!"!#$!"!% !"#$%&’()*+,-
! "
&&#$%&’’%"’!($)*’!"’+"
,-./#
’(!"#!$%&’()*+,-".$/0123!456#
!(7!894:!8;<=4!>?!@ABC!45DE4F+!>G0HI#
JKLM!@NOPQR?!S8HTU!>G0# 7!V894:!(!>23!45
6# 23WX"6YZ#
)($X[\?!(WX"]!45^_‘7#
012’&34$567! &’)" ’%
./0! 123456-78" 9:;<=>?! @2ABCDE0F2-78E
34GHI3/J8"
K)L #M%N/$ ON/’(% C!PC*(% C%
QRS%TUV" OTUV?A)WN/! X/YZ[E+&,&-\W]^Y]_‘
a]^" QbOTUV?! @cA ’" dDE0Fef3AgN/hijR)N/" O
TUVkj)l"
’(./0123456/37538 23’
+(+1409/4:(&&&&&&,(+8 02;4:1<54:(&&&&&&-(+8 0993=81081(
!(./39074=> ?<1/ 1/4<2403@1/4>0:1A’
+(B:<9( ,(C082A( -(D0841(
)(./01<51/4>:3E0EF4:4F01<385/<> E41?448 1/45>40G4:5’
+(-F05570145( ,(,:31/4:082 5<514:( -(C0F45>4:538 082 9=51374:(
#(H3?23451/4?3708 @44F0E3=11/4I08J=0J4C1=2AK0<:’
+(L<50>>3<8142 ,(M814:45142( -(C=:>:<542(
%(./0123451/4708 7408’
+(6/4?3708 /051:3=EF4J411<8J=> 40:FA(
,(H4<5?3::<42 0E3=11/4>:4548101<38(
-(6/4>:4548101<38 ?<FF510:101N()"(
$%mn-7&K ’o#M’!o%
书书书K%L#M’%N/(ON/’(%C!PC!!(%C%
QRS%TUVpqr" OTUVpqr?AsWN/!X/YZ[E +&,&-\W
]^Y]_‘a]^" QOTUVpqrt!@2A0FijuWN/!ON/% dD$
Qb?!uN/2[_%dDEv30F" OTUVpqrjBl"
abc^def!7!gO"*4#
O(./010:41/45>40G4:570<8FA10FG<8J0E3=1’
+(-3=:5459/42=F45( ,(+8 <7>3:10812:070( -(+@14:$9F055091<;<1<45(
*(./0123451/4708 <8;<141/4?3708 1323’
+(D3<8 09F=E( ,(.019/ 0>F0A( -(P4:@3:7<8 02:070(
abc^def!7!gQh’"4#
Q(./A2<2 1/4?3708 @44F=>541’
+(C/4@4F10@:0<2 <8 1/42:<;<8J1451(
,(C/4F351/4:2:<;<8JF<94854(
-(C/4@0<F42 1/42:<;<8J1451(
N(./01?051/4?3708 938@<24810E3=1’
+(P0:G<8J( ,(R0G<8J1=:85( -(L:<;<8J=>/<FF(
’"(./01?051/4?3708S5E<JJ4517<510G4<8 1/41451’
+(T=88<8J1/4:42 F<J/10109:355:302(
,(I35<8J9381:3F3@1/490:0108 =>/<FF>F094(
-(K3:J411<8J131=:8 /4:/402 ?/<F470G<8J1=:85(
abc^def!7!g’’h’)4#
’’(./48 ?<FF1/4708 011482 1/45=774:93=:54’
+(U8 D=FA!#( ,(U8 D=FA!"( -(U8 D=FA’%(
’!(H3?7=9/ ?<FF1/4708 >0A@3:/<593=:54082 0993773201<38’
+(V NQ"( ,(V %%"( -(V %""(
’)(H3?5/3=F2 1/4708 >0A1/493=:54@44’
+(R0G408 <8$>4:538 >0A7481(
,(-382=910E08G 1:085@4:(
-(P0A1/:3=J/ 0?4E5<14(
$%mn-7&K !o#M’!o%abc^def!7!g’#h’*4#
’#(./0123451/4708 @<82 1/473512<@@<9=F1<8 /<5>4:@3:70894’
+(R0514:<8J1/4>/A5<90F73;474815(
,(T4747E4:<8J1/4F<845(
-(W44><8J/<5@<J=:4(
’%(./48 2<2 1/4708 J41<8;3F;42 <8 091<8J’
+(+@14:X3<8<8J02:0709F=E
,(./<F451=2A<8JF<14:01=:401=8<;4:5<1A(
-(./48 ?3:G<8J@3:093742A>:32=94:(
’O(./012<2 1/4708S5E:31/4:5F<G4132301?44G4825’
+(.019/ 73;<45( ,(-3FF491>3514:5( -(PF0A5>3:15(
’*(./0190:44:7<J/11/4708 /0;4>=:5=42 <@831091<8J’
+(+>3F<943@@<94:( ,(+E=5<8455708( -(+23913:(
abc^def!7!g’Qh!"4#
’Q(./0193=8157351<8 G44><8J1/45>40G4:484:J41<9’
+(R0<810<8<8J0A3=8J/40:1(
,(W44><8J0/40F1/A2<41(
-(H0;<8J483=J/ 5F44>(
’N(./0123451/45>40G4:5=JJ45123<8J384/3=:E4@3:4E42’
+(L:<8G<8J7<FG 13@<J/11<:428455(
,(+;3<2<8J4Y>35=:41359:4485(
-(C411<8J0?0G4$=> 0F0:7(
!"(./01<51/45>40G4:J3<8J132384Y1’
+(60G4Z=451<385@:371/40=2<4894(
,(L473851:01405413@4Y4:9<545(
-(60FG 0E3=1/40F1/A401<8J(
082’&9:;<$567!&’%" ’%
K)L #M’%N/$ON/!(%C!PC)*(%C%
ijRwxy!XO/Z[E+&,&-hLzW]^Y!]_‘a]^"
!
