Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
Paper to be presented at the DRUID Academy conference in Rebild, Aalborg, Denmark on January
15-17, 2014
The Role of Communicators in Innovation Clusters: Initial Evidence from
the Case Studies Munich and CambridgeBettina Sophie BlasiniUniversity of Cambridge
Institute for [email protected]
Tim Minshall
University of CambridgeInstitute for [email protected]
Letizia Mortara
University of CambridgeInstitute for Manufacturing
Abstract?Innovation clusters continue to be an important focus of economic development policies in many nations. Leadinginnovation clusters demonstrate that regional concentration strengthens the innovative capability and can lead tosuccessful competitiveness on a global level. The development of innovation clusters has therefore received muchacademic attention. Past research has identified specialized supply and demand (Marshall 1920), collaboration andcompetition (Porter 2000) and the infrastructure and mobility of goods (Krugman 1994) as drivers for clustering effects. However public communication within the cluster - and, specifically, the role of key communicators - in underpinningsuccessful cluster development has received almost no academic attention. This points out to a research gap, whichmerits attention in order to enrich the academic understanding of how innovation clusters develop successfully. The interdisciplinary analysis of cluster theories and communication studies reveals significant interrelations: Marshall(1920) introduces the idea of knowledge-spillovers between individuals, Porter (2000) discusses knowledge about newinnovations and early perceptions of entrepreneurial opportunities due to close relationships and Krugman?s notion ofcentripetal forces can be understood as external economies which are based on shared information. Focusing on thesociological cluster theories, the influence of communication studies gets even more evident. Network Theory promotesthe impact of knowledge diffusion due to relationships (Granovetter 1937), Knowledge Based View stresses the
importance of ?tacit knowledge? in networks (Asheim & Gertler 2006) and Gatekeeper Studies focus on the transfer orinformation between social groups (Lezaric, Longhi & Thomas 2008). The interdisciplinary theoretical analysis thereforesuggests that communicators play an important role in innovation clusters. Drawing upon classic communicator studies, a framework has been created to investigate the role of communicators ininnovation clusters. The framework suggests that there are four influence-levels that shape and impact the role ofcommunications in innovation clusters: the Individual Level, the Organizational Level, the Cluster Level and the Context.These levels establish the foundation for a qualitative interview guideline with key communicators, which have beenidentified by a primarily research of the two case studies Cambridge and Munich. The overall 23 qualitative in-depthinterviews have been examined based on the structure of deductive categories and codes deriving from the theoreticallevels and inductive categories and codes resulting from the empirical findings. The results suggest that communicators play a significant role in clusters: On the Individual Level, key communicatorsperceive their work as very important for the success of the innovation clusters. Information sharing, as one of their mainwork aims, pursues the connection and representation of their institutions and the cluster in general. The OrganizationalLevel reveals the diverse professional positions of communicators. Not only ?classic? professions such as journalists orPR consultants are relevant, but also entrepreneurs, investment angels and academics. The Cluster Level highlights thedifferences of the case studies: while Cambridge communicators acknowledge a common presentation of the cluster,Munich communicators position their organizations rather in a national and international environment. The Context Leveloffers insight to understand these differences. Historical, economical and political factors influenced significantly theclusters? developments. The Cambridge cluster evolved without significant external factors, which lead to a closelynetworked community. In contrast, the Munich cluster was shaped by many external forces, such as the financialsupport by the German federal and Bavarian state government ? however only for single institutions and not regions.Each level provides insight to the role of communicators and explains their diversity. Based on these results, thediscussion will examine how the identified roles of the communicators reflect back on the development of innovationclusters. ?Asheim, B.T. & Gertler, M. S. (2006): The Geography of Innovation. In: J. Fagerberg, Mowery, D.C. & R.R Nelson: TheOxford Handbook of Innovation. Oxford: Oxford University Press. 291-317.
Granovetter, M.S. (1973): The Strength of Weak Ties. The American Journal of Sociology, 78 (6), 1360-1380.
Krugman, P. (1994): Complex Landscapes in Economic Geography. The American Economic Review, 84 (2), 412-416.
Lezaric, N.; Longhi, C. & Thomas, C. (2008): Gatekeepers of Knowledge versus Platforms of Knowledge: From Potentialto Realized Absorptive Capacity. Regional Studies, 42 (6), 837?852.
Marshall, A. (1920): Industry and Trade. London.
Porter, M. (2000): Location, Clusters and Company strategy. In: G. Clark, M. Gertler & M. Feldman (eds): OxfordHandbook of Economic Geography. 253-274.
Jelcodes:M30,-
! !!
!"#$%&'#$&($)&**+,-./0&12$-,$3,,&4/0-&,$)'+20#125$3,-0-/'$64-7#,.#$(1&*$0"#$)/2#$80+7-#2$9+,-."$
/,7$)/*:1-7;#$
"
!
"#$$%&'!()*+%#!",'-%&%!
.%/!0%&-+',,!
1#$%2%'!0)3$'3'!!
!
4#&$3#!5)3!.#6+&),)78!0'&'7#/#&$!
9&-$%$:$#!5)3!0'&:5'6$:3%&7!
;&%<#3-%$8!)5!4'/=3%>7#!
$
$
<:201/.0$
#$$%&'()%$" *+,-(./-" *%$()$,." (%"0." '$" )12%/('$(" 3%*,-"%3" .*%$%1)*"4.&.+%21.$(" '$4" (5,-" /.*.)&."
1,*5"'*'4.1)*"'((.$()%$6"7/.&)%,-" /.-.'/*5" )4.$()3).4" &'/)%,-" 3'*(%/-" '-" )$3+,.$()'+"4/)&./-" 3%/" (5."
-,**.--3,+"4.&.+%21.$("%3"*+,-(./-8"-,*5"'-"-,22+9"'$4"4.1'$48"*%++'0%/'()%$"'$4"*%12.()()%$"'$4"
(5.")$3/'-(/,*(,/."'$4"1%0)+)(9"%3":%%4-6";5)+.".*%$%1)*"'$4"-%*)%+%:)*'+"*+,-(./"(5.%/).-")12+)*)(+9"
)$4)*'(."(5.")12%/('$*."%3"2,0+)*"*%11,$)*'()%$")$"(./1-"%3"<$%=+.4:.":'(5./)$:"'$4"-5'/)$:"'$4"
*/.'()$:" $.(=%/<-" )$-)4." '$4" %,(-)4." (5." *+,-(./8" (5." /%+." %3" *%11,$)*'(%/-8" )6.6" >%,/$'+)-(-" '$4"
2,0+)*" /.+'()%$-" *%$-,+('$(-8" -('9-" )12+)*)(6" ?5)-"2'2./"2/.-.$(-" )$)()'+" .&)4.$*."%3" (=%" *'-." -(,4).-"
@,$)*5" '$4"A'10/)4:." )$" '$'+9-)$:" (5." /%+." %3" *%11,$)*'(%/-" )$" )$$%&'()%$" *+,-(./-6" B/'=)$:" %$"
.-('0+)-5.4"1%4.+-"%3"*%11,$)*'()%$"-(,4).-8"'"*%$*.2(,'+"3/'1.=%/<"5'-"0..$"*/.'(.4"(%"'$'+9-."
(5." /%+." %3" *%11,$)*'(%/-" .12)/)*'++98" -,::.-()$:" '$" #$4)&)4,'+" C.&.+8" '$" D/:'$)E'()%$'+" C.&.+8" '"
A+,-(./" C.&.+" '$4" A%$(.F(6" G'-.4" %$" (5." )$-):5(" %3" HI" )$J4.2(5" )$(./&).=-" =)(5" /.+.&'$("
*%11,$)*'(%/-" 3/%1" 0%(5" *'-." -(,4).-8" (5." 3)$4)$:-" -,::.-(" (5'(" @,$)*5" *%11,$)*'(%/-" $.)(5./"
':/.."=)(5" (5." )4.'" %3" '"@,$)*5" *+,-(./" '$4" $%/" *%$-)4./" (5.1-.+&.-" '-" '" 2'/(" %3" )(6" #$" *%$(/'-(8"
A'10/)4:."*%11,$)*'(%/-"-5%="'"*+.'/"&)-)%$"%3"(5."*+,-(./"'$4")4.$()39"-(/%$:+9"'-"'"1.10./6"?5)-"
1'>%/" 4)33./.$*." )$3+,.$*.-" (5." /%+." %3" *%11,$)*'(%/-" )$" (5." (=%" *+,-(./-" -):$)3)*'$(+96";5)+." (5."
.12)/)*'+" 3)$4)$:-" 2/%&)4." 4.-*/)2()&." 3)$4)$:-8" (5." A%$(.F(" %33./-" .F2+'$'()%$" 09" /.3.//)$:" (%" (5."
5)-(%/)*'+8"-%*)'+8"2%+)()*'+"'$4".*%$%1)*"/.'+)(9"%3"(5."*+,-(./-8"=5)*5"5'-"2/%&.$"(%"0."5):5+9"/.+.&'$("
3%/"@,$)*5"'$4"A'10/)4:.6"?5." 3)$4)$:-"2/%&)4."&'+,'0+."*%$(/)0,()%$-" (%" /.'--.--" (5."*%$*.2(,'+"
3/'1.=%/<"'$4"0/%'4.$"(5."+)(./'(,/."/.&).=6"""
!
!
!
!
!
!
!
!
$ $
! H!
=$3,01&7+.0-&,$
#$$%&'()%$" *+,-(./-" *%$()$,." (%" 0." '$" )12%/('$(" 3%*,-" %3" .*%$%1)*" 4.&.+%21.$(" 2%+)*).-" )$"1'$9"
$'()%$-" KL9'//'" M" N'1+%:'$" HO!HP6" C.'4)$:" )$$%&'()%$" *+,-(./-" 4.1%$-(/'(." (5'(" /.:)%$'+"
*%$*.$(/'()%$"-(/.$:(5.$-"(5.")$$%&'()&."*'2'0)+)(9"'$4"*'$"+.'4"(%"-,**.--3,+"*%12.()()&.$.--"%$"'"
:+%0'+" +.&.+6" Q%=.&./" (5." -,**.--3,+" */.'()%$" %3" *+,-(./-" -()++" 2/.-.$(-" RKSP" '" ,$)T,." *5'++.$:." (%"
2%+)*9" 1'<./-U" '-" .33%/(-" (%" 4%" -%" /.:,+'/+9" 3')+" KA+'/<" HO!IV" WP6" ?5." 4.&.+%21.$(" %3" )$$%&'()%$"
*+,-(./-" 5'-" (5./.3%/." /.*.)&.4" 1,*5" '*'4.1)*" K7%/(./" !XXYZ" ['/+--%$" HOOYP" '$4" 2%+)*91'<./""
K\,/%2.'$"A%11)--)%$"HOOYZ"D\AB"HO!HP"'((.$()%$6";5)+."2'-(" /.-.'/*5"5'-".F'1)$.4"-2.*)'+)E.4"
-,22+9" '$4" 4.1'$48" *%++'0%/'()%$" '$4" *%12.()()%$8" (5." )$3/'-(/,*(,/." '$4" 1%0)+)(9" %3" :%%4-" '-"
*/,*)'+" 4/)&./-" 3%/" *+,-(./)$:" .33.*(-" (5." /%+." %3" *%11,$)*'(%/-" )$" ,$4./2)$$)$:" -,**.--3,+" *+,-(./"
4.&.+%21.$("5'-"/.*.)&.4"'+1%-("$%"'*'4.1)*"'((.$()%$6""
?5)-" 2'2./" 2/%&)4.-" )$)()'+" )$-):5(" (%" (5." /%+." %3" *%11,$)*'(%/-" )$" )$$%&'()%$" *+,-(./-6" #$" (5."
3%++%=)$:"-.*()%$8"(5."+)(./'(,/."/.&).="+)$<-"*+,-(./"(5.%/).-"=)(5"*%11,$)*'()%$"-(,4).-"(%"5):5+):5("
)12+)*)("/.+'()%$-"0.(=..$"(5."(=%"/.-.'/*5"3).+4-6"G'-.4"%$".-('0+)-5.4"*%11,$)*'(%/-"1%4.+-"'$4"
(5." )$-):5(-" %3" (5." +)(./'(,/." /.&).=8" '" *%$*.2(,'+" 3/'1.=%/<" 5'-" 0..$" */.'(.4" -,::.-()$:" '$"
9&>%<%>:',! 1#<#,8" '$" ?37'&%2'$%)&',! 1#<#,8" '" 4,:-$#3! 1#<#," '$4" 4)&$#@$" (%" '$'+9-." (5." /%+." %3"
*%11,$)*'(%/-" )$" )$$%&'()%$" *+,-(./-" .12)/)*'++96" ?5." 2'2./" (5.$" 2/.-.$(-" (=%" *'-." -(,4).-8" (5."
)$$%&'()%$" *+,-(./-" )$"@,$)*5" '$4" A'10/)4:.8" =5)*5" 2/.-.$(" *%$(/'-()$:" /%+.-" %3" *%11,$)*'(%/-6"
\'*5" *'-." )-" '$'+9-.4" =)(5" (5." 5.+2" %3" (5." *%$*.2(,'+" 3/'1.=%/<" 2/%&)4)$:" 4.-*/)2()&." '$4"
.F2+'$'(%/9"*%$(/)0,()%$-"(%"(5."/.-.'/*5"3).+46""
"
>?$@-0#1/0+1#$%#4-#A$
>?=$6.&,&*-.$/,7$8&.-&'&;-./'$)'+20#1$!"#&1-#2$"
?5." :.%:/'259" %3" )$$%&'()%$" -5%=-" '" *+,-(./.4" .*%$%1)*" +'$4-*'2.8" *5'/'*(./)E.4" 09" '" /.:)%$'+"
*%$*.$(/'()%$" %3" )$$%&'()&." *'2'0)+)(9" K]-5.)1" M" ^./(+./" HOOWV" HX!P6" \-('0+)-5.4" *+,-(./" (5.%/).-"
4)-*,--.4" (5)-" 25.$%1.$%$" 3/%1" 4)33./.$(" 2./-2.*()&.-" '$4" )4.$()3).4" 3'*(%/-8" =5)*5" -,22%/(" (5."
+%*'+" '::+%1./'()%$6" @'/-5'++" K!YXO8" !XHOP" )$(/%4,*.-" (5." $%()%$" %3" .F(./$'+" .*%$%1).-8" '$"
.$&)/%$1.$("*5'/'*(./)E.4"09"-<)++.4"+'0%,/8"-2.*)'+)E.4":%%4-8"3'*.J(%J3'*."*%$('*("'$4"(/,-(8"=5)*5"
.$'0+.-" -2)++J%&./-" '$4" -2'/<-" )$$%&'()&." '*()&)(96" 7%/(./" K!XXO8" !XXY8" HOOOP" 5):5+):5(-" (5."
)12%/('$*." %3" .F(./$'+" &'+,." '$4" )4.$()3).-" -,22+9" '$4" 4.1'$4" *%$4)()%$-8" *%12.()()%$" '$4"
*%++'0%/'()%$" '$4" (5." *%$(.F(" %3" (5." 3)/1" '-" 1%-(" )12%/('$(" 3%/" )$$%&'()&." *'2'0)+)(96" [/,:1'$"
K!XX_8" !XXYP" 3%*,-.-" %$" (5." 49$'1)*-" %3" /.-%,/*." '++%*'()%$" '*/%--" '*()&)().-" '$4" +%*'()%$" 09"
)4.$()39)$:"('$:)0+."'$4")$('$:)0+.":%%4-"(5'("-5'2."'"*%12+.F".*%$%1)*".$&)/%$1.$(6"?5."/.-.'/*5"
09"@'/-5'++8" 7%/(./" '$4" [/,:1'$" .-('0+)-5.4" '" -(/%$:" 3%,$4'()%$" (%" ,$4./-('$4" (5." 49$'1)*-" %3"
*+,-(./)$:J.33.*(-" '$4" )$3+,.$*.4" (5." '*'4.1)*" 2./-2.*()&." %$" 5%=" )$$%&'()%$" ('<.-" 2+'*.-6";5)+."
! I!
(5.-."2'2./-"5'&."1%-(+9"0..$"4)-*,--.4" )$" (./1-"%3" (5.)/" .*%$%1)*" *%$(/)0,()%$8" (5.9"'+-%" )12+9"
(5.")12%/('$*."%3"-%*)%+%:)*'+"'-2.*(-6"B)-*,--)$:".F(./$'+)().-8"@'/-5'++8"7%/(./"'$4"[/,:1'$"/.3./"
(%" )$3%/1'()%$" :'(5./)$:8" <$%=+.4:." -5'/)$:" '$4" (5." /.-,+()$:" /.+'()%$-" 0.(=..$" (5." '*(%/-" K'-"
-,11'/)E.4")$"?'0+."H6!P6""
"
6.&,&*-.$)'+20#1$!"#&1-#2$ %&'#$&($.&**+,-./0-&,"
9/12"/''$B=CDEF$=D>EG$ $ @'/-5'++" )$(/%4,*.-" (5." )4.'"%3" <$%=+.4:.J-2)++%&./8"
=5)*5" )-" 0'-.4" %$" (5." 3'*.J(%J3'*." *%$('*(" %3" (5."
2.%2+.6"]**%/4)$:"(%"@'/-5'++8")$4)&)4,'+-"1%&."3/%1"
3)/1"(%"3)/1"'$4".F*5'$:."<$%=+.4:."'$4")4.'-6"
H&10#1$B=DDEF$=DDCF$>EEEG$ #$" 5)-" B)'1%$4J@%4.+8" 7%/(./" 4)-*,--.-" <$%=+.4:."
'0%,("$.=")$$%&'()%$-"'$4".'/+9"2./*.2()%$-"%3"$.="
2%--)0)+)().-" 4,." (%" (5." *+%-." /.+'()%$-5)2-" 0.(=..$"
(5."'*(%/-6"
I1+;*/,$B=DDJF$=DDCG$ $ [/,:1'$`-" $%()%$" %3" *.$(/)2.('+" 3%/*.-" *'$" 0."
,$4./-(%%4" '-" .F(./$'+" .*%$%1).-8"=5)*5" '/." 0'-.4"
%$"/.+'()%$-5)2-"'$4"-5'/.4")$3%/1'()%$6""
.'=,#!ABCD!.+#!E),#!)5!4)//:&%6'$%)&!%&!F6)&)/%6!4,:-$#3!.+#)3%#-!
