Krups EA829 LATT'ESPRESS User manual

www.krups.com
Réf. 0A20674
,( 3(;;»,:79,::
^^^RY\WZJVT
FR
HOTLINE : BE : 32 70 23 31 59 - FR : 09 74 50 10 61 - CH : 0800 37 77 37
DE
HOTLINE : DE : 0800 98 000 00 - AT : 0800 225 225 - CH : 0800 37 77 37
EN HOTLINE: UK: 0345 330 6460 - ROI: [phone]
NL
HOTLINE : NL : 0318 58 24 24
IT
SERVIZIO CONSUMATORI: IT: 199 207701 - CH: 0800 37 77 37
ES
HOTLINE : ES : 902 31 23 00
PT
CENTRO DE CONTACTO DO CONSUMIDOR : PT : 808 284 735
EL
ΕΛΛΑ∆Α : GR : 2106371251
DA
Tlf. 44 66 31 55.
SV
Tel. [phone]
NO
Tel. [phone]
FI
Puh. 09 6229 420
RU
ГОРЯЧАЯ ЛИНИЯ : RU : 495 213 32 28
UK
УКРАЇНА : UK : 044 492 06 59
PL
INFOLINIA : PL : 0 801 300 420
CS
HOTLINE : CZ : 731 010 111
SK
ZÁKAZNĺCKA LINKA : SK : 233 595 224
HU
ÜGYFÉLSZOLGÁLAT : HU : (1) 8018434
567
FR
DEENNLITESPTELDASVNOFIRUUKPLCS
SKHU
(
98465
7
:
;<
>
?
@ =
)
/
3
*
+
-
,
.
0 1
2

5678
9 10 11 12
13 14 15 16
17 18 19 20
21 22 23 24
25 26 27 28
29 30 31 32
33 34 35 36
1
0 1 2 3 4
234
37
41
45
38
42
46
39
43
47
40
44

2
3
1
!
!"
"#$%&'()'*
+! "#$%&'()*#+,(-*.(!-'/(-,#$-!01(2+
,!!3'/(-,#$-!01(2+
%!!4$-#$-!5!*26'
"! 7#..(*8(+-!0(!92-*!0(!*26'
#! :#-8$(!*26';!<#$%&'(!-'%.2=.(!(&!>2+8(+-
*! "$?*(!2$92&8'(!<#+-!6$@28$#&!/#-8$(!.2$8
-! A-$..(!(8!=2*!-'*#.8(B%#+88(/!29#,$=.(
.! 3'/(-,#$-!*26'!(&!%-2$&/
'! C#+8#&!0(!-'%.2%(!0(!.2!6$&(//(!0(!=-#D2%(
/! C-#D(+-!5!9(+.(!(&!9'82.
0! A#+.#88(!<2/8$..(!0(!&(88#D2%(
1! A-$..(!-(<#/(B82//(/
E*-2&!%-2<>$F+(
2! E*-2&!%-2<>$F+(
3! 4#+*>(!G92-*>()2--H8I
4! 4#+*>(!<-#%-29928$#&
(! C#+8#&!-#828$6!(8!0(!,2.$028$#&
5! C#+8#&!72<<+**$&#
&! C#+8#&!7.(2&!92*>$&(
"#8!5!.2$8!
$!7#+,(-*.(
)! J(,$(-!0(!,(--#+$..2%(
6! C#+8#&!7.(2&!/D/8?9(!)!*2<<+**$&#
7! 4+D2+!/#+<.(
8!72//(88(
9!3'*$<$(&8
:! C+/(!,2<(+-
+%%#$$4'&#$;<7#3"6$;$=(+&=2#3)>
*;?@@;72-8#+*>(!7.2-$/!B!!KF+2!L$.8(-!:D/8(9!M/(.#&!9#0?.(NO
9$;A???;0&6($!&(88#D2&8!.$F+$0(!<#+-!/D/8?9(!72<<+**$&#!M&#&!6#+-&$NO
*;?BA!"#+0-(!0(!0'82-8-2%(!MP!/2*>(8!6#+-&$NO
9$;C??
? !42=.(88(!0(!PQ!<2/8$..(/!0(!&(88#D2%(!MR!<2/8$..(/!6#+-&$(/NO
+DDEFDGHF;I!!S1+8$.$/(T!<#+-!*(88(!92*>$&(!F+(!0(/!2**(//#$-(/!U-+</!<#+-!*#&/(-,(-!.2!%2-2&8$(O
%JKLE;%MGEFDEN;OJEL;%MGEFDN
S#+/!,#+/!6'.$*$8#&/!<#+-!.12*>28!0(!*(88(!E/<-(//(-$2!K+8#928$*!U-+</O!V#+/!(&!2<<-'*$(-(T!2+//$!=$(&!.2!F+2.$8'!0+!-'/+.828!(&!
82//(!F+(!.2!%-2&0(!62*$.$8'!01+8$.$/28$#&O
E/<-(//#! #+!.+&%#;!-$/8-(88#!#+! *2<<+**$&#;! ,#8-(! 92*>$&(! 5!*26'!)!(/<-(//#!2+8#928$F+(!2!'8'!*#&W+(!<#+-!,#+/!<(-9(88-(!
0(!/2,#+-(-!5!.2!92$/#&!.2!9H9(!F+2.$8'!F+12+!=$/8-#8;!F+(.F+(!/#$8!.(!9#9(&8!02&/!.2!X#+-&'(!#+!02&/!.2!/(92$&(!#Y!,#+/!.(!
<-'<2-(-(TO!
A-Z*(! 5! /#&! 7#9<2*8! 4>(-9#=.#*[! :D/8(9;! /2! <#9<(! P\! =2-/! (8! <2-*(! F+1(..(! 8-2,2$..(! (@*.+/$,(9(&8! 5! <2-8$-! 0(! *26'! (&!
%-2$&/!6-2]*>(9(&8!9#+.+/!X+/8(!2,2&8!(@8-2*8$#&;!,#8-(!E/<-(//(-$2!K+8#928$*!,#+/!<(-9(88-2!01#=8(&$-!+&(!=#$//#&!*#&8(&2&8!
+&!92@$9+9!012-^9(/;!-(*#+,(-8(!01+&(!92%&$6$F+(!*-?9(!'<2$//(!(8!0#-'(!*#+.(+-!*>29#$/;!+&!<-#0+$8!<-#,(&2&8!0(!.1>+$.(!
&28+-(..(!0(/!%-2$&/!0(!*26'O
J1(/<-(//#!&1(/8!<2/!/(-,$!02&/!+&(!82//(!5!*26'!8-20$8$#&&(..(;!92$/!<.+8^8!02&/!0(!<(8$8(/!82//(/!(&!<#-*(.2$&(O!
"#+-!#=8(&$-!+&!(/<-(//#!5!+&(!8(9<'-28+-(!#<8$92.(!(8!+&(!*-?9(!=$(&!*#9<2*8(;!&#+/!,#+/!*#&/($..#&/!0(!=$(&!62$-(!<-'*>2+66(-!
,#/!82//(/O
K<-?/!*(-82$&(9(&8!<.+/$(+-/!(//2$/;!,#+/!8-#+,(-(T!.(!8D<(!0(!9'.2&%(!(8!0(!8#--(62*8$#&!0+!*26'!(&!%-2$&/!*#--(/<#&02&8!5!,#/!
%#_8/O!J2!F+2.$8'!0(!.1(2+!+8$.$/'(!(/8!2+//$!=$(&!/_-!+&!2+8-(!62*8(+-!0'8(-9$&2&8!02&/!.2!F+2.$8'!0+!-'/+.828!(&!82//(!F+(!,#+/!
#=8$(&0-(TO!
V#+/!0(,(T!,#+/!2//+-(-!F+(!.1(2+!(/8!6-2]*>(9(&8!/#-8$(!0+!-#=$&(8!<PQGF;RSTEMME;FTPGD;UPV;ES;ME;DEWUV;XE;XEYEFGL;VDPZFPFDE;
PS;OHFDPOD;XE;MTPGL>;!F+1(..(!(/8!(@(9<8(!01#0(+-!0(!*>.#-(!(8!F+1(..(!(/8!6-#$0(O
J(!*26'!(/<-(//#!(/8!<.+/!-$*>(!(&!2-^9(!F+1+&!*26'!6$.8-(!*.2//$F+(O!`2.%-'!/#&!%#_8!<.+/!<-#&#&*';!8-?/!<-'/(&8!(&!=#+*>(!(8!
<.+/!<(-/$/82&8;!.1(/<-(//#!*#&8$(&8!(&!62$8!9#$&/!0(!*26'$&(!F+(!.(!*26'!6$.8-(!<EFYGLHF;[?;\;@?;WZ;UPL;DPVVE;EF;OHWUPLPGVHF;
PYEO;@?;\;!??;WZ;UPL;DPVVE>O!7(.2!(/8!0_!5!+&(!0+-'(!0(!<(-*#.28$#&!<.+/!*#+-8(O!V#8-(!J2881E/<-(//!,#+/!<(-9(88-2!'%2.(9(&8!
0(!<-'<2-(-!01(@*(..(&8/!*2<<+**$&#/!%-Z*(!2+!/D/8?9(!$&%'&$(+@!$&8'%-2&8!+&!<#8!5!.2$8!5!.2!!92*>$&(O!
A-Z*(!5!/2!%-2&0(! /$9<.$*$8'!0(!92&$<+.28$#&;!.2!,$/$=$.8'! 0(! 8#+/! /(/!-'/(-,#$-/!2$&/$!F+(!/(/! <-#%-299(/!2+8#928$F+(/!0(!
&(88#D2%(!(8!0(!0'82-8-2%(;!,#8-(!J2881E/<-(//!K+8#928$*!,#+/!2<<#-8(-2!+&!%-2&0!*#&6#-8!01+8$.$/28$#&O
+7+3);1+;(&#2'=&#;61)'1$+)'43
2EVSLE;XE;MP;XSLED];XE;MTEPS
K,2&8!01+8$.$/(-!.12<<2-($.!<#+-!.2!<-(9$?-(!6#$/!#+!2<-?/!2,#$-!*#&/828'!+&!*>2&%(9(&8!02&/!.2!0+-(8'!0(!.1(2+;!$.!*#&,$(&8!01202<8(-!
.12<<2-($.!5!.2!0+-(8'!0(!.1(2+!*#&/828'(O!"#+-!*#&&2]8-(!.2!0+-(8'!0(!.1(2+;!0'8(-9$&(TB.2!5!.12$0(!0+!=Z8#&&(8!.$,-'!2,(*!.12<<2-($.!
#+!20-(//(TB,#+/!5!,#8-(!*#9<2%&$(!0(/!(2+@O!J12<<2-($.!,#+/!0(92&0(-2!.2!0+-(8'!0(!,#8-(!(2+!5!.2!<-(9$?-(!+8$.$/28$#&O
;;"EZL]
XE;XSLED] %MPVVE;? )LKV;XHSOE %MPVVE;! "HSOE %MPVVE;^ 2H_EFFEWEFD;XSLE %MPVVE;C "SLE %MPVVE;A )LKV;XSLE
`;X.
a!bc d!ec d!fc d!Pec d!RPc
`;E a!b;f\c d!\c d!g;f\c d!Pf;\c d!Rh;R\c
`;Q a!\;ec d!f;Rc d!PR;hc d!R\;Rc d!bf;gc
&]ZMPZE;XE;MTPUUPLEGM Q P R b e
3(9<.$-!+&!,(--(!01(2+!(8!<.#&%(-!+&!=Z8#&&(8O!J$-(!2<-?/!P!9$&+8(!.(!&$,(2+!0(!0+-(8'!0(!.1(2+!B!<!a^>O!

C
!"
^
%PLDHSOJE;%MPLGV;a;+RSP;*GMDEL;$_VDEW;*;?@@;;<7EFXSE;V]UPL]WEFD>
S#+/!,#+/!*#&/($..#&/!<#+-!#<8$9$/(-!.(!%#_8!0(!,#/!<-'<2-28$#&/!(8!.2!0+-'(!0(!,$(!0(!,#8-(!2<<2-($.!01+8$.$/(-!+&$F+(9(&8!.2!*2-8#+*>(!7.2-$/!
B!KF+2!L$.8(-!:D/8(9!,(&0+(!(&!2**(//#$-(O
<C>;I; `'*2&$/9(!<(-9(882&8!0(!9'9#-$/(-!.(!9#$/!0(!9$/(!(&!<.2*(!(8!0(!*>2&%(9(&8!0(!.2!*2-8#+*>(!<PULKV;WPbGWSW;^;WHGV>O
V#8-(!2<<2-($.!,#+/!/$%&2.(-2!F+2&0!-(9<.2*(-!,#8-(!*2-8#+*>(!7.2-$/!B!KF+2!L$.8(-!:D/8(9!<2-!.(!=$2$/!01+&!9(//2%(O
&GFcPZE;PSDHWPDGRSE
K!.2!<-(9$?-(!9$/(!(&!/(-,$*(;!,#+/!2,(T!.2!<#//$=$.$8'!012*8$,(-!.(!9#0(!-$&W2%(!2+8#928$F+(!0(!.2!92*>$&(O!"#+-!*(.2;!*>#$/$//(T!
.1#<8$#&!d46'd;XPFV;ME;WEFS;d&GFcPZE;PSDHdO!7(!-$&W2%(!/1(@'*+8(-2!.#-/!0(!*>2F+(!9$/(!/#+/!8(&/$#&!0(!.2!92*>$&(O
"#+-!+&(!9#0$6$*28$#&!+.8'-$(+-(;!,#+/!2,(T!.2!<#//$=$.$8'!0(!/'.(*8$#&&(-!.(!-$&W2%(!2+8#!(&!2<<+D2&8!/+-!"3iA!B3'%.2%(/!B!
-$&W2%(!2+8#O!
,QVWDOODWLRQGX¿OWUHFDUWRXFKH&ODULV$TXD)LOWHUV\VWHP
+DDEFDGHF;I!"#+-!29#-*(-!*#--(*8(9(&8!,#8-(!*2-8#+*>(;!,($..(T!5!=$(&!/+$,-(!.2!<-#*'0+-(!01$&/82..28$#&!5!*>2F+(!9$/(!(&!
<.2*(O
+;MP;ULEWGKLE;WGVE;EF;VELYGOE;I!7>#$/$//(T!.1#<8$#&!e46'f;XPFV;MP;QHFODGHF;e*GMDLEf;!(8!/+$,(T!.(/!$&0$*28$#&/!5!.1'*-2&O
(HSL; SFE; GFVDPMMPDGHF; SMD]LGESLE; HS; SF; LEWUMPOEWEFD; I; :'.(*8$#&&(T! .(! 9(&+! e*GMDLEf; \; MTPGXE; XE; MP; DHSOJE; (&4-I;
e#FDLEDGEFVfa;40;a;e*GMDLEfa;40;a;e2EDDLEf<HS;OJPFZEL>B!iU!B!(8!/+$,(T!.(/!$&0$*28$#&/!5!.1'*-2&O!
j&/82..28$#&!0(!.2!*2-8#+*>(!02&/!.2!92*>$&(!k!V$//(T!.(!6$.8-(!02&/!.(!6#&0!0+!-'/(-,#$-!01(2+!(&!+8$.$/2&8!.2!<#$%&'(!6#+-&$(!5!*(8!
(66(8!<A>O
`(88(T!(&!<.2*(!.2!=+/(!,2<(+-!<B>O!
".2*(T!+&!-'*$<$(&8!0(!QOhJ!/#+/!.2!=+/(!,2<(+-!<[>O!
(L]UPLPDGHF;XE;MTPUUPLEGM
3(8$-(T!(8!-(9<.$//(T!.(!-'/(-,#$-!01(2+! <g> O
3(9(88(TB.(!(&!<.2*(!(&!2<<+D2&8!6(-9(9(&8!(8!-(6(-9(T!.(!*#+,(-*.(!
<@> O
3(8$-(T!.(!*#+,(-*.(!0+!-'/(-,#$-!5!*26'!(8!,(-/(T!0+!*26'!(&!%-2$&/O!3(9(88(T!.(!*#+,(-*.(!
<ha!?> O
! 3E;UPV;LEWUMGL;ME;L]VELYHGL;XTEPS;OJPSXEN;XE;MPGD;HS;XE;DHSD;PSDLE;MGRSGXEi; :$;!.#-/!0(!.2!9$/(!/#+/!8(&/$#&!
0(!.12<<2-($.;!.(!-'/(-,#$-!01(2+!(/8!2=/(&8!#+!$&*#9<.?8(9(&8!-(9<.$!M/#+/!.(!&$,(2+!G9$&IN;!.(!9(//2%(!G-(9<.$-!.(!
UpVHUYRLU´V¶DI¿FKHHWODSUpSDUDWLRQGHO¶HVSUHVVRRXGXFDIpHVWPRPHQWDQpPHQWLPSRVVLEOH
3#;/+2+'$;2#))&#;"6;%+*=;24616;"+3$;1#;&=$#&74'&;j;%+*=i;
J1+8$.$/28$#&!0(!%-2$&/!0(!*26'!>+$.(+@;!*2-29'.$/'/!#+!2-#928$/'/!(/8!0'*#&/($..'(!<#+-!*(88(!92*>$&(O!7(!8D<(!0(!%-2$&/!<(+8!
(&0#992%(-!.2!92*>$&(O
K//+-(TB,#+/!F+12+*+&!*#-</!'8-2&%(-!8(.!F+(!0(/!<(8$8/!*2$..#+@!*#&8(&+/!02&/!.(!*26'!(&!%-2$&/!&(!<'&?8-(!02&/!.(!-'/(-,#$-O!
4#+8!(&0#992%(9(&8!0_!5!0(/!*#-</!'8-2&%(-/!2D2&8!<'&'8-'!02&/!.(!-'/(-,#$-!5!*26'!(/8!(@*.+!0(!.2!%2-2&8$(O
S(!<2/!9(88-(!01(2+!02&/!.(!-'/(-,#$-!5!*26'!(&!%-2$&/O
"#+-!',$8(-!F+(!.(/!'*#+.(9(&8/!01(2+!+/2%'(!&(!/2.$//(&8!,#8-(!<.2&!0(!8-2,2$.!#+!&(!-$/F+(&8!0(!,#+/!=-_.(-;!&1#+=.$(T!<2/!0(!
9(88-(!.(!=2*!-'*#.8(B%#+88(/O
V'-$6$(T!.2!<-#<-(8'!0(!,#8-(!-'/(-,#$-!5!(2+O
(LEWGKLE;SDGMGVPDGHF;k;UPLPW]DLPZE;XE;MP;WPOJGFE
J(!=#+8#&!-#828$6!,#+/!<(-9(8!0(!/'.(*8$#&&(-!+&(!6#&*8$#&;!012+%9(&8(-!#+!0$9$&+(-!0(/!,2.(+-/O!J12<<+$!/+-!*(!=#+8#&!,#+/!
<(-9(8!0(!,2.$0(-!,#/!*>#$@O
`(88(T!.12<<2-($.!/#+/!8(&/$#&!(&!2<<+D2&8!/+-!e4F;k;4QQf;<!!>i;J2$//(TB,#+/!%+$0(-!<2-!.(/!$&/8-+*8$#&/!5!.1'*-2&;eOJHGb;XE;MP;
MPFZSEfO
K!.12$0(!0+!=#+8#&!-#828$6;!/'.(*8$#&&(T!+&(!.2&%+(O!E..(!2<<2-2$8!2.#-/!(&8#+-'(!<!^a!C>O!
V2.$0(TB.2!(&!2<<+D2&8!/+-!.(!=#+8#&!0(!,2.$028$#&!<!A>O
K!.2!<-(9$?-(!+8$.$/28$#&;!.12<<2-($.!,#+/!0(92&0(-2!0(!-'%.(-!<.+/$(+-/!<2-29?8-(/O!:$!,#+/!0'=-2&*>(T!,#8-(!2<<2-($.;!*(-82$&/!
0(!*(/!<2-29?8-(/!,#+/!/(-#&8!-(0(92&0'/O
1TPUUPLEGM;YP;YHSV;XEWPFXEL;XE;L]ZMEL;I
1PFZSE ;; !V#+/!<#+,(T!/'.(*8$#&&(-!.2!.2&%+(!0(!,#8-(!*>#$@!<2-9$!*(..(/!<-#<#/'(/O
6FGD];XE;WEVSLE
;; V#+/!<#+,(T!/'.(*8$#&&(-!.1+&$8'!0(!9(/+-(!(&8-(!9.!(8!#TO
"PDE
; V#+/!0(,(T!-'%.(-!.2!028(O
.HLMHZE
;; V#+/!<#+,(T!/'.(*8$#&&(-!+&!266$*>2%(!>#-2$-(!/+-!PR!#+!Re!>(+-(/O
+SDHaHQQ
; !V#+/!<#+,(T!*>#$/$-!.2!0+-'(!2<-?/!.2F+(..(!,#8-(!2<<2-($.!/12--H8(-2!2+8#928$F+(9(&8O
+SDHaHF
; !V#+/!<#+,(T!.2&*(-!2+8#928$F+(9(&8!.(!<-'*>2+662%(!0(!,#8-(!2<<2-($.!5!+&(!>(+-(!*>#$/$(O
"SLED];EPS
; !V#+/!0(,(T!-'%.(-!,#8-(!0+-(8'!01(2+!(&8-(!Q!(8!eO!!V#$-!*>2<$8-(!G`(/+-(!0(!.2!0+-(8'!0(!.1(2+IO!
&GFcPZE;+SDH
; V#+/!<#+,(T!.2&*(-!+&!-$&W2%(!5!*>2F+(!2..+92%(!0(!.2!92*>$&(O
*GMDLE
; !!V#+/!0(,(T!$&0$F+(-!.2!<-'/(&*(!#+!&#&!01+&!6$.8-(!M*2-8#+*>(!7.2-$/!B!KF+2!L$.8(-!:D/8(9NO
l!.2!<-(9$?-(!+8$.$/28$#&;!$.!(/8!<#//$=.(!F+(!.12<<2-($.!0(92&0(!+&!-(9<.$//2%(O!j.!/+66$8!2.#-/!0(!/+$,-(!.(/!$&/8-+*8$#&/!5!.1'*-2&O
&GFcPZE;XEV;OGLOSGDV
3$&W2%(!0+!*$-*+$8!*26'!k
V#+/! <#+,(T! (66(*8+(-! +&! -$&W2%(! 5! 8#+8! 9#9(&8! (&! 2<<+D2&8! /+-! (&4-! <#+-! 266$*>(-! .(/! 9(&+/! <+$/! (&! /'.(*8$#&&2&8!
(175(7,(16Ź2.Ź5,1d$*(Ź2.
&GFcPZE;XS;OGLOSGD;YPUESL;I
`(88(T!(&!<.2*(!.2!=+/(!,2<(+-!<B>!<+$/!$&/82..(T!+&!-'*$<$(&8!/#+/!.2!=+/(!,2<(+-O!:'.(*8$#&&(T!.2!-(*(88(!(2+!*>2+0(!/+-!.1'*-2&!
(8!,2.$0(TO!J(!*D*.(!/12--H8(-2!2+8#928$F+(9(&8!2<-?/!.(!<2//2%(!0+!,#.+9(!01(2+!$&0$F+'!5!.1'*-2&O
j.!(/8!<-'6'-2=.(!0(!62$-(!+&!#+!<.+/$(+-/!-$&W2%(/!0(/!0(+@!*$-*+$8/!2<-?/!<.+/$(+-/!X#+-/!/2&/!+8$.$/28$#&O
/256'(623e5$7,216'(5,1d$*('(/¶($8&+$8'(6¶e&28/(3$5/(6%86(69(,//(=¬1(3$69286%5Ó/(5
(L]UPLPDGHF;XS;lLH_ESL
V#+/!<#+,(T!2X+/8(-!.2!6#-*(!0(!,#8-(!*26'!(&!-'%.2&8!.2!6$&(//(!0(!=-#D2%(!0(/!%-2$&/!0(!*26'O!
".+/!.(!-'%.2%(!0+!=-#D(+-!5!*26'!(/8!6$&;!<.+/!.(!*26'!(/8!5!<-$#-$!6#-8!(8!*-'9(+@O
3'%.(T!.(!0(%-'!0(!6$&(//(!0(!=-#D2%(!(&!8#+-&2&8!.(!=#+8#&!m3'%.2%(!0(!.2!6$&(//(!0(!=-#D2%(1O!
V(-/!.2!%2+*>(!.2!9#+8+-(!(/8!<.+/!6$&(O!V(-/!.2!0-#$8(!.2!9#+8+-(!(/8!<.+/!%-#//(!
a;<!B> O
1#;&=-1+-#;3#;"4');m)&#;#**#%)6=;56#;(#3"+3);1#;,&4:+-#i;
3#;/+2+'$;*4&%#&;$6&;1#;,46)43;"#;&=-1+-#;"#;1+;*'3#$$#;"#;,&4:+-#
(&=(+&+)'43;"T63;#$(&#$$4;#);"T63;%+*=
9275($33$5(,/(67(;&/86,9(0(17&21d8328587,/,6(5'8&$)e(1*5$,16
1HLV;XE;MP;UL]UPLPDGHF;XE;YHDLE;ULEWGEL;OPQ]N;PULKV;SFE;MHFZSE;U]LGHXE;XTPlVEFOE;HS;PULKV;SFE;ULHO]XSLE;XE;FEDDH_PZE;
HS;XE;X]DPLDLPZEN;SF;UES;XE;YPUESL;ED;XTEPS;OJPSXE;VHLDEFD;XE;MP;lSVE;YPUESL;<PSDHaPWHLcPZE>i
$G;MP;VHLDGE;OPQ];EVD;L]ZM]E;DLHU;JPSDE;UPL;LPUUHLD;\;MP;DPGMME;XE;YHV;DPVVEVN;GM;_;P;LGVRSE;XT]OMPlHSVVSLEV;HS;XE;lLnMSLEVi
(L]UPLPDGHF;XTSF;EVULEVVH
J2!F+2&8$8'!01(2+!<#+-!+&!(/<-(//#!(/8!*#9<-$/(!(&8-(!RQ!(8!fQ!9.O
K<<+D(T!/+-!.(!=#+8#&! ;!288(&0(T!.2!6$&!0+!<-'*>2+662%(!(8!(66(*8+(T;!/$!,#+/!.(!/#+>2$8(T;!+&!-$&W2%(O
J(!9(&+!0(!/'.(*8$#&!0(/!=#$//#&/!/1266$*>(!<![>O
`(88(T!+&(!82//(!/#+/!.2!/#-8$(!*26'O!V#+/!<#+,(T!2=2$//(-!#+!-(9#&8(-!.2!/#-8$(!*26'!/(.#&!.2!82$..(!0(!,#8-(!82//(!<!g>O
:'.(*8$#&&(T!,#8-(!=#$//#&!2,(*!.(!=#+8#&!-#828$6!(8!,2.$0(T!(&!2<<+D2&8!/+-!.(!=#+8#&!0(!,2.$028$#&O
V#+/!<#+,(T!5!8#+8!9#9(&8!-'%.(-!.(!,#.+9(!0(!.1(2+!2,(*!.(!=#+8#&!-#828$6O
(HSL;PLLoDEL;MT]OHSMEWEFD;XPFV;YHDLE;DPVVEN;YHSV;UHSYEp;VHGD;PUUS_EL;VSL;SFE;DHSOJEN;VHGD;XGWGFSEL;ME;YHMSWE;PYEO;ME;
lHSDHF;LHDPDGQi
;;;
(L]UPLPDGHF;XTSF;OPQ]
J2!F+2&8$8'!01(2+!<#+-!+&!*26'!(/8!*#9<-$/(!(&8-(!gQ!(8!PhQ!9.O
(L]UPLPDGHF;XTSF;OPQ];MHFZ
J2! F+2&8$8'! 01(2+!<#+-!+&!*26'!.#&%! (/8!*#9<-$/(! (&8-(! PRQ! (8! ReQ!9.O! J12<<2-($.!(66(*8+(!2+8#928$F+(9(&8!+&!0#+=.(!*D*.(;!
&1(&.(,(T!<2/!,#8-(!82//(!2,2&8!.2!6$&!0(!.2!<-'<2-28$#&O
J2! 9#+8+-(! (/8! 8#+8! 012=#-0! >+9$0$6$'(! 2,(*! +&! <(+! 01(2+! 2<-?/! .2! <>2/(! 0(! =-#D2%(O! n+(.F+(/! $&/82&8/! 2<-?/;! .2!
<(-*#.28$#&!<-#<-(9(&8!0$8(!/(!<#+-/+$8O!
o&(!6#&*8$#&!,#+/!<(-9(8!012X+/8(-!,#8-(!8(9<'-28+-(!0(!*26'O
3#;(+$;&#)'&#&;1#;&#$#&74'&;+7+3);1+;*'3;"6;%:%1#;<VHGD;EFYGLHF;!B;VEOHFXEV;PULKV;MP;QGF;XE;MT]OHSMEWEFD;XS;OPQ]>i
*HFODGHF;XESb;LEOEDDEV;EFOJPqF]EV
V#8-(!2<<2-($.!,#+/!<(-9(8!0(!<-'<2-(-!R!-(*(88(/!0(!*26'!#+!(/<-(//#!!<#+-!.(/!b!<-'<2-28$#&/!/+$,2&8(/!k!(/<-(//#!)!(/<-(//#!
*#-/'!)!*26'O!7(88(!6#&*8$#&!&1(/8!<2/!0$/<#&$=.(!<#+-!.2!<-'<2-28$#&!*26'!.#&%O!J12<<2-($.!(&*>2$&(-2!2+8#928$F+(9(&8!R!*D*.(/!
*#9<.(8/!0(!<-'<2-28$#&!0(!*26'!.1+&!2<-?/!.12+8-(O!K+//$!,($..(T!5!$&/82..(-!.2!0(+@$?9(!82//(!/#+/!.2!/#-8$(!*26'!0?/!.2!6$&!0+!
<-(9$(-!*D*.(O!
V#+/!2,(T!<-'<2-'!,#8-(!2<<2-($.O!J(!9(&+!0(!/'.(*8$#&!0(/!=#$//#&/!/1(/8!266$*>'!<![>O
`(88(T!+&(!82//(!/#+/!.2!/#-8$(!*26'O!V#+/!<#+,(T!2=2$//(-!#+!-(9#&8(-!.2!/#-8$(!*26'!/(.#&!.2!82$..(!0(!,#8-(!82//(!<!g>O
:'.(*8$#&&(T!,#8-(!=#$//#&!(8!,2.$0(T!2,(*!+&!0#+=.(!2<<+$!-2<$0(!/+-!.(!=#+8#&!0(!,2.$028$#&O!
o&!9(//2%(!,#+/!$&0$F+(-2!F+(!,#+/!2,(T!0(92&0'!0(+@!82//(/O
1TPUUPLEGM;EFOJPqFELP;PSDHWPDGRSEWEFD;^;O_OMEV;OHWUMEDV;XE;UL]UPLPDGHF;XE;OPQ]i