+E:0<8$937>=14:<814:@094#,-M% <505A51471/012414:7<845@=891<380F<81481) 1/4
245<:4139/08J4!73;4!9381:3F!3:<814:091?<1/ 53741/<8J<8 A3=:48;<:387481) 2<:491FA@:37
A3=:E:0<8 091<;<1A(M8 31/4:?3:25!,-M50FF3?A3= 139381:3F08 0>>F<901<38 3:024;<94=5<8J
38FAA3=:7<82(
$%mn-7&K )o#M’!o%./48 <193745137313:9381:3F!<@?4?08113<814:091?<1/ 024;<94<8 3=:48;<:387481#4(
J(0F07>%!?4@<:51249<24?/01?4?0811323#1=:8 38 1/4F07>%!1/48 ?4933:2<8014#{*%
082 =541/47=59F45<8 3=:0:75!F4J5!/0825!@441!419(!13>4:@3:71/01091<38 #:409/ 3=1?<1/
A3=:@<8J4:082 >:4551/4F07>538[3@@5?<19/% 082 1/48 @<80FFA1/424;<94:45>3825131/01
091<38 #1/4F07> 1=:8538%(,-M5EA>0551/017<22F4514> 3@933:2<801<8J082 =5<8JA3=:
7=59F4513>4:@3:71/4245<:42 091<38!<851402 =5<8J0937>=14:13<2481<@A1/4<8148242 091<38
082 1/48 9381:3FF<8J1/40>>F<901<38 3@24;<942<:491FA(
+E:0<8$937>=14:<814:@094#,-M% @=891<3851/:3=J/ 054:<453@<814:938849142 514>5(
M8<1<0FFA!05>49<0F<\42 24;<9490>1=:451/4E:0<8S54F491:<90F091<;<1A!>:3;<2<8J:0?20101/01
:4@F49151/4=54:S5<81481<385(6/<52010<51/48 5481130937>=14:!?/<9/ >:3945545082 080FA\45
1/45<J80F5132493241/4=54:S5245<:42 091<385(K<80FFA!1/4<814:>:4142 <8@3:701<38 9381:3F508
4Y14:80F0>>F<901<38 3:24;<94! 0FF3?<8J1/4=54:13<814:09157331/FA(6/<5<814J:01<38 3@
7405=:47481!080FA5<5!082 9381:3F@3:751/4E09GE3843@,-M149/83F3JA(
+831/4:<7>3:1081514> 3@0,-M<5@442E09G(1/45A51477=515374/3?F411/4=54:G83?
?/01249<5<38 3:<8148242 091<38 1/4937>=14:?050EF413<814:>:41(M8 3=:>:4;<3=54Y07>F4!1/4
F07> 5=99455@=FFA1=:8<8J38 <82<90145131/4=54:1/011/4,-M5=99455@=FFA<2481<@<42 1/4091<38
1/4=54:?08142(P:3;<2<8J@442E09G /4F>51/4=54:020>1131/4,-M5A5147!F40:8<8J/3?1/4A
908 9381:3F082 02X=511/4<:E:0<8 091<;<1A!X=5105?4908 F40:8 13933:2<8014082 9381:3F3=:
7=59F45082 E32<45(
!’(H3?23450,-M2<@@4:@:377313:9381:3F’
+(M15G<>5>/A5<90F>4:@3:70894;<07=59F45(
,(M1:4Z=<:4551:38J4:7=59F473;474815(
-(M1933:2<801450;0:<41A3@E32A>0:15(
L(M1:4F<45481<:4FA38 4Y14:80F54853:5(
$%mn-7&K #o#M’!o%!!(./01:3F423451/4937>=14:>F0A<8 0,-M5A5147’
+(T4>F09<8J1/4=54:S5249<5<38$70G<8J>:39455(
,(P:39455<8JE:0<8 5<J80F513<2481<@A<81481(
-(R405=:<8JE:0<8 091<;<1A1/:3=J/ 54853:5(
L(P:3;<2<8J>/A5<90F@442E09G 131/4=54:(
!)(./<9/ 514> <8 1/4<FF=51:01<38 /4F>5=54:5020>1082 938@<:71/4<:<8148242 091<38’
+(!&&&&&&&&,("&&&&&&&-(#&&&&&&&L($
"
RAJ:3?<8J$=> A40:5?4:470:G42 EA08 091<;4/01413?:<1<8J(M1?051/4F0511/<8JM
?08142 1323082 <1S5384:40538 ?/AM>=:5=42 59<4894<8 1/4@<:51>F094(M8 /<J/ 59/33F!M/0142
?:<1<8J4550A5(K3:/3=:5!M510:42 01EF08G >0J45!1:A<8J131=:8 7A590114:42 1/3=J/15<813@F=481
548148945082 M3@148 :494<;42 >0>4:570:G42 ?<1/ 8=74:3=593::491<385(ME4J08 13?3824:<@M
?055<7>FA8319=13=1@3:?:<1<8J(]41!0Z=<410994>108945411F42 ?<1/<8 74$08 =824:51082<8J
1/01=8<;4:50F70514:A?0584<1/4:8494550:A83:0110<80EF4(
M@39=542 <851402 38 7AF3;4@3:701/ 082 59<4894(M133G 937@3:11/4:4!G83?<8J3EX491<;4
