Trustees of Princeton University

!"#$%$&'()$*+,&"!((-',./"+'"0'&1+1.,&"234+$)4
!5+/'-6478"9,:-1$&"!;"!&)'*<
2'5-.$8"='-&<"0'&1+1.4>"?'&;"@A>"B';"C"6D,*;>"@EFG7>"((;"@HIJC@K
05:&14/$<":38"Cambridge University Press
2+,:&$"LMN8"http://www.jstor.org/stable/2009347 .
!..$44$<8"CAOPCOCP@@"@H8I@
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at .
http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless
you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you
may use content in the JSTOR archive only for your personal, non-commercial use.
Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at .
http://www.jstor.org/action/showPublisher?publisherCode=cup. .
Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed
page of such transmission.
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of
content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms
of scholarship. For more information about JSTOR, please contact support@jstor.org.

Cambridge University Press and Trustees of Princeton University are collaborating with JSTOR to digitize,
preserve and extend access to World Politics.

http://www.jstor.org

!" #$%$&'()$*+!&" !((,'!-."

+'" ('&/+/-!&" 010+$)0"
23"4!2,/$&"!5"!&)'*#"

6,/*4"789":;<7"=9>;=9"
7?@"79A=9A>B9<"
8;C9">@D9"7@"=@DBA;79"

789"EB9F="@E">@D:;G;7BC9"
:@FB7B><5"
'A9"@E"789<9"
B<"789">@A>9GA"
E@G"
789@G97B>;F"
9H:FB>;7B@A"
;A="D978@=@F@IB>;F"
GBI@GJ"
;A="789"<9>@A="
B<"789"
9D:8;<B<"
@A"EB9F="<7K=B9<"
@E"789"L9D9GIBAIJL"
LA9?JL";A="LA@AMN9<7M"
9GAL"A;7B@A<5"
+89"789@G97B>;F"
79A=9A>3"
8;<"F;GI9F3"
7;O9A"789"E@GD"
@E"
;::FB>;7B@A<"
@E"L<3<79D<L"
789@G3"
7@"789"<7K=3"
@E":@FB7B><J"
;A="789">8B9E"
>GB7B>B<D"
@E"78B<";::G@;>8"
8;<"P99A"78;7"B7"B<";"<7;7B>"
789@G3J"
A@7"<KB7M"
;PF9"E@G"789";A;F3<B<";A="9H:F;A;7B@A"
@E":@FB7B>;F">8;AI95"
+89"IG9;7"@K7:K7"@E"9D:BGB>;F"
<7K=B9<"
@E">@A79D:@G;G3"
:@FB7B><"BA"
789"A9?";A="9D9GIBAI"
A;7B@A<"
;A="789"G9F;7BC9"
=9>FBA9"BA"789"C@FKD9"
@E"$KG@:9;A":@FB7B>;F"
<7K=B9<"
8;C9"<BDBF;GF3"
P99A">GB7B>BQ9=5"
.9G9"789"
;A="
B<"78;7"789"G9F;7BC9"
;GIKD9A7"
A9IF9>7"
@E"N9<79GA"
:@FB7B>;F"
<7K=B9<J"
:;G7B>KF;GF3"
@E"789BG"
8B<7@GB>;F"
=BD9A<B@AJ"
8;A=B>;:<"
K<"BA"@KG"9EE@G7<"
7@"?@GO"@K7"789"=9C9F@:D9A7;F"
789@GB9<"
;A=";::G@;>89<"
?8B>8"?9"
A99="E@G"@KG"G9<9;G>8"
@A"789"A9?";A="9D9GIBAI"
A;7B@A<5"
=@9<"
2@78"@E"789<9">GB7B>B<D<"
8;C9"IG9;7">@I9A>35"
03<79D<"
789@G3"
8;C9";"<7;7B>J"
L9RKBFBPGBKDL"
PB;<S";A="789"<7G9<<"
@A"789":@FB7B><"
@E"789"
A9?";A="9D9GIBAI"
A;7B@A<"
IBC9<"K<";A"BA;=9RK;79"
<;D:FBAI"
@E"D;AT<"
9H:9GB9A>9"
?B78"<@>B;F";A=":@FB7B>;F"
>8;AI95"+89"@AF3";A<?9G"7@"78B<"
>GB7B>B<D"
B<"78;7"78B<"<99D<"7@"P9"789"?;3"<>B9A>9<"=9C9F@:MA@7"P3"
@G=9GF3J"
<3<79D;7B>"
:G@IG9<<B@AJ"
PK7"BA";"=B;F9>7B>;F"
:G@>9<<"
BAC@FCBAI"
@C9G9D:8;<9<"
;A="A9IF9>7<5"
/E"?9";G9"7@">@D9"7@"IGB:<"
D@G9"9EE9>7BC9F3"
78B<"BDP;F;A>9J"
?B78":@FB7B>;F"
>8;AI9J"?9"<8;FF"8;C9"7@"G9=G9<<"
;=;:7"
<3<79D<"
789@G3"
BA";" =9C9F@:D9A7;F"
=BG9>7B@AJ"
;A="K7BFBQ9"8B<7@GB>;F"
@E"N9<79GA"
OA@?F9=I9"
:@FB7B>;F"
=9C9F@:D9A7"
UPK7"A@7"@AF3"N9<79GA"
8B<7@G3V"
BA"9F;P@G;7BAI"
789@GB9<"
@E":@FB7B>;F"
<3<79D<"
;A=":@FB7B>;F"
>8;AI95"
+8B<";G7B>F9"
@A"789":;G7"
G9:G9<9A7<"
;"D@C9"BA"78B<"=BG9>7B@AJ"
;A"9EE@G7"
@E"@A9":@FB7B>;F"<3<79D<"
789@GB<7"
7@"=9EBA9"
?8;7":@FB7B>;F"
=9C9F@:D9A7"
B75T"
>@A<B<7<"
@E";A="7@"7;O9"BA7@";>>@KA7"
789"C;GB;PF9<"
?8B>8";EE9>7"
W"N8;79C9G"
D9GB7"78B<">@A7GBPK7B@A"
7@"789"789@G3"
@E":@FB7B>;F"
>8;AI9"D;3"8;C9"B<"
=K9"7@";"F@AI"<9GB9<"
@E":@F9DB><"
?8B>8"P9I;A"?B78"D3":;:9GJ"L-@D:;G;7BC9"
(@FB7B>;F"
03<79D<L"
UX@KGA;F"
@E"(@FB7B><J"
HCBB" Y!KIK<7"WZ[\]J" ^ZWM_`ZVJ" ;A="P9>;D9"<@D9?8;7"
D@G9"FBC9F3"
;E79G"
789";::9;G;A>9"
@E"D3"BA7G@=K>7@G3"
9<<;3"BA"!FD@A=";A="-@F9D;AJ"
!A"9;GF3";A=":;G7B;F"
9=<5J"+89"(@FB7B><"@E"789"#9C9F@:BAI"!G9;<"U(GBA>97@A"
BZ\`V5"
C9G<B@A"
@E"<@D9"@E"789"B=9;<">@A7;BA9="
89G9";::9;G9="
BA"!FD@A=J"L(@FB7B>;F"
03<79D<"
;A="(@FB7B>;F"-8;AI9JL"!D9GB>;A"298;CB@G;F"0>B9A7B<7J"
CB" UXKA9"BZ\^VJ" ^M/`5" +89"
:@F9DB><"
?9G9"BA":;G7"?B78"D3<9FEJ"
BA":;G7"?B78"IG;=K;79"
<7K=9A7<"
BA"<9DBA;G<J"
BA":;G7"

Wa_"

N',&#" ('&/+/-0"

/5" 010+$)"!*#"b6*-+/'*"

BA"789"7B7F9<"
>@DD@A"
8;<"P9>@D9"
BA>G9;<BAIF3"
+89"79GD"
L<3<79DL"
:@FB7B><5"
'F=9G"
@E">@D:;G;7BC9"
BA"789"EB9F="
@E"79H7<"
;A="D@A@IG;:8<"
:@?9G<5L"
@G"LE@G9BIA"
79GD<"
;<"LI@C9GAD9A7<L"
79H7<"
79A=9="
7@"K<9"<K>8"
D9G9"<73F9"
BA"A@D9A>F;7KG95"
D@G9"B<"BAC@FC9="
89G9"78;A"
0@D978BAI"
BA7@"
:@FB7B>;F"
789":9A97G;7B@A"
@E"<3<79D"
G9EF9>7<"
+89"K<9"@E"789">@A>9:7"
789@G3"
@E"EKA>7B@A;FB<D5"
;A="<@>B@F@IB>;F"
789@G3"
@E"789"
;A78G@:@F@IB>;F"
+89">8B9E"
EKA>7B@A;FM"
;G9";<<@>B;79="
?B78"
789@GB<7<"
?8@<9"
A;D9<"
<@>B;F"
;A="789"
;A=",;=>FBEE9M2G@?A"
B<D";G9"789";A78G@:@F@IB<7<"
);FBA@?<OB"
=BEE9G"
&9C35c"
+8@KI8"7893"
)9G7@AJ"
;A=");GB@A"
<@>B@F@IB<7<"
(;G<@A<J"
789<9"
D9A"
;A="EKA>7B@AJ"
?8;7"
>@A>9:7<"
@E"<3<79D"
<KP<7;A7B;FF3"
BA"789BG"
;A=":G9=B>7B@A"
E@G"9H:F;A;7B@A"
B<"78;7"
@KG">;:;>B73"
8;C9"P99A"<;3BAI"
BA"789"<@>B;F"
<>B9A>9<"
B<"9A8;A>9="
?89A"
?9"78BAO"
@E"<@>B;F"<7GK>7KG9<"
BA"<3<79D<5"
;A="BA<7B7K7B@A<"
;<":9GE@GDBAI"
EKA>7B@A<"

!">BG>KM"
;A="BD:@G7;A75"
D;=9"
89G9"
B<"P@78"
<BD:F9"
P9BAI"
+89":@BA7"
N89A"?9"
FB77F9"
<9A<9"
P3"B7<9FE5"
BA";A"@GI;AB<D"
D;O9<"
F;7@G3"
<3<79D"
@E"789"
E@G"
789"
EKA>7B@ABAI"
;":KG:@<9"
@G"<97"
@E":KG:@<9<"
CB9?"
B7";<"<9GCBAI"
7@">@D:G989A="
B7<"<BIABEB>;A>95"
?9">;A"P9IBA"
@GI;AB<D"
;<";"?8@F9J"
D9;A"FB77F9"
P3"
;I9A>B9<"
:;G7B9<"
@G";=DBAB<7G;7BC9"
0BDBF;GF3J"
:@FB7B>;F"
;<"BAM"
+89BG"
>F9;G"
?89A"
?9"<99"789D"
<BIABEB>;A>9"
P9>@D9<"
789D<9FC9<5"
;A="9AM"
:KPFB>":@FB>B9<"
BA<7B7K7B@A<"
7@":G@=K>9"
79G;>7BAI"
?B78"@789G"
9ACBG@AM"
BA"789"=@D9<7B>"
@G"BA79GA;7B@A;F"
:@FB>B9<"
E@G>9D9A7<"
@E":KPFB>"
D9A7<5"
;<"+;F>@77"
P3"<K>8"?GB79G<"
789@G3"
;<"E@GDKF;79="
bKA>7B@A;FM<3<79D"
>@A=B7B@A<d"
;A=");GB@A"
EKA>7B@A;F"
G9RKBM"
(;G<@A<"
78G99"
&9C3"BD:FB9<"
?89789G"
!":;G7B>KF;G"
<3<79DJ"
;A="9RKBFBPGBKD5"
<B79<J"
BA79G=9:9A=9A>9J"
BA":;G7B>KF;G"
B7"P9";A"@GI;AB<DJ"
8;<"7@"P98;C9"
;"D;>8BA9J"
@G";"E;DBF3J"
BA"@G=9G"
@GI;AB<DJ"
;"<97"@E"7;<O<J"
7@"LP9L"789"
:;G7B>KF;G"
?;3<J"
:9GE@GD"
LEKA>7B@A;F"
G9RKBM"
G9RKBG9D9A7<"
@G"E;DBF35"
&9C3">;FF<"789<9"
D;>8BA9J"
@E";A3"
<@>B9735"
7@"789"
9HB<79A>9"
<B79<JL"
;>7BCB7B9<"
;<"9<<9A7B;F"
;A="FB<7<"
ABA9"
;A=">@FF9;IK9<"
@E"789"
:;G7"?B78"D3"EGB9A=<"
;A="BA"D@<7"<KP<7;A7B;F"
?B78"G9CB9?9G<J"
7?@"
E@GDKF;79="
=KGBAI"
(@FB7B><5"
+89<9"B=9;<"?9G9":;G7F3"
@A"-@D:;G;7BC9"
-@DDB7799"
89F=J"@A9"BA"BZ\c" ;A="789"<9>@A="BA"BZ\^5"
?8B>8"789"-@DDB7799"
<KDD9G"
?@GO<8@:<"
LBA:K7M"
=B<>K<<BAI"
<9C9G;F"?99O<"=KGBAI"P@78"@E"789<9"<KDD9G<"
0B=A93"%9GP;"<:9A7"
?B78"D95"/" ;D"=99:F3"BA"8B<"=9P7"E@G"789<9"E@GM"
789@G3"
@K7:K7L";A="L>;:;PBFB7B9<L"
DKF;7B@A<5"
c"2G@AB<F;?"
;A=",9FBIB@A"U!A>8@G"2@@O<d"4;G=9A"-B73J"
);FBA@?<OBJ"
);IB>J"0>B9A>9J"
BA"(GBDB7BC9"
U4F9AM"
0@>B973"
;A="bKA>7B@A"
07GK>7KG9"
*515J"/Z[_VS" !5",5",;=>FBEE9M2G@?AJ"
(KG9";A="!::FB9="U4F9A>@9"
+89@G3"
$<<;3<"BA"0@>B@F@IB>;F"
>@9"/Z[eVS" +;F>@77"(;G<@A<J"
/Z_ZVS"

08BF<J"
;A="$=?;G="
+;F>@77"
(;G<@A<"
U4F9A>@9"
/Z[WVS"
+89"0@>B;F"
03<79D"
(;G<@A<J"

);<<5J"/Z[WVS" ,5"f5")9G7@AJ"
@E"!>7B@A"U-;DPGB=I9J"
9=<5J"+@?;G=";" 49A9G;F"+89@G3"
+89"07GK>7KG9"
;A="0@>B;F"07GK>7KG9"
U4F9A>@9"/Z[eVS" );GB@A"&9C3J"XG5J"
0@>B;F"+89@G3"
/Z[cV5"
@E"0@>B973"U(GBA>97@A"

#$%$&'()$*+" !*#" ('&/+/-!&" 010+$)0"

Wa["

+@"BFFK<7G;79J"
&9C3"
BA>FK=9<"
;D@AI"
789<9"
G9RKB<B79<"
;=;:7;7B@A"
7@"789"
A;7KG;F"
9ACBG@AD9A7J"
=BEE9G9A7B;7B@A"
@E";A="G9>GKB7D9A7"
7@"<@>B;F"
G@F9<J"
789"D;BA79A;A>9"
@E";">@DD@A"
P@=3"@E"OA@?F9=I9"
;A="P9FB9E<J"
789"
<@>B;FBQ;7B@A"
@E"789"3@KAIJ"
;A="789">@A7G@F"
@E"=B<GK:7BC9"
P98;CB@G5^"
(;G<@A<"
<:9;O<"
@E"E@KG"
LBD:9G;7BC9<"
@E";A3"<3<79D"
@E";>7B@AJL"
BA>FK=M"
BAI";=;:7;7B@AJ"
I@;F"IG;7BEB>;7B@AJ"
BA79IG;7B@AJ"
;A="F;79A7"
:;779GA"
D;BAM"
79A;A>9"
;A="79A<B@A"
D;A;I9D9A75_"
+89<9"
;A="@789G"
?GB79G<"
;F<@"D;O9"
789":@BA7"
78;7J"
E@G"
;"<3<79D"
7@">@A7BAK9"
BA"@:9G;7B@AJ"
789<9"
EKA>7B@A<"
DK<7"
BA">9G7;BA"
P9":9GE@GD9="
N89A";"EKA>7B@A"
?;3<5"
BA"
B<":9GE@GD9="
;"?;3";<"7@"D;BA7;BA"
<K>8"
789"9RKBFBPGBKD"
@E"789"<3<79DJ"
789"
:9GE@GDM"
;A>9"@E"789"
EKA>7B@A"
P3"789";I9A>3"
@G"<7GK>7KG9"
B<"G9E9GG9="
7@";<"LEKA>M"
7B@A;FL"
U@G"9KEKA>7B@A;FJ"
BA");GB@A"
&9C3T<"
E@GDKF;7B@AV5"
N89A"789"
:9GE@GD;A>9"
K:<97<"
789"9RKBFBPGBKDJ"
789A"
B7"B<"G9E9GG9="
7@";<"L=3<EKA>M"
7B@A;F5L"
N9"<8;FF">@D9"
P;>O"7@"78B<"
>@A>9:7"
@E"EKA>7B@A;FB73M=3<EKA>M"
7B@A;FB73"
;7";"F;79G"
:@BA75"
N9"A99="7@"9F;P@G;79"
@A"789"@789G"
;"FB77F9"
7?@";<<KD:7B@A<"
@E"<3<M"
79D<"
789@G3MBA79G=9:9A=9A>9"
;A="9RKBFBPGBKD5"
23"789"
BA79G=9:9A=9A>9"
?9"D9;A"
@E"789"
:;G7<"
@E";"<3<79DJ"
78;7"
?89A"
789"
@E"@A9">@DM"
:G@:9G7B9<"
BA";"<3<79D"
;A="789"<3<79D"
:@A9A7"
>8;AI9J"
;FF"789"@789G<J"
;<";"?8@F9J"
@E";A";K7@D@PBF9"
;G9";EE9>79=5"
+8K<"BE"789"GBAI<"
9G@=9J"
?9"<:9;O"@E"
789"
>;G";<"LPKGABAI"
@BFLS"789"
EKA>7B@ABAI"
@E"@789G"
<3<79D<"
=979GB@G;79<S"
;A="789":@?9G"
@E"789">;G"=9>FBA9<5"
@E"@GI;AB<D<"
'GJ"BA"789"IG@?78"
789G9"
;G9":@BA7<J"
E@G"9H;D:F9J"
?89A"<@D9">8;AI9"
BA"789"9A=@>GBA9"
<3<79D"
;EE9>7<"
789"@C9G;FF"
:;779GA"
@E"IG@?78J"
789"EKA>7B@ABAI"
@E";FF"
789":;G7<J"
;A="789"I9A9G;F"
P98;CB@G"
/A":@FB7B>;F"
@E"789"@GI;AB<D5"
<3<M"
79D<J"
789"
9D9GI9A>9"
@E"D;<<"
:;G7B9<"
@G"D;<<"
D9=B;"
@E">@DDKAB>;7B@A"
>8;AI9<"
789":9GE@GD;A>9"
@E";FF"789"@789G"
<7GK>7KG9<"
@E"789":@FB7B>;F"
<3<79DJ"
;A=";EE9>7<"
789"
I9A9G;F"
BA"B7<"=@D9<7B>"
>;:;PBFB7B9<"
@E"789"
<3<79D"
;A="E@G9BIA"
/A"@789G"
9ACBG@AD9A7<5"
?89A"@A9"C;GB;PF9"
BA";"
?@G=<J"
<3<79D"
>8;AI9<"
BA"D;IAB7K=9"
@G"BA"RK;FB73J"
789"@789G<"
;G9"<KPg9>79="
7@"<7G;BA<"
;A=";G9"7G;A<E@GD9=J"
;A="789"<3<79D"
B7<":;779GA"
@E"
>8;AI9<"
:9GE@GD;A>9S"
@G"789"=3<EKA>7B@A;F"
B<"=B<>B:FBA9="
>@D:@A9A7"
P3"G9IKM"
;A="789"
@E"789"<3<79D"
B<"G99<7;PFB<89=5"
F;7@G3"
D9>8;AB<D<J"
9RKBFBPGBKD"
(;G<@A<"
;A="08BF<"
78;7"
79A="
<@>B;F"
7@?;G="
;GIK9"
<3<79D<"
9RKBFBPGBKDS["
B595J"
E;DBFB9<J"
9>@A@DB9<J"
79A="
7@":G9<9GC9"
>8;GM"
>8KG>89<J"
:@FB7B9<"
789BG"
;>79G"
@G"7@">8;AI9"
78G@KI8"
.9A>9"789";A;F37B>;F"
7BD9J"
<>89D9"
<F@?F35"
?8B>8"
E@G"I9A9G;FBQ9="
7893"
:G@:@<9"
K<9"BA"789"<@>B;F"<>B9A>9<"
B<"78B<"
>@A>9:7"
@E"<3<79DJ"
BD:F3BAI"
789"BA79G=9:9A=9A7"
BA79G;>7B@A"
@E"<7GK>M"
^"&9C3J"
07GK>7KG9"@E"0@>B973J"/_ZJ5"

_+;F>@77"(;G<@A<J"
;A="0@>B973"
$>@A@D3"
U4F9A>@9"/Z[\VJ" B\EE5"
["(;G<@A<"
;A="08BF<J"9=<5J"+@?;G=";" 49A9G;F"+89@G3"@E"!>7B@AJ"W`eEE5"

Wa\"

N',&#" ('&/+/-0"

7KG9<"
:9GE@GDBAI"
EKA>7B@A<"
BA"<K>8";"?;3";<"7@"D;BA7;BA"
789"<@>B;F"
BA"
<3<79D"9RKBFBPGBKD5"
$C9A"
BA"78B<"
<7;GOF3"
<BD:F9"
E@GDJ"
789"
I9A9GB>"
<3<79D"
D@=9F"
8;<"C;FK9"
E@G"
789"<7K=3"
@E":@FB7B><5"
+89">@A>9:7"
@E"EKA>7B@A"
:K<89<"
K<"BA7@"
G9;FM"
B<D";A=";?;3"EG@D"
A@GD;7BC9"
@G"B=9@F@IB>;F"
=9EBAB7B@A<5"
+@";A<?9G"
EKA>7B@A;F"
RK9<7B@A<"
?9"8;C9"7@"@P<9GC9"
?8;7";":;G7B>KF;G"
<@>B;F"
<3<M"
B<";A="=@9<5"+89">@A>9:7<"
79D"
;>7K;FF3"
@E"EKA>7B@A;FB73"
;A="=3<EKA>M"
7B@A;FB73"
<9A<B7BQ9"
K<"7@"789"
E;>7@G<"
D;OBAI"
E@G"
<@>B;F"
<7;PBFB73"
;A="<@>B;F"
>8;AI9J"
;A="9A;PF9"
K<"7@":9G>9BC9"
789D"
BA";A"@G=9GF3"
;A="78@G@KI8"
?;35"+89">@A>9:7"
@E"BA79G=9:9A=9A>9"
E@G>9<"
K<"7@"9H;DBA9"
789":9GM"
E@GD;A>9"
@E";A3"<7GK>7KG9"
@G"BA<7B7K7B@A"
<3<79DB>;FF3S"
B595J"BA";FF"@E"B7<"
G;DBEB>;7B@A<"
;A="BA79G=9:9A=9A>9<5"
N9">;A"A@"F@AI9G"
P9">@A79A79="
;"<BAIF9"
?B78"
BA<7B7K7B@A"
=9<>GBPBAI"
@G"F@@OBAI"
BA79G;>7B@A<5"
;7"PBF;79G;F"
'KG"G9<9;G>8"
DK<7";<<KD9"
BA79G=9:9A=9A>9"
;A="BA79G;>7B@A"
;D@AI"
;FF">@D:@A9A7<5"
//5" -,/+/h6$"'b"b6*-+/'*!&"+.$',1"

BA7@"
789"
+89"BA7G@=K>7B@A"
@E"EKA>7B@A;FB<D"
<@>B;F"
<>B9A>9<"
8;<"<7BGG9="
K:";"I@@="=9;F"@E">@A7G@C9G<3"
@E"
;A=":@F9DB>5\"
!D@AI"789">GB7B><"
789"
EKA>7B@A;F"
789@G3J"
789"F@IB>B;A"
.9D:9F"
8;<"G;B<9="
RK9<7B@A<"
;P@K7"
<>B9A7BEB>"
@E"EKA>7B@A;FB<DJ"
78;7"B7<"9H:@A9A7<"
<7;7K<"
E;BF"7@"
;GIKBAI"
;A="=3<EKA>7B@AJ"
@E"EKA>7B@A"
:G@CB=9"
@:9G;7B@A;F"
>GB79GB;"
;A="@E"789"
C;GB;PF9<"
D;BA7;BA"
OBA="
@E"BA79G;>7B@A"
?8B>8"
BA"9RKBM"
;D@AI"
;"<3<79D"
4@KF=A9GT<"
>GB7B>B<D"
B<"78;7"
789">@A>9:7"
FBPGBKD5"
:GBA>B:;F"
@E"<3<79D"
;A="D9>8;AB><J"
789G9"
;A="EKA>7B@A"
8;<">@D9"EG@D"
PB@F@I3"
;A="78;7"
7@";77GBPK79"
789":G@:9G7B9<"
8;<"P99A";"79A=9A>3"
@E"@GI;AB<DB>"
;A="
@K7"78;7"
7@"<@>B;F"
.9":@BA7<"
D9>8;AB>;F"
<3<79D<"
<3<79D<5"
BA79G=9:9A=M"
9A>9"
;A="9RKBFBPGBKD"
BA"<@>B;F"
=BEE9G9A7"
D;3"
P9"@E";"G;=B>;FF3"
>8;G;>79G"
789"
+89";K7@A@D3"
@E"789"
@E"<@>B;F"
<3<79D<5"
>@D:@A9A7<"
<3<79D<MB595J"
@789G"
7@"?8B>8"
?B78@K7"
9H79A7"
7893"
D;3"C;G3"
<BIABEB>;A7F3"
;EE9>7BAI"
;<";"?8@F9MD;3"P9"E;G"IG9;79G"
78;A"BA"
C;GB;PF9<"
;A="789"<3<79D"
;A="@GI;AB<DB>"
D9>8;AB>;F"
<3<79D<5"
BA"<3<79D<"
B<";"<7;7B>"
789G9"
;F<@";GIK9<"
78;7"
4@KF=A9G"
79A=9A>3"
789@G3J"
@E"BA<7B7K7B@A<"
;A="789"
7@"<7G9<<"
789"
;"79A=9A>3"
EKA>7B@A;FB73"
9RKBFBPGBKD"
+89"=B<7BA>7B@A"
;<"E@GDKF;79="
BA";A78G@:@F@IB>;F"
;A="
@E"<@>B;F"
<3<79D<5"
79A=<"
7@"P9"=B>8@7@D@K<S"
<@>B@F@IB>;F"
789@G3"
B595J"<7GK>7KG9<"
:9GE@GD"
.9";GIK9<"
<8@KF="
P9"
@G"=3<EKA>7B@A;FF35"
78;7"
9B789G"
EKA>7B@A;FF3"
7893"
B7"B<"
;A="D9;<KG9D9A7"
?B78@K7"
CB9?9="
;<">@A7BAK;J"
<BA>9"
<:9>BEB>;7B@A"
\"099"BA79G"
;A="!FCBA"N5"
!A;F3<B<JL"
=FB;"-;GF"45".9D:9FJ"L+89"&@IB>"@E"bKA>7B@A;F"
4G@<<J"
+89@G3JL"BA"&F9?9FF3A"
BA"bKA>7B@A;F"
;A="!K7@A@D3"
L,9>B:G@>B73"
4@KF=A9GJ"
+89@G3"
U*9?"1@GO"/Z[ZVJ" c_/EE5"
BA"0@>B@F@IB>;F"
9=5J"03D:@<BKD"

