B73@O:! 21! N83O:L! 7!
827<TC91>O:!27!?4:S=7013!1<@73!K;7!7=73!37!@:4<70!27313@473F
o8<1=07<@7L!K;1<@:!018:4!1!8B47E1!0183!80?:4@1<@7!A!?141!:3!?13@:473L!73?7981=07<@7!:!
?13@:4! ?473827<@7L! ?7401<7974! 13380! ?:4! ;0! =:<B:! @70?:F! ":0:! <:@12:! 19801L! 8B47E13!
07<:473!0;210!07<:3!41?82107<@7!7!@]0!07<:3!47N841N:=@13F!":0!3;1!73@1S8=82127!8<1@1L!
;01!?7K;7<1!8B47E1!?:27!1S3:4N74!;01!0;21<>1!27!08<83@4:!27!?:;9:3!70!?:;9:3!1<:3!37!
<79733P48:F! $13!K;1<@:! 018:4! 1!8B47E1L!0183!1!7K;8?7! <:! B741=! 7!:! ?13@:4! ?473827<@7! 70!
?14T9;=14!3O:!13!G:<@73!?48<98?183!27!9:<T<;82127!7!73@1S8=82127F!$;21<>13!4P?8213!<1!7K;8?7!
3O:!1=@107<@7!?47E;2898183!?141!;01!B41<27!8B47E1F
0)+",')%*)P!)'!2'"!$0+)1"!7)Q2)%"!!"3!#)($3R)3!3S/!*/'"#"3!7/+!'2$*/3!
)!/!'$%$3*T+$/!T!)U)+($#/!7/+!7/2(/3P!)%Q2"%*/!Q2)!)'!2'"!0+"%#)!$0+)1"P!/!
'$%$3*T+$/!T!)U)+($#/!7/+!'2$*/3!)!"3!#)($3R)3!3S/!*/'"#"3!7/+!7/2(/3

8. 8
!!
"!)3*+2*2+"!')%/+
m;1<@:!018:4!1!8B47E1L!07<:4!1!1S41<B]<981!SP3891!27!9;8212:!?13@:41=F
&0! 8B47E13!07<:473L!@;4013!7!B4;?:3!?:270!374!018:473!?:4K;7!N84@;1=07<@7!9121!
?733:1!<1!8B47E1!A!9;82121!2847@107<@7!?:4!;01!7K;8?7!08<83@7481=!@478<121!27!@70?:!8<@7B41=L!
7!9121!;01!213!?733:13!21!7K;8?7!?:27! 9;8214! 27! `V!1!ZVV!?733:13F! &0!8B47E13!018:473L!
9:<@;2:L!:3!B4;?:3!8<@74<:3!?4798310!374!07<:473L!?:4K;7!13!?733:13!3O:!9;821213!?:4!=Q27473!
=78B:3L! 7! 9121! ;0! 273@73! =Q27473! 3R! ?:27! 9;8214! 27! UV! 1! ZV! ?733:13! 37! D:;N74! 1?:8:! 7!
3;?74N83O:! 1?4:?4812:3F!'7<2:!13380L!70!;01!B41<27!8B47E1L!K;1<@:! 0183!B4;?:3!?7K;7<:3!
D:;N74! ?:4! UVV! G47Kh7<@12:473L! 07=D:4! 13! ?733:13! 374O:! 9;821213! 7! 0183! 4P?82:! 1!8B47E1!
9473974PF
4%V"3)!%"!6$3S/!)!7/%*/3!V/+*)3
m;1<@:! 018:4! 1!8B47E1L! 018:4! 374P!3;1! 9:<97<@41>O:! 70! G1574! S70! ?:;913!9:8313F!
,B47E13!?7K;7<13!3O:!B7<741=83@13!7!37!37<@70!<1!:S48B1>O:!27!G1574!@;2:F!,3@:!12NA0!2:!?:274!
2:3! 8<28NQ2;:3! 70! 8B47E13! ?7K;7<13F! '7! K;183K;74! 070S4:3! K;7470! K;7! 1! 8B47E1! 1S4197!
27@7408<121!91;31L!1!8B47E1!37!73G:4>1!?141!1B4121^=:3F!-01!8B47E1!B41<27L!9:<@;2:L!827<TC91!7!
37!9:<97<@41!70!1?4:H8012107<@7!@4]3!:;!K;1@4:!:SE7TN:3!?48<98?183!7!@41S1=D1!?141!1=91<>1^
=:3!7H@470107<@7!S70L!1!273?78@:!213!9D101213!?141!<:N13!]<G1373F!
%=A0!2833:L!K;1<@:!018:4!1!8B47E1L!0183!;01!N83O:!27@7408<121!37!@:4<1!80?:4@1<@7!
?141!37;3!070S4:3F!%!415O:!27!374!27!;01!?7K;7<1!8B47E1!3O:!:3!47=198:<107<@:3F!%!415O:!27!
@:213!13!28C9;=21273!7!0;21<>13!27!;01!B41<27!8B47E1!A!:!9;0?4807<@:!27!3;1!0833O:F!%3!
?733:13!37! 133:9810!1!;01!B41<27! 8B47E1!?:4! 91;31!21!N83O:L! 7<@O:!3;1! 0833O:! ?14T9;=14!
?479831!374!9=141F!!
m;1<@:!018:4!1!8B47E1!0183!7=1!7H?1<284P!3;1!?4R?481!0833O:!?141!G:41!21!8B47E1L!1:!
8<NA3!27!1?:814!?4:B41013!EP!7H83@7<@73F
,B47E13!07<:473!@7<270!1!1?:814!91;313!08338:<183!27<:08<198:<183!7!9:<@48S;84!?141!
08<83@A48:3!?14179=738P3T9:3F!aQ27473!7!070S4:3!27!8B47E13!018:473!37<@70^37!?733:1=07<@7!
0183! 473?:<3PN783! ?741<@7! .7;3! ?7=:! 01<21@:! 2:! 478<:! 7! ?4:9;410! @1<@:! 9:07>14! 37;3!
?4R?48:3!08<83@A48:3!08338:<183L!K;1<@:!G:4014!?14974813!<13!K;183!7H83@1!;01!473?:<31S8=82127!
0183!2847@1!?7=1!1>O:!08338:<1=!21!8B47E1F!
":<37Kh7<@707<@7L!K;1<@:!018:4!1!8B47E1L!0183!37;3!=Q27473!=78B:3!?4798310!9:<9:4214!
9:0!1!N83O:!7!C=:3:C1!27!08<83@A48:L!7!<O:!3:07<@7!9:0!1!2:;@48<1!7!948@A48:3!0:4183F! !&0!
8B47E13!?7K;7<13L!13!?733:13!3O:!739:=D8213!?141!1!=82741<>1!9:0!S137!70!73@1S8=82127!9:0:!
070S4:!7!94728S8=82127F!&0!8B47E13!018:473L!:<27!;01!N83O:!7!;01!0833O:!27@7408<121!3O:!

9. 9
0183!80?:4@1<@73L!A!80?:4@1<@7!1=83@14!370!1?:=:B81!=Q27473!K;7!9:0?14T=D10!27!;01!N83O:!
9:0;0!27!08<83@A48:!9:0!1!7K;8?7!7!9:0!:3!:;@4:3!=Q27473F!
("*)0/+$"3!)37)(8V$("3!#)!*"'"%./
$0+)1"!)'!#/'$(8,$/W!"*T!XY!V+)QZ)%*"#/+)3
(BCB9F>C[D9BD
p!%!8B47E1!70!2:089Q=8:!A!<:401=07<@7!9D10121!27!I8B47E1!N8@48<7J!70!P4713!;4S1<13!7!
I8B47E1!27!8<@748:4J!70!P4713!4;4183F!
p!#?741!7337<981=07<@7!9:0:!;0!B4;?:!?7K;7<:!7H?1<282:F!*!;01!8B47E1!1=@107<@7!
47=198:<1=L!1:<27!@:2:!0;<2:!9:<D797!@:2:!0;<2:!8<T0107<@7F
p! aQ27473! =78B:3! 3O:! 1=@107<@7! ?:274:3:3! 7! 7074B70! 47=198:<1=07<@7! j! <O:! 3O:!
739:=D82:3! :;! 7=78@:3F! 'O:! ;3;1=07<@7! 13! ?733:13! K;7! 73@O:! 1! 0183! @70?:! <1! 8B47E1! 7!
27N:@1410!0;8@:!@70?:!7!28<D784:!1:!@41S1=D:F
p!%!@:0121!27!27983673!A!270:94PT91!7!8<G:401=!7!47K;74!;<1<8082127F!%3!27983673!
3O:!@:01213!70! ?4:9733:3!47=198:<183!8<G:40183F!'7!1=B;0! 070S4:!73@P!8<31T3G78@:!9:0!:!
9;43:!27!;01!1>O:L!1!8B47E1!<O:!7H7497!73@1!1>O:F
p!%!9:0;<891>O:!A!G78@1!S:91!1!S:91!7!1!8<G:401>O:!37!0:N7!0;8@:!41?82107<@7!7<@47!
@:21!1!9:<B47B1>O:F
p! #! ?13@:4!A!<:401=07<@7!;0!IG1572:4!27!@7<213J!7!7H7497!:!?13@:412:!70!@70?:!
?14981=L!013L!13380!K;7!1!8B47E1!TN74!?7=:!07<:3!275! G10Q=813!K;7!2858070L!;0!08<83@4:!27!
@70?:!8<@7B41=!?:274P!374!3;3@7<@12:F!#!@41S1=D:!?48<98?1=!2:!?13@:4!A!?13@:4714L!<O:!=827414!
:;!?47B14F
(:;:!B!@KC>]B!9C>D9>
,B47E13!70!2:0Q98=8:! 9473970!21!G:401!0183!:4Bl<891!?:33QN7=!j! 1@418<2:!?7=:! 91=:4!
D;01<:L!47=198:<107<@:3!7!?733:13F!%3!?733:13!3O:!9:<N821213!7!47@:4<10!?:4K;7!7<9:<@410!
10851273F!/O:!7H83@7!I?4:B4101J!?141!1=91<>14!:3!27!G:41!21!8B47E1F
(CG^BEA:!B!_C:EF>@CB!<BCB!B!E:`B!9BF>K:C@B!A>!FB;BEa:
!%!8B47E1!70!2:089Q=8:L!9:0:!K;1=K;74!B4;?:!?7K;7<:L!9D7B1!=:B:![!31@;41>O:F!%3380!
K;7!1T<B7! 0183! 2:! K;7! YV! ?733:13L! 1!8<@7<31! 47=1>O:! G197!1! G197! @:4<1^37!80?:33QN7=! 27!
01<@74F!&H83@7!7<@O:!;01!739:=D1!1!374!G78@1_!28N8284^37!70!:;@41!8B47E1!2:089Q=8:L!:;!9473974!21!
I28<l0891!21!8B47E1!70!2:089Q=8:J!?141!;01!<:N1!91@7B:481L!8B47E1!?7K;7<1F