1:=1/ 93=F2 E4@3=82 <@M540:9/42 741/32<90FFA(M8 93FF4J4!M51=2<42 48J<844:<8J082 X3<842 0
:4540:9/ F0E 13J0<8 /0825$38 4Y>4:<4894(RA@<:51>:3X491?0513<7>:3;41/44@@<9<489A3@0
70J841<9937>38481(L45><14<8<1<0F2<50>>3<81<8J:45=F15! M9381<8=42 1/:3=J/ 8=74:3=5
245<J85(B;481=0FFA!?424;4F3>42 0245<J8 1/01/0F;42 484:JAF35545(M?0524F<J/142 ) =81<F
7A>:3@4553:13F2 7413?:<141/01:4540:9/ >0>4:(
MG84?1/01<@M?08142 13E493740:4540:9/4:!M?3=F2 8442 135>482 1<74>488<8J
>0>4:5(,=1M?05590:42 3@@0<F<8J(M8 0>08<9!M05G42 0J:02=01451=2481<8 7AF0E @3:/4F>(.4
24@<842 0J30F@3:1/4>0>4:!082 M90:4@=FFA?:31408 3=1F<84(,=1?/48 M05G42 /<7 @3:
@442E09G!M5338 @3=82 1/4>0>4:93;4:42 <8 :42 70:G5(H44Y>F0<842 1/01:42 2<28S17408 M?05
0E02 ?:<14:(.:<1<8J<58S10384$082$23841/<8J(M1:4Z=<:45:4;<5<8JA3=:?3:G!3@148 54;4:0F
1<745(C=2248FA<1399=::42 1374!*H028S1M23841/450741/<8J?/48 M?05540:9/<8J@3:08
4@@<9<481245<J8’+
M>3F<5/42 7A>0>4:S53=1F<84<813548148945082 >0:0J:0>/5!J=<242 EA@442E09G(6/3=J/
7A@<:512:0@1?058S1>4:@491!?<1/ /4F>!M48X3A42 1/4>:394553@<7>:3;<8J<1(.:<1<8J/055<894
E493743843@7A@0;3:<14>0:153@:4540:9/!/4F><8J743:J08<\47A1/3=J/15(MS;44;48 510:142
?:<1<8J>3>=F0:59<48940:1<9F45!?/<9/ M84;4:93=F2 /0;4<70J<842 2=:<8J7A40:FA51:=JJF45
?<1/ 4550A5(
$%mn-7&K %o#M’!o%!#(./012<2 1/40=1/3:<8<1<0FFA1/<8G 3@?:<1<8J’
+(+><4943@90G4( ,(+:0A3@5=85/<84(
-(+8=1/0:2 139:09G( L(+2<07382 <8 1/4:3=J/(
!%(./01?051/40=1/3:S570<8 9/0FF48J4<8 1/4:4540:9/ >:3X491’
+(L45<J8<8J1/470J841<9937>38481(
,(-33>4:01<8J?<1/ 1/4:4540:9/ 1407(
-(-3FF491<8J1/44Y>4:<74810F2010(
L(.:<1<8J1/4:4540:9/ >0>4:(
!O(./012<2 1/40=1/3:F40:8 @:37/4:?:<1<8J082 :4540:9/’
+(,31/ :4Z=<:41:<0F082 4::3:( ,(,31/ 9385=741<74082 7384A(
-(,31/ 3@@4:>:3731<38 082 :4>=101<38( L(,31/ <8;3F;4E=:248 082 51:455(
!*(./01/4F>42 1/40=1/3:<7>:3;4?:<1<8J’
+(P=EF<5/<8J54;4:0F090247<9>0>4:55=99455@=FFA(
,(-3851081FA?3:G<8J38 ?:<1<8J082 <7>:3;<8J(
-(K3FF3?<8JJ332 4Y07>F453@31/4:51=24815(
L(L<593;4:<8J3EX491<;4510820:25<8 ?:<1<8J(
#
*]3=:3:24:<538 <15?0A,+ M51/4:408A831<@<901<38 1/01E:<8J573:4X3A1/08 1/<5’ ,=1
1/4:493=F2 E473:4E4/<82 A3=:731<;01<385@3:/<11<8J*E=A83?+(+5=:;4A@3=82 3;4:0
Z=0:14:3@:45>3824815:4>3:142 *23375>482<8J+ ) 5>F05/<8J905/ 38 =88494550:A>=:9/0545
245><14493837<993894:851393>4?<1/ 51:455(
L3375>482<8J908 >=1A3= 01:<5G 3@@<8089<0F51:455!90=541485<38 <8 :4F01<385/<>5!4;3G4
@44F<8J53@5/074!082 2:0<8 A3=:E08G E0F08943@@=8251/0193=F2 E45>48131/4:?<54(,=1?/A
<5<153/0:2 13:45<511/4=:J4135>482’
6/4:40538 ?4@44F/0>>A082 501<5@<42 ?/48 5?<><8J3=:9:42<190:25<51/423>07<84:=5/
<13@@4:5(M814:451<8JFA!1/423>07<8423458S11=:8 => <8 1/409Z=<5<1<38 3@53741/<8J(M1399=:5<8
1/4<7>=F543:1/4731<;01<38 13J3@3:1/ 082 /=81(M8 31/4:?3:25!<1S51/41:A$38 3@1/4>4:@491
5/3453:1/414512:<;43@1/484?90::01/4:1/08 1/4091=0FE=A<8J(C3?/48 @44F<8J1/4=:J413