B
!"
A
J(!9(//2%(!012,(-8$//(9(&8!-(/8(-2!266$*>'!/$!.(!*#..(*8(+-!0(!92-*!0(!*26'!&1(/8!<2/!(&6#&*'!#+!$&/82..'!*#--(*8(9(&8O!
42&8!F+(!.(!9(//2%(!012,(-8$//(9(&8!/1266$*>(;!.2!<-'<2-28$#&!01+&!(/<-(//#!#+!01+&!*26'!(/8!$9<#//$=.(O!J(!*#..(*8(+-!
0(!92-*!0(!*26'!2!+&(!*2<2*$8'!0(!p!*26'/O
&GFcPZE;XEV;OGLOSGDV;I;YHGL;UPZE;C
&GFcPZE;XS;V_VDKWE;OPUUSOOGFH
J2! 92*>$&(! ,#+/! <(-9(8! 01(66(*8+(-! +&! -$&W2%(! 0+! /D/8?9(! 2<-?/! .2! -'2.$/28$#&! 0(! ,#/! *2<<+**$&#/O! 7(.2! (/8! <#//$=.(!
9H9(!/1$.!-(/8(!0+!.2$8!02&/!.(!-'*$<$(&8!0+!<#8!5!.2$8O!j.!(/8!$9<#-82&8!01(66(*8+(-!*(!-$&W2%(!2<-?/!*>2F+(!*2<<+**$&#!-'2.$/'O!
j.!62+8!F+(!.(!<#8!5!.2$8!/#$8!(&!<.2*(!8(.!F+(!0'*-$8!02&/!.(!<2-2%-2<>(!(&#(+&+)'43;"T63;%+((6%%'34i
4#+-&(T!.(!=#+8#&!0+!*#+,(-*.(!0+!/D/8?9(!*2<<+**$&#!/+-!.2!<#/$8$#&;%1#+3!<CC>O
K.#-/!F+(!.1'*-2&!266$*>(!.(!9(&+!0(!/'.(*8$#&!0(/!=#$//#&/;!2<<+D(T!/+-!.2!8#+*>(!;%1#+3!0(!.2!92*>$&(!<CA>Oj.!/+66$8!0(!/+$,-(!
.(/!$&/8-+*8$#&/!5!.1'*-2&!26$&!0(!.2&*(-!.(!*D*.(!0(!-$&W2%(O!K!.1$//+(!0(!*(!*D*.(;!-(9(88(T!.(!=#+8#&!0+!/D/8?9(!*2<<+**$&#!/+-!
.2!<#/$8$#&!%+((6%%'34!2,2&8!0(!.2&*(-!+&(!&#+,(..(!-(*(88(O
j`"i34KS4!k
j.!(/8!*#&/($..'!0(!-'2.$/(-!*(!-$&W2%(!2,2&8!0(!-(9(88-(!.(!<#8!5!.2$8!<VTGM;OHFDGEFD;EFOHLE;XS;MPGD>!2+!-'6-$%'-28(+-!5!.1$//+(!
0(!.2!0(-&$?-(!-(*(88(!*2<<+**$&#!-'2.$/'(O!K<-?/!*>2F+(!-$&W2%(;!$.!(/8!*#&/($..'!0(!&(88#D(-!.(/!0$66'-(&8(/!<$?*(/!0+!
/D/8?9(!(&!.(/!<2//2&8!/#+/!.1(2+!0+!-#=$&(8!<YHGL;UPLPZLPUJE;#FDLEDGEF;WPFSEM;XS;UHD;\;MPGD>O
(LHZLPWWE;XE;FEDDH_PZE;XS;OGLOSGD;OPQ];a;XSL]E;DHDPME;I;^?;WGFSDEV;EFYGLHF
V#+/!0(,(T!(@'*+8(-!.(!<-#%-299(!0(!&(88#D2%(!(&,$-#&!8#+8(/!.(/!bhQ!<-'<2-28$#&/!01(/<-(//#!#+!0(!*26'O!
J#-/F+1$.!(/8!&'*(//2$-(!0(!<-#*'0(-!5!+&!&(88#D2%(;!.12<<2-($.!,#+/!(&!2,(-8$8!<2-!.1266$*>2%(!<'-$#0$F+(!01+&!9(//2%(O
"#+-!(66(*8+(-!.(!<-#%-299(!0(!&(88#D2%(;!,#+/!2+-(T!=(/#$&!01+&!-'*$<$(&8!<#+,2&8!*#&8(&$-!2+!9#$&/!Q;h!.!(8!01+&(!<2/8$..(!0(!
&(88#D2%(!U3o":!Mq:!bQQQNO
:$!,#+/!0'=-2&*>(T!,#8-(!92*>$&(!<(&02&8!.(!&(88#D2%(!#+!(&!*2/!0(!<2&&(!'.(*8-$F+(;!.(!<-#%-299(!0(!&(88#D2%(!
-(<-(&0-2!5!.r'82<(!(&!*#+-/!.#-/!0(!.r$&*$0(&8O!j.!&(!/(-2!<2/!<#//$=.(!0(!-(<#-8(-!*(88(!#<'-28$#&O!
7(*$!(/8!#=.$%28#$-(!<#+-!0(/!-2$/#&/!0(!-$&W2%(!0(!*$-*+$8!01(2+O!s2&/!*(!*2/;!+&(!&#+,(..(!<2/8$..(!0(!&(88#D2%(!<(+8!
H8-(!&'*(//2$-(O!C$(&!-'2.$/(-!.(!<-#%-299(!0(!&(88#D2%(!(&!(&8$(-!<#+-!',$8(-!8#+8!-$/F+(!01$&8#@$*28$#&O
J(!*D*.(!0(!&(88#D2%(!(/8!+&!*D*.(!0$/*#&8$&+;!&(!<2/!9(88-(!.(/!92$&/!/#+/!.(/!/#-8$(/!*26'!<(&02&8!.(!*D*.(O
J#-/F+(! .(! 9(//2%(! e3EDDH_PZE; F]OEVVPGLEf! /1266$*>(;! ,#+/! <#+,(T! .2&*(-! .(! <-#%-299(! 0(! &(88#D2%(! 2+8#928$F+(! (&!
2<<+D2&8!/+-!.2!!8#+*>(!(&4-O!
J2$//(TB,#+/!%+$0(-!<2-!!.(/!$&/8-+*8$#&/!266$*>'(/!5!.1'*-2&O
J(!<-#%-299(!0(!&(88#D2%(!2+8#928$F+(!/(!0'*#9<#/(!(&!b!<2-8$(/!k!.(!*D*.(!0(!&(88#D2%(!<-#<-(9(&8!0$8;!<+$/!R!*D*.(/!0(!
-$&W2%(O!7(!<-#%-299(!0+-(!(&,$-#&!RQ!9$&+8(/O!!V#+/!<#+,(T!(66(*8+(-!+&!&(88#D2%(!5!8#+8!9#9(&8!(&!2<<+D2&8!/+-!(&4-!!
<#+-!266$*>(-!.(/!9(&+/!<+$/!(&!/'.(*8$#&&2&8(175(7,(16Ź2.Ź1(772<$*(&$)(
S1+8$.$/(T!F+(!0(/!<2/8$..(/!0(!&(88#D2%(!U3o":!Mq:!bQQQNO!K+*+&(!-(/<#&/2=$.$8'!&(!/2+-2$8!H8-(!(&%2%'(!<#+-!0(/!0#992%(/!
0'*#+.2&8!0(!.1+8$.$/28$#&!0(!<2/8$..(/!012+8-(/!92-F+(/O
V#+/!<#+,(T!#=8(&$-!0(/!<2/8$..(/!0(!&(88#D2%(!2+<-?/!0+!:(-,$*(!K<-?/BV(&8(!U3o":O
(LHZLPWWE;XE;X]DPLDLPZE;a;XSL]E;I;^^;WGFSDEV;EFYGLHF
$G;YHDLE;ULHXSGD;EVD;]RSGU];XE;FHDLE;OPLDHSOJE;%MPLGV;a;+RSP;*GMDEL;$_VDEW;*?@@N;WELOG;XE;LEDGLEL;OEDDE;OPLDHSOJE;PYPFD;
MTHU]LPDGHF;XE;X]DPLDLPZEi
J2!F+2&8$8'!0+!0'<^8!0(!82-8-(!0'<(&0!0(!.2!0+-(8'!0(!.1(2+!+8$.$/'(O!J#-/F+1$.!(/8!&'*(//2$-(!0(!<-#*'0(-!5!+&!0'82-8-2%(;!.12<<2-($.!
,#+/!(&!2,(-8$8!<2-!.1266$*>2%(!<'-$#0$F+(!01+&!9(//2%(!012,(-8$//(9(&8O!
"#+-!(66(*8+(-!.(!<-#%-299(!0(!0'82-8-2%(;!,#+/!2+-(T!=(/#$&!01+&!-'*$<$(&8!<#+,2&8!*#&8(&$-!2+!9#$&/!Q;h!.!(8!01+&!/2*>(8!0(!
0'82-8-2&8!U3o":!MeQ!%N!L!Q\e!
<CB> O!
J#-/F+(! .(! 9(//2%(! t! s'82-8-2%(! &'*(//2$-(! u! /1266$*>(;! ,#+/! <#+,(T! .2&*(-! .(! <-#%-299(! 0(! 0'82-8-2%(! 2+8#928$F+(! (&!
2<<+D2&8!/+-!.2!!8#+*>(!(&4-O!
J2$//(TB,#+/!%+$0(-!<2-!.(/!$&/8-+*8$#&/!266$*>'(/!5!.1'*-2&!(&!-(/<(*82&8!.2!!0$//#.+8$#&!0+!/2*>(8O
J(!*D*.(!0(!0'82-8-2%(!/(!*#9<#/(!0(!b!<2-8$(/!k!.2!<>2/(!0(!0'82-8-2%(!<-#<-(9(&8!0$8(;!/+$,$(!0(!R!<>2/(/!0(!-$&W2%(O
o8$.$/(T!+&$F+(9(&8!0(/!<-#0+$8/!0(!0'82-8-2%(!U3o":O!J(/!<-#0+$8/!0(!0'82-8-2%(!/#&8!0$/<#&$=.(/!02&/!.(/!*(&8-(/!0(!:(-,$*(!
K<-?/BV(&8(!U3o":O
K+*+&(!-(/<#&/2=$.$8'!&(!/2+-2$8!H8-(!(&%2%'(!02&/!.(!*2/!01+&!0#992%(!0(!.12<<2-($.!<2-!.1+8$.$/28$#&!012+8-(/!<-#0+$8/O!
:$!+&(!*#+<+-(!0(!*#+-2&8!/(!<-#0+$8!#+!/$!,#+/!0'=-2&*>(T!,#8-(!92*>$&(;!.(!*D*.(!/(!-(.2&*(-2!5!.r'82<(!(&!*#+-/!.#-/!
0(!.r$&*$0(&8;!/2&/!<#//$=$.$8'!0(!-(<#-8(-!*(88(!#<'-28$#&O
(&=(+&+)'43$;+7#%;"#;1T#+6;%.+6"#
j&/82..(T!.2!=+/(!,2<(+-!/+-!.2!92*>$&(O!:'.(*8$#&&(T!.2!-(*(88(!(2+!*>2+0(!<2-!.(!9(&+!0(!/'.(*8$#&!0(/!=#$//#&/O!o&!9(//2%(!
,#+/!$&,$8(!5!<.2*(-!+&!-'*$<$(&8!/#+/!.2!=+/(!,2<(+-O!V#+/!<#+,(T!*#99(&*(-!.2!<-#0+*8$#&!01(2+!*>2+0(!(&!2<<+D2&8!/+-!.(!
=#+8#&!0(!,2.$028$#&O!
3RXULQWHUURPSUHODIRQFWLRQG¶HDXFKDXGHLOVXI¿WG¶DSSX\HUVXUQ¶LPSRUWHTXHOOHWRXFKH
:$!.2!=+/(!(/8!#=/8-+'(;!0'=#+*>(TB.2!2,(*!.12$%+$..(!6#+-&$(O
J2!F+2&8$8'!92@$92.(!01(2+!*>2+0(!<2-!*D*.(!(/8!.$9$8'(!5!bQQ!9.O
(&=(+&+)'43;"T63;%+((6%%'34
3HSV; YHSV;OHFVEGMMHFV;XTSDGMGVEL;XS; MPGD;UPVDESLGV];HS;6.)N;L]OEWWEFD;HSYELDi!J(!.2$8!*-+! &(! <(-9(8! <2/!01#=8(&$-! 0(/!
-'/+.828/!#<8$9+9/O
(L]UPLPDGHF;ED;GFVDPMMPDGHF;XS;UHD;\;MPGD;VSL;MP;WPOJGFE
J(!<#8!5!.2$8!(/8!*#9<#/'!01+&!-'*$<$(&8!(&!<.2/8$F+(;!01+&!*#+,(-*.(!M*#9<-(&2&8!+&(!*2//(88(N!(8!01+&!8+D2+!/#+<.(!.(!-(.$2&8!5!.2!
/#-8$(!=#$//#&!0(!.2!92*>$&(O!K,2&8!+&(!<-(9$?-(!+8$.$/28$#&;!&(88#D(T!/#$%&(+/(9(&8!.(/!0$66'-(&8/!'.'9(&8/O!
V(-/(T!.(!.2$8!02&/!.(!<#8!MP\Q!9.!2+!9$&$9+9N!!<!@>O!`(88(T!.(!*#+,(-*.(!/+-!.(!<#8!(&!.(!,$//2&8!<2-!+&(!.'%?-(!<-(//$#&!<!h>O!J(,(T!
.(!.(,$(-!0(!,(--#+$..2%(!<^?>O!j&/82..(T!.(!<#8!5!.2$8!/+-!.2!92*>$&(!(&!.(!-2**#-02&8!5!.2!/#-8$(!,2<(+-!<^!>!<+$/!2=2$//(T!.(!.(,$(-!0(!
,(--#+$..2%(!<^^>O!j&/'-(T!.(!8+D2+!/#+<.(!02&/!.1#-$6$*(!0(!.2!*2//(88(!<-',+!5!*(8!(66(8!<^C>!<+$/!<.2*(T!.12+8-(!(@8-'9$8'!/#+/!.2!
/#-8$(!=#$//#&!2$92&8'(!<^A>O!V'-$6$(T!F+(!.(!=#+8#&!0+!*#+,(-*.(!0+!/D/8?9(!(/8!/+-!.2!<#/$8$#&!*2<<+**$&#!<^B>O
&]PMGVPDGHF;XS;OPUUSOOGFH
K.#-/!F+(!.1'*-2&!266$*>(!.(!9(&+!0(!/'.(*8$#&!0(/!=#$//#&/;!62$8(/!+&!2<<+$!*#+-8!<rC;VEO>!/+-!.2!8#+*>(!*2<<+**$&#!0(!.2!92*>$&(!
<^[>O!o&(!<>2/(!0(!<-'*>2+662%(!/(!<-#0+$8;!<+$/!.(!9#+//2%(!0+!.2$8!(8!6$&2.(9(&8!.1'*#+.(9(&8!0(!.1(/<-(//#O!V#8-(!=#$//#&!(/8!
<-H8(!<#+-!0'%+/828$#&!<^g>O
7HSV;UHSYEp;GFDELLHWULE;ME;O_OME;EF;PUUS_PFD;VSL;40i;
+))#3)'43N;1T+&&#);"6;%:%1#;3T#$);(+$;'22#"'+)i
o&!9(//2%(!2<<2-2$8!5!.1'*-2&!<#+-!.(!&(88#D2%(!0+!/D/8?9(O!S#+/!,#+/!-(*#992&0#&/!0(!.1(66(*8+(-!(&!,#+/!-'6'-2&8!2+@!
<2-2%-2<>(/;&'3%+-#;"6;$:$)#2#;%+((6%%'34;EDkHS;#3)&#)'#3;2+36#1;"6;$:$)#2#;%+((6%%'34i
&=-1+-#;%+((6%%'34
J2!92*>$&(!,#+/!<(-9(8!0(!-'%.(-!.(/!F+2&8$8'/!0(!.2$8!(8!0(!*26'!/(.#&!,#/!/#+>2$8/!<#+-!+&!*2<<+**$&#!<(-/#&&2.$/'O!7(!
-'%.2%(!/1(66(*8+(!,$2!.(!9(&+!&]ZMPZE;%PUUSOOGFHO
$ORUVTXHO¶pFUDQDI¿FKHOHPHQXGHVpOHFWLRQGHVERLVVRQVIDLWHVXQDSSXLORQJMdb!/(*N!/+-!.2!8#+*>(!OPUUSOOGFH!
0(!.2!92*>$&(O
!i!:'.(*8$#&&(T;(PL;"]QPSD!<#+-!.(/!-'%.2%(/!+/$&(/
^i!:'.(*8$#&&(T;3HSYEPS!<#+-!<(-/#&&2.$/(-!,#8-(!-(*(88(O!J(/!'82<(/!/1(&*>2$&(&8!/+$,2&8!*(8!#-0-(!k
; Pi!(L]OJPSQQPZE;XE;MP;WPOJGFE
; li!(JPVE;WHSVVPZE;XE;MPGD!k!2<<+D(T!/+-!40!.#-/F+(!.(!,#.+9(!.2$8!!/#+>2$8'!(/8!288($&8O
; Oi!(JPVE;OPQ]!k!2<<+D(T!/+-!40!.#-/F+(!.(!,#.+9(!*26'!/#+>2$8'!(/8!288($&8O
J2!92*>$&(!,#+/!$&0$F+(!2.#-/!F+(!.(/!&#+,(2+@!,#.+9(/!/#&8!(&-(%$/8-'/!<#+-!.(/!<-#*>2$&/!*2<<+**$&#/O
+))#3)'43N;1T+&&#);"#;(&4"6%)'43;"#;246$$#;"#;1+');3T#$);(+$;'22#"'+)
#3)&#)'#3;"#;74)&#;+((+&#'1
;+DDEFDGHF; s; (HSL; LEVUEODEL; MEV; OHFXGDGHFV; XE; ZPLPFDGEN; GM; EVD; GFXGVUEFVPlME; XTEQQEODSEL; ME; O_OME; XE; FEDDH_PZE; HS; XE;
X]DPLDLPZE;RSPFX;MTPUUPLEGM;YHSV;ME;XEWPFXEi;,GEF;VSGYLE;MEV;GFVDLSODGHFV;PQQGOJ]EV;\;MT]OLPFi;V#+/!<#+,(T!*#&8$&+(-!5!
+8$.$/(-!.12<<2-($.!92$/!$.!(/8!*#&/($..'!0(!.1(@'*+8(-!2+!<.+/!,$8(O
7GXPFZE;XS;OHMMEODESL;XE;WPLO;XE;OPQ]N;XS;DGLHGL;\;OPQ];ED;XS;lPO;L]OHMDEaZHSDDEV
3(8$-(T!<-'2.2=.(9(&8!.(!/D/8?9(!*2<<+**$&#!!<^@>O
:$!.(!9(//2%(!/1266$*>(;!-(8$-(T;!,$0(T!(8!&(88#D(T!.(!=2*!-'*#.8(B%#+88(/!<^h>O
3(8$-(T;!,$0(T!(8!&(88#D(T!.(!*#..(*8(+-!0(!92-*!0(!*26'!<C?>O!!
3(8$-(T!.(!8$-#$-!5!*26'!<C!>O
J(!=2*!-'*#.8(B%#+88(/!(/8!'F+$<'!0(!6.#88(+-/!F+$!,#+/!$&0$F+(&8!5!8#+8!9#9(&8!F+2&0!.(!,$0(-!<C^>O
s?/!F+(!,#+/!-(8$-(T!.(!*#..(*8(+-!0(!92-*!0(!*26';!,#+/!0(,(T!.(!,$0(-!*#9<.?8(9(&8!<#+-!',$8(-!8#+8!0'=#-0(9(&8!<2-!.2!/+$8(O

g
!"
[
&=-1+-#$
&#-1+-#$
1PFZSE V#+/!<#+,(T!/'.(*8$#&&(-!.2!.2&%+(!0(!,#8-(!*>#$@!<2-9$!*(..(/!
<-#<#/'(/O
%HFDLPVDE;]OLPF; V#+/!<#+,(T!2X+/8(-!.(!*#&8-2/8(!0(!.1'*-2&!/(.#&!,#8-(!
<-'6'-(&*(O
"PDE J(!-'%.2%(!0(!.2!028(!(/8!&'*(//2$-(!&#8299(&8!(&!*2/!
01+8$.$/28$#&!01+&(!*2-8#+*>(!2&8$B*2.*2$-(O
.HLMHZE 9RXVSRXYH]VpOHFWLRQQHUXQDI¿FKDJHKRUDLUHVXURX
>(+-(/O
+SDHaHQQ
V#+/!<#+,(T!*>#$/$-!.2!0+-'(!2<-?/!.2F+(..(!,#8-(!2<<2-($.!/12--H8(-2!
2+8#928$F+(9(&8O!s(!bQ!9$&!5!e!>;!<2-!8-2&*>(!0(!bQ!9$&O
+SDHaHF V#+/!<#+,(T!.2&*(-!2+8#928$F+(9(&8!.(!<-'*>2+662%(!0(!
.12<<2-($.!5!+&(!>(+-(!*>#$/$(O
&GFcPZE;+SDH V#+/!<#+,(T!.2&*(-!2+8#928$F+(9(&8!.(!-$&W2%(!0(!.r2<<2-($.!5!
/#&!2..+92%(O
6FGD];XE;WEVSLE V#+/!<#+,(T!/'.(*8$#&&(-!.1+&$8'!0(!9(/+-(!(&8-(!9.!(8!#TO
"SLED];EPS V#+/!0(,(T!-'%.(-!,#8-(!0+-(8'!01(2+!(&8-(!Q!(8!eO!V#$-!*>2<$8-(!
G`(/+-(!0(!.2!0+-(8'!0(!.1(2+IO
)EWU]LPDSLE;OPQ] V#+/!<#+,(T!2X+/8(-!.2!8(9<'-28+-(!0(!,#8-(!(/<-(//#!#+!0(!
,#8-(!*26'!/+-!8-#$/!&$,(2+@O
$HLDGE V#+/!-(,(&(T!2+!9(&+!<-'*'0(&8O
'3*4&2+)'43;(&4"6')$
'3*4$;(&4"6')
%_OMEV;OPQ]V $I¿FKHOHQRPEUHWRWDOGHFDIpVUpDOLVpVSDUODPDFKLQH
%_OMEV;EPS $I¿FKHOHQRPEUHWRWDOGHF\FOHVG¶HDXFKDXGHHIIHFWXpVSDUODPDFKLQH
%_OMEV;OPUUSOGFH $I¿FKHOHQRPEUHWRWDOGHF\FOHVFDSSXFLQRHIIHFWXpVSDUODPDFKLQH
&GFcPZE $I¿FKHOHQRPEUHWRWDOGHULQoDJHVHIIHFWXpVSDUODPDFKLQH
3EDDH_PZE;OPQ]
"ELFGEL $I¿FKHOHQRPEUHGHFDIpVUpDOLVpVGHSXLVOHGHUQLHU
&(88#D2%(O
(LHOJPGF $I¿FKHOHQRPEUHGHFDIpVUpDOLVDEOHVDYDQWOHSURFKDLQ
&(88#D2%(O
3EDDH_EL J2&*(!.(!<-#%-299(!0(!&(88#D2%(O
$HLDGE; V#+/!-(,(&(T!2+!9(&+!<-'*'0(&8O
3EDDH_PZE
OPUUSOGFH
$I¿FKHOHQRPEUHGHQHWWR\DJHVFDSSXFFLQRVHIIHFWXpV
<2-!.2!92*>$&(O
C$(&!-'2.$/(-!.(!*D*.(!0(!0'82-8-2%(!(&!(&8$(-!<#+-!*2+/(!0(!-$/F+(!01$&8#@$*28$#&O!J(!*D*.(!0(!0'82-8-2%(!(/8!+&!*D*.(!0$/*#&8$&+;!
&(!<2/!9(88-(!.(/!92$&/!/#+/!.2!=+/(!,2<(+-!<(&02&8!.(!*D*.(O!
7EGMMEp;\;lGEF;ULHD]ZEL;YHDLE;UMPF;XE;DLPYPGM;UEFXPFD;MEV;O_OMEV;XE;X]DPLDLPZEN;FHDPWWEFD;MHLVRSTGM;EVD;EF;WPLlLEN;EF;
UGELLE;HS;EF;lHGVi;;
3#))4:+-#;"6;$:$)#2#;%+((6%%'34
"#+-!(66(*8+(-!*(!<-#%-299(!0(!&(88#D2%(;!,#+/!2+-(T!=(/#$&!XTSF;L]OGUGEFD;<WGFG;[??WM>;ED;XS;MGRSGXE;XE;FEDDH_PZE;0&6($;
9$;A???;<C[>i
4#+-&(T!.(!=#+8#&!0+!*#+,(-*.(!0+!/D/8?9(!*2<<+**$&#!/+-!.2!<#/$8$#&!%+((6%%'34;<^B>O
V#+/!<#+,(T!<-#*'0(-!2+!&(88#D2%(!(&!2<<+D2&8!/+-!.(!=#+8#&!t;(&4-;uŹt;#FDLEDGEF;uŹt;3EDDH_PZE;OPUUSOOGFH;uO!:+$,(T!
.(/!$&/8-+*8$#&/!5!.1'*-2&O
#3)&#)'#3;2+36#1;"6;$:$)#2#;%+((6%%'34
(HSL;X]WHFDEL;ME;V_VDKWEN!/+$,(T!.(/!$&/8-+*8$#&/!/+$,2&8(/!k
v!3(8$-(T!.(!8+D2+!/#+<.(!0(!.1#-$6$*(!0+!<#8!(8!0(!.2!/#-8$(!=#$//#&!<Cg>O
v!s',(--#+$..(T!.(!/D/8?9(!0(!.2!92*>$&(!<C@>O
v!E@8-2$-(!.2!*2//(88(!2**(//#$-(!<Ch>O
v!3(8$-(T!.(!*#-</!(&!/$.$*#&(!&#$-!0(!.2!*2//(88(!<A?>O
v!3(8$-(T!.1(9=#+8!2$-!k!$.!/12%$8!0(!.2!<$?*(!(&!9'82.!/$8+'(!2+B0(//+/!0+!*#-</!(&!/$.$*#&(!&#$-O!<A!>O
v!3(8$-(T!'%2.(9(&8!.2!<$?*(!(&!<.2/8$F+(!<A^>O
J(!/D/8?9(!*2<<+**$&#!(/8!92$&8(&2&8!*#9<.?8(9(&8!0'9#&8'!<AC>O
v!"-(&(T!.2!*.'!0(!0'9#&82%(!<AA>O
v!s',$//(T!.r(9=#+8!=+/(!,2<(+-!<AB>O
v!s'=#+*>(T!/$!=(/#$&!5!.r2$0(!0(!.r2$%+$..(!6#+-&$(!5!*(8!(66(8!<A[>O
V#+/!<#+,(T!'%2.(9(&8!-(8$-(-!.(!8+D2+!2--$,'(!0(!.2$8!2$&/$!F+(!.(!=#+8#&!0(!-'%.2%(!0+!*#+,(-*.(!<Ag>O
o&(!6#$/!.(/!'.'9(&8/!&(88#D'/!5!.1(2+!8$?0(!(8!/'*>'/;!-(9(88(TB.(/!(&!<.2*(;!(8!-(<.2*(T!.2!*2//(88(!/+-!.(!<#8O
#FDLEDGEF;Z]F]LPM
3(8$-(T!8#+X#+-/!.(!*#-0#&!012.$9(&828$#&!0(!.2!<-$/(!'.(*8-$F+(!(8!.2$//(T!.12<<2-($.!-(6-#$0$-!2,2&8!0(!.(!&(88#D(-O!
S1+8$.$/(T!<2/!01+/8(&/$.(/!#+!0(!<-#0+$8/!/+/*(<8$=.(/!0(!-2D(-!#+!0(!*#--#0(-!.12<<2-($.O!
E//+D(T!.(!*#-</!0(!.12<<2-($.!(@8'-$(+-(9(&8!5!.12$0(!01+&!*>$66#&!>+9$0(O
3$&*(T!.(!-'/(-,#$-!01(2+!5!.1(2+!*.2$-(O
%EV;UGKOEV;FE;VHFD;UPV;OHFcSEV;UHSL;oDLE;MPY]EV;PS;MPYEaYPGVVEMMEi
+6)&#$;*43%)'43$;I;)46%.#;(&4-
J12**?/!2+!9(&+!0(/!2+8-(/!6#&*8$#&/!0(!.12<<2-($.!/1(66(*8+(!<2-!.2!8#+*>(! (&4-; 0(<+$/!.1'*-2&!0(!*>#$@!0(/!=#$//#&/O
"#+-!8#+/!.(/!-'%.2%(/!.(!=#+8#&!-#828$6!<(-9(8!0(!&2,$%+(-!02&/!.(/!9(&+/!(8!.(/!#<8$#&/;!.(!=#+8#&!-#828$6!<(-9(8!0(!,2.$0(-!
+&!*>#$@;!.(!=#+8#&!
(&4-; <(-9(8!012&&+.(-!+&!*>#$@!(8!0(!-(,(&$-!2+!9(&+!0(!/'.(*8$#&!0(/!=#$//#&/O
(&4-
#FDLEDGEFV V#+/!<(-9(8!012**'0(-!2+@!(&8-(8$(&/O
&KZMPZEV V#+/!<(-9(8!012**'0(-!2+@!-'%.2%(/O
'FQHV;(LHXSGD V#+/!<(-9(8!012**'0(-!2+@!$&6#-928$#&/!<-#0+$8O
$HLDGE V#+/!-(,(&(T!2+!9(&+!<-'*'0(&8O
#3)&#)'#3$
4#+8(/!*(/!#<8$#&/!,#+/!<(-9(88(&8!0(!.2&*(-!.(/!<-#%-299(/!/'.(*8$#&&'/O!E&/+$8(!,#+/!0(,(T!/+$,-(!.(/!$&/8-+*8$#&/!0(!.1'*-2&O
#3)&#)'#3$
&GFcPZE V#+/!<(-9(8!012**'0(-!2+!-$&W2%(O
3EDDH_PZE;OPQ] V#+/!<(-9(8!012**'0(-!2+!&(88#D2%(O
*GMDLE 9RXVSHUPHWG¶DFFpGHUDXPRGH¿OWUH
$HLDGE V#+/!-(,(&(T!2+!9(&+!<-'*'0(&8O
3EDDH_PZE;%PUUSOOGFH V#+/!<(-9(8!0r2**'0(-!2+!&(88#D2%(!0+!/D/8?9(!*2<<+**$&#O

h
!"
@
(&4,1#2#;
":$*43%)'433#2#3) +%)'43$;%4&&#%)'7#$
J12<<2-($.!&(!/12..+9(!<2/!
2<-?/!.12<<+$!/+-!.2!8#+*>(!
Gi&)i66IO
E8($%&(T!(8!0'=-2&*>(T!.2!92*>$&(;!(&.(,(T!.2!*2-8#+*>(!6$.8-2&8(;!288(&0(T!
RQ!/(*#&0(/!(8!-(0'92--(T!.2!92*>$&(OV'-$6$(T!F+(!.2!6$*>(!0+!*#-0#&!'.(*8-$F+(!(/8!=$(&!
(&6#&*'(!02&/!.2!<-$/(!0(!*#+-2&8O
s(!.r(2+!#+!0(!.2!,2<(+-!/#-8!
2&#-92.(9(&8!0(!.2!=+/(!
,2<(+-O
s2&/!.(!*2/!0(!6#&*8$#&&(9(&8/!-'<'8'/;!F+(.F+(/!%#+88(/!<(+,(&8!/r'*#+.(-!<2-!.2!=+/(!
,2<(+-O
J1(/<-(//#!#+!.(!*26'!&1(/8!<2/!
2//(T!!*>2+0O 7>2&%(T!.(!-'%.2%(!0(!.2!8(9<'-28+-(!*26'O
7>2+66(T!.(/!82//(/!(&!.(/!-$&W2&8!5!.1(2+!*>2+0(O
J(!*26'!(/8!8-#<!*.2$-!#+!<2/!
2//(T!*#-/'O
V'-$6$(T!F+(!.(!-'/(-,#$-!5!%-2$&/!*#&8$(&8!0+!*26'!(8!F+(!*(.+$B*$!/r'*#+.(!*#--(*8(9(&8O
E,$8(T!0r+8$.$/(-!0+!*26'!>+$.(+@;!*2-29'.$/'/!#+!2-#928$/'O
s$9$&+(T!.(!,#.+9(!0(!*26'!2+!9#D(&!0+!=#+8#&!*(&8-2.O
4#+-&(T!.(!=#+8#&!0(!.2!6$&(//(!0(!=-#D2%(!,(-/!.2!%2+*>(!<#+-!#=8(&$-!+&(!9#+8+-(!<.+/!6$&(O
3'2.$/(T!,#8-(!<-'<2-28$#&!(&!0(+@!*D*.(/!(&!+8$.$/2&8!.2!6#&*8$#&!R!82//(/O
J(!*26'!/1'*#+.(!8-#<!
.(&8(9(&8!#+!&(!/r'*#+.(!<2/O
4#+-&(T!.(!=#+8#&!0(!.2!6$&(//(!0(!=-#D2%(!,(-/!.2!0-#$8(!<#+-!#=8(&$-!+&(!9#+8+-(!<.+/!
%-#//$?-(!M<(+8!0'<(&0-(!0+!8D<(!0(!*26'!+8$.$/'NO
E66(*8+(T!+&!#+!<.+/$(+-/!*D*.(/!0(!-$&W2%(O
"2//(T!+&(!'<#&%(!>+9$0(!/#+/!.2!/#-8$(!*26'O
J(!*26'!(/8!<(+!*-'9(+@O
4#+-&(T!.(!=#+8#&!0(!.2!6$&(//(!0(!=-#D2%(!,(-/!.2!%2+*>(!<#+-!#=8(&$-!+&(!9#+8+-(!<.+/!6$&(!M<(+8!
0'<(&0-(!0+!8D<(!0(!*26'!+8$.$/'NO
7>2&%(T!.2!*2-8#+*>(!7.2-$/!KF+2!L$.8(-!:D/8(9!M-(/<(*8(T!.2!<-#*'0+-(!0r$&/82..28$#&!<2%(!bNO
E66(*8+(T!+&!#+!<.+/$(+-/!*D*.(/!0(!-$&W2%(O
Jr2<<2-($.!&r2!<2/!0'.$,-'!0(!
*26'O o&!$&*$0(&8!2!'8'!0'8(*8'!<(&02&8!.2!<-'<2-28$#&O
Jr2<<2-($.!/r(/8!-'$&$8$2.$/'!2+8#928$F+(9(&8!(8!(/8!<-H8!<#+-!+&!&#+,(2+!*D*.(O
V#+/!2,(T!+8$.$/'!0+!*26'!9#+.+!
5!.2!<.2*(!0+!*26'!(&!%-2$&/O K/<$-(TB.(!5!.12$0(!0(!,#8-(!2/<$-28(+-!.(!*26'!<-'B9#+.+!*#&8(&+!02&/!.(!-'/(-,#$-!5!%-2$&/O
J(!=-#D(+-!'9(8!+&!=-+$8!
2&#-92.O j.!D!2!<-'/(&*(!0(!*#-</!'8-2&%(-/!02&/!.(!=-#D(+-O
7#&82*8(T!.(!:(-,$*(!7#&/#9928(+-/!U3o":O
J(!=#+8#&!0(!-'%.2%(!0(!.2!
6$&(//(!0(!=-#D2%(!(/8!0$66$*$.(!
5!8#+-&(-O
`#0$6$(T!.(!-'%.2%(!0+!=-#D(+-!+&$F+(9(&8!.#-/F+1$.!(/8!(&!6#&*8$#&&(9(&8O
j.!D!2!<-'/(&*(!0(!*#-</!'8-2&%(-/!02&/!.(!=-#D(+-k!*#&82*8(T!.(!/(-,$*(!*#&/#9928(+-/!U3o":
J2!/#-8$(!,2<(+-!0(!,#8-(!
/D/8?9(!*2<<+**$&#!/(9=.(!
<2-8$(..(9(&8!#+!*#9<.?8(9(&8!
=#+*>'(O
s'9#&8(T!.2!=+/(!5!.12$0(!0(!.2!*.'!0(!0'9#&82%(O!L$%O!ee
J2&*(T!.(!*D*.(!0(!-$&W2%(!0+!/D/8?9(!*2<<+**$&#!<#+-!',2*+(-!.(!-(/8(!0(/!0'<^8/O
S(88#D(T!.2!/#-8$(!,2<(+-!(8!,'-$6$(T!F+(!.(!8-#+!0(!.2!=+/(!&r(/8!<2/!#=/8-+'!<2-!0(/!-'/$0+/!0(!
.2$8!#+!0(!*2.*2$-(O!o8$.$/(T!.12$%+$..(!0(!&(88#D2%(!/$!&'*(//2$-(O
J(!/D/8?9(!*2<<+**$&#!
&r2/<$-(!<2/!.(!.2$8O
J(!/D/8?9(!*2<<+**$&#!&(!62$8!
<2/!#+!<(+!0(!9#+//(O
V'-$6$(T!F+(!.(!/D/8?9(!(/8!*#--(*8(9(&8!2//(9=.'O
V'-$6$(T!F+(!.(!=#+8#&!0(!-'%.2%(!(/8!/+-!.2!<#/$8$#&!7K""o77jSiO
V'-$6$(T!F+(!.2!/#-8$(!,2<(+-!&1(/8!<2/!=#+*>'(O
V'-$6$(T!F+(!.1(9=#+8!2$-!&12!<2/!'8'!#+=.$'!(8!F+1$.!(/8!*#--(*8(9(&8!2//(9=.'O
V'-$6$(T!F+(!.(!8+D2+!/#+<.(!&1(/8!<2/!#=/8-+';!,-$..'!(8!F+1$.!(/8!=$(&!(9=#]8'!02&/!.2!*2//(88(!
<#+-!',$8(-!8#+8(!<-$/(!012$-O!
V'-$6$(T!F+(!.(!8+D2+!0r2/<$-28$#&!.2$8!(/8!=$(&!$99(-%'!02&/!.(!.2$8O
3$&*(T!(8!&(88#D(T!.(!/D/8?9(!M,#$-!*>2<$8-(/!*#--(/<#&02&8/NO
"#+-!.(/!<-'<2-28$#&!5!=2/(!0(!.2$8!k!&#+/!,#+/!*#&/($..#&/!01+8$.$/(-!0+!.2$8!6-2$/;!<2/8(+-$/'!#+!
ow4;!-'*(99(&8!#+,(-8O!j.!(/8!2+//$!-(*#992&0'!01+8$.$/(-!+&!-'*$<$(&8!6-#$0O
K<-?/!2,#$-!.2,'!.(!8$-#$-!
0(!&(88#D2%(;!.(!9(//2%(!
012,(-8$//(9(&8!-(/8(!266$*>'O
E&.(,(T!.(!8$-#$-;!288(&0(T!h!/(*#&0(/!(8!-(9(88(TB.(!(&!<.2*(O
V'-$6$(T!F+(!.(!8$-#$-!0(!&(88#D2%(!(/8!*#--(*8(9(&8!(&6#&*'O
o&(!*#+<+-(!0(!*#+-2&8!/1(/8!
<-#0+$8(!.#-/!01+&!*D*.(O
J12<<2-($.!/(!-'$&$8$2.$/(!2+8#928$F+(9(&8!.#-/!0(!.2!-(9$/(!/#+/!8(&/$#&!(8!(/8!<-H8!<#+-!+&!
&#+,(2+!*D*.(O!:$!.2!*#+<+-(!2!.$(+!.#-/!0r+&!*D*.(!0(!&(88#D2%(!#+!0(!0'82-8-2%(;!.2!92*>$&(!
-(<-(&0-2!.(!*D*.(!5!.r'82<(!(&!*#+-/!.#-/!0(!.r$&*$0(&8O
j.!D!2!0(!.1(2+!#+!0+!*26'!/#+/!
.12<<2-($.O
J(!=2*!-'*#.8(B%#+88(/!2!0'=#-0'!k!,$0(TB.(!(8!&(88#D(T!.(!8$-#$-!0(!&(88#D2%(O!V'-$6$(T!.(!=#&!
<#/$8$#&&(9(&8!0+!=2*!-'*#.8(B%#+88(/O
S(!<2/!(&.(,(-!.(!-'/(-,#$-!2,2&8!.2!6$&!0+!*D*.(O
'3*4&2+)'43;(&4"6')$
'3*4$;(&4"6')
"]DPLDLPZE
"ELFGEL
$I¿FKHOHQRPEUHGHF\FOHVHDXFKDXGHRXYDSHXU
-'2.$/'/!0(<+$/!.(!0(-&$(-!0'82-8-2%(O
(LHOJPGF
$I¿FKHOHQRPEUHGHF\FOHVHDXFKDXGHRXYDSHXU
-'2.$/2=.(/!2,2&8!.(!<-#*>2$&!0'82-8-2%(O
$HLDGE; V#+/!-(,(&(T!2+!9(&+!<-'*'0(&8O
*GMDLE
"ELFGEL
$I¿FKHODGDWHGXGHUQLHUFKDQJHPHQWGH¿OWUH
(8!.2!F+2&8$8'!01(2+!<2//'(O
(LHOJPGF
$I¿FKHODGDWHGXSURFKDLQFKDQJHPHQWGH¿OWUH
#+!.2!F+2&8$8'!01(2+!5!<2//(-O
2EDDLE /DQFHODSURFpGXUHGHUHPSODFHPHQWGX¿OWUH
$HLDGE V#+/!-(,(&(T!2+!9(&+!<-'*'0(&8O
v
;;1EV; ^; ULEWGKLEV; HUDGHFV; XS; VHSVaWEFS; *GMDLE; FE; VELHFD; YPMGX]EV; RSE; VG; YHSV; PYEp; OHLLEODEWEFD; GFVDPMM]; SF; QGMDLE;
DXSDUDYDQWDYHFOHSURJUDPPHDFFHVVLEOHVRXV(175(7,(16Ź),/75(Ź,167$//(5
)&+3$(4&);"#;1T+((+&#'1
7#&/(-,(T!(8!+8$.$/(T!.1(9=2..2%(!#-$%$&2.!<#+-!8-2&/<#-8(-!.12<<2-($.O
E&!*2/!0(!*>+8(!0(!.12<<2-($.!>#-/!(9=2..2%(;!$.!(/8!/#+>2$82=.(!0(!.(!-29(&(-!02&/!+&!*(&8-(!2%-''!<#+-!',$8(-!
8#+8!-$/F+(!01$&*(&0$(!#+!0(!<-#=.?9(/!'.(*8-$F+(/O!
(&4"6');#1#%)&'56#;46;#1#%)&43'56#;#3;*'3;"#;7'#
(PLDGOGUHFV;\;MP;ULHDEODGHF;XE;MTEFYGLHFFEWEFD;s
! !V#8-(!2<<2-($.!*#&8$(&8!0(!&#9=-(+@!928'-$2+@!,2.#-$/2=.(/!#+!-(*D*.2=.(/O
!!7#&6$(T!*(.+$B*$!02&/!+&!<#$&8!0(!*#..(*8(!<#+-!F+(!/#&!8-2$8(9(&8!/#$8!(66(*8+'O