#$%$&'()$*+" !*#" ('&/+/-!&" 010+$)0"

Wae"

BD:@<<BPF9"
7@"<;3"?8;7"OBA=";A="=9IG99"
@E":9GE@GD;A>9"
P3"IBC9A"
;A="BA<7B7K7B@A<"
<7GK>7KG9<"
:G@=K>9"
?8;7"OBA="@E"<@>B;F"9RKBFBPGBKD5"
.9G9"4@KF=A9G"
;A=".9D:9F"?@KF=";IG99"78;7"?8;7"?9"A99="B<";"
D@=9F"@E"BA79G;>7B@A"
@E">@D:@A9A7<"
BA"?8B>8"
789"G9F;7B@A<"
;D@AI"
C;GB;PF9<"
;A="789BG"
>@A<9RK9A>9<"
E@G"
<3<79D"
:9GE@GD;A>9"
;G9"F9E7"
@:9A"
7@"9D:BGB>;F"
BAC9<7BI;7B@A5"
!"EKG789G"
C;FK;PF9"
>GB7B>B<D"
B<"4@KF=A9GT<"
;GIKD9A7"
78;7"
789G9"
B<";"
7@"7G9;7"
79A=9A>3"
9;>8">@D:@A9A7"
BA";"<@>B;F"
<3<79D"
;<"8;CBAI"
;"C;FK9"
9RK;F"7@"9;>8"@E"789"@789G<5"
!>7K;FF3"
789"<BIABEB>;A>9"
;A=";K7@A@D3"
@E"789"
C;GB@K<"
:;G7<"
@E"<@>B;F"
<3<79D<"
D;3"
P9"RKB79"
KA9RK;F5"
+8K<"@A9"
D;3";GIK9"
78;7"
789"PKG9;K>G;>3"
BA"=BEE9G9A7B;79="
:@FB7B>;F"
<3<79D<"
B<"
BA"<@D9"
<9A<9"
789">9A7G;F"
<7GK>7KG9"
@E"789<9"
<3<79D<J"
;A="78;7"
;FF"@789G"
<7GK>7KG9<"
;G9"<BIABEB>;A7"
P3"CBG7K9"
@E"789"
?;3"BA"?8B>8"
7893"
;EE9>7"
789"
:9GE@GD;A>9"
@E"789"PKG9;K>G;>35"
.9G9";I;BA"?9"A99="<3<79D"
D@=9F<"
D@G9"
;::G@:GB;79"
E@G"<@>B;F"
;A=":@FB7B>;F"
:89A@D9A;5"
bBA;FF3"
4@KF=A9G"
;GIK9<"
78;7"
<K>8";"<@>B;F"
<3<79D"
;<"(;GM"
789@GB<7"
BA79GM"
<@A<"
=@9<"A@7"IBC9"
<KEEB>B9A7"
<7G9<<"
7@"789"<:9>B;F"
>8;G;>79G"
@E"789"
;>7B@A"
@E"<@>B;F"<3<79D<"
?B78"789BG"
9ACBG@AD9A7<5"
.9"D;3";77GBPK79"
;A"BD:9GD9;PBFB73"
7@@"IG9;7"
P@KA=;GB9<"
7@"789"
+8K<"
@E"<@>B;F"
<3<79D<5"
:@FB7B>;F"
<3<79D<"
;G9"RKB79":@G@K<J"
<@"7@"<:9;O5"
+89"9H>8;AI9<"
;A="
<@M"
D@C9D9A7<"
?8B>8"
7;O9":F;>9"P97?99A"
:@FB7B>;F"
<3<79D<"
;A="789BG"
>B97B9<"
@G"789BG"
BA79GA;7B@A;F"
BA"789"D@=9GA"
9ACBG@AD9A7<J"
:;G7B>KF;GF3"
/7"B<"BD:@<<BPF9"
;G9"RKB79"D;<<BC95"
?@GF=J"
7@";>>@KA7"
E@G"9B789G"
9RKBM"
FBPGBKD"
@G">8;AI9"
BA":@FB7B>;F"
<3<79D<"
?B78@K7"
@P<9GCBAI"
789"C@FKD9"
;A="OBA="@E"789BG"
9AM"
BA79G;>7B@A<"
?B78"
789BG"
<@>B;F"
;A="BA79GA;7B@A;F"
CBG@AD9A7<5"
B<"
+89"D;BA"PKG=9A"
@E"789<9"
>GB7B>B<D<"
B<"78;7"
<@>B;F"<3<79D"
789@G3"
<7BFF"
7@@"DK>8"
;A;FM"
KA=9G"
789"BAEFK9A>9"
@E"PB@F@IB>;F"
;A="D9>8;AB>;F"
@IB9<J"
;A="78;7"
B7"E;BF<"
7@"<:9>BE3"
@:9G;7B@A;F"
BA=B>9<"
<K>8"
E@G"
>@A>9:7<"
;<"EKA>7B@A;FB73J"
;A="9RKBFBPGBKD5"
+89">GB7B>B<D<"
8;C9"
BA79G=9:9A=9A>9J"
BAM"
D9GB7J"
PK7"7893"
<8@KF="
A@7"@P<>KG9"
789"BD:@G7;A>9"
@E"789"@GBIBA;F"
@E"789"<@>B;F"<3<79D"
BA"89G9"
789@GB<7<5"
<BI87<"
N8;7"?9";G9"9AI;I9="
B<"<BD:F3"
;A"9F;P@G;7B@A"
;A=";=;:7;7B@A"
@E"789BG"
?@GO5"
;A="7KGA"
7@"789"<:9>B;F"
29E@G9"
?9"=G@:"
789"I9A9GB>"
<3<79D"
>@A>9:7"
@E":@FB7B>;F"
?9"A99="7@"=9;F"?B78"
>8;G;>79GB<7B><"
<3<79D<J"
@A9"@G"7?@"
7@"789">@A>9:7"
@E"<3<79D"
/A7GBA<B>"
B<"789"
A@7B@A"
@E"P@KA=M"
@789G"
79GD<5"
<7;G7<"
;>G@<<"
!" <3<79D"
@G";>7B@A<"
P@KA=;GB9<5"
;G3";A="@E"9H>8;AI9<"
@G";"
<@D9?89G95"
?B78"
;A"@GI;AB<D"
;A="<7@:<"
/A"=9;FBAI"
<@D9?89G9"
789"
;A="<:9>BE3"
B7"B<"G9F;7BC9F3"
789"P@KA=;G3"
D;>8BA9J"
9;<3"7@"F@>;79"
7
89"
B7";A="
B7<"
B
A7@"
P97?99A"
9
ACBG@AD9A75"
BA79G;>7B@A<"
+89"I;<"I@9<"
;A="789"
B7"BA7@"
@E"789">G;AO<8;E7"
789"D@7@G"
>@AC9G7<"
G9C@FK7B@A<"
7;AOS"

Waa"

N',&#"('&/+/-0"

?B78"
/A"=9;FBAI"
@A"789"8BI8?;35"
;A="789">;G"D@C9<"
=GBCBAI"
?899F<S"
@E"
;G9";">F;<<J"
789":G@PF9D"
<3<79D<"
@E"?8B>8"
:@FB7B>;F"
<@>B;F"<3<79D<J"
;"<@>B;F"
@E"?8;7"
<9:;G;79<"
N9"D;3"<:9;O"
9;<35"
P@KA=;G3"
B<"A@7"78;7"
P3"78B<"
PK7"
?8;7"
?9"D9;A"
;<";"P@KA=;G3J"
B7<"9ACBG@AD9A7"
<3<79D"
EG@D"
B<"A@7";7";FF">F9;G5"
0@>B;F"<3<79D<"
;G9"A@7"D;=9"K:"@E"BA=BCB=K;F<"
PK7"
8K<M"
@E"D@789G"
;A="E;789GJ"
@E"789"
G@F9<"
;"E;DBF3"
>@A<B<7<"
@E"G@F9<S"
B595J"
B<"@AF3"
+89"E;DBF3"
;A="789"FBO95"
P;A=";A="?BE9J"
<BPFBAI"
;A="<BPFBAIJ"
?8@";F<@"D;3"
E@G"
;"IG@K:"
@E"BA=BCB=K;F<"
G@F9<"
@A9"<97"@E"BA79G;>7BAI"
<3<79D<5"
8;C9"
BA"@789G"
<@>B;F"
P9"BAC@FC9="
9H7G;ME;DBFB;F"
G@F9<J"
;A="89A>9"
@E"A;7B@A;F<J"
/A"789"<;D9"<9A<9J"
@E"789"G@F9<"
<3<79D"
>@A<B<7<"
;":@FB7B>;F"
PKM"
789">;<9"D;3"P9M?B78"F9IB<F;7@G<J"
BA79G;>7BAIM;<"
<KPg9>7<J"
C@79G<J"
?8@":9GE@GD"
;A="789"FBO95"+89"<;D9"BA=BCB=K;F<"
G9;K>G;7<J"
gK=I9<J"
<3<79D<J"
<K>8"
BA"@789G"
<@>B;F"
:9GE@GD"
G@F9<"
:@FB7B>;F"
<3<79D"
G@F9<"
BA"789"
;<<@>B;M"
;A="C@FKA7;G3"
E;DBF3J"
;<"789"9>@A@D3J"
G9FBIB@K<"
>@DDKAB73J"
7@":@FB7B>;F"
7B@A<5"
789D<9FC9<"
9H:@<9"
!<"BA=BCB=K;F<"
>@DDKAB>;7B@AJ"
G@F9<5"
'A9"
7@"
:
@FB7B>;F"
EG@D"
A@AM:@FB7B>;F"
7893"
<8BE7"
C@79J"
=9D@A<7G;79J"
E;GD<J"
:F;A7<J"
F9;C9"789BG"
=;3";<">B7BQ9A<"
@A"9F9>7B@A"
DBI87"
<;3"78;7"
789"P@KA=;G3"
;G9">G@<<BAI"
;A="@EEB>9<"
7@"I@"7@"789"
:F;>9<J"
7893"
:@FFBAI"
;A"
BA"P@78"
789"
P@KA=;G3"
/7"B<">G@<<BAI"
7@"789"
:@FB735"
EG@D"
789"
9>@A@D3"
;A=";"<KPg9>7BC9"
;"D;A"F9;C9<"
<9A<9J"
<9A<95"
/A"789"@Pg9>7BC9"
@Pg9>7BC9"
;"G@F9"BA";"D;AKE;>7KGBAI"
FBA9J"
?89G9"
89"B<":9GE@GDBAI"
8B<";<<9DPF3"
;"G@F9"BA"
89"B<":9GE@GDBAI"
P@@78J"
?89G9"
789":@FFBAI"
:G@>9<<J"
7@"9A79G"
@E"A@GD<J"
;":@FB7B>;F"
<9A<9J"
<@D9"<8BE7"
:G@>9<<5"
/A";":<3>8@F@IB>;F"
;A=">@IAB7B@A<"
7;O9<"
:F;>9";<"?9FF5"
C;FK9<J"
9H:9>7;7B@A<J"
;<"?9";::F3"
;A=":@FB7B>;F"
<3<M"
B7"7@"<@>B;F"
+89">@A>9:7"
@E"P@KA=;G3"
D9;A"P3"78B<"
;A";A;F@I35"
N8;7"?9"G9;FF3"
;A;F@I3"
79D<"
B<J"@E">@KG<9J"
9H>8;AI9<"
>;A"P9"<:9>BEB9="
BE"?9"9H;DBA9"
789";>7K;F"
9D:BGB>;FF3"
@AF3"
;A=";A@789G5"
+8K<J"?89A"?9"
?8B>8"
@A9"<3<79D"
7;O9"
:F;>9"P97?99A"
?9"
789"
7
89"
B
A79G;>7B@A"
;A="
:
@FB7B>;F"
@E"
@E"
<:9;O"
<3<79DJ"
:9G<@A;FB7B9<"
BA7@"789"
9A79GBAI"
;A="C;FK9<"
;77B7K=9<J"
;G9"78BAOBAI"
@E"789"BD:KF<9<J"
?8@"D;O9"K:"789"
P3"789"BA=BCB=K;F<"
@E":@FB7B>;F"
G@F9<"
:9GE@GD;A>9"
BA"78B<"
BA79G;>7BC9"
:G@:9G7B9<"
!7"<@D9"
:@BA7"
:@FB7B>;F"
<3<79D5"
:G@>9<<J"
;A="GBIB=B73J"
I97"
?8B>8"
?B78"
;<"8@<7BFB73"
<K>8"
?9";<<@>B;79"
:9G<@A;FB73J"
@G"
E@G9BIA"
@E":;G7B>KF;G"
@G">8@B>9<"
BA7@";77B7K=9<"
7@?;G="
>@AC9G79="
789G9"
;G9"
/A"@789G"
?@G=<J"
E@G"
:KPFB>"
@EEB>95"
@G">;A=B=;79<"
=9E9A<9"
:@FB>B9<"
;A="
;A="C;FK9"79A=9A>B9<J"
;EE9>7BC9"
I9A9G;F"
P@KA=;GB9<"
89G9"P97?99A"
;A=">8@B>9<5"
:@FB7B>;F"
;77B7K=9<"
b@G"9HM"
;A="789"9>@A@D35"
P97?99A"
789":@FB73"
+89G9"B<";"P@KA=;G3"
BA"
>9G7;BA"
B
A>@D9"
@E"
789"G9;F"
IG@K:<"
D;3"G9=K>9"
;D:F9J"
;A"BAEF;7B@A"
<B7K;7B@A<"
@E"
BA"789"9>@A@DB>"
N89A"789<9"
>8;AI9<"
789":@:KF;7B@A5"
@G"
E@G":KPFB>":@FB>3"
BA7@"=9D;A=<"
IG@K:<"
I97">@AC9G79="
:;G7B>KF;G"

#$%$&'()$*+" !*#" ('&/+/-!&" 010+$)0"

WaZ"

789G9"B<";A"BA79G;>7B@A"
P97?99A"789"
>8;AI9<"BA":@FB7B>;F":9G<@AA9FJ"
N8;7"G9;FF3"8;::9A<"BA"789"9D:BGB>;F"
<9A<9"
;A="789":@FB735"
9>@A@D3"
EG@D">8;AI9<"BA"789"9>@A@DB>"
<7;79<"
G9<KF7BAI"
B<"78;7">9G7;BA"
:<3>8B>"
BA7@"=9D;A=<"@A"789":@FB7B>;F"
>;:;PBFB7B9<"
@E"IG@K:<";G9">@AC9G79="
:G9<<KG9"
IG@K:"F9;=9G<"78;7"
<3<79DJ"
=9D;A=<"@A"7G;=9"KAB@A"@G"@789G"
;I9AM"
@G"9H9>K7BC9"
;>7B@A<"
P3"789"F9IB<F;7BC9"
7893"
F@PP3"E@G":;G7B>KF;G"
B<":;<<9="
;F@AI"789"FBA9"89G9";"P@KA=;G3"
>B9<J";A="789"FBO95"0@D9?89G9"
EG@D"
7@";A@789GJ"
<3<79D"
7@"789":@FB7B>;F"
EG@D"
@A9"<3<79D"
789"9>@A@DB>"
<3<79D5"
@E"
+8;7"?9";G9"K<BAI";A";A;F@I3"?89A"?9"<:9;O"@E"789"P@KA=;GB9<"
P9>@D9<"
<BD:F9";A;F@I3";7"78;7J"
;A=";"DB<F9;=BAIF3"
:@FB7B>;F"
<3<79D<J"
@E":89A@D9A;"
KA=9G"B75"
?9"BA>FK=9"
789"C;GB973"
>F9;G"?89A"?9">@A<B=9G"
:83<B>;F"
<9A<9J"
;<"?89A"?9"<:9;O"@E"789"P@KA=M"
N9"K<9"B7"BA";"<BD:F9"
@G"@E"<KPA;7B@A;F"
gKGB<=B>7B@A<5"
N9"K<9"B7"BA"
;GB9<"@E"A;7B@A<"
:@FB7B>;F"
7@"789"BA79G;>7B@A<"
;A="
@E"C@79G<"
;"P98;CB@G;F"
;<"?89A"?9"G9E9G"
<9A<9J"
@EEB>B;F<"
;A=">B7BQ9A<J"
;<"789<9";G9"<9:;G;79="
>;A=B=;79<J"
I@C9GAD9A7;F"
@E"789<9"
BA"789BG"
;<"?@GO9G<"
<;D9"BA=BCB=K;F<"
G@F9<"
EG@D"
789"BA79G;>7B@A<"
N9"K<9"B7"BA";":<3>8@F@IB>;F"
;A=">F9GI35"
;A="9D:F@39G<J"
:;GB<8B@A9G<"
7@?;G="
7@";77B7K=9<"
:KPFB>"
:@FB7B><J"
:@FB7B>B;A<J"
<9A<9J"
;<"?89A"?9"G9E9G"
;G9"=BEE9G9A7B;79="
EG@D"
;<"789<9"
789"@789G"
;A=":KPFB>":@FB>B9<J"
@EEB>B;F<J"
@E";":@FB735"
@E"789"D9DP9G<"
@E"789":<3>89<"
N89A9C9G"
?9"K<9"
>@A79A7<"
@E"
789"79GD"
?9"A99="7@"P9">F9;G"gK<7"?8B>8"@A9J"@G"?8B>8">@DPBA;7B@AJ"
?9"8;C9"BA"DBA=5"
789<9"
:89A@D9A;"
;P@K7"789"BA79G;>7B@A"
@E":@FB7B>;F"
!A@789G"
<3<79D<"
?;3"@E"78BAOBAI"
;<"
B<"7@"=BCB=9"789":G@>9<<"
BA7@"78G99"
9ACBG@AD9A7<"
:8;<9<J"
?B78"789BG"
+89"BAM"
B<"K<K;FF3"=@A9"BA"<3<79D<"
>@AC9G<B@AJ"
@K7:K75"
789@G3MBA:K7J"
789":@FB7B>;F"
?B78"@789G"<@>B;F"
?8B>8"BAC@FC9"
<3<79D"
:K7<";A="@K7:K7<"
P97?99A"
;A="B7<"9ACBG@AD9A7S"
789"
789"<3<79D"
;G9"7G;A<;>7B@A<"
<3<79D<"
;G9"BA79GA;F"
7@"789":@FB7B>;F"<3<79D5"
N89A"?9"
>@AC9G<B@A"
:G@>9<<9<"
9A79G"
@E"BA:K7<"
;A="8@?"7893"
789":@FB7B>;F"
7;FO";P@K7"789"<@KG>9<"
<3<M"
;A=";EE9>7"
@789G"
<@>B;F"
F9;C9"789":@FB7B>;F"
;A="8@?"@K7:K7<"
<3<79D"
79DJ"
;P@K7"789"P@KA=;GB9<"
P9"7;FOBAI"
@E"789":@FB7M"
?9"<8;FF"BA"9EE9>7"
<3<79D<J"
B>;F"<3<79D5"
///5"+.,$$" +1($0" 'b"b6*-+/'*0"
P9E@G9"
?9"F9;C9"78B<"I9A9GB>"
@E"<3<79D"
'A9"EKG789G"
>@A>9:7"
78@KI87"
N9"8;C9"7;FO9="
;P@K7"
7@":@FB7B>;F"
;A="7KGA"
<:9;OBAI5"
<3<79D<J"
:G@:9GF3"
B7<"B=9A7B735"
;A="8@?"7893"IBC9"789"<3<79D"
@E"<3<79D<"
789"EKA>7B@A<"
@E"<3<79D<"
;<"EKA>7B@ABAI"
;7"=BEE9G9A7"
F9C9F<5"
?9"A99="7@"78BAO"
!>7K;FF3J"
BA"B7<"
;
<";"?8@F9"
9
ACBG@AM"
789"
K
AB7"
BAC@FC9<"
@
E"
'A9"F9C9F" EKA>7B@ABAI"
?8BF9":F;A7<"=@"A@75"0@D9"D;>8BA9<"
D9A75"
!A";ABD;F"D@C9<J"
:G@>9<<"

WZ`"

N',&#" ('&/+/-0"

=;7;S"@789G<"
:G@=K>9"
:@?9G5"
!A"9>@A@D3"
:G@=K>9<"
;A="=B<7GBPK79<"
:83<B>;F"
I@@=<";A="<9GCB>9<5"
b;DBFB9<"
:G@=K>9"
>8BF=G9A"
;A="<@>B;FBQ9"
789D"
BA7@";=KF7"G@F9<"
;A="=B<>B:FBA9<5"
,9FBIB@K<"
<3<79D<"
G9IKF;79"
789"
G9F;7B@A<"
@E"789BG"
D9DP9G<"
?B78"
;K78@GB7B9<"
;A="A@GD<"
7@"?8B>8"
<K:9GM"
A;7KG;F"
RK;FB7B9<"
;G9";77GBPK79=5"
N8;7"?9"E@>K<"
@A";7"78B<"
F9C9F"
B<"789"
P98;CB@G"
@E"789"<3<79D"
;<";"KAB7"
BA"B7<"G9F;7B@A<"
?B78"
@789G"
<@>B;F"
<3<M"
79D<"
;A="789"9ACBG@AD9A75"
+89"<9>@A="
OBA="@E"EKA>7B@ABAI"
B<"BA79GA;F"
7@"789"<3<79D5"
.9G9"?9"
7@"
L
>@AC9G<B@A"
<K>8"
G9E9G"
:G@>9<<9<JL" ;<"789"
@E"E@@=J"
=BI9<7B@A"
789"
9FBDM"
BA;7B@A"
@E"?;<79J"
789">BG>KF;7B@A"
@E"789"
PF@@=J"
789"7G;A<DB<<B@A"
@E"BDM"
:KF<9<"
789"A9GC@K<"
78G@KI8"
<3<79D5"
+89">@AC9G<B@A"
:G@>9<<9<"
@G"EKA>M"
;G9"789"?;3<"
7B@A<"
7G;A<E@GD"
:;G7B>KF;G"
<3<79D<"
BA7@"
BA:K7<" @K7:K7<5"
@E"P98;CB@G"
789"7?@"F9C9F<"
;G9"G9F;79=5"
/A"@G=9G"
'PCB@K<F3"
E@G"
;A";ABM"
D;F"7@"P9";PF9"7@"D@C9J"
;A="789"
8KA7J"
=BIJ"
FBO9J"
P9">G9;79="
9A9GI3"
DK<7"
BA"789"
;A="789"
K<9"@E"789"
>@A7G@FF9="
@GI;AB<D"
9A9GI3"
;A="=BG9>79=5"
+89"
@E"789"<3<79D"
F9C9F";A="OBA="@E":9GE@GD;A>9"
BA"B7<"9ACBG@AD9A7"
;G9"
OBA="
@E"<7GK>7KG;FMEKA>7B@A;F"
7B9="
;":;G7B>KF;G"
BAM"
K:"?B78"
:9GE@GD;A>9"
<B=9"
789"
<3<79D5"
/A"7;FOBAI"
;P@K7"
?9"<8;FF"<:9;O"
@E"789":9GE@GD;A>9"
:@FB7B><J"
@E"789"
BA"B7<"9ACBG@AD9A7"
;<"789":@FB7B>;F"
:@FB7B>;F"
<3<79D"
<3<79DT<"
L>;:;PBFM"
789":@FB7B>;F"
B7B9<5L"
N8;7"8;::9A<"
BA<B=9"
?9"<8;FF"G9E9G"
<3<79D"
7@";<"
+@"BFFK<7G;79J"
L>@AC9G<B@A"
EKA>7B@A<5L"
?9"<8;FF"<:9;O"
89G9"
@E"789"LG9M"
@E":@FB7B>;F"
<:@A<BC9"
>;:;PBFB73L"
<3<79D<J"
D9;ABAI"
P3"789"79GD"
789"
@E"789":@FB7B>;F"
7@"=9D;A=<"
@:9AA9<<"
<3<79D"
>@DBAI"
EG@D"
C;GB@K<"
BA"789"<@>B973J"
@G"EG@D"
789"BA79GA;7B@A;F"
IG@K:<"
+8B<"
:@FB7B>;F"
<3<79D5"
?B78"
7@"G9<:@A="
B<";<<@>B;79="
789":9GE@GD;A>9"
>;:;>B73"
BA<B=9"
789":@M"
@E"<K>8"EKA>7B@A<"
;<">@DDKAB>;7B@AJ"
FB7B>;F"
BA79G9<7"
<3<79D"
;G7B>KF;M"
;A="GKF9MD;OBAI5"
7B@AJ"
;IIG9I;7B@AJ"
@E"L<3<79DMD;BA79A;A>9"
;A=";=;:7;7B@A"
?9"<8;FF"
bBA;FF3J"
<:9;O"
EKA>M"
7B@A<5L"
7@":9GE@GD"
@A"789"
b@G";A";K7@D@PBF9"
DK<7"
9EEB>B9A7F3"
G@;=J"
:;G7<"
P9"FKPGB>;79=J"
*9?":;G7<"
G9:;BG9=J"
G9:F;>9=5"
D;3":9GE@GD"
<7BEEF3S"
7893"
BA5L"/A";":@FB7B>;F"
789"
DK<7"
P9"LPG@O9A"
BA>KDP9A7<"
@E"789"
C;GBM"
<3<79D"
7;H"@EEB>B;F<J"
@K<"G@F9<"
;A="789"FBO9V"DK<7"
U=B:F@D;7<J"
DBFB7;G3"
@EEB>9G<J"
7@"789<9"
G@F9<"
;A="F9;GA"
8@?"7@":9GE@GD"
P9"G9>GKB79="
789D5"
*9?"G@F9<"
;A="A9?":9G<@AA9F"
LPG@O9A"
BA5L"+89<9"EKA>7B@A<"
;G9">G9;79="
UBA"D;M"
;A="G9:F;>9D9A7"
D;BA79A;A>9"
BA":@FB7B><J"
G9>GKB7D9A7"
@E":;G7<S"
>8BA9<J"
=@"A@7"=BG9>7F3"
9A79G"
BA7@"789">@AC9G<B@A"
;A="<@>B;FBQ;7B@AV"
:G@>9<<9<"
789"
BA79GA;F"
;EE9>7"
;A="@:9G;7B@A<"
@E"789"<3<79DS"
@E"789"
7893"
9EEB>B9A>3"
>@A=B7B@A"
B7<":9GE@GD;A>95"
;A="89A>9"
<3<79DJ"
@E":@FB7B>;F"
>F;<<9<"
?B78"9;>8"@789GJ"
@G"
N89A"?9">@D:;G9"
<3<79D<"
9;>8"@789GJ"
?B78"
?9"A99="7@"D;O9"789<9"
BA=BCB=K;F"
:@FB7B>;F"
<3<79D<"

#$%$&'()$*+" !*#" ('&/+/-!&" 010+$)0"

WZW"