10. 10
'7! <7<D;01! 213! 2;13! 9:8313! A! G78@1L! 1! 7N1<B7=851>O:! 37! @:4<1! 7337<981=07<@7!
80?:33QN7=F! %! G41@74<82127! ?:4! 38! 3R! ?:27! 7<@O:! G198=07<@7! 37! @:4<14! 8<@4:3?79TN1! 7!
73@1B<12:41!j!27!1=B;01!G:401!3;G:91<@7L!?:4!N7573!=7B1=83@1F
-0!?4:S=701!479:447<@7!?141!13!8B47E13!273@7!@101<D:!K;7!9:<T<;10!3:58<D13!A!1!
S18H1! K;1=82127! 08<83@7481=! ?141!B4;?:3!73?79QC9:3! 9:0:! 9481<>13L! 0:982127L! 3:=@784:3F! '7!
D:;N74!1!739:=D1!21!:?>O:!?7=1!28N83O:!70!:;@41!8B47E1!2:0898=814L!13!2;13!d:;!7N7<@;1=07<@7!
0183eL! 8B47E13!2:0898=81473! ?:270! G:4014! ;01!133:981>O:! 7! @74! 08<83@A48:3! E;<@13L! 9:0:! 1!
0:982127L! ?:4! 7H70?=:F! &=13! @10SA0! ?:270! 37! 47;<84! ?141! 9;=@:3! 27! 12:41>O:!
?748:289107<@7F!
'7! D:;N74! 1! :?>O:! ?7=:! 94739807<@:! 27! 8B47E1!2:0898=814! ?141! 8B47E1!?7K;7<1L! 7=1!
?479831! ?47?1414! 37;3! 070S4:3! ?141! :! G157470! 9:<3987<@73! 21! ?7421! 27! 8<T082127L!
73?:<@1<782127!7!8<G:401=82127!7!9:<9:421<2:!70!3;?:4@14!83@:!70!<:07!21!0833O:!27!1S484!
3;13!?:4@13!?141!<:N13!?733:13F!&3@1!27983O:!@70!K;7!374!9:<37<3;1=!<:!B4;?:L!?141!D:<414!1!
28<l0891!21!8B47E1!2:0898=814!0730:!K;7!D1E1!1!:?>O:!27!0;214!73@1!28<l0891F
$0+)1"!7)Q2)%"W!XY!"!bYY!V+)QZ)%*"#/+)3
(BCB9F>C[D9BD
p! #! 1=91<97! 273@1! 91@7B:481! N18! 27327! 8B47E13! K;7! 191S1410! 27! 3184! 21! 91@7B:481!
2:0898=814L! 1@A!8B47E13! K;7!73@O:! ?4:<@13! ?141! 1;07<@14! 1!7K;8?7F! $13! @:213! ?:33;70! 13!
073013!91419@74Q3T913!SP38913F
p! &0S:41!1!28<l0891! 47=198:<1=! <O:! 37E1!0183! @O:! 8<@7<31L! 18<21! 7H83@7!;01!G:4@7!
7H?79@1TN1!27!K;7!9121!070S4:! 27N1! @74! ;01!47=1>O:! G197! 1!G197! 9:0! @:2:3!:3!:;@4:3!
070S4:3F!!!
p! &! 70S:41! <O:! D1E1!=Q27473! <:0712:3! 7!7=78@:3L! :! 383@701!8<G:401=! 27! =82741<>1!
9:<T<;1!7H@470107<@7!G:4@7F!&H83@70!0;8@:3!=78B:3!j! 2739:<382741<2:!37;3!3@1@;3!:C98183!j!
K;7!3O:!I=Q27473!27!:?8<8O:JF!'7!7=73!<O:!1?4:N1470!13!<:N13!0728213L!:!473@:!2:3!070S4:3!
<O:!84P!1?:814!13!0;21<>13F
p! %! 9:0;<891>O:! 9:<T<;1!8<G:401=L! 01E:48@148107<@7!S:91!1!S:91L!7!47=1TN107<@7!
4P?821F
p!#!08<83@4:!18<21!A!?480784107<@7!?13@:4F!&<K;1<@:!70!;01!B41<27!8B47E1!13!?733:13!
37! 278H14O:! 374! ?13@:471213!?:4! ;0! S:0! ?47B12:4L! 70! ;01!8B47E1! ?7K;7<1! :! 9:<@4P48:! A!
N74212784:_!13!?733:13!:;N84O:!1:!3740O:!27!;0!S:0!?13@:4F
p!&G7TN107<@7L!:!?13@:412:!10:4:3:!27!9121!070S4:!A!1!G:4>1!0:@485!2:!08<83@A48:!j!
<O:!1!D1S8=82127!27!=827414!:;!27!?47B14F!-0!?13@:4!K;7!285_!I&;!<O:!27N7481!@74!K;7!?13@:4714!
9121!070S4:L!N:;!27=7B14!833:!1:!B4;?:!27!?473SQ@74:3!:;!1:3!=Q27473!27!B4;?:3!?7K;7<:3FJL!
73@P!@7<@1<2:!?41T914!1!28<l0891!27!8B47E1!B41<27!<;0!10S87<@7!27!8B47E1!?7K;7<1F

11. 11
p":<@;2:L!9:<G:407!1!8B47E1!947397L!:!?13@:4!27!;01!8B47E1!?7K;7<1!37<T4P!0183!7!
0183! 1! <7973382127! 27! D1S8=821273! 27! =82741<>1! 1208<83@41TN1F! ! ,B47E13! ?7K;7<13! <O:!
47K;7470!0;8@:!<:!9108<D:!21!B73@O:!21!N83O:!:;!73@41@AB81L!013!7N7<@;1=07<@7!1?4737<@10!
;01!<7973382127!27!?=1<7E107<@:!27!?4:B41013L!0:S8=851>O:!27!N:=;<@P48:3!7!:;@413!@147G13!
1208<83@41TN13F
p! %3!0;21<>13!18<21!3O:! ?4:97331213!47=198:<1=07<@7!7!8<G:401=07<@7!?:4! @:21!1!
9:<B47B1>O:L!<O:!3:07<@7!?7=:3!=Q27473F!$13!13380!K;7!1!9:<B47B1>O:!1;07<@14L!13!27983673!
@:010!0183!@70?:!2:!K;7!70!8B47E13!2:0898=81473!:;!8B47E13!07281<13F!/:!C<1=L!9:<@;2:L!1!
0;21<>1!<1!?7K;7<1!8B47E1!19:<@797!2:! G;<2:! 1@A!=Q27473!=78B:3!9D1N73F! /7<D;01!B41<27!
0;21<>1! ?:27! 374! G78@1! 1! <O:! 374! K;7! 37! 9:<38B1! ;01! 273@13! ?733:13! 9:0:! 1=8121! 7!
I12N:B121J!213!0;21<>13F
(:;:!>=B!9C>D9>
":0:! 8B47E13! 2:0898=81473L! 8B47E13!?7K;7<13! 9473970! 1@41NA3! 21! 9D7B121!27!<:N:3!
G47Kh7<@12:473L!1@41Q2:3!?7=:3!47=198:<107<@:3!<1!9:<B47B1>O:F!":<@;2:L!<1!8B47E1!?7K;7<1!1!
?:338S8=82127!27!;01!47=1>O:!?733:1=!9:0!:!?13@:4!?:27!374!1!1@41>O:!?48<98?1=!?141!:!<:N:!
G47Kh7<@12:4F!#!?13@:4!?:27!9:07>14!2:83!:;!@4]3!<:N:3!08<83@A48:3L!@;4013L!:;!B4;?:3L!27327!
K;7!7=7!@7<D1!1!37B;41<>1!27!1?:8:!21!?14T98?1>O:!27!;0!=Q274!9D1N7!8<G:401=F!q;<@:3!7=73!
?:270!9:07>14!;01!<:N1!1TN82127!K;7!@414P!0;8@:3!<:N:3!G47Kh7<@12:473!?141!1!8B47E1F
(+2c"%#/!"!V+/%*)$+"!7"+"!"!7+dU$'"!("*)0/+$"!#)!*"'"%./
!!&3@1!8B47E1!?:27!7N7<@;1=07<@7!7<91414!1!G10:31!IS1447841!2:3!ZVVJF!%441<E14!73?1>:!
?141!0183!27!ZVV!?733:13!70! ;01!8B47E1!47K;74! ;0! B41<27!9:0?4:0833:!9:0!1=B;013!:;!
@:213!13!37B;8<@73!0;21<>13_
$D$E"&'-&"/$'10/62/$F$'G.:A./9$(A2H-9
p! W479831! D1N74! ;01! 283?:38>O:! ?141!K;73T:<14! 1!?:=QT91!<O:!73948@1!27!K;7!@:2:!
070S4:!27N7!@74!;0!47=198:<107<@:!G197!1!G197!9:0!@:2:3!:3!:;@4:3!070S4:3F
p! m;1<2:! 1! 8B47E1!9D7B1!1:! ?:<@:! 70! K;7! :3! 070S4:3!0183!1<TB:3!9:07>10! 1!
?7497S74!K;7!7H83@70!<:N:3!070S4:3!K;7!7=73!01=!9:<D7970!:;!<O:!9:<D7970!0730:L!1!
479=101>O:! ?:27! N84! 9:0! ;0! @:0! 27! 1;@:482127! 0:41=_! I&3@1! 8B47E1! 73@P! C91<2:! B41<27!