"
?5."-%*)%+%:)*'+"3'*(%/-8"'-"-5%=$")$"?'0+."H6!8"'/."<.2(")12+)*)("=)(5)$")$"(5.".*%$%1)*"(5.%/).-"'$4"
'/."$%(".F2+')$.4")$"4.2(56"?5)-"+.'4-"(%"'"0+,//.4",$4./-('$4)$:"%3"-%*)%+%:)*'+".F(./$'+)().-"0'-.4"
%$")$(.//.+'()%$-8"*%11%$"<$%=+.4:."'$4")$3%/1'()%$"-2)++%&./-6"a%*,-)$:"%$")$(.//.+'()%$-"=)(5)$"'"
$.(=%/<" '$4" (5." /.-,+()$:" )$3%/1'()%$" :'(5./)$:" '$4" -5'/)$:" 2/%*.--.-8" -%*)%+%:)*'+" (5.%/).-"
*%12+.1.$("(5.".*%$%1)*"2./-2.*()&."%$"*+,-(./"49$'1)*-6"b.(=%/<"?5.%/98"[$%=+.4:.JG'-.4"c).="
'$4"^'(.<..2./"d(,4).-"2/%&)4."&'+,'0+.")$-):5("(%"(5."/.-.'/*5"3).+4"'-"-5%=$")$"?'0+."H6H6"
"
8&.-&'&;-./'$)'+20#1$
!"#&1-#2$
<+0"&1$ %&'#$&($.&**+,-./0-&,$
K#0A&1L$!"#&1M$ ^/'$%&.((./"K!XIeP" A+%-."/.+'()%$-5)2-"(5'("'/."*5'/'*(./)E.4"09"-(/%$:"().-"
'/." 1%/." +)<.+9" (%" -5'/." <$%=+.4:." (5'$" (5%-." =5%"
*%11,$)*'(." )$3/.T,.$(+9" %/" =5%" '/." $%(" .1%()%$'++9"
'(('*5.46" ;.'<" ().-8" )6.6" '*T,')$('$*.-8" -,22%/(" (5."
4)33,-)%$" %3" <$%=+.4:.8" (5." */.'()%$" %3" $.="
%22%/(,$)().-"'$4"(5.".1./:.$*."%3"$.="*%++'0%/'()%$-6""
$ G,/("K!XXH8"HOO!P"
"
d(/,*(,/'+" 5%+.-" 4.3)$." 2%(.$()'+" *%$$.*()%$-" 0.(=..$"
,$)(-"(5'("'/."$%("*%$$.*(.4"'$4"+.'4"(%"$%$J/.4,$4'$("
)$3%/1'()%$8" '-" (5." -%,/*.-" '/." 1%/." '44)()&." (5'$"
%&./+'22)$:6"
I,&A'#7;#$N/2#7$O-#A$ 7%+'$9)"K!XfYP" ?'*)(" <$%=+.4:." *'$" 0." ,$4./-(%%4" '-" R$%(" *%4)3).4U"
<$%=+.4:.6"]-")("4.3).-".'-9"'/()*,+'()%$"%/"*%4)3)*'()%$8"
)(")-"4)33)*,+("(%".F*5'$:."%&./"+%$:"4)-('$*.-6"
$ ]-5.)1"M"^./(+./"
KHOOWP"
?'*)(" <$%=+.4:." 4.2.$4-" %$" -5'/.4" *%$&.$()%$-" '$4"
$%/1-" (5'(" 5'&." 0..$" 3%-(./.4" 09" '" *%11%$"
)$-()(,()%$'+" .$&)/%$1.$(" '$4" /.+).-" %$" '" 1,(,'+"
+'$:,':." '$4" *%11,$)*'()%$" *%4.-6" ?5,-" )(" )-"
(/'$-3.//.4" (5/%,:5" 3'*.J(%J3'*." )$(./'*()%$-" 0.(=..$"
)$4)&)4,'+-"
P/0#L##Q#1$80+7-#2$ B'$:8"@%/('/'8"
?5%1-%$"M"@)$-5'++"
?%" '**.--" ('*)(" <$%=+.4:." '$4" *%$(.F(J+'4.$"
)$3%/1'()%$8" R+)-(.$)$:" 2%-(-U" '/." */.'(.4" )$" %/4./" (%"
! _!
KHO!!P" 0,)+4"*5'$$.+-")$-)4."'$4"%,(-)4."(5."*+,-(./6""
$ C.E'/)*8"C%$:5)"M"
?5%1'-"KHOOYP"
^'(.<..2./-"'/."*5'/'*(./)E.4"09"(5/.."3,$*()%$-V"
!6 ?%"-.'/*5")$3%/1'()%$"3/%1".F(./$'+"-%,/*.-"
H6 ?%" (/'$-*%4." '$4" (/'$-+'(." (5." 1.'$)$:" %3"
)$3%/1'()%$6""
I6 ?%" (/'$-3./" )$3%/1'()%$" '$4" (%" 4)--.1)$'(."
'**,1,+'(.4"'$4"+%*'+"<$%=+.4:."
.'=,#!ABAD!.+#!E),#!)5!4)//:&%6'$%)&!%&!()6%),)7%6',!4,:-$#3!.+#)3%#-!
"
G%(5".*%$%1)*"'$4"-%*)%+%:)*'+"*+,-(./"(5.%/).-"5):5+):5("(5.")12%/('$*."%3"$.(=%/<)$:8"<$%=+.4:."
:'(5./)$:" '$4" )$3%/1'()%$" -5'/)$:6";5)+." .*%$%1)*" (5.%/).-" )12+9" -,*5" '*()%$" '-" :)&.$"2/%*.--.-8"
-%*)%+%:)*'+"(5.%/).-"'*<$%=+.4:."'"4.+)0./'(."'$4"%/:'$)E.4"='9"%3"*%$$.*()$:"'$4"*%11,$)*'()$:6"
^'(.<..2./"-(,4).-"2%)$("(%"(5.")12%/('$*."%3"-2.*)3)*"'*(%/-"1'$':)$:")$3%/1'()%$")$"%/4./"(%"0,)+4"
/.+'()%$-5)2-")$-)4."'$4"%,(-)4."(5."*+,-(./6"A%11,$)*'()%$"-(,4).-"5'&."'"+%$:"(/'4)()%$")$"'$'+9-)$:"
'*(%/-"=5%"2,/-,."(5.-."')1-"%$"'"2/%3.--)%$'+"0'-)-8"0,("5'&."$.&./"0..$"'22+).4"(%"(5."-(,49"%3"
*+,-(./-6" ?5)-" 4)-*)2+)$." %2.$-" $.=" 2./-2.*()&.-" %3" '$'+9-)$:" '$4" ,$4./-('$4)$:" *+,-(./" 2/%*.--.-6"
?5,-" (5." $.F(" -.*()%$" =)++" )$(/%4,*." (5." 4)33./.$(" /%+." %3" *%11,$)*'(%/-" '-" 4)-*,--.4" )$"
*%11,$)*'()%$"-(,4).-6""
$
>?>$)&**+,-./0-&,$20+7-#2$"
D/):)$'++9" *%11,$)*'()%$" -(,4).-" 3%*,-.4" %$" >%,/$'+)-18" =5)*5" 5'-" 0..$" 4.3)$.4" '-" 2,0+)*" 1'--"
*%11,$)*'()%$" (5'(" ('/:.(-" '" 0/%'4" '$4" 5.(./%:.$.%,-" ',4).$*." )$" %/4./" (%" )$3%/1" K7g/./" HOOIV"
efP6" D&./" (5." +'-(" *.$(,/98" *%/2%/'(." *%11,$)*'()%$8" .-2.*)'++9" 2,0+)*" /.+'()%$-8" :')$.4" '" +%(" %3"
'*'4.1)*"'((.$()%$6"7,0+)*"/.+'()%$-"*'$"0."'+-%",$4./-(%%4"'-"2,0+)*"*%11,$)*'()%$"0,("'44/.--.-"
4.3)$.4"-('<.5%+4./-" (%"2,/-,."-2.*)3)*"1.--':.-" Ka/h5+)*5"HOOYV"XfP6" #$" (5.)/" )$(./2+'98" >%,/$'+)-1"
'$4"2,0+)*"/.+'()%$-"('/:.("'"0/%'4"',4).$*."'$4"(5,-"-5'2."'$4")$3+,.$*."(5."2,0+)*"%2)$)%$6""
"
"#$%&'()*+*!!
?5.",$4./-('$4)$:"%3"(5.">%,/$'+)-(-`"/%+."5'-"0..$"*5'$:)$:"%&./"()1.")$"'*'4.1)*"/.-.'/*5"K7g/./"
!XXeP6" G'-.4" %$" (5." b.=-JG)'-" -(,4).-8" .'/+9" /.-.'/*5" /.:'/4.4" >%,/$'+)-(-" '-" 2%=./3,+"
R:'(.<..2./-U" =5%" 4.*)4." =5'(" )-" $.=-=%/(59" '**%/4)$:" (%" (5.)/" %=$" 2/)$*)2+.-" K@*i,')+" HO!OV"
IOXP6"a,/(5./"-(,4).-"(%%<"-%*)'+"'-2.*(-")$(%"'**%,$(V":'(.<..2)$:"'-"2'/("%3"'"2/%3.--)%$8")$3+,.$*.4"
09" -%*)'+" $%/1-" '$4" &'+,.-8" 2%+)()*'+" '$4" -%*)'+" -('$4'/4-" '$4" */)(./)'" %3" 2/%4,*()%$" -,*5" '-" ()1."
2/.--,/." %/" *%$-(/')$.4"=%/4*%,$(6" N.-.'/*5" %$" $.=-" 3'*(%/-" '$4" $.=-" &'+,.-" -(/.$:(5.$.4" (5."
2./-2.*()&."(5'(">%,/$'+)-(-"'/."$%(")-%+'(.4"'*(%/-8"0,("2'/("%3"'"-%*)'+"2/%*.--"(5'(")-")$3+,.$*.4"09"
>%,/$'+)-1" /%,()$.-" K@*i,')+" HO!OV" I!!Z" 7g/./" HOOIV" !HXP6" ?'/:.()$:" (5." 2,0+)*8" >%,/$'+)-1" 5'-"
'+='9-"0..$"'((/)0,(.4"'" -(/%$:" )12'*("%$" -%*).(9"'$4"5'-"0..$"4)-*,--.4" )$" (./1-"%3" )(-" 3/'1)$:8"
2/)1)$:"'$4"-(%/9J(.++)$:"2%(.$()'+"KQ,*<Jd'$$45,"HOOXP6"N.*.$("/.-.'/*5"'--,1.-"(5'("1'--"1.4)'"
! f!
-(/,*(,/.-" <$%=+.4:." '$4" %2)$)%$-" %3" (5." /.*)2).$(-" '$4" 4.3)$." =5'(" (5.9" 2./*.)&." '-" )12%/('$("
KNh--+./"!XXeP6"?5,-">%,/$'+)-(-"*'$"0."-..$"'-"$%(")$3+,.$*)$:"G+'$"/.*)2).$(-"(5)$<8"0,("=5'("(5.9"
(5)$<"'=):$6!
"
,$-().!/0('+)#&*!1#&*$(+'&+*!!!
B)-*,--)$:"(5.")12'*("%3">%,/$'+)-(-"%$"(5."2,0+)*"%2)$)%$8"2,0+)*"/.+'()%$-"5'-"0.*%1."2/%1)$.$(")$"
*%11,$)*'()%$"-(,4).-6"7,0+)*"/.+'()%$-")-"2./-,'-)&."*%11,$)*'()%$"3%++%=)$:"'"*./(')$"-(/'(.:9"(%"
.&%<." 2,0+)*)(9" 09" 0%(5" 3,$*()%$)$:" '-" '" -%,/*." 3%/" >%,/$'+)-1" '$4" ('/:.()$:" -('<.5%+4./-" 4)/.*(+9"
Ka/h5+)*5" HOOYP6" ]44/.--)$:" >%,/$'+)-18" 2,0+)*" /.+'()%$-" *%$-,+('$(-" 5'&." 0..$" ,$4./-(%%4" '-"
)$3+,.$()'+" '*(%/-" )$" (5."49$'1)*-"%3"2,0+)*" *%11,$)*'()%$6" \&./" -)$*."G.'/$-" K!XYfP" -(/.--.4" (5'("
2,0+)*" /.+'()%$-" *%$-,+('$(-" 4.(./1)$." >%,/$'+)-1" (5/%,:5" ()1)$:" '$4" *%$(.$(8" (5." /.+'()%$-5)2" %3"
)$3+,.$*."5'-"0..$"'"/.*,//)$:"(5.1.")$"*%11,$)*'()%$"/.-.'/*56"@%/."/.*.$("-(,4).-"-5%="'"/'(5./"
0'+'$*.4"/.+'()%$V"(5.")$(./.33)*'()%$"1%4.+"09"G.$(.+.8"C).0./("'$4"d..+)$:"K!XXeP"-5%=-"'"0)+'(./'+"
:)&." '$4" ('<." )$(.//.+'()%$" KG.$(.+.8" C).0./(" M" d..+)$:" !XXeP6" ;5)+." >%,/$'+)-(-" $..4" (5." 0'-)*"
)$3%/1'()%$"%3"2,0+)*"/.+'()%$-8"2,0+)*"/.+'()%$-"0.$.3)("09"(5."0/%'4"'$4"5.(./%:.$.%,-"',4).$*."%3"
>%,/$'+)-1" '$4" )(-" -):$)3)*'$*.6" ?5./.3%/." '$'+9-)$:" 2,0+)*" *%11,$)*'(%/-8" 0%(5" >%,/$'+)-(-" '$4"
2,0+)*"/.+'()%$-"*%$-,+('$(-"-5%,+4"0."('<.$")$(%"'**%,$(6""
"
>?R$3,,&4/0-&,$)&**+,-./0-&,$
?5."9%,$:"/.-.'/*5"3).+4")$$%&'()%$"*%11,$)*'()%$"4)-*,--.-"(5."$%()%$"%3"(5.-."2/%3.--)%$-")$"(5."
*%$(.F("%3")$$%&'()%$6"#$(/%4,*)$:"(5."*%$*.2("%3"R#$$%&'()%$"j%,/$'+)-1U")$"HOO_8"b%/43%/-"-2'/<.4"
(5."'*'4.1)*"4.0'(."'0%,("5%="*%11,$)*'()%$"1):5("'33.*(" )$$%&'()%$" )$$%&'()%$-"%/" )$$%&'()%$"
*+,-(./-" Kb%/43%/-" HOO_'Z" b%/43%/-" HOO_0Z" b%/43%/-" M" c.$(/.-*'" HOOWZ" b%/43%/-" M" L-<'+)P6" Q)-"
/.-.'/*5"5):5+):5(-"(5."+.&./':."%3"*%11,$)*'()%$")$"(=%"='9-V"j%,/$'+)-(-"-('/("'"2,0+)*"4)-*,--)%$"
'$4" (5./.09"*/.'(."'"2,0+)*"':.$4'6"a,/(5./1%/." >%,/$'+)-(-"1'9".F2+')$"*%12+.F" )$$%&'()%$-"'$4"
*/.'(." 1.'$)$:6" G,)+4)$:" %$" b%/43%/-`" /.-.'/*58" k./3'--" KHOOfP" )$(/%4,*.-" '" 0/%'4" &).=" %$"
*%11,$)*'()%$8" =5)*5" )$*+,4.-" $%(" %$+9" >%,/$'+)-1" 0,(" '+-%" 2,0+)*" /.+'()%$-" '$4" )$(./2./-%$'+"
*%11,$)*'()%$"(%"1..("(5."*5'++.$:.-"%3")$$%&'()%$"*+,-(./-6"]**%/4)$:"(%"k./3'--"(5."*%12+.F)(9"%3"
)$$%&'()%$" *+,-(./-" *'++-" 3%/" 1'$)3%+4" 2,0+)*" '$4" 0)+'(./'+" /.+'()%$-" 4/)&.$" 09" *%11,$)*'()%$6"
#$$%&'()%$">%,/$'+)-(-"'-"4.3)$.4"09"b%/43%/-"2+'9"'$")12%/('$("/%+.")$"3'*)+)('()$:")$3%/1'()%$"3+%=8"
=5)*5"'++%=-"*%++'0%/'()%$-"'$4"(5.")4.$()3)*'()%$"%3".$(/.2/.$.,/)'+"%22%/(,$)(96"#$$%&'()%$"2,0+)*"
/.+'()%$-"*%$-,+('$(-"')1"(%"-9-(.1'()*'++9"2+'$8")12+.1.$(8"'$4".&'+,'(."*%11,$)*'()%$"-(/'(.:).-"
)$"%/4./"(%"*/.'(."'$",$4./-('$4)$:"%3"'$4"(/,-(")$")$$%&'()%$-6"a)$'++9")$$%&'()%$J/.+'(.4"+.'4./-5)2"
*%11,$)*'(%/-" -..<" (%" )$3+,.$*." '(()(,4.-" (%='/4-" )$$%&'()%$-" 09" 1.4)'()$:" 1.'$)$:" )$"
'-911.(/)*'+8" -%*)'+" /.+'()%$-" Kk./3'--" HOOfV" !!P6" 73.33./1'$$" KHO!!P" 5):5+):5(-" (5." -(/'(.:)*"
! W!
2./-2.*()&." %$" *%11,$)*'()%$" 09" 4)-*,--)$:" )$$%&'()%$" *%11,$)*'()%$" '-" '" */%--J3,$*()%$'+"
49$'1)*"*'2'0)+)(9"%3"'$" )$$%&'()&."*%12'$9"%/"*+,-(./6"]-"4.3)$.4"09"?..*.".("'+6" K!XXeP"49$'1)*"
*'2'0)+)().-"'/."(5."3)/1`-"*'2'*)(9"(%")$(.:/'(.8"0,)+4"'$4"/.*%$3):,/.")$(./$'+"'$4".F(./$'+"/.-%,/*.-"
'$4" *%12.(.$*.-" (%" '44/.--" '$4" -5'2." /'2)4+9" *5'$:)$:" 0,-)$.--" .$&)/%$1.$(-" K?..*.8" 7)-'$%"M"
d5,.$"!XXeV"f!WP6"73.33./1'$$"-5%=-"(5'("*%11,$)*'(%/-"*'$"'*5).&."(5)-"')1"09")$(/%4,*)$:")4.'-"
'$4" *%$*.2(-8" :.$./'()$:" '$4" 5):5+):5()$:" *%$(.F(J)--,.-8" 2/.-.$()$:" (5." %/:'$)E'()%$`-" )$$%&'()&."
*'2'0)+)(98" 0,)+4)$:" ,2" $.=" -('<.5%+4./" -*5.1'('" %/" 1%4)39)$:" .F)-()$:" %$.-" K73.33./1'$$" HO!!V"
HWIP6"?5%,:5"73.33./1'$$`-"/.-.'/*5")-"%$+9"&'+)4"3%/"2,0+)*"/.+'()%$-"*%$-,+('$(-"l">%,/$'+)-(-"')1"3%/"
$.,(/'+" )$3%/1'()%$" l" )(" :)&.-" $.=" '$4" &'+,'0+." )$-):5(" (%" (5." /.-.'/*5" 3).+4" %3" )$$%&'()%$"
*%11,$)*'()%$6"
"
?5."2/.*.4)$:" -.*()%$-"0/%,:5(" (%:.(5./" '"4)&./-."0%49"%3" '*'4.1)*" +)(./'(,/."%$" *+,-(./" (5.%/).-"
'$4" *%11,$)*'()%$" -(,4).-" )$" %/4./" (%" 3)$4" )$(.//.+'()%$-" 0.(=..$" (5." (=%" /.-.'/*5" 3).+4-6" ?5."
