/,<+?-2=+86/3>?81 /,35=++8A34D381 $ 9./ .
82+6>=@/= ?8. )+<8238A/3=/ ,=@ 23; 7<0/C 73@/BC@ET6:3@ /19=43<7<<3<@/C; .C036]@ (9< ./7 /<=>/8 /,<+?-2 /19=43< 3@67BH3< (37<75C<5 23A .
82+6>=@/3 /< 23@ 3193 /CAE316A3:< :/A/02319C<5 ?8./8.3/8=> 38A/3=/ D? 8/<13//38=:+81 ?8. '7A/6>=-2?>D <3@573 A>/@3< +;E3:B53@316B 3@/9B7A163 7
%3-2/<2/3>= ?8. )+<8238A/3=/ 7BB3 :3A3< )73 273A3 3273@3163<23 3273
38A/3=/ D? 2 73A3A 3@TB 7AB @7D/B3< /CA6/:B 03AB7;;B 3
,3@0@3<37A3< ;7B 5@=Q3< #3<53< /< 6=16>@=H343 9]<<3< A716 7; /@@/C; 3@=H3
)+==/< 37 2/3H/8 +-590/8 !37< -/AA3@ 7; <<3@3< 23A 637Q3< /19=434 -T@;3A16E/<9C<53< 9]<<3< )16T23< /; ;/7: C<2 /; .C036]@ D3@C@A/163< 6S==31/ !37<3 :`AA75937B3< `03@ 37<3< :T<53@3< .37B@/C; 7; <<3@3< 23A /19=43>/6 -2>=K0>/ /A :316 037 23@ .
2< 8/?/< +-590/8 73@ :3@<3< )73 6@3< <3C3< /19=43< 93<<3< < 273A3; 0A16<7BB 3@9:T@3< E7@ 6<3< 2/A 3273<43:2 C<2 273 37
*11:3, #*7<*3):3, 7 .>=F7E8C:==6? C2E6? G@? =6:D49 67=b86= F?5 :D49 C:==96:K<`CA6C F?5 63=WD6 D492=E6? D:49 23H649D6=?5 6:? F?5 2FD 2D 63=WD6 G6CE6:=E 5:6 C:==9:EK6 8=6:497`C>:8 F> 5:6 ,A6:D6? ( C:== 8C@T6 =W496 C:==6? G@? ,E62 C:==96:K<`CA6C H:C5 96:T * C:== <=6:?6 =W496 C:==6? G@? <=6:?6? &6?86? ,E62
+-2 ,6+?0 ./< */3> $/16 0:/C4 23@ .
*?,/2R< /A .C036]@ 9/<< 7< D3@A167323<3< ]63< 7< 23< /19=43< 53AB3::B E3@23< )73 9]<<3< 2/A .C036]@ HC HE37 @7BB3:< 63@/CAH7363< =6<3 2/AA 3A 97>>B )= :/AA3< A716 273 3@716B3 :3716B 3
2&.1 &(0'1*(- 9.*+ "3.;*78&15+&33* bC D27E:86 $F496? 24 +@DE 8C:==6? 2D 24<3=649 >:E 56C 3D49CW8F?8 KFC 24<@76?EbC :? 56? 24<@76? D49:636? %98.
(9< ./7 /<=>/8 /,<+?-2 73@ 3@4/6@3< )73 E/A )73 BC< ;`AA3< 03D=@ )73 6@3< /19=43< HC; 3@AB3< #/: 7< 30@/C16 <36;3< "3A3< )73 D=@63@ 2/A !/>7B3: +-590/8 /<23>D/8 +; 23< 3@C16
/3D+<> ?8. &/7:/<+>?< 37A>73: 7< 23< 007:2C<53< %03@a +3@/BC@ET6:3@ 273 *3;>3@/BC@ =23@ @7::ABC43 37/8 C<9B7=/66?81/8 K8.
%-28/66+?02/3D?81 #7B 23@ )16<3::/C4637HC<5 3@@3716B 6@ /19=43< 273 37<53AB3::B3 *3;>3@/BC@ 03A=<23@A A16<3:: ,3@E3<23< )73 273 )16<3::/C4637HC<5 037 *3;>3@/BC@3< `03@ K /;7B )73 37< 5:3716;TQ753A /@3@530<7A 3@6/:B3< 5303< )73 273 )>37A3< 3@AB 7< 23< /@@/C; E3<< 273 )16<3::/C4637HC<5 033<23B 7AB #7B 23; C<9B7=3@/BC@ET6:3@ 273 53E`3@/BC@ 373 `03@ 23; *3;>3@/BC@ET6:3@ :3C16B3B /C4 3@ /19=43< 0357<
;/7: E7@2 037 A36@ 6=63< *3;>3@/BC@3< 37<530@/<>/6 /;7B 273 C
*7*.(=2D23564A6 :49EF?8 ':49E 23?69>6? *.3.,:3,82.99*1 !6:T6 ,Ab==2F86 &:E 6:?6> ,Ab=EF49 C6:?:86? !6:T6 ,Ab==2F86 &:E 6:?6> ,Ab=EF49 C6:?:86? ':49E D496F6C? 6DE6==6 !6:T6 ,Ab==2F86 :?H6:496? F?5 >:E 6:?6> ,Ab=EF49 @56C 6:?6C bCDE6 C6:?:86? 1F369`C !6:T6 ,Ab==2F86 :?H6:496? F?5 >:E 6:?6> ,Ab=EF49 @56C 6:?6C bCDE6 C6:?:86? %K?,/<8 ./< =/6,=>
73 !3@/;79A16716B <73;/:A ;7B /19=43<@37<753@ 036/<23:< -3<< D3@A363/ )K8.