12. 12
270183bJF! #;@41!G:401!273@1! 07301! 479=101>O:! A! K;7! 1! 8B47E1! 73@P!C91<2:! I80?733:1=JF!
&337<981=07<@7!73@1!1T@;27!?479831!0;214!?141!K;7!<:N:3!G47Kh7<@12:473!37E10!S70!N8<2:3F
p! /:401=07<@7! 1! 0;21<>1! 9D1N7! K;7! ;01! 9:<B47B1>O:! 27N7! 37! ?7408T4! A! ;0!
0:N807<@:! ?141! 0;=T?=8914! 13! :?>673! @183! 9:0:! 0183! 27! ;0! 9;=@:! 1:3! 2:08<B:3L! :;! 1!
9:=:91>O:!27!;01!]<G137!018:4!<:!08<83@A48:!27!?7K;7<:3!B4;?:3!2:!K;7!70!;01!3R!47;<8O:!
27!12:41>O:!9:=7TN1F
p!":0:!47B41!B741=L!0=T?=13!:?>673!B7410!;01!1N1=1<9D7!27!94739807<@:F!#!07=D:4!
9108<D:! ?141! 1;07<@14! 1! G47Kh]<981! A! 0;=T?=8914! :3! 9;=@:3! 2:08<89183F! .:83! 9;=@:3! NO:!
807281@107<@7!1@4184!0183!?733:13!2:!K;7!;0!3R!9;=@:!E10183!G75F!m;1@4:!D:4P48:3!27!739:=1!
2:08<891=!84O:!B741=07<@7!1@4184!0183!?733:13!2:!K;7!2:83!D:4P48:3F!W:4!K;]g!W:4K;7!K;1<2:!
N:9]!2P![3!?733:13!0183!:?>673L!0183!?733:13!:?@10b
r!I-7160/$'10/62/$F$1'/$0&9A(9&23($-'$A/7/"$($A"-2($A-./$<(6)"/)/23($0-$1'$6(5($
A/9)("$6/$-?1&A-
p!*!;0!G1@:!3:98:=RB89:!K;7!;0!?13@:4!27!@70?:!8<@7B41=!<O:!9:<37B;7!?733:1=07<@7!
?13@:4714!0183!2:!K;7!7<@47!U`V!7!ZVV!?733:13F!&0!1=B;0!?:<@:L!K;1=K;74!?13@:4!?74274P!1!
91?1982127!27!?733:1=07<@7!N838@14L!73@14!70!9:<@1@:L!7!415:1N7=07<@7!283?:<QN7=!?141!@:213!
13!?733:13!27!;01!9:<B47B1>O:!70!94739807<@:F!
p!%!1S41<B]<981!27!9;8212:!?13@:41=!2:!08<83@4:!?:27!374!73@7<2821!9:0!;01!7K;8?7!
1208<83@41TN1! 27! @70?:! ?14981=! :;! 8<@7B41=L! @183! 9:0:! =Q27473! 8<G1<T3L! 37947@P4813L!
1208<83@412:473!7!0389:3F!&H83@70!N1481>673!?141!73@13!CB;413!27?7<27<2:!21!?743:<1=82127!
2:!?13@:4L!<QN7=!27!7<74B81!7!21!9;=@;41!=:91=F!W:4!7H70?=:L!;01!9:0;<82127!0183!I73948@R48:J!
@7<27! 1! 2701<214! 0;8@:! 0183! ?4:B41013! 73?7981=8512:3! 2:! K;7! ;01! 9:0;<82127! 27!
:?74P48:3L!7!37<2:!13380!N:9]!?:27!37!7<9:<@414!<;01!38@;1>O:!27!?4798314!27!;0!?13@:4!27!
@70?:!8<@7B41=!?141!9121!UVV!1!U`V!G47Kh7<@12:473F
p! &N7<@;1=07<@7! ;0! 37B;<2:! ?13@:4! 27! @70?:! 8<@7B41=! 27N74P! 374! 9:<@41@12:F!
/:401=07<@7! A! ;0! :;@4:! ?13@:4! :427<12:L! 013! ?:27! 374! ;0! =78B:! K;7! A! 9:<37=D784:! 7!
3;?74N83:4!27!B4;?:3!?7K;7<:3L!:;!3;?74N83:4!27!?4:B41013!K;7!2701<210!0;8@:!@41S1=D:!
?13@:41=!7!7<38<:F!*!80?:4@1<@7!@74!974@751!27!K;7!73@1!37B;<21!?733:1!9:<@41@121!471=07<@7!
?:331!1E;214!1!8B47E1!1!9473974!7L!?41T9107<@7!G1=1<2:L!1;07<@14!1!:G74@1!K;7!84P!?1B14!37;!
31=P48:F!&<@O:L!?:4!7H70?=:L!@1=N75!<O:!37E1!07=D:4!K;7!73@1!?733:1!9:<@41@121!37E1!;0!=Q274!
27!0:982127L!37481!07=D:4!9:<@41@14!;0!=Q274!27!?7K;7<:3!B4;?:3!:;!08<83@4:!27!7N1<B7=830:!
7! 7H?1<3O:! 2:! 478<:F! #;L! 37!:! ?13@:4! ?48<98?1=! A! 7H97=7<@7! 70! 7N1<B7=851>O:L! :! 37B;<2:!
@41S1=D12:4!21!7K;8?7!?:27!374!;0!?13@:4!27!19:<37=D107<@:!K;7!9:0?=707<@7!:3!2:<3!2:!

13. 13
?480784:!?13@:4!7!@41S1=D7!<:!94739807<@:!8<@74<:!21!8B47E1F!%! 7K;8?7!8<8981=!?479831!N8314!:!
94739807<@:F
p! %! @7<3O:!K;7!<:401=07<@7!1?14797!<;01!8B47E1!273@7!@101<D:!A!K;7! 1!8B47E1!A!
B41<27!:!3;C987<@7!?141!:!?13@:4!9:07>14!1!37!37<T4!273B13@12:L!013!<O:!B41<27!:!3;C987<@7!
?141!3;3@7<@14!:;@4:!?13@:4F
r!%-"<-&"/$'10/62/$F$/$0&9A(9&23($0-$0-&J/"$($A(0-"$9/&"$0/9$'3(9$0/$'-'K"-9&/$-$/)L$
0(9$.B0-"-9$.-&7(9$A/"/$/9$'3(9$0/$-?1&A-
p! m;1<2:!37! 9D7B1!1!73@1!S1447841!27!@101<D:L! 1!N7=D1!1S:421B70! 27! @:0121!27!
27983O:!K;7!47K;7481!K;7!@:2:3!73TN73370!27!19:42:L!37!@:4<1!0;8@:!27N1B14!7!8<7C915F!/:!
0:2:! 9:<37<3;1=! 27! @:0121! 27! 27983O:L! A! 9:<3827412:! 80?:33QN7=! ?4:337B;84! 9:0! ;01!
0;21<>1!37!1=B;0!070S4:!A!G:4@707<@7!9:<@41L!73?7981=07<@7!37!?147974!K;7!73@1!0;21<>1!
84P!471=07<@7!91;314!1!31Q21!27!1=B;013!?733:13!21!8B47E1F
p! &0! ;01! 8B47E1! ?74@:! 21! S1447841! 2:3! ZVV! @70! 370?47! 1=B;A0! K;7! 7<9141! 13!
0;21<>13! 9:0:! ?7421F! ":<@;2:! <7<D;01! 0;21<>1! :9:4474P! 1! <O:! 374! K;7! 0;8@13! 213!
27983673!K;7!9:3@;01N10!27?7<274!27!@:21!1!9:<B47B1>O:!?13370!1B:41!?141!13!0O:3!2:3!
=Q27473!7!21!7K;8?7F!$13!<O:!A!1?7<13!K;7!1!070S47381!27N1!97274!:!?:274!?141!:3!=Q27473F!
aQ27473!=78B:3!1<TB:3!@10SA0!27N70!97274!:!?:274!?141!1!7K;8?7!7!<:N:3!=Q27473!N:=;<@P48:3F
p! &0! ;01! 8B47E1! ?7K;7<1! :3! =Q27473! =78B:3! <:401=07<@7! 31S70! 0183! 3:S47! :3!
070S4:3!2:!K;7!:!?13@:4F!&=73!73@O:!=P!DP!0183!@70?:!7!?:4!833:!31S70!0183!3:S47!:!?13312:!
21! 8B47E1L! @]0! 018:4! 94728S8=82127! 2:3! 070S4:3! 7! 0183! 9:<D79807<@:! 213! D1S8=821273L!
91?19821273L!8<@7473373!7!:?8<8673!2:3!070S4:3F
p! m;1<2:!;01!8B47E1!?1331!27!ZVV!?733:13L!9:<@;2:L!1!7K;8?7!@7<27!1!31S74! 0183!
3:S47!13!?733:13!2:!K;7!:3!=Q27473!=78B:3L!7!?4:B47338N107<@7!:3!<:N:3!070S4:3!70!?14T9;=14!
37B;70!0183!13!:487<@1>673!2:3!?13@:473!2:!K;7!2:3!=Q27473!=78B:3F
p!#!K;124:!27!28P9:<:3!:;!?473SQ@74:3!<O:!73@14P!0183!91?198@12:!1!1;@7<T914!@:213!
13!27983673!7!@74P!K;7!278H14!1!7K;8?7!7!=Q27473!N:=;<@P48:3!8<28N82;183!@:01470!27983673!?:4!38!
?4R?48:3F
D$M1/")/$'10/62/$F$/$0&9A(9&23($0-$)("6/"$/$<('16&</23($-$/$/99&'&./23($'/&9$;("'/.$
-$&6)-6<&(6/.
p! -01! 8B47E1! K;7! 37! 0:N7! 1=A0! 273@1! S1447841! <O:! 27N7! 0183! 133;084! K;7! 1!
9:0;<891>O:! 7! 1! 133808=1>O:! 2:3! <:N:3! G47Kh7<@12:473! 19:<@7974O:! I<1@;41=07<@7JL! 370!
<7<D;0!?=1<7E107<@:F!%! 9:0;<891>O:!27N74P!37!@:4<14!0183!8<@7<98:<1=!1:!8<NA3!27!S:91!1!

14. 14
S:91! 3:07<@7F! /:N:3! G47Kh7<@12:473! 27N74O:! 374! 8<G:4012:3! 0183! 8<@7<98:<1=07<@7F! W:4!
7H70?=:L!@:21!<:N1!G10Q=81!?:27481!@74!;0!I?1@4:98<12:4J!?:4!3783!07373!j! ;0!070S4:!K;7!
9:<N821481!1!<:N1!G10Q=81!?141!84![!3;1!9131L!=7N1481!1!<:N1!G10Q=81![!@;401!27!<:N:3!070S4:3!7!
?:4!1Q!N18F
D$M1&6)/$'10/62/$F$/$*/K&.&0/0-$-$0&9A(9&23($0($A/9)("$-$0(9$'-'K"(9$A/"/$0-&J/"$($
A/9)("$A/9)("-/"$1'$A(1<($'-6(9$-$.&0-"/"$1'$A(1<($'/&9
p! #! ?4RH80:! @101<D:! 27! 8B47E1! 47K;74! ;0! ?:;9:! 0183! 27! B74]<981! 21! N83O:! 7!
73@41@AB81L!7!0;8@:!0183!9:<D79807<@:!1208<83@41TN:F!!#!?13@:4!27!;01!8B47E1!07281<1!@74P!
K;7! ?13314! 0183! @70?:! 4794;@1<2:! 7! 3;?74N838:<1<2:! N:=;<@P48:3! ?141! ?4:B41013! 27!
08<83@A48:! K;7!70!;01!8B47E1!?7K;7<1!7=7!@7481!7H79;@12:! 3:58<D:F!,3@:! 47K;74! 91?1982127!
1208<83@41TN1!?141!?=1<7E14L!27=7B14L!3;?74N838:<14!7!:4B1<8514F
p! /73@7!?4RH80:! @101<D:!27!8B47E1!:!?13@:4! 73@P!380?=7307<@7!07<:3!283?:<QN7=!7!
19733QN7=!?141!9121!070S4:F!$730:!9:0!1!9D7B121!27!;0!<:N:!?13@:4!9:<@41@12:!<1!7K;8?7L!
:3!070S4:3!<O:!@74O:!:!0730:!19733:!2847@:!1:!?13@:4!?48<98?1=!K;7!9:3@;01N10!@74F!%0S:3L!
1!070S47381!7!:!?13@:4!?48<98?1=L!27N70!73@14!283?:3@:3!1!7<@7<274!7!?1B14!73@7!9;3@:F
r!I-J)/$'10/62/$F$<(69&0-"/60($/$(A23($0-$'10/"$A/"/$1'$6(5($.(</.
p!(1=!0:N807<@:!374P!94;981=!?141!1@41N73314!1!<:N1!G4:<@7841!27!94739807<@:g!s3!N7573L!
013!<O:!;3;1=07<@7F!-3;1=07<@7!:!K;7!A!<79733P48:!A!:!?=1<7E107<@:!27!0=T?=:3!9;=@:3L!
94739807<@:!21!7K;8?7!7!1E;3@107<@:!27!1T@;273!7!7H?79@1TN13!70!?47?141>O:!?141!1!<:N1!
9;=@;41!27!@101<D:F
$0+)1"!'T#$"W!bYY!"!XeY!V+)QZ)%*"#/+)3
(BCB9F>C[D9BD
p!&0!;01!8B47E1!?7K;7<1L!9121!070S4:!A!9:<D7982:!?:4!@:21!1!070S47381!21!8B47E1F!
#! 9Q49;=:!?480P48:! 2:! ?74@7<9807<@:! A! 1!8B47E1!9:0:! ;0! @:2:F!$13!<1!8B47E1!27!@101<D:!
0A28:L!:!9Q49;=:!?480P48:!2:!?74@7<9807<@:!A!;3;1=07<@7!;01!9=1337!73?79QC91!27!1C<82127!
:;!;0! ?4:B4101F!+4;?:!27!D:07<3!:;!27!0;=D7473L!:!9:41=L!B4;?:!27!913183L!1!7K;8?7!27!
=:;N:4!21!<:8@7L!:!08<83@A48:!27!7N1<B7=851>O:!27!?473:3L!:!08<83@A48:!27!283@48S;8>O:!27!3:?1!j!