*+'--)*".*%$%1)*"*+,-(./"(5.%/).-"09"@'/-5'++"K!YXO8"!XHOP8"7%/(./"K!XXO8"!XXY8"HOOOP"'$4"[/,:1'$"
K!XX_8" !XXYP" )$4)*'(." (5." )12%/('$*." %3" *%11,$)*'()%$8" =5)*5" )$3%/1-" 0,(" '+-%" *%$$.*(-" '*(%/-"
)$-)4." '$4" %,(-)4." (5." *+,-(./6" ?5." )$-):5(-" %3" b.(=%/<" ?5.%/9" K^/'$%&.((./" !XIe8" G,/(" !XXHP8"
[$%=+.4:.JG'-.4" c).=" K7%+'$9)" !XfY8" ]-5.)1" M" ^./(+./" HOOWP" '$4" ^'(.<..2./" d(,4).-" KC.E'/)*8"
C%$:5)"M"?5%1'-"HOOYP"5):5+):5("(5.")12%/('$*."%3"*%11,$)*'(%/-"=5%"0,)+4"*%$$.*()%$-"(%":'(5./"
'$4" -5'/." )$3%/1'()%$6" a,/(5./1%/." (5."9%,$:" /.-.'/*5" 3).+4" )$$%&'()%$" *%11,$)*'()%$"4)-*,--.4"
09"b%/43%/-"KHOO_'8"HOO_08"HOOXP8"k./3'--"KHOOfP"'$4"73.33./1'$$"KHO!!P"%33./-"&'+,'0+.")$-):5("'$4"
-(/.$:(5.$-" (5." 4.1'$4" 3%/" 3,/(5./" /.-.'/*5" %$" (5." *%11,$)*'(%/-" )$" )$$%&'()%$" *+,-(./-6" ?%"
'$'+9-." (5." /%+." %3" *%11,$)*'(%/-" )$" )$$%&'()%$" *+,-(./-" .12)/)*'++98" '" *%$*.2(,'+" 3/'1.=%/<" 5'-"
0..$"*/.'(.4"'$4"=)++"0.")$(/%4,*.4")$"(5."$.F("-.*()%$6""
"
R$)&,.#Q0+/'$<QQ1&/."$
R?= )&**+,-./0&1$80+7-#2$
?%")$&.-():'(."(5."/%+."%3"*%11,$)*'(%/-8"*%11,$)*'()%$"-(,4).-"2/%&)4."'"0/%'4"&'/).(9"%3"1%4.+-"
)4.$()39)$:" 3'*(%/-" )$3+,.$*)$:" (5." *%11,$)*'(%/`-" /%+.6" ?5." H%#3'36+8! )5! 9&5,:#&6#-" '22/%'*5" 09"
d5%.1'<./"'$4"N..-."K!XX!P8"(5."IG%#=#,/)>#,,"09";.)-*5.$0./:"K!XXHP8"(5."9&$#73'$%<#!0:,$%J1#<#,!
0)>#,"09"\--./"K!XXYP"'$4"(5."4,:-$#3-!)5!9&5,:#&6#-"'22/%'*5"09"7/.-(%$"KHOOXP"*%$(/)0,(."&'+,'0+."
)$-):5(" (%" (5.-." 3'*(%/-6" ?5%,:5" (5." -(,4).-" 3%++%=" 4)33./.$(" /.-.'/*5" )$(./.-(-8" (5.9" -5%=" -)1)+'/"
2'((./$-"'$4"/.*,//)$:"-.(-"%3"-(/,*(,/.-8"'-"-,11'/)E.4")$"('0+."I6!6"! "
! e!
@#4#'2$&($
3,('+#,.#$
8"&#*/L#1$S$%##2#$
B=DD=G$
T#-2."#,:#1;$
B=DD>G$
622#1$
B=DDCG$
H1#20&,$
B>EEDG$
3,7-4-7+/'$@#4#'$
"
7./-%$'+"'-2.*(-"-,*5"'-"
2/%3.--)%$'+"0'*<:/%,$4-"
'$4".F2./).$*.-8"
2/%3.--)%$'+"/%+.-"'$4"
.(5)*-8"2./-%$'+"'(()(,4.-8"
&'+,.-"'$4"0.+).3-"'$4"(5."
2%=./"=)(5)$"(5."
%/:'$)E'()%$"
"
B.1%:/'25)*"B'('8"
-%*)'+"'$4"2%+)()*'+"
%2)$)%$-8"
2./*.2()%$"%3"(5."
/%+.8")1':."%3"
/.*)2).$(8"
2/%3.--)%$'+)-1"
-%*)'+)E'()%$"
d,0>.*()&."&'+,.-8"
2%+)()*'+"'(()(,4.-8"
=%/<"1%()&'()%$8"
-.+3J2./*.2()%$8"
2/%3.--)%$'+)-1"
4.1%:/'25)*"4'('"
7./-%$'+"
*5'/'*(./)-()*-8"
0'*<:/%,$48"&'+,.-"
%3"(5."
*%11,$)*'(%/8"
4.3)$)()%$-"'$4"
2./*.2()%$"%3"
2/%3.--)%$'+"/%+.-"
9#7-/$%&+0-,#2$
@#4#'$
"
N%,()$)E.4"'$4"/.2.'(.4"
2/'*()-.-8"=5)*5"*'$"0."
&).=.4"'-"0%(5".$'0+)$:"
'$4"*%$-(/')$)$:"
D/):)$"%3"
)$3%/1'()%$8"
/.3./.$*.":/%,2-8"
2'((./$-"%3"
2/.-.$('()%$"'$4"
$.=-8"*%$-(/,*()%$"
%3"/.'+)(9".33.*(-"
'$4"/.(/%'*()&."
.33.*(-"
"
" ?'<.$J3%/":/'$(.4"
)$-()(,()%$'+"
2/'*()*.-"'$4"
$%/1-8"(5'("3/'1."
'$4"-5'2."5%="
)$4)&)4,'+-"=%/<"
'$4"3,$*()%$"=)(5)$"
*%12+.F"-.(()$:-"
U1;/,-V/0-&,/'$
@#4#'$
"
N%,()$)E.4"'$4"/.2.'(.4"
2/'*()-.-8"=5)*5"*'$"0."
&).=.4"'-"0%(5".$'0+)$:"
'$4"*%$-(/')$)$:"
\*%$%1)*'+"
)12./'()&.-8"
2%+)()*'+"
)12./'()&.-8"
%/:'$)-'()%$'+"
)12./'()&.-"'$4"
(.*5$%+%:)*'+"
)12./'()&.-"
j%0"2/%3)+.-"'$4"
2/'*()*.-8"
%/:'$)-'()%$'+"
-(/,*(,/.8"
4)-(/)0,()%$"%3"
*%12.(.$*.-8"
=%/<"2/%*.--.-8"
*%$(/%+"'$4"
(.*5$%+%:9"=)(5)$"
(5."1.4)'"
%/:'$)E'()%$"
D/:'$)E'()%$'+"
&'+,.-8"-(/'(.:)*"
:%'+-8"2%+)*).-"'$4"
2%=./"-(/,*(,/.-"%3"
(5."*%12'$9"
H&'-0-./'$S$
6.&,&*-.$@#4#'$
#$-()(,()%$-")$"-%*).(98"
:%&./$1.$(8"'4&./()-./-8"
2,0+)*"/.+'()%$-8")$3+,.$()'+"
$.=-"-%,/*.-8")$(./.-("
:/%,2-8"'$4"%(5./"1.4)'"
%/:'$)E'()%$-"
"
d%*).('+"*%$4)()%$-8"
5)-(%/)*'+"'$4"+.:'+"
3%,$4'()%$-8"
*%11,$)*'()%$"
2%+)*98"2/%3.--)%$'+"
'$4".(5)*'+"
-('$4'/4-"
\*%$%1)*"
*%$4)()%$-"%3"(5."
1.4)'"1'/<.(8"
2/.--"+'=8"-.+3J
*%$(/%+")$"1.4)'8"
.(5)*"3%,$4'()%$8"
(/'4.",$)%$-"'$4"
'--%*)'()%$-8"
.4,*'()%$"%3"
>%,/$'+)-(-"
7%+)()*'+"'$4"
.*%$%1)*"*,+(,/.8"
4)-(/)0,()%$"%3"
2%=./")$"-%*).(9$
"
)+'0+1#$S$
37#&'&;M$@#4#'$
$
d%*)'+")$(./.-("'$4"(5."
*%$-(/,*()%$"%3"1.'$)$:"
" a/..4%1"%3"(5."
2/.--"1.4)'"
5)-(%/98"
2./*.2()%$"%3"(5."
2/.--8">%,/$'+)-()*"
(/'4)()%$8"
,$4./-('$4)$:"%3"
%0>.*()&)(98"
2%+)()*'+"*,+(,/."
'$4"-%*)%J2%+)()*'+"
*%$4)()%$-"
b%/1-8"&'+,.-"'$4"
*,+(,/'+$
0'*<:/%,$4"
.'=,#!KBCD!($3:6$:3#!)5!9&5,:#&6#!1#<#,-!
"
$
! Y!
R?>$)&,.#Q0+/'$W1/*#A&1L$
G'-.4" %$" (5." )$-):5(" 2/%&)4.4" 09" (5." .-('0+)-5.4" *%11,$)*'(%/"1%4.+-8" (5." 3/'1.=%/<" *+'--)3).-"
3%,/")$3+,.$*."+.&.+-V!!
CB 9&>%<%>:',!1#<#,!
AB ?37'&%2'$%)&',!1#<#,!
KB 4,:-$#3!1#<#,!
LB 4)&$#@$!
"
M%7:3#!KBAD!.+#!E),#!)5!4)//:&%6'$)3-!%&!9&&)<'$%)&!4,:-$#3-!
"
?5."*.$(/."%3"(5."1%4.+"-5%=$")$"a):,/."I6H"2%-)()%$-"(5."/.-.'/*5")$(./.-("%3"(5."-(,498"(5."/%+."%3"
*%11,$)*'(%/-" )$" )$$%&'()%$"*+,-(./-6"?5)-" /%+." )-" )$3+,.$*.4"09" (5." +.&.+-".&%+&)$:"'/%,$4" )(V" " ?5."
)$4)&)4,'+" )$3+,.$*.-8" (5." %/:'$)E'()%$'+" )$3+,.$*.-" '$4" (5." *+,-(./" )$3+,.$*.-6" ^/'25)*'++9" (5.-."
)$3+,.$*."+.&.+-"'/."-(/,*(,/.4")$"'"(.(/'5.4/%$8"=5)*5"&)-,'+)E.-"(5."/.*)2/%*'+")$(./'*()%$"0.(=..$"
(5.16" ?5." %2.$$.--" %3" (5." +.&.+-" )-" 5):5+):5(.4" 09" (5." 4%((.4" +)$.-" (5'(" -.2'/'(." (5." +.&.+-6" ?5)-"
&)-,'+)E'()%$" %&./*%1.-" (5." 2/%0+.1-" %3" 5)./'/*59" '-" (5." )$3+,.$*." +.&.+-" ('<." 2+'*." %$" (5." -'1."
! X!
+.&.+-"'$4"(5./.3%/."'++")$(./'*(6"?5)-")$(./'*()%$"('<.-"2+'*.")$"3/%$("%3"'"-%*).('+"0'*<:/%,$48"=5)*5"
-,//%,$4-"(5." )$3+,.$*.J+.&.+-"'$4"(5."/%+."%3" (5."*%11,$)*'(%/6" #(" )$4)*'(.-"(5'(".&./9(5)$:"('<.-"
2+'*." )$" '" *./(')$" .$&)/%$1.$(" (5'(" 5'-" 0..$" .-('0+)-5.4" 09" (5." 5)-(%/)*'+8" *,+(,/'+8" 2%+)()*'+" '$4"
.*%$%1)*'+" *%$4)()%$-8" =5)*5" 5'&." (%" 0." ('<.$" )$(%" '**%,$(6" ?%:.(5./8" (5." 2&3)4)3$'(! 5040(8" (5."
6%7'&)8'+)#&'(!5040(8"(5."1($*+0%!5040("'$4"(5."1#&+09+"*/.'(."'"&'+,'0+."3/'1.=%/<"(%"'$'+9-."(5."
/%+."%3"*%11,$)*'(%/-")$")$$%&'()%$"*+,-(./-".12)/)*'++96"?5."3/'1.=%/<"%33./-"'"-(/%$:"3%,$4'()%$"
3%/"0%(5"(5."4'('":'(5./)$:"'$4"4'('"'$'+9-)$:"'-"=)++"0."4)-*,--.4")$"(5."3%++%=)$:"-.*()%$6""
$
J$9#0"&7&'&;M$$
1'*0!:+$3)0*!
]$'+9-)$:"(5."/%+."%3"*%11,$)*'(%/-")$")$$%&'()%$"*+,-(./-8"(5)-"/.-.'/*5")$*+,4.-"(=%"*'-."-(,4).-8"
@,$)*5" '$4" A'10/)4:.6" ?5.-." (=%" +%*'()%$-" 5'&." 0..$" *5%-.$" '-" &'+,'0+." .F'12+.-" (%" '$'+9-."
1'(,/.")$$%&'()%$"*+,-(./-")$"\,/%2.6";5)+."9%,$:")$$%&'()%$"*+,-(./-"-,*5"'-"C%$4%$"?.*5"A)(9"5'&."
0..$" */.'(.4" )$" /.*.$(" 9.'/-" %&./" '" -5%/(" -2'$" %3" ()1.8" (5." *+,-(./-" )$" @,$)*5" '$4" A'10/)4:."
.&%+&.4"%&./" (5." +'-("fO"9.'/-" '$4"4.&.+%2.4",$)T,."49$'1)*-8"=5)*5" *5'/'*(./)E." (5." )$$%&'()%$"
*+,-(./-" 4)-()$*()&.+96" B)-*,--)$:" 1,+()2+." *'-." -(,49" 4.-):$-8" m)$" KHOOXP" '$4" \)-.$5'/4(" K!XYXP"
5):5+):5(" (5." 0.$.3)(" %3" *%$(/'-()$:" *'-.-" (%" 1'<." -)1)+'/)().-" '$4" 4)33./.$*.-" &)-)0+.6" ;5)+." (5."
@,$)*5"*+,-(./"0.$.3)(.4"3/%1"-,0-('$()'+":%&./$1.$('+"3,$4)$:"-)$*."(5."!XXO-"'$4"*'$"(5./.3%/."
0.",$4./-(%%4"'-"'"(%2J4%=$"'22/%'*58"A'10/)4:.".&%+&.4")$4.2.$4.$(+9"3/%1"2,0+)*"3,$4)$:"'$4"
(5,-" -5%=-" '" 0%((%1J,2" '22/%'*56" G%(5" *'-.-" */.'(." 4)33./.$(" /.'+)().-" 3%/" (5." *+,-(./-" '$4" (5.)/"
1.10./-8"=5)*5")-"'$()*)2'(.4"(%")$3+,.$*."(5."/%+."%3"*%11,$)*'(%/-6"]"3,/(5./"/.'-%$"3%/"-.+.*()$:"
@,$)*5"'$4"A'10/)4:." )-"(5."'**.--)0)+)(9"(%"0%(5"/.:)%$-6"?5."/.-.'/*5./"5'-"-(,4).4"3)&."9.'/-" )$"
@,$)*5"'$4"3%,/"9.'/-")$"A'10/)4:.8"=5)*5"2/%&)4.-"5./"=)(5"'$")$J4.2(5",$4./-('$4)$:"%3"(5."(=%"
+%*'()%$-6""""
"
/0*0'%.;!<0*)7&!
?5."-.+.*()%$"%3"/.+.&'$("*%11,$)*'(%/-"%3"0%(5"*'-."-(,4).-"5'-"0..$"0'-.4"%$"(5/.."-(.2-V"
!6 ]"-9-(.1'()*"^%%:+."/.-.'/*5"0'-.4"%$"'"0/%'4"&'/).(9"%3"(5."*+,-(./-`"<.9"$'1.-"(%":.("'$"
)$)()'+"'**.--"(%"2.%2+.".$:':)$:")$"2,0+)*"*%11,$)*'()%$"'0%,("(5."*+,-(./6""
H6 A+%-." N.'4)$:" %3" (5." -.+.*(.4" 2,0+)*'()%$-" (%" :')$" 3,/(5./" )$-):5(-" (%" (5." *+,-(./-`"
*%11,$)*'(%/-6"
I6 d$%=0'++J1.(5%4-8"0'-.4"%$"3,/(5./"/.*%11.$4'()%$-"%3".'*5")$(./&).=..6""
"
D&./'++"(5."-(,49")$*+,4.-"HI")$(./&).=-"K!H"A'10/)4:."'$4"!!"@,$)*5"*%11,$)*'(%/-P"=5)*5"5'&."
0..$" *%$4,*(.4".)(5./" 3'*.J(%J3'*."%/"09" (.+.25%$."0.(=..$"@'/*5"'$4"D*(%0./"HO!I6" ?5." -.1)J
! !O!
-(/,*(,/.4")$(./&).=":,)4.+)$.")-"0'-.4"%$"(5."*'(.:%/).-"4./)&)$:"3/%1"(5."*%$*.2(,'+"3/'1.=%/<")$"
3):,/." I6H6" ?'0+." _6!" -5%=-" (5."%2./'()%$'+)E'()%$"%3" (5." )$(./&).="T,.-()%$-6" " ?5."T,.-()%$-" 5'&."
-,0-.T,.$(+9" 0..$" '//'$:.4" )$" '$" %/4./8" =5)*5" -,22%/(-" (5." $'(,/'+" 3+%=" *%&./)$:" 3%,/" T,.-()%$"
-.*()%$-V" !6"N3)5#--%)&',! 6'3##3! '&>! 6:33#&$! -$'$:-8" H6"4)//:&%6'$%)&! -$3'$#7%#-8" I6"?37'&%2'$%)&',!
-$3:6$:3#8"_6".+#!6,:-$#36""
"
@#4#'$ )/0#;&1M$ 3,('+#,.#$W/.0&12$ X+#20-&,$
3,7-4-7+/'$@#4#'$ d%*)'+)E'()%$" \4,*'()%$"
7/%3.--)%$'+"
A'/../"
Q%="4)4"9%,":.("(%"(5)-"2%-)()%$n"A%,+4"9%,":)&."