;A="<3<79DM"
>@AC9G<B@A"
EKA>7B@A<J"
@E">;:;PBFB7B9<J"
>@D:;GB<@A<"
BA"79GD<"
;D@AI"
EKA>7B@A<J"
;A="789"BA79GG9F;7B@A<"
D;BA79A;A>9"
;A=";=;:7;7B@A"
=9M"
!A="?89A"?9"7;FO";P@K7":@FB7B>;F"
789<9"78G99"
OBA=<"@E"EKA>7B@A<5"
@E"789<9"78G99"
@E"789"BA79GG9F;7B@A<"
C9F@:D9A7J"
B7"?BFF";F<@"P9"BA"79GD<"
!">8;AI9"BA">;:;PBFB73"
?BFF"P9";<<@>B;79="
OBA=<"@E":@FB7B>;F"
EKA>7B@A<5"
EKA>7B@A<J"
;A="789<9"
BA"789":9GE@GD;A>9"
@E"789">@AC9G<B@A"
?B78">8;AI9<"
BA"7KGA"
<@>B;FBQ;7B@A"
;A="
BA":@FB7B>;F"
?BFF"P9"G9F;79="
7@">8;AI9<"
>8;AI9<"
G9>GKB7D9A75"
79<7J"
78;7"?9"K<9"D;3J"@A"9D:BGB>;F"
>;79I@GB9<"
N8BF9"789"BA=BCB=K;F"
@E"EKA>7B@A<"
>F;<<BEB>;7B@A"
7KGA"@K7"7@"P9"BA;::G@:GB;79J"
78B<"78G99E@F="
;A="?9"P9FB9C9"B7"?BFF"8@F="K:"KAM"
;A;F3<B<J"
B<"BD:@G7;A7"
E@G":@FB7B>;F"
?BFF"
=9G"79<7BAI"
;A="9H;DBA;7B@A5e"
<3<79D"
+89"789@G3"
@E"789":@FB7B>;F"
F9C9F<"
;D@AI"789<9"=BEE9G9A7"
@E"789"G9F;7B@A<"
>@A<B<7"
@E"789"=B<>@C9G3"
;A="<3<79DMD;BA79M"
EKA>7B@A<J"
@E"EKA>7B@ABAIM>;:;PBFB7B9<J"
>@AC9G<B@A"
@E"789"EKA>M"
@E"789"BA79GG9F;7B@A<"
EKA>7B@A<M;A="
A;A>9";A=";=;:7;7B@A"
@E":@FB7B>;F">8;AI9"=9;F<"?B78"78@<9"
7B@A<";7"9;>8"F9C9F5"+89"789@G3"
78;7"
P97?99A"789":@FB7B>;F"<3<79D"
;A="B7<"9ACBG@AD9A7"
7G;A<;>7B@A<"
@G">;:;PBFB7B9<"
78;7"BA"
:9GE@GD;A>9J"
;EE9>7"
>8;AI9<"BA"I9A9G;F"<3<79D"
@E"789"<3<79DM"
?B78">8;AI9<"BA"789":9GE@GD;A>9"
7KGA";G9";<<@>B;79="
EKA>7B@A<"
EKA>7B@A<5"
;A="789">@AC9G<B@A"
;=;:7;7B@A"
/%5"+.$" ('&/+/-!&"010+$)d"/*(6+0"!*#"'6+(6+0"
PK7"?9"
+8B<"=B<>K<<B@A"
@E"<3<79D"
8;<"P99A"K<9EKFJ"
@E"789">@A>9:7"
@E"P9BAI">;GGB9="
;?;3"P3";A";A;F@I3"BE"
<8;FF"P9"@:9A"7@"789">GB7B>B<D"
N8;7"
789<9"
?9"E;BF"7@"PGBAI"
7@@F<"BA7@"789"?@GF="@E":@FB7B><5"
;A;F37B>;F"
)K>8"8;<"
N8;7"IBC9<"B7"B7<"<:9>B;F"B=9A7B73i"
B<"789":@FB7B>;F"<3<79Di"
;A="B7"B<"=BEEB>KF7"
7@"I97";IG99D9A7"
@A"78B<"<KPg9>7J"
;D@AI"
P99A"?GB779A"
-@DD@A"
@E"789BG"
=9EBAB7B@A<5"
789@GB<7<"
@A"789":G9>B<9"
F;AIK;I9"
:@FB7B>;F"
@E"789":@FB7B>;F"<3<79D"
B<"789";<<@>B;7B@A"
7@"D@<7"@E"789<9"=9EBAB7B@A<"
$;<7@A"<:9;O<"
>@9G>B@A"
BA"<@>B97B9<5"
?B78"789"K<9"@E"F9IB7BD;79"
:83<B>;F"
;FF@>;7B@A"@E"C;FK9<J"&;<<?9FF";A="f;:F;A"@E"<9C9G9"
@E";K78@GB7;7BC9"
-@DD@A"7@";FF"@E"
#;8F"@E":@?9GJ"GKF9J";A=";K78@GB735a"
=9:GBC;7B@A<J"
e"+8B<";::G@;>8"
B<"G9F;79="
7@"9;GFB9G"
?@GO"PK7"=BEE9G<"
;A;F3<B<"
G9RKB<B79<"
7@"EKA>7B@A;F"
b@G"@789G";::FB>;7B@A<"
>F;<<9<"@E"EKA>7B@A5"
@E"789<9"78G99"
=BEE9G9A7B;7B@A"
BA"B7<"9H:FB>B7"
#;CB="!:79GJ"
<99"BA":;G7B>KF;G"
<3<79D<J"
@E":@FB7B>;F"
7@"789"<7K=3"
789@G3"
@E"EKA>7B@A;F"
)978@="
L!"-@D:;G;7BC9"
/Z[[VJ" ^c[EE5S" !:79GJ"
U(GBA>97@A"
+89"4@F="-@;<7"BA"+G;A<B7B@A"
BZ[aVJ" cc/M"
&j/%" U*@C9DP9G"
@E"0@>B@F@I3J"
X@KGA;F"
!D9GB>;A"
@E"(@FB7B><JL"
E@G"789"07K=3"
;A="#;CB="!:79GJ"
9=<5J"-@D:;G;7BC9"
7@".;GG3"$>O<79BA"
>@A7GBPK7B@A"
^eS";A="!:79GT<"
+89"!D9GB>;A"
(@FB73"
(@FB7B><"U*9?" 1@GO"BZ\^VJ" ec^EE5S";F<@"NBFFB;D"-5" )B7>89FFJ"
U*9?"1@GO"/Z\cVJ" eEE5"
03<79D"U*9?" 1@GO"WZ[^VJ" /^`EE5S".;G@F="&;<<?9FF"
a"#;CB="$;<7@AJ"+89"(@FB7B>;F"
;A="!PG;8;D"f;:F;AJ"(@?9G";A="0@>B973"U*9?" .;C9A" WZ[`VJ" Be\S" ,@P9G7"#;8FJ"
*5X5J"/Z\^VJ" [EE5"
(@FB7B>;F"!A;F3<B<"
U$AIF9?@@="-FBEE<J"
)@=9GA"

N',&#" ('&/+/-0"

WZc"

?B78"F9IB7BD;79"
89;C3"
@E":@FB7B><"
;<<@>B;7B@A"
B<"789BG"
=9EBAB7B@A<"
789<9"
E@G>9"
B<"789"
L&9IB7BD;79"
78;7"
9F<9?89G9"
N9"8;C9"<KII9<79="
<;A>7B@A<5Z"
<3<79DJ"
7
89"
:@FB7B>;F"
@
K7:K7<"
@E"
;A="
789"
BA:K7<"
78G@KI8"
78;7"
GKA<"
78G9;="
;<";"<3<79D5"
;A="B7<">@89G9A>9"
;A="<;FB9A>9"
RK;FB73"
B7"B7<"<:9>B;F"
IBCBAI"
7@"
;G9";FF"BA"<@D9"?;3"G9F;79="
BA7@"789":@FB7B>;F"
<3<79D"
+89"BA:K7<"
?89789G"
>@D:KF<B@AJ"
:83<B>;F"
@E"F9IB7BD;79"
9D:F@3D9A7"
>F;BD<"
E@G"
789"
+89"@K7:K7<"
E;>BFB7B9<5"
G9>G9;7B@A;F"
?;G"@G"E@G"
E@G"
;G9"=9D;A=<"
789<9"
7@"F9IB7BD;79"
;G9";F<@";FF"BA"<@D9"?;3"G9F;79="
<3<79D"
@E"789":@FB7B>;F"
D;3"P95"+8K<"
G9D@79"
789"G9F;7B@A<8B:"
8@?9C9G"
>@D:KF<B@AJ"
:83<B>;F"
;A="
7;H;7B@AJ"
P3"
<K::@G79="
K<K;FF3"
;G9"
E;>BFB7B9<"
:KPFB>"G9>G9;7B@A;F"
K<9"B<";"F9I;F"@EM"
789BG"
I@C9GABAI"
@E"789"G9IKF;7B@A<"
;A3"CB@F;7B@A"
;FF"
?9"BA>FK=9"
<3<79DJ"
@E"789":@FB7B>;F"
E9A<95"
5" 5" 5LT'"
N89A"?9"<:9;O"
789"K<9"
;EE9>7"
;<"?9FF";<"@K7:K7<M?8B>8"
@E"789"BA79G;>7B@A<MBA:K7<"
A@7"gK<7"
LN9"D9;A"7@"BA>FK=9"
>@9G>B@A5"
@G"78G9;7"
@E"K<9"@E":83<B>;F"
PKG9;K>G;M"
9H9>K7BC9<J"
789"<7GK>7KG9<"
P;<9="@A"F;?J"FBO9":;GFB;D9A7<J"
@GI;ABQ9="
@G"E@GD;FF3"
@G"gK<7"789";<<@>B;7B@A;F"
;A=">@KG7<J"
>B9<J"
KAB7<J"
PK7";FF"@E"
@E">@DDKAB>;7B@AJ"
;A="D9=B;"
BA79G9<7"
IG@K:<J"
FBO9":;G7B9<J"
<7GK>M"
KA=BEE9G9A7B;79="
BA"789BG"
;<:9>7<J"
BA>FK=BAI"
789"
<7GK>7KG9<"
:@FB7B>;F"
;<"?9FF";<"
;A=">;<79"IG@K:<J"
<7;7K<"
7KG9<"
FBO9"OBA<8B:"
;A="FBA9;I9J"
;A="789"FBO95LL"
=9D@A<7G;7B@A<J"
FBO9"GB@7<J"
<7G997"
;A@DB>"
:89A@D9A;"
B<"
78;7"789":@FB7B>;F"
<3<79D"
;<"<;3BAI"
+8B<"B<"A@7"789"<;D9"78BAI"
PK7"@AF3"78;7"
@G">@D:KF<B@AJ"
CB@F9A>9J"
>@A>9GA9="
?B78"E@G>9J"
<@F9F3"
P9"
9FB79<"
D;3"
(@FB7B>;F"
RK;FB735"
B<"B7<"=B<7BA>7BC9"
B7<"G9F;7B@A"
7@">@9G>B@A"
;A="<9FEMG9;FM"
BA=BCB=K;F"
EG99=@D"
<@>B;F"
>@A>9GA9="
?B78"
:9;>9J"
?9FE;G9J"
B<"<@D98@?"
C;FK9<"
;<":@FB7B>B;A<"
>@A>9GA"
?B78"
789<9"
PK7"789BG"
BQ;7B@AJ"
;A="F;?"
<K>8";<"7;H;7B@AJ"
F;?MD;OBAI"
7@">@D:KF<@G3"
;>7B@A<"
G9F;79="
<3<79D"
B<"A@7"
+89":@FB7B>;F"
:@FB>35"
=
9E9A<9"
E@G9BIA"
;A="
9AE@G>9D9A7J"
;A="
;A="9AE@G>9<"
PK7"B7<"GKF9<"
78;7"
D;O9<"
GKF9<"
789"
@AF3"
<3<79D"
789DJ"
@P9=B9A>9"
@G":9GE@GDM"
I@"L;FF"789"?;3L"BA">@D:9FFBAI"
9AE@G>9D9A7<"
;A>95"
7@"?GB79"
;P@K7"
:@FM"
EBG<7"
<>B9A7B<7"
#;CB="$;<7@AJ"
?8@"?;<"789"
:@FB7B>;F"
@E"BA:K7<"
7?@">F;<<9<"
=B<7BAIKB<89<"
79GD<J"
L<3<79DL"
B7B><"BA"9H:FB>B7"
#9D;A="BA:K7<"
;A="<K::@G7<5Lc"
BA7@"789":@FB7B>;F"
<3<79DM=9D;A=<"
D;3"
78;7"
7893"
N9"<KII9<7"
@E"?;3<5"
P9"<KP>F;<<BEB9="
BA";"C;GB973"
D;3"
;A="<9GCB>9<J"
E@G"
I@@=<"
P9">F;<<BEB9="
KA=9G"
UBV" =9D;A=<"
E@KG"
89;=BAI<d"
G9>G9;7B@A;F"
@::@G7KAB7B9<J"
<K>8";<"?;I9";A="8@KG"F;?<J"9=K>;7B@A;F"
;A="-5"NGBI87"
)BFF<J"9=<5J"
);H"N9P9GJ"
BA".;A<"49G78"
L(@FB7B><"
;<";"%@>;7B@AJL"
Z099"
bG@D");H"N9P9G"U*9?"1@GO"/Z_\VJ" ea5"
W`"!FD@A="
!G9;<J"e5"
@E"789"#9C9F@:BAI"
9=<5J"(@FB7B><"
;A="-@F9D;AJ"
LW/PB=5J"a5"
Wc" L!A"!::G@;>8"
BH" U!:GBF"
N@GF="(@FB7B><J"
7@"789"!A;F3<B<"
@E"(@FB7B>;F"
03<79D<JL"
WZ[eVJ"

^a^M_``5"

#$%$&'()$*+" !*#"('&/+/-!&" 010+$)0"

WZ^"

E;>BFB7B9<J"
G@;=<";A="7G;A<:@G7;7B@AS"
@E"
UcV" =9D;A=<"
E@G"789"G9IKF;7B@A"
@C9G"D;GO97<"
P98;CB@GJ"
<K>8";<":G@CB<B@A"
@E":KPFB>"<;E973J"
;A="
>@A7G@F"
;A="789"E;DBF3S"U^V" =9M"
F;P@G"G9F;7B@A<J"
GKF9<":9G7;BABAI"
7@"D;GGB;I9"
D;A=<"E@G":;G7B>B:;7B@A"
BA"789":@FB7B>;F"
7@"C@79J"
E@G"789"GBI87"
<3<79DJ"
8@F="@EEB>9J"
P@=B9<";A="@EEB>B;F<J"
:97B7B@A"
I@C9GAD9A7;F"
@GI;ABQ9":@FB7M"
B>;F";<<@>B;7B@A<J"
;A="789"FBO9S";A="U_V" <3DP@FB>"
<K>8";<"=9M"
BA:K7<J"
D;A=<"E@G"789"=B<:F;3"
@E"789"D;g9<73"
;A=":@?9G"@E"789":@FB7B>;F"
<3<79D"
BA":9GB@=<"@E"78G9;7"
@G"@A">9G9D@AB;F"
@>>;<B@A<J"
@G"=9D;A=<"E@G"789"
@E"A@GD<J"
;EEBGD;7B@A"
@G"789">@DDKAB>;7B@A"
@E":@FB>3"BA79A7"EG@D"
:@FB7B>;F"
9FB79<5"
0K::@G7"
BA:K7<"
KA=9G"E@KG"89;=BAI<d"UBV" D;79GB;F"
D;3"P9">F;<<BEB9="
<K>8";<"789":;3D9A7"
<K::@G7<J"
@E"7;H9<"@G"@789G"F9CB9<J";A="789":G@M"
CB<B@A"@E"<9GCB>9<J"
<K>8";<"F;P@G">@A7GBPK7B@A<"
@G"DBFB7;G3"
<9GCB>9S"UcV"
7@"F;?<";A="G9IKF;7B@A<S"
@P9=B9A>9"
U^V" :;G7B>B:;7B@AJ"
<K>8";<"C@7BAIJ"
g@BABAI"@GI;ABQ;7B@A<J"
;A=">@DDKAB>;7BAI"
;P@K7":@FB7B><S";A=" U_V"
D;ABE9<7;7B@A"
@E"=9E9G9A>9"
7@":KPFB>"
;K78@GB73J"
<3DP@F<J"
;A=">9G9D@AB;F<5"
'A"789"@K7:K7"<B=9J"?9"D;3"<:9;O"@E"E@KG">F;<<9<"@E"7G;A<;>7B@A<"
BAB7B;79="
P3"789":@FB7B>;F"
<3<79D"
78;7"79A="7@"D;7>8"K:"?B78"789"<K:M"
:@G7<"
?9"8;C9"FB<79=";P@C9";A="D;3"@G"D;3"A@7"P9"G9<:@A<BC9"
7@"=9M"
@A"789"
D;A=<J"=9:9A=BAI"
OBA="@E":@FB7B>;F"<3<79D"
78;7"B<"BAC@FC9=5"
+89<9";G9d"UBV" 9H7G;>7B@A<J"
?8B>8"D;3"7;O9"789"E@GD"
@E"7GBPK79J"
P@@73J"
7;H9<J"@G":9G<@A;F"<9GCB>9<S"UcV" G9IKF;7B@A<"
@E"P98;CB@GJ"
?8B>8"D;3"
7;O9";"C;GB973"
@E"E@GD<"
;A=";EE9>7"
<@D9"<KP<97"@E"789"?8@F9"I;DK7"
@E"8KD;A"P98;CB@G"
;A="G9F;7B@A<S"
@G"=B<7GBPK7B@A<"
@E"
U^V" ;FF@>;7B@A<"
I@@=<";A="<9GCB>9<J"
@::@G7KAB7B9<J"
8@A@G<J"
<7;7K<9<J"
;A="789"FBO9S";A="
@K7:K7<J"
BA>FK=BAI";EEBGD;7B@A<"
@E"C;FK9<J"=B<:F;3<"@E"
U_V" <3DP@FB>"
:@FB7B>;F"<3DP@F<J"
<7;79D9A7<"
@E":@FB>B9<";A="BA79A7<5"
N89A"?9"<:9;O"@E";"<7;PF9"
:@FB7B>;F"
8;C9"BA"
<3<79DJ"
?8;7"?9"K<K;FF3"
DBA="B<";":;G7B>KF;G"
:;779GA"
@E"EF@?"BA7@";A="@K7"@E"789":@FB7B>;F"
<3<M"
79DJ";":;G7B>KF;G"
OBA="@E"BA:K7M@K7:K7"
EF@?5"/A"789":@FB7B>;F"<3<79DJ"
:G@:9GF3"
<:9;OBAIJ"
789"BA:K7<"
@E"=9D;A=<";A="<K::@G7<"
;G9">@AC9G79="
BA7@"9H7G;>7BC9J"
G9IKF;7BC9J"
=B<7GBPK7BC9J"
;A="<3DP@FB>"
@K7:K7<5"+89"
=9D;A=<">;A"P9"8;A=F9="P3"789":@FB7B>;F"<3<79DS"
789"<7G;BA<"
?8B>8"
7893"BD:@<9";G9"P9;G;PF9"?B78@K7"
@G"
;A3"P;<B>">8;AI9"BA"<7GK>7KG9"
>KF7KG95"
+89"@K7:K7<"
;G9"G9<:@A<BC9"
7@"789"=9D;A=<"BA"9H:9>79="
@G"
F9IB7BD;79"
?;3<S";A="789"<K::@G7<"
;G9"G9<:@A<BC9"
7@"789"@K7:K7<"
;I;BA"
BA"9H:9>79="
@G"F9IB7BD;79"
?;3<5"N89A"789<9">@A=B7B@A<"
@P7;BAJ"789"
:@FB7B>;F"<3<79D"
D;3"P9"<;B="7@"P9"BA";"<7;79"@E"9RKBFBPGBKD"
P@78"BAM"
79GA;FF3"
UBA"789":9GE@GD;A>9"
@E">@AC9G<B@A"
EKA>7B@A<"
P3":@FB7B>;F"
<7GK>M"
?B78"B7<"9ACBG@AD9A7<5"
7KG9<V";A="BA"B7<"G9F;7B@A<"
'A9"F;<7":@BA7"<8@KF="
P9"D;=9";P@K7"789"EF@?"
@E"BA:K7<"
;A="@K7:K7<5"

WZ_"

N',&#"('&/+/-0"

N9"=@"A@7"?B<8"7@"
@E"789"BA:K7<5"
@E"789"<@KG>9"
+8B<"B<"789"RK9<7B@A"
EG@D"
789"
>@D9"
<@>B973"
@AF3"
789"
78;7"
A9>9<<;GBF3"
F9;C9"
BA:K7<"
BD:G9<<B@A"
<3<79D"
B<";":;G7J"
;A="78;7"
789":@FB7B>;F"
789":@FB7B>;F"
<3<79D"
@E"?8B>8"
BA"L>@AC9G<B@AL"
@E":@FB7B>;F"
P9"CB9?9="
/7"B<"73:B>;F"
79GD<5"
DK<7"
@AF3"
9FB79<MOBAI<J"
BA79GA;FF3"
P3":@FB7B>;F"
;G9"I9A9G;79="
78;7"
BA:K7<"
<3<79D<"
BA:K7<"
D;3"
;A="gK=I9<5"0BDBF;GF3J"
F9IB<F;7@G<J"
DBAB<79G<J"
:G9<B=9A7<J"
;A="<K:M"
@E"=9D;A=<"
<3<79D"
BA"789"E@GD"
>@D9"
EG@D"
789"BA79GA;7B@A;F"
@E"BA:K7<"
;A="@K7:K7<"
<3<79D<5"
+89"EF@?"
:@FB7B>;F"
EG@D"
E@G9BIA"
:@G7<"
;A="789">@D:@A9A7<"
<3<79D"
P97?99A"
789"
:@FB7B>;F"
BA>FK=9<"
7G;A<;>7B@A<"
>@D9"
EG@D"
D;3"
;A="BA:K7<"
9ACBG@AD9A7<J"
@E"B7<"=@D9<7B>"
;A="E@G9BIA"
9FB79<J"
<@>B973J"
789"
:@FB7B>;F"
<@KG>9<M789"
=@D9<7B>"
78G99"
@A9"@E"789<9"
;A3"
9ACBG@AD9A75"
;A="789"BA79GA;7B@A;F"
;A="
=9D;A=<"
<;B=";P@K7"
P97?99A"
<8@KF="
P9"
G9F;7B@A<"
789"
0@D978BAI"
@G"@K7M"
EG@D"
BA<B=9"
=9D;A=<"
<79DDBAI"
49A9G;FF3"
<:9;OBAIJ"
<K::@G7<5"
@G"I@;F<"@E"789"<3<79DJ"
;EE9>7"
789":@FB>B9<"
<3<79D"
<B=9"@E"789":@FB7B>;F"
?8BF9"
@G"789"FBO9J"
G9IKF;7BC9J"
P9"G9<:@A<BC9J"
=B<7GBPK7BC9J"
?89789G"
7893"
=9E9G9A>9J"
;A="789"FBO9":G@M"
;A="<9GCB>9<J"
@P9=B9A>9J"
@E"I@@=<"
<K::@G7<"
B7"7@"
?8B>8"
9A;PF9"
<3<79D"
7@"789":@FB7B>;F"
;C;BF;PF9"
CB=9"789"G9<@KG>9<"
@K7"789<9"
7@">;GG3"
?@G=<J"
@789G"
;A="=B<7GBPK79MBA"
G9IKF;79J"
9H7G;>7J"
I@;F<5"
%5"+.$"-'*%$,0/'*"
b6*-+/'*0"

BA"789":@FB7B>;F"
<3<79DJ"
K<"7@"789"9C9A7<"
@>>KG"
+8B<"PGBAI<"
?8B>8"
EKA>7B@A<5"
>@AC9G<B@A"
>;FF9="
789"
?9"8;C9"
@G"7@"?8;7"
<:9;OBAIJ"
:G@:9GF3"
?8B>8"
B<";"<97"@E":@FB7B>;F"
<7GK>7KG9<"
/A"9C9G3"
789G9"
<3<79D"
:@FB7B>;F"
+89"=9M"
@K7:K7<5"
789D"
BA7@"
;A=">@AC9G7<"
BA:K7<J"
@G":G@>9<<9<"
BAB7B;79<"
@G"
;G9";G7B>KF;79=J"
;IIG9I;79=J"
D;A=<"9A79GBAI"
<3<79D"
789":@FB7B>;F"
9AE@G>9=J"
;::FB9=J"
G9IKF;7B@A<S"
>@AC9G79="
GKF9<J"
BA7@"
:@FB>B9<J"
>@DPBA9=S"
+89<9"OBA=<"
@E">@AC9G<B@A"
@>>KG"BA";FF":@FB7B>;F"
9C9A7<"
;=gK=B>;79=5"
8@?"
7@";A3":@FB7B>;F"
A@"D;779G"
:G@>9<<J"
7893"
;G9"BA>B=9A7;F"
<3<79D<S"
BAM"
@E"<7GK>7KG9<J"
@G"KA=BEE9G9A7B;79="
B7"D;3"P95"2K7"789"OBA=<"
<BD:F9"
@G"G@F9<"
;A="789"?;3"7893"
EKA>7B@A<J"
789<9"
?8B>8"
:9GE@GD"
<7B7K7B@A<J"
@E";":GBDM"
EG@D"
<7GK>7KG9"
BA79GDB779A7"
:@FB7B>;F"
789"
C;G3"
789DJ"
:9GE@GD"
;A="9>@M"
B7BC9"
P;A="8;G=F3"
G9FBIB@K<J"
789"E;DBF3J"
EG@D"
=B<7BAIKB<8;PF9"
@E"D@=9GA"
=BEE9G9A7B;79="
<3<79D<"
:@FB7B>;F"
7@"789"8BI8F3"
A@DB>"
<3<79DJ"
;A="
BA79G;>7B@A<"
P97?99A"
=@D9<7B>"
<@>B;F"
789BG"
?B78"
>@D:F9H"
<@>B97B9<J"
BAM"
@E"9F9>7@G;79<J"
BA79G;>7B@A"
;A="789"BA79GA;F"
BA79GA;7B@A;F"
<3<79D<J"
@E">@DDKAB>;7B@AJ"
D9=B;"
:;GFB;D9A7<J"
79G9<7"
:;G7B9<J"
IG@K:<J"
:@FB7B>;F"
BA"G9I;G="
7@"789"
+8B<">@A>9:7K;F"
;A=">@KG7<5"
F;AIK;I9"
PKG9;K>G;>B9<J"
789<9"
<3<M"
7@"
9EE9>7BC9F3"
;D@AI"
=
B<>GBDBA;79"
9A;PF9<"
K<"
<3<79D"
:@FB7B>;F"
;A=":G@<:9>7<5"
7@"7;FO"
;P@K7"
789BG"
:9GE@GD;A>9"
BA79FFBI9A7F3"
79D<J"

#$%$&'()$*+" !*#" ('&/+/-!&" 010+$)0"

WZ["