(37<753< )73 273 3AB3::3 ;7B )>`:;7BB3: C<2 37<3; )>`:A16E/;; 37 6/@B/66/ /382K81/8 3BE/A /AA3< @316BA C<2 :7<9A 73 CA0C16BC<5 ;CAA 7;;3@ C/<56+::/8 +; 273 (37<75C<5 HC 3@:3716B3@< 9/<< 7< ;/<163< /19]43< 23@ @7::637H9]@>3@ 63@C>B E3@23< ,3
$/16 23; (37<753< 23< @7::637H9]@>3@ E7323@ >3< @7::0`53: 3@ 37<@/AB3< :/AA3< +-590/8>S< /38 ?8. +?=2K81/8 .
&S< +?=2K81/8 /19=433@@6303: :7<9A C<2 @316BA /C49:/>>3< 00 /19=43
&S<16K=/< /38 ?8.
37 *`@3< ;7B 2@37 :TA3@< 4=:53<23@;/Q3< D=@5363< *`@5:/A 63@/CA<36;3< 00 (37<753< )73 273 :TA3@ ;7B :/A@37<753@ C<2 37<3; E37163< *C16 !37<3 A16/@43< =23@ A163C3@<23< (37<75C<5A;7BB3: :/AA16/03@ =23@ 6/@B3 ;3B/::7A163 *=>4@37<753@ D3@E3<23< 2/ 2/A :/A 03A16T275B E3@23< 9]<
)+= ,/3 %>R81/8 D? >?8 3=> *@7BB 37<3 )B]@C<5 /C4 A= 6/<23:B 3A A716 =4B @98 /><3/,==>R81/8 9K7:3, 6C 24<@76? 7F?
"/;>3 2C@16 23< 5:37163< "/;>3 3@A3BH3< :/A/02319C<5 E7323@ 37 +/@/BC@3< 23A 3@TBA 23< !/C4 D=< .C036]@ =23@ @A/BHB37:3< C<2 4`@ @/53< 8323@ @B 7; .
38A/3=/ D? 8/<13//38=:+81 ?8.
&+,/66/8 ?8. (9<=-26K1/ 73@ 47<23< )73 37<3 CAE/6: /< 3@716B3< C<2 273 2/4`@ 83E37:A =>B7;/:3 7
:(-*3 +M7 %:'*7*.9:3, .3 )*7 &(0+472 &(0+472 &:+ )*2 489 $F496? *.?&79 !*25*7&9 &(0?*.9 .3 :7 @ .3:9*3 06:ß3=649 $F496?7@C> O 4> % 2 d d d d *F:496 06:ß3=649 $F496?7@C> O 4> % d d !6CK927E6 $F496? 06:ß3=649 $F496?7@C> O 4> % d d .> >69C6C6 $F496? 8=6:49K6:E:8 KF 324<6? DE6==6? ,:6 >69C6C6 24<7@C>6? 2F7 56> +@DE 1*(-0:(-*3 ):KK2 =WEE6CE6:8 K-* K-* *.?&79 !*25*7&9:7 @ &(0?*.9 .3 .
&(0<&7*3 K-* *.?&79 !*25*7&9 :7 @ &(0?*.9 .3 .3:9*3 $6 24<6? 2F7 KH6: !`96? D49:636? ,:6 :>>6C 52D >2:= 24<3=649 2F7 5:6 9`96C6 ,EF76 1FDWEK=:496 24<3=6496 6C92=E6? ,:6 2=D ,@?56CKF369`C :> 24992?56= $+>=-26K1/ ?8.
&8 749 4)*7 &(0<*70 ?:2 *.85.*1 :&700:(-*3 8.*-9 &:A*3 ,:9 &:8 .89 .33*3 &'*7 01*'7., +*:(-9 2.9 3&88*3 9*11*3 '69>6? ,:6 36:> ?W49DE6? &2= H6?:86C =bDD:8<6:E F?5 =2DD6? ,:6 5:6 ,A6:D6 =W?86C6 16:E 36: 86C:?86C6C !:EK6 :> 24<@76? 24<6? ,:6 36: -@CE6? >:E D27E:86> 6=28 KF?W49DE 56? -@CE6?3@56? ,EC6F6? ,:6 52?? 86924>6=3C`D6= 2F7 56? -@CE6?3@56? 36G@C ,:6 :9? 36=686? 6249E6? ,:6 5:6 ?H6:DF?86? :> +6K6AE F?5 5:6 24
-3<< 23@ @/B3< 43@B75 7AB A=::B3 3@ <=16 #7
1*.8(- *<.(-9 *8(-.77 K-* *.?&79 !*25*7&N 9:7 @ 7.1189:+* &:*7 .
*+1M,*1 *<.(-9 *8(-.77 K-* *.?&79 !W9?496?9W=7E6? 3:D ,Eb4< ;6 8 +@DE R d d !W9?496?E6:=6 ;6 8 +@DE R d d !W9?496? 82?K 3:D ,Eb4< ;6 <8 +@DE R d d ?E6 <8 +@DE R d d <8 +@DE R d d 23JAFE6 <8 +@DE R d d )FE6?<6F=6? ;6 8 +@DE R d d 2?D 3=-2 !*25*7&9:7 &:*7 @ .3:9*3 73 */03::3 57:B 4`@ 2/A 7
*7 7&9*3 .89 ?: ):30*1 :3) ).* 7:89* .89 &3 *.3.,*3 9*11*3 ;*7'7&339 )Cb76? ,:6 @3 5:6 :?D49F39`96 F?5 5:6 -6>A6C2EFC C:49E:8 6:?86DE6==E D:?5 *7 7&9*3 8.*-9 ,:9 &:8 &'*7 ).* 4A* .89 ;*7'7&339 /6CH6?56? ,:6 36:> ?W49DE6? &2= 6:? <=6:?6C6D 67WT @56C 8636? ,:6 >69C =bDD:8<6:E 9:?KF *7 7&9*3 8.*-9 ,:9 &:8 &'*7 ).* 4A* .89 3.(-9 ,*'7D:39 :3) 8.*-9 ;*7 ?W49DE6? &2= 6:? 8C`T6C6D 67WT @56C 8636? ,:6 H6?:86C =bDD:8<6:E 9:?KF *.2 %:'*7*.