E=A!>0=54!83141/4<147082 ?0<101F4051!# /3=:5E4@3:4091<8J!0FF3?<8J1<74@3:23>07<84S5
4@@49113@F3?1/:3=J/ 1/4E32A(]3= 70A@<82 1/010@14:1/44@@491?40:53@@!A3= 238S1/0;41/4
=:J413E=A(
K3:5374>43>F4!5/3>><8J54:;4505093><8J749/08<57) 0?0A13@<82 937@3:1082
E=<F2 54F@$4514473:54F@$938@<24894(6/4A3@148 1=:8 131/01>:32=910J0<8 082 0J0<8!/3><8J<1
?<FF70G41/47@44F0F<11F4E<1E4114:(H3?4;4:!1/<5<80E<F<1A13>:3>4:FA54F@$5331/4908 :45=F1<8
$%mn-7&K Oo#M’!o%0*1:401A3=:54F@+ 74810F<1A0@14:0E02 20A(M@A3= @44F1/48442 @3:01:4013:537454F@$90:4!>=1
A3=:9:42<190:2 0?0A082 :409/ @3:53741/<8J73:4?/3F45374082 F38J$F051<8JF<G4742<101<38!
5>482<8J1<74<8 801=:4!3:9388491<8J?<1/ @:<4825(6/4540F14:801<;4583138FA>:3;<24F38J4:$
F051<8JE484@<15E=10F53/4F> @<FFA3=:4731<380F?4FF$E4<8J(
,=1E4<8J7<82@=F?<1/ 7384A23458S1/0;4137408 0;3<2<8J5>482<8J38 F<11F41/<8J51/01
E:<8JA3= X3A(I<11F45>F=:J45082 *1:401A3=:54F@+ 7374815908 E40J:401?0A13E:<8J
/0>><8455<@1/4A0:49381:3FF42(H0;<8J0FF390142 @=825@3:*5>F=:J4+ >=:9/0545!082 G44><8J0
F<5138 /3?7=9/ 135>482 @:371/454908 9:4014073:47<82@=F0>>:309/ 135>482<8J!:01/4:
1/08 3841/01S5<7>=F5<;4082 51:455$731<;0142(
!Q(6/493:49381:02<91<38 3@*23375>482<8J+ <5 (
+(<851081X3A;5(F38J$14:750;<8J5 ,(493837<951:455;5(4731<380F:4F<4@
-(9/40> J3325;5(/<J/$Z=0F<1A84425 L(>4:5380F9/3<94;5(539<0FX=2J7481
!N(P0:0J:0>/ ) 70<8FA2<59=5545 (
+(BY>485<;4E:0825:42=9<8J51:455 ,(+2;<9438 =88494550:A>=:9/0545
-(647>3:0:AX3A@:375/3>><8J L(L3>07<8490=5<8J5/3>><8J022<91<38
)"(T4>40142FAE=A<8J1/45074>:32=91:4@F4915 (
+(?<54E=2J41<8J ,(>:32=91>:091<90F<1A
-(70:G41<8J<8@F=4894 L(@0<F=:41354F@$:4F<4;4
)’(6/40=1/3:S5;<4?38 *570FF5>F=:J45+ <51/011/4A (
+(38FA5=<1455481<0F5 ,(5/3=F2 E4E08842
-(0:40994>10EF4<@E=2J4142 L(24>482 38 <89374
$
M@A3=S;44;4:/=8J0:3=82 59<481<515!A3=S;47351F<G4FA/40:2 3843@1/4750A*1/4E451
4Y>F0801<38 <51/45<7>F451384(+ ,=1<5<1’ K:371/4E4/0;<3:3@0815131/4399=::48943@
13:802345!1/4801=:0F?3:F2 <53@148 Z=<14937>F4Y(./A5/3=F2 ?4055=741/45<7>F451
4Y>F0801<38 <59F35451131/41:=1/’
6/<5<240<5G83?8 05U9907S5#3:U9G/07S5% :0\3:(M1S50F53:4@4::42 1305*:=F43@
493837A+(+82 <1E40:50@07<FA:4F01<385/<> 131/4*>:<89<>F43@F405105138<5/7481!+ ?/<9/
/3F251/01<@08 4Y>F0801<38 <51335=:>:<5<8J!<1S5>:3E0EFA831:<J/1(6/4807493745@:37
.<FF<073@U9G/07! 0’#1/$9481=:A59/3F051<9>/<F353>/4:(H49:40142 1/4>:<89<>F41/01
*481<1<45#|}% 5/3=F2 831E47=F1<>F<42 E4A382 849455<1A(+ 6/4>/<F353>/<90F9F0<7<50@3:7
3@3813F3J<90F7<8<70F<57(?45/3=F2 831<8;3G4481<1<45=8F455?4/0;44;<248941/011/4A4Y<51(
M8 31/4:?3:25!238S170G451=@@=>(
M8 ’OQ*!M5009^4?138 4Y>08242 38 1/4831<38 ?<1/ /<593894>13@0;4:090=50) 01:=4
90=54!5101<8J1/01?45/3=F2 027<138FA90=5451/01?4:4E31/ 1:=4082 5=@@<9<481134Y>F0<8
801=:0F>/4837480(H402242 1/01^01=:42<2 831/<8J<8 ;0<8 082 ^01=:4?05>F40542 ?<1/
5<7>F<9<1A(+F1/3=J/ ^4?138 ?050J:40159<481<51!1/<59F0<754475322(./3<51350A?/01