@E":@FB7B>;F"
>@AC9G<B@A"
+8B<"FB<7"
B<"A@7"
=9GBC9="
EKA>7B@A<"
EG@D"
I9A9GB>"
<3<79D"
789@G3J"
@G"EG@D"
BA"K<9"BA"<@>B@F@IB>;F"
>@A>9:7<"
789@G35"
N8;79C9G"
CBG7K9"
78B<"
>F;<<BEB>;7B@A"
@E"EKA>7B@A<"
8;<"G9<KF7<"
EG@D"
789"E;>7"
78;7"
B7"B<"
=9GBC9="
EG@D"
@E":@FB7B>;F"
789"@P<9GC;7B@A"
<3<79D<5"
/A"@789G"
?@G=<J"
?9"
;G9"A@7"
78;7"
E@G>BAI"
@KG"=;7;"BA7@"
EB7"
>;79I@GB9<"
<3<79D"
>@A>9:7<"
E@GDKM"
F;79="
BA"@789G"
PK7"=9C9F@:BAI"
=B<>B:FBA9<J"
>@A>9:7<"
?8B>8"
>;A"89F:"K<"
>@=BE3"
;A=">F;<<BE3"
:@FB7B>;F"
9C9A7<5"
+89":G@PF9D"
@E"=9C9F@:BAI"
7@">@D:;G9"
>;79I@GB9<"
789">@AC9G<B@A"
:G@>9<<9<"
BA"=BEE9G9A7"
OBA=<"
@E":@FB7B>;F"
<3<79D<"
B<"A@7"KAFBO9"
789":G@PM"
;A=":83<B@F@I35"
F9D"@E">@D:;G;7BC9"
;A;7@D3"
0KG9F3"
789";A;7@DB>;F"
<7GK>7KG9"
@E";"KAB>9FFKF;G"
@GI;AB<D"
=BEE9G<"
G;=B>;FF3"
EG@D"
78;7"@E";"
C9G79PG;79J"
PK7"<@D978BAI"
FBO9"789"EKA>7B@A<"
?8B>8"
BA"789"C9G79PG;79"
;G9":9GE@GD9="
A9GC@K<"
P3";"<:9>B;FBQ9="
;"I;<7G@MBA79<7BA;F"
<3<79DJ"
7G;>7J"
;">BG>KF;7@G3"
BA"789";D@9P;"P3"BA79GDB779A7"
<3<79DJ"
;G9":9GE@GD9="
@E"B7<"<BAIF9"
>9FF5".9A>9"?9"D;3"
;=;:7;7B@A<"
<;3"78;7"
789"
;D@9P;"
:9GM"
E@GD<"
789"
<;D9"
:83<B@F@IB>;F"
EKA>7B@A<"
;<"=@9<"789"
C9G79PG;795"
/A";==BM"
7B@A"
?9"K<9"789"EKA>7B@A;F"
?8B>8"
?9"=9GBC9"
>@A>9:7<"
EG@D"
789"<7K=3"
@E"D@G9";=C;A>9="
7@">@D:;G9"
E@GD<"
PB@F@IB>;F"
789D"
?B78"789"F9<<"
=BEE9G9A7B;79="
E@GD<5"
B7"B<"@AF3"P3"K<BAI"789">;79I@GB9<"
/A=99=J"
@E"
=9GBC9="
EG@D"
:83<B@F@IB>;F"
EKA>7B@ABAI"
789";A;F3<B<"
@E"=BEE9G9A7B;79="
789D"
?B78"
@GI;AB<D<"
78;7"
789"
?9">;A">@D:;G9"
D@G9"
<BD:F9"
@A9<5"
/A"789"<;D9"<9A<9J"
BE"?9"F@@O";7">@D:F9H"
:@FB7B>;F"
<3<79D<J"
?9">;A"
@P<9GC9"
<:9>B;FBQ9="
<7GK>7KG9<"
:9GE@GDBAI"
=B<7BA>7BC9"
7;<O<5"
N9"@P<9GC9"
9F9>7@G;79<J"
D9=B;"@E">@DDKAB>;7B@AJ"
:G9<<KG9"
IG@K:<J"
:;G7B9<J"
:;GFB;M"
;A=">@KG7<5"
D9A7<J"
PKG9;K>G;>B9<J"
789<9"
23"@P<9GCBAI"
;A="
<7GK>7KG9<"
789BG"
?9">;A"9H:FB>;79"
?8;7"
=B<7BA>7BC9"
BA79G;>7B@A<J"
=@A9"
g@P<";G9"P9BAI"
BA"789":G@>9<<"
@E">@AC9G7BAI"
:@FB7B>;F"
BA7@"
BA:K7<"
@K7:K7<5"
!A="?9">;A"
K<9"789<9"
7@">@D:;G9"
EKA>7B@A;F"
>;79I@GB9<"
>@D:F9H"
:@FB7B>;F"
<3<79D<"
F9<<"=BEE9G9A7B;79="
@A9";A@789GJ"
;A="789<9"
?B78"
?B78"
789"
@A9<5"
>F;<<BEB>;7B@A"
@E":@FB7B>;F"
N9"<KII9<7"
;"<BHE@F="
>@AC9G<B@A"
EKA>7B@A<d"
@G"=9D;A=<J"
;G7B>KF;7B@A"
@E"BA79G9<7<"
UBV" 789"
@G"
UcV" 789"
;IIG9I;7B@A"
BA7@":@FB>3"
>@DPBA;7B@A"
@E"BA79G9<7<"
@E"
:G@:@<;F<J"
U^V" 789">@AC9G<B@A"
;K78@GB7;7BC9"
BA7@"
789"
:@FB>3"
:G@:@<;F<"
GKF9<J"
@E"
;::FB>;7B@A"
I9A9G;F"
U_V"
@E"GKF9<"
GKF9<"
7@":;G7B>KF;G"
BA"BA=BCB=K;F"
>;<9<J"
U[V" 789";=gK=B>;7B@A"
BAE@GD;7B@A"
7G;A<DB<<B@A"
@E"
;A="U\V"789"
;P@K7"
789<9"
9C9A7<"
>;<9<J"
?B78BA"
EG@D"
<7GK>7KG9"
7@"<7GK>7KG9"
;A="P97?99A"
789"
789"
:@FB7B>;F"
<3<79D"
:@FB7B>;F"
;A="BA79GA;7B@A;F"
;A="B7<"<@>B;F"
9ACBG@AD9A7<5"
<3<79D"
%/5"+.$"

-!(!2/&/+/$0" 'b" ('&/+/-!&" 010+$)0"

);H"N9P9G"
=9>;=9<"
E@KG"
)@G9"
78;A"
;I@"?89A"
=9FBC9G9="
8B<"F9>7KG9"
89"=B<>@KG;I9="
@A"L(@FB7B><"
;<";"-;FFBAIJL"
K<"EG@D"
@E":@FB7B><"
78BAOBAI"

WZ\"

N',&#"('&/+/-0"

BA"79GD<"
K<d"L5"5"5"+89"<7;79"
>;AA@7"
P9"=9EBA9="
@E":9GE@GD;A>95"
.9"7@F="
BA"79GD<"
;A3"7;<O"78;7"<@D9":@FB7B>;F"
@E"B7<"9A=<5"+89G9"B<"<>;G>9F3"
;A="789G9"
B<"A@"7;<O"
78;7"
8;<";F?;3<"
;<<@>B;7B@A"
8;<"A@7"7;O9A"
BA"8;A=J"
7@":@FB7B>;F"
;<<@>B;7B@A<5"
5" 5" 5"6F7BD;79F3J"
P99A"9H>FK<BC9"
;A=":9>KFB;G"
?9">;A"=9EBA9"
D9;A<"
<7;79"
@AF3"
BA"79GD<"
@E"789"<:9>BEB>"
789"D@=9GA"
E@G>95LL^"
-@A79D:@G;G3"
:9>KFB;G"
7@"B7"5"5"5"A;D9F3J"
789"K<9"@E":83<B>;F"
79A=<"
7@"E@FF@?"
N9P9G"
BA"B7<"<7G9<<"
@A":@?9G"
9D:BGB>;F"
:@FB7B>;F"
789@G3"
7?@"
;A=":G@>9<<J"
789"L?8@L";A="789"L8@?L"@E":@FB7B><5"
/7"9D:8;<BQ9<"
D;=9iL_"
UcV" .@?";G9"
=9>B<B@A<"
RK9<7B@A<d"
UBV" N8@"
D;O9<"
=9>B<B@A<i"
@E":@FB7B>;F"
79A=<"
+89":9GE@GD;A>9"
7@"P9"BAE9GG9="
<7GK>M"
<3<79D<"
EG@D"
7@"D@G;F";A="B=9@F@IB>;F"
;>>@G=BAI"
7KG9";A=":G@>9<<"
@G"9C;FK;79="
=9C9F@:M"
789">@A>9:7"
@E">;:;PBFB7B9<J"
789BG"
A@GD<5"
N89A"?9"BA7G@=K>9"
7@"789"
9H:FB>B7F3"
;=="
7
?@"
D
@G9"
RK9<7B@A<"
D9A7"
;A="7G;A<E@GD;7B@AJ"
?9"
@E"789<9"
B<"?8;7"BD:;>7"
=@9<"789"
L?8@iL";A="789"L8@?iL"+89"EBG<7"
?8;7"
=@9<"
B7"=@J"BA"B7<"=@D9<7B>"
;A="BA79GA;7B@A;F"
:@FB7B>;F"
<3<79D"
8;C9J"
=@9<"789"
!A="789"<9>@A="
RK9<7B@A"
B<J"?8;7"BD:;>7"
9ACBG@AD9A7<i"
8;C9"
@A"789"
BA79GA;7B@A;F"
9ACBG@AD9A7"
<3<79Di"
:@FB7B>;F"
<@>B973"
;A="789"
7@"D997BAI"
@E"789">@A79D:@G;G3"
>F@<9G"
789"A99=<"
:@M"
(;G<@A<"
>@D9<"
@E"789"EKA>7B@A"
?89A"
89"<:9;O<"
@E"789":@FB73"
@E"
;<"78;7"
FB7B>;F"
789@GB<7"
@E"<@>B97;F"
G9<@KG>9<"
;A="789BG"
>@DDB7D9A7"
789"L5"5"5"D@PBFBQ;7B@A"
@E">@FF9>7BC9"
E@G"789"E@GD;7B@A"
;A="BD:F9M"
I@;F<J"
E@G"789";77;BAD9A7"
0K77@A"
789"
@E"T:KPFB>"
D9A7;7B@A"
<BDBF;GF3"
9D:8;<BQ9<"
:@FB>35T"
LW[" bG;A>B<"
BA"789BG"
;
A="
@E"
E
KA>7B@A<"
<@>B;F"
@E"789"
:@FB7B>;F"
<3<79D<"
BD:@G7;A>9"
9AM"
E@G"789"BA79GA;F"
BA79GA;7B@A;F"
<7G9<<BAI"
BA79IG;7B@A"
9ACBG@AD9A7<J"
E@G"
789"
BA79GA;7B@A;F5L"
+89"=9C9F@:D9A7"
;A="G9:G9<9A7;7B@A"
CBG@AD9A7"
@E":@FB7B>;F"
;":KGM"
@E"789">;:;PBFB7B9<"
@E"789">@A>9:7"
<3<79D<"
G9:G9<9A7<"
8;="7@"I@"E;G789G"
BA"<:9>BE3BAI"
?9"8;C9"
@E"
PK7"
F9;=<J"
<KB7"
@E"789<9"
73:9<"
789":@FB7B>;F"
;A="B7<"9ACBG@AD9A7<J"
E@G"
P97?99A"
<3<79D"
G9F;7B@A<8B:<"
;A="LG9:G9<9A7;7B@AL"
P9"PG@O9A"
DK<7"
LI@;F";77;BAD9A7JL"
LBA79IG;7B@AJL"
BE"
9F9D9A7<"
7G9;79="
;<">@A7BAK;J"
789BG"
;A="789<9"
BA7@"
=@?A"
>@D:@A9A7<J"
@E":@FB7B>;F"
?9";G9"7@"P9";PF9"7@">@=9"789":9GE@GD;A>9"
BA"789"
<3<79D<"
BA";"=B<>GBDBA;7BAI"
9ACBG@AD9A7"
?;35"
B<";" ?;3"@E">8;G;>79GBQBAI"
@E">;:;PBFB7B9<J"
789"
+89">@A>9:7"
789AJ"
;A="@E">8;AI9<"
BA":9GE@GD;A>9J"
@E"789":@FB7B>;F"
<3<79D"
:9GE@GD;A>9"
7@"789BG"
;A="@E">@D:;GBAI"
<3<79D<"
;>>@G=BAI"
:9GE@GD;A>95"
:@FB7B>;F"
@E">;:;PBFB7B9<"
B<";">@=BAI"
>F;<<BEB>;7B@A"
=9GBC9="
'KG":;G7B>KF;G"
<>89D9J"
ee5"
W^49G78";A=")BFF<J"9=<5J"bG@D");H"N9P9GJ"

W_"099J"E@G"
(@FB7B><d"N8@"497<"N8;7J"N89A";A=".@?"
.;G@F="#5"&;<<?9FFJ"
9H;D:F9J"

U4F9A>@9" /Z[ZVS"

(@FB7B>;F"
!A;F3<B<5"
#;8FJ" )@=9GA"

BaB5"
W\"L0@>B;F"+89@G3";A="-@D:;G;7BC9"
BA"$>O<79BA"
;A="!:79GJ"
9=<5J"-@D:;G;M"
(@FB7B><JL"
ee5"
7BC9"(@FB7B><J"
W["+;F>@77"
;A="(G@>9<<"BA")@=9GA"0@>B97B9<"U4F9A>@9"BZ\`VJ"
07GK>7KG9"
(;G<@A<J"

#$%$&'()$*+" !*#" ('&/+/-!&" 010+$)0"

WZe"

B7"@K7"
N9"8;C9"7@"7G3"
@:9G;7B@A5"
:G9M79<7BAI"
EG@D"
;"OBA="@E"BAE@GD;F"
<3<79D<J"
:@FB7B>;F"
;D@AI"
K<"=B<>GBDBA;79"
B7"89F:<"
?89789G"
7@"=979GDBA9"
?;35"
BA";"D9;ABAIEKF"
=9C9F@:D9A7"
:@FB7B>;F"
@G"8;A=F9"
@KG">F;<<BEB>;M"
EG@D"
=9GBC9="
@E">;:;PBFB73"
>;79I@GB9<"
EBC9"
N9"<KII9<7"
;G9d"UBV"
+89<9"
:@BA75"
;7";A"9;GFB9G"
:G@:@<9="
;A="@K7:K7<"
7B@A"
@E"BA:K7<"
;A="
<3DP@FB>J"
U^V" =B<7GBPK7BC9J"
G9IKF;7BC9J"
UcV"
9H7G;>7BC9J"
U[V"
U_V"
;<"EKA>M"
P9"CB9?9="
D;3"
@E">;:;PBFB73"
>;79I@GB9<"
+89<9"EBC9"
G9<:@A<BC95"
@G">@D:F9HM"
<3<79DM<BD:F9"
78;7"B<J";A3":@FB7B>;F"
G9RKB<B79<S"
7B@A;F"
BAJ"
P98;CB@G"
G9IKF;79"
EG@DJ"
G9<@KG>9<"
9H7G;>7"
DK<7"
BA"<@D9"D9;<KG9"
;A=">@DDKAB>;79"
EG@DJ"
7@"=9D;A=<"
C;FK9<"BAJ"G9<:@A="
=B<7GBPK79"
?;3<"
@789G"
+89G9";G9"<KG9F3"
BA"B7<"9ACBG@AD9A7<5"
@789G"
?B78"
<3<79D<"
;7"789"
<3<79D<"
@E":@FB7B>;F"
G9RKB<B79<"
789"EKA>7B@A;F"
@E">;79I@GBQBAI"
B<":G9<9A79="
>F;<<BEB>;7B@A"
:;G7B>KF;G"
78B<"
PK7"
F9C9FSLe"
<3<79DM9ACBG@AD9A7"
@E"
>@=BAI"
@E";A"BAE@GD;F"
/7"B<"789":G@=K>7"
:@BA75"
<7;G7BAI"
;<";"K<9EKF"
@E"789BG"
79<7"
!"GBI@G@K<"
<3<79D<5"
:@FB7B>;F"
8B<7@GB>;F"
;A=">@A79D:@G;G3"
@E"
9D:F@3D9A7"
;A="9H:FB>B7"
P3"E@GD;F"
K<9EKFA9<<"
>;A"P9"D;=9"@AF3"
=;7;5"
;A=">@A79D:@G;G3"
BA">@=BAI"
8B<7@GB>;F"
789<9"
>;79I@GB9<"
<3<M"
@E";A3":@FB7B>;F"
G9RKB<B79<"
;G9"EKA>7B@A;F"
789<9"
2K7"7@"<;3"78;7"
789"
BA"=9EBABAI"
<BA>9"
?9";G9"A@7"BA79G9<79="
B<"@AF3"
789"
79D"
P9IBAABAIJ"
?B78">8;G;>79GBQBAI"
G9;F"
N9";G9">@A>9GA9="
<3<79D5"
DBABD;F"
:@FB7B>;F"
789D"
>@D:;GBAI"
;A=">@A79D:@G;G3J"
P@78"8B<7@GB>;F"
<3<79D<"
:@FB7B>;F"
BA7@"
789D"
=BCB=BAI"
;7"789"<3<79DM9ACBG@AD9A7"
F9C9FJ"
?B78"
@A9";A@789G"
:G@:9G7B9<5"
789BG"
=9C9F@:D9A7;F"
;A="=B<>@C9GBAI"
>F;<<9<J"
D9;ABAIEKF"
;<":9GE@GD;A>9"
>;:;PBFB7B9<"
?9"A99="7@"7G9;7"
:KG:@<9<J"
b@G"789<9"
N9"
@G":@79A7B;F"
:9GE@GD;A>95"
;>7K;F"
:9GE@GD;A>9"
9B789G"
D;IAB7K=9<J"
;A="8;<"7@"P9"<9:;G;79="
G9E9G<"
7@":9GE@GD;A>9"
78;7"
<7G9<<"
>;:;PBFB73"
BA"789":9GE@GD;A>95"
+@"
BAC@FC9="
;A=";I9A>B9<"
789"BA<7B7K7B@A<"
EG@D"
B<"@A9"@E"789"
7@":9GE@GD;A>9"
;A="<7GK>7KG9<"
789"BA<7B7K7B@A<"
G9F;79"
;A="?9"@KI87"
A@7"7@">@AEK<9"
@E":@FB7B>;F"
;A;F3<B<J"
>9A7G;F"
:G@PF9D<"
@E":9GE@GD;A>95"
789"D9;A<"
@G"BA<7GKD9A7<"
?B78"
@E":9GE@GD;A>9"
G;79<"
;
<"G;AI9<"
@E"
@E":;G7B>KF;G"
78@KI87"
P9"P9<7"
D;3"
>;:;PBFB7B9<"
(9G8;:<"
!A"9H;DBA;7B@A"
@E";":;G7B>KF;G"
<3<M"
:@FB7B>;F"
OBA=<"
@E":9GE@GD;A>95"
9H7G;>7B@A"
@C9G"7BD95"
BA"B7<"G;79"@E"G9<@KG>9"
79D"
D;3"<8@?"C;GB;7B@A"
789"G;79"
789"G;79"
:9GB@=<J"
/A"?;G"<B7K;7B@A<J"
D;3"P9"8BI8S"BA"A@GD;F"
789"
@E";<>9G7;BABAI"
2K7"789"
F@?9G5"
G;AI9"
P9"<KP<7;A7B;FF3"
:G@PF9D"
D;3"
@E"
G;79<"
78;A"
B<"D@G9"
:9GE@GD;A>9"
9
H;DBABAI"
>@D:F9H"
@E">;:;PBFB73"
789"9H7G;>7BC9"
A99="7@"<:9>BE3"
N9"D;3"
<B7K;7B@A<5"
;A=">GB<B<"
BA"A@GD;F"
B<"78B<"
@E"9H7G;>7B@A"
N8;7"G;79"
<3<79D"
<3<79D5"
@E";":@FB7B>;F"
:@79A7B;F"
BAE9G;PF9"
+8B<"B<"@AF3"
?8;7">@A=B7B@A<i"
:;G7F3"
@E";A="KA=9G"
>;:;PF9"
We"

@E"(@FB7B><JL"
E@G"789"07K=3"
)978@="
L!"-@D:;G;7BC9"
#;CB="!:79GJ"
099J"E@G"9H;D:F9J"

BA"BPB=5J"
acEE5"

WZa"

N',&#"('&/+/-0"

@E"789"G;AI9"
;<:9>7"
+@"I97";7"78B<"
@E":9GE@GD;A>95"
:;<7"G9>@G="
EG@D"
@E">;:;PBFB7B9<5"
;<:9>7<"
?9"A99="7@"F@@O";7"789"<K::@G7"
@E">;:;PBFB73"
:@FM"
;A="9FB79"
7@"=B<7BAIKB<8"
P97?99A"
>;:;PBFB7B9<"
/7"B<";F<@"A9>9<<;G3"
=@"BAC@FC9"
;A="I@;F<"D;3";A="K<K;FF3"
B>B9<";A="I@;F<5"$FB79":@FB>B9<"
=9C9F@:M"
@E"9>@A@DB>"
;":@FB>3"
b@G"9H;D:F9J"
D@G9"
78;A"
@A9">;:;PBFB735"
:9GM"
G
9IKF;7B@AJ"
BA>G9;<9<"
BA"
G
9<@KG>9"
9H7G;>7B@AJ"
;A="
D9A7"
?BFF"G9RKBG9"
BA:K7<"
?B78"
=9D;A="
;A=">@:BAI"
FBA9"@A"=B<7GBPK7B@AJ"
8@F=BAI"
789"
8;:<"
@E"CB9?">;:;M"
:@BA7"
bG@D"78B<"
>;:;PBFB735"
789"<3DP@FB>"
P3"BA>G9;<BAI"
I@;F<"@E"789"
P9"CB9?9="
;<"9A=<"
BA79GD9=B;79"
7@"789":@FB>3"
PBFB7B9<"
D;3"
=@<9<"
;G9"D;=9"K:"@E"=BEE9G9A7"
@E"789"=BEE9G9A7"
0BA>9":@FB>B9<"
9FB79<5"
>@D:;G;M"
7@"GBI@G@K<"
B<"9<<9A7B;F"
;A;F3<B<"
>;:;PBFB7B9<"
@E"@K7:K7<J"
>F;<<9<"
;A="@:9G;M"
<8;G:F3"
9A;PF9"
K<"7@"=B<7BAIKB<8"
/7"D;3"
:@FB>3"
;A;F3<B<5"
7BC9"
?9FE;G9J"
=9C9F@:D9A7J"
OBA=<"@E"9>@A@DB>"
7B@A;FF3"
;D@AI"=BEE9G9A7"
:@FB>B9<5"
@E":KPFB>"
;A="@789G"
OBA=<"
7@"789"BD:FB>;7B@A<"
7@":@BA7"
@E">;:;PBFB7B9<"
/7"D;3";F<@"P9"BA"@G=9G"
+89"
BA>FK<B@A"
789":9GE@GDM"
@E"
789@G35"
A@GD;7BC9"
:@FB7B>;F"
E@G"
;A;F3<B<"
789"
@E":@FB7B>;F"
D;3"89F:"PGB=I9"
<3<79D<"
;A>9"@G">;:;PBFB7B9<"
;<:9>7"
P97?99A"
789"<>B9A7BEB>"
;A="A@GD;7BC9"
8;<"P99A"=9C9F@:BAI"
I;:"?8B>8"
789"L:G@:9G"
9A=<L"@E"
G9I;G=BAI"
@E":@FB7B>;F"
hK9<7B@A<"
<3<79D<5"
<7K=3"
@A"9D:BGB>;F"
9CB=9A>9"
@E"789"=BEE9G9A7"
A99="7@"P9"IG@KA=9="
789"<7;79"
BA79G;>7"
?B78"BA=BCB=K;F<"
OBA=<"@E":@FB7B>;F"
<3<79D<"
?;3<"=BEE9G9A7"
;A="<@>B;F"
=@D9<7B>"
;A="?B78"
<3<M"
:@FB7B>;F"
BA"789BG"
<@>B97B9<J"
;A="IG@K:<"
@E"
9ACBG@AD9A75"
7
89"
BA"
B
A79GA;7B@A;F"
<7K=B9<"
:
9GM"
789"
$D:BGB>;F"
79D<"
7@"789"
@E"789"
UBA";==B7B@A"
?8;7"
@E":@FB7B><"
<3<79D<J"
@E"
:@FB7B>;F"
E@GD;A>9"
K<"7@"IG;::F9"
9A;PF9"
?B78"
?8;7"
@:9G;7B@A;FF3"
?8@";A="8@?VJ"<8@KF="
@E"I@@=";A="9CBFJ"
?9"<:9;O"
:@FB7B>;F"
gK<7";A="KAgK<7J"
?9"D9;A"?89A"
<3<79D<5"
@E"789"EBC9"
A@?"7@"=9EBAB7B@A<"
7KGA"
@E">;:;PBFB735"
>;79I@GB9<"
N9"D;3"
@E"789"G;AI9"
?9"D9;A"D9;<KG9<"
@E":9GM"
>;:;PBFB73J"
23"789"9H7G;>7BC9"
BA"=G;?BAI"
D;79GB;F"
G9M"
;A="8KD;A"
@E"789":@FB7B>;F"
<3<79D"
E@GD;A>9"
;A="BA79GA;7B@A;F"
9ACBG@AD9A75"
N9"<9:;G;79"
=@D9<7B>"
EG@D"
789"
<@KG>9<"
8;C9"P99A":@FB7B>;F"
@K7"P9>;K<9"789G9"
FBO9"
<3<79D<"
78B<">;:;PBFB73"
BA"-8BA;J"IK9GGBFF;"
789"?;GF@G=<"
BA"
>8B9E7;BA<"
789")@AI@F"$D:BG9J"
7
8;A"
;
A"9H7G;>7BC9"
8;="FB77F9"
D@G9"
8;C9"
?8B>8"
>;:;PBFB735"
)9HB>@J"
7@"7G9;7"
<BA>9"
B7"B<"7@"P9"E@KA="
<9A<9"
B7"<9:;G;79F3J"
BA";FF"
+8K<"B7"D;O9<"
@E";":;G7B>KF;G"
D;GO"
;A="B<"789"=B<7BAIKB<8BAI"
>F;<<"
<3<79D<J"
:@FB7B>;F"
+89"
9H7G;>7BC9"
P9"
9<7BD;79="
RK;AM"
D;3"
>;:;PBFB73"
<3<79D<5"
@E":@FB7B>;F"
@E"789"A;7B@A;F"
;A="B7<"C;GB;7B@A<"
;<";":G@:@G7B@A"
:G@=K>7S"
7B7;7BC9F3"
@C9G"
7BD95"
RK;A7B7;7BC9F3"
D;3"P9"9<7BD;79="
EF@?"
@E">@A7G@F"
7@"789"
G9E9G<"
@C9G"
P98;CB@G"
+89"G9IKF;7BC9"
>;:;PBFB73"
EG@D"
G9F;7B@A<"
;A="IG@K:"
789"
<3<M"
:@FB7B>;F"
<79DDBAI"
;A="@E"BA=BCB=K;F"

#$%$&'()$*+" !*#" ('&/+/-!&" 010+$)0"

WZZ"