?0>+?/8 /19C<5 :353< )73 2/A 34@73@5CB 7< 37< 53375<3B3A 34TQ C<2 AB3::3< 3A /C4 23< (=AB "3A3< )73 273 .C03@37BC<5A67/19C<5 73 C4B/CH37B3< 6T<53< D=< @B C<2 #3<53 23A 34@73@5CB3A /0 2/A /C453B/CB E3@23< A=:: *7.(-9 %:'*-K7 K-* *.?&79 !*25*7&9:7 @ *+7.
&3/01/0<9311/<3-2>/ "3A3< )73 273 .C03@37BC<5A67/19C<5 73 4=:53<23 P03@A716B H375B 273 /@H37B3< D=< 23; .37B>C<9B /< HC 23; 273 )>37A3< 7< 23< 9/:B3< %43< 53AB3::B E3@23< *7.(-9 K-* *.?&79 !*25*7&9:7 @ &7?*.9 .3 .
$73;/:A ;36@ /:A A316A :TA3@ 5:3716H37B75 7< 23< /19=43< AB3::3< 73 /<535303<3< /@H37B3< A7<2 (716BE3@B3 73 (/C;B3;>3@/BC@ 3@/BC@ 23A <6/:B3A 23@ :TA3@ 9]<<3< 273A3 -3@B3 0337<4:CAA3< 3D=@ )73 23< /19=43< /0A16/:B3< AB3::3< )73 A7163@ 2/AA 23@ <6/:B 23@ :TA3@ :/A3< A16:T5B %9 =>/66/8 %3/ .
3859-2/8 @98 /7S=/ *2M8* 2.9 0&19*7 7M-* .3 .3<*(0,1D8*73 2.9 *.3*2 &88:3,8;*72K,*3 ;43 .9*7 )=0/:2 23@ <6/:B 7< 23< 73@/BC@ ;7B 23; *3;>3@/BC@ET6:3@ /C4 J AB3::3< )363< )73 7< 23@ */03::3 3@/BC@ET6:3@ /053A16/:B3B E3@23< A=::B3 "/AA3< )73 2/A 3;`A3 <=16 3BE/ a #7
*7.(-9 %:'*-K7 :3) .3<*.8* K-* *.?&79 !*25*7& &(0?*.9 .3 9:7 @ .3:9*3 -`CE496? ,Eb4< =649 % d d -`CE496? ,Eb4< =F>:?:F>3=649 ;6 =649 /@C96:K6? >2:= 24<3=649 7=249 =F>:?:F>3=649 .?:G6CD2=A72??6 2 d d 2 d d 02DD6C3:D % d d !6763=6492:= 24<3=649 =F>:?:F>3=649 >2:= 24<3=649 7=249 =F>:?:F>3=649 .
829?.=9:1+@/ &3:= /8 A++<=-2?A381/8 97> ./ @/36312/3.
829?.=9:1+@/ 0=D3<>://B D/< 23 =D3< 3A163@;5:/A &/-283=-2/ .
&3:= /8 A++<=-2?A381/8 97> ./ @/36312/3. "33A 23 7 >/@//B //< 33< /<23@ =D3@2@//5B 5334 3@ 2/< ==9 23 078036=@3<23 6/<2:3727<5 078 3H3 530@C79A//://B 53:3D3@23 530@C79A//>3< 2//@D/< B3 :3@3< 93<<3< (99< ./ 798>+1/ %-2+./ 9:1/69:/8 >34.
8=>->3/= @99< ?A @/36312/3. 7B />>/@//B 7A /::33< D==@ 6C7A6=C23:789 530@C79 03AB3;2 30@C79 63B C7BA:C7B3<2 D==@ 63B 03@3723< D/< 53@316B3< ,=:E/AA3<3< 3< 97<23@3< ;=53< 63B />>/@//B <73B H=<23@ B=3H716B 530@C793< E/<<33@ H H3 673@B=3 :716/;3:789 =4 533AB3:789 <73B 7< AB//B H78< H =4 <73B =D3@ 23 <=2753 93<<7A 3< 3@D/@7<5 03A167993< "//B 97<23@3< <==7B ;3B 63B />>/@//B A>3:3< !@/8.
,3@0@/<27<5A53D//@ $==7B 53@316B3< 9://@;/93< 273 33< 6==5 >3@133< 9C<<3< 7< 23 =D3<@C7;B3 D:/; D/BB3< 30@C79 /::33< 9:37<3 6=3D33:6323< 2@/<9 ;3B 33< 6==5 /:1=6=:>3@133< 23 23C@ D/< 63B />>/@//B D==@H716B75 />/ >9/,/29/<<3<:/>>3< C7B 23 =D3<@C7;B3 <3;3< !8./=5?8.
)+>/< 38 ./ 2/>/ 9@/8 73B 533< E/B3@ 7< 23 =D3< /:A 23H3 E/@; 7A @ = 3 B3;>3@/BCC@A16=;;3:7<5 9/< A16/23 //< 63B 3;/7: 3< //< 23 /113AA=7@3A D3@==@H/93< (69/3,++< @9/.
'A 83/?A/ 9@/8 -78 >@3A3/<33: 3< D/< 23 /4H=<23@:7893 =<23@23:3< C7B53:352 =D3<273< E=@2B 7<4=@;/B73 5353D3< =D3@ 23 /113AA=7@3A 3< 23 =<23@23:3< 07<<3<7< 23 =D3< /.
9&3) *'7:.
*9 A9<.> .3> 1/:<91<+77//<. @//7 23 9==9E3993@ @/<=><345/8 @+8 ./ >34.=.??< $/ 63B D3@AB@7893< D/< 23 B782 9:7<9B 3@ 33< /9=3AB7A16 A75 ??<589: 9&3) 3 B3;>3@/BCC@9<=> 2733@/BCC@ =4 63B 5@7::<7D3/C B3 A3:31B3@3< *9*0*3.
