0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

99
!"#$%& (%) *"!$(+ !",#-.-%!- (* #/"!-**-* "0 /-*$+$-%!- $% ( 0(,$+1 !"&%$.$2-34-5(2$"/(+ #/-2-%.$2- $%.-/2-%.$"% 0"/ !5$+)/-% "0 )-#/-**-) #(/-%.* 46 789:;<= +> /<<:?@=A )9::<8;B;9C= *@DE9;;<A ;C ;F< 0BG@?;6 CH ;F< &8BA@B;< *GFCC? CH 2B=A<8D9?; I=9J<8:9;6 9= KB8;9B? H@?H9??E<=; CH ;F< 8<L@98<E<=;: HC8 ;F< A<M8<< CH )"!."/ "0 #5$+"*"#51 9= #:6GFC?CM6 )<G<ED<8N OPQP %B:FJ9??<N .<==<::<< (KK8CJ<AR 48@G< !CEKB:N #F>)> )BJ9A !C?<N #F>)> S@A6 &B8D<8N #F>)> -89= 0CT?<8N #F>)>

Transcript of 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

Page 1: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

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

('0(,$+1'!"&%$.$2-34-5(2$"/(+'#/-2-%.$2-'$%.-/2-%.$"%'0"/'

!5$+)/-%'"0')-#/-**-)'#(/-%.*''

46'

789:;<='+>'/<<:?@=A

)9::<8;B;9C=

*@DE9;;<A';C';F<'0BG@?;6'CH';F<

&8BA@B;<'*GFCC?'CH'2B=A<8D9?;'I=9J<8:9;6

9='KB8;9B?'H@?H9??E<=;'CH';F<'8<L@98<E<=;:

HC8';F<'A<M8<<'CH

)"!."/'"0'#5$+"*"#51

9=

#:6GFC?CM6

)<G<ED<8N'OPQP

%B:FJ9??<N'.<==<::<<

(KK8CJ<AR

48@G<'!CEKB:N'#F>)>

)BJ9A'!C?<N'#F>)>

S@A6'&B8D<8N'#F>)>

-89='0CT?<8N'#F>)>

Page 2: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

(4*./(!.

.F<':;8<::'B::CG9B;<A'KB8<=;B?'A<K8<::9C='KC:<:'B':9M=9H9GB=;'89:U'HBG;C8';C'CHH:K89=M'CH'

A<K8<::<A'KB8<=;:>''5CT<J<8N';F<'BJB9?BD9?9;6'CH'K:6GFC:CG9B?'8<:C@8G<:N':@GF'B:'GCK9=M'B=A'

:CG9B?'GCEK<;<=G<N'EB6'GC@=;<8BG;'C8'?<::<=';F<'A9:8@K;9J<'<HH<G;:'CH'?9J9=M'T9;F'B'A<K8<::<A'

KB8<=;>''$='B'8B=ACE9V<A'G?9=9GB?';89B?'T9;F'KB8<=;:'T9;F'B'F9:;C86'CH'EBWC8'A<K8<::9J<'A9:C8A<8'

B=A';F<98'X'YQZ36<B83C?A'CHH:K89=M'[!'\'QZZ]N'BAC?<:G<=;:^'GCK9=M'B=A':CG9B?'GCEK<;<=G<'T<8<'

<_BE9=<A'B:'ECA<8B;C8:'B=A'E<A9B;C8:'CH';F<'<HH<G;:'CH'B'HBE9?6'M8C@K'GCM=9;9J<'D<FBJ9C8B?'

K8<J<=;9J<'9=;<8J<=;9C='C='BAC?<:G<=;:^'B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:>'

56KC;F<:9V<A'ECA<8B;C8:'T<8<'E<B:@8<A'B;'DB:<?9=<N'GFB=M<:'9='F6KC;F<:9V<A'E<A9B;C8:'

T<8<'B::<::<A'B;'KC:;39=;<8J<=;9C='[O'EC=;F:]'B=A'BH;<8'GCEK?<;9C='CH'a'EC=;F?6'DCC:;<8'

:<::9C=:'[b'EC=;F:]N'B=A'BAC?<:G<=;'C@;GCE<:'T<8<'E<B:@8<A'B;'QO3EC=;F'HC??CT3@K>'

-J9A<=G<'<E<8M<A'HC8'B'E<A9B;<A'ECA<?'9='TF9GF'GFB=M<:'9='BAC?<:G<=;:^':<GC=AB86'GC=;8C?'

GCK9=M'B;'b'EC=;F:'BGGC@=;<A'HC8';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C='B=_9<;6`A<K8<::9J<'B=A'

9=;<8=B?9V9=M':6EK;CE:>''%C':@KKC8;'<E<8M<A'HC8':CG9B?'GCEK<;<=G<'B:'B'E<A9B;C8'C8'B=6'CH'

;F<';<:;<A'ECA<8B;<A'ECA<?:>''$EK?9GB;9C=:'HC8';F<'K8<J<=;9C='CH'K:6GFCKB;FC?CM6'9='

CHH:K89=M'CH'A<K8<::<A'KB8<=;:'B8<'F9MF?9MF;<A>

99

Page 3: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

(!7%"c+-)&-,-%.*

.F9:'TC8U'TB:'EBA<'KC::9D?<'T9;F';F<'H9=B=G9B?':@KKC8;'CH';F<'%B;9C=B?'$=:;9;@;<'CH'

5<B?;F3:KC=:C8<A'/@;F'+>'798:GF:;<9='%B;9C=B?'/<:<B8GF'*<8J9G<'(TB8A'[%$,5'Q'0dQ'

,5PebdbX]>''$'BE'M8B;<H@?';C'B??';FC:<'T9;F'TFCE'$'FBJ<'FBA';F<'K?<B:@8<';C'TC8U'T9;F'

A@89=M';F9:'K8CW<G;>''$;'FB:'D<<='B'M8<B;'FC=C8';C'D<'B'E<ED<8'CH';F<'/B9:9=M'5<B?;F6'!F9?A8<='

;<BEN'TFC:<'FB8A'TC8U'B=A'A<A9GB;9C=';C'K8<J<=;9=M'A<K8<::9C='EBA<';F9:':;@A6'KC::9D?<>''$'

TC@?A'<:K<G9B??6'?9U<';C';FB=U'E6'BAJ9:C8'B=A'H<B8?<::'?<BA<8N')8>'48@G<'!CEKB:N'HC8'F9:'

@=GC=A9;9C=B?':@KKC8;'B=A'@=<=A9=M'KB;9<=G<';F8C@MFC@;'E6'<=;98<'M8BA@B;<':GFCC?'GB8<<8>'

.F8C@MF'<_BEK?<N'F<'FB:':FCT='E<'TFB;'9;'E<B=:';C'D<'B':U9??<A'8<:<B8GF<8N';FC@MF;H@?'

G?9=9G9B=N'B=AN'EC:;'9EKC8;B=;?6N'B'MCCA'K<8:C=>

%CDCA6N'FCT<J<8N'FB:'D<<='EC8<'9EKC8;B=;';C'E<'9=';F<'K@8:@9;'CH';F9:'E9?<:;C=<';FB='

;F<'E<ED<8:'CH'E6'HBE9?6>''$'TC@?A'?9U<';C';FB=U'E6'KB8<=;:N'TFC'K8CJ9A<A'E<'T9;F'<=A?<::'

CKKC8;@=9;9<:'B=A'<=GC@8BM<A'E<';C'HC??CT'E6'A8<BE:f'E6'D8C;F<8N'TFC:<'?CJ<'B=A'M@9AB=G<'

B8<'T9;F'E<'9='TFB;<J<8'$'K@8:@<f'B=A'EC:;'9EKC8;B=;?6N'E6'?CJ9=M'F@:DB=AN'TFC'9=:K98<:'E<'

;C'H9=A'WC6'9='B??';FB;'$'AC>

999

Page 4: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

.(4+-'"0'!"%.-%.*

#BM<

+$*.'"0'.(4+-*gggggggggggggggggggggggggggggggggg>>J9'

+$*.'"0'0$&I/-*>gggggggggggggggggggggg>>>gggggggggggJ99''

!FBK;<8

$> $%./")I!.$"%ggggggggggggggggggggggggggggg>''Q

#B8<=;B?')<K8<::9C=gggggggggggggggggggggggggggg>d#8CG<::<:'CH'/<:9?9<=G<ggggggggggggggggggggggg>>gg>>>> >Z

!CK9=Mgggggggggggggggggggggggggggg>>>>>>'Z)<H9=9=M'!CK9=Mgggggggggggggggggggggg> b!F9?A'!CK9=M'B=A'#:6GFC?CM9GB?'(AW@:;E<=;gggggggggg>>>>>e

*CG9B?'!CEK<;<=G<gggggggggggggggggggggggggX)<H9=9=M'*CG9B?'!CEK<;<=G<ggggggggggggggggg> >X"K<8B;9C=B?9V9=M'*CG9B?'!CEK<;<=G<ggggggggggggggQQ!F9?A'*CG9B?'!CEK<;<=G<'B=A'#:6GFC?CM9GB?'(AW@:;E<=;ggggg>>>>QO

/<?B;9C=:'4<;T<<='*CG9B?'!CEK<;<=G<'B=A'!CK9=Mggggggggggg>>>QZ-HH<G;'CH'!CK9=M'C='*CG9B?'!CEK<;<=G<gggggggggggg> >QZ-HH<G;'CH'*CG9B?'!CEK<;<=G<'C='!CK9=Mgggggggggggg> >Qb

#8<J<=;9J<'$=;<8J<=;9C=:ggggggggggggggggggggggggggQX$=;<8J<=;9C=:'B=A'!F9?A'!CK9=Mggggggggggggggggggg>> QX$=;<8J<=;9C=:'B=A'!F9?A'*CG9B?'!CEK<;<=G<gggggggggggggg>>>OP$=;<8J<=;9C=:'T9;F'"HH:K89=M'CH')<K8<::<A'#B8<=;:ggggggggggggOd0BE9?63DB:<A'!CM=9;9J<'$=;<8J<=;9C='HC8'"HH:K89=M'CH')<K8<::<A'#B8<=;:ggg>OZ

!@88<=;'*;@A6'B=A'#8CKC:<A'56KC;F<:<:ggggggggggggggggggg> >Oe

$$> ,-.5")>>ggggggggggggggggggggggggggggggg>>>>dP

#B8;9G9KB=;:gggggggggggggggggggggggggggggggdP#8CG<A@8<ggggggggggggggggggggggggggggggg>>>dQ,<B:@8<:ggggggggggggggggggggggggggggggggda

)<ECM8BKF9G'$=HC8EB;9C=ggggggggggggggggggggggda#B8<=;B?')<K8<::9J<'*6EK;CE:ggggggggggggggggggg>>>da!F9?A8<=^:'(=_9<;6`)<K8<::9C='B=A'$=;<8=B?9V9=M'*6EK;CE:gggggggg>da!F9?A8<=^:'!CK9=M'B=A'*;8<::'/<:KC=:<:gggggggggggggggg>dZ!F9?A8<=^:'*CG9B?'!CEK<;<=G<ggggggggggggggggggggdb

$=;<8J<=;9C='!C=A9;9C=:gggggggggggggggggggggggggg>de0BE9?6'!CM=9;9J<34<FBJ9C8B?'$=;<8J<=;9C=ggggggggggggggg>dec89;;<='$=HC8EB;9C='*<?H3*;@A6'!CEKB89:C='!C=A9;9C=gggggggggg>dh

*;B;9:;9GB?'#CT<8gggggggggggggggggggggggggggggdX!8<B;9C='CH'!CEKC:9;<'2B89BD?<:gggggggggggggggggggggg>> aP

(=_9<;6`)<K8<::9C='*6EK;CE'!CEKC:9;<ggggggggggggggg>>aP$=;<8=B?9V9=M'*6EK;CE'!CEKC:9;<gggggggggggggggggg> aP!CK9=M'!CEKC:9;<gggggggggggggggggggggggggaQ*CG9B?'!CEK<;<=G<'!CEKC:9;<ggggggggggggggggggggaQ'

)B;B'(=B?6;9G'(KK8CBGFggggggggggggggggggggggggggaQ

9J

Page 5: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

$$$> /-*I+.*gggggggggggggggggggggggggggggggg> ad#8<?9E9=B86'(=B?6:<:ggggggggggggggggggggggggggg>ad!C88<?B;9C=:'4<;T<<='!CK9=MN'!CEK<;<=G<N'B=A'*6EK;CE:ggggggggggggaZ-HH9GBG6'CH';F<'$=;<8J<=;9C=gggggggggggggggggggggggggae

56KC;F<:9:'Q3QR'$=;<8J<=;9C='-HH<G;:'C='!F9?A'*6EK;CE:ggggggggg>>ae56KC;F<:9:'Q3OR'$=;<8J<=;9C='-HH<G;:'C='!F9?A'!CK9=Mgggggggggg>>>ah56KC;F<:9:'Q3dR'$=;<8J<=;9C='-HH<G;:'C='!F9?A'*CG9B?'!CEK<;<=G<ggggggah

,<A9B;C8:'CH';F<'$=;<8J<=;9C=ggggggggggggggggggggggggZP56KC;F<:9:'O3QR'!CK9=M'B:'B',<A9B;C8gggggggggggggggggZQ56KC;F<:9:'O3OR'*CG9B?'!CEK<;<=G<'B:'B',<A9B;C8gggggggggggg>ZZ

,@?;9K?<',<A9B;9C=ggggggggggggggggggggggggggggZh56KC;F<:9:'O3dBR'-HH<G;'CH'$=;<8J<=;9C='C='!CEK<;<=G<N'-HH<G;'CH'!CEK<;<=G<'C='!CK9=MN'B=A'-HH<G;'CH'!CK9=M'C='*6EK;CE:ggggggggggggg> Zh56KC;F<:9:'O3dDR'-HH<G;'CH'$=;<8J<=;9C='C='!CK9=MN'-HH<G;'CH'!CK9=M'C='!CEK<;<=G<N'B=A'-HH<G;'CH'!CEK<;<=G<'C='*6EK;CE:gggggggggg>>ZX

,CA<8B;C8:'CH';F<'$=;<8J<=;9C=ggggggggggggggggggggggg>>bd56KC;F<:9:'d3QR'*CG9B?'!CEK<;<=G<'B:'B',CA<8B;C8ggggggggggg>> bd56KC;F<:9:'d3OR',CA<8B;<A',<A9B;9C=gggggggggggggggggbZ

$2> )$*!I**$"%gggggggggggggggggggggggggggggggbX!C88<?B;9C=:'4<;T<<='!CK9=MN'*CG9B?'!CEK<;<=G<N'B=A'*6EK;CE:ggggggggg>bX-HH<G;:'CH'B'!CM=9;9J<34<FBJ9C8B?'$=;<8J<=;9C=ggggggggggggggggg eP,<A9B;9C='-HH<G;:gggggggggggggggggggggggggggg>> eO,CA<8B;9C='-HH<G;:ggggggggggggggggggggggggggggeZ+9E9;B;9C=:ggggggggggggggggggggggggggggggg>ee$EK?9GB;9C=:'HC8'0@;@8<'/<:<B8GFgggggggggggggggggggggg> >eh

/-0-/-%!-*gg>gggggggggggggggggggggggggg>gggghP

J

Page 6: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

+$*.'"0'.(4+-*

.BD?< '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''>>>>>>>>>>>>>>>>#BM<

Q> #B8<=;'B=A'!F9?A')<ECM8BKF9G'!FB8BG;<89:;9G:'B;'4B:<?9=<'CH'0BE9?9<:'9=';F<'0BE9?6'&8C@K'$=;<8J<=;9C='B=A'9=';F<'*<?H3*;@A6'!C=A9;9C=>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>aa

O> !C88<?B;9C=:'(EC=M'!CEKC:9;<'*GC8<:'CH'!F9?A'!CK9=MN'*CG9B?'!CEK<;<=G<N'B=A'*6EK;CE:'B;'4B:<?9=<N'O3EC=;F:'[.9E<'O]N'b3EC=;F:'[.9E<'d]N'B=A'QO3EC=;F:'[.9E<'a]>>>>>>>>>>>>>ab

d> (%!"2(:'CH'&8C@K')9HH<8<=G<:'9='!F9?A8<=^:'(=_9<;6`)<K8<::9C='B=A'$=;<8=B?9V9=M*6EK;CE:N'!CK9=MN'B=A'*CG9B?'!CEK<;<=G<'B;'4B:<?9=<'[.9E<'Q]N'O3EC=;F:'[.9E<'O]Nb3EC=;F:'[.9E<'d]N'B=A'QO3EC=;F:'[.9E<'a]>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>aX

a> /<M8<::9C='-L@B;9C=:'#8<A9G;9=M'!F9?A'*6EK;CE:'B;'QO3EC=;F:'H8CE'4B:<?9=<'*6EK;CE:N$=;<8J<=;9C='!C=A9;9C=N'B=A'!F9?A'*<GC=AB86'!C=;8C?'!CK9=M>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Za

Z> /<M8<::9C='-L@B;9C=:'#8<A9G;9=M'!F9?A'*6EK;CE:'B;'QO3EC=;F:'H8CE'4B:<?9=<'*6EK;CE:N$=;<8J<=;9C='!C=A9;9C=N'B=A'!F9?A'*CG9B?'!CEK<;<=G<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Ze

b> /<M8<::9C='-L@B;9C=:'#8<A9G;9=M'!F9?A'!CK9=M'B;'b3EC=;F:'H8CE'$=;<8J<=;9C='!C=A9;9C=B=A'!F9?A'*CG9B?'!CEK<;<=G<'B=A'#8<A9G;9=M'!F9?A'*CG9B?'!CEK<;<=G<'B;'b3EC=;F:'H8CE$=;<8J<=;9C='!C=A9;9C='B=A'!F9?A'!CK9=M>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>bP

e> /<M8<::9C='-L@B;9C=:'#8<A9G;9=M'!F9?A'*6EK;CE:'B;'QO3EC=;F:'H8CE'$=;<8J<=;9C='!C=A9;9C=N'!F9?A'*CG9B?'!CEK<;<=G<N'B=A'!F9?A'!CK9=M>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>bO

h> /<M8<::9C='-L@B;9C=:'#8<A9G;9=M'!F9?A'*6EK;CE:'B;'QO3EC=;F:'H8CE'$=;<8J<=;9C='!C=A9;9C=N'!F9?A'*CG9B?'!CEK<;<=G<'B=A'$=;<8BG;9C='CH'$=;<8J<=;9C='B=A'*CG9B?'!CEK<;<=G<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ba

X> /<M8<::9C='-L@B;9C=:'#8<A9G;9=M'!F9?A'!CK9=M'B;'b3EC=;F:'H8CE'$=;<8J<=;9C='!C=A9;9C=N'!F9?A'*CG9B?'!CEK<;<=G<N'B=A'$=;<8BG;9C='CH'$=;<8J<=;9C='B=A'*CG9B?'!CEK<;<=G<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>be

QP> /<M8<::9C='-L@B;9C=:'#8<A9G;9=M'!F9?A'*6EK;CE:'B;'QO3EC=;F:'H8CE'$=;<8J<=;9C='!C=A9;9C=N'!F9?A'*CG9B?'!CEK<;<=G<N'!F9?A'!CK9=MN'B=A'$=;<8BG;9C='CH'!CK9=M'B=A'*CG9B?'!CEK<;<=G<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>bh

J9

Page 7: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

+$*.'"0'0$&I/-*

09M@8< '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''>>>>>>>>>>>>>>>>#BM<

Q> ,CA<?'/<H?<G;9=M',@?;9K?<',<A9B;C8:'CH'$=;<8J<=;9C='-HH<G;:'C='!F9?A'*6EK;CE:>>>>>>>>>>>>>>>>>>>>>>>>Zh

O> ,CA<?'#8<A9G;9=M'!CK9=M'B;'b3EC=;F:'H8CE'$=;<8J<=;9C='B=A'!FB=M<:'9='*CG9B?'!CEK<;<=G<'H8CE'4B:<?9=<';C'O3EC=;F:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ZX

d> ,CA<?'#8<A9G;9=M'*CG9B?'!CEK<;<=G<'B;'b3EC=;F:'H8CE'$=;<8J<=;9C='B=A'!FB=M<:9='!CK9=M'H8CE'4B:<?9=<';C'O3EC=;F:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>ZX

a> ,CA<?'#8<A9G;9=M'$=;<8=B?9V9=M'*6EK;CE:'H8CE'!F9?A'!CK9=M'B=A'*CG9B?'!CEK<;<=G<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>bQ

J99

Page 8: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

!5(#.-/'$

$%./")I!.$"%

.F<'F9MF'K8<JB?<=G<'CH'A<K8<::9C='9=';F<'M<=<8B?'KCK@?B;9C='8<K8<:<=;:'B'

:9M=9H9GB=;'E<=;B?'F<B?;F'K8CD?<E'9=';F<'I=9;<A'*;B;<:>''(:'8<KC8;<A'9=';F<'%B;9C=B?'

!CEC8D9A9;6'*@8J<6'/<K?9GB;9C=N'7<::?<8'<;'B?>'[OPPd]'HC@=A';F<'?9H<;9E<'K8<JB?<=G<'CH'

,BWC8')<K8<::9J<')9:C8A<8';C'D<'Qb>Xi>''4B:<A'C=';F9:'K8<JB?<=G<'8B;<N'9;'9:'<_K<G;<A';FB;'

B:'EB=6'B:'aZ'E9??9C='BA@?;:'9=';F<'I>*>'EB6'<_K<89<=G<'B='<K9:CA<'CH'A<K8<::9C='CJ<8'

;F<'GC@8:<'CH';F<98'?9H<;9E<>'')<K8<::9C='9:'B?:C'B'F9MF?6'8<G@88<=;'A9:C8A<8>''!@88<=;'

<:;9EB;<:':@MM<:;';FB;'B;'?<B:;'bPi'CH'9=A9J9A@B?:'TFC'<_K<89<=G<'C=<'<K9:CA<'T9??'FBJ<'B'

:<GC=AN'ePi'CH'9=A9J9A@B?:'TFC'FBJ<'@=A<8MC=<';TC'<K9:CA<:'T9??'FBJ<'B';F98AN'B=A'XPi'

CH'9=A9J9A@B?:'T9;F';F8<<'<K9:CA<:'T9??'FBJ<'B'HC@8;F'[(E<89GB='#:6GF9B;89G'(::CG9B;9C=N'

OPPPf'*C?CEC='<;'B?>N'OPPP]>'',C8<CJ<8N'8<:<B8GF':@MM<:;:';FB;'9=A9J9A@B?:'TFC'

<_K<89<=G<'B='<K9:CA<'CH'EBWC8'A<K8<::9C='GC=;9=@<';C'<_F9D9;':@DG?9=9GB?'?<J<?:'CH'

A<K8<::9J<':6EK;CE:'<J<='TF<='C@;'CH'<K9:CA<>''

cCE<='B8<':9M=9H9GB=;?6'EC8<'?9U<?6';FB='E<=';C'<_K<89<=G<'<K9:CA<:'CH'

A<K8<::9C=N'B=A'8B;<:'CH'A<K8<::9C='9='TCE<='B8<'F9MF<:;'9='6C@=M'BA@?;FCCA'A@89=M'

GF9?AD<B89=M'6<B8:'[&CCAEB=N'OPPef'7<::?<8N'OPPbf'7<::?<8'<;'B?>N'OPPd]>''$='B':9E9?B8'

KB;;<8=N'8B;<:'CH'A<K8<::9C='B8<'F9MF<8'9='EB?<:'6C@=M<8';FB='BM<'aZ';FB='BEC=M'E<='BM<'

aZ'B=A'C?A<8'[4?BV<8N'7<::?<8N',G&C=BM?<N'j'*TB8;VN'QXXa]>''(:'7B=<'B=A'&B8D<8'[OPPa]'

=C;<N'B'F9MF'K8CKC8;9C='CH'E<='9=';F9:'BM<'M8C@K'B8<'B?:C'?9U<?6';C'FBJ<'GF9?A8<=>''.F@:N'9;'

9:'L@9;<'BKKB8<=;';FB;'B':9M=9H9GB=;'=@ED<8'CH'GF9?A8<='B=A'BAC?<:G<=;:'B8<'<_KC:<A';C'

:6EK;CE:'CH'A<K8<::9C=kDC;F'TF<=';F<98'KB8<=;:'B8<'9='B=A'C@;'CH'<K9:CA<>''

Q

Page 9: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

.F<':9M=9H9GB=;'=@ED<8'CH'EC;F<8:'TFC'<_K<89<=G<'G?9=9GB?'A<K8<::9C='A@89=M'

;F<98'GF9?A8<=^:'?9H<;9E<:'9:'KB8;9G@?B8?6'K8CD?<EB;9G'B:'EB;<8=B?'A<K8<::9C='9:'?9=U<A';C'

=<MB;9J<'C@;GCE<:'9='GF9?A8<='[<>M>N'&CCAEB=N'OPPef'&CCAEB='j'&C;?9DN'QXXX]>''/B;<:'

CH'A<K8<::9C='9=':GFCC?3BM<A'CHH:K89=M'CH'A<K8<::<A'EC;F<8:'FBJ<'D<<='<:;9EB;<A';C'D<'B:'

F9MF'B:'aQiN'9='GCEKB89:C=';C'B='<:;9EB;<A'?9H<;9E<'K8<JB?<=G<'8B;<'D<;T<<='QPi'B=A'

QZi'9=';F<'M<=<8B?'KCK@?B;9C='CH'GF9?A8<='B=A'BAC?<:G<=;:'[!C:;<??C'<;'B?>N'OPPdf'

&CCAEB=N'OPPef'+<T9=:CF=N'5CK:N'/CD<8;:N'*<<?<6'j'(=A8<T:N'QXXd]>''-_;<=:9J<'

8<:<B8GF'FB:'ACG@E<=;<A';F<'9EKBG;'CH'EB;<8=B?'A<K8<::9C='C='GF9?A8<=N'D@;'KB;<8=B?'

A<K8<::9C='FB:'B?:C'D<<=':FCT=';C':;8C=M?6'GC88<?B;<'T9;F'GF9?A'B=A'BAC?<:G<=;'

K:6GFCKB;FC?CM6'[<>M>N'49??9=M:'j',CC:N'QXhdf'!C==<??'j'&CCAEB=N'OPPOf'SBGCD'j'

SCF=:C=N'QXXef'7B=<'j'&B8D<8N'OPPa]>''#B8<=;B?'A<K8<::9C='9='DC;F'EC;F<8:'B=A'HB;F<8:'

BHH<G;:'GF9?A'B=A'BAC?<:G<=;'BAW@:;E<=;'9='B'JB89<;6'CH'TB6:>''0C8'<_BEK?<N'TF<='

GCEKB8<A';C':BE<3BM<'GF9?A8<='CH'=C=A<K8<::<A'KB8<=;:N'CHH:K89=M'CH'A<K8<::<A'KB8<=;:'

=C;'C=?6'FBJ<'F9MF<8'8B;<:'CH'A<K8<::9C=N'D@;';F<6'B?:C'<_K<89<=G<'<B8?9<8'C=:<;'CH';F<'

A9:C8A<8N'M8<B;<8'H@=G;9C=B?'9EKB98E<=;N'B=A'B'F9MF<8'?9U<?9FCCA'CH'8<G@88<=G<'[5BEE<=N'

*F9FN'(?;EB=N'j'48<==B=N'OPPdf'7<??<8'<;'B?>'QXhbf'cB8=<8N'c<9::EB=N'0<=A89GFN'

c9GU8BEB8B=;<N'j',C8<B@N'QXXO]>'',C8<CJ<8N'GF9?A8<='CH'A<K8<::<A'KB8<=;:'B8<'B;'89:U'

HC8'B'8B=M<'CH'9=;<8=B?9V9=M'B=A'<_;<8=B?9V9=M':6EK;CE:'B=A'A9:C8A<8:'[cB8=<8'<;'B?>]>

.F8C@MF':<J<8B?'89:U'K8CG<::<:N'CHH:K89=M'CH'A<K8<::<A'KB8<=;:'B8<'B;'9=G8<B:<A'

89:U'HC8'A<K8<::9C='B=A'C;F<8'HC8E:'CH'K:6GFCKB;FC?CM6>''5CT<J<8N'8<:<B8GF':@MM<:;:'

;FB;N'<J<='@=A<8';F<':;8<::H@?'G98G@E:;B=G<:'CH'?9J9=M'T9;F'B'KB8<=;'T9;F'A<K8<::9C=N':CE<'

C8'<J<='EC:;'GF9?A8<='B=A'BAC?<:G<=;:'B8<'8<:9?9<=;'B=A'BABK;':@GG<::H@??6>''.F@:N'HC8'

:CE<'GF9?A8<='B=A'BAC?<:G<=;:N';F<'<HH<G;'CH'KB8<=;B?'A<K8<::9C='EB6'D<':9M=9H9GB=;N'TF9?<'

HC8'C;F<8:';F<'<HH<G;'EB6'D<'=<M?9M9D?<>''I=A<8:;B=A9=M'HBG;C8:';FB;'?<BA';C'F<B?;F6'

O

Page 10: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

BAW@:;E<=;'8B;F<8';FB='K8CD?<E'C@;GCE<:'9='CHH:K89=M'CH'A<K8<::<A'KB8<=;:'9:';F<'HCG@:'CH'

;F9:':;@A6>'',C8<':K<G9H9GB??6N';F<'8C?<'CH':CG9B?'GCEK<;<=G<'B=A'GCK9=MN'B=A';F<'8<?B;9C=:'

D<;T<<=';F<:<';TC'KC;<=;9B?':C@8G<:'CH'8<:9?9<=G<N'T<8<'9=J<:;9MB;<A'B:'K8CG<::<:'CH'

8<:9?9<=G<'B=A'KC;<=;9B?'K8C;<G;9C='H8CE'K:6GFCKB;FC?CM6'9=';F<:<'B;389:U'6C@;F>'

$=';F<'G@88<=;':;@A6N'K8CG<::<:'CH'8<:9?9<=G<'T<8<'<_BE9=<A'K8C:K<G;9J<?6'T9;F9='

;F<'GC=;<_;'CH'B'8B=ACE9V<A'G?9=9GB?';89B?'<JB?@B;9=M';F<'<HH9GBG6'CH'B'GCM=9;9J<3D<FBJ9C8B?'

K8<J<=;9J<'9=;<8J<=;9C='HC8'KB8<=;:'T9;F'B'F9:;C86'CH'A<K8<::9C='B=A';F<98'GF9?A8<=>

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

78B<E<8'B=A'GC??<BM@<:'[QXXe]'8<H<8';C'$,+.'B:';F<'K8CDBD9?9;6';FB;'B='9=A9J9A@B?'

C8'KCK@?B;9C='T9??'<_K<89<=G<'B'=<MB;9J<'C@;GCE<'B=A'B'$,+.(/#0&-$'B:'B'H<B;@8<'CH'B='

9=A9J9A@B?'C8';F<'<=J98C=E<=;';FB;'9:'8<?B;<A';C';F<'9=G8<B:<A'K8CDBD9?9;6'CH'B'=<MB;9J<'

C@;GCE<>''&8CT9=M'@K'T9;F'B'KB8<=;'TFC'FB:'<_K<89<=G<A'A<K8<::9C='KC:<:'B':9M=9H9GB=;'

89:U';C'A<J<?CK9=M'GF9?A8<='B=A'BAC?<:G<=;:'[(=A<8:C='j'5BEE<=N'QXXdf'4<B8A:?<<N'

7<??<8N'j'7?<8EB=N'QXhZ]>''(:'=C;<A'BDCJ<N'<_KC:@8<';C'KB8<=;B?'A<K8<::9C='9:'B::CG9B;<A'

T9;F'9=G8<B:<A'8B;<:'CH'A<K8<::9C='B=A'A<K8<::9J<':6EK;CE:'B:'T<??'B:'<?<JB;<A'8B;<:'CH'

C;F<8'9=;<8=B?9V9=M'B=A'<_;<8=B?9V9=M'K8CD?<E:'9='CHH:K89=M'CH'A<K8<::<A'KB8<=;:>''.F<'

BAJ<8:<'<HH<G;:'CH'KB8<=;B?'A<K8<::9C='B8<'=C;':@8K89:9=MN'M9J<=';F<'8<G@88<=;'=B;@8<'CH'

A<K8<::9C='B=A';F<'?B8M<'K8CKC8;9C='CH'BA@?;'A<K8<::9C=';FB;'MC<:'@=;8<B;<A>''.F<'GC@8:<'

CH'A<K8<::9C=':@MM<:;:';FB;'EB=6'GF9?A8<='CH'A<K8<::<A'KB8<=;:'B8<'<_KC:<A';C'H8<L@<=;'

B=A'<_;<=A<A'K<89CA:'A@89=M'TF9GF';F<98'KB8<=;:'B8<'9='B='<K9:CA<'B=A'HBG<'GC=;9=@<A'

:;8<::'B;'C;F<8';9E<:'TF<=';F<98'KB8<=;:'B8<'C@;'CH'<K9:CA<'D@;'<_K<89<=G9=M':@D;F8<:FC?A'

:6EK;CE:'CH'A<K8<::9C='[5BEE<=N'QXXe]>'

d

Page 11: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

$='BAA9;9C=';C';F<'9A<=;9H9GB;9C='CH'EB8U<8:'CH'89:UN'9;'9:'B?:C'9EKC8;B=;';C'GC=:9A<8'

;F<'K8CG<::<:';FB;'?9=U'89:U'HBG;C8:';C'=<MB;9J<'C@;GCE<:'9='GF9?A8<='B=A'BAC?<:G<=;:'

[!CTB=N'!CTB=N'j'*GF@?VN'QXXb]>''.F@:N'9=';F<'GB:<'CH'KB8<=;B?'A<K8<::9C=N'9;'9:'

9EKC8;B=;';C'GC=:9A<8';F<'K8CG<::<:';F8C@MF'TF9GF'GF9?A8<='B8<'BAJ<8:<?6'BHH<G;<A>'

(?;FC@MF';F<'<HH<G;:'CH'KB8<=;B?'A<K8<::9C='C='CHH:K89=M'B8<'?9U<?6';8B=:E9;;<A';F8C@MF'

E@?;9K?<'E<GFB=9:E:N'CH'KB8;9G@?B8'9EKC8;B=G<';C';F<'G@88<=;':;@A6'9:';F<':;8<::'B::CG9B;<A'

T9;F'?9J9=M'T9;F'B'A<K8<::<A'KB8<=;'[&CCAEB='j'&C;?9DN'QXXX]>''*6EK;CE:'CH'A<K8<::9C='

[<>M>N':BA=<::N'9889;BD9?9;6]':9M=9H9GB=;?6'9EKB98'KB8<=;:^'BD9?9;6';C'<HH<G;9J<?6'K8CJ9A<'

:;8@G;@8<N':@KKC8;N'B=A'=@8;@8B=G<';C';F<98'GF9?A8<=N'?<BA9=M';C'A9:8@K;9C=:'9='KB8<=;9=M'

B=A'GC=;89D@;9=M';C'B':;8<::H@?'HBE9?6'<=J98C=E<=;'[5BEE<='<;'B?>N'OPPd]>''*K<G9H9GB??6N'

:;@A9<:'FBJ<'ACG@E<=;<A'KB8<=;B?'T9;FA8BTB?'[<>M>N'BJC9AB=G<'C8'@=8<:KC=:9J<=<::';C'

;F<98'GF9?A8<=^:'=<<A:]'B=A'KB8<=;B?'9=;8@:9J<=<::'[<>M>N'9889;BD9?9;6';CTB8A';F<98'GF9?A8<='C8'

<_G<::9J<'9=JC?J<E<=;'9=';F<98'GF9?A8<=^:'?9J<:]'B:'GFB8BG;<89:;9G'CH'A<K8<::<A'KB8<=;:'9='

;F<98'9=;<8BG;9C=:'T9;F';F<98'GF9?A8<='[<>M>N'!@EE9=M:N')<(8;F3#<=A?<6N')@/CGF<83

*GF@A?9GFN'j'*E9;FN'OPPQf'&<?HB=A'j'.<;9N'QXXPf',B?KF@8:N'09<?AN'+B88B9=<N'#9GU<=:N'j'

#B?B<V3%CM@<8B:N'QXXb]>''0C8'<_BEK?<N'9='B':;@A6'<_BE9=9=M';F<':;8<::'CH'?9J9=M'T9;F'B'

A<K8<::<A'KB8<=;N'+B=M8CGU'<;'B?>'[OPPO]'HC@=A';FB;'G@88<=;'KB8<=;B?'A<K8<::9J<':6EK;CE:'

9='EC;F<8:'B=A'HB;F<8:'T<8<':9M=9H9GB=;?6'8<?B;<A';C'9=G8<B:<A'KB8<=;B?'T9;FA8BTB?'B=A'

9=;8@:9J<'D<FBJ9C8:>'

-_KC:@8<';C'FC:;9?<N'A9:<=MBM<AN'B=A'9=GC=:9:;<=;'KB8<=;9=MN'B:'CKKC:<A';C'

:;8@G;@8<A'B=A'=@8;@89=M'KB8<=;9=MN'GC=;89D@;<:';C'B'GF8C=9GB??6':;8<::H@?'B=A'

@=K8<A9G;BD?<'<=J98C=E<=;'HC8'GF9?A8<='B=A';<=A:';C'8<:@?;'9='9=G8<B:<A':6EK;CE:'9='

CHH:K89=M'CH'A<K8<::<A'KB8<=;:>''/<G<=;':;@A9<:'FBJ<':FCT=';FB;'GF9?A8<='B=A'BAC?<:G<=;:'

<_KC:<A';C'F9MF<8'?<J<?:'CH'KB8<=;B?'9=;8@:9J<=<::`9889;BD9?9;6N'G89;9G9:EN'B=A'T9;FA8BTB?'

a

Page 12: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

FBJ<'F9MF<8'A<K8<::9J<'B=A'9=;<8=B?9V9=M':6EK;CE:'[<>M>N'&B8D<8N'OPPZf'SB:<8'<;'B?>N'OPPZf'

+B=M8CGU'<;'B?>N'OPPO]>''.F@:N'9;'9:'9EKC8;B=;';C'9A<=;9H6'HBG;C8:';FB;'K8CEC;<'F<B?;F6'

BAW@:;E<=;'9='GF9?A8<='<_KC:<A';C';F<':;8<::'CH'KB8<=;B?'A<K8<::9C=>

"$-0%++%+(-/(1%+,',%!0%(

(:'KC9=;<A'C@;'D6'!CTB='<;'B?>'[QXXb]N'<J<='9=';F<'HBG<'CH':9M=9H9GB=;'89:UN'=C;'B??'

9=A9J9A@B?:'AC'KCC8?6kC8N'9=';F<'GB:<'CH'CHH:K89=M'CH'A<K8<::<A'KB8<=;:N'A<:K9;<'<_KC:@8<'

;C':9M=9H9GB=;':;8<::N'=C;'B??'GF9?A8<='B=A'BAC?<:G<=;:'A<J<?CK'K:6GFCKB;FC?CM6'

;F<E:<?J<:>''(?;FC@MF'GF9?A8<='B=A'BAC?<:G<=;:'CH'BHH<G;9J<?6'9??'KB8<=;:'B8<'B;'B='

9=G8<B:<A'89:U'HC8'A<K8<::9C='B=A'C;F<8'HC8E:'CH'K:6GFCKB;FC?CM6N'B'=@ED<8'CH':;@A9<:'

FBJ<'A<EC=:;8B;<A';FB;'EB=6'CHH:K89=M'CH'A<K8<::<A'KB8<=;:'BG;@B??6'AC'L@9;<'T<??>'

.F<:<'9=A9J9A@B?:N'9A<=;9H9<A'B:'$%+,',%!&N'<_F9D9;';F<'BD9?9;6';C'8<:KC=A'KC:9;9J<?6';C'

:9M=9H9GB=;'BAJ<8:9;6>''(:'A<H9=<A'D6'+@;FB8'B=A'!9GGF<;;9'[OPPP]N'$%+,',%!0%'9:'B'K8CG<::'

TF<8<9='9=A9J9A@B?:'A9:K?B6'KC:9;9J<'BABK;B;9C='A<:K9;<':<89C@:';F8<B;:';C'BABK;B;9C='C8'

A<J<?CKE<=;>''

.TC'KC;<=;9B?'K8CG<::<:'CH'8<:9?9<=G<'B8<'<_BE9=<A'9=';F9:':;@A6R'GCK9=M'B=A'

:CG9B?'GCEK<;<=G<>''.F<'BJB9?BD9?9;6'CH'K:6GFC:CG9B?'8<:C@8G<:N':@GF'B:'GCK9=M'B=A':CG9B?'

GCEK<;<=G<N'EB6'GC@=;<8BG;'C8'ECA<8B;<';F<'A9:8@K;9J<'9=H?@<=G<'CH'FBJ9=M'B'A<K8<::<A'

KB8<=;>''.F<:<'K8C;<G;9J<'K8CG<::<:'EB6'D<'<:K<G9B??6'K<8;9=<=;'9=':F9<?A9=M'BMB9=:;';F<'

<HH<G;:'CH':;8<::'B=A'K:6GFC:CG9B?'89:U'K8CG<::<:'B::CG9B;<A'T9;F'KB8<=;B?'A<K8<::9C=>'

2-*,!3

.F<'TB6'9='TF9GF'9=A9J9A@B?:'8<:KC=A';C'B=A'A<B?'T9;F':;8<::'K?B6:'B'G89;9GB?'8C?<'

9=';F<'<HH<G;';FB;':;8<::'FB:'C=';F<98'<EC;9C=B?'B=A'K:6GFC?CM9GB?'T<??3D<9=M>''(:'

Z

Page 13: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

K8<J9C@:?6'A9:G@::<AN'KB8<=;B?'A<K8<::9C='?<BA:';C'9=G8<B:<A':;8<::'T9;F9=';F<'HBE9?6'B:'B'

H@=G;9C='CH'A9:8@K;<A'KB8<=;9=MN'B=A';F<'TB6:'9='TF9GF'GF9?A8<='B=A'BAC?<:G<=;:'GCK<'

T9;F';F9:':;8<::'FB:'B':9M=9H9GB=;'9EKBG;'C=';F<98'BAW@:;E<=;'[!CEKB:N'!C==C83*E9;FN'

*B?;VEB=N'.FCE:<=N'j'cBA:TC8;FN'OPPQf'*U9==<8'j'l9EE<83&<ED<GUN'OPPe]>

)%/,!,!3(0-*,!3>''('G89;9GB?'H98:;':;<K'9='@=A<8:;B=A9=M'GCK9=M'9='CHH:K89=M'CH'

A<K8<::<A'KB8<=;:'9:';C'A<H9=<'GCK9=M>''5CT<J<8N'B'H@=ABE<=;B?'A9:;9=G;9C='9=';F<'

GC=G<K;@B?9VB;9C='CH'GCK9=M'9:';F<'GC=;8B:;'D<;T<<='8<:KC=:<:';C':;8<::';FB;'B8<'GC=:G9C@:'

B=A'JC?9;9C=B?'B=A';FC:<';FB;'B8<'B@;CEB;9G'B=A'9=JC?@=;B86'[!CEKB:'<;'B?>N'OPPQ]>''.F<'

G@88<=;':;@A6'TB:'DB:<A'C='B'E@?;9A9E<=:9C=B?'ECA<?'CH'8<:KC=:<:';C':;8<::';FB;'9=G?@A<:'

DC;F'GC=;8C??<A`JC?@=;B86'B=A'B@;CEB;9G`9=JC?@=;B86'8<:KC=:<:';C':;8<::'B=A'9=JC?J<'

<9;F<8'<=MBM<E<=;'T9;F'C8'A9:<=MBM<E<=;'H8CE'B':;8<::C8'B=A'C=<^:'<EC;9C=B?'8<BG;9C=:'

[!CEKB:'<;'B?>N'OPPQf'!C==C83*E9;FN'!CEKB:N'cBA:TC8;FN'.FCE:<=N'j'*B?;VEB=N'OPPP]>'

$=JC?@=;B86'8<:KC=:<:';C':;8<::'B8<'B@;CEB;9G'K8CG<::<:';FB;'B8<'=C;'@=A<8'JC?9;9C=B?'

GC=;8C?'B=A';F<8<HC8<'B8<'A9:;9=G;'H8CE'GCK9=M'[!C==C83*E9;F'<;'B?>N'OPPP]>''!CK9=M'9:'

A<H9=<A'B:'GC=:G9C@:'JC?9;9C=B?'<HHC8;:';C'8<M@?B;<';F<'<EC;9C=B?N'D<FBJ9C8B?N'GCM=9;9J<N'

B=A'KF6:9C?CM9GB?'8<:KC=:<:';C':;8<::H@?'<J<=;:'C8'GC=A9;9C=:'[!CEKB:'<;'B?>N'OPPQ]>'

!C=H98EB;C86'HBG;C8'B=B?6;9G':;@A9<:'[<>M>N'!C==C83*E9;F'<;'B?>N'OPPPf'cBA:TC8;F'<;'B?>N'

OPPa]'GC=A@G;<A'T9;F'A9J<8:<':BEK?<:'CH'BAC?<:G<=;:'<_K<89<=G9=M'B'JB89<;6'CH'A9HH<8<=;'

:;8<::C8:'FBJ<'K8CJ9A<A':@KKC8;'HC8';F9:'ECA<?'B=A'9=A9GB;<A';FB;'GCK9=M'8<:KC=:<:'GB='D<'

GB;<MC89V<A'9=;C';F8<<'HBG;C8:R'K89EB86'GC=;8C?'<=MBM<E<=;'GCK9=MN':<GC=AB86'GC=;8C?'

<=MBM<E<=;'GCK9=MN'B=A'A9:<=MBM<E<=;'GCK9=M>''

#89EB86'GC=;8C?'<=MBM<E<=;'GCK9=M'9=JC?J<:'A98<G;'B;;<EK;:';C'GFB=M<';F<'

:;8<::H@?':9;@B;9C='C8'GFB=M<'C=<^:'<EC;9C=:'[<>M>N'K8CD?<E':C?J9=MN'<EC;9C=B?'

<_K8<::9C=]N'TF9?<':<GC=AB86'GC=;8C?'<=MBM<E<=;'GCK9=M'8<:KC=:<:'B8<'<HHC8;:';C'BAW@:;'C8'

b

Page 14: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

BABK;';C';F<':;8<::H@?':9;@B;9C='D6'GFB=M9=M'C=<^:'<EC;9C=:'C8'GCM=9;9C=:'[!CEKB:'<;'B?>N'

OPPQ]>''*<GC=AB86'GC=;8C?'GCK9=M'8<H?<G;:'B'K8CG<::'CH'BGGCEECAB;9=M';C'@=GC=;8C??BD?<'

:;8<::'B=A'9=G?@A<:'BGG<K;B=G<'[<>M>N';BU9=M';F9=M:'B:';F<6'B8<f'MC9=M'T9;F';F<'H?CT]N'

KC:9;9J<';F9=U9=M'[<>M>N';<??9=M'C=<:<?H';F9=M:'T9??'D<'B??'89MF;]N'GCM=9;9J<'8<:;8@G;@89=M'

[<>M>N';<??9=M'C=<:<?H';FB;';F9=M:'GC@?A'D<'TC8:<f';F9=U9=M';FB;':CE<;F9=M'MCCA'T9??'GCE<'

H8CE';F<':9;@B;9C=]N'B=A'A9:;8BG;9C='[<>M>N'U<<K9=M'C=<^:'E9=A'CHH';F<':;8<::C8'D6'AC9=M'C8'

;F9=U9=M'BDC@;':CE<;F9=M'H@=]>''(?;FC@MF'K89C8':;@A9<:'A<EC=:;8B;<';FB;'DC;F'HC8E:'CH'

<=MBM<E<=;'GCK9=M'GB='D<'BABK;9J<'8<:KC=:<:';C'HBE9?6':;8<::'B=A'B8<'8<?B;<A';C'?CT<8'

<EC;9C=B?'B=A'D<FBJ9C8B?'K8CD?<E:'[!CEKB:'<;'B?>N'OPPQ]N'8<:<B8GF'FB:'B?:C':FCT=';FB;'

K89EB86'GC=;8C?'GCK9=M'9:'EC:;'BABK;9J<'TF<='8<:KC=A9=M';C'B':;8<::H@?':9;@B;9C=';FB;'9:'

GC=;8C??BD?<'TF9?<':<GC=AB86'GC=;8C?'GCK9=M'9:'EC:;'<HH<G;9J<'9='@=GC=;8C??BD?<':;8<::H@?'

:9;@B;9C=:'[c<9:V'<;'B?>N'QXXa]>''&9J<=';FB;':;8<::C8:'8<?B;<A';C'KB8<=;B?'A<K8<::9C='[9><>N'

F9MF'?<J<?:'CH'T9;FA8BTB?'C8'9=;8@:9J<=<::]'B8<'?9U<?6'D<6C=A';F<'GF9?A^:'A98<G;'GC=;8C?N'

BAW@:;9=M'C=<:<?H';C':@GF':;8<::C8:';F8C@MF':<GC=AB86'GC=;8C?'GCK9=M'K89EB86'EB6'D<'

EC:;'BABK;9J<>'

24,'5(0-*,!3(#!5(*+604-'-3,0#'(#578+&9%!&>''/<:<B8GF'C='GF9?A8<='B=A'

BAC?<:G<=;:^'GCK9=M'FB:'D<<='K89EB89?6'A<JC;<A';C'9A<=;9H69=M';F<'?9=U'D<;T<<='9=A9J9A@B?'

