Gary Smart - Practical Python Prog for IoT_ Build advanc IoT projs Raspberry Pi 4, MQTT, RESTful APIs, WebSockets(2020) FULL_EN
Gary Smart - Practical Python Prog for IoT_ Build advanc IoT projs Raspberry Pi 4, MQTT, RESTful APIs, WebSockets(2020) FULL_EN
IRU,R7
#VJMEBEWBODFE*P5QSPKFDUTVTJOHB3BTQCFSSZ1J.255
3&45GVM"1*T8FC4PDLFUTBOE1ZUIPO
*DU\6PDUW
%,50,1*+$0080%$,
3UDFWLFDO3\WKRQ3URJUDPPLQJIRU,R7
+,5.%#$0`a`9797`'0`1(%/$%*#
2!.5`!""+.0`$/`!!*`) !`%*`0$!`,.!,.0%+*`+"`0$%/`++'`0+`!*/1.!`0$!`1.5`+"`0$!`%*"+.)0%+*`,.!/!*0! K
+3!2!.L`0$!`%*"+.)0%+*`+*0%*! `%*`0$%/`++'`%/`/+( `3%0$+10`3..*05L`!%0$!.`!4,.!//`+.`%),(%! K`!%0$!.`0$!
10$+.Q/RL`*+.`'0`1(%/$%*#`+.`%0/` !(!./`* ` %/0.%10+./L`3%((`!`$!( `(%(!`"+.`*5` )#!/`1/! `+.`((!#!
0+`$2!`!!*`1/! ` %.!0(5`+.`%* %.!0(5`5`0$%/`++'K
%./0`,1(%/$! M`0+!.`9797
.+ 10%+*`.!"!.!*!M`88<8797
1(%/$! `5`'0`1(%/$%*#`0 K
%2!.5`(!
:<`%2!.5`0.!!0
%.)%*#$)
:`9L` K
`@>?_8_?:?@?_9;=_8
XXXQBDLUDPN
1BDLUDPN
:K\VXEVFULEH"
,!* `(!//`0%)!`(!.*%*#`* `)+.!`0%)!`+ %*#`3%0$`,.0%(`!++'/`* `% !+/
".+)`+2!.`;L777`%* 1/0.5`,.+"!//%+*(/
),.+2!`5+1.`(!.*%*#`3%0$`'%((`(*/`1%(0`!/,!%((5`"+.`5+1
!0``".!!`!++'`+.`2% !+`!2!.5`)+*0$
1((5`/!.$(!`"+.`!/5`!//`0+`2%0(`%*"+.)0%+*
% `5+1`'*+3`0$0`'0`+""!./`!++'`2!./%+*/`+"`!2!.5`++'`,1(%/$! L`3%0$``*
!1`"%(!/`2%((!O`+1`*`1,#. !`0+`0$!`!++'`2!./%+*`0`XXXQBDLUDPN`* `/``,.%*0
++'`1/0+)!.L`5+1`.!`!*0%0(! `0+`` %/+1*0`+*`0$!`!++'`+,5K` !0`%*`0+1$`3%0$`1/`0
DVTUPNFSDBSF!QBDLUQVCDPN`"+.`)+.!` !0%(/K
0`XXXQBDLUDPNL`5+1`*`(/+`.! ``+((!0%+*`+"`".!!`0!$*%(`.0%(!/L`/%#*`1,`"+.`
.*#!`+"`".!!`*!3/(!00!./L`* `.!!%2!`!4(1/%2!` %/+1*0/`* `+""!./`+*`'0`++'/`*
!++'/K`
&RQWULEXWRUV
$ERXWWKHDXWKRU
.5`).0`%/``/!*%+.`/+"03.!`!*#%*!!.`* `*` +`* `%*0!#.0%+*`!4,!.0K`$!
+))!*!)!*0`+"` .5W/` `.!!.`+%*% ! `3%0$`0$!`%.0$`+"`0$!`+.( `% !`!`*
$/`#.+3*`%*`(%*!`3%0$`0$!`%*0!.*!0`* `!)!.#%*#`0!$*+(+#%!/`!2!.`/%*!L`%*(1 %*#`0$!`.%/!
+"`)+%(!`,$+*!/`* `0(!0/L`!)! ! `0!$*+(+#%!/L``* `1/%*!//`)%#.0%+*`0+`0$!
(+1 L`* `%*`.!!*0`5!./L`0$!` +`.!2+(10%+*K` .5W/`,.0%(`!4,!.%!*!`%*(1 !/`+0$
0!$*%(`* `)*#!)!*0`,+/%0%+*/`* `!4,!.%!*!`%*`+0$`/)((`* `(.#!`+.#*%60%+*/L
%*(1 %*#` !3(!00_'. L`!'%*`*%2!./%05L`* `%"%` 5 .+_*#+L`+10%-1!
+*/1(0%*#`"%.)/L`* `%**+20%2!`%*0!.*!0`* ` +`/0.0_1,/K
3DFNWLVVHDUFKLQJIRUDXWKRUVOLNH\RX
"`5+1W.!`%*0!.!/0! `%*`!+)%*#`*`10$+.`"+.`'0L`,(!/!`2%/%0`BVUIPSTQBDLUQVCDPN
* `,,(5`0+ 5K`!`$2!`3+.'! `3%0$`0$+1/* /`+"` !2!(+,!./`* `0!$`,.+"!//%+*(/L
&1/0`(%'!`5+1L`0+`$!(,`0$!)`/$.!`0$!%.`%*/%#$0`3%0$`0$!`#(+(`0!$`+))1*%05K`+1`*
)'!``#!*!.(`,,(%0%+*L`,,(5`"+.``/,!%"%`$+0`0+,%`0$0`3!`.!`.!.1%0%*#`*`10$+.
"+.L`+.`/1)%0`5+1.`+3*`% !K
7DEOHRI&RQWHQWV
3UHIDFH
6HFWLRQ3URJUDPPLQJZLWK3\WKRQDQGWKH5DVSEHUU\
3L
&KDSWHU6HWWLQJ8S\RXU'HYHORSPHQW(QYLURQPHQW
7HFKQLFDOUHTXLUHPHQWV
8QGHUVWDQGLQJ\RXU3\WKRQLQVWDOODWLRQ
6HWWLQJXSD3\WKRQYLUWXDOHQYLURQPHQW
,QVWDOOLQJ3\WKRQ*3,2SDFNDJHVZLWKSLS
$QDWRP\RIDYLUWXDOHQYLURQPHQW
$OWHUQDWLYHPHWKRGVRIH[HFXWLQJD3\WKRQVFULSW
8VLQJVXGRZLWKLQYLUWXDOHQYLURQPHQWV
([HFXWLQJ3\WKRQVFULSWVRXWVLGHRIWKHLUYLUWXDOHQYLURQPHQWV
5XQQLQJD3\WKRQVFULSWDWERRW
&RQILJXULQJWKH*3,2LQWHUIDFHRQRXU5DVSEHUU\3L
&RQILJXULQJWKH3L*3,2GDHPRQ
6XPPDU\
)XUWKHUUHDGLQJ
&KDSWHU*HWWLQJ6WDUWHGZLWK3\WKRQDQG,R7
7HFKQLFDOUHTXLUHPHQWV
&UHDWLQJDEUHDGERDUGSURWRW\SHFLUFXLW
8QGHUVWDQGLQJWKHEUHDGERDUG
3RVLWLRQLQJDQGFRQQHFWLQJWKHSXVKEXWWRQ
3RVLWLRQLQJDQGFRQQHFWLQJWKH/('
3RVLWLRQLQJDQGFRQQHFWLQJWKHUHVLVWRU
5HDGLQJDQHOHFWURQLFVFKHPDWLFGLDJUDP
5HDGLQJWKHSXVKEXWWRQVFKHPDWLFFRQQHFWLRQ
5HDGLQJWKH/('DQGUHVLVWRUVFKHPDWLFFRQQHFWLRQ
,QWURGXFLQJJURXQGFRQQHFWLRQVDQGV\PEROV
([SORULQJWZRZD\VWRIODVKDQ/('LQ3\WKRQ
%OLQNLQJZLWK*3,2=HUR
,PSRUWV
3LQ)DFWRU\FRQILJXUDWLRQ
%OLQNLQJWKH/('
%OLQNLQJZLWK3L*3,2
,PSRUWV
3L*3,2DQGSLQFRQILJXUDWLRQ
%OLQNLQJWKH/('
(!`+"`+*0!*0/
&RPSDULQJWKH*3,2=HURDQG3L*3,2H[DPSOHV
([SORULQJWZRZD\VWRLQWHJUDWHDSXVKEXWWRQLQ3\WKRQ
5HVSRQGLQJWRDEXWWRQSUHVVZLWK*3,2=HUR
,PSRUWV
%XWWRQSUHVVHGKDQGOHU
%XWWRQFRQILJXUDWLRQ
3UHYHQWLQJWKHPDLQWKUHDGIURPWHUPLQDWLQJ
5HVSRQGLQJWRDEXWWRQSUHVVZLWK3L*3,2
%XWWRQSLQFRQILJXUDWLRQ
%XWWRQSUHVVHGKDQGOHU
&UHDWLQJ\RXUILUVW,R7SURJUDP
5XQQLQJDQGWHVWLQJWKH3\WKRQVHUYHU
8QGHUVWDQGLQJWKHVHUYHUFRGH
,PSRUWV
9DULDEOHGHILQLWLRQV
7KHUHVROYHBWKLQJBQDPH PHWKRG
7KHJHWBODVWHVWBGZHHW PHWKRG
7KHSROOBGZHHWVBIRUHYHU PHWKRG
7KHSURFHVVBGZHHW PHWKRG
7KHPDLQSURJUDPHQWU\SRLQW
([WHQGLQJ\RXU,R7SURJUDP
,PSOHPHQWLQJDGZHHWLQJEXWWRQ
3L*3,2/('DVDFODVV
6XPPDU\
4XHVWLRQV
)XUWKHUUHDGLQJ
&KDSWHU1HWZRUNLQJZLWK5(67IXO$3,VDQG:HE6RFNHWV8VLQJ)ODVN
7HFKQLFDOUHTXLUHPHQWV
,QWURGXFLQJWKH)ODVNPLFURVHUYLFHVIUDPHZRUN
&UHDWLQJD5(67IXO$3,VHUYLFHZLWK)ODVN5(67IXO
5XQQLQJDQGWHVWLQJWKH3\WKRQVHUYHU
8QGHUVWDQGLQJWKHVHUYHUFRGH
,PSRUWV
)ODVNDQG)ODVN5(67IXO$3,LQVWDQFHYDULDEOHV
*OREDOYDULDEOHV
7KHLQLWBOHG PHWKRG
6HUYLQJDZHESDJH
7KH/('&RQWUROFODVV
7KHJHW FODVVPHWKRG
7KHSRVW FODVVPHWKRG
/('&RQWUROOHUUHJLVWUDWLRQDQGVWDUWLQJWKHVHUYHU
,QWURGXFWLRQWR3:0
$GGLQJD5(67IXO$3,FOLHQWZHESDJH
8QGHUVWDQGLQJWKHFOLHQWVLGHFRGH
-DYD6FULSWLPSRUWV
7KHJHW6WDWH IXQFWLRQ
S`%%`T
(!`+"`+*0!*0/
7KHSRVW8SGDWH IXQFWLRQ
7KHXSGDWH&RQWUROV IXQFWLRQ
5HJLVWHULQJHYHQWKDQGOHUVZLWKM4XHU\
7KHZHESDJH+70/
&UHDWLQJD:HE6RFNHWVHUYLFHZLWK)ODVN6RFNHW,2
5XQQLQJDQGWHVWLQJWKH3\WKRQVHUYHU
6HUYHUFRGHZDONWKURXJK
,PSRUWV
)ODVNDQG)ODVN5(67IXO$3,LQVWDQFHYDULDEOHV
6HUYLQJDZHESDJH
&RQQHFWLQJDQGGLVFRQQHFWLQJKDQGOHUV
/('KDQGOHU
6WDUWLQJWKHVHUYHU
$GGLQJD:HE6RFNHWFOLHQWZHESDJH
8QGHUVWDQGLQJWKHFOLHQWVLGHFRGH
,PSRUWV
6RFNHW,2FRQQHFWDQGGLVFRQQHFWKDQGOHUV
7KHRQ/('KDQGOHU
7KHGRFXPHQWUHDG\IXQFWLRQ
7KHZHESDJH+70/
&RPSDULQJWKH5(67IXO$3,DQG:HE6RFNHWVHUYHUV
6XPPDU\
4XHVWLRQV
)XUWKHUUHDGLQJ
&KDSWHU1HWZRUNLQJZLWK04773\WKRQDQGWKH0RVTXLWWR0477
%URNHU
7HFKQLFDOUHTXLUHPHQWV
,QVWDOOLQJWKH0RVTXLWWR0477EURNHU
/HDUQLQJ0477E\H[DPSOH
3XEOLVKLQJDQGVXEVFULELQJ0477PHVVDJHV
([SORULQJ0477WRSLFVDQGZLOGFDUGV
$SSO\LQJ4XDOLW\RI6HUYLFHWRPHVVDJHV
5HWDLQLQJPHVVDJHVIRUODWHUGHOLYHU\
3XEOLVKLQJDUHWDLQHGPHVVDJH
&UHDWLQJGXUDEOHFRQQHFWLRQV
6D\LQJJRRGE\HZLWKD:LOO
8VLQJ0477EURNHUVHUYLFHV
,QWURGXFLQJWKH3\WKRQ3DKR0477FOLHQWOLEUDU\
&RQWUROOLQJDQ/('ZLWK3\WKRQDQG0477
5XQQLQJWKH/('0477H[DPSOH
8QGHUVWDQGLQJWKHFRGH
,PSRUWV
*OREDOYDULDEOHV
7KHVHWBOHGBOHYHO GDWD PHWKRG
7KHRQBFRQQHFW DQGRQBGLVFRQQHFW 0477FDOOEDFNPHWKRGV
7KHRQBPHVVDJH 0477FDOOEDFNPHWKRG
S`%%%`T
(!`+"`+*0!*0/
6HFWLRQ3UDFWLFDO(OHFWURQLFVIRU,QWHUDFWLQJZLWKWKH
3K\VLFDO:RUOG
&KDSWHU&RQQHFWLQJ<RXU5DVSEHUU\3LWRWKH3K\VLFDO:RUOG
7HFKQLFDOUHTXLUHPHQWV
8QGHUVWDQGLQJ5DVSEHUU\3LSLQQXPEHULQJ
([SORULQJSRSXODU3\WKRQ*3,2OLEUDULHV
5HYLHZLQJ*3,2=HURbVLPSOHLQWHUIDFLQJIRUEHJLQQHUV
5HYLHZLQJ53L*3,2bDORZOHYHO*3,2IRUEHJLQQHUV
5HYLHZLQJ&LUFXLW3\WKRQDQG%OLQNDbLQWHUIDFLQJIRUFRPSOH[GHYLFHV
5HYLHZLQJ3L*3,2bDORZOHYHO*3,2OLEUDU\
([SORULQJUHPRWH*3,2ZLWK3L*3,2 DQG*3,2=HUR
5HYLHZLQJ63,'HYDQG60%XVbGHGLFDWHG63,DQG,&OLEUDULHV
:K\3L*3,2"
([SORULQJ5DVSEHUU\3LHOHFWURQLFLQWHUIDFLQJRSWLRQV
8QGHUVWDQGLQJGLJLWDO,2
8QGHUVWDQGLQJDQDORJ,2
8QGHUVWDQGLQJ3XOVH:LGWK0RGXODWLRQ
&UHDWLQJ3:0VLJQDOV
8QGHUVWDQGLQJ63,,&DQGZLUHLQWHUIDFHV
8QGHUVWDQGLQJWKHVHULDO8$57SURWRFRO
,QWHUIDFLQJZLWKDQDQDORJWRGLJLWDOFRQYHUWHU
%XLOGLQJWKH$'6$'&FLUFXLW
0DNLQJVXUHWKH$'6LVFRQQHFWHGWR\RXU5DVSEHUU\3L
5HDGLQJDQDORJLQSXWZLWKWKH$'6
8QGHUVWDQGLQJWKHFRGH
,PSRUWV
$'6VHWXSDQGFRQILJXUDWLRQ
*OREDOYDULDEOHV
3URJUDPHQWU\SRLQW
8VLQJ3:0WRFRQWURODQ/('
8QGHUVWDQGLQJWKHFRGH
*OREDOYDULDEOHV
S`%2`T
(!`+"`+*0!*0/
5DQJHPDSSLQJIXQFWLRQ
*HQHUDWLQJWKH3:0VLJQDO
9LVXDOO\H[SORULQJ3:0ZLWK3L6FRSH
9LVXDOL]LQJVRIWZDUHDQGKDUGZDUHWLPHG3:0
6XPPDU\
4XHVWLRQV
)XUWKHUUHDGLQJ
&KDSWHU(OHFWURQLFVIRUWKH6RIWZDUH(QJLQHHU
7HFKQLFDOUHTXLUHPHQWV
)LWWLQJRXW\RXUZRUNVKRS
%X\LQJHOHFWURQLFPRGXOHVDQGFRPSRQHQWV
3XUFKDVLQJORVHFRPSRQHQWV
3XUFKDVLQJRSHQVRXUFHKDUGZDUHPRGXOHV
.HHSLQJ\RXU5DVSEHUU\3LVDIH
7KUHHZD\VHOHFWURQLFFRPSRQHQWVIDLO
(OHFWURQLFVLQWHUIDFLQJSULQFLSOHVIRU*3,2FRQWURO
2KP V/DZDQGSRZHU
.LUFKKRII VFLUFXLWODZV
:K\DUHZHXVLQJD2KPUHVLVWRUIRUWKH/('FLUFXLW"
&DOFXODWLQJWKHUHVLVWRUYDOXH
)DFWRULQJLQWKH5DVSEHUU\3L VFXUUHQWOLPLWV
&DOFXODWLQJWKHUHVLVWRU VSRZHUGLVVLSDWLRQ
([SORULQJGLJLWDOHOHFWURQLFV
'LJLWDORXWSXW
'LJLWDOLQSXW
8VLQJSXOOXSDQGSXOOGRZQUHVLVWRUV
7KHUHVLVWRUVROXWLRQ
7KHFRGHVROXWLRQ
([SORULQJDQDORJHOHFWURQLFV
$QDORJRXWSXW
$QDORJLQSXW
9ROWDJHGLYLGHUV
8QGHUVWDQGLQJORJLFOHYHOFRQYHUVLRQ
9ROWDJHGLYLGHUVDVORJLFOHYHOFRQYHUWHUV
/RJLFOHYHOFRQYHUWHU,&VDQGPRGXOHV
&RPSDULQJYROWDJHGLYLGHUVDQGORJLFOHYHOFRQYHUWHUV
6XPPDU\
4XHVWLRQV
)XUWKHUUHDGLQJ
6HFWLRQ,R73OD\JURXQG3UDFWLFDO([DPSOHVWR,QWHUDFW
ZLWKWKH3K\VLFDO:RUOG
&KDSWHU7XUQLQJ7KLQJV2QDQG2II
7HFKQLFDOUHTXLUHPHQWV
S`2`T
(!`+"`+*0!*0/
([SORULQJDUHOD\GULYHUFLUFXLW
'HWHUPLQLQJDORDG VYROWDJHDQGFXUUHQW
0HDVXULQJWKHFXUUHQWUHTXLUHPHQWRID'&PRWRU
0HDVXULQJWKHFXUUHQWUHTXLUHPHQWRIDUHOD\DQG/('
8VLQJDQRSWRFRXSOHUDVDVZLWFK
%XLOGLQJWKHRSWRFRXSOHUFLUFXLW
&RQWUROOLQJWKHRSWRFRXSOHUZLWK3\WKRQ
8VLQJDWUDQVLVWRUDVDVZLWFK
%XLOGLQJWKH026)(7FLUFXLW
&RQWUROOLQJWKH026)(7ZLWK3\WKRQ
8VLQJDUHOD\DVDVZLWFK
%XLOGLQJWKHUHOD\GULYHUFLUFXLW
&RQWUROOLQJWKH5HOD\'ULYHU&LUFXLWZLWK3\WKRQ
6XPPDU\
4XHVWLRQV
)XUWKHUUHDGLQJ
&KDSWHU/LJKWV,QGLFDWRUVDQG'LVSOD\LQJ,QIRUPDWLRQ
7HFKQLFDOUHTXLUHPHQWV
0DNLQJFRORUZLWKDQ5*%/('DQG3:0
&UHDWLQJWKH5*%/('FLUFXLW
5XQQLQJDQGH[SORULQJWKH5*%/('FRGH
&RQWUROOLQJDPXOWLFRORU$3$/('VWULSZLWK63,
&UHDWLQJWKH$3$FLUFXLW
3RZHULQJWKH$3$FLUFXLW
&RQILJXULQJDQGUXQQLQJWKH$3$/('VWULSFRGH
$3$/('VWULSFRGHZDONWKURXJK
'LVFXVVLRQRI$3$DQGWKH63,LQWHUIDFH
$3$/('VWULSWURXEOHVKRRWLQJWLSV
8VLQJDQ2/('GLVSOD\
&RQQHFWLQJWKH2/('GLVSOD\
9HULI\LQJZKHWKHUWKH2/('GLVSOD\LVFRQQHFWHG
&RQILJXULQJDQGUXQQLQJWKH2/('H[DPSOH
2/('FRGHZDONWKURXJK
0DNLQJVRXQGZLWKEX]]HUVDQG3:0
%XLOGLQJWKH5777/FLUFXLW
5XQQLQJWKH5777/PXVLFH[DPSOH
6XPPDU\
4XHVWLRQV
)XUWKHUUHDGLQJ
&KDSWHU0HDVXULQJ7HPSHUDWXUH+XPLGLW\DQG/LJKW/HYHOV
7HFKQLFDOUHTXLUHPHQWV
0HDVXULQJWHPSHUDWXUHDQGKXPLGLW\
&UHDWLQJWKH'+7'+7FLUFXLW
S`2%`T
(!`+"`+*0!*0/
5XQQLQJDQGH[SORULQJWKH'+7'+7FRGH
'HWHFWLQJOLJKW
&UHDWLQJDQ/'5OLJKWGHWHFWLQJFLUFXLW
5XQQLQJWKH/'5H[DPSOHFRGH
/'5FRGHZDONWKURXJK
/'5FRQILJXUDWLRQVXPPDU\
'HWHFWLQJPRLVWXUH
&RPSDULQJGHWHFWLRQRSWLRQV
6XPPDU\
4XHVWLRQV
&KDSWHU0RYHPHQWZLWK6HUYRV0RWRUVDQG6WHSSHUV
7HFKQLFDOUHTXLUHPHQWV
8VLQJ3:0WRURWDWHDVHUYR
&RQQHFWLQJDVHUYRWR\RXU5DVSEHUU\3L
+RZDVHUYRLVFRQWUROOHGXVLQJ3:0
5XQQLQJDQGH[SORULQJWKHVHUYRFRGH
'LIIHUHQWW\SHVRIVHUYRV
8VLQJDQ+%ULGJH,&WRFRQWURODPRWRU
%XLOGLQJWKHPRWRUGULYHUFLUFXLW
5XQQLQJWKHH[DPSOH+%ULGJHFRGHWRFRQWURODPRWRU
PRWRUS\
PRWRUBFODVVS\
,QWURGXFWLRQWRVWHSSHUPRWRUFRQWURO
&RQQHFWLQJWKHVWHSSHUPRWRUWRWKH/'FLUFXLW
5XQQLQJDQGH[SORULQJWKHVWHSSHUPRWRUFRGH
6XPPDU\
4XHVWLRQV
&KDSWHU0HDVXULQJ'LVWDQFHDQG'HWHFWLQJ0RYHPHQW
7HFKQLFDOUHTXLUHPHQWV
'HWHFWLQJPRYHPHQWZLWKD3,5VHQVRU
&UHDWLQJWKH3,5VHQVRUFLUFXLW
5XQQLQJDQGH[SORULQJWKH3,5VHQVRUFRGH
0HDVXULQJGLVWDQFHZLWKDQXOWUDVRQLFVHQVRU
+RZDQXOWUDVRQLFGLVWDQFHVHQVRUZRUNV
+&65GLVWDQFHPHDVXUHPHQWSURFHVV
%XLOGLQJWKH+&65FLUFXLW
5XQQLQJDQGH[SORULQJWKH+&65H[DPSOHFRGH
'HWHFWLQJPRYHPHQWDQGGLVWDQFHZLWK+DOOHIIHFWVHQVRUV
&UHDWLQJD+DOOHIIHFWVHQVRUFLUFXLW
5XQQLQJDQGH[SORULQJWKH+DOOHIIHFWVHQVRUFRGH
6XPPDU\
4XHVWLRQV
S`2%%`T
(!`+"`+*0!*0/
&KDSWHU$GYDQFHG,R73URJUDPPLQJ&RQFHSWV7KUHDGV$V\QF,2
DQG(YHQW/RRSV
7HFKQLFDOUHTXLUHPHQWV
%XLOGLQJDQGWHVWLQJRXUFLUFXLW
%XLOGLQJWKHUHIHUHQFHFLUFXLW
5XQQLQJWKHH[DPSOHV
([SORULQJWKHHYHQWORRSDSSURDFK
([SORULQJDWKUHDGHGDSSURDFK
([SORULQJWKHSXEOLVKHUVXEVFULEHUDOWHUQDWLYH
([SORULQJDQ$V\QF,2DSSURDFK
$QDV\QFKURQRXVH[SHULPHQW
6XPPDU\
4XHVWLRQV
)XUWKHUUHDGLQJ
&KDSWHU,R79LVXDOL]DWLRQDQG$XWRPDWLRQ3ODWIRUPV
7HFKQLFDOUHTXLUHPHQWV
7ULJJHULQJDQ,)777$SSOHWIURP\RXU5DVSEHUU\3L
&UHDWLQJWKHWHPSHUDWXUHPRQLWRULQJFLUFXLW
&UHDWLQJDQGFRQILJXULQJDQ,)777$SSOHW
7ULJJHULQJDQ,)777:HEKRRN
7ULJJHULQJDQ,)777$SSOHWLQ3\WKRQ
$FWLRQLQJ\RXU5DVSEHUU\3LIURPDQ,)777$SSOHW
0HWKRGbXVLQJWKHGZHHWLRVHUYLFHDVDQLQWHUPHGLDU\
0HWKRGbFUHDWLQJD)ODVN5(67IXOVHUYLFH
&UHDWLQJWKH/('FLUFXLW
5XQQLQJWKH,)777DQG/('3\WKRQSURJUDP
&UHDWLQJWKH,)777$SSOHW
&RQWUROOLQJWKH/('IURPDQHPDLO
,)777WURXEOHVKRRWLQJ
9LVXDOL]LQJGDWDZLWKWKH7KLQJ6SHDNSODWIRUP
&RQILJXULQJWKH7KLQN6SHDNSODWIRUP
&RQILJXULQJDQGUXQQLQJWKH7KLQN6SHDN3\WKRQSURJUDP
2WKHU,R7DQGDXWRPDWLRQSODWIRUPVIRUIXUWKHUH[SORUDWLRQ
=DSLHU
,)777SODWIRUP
7KLQJV%RDUG,R7SODWIRUP
+RPH$VVLVWDQW
$PD]RQ:HE6HUYLFHV $:6
0LFURVRIW$]XUH,%0:DWVRQDQG*RRJOH&ORXG
6XPPDU\
4XHVWLRQV
&KDSWHU7\LQJ,W$OO7RJHWKHU$Q,R7&KULVWPDV7UHH
7HFKQLFDOUHTXLUHPHQWV
S`2%%%`T
(!`+"`+*0!*0/
2YHUYLHZRIWKH,R7&KULVWPDVWUHH
%XLOGLQJWKH,R7UHHFLUFXLW
7KUHH,R7UHHVHUYLFHSURJUDPV
&RQILJXULQJUXQQLQJDQGXVLQJWKH7UHH$3,VHUYLFH
&RQILJXULQJWKH7UHH$3,VHUYLFH
5XQQLQJWKH7UHH$3,VHUYLFH
&RQILJXULQJUXQQLQJDQGXVLQJWKH7UHH0477VHUYLFH
&RQILJXULQJWKH7UHH0477VHUYLFH
5XQQLQJWKH7UHH0477VHUYLFHSURJUDP
,QWHJUDWLQJWKH,R7UHHZLWKGZHHWLR
&RQILJXULQJWKH7UHH0477VHUYLFH
5XQQLQJWKHGZHHWLQWHJUDWLRQVHUYLFHSURJUDP
,QWHJUDWLQJZLWKHPDLODQG*RRJOH$VVLVWDQWYLD,)777
,QWHJUDWLRQZLWKHPDLO
,QWHJUDWLRQZLWK*RRJOH$VVLVWDQW
,GHDVDQGVXJJHVWLRQVWRH[WHQG\RXU,R7UHH
6XPPDU\
4XHVWLRQV
$VVHVVPHQWV
2WKHU%RRNV<RX0D\(QMR\
,QGH[
S`%4`T
3UHIDFH
!(+)!`0+`.0%(`50$+*`.+#.))%*#`"+.` +K`$!`"+1/`+"`0$%/`++'`%/`!*0!.! `.+1*
/,!..5`%/L`!(!0.+*%/L`+),10!.`*!03+.'%*#L`0$!`50$+*`,.+#.))%*#`(*#1#!L`*
$+3`3!`+)%*!`((`0$!/!`!(!)!*0/`0+`1%( `+),(!4`* `)1(0%"!0! ` +`,.+&!0/K
!`3%((`!`(++'%*#`0`0$!/!`!(!)!*0/`".+)`)*5`*#(!/L`+),.%*#`* `+*0./0%*#
%""!.!*0`+,0%+*/L`* ` %/1//%*#`0$!`$+3`* `3$5`!$%* `0$!`!(!0.+*%`%.1%0/`3!`1%( K
5`0$!`0%)!`5+1`.!$`0$!`!* `+"`0$%/`++'L`5+1`3%((`$2!``.+ `0++('%0`+),.%/! `+"
!(!0.+*%`%*0!."%*#`+ !`!4),(!/L`*!03+.'%*#`+ !`!4),(!/L`* `!(!0.+*%`%.1%0
!4),(!/`0$0`5+1`*`+..+3`".+)L` ,0L`* `.!!*#%*!!.`"+.`5+1.`+3*`*!! /`*
,.+&!0/K
:KRWKLVERRNLVIRU
$%/`++'`%/`"+.`,,(%0%+*` !2!(+,!./L` +`,.+"!//%+*(/L`* `$+5%/0/`%*0!.!/0! `%*
1%( %*#` +`,,(%0%+*/`(!2!.#%*#`0$!`50$+*`,.+#.))%*#`(*#1#!K` 0`%/`3.%00!*`3%0$
)% _0+`/!*%+._(!2!(`/+"03.!`!*#%*!!./`%*`)%* `3$+`.!`!4,!.%!*! `%*` !/'0+,L`3!L`*
)+%(!` !2!(+,)!*0L`10`3$+`$2!`(%00(!`0+`*+`!4,+/1.!`0+`!(!0.+*%/L`,$5/%(`+),10%*#L
* ` +K
:KDWWKLVERRNFRYHUV
$IBQUFSL`!00%*#`,`+1.`!2!(+,)!*0`*2%.+*)!*0L`!4,(+.!/`0$!`50$+*`!+/5/0!)`%*`0$!
+*0!40`+"`0$!`/,!..5`%``* `0!$!/`5+1`$+3`0+`+..!0(5`/!0`1,``50$+*
!2!(+,)!*0`,.+&!0`"+.`/1!//K`+1`3%((`(/+`(!.*`(0!.*0%2!`35/`+"`/0.0%*#`50$+*
,.+#.)/`* `$+3`0+`+*"%#1.!`5+1.`/,!..5`%`"+.` `%*0!."%*#K
$IBQUFSL`!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!.L`0!$!/
*!03+.'%*#`,,.+$!/`1/%*#`!//#!`1!1!`!(!)!0.5`.*/,+.0L``,+,1(.`$+%!`"+.
%/0.%10! ` +`,,(%0%+*/K`+1`3%((`(!.*`$+3`0+`1/!``%*`+*&1*0%+*`3%0$`50$+*
* `*` \ 2.%,0`1/!.`%*0!."!`0+`+*0.+(`!(!0.+*%`%.1%0/`+2!.``*!03+.'`*
".+)``3!`.+3/!.K
$IBQUFSL`(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!.L`0!$!/`5+1`+.!`!(!0.+*%`+*!,0/`*
"1* )!*0(/K`+1`3%((`(!.*`0$!`!//!*0%(`$+3`* `3$5`!$%* `+))+*`!(!0.+*%`*
%*0!."%*#`%.1%0/`* `$+3`0$!5`.!`1/! `,.0%((5`0+`+..!0(5`* `/"!(5`%*0!."!
/!*/+./`* `010+./`0+`5+1.`/,!..5`%K`+1`3%((`(/+`(!.*`0$!` %""!.!*!/`!03!!*
%#%0(`* `*(+#`!(!0.+*%/`* `$+3`!$`,,(%!/`0+`* `%*"(1!*!/`%*0!."%*#`%.1%0
.!-1%.!)!*0/K`*5`+"`0$!`"1* )!*0(/`5+1`(!.*`+10`%*`0$%/`$,0!.`.!`/!!*`,,(%!
,.0%((5`%*`/1/!-1!*0`$,0!./`/`3!`3+.'`3%0$` %""!.!*0`!(!0.+*%`+),+*!*0/`*
)+ 1(!/K`
$IBQUFSL`1.*%*#`$%*#/`*`* `""L`0!$!/`5+1`$+3`0+`1/!`+,0++1,(!./L`
0.*/%/0+./L`* `.!(5/`0+`01.*`+0$!.`%.1%0/`+*`* `+""`1/%*#`5+1.`/,!..5`%`* `50$+*K
+1`3%((`(/+`(!.*`+10`%.1%0`(+ /L`$+3`0$!5`.!`)!/1.! L`* `$+3`0$%/`%*"(1!*!/`0$!
$+%!`* `1/!`+"`+,0++1,(!./L``0.*/%/0+./L`* `.!(5/`%*`%.1%0/K
S`9`T
.!"!
$IBQUFSL`+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./L`0!$!/`5+1`$+3`0+`.!0!
)+2!)!*0`1/%*#`,+,1(.`)!$*%(` !2%!/`0+#!0$!.`3%0$`5+1.`/,!..5`%`* `50$+*K
+1`3%((`(!.*`$+3`0+`+*0.+(``/!.2+`1/%*#``0+`.!0!`*#1(.`)+2!)!*0L`1/!`*` _
.% #!` `%.1%0`0+#!0$!.`3%0$``)+0+.`0+`+*0.+(`%0/`/,!! `* ` %.!0%+*`+"`.+00%+*K`(1/L
5+1`3%((`(!.*`$+3`0+` ,0`0$!` _.% #!` `%.1%0`"+.`1/!`3%0$``/0!,,!.`)+0+.`"+.`0$+/!
,.+&!0/`3$!.!`5+1`*!! `,.!%/!`+*0.+(`+2!.`)+2!)!*0K
$IBQUFSL`!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0L`0!$!/`5+1`0$!`,.%*%,(!/`!$%*
%/0*!`)!/1.!)!*0/`1/%*#`*` _7;`1(0./+*%` %/0*!`/!*/+.`* `$+3`0+`1/!`*
_<78` `/!*/+.`0+` !0!0`)+2!)!*0`+*``).+`/(!K`+1`3%((`(/+`(!.*`$+3`0+`1/!
+0$``.0%+)!0.%`* `/3%0$_05,!` ((_!""!0`/!*/+.`0+` !0!0`)+2!)!*0`* `)!/1.!
.!(0%2!` %/0*!`+*`)%.+`/(!/K
S`:`T
.!"!
7RJHWWKHPRVWRXWRIWKLVERRN
$!`"+((+3%*#`$! %*#/`,.+2% !`*`+2!.2%!3`+"`0$!`$. 3.!L`/+"03.!L`!(!0.+*%/L`*
,!.%,$!.(/`5+1`3%((`.!-1%.!`0+`/1!//"1((5`3+.'`0$.+1#$`* `+),(!0!`0$!`!4!.%/!/`"+1*
%*`0$%/`++'K
/,!..5`%`;`+ !(`
/,!..5`%``1/0!.`Q3%0$` !/'0+,`* `.!+))!* !
/+"03.!R
50$+*`2!./%+*`:K<
0`3%((`!`)5`//1),0%+*`0$0`5+1`3%((`!`1/%*#`*`!-1%2(!*0`/!01,N`$+3!2!.L`%0`%/
.!/+*(!`0+`!4,!0`0$0`0$!`+ !`!4),(!/`/$+1( `3+.'`3%0$+10`)+ %"%0%+*`+*
`/,!..5`%`:`+ !(``+.`` %""!.!*0`2!./%+*`+"`/,%*``+.`/,!..5`%
`/`(+*#`/`5+1.`50$+*`2!./%+*`%/`:K<`+.`$%#$!.K
"`5+1`.!`*+0`0++`/1.!`+10`5+1.`50$+*`2!./%+*L` +*W0`3+..5K`*!`+"`+1.`"%./0
0/'/`%*`$IBQUFSL`!00%*#`,`+1.`!2!(+,)!*0`*2%.+*)!*0L`3%((`!
1* !./0* %*#`50$+*`+*`5+1.`/,!..5`%`* `3+.'%*#`+10`3$%$`2!./%+*/`.!
2%((!K
S`;`T
.!"!
(!0.+*%`.0/`* `-1%,)!*0M`!`3%((`!`1/%*#`)*5`!(!0.+*%`,.0/
0$.+1#$+10`0$%/`++'K`0`0$!`/0.0`+"`!$`$,0!.L` `(%/0`0$!`/,!%"%`,.0/`*
-1*0%0%!/`5+1`3%((`.!-1%.!`"+.`0$!`$,0!.W/`!4),(!/K` *` %0%+*`0+`0$!`,.0/
(%/0! L`*`!(!0.+*%`.! +. `* ``)%401.!`+"`&1),!.\ 1,+*0`(!/`3%((`(/+
!`.!-1%.! K
+.`5+1.`+*2!*%!*!L``0(!`0(+#%*#`((`0$!`!(!0.+*%`,.0/`1/! `0$.+1#$+10
0$!`++'L`0$!`$,0!./`3$!.!`0$!5`.!`1/! L`,(1/`0$!`)%*%)1)`-1*0%0%!/`5+1`3%((
.!-1%.!`"+((+3/K` "`5+1`.!`*!3`0+`15%*#`!(!0.+*%`,.0/L`5+1W((`(/+`"%* `0%,/`0+
$!(,`#!0`5+1`/0.0! `"0!.`0$!`0(!M
S`<`T
.!"!
$!/!`.!(5/`.!`2!.5`,+,1(.`* `!/5`0+`+)!`5N
$+3!2!.L`0$!5`.!`*+0`.! +. `".%!* (5K`+1`3%((
_<__`!(5 8 >
*!! `0+`/+( !.`0!.)%*(/`+.`3%.!/`0+`0$!)`/+`5+1`*
,(1#`0$!)`%*0+`5+1.`.! +. K
!`3%((`!`1/%*#`` %+ !`%*`0$!`.+(!`+"``"(5_'
8;778`%+ ! 8`[ /1,,.!//%+*` %+ !`0+`,.+0!0`+0$!.`!(!0.%( >L`?
+),+*!*0/`".+)`2+(0#!`/,%'!/K
%6!`8:7`%/`&1/0``/1##!/0%+*K`$0`3!`*!! `.!`<_
2+(0`+),0%(!``)+0+./`3%0$``/0((`1..!*0
Q% !((5R`(!//`0$*`?77`)K`$%(!`0$!/!`)+0+./`.!
!/5`0+`+)!`5`+*`10%+*`/%0!/L`0$!%.`1..!*0`*
%6!`8:7``<_2+(0`` +5
9 +,!.0%*#`1..!*0/`*`!`,++.(5` +1)!*0! `/+`%0 >L`87
+0+.
*`!``#)(!`/`0+`3$0`5+1`#!0K`$IBQUFS
L`1.*%*#`$%*#/`*`* `""L`3%((`0'!`5+1`0$.+1#$
*`!4!.%/!`0+`)!/1.!`0$!`+,!.0%*#`1..!*0/`+"
5+1.`)+0+./K
L`+))+* $%/`%/`*``0$0`%/`,(!`+"`)'%*#` %""!.!*0
8`[ ?
0$+ !`05,! +(+./K
//%2!`166!. 8 `,//%2!`166!.`0$0`3%((`3+.'`3%0$`<`2+(0/K ?
8:7=``%/,(5 8 $%/`%/``/)((`)+*+$.+)!`,%4!(_/! ` %/,(5K ?
$%/`%/``/0.%,`+"` .!//(!`879` /K
+1`3%((`&1/0`*!! `0$!``/0.%,L`*+0``,+3!.
/1,,(5`+.``.!)+0!`+*0.+(`"+.`+1.`!4!.%/!/K`!
879` `0.%, 8 ?L`8;
.!"1(`0+`)'!`/1.!`%0`%/`0$!`879`/`0$0`5+1
.!`,1.$/%*#`/`0$!.!`.!` %""!.!*0`Q*
%*+),0%(!R`05,!/`+"` .!//(!`/`2%((!K
88`+.` 99 $!` 88`* ` 99`.!`%*0!.$*#!(!K`$!
!),!.01.!\ 1)% %05 8 99`%/`/(%#$0(5`)+.!`!4,!*/%2!`10`+""!./`)+.! @L`8:
!*/+. 1.5`* `*`)!/1.!`/1_6!.+`0!),!.01.!/K
8`[ %#$0_!,!* !*0_!/%/0+. @
$%/`%/``/1##!/0%+*K`*5`<_2+(0`$+5`/!.2+`3%0$`:
@7` +5`!.2+ 8 87L`8;
3%.!/`QBL` L`%#*(R`/$+1( `!`/1%0(!K
'!`/1.!`0$!`,.0`*1)!.`5+1`,1.$/!`!* /`%*`L
9@:` _.% #!` 8`[ )!*%*#`0$!` `%*(1 !/`!)! ! `"(5_' 87
/1,,.!//%+*` %+ !/K
'!`/1.!`5+1`,1.$/!`0$!`<_2+(0`/0!,,!.`)+0+.
9? _;?`0!,,!.`+0+. 8 87
2.%!05L`3%0$``8M=;`#!.%*#`.0%+K
` `/!*/+.` !0!0/`)+2!)!*0K` 0`3+.'/`+*`$!0L`/+
_<78` `!*/+. 8 88
%0`*` !0!0`0$!`,.!/!*!`+"`,!+,(!`* `*%)(/K
_7;`(0./+*% *`(0./+*%`%/0*!`!*/+.`!/0%)0!/` %/0*!/
8 88
%/0*!`!*/+. 1/%*#`/+1* `32!/K
$%/`%/``*+*_(0$%*#`/3%0$_05,!` ((_!""!0`/!*/+.
:8;;` ((_""!0`!*/+. 8`[ 88
0$0`01.*/`+*`%*`0$!`,.!/!*!`+"``)#*!0%`"%!( K
S`=`T
.!"!
$%/`%/``.0%+)!0.%_05,!` ((_!""!0`/!*/+.`0$0`*
:<7:` ((_""!0`!*/+. 8`[ 88
!0!0`$+3`(+/!`Q.!(0%2!(5R`%0`%/`0+``)#*!0%`"%!( K
`/)((`)#*!0`%/`.!-1%.! `"+.`1/!`3%0$`0$!` ((_
#*!0 8 88
!""!0`/!*/+./K
888<`*(+#_0+_%#%0(
$%/`)+ 1(!`3%((`((+3`1/`0+`%*0!."!`*(+#
QR`+*2!.0!.`.!'+10 8 <L`@L`89
+),+*!*0/`3%0$`+1.`/,!..5`%K
+ 1(!
$%/`)+ 1(!`3%((`((+3`1/`0+`%*0!."!`<_2+(0
+#%`!2!( !(!0.%(`+),+*!*0/`3%0$`+1.`/,!..5`%K`!.$
$%"0!.\+*2!.0!.`.!'+10 8 "+.``+#%`!2!(`$%"0!.\+*2!.0!.`.!'+10 =L`?L`8;
+ 1(! + 1(!`* `(++'`"+.``%_ %.!0%+*(`Q,.!"!..! R
)+ 1(!`3$!*`;`+.`?`$**!(/K
((`+1.`!(!0.+*%`!4),(!/`3%((`!`1%(0`+*`
.! +. K` `.!+))!* `,1.$/%*#`03+`"1((_/%6!
.! +. 8 .! +. /`* `&+%*%*#`0$!)`0+#!0$!.`b`)+.! 9`_`8;
.! +. `3+.'%*#`.!/`3%((`)'!`1%( %*#
%.1%0/`!/%!.K
$!/!`(!/`.!`1/! `0+`3%.!`+),+*!*0/`0+#!0$!.
+*`5+1.`.! +. K` `.!+))!* `,1.$/%*#`/!0/
1,+*0`\` 1),!.`(!/ :`/!0/`[ 9`_`8;
+"`)(!_0+_)(!L`)(!_0+_"!)(!L`* `"!)(!_0+_
"!)(!`05,!/K
$%/`%/`+,0%+*(L`$+3!2!.L`%0`3%((`)'!`%0`!/%!.`0+
/,!..5`%`
8 %*0!."!`5+1.`/,!..5`%` `,%*/`3%0$`5+1. 9`_`8;
.! +. `.!'+10
.! +. K
/``#1% !L`` %#%0(`)1(0%)!0!.`%*`0$!`,.%!`.*#!`+"
%#%0(`1(0%)!0!. 8 I:7_<7``/$+1( `!`)+.!`0$*`/1%0(!K`2+% `0$! =L`>
2!.5_(+3`* `$!,!/0`)1(0%_)!0!./K
+)!`+"`0$!`%.1%0/`%*`0$%/`++'`3%((`.!-1%.!`)+.!
,+3!.`0$*`3!`*`!4,!0`+1.`/,!..5`%`0+
,.+2% !K`/``)%*%)1)`/+1.!L``:K:\<_2+(0
>L`?L`@L`87L
40!.*(`+3!.`1,,(5 9 .! +. _+),0%(!`,+3!.`/1,,(5`,(!`+"
8;
+10,100%*#`8`),`3%((`!`/1%0(!K`+1`)%#$0`(/+
(%'!`0+`.!/!.$`(`,+3!.`/1,,(%!/`/``)+.!
,(!`* `#!*!.(`(0!.*0%2!K
$!.!`3%((`!`/!/`3$!.!`5+1`*!! `0+`/+( !.`3%.!/
* `0!.)%*(/`+*0+`+),+*!*0/`b`"+.`!4),(!L`%0`%/
$%#$(5`(%'!(5`0$0`5+1`3%((`*!! `0+`/+( !.`0!.)%*(
(!#/`+*`0+`0$!`888<`* `(+#%`(!2!(
+( !.%*#` .+*`* `+( !. 8
+*2!.0!.\/$%"0!.`)+ 1(!/`0$0`5+1`,1.$/!K`+1
3%((`(/+`*!! `0+`/+( !.`0!.)%*(/`+.`3%.!/`+*0+
5+1.`_<__`.!(5`/+`5+1`*`,(1#`%0`%*0+
5+1.`.! +. K
S`>`T
.!"!
!"+.!`)'%*#`5+1.`,1.$/!/L`,(!/!`+*/% !.`0$!`"+((+3%*#M
$!`%*%)1)`1*0%05`+(1)*`%/`3$0`5+1`3%((`*!! `"+.`0$!`!4!.%/!/`%*`0$%/
++'L`$+3!2!.L`%0W/`$%#$(5`.!+))!* ! `0$0`5+1`,1.$/!`/,.!/L`!/,!%((5`+"
/L`.!/%/0+./L`* `/`/`0$!/!`+),+*!*0/`.!`!/%(5` )#! K
+1`3%((`"%* `0$0`)*5`+),+*!*0/`3%((`*!! `0+`!`,1.$/! `%*`1('`(+0/K
!.$`.+1* `"+.`(!0.+*%`+),+*!*0`0.0!.` %0/`* `+),.!`3$0`0$!5
%*(1 !`#%*/0`0$!`,.0/`(%/0! `%*`0$!`0(!K`+1`)5`!`(!`0+`,1.$/!`)*5`+"
0$!`,.0/`0+#!0$!.`%*``/%*#(!`Q* ` %/+1*0! R`0.*/0%+*K
$!`)*5`2%((!`,(1#_* _,(5`!*/+.`+ 1(!`0.0!.` %0/`0$0`.!`2%((!
3%((L`"+.`0$!`)+/0`,.0L`*+0`!`+),0%(!`3%0$`0$!`%.1%0`* `+ !`!4!.%/!/
,.!/!*0! `0$.+1#$+10`0$%/`++'K`$!` !,0$`+"`+1.`!(!0.+*%`* `+ !`!4),(!/
)!*/`3!`3%((`*!! `0+`3+.'`3%0$`+.!`!(!0.%(`+),+*!*0/K`"0!.`+),(!0%*#
0$%/`++'L`$+3!2!.L`5+1`3%((`!`%*``#.!0`,+/%0%+*`0+`1* !./0* `$+3`0$!/!`,(1#_
* _,(5`/!*/+.`)+ 1(!/`.!`1%(0`* `3+.'P
'RZQORDGWKHH[DPSOHFRGHILOHV
+1`*` +3*(+ `0$!`!4),(!`+ !`"%(!/`"+.`0$%/`++'`".+)`5+1.`+1*0`0
XXXQBDLUDPNK` "`5+1`,1.$/! `0$%/`++'`!(/!3$!.!L`5+1`*`2%/%0
XXXQBDLUQVCDPNTVQQPSU`* `.!#%/0!.`0+`$2!`0$!`"%(!/`!)%(! ` %.!0(5`0+`5+1K
8K +#`%*`+.`.!#%/0!.`0`XXXQBDLUDPNK
9K !(!0`0$!`1,,+.0`0K
:K (%'`+*`+ !`+3*(+ /K
;K *0!.`0$!`*)!`+"`0$!`++'`%*`0$!`!.$`+4`* `"+((+3`0$!`+*/.!!*
%*/0.10%+*/K
S`?`T
.!"!
%*\>_%,`"+.`%* +3/
%,!#\%%,\*.`"+.`
>_%,\!%,`"+.`%*14
&RGHLQ$FWLRQ
+ !`%*`0%+*`2% !+/`"+.`0$%/`++'`*`!`2%!3! `0`IUUQTCJUMZ0W/V
'RZQORDGWKHFRORULPDJHV
!`(/+`,.+2% !```"%(!`0$0`$/`+(+.`%)#!/`+"`0$!`/.!!*/$+0/\ %#.)/`1/! `%*`0$%/
++'K`+1`*` +3*(+ `%0`$!.!M`IUUQTTUBUJDQBDLUDEODPNEPXOMPBET
@$PMPS*NBHFTQEGK
&RQYHQWLRQVXVHG
$!.!`.!``*1)!.`+"`0!40`+*2!*0%+*/`1/! `0$.+1#$+10`0$%/`++'K
`(+'`+"`+ !`%/`/!0`/`"+((+3/M
(MPCBM7BSJBCMFT
#30,&3@)045MPDBMIPTU
#30,&3@1035
$-*&/5@*%-&%$MJFOU
501*$MFE
DMJFOU/POF.255DMJFOUJOTUBODF4FFJOJU@NRUU
S`@`T
.!"!
*5`+))* _(%*!`%*,10`+.`+10,10`%/`3.%00!*`/`"+((+3/M
S\WKRQYHUVLRQ
3\WKRQ
.*%*#/`+.`%),+.0*0`*+0!/`,,!.`(%'!`0$%/K
%,/`* `0.%'/`,,!.`(%'!`0$%/K
*HWLQWRXFK
!! '`".+)`+1.`.! !./`%/`(35/`3!(+)!K
..0M`(0$+1#$`3!`$2!`0'!*`!2!.5`.!`0+`!*/1.!`0$!`1.5`+"`+1.`+*0!*0L`)%/0'!/
+`$,,!*K` "`5+1`$2!`"+1* ``)%/0'!`%*`0$%/`++'L`3!`3+1( `!`#.0!"1(`%"`5+1`3+1(
.!,+.0`0$%/`0+`1/K`(!/!`2%/%0`XXXQBDLUQVCDPNTVQQPSUFSSBUBL`/!(!0%*#`5+1.`++'L
(%'%*#`+*`0$!`..0`1)%//%+*`+.)`(%*'L`* `!*0!.%*#`0$!` !0%(/K
S`87`T
.!"!
5HYLHZV
(!/!`(!2!``.!2%!3K`*!`5+1`$2!`.! `* `1/! `0$%/`++'L`3$5`*+0`(!2!``.!2%!3`+*
0$!`/%0!`0$0`5+1`,1.$/! `%0`".+)O`+0!*0%(`.! !./`*`0$!*`/!!`* `1/!`5+1.`1*%/!
+,%*%+*`0+`)'!`,1.$/!` !%/%+*/L`3!`0`'0`*`1* !./0* `3$0`5+1`0$%*'`+10`+1.
,.+ 10/L`* `+1.`10$+./`*`/!!`5+1.`"!! '`+*`0$!%.`++'K`$*'`5+1P
+.`)+.!`%*"+.)0%+*`+10`'0L`,(!/!`2%/%0`QBDLUDPNK
S`88`T
6HFWLRQ3URJUDPPLQJZLWK
3\WKRQDQGWKH5DVSEHUU\3L
*`0$%/`"%./0`/!0%+*`+"`+1.`&+1.*!5L`+1.`,.%).5`"+1/`3%((`!`+*`0$!` *0!.*!0`,.0`+"` +K
!W((`/0.0`5`(!.*%*#`$+3`0+`,.+,!.(5`/!0`1,`5+1.`50$+*` !2!(+,)!*0`!*2%.+*)!*0L
!"+.!`!4,(+.%*#`* `,(5%*#`3%0$``2.%!05`+"`*!03+.'%*#`0!$*%-1!/`1/%*#`50$+*`0+
1%( `*!03+.'_`* `%*0!.*!0_+**!0! `/!.2%!/`* `,,(%0%+*/K`!`3%((`(/+`.!0!`/%),(!
3!`1/!.`%*0!."!/`0$0`3+.'`3%0$`0$!`0!$*%-1!/`* `!4),(!/`3!`3%((`(!.*`+10K
!0W/`#!0`/0.0! P
$%/`/!0%+*`+),.%/!/`0$!`"+((+3%*#`$,0!./M
$IBQUFSL`!00%*#`,`+1.`!2!(+,)!*0`*2%.+*)!*0
$IBQUFSL` !00%*#`0.0! `3%0$`50$+*`* ` +
$IBQUFSL`!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`1/%*#`(/'
$IBQUFSL`!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!.
6HWWLQJ8S\RXU'HYHORSPHQW
(QYLURQPHQW
*`%),+.0*0`5!0`+"0!*`+2!.(++'! `/,!0`+"`50$+*`,.+#.))%*#`%/`$+3`0+`+..!0(5`/!0
1,`* `)%*0%*``50$+*`,.+&!0`* `%0/`.1*0%)!`!*2%.+*)!*0K` 0`%/`+"0!*`+2!.(++'!
!1/!`%0`,.!/!*0/`/`*`+,0%+*(`/0!,`"+.`0$!`50$+*`!+/5/0!)K`* `3$%(!`0$%/`)%#$0`!
"%*!`"+.`(!.*%*#`50$+*`(*#1#!`"1* )!*0(/L`%0`*`-1%'(5`!+)!``,.+(!)`"+.`)+.!
+),(!4`,.+&!0/`3$!.!`3!`*!! `0+`)%*0%*`/!,.0!`+ !`/!/`* ` !,!* !*%!/`0+
!*/1.!`+1.`,.+&!0/` +`*+0`%*0!."!.!`3%0$`+*!`*+0$!.L`+.`3+./!`/`3!`3%((` %/1//L`.!'
+,!.0%*#`/5/0!)`0++(/`* `10%(%0%!/K
*`0$%/`$,0!.L`3!`3%((`+2!.`0$!`"+((+3%*#`0+,%/M
* !./0* %*#`5+1.`50$+*`%*/0((0%+*
!00%*#`1,``50$+*`2%.01(`!*2%.+*)!*0
*/0((%*#`50$+*` `,'#!/`3%0$`QJQ
(0!.*0%2!`)!0$+ /`+"`!4!10%*#``50$+*`/.%,0
/,!..5`%` `%*0!."!`+*"%#1.0%+*
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`$* /_7*`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$` !/'0+,`* `.!+))!* ! `/+"03.!R
%*%)1)`50$+*`2!./%+*`:K<
8QGHUVWDQGLQJ\RXU3\WKRQLQVWDOODWLRQ
*`0$%/`/!0%+*L`3!`3%((`"%* `+10`3$%$`2!./%+*/`+"`50$+*`5+1`$2!`%*/0((! `+*`5+1.
/,!..5`%K`/`3!`3%((` %/+2!.L`0$!.!`.!`03+`2!./%+*/`+"`50$+*`0$0`+)!`,.!_%*/0((!
+*`/,%*`K`*%4_/! `+,!.0%*#`/5/0!)/`Q/1$`/`/,%*`R`05,%((5`$2!
50$+*`2!./%+*`9`* `:`,.!_%*/0((! `!1/!`0$!.!`.!`+,!.0%*#_/5/0!)_(!2!(`10%(%0%!/`1%(0
3%0$`50$+*K
+`"%* `+10`3$%$`2!./%+*/`+"`50$+*`5+1`$2!`+*`5+1.`/,!..5`%L`"+((+3`0$!/!`/0!,/M
8K ,!*``*!3`!.)%*(`* `!4!10!`0$!`QZUIPOWFSTJPO`+))* M
S\WKRQYHUVLRQ
3\WKRQ
*`)5`!4),(!L`3!`/!!`0$0`50$+*`2!./%+*`9K>K8=`$/`!!*`%*/0((! K
9K !40L`.1*`0$!`QZUIPOWFSTJPO`+))* M
S\WKRQYHUVLRQ
3\WKRQ
S`8;`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
*`)5`!4),(!L`3!`/!!`0$0`0$!`/!+* `2!./%+*`+"`50$+*`Q0$0`%/L`QZUIPOL`3%0$
0$!`R`0$0`%/`%*/0((! `%/`2!./%+*`:K>K:K
+*W0`3+..5`%"`0$!`)%*+.`2!./%+*/`Q0$!`*1)!./`K>K8=`"0!.`0$!`9`* `K>K:`"0!.`:R`.!`*+0`0$!
/)!N`%0`%/`0$!`)&+.`2!./%+*/`9`* `:`0$0`.!`+"`%*0!.!/0K`50$+*`9`%/``(!#5`2!./%+*`+"
50$+*L`3$%(!`50$+*`:`%/`0$!`1..!*0`* `/1,,+.0! `2!./%+*`+"`50$+*`0`0$!`0%)!`+"
3.%0%*#K`$!*`3!`.!`/0.0%*#``*!3`50$+*` !2!(+,)!*0L`3!`3%((`,.0%((5`(35/`1/!
50$+*`:`1*(!//`0$!.!`.!`(!#5`%//1!/`3!`*!! `0+`+*0!* `3%0$K
"`5+1`(++'`0`0$!`"+((+3%*#`!4),(!L`5+1`3%((`/!!`0$0`0$!.!`.!`03+`QSJOU`/00!)!*0/K`$!
"%./0`QSJOU`/00!)!*0`3%0$+10`0$!`,.!*0$!/!/`%/``#%2!_35`0$0`%0`3%((`+*(5`3+.'`3%0$
50$+*`9M
SULQW+HOOR1RSDUHQWKHVHV7KLVRQO\ZRUNVLQ3\WKRQDGHDGJLYH
DZD\WKDWWKLVVFULSWLVIRU3\WKRQ
!`$2!`*+3`/!!*`0$0`0$!.!`.!`03+`50$+*`2!./%+*/`2%((!`5` !"1(0`+*`/,%*`L
* `) !`)!*0%+*`0$0`0$!.!`.!`/5/0!)_(!2!(`10%(%0%!/`0$0`.!`3.%00!*`%*`50$+*`0$0`.!,(5
+*`0$!/!`2!./%+*/K`/`50$+*` !2!(+,!./L`3!`)1/0`0'!`.!`*+0`0+` %/.1,0`0$!`#(+(
50$+*`%*/0((0%+*/`/`0$%/`*`,+0!*0%((5`.!'`/5/0!)_(!2!(`10%(%0%!/K
!`3%((`*+3`01.*`+1.`00!*0%+*`0+``2!.5`%),+.0*0`50$+*`+*!,0L`0$!`50$+*`2%.01(
!*2%.+*)!*0L`3$%$`%/`0$!`35`3!`%/+(0!`+.`/* +4`+1.`+3*`50$+*`,.+&!0/`".+)`0$!
#(+(`%*/0((0%+*K
S`8<`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
6HWWLQJXSD3\WKRQYLUWXDOHQYLURQPHQW
*`0$%/`/!0%+*L`3!`3%((` %/1//`$+3`50$+*`%*0!.0/`3%0$`5+1.`+,!.0%*#`/5/0!)
%*/0((0%+*`* `+2!.`0$!`/0!,/`*!!//.5`0+`/!0`1,`* `+*"%#1.!``50$+*` !2!(+,)!*0
!*2%.+*)!*0K` *` %0%+*L`/`,.0`+"`+1.`/!01,`,.+!//L`3!`3%((`(+*!`0$!` %0 1`.!,+/%0+.5
0$0`+*0%*/`((`+"`0$!`+ !`Q+.#*%6! `5`$,0!.R`"+.`0$%/`++'K
*`0$%/`++'L`3!`3%((`!`1/%*#``2%.01(`!*2%.+*)!*0`0++(`'*+3*`/`WFOWL`3$%$`+)!/
1* (! `/``1%(0_%*`)+ 1(!`3%0$`50$+*`:K:`* `+2!K`$!.!`.!`+0$!.`2%.01(
!*2%.+*)!*0`0++(/`.+1* L`((`3%0$`0$!%.`.!(0%2!`/0.!*#0$/`* `3!'*!//!/L`10`0$!5`((
/$.!`0$!`+))+*`#+(`+"`'!!,%*#`50$+*` !,!* !*%!/`%/+(0! `0+``,.+&!0K
WJSUVBMFOW`* `QJQFOW`.!`03+`(0!.*0%2!`2%.01(`!*2%.+*)!*0`0++(
+,0%+*/`0$0`+""!.`)+.!`"!01.!/`0$*`WFOWK`$!/!`(0!.*0%2!/`.!`3!((
/1%0! `"+.`+),(!4`50$+*`,.+&!0/`* ` !,(+5)!*0/K`+1W((`"%* `(%*'/`0+
0$!/!`%*`0$!`1.0$!.`.! %*#`/!0%+*`0`0$!`!* `+"`0$%/`$,0!.K
8K $*#!`%*0+`+.`.!0!``"+( !.`3$!.!`5+1`3*0`0+`/0+.!`0$%/`++'W/`/+1.!`+ !
* `!4!10!`0$!`"+((+3%*#`+))* /K`%0$`0$!`(/0`+))* L`3!`.!*)!`0$!
(+*! `"+( !.`0+`!`QZJPUK`$%/`$/`!!*` +*!`0+`$!(,`/$+.0!*`!.)%*(
+))* `!4),(!/`0$.+1#$+10`0$!`++'M
FGa
JLWFORQH
KWWSVJLWKXEFRP3DFNW3XEOLVKLQJ3UDFWLFDO3\WKRQ3URJUDPPLQJIRU
,R7
PY3UDFWLFDO3\WKRQ3URJUDPPLQJIRU,R7S\LRW
S`8=`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
:K 4!10!`0$!`"+((+3%*#`+))* L`3$%$`.!0!/``*!3`50$+*`2%.01(
!*2%.+*)!*0`1/%*#`0$!`WFOW`0++(K` 0W/`%),+.0*0`0$0`5+1`05,!`QZUIPO`Q3%0$`0$!
:R`* `.!)!)!.`0$0`WFOW`%/`+*(5`2%((!`3%0$`50$+*`:K:`* `+2!M
S\WKRQPYHQYYHQY
$!`+,0%+*/`0$0`3!`.!`,//%*#`0+`QZUIPO`%*(1 !`NWFOWL`3$%$`0!((/`0$!`
50$+*`%*0!.,.!0!.`0$0`3!`3*0`0+`.1*`0$!`)+ 1(!`*)! `WFOWK`$!
WFOW`,.)!0!.`%/`0$!`*)!`+"`0$!`"+( !.`3$!.!`5+1.`2%.01(`!*2%.+*)!*0`3%((`!
.!0! K
$%(!`%0`)%#$0`(++'`+*"1/%*#`0`"%./0`#(*!`%*`0$!`,.!! %*#`+))* L
%0W/``+))+*`+*2!*0%+*`0+`*)!``2%.01(`!*2%.+*)!*0W/`"+( !.`WFOWK
0!.`%*`0$%/`$,0!.L`%*`0$!`*0+)5`+"``2%.01(`!*2%.+*)!*0`/!0%+*L`3!
3%((`!4,(+.!`3$0`(%!/`!*!0$`0$!`WFOW`"+( !.`3!`&1/0`.!0! K
;K +`1/!``50$+*`2%.01(`!*2%.+*)!*0L`3!`)1/0`0%20!`%0L`3$%$`%/`+),(%/$!
3%0$`0$!`BDUJWBUF`+))* M
)URPZLWKLQWKHIROGHUaS\LRWFKDSWHU
VRXUFHYHQYELQDFWLYDWH
YHQY
$!*`5+1.`!.)%*(`$/``50$+*`2%.01(`!*2%.+*)!*0`0%20! L`((`50$+*_
.!(0! `0%2%05`%/`/* +4! `0+`5+1.`2%.01(`!*2%.+*)!*0K
S`8>`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
YHQY S\WKRQYHUVLRQ
3\WKRQ
!)!)!.`0+`05,!`EFBDUJWBUF`0+`(!2!``2%.01(`!*2%.+*)!*0L`*+0`FYJUK
"`5+1`05,!`FYJU`%*``2%.01(`!*2%.+*)!*0L`%0`3%((`!4%0`0$!`!.)%*(K
S\WKRQYHUVLRQ
3\WKRQ
S`8?`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
`2%.01(`!*2%.+*)!*0`.!0! `3%0$`WFOW`%*$!.%0/`Q2%``/5)+(%`(%*'R`0$!
#(+(`50$+*`%*0!.,.!0!.`2!./%+*`0$0`%0`3/`%*2+'! `3%0$`Q%*`+1.`/!L
2!./%+*`:`!1/!`0$!`+))* `3/`QZUIPONWFOWWFOWRK` "`5+1
!2!.`*!! `0+`0.#!0``/,!%"%`50$+*`2!./%+*`0$0`%/` %""!.!*0`".+)`0$!
#(+(`2!./%+*L`%*2!/0%#0!`0$!`WJSUVBMFOW`* `QJQFOW`2%.01(
!*2%.+*)!*0`(0!.*0%2!/K
!`$2!`*+3`/!!*`$+3`0+`.!0!L`0%20!L`* ` !0%20!``50$+*`2%.01(`!*2%.+*)!*0
* `3$5`%0`%/`%),+.0*0`0+`1/!``2%.01(`!*2%.+*)!*0`0+`/* +4`50$+*`,.+&!0/K`$%/
/* +4%*#`)!*/`3!`*`%/+(0!`+1.`+3*`50$+*`,.+&!0/`* `0$!%.`(%..5` !,!* !*%!/
".+)`+*!`*+0$!.L`* `%0`,.!2!*0/`1/`".+)`,+0!*0%((5` %/.1,0%*#`0$!`/5/0!)_(!2!(
%*/0((0%+*`+"`50$+*`* `.!'%*#`*5`/5/0!)_(!2!(`0++(/`* `10%(%0%!/`0$0`.!(5`+*`0$!)K
!40L`3!`3%((`/!!`$+3`0+`%*/0((`* `)*#!`50$+*`,'#!/`%*``2%.01(`!*2%.+*)!*0
1/%*#`QJQK
,QVWDOOLQJ3\WKRQ*3,2SDFNDJHVZLWKSLS
*`0$%/`/!0%+*L`3!`(!.*`$+3`0+`%*/0((`* `)*#!`50$+*`,'#!/`%*``50$+*`2%.01(
!*2%.+*)!*0`5+1`.!0! `* `!4,(+.! `%*`0$!`,.!2%+1/`/!0%+*K``50$+*`,'#!`Q+.`(%..5
%"`5+1`,.!"!.`0$0`0!.)R`((+3/`1/`0+`!40!* `0$!`+.!`50$+*`(*#1#!`3%0$`*!3`"!01.!/`*
"1*0%+*(%05K`
S`8@`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
$!.!`3%((`!`+ !`!4),(!/`%*`0$%/`++'`3$!.!`3!`3%((`!`%*0!.0%*#`3%0$`5+1.`/,!..5
%W/` `,%*/L`/+`3!`*!! `0+`%*/0((``50$+*`,'#!`Q+.`03+R`/+`0$0`5+1.`50$+*`+ !
*`3+.'`3%0$`5+1.`/,!..5`%W/` `,%*/K`+.`*+3L`3!`.!`&1/0`#+%*#`0+`$!'`"+.`*
%*/0((`03+` _.!(0! `,'#!/K` *`$IBQUFSL` !00%*#`0.0! `3%0$`50$+*`* ` +L`*
$IBQUFSL`+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( L`3!`3%((`+2!.`0$!/!`
,'#!/`* `+0$!.`(0!.*0%2!/`%*`#.!0!.` !0%(K
WU\
LPSRUWSLJSLR
SULQW SLJSLR$YDLODEOH
H[FHSW
SULQW SLJSLR8QDYDLODEOH,QVWDOOZLWKSLSLQVWDOOSLJSLR
S`97`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
$!`"+((+3%*#`/0!,/`3%((`3('`1/`0$.+1#$`0$!`,.+!//`+"`1,#. %*#`QJQL`!4,(+.%*#`0$!`0++(W/
+,0%+*/L`* `%*/0((%*#`,'#!/M
YHQY SLSLQVWDOOXSJUDGHSLS
RXWSXWWUXQFDWHG
:K 1*`+1.`50$+*`/.%,0`3%0$`0$!`QZUIPOHQJP@QLH@DIFDLQZ`+))* `*
+/!.2!`0$0`+1.` `,'#!/`.!`*+0`%*/0((! M
YHQY S\WKRQJSLRBSNJBFKHFNS\
*3,2=HUR8QDYDLODEOH,QVWDOOZLWKSLSLQVWDOOJSLR]HUR
SLJSLR8QDYDLODEOH,QVWDOOZLWKSLSLQVWDOOSLJSLR
S`98`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
;K +`%*/0((`+1.`03+`.!-1%.! ` `,'#!/L`3!`1/!`0$!`QJQJOTUBMM`+))*
/`/$+3*`%*`0$!`"+((+3%*#`!4),(!M
YHQY SLSLQVWDOOJSLR]HURSLJSLR
&ROOHFWLQJJSLR]HUR
RXWSXWWUXQFDWHG
YHQY SLSIUHH]H!UHTXLUHPHQWVW[W
S`99`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
*`0$!`"101.!L`%"`5+1`)+2!`5+1.`50$+*`,.+&!0`0+`*+0$!.`)$%*!`+.``*!3
2%.01(`!*2%.+*)!*0L`5+1`*`1/!`5+1.`SFRVJSFNFOUUYU`"%(!`0+`%*/0((`((`+"
5+1.`,01.! `,'#!/`%*`+*!`#+`1/%*#`0$!`QJQJOTUBMMS
SFRVJSFNFOUTUYU`+))* K
1.`SFRVJSFNFOUTUYU`!4),(!`/$+3/`3!`$2!`%*/0((! ` !.+
2!./%+*`8K<K7L`0$!`1..!*0`2!./%+*`0`0$!`0%)!`+"`3.%0%*#K`$%/`2!./%+*`$/`
!,!* !*5`+*`+(+.!.+`2!./%+*`8K8K` 0`%/`,+//%(!`0$0` %""!.!*0`Q,/0`+.
"101.!R`2!./%+*/`+"` !.+`)5`$2!` %""!.!*0` !,!* !*%!/`0$*`0$+/!
/$+3*`%*`+1.`!4),(!L`/+`5+1.`+3*`SFRVJSFNFOUTUYU`"%(!`3$!*
,!."+.)%*#`0$!`!4),(!`!4!.%/!`)5`!` %""!.!*0K
!W2!`*+3`+),(!0! `0$!`/%`%*/0((0%+*`(%"!`5(!`+"`50$+*`,'#!/`1/%*#`QJQK`+0!
0$0`3$!*!2!.`5+1`%*/0((`*!3`,'#!/`3%0$`QJQJOTUBMML`5+1`(/+`*!! `0+`.!_.1*`QJQ
GSFF[F SFRVJSFNFOUTUYU`0+`,01.!`0$!`*!3`,'#!/`* `0$!%.` !,!* !*%!/K
+`"%*%/$`+1.`!4,(+.0%+*`+"`QJQ`* `,'#!`)*#!)!*0L`$!.!`.!``"!3`+0$!.`+))+*
QJQ`+))* /M
5HPRYHDSDFNDJH
YHQY SLSXQLQVWDOOSDFNDJHQDPH!
6HDUFK3\3LIRUDSDFNDJH RUSRLQW\RXUZHEEURZVHUDW
KWWSVS\SLRUJ
YHQY SLSVHDUFKTXHU\WH[W!
6HHDOOSLSFRPPDQGVDQGRSWLRQV DOVRVHH)XUWKHU5HDGLQJDWWKH
HQGRIWKHFKDSWHU
YHQY SLSKHOS
S`9:`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
1.%*#`5+1.`50$+*`&+1.*!5L`5+1`3%((`(/+`+)!`.+//`+0$!.`,'#!
%*/0((!./`* `0++(/`*)! `FBTZ@JOTUBMM`* `TFUVQUPPMTK`+0$`$2!
0$!%.`1/!/N`$+3!2!.L`%0W/`QJQ`0$0`5+1`3%((`.!(5`+*`)+/0`+"`0$!`0%)!K
+3`0$0`3!`$2!`/!!*`$+3`0+`.!0!``2%.01(`!*2%.+*)!*0`* `%*/0((`,'#!/L`(!0W/`0'!
`(++'`0``05,%(`50$+*`,.+&!0`"+( !.`/0.101.!`/1$`/`_QZJPUDIBQUFS`*
%/+2!.`3$0`(%!/`!*!0$`0$!`WFOW`"+( !.K
$QDWRP\RIDYLUWXDOHQYLURQPHQW
$%/`/!0%+*`.!(0!/`0+`WFOWL`3$%$`3!`$2!`!!*`1/%*#`%*`0$%/`$,0!.L`* `3%((`,,(5
0+`WJSUVBMFOW`10`*+0`QJQFOWL`3$%$`3!`(%/0! `/`(0!.*0%2!`2%.01(`!*2%.+*)!*0
0++(/K`$!`!4),(!`%/`(/+`/,!%"%`0+``/,%*``* `%/`05,%(`+"``/0* . `*%4_/!
K` 0W/`%),+.0*0`0+L`0``)%*%)1)L`1* !./0* `0$!`/%`/0.101.!`+"``2%.01(
!*2%.+*)!*0` !,(+5)!*0`/%*!`3!`3%((`!`)%4%*#`+1.`+3*`50$+*`,.+#.))%*#`+ !`%*
3%0$`0$!`"%(!/`* `"+( !./`0$0`)'!`1,`0$!`2%.01(`!*2%.+*)!*0K
$!`(%#$0`3!%#$0`WFOW`0++(`0$0`+)!/`3%0$`50$+*`:K:`* `+2!`%/`
/1/!0`+"`WJSUVBMFOWK
!.!`%/`0$!`"+( !.`/0.101.!`+"`+1.`2%.01(`!*2%.+*)!*0K`!,L`%0/``/.!!*/$+0`".+)``K
$0W/`/+` `+1( `#!0`!2!.50$%*#`+*`/.!!*`0`+*!M
S`9;`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
(KIWTGb%QPVGPVUQHCV[RKECNXGPXXKTVWCNGPXKTQPOGPVHQNFGT
$!`WFOW"+( !.`+*0%*/`((`+"`0$!`50$+*`2%.01(`!*2%.+*)!*0`"%(!/K`$!.!`%/`*+
.!(`,.0%(`*!! `0+`!`0+1$%*#`*50$%*#`1* !.`0$%/`"+( !.`)*1((5d(!0`0$!
0++(/` +`0$0`"+.`5+1K`!)!)!.`0$0`0$!`"+( !.`%/`*)! `WFOW`+*(5`!1/!
0$0W/`3$0`3!`((! `%0`3$!*`%0`3/`.!0! K
S`9<`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
$!`WFOWCJO`"+( !.`+*0%*/`0$!`50$+*`%*0!.,.!0!.`Q%*`0$!`WFOW`/!L`0$!.!`.!
/5)+(%`(%*'/`0+`0$!`/5/0!)`%*0!.,.!0!.R`* `+0$!.`+.!`50$+*`0++(/L`%*(1 %*#
QJQK
* !.*!0$`0$!`WFOWMJC`"+( !.`.!`((`0$!`/* +4! `50$+*`,'#!/`"+.`0$!
2%.01(`!*2%.+*)!*0L`%*(1 %*#`0$!` !.+`* `% `,'#!/`3!`%*/0((!
1/%*#`QJQJOTUBMMK
1.`50$+*`/+1.!`"%(!L`HQJP@QLH@DIFDLQZL`%/`%*`0$!`0+,_
(!2!(`"+( !.L`_QZJPUDIBQUFSN`$+3!2!.L`5+1`*`.!0!`/1_"+( !./`$!.!`0+
$!(,`0+`+.#*%6!`5+1.`+ !`* `*+*_+ !`"%(!/K
%*((5L`SFRVJSFNFOUTUYU`(%2!/`5`+*2!*0%+*`%*`0$!`0+,`,.+&!0`"+( !.K
$%/`(/0`,+%*0`%/`%),+.0*0`/%*!`0$!`2%.01(`!*2%.+*)!*0`/5/0!)`*`)+1*0`0+`)*5
)!#50!/`%*`/%6!`Q* `+"0!*`)*5`0%)!/`(.#!.`0$*`5+1.`,.+#.)`+ !R`0$0` +!/`*+0
*!! `2!./%+*%*#`Q/%*!`3!`*`(35/`.!.!0!`0$!`2%.01(`!*2%.+*)!*0`/`(+*#`/`3!`$2!`
SFRVJSFNFOUTUYU`"%(!RL`,(1/`%0W/`$+/0`,(0"+.)_/,!%"%`Q0$0`%/L`0$!.!`3%((`!` %""!.!*!/
!03!!*`%* +3/L`L`* `%*14RL`,(1/`0$!.!`3%((`!` %""!.!*!/`!03!!*` %""!.!*0`2%.01(
!*2%.+*)!*0`0++(/`Q"+.`!4),(!L`WFOW`2!./1/`QJQFOWRK`/`/1$L`2%.01(`!*2%.+*)!*0/`.!
*+0`#!*!.((5`,+.0(!`%*`,.+&!0/`0$0`%*2+(2!`)*5` !2!(+,!./`3+.'%*#`+*` %""!.!*0
+),10!./K
S`9=`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
$OWHUQDWLYHPHWKRGVRIH[HFXWLQJD3\WKRQ
VFULSW
!0W/`.%!"(5`01.*`+1.`00!*0%+*`0+`0$!`(0!.*0%2!`35/`0$0`3!`*`!4!10!``50$+*`/.%,0K
/`3!`3%((`(!.*L`$++/%*#`0$!`,,.+,.%0!`)!0$+ `%/`((`/! `.+1* `$+3`* `".+)
3$!.!`5+1`%*0!* `0+`/0.0`5+1.`/.%,0`* `3$!0$!.`5+1.`+ !`.!-1%.!/`!(!20! `,!.)%//%+*/K
$!`)+/0`+))+*`35`+"`.1**%*#``50$+*`/.%,0`%/`".+)`3%0$%*`%0/`2%.01(`!*2%.+*)!*0
* `3%0$`0$!`,!.)%//%+*/`+"`0$!`1..!*0(5`(+##! `%*`1/!.K` +3!2!.L`0$!.!`3%((`!`/!*.%+/
3$!.!`3!`*!! `0+`.1*``/.%,0`/`0$!`.++0`1/!.`+.`".+)`+10/% !`*`0%20! `2%.01(
!*2%.+*)!*0K
!.!`.!`0$!`35/`3!`3%((`!4,(+.!M
/%*#`TVEP`3%0$`2%.01(`!*2%.+*)!*0/
4!10%*#`50$+*`/.%,0/`+10/% !`+"`0$!%.`2%.01(`!*2%.+*)!*0/
1**%*#``50$+*`/.%,0`0`++0
!0W/`/0.0`5`(!.*%*#`$+3`0+`.1*``50$+*`/.%,0`3%0$`.++0`1/!.`,!.)%//%+*/K
8VLQJVXGRZLWKLQYLUWXDOHQYLURQPHQWV
W)`/1.!`0$0`3$%(!`3+.'%*#`+*`5+1.`/,!..5`%`5+1`$2!`$ `0+`!4!10!`+))* /`%*`
!.)%*(`3%0$`0$!`TVEP`,.!"%4`!1/!`0$!5`.!-1%.! `.++0`,.%2%(!#!/K` "`5+1`!2!.`*!! `0+
.1*``50$+*`/.%,0`0$0`%/`%*``2%.01(`!*2%.+*)!*0`/`.++0L`5+1`)1/0`1/!`0$!`"1((`,0$`0+
5+1.`2%.01(`!*2%.+*)!*0W/`50$+*`%*0!.,.!0!.K
%),(5`,.!"%4%*#`TVEP`!"+.!`QZUIPOL`/`/$+3*`%*`0$!`"+((+3%*#`!4),(!L` +!/`*+0`3+.'
1* !.`)+/0`%.1)/0*!/L`!2!*`%"`3!`.!`%*`0$!`2%.01(`!*2%.+*)!*0K`$!`TVEP`0%+*`3%((
1/!`0$!` !"1(0`50$+*`0$0W/`2%((!`0+`0$!`.++0`1/!.L`/`/$+3*`%*`0$!`/!+* `$("`+"`0$!
!4),(!M
:RQ WZRUNDV\RXPLJKWH[SHFW
YHQY VXGRS\WKRQP\BVFULSWS\
S`9>`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
$!`+..!0`35`0+`.1*``/.%,0`/`.++0`%/`0+`,//`0$!`/+(10!`,0$`0+`5+1.`2%.01(
!*2%.+*)!*0W/`50$+*`%*0!.,.!0!.K`!`*`"%* `0$!`/+(10!`,0$`1/%*#`0$!`XIJDI
QZUIPO`+))* `".+)`%*/% !`*`0%20! `2%.01(`!*2%.+*)!*0M
YHQY ZKLFKS\WKRQ
KRPHSLS\LRWFKDSWHUYHQYELQS\WKRQ
+3L`3!`TVEP`+1.`2%.01(`!*2%.+*)!*0W/`50$+*`%*0!.,.!0!.`* `0$!`/.%,0`3%((`.1*`/`0$!
.++0`1/!.`* `3%0$%*`0$!`+*0!*0`+"`+1.`2%.01(`!*2%.+*)!*0M
YHQY VXGRKRPHSLS\LRWFKDSWHUYHQYELQS\WKRQP\BVFULSWS\
([HFXWLQJ3\WKRQVFULSWVRXWVLGHRIWKHLUYLUWXDO
HQYLURQPHQWV
`*01.(`!40!*/%+*`0+`0$!`,.!! %*#` %/1//%+*`+*`TVEP`%/`$+3` +` `.1*``50$+*`/.%,0`".+)
+10/% !`+"`%0/`2%.01(`!*2%.+*)!*0O`$!`*/3!.`%/`0$!`/)!`/`%*`0$!`,.!! %*#`/!0%+*M`&1/0
)'!`/1.!`5+1`.!`1/%*#`0$!`/+(10!`,0$`0+`5+1.`2%.01(`!*2%.+*)!*0W/`50$+*
%*0!.,.!0!.K
+0!M` *`0$!`"+((+3%*#`03+`!4),(!/L`3!W.!`*+0`%*``2%.01(
!*2%.+*)!*0d0$!.!`%/`*+` WFOW `+*`0$!`,.+),0K` "`5+1`/0%((`*!! `0+
!4%0`5+1.`50$+*`2%.01(`!*2%.+*)!*0L`05,!`EFBDUJWBUFK
.`0+`.1*`0$!`/.%,0`/`.++0L`,.!"%4`TVEPM
5XQVFULSWDVURRWXVHUE\SUHIL[LQJVXGR
VXGRKRPHSLS\LRWFKDSWHUYHQYELQS\WKRQJSLRBSNJBFKHFNS\
!40L`3!`3%((`(!.*`$+3`0+`)'!``50$+*`/.%,0`.1*`3$!*!2!.`5+1`++0`5+1.`/,!..5`%K
S`9?`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
5XQQLQJD3\WKRQVFULSWDWERRW
$!.!`3%((`+)!``0%)!`3$!*`5+1`$2!` !2!(+,! `*`3!/+)!` +`,.+&!0`* `5+1`3*0`%0
0+`.1*`10+)0%((5`!2!.5`0%)!`5+1`/0.0`5+1.`/,!..5`%K` !.!`%/`+*!`/%),(!`35`0+
$%!2!`0$%/`1/%*#``"!01.!`+"`DSPOL`0$!`*%4`/$! 1(!.K` "`5+1`.!`*+0`")%(%.`3%0$`0$!