15. 15
@:2:3!37!@:4<10!?:33QN783!9Q49;=:3!27!?74@7<9807<@:!K;7!G1570!1!8B47E1!N:14F!"121!;0!273@73!
3;SB4;?:3!@70!1?4:H8012107<@7!:!@101<D:!27!;01!8B47E1!2:0898=814L!UV!1!YV!?733:13F
p!%!=82741<>1!G;<98:<1!27!G:401!28G747<@7!<1!8B47E1!0A281F
! t! W480784:L! N83@:! K;7! ;01!8B47E1!0A281!@70! 0;8@:! 0183! 9:0?=7H82127L! :3!
=Q27473! ?4798310! 47?4737<@14!:3!NP48:3!9:0?:<7<@73!21!8B47E1!d?:4!7H70?=:_! 82:3:3L!E:N7<3!
G10Q=813e
! t! '7B;<2:L! 7H83@7! 0;8@:! @41S1=D:! ?141! 374! G78@:! ?:4! 1?7<13! ;01! ?7K;7<1!
7K;8?7F!&H83@70!1B:41!B4;?:3!27!=Q27473!8<M;7<@73!:;!9:08@]3L!9:0:!:!9:08@]!27!0833673L!:;!:!
27!03891u12:41>O:L!K;7!@]0!;0!38B<8C91<@7!?:274F
! t!(749784:L!?:4!91;31!2:3!2:83!G1@:3!19801L!:3!=Q27473!9:07>10!1!374!739:=D82:3!
07<:3! S13712:! <:! I@70?:! 27! 9131J! 7! ?743:<1=82127! G:4@7L! 7! 0183! 9:0! S137! 70! 2:<3! 7!
D1S8=821273F
! t!m;14@:L!:!?1?7=!2:3!=Q27473!=78B:3!:;!K;124:!27!:C98183!9:07>1!1!0;214F!&0!
8B47E13! 07<:473! :3! :C98183! S1389107<@7! 3;?74N838:<10! :! ?13@:4! 7! 1! 7K;8?7L! 21<2:! :;!
479;31<2:!?740833O:!?141!NP4813!?4:?:3@13F!!#!?13@:4!7!1!7K;8?7!7<@O:L!G1570!:!08<83@A48:F!&0!
8B47E13!0A2813!:3!:C98183!9:07>10!1!G1574!0183!:!08<83@A48:!7=73!0730:3L!70!?1497481!9:0!1!
7K;8?7F!aQ27473!27!08<83@A48:3!N:=;<@P48:3!<:401=07<@7!1?147970!7!37!@:4<10!:3!=Q27473!27!
:?8<8O:F!W473827<@73!27!9:08@]3!27!8<M;]<981!37!E;<@10!1:!K;124:!:C981=F
!
p!":0:!<:@12:!19801L!:!?13@:4!?473827<@7!0;21!;0!@1<@:!27!?13@:4!?141!IG157<2784:JF!
%:!8<NA3!27!G1574!@:2:!:!@41S1=D:!08<83@7481=!3:58<D:L!7=7!9:07>1!1!@478<14!7!:4B1<8514!?733:13!
=78B13!<1!7H79;>O:!27!@147G13!08<83@748183F!&=7!@10SA0!27N7!374!9:0?7@7<@7!70!@478<14L!1?:814!
7!3;?74N838:<14!:;@4:3!08<83@4:3!7!1!7K;8?7!1208<83@41TN1F!/1!8B47E1!27!@101<D:!0A28:L!83@:!
47K;74!38B<8C91<@73!D1S8=821273!1208<83@41TN13F
p! &<K;1<@:!<1!8B47E1!?7K;7<1!13!0;21<>13!N]0!2:!G;<2:!1@A!7!1@41NA3!2:3!=Q27473!
=78B:3! 9D1N73L! <1! 8B47E1! 0A281! 13! 0;21<>13! N]0! 1@41NA3! 27! 9:08@]3! 9D1N73! 7! B4;?:3F!
/:401=07<@7! :! K;124:! 27! :C98183! <1! 8B47E1! 0A281! A! 8<747<@707<@7! 9:<374N12:4F! &=73!37!
37<@70! 0;8@:!473?:<3PN783!7!<O:!2737E10!:G7<274! 1!<7<D;0!2:3!070S4:3!K;7!194728@10!
47?4737<@14F!!W:4@1<@:!13!0;21<>13!3O:!2848B8213!?:4!9:08@]3!27!N83O:!1N1<>121L!@183!9:0:!:!
9:08@]! 27!0833673!:;! 27!7N1<B7=830:F!&=73! ?:270! 374! 0;8@:! ?743;138N:3! 70!9:<N7<974! 1!
9:<B47B1>O:!1!@7<@14!9:8313!<:N13F
(:;:!>=B!9C>D9>
":0:! <:@12:! 1<@748:407<@7L! 8B47E13! 07<:473!9473970! 01E:48@148107<@7! 1@41NA3! 27!
B4;?:3L!08<83@A48:3!:;!9=13373!94812:3!?7=:!?13@:4F! %! 8B47E1!0A281!@10SA0! 9473974P!K;1<2:!

16. 16
0;=T?=8914!9=13373L!B4;?:3L!9;=@:3L!08<83@A48:3L!013!1!9D1N7!?141!:!94739807<@:!21!8B47E1!0A281!
A!1!07=D:481!21!K;1=82127!2:3!08<83@4:3!7!3;1!7C98]<981!70!7<9:<@414!13!<79733821273!47183F!
-01!8B47E1!?7K;7<1!?:27!19:0:214!;01!K;1=82127!1012:41!?:4K;7!1!1@41>O:!?48<98?1=!A!1!
8<T082127!27!37;!19:=D807<@:!7!1@0:3G741!27!91=:4!G108=814F!$13!:!08<83@A48:!21!8B47E1!0A281!
@70! K;7! 374! 28G747<@7F! %3! 1;=13! 471=07<@7! @]0! K;7! 374! ;01! B41<27! 7H?748]<981! 27!
1?47<28512:F!%! 03891!471=07<@7!@70!K;7!@74!;01!D140:<81!1;28TN1F!%! ?47B1>O:!@70!K;7!
8<G:4014!7!8<3?8414F
(CG^BEA:!B!_C:EF>@CB!<BCB!B!<Cf?@;B!9BF>K:C@B!A>!FB;BEa:
(7<D:! 28@:!K;7!1!8B47E1!?7K;7<1!94;51! 1!S1447841!2:3!ZVV!1@41NA3!27! dUe! 0=T?=13!
:?>673L!! dZe! 94739807<@:!21!7K;8?7L!die! 47T4121!2:!?:274!27!@:0121!27!27983673!27!@:21!1!
9:<B47B1>O:L!dYe!27983O:!27!374!0183!G:401=!7!8<@7<98:<1=!70!133808=1>O:!7!9:0;<891>O:L!7!d`e!
0;21<>1!2:!?13@:4!21!G;<>O:!27!9;8214!27!9121!;0!2:3!070S4:3!?141!G;<98:<14!0183!9:0:!
;0!:4B1<8512:4u1208<83@412:4F!n:9]!?:27!9473974!1@A!0183!2:!K;7!1!S1447841!2:3!ZVV!370!G1574!
@:213!73@13!98<9:!0;21<>13L!27!G1@:L!0;8@13!8B47E13!:!G1570F!":<3@1<@707<@7!8B47E13!9473970!
19801!27!ZVV!01<@7<2:!;01!:;!2;13!1T@;273!27!8B47E1!?7K;7<1F!W:4!7H70?=:L!37!:!?13@:4!
?48<98?1=! @70! 0=T?=:3! 2:<3! 7! A! 0;8@:! ! 1TN:L! 7=7! ?:27! @:014! 9:<@1! 2:! @41S1=D:!
:4B1<85198:<1=u1208<83@41TN:! 7!18<21!@74!@70?:!?141!N838@14!9121!070S4:!27!3;1!8B47E1F!#;!
@1=N75!<:N13!?733:13!@7<D10!382:!8<9:4?:41213![!7K;8?7L!013!13!27983673!18<21!3O:!@:01213!
<:!0:27=:!9:<37<3;1=!27!@:21!1!9:<B47B1>O:F!$13!?141!9473974!19801!27!YVV!G47Kh7<@12:473L!
N:9]!?479831!C40707<@7!K;7S414!@:2:3!:3!1<TB:3!DPS8@:3!70!@:213!13!98<9:!P4713F!&0!47=1>O:!
[!37H@1!0;21<>1!j! 37!0;214!?141!;0!<:N:!=:91=!j! A!<:401=07<@7!<79733P481!1!;01!8B47E1!
0A281!?141!K;7S414!1!S1447841!27!94739807<@:L!013!<O:!370?47F
$0+)1"!0+"%#)W!XYY!"!gYY!V+)QZ)%*"#/+)3
!!
(BCB9F>C[D9BD
p!/R3!@70:3!N83@:!K;7!<1!8B47E1!?7K;7<1!:!9Q49;=:!?48<98?1=!27!?74@7<9807<@:!A!@:2:!:!
9:4?:!21!8B47E1F!/1!8B47E1!0A281L!:!9Q49;=:!?48<98?1=!27!?74@7<9807<@:!A!1!@;401!27!1C<821273L!
:;!B4;?:!?7K;7<:L!:;!08<83@A48:L!K;7!@]0!<:401=07<@7!7<@47!UV!7!YV!?733:13F!":<@;2:L!<1!
8B47E1!B41<27!:!9Q49;=:!?48<98?1=!27!?74@7<9807<@:!37!@:4<1!:!B4;?:!?7K;7<:!27!10851273F!,3@:!
A!28G747<@7!2:!B4;?:!27!1C<821273!:;!08<83@A48:3!?7=13!37B;8<@73!91;313_
! t!*!;3;1=07<@7!07<:4!j!@O:!?7K;7<:!K;1<@:!Y!7!<O:!018:4!2:!K;7!U`
! t! *! 0183! ;01! I8B47E1! 70! 08<81@;41J! 2:! K;7! :! B4;?:! 27! 1C<821273! :;!
08<83@A48:3F! +4;?:3! 27! 1C<821273! :;! 08<83@A48:3! 3O:! ?4:B41013! 73?7981=8512:3L! G:91<2:!