,#$%.&#',63-
+! A-$66)s(*[(.!x2//(-82&[!
,; x2//(-82&[!
%; 3($&$%+&%//*>$(=(-
";;U266((/28T=(>y.8(-!
#;;wz>(&,(-/8(..=2-(-!U266((2+/.2//!+&0!A-$66!!!
*;;`2%&(8$/*>(!C(6(/8$%+&%/,#--$*>8+&%!6{-!!
`$.*>2+/.2//
-;;A$88(-!+&0!K=8-#<6/*>2.(;!2=&(>9=2-
.;;U266((=#>&(&=(>y.8(-
';; E$&/8(..-20!6{-!`2>./8y-[(
/; U266((9{>.(!9$8!`(82..B`2>.|(-[
0; E$&6{../*>2*>8!6{-!3($&$%+&%/82=
1; 42//(&2=.2%(
*UD¿NGLVSOD\
2 ! A-26$[0$/<.2D!
3 !E$&)K+/B42/8(
4 !"-#%-299B42/8(!
( ! s-(>[&#<6!+&0!iUB42/8(!
5 ! 72<<+**$&#)s29<682/8(
& ! 42/8(!72<<+**$&#/D/8(9!-($&$%(&)w($}|2//(-=(T+%
`$.*>=(>y.8(-
$
!s(*[(.!
) !V(--$(%(.+&%/>(=(.
6 ! U&#<6!72<<+**$&#)72<<+**$&#/D/8(9!-($&$%(&
7 !!C$(%/29(-!:*>.2+*>!9$8!92%&(8$/*>(-!
C(6(/8$%+&%/,#--$*>8+&%!6{-!`$.*>2+/.2//
8 ! s29<60{/(
9 ! U2//(88(
: !A(6y}
=8%(+g56(3$5$7(5+b/7/,&+
*;?@@!L$.8(-($&/28T!6{-!7.2-$/!KF+2!L$.8(-!:D/8(9!MX(!&2*>!`#0(..NO
9$;A???;0&6($5HLQLJXQJVÀVVLJNHLWIUGDV6\VWHP&DSSXFFLQRQLFKWLP/LHIHUXPIDQJHQWKDOWHQ
*;?BA!E&8[2.[+&%/<+.,(-!MP!4{8*>(&!$9!J$(6(-+962&%!(&8>2.8(&NO
9$;C???!:8-($6(&!9$8!PQ!3($&$%+&%/82=/!MR!42=/!$9!J$(6(-+962&%!(&8>2.8(&NO
+OJDSFZI!o9!0(&!A2-2&8$(2&/<-+*>!T+!|2>-(&;!,(-|(&0(&!:$(!=$88(!9$8!0$(/(-!`2/*>$&(!2+//*>.$(}.$*>!~+=(>z-8($.(!,#&!U-+</O
J$(=(!U+&0$&;!.$(=(-!U+&0(•
x$-! =(%.{*[|{&/*>(&! :$(! T+9! U2+6! j>-(-! &(+(&! E/<-(//(-$2! K+8#928$*! ,#&! U-+</O! :$(! |(-0(&! 02=($! &$*>8! &+-! ,#&! 0(-!
A(8-y&[(F+2.$8y8!=(%($/8(-8!/($&;!/#&0(-&!2+*>!,#&!0(-!($&62*>(&!C(0$(&+&%O
i=!E/<-(//#!#0(-!J+&%#;!3$/8-(88#!#0(-!72<<+**$&#;!9$8!j>-(9!U266((B)E/<-(//#,#..2+8#928(&![z&&(&!:$(!/$*>!U266((%(&+//!
|$(!$9!726'!#0(-!C$/8-#!&2*>!w2+/(!>#.(&;!|2&&!2+*>!$99(-!:$(!9z*>8(&O!s2/!4>(-9#=.#*[!:D/8(9;!0$(!P\!C2-B"+9<(!+&0!0$(!
V(-|(&0+&%!2+//*>.$(}.$*>!6-$/*>!%(92>.(&(-!U266((=#>&(&!/*>(&[(&!j>&(&!=(/8(/!K-#92!+&0!($&(!>(--.$*>!0$*[(;!%#.062-=(&(!
7-(92;!0$(!0+-*>!02/!&28{-.$*>(!Ä.!0(-!U266((=#>&(&!(-T(+%8!|$-0O
E$&!E/<-(//#!|$-0!8D<$/*>(-|($/(!&$*>8!($&(-!>(-[z99.$*>(&!U266((82//(;!/#&0(-&!$&![.($&(&!"#-T(..2&8y//*>(&!/(-,$(-8O
o9!($&(&!E/<-(//#!9$8!#<8$92.(-!4(9<(-28+-!+&0! ($&(-![#9<2[8(&!7-(92! T+!(->2.8(&;!(9<6(>.(&!|$-!j>&(&;!0$(! 42//(&!%+8!
,#-T+|y-9(&O
`$8! (8|2/! K+/<-#=$(-(&! |(-0(&! :$(! =2.0! 0$(! `$/*>+&%! +&0! 3z/8+&%! %(6+&0(&! >2=(&;! 0$(! :$(! =(,#-T+%(&O! K=(-! 2+*>! 0$(!
x2//(-F+2.$8y8!$/8!(&8/*>($0(&0!6{-!0$(!n+2.$8y8!0(/!E&0(-%(=&$//(/O
K*>8(&!:$(!02-2+6;!02//!:$(!6-$/*>(/!x2//(-!0$-([8!,#9!x2//(->2>&!,(-|(&0(&!M02/!&#*>!&$*>8!.2&%(!9$8!0(-!J+68!$&!U#&82[8!|2-!
+&0!020+-*>!2=%(/82&0(&!/*>9(*[8N;!02//!(/![($&(&!7>.#-%(-+*>!2+6|($/8!+&0!02//!(/![2.8!$/8O
E$&! E/<-(//#! $/8! 2-#928$/*>(-! 2./! [.2//$/*>(-! L$.8(-[266((O! 4-#8T! /($&(/! /8y-[(-(&;! ,#..9+&0$%(-(&! +&0! .y&%(-! 2&>2.8(&0(&!
A(/*>92*[/!(&8>y.8!($&!E/<-(//#!|(&$%(-!U#66($&!2./!L$.8(-[266((!M*2O!hQ!=$/!gQ!9%!<-#!42//(!$9!V(-%.($*>!T+!L$.8(-[266((!9$8!gQ!
=$/!PQQ!9%!<-#!42//(NO!V(-2&8|#-8.$*>!026{-!$/8!0$(![{-T(-(!U#&82[8T($8O!s2&[!0(/!0+-*>02*>8(&!s(/$%&/!$&[.+/$,(!`$.*>=(>y.8(-!
[z&&(&!:$(!9$8!j>-(9!J288mE/<-(//BU266((,#..2+8#928(&!2+*>!($&(&!>(--.$*>(&!72<<+**$&#!T+=(-($8(&O
`$8! 0(-! [$&0(-.($*>8(&! w2&0>2=+&%;! 0(-! %+8(&! :$*>8=2-[($8! 0(-! ($&T(.&(&! C(>y.8(-! +&0! 0(&! 2+8#928$/*>(&! 3($&$%+&%/B! +&0!
E&8[2.[+&%/<-#%-299(&!=$(8(8!j>-(!J288mE/<-(//!K+8#928$*!>z*>/8(&!C(0$(&[#96#-8O
925'(0(567(1(,16$7=
,EVDGWWSFZ;XEL;8PVVELJwLDE
V#-!0(9!(-/8(&!E$&/28T!0(-!`2/*>$&(!#0(-!=($!($&(-!V(-y&0(-+&%!0(-!x2//(->y-8(!/#..8(&!:$(!0$(!`2/*>$&(!2+6!0$(!X(|($.$%(!
x2//(->y-8(!($&/8(..(&O!V(-|(&0(&!:$(!02/!9$8%(.$(6(-8(!:8y=*>(&!T+-!C(/8$99+&%!0(-!x2//(->y-8(!#0(-!(-6-2%(&!:$(!0$(!wy-8(!
=($!j>-(9!x2//(-,(-/#-%(-O!C($!0(-!(-/8(&!j&=(8-$(=&2>9(!0(/!A(-y8(/!|(-0(&!:$(!,#9!:D/8(9!2+6%(6#-0(-8;!0$(!x2//(->y-8(!
2&T+%(=(&O
.wLDEZLPX 0MPVVE;?
$EJL;xEGOJ
0MPVVE;!
8EGOJ
0MPVVE;^
2GDDEMJPLD
0MPVVE;C
.PLD
0MPVVE;A
$EJL;JPLD
`;X.
a!bc d!ec d!fc d!Pec d!RPc
`;E
a!b;f\c d!\c d!g;f\c d!Pf;\c d!Rh;R\c
`;Q
a!\;ec d!f;Rc d!PR;hc d!R\;Rc d!bf;gc
-ELwDEEGFVDEMMSFZ
QPRbe
!
2
1
3
DE
11
!?
(&4,1#2#;
":$*43%)'433#2#3) +%)'43$;%4&&#%)'7#$
J(!.#%#!!! !!/r266$*>( s'=-2&*>(T!.12<<2-($.!<(&02&8!RQ!/(*#&0(/;!-(8$-(T!.2!*2-8#+*>(!7.2-$/!KF+2!L$.8(-!:D/8(9!.(!
*2/!'*>'2&8;!<+$/!-(9(88(TB.(!(&!/(-,$*(O
:$!.(!0'62+8!<(-/$/8(;!*#&82*8(T!.(!:(-,$*(!7#&/#9928(+-/!U3o":O
K<-?/!2,#$-!-(9<.$!.(!
-'/(-,#$-!0m(2+;!.(!9(//2%(!
0m2,(-8$//(9(&8!-(/8(!266$*>'!
5!.m'*-2&O!
V'-$6$(T!.(!=#&!<#/$8$#&&(9(&8!0+!-'/(-,#$-!02&/!.m2<<2-($.O!J(!6.#88(+-!
2+!6#&0!0+!-'/(-,#$-!0#$8!/(!0'<.2*(-!.$=-(9(&8O!V'-$6$(T!(8!0'=.#F+(T!/$!&'*(//2$-(!.(!6.#88(+-O
J2!92*>$&(!&(!0(92&0(!<2/
0(!0'82-8-2%(O J(!*D*.(!0(!0'82-8-2%(!(/8!0(92&0'!5!<2-8$-!0m+&!&#9=-(!$9<#-82&8!0m+8$.$/28$#&/!0+!*$-*+$8! ,2<(+-O
7HGOG;RSEMRSEV;LEOEDDEV;\;L]PMGVEL;PYEO;YHDLE;#VULEVVELGP;+SDHWPDGO;I
%PUUSOOGFH!
"#+-! +&! *2<<+**$&#! 02&/! .(/! -?%.(/! 0(! .12-8;! .(/! <-#<#-8$#&/! $0'2.(/! /#&8! .(/! /+$,2&8(/k! P)b! 0(! .2$8! *>2+0;! P)b! 0(! *26';!!
P)b!0(!9#+//(!0(!.2$8O!
%PQ];%LKWE;
"-'<2-(T!+&!(/<-(//#!*.2//$F+(!02&/!+&(!%-2&0(!82//(O
KX#+8(T!+&!&+2%(!0(!*-?9(!<#+-!#=8(&$-!+&!*26'!*-?9(O
%PQ];OHLLEDDHv;
"-'<2-(T!+&!82//(!01(/<-(//#!*#99(!01>2=$8+0(O
7#--$%(T!(&/+$8(!.'%?-(9(&8!.(!%#_8!(&!2X#+82&8!P)e!#+!P)R!,(--(!5!.$F+(+-!0(!*#%&2*O
B!!J12&$/(88(;! .1(2+! 0(! ,$(! 0(! -2$/$&/;! .(! :29=+*#;! .(! U$-/*>! (8! .(! 7#$&8-(2+! *#&,$(&&(&8! 2+//$! 5! *(8! (66(8O! j.! (@$/8(! (&*#-(! 0(!
&#9=-(+/(/!2+8-(/!<#//$=$.$8'/!<#+-!tPFHlMGLu!.1(/<-(//#O!J1$92%$&28$#&!(/8!$..$9$8'(O
1GRSESL;PS;OPQ]v
!`'.2&%(T!02&/!P!=#+8($..(!,$0(!0(!Q;f\!.$8-(!b!82//(/!01(/<-(//#;!R\Q!%!0(!/+*-(!*2&0$!=-+&;!P)R!.$8-(!0(!7#%&2*!#+!0(!U$-/*>O
J2$//(T!92*'-(-!.(!9'.2&%(!<(&02&8!2+!9#$&/!R!/(92$&(/O
B!V#+/!2+-(T!2$&/$!+&(!.$F+(+-!0'.$*$(+/(;!/+-8#+8!<#+-!.(/!2928(+-/!0(!*26'O
%PQ];ZMPO];\;MTGDPMGEFFE
e!=#+.(/!0(!%.2*(!5!.2!,2&$..(;!R!82//(/!01(/<-(//#!6-#$0!/+*-';!P)g!.!0(!.2$8;!*-?9(!6-2]*>(;!*>#*#.28!-Z<'O
B!`'.2&%(T!.1(/<-(//#!6-#$0!2,(*!0+!.2$8O
B!!3'<2-8$//(T!.(/!=#+.(/!0(!%.2*(!02&/!0(/!,(--(/;!,(-/(T!.(!*26'!0(//+/!(8!0'*#-(T!2,(*!.2!*-?9(!6-2]*>(!(8!.(!*>#*#.28!-Z<'O
%PQ];\;MP;QLGVHFFEv
KX#+8(T!+&!<(8$8!,(--(!0(!->+9!5!+&(!82//(!01(/<-(//#!/+*-'O
s'*#-(T!2,(*!+&(!=#&&(!*#+*>(!0(!*-?9(!6-2]*>(!(8!/(-,(TO
#VULEVVH;QMPWl]v
R!82//(/!01(/<-(//#;!R!<(8$8/!,(--(/!0(!7#%&2*;!R!*+$..(-'(/!5!*26'!0(!/+*-(!=-+&;!*-?9(!6-2]*>(O
B!V(-/(T!.(!7#%&2*!02&/!0(/!,(--(/!-'/$/82&8!5!.2!*>2.(+-;!*>2+66(T!(8!6.29=(TO
B!KX#+8(T!.(!/+*-(;!9'.2&%(T;!,(-/(T!.(!*26'!(8!0'*#-(T!0(!*-?9(!6-2]*>(O
#VULEVVH;(PLQPGDv
R!82//(/!01(/<-(//#;!h!X2+&(/!01#(+6;!RQQ%!0(!/+*-(;!P)g!.$8-(!0(!*-?9(!6-2]*>(!/+*-'(;!P!<(8$8!!,(--(!0(!.$F+(+-!01#-2&%(O
B!C288(T!.(/!X2+&(/!01#(+6!2,(*!.(!/+*-(!X+/F+15!6#-928$#&!01+&(!92//(!'<2$//(!(8!9#+//(+/(O
B!KX#+8(T!.1(/<-(//#!6-#$0!(8!.2!.$F+(+-!01#-2&%(O
B!`'.2&%(T!(&/+$8(!.2!*-?9(!6-2]*>(!6#+(88'(O
B!V(-/(T!.(!8#+8!02&/!0(/!*#+<(/!#+!0(/!,(--(/O
B!`(88(T!.(/!*#+<(/!02&/!.(!*#&%'.28(+-O
/¶DEXVG¶DOFRROHVWGDQJHUHX[SRXUODVDQWp
!

L{..(&!:$(!($&!A.2/!9$8!x2//(-!+&0!82+*>(&!:$(!02/!:8y=*>(&!$&/!x2//(-O!J(/(&!:$(!&2*>!P!`$&+8(!0(&!x(-8!6{-!0$(!x2//(->y-8(!
,#9!:8y=*>(&!2=!B!<!;a^>O
!!!!!!!!
%MPLGVa*GMDELEGFVPDp;a;+RSP;*GMDEL;$_VDEW;*?@@;<VEUPLPD;ELJwMDMGOJ>
L{-!($&! #<8$92.(/! A(/*>92*[/(-.(=&$/! +&0!T+-! V(-.y&%(-+&%!0(-!J(=(&/02+(-!j>-(-! `2/*>$&(! (9<6(>.(&!|$-;!2+//*>.$(}.$*>!
L$.8(-($&/y8T(!0(/!4D</!KF+2!L$.8(-!:D/8(9/!,#&!7.2-$/!T+!,(-|(&0(&!M/(<2-28!(->y.8.$*>NO
<C>k!:<($*>(-+&%!0(/!`#&28/;!$&!0(9!0(-!L$.8(-!($&%(/(8T8!|+-0(!+&0!K+66#-0(-+&%!T+9!L$.8(-($&/28T|(*>/(.!M&2*>!(8|2!T|($!
`#&28(&NO
E$&(!`(.0+&%!0(/!A(-y8(/!T($%8!j>&(&!2&;!|(&&!0(-!L$.8(-($&/28T!2+/%(82+/*>8!|(-0(&!/#..8(O
+SDHWPDGVOJEV;$UyMEF
$GE;z{FFEF;lEG;XEL;ELVDEF;'FlEDLGElFPJWE;XPV;PSDHWPDGVOJE;$UyMEF;XEL;2PVOJGFE!2[8$,$(-(&O!xy>.(&!:$(!02T+!$9!`(&{!
|$UyMPSDHWPDGze!0$(!i<8$#&;|/+eO!s2/!:<{.(&!(-6#.%8!029$8!=($!X(0(9!E$&/*>2.8(&!0(-!`2/*>$&(O
6LHN|QQHQGLH(LQVWHOOXQJDXFK]XHLQHPVSlWHUHQ=HLWSXQNWYRUQHKPHQ;!$&0(9!:$(!&2*>($&2&0(-!(&4-;a;#GFVDEMMSFZEF;
a;$UyMPSDHWPDGz!|y>.(&O
#GFVEDpEF;XEV;*GMDELV;<%MPLGVa*GMDELEGFVPDp;a;+RSP;*GMDEL;$_VDEW>
+OJDSFZI;C(6#.%(&!:$(!=($!X(0(9!x(*>/(.!0(/!L$.8(-($&/28T(/!0$(!E$&=2+2&|($/+&%(&;!+9!0$(!L+&[8$#&/6y>$%[($8!0(/!L$.8(-/!
/$*>(-T+/8(..(&O
,EG;XEL;ELVDEF;'FlEDLGElFPJWEI!xy>.(&!:$(!$&!0(-!L+&[8$#&!|*GMDELe!0$(!i<8$#&!|/+e!+&0!6#.%(&!:$(!0(&!K&|($/+&%(&!2+6!0(9!
s$/<.2DO
,EG;EGFEW;VUwDELEF;#GFlPS;HXEL;+SVDPSVOJI!xy>.(&!:$(!{=(-!0$(!42/8(!(&4-!02/!`(&{!|*GMDELeI!|8PLDSFZe!B!40!B!|*GMDELe!
B!40!B!|#GFVEDpEFe;<lpxi;PSVDPSVOJEF>!B!40!B!+&0!6#.%(&!:$(!0(&!K&|($/+&%(&!2+6!0(9!s$/<.2DO
E$&/(8T(&! 0(/! L$.8(-/! $&! 0$(! `2/*>$&(k! :*>-2+=(&! :$(! 9$8>$.6(! 0(/! 026{-! 9$8%(.$(6(-8(&! A-$66/! 0(&! L$.8(-! 29! C#0(&! 0(/!
x2//(-82&[/!6(/8!MeNO
C(6(/8$%(&!:$(!0$(!s29<60{/(!<B>O
:8(..(&!:$(!($&(&!C(>y.8(-!9$8!Q;h!.!L2//+&%/,(-9z%(&!+&8(-!0$(!s29<60{/(!<[>O
7HLlELEGDSFZ;XEV;-ELwDEV
S(>9(&!:$(!0(&!x2//(-82&[!2=!+&0!6{..(&!:$(!$>&!9$8!x2//(-!<g>O
:(8T(&!:$(!$>&!9$8![-y68$%(9!s-+*[!|$(0(-!($&!+&0!/*>.$(}(&!:$(!0(&!s(*[(.!<@>O
S(>9(&!:$(!0(&!s(*[(.!0(/!U266((=#>&(&=(>y.8(-/!2=!+&0!6{..(&!:$(!U266((=#>&(&!($&O!:*>.$(}(&!:$(!0(&!s(*[(.!<ha!?>O
;
;*yMMEF;$GE;FGEWPMV;JEG}EV;8PVVELN;2GMOJ;HXEL;EGFE;PFXELE;*MyVVGZzEGD;GF;XEF;8PVVELDPFzi!L(>.8!=($9!E$&/*>2.8(&!0(-!!
`2/*>$&(!0(-!x2//(-82&[!#0(-!=(6$&0(8!/$*>!T+!|(&$%!x2//(-!$9!C(>y.8(-!ML{../82&0!+&8(-!0(-!`$&OB`2-[(N!|$-0!0$(!`(.0+&%
!|8PVVELDPFz;QyMMEFe!2&%(T($%8O!s$(!~+=(-($8+&%!($&(/!U266((/!#0(-!E/<-(//#/!$/8!$&!0$(/(9!C(8-$(=/T+/82&0!&$*>8!9z%.$*>O
*(%(16,(1,(0$/6*(0$+/(1(1.$))((,1'(1.$))((%2+1(1%(+b/7(5
V#&!0(-!V(-|(&0+&%!,#&!z.$%(&;![2-29(..$/$(-8(&!#0(-!2-#928$/$(-8(&!U266((=#>&(&!|$-0!0-$&%(&0!2=%(-28(&O!s$(/(!K-8!C#>&(&!
[2&&!0$(!`2/*>$&(!=(/*>y0$%(&O
K*>8(&!:$(!02-2+6;!02//![($&(!L-(90[z-<(-;!|$(!(8|2![.($&(!U$/(./8($&(;!0$(!/$*>!(,8.O!+&8(-!0(&!U266((=#>&(&!=(6$&0(&;!$&!0(&!
U266((=#>&(&=(>y.8(-!%(.2&%(&O!Å(%.$*>(-!:*>20(&!2+6%-+&0!,#&!$&!0(&!U266((=#>&(&=(>y.8(-!($&%(0-+&%(&(&!L-(90[z-<(-&!
$/8!,#&!0(-!A2-2&8$(!2+/%(/*>.#//(&O!L{..(&!:$(![($&!x2//(-!$&!0(&!U266((=#>&(&=(>y.8(-O
o9!T+!,(-9($0(&;!02//!2+/6.$(}(&0(/!%(=-2+*>8(/!x2//(-!j>-(!K-=($8/6.y*>(!=(/*>9+8T8!=T|O!T+!V(-=-(&&+&%(&!6{>-8;!/#..8(&!
:$(!&$*>8!,(-%(//(&;!0$(!K=8-#<6/*>2.(!($&T+/(8T(&O
:#-%(&!:$(!026{-;!02//!0(-!x2//(-82&[!$99(-!/2+=(-!$/8O
#LVDGFlEDLGElFPJWEk"EDPGMEGFVDEMMSFZEF;XEV;-ELwDEV
`$8>$.6(!0(/!s-(>[&#<6(/![z&&(&!:$(!L+&[8$#&(&!2+/|y>.(&!/#|$(!x(-8(!&2*>!#=(-!#0(-!+&8(&!2&<2//(&O!s+-*>!s-{*[(&!0(/!
U&#<6(/!=(/8y8$%(&!:$(!j>-(!K+/|2>.O
:*>2.8(&!:$(!02/!A(-y8!0+-*>!s-{*[(&!0(-!E$&)K+/B42/8(!MPPN!($&O!L#.%(&!:$(!0(&!K&|($/+&%(&!2+6!0(9!s$/<.2D!6{-!02/!`(&{!
Ç:<-2*>2+/|2>.GO
xy>.(&!:$(!9$8>$.6(!0(/!s-(>[&#<6/!($&(!:<-2*>(O!s$(!%(|y>.8(!:<-2*>(!|$-0!,#&!($&(9!U2/8(&!+9-2>98!MPRBPbNO
C(/8y8$%(&!:$(!j>-(!K+/|2>.!0+-*>!s-{*[(&!0(-!iUB42/8(!MPeNO
,P5DKPHQGHU(UVWLQEHWULHEQDKPHZHUGHQ6LHDXIJHIRUGHUWYHUVFKLHGHQH3DUDPHWHU]XGH¿QLHUHQ1DFKHLQHU7UHQQXQJYRP
:8-#9&(8T!9{//(&!($&$%(!"2-29(8(-!(-&(+8!($&%(%(=(&!|(-0(&O
*HMZEFXE;#GFVDEMMSFZEF;VGFX;pS;WPOJEFI
$ULPOJE;:$(![z&&(&!2+/!0(-!2&%(6{>-8(&!K+/|2>.!($&(!:<-2*>(!j>-(-!x2>.!6(/8.(%(&O
2P}EGFJEGD;:$(![z&&(&!=($!0(-!`2}($&>($8!T|$/*>(&!9.!+&0!#T!|y>.(&O
"PDSW;:$(!9{//(&!($&!s28+9!2&%(=(&O
6JLpEGD;:$(![z&&(&!=($!0(-!K&T($%(!0(-!o>-T($8!T|$/*>(&!($&(9!PRB!#0(-!ReB:8+&0(&B`#0+/!|y>.(&O
+SDH;4QQ! w$(-![z&&(&!:$(!($&/8(..(&;!&2*>!K=.2+6!|(.*>(-!~($8/<2&&(!/$*>!02/!A(-y8!2+8#928$/*>!2=/*>2.8(&!/#..O
+SDH;4F; :$(![z&&(&!02/!K+6>($T(&!j>-(/!A(-y8(/!T+!($&(9!%(|{&/*>8(&!~($8<+&[8!2+8#928$/*>!/82-8(&O
8PVVELJwLDE;:$(!9{//(&!j>-(!x2//(->y-8(!2+6!($&(-!:[2.2!,#&!P!=$/!e!($&/8(..(&O!V%.O!U2<$8(.!ÇC(/8$99+&%!0(-!x2//(->y-8(GO
$UyMPSDHWPDGz;:$(![z&&(&!($&/8(..(&;!02//!0$(!`2/*>$&(!=($!X(0(9!E$&/*>2.8(&!%(/<{.8!|$-0O
*GMDEL;:$(!9{//(&!2&%(=(&;!#=!($&!L$.8(-($&/28T!,#->2&0(&!$/8!#0(-!&$*>8!ML$.8(-($&/28T!KF+2!L$.8(-!:D/8(9!,#&!7.2-$/NO!
E/![2&&!/($&;!02//!:$(!=($!0(-!(-/8(&!j&=(8-$(=&2>9(!2+6%(6#-0(-8!|(-0(&;!0$(!`2/*>$&(!T+!=(6{..(&O!L#.%(&!:$(!$&!02T+!0(&!
K&|($/+&%(&!2+6!0(9!s$/<.2DO
$UyMSFZ;XEL;0LEGVMwSQE
$UyMSFZ;XEV;0PQQEEa0LEGVMPSQVI
:$(![z&&(&!X(0(-T($8!($&(&!92&+(..(&!:<{.%2&%!2+/.z/(&O!s-{*[(&!:$(!026{-!0$(!"3iAB42/8(!+&0!|y>.(&!2+/!0(&!2&%(T($%8(&!
`(&{/!8+&)63-;Ź;40;Ź$(~1#3;Ź;40i
$UyMSFZ;XEV;"PWUQzLEGVMPSQVI
C(6(/8$%(&!:$(!0$(!s29<60{/(!<B>!+&0!/8(..(&!:$(!($&(&!C(>y.8(-!02-+&8(-O!xy>.(&!:$(!02/!"-#%-299!w($}(/!x2//(-!2+6!0(9!
s$/<.2D!+&0!=(/8y8$%(&!:$(!9$8!0(-!iUB42/8(O!s(-!~D[.+/!|$-0!2+8#928$/*>!2&%(>2.8(&;!|(&&!0$(!2+6!0(9!s$/<.2D!2&%(T($%8(!
`(&%(!x2//(-!2=%(%(=(&!|+-0(O
x$-!(9<6(>.(&!j>&(&;!($&(&!#0(-!9(>-(-(!:<{.%y&%(!0(-!=($0(&!U-($/.y+6(!0+-*>T+6{>-(&;!|(&&!0$(!`2/*>$&(!9(>-(-(!
42%(!&$*>8!$9!E$&/28T!|2-O
,#';"#&;$(~163-;)&'));.#'$$#$;8+$$#&;+3;"#3;"~$#3;+6$i;$#'#3;$'#;74&$'%.)'-N;"+2');$'#;$'%.;3'%.);
7#&,&#33#3i
7HLlELEGDSFZ;XEL;0PQQEEWyJME
:$(![z&&(&!0$(!:8y-[(!j>-(/!U266((/!0+-*>!E$&/8(..(&!0(/!`2>.%-20(/!0(-!U266((=#>&(&!2&<2//(&O
Å(!6($&(-!0(-!`2>.%-20;!0(/8#!/8y-[(-!+&0!*-(9$%(-!0(-!U266((O
:$(![z&&(&!0(&!`2>.%-20!0(/!`2>.|(-[/!0+-*>!s-(>(&!0(/!E$&/8(..-20(/!|#GFVDEMMSFZ;XEL;2PJMVDwLzEe!2&<2//(&k
&2*>!.$&[/!|$-0!0$(!`2>.+&%!6($&(-;!&2*>!-(*>8/!%-#=(-!B!<!B>O
',((,167(//81*'$5)185:b+5(1''(60$+/(16(5)2/*(1
9(568&+(16,(1,(0$/6'$6(,167(//5$')h5'(10$+/*5$'0,7*(:$/7=8'5(+(1
=8%(5(,781*921(635(66281'.$))((
,+5*(5b7,67$866&+/,(66/,&+)h5'(1*(%5$8&+921*$1=(1.$))((%2+1(1$86*(/(*7
%HL GHU =XEHUHLWXQJ GHV HUVWHQ .DIIHHV QDFK ODQJHU 1LFKWEHQXW]XQJ RGHU QDFK HLQHP 5HLQLJXQJV RGHU
#FDzPMzSFZVYHLZPFZ;z{FFEF;EDxPV;"PWUQ;SFX;JEG}EV;8PVVEL;PSV;XEL;"PWUQXyVE;PSVDLEDEF;<PSDHWPDGVOJE;#FDMyQDSFZ>i
'VD;XEL;0PQQEEPSVMPVV;GW;7ELJwMDFGV;pSL;-L{}E;'JLEL;)PVVEF;pS;JHOJ;EGFZEVDEMMDN;lEVDEJD;XGE;-EQPJL;YHF;$ULGDpELF;HXEL;
7ELlLyJSFZEFi
=XEHUHLWXQJHLQHV(VSUHVVRV
s$(!,(-|(&0(8(!x2//(-9(&%(!6{-!($&(&!E/<-(//#!.$(%8!T|$/*>(&!RQ!+&0!fQ!9.O
s-{*[(&!:$(!0$(!E$&)K+/!42/8(!! !|2-8(&!:$(;!=$/!0$(!`2/*>$&(!2+6%(>($T8!$/8;!+&0!/<{.(&!:$(!/$(!=($!C(02-6O
E/!(-/*>($&8!02/!`(&{!T+-!K+/|2>.!0(-!A(8-y&[(!<![>i
:8(..(&!:$(!($&(!42//(!+&8(-!0(&!U266((2+/.2//O!:$(![z&&(&!0(&!U266((2+/.2//!X(!&2*>!A-z}(!j>-(-!42//(<F>!$&!0(-!wz>(!,(-/8(..(&!<!g>i
xy>.(&!:$(!9$8>$.6(!0(/!s-(>[&#<6/!02/!%(|{&/*>8(!A(8-y&[!+&0!0-{*[(&!:$(!0$(!iUB42/8(;!+9!0$(!E$&%2=(!T+!=(/8y8$%(&O
`$8>$.6(!0(/!s-(>[&#<6/![z&&(&!:$(!X(0(-T($8!0$(!x2//(-9(&%(!-(%+.$(-(&O
6W; XEF; 0PQQEElEpSZ; PFpSJPMDEFN; z{FFEF; $GE; EFDxEXEL; EGFE; )PVDE; XLyOzEF; HXEL; WGDJGMQE; XEV; "LEJzFHUQV; XGE;
8PVVELWEFZE;LEXSpGELEFi
=XEHUHLWXQJHLQHV.DIIHHV
s$(!,(-|(&0(8(!x2//(-9(&%(!6{-!($&(&!U266((!.$(%8!T|$/*>(&!gQ!+&0!PhQ!9.O
=XEHUHLWXQJHLQHV&DIp/XQJR
s$(!,(-|(&0(8(!x2//(-9(&%(!6{-!($&(&!726'!J+&%#!.$(%8!T|$/*>(&!PRQ!+&0!ReQ!9.O!s2/!A(-y8!6{>-8!2+8#928$/*>!($&(&!0#<<(.8(&!
~D[.+/!2+/;!(&8&(>9(&!:$(!02>(-!j>-(!42//(!(-/8!29!E&0(!0(-!A(/298T+=(-($8+&%/T($8O
1DFKGHP0DKOHQZLUGGDV.DIIHHPHKOPLWHWZDV:DVVHUDQJHIHXFKWHW(UVWGDQDFK¿QGHWGDVHLJHQWOLFKH%UKHQVWDWW
s$(!`2/*>$&(!(-.2+=8!(=(&62../!0$(!E$&/8(..+&%!0(-!U266((8(9<(-28+-O
(171(+0(1 6,( 1,(0$/6 '(1 :$66(57$1. %(925 '(5 =<./86 92//67b1',* $%*(6&+/266(1 ,67 <EDxP;
!B;$EzSFXEF;FPOJ;#FXE;XEL;0PQQEEPlZPlE>i
DE
13
!^