/%/`+"`DSPOL`/!.$`0$!`3!`"+.`.+*`010+.%(d5+1W((`"%* `$!,/`+"`0$!)K` W2!`,.+2% !
1.0! `(%*'/`%*`0$!`1.0$!.`.! %*#`/!0%+*K
!.!`.!`0$!`/0!,/`0+`+*"%#1.!`.+*`* `)'!``/.%,0`.1*`+*`++0M
$EVROXWHSDWKWRYLUWXDOHQYLURQPHQWS\WKRQLQWHUSUHWHU
3<7+21 KRPHSLS\LRWFKDSWHUYHQYELQS\WKRQ
$EVROXWHSDWKWR3\WKRQVFULSW
6&5,37 KRPHSLS\LRWFKDSWHUJSLRBSNJBFKHFNS\
$EVROXWHSDWKWRRXWSXWORJILOH
/2* KRPHSLS\LRWFKDSWHUJSLRBSNJBFKHFNORJ
$%/`/$`/.%,0`3%((`.1*``50$+*`/.%,0`1/%*#`0$!`/+(10!`,0$/`"+.`+0$`0$!
/.%,0`* `%0/`50$+*`%*0!.,.!0!.K`(/+L`%0`,01.!/`*5`/.%,0`+10,10`* `/0+.!/`%0
%*``(+#`"%(!K`+.`0$%/`!4),(!L`3!W.!`/%),(5`#+%*#`0+`.1*`* `(+#`0$!`+10,10
+"`HQJP@QLH@DIFDLQZ`+*`++0K` 0W/`0$!`(/0`(%*!`0$0`0%!/`!2!.50$%*#`0+#!0$!.`*
.1*/`* `(+#/`+1.`50$+*`/.%,0K`$!` `,.0`0`0$!`!* `%/`*!!//.5`0+`!*/1.!
0$0`!..+./L`%*` %0%+*`0+`/0* . `+10,10L`.!`(/+`(+##! K
9K .'`0$!`SVO@PO@CPPUTI`"%(!`/`*`!4!10(!`"%(!M
FKPRGX[UXQBRQBERRWVK
S`9@`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
:K %0`5+1.`DSPOUBC`"%(!L`3$%$`%/`0$!`"%(!`3$!.!`.+*`/$! 1(%*#`.1(!/`.!`/0+.! M
FURQWDEH
;K `0$!`"+((+3%*#`!*0.5`0+`5+1.`DSPOUBC`"%(!L`1/%*#`0$!`/+(10!`,0$`0+`0$!
SVO@PO@CPPUTI`/$`/.%,0`3!`.!0! `%*`/0!,`8M
#UHERRWKRPHSLS\LRWFKDSWHUUXQBRQBERRWVK
+`*+0`"+.#!0`0$!``$.0!.`0`0$!`!* `+"`0$!`(%*!K`$%/`)'!/`/1.!`0$!`/.%,0`.1*/
%*`0$!`'#.+1* K
<K 1*`0$!`SVO@PO@CPPUTI`"%(!`)*1((5`%*``!.)%*(`0+`)'!`/1.!`%0`3+.'/K
$!`HQJP@QLH@DIFDLMPH`"%(!`/$+1( `!`.!0! `* `+*0%*/`0$!`+10,10`+"`0$!
50$+*`/.%,0M
UXQBRQBERRWVK
FDWJSLRBSNJBFKHFNORJ
67$5783)UL6HS30$(67
*3,2=HUR$YDLODEOH
3L*3,2$YDLODEOH
=K !++0`5+1.`/,!..5`%M
VXGRUHERRW
67$5783)UL6HS30$(67
*3,2=HUR$YDLODEOH
3L*3,2$YDLODEOH
67$5783)UL6HS30$(67
*3,2=HUR$YDLODEOH
3L*3,2$YDLODEOH
S`:7`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
"`5+1`.!`*+0`/!!%*#`0$!` %0%+*(`+10,10`%*`0$!`HQJP@QLH@DIFDLMPH`"%(!`"0!.``.!++0L
+1(!_$!'`0$0`0$!`/+(10!`,0$`5+1`!*0!.! `%*`DSPOUBC`%/`+..!0`* `0$0`%0`3+.'/
)*1((5`/`,!.`/0!,`<K`(/+L`.!2%!3`0$!`/5/0!)`(+#`"%(!L``WBSMPHTZTMPHL`* `/!.$`"+.
0$!`0!40L`SVO@PO@CPPUTIK
1.`.+*_/! `!4),(!`+"`.1**%*#``/.%,0`+*`++0`%/`+*!`+"`)*5
+,0%+*/`0$0`.!`2%((!`%*`*%4_/! `+,!.0%*#`/5/0!)/`/1$`/
/,%*K`*+0$!.`+))+*`* `)+.!` 2*! `+,0%+*`1/%*#`TZTUFNE
*`!`"+1* `+*`0$!`/,!..5`%`3!/%0!`0`IUUQTXXXSBTQCFSSZQJ
PSHEPDVNFOUBUJPOMJOVYVTBHFTZTUFNENEK` ..!/,!0%2!`+"`0$!`+,0%+*
5+1`,.!"!.L`0$!`'!5`,+%*0`0+`.!)!)!.`%/`0+`!*/1.!`5+1.`50$+*`/.%,0/`.1*
".+)`3%0$%*`0$!%.`2%.01(`!*2%.+*)!*0K
!40L`3!`3%((`*+3`)+2!`+*`0+`)'%*#`/1.!`5+1.`/,!..5`%`%/`/!0`1,`* `+*"%#1.!
+..!0(5`"+.`0$!` `* `!(!0.+*%`%*0!."%*#`0$0`3!W((`!` %2%*#`%*0+`%*`0$!`*!40
$,0!.L`$IBQUFSL` !00%*#`0.0! `3%0$`50$+*`* ` +L`* `/1/!-1!*0`$,0!./K
&RQILJXULQJWKH*3,2LQWHUIDFHRQRXU
5DVSEHUU\3L
!"+.!`3!`*`/0.0`3+.'%*#`3%0$`50$+*` `(%..%!/`* `+*0.+((%*#`!(!0.+*%/L`+*!
0/'`3!`*!! `0+`,!."+.)`%/`0+`!*(!`0$!` `%*0!."!/`+*`5+1.`/,!..5`%K`2!*
0$+1#$`3!`$2!`%*/0((! `50$+*`,'#!/`"+.` `+*0.+(L`3!`$2!`*+0`0+( `/,%*`
0$0`3!`3*0`0+`1/!`0$!`/,!..5`%W/` `%*/`"+.`/,!%"%`/!/K`!0W/` +`0$0`*+3K
S`:8`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
!.!`.!`0$!`/0!,/`0+`"+((+3M
8K .+)`5+1.`/,%*` !/'0+,L`*2%#0!`0+`0$!`/,!..5`)!*1`^`.!"!.!*!/
^`/,!..5`%`+*"%#1.0%+*L`/`/$+3*`$!.!`%*`%#1.!`8K9M
(KIWTGb.QECVKQPQHVJG4CURDGTT[2K%QPaIWTCVKQPOGPWKVGO
9K *(!`((`+"`0$!`%*0!."!/`/`/$+3*`%*`0$!`"+((+3%*#`/.!!*/$+0M
S`:9`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
(KIWTG4CURDGTT[2K%QPaIWTCVKQP&KCNQI
:K (%'`0$!` `100+*K
&RQILJXULQJWKH3L*3,2GDHPRQ
!`(/+`*!! `0+`/0.0`0$!`% ` !)+*L`3$%$`%/``/5/0!)`/!.2%!`0$0`*!! /`0+`!
.1**%*#`/+`0$0`3!`*`1/!`0$!`% ` `(%!*0`(%..5L`3$%$`3!`3%((`/0.0`1/%*#`*!40
%*`$IBQUFSL` !00%*#`0.0! `3%0$`50$+*`* ` +K
.$%0!01.((5L`0$!`% `(%..5`+),.%/!/`03+`,.0/d`/!.2!.`/!.2%!
* ``(%!*0`0$0`+))1*%0!/`+2!.`(+(`,%,!/`+.`/+'!0/`0+`0$!`/!.2%!K
!`3%((`+2!.`)+.!`+10`0$%/`/%`.$%0!01.!`%*`$IBQUFSL`+**!0%*#
+1.`/,!..5`%`0+`0$!`$5/%(`+.( K
S`::`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
+3L`%0W/`0%)!`0+`.!++0`5+1.`/,!..5`%P`+L`0'!``.!'`3$%(!`5+1.`/,!..5`%
.!/0.0/K`+1` !/!.2!`%0`!1/!`3!`$2!`+2!.! ``(+0P`
6XPPDU\
*`0$%/`$,0!.L`3!`!4,(+.! `0$!`50$+*`!+/5/0!)`0$0`%/`,.0`+"``05,%(`*%4_/!
+,!.0%*#`/5/0!)`/1$`/`/,%*``* `(!.*! `0$0`50$+*`%/``+.!`!(!)!*0`+"`0$!
+,!.0%*#`/5/0!)`0++(%*#K`!`0$!*`+2!.! `$+3`0+`.!0!`* `*2%#0!``50$+*`2%.01(
!*2%.+*)!*0`/+`0$0`3!`*`/* +4`+1.`50$+*`,.+&!0/`/+`0$!5`3%((`*+0`%*0!."!.!`3%0$`+*!
*+0$!.`+.`0$!`/5/0!)_(!2!(`50$+*`!+/5/0!)K
!40L`3!`(!.*! `$+3`0+`1/!`0$!`50$+*`,'#!`)*#!)!*0`0++(L`QJQL`0+`%*/0((`*
)*#!`50$+*`(%..5` !,!* !*%!/`".+)`3%0$%*``2%.01(`!*2%.+*)!*0L`* `3!` % `0$%/
5`%*/0((%*#`0$!` !.+`* `% `(%..%!/K`* `/%*!`0$!.!`3%((`!`0%)!/`0$0`3!
*!! `0+`!4!10!``50$+*`/.%,0`/`0$!`.++0`1/!.L`".+)`+10/% !`%0/`2%.01(`!*2%.+*)!*0`+.
1.%*#`++0`1,L`3!`(/+`+2!.! `0$!/!`2.%+1/`0!$*%-1!/K
S`:;`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
4XHVWLRQV
/`3!`+*(1 !L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`.!#. %*#`0$%/
$,0!.W/`)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`++'M
8K $0`%/`0$!`)%*`.!/+*`3$5`5+1`/$+1( `(35/`1/!``2%.01(`!*2%.+*)!*0`"+.
5+1.`50$+*`,.+&!0/O
9K +`5+1`*!! `0+`+.`/$+1( `5+1`,(!`0$!`2%.01(`!*2%.+*)!*0`"+( !.`Q0$0`%/L`WFOWR
1* !.`2!./%+*`+*0.+(O
:K $5`.!0!``SFRVJSFNFOUTUYU`"%(!O
;K +1`*!! `0+`.1*``50$+*`/.%,0`/`0$!`.++0`1/!.K`$0`/0!,`)1/0`5+1`0'!`0+
!*/1.!`0$0`0$!`/.%,0`!4!10!/`%*`%0/`%*0!* ! `2%.01(`!*2%.+*)!*0`+*0!40O
<K $0` +!/`0$!`TPVSDFWFOWCJOBDUJWBUF`+))* ` +O
=K +1`.!`%*`*`0%20! `2%.01(`!*2%.+*)!*0K`$0`%/`0$!`+))* `0+`(!2!`0$!
2%.01(`!*2%.+*)!*0`* `.!01.*`0+`0$!`$+/0`/$!((O
>K +1`.!0! ``50$+*`,.+&!0`* `2%.01(`!*2%.+*)!*0`%*`5$.)K`*`5+1
3+.'`+*`* `.1*`0$!`,.+&!0W/`50$+*`/.%,0/`%*``!.)%*(O
?K +1`3*0`` `0++(`0+`! %0`* `0!/0`50$+*`+ !`+*`5+1.`/,!..5`%`10` +
*+0`$2!`5$.)`%*/0((! K`$0`,.!_%*/0((! `0++(`0$0`+)!/`3%0$`50$+*`*
/,%*`+1( `5+1`1/!O
@K +1W2!` 2*! `%*`5+1.`50$+*`* `!(!0.+*%/`'*+3(! #!`* `.!`0.5%*#`0+
$++'`1,`` !2%!`1/%*#` 9`0+`5+1.`/,!..5`%`10`5+1`**+0`#!0`%0`0+`3+.'K
$0`)%#$0`!`0$!`,.+(!)`* `$+3` +`5+1` .!//`%0O
)XUWKHUUHDGLQJ
!`+2!.! `0$!`WFOW`2%.01(`!*2%.+*)!*0`0++(`%*`0$%/`$,0!.K` !.!`.!`(%*'/`0+`%0/`+""%%(
+1)!*00%+*M
WFOW` +1)!*00%+*M`IUUQTEPDTQZUIPOPSHMJCSBSZWFOWIUNM
WFOW`010+.%(M`IUUQTEPDTQZUIPOPSHUVUPSJBMWFOWIUNM
WJSUVBMFOW`$+)!`,#!M`IUUQTWJSUVBMFOWQZQBJPFOMBUFTU
QJQFOW`$+)!`,#!M`IUUQTEPDTQJQFOWPSHFOMBUFTU
S`:<`T
!00%*#`,`5+1.`!2!(+,)!*0`*2%.+*)!*0 $,0!.`8
50$+*`'#%*#`/!.` 1% !M`IUUQTQBDLBHJOHQZUIPOPSH
S`:=`T
*HWWLQJ6WDUWHGZLWK3\WKRQDQG
,R7
*`$IBQUFSL`!00%*#`,`+1.`!2!(+,)!*0`*2%.+*)!*0L`3!`3!*0`0$.+1#$`0$!`!//!*0%(/`+"
0$!`50$+*`!+/5/0!)L`2%.01(`!*2%.+*)!*0/L`* `,'#!`)*#!)!*0`* `/!0`1,`5+1.
/,!..5`%`"+.` !2!(+,)!*0`* ` `%*0!."%*#K` *`0$%/`$,0!.L`3!`3%((`!#%*`+1.
&+1.*!5`%*`50$+*`* ` +K
*`0$%/`$,0!.L`3!`3%((`+2!.`0$!`"+((+3%*#`0+,%/M
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.`* `0$.+1#$+10`0$%/`++'L`5+1`3%((`*!! `0$!
"+((+3%*#M
!`.!`#+%*#`0+`.!-1%.!``"!3`,$5/%(`!(!0.+*%`+),+*!*0/M
8`4`<`))`.! `
8`4`977`c`.!/%/0+.M` 0/`+(+.`* /`3%((`!`.! L`('L`.+3*L`* `0$!*`#+( `+.
/%(2!.
S`:?`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
+)!*0.5`,1/$`100+*`Q%*#(!`+(!`%*#(!`$.+3dR
`.! +.
(!_0+_"!)(!`* `)(!_0+_)(!`&1),!.`(!/`Q/+)!0%)!/`((! `1,+*0
(!/R
+1`3%((`"%* ``+),(!0!`,.0/`(%/0`0(+#%*#`((`+"`0$!`!(!0.%(
+),+*!*0/`.!-1%.! `"+.`!2!.5`$,0!.`%*`0$!`.!"!K
&UHDWLQJDEUHDGERDUGSURWRW\SHFLUFXLW
$.+1#$+10`0$%/`++'L`3!`3%((`!`1%( %*#`)*5`!(!0.%(`%.1%0/L`* `3!`3%((` +`0$%/
1/%*#`*`!(!0.+*%`.! +. K` *`0$!`%*%0%(`$,0!./L` `3%((`,.!/!*0`)*5`+"`0$!`%.1%0/
3%0$`+0$``.! +. `(5+10`/%)%(.`0+`0$0`%((1/0.0! `0+3. `0$!`!* `+"`0$%/`/!0%+*
%*`%#1.!`9K>`* `3%0$``/$!)0%` %#.)`/`/$+3*`%*`%#1.!`9K?K
S`:@`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
8QGHUVWDQGLQJWKHEUHDGERDUG
*`!(!0.+*%`.! +. L`/`%((1/0.0! `%*`%#1.!`9K8L`%/``,.+0+05,%*#`+. `0$0`$!(,/`5+1`0+
!(!0.%((5`+**!0`+),+*!*0/`* `3%.!/`-1%'(5`* `!/%(5K` *`0$%/`/!0%+*L`3!`3%((
%/1//`0$!`#!*!.(`,.+,!.0%!/`+"``.! +. `%*`,.!,.0%+*`"+.`+**!0%*#`+),+*!*0/
* `3%.!/`0+#!0$!.`%*`0$!`"+((+3%*#`/!0%+*/M
(KIWTGb$TGCFDQCTF
S`;7`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
$!`03+`+10!.`+(1)*/`+"`$+(!/`.!`+))+*(5`.!"!..! `0+`/`,+3!.`.%(/K`$!.!`%/
`,+/%0%2!`QBR`+(1)*`* ``*!#0%2!`Q_R`+(1)*`+*`!%0$!.`/% !`+"`0$!`.! +. K
$`+(1)*`+"`$+(!/`%/`!(!0.%((5`+**!0! `* `.1*`"+.`0$!`"1((`(!*#0$`+"`0$!
.! +. K` !*!L`0$!.!`.!`"+1.`%* !,!* !*0`,+3!.`.%(/`+*`0$%/`.! +. M
`B`* `_`.%(`+*`0$!`(!"0_$* `/% !`+"`0$!`.! +. `* ``B`* `_`.%(`+*`0$!
.%#$0_$* `/% !K
S`;8`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
!.!`.!``"!3`)+.!`!4),(!/`+"`$+3`0$!`$+(!/`.!`+**!0! `0$0`5+1`*`3+.'`0$.+1#$`0+
$!(,`3%0$`5+1.`1* !./0* %*#M
<`%/`!(!0.%((5`+**!0! `0+`<`Q0$!5`/$.!`0$!`/)!`.+3RK`
9<`%/`!(!0.%((5`+**!0! `0+` 9<`Q0$!5`/$.!`0$!`/)!`.+3RK
9`%/`*+0`!(!0.%((5`+**!0! `0+`9`Q0$!5` +*W0`/$.!`0$!`/)!`.+3RK
:7`%/`*+0`!(!0.%((5`+**!0! `0+`:7`Q0$!5`.!`+*` %""!.!*0`*'/RK
$!`0$%. `B`$+(!`Q".+)`0$!`0+,`+"`0$!`.! +. R`+*`0$!`(!"0_$* `/% !`,+3!.`.%(
%/`!(!0.%((5`+**!0! `0+`0$!`(/0`B`$+(!`+*`0$!`(!"0_$* `/% !`,+3!.`.%(`Q0$!5
.!`%*`0$!`/)!`2!.0%(`+(1)*RK
$!`0$%. `B`$+(!`Q".+)`0$!`0+,`+"`0$!`.! +. R`+*`0$!`(!"0_$* `/% !`,+3!.`.%(
%/`*+0`!(!0.%((5`+**!0! `0+`0$!`0$%. `B`$+(!`+*`0$!`.%#$0_$* `/% !`,+3!.`.%(
Q0$!5`.!`+*` %""!.!*0`,+3!.`.%(/RK
3RVLWLRQLQJDQGFRQQHFWLQJWKHSXVKEXWWRQ
!`.!`1/%*#``/%),(!`+*\+""`100+*L`(/+`+))+*(5`'*+3*`/`*`%*#(!`+(!L`%*#(!
$.+3`QR`)+)!*0.5`/3%0$K`*`!4),(!`%/`/$+3*`%*`%#1.!`9K9M
(KIWTGb#RWUJDWVVQPCPFUEJGOCVKEU[ODQN
S`;9`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
1/$`100+*/`+)!`%*`)*5`/$,!/`* `/%6!/N`$+3!2!.L`0$!%.`#!*!.(`+,!.0%+*`%/`0$!`/)!K
$%/`/,!%"%`,1/$`100+*`,%01.! `+*`0$!`(!"0_$* `/% !`%/`'*+3*`/``00%(!`,1/$`100+*K
$!5`.!`/)((`* `3!((`/1%0! `"+.`1/!`3%0$``.! +. K
(KIWTGb%QPPGEVKPIVJGRWUJDWVVQP
S`;:`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
9K !40L`+**!0``&1),!.`3%.!`%*0+`0$!`/)!`.+3`/`0$!`,1/$`100+*W/`0+,_)+/0`(!#
Q+1.`%((1/0.0%+*`1/!/`$+(!`87RK`+**!0`0$!`+0$!.`!* `+"`0$%/`3%.!`0+`0$!`!%#$0$
,%*`+1*0! ` +3*`".+)`0$!`+10!.`! #!`+"`5+1.`/,!..5`%W/` `$! !.K`$%/
,%*`%/`'*+3*`/` `9:K
S`;;`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
3RVLWLRQLQJDQGFRQQHFWLQJWKH/('
*``%/``/)((L`5!0`.%#$0L`(%#$0`) !`+"``0%*5`.5/0(`0$0`!)%0/``+(+.`3$!*`!(!0.%%05
%/`+**!0! `0+`%0K
(KIWTGb.'&CPFUEJGOCVKEU[ODQN
S`;<`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
%#1.!`9K<`0$!``+**!0%+*`3!`.!`+10`0+`.!0!K`(!/!`.!"!.`0+`0$%/` %#.)`/`5+1
"+((+3`0$!`"+.0$+)%*#`/0!,/M
(KIWTGb%QPPGEVKPIVJG.'&
S`;=`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
3RVLWLRQLQJDQGFRQQHFWLQJWKHUHVLVWRU
`.!/%/0+.`%/`*`!(!0.+*%`+),+*!*0`1/! `0+`(%)%0`Q0$0`%/L`.!/%/0R`1..!*0`"(+3`* ` %2% !
2+(0#!`* `0$!5`.!``2!.5`+))+*`!(!0.%(`+),+*!*0K
(KIWTGb4GUKUVQTCPFUEJGOCVKEU[ODQNU
S`;>`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
$!*`/0.0%*#`+10`* `(!.*%*#`+10`%.1%0/L`%0`%/`$%#$(5`.!+))!* !
* `/"!/0`0+`(35/`1/!`0$!`%*0!* ! `.!/%/0+.`2(1!/`0$0`.!`(%/0! `"+.`
%.1%0K`2+% `*5`0!),00%+*`0+`/1/0%010!` %""!.!*0`2(1!/`3$!*`5+1` +
*+0`$2!`0$!`+..!0`2(1!`+*`$* `/`0$%/`*`.!/1(0`%*` )#!`0+
+),+*!*0/`* `!2!*`5+1.`/,!..5`%K
1.`1/!`+"`.!/%/0+./`0$.+1#$`0$%/`++'`3%((`!`,.#)0%K`(0$+1#$` `3%((`!`!4,(%*%*#`$+3
* `3$5`3!`..%2!`0`0$!`!.0%*`2(1!/`3!`1/!`".+)`$IBQUFSL`(!0.+*%/`878`"+.`0$!
+"03.!`*#%*!!.L`+*3. K` "`5+1`.!`*!3`0+`.!/%/0+./L`5+1`3%((`"%* `03+`(%*'/`%*`0$!`1.0$!.
.! %*#`/!0%+*`3$!.!`5+1`*`(!.*`)+.!`+10`0$!)L`%*(1 %*#`$+3`0+`.! `0$!%.`2(1!/K
(KIWTGb%QORNGVGFDWVVQPCPF.'&EKTEWKVQPVJGDTGCFDQCTF
S`;?`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
8K (!`+*!`(!#`Q%/` +!/`*+0`)00!.`3$%$`+*!R`+"`0$!`.!/%/0+.`%*0+``$+(!`0$0`/$.!/
0$!`/)!`.+3`/`0$!`W/`*+ !`(!#K`$%/`+**!0%+*`%/`/$+3*`0`$+(!
8=K` */!.0`0$!`+0$!.`(!#`%*/!.0! `%*0+``2*0`.+3L`/$+3*`0`97`Q%0W((`!`
2*0`.+3`+*`5+1.`.! +. `1*0%(`3!`+**!0`0$!`3%.!`*!40RK
9K /%*#``&1),!.`3%.!`Q%((1/0.0! `/0.0%*#`0`$+(!`97RL`3!`+**!0`0$!`+0$!.`(!#`+"
+1.`.!/%/0+.`0+`0$!`970$`,%*`+*`0$!`+10!.`! #!`+"`5+1.`/,!..5`%W/` `$! !.K
$%/`,%*`%/`'*+3*`/` `98K
5HDGLQJDQHOHFWURQLFVFKHPDWLFGLDJUDP
*`0$!`(/0`/!0%+*L`3!`1%(0`+1.`"%./0`%.1%0`+*``.! +. `5`"+((+3%*#``/!.%!/`+"
%((1/0.0! `/0!,/K` *`0$%/`/!0%+*L`3!`3%((`(!.*`+10`/$!)0%` %#.)/L`3$%$`%/``"+.)(
35`+"` +1)!*0%*#`* ` !/.%%*#`*`!(!0.%(`%.1%0K`$!/!`.!`0$!` %#.)/`5+1`"%* `%*
!(!0.+*%`0!40/`* ` 0/$!!0/K
S`;@`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
(KIWTGb5EJGOCVKEFKCITCOQHVJGDTGCFDQCTFEKTEWKVHTQO(KIWTG
5HDGLQJWKHSXVKEXWWRQVFKHPDWLFFRQQHFWLRQ
W2!`+)%*! `0$!`.! +. `(5+10`* `/$!)0%` %#.)`Q3%0$``"!3` %0%+*(`(!(/R
/`"+((+3/M
S`<7`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
(KIWTGb%QODKPGFDTGCFDQCTFCPFUEJGOCVKEFKCITCORCTVQH
!.!`%/`$+3`0+`.! `0$!`,1/$100+*`+**!0%+*K`$!`"+((+3%*#`/0!,`*1)!./`)0$`0$!
*1)!.! `('`%.(!/`%*`%#1.!`9K@M
$!`+(+.`+"``3%.!W/`/%*#`$/`*+`%*$!.!*0`)!*%*#K`$!`+(+.`%/`/%),(5`
2%/1(`% `0+`$!(,`0+` %/0%*#1%/$` %""!.!*0`3%.!/`* `+**!0%+*/K
+3!2!.L`0$!.!`.!`/+)!`+))+*`+*2!*0%+*/`/1$`/`1/%*#``.! `3%.!
"+.``,+/%0%2!`,+3!.`+**!0%+*`* ``('`3%.!`"+.`0$!`*!#0%2!`+.
#.+1* `3%.!
S`<8`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
5HDGLQJWKH/('DQGUHVLVWRUVFKHPDWLF
FRQQHFWLRQ
+*0%*1%*#`".+)`0$!`,.!2%+1/`/!0%+*L`3$!.!`3!`(!.*! `$+3`0+`.! `* `1* !./0* `0$!
,1/$`100+*`,.0`+"`0$!`/$!)0%` %#.)L`*!40`3!`+),(!0!`+1.`!4,(*0%+*`5`+2!.%*#
0$!``* `.!/%/0+.`+**!0%+*/L`/`/$+3*`$!.!M
S`<9`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
(KIWTGb%QODKPGFDTGCFDQCTFCPFUEJGOCVKEFKCITCORCTVQH
S`<:`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
,QWURGXFLQJJURXQGFRQQHFWLRQVDQGV\PEROV
(!0.%(`%.1%0/`((`.!-1%.!``+))+*`!(!0.%(`,+%*0`+"`.!"!.!*!L`* `3!`((`0$%/`,+%*0
#.+1* K`$%/`%/`3$5`3!`/!!`0$!`,1/$`100+*`* ``/$.%*#``+))+*`+**!0%+*`+*`+0$
0$!`.! +. `* `/$!)0%` %#.)`Q/``.!)%* !.L`.!"!.`0+`%#1.!`9K87K
(KIWTGb%QOOQPUEJGOCVKEFKCITCOITQWPFU[ODQNU
S`<;`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
(KIWTGb#NVGTPCVKXGUEJGOCVKEFKCITCOUQHVJGDTGCFDQCTFEKTEWKVKP(KIWTG
(0$+1#$`+1.`(0!.*0%2!`/$!)0%` %#.)`(++'/`(%'!`03+`/!,.0!`%.1%0/L`0$!5`.!
!(!0.%((5`+**!0! `!40(5`0$!`/)!`/`+1.`+.%#%*(`/$!)0%` %#.)`%*`%#1.!`9K?K
S`<<`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
([SORULQJWZRZD\VWRIODVKDQ/('LQ
3\WKRQ
*`0$%/`/!0%+*L`3!`3%((`%*2!/0%#0!`03+`(0!.*0%2!` `(%..%!/`* `35/`0+`)'!`*`
"(/$`%*`50$+*L`%*(1 %*#`0$!`"+((+3%*#M
/`3!`(!.*`0+`1/!`0$!/!`03+`(%..%!/L`3!`3%((`/!!`$+3`0$!5`,,.+$` `+*0.+(
%""!.!*0(5`* ` %/+2!.`0$!%.`.!(0%2!`/0.!*#0$/`* `3!'*!//!/K
"0!.`+),(!0%*#`0$%/`/!0%+*`Q* `0$!`"+((+3%*#`/!0%+*L`4,(+.%*#`03+`35/`0+`%*0!#.0!`
,1/$`100+*`%*`50$+*RL`5+1`3%((`$2!`!4,(+.! `* `+),.! `03+`2!.5` %""!.!*0`,,.+$!/
0+` `+*0.+(d0$!`$%#$_(!2!(`Q1/%*#` !.+R`* ``(+3!._(!2!(`Q1/%*#`% Rd*
$2!``#++ `%*0.+ 10+.5`#./,`+"`3$!*`* `$+3`5+1`3+1( `$++/!`!03!!*`0$!
(0!.*0%2!`3$!*`1%( %*#`*`!(!0.+*%`%*0!."%*#`,.+#.)K
!0W/`/0.0`+1.`,.0%(`!4!.%/!/`5`)'%*#`0$!``(%*'`1/%*#` !.+K
%OLQNLQJZLWK*3,2=HUR
!`.!`*+3`.! 5`0+`%*2!/0%#0!`+1.`"%./0`(%*'%*#`)!0$+ `1/%*#`0$!` !.+`(%..5K`+1
3%((`"%* `0$!`+ !`3!`.!`+10`0+`+2!.`%*`0$!`DIBQUFSMFE@HQJP[FSPQZ`"%(!K`(!/!`
.!2%!3`0$%/`"%(!`!"+.!`,.+!! %*#K
!`3%((`/0.0`5`.1**%*#`+1.`!4),(!`+ !K
S`<=`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
"`5+1`.!!%2!`*`!..+.`+10`% `3$!*`5+1`.1*`0$!`,.+#.)L`)'!
/1.!`5+1`$2!`!*(! `0$!`QJHQJP` !)+*`/`+10(%*! `%*`$IBQUFS
L`!00%*#`,`+1.`!2!(+,)!*0`*2%.+*)!*0K`!W((`0('`)+.!`+10`%
* `0$!`% ` !)+*`%*`$IBQUFSL`+**!0%*#`+1.`/,!..5`%`0+`0$!
$5/%(`+.( K
,PSRUWV
!`3%((`/0.0`+1.`+ !`!4,(+.0%+*`5`(++'%*#`0`0$!`!40!.*(`(%..%!/`3!`.!`%),+.0%*#`%*
+1.`50$+*`,.+#.)K`$!5`,,!.`*!.`0$!`0+,`+"`0$!`/+1.!`"%(!L`/`/$+3*`$!.!M
IURPJSLR]HURLPSRUW'HYLFH/('
IURPJSLR]HURSLQVSLJSLRLPSRUW3L*3,2)DFWRU\
IURPWLPHLPSRUWVOHHS
`$!`%),+.0/`+"`%*0!.!/0`.!`0$!`"+((+3%*#M
!40L`3!`/!!`$+3`0+`/!0`0$!` !.+`%*`0+.5`%),(!)!*00%+*K
S`<>`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
3LQ)DFWRU\FRQILJXUDWLRQ
`%*`0+.5`%/`1/! `%*` !.+`/,!%"5`3$%$`+*.!0!` `(%..5` !.+`3%((`1/!
0+`,!."+.)`0$!`01(` `3+.'K`!`3%((` %/1//`%*`0+.%!/`%*`)+.!` !0%(`3$!*`3!
+),.!`0$!` !.+`* `% `!4),(!/`(0!.`%*`0$%/`$,0!.`%*`0$!`+),.%*#`0$!
!.+`* `% `!4),(!/`/!0%+*M
'HYLFHSLQBIDFWRU\ 3L*3,2)DFWRU\
+3`0$0`3!W2!`/!!*`$+3``%*`0+.5`%/`/!0`1,L`(!0W/`(++'`0`0$!`+ !`0$0`)'!/`+1.`
(%*'K
%OLQNLQJWKH/('
!.!L`3!`/!!`0$!`-&%`(//`0`(%*!`Q;R`%*`0$!`"+((+3%*#`%/`.!0! `* `//%#*! `0+
0$!`MFE`2.%(!K`$!`,.)!0!.`0+`-&%`%/`0$!` `,%*`0$0`0$!`,$5/%(``%/`+**!0!
0+L`/`,!.`0$!`.! +. `%*`%#1.!`9K8M
*3,2B3,1
OHG /(' *3,2B3,1
OHGEOLQN EDFNJURXQG )DOVH
*`(%*!`Q<RL`3!`/0.0`0$!``(%*'%*#K`$!`CBDLHSPVOE'BMTF`,.)!0!.`0+`CMJOL `%/
*!! ! `0+`.1*`0$!``+*`0$!`)%*`0$.! `/+`0$!`,.+#.)` +!/`*+0`!4%0`Q*`(0!.*0%2!
+"`CBDLHSPVOE5SVF`3+1( `!`0+`1/!`TJHOBMQBVTF K`!W((`/!!`*`!4),(!`+"`0$%/`%*
0$!`*!40`/!0%+*RK
!.+`)'!/`%0`2!.5`!/5`0+`%*0!."!`3%0$`+))+*`!(!0.+*%`+),+*!*0/`/1$`/`*
K`!40L`3!`3%((`,!."+.)`0$!`/)!`!4!.%/!L`+*(5`0$%/`0%)!`1/%*#`0$!`% `(%..5K
%OLQNLQJZLWK3L*3,2
+3`0$0`3!`$2!`/!!*`$+3`0+`(%*'`+1.``1/%*#`0$!` !.+`(%..5L`(!0W/`(++'`0`*`
(0!.*0%2!`)!0$+ `1/%*#`0$!`% `(%..5K
S`<?`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
!0W/`3('`0$.+1#$`0$!`% `2!./%+*`+"`+1.``(%*'%*#`+ !K
,PSRUWV
0.0%*#`0`0$!`0+,`+"`0$!`"%(!L`3!`$2!`0$!`JNQPSU`/!0%+*`+"`0$!`/+1.!`"%(!M
LPSRUWSLJSLR
IURPWLPHLPSRUWVOHHS
3L*3,2DQGSLQFRQILJXUDWLRQ
!0W/`(++'`0`0$!`+ !`0$0`+*"%#1.!/`% `* `0$!`W/` `,%*M
*3,2B3,1
SL SLJSLRSL
SLVHWBPRGH *3,2B3,1SLJSLR287387
*`(%*!`Q:RL`3!`+*"%#1.!` `,%*`98`0+`!`*`+10,10`,%*K`+*"%#1.%*#``,%*
/`+10,10`)!*/`3!`3*0`0+`1/!`0$0`,%*`0+`+*0.+(`/+)!0$%*#`+**!0! `0+`%0`".+)`+1.
50$+*`+ !K` *`0$%/`!4),(!L`3!`3*0`0+`+*0.+(`0$!`K`0!.`%*`0$%/`$,0!.L`3!W((`/!!`*
!4),(!`+"`*`%*,10`,%*`1/! `0+`.!/,+* `0+`100+*`,.!//!/K
S`<@`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
%OLQNLQJWKH/('
%*((5L`3!`)'!`+1.``(%*'M
ZKLOH7UXH
SLZULWH *3,2B3,1 +LJK 2Q
VOHHS VHFRQG
SLZULWH *3,2B3,1 /RZ 2II
VOHHS VHFRQG
!`$%!2!`0$!`(%*'%*#`3%0$`% `1/%*#``XIJMF`(++,K`/`0$!`(++,`!4!10!/L`3!`.!
0+##(%*#` `,%*`98d`+1.`+10,10`,%*d+*`* `+""`Q(%*!/`Q;R`* `Q<RRL`3%0$`
/$+.0`TMFFQ `"1*0%+*`%*`!03!!*L`$!*!`)'%*#`0$!``,,!.`0+`(%*'K
&RPSDULQJWKH*3,2=HURDQG3L*3,2H[DPSOHV
"`5+1`(++'`0`0$!`+ !`"+.`0$!` !.+`!4),(!L`%0W/`,.!005`+2%+1/`3!W.!`)'%*#`*`
(%*'d%0W/`,.!005`!4,(%%0`%*`0$!`+ !K`10`3$0`+10`0$!`% `!4),(!O`$!.!`%/`*+
)!*0%+*`+"`/`+.`(%*'%*#K` *`0.10$L`%0`+1( `!` +%*#`*50$%*#d%0W/`&1/0`3!`'*+3`*
`%/`+**!0! `0+` `98K
!.+`%/``$%#$!._(!2!(`3.,,!.`(%..5K`*`0$!`/1."!L`%0`/0.0/`+))+*
!(!0.+*%`+),+*!*0/`/1$`/`/`%*0+`/%),(!_0+_1/!`(//!/`3$%(!L
1* !.*!0$L`%0`%/` !(!#0%*#`0$!`01(`%*0!."%*#`3+.'`0+``+*.!0!`
(%..5K
$!`X6!.+X`%*` !.+`.!"!./`0+``*)%*#`+*2!*0%+*`"+.`6!.+`+%(!.,(0!
+ !`(%..%!/`3$!.!`((`+"`0$!`+),(!4`%*0!.*(/`.!`/0.0! `35`0+
)'!`%0`!/%!.`"+.`!#%**!./`0+`#!0`/0.0! K
S`=7`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
!40L`3!`3%((`+*0%*1!`1%( %*#`+*`+1.``(%*'%*#`!4),(!/`5`%*0!#.0%*#`0$!`,1/$
100+*K
([SORULQJWZRZD\VWRLQWHJUDWHDSXVK
EXWWRQLQ3\WKRQ
*`0$!`,.!2%+1/`/!0%+*L`3!`!4,(+.! `03+` %""!.!*0`,,.+$!/`0+`)'%*#`+1.`
(%*'d+*!`1/%*#`0$!` !.+`(%..5`* `0$!`+0$!.`3%0$`0$!`% `(%..5K` *`0$%/
/!0%+*L`3!`3%((`%*0!#.0!`0$!`,1/$`100+*`".+)`0$!`%.1%0`%*`%#1.!`9K8`3%0$`50$+*`* `/!!
$+3`3!`*`%*0!#.0!`0$!`100+*`1/%*#`+0$`0$!` !.+`* `% `(%..%!/K
5HVSRQGLQJWRDEXWWRQSUHVVZLWK*3,2=HUR
$!`+ !`3!`.!`+10`0+`+2!.`%/`%*(1 ! `%*
0$!`DIBQUFSCVUUPO@HQJP[FSPQZ`"%(!K`(!/!`.!2%!3`* `.1*`0$%/`"%(!K`$!`
/$+1( `01.*`+*`* `+""`/`5+1`,.!//`0$!`100+*K`/`,!.`0$!`%.1%0`%*`%#1.!`9K8L`0$!``%/
/0%((`+**!0! `0+` `98L`3$%(!`+1.`100+*`%/`+**!0! `0+` `9:K
!0W/`3('`0$.+1#$`0$!`/%#*%"%*0`,.0/`+"`0$!`+ !L`*+0%*#`0$0`3!`.!`/'%,,%*#`/!0%+*/`+"
+ !`0$0`3!W2!`(.! 5`+2!.! K
S`=8`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
,PSRUWV
0.0%*#`0`0$!`0+,`+"`0$!`/+1.!`"%(!L`5+1`3%((`"%* `0$!`/!0%+*`+"`+ !`3$!.!`3!`%),+.0
!40!.*(`(%..%!/L`/`/$+3*`$!.!M
IURPJSLR]HURLPSRUW'HYLFH/('%XWWRQ
IURPJSLR]HURSLQVSLJSLRLPSRUW3L*3,2)DFWRU\
LPSRUWVLJQDO
+3`0$0`5+1`$2!`/!!*`0$0`3!`.!`%),+.0%*#`0$!`#VUUPO`(//L`(!0W/`(++'`0`0$!`$* (!.
"1*0%+*`0$0`3%((`!`((! `3$!*`0$!`100+*`%/`,.!//! K
%XWWRQSUHVVHGKDQGOHU
!`.!`1/%*#``(('`$* (!.`0+`.!/,+* `0+`100+*`,.!//!/L` !"%*! `%*`0$!`QSFTTFE
"1*0%+*M
GHISUHVVHG
OHGWRJJOH
VWDWH RQ LIOHGYDOXH HOVH RII
SULQW %XWWRQSUHVVHG/('LVVWDWH
+1`*`(/+`+*0.+(`0$!``3%0$`0$!`MFEPO L`MFEPGG L
* `MFECMJOL `)!0$+ /K`+1`*`(/+` %.!0(5`/!0`0$!``+*\+""`/00!
5`/!00%*#`MFEWBMVFL`"+.`!4),(!L`MFEWBMVF`3%((`01.*`0$!`
+*K
S`=9`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
%XWWRQFRQILJXUDWLRQ
+((+3%*#`.!`0$!`(%*!/`1/! `0+`+*"%#1.!`0$!`,1/$`100+*K`*`(%*!`Q=RL`0$!`(//`3!`1/!`%/
#VUUPOK` *` !.+L`3!`1/!``#VUUPO`(//`"+.`*5`%*,10` !2%!`0$0`*`!`!%0$!.`+*`+.
+""L`/1$`/`100+*/`* `/3%0$!/M
EXWWRQ %XWWRQ %87721B*3,2B3,1
SXOOBXS 7UXHERXQFHBWLPH
EXWWRQZKHQBSUHVVHG SUHVVHG
!.!`.!`0$!`)!*%*#/`+"`0$!`,.)!0!./`0+`0$!`#VUUPO`+*/0.10+.`+*`(%*!`Q=RM
$!`"%./0`,.)!0!.`%/`0$!`100+*W/` `,%*`Q#6550/@(1*0@1*/RK
$!`/!+* `,.)!0!.L`QVMM@VQ5SVFL`!*(!/`*`%*0!.*(`,1((_1,`.!/%/0+.`"+.
`9:K`1((_1,`* `,1((_ +3*`.!/%/0+./`.!`*`%),+.0*0`+*!,0`%*` %#%0(
!(!0.+*%/K`!W.!`.!`#+%*#`0+`/'%,`+2!.`0$%/`+*!,0`"+.`*+3`!1/!`3!`3%((`!
+2!.%*#`0$!`%),+.0*!`* `1/!`+"`,1((_1,`* `,1((_ +3*`.!/%/0+./`%*`#.!0!.
!0%(`%*`$IBQUFS`(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!./K
$!`0$%. `,.)!0!.`CPVODF@UJNF`Q7K8`/!+* /RL`%/`1/! `0+`+),!*/0!`"+.
*`+1..!*!`'*+3*`/`/3%0$`+.`+*00`+1*!K
+1*!`%/``05,!`+"`!(!0.%(`*+%/!`0$0`+1./`/`0$!`)!0(`+*00/`3%0$%*``,$5/%(`100+*
+.`/3%0$`+)!`0+#!0$!.K`$!`.!/1(0`+"`0$%/`*+%/!`%/`/!!*`/``.,% `/1!//%+*`+"`+*_+""`Q+.
$%#$_(+3R`/00!/`$*#!/`+*`` %#%0(`%*,10`,%*K`$%/`%/`1* !/%.(!`!1/!`3!`3*0`+*!
,$5/%(`,.!//`+"``100+*`Q+.`0+##(!`+"``/3%0$R`0+`!`/!!*`/`+*!`/00!`$*#!`+*`0$!`%*,10
,%*K`$%/`%/`+))+*(5`$%!2! `%*`+ !`1/%*#`` !+1*!`0$.!/$+( `+.`0%)!+10L`3$%$`%*
+1.`/!`%/`0$!`)+1*0`+"`0%)!`0$0`+1.`/,!..5`%`%#*+.!/`/1!//%2!`,%*`/0#!`$*#!/
"+((+3%*#`*`%*%0%(`/00!`$*#!K
$!*`%0`+)!/`0+`,1/$`100+*/L`/!(!0%*#`*`,,.+,.%0!` !+1*!
0$.!/$+( `%/``)00!.`+"`(*%*#`$+3`.,% (5``1/!.`*!! /`0+`,.!//`0$!
100+*`Q0$%/` !)* /`(+3!.`0$.!/$+( /R`2!./1/`$+3`)1$`+1*!`%/
%*$!.!*0`%*`5+1.`100+*`Q0$%/` !)* /`$%#$!.`0$.!/$+( /RK`+10`7K8
/!+* /`%/``#++ `/1##!/0! `/0.0%*#`2(1!K
%*((5L`(!0W/`+2!.``+))+*`0!$*%-1!`0$0`%/`1/! `0+`,.!2!*0`*`!(!0.+*%_%*0!."%*#
50$+*`,.+#.)`".+)`!4%0%*#K
S`=:`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
3UHYHQWLQJWKHPDLQWKUHDGIURPWHUPLQDWLQJ
0W/`+))+*`0+`/!!`0$!`1/!`+"`TJHOBMQBVTF `+.`*`!-1%2(!*0`+*/0.10`%*`
!4),(!/`* `,.+#.)/M`
VLJQDOSDXVH 6WRSVSURJUDPIURPH[LWLQJ
1.` !.+`!4),(!`QDIBQUFSMFE@HQJP[FSPQZR`1/!
CBDLHSPVOE'BMTF`%*`0$!``+*/0.10+.K`$%/`,.!2!*0! `+1.`,.+#.)`".+)
!4%0%*#`5`'!!,%*#`0$!`W/`0$.! `%*`0$!`"+.!#.+1* K
*`0$!`% `!4),(!`QDIBQUFSMFE@QJHQJPQZRL`%0W/`0$!`XIJMF`(++,`0$0
,.!2!*0/`0$!`,.+#.)`".+)`!4%0%*#K
!40L`(!0W/`/!!`$+3`0+`%*0!#.0!`0$!`100+*`1/%*#`% K
5HVSRQGLQJWRDEXWWRQSUHVVZLWK3L*3,2
!`3%((`*+3`.!,(%0!`0$!`/)!`"1*0%+*(%05`/`+1.`,.!2%+1/` !.+`!4),(!`0+`01.*
+1.``+*`* `+""`3%0$``100+*`,.!//L`+*(5`0$%/`0%)!`1/%*#`0$!`% `(%..5K`$!`+ !
"+.`+1.`% `!4),(!`*`!`"+1* `%*`0$!`DIBQUFSCVUUPO@QJHQJPQZ`"%(!K`(!/!
.!2%!3`* `.1*`0$%/`"%(!`*+3L`* `+*"%.)`0$0`0$!``.!/,+* /`0+`5+1.`100+*`,.!//!/K
S`=;`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
%XWWRQSLQFRQILJXUDWLRQ
0.0%*#`+*`(%*!`Q8RL`3!`+*"%#1.!` `,%*`9:`Q#6550/@(1*0@1*/R`/`*`%*,10`,%*M
SLVHWBPRGH %87721B*3,2B3,1SLJSLR,1387
SLVHWBSXOOBXSBGRZQ %87721B*3,2B3,1SLJSLR38'B83
SLVHWBJOLWFKBILOWHU %87721B*3,2B3,1
%XWWRQSUHVVHGKDQGOHU
1.`100+*`(('`$* (!.`%/` !"%*! `0`/0.0%*#`+*`(%*!`Q;R`* `%/`)+.!`%*2+(2! `0$*`0$!
,.!2%+1/` !.+`$* (!.M
GHISUHVVHG JSLRBSLQOHYHOWLFN
*HWFXUUHQWSLQVWDWHIRU/('
OHGBVWDWH SLUHDG /('B*3,2B3,1
LIOHGBVWDWH
/('LVRQVRWXUQLWRII
SLZULWH /('B*3,2B3,1 3LQ/RZ /HG2II
SULQW %XWWRQSUHVVHG/HGLVRII
HOVH
/('LVRIIVRWXUQLWRQ
SLZULWH /('B*3,2B3,1 3LQ+LJK /HG2Q
SULQW %XWWRQSUHVVHG/HGLVRQ
5HJLVWHUEXWWRQKDQGOHU
SLFDOOEDFN %87721B*3,2B3,1SLJSLR)$//,1*B('*(SUHVVHG
S`=<`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
HQJP@QJOM`$%/`%/`0$!`,%*`.!/,+*/%(!`"+.`%*2+'%*#`0$!`(('K`$%/`3%((`!`9:`%*
+1.`!4),(!K
MFWFMM`$%/`0$!`/00!`+"`0$!`,%*K`+.`1/L`0$%/`3%((
!`QJHQJP'"--*/(@&%(&`Q3!W((`/!!`3$5`/$+.0(5RK
UJDLM`$%/`%/`0$!`*1)!.`+"`)%.+/!+* /`/%*!`++0K
% `5+1`*+0%!`+.`0$%*'`0`*5`/0#!`%*`0$!`% `!4),(!`0$0`3$!*`0$!`100+*`%/
,.!//! d0$0`%/L`5+1`0%20! `0$!`100+*d `,%*`9:`!+)!/`(+3`Q0$0`%/L`0$!
QJHQJP'"--*/(@&%(&`,.)!0!.`+*`(%*!`Q>RRL`* `0$%/`.!/1(0/`%*`QSFTTFE `!#%*`((! O
% `0$%/`/!!)``%0`'_0+_".+*0`+.`"(/!`".+)``,.+#.))%*#`,!./,!0%2!O`!W((`.!2%/%0`0$%/
% !`* ` %/1//`0$!`.!/+*/`!$%* `%0`%*`$IBQUFSL`(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!.K
S`==`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
&UHDWLQJ\RXUILUVW,R7SURJUDP
!`.!`+10`0+`.!0!``50$+*`,.+#.)`0+`%*0!#.0!`3%0$``/!.2%!`((! `EXFFUJPK`$%/`%/
$+3`0$!%.`3!/%0!` !/.%!/`0$!`/!.2%!M`X%0W/`(%'!`3%00!.`"+.`/+%(`)$%*!/KX
!W.!`1/%*#`0$!`".!!`,1(%`EXFFUJP`/!.2%!`3$!.!`((`%*"+.)0%+*`%/
,1(%(5`!//%(!L`/+` +`*+0`,1(%/$`*5`/!*/%0%2!` 0K`$!.!`%/`
,.+"!//%+*(`/!.2%!`2%((!`0`EXFFUQSPJP`0$0`,.+2% !/` 0`,.%25L
/!1.%05L` 3!!0`.!0!*0%+*L`* `+0$!.` 2*! `"!01.!/K
S`=>`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
5XQQLQJDQGWHVWLQJWKH3\WKRQVHUYHU
*`0$%/`/!0%+*L`3!`3%((`.1*`* `%*0!.0`3%0$``50$+*`/!.2!.`,.+#.)`0$0`3%((`(!0`1/
+*0.+(`+1.``".+)``3!`.+3/!.`5`+,5%*#`* `,/0%*#`(%*'/K`*!`3!`$2!`1/! `0$!
,.+#.)`0+`+*0.+(`+1.`L`3!W((`0$!*` !(2!`%*0+`0$!`)!$*%/`+"`0$!`+ !`* `$+3`%0
3+.'/`%*`0$!`*!40`/!0%+*K
!.!`.!`0$!`/0!,/`0+`"+((+3M
8K 1*`0$!`DIBQUFSEXFFU@MFEQZ`,.+#.)K`+1`/$+1( `/!!`+10,10`/%)%(.`0+
0$!`"+((+3%*#M
YHQY S\WKRQGZHHWBOHGS\
,1)2PDLQ&UHDWHGQHZWKLQJQDPHDH
/('&RQWURO85/V7U\WKHPLQ\RXUZHEEURZVHU
2QKWWSVGZHHWLRGZHHWIRUDH"VWDWH RQ
2IIKWWSVGZHHWLRGZHHWIRUDH"VWDWH RII
%OLQNKWWSVGZHHWLRGZHHWIRUDH"VWDWH EOLQN
,1)2PDLQ/('RII
:DLWLQJIRUGZHHWV3UHVV&RQWURO&WRH[LW
*`(%*!`Q8RL`0$!`,.+#.)`$/`.!0! ``1*%-1!`*)!`"+.`+1.`0$%*#`0+`1/!`3%0$
3!!0K%+K`+1W((`*+0%!`0$%/`*)!`%*`0$!`/`/0.0%*#`+*`(%*!`Q9RK`$!`*)!
.!0! `"+.`5+1.`0$%*#`3%((`!` %""!.!*0`".+)`0$!`,.!! %*#`!4),(!K
8QGHUVWDQGLQJWKHVHUYHUFRGH
*`0$%/`/!0%+*L`3!`3%((`/0!,`0$.+1#$`0$!`)&+.`,.0/`+"`0$!`EXFFU@MFEQZ`,.+#.)`*
%/+2!.`$+3`%0`3+.'/L`/0.0%*#`3%0$`0$!`%),+.0/K
S`=?`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
,PSRUWV
%./0L`0`0$!`/0.0`+"`0$!`/+1.!`+ !`"%(!L`3!`/!!`0$!`50$+*`%),+.0/M
WUXQFDWHG
LPSRUWUHTXHVWV
9DULDEOHGHILQLWLRQV
!40L`3!` !"%*!`/!2!.(`#(+(`2.%(!/K`+.`*+3L`.!2%!3`0$!`"+((+3%*#`+))!*0/`"+.`0$!%.
,1.,+/!/K`+1W((`/!!`0$!)`!%*#`1/! `/`3!`,.+#.!//`0$.+1#$`0$!`+ !M
/('B*3,2B3,1 /('*3,23LQ
7+,1*B1$0(B),/( WKLQJBQDPHW[W 7KLQJQDPHILOH
85/ KWWSVGZHHWLR 'ZHHWLRVHUYLFH$3,
ODVWBOHGBVWDWH 1RQHRQRIIEOLQNLQJ
WKLQJBQDPH 1RQH7KLQJQDPH
OHG 1RQH*3,2=HUR/('LQVWDQFH
S`=@`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
7KHUHVROYHBWKLQJBQDPH PHWKRG
$!`SFTPMWF@UIJOH@OBNF `)!0$+ `%/`.!/,+*/%(!`"+.`(+ %*#`+.`.!0%*#``1*%-1!`*)!
"+.`+1.`0$%*#`"+.`1/!`3%0$` 3!!0K%+K
UHWXUQQDPH
7KHJHWBODVWHVWBGZHHW PHWKRG
HFU@MBTUFTU@EXFFU `-1!.%!/`0$!` 3!!0K%+`/!.2%!`0+`.!0.%!2!`0$!`(0!/0` 3!!0`Q%"`*5R
) !`"+.`+1.`0$%*#K`+((+3%*#`%/`*`!4),(!`+"`0$!` `.!/,+*/!`3!`!4,!0`0+`.!!%2!K` 0`%/
0$!`DPOUFOUTUBUF`,.+,!.05`+*`(%*!`Q8R`0$0`3!`.!`1(0%)0!(5`%*0!.!/0! `%*M
^
WKLVVXFFHHGHG
E\JHWWLQJ
WKHGZHHWV
ZLWK>
^
WKLQJDHHDDFFG
S`>7`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
FUHDWHG7=
FRQWHQW^
VWDWHRQ
`
`
@
`
GZHHWBFRQWHQW 1RQH
UHWXUQGZHHWBFRQWHQW
HOVH
ORJJHUHUURU *HWWLQJODVWGZHHWIDLOHG
ZLWKKWWSVWDWXVV UVWDWXVBFRGH
UHWXUQ^`
S`>8`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
7KHSROOBGZHHWVBIRUHYHU PHWKRG
QPMM@EXFFUT@GPSFWFS `%/``(+*#_.1**%*#`"1*0%+*`0$0`,!.%+ %((5`((/`+*`(%*!`Q88R
0$!`HFU@MBTUFTU@EXFFU `)!0$+ `3!`&1/0`+2!.! K`$!*`` 3!!0`%/`2%((!L`%0`%/
$* (! `+*`(%*!`Q89R`5`QSPDFTT@EXFFU L`3$%$`3!`3%((` %/1//`/$+.0(5M
GHISROOBGZHHWVBIRUHYHU GHOD\BVHFV
3ROOGZHHWLRIRUGZHHWVDERXWRXUWKLQJ
ZKLOH7UXH
GZHHW JHWBODVWBGZHHW
LIGZHHWLVQRW1RQH
SURFHVVBGZHHW GZHHW
0`0$%/`,+%*0`%*`0$!`)/0!.`/+1.!`"%(!L`5+1`3%((`+)!`.+//``"1*0%+*
*)! `TUSFBN@EXFFUT@GPSFWFS K``$%/`%/`*`(0!.*0%2!`* `)+.!
!""%%!*0`/0.!)_/! `)!0$+ `+"`!//%*#` 3!!0/`%*`.!(`0%)!`1/%*#
`/0.!)%*#K
1.`*!40`/0+,`%/`0$!`)!0$+ `3!`1/!`0+`+*0.+(`0$!`K
7KHSURFHVVBGZHHW PHWKRG
/`3!`/3`,.!2%+1/(5`3$!*`QPMM@EXFFUT@GPSFWFS `Q/%)%(.
0+`TUSFBN@EXFFUT@GPSFWFS R`#!0/`` 3!!0L`%0`,./!/`+10`0$!`DPOUFOU`,.+,!.05`".+)`0$!
3!!0W/` K`$%/`%/`0$!*`,//! `0+`QSPDFTT@EXFFU `"+.`$* (%*#L`3$!.!`3!`!40.0`0$!
TUBUF`$%( `,.+,!.05`".+)`0$!`DPOUFOU`,.+,!.05M
GHISURFHVVBGZHHW GZHHW
,QVSHFWWKHGZHHWDQGVHW/('VWDWHDFFRUGLQJO\
JOREDOODVWBOHGBVWDWH
S`>9`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
LIOHGBVWDWH ODVWBOHGBVWDWH
UHWXUQ/('LVDOUHDG\LQUHTXHVWHGVWDWH
ODVWBOHGBVWDWH OHGBVWDWH
ORJJHULQIR /(' OHGBVWDWH
!`3%((`+*(1 !`5`+2!.%*#`0$!`,.+#.)W/`)%*`!*0.5`,+%*0K
7KHPDLQSURJUDPHQWU\SRLQW
0`0$!`!* `+"`0$!`/+1.!`"%(!L`3!`$2!`0$!`"+((+3%*#`+ !M
0DLQHQWU\SRLQW
LIBBQDPHBB BBPDLQBB
VLJQDOVLJQDO VLJQDO6,*,17VLJQDOBKDQGOHU &DSWXUH&75/&
SULQWBLQVWUXFWLRQV
*OJUJBMJ[F-&%GSPNMBTUEXFFU
ODWHVWBGZHHW JHWBODWHVWBGZHHW
S`>:`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
LI ODWHVWBGZHHW
SURFHVVBGZHHW ODWHVWBGZHHW
SULQW :DLWLQJIRUGZHHWV3UHVV&RQWURO&WRH[LW
2QO\XVHRQHRIWKHIROORZLQJ
VWUHDPBGZHHWVBIRUHYHU 6WUHDPGZHHWVUHDOWLPH
SROOBGZHHWVBIRUHYHU *HWGZHHWVE\SROOLQJ
*`(%*!`Q?RL`QSJOU@JOTUSVDUJPOT ``%/`.!/,+*/%(!`"+.`,.%*0%*#`0$!`/3!!0`/`0+`0$!
!.)%*(L`3$%(!`+*`(%*!`Q8@RL`3!`/!!``((`0+`HFU@MBUFTU@EXFFU K`$%/`((`%*%0%(%6!/`+1.
`0+`0$!`(/0` 3!!0! `/00!`3$!*`0$!`,.+#.)`/0.0/K`%*((5L`+*`(%*!`Q97RL`3!`/0.0`,+((%*#
0$!` 3!!0K%+`/!.2%!`0+`!//`0$!`(0!/0` 3!!0/K` 0W/`$!.!`5+1`/3,`0$!` 3!!0`,+((%*#
)!0$+ `0+`0$!`/0.!)%*#`)!0$+ K
$%/`*+3`+),(!0!/`+1.`3('_0$.+1#$`+"`EXFFU@MFEQZK`$.+1#$`0$%/` %/1//%+*L`3!`$2!
*+3`/!!*`$+3`0+`(!2!.#!`0$!` 3!!0K%+`/!.2%!`0+`.!0!``/%),(!`* `"1*0%+*(` +
,.+#.)K`!"+.!`3!`+),(!0!`0$%/`$,0!.L` `3*0`0+`(!2!`5+1`3%0$`03+`+*1/`/+1.!`+ !
"%(!/`0$0`5+1`*`1/!`0+`!40!* `5+1.` +`,.+#.)K
([WHQGLQJ\RXU,R7SURJUDP
$!`"+((+3%*#`03+`"%(!/`%*`0$!`DIBQUFS`"+( !.`+),(!)!*0`3$0`3!`$2!`+2!.! `%*`0$%/
$,0!.`5`+)%*%*#`0$!`+*!,0/`3!`$2!`(!.*! K`/`0$!`+2!.((`+ !`* `,,.+$`.!
/%)%(.`0+`3$0`3!`$2!`(.! 5`+2!.! L`3!`3%((`*+0`#+`0$.+1#$`0$!`+ !`%*` !0%(M
EXFFU@CVUUPOQZ`,.+2% !/`*`%),(!)!*00%+*`/$+3%*#`$+3`0+`1/!``,1/$
100+*`0+`.!0!`` 3!!0`3%0$`0$!` 3!!0K%+`/!.2%!K`$%/`3%((`(!0`5+1`$*#!`5+1.
`/00!`3%0$`0$!`,.!//`+"``100+*K
QJHQJP@MFE@DMBTTQZ`,.+2% !/``+ !_(!2!(`!4),(!`+"`$+3``(+3_(!2!(
(%..5`(%'!`% `.!(0!/`0+``$%#$_(!2!(`(%..5`(%'!` !.+K
!W((`/0.0`5` %/1//%*#`EXFFU@CVUUPOQZK
,PSOHPHQWLQJDGZHHWLQJEXWWRQ
$%/`,.+#.)`%*`EXFFU@CVUUPOQZ`%*0!#.0!/`0$!` !.+`,1/$`100+*`!4),(!`3%0$
3!!0K%+K`.(%!.`%*`0$%/`$,0!.L`%*`0$!`/!0%+*`0%0(! `1**%*#`* `0!/0%*#`0$!`50$+*`/!.2!.L
3!`+,%! `* `,/0! `/`%*0+``3!`.+3/!.`0+`+*0.+(`+1.`K
S`>;`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
$!*`5+1`.1*`EXFFU@CVUUPOQZL`!$`0%)!`5+1`,.!//`0$!`100+*L`0$%/`,.+#.)`5(!/
0$.+1#$`0$!` 3!!0K%+`/`0+`$*#!`0$!`W/`/00!K`+`+*"%#1.!`0$%/`,.+#.)L`"%* `*
1, 0!`0$!`"+((+3%*#`(%*!`3%0$`0$!`0$%*#`*)!`5+1`.!`1/%*#`3%0$`EXFFU@MFEQZM
WKLQJBQDPH $''<2857+,1*1$0(+(5(
!)!)!.L`0$0`5+1W((`(/+`*!! `0$!`EXFFU@MFEQZ`,.+#.)`0+`!`.1**%*#`%*``!.)%*(L
+0$!.3%/!L`0$!``3%((`*+0`.!/,+* `0+`5+1.`100+*`,.!//!/K
3L*3,2/('DVDFODVV
*`0$!`QJHQJP@MFE@DMBTTQZ`"%(!L`3!`$2!``50$+*`(//`0$0`%/``.!_!*#%*!!.%*#`+"`0$!
% ``!4),(!`0+`3.,`%0`/``(//`0$0`)%)%/`0$!` !.+`-&%`(//K` 0
!)+*/0.0!/`0$!`/%`,.%*%,(!`+"`$+3` !.+`/0.0/`35`(+3!._(!2!(`
+),(!4%05K`$%/`.!_!*#%*!!.! `(//`*`!`1/! `/`` .+,_%*`.!,(!)!*0`"+.`0$!
!.+`-&%`!4),(!/`%*`0$%/`$,0!.L`/`/$+3*`$!.!K`!!`0$!`$! !.`+))!*0/`%*
QJHQJP@MFE@DMBTTQZ`"+.`)+.!`%*"+.)0%+*M
FKDSWHUGZHHWBOHGS\
IURPJSLR]HURLPSRUW/('&RPPHQWRXWLPSRUW
IURPSLJSLRBOHGBFODVVLPSRUW3L*3,2/('DV/('$GGQHZLPSRUW
0`0$%/`/0#!`+"`5+1.`&+1.*!5L`%"`5+1`.!``(%00(!`1*(!.`+10`3$0W/`$,,!*%*#
3%0$`QJHQJP@MFE@DMBTTQZL` +`*+0`#!0`3+..%! K` `3*0! `0+`/%),(5`/!0`+10`
.%!"`!4),(!`+"` `(%..5`%*0!.0%+*/`"+.`5+1`0+`,+* !.`%*`0$!`+*0!40`+"`*`!* _0+_!*
,,(%0%+*L`/`0$%/`3%((`/!.2!`/``,+%*0`+"`.!"!.!*!`/`5+1`+*0%*1!`.! %*#K`!W((`!
+2!.%*#`0$!` !.+`* `% `(%..%!/`Q,(1/`+0$!./R`%*`#.!0!.` !0%(`%*`$IBQUFSL
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( L`,(1/`3!W((`!`+2!.%*#`)+.!` 2*!
+*!,0/`/1$`/`0$.! %*#`%*`!(!0.+*%`%*0!."%*#`,.+#.)/`Q/%)%(.`0+`0$!`1/!`+"`0$.! /
%*`QJHQJP@MFE@DMBTTQZR`%*`$IBQUFSL` 2*! ` +`.+#.))%*#`+*!,0/```$.! /L
/5* L`* `2!*0`++,/K
S`><`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
6XPPDU\
$.+1#$`0$%/`$,0!.L`5+1W2!`&1/0`.!0! ``.!(`"1*0%+*(` +`,,(%0%+*`1/%*#`
/,!..5`%`* `50$+*K`!`/3`03+`(0!.*0%2!`35/`0+`"(/$```* `.! ``100+*
,.!//`%*`50$+*`1/%*#`+0$`0$!` !.+`* `% ` `(%..%!/K`!`(/+`+),.!
0$!`1/!`+"`0$!/!`(%..%!/`* `/3`0$0` !.+`0'!/``$%#$!._(!2!(`* `)+.!`/0.0
,,.+$`0+`+ %*#`* ` `+*0.+(`0$*` +!/`0$!`(+3!._(!2!(`% `(%..5K`!`(/+
+**!0! `0$!``0+`0$!`%*0!.*!0`1/%*#`0$!`+*(%*!` 3!!0K%+`/!.2%!K`/%*#`/%),(!`/L`3!
3!.!`(!`0+`01.*`+*`* `+""`* `(%*'`0$!``5`/%),(5`2%/%0%*#`0$!`/`%*``3!
.+3/!.K
4XHVWLRQV
!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`.!#. %*#`0$%/`$,0!.W/`)0!.%(K
+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`++'M
8K +1` +*W0`$2!`0$!`+..!0`.!/%/0+.`2(1!K`*`5+1`&1/0`/1/0%010!`*+0$!.`2(1!
.!/%/0+.`0$0`5+1`$2!`(5%*#`.+1* O`
9K $!` !.+`,'#!`%/``+),!0!` `(%..5K` /`%0`((`5+1W((`!2!.`*!! O
:K $+1( `5+1`(35/`1/!`0$!`1%(0_%*`50$+*`,'#!/`"+.`*!03+.'%*#`3$!.!2!.
,+//%(!O
;K .1!`+.`"(/!M`*``%/`1*%/! L`)!*%*#`%0`*`!`,(1##! `%*0+``%.1%0`*5
35`.+1* `* `/0%((`3+.'K`
<K +1`.!`1%( %*#`*` +`,,(%0%+*`0$0`%*0!.0/`3%0$`+0$!.`!4%/0%*#`*!03+.'!
!2%!/`* `%0`0%)!/`+10K`$0`+1( `!`0$!`,.+(!)O
=K $0`50$+*`)+ 1(!`* `"1*0%+*`*`!`1/! `0+`/0+,``,.+#.)`!4%0%*#O
S`>=`T
!00%*#`0.0! `3%0$`50$+*`* ` + $,0!.`9
)XUWKHUUHDGLQJ
!`+**!0! `+1.``0+`0$!`%*0!.*!0`1/%*#`0$!` 3!!0K%+`/!.2%!`* `((! `%0/`"1(
/L`3$%$`.!` +1)!*0! `0`0$!`"+((+3%*#M
3!!0K%+` ` +1)!*00%+*M``IUUQTEXFFUJP
!.+`$+)!`,#!M`IUUQTHQJP[FSPSFBEUIFEPDTJP
10,10`!2%!/`QRM`IUUQTHQJP[FSPSFBEUIFEPDTJPFOTUBCMFBQJ@
PVUQVUIUNM
*,10`!2%!/`Q100+*RM`IUUQTHQJP[FSPSFBEUIFEPDTJPFOTUBCMFBQJ@
JOQVUIUNM
$!`% `50$+*`$+)!`,#!M`IUUQBCZ[NFVLSQJQJHQJPQZUIPOIUNM
$!`SFBE `)!0$+ M`IUUQBCZ[NFVLSQJQJHQJPQZUIPOIUNMSFBE
$!`XSJUF `)!0$+ M`IUUQBCZ[NFVLSQJQJHQJPQZUIPOIUNMXSJUF
$!`DBMMCBDL `)!0$+ M`IUUQBCZ[NFVLSQJQJHQJPQZUIPO
IUNMDBMMCBDL
TFU@HMJUDI@GJMUFS M`IUUQTBCZ[NFVLSQJQJHQJPQZUIPOIUNMTFU@
HMJUDI@GJMUFS
!/%/0+./`.!``2!.5`+))+*`!(!0.+*%`+),+*!*0K`$!`"+((+3%*#`.!/+1.!/`,.+2% !`*
+2!.2%!3`+"`.!/%/0+./`* `$+3`0+`.! `0$!%.`+(+.`* /`0+` !0!.)%*!`0$!%.`.!/%/0*!`2(1!
%*`$)/M
!/%/0+.`+2!.2%!3M`IUUQTXXXFMFDUSPOJDTUVUPSJBMTXTSFTJTUPSSFT@
IUNM
! %*#`+(+.`* /M`IUUQTXXXFMFDUSPOJDTUVUPSJBMTXTSFTJTUPSSFT@
IUNM
+3`0+`! ``$!)0%`%#.)M`IUUQTMFBSOTQBSLGVODPNUVUPSJBMTIPX
UPSFBEBTDIFNBUJDBMM
S`>>`T
1HWZRUNLQJZLWK5(67IXO$3,V
DQG:HE6RFNHWV8VLQJ)ODVN
*`$IBQUFSL` !00%*#`0.0! `3%0$`50$+*`* ` +L`3!`.!0! ``*!03+.'! ` +`,,(%0%+*
/! `+*`EXFFUJP`3$!.!`5+1`+*0.+((! `*``+**!0! `0+`5+1.`/,!..5`%`+2!.`0$!
%*0!.*!0K`1.`"%./0` +`,,(%0%+*`3/` .%2!*`,1.!(5`5`)'%*#` `.!-1!/0/K
*`0$%/`$,0!.L`3!`3%((`01.*`+1.`00!*0%+*`0+`(0!.*0%2!`,,.+$!/`0+`.!0%*#`*!03+.'!
/!.2%!/`%*`50$+*`0$0`*`!`!//! `5`+0$`50$+*`* `*+*_50$+*`(%!*0/K`!`3%((`!
(++'%*#`0`$+3`0+`1%( ``"1(` `/!.2!.`* ``!`+'!0`/!.2!.`%*`50$+*`*
,,(5%*#`0$!`!(!0.+*%`%*0!."%*#`0!$*%-1!/`3!`(!.*! `%*`0$!`,.!2%+1/`$,0!.`0+`)'!
0$!)`%*0!.0`3%0$`+1.`K
%*!`0$%/`$,0!.`%/`+10`*!03+.'%*#`0!$*%-1!/L`3!`3%((`+*0%*1!`3%0$`+1.` !.+_
/! ``".+)`0$!`,.!! %*#`$,0!.`)!.!(5`"+.`/%),(%%05`* `/0.0%+*`/+`0$0`+1.
!4),(!/`.!`0+_0$!_,+%*0`* `*!03+.'_"+1/! `* `*+0`(100!.! `5` _.!(0! `+ !K
*`0$%/`$,0!.L`3!`3%((`+2!.`0$!`"+((+3%*#`0+,%/M`
*0.+ 1%*#`0$!`(/'`)%.+/!.2%!/`".)!3+.'
.!0%*#``"1(` `/!.2%!`3%0$`(/'
%*#``"1(` `(%!*0`3!`,#!
.!0%*#``!`+'!0`/!.2%!`3%0$`(/'_+'!0
%*#`!`+'!0`(%!*0`3!`,#!
+),.%*#`0$!`"1(` `* `!`+'!0`/!.2!./
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$` !/'0+,`* `.!+))!* ! `/+"03.!R
`)%*%)1)`+"`50$+*`2!./%+*`:K<
S`>@`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
,QWURGXFLQJWKH)ODVNPLFURVHUYLFHV
IUDPHZRUN
(/'`%/``,+,1(.`* `)01.!`)%.+/!.2%!/`".)!3+.'`"+.`50$+*`0$0`5+1`*`1/!`"+.
.!0%*#` /L`3!/%0!/L`* `&1/0`+10`*5`+0$!.`*!03+.'! `/!.2%!`5+1`*`%)#%*!K`(/'
%/`!.0%*(5`*+0`0$!`+*(5`+,0%+*`2%((!`"+.`50$+*L`!2!*`0$+1#$`%0/`)01.%05L`.*#!`+"
_+*/L`* `!40!*/%+*/`,(1/`0$!`2%(%(%05`+"`-1(%05` +1)!*00%+*`* `010+.%(/`)'!`%0
*`!4!((!*0`$+%!K
&UHDWLQJD5(67IXO$3,VHUYLFHZLWK)ODVN
5(67IXO
*`0$%/`/!0%+*L`3!`3%((`!4,(+.!`+1.`"%./0`50$+*_/! `/!.2!.L`3$%$`3%((`!``"1(`
/!.2!.`%),(!)!*0! `1/%*#`0$!`(/'_"1(`".)!3+.'`"+.`50$+*K
S`?7`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
1.`"+1/`%*`0$%/`/!0%+*`3%((`!`+*`+*0.+((%*#`*``3%0$``"1(` `*
1* !./0* %*#`$+3`0$%/`%/`%),(!)!*0! `1/%*#`50$+*`* `0$!`(/'_"1(`".)!3+.'K
"0!.`+),(!0%*#`0$%/`/!0%+*L`5+1`3%((`!`(!`0+`(!2!.#!`0$%/`"1(` `/!.2!.``/0.0%*#
,+%*0`"+.`5+1.`+3*` +`,.+&!0/`* `%*0!#.0!`%0`3%0$`+0$!.`!(!0.+*%/L`!/,!%((5`/`(!.*
)+.!`+10`!(!0.+*%`010+./`* `/!*/+./`%*`,.0`:`+"`0$%/`++'L` +`(5#.+1* K
+.`0$!`!4),(!/`%*`0$%/`$,0!.L`3!`3%((`//1)!`5+1`.!`3+.'%*#`*
!//%*#`0$!`(/'_/! `/!.2!./`(+((5`+*`5+1.`/,!..5`%K`$!/!
/!.2!./`3%((`(/+`!`!//%(!`".+)`*+0$!.` !2%!`+*`5+1.`(+(`*!03+.'
%"`5+1`1/!`0$!` ` .!//`+.`$+/0*)!`+"`5+1.`/,!..5`%K`+`)'!`0$!
/!.2!./` %.!0(5`!//%(!`+2!.`0$!`%*0!.*!0`3+1( `.!-1%.!`+*"%#1.0%+*`+"
5+1.`/,!%"%`"%.!3((`* \+.`.+10!.L`3$%$`3!`**+0`,.0%((5`+2!.`%*
0$%/`++'K`+.`,.+0+05,%*#`% !/`* `.!0%*#` !)+/L``/%),(!`(0!.*0%2!
0+`+*"%#1.%*#`"%.!3((/`* `.+10!./`%/`0+`1/!``/!.2%!`/1$`/`+(
1**!(/`QIUUQTMPDBMUVOOFMHJUIVCJPXXXR`+.`#.+'`QIUUQT
OHSPLDPNRL`3$%$`3%((`$!(,`5+1`0+`)'!`0$!`(/'`/!.2!./`+*`5+1.
/,!..5`%`!//%(!`+2!.`0$!`%*0!.*!0K
5XQQLQJDQGWHVWLQJWKH3\WKRQVHUYHU
+1`3%((`"%* `0$!`+ !`%*`0$!`DIBQUFSGMBTL@BQJ@TFSWFSQZ`"%(!K`(!/!`.!2%!3`0$%/
"%(!`!"+.!`,.+!! %*#`0+`#!0`*`+2!.((`% !`+10`3$0`%0`+*0%*/`!"+.!`5+1`,.+!! K
!`.!`.1**%*#`+1.`(/'`!4),(!/`1/%*#`(/'W/`1%(0_%*` `/!.2!.K
$%/`%/`)+.!`0$*` !-10!`"+.` !2!(+,)!*0`,1.,+/!/N`$+3!2!.L`%0W/`*+0
.!+))!* ! `"+.`,.+ 10%+*`1/#!K`+*/1(0`0$!`(/'
+1)!*00%+*`/!0%+*`0%0(! `!,(+5)!*0`,0%+*/`"+.`%*"+.)0%+*`+*`$+3
0+` !,(+5``(/'`,,(%0%+*`3%0$`,.+ 10%+*_-1(%05`3!`/!.2!./K`+1W((
"%* ``(%*'`%*`0$!`1.0$!.`.! %*#`/!0%+*`0+`0$!`+""%%(`(/'`3!/%0!`*
+1)!*00%+*K
S`?8`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
+`0!/0`0$!`50$+*`/!.2!.`,!."+.)`0$!`"+((+3%*#`/0!,/M
8K 1*`+1.`"1(` `/!.2!.`3%0$`0$!`"+((+3%*#`+))* M
YHQY S\WKRQIODVNBDSLBVHUYHUS\
WUXQFDWHG
1)2ZHUN]HXJ 5XQQLQJRQKWWS 3UHVV&75/&WR
TXLW
WUXQFDWHG
9K !`3%((`.!0!``3!`,#!`0+`%*0!.0`3%0$+10` `/$+.0(5N`$+3!2!.L`"+.`*+3L
.+3/!`0+`IUUQMPDBMIPTU`%*``3!`.+3/!.`* `2!.%"5`0$0`5+1`*
1/!`0$!`/(% !.`+*`0$!`3!`,#!`0+`$*#!`0$!`.%#$0*!//`+"`0$!`K
1.`!4),(!``%/`IUUQMPDBMIPTUL`$+3!2!.L`%"`5+1`1/!`5+1.
/,!..5`%W/` ` .!//`%*/0! `+"`MPDBMIPTUL`5+1`3%((`!`(!`0+`!//
0$!`3!`,#!`".+)`*+0$!.` !2%!`+*`5+1.`(+(`*!03+.'K
$!`"+((+3%*#`/.!!*/$+0`%/`*`!4),(!`+"`0$!`3!`,#!`5+1`3%((`/!!M
(KIWTGb4'56HWN#2+ENKGPVYGDRCIG
S`?9`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
$!`+,0%+*/`"+.`DVSM`.!`/`"+((+3/M
$!`+,0%+*/`"+.`DVSM`.!`/`"+((+3/M
S`?:`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
*`(0!.*0%2!`0+`DVSM`+*`0$!`+))* `(%*!`%/`+/0)*
QHFUQPTUNBODPNRK` "`5+1`.!`*+0`")%(%.`3%0$`+/0)*L`%0W/``".!!`
!2!(+,)!*0L`-1!.5%*#L`* `0!/0%*#`0++(`0$0`%/`%*2(1(!`3$!*`5+1`.!
!2!(+,%*#`* `0!/0%*#`"1(` `/!.2%!/K
!0W/`*+3`,.+!! `0+`(++'`0`+1.`/!.2!.`/+1.!`+ !K
8QGHUVWDQGLQJWKHVHUYHUFRGH
*`0$%/`/!0%+*L`3!`3%((`3('`0$.+1#$`+1.`"1(` `/!.2!.W/`/+1.!`+ !`* ` %/1//`0$!
+.!`,.0/`0+`$!(,`5+1`0+`1* !./0* `$+3`0$!`/!.2!.`%/`+ ! `* `+,!.0!/K`(!/!`'!!,`%*
)%* `0$0`3!W.!`+10`0+`+2!.`)*5`+ !_(!2!(`.0%"0/`0$0`.!`/,!%"%`0+`0$!`(/'`*
(/'_"1(`".)!3+.'/L`/+` +*W0`#!0`3+..%! `%"L`0`"%./0L`/+)!`+*!,0/` +`*+0`)'!
%))! %0!`/!*/!K
!`3%((`/0.0`5`(++'%*#`0`0$!`%),+.0/K
,PSRUWV
0`0$!`0+,`+"`0$!`/+1.!`+ !`"%(!L`3!`/!!`0$!`"+((+3%*#`%),+.0/M
LPSRUWORJJLQJ
IURPIODVNLPSRUW)ODVNUHTXHVWUHQGHUBWHPSODWH
IURPIODVNBUHVWIXOLPSRUW5HVRXUFH$SLUHTSDUVHLQSXWV
IURPJSLR]HURLPSRUW3:0/(''HYLFH
IURPJSLR]HURSLQVSLJSLRLPSRUW3L*3,2)DFWRU\
S`?;`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
)ODVNDQG)ODVN5(67IXO$3,LQVWDQFHYDULDEOHV
*`0$!`"+((+3%*#L`+*`(%*!`Q;RL`3!`.!0!`*`%*/0*!`+"`+1.`+.!`(/'`,,`* `//%#*`%0`0+
0$!`BQQ`2.%(!K`$!`,.)!0!.`%/`0$!`*)!`+"`+1.`(/'`,,(%0%+*L`* `%0W/``+))+*
+*2!*0%+*`0+`1/!`@@OBNF@@`"+.`0$!`.++0`(/'`,,`Q3!`+*(5`$2!``.++0`(/'`,,`%*`+1.
!4),(!RK`*50%)!`3!`*!! `0+`3+.'`3%0$`0$!`+.!`(/'`".)!3+.'L`3!`3%((`1/!
0$!`BQQ`2.%(!M
DSS )ODVN BBQDPHBB &RUH)ODVNDSS
DSL $SL DSS )ODVN5(67IXOH[WHQVLRQZUDSSHU
*`(%*!`Q<RL`3!`3.,`0$!`+.!`(/'`,,`3%0$`0$!`(/'_"1(`!40!*/%+*`* `//%#*`%0`0+
0$!`BQJ`2.%(!L`* `/`3!`3%((`/!!`/$+.0(5L`3!`1/!`0$%/`2.%(!`*50%)!`3!`.!`3+.'%*#
3%0$`0$!`(/'_"1(`!40!*/%+*K`+((+3%*#`+1.`BQQ`* `BQJ`2.%(!/L`3!` !"%*!