17. 17
3:07<@7!70!73@;2:L!:;!12:41>O:L!:;!1@7<2807<@:!1:3!?:S473!7!?:4!1Q!N18F!!#!B4;?:!?7K;7<:!
27!10851273!@70!73@;2:3!SQS=89:3L!1085127L!12:41>O:!7!08<83@41>O:F!!
p! %! =82741<>1! @10SA0! G;<98:<1! 28G747<@7! <1! 8B47E1!B41<27F! /1! 8B47E1! ?7K;7<1L! :3!
=Q27473! G:410! 37=798:<12:3! ?:4! 3;1! 73@1S8=82127L! <1! 8B47E1! 0A281L! ?:4! 3;13! D1S8=821273! 7!
01@;482127F!,3@:!18<21!A!0;8@:!2737EPN7=b!$13!<1!8B47E1!B41<27!73@13!K;1=821273!27N70!374!
9:0S8<1213!1!;0!9:0?4:0833:!9:0!1!N83O:!7!0833O:!27@7408<1213!21!8B47E1F!m;1<@:!018:4!1!
8B47E1!37!@:4<1L!0183!2737<N:=N7!974@:3!08<83@A48:3!9D1N73!7!?:<@:3!G:4@73!K;7!7<G1T51L!7!1!
N83O:!9:0;0!A!;0!80?:4@1<@7!G1@:4!<1!1273O:!2:3!070S4:3F!&<@O:!:3!=Q27473!?4798310!374!
IN8@48<73J!21!N83O:L!S70!9:0:!:;@413!K;1=8C91>673F!
p!/1!8B47E1!?7K;7<1!:!K;124:!27!:C98183!21N1!:;!<7B1N1!?740833O:!1:!?13@:4!K;7!G1581!
:!08<83@A48:F!/1!8B47E1!0A281!:!K;124:!A!G:4012:!?:4!=Q27473!=78B:3!:;!?473827<@73!27!9:08@]3!
K;7!28N8270!:!@41S1=D:!08<83@7481=!9:0!:!?13@:4!7!1!7K;8?7F!$13!<1!8B47E1!B41<27L!:!K;124:!27!
:C98183!27N7!@41S1=D14!9:0!:!?13@:4!?48<98?1=!?141!73@1S7=7974!1!N83O:!?48<98?1=!7!:SE7TN:3!7!
7<@O:!1N1=814!:!08<83@A48:!?48<98?1=F!.8G747<@7!2:!K;124:!27!:C98183!21!8B47E1!?7K;7<1L!7=73!<O:!
3;?74N838:<10!@:21!1!7K;8?7!j!7=73!278H10!73@7!@41S1=D:!?141!:!?13@:4!?48<98?1=F!.8G747<@7!2:!
K;124:!27!:C98183!21!8B47E1!0A281L!7=73!<O:!?4798310!<79733148107<@7!374!:3!=Q27473!=78B:3!2:!
08<83@A48:F!%:!8<NA3!2833:L!7=73!3;?74N838:<10!9:0:!1!8B47E1!7!08<83@A48:3!NO:!27!G:401!B741=F
p! /1! 8B47E1! B41<27! :3! ?1?A83! 8<28N82;183! 21! 7K;8?7! 37! @:4<10! ?4:B47338N107<@7!
73?7981=8512:3L! 7! 83@:! @10SA0! 19:<@797! 9:0! 1! G;<>O:! 2:! ?13@:4! ?48<98?1=F! &=7! 27N7! 37!
9:<97<@414!0183!7!0183!70!d1e!?47B1>O:!7!dSe! B73@O:!21!N83O:!7!73@41@AB813F!&=7!27N7!278H14!
0;8@13!:;!1!018:4!?14@7!213!@147G13!1208<83@41TN13v!2:!9:<@4P48:!C914P!3:S4791447B12:F!
p! &<K;1<@:! <1! 8B47E1! ?7K;7<1!0;21<>13! 7! 27983673! 19:<@7970! 2:3! G;<2:3! 1@A! 7!
1@41NA3!27!8<28NQ2;:3!=78B:3!?:274:3:3L!7!<1!8B47E1!0A281!7=13!N]0!2:3!K;124:3!7!9:08@]3L!<1!
8B47E1!B41<27!7=13!19:<@7970!27!9801!?141!S18H:L!21!7K;8?7!7!=Q27473!=78B:3!9D1N73F!!!
(:;:!>=B!9C>D9>
%! 8B47E1! ?7K;7<1! 947397! 01E:48@148107<@7! 1@41NA3! 27! <:N:3! B4;?:3L! 9=13373L! 7!
08<83@A48:3!8<89812:3!?7=:!?13@:4L![3!N7573!9:0!1!1E;21!27!;0!1=812:F!&;!9D10:!833:!27!I!19733:!
?7=:!E14280JL!EP!K;7!73@1!8B47E1!947397!1@41NA3!27!9Q49;=:3!8<G:40183!27!1085127F!%!8B47E1!0A281!
947397!?48<98?1=07<@7!1@41NA3!27!08<83@A48:3!K;7!7G7TN107<@7!1338<1=10!13!<79733821273!27!
NP48:3! B4;?:3! @183! 9:0:! 0:982127L! 82:3:3L! E:N7<3! 913183L! 7! I9;48:3:3JF! &;! 9D10:! 833:! 27!
I19733:! ?7=1!?:4@1!=1@741=JL! 27327!K;7!83@:!@415! NP48:3!B4;?:3!27!?733:13!21!3;1!982127!:;!
N858<D1<>1L!7<G:91<2:!3;13!<79733821273F!%!8B47E1!B41<27L!9:<@;2:L!947397!1@41NA3!2:!I19733:!
?7=1!?:4@1!21!G47<@7JF!%!9D1N7!?141!73@7!94739807<@:!A!:!K;7!19:<@797!2;41<@7!:3!9;=@:3!j!1!
K;1=82127!21!?47B1>O:L!1!@41<397<2]<981!21!7H?748]<981!27!12:41>O:!<:!=:;N:4L!7!?:4!1Q!N18F

18. 18
(CG^BEA:!B!_C:EF>@CB!AB!<Cf?@;B!9BF>K:C@B!A>!FB;BEa:
%3!073013!98<9:!0;21<>13!07<98:<1213!1<@73!27N70!374!G78@13!?141!:!?4RH80:!<QN7=F
p!W4807841!0;21<>1!j!0=T?=13!:?>673F!%@A!1!S1447841!2:3!wVVL!13!8B47E13!18<21!?:270!
9:<T<;14!9:0!;0!072Q:947!:;!?:S47!383@701!27!B4;?:3!?7K;7<:3F!%3!?733:13!18<21!?:270!
73@14!37<2:!?13@:471213!?48<98?1=07<@7!1@41NA3!27!?4:B41013!018:473L!B4;?:3!27!1C<821273!7!
B4;?:3! K;7! 3O:! 2848B82:3! ?:4! ?733:13! 21! 7K;8?7! 2847@107<@7F! $13! 37! .7;3! 9:<T<;14!
01<21<2:!?141!N:9]!0183!?733:13L!27!01<7841!K;7!N:9]!;=@41?1337!1!S1447841!2:3!wVVL!N:9]!
?479831!@74!1!018:4!?14@7!27!37;3!070S4:3!7!G47Kh7<@12:473!?14T98?1<2:!27!B4;?:3!?7K;7<:3!
K;7!37E10!0;8@:!S70!2848B82:3!7!K;7!G1>10!:!@41S1=D:!?13@:41=L!<O:!1?7<13!73@;2:!SQS=89:F!
$=T?=:3!9;=@:3!374O:!0183!80?:4@1<@73!2:!K;7!2;41<@7!1!S1447841!2:3!ZVV!1!YVVL!013!1!N821!
70!?7K;7<:3!B4;?:3!A!1!9D1N7!?141!<1N7B14!73@1!0;21<>1F
p!'7B;<21!0;21<>1!j!0;=T?=891>O:!21!7K;8?7F!%@A!1!S1447841!2:3!wVV!13!8B47E13!18<21!
?:270!9:<T<;14!9:0!;01!?7K;7<1!7K;8?7!27!B7<741=83@13L!013!27?:83!21!S1447841!2:3!wVVL!
?479831!D1N74!0183!73?7981=851>O:F!#3!070S4:3!21!7K;8?7!27N70!374!?4:B47338N107<@7!0183!
1B419812:3!9:0!2:<3!73?79QC9:3L!7!<O:!380?=7307<@7!@41S1=D12:473L!<70!0730:!=Q27473!27!
@41S1=D12:473L! 013!=Q27473!27!=Q27473F! &=73!27N70!374! S13@1<@7! 012;4:3L! 8<27?7<27<@73L! 7!
91?1573!27!1@4184!7!3;?74N838:<14!:;@413!?733:13F
p!(7497841!0;21<>1!j!0;21<2:!:!?:274!27!@:0121!27!27983O:F!%@A!1!S1447841!2:3!wVV!
:!?:274!27!@:0121!27!27983O:!73@1N1!37!@:4<1<2:!0183!97<@41=8512:!j! 08B41<2:!21!?748G7481!
d@:21! 1! 070S47381! :;! @:2:! :! K;124:! 27! =Q27473! =78B:3e! ?141! :! 97<@4:! d1! 7K;8?7! 7!
7N7<@;1=07<@7! 1! 7K;8?7!?48<98?1=eF! %B:41!:! ?:274! 27! @:0121!27!27983O:! 27N7!73@14! 0183!
27397<@41=8512:!j!08B41<2:!21!7K;8?7!?48<98?1=!7!2:!?13@:4!?141!:3!8<28NQ2;:3!21!7K;8?7!7!37;3!
T073! 27! =Q27473F! ":0:! <:@12:! 19801L! 1! 7K;8?7! ?479831! 37! @:4<14! ?4:B47338N107<@7!
9:0?7@7<@7!7!27N7!4797S74!0183!1;@:482127!?141!@:014!27983673!70!3;13!P4713L!370!@74!K;7!
?13314!@;2:!?7=1!7K;8?7!?48<98?1=!:;!K;124:!:C981=!27!=78B:3F!
p! m;14@1! 0;21<>1! j! 37! @:4<1<2:! 0183! G:401=! 7! 8<@7<98:<1=! 70! 133808=1>O:F!
%33808=1>O:L28398?=8<1!7!8<9:4?:41>O:!27!<:N:3!070S4:3!27N70!374!18<21!07=D:4!:4B1<851213L!
1=@107<@7!27@1=D1213!7!3;?74N838:<1213F
p!m;8<@1!0;21<>1!j!121?@1<2:!1!G;<>O:!2:!?13@:4!?48<98?1=F!#!?13@:4!37!@:4<1!18<21!
07<:3! 19733QN7=! 1:! ?13@:412:! 8<28N82;1=! 7! 37! 9:<97<@41! 0183! 18<21!<1!?47B1>O:L! B41<273!
B4;?:3!27!7<38<:L!B73@O:!21!N83O:!7!73@41@AB81F
"!@KC>]B!;G@F:!KCBEA>
(BCB9F>C[D9BD
p! %! 8B47E1!0;8@:!B41<27!@70!;0! G:9:!08338:<1=F!&0!B741=L!8B47E13!?7K;7<13!2O:!1:3!
070S4:3! ;01! N:5! 0183! G:4@7! dN7E1! 1S18H:eL! 7! ?:4@1<@:L! :3! 8<@7473373! 27! 070S4:3! 7!