A9HH<8<=G<:'9='8<:KC=A9=M';C':;8<::'B=A'JB89C@:'9=A9GB;C8:'CH'K:6GFC?CM9GB?'BAW@:;E<=;'9='

FCK<:'CH'9A<=;9H69=M'BABK;9J<'B=A'EB?BABK;9J<'GCK9=M'KB;;<8=:'[*U9==<8'j'l9EE<83

&<ED<GUN'OPPe]>''!CK9=M'9:'G89;9GB?';C'H@??6'@=A<8:;B=A';F<'<HH<G;:'CH':;8<::'C='GF9?A8<='

B=A'BAC?<:G<=;:N'B:'9;'DC;F'9A<=;9H9<:';F<'BG;9J<'8C?<'GF9?A8<='B=A'BAC?<:G<=;:'GB='K?B6'9='

;F<'K8<:<=G<'CH':;8<::C8:'9=';F<98'?9J<:'B=A'F<?K:';C'K8<A9G;'FCT';F<:<'<_K<89<=G<:'T9;F'

BAJ<8:9;6'T9??':FBK<'H@;@8<'A<J<?CKE<=;'[!CEKB:'<;'B?>N'OPPQf'*U9==<8'j'l9EE<83

&<ED<GUN'OPPe]>''

e

Page 15: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

,C8<':K<G9H9GB??6N';F<'TB6:'9='TF9GF'GF9?A8<='B=A'BAC?<:G<=;:'GCK<'T9;F';F<':;8<::'

8<?B;<A';C'KB8<=;B?'A<K8<::9C='K?B6:'B':9M=9H9GB=;'8C?<'9=';F<98'BAW@:;E<=;>''/<G<=;'8<:<B8GF'

FB:'K8CJ9A<A':@KKC8;'HC8':@GF'B='B::CG9B;9C='D6'<_BE9=9=M';F<'?9=U'D<;T<<='GF9?A8<='B=A'

BAC?<:G<=;:^'9=;<8=B?9V9=M'B=A'<_;<8=B?9V9=M':6EK;CE:'B=A';F<98'GCK9=M'9='8<:KC=:<';C';F<'

:;8<::'CH'?9J9=M'T9;F'B'A<K8<::<A'KB8<=;'[SB:<8'<;'B?>N'OPPZN'OPPeN'OPPhf'+B=M8CGU'<;'B?>N'

OPPO]>''&9J<=';F<'?BGU'CH'GC=;8C?';FB;'GF9?A8<='FBJ<'CJ<8';F<98'KB8<=;:^'<EC;9C=B?':;B;<'

B=A'D<FBJ9C8N'9=';F<'GC=;<_;'CH'KB8<=;B?'A<K8<::9C=N':;8B;<M9<:';FB;'GF9?A8<='@:<';C'8<M@?B;<'

;F<98'CT='<EC;9C=:'B=A'BABK;';C':;8<::'EB6'D<'EC:;'BABK;9J<>''*<J<8B?':;@A9<:'FBJ<'

8<J<B?<A';FB;'GF9?A8<='B=A'BAC?<:G<=;:^'@:<'CH':<GC=AB86'GC=;8C?'<=MBM<E<=;'GCK9=M'9:'

GC88<?B;<A'T9;F'?CT<8'?<J<?:'CH'B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:'[SB:<8'<;'

B?>N'OPPZN'OPPef'+B=M8CGU'<;'B?>N'OPPO]>''$='C;F<8'TC8A:N'GF9?A8<='B=A'BAC?<:G<=;:'TFC'

@:<A':;8B;<M9<:'B9E<A'B;'BABK;9=M';C';F<':;8<::'CH'?9J9=M'T9;F'B'A<K8<::<A'KB8<=;'[<>M>N'

BGG<K;B=G<N'GCM=9;9J<'8<:;8@G;@89=MN'A9:;8BG;9C=]'FBA'H<T<8'9=;<8=B?9V9=M':6EK;CE:>'

cF9?<'9A<=;9H69=M'A98<G;N'H98:;3C8A<8'8<?B;9C=:'D<;T<<='GCK9=M'B=A'K:6GFC?CM9GB?'

BAW@:;E<=;'9:'B='9EKC8;B=;':;<KN';F<8<'B8<'G?<B8';F<C8<;9GB?'8<B:C=:';C'<_K<G;';FB;';F<'

8<?B;9C=:'D<;T<<='GCK9=M'B=A':6EK;CE:'9:'EC8<'GCEK?<_N'TF<8<D6'GCK9=M'E<A9B;<:';F<'

<HH<G;:'CH':;8<::'C='K:6GFC?CM9GB?'BAW@:;E<=;'[SB:<8'<;'B?>N'OPPhf'*B=A?<8N'.<9=N'j'c<:;N'

QXXa]>''!CK9=M'FB:'D<<='K8CKC:<A'B:'C=<'CH';F<'K89EB86'K8CG<::<:';F8C@MF'TF9GF'

8<:9?9<=;'C@;GCE<:'B8<'BGF9<J<A'[!CEKB:'<;'B?>N'OPPO]>''$='8<;@8=9=M';C';F<'A<H9=9;9C='CH'

GCK9=MkmGC=:G9C@:'JC?9;9C=B?'<HHC8;:';C'8<M@?B;<'C=<^:'<EC;9C=B?N'D<FBJ9C8B?N'GCM=9;9J<N'

B=A'KF6:9C?CM9GB?'8<:KC=:<:';C'<J<=;:'K<8G<9J<A'B:':;8<::H@?nk9;':<8J<:'B:'B'8<E9=A<8';FB;'

<HH<G;9J<'GCK9=M':;8B;<M9<:'E9MF;'D@HH<8';F<'=<MB;9J<'<HH<G;:'CH'KB8<=;B?'A<K8<::9C='D6'

?<::<=9=M';F<'9EKBG;'CH';F<':;8<::'C='GF9?A8<='B=A'BAC?<:G<=;:>''!F9?A8<='B=A'BAC?<:G<=;:^'

h

Page 16: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

:@GG<::'9='GCK9=M'T9;F';F<'=<MB;9J<'9=;<8BG;9C=:'B::CG9B;<A'T9;F'KB8<=;B?'A<K8<::9C='EB6'

;F<8<D6'FBJ<'9EKC8;B=;'9EK?9GB;9C=:'HC8';F<98'E<=;B?'F<B?;F>

:-0,#'(2-9*%&%!0%

*CG9B?'GCEK<;<=G<N'KB8;9G@?B8?6'B:'8<H?<G;<A'9='8<?B;9C=:F9K:'T9;F'K<<8:N'B?:C'K?B6:'

B'K8CE9=<=;'8C?<'9='8<:9?9<=G<'CH'B;389:U'6C@;F>''$=';F<'GC=;<_;'CH':9M=9H9GB=;':;8<::N':@GF'B:'

:;8<::'B::CG9B;<A'T9;F'KB8<=;B?'A<K8<::9C=N'BGG<::';C':CG9B?':@KKC8;'B=A'KC:9;9J<':<?H3

BKK8B9:B?:'CH':CG9B?'H@=G;9C=9=M'EB6':<8J<';C'D@HH<8';F<'9EKBG;'CH'BAJ<8:9;6'B=A'K8CEC;<'

<EC;9C=B?'B=A'K:6GFC?CM9GB?'T<??3D<9=M>''

)%/,!,!3(+-0,#'(0-9*%&%!0%>''*CG9B?'GCEK<;<=G<'9:'M<=<8B??6'A<H9=<A'B:';F<'BD9?9;6'

;C'BGF9<J<':@GG<::'9=':CG9B?'C8'9=;<8K<8:C=B?':9;@B;9C=:'[!F<='j'08<=GFN'OPPhf'cB;<8:'j'

*8C@H<N'QXhd]>''(?;FC@MF':K<G9H9G'A<H9=9;9C=:'CH':CG9B?'GCEK<;<=G<'A9HH<8N'EB=6'

A<:G89K;9C=:'F9MF?9MF;';F<'BG;9J<'9=9;9B;9C=N'EB9=;<=B=G<N'B=A'KB8;9G9KB;9C='9=':CG9B?'

8<?B;9C=:'B=A';F<'BKK8CK89B;<=<::'CH';F<'D<FBJ9C8:'9=':CG9B?':<;;9=M:'[!F<='j'08<=GFN'

OPPhf'/@D9='j'/C:<378B:=C8N'QXXO]>'

$=;<8BG;9C=:'T9;F'K<<8:'9:'B'H@=ABE<=;B?'KB8;'CH'F@EB='A<J<?CKE<=;'[!F<='j'

08<=GFN'OPPh]N'B=A'K<<8'M8C@K:N'H89<=A:F9K:N'B=A'8CEB=;9G'8<?B;9C=:F9K:'GCEK89:<';F<'

EBWC8':6:;<E:'CH'9=;<8BG;9C='9=A9J9A@B?:'<=MBM<'9=';F8C@MFC@;'E@GF'CH';F<98'?9H<:KB='

[,B:;<=N'OPPZ]>''*CG9B?'GCEK<;<=G<'FB:'D<<='9A<=;9H9<A'B:'B'A9:;9=G;'A9E<=:9C='CH'

GCEK<;<=G<'9='DC;F'GF9?A'B=A'BAC?<:G<=;'A<J<?CKE<=;'B=A'BKK<B8:';C'FBJ<'F9MF':;BD9?9;6'

CJ<8'9=;<8JB?:'CH'Q';C'O'6<B8:'[!C9<'j')CAM<N'QXhd]N'D@;':FCT:'EC8<'ECA<:;'GC=;9=@9;6'

CJ<8'?C=M<8'9=;<8JB?:'[,B:;<='<;'B?>N'QXXZ]>''.F9:':@MM<:;:';FB;';F<':U9??:'@=A<8?69=M':CG9B?'

:@GG<::'9='GF9?AFCCA'EB6'A9HH<8'H8CE';FC:<'8<L@98<A'HC8':@GG<::'9='BAC?<:G<=G<'[,B:;<='

<;'B?>N'QXXZ]>

X

Page 17: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

*CE<'B:K<G;:'CH':CG9B?'GCEK<;<=G<'B?:C'9=JC?J<'9=;<8=B?':;8@G;@8<:'C8'K8CG<::<:k

9='KB8;9G@?B8N'9=A9J9A@B?:^'K<8G<K;9C=:'CH';F<98'CT='BD9?9;6';C':@GG<::H@??6'9=;<8BG;'T9;F'

C;F<8:'B=A';C'HC8E'B=A':@:;B9=':CG9B?'8<?B;9C=:F9K:>'')@89=M'E9AA?<'GF9?AFCCAN'GF9?A8<=^:'

:<?H3BKK8B9:B?:'@=A<8MC'B'EBWC8':F9H;>''(='9=G8<B:<'9='GCM=9;9J<'GBKBG9;6'B=A';F<'

<E<8M<=G<'CH'EC8<'GCEK?<_'GCM=9;9J<':;8@G;@8<:'8<:@?;'9=';TC'EBWC8'GFB=M<:';FB;'B::9:;'

9=';F<'GC=:;8@G;9C='CH':<?H39EBM<'D6'K8CJ9A9=M'GF9?A8<='T9;F'=<T':C@8G<:'CH'9=HC8EB;9C='

[!C?<N'SBGL@<VN'j',B:GFEB=N'OPPQ]>''098:;N'GF9?A8<='A<J<?CK';F<'GBKBG9;6'HC8':CG9B?'

GCEKB89:C=:'B=A'D<GCE<'EC8<'EC;9JB;<A';C'W@AM<';F<E:<?J<:'9='GCEKB89:C=';C'C;F<8:'

[%9GFC??:'j',9??<8N'QXhd]>''*<GC=AN'GF9?A8<='A<J<?CK';F<'BD9?9;6';C':<<';F<E:<?J<:'B:'

C;F<8:'K<8G<9J<';F<E'[-GG?<:N'c9MH9<?AN'5B8C?AN'j'4?@E<=H<?AN'QXXd]>''.F9:'K8CJ9A<:'

;F<E'T9;F':<?H39=HC8EB;9C=';FB;'BHH<G;:';F<98'K<8G<K;9C='CH';F<98'K<8:C=B?'GCEK<;<=G9<:>''

4<M9==9=M'B8C@=A';F<'BM<'CH'h'6<B8:N'GF9?A8<=^:'M<=<8B?9V<A':<=:<'CH'GCEK<;<=G<'

D<M9=:';C'A9HH<8<=;9B;<'9=;C'BG;9J9;63:K<G9H9G'ACEB9=:';FB;'B8<':B?9<=;';C';F<98'AB9?6'?9J<:'

[<>M>N':CG9B?'B=A'BGBA<E9Gf'5B8;<8N'QXhO]>''(:'GF9?A8<=';F<='ECJ<'9=;C'BAC?<:G<=G<N';F<98'

:<?H3K<8G<K;9C=:'D<GCE<'EC8<'8<B?9:;9G'B=A'EC8<'GC=:9:;<=;'T9;F'C;F<8:^'BKK8B9:B?:'CH'

;F<98'BD9?9;9<:'[!C?<'<;'B?>N'OPPQf'-GG?<:'<;'B?>N'QXXd]>''.F<:<'B8<';F<'H98:;':;<K:'9=';F<'

A<J<?CKE<=;'CH'B':<=:<'CH'K<8:C=B?':CG9B?'GCEK<;<=G<>''

c9;F9=';F<':CG9B?'ACEB9=N'GF9?A8<='<JB?@B;<';F<E:<?J<:'C='A9E<=:9C=:':@GF'B:'

FBJ9=M'H89<=A:N'D<9=M'<B:6';C'?9U<N'B=A'D<9=M'B='9EKC8;B=;'E<ED<8'CH'C=<^:':GFCC?'G?B::'

[5B8;<8N'QXhO]>''$='BAC?<:G<=G<N':<?H3BTB8<=<::N':CG9B?'GCEKB89:C=N'B=A'K8<CGG@KB;9C='

T9;F'C=<^:':<?H39EBM<'9=G8<B:<:'A8BEB;9GB??6N'TF9?<':<?H3<:;<<E'D<GCE<:'EC8<'

J@?=<8BD?<N'EBU9=M':<?H3K<8G<K;9C=:'CH':CG9B?'GCEK<;<=G<'<J<='EC8<':B?9<=;'A@89=M';F9:'

A<J<?CKE<=;B?'K<89CA'[5B8;<8N'QXXPf'5B8;<8'j'cF9;<:<??N'QXXb]>''

QP

Page 18: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

cF<8<B:':CG9B?'GCEK<;<=G<'9='GF9?AFCCA'9:'C=?6'ECA<:;?6'?9=U<A';C'GCEK<;<=G<'

9='BAC?<:G<=G<'[,B:;<='<;'B?>N'QXXZ]N'8<:<B8GF'FB:'A<EC=:;8B;<A';FB;':<?H3BKK8B9:B?:'CH'

:CG9B?'H@=G;9C=9=M'D<GCE<'9=G8<B:9=M?6':;BD?<'B:'B'H@=G;9C='CH'BM<>''.CTB8A:';F<'<=A'CH'

<?<E<=;B86':GFCC?N'GF9?A8<=^:':<?H3BKK8B9:B?:'CH';F<98':CG9B?'BD9?9;9<:'D<M9=';C':C?9A9H6'B=A'

D<GCE<'B='<:;BD?9:F<A'GCEKC=<=;'CH';F<98':<?H3GC=G<K;'[!C?<'<;'B?>N'OPPQ]>''

;*%$#&,-!#',<,!3(+-0,#'(0-9*%&%!0%=''.TC'B:K<G;:'CH':CG9B?'GCEK<;<=G<'8<H?<G;<A'

9='EB=6'A<H9=9;9C=:'B=A'GC=G<K;@B?9VB;9C=:'B8<':CG9B?'H@=G;9C=9=M'B=A'K<<8'8<?B;9C=:F9K:>'

"=<'H<B;@8<'CH':CG9B?'H@=G;9C=9=M'9:':CG9BD9?9;6N'TF9GF'9:'GC=:9A<8<A';C'D<'B'K8CA@G;'CH'

F9MF'EC;9JB;9C=';C'BKK8CBGF':CG9B?':9;@B;9C=:'B=A'9:'M<=<8B??6'GFB8BG;<89V<A'D6'BG;9J<'

<=MBM<E<=;'9='9=;<8BG;9C=:'T9;F'K<<8:'B=A'?CT'?<J<?:'CH'BJC9AB=G<'9=':CG9B?':9;@B;9C=:'

[(:<=AC8KHN'QXXPN'QXXQ]>''(':<GC=A'GCEKC=<=;'CH':CG9B?'H@=G;9C=9=M'9=JC?J<:'

BKK8CK89B;<':CG9B?'D<FBJ9C8:'C8':CG9B?':U9??:'[c<9:VN'/@AC?KFN'&8B=M<8N'j'*T<<=<6N'

QXXO]>''*CG9B?':U9??:'8<H<8';C'B='9=A9J9A@B?^:'U=CT?<AM<'CH'B=A'BD9?9;6';C'@:<'B'JB89<;6'CH'

:CG9B?'D<FBJ9C8:';FB;'B8<'BKK8CK89B;<';C'B'M9J<=':CG9B?':9;@B;9C=>''.F<'GBKBG9;6';C'9=F9D9;'

9EK@?:9J<N'<MCG<=;89GN'C8'=<MB;9J<':CG9B?'D<FBJ9C8'9:'B?:C'B'8<H?<G;9C='CH'B'GF9?Ao:':CG9B?'

:U9??:'[-9:<=D<8MN'lFC@N'+9<TN'!FBEK9C=N'j'#9ABABN'OPPbf',@8KF6'j'-9:<=D<8MN'OPPO]>''

('EBWC8'9=A<_'CH':CG9B?'GCEK<;<=G<'9='c<:;<8=':CG9<;6'9:';F<'BD9?9;6';C'M<;'B?C=M'

T9;F'K<<8:'B=A';C'<:;BD?9:F'B=A'EB9=;B9='K<<8'8<?B;9C=:F9K:'[+BAAN'OPPZf',B:;<='<;'B?>N'

QXXZf'/@D9=N'4@UCT:U9N'j'#B8U<8N'OPPb]>''$=;<8BG;9=M'T9;F'K<<8:'9:'B'H@=ABE<=;B?'

A<J<?CKE<=;B?';B:U';FB;'D<M9=:'9='<B8?6'GF9?AFCCA'B=A'8<EB9=:'9EKC8;B=;';F8C@MFC@;'B'

K<8:C=^:'?9H<;9E<>''"=<'B:K<G;'CH':@GG<::'T9;F'K<<8'8<?B;9C=:F9K:'9:'H9=A9=M'BGG<K;B=G<'D6'

K<<8:'B=A'D<9=M'9=;<M8B;<A'9=;C':CG9B?'=<;TC8U:'[!F<='j'08<=GFN'OPPh]>''(':<GC=A'

9EKC8;B=;'B:K<G;'CH'K<<8'8<?B;9C=:F9K:'9:';F<'BD9?9;6';C'<:;BD?9:F'G?C:<'H89<=A:F9K'DC=A:'

T9;F'C;F<8:'[!F<='j'08<=GFN'OPPh]>''.F<'GBKBG9;6'HC8'A<J<?CK9=M'H89<=A:F9K:'FB:'D<<='

QQ

Page 19: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

B::CG9B;<A'T9;F'K:6GFC?CM9GB?'BAW@:;E<=;'9='c<:;<8='G@?;@8<:'[08<=GFN'SB=:<=N'/9B=:B89N'

j'*<;9C=CN'OPPd]>''.F<':@KKC8;'CH'H89<=A:'9:'B='9EKC8;B=;'E<GFB=9:E'9='F<?K9=M'GF9?A8<='

B=A'BAC?<:G<=;:'?<B8='K8CD?<E3:C?J9=M':U9??:'B=A':CG9B??6'BGG<K;BD?<'D<FBJ9C8:N'TF9?<'

B?:C'A<J<?CK9=M'GC=H9A<=G<'B=A'B'KC:9;9J<'J9<T'CH';F<E:<?J<:'[!F<='j'08<=GFN'OPPhf'

/@D9='<;'B?>N'OPPb]>''

24,'5(+-0,#'(0-9*%&%!0%(#!5(*+604-'-3,0#'(#578+&9%!&>''/<:<B8GF'FB:':FCT=';FB;'

?<J<?:'CH':CG9B?'GCEK<;<=G<'[B:'8<KC8;<A'D6'K<<8:N';<BGF<8:N'B=A'KB8<=;:]'B=A':<?H3

K<8G<K;9C=:'CH':CG9B?'GCEK<;<=G<'[:<?H38<KC8;<A]'B8<'8<?B;<A';C'?<J<?:'CH'GF9?A'B=A'

BAC?<:G<=;'A<K8<::9J<':6EK;CE:'B=A'C;F<8':6EK;CE:'CH'9=;<8=B?9V9=M'B=A'<_;<8=B?9V9=M'

K:6GFCKB;FC?CM6'[!C?<N',B8;9=N'#CT<8:N'j'.8@M?9CN'QXXbf'08B=UN'4?C@=;N'j'48CT=N'

QXXef'79:;=<8N')BJ9AN'j'cF9;<N'OPPdf'*<8CGV6=:U9N'!C?<N'j',B_T<??'QXXef'c<9:V'<;'B?>N'

QXXOf'c<9:VN'*T<<=<6N'#8CHH9;;N'j'!B88N'QXXd]>''

/<:<B8GF'C=';F<'8<?B;9C=:F9K'D<;T<<=':CG9B?'GCEK<;<=G<'B=A'BAW@:;E<=;'9='

GF9?A8<='B=A'BAC?<:G<=;:'FB:'D<<='K89EB89?6'A<JC;<A';C'9A<=;9H69=M'FCT'A<H9G9;:'9=':CG9B?'

GCEK<;<=G<'GC=;89D@;<';C';F<'A<J<?CKE<=;'CH'A<K8<::9C='B=A'C;F<8'K8CD?<E:'8B;F<8';FB='

9A<=;9H69=M';F<'?9=U'D<;T<<=':CG9B?'GCEK<;<=G<'B=A'9=A9GB;C8:'CH'KC:9;9J<'BAW@:;E<=;'

[<>M>N'!C?<'<;'B?>N'QXXb]>''5CT<J<8N'@=A<8:;B=A9=M'FCT':CG9B?'GCEK<;<=G<'GC=;89D@;<:';C'

A<K8<::9C='9='GF9?A8<='B=A'BAC?<:G<=;:'FB:'9EKC8;B=;'9EK?9GB;9C=:'HC8'FCT':CG9B?'

GCEK<;<=G<'GB='B?:C'K8CEC;<'F<B?;F6'BAW@:;E<=;>''0C8'<_BEK?<N'@:9=M'?C=M9;@A9=B?'AB;BN'

!C?<'B=A'GC??<BM@<:'[QXXb]'HC@=A':@KKC8;'HC8'B'GCEK<;<=G<3DB:<A'ECA<?'CH'GF9?A'

A<K8<::9C='9='TF9GF':CG9B?':U9??:'A<H9G9;:'K@;'GF9?A8<='B;'89:U'HC8':@D:<L@<=;'A<K8<::9J<'

:6EK;CE:>''*CE<';F<C89:;:'FBJ<':@MM<:;<A';FB;':CG9B?':U9??:'A<H9G9;:'BAJB=G<';F<'

A<J<?CKE<=;'CH'A<K8<::9C='D6'@=A<8E9=9=M'BGG<::';C':CG9B?'GC=;BG;'B=A':CG9B?':@KKC8;'

[+<T9=:CF=N'QXea]>''$='GC=;8B:;N'BG;9J<'KB8;9G9KB;9C='CH':CG9BD?<'GF9?A8<='9=':CG9B?'

QO

Page 20: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

9=;<8BG;9C=:'EB6'K?B6'B':9M=9H9GB=;'8C?<'9='K8CEC;9=M'K:6GFC?CM9GB?'BAW@:;E<=;>''0C8'

<_BEK?<N'F9MF<8'?<J<?:'CH':CG9BD9?9;6'9='GF9?AFCCA'FBJ<'D<<='B::CG9B;<A'T9;F'H<T<8'

9=;<8=B?9V9=M':6EK;CE:'9='?B;<'BAC?<:G<=G<'[!F<='<;'B?>N'OPPO]>''

' !F9?A8<='B=A'BAC?<:G<=;:'TFC':@GG<::H@??6'GCEK?<;<';F<'A<J<?CKE<=;B?';B:U'CH'

GC=:;8@G;9=M'B':;8C=M':<=:<'CH':CG9B?'GCEK<;<=G<'B8<'B?:C'EC8<'?9U<?6';C'<_K<89<=G<'

KC:9;9J<'C@;GCE<:'B=A'EB6'<J<='<_K<89<=G<'K8C;<G;9J<'<HH<G;:'H8CE';F<:<'KC:9;9J<':<?H3

;FC@MF;:'[!C?<'<;'B?>N'OPPQ]>''$='B'?C=M9;@A9=B?':;@A6'T9;F';F98A3'B=A':9_;F3M8BA<8:N'!C?<N'

,B8;9=N'B=A'#CT<8:'[QXXe]'8<J<B?<A';FB;'GF9?A8<=^:'K<8G<K;9C=:'CH';F<98':CG9B?'

GCEK<;<=G<'T<8<'9=J<8:<?6'8<?B;<A';C';F<98'A<K8<::9C=':6EK;CE:N'<J<='BH;<8'GC=;8C??9=M'

HC8'K8<J9C@:?6'8<KC8;<A'A<K8<::9C='B=A'8B;9=M:'CH'GCEK<;<=G<>''$='C;F<8'TC8A:N'F9MF<8'

?<J<?:'CH':<?H3K<8G<9J<A':CG9B?'GCEK<;<=G<'T<8<'K8<A9G;9J<'CH'A<G8<B:<:'9='A<K8<::9C='

:6EK;CE:'CJ<8';9E<>

(?;FC@MF';F<8<'9:'<EK989GB?':@KKC8;'HC8'B'8<?B;9C='D<;T<<='GF9?A':CG9B?'

GCEK<;<=G<'B=A';F<'A<J<?CKE<=;'CH'A<K8<::9C='B=A'C;F<8'9=;<8=B?9V9=M'A9:C8A<8:N';F<'8C?<'

CH':CG9B?'GCEK<;<=G<'9='CHH:K89=M'CH'A<K8<::<A'KB8<=;:'FB:'=C;'D<<='<_BE9=<A>''5CT<J<8N'

6C@;F:^':CG9B?'GCEK<;<=G9<:'B=A';F<98':<=:<'CH':<?H3GCEK<;<=G<'EB6'K?B6'9EKC8;B=;'8C?<:'

9='GC=;89D@;9=M';C'8<:9?9<=G<';C':;8<::'GB@:<A'D6'KB8<=;B?'A<K8<::9C=>

$=';F<'GC=;<_;'CH':9M=9H9GB=;':;8<::N':K<G9H9GB??6':;8<::'B::CG9B;<A'T9;F'KB8<=;B?'

A<K8<::9C=N':CG9B?'GCEK<;<=G<'EB6':<8J<';C'GC@=;<8BG;'C8'D@HH<8';F<'9EKBG;'CH'BAJ<8:9;6'

B=A'K8CEC;<'8<:9?9<=G<>''-:K<G9B??6'HC8'C?A<8'GF9?A8<='B=A'BAC?<:G<=;:N':;8C=M':CG9B?'

GC==<G;9C=:'9=A<K<=A<=;'CH';F<98'GB8<M9J<8:'EB6'GCEK<=:B;<'HC8'HBE9?6'A9HH9G@?;9<:'

[,B:;<=N'4<:;N'&B8E<V6N'QXXP]>''5BJ9=M'G?C:<'H89<=A:F9K:'EB6'F<?K'GF9?A8<='B=A'

BAC?<:G<=;:'H<<?':@KKC8;<A'TF<=';F<98'KB8<=;'9:'<_K<89<=G9=M'A<K8<::9C='B=A';F<8<D6'EB6'

8<A@G<'=<MB;9J<'GCM=9;9J<'B=A'<EC;9C=B?'8<BG;9C=:';C':;8<::H@?'9=;<8BG;9C=:'T9;F'B'

Qd

Page 21: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

A<K8<::<A'KB8<=;N'ABEK<='<EC;9C=B?'B=A'KF6:9C?CM9GB?'8<:KC=:<:';C':@GF':;8<::N'C8'B?;<8'

EB?BABK;9J<'D<FBJ9C8B?'8<:KC=:<:'[!CF<=N'QXhhf'!CF<=N'&C;;?<9DN'j'I=A<8TCCAf'OPPPf'

7BEB8GUN',B=@GUN'j'S<==9=M:N'QXXP]>''$='BAA9;9C=N'F9MF'?<J<?:'CH':CG9B?'GCEK<;<=G<'EB6'

K8CJ9A<'BGG<::';C'K:6GFC:CG9B?'8<:C@8G<:'=<<A<A';C'GCK<'T9;F':;8<::'[!CF<=N'OPPa]N'

TF9GF'9:'<:K<G9B??6'9EKC8;B=;'HC8'CHH:K89=M'CH'A<K8<::<A'KB8<=;:'<_KC:<A';C'F9MF'?<J<?:'CH'

KB8<=;B?':;8<::>

*<?H3K<8G<9J<A'GCEK<;<=G<'[B=A'8<?B;<A'GC=:;8@G;:N'9=G?@A9=M':<?H3GC=H9A<=G<'B=A'

:<?H3<HH9GBG6]'FB:'B?:C'D<<='K8CKC:<A'B:'B'KC;<=;9B?':C@8G<'CH'K8C;<G;9C='H8CE';F<'BAJ<8:<'

GC=:<L@<=G<:'CH':;8<::'[&B8E<V6N'QXXdf',B:;<='<;'B?>N'QXXPf'c<8=<8N'QXXP]>''('D<?9<H'9='

C=<^:'GCEK<;<=G<'FB:'D<<='A<EC=:;8B;<A';C'H@=G;9C='B:'B'K8C;<G;9J<'K8CG<::N'KC::9D?6'D6'

EC;9JB;9=M'B;;<EK;:'B;'BABK;B;9C='[4B=A@8BN'QXhON'QXhb]>''/<:9?9<=;'GF9?A8<='B=A'

BAC?<:G<=;:'EB6'<=;<8'9=;C':9;@B;9C=:'EC8<'K8<KB8<A'HC8'<HH<G;9J<'BG;9C='D6'J98;@<'CH';F<98'

:<?H3GC=H9A<=G<'B=A'K<8G<K;9C=:'CH'GCEK<;<=G<>''!C=:<L@<=;?6N':@GG<::H@?'EB:;<86'CH'B'

A9HH9G@?;':9;@B;9C='TC@?A':<8J<';C'9=G8<B:<'D<?9<H:'CH'GCEK<;<=G<'B=A'8<9=HC8G<'H@;@8<'

<HHC8;:';C';BU<'BG;9C='[,B:;<='<;'B?>N'QXXP]>''

.F<8<'9:'B?:C'<J9A<=G<';FB;'K<8G<9J<A'BJB9?BD9?9;6'CH':@KKC8;9J<':CG9B?'

8<?B;9C=:F9K:'D@HH<8:';F<'<HH<G;'CH':;8<::'C='K:6GFC?CM9GB?'A9:;8<::'B=AN'EC8<':K<G9H9GB??6N'

A<K8<::9C='[!CF<='j'c9??9:N'QXhZ]>''.F<'K<8G<K;9C=';FB;'C;F<8:'T9??'K8CJ9A<'BKK8CK89B;<'

B::9:;B=G<'9=';F<'GC=;<_;'CH':9M=9H9GB=;'BAJ<8:9;6'EB6'?<BA';C'B'EC8<'D<=9M='BKK8B9:B?'CH'

;F<':9;@B;9C=N';F<8<D6'K8<J<=;9=M'B'GB:GBA<'CH':@D:<L@<=;'=<MB;9J<'<EC;9C=B?'B=A'

D<FBJ9C8B?'8<:KC=:<:>''$=';FB;':9;@B;9C=N'K<8G<K;9C=:'CH'C=<^:':CG9B?'GCEK<;<=G<'EB6'B?:C'

H@=G;9C='B:'B'E<A9B;C8';FB;'8<A@G<:';F<'89:U'HC8'A<K8<::9J<'B=A'C;F<8'9=;<8=B?9V9=M'

:6EK;CE:>''cF<='8<?B;9=M';F<:<'H9=A9=M:';C'CHH:K89=M'CH'A<K8<::<A'KB8<=;:N'9H'GF9?A8<='

B=A'BAC?<:G<=;:'FBJ<'K<8G<K;9C=:'CH'F9MF'?<J<?:'CH':CG9B?':@KKC8;'B=A'B':;8C=M':<=:<'CH'

Qa

Page 22: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

:<?H3K<8G<9J<A'GCEK<;<=G<'T9;F9=';F<':CG9B?'ACEB9=N';F9:'EB6'GCEK<=:B;<'HC8';F<'?BGU'CH'

KB8<=;B?':@KKC8;'B=A'F9MF'?<J<?:'CH'9=;8@:9J<'C8'T9;FA8BT='KB8<=;9=M';F<6'<_K<89<=G<>'

1%'#&,-!+(>%&?%%!(:-0,#'(2-9*%&%!0%(#!5(2-*,!3

5BJ9=M'A9:G@::<A';F<C86'B=A'8<:<B8GF'8<?B;<A';C'GCK9=M'B=A':CG9B?'GCEK<;<=G<'

8<?B;9J<?6':<KB8B;<?6N'$'=CT';@8=';C';F<'KC;<=;9B?'TB6:'9='TF9GF';F<:<'GC=G<K;:'9=;<8:<G;>'

!CEK<;<=G<'B=A'GCK9=M'DC;F'8<H?<G;'B:K<G;:'CH':@GG<::H@?'A<J<?CKE<=;'B=A'BABK;B;9C=';C'

:;8<::'B=A'BAJ<8:9;6'[!CEKB:'<;'B?>N'OPPQ]>''!CEKB:'B=A'GC??<BM@<:'[OPPQ]'K8CKC:<A';FB;'

GCK9=M'8<H<8:';C'K8CG<::<:'CH'BABK;B;9C=N'GCEK<;<=G<'8<K8<:<=;:'GFB8BG;<89:;9G:'B=A'

8<:C@8G<:';FB;'B8<'=<<A<A'HC8':@GG<::H@?'BABK;B;9C=N'B=A'8<:9?9<=G<'9:'8<H?<G;<A'9='

C@;GCE<:'HC8'TF9GF'GCEK<;<=G<'B=A'GCK9=M'FBJ<'D<<='<HH<G;9J<?6'K@;'9=;C'BG;9C='9='

8<:KC=:<';C':;8<::'B=A'BAJ<8:9;6>''!CK9=M'GB=';F@:'D<'GC=:9A<8<A'B:'GCEK<;<=G<'K@;'9=;C'

BG;9C=>''$='C;F<8'TC8A:N'GCK9=M'9=JC?J<:'<HHC8;:';C'ECD9?9V<'C=<^:'K<8:C=B?'8<:C@8G<:'B=A'

GCEK<;<=G9<:'9='8<:KC=:<';C':;8<::N'TF9?<'8<:9?9<=G<'9:';F<'KC:9;9J<'C@;GCE<'CH';F9:'

K8CG<::'[!CEKB:'<;'B?>N'OPPQ]>''0C8'<_BEK?<N'GF9?A8<='B=A'BAC?<:G<=;:'CH;<='BG;9J<?6':<<U'

C@;'K<<8:';C'A9:;8BG;';F<E:<?J<:'H8CE'K8CD?<E:N'<?<JB;<';F<98'ECCAN'C8'GCEE9:<8B;<N'B??'CH'

TF9GF'B8<'GCK9=M':;8B;<M9<:';FB;'A8BT'@KC=':CG9B?'8<:C@8G<:>''!CK9=M'<HHC8;:'9=JC?J9=M'

:CG9B?'9=;<8BG;9C=:'AC'=C;'B?TB6:'FBJ<'KC:9;9J<'8<:@?;:N'D@;'8<:9?9<=G<'CGG@8:'9='B':@D:<;'CH'

9=A9J9A@B?:'TFC'B8<'BD?<';C':@GG<::H@??6'ECD9?9V<';F<98'8<:C@8G<:'9='8<:KC=:<';C':;8<::'

[!CEKB:'<;'B?>N'OPPQ]>

@//%0&(-/(0-*,!3(-!(+-0,#'(0-9*%&%!0%>''.F<'GCK9=M':U9??:'GF9?A8<='B=A'BAC?<:G<=;:'

<EK?C6'9='8<:KC=:<';C':;8<::'?9U<?6':FBK<';F<98':CG9B?'8<?B;9C=:F9K:>''*@GG<::H@?'GCK9=M'

EB6':<8J<';C'<=FB=G<'H@;@8<':CG9B?'GCEK<;<=G<'B:'EB:;<86'CH'B'A9HH9G@?;':9;@B;9C='EB6'

QZ

Page 23: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

9=G8<B:<':<?H3K<8G<9J<A'GCEK<;<=G<'B=A'8<9=HC8G<'<HHC8;:';C';BU<'BG;9C='9=';F<'H@;@8<'

[,B:;<='<;'B?>N'QXXP]>''

!CK9=M':;8B;<M9<:';FB;'9=JC?J<'K8CA@G;9J<'<=MBM<E<=;'T9;F':;8<::C8:'[<>M>N'

K8CD?<E':C?J9=M]'C8'T9;F'C=<^:'8<BG;9C=:';C';F<E'[<>M>N'<EC;9C=B?'<_K8<::9C=]'EB6'

9=G8<B:<'B:K<G;:'CH':CG9B?'GCEK<;<=G<'9=G?@A9=M'GC=H9A<=G<N'9=;<8K<8:C=B?';8@:;N'B=A':<?H3

8<?9B=G<'[*U9==<8N'-AM<N'(?;EB=N'j'*F<8TCCAN'OPPd]>''(;';F<':BE<';9E<N'K8C?C=M<A'@:<'

CH'A9:<=MBM<E<=;'GCK9=M'D<FBJ9C8:'[<>M>N':CG9B?'9:C?B;9C=N'BJC9AB=G<N'D?BE9=M'C;F<8:]'GB='

GC=;89D@;<';C'?CT':CG9B?'GCEK<;<=G<'B=A'9=;<8K<8:C=B?'A9HH9G@?;9<:'[*U9==<8'<;'B?>N'OPPd]>'

(AA9;9C=B??6N'9H'9=A9J9A@B?:'8<:KC=A';C':;8<::'9='B='<HH<G;9J<'TB6N';F<6'EB6'H<<?'EC8<'

GCEK<;<=;'B=A'BKK8CBGF':;8<::H@?':9;@B;9C=:'A9HH<8<=;?6'9=';F<'H@;@8<>''

@//%0&(-/(+-0,#'(0-9*%&%!0%(-!(0-*,!3>''(?;FC@MF'GCK9=M'8<H<8:';C';F<'TB6:';FB;'B='

9=A9J9A@B?'B;;<EK;:';C'EB=BM<'B=A'BABK;';C':;8<::N'GCK9=M'9:'B'K8CG<::';FB;'9:'<ED<AA<A'9='

B=A'A8BT:'C=':CG9B?'8<?B;9C=:F9K:>''!CK9=M'<HHC8;:'9=G?@A<'B;;<EK;:';C'CD;B9='9=HC8EB;9C=N'

<EC;9C=B?':@KKC8;N';B=M9D?<'HC8E:'CH'F<?KN'B=A'M@9AB=G<'H8CE'C;F<8:>''*C@8G<:'CH':@KKC8;'

HC8'BAC?<:G<=;:'9=G?@A<'KB8<=;:N':9D?9=M:N'K<<8:N';<BGF<8:N'B=A'C;F<8':9M=9H9GB=;'BA@?;:'9='

;F<98'?9J<:>''.F@:N'GCK9=M'9:'B='9EKC8;B=;'K8CG<::';FB;'GB='?<BA';C'8<:9?9<=;'C@;GCE<:N'D@;'9;'

9:'=C;'?9E9;<A';C';F<'GFB8BG;<89:;9G:'CH'9=A9J9A@B?:f'GCK9=M'9:'CH;<='B':CG9B?'K8CG<::>

!CK9=M'9:'9=H?@<=G<A'B=A':FBK<A'D6':CG9B?'8<?B;9C=:F9K:'B=A'GC=;<_;:'[!CEKB:'

QXhef',BGGCD6'QXhdf'/@;;<8N'QXhdf'*U9==<8'j'l9EE<83&<ED<GUN'OPPe]>''/<:<B8GF'C='

GCK9=M'B=A':CG9B?'GCEK<;<=G<'FB:';F@:'HB8'A<J<?CK<A'8<?B;9J<?6'9=A<K<=A<=;?6N'D@;';F<'

B::CG9B;9C='D<;T<<=';F<:<'GC=:;8@G;:'B=A';F<98'8C?<:'B:'K8C;<G;9J<'K8CG<::<:'9=';F<'

8<?B;9C=:F9K'D<;T<<=':;8<::'B=A'A<K8<::9C='EB6'FBJ<'9EKC8;B=;'9EK?9GB;9C=:>'(:'7?9<T<8'

B=A'*B=A?<8'[QXXd]'FBJ<'=C;<AN':9=G<';F<'@:<'CH'A9HH<8<=;'GCK9=M':;8B;<M9<:'CH;<='9=JC?J<:'

A8BT9=M'@KC='C=<^:':CG9B?'8<:C@8G<:N'W@AM9=M';F<'BKK8CK89B;<=<::'CH'D<FBJ9C8N'B=A'

Qb

Page 24: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

8<M@?B;9=M'BHH<G;N':CG9B?'GCEK<;<=G<'?9U<?6'FB:'B='9EKBG;'C=';F<'<HH<G;9J<=<::'CH'GCK9=M'

<HHC8;:>''

(AC?<:G<=;:^':CG9B?'GCEK<;<=G<'EB6'HBG9?9;B;<'BABK;B;9C=';C'B'JB89<;6'CH':;8<::C8:'

D6'HBG9?9;B;9=M'BGG<::';C':CG9B?'8<:C@8G<:'[<>M>N':@KKC8;]'B:'B'E<B=:'CH'GCK9=M'T9;F':;8<::'

[!CK<?B=A'<;'B?>N'OPPZf'08B=U'<;'B?>N'QXXe]>''(G;9J<':CG9B?'KB8;9G9KB;9C='CH'GF9?A8<='B=A'

BAC?<:G<=;:'K8CEC;<:';F<'HC8EB;9C='CH'9=;<8K<8:C=B?':@KKC8;':6:;<E:';FB;'EB6N'9=';@8=N'

F<?K';F<E'GCK<'T9;F':;8<::'[!F<='j'08<=GFN'OPPh]>''*CG9B?'8<?B;9C=:F9K:'K8CJ9A<'

8<:C@8G<:'B=A'CKKC8;@=9;9<:'HC8'GCK9=M'D<FBJ9C8:N':@GF'B:'<EC;9C=B?'<_K8<::9C=';C'C;F<8:N'

A9:;8BG;9C='H8CE':;8<::N'B=A';F<'8<G<9K;'CH':@KKC8;'B=A'<EKB;F6'H8CE'C;F<8:>''/<:<B8GF'C='

:CG9B?'GCEK<;<=G<'B=A'K<<8'8<?B;9C=:F9K:'FB:':FCT=';FB;';F<'BJB9?BD9?9;6'CH':CG9B?':@KKC8;'

B=A'L@B?9;6'CH'8<?B;9C=:F9K:'9:'8<?B;<A';C'GF9?A8<=^:'KF6:9C?CM9GB?'B=A'K:6GFC?CM9GB?':;8<::'

8<BG;9J9;6N'8<M@?B;9C=N'B=A'GCK9=M'[*U9==<8'j'l9EE<83&<ED<GUN'OPPe]>''(GG<::';C'K<<8'

8<?B;9C=:F9K:'B=A';F<'8<G<9K;'CH':@KKC8;'9=';F<'GC=;<_;'CH':9M=9H9GB=;'BAJ<8:9;6'EB6'F<?K'

8<A@G<';F<'K<8G<9J<A'9EKC8;B=G<'CH';F<':;8<::C8N';F<8<D6'8<A@G9=M';F<':@D:<L@<=;'=<MB;9J<'

<EC;9C=B?N'D<FBJ9C8B?N'B=A'KF6:9C?CM9GB?'8<:KC=:<:'[!CF<='j'c9??:N'QXhZ]>''#B;;<8=:'B=A'

TB6:'CH'GCK9=M'<E<8M<'B:'?C=M3;<8E'<HH<G;:'CH'A9HH<89=M'GCED9=B;9C=:'CH':;8<::C8:'B=A'

:CG9B?'8<?B;9C=:F9K:>

0BG;C8:'8<?B;<A';C':<?H3K<8G<K;9C=:'CH':CG9B?'GCEK<;<=G<N':@GF'B:'H<<?9=M:'CH':<?H3

<HH9GBG6'B=A':<?H3GC=H9A<=G<N'EB6'B?:C'K8CEC;<'GCK9=M'<HH9GBG6N'C8';F<'D<?9<H';FB;'C=<'GB='

A<B?'<HH<G;9J<?6'T9;F':;8<::C8:';FB;';F<6'EB6'<=GC@=;<8'[*B=A?<8N'.<9=N',<F;BN'cC?GF9UN'

j'(6<8:N'OPPP]>''59MF'?<J<?:'CH'K<8G<9J<A'GCEK<;<=G<'EB6'9=G8<B:<'<HHC8;:'B;'BABK;B;9C=N'

:@:;B9='GCK9=M'B;;<EK;:'9=';F<'HBG<'CH'A9HH9G@?;6'B=A'GFB??<=M<N'B=A'9=G8<B:<';F<'

CGG@88<=G<'CH'<HH<G;9J<'BG;9C='[,B:;<='<;'B?>N'QXXP]>''!F9?A8<='B=A'BAC?<:G<=;:'T9;F'B'

:;8C=M':<=:<'CH'K<8:C=B?'GCEK<;<=G<'EB6'@;9?9V<'<HH9G9<=;'K8CD?<E3:C?J9=M':;8B;<M9<:'9='

Qe

Page 25: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

8<:KC=:<';C':;8<::H@?':9;@B;9C=:N'TF<8<B:'9=A9J9A@B?:'T9;F'?CT'K<8G<K;9C=:'CH';F<98'

GCEK<;<=G<'EB6'D<'EC8<'?9U<?6';C'@:<'BJC9AB=G<'B=A'C;F<8'9=<HH<G;9J<'8<:KC=:<:';C'

:;8<::>''.F<'K<8G<K;9C=';FB;'C=<'FB:'BGG<::';C':CG9B?':@KKC8;'J9B'K<<8'8<?B;9C=:F9K:'EB6'

B?:C'DC?:;<8'C=<^:'K<8G<9J<A'BD9?9;6';C'GCK<'T9;F'A<EB=A:'[!CF<=N'OPPa]>''*U9??:'

9EKC8;B=;';C'B='9=A9J9A@B?^:':<?H3K<8G<K;9C='CH':CG9B?'GCEK<;<=G<':<8J<'B:'8<:C@8G<:N'

TF9GF'C=<'GB='A8BT'@KC=';C'GCK<'T9;F':;8<::>

/<?B;9J<?6'?9;;?<'8<:<B8GF'FB:'<_BE9=<A';F<'8<?B;9C=:F9K'D<;T<<='GF9?A8<='B=A'

BAC?<:G<=;:^'GCEK<;<=G9<:'B=A';F<'TB6:';FB;';F<6'GCK<'T9;F':;8<::>''('G8C::3:<G;9C=B?'

:;@A6'GC=A@G;<A'D6'!CK<?B=AN'cBA:TC8;FN'B=A'!CEKB:'[OPPZ]'9=J<:;9MB;<A'B'ECA<?'CH'

;F<'8<?B;9C=:'BEC=M'BAC?<:G<=;:^'GCEK<;<=G<N'GCK9=MN'B=A':6EK;CE:'CH'K:6GFCKB;FC?CM6'

9='8<:KC=:<';C'HBE9?6'B=A'<GC=CE9G':;8<::>''!CEK<;<=G<N'GCEK89:<A'CH':CG9B?N'BG;9J9;6N'

B=A'BGBA<E9G'GCEK<;<=G<N'TB:'K8<A9G;9J<'CH'M8<B;<8'@:<'CH':<GC=AB86'GC=;8C?'GCK9=M'9='

;F<'GC=;<_;'CH'DC;F'<GC=CE9G'B=A'HBE9?6'GC=H?9G;':;8<::>''$='BAA9;9C=N'8<:@?;:'CH';F<'

8<M8<::9C='B=B?6:<:'9=';FB;':;@A6'9=A9GB;<A';FB;';F<'8<?B;9C=:F9K'D<;T<<='GCEK<;<=G<'B=A'

BAC?<:G<=;:^'9=;<8=B?9V9=M'B=A'<_;<8=B?9V9=M':6EK;CE:'T<8<'BGGC@=;<A'HC8'D6':<GC=AB86'

GC=;8C?'GCK9=M'9=';F<'GC=;<_;'CH'HBE9?6':;8<::>''(?;FC@MF';F<':;@A6'TB:'G8C::3:<G;9C=B?'