1."'"0/).3"%&./&).="%$"9%,/"2/%3.--)%$'+"*'/../n"
$ d.+3J7./*.2()%$" @%()&'()%$" Q%="=%,+4"9%,"4.-*/)0."9%,/"2/%3.--)%$'+"
1%()&'()%$n"
$ " ;%/<)$:"])1" ;5'("=%,+4"9%,"+)<."(%":)&."9%,/"/.*)2).$(-"=)(5"
9%,/"*%11,$)*'()%$n"
$ " 7./*.)&.4"d,**.--" B%"9%,"3..+"9%,"'*5).&."(5)-n"
$ " 7%=./"%3"
A%11,$)*'()%$"
Q%=")12%/('$("=%,+4"9%,"-'9")-"2,0+)*"
*%11,$)*'()%$"3%/"'"*+,-(./`-"-,**.--n"
U1;/,-V/0-&,/'$
@#4#'$
D/:'$)E'()%$'+"
d(/,*(,/."
7/%3.--)%$'+"
7%-)()%$"
A%,+4"9%,"(.++"1."1%/."'0%,("9%,/"2/%3.--)%$'+"
2%-)()%$n"
$ " 7/%3.--)%$'+"
7/'*()*.-""
A%,+4"9%,"(.++"1."1%/."'0%,("9%,/"4')+9"=%/<n"
$ " 7/%3.--)%$'+"
N%,()$.-"
;5)*5"*%11,$)*'()%$"*5'$$.+-"4%"9%,",-."(%"
2,0+)-5"9%,")$3%/1'()%$n"
$ " 7/%3.--)%$'+"
N.3./.$*.-"
Q%="4%"9%,":.("(5.")4.'-"3%/"9%,/"2,0+)*'()%$-n"
;5)*5"2,0+)*'()%$"4%"9%,"/.'4"'0%,("(5."*+,-(./n"
$ ;%/<"
A%$4)()%$-"
A%$(/%+"" #$"*%11,$)*'()%$"-(,4).-"(5./."'/."%3(.$"4.0'(.-"
'0%,(")$(./$'+"'$4".F(./$'+"*%$(/%+"%$"
2,0+)*'()%$-8"-,*5"'-"%/:'$)E'()%$'+"/.:,+'()%$-"%/"
/.T,.-(-"09"2,0+)*"/.+'()%$-6"B%"9%,".F2./).$*."
-,*5"*%$(/%+")$"9%,/">%0n"
$ " \(5)*'+"c'+,.-" ?5./."'/."1'$9"4)33./.$(".(5)*'+"&'+,.-"/.:'/4)$:"
R:%%4">%,/$'+)-1U6"A%,+4"9%,"(5)$<"%3"'$9"-2.*)3)*"
.(5)*'+"*%4.-"%/"&'+,.-"(5'(")$3+,.$*."9%,/"=%/<n"
)'+20#1$@#4#'$ b.(=%/<" 7%-)()%$" Q%="4%"9%,"*%$$.*("=)(5"-('<.5%+4./-"=)(5)$"(5."
)$$%&'()%$"*+,-(./n"
Q%="=%,+4"9%,"4.-*/)0."(5."/%+."%3"9%,/"
%/:'$)-'()%$"=)(5)$"(5."*+,-(./n"
$ " d('<.5%+4./-" ;5%"'/."9%,/"1')$"/.*)2).$(-n"K)$-)4."(5."*+,-(./8"
%,(-)4."(5."*+,-(./P"
$ " A%11,$)*'()%$" #3"9%,"(5)$<"'0%,("(5."2,0+)*"*%11,$)*'()%$"
=)(5)$"'$4"'0%,("(5."*+,-(./8"5%="=%,+4"9%,"
.&'+,'(.")(n"
A%,+4"9%,"(5)$<"%3"'$9(5)$:"(5'("*%,+4"0."
)12/%&.4n"
$ " #12'*("%3"
A%11,$)*'()%$"
#-"(5./."'$9"-(%/9"(5'("*%1.-")$(%"9%,/"1)$4"(5'("
)$3+,.$*.4"(5."*+,-(./"-(/%$:+9n""
$ \&'+,'()%$" #1':." 7,0+)*"*%11,$)*'()%$",-,'++9"+.'4-"(%"'"*./(')$"
)1':.6";%,+4"9%,"-'9"(5'("(5."*+,-(./"5'-"'"
*./(')$")1':.")$"(5."2,0+)*n"
$ " B)-()$*()&.$.--" ]$4"=5'("1'<.-"(5."*+,-(./"-2.*)'+"(%"9%,n"
.'=,#!LBCD!?*#3'$%)&',%2'$%)&!)5!$+#!%&$#3<%#G!O:#-$%)&-!!
"
$ $
! !!!
Y$W-,7-,;2$
?5)-"-.*()%$"=)++"2/.-.$("(5.")$)()'+"3)$4)$:-"%3"0%(5"*'-."-(,4).-6"a)/-("%3"'++8"(5.")$(./&).=..-"=)++"0."
2/.-.$(.46"?5.$"(5."4'('"=)++"0.".F'1)$.4"%$"(5."0'-)-"%3"(5."*%$*.2(,'+"3/'1.=%/<8"*%&./)$:"(5."
2&3)4)3$'(! 5040(8" (5." 6%7'&)8'+)#&'(! 5040(" '$4" (5." 1($*+0%! 5040(" 3%/" .'*5" *'-.6" d,0-.T,.$(+98"
)$4,*()&." (5.1.-" .1./:)$:" 3/%1" (5." 4'('"=)++" 0." )4.$()3).46" ?5.-." (5.1.-" '/." 4.2.$4.$(" %$" (5."
-2.*)3)*"1#&+09+"%3"(5."*+,-(./-8"(5."5)-(%/)*'+8"-%*)'+8"*,+(,/'+8"2%+)()*'+"'$4".*%$%1)*")$3+,.$*.-"(5'("
3%/1" (5." *+,-(./8" (5." %/:'$)E'()%$" '$4" (5,-" (5." /%+." %3" *%11,$)*'(%/-" '$4" -5'++" 0." 4)-*,--.4" 09"
*%12'/)$:"(5."*'-.-"@,$)*5"'$4"A'10/)4:.6""
"
Y?=$!"#$)&**+,-./0&12$
?5." -.+.*()%$" 2/%*.--" 4.-*/)0.4" )$" (5." 1.(5%4%+%:9" *5'2(./" )4.$()3).4" HI" /.+.&'$(" <.9"
*%11,$)*'(%/-" )$" @,$)*5" '$4" A'10/)4:.6" ?5." 3%++%=)$:" ('0+.-" :)&." '" 0/).3" %&./&).=" %$" (5."
)$(./&).=..-6"
$
=;0!>$&).;!1#??$&).'+#%*!!
9=$ @!")-"'"*%%/4)$'(%/"%3"(5.".F*.++.$*.")$)()'()&."'("'",$)&./-)(9"'$4"(5,-"/.-2%$-)0+."3%/"(5."
,$)&./-)(9`-".F*.++.$*."*+,-(./-6"Q."5%+4-"'"75B")$"2-9*5%+%:9"'$4"3%*,-.4".'/+9")$"5)-"
2/%3.--)%$'+"*'/../"%$"T,'+)(9"1'$':.1.$("%3",$)&./-)().-"'$4"/.-.'/*56""
9>$ @H")-"(5."5.'4"%3"'"/.-.'/*5")$-()(,(.`-"*%11,$)*'()%$"4.2'/(1.$(6"d5."5%+4-"'"75B")$"
0)%+%:96""
9R$ @I")-"'$".4)(%/"%3"'"/.-.'/*5")$-()(,(.`-"1':'E)$.6"d5."-(,4).4"0)%+%:9"'$4"*%12+.(.4"'"
3,/(5./".4,*'()%$"4.:/..")$">%,/$'+)-16"
9J$ @_")-"'"*%11,$)*'()%$"*%$-,+('$("%3"'",$)&./-)(96"]3(./"5./"0)%+%:9"-(,4).-"-5."=%/<.4")$"
>%,/$'+)-1"'$4"2,0+)*"/.+'()%$-"':.$*).-6"G.3%/."-('/()$:"5./"*,//.$(">%0"-5."='-"/.-2%$-)0+."
3%/"(5."2,0+)*"*%11,$)*'()%$"%3"(5.",$)&./-)(9`-".F*.++.$*."*+,-(./-6"
9Y$ @f")-"(5."5.'4"%3"'"/.-.'/*5")$-()(,(.`-"*%11,$)*'()%$"4.2'/(1.$(6"d5."-(,4).4"+)(./'(,/."
'$4"5%+4-"'"4.:/..")$"1'/<.()$:"'-"=.++6"G.-)4.-"5./"-(,4).-"-5."=%/<.4")$">%,/$'+)-1"'$4"
2,0+)*"/.+'()%$-6"""""
9Z$ @W")-"(5."*%%/4)$'(%/"%3"(5.".F*.++.$*.")$)()'()&."'("(5.",$)&./-)(96"d5."-(,4).4"-%*)%+%:9")$"
@,$)*5"'$4"C%$4%$"'$4"5%+4-"'"75B"3/%1"(5."C%$4%$"d*5%%+"%3"\*%$%1)*-6"]3(./"5./"2%-(J
4%*"'("(5.",$)&./-)(9"%3"\F.(./8"-5."-('/(.4"(%"=%/<")$"5./"*,//.$("2%-)()%$6""
9[$ @e"=%/<-")$"'"G'&'/)'$"@)$)-(/9"'$4"*%%/4)$'(.-"(5."*+,-(./")$)()'()&.6"d5."5%+4-"'"4.:/..")$"
.*%$%1)*-6""""
9C$ @Y")-"(5."*%%/4)$'(%/"3%/"(5.".F*.++.$*.")$)()'()&."%3"'"G'&'/)'$"1)$)-(/96"]3(./"5)-"75B")$"
$,(/)()%$"-*).$*."5."=%/<.4"'("(5.",$)&./-)(9")$"'$"'*'4.1)*"'$4"'+-%"'"*%%/4)$'()$:"2%-)()%$6"
Q."(5.$"*5'$:.4"(%"(5."1)$)-(/9":%("2/%1%(.4"(%"5)-"*,//.$("2%-)()%$6""
9D$ @X")-"(5."5.'4"%3"*%11,$)*'()%$"%3"'"d*).$*."7'/<6"d5."-(,4).4"0,-)$.--"'$4"*%$*.$(/'(.4"
%$"1'/<.()$:")$"5./".'/+9"*'/../6"d5."=%/<.4")$"4)33./.$("1'/<.()$:"':.$*).-"0.3%/."-5."
-('/(.4"5./"*,//.$("2%-)()%$6"
9=E$ @"!O")-"(5."*%11,$)*'()%$"*%$-,+('$("%3"'"$.(=%/<"%/:'$)E'()%$6"]3(./"5./"4.:/..")$"A,+(,/'+"
d(,4).-"'$4"'"(/')$..-5)2")$"*%11,$)*'()%$8"-5."=%/<.4"3/..+'$*.")$"4)33./.$("2,0+)*"
/.+'()%$-"2%-)()%$-6"G.3%/."-5."-('/(.4"5./"*,//.$("2%-)()%$"-5."=%/<.4")$"(5."*%11,$)*'()%$"
4.2'/(1.$("%3"'"$%$J2/%3)("%/:'$)E'()%$6""
9==$ @"!!")-"(5."5.'4"%3"*%11,$)*'()%$"%3"'"0)%(.*5$%+%:9"*+,-(./6"Q."5%+4-"'"75B")$"G)%+%:9"'$4"
=%/<.4"'-"'"3/..+'$*.">%,/$'+)-("0.3%/."-('/()$:"5)-"*,//.$("2%-)()%$")$"HOOe6""
.'=,#!PBCD!0:&%6+!4)//:&%6'$)3-!
!
! !H!
=;0!1'?-%)370!1#??$&).'+#%*!
)=$ A!")-"'"+.*(,/./"'("(5.",$)&./-)(9"'$4"5%+4-"'"75B")$"\$:)$../)$:6"G.3%/."5)-"*,//.$("2%-)()%$"
5."=%/<.4"'("'"d*).$*."7'/<"'$4"(5."\$(/.2/.$.,/-5)2"A.$(/.6"G.-)4.-"5)-"*,//.$("2%-)()%$"5."
)-"'"$%$J.F.*,()&."4)/.*(%/"'("'"d*).$*."7'/<"'$4"'"&)-)()$:"2/%3.--%/")$"j'2'$6""
)>$ AH")-"(5.".4)(%/")$"*5).3"%3"'"4')+9"2/)$("'$4"%$+)$."$.=-2'2./6""
)R$ AI")-"(5."1'$':)$:"4)/.*(%/"%3"'"d*).$*."7'/<6"Q."5%+4-"'"4.:/..")$"\$:+)-58"=%/<.4")$"
)$&.-(1.$("0'$<)$:"'$4"/'$"'"-..4"3,$4"0.3%/."5."-('/(.4"5)-"*,//.$("2%-)()%$")$"HOOY6"
)J$ A_"=/%(."'"0%%<"'0%,("(5."A'10/)4:."*+,-(./6"Q."-(,4).4"259-)*-")$"DF3%/4"'$4"=%/<.4"3%/"
',(%1%()&."*%12'$).-"'$4".$(/.2/.$.,/)'+".$(./2/)-.-")$"A'10/)4:.6"A,//.$(+9"5.")-"%$"(5."
0%'/4"%3"A'10/)4:."$.(=%/<"%/:'$)E'()%$-"'$4"'"$,10./"%3"(.*5"*%12'$).-6""""
)Y$ Af")-"(5."5.'4"%3"1'/<.()$:"'("'",$)&./-)(9`-"*%11./*)'+)E'()%$"%/:'$)E'()%$6"d5."=%/<.4")$"
/.*/,)()$:"'$4"='-")$&%+&.4")$"'"2/%>.*("%3"'"A'10/)4:."$.(=%/<)$:"%/:'$)E'()%$6"
a,/(5./1%/."-5."-.(",2"(5."\$(/.2/.$.,/-5)2"A.$(/."=)(5"A!"0.3%/."-5."-('/(.4"5./"*,//.$("
2%-)()%$6""
)Z$ AW")-"'"*%11,$)*'()%$"*%$-,+('$("'("'",$)&./-)(9`-"*%11./*)'+)E'()%$"%/:'$)E'()%$"'$4"'"
(/')$.4">%,/$'+)-(6"G.3%/."-('/()$:"5./"*,//.$(">%08"-5."=%/<.4"'-"'"3/..+'$*.">%,/$'+)-("'$4"'-"
'"2,0+)*"/.+'()%$-"*%$-,+('$(")$"(5."$%$J2/%3)("-.*(%/6""
)[$ Ae")-"'"(.*5$%+%:9">%,/$'+)-("'("'"4')+9"$.=-2'2./8"=5)*5"'+-%"2,0+)-5.-"'"(.*5$%+%:9"
1':'E)$.6"B,/)$:"5./"*'/../"-5."=%/<.4"'("-.&./'+"$.=-2'2./-"'$4"'+-%"=/%(."0%%<-6""
)C$ AY")-"'"3/..+'$*."*%11,$)*'()%$"*%$-,+('$("'("'"A'10/)4:."$.(=%/<"%/:'$)E'()%$"-)$*.")(-"
0.:)$$)$:-")$"!XXY6"G.-)4.-"5./"=%/<"-5.")-"'"3/..+'$*."*%11,$)*'()%$"*%$-,+('$("3%/"3,/(5./"
*%12'$).-6"
)D$ AX")-"'"-./)'+".$(/.2/.$.,/"'$4"0,-)$.--"'$:.+")$"A'10/)4:.6"N.*.$(+9"-5."-.(",2"'"2+'(3%/1"
3%/"(5."A'10/)4:."*+,-(./"(%"-(/.$:(5.$")(-"$.(=%/<"'$4"/.2/.-.$('()%$6"G.-)4.-"5./"2/%>.*(-"
)$"A'10/)4:."-5.")-"'+-%"%$"(5."'4&)-%/9"0%'/4"%3"?.*5"A)(96"a,/(5./1%/."-5."/.2/.-.$(-"
A'10/)4:."(%"(5."L[":%&./$1.$(6"""
)=E$ A"!O")-"(5.".4)(%/")$"*5).3"%3"'$"%$+)$."?.*5$%+%:9"G+%:6"Q."-('/(.4"5)-"*'/../"=)(5"AH"0,("
+',$*5.4"5)-"*,//.$("1.4)'"2/%>.*(")$"HO!!6"a,/(5./1%/."5."-('/(.4"(%"2,0+)-5"'"T,'/(./+9"
1':'E)$.8"=5)*5":)&.-"'$"%&./&).="%3"(5."G+%:`-"$.=-6""""
)==$ A!!"5%+4-"'"75B")$"0)%+%:9"'$4")-"'"-./)'+".$(/.2/.$.,/"'$4"0,-)$.--"'$:.+8"=5%"5'-"0..$"
)$&%+&.4")$"(5."3%,$4'()%$"%3")$3+,.$()'+"$.(=%/<"%/:'$)E'()%$-"'$4"'"-*).$*."*.$(/.")$"
A'10/)4:.6"a,/(5./1%/."5.")-"'":%&./$1.$("'4&)-%/"'$4".$:':.-")$"2/%>.*(-"(%"/.2/.-.$("
'$4"-,22%/("A'10/)4:."=)(5"AX"'$4"A!H6""
)=>$ A!H"5%+4-"'"75B")$"259-)*-"'$4")-"'"-./)'+".$(/.2/.$.,/"'$4"0,-)$.--"'$:.+")$"A'10/)4:.6"C)<."
A!!"5."='-")$&%+&.4")$"(5.".-('0+)-51.$("%3")$3+,.$()'+"$.(=%/<"%/:'$)E'()%$-"'$4"=%/<.4"3%/"
-,**.--3,+"*%12'$).-")$"A'10/)4:.6"A,//.$(+9"5.")-"%$"'"$,10./"%3")$&.-(.."*%12'$).-`"
0%'/4-"'$4"'+-%".$:':.-")$"(5."2,0+)*"2/.-.$('()%$"%3"A'10/)4:."=)(5"AX"'$4"A!!6"
.'=,#!PBAD!4'/=3%>7#!4)//:&%6'$)3-!
$
Y?>$9+,-."$$
2&3)4)3$'(!5040(!