79D5"
/7"B<"9C9A"
D@G9"
=BEEB>KF7"
7@"9H:G9<<"
B7"BA"RK;A7B7;7BC9"
79GD<"
78;A"
B<"789"
9H7G;>7BC9"
>;:;PBFB73J"
78@KI8"
;<:9>7<"
@E"B7";G9"D9;<KG;PF9J"
;A="BA"
;"I9A9G;F"
?;3"B7<"D;IAB7K=9J"
B7<"
:;779GAJ"
;A=">8;AI9<"
BA"B7<"D;IAB7K=9"
;A=":;779GA"
>;A"P9"9<7BD;79=5"
.9G9"?9"8;C9"7@">@A>9GA"
@KG<9FC9<"
?B78"

789"@Pg9>7<"@E"G9IKF;7B@AJ"
789"EG9RK9A>3"
;A="BA79A<B73"
@E"G9IKF;7B@AJ"
;A="789"FBDB7<"
@E"7@F9G;A>9"
@E"G9IKF;7B@A5"
N8BF9"E@GDKF;7BAI"
BA=B>9<"
7@"D9;<KG9"
>8;AI9<"
BA"78B<">;:;PBFB73"
B<";">@D:F9H"
:G@PF9DJ"
789"K7BFB73"
@E"78B<">@A>9:7"
;<";A";::G@;>8"7@":@FB7B>;F"
>F;<<BEB>;7B@A"
;A="=9C9F@:M"
D9A7"
B<"9CB=9A75"
NB78"789<9"
7?@">;:;PBFB73"
>@A>9:7<"
?9">;A"=B<7BAIKB<8"
P97?99A"
:GBD;GBF3"
9H7G;>7BC9"
:@FB7B>;F"<3<79D<"
<K>8";<"78@<9"G9E9GG9="
7@";P@C9J";A="9H7G;>7BC9MG9IKF;7BC9"
@A9<"<K>8";<"789"8B<7@GB>"
PKG9;KM"
>G;7B>":@FB7B>;F"<3<79D<"
=9<>GBP9="
P3"$B<9A<7;=7"
BA"8B<"G9>9A7"
P@@O5Ta"
bKG789GD@G9J"
?9">;A">8;G7"789"=9C9F@:D9A7;F"
:G@>9<<"
EG@D"789"@A9"
7@"789"@789GJ"
;<"G9IKF;7BC9"
@K7:K7<"
>9;<9"P9BAI":GBD;GBF3"
KABA79A=9="
>@A<9RK9A>9<"
@E"@G"BA<7GKD9A7;F"
7@"9H7G;>7B@A"
;A=";>RKBG9"I@;F<"@E"
789BG"
@?AJ"<K>8";<"<@D9">@A>9:7B@A"
@E"<@>B;F"gK<7B>9J"
@G=9GJ"
9>@A@DB>"
;=C;A7;I9J"
@G"G9FBIB@K<"
>@AE@GDB735"
+89"=B<7GBPK7BC9"
>;:;PBFB73"
G9E9G<"
7@"789";FF@>;7B@A"
@E"I@@=<J"<9GCB>9<J"
8@A@G<J"
<7;7K<9<J"
;A="@::@G7KAB7B9<"
@E"C;GB@K<"
OBA=<"EG@D"
789":@FB7B>;F"
<3<79D"
7@"BA=BCB=K;F<"
;A="IG@K:<"
BA"789"<@>B9735"
/7"B<"789"EF@?"
@E";>7BCB73"
@E"789":@FB7B>;F"<3<79D"
;<"=B<:9A<9G"
@E"C;FK9<"@G";<"G9=B<7GBPK7@G"
@E"
C;FK9<";D@AI"BA=BCB=K;F<"
;A="IG@K:<5"
0@D9";<:9>7<"
@E"78B<">;:;PBFB73"
;G9"D@G9"G9;=BF3"D9;<KG;PF9"
78;A"@789G<5"
+89"<7GK>7KG9"
@E"7;H;7B@A"
BA"B7<"=B<7GBPK7BC9"
D;3"P9"CB9?9="
@E"?9FE;G9"
;<:9>7<5"
+89"D;IAB7K=9"
;A="
9=K>;7B@A;F"
>;A"P9"9H:G9<<9="
:G@IG;D<"
RK;A7B7;7BC9F3J"
;<":G@:@G7B@A<J"
;A="BA"79GD<"
@E"789"<@>B;F"<7G;7;"
;EE9>79=5"
+8K<J"?8BF9"789"I9A9G;F"
BD:;>7"
@E":KPFB>":@FB>3"@A"<@>B;F"<7G;7BEB>;7B@A"
B<"=BEEB>KF7"
7@"9H:G9<<"
RK;A7B7;M"
7BC9F3J"
789G9"
;G9";<:9>7<"
@E"B7"?8B>8";G9"D9;<KG;PF9J"
;A="789"7@7;F":;7M"
79GA"
D;3"P9">8;G;>79GBQ9="
E@G">@D:;G;7BC9"
;A="=9C9F@:D9A7;F"
:KG:@<9<5"
N8;7"?9"8;C9"<;B=";P@K7":@FB7B>;F">;:;PBFB7B9<"
<KII9<7<"
;"F@IB>"@E"
!A"9H7G;>7BC9"
>;:;PBFB73"
;A;F3<B<5"
>;:;PBFB73"
BD:FB9<"
<@D9"G9IKF;7B@A"
;A="
789<9"
!"G9IKF;M"
=B<7GBPK7B@AJ"
78@KI8"
>@A<9RK9A>9<"
D;3"P9"KABA79A=9=5"
7BC9">;:;PBFB73"
BD:FB9<";A"9H7G;>7BC9"
>;:;PBFB73J"
BE"@AF3"7@"I;BA"789"G9M"
<@KG>9<"
7@"G9IKF;7B@AS"
;A="B7"B<"=BEEB>KF7"
9<<9A7B;F"
7@">@A>9BC9"
@E";"G9IM"
KF;7BC9"
?8B>8"?@KF="A@7"BA"<@D9"?;3";EE9>7"
789"=B<7GBPK7B@A"
>;:;PBFB73"
@E"C;FK9<";A="@::@G7KAB7B9<5"
+893";G9"A@7"@AF3"F@IB>;FF3"
G9F;79=5"
+893"
<KII9<7"
;A"@G=9G"@E"=9C9F@:D9A75"
+8K<":@FB7B>;F"<3<79D<"
?8B>8";G9"
BA">8;G;>79G"
9H7G;>7BC9"
?@KF=";::9;G"7@"P9"789"<BD:F9<7"
@A9<"
:GBD;GBF3"
@E";FF5"+893"=@"A@7"G9RKBG9"
789"=9IG99"@E"G@F9"=BEE9G9A7B;7B@A"
;A="<:9M"
>B;FBQ9="@GB9A7;7B@A<"
78;7"9H7G;>7BC9MG9IKF;7BC9"
@G"9H7G;>7BC9M"
<3<79D<"
Wa"05"*5"$B<9A<7;=7J"
+89"(@FB7B>;F"
03<79D<"
@E"$D:BG9<"U4F9A>@9"/Z\^V5"

c``"

N',&#" ('&/+/-0"

G9IKF;7BC9M=B<7GBPK7BC9"
@A9<"=@5",9IKF;7BC9"
<3<79D<"
>;AA@7"=9C9F@:"
?B78@K7"
9H7G;>7BC9"
>;:;PBFB7B9<S"
78K<"
789"
=9C9F@:D9A7"
@E"789"
@A9"BD:FB9<"
789"=9C9F@:D9A7"
@E"789"@789G5"
/A>G9;<BAI"
789"9H7G;>7BC9"
>;:;PBFB73"
BA"789"G9IKF;7BC9"
BD:FB9<"
;A"BA>G9;<9"
>;:;PBFB73J"
;<"?89AJ"
E@G"
9H;D:F9J"
:@FB7B>;F"
<3<79D<"
D@C9"
EG@D"
BA79GDB779A7"
>@FF9>7B@A"
@E"7GBPK79"
@G"G;B=<"
7@"<@D9"
E@GD"
@E"G9IKF;GBQ9="
7;H;7B@A5"
0BDBF;GF3J"
;"=B<7GBPK7BC9"
<3<79D"
BD:FB9<"
;A"9H7G;>7BC9"
>;:;PBFB73J"
;A="@PCB@K<F3"
>;A"G9;>8";"8BI89G"
F9C9F"
=B<7GBPK7BC9"
BE"B7"B<";<<@>B;79="
?B78"
;"G9IKF;7BC9"
>;:;PBFB73"
;<"?9FF5"
!7";A"9;GFB9G"
:@BA7"
?9"<:@O9"
@E"
<3DP@FB>"
G9E9GGBAI"
7@"=9D;A=<"
BA:K7<J"
E@G"<3DP@FB>"
P98;CB@G"
@A"789":;G7"@E":@FB7B>;F"
9FB79<M=B<:F;3<"
@E"789"
D;g9<73"
;A=":@?9G"
@E"789"<7;79"
BA":9GB@=<"
@E"78G9;7"
@G"@A">9G9D@AB;F"
@>>;<B@A<J"
;EEBGD;7B@A<"
@E"A@GD<J"
@G">@DDKAB>;7B@A"
@E":@FB>3"
BA79A7"
EG@D"
:@FB7B>;F"
9FB79<5"
N9"G9E9GG9="
7@"<3DP@FB>"
<K::@G7<J"
D9;ABAI"
<K>8"
;<"<8@?BAI"
P98;CB@G"
G9<:9>7"
E@GJ"
:GB=9"
BAJ"@G"9A78K<B;<D"
E@G"
:@FB7B>;F"
9FB79<J"
:83<B>;F"
<3DP@F<"
@E"789"<7;79"
<K>8"
;<"EF;I<"
;A="D@AKD9A7<J"
;A="
:@FB7B>;F"
>9G9D@AB;F<5"
!A="?9"<:@O9"
@E"<3DP@FB>"
@K7:K7<J"
BA>FK=BAI"
;EEBGD;7B@A<"
@E"C;FK9<"
P3"9FB79<J"
=B<:F;3<"
@E":83<B>;F"
<3DP@F<J"
=B<:F;3<"
@E"BA>KDP9A7<"
@E":@FB>B9<"
@E"<;>G9="
@G"8@A@G9="
@EEB>9<J"
@G"<7;79D9A7<"
;A="BA79A7<5"
+8K<"?9"A99="
7@"=9;F"?B78"
789"
<3DP@FB>"
>;:;PBFB73"
@E":@M"
FB7B>;F"
<3<79D<"
;A="7G9;7"
B7<"G9F;7B@A<"
7@"789"@789G"
E@GD<"
@E">;:;PBFB735"
0KG9F3"
?9"=@"A@7"D9;A"
P3"<3DP@FB>"
>;:;PBFB73"
<BD:F3"
789"RK;A7B7;7BC9"
EF@?"
@E"<3DP@FB>"
9C9A7<"
BA7@"
;A="@K7"
@E"789"
:@FB7B>;F"
<3<79D5"
/E">;:;PBFB73"
B<";":G@EBF9"
G;79<"
@E":9GE@GD;A>9M95I5J"
@E"9H7G;>7B@AJ"
@E"G;79<"
G9IKF;M"
7B@AJ"
;A="=B<7GBPK7B@AM789A"
<3DP@FB>"
>;:;PBFB73"
B<";"G;79"@E"9E9>7BC9"
<3DP@F"
EF@?J"
EG@D"
789":@FB7B>;F"
<3<79D"
BA7@"
789"<@>B973"
;A="789"BA79GM"
A;7B@A;F"
9ACBG@AD9A75"
+89"=B<:F;3<"
@E"EF;I<J"
7G@@:<J"
;A="<8B:<J"
789">@AM"
@A"789"@>>;<B@A"
@E">9G9D@AB9<"
@E";AABC9G<;GB9<J"
=K>7"
@G"@A"789"PBG78J"
;A="=9;78"
@E":GBA>9<J"
;A="789"
D;GGB;I9J"
>@G@A;7B@AJ"
OBAI<J"
:G9<B=9A7<J"
CB<B7<"
>@A<7GK>7B@A"
@E"D@AKD9A7<J"
@G"8BI8"
FBO9J"
789"
P3"G@3;F73"
@EEB>B;F<J"
BA"G9<:@A<9"
;G9"<3DP@FB>"
7@"=9D;A=<"
@K7:K7<"
9B789G"
@G"BA=9:9A=9A7F3"
BAB7B;79="
@E"<3DP@FB>"
P3"9FB79<5"
+89"9EE9>7BC9A9<<"
@K7:K7<"
@E"78B<"
OBA="
;G9"
=BEEB>KF7"
7@"D9;<KG9J"
PK7"
:@FB7B>;F"
9FB79<"
U;A="g@KGA;FB<7<"
;A="<>8@F;G<V"
@E79A"
7@"=@"<@"P3">@KA7BAI"
>G@?=<"
;A=";K=B9A>9<J"
;779D:7"
G9>@G=BAI"
789"=9>BP9F<"
;A="=KG;7B@A"
@E";::F;K<9J"
9H;DBABAI"
G9:@G7<"
@A"789"
=9D9;A@G"
@E";K=B9A>9<J"
@G">@A=K>7BAI"
@E";77B7K=9<5"
<KGC93<"
0BDBF;GF3J"
;EEBGD;7B@A<"
@G"BA9EE9>7BC95"
@E"C;FK9<"
P3"9FB79<"
D;3"
P9"9EE9>7BC9"
+893"
D;3"
@G"D@PBFBQ9"
G9<9GC9<"
>G9;79"
@E"<K::@G7J"
;<"=B="-8KG>8BFFT<"
<:99>89<"
N@GF="
N;G"//5"07;79D9A7<"
@E":@FB>B9<"
E;>BFB7;79"
OBA=<"
=KGBAI"
D;3"
@789G"
@E"<3<79D"
@E";>RKB9<>9A>9"
BA"9H7G;>7B@AJ"
>;:;PBFB73J"
BA>G9;<BAI"
789"G;79"
7@"G9IKF;7B@AJ"
@P9=B9A>9"
789"
;A="G9=K>BAI"
;>>9:7;A>9"
@E"=B<7GBPK7B@AJ"
@E"=9D;A=<5"
BA:K7"

#$%$&'()$*+" !*#"('&/+/-!&" 010+$)0"

c`W"

+89"
>;:;PBFB735"
03DP@FB>"
@K7:K7"
B<"A@7"789"<;D9"78BAI"
;<"<3DP@FB>"
D9A;>BAIJ"
<7BGGBAIJ"
>G9=BPF9J"
@K7:K7"
@E"<3DP@F<"
D;3"
>9;<9"
7@"P9"9=BE3BAIJ"
@G"8BI8"
@EEB>B;F<"
D;3"
P9"
@G"9C9A"
@P<9GC9=J"
FB<79A9="
7@J"@G"G9;=5"
,@3;F73"
78G@?A"
=@?A"EG@D"
<:;7"K:@AJ"
:9F79="
?B78"
G@779A"
C9I97;PF9<J"
<7;7K9<"
;A="G;=B@"
<97<"
7KGA9="
@EE5"
8BI8"
:F;>9<J"
:;D:8F97<"
>;<7"
;<B=9J"
79F9CB<B@A"
D;3"8;C9"FB77F9"
BE"
'GJ";<"BA"789">;<9"@E"A9?"A;7B@A<J"
789"<3DP@FB<D"
PK7"
A@7"
G9>9BC9=5"
;A3"
G9<@A;A>95"
03DP@FB>"
D9<<;I9<"
D;3"
P9"7G;A<DB779="
+89"<3DP@F<"
@E"F@>;F";K78@GB73"
D;3"P9"789"@AF3"@A9<"IG;A79="
D;3"
8;C9"FB77F9J"
BE";A3J"
F9IB7BD;>3J"
?8BF9"789">9A7G;F"
<3DP@FB>"
@K7:K7"
D9;ABAI"
@G"9EE9>75"
;A="<3DP@FB>"
>;:;PBFB7B9<"
N8BF9"9H7G;>7BC9J"
G9IKF;7BC9J"
=B<7GBPK7BC9J"
@E"789"
:@FB7B>;F"
<3<79D"
BA7@"
;G9"
?;3<"
@E"=9<>GBPBAI"
789"
:;779GA"
@E"@K7:K7<"
789"BA79GA;F"
>;:;PBFB73"
B<";"
;A="9H79GA;F"
9ACBG@AD9A7<J"
789"G9<:@A<BC9"
789"<@>B973"
@G"789"BA79GA;M"
G9F;7B@A<8B:"
P97?99A"
BA:K7<J"
>@DBAI"
EG@D"
>;:;PBFB73"
B<";A"
7B@A;F"
:@FB7B>;F"
<3<79DJ"
;A="@K7:K7<5"
+89"G9<:@A<BC9"
@E"789"=9IG99"
9<7BD;79"
;>7BCB73"
B<"789">@A<9RK9A>9"
7@"?8B>8"
@K7I@BAI"
:@FB7B>;F"
<3<79D5"
!I;BAJ"
@E"=9D;A=<"
;GB<BAI"
BA"789"
9ACBG@AD9A7<"
@E"789"
P3"789"E;>7"
78;7"
B7"BD:FB9<"
789"K<9EKFA9<<"
@E"78B<"
>@A>9:7"
B<"<KII9<79="
@E"G9<:@A<9<"
7@"=9D;A=<"
@:9G;7B@A;F"
D9;<KG9<J"
B595J";"IBC9A"
RK;A7B73"
789"=BEEB>KF7B9<"
@C9G"
789"7@7;F"
@E"789"=9D;A=<5"
N9";G9"A@7"DBABDBQBAI"
BA"7G;A<F;7BAI"
D9;<KG;PF9"
BA7@"<:9>BEB>"
78B<"
>@A>9:7"
@E"G9<:@A<BC9A9<<"
8;C9"7@"<977F9"
E@G"
;::G@HM"
G9F;7B@A<8B:<5"
'PCB@K<F3J"
BA"G9;FB73"
?9"<8;FF"
P97?99A"
BD;7B@A<J"
E@G"D9;<KG9D9A7"
@E";<:9>7<"
@E"789"G9F;7B@A<8B:"
;A="@K7:K7<5"
BA:K7<"
E@GDKF;M"
789">GK=9A9<<"
@E"78B<"
+89"G9;=9G"
:G@CB<B@A;F"
DK<7"
E@GIBC9"
/7"B<"789"F@IB>;F"
A9H7"
<79:"
7B@A"@E"789">@A>9:7"
@E":@FB7B>;F"
>;:;PBFB735"
BA"79GD<"
?B78"B7<"
@E"BA79G;>7B@A"
EG@D"
789":@FB7B>;F"
7G9;7BAI"
<3<79D"
;A="=@D9<7B>"
BA"BA:K7M>@AC9G<B@AM@K7:K7"
79GD<5"
9ACBG@AD9A7<J"
E@G9BIA"
@E";":@FB7B>;F"
@E"BAM"
+89">;:;PBFB7B9<"
;G9";":;G7B>KF;G"
:;779GABAI"
<3<79D"
@E":@FB7B>;F"
<3<79D<5"
:K7";A="@K7:K7J"
:;G7B>KF;G"
:9GE@GD;A>9"
:G@EBF9<"
N9";G9"D@G9"
BA79G9<79="
BA"=9D@A<7G;7BAI"
F9C9F"
789"BD:@G7;A>9"
@E"78B<"
78;A"
BA"D;OBAI"
@E";A;F3<B<"
>F;BD<"
@E"78B<"
E@G"789"9EE9>7BC9A9<<"
:;G7B>M"
D@G9"
>@A>9GA9="
?B78"
KF;G"<>89D;J"
;A="=BG9>7BAI"
789@G97B>;F"
E@>K<BAI"
78;A"BA":G9<9A7BAI"
;A="G9<9;G>8"
?8;7"?@KF="P9";":G9M"
<:9>KF;7B@A"
B<"78;7"
E@GD;FBQ9="
@E"789"D;779G"
?9"<8;FF"
D;7KG9F3"
789@G35"
+89"7GK78"
;GGBC9"
;7";"I@@=">;:;PBFB7B9<"
;A=">@AM"
78G@KI8"
8B<7@GB>;F"
@AF3"
789@G3"
BA"?8B>8"
;A="@789G"
<7K=B9<"
@K7"789<9"
>@=BAI"
<>89D9<5"
79D:@G;G3"
?9"79<7"
?9"<KII9<7"
78;7"
?9"D;3"
<;D9"
<>89D9"
>;:;PBFB7B9<"
+9A7;7BC9F3"
K<9"789"
E@G"
789"
BA79GA;7B@A;F"
BA79G;>7B@A"
@E":@FB7B>;F"
;<";":@FB7B>;F"
<3<79D<5"
XK<7"
8;C9";A"9H7G;>7BC9"
BA"G9I;G="
7@"B7<"@?A"<@>B973J"
<3<79D"
D;3"
>;:;PBFB73"
<@";F<@"D;3"B7"8;C9";A"9H7G;>7BC9"
7@"789"BA79GA;M"
BA"G9I;G="
>;:;PBFB73"

c`c"

N',&#" ('&/+/-0"

7B@A;F"
9ACBG@AD9A75"
+8K<"B7"D;3"
=G;?"
;A="7GBPK79"
<:@BF<J"
P@@73"
@E"?;GJ"
EG@D"
789"BA79GA;7B@A;F"
9ACBG@AD9A7J"
@G"B7"D;3">@A=K>7"
@G":G@79>7"
7G;=9"
;A="BAC9<7D9A7J"
G9>9BC9"
<KP<B=B9<"
@G"F@;A<5"
/A"789"
<;D9"
<9A<9"
;":@M"
FB7B>;F"
<3<79D"
D;3"8;C9";A"BA79GA;7B@A;F"
G9IKF;7BC9"
>;:;PBFB73J"
;<"BA"
789">@ARK9<7"
;A="789";<<BDBF;7B@A"
@E"@789G"
79GGB7@GB9<"
;A=":9@:F9<J"
@G"
BA"FBDB7BAI"
789"
EG99=@D"
@E"@789G"
:@FB7B>;F"
<3<79D<"
BA"789BG"
:@FB7B>;FJ"
G9FBM"
IB@K<J"
@G"DBFB7;G3"
;GG;AI9D9A7<J"
@G"78G@KI8"
:;G7B>B:;7B@A"
BA"BA79GA;M"
7B@A;F"
@GI;ABQ;7B@A<"
?8B>8"
;EE9>7"
789">@A=K>7"
@E"A;7B@A<5"
!A"BA79GA;M"
7B@A;F"
=B<7GBPK7BC9"
>;:;PBFB73"
D;3"
P9"9H:G9<<9="
BA"7;GBEE"
;GG;AI9D9A7<J"
789"IG;A7BAI"
@E"<KP<B=B9<J"
;A="79>8AB>;F"
<KPC9A7B@A<J"
F@;A<J"
;B=5"+89"
BA79GA;7B@A;F"
<3DP@FB>"
B<";"<97"@E"D9;<KG9<"
>;:;PBFB73"
@E"789"BD:;>7"
@E"
<3DP@F"
@A":@FB7B>;F"
@K7:K7"
<3<79D<"
BA"789"BA79GA;7B@A;F"
9ACBG@AD9A75"
,9C@FK7B@A;G3"
<3DP@F"
@K7:K7"
D;3"
8;C9"IG9;7"
@A"789":9GE@GDM"
BD:;>7"
;A>9"
;A="=9C9F@:D9A7"
@E"@789G"
:@FB7B>;F"
<3<79D<J"
;A="BA>G9;<9"
789"
BD:;>7"
@E"@789G"
>;:;PBFB7B9<"
BA"789"BA79GA;7B@A;F"
9ACBG@AD9A75"
03DP@F"
@K7:K7"
BA7@"
789"BA79GA;7B@A;F"
9ACBG@AD9A7"
BA"789"E@GD"
@E";::9;F<"
7@">@DD@A"
>KF7KG9"
;A="7G;=B7B@A"
D;3"<BDBF;GF3"
;EE9>7"
789":9GE@GD;A>9"
;A="=9M"
C9F@:D9A7"
@E"@789G"
:@FB7B>;F"
<3<79D<J"
;A="BAB7B;79"
E99=P;>O<"
?8B>8"
P9A9EB7"
789"BAB7B;7BAI"
9FB79<"
@E"
:@FB7B>;F"
<3<79D5"
07;79D9A7<"
P3":@FB7B>;F"
;A="BA79A7<"
E@G9BIA"
:@FB>B9<"
D;3"8;C9"BD:@G7;A7"
9EE9>7<"
@A"789"@789G"
@E"789"BAB7B;7BAI"
>;:;PBFB7B9<"
:@FB7B>;F"
;<"?9FF";<"@A"789">;:;PBFM"
<3<79DJ"
B7B9<"
@E"@789G"
:@FB7B>;F"
!A"BA79GA;7B@A;F"
<3<79D<5"
@G";>>@DM"
G9<:@A<BC9"
D@=;7BC9"
P9"9H:G9<<9="
;<";"G9F;7B@A"
B7<"9H7G;>M"
>;:;PBFB73"
D;3"
P97?99A"
7BC9J"
G9IKF;7BC9J"
;A="=B<7GBPK7BC9"
;A="=9D;A=<"
>;:;PBFB7B9<J"
EG@D"
789"
BA79GA;7B@A;F"
9ACBG@AD9A75"

@E">;:;PBFB7B9<"
K<"7@"8;A=F9"
9A;PF9<"
789"G9F;7B@A<"
!I;BA"78B<"
>@A>9:7"
;A="BA79GA;7B@A;F"
BA79GA;F"
P97?99A"
D@G9"<3<79D;7B>;FF3"
>;:;PBFB7B9<"
K<"7@"8;A=F9"
78;A"
8;<"P99A"
789">;<9"BA"789":;<7J"
789"
gK<7";<"B7"9A;PF9<"
G9F;7B@A<"
+8K<";":@FB7B>;F"
?8B>8"
8;<"=9C9FM"
;D@AI"
>;:;PBFB7B9<5"
<3<79D"
9H7G;>7BC9"
;A"BA79GA;F"
B<"KAFBO9F3"
7@"=9C9F@:"
@:9="@AF3"
@789G"
>;:;PBFB73"
BA"789"
@E">;:;PBFB73"
BA79GA;7B@A;F"
E@GD<"
9ACBG@AD9A75"
?89A"
;":@M"
'AF3"
789"
BA<7B7K7B@A<"
;A="@GB9A7;7B@A<"
FB7B>;F"
<3<79D"
=9C9F@:<"
E@G"
<@M"
A9>9<<;G3"
B<"
7@"
BA"
>B97;F"
B
7"
G9IKF;7B@A" FBO9F3" :KG<K9"
G9IKF;7BC9"
I@;F<" 789"
BA79GA;7B@A;F"
;":@FB7B>;F"
?8B>8"
9ACBG@AD9A75"
8;<"A@7"=9C9F@:9="
0BDBF;GF3J"
<3<79D"
;A"
B<"KAFBO9F3"
7@":KG<K9"
=B<7GBPK7BC9"
BA79GA;F"
>;:;PBFB73"
=B<7GBPK7BC9"
I@;F<"
;":@FB7B>;F"
BA"789"BA79GA;7B@A;F"
9ACBG@AD9A75"
?8B>8"
8;<"
bBA;FF3J"
<3<79D"
?BFF"D;ABE9<7"
;"=BEE9G9A7"
;"8BI8"
BA79GA;F"
OBA="@E"
G9<:@A<BC9"
>;:;PBFB73"
78;A"
;"<3<79D"
BA"?8B>8"
BA79GA;7B@A;F"
G9<:@A<BC9A9<<"
BA79GA;F"
G9<:@A<BC9M"
?9FF"=9C9F@:9=5"
?9"<KII9<7"
A9<<"
B<"F9<<"
N8;7"
B<"78;7"
89G9"
789G9"
;G9"G9F;M"
P97?99A"
=@D9<7B>"
;A="BA79GA;7B@A;F"
2K7"P93@A="
7B@A<"
>;:;PBFB7B9<5"
78B<"
78;7"
BA79GG9F;7B@A"
?9">;A"@AF3"
789"
=@D9<7B>"
;A="BA79GA;7B@A;F"
<;3"
;D@AI"