B=A'GB@:B?'8<?B;9C=:F9K:':FC@?A'=C;'D<'9=H<88<AN';F<'H9=A9=M:':@MM<:;';FB;'EC8<'GCEK<;<=;'

BAC?<:G<=;:'EB6'D<'BD?<';C'<=MBM<'9='EC8<'<HH<G;9J<';6K<:'CH'GCK9=MN'B=A';F<'@:<'CH';F<:<'

GCK9=M':;8B;<M9<:'9:'B'KC::9D?<'E<GFB=9:E';F8C@MF'TF9GF'GCEK<;<=G<'HBG9?9;B;<:'

BABK;B;9C=';C':;8<::'B=A'BAJ<8:9;6>'

$'=CT'<_BE9=<'KB8<=;B?'A<K8<::9C=N'GCK9=MN'B=A':CG9B?'GCEK<;<=G<'9=';F<'GC=;<_;'

CH'K8<J<=;9J<'9=;<8J<=;9C=:>

Qh

Page 26: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

"$%A%!&,A%(B!&%$A%!&,-!+

B!&%$A%!&,-!+(#!5(24,'5(2-*,!3

/<:<B8GF'FB:'A<EC=:;8B;<A';FB;'K8<J<=;9J<'9=;<8J<=;9C=:'GB='D<':@GG<::H@?'9='

F<?K9=M'GF9?A8<='B=A'BAC?<:G<=;:'A<J<?CK'<HH<G;9J<'GCK9=M':U9??:'[<>M>N'&9?'<;'B?>N'OPPQf'

5B9=:'j'*V6WBUCT:U9N'QXXPf'/FCA<'<;'B?>N'OPPaf'*K<=G<N'*F<HH9<?AN'j')C=CJB=N'OPPd]>'

(?;FC@MF'=C;';B8M<;<A'B;'CHH:K89=M'CH'A<K8<::<A'KB8<=;:N':<J<8B?'K8CM8BE:'B9E<A'B;'

K8<J<=;9=M'A<K8<::9C='9='GF9?A8<='B=A'BAC?<:G<=;:'FBJ<'9=G?@A<A'GCK9=M':U9??:';8B9=9=M'

T9;F9=';F<'9=;<8J<=;9C='B=A'8<KC8;<A'B':9M=9H9GB=;'<HH<G;'C='GF9?A':6EK;CE:'[<>M>N'

5C8CT9;VN'&B8D<8N'!9<:?BN'1C@=MN'j',@H:C=N'OPPef'SB6GC_N'/<9J9GFN'&9??FBEN'j'

*<?9MEB=N'QXXa]>''.F<'#<=='#8<J<=;9C='#8CM8BE'K8CJ9A<A'A98<G;';8B9=9=M'HC8'GF9?A8<='C='

GCK9=M'T9;F'HBE9?6'GC=H?9G;'B=A'C;F<8':;8<::C8:N'TF9GF'9=G?@A<A'A<3GB;B:;8CKF9V9=M'BDC@;'

KC;<=;9B?'C@;GCE<:'CH'K8CD?<E:N'A9:;8BG;9C=';<GF=9L@<:N'8<?B_B;9C=';8B9=9=MN'B=A'TB6:';C'

:<<U':CG9B?':@KKC8;'[SB6GC_'<;'B?>N'QXXa]>''5CT<J<8N'B?;FC@MF';F<'9=;<8J<=;9C='TB:'

:@GG<::H@?'9='8<A@G9=M'A<K8<::9J<':6EK;CE:N';F<'8C?<'CH'GCK9=M'B:'B'KC;<=;9B?'E<A9B;C8'CH'

;F<'9=;<8J<=;9C='TB:'=C;'B::<::<A>

$='B=C;F<8'GCM=9;9J<3D<FBJ9C8B?'9=;<8J<=;9C='B9E<A'B;'K8<J<=;9=M'BAC?<:G<=;'

A<K8<::9C=N'BAC?<:G<=;:'T<8<';B@MF;';C'9A<=;9H6'B=A'8<J9:<'=<MB;9J<';FC@MF;:'B:'T<??'B:';C'

K8CD?<E':C?J<'B=A'GCK<'T9;F':;8<::H@?'<J<=;:'[5C8CT9;V'<;'B?>N'OPPe]>''(;'KC:;3

9=;<8J<=;9C=N'BAC?<:G<=;:'9=';F<'9=;<8J<=;9C='FBA':9M=9H9GB=;?6'?CT<8'GCEKC:9;<'A<K8<::9C='

:GC8<:';FB='KB8;9G9KB=;:'9=';F<'GC=;8C?'M8C@K>''5C8CT9;V'<;'B?>'[OPPe]'<_BE9=<A'8B;9C=B?'

BG;9J<'GCK9=M'B=A'<EC;9C=3DB:<A'GCK9=M'B:'KC;<=;9B?'E<A9B;C8:'CH';F<'8<?B;9C='D<;T<<='

;F<'9=;<8J<=;9C='B=A'A<K8<::9C=N'D@;'HC@=A'=C'<J9A<=G<'HC8'E<A9B;9C=>''5CT<J<8N'

B;;89D@;9C=B?':;6?<N'TF9GF'9:':9E9?B8';C'GCM=9;9J<'8<:;8@G;@89=MN'KB8;9B??6'E<A9B;<A';F<'

QX

Page 27: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

KC:9;9J<'<HH<G;'CH';F<'GCM=9;9J<3D<FBJ9C8B?'9=;<8J<=;9C='C='A<K8<::9C=>

*<J<8B?'C;F<8'K8CM8BE:';B8M<;9=M'6C@;F'<_KC:<A';C'F9MF389:U'HBE9?9B?':;8<::C8:'

[<>M>N'KB8<=;B?'A9JC8G<N'B?GCFC?9:E]N'TF9GF'9:'CH'KB8;9G@?B8'8<?<JB=G<';C';F<'G@88<=;':;@A6N'

FBJ<'B?:C'A<EC=:;8B;<A';FB;'GCK9=M'GB='D<'B?;<8<A';F8C@MF'9=;<8J<=;9C='[/CC:B'<;'B?>N'

QXhXN'QXXPf'*B=A?<8'<;'B?>N'OPPd]>''.<9='<;'B?>'[OPPb]'B=A'cC?GF9U'<;'B?>'[OPPO]'8<KC8;<A'

HC??CT3@K'B=B?6:<:'CH';F<'0BE9?6'4<8<BJ<E<=;'#8CM8BEN'TF9GF';B8M<;<A'GCK9=M':U9??:'9='

GF9?A8<='B=A'BAC?<:G<=;:'TFC'FBA'<_K<89<=G<A';F<'A<B;F'CH'B'KB8<=;'C8'KB8<=;'H9M@8<'

[/CC:B'<;'B?>N'QXhX]>''#C:9;9J<'GCK9=M'[B'GCEKC:9;<'JB89BD?<'9=G?@A9=M'DC;F'BG;9J<'GCK9=M'

B=A'K<8G<9J<A'GCK9=M'<HH9GBG6]'TB:'<_BE9=<A'B:'B'KC;<=;9B?'E<A9B;C8'D<;T<<='

9=;<8J<=;9C='K8CM8BE'<HH<G;:'B=A'BAC?<:G<=;'M98?:^'A<K8<::9J<':6EK;CE:'9='B';TC3TBJ<'

?C=M9;@A9=B?'A<:9M='[.<9='<;'B?>]>''/<:@?;:'9=A9GB;<A';FB;'KC:9;9J<'GCK9=M'E<A9B;<A';F<'

B::CG9B;9C='D<;T<<=';F<'K8<J<=;9J<'9=;<8J<=;9C='B=A'M98?:^'8<KC8;:'CH';F<98'9=;<8=B?9V9=M'

B=A'<_;<8=B?9V9=M':6EK;CE:>

$='GCED9=B;9C=N';F<:<'8<:@?;:'K8CJ9A<':@KKC8;';C':@MM<:;';FB;'GF9?A8<='B=A'BAC?<:G<=;:^'

GCK9=M':U9??:'B8<'GFB=M<BD?<';F8C@MF'9=;<8J<=;9C='B=A'9EK8CJ<E<=;:'9='GCK9=M':U9??:'EB6'

:<8J<'B:'B'E<A9B;C8'CH'9=;<8J<=;9C='<HH<G;:'C='GF9?A'B=A'BAC?<:G<=;':6EK;CE:>''

B!&%$A%!&,-!+(#!5(24,'5(:-0,#'(2-9*%&%!0%

/<:<B8GF'<_BE9=9=M';F<'<HH<G;'CH'9=;<8J<=;9C=:'C=':CG9B?'GCEK<;<=G<'9='GF9?A8<='

FB:'A<EC=:;8B;<A';FB;':CG9B?':U9??:'GB='D<'9EK8CJ<A'[<>M>N'!BK?B='<;'B?>N'QXXOf'!##/&N'

OPPaf'+6=GFN'&<??<8N'j'*GFE9A;N'OPPa]>''0C8'<_BEK?<N';F<'0B:;'.8BGU'K8CM8BE'9:'B'

K8<J<=;9J<'9=;<8J<=;9C='A<:9M=<A';C';B8M<;';F<'K89EB86'89:U'HBG;C8:'HC8'BMM8<::9J<'D<FBJ9C8'

B=A'GC=A@G;'K8CD?<E:'[<>M>N'9=<HH<G;9J<':CG9B?'K8CD?<E3:C?J9=M'B=A'<EC;9C=B?'GCK9=M'

:U9??:N'KCC8'K<<8'8<?B;9C=:f'!##/&N'OPPa]>''!F9?A8<=^:'H@=G;9C=9=M'9='E@?;9K?<'ACEB9=:N'

OP

Page 28: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

9=G?@A9=M':CG9B?'GCEK<;<=G<N'TB:'<_BE9=<A'K89C8';C'<=;86'9=;C'H98:;'M8BA<>''cF<='

B::<::<A'BH;<8'&8BA<:'a'B=A'ZN';F<'K8CM8BE'FBA'B':9M=9H9GB=;'<HH<G;'C='GF9?A8<=^:':CG9B?'

GCEK<;<=G<'B:'GCEKB8<A';C'B'GC=;8C?'M8C@K>'',C8<':K<G9H9GB??6N';F<'9=;<8J<=;9C='M8C@K'

:FCT<A'B':9M=9H9GB=;'9=G8<B:<'9='GF9?A8<=^:'?<J<?:'CH':CG9B?'GCEK<;<=G<'[!##/&N'OPPa]>'

.F<'#C:9;9J<'1C@;F')<J<?CKE<=;'#8CM8BE'9:'B'K8<J<=;9J<'9=;<8J<=;9C=';FB;'

;B8M<;<A'C?A<8'GF9?A8<='B=A'6C@=M'BAC?<:G<=;:'[!BK?B='<;'B?>N'QXXO]>''.F9:':GFCC?3DB:<A'

:CG9B?'GCEK<;<=G<3;8B9=9=M'K8CM8BE'TB:'B::<::<A'9='B':BEK?<'CH':9_;F'B=A':<J<=;F'

M8BA<8:'A8BT='H8CE'DC;F'9==<83G9;6'B=A':@D@8DB='E9AA?<':GFCC?:>''.F<'K8CM8BE'9=G?@A<A'

@=9;:'HCG@:<A'C=';<BGF9=M':CG9B?3K8CD?<E3:C?J9=MN'9=G8<B:9=M'B::<8;9J<=<::N'B=A'

9A<=;9H69=M'B=A'@;9?9V9=M':CG9B?'=<;TC8U:>''*;@A<=;:';FB;'FBA'KB8;9G9KB;<A'9=';F<'K8CM8BEN'

8<?B;9J<';C';F<'GC=;8C?'M8C@KN':FCT<A'9EK8CJ<E<=;:'9='GC=H?9G;'8<:C?@;9C='T9;F'K<<8:'B=A'

9EK@?:<'GC=;8C?N'D<FBJ9C8:';FB;'B8<'8<?B;<A';C':CG9B?'GCEK<;<=G<N'B:'8<KC8;<A'D6';F<98'

;<BGF<8:>

"H'KB8;9G@?B8'8<?<JB=G<';C';F<'G@88<=;':;@A6N';F<'#<=='#8<J<=;9C=';B8M<;<A':CG9B?'

GCEK<;<=G<'B:'B'TB6';C'8<A@G<'A<K8<::9C='9='GF9?A8<='[SB6GC_'<;'B?>N'QXXa]>''.F<'

9=;<8J<=;9C='9=G?@A<A'B':CG9B?3K8CD?<E3:C?J9=M'GCEKC=<=;'A<:9M=<A';C';<BGF'GF9?A8<='

K<8:K<G;9J<3;BU9=MN'9=HC8EB;9C='MB;F<89=MN'M<=<8B;9=M'B?;<8=B;9J<:'HC8'BG;9C=:N'B=A'

A<G9:9C=3EBU9=M>''(?;FC@MF'H9=A9=M:'9=A9GB;<A'B':9M=9H9GB=;'8<A@G;9C='9='A<K8<::9J<'

:6EK;CE:'HC8'GF9?A8<='<=8C??<A'9=';F<'K8<J<=;9C='K8CW<G;'B:'GCEKB8<A';C'KB8;9G9KB=;:'9='B'

GC=;8C?'GC=A9;9C=N'<HH<G;:'CH';F<'9=;<8J<=;9C='C='GF9?A8<=^:':CG9B?3K8CD?<E3:C?J9=M'T<8<'

=C;'E<B:@8<A>''.F<8<HC8<N'9;'9:'A9HH9G@?;';C'A<;<8E9=<'9H';F<:<'KC:9;9J<'GFB=M<:'CGG@88<A'

A@<';C'9=G8<B:<A'?<J<?:'CH':CG9B?'GCEK<;<=G<>'

(?;FC@MF':<J<8B?':;@A9<:'FBJ<'HC@=A'<J9A<=G<'HC8'GFB=M<:'9=':CG9B?':U9??:N'H<T'

9=G?@A<A'E<A9B;9C='B=B?6:<:';C'A<;<8E9=<'TF<;F<8'GFB=M<:'9=':CG9B?'GCEK<;<=G<'

OQ

Page 29: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

BGGC@=;<A'HC8'<HH<G;:'CH';F<'9=;<8J<=;9C='C='GF9?A8<='B=A'BAC?<:G<=;:^':6EK;CE:>''$='C=<'

CH';F<'H<T':;@A9<:';C'<_BE9=<';F<'8C?<'CH':CG9B?'GCEK<;<=G<'B:'B'KC;<=;9B?'E<A9B;C8'CH';F<'

<HH<G;:'CH'K:6GFC?CM9GB?'9=;<8J<=;9C=:N'#p::<?'B=A'GC??<BM@<:'[OPPa]'<_BE9=<A';F<'<HH<G;:'

CH'B='9=;<8J<=;9C='TF9GF'K8CJ9A<A':CG9B?'GCEK<;<=G<';8B9=9=MN'A<H9=<A'B:'<=FB=G9=M'

BAC?<:G<=;:^'TB6:';C'G8<B;<N'9EK8CJ<N'B=A'EB9=;B9=':CG9B?'GC=;BG;:'B=A'=<;TC8U:>''#p::<?'

<;'B?>'8<KC8;<A'<J9A<=G<';FB;';F<'9=;<8J<=;9C='?<A';C'9=G8<B:<:'9='BAC?<:G<=;:^':9V<'B=A'

H8<L@<=G6'CH'@:<'CH';F<98':CG9B?'=<;TC8U:'B=A'<_BE9=<A'GFB=M<:'9=':CG9B?'=<;TC8U:'B:'B'

E<A9B;C8'CH'GFB=M<:'9='A<K8<::9J<':6EK;CE:'[#p::<?'<;'B?>N'OPPZ]>''/<:@?;:'H8CE';F<:<'

B=B?6:<:N'FCT<J<8N'9=A9GB;<A';FB;'=<9;F<8'CH';F<';TC':CG9B?':@KKC8;'GCEKC=<=;:';<:;<A'

[=<;TC8U':9V<'C8'H8<L@<=G6'CH'@:<]'T<8<':9M=9H9GB=;'E<A9B;C8:'CH';F<'<HH<G;:'CH';F<'

K8CM8BE'C='GFB=M<:'9='A<K8<::9J<':6EK;CE:'H8CE'K8<39=;<8J<=;9C=';C'd3EC=;F'HC??CT3@K>

c9;F'8<MB8A';C';F<'8C?<'CH':CG9B?'GCEK<;<=G<'B:'B'KC;<=;9B?'ECA<8B;C8'CH';F<'

<HH<G;:'CH'K:6GFC?CM9GB?'9=;<8J<=;9C=:N'9='B':<B8GF'CH';F<'?9;<8B;@8<N'C=?6'C=<':;@A6'TB:'

HC@=A';C'<_BE9=<';F9:'GC=:;8@G;'B:'B'ECA<8B;C8'9=';F<'GC=;<_;'CH'B='9=;<8J<=;9C=>''.@:B9<'

B=A'GC??<BM@<:'[OPPe]'GC=A@G;<A'B':<GC=AB86'B=B?6:9:'CH';F<'AB;B'H8CE';F<'H98:;'KFB:<'CH'B'

?B8M<8':;@A6'D6'#@:UB8'B=A'GC??<BM@<:'[OPPd]';FB;'B::<::<A';F<'<HH<G;:'CH'B='9=;<8J<=;9C='

C='K:6GFC?CM9GB?':6EK;CE:'B=A'GCK9=M':U9??:'9='8@8B?'BAC?<:G<=;:>''.@:B9<'<;'B?>'<_BE9=<A'

K:6GFC:CG9B?'8<:9?9<=G<'9=';F<':BE<':BEK?<'CH'BAC?<:G<=;:N'BM<A'Qa';C'Qh'6<B8:'C?AN'B=A'

HBG;C8:';FB;'E9MF;'K8<A9G;'C8'ECA<8B;<'8<:9?9<=G<>''#:6GFC:CG9B?'8<:9?9<=G<'TB:'E<B:@8<A'

D6'B'GCEKC:9;<'JB89BD?<'GC=:9:;9=M'CH'?CT'?<J<?:'CH'BAC?<:G<=;'A<K8<::9C='B=A':@D:;B=G<'

@:<'B=A'F9MF'?<J<?:'CH'GCM=9;9J<'GCK9=M>''"=<'CH';F<'KC;<=;9B?'ECA<8B;C8:';<:;<A'TB:'

K<8G<9J<A'H89<=A':CG9B?':@KKC8;>''*;<KT9:<'?CM9:;9G'8<M8<::9C='TB:'@:<A';C';<:;';F9:'ECA<?N'

B=A'K<8G<9J<A':@KKC8;'CH'H89<=A:'TB:'HC@=A';C'ECA<8B;<';F<'?<J<?'CH'K:6GFC:CG9B?'

8<:9?9<=G<'D6'9=;<8BG;9=M'T9;F'=<MB;9J<'?9H<'<J<=;:'B=A'BM<'[.@:B9<'<;'B?>N'OPPe]>'',C8<'

OO

Page 30: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

:K<G9H9GB??6N'K<8G<9J<A':@KKC8;'CH'H89<=A:'D<GBE<'EC8<'9EKC8;B=;'HC8'K8CEC;9=M'

8<:9?9<=G<'9='C?A<8'BAC?<:G<=;:'<_K<89<=G9=M'EC8<'=<MB;9J<'?9H<'<J<=;:>''.F9:'9=A9GB;<:';FB;'

K<8G<K;9C=:'CH':CG9B?'GCEK<;<=G<'B=A'K<8G<9J<A':@KKC8;'E9MF;'F<?K'D@HH<8';F<'<HH<G;:'CH'

=<MB;9J<'<J<=;:'HC8'C?A<8'BAC?<:G<=;:>

(?;FC@MF'K8<J<=;9J<'9=;<8J<=;9C=:'FBJ<'HCG@:<A'C=';F<'A<J<?CKE<=;'CH':CG9B?'

GCEK<;<=G<'B=A'FBJ<'<J<=';B8M<;<A':CG9B?':U9??:'B:'B'TB6';C'8<A@G<'A<K8<::9C=N';F<8<'9:'B'

:GB8G9;6'CH':;@A9<:';FB;'FBJ<'<_BE9=<A':CG9B?'GCEK<;<=G<'B:'E<A9B;C8:'C8'ECA<8B;C8:'CH'

K8<J<=;9J<'9=;<8J<=;9C=:>''

B!&%$A%!&,-!+(?,&4(;//+*$,!3(-/()%*$%++%5("#$%!&+(

(':EB??'D@;'M8CT9=M'DCA6'CH'8<:<B8GF'9=A9GB;<:';FB;';F<'BAJ<8:<'<HH<G;:'CH'KB8<=;B?'

A<K8<::9C='GB='D<'8<A@G<A'C8'K8<J<=;<A';F8C@MF'K:6GFC:CG9B?'9=;<8J<=;9C='[4<B8A:?<<'j'

&?BA:;C=<N'OPPQf'5C8CT9;V'j'&B8D<8N'OPPb]>''#8<J<=;9J<'9=;<8J<=;9C=:'HC8'GF9?A8<='CH'

A<K8<::<A'KB8<=;:'JB86'C='B;'?<B:;';TC'A9E<=:9C=:>''098:;N'9=;<8J<=;9C=:'FBJ<'<9;F<8'

9=JC?J<A'HBE9?9<:'[A<K8<::<A'KB8<=;:'B=A';F<98'GF9?A8<=f'4<B8A:?<<'<;'B?>N'QXXb]'C8'HCG@:<A'

:C?<?6'C=';F<'GF9?A8<='TFC'B8<'B;'89:U'[!?B8U<'<;'B?>N'OPPQ]>''*<GC=AN'K8<J<=;9C='K8CM8BE:'

FBJ<'<EKFB:9V<A'GCM=9;9J<3D<FBJ9C8B?'E<;FCA:'CH'9=;<8J<=;9C='[!?B8U<'<;'B?>N'OPPQ]N'9='

GC=;8B:;'T9;F'B'HBE9?6'<A@GB;9C='BKK8CBGF'[4<B8A:?<<'<;'B?>N'QXXd]>

4<B8A:?<<'B=A'GC??<BM@<:'[QXXd]'FBJ<'A<J<?CK<A'B'HBE9?63DB:<A'9=;<8J<=;9C='HC8'

HBE9?9<:'T9;F'B'8<G<=;'F9:;C86'CH'KB8<=;B?'BHH<G;9J<'A9:C8A<8N'T9;F';F<'HCG@:'C='K8<J<=;9=M'

A<K8<::9C='9='<B8?6'BAC?<:G<=;:'BM<A'h';C'QZ'6<B8:'C?A>''.F<98'EB=@B?3DB:<A'

K:6GFC<A@GB;9C=B?'BKK8CBGF';B8M<;<A':;8B;<M9<:';C'BAA8<::'KCC8'GCEE@=9GB;9C=N'H<<?9=M:'

CH'M@9?;'B=A'D?BE<N'E9:@=A<8:;B=A9=MN'B=A';F<'8<GCM=9;9C='CH'A<K8<::9C=>''$='BAA9;9C=N'

;F<98'9=;<8J<=;9C='B9E<A';C'D@9?A':@KKC8;'=<;TC8U:'B=A'C@;:9A<'BG;9J9;9<:'HC8'GF9?A8<=N'B:'

Od

Page 31: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

T<??'B:'9=G8<B:9=M':FB8<A'HBE9?6'@=A<8:;B=A9=M'[4<B8A:?<<N'c89MF;N'&?BA:;C=<N'j'0C8D<:N'

OPPe]>''$=9;9B?'H9=A9=M:':@MM<:;';FB;';F9:'9=;<8J<=;9C='9=G8<B:<:'GF9?A'U=CT?<AM<'B=A'

@=A<8:;B=A9=M'CH';F<98'KB8<=;^:'A9:C8A<8'B=A'?<BA:';C'9EK8CJ<E<=;:'9='GF9?A8<=^:'BABK;9J<'

H@=G;9C=9=M'KC:;39=;<8J<=;9C='[4<B8A:?<<'<;'B?>N'QXXdf'QXXeBf'QXXeD]>''.F<:<'H9=A9=M:'

K<8:9:;<A';F8C@MF';F<':9_;F'HC??CT3@K'B::<::E<=;'KC9=;N'BKK8C_9EB;<?6'a>Z'6<B8:'BH;<8'

<=8C??E<=;N'T9;F'9=G8<B:<A'8<KC8;:'CH'GF9?A'H@=G;9C=9=M'B=A'A<G8<B:<A'9=;<8=B?9V9=M'

:6EK;CE:'B::<::<A'C=';F<'1C@;F'*<?H3/<KC8;'HC8'BAC?<:G<=;:'9='DC;F';F<'HBE9?6'

9=;<8J<=;9C='B=A'9='B='9=;<8J<=;9C=';FB;'9=JC?J<A'K8CJ9:9C='CH'9=HC8EB;9C=';C'KB8<=;:'9='B'

?<G;@8<'HC8EB;'[4<B8A:?<<'<;'B?>N'OPPe]>''5CT<J<8N';F<8<'T<8<'=C':9M=9H9GB=;'M8C@K'

A9HH<8<=G<:'B;';FB;'KC9=;'D<;T<<=';F<'HBE9?6'9=;<8J<=;9C='B=A'GC=;8C?'GC=A9;9C=>'

I:9=M'B'A9HH<8<=;'9=;<8J<=;9C='ECA<?N'!?B8U<'<;'B?>'[QXXZ]'BABK;<A';F<'!CK9=M'T9;F'

)<K8<::9C='#8CM8BE'[!?B8U<'<;'B?>N'QXXd]N'B='<EK989GB??6':@KKC8;<A'GCM=9;9J<3D<FBJ9C8B?'

K8CM8BE'HC8';8<B;E<=;'CH'BAC?<:G<=;'A<K8<::9C=N'HC8'@:<'9='B'K8<J<=;9J<'9=;<8J<=;9C='T9;F'

B'GCEE@=9;6':BEK?<'CH'F9MF389:U'BAC?<:G<=;:>''.F9:'M8C@K3HC8EB;'9=;<8J<=;9C='TB:'

A<:9M=<A';C'K8<J<=;';F<'C=:<;'CH'A<K8<::9J<'A9:C8A<8:'9='Qd3';C'Qh36<B83C?A:'TFC'

A<EC=:;8B;<A'<?<JB;<A'D@;':@DG?9=9GB?'A<K8<::9C=':6EK;CE:'B=A'TB:'GCEKB8<A';C'B'

m@:@B?'GB8<n'M8C@K>''(;'B'C=<36<B8'HC??CT3@KN'KB8;9G9KB=;:'9=';F<'9=;<8J<=;9C='M8C@K'

8<KC8;<A':9M=9H9GB=;?6'H<T<8'GB:<:'CH',))'C8')6:;F6E9B';FB=';F<'GC=;8C?'M8C@K'[!?B8U<'

<;'B?>N'QXXZ]>''

!?B8U<'B=A'GC??<BM@<:'<_;<=A<A';F<:<'K8CE9:9=M'H9=A9=M:'D6'GCEKB89=M';F9:'

9=;<8J<=;9C=';C'B'@:@B?'GB8<'GC=A9;9C='BEC=M'BAC?<:G<=;'CHH:K89=M'CH'KB8<=;:'D<9=M';8<B;<A'

HC8'A<K8<::9C='[!?B8U<'<;'B?>N'OPPQ]>''('GCEKC=<=;'CH';F<'9=;<8J<=;9C='HCG@:<A'C='

;<BGF9=M'GCM=9;9J<'8<:;8@G;@89=M';C'9A<=;9H6'B=A'GFB=M<'@=8<B?9:;9G'C8'CJ<8?6'=<MB;9J<'

;FC@MF;:N'T9;F'B':K<G9H9G'HCG@:'C='D<?9<H:'8<?B;<A';C'FBJ9=M'B'KB8<=;'T9;F'A<K8<::9C=>''(;'

Oa

Page 32: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

DC;F'KC:;;8<B;E<=;'B=A'B;'B'QO3EC=;F'HC??CT3@KN'BAC?<:G<=;:'9=';F<'9=;<8J<=;9C='FBA'

:9M=9H9GB=;?6'?CT<8':6EK;CE:'CH'A<K8<::9C=N'B:'E<B:@8<A'D6';F<'!-*3)N'GCEKB8<A';C';F<'

;8<B;E<=;'B:'@:@B?'M8C@K>''5CT<J<8N';F<'GCM=9;9J<'B=A'D<FBJ9C8B?':U9??:';B@MF;'9=';F<'

9=;<8J<=;9C='T<8<'=C;'<_BE9=<A'B:'KC;<=;9B?'E<A9B;C8:'CH'GFB=M<:'9='A<K8<::9J<'

:6EK;CE:N';F<8<HC8<'EBU9=M'9;'A9HH9G@?;';C'A<;<8E9=<'9H';F<:<'KC:9;9J<'GFB=M<:'CGG@88<A'

A@<';C'9=G8<B:<A'?<J<?:'CH'GCK9=M>''%<J<8;F<?<::N';F9:'GCM=9;9J<3D<FBJ9C8B?'9=;<8J<=;9C='

BKK<B8:';C'D<'K8CE9:9=M'HC8';F<'K8<J<=;9C='CH'A<K8<::9C='9='F9MF389:U'BAC?<:G<=;:>

C#9,'6D>#+%5(2-3!,&,A%(B!&%$A%!&,-!(/-$(;//+*$,!3(-/()%*$%++%5("#$%!&+

&@9A<A'D6'K8<J9C@:'8<:<B8GF'C='89:U'B=A'K8C;<G;9J<'K8CG<::<:'9='GF9?A8<='CH'

A<K8<::<A'KB8<=;:N';F<'K8<J<=;9J<'9=;<8J<=;9C='<_BE9=<A'9=';F<'K8<:<=;':;@A6'TB:'

A<:9M=<A';C'8<A@G<':;8<::H@?'KB8<=;3GF9?A'9=;<8BG;9C=:';FB;'B8<'B::CG9B;<A'T9;F'KB8<=;B?'

T9;FA8BTB?'B=A'KB8<=;B?'9=;8@:9J<=<::'B=A';C'<=FB=G<'GF9?A8<=^:'B=A'KB8<=;:^'@:<'CH'

:<GC=AB86'GC=;8C?'<=MBM<E<=;'GCK9=M':;8B;<M9<:';C'8<A@G<';F<'89:U'HC8':6EK;CE:'B=A'

A9:C8A<8'9='GF9?A8<='9=';F<:<'HBE9?9<:'[!CEKB:N'7<??<8N'j'0C8<FB=AN'9='K8<::]>'.F<'

9=;<8J<=;9C='9=G?@A<A':<J<8B?'DB:9G':U9??:N'9=G?@A9=M':<GC=AB86'GC=;8C?'<=MBM<E<=;'GCK9=M'

[BGG<K;B=G<N'GCM=9;9J<'8<:;8@G;@89=MN'A9:;8BG;9C=';F8C@MF'K?<B:B=;'BG;9J9;9<:]N'B=A'

KB8<=;9=M':U9??:'[KB8<=;B?'9=JC?J<E<=;N'KB8<=;B?'TB8E;FN'B=A'HBE9?6':;8@G;@8<]>

$='B='CK<=';89B?'<_BE9=9=M'K8<3';C'KC:;3GFB=M<:'9='B':BEK?<'CH'ZP'HBE9?9<:'TFC'

KB8;9G9KB;<A'9=';F<'9=;<8J<=;9C=N':9M=9H9GB=;'GFB=M<:'T<8<'HC@=A'9='GF9?A8<=^:'9=;<8=B?9V9=M'

B=A'<_;<8=B?9V9=M':6EK;CE:N'GF9?A8<=^:'@:<'CH':<GC=AB86'GC=;8C?'GCK9=M':U9??:N'B=A'

KB8<=;B?'A<K8<::9J<':6EK;CE:>''$=9;9B?'H9=A9=M:'FBJ<'D<<='8<KC8;<A'H8CE'B'8B=ACE9V<A'

G?9=9GB?';89B?'9='TF9GF';F9:'9=;<8J<=;9C='FB:'D<<='GCEKB8<A'T9;F'B='9=HC8EB;9C=3C=?6'

GC=;8C?'GC=A9;9C='[!CEKB:'<;'B?>N'OPPX]>''(=B?6:<:'CH'GCJB89B=G<'B;'QO3EC=;F'HC??CT3@K'

OZ

Page 33: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

9=A9GB;<A';FB;'GF9?A8<='9=';F<'9=;<8J<=;9C='GCEKB8<A'T9;F'GC=;8C?:'8<KC8;<A'?CT<8'?<J<?:'CH'

A<K8<::9J<':6EK;CE:'B=A'9=;<8=B?9V9=M'B=A'<_;<8=B?9V9=M':6EK;CE:N'B=A'KB8<=;:'9=';F<'

9=;<8J<=;9C='GC=A9;9C='8<KC8;<A':9M=9H9GB=;?6'?CT<8'?<J<?:'CH'<_;<8=B?9V9=M':6EK;CE:'9='

;F<98'GF9?A8<='B;'b3EC=;F'HC??CT3@K'[!CEKB:'<;'B?>N'OPPX]>''-HH<G;':9V<:'HC8';F<:<'

C@;GCE<:'T<8<'B??'E<A9@E'9='EBM=9;@A<>''

.F<'G@88<=;':;@A6'<_BE9=<A';F<'8C?<'CH'GCK9=M'B=A':CG9B?'GCEK<;<=G<'B:'KC;<=;9B?'

E<A9B;C8:'B=A'ECA<8B;C8:'CH';F<'KC:9;9J<'<HH<G;:'CH';F9:'HBE9?6'GCM=9;9J<3D<FBJ9C8B?'

9=;<8J<=;9C=>''.F<'9=;<8J<=;9C='HCG@:<A'C=';<BGF9=M'CHH:K89=M'CH'A<K8<::<A'KB8<=;:'EC8<'

BABK;9J<'GCK9=M':U9??:>''.F@:N'GCK9=M'EB6':<8J<'B:'B'E<A9B;C8'D<;T<<=';8<B;E<=;'B=A'

GF9?A8<=^:'K:6GFC?CM9GB?'BAW@:;E<=;>''(?;FC@MF';F<'9=;<8J<=;9C='A9A'=C;'HCG@:'C='

GFB=M9=M'GF9?A8<='B=A'BAC?<:G<=;:^':CG9B?'GCEK<;<=G<N'9;'EB6'AC':C'9=A98<G;?6'B:'GF9?A8<='

9=';F<'9=;<8J<=;9C='T<8<'<=GC@8BM<A';C'9=G8<B:<';F<98'KB8;9G9KB;9C='9=':CG9B?'BG;9J9;9<:'

C@;:9A<'CH';F<'HBE9?6'B:'B'E<;FCA'CH'A9:;8BG;9C=>''$=';FB;'GB:<N'9;'9:'KC::9D?<';FB;':CG9B?'

GCEK<;<=G<'EB6'B?:C'H@=G;9C='B:'B'E<A9B;C8'CH';F<'K8CM8BE>''.C'D<;;<8'@=A<8:;B=A'FCT'

GCK9=M'B=A':CG9B?'GCEK<;<=G<'B8<'8<?B;<AN';F<6'T<8<';<:;<A':<L@<=;9B??6'9='E@?;9K?<'

E<A9B;<A'ECA<?:>''.F<'H9=A9=M:'CH'!CK<?B=A'<;'B?>'[OPPZ]':@MM<:;'B'ECA<?'9='TF9GF'

9=G8<B:<:'9=':CG9B?'GCEK<;<=G<'?<BA';C'9EK8CJ<A'GCK9=M'B=A'H<T<8':6EK;CE:>''$='

GC=;8B:;N'9;'EB6'B?:C'D<';FB;';F<'9=;<8J<=;9C=':<8J<:';C'9=G8<B:<'GF9?A8<=^:'GCK9=MN'TF9GFN'

9=';@8=N'?<BA:';C'F9MF<8'?<J<?:'CH':CG9B?'GCEK<;<=G<'B=A'?CT<8'?<J<?:'CH':6EK;CE:>

&9J<=';FB;';F<'K8<J<=;9J<'9=;<8J<=;9C='<_BE9=<A'9=';F9:':;@A6'A9A'=C;';B8M<;'

BAC?<:G<=;:^':CG9B?'GCEK<;<=G<'B=A';FB;':CG9B?'GCEK<;<=G<'9:'B'8<?B;9J<?6':;BD?<'GC=:;8@G;N'

9;'9:'=C;'B:'?9U<?6';FB;':CG9B?'GCEK<;<=G<'T9??'H@=G;9C='B:'B'E<A9B;C8'CH';8<B;E<=;>'

5CT<J<8N'D<GB@:<'GCEK<;<=G<'EB6':<8J<'B:'B'8<:C@8G<';FB;'D<=<H9;:'B='9=A9J9A@B?^:'

BD9?9;6';C'GCK<N'GCK9=M'B=A'GCEK<;<=G<'EB6'H@=G;9C='9='B'ECA<8B;<A'E<A9B;9C='ECA<?>'

Ob

Page 34: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

,C8<':K<G9H9GB??6N'GCK9=M'EB6'E<A9B;<';F<'8<?B;9C=:F9K'D<;T<<='9=;<8J<=;9C='B=A'

C@;GCE<N'D@;'C=?6'HC8'BAC?<:G<=;:'T9;F'F9MF<8'?<J<?:'CH':CG9B?'GCEK<;<=G<'B;';F<'C=:<;'CH'

;8<B;E<=;>''$='C;F<8'TC8A:N'BAC?<:G<=;:'TFC'<=;<8';F<'9=;<8J<=;9C='T9;F'D<;;<8':CG9B?':U9??:'

B=A'EC8<'KC:9;9J<'K<8G<K;9C=:'CH';F<98'8<?B;9C=:F9K:'B=A':CG9B?':<?H3<HH9GBG6'TC@?A'D<'

D<;;<8'BD?<';C'<HH<G;9J<?6'BKK?6';F<'GCK9=M':U9??:'9=;8CA@G<A'9=';F<'9=;<8J<=;9C=N';F<8<D6'

8<A@G9=M':6EK;CE:'CH'A<K8<::9C=>''0C8'BAC?<:G<=;:'T9;F'?CT'?<J<?:'CH':CG9B?'GCEK<;<=G<N'

;F<'9=;<8J<=;9C='TC@?A'D<'?<::'<HH<G;9J<'9='9=G8<B:9=M';F<98'GCK9=M':U9??:'B=AN'9=';@8=N'

TC@?A'=C;'<_K<89<=G<'B'A<G8<B:<'9=':6EK;CE:>

28$$%!&(:&856(#!5("$-*-+%5(E6*-&4%+%+

.F<'G@88<=;':;@A6'TB:'GC=A@G;<A'B:'KB8;'CH'B'8B=ACE9V<A';89B?';C';<:;'B'GCM=9;9J<3

D<FBJ9C8B?'HBE9?6'9=;<8J<=;9C='HC8'HBE9?9<:'CH'A<K8<::<A'KB8<=;:>''.F<'GCM=9;9J<3

D<FBJ9C8B?'9=;<8J<=;9C='TB:'A<:9M=<A';C'8<A@G<';F<'9=G9A<=G<'CH'9=;<8=B?9V9=M':6EK;CE:'

B=AN'EC8<':K<G9H9GB??6N'A<K8<::9J<':6EK;CE:N'9='GF9?A8<='CH'A<K8<::<A'KB8<=;:>''.F<'MCB?:'

CH';F<'G@88<=;'8<:<B8GF'T<8<';C'D<;;<8'@=A<8:;B=A';F<'HBG;C8:';FB;'B8<'B::CG9B;<A'T9;F'

8<:9?9<=G<'9='CHH:K89=M'CH'A<K8<::<A'KB8<=;:>'',C8<':K<G9H9GB??6N';F<'8C?<'CH'GCK9=M'B=A'

:CG9B?'GCEK<;<=G<N'B=A';F<'8<?B;9C=:'D<;T<<=';F<:<';TC'KC;<=;9B?':C@8G<:'CH'8<:9?9<=G<N'

T<8<'9=J<:;9MB;<A'B:'K8CG<::<:'CH'8<:9?9<=G<'B=A'KC;<=;9B?'K8C;<G;9C='H8CE'

K:6GFCKB;FC?CM6'9=';F<:<'B;389:U'6C@;F>''$=':@EEB86N';F<'K8<:<=;':;@A6';<:;<A';F<'

HC??CT9=M'F6KC;F<:<:R

E6*-&4%+,+(FG@//,0#06(-/(&4%(B!&%$A%!&,-!

Q3Q>''!CEKB8<A';C'B':<?H3:;@A6'GCEKB89:C='GC=A9;9C=N';F<'HBE9?6'M8C@K'

9=;<8J<=;9C='TB:'<_K<G;<A';C'?<BA';C':9M=9H9GB=;?6'?CT<8'B=_9<;6`A<K8<::9C='B=A'

Oe

Page 35: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

9=;<8=B?9V9=M':6EK;CE:>

Q3O>''$;'TB:'F6KC;F<:9V<A';FB;':CG9B?'GCEK<;<=G<'TC@?A'9=G8<B:<':9M=9H9GB=;?6'9='B'

HBE9?6'GCM=9;9J<3D<FBJ9C8B?'9=;<8J<=;9C='B:'GCEKB8<A'T9;F'GF9?A8<='9='B':<?H3:;@A6'

GC=A9;9C=>

Q3d>''$;'TB:'<_K<G;<A';FB;';F<'@:<'CH':<GC=AB86'GC=;8C?'<=MBM<E<=;'GCK9=M'TC@?A'

9=G8<B:<':9M=9H9GB=;?6'9='GF9?A8<='9='B'HBE9?6'GCM=9;9J<3D<FBJ9C8B?'9=;<8J<=;9C='B:'

GCEKB8<A'T9;F'GF9?A8<='9='B':<?H3:;@A6'GC=;8C?'GC=A9;9C=>

E6*-&4%+,+(HGI%5,#&-$+(-/(&4%(B!&%$A%!&,-!

O3Q>''$;'TB:'F6KC;F<:9V<A';FB;'9EK8CJ<E<=;'9='GF9?A8<=^:'GCK9=M'TC@?A'E<A9B;<'

;F<'<HH<G;:'CH';F<'HBE9?6'GCM=9;9J<'D<FBJ9C8B?'9=;<8J<=;9C='C='B=_9<;6`A<K8<::9C='B=A'

9=;<8=B?9V9=M':6EK;CE:>

O3O>''$;'TB:'F6KC;F<:9V<A';FB;'9=G8<B:<:'9='GF9?A8<=^:':CG9B?'GCEK<;<=G<'TC@?A'

E<A9B;<';F<'<HH<G;:'CH';F<'HBE9?6'GCM=9;9J<'D<FBJ9C8B?'9=;<8J<=;9C='C='B=_9<;6`A<K8<::9C='

B=A'9=;<8=B?9V9=M':6EK;CE:>'

O3d>''$;'TB:'F6KC;F<:9V<A';FB;'DC;F'GCK9=M'B=A':CG9B?'GCEK<;<=G<'TC@?A'E<A9B;<'

;F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C='GF9?A8<=^:'B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M'

:6EK;CE:'B=A'TC@?A'H@=G;9C=';CM<;F<8'9='C=<'CH';TC'E@?;9K?<3E<A9B;9C='ECA<?:R''[B]'

*CG9B?'GCEK<;<=G<'T9??'E<A9B;<';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C='GF9?A8<=^:':6EK;CE:N'

B=A':<GC=AB86'GC=;8C?'GCK9=M'T9??'BGGC@=;'HC8';F<'8<?B;9C=:F9K'D<;T<<=':CG9B?'

GCEK<;<=G<'B=A':6EK;CE:>''[D]'!CK9=M'T9??'E<A9B;<';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C='

GF9?A8<=^:':6EK;CE:N'B=A':CG9B?'GCEK<;<=G<'T9??'BGGC@=;'HC8';F<'8<?B;9C=:F9K'D<;T<<='

GCK9=M'B=A':6EK;CE:>

E6*-&4%+,+(JGI-5%$#&-$+(-/(&4%(B!&%$A%!&,-!

Oh

Page 36: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

d3Q>''$;'TB:'F6KC;F<:9V<A';FB;':CG9B?'GCEK<;<=G<'TC@?A'ECA<8B;<';F<'<HH<G;:'CH'

;F<'9=;<8J<=;9C=>''$='C;F<8'TC8A:N'HC8'GF9?A8<='T9;F'F9MF'?<J<?:'CH':CG9B?'GCEK<;<=G<N';F<'

9=;<8J<=;9C='TC@?A'?<BA';C'H<T<8'B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:>

d3O>''$;'TB:'F6KC;F<:9V<A';FB;':CG9B?'GCEK<;<=G<'B=A'GCK9=M'TC@?A'H@=G;9C='9='B'

ECA<8B;<'E<A9B;9C='ECA<?'9='TF9GF':CG9B?'GCEK<;<=G<'TC@?A'ECA<8B;<';F<'E<A9B;9C='

<HH<G;'CH'GCK9=M'D<;T<<=';F<'9=;<8J<=;9C='B=A'GF9?A8<=^:'B=_9<;6`A<K8<::9C='B=A'

9=;<8=B?9V9=M':6EK;CE:>''$='C;F<8'TC8A:N'HC8'GF9?A8<='T9;F'F9MF'?<J<?:'CH':CG9B?'

GCEK<;<=G<N';F<'9=;<8J<=;9C='TC@?A':<8J<';C'9=G8<B:<'GCK9=MN'TF9GF'TC@?A'?<BA';C'H<T<8'

:6EK;CE:>''0C8'GF9?A8<='T9;F'?CT'?<J<?:'CH':CG9B?'GCEK<;<=G<N';F<'9=;<8J<=;9C='TC@?A'=C;'

8<:@?;'9='B='9=G8<B:<'9='GCK9=M'B=A'A<G8<B:<'9=':6EK;CE:>

OX

Page 37: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

!5(#.-/'$$

,-.5")

"#$&,0,*#!&+

#B8;9G9KB=;:'T<8<'A8BT='H8CE'B':BEK?<'CH'HBE9?9<:'8<G8@9;<A';C'KB8;9G9KB;<'9='B';TC3:9;<'

8B=ACE9V<A'HBE9?63DB:<AN'GCM=9;9J<3D<FBJ9C8B?'9=;<8J<=;9C=';89B?'HC8'GF9?A8<='CH'

A<K8<::<A'KB8<=;:'GC=A@G;<A'B;'2B=A<8D9?;'I=9J<8:9;6'9='%B:FJ9??<N'.<==<::<<'B=A';F<'

I=9J<8:9;6'CH'2<8EC=;'9='4@8?9=M;C=N'2<8EC=;>''(??'8B=ACE9VB;9C='K8CG<A@8<:N'

A9BM=C:;9G'9=;<8J9<T:N'B=A'9=;<8J<=;9C=':<::9C=:'T<8<'EB;GF<A'BG8C::':9;<:>''

#B8;9G9KB=;:'9=G?@A<A'B';C;B?'CH'QQQ'KB8<=;:'T9;F'G@88<=;'C8'KB:;'EBWC8'A<K8<::9J<'

A9:C8A<8'A@89=M';F<'?9H<;9E<'CH';F<98'GF9?A[8<=]'B=A'QZZ'BAC?<:G<=;'GF9?A8<='CH';F<:<'

KB8<=;:'?9J9=M'9=';F<'B8<B:'CH'%B:FJ9??<N'.<==<::<<'B=A'4@8?9=M;C=N'2<8EC=;>''.B8M<;'

KB8<=;:'T9;F'B'F9:;C86'CH'A<K8<::9C='9=G?@A<A'XZ'EC;F<8:'[E<B='BM<'CH'aQ>ON'*)'\'b>h]'

B=A'Qb'HB;F<8:'[E<B='BM<'\'ah>dN'*)'\'h>O]>'

!F9?A8<='<=8C??<A'9=';F<':;@A6'8B=M<A'9='BM<'H8CE'X3';C'QZ36<B8:'C?A'B=A'9=G?@A<A'

hZ'EB?<:'[E<B='BM<'CH'QQ>dN'*)'\'O>P]'B=A'eP'H<EB?<:'[E<B='BM<'CH'QQ>ZN'*)'\'O>P]>'

*<J<=;6'=9=<'K<8G<=;'CH';F<'GF9?A8<='T<8<'!B@GB:9B=N'hi'(H89GB='(E<89GB=N'di'(:9B='

(E<89GB=N'Qi'+B;9=CN'Qi'%B;9J<'(E<89GB=N'B=A'hi'E9_<A'F<89;BM<>''(AC?<:G<=;:'X3';C'

QZ36<B8:3C?A'T<8<';B8M<;<A'D<GB@:<';F<'8B;<'CH'A<K8<::9C='9=G8<B:<:':9M=9H9GB=;?6'A@89=M'

;F<';8B=:9;9C='H8CE'GF9?AFCCA';C'BAC?<:G<=G<N'EBU9=M';F9:'A<J<?CKE<=;B?'K<89CA';F<'

CK;9EB?';9E<'HC8'K8<J<=;9C='CH';F<'C=:<;'CH'A<K8<::9C='[5B=U9='<;'B?>N'QXXh]>''!F9?A8<='

6C@=M<8';FB='X36<B8:3C?A'T<8<'?9U<?6';C'D<'@=BD?<';C'D<=<H9;'H8CE';F<'GCEK?<_'GCM=9;9J<'

KC8;9C=:'CH';F<'9=;<8J<=;9C=N'B=A'BAC?<:G<=;:'C?A<8';FB='QZ'6<B8:'CH'BM<'T<8<'?9U<?6';C'

dP

Page 38: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

?<BJ<'FCE<'A@89=M';F<'O36<B8'HC??CT3@K'K<89CA'B=A';F<8<HC8<'D<'?<::'BJB9?BD?<'HC8'HC??CT3

@K>''

"$-0%58$%

(;'DC;F':9;<:N'HBE9?9<:'T<8<'K89EB89?6'8<G8@9;<A'J9B'E<=;B?'F<B?;F'G?9=9G:'B=A'

K8BG;9G<:>''48CGF@8<:'C8'KC:;<8:'T<8<'K?BG<A'9='BKK8CK89B;<'TB9;9=M'8CCE:'B=A'E<=;B?'

F<B?;F':K<G9B?9:;:'T<8<'<A@GB;<A'BDC@;';F<'9=;<8J<=;9C='B=A'K8CJ9A<A'T9;F'8<H<88B?:'

BGGC8A9=M?6>''";F<8'E<;FCA:'CH'8<G8@9;E<=;'T<8<'9EK?<E<=;<A'B:'=<G<::B86'B=A'9=G?@A<A'

BAJ<8;9:9=M';F8C@MF';F<';<?<J9:9C=N'8BA9CN'=<T:KBK<8:N'B=A';F8C@MF'EB::'<EB9?'EB9?9=M'

?9:;:>''(';C;B?'CH'ZZa'KB8<=;:'GC=;BG;<A';F<'8<:<B8GF';<BE:>''.F<:<'9=A9J9A@B?:'?<B8=<A'CH'

;F<':;@A6'H8CE';F<'HC??CT9=M':C@8G<:R'dQi'[='\'Qee]'H8CE'E<=;B?'F<B?;F'GB8<':<;;9=M:'

[<>M>N'GCEE@=9;6'E<=;B?'F<B?;F'G<=;<8:N'C@;KB;9<=;'K:6GF9B;86'G?9=9G:]f'Xi'[='\'Za]'H8CE'

M<=<8B?'E<A9GB?'K8BG;9G<:f'B=A'Zdi'[='\'dPO]'H8CE'E<A9B'B=A'K@D?9G':<;;9=M:'[<>M>N'

=<T:KBK<8'B=A'EBMBV9=<:N'<EK?C6<<'<EB9?:]f'ei'[=\'aQ]'CH'GC=;BG;:'GC@?A'=C;'8<GB??'