?5." 9&>%<%>:',!1#<#,"2/%&)4.-" )$-):5("(%"(5."-%*)'+)E'()%$"'$4"-.+3J2./*.2()%$"%3" (5."*%11,$)*'(%/-6"
?5." ^./1'$" *%11,$)*'(%/-" '/." *5'/'*(./)E.4" 09" '" -(/%$:" '*'4.1)*" 0'*<:/%,$48" 5'+3" %3" (5.1"
5%+4)$:" '" 75B" )$" 0)%+%:98" 2-9*5%+%:9" '$4" $,(/)()%$" -*).$*." K@!8"@H8"@W8"@Y8"@!!P6"@H8" 5.'4" %3"
*%11,$)*'()%$"%3"'"/.-.'/*5")$-()(,(."4.-*/)0.-"(5."-2.*)3)*"-*).$*."0'*<:/%,$4"'-"R$.*.--)(9U"K@HP"
(%" *%11,$)*'(." (5." *%12+.F" (%2)*-" %3" )$$%&'()%$" '$4" -*).$*.6" Q%=.&./" $%(" %$+9" (5." <$%=+.4:."
0'*<:/%,$4"0,("'+-%"(5."(/')$)$:" )$"*%11,$)*'()%$"(.*5$)T,.-"'22.'/-" (%"0."'$" )12%/('$(" (5.1.6"
]+-%"5'+3" %3" (5."@,$)*5" *%11,$)*'(%/-" -5%="'$".4,*'()%$" )$" >%,/$'+)-1" K@I8"@_8"@f8"@X8"@!O8"
@!!P" Q'&)$:" '$" .4,*'()%$" )$" >%,/$'+)-1" '$4" *%11,$)*'()%$" )-" 5):5+9" /.:'/4.4" 09" (5."
! !I!
*%11,$)*'(%/-" '-" )(" '++%=-" (5.1" (%" *%11,$)*'(." (5." -*).$()3)*" )$$%&'()%$-" 2/%3.--)%$'++96" R?5."
2%)$(")-8"'"0)%(.*5$%+%:)-("4%.-"$%("<$%="-%"1,*5"'0%,("1'/<.()$:"'$4"*%11,$)*'()%$6"#"/.&)-."(5."
2/.--" /.+.'-.-" 3%/"9%,$:"-('/(J,2-8"'-"'"2/.--J/.+.'-." )-"4.2.$4.$("%$"'":%%4"5.'4+)$."'$4"'":%%4"
+.'4" KSPU8" .F2+')$-" (5." 5.'4" %3" *%11,$)*'()%$" %3" '" d*).$*." 7'/<8" RD(5./=)-." 9%," 4%$`(" 5'&." (5."
*5'$*." (%" :.(" (5." >%,/$'+)-(-`" '((.$()%$6" KSPU" K@" XP6" @%-(" %3" (5." *%11,$)*'(%/-" 4.-*/)0." (5.)/"
=%/<)$:" ')1" '-" (5." -,**.--3,+" 2%-)()%$)$:" %3" (5.)/" %/:'$)E'()%$" )$" '" /.:)%$'+8" $'()%$'+" '$4"
)$(./$'()%$'+"*%$(.F("K@!8"@I8"@_8"@f8"@W8"@X8"@!O8"@!!P6"RN.:'/4)$:"(5."0/'$4"%3"%,/"/.-.'/*5"
)$-()(,(.8" (5." ')1" %3" %,/" *%11,$)*'()%$" )-" (%" '*5).&." '" 4)-()$*()&." 2%-)()%$)$:"=5)*5" )-" '--%*)'(.4"
=)(5"-'3.:,'/4)$:"(5."3,(,/."%3")$$%&'()%$U"K@fP6"]":%%4"2%-)()%$"%3"(5.")$-()(,()%$")-"<.9"(%"'((/'*("
*/,*)'+"'((.$()%$"%3"2%(.$()'+"1.10./-8"*%++'0%/'(%/-8"0,("'+-%"2,0+)*"3,$4)$:6"^)&.$"(5'("1%-("%3"(5."
/.+.&'$(" )$-()(,()%$-" '/." 2'/(+9" 2,0+)*+9" 3,$4.48" )(" )-" )12%/('$(" (%" -.*,/." (5." )$&.-(1.$(6" ?5."
*%11,$)*'(%/-" %3(.$" /.3./" (%" (5." *%12.()()%$" 3%/" 3,$4)$:" 5%=.&./" '+-%" .125'-)E." (5." $..4" 3%/"
>,-()3)*'()%$" K@!8" @H8" @I8" @f8" @W8" @e8" @YP6" R7,0+)*" *%11,$)*'()%$" )-" '+='9-" )12%/('$(6" ]"
-):$)3)*'$("2'/("%3"%,/"1%$.9")-"2,0+)*+9"3,$4.46";."'/."'**%,$('0+."(%"(5."2,0+)*"(%".F2+')$"5%="=."
-2.$4" (5." 1%$.9U" K@IP6" A%11,$)*'(%/-" 2,/-,." (%" .F2+')$" 5%=" (5." )$$%&'()%$-" 1'9" '*()&.+9"
)$3+,.$*."%,/"+)&.-8"'-"(5.9"%3(.$"-..1"(%"'0-(/'*("'$4"*%12+.F"(%",$4./-('$46"R#(")-",-.3,+"-*).$*.8"
-*).$*." (5'(" /.'++9" 5.+2-" 2.%2+.U" K@fP6" ?5.)/" '10)()%$" (%" 4.-*/)0." (5." )12%/('$*." %3" (5.)/"
)$-()(,()%$`-"'*()&)(9" +.'4-"(%"(5.)/"1%()&'()%$8"=5)*5"*'$"0."-..$"'-":.$./'++9"&./9"5):56"^)&.$"(5'("
5'+3"%3"(5."*%11,$)*'(%/-"*%1."3/%1"'"*%11./*)'+"*%11,$)*'()%$"3).+4"K@I8"@_8"@f8"@X8"@!OP8"
(5.9".125'-)E."(5.)/".$(5,-)'-1"3%/"$%$J*%11./*)'+"*%11,$)*'()%$6"R]("'"*./(')$"2%)$(")$"19"+)3.8"#"
4.*)4.4"(5'("#"4%$`("='$("(%"=%/<")$"(5."*%11./*)'+"*%11,$)*'()%$"3).+4"'$91%/.8"'-"9%,"'/."&./9"
*+%-."(%"9%,/"*%11,$)*'()%$"*%$(.$(6U"K@!OP"b%"1'((./")3"(5."*%11,$)*'(%/-".F2./).$*.4"4)33./.$("
=%/<"-)(,'()%$-"%/"4.*)4.4"3/%1"(5."0.:)$$)$:"(%"=%/<")$"(5."-*).$*."3).+48"(5.9"-5%="&./9"5):5"=%/<"
*%$(.$(1.$(6";%/<)$:" )$"'"G'&'/)'$"1)$)-(/98" (5."5.'4"%3"4)&)-)%$"4.-*/)0.-"5)-"2/%3.--)%$"'-" R(5."
0.-("1)$)-(/9" %3" (5." :%&./$1.$(6" #(" )-" '0%,(" 9%,$:8"1%()&'(.4" '*'4.1)*-8" =5%" '/." *%11)((.4" (%"
=%/<6" KSP"N.-.'/*5" )-"'0%,(" -.+3J1%()&'()%$8"'*5).&.1.$("%/).$('()%$8" *,/)%-)(98"=)++)$:$.--" (%" ('<."
/)-<-"'$4"'+-%"4.'+)$:"=)(5" 3')+,/."'$4"*%12.()()%$6" KSP"?5)-" )-"0.',()3,+"&%*'0,+'/9"'$4"(5./.3%/." #"
'1"&./9"5'229"5./.6U"K@YP"
!
6%7'&)8'+)#&'(!5040("
?5."?37'&%2'$%)&',!1#<#,"-5.4-"+):5("%$"(5."2/%3.--)%$'+"-(/,*(,/."(5."*%11,$)*'(%/-"'/.")$&%+&.4")$"
=5)*5"3%/1"(5.)/"=%/<"*%$4)()%$-6"]$'+9-)$:"(5."2/%3.--)%$'+"2%-)()%$-"%3"(5."@,$)*5"*%11,$)*'(%/-"
)("0.*%1.-"*+.'/"(5'("(5.9"'/.".12+%9.4")$"0):"%/:'$)E'()%$-8"(5./.")-"$%"-.+3J.12+%9.4"%/"3/..+'$*."
*%11,$)*'(%/6" b%()*.'0+9" '+1%-(" '++" *%11,$)*'(%/-" )$" @,$)*5" =%/<" )$" %/:'$)E'()%$'+"
*%11,$)*'()%$8" %$+9" @I" =/)(.-" (5." 1':'E)$." %3" '" /.-.'/*5" )$-()(,()%$6" ?5,-" *%%/4)$'()%$" '$4"
! !_!
%/:'$)E'()%$'+"('-<-"2+'9"'$" )12%/('$("/%+.6"@%-("%3"(5."*%11,$)*'(%/-"'/."2%-)()%$.4")$"*%12+.F8"
5)./'/*5)*'+")$-()(,()%$-8"-,*5"'-"0):",$)&./-)().-8"4.*.$(/'+)E.4"/.-.'/*5")$-()(,(.-"%/"1)$)-(/).-"K@!8"
@H8"@I8"@_8"@f8"@W8"@e8"@YP6"?5)-"0.*%1.-"&)-)0+."=5.$"('+<)$:"'0%,("(5.)/"2/%3.--)%$'+"2/'*()*.-"
-,*5"'-"*%%/4)$'()%$"'$4"*%11,$)*'()%$"(%"(5.")$-)4."%3"(5.)/"%/:'$)E'()%$6"R#$"19"2%-)()%$8")$(./$'+"
*%11,$)*'()%$"(%"19"4)&)-)%$8"(%"%(5./"4)&)-)%$-8")$"-,*5"'"0):"'41)$)-(/'()%$")-".F(/.1.+9")12%/('$("
'-" -('(.-" %3" )$3%/1'()%$" '/." -('(.-" %3" 1%()&'()%$U" K@YP6" ?5,-" (5./." )-" '" *+%-." $.(=%/<" )$-)4."
%/:'$)E'()%$-8"=5)*5" )-" 0'-.4" %$"1..()$:-8" ':/..1.$(-" '$4" :.(()$:" '22/%&'+-" K@!8"@_8"@W8"@YP6"
;5'(" :.(-" 2,0+)-5.4" )-" ,-,'++9" $%(" %$+9" (5." *%11,$)*'(%/`-" 4.*)-)%$" 0,(" )$3+,.$*.4" 09" 3,/(5./"
:/%,2-6";5)+."*%11,$)*'(%/-"%3"/.-.'/*5")$-()(,(.-"1.$()%$"(5'("*%++'0%/'()$:"*%12'$).-"%3(.$"-.("
,2" ':/..1.$(-" $%(" (%" *%11,$)*'(." )$" 2,0+)*" '0%,(" (5.)/" 2/%>.*(-8" *%11,$)*'(%/-" %3" ,$)&./-)().-"
/.3./" (%" -*).$()-(-" ')1)$:" (%" :.(" 2,0+)-5.4" )$" 3,++" +.$:(56" R?5.-." '/." -)(,'()%$-" =5)*5" /.T,)/." '"
=)++)$:$.--" (%" *%12/%1)-." %$" 0%(5" -)4.-8U" .F2+')$-" (5." *%11,$)*'()%$" *%$-,+('$(" %3" '" ,$)&./-)(9"
K@_P6"]"*/,*)'+"4/)&./"3%/"2,0+)-5)$:")$$%&'()%$"'$4"-*).$*.")-"(5."*,//.$("':.$4'")$"(5."$.=-6"R;."
'/." $%(" ':.$4'" -.((./-6";." 5'&." (%" 4%" ':.$4'" -,/3)$:6" m%," '+='9-" 5'&." (%" +%%<"=5)*5" (%2)*-" '/."
*,//.$(+9"=%/<)$:"'$4"=5'("=."*'$"*%$(/)0,(.6"a%/".F'12+."a,<,-5)1'6"?5'("%33./.4"'"=)4."/'$:."%3"
2%--)0)+)().-" (%" 2,0+)-5" (5." =5%+." -*).$*." %3" *5.1)-(/9" )$" (5." *%$(.F(" %3" -(%/':." '$4" .$./:9"
(.*5$%+%:9U8" .F2+')$-" (5." 5.'4" %3" '" /.-.'/*5" )$-()(,()%$`-" *%11,$)*'()%$" 4.2'/(1.$(" K@HP6" b.=-"
:.(-"2,0+)-5.4"&)'"4)33./.$("*5'$$.+-8"%/:'$)E'()%$'+"1':'E)$.-" K@H8"@I8"@_8"@f8"@XP8"$.=-+.((./"
'$4"2/.--"/.+.'-.-"K@H8"@I8"@_8"@f8"@X8"@!O8"@!!P8"/.2%/(-"K@W8"@YP8"'$4"%$+)$."*%11,$)*'()%$"
K@H8"@I8"@_8"@f8"@e8"@X8"@!O8"@!!P6"?5.-."2,0+)*'()%$-"'/."'+-%"(5."1')$"-%,/*."(%"-('9")$3%/1.4"
'0%,("*,//.$("'*()&)().-")$"(5."@,$)*5")$$%&'()%$"/.:)%$"3%/"(5."*%11,$)*'(%/-8"'-"@,$)*5"4%.-"$%("
5'&." '" $.=-2'2./8" 1':'E)$." %/" G+%:8" /.2%/()$:" '0%,(" (5." )$$%&'()%$" /.:)%$6" ?5,-" 2,0+)*"
*%11,$)*'()%$" '+='9-" )-" 2/.-.$(.4" 3/%1" '" -2.*)3)*" 2./-2.*()&." 3%++%=)$:" -2.*)3)*" -(/'(.:).-" '$4"
')1-6""
"
1($*+0%!5040(!
?5." 4,:-$#3! 1#<#," 2/%&)4.-" )$-):5(" (%" (5." $.(=%/<" %3" (5." *%11,$)*'(%/`-" )$-()(,()%$" '$4" (%" (5."
.&'+,'()%$" %3" (5." /.:)%$6" D$." %3" (5." 1%-(" -(/)<)$:" 3)$4)$:-" )-" (5." 3'*(" (5'(" *%11,$)*'(%/-" 4%$`("
2./*.)&."(%"0."2'/("%3"'"*+,-(./"K@H8"@I8"@_8"@f8"@e8"@Y8"@"!OP6"?5."(./1"R*+,-(./U"'22.'/-"(%"0."
,-.4" )$"'"&./9"4)33./.$("$%()%$"(5'$" )$"\$:+)-5"-2.'<)$:"*%,$(/).-6" R?5."*%$3,-)%$"4./)&.-" 3/%1"(5."
$'//%="4.3)$)()%$"%3"(5."2%+)*).-8"(5'("-.(",2"&./9"*%$*/.(."3,$4)$:"2/%&)-)%$-"3%/"*+,-(./-U8".F2+')$-"
@H8" R-%"9%,"'/." /):5(" /.3.//)$:" /'(5./" (%"'$" R)$$%&'()%$" /.:)%$6U" K@HP6";5)+." (5." (./1"R*+,-(./U" )-"
,$4./-(%%4")$"(./1-"%3"(5."d('(."'$4"a.4./'+"2%+)*).-"=5)*5".-('0+)-5.4"(5."RA+,-(./"D33.$-)&.U8"R(5."
A+,-(./" #$)()'()&.U" '$4" (5." R\F*.++.$*." A+,-(./-U8" (5." (./1)$%+%:9" R)$$%&'()%$" /.:)%$U" )-" =.++"
,$4./-(%%4"'$4"'**.2(.46"Q%=.&./"(5."*%11,$)*'(%/-"-()++" /.3,-."(5." )4.'"%3"'"*%11%$"$.(=%/<6"
! !f!
R?5./.")-"$%"-,*5"(5)$:"'-"(5."0/'$4"R)$$%&'()%$"/.:)%$"@,$)*5U6"?5'("=%,+4"1'<."9%,"-'9"R;."'/."
@,$)*5U8"(5./.")-"$%"2/.--,/."(%",$)(."'$4"*%12.(."':')$-("-%1.0%49"'-"%$.",$)%$6"D,/"-)(,'()%$")-"
(%%" :%%48"=."4%$`(" 5'&." *%11%$".$.19" (5'("=%,+4"1'<.",-" *%++'0%/'(.6" ?5./." )-" $%" )$*.$()&.8U"
.F2+')$-" (5." 5.'4" %3" '" 1)$)-(/9`-" 4)&)-)%$" K@YP6" ?5%,:5" )(" 0.*%1.-" *+.'/" (5'(" (5./." )-" $%" -5'/.4"
)4.$()(9"%3" (5."@,$)*5" )$$%&'()%$" /.:)%$8" (5."*%11,$)*'(%/-" /.3./" (%"4)&./-."*%++'0%/'()%$-" )$-)4."
(5."*+,-(./6"?5."*%10)$'()%$"%3",$)&./-)(9"'$4"$%$J,$)&./-)(9"/.-.'/*5")$-()(,(.-".-('0+)-5.-"'"3./()+."
3%,$4'()%$"3%/"-*).$()3)*"*%++'0%/'()%$-6"]++"*%11,$)*'(%/-"/.3./-"(%"-,*5"'"*%++'0%/'()%$")$"4)33./.$("
*%$(.F(-"K@!"J"@!!P"a,/(5./1%/."-,**.--3,+"*%12'$).-"'/."%3(.$"$'1.4"'-"*%++'0%/'()$:"2'/($./-")$"
'*'4.1)*"0,("'+-%")$4,-(/)'+"(./1-"RG@;8"d).1.$-8"(5.9"'++"*%%2./'(.U"4.-*/)0.-"(5."*%%/4)$'(%/"%3"
'" ,$)&./-)(98" R(5./." )-" '" /.*)2/%*'+" 3./()+)E'()%$" '$4" '" -(/%$:8" *+%-." *%$$.*()%$U" K@!P6" G,(" (5."
*%11,$)*'(%/-`"*%++'0%/'()%$-"/.'*5"0.9%$4"@,$)*5`-":.%:/'25)*"0%,$4'/).-6"@H".125'-)E.-"(5'("
-5." '+='9-" 5'-" (%" +%%<" 3%/" R(5." 0.-(8" (5."1%-(" '4&'$*.48" (5."1%-(" .F*)()$:8" (5."1%-(" 2/%1)-)$:U"
*%++'0%/'()%$" 2'/($./" '$4" $%(" 3%/" (5." *+%-.-(" K@HP6" ?5." $'()%$'+" '$4" )$(./$'()%$'+" %,(/.'*5" /.3./-"
0'*<" (%" (5."')1"(%"2%-)()%$"@,$)*5"-,**.--3,++9" )$"'":+%0'+" *%$(.F("'$4" /.3+.*(-"'+-%" (5."2./*.)&.4"
)1':."%3"@,$)*56"R@,$)*5")-"&./9"'((/'*()&."'$4"/.-.'/*5")$(.$-)&.6"#"(5)$<"(5'("@,$)*5`-"*%12'$).-"
'$4"/.-.'/*5")$-()(,()%$-"'/."'+-%"2./*.)&.4"+)<."(5'("3/%1"'$".F(./$'+"2./-2.*()&.6"Q%=.&./"(5.9"'/."