*SFzDGHF;(LHZLPWWXHUUMSFZ
`$8!j>-(-!`2/*>$&(![z&&(&!:$(!T|($!U266((B!#0(-!E/<-(//#<#-8$#&(&!6{-!0$(!6#.%(&0(&!A(8-y&[(!T+=(-($8(&k!E/<-(//#!)!/82-[(-!E/<-(//#!
)! U266((O! L{-! 726'! J+&%#! /8(>8! 0$(/(! L+&[8$#&! &$*>8! T+-! V(-6{%+&%O! s2/! A(-y8! 6{>-8! &2*>($&2&0(-! 2+8#928$/*>! T|($! ,#../8y&0$%(!
~+=(-($8+&%/TD[.(&!2+/O!V(-%(//(&!:$(!&$*>8;!&2*>!E&0(!0(/!(-/8(&!~D[.+/!($&(!&(+(!42//(!+&8(-!0(&!U266((2+/.2//!T+!/8(..(&O
:$(!>2=(&!j>-!A(-y8!,#-=(-($8(8O!K+6!0(9!s$/<.2D!|$-0!02/!`(&{!T+-!K+/|2>.!0(-!A(8-y&[(!2&%(T($%8!<![>i
:8(..(&!:$(!($&(!42//(!+&8(-!0(&!U266((2+/.2//O!:$(![z&&(&!0(&!U266((2+/.2//!X(!&2*>!A-z}(!j>-(-!42//(<F>!$&!0(-!wz>(!,(-/8(..(&!
<!g>i!
xy>.(&!:$(!02/!%(|{&/*>8(!A(8-y&[!+&0!=(/8y8$%(&!:$(!0$(!K+/|2>.!<(-!s#<<(.0-+*[!2+6!0(&!s-(>[&#<6O
E$&(!`(.0+&%!%$=8!2&;!02//!:$(!T|($!42//(&!2&%(6#-0(-8!>2=(&O
'DV*HUlWIKUWQDFKHLQDQGHUDXWRPDWLVFK]ZHLYROOVWlQGLJH=XEHUHLWXQJV]\NOHQDXV
.#'$$8+$$#&*630)'43
C(6(/8$%(&!:$(!0$(!s29<60{/(!2&!0(-!`2/*>$&(O!xy>.(&!:$(!$9!`(&{!T+-!K+/|2>.!0(-!A(8-y&[(!0$(!L+&[8$#&!>($}(/!x2//(-O!:$(!
|(-0(&!2+6%(6#-0(-8;!($&!A(6y}!+&8(-!0$(!s29<60{/(!T+!/8(..(&O!:$(![z&&(&!0$(!w($}|2//(-2=%2=(!0+-*>!s-{*[(&!0(-!iUB42/8(!
/82-8(&O
~+9!o&8(-=-(*>(&!0(-!w($}|2//(-6+&[8$#&![z&&(&!:$(!X(0(!=(.$(=$%(!42/8(!0-{*[(&O
j/8!0$(!s{/(!,(-/8#<68;!=(/($8$%(&!:$(!0$(!V(-/8#<6+&%!9$8!0(-!9$8%(.$(6(-8(&!S20(.O
s$(!92@$92.!T+.y//$%(!x2//(-9(&%(!<-#!~D[.+/!=(8-y%8!bQQ!9.O
=8%(5(,781*(,1(6&$338&+,126
8GL;EWUQEJMEF;'JFEF;XGE;7ELxEFXSFZ;YHF;QLGVOJ;ZE{QQFEDEL;UPVDESLGVGELDEL;2GMOJ;HXEL;.a2GMOJi!`$8!3#>9$.*>![z&&(&![($&(!
#<8$92.(&!E-%(=&$//(!(-T$(.8!|(-0(&O
7HLlELEGDSFZ;SFX;+FVOJMSVV;XEV;2GMOJlEJwMDELV;PF;XGE;2PVOJGFE
s(-!`$.*>=(>y.8(-!=(/8(>8!2+/!($&(9!U+&/8/8#66%(6y};!($&(9!s(*[(.!<WGD;0PVVEDDE>!+&0!($&(9!=$(%/29(&!:*>.2+*>;!{=(-!0(&!
0(-!C(>y.8(-!9$8!0(9!A(8-y&[(2+/.2//!0(-!`2/*>$&(!,(-=+&0(&!$/8O!3($&$%(&!:$(!0$(!($&T(.&(&!U#9<#&(&8(&!,#-!0(9!(-/8(&!
A(=-2+*>O!
L{..(&!:$(!`$.*>!$&!0(&!C(>y.8(-!<WGFXEVDEFV;!B?;WM>!<!@>O!:(8T(&!:$(!0(&!s(*[(.!2+6!+&0!0-(>(&!:$(!9$8!.($*>8(9!s-+*[!6(/8!
<!h>O!Ä66&(&!:$(!0(&! V(--$(%(.+&%/>(=(.!&2*>!#=(&!<^?>O! :(8T(&! :$(!0(&!`$.*>=(>y.8(-!2+6! 0$(!`2/*>$&(;!=(6(/8$%(&!:$(!$>&!
29!s29<62+/.2//!<^!>!+&0!/*>.$(}(&!:$(!0(&!V(--$(%(.+&%/>(=(.!&2*>!+&8(&!<^^>O!C(6(/8$%(&!:$(!0(&!:*>.2+*>!2&!0(-!026{-!
,#-%(/(>(&(&!Ä66&+&%! 2&!0(-!U2//(88(!<^C>! +&0! <#/$8$#&$(-(&! :$(! 02&&! 02/!2&0(-(!:*>.2+*>(&0(! +&8(-! 0(9! 92%&(8$/*>(&!
A(8-y&[(2+/.2//!<^A>O!:8(..(&!:$(!/$*>(-;!02//!0(-!E$&/8(..[&#<6!29!s(*[(.!0(/!:D/8(9/!2+6!0(-!"#/$8$#&!72<<+**$&#!/8(>8!<^B>O
=XEHUHLWXQJHLQHV&DSSXFFLQRV
x$-0!2+6!0(9!s$/<.2D!02/!`(&{!T+-!K+/|2>.!0(-!A(8-y&[(!2&%(T($%8;!0-{*[(&!:$(!($&92.![+-T!<r;C;$Ezi>!0$(!42/8(!72<<+**$&#!
<^[>i!S2*>!0(9!K+6>($T(&!0(-!`2/*>$&(!|$-0!T+(-/8!`$.*>!2+6%(/*>y+98;!02&2*>!($&!E/<-(//#!T+=(-($8(8O!j>-!A(8-y&[!$/8!6(-8$%!
T+=(-($8(8!<^g>i
6LHN|QQHQGHQ=\NOXVGXUFK'UFNHQGHU2.7DVWHXQWHUEUHFKHQ
$FKWXQJ%HLP$EEUXFKGHV=\NOXVVWRSSWGDV*HUlWQLFKWVRIRUW
K+6! 0(9! s$/<.2D! |$-0! ($&! w$&|($/! T+-! 3($&$%+&%! 0(/! :D/8(9/! 2&%(T($%8O! x$-! (9<6(>.(&! j>&(&;! 0$(! 3($&$%+&%! +&8(-!
C(-{*[/$*>8$%+&%!0(-!K=/*>&$88(!$(~1#3;"#$;%+((4%%'34a$:$)#2$;lpxi;2+36#11#;8+&)63-;"#$;%+((6%%'34a
$:$)#2$!0+-*>T+6{>-(&O
#'3$)#114()'43#3;*~&;%+((6%%'34
`$8!0(-!`2/*>$&(!>2=(&!:$(!0$(!`z%.$*>[($8;!0$(!`(&%(!2&!`$.*>!+&0!U266((!&2*>!j>-(&!%2&T!<(-/z&.$*>(&!x{&/*>(&!6(/8T+.(%(&O!
s$(!E$&/8(..+&%(&!(-6#.%(&!$9!`(&{!#GFVDEMMSFZEF;%PUUSOOGFHi
x$-0!2+6!0(9!s$/<.2D!02/!`(&{!T+-!K+/|2>.!0(-!A(8-y&[(!2&%(T($%8;!0-{*[(&!:$(!($&92.!.2&%!<•;C;$Ezi>!0$(!42/8(!%PUUSOOGFHO
!i! xy>.(&!:$(!:82&02-0!6{-!0$(!x(-[/($&/8(..+&%(&O
^i!xy>.(&!:$(!3ES!6{-!j>-(!<(-/z&.$*>(&!E$&/8(..+&%(&O!s(-!V#-%2&%!=(/8(>8!2+/!6#.%(&0(&!:*>-$88(&k
;Pi!+SQJEGpEF;XEL;2PVOJGFE
;li; +SQVOJwSWEF;XEL;2GMOJI!s-{*[(&!:$(!40!/#=2.0!0$(!%(|{&/*>8(!`$.*>9(&%(!(--($*>8!$/8O
;li!=XEHUHLWXQJGHV.DIIHHV!s-{*[(&!:$(!40!/#=2.0!0$(!%(|{&/*>8(!U266((9(&%(!(--($*>8!$/8O
E$&(! `(.0+&%! 0(-! `2/*>$&(! =(/8y8$%8;! 02//! 0$(! &(+(&! E$&/8(..+&%(&! 6{-! T+[{&68$%(! 72<<+**$&#B~+=(-($8+&%(&! %(/<($*>(-8!
|+-0(&O
$&+781*'(50,/&+$8)6&+b80925*$1*:,5'1,&+762)257%((1'(7
8+&)63-;"#&;2+$%.'3#
$FKWXQJ =XU :DKUXQJ GHV *DUDQWLHDQVSUXFKV PVVHQ 5HLQLJXQJV XQG (QWNDONXQJV]\NOHQ GXUFKJHIKUW ZHUGHQ
VHlPMX;$GE;YHF;XEL;2PVOJGFE;XPpS; PSQZEQHLXELD;xELXEFi;,EQHMZEF; $GE; XGE;+FxEGVSFZEF;PSQ;XEW;"GVUMP_; ZEFPSi;$GE;
z{FFEF;XGE;2PVOJGFE;GWWEL;FHOJ;lEFSDpEFN;EV;xGLX;ÄEXHOJ;EWUQHJMEFN;XGE;8PLDSFZVWP}FPJWE;VH;VOJFEMM;xGE;W{ZMGOJ;
XSLOJpSQyJLEFi
1EELSFZ;XEV;0PQQEEVPDplEJwMDELVN;XEV;0PQQEEWEJMPlVOJEGXELV;SFX;XEL;+lDLHUQVOJPME
E&86(-&(&!:$(!T+&y*>/8!02/!72<<+**$&#B:D/8(9!<^@>O
E-/*>($&8!0$(!K+66#-0(-+&%;!(&8&(>9(&;!.((-(&!+&0!-($&$%(&!:$(!0$(!K=8-#<6/*>2.(!<^h>O
E&8&(>9(&;!.((-(&!+&0!-($&$%(&!:$(!0(&!U266((/28T=(>y.8(-!<C?>O
E&8&(>9(&!:$(!0(&!U266((9(>.2=/*>($0(-!<C!>O
s$(!K=8-#<6/*>2.(!$/8!9$8!:*>|$99(-&!2+/%(/8288(8;!0$(!j>&(&!+&9$88(.=2-!2&T($%(&;!|2&&!/$(!%(.((-8!|(-0(&!9+//!<C^>O
:#=2.0!:$(!0(&!U266((/28T=(>y.8(-!>(-2+/T$(>(&;!9{//(&!:$(!$>&!,#../8y&0$%!.((-(&;!+9!$&!0(-!L#.%(!($&!É=(-.2+6(&!T+!,(-9($0(&O
!!!s(-!x2-&>$&|($/!|$-0!2+*>!02&&!&#*>!2&%(T($%8;!|(&&!0(-!U266((/28T=(>y.8(-!&$*>8![#--([8!|$(0(-($&%(/(8T8!|$-0O!
! :#.2&%(!0(-!x2-&>$&|($/!2&%(T($%8!|$-0;!$/8!0$(!~+=(-($8+&%!,#&!E/<-(//#!#0(-!U266((!&$*>8!9z%.$*>O!
! s(-!U266((/28T=(>y.8(-!>28!($&!L2//+&%/,(-9z%(&!6{-!p!42//(&O
$UyMSFZ;XEL;0LEGVMwSQEI;VGEJE;$EGDE;Ci;
$UyMSFZ;XEV;%PUUSOOGFHa$_VDEWV
:$(![z&&(&!0$(!`2/*>$&(!&2*>!X(0(-!~+=(-($8+&%!($&(/!72<<+**$&#/!/<{.(&O!s$(/!$/8!2+*>!02&&!9z%.$*>;!|(&&!/$*>!&#*>!`$.*>!
$9!`$.*>=(>y.8(-!=(6$&0(8O!E/!$/8!|$*>8$%;!02/!:D/8(9!&2*>!X(0(9!T+=(-($8(8(&!72<<+**$&#!T+!/<{.(&O
s(-!`$.*>=(>y.8(-!9+//!|$(!$9!K=/*>&$88!=8%(5(,781*(,1(6&$338&&,126!=(/*>-$(=(&!<#/$8$#&$(-8!/($&O!
s-(>(&!:$(!0(&!U&#<6!29!s(*[(.!0(/!72<<+**$&#B:D/8(9/!2+6!0$(!"#/$8$#&!%1#+3;<CC>i
E-/*>($&8! 2+6! 0(9! s$/<.2D! 02/! `(&{! T+-! K+/|2>.! 0(-! A(8-y&[(;! 0-{*[(&! :$(! 0$(! 42/8(! %1#+3!<CA>O! C(6#.%(&! :$(! 0$(!
K&|($/+&%(&!2+6!0(9!s$/<.2D;!+9!($&(&!:<{.TD[.+/!T+!/82-8(&O!s-(>(&!:$(!&2*>!K=/*>.+//!0(/!:<{.TD[.+/!0(&!U&#<6!T+-{*[!2+6!
%+((6%%'34;!=(,#-!:$(!($&!&(+(/!A(8-y&[!T+=(-($8(&O
!
! xj7w4jAk
! E/!|$-0!(9<6#>.(&!0(&!:<{.TD[.+/!0+-*>T+6{>-(&;!&2*>0(9!0(-!.(8T8(!72<<+**$&#!T+=(-($8(8!|+-0(!+&0!=(,#-!:$(!0(&!!!
! `$.*>=(>y.8(-!<VHQELF;EL;FHOJ;2GMOJ;EFDJwMD>!T+-{*[!$&!0(&!U{>./*>-2&[!/8(..(&O!E/!|$-0!(9<6#>.(&!&2*>!0(9!
! :<{.TD[.+/!2..(!:D/8(9[#9<#&(&8(&!+&8(-!6.$(}(&0(9!x2//(-!T+!-($&$%(&!M/$(>(!02T+!K=/*>&$88!`2&+(..(!x2-8+&%!
! 0(/!`$.*>=(>y.8(-/NO
&EGFGZSFZ;XEV;0PQQEEzLEGVMPSQV;a;-EVPWDXPSELI;OPi;^?;2GFSDEF
E$&(!3($&$%+&%!/#..8(!&2*>!(8|2!bhQ!T+=(-($8(8(&!42//(&!U266((!=T|O!E/<-(//#!(-6#.%(&O
:8(>8! 0$(! &y*>/8(! <(-$#0$/*>(! 3($&$%+&%! 0(/! U266(([-($/.2+6/! 2&;! |(-0(&! :$(! ,#&! ($&(-! `(.0+&%! 2+6! 0(9! s$/<.2D! 02T+!
2+6%(6#-0(-8O!
:$(!=(&z8$%(&!6{-!0$(!3($&$%+&%!($&!A(6y}!9$8!9$&0(/8(&/!Q;h!.!L2//+&%/,(-9z%(&!/#|$(!($&!3($&$%+&%/82=!,#&!U3o":!<9$;C???>O
!!x$-0!02/!3($&$%+&%/<-#%-299!0+-*>!($&(!K=/*>2.8+&%!0(-!`2/*>$&(!#0(-!($&(&!:8-#92+/62..!+&8(-=-#*>(&;!|$-0!(/!!!
=($!x$(0(-($&/*>2.8(&!(=(&!0#-8!6#-8%(/(8T8O!s$(/(-!V#-%2&%![2&&!&$*>8!2+6%(/*>#=(&!|(-0(&O
!!s$(/!$/8!&#8|(&0$%!6{-!0$(!:<{.+&%!0(/!x2//(-[-($/.2+6/O!j&!0$(/(9!L2..![2&&!($&!&(+(-!3($&$%+&%/82=!(-6#-0(-.$*>!!!
/($&O!L{>-(&!:$(!02/!3($&$%+&%/<-#%-299!+&=(0$&%8!T+!E&0(;!+9!0$(!A(62>-!($&(-!V(-%$68+&%!T+!,(-9($0(&O
!!s$(!3($&$%+&%!,(-.y+68!0$/[#&8$&+$(-.$*>O!w2.8(&!:$(!|y>-(&0!0(/!~D[.+/!T+![($&(9!~($8<+&[8!0$(!wy&0(!+&8(-!0$(!!!!
K+/.y//(O
E-/*>($&8!2+6!0(9!s$/<.2D!0$(!`(.0+&%!|&EGFGZSFZ;ELQHLXELMGOJe;![z&&(&!:$(!02/!"-#%-299!0+-*>!s-{*[(&!0(-!(&4-B42/8(!
/82-8(&O
L#.%(&!:$(!0(&!K&|($/+&%(&!2+6!0(9!s$/<.2DO
s2/! 2+8#928$/*>(! 3($&$%+&%/<-#%-299! =(/8(>8! 2+/! 0-($! :*>-$88(&k! 0(-! ($%(&8.$*>(&! 3($&$%+&%! +&0! T|($! 2&/*>.$(}(&0(&!
:<{.TD[.(&O!s2/!"-#%-299!02+(-8!(8|2!RQ!`$&+8(&O!:$(![z&&(&!X(0(-T($8!($&(!92&+(..(!3($&$%+&%!2+/.z/(&O!s-{*[(&!:$(!026{-!
0$(!(&4-B42/8(!+&0!|y>.(&!:$(!2+/!0(&!2&%(T($%8(&!`(&{/!8+&)63-;Ź;40;Ź;&#'3'-63-;0+**##i
V(-|(&0(&!:$(!2+//*>.$(}.$*>!3($&$%+&%/82=/!,#&!U3o":!<9$;C???>O!s2/!o&8(-&(>9(&!>268(8!&$*>8!6{-!:*>y0(&;!0$(!,#&!0(-!
V(-|(&0+&%!,#&!3($&$%+&%/82=/!2&0(-(-!w(-/8(..(-!>(--{>-(&O
s$(!3($&$%+&%/82=/!/$&0!$&!j>-(9!U3o":BU+&0(&0$(&/8T(&8-+9!(->y.8.$*>O
DE
15
!A

#FDzPMzSFZVULHZLPWW;a;-EVPWDXPSELI;OPi;^^;2GFSDEF
'VD;'JL;-ELwD;WGD;SFVELEW;%MPLGVa*GMDELEGFVPDp;+RSP;*GMDEL;$_VDEW;*?@@;PSVZEVDPDDED;GVDN;WSVV;XGEVEL;YHL;XEW;#FDzPMzEF;
EFDFHWWEF;xELXEFi
s(-!A-20!0(-!V(-[2.[+&%!>y&%8!,#&!0(-!x2//(->y-8(!2=O!:8(>8!0$(!&y*>/8(!<(-$#0$/*>(!E&8[2.[+&%!2&;!|(-0(&!:$(!,#&!($&(9!
x2-&>$&|($/!2+6!0(9!s$/<.2D!02T+!2+6%(6#-0(-8O
:$(!=(&z8$%(&!6{-!0$(!E&8[2.[+&%!($&!A(6y}!9$8!9$&0(/8(&/!Q;h!.!L2//+&%/,(-9z%(&!/#|$(!($&!4{8*>(&!<A?;Z>!E&8[2.[+&%/<+.,(-!
L!Q\e!,#&!U3o":!<CB>i
E-/*>($&8!2+6!0(9!s$/<.2D!0$(!`(.0+&%!|#FDzPMzSFZ;ELQHLXELMGOJe;![z&&(&!:$(!02/!"-#%-299!0+-*>!s-{*[(&!0(-!(&4-B42/8(!
/82-8(&O
L#.%(&!:$(!0(&!K&|($/+&%(&!2+6!0(9!s$/<.2D!+&0!2*>8(&!:$(!02-2+6;!02//!02/!"+.,(-!/$*>!2+6.z/8O
s(-!E&8[2.[+&%/TD[.+/!=(/8(>8!2+/!0-($!:*>-$88(&k!0(-!($%(&8.$*>(&!E&8[2.[+&%!+&0!T|($!2&/*>.$(}(&0(&!:<{.TD[.(&O!
V(-|(&0(&!:$(!2+//*>.$(}.$*>!E&8[2.[(-!,#&!U3o":O!s$(!E&8[2.[+&%/<-#0+[8(!/$&0!$&!0(&!U3o":BU+&0(&0$(&/8T(&8-(&!(->y.8.$*>O
s2/!o&8(-&(>9(&!>268(8!&$*>8!6{-!:*>y0(&!29!A(-y8;!0$(!,#9!A(=-2+*>!,#&!E&8[2.[(-&!2&0(-(-!w(-/8(..(-!>(--{>-(&O
! x+-0(!02/!"-#%-299!0+-*>!($&(&!:8-#92+/62..!#0(-!0+-*>!4-(&&+&%!0(-!`2/*>$&(!,#9!:8-#9&(8T!2=%(=-#*>(&;!|$-0!(/!
! =($!x$(0(-($&/*>2.8(&!(=(&!0#-8!6#-8%(/(8T8;!|#=($!($&!K+6/*>$(=(&!0$(/(/!V#-%2&%/!&$*>8!9z%.$*>!$/8O
L{>-(&!:$(!0(&!E&8[2.[+&%/TD[.+/!+&=(0$&%8!T+!E&0(;!+9!0$(!A(62>-!($&(-!V(-%$68+&%!T+!,(-9($0(&O!s$(!E&8[2.[+&%!,(-.y+68!
0$/[#&8$&+$(-.$*>O!w2.8(&!:$(!|y>-(&0!0(/!~D[.+/!T+![($&(9!~($8<+&[8!0$(!wy&0(!+&8(-!0$(!s29<60{/(O
+OJDEF;$GE;XPLPSQN;'JLE;+LlEGDVUMPDDE;xwJLEFX;XEL;#FDzPMzSFZVp_zMEF;pS;VOJyDpEFN;lEVHFXELV;xEFF;XGEVE;PSV;2PLa
WHLN;$DEGF;HXEL;.HMp;GVDi
&#'3'-63-;"#$;%+((6%%'34a$:$)#2$
L{-! 0$(! 3($&$%+&%! =(&z8$%(&! :$(! EGF; -EQw}; YHF; WGFXEVDEFV; ?N[; M; *PVVSFZVYELW{ZEF; VHxGE; XGE; &EGFGZSFZVQMyVVGZzEGD;
9$;A???;YHF;0&6($;<C[>i
s-(>(&!:$(!0(&!U&#<6!29!s(*[(.!0(/!72<<+**$&#B:D/8(9/!2+6!0$(!"#/$8$#&!%+((6%%'34;<^B>i
o9!02/!3($&$%+&%/<-#%-299!T+!/82-8(&;!0-{*[(&!:$(!0$(!(&4-a)PVDEN;XPFF;|8PLDSFZe;SFX;|&EGFGZSFZ;%PUUSOOGFHei!
L#.%(&!:$(!0(&!K&|($/+&%(&!2+6!0(9!s$/<.2DO
2+36#11#;8+&)63-;"#$;%+((6%%'34a$:$)#2$
v! A(>(&!:$(!pSW;+SVlPS;XEV;$_VDEWV;|$(!6#.%8!,#-k
v! ~$(>(&!0(&!:*>.2+*>!,#&!0(-!C(>y.8(-z66&+&%!+&0!,#9!A(8-y&[(2+/.2//!2=!<Cg>i
v! E&8-$(%(.&!:$(!02/!:D/8(9!<C@>i
v! E&8&(>9(&!:$(!0$(!~+=(>z-BU2//(88(!<Ch>O
v! ~$(>(&!:$(!0(&!/*>|2-T(&!:$.$[#&[z-<(-!2+/!0(-!U2//(88(!<A?>i
v! ~$(>(&!:$(!0$(!K+6/*>y+90{/(!2=k!E/!>2&0(.8!/$*>!+9!02/!`(82..8($.!{=(-!0(9!/*>|2-T(&!:$.$[#&[z-<(-O!<A!>i
v! E&86(-&(&!:$(!(=(&62../!02/!U+&/8/8#66/8{*[!<A^>i
s29$8!$/8!02/!72<<+**$&#B:D/8(9!,#../8y&0$%!2+/%(=2+8!<AC>i
v! S(>9(&!:$(!0(&!s(9#&82%(B:*>.{//(.!T+-!w2&0!<AA>
v! :*>-2+=(&!:$(!0(&!K+/.2//!0(-!s29<60{/(!2=!<AB>
v! 3($&$%(&!:$(!0$(!Ä66&+&%(&!=($!C(02-6!9$8!0(-!026{-!9$8%(.$(6(-8(&!S20(.!<A[>
s2-{=(-!>$&2+/![z&&(&!:$(!2+*>!0(&!`$.*>T+6.+///*>.2+*>!+&0!0(&!E$&/8(..[&#<6!29!s(*[(.!(&86(-&(&!<Ag>i
3($&$%(&! :$(! 0$(! U#9<#&(&8(&! 9$8! .2+|2-9(9! x2//(-;! .2//(&! :$(! /$(! 8-#*[&(&! +&0! =2+(&! :$(! /$(! |$(0(-! T+/299(&! +&0!
=(6(/8$%(&!:$(!0$(!U2//(88(!|$(0(-!2+6!0(9!C(>y.8(-O
+MMZEWEGFE;8PLDSFZ
~$(>(&!:$(!,#-!X(0(-!3($&$%+&%!/8(8/!0(&!S(8T/8(*[(-!+&0!.2//(&!:$(!02/!A(-y8!2=[{>.(&O!
V(-|(&0(&!:$(![($&(!/*>(+(-&0(&!#0(-!y8T(&0(&!x(-[T(+%(!#0(-!"-#0+[8(O
3($&$%(&!:$(!0$(!i=(-6.y*>(&!0(-!`2/*>$&(!9$8!($&(9!6(+*>8(&!4+*>O
:<{.(&!:$(!0(&!x2//(-82&[!9$8![.2-(9!x2//(-!2+/O
"GEVE;0HWUHFEFDEF;VGFX;FGOJD;VUyMWPVOJGFEFZEEGZFEDi
$43$)'-#;*630)'43#3I;(&4-a)+$)#
s(-!~+%2&%! T+! 0(&!/#&/8$%(&!L+&[8$#&(&!(-6#.%8!0+-*>! s-{*[(&!0(-! (&4-B42/8(!2+/! 0(9!`(&{!T+-! K+/|2>.!0(-!A(8-y&[(O!
`$8>$.6(!0(/!s-(>[&#<6/![z&&(&!:$(!0+-*>!0$(!($&T(.&(&!E$&/8(..+&%/9(&{/!T+!&2,$%$(-(&;!9$8>$.6(!0(-!iUB42/8(!j>-(!K+/|2>.!
=(/8y8$%(&!+&0!9$8>$.6(!0(-!(&4-B42/8(!($&(!K+/|2>.!2+6>(=(&!+&0!T+9!`(&{!T+-!K+/|2>.!0(-!A(8-y&[(!T+-{*[[(>-(&O
8PLDSFZ w$(-9$8!%(.2&%(&!:$(!T+-!x2-8+&%O
(&4-
#GFVDEMMSFZEF w$(-9$8!%(.2&%(&!:$(!T+!0(&!E$&/8(..+&%(&O
(LHXSzDGFQHV w$(-9$8!%(.2&%(&!:$(!T+!0(&!"-#0+[8$&6#-928$#&(&O
7ELMPVVEF 3{*[[(>-!T+9!,#->(-$%(&!`(&{O
8+&)63-
`$8!0$(/(&! i<8$#&(&! [z&&(&!:$(! 0$(!2+/%(|y>.8(&! "-#%-299(! /82-8(&O!L#.%(&! :$(! 2&/*>.$(}(&0! 0(&! K&|($/+&%(&!2+6!0(9!
s$/<.2DO
8+&)63-
$UyMSFZ w$(-9$8!%(.2&%(&!:$(!T+-!:<{.+&%O
&EGFGZSFZ;0PQQEE w$(-9$8!%(.2&%(&!:$(!T+-!3($&$%+&%O
*GMDEL w$(-9$8!%(.2&%(&!:$(!T+9!L$.8(-9#0+/O
7ELMPVVEF 3{*[[(>-!T+9!,#->(-$%(&!`(&{O
&EGFGZSFZ;%PUUSOOGFH w$(-9$8!%(.2&%(&!:$(!T+-!3($&$%+&%!0(/!72<<+**$&#B:D/8(9/O
#'3$)#1163-#3
#'3$)#1163-#3;
$ULPOJE :$(![z&&(&!2+/!0(-!2&%(6{>-8(&!K+/|2>.!($&(!:<-2*>(!j>-(-!
x2>.!6(/8.(%(&O
"GVUMP_a0HFDLPVD :$(![z&&(&!0(&!s$/<.2DBU#&8-2/8!=(.$(=$%!($&/8(..(&O
"PDSW s$(!E$&/8(..+&%!0(/!s28+9/!$/8!&#8|(&0$%;!,#-!2..(9!=($!0(-!
V(-|(&0+&%!($&(-!E&8[2.[+&%/<28-#&(O
6JLpEGD :$(![z&&(&!=($!0(-!K&T($%(!0(-!o>-T($8!T|$/*>(&!($&(9!PRB#0(-!
ReB:8+&0(&B`#0+/!|y>.(&O
+SDH;4QQ
w$(-![z&&(&!:$(!($&/8(..(&;!&2*>!K=.2+6!|(.*>(-!~($8/<2&&(
/$*>!02/!A(-y8!2+8#928$/*>!2=/*>2.8(&!/#..O!
V#&!bQ!`$&+8(&!=$/!e!:8+&0(&;!$&!:*>-$88(&!,#&!bQ!`$&+8(&O
+SDH;4F :$(![z&&(&!02/!K+6>($T(&!0(/!A(-y8(/!T+!($&(9!=(/8$998(&!
~($8<+&[8!2+8#928$/*>!/82-8(&O
$UyMPSDHWPDGz :$(![z&&(&!02/!:<{.(&!0(-!`2/*>$&(!=($9!E$&/*>2.8(&!
2+8#928$/*>!/82-8(&O
2P}EGFJEGD :$(![z&&(&!=($!0(-!`2}($&>($8!T|$/*>(&!9.!+&0!#T!|y>.(&O
8PVVELJwLDE :$(!9{//(&!j>-(!x2//(->y-8(!2+6!($&(-!:[2.2!,#&!P!=$/!
e!($&/8(..(&O!V%.O!U2<$8(.!ÇC(/8$99+&%!0(-!x2//(->y-8(GO
0PQQEEDEWUELPDSL :$(![z&&(&!=($!0(-!4(9<(-28+-($&/8(..+&%!6{-!j>-(&!U266((!#0(-!
E/<-(//#!2+/!0-($!:8+6(&!2+/|y>.(&O
7ELMPVVEF 3{*[[(>-!T+9!,#->(-$%(&!`(&{O
DE
17
![