FCT';F<6'?<B8=<A'BDC@;';F<':;@A6>

#C;<=;9B?'KB8;9G9KB=;:'GC=;BG;<A';F<'8<:<B8GF':;BHH'B=A'KB8;9G9KB;<A'9='B'dP3aZ'

E9=@;<'A9BM=C:;9G'KFC=<3:G8<<='9=;<8J9<T!;C'A<;<8E9=<'<?9M9D9?9;6'G89;<89B>'.C'E<<;'

9=G?@:9C='G89;<89B'HC8';F<'G@88<=;':;@A6N'B;'?<B:;'C=<'KB8<=;'9=';F<'HBE9?6'FBA';C'E<<;'

G89;<89B'HC8'B;'?<B:;'C=<'<K9:CA<'CH'EBWC8'A<K8<::9J<'A9:C8A<8'[,))]'C8'A6:;F6E9B'[)1]N'

<9;F<8'G@88<=;?6'C8'A@89=M';F<'?9H<;9E<'CH';F<'GF9?A[8<=]'T9;F9=';F<'A<:9M=B;<A'BM<'8B=M<>'

/<G<=;'8<:<B8GF'FB:':FCT=';FB;'G@88<=;'KB8<=;B?'A<K8<::9J<':6EK;CE:'B8<'B':;8C=M'

K8<A9G;C8'CH'L@B?9;6'CH'KB8<=;3GF9?A'9=;<8BG;9C=:'B=A'G@88<=;'GF9?A'BAW@:;E<=;'BEC=M'

KB8<=;:'T9;F'B'F9:;C86'CH'A<K8<::9C=N':@MM<:;9=M';FB;'KB8<=;9=M'B=A'C;F<8'HBG;C8:'GC=;9=@<'

;C'K?BG<'GF9?A8<='B;'89:U'<J<='TF<='KB8<=;:'B8<'C@;'CH'<K9:CA<'[SB:<8'<;'B?>N'OPPZ]>''#B8<=;:'

dQ

Page 39: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

TFC'E<;'G89;<89B'HC8'EBWC8'A<K8<::9C='<9;F<8'G@88<=;?6'C8'A@89=M';F<'?9H<;9E<'CH'F<8`F9:'

GF9?A[8<=]'ECJ<A';C';F<'=<_;':;BM<'CH';F<':G8<<=9=M'K8CG<::'9H';F<'HC??CT9=M'G89;<89B'T<8<'

E<;R'[B]'KB8<=;'FBA'=C'F9:;C86'CH'D9KC?B8'$N':GF9VCKF8<=9BN'C8':GF9VCBHH<G;9J<'A9:C8A<8f'[D]'

GF9?A8<='FBA'=C'F9:;C86'CH'B@;9:E':K<G;8@E'A9:C8A<8:N'E<=;B?'8<;B8AB;9C=N'D9KC?B8'$'

A9:C8A<8'C8':GF9VCKF8<=9Bf'B=A'[G]'GF9?A8<='A9A'=C;'G@88<=;?6'E<<;'G89;<89B'HC8'GC=A@G;'

A9:C8A<8'C8':@D:;B=G<`B?GCFC?'BD@:<'C8'A<K<=A<=G<>'

$='BAA9;9C=N'<?9M9D?<'HBE9?9<:'9='TF9GF'B'KB8;9G9KB;9=M'HBE9?6'E<ED<8'TB:'BG@;<?6'

:@9G9AB?'T<8<';<EKC8B89?6'K?BG<A'C=3FC?AN'B:'T<8<'HBE9?9<:'9='TF9GF'B=6'KB8;9G9KB;9=M'

GF9?A'TB:'G@88<=;?6'A<K8<::<A>''*@GF'HBE9?9<:'T<8<'A<<E<A'@=:@9;BD?<'HC8';F<'9=;<8J<=;9C='

B;';FB;';9E<'B=A'T<8<'B::9:;<A'9='CD;B9=9=M'BKK8CK89B;<'E<=;B?'F<B?;F':<8J9G<:'9=';F<'

GCEE@=9;6>''$H'B=6'KB8<=;'TB:'G@88<=;?6'A<K8<::<AN';F<'HBE9?6'TB:'K<8E9;;<A';C'

KB8;9G9KB;<'B:'?C=M'B:'<_;8<E<'H@=G;9C=B?'9EKB98E<=;'[9><>N'&(0'q'ZPN'C8'@=BD?<';C'B;;<=A'

TC8U'C8';BU<'GB8<'CH';F<98'GF9?A8<=]'C8'BG;9J<':@9G9AB?'9A<B;9C='TB:'=C;'K8<:<=;>''0BE9?9<:'

TFC'B8<'K?BG<A'C='FC?A'T<8<'<?9M9D?<';C'KB8;9G9KB;<'TF<='KB8<=;:'=C'?C=M<8'E<;'G89;<89B'

HC8'D<9=M'<_;8<E<?6'H@=G;9C=B??6'9EKB98<A'C8'BG@;<?6':@9G9AB?'B=A'GF9?A8<='T<8<'=C'?C=M<8'

9='B',BWC8')<K8<::9J<'<K9:CA<>'

IKC='GCEK?<;9C='CH';F9:'9=9;9B?':G8<<=9=MN'HBE9?9<:'TFC'T<8<'9=<?9M9D?<'T<8<'

9=HC8E<A'CH';F<98':;B;@:N'K8CJ9A<A'T9;F';8<B;E<=;'8<H<88B?:'9H'=<<A<AN'B=A'B:U<A'9H';F<6'

TC@?A'?9U<';C'D<'8<GC=;BG;<A'HC8'H@;@8<':;@A9<:>'')<H<88<A'HBE9?9<:'T<8<'CHH<8<A';F<'

CKKC8;@=9;6';C'D<'8<3:G8<<=<A'<J<86'O'EC=;F:'[9H'A<H<88<A'HC8':@9G9AB?9;6'C8'GF9?A'

A<K8<::9C=]'C8'<J<86'b'EC=;F:'[9H'A<H<88<A'HC8'B?GCFC?'C8'A8@M'K8CD?<E:]N'@=;9?';F<6'

:G8<<=<A'<?9M9D?<'B=A'GC@?A'D<'9=J9;<A';C';F<'=<_;':;BM<'CH'8<G8@9;E<=;>''.F<'QhP'KB8<=;:'

TFC':G8<<=<A'<?9M9D?<'T<8<'9=J9;<A';C'KB8;9G9KB;<'T9;F';F<98'GF9?A[8<=]'9='B='9=3K<8:C='

DB:<?9=<'9=;<8J9<T';C'GC=H98E';F<98'<?9M9D9?9;6>

dO

Page 40: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

#C;<=;9B?'KB8;9G9KB=;:'TFC'GBE<'9=;C';F<'?BDC8B;C86'HC8'H@8;F<8'9=;<8J9<T:'T<8<'

GC=:<=;<A'B=A'B:U<A';C'KB8;9G9KB;<'9='B='<_;<=:9J<'DB;;<86'CH'B::<::E<=;:N'9=G?@A9=M'

A9BM=C:;9G'9=;<8J9<T:N'L@<:;9C==B98<:N'B=A'CD:<8JB;9C=:'CH'KB8<=;3GF9?A'9=;<8BG;9C=:>''$='

BAA9;9C=';C'K8CJ9A9=M'A<ECM8BKF9G'AB;BN'KB8<=;:'T<8<'B:U<A';C'GCEK?<;<'B'E<B:@8<'CH'

;F<98'G@88<=;'A<K8<::9J<':6EK;CE:N'B'E<B:@8<'CH';F<98'GF9?A^:'GCK9=M'B=A':CG9B?'

GCEK<;<=G<N'B=A'B'E<B:@8<'CH';F<98'GF9?A^:'H@=G;9C=9=M>''!F9?A8<='T<8<'B:U<A';C'GCEK?<;<'

E<B:@8<:'CH';F<98'CT='B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:f'B'E<B:@8<'CH';F<98'

GCK9=M'D<FBJ9C8:f'B=A'E<B:@8<:'CH';F<98'K<8G<K;9C='CH';F<98':CG9B?'GCEK<;<=G<>''

(H;<8'GCEK?<;9=M';F<':G8<<=9=M'K8CG<::N'QQQ'HBE9?9<:'E<;'G89;<89B'HC8';F<':;@A6'B=A'

T<8<'8B=ACE9V<A'9='D?CGU:'CH'h'HBE9?9<:';C';F<'HBE9?6'GCM=9;9J<3D<FBJ9C8B?'9=;<8J<=;9C='

[Zb'HBE9?9<:'T9;F'hP'GF9?A8<=]'C8';C';F<'9=HC8EB;9C=3C=?6'GC=A9;9C='[ZZ'HBE9?9<:'T9;F'eZ'

GF9?A8<=]>''.F<'C8A<8'CH'8B=ACE9VB;9C='TB:'A<;<8E9=<A'D6'B'8B=ACE'=@ED<8'M<=<8B;C8'

B=A';F<'B::9M=E<=;'C8A<8'TB:'U<K;'9='B':<89<:'CH':<B?<A'<=J<?CK<:';FB;'T<8<'CK<=<A'D6'

8<:<B8GF'B::9:;B=;:'TFC'T<8<'D?9=A';C'B::9M=E<=;'@=;9?';F<'<=J<?CK<:'T<8<'CK<=<A'HC8'

<BGF'HBE9?6>''"H';F<'QQQ'HBE9?9<:'TFC'T<8<'8B=ACE9V<AN'bai'[='\'eQ]'?<B8=<A'BDC@;';F<'

:;@A6'H8CE'E<A9B'B=A'K@D?9G':<;;9=M:N'Oei'[='\'dP]'H8CE'E<=;B?'F<B?;F':<;;9=M:N'Zi'[='\'

b]'H8CE'M<=<8B?'E<A9GB?'K8BG;9G<:N'B=A'ai'[='\'a]'GC@?A'=C;'8<GB??'FCT';F<6'?<B8=<A'CH'

;F<':;@A6>

0C8'HBE9?9<:'<=8C??<A'9=';F<':;@A6N'B::<::E<=;':<::9C=:'T<8<'8<K<B;<A'BH;<8';F<'

BG@;<'KFB:<'CH';F<'9=;<8J<=;9C='[O3EC=;F:]N'B;'KC:;39=;<8J<=;9C='[b3EC=;F:]N'B=A'B;'QO3

EC=;F'HC??CT3@K>''#B8<=;:'B=A'GF9?A8<='T<8<'<BGF'CHH<8<A'rQP3aP'9='EC=<;B86'

GCEK<=:B;9C='B;'<BGF'B::<::E<=;'KC9=;N'A<K<=A9=M'C=';F<'BEC@=;'CH';9E<'9=JC?J<A'9='

<BGF'B::<::E<=;>

dd

Page 41: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

I%#+8$%+

)%9-3$#*4,0(,!/-$9#&,-!=')<ECM8BKF9G'9=HC8EB;9C='TB:'CD;B9=<A'H8CE'B'

L@<:;9C==B98<'GCEK?<;<A'D6';F<'KB8<=;'8<MB8A9=M'?<J<?'CH'<A@GB;9C='B=A'CGG@KB;9C=N'

<;F=9G9;6N'B=A'EB89;B?`KB8;=<8':;B;@:>''

"#$%!&#'(5%*$%++,A%(+69*&-9+='.F<'4<GU')<K8<::9C='$=J<=;C863$$'[4)$3$$f'4<GU'

<;'B?>N'QXXb]'TB:'@:<A';C'B::<::'G@88<=;'KB8<=;B?'A<K8<::9J<':6EK;CE:>'.F9:'E<B:@8<'9:'B'

:;B=AB8A9V<A'B=A'T9A<?6'@:<A':<?H38<KC8;'GF<GU?9:;'CH'A<K8<::9J<':6EK;CE:'T9;F'BA<L@B;<'

9=;<8=B?'GC=:9:;<=G6'[α'\>ed';C'>XO]N'8<?9BD9?9;6'B=A'JB?9A9;6'[4<GU'<;'B?>N'QXhh]>''$=;<8=B?'

GC=:9:;<=G6'9=';F<'G@88<=;':BEK?<'TB:'α'\'>Xd>

24,'5$%!K+(#!L,%&6M5%*$%++,-!(#!5(,!&%$!#',<,!3(+69*&-9+>''.F<'!F9?A'4<FBJ9C8'

!F<GU?9:;'[!4!+f'(GF<=DBGF'j'/<:GC8?BN'OPPQ]'TB:'M9J<=';C'KB8<=;:';C'B::<::'

:6EK;CE:'CH'B=_9<;6`A<K8<::9C='B=A';C;B?'9=;<8=B?9V9=M'K8CD?<E:'9='GF9?A8<='B=A'

BAC?<:G<=;:>''.F<:<':GB?<:'T<8<':<?<G;<A';C'8<K8<:<=;';F<'8B=M<'CH'K8CD?<E:';FB;'FBJ<'

D<<='9A<=;9H9<A'9='GF9?A8<='CH'A<K8<::<A'KB8<=;:>'.F<'!4!+'9:'B='QQh39;<E'GF<GU?9:;'CH'

K8CD?<E'D<FBJ9C8:';FB;'KB8<=;:'8B;<'B:'=C;';8@<'[P]N':CE<TFB;'C8':CE<;9E<:';8@<'[Q]N'C8'

J<86';8@<'C8'CH;<=';8@<'[O]'CH';F<98'GF9?A'9=';F<'KB:;'b'EC=;F:>''!F9?A8<='GCEK?<;<A';F<'

1C@;F'*<?H3/<KC8;'[1*/f'(GF<=DBGF'j'/<:GC8?BN'OPPQ]N';F<':<?H38<KC8;'J<8:9C='CH';F<'

!4!+N';C'K8CJ9A<';F<98'CT='K<8G<K;9C=:'CH';F<98'H@=G;9C=9=M>''.F<'!4!+'B=A'1*/'FBJ<'

:;8C=M';<:;38<;<:;'8<?9BD9?9;6'[$'\'>eX';C'>XZ]N'B=A'G89;<89C=38<?B;<A'JB?9A9;6'FB:'D<<='

<:;BD?9:F<A>''$=;<8=B?'GC=:9:;<=G6'9=';F<'G@88<=;':BEK?<'8B=M<A'H8CE'>eb';C'>XP'HC8';F<:<'

:GB?<:>''(?;FC@MF';F<'1*/'9:'HC8'BAC?<:G<=;:'BM<:'QQ3';C'Qh36<B8:3C?AN'X'B=A'QP36<B83C?A'

GF9?A8<='GCEK?<;<A';F<'1*/';C'B??CT'HC8'GCEK?<;<'AB;B'C='B??'E<B:@8<:>''.F<'9=;<8=B?'

GC=:9:;<=G6'HC8';F<'1*/':GB?<:'TB:'BA<L@B;<'T9;F';F9:'6C@=M<8'BM<'M8C@K'9=';F<'G@88<=;'

:BEK?<'[B??'s't'>hP]>''/BT':GC8<:'T<8<'@:<A'9='B??'B=B?6:<:';C'EB_9E9V<'JB89B=G<>

da

Page 42: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

24,'5$%!K+(0-*,!3(#!5(+&$%++($%+*-!+%+=''.F<'KB8<=;B?'A<K8<::9C='J<8:9C='CH';F<'

/<:KC=:<:';C'*;8<::'u@<:;9C==B98<'[!C==C83*E9;F'<;'B?>N'OPPPf'+B=M8CGU'<;'B?>N'OPPO]'TB:'

M9J<=';C'DC;F'GF9?A8<='B=A'KB8<=;:';C'B::<::'GF9?A8<=^:'GCK9=M'9='8<:KC=:<';C':;8<::C8:'

B::CG9B;<A'T9;F'KB8<=;B?'A<K8<::9C=';FB;'CGG@88<A'T9;F9=';F<'KB:;'b'EC=;F:>''.F<'/*u'FB:'

D<<=':FCT=';C'FBJ<'MCCA'8<?9BD9?9;6'B=A'JB?9A9;6N'9=G?@A9=M'9=;<8=B?'GC=:9:;<=G6'[s'\'>ed'

;C'>hZ]N';<:;38<;<:;'8<?9BD9?9;6'CJ<8'O3T<<U:'[$'\'>bX';C'>hQ]N'GC=J<8M<=;'JB?9A9;6'9='8<KC8;:'

CH'KB8<=;:'B=A'GF9?A8<=N'B=A'GC=:;8@G;'JB?9A9;6'B:'8<H?<G;<A'9='8<:@?;:'CH'GC=H98EB;C86'

HBG;C8'B=B?6:<:'[!C==C83*E9;F'<;'B?>N'OPPP]>''0BG;C8'B=B?6:<:'CH';F<'/*u'FBJ<'9A<=;9H9<A'

H9J<'K89EB86'HBG;C8:'[!C==C83*E9;F'<;'B?>N'OPPP]R'*$,9#$6(0-!&$-'(%!3#3%9%!&(0-*,!3(

[K8CD?<E':C?J9=MN'<EC;9C=B?'<_K8<::9C=N'<EC;9C=B?'ECA@?B;9C=]N'+%0-!5#$6(0-!&$-'(

%!3#3%9%!&(0-*,!3'[GCM=9;9J<'8<:;8@G;@89=MN'KC:9;9J<';F9=U9=MN'BGG<K;B=G<N'A9:;8BG;9C=]N'

5,+%!3#3%9%!&(0-*,!3'[BJC9AB=G<N'A<=9B?N'T9:FH@?';F9=U9=M]N',!A-'8!&#$6(%!3#3%9%!&(

[<>M>N'<EC;9C=B?'B8C@:B?N'9=;8@:9J<';FC@MF;:]N'B=A',!A-'8!&#$6(5,+%!3#3%9%!&'[<>M>N'

GCM=9;9J<'9=;<8H<8<=G<N'<:GBK<]>''.F<'H98:;'d'HBG;C8:'8<H?<G;'JC?@=;B86'GCK9=M'K8CG<::<:N'

B=A';F<'?B;;<8'O'8<H?<G;'9=JC?@=;B86':;8<::'8<:KC=:<:>''$='KB8;9G@?B8N';F9:':;@A6'HCG@:<A'C='

:<GC=AB86'GC=;8C?'GCK9=M':;8B;<M9<:N'B=A';F9:'HBG;C8'TB:'@;9?9V<A'9=':@D:<L@<=;'B=B?6:<:>'

.F<'9=;<8=B?'GC=:9:;<=G6'HC8';F9:':BEK?<'TB:'s'\'>hO'HC8'GF9?A8<=^:':<?H38<KC8;:'CH'

:<GC=AB86'GC=;8C?'GCK9=M'B=A's'\'>eZ'HC8'KB8<=;'8<KC8;:'CH'GF9?A8<=^:'GCK9=M>''

.C'GC=;8C?'HC8'9=A9J9A@B?'A9HH<8<=G<:'9='DB:<'8B;<:'CH'9;<E'<=AC8:<E<=;'[<>M>N'

M<=A<8'A9HH<8<=G<:'9='8<:KC=:<'8B;<:N'CJ<8B??'<=AC8:<E<=;'CH'GCK9=M'9;<E:]N'K8CKC8;9C='

:GC8<:'T<8<'@:<A'HC8'B??'B=B?6:<:>''#8CKC8;9C=':GC8<:'T<8<'GB?G@?B;<A'D6'A9J9A9=M';F<';C;B?'

:GC8<'HC8':<GC=AB86'GC=;8C?'GCK9=M'D6';F<';C;B?'=@ED<8'CH'8<:KC=:<:'<=AC8:<A'C=';F<'

/*u>''#8CKC8;9C=':GC8<:'K8CJ9A<'B='9=A<_'CH';F<'8<?B;9J<'A<M8<<';C'TF9GF'<BGF'8<:KC=:<'

GB;<MC86'TB:'@:<A'[:<<'!C==C83*E9;F'<;'B?>N'OPPP]>'

dZ

Page 43: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

24,'5$%!K+(+-0,#'(0-9*%&%!0%='',@?;9K?<'E<;FCA:'T<8<'@:<A';C'B::<::'GF9?A8<=^:'

:CG9B?'GCEK<;<=G<>''5B8;<8^:'[QXhZ]'*<?H3#<8G<K;9C='#8CH9?<'HC8'!F9?A8<='[*##!]'9:'B'

E<B:@8<'CH'GF9?A8<=^:':<?H3<JB?@B;9C=:'CH';F<98'K<8:C=B?'GCEK<;<=G<>''.F9:':<?H38<KC8;'

9=J<=;C86'GC=;B9=:'b':@D:GB?<:N'9=G?@A9=M'B'M?CDB?':<?H3TC8;F':GB?<'B=A'Z'GCEK<;<=G<'

:GB?<:>''5CT<J<8N'C=?6';F<'*CG9B?'!CEK<;<=G<':@D:GB?<'TB:'@:<A'9=';F<'G@88<=;':;@A6'B:'B'

E<B:@8<'CH':CG9B?'GCEK<;<=G<>''-BGF'9;<E'K8<:<=;:'GF9?A8<='T9;F';TC'A<:G89K;9J<'

:;B;<E<=;:'8<MB8A9=M';F<98'GCEK<;<=G<'[<>M>N'+-9%(.,5+(#$%(*-*8'#$(?,&4(-&4%$+(&4%,$(#3%(

D@;'-&4%$+(.,5+(#$%(!-&(A%$6(*-*8'#$]>''!F9?A8<='A<G9A<'TF9GF'CH';F<';TC':;B;<E<=;:'B8<'

EC:;'?9U<';F<EN'B=A';F<=N'HC8';FB;':;B;<E<=;N'8B;<'TF<;F<8'9;'9:'$%#''6(&$8%(C8'+-$&(-/(&$8%(

HC8';F<E>''.F9:'8<:@?;:'9='B'KC::9D?<'8B=M<'CH'Q';C'a'[F9MF<8':GC8<:'8<H?<G;'EC8<'KC:9;9J<'

K<8G<K;9C=:'CH'GCEK<;<=G<]>''-J9A<=G<'HC8';<:;38<;<:;'8<?9BD9?9;6'B=A'G89;<89C='JB?9A9;6'CH'

;F9:'E<B:@8<'9:'T<??'ACG@E<=;<A'[<>M>N'!C?<N'QXXQf'5B8;<8N'QXhO]>''.F<'9=;<8=B?'

GC=:9:;<=G6'HC8';F9:':BEK?<'TB:'s'\'>eZ>

db

Page 44: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

.F<':CG9B?'GCEK<;<=G<':GB?<:'C=';F<'!F9?A'4<FBJ9C8'!F<GU?9:;'[!4!+f'(GF<=DBGFN'QXXQ]'

B=A'1C@;F'*<?H3/<KC8;'$=J<=;C86'[1*/f'(GF<=DBGFN'QXXQ]'T<8<'BABK;<A';C'K8CJ9A<'

BAA9;9C=B?'E<B:@8<:'CH'GF9?A':CG9B?'H@=G;9C=9=M>''$;<E:'C=';F9:':GB?<'9=G?@A<';F<'GF9?A^:'

9=JC?J<E<=;'9='C8MB=9VB;9C=:'B=A';<BE:N'=@ED<8'B=A'H8<L@<=G6'CH'GC=;BG;'T9;F'H89<=A:N'

B=A'B'8B;9=M'CH'FCT'T<??';F<'GF9?A'9:'BD?<';C'M<;'B?C=M'T9;F'C;F<8:'8<?B;9J<';C'K<<8:>'

5CT<J<8N'HC8';F<'G@88<=;':;@A6N'9;<E:'9=JC?J9=M'KB8;9G9KB;9C='9=':KC8;:'B=A'9='C;F<8'

BG;9J9;9<:`FCDD9<:'T<8<'9=G?@A<A>''.F<:<'9;<E:'T<8<'BAA<A';C';F<':CG9B?'GCEK<;<=G<':GB?<'

HC8':<J<8B?'8<B:C=:>''098:;N';F<:<'9;<E:'B8<'8<?<JB=;';C';F<'G@88<=;'9=;<8J<=;9C='B:'GF9?A8<='

B8<';B@MF;';C'<=MBM<'9='<=WC6BD?<'BG;9J9;9<:'[<>M>N':KC8;:N'FCDD9<:]'B:'B':;8B;<M6'HC8'

A9:;8BG;9=M'H8CE':;8<::'9=';F<98'HBE9?6'8<?B;<A';C'KB8<=;B?'A<K8<::9C=>''*<GC=AN'

KB8;9G9KB;9C='9='BG;9J9;9<:'C@;:9A<';F<'HBE9?6';FB;'TC@?A'K8CJ9A<'CKKC8;@=9;9<:'HC8':CG9B?'

9=;<8BG;9C='9:'D<=<H9G9B?'HC8'CHH:K89=M'CH'A<K8<::<A'KB8<=;:>''$='BAA9;9C=N'9=';F9:':BEK?<N'

;F<'9=;<8=B?'GC=:9:;<=G6'TB:'9=BA<L@B;<'HC8'1*/':CG9B?'GCEK<;<=G<'[s'\'>Zb]'B=A'HC8'

!4!+':CG9B?'GCEK<;<=G<'[s'\'>ZO]>''5CT<J<8N'TF<='9;<E:'9=JC?J9=M'KB8;9G9KB;9C='9='

:KC8;:'B=A'C;F<8'BG;9J9;9<:'T<8<'9=G?@A<AN';F<'9=;<8=B?'GC=:9:;<=G6'TB:'E@GF':;8C=M<8'HC8'

DC;F';F<'1*/'[s'\'>eO]'B=A'!4!+'[s'\'>bO]>

B!&%$A%!&,-!(2-!5,&,-!+

de

Page 45: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

C#9,'6(0-3!,&,A%DN%4#A,-$#'(,!&%$A%!&,-!=((.F<'QO3:<::9C='EB=@B?9V<A'

9=;<8J<=;9C='K8CM8BE'TB:'A<:9M=<A';C';<BGF'GCK9=M':U9??:';C'GF9?A8<='TFC'FBJ<'B'KB8<=;'

T9;F'B'F9:;C86'CH'A<K8<::9C='9='B':EB??'HBE9?6'M8C@K'HC8EB;>''-BGF'M8C@K'TB:'GC3?<A'D6'B'

ACG;C8B?'C8'EB:;<8:3?<J<?'E<=;B?'F<B?;F'K8CH<::9C=B?'B=A'B'ACG;C8B?':;@A<=;'9='G?9=9GB?'

K:6GFC?CM6>''.F<'K8CM8BE'TB:'A<:9M=<A'HC8'KB8;9G9KB;9C='D6'DC;F'KB8<=;:'B=A'GF9?A8<=>'

&CB?:'T<8<';C'<A@GB;<'HBE9?9<:'BDC@;'A<K8<::9J<'A9:C8A<8:N'9=G8<B:<'HBE9?6'BTB8<=<::'CH'

;F<'9EKBG;'CH':;8<::'B=A'A<K8<::9C='C='H@=G;9C=9=MN'F<?K'HBE9?9<:'8<GCM=9V<'B=A'EC=9;C8'

:;8<::N'HBG9?9;B;<';F<'A<J<?CKE<=;'CH'BABK;9J<'GCK9=M'8<:KC=:<:';C':;8<::N'B=A'9EK8CJ<'

KB8<=;9=M':U9??:>'

$=HC8EB;9C='TB:'K8<:<=;<A';C'M8C@K'E<ED<8:'A@89=M':<::9C=:N'K8BG;9G<'B=A'

A9:G@::9C='CH':U9??:'T<8<'HBG9?9;B;<A'A@89=M';F<':<::9C=:N'B=A'B??'E<ED<8:'T<8<'M9J<='

T<<U?6'FCE<'K8BG;9G<'<_<8G9:<:>''.F<'9=;<8J<=;9C='TB:'A<:9M=<A';C'BAA8<::'C=<'CH';F<'

F6KC;F<:9V<A'E<A9B;C8:'9=';F<'G@88<=;':;@A6kGF9?A8<=^:'GCK9=M'T9;F'B=A'8<BG;9J9;6';C'

:;8<::C8:'B::CG9B;<A'T9;F'KB8<=;B?'A<K8<::9C=>''$='BAA9;9C=N';F<'G@88<=;'8<:<B8GF'<_KB=A<A'

;F<'HCG@:'CH';F9:'B:K<G;'CH';F<'K8CW<G;'D6'<_BE9=9=M';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C='

GF9?A8<=^:':CG9B?'GCEK<;<=G<>'

.F<'H98:;';F8<<':<::9C=:'[:<::9C=:'Q3d]'K8CJ9A<A'B='9=;8CA@G;9C=';C';F<'=B;@8<'CH'

A<K8<::9C=N';F<'<HH<G;:'CH'KB8<=;B?'A<K8<::9C='C='GF9?A8<=N'B=A'B='9=;8CA@G;9C=';C':U9??:'

TF9GF'T<8<'K8CJ<=';C'F<?K'GF9?A8<='<HH<G;9J<?6'GCK<'T9;F'DC;F'HBE9?6':;8<::':K<G9H9G';C'

A<K8<::9C='B=A'M<=<8B?N'<J<86AB6':;8<::>'')@89=M';F<'H98:;'d':<::9C=:N'DC;F'KB8<=;:'B=A'

GF9?A8<='CH'B??'HBE9?9<:'E<;';CM<;F<8'B:'B'M8C@KN'B=A'B='<EKFB:9:'TB:'K?BG<A'C='

9=G8<B:9=M'HBE9?6'BG;9J9;9<:>'')@89=M';F<'=<_;'Z':<::9C=:'[:<::9C=:'a3h]N'KB8<=;:'B=A'

GF9?A8<='E<;':<KB8B;<?6'HC8';F<'EBWC89;6'CH';F<';9E<N'C=?6'GCE9=M';CM<;F<8'A@89=M';F<'?B:;'

H<T'E9=@;<:'B:'B'HBE9?6';C':FB8<'TFB;';F<6'FBA'?<B8=<A>''

dh

Page 46: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

)@89=M';F<:<':<::9C=:N'GF9?A8<='B=A'BAC?<:G<=;:'T<8<';B@MF;':<GC=AB86'GC=;8C?'GCK9=M'

:U9??:'9=G?@A9=M'BGG<K;B=G<N'A9:;8BG;9C=N'H@='BG;9J9;9<:N'B=A'KC:9;9J<';F9=U9=M>''-BGF'GCK9=M'

:U9??'TB:';F<'HCG@:'CH'B':<KB8B;<':<::9C='HC8';F<'GF9?A8<=N';C'9=:@8<'BA<L@B;<';9E<'HC8';F<E'

;C'?<B8='B=A'@=A<8:;B=A'FCT';C'@:<'<BGF':U9??'9=A<K<=A<=;?6>''"=G<'GF9?A8<='@=A<8:;CCA'

<BGF':U9??N';F<'KC::9D9?9;6'CH'@:9=M'EC8<';FB='C=<':U9??'TF<='HBG<A'T9;F'B':;8<::C8'TB:'

<_K?C8<A'[<>M>N'H98:;'BGG<K;';FB;';F<':9;@B;9C='9:'@=GC=;8C??BD?<N';F<='@:<'A9:;8BG;9C='C8'

KC:9;9J<';F9=U9=M]>''

#B8<=;:'?<B8=<A'DB:9G'KB8<=;9=M':U9??:N'T9;F'B='<EKFB:9:'C='B8<B:';FB;'B8<'?9U<?6';C'D<'

9EKBG;<A'D6'A<K8<::9C=':@GF'B:'GC=:9:;<=G6N':;8@G;@8<N'KB8<=;B?'8<:KC=:9J<=<::N'KB8<=;3

GF9?A'GCEE@=9GB;9C=N'B=A'9=JC?J<E<=;'9='HBE9?6'BG;9J9;9<:>''09=B??6N'a'EC=;F?6'HC??CT3@K'

DCC:;<8':<::9C=:'[:<::9C=:'X3QO]'T<8<'9=G?@A<A';C'K8CJ9A<'BAA9;9C=B?'K8BG;9G<'B=A':@KKC8;'

9=';F<'GC=;9=@<A'A<J<?CKE<=;'B=A'8<H9=<E<=;'CH';F<':U9??:'?<B8=<A'9=';F<'9=9;9B?'<9MF;'

:<::9C=:>

O$,&&%!(,!/-$9#&,-!(+%'/D+&856(0-9*#$,+-!(0-!5,&,-!=((.F<'GCEKB89:C='GC=A9;9C='

TB:'ECA<?<A'BH;<8'B':<?H3:;@A6'K8CM8BE'@:<A':@GG<::H@??6'D6'cC?GF9GU'<;'B?>'[OPPP]'9='

;F<98'K8<J<=;9J<'9=;<8J<=;9C=';89B?'HC8'HBE9?9<:'GCK9=M'T9;F'KB8<=;B?'A9JC8G<>''0BE9?9<:'

T<8<'K8CJ9A<A'T9;F'T89;;<='EB;<89B?:';FB;'T<8<'GB8<H@??6':<?<G;<A'D6'B';<BE'CH'G?9=9G9B=:'

T9;F9=';F<'K8CW<G;>''#B8<=;:'B=A'GF9?A8<='T<8<'<BGF'K8CJ9A<A'T9;F';F8<<':<KB8B;<'8<BA9=M'

DCCU?<;:'CJ<8';F<'GC@8:<'CH'h'T<<U:';C'<A@GB;<';F<E'BDC@;';F<'=B;@8<'CH'A<K8<::9C=N';F<'

<HH<G;:'CH'KB8<=;B?'A<K8<::9C='C='HBE9?9<:N'B=A':9M=:'CH'A<K8<::9C='9='GF9?A8<=`BAC?<:G<=;:'

B=A'?CJ<A'C=<:>''0C??CT9=M';F<'E<;FCA'@:<A'D6'cC?GF9GU'<;'B?>N'HBE9?9<:'T<8<'K8CJ9A<A'

T9;F'B':GF<A@?<'HC8'8<BA9=M';F<:<'EB;<89B?:'B=A'8<:<B8GF'B::9:;B=;:'GB??<A';F<'HBE9?9<:'

<J<86'C;F<8'T<<U';C'GF<GU'FCT'E@GF'CH';F<'EB;<89B?';F<6'FBA'8<BA>'')@89=M';F<'

GC=:<=;9=M'K8CG<::N'KB8;9G9KB=;:'BM8<<A'[9H';F<6'T<8<'B::9M=<A';C';F<':<?H3:;@A6'GC=A9;9C=]'

dX

Page 47: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

;C':K<=A'BKK8C_9EB;<?6'C=<'FC@8'K<8'T<<U'HC8'<9MF;'T<<U:'8<BA9=M';F<:<'EB;<89B?:>'

:&#&,+&,0#'("-?%$

0C8';F<'G@88<=;':;@A6N'KCT<8'GB?G@?B;9C=:'T<8<'DB:<A'C=';F<';BD?<'CH'<EK989GB?'

<:;9EB;<:'CH':BEK?<':9V<:'=<<A<A'HC8'>h'KCT<8';C'A<;<G;'E<A9B;9C='[089;V'j',BG79==C=N'

OPPe]>''(::@E9=M'KB8;9B?'E<A9B;9C=N'TF<='DC;F';F<'KB;F'H8CE';F<';8<B;E<=;';C';F<'

E<A9B;C8'B=A';F<'E<A9B;C8';C';F<'C@;GCE<'B8<':EB??'9=':9V<N'B':BEK?<':9V<'CH'QZh'

KB8;9G9KB=;:'9:'=<<A<A';C'A<;<G;'B='<HH<G;'HC8'E<A9B;9C=>''cF<=';F<'KB;F'H8CE';F<';8<B;E<=;'

;C';F<'E<A9B;C8'B=A';F<'E<A9B;C8';C';F<'C@;GCE<'B8<'E<A9@E'9=':9V<'[BMB9='B::@E9=M'

KB8;9B?'E<A9B;9C=]N';F<':BEK?<':9V<'=<<A<A';C'A<;<G;';F<'<HH<G;'9:'eZ'KB8;9G9KB=;:>''.F9:'

:@MM<:;:';FB;';F<'G@88<=;':BEK?<':9V<'CH'QZZ'GF9?A8<='TB:':@HH9G9<=;';C'A<;<G;'E<A9B;9C='9='

;F<'K8CKC:<A'KB;FTB6:>''0C8'ECA<8B;9C='B=B?6:<:N',B_T<??'[OPPPN'K>'aZaN'.BD?<'Z]'@:<A'

,C=;<'!B8?C':9E@?B;9C='AB;B';C':FCT';FB;';C'BGF9<J<'KCT<8'B;'B'?<J<?'CH'>h'T9;F'O'

GC=;9=@C@:'K8<A9G;C8:'B=A'B='B?KFB'?<J<?'CH'>PZN'B':BEK?<':9V<'CH'QaQ'TC@?A'D<'8<L@98<Af'

;F@:N';F<'G@88<=;':;@A6'?9U<?6'FBA'KCT<8':@HH9G9<=;'HC8'A<;<G;9=M'9=;<8BG;9C=:>

2$%#&,-!(-/(2-9*-+,&%(P#$,#N'%+

.C'BJC9A'K8CD?<E:'T9;F'E@?;9GC??9=<B89;6'B=A'8<A@G<';F<'=@ED<8'CH'E<B:@8<:'

@:<A'9=':@D:<L@<=;'B=B?6:<:N'E@?;9K?<'E<B:@8<:'CH';F<':BE<'GC=:;8@G;:'[9><>N'

B=_9<;6`A<K8<::9C=N'9=;<8=B?9V9=M':6EK;CE:N'GCK9=MN':CG9B?'GCEK<;<=G<]'H8CE'A9HH<8<=;'

9=HC8EB=;:'T<8<'GCED9=<A';C'G8<B;<'GCEKC:9;<'JB89BD?<:>''.C'G8<B;<'GCEKC:9;<':GC8<:N'

KB8<=;'B=A'GF9?A':GC8<:'T<8<'GC=J<8;<A';C'<3:GC8<:'B=A';F<'E<B='CH';F<'<3:GC8<:'T<8<'@:<A'

9=':@D:<L@<=;'B=B?6:<:>'

0C8'<BGF'GCEKC:9;<'JB89BD?<N'9=;8BG?B::'GC88<?B;9C=:'[$!!:]'T<8<'GB?G@?B;<A';C';<:;'

aP

Page 48: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

;F<'9=A<K<=A<=G<'J:>'=C=39=A<K<=A<=G<'CH'GF9?A8<='H8CE';F<':BE<'HBE9?9<:>''$!!:'T<8<'

GB?G@?B;<A';C'<=:@8<';FB;';F<8<'T<8<'=C':9M=9H9GB=;'A9HH<8<=G<:'B:'B'H@=G;9C='CH':CE<'

KB8<=;:'GCEK?<;9=M'B':<;'CH'L@<:;9C==B98<:'C='E@?;9K?<'GF9?A8<='[B'KC::9D?<'J9C?B;9C='CH'

9=A<K<=A<=G<'CH'9=HC8EB=;]'B=A'HC8'GF9?A8<='H8CE';F<':BE<'HBE9?6'GCEK?<;9=M';F<'1*/N'

/*uN'B=A'*##!>''0C@8'C=<3TB6'ECA<?:'T<8<'GC=A@G;<A'C='<BGF'CH';F<'G89;9GB?'JB89BD?<:'

B::<::<A'[:6EK;CE:'CH'B=_9<;6`A<K8<::9C=N'9=;<8=B?9V9=M':6EK;CE:N'GCK9=MN'B=A':CG9B?'

GCEK<;<=G<]';C'GB?G@?B;<';F<'BJ<8BM<'$!!:'[*F8C@;'j'0?<9::N'QXeX]>''(':9M=9H9GB=;'C(

:;B;9:;9G'TC@?A'9=A9GB;<';FB;';F<'EBM=9;@A<'CH'B::CG9B;9C=:'D<;T<<=':GC8<:'T9;F9='B'HBE9?6'

TB:':9M=9H9GB=;?6'A9HH<8<=;'H8CE';F<'EBM=9;@A<'CH'B::CG9B;9C=:'BG8C::'A9HH<8<=;'HBE9?9<:N'

:@MM<:;9=M';FB;';F<':C@8G<'CH';F<'9=HC8EB;9C='TB:'=C;'9=A<K<=A<=;>

Q!L,%&6M5%*$%++,-!(+69*&-9(0-9*-+,&%>''('GCEKC:9;<'CH'GF9?A'B=_9<;6`A<K8<::9C='

:6EK;CE:'[α'\'>ha]'TB:'G8<B;<A'@:9=M'KB8<=;'8<KC8;'C=';F<'B=_9<;6`A<K8<::9C=':@D:GB?<'CH'

;F<'!4!+'B=A'GF9?A'8<KC8;'C=';F<'1*/>''.F<'9=;8BG?B::'GC88<?B;9C='TB:'=C=3:9M=9H9GB=;'

B=A':EB??'9='EBM=9;@A<'HC8';F<'GCEKC:9;<'B=_9<;6`A<K8<::9C=':6EK;CE:'JB89BD?<'[B22'\'>

PhN'*'\'>dO]>

B!&%$!#',<,!3(+69*&-9(0-9*-+,&%>''('GCEKC:9;<'CH'GF9?A'9=;<8=B?9V9=M'K8CD?<E:'[α

\'>XP]'TB:'G8<B;<A'@:9=M'KB8<=;'B=A'GF9?A'8<KC8;'C=';F<'9=;<8=B?9V9=M':@D:GB?<'CH';F<'

!4!+'B=A'1*/N'8<:K<G;9J<?6>''.F<'9=;8BG?B::'GC88<?B;9C='TB:'=C=3:9M=9H9GB=;'B=A':EB??'9='

EBM=9;@A<'HC8';F<'GCEKC:9;<'9=;<8=B?9V9=M':6EK;CE:'JB89BD?<'[B22'\'>QXN'*'\'>QO]>

2-*,!3(0-9*-+,&%>''('GCEKC:9;<'CH'KB8<=;'B=A'GF9?A'8<KC8;:'C=';F<'/*u'T<8<'

GCED9=<A';C'B::<::':<GC=AB86'GC=;8C?'GCK9=M'[α'\'>eX]>''.F<'9=;8BG?B::'GC88<?B;9C='TB:'

=C=3:9M=9H9GB=;'B=A':EB??'9='EBM=9;@A<'HC8';F<'GCEKC:9;<'CH'GCK9=M'[B22'\'>QeN'*'\'>QZ]>

:-0,#'(0-9*%&%!0%(0-9*-+,&%>''.C'B::<::'GF9?A':CG9B?'GCEK<;<=G<N'B'GCEKC:9;<'CH'

KB8<=;'8<KC8;'CH':CG9B?'GCEK<;<=G<'C=';F<'!4!+'B=A'GF9?A'8<KC8;'CH':CG9B?'GCEK<;<=G<'C='

aQ

Page 49: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

;F<'1*/'[α'\'>eb]'TB:'G8<B;<A>''5CT<J<8N'B':9M=9H9GB=;'9=;8BG?B::'GC88<?B;9C='TB:'HC@=A'

HC8';F<':CG9B?'GCEK<;<=G<'GCEKC:9;<'GCEK89:<A'CH';F<'1*/'B=A'!4!+':CG9B?':GB?<:'[B22(

\'>daN'*'\'>POO]>''cF<='?CCU9=M'B;';F<'9=A9J9A@B?'E<B:@8<:'CH':CG9B?'GCEK<;<=G<N';F<'

9=;8BG?B::'GC88<?B;9C=:'T<8<'=C=3:9M=9H9GB=;'B=A':EB??'9='EBM=9;@A<'HC8';F<'1*/':CG9B?'

GCEK<;<=G<':GB?<'[B22'\'>QdN'*'\'>OQ]'B=A'*##!'[B22'\'3>QdN'*'\'>ee]N'D@;'T<8<'

:9M=9H9GB=;'HC8';F<'!4!+':CG9B?'GCEK<;<=G<':GB?<'[B22'\'>bQN'*'q'>PPQ]>''&9J<=';F<'

9=A<K<=A<=G<'CH';F<'AB;B'C='GF9?A38<KC8;<A'9=A9G<:'CH':CG9B?'GCEK<;<=G<N'9='C8A<8';C'

EB_9E9V<':;B;9:;9GB?'KCT<8'B=A'@:<'E@?;9K?<'GF9?A8<='T9;F9='B'HBE9?6'HC8'B=B?6:<:N'B'

GCEKC:9;<'CH':CG9B?'GCEK<;<=G<'TB:'G8<B;<A'@:9=M'GF9?A38<KC8;:'C=';F<'1*/'B=A'*##!'[α

\'>hP]>''.F<'9=;8BG?B::'GC88<?B;9C='TB:'=C=3:9M=9H9GB=;'B=A':EB??'9='EBM=9;@A<'HC8';F<'

GCEKC:9;<'CH'GF9?A38<KC8;<A':CG9B?'GCEK<;<=G<'[B22'\'>PQN'*'\'>ZP]>

)#&#(Q!#'6&,0(Q**$-#04

)B;B'B=B?6:<:'T<8<'GC=A@G;<A'9=':<J<8B?':;BM<:>''098:;N'A<:G89K;9J<':;B;9:;9G:'[9><>N'

G<=;8B?';<=A<=G6N'JB89BD9?9;6N':U<T=<::N'U@8;C:9:]'T<8<'<_BE9=<A'HC8'B??':;@A6'JB89BD?<'

A9:;89D@;9C=:N'B=A'B=6'E@?;9JB89B;<'C@;?9<8:'T<8<'9A<=;9H9<A'B=A'8<ECJ<A>''*<GC=AN'

D9JB89B;<'#<B8:C='GC88<?B;9C=:'BEC=M'A<ECM8BKF9G'JB89BD?<:'[<>M>N'8BG<N'KB8<=;B?'

<A@GB;9C=]'B=A':;@A6'JB89BD?<:'T<8<'<_BE9=<Af'A<ECM8BKF9G'HBG;C8:';FB;'T<8<'

:9M=9H9GB=;?6'B::CG9B;<A'T9;F';F<':;@A6'JB89BD?<:'T<8<'GC=;8C??<A'9='B=B?6:<:>''%<_;N'

D9JB89B;<'#<B8:C='GC88<?B;9C=:'T<8<'GC=A@G;<A'@:9=M';F<'DB:<?9=<N'O3N'b3N'B=A'QO3EC=;F'

HC??CT3@K':GC8<:'B:'B'H98:;':;<K'9='<_BE9=9=M';F<'8<?B;9C=:F9K:'BEC=M'GCK9=MN':CG9B?'

GCEK<;<=G<N'B=A'GF9?A'BAW@:;E<=;>''

%<_;N';C';<:;';F<'H98:;':<;'CH'F6KC;F<:<:';FB;'<_BE9=<';F<'<HH<G;'CH'GC=A9;9C='

[0BE9?6'&8C@K'$=;<8J<=;9C='J:>'*<?H3*;@A6]'C='GF9?A8<=^:'E<=;B?'F<B?;F':6EK;CE:N'

aO

Page 50: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

GCK9=MN'B=A':CG9B?'GCEK<;<=G<N'B':<89<:'CH'B=B?6:<:'CH'GCJB89B=G<'[(%!"2(:]'T<8<'

GC=A@G;<A>''0C8'B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:N'B=B?6:<:'T<8<'

GC=A@G;<A'B;';F<'QO3EC=;F';9E<'KC9=;';C'B::<::'GFB=M<:'9=':6EK;CE:'B;'HC??CT3@K'

D<;T<<=';F<';TC'M8C@K:>''0C8':<GC=AB86'GC=;8C?'GCK9=M'B=A':CG9B?'GCEK<;<=G<N'

B=B?6:<:'T<8<'GC=A@G;<A'B;';F<'b3EC=;F';9E<'KC9=;';C'<_BE9=<'GFB=M<:'9='GCK9=M'B=A'

:CG9B?'GCEK<;<=G<'KC:;39=;<8J<=;9C='D<;T<<=';F<';TC'M8C@K:>

09=B??6N';C';<:;'KC;<=;9B?'E<A9B;C8:'[9><>N'GCK9=M'B=A':CG9B?'GCEK<;<=G<]'B=A'

ECA<8B;C8:'[9><>N':CG9B?'GCEK<;<=G<]'CH';F<'8<?B;9C=:F9K'D<;T<<=';F<'9=;<8J<=;9C='B=A'

B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:N'B':<89<:'CH'?9=<B8'E@?;9K?<'8<M8<::9C='

B=B?6:<:'T<8<'GC=A@G;<A>'

,9::9=M'AB;B'TB:'FB=A?<A'D6'9EK@;9=M';F<'KB8;9G9KB=;:^':GC8<'H8CE';F<98'K8<J9C@:'

BAWBG<=;';9E<'KC9=;'HC8';F<98'E9::9=M';9E<'KC9=;>''.F9:'9:'B'GC=:<8JB;9J<'BKK8CBGF';C'

<:;9EB;9=M'E9::9=M'AB;B'KC9=;:>''.C'M<=<8B;<';F<'EB_9E@E':BEK?<':9V<'B=A':;B;9:;9GB?'