$%("2./*.)&.4"'-"2'/("%3"'"*+,-(./"0,("%$"(5.)/"%=$"'-"5):5+9")$$%&'()&."'$4"*,(()$:J.4:.6U"?5."4,:-$#3!
1#<#,"-5%=-"(5'("@,$)*5")-"'"=.++J*%$$.*(.4"+%*'()%$8"=5)*5"4%.-"$%("2,/-,."'"-5'/.4"&)-)%$"(%"(5."
)$-)4."%/"'"*%11%$"/.2/.-.$('()%$"(%"(5."%,(-)4."
"
Y?R$)/*:1-7;#$$
2&3)4)3$'(!5040(!!
?5." 9&>%<%>:',!1#<#,"-5%=-"(5'("(5.".4,*'()%$"'$4"(5."*'/../"%3"A'10/)4:."*%11,$)*'(%/-8" )-"&./9"
4)&./-.V";5)+."(5."*%11,$)*'(%/-"=5%"=%/<" )$"%/:'$)E'()%$'+"*%11,$)*'()%$"*%1."3/%1"4)33./.$("
0'*<:/%,$4-" +)<." .$:)$../)$:" KA!P8" \$:+)-5" KAIP8" >%,/$'+)-1" -(,4).-" KAWP8" 0)%+%:9" KA!!P" %/" 259-)*-"
KA!HP8"(5."*%11,$)*'(%/-"=%/<)$:")$">%,/$'+)-1"/.3./"(%"*+'--)*">%,/$'+)-()*".F2./).$*.-"KAH8"Ae8"A!OP6"
?5,-"(5."%/:'$)E'()%$'+"*%11,$)*'(%/-"(92)*'++9"4.-*/)0."(5.)/"*'/../-"'-"RT,)(."&'/).48"'$4"#"-,-2.*("
(5'(" )-"'$"'4&'$(':."/,$$)$:"'$")$*,0'(%/"0.*',-.")(" )-"&./9"1,*5"'":.$./'+"1'$':.1.$("2%-)()%$8"
(5'(" )-"9%,"5'&." (%"0."'0+." (%" (,/$"9%,/"5'$4"%$"1%-(" (5)$:-U".F2+')$-" (5."1'$':)$:"4)/.*(%/"%3"'"
-*).$*." 2'/<" KAIP6" ?5." 0/%'4" *'/../-" /.&.'+" (5'(" 1'$9" *%11,$)*'(%/-" =%/<.4" )$" 4)33./.$("
2/%3.--)%$'+"2%-)()%$-"=)(5)$"(5."A'10/)4:."*+,-(./6"?5.">%,/$'+)-("A!O"/.3./-"(%"5'&)$:"=%/<.4"=)(5"
>%,/$'+)-(" AH8" (5%,:5" (5.9" '/." $%=" 0'-.4" )$" 4)33./.$(" $.=-2'2./-6" A!" =%/<.4" =)(5" AI" '$4" Af" )$"
4)33./.$("-(':.-"%3"5)-"*'/../")$"*%11,$)*'()%$"'$4"1'$':.1.$("2%-)()%$-6"a,/(5./1%/."AX8"A!!"'$4"
A!H"*,//.$(+9"=%/<"%$"'"*%11%$"2/%>.*("(%"-(/.$:(5.$"(5."2,0+)*"*%11,$)*'()%$"%3"A'10/)4:.6"?5."
*+%-." /.+'()%$-5)2-" )$" (5.)/" 2'-(" %/" /.*.$(" *'/../-" '/." '" -(/)<)$:" 3.'(,/." %3" (5." A'10/)4:."
! !W!
*%11,$)*'(%/-6" ?5." -(/%$:" $.(=%/<-" )$" A'10/)4:." )$3+,.$*." (5." *%11,$)*'(%/-`" =%/<)$:" ')1-"
-):$)3)*'$(+96" a%/" '+1%-(" '++" *%11,$)*'(%/-" (5." 3'*)+)('()%$" %3" *%++'0%/'()%$-" )-" %$." %3" (5." 1')$"
=%/<)$:" ')1-" KA!8" AH8" AI8" Af8" AW8" AY" J" A!HP6"]"$.(=%/<"%33)*./" .F2+')$-" (5'(" R2.%2+."=%/<" )$" -)+%-6"
?5.9" (.$4"$%(" (%" *%11,$)*'(."=)(5".'*5"%(5./6" d%"5./.`-"'"$%()%$"'$4" #" (5)$<" (5)-" )-" (5."='9" (5."
$.(=%/<"5'-"'+='9-"=%/<.48")-"(%"*/%--J3./()+)-.6"?%"1'<."-,/."(5'("-%1.%$.")$"0)%(.*5")-"('+<)$:"(%"
-%1.%$.")$"#A?6"d%"0/.'<)$:"4%=$"0%,$4'/).-8"(5'(`-"(5."*%/."%3"(5."*%11,$)*'()%$U"KAYP6"G,("$%("
%$+9"$.(=%/<)$:"%33)*./-8"=5%"'/." '*()&.+9" .$:':.4" )$" (5."2/%*.--"%3" +)$<)$:".$()().-"4.-*/)0." (5.)/"
')1"'-"*%$$.*()$:"(5."*+,-(./`-"1.10./-6"]+-%"'$".4)(%/")$J*5).3"%3"4')+9"$.=-2'2./-".125'-)E.-"R09"
2,0+)*)-)$:" *%12'$).-" '$4" (5.)/" /%+." KSP"=."'*(.4"'-" '" *'('+9-(" 3%/" *%++'0%/'()%$"'$4"'+-%" )$"1'$9"
)$-('$*.-" )$" (.*5$%+%:9" *%$&./:.$*.6" KSP" =.`&." " >%)$.4" ,2" (5." *%12'$).-" )$" (5." A'10/)4:."
*%11,$)(9"'$4"1'4."(5.1"'$")4.$()3)'0+."*+,-(./U"KAHP6"d,*5"-('(.1.$(-"5):5+):5("(5.")12%/('$*.8"
=5)*5" )-" '((/)0,(.4" (%" 2,0+)*" *%11,$)*'()%$6" A%11,$)*'()%$" )-" -..$" '-" (5." 3%,$4'()%$" 3%/"
*%++'0%/'()%$8" -5'/)$:" )$3%/1'()%$" '$4" <$%=+.4:." )$-)4." '$4" %,(-)4." (5." *+,-(./6" ?5." 5.'4" %3"
*%11,$)*'()%$" %3" '" ,$)&./-)(9" *%11./*)'+)E'()%$" %/:'$)E'()%$" 1.$()%$-" R3%/" A'10/)4:." '$4" (5."
*+,-(./8"(%":.("(5.")$3%/1'()%$"%,("(5./.")-"<.96"m%,"5'&."2.%2+."3/%1"'++"'/%,$4"(5."=%/+4"(5'("'/."
*%1)$:" (%" A'10/)4:." '$4" -%1."%3" (5.1"'/." *%1)$:" )$" (%" )$&.-(6" ?5'(`-" 0.*',-." (5.9" '/." 5.'/)$:"
'0%,(")(8"'$4"(5.9"'/."5.'/)$:"(5."2%-)()&."$.=-U"KAfP6""
"
6%7'&)8'+)#&'(!5040(!!
?5."?37'&%2'$%)&',! 1#<#,"2/%&)4.-" )$-):5("%$" (5."2/%3.--)%$'+" -(/,*(,/."'$4" (5."=%/<"*%$4)()%$-"%3"
(5."A'10/)4:."*%11,$)*'(%/-6"?5."2/%3.--)%$'+"2%-)()%$-"'22.'/" (%"0."&./9"4)&./-."'$4"1'$)3%+48"
%$+9" 5'+3" %3" (5." /.+.&'$(" '*(%/-" '/." 5%+4)$:" '" *%11,$)*'()%$" >%0" )$" >%,/$'+)-1" KAH8" Ae8" A!OP" %/"
*%/2%/'(."*%11,$)*'()%$" KAf8"AW8"AYP8" (5."%(5./"5'+3".$:':.-" )$"1'$':.1.$("2%-)()%$-8"'*'4.1)*"
2%-)()%$8" .$(/.2/.$.,/-5)2" '$4" *'2)('+" &.$(,/." 3,$4-" KA!8" AI8" A_8" AX8" A!!8" A!HP6" a,/(5./1%/." )(" )-"
-(/)<)$:"(5'("1'$9"*%11,$)*'(%/-".$:':.")$"1,+()2+."2/%3.--)%$'+"'*()&)().-"KA!8"AI8"A_8"AY8"AX8"A!!8"
A!HP6"R#"5'&."(5/..">%0-8U".F2+')$-"'",$)&./-)(9"+.*(,/./8"R%$.")-8"#"'1"'"+.*(,/./"'("(5.",$)&./-)(96"]$4"
(5.$" #" '1"'" $%$J.F.*,()&." 4)/.*(%/" %3" '" -*).$*."2'/<6" ]$4" (5)/4" #" '1"'" &)-)()$:" 2/%3.--%/" )$" j'2'$6"
?5%-." (5/.." (5)$:-" #" '1"2')4" (%"4%8" (5./."'/."'" +%("%3"%(5./" (5)$:-" (5'(" 3)("=)(5)$" (5%-." (5/..8" +)<."
/,$$)$:" (5." \$(./2/)-." b.(=%/<8" -,22%/()$:" (5." )J?.'1-" '$4" '++" (5'(U" K@!P6" ?5." 2/%3.--)%$'+"
'*()&)().-" -5%=" (5'(" (5'(" '" -):$)3)*'$(" $,10./" %3" *%11,$)*'(%/-" .$:':." )$" 4)33./.$(" 2/%>.*(-" %$" '"
.$(/.2/.$.,/)'+" 0'-)-6" ]" -./)'+" .$(/.2/.$.,/" '$4" 0,-)$.--" '$:.+" 4.-*/)0.-" 5)-" :%&./$1.$('+"
*%$-,+()$:" )$" (./1-" %3" A'10/)4:." '-" R-%1.()1.-" #" :%" (%" b,10./" !O6" d%1.()1.-" #" :%" '$4" ('+<" (%"
?/.'-,/96" d%1.()1.-" #" :%" '$4" ('+<" (%" %(5./" 2.%2+." '0%,(" -%1." %3" (5.-." )4.'-8" 0,(" (5./.`-" $%"
2/%:/'11.6"?5./.`-"$%"2+'$6U"KA!!P6";%/<)$:"%$"'"/'(5./"3/.."'$4"3+.F)0+."0'-)-8"(5."*%11,$)*'(%/-"
/.3./"(%"2+'$-8"=5)*5"5):5+):5("(5.)/"*'2'0)+)(9"(%"/.'*("-2%$('$.%,-+9"(%"$.="*5'++.$:.-6"B)-*,--)$:"
! !e!
'0%,(" 1%/." -(/'(.:)*" *%11,$)*'()%$" 3%/" *+,-(./-8" '" -./)'+" .$(/.2/.$.,/" '$4" *'2)('+" &.$(,/." 3,$4"
)$&.-(%/"1.$()%$-"R#" (5)$<"(%"4%"(5'(" )$"A'10/)4:." )$"2'/()*,+'/" )-"'":%%4" )4.'8"'$4" #" (5)$<"=.`++"4%"
-%1.(5)$:" '0%,(" )(6";.`++" -('/(" -%1.(5)$:" '0%,(" )(U" KA!HP6" b.=" '*()&)().-" '$4" 2/%>.*(-" '/." 3%/1.4"
-2%$('$.%,-+9"'$4"0'-.4"%$" (5."4)&./-." )$-):5(-"4./)&)$:" 3/%1"(5.)/"4)&./-.".$:':.1.$(-6"?5%,:5"
(5."2/%3.--)%$'+"'*()&)().-"-..1"=)4.-2/.'4"'$4"1'$)3%+48"(5.9"'++"2,/-,."(5."')1"(%"-(/.$:(5.$"(5."
*%11,$)*'()%$"'0%,("A'10/)4:.6"R#"(5)$<"'$4"#"5%2.8"(5'(">,-("'0%,(".&./9(5)$:"(5'("#"4%8"%$."='9"
%/"'$%(5./8"4%.-"*%1."(%:.(5./"'-"'"/.'-%$'0+9"*%5./.$("=5%+.6"?5."/.-.'/*5")$(%"5%=")$$%&'()%$")-"
*%$4,*(.4" )$"%(5./"*%,$(/).-8" (5."Ld8" #-/'.+8"^./1'$98"5'-"0..$"&./9" )12%/('$(" )$":)&)$:"1." )4.'-"
'0%,("5%="=."*'$")12/%&."=5'("=."4%"5./.8"'$4"9%,"(/9"(%",$4./-('$4"(5."0)::./"2)*(,/.U8".F2+')$-"
'"1'$':)$:"4)/.*(%/"%3"'"-*).$*."2'/<"KAIP6"A'10/)4:."*%11,$)*'(%/-"2,0+)-5"(5.)/"$.=-"&)'"&'/)%,-"
*%11,$)*'()%$"*5'$$.+-8"-,*5"'-"$.=-2'2./-"KAH8"AYP8"G+%:-"KA!8"A!OP8"/.2%/(-"KA!8"A!HP8"0%%<-"KA_P8"
1':'E)$.-"KAe8"A!OP8"$.=-+.((./-"'$4"2/.--"/.+.'-.-"KAI8"Af8"AW8"AYP"'$4"%$+)$."*%11,$)*'()%$"KA!8"
AH8"AI8"Af8"AW8"AY8"A!OP6"^)&.$"(5."0/%'4"/'$:."%3"2,0+)*'()%$-8"A'10/)4:."1.4)'"2/%&)4.-"$%("%$+9"
%/:'$)E'()%$'+" -(/'(.:)*" *%11,$)*'()%$" 0,(" '+-%" >%,/$'+)-()*" /.2%/()$:" =5)*5" 2,/-,.-" '" /'(5./"
$.,(/'+8"4.-*/)2()&."='9"%3"*%11,$)*'()$:6""
"
1($*+0%!5040(!
d5.44)$:" +):5("%$" (5."$.(=%/<"%3" (5."*%11,$)*'(%/-"'$4" (5.".&'+,'()%$"%3" (5." /.:)%$8" (5."4,:-$#3!
1#<#,"5):5+):5(-"(5."*+%-."$.(=%/<"(5'("*5'/'*(./)E.-"A'10/)4:.6"?5."*%11,$)*'(%/-"/.3./"(%"'"+%("%3"
1'$)3%+4"*%++'0%/'()%$-"=)(5)$"'*'4.1)'"'$4"0.(=..$"'*'4.1)'"'$4")$4,-(/9"KA!8"AH8"AI8"A_8"Af8"AW8"
AY8"AXP6"?5.",$)&./-)(9"2+'9-"'"-):$)3)*'$("/%+.")$"(5.-."*%++'0%/'()%$-8"'-")(")-"(5."2+'*."%3"*,(()$:J.4:."
-*).$*.8" (5." 2+'*." =5./." .$(/.2/.$.,/)'+" -('/(J,2-" .&%+&." '$4" (5." 2+'*." =5./." 5):5+9" T,'+)3).4"
.12+%9..-"*%1."3/%1"(%">%)$".-('0+)-5.4"*%12'$).-")$"A'10/)4:.6";5)+."(5."%,(-)4."2./-2.*()&."%$"
A'10/)4:." )-" 2./*.)&.4" '-" 0.)$:" '++" '0%,(" (5." ,$)&./-)(98" (5." )$-)4." 2./-2.*()&." )-" 3%*,-.4" %$" (5."
*%10)$'()%$" %3" '*'4.1)'" '$4" )$4,-(/9" KAIP6" RG.3%/." !XWO8" A'10/)4:." ='-" '"1'/<.(" (%=$" =)(5" '"
=%/+4J3'1%,-" ,$)&./-)(96" ?%4'9" )(`-" '" 1'/<.(" (%=$8" =)(5" '" =%/+4J3'1%,-" ,$)&./-)(9" '$4" '" =%/+4J
3'1%,-"*+,-(./"%3"(.*5$%+%:9"*%12'$).-U8"-,11'/)E.-"A_6"?5."*%11,$)*'(%/-")4.$()39"-(/%$:+9"=)(5"
(5.")4.'"%3"(5."A'10/)4:."*+,-(./"'$4"0.)$:"'"2'/("%3")(6""R#"(5)$<"=."/.*%:$)E."5./."(5'("'"+'/:."2'/("
%3"=5'("=."4%")-"4.2.$4.$("%$"(5."5.'+(5"%3"(5."/.-("%3"(5."*+,-(./8U".F2+')$-"(5."1'$':)$:"4)/.*(%/"
%3" '" -*).$*." 2'/<8" R-%"=." 3..+" '" -.$-." %3" 4,(9" (%" (/9" (%"1'<." (5." *+,-(./"=%/<" 2/%2./+9U" KAIP6" ?%"
'*5).&."(5'("')18"(5."*%11,$)*'(%/-".$:':.")$"(5."/.2/.-.$('()%$"%3"(5."*+,-(./6"?5/.."%3"(5.1"KAX8"
A!!8"A!HP"1.$()%$" (%"1..("=)(5" (5."L[":%&./$1.$(" (%"'4&)*."'$4"*%$-,+(" )$" (./1-"%3"A'10/)4:.6"
?5%,:5" (5./." )-" $%"%33)*)'+" *+,-(./" -2.'<./" '" -./)'+" .$(/.2/.$.,/" '$4"0,-)$.--" '$:.+-" .F2+')$-" (5'("
RA!H8"A!!"KSP"'$4"(5%-."+%(8"(5.9"'/.8"%/"-5%,+4"#"-'9"=."'/.8"*'++.4",2%$"*%$()$,'++9"(%"-2.'<"'0%,("
)$"'"c)*."A5'$*.++%/`-" /%+."=5'(`-":%)$:"%$"5./.6"?5."4)33./.$*." )-" (5'("=."4%" )(" 3%/" 3/..U" KAXP6"?5."
! !Y!