$%mn-7&K *o#M’!o%*>F40545^01=:4+’ L3458S11/<5J=<20894055=74?4G83??/01?40:4<8 @0911:A<8J13
@<J=:43=1’
-385<24:1/4?3:F2 3@P/A5<95@<FF42 ?<1/ 4Y>F0801<3851/010:45=:>:<5<8J!=84Y>49142 082
/0:2 13J41A3=:/402 0:3=82(^4?138 4Y>F0<842 F<J/105E4<8J70243@>0:1<9F45!?/4:40531/4:
59<481<5154Y>F0<842 <1050?0;4(_=081=7749/08<95!/3?4;4:!14FF5=5F<J/1<5E31/ 0?0;4082
0>0:1<9F4(^4?138S50993=81?055<7>F4:!E=17324:8 >/A5<9514FF5=51/473:4937>F4Y7324F<5
9F354:131/41:=1/(
./48 ?41=:8 13E<3F3JA!1/<8J5J414;48 73:4937>F<90142(M70J<841?3573G4:5!E31/ 3@
?/37?4811/:3=J/ 0>09G 020A@3:)" A40:5(U84J41590894:$ 1/431/4:23458S1(6/45<7>F451
4Y>F0801<38’ K3:24902451/413E0993<82=51:AS5085?4:?051/01573G<8J23458S190=5490894:(
C<7>F4E=1@0F54(M8 @091!2<54054<5937>F4Y!082 ?4238S1A41=824:51082 0FF1/4@0913:5<8;3F;42
<8 90894:(
U9907S5:0\3:<58310@0913:4;48 01/43:A(M1S507410>/A5<90F#~(cid:127)8(cid:128)E% >:<89<>F4(
08 <240/4F2 <824>482481FA3@47><:<90F#|(cid:129)E% 4;<24894(M8 /=708 0@@0<:5!1/<8J50:473:4
3@148 1/08 831937>F4Y(H=708 731<;01<3850:41A><90FFA7=F1<>F4(P43>F4908 E4J332 082 E02
011/450741<74!54F@<5/ 082 54F@F455!24>482<8J38 9<:9=75108945(6/45/4F;453@41/<9<5150:4
@<FF42 ?<1/ E33G51/<8G<8J?/AJ332 >43>F423E02 1/<8J5!082 1/4<:085?4:50:4:0:4FA5/3:1082
5?441(
U=:4Y>F0801<3855/3=F2 7019/ 1/4?3:F2 05E45105?4908 70G41/47(C9<4894<50E3=1
0FF3?<8J1/<8J513=8@3F2 801=:0FFA!082 53741<7451/<5740850994>1<8J1/011/41:=1/ <5831
5<7>F4!4;48 <@<1?3=F2 70G43=:F<;45405<4:<@<1?4:4(
)!(U9907S5:0\3:<82<901451/01 (
+(4Y>F0801<3855/3=F2 E49385<51481?<1/ >=:>3545
,(5=@@<9<48190=545908 4Y>F0<8 801=:0F>/4837480
-(:405380EF44Y>F0801<3850:4:0:4FA5=:>:<5<8J
L(5<7>F4:4Y>F0801<3855/3=F2 E4>:4@4::42
))(./A<5^4?138S5;<4?38 5<7>F<9<1A>:3EF4701<9’
+(M1055=745=8G83?8 1:=1/5( ,(M1F09G54Y>4:<74810F5=>>3:1(
-(M1938@F<915Z=081=7>/A5<95( L(M13;4:F33G5E<3F3J<90F937>F4Y<1A(
)#(./01<50J0<85113E0993<82=51:AS5*5<7>F4+ 90894:9F0<7’
+(T082379/0894399=::4894( ,(L<54054S5801=:0F937>F4Y<1A(
-(I38J$14:7/40F1/ 5101<51<95( L(C73G4:5SE4/0;<3:0F2<@@4:48945(
)%(M1S5<7>F<42 <8 1/4>0550J41/01?48442 13 (
+(@3FF3?1/4F0?53@801=:4(
,(E0F0894099=:09A082 5<7>F<9<1A(
-(<814:>:411/4?3:F2 05<1<5(
L(/<J/F<J/11/44Y<5148943@481<1<45(
$%mn-7&K Qo#M’!o%K%L#M%N/(ON/!(%C!PC’!(%C%
ijRSxy!Xxy?E]^Y]_(cid:130)(cid:131)(cid:132)(cid:133)(cid:134)r(cid:135)E‘a]^" ]^YAB^
(cid:136)(cid:137)(cid:138)]^"
L3451/<55<1=01<38 53=82 @07<F<0:’ +@:<482 0>>:309/45082 05G5!*H4A!?/010:4A3= => 13
1/<5?44G482’+&)O& C/4:4>F<45?<1/ /4:3?8 ;<;<2 >F08(*MS7J3<8J137AF0G4/3=54!082
?4S:4/0;<8J07055<;4E38@<:4(+
./01544742 F<G40J48=<844Y>:455<38 3@<814:451<8 A3= 5=2248FA5/<@15082 E4937450
9/0894@3:A3=:@:<482 135/3?3@@!937>F0<8 3:5<7>FA5/0:40E3=1/4:54F@(&)*& I<G41/4
9<:9F<8JE482 3@0E3374:08J#f(cid:139)(cid:140)%!E3374:05G4:505G 0Z=451<38!F411/4<:938;4:501<38