#$%$&'()$*+"

!*#" ('&/+/-!&" 010+$)0"

c`^"

K<9="7@M"
;A="9D:BGB>;F"
D978@="
E@G"=9=K>7BC9"
B<";"D;779G"
>;:;PBFB7B9<"
BAE9G9A>95"
G9FB;A>9"
@A"F@IB>;F"
78;A"
<BD:F9"
E@G"
I9789GJ"
G;789G"
P9d"UBV" 7@"=B<M"
DK<7"
@A":@FB7B>;F"
<3<79D<"
+8K<"789";BD<"@E"G9<9;G>8"
789"EF@?<"
@E"BAM"
<KDD;GBQBAI"
:G@EBF9<"
>;:;PBFB7B9<"
>@C9G"
;A=">@D:;G9"
=@D9<7B>"
<3<79D<"
;A="789BG"
P97?99A"
789<9"
:@FB7B>;F"
:K7<";A="@K7:K7<"
789"
;A=">@D:;G9"
9ACBG@AD9A7<S"
UcV" 7@"=B<>@C9G"
;A="BA79GA;7B@A;F"
789<9"
;A="
;A=":G@>9<<9<"
?8B>8"
>@AC9G7"
BA:K7<"
BA7@"@K7:K7<S"
<7GK>7KG9<"
;A="<@>B;FBQ;7B@A"
:G@>9<<9<"
;A=">@D:;G9"
789"
G9>GKB7D9A7"
U^V"7@"=B<>@C9G"
BA"9RKBFBPGBKD"
789D"
7@";=;:7"
789<9"
@G"9A;PF9"
?8B>8"
D;BA7;BA"
<3<79D<"
@G"<9FEMBAB7B;79="
>8;AI9<5"
7@"9ACBG@AD9A7;F"
<@>B;F"<3<79D<5"
@E"@789G"
N9"8;C9";F<@"7@"<:9;O"@E"789">;:;PBFB7B9<"
@E":9GE@GDM"
F9C9F"
;A="G;AI9"
8;<";":;G7B>KF;G"
XK<7"
:@FB7B>;F"
<3<79D"
;<"789"
BA"79GD<"
:G@EBF9J"
<@"
@E"
;">;:;PBFB7B9<"
;A>9"?8B>8"
?9">;A"<KDD;GBQ9"
<3<79D"
BA"789"
@E"?8B>8"
789"
:@FB7B>;F"
<@>B973"
<@>B;F"
<3<79D<"
;F<@"=@"@789G"
B<";":;G7J"
;A="789"
BA79GA;7B@A;F"
@E"?8B>8"
B7"B<";"D9DP9GJ"
:@FB7B>;F"
<3<79D"
;<"789"9>@A@D3J"
789"G9FBIB@K<"
0K>8"<@>B;F"<3<79D<"
8;C9">;:;PBFB7B9<5"
;F<@"9H7G;>7"
G9M"
@G"E;DBF3J"
;A="7GBP;F"
<7GK>7KG9<"
OBA<8B:J"
>@DDKAB73J"
=B<7GBPK79"
=B<M"
EG@D"
789"
C;FK9<J"
P98;CB@GJ"
9ACBG@AD9A7J"
G9IKF;79"
<@KG>9<"
0BDBF;GF3J"
:@M"
;A="G9<:@A="
7@"=9D;A=<5"
<3DP@F<J"
:F;3";A="7G;A<DB7"
789"
BA" BA79GA;7B@A;F"
9ACBG@AD9A7"
8;C9">;:;PBFB7B9<J"
;A="
FB7B>;F"
<3<79D<"
G9IKF;7BC9J"
8;C9"
<@D9"
9H7G;>7BC9J"
789"
<3<79D"
D;3"
BA79GA;7B@A;F"
:@FB7B>;F"
@E"BA:K7<"
BA7@"
+89"EF@?"
>;:;PBFB735"
<3DP@FB>J"
;A="G9<:@A<BC9"
=B<7GBPK7BC9J"
789"OBA=<"
@E":G@PF9D<"
;A="789":G9<M"
7893"
>@AEG@A7J"
:@FB7B>;F"
<3<79D<J"
?B78"
789":9GE@GD;A>9"
>;:;PBFB7B9<"
?BFF"C;G3"
7@"=9C9F@:"
<KG9"
@A"789D"
+89"=B<7GBPKM"
<@>B;F"
<3<79D<5"
@E"789<9"
@789G"
@G"789">;:;PBFB7B9<"
:;779GA<"
;A="BA79A<B73"
@E"=9M"
@E";A"9>@A@D3"
?BFF";EE9>7"
789"G;79"
7BC9"
>;:;PBFB73"
;A="789"FBO9"9A79GBAI"
BA7@"789":@M"
E@G"
G9IKF;7B@AJ"
=B<7GBPK7B@AJ"
D;A=<"
789"G9IKF;7BC9"
>;:;PBFB73"
@E";"
FB7B>;F"
+89"A99="E@G"=9C9F@:BAI"
<3<79D5"
789"
@E"@789G"
<@>B;F"
?B78"
>;:;PBFB73"
G9IKF;7BC9"
?BFF"C;G3"
:@FB7B>;F"
<3<79D"
789"BA79GA;7B@A;F"
N89A"?9"78BAO"
<3<79D5"
:@FB7B>;F"
BA>FK=BAI"
<3<79D<J"
@E";":;G7B>KF;G"
789"
<3<79DJ"
:@FB7B>;F"
>;:;PBFB7B9<"
@E"789"E;>7@G<"
;EE9>7BAI"
BA"789">@A79H7"
@E"BA79G;>7BAI"
<@>B;F"
<99"78B<"
<3<79D<J"
?9"DK<7"
:G@PF9D"
B<"@AF3"
@A95"
@E"?8B>8"
789"
:@FB7B>;F"
<3<79D"
%//5"

+.$" 06((',+" !0($-+0" 'b" -!(!2/&/+1"

789":9GE@GD;A>9"
@E">;:;PBFB73J"
789"
+8K<"E;G"
?9"8;C9"<7G9<<9="
;<:9>7"
@E":;G7B>KF;G"
EG@D"
789"C@FKD9"
P9">@D:K79="
@E"
?8B>8"
OBA=<"
G;79<"
D;3"
789"
N9"8;C9"
@E">;:;PBFM"
7BD95"
78;7" G;AI9"
@C9G"
;FG9;=3"
<KII9<79="
@K7:K7"
789<9"
EG@D"
P9"BAE9GG9="
G;79<J"
<BA>9"
:@M"
:9GE@GD;A>9"
:;G7F3"
B73"
>;A"@AF3"
@G"
;7"LF9<<"
7
8;A"
FB7B>;F"
D;3"P9"
>;:;>B73JL" 7893"
D;3"@:9G;79"
<3<79D<"

c`_"

N',&#" ('&/+/-0"

?8B>8"
BA"7BD9"
?BFF"P9"9H8;K<79=5"
@A"G9<9GC9<"
+@"I97";7"78B<"
=G;?BAI"
?9"A99="7@"=9;F"?B78"
@E">;:;PBFB73"
789"RK9<7B@A"
@E"<K::@G7<5"
/E"
;<:9>7"
789"7;<O"
@E"9<7BD;7BAI"
789"9H7G;>7BC9"
@E";":@M"
?9"KA=9G7@@O"
>;:;PBFB73"
?9"?@KF="F@@O"E@G"D9;<KG9<"
@E"789"RK;A7B73"
FB7B>;F"
<3<79DJ"
@G"C;FK9"
;A="<9GCB>9<"
=G;?A"
789"<@>B973"
BA"
EG@D"
@E"789"D@A93"
G9>9B:7<J"
I@@=<J"
@E"
7
89"
7
89"
7@7;F"
2K7"
7
89G9"
7@"
;G9"7?@";<:9>7<"
:G@:@G7B@A"
:G@=K>7"
<@>B9735"
?8B>8"
<K>8"
;"D9;<KG9"
9H7G;>7B@A"
@E"789"
9H7G;>7BC9"
@E":@FB7B>;F"
>;:;PBFB73"
@E"789<9"
B<"789"
?@KF="
F9;C9"
@K75"
G9F;7B@A"
789"
+89"EBG<7"
P97?99A"
RK;A7B7B9<"
;A="789"RK;A7B7B9<"
LF9CB9=L"
=9FBC9G9=5"
.@?"
P3"789":@FB7B>;F"
<3<79DJ"
.@?"DK>8"9C;<B@A"
DK>8"7;H"9C;<B@A"
@E"DBFB7;G3"
B<"789G9i"
<9GCB>9J"
?@GO"
E@G"
;"=;3T<"
=9<9G7B@Ai"
#@"7G@@:<"
/<";"=;3T<"
<7;A="
KA=9G"
IBC9A"
:;3i"
;A="/7;FB;A"
EBG9i"
N9"<:9;O"
@E"bG9A>8"
;"
BA>BCB<D9J"
D9;ABAI"
P3"78;7"
7@?;G="
9C;<B@AJ"
79A=9A>3"
A@A:9GE@GD;A>9J"
KAG9<:@A<BC9A9<<J"
=9<9G7B@A5"
?9"A99="
<@D9"
BA"
/A"@789G"
<@>B;F"
?@G=<J"
?;3"@E"9<7BD;7BAI"
:9GE@GD;A>9"
@E"789"
7@"789"
G9<:@A<9"
@K7:K7<"
:@FB7B>;F"
#@9<"789"
<3<79D5"
:@:KF;7B@A"
:;3"
789"
789"
B7<"7;H9<J"
G9;FF@>;7B@A"
@E"C;FK9<J"
@P93"
F;?<J"
;>>9:7"
@::@G7KAB7B9<J"
EG@D"
789":@FB7B>;F"
;A="?9;F78"
<79DDBAI"
7@"<3DP@FB>"
<3<79DJ"
G9<:@A="
;A=";::9;F<i"
=B<:F;3<"
7@"78B<"
B<"789"
,9F;79="
B=9;"@E"L<K::@G7"
<K::@G7"
:9GE@GD;A>9"
:@79A7B;F5L"
@E";":@FB7B>;F"
+89"7;H"G9>9B:7<"
789":G@:@G7B@A"
@E"7;H9<"
<3<79DJ"
:;B="7@"
K<"?8;7"
7;H9<"
79FF"
789"
7;H":@79A7B;F"
F9CB9=J"
?BFF"A@7"
@E";":@FB7B>;F"
<3<79D"
B<5"/A"789"
<;D9"
<9A<9J"
@E"789"
D9;<KG9<"
@K7:K7"
@E"@P9=B9A>9"
7@"G9IKF;7B@A<"
79FF"
K<"?8;7"
789"
?BFF"A@7"
@P9=B9A>9"
@E";":@FB7B>;F"
:@79A7B;F"
B<5"
<3<79D"
@E">;:;PBFB73"
8;<"7@"P9"D9;<KG9=J"
+89"<K::@G7"
;<:9>7"
BA"
789G9E@G9J"
@E"789"
BA"G9F;7B@A"
79GD<"
=9FBC9G9="
7@"789"
G9<@KG>9<"
G9<@KG>9<"
F9CB9=J"
789"
BA":G@:@G7B@A"
7@"789"
;>>@G=9="
@P9=B9A>9"
@P9=B9A>9"
789"
G9RKBG9=J"
;FF@>;M"
BA"G9F;7B@A"
7@"789"
;FF@>;7B@A<"
7B@A<"
789"
;>>9:79="
BD:@<9=J"
G9<:@A<BC9A9<<"
7@"<3DP@FB>"
@E"789"
BA"G9F;7B@A"
7@"78;7"
:@:KF;7B@A"
@K7:K7<"
?8B>8"
B<"9HM"
:9>79=5"
!A="BA";==B7B@A"
7@"789<9"
<K::@G7"
:9GE@GD;A>9"
D9;<KG9<J"
?9"
A99="7@"OA@?"?8;7"G;79"@E"9H7G;>7B@AJ"
G9IKF;7B@AJ"
=B<7GBPK7B@AJ"
;A="
;"<@>B973"
<3DP@F"
G9>9:7BCB73"
DBI87"
KA=9G"
;>>9:7J"
C;G3BAI"
>@A=B7B@A<J"
B7<"
EG@D"
:@FB7B>;F"
?B78@K7"
EKA=;D9A7;F"
<3<79D"
<7GK>7KG;F"
>8;AI9"
BA"789"
789"
P97?99A"
G9F;7B@A<"
;A="789"
:@FB7B>;F"
<3<79D"
<@>B9735"
7@"P9";"A99=F9<<"
+8B<"D;3";::9;G"
>@A>9:7K;F"
>@D:FB>;7B@AJ"
PK7"?9"
@E"78B<"
;G9">@A<7;A7F3"
OBA=";P@K7"
D;OBAI"
gK=ID9A7<"
:@FB7B>;F"
<3<79D<J"
;A=">@DDB7D9A7"
9<7BD;7BAI"
BA"G9F;7B@A"
F@3;F73J"
D@G;F9J"
7@"789":9GM"
E@GD;A>9"
;A="<7;PBFB73"
@E":@FB7B>;F"
N8;7"
<3<79D<5"
?9";G9"<KII9<7BAI"
B<"
78;7"
789"<K::@G7"
@E">;:;PBFB73"
P9"D9;<KG9="
;<:9>7"
D;3"
BA"7?@"?;3<J"
P3"
@E"<K::@G7"
9<7BD;79<"
:9GE@GD;A>9MBA"
@789G"
?@G=<J"
@E"P98;CB@GM;A="
P3"
BA"@G=9G"
789"
>KF7KG9"
7@";<>9G7;BA"
:G@PBAI"
:@FB7B>;F"
?8;7"
789"
<K::@G7"
:@<M"
789"
<BPBFB7B9<"
@E"789"
789"
;G9J"
=9:78"
F@3;F73J"
BA79A<B73"
@E"789"
>@DDB7D9A7J"

#$%$&'()$*+" !*#" ('&/+/-!&" 010+$)0"

c`["

+89<9"
>@AM"
:KG:@<9<J"
;A="789"
FBO95"
789"
;C;BF;PBFB73"
@E"<K::@G7"
E@G"
C;GB@K<"
<@D9M"
;A="?9"A99="
7@"OA@?"
LG9<9GC9JL"
<7B7K79"
;"OBA="
@E":@FB7B>;F"
<3<79D"
@G"BA"<:9>KF;7BAI"
:@FB7B>;F"
<3<79D<J"
78BAI"
;P@K7"
78B<"
G9<9GC9"
BA">@D:;GBAI"
;P@K7"
=9C9F@:D9A7;F"
:G@<:9>7<5"
@E">;:;PBFM"
P9"D;=9"
;P@K7"
789"
'A9"EKG789G"
<K::@G7"
;<:9>7"
:@BA7"
DK<7"
;P@K7"B7<"<3<79D"
G9<9GC9"
;<:9>75"
/7"B<";"I9A9G;F"
B73J"
;A=":;G7B>KF;GF3"
E@G"
P9"=G;?A"
BA"789"
@E"<K::@G7"
G9<9GC9"
/7"D;3"
K:@A"
E@GD"
K:"7@";":@BA75"
=B<7GBPK7BC9J"
@G"<3DP@FB>"
@K7:K7<"
@E"789":@M"
789"9H7G;>7BC9J"
G9IKF;7BC9J"
P9"
(@FB7B>;F"
E@G"
FB7B>;F"
;A=">@DDB7D9A7J"
9H;D:F9J"
D;3"
<3<79D5"
F@3;F73"
G;79"
@E"7;H;7B@AJ"
;"IG9;79G"
9H79A7"
=G;?A"
K:@A"E@G"
<K::@G7"
@E";"8BI89G"
@E"G9IKF;7B@AJ"
;"IG9;79G"
=B<7GBPK7B@AJ"
;"D@G9"
;IIG9<<BC9"
=9IG99"
@E"<@>B;F"
BA"
P9J";A="K<K;FF3"
;G9J"
GBIB=B7B9<"
BA79GA;7B@A;F"
>;:;PBFB735"
2K7"789G9"
D;3"
789"9H>8;AI9;PBFB73"
;<";I;BA<7"
@E"<K::@G7"
E@G"@A9"OBA="@E";>7BCB73"
;A@789G5"
+89G9"
P9"IG9;79G"
;C;BF;PF9"
9H7G;>7BC9"
<K::@G7"
E@G"
D;3"
:@79A7B;F"
@A9<J"
@G"IG9;79G"
:@79A7B;F"
<K::@G7"
E@G"
D9;<KG9<"
78;A"E@G"=B<7GBPK7BC9"
@A9<5"
!A="789<9"
:@79A7B;F"
<K:M"
=B<7GBPK7BC9"
D9;<KG9<"
78;A"
E@G"
G9IKF;7BC9"
BA"=BEE9G9A7"
?BFF"
@E"789"
:@:KF;7B@AJ"
;A="KA=9G"
=BEE9G9A7"
:@G7<"
C;G3"
<7G;7;"
@E">;:;PBFB73"
B<";A";<:9>7"
>BG>KD<7;A>9<5"
+89"<3<79D"
G9<9GC9"
>@D:@A9A7"
?8B>8"
;G9"=B<7GBPK79="
@E":@FB7B>;F"
>KF7KG9J"
789"L<K::@G7"
:G@:9A<B7B9<L"
C;GB@K<"
@E"789"
789"
@E"789"
;A="789"
G@F9<"
C;GB@K<"
;D@AI"
<7G;7;"
:@:KF;7B@AJ"
B7<"
N9"8;C9"7@"9<7BD;79"
789">@A79A7"
@E"78B<"
G9<9GC9J"
:@FB7B>;F"
<3<79D5"
BE"?9";G9"I@BAI"
;A="
;A="B7<"D@PBFB73J"
7@"P9";PF9"7@"9H:F;BA"
D;IAB7K=9J"
:G9=B>7"
:@FB7B>;F"
:9GE@GD;A>95"
%///5" #10b6*-+/'*!&"/*(6+0"

N8;7"
?9"8;C9"
@E"C;GBM"
<@"E;G"
78;A"
;">F;<<BEB>;7B@A"
:G9<9A79="
B<"D@G9"
/7"B<"D@G9"78;A";"
;PF9<";A="F9<<"78;A";"789@G3"
<3<79D<5"
@E":@FB7B>;F"
<BA>9"
B7"<KII9<7<"
;D@AI"
>;:;PBFB7B9<J"
;A="P9M"
7;H@A@D3J"
BA79GG9F;7B@A<"
7?99A"
789"<7GK>7KG9"
;A=">KF7KG9"
@E"789":@FB7B>;F"
<3<79DJ"
>;:;PBFB7B9<J"
EKA>M"
;A="789"
@E"789"<3<79D"
D;BA79A;A>9"
;A=";=;:7;7B@A"
:9GE@GD;A>9"
7B@A<5"
+89<9"G9F;7B@A<J"
=9GBC9="
D;3"P9"
;7"F9;<7"BA":;G7"=9=K>7BC9F3J"
=;7;5"
E@GDKF;79="
79<7BAI"
;I;BA<7"
8B<7@GB>;F"
;<"83:@789<9<"
E@G"
9D:BGB>;F"
B<"
/7"B<"F9<<"78;A";"789@G3J"
7@"
;A"@:9A"
B7"
<7K=3"
<BA>9"
:GB@G" <3<79D;7B>"
@E">;:;PBFB73"
;A="@E">@AM"
RK9<7B@A"
?89789G"
789<9"
:;G7B>KF;G"
>;79I@GB9<"
?BFF"89F:"K<"7@"=B<>GBDBA;79"
789"
C9G<B@A"
;A="D;BA79A;A>9"
EKA>7B@A<"
7@">@A<7GK>7"
;"I@@="789@G35"
C;GB;PF9<"
?9"A99="
7@"OA@?"
;P@K7"
BA"@G=9G"
P9"CB9?9="
EBG<7"
<79:"
7@?;G="
>@A<7GK>7BAI"
;"
+893"
D;3"
;<";":G@:@<9="
@E"789":@FB7B>;F"
;A="@E"789"=9C9F@:D9A7"
@E":@FB7B>;F"
<3<M"
789@G3"
<3<79D"
79D<5"
@KG";A;F3<B<"
b@G"9H;D:F9J"
@E">;:;PBFB7B9<"
B<"<KII9<7BC9"
@E";"789@G3"
@E":@FB7B>;F"
A@7"BA";A3"<BD:F9"
@G"KABFBA9;G"
<9A<95"
/7"
IG@?78J"
@PCB@K<F3"

c`\"

N',&#" ('&/+/-0"

B<">F9;G"
78;7"
789G9"
>;A"P9"A@"9H7G;>M"
EG@D"
789"
@E">;:;PBFB7B9<"
F@IB>"
;A;F3<B<"
A@"G9IKF;7BC9"
<@D9"
7BC9"
>;:;PBFB73"
?B78@K7"
G9IKF;7BC9"
>;:;PBFB73J"
>;:;M"
OBA=";A="F9C9F"@E"9H7G;>7BC9"
PBFB73"
?B78@K7"
;":;G7B>KF;G"
>;:;PBFB73J"
;A="9H7G;>7BC9"
?B78@K7"
P@78";" G9IKF;7BC9"
A@"=B<7GBPK7BC9"
>;:;PBFB73"
;EE9>79="
789<9"
?BFF"P9"IG9;7F3"
>;:;PBFB73J"
;A="78;7"
@K7:K7"
>;:;PBFB7B9<"
P3"
/A";==B7B@AJ"
@E";"G9<:@A<BC9"
@E"
789"=9C9F@:D9A7"
>;:;PBFB735"
<K::@G7"
?BFF"
P9";EE9>79="
P3"
789"
:@FB7B>;F"
<3<79D"
:9GE@GD;A>9"
D;IAB7K=9J"
>@A79A7J"
;A="BA79GG9F;7B@A<"
@E"789"
@789G"
;A="BA":;G7B>KF;G"
>;:;PBFB7B9<J"
P3"<3DP@F"
;A="BA"7KGA"
?BFF";EE9>7"
789D5"
789"
>;:;PBFB73J"
bBA;FF3J"
:;G7B>KF;G"
:;779GA"
;A="
=
@D9<7B>"
?BFF"
@E"
>;:;PBFB7B9<" <BIABEB>;A7F3"
FBDB7"
;A=";EE9>7J" P9"FBDB79="
;A=";EE9>79="
P3J"
789"
:;779GA"
@E"BA79GA;7B@A;F"
>;:;PBFB735"
/A";==B7B@AJ"
789":9GE@GD;A>9"
9A;PF9<"
>;:;PBFB7B9<"
789@G3"
K<"7@"G9F;79"
@E"789":@FB7B>;F"
BA"B7<"=@D9<7B>"
;A="BA79GA;7B@A;F"
9ACBG@AD9A7<"
<3<79D"
@E"
7@"B7<"BA79GA;F"
>8;G;>79GB<7B><5"
N9"D9;A"78;7"
;A3"F9C9F"@G":;779GA"
<3<79DM9ACBG@AD9A7"
:9GE@GD;A>9"
G9<7<"
@A";"<97"@E"<7GK>7KG;F"
;A=">KFM"
7KG;F"
B7"D;3"
>@A=B7B@A<5"
!A"9H7G;>7BC9"
>;:;PBFB73J"
A@"D;779G"
8@?"<BD:F9"
P9J"G9<7<"
@A"<@D9"
<7GK>7KG;F"
<:9>B;FBQ;7B@A"
;A="G@F9"@GB9A7;7B@A<5"
!"G9IM"
KF;7BC9"
>;:;PBFB73"
G9RKBG9<"
<@D9"DBFB7;G3J"
:@FB>BAIJ"
;A="PKG9;K>G;7B>"
<7GK>7KG9J"
;A="L>@DD;A=M@P9=B9A>9L"
9H:9>7;7B@A<"
;A="@GB9A7;7B@A<5"
!"
=B<7GBPK7BC9"
@E"<7GK>7KG9"
EKG789G"
>;:;PBFB73"
G9RKBG9<"
<:9>B;FBQ;7B@A"
U;"
@E"
?9FE;G9"
;A="789"=9C9F@:D9A7"
PKG9;K>G;>3J"
;A"9=K>;7B@A;F"
<3<79DV"
=B<7GBPK7BC9J"
?9FE;G9J"
;A="9I;FB7;GB;A"
@GB9A7;7B@A<"
?B78BA"
789":@FB7B>;F"
!"<3DP@FB>"
<3<79D5"
>;:;PBFB73"
G9<7<"
@A"<@D9"
:@FB7B>;F"
FB7KGI3"
;A="B>@A@IM"
G9C9G9="
;A="G9<:9>79="
G;:83J"
@EEB>9<"
;A="@EEB>98@F=9G<J"
;A="789"
=9C9F@:M"
D9A7"
@E";77B7K=9<"
@E"G9C9G9A>9"
;A="G9<:9>7"
E@G"
789<9"
:@FB7B>;F"
GB79<"
;A="
>9G9D@AB;F<J"
:@FB7B>;F"
G@F9<J"
:@FB7B>;F"
:9G<@A<5"
!"G9<:@A<BC9"
>;:;PBFB73"
@A"789"
G9<7<"
=9C9F@:D9A7"
@E";"<:9>B;FBQ9="
BAEG;<7GK>7KG9"
;A=";":@FB7B>;F"
>KF7KG9"
@E":;G7B>B:;7B@AJ"
;A="789";=;:7;7B@A"
@E"789"G9<7"
@E"789":@FB7B>;F"
7@"789BG"
<3<79D"
9D9GI9A>95"
bBA;FF3J"
>8;AI9<"
BA"789"F9C9F"
;A=":;779GA"
@E"
BA"789"E@GD"
<3<79D"
:9GE@GD;A>9"
G9RKBG9"
<3<79D"
;=;:7;7B@A"
@E"G@F9"
=BEE9G9A7B;7B@AJ"
>8;AIBAI"
G9>GKB7D9A7"
:;779GA<J"
;A="A9?"
E@GD<"
;A=">@AM"
79A7<"
@E":@FB7B>;F"
<@>B;FBQ;7B@A5"
N8;7"?9"8;C9"
:G9<9A79="
B<"F9<<"78;A"
;"789@G3"
BA"<7BFF"
;A@789G"
<9A<95"
!A";A;F3<B<"
@E"789">;:;PBFB7B9<"
@E";":@FB7B>;F"
<3<79D"
?BFF"9A;PF9"
K<"7@"
>8;G;>79GBQ9"
789"OBA="@E"=9C9F@:D9A7"
;":@FB7B>;F"
<3<79D"
8;<";77;BA9=J"
PK7"B7"=@9<"A@7"79FF"K<"?8;7"
E;>7@G<"
;EE9>7"
:@FB7B>;F"
>8;AI9"
@G"=9C9F@:M"
?8;7"
D9A7J"
:G@=K>9<"
>8;AI9"
BA">;:;PBFB7B9<5"
BA">;:;PBFB73"
-8;AI9<"
;G9"789">@A<9RK9A>9"
@E"789"BA79G;>7B@A"
@E"
>9G7;BA"
?B78"789":@FB7B>;F"
<3<79D5"
-@A<B=9GJ"
E@G";"
OBA=<"@E"BA:K7<"
;":@FB7B>;F"
D@D9A7J"
<3<79D"
BA"9RKBFBPGBKD5"
+89G9"
;G9"EF@?<"
@E"=9D;A=<"
;A="<K::@G7<"
EG@D"
C;GB@K<"
IG@K:BAI<"
BA"789"<@>B973S"
EF@?<"
@E"=9D;A=<"