2,0+)*"*%11,$)*'()%$" (5,-"-..1-" (%"5'22.$" (5/%,:5"R'1'(.,/"*%11,$)*'(%/-U"'-"4.-*/)0.4"09"'"
A!" KA!P6" ?5."&)-)0)+)(9"%3" (5." *+,-(./" )-"2./*.)&.4"'-".-2.*)'++9" )12%/('$("4,." (%" (5." C%$4%$"*+,-(./"
?.*5" A)(98" =5)*5" :')$.4" '" +%(" %3" :%&./$1.$(" '$4"1.4)'" '((.$()%$" %&./" (5." +'-(" 9.'/-6" ]+1%-(" '++"
*%11,$)*'(%/-"/.3./"(%"?.*5"A)(9" )$"(5."*%$(.F("%3" 3,$4)$:"KA!8"A_8"Af8"AW8"Ae8"AX8"A!O8"A!!8"A!HP6"
]**%/4)$:" (%" '" -./)'+" .$(/.2/.$.,/" '$4" )$&.-(1.$(" '$:.+8" ?.*5" A)(9" '++%*'(.-" o!6f" 1)++)%$" (%"
*%11,$)*'()%$"KAXP6"R?5'(`-"T,)(."'"-,0-('$()'+"0,4:.("'$4"T,)(."'"-,0-('$()'+"'/19"%3"2.%2+."=5%"
'/.".12+%9.4"(%"4%"$%(5)$:"0,("2/%1%(."(5'("'-"'"4.-()$'()%$"3%/"*%12'$).-"(%"+%*'(."(5.1-.+&.-")$"
'$4"4%"0,-)$.--"=)(56"#"4%$`("0.+).&."(5'("(5./.")-"'$9"0,4:.("=5'(-%.&./"4%$'(.4"%/"4.&%(.4"(%"(5'("
)$"A'10/)4:.6"#("1'<.-"1."-'4"0.*',-.")(")-"-%"-1'++"*%12'/.4"(%"=5'("?.*5"A)(9")-"4%)$:"(%"2/%1%(."
)(-.+3U"KAXP6"?5."-(/%$:"*%12.()()%$"=)(5"?.*5"A)(9"-..1-"(%"-(/.$:(5.$"(5."*%11,$)(9")$"A'10/)4:.6"
B)-*,--)$:"(5."-(/'(.:)*"*%11,$)*'()%$"%3"A'10/)4:."*%12'/.4"(%"?.*5"A)(98"'"-./)'+".$(/.2/.$.,/"
1.$()%$-"(5'("5."R=)++"('+<"(%"AX"'$4"A!!"'$4"'++"(5."%(5./"2.%2+."'0%,("(5)-U"KA!HP6"d,*5"/.'*()%$-"
5):5+):5(" (5." *+%-." /.+'()%$-5)2-" 0.(=..$" (5." A'10/)4:." *%11,$)*'(%/-" '$4" (5.)/" -(/%$:"
.$:':.1.$("(%"*%++'0%/'(."(%"-(/.$:(5.$"A'10/)4:.6"]",$)&./-)(9" +.*(,/./"4.-*/)0.-"(5."A'10/)4:."
*%11,$)(9"'-"&./9"5.+23,+"'$4"*+%-.8"R(5./.")-"-%1.(5)$:"'0%,("(5."-.$-."(5'("=."'++"='$("(%"5.+2"
.'*5"%(5./U"KA!P6""
"
[$W+10"#1$3,2-;"02$
d%" 3'/8" (5." '$'+9-)-" 5'-" 0..$" 0'-.4" %$" (5." 4.4,*()&." *'(.:%/).-" 4./)&)$:" 3/%1" (5." *%$*.2(,'+"
3/'1.=%/<6"Q%=.&./8"(5."4'('"'+-%"-5%=-")$4,*()&."(5.1.-".1./:)$:"3/%1"(5."(.F(-8"=5)*5"=)++"0."
4)-*,--.4" )$" (5." 3%++%=)$:6" D$." .1./:)$:" (5.1." )-" (5." *%12.()()%$" '" *+,-(./" 3'*.-6" @,$)*5"
*%11,$)*'(%/-" 4.-*/)0." '" *%12.()()%$" =)(5)$" (5." *+,-(./" K@!8" @H8" @_8" @f8" @W8" @Y8" @!OP8"
A'10/)4:."*%11,$)*'(%/-"2./*.)&."(5."*%12.()()%$"%,(-)4."(5."*+,-(./"=)(5"C%$4%$"?.*5"A)(9"KA!8"
A_" J" Ae8" AX8" A!O8" A!!8" A!HP6" ]*()$:" *%12.()()&.+9"@,$)*5`-" *%11,$)*'(%/-" 4%$`(" 2,/-,." '" -5'/.4"
&)-)%$"'$4"*%11%$"/.2/.-.$('()%$"0,("(5."0.-("-('$4J'+%$."2%-)()%$"3%/"(5.)/")$-()(,()%$6"#4.$()39)$:"
'$".F(./$'+"*%12.()(%/8"A'10/)4:."*%11,$)*'(%/-".125'-)E."(5."*+%-."$.(=%/<" )$-)4."(5."*+,-(./8"
=5)*5"')1-"(%"0,)+4"'"-(/%$:",$)%$")$"%/4./"(%"%22%-."?.*5"A)(96"D$."/.'-%$"3%/"(5."4)33./.$("='9-"%3"
*%12.()()%$")-"/%%(.4")$"(5."2%+)*).-"'$4"(5,-".*%$%1)*"-)(,'()%$"%3"(5."*+,-(./-8"=5)*5"5):5+):5("(5."
)12%/('$*." %3" (5." *+,-(./`-" .*%$%1)*" *%$(.F(6" ;5)+." (5." ^./1'$" d('(." '$4" G'&'/)'$" a.4./'+"
:%&./$1.$(" 5'-" +',$*5.4" -,0-('$()'+" 3,$4-" (%" 3)$'$*)'++9" -,22%/(" 0%(5" '*'4.1)*" '$4" )$4,-(/)'+"
.F*.++.$*." )$" (5." @,$)*5" )$$%&'()%$" /.:)%$" -)$*." (5." !XXO-8" (5." @)$)-(/9" %3" B'&)4" A'1./%$" *,("
3)$'$*)'+"-,22%/("3%/",$)&./-)().-"'$4".$(/.2/.$.,/-5)26"A'10/)4:."*%11,$)*'(%/-"(5./.3%/."3'*."'"
-)(,'()%$" .$4.'&%,/)$:" 3%/" 2,0+)*" 3,$4)$:" KA!8" AH8" AI8" Af8" AW8" AY8" AX8" A!!8" A!HP6" a,/(5./1%/." (5."
^./1'$" d('(." '$4" G'&'/)'$" a.4./'+" 3,$4)$:" )$)()'()&.-" -,22%/(" %$+9" -)$:+." )$-()(,()%$-" )$-(.'4" %3"
! !X!
/.:)%$-"%/"*+,-(./-6"7./*.)&)$:"$%"3)$'$*)'+")$*.$()&."(%"*%++'0%/'(.8"(5."@,$)*5"*%11,$)*'(%/-"3%*,-"
%$"(5."-,**.--"%3"(5.)/"%=$")$-()(,()%$6""
?5.".*%$%1)*" -)(,'()%$"'+-%"5):5+):5(-"'":.%:/'25)*'+" )--,.".&%+&)$:"'/%,$4" (5."4,'+)(9"%3" /.:)%$'+"
*.$(/'+)(9"'$4"2./)25./96"?5.".12)/)*'+"3)$4)$:-"-5%="(5'(":.%:/'259"5'-"(%"0.",$4./-(%%4"$%("%$+9"
)$"'$".*%$%1)*"0,("'+-%")$"'"2%+)()*'+"*%$(.F(6"?5."^./1'$"-9-(.18"=5)*5"3%*,-.-"%$"a.4./'+"2%+)()*-8"
2,/-,.-" '" 0'+'$*.4" '++%*'()%$"%3" 3)$'$*)'+" -,22%/(6"@,$)*5" *%11,$)*'(%/-"=5%"=%/<" )$"1)$)-(/).-"
.125'-)E." (5.)/" ')1" $%(" (%" *%$*.$(/'(." %$"@,$)*58" 0,(" ('<." (5." /,/'+" 2./)25./9" )$(%" '**%,$(" %$"
.T,'+"-('$4'/4-"K@e8"@YP6"#$"\$:+'$4"(5."'0%+)-51.$("%3"(5."NB]-"/.4,*.4"(5."/.:)%$'+"3%*,-8"'$4"
-(/.$:(5.$.4" (5." *'2)('+6" ?5." A'10/)4:." *%11,$)*'(%/-" (5./.3%/." 3'*." '" (.$-)%$" 0.(=..$" (5."
*'2)('+"C%$4%$8"=5)*5"/.*.)&.-"'"+%("%3"'((.$()%$"'$4"-,22%/(8"'$4"(5."2./)25./98"=5)*5"-(/,::+.-"3%/"
.T,'+"1.'-,/.-"KA!"J"AW8"AX8"A!!8"A!HP6""
]" 3,/(5./" )12%/('$(" 3'*(%/" '22.'/-" (%" 0." (5." $'(,/." %3" (5." *+,-(./-`" *%12'$).-6" ?5." @,$)*5"
*%11,$)*'(%/-" /.3./" (%" G@;" '$4" d).1.$-" '-" (5." 1%-(" -,**.--3,+" *%12'$).-" %3" (5." )$$%&'()%$"
/.:)%$"K@!8"@H8"@I8"@Y8"@!OP6"G@;"'$4"d).1.$-"2+'9"'$")12%/('$("/%+."%$"'"/.:)%$'+"'$4"$'()%$'+"
0'-)-8"'-"(5.9"'/."*+%-.+9"'--%*)'(.4"=)(5"@,$)*58"0,("'/."'+-%"<$%=$"=%/+4=)4.6"#$"A'10/)4:."(5."
*%11,$)*'(%/-" 1.$()%$" (5'(" (5." 1%-(" -,**.--3,+" 3)/18" $'1.+9" ]N@8" )-" '" GHG" %/:'$)E'()%$8" $%("
2/%4,*)$:" &)-)0+." 2/%4,*(-" 0,(" 2/%*.--%/-8"=5)*5" '/." )$-)4." (5." 2/%4,*(" KA_8" AY8" A!!8" A!HP6";5)+."
@,$)*5`-" *%11,$)*'(%/-" 4/'=" %$" (5." 2/%1)$.$*." %3" G@;" '$4" d).1.$-" (%" -(/.$:(5.$"@,$)*5`-"
2/%3)+.8" A'10/)4:." '22.'/-" (%" 0." /'(5./" '--%*)'(.4" =)(5" (5." ,$)&./-)(9" (5'$" =)(5" (5." (.*5$%+%:9"
*+,-(./6" ?5%,:5" (5./." )-" '" *%11%$" '22/.*)'()%$" 3%/" (5." L$)&./-)(9" %3" A'10/)4:.8" *%11,$)*'(%/-"
(.$4" (%"1.$()%$" (5'(" (5./." )-"1%/." '0%,(" A'10/)4:." (5'$" (5." (92)*'++9" 2./*.)&.4" *+)*5p-" .&%+&)$:"
'/%,$4"(5."'$*).$("*%++.:.-"KAIP6""
B)-*,--)$:" (5.-." )$4,*()&." 3)$4)$:-8" '"1%/." 2/'*()*'+" (5.1." .1./:.-" 3/%1" (5." 4'('V" (5." T,.-()%$"
=5.(5./" (5." *+,-(./-" -5%,+4" 2,/-,." '" *.$(/'++9" *%%/4)$'(.4" 2,0+)*" *%11,$)*'()%$6" N.-,+()$:" 3/%1"
(5." 2/.-.$(.4" 3)$4)$:-8" (5." @,$)*5" *%11,$)*'(%/-" 3%++%=" '" 4)33./.$(" ')1" (5'$" (5." A'10/)4:."
*%11,$)*'(%/-6" ?5." @,$)*5" *%11,$)*'(%/-" 4.-*/)0." '" 4)&./-." )$$%&'()%$" /.:)%$8" )$*+,4)$:"
4)-()$*()&."'$4"-,**.--3,+"%/:'$)E'()%$8"=5)*5"+)<."(%"-('$4"%$"(5.)/"%=$6"]"*%11%$"/.2/.-.$('()%$"
'$4" *.$(/'+)E.4" *%11,$)*'()%$" =%,+4" (5,-" 5'/1" (5."@,$)*5" /.:)%$8" '-" (5." -)$:+." .$()().-" =%,+4"
+%%-." (5.)/" ,$)T,.$.--" K@H8"@I8"@_8"@Y8"@!OP6" ?5." A'10/)4:." *%11,$)*'(%/-" )$" *%$(/'-(" '/:,."
(5'("'"1%/."*%%/4)$'(.4"-5'/.4"&%)*."*%,+4"5.+2"(5."*+,-(./"0.*%1)$:"1%/."&)-)0+."'$4"2/%1)$.$(8"
.-2.*)'++9")$"*%12.()()%$"=)(5"?.*5"A)(9"KAH8"A_8"Af8"AW8"AX8"A!!8"A!HP6""
"
$ $
! HO!
C$)&,.'+2-&,$
?5)-" 2'2./" 2/%&)4.-" )$)()'+" )$-):5(" (%" (5." '$'+9-)-" %3" (5." /%+." %3" *%11,$)*'(%/-" )$" (5." )$$%&'()%$"
*+,-(./"@,$)*5"'$4"A'10/)4:.6"?%" )$&.-():'(." (5." /%+."%3" *%11,$)*'(%/-".12)/)*'++98"'" *%$*.2(,'+"
3/'1.=%/<" 5'-" 0..$" */.'(.4" =5)*5" %33./-" '" (5.%/.()*'+" 3%,$4'()%$" 3%/" (5." 4'('" *%++.*()%$" '$4"
'$'+9-)-6" " B/'=)$:" %$" (=%" *'-." -(,4).-8" HI" )$J4.2(5" )$(./&).=-" =./." *%$4,*(.46" ?5." 4'('" ='-"
'$'+9-.4"%$"(5."0'-)-"%3"4.4,*()&."*'(.:%/).-"4./)&)$:" 3/%1"(5."*%$*.2(,'+" 3/'1.=%/<"0,("'+-%"%$"
(5."2/.1)-."(%")4.$()39")$4,*()&."(5.1.-".1./:)$:"3/%1"(5."(.F(6""
?5." (=%" *'-." -(,4).-" -5%=" -,0-('$()'+" 4)33./.$*.-" 0.(=..$" (5." /%+.-" %3" *%11,$)*'(%/-6" @%-("
-):$)3)*'$(")-"(5."4)33./.$("2./*.2()%$"%3"(5."*+,-(./")(-.+36"@,$)*5"*%11,$)*'(%/-"$.)(5./"':/.."=)(5"
(5." )4.'" %3" '" @,$)*5" *+,-(./" $%/" *%$-)4./" (5.1-.+&.-" '-" '" 2'/(" %3" )(6" #$" *%$(/'-(8" A'10/)4:."
*%11,$)*'(%/-" -5%="'" *+.'/" &)-)%$"%3" (5." *+,-(./" '$4" )4.$()39" -(/%$:+9" '-" '"1.10./6" ?5)-" '(()(,4."
)$3+,.$*.-"(5.)/"4.3)$)()%$"%3"-('<.5%+4./-"'$4"*%++'0%/'()%$"2'/($./-6";5)+."@,$)*5"*%11,$)*'(%/-"
.125'-)E." (5.)/" $'()%$'+" '$4" )$(./$'()%$'+" $.(=%/<8" A'10/)4:." )-" *5'/'*(./)E.4" 09" '" -(/%$:"
*%11,$)(96"G,)+4)$:"%$"b.(=%/<"?5.%/9"K^/'$%&.((./"!XIe8"G,/("!XXH8"HOO!P8"(5."3)$4)$:-"-5%="(5'("
*%11,$)*'(%/-"'*()&.+9")$3+,.$*."=5./."$.(=%/<-"'/."*/.'(.4"'$4"5%="(5.-."$.(=%/<-")$3+,.$*."(5."
*+,-(./" )(-.+36" #$" (./1-" %3" $.(=%/<)$:8" (5." A'10/)4:." *%11,$)*'(%/-" 2,/-,." '" -5'/.4" &%)*." (%"
/.2/.-.$("A'10/)4:.8"=5)+."@,$)*5"*%11,$)*'(%/-"4)-'22/%&."'"*%11%$"/.2/.-.$('()%$6"#$"(./1-"
%3" (5." [$%=+.4:.JG'-.4Jc).=" K7%+'$9)" !XXfY8" ]-5.)1" M" ^./(+./" HOOWP8" =5)*5" 4)-*,--.-" 5%="
)$3%/1'()%$" )-" :'(5./.4" '$4" -5'/.48" (5." 3)$)$:-" /')-." (5." T,.-()%$" =5.(5./" (5." *+,-(./-" -5%,+4"
%/:'$)E."(5.)/"2,0+)*"*%11,$)*'()%$"*.$(/'++96"""
D$."/.'-%$"3%/"(5."4)33./.$*.-"0.(=..$"(5."(=%"*+,-(./-"*'$"0."-..$")$"(5."*%12.()()%$"'" +%*'()%$"
3'*.-6";5)+."@,$)*5" )-" *5'/'*(./)E.4" 09" '$" )$(./$'+" *%12.()()%$" 0.(=..$" (5." *+,-(./`-" 1.10./-8"
A'10/)4:." *%11,$)*'(%/-" )4.$()39" (5." C%$4%$"*+,-(./"?.*5"A)(9"'-"1')$" *%12.()(%/6";5.(5./" (5."
*%12.()()%$"('<.-"2+'*.")$-)4."%/"%,(-)4."(5."*+,-(./")$3+,.$*.-"(5."*+,-(./"-):$)3)*'$(+96"?5."$%()%$"%3"
*%12.()()%$"/.3./-" (%"7%/(./`-"=%/<" K!XXO8"!XXYP" (5'("5):5+):5(-" (5."-):$)3)*'$*."%3"*%12.()()%$" 3%/"
(5." *+,-(./`-" -,**.--3,+" 4.&.+%21.$(6" ?'<)$:" (5." *%12.()()%$`-" +%*'()%$" )$(%" '**%,$(" 0/%'4.$-"
7%/(./`-" '$'+9-)-6" ]$%(5./" .F2+'$'()%$" 3%/" (5." 4)33./.$*.-" 0.(=..$"@,$)*5" '$4" A'10/)4:." )-" (5."
.33.*("%3"*.$(/'+)(9"'$4"2./)25./96"?5."^./1'$"2%+)()*'+" -(/,*(,/."'((/)0,(.-"1,*5"/.+.&'$*." (%" (5."
a.4./'+"/.:)%$-8"=5)*5"+.'4-"(%"'"0'+'$*.4"'++%*'()%$"%3":%&./$1.$('+"-,22%/(6"?5."L[":%&./$1.$("
5%=.&./" 3%*,-.-" /'(5./" %$" (5." *'2)('+" C%$4%$" (5'$" %$" (5." 2./)25./98" =5)*5" -(/.$:(5.$-" (5."
*%12.()()%$"'1%$:"(5."/.:)%$-6";5./."*+,-(./-"4.&.+%2"-,**.--3,++9")-"'"1')$")$(./.-("%3"[/,:1'$`-"
=%/<"K!XX_8"!XXYP6"B.3)$)$:"4/)&./-" 3%/"'::+%1./'()%$"(5."'++%*'()%$"%3":%&./$1.$('+" 3,$4-"'1%$:"
*.$(/'+"'$4"2./)25./'+"+%*'()%$-"*'$"0."-..$"'-"'$")$3+,.$*)$:"3'*(%/6"a,/(5./1%/."(5."$'(,/."%3"(5."