%0%+*(`#(+(`2.%(!/K
*OREDOYDULDEOHV
$!`"+((+3%*#`#(+(`2.%(!/`.!`1/! `0$.+1#$+10`+1.`/!.2!.K`%./0L`3!`$2!`0$!` `,%*
* `*`MFE`2.%(!L`3$%$`3%((`(0!.`!`//%#*! `` !.+`18.-&%`%*/0*!`"+.
+*0.+((%*#`+1.`M`
*OREDOYDULDEOHV
/('B*3,2B3,1
OHG 1RQH3:0/(',QVWDQFH6HHLQLWBOHG
VWDWH ^
MFWFM CSJHIUOFTTPG-&%
`
*`(%*!`Q=RL`3!`$2!``TUBUF` %0%+*.5`/0.101.!`0$0`3!`3%((`1/!`0+`0.'`0$!`.%#$0*!//
(!2!(`+"`+1.`K`!`+1( `$2!`1/! ``/%),(!`2.%(!`%*/0! `10`$2!`+,0! `"+.`
%0%+*.5`/0.101.!`/%*!`%0W/``)+.!`2!./0%(!`+,0%+*`!1/!`%0`3%((`!`)./$(! `%*0+
`0+`/!* `'`0+``(%!*0L`/`3!`3%((`/!!`(0!.`+*K
S`?<`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
!40L`3!`.!0!`* `%*%0%(%6!`+1.`MFE`%*/0*!K
7KHLQLWBOHG PHWKRG
$!`JOJU@MFE `)!0$+ `/%),(5`.!0!/`` !.+`18.-&%`%*/0*!`* `//%#*/`%0`0+`0$!
#(+(`MFE`2.%(!`0$0`3!`/3`,.!2%+1/(5M`
GHILQLWBOHG
$SFBUFBOEJOJUJBMJ[FBO18.-&%0CKFDU
JOREDOOHG
OHG 3:0/(' /('B*3,2B3,1
OHGYDOXH VWDWH> OHYHO @
!`!4,(%%0(5`/!0`0$!`W/`.%#$0*!//`0+`)0$`0$!`2(1!`+"`+1.`/!.2!.W/`.%#$0*!//`/00!`+*
(%*!`Q>R`0+`!*/1.!`0$!`/!.2!.W/`)*#! `/00!`* `0$!``.!`%*`/5*`3$!*`0$!`/!.2!.`/0.0/K
!`.!` %2% %*#`5`877`!1/!`MFEWBMVF`!4,!0/``"(+0`2(1!`%*`0$!`.*#!`+"`7_8L`3$%(!
+1.` `3%((`!`1/%*#`*`%*0!#!.`%*`0$!`.*#!`7_877K
6HUYLQJDZHESDJH
0.0%*#`+*`(%*!`Q?RL`3!`1/!`0$!`(/'``!BQQSPVUF ` !+.0+.`0+` !"%*!``(('`)!0$+
0$0`%/`%*2+'! `3$!*`0$!`/!.2!.`.!!%2!/`*` ` `.!-1!/0`".+)``(%!*0`0+`0$!`.++0
`L`0$0`%/L``.!-1!/0`0+`IUUQMPDBMIPTUM
#DSSURXWHDSSOLHVWRWKHFRUH)ODVNLQVWDQFH DSS
+HUHZHDUHVHUYLQJDVLPSOHZHESDJH
#DSSURXWH PHWKRGV > *(7 @
GHILQGH[
0DNHVXUHLQGH[BDSLBFOLHQWKWPOLVLQWKHWHPSODWHVIROGHU
UHODWLYHWRWKLV3\WKRQILOH
UHWXUQUHQGHUBWHPSODWH LQGH[BDSLBFOLHQWKWPO
SLQ /('B*3,2B3,1
S`?=`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
!01.*%*#`*` `,#!`0+`0$!`(%!*0`%/`0$!`+*(5`+.!`(/'`"!01.!`0$0`3!`3%((`+2!.`%*
0$%/`++'L`$+3!2!.L`0$!.!`3%((`!` %0%+*(`.!/+1.!/`(%/0! `%*`0$!`1.0$!.`.! %*#`/!0%+*
"+.`5+1`0+`!4,(+.!`0$!`+.!`+*!,0/`+"`(/'`"1.0$!.K
7KH/('&RQWUROFODVV
*`(/'_"1(L` `.!/+1.!/`.!`)+ !(! `/`50$+*`(//!/`0$0`!40!*
0$!`3FTPVSDF`(//L`* `+*`(%*!`Q87R`%*`0$!`"+((+3%*#`/*%,,!0L`3!`/!!`0$!
-&%$POUSPM 3FTPVSDF `(//` !"%*! `0$0`3%((`+*0%*`0$!`(+#%`1/! `0+`+*0.+(`+1.`K
0!.`+*L`3!`3%((`/!!`$+3`3!`.!#%/0!.`0$%/`(//`3%0$`(/'_"1(`/+`0$0`%0`.!/,+* /`0+
(%!*0`.!-1!/0/M
FODVV/('&RQWURO 5HVRXUFH
GHIBBLQLWBB VHOI
VHOIDUJVBSDUVHU UHTSDUVH5HTXHVW3DUVHU
VHOIDUJVBSDUVHUDGGBDUJXPHQW
QDPH OHYHO 1DPHRIDUJXHPHQW
UHTXLUHG 7UXH0DQGDWRU\DUJXHPHQW
W\SH LQSXWVLQWBUDQJH $OORZHG
KHOS 6HW/('EULJKWQHVVOHYHO^HUURUBPVJ`
GHIDXOW 1RQH
S`?>`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
7KHJHW FODVVPHWKRG
$!`HFU `(//`)!0$+ `$* (!/` ` `.!-1!/0/`"+.`+1.`-&%$POUSPM`.!/+1.!K` 0W/
3$0`$* (! `+1.``.!-1!/0`3$!*`3!`0!/0! `0$!` `,.!2%+1/(5`3%0$`0$!`"+((+3%*#
+))* M
FXUO;*(7KWWSORFDOKRVWOHG
HFU `/%),(5`.!01.*/L`+*`(%*!`Q8:RL`0$!`#(+(`TUBUF`2.%(!M
GHIJHW VHOI
+DQGOHV+773*(7UHTXHVWVWRUHWXUQFXUUHQW/('VWDWH
UHWXUQVWDWH
7KHSRVW FODVVPHWKRG
$!`QPTU `(//`)!0$+ `$* (!/` ``.!-1!/0/`) !`0+`0$!`-&%$POUSPM`.!/+1.!K
0`%/`0$%/`QPTU `)!0$+ `0$0`.!!%2! `* `,.+!//! `+1.`DVSM1045`.!-1!/0`3$!*`3!
) !`0$!`"+((+3%*#`.!-1!/0`!.(%!.`3$!*`3!`0!/0! `+1.`/!.2!.M
FXUO;3267G ^OHYHO` ?
+&RQWHQW7\SHDSSOLFDWLRQMVRQ?
KWWSORFDOKRVWOHG
S`??`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
6HW3:0GXW\F\FOHWRDGMXVWEULJKWQHVVOHYHO
VWDWH> OHYHO @ DUJVOHYHO
OHGYDOXH VWDWH> OHYHO @
ORJJHULQIR /('EULJKWQHVVOHYHOLVVWU VWDWH> OHYHO @
UHWXUQVWDWH
1.`"%*(`0/'`%/`0+`.!#%/0!.`-&%$POUSPMMFS`3%0$`(/'_"1(`* `/0.0`0$!`/!.2!.K
/('&RQWUROOHUUHJLVWUDWLRQDQGVWDUWLQJWKHVHUYHU
"0!.`((%*#`0$!`JOJU@MFE `)!0$+ `0+`%*%0%0!`* ` !"1(0`+10` !.+`MFE`%*/0*!L
3!`0$!*`/!!`$+3`0+`.!#%/0!.`+1.`-&%$POUSPM`.!/+1.!`3%0$`BQJBEE@SFTPVSDF `+*`(%*!
Q8@RK`` !.!L`3!`.!`),,%*#`0$!``!* ,+%*0L`MFEL`3%0$`+1.`+*0.+((!.K
S`?@`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
LIBBQDPHBB BBPDLQBB
DSSUXQ KRVW GHEXJ 7UXH
,QWURGXFWLRQWR3:0
*`0$!`,.+!! %*#`!4),(!L`3!`1/! `18.-&%L`*+0`-&%L`".+)` !.+K`18.-&%`((+3/`1/`0+
+*0.+(`0$!`.%#$0*!//`+"`0$!``1/%*#``0!$*%-1!`'*+3*`/`1(/!`% 0$`+ 1(0%+*L
+))+*(5`.!2%0! `/`K
`%/``0!$*%-1!`1/! `0+`.!0!``(+3!.`0$!`2!.#!`2+(0#!`".+)``/+1.!`/%#*(L`3$%$
*`!``:K:_2+(0` `,%*K`!`3%((`!`+2!.%*#``* ` `,%*`2+(0#!/`%*` !0%(`%*
$IBQUFSL`(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!.K
S`@7`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
$GGLQJD5(67IXO$3,FOLHQWZHESDJH
$!`3!`,#!`3!`.!`+10`0+` %/1//`%/`0$!`+*!`5+1`%*0!.0! `3%0$`,.!2%+1/(5`0+`$*#!
0$!`.%#$0*!//`+"`5+1.``3$!*`5+1`2%/%0! `IUUQMPDBMIPTU`%*`5+1.`3!
.+3/!.K``/.!!*/$+0`+"`0$!`3!`,#!`%/`/$+3*`%*`%#1.!`:K8K
!0W/`3('`0$.+1#$`0$!`3!`,#!`+ !K
8QGHUVWDQGLQJWKHFOLHQWVLGHFRGH
$%/`/!0%+*W/`+ !`%/` 2.%,0L`* `3!`3%((`!`1/%*#`0$!`&1!.5` 2.%,0`(%..5K`*
1* !./0* %*#`+"`/%` 2.%,0`* `&1!.5`3%((`!`!//!*0%(`0+`1* !./0* %*#`0$!`+ !
!4),(!/`0$0`"+((+3K` "`5+1`.!`*+0`")%(%.`3%0$`&1!.5L`5+1`*`"%* `(!.*%*#`.!/+1.!/`0
&1!.5K+)K
S`@8`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
-DYD6FULSWLPSRUWV
!`/!!`%*`0$!`"+((+3%*#L`+*`(%*!`Q8RL`0$0`3!`%),+.0`0$!`&1!.5`(%..5`0$0`%/`+*0%*! `%*
0$!`TUBUJD`"+( !.M
FKDSWHUWHPSODWHVLQGH[BDSLBFOLHQWKWPO!
'2&7<3(KWPO!
KWPO!
KHDG!
WLWOH!)ODVN5HVWIXO$3,([DPSOHWLWOH!
VFULSWVUF VWDWLFMTXHU\PLQMV!VFULSW! !
VFULSWW\SH WH[WMDYDVFULSW!
!40L`3!`3%((`/0.0`0+`+2!.`0$!` 2.%,0`"1*0%+*/`%*`0$!`"%(!K
7KHJHW6WDWH IXQFWLRQ
$!`,.%).5`,1.,+/!`+"`HFU4UBUF `%/`0+`.!0.%!2!`0$!`W/`1..!*0`/00!`".+)`0$!`/!.2!.K
0`1/!/`0$!` 1!.5`HFU `)!0$+ `0+`)'!`*` ` `.!-1!/0`0+`+1.` `/!.2!.W/`MFE
.!/+1.!K`!`/3L`%*`0$!`,.!2%+1/`/!0%+*L`0$0`0$!``,0$L`MFEL`%/`),,! `0+
0$!`-&%$POUSPM`50$+*`(//L`* `!1/!`3!W.!`)'%*#`` `.!-1!/0L
%0W/`-&%$POUSPMHFU `0$0`3%((`.!!%2!`* `$* (!`+1.`.!-1!/0M
*(7UHTXHVWWRVHUYHUWRUHWULHYH/('VWDWH
IXQFWLRQJHW6WDWH ^
JHW OHGIXQFWLRQ VHUYHU5HVSRQVHVWDWXV ^
FRQVROHORJ VHUYHU5HVSRQVH
XSGDWH&RQWUROV VHUYHU5HVSRQVH
`
`
$!`/!.2!.W/`.!/,+*/!`%/`+*0%*! `%*`0$!`TFSWFS3FTQPOTF`,.)!0!.`+*`(%*!`Q9RL`3$%$`%/
,//! `0+`0$!`VQEBUF$POUSPMT `"1*0%+*`+*`(%*!`Q:R`0+`1, 0!`0$!`3!`,#!`+*0.+(/K
!W((`+2!.`0$%/`)!0$+ `/$+.0(5K
S`@9`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
7KHSRVW8SGDWH IXQFWLRQ
QPTU6QEBUF `$*#!/`0$!`W/`.%#$0*!//`5`,!."+.)%*#`*` ``0+`0$!`/!.2!.K
$%/`0%)!L`%0W/`0$!`-&%$POUSPMQPTU `)!0$+ `%*`+1.` `/!.2!.`0$0`$* (! `0$!`.!-1!/0M
32675HTXHVWWRVHUYHUWRVHW/('VWDWH
IXQFWLRQSRVW8SGDWH SD\ORDG ^
SRVW OHGSD\ORDGIXQFWLRQ VHUYHU5HVSRQVHVWDWXV ^
FRQVROHORJ VHUYHU5HVSRQVH
XSGDWH&RQWUROV VHUYHU5HVSRQVH
`
`
+.`+*/%/0!*5L`3!`(/+`1, 0!`0$!`+*0.+(/`+*`(%*!`Q<R`!2!*`0$+1#$L`%*`+1.`/!L
0$!`TFSWFS3FTQPOTF`2.%(!`3%((`+*0%*`0$!`/)!`(!2!(`2(1!`/`0$!`QBZMPBE`,.)!0!.K
7KHXSGDWH&RQWUROV IXQFWLRQ
VQEBUF$POUSPMT `$*#!/`0$!`2%/1(`,,!.*!`+"`0$!`3!`,#!`+*0.+(/K`$%/`"1*0%+*
.!!%2!/` `%*,10`/`0$!`EBUB`,.)!0!.L`3$%$`%/`%*`0$!`"+.)M`\MFWFM^K`0.0%*#
+*`(%*!`Q=R`* `1/%*#`&1!.5`/!(!0+./L`3!`1, 0!`0$!`/(% !.`+*0.+(`* `0!40`+*`0$!`3!
,#!`0+`.!"(!0`0$!`*!3`(!2!(`2(1!M
IXQFWLRQXSGDWH&RQWUROV GDWD ^
LQSXW>W\SH UDQJH@EULJKWQHVV/HYHO YDO GDWDOHYHO
EULJKWQHVV/HYHO KWPO GDWDOHYHO
`
S`@:`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
5HJLVWHULQJHYHQWKDQGOHUVZLWKM4XHU\
!`.!`"+((+3%*#`&1!.5`!/0`,.0%!`* `1/%*#`0$!`&1!.5` +1)!*0`.! 5`"1*0%+*`Q0$0
%/L` EPDVNFOU SFBEZ R`0+`.!#%/0!.`0$!`!2!*0`$* (!./`"+.`+1.`3!`,#!W/`/(% !.`
+*0.+(`* `%*%0%(%6!`+1.`3!`,#!`!(!)!*0/M
GRFXPHQW UHDG\ IXQFWLRQ ^
(YHQWOLVWHQHUIRU6OLGHUYDOXHFKDQJHV
LQSXW>W\SH UDQJH@EULJKWQHVV/HYHO
RQ LQSXW IXQFWLRQ ^
EULJKWQHVVBOHYHO WKLV YDO
SD\ORDG ^OHYHOEULJKWQHVVBOHYHO`
SRVW8SGDWH SD\ORDG
`
*OJUJBMJ[FTMJEFSWBMVFGPSNTUBUFPOTFSWFS
JHW6WDWH
`
VFULSW!
KHDG!
*`(%*!`Q@RL`3!`.!0!`` `+&!0`+*0%*%*#`+1.`*!3`.%#$0*!//`(!2!(`!"+.!`,//%*#`%0
0+`QPTU6QEBUF L`3$%$`((/`+1.`"1(` `0+`$*#!`0$!`.%#$0*!//`+"`+1.`,$5/%(
K
S`@;`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
7KHZHESDJH+70/
.!2%+1/(5`%*`+1.`50$+*`/!.2!.L`3!`$ `0$!
(%*!`SFOEFS@UFNQMBUF JOEFY@SFTU@BQJIUNM QJO-&%@(1*0@1*/ K` 0W/`0$!`QJO
,.)!0!.`%*`0$%/`)!0$+ `((`0$0`%/`.!* !.! `+*`+1.`3!`,#!`+*`(%*!`Q88RL`.!,.!/!*0! `5
0$!`0!),(0!`2.%(!L`\\QJO^^M
ERG\!
K!)ODVN5(67IXO$3,([DPSOHK!
/('LVFRQQHFWHGWR*3,2^^SLQ``EU! !
%ULJKWQHVVVSDQLG EULJKWQHVV/HYHO!VSDQ!EU!
LQSXWW\SH UDQJHPLQ PD[ !
YDOXH FODVV EULJKWQHVV/HYHO!
ERG\!
KWPO!
!40L`3!`3%((`.!0!`0$!`/)!`(%!*0`* `/!.2!.`/!*.%+`3!`1%(0`%*`0$%/`/!0%+*L`+*(5`0$%/
0%)!`1/%*#`!`+'!0/`/`+1.`0.*/,+.0`(5!.K
S`@<`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
&UHDWLQJD:HE6RFNHWVHUYLFHZLWK)ODVN
6RFNHW,2
!`3%((`*+3`%),(!)!*0`+1.`/!+* `50$+*_/! `/!.2!.K`1.`+2!.((`+10+)!`%*`0$%/
/!0%+*`3%((`!`/%)%(.`0+`+1.`"1(` `/!.2!.`* `(%!*0`0$0`3!`.!0! `%*`0$!`,.!2%+1/
/!0%+*d0$0`%/L`3!`3%((`!`(!`0+`+*0.+(`+1.``".+)``3!`.+3/!.K`1.`+&!0%2!`0$%/
0%)!`.+1* L`$+3!2!.L`3%((`!`0+`.!0!`+1.`,.+#.)`1/%*#`` %""!.!*0`0!$*+(+#%(
,,.+$`1/%*#`!`+'!0/`/`+1.`0.*/,+.0`(5!.K`
!`3%((`/0.0`5`.1**%*#`* `1/%*#`+1.`!`+'!0`/!.2!.`0+`%*0!.0`3%0$`0$!``!"+.!
,.+!! %*#`0+`.!2%!3`0$!`/!.2!.W/`/+1.!`+ !K
5XQQLQJDQGWHVWLQJWKH3\WKRQVHUYHU
!0W/`/0.0`5`$2%*#``-1%'`(++'`0`+1.`50$+*`!`+'!0`/!.2!.`+ !`* `.1**%*#`0$!
/!.2!.`0+`/!!`%0`%*`+,!.0%+*K`$%/`3%((`#%2!`1/``.+ `% !`+"`0$!`+ !`* ``"%./0_$*
!)+*/0.0%+*`+"`$+3`0$!`+ !`3+.'/`!"+.!`3!` %/1//`%0`%*` !0%(K
S`@=`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
8K 1*`0$!`!`+'!0`/!.2!.`3%0$`0$!`"+((+3%*#`+))* M
YHQY S\WKRQIODVNBZVBVHUYHUS\
WUXQFDWHG
1)2ZHUN]HXJ 5XQQLQJRQKWWS 3UHVV&75/&WR
TXLW
WUXQFDWHG
$!`,.!! %*#`+10,10`%/`/%)%(.`0+`3$0`3!`/3`3$!*`3!`.*`0$!`"1(`
/!.2!.N`$+3!2!.L`5+1`*`!4,!0`)+.!`+10,10`)!//#!/`+*`5+1.`!.)%*(`"+.`0$%/
/!.2!.K`$!` %0%+*(`+10,10`5+1`3%((`/!!`$/`!!*`0.1*0! `".+)`0$!`,.!! %*#
!4),(!K
9K %/%0`0$!`IUUQMPDBMIPTU``%*``3!`.+3/!.K`+1`3%((`#!0``3!
,#!`3%0$``/(% !.`/`/$+3*`%*`%#1.!`:K9K`$%(!`0$!`2%/1(`,,!.*!`+"`0$!`3!
,#!`%/`/%)%(.`0+`0$!`"1(` `/!.2!.W/`3!`,#!L`0$!`1* !.(5%*#` 2%,0`%/
%""!.!*0M
(KIWTGb9GD5QEMGVENKGPVYGDRCIG
!.%"5`0$0`5+1`*`1/!`0$!`/(% !.`+*`0$!`3!`,#!`0+`$*#!`0$!`.%#$0*!//`+"`0$!
K
S`@>`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
$%/`%((1/0.0!/`0$!`%_ %.!0%+*(`*01.!`+"`!`+'!0/K`!W((`/!!`$+3`0$%/`%/`%),(!)!*0!
+*`0$!`3!`,#!`3$!*`3!`.!2%!3`%0W/` 2.%,0`10`"%./0L`3!`3%((`.!2%!3`0$!`50$+*`+ !
0$0`)'!/`1,`+1.`!`+'!0`/!.2!.K`
6HUYHUFRGHZDONWKURXJK
*`0$%/`/!0%+*L`3!`3%((`3('`0$.+1#$`+1.`50$+*`/!.2!.W/`/+1.!`+ !`* ` %/1//`0$!`+.!
,.0/K`#%*L`3!W((`/'%,`+2!.`*5`+ !`* `+*!,0/`0$0`3!`+2!.! `%*`!.(%!.
$,0!./K`%./0L`(!0W/`/!!`3$0`3!W.!`%),+.0%*#K
,PSRUWV
!.`0$!`0+,`+"`0$!`/+1.!`"%(!L`3!`$2!`0$!`"+((+3%*#`%),+.0/M
IURPIODVNLPSRUW)ODVNUHTXHVWUHQGHUBWHPSODWH
IURPIODVNBVRFNHWLRLPSRUW6RFNHW,2VHQGHPLW
S`@?`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
)ODVNDQG)ODVN5(67IXO$3,LQVWDQFHYDULDEOHV
*`(%*!`Q9RL`3!`.!0!`*`%*/0*!`+"`4PDLFU*0`* `0$!`(/'_+'!0 `!40!*/%+*`* `//%#*
%0`0+`0$!`TPDLFUJP`2.%(!K` 0W/`0$%/`2.%(!`0$0`3!`3%((`1/!`0$.+1#$+10`+1.`/!.2!.`0+
!//`* `+*"%#1.!`+1.`!`+'!0`/!.2%!M`
)ODVN )ODVN5HVWIXO*OREDO9DULDEOHV
DSS )ODVN BBQDPHBB &RUH)ODVNDSS
VRFNHWLR 6RFNHW,2 DSS )ODVN6RFNHW,2H[WHQVLRQZUDSSHU
+((+3%*#`0$!`.!0%+*`+"`+1.`+'!0 `%*/0*!L`3!`+*!`#%*`3%((`/!.2!.``3!`,#!`".+)
0$!` !"1(0``!* ,+%*0L`K
6HUYLQJDZHESDJH
%)%(.(5`0+`0$!`"1(` `!4),(!L`3!`+*"%#1.!`0$!`+.!`(/'`".)!3+.'`0+`/!.2!`
3!`,#!`".+)`0$!`.++0``1/%*#`0$!`!BQQSPVUF ` !+.0+.M
#DSSURXWH PHWKRGV > *(7 @
GHILQGH[
0DNHVXUHLQGH[BZHEBVRFNHWVKWPOLVLQWKHWHPSODWHVIROGHU
UHODWLYHWRWKLV3\WKRQILOH
UHWXUQUHQGHUBWHPSODWH LQGH[BZHEBVRFNHWVKWPO
SLQ /('B*3,2B3,1
+.`+1.`!`+'!0`/!.2!.L`0$%/`0%)!L`3!`.!`/!.2%*#`0$!`
"%(!L`JOEFY@XFC@TPDLFUTIUNML`3$%$`3!`3%((`!`+2!.%*#`/$+.0(5`%*`0$!`*!40
/!0%+*L` %*#``!`+'!0`(%!*0`3!`,#!K
&RQQHFWLQJDQGGLVFRQQHFWLQJKDQGOHUV
.+)`0$%/`,+%*0`%*`+ !`"+.3. L`3!`/0.0`0+`/!!`0$!`)&+.` %""!.!*!/`!03!!*`0$!`"1(
`/!.2!.`* `0$%/`!`+'!0`/!.2!.M
)ODVN6RFNHW,2&DOOEDFN+DQGOHUV
#VRFNHWLRRQ FRQQHFW
GHIKDQGOHBFRQQHFW
ORJJHULQIR &OLHQW^`FRQQHFWHGIRUPDW UHTXHVWVLG
4FOEJOJUJBMJ[BUJOHEBUBUPOFXMZDPOOFDUFEDMJFOU
HPLW OHGVWDWH
S`@@`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
+1`3%((`*+0%!L`+*`(%*!`Q<RL`3!`.!`(+##%*#`3$!*!2!.``(%!*0`+**!0/L`(+*#`3%0$``1*%-1!
% !*0%"%!.`"+.`0$!`(%!*0`!//! `2%`SFRVFTUTJEK`$`(%!*0`/!//%+*`3%0$`0$!`/!.2!.
.!!%2!/``1*%-1!` K`$!*`5+1`2%/%0`IUUQMPDBMIPTUL`5+1`3%((`/!!`0$%/
+**!0! `)!//#!`(+##! `5`0$!`/!.2!.K` "`5+1`+,!*`03+`+.`)+.!`3!`.+3/!./`Q+.`0/R`0+
0$%/`L`5+1`3%((`*+0%!`0$0`!$`/!//%+*`.!!%2!/``1*%-1!` K
*`(%*!`Q=RL`3!`!)%0`0$!`1..!*0``/00!`'`0+`0$!`+**!0%*#`(%!*0`/+`%0`*`%*%0%(%6!
%0/!("`/`.!-1%.! M
#VRFNHWLRRQ GLVFRQQHFW
GHIKDQGOHBGLVFRQQHFW
&DOOHGZLWKDFOLHQWGLVFRQQHFWVIURPWKLVVHUYHU
ORJJHULQIR &OLHQW^`GLVFRQQHFWHGIRUPDW UHTXHVWVLG
!40L`3!`+)!`.+//`0$!`!2!*0`$* (!.`0$0`+*0.+(/`+1.`K
/('KDQGOHU
*`(%*!`Q?R`%*`0$!`"+((+3%*#L`3!`$2!`*+0$!.`)!//#!`$* (!.d0$%/`0%)!`1/%*#``1/0+)
!2!*0`*)! `MFEK`(/+`*+0%!`+*`(%*!`Q@R`0$0`0$%/`!2!*0`$* (!.`$/``EBUB`,.)!0!.L
3$!.!/`0$!`+**!0`* ` %/+**!0`$* (!./`%*`0$!`,.!! %*#`/!0%+*`$ `*+`,.)!0!./K
$!`EBUB`,.)!0!.`+*0%*/` 0`/!*0`".+)`0$!`(%!*0L`* `3!`/!!L`+*`(%*!`Q87RL`0$!`MFWFM
$%( `,.+,!.05`+"`EBUBK`((` 0`"+.)`(%!*0/`.!`/0.%*#/L`/+`$!.!`3!`2(% 0!`0$!` 0`*
/0`%0`0+`*`%*0!#!.`+*`0$!`"+((+3%*#`(%*!K`$!.!`%/`*+`!-1%2(!*0`1%(0_%*`.#1)!*0
2(% 0%*#`* `,./%*#`10%(%05`3%0$`(/'_+'!0 L`/+`3!`)1/0`,!."+.)`2(% 0%+*`$!'/
)*1((5L`/`/$+3*`/0.0%*#`+*`(%*!`Q88RM
#VRFNHWLRRQ OHG
GHIKDQGOHBVWDWH GDWD
+DQGOH OHG PHVVDJHVWRFRQWUROWKH/('
JOREDOVWDWH
ORJJHULQIR 8SGDWH/('IURPFOLHQW^`^`
IRUPDW UHTXHVWVLGGDWD
S`877`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
5DQJHYDOLGDWLRQDQGERXQGLQJ
LIQHZBOHYHO
QHZBOHYHO
HOLIQHZBOHYHO!
QHZBOHYHO
*`0$!`"+((+3%*#`+ !`(+'L`+*`(%*!`Q89RL`3!`/!0`0$!`W/`.%#$0*!//K`*`(%*!`Q8:RL`3!`/!!
0$!`/!.2!._/% !`1/!`+"`0$!`FNJU `)!0$+ K`$%/`)!0$+ `((`!)%0/``)!//#!`0+`+*!`+.`)+.!
(%!*0/K`$!`MFE`,.)!0!.`%/`0$!`*)!`+"`0$!`!2!*0`0$0`3%((`!`+*/1)! `5``(%!*0K
!W2!`((! `+0$`0$!`(%!*0_/% !`* `/!.2!._/% !`!2!*0/`.!(0! `0+``+*0.+(`0$!`/)!
*)!L`MFEK`$!`TUBUF`,.)!0!.`%/`0$!` 0`0+`,//`0+`0$!`(%!*0K`%)%(.`0+`0$!`"1(`
/!.2!.L`%0W/``50$+*` %0%+*.5`+&!0K
%URDGFDVWQHZVWDWHWR HYHU\
FRQQHFWHGFRQQHFWHG VRWKH\UHPDLQLQV\QF
HPLW OHGVWDWHEURDGFDVW 7UXH
1.`"%*(`0/'`%/`0+`+2!.`$+3`0+`/0.0`+1.`!`+'!0`/!.2!.K
6WDUWLQJWKHVHUYHU
%*((5L`3!`/0.0`0$!`/!.2!.`+*`(%*!`Q8;RK`$%/`0%)!L`3!`.!`1/%*#`0$!`(/'_+'!0
%*/0*!L`TPDLFUJPL`.0$!.`0$*`0$!`+.!`(/'`BQQ`%*/0*!L`/`3!` % `"+.`0$!`"1(`
/!.2!.M
LIBBQDPHBB BBPDLQBB
VRFNHWLRUXQ DSSKRVW GHEXJ 7UXH
!((` +*!P`$0W/`+1.`!`+'!0`/!.2!.`+),(!0!K
S`878`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
!`$2!`*+3`/!!*`$+3`3!`*`1%( ``!`+'!0`/!.2!.`1/%*#`50$+*`0+#!0$!.`3%0$
(/'_+'!0 K`$%(!`0$!`+2!.((`+10+)!`+"`+1.`!`+'!0`/!.2!.`%),(!)!*00%+*
+*0.+(/`+1.``/%)%(.(5`0+`+1.`"1(` `/!.2!.L`3$0`3!`$2!`(!.*! `%/`` %""!.!*0
,,.+$`0+`$%!2%*#`0$!`/)!`!* `.!/1(0K` +3!2!.L`%*` %0%+*`0+`0$%/L`3!` !)+*/0.0!
`"!01.!`,.+2% ! `5``!`+'!0`,,.+$L`3$%$`%/`$+3`3!`*`'!!,`)1(0%,(!`3!
,#!/`%*`/5*P
+3`0$0`3!`$2!`/!!*`0$!`50$+*`/!.2!.`%),(!)!*00%+*`+"``!`+'!0`/!.2!.L
3!W((`*!40`01.*`+1.`00!*0%+*`0+`0$!`!`+'!0`2!./%+*`+"`0$!`3!`,#!K
$GGLQJD:HE6RFNHWFOLHQWZHESDJH
*`0$%/`/!0%+*L`3!`3%((`.!2%!3`0$!` `3!`,#!`3!`1/! `0+`+*0.+(`+1.``".+)`+1.
!`+'!0`/!.2!.K`*`!4),(!`+"`0$%/`,#!`/`/!!*`%*`%#1.!`:K9K
!`3%((`(!.*`$+3`0+`1/!`0$!`+'!0K ` 2.%,0`(%..5`3%0$`+1.`3!`,#!`/+`3!`*`/!*
* `.!!%2!`)!//#!/`Q3$!*`3!`3+.'`%*``!`+'!0`!*2%.+*)!*0L`3!`0!* `0+`.!"!.`0+` 0
/`)!//#!/R`0+`* `".+)`+1.`50$+*`(/'_+'!0 `!`+'!0`/!.2!.K`(1/L`/`3!`!4,(+.!
0$!` 2.%,0`* `+'!0K _.!(0! `+ !L`3!W((` %/+2!.`$+3`+1.`(%!*0_/% !` 2.%,0
+ !`.!(0!/`0+`+1.`50$+*`/!.2!._/% !`+ !K
8QGHUVWDQGLQJWKHFOLHQWVLGHFRGH
+3`0$0`5+1`$ ``(++'`0$.+1#$
0$!`DIBQUFSUFNQMBUFTJOEFY@XT@DMJFOUIUNM`"%(!L`%0W/`0%)!`0+` %/1//`$+3`0$%/`"%(!
%/`+*/0.10! `* `3$0`%0` +!/K`!`3%((`/0.0`+1.`+ !`3('_0$.+1#$`3%0$`0$!` %0%+*(
2.%,0`%),+.0`3!`*!! `"+.`!`+'!0`/1,,+.0K
S`879`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
,PSRUWV
1.`!`+'!0`(%!*0`.!-1%.!/`0$!`+'!0K ` 2.%,0`(%..5L`* `3!`/!!`0$%/`%),+.0!
+*`(%*!`Q8RK`+1`3%((`"%* ``(%*'`0+`0$!`+'!0K ` 2.%,0`(%..5`%*`0$!`1.0$!.`.! %*#
/!0%+*`%"`5+1`3*0`0+`(!.*`)+.!`+10`0$%/`(%..5`* `$+3`%0`3+.'/M
FKDSWHUWHPSODWHVLQGH[BZVBFOLHQWKWPO!
'2&7<3(KWPO!
KWPO!
KHDG!
WLWOH!)ODVN:HE6RFNHW([DPSOHWLWOH!
VFULSWVUF VWDWLFMTXHU\PLQMV!VFULSW!
VFULSWVUF VWDWLFVRFNHWLRMV!VFULSW! !
VFULSWW\SH WH[WMDYDVFULSW!
+((+3%*#`0$!`%),+.0/L`3!`3%((`/!!`*!40`0$!` 2.%,0`0$0`%*0!#.0!/`3%0$`+1.`50$+*`!
+'!0`/!.2!.K
6RFNHW,2FRQQHFWDQGGLVFRQQHFWKDQGOHUV
*`0$!`TDSJQU `/!0%+*`+"`0$!`"%(!L`+*`(%*!`Q9RL`3!`.!0!`*`%*/0*!`+"`0$!`JP `(//`".+)
0$!`TPDLFUJP` 2.%,0`(%..5`* `//%#*`%0`0+`0$!`TPDLFU`2.%(!M
YDUVRFNHW LR
S`87:`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
7KHRQ/('KDQGOHU
*`(%*!`Q<RL`3!`$2!`+1.`MFE`)!//#!`$* (!.L`3$%$`%/`.!/,+*/%(!`"+.`1, 0%*#`0$!`
+*0.+(/`3%0$`0$!`1..!*0`.%#$0*!//`(!2!(`+"`+1.`M
VRFNHWRQ OHG IXQFWLRQ GDWD)URP6HUYHU ^
FRQVROHORJ GDWD)URP6HUYHU
LI GDWD)URP6HUYHUOHYHO XQGHILQHG ^
LQSXW>W\SH UDQJH@EULJKWQHVV/HYHO YDO GDWD)URP6HUYHUOHYHO
EULJKWQHVV/HYHO KWPO GDWD)URP6HUYHUOHYHO
`
`
7KHGRFXPHQWUHDG\IXQFWLRQ
$!`&1!.5` +1)!*0`.! 5`(('`%/`3$!.!`3!`/!0`1,`0$!`!2!*0`$* (!.`"+.`0$!`
/(% !.M
GRFXPHQW UHDG\ IXQFWLRQ ^
(YHQWOLVWHQHUIRU6OLGHUYDOXHFKDQJHV
LQSXW>W\SH UDQJH@EULJKWQHVV/HYHO
RQ LQSXW IXQFWLRQ ^
OHYHO WKLV YDO
SD\ORDG ^OHYHOOHYHO`
VRFNHWHPLW OHG SD\ORDG
`
`
VFULSW!
KHDG!
S`87;`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
%*((5L`3!`$2!`0$!` `0$0`)'!/`1,`+1.`3!`,#!K
7KHZHESDJH+70/
$!`+*(5` %""!.!*!`0+`0$!`"1(` `3!`,#!`%/`0$!`%*(1/%+*`+*`(%*!`Q>R`+"``)!//#!`0+
%* %0!`3$!0$!.`3!`$2!``+**!0%+*`0+`0$!`50$+*`/!.2!.M
ERG\!
K!)ODVN:HE6RFNHW([DPSOHK!
/('LVFRQQHFWHGWR*3,2^^SLQ``EU!
&RQQHFWHGWRVHUYHUVSDQLG FRQQHFWHG!1RVSDQ! !
EU!EU!
%ULJKWQHVVVSDQLG EULJKWQHVV/HYHO!VSDQ!EU!
LQSXWW\SH UDQJHPLQ PD[
YDOXH FODVV EULJKWQHVV/HYHO!
ERG\!
KWPO!
!`$2!`/!!*`$+3`0+`%),(!)!*0`0$!`/)!`,.+&!0`0+`+*0.+(`*`W/`.%#$0*!//`1/%*#`+0$
`"1(` _/! `,,.+$`* ``!`+'!0/_/! `,,.+$K`$!/!`.!`03+`2!.5
+))+*`+,0%+*/`"+.`%),(!)!*0%*#`3!`/!.2%!/`* `%*0!#.0%*#``3!`,#!`Q+.`*5`(%!*0
"+.`0$0`)00!.R`0+``'!* `/!.2!.L`/+`*`1* !./0* %*#`* `,,.!%0%+*`+"`+0$
0!$*%-1!/`.!`1/!"1(`/+`5+1`*`$++/!`0$!`)+/0`/1%0(!`0!$*%-1!`"+.`5+1.`+3*
,,(%0%+*/`+.`"+.`0$+/!`0%)!/`3$!*`5+1`.!`0.5%*#`0+`1* !./0* `$+3`*`!4%/0%*#
,,(%0%+*`%/`%),(!)!*0! K
S`87<`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
&RPSDULQJWKH5(67IXO$3,DQG:HE6RFNHW
VHUYHUV
`"1(_/! ` `%/`+*!,01((5`/%)%(.`0+` !/%#*L` !2!(+,L`* `0!/0L`* `.!`)+.!
+))+*(5`"+1* `.+//`0$!`%*0!.*!0`3$!.!``+*!_35`.!-1!/0\.!/,+*/!` 0`!4$*#!`%/
*!! ! K
!.!`.!`/+)!` !"%*%*#`$.0!.%/0%/`+"`0$%/`,,.+$M
!.!`.!`/+)!` !"%*%*#`$.0!.%/0%/`+"`0$%/`,,.+$M
S`87=`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
/`+*!`,,.+$`!00!.`0$*`0$!`+0$!.O`$!.!`%/`*+`/%*#(!`!/0`+.`+*!_/%6!_"%0/_((`,,.+$L
/+`$++/%*#``*!03+.'%*#`,,.+$`"+.`5+1.` +`,,(%0%+*/`%/`(.#!(5`#+%*#`0+` !,!* `+*
3$0`5+1`.!`.!0%*#`* `$+3`(%!*0/`.!`#+%*#`0+`+**!0`0+`* `1/!`5+1.`,,(%0%+*K` "
5+1`.!`*!3`0+`1%( %*#`*!03+.'! `,,(%0%+*/`* `3!`/!.2%!/`%*`#!*!.(L`"1(` /
3%0$`(/'_"1(`%/``#.!0`,(!`0+`/0.0`3$%(!`5+1`(!.*`0$!`+*!,0/`* `!4,!.%)!*0K
$%/`%/``2!.5`+))+*`* `3% !(5`1/! `,,.+$L`,(1/`%"`5+1`1/!``0++(`/1$`/`+/0)*
QHFUQPTUNBODPNR`/`5+1.` `(%!*0`3$%(!` !2!(+,%*#L`0$!*`5+1W((`$2!``,+3!."1(`* `"/0
35`0+`,(5`3%0$`* `0!/0`0$!` /`0$0`5+1`.!0!K
6XPPDU\
*`0$%/`$,0!.L`3!`$2!`+2!.! `%*`03+`+))+*`)!0$+ /`"+.`1%( %*#`*!03+.'! `/!.2%!/
3%0$`50$+*d"1(` /`* `!`+'!0`/!.2%!/K`!`1%(0`0$!/!`/!.2%!/`%*`50$+*
1/%*#`0$!`(/'`)%.+/!.2%!/`".)!3+.'`* `0$!`(/'_"1(`* `(/'_+'!0
!40!*/%+*/K`"0!.`3!`.!0! `!$`/!.2!.L`3!`(/+`.!0! `3!`,#!`(%!*0/K`!`(!.*! `$+3
0+`1/!`0$!` 2.%,0`&1!.5`(%..5`0+`)'!``"1(` `.!-1!/0`* `0$!`+'!0K
2.%,0`(%..5`0+`,!."+.)`!`+'!0`)!//#%*#`* `/1/.%%*#K
*`$IBQUFSL`!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!.L`3!`3%((`(++'
0``)+.!` 2*! `* `2!.5`2!./0%(!`,,.+$`0+`1%( %*#`0$!`*!03+.'%*#`(5!.`+"` +
,,(%0%+*/L`0$%/`0%)!`3%0$`L`0$!`!//#!`1!1!`!(!)!0.5`.*/,+.0`,.+0++(K`
S`87>`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
4XHVWLRQV
/`3!`+*(1 !L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`.!#. %*#`0$%/
$,0!.W/`)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`++'M
8K $0`"!01.!`+"`0$!`(/'_"1(`!40!*/%+*`*`3!`1/!`0+`$!(,`0+`2(% 0!`
(%!*0W/`%*,10` 0O
9K $0`+))1*%0%+*`,.+0++(`*`!`1/! `0+`,.+2% !`.!(_0%)!`"1((_ 1,(!4
+))1*%0%+*`!03!!*``(%!*0`* ``/!.2!.O
:K +3` +`3!`,!."+.)`.!-1!/0` 0`2(% 0%+*`3%0$`(/'_+'!0 O
;K $0`%/`0$!`(/'`UFNQMBUFT`"+( !.O
<K $!*`1/%*#`&1!.5L`3$!.!`/$+1( `3!`.!0!`+),+*!*0`!2!*0`(%/0!*!./`*
%*%0%(%6!`+1.`3!`,#!`+*0!*0O
=K $0`+))* _(%*!`0++(`*`!`1/! `0+`)'!`.!-1!/0/`0+``"1(` `/!.2%!O
>K $0`$,,!*/`0+`0$!`,$5/%(``3$!*`3!`$*#!`0$!`WBMVF`,.+,!.05`+"`
18.-&%`%*/0*!O
)XUWKHUUHDGLQJ
!`$2!`)!*0%+*! `0$!`3+. `X"1(X``(+0`%*`0$%/`$,0!.L`3%0$+10`*5` !!,` %/1//%+*
+"`3$0`%0`)!*/`!40(5K` "`5+1`3*0`((`+"`0$!` !0%(/L``#.!0`%*0.+ 10+.5`010+.%(`*`!
"+1* `+*`%0!+%*0K+)M
`+*`%0!+%*0K+)M`IUUQTXXXTJUFQPJOUDPNEFWFMPQFSTSFTUBQJ
(/'`1%'`0.0M`IUUQTGMBTLQBMMFUTQSPKFDUTDPNFOYRVJDLTUBSU
(/'_"1(`1%'`0.0M`IUUQTGMBTLSFTUGVMSFBEUIFEPDTJPFO
MBUFTURVJDLTUBSUIUNM
S`87?`T
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/' $,0!.`:
(/'` +1)!*00%+*M`IUUQTGMBTLQBMMFUTQSPKFDUTDPN
(/'_+'!0 M`IUUQTGMBTLTPDLFUJPSFBEUIFEPDTJP
+'!0K `Q 2.%,0`(%..5RM`IUUQTTPDLFUJP
!`+'!0`/%/M`IUUQTXXXIUNMSPDLTDPNFOUVUPSJBMTXFCTPDLFUT
CBTJDT
!`+'!0`/%/M`IUUQTNFEJVNDPN!EPNJOJLUXIBUBSFXFCTPDLFUT
XIBUBCPVUSFTUBQJTCDGEBBD
S`87@`T
1HWZRUNLQJZLWK04773\WKRQ
DQGWKH0RVTXLWWR0477
%URNHU
*`0$!`,.!2%+1/`$,0!.L`3!`.!0! `03+`50$+*`/!.2!./`* `+),*5%*#`3!`,#!/
1/%*#`+0$``"1(` `* `!`+'!0`,,.+$`0+`*!03+.'%*#K` *`0$%/`$,0!.L`3!`3%((
+2!.`*+0$!.`*!03+.'%*#`0+,+(+#5`0$0`%/`+))+*`%*`0$!` +`3+.( L`'*+3*`/
`+.`!//#!`1!1!`!(!)!0.5`.*/,+.0K
!`3%((`+2!.`0$!`"+((+3%*#`0+,%/`%*`0$%/`$,0!.M
*/0((%*#`0$!`+/-1%00+``.+'!.
!.*%*#``5`!4),(!
*0.+ 1%*#`0$!`50$+*`$+_`(%!*0`(%..5
+*0.+((%*#`*``3%0$`50$+*`* `
1%( %*#``3!_/! ``(%!*0
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$` !/'0+,`* `.!+))!* ! `/+"03.!R
`)%*%)1)`+"`50$+*`2!./%+*`:K<
S`888`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
,QVWDOOLQJWKH0RVTXLWWR0477EURNHU
L`+.`!//#!`1!1!`!(!)!0.5`.*/,+.0L`%/``(%#$03!%#$0`* `/%),(!`)!//#%*#
,.+0++(`0.#!0! `/,!%"%((5`"+.` +`,,(%0%+*/K`$%(!``/,!..5`%`%/`,+3!."1(`!*+1#$
0+`(!2!.#!`)+.!`+),(!4`)!//#%*#`,.+0++(/L`%"`5+1`.!`1/%*#`%0`/`,.0`+"`` %/0.%10!
+`/+(10%+*L`$*!/`.!`5+1`.!`#+%*#`0+`!*+1*0!.`N`$!*!L`(!.*%*#`%0`%/`2!.5
%),+.0*0K`!/% !/L`%0/`/%),(%%05`* `+,!*`*01.!`)'!`%0`!/5`0+`(!.*`* `1/!K
$!`!4),(!/`3!`+2!.`%*`0$%/`$,0!.`3!.!`,!."+.)! `3%0$`0$!
+/-1%00+`.+'!.`* `(%!*0`2!./%+*`8K<K>L`3$%$`.!``,.+0++(
2!./%+*`:K8K8_+),(%*0K`` %""!.!*0`2!./%+*`+"`0$!`.+'!.`+.`(%!*0`0++(/
3%((`!`/1%0(!`/`(+*#`/`0$!5`.!``,.+0++(`2!./%+*`:K8K4_
+),0%(!K
+`%*/0((`0$!`+/-1%00+``.+'!.`/!.2%!`* `(%!*0`0++(/L`"+((+3`0$!/!`/0!,/M
9K +`!*/1.!`0$0`0$!`+/-1%00+``.+'!.`/!.2%!`$/`/0.0! L`.1*`0$!`"+((+3%*#
+))* `%*`0$!`!.)%*(M
VXGRV\VWHPFWOVWDUWPRVTXLWWR
:K $!'`0$0`0$!`+/-1%00+`/!.2%!`$/`/0.0! `3%0$`0$!`"+((+3%*#`TFSWJDF
+))* K`!`!4,!0`0+`/!!`0$!`BDUJWF SVOOJOH `0!40`,.%*0! `0+`0$!`!.)%*(M
V\VWHPFWOVWDWXVPRVTXLWWR
WUXQFDWHG
$FWLYHDFWLYH UXQQLQJ
WUXQFDWHG
;K !`*`$!'`0$!`+/-1%00+`* ``,.+0++(`2!./%+*`3%0$`0$!`NPTRVJUUP
I`+))* K` !.!L`3!`/!!`0$0`0$!`+/-1%00+`.+'!.`%/`1/%*#``2!./%+*`:K8K8M
PRVTXLWWRK
PRVTXLWWRYHUVLRQ
PRVTXLWWRLVDQ0477YEURNHU
WUXQFDWHG
S`889`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
=K !40L`3!`+,5`0$!`+*"%#1.0%+*`%*`NPTRVJUUP@QZJPUDPOG`1/%*#`0$!
"+((+3%*#`DQ`+))* `%*0+`0$!`,,.+,.%0!`"+( !.`/+`0$0`%0`*`!`(+ ! `5
+/-1%00+M
VXGRFSPRVTXLWWRBS\LRWFRQIHWFPRVTXLWWRFRQIG
?K +`$!'`0$0`0$!`+*"%#1.0%+*`$/`3+.'! L`2%/%0`0$!
IUUQMPDBMIPTU``%*``3!`.+3/!.`+*`5+1.`/,!..5`%L`* `5+1
/$+1( `/!!``,#!`/%)%(.`0+`0$!`"+((+3%*#`/.!!*/$+0M
(KIWTGb9GDRCIGUGTXGFD[VJG/QUSWKVVQ/366DTQMGT
S`88:`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
$%/`%/``#%2!35`0+`3$0`3!W((`!` +%*#`(0!.`%*`0$%/`$,0!.P`0`0$!`)+)!*0L`3$%(!`5+1
*`)+2!`0$!`/(% !.L`%0`3%((`*+0`$*#!`0$!`W/`.%#$0*!//`!1/!`3!` +`*+0`$2!`0$!
50$+*_/% !`+ !`.1**%*#K`!W((`+2!.`0$0`%*` 1!`+1./!`(0!.`%*`0$%/`$,0!.K
"`5+1`!4,!.%!*!`,.+(!)/`#!00%*#`0$!`+/-1%00+``.+'!.`0+`/0.0L`0.5`0$!`"+((+3%*#M
4!10!`TVEPNPTRVJUUPWDFUDNPTRVJUUPNPTRVJUUPDPOG`%*`
!.)%*(K`$%/`3%((`/0.0`+/-1%00+`%*`0$!`"+.!#.+1* `* `*5`/0.0`1,`+.
+*"%#1.0%+*/`!..+./`3%((`!`/$+3*`+*`5+1.`!.)%*(K
! `0$!`0.+1(!/$++0%*#`+))!*0/`%*`0$!`NPTRVJUUP@QZJPUDPOG`"%(!`"+.
%0%+*(`/1##!/0%+*/K
$!` !"1(0`+*"%#1.0%+*`+"`+/-1%00+`"0!.`%*/0((0%+*`.!0!/
*`1*!*.5,0! `* `1*10$!*0%0! ``.+'!.`/!.2%!K`$!`+/-1%00+
+1)!*00%+*`+*0%*/` !0%(/`.!#. %*#`%0/`+*"%#1.0%+*`* `$+3`0+
!*(!`10$!*0%0%+*`* `!*.5,0%+*K`+1`3%((`"%* `(%*'/`%*`0$!`1.0$!.
.! %*#`/!0%+*`0`0$!`!* `+"`0$%/`$,0!.K
/HDUQLQJ0477E\H[DPSOH
`%/``.+'!._/! `,1(%/$%*#`* `/1/.%,0%+*`)!//#%*#`,.+0++(`Q".!-1!*0(5
,.,$./! `/`,1\/1RL`3$%(!`*``.+'!.`Q&1/0`(%'!`0$!`+/-1%00+``.+'!.`3!
%*/0((! `%*`0$!`,.!2%+1/`/!0%+*R`%/``/!.2!.`0$0`%),(!)!*0/`0$!``,.+0++(K`5`1/%*#
*`_/! `.$%0!01.!L`5+1.`,,(%0%+*/`*`!//!*0%((5`$* `+""`((`+),(!4
)!//#%*#`$* (%*#`* `.+10%*#`(+#%`0+`0$!`.+'!.`/+`0$!5`*`.!)%*`/+(10%+*_"+1/! K
S`88;`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
(KIWTGb/366GZCORNG
!.!`%/``$%#$_(!2!(` !/.%,0%+*`+"`/5/0!)`+),+*!*0/M
$%*'`+"`0$!`0!.`!2!(`!*/+.``(%!*0`/`0$!`/+"03.!`+**!0! `0+``30!.
(!2!(`/!*/+.`%*``30!.`0*'K`$%/`(%!*0`//1)!/`0$!`.+(!`+"``,1(%/$!.`%*`+1.
`!4),(!K` 0`,!.%+ %((5`/!* /`Q0$0`%/L`,1(%/$!/R`)!//#!/`+10`$+3`"1((
0$!`30!.`0*'`%/`0+`0$!``.+'!.K
$%*'`+"`0$!`1),``(%!*0`/``/+"03.!` .%2!.`0$0`%/`,(!`+"`/3%0$%*#`
30!.`,1),`+*`+.`+""K`$%/`(%!*0`//1)!/`+0$`0$!`.+(!`+"``,1(%/$!.`*
/1/.%!.`%*`+1.`!4),(!M
/``/1/.%!.L`%0`*`.!!%2!``)!//#!`Q2%``/1/.%,0%+*R
%*/0.10%*#`%0`0+`/3%0$`0$!`,1),`+*`+.`+""K
/``,1(%/$!.L`%0`*`/!* ``)!//#!`%* %0%*#`3$!0$!.`0$!`,1),
%/`+*`* `,1),%*#`30!.`+.`+""K
$%*'`+"`0$!`+*0.+((!.``(%!*0`/`0$!`,,(%0%+*`3$!.!`((`+"`0$!`+*0.+(
(+#%`.!/% !/K`$%/`(%!*0`(/+`//1)!/`+0$`0$!`.+(!/`+"``,1(%/$!.`* `/1/.%!.M
/``,1(%/$!.L`0$%/`(%!*0`*`/!* ``)!//#!`0$0`3%((`0!((`0$!`,1),
0+`/3%0$`+*`+.`+""K
/``/1/.%!.L`0$%/`(%!*0`*`.!!%2!`)!//#!/`".+)`+0$`0$!`30!.
0*'`(!2!(`/!*/+.`* `0$!`,1),K
S`88<`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
*`%),+.0*0`,+%*0`0+`*+0!`.!#. %*#`+1.``/5/0!)`%/`0$0`!$`(%!*0`%/`1*3.!`+"
0$!`+0$!.`(%!*0/d`(%!*0`+*(5`!2!.`+**!0/`0+`* `%*0!.0/`3%0$`0$!``.+'!.L`3$%$
0$!*`.+10!/`)!//#!/`/`,,.+,.%0!`0+`(%!*0/K`$%/`.+10%*#`%/`$%!2! `1/%*#`)!//#!
0+,%/L`3$%$`3!`3%((`+2!.`(0!.`%*`0$!`/!0%+*`!*0%0(! `4,(+.%*#``0+,%/`* `3%( . /K
*`,.0%!L`0$!`,1),`3+1( `,1(%/$`%0/`+*\+""`/001/`!2!.5`0%)!`%0`01.*/`+*`+.`+""K`$%/
3+1( `((+3`0$!`+*0.+((!.W/` /$+. `0+`1, 0!`0$!`,1),W/`/001/`%* %0+.`%*``0%)!(5
)**!.K`1.0$!.)+.!L`0$!`,1),`3+1( `(/+`,!.%+ %((5`,1(%/$`%0/`/001/`Q&1/0`(%'!`0$!
30!.`(!2!(`/!*/+.R`%* !,!* !*0`+"`*5`.!-1!/0/`%0`.!!%2!/`0+`01.*`+*`+.`+""K`$%/`35L`0$!
+*0.+((!.`,,(%0%+*`*`)+*%0+.`0$!`+**!0%+*`* `2%(%(%05`+"`0$!`,1),`* ` !0!0
3$!0$!.`0$!`,1),`#+!/`+""(%*!K
!`3%((`/0.0`5`(!.*%*#`$+3`0+`,1(%/$`* `/1/.%!`0+`)!//#!/K
3XEOLVKLQJDQGVXEVFULELQJ0477PHVVDJHV
!0W/`3+.'`0$.+1#$`0$!`/0!,/`0+`/!* `Q0$0`%/L`,1(%/$R`* `.!!%2!`Q0$0`%/L`/1/.%!`0+R
)!//#!/`1/%*#`M
8K *``!.)%*(L`.1*`0$!`"+((+3%*#`+))* K`NPTRVJUUP@TVC`Q+/-1%00+
/1/.%!R`%/``+))* _(%*!`0++(`0+`/1/.%!`0+`)!//#!/M
7HUPLQDO 6XEVFULEHU
PRVTXLWWRBVXEYKORFDOKRVWW S\LRW
S`88=`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
$!`+,0%+*/`.!`/`"+((+3/M
W`Q__2!.+/!RM`2!.+/!`%/`/+`3!`#!0`+0$`0$!`)!//#!`0+,%`*
)!//#!`,5(+ `,.%*0! `+*`0$!`!.)%*(K
I`Q__$+/0RM`(+($+/0`%/`0$!`$+/0`+"`0$!`.+'!.`3!`3*0`0+`+**!0
0+N`$!.!`%0W/`0$!`+*!`3!`&1/0`%*/0((! K`$!` !"1(0`,+.0`1/! `%/`8??:K
U`Q__0+,%RM`QZJPU`%/`0$!`0+,%`3!`3*0`0+`/1/.%!`0+`* `(%/0!*
0+K
*`0$%/`$,0!.L`3!`3%((`.!-1%.!`03+`* `/+)!0%)!/`0$.!!`!.)%*(
/!//%+*/`"+.`0$!`!4),(!/K`$!`"%./0`(%*!`+"``+ !`(+'`3%((`%* %0!`3$%$
!.)%*(`5+1`*!! `0+`.1*``+))* `%*N`"+.`!4),(!L`!.)%*(`H8`%*`0$!
,.!! %*#`+ !`(+'L`* `!.)%*(`H9`%*`0$!`"+((+3%*#`+ !`(+'K
!0W/`(++'`0`0$!`+,0%+*/M
:K *`!.)%*(`H8L`3!`/!!`0$!`0+,%`* `)!//#!L`IFMMPL`,.%*0! M
7HUPLQDO 6XEVFULEHU
PRVTXLWWRBVXEYKORFDOKRVWW S\LRW
S\LRWKHOOR
$!`"%*(`(%*!`%/`%*`0$!`"+.)0`D0+,%E`D)!//#!`,5(+ EK
$!`IFMMP`)!//#!`%/`,.!! ! `5`0$!`0+,%`*)!L`QZJPUL`!1/!`3!
$2!`1/! `0$!`W`+,0%+*`0+`NPTRVJUUP@TVCK`%0$+10`0$!`W`+,0%+*L`%"`3!
3!.!`/1/.%%*#`0+`)1(0%,(!`0+,%/L`3!`+1( `*+0`% !*0%"5`3$%$`0+,%`
)!//#!`!(+*#! `0+K
S`88>`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
([SORULQJ0477WRSLFVDQGZLOGFDUGV
`0+,%/`.!`1/! `0+`0!#+.%6!L`+.`#.+1,L`)!//#!/`0+#!0$!.`%*``$%!..$%(`"+.)0K
!`$2!`(.! 5`!!*`3+.'%*#`3%0$`0+,%/`%*`+1.`,.+!! %*#`+))* _(%*!`!4),(!/L`10
%*``*+*_$%!..$%(`"/$%+*K`%( . /L`+*`0$!`+0$!.`$* L`.!`/,!%(`$.0!./`1/! `5`
/1/.%!.`0+`.!0!`"(!4%(!`0+,%`)0$%*#`,00!.*/K
!.!`.!``"!3`$%!..$%(`0+,%`!4),(!/`".+)``$5,+0$!0%(`1%( %*#`3%0$`/!*/+./K`$!
$%!..$5`%/` !(%)%0! `5`0$!``$.0!.M
MFWFMMPVOHFUFNQFSBUVSFTFOTPS
MFWFMMPVOHFUFNQFSBUVSFTFOTPS
MFWFMMPVOHFMJHIUJOHTFOTPS
MFWFMCFESPPNUFNQFSBUVSFTFOTPS
MFWFMCFESPPNMJHIUJOHTFOTPS
$!*`0$!`+/-1%00+`.+'!.`%/`+*"%#1.! `0+`1/!`10$!*0%0%+*L`0$!.!`%/
0$!`,+//%%(%05`0+`.!/0.%0`!//`0+`0+,%/`/! `+*``(%!*0` `* \+.
1/!.*)!`* `,//3+. K
!//#!/`)1/0`!`,1(%/$! `0+``/,!%"%`0+,%`/1$`/`QZJPUL`3$%(!`/1/.%,0%+*/`*`!
) !`0+``/,!%"%`0+,%L`+.``.*#!`+"`0+,%/L`5`1/%*#`0$!`3%( . `$.0!./L` `* `M
`%/`1/! `0+`)0$``/%*#(!`!(!)!*0`+"`0$!`$%!..$5K
`%/`1/! `0+`)0$`((`.!)%*%*#`!(!)!*0/`%*``$%!..$5`Q%0`*`+*(5`!`0`0$!
!* `+"``0+,%`-1!.5RK
S`88?`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
!`3*0`0+
%( . `0+,% +,%`)0$!/
/1/.%!`0+KKK
b
MFWFMMPVOHFWHPSHUDWXUHTFOTPS
((`0!),!.01.! b
WHPSHUDWXUH
/!*/+./`!2!.53$!.! MFWFMMPVOHFWHPSHUDWXUHTFOTPS
b
MFWFMCFESPPNWHPSHUDWXUHTFOTPS
b
((`(%#$0`/!*/+./ MFWFMMPVOHFOLJKWLQJTFOTPS
OLJKWLQJ
!2!.53$!.! b
MFWFMCFESPPNOLJKWLQJTFOTPS
b
2!.5`/!*/+.`+* OHYHOCFESPPNUFNQFSBUVSFTFOTPS
OHYHO
(!2!(`9 b
OHYHOCFESPPNMJHIUJOHTFOTPS
2!.5`/!*/+.`+*
(!2!(`9 b
Q`/%),(!.`35 OHYHOCFESPPNUFNQFSBUVSFTFOTPS
OHYHO
3$!.!``)0$!/ b
!2!.5`.!)%*%*# OHYHOCFESPPNMJHIUJOHTFOTPS
$%( R
b
MFWFMMPVOHFUFNQFSBUVSFVHQVRU
b
*(5 MFWFMMPVOHFMJHIUJOHVHQVRU
VHQVRU
/!*/+.8`!2!.53$!.! b
MFWFMCFESPPNUFNQFSBUVSFVHQVRU
b
MFWFMCFESPPNMJHIUJOHVHQVRU
*(5
/!*/+.8`!2!.53$!.!
Q`/%),(!.`35 *2(% `!1/!`H`*`+*(5`!`0`0$!`!* `+"`0$!
VHQVRU
3$!.!``)0$!/ 0+,%`-1!.5
!2!.5`.!)%*%*#
$%( R
2!.5`0+,% 0$!/`!2!.50$%*#
S`88@`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
!`3*0`0+
%( . `0+,% +,%`)0$!/
/1/.%!`0+KKK
$%/`%/``/,!%(`.!/!.2! `0+,%`3$!.!`0$!
.+'!.`%*"+.)0%+* 4:4 .+'!.`,1(%/$!/`%*"+.)0%+*`* `.1*0%)!
/00%/0%/K
6CDNG/366YKNFECTFVQRKEGZCORNGU
S`897`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
!40L`3!`3%((`(!.*`((`+10`)!//#!`1(%05`+"`!.2%!`* `$+3`0$%/`%),0/`0$!`)!//#!/
5+1`/!* `0$.+1#$`*``.+'!.K
$SSO\LQJ4XDOLW\RI6HUYLFHWRPHVVDJHV
`,.+2% !/`0$.!!`1(%05`+"`!.2%!`Q+R`(!2!(/`"+.`%* %2% 1(`)!//#!` !(%2!.5a `)
!),$/%6%*#`%* %2% 1(`)!//#!` !(%2!.5`!1/!`+`(!2!(/`,,(5`0+`0$!` !(%2!.5`+"
%* %2% 1(`)!//#!/`* `*+0`0+``0+,%K`$%/`3%((`!+)!`(!.!.`/`5+1`3+.'`0$.+1#$`0$!
!4),(!/K
$%(!`5+1L`/`0$!` !2!(+,!.L`/0%,1(0!`0$!`+`"+.`5+1.`)!//#!/L`%0W/`0$!`.+'!.`0$0`%/
.!/,+*/%(!`"+.`!*/1.%*#`0$0`0$!`)!//#!` !(%2!.5` $!.!/`0+`0$!`+K` !.!`%/`0$!`+`5+1
*`,,(5`0+``)!//#!`* `3$0`0$!5`)!*`"+.` !(%2!.5M
+`(!2!( !*%*# 1)!.`+"`)!//#!/` !(%2!.!
$!`)!//#!`3%((`!` !(%2!.! `0`)+/0`+*!L`10`)5!
!2!(`7 7`+.`8
*+0`0`((K
$!`)!//#!`3%((`!` !(%2!.! `0`(!/0`+*!L`10
!2!(`8 8`+.`)+.!
,!.$,/`)+.!K
!2!(`9 $!`)!//#!`3%((`!` !(%2!.! `!40(5`+*!K 8
6CDNGb/GUUCIG3Q5NGXGNU
$!`.+'!.`* `(%!*0/`3%((`+*/1)!`)+.!`.!/+1.!/`0+`,.+!//`$%#$!._(!2!(`+`)!//#!/
0$*`(+3!._(!2!(`+`)!//#!/d"+.`!4),(!L`0$!`.+'!.`3%((`*!! `)+.!`0%)!`* `)!)+.5
0+`/0+.!`* `,.+!//`)!//#!/L`3$%(!`+0$`0$!`.+'!.`* `(%!*0/`+*/1)!`)+.!`0%)!`*
*!03+.'`* 3% 0$`3%0$`'*+3(! #)!*0`+*"%.)0%+*/`* `+**!0%+*`$* /$'%*#K
+.`)*5`1/!`/!/L`%*(1 %*#`0$!`!4),(!/`0$0`"+((+3`%*`0$%/`$,0!.L`3!`3%((`*+0`*+0%!`
%""!.!*!`!03!!*`+`(!2!(/`8`* `9L`*+.`3%((`3!`!`(!`0+`,.0%((5` !)+*/0.0!`0$!)
Q!2!(`7`#!0/`+)%00! `"+.``#++ `.!/+*L`3$%$`3!W((`/!!`(0!.`+*`3$!*`3!`+2!.`)!//#!
.!0!*0%+*`* ` 1.(!`+**!0%+*/RK` +3!2!.L`/!0`5+1.`)%* `0+`` %/0.%10! ` +`/5/0!)
3%0$`0$+1/* /`+"`/!*/+./`,1(%/$%*#`0$+1/* /`+.`)+.!`)!//#!/`!2!.5`)%*10!L`* `*+3
!/%#*%*#`.+1* `+`/0.0/`0+`)'!``(%00(!`)+.!`/!*/!K
S`898`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
+`(!2!(/`,,(5`0+`+0$`)!//#!`/1/.%,0%+*/`* `)!//#!`,1(%/$%*#L`3$%$`)5`/!!)
+ `3$!*`5+1`"%./0`0$%*'`%0`0$.+1#$K`+.`!4),(!L``(%!*0`)5`,1(%/$``)!//#!`3%0$`
+`+"`8`0+``0+,%L`3$%(!`*+0$!.`(%!*0`)5`/1/.%!`0+`0$0`0+,%`3%0$``+`+"`9`Q `'*+3
`/% `+`.!(0!/`0+`)!//#!/L`*+0`0+,%/L`10`$!.!`%0W/`0$!`)!//#!/`"(+3%*#`0$.+1#$`0$!
0+,%`0$0`0$!`+`.!(0!/`0+RK`$0`+`%/`0$%/`)!//#!L`8`+.`9O`+.`0$!`/1/.%!.L`%0W/
8d(!0W/`"%* `+10`3$5K
0W/`0$!`/1/.%%*#`(%!*0`0$0`$++/!/`0$!`$%#$!/0`+`+"`)!//#!/`%0`3*0/`0+`.!!%2!d10`%0
)5`#!0`(+3!.K`+L`!""!0%2!(5L`0$%/`)!*/`0$!` !(%2!.5`+`.!!%2! `5``(%!*0`%/`
+3*#. ! `0+`0$!`(+3!/0`+`+"`0$!`,1(%0%+*`+.`/1/.%,0%+*K
!.!`.!``"!3`!4),(!/`"+.`5+1`0+`,+* !.M
1(%/$!. 1/.%!.
$0`/1/.%!.`#!0/
/!* /`)!//#! /1/.%%*#`0
!(%2!.5`+"`)!//#!` $!.%*#`0+``+`7`Q/1/.%!.`#!0/
+`9 +`7
0$!`)!//#!`7`+.`8`0%)!R
!(%2!.5`+"`)!//#!` $!.%*#`0+``+`9`Q/1/.%!.`#!0/
+`9 +`9
0$!`)!//#!`!40(5`+*!R
!(%2!.5`+"`)!//#!` $!.%*#`0+`+`7`Q/1/.%!.`#!0/
+`7 +`8
0$!`)!//#!`7`+.`8`0%)!R
!(%2!.5`+"`)!//#!` $!.%*#`0+`+`8`Q/1/.%!.`#!0/
+`8 +`9
0$!`)!//#!`8`+.`)+.!`0%)!/R
!(%2!.5`+"`)!//#!` $!.%*#`0+`+`8`Q/1/.%!.`#!0/
+`9 +`8
0$!`)!//#!`8`+.`)+.!`0%)!/R
6CDNGb2WDNKUJGTCPFUWDUETKDGT3Q5GZCORNGU
$!`0'!35`".+)`0$!/!`!4),(!/`%/`0$0L`%*`,.0%!L`3$!*` !/%#*%*#`+.`%*0!#.0%*#` +
/+(10%+*/L`5+1`*!! `0+`!`3.!`+"`0$!`+`1/! `5`+0$`,1(%/$!./`* `/1/.%!./`+*
!%0$!.`/% !`+"``0+,%d+`**+0`!`%*0!.,.!0! `+*`!%0$!.`/% !`%*`%/+(0%+*K
+((+3%*#`.!`0$!`/0!,/`0+`,(5`+10`+`/!*.%+/`* `/!!`(%!*0_.+'!.`%*0!.0%+*/`%*`.!(
0%)!M
8K *``!.)%*(L`.1*`0$!`"+((+3%*#`+))* `0+`/0.0``/1/.%!.M
7HUPLQDO 6XEVFULEHU
PRVTXLWWRBVXEGYTKORFDOKRVWW S\LRW
S`899`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
!.!L`3!`.!`#%*`/1/.%%*#`+*`!.)%*(`H8L`* `,1(%/$%*#`+*`!.)%*(`H9K
!.!`.!`0$!`*!3`+,0%+*/`1/! `3%0$`+0$`NPTRVJUUP@TVC`* `NPTRVJUUP@QVCM
EM`1.*`+*` !1##%*#`)!//#!/
RMFWFM M`+`(!2!(
+((+3%*#`%/`0$!` !1#`+10,10`"+.`0$!`/1/.%!.`+*`!.)%*(`H8K`+0%!`0$!
"+((+3%*#M
S`89:`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
+`%/`+*!`+"`0$!`)+.!`+),(!4``+*!,0/`0+`#./,K`+1`3%((`"%* `(%*'/`%*`0$!`1.0$!.
.! %*#`/!0%+*`%"`5+1`3*0`0+`#+` !!,!.`%*0+`+`(!2!(/`* `0$!`(+3!.`(!2!(`
+))1*%0%+*/`0$0`0'!`,(!`!03!!*`,1(%/$!./L`/1/.%!./L`* `0$!`.+'!.K
+3`0$0`3!`$2!`+2!.! `)!//#!`+`(!2!(/L`3!`3%((`*!40`(!.*`+10`03+`
"!01.!/`0$0`!*/1.!`+""(%*!`(%!*0/`*`.!!%2!`,/0`)!//#!/`3$!*`0$!5`+)!`'`+*(%*!K
!`3%((`(/+`/!!`$+3`+`(!2!(/`%),0`0$!/!`"!01.!/K
5HWDLQLQJPHVVDJHVIRUODWHUGHOLYHU\
*``.+'!.`*`!`%*/0.10! `0+`.!0%*`)!//#!/`,1(%/$! `0+``0+,%K`!//#!
.!0!*0%+*`+)!/`%*`03+`"(2+./L`'*+3*`/`.!0%*! `)!//#!/`* ` 1.(!`+**!0%+*/M
3XEOLVKLQJDUHWDLQHGPHVVDJH
`,1(%/$!.`*`/'`0$!`.+'!.`0+`.!0%*``)!//#!`/`0$!`(/0`'*+3*`#++ `)!//#!`"+.`
0+,%K`*5`*!3(5`+**!0%*#`/1/.%!.`3%((`%))! %0!(5`.!!%2!`0$%/`(/0`.!0%*! `)!//#!K
S`89;`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
8K 1*`0$!`"+((+3%*#L`*+0%*#`0$0`3!W.!`/0.0%*#`3%0$`!.)%*(`H9L`0$!`,1(%/$!.`%*
0$%/`!4),(!M
7HUPLQDO 3XEOLVKHU
PRVTXLWWRBSXEUTKORFDOKRVWW S\LRW P KHOOR,KDYH
EHHQUHWDLQHG
`*!3`+,0%+*`$/`!!*` ! LS`Q__.!0%*RL`0+`0!((`0$!`.+'!.`0$0`0$%/`)!//#!
/$+1( `!`.!0%*! `"+.`0$!`0+,%K
:K .!//`0.(`B``%*`!.)%*(`H8`0+`0!.)%*0!`NPTRVJUUP@TVCK
;K 0.0`NPTRVJUUP@TVC`#%*`1/%*#`0$!`/)!`+))* `".+)`/0!,`9L`* `5+1`3%((
/!!`0$!`.!0%*! `)!//#!`.!!%2! `#%*`%*`!.)%*(`H8K
+1`*`/0%((`,1(%/$`*+.)(`)!//#!/`Q0$0`%/L`*+0`1/%*#`0$!`S`+,0%+*RL
$+3!2!.L`%0W/`0$!`(/0`.!0%*! `)!//#!`%* %0! `5`0$!`1/!`+"`0$!`
S`+,0%+*`0$0`*!3(5`+**!0%*#`/1/.%!./`3%((`.!!%2!K
!.!L`3!`.!`,1(%/$%*#`Q3%0$`SR`*`!),05`)!//#!`3%0$`N K`+0!`0$0`3!`*`1/!`
O`/`*`(0!.*0%2!`0+`N `0+`%* %0!`*`!),05`)!//#!K`$!`!""!0`+"`.!0%*%*#`*`!),05
)!//#!`%/`0+`01((5`(!.`0$!`.!0%*! `)!//#!K
S`89<`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
$!*`5+1`/!* `*`!),05`)!//#!`0+``0+,%`0+`.!)+2!``.!0%*!
)!//#!L`*5`(%!*0/`1..!*0(5`/1/.%! `0+`0$!`0+,%`Q%*(1 %*#`+""(%*!
(%!*0/`3%0$` 1.(!`+**!0%+*/d/!!`0$!`*!40`/!0%+*R`3%((`.!!%2!`0$!
!),05`)!//#!L`/+`5+1.`,,(%0%+*`+ !`)1/0`0!/0`"+.`* `$* (!`!),05
)!//#!/`,,.+,.%0!(5K
&UHDWLQJGXUDEOHFRQQHFWLRQV
`(%!*0`/1/.%%*#`0+``0+,%`*`/'`0$!`.+'!.`0+`.!0%*L`+.`-1!1!L`)!//#!/`"+.`%0`3$%(!
%0W/`+""(%*!K`$%/`%/`'*+3*`%*``0!.)%*+(+#5`/`` 1.(!`+**!0%+*K`+.` 1.(!`
+**!0%+*/`* ` !(%2!.5`0+`3+.'L`0$!`/1/.%%*#`(%!*0`*!! /`0+`!`+*"%#1.! `*
/1/.%!`%*``!.0%*`35L`/`"+((+3/M
$!`(/0`03+`,+%*0/`+*!.*`*`!4),(!`3$!.!`'*+3%*#`+`+*`+0$`0$!`,1(%/$%*#`*
/1/.%%*#`/% !/`+"``0+,%`%/`2!.5`%),+.0*0`"+.` +`,,(%0%+*` !/%#*K
!0W/`/0!,`0$.+1#$`*`!4),(!M
S`89=`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
$!`*!3`+,0%+*/`1/! `.!`/`"+((+3/M
9K 1(%/$``"!3`)!//#!/`Q3$%(!`0$!`/1/.%!.`%*`!.)%*(`H8`%/`/0%((`+""(%*!RM
7HUPLQDO 3XEOLVKHU
PRVTXLWWRBSXETKORFDOKRVWW S\LRW P KHOOR
PRVTXLWWRBSXETKORFDOKRVWW S\LRW P KHOOR
PRVTXLWWRBSXETKORFDOKRVWW S\LRW P KHOOR
:K .%*#`0$!`/1/.%!.`%*`!.)%*(`H8`'`+*(%*!L`* `3!`3%((`/!!`0$0`0$!
)!//#!/`,1(%/$! `%*`/0!,`9`.!` !(%2!.! M
7HUPLQDO 6XEVFULEHU
PRVTXLWWRBVXEYTKORFDOKRVWW S\LRW FLP\&OLHQW,G
S\LRWKHOOR
S\LRWKHOOR
S\LRWKHOOR
.5`/0!,/`8`0+`:`#%*L`+*(5`0$%/`0%)!`+)%0`0$!`D`+,0%+*`".+)`0$!`/1/.%!.`%*`/0!,/`8`* `:
* `5+1`3%((`*+0%!`0$0`*+`)!//#!/`.!`.!0%*! K`(/+L`3$!*`5+1`+**!0`3%0$+10`0$!`D
"(#`3$!*`0$!.!`.!`.!0%*! `)!//#!/`3%0%*#`0+`!` !(%2!.! L`0$!*`((`.!0%*! `)!//#!/
.!`,1.#! `Q* `%/`$+3`5+1`3+1( `(!.`.!0%*! `)!//#!/`"+.``(%!*0`%"`5+1`3*0! `0+RK
S`89>`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
6D\LQJJRRGE\HZLWKD:LOO
1.`"%*(``"!01.!`"+.`!4,(+.0%+*`%/`'*+3*`/``%((K``(%!*0`Q,1(%/$!.`+.
/1/.%!.R`*`.!#%/0!.``/,!%(`%((`)!//#!`3%0$`0$!`.+'!.`/+`0$0`%"`0$!`(%!*0` %!/`* `
%/+**!0/`".+)`0$!`.+'!.`.1,0(5`Q"+.`!4),(!L`%0`(+/!/`%0/`*!03+.'`+**!0%+*`+.`%0/
00!.%!/`#+`"(0RL`0$!`.+'!.`+*`0$!`(%!*0/W`!$("`3%((`/!* `+10`0$!`%((`)!//#!`*+0%"5%*#
/1/.%!./`+"`0$!` !2%!W/` !)%/!K
%((/`.!`&1/0``)!//#!`* `0+,%`+)%*0%+*`/%)%(.`0+`3$0`3!`$2!`!!*`1/%*#
,.!2%+1/(5K`
8K ,!*``!.)%*(`* `/0.0``/1/.%!.`3%0$`0$!`"+((+3%*#`+))* M
7HUPLQDO 6XEVFULEHUZLWK:LOO
PRVTXLWWRBVXEKORFDOKRVWW S\LRW ZLOOWRSLF S\LRW
ZLOOSD\ORDG *RRG%\H ZLOOTRVZLOOUHWDLQ
$!`*!3`+,0%+*/`.!`/`"+((+3/M
XJMMQBZMPBEM`$%/`%/`0$!`%((`)!//#!K
XJMMUPQJDM`$%/`%/`0$!`0+,%`0$!`%((`)!//#!`3%((`!
,1(%/$! `+*K` !.!`3!`.!`1/%*#`0$!`/)!`0+,%`0$0`3!`.!
/1/.%%*#`0+L`10`%0`+1( `!`` %""!.!*0`0+,%K
XJMMRPTM`$%/`%/`0$!`+`"+.`0$!`%((`)!//#!K
XJMMSFUBJOM` "`0$%/`+,0%+*`%/`,.!/!*0L`0$!*`%"`0$!`(%!*0
%/+**!0/`.1,0(5L`0$!`%((`)!//#!`3%((`!`.!0%*! `5`0$!
.+'!.`/`0$!`.!0%*! `Q(/0`'*+3*`#++ R`)!//#!`"+.`0$!`%((`0+,%K
S`89?`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
9K 0.0``/1/.%!.`%*``/!+* `!.)%*(`3%0$`0$!`"+((+3%*#`+))* M
7HUPLQDO 6XEVFULEHUOLVWHQLQJWR:LOOWRSLF
PRVTXLWWRBVXEKORFDOKRVWW S\LRW
:K * `%*``0$%. `!.)%*(L`,1(%/$``)!//#!`1/%*#`0$!`"+((+3%*#`+))* M
7HUPLQDO 3XEOLVKHU
PRVTXLWWRBSXEKORFDOKRVWW S\LRW P KHOOR
;K *!`5+1`!4!10!`0$!`NPTRVJUUP@QVC`+))* `%*`/0!,`:`+*`!.)%*(`H:L`5+1
/$+1( `/!!`IFMMP`,.%*0! `+*`+0$`0$!`/1/.%!./`%*`!.)%*(/`H8`* `H9K
<K *`!.)%*(`H8L`,.!//`0.(`B``0+`0!.)%*0!`0$!`/1/.%!.`0$0`.!#%/0!.! `0$!`%((
3%0$`0$!`.+'!.K`0.(`B``%/`/!!*`/``*+*_#.!"1(`+.`.1,0` %/+**!0%+*`".+)
0$!`.+'!.K
=K *`!.)%*(`H9L`3!`3%((`/!!`0$!`%((W/`(PPE#ZF`)!//#!M
7HUPLQDO 6XEVFULEHUOLVWHQLQJWR:LOOWRSLF
PRVTXLWWRBVXEKORFDOKRVWW S\LRW
*RRG%\H
'5L`3$0`+10``#.!"1(` %/+**!0%+*`3$!.!`0$!`/1/.%!.`,.+,!.(5`(+/!/
%0/`+**!0%+*`3%0$`0$!`.+'!.O`!`*` !)+*/0.0!`0$%/`1/%*#`0$!`$`+,0%+*
3%0$`NPTRVJUUP@TVCK
>K !/0.0`0$!`/1/.%!.`%*`!.)%*(`H8`3%0$`0$!`"+((+3%*#`+))* M
7HUPLQDO 6XEVFULEHUZLWK:LOO
PRVTXLWWRBVXEKORFDOKRVWW S\LRW ZLOOWRSLF S\LRW
ZLOOSD\ORDG *RRG%\H$JDLQ ZLOOTRVZLOOUHWDLQ&
?K *`!.)%*(`H:L`,1(%/$``*!3`)!//#!L`* `0$!`/1/.%!.`%*`!.)%*(`H8`3%((
!4%0K`+0%!`%*`!.)%*(`H:`0$0`0$!`%((`)!//#!L`(PPE#ZF"HBJOL
%/`*+0`.!!%2! K`$%/`%/`!1/!`+1.`!.)%*(`H8`/1/.%!.` %/+**!0! `#.!"1((5
".+)`0$!`.+'!.`!1/!`+"`0$!`$`+,0%+*d* `%*`/!`5+1`.!`3+* !.%*#
+10``%*``$L`0$!`.!0%*! `%((`)!//#!`+1*0! `/`0$!`"%./0`)!//#!K
S`89@`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
!`$2!`*+3`+),(!0! `((`+"`+1.`!4),(!/`".+)`0$!`_5_!4),(!`/!0%+*`*
(!.*! `$+3`0+`%*0!.0`3%0$`*``.+'!.`".+)`0$!`+))* `(%*!K`!40L` `3*0`0+
.%!"(5`)'!`)!*0%+*`+"`,1(%`.+'!.`/!.2%!/K`+((+3%*#`0$%/L`3!W((`#!0`%*0+`+ !`* `/!!
$+3`3!`*`(!2!.#!``3%0$`50$+*K
8VLQJ0477EURNHUVHUYLFHV
$!.!`.!`/!2!.(``.+'!.`/!.2%!`,.+2% !./`+*`0$!`%*0!.*!0`0$0`5+1`*`1/!`0+`.!0!