(&4"60)'3*4&2+)'43#3
0PQQEEp_zMEF ~($%8!0$(!A(/2982&T2>.!2..(-!T+=(-($8(&!U266((/O
.EG}xPVVELp_zMEF ~($%8!0$(!A(/298T2>.!2..(-!2&%(6#-0(-8(&!w($}|2//(-<#-8$#&(&O
%PUUSOOGFHp_zMEF;;;; ~($%8!0$(!A(/298T2>.!2..(-!T+=(-($8(8(&!72<<+**$&#/O
$UyMSFZ ~($%8!0$(!A(/298T2>.!2..(-!0+-*>%(6{>-8(&!:<{.+&%(&O
1EDpDE
~($%8!0$(!K&T2>.!2..(-!/($8!0(-!.(8T8(&!3($&$%+&%!
T+=(-($8(8(&!U266((/O
&EGFGZSFZ;0PQQEE 3wOJVDE
~($%8!0$(!K&T2>.!0(-!U266((/;!0$(!=$/!T+-!&y*>/8(&!
3($&$%+&%!&#*>!T+=(-($8(8!|(-0(&![z&&(&O
&EGFGZEF :82-8(8!02/!3($&$%+&%/<-#%-299O
(&4"60);'3*4$ 7ELMPVVEF
3{*[[(>-!T+9!,#->(-$%(&!`(&{O
&EGFGZSFZ;%PUUSOOGFH
~($%8!0$(!A(/298T2>.!2..(-!0+-*>%(6{>-8(&!72<<+**$&#B
3($&$%+&%/TD[.(&O
1EDpDE
~($%8!02/!s28+9!0(/!.(8T8(&!L$.8(-|(*>/(./!+&0!0$(!
0HQJHJH¿OWHUWHQ:DVVHUV
#FDzPMzEF 3wOJVDE
=HLJWGDV'DWXPGHVQlFKVWHQ)LOWHUZHFKVHOVXQGGLH
0HQJHGHV:DVVHUVGDVQRFKJH¿OWHUWZHUGHQNDQQ
7ELMPVVEF :82-8(8!0(&!L$.8(-|(*>/(.O
1EDpDE
~($%8!02/!s28+9!0(/!.(8T8(&!L$.8(-|(*>/(./!+&0!0$(!
0HQJHJH¿OWHUWHQ:DVVHUV
*GMDEL
3wOJVDE
~($%8!0$(!K&T2>.!0(-!w($}|2//(-B!#0(-!s29<6<#-8$#&(&;!
0$(!=$/!T+-!&y*>/8(&!E&8[2.[+&%!&#*>!=(T#%(&!|(-0(&!
[z&&(&O
#GFVEDpEF :82-8(8!0(&!L$.8(-|(*>/(.O
7ELMPVVEF 3{*[[(>-!T+9!,#->(-$%(&!`(&{O
vI;"GE;ELVDEF;lEGXEF;4UDGHFEF;GW;6FDELWEFy;*GMDEL;VGFX;FSL;PzDGYN;xEFF;pSYHL;EGF;*GMDEL;EFDVULEOJEFX;XEW;(LHZLPWW
XQWHU:$5781*Ź),/7(5Ź,167$//,(5(1NRUUHNWHLQJHVHW]WZXUGH
75$163257'(6*(5b76
C(|2>-(&!:$(!0$(!i-$%$&2.,(-<2*[+&%!6{-!0(&!4-2&/<#-8!0(/!A(-y8(/!2+6O
! Ly..8!02/!A(-y8!#>&(!V(-<2*[+&%!T+!C#0(&;!$/8!(/!-28/29;!(/!T+!($&(9!2+8#-$/$(-8(&!U+&0(&/(-,$*(T(&8-+9!T+!=-$&%(&;!+9!!
! A(62>-(&!0+-*>!($&(&!C-2&0!#0(-!(.([8-$/*>(!:8z-+&%(&!,#-T+=(+%(&O
(17625*81*(/(.75,6&+(581'(/(.7521,6&+(5*(5b7(
; "EFzEF;$GE;PF;XEF;$OJSDp;XEL;6WxEMDs
!!j>-!A(-y8!(&8>y.8!|(-8,#..(!3#>/8#66(;!0$(!|$(0(-,(-|(-8(8!#0(-!-(*D*(.8!|(-0(&![z&&(&O!
!!A(=(&!:$(!j>-!A(-y8!0(/>2.=!=$88(!=($!($&(-!:299(./8(..(!j>-(-!:8208!#0(-!A(9($&0(!2=O
(&4,1#2;
)81.7,21667g581*(1 ,#.#,63-
s2/!A(-y8!/*>2.8(8!/$*>!=($!
C(8y8$%+&%!0(-!E$&)K+/B42/8(!
&$*>8!($&O
:*>2.8(&!:$(!02/!A(-y8!2+/!+&0!T$(>(&!:$(!0(&!S(8T/8(*[(-O!E&8&(>9(&!:$(!0(&!L$.8(-($&/28T;!
|!2-8(&!:$(!RQ!:([+&0(&!+&0!/82-8(&!:$(!0$(!`2/*>$&(!(-&(+8O!V(-%(|$//(-&!:$(!/$*>;!02//!0(-!
S(8T/8(*[(-!6(/8!$&!0(-!:8(*[0#/(!/$8T8O
K&!0(-!s29<60{/(!8-$88!
2+}(->2.=!0(/!C(8-$(=/!
x2//(-!#0(-!s29<6!2+/O C($!|$(0(->#.8(-!C(&+8T+&%![z&&(&!($&$%(!4-#<6(&!2+/!0(-!s29<60{/(!(&8|($*>(&O
s(-!E/<-(//#!#0(-!0(-!U266((!
$/8!&$*>8!>($}!%(&+%O Ñ&0(-&!:$(!4(9<(-28+-($&/8(..+&%(&!6{-!0(&!U266((O!E-|y-9(&!:$(!0$(!42//(&!+&8(-!|2-9(9! x2//(-O
s(-!U266((!$/8!T+!0{&&!#0(-!
&$*>8!/82-[!%(&+%O
"-{6(&!:$(;!#=!$9!U266((=#>&(&=(>y.8(-!%(&{%(&0!U266((!$/8!+&0!/8(..(&!:$(!/$*>(-;!02//!0$(/(-!
-$*>8$%!&2*>-+8/*>8O
V(-|(&0(&!:$(![($&(!z.$%(&;![2-29(..$/$(-8(&!#0(-!2-#928$/$(-8(&!U266((=#>&(&O
V(--$&%(-&!:$(!0$(!U266((9(&%(!9$8>$.6(!0(/!T(&8-2.(&!s-(>[&#<6/O
s-(>(&!:$(!0(&!U&#<6!T+-!E$&/8(..+&%!0(-!`2>./8y-[(!&2*>!.$&[/;!+9!6($&(-(/!U266((9(>.!T+!
(->2.8(&O
C(-($8(&!:$(!j>-(&!U266((!$&!T|($!~D[.(&!+&8(-!V(-|(&0+&%!0(-!RB42//(&BL+&[8$#&!T+O
s(-!U266((!.y+68!T+!.2&%/29!
#0(-!%2-!&$*>8!2+/!0(9!
K+/.2//O
s-(>(&!:$(!0(&!U&#<6!T+-!E$&/8(..+&%!0(-!`2>./8y-[(!&2*>!-(*>8/;!+9!%-z=(-(/!U266((9(>.!T+!
(->2.8(&!M[2&&!X(!&2*>!U266((/#-8(!,(-/*>$(0(&!/($&NO
L{>-(&!:$(!($&(&!#0(-!9(>-(-(!:<{.TD[.(&!2+/O
x$/*>(&!:$(!9$8!($&(9!&2//(&!:*>|299!{=(-!0(&!U266((2+/.2//O
s(-!U266((!>28!T+!|(&$%!
7-(92O
s-(>(&!:$(!0(&!U&#<6!T+-!E$&/8(..+&%!0(-!`2>./8y-[(!&2*>!.$&[/;!+9!6($&(-(/!U266((9(>.!T+!
(->2.8(&!M[2&&!X(!&2*>!U266((/#-8(!,(-/*>$(0(&!/($&NO
x(*>/(.&!:$(!0(&!7.2-$/BL$.8(-($&/28T!KF+2!L$.8(-!:D/8(9!Mj&/82..28$#&/2&|($/+&%(&!2+6!:O!b!
=(2*>8(&NO
L{>-(&!:$(!($&(&!#0(-!9(>-(-(!:<{.TD[.(&!2+/O
s$(!`2/*>$&(!>28![($&(&!
U266((!2=%(%(=(&O E/!|+-0(!|y>-(&0!0(-!~+=(-($8+&%!($&(!:8z-+&%!6(/8%(/8(..8O s2/!A(-y8!6{>-8!($&(&!2+8#928$/*>(&!S(+/82-8!2+/!+&0!$/8!6{-!($&(&!&(+(&!~D[.+/!=(-($8O
:$(!>2=(&!%(92>.(&(&!U266((!
/8288!U266((=#>&(&!,(-|(&0(8O :2+%(&!:$(!9$8!j>-(9!:82+=/2+%(-!02/!U266((9(>.!2+/!0(9!U266((=#>&(&=(>y.8(-O
s$(!U266((9{>.(!%$=8!($&!
+&%(|z>&.$*>(/!A(-y+/*>!
,#&!/$*>O
E/!/$&0!L-(90[z-<(-!$&!0$(!U266((9{>.(!%(-28(&O!:(8T(&!:$(!/$*>!9$8!0(9!
U+&0(&0$(&/8T(&8-+9!,#&!U3o":!$&!V(-=$&0+&%O
s(-!U&#<6!T+-!E$&/8(..+&%!
0(/!`2>./8y-[(!.y//8!/$*>!&+-!
/*>|(-!0-(>(&O
Ñ&0(-&!:$(!0$(!E$&/8(..+&%!0(/!`2>.|(-[/!&+-;!|(&&!0$(/(/!$&!C(8-$(=!$/8O!E/!/$&0!L-(90[z-<(-!$&/!
`2>.|(-[!%(.2&%8O!:(8T(&!:$(!/$*>!9$8!0(9!U+&0(&0$(&/8T(&8-+9!,#&!U3o":!$&!V(-=$&0+&%O
s(-!s29<62+/.2//!j>-(/!
72<<+**$&#B:D/8(9/!/*>($&8!
8($.|($/(!#0(-!%2&T!,(-/8#<68!
T+!/($&O
C2+(&!:$(!0$(!s{/(!9$8>$.6(!0(/!`#&82%(/*>.{//(.!2+/O!K==O!ee
L{>-(&!:$(!($&(&!3($&$%+&%/TD[.+/!0(/!72<<+**$&#B:D/8(9/!0+-*>;!+9!3(/82=.2%(-+&%(&!2+/!
0(9!:D/8(9!T+!/<{.(&O
3($&$%(&!:$(!0(&!s29<62+/.2//!+&0!/8(..(&!:$(!/$*>(-;!02//!0$(!s{/(!&$*>8!,#&!`$.*>B!#0(-!
U2.[-(/8(&!,(-/8#<68!$/8O!V(-|(&0(&!:$(!=($!C(02-6!0$(!3($&$%+&%/&20(.O
s2/!72<<+**$&#B:D/8(9!/2+%8!
[($&(!`$.*>!2&O
s2/!72<<+**$&#B:D/8(9!
<-#0+T$(-8!|(&$%!#0(-![($&(&!
:*>2+9O
V(-%(|$//(-&!:$(!/$*>;!02//!02/!:D/8(9!-$*>8$%!($&%(=2+8!$/8O
:8(..(&!:$(!/$*>(-;!02//!0(-!E$&/8(..[&#<6!2+6!0(-!"#/$8$#&!7K""o77jSi!/8(>8O
:8(..(&!:$(!/$*>(-;!02//!0(-!s29<62+/.2//!&$*>8!,(-/8#<68!$/8O
:8(..(&!:$(!/$*>(-;!02//!0$(!K+6/*>y+90{/(!&$*>8!,(-%(//(&!=T|O![#--([8!,(-=2+8!|+-0(O!:8(..(&!:$(!
/$*>(-;!02//!0(-!:*>.2+*>!|(0(-!,(-/8#<68!&#*>!,(-0-(>8!+&0!-$*>8$%!2&!0(-!U2//(88(!2&%(=-2*>8!$/8;!
+9!J+682&/2+%+&%(&!T+!,(-9($0(&O
:8(..(&!:$(!/$*>(-;!02//!0(-!`$.*>2&/2+%/*>.2+*>!8$(6!$&!0$(!`$.*>!($&%(82+*>8!$/8O
:<{.(&!+&0!-($&$%(&!:$(!02/!:D/8(9!M/$(>(!T+8-(66(&0(!K=/*>&$88(NO
L{-!A(8-y&[(!2+6!`$.*>=2/$/k!x$-!(9<6(>.(&!0$(!V(-|(&0+&%!,#&!6-$/*>(-;!<2/8(+-$/$(-8(-!#0(-!
wB`$.*>!2+/!($&(-!&#*>!&$*>8!.2&%(!%(z66&(8(&!V(-<2*[+&%O!K+}(-0(9!/#..8(&!U266((82//(!#0(-!
B%.2/![2.8!/($&O
4-#8T!/y+=(-&!0(/!
U266((9(>.2=/*>($0(-/!
(-.$/*>8!0(-!x2-&>$&|($/!&$*>8O
E&86(-&(&!:$(!0(&!:*>$(=(-!+&0!/(8T(&!:$(!/$(!&2*>!/(*>/!:([+&0(&!|$(0(-!($&O!:8(..(&!:$(!
/$*>(-;!02//!0(-!K=/*>($0(-![#--([8!/$8T8O
xy>-(&0!($&(/!~D[.+/![29!(/!
T+!($&(9!:8-#92+/62..O
s2/!A(-y8!6{>-8!&2*>!x$(0(->(-/8(..+&%!0(-!:8-#9,(-/#-%+&%!($&(&!2+8#928$/*>(&!S(+/82-8!
2+/!+&0!$/8!6{-!($&(&!&(+(&!~D[.+/!=(-($8O!x$-0!T+9!~($8<+&[8!0(-!:8-#9+&8(-=-(*>+&%!($&!
3($&$%+&%/B!#0(-!E&8[2.[+&%/TD[.+/!0+-*>%(6{>-8;!&$998!0$(!`2/*>$&(!0(&!C(8-$(=!2&!0(-!
:8(..(!|$(0(-!2+6;!2&!0(-!0$(!o&8(-=-(*>+&%!($&8-28O
8QWHUGHP*HUlWEH¿QGHWVLFK
x2//(-!#0(-!U266((O
s$(!K=8-#<6/*>2.(!$/8!{=(-%(.2+6(&k!J((-(&!+&0!-($&$%(&!:$(!0(&!U266((9(>.2=/*>($0(-O!:8(..(&!
:$(!/$*>(-;!02//!0$(!K=8-#<6/*>2.(![#--([8!($&%(/(8T8!|+-0(O
E&8&(>9(&!:$(!&$(92./!0(&!C(>y.8(-!=(,#-!0(-!~D[.+/!2=%(/*>.#//(&!$/8O
s2/!:D9=#.! !|$-0!
2&%(T($%8O
~$(>(&!:$(!0(&!S(8T/8(*[(-!6{-!RQ!:([+&0(&;!(&8&(>9(&!:$(!0(&!7.2-$/BL$.8(-($&/28T!KF+2!
L$.8(-!:D/8(9;!/#6(-&!,#->2&0(&;!+&0!&(>9(&!:$(!0$(!`2/*>$&(!|$(0(-!$&!C(8-$(=O
4-$88!0(-!L(>.(-!|($8(->$&!2+6;!/(8T(&!:$(!/$*>!9$8!0(9!U+&0(&0$(&/8T(&8-+9!,#&!U3o":!$&!
V(-=$&0+&%O
DE
19
!@

(&4,1#2;
)81.7,21667g581*(1 ,#.#,63-
4-#8T!K+66{..(&!0(/!x2//(-82&[!
(-.$/*>8!0$(!x2-&9(.0+&%!29!
s$/<.2D!&$*>8O
"-{6(&!:$(;!#=!0(-!x2//(-82&[!-$*>8$%!($&%(/(8T8!$/8O!s(-!:*>|$99(-!29!C#0(&!0(/!x2//(-82&[/!
9+//!/$*>!6-($!=(|(%(&![z&&(&O!s(&!:*>|$99(-!{=(-<-{6(&!+&0!%(%(=(&(&62../!=(6-($(&O
E/!%$=8![($&(!K+66#-0(-+&%!T+-!
E&8[2.[+&%!0(-!`2/*>$&(O E$&(!E&8[2.[+&%!|$-0!(-/8!&2*>!($&(-!%-#}(&!K&T2>.!2&!E$&/y8T(&!0(/!s29<6[-($/.2+6/! (-6#-0(-.$*>O
3POJQHMZEFX;JPlEF;xGL;QyL;$GE;EGF;UPPL;&EpEUDE;pSVPWWEFZEVDEMMDN;XGE;$GE;WGD;'JLEL;#VULEVVELGP;
+SDHWPDGO;ULHlGELEF;z{FFEFI
%PUUSOOGFH
L{-! ($&(&! 72<<+**$&#;! 0(-! &2*>! 2..(&! 3(%(.&! 0(-! U+&/8! %(=-2+8! $/8;! $/8! 6#.%(&0(/! `$/*>,(->y.8&$/! $0(2.k! P)b! >($}(! `$.*>;!
P)b!U266((!+&0!P)b!`$.*>/*>2+9O
%PQ];%LKWE
C(-($8(&!:$(!($&(&![.2//$/*>(&!E/<-(//#!$&!($&(-!%-#}(&!42//(!T+O
A2-&$(-(&!:$(!$>&!9$8!($&(9!:2>&(>y+=*>(&!+&0!%(&$(}(&!:$(!($&(&!|+&0(-=2-(&!726'!7-?9(O
%PQ];%HLLEDDHv
C(-($8(&!:$(!($&(&![.2//$/*>(&!E/<-(//#!T+O
V(-.($>(&!:$(!0$(/(9!02&&!($&(&!=(/#&0(-(&!A(/*>92*[!9$8!P)e!#0(-!P)R!A.2/!J$[z-!#0(-!U#%&2[O
B!!E=(&62../! T+! (9<6(>.(&! /$&0! K&$/.$[z-;! 4-2+=(&/*>&2</;! :29=+*#;! U$-/*>|2//(-! #0(-! 7#$&8-(2+O! E/! %$=8! 2=(-! &#*>! ,$(.(!
2&0(-(!`z%.$*>[($8(&;!($&(&!E/<-(//#!T+!|YELEXEMFeO!s(-!L2&82/$(!/$&0!>$(-=($![($&(!A-(&T(&!%(/(8T8O
0PQQEEa1Gz{Lv
`$/*>(&!:$(!$&!($&(-!.((-(&!Q;f\B.BL.2/*>(!b!42//(&!E/<-(//#;!R\Q!%!=-2+&(&!U2&0$/T+*[(-!+&0!P)R!.!U#%&2[!#0(-!U$-/*>|2//(-O
J2//(&!:$(!0$(!`$/*>+&%!9$&0(/8(&/!R!x#*>(&!T$(>(&O
B! :$(!(->2.8(&!($&(&!.(*[(-(&!J$[z-;!0(-!=(/#&0(-/!U266((%(&$(}(-!=(%($/8(-&!|$-0O
'DPMGEFGVOJEL;#GVzPQQEE
e!U+%(.&!V2&$..(($/;!R!42//(&!%([{>.8(&!+&0!%(T+*[(-8(&!E/<-(//#;!P)g!.!`$.*>;!:*>.2%/2>&(!+&0!%(-$(=(&(!:*>#[#.20(O
B! E/<-(//#!+&0!`$.*>!9$/*>(&O
B! E$/[+%(.&!2+6!A.2//*>2.(&!,(-8($.(&;!U266((!02-{=(-!%$(}(&!+&0!9$8!:*>.2%/2>&(!+&0!%(-$(=(&(-!:*>#[#.20(!,(-T$(-(&O
(JPLGVwELv
A(=(&!:$(!($&![.($&(/!A.2/!3+9!$&!($&(!42//(!%(T+*[(-8(&!E/<-(//#O
A-#}T{%$%!9$8!:*>.2%/2>&(!%2-&$(-(&!+&0!/(-,$(-(&O
*MPWlGELDEL;#VULEVVHv
R!42//(&!E/<-(//#;!R![.($&(!A.y/(-!U#%&2[;!R!4((.z66(.!=-2+&(&!~+*[(-!+&0!:2>&(O
B! U#%&2[!$&!6(+(-6(/8(!A.y/(-!%(=(&!+&0!(&8T{&0(&O
B! ~+*[(-!>$&T+%(=(&!+&0!,(--{>-(&O!U266((!>$&T+%(=(&!+&0!9$8!:2>&(!%2-&$(-(&O
#VULEVVHa(PLQPGD
R!42//(&!E/<-(//#;!h!E$%(.=;!RQQ!%!~+*[(-;!P)g!.!%(T+*[(-8(!:2>&(;!P![.($&(/!A.2/!i-2&%(&.$[z-O
B! E$%(.=!9$8!0(9!~+*[(-!T+!($&(-!6(/8(&;!*-(9$%(&!`2//(!/*>.2%(&O
B! A([{>.8(&!E/<-(//#!+&0!i-2&%(&.$[z-!>$&T+%(=(&O
B! :*>.2%/2>&(!+&8(->(=(&O
B! K..(/!$&!:*>2.(&!#0(-!A.y/(-!6{..(&O
B! j&/!A(6-$(-62*>!%(=(&O
$ONRKROPLVVEUDXFKVFKDGHWGHU*HVXQGKHLW
"#$%&'()'43
+
,
%
"
#
*
-
.
'
/
0
1
w2&0.()|28(-!82&[!*#,(-!
x28(-!82&[!
7.(2&$&%!8-2D
o/(0!*#66((!*#..(*8#-
7#66((!#+8.(8;!>($%>8B20X+/82=.(!>2&0.(
`2%&(8$*!9$.[!&#TT.(!2882*>9(&8
3(9#,2=.(!0-$<!*#..(*8#-!8-2D!2&0!%-$..(
7#66((!=(2&!*#&82$&(-
*ULQGLQJ¿QHQHVVVHWWLQJEXWWRQ
`(82.!%-$&0$&%!9$..
7.(2&$&%!82=.(8!6+&&(.
7+<!-(/8!%-$..(
s$/<.2D!/*-((&
2 ! s$/<.2D!/*-((&!
3 ! Gi&)#66I!=+88#&
4 ! "-#%-299$&%!=+88#&!
(  5RWDWHFRQ¿UPDWLRQEXWWRQ
5 ! 72<<+**$&#!=+88#&!
& ! 7.(2&!92*>$&(!=+88#&
`$.[!<#8
$ ! 7#,(-!
) ! J#*[$&%!.(,(-
6 ! 7.(2&!/D/8(9)72<<+**$&#!
7 ! L.(@$=.(!<$<(
8 ! 72//(88(!
9 ! 7#&82$&(-!
: ! :8(29!&#TT.(
+%%#$$4&'#$;<$41";$#(+&+)#1:>
*;?@@!7.2-$/!72-8-$0%(!B!KF+2!L$.8(-!:D/8(9!M0(<(&0$&%!#&!9#0(.NO
9$;A???;0&6($!*.(2&$&%!.$F+$0!6#-!72<<+**$&#!/D/8(9!M&#8!$&*.+0(0NO
*;?BA!s(/*2.$&%!<#|0(-!M#&(!/2*>(8!$&*.+0(0NO
9$;C???!"2*[(8!#6!PQ!*.(2&$&%!82=.(8/!MR!82=.(8/!$&*.+0(0NO
3HDEI!L#-!8>(!%+2-2&8((!8#!=(!,2.$0;!8>$/!92*>$&(!9+/8!=(!+/(0!|$8>!U-+</!2**(//#-$(/!#&.DO
"EPL;%SVDHWELN
7#&%-28+.28$#&/•!Ö#+!2-(!&#|!8>(!<-#+0!#|&(-!#6!2!U-+</!E/<-(//(-$2!K+8#928$*O!Ö#+!|$..!2<<-(*$28(!=#8>!8>(!F+2.$8D!#6!8>(!
-(/+.8!$&!D#+-!*+<!2&0!$8/!/+<(-$#-!(2/(B#6B+/(O
E/<-(//#!#-!.+&%#;!-$/8-(88#!#-!*2<<+**$&#Ü!D#+-!2+8#928$*!*#66(()(/<-(//#!92*>$&(!>2/!=((&!0(/$%&(0!/#!8>28!D#+!*2&!(&X#D!
8>(!/29(!F+2.$8D!28!>#9(!2/!$&!2!=$/8-#;!|>28(,(-!8>(!8$9(!#6!8>(!02D!2&0!8>-#+%>#+8!8>(!|(([O!x$8>!$8/!7#9<2*8!4>(-9#=.#*[!
:D/8(9;! P\!=2-!<+9<!á!2&0!(/<(*$2..D!=(*2+/(! $8! |#-[/!(@*.+/$,(.D!|$8>!*#66((!6-(/>.D!%-#+&0! X+/8!=(6#-(! (@8-2*8$#&!á!D#+-!
E/<-(//(-$2!K+8#928$*!(&2=.(/!D#+!8#!#=82$&!2!0-$&[!|$8>!92@$9+9!2-#92;!8#<<(0!|$8>!2!|#&0(-6+.!8>$*[!%#.0(&!*-(29!-(/+.8$&%!
6-#9!8>(!&28+-2.!#$./!$&!8>(!*#66((!=(2&/O
E/<-(//#!$/!&#8!/(-,(0!$&!2!8-20$8$#&2.!*#66((!*+<;!=+8!-28>(-!$&!/92..!<#-*(.2$&!*+</O
L#-!2&!(/<-(//#!28!X+/8!8>(!-$%>8!8(9<(-28+-(!2&0!*-(29!8>28!/$8/!<(-6(*8.D!<#$/(0;!|(!-(*#99(&0!D#+!<-(>(28!D#+-!*+</O
i&*(!D#+r,(!8-$(0!2!6(|!8$9(/;!D#+!|$..!.(2-&!>#|!8#!9$@!2&0!-#2/8!8>(!*#66((!=(2&/!8#!928*>!D#+-!82/8(O!4>(!F+2.$8D!#6!|28(-!+/(0!
$/!#6!*#+-/(!0(*$/$,(!$&!92[$&%!/+-(!8>(!-(/+.8!28!8>(!(&0!$/!8>(!=(/8!$8!*2&!=(O
".(2/(!(&/+-(!8>(!|28(-!>2/!=((&!6-(/>.D!<#+-(0!6-#9!8>(!82<!M/#!8>28!$8!0#(/&r8!=(*#9(!/82%&2&8!268(-!*#9$&%!$&8#!*#&82*8!|$8>!
R[\JHQDQGWKDWWKHUHLVQRVPHOORIFKORULQH0DNHVXUHWRRRIFRXUVHWKDWLWVVXI¿FLHQWO\FROG
(VSUHVVR FRIIHH LV ULFKHU LQ DURPD WKDQ FODVVLF ¿OWHU FRIIHH 'HVSLWH LWV VWURQJHU ORQJHU ODVWLQJ ÀDYRXU HVSUHVVR DFWXDOO\
FRQWDLQVOHVVFDIIHLQHWKDQ¿OWHUFRIIHHDURXQGWRPJSHUFXSLQFRPSDULVRQZLWKWRPJSHUFXSRI¿OWHUFRIIHH
4>$/! $/! =(*2+/(! $8! 82[(/! .(//! 8$9(! 8#! <(-*#.28(O! 4>2&[/! 8#! 2&! $&%(&$#+/! /D/8(9! |>(-(=D! 8>(! 9$.[! *#&82$&(-! $/! $&8(%-28(0!
/(29.(//.D!$&8#!8>(!92*>$&(;!D#+-!J288rE/<-(//!$/!8>(!<(-6(*8!/#.+8$#&!6#-!<-(<2-$&%!/+9<8+#+/!*2<<+**$&#/OOO
4>(! /$9<.$*$8D! #6! 8>(! *#&8-#./;! 8>(! ,$/$=$.$8D! #6! 2..! 82&[/! 2&0! 8>(! 2+8#928$*! *.(2&$&%! 2&0! 0(/*2.$&%! <-#%-299(/! 9(2&! D#+-!
/DWW(VSUHVV$XWRPDWLFLVERWKHI¿FLHQWDQGHDV\WRXVH
,#*4&#;).#;*'&$);6$#
2EPVSLGFZ;DJE;xPDEL;JPLXFEVV
%HIRUHXVLQJWKHDSSOLDQFHIRUWKH¿UVWWLPHRULI\RXQRWLFHDFKDQJHLQWKHKDUGQHVVRI\RXUZDWHUDGMXVWWKHDSSOLDQFHWRWKH
>2-0&(//!#6!8>(!|28(-!+/(0O!4#!,(-$6D!|28(-!>2-0&(//;!+/(!8>(!/8$*[!/+<<.$(0!|$8>!D#+-!2<<.$2&*(!#-!*#&82*8!D#+-!.#*2.!|28(-!
DXWKRULW\7KHDSSOLDQFHZLOOSURPSW\RXWRVHWWKHKDUGQHVVRI\RXUZDWHUEHIRUH\RX¿UVWXVHLW
"EZLEE;HQ;
JPLXFEVV
%MPVV;?
7EL_;VHQD
%MPVV;!
$HQD
%MPVV;^
2EXGSW;JPLX
%MPVV;C
.PLX
%MPVV;A
7EL_;JPLX
`;X. a!bc d!ec d!fc d!Pec d!RPc
`;E a!bOf\c d!\c d!gOf\c d!PfO\c d!RhOR\c
`;Q a!\Oec d!fORc d!PROhc d!R\ORc d!bfOgc
+UUMGPFOE;VEDDGFZ Q P R b e
L$..!2!%.2//!|$8>!|28(-!2&0!<.2*(!8>(!/8$*[!$&!$8O!42[(!2!-(20$&%!#6!8>(!|28(-!>2-0&(//!268(-!#&(!9$&+8(!>2/!(.2</(0!B!<!a^>i
2
1
3
21
EN
^?