+7:4/ 3 =D3<:/;> 0:784B //< H=:/<5 23 =D3< //< AB//B 3 :/;> 9/< 316B3@ ==9 //<5//< /:A 23 =D3< C7B AB//B ;3B 23 4C<1B739<=> => 23 AB/<2 ^ --/==93://BAB => D3@A167::3<23 6==5B3A #/F7;//: 233: D/< 63B /113AA=7@3 9/< E=@23< C7B53A16=D3< H=<23@ 2/B 63B 9/ 273 ;/<73@ 9C 23 E3@97<5 +E
.*5* ,*H2&.
(99< 2/> //<=>/ 1/,35 73@ E=@23< 23 AB/>>3< C7B53:352 273 ;=3B3< E=@23< =>53D=:52 /:D=@3 33< B3;>3@/BCC@ % 6=53@ 3< :/53@ 2/< K .
%99<> @//7:/<+>??< ,==@033:2 D/< 23 /4033:27<5 E/@;B3 6=53@ 3< :/53@ 2/< K !73A 63B A==@B D3@E/@;7<5 ;3B 23 4C<1B739<=> !73A ;3B 23 B3;>3@/BCC@9<=> 23 B3;>3@/BCC@ =4 63B 5@7::<7D3/C 3 =D3< 0357D/>>/8 .
%8/6 @99<@/@=5@/;;33@23 B3;>3@/BCC@ 3B A<3: D==@D3@E/@;3< ;=3B 530@C79B E=@23< D==@ B3;>3@/BC@3< 6=53@ 2/< K ,==@ 33< 53:789;/B75 @3AC:B//B ;/5 63B D=32A3: >/A 7< 23 =D3< E=@23< 532//< /:A 63B A<3: D==@D3@E/@;3< 7A /453:=>3< )3:31B33@ A<3: D==@D3@E/@;3< I ;3B 23 4C<1B739<=> )3:31B33@ 23 53E33@/BCC@ ;3B 23 B3;>3@/BCC@9<=> 3B 7<271/B73:/;>83 => 23 B3;>3@/BCC@9<=> 5//B 0@/<23< 3 =D3< 0357
3B 3;/7: D3@0@/<2B 078 H33@ 6=53 B3;>3@/BC@3< 73@2==@ 9C<<3< :716B3 D3@9:3C@7<53< = 23 E3@97<5 D/< 23 =D3< 3 @/<23< D/< 23 2C<<3 0/9>:/B3< 9C<<3< <73B 63:3;//: 53Y;/7::33@2 E=@23< //@=; 9C<<3< H3 @CE // 23 /
%43* =2K6? G2? 56 56FC *.3.,.3,82.
&3:= /8 A++<=-2?A381/8 30@C79 <==7B 078B3<23 @37<757<5A;7223:3< //@2==@ = 23 >=@3CH3 ://5 3< @//9B 23H3 03A16/2752 36/<23: 23 93@/;739://5 <73B ;3B =D3<@37<757<5A>@=2C1B3< #=16B 3@ >3@ =<53:C9 33< =D3<@37<757<5A>@=2C1B => 33< D/< 23H3 >:/B3< B3@316B9=;3< <33; 63B 2/< =<;7223::789 E35 ;3B 33< A>= @+8 ./ 9@/8 /8 ./ 1/P7+366//<./ A+8.
#//9 23 @==AB3@A A16==< ;3B /4E/A;7223: 3< 33< A>=/<= 9:2+81/8 63; 33< 033B83 +8. .
,=CE 23 5@7::E33@AB/<23< /A 23 5@7::E33@AB/<23< 7< / 9@/8.
=3 23 =D3<23C@ 2716B B=B 678 <73B D3@23@ 9/< /4033:27<5 &/9 23 23C@ ;3B 03723 6/<23< @316BA 3< :7<9A 033B =3 23 23C@ 33< 033B83 D3@23@ 2716B 3< <33; 63; C7B / .
98>//
98>/>3< B ; => =3 63B 5:/A 3@ A16@74B (756B /0=D3 H716 @316BA0=D3< 03D7<2B =3 63B 0=D3>3@D:/9B3 /,35 ./ 9@/8 :+= A//< +6= ./ 9@/83>/8 9: ./ 4?3=>/ 7+83/< 1/798>//<. D348 )+> >/ .
(/<@+81/8 @+8 2/> 6+7:4/ ?3> ./ ,9@/8:6++> @+8 .
&/-283=-2/ .3/8=> %
/@/B73A //< 63B />>/@//B 23 //@=2C1B3< =4 273
%>3< 23 =D3<23C@ H= E37<75 ;=53:789 B7823 273 ;/<73@ E=@2B 23 03@3727<5AB782 D/< 23 BE3323 B//@B D3@9=@B %=9 9C<<3< 3@ BE33 @316B6=39753 0/9D=@;3< B353:789 E=@23< 530@C79B 78 :/<53 03@3727<5AB7823< 9/< 23 =D3< ;7
&++<>/8 /8 ,+85/> +5@9<7/8 3 ;33AB 53A1679B3 0/9D=@;3< H78< 273 D/< 2=<93@ ;3B//: &://BA 23 0/9D=@; /:B782 => 63B @==AB3@ 3 D=:53<23 9==9B/03: 7A C7BA:C7B3<2 C7B53E3@9B D==@ 23 >://BA7<5 D/< 63B D=32A3: 7< 33< 9=C23 =D3< 7B E3@9B 3<3@57303A>/@3<2 :A 23 =D3< E=@2B D==@D3@E/@;2 E=@23< 23 //<5353D3< 0/9B7823< ;3B B=B ;7:353< 273 63B ;33AB 53A1679B 7A D==@ 63B A==@B B//@B =4 530/983A 3 B3;>3@/BCC@ 3< 23 0/9B782 H78< /46/<93:789
!&&79*3 42 9* '*7*.)*3 .3 )* '&0;472 &0;472 45 -*9 74489*7 44,N 9* 4479 ;*7<&7N 2.3, !*25*7&N *7*.).3,8 9./) 9::7 @ 2.