_/! `)!//#%*#`,,(%0%+*/`%"`5+1` +`*+0`3*0`0+`$+/0`5+1.`+3*``.+'!.K
*5`(/+`+""!.`".!!`,1(%``.+'!./`0$0`5+1`*`1/!`"+.`0!/0%*#`* `-1%'`,.++"/_+"_
+*!,0d10`.!)!)!.`0$!5`.!`".!!`* `,1(%L`/+` +`*+0`,1(%/$`*5`/!*/%0%2!
%*"+.)0%+*P
S`8:7`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
!.!`.!``"!3`".!!`,1(%`.+'!./`5+1`*`0.5K` 1/0`.!,(!`0$!`I`(+($+/0`+,0%+*`%*`0$!
,.!! %*#`!4),(!/`3%0$`0$!` .!//`+"`0$!`.+'!.K`%/%0`0$!`"+((+3%*#`,#!/`"+.`)+.!
%*"+.)0%+*`* `%*/0.10%+*/M
IUUQTUFTUNPTRVJUUPPSH
IUUQCSPLFSNRUUEBTICPBSEDPN
IUUQTPUFDMJQTFPSHHFUUJOHTUBSUFE
*`0$!`"+((+3%*#`/!0%+*/L`3!`3%((`)+2!``(!2!(`$%#$!.K`%*((5L`3!W.!`1,`0+`0$!`50$+*`%0`+"
P`!/0`//1.! `0$0`!2!.50$%*#`3!`&1/0`+2!.! `3%((`!`%*2(1(!`3$!*`5+1` !2!(+,
+`,,(%0%+*/`0$0`1/!``!1/!`0$!`+))* _(%*!`0++(/`* `!4),(!/`3!`+2!.!
3%((`!+)!`*`%),+.0*0`,.0`+"`5+1.`` !2!(+,)!*0`* ` !1##%*#`0++('%0K`!`3%((
!`,,(5%*#`0$!`+.!``+*!,0/`3!`$2!`(!.*! `(.! 5L`+*(5`0$%/`0%)!`1/%*#`50$+*
* `0$!`$+_`(%!*0`(%..5K
,QWURGXFLQJWKH3\WKRQ3DKR0477FOLHQW
OLEUDU\
!"+.!`3!`#!0`%*0+`50$+*`+ !L`3!`"%./0`*!! `*``(%!*0`(%..5`"+.`50$+*K`0`0$!
/0.0`+"`0$%/`$,0!.`%*`0$!`!$*%(`.!-1%.!)!*0/`/!0%+*L`3!`%*/0((! `0$!`$+_`(%!*0
(%..5L`3$%$`3/`,.0`+"`SFRVJSFNFOUTUYUK
$!`$+_`(%!*0`(%..5`+)!/`".+)`0$!`(%,/!`+1* 0%+*L`3$%$`(/+`)%*0%*/
0$!`+/-1%00+``.+'!.K` *`0$!`1.0$!.`.! %*#`/!0%+*L`5+1`3%((`"%* ``(%*'`0+`0$!
+""%%(`$+_`(%!*0`%..5` ` +1)!*00%+*K`"0!.`+),(!0%*#`0$%/`$,0!.L`%"`5+1
3%/$`0+` !!,!*`5+1.`1* !./0* %*#`+"`0$%/`(%..5`* `%0/`,%(%0%!/L` `.!+))!*
.! %*#`0$.+1#$`0$!`+""%%(` +1)!*00%+*`* `0$!`!4),(!/`"+1* `0$!.!%*K
$!`50$+*`$+_`(%..5`$/`0$.!!`+.!`)+ 1(!/M
(%!*0M`$%/`#%2!/`5+1`"1((`(%"!`5(!`)*#!)!*0`+"``%*`5+1.`50$+*
,,(%0%+*K
1(%/$!.M`$%/`%/``$!(,!.`)+ 1(!`"+.`)!//#!`,1(%/$%*#K
1/.%!.M`$%/`%/``$!(,!.`)+ 1(!`"+.`)!//#!`/1/.%%*#K
S`8:8`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
$!`"+((+3%*#`50$+*`!4),(!/`3%((`+**!0`0+`5+1.`(+(`+/-1%00+
`.+'!.`0$0`3!`%*/0((! `%*`0$!` */0((%*#`0$!`+/-1%00+``.+'!.
/!0%+*`,.!2%+1/(5K
!`3%((`!`1/%*#`0$!`$+`(%!*0`)+ 1(!`/+`3!`*`.!0!``)+.!`+),(!0!``!4),(!K
+3!2!.L`+*!`5+1`*`"+((+3`* `1* !./0* `0$!`(%!*0`)+ 1(!L`.!0%*#`(0!.*0%2!/
1/%*#`0$!`$!(,!.`)+ 1(!/`3%((`!``,%!!`+"`'!K
+3`0$0`3!`$2!``/%`")%(%.%05`3%0$`0$!`$+_`(%..5L`3!`3%((`*!40`/0.0`5
.%!"(5`.!2%!3%*#`3$0`0$!`50$+*`,.+#.)`* `0$!`+),*5%*#`3!`,#!`(%!*0` +`*
/!!`$+_`%*`0%+*K
&RQWUROOLQJDQ/('ZLWK3\WKRQDQG0477
.!2%+1/(5L`%*`0$!` */0((%*#`0$!`+/-1%00+``.+'!.`/!0%+*L`3!`0!/0! `0$!`%*/0((0%+*`5
2%/%0%*#`0$!`IUUQMPDBMIPTU`L`3$%$`#2!`1/``3!`,#!`3%0$``/(% !.K
+3!2!.L`0`0$!`0%)!L`3!`+1( `*+0`$*#!`0$!`W/`.%#$0*!//K`$!*`5+1`)+2! `0$!
/(% !.L`0$!`3!`,#!`3/`,1(%/$%*#``)!//#!/`0+`0$!`+/-1%00+`.+'!.L`10`*+
,.+#.)`3/`.!!%2%*#`0$!`)!//#!/`0+`$*#!`0$!`W/`.%#$0*!//K
S`8:9`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
5XQQLQJWKH/('0477H[DPSOH
+1`3%((`"%* `0$!`+ !`%*`0$!`DIBQUFSNRUU@MFEQZ`"%(!K`(!/!`.!2%!3`0$%/`"%(!`!"+.!
,.+!! %*#`0+`#!0`*`+2!.((`% !`+"`3$0`%0`+*0%*/`* `0$!*`"+((+3`0$!/!`/0!,/M
8K 1*`0$!`,.+#.)`%*``!.)%*(`3%0$`0$!`"+((+3%*#`+))* M
7HUPLQDO
YHQY S\WKRQPTWWBOHGS\
,1)2PDLQ/LVWHQLQJIRUPHVVDJHVRQWRSLF OHG 3UHVV&RQWURO&
WRH[LW
,1)2PDLQ&RQQHFWHGWR0477%URNHU
:K % `5+1`*+0%!`0$!`S`QSFUBJOR`+,0%+*`1/! `%*`/0!,`9O`!.)%*0!`*
.!/0.0`NRUU@MFEQZ`* `30$`0$!`(+#`+10,10`%*`!.)%*(`H8`* `0$!`K`+1
/$+1( `*+0%!`+*`/0.01,`0$0`NRUU@MFEQZ`.!!%2!/`0$!`W/`.%#$0*!//`2(1!
".+)`0$!`0+,%W/`.!0%*! `)!//#!`* `%*%0%(%6!/`0$!`W/`.%#$0*!//`+. %*#(5K
;K !40L`2%/%0`0$!`IUUQMPDBMIPTU``* `)'!`/1.!`0$!``$*#!/
%0/`.%#$0*!//`/`5+1`)+2!`0$!`/(% !.K
S`8::`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
8QGHUVWDQGLQJWKHFRGH
/`3!` %/1//`0$!`+ !`"+1* `%*`DIBQUFSNRUU@MFEQZL`,5`,.0%1(.`00!*0%+*`0+
$+3`0$!`+ !`+**!0/`0+`0$!``.+'!.`* `)*#!/`0$!`+**!0%+*`(%"!`5(!K
1.0$!.)+.!L`/`3!`+2!.`$+3`0$!`+ !`.!!%2!/`* `,.+!//!/`)!//#!/L`0.5`0+`.!(0!`0$!
+ !`3+.'"(+3`'`0+`0$!`+))* _(%*!`!4),(!/`0$0`3!`1/! `0+`,1(%/$`0$!`)!//#!`%*
0$!`,.!2%+1/`/1/!0%+*L`1**%*#`0$!```!4),(!K
!`3%((`/0.0`5`(++'%*#`0`0$!`%),+.0/K`/`1/1(L`3!`3%((`/'%,`+2!.`*5`+))+*`+ !`0$0
3!`$2!`(.! 5`+2!.! `%*`,.!2%+1/`$,0!./L`%*(1 %*#`(+##%*#`/!01,`* ` !.+_
.!(0! `+ !K
,PSRUWV
$!`+*(5`*!3`%),+.0`3!`$2!`%*`0$%/`!4),(!`%/`"+.`0$!`$+_`(%!*0M
JNQPSUQBIPNRUUDMJFOUBTNRUU
0`(%*!`Q8RL`3!`.!`%),+.0%*#`0$!`$+_`DMJFOU`(//`* `#%2%*#`%0`0$!`(%/L`NRUUK`/
)!*0%+*! `,.!2%+1/(5L`0$%/`%/`0$!`(%!*0`(//`0$0`3%((`((+3`1/`0+`.!0!``"1((`(%"!`5(!
`(%!*0`%*`50$+*K
!40L`3!`3%((`+*/% !.`#(+(`2.%(!/K
S`8:;`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
*OREDOYDULDEOHV
$!`#30,&3@)045`* `#30,&3@1045`2.%(!/`0`(%*!`Q9R`.!`.!"!..%*#`0+`+1.`(+((5
%*/0((! `+/-1%00+``.+'!.K`+.0``%/`0$!`/0* . ` !"1(0``,+.0M
(MPCBM7BSJBCMFT
#30,&3@)045MPDBMIPTU
#30,&3@1035
$-*&/5@*%-&%$MJFOU
501*$MFE
DMJFOU/POF.255DMJFOUJOTUBODF4FFJOJU@NRUU
0`(%*!`Q;RL`3!` !"%*!`0$!``0+,%`0$0`+1.`,.+#.)`3%((`!`/1/.%%*#`0+L`3$%(!`0`(%*!
Q<RL`0$!`DMJFOU`2.%(!`%/``,(!$+( !.`0$0`3%((`!`//%#*! `0$!`$+_`(%!*0
%*/0*!L`3$%$`3!W((`/!!`/$+.0(5K
!40L`3!`$2!`0$!`(('`"1*0%+*/`"+.`K`!W((`/0.0`5`.!2%!3%*#
PO@DPOOFDU `* `PO@EJTDPOOFDU K
S`8:<`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
$!*`3!`/,!'`+"`0$!``(%!*0`* `/!!`0$!`DMJFOU`,.)!0!.`0`(%*!
Q>R`%*`0$!`"+((+3%*#`+ !`(+'L`.!)!)!.`0$%/`%/`+1.`50$+*`+ !W/`(%!*0
+**!0%+*`0+`0$!`.+'!.L```.!"!.!*!`0+``(%!*0`,.+#.)`/1$`/`0$!
3!`,#!K`$%/`(%!*0`,.)!0!.`%/`2!.5` %""!.!*0`%*`)!*%*#`0+`0$!`(%!*0
,.)!0!.`3!`/3`1/! `%*`(('`$* (!./`"+.`+1.`(/'_+'!0 `!
+'!0`/!.2!.`%*`$IBQUFSL`!03+.'%*#`3%0$`"1(` /`* `!`+'!0/
/%*#`(/'K
JGDPOOFDUJPO@SFTVMU@DPEF
MPHHFSJOGP $POOFDUFEUP.255#SPLFS
FMTF
MPHHFSFSSPS 'BJMFEUPDPOOFDUUP.255#SPLFS
NRUUDPOOBDL@TUSJOH SFTVMU@DPEF
S`8:=`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
7KHRQBPHVVDJH 0477FDOOEDFNPHWKRG
0W/`0$!`PO@NFTTBHF `$* (!.`0`(%*!`Q88R`0$0`%/`((! `3$!*!2!.``*!3`)!//#!`"+.`
/1/.%! `0+,%`%/`.!!%2! `5`+1.`,.+#.)K`$!`)!//#!`%/`2%((!`0$.+1#$`0$!`NTH
,.)!0!.L`3$%$`%/`*`%*/0*!`+"`.255.FTTBHFK`
JGNTHUPQJD501*$
TFU@MFE@MFWFM EBUB
FMTF
MPHHFSFSSPS 6OIBOEMFENFTTBHFUPQJD\^
XJUIQBZMPBE TUS NTHUPQJDNTHQBZMPBE
/%*#`0$!`UPQJD`,.+,!.05`+"`NTH`+*`(%*!`Q8:RL`3!`$!'`0$0`%0`)0$!/`+1.`!4,!0! `MFE
0+,%L`3$%$`%0`3%((`%*`+1.`/!`/%*!`+1.`,.+#.)`%/`+*(5`/1/.%%*#`0+`0$%/`/,!%"%`0+,%K
+3!2!.L`0$%/`,.+2% !/``,+%*0`+"`.!"!.!*!`.!#. %*#`3$!.!`* `$+3`5+1`3+1( `,!."+.)
+* %0%+*(`(+#%`* `.+10%*#`"+.``,.+#.)`0$0`/1/.%!/`0+`)1(0%,(!`0+,%/K
S`8:>`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
7KHLQLWBPTWW PHWKRG
!`/!!`0$!`$+_`DMJFOU`%*/0*!`.!0! `* `//%#*! `0+`0$!`#(+(`DMJFOU
2.%(!`0`(%*!`Q8<RK``.!"!.!*!`0+`0$%/`+&!0`%/`0$!``DMJFOU`,.)!0!.`3!`/3`,.!2%+1/(5
%*`0$!`PO@DPOOFDU L`PO@EJTDPOOFDU L`* `PO@NFTTBHF `)!0$+ /K
3PVUF1BIPMPHHJOHUP1ZUIPOMPHHJOH
DMJFOUFOBCMF@MPHHFS
4FUVQDBMMCBDLT
DMJFOUPO@DPOOFDUPO@DPOOFDU
DMJFOUPO@EJTDPOOFDUPO@EJTDPOOFDU
DMJFOUPO@NFTTBHFPO@NFTTBHF
$POOFDUUP#SPLFS
DMJFOUDPOOFDU #30,&3@)045#30,&3@1035
*`%),+.0*0`,+%*0`0+`*+0!`%/`+*`(%*!`Q8=RK`1.`,.+#.)`%/`1/%*#`0$!`/0* . `50$+*
(+##%*#`,'#!/L`/+`3!`*!! `0+`)'!`0$%/`((`0+`DMJFOUFOBCMF@MPHHFS `0+`!*/1.!
0$0`3!`#!0`*5`$+_`(%!*0`(+#`)!//#!K`%//%*#`0$%/`((`)!*/`$!(,"1(` %#*+/0%
%*"+.)0%+*`)5`*+0`#!0`(+##! K
%*((5L`0`(%*!`Q8?RL`3!`+**!0`0+`0$!`+/-1%00+``.+'!.K` 0W/`+1.`PO@DPOOFDU
$* (!.`0$0`3%((`!`((! `+*!`0$!`+**!0%+*`%/`!/0(%/$! K
!40L`3!`3%((`/!!`$+3`+1.`,.+#.)`%/`/0.0! K
S`8:?`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
0DLQHQWU\SRLQW
"0!.`%*%0%(%6%*#`+1.``* `(%!*0`%*/0*!/L`3!`#!0`0+`0$!`,.+#.)W/`)%*`!*0.5`,+%*0K
!`.!`.!#%/0!.%*#``/%#*(`$* (!.`0+`,01.!`0.(`B``'!5`+)%*0%+*/`0`(%*!`Q8@RK
$!`TJHOBM@IBOEMFS`)!0$+ `Q*+0`/$+3*R`/%),(5`01.*/`+""`+1.``* `#.!"1((5
%/+**!0/`".+)`0$!`.+'!.M
*OJUJBMJTF.PEVMF
JOJU@MFE
JOJU@NRUU
JG@@OBNF@@@@NBJO@@
TJHOBMTJHOBM TJHOBM4*(*/5TJHOBM@IBOEMFS
MPHHFSJOGP -JTUFOJOHGPSNFTTBHFTPOUPQJD
501*$ 1SFTT$POUSPM $UPFYJU
DMJFOUMPPQ@TUBSU
TJHOBMQBVTF
0`(%*!`Q97RL`0$!`((`0+`DMJFOUMPPQ@TUBSU `%/`3$0`((+3/`+1.`(%!*0`0+`/0.0L`+**!0`0+
0$!`.+'!.L`* `.!!%2!`)!//#!/K
% `5+1`*+0%!`0$0`0$!``,.+#.)`%/`/00!(!//O`!`.!`*+0`/0+.%*#`+.
,!./%/0%*#`*5``(!2!(`%*`+ !`+.`0+` %/'K`((`+1.`,.+#.)` +!/`%/
/1/.%!`0+``0+,%`+*`0$!`.+'!.`* `$*#!`0$!`W/`.%#$0*!//`1/%*#
!.+K`!`!""!0%2!(5`$* `((`/00!`)*#!)!*0`+2!.`0+`0$!`
.+'!.`5`.!(5%*#`+*`W/`.!0%*! `)!//#!`Q(/+`'*+3*`/`0$!`(/0
'*+3*`#++ `)!//#!R`"%(%05K
!40L`3!`3%((`!`(++'%*#`0``3!`(%!*0`0$0`1/!/``0+#!0$!.`3%0$`!`+'!0/K`$%/
3!`(%!*0`3%((`+**!0`0+`+1.`+/-1%00+``.+'!.`* `,1(%/$`)!//#!/`0+`+*0.+(`+1.
K
S`8:@`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
%XLOGLQJDZHEEDVHG0477FOLHQW
*`$IBQUFSL`!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/'L`3!`+2!.! ``+ !
!4),(!`1/%*#`!`+'!0/L`3$%$`%*(1 ! `*` `"%(!`* ` 2.%,0`3!`(%!*0K` *
0$%/`/!0%+*L`3!`3%((`(/+`!`(++'%*#`0``!`+'!0_/! `3!`(%!*0`1%(0`1/%*#`
* ` 2.%,0K` +3!2!.L`0$%/`0%)!L`3!`3%((`!`(!2!.#%*#`0$!`1%(0_%*`!`+'!0`"!01.!/
,.+2% ! `5`0$!`+/-1%00+``.+'!.`* `0$!`+),0%(!` 2.%,0`$+_ 2.%,0
!`+'!0/`(%..5`Q5+1`3%((`"%* ``(%*'`0+`0$%/`(%..5`%*`0$!`1.0$!.`.! %*#`/!0%+*RK
!`%*0!.0! `3%0$`0$!`3!`(%!*0`3!`.!`+10`0+`!4,(+.!`0+`+*0.+(`+1.``,.!2%+1/(5`%*
0$!`` */0((%*#`0$!`+/-1%00+``.+'!.`0`/!0%+*`/0!,`>K`+1`)%#$0`(%'!`0+`-1%'(5`.!2%!3
/0!,`>`0+`.!")%(%.%6!`5+1./!("`3%0$`0$!`3!`(%!*0`* `$+3`0+`!//`%0`%*`5+1.`3!
.+3/!.K
8QGHUVWDQGLQJWKHFRGH
$%(!`0$!` 2.%,0`(%..5`3!`.!`1/%*#`%*`0$%/`!4),(!`%/` %""!.!*0L`5+1`3%((`"%* `0$0`0$!
#!*!.(`/0.101.!`* `1/!`+"`0$!` 2/.%,0`+ !`.!`/%)%(.`0+`0$!`+ !`3!`/3`"+.`0$!
TPDLFUJP_/! `3!`(%!*0`%*`$IBQUFSL`!03+.'%*#`3%0$`"1(` /`* `!`+'!0/
/%*#`(/'K`/`1/1(L`3!`3%((`/0.0`5`(++'%*#`0`0$!`%),+.0/K
,PSRUWV
1.`3!`(%!*0`%),+.0/`0$!`$+_` 2.%,0`(%!*0`(%..5`0`(%*!`Q8RM
UJUMF .2558FC4PDLFU&YBNQMFUJUMF
TDSJQUTSDKRVFSZNJOKT TDSJQU
TDSJQUTSDQBIPNRUUKT TDSJQU
S`8;7`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
!40L`3!`!*+1*0!.`0$!`#(+(`2.%(!/K
*OREDOYDULDEOHV
0`(%*!`Q9RL`3!`%*%0%(%6!``$MJFOU@*%`+*/0*0`0$0`3%((`% !*0%"5`+1.` 2.%,0`(%!*0`3%0$
0$!`.+'!.K
0`(%*!`Q:RL`3!` !"%*!`0$!`501*$`+*/0*0`3%0$`MFEL`0$!`*)!`+"`0$!``0+,%`0$0`3!
3%((`!`/1/.%%*#`* `,1(%/$%*#`0+`/$+.0(5K`!40L`3!`.!0!`+1.`(%!*0`%*/0*!K
7KH3DKR-DYD6FULSW0477FOLHQW
0`(%*!`Q;RL`3!`.!0!`+1.`$+_`(%!*0`%*/0*!`* `//%#*`%0`0+`0$!`DMJFOU`2.%(!K
S`8;8`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
+1`)5`$2!`*+0%! `%*`0$!`IUUQMPDBMIPTU``0$0`0$!`,+.0`%/`L`3$%(!`%*
50$+*`3!`1/! `,+.0`M
+.0``%/`0$!``,.+0++(`,+.0`+*`0$!`.+'!.K`1.`50$+*`,.+#.)
+**!0/` %.!0(5`0+`0$!`.+'!.`+*`0$%/`,+.0K
!`,.!2%+1/(5`+*"%#1.! `,+.0``/``!`+'!0`,+.0`+*`0$!`+/-1%00+
.+'!.K`!`,#!/`*`/,!'` `* `!`+'!0`,.+0++(/L`*+0`K
$%/`.%/!/`*`%),+.0*0`,+%*0K`$%(!`3!W.!`1/%*#`0$!`0!.)``%*`0$!`+*0!40`+"`+1.
2.%,0`+ !L`3!W.!`.!((5`,.+45%*#`0$!``% !`1/%*#`!`+'!0/`'`* `"+.0$`0+
0$!`.+'!.K
&RQQHFWLQJWRWKHEURNHU
!` !"%*!`+1.`PO$POOFDUJPO4VDDFTT `$* (!.`0`(%*!`Q<RL`3$%$`3%((`!`((! `"0!.`+1.
DMJFOU`/1!//"1((5`+**!0/`0+`0$!`.+'!.K`$!*`3!`/1!//"1((5`+**!0L`3!`0$!*`1, 0!
0$!`3!`,#!`0+`.!"(!0`0$!`/1!//"1(`+**!0%+*`* `!*(!`0$!`/(% !.`+*0.+(M
PO$POOFDUJPO4VDDFTTGVODUJPO EBUB \
DPOTPMFMPH $POOFDUFEUP.255#SPLFS
DPOOFDUFE IUNM :FT
JOQVU<UZQFSBOHF>CSJHIUOFTT-FWFM
BUUS EJTBCMFEOVMM
DMJFOUTVCTDSJCF 501*$
^
DMJFOUDPOOFDU \
PO4VDDFTTPO$POOFDUJPO4VDDFTT
SFDPOOFDUUSVF
^
!40L`0`(%*!`Q=RL`3!`/1/.%!`0+`0$!`MFE`0+,%K` 0W/`0`(%*!`Q>R`0$0`3!`+**!0`0+`0$!`.+'!.K
+0%!`0$0`3!W.!`.!#%/0!.%*#`0$!`PO$POOFDUJPO4VDDFTT`"1*0%+*`/`0$!`PO4VDDFTT
+,0%+*K
S`8;9`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
!)!)!.L`/%)%(.`0+`0$!`50$+*`!4),(!L`(35/`/1/.%!`0+`0+,%/`%*
*`
PO4VDDFTT`$* (!.K`$%/`35L`%"`0$!`(%!*0`!2!.`(+/!/`0$!`+**!0%+*`0+`0$!
.+'!.L`%0`*`.!_!/0(%/$`/1/.%,0%+*/`3$!*`%0`.!+**!0/K
!`(/+`/,!%"5`0$!`SFDPOOFDUUSVF`+,0%+*`/+`0$0`+1.`(%!*0`3%((`10+)0%((5
.!+**!0`0+`0$!`.+'!.`%"`%0`(+/!/`%0/`+**!0%+*K
!40L`3!`$2!`*+0$!.`03+`$* (!./`0+`.!2%!3K
7KHRQ&RQQHFWLRQ/RVWDQGRQ0HVVDJH$UULYHGKDQGOHU
PHWKRGV
*`0$!`"+((+3%*#`+ !L`0`(%*!/`Q?R`* `Q@RL`3!`/!!`$+3`0+`.!#%/0!.`*`PO$POOFDUJPO-PTU
* `PO.FTTBHF"SSJWFE`$* (!.`3%0$`+1.`$+_`DMJFOU`%*/0*!M
DMJFOUPO$POOFDUJPO-PTUGVODUJPOPO$POOFDUJPO-PTU EBUB \
^
$!/!`03+`"1*0%+*/`.!`/%)%(.`%*`,.%*%,(!`0+`0$!%.`+..!/,+* %*#`"1*0%+*/`%*`0$!`/+'!0K%+
!4),(!`".+)`0$!`,.!2%+1/`$IBQUFSL`!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#
(/'L`%*`0$0`0$!5`1, 0!`0$!`/(% !.`* `3!`,#!`0!40`/! `+*`0$!` 0`"+1* `%*`0$!%.
.!/,!0%2!`EBUB`* `NFTTBHF`,.)!0!./K
S`8;:`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
-4XHU\GRFXPHQWUHDG\IXQFWLRQ
%*((5L`3!`!*+1*0!.`0$!` +1)!*0`.! 5`"1*0%+*`0`(%*!`Q8+R`3$!.!`3!`%*%0%(%6!`+1.`3!
,#!`+*0!*0`* `.!#%/0!.`0$!`!2!*0`(%/0!*!.`"+.`0$!`/(% !.M
EPDVNFOU SFBEZ GVODUJPO \
DMJFOU*E IUNM $-*&/5@*%
&WFOUMJTUFOFSGPS4MJEFSWBMVFDIBOHFT
JOQVU<UZQFSBOHF>CSJHIUOFTT-FWFM PO JOQVU GVODUJPO \
MFWFM UIJT WBM
QBZMPBE\
MFWFMMFWFM
^
1VCMJTI-&%CSJHIUOFTT
WBSNFTTBHFOFX1BIP.FTTBHF
+40/TUSJOHJGZ QBZMPBE
NFTTBHFEFTUJOBUJPO/BNF501*$
NFTTBHFRPT
NFTTBHFSFUBJOFEUSVF
DMJFOUTFOE NFTTBHF
^
^
0.0%*#`0`(%*!`Q89RL`3!`/!0`0$!`)!//#!`,1(%0%+*`0+,%`0+`MFE
3%0$`NFTTBHFEFTUJOBUJPO/BNF501*$`!"+.!`"(##%*#`%0/`+`(!2!(`/`9K
!40L`0`(%*!`Q8:RL`3%0$`NFTTBHFSFUBJOFEUSVFL`3!`%* %0!`0$0`3!`3*0`0$%/
)!//#!`0+`!`.!0%*! `/+`0$0`%0`%/`10+)0%((5` !(%2!.! `0+`*!3`(%!*0/`/1/.%%*#`0+`0$!
MFE`0+,%K`$!`.!0!*0%+*`+"`0$%/`)!//#!`%/`3$0`((+3/`NRUU@MFEQZ`0+`.!%*%0%(%6!`0$!
W/`,.!2%+1/`.%#$0*!//`!03!!*`.!/0.0/K`
S`8;;`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
6XPPDU\
*`0$%/`$,0!.L`3!`$2!`!4,(+.! `* `,.0%! `0$!`+.!`+*!,0/`+"`K`"0!.`%*/0((%*#
* `+*"%#1.%*#`0$!`+/-1%00+``.+'!.`+*`5+1.`/,!..5`%L`3!`)+2! `/0.%#$0`%*0+
(!.*%*#``.*#!`+"`!4),(!/`+*`0$!`+))* `(%*!K`!`(!.*! `$+3`0+`,1(%/$`*
/1/.%!`0+``)!//#!/L`$+3`0+`1* !./0* `0+,%`+*/0.10%+*`* `*)!`$%!..$%!/L
* `$+3`3!`*`00$``+`(!2!(`0+``)!//#!K
*`0$!`*!40`$,0!.L`+**!0%*#`50$+*`0+`0$!`$5/%(`+.( L`3!`3%((`!`!4,(+.%*#``.*#!`+"
0+,%/`.!(0! `0+`$+3`5+1`+**!0`5+1.`/,!..5`%`0+`0$!`3+.( K`!`3%((`.1*`0$.+1#$
,+,1(.`50$+*` `(%..5`+,0%+*/`%*` %0%+*`0+` !.+`* `% `* `(++'`0
0$!` %""!.!*0`05,!/`+"`!(!0.+*%`%*0!."%*#`+,0%+*/`* `+*"%#1.0%+*/`0$0`.!`2%((!
3%0$``/,!..5`%K`!`(/+`$2!``+),.!$!*/%2!`!4!.%/!`3$!.!`3!`3%((`!` %*#`*
*(+#_0+_ %#%0(`+*2!.0!.`0+`5+1.`/,!..5`%`* `1/%*#`%0`0+`.!0!``,.+#.)`0+`!4,(+.!
`0!$*%-1!/`* `+*!,0/K
S`8;<`T
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!. $,0!.`;
4XHVWLRQV
/`3!`+*(1 !L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`.!#. %*#`0$%/
$,0!.W/`)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`++'M
8K $0`%/`O
9K +1.`.!0%*! ``)!//#!/`*!2!.`#!0` !(%2!.! K`$0`/$+1( `5+1`$!'O
:K * !.`3$0`+* %0%+*`3%((`*``.+'!.`,1(%/$``%((`)!//#!O
;K +1`$++/!`0+`1/!``/`5+1.` +`,,(%0%+*W/`)!//#%*#`(5!.`* `)1/0
!*/1.!`0$0`)!//#!/`.!`/!*0`* `.!!%2! K`$0`%/`0$!`)%*%)1)`+`(!2!(
.!-1%.! O
<K +1` !2!(+,`*`,,(%0%+*`1/%*#``* `1/!`0$!`+/-1%00+`.+'!.L`10`*+3
5+1`*!! `0+`1/!`` %""!.!*0`.+'!.K`$0` +!/`0$%/`)!*`"+.`5+1.`+ !`/!`*
!,(+5)!*0`+*"%#1.0%+*O
=K $!.!`%*`+ !`Q$%*0M`3$%$`$* (!.`)!0$+ R`/$+1( `5+1`/1/.%!`0+`
0+,%/`* `3$5O
)XUWKHUUHDGLQJ
!`+2!.! `0$!`/%/`+"``".+)`*`+,!.0%+*(`(!2!(`%*`0$%/`$,0!.K` "`5+1`3*0`0+
(!.*`)+.!`+10``".+)``,.+0++(`* ` 0`(!2!(L` %2!`Q*``.+'!.`*
/!.2%!`,.+2% !.R`$/`*`!4!((!*0`88_,.0`/!.%!/`+*`0$!``,.+0++(`2%((!`0`IUUQT
XXXIJWFNRDPNCMPHNRUUFTTFOUJBMTQBSUJOUSPEVDJOHNRUUK
$!`$+)!`,#!`+"`0$!`+/-1%00+``.+'!.`* `(%!*0`0++(/`.!`2%((!`0`0$!
"+((+3%*#`M
+/-1%00+``.+'!.M`IUUQTNPTRVJUUPPSH
$+_`50$+*`(%..5M`IUUQTXXXFDMJQTFPSHQBIPDMJFOUTQZUIPO
$+_` 20%,0`(%..5M`IUUQTXXXFDMJQTFPSHQBIPDMJFOUTKT
S`8;=`T
6HFWLRQ3UDFWLFDO(OHFWURQLFV
IRU,QWHUDFWLQJZLWKWKH3K\VLFDO
:RUOG
*`0$%/`/!0%+*L`3!`.!`#+%*#`0+`!4,(+.!`+*!,0/`.!(0! `0+`+**!0%*#`5+1.`/,!..5`%`0+
0$!`,$5/%(`3+.( `3%0$`!(!0.+*%/`1/%*#`%0/`8`$! !.L`3$%$`%/`0$!`(.#!`/!0`+"`,%*/`+*`0$!
)+0$!.+. `0$0`3!`+))+*(5`&1/0`((`0$!` `,%*/K
$%/`/!0%+*`+),.%/!/`0$!`"+((+3%*#`$,0!./M
$IBQUFSL`+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.(
$IBQUFSL`(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!.
&RQQHFWLQJ<RXU5DVSEHUU\3L
WRWKH3K\VLFDO:RUOG
*`0$%/`$,0!.L`3!`3%((`!4,(+.!`$. 3.!`* `/+"03.!`+*!,0/`.!(0! `0+`+**!0%*#`5+1.
/,!..5`%`0+`0$!`,$5/%(`3+.( K`!`3%((`!`+2!.%*#`,+,1(.`*1)!.%*#`/$!)!/`0$0
.!`1/! `5` `(%..%!/`0+`.!"!.`0+`0$!` `$! !.`,%*/`+*`5+1.`/,!..5`%`*
,.+2% !`*`+2!.2%!3`+"`,+,1(.` `(%..%!/L`%*` %0%+*`0+`0$!` !.+`* `%
(%..%!/`0$0`3!`1/! `%*`!.(%!.`$,0!./K`/`3!`3%((`(!.*L`1* !./0* %*#` `*1)!.%*#
/$!)!/`%/`.1%(`0+`!*/1.!`5+1.`1* !./0* %*#`+"`$+3` `(%..%!/`3+.'`3%0$`
,%*/K
!`3%((`+2!.`0$!`"+((+3%*#`0+,%/`%*`0$%/`$,0!.M
* !./0* %*#`/,!..5`%`,%*`*1)!.%*#
4,(+.%*#`,+,1(.`50$+*` `(%..%!/
4,(+.%*#`/,!..5`%`!(!0.+*%`%*0!."%*#`+,0%+*/
*0!."%*#`3%0$`*`*(+#_0+_ %#%0(`+*2!.0!.
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$` !/'0+,`* `.!+))!* ! `/+"03.!R
`)%*%)1)`+"`50$+*`2!./%+*`:K<
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
8`4`<`))`.! `
8`4`977`c`.!/%/0+.d%0/`+(+.`* /`3%((`!`.! L`('L`.+3*L`* `0$!*`#+( `+.
/%(2!.
8`4`888<``.!'_+10`)+ 1(!`Q"+.`!4),(!L`IUUQTXXXBEBGSVJUDPN
QSPEVDUR
9`4`87`'c`,+0!*0%+)!0!./`Q*5`2(1!`%*`0$!`.*#!`87 `0+`877 `3%((`!`/1%0(!R
`.! +.
(!_0+_"!)(!`* `)(!_0+_)(!`&1),!.`(!/`Q(/+`((! `1+*0`(!/R
S`8;@`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
8QGHUVWDQGLQJ5DVSEHUU\3LSLQQXPEHULQJ
+1`3%((`$2!`*+0%! `5`*+3`0$0`5+1.`/,!..5`%`$/``(+0`+"`,%*/`/0%'%*#`+10`+"`%0P
%*!`$IBQUFSL` !00%*#`0.0! `3%0$`50$+*`* ` +L`* `((`/1/!-1!*0`$,0!./L`3!`$2!
.!"!.!*! `0$!/!`,%*/`5`.!"!..%*#`0+`0$!)L`"+.`!4),(!L`/` `%*`9:L`10`3$0` +!/`0$%/
)!*O` 0W/`0%)!`3!`1* !./0* `0$%/`%*`)+.!` !0%(K
(KIWTGb)2+1RKPPWODGTKPIUEJGOGU
*`((`+"`0$!`,.!2%+1/`$,0!./L`3!W2!`!!*`0('%*#`+10` `,%*/`".+)`0$!`,!./,!0%2!`+"
% L`3$%$`1/!/`0$!`.+ +)`+.``*1)!.%*#`/$!)!K``%/`0$!`)+/0`+))+*
/$!)!`1/! `%*`50$+*_/! ` `(%..%!/L`* `0$!` `(%..%!/`0$0`3!`3%((` %/1//
/$+.0(5`((`1/!``!4(1/%2!(5`+.`5` !"1(0K` +3!2!.L`%0`%/`1/!"1(`0+`'*+3`0$0`+0$!.
/$!)!/`!4%/0`!1/!`%0`3%((`$!(,`3$!*`.! %*#`+.` !1##%*#`+ !`".#)!*0/`5+1`+)!
.+//`+*`0$!`%*0!.*!0`* `+0$!.`.!/+1.!/K
S`8<7`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
!0W/`!4,(+.!`0$!/!`(0!.*0%2!/`/`/$+3*`%*`%#1.!`<K8M
%.01(`%(!/5/0!)M`$!.!`%/``2%.01(`"%(!/5/0!)`)+1*0! `0`TZT`"+.`#!*!.(
`!//LEFW JD`"+.` 9L`EFW TQJ `"+.` L`*
TZTCVTXEFWJDFT `"+.`8_3%.!` !2%!/K
(0!.*0%2!`%*`1*0%+*/M`$!`,.!! %*#`` %#.)`%*`%#1.!`<K8`(%/0/`
,%*`*1)!./L`0+#!0$!.`3%0$`(0!.*0%2!`,%*`"1*0%+*/`/1$`/`7L` 97L`*
7`%*`,.!*0$!/!/K`$!/!`.!,.!/!*0`(0!.*0%2!`.+(!/``,%*`*`,!."+.)`!5+*
/%` %#%0(` \K
1/\$**!(`1)!./M`+.` `* ` 9`%*0!."%*#`* `$. 3.!`L`%0W/
+))+*`"+.``(%..5`0+`1/!`0$!`1/`+.`$**!(`*1)!.K`+.`!4),(!L`3!`*`1/!
` `8?`/``#!*!.(_,1.,+/!` %#%0(`%*,10`* `+10,10L`+.`3!`*`1/!`%0`%*
%0/`(0!.*0!`"1*0%+*`)+ !`/``$. 3.!``+10,10`/``$**!(`7K
$!`QJOPVUYZ[`3!/%0!`%/``#.!0`.!/+1.!`"+.`!4,(+.%*#`,%*`*)%*#L
(0!.*0%2!`"1*0%+*/L`* `/$!)!`),,%*#/K
S`8<8`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
([SORULQJSRSXODU3\WKRQ*3,2OLEUDULHV
"`5+1`.!`*50$%*#`(%'!`)!L`3$!*`5+1`"%./0`/0.0`3%0$``/,!..5`%L`5+1`,.+(5`&1/0
3*0`0+`+*0.+(`0$%*#/K`+ 5L`"+.`)*5` !2!(+,!./L`0$!%.`"%./0`,+%*0`+"`+*00`3%0$`,$5/%(
+),10%*#`1/%*#``/,!..5`%`3%((`!`2%`0$!`+""%%(`/,!..5`%`3!/%0!`* `3%0$`0$!
!.+`(%..5K` +3!2!.L`"0!.`5+1W2!`!!*`0%*'!.%*#`3%0$`/%),(!`!(!0.+*%/`/1$`/
100+*/L`/L`* `)+0+./`"+.``3$%(!L`5+1W((`3*0`0+`1* !.0'!`)+.!`+),(!4`%*0!."%*#K
"`5+1W2!`0'!*`0$%/`/0!,d+.`.!`+10`0+d5+1`)5`"%* `5+1./!("`%*`0$!`/+)!3$0
+*"1/%*#`3+.( `+"` `(%..%!/`* `+,0%+*/K`$%/`/!0%+*`%/`$!.!`0+`$!(,`5+1`0+`*2%#0!
0$%/`,0$`5`,.!/!*0%*#`0$!`)+.!`,+,1(.`+,0%+*/K
S`8<9`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
5HYLHZLQJ*3,2=HUR`VLPSOHLQWHUIDFLQJIRU
EHJLQQHUV
$!`"+1/`+"`0$!` !.+`(%..5`%/`+*`/%),(%%05L`)'%*#`%0``*+_"1//`(%..5`"+.`!#%**!./
#!00%*#`%*0+`,$5/%(`+),10%*#`* `%*0!."%*#`!(!0.+*%/K` 0`$%!2!/`!/!_+"_1/!`5
/0.0%*#`35`0$!`1* !.(5%*#`0!$*%(`+),(!4%05`* `((+3/`5+1`0+`3.%0!`+ !`0$0
!(/`3%0$` !2%!/`* `,!.%,$!.(/`/1$`/`/L`100+*/L`* `+))+*`/!*/+./L`.0$!.`0$*
3.%0%*#`(+3!._(!2!(`+ !`0$0` %.!0(5`)*#!/`,%*/K
!.!`.!`0$!`'!5`$%#$(%#$0/`+"` !.+`%*``*10/$!((M
5HYLHZLQJ53L*3,2`DORZOHYHO*3,2IRU
EHJLQQHUV
!`)!*0%+*! `,.!2%+1/(5`0$0`0$!`!//!*!`+"` !.+`%/`3.%0%*#`+ !`0$0` !(/`3%0$
!2%!/`* `+),+*!*0/K`!((L`%K `0'!/`` %""!.!*0`* `)+.!`(//%(`,,.+$
3$!.!`3!`3.%0!`+ !`0$0`3+.'/`3%0$`* `)*#!/` `,%*/` %.!0(5K`%K `%/`
,+,1(.`(+3_(!2!(`%*0.+ 10%+*`0+`/,!..5`%`* `!(!0.+*%/L`/+`5+1`3%((`"%* `)*5
!4),(!/`1/%*#`%0`.+//`0$!`%*0!.*!0K
S`8<:`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
!.!`.!`0$!`'!5`$%#$(%#$0/`+"` K `%*``*10/$!((M
!/.%,0%+*M`%#$03!%#$0`(+3_(!2!(`
.+/M`01.!`(%..5`3%0$`)*5`+ !`!4),(!/`0+`!`"+1* `+*`0$!`%*0!.*!0
+*/M`%#$03!%#$0`)!*/`0$0`%0`%/`*+0``,!."+.)*!_+.%!*00! `(%..5`*
0$!.!W/`*+`$. 3.!_//%/0! `
!/%0!M`IUUQTQZQJQZUIPOPSHQZQJ31J(1*0
5HYLHZLQJ&LUFXLW3\WKRQDQG%OLQND`LQWHUIDFLQJ
IRUFRPSOH[GHYLFHV
(%*'`%/``50$+*`+),0%%(%05`(5!.`"+.`%.1%0`50$+*`QDJSDVJUQZUIPOPSHRL``2!./%+*`+"
50$+*` !/%#*! `"+.`)%.++*0.+((!./K` 0W/`.!0! `* `$),%+*! `5`0$!`!(!0.+*%/
+),*5` ".1%0L`3$%$` %/0.%10!/`)*5`!(!0.+*%`.!'+10`+. /`* `# #!0/K
".1%0`,.+2% !/`-1(%05`$%#$_(!2!(`%.1%0`50$+*` .%2!./`"+.`)*5`+"`%0/`,.+ 10`(%*!/L
!//!*0%((5`..5%*#`"+.3. `0$!` !.+`!/!_+"_1/!`% !`0+`)+.!`+),(!4` !2%!/K
!.!`.!`0$!`'!5`$%#$(%#$0/`+"`(%*'`%*``*10/$!((M
S`8<;`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
5HYLHZLQJ3L*3,2`DORZOHYHO*3,2OLEUDU\
% `%/`+*/% !.! `+*!`+"`0$!`)+/0`+),(!0!` `(%..5`+,0%+*/`"+.`0$!`/,!..5`%`%*
0!.)/`+"`"!01.!/`* `,!."+.)*!K` 0/`+.!`%/`%),(!)!*0! `%*`L`* `0$!.!`%/`*`+""%%(`,+.0
2%((!`"+.`50$+*K
!.!`.!`0$!`'!5`$%#$(%#$0/`+"`% `%*``*10/$!((M
([SORULQJUHPRWH*3,2ZLWK3L*3,2 DQG*3,2=HUR
*!`5+1`$2!`/0.0! `0$!`,%#,%+ `/!.2%!`+*``/,!..5`%`Q+2!.! `%*`$IBQUFSL`!00%*#
,`+1.`!2!(+,)!*0`*2%.+*)!*0RL`0$!.!`.!`03+`35/`0+`)'!`5+1.`+ !`.!)+0!L`* `5
.!)+0!L` `)!*`0$0`5+1.`,.+#.)`+ !`*`!`.1**%*#`+*`*5`+),10!.`Q*+0`&1/0`
/,!..5`%R`* `+*0.+(``.!)+0!`/,!..5`%W/` /K
S`8<<`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
5HYLHZLQJ63,'HYDQG60%XV`GHGLFDWHG63,
DQG,&OLEUDULHV
$!*`3+.'%*#`3%0$` 9`* ` _!*(! ` !2%!/L`5+1`3%((`!*+1*0!.`0$!` !2`*
1/`(%..%!/`Q+.`+),.(!`(0!.*0%2!/RK` !2`%/``,+,1(.`(+3!._(!2!(`50$+*
(%..5`"+.`1/!`3%0$` `+))1*%0%+*/L`3$%(!`1/9`%/``,+,1(.`(+3!._(!2!(`50$+*
(%..5`"+.`1/!`3%0$` 9`* `1/`+))1*%0%+*K`$!/!`03+`(%..%!/`.!`*+0`#!*!.(_
,1.,+/!`(%..%!/d0$!5`**+0`!`1/! `"+.`/%` %#%0(` \`,%*`+*0.+(K
S`8<=`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
:K\3L*3,2"
+1`)5`$2!`3+* !.! `3$5L`+"`((`+"`0$!`+,0%+*/L` `$+/!`0+`1/!`% `,.! +)%**0(5`%*
0$%/`++'K`/``.! !.`+"`0$%/`++'L` W)`//1)%*#`5+1`$2!``#++ `#.+1* %*#`%*
,.+#.))%*#`* `0!$*%(`+*!,0/L`* `0$0`3+.'%*#`3%0$`* `(!.*%*#``(%..5`/1$`/
% `%/`*+0`!5+* `5+1.`,%(%0%!/K`% `%/``+),.!$!*/%2!`(%..5`%"`5+1`.!
%*0!* %*#`0+`!40!* `5+1.`(!.*%*#`!5+* `0$!`/%/`+""!.! `5`(%..%!/`/1$`/` !.+
* `%K `* `1%( `)+.!`+),(!4` +`,.+&!0/`%*`50$+*K
S`8<>`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
([SORULQJ5DVSEHUU\3LHOHFWURQLF
LQWHUIDFLQJRSWLRQV
!W2!`&1/0`+2!.! `0$!`/+"03.!`/% !`+"` L`/+`*+3`3!`3%((`01.*`+1.`00!*0%+*`0+`0$!
!(!0.+*%/`/% !K`$!`/,!..5`%`,.+2% !/`)*5`/0* . `35/`0+`%*0!."!`+0$`/%),(!
* `+),(!4`!(!0.+*%/K`"0!*L`5+1.`$+%!`+"`!(!0.+*%`+),+*!*0/`* `)+ 1(!/`3%((
%00!`3$%$`%*0!."%*#`0!$*%-1!`5+1`*!! `0+`1/!L`3$%(!`/+)!0%)!/`5+1`)5`#!0``$+%!K
*`0$!`"+((+3%*#`/!0%+*L`3!`3%((`!4,(+.!`0$!`+*!,0/L`"+((+3! `5``,.0%(`!4!.%/!K`!W((
/0.0`3%0$` %#%0(` K
8QGHUVWDQGLQJGLJLWDO,2
$`+"`0$!`/,!..5`%` `,%*/`*`,!."+.)` %#%0(`%*,10`* `+10,10K`%#%0(`/%),(5`
)!*/`/+)!0$%*#`%/`!%0$!.`"1((5`+*`+.`"1((5`+""d0$!.!`%/`*+`)% (!`#.+1* K`!W2!`!!*
3+.'%*#`3%0$`/%),(!` %#%0(` `%*`,.!2%+1/`$,0!./M
1.``3/`!%0$!.`+*`+.`+""K
1.`100+*`3/`!%0$!.`,.!//! `Q+*R`+.`*+*_,.!//! `Q+""RK
*`C` %#$`C`.1!`C`8
""`C`+3`C`(/!`C`7
8QGHUVWDQGLQJDQDORJ,2
$!.!/` %#%0(` !(/`3%0$`"1((5`+*`* `+""`/00!/L`*(+#` !(/`3%0$` !#.!!/d+*L`+""L`+.`
/+)!3$!.!`%*_!03!!*K`$%*'`+"``3%* +3`%*`5+1.`$+1/!K` *`` %#%0(`3+.( L`%0`+1( `!
"1((5`+,!*`Q %#%0(`$%#$R`+.`"1((5`(+/! `Q %#%0(`(+3RN`$+3!2!.L`%*`.!(%05L`%0W/`*(+#`%*`0$0
3!`*`+,!*`%0`/+)!3$!.!`!03!!*`"1((5`(+/! `* `"1((5`+,!*L`"+.`!4),(!L``-1.0!.
+,!*K
S`8<?`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
+`+10,10`*`*(+#`/%#*(L`3!`$2!`03+`+,0%+*/d!%0$!.`1/!``%#%0(_0+_*(+#
+*2!.0!.`QR`+.`1/!`` %#%0(`0!$*%-1!`'*+3*`/``0+`,.+ 1!`*`*(+#_/05(!
/%#*(`".+)`` %#%0(`+10,10K`!`3%((`*+0`!`+2!.%*#`/`%*`0$%/`++'N`$+3!2!.L`3!`3%((
!`!4,(+.%*#``%*` !,0$L`3$%$`3!`3%((` +`*!40K
8QGHUVWDQGLQJ3XOVH:LGWK0RGXODWLRQ
1(/!_% 0$`+ 1(0%+*`+.``%/``0!$*%-1!`0+`,.+ 1!`*`2!.#!`2+(0#!`+*``,%*`
/+)!3$!.!`!03!!*`"1((5`+*`Q$%#$R`* `"1((5`+""`Q(+3R`5`.,% (5`,1(/%*#`0$!`,%*`+*`*
+""K` *`0$%/`35L`%0W/``(%00(!`(%'!`,.+2% %*#``,/!1 +_*(+#`+10,10`".+)`` %#%0(`,%*`* `%/
1/! `"+.`((`/+.0/`+"`+*0.+(`,,(%0%+*/L`/1$`/`(0!.%*#`0$!`.%#$0*!//`+"`/L`)+0+.
/,!! `+*0.+(L`* `/!.2+`*#(!`+*0.+(K
105`5(!M`$!`,!.!*0#!`+"`0%)!`0$!`,%*`%/`$%#$
.!-1!*5M`$!`0%)!`,!.%+ ` 1.%*#`3$%$`0$!` 105`5(!`.!,!0/
S`8<@`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
(KIWTGb29/FWV[E[ENGU
/%*#``%/`!/5`+*`0$!`/,!..5`%L`(0$+1#$`0$!.!`.!`(0!.*0%2!`,,.+$!/`"+.
.!0%*#`0$!``/%#*(L`3$%$`3!`3%((`(++'`0`*!40K
&UHDWLQJ3:0VLJQDOV
%""!.!*0` `(%..%!/`,,.+$``/%#*(`#!*!.0%+*`%*` %""!.!*0`35/K`$.!!
+))+*`0!$*%-1!/`.!`/`"+((+3/M
+"03.!`M`$!`".!-1!*5`* ` 105`5(!`0%)%*#`+"```/%#*(`.!
,.+ 1! `%*`+ !`* `*`!`) !`2%((!`+*`*5` `,%*K`$%/`%/`0$!`(!/0
1.0!`)!0$+ `+"`.!0%*#``/%#*(/`!1/!`0$!`0%)%*#`*`!` 2!./!(5
""!0! `5``1/5`/,!..5`%`K
. 3.!_0%)! `M`$!``0%)%*#`%/`,!."+.)! `1/%*#``*
\`$. 3.!`,!.%,$!.(/K` 0W/`$%#$(5`1.0!`* `%/`2%((!`+*`*5
`,%*K
. 3.!`M` . 3.!``%/`,.+2% ! `!*0%.!(5`2%`$. 3.!`* `%/`0$!
)+/0`1.0!`)!0$+ `+"`.!0%*#``/%#*(/K`$!`/,!..5`%`$/`03+
! %0! `$. 3.!``$**!(/L`(!(! `7`2%` `,%*/`8?`* `89`*
8`2%` `,%*/`8:`* `8@`Q.!"!.`0+`%#1.!`<K8RK
S`8=7`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
0W/`*+0`!*+1#$`0+`&1/0`+**!0`/+)!0$%*#`0+` /`89L`8:L`8?L`+.`8@`%*
+. !.`0+`#!0`$. 3.!`K`$!/!` /`.!`0$!`` /`0$0`$2!
`(%/0! `/`0$!%.`(0!.*0%2!`"1*0%+*/K` "`5+1`3*0`0+`1/!`$. 3.!
L`0$!*`03+`/%`.!-1%.!)!*0/`)1/0`!`)!0K`%./0(5L`0$!` `(%..5
5+1`.!`1/%*#`)1/0`,.+2% !`/1,,+.0`"+.`$. 3.!`K`!+* (5L`5+1
)1/0`1/!`0$!`(%..5`* `%0/`$. 3.!``"1*0%+*(%05`+..!0(5L`3$%$
3+1( `!` !0%*! `%*`0$!`(%..5` ` +1)!*00%+*K`%*/`0$0`/$.!`
+))+*`$. 3.!``$**!(`+0$`#!0`0$!`/)!` 105`5(!`*
".!-1!*5`,,(%! `0+`0$!)L`/+`3$%(!`0$!.!`.!`"+1.`$. 3.!``,%*/L
0$!.!`.!`+*(5`03+`1*%-1!``/%#*(/K
+3`0$0`3!W2!`/!!*`0$.!!`35/`0$0``/%#*(/`*`!`.!0! L`3!`3%((`(++'`*!40`0` L
9L`* `8_3%.!`%*0!."!/K
S`8=8`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
8QGHUVWDQGLQJ63,,&DQGZLUHLQWHUIDFHV
!.%(`!.%,$!.(` *0!."!`%.1%0`Q RL` *0!._ *0!#.0! `%.1%0`Q 9RL`* `8_3%.!`.!`
/0* . %6! `+))1*%0%+*`%*0!."!/`* `,.+0++(/`0$0`((+3`*+*_0.%2%(`!(!0.+*%/`0+`
+))1*%0!`3%0$`!$`+0$!.K`$!/!`,.+0++(/`*`!`!),(+5! `!%0$!.` %.!0(5`0``(+3
(!2!(`0$.+1#$``%0`+"`)*%,1(0%+*`* `)0$L`+.`%* %.!0(5`5`1/%*#`$%#$!._(!2!(`,.05
50$+*` .%2!.`)+ 1(!/`0+`3+.'`3%0$`!(!0.+*%`,!.%,$!.(/L`3%0$`0$!`(00!.`!%*#`)+.!
+))+*`"+.`#!*!.(`1/!`/!/K
%*((5L`3!`$2!`/!.%(`+))1*%0%+*`* `K
8QGHUVWDQGLQJWKHVHULDO8$57SURWRFRO
*%2!./(`/5*$.+*+1/`!!%2!.\.*/)%00!.`QR`%/``/!.%(`+))1*%0%+*`,.+0++(
0$0`$/`!!*`.+1* `"+.``2!.5`(+*#`0%)!`* `%*`+))+*`1/!`!"+.!`0$!`,.!2(!*!`+"`K
`01((5`.!"!./`0+`0$!`!(!0.+*%`$. 3.!`1/! `0+`%),(!)!*0`0$!`/!.%(`,.+0++(L
(0$+1#$`%0`*`!`%),(!)!*0! `%*`,1.!`/+"03.!K
S`8=9`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
,QWHUIDFLQJZLWKDQDQDORJWRGLJLWDO
FRQYHUWHU
+*#.01(0%+*/`+*`#!00%*#`0$%/`".K` `/1/,!0`5+1W.!`%0$%*#`0+`#!0`%*0+`/+)!`+ !`"0!.`((
0$0`.! %*#P
(KIWTGb#&5DTGCMQWVOQFWNG
/`,.0`+"`0$%/`,.0%(`!4!.%/!L`3!`.!`#+%*#`0+`+**!0`03+`,+0!*0%+)!0!./`Q(/+`'*+3*
/`,+0/R`0+`0$!`888<`* `.! `%*`0$!%.`2(1!/`%*`50$+*K`!`3%((`1/!`0$!/!`2(1!/`0+
.!0!```/%#*(`5`2.5%*#`%0/` 105`5(!`* `".!-1!*5K`!W((`/!!`0$!`!""!0/`+"
2.5%*#`0$!/!`,.)!0!./`5`+/!.2%*#`$+3`%0`""!0/`0$!``* `$+3`0$!`32!"+.)
$*#!/`%*``,.+#.)`((! `%+,!L`3$%$`%/``,.0`+"`0$!`% `")%(5`+"`10%(%0%!/K
!W((`.!2%/%0`,+0!*0%+)!0!./`%*`)+.!` !0%(`%*`$IBQUFSL`(!0.+*%/`878`"+.
0$!`+"03.!`*#%*!!.K
S`8=:`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
+.'%*#`2+(0#!M`9`0+`<`2+(0/`Q/+`3!`'*+3`%0`3%((`3+.'`3%0$`0$!`/,!..5`%W/
:K:_2+(0`(+#%R
*0!."!M` 9
!"1(0` 9` .!//M`74;?
$!`0!.)%*(/`+*`0$!`888<`.!`/`"+((+3/M
S`8=;`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
%XLOGLQJWKH$'6$'&FLUFXLW
!0W/`1%( `+1.`.! +. `%.1%0`"+.`0$%/`$,0!.W/`!4!.%/!K`!`3%((`1%( `+1.`%.1%0/`%*`
/!.%!/`+"`/0!,/L`/0.0%*#`3%0$`,(%*#`0$!`+.!`+),+*!*0/`/`%((1/0.0! `%*`0$!`"+((+3%*#
%#.)M
(KIWTGb$TGCFDQCTF#&%EKTEWKV RCTVQH
S`8=<`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
8K +/%0%+*`0$!`888<`+*`5+1.`.! +. K
9K +/%0%+*`,+0!*0%+)!0!.`8`+*`5+1.`.! +. K`$!`%((1/0.0! `,+0!*0%+)!0!./
.!`"1((_/%6!`,+0!*0%+)!0!./K` "`5+1`$2!`` %""!.!*0`/%6!L`0$!%.`(!#`+*"%#1.0%+*
)5`/,*`"!3!.`.! +. `$+(!/K
:K +/%0%+*`0$!`,+0!*0%+)!0!.`9`+*`5+1.`.! +. K
;K +/%0%+*`0$!`.!/%/0+.`+*`5+1.`.! +. K
<K +/%0%+*`0$!``+*`5+1.`.! +. L`,5%*#`00!*0%+*`0+`!*/1.!`0$0
%0/`0$+ !`(!#`/$.!/`0$!`/)!`.+3`/`0$!`.!/%/0+.`Q%((1/0.0! `0
$+(!/`9@`* `9@RK
!40L`3!`3%.!`1,`0$!`888<`/`%((1/0.0! `$!.!M
(KIWTGb$TGCFDQCTF#&%EKTEWKV RCTVQH
S`8==`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
!.!`.!`0$!`/0!,/`0+`"+((+3K`$%/`0%)!L`0$!`"+((+3%*#`/0!,`*1)!./`)0$`0$!`*1)!.!
('`%.(!/`%*`%#1.!`<K<M
(KIWTGb$TGCFDQCTF#&%EKTEWKV RCTVQH
S`8=>`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
!.!`.!`0$!`/0!,/`0+`"+((+3K`$%/`0%)!L`0$!`"+((+3%*#`/0!,`*1)!./`)0$`0$!`*1)!.!
('`%.(!/`%*`%#1.!`<K=M
8K +**!0`0$!`7`0!.)%*(`+*`0$!`888<`0+`0$!`!*0!.`(!#`+"`,+0!*0%+)!0!.`8K
9K +**!0`0$!`8`0!.)%*(`+*`0$!`888<`0+`0$!`!*0!.`(!#`+"`,+0!*0%+)!0!.`9K
:K +**!0`0$!`1,,!.`(!#`+"`,+0!*0%+)!0!.`8`0+`0$!`.! +. `*!#0%2!`,+3!.
.%(K
;K +**!0`0$!`(+3!.`(!#`+"`,+0!*0%+)!0!.`8`0+`0$!`.! +. `,+/%0%2!`,+3!.
.%(K
<K +**!0`0$!`1,,!.`(!#`+"`,+0!*0%+)!0!.`9`0+`0$!`.! +. `*!#0%2!`,+3!.
.%(K
=K +**!0`0$!`(+3!.`(!#`+"`,+0!*0%+)!0!.`9`0+`0$!`.! +. `,+/%0%2!`,+3!.
.%(K
>K +**!0`0$!`1,,!.`(!#`+"`0$!`.!/%/0+.`0+`0$!`.! +. `*!#0%2!`,+3!.`.%(K
?K +**!0`0$!`*+ !`(!#`+"`0$!``0+`` `89`\``7`+*`5+1.`/,!..5
%K
S`8=?`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
(KIWTGb#&%EKTEWKVUGOCPVKEFKCITCO
%0$`0$!`%.1%0`+),(!0!L`(!0W/`$!'`0$0`0$!`888<`*`!`/!!*`5`+1.`/,!..5`%K
0DNLQJVXUHWKH$'6LVFRQQHFWHGWR\RXU
5DVSEHUU\3L
9` !2%!/`.!`% !*0%"%! `0+`0$!%.`)/0!.`Q0$0`%/L`+1.`/,!..5`%R`5``1*%-1!` .!//L
* `0$!` !"1(0` .!//`"+.`0$!`888<`%/`74;?K`%*!` 9` !2%!/`.!` .!//! L`)1(0%,(!
!2%!/`*`/$.!`0$!`/)!` 9`$**!(/`Q,%*/R`+*``/,!..5`%K
S`8=@`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
/,%*``+*0%*/`0$!`JDEFUFDU`10%(%05`0$0`-1!.%!/`0$!`/,!..5`%W/` 9`%*0!."!
"+.`+**!0! ` !2%!/K`1*`0$!`"+((+3%*#`%*``!.)%*(M
LFGHWHFW\
BCDEFG
+3`0$0`3!`$2!`2!.%"%! `0$0`+1.`888<`%/`2%/%(!`0+`+1.`/,!..5`%L`(!0W/`,.+!!
* `.! `0$!`03+`,+0!*0%+)!0!./`/`*(+#`%*,10K
5HDGLQJDQDORJLQSXWZLWKWKH$'6
+3`0$0`3!`$2!`+1.`888<`+**!0! `0+`+1.`/,!..5`%L`%0W/`0%)!`0+`(!.*`$+3`0+`1/!
%0`0+`.! `%*`*(+#`2(1!/L`/,!%"%((5`0$!`*(+#`2(1!/`.!0! `5`+1.`03+`,+0!*0%+)!0!./K
!`3%((`1/!`0$!/!`*(+#`2(1!/`/$+.0(5`0+`,.+ 1!```/%#*(L`3$%$`%*`01.*`3%((
+*0.+(`0$!`.%#$0*!//`+"`+1.`K
S`8>7`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
8K 0.0`5`.1**%*#`0$!`,.+#.)`%*``!.)%*(M
YHQY S\WKRQDQDORJBLQSXWBDGVS\
9K +1`/$+1( `.!!%2!``/0.!)`+"`+10,10`/%)%(.`0+`0$!`"+((+3%*#`Q5+1.`2(1!`*
2+(0/`*1)!./`3%((`!` %""!.!*0RM
)UHTXHQF\3RW $ YDOXH YROWV 'XW\&\FOH3RW $ YDOXH
YROWV
)UHTXHQF\3RW $ YDOXH YROWV 'XW\&\FOH3RW $ YDOXH
YROWV
WUXQFDWHG
:K 1.*`0$!`03+`,+0!*0%+)!0!./`* `30$`0$!`+10,10`$*#!d/,!%"%((5L`5+1`3%((
*+0%!`0$!`*1)!./`.!,+.0! `"+.`2(1!`* `2+(0/`$*#!K`$!`2(1!`* `2+(0#!
3%((`!`%*`0$!`"+((+3%*#`.*#!/M
2(1!`%*`0$!`.*#!`7`0+`9=9@;`Q+.`0$!.!+10/R
2+(0#!`%*`0$!`.*#!`7`0+`:K:`2+(0/`Q+.`0$!.!+10/R
$!`+10,10`3%((`!`/`"+((+3/M
)UHTXHQF\3RW $ YDOXH YROWV 'XW\&\FOH3RW $ YDOXH
YROWV
)UHTXHQF\3RW $ YDOXH YROWV 'XW\&\FOH3RW $
YDOXH YROWV
WUXQFDWHG
/`3!W((` %/1//`)+.!`%*`$IBQUFSL`(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!.L`*(+#`%*,10`%/
+10`.! %*#`2+(0#!/L`%*`+1.`/!`$!.!L`!03!!*`7`2+(0/\ `Q+1.`.!"!.!*!`2+(0#!R`*
B:K:`2+(0/K`$!`%*0!#!.`2(1!`%/`0$!`.3`+10,10`+"`0$!`888<L`* `3$0`%0/`)4%)1)
2(1!`%/`3%((` !,!* `+*`$+3`0$!`888<` `%/`+*"%#1.! `Q3!W.!`1/%*#`0$!` !"1(0/RK`$!
2+(0#!`2(1!`%/` !.%2! `".+)`0$%/`.3`2(1!`1/%*#`)0$`/! `+*`0$!`888<
+*"%#1.0%+*K`((`+"`0$!`#++!5` !0%(/`.!`%*`0$!`888<` 0/$!!0`* `0$!`(%..5`/+1.!
+ !`%"`5+1`.!`%*0!.!/0! K
S`8>8`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
!*!0$`0$!`/1."!`+"``$%#$_(!2!(``(%..5L`)*5`(+3_(!2!(`/!00%*#/
%*"(1!*!`$+3`0$!``$%,`3+.'/`Q&1/0`$!'`%0/` 0/$!!0RK`%""!.!*0
(%..5`10$+./`)5`%),(!)!*0`0$!/!`/!00%*#/` %""!.!*0(5`+.`1/!` %""!.!*0
!"1(0`/!00%*#/K`$0`0$%/`)!*/`%*`,.0%!`%/`0$0`03+`(%..%!/`"+.`0$!
/)!``)%#$0`+10,10` %""!.!*0`.3`2(1!/`Q* `/+)!`(%..%!/`)%#$0
*+0`!2!*`,.+2% !`0$%/`2(1!`0+`0$!`,.+#.))!.RK`+L`*!2!.`)'!
//1),0%+*/`+10`3$0`0$!`!4,!0! `.3`+10,10`2(1!`3%((`!L`*
%*/0! `.!(5`+*`0$!`2+(0#!`)!/1.!)!*0L`3$%$`%/`(35/`0$!`/+1.!`+"
0.10$K
!40L`3!`3%((`!4)%*!`0$!`+ !K
8QGHUVWDQGLQJWKHFRGH
+3`0$0`3!`$2!`/!!*`0$!`/%`+,!.0%+*`+"`+1.`888<`L`%0W/`0%)!`0+`$2!``(++'`0
0$!`+),*5%*#`+ !`0+`1* !./0* `$+3`3!`-1!.5`0$!`888<`%*`50$+*`0+`#!0`*(+#
.! %*#/K`$0`3!`(!.*`!(+3`3%((`(5`0$!`"+1* 0%+*/`"+.`0$!`*(+#`%*0!."%*#`,.+#.)/
0$0`3!`3%((`/!!`%*`,.0`:`+"`0$%/`++'K
!`3%((`+))!*!`+1.`+ !`3('_0$.+1#$`3%0$`0$!`%),+.0/K
*NQPSUT
$!.!`.!`03+`35/`3!`*`1/!`0$!`888<`3%0$`+1.`/,!..5`%`3%0$`50$+*M
JNQPSUCPBSE
JNQPSUCVTJP
JNQPSUBEBGSVJU@BETYBETBT"%4
GSPNBEBGSVJU@BETYBOBMPH@JOJNQPSU"OBMPH*O
S`8>9`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
0.0%*#`0`(%*!`Q8RL`3!`/!!`0$!`CPBSE`* `CVTJP`%),+.0/`".+)`%.1%0`50$+*`Q(%*'RL
3$%(!`0$!`(/0`03+`%),+.0/`/0.0%*#`3%0$`BEBGSVJU`.!`".+)`0$!` ".1%0`884<``
(%..5`* `.!`1/! `0+`+*"%#1.!`0$!`888<`)+ 1(!`* `.! `%0/`*(+#`%*,10L`3$%$`3!
.!`#+%*#`0+`(++'`0`*!40K
"%4TFUVQBOEDPO`HVSBUJPO
0`(%*!`Q9R`%*`0$!`"+((+3%*#`+ !`(+'L`3!`1/!`0$!`CVTJP`%),+.0`0+`.!0!`*` 9`%*0!."!
3%0$`%.1%0`50$+*\(%'K`$!`CPBSE4-$`* `CPBSE4%"`,.)!0!./`%* %0!`3!`.!
1/%*#`0$!` ! %0! ` 9`$**!(`Q(0!.*0%2!`"1*0%+*/`+"` `9`* `:R`+*`0$!`/,!..5
%M
$SFBUFUIF*$CVT"%4PCKFDU
JDCVTJP*$ CPBSE4$-CPBSE4%"
BET"%4"%4 JD
!40L`3!`.!0!`*`%*/0*!`+"`"%4"%4`1/%*#`0$!`,.!_+*"%#1.! ` 9`%*0!."!`*
//%#*`%0`0+`0$!`BET`2.%(!K`.+)`0$%/`,+%*0`"+.3. `%*`0$!`+ !L`3$!*`3!`%*0!.0`3%0$
+1.`888<`)+ 1(!L`3!`3%((`1/!`0$%/`%*/0*!K
!40L`(!0W/`+*/% !.`0$!`#(+(`2.%(!/K
(MPCBMWBSJBCMFT
0`(%*!`Q:R`%*`0$!`"+((+3%*#`+ !`/*%,,!0L`3!`/0.0`3%0$``"!3`-1/%_+*/0*0/` !"%*%*#`0$!
)4%)1)`* `)%*%)1)`2+(0#!/`3!`!4,!0`0+`.!!%2!`0$.+1#$`0$!`*(+#`%*,10K`$!*
5+1`.*`0$!`+ !`,.!2%+1/(5L`5+1.`!* `.*#!`2+(0#!/`,.+(5`3!.!`*+0`!40(5`7`* `:K:
2+(0/K`$%/`+1..!*!`%/`!4,!0! L`* `%0`*`)'!``,.+#.)`"!!(`(%'!`0$!`+0/` +`*+0`.!$
0$!`!* /`+"`0$!%.`.+00%+*K`$!`2(1!`//%#*! `0+`"@*/@&%(&@"%+`%/`1/! `0+`+),!*/0!`"+.
0$%/`%*`+ !K`!`3%((`.!2%/%0`0$%/`2.%(!`%*`0$!`*!40`/!0%+*M
"@*/@&%(&@"%+
.*/@"@*/@70-54 "@*/@&%(&@"%+
."9@"@*/@70-54"@*/@&%(&@"%+
!40L`/0.0%*#`0`(%*!`Q;RL`3!`.!0!`03+`"OBMPH*O`%*/0*!/`.!(0%*#`0+`0$!`"`* `"`%*,10/
+"`0$!`888<`0$0`.!`+**!0! `0+`+1.`+0/K` 0W/`0$.+1#$`0$!/!`2.%(!/`0$0`3!
!0!.)%*!`$+3`)1$``1/!.`$/`.+00! `+1.`".!-1!*5`* ` 105`5(!`,+0!*0%+)!0!./M
GSFRVFODZ@DI"OBMPH*O BET"%41 "%41 "
EVUZ@DZDMF@DI"OBMPH*O BET"%41 "%41 "
!40L`3!`+)!`0+`0$!`,.+#.)W/`!*0.5`,+%*0`3$!.!`3!`3%((`.! `+1.`*(+#`%*,10/K
S`8>:`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
1SPHSBNFOUSZQPJOU
1.`,.+#.)`+*0%*1+1/(5`(++,/L`.! %*#`+1.`*(+#`%*,10`2(1!/`"+.`!$`,+0`* `,.%*0/
"+.)00! `+10,10`0+`0$!`!.)%*(K
0`(%*!`Q<RL`3!`/!!`$+3`0+`!//`0$!`%*0!#!.`2(1!`".+)`0$!`".!-1!*5`,+0`1/%*#
GSFRVFODZ@DIWBMVF`* `0$!`2+(0#!`2(1!`1/%*#`GSFRVFODZ@DIWPMUBHFM
JG@@OBNF@@ @@NBJO@@
USZ
XIJMF5SVF
PVUQVU 'SFRVFODZ1PU " WBMVF\ ^WPMUT\ G^
%VUZ$ZDMF1PU " WBMVF\ ^WPMUT\ G^
PVUQVUPVUQVUGPSNBU GSFRVFODZ@DIWBMVF
GSFRVFODZ@DIWPMUBHF
EVUZ@DZDMF@DIWBMVF
EVUZ@DZDMF@DIWPMUBHF
QSJOU PVUQVU
TMFFQ
FYDFQU,FZCPBSE*OUFSSVQU
JDEFJOJU
%*((5L`*+0%!`0$0`0$!`,.+#.)`%/`3.,,! `%*``0.5\!4!,0`(+'`0$0`3%((`,01.!`0.(`B`
/+`0$0`3!`*`,!."+.)``(!*_1,`1/%*#`JDEFJOJU K
+3`0$0`3!`$2!`/!!*`$+3`0+`.! `*(+#`%*,10`1/%*#`+1.`888<L`*!40L`3!`3%((
%*0!#.0!`0$!`K
8VLQJ3:0WRFRQWURODQ/('
+3`3!`3%((` `0$!``%*0+`0$!`+ !L`+*(5`3!W((`!` +%*#`0$%/` %""!.!*0(5`0+`3$0`3!W2!
+*!`%*`,.!2%+1/`$,0!./K`$!`,1.,+/!`+"`0$!``"+.`0$%/`!4!.%/!`%/`0+`2%/1((5`/!!`0$!
!""!0/`+"`$*#%*#`0$!` 105`5(!`* `".!-1!*5`$.0!.%/0%/`+"`K`!`3%((`1/!`0$!
*(+#`%*,10/`+"`0$!`03+`+0/`0+` !"%*!`0$!`` 105`5(!`* `".!-1!*5K
DIBQUFSQXN@IBSEXBSF@UJNFEQZ
DIBQUFSQXN@TPGUXBSFQZ
S`8>;`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
8K 1*`0$!`,.+#.)`%*``!.)%*(`* `+/!.2!`0$!`+10,10M
YHQY S\WKRQSZPBKDUGZDUHS\
)UHTXHQF\+]'XW\&\FOH
WUXQFDWHG
)UHTXHQF\+]'XW\&\FOH
)UHTXHQF\+]'XW\&\FOH
WUXQFDWHG
!0W/`!4)%*!`0$!`+ !`0$0`)'!/`0$%/`3+.'K
S`8><`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
8QGHUVWDQGLQJWKHFRGH
$%/`!4),(!`%/`1/%*#`0$!`$. 3.!``"!01.!/`+""!.! `5`% K`$!`888<_
.!(0! `+ !`%/`0$!`/)!`/`+1.`,.!2%+1/`!4),(!L`/+`3!`3%((`*+0`+2!.`%0`#%*`$!.!K`!W((
/0.0`5`(++'%*#`0`0$!` %0%+*(`#(+(`2.%(!/K
(MPCBMWBSJBCMFT
0`(%*!`Q8R`* `Q9R`%*`0$!`"+((+3%*#`+ !`(+'L`3!` !"%*!`03+`2.%(!/`"+.`0$!`)%*%)1)
* `)4%)1)` 105`5(!`* `".!-1!*5`2(1!/K`$!/!`2(1!/`+)!`".+)`0$!`
+1)!*00%+*`"+.`0$!`% `IBSEXBSF@18. `)!0$+ L`3$%$`3!`3%((`/!!`%*`1/!`/$+.0(5M
.*/@%65:@$:$-&
."9@%65:@$:$-&
.*/@'3&2
."9@'3&2PD[
!40L`3!`$2!``1/0+)`"1*0%+*`0+`),`2(1!`.*#!/K
3BOHFNBQQJOHGVODUJPO
0`(%*!`Q:RL`3!`$2!``"1*0%+*`*)! `NBQ@WBMVF M
EFGNBQ@WBMVF JO@WJO@NJOJO@NBYPVU@NJOPVU@NBY
+HOSHUPHWKRGWRPDSDQLQSXWYDOXH YBLQ
EHWZHHQDOWHUQDWLYHPD[PLQUDQJHV
W JO@WJO@NJO PVU@NBYPVU@NJO JO@NBYJO@NJO PVU@NJO
JGWPVU@NJOWPVU@NJOFMJGW PVU@NBYWPVU@NBY
SFUVSOW
$!`,1.,+/!`+"`0$%/`)!0$+ `%/`0+`),`*`%*,10`.*#!`+"`2(1!/`%*0+`*+0$!.`.*#!`+"`2(1!/K
+.`!4),(!L`3!`1/!`0$%/`"1*0%+*`0+`),`0$!`*(+#`%*,10`2+(0#!`.*#!`7_:K:`2+(0/`%*0+`
".!-1!*5`.*#!`7_=7K`+1`3%((`".!-1!*0(5`1/!``2(1!_),,%*#`"1*0%+*`(%'!`0$%/`3$!*
3+.'%*#`3%0$`*(+#`%*,10/`0+`),`.3`*(+#`%*,10`2(1!/`%*0+`)+.!`)!*%*#"1(`2(1!/
"+.`5+1.`+ !K
!40L`3!`.!`.! 5`0+`.!0!`0$!``/%#*(K
S`8>=`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
(FOFSBUJOHUIF18.TJHOBM
$%/`*!40`+ !`".#)!*0`%/`"+1* `%*`0$!`)%*`XIJMF`(++,K
+3`0$0`3!`$2!`/!!*`0$!`!""!0/`+"`2.5%*#`0$!`".!-1!*5`* ` 105`5(!/`+*`*`L`3!
3%((`,!."+.)`*`!4!.%/!`0+`2%/1(%6!```/%#*(`3%0$``(+#%`*(56!.K
9LVXDOO\H[SORULQJ3:0ZLWK3L6FRSH
!0W/` +`*`!4!.%/!`* `/!!`0$!``32!"+.)`%*``(+#%`*(56!.L`3$%$`%/``,%!!`+"
!-1%,)!*0`1/! `0+`2%/1(%6!`!(!0.+*%`/%#*(/K`$%(!`0$!`#!*!.(`,.%*%,(!/`!$%* `
.!`0!$*%((5`/%),(!L`0+`% `(!.*%*#`3$!*`/0.0%*#`+10L`%0`*`!`$!(,"1(`0+`2%/1(%6!`3$0
``/%#*(`(++'/`(%'!`* `+/!.2!`$+3`%0`$*#!/`2%/1((5`/`%0/` 105`5(!`*
".!-1!*5`$*#!K
S`8>>`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
9K 1*`%+,!`3%0$`0$!`"+((+3%*#`+))* M
SLVFRSH
:K '!`/1.!`0$!`DIBQUFSQXN@IBSEXBSFQZ`,.+#.)`%/`.1**%*#`%*`
!.)%*(K
S`8>?`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
(KIWTGbFWV[E[ENGCV*\
S`8>@`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
(KIWTGbFWV[E[ENGCV*\
!`$2!`*+3`/!!*`3$0```/%#*(`32!"+.)`(++'/`(%'!`2%/1((5`1/%*#`%+,!L`3$%$
%/``".!!`* `/%`/+"03.!`(+#%`*(56!.`,.+2% ! `5`0$!` !2!(+,!.`+"`% K`1.
,.%).5`,1.,+/!`!$%* `2%/1(%6%*#``/%#*(/`/`*`!4!.%/!`3/`0+`,.+2% !``2%/1(`%
0+`$!(,`5+1`0+`1* !./0* ``* `%0/` 105`5(!`* `".!-1!*5`,.+,!.0%!/K
*`,.0%!L`3$!*`5+1`.!`/0.0%*#`+10`* `%*0!#.0%*#`3%0$`/%`!(!0.+*%/L`5+1`,.+(5
3+*W0`*!! ``(+#%`*(56!.`+.`!2!*`0$!`*!! `0+`2%/1(%6!`/%#*(/K` +3!2!.L`/`5+1` 2*!
5+1.`'*+3(! #!`* `/`5+1`*!! `0+` !1#`!(!0.+*%`%*0!#.0%+*`,.+(!)/`0`0$!
!(!0.+*%/`(!2!(L` `$+,!`0$%/`/%`%*0.+ 10%+*`0+`0$!`1/!`+"`(+#%`*(56!./`,.+2!/`1/!"1(
* `,+%*0/`5+1`%*`0$!`.%#$0` %.!0%+*`"+.`"1.0$!.`%*-1%.%!/K
S`8?7`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
9LVXDOL]LQJVRIWZDUHDQGKDUGZDUHWLPHG3:0
1.`+ !`!4),(!/`".+)`0$!`,.!2%+1/`/!0%+*/L`/%*#``0+`+*0.+(`*`L`* `%/1((5
!4,(+.%*#``3%0$`%+,!L`+0$`.!0! ```/%#*(`1/%*#`5+1.`/,!..5`%W/
`$. 3.!K`+),*5%*#`0$!`+ !`"+.`0$%/`$,0!.`* `(%/0! `%*`0$!`"+((+3%*#`0(!
.!`(0!.*0%2!`%),(!)!*00%+*/`0$0` !)+*/0.0!`0$!`1/!`+"`$. 3.!_0%)! `* `/+"03.!_
#!*!.0! ``/%#*(/K`+1`)5`.!((`0$0`3!` %/1//! `0$!/!`(0!.*0%2!/`'`%*`0$!
/!0%+*`!*0%0(! `.!0%*#``/%#*(/M
%(! !0%(/
$%/`%/`$. 3.!``1/%*#`% `Q0$%/`%/`0$!`+ !`3!W2!
QXN@IBSEXBSFQZ /!!*`%*`0$%/`$,0!.RK`+1`)1/0`1/!```$. 3.!` `,%*
89L`8:L`8?L`+.`8@K
$%/`%/``$. 3.!_0%)! ``1/%*#`% K`$%/`3%((`3+.'
QXN@IBSEXBSF@UJNFEQZ
3%0$`*5` `,%*K
$%/`%/`/+"03.!``1/%*#`%K `Q% ` +!/`*+0
QXN@TPGUXBSFQZ
,.+2% !`/+"03.!`RK`$%/`3%((`3+.'`3%0$`*5` `,%*K
1*0%+*((5L`0$!/!`!4),(!/`.!`0$!`/)!`%*`0$0`0$!5`3%((`$*#!`5+1.`W/`.%#$0*!//L
* ` `,.! %0`0$0`5+1`3%((`"%* `0$0`$. 3.!`* `/+"03.!``,!."+.)`/%)%(.(5K`/
5+1`01.*`0$!`".!-1!*5`+0W/` %(L`0$!`$*#!`0+`0$!``* `%+,!`3%((`"!!(`/)++0$L
3$%(!`0$!`$. 3.!_0%)! ``3%((`"!!(``(%00(!`$1*'5K`$%/`%/`!1/!`0$!`$. 3.!_
0%)! `".!-1!*%!/`Q%*`% R`)1/0`!`8`+"`8?`,.! !0!.)%*! `2(1!/`/+`0$!`".!-1!*5
,.+#.!//%+*`/`5+1` &1/0`0$!`,+0`%/`*+0`%*.!)!*0(`* `(%*!.L`10`%*/0! `&1),/`0+\".+)
0$!`*!40`,.! !"%*! `".!-1!*5K`+1W((`/!!`0$!/!`,.! !"%*! `".!-1!*%!/`%*`*`..5`%*
QXN@IBSEXBSFUJNFEQZK
S`8?8`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
:K "`5+1`(+/!(5`+/!.2!`0$!`L`%0`)5`"(%'!.`+/%+*((5`/`0$!``/%#*(`%/
%/0+.0! K`(0!.*0%2!(5L`5+1`)5`!`(!`0+`+/!.2!`0$!`32!"+.)` %/0+.0`%*
%+,!L`/`%* %0! `5`0$!`..+3/`%*`0$!`"+((+3%*#`/.!!*/$+0K`+1`3%((`*+0%!