(LEUPLGFZ;DJE;PUUMGPFOE
5HPRYHDQG¿OOWKHZDWHUWDQN<g>i
3UHVV¿UPO\WRUHSODFHLWDQGFORVHWKHOLG<@>i
3(9#,(!8>(!.$0!#6!8>(!*#66((!*#&82$&(-!2&0!200!*#66((!=(2&/O!3(<.2*(!8>(!.$0!<ha!?>i
'RQRW¿OOWKHWDQNVZLWKKRWZDWHUPLONRUDQ\RWKHUOLTXLG!j6!8>(!|28(-!82&[!$/!9$//$&%!#-!&#8!*#9<.(8(.D!6+..!M=(&(28>!
8>(!G9$&I!.(,(.N!|>$.(!8>(!2<<.$2&*(!$/!/|$8*>(0!#&;!8>(!9(//2%(!GL$..!82&[I!|$..!2<<(2-!2&0!$8!|$..!=(!8(9<#-2-$.D!$9<#//$=.(!
8#!92[(!2&D!*#66((!#-!(/<-(//#O
%MPLGV;a;+RSP;*GMDEL;$_VDEW;*;?@@;OPLDLGXZE;<VHMX;VEUPLPDEM_>
)RUWKHEHVWÀDYRXUVDQGWRPDNHVXUH\RXUDSSOLDQFHODVWVDVORQJDVSRVVLEOHZHUHFRPPHQG\RXRQO\XVHWKH&ODULV$TXD
L$.8(-!:D/8(9!*2-8-$0%(;!/#.0!/(<2-28(.DO
<C>I0HFKDQLVPWRPHPRULVHWKHPRQWKWKHFDUWULGJHZDV¿WWHGDQGZKHQLWVKRXOGEHFKDQJHGDIWHUPRQWKVPD[LPXP
Ö#+-!2<<.$2&*(!|$..!.(8!D#+![&#|!|>(&!D#+!/>#+.0!-(<.2*(!D#+-!7.2-$/!B!KF+2!L$.8(-!:D/8(9!*2-8-$0%(!=D!0$/<.2D$&%!2!9(//2%(O
*GMDEL;GFVDPMMPDGHF;<%MPLGV;a;+RSP;*GMDEL;$_VDEW;OPLDLGXZE>
3HDEI!4#!*#--(*8.D!<-$9(!D#+-!*2-8-$0%(;!(&/+-(!8>28!D#+!6#..#|!8>(!$&/82..28$#&!<-#*(0+-(!(2*>!8$9(!D#+!*>2&%(!8>(!*2-8-$0%(O
*GLVD;DGWE;SVEI!7>##/(!8>(!e:#$f!#<8$#&!$&!8>(!e*GMDELf!6+&*8$#&;!8>(&!6#..#|!8>(!#&B/*-((&!<-#9<8/O
,QVWDOOLQJWKHFDUWULGJHLQWKHPDFKLQHVFUHZWKH¿OWHULQWRWKHEDVHRIWKHZDWHUWDQNXVLQJWKHKDQGOHSURYLGHG<A>i
j&/(-8!8>(!/8(29!&#TT.(!<B>i
".2*(!2!QOh!J!*#&82$&(-!=(&(28>!8>(!/8(29!&#TT.(!<[>i
/DWHULQVWDOODWLRQRUZKHQUHSODFLQJD¿OWHU!:(.(*8!8>(!e*GMDELf;9(&+!=D!<-(//$&%!(&4-I;e2PGFDEFPFOEf;a;40;a;e*GMDELfa;40;
a;e'FVELDf;<HL;OJPFZE>;a;40;a;2&0!6#..#|!8>(!#&B/*-((&!<-#9<8/O
+SDHWPDGO;LGFVGFZ
:KHQ¿UVWXVLQJ\RXUPDFKLQH!D#+!92D!*>##/(!8#!PODGYPDE;PSDHWPDGO;LGFVGFZO!4#!0#!8>$/;!*>##/(!8>(!e:#$f!#<8$#&!#&!8>(!
e+SDH;LGFVEf!9(&+O!3$&/$&%!|$..!82[(!<.2*(!(2*>!8$9(!D#+!8+-&!#&!8>(!92*>$&(O
)H;WHXGQ_;DJGV;PD;P;MPDEL;VDPZEN!D#+!*2&!/(.(*8!2+8#928$*!-$&/$&%!=D!<-(//$&%!(&4-;Å;$EDDGFZV;a;+SDH;LGFVEi
'85,1*5,16,1*23(5$7,216+27:$7(5&20(6)5207+(12==/(6%(&$5()8/127726&$/'<2856(/)
3#7#&;(6);-&463";%4**##;'3;).#;%4**##;%43)+'3#&
8VHRIFRIIHHEHDQVWKDWDUHRLO\FDUDPHOLVHGRUÀDYRXUHGLVQRWUHFRPPHQGHGIRUWKLVPDFKLQH7KLVW\SHRIEHDQPD\GDPDJH
8>(!92*>$&(O
`2[(!/+-(!8>28!&#!6#-($%&!=#0$(/!/+*>!2/!/92..!/8#&(/!29#&%!8>(!*#66((!=(2&/!(&8(-!8>(!*#66((!*#&82$&(-O!K&D!0292%(!0+(!8#!
6#-($%&!=#0$(/!>2,$&%!(&8(-(0!8>(!*#66((!*#&82$&(-!$/!&#8!*#,(-(0!=D!8>(!%+2-2&8((O!s#!&#8!<+8!|28(-!$&!8>(!*#66((!=(2&!*#&82$&(-O
4#!2,#$0!/82$&$&%!D#+-!|#-[8#<!#-!/*2.0$&%!D#+-/(.6!|$8>!+/(0!|28(-;!(&/+-(!D#+!2882*>!8>(!0-$<!*#..(*8#-!8-2DO
7>(*[!8>(!|28(-!82&[!$/!*.(2&O
*GLVD;SVEkVEDDGFZ;DJE;WPOJGFE
7KHURWDWLQJEXWWRQHQDEOHV\RXWRVHOHFWDIXQFWLRQRULQFUHDVHUHGXFHYDOXHV3UHVVLQJWKLVEXWWRQFRQ¿UPV\RXUFKRLFH
:|$8*>!8>(!2<<.$2&*(!#&!=D!<-(//$&%!8>(!Gi&)i66I!=+88#&!<!!>i!L#..#|!8>(!#&B/*-((&!<-#9<8/!$&!8>(!GJ2&%+2%(!*>#$*(I!9(&+O
:(.(*8!2!.2&%+2%(!+/$&%!8>(!-#828$&%!=+88#&O!4>(!/(.(*8(0!.2&%+2%(!|$..!=(!>$%>.$%>8(0!<!^a!C>i
&RQ¿UPE\SUHVVLQJWKHFRQ¿UPDWLRQEXWWRQ<!A>i
2QWKH¿UVWXVHWKHDSSOLDQFHZLOODVN\RXWRVHWDQXPEHURISDUDPHWHUV,I\RXXQSOXJ\RXUDSSOLDQFH\RXZLOOKDYHWRUHVHW
/#9(!#6!8>(/(!<2-29(8(-/O
4>(!2<<.$2&*(!|$..!2/[!D#+!8#!/(8k
1PFZSPZE
7HMSWE;SFGD;
"PDE;
%MHOz;
+SDHaHQQ
+SDHaHF;
8PDEL;JPLXFEVV;
+SDHWPDGO;LGFVGFZ;
*GMDEL
Ö#+!*2&!/(.(*8!8>(!.2&%+2%(!#6!D#+-!*>#$*(!6-#9!8>#/(!<-(/(&8(0O
Ö#+!*2&!/(8!8>(!+&$8!#6!9(2/+-(9(&8!8#!9.!#-!#TO
j8!$/!+<!8#!D#+!8#!/(8!8>(!028(O
Ö#+!*2&!/(.(*8!8>(!0$/<.2D!#6!2!PR!#-!ReB>#+-!*.#*[O
Ö#+!*2&!/(.(*8!8>(!.(&%8>!#6!8$9(!268(-!|>$*>!D#+-!2<<.$2&*(!|$..!/|$8*>!#66!2+8#928$*2..DO
Ö#+!*2&!2+8#928$*2..D!/82-8!<-(B>(28$&%!#6!D#+-!2<<.$2&*(!28!2!/(.(*8(0!8$9(O!
Ö#+!9+/8!/(8!8>(!>2-0&(//!#6!D#+-!|28(-!=(8|((&!Q!2&0!eO!:((!8>(!/(*8$#&!G`(2/+-$&%!8>(!
|28(-!>2-0&(//IO!
Ö#+!*2&!/(8!-$&/$&%!8#!82[(!<.2*(!(2*>!8$9(!8>(!92*>$&(!$/!/|$8*>(0!#&O
<RXPXVWLQGLFDWHZKHWKHURUQRWD¿OWHULVSUHVHQW&ODULV$TXD)LOWHU6\VWHPFDUWULGJH
2QWKH¿UVWXVHWKHDSSOLDQFHPD\DVNWREHUH¿OOHG6LPSO\IROORZWKHRQVFUHHQSURPSWV
%GLOSGD;LGFVGFZ
%HQQEE;OGLOSGD;LGFVGFZI
Ö#+!*2&!/82-8!-$&/$&%!28!2&D!8$9(!=D!<-(//$&%!(&4-!8#!0$/<.2D!8>(!9(&+/!8>(&!/(.(*8$&%!0$,17(1$1&(Ź2.Ź5,16,1*
Ź2.
$DEPW;OGLOSGD;LGFVGFZI
j&/82..!8>(!/8(29!&#TT.(;<B>;8>(&!<.2*(!2!*#&82$&(-!=(&(28>!8>(!/8(29!&#TT.(O!:(.(*8!8>(!JHD;xPDEL!-(*$<(!#&!8>(!/*-((&!2&0!
FRQ¿UP7KHF\FOHZLOOVWRSDXWRPDWLFDOO\DIWHUWKHYROXPHRIZDWHULQGLFDWHGRQWKHVFUHHQKDVEHHQÀRZHGWKURXJK
j8!$/!2!%##0!$0(2!8#!*2--D!#+8!#&(!#-!9#-(!-$&/(/!#6!8>(!8|#!*$-*+$8/!|>(&!8>(!2<<.$2&*(!>2/!&#8!=((&!+/(0!6#-!2!&+9=(-!#6!
02D/O
'85,1*5,16,1*23(5$7,216+27:$7(5&20(6)5207+(12==/(6%(&$5()8/127726&$/'<2856(/)
(LEUPLGFZ;DJE;ZLGFXEL
<RXFDQDGMXVWWKHVWUHQJWKRI\RXUFRIIHHE\VHWWLQJWKHJULQGLQJ¿QHQHVVRIWKHFRIIHHEHDQV
7KH¿QHUWKHFRIIHHLVJURXQGWKHVWURQJHUDQGFUHDPLHUWKHFRIIHHZLOOEH
6HWWKHGHJUHHRIJULQGLQJ¿QHQHVVE\WXUQLQJWKHEXWWRQ³*ULQGLQJ¿QHQHVVVHWWLQJ´
7XUQLQJWRZDUGVWKHOHIWPHDQV¿QHUJULQGLQJ7XUQLQJWRZDUGVWKHULJKWPHDQVFRDUVHUJULQGLQJ<!B>i
:46;26$);431:;%.+3-#;).#;$#))'3-;"6&'3-;-&'3"'3-i;
3#7#&;*4&%#;).#;-&'3"'3-;*'3#3#$$;$#))'3-;,6))43i
(&#(+&+)'43;4*;+3;#$(&#$$4;+3";+;%4**##
:46&;+((1'+3%#;.+$;,##3;"#$'-3#";)4;84&0;#9%16$'7#1:;8').;%4**##;,#+3$i
:KHQSUHSDULQJ\RXU¿UVWFRIIHHDIWHUDORQJSHULRGRIDEVHQFHRUIROORZLQJFOHDQLQJRUGHVFDOLQJDOLWWOHVWHDPDQG
JHD;xPDEL;xGMM;GVVSE;QLHW;DJE;VDEPW;FHppME;<VEMQaULGWGFZ>i
$UMPVJGFZ;HL;VOPMXGFZ;WP_;HOOSL;GQ;DJE;OHQQEE;HSDMED;GV;VED;DHH;JGZJ;QHL;DJE;VGpE;HQ;_HSL;OSUVi
(LEUPLGFZ;PF;EVULEVVH
4>(!F+2&8$8D!#6!|28(-!-(F+$-(0!6#-!2&!(/<-(//#!$/!=(8|((&!RQ!2&0!fQ!9.O
"-(//!8>(! !=+88#&;!|2$8!6#-!<-(B>(28$&%!8#!(&0!2&0;!$6!D#+!|$/>;!*2--D!#+8!2!-$&/$&%!#<(-28$#&O
4>(!0-$&[/!/(.(*8$#&!9(&+!2<<(2-/!<![>i
".2*(!2!*+<!+&0(-!8>(!*#66((!#+8.(8O!Ö#+!*2&!.#|(-!#-!-2$/(!8>(!*#66((!#+8.(8!8#!/+$8!8>(!/$T(!#6!D#+-!*+<!<!g>i
6HOHFW\RXUGULQNZLWKWKHURWDWLQJEXWWRQDQGFRQ¿UPE\SUHVVLQJWKHFRQ¿UPDWLRQEXWWRQ
Ö#+!*2&!/(8!8>(!,#.+9(!#6!|28(-!28!2&D!8$9(!|$8>!8>(!-#828$&%!=+88#&O
)H;VDHU;OHQQEE;LSFFGFZ;GFDH;DJE;OSUN;EGDJEL;ULEVV;P;lSDDHF;HL;LEXSOE;DJE;YHMSWE;xGDJ;DJE;LHDPDGFZ;lSDDHFi
(LEUPLGFZ;P;OHQQEE
4>(!F+2&8$8D!#6!|28(-!-(F+$-(0!6#-!2!*#66((!$/!=(8|((&!gQ!2&0!PhQ!9.O
(LEUPLGFZ;P;MHFZ;OHQQEE
4>(!F+2&8$8D!#6!|28(-!-(F+$-(0!6#-!2!.#&%!*#66((!$/!=(8|((&!PRQ!2&0!ReQ!9.O!4>(!2<<.$2&*(!2+8#928$*2..D!*2--$(/!#+8!2!0#+=.(!
F\FOHVRGRQRWUHPRYH\RXUFXSEHIRUHSUHSDUDWLRQLV¿QLVKHG
K68(-!%-$&0$&%;!8>(!%-#+&0!*#66((!$/!9#$/8(&(0!|$8>!2!.$88.(!|28(-O!K!6(|!9#9(&8/!.28(-;!8>(!<(-*#.28$#&!<-#*(//!=(%$&/O
Ö#+!*2&!20X+/8!8>(!8(9<(-28+-(!#6!D#+-!*#66((O
'2 127 5(029( 7+( 7$1. %()25( 7+( (1' 2) 7+( &<&/( DURXQG  VHFRQGV DIWHU WKH FRIIHH KDV ¿QLVKHG
UHSLGFZ>i
23
EN
^^

)xHaOSU;QSFODGHF
Ö#+-!2<<.$2&*(!(&2=.(/!D#+! 8#! <-(<2-(!8|#!*#66((!#-!(/<-(//#!-(*$<(/!6#-!8>(! 6#..#|$&%!8>-((! <-(<2-28$#&/k! (/<-(//#)/8-#&%!
(/<-(//#)*#66((O!4>$/!6+&*8$#&!$/!&#8!2,2$.2=.(!6#-!.#&%!*#66((!0-$&[/O!4>(!2<<.$2&*(!|$..!2+8#928$*2..D!-+&!8|#!*#9<.(8(!*#66((!
<-(<2-28$#&!*D*.(/!#&(!268(-!8>(!#8>(-O!Ö#+!/>#+.0!8>(-(6#-(!(&/+-(!8>28!D#+!<.2*(!8>(!/(*#&0!*+<!=(&(28>!8>(!*#66((!#+8.(8!
LPPHGLDWHO\WKH¿UVWF\FOHKDV¿QLVKHG
Ö#+!>2,(!<-(<2-(0!D#+-!2<<.$2&*(O!4>(!0-$&[/!/(.(*8$#&!9(&+!>2/!2<<(2-(0!<![>i
".2*(!2!*+<!+&0(-!8>(!*#66((!#+8.(8O!Ö#+!*2&!.#|(-!#-!-2$/(!8>(!*#66((!#+8.(8!8#!/+$8!8>(!/$T(!#6!D#+-!*+<!<!g>i!
6HOHFW\RXUGULQNDQGFRQ¿UPE\SUHVVLQJTXLFNO\WZLFHRQWKHFRQ¿UPDWLRQEXWWRQ
K!9(//2%(!|$..!$&0$*28(!8>28!D#+!>2,(!-(F+(/8(0!8|#!*+</O
)JE;PUUMGPFOE;xGMM;PSDHWPDGOPMM_;LSF;DxH;OHWUMEDE;OHQQEE;ULEUPLPDGHF;O_OMEVi
(&#(+&'3-;.4);8+)#&
j&/82..!8>(!/8(29!&#TT.(!#&!8>(!92*>$&(O!:(.(*8!8>(!>#8!|28(-!-(*$<(!6-#9!8>(!0-$&[/!/(.(*8$#&!9(&+O!K!9(//2%(!$&,$8(/!D#+!8#!
SODFHDFRQWDLQHUEHQHDWKWKHVWHDPQR]]OH<RXFDQVWDUWKRWZDWHUSURGXFWLRQE\SUHVVLQJWKHFRQ¿UPDWLRQEXWWRQ
4#!$&8(--+<8!8>(!>#8!|28(-!6+&*8$#&;!/$9<.D!<-(//!2&D!=+88#&O
j6!8>(!&#TT.(!$/!#=/8-+*8(0;!+&=.#*[!$8!|$8>!8>(!&((0.(!<-#,$0(0O
4>(!92@$9+9!F+2&8$8D!#6!|28(-!<(-!*D*.(!$/!.$9$8(0!8#!bQQ!9.O
(&#(+&'3-;+;%+((6%%'34
8E;LEOHWWEFX;DJPD;_HS;SVE;YEL_;QLEVJN;YEL_;OHMX;UPVDESLGVEX;HL;6.);WGMzN;LEOEFDM_;HUEFEXi;6FUPVDESLGVEX;WGMz;XHEV;
FHD;ULHXSOE;DJE;lEVD;LEVSMDVi
(LEUPLGFZ;PFX;GFVDPMMGFZ;P;WGMz;ÄSZ
7KHPLONMXJLVFRPSRVHGRIDSODVWLFFRQWDLQHUDOLGLQFOXGLQJDFDVVHWWHDQGDÀH[LEOHSLSHFRQQHFWLQJLWWRWKHPDFKLQHVGULQNV
RXWOHW%HIRUHWKH¿UVWXVHFDUHIXOO\FOHDQWKHGLIIHUHQWHOHPHQWV
"#+-!9$.[!$&8#!8>(!X+%!M28!.(2/8!P\Q!9.N!<!@>i!"+8!8>(!.$0!#&!8>(!X+%!=D!/*-(|$&%!$8!0#|&!|$8>!.$%>8!<-(//+-(!<!h>i!J$68!8>(!.#*[$&%!
.(,(-!<^?>i!j&/82..!8>(!9$.[!X+%!#&!8>(!92*>$&(!=D!*#&&(*8$&%!$8!8#!8>(!/8(29!#+8.(8!<^!>;!8>(&!.#|(-$&%!8>(!.#*[$&%!.(,(-!<^^>i!j&/(-8!
WKHÀH[LEOHSLSHLQWRWKHLQWHQGHGRSHQLQJLQWKHFDVVHWWH<^C>!8>(&!<.2*(!8>(!#8>(-!(&0!=(&(28>!8>(!92%&(8$*!0-$&[!#+8.(8!<^A>i!
E&/+-(!8>28!8>(!/D/8(9r/!.$0!=+88#&!$/!$&!8>(!*2<<+**$&#!<#/$8$#&!<^B>i
2PzGFZ;P;OPUUSOOGFH
x>$.(!8>(!/*-((&!$/!0$/<.2D$&%!8>(!0-$&[/!/(.(*8$#&!9(&+;!%$,(!2!/>#-8!<-(//!Ma!b!/(*#&0/N!#&!8>(!92*>$&(r/!*2<<+**$&#!=+88#&!
<^[>i$SUHKHDWLQJSKDVHWDNHVSODFHWKHQWKHPLONLVIURWKHGDQG¿QDOO\WKHHVSUHVVRLVSRXUHG<RXUGULQNLVUHDG\<^g>i
_HS;OPF;GFDELLSUD;DJE;O_OME;l_;ULEVVGFZ;40i
Fl;DJE;O_OME;XHEV;FHD;VDHU;GWWEXGPDEM_i
K! 9(//2%(! 2<<(2-/! #&! 8>(! /*-((&! 8(..$&%! D#+! 8#! *.(2&! 8>(! /D/8(9O! x(! -(*#99(&0! D#+! 8#! *2--D! 8>$/! #+8;! -(6(--$&%! 8#! 8>(!
<2-2%-2<>/!%+((6%%'34;$:$)#2;&'3$'3-;PFXkHL;2+36+1;2+'3)#3+3%#;4*;).#;%+((6%%'34;$:$)#2i
%+((6%%'34;$#))'3-$
4>(! 92*>$&(! (&2=.(/! D#+! 8#! /(8! 8>(! F+2&8$8$(/! #6! 9$.[! 2&0! *#66((! 2**#-0$&%! 8#! D#+-! 0(/$-(/! 6#-! 2! <(-6(*8.D! <(-/#&2.$/(0!
*2<<+**$&#O!
Ö#+!*2&!2.8(-!8>(/(!/(88$&%/!,$2!8>(!%PUUSOOGFH;$EDDGFZV!9(&+O
x>$.(!8>(!/*-((&!$/!0$/<.2D$&%!8>(!0-$&[/!/(.(*8$#&!9(&+;!%$,(!2!.#&%!<-(//!Md!b!/(*#&0/N!#&!8>(!92*>$&(r/!OPUUSOOGFH!=+88#&O
!i! :(.(*8!$DPFXPLX!6#-!8>(!62*8#-D!/(88$&%/
^i! :(.(*8!3Ex!8#!<(-/#&2.$/(!D#+-!-(*$<(O!4>(!6#..#|$&%!/82%(/!82[(!<.2*(k
Pi!(LEaJEPDGFZ;HQ;DJE;WPOJGFE
li!2GMz;QLHDJGFZ;UJPVEI;<-(//!40!|>(&!8>(!,#.+9(!#6!9$.[!-(F+$-(0!$/!-(2*>(0O
Oi!%HQQEE;UJPVEI!<-(//!40!|>(&!8>(!,#.+9(!#6!*#66((!-(F+$-(0!$/!-(2*>(0O
4>(!92*>$&(!|$..!$&0$*28(!8>28!8>(!&(|!,#.+9(/!>2,(!=((&!-(*#-0(0!6#-!8>(!&(@8!*2<<+**$&#/O
3,;2'10;*&4).'3-;(&4"6%)'43;"4#$;34);$)4(;'22#"'+)#1:
2+'3)+'3'3-;:46&;+((1'+3%#
8PLFGFZs;)H;OHWUM_;xGDJ;DJE;ZSPLPFDEE;OHFXGDGHFVN;GD;GV;EVVEFDGPM;DH;OPLL_;HSD;DJE;OMEPFGFZ;HL;XEVOPMGFZ;O_OME;xJEF;DJE;
PUUMGPFOE;LERSEVDV;GDi;%PLEQSMM_;QHMMHx;DJE;GFVDLSODGHFV;ZGYEF;HF;DJE;VOLEEFi!Ö#+!*2&!*#&8$&+(!8#!+/(!8>(!2<<.$2&*(!=+8!$8!$/!
-(*#99(&0(0!8>28!D#+!*2--D!$8!#+8!2/!/##&!2/!<#//$=.(O
#WUD_GFZ;DJE;SVEX;OHQQEE;OHMMEODHLN;DJE;OHQQEE;XLPxEL;PFX;DJE;XLGU;OHMMEODHL;DLP_
3(9#,(!8>(!*2<<+**$&#!/D/8(9!<^@>i
j6!8>(!9(//2%(!$/!0$/<.2D(0;!-(9#,(;!(9<8D!2&0!*.(2&!8>(!0-$<!*#..(*8#-!8-2D!<^h>i
3(9#,(;!(9<8D!2&0!*.(2&!8>(!+/(0!*#66((!*#..(*8#-!<C?>i
3(9#,(!8>(!*#66((!0-2|(-!<C!>i
7KHGULSFROOHFWRUWUD\LVHTXLSSHGZLWKÀRDWVWRLQGLFDWHZKHQLWQHHGVHPSW\LQJ<C^>i
2QFH\RXKDYHUHPRYHGWKHXVHGFRIIHHFROOHFWRU\RXPXVWHPSW\LWFRPSOHWHO\WRDYRLGDQ\ODWHURYHUÀRZ
7KHZDUQLQJPHVVDJHGRHVQRWGLVDSSHDULIWKHXVHGFRIIHHFROOHFWRULVQRWSXVKHG¿UPO\LQWRSODFHRULVLQFRUUHFWO\LQVWDOOHG
x>$.(!8>(!9(//2%(!$/!0$/<.2D(0;!$8!$/!&#8!<#//$=.(!8#!<-(<2-(!2&!(/<-(//#!#-!2!*#66((O!4>(!+/(0!*#66((!*#..(*8#-!>2/!2!
*2<2*$8D!#6!&$&(!*#66((/O
%GLOSGD;LGFVGFZI;VEE;UPZE;C;
%PUUSOOGFH;V_VDEW;LGFVGFZ
Ö#+!*2&!-$&/(!8>(!/D/8(9!268(-!<-#0+*$&%!2!*2<<+**$&#O!4>$/!$/!(,(&!<#//$=.(!$6!8>(-(!$/!/8$..!9$.[!$&!8>(!9$.[!X+%O!j8!$/!$9<#-82&8!8#!
*2--D!#+8!8>$/!-$&/$&%!*D*.(!268(-!(2*>!*2<<+**$&#!<-#0+*(0O
4>(!9$.[!X+%!9+/8!=(!$&!<.2*(!2/!0(/*-$=(0!$&!8>(!<2-2%-2<>!(&#(+&'3-;+;%+((6%%'34i!
4+-&!8>(!*2<<+**$&#!/D/8(9r/!.$0!=+88#&!8#!8>(!<#/$8$#&!%1#+3;<CC>i
x>$.(!8>(!/*-((&!$/!0$/<.2D$&%!8>(!0-$&[/!/(.(*8$#&!9(&+;!<-(//!8>(!92*>$&(r/!%1#+3;=+88#&!<CA>i!:$9<.D!6#..#|!8>(!#&B/*-((&!
<-#9<8/!8#!/82-8!8>(!-$&/$&%!*D*.(O!K8!8>(!(&0!#6!8>(!*D*.(;!8+-&!8>(!*2<<+**$&#!/D/8(9!=+88#&!8#!8>(!%+((6%%'34;<#/$8$#&!=(6#-(!
/82-8$&%!2!&(|!-(*$<(O
j`"i34KS4k
j8! $/! -(*#99(&0(0! 8>28! D#+! *2--D! #+8! 8>$/! -$&/$&%! #<(-28$#&! =(6#-(! -(8+-&$&%! 8>(! 9$.[! X+%! M$6! $8! /8$..! *#&82$&/! 9$.[N! 8#! 8>(!
-(6-$%(-28#-!6#..#|$&%!<-(<2-28$#&!#6!8>(!.2/8!*2<<+**$&#O!K68(-!(2*>!-$&/$&%!#<(-28$#&;!$8!$/!-(*#99(&0(0!8>28!D#+!*.(2&!8>(!
0$66(-(&8!<$(*(/!#6!8>(!/D/8(9!+&0(-!-+&&$&%!82<!|28(-!<VEE;UPLPZLPUJ;2PFSPM;WPGFDEFPFOE;HQ;WGMz;ÄSZ>i
%HQQEE;OGLOSGD;OMEPFGFZ;ULHZLPWWE;a;DHDPM;XSLPDGHFI;PLHSFX;^?;WGFSDEV
Ö#+!/>#+.0!-+&!8>(!*.(2&$&%!<-#%-299(!28!8>(!(&0!#6!2-#+&0!bhQ!<-(<2-28$#&/!#6!(/<-(//#!#-!*#66((O
4>(!2<<.$2&*(!|$..!|2-&!D#+!=D!<(-$#0$*2..D!0$/<.2D$&%!2!9(//2%(!|>(&!$8!$/!8$9(!8#!*2--D!#+8!*.(2&$&%O!
4#!*2--D!#+8!2!*.(2&$&%!<-#%-299(;!D#+!|$..!-(F+$-(!2!*#&82$&(-!|$8>!2!*2<2*$8D!#6!28!.(2/8!QOh!J!2&0!2!U3o":!q:!bQQQ!*.(2&$&%!
82=.(8O
j6!D#+!+&<.+%!D#+-!92*>$&(!0+-$&%!8>(!*.(2&$&%!*D*.(;!#-!$6!8>(-(!$/!2!<#|(-!62$.+-(;!8>(!*.(2&$&%!<-#%-299(!|$..!*#&8$&+(!
6-#9!8>(!*+--(&8!<>2/(!|>(&!8>(!<#|(-!$/!-(8+-&(0O!j8!|$..!&#8!=(!<#//$=.(!8#!*2&*(.!8>$/!#<(-28$#&O
4>$/! $/! (//(&8$2.! 8#!(&/+-(! 8>28! 8>(! |28(-! *$-*+$8! >2/!=((&! *#--(*8.D! -$&/(0O!j&! 8>$/! *2/(;!2! &(|! *.(2&$&%! 82=.(8! 92D!=(!
&(*(//2-DO!E&/+-(!8>28!8>(!*.(2&$&%!<-#%-299(!>2/!=((&!*#9<.(8(0!8#!2,#$0!2&D!-$/[!#6!<#$/#&$&%O
4>(!*.(2&$&%!*D*.(!$/!2&!$&8(-9$88(&8!*D*.(O!s#!&#8!<+8!D#+-!>2&0/!=(&(28>!8>(!*#66((!#+8.(8/!0+-$&%!8>(!*D*.(O
x>(&!8>(!9(//2%(!G7.(2&$&%!&(*(//2-DI!$/!0$/<.2D(0;!D#+!*2&!/82-8!8>(!2+8#928$*!*.(2&$&%!<-#%-299(!=D!<-(//$&%!8>(!(&4-;
=+88#&O
72-(6+..D!6#..#|!8>(!$&/8-+*8$#&/!%$,(&!#&!8>(!/*-((&O
4>(!2+8#928$*!*.(2&$&%!<-#%-299(!$/!0$,$0(0!$&8#!8>-((!<2-8/k!8>(!*.(2&$&%!*D*.(!$8/(.6;!8>(&!8|#!-$&/$&%!*D*.(/O!4>$/!<-#%-299(!
82[(/!2<<-#@$928(.D!RQ!9$&+8(/O!Ö#+!*2&!/82-8! *.(2&$&%!28!2&D!8$9(!=D!<-(//$&%! (&4-!8#!0$/<.2D! 8>(!9(&+/! 8>(&! /(.(*8$&%!
0$,17(1$1&(Ź2.Ź&2))((&/($1,1*
i&.D!+/(!U3o":!*.(2&$&%!82=.(8/! Mq:!bQQQNO!x(!2**(<8!&#!-(/<#&/$=$.$8D!6#-!0292%(!*2+/(0!=D!8>(!+/(!#6!82=.(8/!#6!#8>(-!
=-2&0/O
Ö#+!*2&!#=82$&!*.(2&$&%!82=.(8/!6-#9!8>(!U3o":!K68(-B:2.(/!:(-,$*(O
25
EN
^A