#$%$&'()$*+" !*#" ('&/+/-!&" 010+$)0"

c`e"

;A="<K::@G7<"
EG@D"
EG@D"
789"BA79GA;7B@A;F"
:@FB7B>;F"
<3<79DS"
;A="BA:K7<"
789"
:@FB7B>;F"
9FB79<"
U?B78BA"
789":@FB7B>;F"
<3<79D"
B7<9FEV5"
+89G9"
;G9"EF@?<"
@E"@K7:K7M9H7G;>7B@A<J"
G9IKF;7B@A<J"
;FF@>;7B@A<J"
>@DDKAB>;7B@A<MEG@D"
789"
BA7@"
;A="789"BA79GA;7B@A;F"
:@FB7B>;F"
<3<79D"
789"
<@>B973"
:@FB7B>;F"
<3<M"
;G9"
79D5"
NB78BA"
789":@FB7B>;F"
<3<79D"
789"=9D;A="
;A="<K::@G7"
BA:K7<"

>@AC9G79="
BA7@"9H7G;>7B@A<J"
G9IKF;7B@A<J"
;FF@>;7B@A<J"
>@DDKAB>;7B@A<5"
N89A";FF"789<9"
EF@?<"
8;C9";":;G7B>KF;G"
G;AI9"@E">@A79A7"
;A="F9C9F"@E"
D;IAB7K=9J"
<K>8"78;7"
789"9HB<7BAI"
<7GK>7KG9"
;A=">KF7KG9"
@E"789":@FB7B>;F"
<3<79D"
>;A">@:9"?B78"789DJ"
?9"D;3"<:9;O"@E"789":@FB7B>;F"
;<"
<3<79D"
P9BAI"BA"9RKBFBPGBKD5"
2K7"<K::@<9"789G9"B<";" >8;AI9"BA"789">@A79A7"
@G"D;IAB7K=9"
@E";A3"@A9"@G">@DPBA;7B@A"
@E"789<9"
BA:K7"
EF@?<5"
B<";"=9:G9<<B@A"
BA";":@FB7B>;F"
0K::@<9"789G9"
;A="789"KA9D:F@39="
<3<M"
79D"=9D;A="g@P<";A="E@@="EG@D"
789"I@C9GAD9A7J"
@G";"?;G"PG9;O<"
@K7"
;A=";"A9BI8P@GBAI"
'G"<K::@<9";"A9?"
:@?9G"78G9;79A<"
B7<"79GGB7@G35"
BA";":@FB7B>;F"
=3A;<73"
<3<79D"
?;A7<"
7@"9AI;I9"BA"F;GI9M<>;F9"
>@A<7GK>7B@A"
@A"
;A="7@DP<5"
'G"<K::@<9"
;":@FB7B>;F"
@E"79D:F9<J"
:;F;>9<J"
9FB79"9DP;GO<"
BA"7;H;7B@AS"
@G"G9RKBG9<"
@E"B7<"
;"G;=B>;F"=9:;G7KG9"
G9FBIB@K<"
>@AE@GDB73"
@G"9DP;GO<"
9A7BG9"
:@:KF;7B@A"
;A="<K::G9<<9<"
@789G"
G9FBIB@A<S"
@A";"F;GI9M"
@
A9"
@E"
<>;F9":G@IG;D"
7
89<9"
EF@?<"
@E"?9FE;G95"
!A3"
BA:K7"
D;3"P9"BAA@C;M"
7BC9J"=3<EKA>7B@A;FMB595J"
7893"D;3"G9RKBG9"
<BIABEB>;A7"
>8;AI9<"BA"789"
;A="OBA="@E":9GE@GD;A>9"
@E"789":@FB7B>;F"<3<79D5"
+89<9"
D;IAB7K=9"
BA"789">;:;PBFB7B9<"
=3<EKA>7B@A;F"
BA:K7"EF@?<"
;G9"?8;7"L>;K<9L">8;AI9<"
@E":@FB7B>;F"<3<79D<J"
BA"789">@AC9G<B@A"
:;779GA<"
;A="<7GK>7KG9<"
@E"789"
;A="BA"789":9GE@GD;A>9"
@E"789"<@>B;FBQ;7B@A"
:@FB7B>;F"
<3<79DJ"
;A="G9>GKB7M"
D9A7"EKA>7B@A<5"
N8;7"?9"A99="7@"OA@?"B<"8@?"789<9"=3<EKA>7B@A;F"
EF@?<"
EF@?<"
;EE9>7"
:@FB7B>;F"
?8;7"OBA=<"@E"=3<EKA>7B@A;F"
=9C9F@:D9A7J"
;EE9>7"
?8;7"OBA=<"@E">;:;PBFB73"
:;779GA<5"
+@" >@:9"?B78"78B<"RK9<7B@A"@:9G;7B@A;FF3"
?9"A99="7@"F;3"@K7"789"
=BD9A<B@A<"
BA"?8B>8"789"EF@?"
@E"BA:K7<"
D;3"C;G35"
N9"<KII9<7"
78;7"
7893"
D;3"C;G3"UBV" RK;A7B7;7BC9F3J"
UcV" BA"789BG"
<KP<7;A>9"
@G">@A79A7J"
U^V" BA"

789BG"
BA79A<B73J"
;A="U[V" BA"789"AKDP9G"
@E"
@E"OBA=<"
<@KG>9J"
U_V" BA"789BG"

=3<EKA>7B@A;F"
BA:K7<"
;EE9>7BAI"
789":@FB7B>;F"
<3<79D"
;7";"IBC9A":@BA7"BA"
7BD95"N9";F<@"A99="7@"O99:"BA"DBA=J"BA">@A<B=9GBAI"
789"<BIABEB>;A>9"
@E"789<9"
EF@?<"
E@G":@FB7B>;F"
=9C9F@:D9A7J"
789"G9;>7B@A<"
@E"9FB79<"7@"=3<M"
EKA>7B@A;F"
BA:K7<"
EG@D"
789"=@D9<7B>"
;A="BA79GA;7B@A;F"
9ACBG@AD9A7<J"
;A="789">;:;PBFB7B9<"
@E"<3<79D<"
@789G"
78;A"789"@A9"?9";G9"9H;DBABAIM"
BA"789"<;D9"<@>B973"
@789G"
<@>B;F"<3<79D<"
;A="789"BA79GA;7B@A;F"
:@FB7B>;F"
@G";G9";EE9>79="
<3<79DM;<"7893";EE9>7"
P3"789":G@>9<<9<"
@E"789":@FB7B>;F"
N9"?BFF"7;O9"789<9"
<3<79D5"
RK9<7B@A<"
K:"<9:;G;79F35"
789"RK;A7B7;7BC9"
=BD9A<B@A5"
bBG<7J"
#3<EKA>7B@A;F"
BA:K7<"D;3"P9"BAM"
+8K<"=9D;A=<"E@G":;G7B>B:;7B@A"
>G9D9A7;F5"
D;3"P9IBA"BA"789"DB==F9"

c`a"

N',&#" ('&/+/-0"

>F;<<9<J"
<:G9;="
;D@AI"789"KGP;A"
?@GOBAI"
>F;<<9<J"
;A="789A"7@"789"GKG;F"
?@GO9G<5"
/A"@789G">@KA7GB9<J"
=9D;A=<"E@G":;G7B>B:;7B@A"
D;3"P9"E@G"
KABC9G<;F"
<KEEG;I9"
;FF";7"@A>95"b@G"F;>O"@E"P9779G"
79GD<J"
?9"D;3"<:9;O"
F;P9F9="
@E"78B<"RK;A7B7;7BC9"
C;GB;PF9"
;<";">@A7BAKKD"
?B78"@A9"9H7G9D9"
@E"=3<M"
LBA>G9D9A7;FL"
;A="789"@789G"
L8BI8"D;IAB7K=95L"
+89"RK;A7B73"
P9>;K<9"
EKA>7B@A;F"
BA:K7<"
;G9"@E"BD:@G7;A>9"
E@G":@FB7B>;F"
=9C9F@:D9A7"
?8B>8"
78B<"
?BFF";EE9>7"
789"<>;F9"@E"789">KF7KG;F"
;A="<7GK>7KG;F"
;=;:7;7B@A<"
789":@FB7B>;F"
<3<79D"
B<">;FF9="K:@A"7@"D;O95"!A"BA>G9D9A7;F"
BA>G9;<9"
BA"
BA"=9D;A=<"E@G":;G7B>B:;7B@A"
D;3"G9RKBG9"
@AF3";"<D;FF";=gK<7D9A7"
;A=";"FBDB79="
;77B7K=9"
<97"@E"<7GK>7KG;F"
;=;:7;7B@A<S"
?8BF9";"8BI8"D;IM"
;A="
AB7K=9"BA>G9;<9"
D;3"G9RKBG9"
;"EKA=;D9A7;F"
>KF7KG;F"
G9@GB9A7;7B@A"
789"9<7;PFB<8D9A7"
@E";">@D:F9H":@FB7B>;F"
BAEG;<7GK>7KG95"
09>@A=J"=3<EKA>7B@A;F"
BA:K7<":9G7;BA"7@":;G7B>KF;G"
<KPg9>7"D;779G"
@E"F;A=M79AKG9J"
@G"@E"D;GO97"
<K>8";<"789"G9IKF;7B@A"
G9F;7B@A<J"
9AM"
;G9;<J"
@G"9FBIBPBFB73"
E@G":KPFB>"@EEB>9J"
;A="
EG;A>8B<9D9A7"
G9FBIB@K<"
:G;>7B>9<J"
+89"<KP<7;A>9"
@G">@A79A7"
EF@?"?BFF"
G9F;7B@A<5"
@E"789"BAA@C;7BC9"
E;DBF3"
@E":@FB7B>;F"=9C9F@:D9A7J"
;EE9>7"
E@G";"
;F<@"<BIABEB>;A7F3"
789":;779GA"
7@"7@F9G;79"
:@FB7B>;F"<3<79D"
D;3"P9";PF9J"E@G"9H;D:F9J"
?9FE;G9"BAA@M"
C;7B@A<"D@G9"G9;=BF3"
78;A"G9IKF;7@G3"
@G":;G7B>B:;7@G3"
@A9<5"/A"@789G"
@E";":;G7B>KF;G"
789"=3<EKA>7B@A;FB73"
OBA="@E"BA:K7"
?BFF"C;G3"
?B78"
?@G=<J"
>KF7KG9"
@E"789":@FB7B>;F"
789"9HB<7BAI"
;A="<7GK>7KG9"
<3<79D5"
#9D;A=<"
+8BG=J"=3<EKA>7B@A;F"
BA:K7<"D;3"C;G3"BA"789BG"BA79A<B735"
E@G"789"GBI87"7@"C@79"D;3"7;O9"789"
@E"789":@:KF;7B@A"
P3"A9?"<7G;7;"
@G"@E"CB@F9A7"
&@?MBA79A<B73"
E@GD"
@E"@G=9GF3"
:97B7B@A<"
=9D@A<7G;7B@A<5"
789":@FB7B>;F"
?B78";"=BEE9G9A7"
=9D;A=<"?BFF">@AEG@A7"
<3<79D"
:G@PF9D"
=9D;A=<5"&@?MBA79A<B73"
=9D;A=<"
@E";=;:7;7B@A"78;A"8BI8MBA79A<B73"
A@"<3<79D"
=9D;A=<"
?8BF9"8BI8MBA79A<B73"
D;3"
D;3":G@=K>9"
;=;:7;7B@AJ"
BA";">8;AI9"BA"789"G9<:@A<BC9"
@E"789":@FB7B>;F"
9B789G"
G9<KF7"
>;:;PBFB73"
@E"9AEG;A>8B<9D9A7"
@E";"A9?"<7G;7KD"
BA"789"E@GD"
@E"789":@:KM"
<3<79D"
BA"789"E@GD"
@G";">8;AI9"BA"789"G9IKF;7BC9"
@E";"<KPM"
F;7B@AJ"
>;:;PBFB73"
BA":@FB>9"E@G>9<"
;A="G9:G9<<BC9"
BA>G9;<9"
;>7B@A5"
<7;A7B;F"
7@"789BG"
/7"
b@KG78J"
<@KG>95"
=3<EKA>7B@A;F"
BA:K7<"
D;3"C;G3";>>@G=BAI"
E@G"789";=;:7;7B@A"
=9;F"@E"=BEE9G9A>9"
@E"789":@FB7B>;F"
?BFF"D;O9";"IG9;7"
EF@?">@D9<"EG@D"789"BA79GA;7B@A;F"
<3<79D"
BE"789"BAA@C;7BC9"
:@FB7B>;F"
@G"
789"=@D9<7B>"
789":@FB7B>;F"
EG@D"
!A="BA"
<3<79DJ"
9FB79J" EG@D"
<@>B9735"
=9;F"@E"=BEE9G9A>9"
789">;<9"@E"789"F;<7"B7"?BFF"D;O9";"IG9;7"
;<"7@"?8B>8"
@E"789"=@D9<7B>"
B<"789"<@KG>9"
@G"<KP<3<79D"
@E"789"EF@?"
<7G;7KD"
<@>B973"
?8B>8"8;<"P99A"9H:@<9="7@"F;GI9M<>;F9"
!":@FB7B>;F"
@E"=9D;A=<5"
<3<79D"
@E"7BD9"
;"C9G3"
=BEE9G9A7"
?;G<"@C9G";"F@AI":9GB@="
?BFF"=9C9F@:"
>;:;PBFB73"
;A=">KF7KG9J"
78;A"@A9"?8B>8"8;<"P99A"
;A=":@FB7B>;F"
<7GK>7KG9"
:G@EBF9J"
EG@D"78G9;7<"
7@"B7<"<9>KGB735"
/AA@C;7B@A"
<79DDBAI"
G9F;7BC9F3"
:G@79>79="

#$%$&'()$*+" !*#" ('&/+/-!&" 010+$)0"

c`Z"

EG@D"
789":@FB7B>;F"
9FB79<"
D;3"P9"D@G9"BDD9=B;79F3"
7G;A<F;79="
BA7@"
>8;AI9<"
BA":@FB7B>;F"
>;:;PBFB73"
78;A"
BAA@C;7B@A<"
<79DDBAI"
EG@D"
9B789G"
=@D9<7B>"
@G"789"
789"
<@>B973"
BA79GA;7B@A;F"
:@FB7B>;F"
<3<79D5"
!A="=3<EKA>M"
=9D;A=<"
EG@D"
7B@A;F"
789"
K::9G"
>F;<<9<"
D;3"
BAC@FC9"
F9<<"
@E";"<7GK>7KG;F"
;A=">KF7KG;F"
BA"789"
>8;AI9"
:@FB7B>;F"
<3<79D"
78@<9"
78;A"
9D;A;7BAI"
EG@D"
@E"789":@:KF;7B@A5"
F9<<";=C;A7;I9="
<7G;7;"
B7"?BFF"D;O9";"IG9;7"
bBE78J"
=9;F"@E"=BEE9G9A>9"
?89789G"
789":@FB7B>;F"
<3<79D"
B<"<BDKF7;A9@K<F3"
>@AEG@A79="
P3"=9D;A=<"
E@G"D@G9"
78;A"
@A9"
OBA="
@E"BAA@C;7B@A5"
b@G"9H;D:F9J"
;":@FB7B>;F"
<3<79D"
D;3"
P9">@AEG@A79="
@E"?;G";7"789"<;D9"7BD9"
P3"789"78G9;7"
78;7"
B7"B<">@AEG@A79="
P3";"GB<9"
BA"=9D;A=<"
E@G"
@G"?9FE;G95"
:@FB7B>;F"
:;G7B>B:;7B@A"
/7"D;3"
8;C9"
7@">8@@<9"
;D@AI"
=3<EKA>7B@A;F"
=9D;A=<J"
G9<:@A=BAI"
7@"<@D9";A="<K::G9<<BAI"
@789G<5"
+89":@FB7B>;F"
>KF7KG9"
;A="<7GK>7KG9"
@E":@FB7B>;F"
<3<79D<"
?BFF"P9"
EKA=;D9A7;FF3"
;EE9>79="
P3"<K>8"L<BDKF7;A9@K<L"
@G">KDKF;7BC9"
G9C@M"
FK7B@A<J"
gK<7";<"78@<9"
?8B>8"
8;C9"8;="789";=C;A7;I9"
@E"P9BAI"
;PF9"7@"
D997">GB<9<"
@A9"P3"@A9"?BFF"<8@?"789"D;GO<"
@E"<K>8"8B<7@GB>;F"
9HM"
:9GB9A>95"

;F<@"CB9?"
EG@D"
@E"
N9"D;3"
789"C;A7;I9"
:@FB7B>;F"
=9C9F@:D9A7"
:@BA7"
789"<@KG>9"
=3<EKA>7B@A;F"
N8;79C9G"
@K7:K7<5"
@E"789"BAA@C;7BC9"
@K7:K7<"
789":@FB7B>;F"
D;3"P9M789"=@D9<7B>"
<@>B973J"
<3<79DJ"
789"BA79GA;7B@A;F"
;":G@>9<<"
:@FB7B>;F"
<3<79DM7893"
D;3"BAB7B;79"
@E"<@>B;F">8;AI9"
?8B>8"
;EE9>7<"
BA7@"789"
@G"?8B>8"
BA:K7<"
:@FB7B>;F"
<3<79DJ"
:G@=K>9<"
>;:;PBFB7B9<"
BA"@789G"
<@>B;F"
@E"=9D;A=<"
<3<79D<"
78;7"
;EE9>7"
789"EF@?"
;A="<K::@G7<"
BA7@"789":@FB7B>;F"
2K7"789"G9F;7B@A"
<3<79D5"
@E"=3<EKA>7B@A;F"
7@"
@K7:K7<"
;G9"BA=BG9>7J"
:@FB7B>;F"
=9C9F@:D9A7"
78G@KI8"
LBA:K7"
E99=P;>O<5L"
+8K<"
789"
@E";"?9FE;G9"
=9C9F@:D9A7"
BA"<@>B;F"
>;:;PBFB73"
D;3"
:G@=K>9"
>8;AI9<"
?8B>8"
;A=";77B7K=9<"
?BFF"BA>G9;<9"
789"
<7GK>7KG9"
<K::@G7"
BA:K7<"
@E"<@D9"
9F9D9A7<"
@E"789"
;A="789"
=9D;A="
<@>B973"
BA:K7<"
@E"@789G<5"
!"<8BE7"
EG@D"
;A";IIG9<<BC9"
7@";A";>>@DD@=;7BC9"
E@G9BIA"
789"
:@FB>3"
D;3"BA>G9;<9"
G9<@KG>9<"
E@G"789"=9C9F@:D9A7"
;C;BF;PF9"
@E";"?9FE;G9"
>;:;PBFB73J"
;A="
BA"BAA@C;7BC9"
?9FE;G9"
G9<KF7"
BA:K7<"
P3"789"
:@FB7B>;F"
9FB79<5"
/A"7;FOBAI"
;P@K7"
=3<EKA>7B@A;F"
BA:K7<J"
?9"8;C9"<7G9<<9="
>8;AI9<"
BA"
789"RK;A7B73J"
;A="
@E"
@E"=BEE9G9A7"
BA>B=9A>9"
OBA=<"
>@A79A7J"
BA79A<B73J"
=9D;A=<5"
2K7"=3<EKA>7B@A;FB73"
>;A"G9<KF7"
EG@D"
EFK>7K;7B@A<"
BA"789"
EF@?"
@E"
<K::@G7<"
;<"?9FFMF@<<9<"
@E"D@G;F9J"
E;BFKG9<"
@E"G9>GKB7D9A7"
>;D:;BIA<J"
=9>FBA9<"
BA"7;H"3B9F=<J"
=B<@P9=B9A>9"
?B=9<:G9;="
7@"G9IKF;7B@A<5"
*99=M"
F9<<"7@"<;3J"
EFK>7K;7B@A<"
BA"<K::@G7"
?BFF"P9";EE9>79="
P3"789"OBA=<"
@E"
=9D;A=<"
9FB79<"
@A"789"<@>B973J"
D;=9"P3":@FB7B>;F"
;<"?9FF";<"P3"789"G9M"
@E"9FB79<"
7@"=9D;A=<"
EG@D"
789"<@>B9735"
<:@A<BC9A9<<"
<79DDBAI"
+89"9H79A7"
B<"
7@"?8B>8"
789":@FB7B>;F"
<3<79D"F@;=9="
P3"=3<EKA>7B@A;F"
<@>B;F"<3<79D<"
EF@?<"
?BFF"C;G3"
?B78"789">;:;PBFB7B9<"
@E"@789G"
BA"789"

cW`"

N',&#" ('&/+/-0"

D;3"=9C9F@:"
=@D9<7B>"
<3<79D5"
!A"9>@A@D3"
<@>B973"
;A="BA79GA;7B@A;F"
;<"
;A="=B<7GBPK7B@AM;A="
@E":G@=K>7B@A"
<3<79D<"
A9?">;:;PBFB7B9<MA9?"
<3<79D"
?B78"
=
B<7GBPK7BC9"
@E"
789"
:
@FB7B>;F"
789"F@;=BAI"
;">@A<9RK9A>9"
=9M"
;EE9>7BAI"
:@FB7B>;F"
G9=K>9=J"
789G9P3"
=9D;A=<"
D;3"P9"<BIABEB>;A7F3"
G9IKF;7BC9"
>;:;PBFB7B9<"
D;3"=9C9F@:"
'G";"G9FBIB@K<"
<3<79D"
C9F@:D9A75"
<3<79D5"
@A"789":@FB7B>;F"
=9D;A=<"
@E"BAA@C;7BC9"
78;7"
G9=K>9"
789"EF@?"
@G"=B<M"
;"G9IKF;7BC9"
<3<79D"
D;3"
=9C9F@:"
'G"789"BA79GA;7B@A;F"
:@FB7B>;F"
<3<79D5"
@A"789":@FB7B>;F"
789":G9<<KG9"
78;7"
G9=K>9<"
7GBPK7BC9"
>;:;PBFB73"
;<<B<7M"
@G"79>8AB>;F"
DBFB7;G3"
!">;<9"BA":@BA7"
?@KF="
P9"789"BA79GA;7B@A;F"
=9M"
789"
789"
:
G9<<KG9"
E@G"
*;7B@A<"
78;7"
G9=K>9"
;A>9"KAB7<"
@E"789"
6AB79="
A9?"
BA"<@D9"
@E"789"
>;:;PBFB7B9<"
;A="G9IKF;7BC9"
C9F@:D9A7"
@E"9H7G;>7BC9"
BA"
@EJ">;:;PBFB7B9<"
@G"789"=9C9F@:D9A7"
@EJ"
A;7B@A<5"
+8K<"789"9HB<79A>9"
BAM"
@E"=3<EKA>7B@A;F"
789"G;79"@E"EF@?"
D;3";EE9>7"
@789G"
<@>B;F"<3<79D<"
;A="
F9C9FJ"
;A="F@?MBA79A<B73"
789"EF@?"
;7"789"BA>G9D9A7;F"
:K7<J"
O99:BAI"
@E"DKF7BMB<<K9"
>@A<9RK9A>9<"
<@D9"
@E"789"=B<GK:7BC9"
:9G8;:<"
89F:";C@B="
:G9<<KG9<5"
=3<EKA>7B@A;F"
N9"DK<7"
@E"BAA@C;7B@A"
@K7<B=9"
789"
:@FB7M"
A9C9G"
F@<9"<BI87"
;A=">8;AI9"
@E":@FB7B>;F"
7@";>>@KA7"
E@G";":;G7B>KF;G"
:;779GA"
B>;F"<3<79D"
BA"7G3BAI"
=97;BF"
7G9;7"
BA"IG9;79G"
?8B>8"
?9"DK<7"
2K7"@A9"C;GB;PF9"
=9C9F@:D9A75"
G@F9"
@E"BD:@G7;A7"
9FB79<J"
789"
P98;CB@G"
:;779GA"
@E":@FB7B>;F"
B<"789"
G9;>7B@A"
;G9"9H:@<9="
7@"=3<EKA>7B@A;F"
BA>KDP9A7<"
BA"789"
;<"7893"
:@FB7B>;F"
<3<79D"
LG9;>7B@AL"
B<"BA>@GG9>7J"
E@G"B7"
=9D;A=<"
@G"<K::@G7<5"
789"79GD"
(9G8;:<"
@E":@FB7M"
;>7BCB7B9<"
@GBIBA;7BC9"
;A=">G9;7BC9"
789"
D;3"
F9;="K<"7@"@C9GF@@O"
9FB79<"
BAA@C;7BC9"
;A="G9<:@A="
EF@?<"
(@FB7B>;F"
P@78"
@GBIBA;79"
B>;F"9FB79<5"
9FB79<"
EF@?<"
N89A":@FB7B>;F"
9F<9?89G95"
7@"BAA@C;7BC9"
?8B>8"
@GBIBA;79"
789"<@KG>9"
@E"BAA@C;7B@AJ"
?89A"
A9?"I@;F<"
7893"
=9C9F@:"
;G9"789D<9FC9<"
9HM"
;A="A9?">;:;PBFB7B9<"
BA"789":KG<KB7"
@E"789<9"
I@;F<J"
789A"
?9"DK<7"
789<9"
;A="E@FF@?"
789"
>@A<9RK9A>9<"
;DBA9"
BA">;:;PBFB73"
78G@KI8"
>8;AI9<"
<3<79DJ"
;A="789"BA79GA;7B@A;F"
@E"<K>8"=9C9F@:D9A7<"
E@G"789"<@>B973"
9ACBG@AD9A7<"
P;>O"
BA7@"
;A="EG@D"
789<9"
789"
<3<79D"
;I;BA5"
:@FB7B>;F"
789A"
N89A"
9FB79<"
;G9"LG9;>7BAIL"
7@"=3<EKA>7B@A;F"
?9"
BA:K7<J"
:@FB7B>;F"
789<9"
P97?99A"
G9;>7B@A<"
;A="789"F@;=BAI"
9H;DBA9"
DK<7"
789"G9F;7B@A"
+89"G9;>7B@A"
@E":@FB7B>;F"
?BFF"
9FB79<"
:;779GA"
@E"789":@FB7B>;F"
<3<79D5"
=9D;A=<"
@E"BAA@C;7BC9"
EG@D"
@E79A"
=979GDBA9"
?89789G"
;"EF@?"
>8;AI9<"
EG@D"
;"F@?"BA79A<B73"
;"F@?"D;IAB7K=9"
7@";"8BI8"
7@";"8BI8"
D;IAB7K=9J"
EG@D"
EG@D"
7@";"DKF7BMB<<K9"
;"<BAIF9"
7@"
<@KG>9"
;"<BD:F9"
EF@?J"
BA79A<B73J"
;A="
P97?99A"
+8B<"BA79G;>7B@A"
:G9<<KG9<"
<@KG>9<5"
=3<EKA>7B@A;F"
D;A3"
F9C9F"
@E"BD:@G7;A>9"
B<"@A"789"<;D9"
;<"B<"789"
:;7M"
G9<:@A<9"
9FB79"
G9;>7B@A"
@E"CB9?"
@E"789"
=9C9F@:D9A7"
79GA<"
@E"@789G"
<@>B;F"
EG@D"
789"
:@BA7"
<3<79D<"
@E":@FB7B>;F"
<3<79D"
>;:;PBFB7B9<5"
;A="
>@AEG@A79="
@E"=9D;A=<"
!":@FB7B>;F"
EF@?<"
P3"=3<EKA>7B@A;F"
9FB79"