0$!`3% 0$`+"`0$!`./`%/`*+0`1*%"+.)`3$!*`0$0`0$!`/%#*(`%/` %/0+.0%*#M
(KIWTGb&KUVQTVKQPUKPVJG29/UKIPCNFWV[E[ENGCV*\
6XPPDU\
!((` +*!`+*`#!00%*#`0$%/`".L`/`0$!.!`$/`!.0%*(5`!!*``(+0`0+`#!0`+1.`$! /`.+1* P`/`
.!,L`3!`!4,(+.! `+))+*`*1)!.%*#`/$!)!/`"+.`.!"!.!*%*#` `,%*/`*
.!2%!3! `,+,1(.` `(%..%!/`"+.`50$+*K`!`(/+`(++'! `0`0$!`2.%+1/`%*0!."%*#
)!0$+ /`1/! `0+`+**!0`!(!0.+*%/`0+`5+1.`/,!..5`%`* `,!."+.)! ``,.0%(
!4!.%/!`0+` `*``0+`5+1.`/,!..5`%`* `1/!`%0`0+`2%/1((5`!4,(+.!``+*!,0/
3%0$`*``* `0$!`%+,!`(+#%`*(56!.K
S`8?9`T
+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( $,0!.`<
4XHVWLRQV
/`3!`+*(1 !L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`.!#. %*#`0$%/
$,0!.W/`)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`++'M
)XUWKHUUHDGLQJ
$!` !.+`3!/%0!`$/``.*#!`+"`!4),(!/`/$+3%*#`"1*0%+*((5`!-1%2(!*0`!4),(!/
1/%*#`+0$` !.+`* `%K K`$%/`%/``#.!0`%*0.+ 10+.5`.!/+1.!`"+.
1* !./0* %*#`(+3!._(!2!(` `,.+#.))%*#`+*!,0/`* `0!$*%-1!/M
IUUQTHQJP[FSPSFBEUIFEPDTJPFOTUBCMFNJHSBUJOH@GSPN@SQJHQJPIUNM
`%*0!."!M`IUUQTFOXJLJQFEJBPSHXJLJ4FSJBM@1FSJQIFSBM@*OUFSGBDF
9`%*0!."!M`IUUQTFOXJLJQFEJBPSHXJLJ*$#$
8_3%.!`%*0!."!M``IUUQTFOXJLJQFEJBPSHXJLJ8JSF
M`IUUQTFOXJLJQFEJBPSHXJLJ1VMTFXJEUI@NPEVMBUJPO
+0!*0%+)!0!./M`IUUQTFOXJLJQFEJBPSHXJLJ1PUFOUJPNFUFS
888<` 0/$!!0M`IUUQXXXUJDPNMJUHQOBET
S`8?:`T
(OHFWURQLFVIRUWKH6RIWZDUH
(QJLQHHU
+`".`%*`0$%/`++'L`3!W2!`"+1/! `)+/0(5`+*`/+"03.!K` *`0$%/`$,0!.L`3!W.!`+10`0+`"(%,
0$0`* `"+1/`+*`!(!0.+*%/K`!W((` +`0$%/`5`(!.*%*#`+10`0$!`"1* )!*0(`!(!0.+*%
+*!,0/`0$0`.!`0$!`/%/`"+.`%*0!."%*#`/%`!(!0.+*%`/!*/+./`* `010+./`3%0$`5+1.
/,!..5`%K`$0`3!W((`(!.*`+10`%*`0$%/`$,0!.`3%((`,.+2% !`0$!`"+1* 0%+*`"+.`)*5
+"`0$!`%.1%0/`3!W((` %/1//`%*`!0%+*`:L` +`(5#.+1* K
!`3%((`!#%*`5`+2!.%*#`0$!`!//!*0%(`3+.'/$+,`0++(/`0$0`5+1`3%((`.!-1%.!`"+.`3+.'%*#
3%0$`!(!0.+*%/L`* `,.+2% !`,.0%(`0%,/`0+`$!(,`5+1`,1.$/!`!(!0.+*%`+),+*!*0/K
!40L`3!W((`,.+2% !`5+1`3%0$`#1% !(%*!/`0+`$!(,`'!!,`5+1.`/,!..5`%`".+)`!%*#
)#! `/`5+1`3+.'`3%0$`%0/`,$5/%(` `,%*/K`!`3%((`(/+` %/1//`+))+*`35/
!(!0.+*%`+),+*!*0/`"%(`0+`$!(,`5+1` %#*+/!`%.1%0/`0$0` +`*+0`3+.'K
!`3%((`0$!*`#!0`%*0+`0$!`!(!0.+*%/P` !.!L`3!`3%((`(++'`0`03+`%),+.0*0`!(!0.+*%`(3/`b
$)W/`3`* ` %.$+""W/`3`b`* `3+.'`0$.+1#$``,.0%(`!4),(!`0+`!4,(%*`3$5`3!
1/! ``977c`.!/%/0+.`0+`+),*5`+1.``%*`0$!`%.1%0/`3!`3!.!`1/%*#`%*`!.(%!.`$,0!./
Q%"`5+1`*!! ``.!".!/$!.`+10`0$%/``%.1%0L`,(!/!`/!!`$IBQUFSL` !00%*#`0.0! `3%0$
50$+*`* ` +RK
$!`"+((+3%*#`0+,%/`3%((`!`+2!.! `%*`0$%/`$,0!.M
%00%*#`+10`5+1.`3+.'/$+,
!!,%*#`5+1.`/,!..5`%`/"!
$.!!`35/`!(!0.+*%`+),+*!*0/`"%(
(!0.+*%`%*0!."%*#`,.%*%,(!/`"+.` `+*0.+(
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
4,(+.%*#` %#%0(`!(!0.+*%/
4,(+.%*#`*(+#`!(!0.+*%/
* !./0* %*#`(+#%_(!2!(`+*2!./%+*
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$`` !/'0+,`* `.!+))!* ! `/+"03.!R
%*%)1)`50$+*`2!./%+*`:K<
% M`$!`% ` `(%..5`QIUUQTQZQJPSHQSPKFDUQJHQJPR
$!`$. 3.!`+),+*!*0/`3!`3%((`.!-1%.!`"+.`0$%/`$,0!.`.!`/`"+((+3/M
` %#%0(`)1(0%)!0!.K
`.! ``Q 0/$!!0`"+.`.!"!.!*!`b`IUUQTXXXBMMEBUBTIFFUDPN
EBUBTIFFUQEGQEG4"/:04-1$IUNMN`(%'`+*`0$!``+,0%+*RK
+)!*0.5`1/$`100+*`3%0$`QRK
S`8?<`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
977`cL`8'`cL`9'`cL`* `<8'`c`.!/%/0+./K
87'`c`,+0!*0%+)!0!.
;_$**!(`_/! `(+#%`(!2!(`/$%"0!.\+*2!.0!.`)+ 1(!K`!!`%#1.!
=K89`Q(!"0_$* `/% !`)+ 1(!R`"+.`*`!4),(!K
)LWWLQJRXW\RXUZRUNVKRS
2%*#`0$!`.%#$0`0++(/`* `!-1%,)!*0`%/`%),+.0*0`0+`$!(,`5+1`,10`0+#!0$!.L`1%( L`0!/0L`*
%#*+/!`,.+(!)/`%*`!(!0.+*%`%.1%0/K` !.!`.!`0$!`.!`!//!*0%(/`Q!/% !/`!(!0.+*%
+),+*!*0/R`5+1W.!`#+%*#`0+`*!! `/`5+1`&+1.*!5` !!,!.`%*0+`!(!0.+*%/`* `.!0!`%.1%0/
(%'!`0$!`+*!/`/$+3*`%*`0$%/`++'M
S`8?=`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
/,!..5`%`/!M`'!`/1.!`5+1`$2!``/!`"+.`5+1.`/,!..5`%K``/!(!//
/,!..5`%`3%0$`((`0$+/!`!4,+/! `!(!0.+*%/`1* !.*!0$`%/`*`% !*0`3%0%*#
0+`$,,!*K
`.!'+10` ! !.M`$%/`)'!/`3+.'%*#`3%0$``/,!..5`%`*
.! +. /`)1$`!/%!.K
$%/`(%/0`/$+3/`0$!`/%`0++(/`0$0`3!`.!-1%.!L`10`3$0`+10`0$!`01(`!(!0.+*%/`*
# #!0/`0+`,(5`3%0$O`!W((`(++'`0`0$0`*!40K
%X\LQJHOHFWURQLFPRGXOHVDQGFRPSRQHQWV
`0(+#1!`+"`((`0$!`+),+*!*0/`* `)+ 1(!/`1/! `0$.+1#$+10`0$%/`++'`%/`+*0%*! `%*
0$!`,,!* %4K` *`0$%/`/!0%+*L` `3*0`0+`,.+2% !``"!3`#!*!.(`0%,/`* `#1% !(%*!/`0+`$!(,`5+1
+10`3$!*`,1.$/%*#`!(!0.+*%`+),+*!*0/`%*`/!`5+1`$2!`*+0` +*!`)1$`+"`0$%/`!"+.!K
!`3%((`/0.0`3%0$``"!3`0%,/`0+`$!(,`5+1`3$!*`,1.$/%*#`(++/!`+),+*!*0/K
3XUFKDVLQJORVHFRPSRQHQWV
$!*`%0`+)!/`0+`,1.$/%*#`(++/!`+),+*!*0/`/1$`/`.!/%/0+./L`/L`,1/$`100+*/L
0.*/%/0+./L` %+ !/L`* `+0$!.`+),+*!*0/`Q3$%$`3!`3%((`!`!4,(+.%*#`%*`!0%+*`:L` +
(5#.+1* ```.0%(`4),(!/`0+` *0!.0`3%0$`0$!`$5/%(`+.( L`+"`0$%/`++'RL`0$!.!`.!
/+)!`#1% !(%*!/`0$0`3%((`$!(,`5+1`+10L`/`"+((+3/M
S`8?>`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
3XUFKDVLQJRSHQVRXUFHKDUGZDUHPRGXOHV
W)`/1.!`5+1`.!`3.!`+"`+,!*`/+1.!`/+"03.!L`10`0$!.!`%/`(/+`+,!*`/+1.!`$. 3.!K
$%/`%/`3$!.!`0$!`)'!.`+"`/+)!`!(!0.+*%`$. 3.!`,1(%/$!/`0$!` !/%#*`* `/$!)0%/
,1(%(5`/+`0$0`*5+*!`*`)'!`Q* `/!((R`0$!`$. 3.!K`+1`3%((`"%* `)*5`.!'+10
)+ 1(!/`Q/1$`/`0$!`888<`)+ 1(!/`3!`1/! `%*`$IBQUFSL`+**!0%*#`+1.`/,!..5
%`0+`0$!`$5/%(`+.( R`".+)`2.%+1/`2!* +./`3%0$` %""!.!*0`Q+.`*+R`.* %*#K`%""!.!*0
2!* +./`)5`(/+`)'!`0$!%.`)+ 1(!/`%*` %""!.!*0`+(+./`* L`3$%(!`(!//`+))+*L` %""!.!*0
,$5/%(`(5+10/K
$!`+.!`+.`$!.0`+"``)+ 1(!`b`,.0%1(.(5`0$!`)+.!`/%),(!`+*!/`b`%/`+"0!*``/%*#(!
%*0!#.0! `%.1%0`Q `+.`$%,RK`/`(+*#`/`0$!`+.!` `* ` \`,%*/`.!`/%)%(.L`%0W/`#!*!.((5
/"!`0+`//1)!`0$0`+. /`3%((`+,!.0!`0$!`/)!`35K
,.'1*`QIUUQTXXXTQBSLGVODPNR`* ` ".1%0`QIUUQBEBGSVJUDPNR`.!`03+
+),*%!/`,.+ 1%*#`+,!*`/+1.!`$. 3.!`0$0`)*5`+0$!./`(+*!K``%#` 2*0#!`5+1
3%((`#!0`3$!*`5+1`,1.$/!`".+)`0$!/!`+),*%!/`%/`0$0L`+"0!*L`0$!%.`,.+ 10/`%*(1 !`+ !
!4),(!/L`010+.%(/L`* `0%,/`+*`1/%*#`0$!%.`,.+ 10/L`* `0$!`,.+ 10/`.!`+"`#++ `-1(%05K
!/L`5+1`)5`,5``(%00(!`)+.!L`10`3$!*`/0.0%*#`+10`* `!/,!%((5`"+.`)+.!`+),(!4
!(!0.+*%/L`0$!`%*2!/0)!*0`*`/2!`5+1``(+0`+"`0%)!K` 0W/`*+0`1*+))+*`0+`"%* `0$0
$!,!.`(+*!/`..%2!`"1(05`b`/+`5+1W((`*!! `0+`,1.$/!`03+`+.`)+.!`0+`$! #!`5+1.`!0/K
S`8??`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
.HHSLQJ\RXU5DVSEHUU\3LVDIH
*`0$%/`/!0%+*L`3!`3%((`+2!.`#1% !(%*!/`* `/1##!/0%+*/`0+`$!(,`'!!,`5+1.`/,!..5`%
/"!`3$%(!`5+1`.!`%*0!."%*#`!(!0.+*%/`3%0$`%0K`5`!%*#`.!"1(`* ` %(%#!*0`%*`5+1.
,,.+$L`0$!/!`#1% !(%*!/`3%((`$!(,`5+1`)%*%)%6!`*5`,+0!*0%(`"+.` )#!`0+`5+1.
/,!..5`%`+.`!(!0.+*%/`+),+*!*0/K
$!`,+3!.`/1,,(5`5+1`$2!`"+.`5+1.`/,!..5`%`/$+1( `% !((5`!`:
),/`Q8<`300/RK`*5`,$+*!`$.#!./`.!`.0! `(!//`0$*`0$%/L`* `0$!%.
1/!`%/``+))+*`.!/+*`"+.`/!!%*#`0$!`(%#$0*%*#`+(0`%+*`Q+.``(*'
%/,(5R`3$!*`%*0!."%*#`/%),(!`!(!0.+*%/K
S`8?@`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
7KUHHZD\VHOHFWURQLFFRPSRQHQWVIDLO
+.'%*#`3%0$`!(!0.+*%/`%/` %""!.!*0`".+)`/+"03.!K` *`0$!`/+"03.!`3+.( L`3!`*`$*#!
+ !L`.!'`+ !L` !1#`+ !L`* `"%4`+ !`/`)*5`0%)!/`/`3!`3*0`3%0$`*+`.!(`$.)K
!`*`(/+`".!!(5`'`1,`* `.!/0+.!`/00!/`* ` 0K`$!*`3+.'%*#`3%0$`!(!0.+*%/L`3!
+`*+0`$2!`0$%/`(141.5K`!W.!`%*`0$!`,$5/%(`3+.( L`* `%"`/+)!0$%*#`#!0/` )#! L`%0W/
"%*(P
$!*``+),+*!*0`"%(/L`%0`*`"%(`%*``"!3` %""!.!*0`35/M
0`"%(/`%*``,1""`+"`/)+'!L`)!(0/L`+.`+0$!.3%/!` %/,(5/``,$5/%(`/%#*`0$0`%0`$/
!!*` )#! K
0`"%(/`/%(!*0(5L`3%0$`*+`2%/1(`%* %0%+*`+"`0$!`"%(1.!K
0`%/` )#! `10`+*0%*1!/`0+`3+.'`)+.!`+.`(!//`/`!4,!0! L`10`0$!*`/+)!0%)!
%*`0$!`"101.!L`%0`&1/0`/%(!*0(5`"%(/`3%0$+10`3.*%*#K
%(%*#`3%0$``,$5/%(`/%#*`%/`0$!`+10+)!`3!`3*0`!1/!`%0W/`+2%+1/`3$0`"%(! `*
3$0`*!! /`0+`!`.!,(! K` 0`(/+`#%2!/`1/``/0.0%*#`,+%*0`3$!.!`3!`*`/0.0` %#*+/%*#
+1.`%.1%0/K`%(!*0`"%(1.!/`* ` !(5! `"%(1.!/`.!`,%*"1(`* `0%)!_+*/1)%*#L`!/,!%((5
3$!*`/0.0%*#K
(35/` +1(!_$!'`5+1.`%.1%0/`!"+.!`,,(5%*#`,+3!.K
2!`/,.!`,.0/`0`$* K` 0W/`)1$`!/%!.`0+` %#*+/!`* `0!/0`%.1%0/`%"`5+1
$2!`'*+3*`#++ `,.0/`5+1`*`/1/0%010!`%*0+`0$!`%.1%0K
"`5+1` !!)`/+)!0$%*#` )#! L`0$!*`%*`%0`%))! %0!(5K`+1` +*W0`*!! `"1(05
,.0/`#!00%*#`)%4! `1,`3%0$`#++ `,.0/L`!/,!%((5`3$!*`0$!.!`%/`*+`+2%+1/`/%#*
+"` )#!K
S`8@7`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
(OHFWURQLFVLQWHUIDFLQJSULQFLSOHVIRU*3,2
FRQWURO
$%(!`0$%/`++'`%/`*+0``++'`+*`!(!0.+*%`0$!+.5L`0$!.!`.!``"!3`+.!`,.%*%,(!/`0$0`.!
%),+.0*0`0+`$2!`*`,,.!%0%+*`"+.`!1/!`0$!5`%),0`%.1%0` !/%#*`* `$+3`0$!5
%*0!."!`3%0$`5+1.`/,!..5`%K`$!`#+(`+"`0$%/`/!0%+*`%/`0+`,.!/!*0`5+1`3%0$``/%
1* !./0* %*#`+"`3$5`%.1%0/`.!` !/%#*! `%*`!.0%*`35/`* `$+3`0$%/`.!(0!/`0+`
%*0!."%*#K`.)! `3%0$`0$%/`/%`'*+3(! #!L` `$+,!`%0`,.+2% !/`5+1`3%0$`0$!`%*!*0%2!`0+
!4,(+.!`0$!`+.!`% !/`* `,.%*%,(!/`%*`)+.!` !,0$K`+1W((`"%* `/1##!/0! `.!/+1.!/`%*`0$!
1.0$!.`.! %*#`/!0%+*L`0`0$!`!* `+"`0$%/`$,0!.K
!`3%((`/0.0`+1.`+2!.#!`+"`!(!0.+*%`,.%*%,(!/`3%0$`3$0`%/`.#1(5`03+`+"`0$!`)+/0
"1* )!*0(`!(!0.%(`,.%*%,(!/`+"`0$!)`((`b`$)W/`3`* `,+3!.K
2KP V/DZDQGSRZHU
$)W/`3`%/``"1* )!*0(`!(!0.+*%/`,.%*%,(!`0$0`!4,(%*/`$+3`2+(0#!L`.!/%/0*!L`*
1..!*0`.!(0!`0+`!$`+0$!.K`+#!0$!.`3%0$`0$!`,.%*%,(!`+"`,+3!.L`0$!/!`.!`+.!`1* !.(5%*#`
,.%*%,(!/`0$0`!4,(%*`3$5`!.0%*`2(1!`+),+*!*0/`.!`$+/!*`%*`%.1%0/K
$)W/`3`%/`!4,.!//! `/`0$!`"+((+3%*#`!-10%+*M
$!`0'!_$+)!`,.%*%,(!`.!#. %*#`0$!/!`!-10%+*/`%/`0$0`5+1`**+0`$*#!``/%*#(!
,.)!0!.`%*`*`!(!0.+*%`%.1%0`3%0$+10`""!0%*#`*+0$!.K`$%/`)!*/`0$0`+),+*!*0/
.!`/!(!0! `* `..*#! `%*``%.1%0`0+`!*/1.!`0$0`0$!`2+(0#!L`1..!*0L`* `,+3!.`%/
,.+,+.0%+*! `,,.+,.%0!(5`"+.`%* %2% 1(`+),+*!*0/`* `0$!`+2!.((`+,!.0%+*`+"`0$!
%.1%0K
S`8@8`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
.LUFKKRII VFLUFXLWODZV
%.$$+""W/`2+(0#!`* `1..!*0`(3/`.!`03+`(3/`0$0`%.1%0/`% !`5K`$!5`.!`03+`(3/
!//!*0%(`0+`!(!0.%(`!*#%*!!.%*#L`* `.!`/00! `/`"+((+3/M
$!`(#!.%`/1)`+"`((`2+(0#!/`%*``(++,`)1/0`!-1(`6!.+K
$!`(#!.%`/1)`+"`((`1..!*0/`!*0!.%*#`* `!4%0%*#``*+ !`)1/0`!-1(`6!.+K
%0$`0$0L`3!`$2!`+2!.! `.%!"(5`0$.!!`%),+.0*0`!(!0.%(`,.%*%,(!/`+.`(3/`b`$)W/
3L`,+3!.L`* ` %.$$+""W/`%.1%0`(3/K` 0W/`*+3`0%)!`0+`,10`0$!/!`,.%*%,(!/`%*0+`,.0%!K
!`3%((` +`0$%/`3%0$`*`!4!.%/!`0+`3+.'`+10`3$5`3!`$2!`!!*`1/%*#``977c`/!.%!/`.!/%/0+.
%*`+1.``%.1%0/K
:K\DUHZHXVLQJD2KPUHVLVWRUIRUWKH/('
FLUFXLW"
+`".`%*`0$%/`++'L`+1.`!(!0.+*%/`$2!`)+/0(5`!2+(2! `.+1* `/K` `$2!` +*!`0$%/`"+.
#++ `.!/+*K`/`Q* `.!/%/0+./R`.!`!/5`0+`1/!`+),+*!*0/`* `,.+2% !`0$!`/%
1%( %*#`(+'/`"+.`(!.*%*#`+10`+*!,0/`/1$`/`$)W/`3L`,+3!.L`* ` %.$$+""W/
2+(0#!`(3K`/0!.`0$!`/%/`+"``%.1%0/`* `0$!`(1(0%+*/`0$0`(%!`!$%* `0$!)`*
5+1`3%((`!`3!((`+*`5+1.`35`0+`1* !.0'%*#`)+.!`+),(!4`+),+*!*0/`* `%.1%0/K
S`8@9`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
$!`"+((+3%*#`%/``/%``%.1%0L`/%)%(.`0+`3$0`3!`$2!`!!*`1/%*#`/+`".`%*`0$%/`++'K
"`5+1`*!! ``.!".!/$!.`+*`0$%/`%.1%0L`,(!/!`.!2%/%0`$IBQUFSL` !00%*#`0.0! `3%0$`50$+*
* ` +M
(KIWTGb.'&CPFTGUKUVQTEKTEWKV
S`8@:`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
!0W/`)+2!`+*`* `/!!`$+3`3!`..%2!`0`0$!`2(1!`"+.`0$!`8`.!/%/0+.K
&DOFXODWLQJWKHUHVLVWRUYDOXH
*`0$!`,.!! %*#`%.1%0` %#.)L`3!`$2!`0$!`"+((+3%*#`,.)!0!./M
1,,(5`2+(0#!`+"`:K:`2+(0/
`05,%(`"+.3. `2+(0#!`+"`9K8`2+(0/
`1..!*0`+"`97`)`Q0!/0`+* %0%+*`"+.`)`%/`)!*0%+*! `%*`0$!` 0/$!!0`"+.
2+(0#!` .+,/R
!.!`%/`0$!`,.+!//`0+`(1(0!`0$!`.!/%/0+.`2(1!M
B:K:`B`_9K8`B`_8K9`C`7
9K !`*`..*#!`$)W/`3`(#!.%((5`/+`0$0`3!`#!0`0$!`"+((+3%*#M
:K /%*#`0$%/`"+.)1(L`3!`(1(0!`+1.`.!/%/0+.W/`2(1!M
C`=7c`Q$!*!L`.!/%/0+.`8`%*`0$!`,.!! %*#`%.1%0`%/`=7cR
S`8@;`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
)DFWRULQJLQWKH5DVSEHUU\3L VFXUUHQWOLPLWV
$!`)4%)1)`1..!*0`3!`*`/"!(5`1/!`3%0$`` `,%*`+*"%#1.! `"+.`+10,10`%/`8=`)K
+3!2!.L`0$!.!`%/``+*"%#1.(!`/,!0`+"` `,%*/L`3$%$`)!*/`0$0L`5` !"1(0L`3!
/$+1( `*+0`1/!`)+.!`0$*`?`)`,!.` K`$%/`(%)%0`*`!`+*"%#1.! `/+`0$0`%0`#+!/`1,`0+
8=`)L`10`0$%/`%/`!5+* `+1.`/+,!K` !((5L`3!`3*0`0+`!`)+2%*#`0+3. `!40!.*(`%.1%0/
3$!*`)+.!`1..!*0`%/`*!! ! `.0$!.`0$*`,1/$%*#`0$!`,%*/`$%#$!.`* `$%#$!.K`!`3%((`(!.*
$+3`0+` +`0$%/`%*`$IBQUFSL`1.*%*#`$%*#/`*`* `""K
8K "`3!`,`0$!`1..!*0`0+`?`)L`3!`*`1/!`+1.`,.!2%+1/`!-10%+*`0+`..%2!`0`0$!
2(1!`"+.`8M
8`C`8<7c
S`8@<`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
1!`0+`0$%/L`3!`3%((`$++/!``/(%#$0(5`$%#$!.`2(1!K`$%/`)%#$0`!`/`/%),(!`/
1/%*#``.1(!`+"`0$1)L`/1$`/`/!(!0%*#``/0* . `.!/%/0+.`2(1!`9`2(1!/`$%#$!.
0$*`8<7cL`+.`)1(0%,(5%*#`8<7c`5`+1.`.!/%/0+.W/`0+(!.*!`* `/!(!0%*#`0$!`*!40
$%#$!/0`/0* . `2(1!K`!0W/`1/!`0$!`(00!.`,,.+$L`//1)%*#`+1.`.!/%/0+.W/
0+(!.*!`%/`e97A`Q3$%$L`5`0$!`35L`3+1( `!``2!.5`,++.`-1(%05`.!/%/0+.K`<A
* `87A`%/`)+.!`+))+*RM
8<7c`4`8K9`C`8?7c
+.`,.+0+05,%*#`* `0%*'!.%*#L`*5`.!/%/0+.`".+)`8?7c`1,`0+`+10`8'c`3%((`!`)+.!`0$*
!-10!`"+.`+1.`%.1%0K` 1/0`.!)!)!.`0$0`/`5+1`%*.!/!`0$!`.!/%/0+.W/`2(1!L`5+1`(%)%0
0$!`1..!*0L`/+`0$!``3%((`!` %))!.K
10`3$0`+10`0$!`,+3!.`#+%*#`0$.+1#$`0$!`.!/%/0+.`* `%0/`,+3!.`.0%*#O`!W((`(1(0!
0$0`*!40K
&DOFXODWLQJWKHUHVLVWRU VSRZHUGLVVLSDWLRQ
!*!.(_,1.,+/!`.!/%/0+./`(%'!`0$!`+*!/`3!W.!`1/%*#`%*`+1.`.! +. /`.!`+))+*(5`.0!
0+`!`8\?`00L`8\;`00L`+.`8\9`00K` "`5+1`/1,,(5`0++`)1$`,+3!.`0+``.!/%/0+.L`%0`3%((`1.*
+10`3%0$``,1""`+"`/)+'!`* `#%2!`+""``$+..%(!`/)!((K
!.!`%/`$+3`3!`(1(0!`0$!`,+3!.` %//%,0%+*`+"`+1.`977c`.!/%/0+.`3$!*`3!`$2!``:K:_
2+(0`,+3!.`/+1.!M
S`8@=`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
C`7K77>9`00/L`+.`>K9`)%((%300/`Q+.`)R
:K 1.`,+3!.`2(1!`+"`>K9`)`%/`!(+3`!2!*``7K9<`00_.0! `.!/%/0+.L`/+``8\?
00`+.`+2!`.!/%/0+.`%/`/"!`%*`+1.`%.1%0/`* `3%((`*+0`1.*`+10`%*``,1""`+"
/)+'!K
"`5+1`0$%*'`0$!`,+3!.`!-10%+*`(++'/` %""!.!*0`".+)`0$!`+*!`5+1`/3`!.(%!.L`5+1W.!`.%#$0K
$%/`%/`0$!`,+3!.`!-10%+*`.!3.%00!*`0+`1/!`2+(0#!`* `.!/%/0*!K` !.!W/``$* 5
%#.)`0$0` W)`/1.!`5+1`3%((`/!!` 1.%*#`5+1.`!(!0.+*%/`&+1.*!5`0$0`!4,.!//!/`$)W/
3`* `,+3!.`%*` %""!.!*0`35/M
(KIWTGb1JO U.CYRQYGTYJGGN
W((`(!2!`5+1`3%0$``"%*(`0%,`+10`/L`* `/+)!0$%*#`0+`0$%*'`+10K
S`8@>`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
0W/`0$!`1..!*0`0$0`(0!./`0$!`W/`.%#$0*!//K`$!`9<`)`2(1!`".+)`0$!
0/$!!0`%/`0$!`)4%)1)`+*0%*1+1/`/"!`1..!*0`0+` .%2!`0$!``0+`%0/
)4%)1)`.%#$0*!//K`!//`1..!*0`%/`"%*!N`%0`&1/0`)!*/`0$!``3%((`!
%))!.K
*#`+*``)%*10!`b`%*`$IBQUFSL`+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( L`3!
1/! `L`3$%$`%/``,/!1 +_*(+#`2+(0#!`1/! `0+`$*#!`0$!`.%#$0*!//`+"`0$!`K
1/!`* `0$%*'`+10`0$%/`"+.``)%*10!f3$0W/`#+%*#`+*O` 0W/`/%),(5`*`,,(%0%+*`+"
$)W/`3K` *`+1.`%.1%0L`+1.`.!/%/0+.`3/`"%4! `0`977cK` !*!L`5`2.5%*#`0$!`2+(0#!L`3!
(/+`2.5`0$!`1..!*0`* `$!*!`0$!`.%#$0*!//`+"`0$!`K
([SORULQJGLJLWDOHOHFWURQLFV
%#%0(` \`!//!*0%((5`)!*/` !0!0%*#`+.`)'%*#`` `,%*`$%#$`+.`(+3K` *`0$%/`/!0%+*L
3!`3%((`!4,(+.!`+.!`+*!,0/`* `/!!`/+)!`!4),(!/`+"` %#%0(` \`%*`+,!.0%+*K`!W((`0$!*
0('`+10`$+3`0$%/`.!(0!/`0+`5+1.`/,!..5`%`* `*5` %#%0(`!(!0.+*%`+),+*!*0/`5+1
3%((`%*0!."!`3%0$`%0K`!`3%((`/0.0`+.` %#%0(` \`&+1.*!5`5`(++'%*#`0`* `,(5%*#`3%0$
%#%0(`+10,10K
'LJLWDORXWSXW
*`/%),(!`!(!0.%(`0!.)/`"+.`+1.`/,!..5`%L`3$!*`3!` .%2!`` `,%*`$%#$L`%0/`2+(0#!
)!/1.!/`G:K:`2+(0/L`* `3$!*`3!` .%2!`%0`(+3L`%0`)!/1.!/`G7`2+(0/K
!0W/`+/!.2!`0$%/`1/%*#``)1(0%)!0!.M
S`8@?`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
(KIWTGb%QPPGEVKPICOWNVKOGVGTVQC)2+1RKP
S`8@@`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
USZ
XIJMF5SVF
"MUFSOBUFCFUXFFO)*()BOE-08
TUBUFQJSFBE (1*0@1*/ PS
OFX@TUBUF JOU OPUTUBUF PS
QJXSJUF (1*0@1*/OFX@TUBUF
QSJOU (1*0\^JT\^GPSNBU (1*0@1*/OFX@TUBUF
TMFFQ
USVODBUFE
*`(%*!`8L`3!`+*"%#1.! ` `98`/`*`+10,10`,%*L`3$%(!`+*`(%*!`9L`3!`/0.0! `
XIJMF`(++,`0$0`(0!.*0!/`0$!`/00!`+"` `98`!03!!*`$%#$`* `(+3`Q0$0`%/L`7
* `8R`3%0$``:_/!+* ` !(5`%*`!03!!*`!$`/00!`0.*/%0%+*K
/`5+1`)5`$2!`*+0%! L` %#%0(`+10,10`+*`+1.`/,!..5`%`%/`0$0`/%),(!`b`$%#$`+.`(+3K
+3L`(!0W/`+*/% !.` %#%0(`%*,10K
'LJLWDOLQSXW
!*!.((5L`3$!*`3!`0$%*'`+10` %#%0(`%*,10`* `2+(0#!/`"+.``:K:_2+(0` !2%!`/1$`/`0$!
/,!..5`%L`3!`0$%*'`+"`+**!0%*#``,%*`0+`0$!`#.+1* `Q7`2+(0/R`0+` .%2!`%0`(+3`+.`+**!0
%0`0+`:K:`2+(0/`0+`)'!`%0`$%#$K` *`)+/0`,,(%0%+*/L`0$%/`%/`!40(5`3$0`3!`3%((`/0.%2!`0+` +K
+3!2!.L`%*`0.10$L`0$!.!`%/`)+.!`0+`0$%/`/0+.5`!1/!` `,%*/` +*W0`&1/0`+,!.0!`0`03+
%/.!0!`2+(0#!`(!2!(/K` */0! L`0$!5`3+.'`3%0$%*``.*#!`+"`2+(0#!/`0$0` !"%*!`*`%*,10
,%*`/`!%*#`$%#$`* `(+3K`$%/`,,(%!/`0+`0$!`/,!..5`%`* `/%)%(.`+),10!./`3%0$
/L`)%.++*0.+((!./L` /L`* `.!'+10`+. /K
S`977`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
(KIWTGb&KIKVCNKPRWVVTKIIGTXQNVCIGU
$%/`%((1/0.0%+*`%/`0!((%*#`1/`0$0`%"`3!`,,(5``2+(0#!`!03!!*`9K7`2+(0/`* `:K:`2+(0/L`0$!*
0$!`%*,10`,%*`3%((`.! `/`` %#%0(`$%#$K`(0!.*0%2!(5L`%"`3!`,,(5``2+(0#!`!03!!*`7K?
2+(0/`* `7`2+(0/L`0$!`,%*`3%((`.! `/`` %#%0(`(+3K`*50$%*#`!5+* `0$!/!`.*#!/`%/`
*#!.`6+*!`* `5+1W((`(%'!(5` )#!`5+1.`/,!..5`%K`$%(!`5+1`,.+(5`3+*W0`!
% !*0((5`,,(5%*#``*!#0%2!`2+(0#!`0+``,%*L`0$!.!`%/``.!(`.%/'`+"`% !*0((5
,,(5%*#`)+.!`0$*`:K:`2+(0/`0+``,%*`/%*!`%0`%/`+))+*`0+`!`3+.'%*#`3%0$`<_2+(0` %#%0(
%.1%0/K
!0W/`/!!`0$!`!""!0/`+"``"(+0%*#`,%*K`!W((`/0.0`5`.!0%*#`0$!`"+((+3%*#`%.1%0`+*`+1.
.! +. M
S`978`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
(KIWTGb2WUJDWVVQPEKTEWKV
!.!`.!`0$!`/0!,/`"+.`0$%/K`$!`/0!,`*1)!./`$!.!`)0$`0$!`*1)!.! `('`%.(!/`/$+3*
%*`0$!`,.!! %*#` %#.)M
8K +/%0%+*`0$!`,1/$`100+*`+*`5+1.`.! +. K
9K +**!0`+*!`(!#`+"`0$!`,1/$`100+*`0+`` `,%*`+*`5+1.`/,!..5`%K` *`0$!
%#.)L`3!`.!`+**!0%*#`0$!`(+3!.)+/0`(!#`+"`0$!`,1/$`100+*`Q/$+3*`0
$+(!`;RK
:K %*((5L`+**!0`0$!`+0$!.`(!#`+"`0$!`,1/$`100+*`Q%*`0$!` %#.)L`0$%/`%/`0$!
1,,!.)+/0`(!#L`/$+3*`0`$+(!`9R`0+` `98`+*`5+1.`/!..5`%K
USVODBUFE
(1*0@1*/
QJQJHQJPQJ
QJTFU@NPEF (1*0@1*/QJHQJP*/165
USVODBUFE
USZ
XIJMF5SVF
S`979`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
TUBUFQJSFBE (1*0@1*/
QSJOU (1*0\^JT\^GPSNBU (1*0@1*/TUBUF
TMFFQ
FYDFQU,FZCPBSE*OUFSSVQU
QSJOU #ZF
QJTUPQ 1J(1*0DMFBOVQ
"`5+1.`%*%0%(`0$+1#$0/`3!.!`(+*#`0$!`(%*!/`+"`X+3P` `*`.!0!``0+1$`/3%0$`!1/!`+"
0$%/LX`0$!*`/+..5N`5+1W((`!` %/,,+%*0! `b`%0W/`&1/0`*+0`.!(%(!L`0`(!/0`*+0`3%0$+10` %0%+*(
!(!0.+*%/K
!40L`3!`3%((`(++'`0`03+`+))+*`35/`0+`2+% `"(+0%*#`,%*/K
8VLQJSXOOXSDQGSXOOGRZQUHVLVWRUV
$!*``,%*`%/`*+0`+**!0! `0+`*50$%*#L`%0W/`/% `0+`!`"(+0%*#K`/`/$+3*`%*`0$!`,.!! %*#
!4),(!L`%0`"(+0/`.+1* L`,%'%*#`1,`!(!0.%(`*+%/!`.+1* `%0`".+)`+0$!.`*!.5
+),+*!*0/L`3%.!/`+**!0! `0+`%0L`* `$.#!/`+)%*#`".+)`5+1./!("K
7KHUHVLVWRUVROXWLRQ
"`3!` `*`!40!.*(`.!/%/0+.`0+`0$!`%.1%0L`/`/$+3*`%*`0$!`"+((+3%*#` %#.)L`0$!*`3!W((
%*0.+ 1!`3$0`%/`((! ``,1((_1,`.!/%/0+.L`3$%$`/!.2!/`0$!`,1.,+/!`+"`,1((%*#
Q)!*%*#`+**!0%*#R` `,%*`98`1,`Q)!*%*#`+**!0! `0+``,+/%0%2!`2+(0#!R`0+`:K:`2+(0/M
S`97:`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
(KIWTGb2WUJDWVVQPEKTEWKVYKVJCRWNNWRTGUKUVQT
8K (!`0$!`,1/$`100+*`+*`5+1.`.! +. K
9K (!`0$!`.!/%/0+.`Q3%0$``2(1!`!03!!*`<7'c`0+`=<'c`R`+*`5+1.`.! +. K`*!
!* `+"`0$!`.!/%/0+.`/$.!/`0$!`/)!`.+3`Q/$+3*`0`$+(!`<R`/`0$!`1,,!.
,+/%0%+*! `(!#`+"`0$!`,1/$`100+*K`$!`+0$!.`!* `+"`0$!`.!/%/0+.`%/`,(! `+*`*
!),05`.+3K
:K +**!0`0$!`+0$!.`!* `+"`0$!`.!/%/0+.`0+``:K:_2+(0`,%*`+*`5+1.`/,!..5`%K
;K +**!0`0$!`(+3!.`(!#`+"`0$!`,1/$`100+*`0+`` `,%*`+*`5+1.`/,!..5`%K
<K %*((5L`+**!0`0$!`.+3`/$.! `5`0$!`1,,!.`(!#`+"`0$!`,1/$`100+*`* `(+3!.
(!#`+"`0$!`.!/%/0+.`Q/$+3*`0`$+( `<R`0+` `98`+*`5+1.`/,!..5`%K
S`97;`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
1*`0$!`/)!`+ !`%*`DIBQUFSEJHJUBM@JOQVU@UFTUQZL`+*(5`0$%/`0%)!L`3$!*`5+1
0+1$`0$!`3%.!/L`0$!`+10,10`/$+1( `*+0`"(1010!K
7KHFRGHVROXWLRQ
!`*`/+(2!`+1.`"(+0%*#`,%*`/%010%+*`%*`+ !`5`0!((%*#`+1.`/,!..5`%`0+`0%20!`*
+**!0`*`!)! ! `,1((_1,`.!/%/0+.`0+` `98L`3$%$L`+. %*#`0+`0$!`/,!..5` W/
+1)!*00%+*L`3%((`!`3%0$%*`0$!`.*#!`<7'c_=<'cL`$!*!`3$5`3!`/0%,1(0! `0$0`.*#!`%*
0$!`%.1%0`/$+3*`%*`0$!`,.!2%+1/` %#.)K
(KIWTGb2WUJDWVVQPEKTEWKVWUKPICPGODGFFGFRWNNWRTGUKUVQT
S`97<`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
8K $%/`!4),(!`1/!/`0$!`,1/$`100+*`%.1%0`/$+3*`,.!2%+1/(5`%*`%#1.!`=K<K`(!/!
.!.!0!`0$%/`%.1%0`+*`5+1.`.! +. `!"+.!`+*0%*1%*#K
9K !40L`! %0`0$!`DIBQUFSEJHJUBM@JOQVU@UFTUQZ`"%(!`0+`!*(!`*`%*0!.*(
,1((_1,`.!/%/0+.L`/`"+((+3/M
QJTFU@QVMM@VQ@EPXO (1*0@1*/QJHQJP16%@0'' $0..&/50655)*4
-*/&
QJTFU@QVMM@VQ@EPXO (1*0@1*/QJHQJP16%@61 &/"#-&5)*4-*/&
:K 1*`0$!`DIBQUFSEJHJUBM@JOQVU@UFTUQZ`"%(!`#%*K`/`5+1`,.!//`0$!
100+*L`5+1`/$+1( `/!!`0$!`$%#$\(+3`Q7\8R`2(1!/`$*#%*#`+*`0$!`!.)%*(N
$+3!2!.L`0+1$%*#`0$!`3%.!/`+.`!.)%*(/`+"`0$!`100+*`/$+1( `*+0`1/!`*5
%*0!."!.!*!K
S`97=`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
+1.`/,!..5`%`%/`,+3!.! `+*K
+1`$2!`.1*`0$!`+ !`0$0`0%20!/`0$!`,1((_1,`+.`,1((_ +3*K`*0%(`0$%/
$,,!*/L`0$!`,%*`%/`"(+0%*#P`!`3%((`(++'`0`*`,,(%0%+*`3$!.!`3!`,.!"!.`*
!40!.*(`,1((_ +3*`.!/%/0+.`%*`$IBQUFSL`1.*%*#`$%*#/`*`* `""K
([SORULQJDQDORJHOHFWURQLFV
/`3!`/3`%*`0$!`,.!2%+1/`/!0%+*L` %#%0(` \`%/`((`+10` %/.!0!`$%#$/`+.`(+3/L`/
!0!.)%*! `5`2+(0#!K`*(+#` \L`+*`0$!`+0$!.`$* L`%/`((`+10` !#.!!/`+"`2+(0#!K` *
0$%/`/!0%+*L`3!`3%((`!4,(+.!`/+)!`+.!`+*!,0/`* `(++'`0`!4),(!/`+"`*(+#` \`%*
+,!.0%+*K
S`97>`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
$QDORJRXWSXW
*`$IBQUFSL`+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( L`3!` %/1//! `0$0`5`1/%*#
`+*`` %#%0(`+10,10`,%*L`3!`*`.!0!``,/!1 +_*(+#`+10,10`+.`0$!`,,!.*!`+"`
2.%(!`+10,10`2+(0#!K`1.0$!.)+.!L`3!`(/+`/3``%*`1/!`'`%*`$IBQUFSL
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/'L`3$!*`3!`1/! `0$%/`+*!,0`0+
+*0.+(`0$!`.%#$0*!//`+"`*`K
EVUZ@DZDMF@QFSDFOUBHFT<>
NBY@WPMUBHF
USZ
XIJMF5SVF
GPSEVUZ@DZDMF@QDJOEVUZ@DZDMF@QFSDFOUBHFT
EVUZ@DZDMFJOU EVUZ@DZDMF@QD
S`97?`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
FTUJNBUFE@WPMUBHFNBY@WPMUBHF EVUZ@DZDMF@QD
QSJOU %VUZ$ZDMF\^FTUJNBUFEWPMUBHF\^WPMUT
GPSNBU EVUZ@DZDMF@QDFTUJNBUFE@WPMUBHF
QJTFU@18.@EVUZDZDMF (1*0@1*/EVUZ@DZDMF
TMFFQ
USVODBUFE
$QDORJLQSXW
*`$IBQUFSL`+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( L`3!`(!.*! `$+3`0+`1/!`0$!
888<``.!'+10`)+ 1(!L`* `0$0`*(+#`%*,10`%/`((`+10`)!/1.%*#``2+(0#!
".+)`3%0$%*``,.! !"%*! `.*#!L`3$%$L`"+.`+1.`,1.,+/!/L`%/`!03!!*`7`2+(0/`* `:K:`2+(0/K
$%(!`%*` %#%0(` \L`3!W `/5`7`2+(0/`)!/1.! `+*``,%*`)!*/`(+3`* `:K:`)!*/`$%#$L`%*
*(+#` \L`0$!.!`.!`*+`+*!,0/`+"`$%#$`+.`(+3`%*`0$%/`.!#. K
*5`/%),(!`*(+#`+),+*!*0/`* `/!*/+./`+,!.0!`+*`0$!`,.%*%,(!`0$0`0$!%.`.!/%/0*!
$*#!/`%*`+. *!`3%0$`3$0`0$!5`)!/1.!K`+.`!4),(!L``(%#$0` !,!* !*0`.!/%/0+.L`+.
L`$*#!/`%0/`.!/%/0*!`%*`,.+,+.0%+*`0+`0$!`(%#$0`%0` !0!0/K` +3!2!.L`*(+#`%*,10`%/`((
+10`)!/1.%*#`2+(0#!K`+`01.*``2.5%*#`.!/%/0*!`%*0+``2.5%*#`2+(0#!L`3!`1/!`
2+(0#!` %2% !.`%.1%0K
9ROWDJHGLYLGHUV
$!`"+((+3%*#` %#.)`/$+3/``/%),(!`03+_.!/%/0+.`2+(0#!` %2% !.`%.1%0K`1.`.!/%/0+.
2(1!/`.!`"%4! `"+.`0$%/`!4),(!`0+`%((1/0.0!`0$!`/%`,.%*%,(!K`+0%!`0$0`3!W2!`1/! `<
2+(0/`%*`0$%/`!4),(!K`$!`.!/+*`"+.`0$%/`3%((`!`.!2!(! `/$+.0(5`3$!*`3!`+2!.`(+#%_(!2!(
+*2!./%+*M
S`97@`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
(KIWTGb/GCUWTKPIXQNVCIGUCETQUUCXQNVCIGFKXKFGT
+10`C`<`2+(0/`4`9777c`\`Q8777c`B`9777cR
+10`C`:K:::::`2+(0/
!)!)!.`0$!`,+0!*0%+)!0!./`%*`$IBQUFSL`+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(
+.( O`$!5W.!`01((5`2+(0#!` %2% !./P`!`$ `0$!`)% (!`3%,!.`+**!0! `0+` 8`*
9`+"`0$!`888<`* `3$!*`5+1`01.*! `0$!` %(`+*`0$!`,+0!*0%+)!0!.L`3$0`5+1`3!.!
+%*#`3/`$*#%*#`0$!`.!/%/0*!`.+//`!.)%*(/``* ``.!(0%2!`0+`0$!`!*0!.`3%,!.L
0$1/`.!0%*#`0$!`2.%(!`2+(0#!`0$0W/`.! `5`0$!`888<K
S`987`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
(KIWTGb#RQVGPVKQOGVGTKUCXQNVCIGFKXKFGT
(KIWTGb#RQVGPVKQOGVGTEKTEWKV
S`988`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
!.!`.!`0$!`"%./0`/!0`+"`/0!,/`0+`"+((+3K`$!`/0!,`*1)!./`$!.!`)0$`0$!`*1)!.! `('
%.(!/`/$+3*`%*`0$!`,.!! %*#` %#.)M
$!/!`*(+#`+*!,0/L`3$%(!`.!(0%2!(5`/$+.0`* `/%),(!L`.!`03+`+.!`,.%*%,(!/
1* !.(5%*#`*(+#`%.1%0/`0$0`!2!.5`!(!0.+*%`!*#%*!!.`b`3$!0$!.`5+1`.!``,.+"!//%+*(
+.``$+5%/0`b`*!! /`0+`1* !./0* K`$!/!`+*!,0/`b`!/,!%((5`2+(0#!` %2% !./`b`3%((
"!01.!`%*`)*5`%.1%0/`%*`1,+)%*#`$,0!./`Q3!`3%((`!`1/%*#`0$!)`%*`+*&1*0%+*`3%0$
*`888<`*(+#_0+_ %#%0(`+*2!.0!.RL`/+`,(!/!`,(5`.+1* `3%0$`0$!`,.!! %*#
!4),(!/`* `,.%*%,(!/`0+`!*/1.!`5+1`#./,`0$!`/%/P
S`989`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
8QGHUVWDQGLQJORJLFOHYHOFRQYHUVLRQ
$!.!`3%((`!`+/%+*/`3$!*`5+1`*!! `0+`%*0!."!`3%0$`<_2+(0` !2%!/`".+)`5+1.
/,!..5`%W/`:K:_2+(0` `,%*/K`$%/`%*0!."%*#`)5`!`"+.`0$!`,1.,+/!`+"` `%*,10L
+10,10L`+.`%_ %.!0%+*(` \K`$!`0!$*%-1!`1/! `0+`+*2!.0`!03!!*`(+#%_(!2!(`2+(0#!/`%/
'*+3*`/`(+#%_(!2!(`+*2!./%+*`+.`(+#%_(!2!(`/$%"0%*#K
9ROWDJHGLYLGHUVDVORJLFOHYHOFRQYHUWHUV
`2+(0#!` %2% !.`%.1%0`+*/0.10! `+"`,,.+,.%0!(5`/!(!0! `.!/%/0+./`*`!`1/! `0+`/$%"0
+3*`".+)`<`2+(0/`0+`:K:`2+(0/L`((+3%*#`5+1`0+`1/!``<_2+(0`+10,10`".+)`` !2%!`/`0$!`%*,10
0+`5+1.`:K:_2+(0`/,!..5`%`,%*K
$!`"+((+3%*#` %#.)`%/`0$!`/)!`!4),(!`3!`/3`,.!2%+1/(5`%*`%#1.!`=K?L`+*(5`0$%/`0%)!L
%0W/`!!*` .3*`3%0$%*`` %""!.!*0`+*0!40N`0$0`%/L`/$+3%*#`$+3``<_2+(0`%*,10`*`!`/$%"0!
+3*`0+`:K:`2+(0/M
S`98:`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
(KIWTGb7UKPICXQNVCIGFKXKFGTCUCNQIKENGXGNUJKHVGT
/RJLFOHYHOFRQYHUWHU,&VDQGPRGXOHV
*`(0!.*0%2!`0+``2+(0#!` %2% !.`%.1%0`%/`` ! %0! `(+#%_(!2!(`/$%"0!.`+.`+*2!.0!.K
$!5`+)!`%*` `Q$%,R`"+.)`* `.! +. _".%!* (5`.!'+10`)+ 1(!/K`$!.!W/`*+`)0$
%*2+(2! `!1/!`0$!5`.!`)+.!`+.`(!//`,(1#`* `,(5L`* `0$!5`%*(1 !`)1(0%,(!`$**!(/
/+`0$0`0$!5`*`+*2!.0`)1(0%,(!` \`/0.!)/`/%)1(0*!+1/(5K
S`98;`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
$!`"+((+3%*#`%)#!`/$+3/`05,%(`;_$**!(`Q(!"0R`* `?_$**!(`Q.%#$0R`(+#%_(!2!(
+*2!./%+*`.!'+10`)+ 1(!/K`$!`;_$**!(`+*`0$!`(!"0`%/`1%(0`1/%*#`/L`3$%(!`0$!
?_$**!(`+*`0$!`.%#$0`1/!/``787?` K`(!/!`*+0!`0$0`3$%(!`3!`3%((`+2!.`/
%*`$IBQUFSL`1.*%*#`$%*#/`*`* `""L`+1.`"+1/`3%((`!`1/%*#`/`/`/3%0$!/L`*+0
(+#%_(!2!(`+*2!./%+*`,,(%0%+*/M
(KIWTGb.QIKENGXGNEQPXGTVGTDTGCMQWVOQFWNGU
S`98<`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
(KIWTGb8KUWCNK\KPIXQNVVQXQNVNGXGNUJKHVKPI RCTVQH
!.!`.!`0$!`"%./0`/!0`+"`/0!,/`0+`"+((+3L`%*`3$%$`3!`,(!`0$!`+),+*!*0/`0$0`3%.!`1,`0$!
(+3_2+(0#!`/% !`+"`0$!`(+#%_(!2!(`+*2!.0!.K`$!`/0!,`*1)!./`$!.!`)0$`0$!`*1)!.!
('`%.(!/`/$+3*`%*`0$!`,.!! %*#` %#.)M
8K (!`5+1.`(+#%_(!2!(`+*2!.0!.`+*`5+1.`.! +. K
9K +**!0`0$!``Q(+3`2+(0#!R`!.)%*(`+"`0$!`(+#%_(!2!(`+*2!.0!.`0+`0$!`,+/%0%2!
/% !`+"`0$!`(!"0_$* `/% !`,+3!.`.%(K`!`3%((`((`0$%/`.%(`0$!`(+3`2+(0#!
.%(`!1/!`%0`3%((`!`+**!0! `0+`0$!`(+3!.`+"`+1.`/1,,(5`2+(0#!/`Q0$0`%/L`:K:
2+(0/RK`$!``!.)%*(`%/`0$!`(+3`2+(0#!`/% !`,+3!.`%*,10`!.)%*(`"+.`0$!
(+#%_(!2!(`+*2!.0!.K
:K +**!0`0$!`,+/%0%2!`/% !`+"`0$!`(+3`2+(0#!`.%(`0+``:K:_2+(0`,+3!.`,%*`+*`5+1.
/,!..5`%K
S`98=`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
(KIWTGb8KUWCNK\KPIXQNVVQXQNVNGXGNUJKHVKPI RCTVQH
!.!`.!`0$!`/!+* `/!0`+"`/0!,/`0+`"+((+3K`$!`/0!,`*1)!./`$!.!`)0$`0$!`*1)!.!
('`%.(!/`/$+3*`%*`0$!`,.!! %*#` %#.)M
S`98>`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
9K +**!0`0$!`*!#0%2!`.%(`+"`0$!`$%#$`2+(0#!`.%(`0+`0$!`*!#0%2!`.%(`+"`0$!`(+3
2+(0#!`.%(K`+1`)5`.!((`0$0`((` `+**!0%+*/`.!`+))+*`.+//``%.1%0K
"`5+1`*!! ``.!".!/$!.`+*`0$%/`+*!,0L`,(!/!`.!2%/%0`0$!` *0.+ 1%*#`#.+1*
+**!0%+*/`* `/5)+(/`/!0%+*`%*`$IBQUFSL` !00%*#`0.0! `3%0$`50$+*`* ` +K
:K +**!0`0$!` `!.)%*(`+"`0$!`(+#%_(!2!(`+*2!.0!.`0+`0$!`,+/%0%2!`/% !`+"`0$!
$%#$`2+(0#!`.%(K
;K +**!0`0$!` `!.)%*(`+*`0$!`$%#$`2+(0#!`/% !`+"`0$!`(+#%_(!2!(`+*2!.0!.
0+`0$!`*!#0%2!`.%(`+"`0$!`$%#$`2+(0#!`.%(K
<K +**!0`0$!`2+(0#!_)!/1.%*#`!.)%*(`+"`5+1.`)1(0%)!0!.`0+`,+.0`8`+*`0$!
(+#%_(!2!(`+*2!.0!.K
=K +**!0`0$!`+)`!.)%*(`+"`5+1.`)1(0%)!0!.`0+`0$!`*!#0%2!`.%(`+"`0$!`$%#$
2+(0#!`.%(K
>K %*((5L`/!0`5+1.`)1(0%)!0!.`0+`%0/`2+(0#!`)+ !K
+3`0$0`3!`$2!`1%(0`+1.`%.1%0L`(!0W/`.1*``50$+*`,.+#.)`* `+*"%.)`0$0`+1.
)1(0%)!0!.`.! /`G<`2+(0/`3$!*` `98`%/`$%#$K` !.!`%/`3$0`3!`*!! `0+` +M
8K 1*`0$!`+ !`%*`0$!`DIBQUFSEJHJUBM@PVUQVU@UFTUQZ`"%(!`b`%0W/`0$!`/)!
+ !`3!`1/! `,.!2%+1/(5`"+.` %#%0(`+10,10`%*`0$!`/!0%+*`0%0(! `%#%0(`+10,10K
9K *`0$!`(+3`2+(0#!`/% !L`+1.`/,!..5`%`%/`,1(/%*#` `98`!03!!*`(+3`Q7
2+(0/R`* `$%#$`Q:K:`2+(0/R`+*`$**!(`8`,+.0`8L`3$%(!`+*`0$!`$%#$`2+(0#!`/% !L
+1.`)1(0%)!0!.L`3$%$`%/`+**!0! `0+`$**!(`8`,+.0`8L`3%((`(0!.*0!`!03!!*`7
* `G<`2+(0/L`%((1/0.0%*#`0$!`/$%"0`+"``:K:_2+(0`(+#%_(!2!(`$%#$`0+``<_2+(0`(+#%_
(!2!(`$%#$K
$!`.!2!./!`/!*.%+`%/`(/+`,+//%(!N`0$0`%/L`%"`5+1`,,(%! ``<_2+(0`%*,10`0+`0$!`$%#$`2+(0#!
/% !L`%0`3%((`!`+*2!.0! `%*0+`:K:`2+(0/`+*`0$!`(+3`2+(0#!`/% !L`3$%$`*`/"!(5`!`.! `/
%*,10`5``:K:_2+(0`/,!..5`%` `,%*K
1%( %*#`0$%/`.!2!./!`/!*.%+`%/`*`!4!.%/!`0$0`5+1`)%#$0`(%'!`0+`0.5`+*`5+1.`+3*`b`5+1
(.! 5`$2!`0$!`+.!`'*+3(! #!L`+ !L`* `%.1%0/`0+`$%!2!`0$%/N`5+1`&1/0`*!! `0+`3%.!`%0
((`1,P` `!*+1.#!`5+1`0+`0.5`0$%/L`* `0+`#!0`5+1`/0.0! L`$!.!`.!`/+)!`0%,/M
S`98?`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
&RPSDULQJYROWDJHGLYLGHUVDQGORJLFOHYHO
FRQYHUWHUV
/`+*!`,,.+$`!00!.`0$*`0$!`+0$!.O` 0` !,!* /L`0$+1#$` `3%((`/5`0$0`` ! %0!
+*2!.0!.`3%((`(35/`+10/$%*!``/%`2+(0#!` %2% !.L`* `0$!5`.!``(+0`(!//`"% (5`0+`1/!
3%0$``.! +. K``2+(0#!` %2% !.`%/`$!,!.`0+`1%( `10`+*(5`3+.'/`%*`` %.!0
%.!0%+*`Q5+1W((`*!! `03+`2+(0#!` %2% !.`%.1%0/`0+`,!."+.)`%_ %.!0%+*(` \RK`$!5`(/+
$2!`.!(0%2!(5`$%#$`!(!0.%(`%),! *!L`)!*%*#`0$0`0$!.!`%/``,.0%(` !(5`0$0`+1./
!03!!*`0$!`2.%(!`.!/%/0*!`$*#%*#`* `0$!`)!/1.(!`2+(0#!`$*#%*#K`$%/` !(5
%/`!*+1#$`0+`)'!``/%),(!`2+(0#!` %2% !.`%),.0%(`"+.`%.1%0/`3$!.!`0$!.!`%/`"/0
/3%0$%*#`!03!!*`$%#$`* `(+3`/00!/K`` ! %0! `(+#%_(!2!(`+*2!.0!.`+2!.+)!/`0$!/!
(%)%00%+*/L`,(1/`0$!5`.!`)1(0%_$**!(L`%_ %.!0%+*(L`"/0!.L`* `)+.!`!""%%!*0K
6XPPDU\
$%/`$,0!.`+))!*! `3%0$``-1%'`+2!.2%!3`+"`0$!`/%`0++(/`* `!-1%,)!*0`0$0`5+1
3%((`*!! `/`5+1`#!0`"1.0$!.`%*0+`!(!0.+*%/`* `0$!`%.1%0/`0$0`3!`3%((`+2!.`%*`!0%+*`:
Q3$%$`3!W((`!`+))!*%*#`%*`0$!`*!40`$,0!.RK`$!*L`3!`3!*0`0$.+1#$`/+)!`/1##!/0%+*/
0+`$!(,`'!!,`5+1.`/,!..5`%`/"!`3$%(!`5+1`.!`+**!0%*#`!(!0.+*%/`0+`%0/` `,%*/L
/`3!((`/``"!3`0%,/`3$!*`%0`+)!/`0+`,1.$/%*#`+),+*!*0/K
S`98@`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
4XHVWLRQV
/`3!`+*(1 !L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`.!#. %*#`0$%/
$,0!.W/`)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`++'M
8K +1`$2!``%.1%0`0$0`.!-1%.!/``977c`.!/%/0+.L`10`5+1`+*(5`$2!``::7c`.!/%/0+.
2%((!K` 0`%/`/"!`0+`1/!`0$%/`2(1!O
9K +1`/1/0%010!``$%#$!.`2(1!`.!/%/0+.`%*``%.1%0`10`0$!`%.1%0` +!/`*+0`3+.'K
%0$`.!/,!0`0+`$)W/`3L`3$0`+1( `!`0$!`,.+(!)O
:K +1`(1(0! ``/1%0(!`.!/%/0+.`2(1!`"+.``%.1%0`1/%*#`$)W/`3L`10`3$!*
5+1`,,(%! `,+3!.`0+`0$!`%.1%0L`0$!`.!/%/0+.`/0.0! `0+` %/+(+.`* `(!0`+""`/)+'!K
$5O
;K //1)%*#` `98`%/`+*"%#1.! `2%`50$+*`/`*`%*,10`,%*`* `%0`%/`+**!0!
5``3%.!` %.!0(5`0+`0$!`B:K:_2+(0`,%*L`3$0`2(1!`3%((`QJSFBE `.!01.*O
S`997`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
)XUWKHUUHDGLQJ
$!`"+((+3%*#`03+`/%0!/`.!`!(!0.+*%`)*1"01.!./`* `0$!5`+0$`"!01.!``3% !`.*#!`+"
!*0.5_0+_)% _(!2!(`010+.%(/K`$!5`"+1/`+*`0$!`,.0%(`/,!0/`+"`!(!0.+*%/`* ` +*W0
+). `5+1`3%0$`0++`)1$`0$!+.5K`.5``/!.$`"+.`/,!..5`%`+*`0$!%.`/%0!/M
IUUQTMFBSOBEBGSVJUDPN
IUUQTMFBSOTQBSLGVODPN
*`.!(0%+*`0+`0$!`+*!,0/`0$0`3!`$2!`+2!.! `%*`0$%/`$,0!.L`$!.!`.!`/+)!`/,!%"%`(%*'/
+*`0$!`"+.!)!*0%+*! `/%0!/M
((`+10`/M`IUUQTMFBSOTQBSLGVODPNUVUPSJBMTMJHIUFNJUUJOH
EJPEFTMFET
$)W/`3L`+3!.L`* ` %.$$+""W/`3`.%)!.M`IUUQTMFBSOTQBSLGVODPN
UVUPSJBMTWPMUBHFDVSSFOUSFTJTUBODFBOEPINTMBX
+(0#!`%2% !./M`IUUQTMFBSOTQBSLGVODPNUVUPSJBMTWPMUBHFEJWJEFST
1((_,\+3*`!/%/0+./M`IUUQTMFBSOTQBSLGVODPNUVUPSJBMTQVMMVQ
SFTJTUPSTBMM
S`998`T
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!. $,0!.`=
IUUQTXXXBMMBCPVUDJSDVJUTDPN
IUUQTXXXFMFDUSPOJDTUVUPSJBMTXT
IUUQTXXXFMFDUSPOJDTUVUPSJBMTXTDBUFHPSZEDDJSDVJUT`Q`%.1%0
$!+.5R
IUUQTXXXBMMBCPVUDJSDVJUTDPNUFYUCPPLEJSFDUDVSSFOU`Q`%.1%0
$!+.5R
S`999`T
6HFWLRQ,R73OD\JURXQG
3UDFWLFDO([DPSOHVWR,QWHUDFW
ZLWKWKH3K\VLFDO:RUOG
$%/`%/`0$!`/!0%+*`3$!.!`3!`+2!.`0$!`$%*#/`,.0`+"` +K`!`3%((`!4,(+.!`* `!4,!.%)!*0
3%0$``2.%!05`+"`+))+*`/!*/+./L`010+./L`* `!(!0.+*%`%.1%0/L`3$%$`3!`3%((`1/!`0+
%*0!.0`3%0$`0$!`,$5/%(`3+.( `1/%*#`50$+*K`* `(+*#`0$!`35L`3!`3%((`/!!`)*5
,.0%(`,,(%0%+*/`+"`0$!`+.!`!(!0.+*%/`,.%*%,(!/`0$0`3!`(!.*! `%*`!0%+*`9K` *`0$!
(00!.`,.0`+"`0$%/`/!0%+*L`3!`3%((`(/+`+)%*!`+1.`(!.*%*#`".+)`!0%+*`8`Q0$0`%/`0$!
*0!.*!0`,.0`+"` +R`0+`.!0!`!* _0+_!* ` +`,,(%0%+*/`1/%*#``2.%!05`+"` %""!.!*0
,,.+$!/K
$%/`/!0%+*`+),.%/!/`0$!`"+((+3%*#`$,0!./M
$IBQUFSL`1.*%*#`$%*#/`*`* `""
$IBQUFSL`%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+*
$IBQUFSL`!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/
$IBQUFSL`+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./
$IBQUFSL`!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0
$IBQUFSL` 2*! ` +`.+#.))%*#`+*!,0/```$.! /L`/5* L`* `2!*0
++,/
$IBQUFSL` +`%/1(%60%+*`* `10+)0%+*`(0"+.)/
$IBQUFSL`5%*#` 0`((`+#!0$!.```*` +`$.%/0)/`.!!
7XUQLQJ7KLQJV2QDQG2II
*`0$!`,.!2%+1/`$,0!.L`3!`(++'! `0`+.!`!(!0.+*%`%.1%0/`* `+*!,0/`0$0`5+1`3%((`1/!
3$!*`%*0!."%*#` %#%0(`* `*(+#`%.1%0/`3%0$`5+1.`/,!..5`%W/` `,%*/K
*`0$%/`$,0!.L`3!`3%((`+2!.`$+3`0+`/3%0$`0$%*#/`+*`* `+""`0$0`.!-1%.!`)+.!`2+(0#!`*
1..!*0`0$*`*`!`/"!(5`1/! `3%0$`5+1.`/,!..5`%K`$!*`%0`+)!/`0+`!(!0.+*%/L
$1* .! /`+"` %""!.!*0`+),+*!*0/`*`!`1/! `"+.`+*0.+((%*#`* `/3%0$%*#K`* `0$!.!`.!
0$+1/* /`+"` %""!.!*0`35/`0$!5`*`!`+*"%#1.! K`!`3%((`!`"+1/%*#`+*`0$.!!`+))+*
+),(!)!*0/d+,0++1,(!./L`0.*/%/0+./L`* `.!(5/K
!.!`%/`3$0`3!`3%((`+2!.`%*`0$%/`$,0!.M
4,(+.%*#``.!(5` .%2!.`%.1%0
!0!.)%*%*#``(+ W/`2+(0#!`* `1..!*0
/%*#`*`+,0++1,(!.`/``/3%0$
/%*#``0.*/%/0+.`/``/3%0$
/%*#``.!(5`/``/3%0$
1.*%*#`$%*#/`*`* `"" $,0!.`>
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$` !/'0+,`* `.!+))!* ! `/+"03.!R
`)%*%)1)`+"`50$+*`2!./%+*`:K<
% M`$!`% ` `(%..5`QIUUQTQZQJPSHQSPKFDUQJHQJPR
$!`!(!0.+*%`+),+*!*0/`3!`3%((`*!! `"+.`0$%/`$,0!.W/`!4!.%/!/`.!`/`"+((+3/M
8`4`9>777``Q/),(!` 0/$!!0M`IUUQTXXXBMMEBUBTIFFUDPN
EBUBTIFFUQEGQEG0/4&.*/IUNMR
8`4`:77=``Q+,0%+*(d/),(!` 0/$!!0M`IUUQTXXX
BMMEBUBTIFFUDPNEBUBTIFFUQEGQEG'"*3$)*-%'21/-IUNMR
8`4`?8>`+,0++1,(!.`Q/),(!` 0/$!!0`IUUQTXXXBMMEBUBTIFFUDPN
EBUBTIFFUQEGQEG4)"311$9IUNMR
8`4`_<__`.!(5`Q/),(!` 0/$!!0M`IUUQTXXXBMMEBUBTIFFUDPN
EBUBTIFFUQEGQEG40/(-&3&-":43%7%$4-$IUNMR
8`4`8;778` %+ !
9`4`8'`c`* `8`4`877'`c`.!/%/0+./
S`99<`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
8`4`<))`.! `
8`4`%6!`8:7`Q8:7R``)+0+.`.0! `:_=`2+(0/`Q% !((5`3%0$``/0((`1..!*0`D`?77)R
+.`(0!.*0!``)+0+.`3%0$`+),0%(!`2+(0#!`* `1..!*0`.0%*#/
%#%0(`)1(0%)!0!.`,(!`+"`)!/1.%*#`1..!*0`Q%0W((`$2!`*``+.`)`/!00%*#R
9`4`40!.*(`,+3!.`/+1.!/d0``)%*%)1)L``:K:\<`.! +. _)+1*0(!
,+3!.`/1,,(5
([SORULQJDUHOD\GULYHUFLUFXLW
`+))+*`%*0.+ 10%+*`0+`!(!0.+*%`/3%0$%*#`%/`0$!`)!$*%(`.!(5d` !2%!`0$0
+,!.0!/`(%'!``+))+*`/3%0$L`+*(5`%0W/`01.*! `+*`* `+""`5`,,(5%*#`,+3!.`0+`%0K
*"+.01*0!(5L`+**!0%*#``.!(5` %.!0(5`0+``/,!..5`%`%/` *#!.+1/P`!(5/
+))+*(5`.!-1%.!`0++`)1$`1..!*0`* `2+(0#!`* `Q%"`0$!5` +`/3%0$R`*` )#!`5+1.
/,!..5`%K`+L`3!`*!! `` .%2!.`%.1%0`0$0`/%0/`!03!!*`5+1.`/,!..5`%`* `0$!`.!(5K
*`!4),(!`+"`0$%/`%.1%0`%/`/$+3*`%*`%#1.!`>K8M
(KIWTGb4GNC[FTKXGTEKTEWKV
S`99=`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
'HWHUPLQLQJDORDG VYROWDJHDQGFXUUHQW
`(+ `%/`/+)!0$%*#`0$0`5+1`3*0`0+`+*0.+(L`+.`"+.`0$%/`$,0!.L`/3%0$`+*`* `+""K`/L
0.*/%/0+./L`+,0++1,(!./L`.!(5/L`(%#$0/L`!(!0.%`)+0+./L`$!0!./L`,1),/L`10+)0%`#.#!
++./L`* `/`.!`((`!4),(!/`+"``(+ K` "`5+1`.!"!.`'`0+`%#1.!`>K8L`5+1`3%((`*+0%!`0$!
3+. `+ `+*`0$!`.%#$0_$* `/% !`+"`0$!` %#.)K`$%/`%/`3$!.!`5+1`+**!0`0$!`0$%*#`5+1
3*0`0+`/3%0$`+*`+.`+""K
0W/`%),+.0*0`0+`'*+3`03+`,.+,!.0%!/`+10`0$!`(+ `5+1`3*0`0+`+*0.+(M
*+3%*#`0$!/!`,.+,!.0%!/`%/`%),+.0*0`!1/!`0$!5`%*"(1!*!`3$%$`+),+*!*0/`.!
$+/!*`"+.``%.1%0L`%*(1 %*#`0$!`/,!%"%0%+*/`"+.``/1%0(!`,+3!.`/1,,(5K`!`3%((`)'!
)!*0%+*`+"`(+ `1..!*0/`/`3!`1%( `%.1%0/`0$.+1#$+10`0$%/`$,0!.L`/+``(%00(!`)+.!
+*0!40`%/`+)%*#K`+.`*+3L`(!0W/`(++'`0`$+3`0+`)!/1.!`0$!`1..!*0`(+ `+"```)+0+.K
0HDVXULQJWKHFXUUHQWUHTXLUHPHQWRID'&PRWRU
+0+./`.!``+))+*`%0!)`0$0`,!+,(!`3*0`0+`+*0.+(L`* `0$!5`/!.2!`/`*`!4!((!*0
!4),(!`%*`1..!*0`)!/1.!)!*0K`!0W/`,!."+.)`*`!4!.%/!`0+`)!/1.!`0$!`1..!*0`1/! `5
+1.``)+0+.M
S`99>`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
(KIWTGb4&%/QVQT
`05,%(`/%6!`8:7`Q8:7R``)+0+.`%/`/$+3*`%*`0$!`,.!! %*#`,$+0+#.,$L`0+#!0$!.`3%0$`
/!0`+"`&1),!.`(! /`/+( !.! `0+`0$!`)+0+.W/`0!.)%*(/`/+`%0`*`!`,(1##! `!/%(5`%*0+`
.! +. K`$%/`)+0+.`$/``.! `'L`$+3!2!.L`+0$!.`+(+./`.!`+))+*d!/,!%((5
(!.\3$%0!K`$!`+(+.`$/`*+`!.%*#`+*`0$!`)+0+.`/,!%"%0%+*/K
/`5+1`,.+!! `3%0$`0$!`"+((+3%*#`/0!,/L`,(!/!`+*/1(0`5+1.`)1(0%)!0!.
)*1(`%"`5+1`.!`1*/1.!`$+3`0+`,(!`%0`%*0+`1..!*0`)!/1.!)!*0`)+ !K
!.!`.!`0$!`/0!,/`0+`"+((+3M
8K +**!0`1,``%.1%0`/`/$+3*`%*`%#1.!`>K:M
(KIWTGb/GCUWTKPIEWTTGPVYKVJCOWNVKOGVGT
S`99?`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
!`.!`//1)%*#`0$0`0$!`)+0+.`$!.!`%/`0$!`+*!`)!*0%+*! `%*`0$!`!$*%(
.!-1%.!)!*0/`/!0%+*`0`0$!`/0.0`+"`0$!`$,0!.K`$%/`)+0+.`%/`/)((`!*+1#$`0+`!
,+3!.! `".+)``.! +. `,+3!.`/1,,(5L`3$%$`05,%((5`*`/1,,(5`!03!!*
<77)`* `?77)K`+.`(.#!.`)+0+./`Q* `+0$!.`%0!)/`3$!.!`5+1` +`*+0`'*+3
0$!%.`.0%*#/`* `3*0`0+`)!/1.!`0$!)RL`5+1`3%((`.!-1%.!``)+.!`,(!`,+3!.
/1,,(5K
9K '!`/1.!`5+1.`)1(0%)!0!.`%/`/!0`0+`)!/1.!`)%((%),/`Q)RL`* `0$0`%0/`.!
(! `%/`+**!0! `0+`0$!`+..!0`(! `%*,10`Q05,%((5`%0`3%((`!`(!(! ``+.`)RK` "
5+1.``$/``g`%*,10L` +`*+0`1/!`%0`+.`5+1`)5`(+3`5+1.`W/`,.+0!0%+*
"1/!`Q0$!`"1/!`*`!`.!,(! RK
:K ,,(5`,+3!.`0+`0$!`%.1%0L`* `0$!`)+0+.`3%((`/,%*K
;K +1.`)1(0%)!0!.`3%((` %/,(5`0$!`1..!*0` .3`+"`0$!`)+0+.K`.%0!` +3*`0$%/
2(1!K`$%/`%/`'*+3*`/`0$!`+*0%*1+1/`+.`".!!`1..!*0`* `%/`0$!`1..!*0`5+1.
)+0+.`1/!/`3$%(!`".!!(5`/,%**%*#`3%0$`*+0$%*#`+**!0! `0+`%0/`/$"0K
<K %/+**!0`,+3!.`0+`0$!`)+0+.K
=K /%*#``,%.`+"`,(%!./L`$+( `0$!`)+0+.W/`/$"0`/+`%0`**+0`/,%*K
>K !,,(5`,+3!.`0+`0$!`)+0+.L`* `-1%'(5`+/!.2!`Q* `3.%0!` +3*R`0$!`W/
.! %*#K`$%/`.! %*#`%/`((! `0$!`/0((`1..!*0K``)+0+.`3%((`1/!`0$!`)+/0`
1..!*0`3$!*`%0/`/$"0`$/`!!*`"+.!"1((5`/0+,,! `".+)`)+2%*#K`
?K %/+**!0`0$!`,+3!.`0+`0$!`)+0+.K
+*0%*1+1/`+.`".!!`1..!*0M`G887)`0+`G977)d/`0$!`)+0+.`$!0/`".+)`1/!L`%0
3%((`1/!`(!//N`0$!`G977)`)!/1.!)!*0`3/`3$!*`0$!`)+0+.`3/`+( K`2!.`+*!
)%*10!L`%0` .+,,! `0+`G887)K
0((`1..!*0M`$%/`3/`G<77)`0+`G=77)K
S`99@`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
0`%/`%*0!.!/0%*#`0+`*+0!`0$0`0$!.!W/`(/+``/0.0_1,`1..!*0L`3$%$`%/`
)+)!*0.5`,!'`1..!*0`0$0`+1./`3$!*`0$!`)+0+.`/0.0/L`10`3!`3+*W0
!`(!`0+`)!/1.!`0$0`+*``#!*!.%`K
0HDVXULQJWKHFXUUHQWUHTXLUHPHQWRIDUHOD\DQG
/('
!`3%((`(/+`)!/1.!`0$!`1..!*0` .3`+"`*``* `0$!`.!(5`3!`3%((`1/!`%*`0$%/`$,0!.`
3$!*`3!`.!$`0$!`/!0%+*`0%0(! `/%*#``.!(5`/``/3%0$K`+1`*`)!/1.!`0$!`1..!*0` .3
1/%*#`/0!,/`8`0+`;`".+)`0$!`,.!! %*#`/!0%+*K`$!`/!01,`0+`,!."+.)`0$%/`)!/1.!)!*0`"+.`*
`* `.!/%/0+.`,%.`%/`%((1/0.0! `$!.!M
(KIWTGb/GCUWTKPIEWTTGPVVJTQWIJCTGUKUVQT.'&EKTEWKV
$%/`%/`0$!`/%`,.+!//`3!`"+((+3M
8K !`00$`*``* ``8'c`.!/%/0+.`Q+.``.!(5R`%*`,(!`+"`0$!`)+0+.`/$+3*`%*
%#1.!`>K:K
9K !0`5+1.`)1(0%)!0!.`0+`)%((%),/`)+ !K
:K ,,(5`,+3!.`0+`0$!`%.1%0K
;K !/1.!`0$!`),!.#!`+*`5+1.`)1(0%)!0!.K
S`9:7`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
(KIWTGb54&8&%5.%TGNC[
%0$``<`/+1.!L`5+1`/$+1( `+0%*`2(1!/`/%)%(.`0+`0$!/!`+*`5+1.`)1(0%)!0!.M
<))`.! ``%*`/!.%!/`3%0$``8777c`.!/%/0+.M`:)`Q2(1!/`".+)`$)/
(1(0%+*`* `.+1* ! `1,` `C`Q<`_`9K8R`\`8777b`C`9K@)R
!(5M`>7)`0+`@7)`Q2(1!/`".+)`0$!` 0/$!!0`* `+*"%.)! `5`)5`+3*
)!/1.!)!*0/R
(!/!`*+0!`0$0`0$!`+,0++1,(!.`* ``+),+*!*0`3!`3%((`!
1/%*#` +`$2!``2+(0#!` .+,`/,!0`0+`0$!)`0$0` +!/`""!0`1..!*0
0$.+1#$`0$!`00$! `(+ K`$%/`%),0`+"`0$!/!`2+(0#!` .+,/`.!
%))0!.%(`"+.`+1.`,1.,+/!/L`/+`0$!5`.!`*+0`0'!*`%*0+`+1*0`"+.`0$!
(1(0%+*/`%*`0$%/`$,0!.`"+.`.!2%05K
S`9:8`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
!`3%((`!`.!"!.!*%*#`0$!`)!/1.!)!*0/`5+1`$2!`,!."+.)! `%*`0$%/`/!0%+*`/`3!`!4,(+.!
+,0++1,(!./L`/L`* `.!(5/`0$.+1#$+10`0$%/`$,0!.K`,!%"%((5L`3!`3%((`+),.!
0$!`1..!*0`.0%*#/`+"`0$!/!`+),+*!*0/`Q"+1* `%*`0$!%.`.!/,!0%2!` 0/$!!0/R`0+`+1.`
)+0+.L`\.!/%/0+.L`* `.!(5`)!/1.!)!*0/`* `+*/% !.`3$0`+),+*!*0/`*`!`1/!
0+` %.!0(5`+*0.+(`3$%$`(+ K
!`3%((`/0.0`5`(!.*%*#`+10`+,0++1,(!./`* `$+3`0+`1/!`0$!)`/``/3%0$K
8VLQJDQRSWRFRXSOHUDVDVZLWFK
*`+,0++1,(!.`Q+.`+,0+%/+(0+.R`%/``(%#$0_+*0.+((! `+),+*!*0`0$0`%/`1/! `0+`!(!0.%((5
%/+(0!`03+`%.1%0/K`*`%((1/0.0%+*`* `0$!`/$!)0%`/5)+(`+"`*`+,0++1,(!.`.!`/$+3*
$!.!M
(KIWTGb1RVQEQWRNGTU[ODQNCPFEQORQPGPVYKVJRKPUNCDGNGF
S`9:9`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
!0W/`.!0!``/%),(!`%.1%0`0+` !)+*/0.0!``?8>`+,0++1,(!.L`3$%$`$/`0$!`"+((+3%*#
/,!%"%0%+*/M
*,10`/% !`Q0$!`RM`$%/`$/`0$!`"+((+3%*#M
5,%(`"+.3. `2+(0#!`QR`%/`8K9`2+(0/`
4%)1)`"+.3. `1..!*0`Q R`%/`<7)`
10,10`/% !`Q0$!`,$+0+0.*/%/0+.RM`$%/`$/`0$!`"+((+3%*#M
4%)1)`+((!0+._!)%00!.`2+(0#!`QRM`?7`2+(0/`
4%)1)`+((!0+.`1..!*0`Q RM`<7)`
+((!0+._)%00!.`01.0%+*`+(0#!`Q/0R`%*`0$!`.*#!`7K8`0+`7K9
2+(0/`Q/%((5`0$!`2+(0#!` .+,R
!!,%*#`0$!/!`/,!%"%0%+*/`%*`)%* L`(!0W/`!#%*`+1.`%.1%0`1%( K
%XLOGLQJWKHRSWRFRXSOHUFLUFXLW
!W.!`+10`0+`1%( `0$!`%.1%0`%((1/0.0! `%*`0$!`"+((+3%*#` %#.)K`$%/`%.1%0`1/!/`0$!
?8>`+,0++1,(!.`0+`!(!0.%((5`%/+(0!`+1.`/,!..5`%`* `0$!``/1%.1%0M
S`9::`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
(KIWTGb1RVQEQWRNGTEKTEWKV
$!`/0!,`*1)!./`$!.!`)0$`0$!`*1)!.! `('`%.(!/`%*`%#1.!`>K>M
S`9:;`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
?K +**!0`0$!`,+/%0%2!`+10,10`+"``<_2+(0`,+3!.`/1,,(5`%*0+`0$!`.%#$0_$*
/% !`,+/%0%2!`,+3!.`.%(K
@K +**!0`0$!`*!#0%2!`+10,10`+"``,+3!.`/1,,(5`%*0+`0$!`.%#$0_$* `/% !`*!#0%2!
,+3!.`.%(K
87K +**!0`0$!`+0$!.`!* `+"`0$!`.!/%/0+.`5+1`,(! `0`/0!,`;`0+``:K:_2+(0`,%*`+*`5+1.
/,!..5`%K
88K %*((5L`+**!0`,%*`9`+"`0$!`?8>`0+` `98`+*`5+1.`/,!..5`%K
&RQWUROOLQJWKHRSWRFRXSOHUZLWK3\WKRQ
0.0`5`.1**%*#`0$!`+ !`%*`0$!`DIBQUFSPQUPDPVQMFS@UFTUQZ`"%(!L`* `+/!.2!`0$!