"EVOPMGFZ;ULHZLPWWE;a;XSLPDGHFI;PLHSFX;^^;WGFSDEV
,I\RXUSURGXFWLV¿WWHGZLWKRXU&ODULV$TXD)LOWHU6\VWHP)FDUWULGJHSOHDVHUHPRYHWKLVFDUWULGJHEHIRUHWKH
XEVOPMGFZ;HUELPDGHFi
4>(!29#+&8!#6!.$9(/*2.(! *#..(*8(0!0(<(&0/!#&!8>(!>2-0&(//! #6! 8>(!|28(-!+/(0O!4>(! 2<<.$2&*(! |$..! |2-&! D#+!=D! <(-$#0$*2..D!
0$/<.2D$&%!2!9(//2%(!|>(&!$8!$/!8$9(!8#!*2--D!#+8!0(/*2.$&%O
4#!*2--D!#+8!2!0(/*2.$&%!<-#%-299(;!D#+!|$..!-(F+$-(!2!*#&82$&(-!|$8>!2!*2<2*$8D!#6!28!.(2/8!QOh!J!2&0!2!U3o":!L!Q\e!MeQ!%N!
0(/*2.$&%!/2*>(8!<CB>i
x>(&!8>(!9(//2%(!Gs(/*2.$&%!&(*(//2-DI!$/!0$/<.2D(0;!D#+!*2&!/82-8!8>(!2+8#928$*!0(/*2.$&%!<-#%-299(!=D!<-(//$&%!8>(!(&4-;
=+88#&O
72-(6+..D!6#..#|!8>(!$&/8-+*8$#&/!%$,(&!#&!8>(!/*-((&;!(&/+-$&%!8>28!8>(!*#&8(&8/!#6!8>(!/2*>(8!>2,(!0$//#.,(0O
4>(!0(/*2.$&%!*D*.(!$/!0$,$0(0!$&8#!8>-((!<2-8/k!8>(!0(/*2.$&%!<>2/(!$8/(.6;!6#..#|(0!=D!8|#!-$&/$&%!<>2/(/O!
o/(!#&.D!U3o":!0(/*2.$&%!<-#0+*8/O!s(/*2.$&%!<-#0+*8/!2-(!2,2$.2=.(!6-#9!U3o":!K68(-B:2.(/!:(-,$*(!*(&8-(/O
x(!2**(<8!&#!-(/<#&/$=$.$8D!6#-!0292%(!*2+/(0!8#!8>(!2<<.$2&*(!=D!8>(!+/(!#6!#8>(-!<-#0+*8/O
j6!8>(!2<<.$2&*(!$/!0-#<<(0!|>$.(!&#8!$&!$8/!<2*[2%$&%;!$8!$/!-(*#99(&0(0!8>28!D#+!82[(!$8!8#!2&!2<<-#,(0!-(<2$-!*(&8-(!8#!2,#$0!
DQ\ULVNRI¿UHRUHOHFWULFDOSUREOHPV
j6!2!<#|(-!62$.+-(!82[(/!<.2*(!#-!$6!D#+!+&<.+%!D#+-!92*>$&(;!8>(!*D*.(!|$..!*#&8$&+(!6-#9!8>(!*+--(&8!<>2/(!|>(&!8>(!<#|(-!
$/!-(8+-&(0O!j8!|$..!&#8!=(!<#//$=.(!8#!*2&*(.!8>$/!#<(-28$#&O
E&/+-(!8>28!8>(!0(/*2.$&%!<-#%-299(!>2/!=((&!*#9<.(8(0!8#!2,#$0!2&D!-$/[!#6!<#$/#&$&%O!4>(!0(/*2.$&%!*D*.(!$/!2&!$&8(-9$88(&8!
*D*.(O!s#!&#8!<+8!D#+-!>2&0/!=(&(28>!8>(!/8(29!&#TT.(!0+-$&%!8>(!*D*.(O
#FVSLE;DJPD;_HS;ULHDEOD;_HSL;xHLzDHU;XSLGFZ;XEVOPMGFZ;O_OMEVN;UPLDGOSMPLM_;GQ;GD;GV;WPXE;HQ;WPLlMEN;VDHFE;HL;xHHXi
%+((6%%'34;$:$)#2;%1#+3'3-
4#! *2--D! #+8! 2! *.(2&$&%! <-#%-299(;! D#+! |$..! -(F+$-(! P; OHFDPGFEL; xGDJ; P; OPUPOGD_;HQ; PD; MEPVD; ?i[; 1; PFX;0&6($; 9$;A???;
OMEPFGFZ;MGRSGX;<C[>i
4+-&!8>(!*2<<+**$&#!/D/8(9r/!.$0!=+88#&!8#!8>(!<#/$8$#&!%1#+3;<^B>i
Ö#+!*2&!/82-8!8>(!*.(2&$&%!*D*.(!=D!<-(//$&%!8>(!=+88#&!(&4-;Ź2PGFDEFPFOE;Ź%PUUSOOGFH;OMEPFGFZi!
L#..#|!8>(!$&/8-+*8$#&/!#&!8>(!/*-((&O
2+36+1;2+'3)#3+3%#;4*;).#;%+((6%%'34;$:$)#2
)H;XGVPVVEWlME;DJE;V_VDEWN!6#..#|!8>(!6#..#|$&%!$&/8-+*8$#&/k
3(9#,(!8>(!6.(@$=.(!<$<(!6-#9!8>(!X+%!#<(&$&%!2&0!8>(!0-$&[/!#+8.(8!<Cg>O
v! o&.#*[!8>(!/D/8(9!6-#9!8>(!92*>$&(!<C@>O
v! 3(9#,(!8>(!2**(//#-D!*2//(88(!<Ch>O
v! 3(9#,(!8>(!=.2*[!/$.$*#&(!=#0D!#6!8>(!*2//(88(!<A?>O
v! 3(9#,(!8>(!2$-!&#TT.(k!8>$/!$/!8>(!9(82.!<$(*(!.#*28(0!2=#,(!8>(!=.2*[!/$.$*#&(!=#0DO!<A!>O
v! K./#!-(9#,(!8>(!<.2/8$*!<$(*(!<A^>O
4>(!*2<<+**$&#!/D/8(9!$/!&#|!*#9<.(8(.D!0$/2//(9=.(0!<AC>O
v! 42[(!8>(!0$/2//(9=.D![(D!<AA>
v! o&/*-(|!8>(!(&0!#6!8>(!/8(29!&#TT.(!<AB>
v! j6!&(*(//2-D;!+&=.#*[!+/$&%!8>(!&((0.(!<-#,$0(0!6#-!8>$/!<+-<#/(!<A[>
Ö#+!*2&!2./#!-(9#,(!8>(!9$.[!$&.(8!<$<(!8#%(8>(-!|$8>!8>(!.$0!/(88$&%!=+88#&!<Ag>O
i&*(!8>(!(.(9(&8/!>2,(!=((&!*.(2&(0!|$8>!|2-9!|28(-!2&0!0-$(0;!<+8!8>(9!=2*[!$&!<.2*(!2&0!-(<.2*(!8>(!*2//(88(!#&!8>(!X+%O
-EFELPM;WPGFDEFPFOE
K.|2D/!-(9#,(!8>(!92$&/!<#|(-!*#-0!6-#9!8>(!(.(*8-$*2.!/#*[(8!2&0!2..#|!8>(!2<<.$2&*(!8#!*##.!=(6#-(!*.(2&$&%!$8O!
s#!&#8!+/(!+8(&/$./!#-!<-#0+*8/!.$[(.D!8#!/*-28*>!#-!*#--#0(!8>(!2<<.$2&*(O
x$<(!8>(!#+8/$0(!#6!8>(!2<<.$2&*(!|$8>!2!029<!*.#8>O
3$&/(!8>(!|28(-!82&[!|$8>!*.(2&!|28(-O
)JEVE;UPLDV;PLE;FHD;XGVJxPVJEL;VPQEi
4).#&;*63%)'43$I;(&4-;,6))43
Ö#+!2**(//!8>(!9(&+!|$8>!8>(!2<<.$2&*(r/!#8>(-!6+&*8$#&/!=D!9(2&/!#6!8>(!(&4-;=+88#&!6-#9!8>(!0-$&[/!/(.(*8$#&!/*-((&O!L#-!
DOOVHWWLQJVWKHURWDWLQJEXWWRQHQDEOHV\RXWRQDYLJDWHWKURXJKWKHPHQXVDQGRSWLRQVDQGWRFRQ¿UPDFKRLFHZKLOHWKH(&4-;
=+88#&!(&2=.(/!D#+!8#!*2&*(.!2!/(.(*8$#&!2&0!-(8+-&!8#!8>(!0-$&[/!/(.(*8$#&!9(&+O
`2$&8(&2&*( E&2=.(/!D#+!8#!2**(//!8>(!,2-$#+/!92$&8(&2&*(!
#<8$#&/O
"3iA
:(88$&%/ E&2=.(/!D#+!8#!2**(//!8>(!,2-$#+/!/(88$&%/!
#<8$#&/O
"-#0+*8!$&6#-928$#& E&2=.(/!D#+!8#!2**(//!<-#0+*8!$&6#-928$#&O
E@$8 42[(/!D#+!=2*[!8#!8>(!<-(,$#+/!9(&+O
2+'3)#3+3%#
K..!#6!8>(/(!#<8$#&/!(&2=.(!D#+!8#!/82-8!8>(!/(.(*8(0!<-#%-299(/O!Ö#+!/>#+.0!8>(&!6#..#|!8>(!#&B/*-((&!$&/8-+*8$#&/O
`KjS4ESKS7E
3$&/$&% E&2=.(/!D#+!8#!2**(//!8>(!-$&/$&%!#<(-28$#&/O
7#66((!*.(2&$&% E&2=.(/!D#+!8#!2**(//!8>(!*.(2&$&%!#<(-28$#&/O
L$.8(- (QDEOHV\RXWRDFFHVV¿OWHUPRGH
E@$8 42[(/!D#+!=2*[!8#!8>(!<-(,$#+/!9(&+O
72<<+**$&#!*.(2&$&% E&2=.(/!D#+!8#!2**(//!8>(!*2<<+**$&#!/D/8(9!
*.(2&$&%!#<(-28$#&/O
$#))'3-$
:E44jSA:
J2&%+2%( Ö#+!*2&!/(.(*8!8>(!.2&%+2%(!#6!D#+-!*>#$*(!6-#9!8>#/(!#66(-(0O
:*-((&!*#&8-2/8 Ö#+!*2&!20X+/8!8>(!/*-((&!*#&8-2/8!2**#-0$&%!8#!D#+-!<-(6(-(&*(/O
s28( Ö#+!9+/8!/(8!8>(!028(;!<2-8$*+.2-.D!|>(&!D#+!2-(!+/$&%!2&!2&8$B.$9(/*2.(!
*2-8-$0%(O
7.#*[ Ö#+!*2&!/(.(*8!8#!0$/<.2D!2!PR!#-!ReB>#+-!*.#*[O
K+8#B#66
Ö#+!*2&!/(.(*8!8>(!.(&%8>!#6!8$9(!268(-!|>$*>!D#+-!2<<.$2&*(!|$..!/|$8*>!#66!
2+8#928$*2..DO!
L-#9!bQ!9$&+8(/!8#!e!>#+-/;!$&!bQ!9$&+8(!/(%9(&8/O
K+8#B#& Ö#+!*2&!2+8#928$*2..D!/82-8!<-(B>(28$&%!#6!8>(!2<<.$2&*(!28!2!/(.(*8(0!
8$9(O
K+8#928$*!-$&/$&% Ö#+!*2&!2+8#928$*2..D!/82-8!-$&/$&%!#6!8>(!2<<.$2&*(!|>(&!$8!$/!/|$8*>(0!#&O
V#.+9(!+&$8 Ö#+!*2&!/(8!8>(!+&$8!#6!9(2/+-(9(&8!8#!=(!9.!#-!#TO
x28(-!>2-0&(// Ö#+!9+/8!/(8!8>(!>2-0&(//!#6!D#+-!|28(-!=(8|((&!Q!2&0!eO!:((!8>(!
/(*8$#&!G`(2/+-$&%!8>(!|28(-!>2-0&(//IO
7#66((!8(9<(-28+-( Ö#+!*2&!20X+/8!8>(!8(9<(-28+-(!#6!D#+-!(/<-(//#!#-!*#66((!8#!#&(!#6!8>-((!
.(,(./O
E@$8 42[(/!D#+!=2*[!8#!8>(!<-(,$#+/!9(&+O
27
EN
^[

(&4"6%);'3*4&2+)'43
7#66((!*D*.(/ s$/<.2D/!8>(!8#82.!&+9=(-!#6!*#66((/!<-#0+*(0!=D!8>(!92*>$&(O
x28(-!*D*.(/ s$/<.2D/!8>(!8#82.!&+9=(-!#6!>#8!|28(-!*D*.(/!*2--$(0!#+8!=D!8>(!92*>$&(O
72<<+**$&#!*D*.(/ s$/<.2D/!8>(!8#82.!&+9=(-!#6!*2<<+**$&#!*D*.(/!*2--$(0!#+8!=D!8>(!92*>$&(O
3$&/$&% s$/<.2D/!8>(!8#82.!&+9=(-!#6!-$&/$&%!#<(-28$#&/!*2--$(0!#+8!=D!8>(!92*>$&(O
7#66((!*.(2&$&%
J2/8 s$/<.2D/!8>(!&+9=(-!#6!*#66((/!*2--$(0!#+8!/$&*(!8>(!.2/8!
*.(2&$&%!#<(-28$#&O
S(@8 s$/<.2D/!8>(!&+9=(-!#6!*#66((/!8>28!*2&!=(!<-#0+*(0!
=(6#-(!8>(!&(@8!*.(2&$&%!#<(-28$#&O
7.(2& :82-8/!8>(!*.(2&$&%!<-#%-299(O
"3iso74!
jSLi3`K4jiS E@$8 42[(/!D#+!=2*[!8#!8>(!<-(,$#+/!9(&+O
72<<+**$&#!*.(2&$&% s$/<.2D/!8>(!8#82.!&+9=(-!#6!*2<<+**$&#!*.(2&$&%!#<(-28$#&/!*2--$(0!#+8!=D!
8>(!92*>$&(O
s(/*2.$&%
J2/8 s$/<.2D/!8>(!8#82.!&+9=(-!#6!>#8!|28(-!#-!/8(29!*D*.(/!
920(!/$&*(!.2/8!/*2.(!-(9#,2.O
S(@8 s$/<.2D/!8>(!&+9=(-!#6!>#8!|28(-!#-!/8(29!#<(-28$#&/!8>28!
*2&!=(!*2--$(0!#+8!=(6#-(!8>(!&(@8!0(/*2.$&%!#<(-28$#&O
E@$8 42[(/!D#+!=2*[!8#!8>(!<-(,$#+/!9(&+O
L$.8(-
J2/8 'LVSOD\VWKHGDWHRIWKHODVW¿OWHUFKDQJHDQGWKH
F+2&8$8D!#6!|28(-!+/(0O
S(@8 'LVSOD\VWKHGDWHIRUWKHQH[W¿OWHUFKDQJHDQGWKH
F+2&8$8D!#6!|28(-!8#!-+&!8>-#+%>O
j&/82.. 6WDUWVWKH¿OWHUUHSODFHPHQWSURFHGXUH
E@$8 42[(/!D#+!=2*[!8#!8>(!<-(,$#+/!9(&+O
 7KH ¿UVW WZR RSWLRQV LQ WKH )LOWHU VXEPHQX ZLOO QRW EH FRQ¿UPHG XQOHVV \RX KDYH FRUUHFWO\ LQVWDOOHG D ¿OWHU
SUHYLRXVO\ZLWKWKHSURJUDPPHDFFHVVLEOHYLD0$,17(1$1&(Ź),/7(5Ź,167$//
)&+3$(4&)'3-;).#;+((1'+3%#
U((<!2&0!+/(!8>(!#-$%$&2.!<2*[2%$&%!8#!8-2&/<#-8!8>(!2<<.$2&*(O
j6!8>(!2<<.$2&*(!$/!0-#<<(0!|>$.(!&#8!$&!$8/!<2*[2%$&%;!$8!$/!-(*#99(&0(0!8>28!D#+!82[(!$8!8#!2&!2<<-#,(0!-(<2$-!*(&8-(!8#!2,#$0!
DQ\ULVNRI¿UHRUHOHFWULFDOSUREOHPV
#3"a4*a1'*#;#1#%)&'%;4&;#1#%)&43'%;(&4"6%)$
)JGFz;HQ;DJE;EFYGLHFWEFDs
!Ö#+-!2<<.$2&*(!*#&82$&/!92&D!928(-$2./!|>$*>!*2&!=(!-(*#,(-(0!#-!-(*D*.(0O!
!J(2,(!$8!28!2!.#*2.!*$,$*!|2/8(!*#..(*8$#&!<#$&8O
ULHlMEW;WPMQSFODGHF OHLLEODGYE;PODGHFV
4>(!2<<.$2&*(!0#(/!&#8!/|$8*>!#&!|>(&!8>(!!
iS)iLL!=+88#&!$/!<-(//(0O
7XUQRIIDQGXQSOXJWKHPDFKLQHUHPRYHWKH¿OWHUFDUWULGJHZDLWIRU
RQ!/(*#&0/!2&0!8>(&!-(/82-8!8>(!92*>$&(O!E&/+-(!8>28!8>(!<.+%!#&!8>(!
(.(*8-$*2.!*2=.(!$/!6+..D!$&/(-8(0!$&8#!8>(!<#|(-!/#*[(8O
x28(-!#-!/8(29!$//+(!6-#9!8>(!/8(29!&#TT.(O j&!8>(!*2/(!#6!-(<(28(0!+/(/;!2!6(|!0-#</!92D!$//+(!6-#9!8>(!/8(29!
&#TT.(O
4>(!(/<-(//#!#-!*#66((!$/!&#8!>#8!(&#+%>O 7>2&%(!8>(!*#66((!8(9<(-28+-(!/(88$&%O!w(28!8>(!*+</!=D!-$&/$&%!+&0(-!>#8!
|28(-O
4>(!*#66((!$/!8##!.$%>8.D!*#.#+-(0!#-!8##!|(2[O
&KHFNWKDWWKHFRIIHHEHDQFRQWDLQHUKROGVFRIIHHDQGWKDWWKLVLVÀRZLQJ
*#--(*8.DO
$YRLGXVLQJRLO\FDUDPHOLVHGRUÀDYRXUHGFRIIHHEHDQV
3(0+*(!8>(!,#.+9(!#6!*#66((!+/$&%!8>(!*(&8-2.!=+88#&O
7XUQWKHJULQGLQJ¿QHQHVVEXWWRQWRWKHOHIWWRREWDLQPRUH¿QHO\JURXQG
*#66((O
72--D!#+8!D#+-!<-(<2-28$#&!#,(-!8|#!*D*.(/!=D!+/$&%!8>(!8|#B*+<!6+&*8$#&O
4>(!*#66((!$/!<#+-(0!8##!/.#|.D!#-!&#8!28!2..O
7XUQWKHJULQGLQJ¿QHQHVVEXWWRQWRWKHULJKWWRREWDLQPRUHFRDUVHO\
%-#+&0!*#66((!M92D!0(<(&0!#&!8>(!8D<(!#6!*#66((!+/(0NO
72--D!#+8!#&(!#-!9#-(!-$&/$&%!*D*.(/O
3+&!2!029<!/<#&%(!=(&(28>!8>(!*#66((!#+8.(8O
4>(!*#66((!$/!&#8!*-(29DO
7XUQWKHJULQGLQJ¿QHQHVVEXWWRQWRWKHOHIWWRREWDLQPRUH¿QHO\JURXQG
*#66((!M92D!0(<(&0!#&!8>(!8D<(!#6!*#66((!+/(0NO
7>2&%(!8>(!7.2-$/!B!KF+2!L$.8(-!:D/8(9!*2-8-$0%(!M6#..#|!8>(!$&/82..28$#&!
<-#*(0+-(!#&!<2%(!bNO
72--D!#+8!#&(!#-!9#-(!-$&/$&%!*D*.(/O
4>(!2<<.$2&*(!>2/!&#8!<-#0+*(0!*#66((O K&!$&*$0(&8!>2/!=((&!0(8(*8(0!0+-$&%!<-(<2-28$#&O
4>(!2<<.$2&*(!>2/!2+8#928$*2..D!-(/82-8(0!2&0!$/!-(20D!6#-!2!&(|!*D*.(O
Ö#+!>2,(!+/(0!%-#+&0!*#66((!$&/8(20!#6!*#66((!
=(2&/O
o/(!D#+-!,2*++9!*.(2&(-!8#!-(9#,(!8>(!<-(B%-#+&0!*#66((!6-#9!8>(!*#66((!
=(2&!*#&82$&(-O
4>(!*#66((!%-$&0(-!92[(/!2!/8-2&%(!&#$/(O 4>(-(!2-(!6#-($%&!=#0$(/!<-(/(&8!$&!8>(!%-$&0(-O!7#&82*8!8>(!U3o":!
7+/8#9(-!:(-,$*(!8(29O
7KHJULQGLQJ¿QHQHVVVHWWLQJEXWWRQLVGLI¿FXOW
8#!8+-&O
2QO\PRGLI\WKHJULQGLQJ¿QHQHVVVHWWLQJZKHQLWLVLQRSHUDWLRQ7KHUH
2-(!6#-($%&!=#0$(/!<-(/(&8!$&!8>(!%-$&0(-k!*#&82*8!8>(!U3o":!7+/8#9(-!
:(-,$*(!8(29O
4>(!/8(29!&#TT.(!#6!D#+-!*2<<+**$&#!/D/8(9!
/((9/!<2-8$2..D!#-!*#9<.(8(.D!*.#%%(0O
s$/2//(9=.(!8>(!&#TT.(!+/$&%!8>(!0$/92&8.$&%![(DO!L$%O!ee
:82-8!8>(!*2<<+**$&#!/D/8(9!-$&/$&%!*D*.(!8#!-(9#,(!8>(!-(92$&0(-!#6!8>(!
0(<#/$8/O
7.(2&!8>(!/8(29!&#TT.(!2&0!(&/+-(!8>28!8>(!#<(&$&%!#6!8>(!&#TT.(!$/!&#8!
#=/8-+*8(0!=D!-(92$&/!#6!9$.[!#-!.$9(/*2.(O!o/(!8>(!*.(2&$&%!&((0.(!$6!
&(*(//2-DO
4>(!*2<<+**$&#!/D/8(9!0#(/!&#8!/+*[!8>(!9$.[O
4>(!*2<<+**$&#!/D/8(9!92[(/!.$88.(!#-!&#!6-#8>O
7>(*[!8>28!8>(!2<<.$2&*(!$/!*#--(*8.D!2//(9=.(0O
E&/+-(!8>28!8>(!/(88$&%!=+88#&!$/!$&!8>(!7K""o77jSi!<#/$8$#&O
E&/+-(!8>28!8>(!/8(29!&#TT.(!$/!&#8!=.#*[(0O
E&/+-(!8>28!8>(!2$-!&#TT.(!$/!$&!<.2*(!2&0!*#--(*8.D!2//(9=.(0O!E&/+-(!8>28!
WKHÀH[LEOHSLSHLVQRWEORFNHGRUWZLVWHGDQGWKDWLWLVSURSHUO\LQVHUWHG
$&8#!8>(!*2//(88(!8#!2,#$0!2&D!2$-!.(2[O
E&/+-(!8>(!9$.[!/+*8$#&!<$<(!$/!6+..D!$99(-/(0!$&!8>(!9$.[O
3$&/(!2&0!*.(2&!8>(!/D/8(9!M/((!*#--(/<#&0$&%!/(*8$#&/NO
L#-!9$.[B=2/(0!<-(<2-28$#&/k!|(!-(*#99(&0!8>28!D#+!+/(!,(-D!6-(/>;!,(-D!
*#.0!<2/8(+-$/(0!#-!ow4!9$.[;!-(*(&8.D!#<(&(0O!o&<2/8(+-$/(0!9$.[!0#(/!
&#8!<-#0+*(!8>(!=(/8!-(/+.8/O!j8!$/!2./#!-(*#99(&0(0!8>28!D#+!+/(!2!*#.0!
*#&82$&(-O
K68(-!>2,$&%!|2/>(0!8>(!*.(2&$&%!0-2|(-;!8>(!
|2-&$&%!9(//2%(!$/!/8$..!0$/<.2D(0!#&!8>(!/*-((&O
3(9#,(!8>(!0-2|(-;!|2$8!6#-!/$@!/(*#&0/;!8>(&!-(<.2*(!$8O!E&/+-(!8>(!
*.(2&$&%!0-2|(-!$/!6+..D!$&/(-8(0O
K!<#|(-!62$.+-(!#**+-/!0+-$&%!2!*D*.(O
4>(!2<<.$2&*(!|$..!2+8#928$*2..D!-(/82-8!|>(&!8>(!<#|(-!-(8+-&/;!2&0!|$..!
=(!-(20D!6#-!2!&(|!*D*.(O!j6!8>(!<#|(-!62$.+-(!#**+-/!0+-$&%!2!*.(2&$&%!#-!
0(/*2.$&%!*D*.(;!8>(!92*>$&(!|$..!*#&8$&+(!8>(!*D*.(!28!8>(!*+--(&8!/82%(O
29
EN
^@

ULHlMEW;WPMQSFODGHF OHLLEODGYE;PODGHFV
4>(-(!$/!|28(-!#-!*#66((!+&0(-&(28>!8>(!
2<<.$2&*(O
7KHGULSFROOHFWRUWUD\KDVRYHUÀRZHGHPSW\LWDQGFOHDQWKHFOHDQLQJ
0-2|(-O!7>(*[!8>(!0-$<!*#..(*8#-!8-2D!$/!*#--(*8.D!<#/$8$#&(0O
s#!&#8!-(9#,(!8>(!82&[!=(6#-(!8>(!(&0!#6!8>(!*D*.(O
4>(! !.#%#!$/!0$/<.2D(0O
o&<.+%!8>(!2<<.$2&*(!6#-!RQ!/(*#&0/;!-(9#,(!8>(!7.2-$/!KF+2!L$.8(-!
:D/8(9!*2-8-$0%(!$6!2<<.$*2=.(;!8>(&!-(/82-8!8>(!92*>$&(O
j6!8>(!(--#-!*#&8$&+(/;!*#&82*8!8>(!U3o":!7+/8#9(-!:(-,$*(!8(29O
7KHZDWHUWDQNKDVEHHQ¿OOHGEXWWKHZDUQLQJ
9(//2%(!$/!/8$..!0$/<.2D(0!#&/*-((&O
&KHFNWKHWDQNLVFRUUHFWO\LQVHUWHGLQWKHDSSOLDQFH7KHÀRDWDWWKH
ERWWRPRIWKHWDQNVKRXOGPRYHIUHHO\&KHFNDQGXQEORFNWKHÀRDWLI
&(*(//2-DO
4>(!92*>$&(!0#(/!&#8!-(F+(/8!0(/*2.$&%O 4>(!0(/*2.$&%!*D*.(!$/!-(F+(/8(0!#&*(!2!.2-%(!&+9=(-!#6!+/(/!#6!8>(!
/8(29!*$-*+$8!>2/!=((&!-(2*>(0O
.ELE;PLE;VHWE;LEOGUEV;DH;DL_;xGDJ;_HSL;#VULEVVELGP;+SDHWPDGOI
%PUUSOOGFH
L#-!2&!(@F+$/$8(!*2<<+**$&#;!8>(!$0(2.!9(2/+-(/!2-(!2/!6#..#|/k!P)b!>#8!9$.[;!P)b!*#66((!2&0!P)b!9$.[!6-#8>O
%HQQEE;%LEPW
"-(<2-(!2!*.2//$*!(/<-(//#!$&!2!.2-%(!*+<O
K00!2!*.#+0!#6!*-(29!6#-!8>(!$0(2.!*#66((!*-(29O
%PQQK;OHLLEDDHv
"-(<2-(!2!*+<!#6!(/<-(//#!2/!+/+2.O
7KHQÀDYRXUWRWDVWHZLWKWRDJODVVRIFRJQDF
B!Ö#+!*2&!2./#!+/(!2&$/(88(;!%-2<(!(2+!0(!,$(;!/29=+*2;![$-/*>!#-!7#$&8-(2+O!4>(-(!2-(!92&D!#8>(-!<#//$=$.$8$(/!6#-!92[$&%!D#+-!
(/<-(//#!-(2..D!/<(*$2.O!4>(!/[Dr/!8>(!.$9$8•
1GRSESL;OHQQEEv
j&!2&!(9<8D!QOf\!.$8-(!=#88.(;!9$@!8>-((!*+</!#6!(/<-(//#;!R\Q!%!#6!=-#|&!-#*[!/+%2-;!P)R!.$8-(!#6!*#%&2*!#-![$-/*>O
J(2,(!8>(!9$@8+-(!8#!/8((<!6#-!28!.(2/8!8|#!|(([/O
B!4>(!-(/+.8!$/!2!0(.$*$#+/!.$F+(+-;!/+$8(0!<(-6(*8.D!8#!*#66((!.#,(-/•
'OEX;'DPMGPF;OHQQEE
L#+-!=2../!#6!,2&$..2!$*(!*-(29;!8|#!*+</!#6!*#.0;!/|((8(&(0!(/<-(//#;!P)g!.$8-(!#6!9$.[;!*-?9(!6-2]*>(;!%-28(0!*>#*#.28(O
B!`$@!8>(!*#.0!(/<-(//#!|$8>!8>(!9$@8+-(O
B!".2*(!2!=2..!#6!$*(!*-(29!$&!(2*>!%.2//;!<#+-!8>(!*#66((!#,(-!$8!2&0!0(*#-28(!|$8>!*-?9(!6-2]*>(!2&0!%-28(0!*>#*#.28(O!
*LGVGPF;OHQQEEv
K00!2!.$88.(!%.2//!#6!-+9!8#!2!*+<!#6!/|((8(&(0!(/<-(//#O
s(*#-28(!|$8>!2!8>$*[!.2D(-!#6!*-?9(!6-2]*>(!2&0!/(-,(O
(VSUHVVRÀDPEp
4|#!*+</!#6!(/<-(//#;!8|#!/92..!%.2//(/!#6!*#%&2*;!8|#!8(2/<##&/!#6!=-#|&!/+%2-;!*-?9(!6-2]*>(O
3RXUWKHFRJQDFLQWRKHDWSURRIJODVVHVKHDWDQGÀDPEp
B!K00!8>(!/+%2-;!9$@;!<#+-!$&!8>(!*#66((!2&0!0(*#-28(!|$8>!*-?9(!6-2]*>(O
)JE;(ELQEOD;#VULEVVHv
4|#!*+</!#6!(/<-(//#;!h!(%%!D#.[/;!RQQ!%!/+%2-;!P)g!.$8-(!#6!/|((8(&(0!*-?9(!6-2]*>(;!#&(!/92..!%.2//!#6!#-2&%(!.$F+(+-O
B!C(28!8>(!(%%!D#.[/!|$8>!8>(!/+%2-!+&8$.!D#+!#=82$&!2!8>$*[!2&0!6-#8>D!9$@8+-(O
B!K00!8>(!*#.0!(/<-(//#!2&0!8>(!#-2&%(!.$F+(+-O
B!72-(6+..D!200!8>(!|>$<<(0!*-?9(!6-2]*>(O
B!"#+-!$&8#!*+</!#-!%.2//(/O
B!"+8!8>(!*+</!$&8#!8>(!6-((T(-O
$OFRKRODEXVHFDQVHULRXVO\GDPDJH\RXUKHDOWK
.PLXJEGXVZLPPX 0MPVVE;?
=HHU]DFKW
0MPVVE;!
=DFKW
0MPVVE;^
2GXXEMJPLX;
0MPVVE;C
.PLX
0MPVVE;A
=HHUKDUG
`;X.
a!bc d!ec d!fc d!Pec d!RPc
`;E a!b;f\c d!\c d!g;f\c d!Pf;\c d!Rh;R\c
`;Q a!\;ec d!f;Rc d!PR;hc d!R\;Rc d!bf;gc
+QVDEMMGFZ;YPF;JED;PUUPLPPD QPRbe
,#$%.&'/7'3-
+ ! x28(--(/(-,#$-!>2&0%-((<)0([/(.!
, ! x28(--(/(-,#$-!
% !U#66$(.20(
" !U#66$(0$[B#<,2&%=2[
# !!U#66$(B+$8%2&%(&!9(8!#<!>##%8(!!
,(-/8(.=2-(!>2&0%-((<
* !!!`2%&(8$/*>!#&0(-0((.!,##-!=(,(/8$%$&%!!
9(.[=+$/X(
- ! 3##/8(-!(&!+$8&((9=2-(!.([=2[
. !U#66$(=##&-(/(-,#$-
' ! 3(%(.[&#<!922.%-220
/ ! `#.(&!9(8!9(82.(&!922.|$(.8X(
0 ! i<(&$&%!,##-!/*>##&922[82=.(8
1 ! 3##/8(-!#9![#<X(/!#<!8(!<.228/(&
s$/<.2D
2
! s$/<.2D!
3 !K2&)o$8B[&#<
4 !"-#%-299((-[&#<!
( ! s-22$[&#<!(&!iUB[&#<!
5 !72<<+**$&#[&#<!
& ! U&#<!:*>##&92[(&!92*>$&(
`(.[-(/(-,#$- !
$ !s([/(.!
) !V(-%-(&0(.$&%/>(&0(.
6 ! U&#<!:*>##&92[(&!*2<<+**$&#/D/8((9!
7 ! :#(<(.(!=+$/
8 !72//(88(
9 !C2[X(
: !:8##9<$X<X(
$&&(662,5(6$)=21'(5/,-.9(5.2&+7
*;?@@!"28-##&!7.2-$/!B!KF+2!L$.8(-!:D/8(9!<PQJPFzEMGÄz;YPF;JED;WHXEM>O
9$;A???;0&6($!-($&$%$&%/,.#($/8#6!,##-!*2<<+**$&#/D/8((9!<FGED;WEEZEMEYELX>O
*;?BA!#&8[2.[$&%/<#(0(-!<!;pPzÄE>O
9$;C???!3(([/!,2&!PQ!/*>##&922[82=.(88(&!<^;DPlMEDDEF;WEEZEMEYELX>O
1ED;HUI;A(=-+$[!+$8/.+$8(&0!U-+</B2**(//#$-(/!,##-!0(T(!92*>$&(!#9!0(!%2-2&8$(!8(!.28(&!%(.0(&O
,EVDE;zMPFDN
A(6(.$*$8((-0!9(8!0(!22&[##<!,2&!+|!E/<-(//(-$2!K+8#928$*!U-+</O!o!T+.8!2.!/&(.!#,(-8+$%0!T$X&!,2&!T#|(.!0(![|2.$8($8!$&!>(8![#<X(!
2./!,2&!>(8!%-#8(!%(=-+$[/%(92[O
E/<-(//#! #6!.+&%#;! -$/8-(88#! #6! *2<<+**$&#k! +|! [#66$()(/<-(//#92*>$&(!|(-0! T#! #&8|#-<(&! 028! +! 8>+$/!,2&! 0(T(.60(! [|2.$8($8!
[+&8!%(&$(8(&!2./!$&!((&!-(/82+-2&8;!#<!(.[!9#9(&8!,2&!0(!02%!#6!|(([O!s2&[T$X!>(8!7#9<2*8!4>(-9#=.#*[!:D/8(9;!0(!P\!=2-B
<#9<0-+[!(&!#9028!0(!92*>$&(!2..((&!|(-[8!9(8![#66$(=#&(&!0$(!&(8!,##-!>(8!92[(&!,2&!0(![#66$(!|#-0(&!%(92.(&;![+&8!+!9(8!
+|!E/<-(//(-$2!K+8#928$*![#66$(!T(88(&!9(8!((&!92@$9+9!22&!/922[!(&!((&!0$[[(;!/*>+$9$%(!%#+0=-+$&(!.22%!0$(!#&8/8228!0##-!
0(!&28++-.$X[(!#.$à&!0$(!$&![#66$(=#&(&!T$88(&O
E/<-(//#!|#-08!&$(8!$&!((&!%(|#&(![#66$([#<!%(/(-,((-0;!922-!$&![.($&(!<#-/(.($&(&![#<X(/O
i9!((&!(/<-(//#!9(8!((&!#<8$92.(!8(9<(-28++-!(&!((&!*#9<2*8(!/*>+$9.22%!8(![-$X%(&;![+&8!+!>(8!=(/8!+|![#<X(/!,##-,(-|2-9(&O
S2!(&[(.(![(-(&!<-#=(-(&!#&80([8!+!,2/8!|(.[!8D<(!9(.2&%(!(&!=-2&0$&%!,2&![#66$(=#&(&!+!>(8!.([[(-/8!,$&08O!s(![|2.$8($8!,2&!>(8!
|28(-!028!+!%(=-+$[8;!/<((.8!+$8(-22-0!##[!((&!%-#8(!-#.!$&!0(![|2.$8($8!,2&!0(![#66$(!$&!+|![#<X(O
A(=-+$[!2..((&!,(-/!(&![#+0!|28(-!,2&!0(![-22&!<MPPD;JED;FGED;VDGMVDPPF;EF;GF;OHFDPOD;zHWEF;WED;XE;MSOJD>!028!&$(8!&22-!*>.##-!
-+$[8O
E/<-(//#!>((68!((&!-$X[(-!2-#92!02&![.2//$([(!6$.8(-[#66$(O!i&02&[/!T$X&!+$8%(/<-#[(&!/922[;!0$(!/8(-[!22&|(T$%!$/!$&!0(!9#&0!
(&!.2&%(-!&2/922[8;!=(,28!(/<-(//#!9$&0(-!*26(â&(!02&!6$.8(-[#66$(!<HFZEYEEL;[?;DHD;@?;WZN;DEZEFHYEL;@?;DHD;!??;WZ;YHHL;
zMPVVGEzE;zHQQGE>O!s28!>((68!8(!92[(&!9(8!0(![#-8(-(!0##-.##<8$X0O!s2&[T$X!>(8!,(-&+68$%(!/D/8((9!9(8!$&%(=#+|0!9(.[-(/(-,#$-!
[+&8!+!9(8!+|!J288rE/<-(//!##[!T((-!.([[(-(!*2<<+**$&#!92[(&O
`(8! T$X&! ((&,#+0$%(! =(0$(&$&%;! 0(! 0+$0(.$X[(! 26.((/=22->($0! ,2&! 2..(! -(/(-,#$-/! (&! 0(! 2+8#928$/*>(! -($&$%$&%/B! (&!
#&8[2.[$&%/<-#%-2992r/!$/!0(!J288rE@<-(//!>((.!92[[(.$X[!8(!%(=-+$[(&
744&;.#);##&$)#;-#,&6'0;
"E;JPLXJEGX;YPF;JED;xPDEL;WEDEF
V##-!+!>(8!2<<2-228!,##-!0(!((-/8(![((-!%(=-+$[8;!#6!|2&&((-!+!((&!,(-2&0(-$&%!#<9(-[8!$&!0(!>2-0>($0!,2&!>(8!|28(-;!9#(8!+!>(8!8#(/8(.!
22&!0(!|22-%(&#9(&!>2-0>($0!,2&!>(8!|28(-!22&<2//(&O!i9!0(!|28(->2-0>($0!8(!=(<2.(&;!%(=-+$[8!+!>(8!9((%(.(,(-0(!/8226X(!#6!&((98!
+!*#&82*8!#<!9(8!+|!|28(-.($0$&%/9228/*>2<<$XO!w(8!2<<2-228!T2.!+!=$X!>(8!((-/8(!%(=-+$[!,-2%(&!0(!|28(->2-0>($0/%-220!$&!8(!%(,(&O
V+.!((&!%.2/!9(8!|28(-!(&!T(8!>(8!/8226X(!(-$&O!J((/!&2!P!9$&++8!0(!>2-0>($0/%-220!,2&!>(8!|28(-!26!B!<!a^>O
2
3
1
31
NL
C?