744) *3 '744)/*8 44, 9* 4479 ;*7<&7N 2.3, !*25*7&N &09./) 9::7 @ 2.3:9*3 :DE3C@@5 >6E <8 >66= G@@CG6CH2C>6? 6\>2:==66C56 323C@@5 >6E c<8 >66= G@@CG6CH2C>6? 6\>2:==66C56 322:==66C56 32
* 9&&79 .8 .3,*?&09 63CF:< 56 G@=86?56 <66C >:?56C G=@6:DE@7 @7 <:6D 66? 32A6C2EFFC G2? 8C256? =286C !@F5 F 22? 56 :? 96E C646AE 22?8686G6? E:;5 G@@C 96E <=@AA6? G2? 5668 * 9&&79 .8 .3 -*9 2.))*3 ,4*) ,*7*?*3 2&&7 &&3 )* ?./0&39*3 2.3)*7 -44, /6E 56 32 ?:6E :? !22= 56 E22CE 2=D 9:; 822C :D G@@CK:49E:8 F:E 56 32 >6E 369F=A G2? 66? >6D * 9&&79 .8 9* '7:.3 &&3 )* '4;*30&39 16E 56 E22CE 5:6A6C :? 56 @G6? <:6D 66? =286C6 32A6C2EFFC 6? =22E 96> =2?86C 32<<6? * 9&&79 .
+8A34D381/8 @99< 2/> ,<+.
#1**8 *<.(-9 +F?56C=6?56 <8 <8 <8 <8 +@D3:67 C@DZ ,E62
@=B3 ABC993< 53D=53:B3 273>3@75 0@C7< /:A C 63B B353< 63B 37<23 D/< 23 03@3727<5AB782 03AB@789B ;3B 0=B3@ 53H=CB3< E/B3@ =4 A7>3:A/> *;4,*19* *<.(-9 440N *3 '&0,*7*. 44,9* #*7<&7N 2.3,8N 2*9-4)* !*25*7&9::7 @ !./)8)::7 2.
"<+5>3=-2/ >3:= @99< 1/A998 ,<+./8 /8 ,<+./8 9: ./ 1<366 7 ?./3 ,**3 7*+*7*39.*8 .3 -*9 47.H39&9.*8(-*2& 2*9 '*97*00.3, 949 -*9 ,*<.(-9 ;&3 -*9 9* '*7*.)*3 ,*'7&&) )C@8C2>>66C 96E =286C6 86H:49E 52E 6C 96E 5:49EDE3:; :? 56 3FFCE <@>E 6? G6C=6?8 56 3C2254J4=FD 4* 0&3 .0 (439741*7*3 4+ -*9 ,*'7&&) ,&&7 .
*7*(-9 (-&&1 44,N9 4479 * ;*7<&7N 2.3, !*25*7&N 9::7 E 3.;*&: ;&3 )* ,7.11 !./)8)::7 .3 2.
<91/8 30@C79 C7BA:C7B3<2 4@C7B 3< 5@=33@431B3 AB//B 3< E/A 63B /:B782 5=32 "//B 63B E/B3@ 5=32 C7B:3993< 3< 2@==5 H3 63:3;//: /4 3239 23 53Y;/7::33@23 0/9>://B 3< 63B @==AB3@ ;3B A>317//: 0/9>/>73@ =4 >3@9/;3/>73@ *7*(-9 44,9* 4479 ;*7<&7N 2.3, !*25*7&9::7 @ !./)8)::7 .
3 0/9>://B 9/< B7823D@73A>@=2C1B3< D3@D=@;3< 7B 9=;B 2==@ 23 B3;>3@/BCC@D3@A167::3< E//@//< 23 /113AA=7@3A 0:==B AB//< 3 D3@D=@;7<5 D3@2E78
+7 595/8 .3B 23 B3;>3@/BCC@9<=> C7B /:A 3@ ;3B 9=@B3 BCAA3<>=H3< 03::3B83A D3@A1678<3< 07<<3< 7< 23 >=BB3< a 0:784B 7<53A16/93:2 $33; 23 >=BB3< @3ABE/@;B3 C7B 23 =D3< ==@ 23 >=BB3< 532C@3<23 :/<53@3 B782 /4 B3 9=3:3< 7< 23 =D3< = C7BH3BB3< 7:.9 .3 5499*3 2*9 **3 .3-4:) ;&3 1.9*7 ;&3&+ -*9 ;*78(-./3*3 ;&3 '*11*9/*8 &).*3 ;*7<&72*3 AA6=D 36DD6? 22C536:6? .
%>+8.++<.1//8 ,=:53://BA7<5 D/< D=32A3: 7< 33< 9=C23 =D3< *7*(-9 ((*884.7*8 *3 9.58 *3 <&&78(-:<.3,*3 44,9* 4479 ;*7<&7 2.3, !*25*7& &09./) .3 9::7 @ 2.
<+./8 9: ./ 1<366 3B D=:53<23 9==9A163;/ 7A C7BA:C7B3<2 03@393<2 D==@ 23 >://BA7<5 D/< D=32A3: 7< 33< 9=C23 =D3< *7*(-9 ((*884.7*8 44,9* 4479 ;*7<&7 2.3, 7.113.;*&: !./)8)::7 .3 2.
&+,6/ ./ 7+>3M
&+,6/ ./ 7+>3M=C:3 23 :/ >:/?C3 AC>W@73C@3 2C 4=C@ ,7B@3 >@=B31B@713 %/<@3-/ >/-283;?/ 98=/36= :9?< N-98973=/< .
98=318/= ./ =N-?<3>N "7A3H /BB3>/@37: 3AB 1W2W R C<3 /CB@3 >3@A=<<3 :3 ;/=<2//5<3@ 3A <=B713A 2 7=C@ :3A 4=C@A 7<2W>3<2/=C@ :3A 4=C@A >=:GD/:3=:GD/:3:/?C3 1=<13@ 6 +==/7,6+1/ 977+1/= :/8.