`(%*'K`+((+3%*#`%/`0$!`,.0`+"`0$!`+ !`.!/,+*/%(!`"+.`0$!`(%*'%*#M
USVODBUFE
QJXSJUF (1*0@1*/QJHQJP-08 0O
QSJOU 0O
TMFFQ
QJXSJUF (1*0@1*/QJHQJP)*() 0GG
QSJOU 0GG
TMFFQ
USVODBUFE
S`9:<`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
!.!W/`3$0W/`$,,!*%*#M
*`5+1`.!)!)!.`".+)`0$!`,.!2%+1/`$,0!.L`$IBQUFSL`(!0.+*%/`878`"+.`0$!`+"03.!
*#%*!!.L`3$!*`3!` %/1//! `0$0`3!`/$+1( `*+0`!4,!0`)+.!`0$*`?)`".+)``/,!..5
%` `,%*O`!((L`5`1/%*#``?8>`+,0++1,(!.L`3!`*`*+3`+*0.+(`1,`0+`<7)`5
,(%*#`*`+,0++1,(!.`!03!!*`` `,%*`* ``%.1%0K`1.0$!.)+.!L`3!`.!`(/+`*+0
(%)%0! `0+`0$!`:K:`2+(0/`+"`` `,%*`/%*!`0$!`?8>`*`$* (!`1,`0+`?7`2+(0/K
!)!)!.`0$0`` `,%*W/`,.%).5`.+(!`%/`0+`+*0.+(`/+)!0$%*#L
*+0`,+3!.`%0L`/+`(35/`0$%*'`+10`+*0.+(`* `,+3!.`.!-1%.!)!*0/
%* !,!* !*0(5K
S`9:=`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
$!`W/`:)`%/`(!//`0$*`0$!`+,0++1,(!./`)4%)1)`+10,10_/% !`.0%*#`+"`<7)L`/+`%0W/
"%*!`0+` .%2!`0$!`` %.!0(5`+*`0$!`+10,10`/% !K`$!`.!(5`* `)+0+.L`$+3!2!.L`.!-1%.!``
1..!*0`!5+* `0$!`(%)%0/`+"`0$!`?8>L`/+`1/%*#`0$!)`+*`0$!`+10,10`)5`.!/1(0`%*` )#!
0+`0$!`+,0++1,(!.K
8VLQJDWUDQVLVWRUDVDVZLWFK
.*/%/0+./`.!``$* /_ +3*`)+/0`/%#*%"%*0`!(!0.+*%`+),+*!*0`%*`1/!`0+ 5`* `0$!
'+*!`+"`0$!` %#%0(`.!2+(10%+*K`$!5`*`!`1/! `%*`03+`/%`35/d/`*`),(%"%!.`+.
/`` %#%0(`/3%0$K`1.`"+1/`%/`#+%*#`0+`!`+*` %#%0(`/3%0$%*#L`* `3!`3%((`!`1/%*#`
0.*/%/0+.`05,!`'*+3*`/``!0(_4% !_!)%+* 10+._%!( _""!0`.*/%/0+.
QRL`/,!%"%((5L`*`_$**!(`*$*!)!*0`+ !`d5!/L`%0W/``)+10$"1(P
+*W0`#!0`0++`1#$0`1,`+*`0$!`(+*#`0!$*%(`*)!`+.`0$!`)*5`"+.)/`+"`0.*/%/0+./`0$0
!4%/0K`$!`/%),(!`0'!_$+)!`$!.!`%/`0$0`*`_$**!(`*$*!)!*0`+ !``3+.'/
3!((`/`` %#%0(`/3%0$`0$0`3!`*`+*0.+(`1/%*#`+1.`/,!..5`%L`+.`/`3!`3%((`/!!`(0!.L
".+)`*+0$!.`/+1.!`/1$`/`*`+,0++1,(!.K
/`.!`2+(0#!_+*0.+((! `0.*/%/0+./K`*+0$!.`05,!`+"`0.*/%/0+.`'*+3*
/``%,+(.` 1*0%+*`.*/%/0+.`Q R`%/``1..!*0_+*0.+((! `0.*/%/0+.K
/`.!`,!."!0(5`"%*!`0+`1/!`3%0$``/,!..5`%`10`.!-1%.!` %0%+*(
+*/% !.0%+*/K`+1W((`"%* ``(%*'`%*`0$!`1.0$!.`.! %*#`/!0%+*`0+`"1.0$!.
5+1.`(!.*%*#`+*`0.*/%/0+./K
$!`"+((+3%*#`!4!.%/!`3%((`!`1/%*#``9>777L`*`_$**!(`*$*!)!*0`+ !`L
/`%((1/0.0! `%*`%#1.!`>K?K`$!`(!#`*)!/`.!`+1.!L` 0!L`* `.%*K`3+` %""!.!*0
,'#%*#`/05(!/`.!`(/+`%((1/0.0! L`0$!`@9`* `997K`+0%!`0$0`0$!`..*#!)!*0`+"
0$!`+1.!L` 0!L`* `.%*`(!#/`+*`0$!`03+`/05(!/`.!` %""!.!*0M
S`9:>`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
(KIWTGb0%JCPPGN'PJCPEGOGPV/15('6U[ODQNCPFEQOOQPRCEMCIGUV[NGU
$!`9>777`$/`0$!`"+((+3%*#`/,!%"%0%+*/`%*`%0/` 0/$!!0M
4%)1)`.%*`+1.!`+(0#!`QR`+"`=7`2+(0/`
4%)1)`+*0%*1+1/`.%*`1..!*0`Q R`+"`977`)`
4%)1)`1(/! `.%*`1..!*0`Q R`+"`<77`)`
0!`$.!/$+( `+(0#!`Q Q0$RR`%*`0$!`.*#!`+"`7K?`0+`:`2+(0/`
.%* +1.!`* +(0#!`QQ+*RR`%*`0$!`.*#!`+"`7K;<`0+`9K<`2+(0/```Q2+(0#!
.+,R
!.!`%/`$+3`0+`%*0!.,.!0`0$!/!`,.)!0!./`.!#. %*#`0$!`9>777M
S`9:?`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
%XLOGLQJWKH026)(7FLUFXLW
!`3%((`1%( `+1.`%.1%0`%*`03+`,.0/L`/0.0%*#`3%0$`0$!`,(!)!*0`+"`0$!`+),+*!*0/`+*
+1.`.! +. M
(KIWTGb/15('6VTCPUKUVQTEKTEWKV RCTVQH
+((+3%*#`.!`0$!`/0!,/`"+.`0$!`"%./0`,.0`+"`+1.`1%( K`$!`/0!,`*1)!./`)0$`0$!
*1)!.! `('`%.(!/`%*`%#1.!`>K@M
S`9:@`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
(KIWTGb/15('6VTCPUKUVQTEKTEWKV RCTVQH
8K +**!0`` `,%*`".+)`5+1.`/,!..5`%`%*0+`0$!`*!#0%2!`.%(`+"`0$!`.%#$0_
$* `/% !`,+3!.`.%(K
9K +**!0`0$!`*!#0%2!`.%(/`+"`0$!`.%#$0_$* `/% !`* `(!"0_$* `/% !`,+3!.`.%(/K
:K +**!0`0$!`877'c`.!/%/0+.`%*0+`0$!`*!#0%2!`,+3!.`.%(K
;K +**!0`0$!`+1.!`(!#`+"`0$!``%*0+`0$!`*!#0%2!`,+3!.`.%(K
S`9;7`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
<K +**!0`0$!`.%*`(!#`+"`0$!``0+`0$!`8'c`.!/%/0+.K
=K +**!0`0$!`*+ !`(!#`+"`0$!``0+`0$!`0$+ !`(!#`+"`0$!` %+ !K
>K +**!0`0$!`*+ !`(!#`+"`0$!``Q* `0$+ !`(!#`+"`0$!` %+ !R`0+`0$!`,+/%0%2!
,+3!.`.%(`+*`0$!`.%#$0_$* `/% !`,+3!.`.%(K
?K +**!0`0$!`8'c`.!/%/0+.`0+` `98`+*`5+1.`/,!..5`%K
@K +**!0`0$!`,+/%0%2!`+10,10`0!.)%*(`+*`5+1.`,+3!.`/1,,(5`%*0+`0$!`,+/%0%2!`.%(
+"`0$!`.%#$0_$* `/% !`,+3!.`.%(K
87K +**!0`0$!`*!#0%2!`+10,10`0!.)%*(`+*`5+1.`,+3!.`/1,,(5`%*0+`0$!`*!#0%2!
.%(`+"`0$!`.%#$0_$* `/% !`,+3!.`.%(K
+0%!`%*`%#1.!`>K87`Q* `%#1.!`>K8R`0$!`877'c`.!/%/0+.`:K`$%/`%/`*`!40!.*(`,1((_
+3*`.!/%/0+.`0$0`!*/1.!/`0$0`0$!` 0!`(!#`+"`0$!``%/`0%! `0+` `Q7`2+(0/R`3$!*`%0
%/`*+0`,1((! `1,`0+`B:K:`2+(0/`3$!*` `98`%/`$%#$K`/`$2!`,%0%2!`$.#!L`/+
3%0$+10``,1((_ +3*L`0$!``)5`,,!.`/0%'5`* `/(+3`3$!*`%0`0.*/%0%+*/`".+)`+*
Q `98`%/`$%#$R`0+`+""`Q `98`#+!/`(+3R`/`%0` %/$.#!/`Q*+0!`0$0`0$%/`%.1%0`%/`0%2!
$%#$RK`$!`,1((_ +3*`.!/%/0+.`!*/1.!/``.,% ` %/$.#!`%*0+`0$!`+""`/00!K`!`1/!`*
!40!.*(`,1((_ +3*`.!/%/0+.`%*`,.!"!.!*!`0+`*`%*_+ !`0%20! `,1((_ +3*`0+`!*/1.!/`0$!
` 0!`%/`,1((! ` +3*`!2!*`3$!*`0$!`/,!..5`%`%/`,+3!.! `+""`+.`3$!*`+ !
$/`*+0`.1*K
S`9;8`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
/`3%0$`0$!`+,0++1,(!.`!4),(!L`5+1`*`+**!0`0$!`3%.!W/`!40!.*(
,+3!.`/1,,(5`0+`5+1.`/,!..5`%W/`B<`,%*`* `` `,%*`"+.`0$%/`
!4),(!`/%*!`%0/`1..!*0`.!-1%.!)!*0/`.!`(+3K
&RQWUROOLQJWKH026)(7ZLWK3\WKRQ
1*`0$!`+ !`%*`0$!`DIBQUFSUSBOTJTUPS@UFTUQZ`"%(!L`* `0$!`.! ``3%((`01.*`+*
0$!*`+""L`0$!*`" !`%*`* `+10K`*!`5+1`$2!`+*"%.)! `0$0`5+1.`%.1%0`3+.'/L`(!0W/
+*0%*1!`* `(++'`0`0$!`+ !M
USVODBUFE
QJTFU@18.@SBOHF (1*0@1*/
USZ
QJXSJUF (1*0@1*/QJHQJP)*() 0O
QSJOU 0O
TMFFQ
QJXSJUF (1*0@1*/QJHQJP-08 0GG
QSJOU 0GG
TMFFQ
'BEF0VU
S`9;9`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
!0W/`$!'`3$!0$!.`+1.`.!(5`* `)+0+.`.!`/"!`0+`1/!`3%0$`0$%/`0.*/%/0+.`%.1%0L`#%2!*
+1.`9>777`%/`.0! `"+.`977`)%((%),/M
+`1/!`0$!`)+0+.`+.`.!(5L`5+1`)1/0`1/!`*`!40!.*(`,+3!.`/1,,(5`* `*+0
0$!`B<_2+(0`,%*`+*`5+1.`/,!..5`%K` "`5+1`0.5`* `1/!`0$!`B<_2+(0`,%*L
5+1`)5`"%* `5+1.`/,!..5`%`.!/!0/`/`5+1`.1*`0$!`+ !K
S`9;:`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
*`+1.`%.1%0L`0$!.!`%/`(/+`0$!`8;778` %+ !`8K`$%/`%/`'*+3*`/``"(5_'`+.`/1,,.!//%+*
%+ !K` 0/`.+(!`%/`0+`,.+0!0`0$!`%.1%0`".+)`.!2!./!`2+(0#!`/,%'!/`0$0`*`+1.`%*
!(!0.+)#*!0%`+),+*!*0/`/1$`/``.!(5`+.`)+0+.`3$!*`0$!5`.!`,+3!.! ` +3*K
.*0! L`+1.``%/`*+0`)#*!0%L`$+3!2!.L`%0` +!/`*+0` +`*5`$.)`$2%*#`0$!` %+ !
,.!/!*0K
*50%)!`5+1`.!`+*0.+((%*#``+),+*!*0`0$0`3+.'/`+*
!(!0.+)#*!0%/)`Q(/+`'*+3*`/`*`%* 10%2!`(+ RL`(35/`+..!0(5
%*/0((``"(5_'`/1,,.!//%+*` %+ !K
*`%#1.!`>K?L`3!`(/+`$2!`*`%((1/0.0%+*`+"`*`:77=K`$%/`%/``+3!.`_$**!(
*$*!)!*0`+ !``,(!`+"` .%2%*#`$%#$`),!.#!`(+ /K` 0`$/`0$!`"+((+3%*#
/,!%"%0%+*/`%*`%0/` 0/$!!0M
4%)1)`.%*`+1.!`+(0#!`QR`+"`=7`2+(0/`
4%)1)`+*0%*1+1/`.%*`1..!*0`Q R`+"`:9``Q),/`*+0`)%((%),/PR
4%)1)`1(/! `.%*`1..!*0`Q R`+"`89?`
0!`$.!/$+( `+(0#!`Q Q0$RR`%*`0$!`.*#!`+"`8`0+`9K<`2+(0/``QD`<`2+(0/`/+`%0W/
(+#%_(!2!(`+),0%(!R
.%* +1.!`* +(0#!`QR`)4%)1)`+"`8K<`2+(0/`
+1`*`/1/0%010!`*`:77=`Q+.`*+0$!.`_$**!(`*$*!)!*0`)+ !`(+#%_(!2!(
,(!`R`%*`0$!`,.!! %*#`%.1%0`* `%0`3%((`3+.'L`10`'!!,`0$!`"+((+3%*#`%*`)%* M
%#$!.`,+3!.`/`*`#!0`$+0`3$!*`+*0.+((%*#`$%#$`,+3!.`(+ /
* `*`!`"%00! `3%0$``$!0/%*'L`"+.`!4),(!L`0$!`:77=`$/``)!0(
0+,`3%0$``$+(!`3$!.!`0$!`$!0/%*'`%/`00$! K`$!` !0!.)%*%*#`"0+./
* `(1(0%+*/`/`0+`3$!*``$! /%*'`%/`.!-1%.! `.!`!5+* `+1.`/+,!L
$+3!2!.L`%"`5+1.``%/`#!00%*#`0++`$+0`Q* `5+1`.!`1/%*#`%0
3%0$%*`%0/` 0/$!!0`,.)!0!./RL`0$!*` ``$!0/%*'K
S`9;;`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
8VLQJDUHOD\DVDVZLWFK
(//%`.!(5/`.!`*`!(!0.+_)!$*%(`+),+*!*0`0$0`((+3/``/)((!.`1..!*0` !2%!`0+
/3%0$``$%#$!.`1..!*0` !2%!`+.`(+ `+*`* `+""K` *`,.%*%,(!L`0$!5`.!`&1/0`(%'!`0$!
`+.`+,0++1,(!.`3!`1/! `,.!2%+1/(5K`+L`3$5`$2!`.!(5/O` !.!`.!``"!3`.!/+*/M
$!.!`%/`(/+``05,!`+"`.!(5`'*+3*`/``+(% `00!`!(5`QR`0$0`$/
*+`)+2%*#`,.0/L`$+3!2!.L`0$!5`.!`05,%((5`)+.!`!4,!*/%2!`0$*`
+),.(!`)!$*%(`.!(5K
1.`"%./0`0/'`%/`0+`.!0!`+1.`%.1%0L`3$%$`3!`3%((` +`*!40K
%XLOGLQJWKHUHOD\GULYHUFLUFXLW
!0W/`1%( `+1.`.!(5` .%2!.`%.1%0K`!`3%((` +`0$%/`%*`0$.!!`,.0/L`/0.0%*#`3%0$`0$!
,(!)!*0/`+"`0$!`+),+*!*0/M
S`9;<`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
(KIWTGb4GNC[FTKXGTEKTEWKV RCTVQH
+((+3%*#`.!`0$!`/0!,/`"+.`0$!`"%./0`,.0`+"`0$!`1%( K`$!`/0!,`*1)!./`)0$`0$!
*1)!.! `('`%.(!/`%*`%#1.!`>K88M
S`9;=`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
(KIWTGb4GNC[FTKXGTEKTEWKV RCTVQH
8K +**!0`0$!`.!/%/0+.`5+1`,(! `0`0$!`,.!2%+1/`/0!,`9`0+``:K:_2+(0`,%*`+*`5+1.
/,!..5`%K
9K +**!0`,%*`9`+"`0$!`?8>`0+` `98`+*`5+1.`/,!..5`%K
:K +**!0`,%*`;`+"`0$!`?8>`0+`0$!`,+/%0%2!`.%(`+"`0$!`.%#$0_$* `/% !`,+3!.`.%(K
;K +**!0`0$!`+1.!`(!#`+"`0$!``%*0+`0$!`*!#0%2!`.%(`+"`0$!`.%#$0_$*
/% !`,+3!.`.%(K
<K +**!0`0$!`877'c`.!/%/0+.`0$0`+**!0/`%*0+`0$!`.%*`(!#`+"`0$!``0+
0$!`*!#0%2!`.%(`+"`0$!`.%#$0_$* `/% !`,+3!.`.%(K
=K +**!0`,%*`;`+"`0$!`?8>`0+`0$!`0$+ !`(!#`+"`0$!` %+ !K
>K +**!0`0$!`.%*`(!#`+"`0$!``0+`0$!`*+ !`(!#`+"`0$!` %+ !K
S`9;>`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
%*((5L`3!`3%((`+**!0`0$!`,+3!.`/1,,(%!/`* `.!(5M
(KIWTGb4GNC[FTKXGTEKTEWKV RCTVQH
0`/0!,`<L`5+1`)1/0`1/!`03+` %""!.!*0`!40!.*(`,+3!.`/+1.!/`"+.`0$%/
%.1%0`!1/!`0$!`1..!*0`.!-1%.!)!*0/`+"`0$!`.!(5`+%(`* `,+0!*0%(
.!(5`(+ `3%((`2!.5`(%'!(5`!`0++`)1$`0+`+..+3`Q.+R`".+)`5+1.
/,!..5`%W/`,+3!.`/1,,(5K
S`9;?`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
=K +**!0`0$!`,+/%0%2!`+10,10`0!.)%*(`+"`0$!` %""!.!*0`<_2+(0`,+3!.`/1,,(5`0+`0$!
,+/%0%2!`%*,10`0!.)%*(`+"`5+1.`(+ `Q"+.`!4),(!L`+*!`+"`0$!`0!.)%*(/`+*`
)+0+.RK
>K %*((5L`+**!0`0$!``Q+.)((5`,!*R`0!.)%*(`+"`0$!`.!(5`0+`0$!`*!#0%2!
%*,10`0!.)%*(`+"`5+1.`(+ K
+3`0$0`3!`$2!``"%*%/$! `%.1%0L`(!0W/`.1*``50$+*`,.+#.)`0+`+*0.+(`0$!`.!(5K
&RQWUROOLQJWKH5HOD\'ULYHU&LUFXLWZLWK3\WKRQ
1*`0$!`"+((+3%*#`+ !L`3$%$`%/`%*`0$!`DIBQUFSPQUPDPVQMFS@UFTUQZ`"%(!K`$!`.!(5
/$+1( `0%20!`3%0$``(%'`/+1* L`* ` !0%20!`"0!.`9`/!+* /K`$%/`%/`0$!`/)!`+ !`3!
1/! `3$!*`3!`.!0! `* `0!/0! `+1.`+,0++1,(!.`%.1%0`/%*!`%0W/`0$!`+,0++1,(!.`0$0`+1.
/,!..5`%`%/`+**!0! `0+K
S`9;@`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
S`9<7`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
6XPPDU\
*`0$%/`$,0!.L`3!`(!.*! `$+3`0+`/3%0$`0$%*#/`+*`* `+""K`!`+))!*! `5`.%!"(5
.!2%!3%*#``05,%(`.!(5` .%2!.`%.1%0L`!"+.!`(!.*%*#`$+3`0+`)!/1.!`0$!`1..!*0
.!-1%.!)!*0/`+"```)+0+.L`L`* `.!(5`1/%*#``)1(0%)!0!.K`!40L`3!` %/1//! `0$!
,.+,!.0%!/`+"`*`+,0++1,(!.`* `(!.*! `0`(+3`0+`1/!`%0`/`` %#%0(`/3%0$K`$!*L`3!
%/1//! `/`* ` %/+2!.! `$+3`0+`1/!`0$!)`/``/3%0$`* `"+.`)+0+.`/,!!
+*0.+(`1/%*#`K
4XHVWLRQV
/`3!`+*(1 !L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`.!#. %*#`0$%/
$,0!.W/`)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`++'M
S`9<8`T
1.*%*#`$%*#/`*`* `"" $,0!.`>
)XUWKHUUHDGLQJ
$!`"+((+3%*#`010+.%(`%/``0$+.+1#$`%*0.+ 10%+*`0+`0.*/%/0+./L`0$!%.`2.%+1/`05,!/L`*
,,(%0%+*/M
IUUQTXXXFMFDUSPOJDTUVUPSJBMTXTDBUFHPSZUSBOTJTUPS`Q/0.0`3%0$`0$!
`/!0%+*/R
S`9<9`T
/LJKWV,QGLFDWRUVDQG
'LVSOD\LQJ,QIRUPDWLRQ
*`0$!`,.!2%+1/`$,0!.L`3!`!4,(+.! `* `(!.*! `$+3`0+`1/!`*`+,0++1,(!.L`0.*/%/0+.L
* `.!(5`%.1%0`* `$+3`0$!/!`0$.!!`+),+*!*0/`3+.'`0+#!0$!.`0+`.!0!``+))+*`.!(5
+*0.+(`)+ 1(!K`!`(/+`+2!.! `$+3`0+`)!/1.!`0$!`1..!*0`1/#!`+"``(+ `1/%*#`
)1(0%)!0!.`/+`0$0`5+1`*`)'!`*`%*"+.)! ` !%/%+*`+*`3$0`)!0$+ `+.`+),+*!*0
/$+1( `!`1/! `0+`/3%0$`+.`+*0.+(`*`!40!.*(`(+ K
*`0$%/`$,0!.L`3!`3%((`+2!.`03+`(0!.*0%2!`35/`+"`)'%*#`+(+.`3%0$` `/`*
.!0!``/%),(!`,,(%0%+*`0+`)+*%0+.`5+1.`/,!..5`%W/``0!),!.01.!`* ` %/,(5
0$!`.!/1(0`+*`*`` %/,(5K`!`3%((`+*(1 !`5`/!!%*#`$+3`3!`*`+)%*!``*
166!./`0+`.!0!`/+1* K
!`3%((`+2!.`0$!`"+((+3%*#`0+,%/`%*`0$%/`$,0!.M
'%*#`+(+.`3%0$`*` `
+*0.+((%*#``)1(0%_+(+.`879``/0.%,`3%0$`
/%*#`*`` %/,(5
'%*#`/+1* `3%0$`166!./`* `
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$` !/'0+,`* `.!+))!* ! `/+"03.!R
`)%*%)1)`+"`50$+*`2!./%+*`:K<
% M`$!`% ` `(%..5`QIUUQTQZQJPSHQSPKFDUQJHQJP
%((+3M`50$+*` )#%*#`%..5`Q R`QIUUQTQZQJPSHQSPKFDU1JMMPXR
1)``0.%4`%..5``QIUUQTQZQJPSHQSPKFDUMVNBMFE@NBUSJYR
1)``%..5`QIUUQTQZQJPSHQSPKFDUMVNBPMFER
8`4`,//%2!`166!.`Q.0! `"+.`<`2+(0/R
8`4`8;778`%+ !
8`4`9>777`
9`4`8<cL``977cL`8'c`J`877'c`!/%/0+./
8`4` ``3%0$``+))+*`0$+ !`Q 0/$!!0M`IUUQTQEGBMMEBUBTIFFU
DPNEBUBTIFFUQEGWJFX15&$1-/8%3(#IUNMR
S`9<;`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
!0W/`)'!``/0.0`5`(++'%*#`0`$+3`3!`*`1/!``0+`/!0`0$!`+(+.`+"`*` `K
0DNLQJFRORUZLWKDQ5*%/('DQG3:0
*`0$%/`/!0%+*L`3!`3%((`(!.*`$+3`0+`1/!`1(/!_% 0$`+ 1(0%+*`QR`0+#!0$!.`3%0$`*`
``0+`.!0!` %""!.!*0`+(+./K`/``.!)%* !.L``%/``0!$*%-1!`0+`.!0!``2.%(!
2+(0#!L`3$%$`3$!*`,,(%! `0+`*``* `.!/%/0+.`,%.`*`!`1/! `0+`$*#!`0$!
.%#$0*!//`+"`*`K`!`"%./0` %/1//! ``* `1/! `%0`0+`$*#!`0$!`.%#$0*!//`+"`*
`'`%*`$IBQUFSL` !00%*#`0.0! `3%0$`50$+*`* ` +K`!`0$!*`+2!.! ``%*
#.!0!.` !,0$`%*`$IBQUFSL`+**!0%*#`5+1.`/,!..5`%`0+`0$!`$5/%(`+.( K
(KIWTGb4)$.'&XCTKGVKGU
S`9<<`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
+1`3%((`*+0%!`0$0`03+`05,!/`.!`/$+3*M
$!`+))+*`(!#`3%((`!`0$!`(+*#!/0`+"`0$!`"+1.`(!#/K` "`0$!`(+*#!/0`(!#`%/
(+/!/0`0+`0$!`"(0`/% !`+"`0$!`W/`/%*#L`%0W/``+))+*`0$+ !`05,!K`*
0$!`+0$!.`$* L`%"`0$!`(+*#!/0`(!#`%/`*!.!.`0$!`(%,`Q* `$!*!`"1.0$!/0`".+)
0$!`"(0`/% !RL`%0W/``+))+*`*+ !`05,!K
&UHDWLQJWKH5*%/('FLUFXLW
*`0$%/`/!0%+*L`3!`3%((`.!0!``/%),(!`%.1%0`0+`+*0.+(`*` `L`* `3!`3%((`!`1/%*#
`+))+*`0$+ !` ``Q0$0`%/L`0$!`0$.!!`%* %2% 1(`/`/$.!``+))+*`
+**!0%+*RK
(KIWTGb%QOOQPECVJQFG4)$.'&UEJGOCVKE
S`9<=`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
(KIWTGb%QOOQPECVJQFG4)$.'&EKTEWKV
!.!`.!`0$!`/0!,/`0+`"+((+3L`3$%$`)0$`0$!`*1)!.! `('`%.(!/`%*`%#1.!`?K:M
S`9<>`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
5XQQLQJDQGH[SORULQJWKH5*%/('FRGH
+3`0$0`5+1`$2!`5+1.`%.1%0`.! 5L`(!0W/`.1*`+1.`!4),(!`+ !K`1.`!4),(!`3%((`(%#$0
1,`0$!``* `)'!`%0`(0!.*0!` %""!.!*0`+(+./K` !.!`.!`0$!`/0!,/`0+`"+((+3M
S`9<?`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
*`(%*!`Q8RL`3!`.!`%),+.0%*#`HFUSHC`".+)`0$!`1*-*NBHF$PMPS`)+ 1(!K`HFUSHC`,.+2% !/
1/`3%0$``+*2!*%!*0`35`0+`+*2!.0`+))+*`+(+.`*)!/`/1$`/`.! `+.`$!4`2(1!/`/1$`/
''`%*0+`0$!%.` `+),+*!*0`2(1!/`/1$`/`Q9<<L`7L`7RM
GSPNUJNFJNQPSUTMFFQ
JNQPSUQJHQJP
GSPN1*-*NBHF$PMPSJNQPSUHFUSHC
(1*0@3&%
(1*0@(3&&/
(1*0@#-6&
S`9<@`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
(1*0@3&%`%/`/!0`0+`` 105`5(!`+"`7K
(1*0@(3&&/`%/`/!0`0+`` 105`5(!`+"`9<<K
(1*0@#-6&`%/`/!0`0+`` 105`5(!`+"`9<<K
/`5+1`.+3/!`0$!`/+1.!`"%(!L`5+1`3%((`!*+1*0!.`*+0$!.`03+`"1*0%+*/`0`(%*!/`Q=R`* `Q>RM
EFGDPMPS@DZDMF DPMPST SFEHSFFOCMVF EFMBZ@TFDT
USVODBUFE
S`9=7`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
&RQWUROOLQJDPXOWLFRORU$3$/('VWULS
ZLWK63,
$!`879`%/`*` .!//(!`)1(0%_+(+.`Q R``0$0`%/`+*0.+((! `1/%*#``!.%(
!.%,$!.(` *0!."!`Q RK` *`/%),(%/0%`0!.)/L`3!`/!* `%*/0.10%+*/`0+`0$!``/'%*#`%0
3$0`+(+.`0+` %/,(5`.0$!.`0$*`%* %2% 1((5`+*0.+((%*#`!$`+"`0$!`0$.!!`.! _#.!!*_(1!
(!#/`+"`0$!``1/%*#``/`3!` % `%*`0$!`,.!2%+1/`!4),(!K
879`/`(/+`#+`5`0$!`*)!`1,!.`/L`+00.`/L`*
/+)!0%)!/`!40` !*!.0%+*`!+%4!(/K`$!.!`%/`(/+`*+0$!.` .!//(!
L`0$!`9?89L`(/+`'*+3*`/``!+%4!(K`$%(!`/%)%(.`%*`,.%*%,(!
* `+,!.0%+*L`9?89` `/`.!`*+0`+),0%(!`3%0$`0$!`879K
S`9=8`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
&UHDWLQJWKH$3$FLUFXLW
*`0$%/`/!0%+*L`3!`3%((`.!0!`+1.`879`%.1%0L`/`/$+3*`%*`0$!`"+((+3%*#` %#.)K`!
3%((` +`0$%/`+*`+1.`.! +. `%*`03+`,.0/M
(KIWTGb#2#.'&UVTKREKTEWKVUEJGOCVKE
(KIWTGb#2#.'&EKTEWKV RCTVQH
S`9=9`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
!.!`.!`0$!`/0!,/`0+`"+((+3K`$!`/0!,`*1)!./`)0$`0$!`*1)!.! `('`%.(!/`%*`%#1.!
?K<M
8K (!`0$!`(+#%`(!2!(`+*2!.0!.`Q(+#%`(!2!(`/$%"0!.R`%*0+`0$!
.! +. L`,+/%0%+*%*#`0$!`(+3_2+(0#!`/% !`0+3. `5+1.`/,!..5`%K`%""!.!*0
(+#%`(!2!(`+*2!.0!./`)5`$2!` %""!.!*0`(!(%*#L`$+3!2!.L`%0`/$+1( `!`(!.
3$%$`%/`0$!`(+3_2+(0#!`/% !K` *`+1.`%((1/0.0%+*L`+*!`/% !`$/`*``Q+3
+(0#!R`0!.)%*(`3$%(!`0$!`+0$!.`$/`*` `Q %#$`+(0#!R`0!.)%*(L`3$%$
%/0%*#1%/$!/`0$!`/% !/K
9K +**!0`0$!`*!#0%2!`.%(/`+*`0$!`(!"0_$* `/% !`* `.%#$0_$* `/% !`,+3!.`.%(/K
:K +**!0``:K:_2+(0`,%*`+*`5+1.`/,!..5`%`0+`0$!`,+/%0%2!`.%(`+"`0$!`(!"0_$*
/% !`,+3!.`.%(K
;K +**!0`0$!``0!.)%*(`+*`0$!`(+#%`(!2!(`+*2!.0!.`%*0+`0$!`,+/%0%2!`.%(`+"`0$!
(!"0_$* `/% !`,+3!.`.%(K
<K +**!0`0$!` `Q/0!.`10`(2!` *R`,%*`+*`5+1.`/,!..5`%`0+`0$!`9
0!.)%*(`+*`0$!`(+#%`(!2!(`+*2!.0!.K
=K +**!0`0$!` `Q!.%(`(+'R`,%*`+*`5+1.`/,!..5`%`0+`0$!`8`0!.)%*(`+*
0$!`(+#%`(!2!(`+*2!.0!.K
>K +**!0`0$!` `0!.)%*(`+*`0$!`(+#%`(!2!(`+*2!.0!.`0+`0$!`*!#0%2!`.%(`+*`0$!
(!"0_$* `/% !`,+3!.`.%(K
?K +**!0`0$!`*!#0%2!`.%(`+*`0$!`(!"0_$* `/% !`,+3!.`.%(`0+`` `,%*`+*`5+1.
/,!..5`%K
S`9=:`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
(KIWTGb#2#.'&EKTEWKV RCTVQH
8K +**!0`0$!` `0!.)%*(`+"`0$!`(+#%`(!2!(`+*2!.0!.`0+`0$!`,+/%0%2!`.%(`+"`0$!
.%#$0_$* `/% !`,+3!.`.%(K
9K (!``&1),!.`3%.!`".+)`0!.)%*(`9`0+`*`1*1/! `.+3`+*`5+1.`.! +. `Q%*
0$!`%((1/0.0%+*L`0$%/`%/`/$+3*`0`$+(!` 8=RK
:K (!`*+0$!.`&1),!.`3%.!`".+)`0!.)%*(`8`0+`*`1*1/! `.+3`+*`5+1.
.! +. `Q%*`0$!`%((1/0.0%+*L`0$%/`%/`/$+3*`0`$+(!` 8;RK
;K +**!0`0$!` `0!.)%*(`+*`0$!`$%#$_2+(0#!`/% !`+"`0$!`(+#%`(!2!(`+*2!.0!.`0+
0$!`*!#0%2!`.%(`+"`0$!`.%#$0_$* `/% !`,+3!.`.%(K
<K +**!0`0$!`,+/%0%2!`+10,10`+"`5+1.`,+3!.`/1,,(5`0+`0$!`,+/%0%2!`.%(`+"`0$!`.%#$0_
$* `/% !`,+3!.`.%(K
=K +**!0`0$!`*!#0%2!`+10,10`+"`5+1.`,+3!.`/1,,(5`0+`0$!`*!#0%2!`.%(`+"`0$!
.%#$0_$* `/% !`,+3!.`.%(K
>K +**!0`0$!``0!.)%*(`+.`3%.!`+"`5+1.`879``/0.%,`0+`0$!`,+/%0%2!`.%(
+"`0$!`.%#$0_$* `/% !`,+3!.`.%(K
S`9=;`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
S`9=<`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
3RZHULQJWKH$3$FLUFXLW
*`$IBQUFSL`1.*%*#`$%*#/`*`* `""L`3!` %/1//! `0$!`%),+.0*!`+"`'*+3%*#`0$!
1..!*0`.!-1%.!)!*0/`+"``X(+ X`0$0`5+1`.!`1/%*#K`!0W/`,,(5`0$0`(!.*%*#`0+`+1.`879
`/0.%,`/+`3!`*`,+3!.`%0`+..!0(5K`1.`!4),(!`%/`//1)%*#```/0.%,`+*0%*%*#`=7
/L`$+3!2!.L`5+1`3%((`*!! `0+` &1/0`0$!`(1(0%+*/`/! `+*`0$!`*1)!.`+"`/`+*
5+1.`/0.%,K
5`0$!`35`+"`!4),(!L`3!`$2!`0$!`"+((+3%*#M
*`879``/0.%,`3%0$`=7`/K
$``1/!/`Q+*`2!.#!R``)4%)1)`+"`9<)`Q".+)`0$!` 0/$!!0`*
+*"%.)! `5`)!/1.!)!*0RK
$!``/0.%,`+*/1)!/`,,.+4%)0!(5`8<)`3$!*`% (!`Q*+``%/`(%0RK
`/%*#(!` ``1/!/`%0/`)4%)1)`1..!*0`3$!*`%0`%/`/!0`0+`0$!`+(+.
3$%0!L`3$%$`%/`3$!*`!$`%* %2% 1(``Q.! L`#.!!*L`* `(1!R`.!`0
0$!%.`"1((`.%#$0*!//K
!0W/`3+.'`'3. `0+`3+.'`+10`0$!`/"!`*1)!.`+"`/`0$0`3!`*`,+3!.`".+)`
>77)`,+3!.`/1,,(5M
"`3!`0$!*`/10.0`9`/`Q<7)R`/``/)((`/"!05`1""!.L`3!`#!0`9<`/K`!)!)!.`0$%/
*1)!.`Q+.`0$!`*1)!.`5+1`(1(0!R`/`3!`3%((`*!! `%0`*!40`3$!*`3!`.1*`+1.`!4),(!
+ !K
S`9==`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
"0!.`(1(0%*#`0$!`*1)!.`+"`/"!`/`5+1`*`1/!`3%0$`5+1.`,+3!.`/1,,(5L`3!`.!
*+3`.! 5`0+`+*"%#1.!`* `.1*`+1.`50$+*`!4),(!K
&RQILJXULQJDQGUXQQLQJWKH$3$/('VWULSFRGH
+3`0$0`5+1`$2!`5+1.`%.1%0`.! 5`* `+1.``/0.%,W/`!4,!0! `1..!*0`1/#!L`(!0W/
+*"%#1.!`* `(%#$0`1,`+1.``/0.%,M
8K %0`0$!`DIBQUFSBQB@MFE@TUSJQQZ`"%(!`* `(++'`"+.`0$!`"+((+3%*#`(%*!
*!.`0$!`0+,`+"`0$!`"%(!K` &1/0`0$!`*1)!.`0+`!`0$!`*1)!.`+"`/"!`/`5+1
(1(0! `,.!2%+1/(5L`+.`0$!`*1)!.`+"`/`+*`5+1.`/0.%,`%"`%0`$ ``/1%0(5
,(!`,+3!.`/1,,(5M
/6.@-&%4
"`5+1.``/0.%,`%/`*+0`3+.'%*#L`$!'`+10`0$!`879``/0.%,
0.+1(!/$++0%*#`0%,/`(0!.`%*`0$!`/!0%+*K
$3$/('VWULSFRGHZDONWKURXJK
0.0%*#`0`(%*!`Q8R`%*`0$!`"+((+3%*#`+ !L`3!`$2!`0$!`%),+.0/K`!`3%((`!`1/%*#``50$+*
EFRVF`+((!0%+*`%*/0*!`Q W((`&1/0`.!"!.`0+`%/`/`*`..5`"+.`/%),(%%05R`0+`)+ !(`%*_)!)+.5
0$!`879``/0.%,d3!`3%((`1%( `1,`* `)*%,1(0!`0$!`+. !.`+"`+(+./`3!`3*0`!$
%* %2% 1(``+*`0+` %/,(5`%*`0$%/`..5`!"+.!`,,(5%*#`%0`0+`0$!``/0.%,K`!`0$!*
%),+.0`0$!`HFUSHC`"1*0%+*`".+)`0$!` `(%..5`"+.`3+.'%*#`3%0$`+(+.`"+.)0/`Q/`3!` %
%*`0$!`,.!! %*#` ``!4),(!RM
USVODBUFE
GSPNDPMMFDUJPOTJNQPSUEFRVF
S`9=>`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
GSPN1*-*NBHF$PMPSJNQPSUHFUSHC
GSPNMVNBDPSFSFOEFSJNQPSUDBOWBT
GSPNMVNBMFE@NBUSJYEFWJDFJNQPSUBQB
GSPNMVNBDPSFJOUFSGBDFTFSJBMJNQPSUTQJCJUCBOH
/0(5L`0$!`0$.!!`MVNB`%),+.0/`.!`"+.`0$!`879``/0.%,`+*0.+(K`1)`%/``)01.!
$%#$_(!2!(`(%..5`"+.`3+.'%*#`3%0$``.*#!`+"`+))+*` %/,(5` !2%!/`1/%*#`50$+*K` 0`$/
/1,,+.0`"+.`/L``/0.%,/`* `)0.%!/L`* `)1$`)+.!L`%*(1 %*#`` %/,(5/L
3$%$`3!`3%((`+2!.`(0!.`%*`0$%/`$,0!.K
!`*`+*(5`/.0$`0$!`/1."!`+"`3$0`*`!` +*!`3%0$`0$!`1)`(%..5`%*`0$%/`$,0!.L
/+` `!*+1.#!`5+1`0+`!4,(+.!`%0/` +1)!*00%+*`* `.*#!`+"`!4),(!/d5+1W((`"%* `(%*'/`%*
0$!`1.0$!.`.! %*#`/!0%+*`0`0$!`!* `+"`0$%/`$,0!.K
!40L`3!`+)!`0+`(%*!`Q:R`%*`0$!`"+((+3%*#`+ !L`3$!.!`3!`//%#*`DPMPS@CVGGFS`0+`*
%*/0*!`+"`EFRVF`0$0`%/`%*%0%(%6! `3%0$`0$!`/)!`*1)!.`+"`!(!)!*0/`/`0$!.!`.!`/`%*
+1.`/0.%,K`$`!(!)!*0` !"1(0/`0+`('`Q0$0`%/L`0$!``%/`+""RM
USVODBUFE
DPMPS@CVGGFSEFRVF < CMBDL > /6.@-&%4NBYMFO/6.@-&%4
*`(%*!`Q;R`%*`0$!`"+((+3%*#`+ !L`3!`/0.0`0+`.!0!`+1.`/+"03.!`%*0!."!`0+`0$!`879K
!.!L`3!`.!`.!0%*#``TQJ `%*/0*!`.!,.!/!*0%*#`0$!` !"1(0`$. 3.!` 7`%*0!."!`+*
0$!`/,!..5`%K`+`1/!`0$%/`%*0!."!L`5+1.`879`)1/0`!`+**!0! `0+`0$!` `,%*/`+*
5+1.`/,!..5`%L`3$%$`.!`/`"+((+3/M
`+**!0! `0+`
`+**!0! `0+`
S`9=?`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
USVODBUFE
TFSJBMCJUCBOH 4$-,4%"
USVODBUFE
EFWJDFBQB TFSJBM@JOUFSGBDFTFSJBMDBTDBEFE/6.@-&%4
S`9=@`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
EFGVQEBUF
XJUIDBOWBT EFWJDF BTESBX
GPSMFE@QPTJOSBOHF MFO DPMPS@CVGGFS
DPMPSDPMPS@CVGGFS<MFE@QPT>
*GZPVS-&%TUSJQ TDPMPSTBSFBSFOPUJOUIFFYQFDUFE
PSEFSVODPNNFOUUIFGPMMPXJOHMJOFTBOEBEKVTUUIFJOEFYFT
JOUIFMJOFDPMPS SHC<>SHC<>SHC<>
SHCHFUSHC DPMPS
DPMPS SHC<>SHC<>SHC<>
JGMFO SHC
DPMPS SHC<> "EEJO"MQIB
+2%*#`+*`0+`(%*!/`Q@RL`Q87RL`* `Q88RL`3!`$2!`0$.!!`"1*0%+*/`0$0`/%),(5`)*%,1(0!
DPMPS@CVGGFSM
S`9>7`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
!`3%((`+),(!0!`+1.`+2!.#!`+"`0$!`879`3%0$``"!3`+*(1 %*#`*+0!/`+*`%0/`1/!`+"`0$!
`%*0!."!K
'LVFXVVLRQRI$3$DQGWKH63,LQWHUIDFH
"`5+1`/0`5+1.`)%* `'`0+`$IBQUFSL`+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(
+.( L`3$!.!`3!` %/1//! `!.%(`!.%,$!.(` *0!."!`Q RL`5+1`)5`.!)!)!.`0$0`3!`
)!*0%+*! `%0`1/!/`"+1.`3%.!/`"+.` 0`0.*/"!.K` +3!2!.L`%"`5+1`+*/% !.`+1.`%.1%0`%*
%#1.!`?K=L`3!W.!`+*(5`1/%*#`03+`3%.!/`Q `* ` RL`*+0`"+1.K`$0W/`#+%*#`+*O
!.!`%/`0$!` `),,%*#`"+.`0$!`879M
S`9>8`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
10L`3!W.!`*+0`Q* `**+0R`1/!`\`%0`3%0$`0$!`879`!1/!`3!`$2!`*+3$!.!`0+
+**!0`0$!`\`,%*/`0+K`$!`%),(%0%+*`+"`0$%/`%/`0$0`0$!`879`%/`(35/`(%/0%*#`"+.
%*/0.10%+*/`".+)``)/0!.L`!""!0%2!(5`$+##%*#`0$!` `$**!(K
"`3!`.!`1/%*#`*`879`Q+.`*5` !2%!`0$0`$/`*+`\RL`0$!*`3!`**+0`+**!0`)+.!
0$*`+*!` ` !2%!`0+``)/0!.W/`$. 3.!` L`1*(!//`3!`0'!`!40.`/0!,/K`+)!`+"`0$!
+,0%+*/`.!`/`"+((+3/M
!`3%((`+*(1 !`0$%/`/!0%+*`+*`0$!`879`3%0$``"!3`0.+1(!/$++0%*#`0%,/K
$3$/('VWULSWURXEOHVKRRWLQJWLSV
"`5+1`**+0`#!0`5+1.`879`0+`(%#$0`1,`+.`%"`5+1`"%* `0$0`.* +)`/`.!`*+0`01.*%*#
+*`+.`+""`+.`0$!5`.!` %/,(5%*#`1*!4,!0! `+(+./`+.`.* +)`"(%'!./L`0.5`0$!`"+((+3%*#M
$!`879`*!! /`<_2+(0`(+#%M`'!`/1.!`5+1`.!`1/%*#``(+#%`(!2!(`+*2!.0!.
* `0$0`%/`+**!0! `0$!`+..!0`35`.+1* d `0+`<`2+(0/`* ``0+`:K:`2+(0/K
*/1.!`0$0`0$!` \ `/% !`+"`0$!`879`%/`+**!0! `0+`0$!`(+#%`(!2!(
+*2!.0!.K
'!`/1.!`5+1.`,+3!.`/+1.!`*`/1,,(5`!*+1#$`1..!*0K`/`*`!4),(!L`1* !._
/1,,(5`+"`1..!*0`+.`2+(0#!`*`)'!`3$%0!`(++'`)+.!`(%'!`.! K
'!`/1.!`0$!`#.+1* `+"`5+1.`,+3!.`/1,,(5`%/`+**!0! `0+``#.+1* `,%*`+*
5+1.`/,!..5`%K
"`5+1`.!`1/%*#`%#`*#%*#L`)+2!`0+`$. 3.!` K
"`1/%*#`0$!`$. 3.!` `Q0$0`%/L`.!0%*#`*`%*/0*!`+"`0$!`TQJ `(//RL`0.5`0$!
"+((+3%*#M
"`5+1`.!`.!!%2%*#`0$!`!..+.` ` !2%!`*+0`"+1* L`)'!`/1.!`
$/`!!*`!*(! `%*`0$!`/,%*`K`!`+2!.! `0$%/`%*`$IBQUFS
L`!00%*#`,`+1.`!2!(+,)!*0`*2%.+*)!*0K
S`9>9`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
"`5+1`$2!`!!*`1/%*#` `?L@L`87L`+.`88`,.!2%+1/(5`"+.`#!*!.(
\L`0$!*`!%0$!.` %/(!`* `.!_!*(!`0$!` `%*0!."!`/`,!.`0$!
,.!! %*#`,+%*0`+.`.!++0`5+1.`/,!..5`%`0+`.!/!0`0$!`$. 3.!
`%*0!."!K
.5`(+3!.%*#`0$!` `1/`/,!! `%*`/!`5+1.`(+#%`(!2!(`+*2!.0!.
**+0`'!!,`1,d0$0`%/L`%0`**+0`+*2!.0`:K:_2+(0`0+`<_2+(0`/%#*(/
/`"/0`/`0$!` `%*0!."!`%/`,.+ 1%*#`0$!)`Q$%*0M`(+3!.
0$!`CVT@TQFFE@I[`,.)!0!.`%*`TFSJBMTQJ QPSU
EFWJDFCVT@TQFFE@I[ `0+`8L777L777`+.`<77L777RK
+**!0`0$!`879W/` `* ` ` %.!0(5`0+``* ` `+*`0$!
/,!..5`%K`$!`#+(`$!.!`%/`0+`5,//`0$!`(+#%`(!2!(`+*2!.0!.`0+
.1(!`%0`+10`/`0$!`,.+(!)K
8VLQJDQ2/('GLVSOD\
*``+.`.#*%`` %/,(5`%/``05,!`+"`0!$*+(+#5`1/! `0+`)'!`/.!!*/K`1.
!4),(!`3%((`!`1/%*#`*`8:7=L`3$%$`%/``)+*+$.+)!`89?4=;`,%4!(` %/,(5L`$+3!2!.L
0$!`%*"+.)0%+*`3%((`,,(5`0+`+0$!.`` %/,(5/`0++K`
S`9>:`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
&RQQHFWLQJWKH2/('GLVSOD\
!0W/`+**!0`5+1.`` %/,(5`0+`5+1.`/,!..5`%L`/`/$+3*`%*`%#1.!`?K>M
(KIWTGb+%1.'&FKURNC[EKTEWKV
``` ``M`1.`%.1%0L`/$+3*
%*`%#1.!`?K=L`* `0$!`//+%0! ` %/1//%+*`1/!/``<_2+(0`,+3!.`/1,,(5K` "
5+1`+*/1(0`0$!`8:7=`` 0/$!!0`)!*0%+*! `0`0$!`!#%**%*#`+"
0$%/`$,0!.L`5+1`3%((` %/+2!.`0$0`%0`)!*0%+*/``)%*%)1)`/1,,(5`2+(0#!
+"`>`2+(0/K`1.0$!.)+.!L`5+1`3%((`"%* `+0$!.`/+1.!/`* `8:7=`
)+ 1(!/`0$0`%* %0!` %""!.!*0`2+(0#!`.!-1%.!)!*0/K`(!/!`+*/1(0`0$!
+1)!*00%+*`+.`,(!`+"`,1.$/!`0+`+0%*`0$!`+..!0`+,!.0%*#
2+(0#!`"+.`5+1.``* ` &1/0`0$!`/1,,(5`2+(0#!`/`.!-1%.! `Q/0!,/
>`* `?`%*`0$!`"+((+3%*#`(%/0RK
+1`*`+**!0`0$!``3%0$`0$!`"+((+3%*#`/0!,/L`3$%$`+..!/,+* `0+`0$!`*1)!.!
('`%.(!/`%*`%#1.!`?K>M
S`9>;`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
:K +**!0`0$!``Q0R`0!.)%*(`+.`3%.!`+"`5+1.`` %/,(5`%*0+`0$!`/)!
.+3`1/!`1/! `"+.`/0!,`9K
;K +**!0`0$!`8`Q(+'R`,%*`+"`5+1.`/,!..5`%`%*0+``2*0`.+3`+*`5+1.
.! +. K
<K +**!0`0$!``Q(+'R`0!.)%*(`+.`3%.!`+"`5+1.`` %/,(5`%*0+`0$!`/)!
.+3`1/!`1/! `"+.`/0!,`;K
=K +**!0`` `%*`+*`5+1.`/,!..5`%`0+`0$!`*!#0%2!`.%(`+"`0$!`(!"0_$*
/% !`,+3!.`.%(K
>K +**!0`0$!`,+/%0%2!`+10,10`+"``<_2+(0`,+3!.`/1,,(5`0+`0$!`,+/%0%2!`.%(`+"`0$!
.%#$0_$* `/% !`,+3!.`.%(K
?K +**!0`0$!`*!#0%2!`+10,10`+"``<_2+(0`,+3!.`/1,,(5`0+`0$!`*!#0%2!`.%(`+"`0$!
.%#$0_$* `/% !`,+3!.`.%(K
@K +**!0`0$!` `0!.)%*(`+.`3%.!`+"`5+1.`` %/,(5`0+`0$!`*!#0%2!`.%(`+"
0$!`.%#$0_$* `/% !`,+3!.`.%(K
87K +**!0`0$!``0!.)%*(`+.`3%.!`+"`5+1.`` %/,(5`Q%0`)%#$0`(/+`!`*)!
L`%*L`BL`+.`/+)!0$%*#`/%)%(.`%* %0%*#``2+(0#!`%*,10R`0+`0$!`,+/%0%2!`.%(
+"`0$!`.%#$0_$* `/% !`,+3!.`.%(K
++ `&+P`$%/`+),(!0!/`+1.``%.1%0K`/`5+1`*`/!!L`3!`.!`,+3!.%*#`0$!`
".+)``<_2+(0`,+3!.`/1,,(5L`$+3!2!.L`0$!``Q0R\`Q(+'R`$**!(/`.!`+**!0!
%.!0(5`0+`5+1.`/,!..5`%K`*(%'!`0$!`879``/0.%,`3!`1/! `%*`0$!`,.!2%+1/
/!0%+*L`0$!`8:7=``%/`:K:_2+(0`(+#%`+),0%(!L`$!*!L`3!` +`*+0`*!! ``(+#%`(!2!(
+*2!.0!.`0+`+*2!.0`(+#%`(!2!(`2+(0#!/`+*`0$!`(+'`* ` 0`$**!(/K
!0W/`.%!"(5`+*/% !.`0$!`1..!*0`.!-1%.!)!*0/`"+.`0$!`8:7=`K`5`0!/0%*#`.!/1(0!
%*`0$!`"+((+3%*#`1..!*0`)!/1.!)!*0/M
('`/.!!*M`G:)
$%0!`/.!!*`Q!2!.5`,%4!(`+*RM`G9>)
0``)4%)1)`1..!*0`1/#!`+"`G9>)L`5+1`*`0.5`+**!0%*#`0$!`B<`0+`0$!`/,!..5
%W/`<_2+(0`,%*L`10`.!)!)!.`0$%/`3%((`0'!`.!/!.2!`1..!*0`35`".+)`5+1.`/,!..5`%
Q* `%0`)5`.!/!0`3$!*`5+1`.1*`0$!`+ !`%"`5+1.`/,!..5`%W/`,+3!.`/1,,(5`%/`*+0
!-10!RK
S`9><`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
9HULI\LQJZKHWKHUWKH2/('GLVSOD\LVFRQQHFWHG
.!2%+1/(5L`%*`$IBQUFSL`+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( L`3!`1/! `0$!
JDEFUFDU`+))* _(%*!`0++(`0+`$!'`3$!0$!.`*` 9` !2%!`3/`+**!0! `* `0+`2!.%"5
%0/` 9` .!//K`$!'`0$0`5+1.`/,!..5`%`*`/!!`5+1.`` %/,(5`5`.1**%*#`0$!
"+((+3%*#`%*``!.)%*(M
JDEFUFDUZ
"`5+1.``%/`+**!0! L`5+1`3%((`/!!`0$!`"+((+3%*#`+10,10L`3$%$`0!((/`1/`0$0`0$!`
3/` !0!0! `* `$/`0$!`$!4` .!//L`Y$M
USVODBUFE
D
USVODBUFE
&RQILJXULQJDQGUXQQLQJWKH2/('H[DPSOH
$!`+ !`3!`.!`+10`0+`!4,(+.!`%/`+*0%*! `%*`0$!`DIBQUFSPMFE@DQV@UFNQQZ`"%(!K
(!/!`.!2%!3`0$%/`"%(!`0+`#!0`*`+2!.((`2%!3`+"`3$0`%0`+*0%*/`!"+.!`+*0%*1%*#M
S`9>=`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
2/('FRGHZDONWKURXJK
+))!*%*#`3%0$`0$!`%),+.0/L`%*`(%*!`Q8RL`3!`%),+.0`(//!/`".+)`0$!` `Q%((+3R`)+ 1(!L
3$%$`3!`1/!`0+`.!0!`0$!`%)#!`3!`3*0`0+`.!* !.`+*`0$!`` %/,(5K`!`(/+`%),+.0
/!2!.(`+0$!.`(//!/`".+)`0$!`1)`)+ 1(!`.!(0! `0+`+1.`8:7=``* `%0/` 9
%*0!."!`Q `%/`(/+`%),+.0! `"+.`.!"!.!*!RK
!`/!!`$+3`0+`.!0!`*` 9`%*/0*!`%*`(%*!`Q9R`.!,.!/!*0%*#`0$!`%*0!."!`0$0`+1.``%/
+**!0! `0+K`+))!*0! `+10`%/`*` `(0!.*0%2!K` *`(%*!`Q:RL`3!`.!0!`*`%*/0*!
+"`TTE`0$0`.!,.!/!*0/`+1.`` %/,(5`* `//%#*`%0`0+`0$!`EFWJDF`2.%(!K` "`5+1
.!`1/%*#`` %""!.!*0`` %/,(5`0$*`0$!`8:7=L`5+1`3%((`*!! `0+`% !*0%"5`* ` &1/0
0$!`TTE`%),+.0`(%*!L`* `0$!` !2%!`%*/0*!`.!0! `%*`(%*!`Q:RM
GSPN1*-JNQPSU*NBHF*NBHF%SBX*NBHF'POU
GSPNMVNBDPSFJOUFSGBDFTFSJBMJNQPSUJDTQJ
GSPNMVNBDPSFSFOEFSJNQPSUDBOWBT
GSPNMVNBPMFEEFWJDFJNQPSUTTE
USVODBUFE
0-&%EJTQMBZJTVTJOH*$BUBEESFTTY$
TFSJBMJD QPSUBEESFTTY$
TFSJBMTQJ QPSUEFWJDF
S`9>>`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
5IFSNPNFUFSJDPOT
JNBHF@IJHI*NBHFPQFO UFNQ@IJHIQOH
JNBHF@NFE*NBHFPQFO UFNQ@NFEQOH
JNBHF@MPX*NBHFPQFO UFNQ@MPXQOH
4DBMFUIFSNPNFUFSJDPOT 8Y)
BTQFDU@SBUJPJNBHF@MPXTJ[F<>JNBHF@MPXTJ[F<>
IFJHIU
XJEUIJOU IFJHIU BTQFDU@SBUJP
JNBHF@IJHIJNBHF@IJHISFTJ[F XJEUIIFJHIU
JNBHF@NFEJNBHF@NFESFTJ[F XJEUIIFJHIU
JNBHF@MPXJNBHF@MPXSFTJ[F XJEUIIFJHIU
!40L`3!` !"%*!`03+`2.%(!/`/0.0%*#`0`(%*!`Q?R`%*`0$!`"+((+3%*#K`SFGSFTI@TFDT`%/`0$!`.0!
0`3$%$`3!`$!'`0$!``0!),!.01.!`* `1, 0!`0$!`` %/,(5`3$%(!`IJHI@BMFSU
%/`1/! `0+`"(#``.!$`+"`0$!`)4%)1)`0!),!.01.!`0$.!/$+( `* `/0.0`0$!`/.!!*
(%*'%*#M
SFGSFTI@TFDT%JTQMBZSFGSFTISBUF
IJHI@BMFSU'BMTF6TFEGPSTDSFFOCMJOLJOHXIFOIJHIUFNQFSBUVSF
USZ
XIJMF5SVF
DVSSFOU@UFNQHFU@DQV@UFNQ
UFNQ@JNBHF/POF
S`9>?`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
FMJGDVSSFOU@UFNQ<> UFNQ@IJHI@UISFTIPME
UFNQ@JNBHFJNBHF@IJHI
IJHI@BMFSU5SVF
FMTF
UFNQ@JNBHFJNBHF@NFE
IJHI@BMFSU'BMTF
!`/0.0`+*/0.10%*#`+1.` %/,(5`/0.0%*#`0`(%*!`Q8:R`%*`0$!`"+((+3%*#K`!
(1(0!`JNBHF@YZ`0+`!``,+%*0`0`3$%$`+1.`0$!.)+)!0!.`%)#!`3+1( `!`!*0!.! `+*
0$!` %/,(5`* `0$!*`+""/!0`0$0`,+%*0`1/%*#`0$!`JNBHF@Y@PGGTFU`* `JNBHF@Y@PGGTFU
2.%(!/`0+`)+2!`0$!`%)#!`%*0+`0$!`,+/%0%+*`3!`3*0`%0`.!* !.! K
S`9>@`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
*`(%*!`Q8;RL`3!`0$!*`,/0!`+1.`0$!.)+)!0!.`%)#!`+*0+`0$!`*2/M
5FNQFSBUVSF*DPO
JNBHF@Y@PGGTFU
JNBHF@Z@PGGTFU
JNBHF@YZ EFWJDFXJEUIUFNQ@JNBHFTJ[F<>
JNBHF@Y@PGGTFU EFWJDFIFJHIUUFNQ@JNBHFTJ[F<>
JNBHF@Z@PGGTFU
DBOWBTQBTUF UFNQ@JNBHFJNBHF@YZ
*`(%*!`Q8=RL`3!`/!0`GPOU/POF`0+`1/!`` !"1(0`/5/0!)`"+*0`"+.`0$!`!4),(!`!1/!`
**+0`!`!*0%.!(5`/1.!`3$0`"+*0/`5+1`$2!`2%((!`+*`5+1.`/,!..5`%K`$!`(%*!`"0!.
(%*!`Q8=R`0$0`%/`+))!*0! `+10`/$+3/`*`!4),(!`+"`1/%*#``1/0+)`"+*0K
%*((5L`%*`(%*!`Q8?RL`3!` .3`0$!`0!40`+*`0$!`*2/M
5FNQFSBUVSF5FYU =VCJTB EFHSFF TZNCPM
UFYU\^=VC\^GPSNBU DVSSFOU@UFNQ<>DVSSFOU@UFNQ<> &H $
GPOU/POF6TFBEFGBVMUGPOU
GPOU*NBHF'POUUSVFUZQF GPOU-BUP4FNJCPMEUUGTJ[F
S`9?7`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
!"+.!`3!`+),(!0!`+1.`!4,(+.0%+*`+"`/L` `3*0`0+`,+%*0`5+1`0+`)+.!`!4),(!/K`$!
1)`(%..5`+*0%*/`*`!40!*/%2!`.*#!`+"`!4),(!/`+2!.%*#`)*5`/,!0/`+"`1/%*#`*
` %/,(5K``(%*'`0+`0$!`!4),(!/`*`!`"+1* `%*`1.0$!.`.! %*#K
0DNLQJVRXQGZLWKEX]]HUVDQG3:0
*`0$!`"%*(`/!0%+*`+"`0$%/`$,0!.L`3!`3%((`3('`0$.+1#$`*`!4),(!`+"`$+3`0+`)'!`/%),(!
/+1* `* `)1/%`3%0$`K`1.`/),(!`,.+#.)`%/`#+%*#`0+`,(5``)1/%(`/(!`+*`0$!
166!.L`* `3!`3%((`!`1/%*#``)1/%`/+.!`"+.)0`((! `%*#`+*!`!40`.*/"!.
*#1#!`QRL`3$%$`3/` !2!(+,! `5`+'%`%*`0$!`,.!_/).0,$+*!`!.`"+.`.!0%*#
.%*#0+*!/K`/`3!`(!.*L`3!`*`1/!``/%),(!`50$+*`(%..5`0+`,./!`*``)1/%`/+.!
* `01.*`%0/`*+0!/`%*0+```".!-1!*5`* ` 1.0%+*`0$0`*`0$!*`!`1/! `0+`//+%0!`
166!.`0+`.!0!`*`1 %0(!`01*!K
S`9?8`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
0%2!`166!./M`$!/!`166!./`+*0%*`*`%*0!.*(`+/%((0+.`0$0`#!*!.0!/`
/%*#(!`/!0`0+*!K`((`5+1`*!! `0+` +`1/`,,(5```2+(0#!`0+`*`0%2!`166!.`*
%0`3%((`)'!``*+%/!K
//%2!`166!./M`$!/!` +`*+0`+*0%*`*5`%*0!.*(`/).0/`0+`)'!`0$!)`3+.'L`/+
0$!`+/%((0%*#`)1/0`!` +*!`5`0$!`+*0.+((%*#` !2%!K`$!`1,/% !`+"`0$%/`%/`0$0
3!`*`/!0`* `$*#!`0$!`0+*!`/`3!`3%/$L`* `3!`*`$%!2!`0$%/`1/%*#`K
%XLOGLQJWKH5777/FLUFXLW
*`0$%/`/!0%+*L`3!`3%((`!`1%( %*#``%.1%0`0+` .%2!``,//%2!`166!.K`$%/`%.1%0L`/$+3*`%*
%#1.!`?K?`%/`2!.5`/%)%(.`0+`0$!``%.1%0`0$0`3!`+2!.! `%*`$IBQUFSL`1.*%*#
$%*#/`*`* `""L`+*(5`0$%/`0%)!`3%0$``166!.`+**!0! `/`0$!`(+ M
(KIWTGb$W\\GTFTKXGTEKTEWKV5EJGOCVKE
S`9?9`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
(KIWTGb$W\\GTFTKXGTEKTEWKV RCTVQH
$!`"+((+3%*#`/0!,`*1)!./`)0$`0$!`*1)!.! `('`%.(!/`%*`%#1.!`?K@M
S`9?:`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
+3`0$0`3!`$2!`(% `0$!`+),+*!*0/L`(!0W/`3%.!`0$!)`1,M
(KIWTGb$W\\GTFTKXGTEKTEWKV RCTVQH
$!`"+((+3%*#`/0!,`*1)!./`)0$`0$!`*1)!.! `('`%.(!/`%*`%#1.!`?K87M
S`9?;`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
@K +**!0`0$!`,+/%0%2!`+10,10`+"`0$!`,+3!.`/1,,(5`0+`0$!`,+/%0%2!`.%(`+"`0$!`.%#$0_
$* `/% !`,+3!.`.%(K
87K +**!0`0$!`*!#0%2!`+10,10`+"`0$!`,+3!.`/1,,(5`0+`0$!`*!#0%2!`.%(`+"`0$!`.%#$0_
$* `/% !`,+3!.`.%(K
5XQQLQJWKH5777/PXVLFH[DPSOH
1*`0$!`+ !`%*`0$!`DIBQUFSQBTTJWF@CV[[FS@SUUUMQZ`"%(!L`* `5+1.`166!.`3%((
,(5``/%),(!`)1/%(`/(!K
S`9?<`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
6XPPDU\
*`0$%/`$,0!.L`3!`(!.*! `$+3`0+`1/!``0+`/!0`0$!`+(+.`+"`*` ``* `0$0`
/0* (+*!`/%*#(!` ``.!-1%.!/`0$.!!` ! %0! ` `,%*/`0+`3+.'d+*!`"+.`!$`+"
0$!`+(+./L`.! L`#.!!*L`* `(1!K`!`0$!*`!4,(+.! `*+0$!.`05,!`+"` `L`0$!`879L
3$%$`%/``9_3%.!` `+*0.+(((!` !2%!`0$0`*`!`$%*! `0+#!0$!.`0+`.!0!``(%#$0%*#
/0.%,/K`!40L`3!`(!.*! `$+3`0+`1/!`*`` %/,(5`5`.!0%*#`*`!4),(!`,,(%0%+*
0$0` %/,(5! `5+1.`/,!..5`%W/``0!),!.01.!K`!`+*(1 ! `3%0$`*`!4),(!`+"
1/%*#``0+#!0$!.`3%0$``,//%2!`166!.`0+`)'!`/+1* `5`,./%*#`*``)1/%
/+.!K
*`0$!`*!40`$,0!.L`3!`3%((`!`(++'%*#`0`+),+*!*0/`* `0!$*%-1!/`0+`)!/1.!
!*2%.+*)!*0(`+* %0%+*/`%*(1 %*#`0!),!.01.!L`$1)% %05L`* `(%#$0K
S`9?=`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
4XHVWLRQV
/`3!`+*(1 !L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`.!#. %*#`0$%/
$,0!.W/`)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`++'M
8K +1.`879``/0.%,`%/`/!0`0+`/$+3`((`/`/`3$%0!L`10`%*/0! L`((`+"`0$!
/`(++'`.! %/$K`$0`+1( `!`0$!`,.+(!)O
9K $0`(%)%00%+*` +!/`0$!`879`,(!`+*` O
:K +1.`879` +!/`*+0`3+.'`3$!*`5+1`1/!``(+#%`(!2!(`+*2!.0!.`10`,,!./`0+
3+.'`3$!*`5+1`+**!0`%0` %.!0(5`0+`0$!` `* ` `,%*/`+*`5+1.`/,!..5
%`Q$!*!`5,//%*#`0$!`(+#%`(!2!(`+*2!.0!.RK`$0`.!`/+)!`,+//%(!`1/!/`+"
0$!`,.+(!)O
;K $0`%/`0$!`/%`,.+!//`"+.`.!0%*#`* ` %/,(5%*#`*`%)#!`+*`*`
%/,(5`1/%*#`0$!`1)``(%..5O
<K $0`%/`O
)XUWKHUUHDGLQJ
*`879`%/``#++ `$+%!`0+`+))!*!`5+1.`(!.*%*#`+*`(+3!.`(!2!(` 0`,.+0++(`*
+))1*%0%+*K`"0!.`.!2%!3%*#`0$!`879` 0/$!!0`"+.`%0/` 0`,.+0++(`Q/!!`0$!`(%*'
1* !.`!$*%(`.!-1%.!)!*0/`0`0$!`/0.0`+"`0$%/`$,0!.RL`0$!`*!40`(+#%(`/0!,`%/`0+`.!2%!3
/+)!`(+3!._(!2!(`+ !K`$!`879`!4),(!`"+.`% `%/``+*!`/1$`/0.0%*#`,+%*0L`10
5+1W((`"%* `+0$!./`+*`5%K+.#M
IUUQBCZ[NFVLSQJQJHQJPFYBNQMFTIUNM1ZUIPO@UFTU"1"@QZ
1)M`IUUQTQZQJPSHQSPKFDUMVNBDPSF`Q"+((+3`0$!`(%*'/`"+.` %""!.!*0
%/,(5`05,!/R
1)`!4),(!/`+*` %0 1M`IUUQTHJUIVCDPNSNIVMMMVNBFYBNQMFT
S`9?>`T
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+* $,0!.`?
IUUQTQJMMPXSFBEUIFEPDTJP
`IUUQTFOXJLJQFEJBPSHXJLJ3JOH@5POF@5SBOTGFS@-BOHVBHF
S`9??`T
0HDVXULQJ7HPSHUDWXUH
+XPLGLW\DQG/LJKW/HYHOV
*`0$!`,.!2%+1/`$,0!.L`3!`!4,(+.! `03+`)!0$+ /`+"`)'%*#`+(+.`3%0$` `/`b`1/%*#
`+))+*` ``* `3%0$`*` .!//(!`879` ``/0.%,K`!`(/+`(!.*!
$+3`0+`1/!``/%),(!`` %/,(5`* `$+3``*`!`1/! `0+`,(5`)1/%`1/%*#`
,//%2!`166!.K
*`0$%/`$,0!.L`3!`3%((`!`(++'%*#`0`/+)!`+))+*`+),+*!*0/`* `%.1%0/`"+.`+((!0%*#
!*2%.+*)!*0(` 0L`%*(1 %*#`0!),!.01.!L`$1)% %05L`3$!0$!.`%0W/` .'`+.`(%#$0L`* `$+3
0+` !0!0`)+%/01.!K
1.0$!.)+.!L`0$.+1#$+10`0$%/`$,0!.L`3!`3%((`/!!`,.0%(`!4),(!/`+"`*(+#`!(!0.+*%/
* `//+%0! `+*!,0/`/1$`/``2+(0#!` %2% !.L`3$%$`3!`(!.*! `+10`%*`$IBQUFSL
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!.K`
!.!`%/`3$0`3!`3%((`+2!.`%*`0$%/`$,0!.M
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$` !/'0+,`* `.!+))!* ! `/+"03.!R
%*%)1)`50$+*`2!./%+*`:K<
% M`$!`% ` `%..5`QIUUQTQZQJPSHQSPKFDUQJHQJPR
% ` M` 88`* ` 99`/!*/+.`(%..5`QIUUQTQZQJPSHQSPKFDU
QJHQJPEIUR
".1%0`888<M`888<``(%..5`QIUUQTQZQJPSHQSPKFDU
"EBGSVJU"%4YR
$!`!(!0.+*%`+),+*!*0/`3!`3%((`*!! `"+.`0$%/`$,0!.W/`!4!.%/!/`.!`/`"+((+3/M
S`9@7`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
8`4`8'c`.!/%/0+.
8`4`877'c`.!/%/0+.
8`4`.! `
8`4`888<`*(+#_0+_ %#%0(`+*2!.0!.`)+ 1(!
40!.*(`,+3!.`/+1.!/`b`0``)%*%)1)L``:K:`\<``.! +. _)+1*0(!
,+3!.`/1,,(5K
0HDVXULQJWHPSHUDWXUHDQGKXPLGLW\
$!`)!/1.!)!*0`+"`0!),!.01.!`* `.!(0! `!*2%.+*)!*0(`,.+,!.0%!/`%/``+))+*`0/'L
* `0$!.!`.!`)*5` %""!.!*0`05,!/`+"`/!*/+./`2%((!`"+.`)!/1.%*#`0$!/!`,.+,!.0%!/L
%*(1 %*#`0$!.)%/0+./`Q`0!),!.01.!_ !,!* !*0`.!/%/0+.RL`/+,$%/0%0! `.!'+10`)+ 1(!/
0$0`+**!0`2%` `* ` 9L`* `/!*/+.`2.%!0%!/`/1$`/`0$!` 88`+.` 99`/!*/+./L
3$%$`3!`3%((`!`1/%*#`"+.`+1.`!4),(!K
((`/!*/+./`$2!`0$!%.`.!(0%2!`/0.!*#0$/`* `3!'*!//!/`3$!*`%0`+)!/`0+`1.5L
.!/,+*/!`0%)!/`Q$+3`"/0`3!`*`.,% (5`#!0` 0`".+)`0$!)RL`* `+/0K
(KIWTGb&*6CPF&*6VGORGTCVWTGCPFJWOKFKV[UGPUQTU
M`:_`0+`<_2+(0`,+3!.`/+1.!
0M`0`,%*`0$0`+**!0/`0+`` `,%*
S`9@8`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
M`+0`+**!0! L`)!*%*#`0$0`0$%/`,%*`%/`*+0`1/!
M`+**!0/`0+`#.+1*
`88 `99
,!.0%*#`+(0#! :`0+`<`2+(0/ :`0+`<`2+(0/
,!.0%*#`1..!*0 g`Q)%.+),/R g`Q)%.+),/R
!),!.01.!`*#! 7`0+`<7h`!(/%1/ `_`;7`0+`89<h`!(/%1/
!),!.01.!`1.5 e9A e7K<A
1)% %05`*#! 97`_`?7A 7`_`877A
1)% %05`1.5 e<A e9A`0+`<A
/0!.`b`+*!`!2!.5`8`/!+* (+3!.`b`+*!`!2!.5`9`/!+* /
4%)1)`),(%*#`0!
Q8 6R Q7K< 6R
&UHDWLQJWKH'+7'+7FLUFXLW
!`3%((`!#%*`5`.!0%*#`0$!`%.1%0`%((1/0.0! `%*`%#1.!`@K9`+*`+1.`.! +. M
(KIWTGb&*6UGPUQTUEJGOCVKE
S`9@9`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
(KIWTGb&*6UGPUQTEKTEWKV
!.!`.!`0$!`/0!,/`0+`"+((+3L`3$%$`)0$`0$!`*1)!.! `('`%.(!/`%*`%#1.!`@K:M
$%/`*+3`+),(!0!/`+1.` `/!*/+.`%.1%0`1%( K
S`9@:`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
$!`87'c`,1((_1,`.!/%/0+.`%/`+,0%+*(`!1/!`0$!` `/+"03.!`(%..5`3!`.!`1/%*#
(.! 5`!*(!/`/,!..5`%W/`%*0!.*(`,1((_1,`.!/%/0+.`5` !"1(0K` W2!`%*(1 ! `0$!`,1((_1,
.!/%/0+.`%*`0$!`%.1%0`/$!)0%`!1/!`%0W/`%*(1 ! `%*`0$!`%.1%0`!4),(!/`%*`)*5
88\ 99` 0/$!!0/K` "`5+1`*!! ``.!".!/$!.`+*`,1((_1,`.!/%/0+./L`,(!/!
.!2%/%0`$IBQUFSL`(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!.K
5XQQLQJDQGH[SORULQJWKH'+7'+7FRGH
1*`0$!`+ !`"+1* `%*`0$!`DIBQUFSEIU@NFBTVSFQZ`"%(!L`* `0$!`)!/1.!
0!),!.01.!`* `$1)% %05`3%((`!`,.%*0! `0+`5+1.`0!.)%*(L`/%)%(.`0+`0$!`"+((+3%*#M
WFOW QZUIPO%)[email protected]QZ
\ UFNQ@D UFNQ@G IVNJEJUZ WBMJE 5SVF^
!.!L`3!`$2!`0$!`"+((+3%*#M
UFNQ@D`%/`0$!`0!),!.01.!`%*` !#.!!/`!(/%1/K
UFNQ@G`%/`0$!`0!),!.01.!`%*` !#.!!/`$.!*$!%0K
IVNJEJUZ`%/`0$!`.!(0%2!`$1)% %05`,!.!*0#!K
WBMJE`%* %0!/`3$!0$!.`0$!`.! %*#`%/`+*/% !.! `2(% `5`35`+"`*`%*0!.*(
/!*/+.`$!'/1)`$!'K`! %*#/`3$!.!`WBMVF'BMTF`)1/0`!`* +*! K
S`9@;`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
4&/403@(1*0
TFOTPS%)5 4&/403@(1*0
TFOTPS%)5 4&/403@(1*0
88`* ` 99`.!`,%*_+),0%(!N`$+3!2!.L`0$!5`.!`*+0`/+"03.!_
+),0%(!` 1!`0+`0$!`35`!$`/!*/+.`!*+ !/`%0/` 0`3$%(!`)%4%*#`1,
0$!`/+"03.!` .%2!.`* `/!*/+.K`+.`!4),(!L`3$%(!`` 99`/!*/+.`1/%*#
` 88`(%..5`3%((`#!*!.0!`.!/1(0/L`0$!5`3%((`!`%*1.0!`Q* `%0W((`!
,.!005`+2%+1/`b`"+.`!4),(!L`/5%*#`5+1.`.++)`%/`=<7B` !#.!!/`!(/%1/PR
+3`!/5`3/`0$0P`$!` `/!.%!/`.!`,+,1(.`(+3_+/0`/!*/+./`0$0`)!/1.!`+0$
0!),!.01.!`* `$1)% %05K`+.`0$+/!`/!/`3$!.!`5+1`*!! `0+`,!."+.)`)+.!`.,%
.! %*#/L`+.`5+1`*!! `0+`)+1*0``/!*/+.`%*`$+/0%(!`!*2%.+*)!*0/L`/1$`/`%*`30!.`+.
+10/% !L` %.!0(5`!4,+/! `0+`0$!`!(!)!*0/L`5+1`3%((`!.0%*(5`!`(!`0+`"%* ``/!*/+.`"+.`5+1.
*!! /K
S`9@<`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
$!.)%/0+./`.!`0!),!.01.!_/!*/%0%2!`.!/%/0+./`0$0`.!`2!.5`/)((`* `% !(`"+.
0%#$0`/,!/L`* `5+1`*`#!0`0$!)`%*`/!(! `,'#!/`"+.`+10/% !`* `%*_(%-1%
1/!K`+1`*`1/!`0$!)`3%0$``2+(0#!_ %2% !.`%.1%0`Q/%)%(.(5`0+`0$!`%#$0_
!,!* !*0_!/%/0+.`QR`3!`3%((`+2!.`%*`0$!`*!40`/!0%+*RK
$!.!`.!`)*5`2.%!0%!/`+"` 9`* ` `/!*/+./`2%((!`0$0`*`!`-1!.%! `"/0
* `)5`(/+`$2!`+0$!.` %0%+*(`+*_+. `/!*/+./L`/1$`/`%.`,.!//1.!K`$!/!
)+ 1(!/`.!`05,%((5`(.#!.`* `.!`,.+(5`!/0`*+0`!4,+/! ` %.!0(5`0+`0$!
!(!)!*0/K
8_3%.!`0!),!.01.!`/!*/+./`.!`(/+`+),0`* `!/%(5`/!((!`* `$2!`0$!
2*0#!`0$0`0$!5`*`$2!`(+*#`3%.!/`Q877`)!0!./`,(1/RK
'HWHFWLQJOLJKW
!0!0%*#`0$!`,.!/!*!`+.`/!*!`+"`(%#$0`%/`!/%(5`$%!2! `3%0$``/,!%(`05,!`+"`.!/%/0+.
'*+3*`/`*`K`/`.!``(+3_+/0`(%#$0`/!*/+.L`* `3!`"%* `0$!)`%*`)*5
,,(%0%+*/L`".+)`(%#$0_0%20! `/3%0$!/`* `(),/`+.`/`,.0`+"`0$!`%.1%0`0$0` %)/
5+1.`(.)`(+'` %/,(5`3$!*`%0W/` .'L`0+`,.0`+"`(.)`%.1%0/`+*`/$`+4!/`* `/"!/K
$!`"+((+3%*#`"%#1.!`/$+3/``05,%(``+),+*!*0L`0+#!0$!.`3%0$``"!3`2.%!0%!/`+"`
/$!)0%`/5)+(/K` "`5+1`!4)%*!`0$!`/5)+(/L`5+1`3%((`*+0%!`0$0`0$!5`.!``.!/%/0+.
/5)+(`3%0$`%*3. _,+%*0%*#`..+3/K`+1`*`0$%*'`+"`0$!/!`..+3/`/`.!,.!/!*0%*#`(%#$0
"((%*#`+*`0$!`.!/%/0+.M
S`9@=`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
(KIWTGb#RJ[UKECN.&4EQORQPGPVCPFCXCTKGV[QHUEJGOCVKEU[ODQNU
$!*`0$!``%/`%*`0$!` .'`Q"+.`!4),(!L`%"`5+1`+2!.`%0`1,RL`%0/`.!/%/0*!`3%((
05,%((5`)!/1.!`)*5`)!#_+$)/K
*``*+.)((5`(%0`.++)`Q"+.`!4),(!L`+*`0$!`0(!`3%0$`0$!`!%(%*#`(%#$0/`+*RL`0$!
W/`.!/%/0*!`3%((`)!/1.!`%*`'%(+_+$)/K
$!*`*``%/`%*`.%#$0`(%#$0`Q %.!0`/1*(%#$0`+.`/$%*%*#``0+.$`+*`%0RL`%0/
.!/%/0*!`3%((`)!/1.!``"!3`$1* .! _+$)/`+.`(!//K
$%/`#%2!/`1/` %/0%*0`.!#%+*/`3$!.!`%0`!+)!/`,+//%(!`0+`3+.'`+10`0$!`,.!/!*!`+.
/!*!`+"`(%#$0K`%0$`(%.0%+*`* ``(%00(!`01*%*#L`3!`*`!/%(5`% !*0%"5``,+%*0`!03!!*
.'`* `(%#$0`0$0`3!`*`1/!`0+`0.%##!.`*`!2!*0K`+.`!4),(!L`5+1`+1( `1/!`*`
%.1%0`/1$`/`0$!`+*!`3!`3%((`.!0!`*!40`0+`,.+#.))0%((5`+*0.+(`0$!`/3%0$%*#
%.1%0/`3!`.!0! `%*`$IBQUFSL`1.*%*#`$%*#/`*`* `""K
/`.!`+*(5`#++ `0`)!/1.%*#`.!(0%2!`(%#$0`(!2!(/`b`0$!`,.!/!*!`+.
/!*!`+"`(%#$0K` "`5+1`3*0`/+(10!`)!/1.!)!*0/`/1$`/`(14`(!2!(/L`+.
!2!*`0+` !0!0`+(+.L`0$!.!`%/``.*#!`+"` /`%*`0$!` 9`+.` `.!'+10
)+ 1(!`"+.)`0$0`*`$%!2!`0$%/K
S`9@>`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
&UHDWLQJDQ/'5OLJKWGHWHFWLQJFLUFXLW
/` %/1//! L`*``2.%!/`%0/`.!/%/0*!`%*`.!(0%+*`0+`0$!`.!(0%2!`(%#$0`%0` !0!0/K`+
!0!0`2.5%*#`.!/%/0*!`3%0$`+1.`/,!..5`%L`3!`*!! `0+`0'!``"!3`/0!,/`0$0`3!.!
+2!.! `%*`,.!2%+1/`$,0!./M
!`*!! `0+`01.*`0$!`2.5%*#`.!/%/0*!`%*0+``2.5%*#`2+(0#!`!1/!`+1.