KCT<8N'B=A'D<GB@:<';F<'$!!:'HC8';F<'JB89BD?<:'@:<A'9=';F<'B=B?6:<:'T<8<':EB??'9='

EBM=9;@A<N'E@?;9K?<'GF9?A8<='H8CE':<J<8B?'HBE9?9<:'T<8<'9=G?@A<A'9=';F<'K8<:<=;'B=B?6:<:>'

.F<'A<;B9?:'CH';F<'B=B?6;9G'K8CG<A@8<'@:<A'HC8'<BGF'F6KC;F<:9:'B8<'A<;B9?<A'D<?CT>''''''

ad

Page 51: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

!5(#.-/'$$$

/-*I+.*

"$%',9,!#$6(Q!#'6+%+

098:;N'GF9?A8<='B=A'HBE9?9<:'B::9M=<A';C';F<'9=;<8J<=;9C='B=A';C';F<'GCEKB89:C='

GC=A9;9C='T<8<'GCEKB8<A'C=':<J<8B?'A<ECM8BKF9G'JB89BD?<:'9='B':<89<:'CH'&3;<:;:'B=A'GF93

:L@B8<'B=B?6:<:'[:<<'.BD?<'Q]>''!F9?A8<='8B=ACE9V<A';C';F<'GCM=9;9J<3D<FBJ9C8B?'B=A':<?H3

:;@A6'GC=A9;9C=:'A9A'=C;'A9HH<8':9M=9H9GB=;?6'9='BM<N':<_N'C8'8BG<`<;F=9G9;6N'=C8'T<8<';F<8<'

A9HH<8<=G<:'9='KB8<=;'BM<N'8BG<N'EB89;B?':;B;@:N'<A@GB;9C=N'C8'B==@B?'FC@:<FC?A'9=GCE<>''

*<GC=AN'GF9?A8<='B=A'HBE9?9<:'9=';F<';TC'GC=A9;9C=:'T<8<'GCEKB8<A'C=':6EK;CE'

B=A'A9BM=C:;9G'E<B:@8<:'B;'DB:<?9=<>''.F<'K<8G<=;BM<'CH'KB8<=;:'G@88<=;?6'9='B='<K9:CA<'CH'

,))'A9A'=C;'A9HH<8'HC8';F<';TC'GC=A9;9C=:'[OPi'CH'KB8<=;:'9=';F<'9=;<8J<=;9C=N'OXi'CH'

KB8<=;:'9=';F<'GCEKB89:C='GC=A9;9C=f'GF93:L@B8<'=C=3:9M=9H9GB=;]>''.F<'K<8G<=;BM<'CH'

GF9?A8<='T9;FC@;'B'K89C8'F9:;C86'CH',))'TB:'B?:C'GCEKB8BD?<'[hei'CH';FC:<'9=';F<'

9=;<8J<=;9C='B=A'eei'CH';FC:<'9=';F<'GCEKB89:C='GC=A9;9C=f'GF93:L@B8<'=C=3:9M=9H9GB=;]>'

.F98AN'R3:GC8<:'C=';F<'1*/'B=A'!4!+'B;'DB:<?9=<'T<8<'<_BE9=<A';C'K8CJ9A<'B'

=C8EB;9J<'8<H<8<=G<'KC9=;'HC8';F<'G@88<=;':BEK?<'[(GF<=DBGF'j'/<:GC8?BN'OPPQ]>'',<B='

R3:GC8<:'C=';F<'1*/'B=A'!4!+'T<8<N'8<:K<G;9J<?6N'ZZ>X'B=A'ZX>O'HC8'(=_9<;6`)<K8<::9C='

:6EK;CE:'B=A'Za>P'B=A'Zh>a'HC8'$=;<8=B?9V9=M':6EK;CE:>''.F<'K<8G<=;BM<'CH'GF9?A8<='9='

;F<'G?9=9GB?'8B=M<'C='B=_9<;6`A<K8<::9C='[9><>N'R3:GC8<'t'eP]'TB:'b>hiN'B:'8<KC8;<A'C=';F<'

1*/N'B=A'Qd>aiN'B:'8<KC8;<A'D6';F<'!4!+'[DB:<A'C='=C8EB;9J<'AB;BN'Oi'TC@?A'D<'

<_K<G;<A';C'<_G<<A';F<'G@;3CHH]>''.F<'K<8G<=;BM<'CH'GF9?A8<='9=';F<'G?9=9GB?'8B=M<'C=';F<'

9=;<8=B?9V9=M':GB?<'[9><>N'R3:GC8<'t'ba]'TB:'OQ>bi'C=';F<'1*/N'B=A'da>Xi'C=';F<'!4!+'

[QPi'TC@?A'D<'<_K<G;<A';C'<_G<<A';F9:'G@;3CHH]>''(:'<_K<G;<AN';F9:'9:'B'F9MF389:U':BEK?<N'

aa

Page 52: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

TF9GF'9:'8<H?<G;<A'D6'ECA<8B;<?6'<?<JB;<A'R3:GC8<:'B=A'B='9=G9A<=G<'CH'G?9=9GB??6'<?<JB;<A'

:6EK;CE':GC8<:'O';C'b';9E<:'M8<B;<8';FB='TC@?A'D<'<_K<G;<A'M9J<=';F<'=C8EB;9J<'AB;B>'

.BD?<'Q>''

"#$%!&(#!5(24,'5()%9-3$#*4,0(24#$#0&%$,+&,0+(#&(>#+%',!%(-/(C#9,',%+(,!(&4%(C#9,'6(

S$-8*(B!&%$A%!&,-!(#!5(,!(&4%(:%'/D:&856(2-!5,&,-!

0BE9?6'$=;<8J<=;9C=

*<?H3*;@A6*9M=9H9GB=G<'

.<:;

I :) I :) &(C8''vw *

#B8<=;'(M< ad>OP e>Ob aO>dh e>ZP >Zh >Zb!F9?A'(M< QQ>bQ O>Pb QQ>Od Q>XP Q>OQ >aP!F9?A'&<=A<8'[i'H<EB?<] ab>di k aa>Pi k >Ph >eh#B8<=;'/BG<`-;F=9G9;6 d>XX >ZZ

-@8C3(E<89GB= hZ>ei k he>di k'''(H89GB=3(E<89GB= d>bi k e>di k'''(:9B=3(E<89GB= Q>hi k P>Pi k

'''59:KB=9G3(E<89GB= d>bi k Q>hi k,9_<A'-;F=9G9;6 Z>di k d>bi k

!F9?A'/BG<`-;F=9G9;6 a>ZQ >bQ'''-@8C3(E<89GB= eh>hi k eh>ei k

'''(H89GB=3(E<89GB= e>Zi k h>Pi k'''(:9B=3(E<89GB= O>Zi k a>Pi k

'''59:KB=9G3(E<89GB= O>Zi k P>Pi k,9_<A'-;F=9G9;6 h>ei k X>di k

#B8<=;',B89;B?'*;B;@: a>eZ >dQ''',B889<A Ze>Qi k eP>Xi k'''c9ACT<A Q>hi k Q>hi k''')9JC8G<A Oh>bi k Qa>Zi k'''*<KB8B;<A Q>hi k Z>Zi k

'''%<J<8',B889<A QP>ei k e>di k#B8<=;'-A@GB;9C= h>Ph >PhX'''+<::'.FB='59MF'*GFCC? d>bi k QP>Xi k

'''59MF'*GFCC? Z>di k QP>Xi k'''*CE<'!C??<M< Oh>bi k da>Zi k'''!C??<M<')<M8<< de>Zi k Qb>ai k

'''&8BA@B;<'-A@GB;9C= OZ>Pi k Oe>di k0BE9?6'$=GCE< h>Zd >ah

'''+<::';FB='rOZNPPP QX>bi k Oh>di k'''rOZNPPP';C'rZXNXXX aa>bi k Ob>ai k'''rbPNPPP';C'rhXNXXX Qb>Qi k Ob>ai k'''&8<B;<8';FB='rXPNPPP Qe>Xi k Qh>Xi k

aZ

Page 53: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

2-$$%'#&,-!+(>%&?%%!(2-*,!3T(:-0,#'(2-9*%&%!0%T(#!5(:69*&-9+(

(=B?6:<:'T<8<'GC=A@G;<A'T9;F'E<B:@8<:'CH';F<'U<6'GC=:;8@G;:';C'MB9='B'D<;;<8'

@=A<8:;B=A9=M'CH'FCT';F<'JB89BD?<:'CH'9=;<8<:;'T<8<'8<?B;<A'K89C8';C';F<'9=;<8J<=;9C='B=A'B;'

<BGF'HC??CT3@K'B::<::E<=;>''098:;N'D9JB89B;<'#<B8:C='GC88<?B;9C=:'T<8<'GC=A@G;<A';C';<:;'

;F<'8<?B;9C=:F9K'D<;T<<='GF9?A'GCK9=M'B=A'GF9?A':6EK;CE:>''.F<'GCEKC:9;<'E<B:@8<'CH'

GF9?A':<GC=AB86'GC=;8C?'GCK9=M'TB:':9M=9H9GB=;?6'GC88<?B;<A'T9;F';F<'GCEKC:9;<'E<B:@8<:'

CH'B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:'T9;F9='B=A'D<;T<<='B??';9E<'KC9=;:'[$^:'

8B=M<A'H8CE'3>dQ';C'3>ZdN'B??'*'q'>PPQf':<<'.BD?<'O]>''*<GC=AN'GC88<?B;9C=:'T<8<'<_BE9=<A'

D<;T<<='?<J<?:'CH':CG9B?'GCEK<;<=G<'B=A'GF9?A':6EK;CE:>''*9E9?B8';C'GCK9=MN';F<'

GCEKC:9;<':GC8<'HC8'GF9?A':CG9B?'GCEK<;<=G<':FCT<A':9M=9H9GB=;'GC88<?B;9C=:'T9;F';F<'

GCEKC:9;<'E<B:@8<:'CH'B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:'T9;F9='B=A'

D<;T<<='B??';9E<'KC9=;:'[$^:'8B=M<A'H8CE'3>Qe';C'3>aaN'B??'*(q'>PZ]>''.F<'GCEKC:9;<':GC8<:'

HC8'GCK9=M'B=A':CG9B?'GCEK<;<=G<'T<8<'B?:C':9M=9H9GB=;?6'B=A'KC:9;9J<?6'GC88<?B;<A'T9;F'

<BGF'C;F<8N'$'\'>OPN'*'\'>POeN'B;'DB:<?9=<>''5CT<J<8N'GCK9=M'B=A':CG9B?'GCEK<;<=G<'T<8<'

=C;':9M=9H9GB=;?6'GC88<?B;<A'T9;F'<BGF'C;F<8'B;'B=6'CH';F<'HC??CT3@K'KC9=;:>''.F<:<'AB;B'

:@MM<:;';FB;'DC;F'GF9?A'GCK9=M'B=A':CG9B?'GCEK<;<=G<'T<8<':;8C=M?6'GC88<?B;<A'T9;F'GF9?A'

:6EK;CE:'B;'DB:<?9=<'B=A'KC:;9=;<8J<=;9C='B=A'T<8<'ECA<8B;<?6'GC88<?B;<A'T9;F'<BGF'

C;F<8'K89C8';C';F<'9=;<8J<=;9C=>

ab

Page 54: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

.BD?<'O>

2-$$%'#&,-!+(Q9-!3(2-9*-+,&%+(:0-$%+(-/(24,'5(2-*,!3T(:-0,#'(2-9*%&%!0%T(#!5(:69*&-9+(#&(>#+%',!%T(HD9-!&4+(UR,9%(HVT(WD9-!&4+(

UR,9%(JVT(#!5(FHD9-!&4+(UR,9%(XV

Q> O> d> a> Z> b> e> h> X> QP> QQ> QO> Qd> Qa

"#$%!&

Q>'''!CK9=M' k

O>'''*CG9B?'!CEK<;<=G<

>OPx k

d>'''(=_9<;6`')<K8<::9C=

3>Zdxxx 3>aQxxx k

a>'''$=;<8=B?9V9=M'*_ 3>ZOxxx 3>aaxxx >XPxxx k

"#$%!'

Z>'''!CK9=M >bZxxx >Pe 3>aPxxx 3>dXxxx k

b>'''*CG9B?'!CEK<;<=G<

>QQ >eaxxx 3>dPxxx 3>aQxxx >PP k

e>'''(=_9<;6`')<K8<::9C=

3>adxxx 3>dOxxx >hQxxx >eaxxx 3>ahxxx 3>QXx k

h>'''$=;<8=B?9V9=M'*_ 3>aOxxx 3>dbxxx >eOxxx >ehxxx 3>aexxx 3>Oexx >XOxxx k

"#$%!(

X>'''!CK9=M >ZPxxx >PQ 3>dQxxx 3>Ohxx >eaxxx 3>Pd 3>dXxxx 3>daxxx k

QP>'*CG9B?'!CEK<;<=G<

>Qd >Zhxxx 3>OOxx 3>dQxx >PX >eaxxx 3>OOxx 3>OXxxx >QQ k

QQ>'(=_9<;6`')<K8<::9C=

3>ddxxx 3>Oaxx >eaxxx >bbxxx 3>aOxxx 3>Qex >eexxx >ePxxx 3>abxxx 3>Qex k

QO>'$=;<8=B?9V9=M'*_ 3>daxxx 3>Oaxx >bbxxx >eQxxx 3>adxxx 3>Odxx >eOxxx >eexxx 3>abxxx 3>Ohxx >XPxxx k

"#$%!)

Qd>'(=_9<;6`')<K8<::9C=

3>dQxxx 3>OQx >bZxxx >bPxxx 3>dbxxx 3>Qex >bhxxx >bOxxx 3>abxxx 3>OPx >hXxxx >hQxxx k

Qa>'$=;<8=B?9V9=M'*_ 3>dQxxx 3>Qhx >ZXxxx >bbxxx 3>aPxxx 3>OPx >bbxxx >ePxxx 3>aZxxx 3>Oexx >hOxxx >XPxxx >XQxxx k

Y-&%Z'*<GC=AB86'!C=;8C?'!CK9=M'9:'B'<':GC8<'H8CE'KB8<=;'B=A'GF9?A'8<KC8;'CH'GCK9=Mf'*CG9B?'!CEK<;<=G<'9:'B'<':GC8<'H8CE'GF9?A'8<KC8;'CH'GCEK<;<=G<'C=';F<'1*/'B=A'*##!f'(=_9<;6`)<K8<::9C='B=A'$=;<8=B?9V9=M':6EK;CE:'B8<'<':GC8<:'H8CE';F<'!4!+'B=A'1*/>''*GC8<:'HC8'!CK9=M'B=A'*CG9B?'!CEK<;<=G<'T<8<'=C;'9=G?@A<A'B;'.9E<'a'D<GB@:<';F<6'T<8<'=C;'E<B:@8<A'B;';F<'QO3EC=;F'HC??CT3@K'B::<::E<=;>[(*(\(=F]T(^(*(\(=]_T(^^(*(\(=]FT(^^^(*(\(=]]F

ae

Page 55: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

@//,0#06(-/(&4%(B!&%$A%!&,-!

.BD?<'d'K8CJ9A<:'E<B=:'B=A':;B=AB8A'A<J9B;9C=:'HC8'B??'CH';F<'GF9?A'JB89BD?<:'[9><>N'

GCEKC:9;<'E<B:@8<:'CH'B=_9<;6`A<K8<::9C=':6EK;CE:N'9=;<8=B?9V9=M':6EK;CE:N'GCK9=MN'

B=A':CG9B?'GCEK<;<=G<]'B;'DB:<?9=<'B=A'<BGF'CH';F<'d'HC??CT3@K'B::<::E<=;:N';F<'

:9M=9H9GB=G<'CH';F<'<HH<G;'CH';F<'9=;<8J<=;9C='C=';F<'A<K<=A<=;'JB89BD?<:'B;'<BGF';9E<'

KC9=;N'B=A';F<'<HH<G;':9V<:'[!CF<=^:'5N';F<'A9HH<8<=G<'D<;T<<=';F<'E<B=:'A9J9A<A'D6';F<'

KCC?<A':;B=AB8A'A<J9B;9C='B;'<BGF';9E<'KC9=;]>

56KC;F<:9:'Q3QR'B!&%$A%!&,-!(@//%0&+(-!(24,'5(:69*&-9+>''$;'TB:'<_K<G;<A';FB;';F<'

HBE9?6'M8C@K'9=;<8J<=;9C='TC@?A'?<BA';C':9M=9H9GB=;?6'?CT<8'GF9?A':6EK;CE:';FB='9=';F<'

:<?H3:;@A6'GC=A9;9C=>''.TC'?<J<?:'CH'GF9?A'9=;<8=B?9V9=M'K8CD?<E:'T<8<'B::<::<AR'B'

GCEKC:9;<'CH'GF9?A3'B=A'KB8<=;38<KC8;<A'B=_9<;6`A<K8<::9C=':6EK;CE:'[1*/'j'!4!+'

:6=A8CE<':GB?<]'B=A'B'GCEKC:9;<'CH'GF9?A3'B=A'KB8<=;38<KC8;<A'9=;<8=B?9V9=M'K8CD?<E:'

[1*/'j'!4!+'D8CBADB=A':GB?<]>''(;'DB:<?9=<N';F<';TC'M8C@K:'T<8<'=C;':9M=9H9GB=;?6'

A9HH<8<=;'9='<9;F<8'CH';F<:<'C@;GCE<'E<B:@8<:'[:<<'.BD?<'d]>''!C=;8C??9=M'HC8'DB:<?9=<'

:6EK;CE':GC8<:N'B=B?6:<:'CH'GCJB89B=G<'[(%!"2(*]'8<J<B?<A'B':9M=9H9GB=;'EB9='<HH<G;'

HC8'9=;<8J<=;9C='M8C@K'B;'QO3EC=;F:'C='B=_9<;6`A<K8<::9C=':6EK;CE:'[*'\'>PaeN'5'\'>dd]'

B=A'9=;<8=B?9V9=M':6EK;CE:'[*'\'>PQhN'5'\'P>Oa]>''.F<:<'<HH<G;':9V<:'T<8<':EB??';C'

E<A9@E'9='EBM=9;@A<>Q

Q'.F<:<'<HH<G;:'B8<'GC=:9:;<=;'T9;F'H9=A9=M:'8<KC8;<A'D6'!CEKB:'<;'B?>'[OPPX]N'TFC'B?:C'8<KC8;<A':9M=9H9GB=;'9=;<8J<=;9C='<HH<G;:'C='GF9?A'B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:>'5CT<J<8N';F<'<HH<G;':9V<:'8<KC8;<A'D6'!CEKB:'<;'B?>'T<8<'?B8M<8'9='EBM=9;@A<'[E<A9@E'9=':9V<]>'.F<:<'A9:G8<KB=G9<:'EB6'D<'A@<';C'A9HH<8<=;'BKK8CBGF<:';C'E9::9=M'AB;B'9EK@;B;9C=>''!CEKB:'<;'B?>'@:<A'H@??'9=HC8EB;9C='EB_9E@E'?9U<?9FCCA';C'9EK@;<'E9::9=M'AB;BN'TF9GF'9:'B'EC8<':<=:9;9J<'B=A'BGG@8B;<'E<;FCA'CH'AB;B'9EK@;B;9C=';FB=';F<'GC=:<8JB;9J<'BKK8CBGF'@:<A'9=';F<'G@88<=;':;@A6>

ah

Page 56: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

56KC;F<:9:'Q3OR''B!&%$A%!&,-!(@//%0&+(-!(24,'5(2-*,!3=''$;'TB:'<_K<G;<A';FB;';F<'

HBE9?6'M8C@K'9=;<8J<=;9C=N'B:'GCEKB8<A';C';F<':<?H3:;@A6'GC=A9;9C=N'TC@?A'?<BA';C'

:9M=9H9GB=;'9=G8<B:<:'9='GF9?A8<=^:'@:<'CH':<GC=AB86'GC=;8C?'GCK9=M>(((;'DB:<?9=<N';F<';TC'

M8C@K:'T<8<'=C;':9M=9H9GB=;?6'A9HH<8<=;'C='GCEKC:9;<'GF9?A'GCK9=M'[:<<'.BD?<'d]>'

!C=;8C??9=M'HC8'DB:<?9=<'?<J<?:'CH':<GC=AB86'GC=;8C?'GCK9=MN'(%!"2(*'8<J<B?<A'

:9M=9H9GB=;'M8C@K'A9HH<8<=G<:'B;';F<'b3EC=;F'HC??CT3@K'HC8'GF9?A'GCK9=M'[*'\'>PPdN'5'\'>

dd]>''.F<'<HH<G;':9V<'TB:'E<A9@E'9='EBM=9;@A<>''.F@:N';F<'HBE9?6'M8C@K'9=;<8J<=;9C='TB:'

EC8<'<HH<G;9J<';FB=';F<'T89;;<='9=HC8EB;9C='GC=A9;9C='9='9=G8<B:9=M'GF9?A8<=^:'@:<'CH'

:<GC=AB86'GC=;8C?'GCK9=M'B;';F<'b3EC=;F'HC??CT3@K>

56KC;F<:9:'Q3dR''B!&%$A%!&,-!(@//%0&+(-!(24,'5(:-0,#'(2-9*%&%!0%=''$;'TB:'

<_K<G;<A';FB;';F<'HBE9?6'M8C@K'9=;<8J<=;9C=N'B:'GCEKB8<A';C';F<':<?H3:;@A6'GC=A9;9C=N'

TC@?A'?<BA';C':9M=9H9GB=;'9=G8<B:<:'9='GF9?A':CG9B?'GCEK<;<=G<>''(;'DB:<?9=<N';F<';TC'

M8C@K:'T<8<'=C;':9M=9H9GB=;?6'A9HH<8<=;'C='GCEKC:9;<'GF9?A':CG9B?'GCEK<;<=G<'[:<<'.BD?<'

d]>''!C=;8C??9=M'HC8'DB:<?9=<'?<J<?:'CH':CG9B?'GCEK<;<=G<N'(%!"2(*'8<J<B?<A'=C'M8C@K'

<HH<G;'C='KC:;39=;<8J<=;9C=':CG9B?'GCEK<;<=G<'?<J<?:>''.F9:'H9=A9=M'9=A9GB;<:';FB;';F<'

9=;<8J<=;9C='GC=A9;9C='TB:'=C'EC8<'<HH<G;9J<'9='9=G8<B:9=M'?<J<?:'CH'GF9?A':CG9B?'

GCEK<;<=G<';FB=';F<':<?H3:;@A6>''

aX

Page 57: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

.BD?<'d>'

QY2;PQ+(-/(S$-8*(),//%$%!0%+(,!(24,'5$%!K+(Q!L,%&6M)%*$%++,-!(#!5(B!&%$!#',<,!3(

:69*&-9+T(2-*,!3T(#!5(:-0,#'(2-9*%&%!0%(#&(>#+%',!%(UR,9%(FVT(HD9-!&4+(UR,9%(HVT(WD

9-!&4+(UR,9%(JVT(#!5(FHD9-!&4(UR,9%(XV

Y-&%Z'(=_9<;6`)<K8<::9C='B=A'$=;<8=B?9V9=M':6EK;CE:'B8<'<':GC8<:'H8CE';F<'!4!+'B=A'1*/f'*<GC=AB86'!C=;8C?'!CK9=M'9:'B'<':GC8<'H8CE'KB8<=;'B=A'GF9?A'8<KC8;'CH'GCK9=Mf'*CG9B?'!CEK<;<=G<'9:'B'<':GC8<'H8CE'GF9?A'8<KC8;'CH'GCEK<;<=G<'C=';F<'1*/'B=A'*##!>'[(*(\(=F]T(^(*(\(=]_T(^^(*(\(=]FT(^^^(*(\(=]]F

0BE9?6'$=;<8J<=;9C=

*<?H3*;@A6

.9E< I :) I :) C'2B?@< !CF<=^:'5

*+,#%-./0%12%33#4+!5.$1-4$3!64$143#-%

Q 3P>Pd P>ha P>PO P>hd k P>Pb

O 3P>QP P>hO P>QP P>hd d>eey P>Oa

d 3P>Qd P>ee P>QZ P>hX Z>ahx P>dd

a 3P>Qd P>eX P>QZ P>XP a>POx P>dd

7+-%2+89#:#+;!5.$1-4$3!64$143#-%

Q P>Pa P>ha 3P>Pb P>eX k 3P>Qd

O 3P>Pd P>hQ P>Pd P>hZ O>hPy P>Pe

d 3P>Pe P>ee P>Ph P>XO a>eXx P>Qh

a 3P>QP P>hO P>QQ P>Xd Z>eex P>Oa

5%<4+=82.!64+-249!641#+;!64$143#-%

Q 3P>Pe P>hZ P>PX P>ba k 3P>OQ

O P>PQ P>hZ P>PP P>ba Q>Qh P>PQ

d P>QO P>hO 3P>Qd P>bh ''''X>Pexx P>dd

a k k k k k

54<#89!64$1%-%+<%!64$143#-%

Q P>PQ P>hQ P>QP P>XP k 3P>QO

O 3P>Pe P>hb P>Qd P>eZ Q>Qb 3P>OZ

d 3P>Pd P>hb P>QP P>eX P>ZO 3P>Qb

a k k k k k

ZP

Page 58: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

I%5,#&-$+(-/(&4%(B!&%$A%!&,-!

*9E9?B8';C'.8BE'B=A'!C?<^:'[OPPP]';<:;'CH'E<A9B;9C='9='B'?C=M9;@A9=B?':;@A6'B=A'.<9='

<;'B?>^:'[OPPa]'<_BE9=B;9C='CH'E<A9B;9C='9='B'K8<J<=;9J<'9=;<8J<=;9C=N';F<'B=B?6:<:'F<8<'T<8<'

DB:<A'C='4B8C='B=A'7<==6^:'[QXhb]'8<GCEE<=AB;9C=:>''-:;BD?9:F9=M':<GC=AB86'GC=;8C?'

GCK9=M'B=A':CG9B?'GCEK<;<=G<'B:'E<A9B;C8:'CH';F<'9=;<8J<=;9C='<HH<G;:'9=JC?J<A'HC@8'

:;B;9:;9GB?'G89;<89BR''[B]'B='9=;<8J<=;9C='<HH<G;'C='GF9?A':6EK;CE:'[9><>N'B=_9<;6`A<K8<::9C=N'

9=;<8=B?9V9=M]f''[D]'B='9=;<8J<=;9C='<HH<G;'C='GCK9=M'B=A':CG9B?'GCEK<;<=G<f''[G]':9M=9H9GB=;'

<HH<G;:'CH'GFB=M<:'9='GCK9=M'B=A':CG9B?'GCEK<;<=G<'C='GF9?A':6EK;CE:'BH;<8'GC=;8C??9=M'HC8'

;F<'9=;<8J<=;9C=f'B=A'[A]';F<'B::CG9B;9C='D<;T<<=';F<'9=;<8J<=;9C='B=A'GF9?A':6EK;CE:'9:'

:9M=9H9GB=;?6'8<A@G<A'BH;<8'BGGC@=;9=M'HC8';F<'<HH<G;:'CH'GFB=M<:'9='GCK9=M'B=A':CG9B?'

GCEK<;<=G<>

*@KKC8;'HC8';F<'H98:;';TC'GC=A9;9C=:'HC8':<GC=AB86'GC=;8C?'GCK9=M'B:'B'KC;<=;9B?'

E<A9B;C8'CH';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='9:'A<:G89D<A'BDCJ<>''(?;FC@MF';F<'9=;<8J<=;9C='A9A'

=C;'FBJ<'B':9M=9H9GB=;'<HH<G;'C=':CG9B?'GCEK<;<=G<'[B=A';F<8<HC8<':CG9B?'GCEK<;<=G<'GC@?A'=C;'

E<<;';F<'H@??'4B8C='B=A'7<==6'G89;<89B'HC8'E<A9B;9C=]N'<_K?C8B;C86'B=B?6:<:'T<8<'GC=A@G;<A'

;C'A<;<8E9=<'9H':CG9B?'GCEK<;<=G<'E<;';F<';F98A'B=A'HC@8;F'G89;<89B'9=';F<'4B8C='B=A'7<==6'

BKK8CBGF'[9><>N';F<:<'<_K?C8B;C86'B=B?6:<:'<_BE9=<A'TF<;F<8':CG9B?'GCEK<;<=G<'TB:'8<?B;<A'

;C':6EK;CE:'B;';F<'QO3EC=;F'HC??CT3@K'9=A<K<=A<=;'CH';F<'9=;<8J<=;9C=]>''(':<89<:'CH'

F9<8B8GF9GB?'E@?;9K?<'8<M8<::9C='<L@B;9C=:'T<8<'GB?G@?B;<A'9='TF9GF'GFB=M<:'9=';F<':<GC=AB86'

GC=;8C?'GCK9=M'GCEKC:9;<'B=A':CG9B?'GCEK<;<=G<'GCEKC:9;<'T<8<'9=A<K<=A<=;?6'<_BE9=<A'B:'

E<A9B;C8:'D<;T<<=';8<B;E<=;'GC=A9;9C='B=A'GF9?A8<=^:'GCEKC:9;<'B=_9<;6`A<K8<::9C='B=A'

9=;<8=B?9V9=M':6EK;CE:>''.8<B;E<=;'GC=A9;9C='TB:'<=;<8<A'9=';F<'H98:;':;<K'CH'<BGF'<L@B;9C='

B?C=M'T9;F'DB:<?9=<'?<J<?:'CH'GF9?A':6EK;CE:N'HC??CT<A'D6'GFB=M<:'9='<9;F<8':<GC=AB86'

ZQ

Page 59: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

GC=;8C?'GCK9=M'C8':CG9B?'GCEK<;<=G<'[:<<'.BD?<:'a'B=A'ZN'8<:K<G;9J<?6]>''!FB=M<':GC8<:'9='

GCK9=M'B=A':CG9B?'GCEK<;<=G<'CD;B9=<A'H8CE'DB:<?9=<';C';F<'O3EC=;F'HC??CT3@K'B=A'H8CE'

DB:<?9=<';C';F<'b3EC=;F'HC??CT3@K'T<8<'@:<A'9=':<KB8B;<'B=B?6:<:';C'A<;<8E9=<';F<98'<HH<G;'C='

:6EK;CE:'B;'QO3EC=;F:>''

,BG79==C='B=A'089;V'[OPPe]'FBJ<'=C;<A';FB;';F<'HC@8;F':;<K':@MM<:;<A'D6'4B8C='B=A'

7<==6'9:'CH;<='CJ<8?6'GC=:<8JB;9J<N'B:'9;'8<L@98<:'<9;F<8'J<86'?B8M<'<HH<G;:'[9><>N'GFB=M<:'9=';F<'

D<;B'B:'B'8<:@?;'CH'BAA9=M';F<'E<A9B;C8';C';F<';<:;'CH';F<'<HH<G;:'CH';F<'9=;<8J<=;9C=]'C8'J<86'

?B8M<':BEK?<':9V<:>''.F<8<HC8<N';F<'B=B?6;9G'K?B='9=G?@A<A'<_BE9=B;9C='CH';F<'EBM=9;@A<'CH'

;F<'A9HH<8<=G<'9=';F<'D<;B:'T9;F'B=A'T9;FC@;';F<'E<A9B;C8'9=';F<'<L@B;9C='<J<='9H';F9:'GFB=M<'

TB:'=C;':;B;9:;9GB??6':9M=9H9GB=;>'

56KC;F<:9:'O3QR'2-*,!3(#+(#(I%5,#&-$=''!F9?A8<=^:':<GC=AB86'GC=;8C?'GCK9=M'TB:'H98:;'

;<:;<A'B:'B'E<A9B;C8'CH'B=_9<;6`A<K8<::9C=':6EK;CE:'[.BD?<'a]>''cF<='9=G?@A9=M'GFB=M<'9='

GCK9=M'H8CE'DB:<?9=<';C'O3EC=;F:N';F<'CJ<8B??'ECA<?'K8<A9G;9=M'GF9?A8<=^:'B=_9<;6`A<K8<::9C='

:6EK;CE:'TB:':9M=9H9GB=;'[*'q'>PPQ]'B=A'<_K?B9=<A'BKK8C_9EB;<?6'abi'CH';F<'JB89B=G<'9='

GF9?A8<=^:'B=_9<;6`A<K8<::9C=':GC8<:'[1H(\'>ab]>''$=';F<'H98:;'<L@B;9C=N'BH;<8'GC=;8C??9=M'HC8'

DB:<?9=<'?<J<?:'CH'B=_9<;6`A<K8<::9C=':6EK;CE:N';8<B;E<=;'GC=A9;9C='TB:':9M=9H9GB=;'B:'B'

K8<A9G;C8'CH':6EK;CE:'B;'QO3EC=;F:'[z'\'>QON'K'\'>PZQ]>O''cF<='GFB=M<'9='GF9?A':<GC=AB86'

GC=;8C?'GCK9=M'H8CE'DB:<?9=<';C'O3EC=;F:'TB:'<=;<8<A'9=';F<':<GC=A':;<KN'GCK9=M'8<BGF<A'

:9M=9H9GB=G<'B:'B'K8<A9G;C8'[z'\'3>QbN'*(\'>PQa]'B=A';F<'<HH<G;'HC8'GC=A9;9C='TB:'=C'?C=M<8'

:9M=9H9GB=;'[z'\'>QPN'*'\'>QP]>''

O'.F<':;8<=M;F'CH';F<'9=;<8J<=;9C='<HH<G;'C=':6EK;CE:'9=';F<'8<M8<::9C='B=B?6:<:'B8<'8<A@G<A'H8CE'TFB;'TB:'8<KC8;<A'9='56KC;F<:9:'Q3Q'A@<';C':EB??<8':BEK?<':9V<'B:'B'8<:@?;'CH'F9MF<8'8B;<:'CH'E9::9=M'AB;B'B;'DB:<?9=<'HC8'GCK9=M';FB='HC8':6EK;CE:>''

ZO

Page 60: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

*9E9?B8?6N'TF<='9=G?@A9=M'GFB=M<'9='GCK9=M'H8CE'DB:<?9=<';C'b3EC=;F:N';F<'CJ<8B??'

ECA<?'K8<A9G;9=M'GF9?A8<=^:'B=_9<;6`A<K8<::9C=':6EK;CE:'TB:':9M=9H9GB=;'[*'q'>PPQ]'B=A'

<_K?B9=<A'BKK8C_9EB;<?6'ZQi'CH';F<'JB89B=G<'9='GF9?A8<=^:':6EK;CE:'[1H(\'>ZQ]>''cF<='

GFB=M<'9='GF9?A'GCK9=M'B;'b3EC=;F:'TB:'<=;<8<A'9=';F<':<GC=A':;<KN'9;'B?:C'8<BGF<A'

:9M=9H9GB=G<'B:'B'K8<A9G;C8'[z'\'3>OhN'*(q'>PPQ]'B=A';F<'<HH<G;'HC8'GC=A9;9C='TB:'=C'?C=M<8'

:9M=9H9GB=;'[z'\'>PZN'*'\'>aah]>''(:'B='BAA9;9C=B?';<:;'CH'E<A9B;9C=N';F<'*CD<?';<:;'TB:'

GC=A@G;<A'[*CD<?N'QXhO]N'TF9GF'9=A9GB;<A';FB;';F<'8<?B;9C='D<;T<<=';F<'9=;<8J<=;9C='B=A'

B=_9<;6`A<K8<::9C=':6EK;CE:'B;'QO3EC=;F:'TB:'=C;'E<A9B;<A'D6'GFB=M<'9='GF9?A'GCK9=M'H8CE'

DB:<?9=<';C'O3EC=;F:'[<'\'P>XXN'!+]'D@;'TB:'H@??6'E<A9B;<A'D6'GFB=M<'9='GF9?A'GCK9=M'H8CE'

DB:<?9=<';C'b3EC=;F:'[<'\'O>ZQN'*'\'>PQO]>

!F9?A8<=^:':<GC=AB86'GC=;8C?'GCK9=M'TB:'B?:C';<:;<A'B:'B'E<A9B;C8'CH'9=;<8=B?9V9=M'

:6EK;CE:'[.BD?<'a]>''cF<='9=G?@A9=M'GFB=M<'9='GCK9=M'H8CE'DB:<?9=<';C'O3EC=;F:N';F<'

CJ<8B??'ECA<?'K8<A9G;9=M'GF9?A8<=^:'9=;<8=B?9V9=M':6EK;CE:'TB:':9M=9H9GB=;''[*'q'>PPQ]'B=A'

<_K?B9=<A'BKK8C_9EB;<?6'aXi'CH';F<'JB89B=G<'9='GF9?A8<=^:'9=;<8=B?9V9=M':GC8<:'[1H(\'>aX]>'

(H;<8'GC=;8C??9=M'HC8'DB:<?9=<'?<J<?:'CH':6EK;CE:N'TF<=';8<B;E<=;'GC=A9;9C='TB:'<=;<8<A'9='

;F<'H98:;'<L@B;9C=N'9;'TB:'B':9M=9H9GB=;'K8<A9G;C8'CH'9=;<8=B?9V9=M':6EK;CE:'B;'QO3EC=;F:'[z'\'>

QZN'K'\'>PQh]>''cF<='GFB=M<'9='GF9?A':<GC=AB86'GC=;8C?'GCK9=M'H8CE'DB:<?9=<';C'O3EC=;F:'

TB:'<=;<8<A'9=';F<':<GC=A':;<KN'GCK9=M'8<BGF<A':9M=9H9GB=G<'B:'B'K8<A9G;C8'[z'\'3>OPN'*(\'>

PPQ]N'B=A';F<'<HH<G;'HC8'GC=A9;9C='8<EB9=<A':9M=9H9GB=;'D@;'A<G8<B:<A'9='EBM=9;@A<'[z'\'>QON'*(

\'>PaQ]>''

*9E9?B8?6N'TF<='9=G?@A9=M'GFB=M<'9='GCK9=M'H8CE'DB:<?9=<';C'b3EC=;F:N';F<'CJ<8B??'

ECA<?'K8<A9G;9=M'GF9?A8<=^:'9=;<8=B?9V9=M':6EK;CE:'TB:':9M=9H9GB=;'[*'q'>PPQ]'B=A'<_K?B9=<A'

BKK8C_9EB;<?6'Zdi'CH';F<'JB89B=G<'9='GF9?A8<=^:':6EK;CE:'[1H(\'>Zd]>''!FB=M<'9='GF9?A'

Zd

Page 61: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

GCK9=M'H8CE'DB:<?9=<';C'b3EC=;F:N'TF<='<=;<8<A'9=';F<':<GC=A':;<KN'B?:C'8<BGF<A':9M=9H9GB=G<'

B:'B'K8<A9G;C8'CH'QO3EC=;F'9=;<8=B?9V9=M':6EK;CE:'[z'\'3>dPN'*(q'>PPQ]'B=A';F<'<HH<G;'HC8'

GC=A9;9C='TB:'=C'?C=M<8':9M=9H9GB=;'[z'\'>PeN'*'\'>OOP]>''.F<'*CD<?'[QXhO]';<:;'8<J<B?<A';FB;'

;F<'8<?B;9C='D<;T<<=';F<'9=;<8J<=;9C='B=A'9=;<8=B?9V9=M':6EK;CE:'B;'QO3EC=;F:'TB:'=C;'

E<A9B;<A'D6'GFB=M<'9='GF9?A'GCK9=M'B;'O3EC=;F:'[<'\'Q>PdN'!+]'D@;'TB:'H@??6'E<A9B;<A'D6'

GFB=M<'9='GF9?A'GCK9=M'B;'b3EC=;F:'[<'\'O>ZeN'*'\'>PQ]>

Za

Page 62: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

.BD?<'a>''

1%3$%++,-!(@`8#&,-!+("$%5,0&,!3(24,'5(:69*&-9+(#&(FHD9-!&4+(/$-9(>#+%',!%(:69*&-9+T(

B!&%$A%!&,-!(2-!5,&,-!T(#!5(24,'5(:%0-!5#$6(2-!&$-'(2-*,!3

"@;GCE<'B=A'#8<A9G;C8 'z :8O 1O "J<8B??(C

*+,#%-./0%12%33#4+!5.$1-4$3

*;<K'QR'1O'GFB=M<'\'>aaxxx C([dN'Qad]'\'aP>aexxx

4B:<?9=<'(=_9<;6`)<K8<::9C= >bZxxx >aO

!C=A9;9C= >QOy >Pd >aa

*;<K'OR'1O'GFB=M<'\'>POx

4B:<?9=<'(=_9<;6`)<K8<::9C= >bexxx >aZ

!C=A9;9C= >QP >PO

6>8+;%!#+!641#+;!8-!"#$%!' 3>Qbx >Pa >ab

*;<K'QR'1O'GFB=M<'\'>aaxxx C([dN'Qad]'\'ah>XPxxx

4B:<?9=<'(=_9<;6`)<K8<::9C= >bZxxx >aO

!C=A9;9C= >QOy >Pd >aa

*;<K'OR'1O'GFB=M<'\'>Pexxx

4B:<?9=<'(=_9<;6`)<K8<::9C= >eQxxx >aX

!C=A9;9C= >PZ >PP

6>8+;%!#+!641#+;!8-!"#$%!( 3>Ohxxx >Qd >ZQ

7+-%2+89#:#+;!5.$1-4$3

*;<K'QR(1O'GFB=M<'\'>aZxxx C([dN'Qad]'\'ab>aPxxx

4B:<?9=<'$=;<8=B?9V9=M'*6EK;CE: >bexxx >aZ

!C=A9;9C= >QZx >Pa >aZ

*;<K'OR(1O'GFB=M<'\'>Paxx

4B:<?9=<'$=;<8=B?9V9=M'*6EK;CE: >ePxxx >ah

!C=A9;9C= >QOx >Pd

6>8+;%!#+!641#+;!8-!"#$%!' 3>OPxx >Pe >aX

*;<K'QR(1O'GFB=M<'\'>aZxxx C([dN'Qad]'\'Za>Qbxxx

4B:<?9=<'$=;<8=B?9V9=M'*6EK;CE: >bexxx >aZ

!C=A9;9C= >QZx >Pa >aZ

*;<K'OR(1O'GFB=M<'\'>Phxxx

4B:<?9=<'$=;<8=B?9V9=M'*6EK;CE: >edxxx >ZO

!C=A9;9C= >Pe >PQ

6>8+;%!#+!641#+;!8-!"#$%!( 3>dPxxx >Qa >Zd

Y-&%Z'z'\':;B=AB8A9V<A'D<;Bf':8O'\'KB8;9B?'GC88<?B;9C=':L@B8<Af'(=_9<;6`)<K8<::9C='B=A'$=;<8=B?9V9=M':6EK;CE:'B8<'<':GC8<:'H8CE';F<'!4!+'B=A'1*/f'*<GC=AB86'!C=;8C?'!CK9=M'9:'B'<':GC8<'H8CE'KB8<=;'B=A'GF9?A'8<KC8;'CH'GCK9=M>'-HH<G;:'CH';F<'9=;<8J<=;9C='C=':6EK;CE:'T<8<'A<G8<B:<A'H8CE'TFB;'TB:'8<KC8;<A'9='56KC;F<:9:'Q3Q'A@<';C'E9::9=M'AB;B'HC8'GCK9=M>[(*(\(=F]T(^(*(\(=]_T(^^(*(\(=]FT(^^^(*(\(=]]F

ZZ

Page 63: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

56KC;F<:9:'O3OR':-0,#'(2-9*%&%!0%(#+(#(I%5,#&-$=''(?;FC@MF':CG9B?'GCEK<;<=G<'A9A'

=C;'E<<;';F<':<GC=A'CH'4B8C='B=A'7<==6^:'[QXhb]'G89;<89B'HC8'E<A9B;9C=N'<_K?C8B;C86'B=B?6:<:'

T<8<'GC=A@G;<A';C'<_BE9=<';F<'8<?B;9C=:'CH':CG9B?'GCEK<;<=G<'B=A':6EK;CE:'9=';F<'GC=;<_;'

CH';F<'9=;<8J<=;9C=>'

!F9?A8<=^:':CG9B?'GCEK<;<=G<'TB:'H98:;';<:;<A'9=';F<'ECA<?:'K8<A9G;9=M'

B=_9<;6`A<K8<::9C=':6EK;CE:'[.BD?<'Z]>''cF<='9=G?@A9=M'GFB=M<'9=':CG9B?'GCEK<;<=G<'H8CE'

DB:<?9=<';C'O3EC=;F:N';F<'CJ<8B??'ECA<?'K8<A9G;9=M'GF9?A8<=^:'B=_9<;6`A<K8<::9C=':6EK;CE:'

TB:':9M=9H9GB=;''[*'q'>PPQ]'B=A'<_K?B9=<A'BKK8C_9EB;<?6'aPi'CH';F<'JB89B=G<'9='GF9?A8<=^:'

B=_9<;6`A<K8<::9C=':GC8<:'[1H(\'>aP]>''$=';F<'H98:;'<L@B;9C=N'BH;<8'GC=;8C??9=M'HC8'DB:<?9=<'?<J<?:'

CH'B=_9<;6`A<K8<::9C=':6EK;CE:N';8<B;E<=;'GC=A9;9C='TB:'=C;':9M=9H9GB=;'B:'B'K8<A9G;C8'CH'

:6EK;CE:'B;'QO3EC=;F:'[z'\'>QPN'!+]>d''!FB=M<'9=':CG9B?'GCEK<;<=G<'H8CE'DB:<?9=<';C'O3

EC=;F:'B?:C'A9A'=C;'8<BGF':9M=9H9GB=G<'B:'B'K8<A9G;C8'[z'\'3>PaN'!+]>''cF<='9=G?@A9=M'GFB=M<'

9=':CG9B?'GCEK<;<=G<'H8CE'DB:<?9=<';C'b3EC=;F:N';F<'CJ<8B??'ECA<?'K8<A9G;9=M'GF9?A8<=^:'

B=_9<;6`A<K8<::9C=':6EK;CE:'TB:':9M=9H9GB=;''[*'q'>PPQ]'B=A'<_K?B9=<A'BKK8C_9EB;<?6'aQi'

CH';F<'JB89B=G<'9='GF9?A8<=^:':6EK;CE:'[1H(\'>aQ]>''!FB=M<'9='GF9?A'GCK9=M'H8CE'DB:<?9=<';C'

b3EC=;F:N'TF<='<=;<8<A'9=';F<':<GC=A':;<KN'BKK8CBGF<A':9M=9H9GB=G<'B:'B'K8<A9G;C8'[z'\'3>QdN'

*'\'>PbX]>'

!F9?A8<=^:':CG9B?'GCEK<;<=G<'TB:';F<=';<:;<A'9=';F<'ECA<?:'K8<A9G;9=M'9=;<8=B?9V9=M'

:6EK;CE:'[.BD?<'Z]>''cF<='9=G?@A9=M'GFB=M<'9=':CG9B?'GCEK<;<=G<'H8CE'DB:<?9=<';C'O3

EC=;F:N';F<'CJ<8B??'ECA<?'K8<A9G;9=M'GF9?A8<=^:'9=;<8=B?9V9=M':6EK;CE:'TB:':9M=9H9GB=;''[*(

d'.F<':;8<=M;F'CH';F<'9=;<8J<=;9C='<HH<G;'C=':6EK;CE:'9=';F<'8<M8<::9C='B=B?6:<:'B8<'8<A@G<A'H8CE'TFB;'TB:'8<KC8;<A'9='56KC;F<:9:'Q3Q'A@<';C':EB??<8':BEK?<':9V<'B:'B'8<:@?;'CH'F9MF<8'8B;<:'CH'E9::9=M'AB;B'B;'DB:<?9=<'HC8':CG9B?'GCEK<;<=G<';FB='HC8':6EK;CE:>''.F<8<'TB:'B':9M=9H9GB=;'BEC@=;'CH'E9::9=M'AB;B'HC8';F<':CG9B?'GCEK<;<=G<'GCEKC:9;<'B;'DB:<?9=<'A@<';C'GF9?A8<='9=BGG@8B;<?6'GCEK?<;9=M';F<'*##!N';F@:':9M=9H9GB=;?6'8<A@G9=M';F<':BEK?<':9V<'[Y'\'QOb]>''

Zb

Page 64: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

q'>PPQ]'B=A'<_K?B9=<A'BKK8C_9EB;<?6'aai'CH';F<'JB89B=G<'9='GF9?A8<=^:'B=_9<;6`A<K8<::9C='

:GC8<:'[1H(\'>aa]>''$=';F<'H98:;'<L@B;9C=N'BH;<8'GC=;8C??9=M'HC8'DB:<?9=<'?<J<?:'CH'9=;<8=B?9V9=M'

:6EK;CE:N';8<B;E<=;'GC=A9;9C='TB:'=C;':9M=9H9GB=;'B:'B'K8<A9G;C8'CH':6EK;CE:'B;'QO3EC=;F:'

[z'\'>QQN'!+]>''cF<='BAA<A';C';F<'ECA<?N'GFB=M<'9='GF9?A':CG9B?'GCEK<;<=G<'H8CE'DB:<?9=<';C'

O3EC=;F:'TB:'=C;':9M=9H9GB=;'B:'B'K8<A9G;C8'[z'\'3>PZN'!+]>''cF<='9=G?@A9=M'GFB=M<'9=':CG9B?'