>0:184:5085?4:082 1/48 <7742<014FAE:<8J1/4@39=53@1/4938;4:501<38 E09G 131/4754F;45(
K3:708A>43>F4!54F@$2<59F35=:45<7>FA@44F5J:401(C1<FF!73513@=50:45485<1<;4131/4@091
1/01?4908S1X=51?0FG 0:3=82 5/3?<8J3@@082 937>F0<8<8J082 10FG<8J0E3=13=:54F;450FF1/4
1<74(&)Q& ,=10738J0FF1/45447<8JFA5G<FF@=F082 3E;<3=5?0A5?401147>113705G 3=:54F@$
94814:428455!E3374:05G<8J7<J/1E41/4?3:51) E490=54<110G450?0A1/4070\<8JE484@<15
1/019374@:3705G<8JZ=451<385(
+5G<8J5<894:4Z=451<385!F<5148<8J1331/4:5S085?4:5082 @3FF3?<8J=> 38 1/354085?4:5
70AE41/4405<451082 7351>3?4:@=F>01/?0A135/0:42 =824:51082<8J082 <814:>4:5380F
9388491<38(&)N& K0<F<8J13@3FF3?=> 38 A3=:>0:184:S5085?4:!082 085?4:<8J1/4Z=451<38
A3=:54F@<851402!70G4531/4:5@44FF<G4A3= 238S190:40E3=11/47) 082 >:3E0EFA2<28S190:4
0E3=11/47?/48 A3= 05G42 1/4Z=451<38 13E4J<8 ?<1/(
&#"& ./<F45/0:<8J0E3=1A3=:54F@@44F5J332 082 908 E:<8J=59F354:!?/48 0831/4:
>4:538 5/0:451/4<:>4:5>491<;4!@39=538 1/47(.45/3=F2 0FF0<713E473:4<814:45142 <8 3=:
>0:184:5E4@3:4?4J3E09G 13>:3;<8J/3?<814:451<8J?40:43=:54F;45(
+(C3!?401147>11353F;41/<5>:3EF47?<1/ 5374<82<:491/0E<15(
,(M90FF1/<551:014JA*E3374:05G<8J!+ 082 <1/0>>48593851081FA(
-(6/<5E4/0;<3:908 70G431/4:5@44F=8<7>3:1081(
L(]3= 14FF/4:A3=S:48315=:4!E=1831/<8JE<J(
B(,3374:05G<8J:=<851/470J<9!/3?4;4:(
K(M1:42=9451/4E484@<153@:40FZ=451<385(
‘(C3238S1E3374:05G,
$%mn-7&K No#M’!o%0=2’&">?)$567!&’)" ’%
K)L&b~(cid:132)(cid:134)#M’%N/(ON/’C!PC’%C%
ijRSxy!XO/Z[E +&,&-&LzW]^Y]_(cid:130)(cid:131)(cid:132)(cid:133)(cid:134)r(cid:135)E‘a
]^"
,388<4,F=7E4:J/050F?0A5G83?8 /4:731/4:?059:401<;4082 G<82(./48 5/4?05
J:3?<8J=> <8 1/4’N*"5!/4:737!D08<94‘3F2514<8!0F?0A5&#’& 1370G49351=745@3:1/4
9F055>F0A5(‘3F2514<8S5&#!& 13/4:9:0@1?0553741/<8J,F=7E4:J133G 050J<;48(
M8 !"’*!‘3F2514<8 F3511/4=543@1/4:<J/15<243@/4:E32A(6?3A40:50J3!,F=7E4:J53F2
/4:731/4:S5>F094(./<F4&#)&!5/4@3=82 1/:44G8<15?4014:5<8 ;0:<3=5510J453@&##&(
C/4G84?4Y091FA?/31/4A?4:4&#%& @3:(6/4@<:51EF=4J0:7481?05@3:/4:731/4:$ 1/4
549382!>=:>F4@3:,F=7E4:J$ 082 1/41/<:2!0:0EE<1>0114:8 @3:,F=7E4:JS520=J/14:(
C/4&#O& I3354B825!?/<9/ <508 3:J08<\01<38 1/017019/45>43>F4?/3/0;4&#*&
?3:G @:37F3;42 3845!?/3/0;44<1/4:>05542 3:E49374&#Q&!?<1/ 9:0@14:5<8 1/4<:0:40?/3
908 @<8<5/ Z=<F1<8J!G8<11<8J082 31/4:>:3X4915!0FF0183&#N&(6/4AF<8G42 /4:=> ?<1/ 0
&%"& @<8<5/4:!+880R<87<4:!1310G43;4:‘3F2514<8S5?3:G(
^3?R<87<4:S5&%’& 208942 0?0F1\<8 1/4@3FF3?<8J4;48<8J5(R<87<4:5>4817381/5
@<8<5/<8J1/45?4014:5!082 50A55/4S5/0>>A13/0;40&%!& <8 ?/015/45445050E40=1<@=F
513:A1/01E3825&%)&(
+FFM93=F2 23?/48 M741+880?05J<;4/4:0E<J/=J!,F=7E4:J50A5!140:<8J=>(*M1S5
=8E4F<4;0EF4/3?5>49<0F1/<5>:3X491<5(M?3=F2 /0;45>4810#8% &%#& 13J411/<52384(+
*M1S5831X=51E4<8J8<94!+ 50A5I3354B82593$@3=824:D488<@4:C<738<9!*M1S570G<8J5=:4
>43>F4/0;41/454108J<EF43EX49151/01A3= 908 /=J?/48 A3=S:47<55<8J0>4:538(6/01S50E<J
&%%&(+