(PDLHHF;%MPLGV;a;+RSP;*GMDEL;$_VDEW;*;?@@;<PQpHFXELMGÄz;YELzHOJD>
8NXQWXZNRI¿HQRJOHNNHUGHUPDNHQHQGHOHYHQVGXXUYDQXZDSSDUDDWYHUOHQJHQGRRUXLWVOXLWHQGKHWSDWURRQ&ODULV$TXD)LOWHU
:D/8(9!8(!%(=-+$[(&!028!26T#&0(-.$X[!,(-[#*>8!|#-08O
<C>k!`(*>2&$/9(!028!#&8>#+08!$&!|(.[(!922&0!>(8!<28-##&!|(-0!%(<.228/8!(&!9#(8!|#-0(&!,(-,2&%(&!<FP;WPbGWPPM;^;WPPFXEF>O
i<!>(8!2<<2-228!,(-/*>$X&8!((&!=##0/*>2<!|2&&((-!>(8!<28-##&!7.2-$/!B!KF+2!L$.8(-!:D/8(9!9#(8!|#-0(&!,(-,2&%(&O
+SDHWPDGVOJE;VUHEMGFZ
7HHL;S;JED;PUUPLPPD;YHHL;JED;EELVD;GF;ZElLSGz;FEEWDN;zSFD;S;XE;PSDHWPDGVOJE;VUHEMQSFODGE;YPF;XE;WPOJGFE;ZElLSGzEFi;
0GEV; d/+d; GF; JED; WEFS; d+SDHWPDGVOJE; VUHEMGFZdi; s(! /<#(.$&%! T2.! |#-0(&! +$8%(,#(-0! 8(.[(&/! |2&&((-! 0(! 92*>$&(! |#-08!
$&%(/*>2[(.0O
8GMD;S;XGD;POJDELPQ;PPFUPVVEFN;02&![+&8!+!,##-!((&!2+8#928$/*>(!/<#(.$&%![$(T(&!0##-!8(!0-+[[(&!#<;(&4-;Å;'FVDEMMGFZEF;Å;
+SDHWPDGVOJE;VUHEMGFZi
,QVWDOODWLHYDQGH¿OWHUSDWURRQ&ODULV$TXD)LOWHU6\VWHP
1ED;HUI;V#.%!8(.[(&/!|2&&((-!+!((&!&$(+|(!6$.8(-!<.228/8!&2+|%(T(8!0(!$&/8-+*8$(/!,##-!0(!$&/82..28$(O
,GÄ;JED;EELVDE;ZElLSGzI;U$(/;d/+d;$&!0(!6+&*8$(;d*GMDELd(&!,#.%!0(!$&/8-+*8$(/!#<!>(8!/*>(-9O
7HHL;JED;POJDELPQ;UMPPDVEF;HQ;YELYPFZEF;YPF;XE;QGMDELI;U$(/;d*GMDELd;,$2!0(![&#<;(&4-I;d4FXELJHSXda;40;a;d*GMDELda;40;a;
d(MPPDVEFd;<HQ;xGVVEMEF>;a;40;a;(&!,#.%!0(!$&/8-+*8$(/!#<!>(8!/*>(-9O
".228/(&!,2&!>(8!<28-##&!$&!0(!92*>$&(k!s-22$!0(!6$.8(-!,2/8!$&!0(!=#0(9!,2&!>(8!|28(--(/(-,#$-!9(8!=(>+.<!,2&!0(!>$(-,##-!
,##-T$(&(!>2&0%-((<!<A>O
j&/82..((-!>(8!/8##9<$X<X(!<B>O
".228/!((&!-(*$<$à&8!9(8!((&!$&>#+0!,2&!9$&/8(&/!Q;h!.$8(-!#&0(-!>(8!/8##9<$X<X(!<[>O
7HHLlELEGXGFZ;YPF;JED;PUUPLPPD
S((9!>(8!|28(--(/(-,#$-!+$8!>(8!2<<2-228!(&!,+.!>(8!<g>O
~(8!>(8!8(-+%;!0-+[!%#(0!22&!(&!/.+$8!>(8!0([/(.!<@>O
i<(&!>(8![#66$(=##&-(/(-,#$-!(&!,+.!>(8!9(8![#66$(=#&(&O!:.+$8!>(8![#66$(=##&-(/(-,#$-!<ha!?>O
"GD;LEVELYHGL;FHHGD;YSMMEF;WED;xPLW;xPDELN;WEMz;HQ;EEF;PFXELE;YMHEGVDHQO!K./!>(8!|28(--(/(-,#$-!#&8=-(([8!#6!#&,#.0#(&0(!
%(,+.0!$/!M#&0(-!>(8!9$&$9+9&$,(2+N!|2&&((-!+!>(8!2<<2-228!$&/*>2[(.8;!,(-/*>$X&8!#<!0(!0$/<.2D!0(!=##0/*>2<!ä-(/(-,#$-!
,+..(&ä!(&!$/!(/<-(//#!#6![#66$(!92[(&!8$X0(.$X[!#&9#%(.$X[O
"4#;344');-#2+1#3;04**'#;'3;.#);04**'#,443&#$#&74'&i
w(8! $/! 26! 8(! -20(&! $&! 0(T(! 92*>$&(! ,(88$%(;! %([2-29(.$/((-0(! #6! %(2-#928$/((-0(! [#66$(=#&(&! 8(! %(=-+$[(&O! ~(! [+&&(&! 0(!
92*>$&(!=(/*>20$%(&O
7#&8-#.((-!#6!(-!%((&!,-((90(!,##-|(-<(&;!T#2./![.($&(!/8((&8X(/!0$(!8+//(&!0(![#66$(=#&(&!T$88(&;!$&!>(8!-(/(-,#$-!8(-(*>8[#9(&O!
V##-!/*>20(!,(-##-T22[8!0##-!,-((90(!,##-|(-<(&!0$(!$&!>(8!-(/(-,#$-!T$X&!8(-(*>8%([#9(&;!%(.08!0(!%2-2&8$(!&$(8O!s#(!&##$8!
|28(-!$&!>(8![#66$(=##&-(/(-,#$-O
".228/!2.8$X0!0(!.([=2[!#9!8(!,(-9$X0(&!028!(-!%(=-+$[8!|28(-!#<!+|!|(-[=.20!8(-(*>8[#98!#6!028!+!T$*>!(-22&!=-2&08O
~#-%!(-,##-!028!>(8!|28(--(/(-,#$-!2.8$X0!/*>##&!$/O
#ELVDE;ZElLSGz;k;GFVDEMMEF;YPF;XE;WPOJGFE
`(8!0(!0-22$[&#<![+&8!+!((&!6+&*8$(![$(T(&!(&!0(!|22-0(&!>#%(-!#6!.2%(-!$&/8(..(&O!s##-!#<!0(![&#<!8(!0-+[[(&;!=(|22-8!+!+|!
[(+T(O
:*>2[(.!>(8!2<<2-228!$&!0##-!#<!0(!K2&)o$8B[&#<!8(!0-+[[(&!<!!>O!V#.%!0(!$&/8-+*8$(/!#<!0(!0$/<.2D!=$X!d)PPMzESpEdO
U$(/!9(8!=(>+.<!,2&!0(!0-22$[&#<!((&!822.O!s(T(!,(-/*>$X&8!$&!((&![20(-!#<!>(8!/*>(-9!<!^a!C>O
C(|22-!+|![(+T(!0##-!#<!0(!iUB[&#<!8(!0-+[[(&!<!A>O
S2!>(8!((-/8(!%(=-+$[!T2.!>(8!2<<2-228!+!,-2%(&!#9!9((-0(-(!<2-29(8(-/!$&!8(!/8(..(&O!K./!+!>(8!2<<2-228!+$8/*>2[(.8;!T2.!>(8!+!
,-2%(&!((&!22&82.!,2&!0(T(!<2-29(8(-/!#<&$(+|!$&!8(!/8(..(&O
.ED;PUUPLPPD;pPM;S;HW;XE;YHMZEFXE;GFVDEMMGFZEF;YLPZEFI;
)PPM!! o![+&8!((&!822.![$(T(&!+$8!0(!,##-%(/8(.0(!82.(&O
2PPDEEFJEGX;;! V##-!0(!9228((&>($0![+&8!+![$(T(&!8+//(&!9.!(&!#TO
"PDSW!! o!9#(8!0(!028+9!$&/8(..(&O
0MHz!! o![+&8!((&!++-|((-%2,(!,2&!PR!++-!#6!Re!++-![$(T(&O
+SDHaSGDVOJPzEMGFZ!! o![+&8![$(T(&!&2!|(.[(!8$X0!+|!2<<2-228!2+8#928$/*>!+$8/*>2[(.8O
+SDHaGFVOJPzEMGFZ;;; o![+&8!$&/8(..(&!028!+|!2<<2-228!#<!((&!0##-!+!%([#T(&!++-!2+8#928$/*>!,##-,(-|2-98O!
8PDELJPLXJEGX;;o!9#(8!((&!|28(->2-0>($0/%-220!8+//(&!Q!(&!e!$&/8(..(&O!~$(!#&0(-!äs(!>2-0>($0!,2&!>(8!|28(-!9(8(&äO!
+SDHWPDGVOJ;VUHEMEF;;o![+&8!0(!92*>$&(!.28(&!/<#(.(&!8(.[(&/!|2&&((-!T(!|#-08!$&%(/*>2[(.0O
*GMDEL;;8PRHWDDQJHYHQRIHUHHQ¿OWHULQGHPDFKLQH]LWRIQLHWSDWURRQ&ODULV$TXD)LOWHU6\VWHP
C$X!>(8!((-/8(!%(=-+$[!,-22%8!>(8!2<<2-228!9#%(.$X[!#9!%(,+.0!8(!|#-0(&O!V#.%!02&!0(!$&/8-+*8$(/!#<!>(8!/*>(-9O
$UHEMEF;YPF;XE;OGLOSGDV
6SRHOHQYDQKHWNRI¿HFLUFXLW
o![+&8!#<!(.[!9#9(&8!0(!*$-*+$8/!/<#(.(&!0##-!8(!0-+[[(&!#<!(&4-O!o![-$X%8!02&!0(!9(&+r/!8(!T$(&O!U$(/!43"#&.46";Ź;40;
Ź;$(4#1#3;Ź;40i
$UHEMEF;YPF;JED;VDHHWOGLOSGDI
j&/82..((-!>(8!/8##9<$X<X(!<B>!(&!T(8!(-!((&!-(*$<$à&8!#&0(-O!U$(/!>((8!|28(-!(&!0-+[!#<!d40dO!s(!*D*.+/!/8#<8!2+8#928$/*>!
&2028!0(!#<!>(8!/*>(-9!22&%(%(,(&!>#(,((.>($0!|28(-!0##-!>(8!*$-*+$8!$/!%(/8-##90O
x2&&((-!>(8!2<<2-228!.2&%(-(!8$X0!&$(8!$/!%(=-+$[8;![+&8!+!=(/8!=($0(!.($0$&%/8(./(./!''&!#6!9((-0(-(![(-(&!/<#(.(&O
7,-'(16+(7632(/(16752207(5+((7:$7(58,7'(%8,=(1/(723'$78=,&+1,(7%5$1'7
2PMEF
o![+&8!0(!/8(-[8(!,2&!+|![#66$(!22&<2//(&!0##-!0(!922.%-220!,2&!0(![#66$(=#&(&!22&!8(!<2//(&O
w#(!6$X&(-!0(!9#.(&!$/!26%(/8(.0;!>#(!/8(-[(-!(&!-#9$%(-!+|![#66$(!T2.!T$X&O
"2/!0(!922.%-220!22&!9(8!0(!0-22$[&#<!d2PPMZLPPX;LEZEMEFdO
s-22$8!+!>(9!,(-0(-!&22-!.$&[/;!02&!|#-08!+|![#66$(!6$X&(-!%(92.(&O!s-22$8!+!>(9!,(-0(-!&22-!-(*>8/;!02&!|#-08!+|![#66$(!%-#,(-!
%(92.(&!B!<!B>O
.#);+*$)#11#3;2+-;+11##3;)'/"#3$;.#);2+1#3;-#,#6&#3i;
*4&%##&;"#;&#-#1034(;744&;"#;2++1-&++";344')
#$(&#$$4;#3;04**'#;2+0#3
.#);+((+&++);'$;43)84&(#3;42;6')$16')#3";04**'#;)#;2+0#3;2#);04**'#,43#3i
8PFFEEL;S;XE;EELVDE;zHQQGE;WPPzD;HQ;FP;EEF;MPFZE;UELGHXE;xPPLGF;JED;PUUPLPPD;FGED;xELX;ZElLSGzD;HQ;FP;EEF;LEGFGZGFZ;HQ;
HFDzPMzGFZN;zHWD;EL;xPD;VDHHW;EF;JEED;xPDEL;SGD;JED;VDHHWlSGVÄE;<PSDHWPDGVOJE;HFDVDEzGFZ>i
+MV;XE;zHQQGEaSGDZPFZ;DE;JHHZ;VDPPD;PQZEVDEMX;DEF;HUpGOJDE;YPF;Sx;zHUÄEVN;lEVDPPD;XE;zPFV;HU;VUPDDEF;HQ;lLPFXxHFXEFi
,ELEGXGFZ;YPF;EEF;EVULEVVH
s-+[!#<!0(![&#<! ;!|2*>8!8#8!>(8!,##-,(-|2-9(&!$/!26%(.#<(&!(&!,#(-;!2./!+!028!|(&/8;!((&!/<#(.$&%!+$8O
w(8![(+T(9(&+!,##-![#66$(!,(-/*>$X&8!#<!>(8!/*>(-9!<![>O
".228/!((&![#<!#&0(-!0(![#66$(B+$8%2&%O!o![+&8!0(![#66$(B+$8%2&%!.28(&!T2[[(&!#6!&22-!=#,(&!=(|(%(&!&22-%(.2&%!0(!>##%8(!,2&!
+|![#<!<!g>O
U$(/!+|!0-2&[!9(8!0(!0-22$[&#<!(&!0-+[!#<!0(!iUB[&#<O
o![+&8!>(8!|28(-,#.+9(!#<!(.[!9#9(&8!-(%(.(&!9(8!0(!0-22$[&#<O
4W;JED;XHHLMHUEF;YPF;XE;zHQQGE;GF;Sx;zHU;DE;VDHUUEFN;zSFD;S;HQxEM;HU;EEF;zFHU;XLSzzEFN;HQxEM;JED;YHMSWE;YELWGFXELEF;
WED;lEJSMU;YPF;XE;XLPPGzFHUi
%HUHLGLQJYDQHHQNRI¿H
V##-!((&![#66$(!$/!gQ!8#8!PhQ!9.!|28(-!&#0$%O
,ELEGXGFZ;YPF;EEF;MSFZH
V##-!((&!.+&%#!$/!PRQ!8#8!ReQ!9.!|28(-!&#0$%O!w(8!2<<2-228!,#(-8!((&!0+==(.(!*D*.+/!+$8O!S((9!+|![#<!&$(8!|(%!,##-!0(!.+&%#!
[.22-!$/O
'HJHPDOHQNRI¿HZRUGWQDKHWPDOHQHHUVWZDWYRFKWLJJHPDDNW(QNHOHRJHQEOLNNHQODWHUEHJLQWKHWHFKWHGRRUORSHQ
o![+&8!9(8!((&!6+&*8$(!0(!8(9<(-28++-!,2&!+|![#66$(!22&<2//(&O
7#&8'/"#&;"#;)+30;344');744&;.#);#'3"#;7+3;##3;%:%16$i;4FZEYEEL;!B;VEOHFXEF;FP;JED;lELEGXEF;YPF;XE;zHQQGEi
^;zHUÄEVaQSFODGE
w(8!2<<2-228!=$(08!+!0(!9#%(.$X[>($0!8|((![#<X(/![#66$(!#6!(/<-(//#!8(!92[(&!9(8!0(!,#.%(&0(!b!=(-($0$&%/|$XT(&k!(/<-(//#)
/8(-[(!(/<-(//#)[#66$(O!s(T(!6+&*8$(!$/!&$(8!9#%(.$X[!,##-!.+&%#O!w(8!2<<2-228!T2.!2+8#928$/*>!0(!8|((!,#..(0$%(!=(-($0$&%/*D*.$!
#<!(.[22-!.28(&!22&/.+$8(&O!~(8!0(!8|((0(![#<!#&0(-!0(![#66$(B+$8%2&%!T#0-2!0(!((-/8(!*D*.+/!$/!26%(-#&0O
w(8!2<<2-228!$/!&+![.22-O!w(8![(+T(9(&+!,##-![#66$(!,(-/*>$X&8!#<!>(8!/*>(-9!<![>O
".228/!((&![#<!#&0(-!0(![#66$(B+$8%2&%O!o![+&8!0(![#66$(B+$8%2&%!.28(&!T2[[(&!#6!&22-!=#,(&!=(|(%(&!&22-%(.2&%!0(!>##%8(!,2&!
+|![#<!<!g>O!
U$(/!((&!0-2&[!(&!0+|!8|((![((-!#<!0(!iUB[&#<O
i<!0(!0$/<.2D!,(-/*>$X&8!0(!=##0/*>2<!028!+!8|((![#<<(&!>(=8!%(,-22%0O
.ED;PUUPLPPD;pPM;PSDHWPDGVOJ;DxEE;YHMMEXGZE;lELEGXGFZVO_OMG;HU;EMzPPL;MPDEF;PPFVMSGDEFi
33
NL
C^

.##);8+)#&;2+0#3
3ODDWVKHWVWRRPSLMSMHRSGHPDFKLQH.LHVKHHWZDWHULQKHWNHX]HPHQXYRRUNRI¿H(UYHUVFKLMQWHHQERRGVFKDSZDDULQX
%(,-22%0!|#-08!#9!((&!-(*$<$à&8!#&0(-!>(8!/8##9<$X<X(!8(!<.228/(&O!s-+[!#<!0(!iUB[&#<!#9!>((8!|28(-!8(!92[(&O
s-+[!#<!((&![&#<!#9!0(!=(-($0$&%!,2&!>((8!|28(-!8(!#&0(-=-([(&O
K./!>(8!<$X<X(!,(-/8#<8!$/;!922[!>(8!02&!,-$X!9(8!0(!9((%(.(,(-0(!&22.0O
s(!92@$92.(!>#(,((.>($0!>((8!|28(-!<(-!*D*.+/!=(0-22%8!bQQ!9.O
%+((6%%'34;2+0#3
8E;LPXEF;S;PPF;HW;YELVEN;ZEUPVDESLGVEELXE;HQ;6.)aWEMz;SGD;EEF;UPV;ZEHUEFXE;XHHV;HQ;QMEV;DE;ZElLSGzEFi;`(8!-2+|(!9(.[!
$/!>(8!-(/+.8228!&$(8!#<8$922.O
7HHLlELEGXGFZ;EF;PPFVMSGDGFZ;YPF;JED;WEMzLEVELYHGL;HU;XE;WPOJGFE
w(8!9(.[-(/(-,#$-!=(/8228!+$8!((&!<.2/8$*!-(*$<$à&8;!((&!0([/(.!<WED;OPVVEDDE>!(&!((&!/#(<(.(!=+$/!0$(!>(8!-(/(-,#$-!9(8!0(![#66$(B
+$8%2&%!,2&!0(!92*>$&(!,(-=$&08O!3($&$%!0(!,(-/*>$..(&0(!#&0(-0(.(&!T#-%,+.0$%!,##-!>(8!((-/8(!%(=-+$[O!
s#(!9(.[!$&!>(8!-(/(-,#$-!<WGFVDEFV;!B?;WM>!<!@>O!:*>-#(6!>(8!0([/(.!#<!>(8!-(/(-,#$-O!i(6(&!022-=$X!.$*>8(!0-+[!+$8!<!h>O!4-([!0(!
,(-%-(&0(.$&%/>(&0(.!#9>##%!<^?>O!:.+$8!>(8!9(.[-(/(-,#$-!#<!0(!92*>$&(!22&!0##-!>(8!8(!,(-=$&0(&!9(8!0(!/8##9+$8%2&%!<^!>O!
4-([!022-&2!0(!,(-%-(&0(.$&%/>(&0(.!#9.22%!<^^>O!:8(([!0(!/#(<(.(!=+$/!$&!>(8!022-8#(!,##-T$(&(!%228X(!$&!0(!*2//(88(!<^C>O!
".228/!>(8!2&0(-(!+$8($&0(!#&0(-!0(!92%&(8$/*>(![#66$(B+$8%2&%<^A>O!7#&8-#.((-!#6!0(!0([/(.[&#<!,2&!>(8!/D/8((9!#<!*2<<+**$&#!
<^B>!/8228O
,ELEGXGFZ;YPF;OPUUSOOGFH
s-+[!|2&&((-!+!#<!0(!0$/<.2D!>(8![(+T(9(&+!,##-![#66$(!T$(8![#-8!<r;C;VEO>!#<!0(![&#<!*2<<+**$&#!#<!0(!92*>$&(!<^[>O!w(8!
2<<2-228!T2.!((-/8!,##-,(-|2-9(&;!022-&2!|#-08!0(!9(.[!#<%(/*>+$90!(&!022-&2!.##<8!0(!(/<-(//#!0##-O!o|!0-2&[!$/![.22-!<^g>O
6;zSFD;XE;O_OMSV;HFXELlLEzEF;XHHL;HU;40;DE;XLSzzEFi
2PPL;HUZEMEDI;XE;WPOJGFE;VDHUD;FGED;HFWGXXEMMGÄzi
E(&!=##0/*>2<!#<!0(!0$/<.2D!,-22%8!#9!>(8!/D/8((9!8(!-($&$%(&O!w(8!|#-08!22&=(,#.(&!0$8!8(!0#(&O!~$(!$(4#1#3;7+3;.#);
%+((6%%'34$:$)##2;EFkHQ;2+36##1;43"#&.46";7+3;.#);%+((6%%'34$:$)##2i
'3$)#11'3-#3;744&;%+((6%%'34
o![+&8!9(8!0(T(!92*>$&(!0(!>#(,((.>(0(&!9(.[!(&![#66$(!&22-!|(&/!-(%(.(&!,##-!((&!*2<<+**$&#!&22-!+|!($%(&!/922[O!!
s28!%(=(+-8!,$2!>(8!9(&+!'FVDEMMGFZEF;%PUUSOOGFHi
s-+[!|2&&((-!+!#<!0(!0$/<.2D!>(8![(+T(9(&+!,##-![#66$(!T$(8!.2&%!<•;C;VEO>!#<!0(![&#<!OPUUSOOGFH!#<!0(!92*>$&(O
!i
! U$(/!/82&022-0!,##-!0(!62=-$([/$&/8(..$&%(&O
^i ! U$(/! 3GESx; ,##-!((&!22&!+|!/922[!22&%(<2/8(!*2<<+**$&#O!s(!,#.%(&0(!/82<<(&!|#-0(&!0##-.#<(&k
;Pi ! "E;WPOJGFE;YELxPLWD;YHHLi
;li ! 4UVOJSGWEF;YPF;XE;WEMzI !0-+[!#<! 40 !|2&&((-!>(8!%(|(&/8(!9(.[,#.+9(!$/!=(-($[8O
;Oi; "HHLMHUEF;YPF;XE;zHQQGEI !0-+[!#<! 40 !|2&&((-!>(8!%(|(&/8(![#66$(,#.+9(!$/!=(-($[8O
s(!92*>$&(!%((68!22&!028!0(!&$(+|(!,#.+9(/!|#-0(&!#&8>#+0(&!,##-!0(!,#.%(&0(!*2<<+**$&#r/O
4(-#1#)N;.#);4($%.6'2#3;7+3;"#;2#10;$)4();3'#);432'""#11'/0i
43"#&.46";7+3;68;+((+&++)
4UZEMEDs;4W;XE;ZPLPFDGEYHHLxPPLXEF;FP;DE;MEYEFN;GV;JED;FHHXpPzEMGÄz;XPD;S;JED;LEGFGZGFZVa;HQ;HFDzPMzGFZVULHZLPWWP;
SGDYHELD;PMV;JED;PUUPLPPD;XPPLHW;YLPPZDi;7HMZ;VDEEXV;XE;GFVDLSODGEV;HU;XE;XGVUMP_i;o![+&8!>(8!2<<2-228!=.$X,(&!%(=-+$[(&;!
922-!>(8!$/!=(/8!>(8!-($&$%$&%/B!#6!#&8[2.[$&%/<-#%-2992!T#!/&(.!9#%(.$X[!+$8!8(!,#(-(&O
/HHJPDNHQYDQGHNRI¿HGLNRSYDQJEDNGHNRI¿HODGHHQGHOHNEDN
U#<<(.!((-/8!>(8!*2<<+**$&#/D/8((9!.#/!<^@>O
w22.!0(!.([=2[!+$8!0(!92*>$&(;!922[!>(9!.((%!(&!-($&$%!>(9!|2&&((-!0(!92*>$&(!022-#9!,-22%8!<^h>O
w22.!0(![#66$(0$[B#<,2&%=2[!+$8!0(!92*>$&(;!922[!>(9!.((%!(&!-($&$%!>(9O!<C?>O
w22.!0(![#66$(.20(!+$8!0(!92*>$&(!<C!>O
s(!.([=2[!>((68!,.#88(-/!|22-22&!+!2.8$X0![+&8!T$(&!#6!0(!=2[!9#(8!|#-0(&!.((%%(922[8!<C^>O
x2&&((-!+!0(![#66$(0$[B#<,2&%=2[!+$8!0(!92*>$&(!>22.8;!9#(8!+!>(9!,#..(0$%!.((%92[(&;!2&0(-/![2&!>$X!2*>8(-26!#,(-.#<(&O
'H ZDDUVFKXZLQJVERRGVFKDSEOLMIW RSKHW VFKHUPVWDDQ DOVGH NRI¿HGLNRSYDQJEDN QLHW GLHS JHQRHJ ]LW RI QLHW JRHG
LV JHSODDWVW =RODQJ GH ZDDUVFKXZLQJVERRGVFKDS RS KHW VFKHUP EOLMIW VWDDQ NDQ HU JHHQ HVSUHVVR RI NRI¿H ZRUGHQ
JHPDDNW,QGHNRI¿HGLNRSYDQJEDNNDQNRI¿HGLNYDQNRSSHQNRI¿H
$UHEMGFZ;YPF;XE;OGLOSGDVI;pGE;UPZGFP;C;;;
$UHEMGFZ;YPF;JED;OPUUSOOGFHV_VDEEW
o![+&8!>(8!/D/8((9!/<#(.(&!&2028!+!*2<<+**$&#!>(=8!%(922[8O!i#[!|2&&((-!(-!&#%!9(.[!$&!>(8!9(.[-(/(-,#$-!T$8;!$/!0$8!9#%(.$X[O!
w(8!$/!=(.2&%-$X[!028!+!&2!(.[(!*2<<+**$&#!>(8!/D/8((9!/<#(.8O
w(8!9(.[-(/(-,#$-!9#(8!%(<.228/8!T$X&!T#2./!=(/*>-(,(&!/8228!#&0(-!7K""o77jSi!`KUESO!
s-22$!0(![&#<!#<!>(8!0([/(.!,2&!>(8!*2<<+**$&#/D/8((9!#<!7JEKS!<CC>O
x2&&((-!#<!0(!0$/<.2D!>(8![(+T(9(&+!,##-![#66$(!,(-/*>$X&8;!0-+[8!+!#<!0(![&#<!7JEKS!<CA>O!V#.%!0(!$&/8-+*8$(/!#<!0(!0$/<.2D!
#9!0(!/<#(.*D*.+/!8(!/82-8(&O!s-22$!22&!>(8!($&0(!,2&!0(!*D*.+/!0(![&#<!,2&!>(8!*2<<+**$&#/D/8((9!&22-!7K""o77jSi!,##-!
+!#<&$(+|!0-2&[![.22-922[8O
:+.!0$/<.2D!,$(&(!,$/+2.$TT28#!$.!9(&+!0$!/(.(T$#&(!0(..(!=(,2&0(;!<-(9(-(!/+.!82/8#!%1#+3;<CA>O!C2/8(-5!/(%+$-(!.(!$/8-+T$#&$!
-$<#-828(! /+.!0$/<.2D! <(-! .2&*$2-(! $.! *$*.#!0$!-$/*$2*F+#O! K.! 8(-9$&(! 0(.! *$*.#;! -+#82-(! &+#,29(&8(!.2! 92&#<#.2!(!$9<#/82-.2!/+!
%+((6%%'34!<-$92!0$!<-#*(0(-(!2..2!<-(<2-2T$#&(!0(..2!-$*(882!/+**(//$,2O
CEJKSA3jÅUk
o!,#(-8!0(!/<#(.$&%!=(/8!+$8!,##-!+!>(8!9(.[-(/(-,#$-!<PMV;EL;FHZ;WEMz;HYELlMGÄQD>!$&!0(![#(.[2/8!T(8!&2028!+!0(!.228/8(!
*2<<+**$&#!>(=8![.22-%(922[8O!S2!(.[(!/<#(.$&%!922[8!+!=(/8!0(!,(-/*>$..(&0(!#&0(-0(.(&!,2&!>(8!/D/8((9!/*>##&!#&0(-!
/8-#9(&0!|28(-!<pGE;HFXEL;d2PFSEEM;HFXELJHSX;YPF;JED;WEMzLEVELYHGLd>OO
&EGFGZGFZVULHZLPWWP;YHHL;JED;zHQQGEOGLOSGD;a;XSSLI;HFZEYEEL;^?;WGFSDEF
o!9#(8!>(8!-($&$%$&%/<-#%-2992!+$8,#(-(&!&2!#&%(,((-!bhQ!(/<-(//#r/!#6![#66$(/O
E-!,(-/*>$X&8!((&!=##0/*>2<!#<!>(8!2<<2-228!|2&&((-!>(8!&#0$%!$/!>(8!-($&$%$&%/<-#%-2992!+$8!8(!,#(-(&O!
o!>(=8!022-,##-!((&!-(*$<$à&8!&#0$%!9(8!((&!$&>#+0!,2&!9$&/8(&/!Q;h!.$8(-!(&!((&!U3o":B/*>##&922[82=.(8!<9$;C???>O
K./!+!>(8!8#(/8(.!8$X0(&/!>(8!-($&$%(&!+$8/*>2[(.8!#6!2./!(-!((&!/8-##9+$8,2.!$/;!T2.!>(8!-($&$%$&%/<-#%-2992!0##-%22&!9(8!
0(!62/(!|22-$&!>(8!T$*>!#<!>(8!9#9(&8!,2&!>(8!$&*$0(&8!=(,#&0O!w(8!$/!&$(8!9#%(.$X[!0(!-($&$%$&%!+$8!8(!/8(..(&O
s$8!9#(8!%(=(+-(&!#9!>(8!|28(-*$-*+$8!8(!/<#(.(&O!j&!028!%(,2.!$/!9#%(.$X[!((&!&$(+|!/*>##&922[82=.(8!&#0$%O!V#(-!>(8!
-($&$%$&%/<-#%-2992!,#..(0$%!+$8!#9!(.[!-$/$*#!#<!,(-%$68$%$&%!+$8!8(!/.+$8(&O
'HUHLQLJLQJVF\FOXVLVHHQQLHWGRRUORSHQGHF\FOXV6WHHNXZKDQGHQWLMGHQVGHF\FOXVQLHWRQGHUGHNRI¿HXLWJDQJ
x2&&((-!0(!=##0/*>2<!d&EGFGZGFZ;FHXGZd!,(-/*>$X&8;![+&8!+!>(8!2+8#928$/*>(!-($&$%$&%/<-#%-2992!/82-8(&!9(8!((&!0-+[!#<!
0(![&#<!(&4-O
V#.%!0(!$&/8-+*8$(/!#<!>(8!/*>(-9O
w(8!2+8#928$/*>(!-($&$%$&%/<-#%-2992!=(/8228!+$8!0-$(!0(.(&k!0(!($%(&.$X[(!-($&$%$&%/*D*.+/!(&!R!/<#(.*D*.$O!s$8!<-#%-2992!0++-8!
#&%(,((-!RQ!9$&+8(&O!o![+&8!>(8!2<<2-228!#<!(.[!9#9(&8!-($&$%(&!0##-!8(!0-+[[(&!#<!(&4-O!o![-$X%8!02&!0(!9(&+r/!8(!T$(&O!U$(/!
43"#&.46";Ź;40;Ź;&#'3'-#3;04**'#;Ź;40O
A(=-+$[!2..((&!0(!/*>##&922[82=.(88(&!,2&!U3o":!<9$;C???>O!s(!%2-2&8$(!T2.!&$(8!,2&!8#(<2//$&%!T$X&!,##-!/*>20(!0$(!|(-0!
,(-##-T22[8!0##-!>(8!%(=-+$[!,2&!/*>##&922[82=.(88(&!,2&!2&0(-(!9(-[(&O
s(!82=.(88(&!T$X&!,(-[-$X%=22-!$&!0(!/(-,$*(*(&8-2!,2&!U3o":
4FDzPMzGFZVULHZLPWWP;a;XSSLI;HFZEYEEL;^^;WGFSDEF
'V; Sx; PUUPLPPD; SGDZELSVD; WED; EEF; UPDLHHF; %MPLGV; a; +RSP; *GMDEL; $_VDEW; *?@@N; YELxGÄXEL; JED; XPF; YHHL; S; JED;
HFDzPMzGFZVULHZLPWWP;SGDYHELDi
s(![2.[22&/.2%!$/!26>2&[(.$X[!,2&!0(!>2-0>($0!,2&!>(8!|28(-O!w(8!2<<2-228!%((68!((&!|22-/*>+|$&%!|2&&((-!>(8!&#0$%!$/!>(8!
#&8[2.[$&%/<-#%-2992!+$8!8(!,#(-(&O
o!>(=8!022-,##-!((&!-(*$<$à&8!&#0$%!9(8!((&!$&>#+0!,2&!9$&/8(&/!Q;h!.$8(-!(&!((&!T2[X(!#&8[2.[$&%/<#(0(-!U3o":!<A?;Z>!L!Q\e!<CB>O
x2&&((-!0(!=##0/*>2<!d4FDzPMzGFZ;FHXGZd!,(-/*>$X&8;![+&8!+!>(8!2+8#928$/*>(!#&8[2.[$&%/<-#%-2992!/82-8(&!9(8!((&!0-+[!
#<!0(![&#<!(&4-O
V#.%!0(!$&/8-+*8$(/!#<!0(!0$/<.2D!(&!T#-%!(-,##-!028!>(8!<#(0(-!+$8!>(8!T2[X(!>(.(922.!#<.#/8O
s(!#&8[2.[$&%/*D*.+/!=(/8228!+$8!0-$(!0(.(&k!0(!($%(&.$X[(!#&8[2.[$&%/*D*.+/!(&!R!/<#(.62/(/O!
A(=-+$[!2..((&!#&8[2.[$&%/<-#0+*8(&!,2&!U3o":O!s(!2&8$[2.[T2[X(/!T$X&!,(-[-$X%=22-!$&!0(!/(-,$*(*(&8-2!,2&!U3o":O
s(!%2-2&8$(!T2.!&$(8!,2&!8#(<2//$&%!T$X&!,##-!/*>20(!0$(!|(-0!,(-##-T22[8!0##-!>(8!%(=-+$[!,2&!2&0(-(!<-#0+*8(&O
35
NL
CA