/,!..5`%` `,%*/`3+.'`+*`2+(0#!L`*+0`.!/%/0*!K`$%/`%/`*`,,(%0%+*`+"
$)/`(3`* ``2+(0#!_ %2% !.`%.1%0L`3$%$`3!`(!.*! `+10`%*`$IBQUFSL
(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!.K
1.`/,!..5`%` `,%*/`*`+*(5`.! ` %#%0(`/%#*(/`b`"+.`!4),(!L``$%#$
QG:K:`2+(0/R`+.`(+3`QG7`2+(0/R`/%#*(K`+`)!/1.!``2.5%*#`2+(0#!L`3!`*`00$
*`*(+#_0+_%#%0(`+*2!.0!.`QR`/1$`/`*`888<K`!`+2!.! `0$!
888<`* `+),*5%*#`50$+*`+ !`%*`$IBQUFSL`+**!0%*#`+1.
/,!..5`%`0+`0$!`$5/%(`+.( K
(KIWTGb.&4EKTEWKVYKVJVJG#&5#&%UEJGOCVKE
!`3%((`1%( `+1.`%.1%0`%*`03+`,.0/K`+.`0$!`"%./0`,.0L`3!`3%((`,(!`0$!`+),+*!*0/`+*0+
+1.`.! +. L`/`/$+3*M
S`9@?`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
(KIWTGb.&4EKTEWKVYKVJ#&5#&%EKTEWKV RCTVQH
!.!`.!`0$!`/0!,/`0+`"+((+3L`3$%$`)0$`0$!`*1)!.! `('`%.(!/`%*`%#1.!`@K=M
8K (!`0$!``+*0+`0$!`.! +. K
9K (!``87'c`.!/%/0+.`Q8R`+*0+`0$!`.! +. K`*!`!* `+"`0$%/`.!/%/0+.`/$.!/`0$!
/)!`.+3`/`+*!`+"`0$!`K
:K (!`0$!`888<``+*0+`0$!`.! +. K
;K (!``977'c`.!/%/0+.`Q9R`+*0+`0$!`.! +. K
<K (!`*``+*0+`0$!`.! +. L`,5%*#`.!"1(`00!*0%+*`0+`+**!0`0$!`W/
0$+ !`(!#`0+`0$!`/)!`.+3`/$.! `5`+*!`+"`0$!`(!#/`+"`0$!`977'c`.!/%/0+.K
S`9@@`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
+3`0$0`3!`$2!`,(! `+1.`+),+*!*0/L`3!`3%((`3%.!`0$!)`1,M
(KIWTGb.&4EKTEWKVYKVJ#&5#&%EKTEWKV RCTVQH
!.!`.!`0$!`/0!,/`0+`"+((+3N`0$%/`0%)!`0$!5`)0$`0$!`*1)!.! `('`%.(!/`%*`%#1.!`@K>M
8K +**!0`0$!`,+/%0%2!`.%(`+"`0$!`,+3!.`.%(`0+`0$!`K
9K +**!0``:K:_2+(0`,%*`".+)`5+1.`/,!..5`%`0+`0$!`,+/%0%2!`.%(`+"`0$!`,+3!.
.%(K
:K +**!0`` `,%*`".+)`5+1.`/,!..5`%`0+`0$!`*!#0%2!`0%(`+"`0$!`,+3!.`.%(K
;K +**!0`0$!`*!#0%2!`,+3!.`.%(`0+`0$!`87'c`.!/%/0+.`Q8RK
<K +**!0`0$!` `0!.)%*(`+"`0$!`888<`0+`0$!`,+/%0%2!`,+3!.`.%(K
=K +**!0`0$!` `0!.)%*(`+"`0$!`888<`0+`0$!`*!#0%2!`,+3!.`.%(K
S`:77`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
+*W0`,(!`5+1.``0++`(+/!`0+`5+1.`K`$!*`%0`%((1)%*0!/L`0$!`
%/``/+1.!`+"`(%#$0`0$0`%/` !0!0(!`5`0$!`L`* `%0`+1( `%*0!."!.!
3%0$`5+1.``.! %*#/`%*`0$!`+ !K
5XQQLQJWKH/'5H[DPSOHFRGH
!`.!`+10`0+`.1*`03+`,.+#.)/M
DIBQUFSMES@BET@DBMJCSBUFQZL`3$%$`3%((`$!(,`1/`(%.0!`+1.
`.! %*#/
DIBQUFSMES@BETQZL`3$%$`)+*%0+./`0$!`(%#$0`(!2!(`* `/3%0$!/`+*
0$!``3$!*`0$!`(%#$0`"((/`!(+3``+*"%#1.(!`(!2!(
S`:78`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
!0W/`.1*`0$!`!4),(!/L`/0.0%*#`3%0$`0$!`(%.0%+*`,.+#.)M
WFOW QZUIPOMES@BET@DBMJCSBUFQZ
1MBDF-%3JOUIFMJHIUBOEQSFTT&OUFS
1MFBTFXBJU
1MBDF-%3JOEBSLBOEQSFTT&OUFS
1MFBTFXBJU
'JMFMES@DBMJCSBUJPO@DPOGJHQZDSFBUFEXJUI
5IJTGJMFXBTBVUPNBUJDBMMZDSFBUFECZ
MES@BET@DBMJCSBUFQZ
/VNCFSPGTBNQMFT
.*/@70-54
."9@70-54
S`:79`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
$!`(%.0%+*`,.+#.)`0'!/``*1)!.`+"`/),(!/`Q5` !"1(0L`R`".+)`0$!
888<`%*`+0$`0$!` .'`* `(%#$0`+* %0%+*/`* `(1(0!/`0$!`2!.#!`.! %*#K
!40L`0$!`,.+#.)`3.%0!/`0$!`.!/1(0/`Q(/+`/$+3*`%*`0$!`0!.)%*(R`%*0+
0$!`MES@DBMJCSBUJPO@DPOGJHQZ`"%(!K`$%/`%/``50$+*`/+1.!`"%(!`"+.`+1.
!4),(!L`%),+.0! `%*0+`+1.`01(``* ``!4),(!L`/`3!`3%((`/!!`%*`0$!
*!40`/0!,K`
+3`0$0`3!`$2!`/!!*`0$%/`+ !`.1**%*#L`(!0W/`/!!`$+3`%0`3+.'/K
S`:7:`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
/'5FRGHZDONWKURXJK
`1('`+"`0$!`+ !`%*`+0$`DIBQUFSMES@BET@DBMJCSBUFQZ
* `DIBQUFSMES@BET@DBMJCSBUFQZ`%/`0$!`+%(!.,(0!`+ !`0+`/!0`1,`*
+*"%#1.!`0$!`888<`* `/!0`1,`0$!``1/%*#`% K`!`3%((`*+0`.!+2!.`0$!`+))+*
+ !`$!.!K` "`5+1`*!! ``.!".!/$!.`+*`0$!`888<_.!(0! `+ !L`,(!/!`.!2%!3`0$!`!4!.%/!
"+1* `%*`$IBQUFSL`+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(`+.( K
!0W/`(++'`0`0$!`50$+*`+ !`0$0`)'!/`+1.``3+.'K
*`(%*!`8L`3!`/!!`0$0`3!`.!`%),+.0%*#`0$!`MES@DBMJCSBUJPO@DPOGJHQZ`"%(!`0$0`3!
.!0! `3%0$`+1.`(%.0%+*`,.+#.)`,.!2%+1/(5K
!40L`%*`(%*!`9L`3!`.!`//%#*%*#`0$!`(%.0%+*`2(1!/`0+`0$!`-*()5@70-54`Q0$!`2+(0#!
!0!0! `5`0$!`888<`3$!*`0$!``3/`%*`0$!`(%#$0R`* `%"3,@70-54`Q0$!`2+(0#!
!0!0! `3$!*`5+1`+2!.! `1,`0$!`R`2.%(!/M
JNQPSUMES@DBMJCSBUJPO@DPOGJHBTDBMJCSBUJPO
USVODBUFE
-*()5@70-54DBMJCSBUJPO."9@70-54
%"3,@70-54DBMJCSBUJPO.*/@70-54
*`(%*!`:L`3!`.!0!``0.%##!.`,+%*0K`$%/`%/``2+(0#!`,+%*0`3!`3%((`1/!`(0!.`%*`+ !`0+`/3%0$
+*`* `+""`0$!`K
$!`53*((&3@#6''&3`2.%(!`0`(%*!`;`%/`1/! `0+`.!0!``1""!.`+.`(#`%*`+1.`0.%##!.L`!00!.
'*+3*`%*`!(!0.+*%`0!.)/`/`$5/0!.!/%/K`$%/`2(1!`.!0!/``/)((`3%* +3`.*#!`3$!.!`0$!
!0!0! `2+(0#!`*`2.5`3%0$+10`1/%*#``0.%##!.`+.`1*_0.%##!.`!2!*0K`%0$+10
0$%/`$5/0!.!/%/L`0$!`0.%##!.`Q* `R`3+1( `01.*`+*`* `+""`.,% (5`/`0$!` !0!0! `2+(0#!
+/%((0!/`.+1* `0$!`53*((&3@70-54`0.%##!.`2+(0#!K
S`:7;`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
USZ
XIJMF5SVF
WPMUTBOBMPH@DIBOOFMWPMUBHF
VQEBUF@USJHHFS WPMUT
PVUQVU-%33FBEJOHWPMUT\ G^USJHHFSBU\^
USJHHFSFE\^
GPSNBU WPMUTUSJHHFS@UFYUUSJHHFSFE
QSJOU PVUQVU
S`:7<`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
/'5FRQILJXUDWLRQVXPPDU\
+1`)5`$2!`.!(%6! `3$%(!`3+.'%*#`3%0$`0$!``%.1%0`* `+ !`0$0`0$!.!`.!``"!3
01*(!`,.)!0!./`0$0`%*"(1!*!`$+3`0$!`%.1%0`* `+ !`3+.'L`* ` % `5+1`3+* !.`3$5
3!`1/! ``87'c`.!/%/0+.O
+`03+`/`3%((`#%2!`0$!`/)!`.!/%/0*!_0+_(%#$0`)!/1.!)!*0`* `0$!%.`.!/%/0*!_0+_
(%#$0`.*#!`%/`*+0`(%*!.K`$!`%),(%0%+*`+"`0$%/`%/`0$0`5+1.`L`,(1/`0$!`(%#$0%*#
+* %0%+*/`5+1`,(*`0+`1/!`%0`%*L`*`%*"(1!*!``/1%0(!`"%4! `.!/%/0+.`2(1!K
!)!)!.`0$0`0$!/!`.!`&1/0`/1##!/0%+*/L`/+`"!!(`".!!`0+`0.5` %""!.!*0`.!/%/0*!/`"+.`5+1.
+3*`*!! /K`(1/L`3$!*!2!.`5+1`$*#!`0$!`2(1!`+"`0$!`"%4! `.!/%/0+.L`.!.1*`0$!`(%.0%+*
+ !K
$!.!`%/`(/+``"+.)1(`'*+3*`/`4!(`!*6`0$0`*`!`1/! `0+`(1(0!``.!"!.!*!
.!/%/0*!`2(1!`"+.`*`*(+#`+),+*!*0`/1$`/`*`K`$!`"+.)1(`%/`!4,.!//! `/
"+((+3/M
$!`,.)!0!./`%*`0$!`"+.)1(`.!`/`"+((+3/M
.!"`%/`0$!`2(1!`+"`0$!`"%4! `.!/%/0+.L`8K
)4`%/`0$!`)4%)1)`.!/%/0*!`+"`0$!``Q3$!*`%*` .'RK``05,%(`2(1!`)%#$0
!`87`cK
)%*`%/`0$!`)%*%)1)`.!/%/0*!`+"`0$!``Q3$!*`%*`.%#$0`(%#$0RK``05,%(`2(1!
)%#$0`!`87`cK
+L`%"`3!`1/!`0$!`05,%(`2(1!/L`3!`#!0`0$!`87'c`2(1!`3!`1/! `"+.`8M
S`:7=`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
!/1.!`0$!`!40.!)!/`+*`5+1.``3%0$``)1(0%)!0!.`* `/!!`3$0`2(1!
5+1`(1(0!K`+`*+0`!`/1.,.%/! `%"`5+1.`)!/1.!)!*0/`2.5`3% !(5
".+)`0$!`05,%(`87'cK`$!*`5+1`+*/% !.`3!`.!`3+.'%*#`3%0$`*`
+$)%`.*#!`+"`G87`c`0+`G87L777L777`cL`0$!` %""!.!*!`)5`/0%((`+*(5`!`
".0%+*`+"``,!.!*0P
$*#!`0$!`2(1!`+"`53*((&3@70-54`0+`$*#!`0$!`,+%*0`0`3$%$`0$!`+ !
0.%##!./`b`"+.`!4),(!L`01.*/`+*`+.`+""`0$!`K
$*#!`0$!`2(1!`+"`53*((&3@#6''&3`0+`(0!.`$+3`/!*/%0%2!`0$!`0.%##!.`%/`0+
$*#%*#`(%#$0`+* %0%+*/K
%*((5L`.!)!)!.`0$0`*`` !0!0/`(%#$0`(+#.%0$)%((5L`*+0`(%*!.(5`b`"+.`!4),(!L`/
5+1`#. 1((5`(+3!.`5+1.`$* `+.`*`+&!0`+2!.`0$!``0+`.!/0.%0`(%#$0L`0$!`2+(0#!/
.!,+.0! `5`0$!``3%((`*+0`*!!//.%(5`$*#!`%*`,.+,+.0%+*`0+`0$!`)+1*0`+"`(%#$0`5+1
.!`.!/0.%0%*#K`$%/`%/``.!/+*`3$5`3!`*!! `0+`$*#!`0$!`"%4! `.!/%/0+.`2(1!`%"`3!`3*0
0$!``0+`!`)+.!`/!*/%0%2!`%*` .'!.`+.`.%#$0!.`+* %0%+*/K
+1`*`!4,!.%)!*0`3%0$`.!,(%*#`0$!`"%4! `.!/%/0+.L`8L`3%0$``2.%(!
.!/%/0+.`Q"+.`!4),(!L`.!,(!`0$!`"%4! `87'c`3%0$``97'c`2.%(!`.!/%/0+.
/!0`0+`87'cK`!`$++/!`97'c`!1/!`3!`*` &1/0`%0`+2!`* `!(+3
87'cK``87'c`2.%(!`.!/%/0+.`3+1( `+*(5`(!0`1/` &1/0` +3*`.!/%/0*!RK
"0!.`+ !`(%.0%+*`0`87'c`* ` !"%*%*#``0.%##!.`,+%*0`%*`+ !L`5+1
*`0$!*`"%*!_01*!`0$!`0.%##!.`,+%*0`5` &1/0%*#`0$!`2.%(!`.!/%/0+.K
!40L`3!`3%((`(!.*`$+3`0+` !0!0`)+%/01.!K
'HWHFWLQJPRLVWXUH
1!//`3$0KKK3!`$2!`(.! 5` +*!`0$!`#.1*0`3+.'`0+` !0!0`)+%/01.!P` 0W/`&1/0`*+0$!.
,,(%0%+*`+"`0$!``%.1%0`* `+ !L`+*(5`3!`.!,(!`0$!``3%0$`,.+!/K
S`:7>`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
+.`0$%/`!4!.%/!L`5+1`*`.!0!``/!0`+"`,.+!/`1/%*#`03+`,%!!/`+"`3%.!`Q3%0$`0$!`!* /
/0.%,,! RL`* `00$`0$!)`%*`,(!`+"`0$!`L`/`/$+3*`%*`%#1.!`@K?K`$%/`%/`0$!`/)!
%.1%0`3!`1%(0`%*`0$!`,.!2%+1/`/!0%+*`* `/$+3! `%*`%#1.!`@K>L`+*(5`0$%/`0%)!L`3!`$2!
.!,(! `0$!``3%0$`03+`3%.!/K`!0W/`)'!`0$%/`/(%#$0`$*#!`*+3M
(KIWTGb/QKUVWTGFGVGEVKQPEKTEWKV
!.!`.!`0$!`/0!,/`0+`"+((+3L`3$%$`)0$`0$!`*1)!.! `('`%.(!/`%*`%#1.!`@K?M
8K !)+2!`0$!``".+)`0$!`.! +. K
9K (!``3%.!`Q3%0$`+0$`!* /`/0.%,,! R`%*0+``.! +. `.+3`0$0`,.!2%+1/(5
+**!0! `0+`+*!`+"`0$!`W/`(!#/`Q%*`0$!`%((1/0.0%+*L`0$%/`*!3`3%.!`+**!0/
'`0+`:K:`2+(0/`+*`5+1.`/,!..5`%RK
:K (!`*+0$!.`3%.!`Q3%0$`+0$`!* /`/0.%,,! R`%*0+``.! +. `.+3`0$0
,.!2%+1/(5`+**!0! `0$!`W/`+0$!.`(!#`Q%*`0$!`%((1/0.0%+*L`0$%/`*!3`3%.!
+**!0/`0+`0$!`.+3`/$.! `5`0$!`87'c`.!/%/0+.`Q8RRK
S`:7?`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
$%/`/)((`$*#!`b`.!,(%*#`0$!``3%0$`.!`3%.!/`b`01.*/`+1.`%.1%0`%*0+``/%
)+%/01.!_ !0!0%*#`%.1%0K`!0W/`0.5`0$!`%.1%0`+10P
8K */1.!`0$!`,.+!`%/` .5K
9K 1*`NPJTUVSF@DBMJCSBUFQZ`* `"+((+3`0$!`%*/0.10%+*/`0+`,!."+.)``2+(0#!
(%.0%+*K
:K 1*`NPJTUVSF@BETQZK
;K $!'`0$0`0$!`0!.)%*(`+10,10`%* %0!/`USJHHFS'BMTF`Q0$!`+ !`0.%##!./`+*
0$!`3!0`+* %0%+*RK
<K (!`0$!`,.+!`%*``1,`+"`30!.`Q5!/L`%0W/`/"!`0+` +`0$%/R`* `+/!.2!`0$!`2+(0#!
.! %*#`+*`0$!`0!.)%*(`$*#!`Q 0W/`(/+` `%"`0$!`,.+!/`#!0`/$+.0! `% !*0((5
/`%0`3%((`*+0`1/!`*5` )#!RK
=K %0$`0$!`,.+!/`%))!./! `%*`30!.L`$!'`3$!0$!.`0$!`0!.)%*(`+10,10
.! /`USJHHFS5SVF`Q,.+!`3!0`+* %0%+*RK
>K "`0$!`0.%##!.`%/`/0%((`5SVFL`5+1`3%((`*!! `0+` &1/0`0$!`2(1!`+"`53*((&3@70-54`%*
0$!`+ !K
S`:7@`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
&RPSDULQJGHWHFWLRQRSWLRQV
+3` +`+1.`/%),(!`%.1%0`* `3%.!`,.+!/`+),.!`0+``30!.\)+%/01.!` !0!0%+*`)+ 1(!`0$0
5+1`*`"%* `+*`.!0%(`/%0!/`/1$`/`!5O`$!/!`,.+ 10/`05,%((5`+*0%*``,.+!`+"`/+)!
/+.0L`,(1/``/)((`!(!0.+*%`)+ 1(!K``,%01.!`+"`+*!`+"`0$!/!`)+ 1(!/L`,(1/``"!3`,.+!/L
.!`/$+3*`$!.!M
(KIWTGb/QKUVWTGFGVGEVKQPOQFWNGCPFRTQDGU
S`:87`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
*`*(+#`+10,10`Q%*`+1.`!4),(!L`0$%/`%/`(!(! `R
`` %#%0(`+10,10`Q(!(! `R
$!`*(+#`+10,10`%/``,//_0$.+1#$`0+`0$!`,.+!K`+1`+**!0`%0` %.!0(5`%*0+``2+(0#!
%2% !.`%.1%0`* `)!/1.!``2.5%*#`2+(0#!`3%0$`*``/1$`/`0$!`888<`b`0$!
!40`/!*.%+`3!`.!0! `%*`%#1.!`@K?K` "`5+1`1/!`0$!`*(+#`,//_0$.+1#$L`5+1`.!
5,//%*#`((`0$!`+0$!.`%.1%0.5`+*`0$!`)+ 1(!`Q$!*!`3$5`5+1`*`&1/0`+**!0`0$!`,.+!/
%.!0(5`%*0+`+1.`!4),(!`%.1%0RK
S`:88`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
/%*#``%.1%0`/1$`/`0$0`%*`%#1.!`@K?`%/`*`*(+#`,,.+$K`$!`.3`2+(0#!
!0!0! `5`0$!`/!*/+.`%/`,//! ` %.!0(5`0+`5+1.`/,!..5`%K`*!`/%),(!
2*0#!`+"`0$%/`,,.+$`%/`0$0`5+1`$2!`"1((`+*0.+(`+2!.``0.%##!.`,+%*0`%*
+ !K`+1`+1( L`/`*`!4),(!L`.!)+0!(5` &1/0`0$!`0.%##!.`,+%*0`".+)``3!
,#!K`$!` +3*/% !`+"`0$%/`,,.+$`%/`0$0`5+1`*!! ``)+.!`+),(!4`%.1%0`0$0
%*2+(2!/`*`888<`* ``2+(0#!` %2% !.K
/%*#``)+ 1(!`/1$`/`0$0`,%01.! `%*`%#1.!`@K@`/`` %#%0(`,,.+$`,.+)+0!/
`/%),(!.`%*0!."%*#`%.1%0`0+`5+1.`/,!..5`%`%*`0$0`5+1`*`+**!0`0$!
%#%0(`+10,10`0!.)%*(` %.!0(5`0+`` `,%*`Q/`(+*#`/`0$!` %#%0(`+10,10`+"`0$!
)+ 1(!`:K:_2+(0/RK`$!`2!0`%/`0$0`5+1`)1/0`$2!`,$5/%(`!//`0+`0$!
)+ 1(!`* `0$!` &1/0)!*0`0.%)`0+`$*#!`0$!`0.%##!.`,+%*0K
6XPPDU\
*`0$%/`$,0!.L`3!`(!.*! `$+3`0+`)!/1.!`0!),!.01.!`* `$1)% %05`1/%*#`0$!`+))+*
88`* \+.` 99`/!*/+./K`!`(/+`(++'! `0`$+3`0+`1/!`*``0+` !0!0`(%#$0L`*
0$%/`((+3! `1/`0+`!4,(+.!`2+(0#!` %2% !.`%.1%0/`* `/`%*`#.!0!.` !0%(K`!
+*(1 ! `5`.!0.+"%00%*#`+1.``%.1%0`/+`0$0`3!`+1( ` !0!0`)+%/01.!K
S`:89`T
!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/ $,0!.`@
4XHVWLRQV
/`3!`+*(1 !L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`+"`0$%/`$,0!.W/
)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`++'M
S`:8:`T
0RYHPHQWZLWK6HUYRV0RWRUV
DQG6WHSSHUV
*`0$!`,.!2%+1/`$,0!.L`3!`+2!.! `$+3`0+`)!/1.!`0!),!.01.!L`$1)% %05L`(%#$0L`*
)+%/01.!K` *`0$%/`$,0!.L`3!`3%((`01.*`+1.`00!*0%+*`0+`0$!`+*0.+(`+"`)+0+./`* `/!.2+/L
3$%$`.!`+))+*` !2%!/`"+.`.!0%*#`,$5/%(`)+2!)!*0`* `)+0%+*K`$!`+.!`+*!,0/L
%.1%0/L`* `+ !`5+1`3%((`(!.*`%*`0$%/`$,0!.`3%((`+,!*`1,``3+.( `+"`,$5/%(
10+)0%+*`* `.++0%/`1/%*#`5+1.`/,!..5`%K
!.!`%/`3$0`3!`3%((`+2!.`%*`0$%/`$,0!.M
/%*#``0+`.+00!``/!.2+
/%*#`*` _.% #!` `0+`+*0.+(``)+0+.
*0.+ 10%+*`0+`/0!,,!.`)+0+.`+*0.+(
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$` !/'0+,`* `.!+))!* ! `/+"03.!R
%*%)1)`50$+*`2!./%+*`:K<
% M`$!`% ` `(%..5`QIUUQTQZQJPSHQSPKFDUQJHQJPR
$!`!(!0.+*%`+),+*!*0/`3!`3%((`*!! `"+.`0$%/`$,0!.W/`!4!.%/!/`.!`/`"+((+3/M
8`4` @7`$+5`/!.2+`Q+.`*`!-1%2(!*0`:_3%.!`<_2+(0`$+5`/!.2+RK`!"!.!*!
0/$!!0M`IUUQTXXXBMMEBUBTIFFUDPNEBUBTIFFUQEGQEG&5$
.(4IUNM
8`4`9@:`%*0!#.0! `%.1%0`Q R`Q)'!`/1.!`%0`$/`0$!``b`0$0`%/L`9@:L`*+0
9@:RK`!"!.!*!` 0/$!!0M`IUUQTXXXBMMEBUBTIFFUDPNEBUBTIFFUQEG
QEG5*-%IUNM
8`4`9? _;?`/0!,,!.`)+0+.`Q<`2+(0/L`=;`/0!,/L`8M=;`#!.%*#RK`+0!M`9? _;?`+)!/
%*`<_2+(0`* `89_2+(0`2.%!0%!/`* ` %""!.!*0`+*"%#1.0%+*`/0!,/`*
#!.%*#/K`!"!.!*!` 0/$!!0M`IUUQTXXXBMMEBUBTIFFUDPNEBUBTIFFUQEG
QEG&5$#:+IUNM
9`4`/%6!`8:7`Q8:7R``)+0+.`.0! `:_=`2+(0/`Q% !((5`3%0$``/0((`1..!*0`D`?77
)RL`+.`(0!.*0!``)+0+.`3%0$`+),0%(!`2+(0#!`* `1..!*0`.0%*#/
40!.*(`,+3!.`/+1.!`b`0``)%*%)1)L``:K:`\<``.! +. _)+1*0(!`,+3!.
/1,,(5
!0W/`+))!*!`5`(!.*%*#`$+3`0+`1/!``/!.2+`3%0$`+1.`/,!..5`%L`50$+*L`*
% K
S`:8<`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
8VLQJ3:0WRURWDWHDVHUYR
+))+*`/!.2+)+0+./L`+.`/!.2+/L`.!`%*0!.*((5`#!.! `)+0+./`0$0`((+3`5+1`0+`.+00!`%0/
/$"0`0+``,.!%/!`*#(!`3%0$%*``8?7_ !#.!!`.K`$!5`.!``+.!`+),+*!*0`+"`%* 1/0.%(
.++0/L`* `0+5/`(%'!L`* `3!W.!`((`")%(%.`3%0$`$+5`/!.2+/`"+1* `%*`0+5/`/1$`/`. %+_
+*0.+((! `./L`,(*!/L`* ` .+*!/K
(KIWTGb5GTXQU
$!`#.!0`"!01.!`+"`/!.2+/`%/`0$0`0$!5`.!`!//!*0%((5``(1#W*W(5`/05(!` !2%!`b`"0!.`3!
+**!0`0$!)`0+`0$!`,+3!.`/1,,(5L`3!`&1/0`*!! `0+`/!* `0$!)```/%#*(`0$0`!*+ !/
0$!`*#(!`3!`3*0`0$!`/!.2+`0+`.+00!`0+L`* `,.!/0+P`!W.!` +*!K`+` /L`*+`0.*/%/0+./L`+.
*5`+0$!.`!40!.*(`%.1%0.5K`$0W/`!2!*`!00!.`%/`0$0`/!.2+`+*0.+(`%/`/+`+))+*`0$0
)*5` `(%..%!/`b`%*(1 %*#`% `b`%*(1 !`+*2!*%!*!`)!0$+ /`"+.`0$!%.`+*0.+(K
!0W/`/0.0`+1.`/!.2+`!4,(+.0%+*`5`+**!0%*#`+*!`0+`+1.`/,!..5`%K
&RQQHFWLQJDVHUYRWR\RXU5DVSEHUU\3L
1.`"%./0`0/'`"+.`+1.`/!.2+`!4),(!`%/`0+`3%.!`%0`1,`0+``,+3!.`/+1.!`* `+1.`/,!..5`%K
`/$!)0%`.!,.!/!*0%*#`0$%/`3%.%*#`%/`/$+3*`$!.!M
(KIWTGb5GTXQYKTKPIUEJGOCVKE
S`:8=`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
(KIWTGb5GTXQDTGCFDQCTFNC[QWV
+))+*`/!.2+`3%.!`+(+./`.!`/`"+((+3/M
$!`.+3*`+.`('`3%.!`+**!0/`0+`
$!`.! `3%.!`+**!0/`0+`B<_2+(0/
$!`+.*#!L`5!((+3L`3$%0!L`+.`(1!`3%.!`%/`0$!`/%#*(\`%*,10`3%.!`0$0
+**!0/`0+`` `,%*
S`:8>`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
*5`$!,`._(%'!`0+5/`$2!``$. `(!"0\.%#$0`)+'`/!.2+`"+.`0$!%.
/0!!.%*#`)!$*%/)/K` 0`)%#$0`(++'`(%'!``/!.2+`+*`0$!`+10/% !L`10`%*
0.10$L`%0W/`&1/0``/%``)+0+.`3%0$`/+)!`#!./`* ``/,.%*#`0$0`.!0!
0$!`$. `(!"0\.%#$0`/0!!.%*#`*#(!K` 0W/`0$!`/,.%*#`0$0`.!01.*/`0$!`/!.2+`0+
!*0!.`3$!*`0$!`)+0+.`%/`*+0`!*##! K` "`5+1` +`*+0`$2!`#.*1(.`+*0.+(
+2!.`0$!`*#(!L`%0W/`*+0``0.1!`/!.2+K
S`:8?`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
+RZDVHUYRLVFRQWUROOHGXVLQJ3:0
!.2+/`05,%((5`.!-1%.!`.+1* ``<7` 6``/%#*(`Q/+)!`2.%0%+*`.+1* `<7` 6`%/`+'5L
10`3!W((`/0%'`3%0$`<7` 6`/`0$%/`%/`0$!`+))+*`.!"!.!*!`,+%*0RL`* ``,1(/!`3% 0$
!03!!*`8K7`)%((%/!+* /`* `9K7`)%((%/!+* /`0$0` !0!.)%*!/`0$!`*#(!`+"`.+00%+*K`$!
.!(0%+*`!03!!*`,1(/!`3% 0$/L` 105`5(!/L`* `*#(!`%/`%((1/0.0! `%*`%#1.!`87K;K`+*W0
3+..5`%"`((`0$%/` +!/`*+0`/%*'`%*`&1/0`5!0K` 0`/$+1( `!+)!`)+.!`(!.`/`3!`/!!`+1.`/!.2+`%*
0%+*`* `.!2%!3`+1.`/!.2+_.!(0! `+ !`%*`0$!`*!40`/!0%+*M
(KIWTGb5GTXQ URWNUGYKFVJFWV[E[ENGCPFCPINGU
!.!`%/`*`!4),(!M
+`3+.'`'3. L`3!`$2!`0$!`"+((+3%*#M
S`:8@`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
+`+*2!.0`'L`3!`$2!`0$!`"+((+3%*#M
5XQQLQJDQGH[SORULQJWKHVHUYRFRGH
$!`+ !`3!`.!`+10`0+`.1*`*`!`"+1* `%*`0$!`DIBQUFSTFSWPQZ`"%(!K` `.!+))!*
.!2%!3%*#`0$!`/+1.!`+ !`!"+.!`,.+!! %*#`/+`0$0`5+1`$2!`*`+2!.((`% !`+10`3$0
0$!`"%(!`+*0%*/K
+0!`0$0`0$!`-&'5@16-4&`* `3*()5@16-4&`2(1!/`.!`%*`**+/!+* /L
/`0$%/`%/`0$!`1*%0`1/! `5`0$!`% `/!.2+`"1*0%+*/K
$!/!`2(1!/`+"`-&'5@16-4&`* ``3*()5@16-4&`.!`0$!`,!."!0`3+.(
2(1!/`0$0`5+1`3%((`/!!`/%#$0! `+"0!*K` *`.!(%05L`5+1`)5`*!! `0+`)'!`/(%#$0` &1/0)!*0/
0+`0$!/!`2.%(!/`0+`#!0`0$!`"1((`.+00%+*`+10`+"`5+1.`/!.2+K`+.`!4),(!L`)5`0!/0`/!.2+
*!! ! `0$!`-&'5@16-4&`* `3*()5@16-4&`2(1!/`0+`$%!2!`"1((
.+00%+*K`+1W((`'*+3`%"`5+1`$2!` &1/0! `0++`".`%"`5+1.`/!.2+`)+0+.`/05/`!*##! `*
)'!/``#.+*%*#`*+%/!`3$!*`%0`%/`0`"1((`(!"0`+.`.%#$0`.+00%+*K` "`0$%/`$,,!*/L` %/+**!0
,+3!.`%))! %0!(5`0+`,.!2!*0` )#!`0+`0$!`/!.2+`* `.! &1/0`5+1.`2(1!/K
S`:97`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
"`5+1.`/!.2!`.+00!/`'3. `b`"+.`!4),(!L`%0`.+00!/`0+`0$!`(!"0`3$!*
5+1`!4,!0`%0`0+`.+00!`0+`0$!`.%#$0`b`/3,`0$!`2(1!/`"+.``-&'5@16-4&`*
3*()5@16-4&K`.L`&1/0`01.*`5+1.`/!.2+`1,/% !` +3*K
0.0%*#`0`(%*!`:L`3!` !"%*!`0$.!!`/%`"1*0%+*/`0+`+*0.+(`+1.`/!.2+M
EFGMFGU
QJTFU@TFSWP@QVMTFXJEUI 4&370@(1*0-&'5@16-4&
EFGDFOUFS
QJTFU@TFSWP@QVMTFXJEUI 4&370@(1*0$&/5&3@16-4&
EFGSJHIU
QJTFU@TFSWP@QVMTFXJEUI 4&370@(1*03*()5@16-4&
S`:98`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
*`0$!`,.!2%+1/`/!0%+*L`3$!*`3!`3%.! `0$!`/!.2+`0+`5+1.`/,!..5`%L
3!`)!*0%+*! `0$!`/!.2+W/`)4%)1)`1..!*0`+"`G;77B)K`$!`,.!! %*#
,.#.,$`%/`*`!4),(!`3$!.!`0$%/`)4%)1)`1..!*0`%/` .3*`5`0$!
/!.2+K`$!*`0$!`/!.2+`%/`.!!%2%*#`%0/`,1(/!`3% 0$`%*/0.10%+*L`%0`.!/%/0/
*5`"+.!`0+`$*#!`%0/`,+/%0%+*L`.!/1(0%*#`%*`)+.!`1..!*0`1/#!K` 0`%/
/%)%(.`%*`,.%*%,(!`0+`0$!`/0((`1..!*0`+"```)+0+.`3!` %/1//! `'`%*
$IBQUFSL`1.*%*#`$%*#/`*`* `""K
+`".L`3!W2!`/!!*`$+3`0+`)'!`0$!`/!.2+`.+00!`0+`0$!`(!"0L`!*0!.L`* `.%#$0L`10`3$0`%"`3!
3*0`0+`.+00!`%0`0+``,.0%1(.`*#(!O`/5Q_%/$RL`3!`&1/0`*!! ``(%00(!`)0$L`/`/$+3*`%*`0$!
BOHMF `"1*0%+*`0`(%*!`<M
QJTFU@TFSWP@QVMTFXJEUI 4&370@(1*0QVMTF
S`:99`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
'LIIHUHQWW\SHVRIVHUYRV
1.`!4),(!`1/! ``+))+*`:_3%.!L`8?7_ !#.!!`*#1(.`/!.2+K`$%(!`0$%/`%/``2!.5
+))+*`05,!`+"`/!.2+L`0$!.!`.!`+0$!.`2.%0%+*/`/`3!((L`%*(1 %*#`+*0%*1+1/`.+00%+*
/!.2+/L`/!.2+/`3%0$`)+.!`0$*`0$.!!`3%.!/L`* `/,!%(`,1.,+/!`/!.2+/M
1!`0+`0$!%.`%*0!.*(`+*0.+(`%.1%0.5`* `#!.%*#L`+*0%*1+1/`.+00%+*
/!.2+/`.!``+*2!*%!*0`(+3_/,!! \$%#$_0+.-1!`(0!.*0%2!`0+```)+0+.
* ` _.% #!`+*0.+((!.`Q3$%$`3!`3%((`!`+2!.%*#`%*`0$!`*!40`/!0%+*RK
S`:9:`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
;_3%.!`/!.2+/M`$!/!`+)!`3%0$`+*!`/!0`+"`0$.!!`3%.!/`* ``"+1.0$`(++/!`3%.!K
$%/`"+1.0$`3%.!`%/`*`*(+#`+10,10`+"`0$!`/!.2+`0$0`*`!`1/! `0+` !0!0`0$!
*#(!K` 0W/`1/!"1(`%"`5+1`*!! `0+`'*+3`5+1.`/!.2+W/`.!/0%*#`*#(!`3$!*`5+1`/0.0
5+1.`,.+#.)K
!.2+/`0.'`0$!%.`,+/%0%+*`1/%*#`*`!)! ! `,+0!*0%+)!0!.K`$%/`"+1.0$
3%.!`%/`00$! `0+`/1$``,+0!*0%+)!0!.K
8VLQJDQ+%ULGJH,&WRFRQWURODPRWRU
*`$IBQUFSL`1.*%*#`$%*#/`*`* `""L`3!`(!.*! `$+3`0+`1/!``0.*/%/0+.`0+`01.*``
)+0+.`+*`* `+""L`* `3!`(/+`/3`$+3`0+`+*0.+(`0$!`)+0+.W/`/,!! `1/%*#`K`*!`
(%)%00%+*`+"`+1.`/%*#(!`0.*/%/0+.`%.1%0`3/`0$0`0$!`)+0+.`+*(5`.+00! `%*`+*!` %.!0%+*K` *
0$%/`/!0%+*L`3!`3%((`!4,(+.!``35`0+`(!0`1/`/,%*`+1.`)+0+.`%*`+0$`0$!`"+.3. `*
'3. ` %.!0%+*/`b`1/%*#`3$0`%/`'*+3*`/`*` _.% #!`%.1%0K
S`:9;`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
!0W/`1%( `+1.`%.1%0`0+`+*0.+(`+1.`)+0+./K
S`:9<`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
%XLOGLQJWKHPRWRUGULYHUFLUFXLW
*`0$%/`/!0%+*L`3!`3%((`1%( `+1.` _.% #!`%.1%0`0$0`3!`3%((`1/!`0+`+*0.+(`03+`
)+0+./K`$!`"+((+3%*#`/$!)0%` !/.%!/`0$!`%.1%0`3!`3%((`.!0!K`$%(!`0$%/`%.1%0`(++'/
1/5L`)+/0`+"`+1.`3+.'`3%((`!`/%),(5`+**!0%*#`0$!`(!#/`+"`0$!`9@:` `0+`+1.`/,!..5
%L`,+3!.`/+1.!L`* `)+0+./M
(KIWTGb.&CPFOQVQTUEJGOCVKEFKCITCO
/`0$!.!`.!``(+0`+"`3%.!`+**!0%+*/`0+`#!0`0$.+1#$L`3!`3%((`1%( `0$%/`%.1%0`+*`+1.
.! +. `%*`"+1.`,.0/K
S`:9=`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
(KIWTGb.&DTGCFDQCTFNC[QWV 2CTVQH
S`:9>`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
+2%*#`+*L`0$!`*!40`,.0`+"`+1.`1%( `(.#!(5`%*2+(2!/`3%.%*#`1,`$**!(`9`+"`0$!`9@:K
$%/`%/`)+.!`+.`(!//``)%..+.`+"`0$!`3%.%*#`3!`&1/0`,!."+.)! M
(KIWTGb.&DTGCFDQCTFNC[QWV 2CTVQH
S`:9?`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
(KIWTGb.&DTGCFDQCTFNC[QWV 2CTVQH
S`:9@`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
8K +**!0`0$!`,+/%0%2!`+10,10`0!.)%*(`+"`5+1.`,+3!.`/1,,(5`0+`0$!`,+/%0%2!`.%(`+"
0$!`.%#$0_$* `/% !`,+3!.`.%(K
9K +**!0`0$!`*!#0%2!`+10,10`0!.)%*(`+"`5+1.`,+3!.`/1,,(5`0+`0$!`*!#0%2!`.%(
+"`0$!`.%#$0_$* `/% !`,+3!.`.%(K
:K +**!0`,%*`?`+"`0$!`9@:`0+`0$!`,+/%0%2!`.%(`+"`0$!`.%#$0_$* `/% !`,+3!.`.%(K
%*`?`+"`0$!`9@:`,.+2% !/`0$!`%*,10`,+3!.`1/! `0+` .%2!`0$!`+10,10`$**!(/K
;K %*((5L`1/%*#``&1),!.`3%.!L`+**!0`0$!`*!#0%2!`.%(/`+"`0$!`(!"0_$* `/% !`*
.%#$0_$* `/% !`,+3!.`.%(/K
(KIWTGb.&OQVQTEQPPGEVKQPU
S`::7`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
5XQQLQJWKHH[DPSOH+%ULGJHFRGHWRFRQWUROD
PRWRU
+3`0$0`5+1`$2!`.!0! `5+1.` _.% #!` .%2!.`%.1%0`* `+**!0! `5+1.`)+0+./L`(!0W/
.1*`0$!`+ !`0$0`3%((`)'!`0$!`)+0+./`/,%*K
(!``,%!!`+"`0,!`+*`0$!`/$"0`+"`5+1.`)+0+./`0+`)'!`%0`!/%!.`0+`/!!
3$!*`0$!5`.+00!`* `%*`3$0` %.!0%+*K
!W((`/0.0`5`(++'%*#`0`NPUPSQZK
PRWRUS\
0.0%*#`0`(%*!`8L`3!`%),+.0`% `* `0$!`.PUPS`(//` !"%*! `%*`0$!`NPUPS@DMBTTQZ
"%(!L`!"+.!` !"%*%*#`/!2!.(`2.%(!/` !/.%%*#`$+3`3!`.!`+**!0%*#`0$!`9@:`0+`+1.`
/,!..5`%W/` `,%*/M
JNQPSUQJHQJP
GSPNUJNFJNQPSUTMFFQ
GSPNNPUPS@DMBTTJNQPSU.PUPS
S`::8`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
.PUPS"
$)"//&-@@&/"#-&@(1*0
*/165@:@(1*0
*/165@:@(1*0
.PUPS#
$)"//&-@@&/"#-&@(1*0
*/165@:@(1*0
*/165@:@(1*0
$!`9@:`$/`03+`!*(!`,%*/`b`+*!`"+.`!$`$**!(`Q0$0`%/L`+*!`"+.`!$`)+0+.R`b`"+.
%*/0*!L`$)"//&-@@&/"#-&@(1*0`0`(%*!`:`%*`0$!`,.!! %*#`+ !K`$!`!*(!`,%*/
.!`(%'!``)/0!.`/3%0$`"+.`!$`$**!(K`$!*`0$!`!*(!`,%*`%/`/!0`$%#$L`%0`01.*/`0$!
//+%0! `$**!(`+*L`0$1/`,,(5%*#`,+3!.`0+`0$!`)+0+.K`(0!.*0%2!(5L`3!`*`+*0.+(`0$!
/,!! `+"``)+0+.`%"`3!`%*/0! `,1(/!`0$!`!*(!`,%*`1/%*#`K`!W((`/!!`0$!`+ !`0$0
3+.'/`3%0$`0$!`(+#%`* `!*(!/`,%*/`/$+.0(5`3$!*`3!`!4,(+.!`0$!`NPUPS@DMBTTQZ`"%(!K
S`::9`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
USVODBUFE
QSJOU .PUPS"$MBTTJD#SBLF.PUPS#18.#SBLF
NPUPS@"CSBLF
NPUPS@#CSBLF@QXN CSBLF@TQFFEEFMBZ@NJMMJTFDT
TMFFQ
PRWRUBFODVVS\
%./0L`3!`/!!`0$!`.PUPS`(//` !"%*%0%+*`* `%0/`+*/0.10+.M
DMBTT.PUPS
EFG@@JOJU@@ TFMGQJFOBCMF@HQJPMPHJD@@HQJPMPHJD@@HQJP
TFMGQJQJ
TFMGFOBCMF@HQJPFOBCMF@HQJP
TFMGMPHJD@@HQJPMPHJD@@HQJP
TFMGMPHJD@@HQJPMPHJD@@HQJP
S`:::`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
4FUEFGBVMUTUBUFNPUPSOPUTQJOOJOHBOE
TFUGPSSJHIUEJSFDUJPO
TFMGTFU@TQFFE .PUPSPGG
TFMGSJHIU
$!`.*#!``)!*/`3!`$2!`878` %/.!0!`%*0!#!.``/0!,/L`3$%$`),/
+*2!*%!*0(5`0+``7A`0+`877A` 105`5(!K` "`5+1`/,!%"5``$%#$!.`*1)!.L`0$%/` +!/`*+0
)!*`)+.!` 105`5(!/`Q+.`)+.!`)+0+.`/,!! RN`%0`&1/0`$*#!/`0$!`#.*1(.%05`+"`0$!`/0!,/`b
"+.`!4),(!L`0$!` !"1(0``.*#!`+"``#%2!/`1/`9<=` %/.!0!`/0!,/L`3$!.!`9<<`C
877A` 105`5(!K
!)!)!.`3$0`3!W.!`+10`0+` %/1//`+2!./`+*!`$**!(`Q+*!`)+0+.R`+"
0$!`9@:` `%.1%0K`2!.50$%*#`3!`+2!.`,,(%!/`0+`0$!`+0$!.`$**!(`0++
b`%0W/`&1/0`0$!` `,%*/`* ` `,%*/`0$0`$*#!K
!40L`3!`!*+1*0!.`/!2!.(`"1*0%+*/`0$0`3!`1/!`0+`)'!`+1.`)+0+.Q/R`/,%*K`!`/!!`0`(%*!
:`* `(%*!`;`0$!`SJHIU `* `MFGU `)!0$+ /L`3$%$`(0!.`0$!`$%#$\(+3`/00!/`+"`0$!`(+#%
,%*/`+"`0$!`9@:L`+. %*#`0+`.+3/`8`* `9`%*`0$!`,.!! %*#`0(!M
EFGSJHIU TFMGTQFFE/POF
JGTQFFEJTOPU/POF
TFMGTFU@TQFFE TQFFE
TFMGQJXSJUF TFMGMPHJD@@HQJPQJHQJP-08
TFMGQJXSJUF TFMGMPHJD@@HQJPQJHQJP)*()
TFMGQJXSJUF TFMGMPHJD@@HQJPQJHQJP)*()
TFMGQJXSJUF TFMGMPHJD@@HQJPQJHQJP-08
S`::;`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
!`*`$!'`3$!0$!.`+1.`)+0+.`%/`/!0`0+`.+00!`(!"0`+.`.%#$0`5`-1!.5%*#`0$!`1..!*0`/00!/
+"`0$!`(+#%`,%*/L`/`/$+3*`%*`JT@SJHIU `0`(%*!`<K`+0%!`0$0`0$!`-1!.%! ` `/00!/
%*`JT@SJHIU `)0$`0$!`/00!/`/!0`%*`SJHIU M
EFGJT@SJHIU TFMG
SFUVSOOPUTFMGQJSFBE TFMGMPHJD@@HQJP -08
BOETFMGQJSFBE TFMGMPHJD@@HQJP )*()
+1`*`/0+,`0$!`)+0+.`5`/!00%*#`0$!`/,!! `0+`L`3$%$`!""!0%2!(5`%/`100%*#`+""`0$!`)+0+.W/
,+3!.`Q7A` 105`5(!`C`,%*`(+3RK
JGXBT@SJHIU
TFMGSJHIU
FMTF
TFMGMFGU
S`::<`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
FMTF
TFMGSJHIU CSBLF@TQFFE
XBT@SJHIU'BMTF
TMFFQ EFMBZ@NJMMJTFDT
TFMGTFU@TQFFE
JGXBT@SJHIU
TFMGSJHIU
FMTF
TFMGMFGU
$!`%),(!)!*00%+*`+"`CSBLF `%/`0$!`(//%`35``)+0+.`.'!`%/`%),(!)!*0! L
3$!.!`+0$`(+#%` /`.!`/!0`$%#$`+.`(+3`0+#!0$!.L`/`%*`.+3/`:`+.`;`%*`0$!`,.!! %*#
0(!K`$!`0$L`$+3!2!.L`%/`0$0`0$!`,!."+.)*!`+"`0$%/`(+#%`*`2.5` !,!* %*#`+*`0$!
`5+1`.!`1/%*#`Q$+3`%0W/`+*/0.10! `%*0!.*((5RL`5+1.`)+0+.L`* `0$!`2+(0#!`* `1..!*0
1/!`.!`1/%*#K`+.`+1.`!4),(!L`3!`.!`1/%*#``/)((`)+0+.`Q3%0$`*+`(+ `+*`%0/`/$"0RL`/)((
2+(0#!`* `1..!*0/L`* `*`9@:` K`$!`*!0`+"`((`0$%/`%/`0$0`(//%`.'%*#` +!/`*+0
3+.'`3!((L`%"`0`((K
S`::=`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
,QWURGXFWLRQWRVWHSSHUPRWRUFRQWURO
0!,,!.`)+0+./`.!``1*%-1!`05,!`+"`)+0+.`%*`0!.)/`+"`0$!%.`,.!%/%+*`* `0+.-1!K`%)%(.`0+
``)+0+.L``/0!,,!.`)+0+.`*`.+00!`%*`+0$` %.!0%+*/`+*0%*1+1/(5L`3$%(!`0$!5`*`!
,.!%/!(5`+*0.+((! `/%)%(.`0+``/!.2+K
(KIWTGb$;,UVGRRGTOQVQT
S`::>`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
$!`/%`/,!%"%0%+*/`"+.`+1.`.!"!.!*!`9? _;?`.!`/`"+((+3/M
<`2+(0/`Q)'!`/1.!`5+1.`/0!,,!.`%/`<`2+(0/`!1/!`0$!`9? _;?`(/+`+)!/`%*`89
2+(0/RK
`/0.% !`*#(!`+"`=;L``8M=;`#!.%*#`.0%+L`#%2%*#`=;`4`=;`C`;L7@=`/0!,/`,!.`:=7
!#.!!`.!2+(10%+*K
!40L`3!`3%((`+**!0`+1.`/0!,,!.`)+0+.`0+`+1.`/,!..5`%K
S`::?`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
&RQQHFWLQJWKHVWHSSHUPRWRUWRWKH/'
FLUFXLW
+`+**!0`+1.`/0!,,!.`)+0+.`0+`+1.`/,!..5`%L`3!`.!`#+%*#`0+`.!1/!`+1.`9@:`%.1%0L
/`/$+3*`%*`%#1.!`87K?`%*`0$!`,.!2%+1/`/!0%+*K` !.!`%/`3$0`3!`*!! `0+` +M
(KIWTGb$;,UVGRRGTOQVQTYKTKPIEQPPGEVKQP
$!`"+((+3%*#`/0!,/`)0$`0$!`*1)!.%*#`/$+3*`%*`%#1.!`87K88K`!)!)!.`0$0`3!`.!`
/0.0%*#`3%0$`0$!`%.1%0`5+1`+),(!0! `,.!2%+1/(5`%*`0$!`/!0%+*`!*0%0(! `1%( %*#`0$!`)+0+.
.%2!.`%.1%0`* `/$+3*`%*`%#1.!`87K?M
*`/0!,/`9`0$.+1#$`<L`3!`3%((`+**!0`0$!`/0!,,!.`)+0+.`%*`+1.`.! +.
%.1%0K``/1##!/0%+*`%/`0+`1/!`$! !.`,%*/`Q/`,%01.! `%*`%#1.!`87K87R`0+
+**!0`5+1.`)+0+.`0+``.1*`+"`2*0`.+3/`+*`5+1.`.! +. L`* `0$!*
+**!0`0$!`+10,10`3%.!/`".+)`0$!`9@:`0+`0$!`,,.+,.%0!`.+3`)0$%*#
0$!`3%.!`+(+./`)!*0%+*! `%*`0$!`/0!,/K
S`::@`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
;K +**!0`0$!`,%*'`3%.!`+"`5+1.`/0!,,!.`)+0+.`0+`0$!`3%.!`(!(! `10,10`9
%*`%#1.!`87K?K
<K +**!0`0$!`(1!`3%.!`+"`5+1.`/0!,,!.`)+0+.`0+`0$!`3%.!`(!(! `10,10`8
%*`%#1.!`87K?K
`%,+(.`/0!,,!.`)+0+.`.!-1%.!/`` .%2%*#`%.1%0`0$0`%/`,(!`+"`.!2!./%*#`0$!
1..!*0`"(+3K
`1*%,+(.`/0!,,!.`)+0+.` +!/`*+0`.!-1%.!``%.1%0`0$0`%/`,(!`+"`.!2!./%*#`0$!
1..!*0`"(+3K
$!`977:` `%/``,+,1(.L`(+3_+/0`.(%*#0+*`0.*/%/0+.`..5`Q3%0$
1%(0_%*`"(5_'` %+ !/RN`5+1`+1( `(/+`1/!`%0`0+` .%2!`5+1.`/0!,,!.`)+0+.
/``1*%,+(.`/0!,,!.`)+0+.K` *`0$%/`/!01,L`5+1`3+1( `1/!`0$!`.! `3%.!
+**!0! `0+`B<`2+(0/`!1/!`0$!`977:`%/`1*(!`0+`.!2!./!`1..!*0K
%0$`+1.`/0!,,!.`)+0+.`+**!0! L`3!`*`+*0%*1!`+*`0+`+*0.+(`%0`3%0$`+ !K
5XQQLQJDQGH[SORULQJWKHVWHSSHUPRWRUFRGH
$!`+ !`3!`.!`+10`0+`.1*`*`!`"+1* `%*`0$!`DIBQUFSTUFQQFSQZ`"%(!K`
.!+))!* `.!2%!3%*#`0$!`/+1.!`+ !`!"+.!`,.+!! %*#`/+`0$0`5+1`$2!`*`+2!.((`% !
+"`3$0`0$!`"%(!`+*0%*/K
(!``,%!!`+"`0,!`+*`0$!`/$"0`+"`5+1.`/0!,,!.`)+0+.`0+`)'!`%0`!/%!.`0+
/!!`3$!*`%0`.+00!/`* `%*`3$0` %.!0%+*K
S`:;7`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
*/165@"@(1*0#MVF$PJM$POOFDUFEUP:
*/165@"@(1*01JOL$PJM$POOFDUFEUP:
*/165@"@(1*0:FMMPX$PJM$POOFDUFEUP:
*/165@"@(1*00SBOHF$PJM$POOFDUFEUP:
45&1@%&-":@4&$4
DPJM@HQJPT<
*/165@"@(1*0
*/165@"@(1*0
*/165@"@(1*0
*/165@"@(1*0
>
*OJUJBMJTFFBDIDPJM(1*0BT065165
GPSHQJPJODPJM@HQJPT
QJTFU@NPEF HQJPQJHQJP065165
EFGPGG
GPSHQJPJODPJM@HQJPT
QJXSJUF HQJPQJHQJP-08 $PJMPGG
PGG 4UBSUXJUITUFQQFSNPUPSPGG
S`:;8`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
&OBCMF$IBOOFMT BMXBZTIJHI
QJTFU@NPEF $)"//&-@@&/"#-&@(1*0QJHQJP065165
QJXSJUF $)"//&-@@&/"#-&@(1*0QJHQJP)*()
QJTFU@NPEF $)"//&-@@&/"#-&@(1*0QJHQJP065165
QJXSJUF $)"//&-@@&/"#-&@(1*0QJHQJP)*()
$0*-@'6--@4&26&/$&<
<> B
<> C
<> D
<>> E
`/!-1!*!`3%0$`!%#$0`/0!,/`%/`'*+3*`/``$("_/0!,`/!-1!*!L`3$%(!``"1((_/0!,`/!-1!*!`$/
"+1.`.+3/`* `%/``/1/!0`+"`0$!`$("_/!-1!*!`Q)0$`1,`0$!`QRL`QRL`QRL`* `Q R`.+3/`%*`0$!
,.!! %*#`+ !RK
`$("_/!-1!*!`3%((`#%2!`5+1`)+.!`.!/+(10%+*`Q"+.`!4),(!L`;L7@=`/0!,/`"+.``:=7_ !#.!!
.!2+(10%+*RL`3$%(!``"1((_/0!,`/!-1!*!`3%((`#%2!`5+1`$("`0$!`.!/+(10%+*`Q9L7;?`/0!,/R`10
03%!`0$!`/0!,,%*#`/,!! K
S`:;9`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
TFRVFODF$0*-@)"-'@4&26&/$&
TFRVFODF$0*-@'6--@4&26&/$&
$!`+.!`+"`0$!`SPUBUF `"1*0%+*`%/`3%0$%*`0$!`03+`GPS`(++,/L`/0.0%*#`0`(%*!`88M
SPUBUF TUFQT DPOUJOVFE
S`:;:`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
/`0$!`+ !`(++,/`"+.`TUFQ`%0!.0%+*/L`3!`#!0`0$!`*!40`+%(`/00!W/`"+.)L
TFRVFODF<TFRVFODF@SPX>L`0`(%*!`89`Q"+.`!4),(!L`<>RL`!"+.!`(++,%*#
0$.+1#$`* `#!00%*#`0$!`+..!/,+* %*#`+%(` `0`(%*!`8:L`* `%0/`)*()\-08`/00!`0`(%*!
8;K`0`(%*!`8<L`3!`/!0`0$!`)*()\-08`/00!`+"`0$!`+%(`3%0$`QJXSJUF L`3$%$`)'!/`+1.
)+0+.`)+2!`Q0$0`%/L`/0!,RL`!"+.!`/(!!,%*#`"+.``/$+.0` !(5K
TFRVFODF@SPX EJSFDUJPO
JGTFRVFODF@SPX
TFRVFODF@SPXMFO TFRVFODF
FMJGTFRVFODF@SPX MFO TFRVFODF
TFRVFODF@SPX
JG@@OBNF@@ @@NBJO@@
USZ
TUFQT4UFQTGPS)"-'TUFQQJOHTFRVFODF
QSJOU \^TUFQTGPSGVMMEFHSFFSPUBUJPOGPSNBU TUFQT
SPUBUF TUFQT 3PUBUFPOFEJSFDUJPO
SPUBUF TUFQT 3PUBUFSFWFSTFEJSFDUJPO
GJOBMMZ
PGG 5VSOTUFQQFSDPJMTPGG
QJTUPQ 1J(1*0$MFBOVQ
+*#.01(0%+*/P`+1`$2!`&1/0`+),(!0! ``./$`+1./!`+*`/0!,,!.`)+0+.`+*0.+(K
S`:;;`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
6XPPDU\
*`0$%/`$,0!.L`5+1`(!.*! `$+3`0+`1/!`0$.!!`+))+*`05,!/`+"`)+0+./`0+`.!0!`+),(!4
)+2!)!*0`3%0$`5+1.`/,!..5`%`b``/!.2+`)+0+.`"+.`.!0%*#`*`*#1(.`)+)!*0L``
)+0+.`3%0$`*` _.% #!` .%2!.`0+`.!0!` %.!0%+*`)+2!)!*0`* `/,!! `+*0.+(L`* `
/0!,,!.`)+0+.`"+.`,.!%/%+*`)+2!)!*0K` "`5+1`$2!`#./,! `0$!`#!*!.(`+*!,0/`+"`!$`+"
0$!/!`05,!/`+"`)+0+./L`0$!*`5+1` !/!.2!``,0`+*`0$!`'P`$%/`%/`*`$%!2!)!*0K`$%(!
)+0+./`.!`/%),(!`%*`,.%*%,(!`* `0$!%.`)+2!)!*0`%/`/+)!0$%*#`3!`0'!`"+.`#.*0! ` %(5
%*`!2!.5 5`,,(%*!/`* `0+5/L`/`5+1`$2!` %/+2!.! L`0$!.!`%/``(+0`#+%*#`+*`!$%* `0$!
/!*!/`0+`)'!`0$0`)+2!)!*0`+1.K
4XHVWLRQV
/`3!`+*(1 !L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`+"`0$%/`$,0!.W/
)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`++'M
S`:;<`T
+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./ $,0!.`87
S`:;=`T
0HDVXULQJ'LVWDQFHDQG
'HWHFWLQJ0RYHPHQW
!(+)!`0+`+1.`"%*(`+.!`!(!0.+*%/_/! `$,0!.K` *`0$!`,.!2%+1/`$,0!.L`3!`(!.*!
$+3`0+`+*0.+(`0$.!!` %""!.!*0`"+.)/`+"`)+0+./`%*`+),(!4`35/K` *`0$%/`$,0!.L`3!`3%((
%.!0`+1.`00!*0%+*`0+` !0!0%*#`)+2!)!*0`* `)!/1.%*#`0$!` %/0*!`3%0$`+1.`/,!..5
%`* `!(!0.+*%/K
!0!0%*#`)+2!)!*0`%/`2!.5`1/!"1(`"+.`10+)0%+*`,.+&!0/`/1$`/`01.*%*#`+*`(%#$0/`3$!*
5+1`3('`%*0+``.++)`+.`1%( %*#L`*`(.)`/5/0!)L`1%( %*#`+1*0!./L`+.` !0!0%*#
.!2+(10%+*/`+"``/$"0K`!`3%((`!`(++'%*#`0`03+`0!$*%-1!/`"+.`)+2!)!*0` !0!0%+*L
%*(1 %*#``//%2!` *"..! `Q R`/!*/+.`0$0`1/!/`$!0` !0!0%+*`0+` !0!0`0$!`,.!/!*!`+"
`,!./+*`Q+.`*%)(RL`* `` %#%0(` ((_!""!0`/!*/+.`0$0` !0!0/`0$!`,.!/!*!`+"``)#*!0%
"%!( `Q+.L`)+.!`(%!.((5L`3!`*`/5`0$0`0$!` ((_!""!0`/!*/+.`*` !0!0`3$!*``)#*!0
)+2!/`,/0`%0RK
%/0*!`)!/1.!)!*0`%/`(/+`1/!"1(`"+.`)*5`,.+&!0/L`".+)`+((%/%+*` !0!0%+*`%.1%0/`0+
)!/1.%*#`30!.`0*'`(!2!(/K`!`3%((`!`(++'%*#`0`03+`"+.)/`+"` %/0*!`)!/1.!)!*0L
%*(1 %*#`0$!`1/!`+"`*`1(0./+*%`/+1* `/!*/+.`0$0`*`)!/1.!` %/0*!/`+"`.+1* `9
!*0%)!0!./`0+`;`)!0!./L`* `(/+`*`*(+#` ((_!""!0`/!*/+.`0$0`*`)!/1.!`0$!
,.+4%)%05`+"``)#*!0%`"%!( ` +3*`0+`)%((%)!0!./K
!.!`%/`3$0`3!`3%((`+2!.`%*`0$%/`$,0!.M
!0!0%*#`)+2!)!*0`3%0$`` `/!*/+.
!/1.%*#` %/0*!`3%0$`*`1(0./+*%`/!*/+.
!0!0%*#`)+2!)!*0`* ` %/0*!`3%0$` ((_!""!0`/!*/+./
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$` !/'0+,`* `.!+))!* ! `/+"03.!R
%*%)1)`50$+*`2!./%+*`:K<
% M`$!`% ` `(%..5`QIUUQTQZQJPSHQSPKFDUQJHQJPR
88<M`$!`884<``(%..5`QIUUQTQZQJPSHQSPKFDUBEBGSVJU
DJSDVJUQZUIPOBETYR
$!`!(!0.+*%`+),+*!*0/`3!`3%((`*!! `"+.`0$%/`$,0!.W/`!4!.%/!/`.!`/`"+((+3/M
8`4`8'c`.!/%/0+.
8`4`9'c`.!/%/0+.
8`4` _<78` `/!*/+.`Q 0/$!!0M`IUUQTXXXBMMEBUBTIFFUDPN
EBUBTIFFUQEGQEG&5$)$43IUNMR
8`4`:8;;` ((_!""!0`/!*/+.`Q*+*_(0$%*#R`Q 0/$!!0M`IUUQTXXX
BMMEBUBTIFFUDPNEBUBTIFFUQEGQEG"--&(30"IUNMR
8`4` :<7:` ((_!""!0`/!*/+.`Q.0%+)!0.%R`Q 0/$!!0M`IUUQTXXX
BMMEBUBTIFFUDPNEBUBTIFFUQEGQEG")/+")IUNMR
S`:;?`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
$!.!`.!`03+`2.%0%+*/`+"`0$!` _7;`2%((!K`$!`)+.!
+))+*` _7;L`3$%$`+10,10/`<_2+(0`(+#%`* `0$!` _7;L`3$%$
*`+,!.0!`0`!03!!*`:`2+(0/`* `<K<`2+(0/K`%0$!.`)+ 1(!`3%((`!`/1%0(!
"+.`0$!`!4!.%/!`%*`0$%/`$,0!.K
'HWHFWLQJPRYHPHQWZLWKD3,5VHQVRU
` `/!*/+.`%/`` !2%!`0$0`*` !0!0`%*"..! `(%#$0`Q$!0R`!)%00! `5`*`+&!0`Q"+.
!4),(!L``,!./+*RK`!`/!!`0$!/!`05,!/`+"`/!*/+./`((`.+1* `1/`%*`,,(%0%+*/`/1$`/
/!1.%05`/5/0!)/`* `10+)0%` ++./`* `(%#$0/`0$0`.!0`0+`+1.`,.!/!*!K`$!`,//%2!`%*
`)!*/`0$!`/!*/+.`&1/0` !0!0/`)+2!)!*0K`+` !0!0`3$0`)+2! `* `$+3L`5+1`3+1(
*!! `*`0%2!`%*"..! ` !2%!L`/1$`/``0$!.)(`)!.K
(KIWTGb*%542+4UGPUQTOQFWNG
S`:;@`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
M`+**!0%+*`0+`#.+1* K
M`+**!0%+*`0+``,+3!.`/+1.!`!03!!*`<`2+(0/`* `97`2+(0/K
0M`%#%0(`+10,10`0$0`3!`+**!0`0+`` `,%*K`$!*`0$!` ` !0!0/
)+2!)!*0L`0$%/`,%*`#+!/`)*()N`+0$!.3%/!L`%0`.!)%*/`-08`%*`0$!`/!*!`+"
)+2!)!*0K`$!` _<78`+10,10/``:K:_2+(0`/%#*(L`!2!*`0$+1#$`%0`.!-1%.!/``<_
0+`97_2+(0`,+3!.`/+1.!K`/`3!`3%((`/!!`*!40L`0$!`+*+. `/!*/%0%2%05` &1/0L`0%)%*#
&1/0`0.%)/L`* `0.%##!.`)+ !`&1),!.`%*"(1!*!`$+3L`3$!*L`* `"+.`$+3`(+*#`0$%/
0`,%*`.!)%*/`)*()`3$!*`)+2!)!*0`%/` !0!0! K
!*/%0%2%05` &1/0M`$*#!/`0$!`!""!0%2!`)+2!)!*0`/!*/%*#`.*#!`!03!!*
+10`:`)!0!./`0+`+10`>`)!0!./K`/!``/)((`/.!3 .%2!.`0+`.+00!`0$%/`/!00%*#W/
%(K
%)!`!(5` &1/0M` +3`(+*#`0$!` 0`0!.)%*(`.!)%*/`)*()`"0!.`)+2!)!*0`%/
!0!0! K`$!` &1/0)!*0`.*#!`%/`,,.+4%)0!(5`<`/!+* /`0+`:77`/!+* /K`/!`
/)((`/.!3 .%2!.`0+`.+00!`0$%/`/!00%*#W/` %(K
.%##!.`+ !` 1),!.M` *`0$!`,.!/!*!`+"`+*0%*1! `)+2!)!*0` !0!0%+*L`0$%/
&1),!.`/!00%*#`)!*/`0$0`"0!.`0$!`0%)!` !(5`!4,%.!/`Q/`/!0`5`%)!`!(5
&1/0RL`0$!` 0`0!.)%*(`3%((` +`0$!`"+((+3%*#M
!)%*`)*()K`$%/`%/`0$!`.!,!0(!`0.%##!.`/!00%*#L`/!0`5`,(%*#
0$!`&1),!.`%*0+`0$!` `,+/%0%+*K
!2!.0`0+`-08K`$%/`%/`0$!`/%*#(!_/$+0`/!00%*#L`/!0`5`,(%*#`0$!
&1),!.`%*0+`0$!``,+/%0%+*K
S`:<7`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
&UHDWLQJWKH3,5VHQVRUFLUFXLW
*`0$%/`/!0%+*L`3!`3%((`+**!0`+1.` `/!*/+.`0+`+1.`/,!..5`%K`$!`"+((+3%*#`%/`0$!
/$!)0%` %#.)`+"`0$!`%.1%0`3!`.!`+10`0+`1%( K`/`5+1`*`/!!L`%0`$/`.!(0%2!(5
/0.%#$0"+.3. `3%.%*#`".+)`0$!`,!./,!0%2!`+"`0$!` `/!*/+.M
(KIWTGb2+4UGPUQTOQFWNGEKTEWKV
!0W/`+**!0`%0`0+`+1.`/,!..5`%`/`%((1/0.0! `%*`0$!`"+((+3%*#`"%#1.!M
(KIWTGb2+4UGPUQTEKTEWKVDTGCFDQCTFNC[QWV
S`:<8`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
5XQQLQJDQGH[SORULQJWKH3,5VHQVRUFRGH
$!`+ !`"+.`+10` `%.1%0`%/`"+1* `%*`0$!`DIBQUFSIDTSQZ`"%(!K`(!/!`.!2%!3
0$!`/+1.!`+ !`!"+.!`,.+!! %*#`0+`#!0``.+ `1* !./0* %*#`+"`3$0`0$%/`"%(!`+*0%*/K
1-&"4&/05&5IF)$43/FFETNJOVUFBGUFSQPXFSPOUPJOJUJBMJ[F
JUTFMG
S`:<9`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
.POJUPSJOHFOWJSPONFOU
1SFTT$POUSPM $UP&YJU
5SJHHFSFE
/PU5SJHHFSFE
USVODBUFE
*OJUJBMJ[F(1*0
QJTFU@NPEF (1*0QJHQJP*/165
QJTFU@QVMM@VQ@EPXO (1*0QJHQJP16%@%08/
QJTFU@HMJUDI@GJMUFS (1*0 NJDSPTFDPOETEFCPVODF
JGMFWFMQJHQJP)*()
USJHHFSFE5SVF
QSJOU 5SJHHFSFE
FMJGMFWFMQJHQJP-08
USJHHFSFE'BMTF
QSJOU /PU5SJHHFSFE
S`:<:`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
!40L`3!`3%((`(++'`0``/!*/+.`0$0`%/`,(!`+"`!/0%)0%*#` %/0*!K
0HDVXULQJGLVWDQFHZLWKDQXOWUDVRQLF
VHQVRU
*`0$!`,.!2%+1/`/!0%+*L`3!`(!.*! `$+3`0+` !0!0`)+2!)!*0`3%0$`` `/!*/+.K`/`3!
%/+2!.! L`+1.` `/!*/+.`3/`` %#%0(` !2%!`0$0`/%#*(! `)+2!)!*0` !0!0%+*`5
)'%*#`%0/`+10,10`` %#%0(`)*()K
0W/`0%)!`0+`(!.*`$+3`0+`)!/1.!` %/0*!`3%0$`+1.`/,!..5`%K`$!.!`.!``2.%!05`+"
/!*/+./`0$0`.!`,(!`+"`,!."+.)%*#`0$%/`0/'L`* `0$!5`+))+*(5`!%0$!.`3+.'`3%0$
/+1* `+.`(%#$0K`1.`!4),(!`3%((`!`/! `.+1* `0$!`,+,1(.` _7;`1(0./+*%` %/0*!
/!*/+.`Q%0`3+.'/`+*`/+1* RL`/`,%01.! `%*`0$!`"+((+3%*#`"%#1.!M
S`:<;`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
(KIWTGb*%54WNVTCUQPKEFKUVCPEGUGPUQTOQFWNG
!0W/`0'!``(+/!.`(++'`0`+1.` _7;`/!*/+.K`$!`+.!`/,!%"%0%+*/`".+)`0$!`.!"!.!*!
_7;` 0/$!!0`.!`/`"+((+3/M
S`:<<`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
$!` _7;`$/`"+1.`0!.)%*(/L`3$%$`.!`/`"+((+3/M
M`$!`,+3!.`/+1.!`Q`/,!..5`%`<_2+(0`,%*`3%((`!`+'5`#%2!*`0$!`)4
1..!*0`+"`8<`)RK
M`+**!0%+*`0+`#.+1* K
M`.%##!.`%*,10`0!.)%*(`b`3$!*`)*()L`0$!`/!*/+.`/!* /`+10`1(0./+*%
,1(/!/K
M`$+`+10,10`0!.)%*(`b`0$%/`,%*`#+!/`)*()`3$!*`53*(`%/`) !`)*()L`0$!*
0.*/%0%+*/`0+`-08`3$!*`%0` !0!0/`*`1(0./+*%`,1(/!K
+RZDQXOWUDVRQLFGLVWDQFHVHQVRUZRUNV
!0W/`/!!`$+3`0$!`0.*/)%00!.`QR`* `.!!%2!.`QR`3+.'`0+#!0$!.`0+`)!/1.!` %/0*!K
$!`/%`+,!.0%*#`,.%*%,(!`+"`*`1(0./+*%`/!*/+.`%/`%((1/0.0! `%*`0$!`"+((+3%*#`"%#1.!M
(KIWTGb7NVTCUQPKEFKUVCPEGUGPUQTQRGTCVKQP
S`:<=`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
!.!`%/`3$0`$,,!*/M
8K %./0L`0$!`/!*/+.`/!* /`+10`*`1(0./+*%`,1(/!`".+)`0$!`0.*/)%00!.`QRK
9K "`0$!.!`%/`*`+&!0`%*`".+*0`+"`0$!`/!*/+.L`0$%/`,1(/!`%/`+1*! `+""`0$!`+&!0`*
.!01.*/`0+`0$!`/!*/+.L`* `%/` !0!0! `5`0$!`.!!%2!.`QRK``
:K 5`)!/1.%*#`0$!`0%)!`!03!!*`0.*/)%00%*#``,1(/!`* `.!!%2%*#`%0`'L`3!
*`(1(0!`0$!` %/0*!`!03!!*`0$!`/!*/+.`* `0$!`+&!0K
+&65GLVWDQFHPHDVXUHPHQWSURFHVV
*`0$%/`/!0%+*L`3!`3%((`+2!.`0$!`,.+!//`1/! `0+`)!/1.!` %/0*!`3%0$`0$!` _7;K`+*W0
#!0`+*!.*! `%"`0$%/` +!/`*+0`)'!`%))! %0!(5`/!*/!K` W2!`,.+2% ! `0$!` !0%(/`$!.!`/
'#.+1* `)0!.%(L`/`0$%/`%/`0$!`(+#%(`,.+!//`0$0`%/`%),(!)!*0! `5`+1.`!4),(!
,.+#.)`0+`)'!`0$!`/!*/+.`3+.'K`+1`3%((`(/+`"%* `0$!`,.+!//` +1)!*0! `%*`0$!
/!*/+.W/` 0/$!!0K
S`:<>`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
!.!L`3!`$2!`0$!`"+((+3%*#M
`%/`0$!` %/0*!`%*`)!0!./K
2`%/`0$!`2!(+%05`%*`)!0!./`,!.`/!+* L`"+.`3$%$`3!`1/!`0$!`/,!! `+"`/+1* L
3$%$`%/`,,.+4%)0!(5`:;:`)!0!./`,!.`/!+* `0`97h`Q=?hRK
0`%/`0$!`0%)!`%*`/!+* /K
%XLOGLQJWKH+&65FLUFXLW
0W/`0%)!`0+`1%( `+1.` _7;`%.1%0K``/$!)0%`+"`+1.`%.1%0`%/`/$+3*`%*`0$!`"+((+3%*#
"%#1.!K`$%/`3%.%*#`3%((`!`/1%0(!`"+.`+0$`*` _7;`+.` _7;`)+ 1(!M
S`:<?`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
(KIWTGb*%54EKTEWKVDTGCFDQCTFNC[QWV RCTVQH
8K (!``8'c`.!/%/0+.`Q8R`%*0+`5+1.`.! +. K
9K (!``9'c`.!/%/0+.`Q9R`%*0+`5+1.`.! +. K``(!#`+"`0$%/`/!+* `.!/%/0+.
/$.!/`0$!`/)!`.+3`/``(!#`+"`0$!`"%./0`.!/%/0+.K` *`0$!`%((1/0.0%+*L`0$%/`*`!
/!!*`%*`.+3`98`+*`0$!`.%#$0_$* `/% !`*'K
:K +**!0`0$!`(!"0_$* `/% !`* `.%#$0_$* `/% !`*!#0%2!`,+3!.`.%(/`0+#!0$!.K
;K +**!0`` `,%*`+*`5+1.`/,!..5`%`0+`0$!`*!#0%2!`.%(`+"`0$!`(!"0_$*
/% !`,+3!.`.%(K
<K +**!0`0$!`/!+* `(!#`9'c`.!/%/0+.`Q9R`0+`0$!`*!#0%2!`.%(`+"`0$!`.%#$0_$*
/% !`,+3!.`.%(K
=K +**!0`0$!` `0!.)%*(`+*`5+1.` _7;`/!*/+.`0+`0$!`*!#0%2!`.%(`+"`0$!
.%#$0_$* `/% !`,+3!.`.%(K
>K +**!0`0$!``0!.)%*(`+*`5+1.` _7;`/!*/+.`0+`0$!`,+/%0%2!`.%(`+"`0$!
.%#$0_$* `/% !`,+3!.`.%(K
S`:<@`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
(KIWTGb*%54EKTEWKVDTGCFDQCTFNC[QWV RCTVQH
!.!`.!`0$!`/0!,/`0+`"+((+3K`$!`/0!,`*1)!./`)0$`0$!`*1)!./`%*`('`%.(!/`%*`%#1.!
88K?M
S`:=7`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
;K +**!0`0$!`,+/%0%2!`0!.)%*(`+"``<_2+(0`,+3!.`/+1.!`0+`0$!`,+/%0%2!`.%(`+"`0$!
.%#$0_$* `/% !`,+3!.`.%(K
<K +**!0`0$!`*!#0%2!`0!.)%*(`+"``<_2+(0`,+3!.`/+1.!`0+`0$!`*!#0%2!`.%(`+"`0$!
.%#$0_$* `/% !`,+3!.`.%(K
+**!0``0+``:K:_2+(0`,+3!.`/+1.!`+.``:K:_2+(0`,%*`+*`5+1.`/,!..5`%K
+**!0`0$!` `0!.)%*(` %.!0(5`0+` `98K
`/0%((`+**!0/`0+` L`* ` `/0%((`+**!0/` %.!0(5`0+` `97K
.!0P`+3`0$0`+1.`%.1%0`%/`+),(!0!L`*!40`3!`3%((`.1*`+1.`!4),(!`,.+#.)`* `1/!`0$!
_7;`0+`)!/1.!` %/0*!`* `(!.*`+10`0$!`+ !`0$0`)'!/`0$%/`$,,!*K
5XQQLQJDQGH[SORULQJWKH+&65H[DPSOH
FRGH
$!`!4),(!`+ !`"+.`0$!` _7;`*`!`"+1* `%*`0$!`DIBQUFSIDTSQZ`"%(!K
(!/!`.!2%!3`0$!`/+1.!`+ !`!"+.!`,.+!! %*#`0+`#!0``.+ `1* !./0* %*#`+"`3$0`0$%/
"%(!`+*0%*/K
!0W/`.!2%!3`0$!`+ !K
S`:=8`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
*`(%*!`:L`3!` !"%*!`5*.&065@4&$4K`$!`2(1!`+"``%/``*1)!.`#.!0!.`0$*`:?
)%((%/!+* /`Q".+)`0$!` 0/$!!0RK`*5`0%)!`#.!0!.`0$*`0$%/`* `3!`+*(1 !`0$0`0$!.!`%/
*+`+&!0`%*`".+*0`+"`+1.` _7;`/!*/+.`* `.!01.*`0$!`4&/403@5*.&065`2(1!L`.0$!.
0$*`` %/0*!`%*`0$!`HFU@EJTUBODF@DNT `"1*0%+*L`3$%$`3!`3%((`+)!`0+`/$+.0(5M
53*(@(1*0
&$)0@(1*0
4QFFEPG4PVOEJONFUFSTQFSTFDPOE
BUEFHSFFT$ EFHSFFT'
7&-0$*5:
4FOTPSUJNFPVUBOESFUVSOWBMVF
5*.&065@4&$4CBTFEPONBYEJTUBODFPGN
4&/403@5*.&065
FDIP@DBMMCBDL`3%((`+*0%*`` `(('`.!"!.!*!`"+.`(0!.`(!*_1,`,1.,+/!/L
3$%(!`UJDL@TUBSU`* `UJDL@FOE`$+( `0$!`/0.0`* `!* `0%)%*#/`1/! `0+`(1(0!`0$!
!(,/! `0%)!`"+.`*`1(0./+*%`,1(/!_!$+K`$!`0!.)`UJDL`%/`1/! `0+`!`+*/%/0!*0`3%0$
% `0%)%*#`"1*0%+*/L`3$%$`3!`3%((`+)!`0+`/$+.0(5K`SFBEJOH@TVDDFTT`%/`5SVF`+*(5`
3$!*`3!`$2!`` %/0*!`.! %*#`!"+.!`5*.&065@4&$4`!(,/!/K
S`:=9`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
EFGUSJHHFS
HMPCBMSFBEJOH@TVDDFTT
SFBEJOH@TVDDFTT'BMTF
4UBSUVMUSBTPOJDQVMTFT
QJXSJUF 53*(@(1*0QJHQJP)*()
TMFFQ 1BVTFNJDSPTFDPOET
QJXSJUF 53*(@(1*0QJHQJP-08
$!`HFU@EJTUBODF@DNT `"1*0%+*`/$+3*`0`(%*!`>`%/`+1.`,.%).5`"1*0%+*`0$0`'%'/`+""
0$!` %/0*!`)!/1.!)!*0`,.+!//`5`)'%*#``((`0+`USJHHFS L`!"+.!`3%0%*#`".+)`(%*!
?`1*0%(`3!`$2!`!%0$!.``/1!//"1(`.! %*#`Q0$0`%/L`SFBEJOH@TVDDFTT5SVFR`+.
5*.&065@4&$4`!(,/!/L`%*`3$%$`/!L`3!`.!01.*`4&/403@5*.&065K`$%(!`3!`.!`3%0%*#L
`(('`$* (!.`*)! `FDIP@IBOEMFS `%/`)+*%0+.%*#`0$!`&$)0@(1*0`,%*`%*`0$!
'#.+1* `"+.``/1!//"1(`.! K`!`3%((` %/1//`FDIP@IBOEMFS `(0!.`%*`0$%/`/!0%+*M
EFGHFU@EJTUBODF@DNT
USJHHFS
UJNFPVUUJNF 5*.&065@4&$4
XIJMFOPUSFBEJOH@TVDDFTT
JGUJNF UJNFPVU
SFUVSO4&/403@5*.&065
TMFFQ
$!*`3!`$2!``/1!//"1(`.! %*#L`+1.`"1*0%+*`+*0%*1!/K`*`(%*!`@L`3!`0'!`0$!
UJDL@TUBSU`* `UJDL@FOE`2.%(!/`Q3$%$`3%((`*+3`$2!`2(1!/`/!0`5`0$!`!$+`(('
$* (!.R`* `(1(0!`0$!`!(,/! `0%)!K`!)!)!.L`3!W.!` %2% %*#`0$!`!(,/! `0%)!`0`(%*!
@`5`9`!1/!`3!`3*0`0$!`0%)%*#`".+)`0$!`/!*/+.`0+`0$!`+&!0L`*+0`0$!`+),(!0!`1(0./+*%
,1(/!`.+1* `0.%,`".+)`0$!`/!*/+.`0+`0$!`+&!0L`'`0+`0$!`/!*/+.M
HFU@EJTUBODF@DNT DPOUJOVFE
&MBQTFEUJNFJONJDSPTFDPOET
%JWJEFCZUPHFUUJNFGSPNTFOTPSUPPCKFDU
FMBQTFE@NJDSPTFDPOET
QJHQJPUJDL%JGG UJDL@TUBSUUJDL@FOE
$POWFSUUPTFDPOET
FMBQTFE@TFDPOETFMBQTFE@NJDSPTFDPOET
$BMDVMBUFEJTUBODFJONFUFST EW U
S`:=:`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
EJTUBODF@JO@NFUFSTFMBQTFE@TFDPOET 7&-0$*5:
EJTUBODF@JO@DFOUJNFUFSTEJTUBODF@JO@NFUFST
SFUVSOEJTUBODF@JO@DFOUJNFUFST
!40L`3!`!*+1*0!.`0$!`FDIP@IBOEMFS `"1*0%+*`+*`(%*!`88L`3$%$`)+*%0+./`0$!