19. 19
G47Kh7<@12:473!@7<270! 1!3:S4733184! ! 1:3!8<@7473373!27!?733:13!27!G:41F!W7=:!:;@4:! =12:L!1!
8B47E1!B41<27!2P![!7K;8?7!7!=Q27473!7H79;TN:3!;01!N:5!018:4F!m;1<@:!0183!2848B821!?7=1!7K;8?7!
;01!8B47E1!G:4L!0183!9:<97<@4121!374P!70!08<83@A48:3!K;7!1=91<>14O:!<O:!070S4:3!7!K;7!<O:!
2847@107<@7!S7<7C9810!37;3!070S4:3!j! 83@:! AL!?=1<@1>O:!27!8B47E13L!08<83@A48:!27!E;3T>1!7!
0837489R4281L!7!:;@4:3!<:N:3!9;=@:3!7!?4:B4101>673F
p! %! 8B47E1!0;8@:!B41<27!@70!0;8@:3!@41>:3!K;7!1@4170!9;48:3:3!7!E:N7<3!12;=@:3!70!
?14T9;=14_
! t&H97=]<981F!%K;7=73!K;7!<O:!37!37<@70!:S48B12:3!1!84![!8B47E1!S13712:3!70!
D83@R489:!G108=814L!@4128>673L!9;=@;41!:;!D83@R481!=:91=!3O:!0183!?4:?7<3:3!1!84!1!;0!=;B14!1:<27!
1!K;1=82127!213!14@73L!7<38<:L!27?14@107<@:!8<G1<T=!7!7@9L!A!0;8@:!1=@1F
! t&39:=D13F!%3!?733:13!D:E7!70!281!73@O:!19:3@;01213!1!@74!:?>673!K;1<2:!37!
285!473?78@:!1:!73K;701!:;!T?:!27!=:;N:4L!7<38<:L!9;=@:3!27!1?:8:!7!3808=1473F
! t%S74@;41!?141!1!0;21<>1F!+741=07<@7L!<:N:3!070S4:3!7!?733:13!E:N7<3!@]0!
018:4! @:=74l<981! ?141! 13! 9:<3@1<@73! 0;21<>13! 7! M;8275! 27! ;01! B41<27! 8B47E1L! 7<K;1<@:!
?733:13! 0183! N7=D13L! 070S4:3! 0183! 1<TB:3L! 7! G10Q=813! 3O:! 0183! 2737E:3:3! 27!
73@1S8=82127F!
! tX18H1!?4733O:F!";48:3:3!C910!G7=8573!27!84!1!;01!8B47E1!7!<O:!@74!3;1!?4737<>1!
<:@121!807281@107<@7F!%!018:4!?14@7!2:3!N838@1<@73!7!9;48:3:3!3O:!1B4127982:3!?7=1!G198=82127!
9:0! K;7! ?:270! N838@14!;01! B41<27!8B47E1! 370! 807281@107<@7!37!37<T470! ?47338:<12:3!1!
@:014!;01!27983O:!27!37!E;<@14!1:!B4;?:F
p! %! 8B47E1!0;8@:! B41<27!@10SA0! @70! ;0!?:@7<981=!018:4! ?141!2737<N:=N74! 974@13!
K;1=821273!7!08<83@A48:3_
! t! '74! 0;=T9;=@;41=F! -01!7K;8?7! 018:4! ?:27! 374! 0;=@7@<891d7<K;1<@:! ;01!
<891!7K;8?7u?13@:4!<O:!?:27eF! -01!8B47E1!018:4!9:0! 0=T?=:3!9;=@:3L!9=13373L!:;!0730:!
I9:<B47B1>673J!?:27!1S41<B74!;01!N14872127!018:4!27!8<@7473373!7!<79733821273F
! t!"4814!;0!383@701!8<@7B41=!27!1?:8:!G108=814F!%3!G10Q=813!B741=07<@7!?4798310!
27! ;01! N14872127! 27! 9=13373! :;! B4;?:3! ?141! 9481<>13! 27! 821273! 28G747<@73! @1<@:! K;1<@:!
374N8>:3! 27! 19:<37=D107<@:L! :?:4@;<821273! 479471TN13! 7! ?:4! 1Q! N18F! ,B47E13! B41<273!
<:401=07<@7!1@4170!G10Q=813!?:4!73@1!415O:F
! t! W=1<@14!8B47E13F!,B47E13!018:473L!B741=07<@7L!3O:!07=D:473!70!?=1<@1>O:!27!
<:N13!8B47E13!2:!K;7!1B]<9813!27<:08<198:<183!7!8B47E13!?7K;7<13F!dUe
! t!)71=8514!08<83@A48:3!D:=Q3T9:3!S13712:3!<1!GAF!,B47E13!B41<273!@]0!;01!018:4!
B101!27!N:=;<@P48:3L!C<1<>13L!7!7H?74T37!?141!2737<N:=N74!73@73!08<83@A48:3F
! t!W73K;831!7!2737<N:=N807<@:!?141!:!2737<N:=N807<@:!21!8B47E1F!.7!<:N:L!;01!
8B47E1!B41<27!A!;3;1=07<@7!;0!S:0! =;B14!?141!<:N13!2847@48573!7!73@4;@;413!27!08<83@A48:3!

20. 20
37470!G:40;=1213!7!@73@1213F! ,3@:!@10SA0!?:27!374!0183!7G7TN107<@7!7H79;@12:!?:4!;01!
B41<27!8B47E1!2:!K;7!?:4!8B47E13!07<:473!27<:08<198:<183!:;!08<83@A48:3!?14179=738P3T9:3F
2'"!#"3!+"cR)3!'"$3!(/'2%3!7"+"!)++/3!%"!,$#)+"%-"!7"3*/+",!T!"!
#)3(/%3$#)+"-S/!7),/!3$0%$V$("#/!#/!*"'"%./!#"!$0+)1"
p!"=14:!K;7!;01!8B47E1!0;8@:!B41<27!@10SA0!@70!273N1<@1B7<3_
! to47Kh7<@12:473! 27! =:<B1! 283@l<981! ?:270! 08<14! 1! 0833O:F! ,B47E13! 0;8@:!
B41<273!?:270!37!@:4<14!G10:313!7!1@4184!9483@O:3!27!=:<B13!283@l<9813L!K;7!<O:!?:270!@41574!
<O:!9483@O:3!27!3;1!N858<D1<>1F!a:B:!1!9:<B47B1>O:!<O:!37!?14797!9:0!3;1!N858<D1<>1!7!<O:!
9:<37B;7! 1=91<>14! 3;1!?4R?481! 9:0;<82127! B7:B4PC91F! .7! K;1=K;74! 0:2:L! 83@:! ?:274! 374!
9:0?7<312:!?7=13!N1<@1B7<3!21!0833O:!7!?:27!374!18<21!0183!9:0?7<312:!?:4!d1e!?=1<@1>O:!
27!8B47E13!7!dSe!9:<c<;1!:487<@1>O:!?141!7N1<B7=830:!7!1=91<97!2:3!27!G:41F!!
! t! o47Kh7<@12:473! 27! =:<B1! 283@l<981! 08<10! 1! 9:0;<DO:u1085127! 7!
28398?;=12:F!"483@O:3!N8<2:!27!=:<B13!283@l<9813!3O:!07<:3!@7<27<98:3:3!1!374!28398?;=12:3!7!
9:<79@12:3![!471=!9:0;<82127!9483@OF!%!?733:1!K;7!N:9]!7<9:<@41!<:!9;=@:!27!2:08<B:!A!9121!
N75!07<:3!?4:NPN7=!27!374!1=B;A0!K;7!0:47!?74@:!27!N:9]L!7<@O:!9:<7H673!<1@;4183!7!1085127!
<O:!37!2737<N:=N70F!,3@:!?:27!374!27!1=B;01!G:401!9:0?7<312:!?:4!;0!383@701!7G7TN:!27!
?7K;7<:3!B4;?:3!K;7!;<1!13!?733:13!?:4!8<@7473373!:;!47B8673F
! t!.808<;8>O:!21!9:0;<891>O:!7!2:!7<N:=N807<@:F!I-0!?133:!9:0;0!?141!;01!
B41<27! 8B47E1!A! @7<@14! 7H?1<284! 37;! 383@701!27! 9:0;<891>O:! 7! 1=91<97!FFF! K;1<2:! 0;8@13!
?733:13!9:07>10! 1!37<T4!1!?7421!2:! 37<T07<@:! 27!?74@7<9807<@:! 7! 7N7<@;1=07<@7! d1@A!
K;1<2:!1!8B47E1!279=8<1e!<;07489107<@7J!dZeF!%3!?733:13!<O:!@]0!0183!974@751!9:0!K;70!G1=14!
3:S47!13!9:8313_!70!;01!8B47E1!?7K;7<1L!1!7K;8?7!7!:3!?473SQ@74:3!31S70!@;2:!3:S47!@;2:L!013!
70! ;01! 8B47E1! 0;8@:! B41<27L! ;0! 27@7408<12:! 070S4:! 21! 7K;8?7! ?:27! <O:! 31S74!
1S3:=;@107<@7!<121!3:S47!:!K;7!19:<@797!G:41!27!37;!08<83@A48:F!%!=:<B1!=83@1!27!08<83@A48:3!7!
:C98183!?:27!374!7301B12:41F!/8<B;A0!37<@7!K;7!?:27!:S@74!;01!8<G:401>O:!41?82107<@7v!
<8<B;A0! 31S7! ?:4! :<27! 9:07>14! ?141! 37! 37<T4! 7<N:=N82:! 9:0! 1! 8B47E1F! ,3@:! ?:27! 374!
9:0?7<312:!?7=:! 9:<c<;:! 2737<N:=N807<@:! 27!37;!383@701!27!9:0;<891>O:F!,3@:! 37!@:4<1!
7H@41:428<148107<@7!80?:4@1<@7!<;01!9:<B47B1>O:!0;8@:!B41<27F!!!!!!!!!!!!!
t! .73=:9107<@:F!%3!?733:13!K;7!37!E;<@1410!1!8B47E1!K;1<2:!7=1!741!07<:4L!?:270!
37<T4!;0!B41<27! 37<3:! 27!?7421!7!?:270!@74!?4:S=7013!70! 37!1E;3@14! [!<:N1!9;=@;41!27!
@101<D:F! $;8@13!27=13!84O:! =107<@14! 1!?7421!27!37! 37<T470! ?733:1=07<@7! 9:<79@12:3! 1!
7N7<@:3L!@:0121!27!27983673!7!1:!?13@:4!?48<98?1=F!%=B;<3!273373!I1<TB:3!070S4:3J!3184O:!