GCEK<;<=G<'H8CE'DB:<?9=<';C'b3EC=;F:N';F<'CJ<8B??'ECA<?'K8<A9G;9=M'GF9?A8<=^:'9=;<8=B?9V9=M'

:6EK;CE:'TB:':9M=9H9GB=;'[*'q'>PPQ]'B=A'<_K?B9=<A'BKK8C_9EB;<?6'ahi'CH';F<'JB89B=G<'9='

GF9?A8<=^:':6EK;CE:'[1H(\'>ah]>''!FB=M<'9=':CG9B?'GCEK<;<=G<'H8CE'DB:<?9=<';C'b3EC=;F:N'

TF<='<=;<8<A'9=';F<':<GC=A':;<KN'8<BGF<A':9M=9H9GB=G<'B:'B'K8<A9G;C8'[z'\'3>OPN'*(\'>PPa]>''.F<'

*CD<?'[QXhO]';<:;'TB:'=C=:9M=9H9GB=;'[<'\'3P>bXN'!+]>''.F<8<HC8<N'GFB=M<:'9=':CG9B?'GCEK<;<=G<'

H8CE'DB:<?9=<';C'b3EC=;F:'BGGC@=;<A'HC8'B':9M=9H9GB=;'KC8;9C='CH';F<'JB89B=G<'9='GFB=M<:'9='

:6EK;CE:'H8CE'DB:<?9=<';C'QO3EC=;F:N'D@;';F<:<'GFB=M<:'T<8<'@=8<?B;<A';C';F<'<HH<G;:'CH';F<'

9=;<8J<=;9C=>

Ze

Page 65: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

.BD?<'Z>''

1%3$%++,-!(@`8#&,-!+("$%5,0&,!3(24,'5(:69*&-9+(#&(FHD9-!&4+(/$-9(>#+%',!%(:69*&-9+T(

B!&%$A%!&,-!(2-!5,&,-!T(#!5(24,'5(:-0,#'(2-9*%&%!0%

"@;GCE<'B=A'#8<A9G;C8 'z :8O 1O "J<8B??(C

*+,#%-./0%12%33#4+

*;<K'QR'1O'GFB=M<'\'>dXxxx C([dN'QOQ]'\'Ob>dexxx

4B:<?9=<'(=_9<;6`)<K8<::9C=' >bQxxx >dh

!C=A9;9C= >QP >PO >dX

*;<K'OR'1O'GFB=M<'\'>PQ

4B:<?9=<'(=_9<;6`)<K8<::9C= >bOxxx >dh

!C=A9;9C= >QP >PO

6>8+;%!#+!54<#89!64$1%-%+<%!8-!"#$%!' 3>Pa >PQ >aP

*;<K'QR'1O'GFB=M<'\'>dXxxx C([dN'QOQ]'\'Oh>Pexxx

4B:<?9=<'(=_9<;6`)<K8<::9C= >bQxxx >dh

!C=A9;9C= >QP >PQ >dX

*;<K'OR'1O'GFB=M<'\'>POy

4B:<?9=<'(=_9<;6`)<K8<::9C= >baxxx >aP

!C=A9;9C= >QP >PO

6>8+;%!#+!54<#89!64$1%-%+<%!8-!"#$%!( 3>Qdy >Pd >aQ

7+-%2+89#:#+;!5.$1-4$3

*;<K'QR'1O'GFB=M<'\'>aaxxx C([dN'QOQ]'\'dQ>bXxxx

4B:<?9=<'$=;<8=B?9V9=M'*6EK;CE:' >bbxxx >ad

!C=A9;9C= >QQ >PO >aa

*;<K'OR'1O'GFB=M<'\'>PQ

4B:<?9=<'$=;<8=B?9V9=M'*6EK;CE: >bbxxx >aa

!C=A9;9C= >QOy >PO

6>8+;%!#+!54<#89!64$1%-%+<%!8-!"#$%!' 3>PZ >PQ >aa

*;<K'QR'1O'GFB=M<'\'>aaxxx C([dN'QOQ]'\'db>ZPxxx

4B:<?9=<'$=;<8=B?9V9=M'*6EK;CE: >bbxxx >ad

!C=A9;9C= >QQ >PO >aa

*;<K'OR'1O'GFB=M<'\'>Paxx

4B:<?9=<'$=;<8=B?9V9=M'*6EK;CE: >bhxxx >ab

!C=A9;9C= >QOy >Pd

6>8+;%!#+!54<#89!64$1%-%+<%!8-!"#$%!( 3>OPxx >Pe >ah

Y-&%Z'z'\':;B=AB8A9V<A'D<;Bf':8O'\'KB8;9B?'GC88<?B;9C=':L@B8<Af'(=_9<;6`)<K8<::9C='B=A'$=;<8=B?9V9=M':6EK;CE:'B8<'<':GC8<:'H8CE';F<'!4!+'B=A'1*/f'*CG9B?'!CEK<;<=G<'9:'B'<':GC8<'H8CE'GF9?A'8<KC8;'CH'GCEK<;<=G<'C=';F<'1*/'B=A'*##!>'-HH<G;:'CH';F<'9=;<8J<=;9C='C=':6EK;CE:'T<8<'A<G8<B:<A'H8CE'TFB;'TB:'8<KC8;<A'9='56KC;F<:9:'Q3Q'A@<';C'E9::9=M'AB;B'HC8':CG9B?'GCEK<;<=G<>[(*(\(=F]T(^(*(\(=]_T(^^(*(\(=]FT(^^^(*(\(=]]F

Zh

Page 66: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

#

N

0

5#

% /

I8'&,*'%(I%5,#&,-!

*CG9B?'GCEK<;<=G<'B=A'GCK9=M'T<8<'F6KC;F<:9V<A';C'H@=G;9C='9='C=<'CH';TC'

E<A9B;<A'ECA<?:'[:<<'09M@8<'Q]'9='TF9GFR'[Q]':<GC=AB86'GC=;8C?'GCK9=M'[B;'.d]'TC@?A'

E<A9B;<';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C='GF9?A':6EK;CE:'B=A':CG9B?'GCEK<;<=G<'[B;'.O]'

TC@?A'E<A9B;<';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C='GCK9=Mf'C8'[O]':CG9B?'GCEK<;<=G<'[B;'.d]'

TC@?A'E<A9B;<';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C='GF9?A':6EK;CE:'B=A'GCK9=M'[B;'.O]'TC@?A'

E<A9B;<';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C=':CG9B?'GCEK<;<=G<>''

09M@8<'Q=((I-5%'(1%/'%0&,!3(I8'&,*'%(I%5,#&-$+(-/(B!&%$A%!&,-!(@//%0&+(-!(24,'5(:69*&-9+

56KC;F<:9:'O3dBR''@//%0&(-/(B!&%$A%!&,-!(-!(2-9*%&%!0%T(@//%0&(-/(2-9*%&%!0%(-!(

2-*,!3T(#!5(@//%0&(-/(2-*,!3(-!(:69*&-9+=''4<HC8<';<:;9=M';F<'<=;98<'ECA<?N';F<'H98:;':;<K'

TB:';C'A<;<8E9=<'9H':CG9B?'GCEK<;<=G<'B;'O3EC=;F:'E<A9B;<A';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='

C='GCK9=M'B;'b3EC=;F:'[:<<'09M@8<'O]>''59<8B8GF9GB?'8<M8<::9C='B=B?6:<:'T<8<'GC=A@G;<A';C'

A<;<8E9=<'9H'GFB=M<:'9=':CG9B?'GCEK<;<=G<'H8CE'DB:<?9=<';C'O3EC=;F:'FBA'B':9M=9H9GB=;'

<HH<G;'C='GF9?A'GCK9=M'B;'b3EC=;F:'[:<<'.BD?<'b]>''5CT<J<8N'GFB=M<'9=':CG9B?'GCEK<;<=G<'

H8CE'DB:<?9=<';C'O3EC=;F:'TB:'=C;':9M=9H9GB=;'B:'B'K8<A9G;C8'CH'GCK9=M'B;'b3EC=;F:'[z'\'>PPN'

!+]>'

#8CM8BE'!C=A9;9C=

!F9?A'*6EK;CE:'[.a]'

,<A9B;C8'OB;'.d'

,<A9B;C8'QB;'.O'

ZX

Page 67: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

D=]a =]F

=]W

U=]WV

=_b^^^

U=_b^^^V

=]_ =]]

D=HJ^^

UD=HJ^^V

=_F^^^

U=_F^^^V

09M@8<'O>'' I-5%'("$%5,0&,!3(2-*,!3(#&(WD9-!&4+(/$-9(B!&%$A%!&,-!(#!5(24#!3%+(,!(:-0,#'(2-9*%&%!0%(/$-9(>#+%',!%(&-(HD9-!&4+

[(*(\(=F]T(^(*(\(=]_T(^^(*(\(=]FT(^^^(*(\(=]]F

56KC;F<:9:'O3dDR'@//%0&(-/(B!&%$A%!&,-!(-!(2-*,!3T(@//%0&(-/(2-*,!3(-!(

2-9*%&%!0%T(#!5(@//%0&(-/(2-9*%&%!0%(-!(:69*&-9+=''$=';F<'H98:;':;<K'CH'<_BE9=9=M';F9:'

ECA<?N'GCK9=M'B;'O3EC=;F:'TB:';<:;<A'B:'B'E<A9B;C8'CH';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C='

:CG9B?'GCEK<;<=G<'B;'b3EC=;F:'[:<<'09M@8<'d]>''59<8B8GF9GB?'8<M8<::9C='B=B?6:<:'T<8<'

GC=A@G;<A';C'A<;<8E9=<'9H'GFB=M<:'9='GCK9=M'H8CE'DB:<?9=<';C'O3EC=;F:'FBA'B':9M=9H9GB=;'

<HH<G;'C='GF9?A':CG9B?'GCEK<;<=G<'B;'b3EC=;F:'[:<<'.BD?<'b]>''5CT<J<8N'TF<='GFB=M<'9='

GF9?A'GCK9=M'H8CE'DB:<?9=<';C'O3EC=;F:'TB:'<=;<8<A'9=;C';F<'ECA<?N'9;'HB9?<A';C'K8<A9G;'

:CG9B?'GCEK<;<=G<'[z'\'>PQN'!+]>'

09M@8<'d>'' I-5%'("$%5,0&,!3(:-0,#'(2-9*%&%!0%(#&(WD9-!&4+(/$-9(B!&%$A%!&,-!(#!5(24#!3%+(,!(2-*,!3(/$-9(>#+%',!%(&-(HD9-!&4+

[(*(\(=F]T(^(*(\(=]_T(^^(*(\(=]FT(^^^(*(\(=]]F

#8CM8BE'!C=A9;9C=

!CEK<;<=G<B;'.d'

!CK9=MB;'.O'

4B:<?9=<'!CEK<;<=G<

#8CM8BE'!C=A9;9C=

!CK9=MB;'.d'

!CEK<;<=G<B;'.O'

4B:<?9=<'!CK9=M

bP

Page 68: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

.BD?<'b>'

1%3$%++,-!(@`8#&,-!+("$%5,0&,!3(24,'5(2-*,!3(#&(WD9-!&4+(/$-9(B!&%$A%!&,-!(2-!5,&,-!(#!5(

24,'5(:-0,#'(2-9*%&%!0%(#!5("$%5,0&,!3(24,'5(:-0,#'(2-9*%&%!0%(#&(WD9-!&4+(/$-9(

B!&%$A%!&,-!(#!5(24,'5(2-*,!3

'{ :8O 1O "J<8B??(C

641#+; C([dN'QOP]'\'QZ>ZZxxx

*;<K'QR'1O'GFB=M<'\'>Ohxxx

4B:<?9=<'!CK9=M' >ZQxxx >Ob

!C=A9;9C= 3>Odxx >Pe >Oh

*;<K'OR'1O'GFB=M<'\'>PP

4B:<?9=<'!CK9=M >ZQxxx >Ob

!C=A9;9C= 3>Odxx >Pb

!FB=M<'9='*CG9B?'!CEK<;<=G<'B;'.9E<'O >PP >PP >Oh

54<#89!64$1%-%+<% C([dN'QOP]'\'OP>Xbxxx

*;<K'QR'1O'GFB=M<'\'>daxxx

4B:<?9=<'*CG9B?'!CEK<;<=G<' >Zhxxx >da

!C=A9;9C= >Pb >PQ >da

*;<K'OR'1O'GFB=M<'\'>PP

4B:<?9=<'*CG9B?'!CEK<;<=G< >Zhxxx >da

!C=A9;9C= >Pb >PQ

!FB=M<'9='!CK9=M'B;'.9E<'O >PQ >PP >da

Y-&%Z'z'\':;B=AB8A9V<A'D<;Bf':8O'\'KB8;9B?'GC88<?B;9C=':L@B8<Af'*<GC=AB86'!C=;8C?'!CK9=M'9:'B'<':GC8<'H8CE'KB8<=;'B=A'GF9?A'8<KC8;'CH'GCK9=Mf'*CG9B?'!CEK<;<=G<'9:'B'<':GC8<'H8CE'GF9?A'8<KC8;'CH'GCEK<;<=G<'C=';F<'1*/'B=A'*##!>[(*(\(=F]T(^(*(\(=]_T(^^(*(\(=]FT(^^^(*(\(=]]F

4<GB@:<'GCEK<;<=G<'A9A'=C;'K?B6'B'8C?<'9='<9;F<8'CH';F<':<L@<=;9B?'E<A9B;9C='ECA<?:N'

<_K?C8B;C86'B=B?6:<:'T<8<'GC=A@G;<A'9='TF9GF'GCK9=M'B=A':CG9B?'GCEK<;<=G<'T<8<'<_BE9=<A'

GC=GCE9;B=;?6'B:'E<A9B;C8:'CH';F<'9=;<8J<=;9C=>''(?;FC@MF':CG9B?'GCEK<;<=G<'A9A'=C;'E<<;';F<'

:<GC=A'CH'4B8C='B=A'7<==6^:'[QXhb]'G89;<89B'HC8'E<A9B;9C=N'<_K?C8B;C86'B=B?6:<:'T<8<'

GC=A@G;<A';C'<_BE9=<'B'ECA<?'9='TF9GF':<GC=AB86'GC=;8C?'GCK9=M'B=A':CG9B?'GCEK<;<=G<'

T<8<':9E@?;B=<C@:?6'<_BE9=<A'B:'E<A9B;C8:'D<;T<<=';8<B;E<=;'GC=A9;9C='B=A'GF9?A8<=^:'

B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:>''.8<B;E<=;'GC=A9;9C='TB:'<=;<8<A'9=';F<'H98:;'

bQ

Page 69: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

((D=HW^^^

D=F_^

=FF(

U=]_V

=WW^^^(

U=a_V^^^

=]_

D=HF^^

:;<K'CH'<BGF'<L@B;9C='B?C=M'T9;F'DB:<?9=<'?<J<?:'CH'GF9?A':6EK;CE:N'HC??CT<A'D6'GFB=M<'9='

DC;F':<GC=AB86'GC=;8C?'GCK9=M'B=A':CG9B?'GCEK<;<=G<'H8CE'DB:<?9=<';C'b3EC=;F:'[:<<'.BD?<'

e]>''

cF<='DC;F':CG9B?'GCEK<;<=G<'B=A'GCK9=M'T<8<'9=G?@A<AN';F<'CJ<8B??'ECA<?'K8<A9G;9=M'

GF9?A8<=^:'B=_9<;6`A<K8<::9C='TB:':9M=9H9GB=;'[*'q'>PPQ]'B=A'<_K?B9=<A'BKK8C_9EB;<?6'abi'CH'

;F<'JB89B=G<'9='GF9?A8<=^:'B=_9<;6`A<K8<::9C=':6EK;CE:'[1H(\'>ab]>''!FB=M<'9='GCK9=M'H8CE'

DB:<?9=<';C'b3EC=;F:'8<BGF<A':9M=9H9GB=G<'B:'B'K8<A9G;C8'[z'\'3>ObN'*(\'>PPQ]'<J<='TF<=':CG9B?'

GCEK<;<=G<'TB:'9=G?@A<A'9=';F<'ECA<?>''!FB=M<'9=':CG9B?'GCEK<;<=G<N'FCT<J<8N'A9A'=C;'

8<BGF':9M=9H9GB=G<'B:'B'K8<A9G;C8'[z'\'3>PXN'!+]>

cF<='DC;F':CG9B?'GCEK<;<=G<'B=A'GCK9=M'T<8<'9=G?@A<AN';F<'CJ<8B??'ECA<?'K8<A9G;9=M'

GF9?A8<=^:'9=;<8=B?9V9=M':6EK;CE:'TB:':9M=9H9GB=;'[*'q'>PPQ]'B=A'<_K?B9=<A'BKK8C_9EB;<?6'

Zdi'CH';F<'JB89B=G<'9='GF9?A8<=^:'9=;<8=B?9V9=M':6EK;CE:'[1H(\'>Zd]>''4C;F'GFB=M<'9='GCK9=M'

H8CE'DB:<?9=<';C'b3EC=;F:'[z'\'3>ObN'*(q'>PPQ]'B=A'GFB=M<'9=':CG9B?'GCEK<;<=G<'[z'\'3>QZN'*(\'

>POd]'8<BGF<A':9M=9H9GB=G<'B:'K8<A9G;C8:'[:<<'09M@8<'a]>

09M@8<'a>'' I-5%'("$%5,0&,!3(B!&%$!#',<,!3(:69*&-9+(/$-9(24,'5(2-*,!3(#!5(:-0,#'(2-9*%&%!0%

[(*(\(=F]T(^(*(\(=]_T(^^(*(\(=]FT(^^^(*(\(=]]F

#8CM8BE'!C=A9;9C=

$=;<8=B?9V9=M'*6EK;CE:'[.a]'

!CEK<;<=G<'[.d]'

!CK9=M[.d]'

4B:<?9=<'*6EK;CE:

bO

Page 70: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

.BD?<'e>''

1%3$%++,-!(@`8#&,-!+("$%5,0&,!3(24,'5(:69*&-9+(#&(FHD9-!&4+(/$-9(B!&%$A%!&,-!(2-!5,&,-!T(

24,'5(:-0,#'(2-9*%&%!0%(#!5(24,'5(2-*,!3

'z :8O 1O "J<8B??(C

*+,#%-./0%12%33#4+!5.$1-4$3 C([aN'QQX]'\'OZ>eXxxx

*;<K'QR'1O'GFB=M<'\'>dXxxx

4B:<?9=<'(=_9<;6`)<K8<::9C=' >bQxxx >dh

!C=A9;9C= >QP >PO >dX

*;<K'OR'1O'GFB=M<'\'>Pexx

4B:<?9=<'(=_9<;6`)<K8<::9C= >ePxxx >aZ

!C=A9;9C= >PO >PP

!FB=M<'9='*CG9B?'!CEK<;<=G<'B;'.9E<'d 3>PX >PQ

!FB=M<'9='!CK9=M'B;'.9E<'d 3>Obxx >PX >ab

7+-%2+89#:#+;!5.$1-4$3 C([aN'QQX]'\'dd>eZxxx

*;<K'QR'1O'GFB=M<'\'>aaxxx

4B:<?9=<'$=;<8=B?9V9=M' >bbxxx >ad

!C=A9;9C= >QQ >PO >aa

*;<K'OR'1O'GFB=M<'\'>PXxxx

4B:<?9=<'$=;<8=B?9V9=M >eZxxx >ZO

!C=A9;9C= >PZ >PP

!FB=M<'9='*CG9B?'!CEK<;<=G<'B;'.9E<'d 3>QZx >Pa

!FB=M<'9='!CK9=M'B;'.9E<'d 3>Obxxx >QQ >Zd

Y-&%Z'z'\':;B=AB8A9V<A'D<;Bf':8O'\'KB8;9B?'GC88<?B;9C=':L@B8<Af'(=_9<;6`)<K8<::9C='B=A'$=;<8=B?9V9=M':6EK;CE:'B8<'<':GC8<:'H8CE';F<'!4!+'B=A'1*/f'*<GC=AB86'!C=;8C?'!CK9=M'9:'B'<':GC8<'H8CE'KB8<=;'B=A'GF9?A'8<KC8;'CH'GCK9=Mf'*CG9B?'!CEK<;<=G<'9:'B'<':GC8<'H8CE'GF9?A'8<KC8;'CH'GCEK<;<=G<'C=';F<'1*/'B=A'*##!>'-HH<G;:'CH';F<'9=;<8J<=;9C='C=':6EK;CE:'T<8<'A<G8<B:<A'H8CE'TFB;'TB:'8<KC8;<A'9='56KC;F<:9:'Q3Q'A@<';C'E9::9=M'AB;B'HC8':CG9B?'GCEK<;<=G<'B=A'GCK9=M>[(*(\(=F]T(^(*(\(=]_T(^^(*(\(=]FT(^^^(*(\(=]]F

bd

Page 71: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

I-5%$#&-$+(-/(&4%(B!&%$A%!&,-!

56KC;F<:9:'d3QR':-0,#'(2-9*%&%!0%(#+(#(I-5%$#&-$=''$;'TB:'<_K<G;<A';FB;'GF9?A8<=^:'

?<J<?:'CH':CG9B?'GCEK<;<=G<'@KC='<=;<89=M';F<':;@A6'TC@?A'ECA<8B;<';F<'<HH<G;:'CH';F<'HBE9?6'

GCM=9;9J<'D<FBJ9C8B?'9=;<8J<=;9C=>''.C'<_BE9=<'TF<;F<8';F<'HBE9?6'9=;<8J<=;9C='FBA'B'?B8M<8'

<HH<G;'HC8'9=A9J9A@B?:'TFC'KC::<::<A'F9MF<8'?<J<?:'CH':CG9B?'GCEK<;<=G<'B;'DB:<?9=<N'

F9<8B8GF9GB?'8<M8<::9C='ECA<?:'T<8<'@:<A';C';<:;'HC8'9=;<8BG;9C=:'D<;T<<='?<J<?:'CH'DB:<?9=<'

:CG9B?'GCEK<;<=G<'B=A'9=;<8J<=;9C='GC=A9;9C='B:'K8<A9G;C8:'CH':6EK;CE:'B;'QO3EC=;F'HC??CT3

@K>''

$=;<8J<=;9C='GC=A9;9C='TB:'<=;<8<A'9=';F<'H98:;':;<K'B?C=M'T9;F'DB:<?9=<'?<J<?:'CH'GF9?A'

:6EK;CE:f'=<_;'DB:<?9=<':CG9B?'GCEK<;<=G<'TB:'BAA<Af'HC??CT<A'D6';F<'$=;<8J<=;9C='

!C=A9;9C='!'*CG9B?'!CEK<;<=G<'9=;<8BG;9C=>''!C=;8C??9=M'HC8'K8<39=;<8J<=;9C='GF9?A'C@;GCE<'

E<B:@8<:N'=C'<HH<G;'TB:'A<;<G;<A'HC8';F<'$=;<8J<=;9C='!C=A9;9C='!'*CG9B?'!CEK<;<=G<'

9=;<8BG;9C='9='K8<A9G;9=M'B=_9<;6`A<K8<::9C='C8'9=;<8=B?9V9=M':6EK;CE:'B;'QO3EC=;F'HC??CT3@K'

[:<<'.BD?<'h]>''

ba

Page 72: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

.BD?<'h>''

1%3$%++,-!(@`8#&,-!+("$%5,0&,!3(24,'5(:69*&-9+(#&(FHD9-!&4+(/$-9(B!&%$A%!&,-!(2-!5,&,-!T(

24,'5(:-0,#'(2-9*%&%!0%T(#!5(B!&%$#0&,-!(-/(B!&%$A%!&,-!(#!5(:-0,#'(2-9*%&%!0%

'z *8O 1O "J<8B??(C

*+,#%-./0%12%33#4+!5.$1-4$3 C([aN'QOP]'\'OP>Odxxx

*;<K'QR'1O'GFB=M<'\'>dXxxx

4B:<?9=<'(=_9<;6`)<K8<::9C=' >bQxxx >dh

!C=A9;9C= >QP >PO >dX

*;<K'OR'1O'GFB=M<'\'>PP

4B:<?9=<'(=_9<;6`)<K8<::9C= >bdxxx >dZ

!C=A9;9C= >QP >PO

4B:<?9=<'*CG9B?'!CEK<;<=G<' >Pa >PP >aP

*;<K'dR'1O'GFB=M<'\'>PQ

4B:<?9=<'(=_9<;6`)<K8<::9C= >bdxxx >db

!C=A9;9C= >PX >PQ

4B:<?9=<'*CG9B?'!CEK<;<=G<' >Pd >PP

!C=A9;9C='!'*CG9B?'!CEK<;<=G<' 3>PX >PQ >aP

7+-%2+89#:#+;!5.$1-4$3 C([aN'QOP]'\'Oa>hZxxx

*;<K'QR'1O'GFB=M<'\'>aaxxx

4B:<?9=<'$=;<8=B?9V9=M' >bbxxx >ad

!C=A9;9C= >QQ >PO >aa

*;<K'OR'1O'GFB=M<'\'>PQ

4B:<?9=<'$=;<8=B?9V9=M >eQxxx >aO

!C=A9;9C= >QQ >PO

4B:<?9=<'*CG9B?'!CEK<;<=G<' >QO >PO >aZ

*;<K'dR'1O'GFB=M<'\'>PQ

4B:<?9=<'$=;<8=B?9V9=M >eOxxx >ad

!C=A9;9C= >QP >PO

4B:<?9=<'*CG9B?'!CEK<;<=G<' >QO >PO

!C=A9;9C='!'*CG9B?'!CEK<;<=G<' 3>Pb >PQ >aZ

Y-&%Z'z'\':;B=AB8A9V<A'D<;Bf':8O'\'KB8;9B?'GC88<?B;9C=':L@B8<Af'(=_9<;6`)<K8<::9C='B=A'$=;<8=B?9V9=M':6EK;CE:'B8<'<':GC8<:'H8CE';F<'!4!+'B=A'1*/f'*CG9B?'!CEK<;<=G<'9:'B'<':GC8<'H8CE'GF9?A'8<KC8;'CH'GCEK<;<=G<'C=';F<'1*/'B=A'*##!>''-HH<G;:'CH';F<'9=;<8J<=;9C='C=':6EK;CE:'T<8<'A<G8<B:<A'H8CE'TFB;'TB:'8<KC8;<A'9='56KC;F<:9:'Q3Q'A@<';C'E9::9=M'AB;B'HC8':CG9B?'GCEK<;<=G<>[(*(\(=F]T(^(*(\(=]_T(^^(*(\(=]FT(^^^(*(\(=]]F

bZ

Page 73: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

56KC;F<:9:'d3OR'I-5%$#&%5(9%5,#&,-!>''.F<'8<M8<::9C='B=B?6:<:'8<KC8;<A'BDCJ<'

K8CJ9A<':@KKC8;'HC8':<GC=AB86'GC=;8C?'GCK9=M'B:'B'E<A9B;C8'CH';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='

C='GF9?A8<=^:'B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:'H8CE'DB:<?9=<';C'QO3EC=;F:>'

(='BAA9;9C=B?':<;'CH'F9<8B8GF9GB?'8<M8<::9C='B=B?6:<:'T<8<'GB?G@?B;<A';C'A<;<8E9=<'9H':CG9B?'

GCEK<;<=G<'ECA<8B;<A';F<'E<A9B;9C='<HH<G;>''

*CG9B?'GCEK<;<=G<'TB:'H98:;';<:;<A'B:'B'ECA<8B;C8'CH';F<'8<?B;9C=:F9K'D<;T<<=';F<'

9=;<8J<=;9C='B=A'GCK9=M'[:<<'09M@8<'Z]>''$='C;F<8'TC8A:N';<:;9=M'TF<;F<8';F<'<HH<G;'CH';F<'

9=;<8J<=;9C='C='GF9?A8<=^:'GCK9=M'JB89<A'B:'B'H@=G;9C='CH'GF9?A8<=^:':CG9B?'GCEK<;<=G<>''.C'

;<:;';F9:'ECA<?N'DB:<?9=<'GCK9=M'B=A'9=;<8J<=;9C='T<8<'<=;<8<A'9=';F<'H98:;':;<KN'HC??CT<A'D6'

DB:<?9=<':CG9B?'GCEK<;<=G<N'B=A';F<=';F<'$=;<8J<=;9C='!C=A9;9C='!"4B:<?9=<'*CG9B?'

!CEK<;<=G<'9=;<8BG;9C='[:<<'.BD?<'X]>''!C=;8C??9=M'HC8'K8<9=;<8J<=;9C='?<J<?:'CH'GCK9=MN'=C'

EB9='<HH<G;'HC8':CG9B?'GCEK<;<=G<'C8':CG9B?'GCEK<;<=G<'D6'9=;<8J<=;9C='GC=A9;9C='9=;<8BG;9C='

T<8<'A<;<G;<A'HC8'GCK9=M>'

*CG9B?'GCEK<;<=G<'TB:';F<=';<:;<A'B:'B'ECA<8B;C8'CH';F<'8<?B;9C=:F9K'D<;T<<='GCK9=M'

B=A'GF9?A':6EK;CE:'[:<<'09M@8<'b]>''$='C;F<8'TC8A:N';<:;9=M'TF<;F<8';F<'<HH<G;'CH'GCK9=M'C='

:6EK;CE:'JB89<A'B:'B'H@=G;9C='CH'GF9?A8<=^:':CG9B?'GCEK<;<=G<>''!C=;8C??9=M'HC8'DB:<?9=<'

:6EK;CE'?<J<?:N';F<8<'T<8<'EB9='<HH<G;:'A<;<G;<A'HC8'GFB=M<'9='GCK9=M'B;'b3EC=;F:'HC8'

B=_9<;6`A<K8<::9C='[z'\'3>OZN'*'q'>PQ]'B=A'9=;<8=B?9V9=M':6EK;CE:'[z'\'3>OeN'*'q'>PPQ]>'

5CT<J<8N'=C':CG9B?'GCEK<;<=G<'D6'GCK9=M'9=;<8BG;9C=:'T<8<'A<;<G;<A'HC8'<9;F<8'

B=_9<;6`A<K8<::9C='C8'9=;<8=B?9V9=M':6EK;CE:'[.BD?<'QP]>''*9E9?B8';C';F<'B=B?6:<:'8<KC8;<A'

BDCJ<N'D<GB@:<'CH';F<'8<A@G<A':BEK?<':9V<'9=';F<:<'B=B?6:<:'A@<';C'E9::9=M'AB;B'C=';F<':CG9B?'

GCEK<;<=G<'E<B:@8<'B;'DB:<?9=<N';F<'9=9;9B?'<HH<G;'CH';F<'9=;<8J<=;9C='TB:'=C;':;B;9:;9GB??6'

:9M=9H9GB=;>

bb

Page 74: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

# N

0K

5

# N

0K

%

09M@8<'Z>''I-5%$#&%5(I%5,#&,-!(I-5%'(F

09M@8<'b>''I-5%$#&%5(I%5,#&,-!(I-5%'(H

#8CM8BE'!C=A9;9C=

!F9?A'*6EK;CE:'[.a]'

!CK9=M'[.d]'

!CEK<;<=G<'[.Q]'

#8CM8BE'!C=A9;9C=

!F9?A'*6EK;CE:'[.a]'

!CK9=M'[.d]'

!CEK<;<=G<'[.Q]'

be

Page 75: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

.BD?<'X>''

1%3$%++,-!(@`8#&,-!+("$%5,0&,!3(24,'5(2-*,!3(#&(WD9-!&4+(/$-9(B!&%$A%!&,-!(2-!5,&,-!T(

24,'5(:-0,#'(2-9*%&%!0%T(#!5(B!&%$#0&,-!(-/(B!&%$A%!&,-!(#!5(:-0,#'(2-9*%&%!0%

'z *8O 1O "J<8B??(C

641#+; C([aN'QQX]'\'QQ>Xaxxx

*;<K'QR'1O'GFB=M<'\'>Ohxxx

4B:<?9=<'!CK9=M' >ZQxxx >Ob

!C=A9;9C= 3>Odxx >Pe >Oh

*;<K'OR'1O'GFB=M<'\'>PQ

4B:<?9=<'!CK9=M >ZOxxx >Oe

!C=A9;9C= 3>OOxx >Pb

4B:<?9=<'*CG9B?'!CEK<;<=G<' 3>Ph >PQ >OX

*;<K'dR'1O'GFB=M<'\'>PP

4B:<?9=<'!CK9=M >ZOxxx >Ob

!C=A9;9C= 3>OOxx >Pb

4B:<?9=<'*CG9B?'!CEK<;<=G<' 3>Ph >PQ

!C=A9;9C='!'*CG9B?'!CEK<;<=G<' >PO >PP >OX

Y-&%Z'z'\':;B=AB8A9V<A'D<;Bf':8O'\'KB8;9B?'GC88<?B;9C=':L@B8<Af'*<GC=AB86'!C=;8C?'!CK9=M'9:'B'<':GC8<'H8CE'KB8<=;'B=A'GF9?A'8<KC8;'CH'GCK9=Mf'*CG9B?'!CEK<;<=G<'9:'B'<':GC8<'H8CE'GF9?A'8<KC8;'CH'GCEK<;<=G<'C=';F<'1*/'B=A'*##!>'[(*(\(=F]T(^(*(\(=]_T(^^(*(\(=]FT(^^^(*(\(=]]F

bh

Page 76: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

.BD?<'QP>''

1%3$%++,-!(@`8#&,-!+("$%5,0&,!3(24,'5(:69*&-9+(#&(FHD9-!&4+(/$-9(B!&%$A%!&,-!(2-!5,&,-!T(

24,'5(:-0,#'(2-9*%&%!0%T(24,'5(2-*,!3T(#!5(B!&%$#0&,-!(-/(2-*,!3(#!5(:-0,#'(2-9*%&%!0%

'z :8O 1O "J<8B??(C

*+,#%-./0%12%33#4+ C([ZN'QQh]'\'OP>hPxxx

*;<K'QR'1O'GFB=M<'\'>dXxxx

4B:<?9=<'(=_9<;6`)<K8<::9C=' >bQxxx >dh

!C=A9;9C= >QP >PO >dX

*;<K'OR'1O'GFB=M<'\'>Pbxx

4B:<?9=<'(=_9<;6`)<K8<::9C= >ePxxx >aQ

!C=A9;9C= >PO >PP

4B:<?9=<'*CG9B?'!CEK<;<=G< >PO >PP

!FB=M<'9='!CK9=M'B;'.9E<'d 3>Oexxx >QP >ab

*;<K'dR'1O'GFB=M<'\'>PQ

4B:<?9=<'(=_9<;6`)<K8<::9C= >ePxxx >aQ

!C=A9;9C= >PQ >PP

4B:<?9=<'*CG9B?'!CEK<;<=G< >PZ >PP

!FB=M<'9='!CK9=M'B;'b3EC=;F: 3>OZxx >PX

!CK9=M'!'*CG9B?'!CEK<;<=G< 3>QQ >PO >ae

7+-%2+89#:#+;!5.$1-4$3 C([ZN'QQh]'\'Ob>aexxx

*;<K'QR'1O'GFB=M<'\'>aaxxx

4B:<?9=<'$=;<8=B?9V9=M' >bbxxx >ad

!C=A9;9C= >QQ >PO >aa

*;<K'OR'1O'GFB=M<'\'>Phxxx

4B:<?9=<'$=;<8=B?9V9=M >ehxxx >aX

!C=A9;9C= >Pd >PP

4B:<?9=<'*CG9B?'!CEK<;<=G< >QP >PO

!FB=M<'9='!CK9=M'B;'.9E<'d 3>OXxxx >Qd >ZO

*;<K'dR'1O'GFB=M<'\'>PQ

4B:<?9=<'$=;<8=B?9V9=M >ehxxx >ZP

!C=A9;9C= >PO >PP

4B:<?9=<'*CG9B?'!CEK<;<=G< >Qdy >Pd

!FB=M<'9='!CK9=M'B;'b3EC=;F: 3>Oexxx >QQ

!CK9=M'!'*CG9B?'!CEK<;<=G< 3>QP >PO >Zd

Y-&%Z'z'\':;B=AB8A9V<A'D<;Bf':8O'\'KB8;9B?'GC88<?B;9C=':L@B8<Af'(=_9<;6`)<K8<::9C='B=A'$=;<8=B?9V9=M':6EK;CE:'B8<'<':GC8<:'H8CE';F<'!4!+'B=A'1*/f'*<GC=AB86'!C=;8C?'!CK9=M'9:'B'<':GC8<'H8CE'KB8<=;'B=A'GF9?A'8<KC8;'CH'GCK9=Mf'*CG9B?'!CEK<;<=G<'9:'B'<':GC8<'H8CE'GF9?A'8<KC8;'CH'GCEK<;<=G<'C=';F<'1*/'B=A'*##!>'-HH<G;:'CH';F<'9=;<8J<=;9C='C=':6EK;CE:'T<8<'A<G8<B:<A'H8CE'TFB;'TB:'8<KC8;<A'9='56KC;F<:9:'Q3Q'A@<';C'E9::9=M'AB;B'HC8':CG9B?'GCEK<;<=G<>[(*(\(=F]T(^(*(\(=]_T(^^(*(\(=]FT(^^^(*(\(=]]F

bX

Page 77: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

!5(#.-/'$2

)$*!I**$"%

$;'9:'T<??'<:;BD?9:F<A';FB;';F<':;8<::'B::CG9B;<A'KB8<=;B?'A<K8<::9C='KC:<:'B':9M=9H9GB=;'

89:U'HBG;C8';C'CHH:K89=M'CH'A<K8<::<A'KB8<=;:>''5CT<J<8N';F<'BJB9?BD9?9;6'CH'K:6GFC:CG9B?'

8<:C@8G<:N':@GF'B:'GCK9=M'B=A':CG9B?'GCEK<;<=G<N'EB6'GC@=;<8BG;'C8'?<::<=';F<'A9:8@K;9J<'

<HH<G;:'CH'?9J9=M'T9;F'B'A<K8<::<A'KB8<=;>''.F<:<'K8C;<G;9J<'K8CG<::<:'EB6'D<'<:K<G9B??6'

K<8;9=<=;'9=':F9<?A9=M'BMB9=:;';F<'<HH<G;:'CH':;8<::'B=A'K:6GFC:CG9B?'89:U'K8CG<::<:'B::CG9B;<A'

T9;F'KB8<=;B?'A<K8<::9C=>''$=';F<'GC=;<_;'CH'B'8B=ACE9V<A'G?9=9GB?';89B?'B9E<A'B;'K8CEC;9=M'

KC:9;9J<'BAW@:;E<=;'9='CHH:K89=M'CH'A<K8<::<A'KB8<=;:N';F<'K8<:<=;':;@A6';<:;<A'JB89C@:'

E<A9B;<A'B=A'ECA<8B;<A'ECA<?:'CH';F<'8<?B;9C=:'BEC=M'GF9?A8<=^:'GCK9=MN':CG9B?'

GCEK<;<=G<N'B=A'B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:>''.F9:'9:';F<'H98:;':;@A6';C'

<_BE9=<';F<'8C?<'CH'GCK9=M'B=A':CG9B?'GCEK<;<=G<'?C=M9;@A9=B??6'9='CHH:K89=M'CH'A<K8<::<A'

KB8<=;:>

2-$$%'#&,-!+(>%&?%%!(2-*,!3T(:-0,#'(2-9*%&%!0%T(#!5(:69*&-9+

/<?B;9J<?6'?9;;?<'8<:<B8GF'FB:'<_BE9=<A';F<'8<?B;9C=:F9K'D<;T<<='GF9?A8<=^:'

GCEK<;<=G9<:'B=A';F<'TB6:';FB;';F<6'GCK<'T9;F':;8<::>''(:'B'H98:;':;<K'9='@=A<8:;B=A9=M'FCT'

;F<:<'GC=:;8@G;:'B8<'8<?B;<A';C'<BGF'C;F<8'B=A'FCT';F<6'<BGF'8<?B;<';C'BAW@:;E<=;'9='CHH:K89=M'

CH'A<K8<::<A'KB8<=;:N'GC88<?B;9C=B?'B=B?6:<:'T<8<'GC=A@G;<A'B;'DB:<?9=<'B=A'B;';F<'d'HC??CT3@K'

B::<::E<=;'KC9=;:'[9><>N'O3N'b3N'B=A'QO3EC=;F:]';C'MB9='B'D<;;<8'@=A<8:;B=A9=M'CH'FCT';F<'

JB89BD?<:'CH'9=;<8<:;'T<8<'8<?B;<A'K89C8';C';F<'9=;<8J<=;9C='B=A'KC:;9=;<8J<=;9C=>''&8<B;<8'@:<'

CH':<GC=AB86'GC=;8C?'GCK9=M'B;'DB:<?9=<'TB:':9M=9H9GB=;?6'B::CG9B;<A'T9;F'H<T<8':6EK;CE:'CH'

eP

Page 78: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:'B;';F<'O3N'b3N'B=A'QO3EC=;F'HC??CT3@K:>'

(?;FC@MF'K89C8'8<:<B8GF'FB:'HC@=A'<J9A<=G<'HC8';F<'8<?B;9C='D<;T<<=':<GC=AB86'GC=;8C?'

GCK9=M'B=A'KC:9;9J<'BAW@:;E<=;'9='CHH:K89=M'CH'A<K8<::<A'KB8<=;:N'B??';F<'8<:<B8GF';C'AB;<'FB:'

9=JC?J<A'G8C::3:<G;9C=B?':;@A9<:'[SB:<8'<;'B?>N'OPPZN'OPPef'+B=M8CGU'<;'B?>N'OPPO]>''.F<'G@88<=;'

:;@A6'K8CJ9A<:';F<'H98:;'<J9A<=G<';FB;'GCK9=M'9:'8<?B;<A';C'H@;@8<'BAW@:;E<=;>''*9E9?B8';C'

GCK9=MN':CG9B?'GCEK<;<=G<'B;'DB:<?9=<'TB:':9M=9H9GB=;?6'=<MB;9J<?6'B::CG9B;<A'T9;F'

B=_9<;6`A<K8<::9C='B=A'9=;<8=B?9V9=M':6EK;CE:'B;'DC;F'DB:<?9=<'B=A';F<'O3N'b3N'B=A'QO3EC=;F'

HC??CT3@K:>''.F9:'9:';F<'H98:;'<J9A<=G<'9='CHH:K89=M'CH'A<K8<::<A'KB8<=;:';FB;'F9MF<8'?<J<?:'CH'

:CG9B?'GCEK<;<=G<'B8<'B::CG9B;<A'T9;F'H<T<8':6EK;CE:>''$='BAA9;9C=N'B;'DB:<?9=<N':CG9B?'

GCEK<;<=G<'B=A'GCK9=M'T<8<':9M=9H9GB=;?6'KC:9;9J<?6'GC88<?B;<AN':@MM<:;9=M';FB;'K89C8';C'B=6'

9=;<8J<=;9C=N'GF9?A8<='TFC'@;9?9V<A'EC8<':<GC=AB86'GC=;8C?'GCK9=M'T<8<'EC8<':CG9B??6'

GCEK<;<=;>''5CT<J<8N'DB:<?9=<'?<J<?:'CH'GCK9=M'T<8<'=C;'GC88<?B;<A'T9;F':CG9B?'GCEK<;<=G<'

:GC8<:'B;'O3'C8'b3EC=;F:N'B=A';F<':BE<'TB:';8@<'HC8'DB:<?9=<'?<J<?:'CH':CG9B?'GCEK<;<=G<'B=A'

HC??CT3@K'B::<::E<=;:'CH'GCK9=M>''$='BAA9;9C=N':CG9B?'GCEK<;<=G<'B=A'GCK9=M'T<8<'=C;'

:9M=9H9GB=;?6'GC88<?B;<A'T9;F'<BGF'C;F<8'B;'B=6'CH';F<'HC??CT3@K'B::<::E<=;:>''.F<:<'H9=A9=M:'

9EK?6';FB;'CJ<8';F<'GC@8:<'CH';F<'9=;<8J<=;9C=N'GCK9=M'B=A':CG9B?'GCEK<;<=G<'GFB=M<A'9='

TB6:';FB;'T<8<'=C;'8<?B;<A>

@//%0&+(-/(#(2-3!,&,A%D>%4#A,-$#'(B!&%$A%!&,-!

*CG9B?'GCEK<;<=G<'B=A'GCK9=M'T<8<';F<='<_BE9=<A'K8C:K<G;9J<?6';C'@=A<8:;B=A'FCT'

;F<:<'GC=:;8@G;:'H@=G;9C=<A'9='B'K8<J<=;9J<'9=;<8J<=;9C=>''4<HC8<';<:;9=M';F<'<HH<G;:'CH';F<'

9=;<8J<=;9C='C=':CG9B?'GCEK<;<=G<'B=A'GCK9=MN';F<'K8<:<=;':;@A6'H98:;'<_BE9=<A';F<'<HH9GBG6'

CH'B'HBE9?6'M8C@K'GCM=9;9J<3D<FBJ9C8B?'K8<J<=;9J<'9=;<8J<=;9C='9='8<A@G9=M':6EK;CE:'9='

eQ

Page 79: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

CHH:K89=M'CH'A<K8<::<A'KB8<=;:>''.F<'H9=A9=M:'8<KC8;<A'9=';F<'G@88<=;':;@A6'B8<'GC=:9:;<=;'T9;F'

;FC:<'8<KC8;<A'D6'!CEKB:'<;'B?>'[OPPX]'B=A'9=A9GB;<';FB;'8<?B;9J<';C'B':<?H3:;@A6'GC=A9;9C=N';F<'

HBE9?6'M8C@K'9=;<8J<=;9C='K8CA@G<A'8<A@G;9C=:'9='GF9?A8<=^:'B=_9<;6`A<K8<::9C='B=A'

9=;<8=B?9V9=M':6EK;CE:'QO'EC=;F:'BH;<8';F<'9=9;9B;9C='CH';F<'9=;<8J<=;9C=>''5CT<J<8N'@=?9U<'

!CEKB:'<;'B?>'[OPPX]'TFC'?CCU<A'B;'<HH<G;:'CH';F<'9=;<8J<=;9C='C='GF9?A'B=A'KB8<=;'8<KC8;:'CH'

GF9?A':6EK;CE:':<KB8B;<?6N';F<'G@88<=;':;@A6'9=G?@A<A'GCEKC:9;<':GC8<:';FB;'GCED9=<A'KB8<=;'

B=A'GF9?A'8<KC8;:>''.F<:<'H9=A9=M:'D@9?A'@KC=';F<':<E9=B?'TC8U'GC=A@G;<A'D6'!?B8U<'<;'B?>'

[OPPQ]'B=A'4<B8A:?<<'<;'B?>'[OPPe]'B=A'GC=;89D@;<';C'<J9A<=G<';FB;'CHH:K89=M'CH'A<K8<::<A'

KB8<=;:'GB='D<=<H9;'H8CE'9=;<8J<=;9C=>''#89C8':;@A9<:N'FCT<J<8N'A9A'=C;'H9=A':9M=9H9GB=;'<HH<G;:'

C='KB8<=;B?'8<KC8;'CH'GF9?A':6EK;CE:f';F<8<HC8<N';F<:<'H9=A9=M:'<_;<=A'@KC='KB:;'8<:<B8GF'D6'

A<EC=:;8B;9=M':9M=9H9GB=;'9=;<8J<=;9C='<HH<G;:'C='GF9?A':6EK;CE:'B:'8<KC8;<A'D6'DC;F'

GF9?A8<='B=A'KB8<=;:>

$=';F<'H98:;'B=B?6:<:'CH';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C='GF9?A8<=^:'GCK9=MN';F<'G@88<=;'

H9=A9=M:'9=A9GB;<';FB;';F<'HBE9?6'M8C@K'9=;<8J<=;9C='TB:'<HH<G;9J<'9='9=G8<B:9=M';F<'@:<'CH'

GF9?A8<=^:':<GC=AB86'GC=;8C?'GCK9=M>''*<GC=AB86'GC=;8C?'GCK9=MN'TF9GF'HCG@:<:'C='BABK;9=M'

B=A'BAW@:;9=M';C':;8<::N'TB:';B@MF;';C'GF9?A8<='9=';F<'G@88<=;'9=;<8J<=;9C='D<GB@:<'K8<J9C@:'

8<:<B8GF'FBA'<:;BD?9:F<A'B'8<?B;9C='D<;T<<=':<GC=AB86'GC=;8C?'GCK9=M'B=A'?CT<8'?<J<?:'CH'

:6EK;CE:'9='CHH:K89=M'CH'A<K8<::<A'KB8<=;:'[<>M>N'SB:<8'<;'B?>N'OPPZN'OPPe]>''-J9A<=G<'HC8';F<'

9=;<8J<=;9C=^:'<HH9GBG6'9='GFB=M9=M'GCK9=M'9:'GC=:9:;<=;'T9;F'C;F<8'9=;<8J<=;9C='K8CM8BE:';FB;'

FBJ<'D<<=':@GG<::H@?'9='9EK8CJ9=M'GF9?A8<=^:'GCK9=M'[<>M>N'*B=A?<8'<;'B?>N'OPPdf'.<9='<;'B?>N'

OPPb]>''5CT<J<8N';F9:'9:';F<'H98:;'<J9A<=G<';FB;';F<'TB6:'9='TF9GF'GF9?A8<='GCK<':K<G9H9GB??6'

T9;F';F<':;8<::'B::CG9B;<A'T9;F'KB8<=;B?'A<K8<::9C='GB='D<'9EK8CJ<A';F8C@MF'9=;<8J<=;9C=>

eO

Page 80: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

(?;FC@MF';F<'HBE9?6'9=;<8J<=;9C='9=';F<'G@88<=;':;@A6'A9A'=C;'A98<G;?6';B8M<;'GF9?A8<=^:'

:CG9B?'GCEK<;<=G<N'9;'TB:'F6KC;F<:9V<A';FB;'GF9?A8<=^:':CG9B?'GCEK<;<=G<'E9MF;'D<'9=A98<G;?6'

BHH<G;<A'B:';F<'9=;<8J<=;9C='K8CEC;<A'KB8;9G9KB;9C='9='BG;9J9;9<:'C@;:9A<'CH';F<'HBE9?6N'EB=6'CH'

;F<E':CG9B?'9='=B;@8<N'B:'B'E<;FCA'CH'A9:;8BG;9C=>''5CT<J<8N';F<'9=;<8J<=;9C='A9A'=C;'8<:@?;'9='

:9M=9H9GB=;'GFB=M<:'9='GF9?A':CG9B?'GCEK<;<=G<N'9=A9GB;9=M';FB;'9=':K9;<'CH'<=GC@8BM9=M'

GF9?A8<=';C'<=MBM<'9=':CG9B?'BG;9J9;9<:'C@;:9A<'CH';F<'HBE9?6N';F<'9=;<8J<=;9C='TB:'=C;'<HH<G;9J<'

9='B?;<89=M'GF9?A8<=^:':CG9B?'GCEK<;<=G<>''";F<8'9=;<8J<=;9C=:';FB;'FBJ<':FCT=':@GG<::'9='

9EK8CJ9=M'GF9?A8<=^:':CG9B?'GCEK<;<=G<'9=JC?J<A'9=;<8J<=;9C='GCEKC=<=;:'B9E<A'A98<G;?6'B;'

GFB=M9=M'B:K<G;:'CH':CG9B?'GCEK<;<=G<N':@GF'B:'9EK8CJ9=M':CG9B?'K8CD?<E':C?J9=MN':CG9B?'