*+,-(./-`" 0,-)$.--.-" '22.'/-" (%" 0." '" -):$)3)*'$(" 3.'(,/." )$" (5." -,**.--3,+" 4.&.+%21.$(6" ;5)+."
@,$)*5`-"1%-("-,**.--3,+"*%12'$).-8"G@;"'$4"d).1.$-8"'/."GHA"*%12'$).-8"=5)*5"'/.":+%0'++9"=.++"
! H!!
<$%=$"(%"*%$-,1./-8"A'10/)4:.`-"1%-("-,**.--3,+"*%12'$9"]N@")-"'"GHG"0,-)$.--8"=5)*5")-"$%("'-"
&)-)0+."(%"2,0+)*"*%$-,1./-6"?5."$'(,/."%3"(5."*+,-(./-`"*%12'$).-"/.3./-"(%"(5."=%/<"%3"7%/(./"K!XXO8"
!XXYP8" [/,:1'$" K!XX_8" !XXYP" '$4" @'/-5'++" K!YXO8" !XHOP" =5%" 4)-*,--" (5." *+,-(./`-" .$&)/%$1.$(-"
2/.1)-.-6""
?5." 3)$4)$:-" 2/%&)4." &'+,'0+." (5.%/.()*'+" '$4" 2/'*()*'+" *%$(/)0,()%$-6" D$" '" (5.%/.()*'+" 0'-)-8" (5."
3)$4)$:-"/.3+.*("(5."'22+)*'0)+)(9"%3"(5."*%$*.2(,'+" 3/'1.=%/<6" #$4,*()&."(5.1.-".1./:)$:"3/%1"(5."
4'('"2/%&)4."$.=")$-):5("'$4"+.'4"(%"'"/.'--.--1.$("%3"(5."3/'1.=%/<6"?5."3)$4)$:-"'+-%".125'-)E."
(5." )12%/('$*."%3" (5."4)&$#@$6" ?5."5)-(%/)*'+8" -%*)'+8" 2%+)()*'+" '$4".*%$%1)*" .$&)/%$1.$("2/%&)4.-"
&'+,'0+." )$-):5(" (%" ,$4./-('$4" (5." -2.*)3)*" $'(,/." %3" .'*5" *+,-(./6" a,/(5./1%/." (5." 3)$4)$:-"
-(/.$:(5.$" (5." '*'4.1)*" +)(./'(,/." 09" '44)$:" $.=" -2.*)3)*" )$-):5(" (%" .*%$%1)*" '$4" -%*)%+%:)*'+"
*+,-(./" (5.%/).-6" ?5." 3)$4)$:-" '+-%" 2/%&)4." )$-):5(" (%" (5." *%$*.2(" %3" (5." -(,496" N.&.'+)$:" *%5./.$("
*%//.+'()%$-" )$" 0%(5" *'-." -(,4).-8" (5." 3)$4)$:-" )$4)*'(." '" /.*)2/%*'+" /.+'()%$-5)2" 0.(=..$" (5." /%+."
*%11,$)*'(%/-" '$4" (5." -('(." %3" (5." *+,-(./6" ?5,-" (5." /%+." %3" (5." *%11,$)*'(%/-" *'$" 0." -..$" '-"
/.3+.*()%$"%3"(5."*+,-(./`-"/.'+)(96"D$"'"2/'*()*'+"0'-)-8"(5."3)$4)$:-"1'<."4)33)*,+().-")$"(./1-"%3"2,0+)*"
*%11,$)*'()%$" &)-)0+." '$4" .$*%,/':." )12/%&.1.$(-6" @%/.%&./" (5." -(,49" :)&.-" )$-):5(" (%" (5."
T,.-()%$"=5.(5./"(5."*+,-(./-"-5%,+4"2,/-,."'"*.$(/'+)E.4"*%11,$)*'()%$"-(/'(.:96""
"
" "
! HH!
@-0#1/0+1#$
]-5.)18"G6?6"M"^./(+./8"@6"d6"KHOOWPV"?5."^.%:/'259"%3"#$$%&'()%$6"#$V"j6"a':./0./:8"@%=./98"B6A6"M"
N6N"b.+-%$V".+#!?@5)3>!H'&>=))Q!)5!9&&)<'$%)&6"DF3%/4V"DF3%/4"L$)&./-)(9"7/.--6"HX!JI!e6"
"
G'./$-8"G6"K!XYfPV"R55#&$,%6+Q#%$-'3=#%$!)>#3!S):3&',%-/:-B!I:/!F%&5,:T!%/!0#>%#&-8-$#/6"[h+$V"
c./+':";)--.$-*5'3(",$4"7%+)()<6""
"
G.$(.+.8"^6Z"C).0./(8"?6"M"d..+)$:8"d6"K!XXePV"c%$"4./"B.(./1)$'()%$"E,/"#$(./.33)<'()%$6"\)$"
#$(.:/)./(.-"@%4.++"E,1"c./5q+($)-"&%$"7,0+)*"N.+'()%$-",$4"j%,/$'+)-1,-6"#$V"^6"G.$(.+."M"@6"Q'++./"
K.4-PV"UQ$:#,,#!F&$-$#+:&7!<)&!R55#&$,%6+Q#%$B!UQ$#:3#V!($3:Q$:3#&V!W#3X&>#3:&7#&6"[%$-('$EV"Lc[6"
HHfJHfO6""
"
G,$4.-1)$)-(./),1"3g/"G)+4,$:",$4"a%/-*5,$:"KHO!HPV"Y#3/'&Z-!1#'>%&7!F>7#!4,:-$#3-6"D$+)$.V"
5((2Vrr===6010364.r2,0r4.,(-*5+'$4-s-2)(E.$*+,-(./s4.s.$6243"KO!6!H6!IP"
"
G,/(8"N6"d6"K!XXHPV"($3:6$:3',!H),#-6"A'10/)4:.8"@]V"Q'/&'/4"L$)&./-)(9"7/.--6"
"
G,/(8"N6"d6"KHOO!PV"?5."d%*)'+"A'2)('+"%3"d(/,*(,/'+"Q%+.-6"#$V"@6a6"^,)++p$8"N6"A%++)$-8"76"\$:+'$4"M"@6"
@.9./"K.4-6PV"[#G!\%3#6$%)&!%&!F6)&)/%6!()6%),)786"b.="m%/<V"N,--.++"d':."a%,$4'()%$6"HO!JH_e6"
"
A+'/<8"j6"KHO!IPV".#6+!4):&$38!E#*)3$6"D$+)$.V"
5((2Vrr'41)$60&*'6*%6,<r+)0/'/9r4%*,1.$(-r?.*5sA%,$(/96243"K!I6Of6HO!IP"
"
B'$:8"N6"j6Z"@%/('/'8"C6Z"?5%1-%$8"N6"M"@)$-5'++8"?6"KHO!!PV"B.&.+%2)$:"'"?.*5$%+%:9"#$(.++):.$*."
d(/'(.:9"(%"]**.--"[$%=+.4:."%3"#$$%&'()%$"A+,-(./-6"#$V"@6"Qg+-1'$$"M"b6"73.33./1'$$"K.4-6PV"
($3'$#7%#-!'&>!4)//:&%6'$%)&-!5)3!9&&)<'$%)&-B!U&!9&$#73'$%<#!0'&'7#/#&$!W%#G!5)3!4)/*'&%#-!
'&>![#$G)3Q-6"Q.)4.+0./:V"d2/)$:./6""
"
B.,(-*5."a%/-*5,$:-:.-.++-*5'3("B3^V"\%#!F@2#,,#&2%&%$%'$%<#!':5!#%&#&!",%6Q6"D$+)$.V"
5((2Vrr===643:64.r4%=$+%'4r243r43:s)1s2/%3)+r:.-*5'.3(--(.++.r2,0+)<'()%$.$r.F)$s0/%-*5,./.s!
IOes4.6243"KO!6!H6!IP"
$
\)-.$5'/4(8"[6@6"K!XYXPV"G,)+4)$:"?5.%/).-"3/%1"A'-."d(,49"N.-.'/*56!!.+#!U6'>#/8!)5!0'&'7#/#&$!
E#<%#G!!_"K_P8"fIHJffO6!
"
\--./8"a6"K!XXYPV"\%#!]3X5$#!+%&$#3!>#&!(6+,'72#%,#&B!F&7,%-6+#3!:&>!>#:$-6+#3!S):3&',%-/:-!%/!
W#37,#%6+B"@g$*5.$V"c./+':"['/+"]+0./6""
"
\,/%2.'$sA%11)-)%$"KHOOYPV".)G'3>-!G)3,>J6,'--!6,:-$#3-!%&!$+#!F:3)*#'&!;&%)&D!9/*,#/#&$%&7!$+#!
=3)'>J='-#>!%&&)<'$%)&!-$3'$#786"\,/%2.'$"A%11)--)%$6"d\AKHOOYP"HWI6"
"
a/h5+)*58"N6"KHOOYPV"B)."7/%0+.1'()<"4./"7NJB.3)$)()%$K.$P6"#$V"^6"G.$(.+.8"N6"a/h5+)*5"M"76"dE9-E<'V"
H'&>=:6+!>#3!N:=,%6!E#,'$%)&-B!^%--#&-6+'5$,%6+#!Y3:&>,'7#&!:&>!=#3:5,%6+#-!H'&>#,&B!!
;).-0'4.$V"cd"c./+':"3g/"d%E)'+=)--.$-*5'3(.$6""
"
^/'$%&.((./8"@6d6"K!XeIPV"?5."d(/.$:(5"%3";.'<"?).-6".+#!U/#3%6'&!S):3&',!)5!()6%),)788"eY"KWP8"
!IWOJ!IYO6"
"
Q,*<Jd'$45,8"d6"KHOOXPV"#$$%&'()%$-<%1,$)<'()%$")$"4.$"]/.$.$"4./"@.4).$6"A'12'):$)$:8"a/'1)$:"
,$4"d(%/9(.++)$:6"#$V"]6"k./3't"M"@6"@h-+.)$"K.4-6PV"])//:&%Q'$%)&!',-!F35),7-5'Q$)3!%/!
9&&)<'$%)&-/'&'7#/#&$6";).-0'4.$V"^'0+./6"
"
! HI!
['/+--%$8"A6"KHOOYPV"H'&>=))Q!)5!E#-#'36+!)&!4,:-$#3!.+#)386"\4='/4"\+:'/"7,0+)-5)$:6"
$
[/,:1'$8"76"K!XX!PV"#$*/.'-)$:"N.(,/$-"'$4"\*%$%1)*"^.%:/'2596"S):3&',!)5!N),%$%6',!F6)&)/%6!
Y#)73'*+88"XX"KIP8"_YIJ_XX6"
"
[/,:1'$8"76"K!XX_PV"A%12+.F"C'$4-*'2.-")$"\*%$%1)*"^.%:/'2596".+#!U/#3%6'&!F6)&)/%6!E#<%#G8"
Y_"KHP8"_!HJ_!W6"
"
C.E'/)*8"b6Z"C%$:5)8"A6"M"?5%1'-8"A6"KHOOYPV"^'(.<..2./-"%3"[$%=+.4:."&./-,-"7+'(3%/1-"%3"
[$%=+.4:.V"a/%1"7%(.$()'+"(%"N.'+)E.4"]0-%/2()&."A'2'*)(96"E#7%)&',!($:>%#-8"_H"KWP8"YIelYfH6"
"
@'/-5'++8"]6"K!YXOPV"N3%&6%*,#-!)5!F6)&)/%6-6"C%$4%$V"@'*1)++'$6"
"
@'/-5'++8"]6"K!XHOPV"9&>:-$38!'&>!.3'>#6"C%$4%$V"@'*1)++'$6""
"
@'9/)$:8"76"KHOOYPV"_:',%$'$%<#!9&+',$-'&',8-#6";.)$5.)1",$4"G'-.+V"G.+(E6""
"
@*i,')+8"B6"KHO!OPV"0'--!4)//:&%6'$%)&!.+#)386"d':.6"
"
@)$-5'++8"?6"KHO!HPV".#6+&)*),#!E#*)3$6"D$+)$.V"
5((2Vrr===6)316.$:6*'16'*6,<r,2+%'4-rA'10/)4:.s?.*5$%2%+.sHO!Is&!6H6243"KO!6!H6HO!IP"
"
b%/43%/-8"B6"KHOO_'PV"?5."N%+."%3"j%,/$'+)-1")$"#$$%&'()%$"d9-(.1-6"9&&)<'$%)&!S):3&',%-/8"!"KerYP8"!J
!Y6"
"
b%/43%/-8" B6" KHOO_0PV" ?5." *%$*.2(" %3" #$$%&'()%$" j%,/$'+)-16" ]$4" '" 7/%:/'1" 3%/" B.&.+%2)$:" )(6"
9&&)<'$%)&!S):3&',%-/8!"K!P8"!J!_6"
"
b%/43%/-8"B6"M"c.$(/.-*'8"@6" KHOOWPV" #$$%&'()%$" j%,/$'+)-1V"?%='/4-"N.-.'/*5"%$" (5." #$(./2+'9"%3"
j%,/$'+)-1")$"#$$%&'()%$"\*%-9-(.1-6"9&&)<'$%)&!S):3&',%-/8"I"KHP6"!J!Y6"
"
b%/43%/-8"B6"M"L-<'+)6"?6" K3%/(5*%1)$:PV"?5."N%+."%3" j%,/$'+)-1" )$"A/.'()$:" (5."@.('25%/"%3"d)+)*%$"
c'++.98"!JHO6"
"
D\AB"KHO!HPV"4,:-$#3!N),%68!'&>!(/'3$!(*#6%',%-'$%)&B!?F4\!(6%#&6#V!.#6+&),)78!'&>!9&>:-$38!?:$,))Q!
A`CA6"D\AB"7,0+)-5)$:6"
"
73.33./1'$$8" b6" KHO!!PV" #$$%&'()%$" A%11,$)*'()%$" '-" '" A/%--Ja,$*()%$'+" B9$'1)*" A'2'0)+)(9V"
d(/'(.:).-"3%/"D/:'$)E'()%$-"'$4"b.(=%/<-6"#$V"@6"Qg+-1'$$"M"b6"73.33./1'$$"K.4-6PV"($3'$#7%#-!'&>!
4)//:&%6'$%)&-! 5)3! 9&&)<'$%)&-B! U&! 9&$#73'$%<#!0'&'7#/#&$! W%#G! 5)3! 4)/*'&%#-! '&>! [#$G)3Q-B"
Q.)4.+0./:V"d2/)$:./6"HfeJHXH6"
"
7%+'$9)8"@6"K!XfYPV"N#3-)&',!]&)G,#>7#D!.)G'3>-!'!N)-$J63%$%6',!N+%,)-)*+86"C%$4%$V"N%,(+.4:."M"
[.:'$"7',+6"
"
7%/(./8"@6"K!XXOPV"?5."A%12.()()&."]4&'$(':."%3"b'()%$-6"H'3<'3>!":-%&#--!E#<%#G6"eIJXI6"
"
7%/(./8"@"K!XXYPV"A+,-(./-"'$4"(5."\*%$%1)*-"%3"A%12.()()%$6"H'3<'3>!":-%&#--!E#<%#G6"eeJXO6"
$
7%/(./8"@6"KHOOOPV"C%*'()%$8"A+,-(./-"'$4"A%12'$9"-(/'(.:96"#$V"^6"A+'/<8"@6"^./(+./"M"@6"a.+41'$"
K.4-PV"?@5)3>!H'&>=))Q!)5!F6)&)/%6!Y#)73'*+86"HfIJHe_6"
$
! H_!
7g/./8"Q6"K!XXePV"k=)-*5.$"?/'4)()%$",$4";'$4.+6"k,1"d('$4"4./"[%11,)<'(%/3%/-*5,$:")$"
B.,(-*5+'$46"#$V"Q6"ag$3:.+4"M"A6"@'-("K.4-6PV"0'--#&Q)//:&%Q'$%)&6";.-(4.,(-*5./"c./+':6""
"
7g/./8"Q6"KHOOIPV"N:=,%2%-$%QJ!:&>!])//:&%Q'$%)&-G%--#&-6+'5$B!F%&!H'&>=:6+6"[%$-('$EV"L?G6"
"
$
7/.-(%$8"76"KHOOXPV"0'Q%&7!$+#![#G-D!S):3&',%-/!'&>![#G-!4:,$:3#-!%&!F:3)*#6"C%$4%$"M"b.="m%/<V"
N%,(+.4:.6"
"
Nh--+./8" 76" K!XXePV" ]:.$4'" d.(()$:6" .+#)3#$%-6+#! U&&'+/#&! :&>! F/*%3%-6+#! F<%>#&2#&! #%!
0#>%#&G%3Q:&7-+8*)$+#-#B"D2+'4.$V";.-(4.,(-*5./"c./+':6""
"
d5%.1'<./8"76"j6"M"N..-.8"d6B6"K!XXWPV"0#>%'$%&7!$+#!0#--'7#D!.+#)3%#-!)5!9&5,:#&6#!)&!0'--!0#>%'!
4)&$#&$B"d.*%$4"\4)()%$6";5)(."7+')$-8"bmV"C%$:1'$6"
"
d(/',--8"]6C6"M"A%/0)$8"j6"K!XXOPV"G'-)*-"%3"i,'+)('()&."N.-.'/*56"C%$4%$V"d':.6""
"
?..*.8"B6j6Z"7)-'$%8"^6"M"d5,.$8"]6"K!XXePV"B9$'1)*"A'2'0)+)().-"'$4"d(/'(.:)*"@'$':.1.$(6"d(/'(.:)*"
@'$':.1.$("j%,/$'+8"!Y"KeP8"fOXJfII6"
"
L9'//'8"\6"M"N'1+%:'$8"N6"KHO!HPV".+#!F55#6$-!)5!4,:-$#3!N),%68!)&!9&&)<'$%)&6"L["b'()%$'+"\$4%=1.$("
3%/"d*).$*.8"?.*5$%+%:9"'$4"(5."]/(-"Kb\d?]P6";%/<)$:"7'2./"!HrOf6"
"
;.)-*5.$0./:8" d6" K!XXHPV" S):3&',%-$%QB! 0#>%#&Q)//:&%Q'$%)&B! .+#)3%#! :&>! N3'@%-B! 0#>%#&#$%QV!
0#>%#&%&-$%$:$%)&#&6"D2+'4.$6""
"
m)$8"N6[6"KHOOXPV"4'-#!($:>8!E#-#'36+6"B.-):$"'$4"@.(5%4-6"d':.8"Ld]6"
k./3'--8"]6"KHOOfPV"#$$%&'()%$"N.'4)$.--6"9&&)<'$%)&!S):3&',%-/"H"KYP!JHe6"
"