#’(+(0J:442&&&&,(7080J42&&&&-(24708242&&&&L(;3F=8144:42
#!(+(9381:<E=1<38 ,(022<91<38 -(24;31<38 L(53F=1<38
#)(+(F33G<8J0:3=82 ,(>09G<8J=> -(5411F<8J23?8 L(73;<8J3=1
##(+(93851:=91<38 ,(2<5>F0A -(:4>0<: L(1:<0F
#%(+(54F49142 ,(<8148242 -(E3=J/1 L(G4>1
#O(+(938109142 ,(<814:;<4?42 -(X3<842 L(@3=8242
#*(+(=813=9/42 ,(=89/08J42 -(=8@<8<5/42 L(=85G<FF42
#Q(+(:41<:42 ,(2<50EF42 -(F351 L(399=><42
#N(+(>:<94 ,(9/0:J4 -(>:3@<1 L(:4?0:2
%"(+(840:EA ,(>:32=91<;4 -(54:<3=5 L(@07<F<0:
%’(+(1/3=J/15 ,(@<8J4:5 -(?3:25 L(?3:G5
%!(+(;3<94 ,(E4F<4@ -(>0:1 L(2=1A
%)(+(@07<F<45 ,(84<J/E3:5 -(J484:01<385 L(@:<4825
%#(+(484:JA ,(4@@3:1 -(1<74 L(@3:1=84
%%(+(240F ,(4;481 -(9054 L(737481
$%mn-7&K ’"o#M’!o%K%L&xy(cid:132)(cid:134)#M’"N/(ON/’(%C!PC’%C%
ijRSxy!6(cid:134)r(cid:135)(cid:132)(cid:133)’W(cid:141)(cid:142)E(cid:143)(cid:144)p(cid:145)(cid:146);(cid:143)(cid:144)E(cid:147)(cid:148)~(cid:149)"
.08Ja<748J#’"NO$’’’N% ?050@073=5E=15/3:1$F<;42 >0<814:?<1/ 38FA3843@/<5
70514:><4945&%O=:;<;4% 05!"#$%&’()"* +,&-.,/#0()"* 1&’"2),"((P0<8142 38 5<FG!
1/<5738=74810F?3:G #%’3% 45%,6% b’’3N! 57&"6% =5455<7>F47014:<0F5)<8G 082 7<84:0F
><J74815(L45><14<157014:<0F5<7>F<9<1A!1/4>0<81<8JS5937>35<1<38 <5&%*&#:470:G0EF4%
937>F4Y(M1=8@3F25F<G40>083:07<9#(cid:150)(cid:151)(cid:149)E% 513:A3@0C3=1/4:8 -/<8454F082590>4!
>:4548142 ?<1/ 08 099=:09A&%Q& /<81501.08JS5244> :3315<8 1/4:4J<38(
6/4F082590>4<52<;<242 <8135<Y73=810<8 5491<38554>0:0142 EA?014:!39905<380FFAF<8G42
EAE:<2J45(K401=:<8J/3=545!1:445!082 @<J=:45@:375/<@1<8J;<4?>3<815!<19:4014502A807<9
;<5=0F@F3?!7=9/ &%N& ?019/<8J59484:A>055EA1/:3=J/ 01:0<8 ?<823?(6/4;<4?4:=8:3FF5<1
:<J/113F4@1!4Y>4:<489<8J9381<8=3=520<FA091<;<1<45(
M15>4:@491<38 &O"&#/4<J/148% EA1/4:02<081EF=4$J:448 F082590>4#8,"679 (%)"(%’,%
149/8<Z=43@1/4^3:1/4:8 C38JLA8051A(,:<FF<081EF=4237<801451/473=810<85S>40G5!E3F2
J:448 93;4:5;0FF4A5!082 >0F4E:3?8 <7>F<45E0545(6/<593F3:$9481:<90>>:309/ 70514:@=FFA&O’
/>F3A% F<J/1!5/024!082 14Y1=:4@3:24>1/ 082 01735>/4:4!>:<3:<1<\<8J93F3:3;4:F<84(
6/4>0<81<8J2470825=8<Z=4;<4?4:<814:091<38 2=413<15;051590F4&O!& 7<8=142410<F(
M1:4Z=<:451/:442<51<891;<4?<8J5(@0:13J:05> <15J:0824=:!9F354134Y07<84&O)&#:4@<84%
@401=:45!082 7<2$2<510894130>>:49<014<153;4:0FF<7>091(6/<5F0A4:42 48J0J47481244>4851/4
9388491<38!70G<8J1/4F082590>4@44F937>F414FA0F<;4(
cF1<7014FA!1/:3=J/ <154Y>085<;45<\4! :<9/ 93F3:5! 082&O#Y>:455% 2410<F5! 1/4
70514:><49447<15Z<#;<10F484:JA%! 3@@4:<8J0>:3@3=82 4Y>F3:01<38 3@1/4;<5<EF4?3:F2(M1
<8;<145;<4?4:5&O%& #<8;3F;4% 1/4754F;45@=FFA! 2<593;4:<8J84?/3:<\385?<1/ 409/
4893=814:(
0@2’&AB$567!&’#" ’%
K)L#PC’%C%
(cid:152)(cid:153)@(cid:154)Y(cid:128)(cid:155)(cid:156)(cid:157)" @(cid:158)mn(cid:159)(cid:160)¡¢£⁄)W¥(cid:136)*6/4d3<943@U=:
‘484:01<38+Eƒ§(cid:146)!¤(cid:147)'“«(cid:128)(cid:155)‹›K)&ƒ§E;<!fi((cid:158)fl(cid:155)(cid:176)!–†‡·!