8.3-+>398= :9?< @9>N 3B />>/@37: 3AB 23AB7>/@37: 3F1:CA7D3;3=C@ >@W>/@3@ 23A /:7;3>/@37: A/6GA7?C3;3/A 3< ;3AC@3 =C H A 7:A =W@73<13 $3 8/;/7A :/7AA3@ 23A 3<4/>/@37: "9<>/ .
(7A?C3 23 0@_:C@3A $3 8/;/7A >@W>/@3@ 23A ;3BA /D31 23 5@/<23A ?C/3C@A 2 /:1==: >3CD3/@B7;33B7B3A ?C/@C23;;3=@B3 23 : />>/@37: --/==93 = -2+?.
+? .+8= 6/ 09?< -2+?. $3 D3@A3H >/A 2 3/C R : 73C@ A3 4=@;3@/7B "3A D/@7/B7=3CD3= 63;?3./= $3 1=/A 2 /:7;3A R : 7=@B3 43@;W3 /C @7A?C3 2 3<2=;;/53@ : W;/7: ?= .
(9>7B@3 2W1@7B :3A 4=<1B7==A/3CD3>/@37: &:?FE6C:6 @FE@? E6>AZC2EFC6 9?>98 .
48.9.43 "9.1.8&9.
+ :<91<+77+>398 = /00/->?/ ./ 6+ 0+L98 =?3@+8>/ *=C@<3H :/ ;7=C@ @W5:3@ :3 B3;>A D=C:C #?+8. 6/ >/7:= = /=> N-9?6N +<3 4=7A :3 B3;>A W1=C:W C< A75A ;/F7;C; 3AB 23 ;7/A B=C@<3@ :/ ;7=A7B7=< HW@= 9?>98 ./ -977+8./ >/7:N<+>?W@/BC@3 D=CA >3@;3B 23 16=7A7@ :/ B3;>W@/BC@3 =C :3 <7D3/C 23 5@7: 48.9.
97:+<>37/8> 38>N<3/?< .
7.11* )@FC CZ4:A:6?ED >@F=6D C_E:D A:Y46D U 8C:==6C 6E A=2ED DFC86=ZD "?EC@5F:D6K =2 8C:==6 6? @C:6?E2?E =2 4@FC3FC6 G6CD =6 32D ¾ !J1* )* (:.8843 F2&.11F* 51&9* )@FC 8VE62FI A6E:ED 7@FCD 6E A6E:ED 8VE62FI "?EC@5F:D6K =2 E_=6 52?D =6 7@FC 6? G6:==2?E U 46 BF6 =6 3@C5 :?4=:?Z D6 EC@FG6 G6CD =2 A@CE6 5F 7@FC !J1* )* (:.8843 F2&.
2:E E@FE 6? >ZE2= ! 1 /@FD A@FG6K A=246C =6 72:E E@FE 52?D =2 A@:DD@??:YC6 56 =2 E23=6 56 4F:DD@? G:EC@4ZC2>:BF6 "= 4@?G:6?E A2C72:E6>6?E U =2 E649?:BF6 56 4F:DD@? 2G64 D@?56D 2:?D: BF6 A@FC =6 C_E:DD286 2FE@>2E:BF6 %6 72:E E@FE 5:DA@D6 5 F? C6G[E6>6?E 6IE6C?6 Z>2:==Z 6E 5 F? C6G[E6>6?E :?E6C?6 2?E: 259ZD:7 2:E E@FE 6? G6CC6 ! 1 %6 72:E E@FE 6? G6CC6 6DE :5Z2= A@FC ACZA2C6C 56D C_E:D 6E 56D 8C2E:?D 2F 7@FC @?G:6?E E@FE DAZ4:2=6>6?E 2F C_E:DD286 2FE@>2E:BF6 =:DD:YC6D EC:A=6D U 6IEC24E:@? 4@>A
$N16+1/ .? 09?< "3 @W5:/53 2C 4=C@ A3 4/7B A7;>:3;37B@3 */0:3/CF 3B 1=W@/BC@3 />>@=>@7WA R 23 <=;0@3CF >:/BA $/7+<;?/ : 3AB @31=;;/<2W 23 >@W16/C443@ B=C8=C@A :3 4=C@ /D/=C@ WD7B3@ :/ 1@W/B7=< 3F13AA7D3 23 1=<23
F>/38.=A7B7=< HW@= 9.303/< 6/= =CD3H ;=27473@ :3 ;=23 23 1C7AA=< 3B :/ B3;>W@/BC@3 =C <7D3/C 2C 5@7: ?C/<2 D=CA :3 A=C6/7B3H R : /723 2C 0=CB=< 1=@@3A>=<2/
"3A =;0@3A ?C3 >3CB >@WA3:/?C3 3< D3@@3 23 :/ >=@B3 3B ?C7 A3;0:33 2C 4=C@ " W;/7: A3 2WBW@7=@3 3< 1/A 23 B3;>W@/BC@3A B@VA W:3DW3A 317 >3CB >@=D=?C3@ 23 :W5V@3A 2W1=:=@/B7=6W<=;V<3 3AB <=@;/: 3B < /:BV@3 3< @73< :3 4=<1B7=<<3;3=AA70:3 23 @31=CD@7@ 3=C@?C=7 3::3A >3CD3/A 3< 1/CA3 :3C@ >@=B31B7=< /
%43* 74):.
98=/36= /> +@/<>3==/7/8>= $ CB7:7A3H 8/;/7A 23 2WB3@53=C@@/73=@=A7BW W:3DW3 $3 >C:DW@7A3H 8/;/7A 23 >@=2C7BA 23 <3BB=G/53 >=C@ 4=C@A AC@ :3 @3DXB3;3@=2C7B D3/@ ;W5/@23 13 @3DXB3;3=<53 3B 03/C1=C> 2 3/C />>9C/< 6+ =96/ .