#$%$&'()$*+" !*#" ('&/+/-!&" 010+$)0"

cWW"

<K::@G7<"
8;<";C;BF;PF9"
7@"B7"78G99"
:@<<BPF9"
D@=9<"
@E"G9;>7B@A"
@G"<@D9"
>@DPBA;7B@A"
@E"789<9"
G9;>7B@A<5"
/7"D;3"G9;>7"
b@G"9H;D:F9J"
;=;:7BC9F35"
BE"789G9"
B<";"=9D;A="
BA"789":@:KF;7B@AJ"
E@G"
789"<KEEG;I9"
<7G;7;"
;D@AI"
7@"789<9"
B7"D;3"
3B9F="
BA">KF7KG9J"
=9D;A=<"
;A=";>>9:7"
789"
<7GK>M"
>8;AI9<"
7KG9J"
;A=":9GE@GD;A>9"
78;7"
78B<"
B<";A"
G9RKBG9<5"
!A";=;:7BC9"
G9;>7B@A"
7@"=9D;A=<"
BA"79GD<"
;>RKB9<>9A>9"
@E"78@<9"
=9D;A=<5"
+8K<"=9D;A=<"
E@G"BAA@C;7B@A"
BA"?9FE;G9"
:G@IG;D<"
;G9"D97"P3"<K>8"BAA@C;7B@AJ"
;FM"
9C9A"<K>8";=;:7BC9"
78@KI8"
P98;CB@G"
<@D9">G9M"
?BFF"G9RKBG9"
K<K;FF3"
;7BCB73"
@A"789"
:;G7"
@E"789"9FB79<5"
+89">@A79A7"
@E";"?9FE;G9"
8;<"
:G@IG;D"
7@"P9"<:9>BEB>;FF3"
9F;P@G;79=J"
<7;EE"
;A="7G;BA9=J"
G9>GKB79="
;A="D@=9<"
@E"9AE@G>9D9A7"
=9CB<9=J"
79<79=J"
:9GE9>79=5"
!"<9>@A="
:@<<BPF9"
D@=9"
@E"9FB79"
G9;>7B@A"
D;3"
P9"=9<>GBP9="
;<"G9g9>7BC95"
+89"G9g9>7B@A"
@E"=9D;A=<"
D;3"7;O9"789"E@GD"
@E"9FB79"BA=BEE9G9A>9"
UL&97"789D"
9;7">;O9LVJ"9H:FB>B7"
G9EK<;F"
7@";>>9:7"
=9D;A=<"
E@G"
BAA@C;M"
@G"G9:G9<<B@A"
@E"789"=9D;A=<5"
7B@AJ"
+89"D@=9"@E"G9g9>7B@A"
?BFFJ"@E"
789"=9C9F@:D9A7"
>@KG<9J"
;EE9>7"
@E">;:;PBFB7B9<5"
/A=BEE9G9A>9"
D;3"G9<KF7"
BA";A";>>KDKF;7B@A"
@E"=9D;A=<J"
BA"BA>G9;<9<"
BA"789BG"
AKDP9GJ"
BA79A<B73J"
;A="789"IG@K:<"
BAM"
BAC@FC9="
BA"789"=9D;A=<5"
+89"GB<9"
E@G"
BA":G9<<KG9"
A@C;7B@A"
D;3"
G9;>8"
789":@BA7"
?89G9"
789"9FB79"
DK<7"
G9;>7"
9B789G"
;=;:M"
@G"G9:G9<<BC9F35"
7BC9F3"
$B789G"
G9;>7B@A"
?BFF";EE9>7"
>KFM"
789">;:;PBFB7B9<J"
;A="<7GK>7KG9"
7KG9J"
@E"789":@FB7B>;F"
<3<79D"
PK7"BA"=BEE9G9A7"
?;3<5"
b@G"
9H;D:F9J"
;=;:7;7B@A"
D;3"
G9<KF7"
BA"789"<?9FFBAI"
@E"789"?9FE;G9"
>;:;PBFM"
B73S"
G9:G9<<B@A"
D;3"
G9<KF7"
BA";"<?9FFBAI"
@E"789"G9IKF;7BC9"
>;:;PBFB735"
+89"78BG="
D@=9"
@E"9FB79"
G9<:@A<9"
B<"<KP<7B7K7BC95"
#9D;A=<"
E@G"
LPG9;=L"
D;3"
P9"D97"
?B78"
;A"BA>G9;<9="
@K7:K7"
@E"L>BG>K<9<5L"
#9D;A=<"
E@G"
789"
<KEEG;I9"
D;3"
P9"D97"
P3";"79A=9G"
@E"<3DP@FB>"
;EEBGD;7B@A<"
@E"A;7B@A;F"
IF@G3J"
;A";IIG9<<BC9"
E@G9BIA"
:@FB>3J"
@G"P3"?9FE;G9"
D9;<KG9<5"
+89"8B<M"
@E"9FB79"
7@G3"
G9;>7B@A<"
7@"=3<EKA>7B@A;F"
=9D;A=<M:;G7B>KF;GF3"
E@G"
?9FM"
E;G9"
;A=":@FB7B>;F"
:;G7B>B:;7B@AMB<"
EKFF"
@E"9H;D:F9<"
@E"<KP<7B7K7BC9"
G9M"
<:@A<9<"
@E"78B<"
;A="@789G"
OBA=<5"
+89"?;3<"
BA"?8B>8"
<KP<7B7K7BC9"
9FB79"
P98;CB@G"
;EE9>7<"
789"=9C9F@:D9A7"
@E"789":@FB7B>;F"
<3<79D"
;G9"G;789G"
>@D:F9H5"
+89"<KP<7B7K7BC9"
G9;>7B@A"
D;3"L;P<@GPL"
789"=3<EKA>7B@A;F"
=9D;A=<J"
;<"BA"789">;<9"@E"49GD;A3"
BA"789"
:9GB@="
;E79G"
789"9<7;PFB<8M"
D9A7"
@E"789"
09>@A="
,9B>8J"
?89A"
789"
DB==F9"
>F;<<9<"
79A=9="
7@"LE@GI97L"
789BG"
FBP9G;F"
BD:KF<9<"
BA"789BG"
<;7B<E;>7B@A"
?B78"
A;7B@A;F"
KAB73"
;A="IF@G35"
'G"789"<KP<7B7K7BC9"
G9;>7B@A"
D;3":@<7:@A9"
789"G9A=9QC@K<"
?B78"789"
BAA@C;7BC9"
=9D;A=<5"
'G"B7"D;3"=@"<@D9"@E"P@785"
/A";==B7B@AJ"
789"
<KP<7B7K7BC9"
G9;>7B@A"
D;3"
BA"B7<9FE"
BAC@FC9"
;">8;AI9"
BA">;:;PBFB73M95I5J"
;A"9H:;A<B@A"
@E"BA79GA;7B@A;F"
>;:;PBFB73"
?B78"
;FF"78;7"
78B<"
DBI87"
9A7;BF"
BA"789"=9C9F@:D9A7"
@E"PKG9;K>G;>3J"
BA"789"G9F;7BC9"
:@?9G"
@E"DBFB7;G3"
;A=">BCBF"
9FB79<J"
;A="BA":@FB7B>;F"
>KF7KG95"

cWc"

N',&#" ('&/+/-0"

/j5" 010+$)" !#!(+!+/'*J" ,$-,6/+)$*+J" !*#" 0'-/!&/k!+/'*"

*9?"
>8;AI95"
@E"<3<79D"
;G9"789"9<<9A>9"
*9?"G@F9<";A="A9?";77B7K=9<"
;A=":G@>M"
BA<7B7K7B@A<"
A9?":@FB7B>;F"
@G"F9C9F<"@E">;:;PBFB73J"
>;:;PBFB7B9<"
;A="BA=@>7GBA;7B@AJ"
BA"9FB79"7G;BABAI"
>8;AI9<"
9<<9<J"
>;FF"E@G"A9?"9FB79<J"
;D@AI"
C;FK9<J";A="P9FB9E<"
>@DDB7D9A7J"
;A=">8;AI9<"BA"9H:9>7;7B@AJ"
G9>GKB7D9A7"
;A="
+89"<@>B;FBQ;7B@A"
789"
:
@:KF;7B@A5"
<7G;7;"
@E"
789"C;GB@K<"
>8;AI95"
7@":@FB7B>;F"
G9F;7B@A"
8;C9";"<:9>B;F"
<3<79D"
@E";":@FB7B>;F"
:G@>9<<9<"
;=;:7;M"
<3<79D"
?;3<"BA"?8B>8"789<9"
N9"A99="7@">@A<B=9G"
789"=BEE9G9A7"
>8;AI95"
@E":@FB7B>;F"
BA"789":G@>9<<"
7B@A"EKA>7B@A<"
>;A"P9>@D9"BAC@FC9="
:;779GA<"
;A="<@>B;FBQ;7B@A"
'A9">@DD@A"?;3"BA"?8B>8"G9>GKB7D9A7"
BA"@789G"
>8;AI9<"@>>KGGBAI"
B<"78G@KI8"
;EE9>7"
:@FB7B>;F"=9C9F@:D9A7"
@E"BA=K<7GB;FBQ;7B@A5"
789":G@>9<<"
E@G"9H;D:F9J"
<@>B;F"<3<79D<5"
-@A<B=9GJ"
<K>8"
:89A@D9A;"
;A=";<<@>B;79="
+89"<:G9;="@E"BA=K<7GB;F"
79>8A@F@I3"
79A="7@"D@M"
;<"KGP;ABQ;7B@A"
;A="789"<:G9;="@E"D;<<">@DDKAB>;7B@A"
G9>GKB7"
@E"789":@:KF;7B@AJ"
PBFBQ9"UBA"f;GF"#9K7<>8T<"79GD<V"A9?"<7G;7;"
+89<9">8;AI9<"
;A="<@>B;F"G@F9<";A=";77B7K=9<5"
789D"
BA7@"A9?"9>@A@DB>"
;A="
@GB9A7;7B@A<"
D;3"<:BFF"@C9G"BA7@":@FB7B>;F"
BA";>7BCB73"
;A=";77B7K=9"
;A="?9FE;G95"*9?" 9FB79<"
A9?"=9D;A=<"E@G":;G7B>B:;7B@A"
<7BDKF;79"
;A="@GI;ABQ9G<V"D;3"P9"G9M"
=9D;I@IK9<"
UDB==F9M"@G"?@GOBAIM>F;<<"
>8;AI9"BA"
E@G"<7GK>7KG;F"
789"<@KG>9"@E"=9D;A=<"
>GKB79="
;A=">@A<7B7K79"
?BFF"
9>@A@D3"
BA7@"789"BA=K<7GB;F"
!=KF7<"G9>GKB79="
789":@FB7B>;F"
<3<79D5"
E;DBFB9<"
?BFF"P9"
G;B<9="BA"KGP;AMBA=K<7GB;F"
P9"G9<@>B;FBQ9=S">8BF=G9A"
E;DBFB9<5"
EG@D">8BF=G9A"BA" GKG;FM;IGB>KF7KG;F"
<@>B;FBQ9="=BEE9G9A7F3"
;EE9>7<"
I9A9G;F"
;"<9RK9A>9"BA"?8B>8"BA=K<7GB;FBQ;7B@A"
+8B<"BFFK<7G;79<"
;A="G9>GKB7D9A7J"
?8B>8";EE9>7<"
:@FB7M"
G@F9"=BEE9G9A7B;7B@AJ"
<@>B;FBQ;7B@AJ"
PKBF=<"K:"BAA@C;7BC9"
?8B>8"BA"7KGA"
;A="G9>GKB7D9A7J"
B>;F"<@>B;FBQ;7B@A"
@A"789":@FB7B>;F"
<3<79D5"
:G9<<KG9"
D;3"8;C9"<BDBF;G">@A<9RK9A>9<5"
-8;AI9<"BA"789"G9FBIB@K<"<3<79D"
<K>8";<"
,9E@GD;7B@A"
;A="789"GB<9"@E"BA=BCB=K;F"
<9>7<J"
+89"(G@79<7;A7"
;A="G9M"
;A="E@GD"@E"<@>B;FBQ;7B@A"
)978@=B<DJ"
>8;AI9="789">@A79A7"
BA"$AIF;A=5"*9?"G9FBIB@K<"9FB79<M>F9GB>;F";A="F;3M?9G9"
>GKB7D9A7"
9FB79<"
EG@D"
?8B>8":@FB7B>;F"
;"<7G;7KD"
;A=">;D9"7@">@A<7B7K79"
G9>GKB79="
7G;=9"KAB@A"
789"9;GF3"2GB7B<8"
?9G9"=G;?A5"/A"789">;<9"@E")978@=B<DJ"
EG@D"789")978@=B<7"
;A="F;P@G"F9;=9G<"?9G9"BA"D;A3">;<9<"G9>GKB79="
:;G7"@E"
9FB79<"@E"789"EBG<7"
gK<7";<"789"LG;=B>;FL"DB==F9M>F;<<"
<KP>KF7KG9S"
BA":;G7"EG@D"789"9;GFB9G"A@AM"
?9G9"G9>GKB79="
>9A7KG3"
789"ABA9799A78"
>@AE@GDB<7"
<9>7<5"
;A="<@>B;FBQ;7B@A"
D;3";EE9>7"
!" <9>@A="?;3"BA"?8B>8"G9>GKB7D9A7"
9FB79<"
?B78"789":@FB7B>;F"
;>7B@A<"
@GBIBA;7BAI"
>8;AI9"B<"78G@KI8"
:@FB7B>;F"
789"<@>B;FBQ;M"
9FB79"
+8K<";":@FB7B>;F"
D;AB:KF;79"
789D<9FC9<5"
D;3"=BG9>7F3"

#$%$&'()$*+" !*#" ('&/+/-!&" 010+$)0"

cW^"

BA"789"
BFFK<7G;79="
+8B<"B<"=G;D;7B>;FF3"
:G@>9<<9<5"
7B@A"
;A="G9>GKB7D9A7"
BAEG;<7GK>7KG9"
?8@F9"
<@>B;F"
789"
?89G9"
>@KA7GB9<J"
@E"7@7;FB7;GB;A"
:@FB>B9<"
;A="?89G9"
B<"BAEBF7G;79=J"
;A="<>8@@F"
>8KG>8J"
>@DDKAB73J"
@E"E;DBF3J"
;A="G9>GKB7"
7@"BA=@>7GBA;79"
<3<79D"
K:";A"@GI;ABQ;7B@A;F"
<97<"
789"
:;G73"
@E";=KF7<"78G@KI8"
,9<@>B;FBQ;7B@A"
I9A9G;7B@A<5"
;D@AI"789"3@KAI9G"
D9=B;"
D;<<"
@E"789"
;A="
>
@A7G@F"
@GI;ABQ;7B@A<"
;A=":;G73M>@A7G@FF9="
:;G73"
B<"D@G9"=9FBP9G;79F3"
N8BF9"78B<":;779GA"
7;>7B>5"
B<";F<@";"7@7;FB7;GB;A"
@789G<5"
BA"D;A3"
B7"B<">@DD@A"
>@KA7GB9<J"
BA"7@7;FB7;GB;A"
D;AB:KF;7BC9"
:G;>7B>9"
<>8@@F<"
;">@DD@A"
B<"
BA"
7
89"
7G;BABAI"
+89"BA7G@=K>7B@A"
@E">BCB>"
789"
>@KA7GB9<"
;A="BA">F9GB>@M;K78@GB7;GB;A"
>@KA7GB9<S"
BA"=9D@>G;7B>"
:@FB7B>;F"
E@G"
K<9=";<";"=9CB>9"
;G9"<9FEM>@A<>B@K<F3"
;A="B7<"<>8@@F<"
>8KG>8"
<@>B;FBQ;7B@A5"

:G9<<KG9<"
7@"BAA@C;7BC9"
G9;>7B@A"
9FB79"
B<"@A9"BA"?8B>8"
!"78BG="
:;779GA"
!A";=;:M"
BA";A"BA=BG9>7"
?;35"
;A="G9>GKB7D9A7"
;EE9>7"
<@>B;FBQ;7B@A"
D;3"
;A="?9FM"
E@G"
:;G7B>B:;7B@A"
9FB79<"
7@"=9D;A=<"
G9;>7B@A"
P3":@FB7B>;F"
7BC9"
<7GK>M"
>KF7KG9J"
BA":@FB7B>;F"
>8;AI9<"
BDD9=B;79"
:G@=K>9"
@AF3"
A@7"
?BFF"
E;G9"
@E"
>@A<9RK9A>9<"
;F<@"8;C9"789"F@AI9GMGKA"
/7"D;3"
;A=">;:;PBFB7B9<5"
7KG9J"
3@KAI"
:G@=K>BAI"
:G@>9<<9<J"
<@>B;FBQ;7B@A"
>@DDKAB73"
;A="
E;DBF3"
;EE9>7BAI"
BA"
<K::@G7"
B7"?B78"
:G@CB=BAI"
<3<79DJ"
:@FB7B>;F"
7@"789"
;=KF7<"
>@DDB779="
D;3"
;=KF7<"
@G";FB9A;79="
(;<<BC9"
;A="F@3;F735"
E@GD"
<9GCB>9<J"
789"
@E"I@@=<J"
:@FB7B>;F"
789"
;D@AI"
P98;CB@G"
;A="G9<:@A<BC9"
P9"G9<@>B;FBQ9="
P3"
;=;:7BC9"
G9M"
,9g9>7BC9"
@GB9A7;7B@A<5"
7@";FF9IB;A7"
;FB9A;79="
EG@D"
>8;AIBAI"
9FB79<J"
9EE9>7J"
7G;A<E@GDM"
>@A7G;G3"
8;C9"789"
D;3"
9FB79<"
;>7B@A<"
;D@AI"
:@FB7B>;F"
@E"<K:M"
789"EF@?"
;A=";EE9>7BAI"
@GB9A7;7B@A<"
7@";FB9A;7BC9"
BAI";FF9IB;A7"
<3<79D5"
@EJ"789":@FB7B>;F"
:@79A7B;F"
BA7@J"
;A="789"<K::@G7"
:@G7"
@E";IM"
<@>B;FBQ;7B@A"
;A="G9>GKB7D9A7"
E@G"
+89">@A<9RK9A>9<"
:@FB7B>;F"
;F<@"P9"<7G9<<9=5"
<8@KF="
?;GE;G9"
;A="EG9RK9A7"
:@FB>B9<"
E@G9BIA"
IG9<<BC9"
;A="
<K::@G7"
D;3"BA>G9;<9"
;A";IIG9<<BC9"
:@FB>3"
E@G9BIA"
/E"<K>>9<<EKFJ"
>@DDKAB73J"
BA7@"E;DBF3J"
>@A79A7"
BA7G@=K>9"
;" A;7B@A;FB<7MDBFB7;GB<7"
B7"D;3"
>@<7F3J"
@G"9H>9<<BC9F3"
<@>B;FBQ;7B@A5"
/E"KA<K>>9<<EKF"
;A="<>8@@F"
BA";":@:M"
79A=9A>B9<"
;A=";FB9A;7BC9"
@E"<K::@G7"
;"?B78=G;?;F"
:G@=K>9"
BA"789<9"
B<"BA<7GK>7BC9"
8B<7@G3"
:@FB7B>;F"
;A="49GD;A"
KF;7B@A5"
bG9A>8"
79A=9A>B9<"
@E"bG9A>8"
;A=";FB9A;7BC9"
+89"G;=B>;FBQ;7B@A"
>@AA9>7B@A<5"
,9:KPFB><"
789"FBE9"@E"789"+8BG=";A="b@KG78"
>KF7KG9"
=KGBAI"
:@FB7B>;F"
=9E9;7<"
;A=">@<7F3"
BA":;G7"
7@"789"
8KDBFB;7BAI"
P99A"
;77GBPK79="
@E79A"
8;C9"
N;G<"/";A="//5"+89"
N;G";A="N@GF="
@E"789"bG;A>@M(GK<<B;A"
CB>7@GB9<"
BA"
8;<"P99A";77GBPK79="
-@DDKAB<7"
(;G73"
@E"789"bG9A>8"
G;:B="
IG@?78"
>KGG9A7<"
P3"789"9A@GD@K<"
<97"BA"D@7B@A"
:;>BEB<7"
:;G7"7@"789"<7G@AI"
?;<"7GBIM"
,9:KPFB>"
N;G"/5"+89"E;FF"@E"789"b@KG78"
>;<K;F7B9<"
@E"N@GF="
;A="789"
=9E9;7"
DBFB7;G3"
?8@"8;="9H:9GB9A>9="
@EEB>9G<"
@EE"
P3";GD3"
I9G9="
>@F@AB;F"
9D:BG95"
@E"789"bG9A>8"
>@FF;:<9"

cW_"

N',&#"('&/+/-0"

8;<"P99A";77GBPK79="
49GD;A3"
7@"=9D@>G;7BQ9"
@E"9EE@G7<"
+89"E;BFKG9"
;A="49GD;A"
@E"(GK<<B;A"
;A="DBFB7;GBQ;7B@A"
7@"789"PKG9;K>G;7BQ;7B@A"
>9A7KGB9<5"
BA"G9>9A7"
9H:;A<B@A"
;IIG9<<BC9"
@E"789BG"
BA"789">@KG<9"
<@>B973"
BA"78B<"
?9G9"<8;:9="
FBE9"
;A="E;DBF3"
+89"49GD;A"
<3<79D"
9=K>;7B@A;F"
<KPg9>7<"
@P9=B9A7"
7@":G@=K>9"
;A="79A=9="
<@>B973"
DBFB7;G3M;K78@GB7;GB;A"
89;CBF3"
9FB79<"
G9>GKB79="
0@>B;FB<7"
+89"*;7B@A;F"
BA"L>BCBF"
>@KG;I95L"
F;>OBAI"
@E"N@GF="N;G"/J"789"D9A"?8@">@KF="A@7"
;D@AI"789"LBGG9IKF;G<L"
FBE95"
@E"P;77F9EB9F="
;E79G"
39;G<"
G@K7BA9<"
7@":9;>9EKF"
;=gK<7"
:@FB>3"
@E"E@G9BIA"
:;779GA"
;":;G7B>KF;G"
+89"<9RK9A>9"
89G9"BAC@FC9<"
>@A<9M"
;A="G9>GKB7D9A7"
@E"<@>B;FBQ;7B@A"
;"E99=P;>O"
?8B>8":G@=K>9<"
BA7@"
;A="<K::@G7<"
@E"=9D;A=<"
789"
EF@?"
;EE9>7<"
?8B>8"
BA"7KGA"
RK9A>9<J"
7@"
=9C9F@:D9A7"
:@FB7B>;F"
7@"G9F;79"
/A"@KG"9EE@G7<"
789":@FB7B>;F"
<3<79D5"
<@>B;F"
;A="
;A="789BG"
<3<79D<"
:@FB7B>;F"
;D@AI"
BA79G;>7B@A"
=3<EKA>7B@A;F"
789"
7@"BFFKDBA;79"
?9"A99=":;G7B>KF;GF3"
9ACBG@AD9A7<J"
BA79GA;7B@A;F"
<@>B;F">8;AI9"
G9EF9>7"
;<"7893"
:G@>9<<9<"
;A="<@>B;FBQ;7B@A"
G9>GKB7D9A7"
@E"
BA<7GKD9A7<"
;G9"789"=BG9>7"
;<"7893"
;A="<7BDKF;79"
>8;AI9J"
:@FB7B>;F"
>8;AI9"
@E":@FB7B>;F"
BA<7GKD9A7<"
P9>@D9"
789"
@G";<"7893"
>8;AI9J"
:@FB7B>;F"
:@FB>35"
@E":KPFB>"
:;779GA"
;":;G7B>KF;G"
78G@KI8"
@E";"
B<"78;7"
789":9GE@GD;A>9"
89G9"
N8;7"?9"8;C9"P99A"<KII9<7BAI"
B7<">@AC9G<B@A"
@G"LD@PBFB<DLVJ"
<3<79D"
U95I5J"B7<"LBDD@PBFB<DL"
:@FB7B>;F"
@E"B7<"<7GK>7KG9<J"
@G"BA>@AIGK9A>9"
U95I5J"789">@AIGK9A>9"
>8;G;>79GB<7B><"
@E"B7<"G9M"
789"@:9G;7B@A<"
@E"B7<">KF7KG9VJ"
@G"EG;ID9A7;7B@A"
789">@89<B@A"
@E";"
BA"79GD<"
;G9"9H:F;BA;PF9"
:G@>9<<9<J"
>GKB7DB9A7"
;A="<@>B;FBQ;7B@A"
;A="B7<"
<3<79D"
789":@FB7B>;F"
P97?99A"
@E"BA79G;>7B@A"
8B<7@G3"
:;G7B>KF;G"
<@>B;F"
9ACBG@AD9A7<5"
;A="BA79GA;7B@A;F"
?9">;A"F9;GA"
DK>8"
78;7"
A@7"
@PCB@K<"
:@BA7"
D;OBAI"
789"
<BD:F3"
N9";G9"
N8;7"?9";G9"
@E"8B<7@G35"
EG@D"
789"<7K=3"
;P@K7"
=9C9F@:D9A7"
:@FB7B>;F"
BA"79GD<"
@E"<3<79DM"
=9C9F@:D9A7"
7@":@FB7B>;F"
B<";A";::G@;>8"
:G@:@<BAI"
;">@DD@A"
+8B<"8;<"7@"P9"=@A9"?B78"
>@=BAI"
;7B>">@D:;G;7BC9"
8B<7@G35"
BA79GG9F;7B@A<5"
;P@K7"
789BG"
;"<97"@E">;79I@GB9<J"
;A="83:@789<9<"
<>89D9J"
89G9"
<9GC9"
;<"
D;3"
@E":@FB7B>;F"
789@G3"
:G@:@<9="
+89";=;:7;7B@A"
<3<79D<"
@E"G9M"
@E"789">GB7BRK9"
N9"A99="7@"D997"
P@78"
:G@AI<"
;"<7;G7BAI"
:@BA75"
E@GDKF;7BAI"
7BD9MP3"
>9A7"
;7"789"
<;D9"
:@FB7B><"
BA">@D:;G;7BC9"
79A=9A>B9<"
?8B>8"
;A="P3"
@E"789":@FB7B>;F"
B<"=9C9F@:D9A7;FJ"
;">@A>9:7B@A"
<3<79D"
@E"OA@?FM"
789"GB>8A9<<"
;A="9F;P@G;7BAI"
78B<"
;I;BA<7"
>@A>9:7B@A"
79<7BAI"
?B78"
8B<7@GB>;F"
:@FB7B><5"
9H:9GB9A>9"
9=I9"@E"D;AT<"