(cid:181)¶y•--" ‚@'mn(cid:159)(cid:160)„”»[_@E…‰" »(cid:190);<¿(cid:192)(cid:145)(
’(ƒ§E`´;<$
!(]ˆ˜;<E¯˘"
˙…(
’(„v(cid:144)¨(cid:201)(cid:136)Q"˚¸$#yY(cid:204)˝_¤˛|ˇ¥h(cid:128)(cid:158)¥—%
!(‚(cid:209)fiR(cid:210)(cid:149)63/JE(cid:211)(cid:201)(cid:212)(cid:213)v3"
L40:B8JF<5/ -F=E R47E4:5!
C<894:4FA!
I<H=0
$%mn-7&K ’’o#M’!o%K%L#PC!%C%
ijRS(cid:214)(cid:215)!(cid:216)(cid:217)(cid:218);<hZ[T(cid:219)£(cid:220)n(cid:221)„BT!(cid:222)(cid:223)(cid:224)–)Æb(cid:226)Exy"
M1S54<J/13S9F39G 38 -/:<5170573:8<8J!082 202 50A5/4?081513F<5148 131/484?5(RA’’$
A40:$3F2 54F@<5?3824:<8J?/A38 B0:1/ J:3?8$=>5?3=F2 E4<814:45142 <8 1/484?5?/48 1/4:4
0:4<7>3:10811/<8J513E42384!5=9/ 05/082<8J3=1>:454815(+82 1/48!?/<F4M0738FA/0F@$
F<5148<8J131/4:02<3E:3029051!53741/<8J=8=5=0F/0>>485(1/4E3:<8J84?5:4024:E4J<85
10FG<8J0E3=10-/:<5170574550J4(H028S1?4/40:2 1/01:4>3:140:F<4:’
RA3F24:E:31/4:!-3F<8!@<J=:453=1?/01S5/0>>48<8J(*P414!P414!<1S5010>4:493:24:,
.4S;4J313=:10>4:493:24:,+
M1@<80FFA20?8538 74(7A202 :493:242 1/484?5082 <5>F0A<8J<1E09G 83?(
M1/<8G <1S5Z=<14:0:4134Y>4:<4894:40F4Y9<1474813;4:0>:45481!E=1@3:741/<5?05384
3@1/354:0:47374815(-3F<8 082 M/02 E31/ E448 EF<82 @:37E<:1/(^3?!<8 1/4F014’N%"5!
4Y9<1<8J9385=74:J3325?4:4937<8J?<1/<8 :409/ 3@1/4831$53:<9/(+11/45>49<0FE30:2<8J
59/33F1/01-3F<8 082 M01148242!0:493:24:3@A3=:3?8 ?051/4/4<J/13@X3A(H3?4;4:!-3F<8)
E4114:<8@3:742 082 73:4:40F<51<90E3=1@07<FA@<8089451/08 M?05)/02 83:40F4Y>49101<3853@
J411<8J384(M:40F<542!7=9/ F014:!1/01010>4:493:24:?3=F2 /0;4935173:41/08 @3=:1<745
202S5?44GFA?0J4(6/484?13A!1/45<\43@0570FF5=<19054!237<80142 1/4:4513@1/4-/:<51705
/3F<20A5(
R37J=<242 7A/082 131/4TB-UTLE=1138(*P:4551/<5?/48 1/4:42 F<J/15/<845!+ 5/4
?/<5>4:42!/4:?33F5F44;4E:=5/<8J7A?:<51(,4@3:4-/:<51705!?4S2 5><42 38 E30:2<8J59/33F
G<255/3?<8J3@@1/4<:10>4:493:24:5(.4S2 7473:<\42 1/015/0:> 9F<9G$9F09G 53=82 ?/48 10>4
13=9/42 1/4709/<84(C=2248FA!-3F<8S5;3<945><FF42 3=13@1/45>40G4:(H4?05:402<8J:
;%0,(25)(;)0&75=>4:$54:<3=5FA) =81<FME=:513=1F0=J/14:(RA3?8 J<JJF49074E337<8JE09G
1?<9405F3=2 @:371/4:493:24:,
˙…(
’((cid:221)„(cid:144)¨(cid:201)(cid:136)’%"(cid:144)˚¸$
!(‚(cid:209)fiR(cid:210)(cid:149)63/JE(cid:211)(cid:201)(cid:212)(cid:213)v3"
&&U894?4/02 70514:42 1/49381:3F5!?4E4J08 :493:2<8J(
M0F53133G 7A@<:51514>523?8 130E:30290514:0159/33F(
$%mn-7&K ’!o#M’!o%