3B : 3<:3D3@ 75 $3BB=G3H :3A AC>>=@BA /D31 2C >@=2C7B R D/7AA3::3 3B C<3 W>=<53 R D/7AA3::3 +B7:7A3H C<3 0@=AA3 3< 1/A 23 A/:7AAC@3A B3>=@B 2 /0=@2 2/@7A3 /@@7V@3 :3 --<9-2/< 6/= =?::9<>= >=CAA3@ :W5V@3;3@7A3 /D/>=@BA A /2/>B3+1/ .
>@VA :3 <3BB=G/53 @3;3BB3H :/ 3< >:/13 &=CAA3H :/ >=75/< /> /< 6+ :9<>/ .
(343@;3H :/ >=@B3 2C 4=C@ 8CA?C R :/ 0CBW3 )16W;/ *3<3H :/ >=@B3 >/@ :3A 1\BWA /D31 :3A 23CF ;/7C7A A=@B3H :/ $/798>/< 6+ :9<>/ (3>:/13H :/ >=@B3 3< AC7D/3A ;/7A 3< A3=A3@ :/ >=@B3 D37::3H R 13 ?C3 :3A 23CF 16/@<7V@3A A 3<1/AB@3/@4/7B3;331B7D3 )16W;/ "/ 43/A 1=@@31B3;3
N798>/< /> /< 6/= :6+;?/= /8 @/<
$ CB7:7A3H >/A 23 <3BB=G/=C@ D3@@3 <7 23 :/D3BB3A ;WB/::7?C3A 2C@3A 1/@ 7:A >=C@@/73=@B3 2C 4=C@ 1=;>=@B3 23CF >:/?C3A 3< D3@@3 @W/:7A3H :3A WB/>3A R :/?C3 3< D3@@3 >/@ : /@@7V@3 3< : 7<1:7B7=< I (756B /0=D3 L A=7B =@73:/?C3 3< D3@@3 AC>W@73C@3 >/@ : /@@7V@3 3< : 7<1:7
#?/ 0+3 'C/<2 C< 7<1723@=2C7B 7: A /57B 5W3B7B3 /<=;/:73 4/17:3 R 1=@@753@ D/>3: /C )3@D713 B316<7?C3 3AA/G3H 23 @WA=C2@3 : 7<1723= 3(.)*39 &:8* 5488.
(3B7@3H :/ D7B@3 >@=B31B@713 3< :/ 2WD7AA/:/13H : /;>=C:3 >/@ C<3 /CB@3 23 BG>3 A7;7:/7@3 (3D7AA3H :/ D7B@3 >@=B31B@713 (3B7@3H :3 16744=< 23 1C7A7<3 3B @30@/<163H : />>/@37: /C @WA3/C W:31B@7?C3 (3>/-><3-/ ,=CA 23D3H @3;>:/13@ :3A D7B@3A >@=B31B@713A :=@A?C 3::3A A=@=B31B@713A A==<70:3A /C>@VA 2C )3@D713 B316<7?C3 <27?C3H :3 @=2C7B /7>/@37: %/<@3-/ >/-283;?/ $=B@3 )3@D713 B316<7?C3 3AB R
E ./ :<9.?3> /> 8E ./ 0+,<3-+>398 )7 D=CA 1=@=2C7B 3B 23 4/0@71/B7=< 23 : />>/@37: " WB7?C3BB3 23 1/@/1BW@7AB7?C3A @3>@3=@B3 2C 4=C@ &=C@ WD7B3@ B=CB 3<>/@37: /76=<3 2C )3@D713 B316<7?C3 17 23AA=CA 'O 56 AC@5F:E 'N 56 723 ,6CG:46 E649?:BF6 % 98=/36= :9?< N-98973=/< .
F63738+>398 ./=
,=CA >=CD3H 1=3 23 5SB3/C =C >3B7BA 4=C@A 3< ?C3AB7=< "/ B3;>W@/BC@3 3B :/ 2C@W3 23 1C7AA=< 2W>3<23SB3 3AB >=C@?C=7 <=CA 7<27?C=A 2/:CA 4/70:3 "3A 5SB3/CF A=:CA C<74=@;W;3W@/BC@3 4/70:3 )7 D=CA :3 2WA7@3H D=CA >=C@@3H /C5;3W@/BC@3 :/ >@=16/7<3 4=7A ,=CA B@=CD3@3H 23
C9*&:= B 57F5&7*7 )&38 )*8 24:1*8 4:1* 8:7 1& ,7.11* &:9* :7 4)* )* (:.8843 !*25F7&9 !*258 )* :7* @ (:.8843 2.3:9*8 *F:496D @F E2CE6D U = @:8?@? 6E4 &@F=6 5Z>@?E23=6 % d d /6:==6K U =2 A@D:E:@? 5F >@F=6 C64E2?8F=2:C6 /@FD A@FG6K 24BFZC:C 56D 8C:==6D DFAA=Z>6?E2:C6D 52?D =6D 4@>>6C46D DAZ4:2=:DZD %2:DD6K =6D 8VE62FI C6A@D6C >:?FE6D 52?D =6 7@FC C9*&:= 8:7 1& 9J1* )* (:.8843 ):KK2D ,EC@F56= DF4CZ &:9* :7 4)* )* (:.8843 !*25F7&9:7* @ !*258 )* (:.
&.3 *9 5*9.98 5&.38 &:9* 4)* )* !*25F7&9 !*258 )* :7 (:.8843 :7* @ (:.8843 2.3:9*8 )2:? U =2 =6GFC6 56 3@F=2?86C 2G64 -_=6 56 4F:DD@? <8 56 72C:?6 ACZ492F776C Z>2:==Z6 t d )2:? 2F =6G2:? 2G64 c<8 56 72C:?6 ACZ492F776C -_=6 56 4F:DD@? Z>2:==Z6 t d )6E:ED A2:?D 2F D6:8=6 A2C 6I -_=6 56 4F:DD@? Z>2:==Z6 t d d &:9*:7 4)* )* (:.8843 !*25F7&9 :7* @ !*258 )* (:.8843 2.