:U9??:'<A@GB;9C='B=A';8B9=9=MN'B=A'D@9?A9=M':CG9B?'=<;TC8U:'[(@M@:;'<;'B?>N'OPPaf'!BK?B='<;'B?>N'

QXXOf'!##/&N'OPPa]>''.F<'G@88<=;':;@A6'A9A'=C;'9=G?@A<'B=6':@GF';8B9=9=M'9=':CG9B?':U9??:>

I%5,#&,-!(@//%0&+

.C'@=A<8:;B=A'FCT':CG9B?'GCEK<;<=G<'B=A'GCK9=M'GC=;89D@;<A';C';F<'<HH<G;:'CH';F<'

9=;<8J<=;9C=N'DC;F'GC=:;8@G;:'T<8<';<:;<A'B:'E<A9B;C8:'CH';F<'8<?B;9C='D<;T<<=';F<'9=;<8J<=;9C='

B=A':6EK;CE:>''*@KKC8;'<E<8M<A'HC8'B'H@??6'E<A9B;<A'ECA<?'9='TF9GF'GCK9=M'BGGC@=;<A'HC8'

;F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C='B=_9<;6`A<K8<::9J<'B=A'9=;<8=B?9V9=M':6EK;CE:>'',C8<'

:K<G9H9GB??6N'GFB=M<:'9='GCK9=M'BH;<8';F<'BG@;<'KFB:<'[O'EC=;F:]'CH';F<'9=;<8J<=;9C='A9A'=C;'

E<A9B;<';F<'9=;<8J<=;9C='<HH<G;:N'D@;'GFB=M<:'9='GCK9=M'BH;<8';F<'EC=;F?6'DCC:;<8':<::9C=:'[b'

EC=;F:]'A9A':FCT':@KKC8;'B:'B'E<A9B;C8>''.F9:'9:'9='U<<K9=M'T9;F';F<'HCG@:'CH';F<'

9=;<8J<=;9C=N'TF9GF'9=G?@A<A';<BGF9=M'GF9?A8<=';C'BGG<K;';F<98'9=BD9?9;6';C'GC=;8C?'KB8<=;B?'

ECCA'B=A'D<FBJ9C8N'9A<=;9H69=M'=<MB;9J<'GCM=9;9C=:'B=A'M<=<8B;9=M'EC8<'BABK;9J<'GCM=9;9J<'

8<BKK8B9:B?:'CH';F<98'KB8<=;:^'A<K8<::9C=N'B=A'<=MBM9=M'9='<=WC6BD?<'BG;9J9;9<:';C'A9:;8BG;'

ed

Page 81: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

;F<E:<?J<:'H8CE':;8<::'B::CG9B;<A'T9;F'KB8<=;B?'A<K8<::9C=>''.F9:'9:'GC=:9:;<=;'T9;F'C;F<8'

:;@A9<:';FB;'FBJ<'HC@=A';FB;'GFB=M<:'9='GCM=9;9C=:'B=A'D<FBJ9C8:'8<?B;<A';C'GCK9=M'[<>M>N'

GFB??<=M9=M'=<MB;9J<'D<?9<H:'B=A'B;;89D@;9C=:]'E<A9B;<A';F<'<HH<G;'CH'GCM=9;9J<'9=;<8J<=;9C=:'

C='A<K8<::9J<'B=A'9=;<8=B?9V9=M':6EK;CE:'[5C8CT9;V'<;'B?>N'OPPef'.<9='<;'B?>N'OPPb]>''.F<'HBG;'

;FB;';F<'D<=<H9G9B?'<HH<G;:'CH';F<'9=;<8J<=;9C='T<8<'GCEK?<;<?6'BGGC@=;<A'HC8'D6'GF9?A8<=^:'

8<:KC=:<:';C':;8<::'8<?B;<A';C'KB8<=;B?'A<K8<::9C='KC9=;:';CTB8A';F<'9EKC8;B=G<'CH'GCK9=M'B:'B'

TB6';C'CHH:<;';F<':;8<::'B::CG9B;<A'T9;F'FBJ9=M'B'A<K8<::<A'KB8<=;'B=A';C'HBG9?9;B;<'D<;;<8'

BAW@:;E<=;>''$;'B?:C'9A<=;9H9<:'B'U<6'GCEKC=<=;'CH';F<'9=;<8J<=;9C='B=A'B'G89;9GB?'GC=:;8@G;'HC8'

C;F<8'9=;<8J<=;9C=:';B8M<;9=M'CHH:K89=M'CH'A<K8<::<A'KB8<=;:>'

*9M=9H9GB=;'<HH<G;:'T<8<'=C;'HC@=AN'FCT<J<8N'HC8':CG9B?'GCEK<;<=G<'B:'B'E<A9B;C8'CH'

;F<'<HH<G;:'CH';F<'9=;<8J<=;9C=>''&9J<=';FB;':CG9B?'GCEK<;<=G<'TB:'=C;'GFB=M<A'D6';F<'

9=;<8J<=;9C=N'9;'A9A'=C;'E<<;';F<'G89;<89B':<;'C@;'D6'4B8C='B=A'7<==6'[QXhb]'HC8'E<A9B;9C=>'

5CT<J<8N'GFB=M<:'9=':CG9B?'GCEK<;<=G<'H8CE'K8<9=;<8J<=;9C=';C';F<'b3EC=;F'HC??CT3@K'HC8'

;F<'TFC?<':BEK?<'T<8<'K8<A9G;9J<'CH'?CT<8'9=;<8=B?9V9=M':6EK;CE:'B;'QO3EC=;F:'B=A'T<8<'

EB8M9=B??6':9M=9H9GB=;'HC8'K8<A9G;9=M'B=_9<;6`A<K8<::9J<':6EK;CE:'B;'QO3EC=;F:>''.F<:<'

H9=A9=M:'9=A9GB;<';FB;':CG9B?'GCEK<;<=G<'K?B6<A'B'8C?<'9='K8<A9G;9=M'GF9?A8<=^:':6EK;CE:N'D@;'

A9A':C'9=A<K<=A<=;?6'CH';F<'9=;<8J<=;9C=>''.F@:N'B?;FC@MF';F<'G@88<=;'9=;<8J<=;9C='A9A'=C;'

K8CEC;<':CG9B?'GCEK<;<=G<N'9EK8CJ<E<=;:'9=':CG9B?'GCEK<;<=G<'CJ<8';9E<'EB6'K?B6'B'8C?<'9='

8<A@G9=M'9=;<8=B?9V9=M':6EK;CE:'9='CHH:K89=M'CH'A<K8<::<A'KB8<=;:>''.F9:'9:'GC=:9:;<=;'T9;F'

;F<'TC8U'CH'!C?<'B=A'GC??<BM@<:'[QXXb]'TFC'A<EC=:;8B;<A';FB;'?<J<?:'CH':CG9B?'GCEK<;<=G<'

T<8<'K8<A9G;9J<'CH'GFB=M<:'9='BAC?<:G<=;:^'A<K8<::9J<':6EK;CE:'CJ<8';9E<>''.F<'G@88<=;'

:;@A6'<_;<=A:';FC:<'H9=A9=M:';C'CHH:K89=M'CH'A<K8<::<A'KB8<=;:>''

ea

Page 82: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

!CK9=M'B=A':CG9B?'GCEK<;<=G<'T<8<'B?:C';<:;<A':<L@<=;9B??6'9='E<A9B;9C='ECA<?:>'

4B:<A'C=';F<'H9=A9=M:'K8<:<=;<A'D6'!CK<?B=A'<;'B?>'[OPPZ]N'TF9GF':@MM<:;<A';FB;';F<'

8<?B;9C=:F9K'D<;T<<='GCEK<;<=G<'B=A':6EK;CE:'TB:'BGGC@=;<A'HC8'D6'GCK9=MN'GCK9=M'TB:'

<_BE9=<A'B:'B'E<A9B;C8'CH';F<'8<?B;9C=:F9K'D<;T<<=':CG9B?'GCEK<;<=G<'B=A'GF9?A':6EK;CE:'

9=';F<'GC=;<_;'CH';F<'9=;<8J<=;9C=>''$='BAA9;9C=N':CG9B?'GCEK<;<=G<'TB:'B?:C'<_BE9=<A'B:'B'

E<A9B;C8'D<;T<<='GCK9=M'B=A'GF9?A':6EK;CE:>''5CT<J<8N'=C':@KKC8;'TB:'HC@=A'HC8'<9;F<8'

ECA<?>''cF<=':CG9B?'GCEK<;<=G<'B=A'GCK9=M'T<8<';<:;<A':9E@?;B=<C@:?6'B:'E<A9B;C8:N'DC;F'

8<BGF<A':9M=9H9GB=G<'B:'K8<A9G;C8:'CH'9=;<8=B?9V9=M':6EK;CE:'B;'QO3EC=;F:>''.F9:'9=A9GB;<:'

;FB;':CG9B?'GCEK<;<=G<'B=A'GCK9=M'EB6':<8J<'B:'K8<A9G;C8:'CH'GF9?A8<=^:'9=;<8=B?9V9=M'

:6EK;CE:'D@;'AC':C'9=A<K<=A<=;?6'CH'<BGF'C;F<8>''.F<8<HC8<N':CG9B?'GCEK<;<=G<'B=A'GCK9=M'

BKK<B8';C'FBJ<'D<=<H9G9B?'<HH<G;:'C=';F<'BAW@:;E<=;'CH'CHH:K89=M'CH'A<K8<::<A'KB8<=;:'D@;'

GC=;89D@;<';C'GF9?A8<=^:'BAW@:;E<=;'9='@=9L@<'B=A'A9HH<8<=;'TB6:>

"=<'KC::9D?<'<_K?B=B;9C='HC8';F<'9=A<K<=A<=G<'CH':CG9B?'GCEK<;<=G<'B=A'GCK9=M'9='

;F<'K8CKC:<A'ECA<?:'EB6'D<';F<'D<FBJ9C8B?'=B;@8<'CH':CG9B?'GCEK<;<=G<'B=A';F<'HBG;';FB;';F<'

GCK9=M'D<FBJ9C8:'B::<::<A'9=';F<'G@88<=;':;@A6'B8<'K89EB89?6'GCM=9;9J<>''.F<'B:K<G;'CH':CG9B?'

GCEK<;<=G<';FB;'TB:'F6KC;F<:9V<A';C'D<'9EKC8;B=;'HC8'K8CEC;9=M'GCK9=M'TB:'9=JC?J<E<=;'9='

:CG9B?'BG;9J9;9<:>''(?;FC@MF':@GF'D<FBJ9C8:'B8<'8<?B;<A';C';F<'A9:;8BG;9C=':@D:GB?<'C=';F<'/*u'

[!C==C83*E9;F'<;'B?>N'OPPP]N';F<'EBWC89;6'CH'9;<E:'C=';F<'/*u'B::<::'GCM=9;9J<N'9=A9J9A@B??63

DB:<A'GCK9=M':;8B;<M9<:'[9><>N'BGG<K;B=G<N'GCM=9;9J<'8<:;8@G;@89=MN'KC:9;9J<';F9=U9=M]>'

.F<8<HC8<N'9;'9:'=C;':@8K89:9=M';FB;'B:'GF9?A8<='ECJ<A';F8C@MF';F<'9=;<8J<=;9C=N';F<':CG9B?'

GCEK<;<=G<'B=A'GCK9=M':GB?<:'T<8<'=C;'8<?B;<A>'

eZ

Page 83: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

I-5%$#&,-!(@//%0&+

%C'?C=M9;@A9=B?':@KKC8;'<E<8M<A'HC8'B=6'CH';F<';<:;<A'ECA<8B;<A'ECA<?:>'

*K<G9H9GB??6N'9;'TB:'F6KC;F<:9V<A';FB;';F<'9=;<8J<=;9C='TC@?A'D<'EC8<'<HH<G;9J<'9='8<A@G9=M'

:6EK;CE:'HC8';FC:<'GF9?A8<=';FB;'FBA'F9MF<8'?<J<?:'CH':CG9B?'GCEK<;<=G<'GCE9=M'9=;C';F<'

9=;<8J<=;9C=>''$='BAA9;9C=N':CG9B?'GCEK<;<=G<'TB:';<:;<A'9='B'ECA<8B;<A'E<A9B;9C='ECA<?'9='

TF9GF':CG9B?'TB:'<_K<G;<A';C'9A<=;9H6';F<':@DM8C@K:'HC8'TF9GF'GCK9=M':<8J<A'B:'B'E<A9B;C8'CH'

;F<'9=;<8J<=;9C='<HH<G;:>''!C=;8B86';C'<_K<G;B;9C=N';F<'<HH9GBG6'CH';F<'9=;<8J<=;9C='TB:'=C;'

BHH<G;<A'D6'GF9?A8<=^:'?<J<?:'CH':CG9B?'GCEK<;<=G<'B;'K8<9=;<8J<=;9C=N'=C8'A9A':CG9B?'

GCEK<;<=G<'BHH<G;'GF9?A8<=^:'BD9?9;6';C'?<B8='B=A'<HH<G;9J<?6'@:<':<GC=AB86'GC=;8C?'GCK9=M'

:U9??:>''.F<8<HC8<N';F<'<_BE9=B;9C='CH'GF9?A8<=^:':CG9B?'GCEK<;<=G<'B:'B'ECA<8B;C8'A9A'=C;'

8<:@?;'9='9A<=;9H9GB;9C='CH'B=6':@DM8C@K:'HC8'TF9GF';F<'9=;<8J<=;9C='TF9GF';F<'9=;<8J<=;9C='

TB:'EC8<'C8'?<::'<HH<G;9J<>''5CT<J<8N';F<:<'B=B?6:<:'GC@?A'=C;'H@??6';<:;';F<'ECA<8B;9C='

ECA<?:'D<GB@:<';F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C=':6EK;CE:'T<8<'=C;':9M=9H9GB=;'TF<='@:9=M'

;F<'8<A@G<A':BEK?<':9V<'[Y'\'QOb]';FB;'8<:@?;<A'H8CE'E9::9=M'AB;B'HC8':CG9B?'GCEK<;<=G<>

5C?ED<GU'[QXXe]'FB:'=C;<A';FB;':9M=9H9GB=;'ECA<8B;C8'<HH<G;:'B8<'A9HH9G@?;';C'A<;<G;'

:;B;9:;9GB??6>''(?;FC@MF';F<':BEK?<':9V<'TB:'A<<E<A'BA<L@B;<';C'A<;<G;'ECA<8B;<'<HH<G;:'

[,B_T<??N'OPPP]N';F<8<'TB:'B':9M=9H9GB=;'BEC@=;'CH'E9::9=M'AB;B'HC8';F<':CG9B?'GCEK<;<=G<'

GCEKC:9;<'A@<';C'E9:;BU<:'9='GCEK?<;9C='CH';F<'E<B:@8<'CH':<?H3K<8G<K;9C=:'CH'GCEK<;<=G<'

[5B8;<8N'QXhZ]>''(:'B'8<:@?;N';F<':BEK?<'TB:'@=A<8KCT<8<A'HC8';F<'ECA<8B;C8'B=B?6:<:>''

$=';F<'TC8U'GC=A@G;<A'D6'.8BE'B=A'!C?<'[OPPP]N':<?H3K<8G<K;9C='CH'GCEK<;<=G<'TB:'

;<:;<A'B:'B'ECA<8B;C8'D<;T<<='=<MB;9J<'<J<=;:'B=A'BAC?<:G<=;'A<K8<::9J<':6EK;CE:>''*9E9?B8'

;C';F<'G@88<=;'H9=A9=M:N';F<6'A9A'=C;'H9=A'<J9A<=G<'HC8'K<8G<9J<A'GCEK<;<=G<'B:'B'ECA<8B;C8'

CH';F<'8<?B;9C=:F9K'D<;T<<=':;8<::H@?'<J<=;:'B=A'A<K8<::9J<':6EK;CE:>''.8BE'B=A'!C?<'

eb

Page 84: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

K8CKC:<A';FB;':<?H3K<8G<9J<A'GCEK<;<=G9<:'B8<':;9??'@=A<8'GC=:;8@G;9C='A@89=M'?B;<'GF9?AFCCA'

B=A'<B8?6'BAC?<:G<=G<f';F<8<HC8<N';F<98'ECA<8B;9=M'<HH<G;:'EB6'=C;'D<'GC=:9:;<=;'@=;9?'?B;<8'

BAC?<:G<=G<'C8'<B8?6'BA@?;FCCA>''$='BAA9;9C=N';F<'8C?<'CH'K<<8'8<?B;9C=:F9K:'B=A':CG9B?'

GCEK<;<=G<'D<GCE<'9=G8<B:9=M?6'9EKC8;B=;';F8C@MF'BAC?<:G<=G<>''#<<8:'TC@?A'D<'<_K<G;<A'

;C'K?B6'?<::'CH'B'8C?<'9=';F<'8<M@?B;9C='CH'BHH<G;'BEC=M'C?A<8'GF9?A8<=';FB=';F<6'AC'BEC=M'

BAC?<:G<=;:N'TFC':K<=A'EC8<';9E<'9=';F<'GCEKB=6'CH'K<<8:N'HC8E'A<<K<8'8<?B;9C=:F9K:N'B=A'

FBJ<':;8C=M<8'8CEB=;9G'H<<?9=M:'B=A'9=;<8<:;:'[,B:;<=N'OPPZ]>''.F<8<HC8<N'9;'9:'KC::9D?<';FB;'

:CG9B?'GCEK<;<=G<'EB6':<8J<'B:'B'ECA<8B;C8'C=?6'HC8';F<'C?A<8'BAC?<:G<=;:'9=';F<':BEK?<>'

5CT<J<8N';F<'G@88<=;':;@A6'TB:'@=A<8KCT<8<A';C';<:;'HC8'9=;<8BG;9C=:'CH'BM<N'GCEK<;<=G<N'

B=A';F<'<HH<G;:'CH';F<'9=;<8J<=;9C=>

$='BAA9;9C=N';F<'9EKC8;B=G<'CH'A9HH<8<=;'B:K<G;:'CH':CG9B?'GCEK<;<=G<'EB6'JB86'HC8';F<'

A9HH<8<=;'BM<:'9=';F<'G@88<=;':BEK?<>''$;'9:'KC::9D?<';FB;'HC8'C?A<8'BAC?<:G<=;:'9=';F<':BEK?<N'

A9HH<8<=;'B:K<G;:'CH':CG9B?'GCEK<;<=G<'B8<'EC8<'8<?<JB=;'[<>M>N'8CEB=;9G'8<?B;9C=:F9K:]';FB='

HC8';F<'6C@=M<8'KC8;9C='CH';F9:':BEK?<>''5B8;<8^:'[QXhZ]'*<?H3#<8G<K;9C='#8CH9?<'HC8'!F9?A8<='

TB:'@:<A'B:'B'E<B:@8<'CH':<?H3K<8G<K;9C=:'CH':CG9B?'GCEK<;<=G<N'D@;';F<'BAC?<:G<=;'J<8:9C='

EB6'FBJ<'D<<='EC8<'BKK8CK89B;<'HC8';F<'G@88<=;':BEK?<>

.F<'G@88<=;':;@A6'HCG@:<A'C='GF9?A8<=^:':CG9B?'GCEK<;<=G<>''5CT<J<8N'9;'9:'KC::9D?<'

;FB;'GF9?A8<='B=A'BAC?<:G<=;:'CJ<8B??'GCEK<;<=G<'9='E@?;9K?<'B8<B:'[<>M>N'BGBA<E9GN'B;F?<;9G]'

EB6'D<'9EKC8;B=;>''.F<'H9=A9=M:'8<KC8;<A'D6'!CK<?B=A'<;'B?>'[OPPZ]'@:<A'B'GCEKC:9;<'CH'

GCEK<;<=G<';FB;'9=G?@A<A':CG9B?N'BGBA<E9GN'B=A'BG;9J9;6'GCEK<;<=G<>''!F9?A8<='B=A'

BAC?<:G<=;:'EB6'=C;'C=?6'A8BT'@KC=';F<98':CG9B?'8<:C@8G<:';C'F<?K';F<E'GCK<N'D@;'EB6'B?:C'

8<?6'C='C;F<8'B:K<G;:'CH'GCEK<;<=G<>''$='BAA9;9C=N'ECA<?:';FB;'FBJ<'HC@=A'<J9A<=G<'CH'

K<8G<K;9C=:'CH'GCEK<;<=G<'B:'E<A9B;C8:'CH'GF9?A'A<K8<::9C='FBJ<'9=G?@A<A':<?H3K<8G<9J<A'

ee

Page 85: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

GCEK<;<=G<'9=':<J<8B?'ACEB9=:N'=C;'W@:;':CG9B?'GCEK<;<=G<'[<>M>N'SBGL@<V'<;'B?>N'OPPaf'.8BE'

j'!C?<N'OPPP]>

(='9EKC8;B=;'E<;FCAC?CM9GB?':;8<=M;F'CH';F<':;@A6'9:';F<'@:<'CH'B'K8C:K<G;9J<'

?C=M9;@A9=B?'ECA<?N'TF9GF'K8CJ9A<A';F<';<EKC8B?'K8<G<A<=G<'D<;T<<=';F<'K8<A9G;C8:N'

E<A9B;C8:N'B=A'C@;GCE<:'=<<A<A';C'A8BT'9=H<8<=G<:'BDC@;';F<'A98<G;9C='CH'<HH<G;:>''$='

BAA9;9C=N'KB8<=;'B=A'GF9?A'8<KC8;:'T<8<'@:<A';C'CD;B9='E@?;939=HC8EB=;'B::<::E<=;:'CH'GF9?A'

:6EK;CE:'B=A'GCK9=MN';F<8<D6'GC=;8C??9=M'HC8':FB8<A'E<;FCA'JB89B=G<>

c,9,&#&,-!+

$=':K9;<'CH';F<'CJ<8B??'K8CE9:9=M'H9=A9=M:N';F<'G@88<=;':;@A6'FB:':<J<8B?'?9E9;B;9C=:>'

098:;N'B?;FC@MF';F<'<;F=9G'EBU<3@K'CH';F<'G@88<=;':BEK?<'TB:'8<K8<:<=;B;9J<'CH';F<'8<M9C=:'

H8CE'TF9GF';F<':BEK?<'TB:'A8BT=N';F<'EBWC89;6'CH';F<'G@88<=;':BEK?<'TB:'-@8C3(E<89GB='

B=A';F@:';F<'H9=A9=M:'EB6'FBJ<':CE<TFB;'?9E9;<A'M<=<8B?9VBD9?9;6>'*<GC=AN'HC??CT3@K'AB;B'

B8<'8<KC8;<A'B;'QO3EC=;F:f'B:':@GFN';F<'?C=M<83;<8E'<HH<G;:'CH';F<'9=;<8J<=;9C='FBJ<'=C;'D<<='

<JB?@B;<A>''.F98AN'B?;FC@MF';F<'9=A9GB;C8:'CH':6EK;CE:'B=A'GCK9=M'@:<A'9=';F<':;@A6'T<8<'

E@?;939=HC8EB=;N';F<6'T<8<':;9??'B??'DB:<A'C='L@<:;9C==B98<'AB;B>''(=A'HC@8;FN'B=B?6:<:'@:<A'

;F<'?B:;'CD:<8JB;9C='GB889<A'HC8TB8A'E<;FCA'HC8'FB=A?9=M'E9::9=M'AB;B>''.F9:'9:'B'8B;F<8'

GC=:<8JB;9J<'BKK8CBGF';C'9EK@;9=M'E9::9=M'AB;B'B=A'EB6'FBJ<'8<A@G<A';F<'BD9?9;6';C'A<;<G;'

:9M=9H9GB=;'<HH<G;:>'

.F<'GCEKC:9;<'E<B:@8<'CH':CG9B?'GCEK<;<=G<'@:<A'9=';F<'G@88<=;'B=B?6:<:'B::<::<A'

C=?6'GF9?A8<=^:'CT='8<KC8;'CH';F<98'GCEK<;<=G<>''5CT<J<8N'TF<='GC=:9A<89=M';F<'F6KC;F<:9:'

;FB;':CG9B?'GCEK<;<=G<'TC@?A'K8CJ9A<':CG9B?'8<:C@8G<:';FB;'GF9?A8<='GC@?A'A8BT'@KC=';C'F<?K'

;F<E'GCK<N'9;'EB6'D<';FB;'K<8G<K;9C=:'CH'GCEK<;<=G<'B8<=^;'B:'9EKC8;B=;'B:';F<'BG;@B?':CG9B?'

eh

Page 86: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

8<:C@8G<:'B=A'GCEK<;<=G<'GF9?A8<='KC::<::>''.F<8<HC8<N';F<'9=G?@:9C='CH'KB8<=;N';<BGF<8N'B=A'

K<<8'8<KC8;'9='H@;@8<'8<:<B8GF'TC@?A'F<?K';C'B=:T<8';F9:'L@<:;9C=>''(?;FC@MF'KB8<=;38<KC8;'

TB:'MB;F<8<A'9=';F<'G@88<=;':;@A6N'9;'TB:'=C;'@:<A'9=';F<'B=B?6:<:'A@<';C';F<'?BGU'CH'

9=A<K<=A<=G<'CH'KB8<=;'8<KC8;:'HC8'E@?;9K?<'U9A:'K<8'HBE9?6>

B9*',0#&,-!+(/-$(C8&8$%(1%+%#$04

$=';<8E:'CH'9=;<8J<=;9C='9EK?9GB;9C=:N';F<'G@88<=;'H9=A9=M:':@KKC8;';F<'H9=A9=M:'CH'

C;F<8'K8<J<=;9J<'9=;<8J<=;9C=:'[<>M>N'4<B8A:?<<'<;'B?>N'OPPef'!?B8U<'<;'B?>N'OPPQ]';FB;'

A<EC=:;8B;<A'A<G8<B:<A':6EK;CE:'9='CHH:K89=M'CH'A<K8<::<A'KB8<=;:N'D@;'<_;<=A';F<'H9=A9=M:'

D6'9A<=;9H69=M'E<GFB=9:E:'D6'TF9GF'KC:9;9J<'K:6GFC?CM9GB?'BAW@:;E<=;'T<8<'BGF9<J<A>'

0@;@8<';8<B;E<=;'B=A'K8<J<=;9C='K8CM8BE:'HC8'GF9?A8<='B=A'BAC?<:G<=;:'TFC'FBJ<'

<_K<89<=G<A'KB8<=;B?'A<K8<::9C=':FC@?A';B8M<;'9=G8<B:9=M'BABK;9J<'GCK9=M>''

(?;FC@MF';F<'9=;<8J<=;9C='A9A'=C;'GFB=M<'GF9?A8<=^:':CG9B?'GCEK<;<=G<N';F<8<'B8<':;9??'

9EK?9GB;9C=:'HC8'9=;<8J<=;9C=:';B8M<;9=M'CHH:K89=M'CH'A<K8<::<A'KB8<=;:';C'HBG9?9;B;<'

GCEK<;<=G<>''$=G8<B:<:'9=':CG9B?'GCEK<;<=G<'T<8<'K8<A9G;9J<'CH'?CT<8':6EK;CE:N'TF9GF'

:@MM<:;:';FB;'9EK8CJ9=M'GF9?A8<=^:':CG9B?'GCEK<;<=G<'EB6'F<?K'9EK8CJ<'K:6GFC?CM9GB?'

BAW@:;E<=;'9=';F9:'B;389:U'KCK@?B;9C=>'',@GF'8<EB9=:';C'D<'U=CT='BDC@;'FCT':CG9B?'

GCEK<;<=G<'BHH<G;:'GF9?A8<=^:'8<:KC=:<:';C':;8<::H@?'G98G@E:;B=G<:'B=A';F<'GCEK<;<=G<3

GCK9=M'8<?B;9C=:F9K'E9MF;'D<'KB8;9G@?B8?6'9EKC8;B=;'HC8'GC=;9=@<A':;@A6>

$=':@EEB86N';F9:':;@A6'K8CJ9A<:'<J9A<=G<'CH';F<'<HH9GBG6'CH'B'HBE9?6'M8C@K'

9=;<8J<=;9C='9='9EK8CJ9=M'GF9?A8<=^:'GCK9=M'B=A'8<A@G9=M'B=_9<;6`A<K8<::9J<'B=A'

9=;<8=B?9V9=M':6EK;CE:'9='GF9?A8<='CH'A<K8<::<A'KB8<=;:>''.F<'H9=A9=M:'F9MF?9MF;';F<'

9EKC8;B=;'8C?<';FB;'GCK9=M'K?B6:'9=';F<'K:6GFC?CM9GB?'BAW@:;E<=;'CH'GF9?A8<='<_KC:<A';C'F9MF'

eX

Page 87: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

?<J<?:'CH'KB8<=;B?':;8<::>''.F9:'TC8U'D@9?A:'C='K8<J9C@:':;@A9<:'CH'9=;<8J<=;9C=:'T9;F';F9:'F9MF3

89:U'M8C@K'CH'GF9?A8<='B=A'K8CJ9A<:'H@8;F<8'<J9A<=G<'CH';F<'K8CE9:<'HC8';F<'8<A@G;9C='CH'

:6EK;CE:'B=A'A9:C8A<8:'9='HBE9?9<:'CH'KB8<=;:'TFC':@HH<8'H8CE'A<K8<::9C=>'

hP

Page 88: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

/-0-/-%!-*

(GF<=DBGFN'.>,>'[QXXQ]>''B!&%3$#&,A%(38,5%(/-$(&4%(FddF(2>2cMXDFbT(e:1(#!5(R1C(*$-/,'%+=(4@8?9=M;C=N'2.R'I=9J<8:9;6'CH'2<8EC=;N')<KB8;E<=;'CH'#:6GF9B;86>

(GF<=DBGFN'.>',>N'j'/<:GC8?BN'+>'(>'[OPPQ]>''I#!8#'(/-$(Q:@>Q(:04--'DQ3%(C-$9+(f("$-/,'%+>''4@8?9=M;C=N'2.R'I=9J<8:9;6'CH'2<8EC=;N'/<:<B8GF'!<=;<8'HC8'!F9?A8<=N'1C@;FN'j'0BE9?9<:>

(E<89GB='#:6GF9B;89G'(::CG9B;9C='[OPPP]>''),#3!-+&,0(#!5(+&#&,+&,0#'(9#!8#'(-/(9%!&#'(5,+-$5%$+'[a;F'<A>]>''cB:F9=M;C=N')!R'(E<89GB='#:6GF9B;89G'(::CG9B;9C=>

(=A<8:C=N'!>(>N'j'5BEE<=N'!>'[QXXd]>'#:6GFC:CG9B?'C@;GCE<:'CH'GF9?A8<='CH'@=9KC?B8'A<K8<::<AN'D9KC?B8N'E<A9GB??6'9??N'B=A'=C8EB?'TCE<=R'('?C=M9;@A9=B?':;@A6>'g-8$!#'(-/ (2-!+8'&,!3(#!5(2',!,0#'("+604-'-36T(WFN'aah3aZa>

(:<=AC8KHN'S>'[QXXP]>''4<6C=A':CG9B?'T9;FA8BTB?R'*F6=<::N'@=:CG9BD9?9;6'B=A'K<<8'BJC9AB=G<>'E89#!()%A%'-*9%!&T(JJN'OZP3OZX>

(:<=AC8KHN'S>'[QXXQ]>'')<J<?CKE<=;'CH'9=F9D9;<A'GF9?A8<=^:'GCK9=M'T9;F'@=HBE9?9B89;6>''24,'5()%A%'-*9%!&T(WHN'QabP3Qaea>

4B=A@8BN'(>'[QXhO]>''*<?H3<HH9GBG6'E<GFB=9:E:'9='F@EB='BM<=G6>''Q9%$,0#!("+604-'-3,+&T (JaN'QOO3Qae>

4B=A@8BN'(>'[QXhb]>'':-0,#'(/-8!5#&,-!+(-/(&4-834&(#!5(#0&,-!Z(Q(+-0,#'(0-3!,&,A%(&4%-$6=(-=M?<TCCA'!?9HH:N'%SR'#8<=;9G<35B??>

4B8C=N'/>',>N'j'7<==6N')>'(>'[QXhb]>'.F<'ECA<8B;C8Y'E<A9B;C8'JB89BD?<'A9:;9=G;9C='9=':CG9B?'K:6GFC?CM9GB?'8<:<B8GFR'!C=G<K;@B?N':;8B;<M9GN'B=A':;B;9:;9GB?'GC=:9A<8B;9C=:>'g-8$!#'(-/ ("%$+-!#',&6(#!5(:-0,#'("+604-'-36T(_FN'QQedYQQhO>'

4<B8A:?<<N'c>N/>N'j'&?BA:;C=<N'.>/>&>'[OPPQ]>''#8<J<=;9C='CH'GF9?AFCCA'A<K8<::9C=R'/<G<=;'H9=A9=M:'B=A'H@;@8<'K8C:K<G;:>''>,-'-3,0#'("+604,#&$6T(XdN'QQPQ3QQQP>

4<B8A:?<<N'c>N'7<??<8N',>N'j'7?<8EB=N'&>+>'[QXhZ]>'!F9?A8<='CH'KB8<=;:'T9;F'BHH<G;9J<'A9:C8A<8>'B!&%$!#&,-!#'(g-8$!#'(-/(C#9,'6("+604,#&$6T(XN'Zd3bd>

4<B8A:?<<N'c>'/>N'*B?;N'#>N'#C8;<8H9<?AN'7>N'/C;FD<8MN'#>'!>'<;'B?>'[QXXd]>'!CEKB89:C='CH'K8<J<=;9J<'9=;<8J<=;9C=:'HC8'HBE9?9<:'T9;F'KB8<=;B?'BHH<G;9J<'A9:C8A<8>''g-8$!#'(-/(&4%(Q9%$,0#!(Q0#5%96(-/(24,'5(#!5(Q5-'%+0%!&("+604,#&$6T(JH[O]N'OZa3Obd>

hQ

Page 89: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

4<B8A:?<<N'c>'/>N'*B?;N'#>N'2<8:BM<N'->',>N'&?BA:;C=<N'.>'/>'&>'<;'B?>'[QXXeB]>'*@:;B9=<A'GFB=M<'9='KB8<=;:'8<G<9J9=M'K8<J<=;9J<'9=;<8J<=;9C=:'HC8'HBE9?9<:'T9;F'A<K8<::9C=>'Q9%$,0#!(g-8$!#'(-/("+604,#&$6T(F_X[a]N'ZQP3ZQZ>

4<B8A:?<<N'c>/>N'c89MF;N'->S>N'&?BA:;C=<N'.>/>N'j'0C8D<:N'#>'[OPPe]>''+C=M3;<8E'<HH<G;:'H8CE'B'8B=ACE9V<A';89B?'CH';TC'K@D?9G'F<B?;F'K8<J<=;9J<'9=;<8J<=;9C=:'HC8'KB8<=;B?'A<K8<::9C=>'g-8$!#'(-/(C#9,'6("+604-'-36T(HFN'ePd3eQd>

4<B8A:?<<N'c>'/>N'c89MF;N'->S>N'*B?;N'#>N'j')8<V=<8N'7>'[QXXeD]>'-_BE9=B;9C='CH'GF9?A8<=^:'8<:KC=:<:';C';TC'K8<J<=;9J<'9=;<8J<=;9C=':;8B;<M9<:'CJ<8';9E<=(g-8$!#'(-/(&4%(Q9%$,0#!(Q0#5%96(-/(24,'5(#!5(Q5-'%+0%!&("+604,#&$6T(JW[O]N'QXb3OPa>

4<B8A:?<<N'c>/>N'c89MF;N'->N'/C;FD<8MN'#>!>N'*B?;N'#>N'<;'B?>'[QXXb]>''/<:KC=:<:'CH'HBE9?9<:';C';TC'K8<J<=;9J<'9=;<8J<=;9C=':;8B;<M9<:R'+C=M3;<8E'A9HH<8<=G<:'9='D<FBJ9C8'B=A'B;;9;@A<'GFB=M<>''g-8$!#'(-/(&4%(Q9%$,0#!(Q0#5%96(-/(24,'5(#!5(Q5-'%+0%!&("+604,#&$6T(J_N'eea3ehO>

4<GUN'(>.>N'*;<<8N'/>(>N'j'48CT=N'&>7>'[QXXb]>''I#!8#'(/-$(&4%(>%0.()%*$%++,-!(B!A%!&-$6(h(BB=''*B='(=;C=9CN'.|R'#:6GFC?CM9GB?'!C8KC8B;9C=>

4<GUN'(>.>N'*;<<8N'/>(>N'j'&B8D9=N',>'[QXhh]>''#:6GFCE<;89G'K8CK<8;9<:'CH';F<'4<GU')<K8<::9C='$=J<=;C86R'.T<=;63H9J<'6<B8:'CH'<JB?@B;9C=>''2',!,0#'("+604-'-36(1%A,%?T(bN'ee3QPP>

49??9=M:N'(>&>N'j',CC:N'/>5>'[QXhd]>''!CEKB89:C=:'CH'GF9?A8<='CH'A<K8<::<A'B=A'=C=A<K8<::<A'KB8<=;:R'(':CG9B?3<=J98C=E<=;B?'K<8:K<G;9J<>''g-8$!#'(-/(QN!-$9#'("+604-'-36T(FFN'abd3ahb>

4?BV<8N')>&>N'7<::?<8N'/>!>N',G&C=BM?<N'7>(>N'j'*TB8;VN',>*>'[QXXa]>''.F<'K8<JB?<=G<'B=A'A9:;89D@;9C='CH'A<K8<::9C='CH'EBWC8'A<K8<::9C='9='B'=B;9C=B?'GCEE@=9;6':BEK?<>'Q9%$,0#!(g-8$!#'(-/("+604,#&$6T(F_FN'XeXYXhb>

!BK?B=N',>N'c<9::D<8MN'/>#>N'&8CD<8N'S>*>N'*9JCN'#>S>N'&8BA6N'7>N'j'SBGCD6N'!>'[QXXO]>''*CG9B?'GCEK<;<=G<'K8CEC;9C='T9;F'9==<83G9;6'B=A':@D@8DB='6C@=M'9='BAC?<:G<=;:R'-HH<G;:'C=':CG9B?'BAW@:;E<=;'B=A'B?GCFC?'@:<>''g-8$!#'(-/(2-!+8'&,!3(#!5(2',!,0#'("+604-'-36T(W]N'Zb3bd>

!F<=N'|>N'j'08<=GFN')>!>'[OPPh]>''!F9?A8<=^:':CG9B?'GCEK<;<=G<'9='G@?;@8B?'GC=;<_;>''Q!!8#'(1%A,%?(-/("+604-'-36T(_dN'ZXQ3bQb>

!F<=N'|>N'+9@N',>N'/@D9=N'7>5>N'!<=N'&>N'&BCN'|>N'j'+9N')>'[OPPO]>''*CG9BD9?9;6'B=A''K8C:CG9B?'C89<=;B;9C='B:'K8<A9G;C8:'CH'6C@;F'BAW@:;E<=;R'(':<J<=36<B8'?C=M9;@A9=B?':;@A6'9='B'!F9=<:<':BEK?<>''B!&%$!#&,-!#'(g-8$!#'(-/(>%4#A,-$#'()%A%'-*9%!&T(HWN'QOh3Qdb>

hO

Page 90: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

!?B8U<N'&>%>N'5BTU9=:N'c>N',@8KF6N',>N'j'*F<<D<8N'+>4>'[QXXd]>'*GFCC?3DB:<A'K89EB86'K8<J<=;9C='CH'A<K8<::9J<':6EK;CEB;C?CM6'9='BAC?<:G<=;:R'09=A9=M:'H8CE';TC':;@A9<:>'g-8$!#'(-/(Q5-'%+0%!&(1%+%#$04T(bN'Qhd3OPa>

!?B8U<N'&>%>N'5BTU9=:N'c>N',@8KF6N',>N'*F<<D<8N'+>4>N'+<T9=:CF=N'#>,>N'j'*<<?<6N'S>/>'[QXXZ]>'.B8M<;<A'K8<J<=;9C='CH'@=9KC?B8'A<K8<::9J<'A9:C8A<8'9='B='B;389:U':BEK?<'CH'F9MF':GFCC?'BAC?<:G<=;:R'('8B=ACE9V<A';89B?'CH'M8C@K'GCM=9;9J<'9=;<8J<=;9C=>''g-8$!#'(-/(&4%(Q9%$,0#!(Q0#5%96(-/(24,'5(#!5(Q5-'%+0%!&("+604,#&$6T(JXN'dQO3dOQ>

!?B8U<N'&>%>N'5C8=D8CCUN',>N'+6=GFN'0>N'#C?<=N',>N'&B?<N'S>N'4<B8A:?<<N'c>N'"^!C==C8N'->N'j'*<<?<6N'S>'[OPPQ]>''('8B=ACE9V<A';89B?'CH'B'M8C@K'GCM=9;9J<'9=;<8J<=;9C='HC8'K8<J<=;9=M'A<K8<::9C='9='BAC?<:G<=;'CHH:K89=M'CH'A<K8<::<A'KB8<=;:>''Q$04,A%+(-/(S%!%$#'("+604,#&$6T (_bN'QQOe3QQda>

!CF<=N'*>'[QXhh]>''#:6GFC:CG9B?'ECA<?:'CH';F<'8C?<'CH':CG9B?':@KKC8;'9=';F<'<;9C?CM6'CH'KF6:9GB?'A9:<B:<>''E%#'&4("+604-'-36T(aN'ObX3OXe>

!CF<=N'*>'[OPPa]>''*CG9B?'8<?B;9C=:F9K:'B=A'F<B?;F>''Q9%$,0#!("+604-'-3,+&T(beb3bha>

!CF<=>'*>N'&C;;?9<DN'4>5>N'j'I=A<8TCCAN'+>&>'[OPPP]>''*CG9B?'8<?B;9C=:F9K:'B=A'F<B?;F>''$='*>'!CF<=N'+>'I=A<8TCCAN'j'4>'&C;;?9<D'[-A:>]N'I%#+8$,!3(#!5(,!&%$A%!,!3(,!(+-0,#'(+8**-$&'[KK>'d3OZ]>''%<T'1C8UR'"_HC8A'I=9J<8:9;6'#8<::>

!CF<=N'*>N'j'c9??9:N'.>(>'[QXhZ]>''*;8<::N':CG9B?':@KKC8;N'B=A';F<'D@HH<89=M'F6KC;F<:9:>'"+604-'-3,0#'(>8''%&,!T(dbN'dQP3dZe>

!C9<N'S>)>N'j')CAM<N'7>(>'[QXhd]>''!C=;9=@9;9<:'B=A'GFB=M<:'9='GF9?A8<=^:':CG9B?':;B;@:R'('H9J<36<B8'?C=M9;@A9=B?':;@A6>''I%$$,''D"#'9%$(i8#$&%$'6T(HdN'ObQ3OhO>

!C?<N')>(>'[QXXQ]>''#8<?9E9=B86':@KKC8;'HC8'B'GCEK<;<=G63DB:<A'ECA<?'CH'A<K8<::9C='9='GF9?A8<=>''g-8$!#'(-/(QN!-$9#'("+604-'-36T(F]]N'QhQ3QXP>

!C?<N')>(>N'SBGL@<VN'0>,>N'j',B:GFEB=N'.>+>'[OPPQ]>''*CG9B?'C89M9=:'CH'A<K8<::9J<'GCM=9;9C=:R'('?C=M9;@A9=B?':;@A6'CH':<?H3K<8G<9J<A'GCEK<;<=G<'9='GF9?A8<=>''2-3!,&,A% (R4%$#*6(#!5(1%+%#$04T(H_N'dee3dXZ>

!C?<N')>(>N',B8;9=N'S>,>N'j'#CT<8:N'4>'[QXXe]>'('GCEK<;<=G63DB:<A'ECA<?'CH'GF9?A'A<K8<::9C=R'('?C=M9;@A9=B?':;@A6'CH'K<<8N'KB8<=;N';<BGF<8N'B=A':<?H3<JB?@B;9C=:>'g-8$!#'(-/ (24,'5("+604-'-36(#!5("+604,#&$6(#!5(Q'',%5(),+0,*',!%+T(JbN'ZPZ3ZQa>

!C?<N')>(>N',B8;9=N'S>,>N'#CT<8:N'4>N'j'.8@M?9CN'/>'[QXXb]>',CA<?9=M'GB@:B?'8<?B;9C=:'D<;T<<='BGBA<E9G'B=A':CG9B?'GCEK<;<=G<'B=A'A<K8<::9C=R'('E@?;9;8B9;3E@?;9E<;FCA'?C=M9;@A9=B?':;@A6'CH'GF9?A8<=>''g-8$!#'(-/(QN!-$9#'("+604-'-36T(F]_[O]N'OZh3OeP>

!CEKB:N'4>->'[QXhe]>''!CK9=M'T9;F':;8<::'A@89=M'GF9?AFCCA'B=A'BAC?<:G<=G<>'"+604-'-3,0#' (>8''%&,!T(F]FN'dXdYaPd>

hd

Page 91: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

!CEKB:N'4>->N'!C==C83*E9;FN'S>7>N'*B?;VEB=N'5>N'.FCE:<=N'(>5>N'j'cBA:TC8;FN',>->'[OPPQ]>''!CK9=M'T9;F':;8<::'A@89=M'GF9?AFCCA'B=A'BAC?<:G<=G<R'#8CD?<E:N'K8CM8<::N'B=A'KC;<=;9B?'9=';F<C86'B=A'8<:<B8GF>''"+604-'-3,0#'(>8''%&,!T(FHaN'heYQOe>

!CEKB:N'4>->N'0C8<FB=AN'/>N'7<??<8N'&>N'!FBEK9C=N'S>->N'/BUCTN'(>N'/<<:?@=AN'7>+>N'<;'B?>'[OPPX]>''/B=ACE9V<A';89B?'CH'B'HBE9?6'GCM=9;9J<3D<FBJ9C8B?'K8<J<=;9J<'9=;<8J<=;9C='T9;F'HBE9?9<:'CH'A<K8<::<A'KB8<=;:>'',B=@:G89K;':@DE9;;<A'HC8'K@D?9GB;9C=>

!CEKB:N'4>->N'7<??<8N'&>N'j'0C8<FB=AN'/>'[9='K8<::]>''#8<J<=;9J<'9=;<8J<=;9C='9='HBE9?9<:'CH'A<K8<::<A'KB8<=;:R'('HBE9?6'GCM=9;9J<3D<FBJ9C8B?'9=;<8J<=;9C=>''$='.>S>'*;8B@EB=N'#>/>'!C:;B=VCN'S>'&B8D<8N'B=A'+>1>'(D8BE:C='[-A:>]N'"$%A%!&,!3(5%*$%++,-!(,!(#5-'%+0%!&(3,$'+Z(Q(98'&,5,+0,*',!#$6(#**$-#04=('%<T'1C8UR'&@9?HC8A'#8<::>

!CEKB:N'4>'->N'+B=M8CGUN'(>',>N'7<??<8N'&>N',<8GFB=;N',3S>N'j'!CK<?B=AN',3->''[OPPO]>'!F9?A8<='GCK9=M'T9;F'KB8<=;B?'A<K8<::9C=R'#8CG<::<:'CH'BABK;B;9C=';C'HBE9?6':;8<::>''$='*>'5>'&CCAEB='B=A'$>'5>'&C;?9D'[-A:>]N'24,'5$%!(-/(5%*$%++%5(*#$%!&+Z((I%04#!,+9+(-/($,+.(#!5(,9*',0#&,-!+(/-$(&$%#&9%!&>''cB:F9=M;C=N')!R'(E<89GB='#:6GFC?CM9GB?'(::CG9B;9C=>

!C=A@G;'#8CD?<E:'#8<J<=;9C='/<:<B8GF'&8C@K'[OPPa]>''.F<'<HH<G;:'CH';F<'0B:;'.8BGU'#8CM8BE'C=':<89C@:'K8CD?<E'C@;GCE<:'B;';F<'<=A'CH'<?<E<=;B86':GFCC?>''g-8$!#'(-/ (2',!,0#'(24,'5(#!5(Q5-'%+0%!&("+604-'-36T(JJN'bZP3bbQ>

!C==<??N'(>,>N'j'&CCAEB=N'*>5>'[OPPO]>''.F<'B::CG9B;9C='D<;T<<='K:6GFCKB;FC?CM6'9='HB;F<8:'J<8:@:'EC;F<8:'B=A'GF9?A8<=^:'9=;<8=B?9V9=M'B=A'<_;<8=B?9V9=M'D<FBJ9C8'K8CD?<E:R'('E<;B3B=B?6:9:>''"+604-'-3,0#'(>8''%&,!T(FHbN'eab3eed>

!C==C83*E9;FN'S>7>N'!CEKB:N'4>->N'cBA:TC8;FN',>->N'.FCE:<=N'(>5>N'j'*B?;VEB=N'5>'[OPPP]>''/<:KC=:<:';C':;8<::'9='BAC?<:G<=G<R',<B:@8<E<=;'CH'GCK9=M'B=A'9=JC?@=;B86'8<:KC=:<:';C':;8<::>''g-8$!#'(-/(2-!+8'&,!3(#!5(2',!,0#'("+604-'-36T(WbN'Xeb3XXO>

!CK<?B=AN'c>N'cBA:TC8;FN',>->N'j'!CEKB:N'4>->'[OPPZ]>'2-*,!3(#!5(0-9*%&%!0%(,!(#5-'%+0%!0%Z(Q++-0,#&,-!+(?,&4(,!&%$!#',<,!3(#!5(%L&%$!#',<,!3>',B=@:G89K;':@DE9;;<A'HC8'K@D?9GB;9C=>

!C:;<??CN'S>->N',@:;9??CN'*>N'-8UB=?9N'(>N'7<<?<8N'&>N'j'(=MC?AN'(>'[OPPd]>''#8<JB?<=G<'B=A')<J<?CKE<=;'CH'#:6GF9B;89G')9:C8A<8:'9='!F9?AFCCA'B=A'(AC?<:G<=G<>''Q$04,A%+(-/(S%!%$#'("+604,#&$6T(W]N'hde3haa>