21. 21
@483@707<@7L!7!3;1!31Q21!84P!7<@483@7974!1K;7=73!K;7!18<21!9:<T<;10!<1!8B47E1F!,3@:!?:27!374!
9:0?7<312:!21<2:!1:3!I1<TB:3!070S4:3J!7H@41!27G74]<981!7!9:<382741>O:L!7<@7<27<2:!13!
0;21<>13!?7=13!K;183!?1331410L!7!<O:!278H1<2:!K;7!37!38<@10!9;=?12:3!?:4!K;7474!;01!8B47E1!
28G747<@7! :;! 07<:4F! o7=8507<@7L! 73@7!?4:S=701!7N7<@;1=07<@7! 2808<;8b%3! ?733:13!K;7!37!
E;<@1410![!8B47E1!K;1<2:!7=1!?:33;Q1!U`VV!070S4:3L!<O:!19D14O:!K;7!0;8@1!9:831!0;2:;!
K;1<2:!7=1!1=91<>14!YFVVVF
t! ":0?=7H82127L! 0;21<>1!7! G:401=82127F! #! 94739807<@:! @415! d1e! 9:0?=7H82127! 1:!
8<NA3! 27! 380?=8982127L! dSe! 0;21<>1! 1:! 8<NA3! 27! ?47N838S8=82127L! 7! d9e! 1! <7973382127! 27!
9:0;<891>O:!7!@:0121!27!27983673!G:40183!70!=;B14!213!8<G:40183F!":<@;2:!0;8@:3!9483@O:3!
0183!1<TB:3! 7! G10Q=813!N1=:48510! 1! 380?=8982127L! ?47N838S8=82127! 7! 8<G:401=82127L! 7!1@A! 13!
9:<3827410!9:0:!0183!N1=8:313!27!;0!?:<@:!27!N83@1!73?848@;1=F!m;1<@:!018:4!1!8B47E1L!0183!
G:40183!37!@:4<10!73@73!@4]3!G1@:473!7!1=B;013!?733:13!380?=7307<@7!<O:!@:=7410!833:F!
t!';9733O:F!m;1<@:!018:4!1!8B47E1!0183!827<TC9121!9:0!37;!?13@:4!?48<98?1=F!W:4!K;]g!
d1e!&=7!37!@:4<1!:!<89:!=Q274!827<TC9PN7=!7<@47!;0!B41<27!<074:!27!=Q27473!7!070S4:3!21!
7K;8?7L!1!K;70!:!070S4:!9:0;0!<O:!?:27!?74274!27!N83@1F!dSe!,B47E13!<O:!9473970!370!;0!
=Q274!K;7!A!;3;1=07<@7!S:0!70!14T9;=1>O:!21!N83O:F!&3@1!14T9;=1>O:!37!@:4<1!7<@O:!1!9D1N7!
?141!@:21!1!8B47E1F!&3@7!T?:!27!@1=7<@:!A!283T<TN:!7!A!0;8@:!07<:3!3;S3T@;QN7=!1@A!0730:!2:!
K;7!:! @1=7<@:! 27!374!;0!S:0! ?47B12:4F! !,3@:!<:3!=7N1!1:! 91=91<D14! 27!%K;8=73!21!8B47E1!j!
9:<T<;82127!7!3;9733O:F!":0:!A!K;7!:!?13@:4!37!1?:37<@1!370!K;7!13!?733:13!19D70!K;7!1!
8B47E1!0:447;g! -0!?=1<:! A!28N8284!1!8B47E1!9:0!9121!<:N:!73?1>:! @7<2:!37;! ?4R?48:!?13@:4!
?48<98?1=F! ax=7! '9D1==74! 194728@1L! 9:<@;2:L! K;7! :3! 3;9733:473! ?4798310! 374! ?733:13! K;7!
73TN7410!<1!7K;8?7!?:4!;0!S:0!@70?:L!<O:!N8<2:3!27!G:41F
(:;:!>=B!9C>D9>
! X1389107<@7L! ;01! 8B47E1! 0;8@:! B41<27! 9:<T<;1! 1! 9473974! 3:07<@7! 37! 13!
N1<@1B7<3! 273948@13! 3O:! 7H?=:41213! 7<K;1<@:! 13! 273N1<@1B7<3! 273948@13! 3O:! 47383T213! 7!
08<80851213F
'"$3!",02'"3!320)3*R)3!)'!+),"-S/!"!$0+)1"3!'2$*/!0+"%#)3
%M:!_BHB!]G=KGB;>EF:D
-0!?4:S=701!9:0;0! <13!8B47E13!A!K;7!13!?733:13!2O:!;0!38B<8C912:! 0:41=![!3;1!
9;=@;41!27!@101<D:!8271=F!&=73!<O:!N]70!1!9;=@;41!27!@101<D:!27!;01!8B47E1!B41<27!9:0:!
I28G747<@7JL!013!9:0:!I0PJF!W:4!7H70?=:L!1=B;<3!070S4:3!?:270!37<T4!K;7!;01!8B47E1!0;8@:!
B41<27!A!I<O:!108BPN7=J!:;!I<O:! 9;8212:31JL!?:4K;7!7=73!<O:!9:<37B;70!G1=14!1:!@7=7G:<7!
9:0! :! ?13@:4!?48<98?1=!?733:1=07<@7F! ":<@;2:L!37!9121!;0! <;01!8B47E1!27!iVVV!070S4:3!

22. 22
?;27337!G1=14!9:0!:!?13@:4!1:!@7=7G:<7!1!K;1=K;74!D:41!K;7!K;837337L!83@:!<O:!=7N1481!1!8B47E1!1!
374!0183!9;8212:31!27!E78@:!<7<D;0F!&=7!<O:!?:27481!473?:<274!1!@:213!13!3;13!<79733821273F!
dW:4!:;@4:!=12:L!37!;0!?13@:4!<;01!8B47E1!27!U`V!070S4:3!<;<91!?:27!1@7<274!1:!@7=7G:<7L!
7=7!73@14P!80?:<2:!;01!9;=@;41!27!@101<D:!27!8B47E1!B41<27!<;01!8B47E1!?7K;7<1L!K;7!=7N14P!
1:!27313@47eF
W:4K;7!;01!8B47E1!0;8@:! B41<27! A! 0149121!?7=1! 0;21<>1L! 1! N83O:! B=:S1=! ?479831!
?7401<7974!1!07301L!013!?:;9:3!:;!<7<D;0!?4:B4101L!:;!?4PT91!3O:!3194:331<@:3F!W:4K;7!
A!9:0?=7H1L!<O:!A!807281@107<@7!RSN8:!9:0!K;70!G1=14!:;!K;70!?479831!?14T98?14!27!;01!
@:0121!27!27983O:v!0;8@:3!<:N:3!7N7<@:3!?:270!@74!9:<37Kh]<9813!80?47N83@13!?141!:;@4:3!
?4:B41013F!W:4K;7!7H83@7!;01!<7973382127!27!018:4!G:401=82127L!:3!?=1<7E107<@:3!?4798310!
374! 73948@:3! 7! 9;8212:3107<@7! 7H79;@12:3L! 1:! 8<NA3! 27! @41S1=D12:3! 47=198:<1=07<@7! 7!
8<G:401=07<@7F!&0!;01!8B47E1!0;8@:!B41<27L!@:2:3!73@73!@41>:3!27N70!374!9:<3827412:3!9:0:!
:!9;3@:!8<7N8@PN7=!2:!08<83@A48:F!.7N7!D1N74!07<:3!@:4974!27!<148573!7!<7<D;01!38B<8C9l<981!
0:41=!1@47=12:3!1!73@73!@41>:3!d9D101<2:!13!0;21<>13!27!I8<3@1S8=82127JL!G:401=82127L!I37<2:!
80?733:1=JL!7@9eF!";=@;413!28G747<@73!3O:!1?7<13!833:_!28G747<@73L!<O:!8<G748:473F
V:C;>!KCG<:D!;>E:C>D!A>!F:;BAB!A>!A>9@DM:
! &0!B741=L!K;1<@:!018:4!1!8B47E1L!07<:3!B7<@7!27N7!73@14!70!9121!@:0121!27!
27983O:F! W:4! K;]g! m;1<@:! 018:4! 1!8B47E1L! 018:4! 1! 28N74382127! 27! :?8<8673F! '7! :3! 1<TB:3!
?4:9733:3!G:470!37B;82:3L!13!27983673!270:410!0183!7!0183!?141!37470!@:01213L!7!473;=@10!
70!9:0?4:0833:3!?:4!PB;1!1S18H:F!%3380!K;7!;01!8B47E1!947397L!7=1!27N7!9:<C14!1!@:0121!27!
27983673!9121!N75!1!07<:3!?733:13L!1?7<13!?141!01<@74!:!0730:!<QN7=!27!?4:B4733:L!27983O:L!
7! 8<@7<98:<1=82127! K;7! T<D1!K;1<2:! 741! 07<:4F! $;8@:3!9483@O:3! 9:<3827410! 1! 9;=@;41! 27!
@101<D:! 27! ;01! 8B47E1! 0;8@:! B41<27! ?:4! 27C<8>O:! 9:0:! <O:! 270:94PT91! :;! <O:!
47?4737<@1TN1F!&3@1!A!;01!213!415673!?7=13!K;183!1=B;013!8B47E13!<;<91!9473970L!:;!7<9:=D70!
27!<:N:!=:B:!1?R3!947397470F
7>C;@FB!B!A>D9>EFCB=@^BHM:!A>!<:A>C
! #;@41!01491!27!;01!8B47E1! 0;8@:!B41<27L! 73?7981=07<@7!K;1<2:! ;=@41?1331!
UwVV!070S4:3L!A!K;7!1!73@4;@;41!2:!I97<@4:!7!37;3!1<A83JL!<1!K;1=!:!?13@:4!?48<98?1=!374N7!
9:0:!:!91?8@O:!2:!I97<@4:J!7!3;1!7K;8?7!I:3!1<A83JL!37!@:4<1!:S3:=7@1F!%:!8<NA3!27!374!;0!T07!
3:S!:!?13@:4!?48<98?1=L!1!7K;8?7!37!@:4<1!;0!T07!27!T073F!#!?:274!2:3!2847@:473!7!B4;?:3!27!
2847@:473! 947397! B41<2707<@7F! %! 8B47E1! 37! @:4<:;! 0;8@:! 9:0?=7H1!?141!:! ?13@:4! ?48<98?1=!
3;?74N838:<14!:3!2847@:473!27!?74@:L!7!:!?:274!A!@41<3G7482:!?141!27?14@107<@:3!73?79QC9:3F!
,3@:!@70!2;13!9:<37Kh]<9813F!!W:4!;0!=12:L!83@:!38B<8C91!K;7!=Q27473!27!7K;8?7!@]0!0183!?:274!
27!27983O:!70!3;13!?4R?4813!P4713F!#;@4:3!2847@:473!21!7K;8?7!7!1@A!:!?13@:4!?473827<@7!@]0!