* ,C9*&: *89 '.*3 2439F &: (*397* 2&.8 5&8 1*8 '47)8 ' 9F:=6K A2D =6 >@F=6 .
(3+8.
(3+8./ "3 B/0:3/C A 33<23Z t t t d d d =@J2F <8 <8 <8 @FG6CE t t t d d d <8 4924F?6 @FG6CE R d x x +@D3:7 U A@:?E ,E62
(96+366/ "3 B/0:3/C A 3=C@ C< 3<4=C@<3;3=72A 475C@/=C@ 23 :/ D=:/7::3 <=< 4/@173 >@XB3 R 1C7@3 )7 D=CA 4/7B3A 23A 5@7::/23A 27@31B3;33/C A=CA :3A /7:3A 23A 1/C7AA3 A W1=C:3@ (3B=C@<3H :/ D=:/7::3 3A 23 1C7AA=< "3A D=:/7::3A A3@=/@B71C:7V@3;3
4.8843 4.)8 )@:DD@? 6? EC2?496D A 6I 56D 52C?6D 56 #&.88*11* &:9*:7 4)* )* (:.8843 8 C:==6 x !*25F7&9:7* :7F* @ ,7.1 2.3:9*8 d ?7@FC?6K =2 >@F=6 Z>2:==Z 2F ?:G62F 98=/36= :<+>3;?/= :9?< 6/ 3==+1/ -98@/8>3988/6 /> 6+ 1<366+./ :(:3* 7F+F7*3(* 3 &55&7&I9 )&38 )C@8C2>>6K =6 A@:5D :?7ZC:6FC =6 A=FD AC@496 6E 2==@?86K =6 4J4=6 1* 9&'1*&: ) 47.*39&9.43 56 4F:DD@? (43(*73&39 1* 54.)8 ): 7J9. 6:* /* 84:-&.9* 57F5&7*7 422*39 ;F7.+.*7 6:* 1* 7J9. *89 B 54.39 .
<+>38= =9?006N= >9+=>= "3A BG>3A 23 1C7AA=< 7<27?CWA =:/U/@=2C7BA 2/
1&9 ((*884.7*8 74):.98 8:7,*1F8 -2CE6D U =2 4CY>6 E2CE6D 8=24Z6D 2F 49@4@=2E @F 2F 42C2>6= 7CF:ED A@F=6E A6E:E6D D2F4:DD6D 6E G:2?56 A2:? A6E:ED A2:?D 8VE62FI 6E 2FEC6D A6E:ED 7@FCD A2C 6I C:==6 &:9*:7 4)* )* (:.
1&9 C:E6D -_=6 56 4F:DD@? Z>2:==Z6 &:9* 4)* :7 )* (:.884 3 !*25F7&9:7* @ :7F* *3 2.3:9*8 % d d ):KK2 C:==6 % d d ):KK2d328F6EE6 C:==6 7 d d )=246K 5F A2A:6C DF=7FC:DZ DFC = 2446DD@:C6 /ZC:7:6K BF6 =6 A2A:6C 6DE 252AEZ U =2 E6>AZC2EFC6 G@F=F6 $/7+<;?/ "/ B\:3 >3CB A3 2W4=@;3@ >3<2/@=2C7BA AC@53:WA 317 3AB 2_ R :/ 2744W@3<13 23 B3;>W@/BC@3A "/ 2W4=@;/B7=< 27A>/@/ZB@/ /C 1=C@A 2C @W16/C443;3398 .
&:/13H :/ B\:3 23 1C7AA=< W;/7::W3 >:/B3 R :/ + :<91<+77+>398 = /00/->?/ .
F,:2*8 &;*( '4:.1143 +74.) )&38 )*8 5498 ) :3 1.97* E8 6:* )*8 ':11*8 &55&7&.88*39 N F(-&:++*2*39 5489F7.*:7 @ 6EE6C2G6D C@F86D 6?G >:?FE6D 6?G >:?FE6D 9@FI 56 CFI6==6D 6?G >:?FE6D 6?G >:?FE6D !2C:4@ED 49@FI C2G6D 49@FI C@F86D 6?G >:?FE6D 6?G >:?FE6D )6E:ED A@:D 6?G >:?FE6D 6?G >:?FE6D $/>3= .
1&9 ((*884.7*8 (438*.18 *9 &;*79.88*2*398 VE62F U =2 =6GFC6 4F:E DFC A=2BF6 -_=6 56 4F:DD@? Z>2:==Z6 -_=6 56 4F:DD@? 6? 2=F>:?:F> E_=6 56 4F:DD@? Z>2:==Z6 A=2E6 -_=6 56 4F:DD@? 6? 2=F>:?:F> E_=6 56 4F:DD@? Z>2:==Z6 AC@7@?56 % 2 d d d d 2 d d 8C:==6D >@F=6D 5Z>@?E23=6D 6? 76C 3=2?4 O 4> 2 d d -_=6 56 4F:DD@? Z>2:==Z6 >@F=6D 5Z>@?E23=6D 6? 76C 3=2?4 O 4> % d d VE62F 2FI A@>>6D ?2AAZ &:9*:7 4)* )* (:.
'22/ 555 ".1#'6'!31&%0!%2% $% '22/ 555 ".1#'!//+(!-#%1 #. 3* '22/ 555 ".1#'6%+%#20.,%-!&%0 #., '22/ 555 ".1#'6'3(1'.3$%+()*%6!//!0!2%- -( '22/ 555 ".1#'6*.$(-*.-%%2 #., '22/ 555 ".1#'6'4($%4!0%0 #., '22/ 555 ".1#'6%$ #., '22/ 555 ".1#' /2 '22/ 555 %+%#20. ".1#' "% '22/ 555 ".1#' #., !3 '22/ 555 ".1#'6'!31&%0!%2% !2 '22/ 555 ".1#'%+%#20.$.,%12(#.1 #., "0 '22/ 555 ".1#'6'.,% &0 '22/ 555 ".1#'6!//+(!-#%1 #.