!CTB=N'#>(>N'!CTB=N'!>#>N'j'*GF@?;VN',>*>'[QXXb]>''.F9=U9=M'BDC@;'89:U'B=A'8<:9?9<=G<'9='HBE9?9<:>''->,>'5<;F<89=M;C='j'->'4?<GFEB='[-A:>]N':&$%++(#!5(0-*,!3(,!(04,'5$%!(#!5(/#9,',%+=(Q5A#!0%+(,!(/#9,'6($%+%#$04T(A-'=(_'[KK>'Qd3dd]>''59??:AB?<N'%>S>R'+BT8<=G<'-8?DB@E'(::CG9B;<:>''

ha

Page 92: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

!@EE9=M:N',>->N')<(8;F3#<=A?<6N'&>N')@/CGF<83*GF@A?9GFN'.>N'j'*E9;FN')>(>'[OPPQ]>'#B8<=;B?'A<K8<::9C='B=A'HBE9?6'H@=G;9C=9=MR'.CTB8A'B'K8CG<::3C89<=;<A'ECA<?'CH'GF9?A8<=o:'BAW@:;E<=;>'$='*>/>'4<BGF'[-A>]N'I#$,&#'(#!5(/#9,'6(*$-0%++%+(,!(5%*$%++,-!Z(Q(+0,%!&,/,0(/-8!5#&,-!(/-$(0',!,0#'(*$#0&,0%'[KK>'hX3QQP]>'cB:F9=M;C=N')!R'(E<89GB='#:6GFC?CM9GB?'(::CG9B;9C=>

-GG?<:N'S>*>N'c9MH9<?AN'(>N'5B8C?AN'/>)>N'j'4?@E<=H9<?AN'#>'[QXXd]>''(M<'B=A'M<=A<8'A9HH<8<=G<:'9='GF9?A8<=^:':<?H3'B=A';B:U'K<8G<K;9C=:'A@89=M'<?<E<=;B86':GFCC?>''24,'5()%A%'-*9%!&T(WXN'hdP3hae>

-9:<=D<8MN'%>N'lFC@N'u>N'+9<TN'S>N'!FBEK9C=N'!>N'j'#9ABABN'*>'[OPPb]>''-EC;9C=N'<EC;9C=38<?B;<A'8<M@?B;9C=N'B=A':CG9B?'H@=G;9C=9=M>''$='|>'!F<=N')>'08<=GFN'j'4>'*GF=<9A<8'[-A:>]N'"%%$(1%'#&,-!+4,*+(,!(28'&8$#'(2-!&%L&'[KK'QeP3QXe]>''%<T'1C8UR'!BED89AM<'I=9J<8:9;6'#8<::>

08B=UN'%>!>N'4?C@=;N'/>+>N'j'48CT=N'/>.>'[QXXe]>'(;;89D@;9C=:N'GCK9=MN'B=A'BAW@:;E<=;'9='GF9?A8<='T9;F'GB=G<8>'g-8$!#'(-/("%5,#&$,0("+604-'-36T(HH[a]N'Zbd3Zeb>

08<=GFN')>!>N'SB=:<=N'->(>N'/9B=:B89N',>N'j'*<;9C=C>'7>'[OPPd]>''089<=A:F9K:'CH'$=AC=<:9B='GF9?A8<=R'(AW@:;E<=;'CH'GF9?A8<='TFC'A9HH<8'9='H89<=A:F9K'K8<:<=G<'B=A':9E9?B89;6'D<;T<<='E@;@B?'H89<=A:>'':-0,#'()%A%'-*9%!&T(FHN'bPZ3bOQ>

089;VN',>*>N'j',BG79==C=N')>#>'[OPPe]>''/<L@98<A':BEK?<':9V<';C'A<;<G;';F<'E<A9B;<A'<HH<G;>'"+604-'-3,0#'(:0,%!0%T(FbT(Odd3OdX>

&B8D<8N'S>'[OPPZ]>'')<K8<::9C='9=';F<'0BE9?6>''$='S>+>'5@A:C='j'/>,>'/BK<<'[-A:>]>'"+604-*#&4-'-36(#!5(&4%(C#9,'6'[KK>'OOZ3OhP]>''%<T'1C8UN'%1R'-?:<J9<8'*G9<=G<>

&B8E<V6N'%>'[QXhZ]>''*;8<::38<:9:;B=;'GF9?A8<=R'.F<':<B8GF'HC8'K8C;<G;9J<'HBG;C8:>''$='S>->'*;<J<=:C='[-A>]N'1%0%!&(1%+%#$04(,!()%A%'-*9%!&#'("+604-*#&4-'-36=((g-8$!#'(-/(24,'5("+604-'-36(#!5("+604,#&$6(>--.([KK>'OQd3Odd]>''"_HC8AR'#<8MBEC='#8<::>

&B8E<V6N'%>'[QXXd]>''2@?=<8BD9?9;6'B=A'8<:9?9<=G<>''$='!>'.CE?9=:C=37<B:<6N'7>'c9ABEB=N')>!>'0@=A<8N'j'/>)>'#B8U<'[-A:>]>'':&856,!3(',A%+(&4$-834(&,9%Z("%$+-!#',&6(#!5()%A%'-*9%!&'[KK>'dee3dXh]>''cB:F9=M;C=N')>!>R'(E<89GB='#:6GFC?CM9GB?'(::CG9B;9C=>

&<?HB=AN')>',>N'j'.<;9N')>',>'[QXXP]>'.F<'<HH<G;:'CH'EB;<8=B?'A<K8<::9C='C='GF9?A8<=>'2',!,0#'("+604-'-36(1%A,%?T(F]WN'dOX3dZd>

&9?N'7>,>N'(=;FC=6N'7>7>N'!B8:C=N'S>c>N'/<AA9=M3+B??9=M<8N'/>N')B<:GF=<8N'!>c>N'j'cB8<N'/>->'[OPPQ]>'')B9?6'GCK9=M'K8BG;9G<'K8<A9G;:';8<B;E<=;'<HH<G;:'9='GF9?A8<='T9;F':9GU?<'G<??'A9:<B:<>''g-8$!#'(-/("%5#&$,0("+604-'-36T(HWN'Qbd3Qed>

&CCAEB=N'*>5>'[OPPe]>'')<K8<::9C='9=',C;F<8:>''Q!!8#'(1%A,%?(-/(2',!,0#'("+604-'-36T(JN'QPe3QdZ>

hZ

Page 93: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

&CCAEB=N'*>5>N'j'&C;?9DN'$>5>'[QXXX]>'/9:U'HC8'K:6GFCKB;FC?CM6'9=';F<'GF9?A8<='CH'A<K8<::<A'EC;F<8:R'('A<J<?CKE<=;B?'ECA<?'HC8'@=A<8:;B=A9=M'E<GFB=9:E:'CH';8B=:E9::9C=>'"+604-'-3,0#'(1%A,%?T(F]W[d]N'aZh3aXP>

5B9=:N'(>(>N'j'*V6WBUCT:U9N',>'[QXXP]>''('GCM=9;9J<':;8<::38<A@G;9C='9=;<8J<=;9C='K8CM8BE'HC8'BAC?<:G<=;:>''g-8$!#'(-/(2-8!+%',!3("+604-'-36T(JaN'eX3ha>

5BEE<=N'!>'[QXXe]>'!F9?A8<='CH'A<K8<::<A'KB8<=;:R'.F<':;8<::'GC=;<_;>'$='*>'cC?GF9U'j'$>%>'*B=A?<8'[-A:>]N'E#!5N--.(-/(04,'5$%!K+(0-*,!3Z(c,!.,!3(&4%-$6(#!5(,!&%$A%!&,-!=(B++8%+(,!(0',!,0#'(04,'5(*+604-'-36'[KK>'QdQ3QZe]>'%<T'1C8UR'#?<=@E>

5BEE<=N'!>N'*F9FN'S>N'(?;EB=N'.>N'j'48<==B=N'#>(>'[OPPd]>''$=;<8K<8:C=B?'9EKB98E<=;'B=A';F<'K8<A9G;9C='CH'A<K8<::9J<':6EK;CE:'9='BAC?<:G<=;'GF9?A8<='CH'A<K8<::<A'B=A'=C=A<K8<::<A'EC;F<8:>''g-8$!#'(-/(&4%(Q9%$,0#!(Q0#5%96(-/(24,'5(#!5(Q5-'%+0%!&("+604,#&$6T(XHN'ZeQYee>

5B=U9=N'4>+>N'(D8BE:C=N'+>1>N',CHH9;;N'.>->N'*9?JBN'#>(>N',G&<<N'/>N'j'(=M<??N'7>->'[QXXh]>'.F<'A<J<?CKE<=;'CH'A<K8<::9C='H8CE'K8<BAC?<:G<=G<';C'6C@=M'BA@?;FCCAR'-E<8M9=M'M<=A<8'A9HH<8<=G<:'9='B'QP36<B8'?C=M9;@A9=B?':;@A6>''g-8$!#'(-/(QN!-$9#'("+604-'-36T (F]aN'QOh3QaP>

5B8;<8N'*>'[QXhO]>''.F<'K<8G<9J<A'GCEK<;<=G<':GB?<'HC8'GF9?A8<=>''24,'5()%A%'-*9%!&T(_JN'he3Xe>

5B8;<8N'*>'[QXhZ]>''R4%(:%'/D"%$0%*&,-!("$-/,'%(/-$(24,'5$%!=')<=J<8N'!C?C8BACR'I=9J<8:9;6'CH')<=J<8>

5B8;<8N'*>'[QXhh]>''I#!8#'(/-$(&4%(:%'/D"%$0%*&,-!("$-/,'%(/-$(Q5-'%+0%!&+>'')<=J<8N'!"R'I=9J<8:9;6'CH')<=J<8N')<KB8;E<=;'CH'#:6GFC?CM6>

5B8;<8N'*>'[QXXP]>''*<?H'B=A'9A<=;9;6'A<J<?CKE<=;>''$='&>/>'-??9C;N'j'*>*>'0<?AEB='[-A:>]>''Q&(&4%(R4$%+4-'5Z(R4%()%A%'-*,!3(Q5-'%+0%!&'[KK>'dZOYdhe]>''!BED89AM<N',(R'5B8JB8A'I=9J<8:9;6'#8<::>

5B8;<8N'*>N'j'cF9;<:<??N'%>/>'[QXXb]>'',@?;9K?<'KB;FTB6:';C':<?H38<KC8;<A'A<K8<::9C='B=A'K:6GFC?CM9GB?'BAW@:;E<=;'BEC=M'BAC?<:G<=;:>'')%A%'-*9%!&(#!5("+604-*#&4-'-36T(bN'ebQ3eee>

5C?ED<GUN'&>%>'[QXXe]>''.CTB8A';<8E9=C?CM9GB?N'GC=G<K;@B?N'B=A':;B;9:;9GB?'G?B89;6'9=';F<':;@A6'CH'E<A9B;C8:'B=A'ECA<8B;C8:R'-_BEK?<:'H8CE';F<'GF9?A3G?9=9GB?'B=A'K<A9B;89G'K:6GFC?CM6'?9;<8B;@8<:>''g-8$!#'(-/(2-!+8'&,!3(#!5(2',!,0#'("+604-'-36T(W_T(ZXX3bQP>

5C8CT9;VN'S>+>N'j'&B8D<8N'S>'[OPPb]>''.F<'K8<J<=;9C='CH'A<K8<::9J<':6EK;CE:'9='GF9?A8<='B=A'BAC?<:G<=;:R'('E<;B3B=B?6;9G'8<J9<T>''g-8$!#'(-/(2-!+8'&,!3(#!5(2',!,0#'("+604-'-36T(aXN'aPQ3aQZ>

hb

Page 94: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

5C8CT9;VN'S>+>N'&B8D<8N'S>N'!9<:?BN'S>(>N'1C@=MN'S>0>N'j',@H:C=N'+>'[OPPe]>''#8<J<=;9C='CH'A<K8<::9J<':6EK;CE:'9='BAC?<:G<=;:R'('8B=ACE9V<A';89B?'CH'GCM=9;9J<3D<FBJ9C8B?'B=A'9=;<8K<8:C=B?'K8<J<=;9C='K8CM8BE:>''g-8$!#'(-/(2-!+8'&,!3(#!5(2',!,0#'("+604-'-36T(a_N'bXd3ePb>

SBGCDN'.>N'j'SCF=:C=N'*>+>'[QXXe]>''#B8<=;3GF9?A'9=;<8BG;9C='BEC=M'A<K8<::<A'HB;F<8:'B=A'EC;F<8:R'$EKBG;'C='GF9?A'H@=G;9C=9=M>''g-8$!#'(-/(C#9,'6("+604-'-36T(FFN'dXQ3aPX>

SBGL@<VN'0>N'!C?<N')>(>N'j'*<B8?<N'4>'[OPPa]>''*<?H3K<8G<9J<A'GCEK<;<=G<'B:'B'E<A9B;C8'D<;T<<='EB;<8=B?'H<<ADBGU'B=A'A<K8<::9J<':6EK;CE:'9='BAC?<:G<=;:>''g-8$!#'(-/(QN!-$9#'(24,'5("+604-'-36T(JHN'dZZ3dbe>

SB:<8N'*>*>N'+B=M8CGUN'(>,>N'7<??<8N'&>N',<8GFB=;N',>S>N'4<=:C=N',>(>N'/<<:?@=AN'7>N'!FBEK9C=N'S>->N'j'!CEKB:N'4>->'[OPPZ]>''!CK9=M'T9;F';F<':;8<::'CH'KB8<=;B?'A<K8<::9C='$$R'(AC?<:G<=;'B=A'KB8<=;'8<KC8;:'CH'GCK9=M'B=A'BAW@:;E<=;=((g-8$!#'(-/(2',!,0#'(24,'5(#!5(Q5-'%+0%!&("+604-'-36T(JXUFVN'QXd3OPZ>

SB:<8N'*>*>N'!FBEK9C=N'S>->N'/<<:?@=AN'7>+>N'7<??<8N'&>N',<8GFB=;N',>S>N'4<=:C=N',>N'j'!CEKB:N'4>->'[OPPe]>''!8C::3:9;@B;9C=B?'GCK9=M'T9;F'K<<8'B=A'HBE9?6':;8<::C8:'9='BAC?<:G<=;'CHH:K89=M'CH'A<K8<::<A'KB8<=;:>''g-8$!#'(-/(Q5-'%+0%!0%T(J]N'XQe3XdO>

SB:<8N'*>*>N'0<B8N'S>,>N'/<<:?@=AN'7>+>N'!FBEK9C=N'S>->N'/<9:9=MN',>,>N'j'!CEKB:N'4>->'[OPPh]>'',B;<8=B?':BA=<::'B=A'BAC?<:G<=;:^'8<:KC=:<:';C':;8<::'9='CHH:K89=M'CH'EC;F<8:'T9;F'B=A'T9;FC@;'B'F9:;C86'CH'A<K8<::9C=>',B=@:G89K;':@DE9;;<A'HC8'K@D?9GB;9C=>

SB6GC_N'+>5>N'/<9J9GFN'7>S>N'&9??FBEN'S>N'j'*<?9MEB=N',>#>'[QXXa]>''#8<J<=;9C='CH'A<K8<::9J<':6EK;CE:'9=':GFCC?'GF9?A8<=>''>%4#A,-$#'(1%+%#$04(R4%$#*6T(JHN'hPQ3hQb>

7BEB8GUN'.>N',B=@GUN'*>N'j'S<==9=M:N'S>'[QXXP]>''*CG9B?':@KKC8;'8<A@G<:'GB8A9CJB:G@?B8'8<BG;9J9;6';C'K:6GFC?CM9GB?'GFB??<=M<R'('?BDC8B;C86'ECA<?>''"+604-+-9#&,0(I%5,0,!%T(_HN'aO3Zh>

7B=<N'#>N'j'&B8D<8N'S>'[OPPa]>''.F<'8<?B;9C=:'BEC=M'A<K8<::9C='9='HB;F<8:N'GF9?A8<=^:'K:6GFCKB;FC?CM6N'B=A'HB;F<83GF9?A'GC=H?9G;R'('E<;B3B=B?6:9:>''2',!,0#'("+604-'-36(1%A,%?T(HXN'ddX3dbP>

7<??<8N',>4>N'4<B8A:?<<N'c>/>N')C8<8N')>S>N'+BJC89N'#>c>N'*BE@<?:C=N'5>N'j'7?<8EB=N'&>/>'[QXhb]>''$EKBG;'CH':<J<89;6'B=A'GF8C=9G9;6'CH'KB8<=;B?'BHH<G;9J<'9??=<::'C='BABK;9J<'H@=G;9C=9=M'B=A'K:6GFCKB;FC?CM6'9='GF9?A8<=>''Q$04,A%+(-/(S%!%$#'("+604,#&$6T(XJN'XdPYde>

7<::?<8N'/>!>N'4<8M?@=AN'#>N')<E?<8N'">N'S9=N'/>N'7C8<;VN')>N',<89UB=MB:N'7>/>N'/@:FN'(>S>N'cB?;<8:N'->->N'j'cB=MN'#>*>'[OPPd]>''.F<'<K9A<E9C?CM6'CH'EBWC8'A<K8<::9J<'A9:C8A<8R'/<:@?;:'H8CE';F<'%B;9C=B?'!CEC8D9A9;6'*@8J<6'/<K?9GB;9C='[%!*3/]>''g-8$!#'(-/(Q9%$,0#!(I%5,0#'(Q++-0,#&,-!T(HbdN'dPXZ3dQPZ>

he

Page 95: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

7<::?<8N'/>!>'[OPPb]>''.F<'<K9A<E9C?CM6'CH'A<K8<::9C='BEC=M'TCE<=>''$='!>,>'7<6<:'j'*>5>'&CCAEB='[-A:>]>''O-9%!(#!5()%*$%++,-!Z(Q(E#!5N--.(/-$(&4%(:-0,#'T(>%4#A,-$T(#!5(>,-9%5,0#'(:0,%!0%+'[KK>'OOYaP]>''%<T'1C8UR'!BED89AM<'I=9J>'#8<::>

79:;=<8N'S>(>N')BJ9AN'!>0>N'j'cF9;<N'4>(>'[OPPd]>'-;F=9G'B=A':<_'A9HH<8<=G<:'9='GF9?A8<=^:'A<K8<::9J<':6EK;CE:R',<A9B;9=M'<HH<G;:'CH'K<8G<9J<A'B=A'BG;@B?'GCEK<;<=G<>'g-8$!#'(-/(2',!,0#'(24,'5(#!5(Q5-'%+0%!&("+604-'-36T(JHN'daQ3dZP>

7?9<T<8N'c>N'j'*B=A?<8N'$>'[QXXd]>''*CG9B?'GCEK<;<=G<'B=A'GCK9=M'BEC=M'GF9?A8<='CH'A9JC8G<>''Q9%$,0#!(g-8$!#'(-/(;$&4-*+604,#&$6T(WJN'adO3aaP>

78B<E<8N'5>!>N'7BVA9=N'(>->N'"HHC8AN')>/>N'7<::?<8N'/>!>N'S<=:<=N'#>*>N'j'7@KH<8N')>S>'[QXXe]>''!CE9=M';C';<8E:'T9;F';<8E:'CH'89:U>''Q$04,A%+(-/(S%!%$#'("+604,#&$6T(_XN'dde3dad>

+BAAN'&>'[OPPZ]>''24,'5$%!K+("%%$(1%'#&,-!+(#!5(:-0,#'(2-9*%&%!0%Z(Q(2%!&8$6(-/("$-3$%++=(28$$%!&("%$+*%0&,A%+(,!("+604-'-36='%<T'5BJ<=N'!.R'1B?<'I=9J>'#8<::>

+B=M8CGUN'(>',>N'!CEKB:N'4>'->N'7<??<8N'&>N',<8GFB=;N',>'S>N'j'!CK<?B=AN',>'->'[OPPO]>'!CK9=M'T9;F';F<':;8<::'CH'KB8<=;B?'A<K8<::9C=R'#B8<=;:^'8<KC8;:'CH'GF9?A8<=^:'GCK9=MN'<EC;9C=B?N'B=A'D<FBJ9C8B?'K8CD?<E:>'g-8$!#'(-/(2',!,0#'(24,'5(#!5(Q5-'%+0%!&("+604-'-36T(JFN'dQO3dOa>

+<T9=:CF=N'#>,>'[QXea]>''('D<FBJ9C8B?'BKK8CBGF';C'A<K8<::9C=>''$='/>S>'089<AEB='j',>,>'7B;V'[-A:>]N'R4%("+604-'-36(-/()%*$%++,-!Z(2-!&%9*-$#$6(R4%-$6(#!5(1%+%#$04'[KK>'QZe3Qeh]>''cB:F9=M;C=N')>!>R'2>'5>'29=:C=>

+<T9=:CF=N'#>,>N'5CK:N'5>N'/CD<8;:N'/>->N'*<<?<6N'S>/>N'j'(=A8<T:N'S>(>'[QXXd]>'(AC?<:G<=;'K:6GFCKB;FC?CM6N'$R'#8<JB?<=G<'B=A'9=G9A<=G<'CH'A<K8<::9C='B=A'C;F<8'):IDBBBD1(A9:C8A<8:'9='F9MF':GFCC?':;@A<=;:>'g-8$!#'(-/(QN!-$9#'("+604-'-36T(F]HN'Qdd3Qaa>

+@;FB8N'*>'*>N'j'!9GGF<;;9N')>'[OPPP]>'.F<'GC=:;8@G;'CH'8<:9?9<=G<R'$EK?9GB;9C=:'HC8'9=;<8J<=;9C=:'B=A':CG9B?'KC?9G6>')%A%'-*9%!&(#!5("+604-*#&4-'-36T(FHT(hZe3hhZ>

+6=GFN'7>4>N'&<??<8N'*>/>N'j'*GFE9A;N',>&>'[OPPa]>'',@?;936<B8'<JB?@B;9C=:'CH';F<'<HH<G;9J<=<::'CH'B'8<:9?9<=G<3DB:<A'K8<J<=;9C='K8CM8BE'HC8'6C@=M'GF9?A8<=>''R4%(g-8$!#'(-/("$,9#$6("$%A%!&,-!T(HXN'ddZ3dZd>

,BGGCD6N'->->'[QXhd]>''*CG9B?3<EC;9C=B?'A<J<?CKE<=;'B=A'8<:KC=:<';C':;8<::C8:>''$='%>'&B8E<V6N'j',>'/@;;<8'[-A:>]>'':&$%++T(2-*,!3T(#!5()%A%'-*9%!&(,!(24,'5$%!'[KK>'OQeYOda]>''4B?;9EC8<N',)R'SCF=:'5CKU9=:'I=9J>'#8<::>

,B?KF@8:N'S>->N'09<?AN'.>,>N'+B88B9=<N'!>N'#9GU<=:N'S>N'#<?B<V3%CM@<8B:N',>'[QXXb]>''(?;<89=M'T9;FA8BT='B=A'9=;8@:9J<'9=;<8BG;9C='D<FBJ9C8:'CH'A<K8<::<A'EC;F<8:>'B!/#!&(I%!&#' (E%#'&4(g-8$!#'T(Fa[O]N'QZO3QbP>

hh

Page 96: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

,B:;<=N'(>*>'[OPPQ]>'"8A9=B86'EBM9GR'/<:9?9<=G<'K8CG<::<:'9='A<J<?CKE<=;>''Q9%$,0#!("+604-'-3,+&T(_WT(OOe3Odh>

,B:;<=N'(>*>N'4<:;N'7>,>N'j'&B8E<V6N'%>'[QXXP]>''/<:9?9<=G<'B=A'A<J<?CKE<=;R'!C=;89D@;9C=:'H8CE';F<':;@A6'CH'GF9?A8<='TFC'CJ<8GCE<'BAJ<8:9;6>''')%A%'-*9%!&(#!5("+604-*#&4-'-36T(HXN'aOZ3aaa>

,B:;<=N'(>*>N'!CB;:TC8;FN'S>)>N'%<<EB==N'S>N'&<:;N'*>)>N'.<??<M<=N'(>N'j'&B8E<V6N'%>'[QXXZ]>''.F<':;8@G;@8<'B=A'GCF<8<=G<'CH'GCEK<;<=G<'H8CE'GF9?AFCCA'B=A'BAC?<:G<=G<>'24,'5()%A%'-*9%!&T(WWN'QbdZ3QbZX>

,B_T<??N'*>->'[OPPP]>''*BEK?<':9V<'B=A'E@?;9K?<'8<M8<::9C='B=B?6:9:>''"+604-'-3,0#' (I%&4-5+T(_N'ada3aZh>

,@8KF6N'4>!>N'j'-9:<=D<8MN'%>'[OPPO]>''(='9=;<M8B;9J<'<_BE9=B;9C='CH'K<<8'GC=H?9G;R'!F9?A8<=^:'8<KC8;<A'MCB?:N'<EC;9C=:N'B=A'D<FBJ9C8:>'':-0,#'()%A%'-*9%!&T(FFN'Zda3ZZe>

%9GFC??:N'S>&>N'j',9??<8N'(>.>'[QXhd]>''.F<'A9HH<8<=;9B;9C='CH';F<'GC=G<K;:'CH'A9HH9G@?;6'B=A'BD9?9;6>''24,'5()%A%'-*9%!&T(_XN'XZQ3XZX>

#p::<?N'#>N'4B?A@:N'!>N'5C8=N'(>4>N'&8C<=N'&>N'j'5B@;V9=M<8N',>'[OPPZ]>''$=H?@<=G<'CH'M<=<8B?':<?H3<HH9GBG6'C=';F<'<HH<G;:'CH'B':GFCC?3DB:<A'@=9J<8:B?'K89EB86'K8<J<=;9C='K8CM8BE'CH'A<K8<::9J<':6EK;CE:'9='BAC?<:G<=;:R''('8B=ACE9V<A'B=A'GC=;8C??<A'HC??CT3@K':;@A6>'g-8$!#'(-/(24,'5("+604-'-36(#!5("+604,#&$6T(XWT(XhO3XXa>

#p::<?N'#>N'5C8=N'(>4>N'&8C<=N'&>N'j'5B@;V9=M<8N',>'[OPPa]>''*GFCC?3DB:<A'K8<J<=;9C='CH'A<K8<::9J<':6EK;CE:'9='BAC?<:G<=;:R'('b3EC=;F'HC??CT3@K>''g-8$!#'(-/(&4%(Q9%$,0#!(Q0#5%96(-/(24,'5(#!5(Q5-'%+0%!&("+604,#&$6T(XJN'QPPd3QPQP>

#@:UB8N'7>N'*<8<9UBN'*>N'j'.@:B9<>'[OPPd]>''-HH<G;'CH';F<'.<BGF9=M'79A:';C'!CK<'#8CM8BE'C='C@;GCE<:'CH'A<K8<::9C='B=A'GCK9=M'BEC=M'8@8B?'BAC?<:G<=;:>''g-8$!#'(-/(24,'5(#!5(Q5-'%+0%!&("+604,#&$,0(Y8$+,!3T(FWN'eQ3hP>

/CFA<N'#>N'SC8M<=:<=N'S>*>N'*<<?<6N'S>/>N'j',BG<N')>->'[OPPa]>''#9?C;'<JB?@B;9C='CH';F<'!CK9=M'!C@8:<R'('GCM=9;9J<3D<FBJ9C8B?'9=;<8J<=;9C=';C'<=FB=G<'GCK9=M':U9??:'9='9=GB8G<8B;<A'6C@;F>''g-8$!#'(-/(Q9%$,0#!(Q0#5%96(-/(24,'5(#!5(Q5-'%+0%!&("604,#&$6T(XJN'bbX3beb>

/CC:BN',>c>N'&<=:F<9E<8N'+>7>N'(6<8:N'.>*>N'j'*FC8;N'S>+>'[QXXP]>'')<J<?CKE<=;'CH'B':GFCC?3DB:<A'K8<J<=;9C='K8CM8BE'HC8'GF9?A8<='9='B?GCFC?9G'HBE9?9<:>''g-8$!#'(-/("$,9#$6("$%A%!&,-!T(FFN'QQX3QaQ>

/CC:BN',>c>N'&<=:F<9E<8N'+>7>N'*FC8;N'S>+>N'(6<8:N'.>*>N'j'*F<??N'/>'[QXhX]>''('K8<J<=;9J<'9=;<8J<=;9C='HC8'GF9?A8<='9='B?GCFC?9G'HBE9?9<:R'/<:@?;:'CH'B'K9?C;':;@A6>''C#9,'6(1%'#&,-!+T (JbN'OXZ3dPP>

'

hX

Page 97: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

/@D9=N'7>5>N'4@UCT:U9N'c>N'j'#B8U<8N'S>&>'[OPPb]>''#<<8'9=;<8BG;9C=:N'8<?B;9C=:F9K:N'B=A'M8C@K:>''$='E#!5N--.(-/(24,'5("+604-'-36Z(P-'(J=(:-0,#'T(@9-&,-!#'T(#!5("%$+-!#',&6()%A%'-*9%!&N'-A>'%>'-9:<=D<8MN'KK>'ZeQ3baZ>'%<T'1C8UR'c9?<6>

/@D9=N'7>5>N'j'/C:<378B:=C8N'+>'[QXXO]>''$=;<8K<8:C=B?'K8CD?<E3:C?J9=M'B=A':CG9B?'GCEK<;<=G<'9='GF9?A8<=>''$='E#!5N--.(-/(:-0,#'()%A%'-*9%!&Z(Q(c,/%+*#!("%$+*%0&,A%N'-A:>'2>)>'JB='5B::<?;N',>'5<8:<=N'KK>'Ohd3dOd>'%<T'1C8UR'#?<=@E>

/@;;<8N',>'[QXhd]>''*;8<::N'GCK9=MN'B=A'A<J<?CKE<=;R'*CE<'9::@<:'B=A':CE<'L@<:;9C=:>'$='%>'&B8E<V6N'j',>'/@;;<8'[-A:>]>'':&$%++T(2-*,!3T(#!5()%A%'-*9%!&(,!(24,'5$%!'[KK>'Q3aQ]>'4B?;9EC8<N',)R'SCF=:'5CKU9=:'I=9J>'#8<::>

/@;;<8N',>'[QXhZ]>''/<:9?9<=G<'9=';F<'HBG<'CH'BAJ<8:9;6R'#8C;<G;9J<'HBG;C8:'B=A'8<:9:;B=G<';C'K:6GF9B;89G'A9:C8A<8>''>$,&,+4(g-8$!#'(-/("+604,#&$6T(FXaN'ZXh3bQQ>

*B=A?<8N'$>%>N'(6<8:N'.>*>N'cC?GF9UN'*>(>N'.<9=N'S>N'7TCUN'">N'5B9=<N'/>(>N'.TCF<63SBGCD:N'S>N'*@;<8N'S>N'+9=N'7>N'#BAM<;;3SC=<:N'*>N'c<6<8N'S>+>N'!C?<N'->N'789<M<N'&>N'j'&89HH9=N'c>(>'[OPPd]>''.F<'0BE9?6'4<8<BJ<E<=;'#8CM8BER'-HH9GBG6'<JB?@B;9C='CH'B';F<C863DB:<A'K8<J<=;9C='K8CM8BE'HC8'KB8<=;B??6'D<8<BJ<A'GF9?A8<='B=A'BAC?<:G<=;:>''g-8$!#'(-/(2-!+8'&,!3(#!5(2',!,0#'("+604-'-36T(aFN'Zhe3bPP>

'*B=A?<8N'$>%>N'.<9=N'S>N'j'c<:;N'*>&>'[QXXa]>''!CK9=MN':;8<::N'B=A'K:6GFC?CM9GB?':6EK;CE:'CH'GF9?A8<='CH'A9JC8G<R'('G8C::3:<G;9C=B?'B=A'?C=M9;@A9=B?':;@A6=((24,'5()%A%'-*9%!&T(W_N'QeaaY'Qebd>

*B=A?<8N'$>%>N'.<9=N'S>N',<F;BN'#>N'cC?GF9UN'*>N'j'(6<8:N'.>'[OPPP]>''!CK9=M'<HH9GBG6'B=A'K:6GFC?CM9GB?'K8CD?<E:'CH'GF9?A8<='CH'A9JC8G<>''24,'5()%A%'-*9%!&T(aFN'QPXX3QQQh>

*<8CGV6=:U9N'(>)>N'!C?<N')>(>N'j',B_T<??N'*>->'[QXXe]>'!@E@?B;9J<'B=A'GCEK<=:B;C86'<HH<G;:'CH'GCEK<;<=G<'B=A'9=GCEK<;<=G<'C='A<K8<::9J<':6EK;CE:'9='GF9?A8<=>'g-8$!#'(-/ (QN!-$9#'("+604-'-36T(F]WN'Zhb3ZXe>

*F8C@;N'#>->'j'0?<9::N'S>+>'[QXeX]>''$=;8BG?B::'GC88<?B;9C=:R'I:<:'9='B::<::9=M'8B;<8'8<?9BD9?9;6>'"+604-'-3,0#'(>8''%&,!T(bWN'aOP3aOh>

*U9==<8N'->(>N'-AM<N'7>N'(?;EB=N'S>N'j'*F<8TCCAN'5>'[OPPd]>''*<B8GF9=M'HC8';F<':;8@G;@8<'CH'GCK9=MR'('8<J9<T'B=A'G89;9L@<'CH'GB;<MC86':6:;<E:'HC8'G?B::9H69=M'TC8A:'CH'GCK9=M>'"+604-'-3,0#'(>8''%&,!T(FHdN'OQb3ObX>

*U9==<8N'->(>N'j'l9EE<83&<ED<GUN',>S>'[OPPe]>''.F<'A<J<?CKE<=;'CH'GCK9=M>''Q!!8#'(1%A,%?(-/("+604-'-36T(_bN'QQX3Qaa>''

*K<=G<N'*>5>N'*F<HH9<?AN'S>7>N'j')C=CJB=N'!>+>'[OPPd]>''#8<J<=;9=M'BAC?<:G<=;'A<K8<::9C=R'(='<JB?@B;9C='CH';F<'K8CD?<E':C?J9=M'HC8'?9H<'K8CM8BE>''g-8$!#'(-/(2-!+8'&,!3(#!5(2',!,0#'("+604-'-36T(aFT(d3Qd>

XP

Page 98: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

*CD<?N',>'->'[QXhO]>'(:6EK;C;9G'GC=H9A<=G<'9=;<8JB?:'HC8'9=A98<G;'<HH<G;:'9=':;8@G;@8B?'<L@B;9C='ECA<?:>'$='*>'+<9=FB8A;'[-A>]N':-0,-'-3,0#'(9%&4-5-'-36(FdbH'[KK>'OXPY'dQO]>'cB:F9=M;C=N')!R'(E<89GB='*CG9C?CM9GB?'(::CG9B;9C=>'

*C?CEC=N')>(>N'7<??<8N',>4>N'+<C=N'(>!>N',@<??<8N'.>$>N'+BJC89N'#>c>N'*F<BN',>.>N'<;'B?>'[OPPP]>'',@?;9K?<'8<G@88<=G<:'CH'EBWC8'A<K8<::9J<'A9:C8A<8>''Q9%$,0#!(g-8$!#'(-/ ("+604,#&$6T(F_aN'OOX3Odd>

.<9=N'S>1>N'*B=A?<8N'$>%>N'(6<8:N'.>*>N'j'cC?GF9UN'*>(>'[OPPb]>'',<A9B;9C='CH';F<'<HH<G;:'CH';F<'0BE9?6'4<8<BJ<E<=;'#8CM8BE'C='E<=;B?'F<B?;F'K8CD?<E:'CH'D<8<BJ<A'GF9?A8<='B=A'BAC?<:G<=;:>''[OPPb]>''"$%A%!&,-!(:0,%!0%T(aT(QeX3QXZ>

.<9=N'S>31>N'*B=A?<8N'$>%>N',BG79==C=N')>#>N'j'cC?GF9UN'*>(>'[OPPa]>''5CT'A9A'9;'TC8U}'cFC'A9A'9;'TC8U'HC8}',<A9B;9C='9=';F<'GC=;<_;'CH'B'ECA<8B;<A'K8<J<=;9C='<HH<G;'HC8'GF9?A8<='CH'A9JC8G<>''g-8$!#'(-/(2-!+8'&,!3(#!5(2',!,0#'("+604-'-36T(aHN'bQe3bOa>

.8BEN'S>,>N'j'!C?<N')>(>'[OPPP]>''*<?H3K<8G<9J<A'GCEK<;<=G<'B=A';F<'8<?B;9C='D<;T<<='?9H<'<J<=;:'B=A'A<K8<::9J<':6EK;CE:'9='BAC?<:G<=G<R',<A9B;C8'C8',CA<8B;C8}''g-8$!#'(-/(QN!-$9#'("+604-'-36T(F]dN'eZd3ebP>

.@:B9<N'7>N'#@:UB8N'7>N'j'*<8<9UBN'*>,>'[OPPe]>''('K8<A9G;9J<'B=A'ECA<8B;9=M'ECA<?'CH'K:6GFC:CG9B?'8<:9?9<=G<'9='BAC?<:G<=;:>''g-8$!#'(-/(Y8$+,!3(:04-'#$+4,*T(JdN'Za3bP>

cBA:TC8;FN',>->N'/9<GUEB==N'.>N'4<=:C=N',>(>N'j'!CEKB:N'4>->'[OPPa]>''!CK9=M'B=A'/<:KC=:<:';C'*;8<::'9='%BJBWC'(AC?<:G<=;:R'#:6GFCE<;89G'#8CK<8;9<:'CH';F<'/<:KC=:<:';C'*;8<::'u@<:;9C==B98<>''g-8$!#'(-/(2-998!,&6("+604-'-36T(JHN''dXQ3aQQ>

cB8=<8N'2>N'c<9::EB=N',>,>N'0<=A89GFN',>N'c9GU8BEB8B;=<N'#>N'j',C8<B@N')>'[QXXO]>'.F<'GC@8:<'CH'EBWC8'A<K8<::9C='9=';F<'CHH:K89=M'CH'A<K8<::<A'KB8<=;:R'$=G9A<=G<N'8<G@88<=G<N'B=A'8<GCJ<86>''Q$04,A%+(-/(S%!%$#'("+604,#&$6T(XdN'eXZYhPQ>

cB;<8:N'->N'j'*8C@H<N'+>(>'[QXhd]>''*CG9B?'GCEK<;<=G<'B:'B'A<J<?CKE<=;B?'GC=:;8@G;>')%A%'-*9%!&#'(1%A,%?j(JN'eX3Xe>''

c<9:VN'S>/>N',G!BD<N',>(>N'j')<==9MN',>)>'[QXXa]>'#89EB86'B=A':<GC=AB86'GC=;8C?'BEC=M'GF9?A8<='@=A<8MC9=M'E<A9GB?'K8CG<A@8<:R'(AW@:;E<=;'B:'B'H@=G;9C='CH'GCK9=M':;6?<>'g-8$!#'(-/(2-!+8'&,!3(#!5(2',!,0#'("+604-'-36N'WHT(dOaYddO>

c<9:VN'S>/>N'/@AC?KFN'7>)>N'&8B=M<8N')>(>N'j'*T<<=<6N'+>'[QXXO]>''!CM=9;9C=N'GCEK<;<=G<N'B=A'GCK9=M'9='GF9?A'B=A'BAC?<:G<=;'A<K8<::9C=R'/<:<B8GF'H9=A9=M:N'A<J<?CKE<=;B?'GC=G<8=:N';F<8BK<@;9G'9EK?9GB;9C=:>'')%A%'-*9%!&(#!5("+604-*#&4-'-36T(XN'bOe3bZd>

c<9:VN'S>/>N'*T<<=<6N'+>N'#8CHH9;;N'2>N'j'!B88N'.>'[QXXd]>'!C=;8C?38<?B;<A'D<?9<H:'B=A':<?H38<KC8;<A'A<K8<::9J<':6EK;CE:'9='?B;<'GF9?AFCCA>'g-8$!#'(-/(QN!-$9#'("+604-'-36T(F]HN'aQQ3aQh>

XQ

Page 99: 0’/-*$+$-%!-’$%...+$*.’"0’.(4+-*.bd ...

c<8=<8N'->->'[QXXP]>''#8C;<G;9J<'HBG;C8:'B=A'9=A9J9A@B?'8<:9?9<=G<>''$='*>S>',<9:<?:'j',>'*FC=UCHH'[-A:>]N'E#!5N--.(-/(@#$'6(B!&%$A%!&,-!>''%<T'1C8UR',G&8BT359??>

cC?GF9UN'*>(>N'*B=A?<8N'$>%>N',9??:BKN'/>->N'#?@EE<8N'4>(>N'&8<<=<N'*>,>N'(=A<8:C=N'->/>N')BT:C=3,G!?@8<N'*>/>N'59KU<N'7>N'j'5B9=<N'/>(>''[OPPO]>''*9_36<B8'HC??CT3@K'CH'K8<J<=;9J<'9=;<8J<=;9C=:'HC8'GF9?A8<='CH'A9JC8G<>''g-8$!#'(-/(&4%(Q9%$,0#!(I%5,0#' (Q++-0,#&,-!T(HbbT(Qhea3QhhQ>

cC?GF9UN'*>(>N'c<:;N'*>&>N'*B=A?<8N'$>%>N'.<9=N'S>1>N'!CB;:TC8;FN')>N'+<=M@BN'+>N'c<9::N'+>N'(=A<8:C=N'->/>N'&8<<=<N'*>,>N'j'&89HH9=N'c>(>'[OPPP]>''(='<_K<89E<=;B?'<JB?@B;9C='CH';F<C863DB:<A'EC;F<8'B=A'EC;F<83GF9?A'K8CM8BE:'HC8'GF9?A8<='CH'A9JC8G<>''g-8$!#'(-/(2-!+8'&,!3(#!5(2',!,0#'("+604-'-36T(WbT(had3hZb>

XO


! D, H E - Microsoft › media › 3432 › pedo_31h... · 2019-01-22 · 4 1d ,1 ! 0, ! +% h !d+ e 5 & 4 0 4 4 / / 8 / 4 / & " ". 0 / ! . 0 ! 4, & 8 / . # /, = 2 5 , ! & 0 , + !

! D, H E - Microsoft › media › 3432 › pedo_31h... · 2019-01-22 · 4 1d ,1 ! 0, ! +% h !d+ e 5 & 4 0 4 4 / / 8 / 4 / & " ". 0 / ! . 0 ! 4, & 8 / . # /, = 2 5 , ! & 0 , + !

BD Jose Ramon Parama Gabia

BD Jose Ramon Parama Gabia

Grupo Puma€¦ · 4 w x $ ) ˛ ˇ v +$ 1 >˘ ˇ v +$ 1 >˘ ˆ $ 1 $ $ 4 * gq & $ (6 1 - ˝ ˆ 4 * gq 0 $ ˛ 5 - + $ $ 4 4 0 , 0 $ 0 4 --- / ˛ $ ˆ / & 5 $ ) w 0 0 , ---x-> + ˆ

Grupo Puma€¦ · 4 w x $ ) ˛ ˇ v +$ 1 >˘ ˇ v +$ 1 >˘ ˆ $ 1 $ $ 4 * gq & $ (6 1 - ˝ ˆ 4 * gq 0 $ ˛ 5 - + $ $ 4 4 0 , 0 $ 0 4 --- / ˛ $ ˆ / & 5 $ ) w 0 0 , ---x-> + ˆ

novita.co.kr · .M08 4.2kg 71 BD-RA673 BD-RA633 -61 1. ELI q. O 3. ELI Ch. -g-2È €ilgË(12A'16page) RICH RICH BD-RA673S BD-RA633S 47W 156mm 27 220V, 60HZ 1,450w O.OÞO.75MPa (OÞ7.5kgf/cm2)

novita.co.kr · .M08 4.2kg 71 BD-RA673 BD-RA633 -61 1. ELI q. O 3. ELI Ch. -g-2È €ilgË(12A'16page) RICH RICH BD-RA673S BD-RA633S 47W 156mm 27 220V, 60HZ 1,450w O.OÞO.75MPa (OÞ7.5kgf/cm2)

!4+(C2*) · 2020. 7. 29. · !"4+(C2*) , 1 4 04 5 . 2 v pg jao~m z q c /" S*y 2L ... 1/412 .2 4 1 40 u ¤¬©¥ «ª! K>Z-5 63 314, 564, 7 0 7, #! % 0 4 2 0 0 4 2 0 0 4 2 0 0 4 2

!4+(C2*) · 2020. 7. 29. · !"4+(C2*) , 1 4 04 5 . 2 v pg jao~m z q c /" S*y 2L ... 1/412 .2 4 1 40 u ¤¬©¥ «ª! K>Z-5 63 314, 564, 7 0 7, #! % 0 4 2 0 0 4 2 0 0 4 2 0 0 4 2

)/5' ) /! / *' &.%('-! ! - ZiemiaPucka.info · +, ,'" '"+$2 '" 2/ (( ." 0 '" *( 1. %"+$" ! &"53' % 9/+"5.+0/+,$"& 0& *2/& " 0 )(&"' (,/& 0"&" *0 % #' .'- 05, &" -%" ''4" % - "4 -

)/5' ) /! / *' &.%('-! ! - ZiemiaPucka.info · +, ,'" '"+$2 '" 2/ (( ." 0 '" *( 1. %"+$" ! &"53' % 9/+"5.+0/+,$"& 0& *2/& " 0 )(&"' (,/& 0"&" *0 % #' .'- 05, &" -%" ''4" % - "4 -

Katalog produktów - BD

Katalog produktów - BD

Laur entid s - Sépaq · 6 1 0 5 2 0 5 1 0 5 0 0 4 7 0 4 60 4 5 0 4 4 0 4 3 0 4 20 4 1 0 4 0 0 5 8 0 4 7 0 4 30 4 0 0 3 9 0 5 6 0 4 9 0 4 8 0 4 7 0 4 5 0 4 3 0 4 2 0 41 0 0 6 2 0

Laur entid s - Sépaq · 6 1 0 5 2 0 5 1 0 5 0 0 4 7 0 4 60 4 5 0 4 4 0 4 3 0 4 20 4 1 0 4 0 0 5 8 0 4 7 0 4 30 4 0 0 3 9 0 5 6 0 4 9 0 4 8 0 4 7 0 4 5 0 4 3 0 4 2 0 41 0 0 6 2 0

BD&C White Paper 03

BD&C White Paper 03

I/02.1 HLAVNÍ VÝKRES ŠUMPERK · 5 4 0 5 3 0 5 2 0 5 1 0 5 0 0 49 0 4 8 0 4 7 0 4 6 0 450 44 0 43 0 420 410 4 0 0 3 9 0 3 8 0 3 7 0 3 6 0 3 5 0 3 4 0 3 3 0 3 2 0 6 0 0 5 9 0 5 8

I/02.1 HLAVNÍ VÝKRES ŠUMPERK · 5 4 0 5 3 0 5 2 0 5 1 0 5 0 0 49 0 4 8 0 4 7 0 4 6 0 450 44 0 43 0 420 410 4 0 0 3 9 0 3 8 0 3 7 0 3 6 0 3 5 0 3 4 0 3 3 0 3 2 0 6 0 0 5 9 0 5 8

Przystań BD 2013

Przystań BD 2013

Integracja informacji o pacjencie przy jego łóżku – w ... · 2 0 0 7 M T-1 4 4 3-2 0 0 7 M T-1 4 6 8-2 0 0 7 M T-1 4 4 4-2 0 0 7 W tradycyjnych systemach przygotowanie pacjenta

Integracja informacji o pacjencie przy jego łóżku – w ... · 2 0 0 7 M T-1 4 4 3-2 0 0 7 M T-1 4 6 8-2 0 0 7 M T-1 4 4 4-2 0 0 7 W tradycyjnych systemach przygotowanie pacjenta

bimbeluskp.com˚##*("˚6"4! ˛ !˛˚()’/˛&"˚’˛%*0 "("˚6"˚#!˛0()#"+ ˛,"’)’"˚-˛ ˛0˜’+""˚(˛0%"/"-*˚+),("˚ "."’6"˚#//)#" ˛,"’)’"˚-˛,"˚##"0"˚(˛0%"/"-’*/˛˛(˜’*˚+),("˚

bimbeluskp.com˚##*("˚6"4! ˛ !˛˚()’/˛&"˚’˛%*0 "("˚6"˚#!˛0()#"+ ˛,"’)’"˚-˛ ˛0˜’+""˚(˛0%"/"-*˚+),("˚ "."’6"˚#//)#" ˛,"’)’"˚-˛,"˚##"0"˚(˛0%"/"-’*/˛˛(˜’*˚+),("˚

ATELIER BD nr.1

ATELIER BD nr.1

23H BD 2013 (P-Hulk)

23H BD 2013 (P-Hulk)

2 2 4 - WordPress.com€¦ · a) б) P 2,0 p:2x 3y 4 0 2 2 3 0 4 0 4 4 0 00 Pp P 4,4 p:x 3y 6 0 4 3 4 6 0 14 0 Pp 2. АПСЦИСА –> х-координата тачке a) б)

2 2 4 - WordPress.com€¦ · a) б) P 2,0 p:2x 3y 4 0 2 2 3 0 4 0 4 4 0 00 Pp P 4,4 p:x 3y 6 0 4 3 4 6 0 14 0 Pp 2. АПСЦИСА –> х-координата тачке a) б)

BD General 3

BD General 3

I6J/DST/`@[/ DT/7^/4:XB- .2Q UR0Mtoursimagery.wingontravel.com/Site/Upload/Group... · L^ 19 1?D8< /5;EYP_ ~ aXWO gQmo gQmo * aXWO gQmo gQmo jVi 4@?BD 38C?BD 1?D8

I6J/DST/`@[/ DT/7^/4:XB- .2Q UR0Mtoursimagery.wingontravel.com/Site/Upload/Group... · L^ 19 1?D8< /5;EYP_ ~ aXWO gQmo gQmo * aXWO gQmo gQmo jVi 4@?BD 38C?BD 1?D8

bd eco situ

bd eco situ

01*23$34’5-*36* *7*8* · !"#$%&’()*+’(,-*’(*.//01*23$34’5-*36*!*7*8*!"#$"#!%&’()*+,#$"#-"#./012(3*,#4"#5"#60&7’8,#$"#5"#4%)29# *:4#5%;#$’0&?0&0###9:4#.0

01*23$34’5-*36* *7*8* · !"#$%&’()*+’(,-*’(*.//01*23$34’5-*36*!*7*8*!"#$"#!%&’()*+,#$"#-"#./012(3*,#4"#5"#60&7’8,#$"#5"#4%)29# *:4#5%;#$’0&?0&0###9:4#.0