23. 23
07<:3!8<G:401>O:!7!D1S8=82127!?141!1N1=81^=:3!:;!8<@74G7484F! ,3@:!19:<@797!?4:B47338N107<@7!
7<K;1<@:!1!8B47E1!947397F!W:4!:;@4:!=12:L!83@:!38B<8C91!K;7!1!7K;8?7!<O:!27N7!73?7414!4797S74!
@1<@1!07<@:481L!8<3@4;>O:! 7!1E;21!21!7K;8?7! 7H79;TN1L! K;1<@1!4797S81!K;1<2:!1!8B47E1!741!
07<:4F
*+"0"!*+"h",."#/+)3!'"$3!)37)($",$c"#/3!)!(/'7)*)%*)3!7"+"!"!)Q2$7)P!)!
Q2)!)%*)%#"'!"!6$3S/
!
&3@;2:3!0:3@410!K;7! 8B47E13!9:0! 07<:3!27!wVV!070S4:3!9:0?670! 3;13!7K;8?73!
?48<98?1=07<@7!9:0!08<83@4:3!@478<12:3!70!3708<P48:3L!013!K;1<@:!018:4!;01!8B47E1!37!@:4<1L!
07<:3!08<83@4:3!@478<12:3!73@O:!<1!7K;8?7F!W:4!K;7!83@:g!
! W480784:L!1!8B47E1!B41<27!?479831!27!73?7981=83@13!70!19:<37=D107<@:L!03891L!
C<1<>13L! @41S1=D:! 3:981=! 7! 2737<N:=N807<@:! 8<G1<T=! j! 7<K;1<@:! :3! 3708<P48:3! @478<10!
B7<741=83@13F! ,B47E13! 0;8@:! B41<273! <O:! ?4798310! 27! ?733:13! @7:=:B89107<@7! @478<1213!K;7!
1?47<210! ;01! 73?7981=82127L! @1<@:! K;1<@:! ?4798310! 27! 73?7981=83@13! K;7! ?:3310! 374!
@7:=:B89107<@7!@478<12:3F!!
! '7B;<2:L!1!8B47E1!0;8@:!B41<27!<O:!?:27!14483914!@41574!;0!<:N:!070S4:!9:0!
;01!9;4N1!27!1?47<28512:!197<@;121!9:0:!2847@:4!27!;0!08<83@A48:!B41<27F!&0!;01!8B47E1!27!
`VV! 070S4:3L! N:9]! ?:27! @74! ;0! 08<83@A48:! 27! E:N7<3! 9:0! iV! ?733:13L! 7<@O:! N:9]!?:27!
9:<@41@14!;0!E:N70!479A0!31Q2:!2:!3708<P48:!?141!374!:!?13@:4!21!0:982127F!$13!70!;01!
8B47E1! 0;8@:! B41<27! ?:27! D1N74! iVV! E:N7<3! j! 7<@O:! :! =Q274! 21! 7K;8?7! 27N7! 374! 0;8@:!
9:0?7@7<@7!27327!:!8<Q98:F!m;1<@:!0183!;01!8B47E1!947397L!0183!9:0?7@7<@7!1!7K;8?7!?479831!
374F!%! 9D10121!?141!1!7K;8?7!0;21!27!Io1>1!:!K;7!7;!283374JL!?141!InP!=P!7!G1>1!13!9:8313!
19:<@797470JF! y1S8=82127! 7! 9481TN82127! 37! @:4<10! 0183! 7! 0183! 80?:4@1<@73F! %! 7K;8?7!
;3;1=07<@7!?479831!374!91?15!27!8<3?8414!37B;82:473!7!19D14!9108<D:3!9481TN:3!?141!@41574!1=B:!
2:!<121F!&=73!?4798310!0;214!27!37470!=Q27473!?141!37470!=Q27473!27!=Q27473F
! (749784:L!K;1<@:!0183!;01!8B47E1!947397L!0183!27@7408<121!3;1!N83O:!374PF!&=1!
@70!;0!1=@107<@7!7!9;8212:3107<@7!S1=1<9712:!E:B:!27!]<G137!7!73T=:3!j!3;1!?4R?481!IN:5JF!
W733:13!K;7!G:410!@7:=:B89107<@7!@478<1213!1<@73!27!37!E;<@1470![!7K;8?7!8<7N8@1N7=07<@7!
1?147970!9:0!1T@;273!7!3;?:38>673!K;7!73@O:!70! 27319:42:! 9:0!1!N83O:! 21!8B47E1F! ! &=73!
?:270! @10SA0! 37! 37<T4! 3;?748:473! 1:3! :;@4:3! 070S4:3! 21! 7K;8?7! K;7! <O:! 3O:!
@7:=:B89107<@7!@478<12:3!:;!?:270!3;S73T014!!3;1!?4R?481!8B<:4l<981!<:!9:<@7H@:!73?79QC9:!
21!8B47E1F!m;1<@:!018:4!1!8B47E1L!7<@O:L!0183!80?:4@1<@7!A!=7N1<@14!7!@478<14!=Q27473!27<@4:!27=1!
07301F!,3@:!38B<8C91!K;7!@41S1=D12:473!N8<2:! 27! G:41!?4798310! 27!08<;98:3:! @478<107<@:!

24. 24
3:S47!1!D83@R481!21!8B47E1!0;8@:!B41<27L!N1=:473L!9;=@;41!7!1C<3L!7!K;7!@41S1=D12:473!=7N1<@12:3!
27<@4:!21!8B47E1!?4798310!27!G:4@7!1?:8:!?141!72;91>O:!@7:=RB891!9:<c<;1F
'2#)!/!7"7),!#/!7"3*/+!7+$%($7",
!
-01!9D1N7!7!?14@7!0;8@:!N83QN7=!21!9;=@;41!27!@101<D:!21!8B47E1!B41<27!A!1!0;21<>1!
2:!?1?7=!2:!?13@:4!?48<98?1=F!":0:!28@:!1<@748:407<@7L!<;01!8B47E1!0;8@:!B41<27!:!?47B12:4!
<O:!?:27!374!:!?13@:4!213!?733:13F!#!?13@:4!?48<98?1=!27N7!0;214!21!]<G137!70!G1574!:!?1?7=!
27!08<83@4:!d7<38<:L!?13@:478:L!1208<83@41>O:eL! ?141!27=7B14!37;!@41S1=D:!7!7<@O:!?:274!37!
9:<97<@414!<1!B73@O:!21!N83O:!7!?47B1>O:!B741=F!$;8@13!8B47E13!7!08<83@A48:3!<;<91!?7408@70!
K;7!83@:!19:<@7>1F!/1!N742127L!7=73!194728@10!K;7!A!74412:!G1574!@1=!@41<3G74]<981F!%8<21!K;7!:!
?13@:4!<O:!27N1!37!@:4<14!;0!9D7G7!:C981=!7H79;TN:!d"&#!<1!38B=1!70!8<B=]3eL!7!<O:!27N1!?1414!
27!7H74974!:!08<83@A48:!@412898:<1=!@:@1=07<@7L!7=7!<O:!?:27!@10SA0!@7<@14!G1574!:!9;8212:!
?13@:41=!7!?4:N74!3;?74N83O:!?141!@:21!1!8B47E1F!!&3@1!473?:<31S8=82127!27N7!84!?141!:;@4:3F!,3@:!
AL!370!2N821L!0;8@:!28f98=v!:!?13@:4!?48<98?1=!@74P!K;7!N8N74!9:0!37<T07<@:3!27!9;=?1!?:4!
91;31!2833:L!370?47F!*! ;01!914B1!K;7!7=7!?479831!73@14!283?:3@:!1!3;?:4@14L!9:0!1!1E;21!2:!
7N1<B7=D:F!.7!:;@41!G:401L!1!?4733O:!27!@7<@14!G1574!833:!=7N14P![!7H1;3@O:F!#!?13@:4!?48<98?1=L!
1! 7K;8?7L! :3! =Q27473! 27! 08<83@A48:3! 7! 1! 9:<B47B1>O:! 27N70! ?7408T4! K;7! 73@1! 0;21<>1!
19:<@7>1F
(:EDFCGB!9:EiBEHB
! '9D1==74!0:3@41!K;7!1!8B47E1!0;8@:!B41<27!A!0183!19733QN7=!7!91?15!27!1=91<>14!
:3!E:N7<3L!3:=@784:3L!:3!370!8B47E1!7!9;48:3:3L!2:!K;7!!13!8B47E13!?7K;7<13F!&=7!7<@O:!?4:?67!
1=B;013!?74B;<@13_!'7!1!<7973382127!?141!8B47E13!0;8@:!B41<273!A!@O:!7H?47338N1L!?:4!K;7!7=13!
3O:!@O:!?:;913g!W:4!K;7!0183!8B47E13!<O:_!d1e!?7408@70!K;7!:!?13@:4!?48<98?1=!37!@:4<7!07<:3!
19733QN7=g!dSe!W7408@70!K;7!1!7K;8?7!@7<D1!0183!?:274!2:!K;7!:3!:C98183g!d9e!W7408@70!K;7!
;0!K;124:!?7K;7<:!27!7H79;TN:3!21!7K;8?7!@7<D1!0183!?:274!27!@:0121!27!27983O:!2:!K;7!
;0!B41<27!K;124:! 27!:C98183!:;!@:21!1!9:<B47B1>O:gL! :;! d2e! W7408@70!1:3!2847@:473!0183!
?:274!?141!9:<@41@14!@41S1=D12:473!9:0?7@7<@73!7!=8S7414!B7<741=83@13g!';1!473?:3@1!?48<98?1=!
A!K;7!1!9D1N7!?141!1!9;=@;41!21!8B47E1!0;8@:!B41<27!A!<(6N/62/#!&0!8B47E13!07<:473L!?733:13!
2739:<C1213!3O:!0;8@:!0183!G7=8573F!(:21!27983O:!?1331!?:4!;0!?4:9733:!27!9:<37<3:!K;7!A!
19733QN7=!1!K;1=K;74!070S4:F!m;1=K;74!08<:481!K;7!73@7E1!8<31T3G78@1!9:0!1=B;01!9:831!?:27!
S=:K;71^=1F!m;1<@:!018:4!1!8B47E1!37!@:4<1L!9:<@;2:L!0183!7!0183!1!9:<B47B1>O:!?479831!9:<C14!
<1!7K;8?7L!7!73?7981=07<@7!<:!?13@:4!?48<98?1=F!&0S:41!1!7K;8?7!d7!:!?13@:4!?48<98?1=eL!27N1!

25. 25
G1574! @;2:! K;7!?:27! ?141! 73@14! 1S74@:! [3!94QT913L! 374! 47=198:<1=07<@7! 19733QN7=! 7! ?141!37!
9:0;<8914!9:0!13!?733:13!27!01<7841!K;7!7=13!37!38<@10!8<9=;Q213!7!8<G:401213L!<:!C<1=!;01!
8B47E1!0;8@:!B41<27!37!S13781!<1!9:<C1<>1F
!!
dUe ! n74! (80:@Dx! z7==74L! I{Dx! W=1<@! "D;49D73gJ! d&0! @412;>O:! =8N47_! W:4! K;7! ?=1<@14! 8B47E13geL!
4727707498@x@:98@xF9:0L!?141!;01!0183!?4:G;<21!2839;33O:!3:S47!?=1<@1>O:!27!8B47E1F
dZe ax=7! '9D1==74L! I(D7! n74x! a14B7! "D;49DJ! d&0! @412;>O:! =8N47_! %! ,B47E1! $;8@:! +41<27eL!
/13DN8==7_%S8<B2:<L!ZVVVL!UkYF
!!!!!!!
! ":?x48B@D!ZVV|! Sx! (80:@Dx! z7==74L! ZVUV! Sx! O-0--'-"$ P&)+$ )($P&)+#! (D83! 14T9=7! C43@! 1??71472! 8<! (D7!
$:N707<@!/7}3=7~74L!1<2!}13!47?48<@72!8<!@D7!'?48<B!ZVVw!728T:<!:G!";•<B!&2B7!01B158<7L!n8<7x142!-'%F
!!!!!