&$)0@(1*0`,%*`"+.`$*#!/`%*`/00!M
JGMFWFMQJHQJP)*()
UJDL@TUBSUUJDL
FMJGMFWFMQJHQJP-08
UJDL@FOEUJDL
SFBEJOH@TVDDFTT5SVF
FDIP@DBMMCBDL
QJDBMMCBDL &$)0@(1*0QJHQJP&*5)&3@&%(&FDIP@IBOEMFS
S`:=;`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
'HWHFWLQJPRYHPHQWDQGGLVWDQFHZLWK+DOO
HIIHFWVHQVRUV
1.`"%*(`,.0%(`!4),(!`%*`0$%/`$,0!.`3%((`%((1/0.0!`0$!`1/!`+"`` ((_!""!0`/!*/+.K
((_!""!0`/!*/+./`.!`/%),(!`+),+*!*0/`0$0` !0!0`0$!`,.!/!*!`Q+.`/!*!R`+"`
)#*!0%`"%!( K` *`+*0./0`0+`` `+.` %/0*!`/!*/+.L`5+1`*`1/!`` ((_!""!0`/!*/+.
0+#!0$!.`3%0$``)#*!0`0+`)+*%0+.`/)((_.*#!`b`* `!2!*`2!.5`.,% `b`)+2!)!*0/K`+.
!4),(!L`5+1`+1( `00$``/)((`)#*!0`0+`0$!`/$"0`+"```)+0+.`* `1/!`` ((_!""!0
/!*/+.`0+` !0!.)%*!`0$!`)+0+.W/`.!2+(10%+*/`,!.`)%*10!K
S`:=<`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
(KIWTGb*CNNGcGEVUGPUQTCPFU[ODQNU
$!`(!#/`+"`+1.`+),+*!*0/`.!`/`"+((+3/M
M`<_2+(0`/+1.!`,+3!.K
M` .+1* `+**!0%+*K
10M`<_2+(0`/%#*(`+10,10K`+0!`0$0`0$!`:8;;`%/`0%2!`-08L`)!*%*#`0$0`%*`0$!
,.!/!*!`+"``)#*!0%`"%!( L`0$!`10`(!#`!+)!/`-08K
0$%*#`* `*+*_(0$%*#`/3%0$%*#`05,!/M`$!`10`(!#`3%((`+10,10`!%0$!.
%#%0(`-08`+.`` %#%0(`)*()K
0%+)!0.%`05,!M`$!`+10,10`3%((`!``2.5%*#`2+(0#!`Q0$0`%/L`*`*(+#
+10,10RK`+0!`0$0`0$!`.*#!`+"`2.5%*#`2+(0#!`3%((`*+0`!`0$!`"1((`.*#!`!03!!*
7`0+`<`2+(0/L`10`)+.!`(%'!(5``.*#!`+"`+*(5``"!3`$1* .! 0$/`+"``2+(0K
S`:==`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
&UHDWLQJD+DOOHIIHFWVHQVRUFLUFXLW
!`3%((`!`1%( %*#`0$!`"+((+3%*#`%.1%0`+*`+1.`.! +. /K`%)%(.`0+`+1.` _7;
!4),(!`* `%.1%0`%*`%#1.!`88K<L`3!`*!! `0+`1/!``2+(0#!` %2% !.`/%*!`+1.` ((_!""!0
/!*/+.`+10,10/`<_2+(0`(+#%L`3$%$`3!`*!! `0+`/$%"0` +3*`0+`:K:`2+(0/M
(KIWTGb*CNNGcGEVUGPUQTEKTEWKV
+.``*+*_(0$%*#`/3%0$`+.`(0$%*#`/3%0$`05,!` ((_!""!0`/!*/+.L`5+1`3%((
+**!0`0$!`%.1%0` %.!0(5`0+` `98`/%*!`0$!`/!*/+.`3%((`+10,10`` %#%0(
)*()\-08`/%#*(K
+.``.0%+)!0.%`05,!` ((_!""!0`/!*/+.L`5+1`3%((`*!! `0+`+**!0`0$!`/!*/+.`0+
5+1.`/,!..5`%`2%`5+1.`888<`*(+#_0+_ %#%0(`+*2!.0!.`/%*!`0$!`/!*/+.
+10,10/``2.5%*#`*(+#`2+(0#!K
`$2!`*+0`%*(1 ! `0$!`888<`3%.%*#`%*`%#1.!`88K@`+.`%*`0$!`"+((+3%*#
/0!,,! `.! +. `(5+10/K`!`$2!`(.! 5`/!!*`$+3`0+`+**!0`*
*(+#`+10,10`0+`+1.`/,!..5`%`1/%*#`0$!`888<`%*`,.!2%+1/
$,0!./`b`.!"!.`0+`$IBQUFSL`+**!0%*#`+1.`/,!..5`%`0+`0$!`$5/%(
+.( L`* \+.`$IBQUFSL`!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0
!2!(/L`"+.`!4),(!`%.1%0/`* `+ !`1/%*#`0$!`888<K
S`:=>`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
(KIWTGb*CNNGcGEVUGPUQTEKTEWKVDTGCFDQCTFNC[QWV
S`:=?`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
5XQQLQJDQGH[SORULQJWKH+DOOHIIHFWVHQVRU
FRGH
+1`3%((`"%* `0$!`+ !`"+.` ((_!""!0`/!*/+./`%*`0$!
DIBQUFSIBMM@FGGFDU@EJHJUBMQZ`"%(!`"+.`/3%0$`* `(0$%*#`/3%0$`05,!` ((_!""!0
/!*/+./`* `0$!`DIBQUFSIBMM@FGGFDU@BOBMPHQZ`"%(!`"+.`.0%+)!0.%`05,!` ((_!""!0
/!*/+./K
$0`5+1`3%((`"%* `3$!*`5+1`.!2%!3`0$!/!`03+`"%(!/`%/`0$!`"+((+3%*#M
S`:=@`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
6XPPDU\
*`0$%/`$,0!.L`3!`(++'! `0`35/`0+` !0!0`)+2!)!*0`* `!/0%)0!` %/0*!`3%0$`+1.
/,!..5`%K`!`(!.*! `$+3`0+`1/!`` `/!*/+.`0+` !0!0`.+ `)+2!)!*0/L`* `$+3`
/3%0$_05,!` ((_!""!0`/!*/+.`*`!`1/! `0+` !0!0`0$!`)+2!)!*0`+"``)#*!0%`"%!( K`!
(/+` %/+2!.! `$+3`0+`1/!`*`1(0./+*%`.*#!`/!*/+.`0+`!/0%)0!`/+(10!` %/0*!`+*`
(.#!.`/(!L`* `$+3`0+`1/!``.0%+)!0.%_05,!` ((_!""!0`/!*/+.`0+`)!/1.!`.!(0%2!
%/0*!/`+*``/)((`/(!K
+1`.!`%*``#.!0`,+/%0%+*`*+3`0+`+)%*!`%*,10`%.1%0/`/1$`/`0$+/!`+2!.! `%*`0$%/
$,0!.`Q* `(/+`%*`$IBQUFSL`!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/RL`3%0$
+10,10_/! `%.1%0/`* `!4),(!/`".+)`$IBQUFSL`1.*%*#`$%*#/`*`* `""L`$IBQUFSL
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+*L`* `$IBQUFSL`+2!)!*0`3%0$`!.2+/L`+0+./L
* `0!,,!./L`0+`.!0!`!* _0+_!* `,.+&!0/`0$0`*`+0$`+*0.+(`* `)!/1.!`0$!
!*2%.+*)!*0P
S`:>7`T
!/1.%*#`%/0*!`* `!0!0%*#`+2!)!*0 $,0!.`88
4XHVWLRQV
/`3!`+*(1 !L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`+"`0$%/`$,0!.W/
)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`++'M
S`:>8`T
$GYDQFHG,R73URJUDPPLQJ
&RQFHSWV7KUHDGV$V\QF,2
DQG(YHQW/RRSV
*`0$!`,.!2%+1/`$,0!.L`3!`(!.*! `$+3`0+` !0!0`)+2!)!*0`3%0$`` `/!*/+.L`/`3!((`/
)!/1.!` %/0*!/`* ` !0!0`)+2!)!*0`3%0$`1(0./+*%`/!*/+./`* ` ((_!""!0`/!*/+./K
*`0$%/`$,0!.L`3!`3%((` %/1//`(0!.*0%2!`35/`+"`/0.101.%*#`+1.`50$+*`,.+#.)/`3$!*
3!`.!`3+.'%*#`3%0$`!(!0.+*%`/!*/+./`Q%*,10` !2%!/R`* `010+./`Q+10,10` !2%!/RK`!
3%((`+2!.`0$!`(//%`!2!*0_(++,`,,.+$`0+`,.+#.))%*#L`!"+.!`)+2%*#`+*`0+`)+.!
2*! `,,.+$!/L`%*(1 %*#`0$!`1/!`+"`0$.! /`%*`50$+*L`0$!`,1(%/$!.\/1/.%!.
)+ !(L`* `"%*((5L`/5*$.+*+1/` \`,.+#.))%*#`3%0$`50$+*K
`#1.*0!!`5+1`0$0`0$!.!`.!`)*5L`)*5`(+#`,+/0/`* `010+.%(/`.+//`0$!`%*0!.*!0
+2!.%*#`0$!/!`0+,%/N`$+3!2!.L`3$0`3!`3%((`+2!.`%*`0$%/`$,0!.`3%((`!`1*%-1!(5`"+1/!
+*`,.0%(`!(!0.+*%`%*0!."%*#K`1.`,,.+$`%*`0$%/`$,0!.`3%((`%*2+(2!`.!0%*#`
/%),(!`%.1%0`3%0$``,1/$_100+*L``,+0!*0%+)!0!.L`* `03+`/`0$0`3!`3%((`)'!`"(/$
0` %""!.!*0`.0!/L`* `,.!/!*0%*#`"+1.` %""!.!*0`+ %*#`,,.+$!/`0+`)'!`0$!`%.1%0`3+.'K
!.!`%/`3$0`3!`3%((`+2!.`%*`0$%/`$,0!.M
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$` !/'0+,`* `.!+))!* ! `/+"03.!R
%*%)1)`50$+*`2!./%+*`:K<
% M`$!`% ` `(%..5`QIUUQTQZQJPSHQSPKFDUQJHQJPR
88<M`$!`848<``(%..5`QIUUQTQZQJPSHQSPKFDUBEBGSVJU
DJSDVJUQZUIPOBETYR
511M` *_,.+!//`)!//#%*#`* `!2!*0/`QIUUQTQZQJPSHQSPKFDU
1Z1VC4VCR
$!`!(!0.+*%`+),+*!*0/`3!`3%((`*!! `"+.`0$%/`$,0!.W/`!4!.%/!/`.!`/`"+((+3/M
9`4`.! `/
9`4`977`c`.!/%/0+./
8`4`,1/$_100+*`/3%0$
8`4`888<`)+ 1(!
8`4`87'`c`,+0!*0%+)!0!.
S`:>:`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
%XLOGLQJDQGWHVWLQJRXUFLUFXLW
W)`#+%*#`0+`,.!/!*0`0$!`%.1%0`* `,.+#.)/`"+.`0$%/`$,0!.`%*`0$!`"+.)`+"``,.0%(
!4!.%/!K`!0W/`,.!0!* `"+.``)+)!*0`0$0`3!`$2!`!!*`/'! `0+` !/%#*`* `1%( ``#%6)+
0$0`$/`0$!`"+((+3%*#`.!-1%.!)!*0/M
0`$/`03+`/`0$0`(%*'K
`,+0!*0%+)!0!.`%/`1/! `0+` &1/0`0$!`.0!`0$0`0$!`Q/R`(%*'K
$!*`0$!`,.+#.)`/0.0/L`+0$`/`3%((`(%*'`0`0$!`/)!`.0!` !0!.)%*! `5
0$!`,+/%0%+*`+"`0$!`,+0!*0%+)!0!.K
`(%*'%*#`.0!`+"`7`/!+* /`)!*/`*``%/`+""L`3$%(!`0$!`)4%)1)`(%*'%*#
.0!`+"`<`/!+* /`)!*/`*``%/`+*`"+.`<`/!+* /L`0$!*`+""`"+.`<`/!+* /L`!"+.!
.!,!0%*#`0$!`5(!K
`,1/$_100+*`%/`1/! `0+`/!(!0`3$%$``$*#!/`%0/`(%*'%*#`.0!`3$!*`0$!
,+0!*0%+)!0!.`%/` &1/0! K
$!*`0$!`,1/$_100+*`%/`,.!//! `* `$!( `"+.`7K<`/!+* /L`((`/`/5*$.+*%6!
0+`0$!`/)!`.0!L` !0!.)%*! `5`0$!`,+0!*0%+)!0!.W/`,+/%0%+*K
!((5L`0$!`,.+#.)`+ !`/$+1( `!/%(5`/(!`0+`/1,,+.0`)+.!`/`3%0$
)%*%)(`+ %*#`!""+.0K
S`:>;`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
!.!`%/``/!*.%+`%((1/0.0%*#`0$!`#%6)+W/`1/!M
8K "0!.`,,(5%*#`,+3!.`Q* `0$!`,.+#.)`/0.0/RL`((`/`/0.0`0+`(%*'`0``.0!`+"
9K<`/!+* /`!1/!`0$!`,+0!*0%+)!0!.W/` %(`%/`0`0$!`)% ,+%*0`Q<7AR`+"`%0/
.+00%+*K
9K $!`1/!.` &1/0/`0$!`,+0!*0%+)!0!.`0+`)'!`0$!`"%./0``(%*'`0``.0!`+"`;
/!+* /K
:K !40L`0$!`1/!.`.%!"(5`,.!//!/`* `.!(!/!/`0$!`,1/$_100+*`/+`0$0`0$!
,+0!*0%+)!0!.`3%((`$*#!`0$!`/!+* `W/`(%*'%*#`.0!K
;K +3L`0$!`1/!.` &1/0/`0$!`,+0!*0%+)!0!.`/+`0$0`0$!`/!+* ``(%*'/`0``.0!`+"
7K<`/!+* /K
<K %*((5L`0$!`1/!.`,.!//!/`* `$+( /`0$!`100+*` +3*`"+.`7K<`/!+* /`0+`)'!`+0$
0$!`"%./0`* `/!+* ``(%*'`%*`1*%/+*`0``.0!`+"`7K<`/!+* /`Q0$!`.0!`/!0`5`0$!
,+0!*0%+)!0!.`0`/0!,`;RK
`*0%%,0!`0$0`5+1`3%((`!*+1*0!.`$((!*#!/`* `$2!`-1!/0%+*/`+10`0$!`!/0`,,.+$
0+`0'!K`$!.!`%/`*+`+*!`!/0`,,.+$N`$+3!2!.L`5`$2%*#`5+1.`+3*`%),(!)!*00%+*`b
3$!0$!.`%0`3+.'/`+.`*+0`b`5+1`3%((`$2!`/+)!0$%*#`0+`+),.!`* `+*0./0`3%0$`0$!`"+1.
/+(10%+*/`0$0` `3%((`,.!/!*0` 1.%*#`0$%/`$,0!.K` W)`+*"% !*0`0$0`%"`5+1`$2!``#+`5+1./!("
"%./0L`0$!*`5+1`3%((`#%*`` !!,!.`1* !./0* %*#`* `)+.!`%*/%#$0K` !5L`,!.$,/`5+1W((
.!0!`*`!2!*`!00!.`/+(10%+*P
S`:><`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
%XLOGLQJWKHUHIHUHQFHFLUFXLW
*`%#1.!`89K8`%/``%.1%0`0$0`)!!0/`0$!`.!-1%.!)!*0/`3!`&1/0`(%/0! K` 0`$/``,1/$_100+*L`
,+0!*0%+)!0!.`%*`0$!`"+.)`+"``2+(0#!` %2% !.`+**!0! `0+`*`888<`*(+#_0+_ %#%0(
+*2!.0!.L`* `03+`/`+**!0! `5`1..!*0`(%)%0%*#`.!/%/0+./K` %*#` %0%+*(`/
3%((`!`/`/%),(!`/`3%.%*#`)+.!``* `.!/%/0+./`,%./`!03!!*` `* ``".!!`
,%*M
(KIWTGb4GHGTGPEGEKTEWKVUEJGOCVKE
(KIWTGb4GHGTGPEGEKTEWKV RCTVQH
S`:>=`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
(KIWTGb4GHGTGPEGEKTEWKV RCTVQH
S`:>>`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
8K +**!0``:K:_2+(0`,%*`".+)`5+1.`/,!..5`%`0+`0$!`,+/%0%2!`.%(`+"`0$!`(!"0_$*
/% !`,+3!.`.%(K
9K +**!0`0$!` `0!.)%*(`+"`0$!`888<`0+`0$!`,+/%0%2!`.%(`+"`0$!`(!"0_$* `/% !
,+3!.`.%(K
:K +**!0`0$!` `0!.)%*(`+"`0$!`888<`0+`0$!`*!#0%2!`.%(`+"`0$!`(!"0_$*
/% !`,+3!.`.%(K
;K +**!0`0$!``0!.)%*(`+"`0$!`888<`0+`0$!``,%*`+*`5+1.`/,!..5`%K
<K +**!0`0$!``0!.)%*(`+"`0$!`888<`0+`0$!``,%*`+*`5+1.`/,!..5`%K
=K +**!0`` `,%*`+*`5+1.`/,!..5`%`0+`0$!`*!#0%2!`.%(`+"`0$!`(!"0_$*
/% !`,+3!.`.%(K
>K +**!0`*`+10!.`0!.)%*(`+"`0$!`,+0!*0%+)!0!.`0+`0$!`,+/%0%2!`.%(`+"`0$!`(!"0_
$* `/% !`,+3!.`.%(K
?K +**!0`*+0$!.`+10!.`0!.)%*(`+"`0$!`,+0!*0%+)!0!.`0+`0$!`*!#0%2!`.%(`+"`0$!
(!"0_$* `/% !`,+3!.`.%(K
@K +**!0`0$!`!*0!.`0!.)%*(`+"`0$!`,+0!*0%+)!0!.`0+`,+.0`7`+"`0$!`888<K
*`5+1`.!((`0$0`0$!`,+0!*0%+)!0!.`%*`0$%/`+*"%#1.0%+*`%/`.!0%*#``2.%(!`2+(0#!
%2% !.O` "`*+0L`5+1`)5`3*0`0+`.!2%/%0`$IBQUFSL`(!0.+*%/`878`"+.`0$!`+"03.!`*#%*!!.K
1.0$!.)+.!L`%"`5+1`3+1( `(%'!`` !0%(! `.!".!/$!.`+*`0$!`888<`)+ 1(!L`,(!/!`.!"!.
0+`$IBQUFSL`+**!0%*#`5+1.`/,!..5`%`0+`0$!`$5/%(`+.( K
S`:>?`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
!0W/`+*0%*1!`3%0$`+1.`1%( M
(KIWTGb4GHGTGPEGEKTEWKV RCTVQH
8K +**!0` `9=`".+)`5+1.`/,!..5`%`0+`0$!`977`c`.!/%/0+.`Q8RK
9K +**!0` `8@`".+)`5+1.`/,!..5`%`0+`0$!`/!+* `977`c`.!/%/0+.`Q9RK
:K +**!0` `98`".+)`5+1.`/,!..5`%`0+`+*!`(!#`+"`0$!`,1/$_100+*K
;K +**!0`0$!`03+`0$+ !`(!#/`+"`0$!`/`0+#!0$!.K
<K +**!0`0$!`0$+ !`(!#/`+"`0$!`/`0+`0$!`*!#0%2!`.%(`+"`0$!`(!"0_$* `/% !
,+3!.`.%(K
=K +**!0`0$!`/!+* `(!#`+"`0$!`,1/$_100+*`0+`0$!`*!#0%2!`.%(`+"`0$!`(!"0_$*
/% !`,+3!.`.%(K
S`:>@`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
5XQQLQJWKHH[DPSOHV
$%/`$,0!.`+)!/`3%0$`"+1.` %""!.!*0`2!./%+*/`+"`+ !`0$0`*`3+.'`3%0$`0$!`%.1%0
/$+3*`,.!2%+1/(5`%*`%#1.!`89K8K`+1`3%((`"%* `0$!`+ !`%*`0$!`DIBQUFS`"+( !.`+.#*%6!
5`2!./%+*M
DIBQUFSWFSTJPO@FWFOUMPPQ`%/`*`!2!*0_(++,_/! `!4),(!K
DIBQUFSWFSTJPO@UISFBE`%/``0$.! `* `(('_/! `!4),(!K
DIBQUFSWFSTJPO@QVCTVC`%/``,1(%/$!._/1/.%!._/! `!4),(!K
DIBQUFSWFSTJPO@BTZODJP`%/`*`/5*$.+*+1/` `Q/5* R_/!
!4),(!K
!.!`.!`0$!`/0!,/`0+`"+((+3`0+`.1*`!$`2!./%+*`Q/0.0%*#`3%0$`2!./%+*`8R`* `0!/0`0$!`%.1%0M
8K $*#!`0+`0$!`WFSTJPO@FWFOUMPPQ`"+( !.K
9K .%!"(5`(++'`+2!.`0$!`NBJOQZ`/+1.!`"%(!L`* `*5` %0%+*(`50$+*`"%(!/`%*`0$!
"+( !.L`0+`#!0``"!!(`"+.`3$0`0$!5`+*0%*`* `$+3`0$!`,.+#.)`%/`/0.101.! K
:K 1*`NBJOQZ`%*``0!.)%*(`Q.!)!)!.`0+`/3%0$`%*0+`0$!`$,0!.W/`2%.01(
!*2%.+*)!*0`"%./0RK
$!`"+((+3%*#`%/`*`!4),(!`+"`0$!`0!.)%*(`+10,10`5+1`3%((`.!!%2!M
WFOW DEWFSTJPO@FWFOUMPPQ
WFOW QZUIPONBJOQZ
*/'0.BJO7FSTJPO&WFOU-PPQ&YBNQMF1SFTT$POUSPM $5P&YJU
*/'0.BJO4FUUJOHSBUFGPSBMM-&%TUP
*/'0.BJO5VSOJOHUIF1PUFOUJPNFUFSEJBMXJMMDIBOHFUIFSBUFGPS-&%
S`:?7`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
*/'0.BJO$IBOHJOH-&%SBUFUP
*/'0.BJO$IBOHJOH-&%SBUFUP
*/'0.BJO5VSOJOHUIF1PUFOUJPNFUFSEJBMXJMMDIBOHFUIFSBUFGPS-&%
*/'0.BJO$IBOHJOH-&%SBUFUP
*/'0.BJO$IBOHJOH-&%SBUFUP
5SVODBUFE
*/'0.BJO$IBOHJOH-&%SBUFUP
*/'0.BJO$IBOHJOHSBUFGPSBMM-&%TUP
?K .!//`0.(`B``%*`5+1.`0!.)%*(`0+`!4%0`0$!`,.+#.)K
@K !,!0`/0!,/`8`0$.+1#$`?`"+.`WFSTJPO@UISFBETL`WFSTJPO@QVCTVCL`*
WFSTJPO@BTZODJPK
([SORULQJWKHHYHQWORRSDSSURDFK
!`3%((`/0.0`+1.`+ !`!4,(+.0%+*`5` %/1//%*#`*`!2!*0_(++,_/! `,,.+$`0+`1%( %*#
0$!`/),(!`#%6)+`0$0`3!`&1/0`0!/0! `%*`0$!`,.!2%+1/`/!0%+*K
S`:?8`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
JG@@OBNF@@@@NBJO@@
4UBSUPG&WFOU-PPQ
XIJMF5SVF
.BJOCPEZPGMPHJDBOEDPEFJTXJUIJOUIFXIJMFMPPQ
TMFFQ 4-&&1@%&-":
"`5+1`.!`")%(%.`3%0$`. 1%*+`,.+#.))%*#L`5+1`3%((`!
%*0%)0!(5`")%(%.`3%0$`0$%/`,,.+$`0+`,.+#.))%*#K`$0W/`3$5` `0%0(!
0$%/`/!0%+*`!2!*0_(++,` 1!`0+`0$!`/%)%(.%05`+"`,,.+$`* `0$!`,+,1(.%05
+"`0$!`0!.)K`+03%0$/0* %*#L`*+0!`0$0`0$!`0!.)`!2!*0_(++,`$/``3% !.
+*0!40`3%0$%*`50$+*L`/`3!`3%((`/!!`3$!*`3!`(++'`0`0$!`/5*
Q2!./%+*`;R`+"`+1.`,.+#.)K
*`0$%/`+*0!40L`"+.``/%*#(!`"+1/! `!4),(!L`!2!*0_(++,/`)'!`/!*/!K`$!5`!2!*`)'!
/!*/!`,1.!(5`"+.`+*2!*%!*!`3$!*`5+1W.!`$'%*#`+10`* `0.5%*#`+10`*!3`% !/`*
(!.*%*#`+10``*!3`010+.`+.`/!*/+.K` +3!2!.L`/` !)+*/0.0! `5`+1.
WFSTJPO@FWFOUMPPQNBJOQZ`,.+#.)L`/`/++*`/`5+1` `%*`)1(0%,(!`+),+*!*0/
Q/1$`/``,+0!*0%+)!0!.L`03+`/L`* ``,1/$_100+*R`* `3*0`0+`)'!`0$!)`3+.'
0+#!0$!.`"+.`` !"%*%0!`,1.,+/!L`0$!`+ !`#!0/`+),(!4`"/0K
S`:?9`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
OPXUJNF
GPSJJOSBOHF MFO -&%@(1*04
JGMFE@SBUFT<J>
QJXSJUF -&%@(1*04<J>QJHQJP-08 -&%0GG
FMJGOPX MFE@UPHHMF@BU@UJNF<J>
QJXSJUF -&%@(1*04<J>OPUQJSFBE -&%@(1*04<J> 5PHHMF-&%
MFE@UPHHMF@BU@UJNF<J>OPX MFE@SBUFT<J>
+),.!`0$%/`0+``2*%((`(0!.*0%2!`Q/%)%(.`0+`3$0`3!`3%((`/!!`%*`+0$!.`,,.+$!/RL
3$%$`0``)+)!*0W/`#(*!`%/`/%#*%"%*0(5`!/%!.`0+`1* !./0* M
XIJMF5SVF
QJXSJUF MFE@HQJPOPUQJSFBE MFE@HQJP 5PHHMF-&%(1*0)JHI-PX
TMFFQ EFMBZ
JGCVUUPO@QSFTTFEBOEOPUCVUUPO@IFME
#VUUPOIBTCFFOQSFTTFE
5SVODBUFE
FMJGOPUCVUUPO@QSFTTFE
JGXBT@QSFTTFEBOEOPUCVUUPO@IFME
#VUUPOIBTCFFOSFMFBTFE
5SVODBUFE
JGCVUUPO@IPME@UJNFS #6550/@)0-%@4&$4BOEOPUCVUUPO@IFME
#VUUPOIBTCFFOIFMEEPXO
5SVODBUFE
5SVODBUFE
+1`3%((`+1*0`)1(0%,(!`2.%(!/`0`,(5`b`CVUUPO@QSFTTFEL`CVUUPO@IFMEL
XBT@QSFTTFEL`* `CVUUPO@IPME@UJNFS`b`0$0`.!`((`!2(10! `0`!2!.5`XIJMF`(++,
%0!.0%+*`* `.!`0$!.!`,.%).%(5`0+` !0!0``100+*_$+( `!2!*0K` W)`/1.!`5+1`*`,,.!%0!
0$0`3.%0%*#`* ` !1##%*#`0$%/`+ !`(%'!`0$%/`*`!`0! %+1/`* `!..+._,.+*!K
S`:?:`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
([SORULQJDWKUHDGHGDSSURDFK
+3`0$0`3!`$2!`!4,(+.! `*`!2!*0_(++,_/! `,,.+$`0+`.!0%*#`+1.`,.+#.)L`(!0W/
+*/% !.`*`(0!.*0%2!`,,.+$`1%(0`1/%*#`0$.! /L`(('/L`* ``* `/!!`$+3`0$%/
,,.+$`%),.+2!/`+ !`.! %(%05`* `)%*0%*%(%05`* `,.+)+0!/`+ !`.!1/!K
S`:?;`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
/P8IJMFMPPQ
*U TPVS#6550/-&%BOE105DMBTTFTBOEUIF
SFHJTUFSFEDBMMCBDLTEPJOHBMMUIFXPSL
QBVTF
`100+*`(//`Q#6550/QZRL`3$%$`0'!/`.!`+"`((`0$!`100+*`(+#%
`,+0!*0%+)!0!.`(//`Q105QZRL`3$%$`0'!/`.!`+"`((`0$!`,+0!*0%+)!0!.`*
*(+#_0+_ %#%0(`+*2!./%+*`(+#%
``(//`Q-&%QZRL`3$%$`%/`.!/,+*/%(!`"+.`)'%*#``/%*#(!``"(/$
+*/% !.`0$!`"+((+3%*#``,,.+$`"+.`+1.`,1/$_100+*M
DIBQUFSWFSTJPO@UISFBETNBJOQZ
$BMMCBDL)BOEMFSXIFOCVUUPOJTQSFTTFESFMFBTFEPSIFMEEPXO
EFGCVUUPO@IBOEMFS UIF@CVUUPOTUBUF
HMPCBMMFE@JOEFY
JGTUBUF#6550/13&44&%
5SVODBUFE
FMJGTUBUF#6550/)0-%
5SVODBUFE
$SFBUJOHCVUUPO*OTUBODF
CVUUPO#6550/ HQJP#6550/@(1*0
QJQJ
DBMMCBDLCVUUPO@IBOEMFS
JGMFWFMQJHQJP-08MFWFMJT-08 #VUUPOJTQSFTTFE
S`:?<`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
JGTFMGDBMMCBDLTFMGDBMMCBDL TFMG#6550/13&44&%
8IJMFCVUUPOJTQSFTTFETUBSUBUJNFSUPEFUFDU
JGJUSFNBJOTQSFTTFEGPSTFMGIPME@TFDT
UJNFS
XIJMF UJNFSTFMGIPME@TFDT BOEOPUTFMGQJSFBE TFMGHQJP
TMFFQ
UJNFS
#VUUPOJTTUJMMQSFTTFEBGUFSTFMGIPME@TFDT
JGOPUTFMGQJSFBE TFMGHQJP
JGTFMGDBMMCBDLTFMGDBMMCBDL TFMG#6550/)0-%
FMTFMFWFMJT)*() #VUUPOSFMFBTFE
JGTFMGDBMMCBDLTFMGDBMMCBDL TFMG#6550/3&-&"4&%
% `5+1`'*+3`0$0`!2!*`%*``)1(0%_0$.! ! `50$+*`,.+#.)L`+*(5`+*!
0$.! `%/`0%2!`0``0%)!O`$%(!`%0`/!!)/`+1*0!._%*01%0%2!L`%0`3/`` !/%#*
!%/%+*`'*+3*`/`0$!` (+(` *0!.,.!0!.`+'`Q R`) !`'`3$!*
0$!`50$+*`(*#1#!`3/`"%./0`.!0! K` "`5+1`3*0`0+`(!.*`)+.!`+10`0$!
`* `0$!`)*5`+0$!.`"+.)/`+"`$%!2%*#`+*1..!*5`3%0$`50$+*L`5+1
3%((`"%* `.!/+1.!/`%*`0$!`1.0$!.`.! %*#`/!0%+*`+"`0$%/`$,0!.K
S`:?=`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
UJNFS
XIJMFUJNFSTFMGQPMM@TFDT4MFFQGPSBXIJMF
TMFFQ
UJNFS
TFMGJT@QPMMJOHIBTCFDPNF'BMTFBOEUIF5ISFBEFOET
TFMG@@UISFBE/POF
8PSLTCVU-&%SFTQPOTJWFOFTTUPSBUFDIBODFTDBOCFTMVHHJTI
TMFFQ TFMGCMJOL@SBUF@TFDT
#FUUFSBQQSPBDI-&%SFTQPOETUPDIBOHFTJOOFBSSFBMUJNF
UJNFS
XIJMFUJNFSTFMGCMJOL@SBUF@TFDT
TMFFQ
UJNFS
TFMGJT@CMJOLJOHIBTCFDPNF'BMTFBOEUIF5ISFBEFOET
TFMG@UISFBE/POF
S`:?>`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
1.`WFSTJPO`,.+#.)`!4),(!`1/%*#`0$!``(//`3%0$`%0/`+3*`%*0!.*(`0$.! `*+3
)!*/`0$0`3!`$2!`)1(0%,(!`0$.! /`b`+*!`,!.``b`((`)'%*#`0$!`/`(%*'
%* !,!* !*0(5`0+`+*!`*+0$!.K
*`5+1`0$%*'`+"`*5`,+0!*0%(`,.+(!)/`0$%/`)5`%*0.+ 1!O`'5L`%0`)%#$0`!`+2%+1/`%"
5+1`$2!`.! `0$.+1#$`0$!`WFSTJPO`/+1.!`"%(!/`b`%0W/`0$!`/5*$.+*%60%+*`+"`((`/`0+
(%*'`0`0$!`/)!`.0!`%*`1*%/+*`3$!*`0$!`100+*`%/`$!( `"+.`7K<`/!+* /P
`/%),(!`/+(10%+*`0+`0$%/`%//1!`%/`0+`/5*$.+*%6!`0$!`01.*%*#`+""`+"`((`/`!"+.!`3!`/0.0
0$!)`(%*'%*#`0`0$!`/)!`.0!K`$0`%/L`3!`/0.0`0$!)`(%*'%*#`".+)``+))+*`/00!`Q0$0`%/L
+""RL`* `/0.0`0$!)`(%*'%*#`0+#!0$!.K
$%/`,,.+$`%/`/$+3*`%*`0$!`"+((+3%*#`+ !`/*%,,!0`/0.0%*#`0`(%*!`8`%*`-&%QZK`$!`+.!
+"`0$!`/5*$.+*%60%+*`%/`$%!2! `5`0$!`MFE@UISFBEKPJO `/00!)!*0/`+*`(%*!`9M
DIBQUFSWFSTJPO@UISFBET-&%QZ
!DMBTTNFUIPE
EFGTFU@SBUF@BMM DMTSBUF
GPSMFEJODMTJOTUBODFT5VSOPGGBMM-&%T
MFETFU@SBUF
GPSMFEJODMTJOTUBODFT
JGMFE@UISFBE
MFE@UISFBEKPJO
8FEPOPUHFUUPUIJTQPJOUJODPEFVOUJMBMM
-&%5ISFBETBSFDPNQMFUF BOE-&%4BSFBMMPGG
GPSMFEJODMTJOTUBODFT4UBSU-&% TCMJOLJOH
MFETFU@SBUF SBUF
S`:??`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
"`5+1.`"%./0`,//`0``,.+0+05,!`+.`*!3`,.+#.)`%*2+(2!/`*`!2!*0_(++,_
/! `,,.+$`Q/` `+"0!*` +RL`0$!*`/`5+1`.!"0+.`0$0`+ !`+10`%*0+
(//!/`* `0$.! /L`(35/`0$%*'`+10`*5`0%)%*#`* `/5*$.+*%6%*#
%//1!/`0$0`)5`.%/!K`%/+2!.%*#`/5*$.+*%60%+*_.!(0! `1#/`5
% !*0` 1.%*#`0!/0%*#`Q+.`3+./!L`3$!*`%*`,.+ 10%+*R`%/`".1/0.0%*#`/
0$!5`*`!`$. `0+`.!(%(5`.!,(%0!L`* `+1( `.!/1(0`%*`0$!`*!! `"+.
!40!*/%2!`.!3+.'K
!W2!`&1/0`/!!*`$+3`0+`.!0!`+1.`/),(!`#%6)+`,.+#.)`1/%*#``0!$*%-1!/L`0$.! /L
* `(('/K`!W2!`/!!*`$+3`0$%/`,,.+$`.!/1(0/`%*`!/%!.`0+`.! `* `)%*0%*`+ !L
* `3!`(/+` %/+2!.! `0$!` %0%+*(`.!-1%.!)!*0`* `!""+.0`*!! ! `0+`/5*$.+*%6!
0$.! ! `+ !K`!40L`3!`3%((`(++'`0`0$!`0$%. `2.%0%+*`+"`+1.`,.+#.)L`3$%$`%/`/!
.+1* ``,1(%/$!._/1/.%!.`)+ !(K
S`:?@`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
([SORULQJWKHSXEOLVKHUVXEVFULEHU
DOWHUQDWLYH
+3`0$0`3!`$2!`/!!*`*`,,.+$`0+`.!0%*#`+1.`,.+#.)`1/%*#`0$.! /L`(('/L`*
`0!$*%-1!/L`(!0W/`+*/% !.``0$%. `,,.+$`1/%*#``,1(%/$!._/1/.%!.`)+ !(K
$0`5+1`3%((`$2!`*+0%! `%/`0$0`0$!`+2!.((`,.+#.)`/0.101.!`Q!/,!%((5`0$!`(//`"%(!/R
%/`2!.5`/%)%(.`0+`0$!`WFSTJPO`0$.! \(('`!4),(!`0$0`3!`+2!.! `%*`0$!`,.!2%+1/
$! %*#K
+1`)5`(/+`$2!`.!(%6! `0$0`0$%/`,,.+$`%/`2!.5`/%)%(.`%*`+*!,0`0+`0$!
,1(%/$!.\/1/.%%*#`)!0$+ `!),(+5! `5`L`3$%$`3!` %/1//! `%*` !0%(`%*
$IBQUFSL`!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!.K`$!`)%*
%""!.!*!`%/`0$0`%*`+1.`1..!*0`WFSTJPO`!4),(!L`+1.`,1(%/$!._/1/.%%*#`+*0!40`%/
+*"%*! `&1/0`0+`+1.`,.+#.)`.1*_0%)!`!*2%.+*)!*0L`*+0``*!03+.'_ %/0.%10! `/!0`+"
,.+#.)/L`3$%$`3/`0$!`/!*.%+`"+.`+1.``!4),(!/K
`$2!`%),(!)!*0! `0$!`,1(%/$%*#_/1/.%%*#`(5!.`%*`WFSTJPO`1/%*#`0$!`1Z1VC4VC
50$+*`(%..5L`3$%$`%/`2%((!`".+)`QZQJPSH`* `%/`%*/0((! `1/%*#`QJQK`!`3%((`*+0
%/1//`0$%/`(%..5`%*`*5` !0%(L`/`0$!`+2!.((`+*!,0/`* `1/!`+"`0$%/`05,!`+"`(%..5
/$+1( `(.! 5`!`")%(%.`0+`5+1L`* `%"`*+0L` `$2!`*+` +10`0$0`5+1`3%((`%))! %0!(5
1* !./0* `3$0W/`#+%*#`+*`+*!`5+1`.!2%!3`0$!`WFSTJPO`/+1.!`+ !`"%(!/`Q%"`5+1`$2!
*+0`(.! 5` +*!`/+RK
$!.!`.!`(0!.*0%2!`11`(%..%!/`2%((!`"+.`50$+*`0$.+1#$
5%K+.#K`$!`$+%!`0+`1/!`1Z1VC4VC`"+.`0$%/`!4),(!`3/` 1!`0+`0$!
-1(%05`+"`%0/` +1)!*00%+*`* `0$!`!4),(!/`,.+2% ! `0$!.!K`+1`3%((
"%* ``(%*'`0+`0$%/`(%..5`%*`0$!`!$*%(`.!-1%.!)!*0/`/!0%+*`0`0$!`/0.0`+"
0$%/`$,0!.K
S`:@7`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
+3L`0+`!`$+*!/0L`+1.`#%6)+`,.+#.)` +!/`*+0`!*!"%0`".+)``,1(%/$!._/1/.%!.
,,.+$K`5`,!./+*(`,.!"!.!*!`%/`0+` +,0`0$!`(('`2!./%+*`"+.``/)((`,.+#.)`(%'!
0$%/`+*!K` +3!2!.L` `$2!`,.+2% ! `0$!`,1(%/$!._/1/.%!.`(0!.*0%2!`%),(!)!*00%+*`/
`,+%*0`+"`.!"!.!*!`/+`0$0`5+1`$2!`0$%/`(0!.*0%2!`0+`+*/% !.`"+.`5+1.`+3*`*!! /K
$!.!``,1(%/$!._/1/.%!.`,,.+$`/$%*!/`%/`%*`)+.!`+),(!4`,.+#.)/`3$!.!`5+1
$2!`)*5`+),+*!*0/`Q* `$!.!` `)!*`/+"03.!`+),+*!*0/L`*+0`*!!//.%(5`!(!0.+*%/
+),+*!*0/R`0$0`*!! `0+`/$.!` 0`* `*` +`/+`%*`*`/5*$.+*+1/`11_/05(!
*01.!K
S`:@8`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
([SORULQJDQ$V\QF,2DSSURDFK
+`".`%*`0$%/`$,0!.L`3!`$2!`/!!*`0$.!!` %""!.!*0`,.+#.))%*#`,,.+$!/`0+`$%!2%*#
0$!`/)!`!* `#+(K`1.`"+1.0$`* `"%*(`,,.+$`3%((`!`1%(0`1/%*#`0$!`/5* `(%..%!/
+""!.! `5`50$+*`:K`/`3!`3%((`/!!L`0$%/`,,.+$`/$.!/`/%)%(.%0%!/`* ` %""!.!*!/`3%0$
+1.`,.!2%+1/`,,.+$!/L`* `(/+` /`*`!40.` %)!*/%+*`0+`+1.`+ !`* `$+3`%0
+,!.0!/K
,!'%*#`".+)`)5`+3*`!4,!.%!*!L`0$%/`,,.+$`*`"!!(`+),(!4L`1)!./+)!L`*
+*"1/%*#`0$!`"%./0`0%)!`5+1`!4,!.%!*!`/5*$.+*+1/`,.+#.))%*#`%*`50$+*K`!/L`0$!.!`%/
`/0!!,`(!.*%*#`1.2!`0+`/5*$.+*+1/`,.+#.))%*#`Q* `3!`*`+*(5`.!(5`/.0$`0$!
/1."!`%*`0$%/`/!0%+*RK` +3!2!.L`/`5+1`(!.*`0+`)/0!.`0$!`+*!,0/`* `#%*`,.0%(
!4,!.%!*!L`5+1`)5`/0.0`0+` %/+2!.`0$0`%0`%/`*`!(!#*0`* `#.!"1(`35`0+`.!0!
,.+#.)/P
"`5+1`.!`*!3`0+`/5*$.+*+1/`,.+#.))%*#`%*`50$+*L`5+1`3%((`"%*
1.0! `010+.%(`(%*'/`%*`0$!`1.0$!.`.! %*#`/!0%+*`0+` !!,!*`5+1.
(!.*%*#K` 0`%/`)5`%*0!*0%+*`%*`0$%/`/!0%+*`0+`#%2!`5+1``/%),(!`3+.'%*#
/5* `,.+#.)`0$0`"+1/!/`+*`!(!0.+*%`%*0!."%*#L`3$%$`5+1`*
1/!`/``.!"!.!*!`/`5+1`(!.*`)+.!`+10`0$%/`/05(!`+"`,.+#.))%*#K
S`:@9`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
$!`+2!.((`,.+#.)`/0.101.!`%/`2!.5`/%)%(.`0+`0$!`WFSTJPO`0$.! \(('
!4),(!K
0`0$!`!* `+"`NBJOQZL`3!`$2!``"!3`*!3`(%*!/`+"`+ !`0$0`3!`$2!`*+0`/!!*`%*
0$%/`++'`!"+.!`b`"+.`!4),(!L`MPPQBTZODJPHFU@FWFOU@MPPQ K
%'!`0$!`WFSTJPO`,.+#.)L`3!`$2!`1/! ``0!$*%-1!/`0+`"0+.`+1.
+),+*!*0/`%*0+`(//!/L`3$%$`(/+`$2!``SVO `)!0$+ `b`10`*+0%!`$+3`0$!.!
%/`*+`0$.! `%*/0*!`%*`0$!/!`(//!/`* `*+`+ !`.!(0! `0+`/0.0%*#``0$.! K
*`0$!`(//` !"%*%0%+*`"%(!/L`-&%QZL`#6550/QZL`* `105QZL`3!`$2!`0$!`BTZOD
* `BXBJU`'!53+. /`/,.%*'(! `.+1* `* `%*`0$!`SVO `"1*0%+*L`* `` !(5`+"
7`/!+* /`%*`0$!`XIJMF`(++,`b`0$0`%/L`BTZODJPTMFFQ `b`/+`3!W.!`*+0`.!((5
/(!!,%*#`0`((P
*`#6550/QZL`3!`.!`*+`(+*#!.`1/%*#`0$!`% `(('`0+`)+*%0+.``100+*
!%*#`,.!//! L`10`%*/0! `,+((%*#`0$!`100+*` `%*``XIJMF`(++,K
S`:@:`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
`3%((`!4,(%*`$+3`0$%/`,.+#.)`3+.'/`5`3('%*#`5+1`0$.+1#$`0$!`$%#$_(!2!(`,.+#.)
"(+3`%*``/%),(%"%! `35K`$!*`5+1`*`#./,`0$!`#!*!.(`% !`+"`3$0`%/`$,,!*%*#L`5+1
.!`3!((`+*`5+1.`35`0+`1* !./0* %*#`/5*$.+*+1/`,.+#.))%*#`%*`50$+*K
+1`3%((`(/+`"%* ``"%(!`*)!
DIBQUFSWFSTJPO@BTZODJPNBJO@QZQZK`$%/`%/``50$+*`:K>B
2!./%+*`+"`+1.`,.+#.)K` 0`1/!/`*` `2%((!`/%*!`50$+*`:K>K` "`5+1
(++'`0$.+1#$`0$%/`"%(!L`0$!` %""!.!*!/`.!`(!.(5`+))!*0! K
0`0$!`!* `+"`0$!`NBJOQZ`"%(!L`3!`/!!`0$!`"+((+3%*#`+ !M
JG@@OBNF@@@@NBJO@@
USVODBUFE
3FHJTUFSUIF-&%T
GPSMFEJO-&%4
MPPQDSFBUF@UBTL MFESVO
3FHJTUFS#VUUPOBOE1PU
MPPQDSFBUF@UBTL QPUSVO
MPPQDSFBUF@UBTL CVUUPOSVO
4UBSUUIFFWFOUMPPQ
MPPQSVO@GPSFWFS
$!`+2!.((`,.%*%,(!`+"`0$%/`/5*$.+*+1/`!2!*0_(++,`%/`/%)%(.`0+`+1.`2!./%+*8`!2!*0_(++,
!4),(!N`$+3!2!.L`0$!`/!)*0%/`.!` %""!.!*0K`+0$`2!./%+*/`.!`/%*#(!_0$.! ! L`* `+0$
/!0/`+"`+ !` +`#+`.+1* `%*``(++,K` *`WFSTJPOL`0$%/`3/`2!.5`!4,(%%0`!1/!`+1.`)%*
+ 5`+"`+ !`3/`+*0%*! `%*`*`+10!.`XIJMF`(++,K` *`+1.`/5*$.+*+1/`WFSTJPOL`%0W/
)+.!`%),(%%0L`* `$/``+.!` %""!.!*!`b`%0W/`*+*_(+'%*#`%"`,.+#.))! `+..!0(5L`* `/
3!`3%((`/!!`/++*L`0$%/`%/`0$!`,1.,+/!`+"`0$!`BXBJUBTZODJPTMFFQ `((/`%*`0$!`(//
SVO `)!0$+ /K
S`:@;`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
BXBJUBTZODJPTMFFQ
9K 0`!*0!./`0$!`XIJMF`(++,`+*`(%*!`8`* `0+##(!/`0$!``+*`+.`+""`".+)`(%*!`9L
!,!* %*#`+*`0$!`(%*'%*#`.0!K
:K !40L`%0`#!0/`0+`(%*!`:L`BXBJUBTZODJPTMFFQ L`* `5%!( /`+*0.+(K`0`0$%/
,+%*0L`0$!`SVO `)!0$+ `%/`!""!0%2!(5`,1/! L`* `*+0$!.`XIJMF`(++,`%0!.0%+*
+!/`*+0`/0.0K
;K +*0.+(`%/`,//! `+2!.`0$!`/!+* `W/`SVO `"1*0%+*L`* `%0`.1*/`0$.+1#$`%0W/
XIJMF`(++,`+*!`1*0%(`%0`.!$!/`BXBJUBTZODJPTMFFQ K` 0`0$!*`5%!( /
+*0.+(K
<K +3L`0$!`,+0`%*/0*!W/`SVO `)!0$+ `Q/$+3*`%*`0$!`"+((+3%*#`+ !R`#!0/``01.*
0+`.1*M
BTZODEFGSVO TFMG
1PMM"%$GPS7PMUBHF$IBOHFT
XIJMF5SVF
$IFDLJGUIF1PUFOUJPNFUFSIBTCFFOBEKVTUFE
DVSSFOU@WBMVFTFMGHFU@WBMVF
JGTFMGMBTU@WBMVFDVSSFOU@WBMVF
JGTFMGDBMMCBDL
TFMGDBMMCBDL TFMGDVSSFOU@WBMVF
TFMGMBTU@WBMVFDVSSFOU@WBMVF
BXBJUBTZODJPTMFFQ
S`:@<`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
8BJUJOHGPSB(1*0MFWFMDIBOHF
XIJMFMFWFMTFMG@@MBTU@MFWFM
BXBJUBTZODJPTMFFQ
USVODBUFE
USVODBUFE
BXBJUBTZODJPTMFFQ
!0W/`0%!`1,``"!3`(++/!`!* /`3$!.!`5+1`3%((`(%'!(5`$2!`-1!/0%+*/M
$0`+10`0$!`100+*W/`SVO `"1*0%+*`3%0$`%0/`)*5`BXBJU
BTZODJPTMFFQ `/00!)!*0/O
S`:@=`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
$5`%/`0$!`/(!!,` !(5`7`/!+* /O
$%/`!.0%*(5`+)!/`3%0$`,.0%!N`$+3!2!.L`$!.!`.!`0$!`/%` !/%#*`.1(!/M
"`5+1`.!`.!#%/0!.%*#``"1*0%+*`Q"+.`!4),(!L`SVO R`3%0$`0$!
!2!*0_(++,L`0$!`"1*0%+*`)1/0`/0.0`3%0$`0$!`BTZOD`'!53+. K
*5`BTZOD`"1*0%+*`)1/0`+*0%*`0`(!/0`+*!`BXBJU`/00!)!*0K
$QDV\QFKURQRXVH[SHULPHQW
!0W/`0.5`*`!4,!.%)!*0K`5!`5+1W2!`3+* !.! `$+3`WFSTJPO`Q/5* R`%/``%0`(%'!`+1.
WFSTJPO`Q!2!*0_(++,R`+ !L`+*(5`%0W/`!!*`.!"0+.! `%*0+`(//!/`&1/0`(%'!`0$!`WFSTJPO
Q0$.! ! R`+ !K`+L`+1( *W0`3!`&1/0`.!"0+.`0$!`+ !`%*`0$!`WFSTJPOXIJMF`(++,`%*0+
(//!/L`.!0!`* `((``"1*0%+*`0$!)`Q"+.`!4),(!L`SVO R`%*`0$!`XIJMF`(++,L`* `*+0
+0$!.`3%0$`((`0$!`/5*$.+*+1/`/01""`* `%0/`!40.`(%..5`* `/5*04O
S`:@>`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
!0W/`0.5K`+1`3%((`"%* ``2!./%+*`&1/0`(%'!`0$%/`%*`0$!`DIBQUFSWFSTJPO@FWFOUMPPQ
"+( !.K`.5`.1**%*#`0$%/`2!./%+*L`* `/!!`3$0`$,,!*/K`+1W((`"%* `0$0`0$!`"%./0``(%*'/L
0$!`/!+* `+*!`%/`(35/`+*L`* `0$0`0$!`100+*`* `,+0!*0%+)!0!.` +`*+0`3+.'K
*`5+1`3+.'`+10`3$5O
!*!L`0$%/`%/`*`!4),(!`+"`3$5`3!`/5`/5*$.+*+1/`,.+#.)/`.!`(+'%*#`Q*+`5%!( %*#
+"`+*0.+(RL`* `3$5`/5*$.+*+1/`,.+#.)/`.!`*+*_(+'%*#`Q0$!5`5%!( `+*0.+(`* `#%2!
+0$!.`+ !``$*!`0+`.1*RK
`$+,!`5+1`$2!`!*&+5! `+1.`!4,(+.0%+*`+"`"+1.`(0!.*0%2!`35/`+"`/0.101.%*#`!(!0.+*%_
%*0!."%*#`,.+#.)/`b`* `+*!`35`3!`/$+1( *W0K`!0W/`+*(1 !`5`.!,,%*#`3$0`3!
$2!`(!.*! `%*`0$%/`$,0!.K
6XPPDU\
*`0$%/`$,0!.L`3!`(++'! `0`"+1.` %""!.!*0`35`+"`/0.101.%*#``50$+*`,.+#.)`0$0
%*0!."!`3%0$`!(!0.+*%/K`!`(!.*! `+10`*`!2!*0_(++,`,,.+$`0+`,.+#.))%*#L`03+
2.%0%+*/`+*``0$.! _/! `,,.+$`b`(('/`* ``,1(%/$!._/1/.%!.`)+ !(`b`*
"%*%/$! `5`(++'%*#`0`$+3`*`/5* `,,.+$`0+`,.+#.))%*#`3+.'/K
S`:@?`T
2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0`++,/ $,0!.`89
4XHVWLRQV
/`3!`+*(1 !L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`+"`0$%/`$,0!.W/
)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`++'M
)XUWKHUUHDGLQJ
$!`SFBMQZUIPODPN`3!/%0!`$/``.*#!`+"`!4!((!*0`010+.%(/`+2!.%*#`((`0$%*#/
+*1..!*5`%*`50$+*L`%*(1 %*#`0$!`"+((+3%*#M
$0`%/`0$!`50$+*` O`IUUQTSFBMQZUIPODPNQZUIPOHJM
,!! `,`+1.`50$+*`.+#.)`3%0$`+*1..!*5M`IUUQTSFBMQZUIPODPN
QZUIPODPODVSSFODZ
*` *0.+`0+`$.! %*#`%*`50$+*M`IUUQTSFBMQZUIPODPNJOUSPUPQZUIPO
UISFBEJOH
/5*` `%*`50$+*M``+),(!0!`('0$.+1#$M`IUUQTSFBMQZUIPODPN
BTZODJPQZUIPO
$!`"+((+3%*#`.!`.!(!2*0`(%*'/`".+)`0$!`+""%%(`50$+*`Q:K>R` ` +1)!*00%+*M
$.! %*#M`IUUQTEPDTQZUIPOPSHMJCSBSZUISFBEJOHIUNM
$!`/5* `(%..5M`IUUQTEPDTQZUIPOPSHMJCSBSZBTZODJPIUN
!2!(+,%*#`3%0$`/5* M`IUUQTEPDTQZUIPOPSHMJCSBSZBTZODJP
EFWIUNM
+*1..!*5`%*`50$+*M`IUUQTEPDTQZUIPOPSHMJCSBSZDPODVSSFODZ
IUNM
S`:@@`T
,R79LVXDOL]DWLRQDQG
$XWRPDWLRQ3ODWIRUPV
*`0$!`,.!2%+1/`$,0!.L`3!`(++'! `0`(0!.*0%2!`,,.+$!/`0+`/0.101.%*#``50$+*
,.+#.)`0$0`%*0!."!/`3%0$`!(!0.+*%/K`$%/`%*(1 ! `*`!2!*0`(++,`,,.+$L`03+`0$.! _
/! `,,.+$!/`/$+3%*#`0$!`1/!`+"`(('/`* ``,1(%/$!._/1/.%!.`)+ !(L`* `*
/5*$.+*+1/` \`,,.+$K
$!`"+((+3%*#`0+,%/`3%((`!`+2!.! `%*`0$%/`$,0!.M
.%##!.%*#`*` `,,(!0`".+)`5+1.`/,!..5`%
0%+*%*#`5+1.`/,!..5`%`".+)`*` `,,(!0
%/1(%6%*#` 0`3%0$`0$!`$%*#,!'`,(0"+.)
0$!.` +`* `10+)0%+*`,(0"+.)/`"+.`"1.0$!.`!4,(+.0%+*
!0W/`#!0`/0.0! P
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$`` !/'0+,`* `.!+))!* ! `/+"03.!R
50$+*`2!./%+*`:K<`0``)%*%)1)
% M`$!`% ` `(%..5`QIUUQTQZQJPSHQSPKFDUQJHQJPR
$!`$+``(%..5M`IUUQTQZQJPSHQSPKFDUQBIPNRUU
$!`!-1!/0/` `(%..5M`IUUQTQZQJPSHQSPKFDUSFRVFTUT
$!`% _/! ` `(%..5M`IUUQTQZQJPSHQSPKFDUQJHQJPEIU
$!`!(!0.+*%`+),+*!*0/`3!`3%((`*!! `"+.`0$%/`$,0!.W/`!4!.%/!/`.!`/`"+((+3/M
S`;78`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
7ULJJHULQJDQ,)777$SSOHWIURP\RXU
5DVSEHUU\3L
*5`+"`5+1`)5`(.! 5`!`")%(%.`3%0$`0$!` "_$%/_$*_$0`Q R`3!`/!.2%!
QJGUUUDPNRL`3$!.!`5+1`*`.!0!`/%),(!`3+.'"(+3`10+)0%+*`$%*/`((! `,,(!0/K`*
,,(!0`.!/,+* /`0+`$*#!/`%*`+*!`3!`/!.2%!`Q0$!`$%/RL`3$%$`0$!*`0.%##!./`*`0%+*`+*
*+0$!.`3!`/!.2%!`Q0$!`$0RK
!.!`.!`/+)!`+))+*`!4),(!/`+"`,,(!0`+*"%#1.0%+*/`Q((! `!%,!/RM
!* `5+1./!("`*`!)%(`3$!*!2!.``,.0%1(.`3%00!.`$/$0#`%/`,1(%/$! K
1.*``/).0`(%#$0`1(`+*`+.`+""`0``!.0%*`0%)!`+"`0$!` 5K
,!*`5+1.`%*0!.*!0_+**!0! `#.#!` ++.`1/%*#`5+1.`,$+*!W/` `3$!*`5+1
.!`,,.+$%*#`5+1.`$+1/!K
+#`$+3`(+*#`5+1`/,!* `%*`0$!`+""%!`%*``/,.! /$!!0K
KKK* `0$+1/* /`1,+*`0$+1/* /`+"`+0$!.`!4),(!/P
/`3!`3%((`(!.*`%*`0$%/`/!0%+*`* `0$!`*!40L`+1.`/,!..5`%`*`//1)!`0$!`.+(!`+"`+0$
0$!`$%/`+.`0$!`$0L`0+`!%0$!.`0.%##!.`*`,,(!0`+.`,!."+.)`*`0%+*`%*`.!/,+*/!`0+`
0.%##!.! `,,(!0K
$!`"+((+3%*#`%/``2%/1(`.!,.!/!*00%+*`+"`3$0`3!`3%((`+2!.`%*`0$%/`/!0%+*N`0$0`%/L
)'%*#`+1.`/,!..5`%`//1)!`0$!`$%/`.+(!`%*`*` `3+.'"(+3M
(KIWTGb4CURDGTT[2KCUUWOKPIVJG5IJTTQNGKPCP+(666#RRNGVYQTMdQY
1.`"+.0$+)%*#`50$+*`!4),(!`3%((`)+*%0+.`0$!`1..!*0`0!),!.01.!`Q0$!`$%/RL`* `0`
/,!%"%`0!),!.01.!`3%((`.!-1!/0``/,!%(` `!$++'`K`$%/``.!-1!/0`0.%##!./
+1.`,,(!0L`3$%$`0$!*`/!* /`+10`*`!)%(`Q0$!`$0RK`!`3%((` %/1//`!$++'/`%*`#.!0!.
!0%(`/$+.0(5`3$!*`3!`1%( `+1.`"%./0` `,,(!0K
S`;79`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
&UHDWLQJWKHWHPSHUDWXUHPRQLWRULQJFLUFXLW
+.`0$%/`!4),(!L`3!`3%((`!`.!1/%*#`0$!` 88\ 99`0!),!.01.!`%.1%0`3!`.!0! `%*
$IBQUFSL`!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/K
!.!`%/`3$0`3!`*!! `0+` +M
&UHDWLQJDQGFRQILJXULQJDQ,)777$SSOHW
+`.!0!`+1.` `,,(!0L`0$!.!`.!`)*5`/0!,/`0$0`3!`*!! `0+`"+((+3K`*5`+"`0$!/!
/0!,/`.!`/%),(!`* `#!*!.%L`%..!/,!0%2!`+"`0$!`05,!`+"`,,(!0`5+1`.!`.!0%*#K`$%(!`3!
3%((`/0!,`0$.+1#$`0$!/!`#!*!.%`/0!,/L`3!`3+*W0`#+`%*0+`0$!)`%*`#.!0` !0%(L`/` `)`/1.!
5+1`3%((`!`)+.!`0$*`,(!`+"`1* !./0* %*#`3$0`%/`#+%*#`+*` 1.%*#`0$!`,.+!//K
*/0! L`3$0`3!`3%((`"+1/`+*`%/`0$!`1*%-1!`/0!,/`* `/!0%+*/`+"` `0$0`.!(0!`0+
%*0!#.0%*#`+1.`/,!..5`%K
(!/!`*+0!`0$0`0$!`IUUQTJGUUUDPN`".!!`,.%%*#`0%!.`(%)%0/`0$!
*1)!.`+"`,,(!0`0$0`5+1`*`$2!`0%2!`0`+*!K`0`0$!`0%)!`+"`3.%0%*#L
0$!`)4%)1)`3/`0$.!!`0%2!`,,(!0/K`!`3%((`!`.!0%*#`"+1.`,,(!0/
%*`0$%/`* `0$!`*!40`$,0!.`+)%*! L`/+`5+1`3%((`*!! `0+`.$%2!`0`(!/0
+*!`,,(!0`+*` `/`5+1`3+.'`0$.+1#$`0$!`*!40`$,0!.`%*`+. !.`0+
/05`+*`0$!` `".!!`,.%%*#`0%!.K
!.!`.!`0$!`/0!,/`3!`*!! `0+`"+((+3M
!`.!`,!."+.)%*#`0$!/!`/0!,/`+*`0$!` `3!/%0!L`JGUUUDPNK`$!
,.+!//`0+`"+((+3`"+.`0$!` `,$+*!`* `0(!0`,,/`3%((`!` %""!.!*0K
S`;7:`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
(KIWTGb2TQaNGCXCVCTKEQP
:K !40L`(%'`0$!`.!0!`+,0%+*`%*`0$!`,.+"%(!`)!*1L`/`/$+3*`$!.!M
(KIWTGb2TQaNGOGPW
;K $!`*!40`,#!`5+1`3%((`!`,.!/!*0! `3%0$`3%((`!`0$!`.!0!`5+1.`+3*`,#!K
!.!L`(%'`0$!`B`%+*`!03!!*`0$!`3+. /` "`* `$%/M
(KIWTGb6JG%TGCVG[QWTQYPRCIGbRCTV
S`;7;`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
(KIWTGb6JG%JQQUGCUGTXKEGRCIG
(KIWTGb6JG%JQQUGVTKIIGTRCIG
S`;7<`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
(KIWTGb6JG%QORNGVGVTKIIGTaGNFURCIG
@K "0!.`!*0!.%*#` !),!.01.!`%*0+`0$!`2!*0`)!`+4L`(%'`0$!`.!0!`
0.%##!.`100+*`0+`+*0%*1!K
(KIWTGb6JG%TGCVG[QWTQYPRCIGbRCTV
!`.!`*+3`$("35`0$.+1#$`+*"%#1.%*#`+1.` `,,(!0K`+3`0$0`3!`$2!
+*"%#1.! `+1.`!$++'`0.%##!.L`3!`*!! `0+`+*"%#1.!`+1.`0%+*L`3$%$`3%((`!
0+`/!* `*`!)%(K`"0!.`.!0%*#`0$!`!)%(%*#`0%+*L`3!`3%((`.!2%/%0`0$!`!$++'
0.%##!.`* ` %/+2!.`0$!``* `,.)!0!./`0$0`.!`1/! `0+`0.%##!.`0$%/
!$++'`!2!*0K
S`;7=`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
(KIWTGb6JG%JQQUGCEVKQPUGTXKEGRCIG
89K $!*`5+1`/!!`0$!`$++/!`0%+*`,#!`/$+3*`%*`0$!`"+((+3%*#`/.!!*/$+0L`/!(!0
0$!`!* `)!`*`!)%(`+,0%+*M
(KIWTGb6JG%JQQUGCEVKQPRCIG
S`;7>`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
(KIWTGb6JG%QORNGVGCEVKQPaGNFURCIG
S`;7?`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
(KIWTGb6JG4GXKGYCPFaPKUJRCIG
7ULJJHULQJDQ,)777:HEKRRN
+3`0$0`3!`$2!`.!0! `+1.` `,,(!0L`3!`*!! `0+`0'!``"!3`)+.!`/0!,/`0+`(!.*
$+3`0+`0.%##!.`+1.`!$++'K`$!/!`/0!,/`+%(` +3*`0+`'*+3%*#`3$!.!`0+`*2%#0!`0+
3%0$%*` `0+` %/+2!.`5+1.`1*%-1!`!$++'`K
!.!`.!`0$!`/0!,/`3!`*!! `0+`"+((+3M
8K %./0L`3!`*!! `0+`*2%#0!`0+`0$!`!$++'/`,#!K`$!.!`.!``+1,(!`+"`35/`3!
*` +`0$%/L`* ` W((`(!2!`%0`1,`0+`5+1`3$%$`.+10!`5+1`0'!M
2%#0!`5+1.`3!`.+3/!.`0+`0$!`!$++'`/!.2%!/`N`0$0
%/L`JGUUUDPNNBLFS@XFCIPPLK
S`;7@`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
(0!.*0%2!(5L`0$!`*2%#0%+*`/0!,/`0+`0'!`0+`#!0`0+`0$%/`3!`,#!
.!`/`"+((+3/M
8K (%'`+*`0$!`,.+"%(!`20.`%+*`Q/`/$+3*`,.!2%+1/(5`%*
%#1.!`8:K9RK
9K *`0$!`)!*1`0$0`,,!./L`$++/!`0$!`5`!.2%!/`%0!)
Q.!"!.`0+`%#1.!`8:K:RK
:K *`0$!`,#!`0$0`,,!./L`"%* `* `(%'`+*`0$!
!$++'/`%0!)K
..!/,!0%2!`+"`0$!`,0$`5+1`0'!L`5+1`3%((`/!!`0$!`,#!`/$+3*`%*`0$!`"+((+3%*#
/.!!*/$+0M
(KIWTGb6JG9GDJQQMURCIG
S`;87`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
9K (%'`+*`0$!`+1)!*00%+*`100+*`(+0! `%*`0$!`0+,_.%#$0`+.*!.`+"`0$!`,#!K
+1`3%((`!`,.!/!*0! `3%0$`0$!`!$++'` +1)!*00%+*`,#!`/$+3*`$!.!M
(KIWTGb6JG9GDJQQMFQEWOGPVCVKQPRCIG
S`;88`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
`+.``.!-1!/0`M`+1.`1*%-1!`!$++'`K`$!`1*%-1!
+)%*0%+*`+"`5+1.` `'!5`* `2!*0`)!`%/`3$0`//+%0!/`0$!``3%0$`
0.%##!.(!` `!2!*0K`+`%*0!#.0!`3%0$`+1.`/,!..5`%L`0$%/`%/`0$!``3!
*!! `0+`+*/0.10`* `.!-1!/0K`!W((`+2!.`0$%/`/$+.0(5`%*`+ !K
2!*0`*)!M`$!`*)!`+"`0$!`!2!*0`5+1`3*0`0+`0.%##!.K
`+ 5M`$`0.%##!.(!`!$++'`*`+*0%*``)4%)1)`+"`0$.!!` 0
,.)!0!./`,.!/!*0! `%*` `"+.)0L`* `0$!5`)1/0`!`*)! `2(1!8L`2(1!9L
* `2(1!:K
`+))* _(%*!`!4),(!M`1*`0$%/`!4),(!`%*``!.)%*(`0+`0.%##!.`0$!
!),!.01.!`!2!*0`Q* `5+1`3%((`.!!%2!`*`!)%(RK
$!`!/0` 0`100+*M`(%'%*#`0$%/`100+*`3%((`0.%##!.`0$!` !),!.01.!`!2!*0
Q* `5+1`3%((`.!!%2!`*`!)%(RK
7ULJJHULQJDQ,)777$SSOHWLQ3\WKRQ
!W.!`+10`0+`!4,(+.!``/%),(!`,,(%0%+*`/! `.+1* `0$!` `88\ `99`%.1%0/`*
+ !`3!`"%./0`/3`%*`$IBQUFSL`!/1.%*#`!),!.01.!L` 1)% %05L`* `%#$0`!2!(/K`+1`*
"%* `0$%/`+ !`%*`0$!`DIBQUFSJGUUU@EIU@USJHHFS@FNBJMQZ`"%(!K
(KIWTGb'ZCORNG+(666GOCKN
S`;89`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
!"+.!`3!`*`.1*`+1.`/),(!`,,(%0%+*`+ !L`0$!.!`.!``"!3`+*"%#1.0%+*`/0!,/`3!`*!!
0+`,!."+.)K`!0W/`0'!``(++'M
8K ,!*`0$!`DIBQUFSJGUUU@EIU@USJHHFS@FNBJMQZ`"%(!`"+.`! %0%*#K
9K +0!`0$!`"+((+3%*#`/!#)!*0`+"`+ !`%* %0! `5`(%*!/`Q8R`* `Q9RK`+*"%.)`0$0
5+1.` `/!*/+.`%/`+**!0! `0+`0$!`,,.+,.%0!` `,%*`* `0$0`0$!`+..!0
88`+.` 99`%*/0*!`%/`!%*#`1/! `/! `+*`0$!`/!*/+.`0$0`5+1`$2!M
%)55FNQFSBUVSF)VNJEJUZ4FOTPS(1*0
(1*0
$POGJHVSF%)5TFOTPS6ODPNNFOUBQQSPQSJBUFMJOF
CBTFEPOUIFTFOTPSZPVIBWF
EIU%)5 (1*0VTF@JOUFSOBM@QVMMVQ5SVFUJNFPVU@TFDT
EIU%)5 (1*0VTF@JOUFSOBM@QVMMVQ5SVFUJNFPVU@TFDT
$0W/`((`+1.`+*"%#1.0%+*` +*!K`+1W((`*+0%!`(%*!`Q>RL`3$%$`%/`3$!.!`3!`+*/0.10`0$!
`!$++'``1/%*#`+1.` `'!5`* `!2!*0`*)!M
63-IUUQTNBLFSJGUUUDPNUSJHHFS\^XJUILFZ\^GPSNBU &7&/5
"1*@,&:
S`;8:`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
$%/`*+3`+),(!0!/`+1.` `!4),(!`1/%*#`+1.`/,!..5`%`%*`0$!`$%/`.+(!`0+`0.%##!.`*
`,,(!0K`$!`/%`,.+!//`3!`+2!.! `%((1/0.0!/`$+3`!/5`0$%/`%/`0+`$%!2!P`!`/!*0
*`!)%(L`10`5+1`*`"+((+3`0$!`/)!`+2!.((`,.+!//`0+`.!0!`+0$!.` `.!%,!/`0$0
0.%##!.`+0$!.`0%+*/L`/1$`/`01.*%*#`+*`/).0`(%#$0/`* `,,(%*!/L` %*#`.+3/`0+
++#(!`/,.! /$!!0/L`* `.!0%*#``!++'`,+/0K`+1`)%#$0`(%'!`0+`$!'`+10`IUUQT
JGUUUDPNEJTDPWFS`"+.``$+/0`+"`% !/`* `,+//%%(%0%!/K`!)!)!.`0$0`".+)`+1.
,!./,!0%2!`* `+1.`(!.*%*#L`%0W/``!$++'`0.%##!.`3!`*`1/!`".+)`+1.`/,!..5`%`0+`
0%+*`% !/`(%'!`0$!/!K` 2!`"1*P
!40L`3!`3%((`(++'`0`0$!`+,,+/%0!`/!*.%+`0+`/!!`$+3`3!`*`0%+*`+1.`/,!..5`%K
$FWLRQLQJ\RXU5DVSEHUU\3LIURPDQ,)777
$SSOHW
$!`,.!2%+1/`/!0%+*`01#$0`1/`$+3`0+`0.%##!.`*` `,,(!0`".+)`+1.`/,!..5`%K` *
0$%/`/!0%+*L`3!`3%((`(!.*`$+3`0+`0%+*`+1.`/,!..5`%`".+)`*` `,,(!0K
S`;8;`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
+.`+1.`!4),(!L`3!`3%((`.!0!`*` `,,(!0`0$0`3%((`0.%##!.`3$!*`*`!)%(`%/
.!!%2! K`!W((`1/!`0$!`/1&!0`+"`0$%/`!)%(`0+`+*0.+(`*``0$0`%/`+**!0! `0+``
,%*K
(KIWTGb4CURDGTT[2KCUUWOKPIVJG5IBUTQNGKPCP+(666#RRNGV
0HWKRG`XVLQJWKHGZHHWLRVHUYLFHDVDQ
LQWHUPHGLDU\
*!`)!0$+ `0+`%*0!#.0!`0$!` `3%0$`+1.`/,!..5`%`%/`0+`1/!`0$!` 3!!0K%+`/!.2%!K`!
+2!.! ` 3!!0K%+L`(+*#`3%0$`50$+*`!4),(!/L`%*`$IBQUFSL` !00%*#`0.0! `3%0$`50$+*
* ` +K
S`;8<`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
0HWKRG`FUHDWLQJD)ODVN5(67IXOVHUYLFH
+`1/!`0$%/`)!0$+ L`3!`3+1( `*!! `0+`.!0!``"1(`/!.2%!L`/%)%(.`0+`3$0`3!` %
%*`$IBQUFSL`!03+.'%*#`3%0$`"1(` /`* `!`+'!0`!.2%!/`/%*#`(/'`Q0$!`+ !
0$0`*`!`"+1* `%*`DIBQUFSGMBTL@BQJ@TFSWFSQZL`3$%$`$*#!/`0$!`.%#$0*!//`+"
``Q.0$!.`0$*`/!00%*#`%0`0+`+*\+""\(%*'%*#RL`3+1( `!``#.!0`/0.0%*#`,+%*0RK
!40L`3!`3%((`.!0!``%.1%0`0$0`3!`*`1/!`3%0$`+1.`/!+* ` `,,(!0L`3$%$`3!`3%((
1%( `/$+.0(5K
&UHDWLQJWKH/('FLUFXLW
1.`"+.0$+)%*#`!4),(!`3%((`.!-1%.!`*`L`/`3!((`/``/!.%!/`.!/%/0+.`+**!0! `0+`
`,%*`Q `98L`"+.`+1.`!4),(!RK` W)`+*"% !*0`0$0L`#%2!*`0$!`*1)!.`+"`0%)!/`3!W2!
1%(0``%.1%0/`(.! 5`%*`0$%/`++'L`5+1`+1( `3%.!`0$%/`1,`+*`5+1.`+3*`3%0$`*+
,.+(!)/P`Q* `%*`/!`5+1` +`*!! ``.!)%* !.L`/!!`%#1.!`9K>`%*`$IBQUFSL` !00%*#`0.0!
3%0$`50$+*`* ` +KR
S`;8=`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
5XQQLQJWKH,)777DQG/('3\WKRQSURJUDP
*`0$%/`/!0%+*L`3!`3%((`.1*`+1.`,.+#.)`* `+0%*``1*%-1!`0$%*#`*)!`* ``"+.`1/!
3%0$`0$!` 3!!0K%+`/!.2%!K
!.!`.!`0$!`/0!,/`0+`"+((+3M
/`3!`)!*0%+*! `,.!2%+1/(5L`DIBQUFSEXFFU@MFEQZ`%/`*`!40`+,5`+"`0$!
/)!`,.+#.)`3!` %/1//! `%*`$IBQUFSL` !00%*#`0.0! `3%0$`50$+*`* ` +K` "
5+1`*!! `)+.!`+*0!40`.+1* `$+3`0$%/`,.+#.)`3+.'/L`,(!/!`.!2%/%0`0$0
$,0!.`* `0$!`+ !` %/1//%+*`+*0%*! `0$!.!%*K
9K !!,`5+1.`!.)%*(`+,!*`3%0$`0$!`,.+#.)`.1**%*#`/`3!`3%((`*!! `0+`+,5`+*!
+"`0$!`/`%*`0$!`*!40`/!0%+*K`!W((`(/+`*!! `0$!`,.+#.)`.1**%*#`0+`0!/0`+1.
1,+)%*#`%*0!#.0%+*K
&UHDWLQJWKH,)777$SSOHW
!`.!`+10`0+`.!0!`*+0$!.` `,,(!0K`$!`+2!.((`,.+!//`%/`2!.5`/%)%(.`0+`0$!`+*!
3!`"+((+3! `"+.`0$!`,,(!0`3!`.!0! `,.!2%+1/(5L`!4!,0`+1.`/,!..5`%`Q2%`!$++'
%*0!#.0%+*R`3%((`!`0`0$!`$0`!* `+"`0$!`,,(!0L`/`/$+3*`%*`%#1.!`8:K8=K
S`;8>`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
(KIWTGb6JG%QORNGVGVTKIIGTaGNFURCIG
=K *`0$!` "`D!)%(`%+*E`$%/`$!*`B`$*`,#!L`,.!//`0$!`B`%+*K
>K *`0$!`$++/!`0%+*`/!.2%!`,#!L`/!.$`"+.`* `/!(!0`0$!`!$++'/`/!.2%!K
?K !40L`+*`0$!`$++/!`0%+*`,#!L`/!(!0`'!``3!`.!-1!/0K
S`;8?`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
(KIWTGb6JG%QORNGVGCEVKQPaGNFURCIG
S`;8@`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
8K +,5`0$!`*``".+)`5+1.`!.)%*(`Q"+.`!4),(!L
IUUQTEXFFUJPEXFFUGPSCFTUBUFPO`b`*+0%*#`0$0
5+1.`0$%*#`*)!`3%((`!` %""!.!*0RK
9K /0!`0$%/``%*0+`0$!` ``"%!( K
:K *`0$!``"%!( L` !(!0!`0$!`3+. `+*`Q/+`0$!``%/`*+3
$00,/M\\ 3!!0K%+\ 3!!0\"+.\>;@<!=7O/00!CRK
;K (%'`0$!` `%*#.! %!*0`100+*`Q1* !.`0$!``"%!( R`* `$++/!
1&!0`Q/+`0$0`0$!``%/`*+3
$00,/M\\ 3!!0K%+\ 3!!0\"+.\>;@<!=7O/00!CUU1&!0VVRK
<K $!`+0$!.`"%!( /`*`!`(!"0`/`0$!%.` !"1(0`2(1!/K
=K (%'`0$!`.!0!`0%+*`100+*M
(KIWTGb6JG%QORNGVGCEVKQPaGNFURCIG
S`;97`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
&RQWUROOLQJWKH/('IURPDQHPDLO
+3`0$0`3!`$2!`.!0! `+1.`,,(!0`0+`+*0.+(`+1.``1/%*#`*`!)%(L`%0W/`0%)!`0+`0!/0
+10`0$!`%*0!#.0%+*K`
!.!`.!`0$!`/0!,/`0+`.!0!`0$!`!)%(M
8K '!`/1.!`0$!`,.+#.)`%*`0$!`DIBQUFSEXFFU@MFEQZ`"%(!`%/`/0%((`.1**%*#`%*
5+1.`!.)%*(K
9K ,!*`5+1.`"2+.%0!`!)%(`,.+#.)`* `.!0!``*!3`!)%(K
:K /!`USJHHFS!BQQMFUJGUUUDPN`/`0$!`!)%(W/`+` .!//K
;K /`0$!`/1&!0L`1/!`+*!`+"`0$!`"+((+3%*#`0+`+*0.+(`0$!`M
-&%0O
-&%0GG
-&%#MJOL
`/0.%,/`+""`0$!`H`0#L`/+`+1.`EXFFU@MFEQZ`,.+#.)`+*(5
.!!%2!/`0$!`0!40`*L`""L`+.`(%*'K`$!`(! %*#`/,!`%/`/0.%,,! `+""`%*`+1.
50$+*`+ !K
S`;98`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
$!`"+((+3%*#`/.!!*/$+0`/$+3/`*`!4),(!`!)%(`0$0`3%((`)'!`0$!``(%*'M
b6TKIIGTGOCKNGZCORNG
S`;99`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
,)777WURXEOHVKRRWLQJ
"`5+1.` `,,(!0/` +`*+0`,,!.`0+`!`0.%##!.%*#`* `0%+*%*#L`$!.!`.!``"!3
0.+1(!/$++0%*#`2!*1!/`"+.`5+1`0+`!4,(+.!`* `0.5M
*`EXFFU@MFEQZL`0.5`0$!`"+((+3%*#M
1.*`+*` !1#`(+##%*#N`"+.
!4),(!L`MPHHFSTFU-FWFM MPHHJOH%( K
$*#!`0$!` 3!!0`.!0.%!2(`)!0$+ `(+0! `*!.`0$!`!* `+"`0$!
/+1.!`"%(!K` "`5+1`.!`1/%*#`TUSFBN@EXFFUT@GPSFWFS L
0.5`QPMM@EXFFUT@GPSFWFS `%*/0! L`/%*!`%0`%/`)+.!`.!/%(%!*0`0+
0.*/%!*0`+**!0%2%05`%//1!/K
*`0$!` `3!/%0!L`5+1`*`%*/,!0`0$!`0%2%05`(+#`"+.`*5`,,(!0`5` +%*#
0$!`"+((+3%*#M
8K 2%#0%*#`0+`0$!`5`!.2%!/`+,0%+*`1* !.`0$!`,.+"%(!`)!*1
9K !(!0%*#``/!.2%!`Q"+.`!4),(!L`!$++'/R
:K !(!0%*#`0$!`,,(!0`5+1`3*0`0+`%*/,!0
;K (%'%*#`0$!`!00%*#/`100+*
<K (%'%*#`0$!`%!3`0%2%05`100+*`* \+.`0.5%*#`0$!`$!'`*+3`100+*
+1`*`(/+`$!'`0$!`"+((+3%*#` `.!/+1.!/M
+))+*`!..+./`* `0.+1(!/$++0%*#`0%,/L`2%((!`0`IUUQTIFMQ
JGUUUDPNIDFOVTBSUJDMFT$PNNPOFSSPST
BOEUSPVCMFTIPPUJOHUJQT
.+1(!/$++0%*#`,,(!0/`J`!.2%!/L`2%((!`0`IUUQTIFMQ
JGUUUDPNIDFOVTDBUFHPSJFT
5SPVCMFTIPPUJOH"QQMFUT4FSWJDFTK
`(/+`$/``!/0`.0%!/`,#!`2%((!`0`IUUQTIFMQJGUUUDPN
IDFOVTDBUFHPSJFT#FTU1SBDUJDFT`3$!.!`5+1`*
(!.*`)+.!`+10`0$!`,(0"+.)K
S`;9:`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
9LVXDOL]LQJGDWDZLWKWKH7KLQJ6SHDN
SODWIRUP
!`$2!`&1/0`(!.*! `$+3`0+`.!0!`/%),(!`10+)0%+*`1/%*#`0$!` `,(0"+.)K` *`0$%/
/!0%+*L`3!`3%((`%*0!#.0!`3%0$`0$!`$%*#,!'`,(0"+.)`0+`2%/1((5` %/,(5`0!),!.01.!
* `$1)% %05` 0`0$0`3!W((`+((!0`1/%*#`+1.` `88`+.` `99`/!*/+./K`!`3%((`!`1/%*#
0$!` `88\ `99`%.1%0`3!`.!0! `!.(%!.`%*`0$%/`$,0!.K
W2!`$+/!*`$%*#,!'`"+.`+1.`!4),(!`%*`0$%/`/!0%+*`"+.``+1,(!`+"`.!/+*/`b`%0W/`/%),(!
* `!/5`0+`/!0`1,`* `%*0!#.0!`3%0$L`* `"+.`/%),(!` 0`2%/1(%60%+*/`(%'!`0$!`+*!/`3!
3%((`!` +%*#L`%0W/`".!!K`$!.!`.!`)*5`+0$!.`2%/1(%60%+*`,(0"+.)/`2%((!L`* `0$!5`((
$2!`0$!%.`+3*`1*%-1!`"!01.!/L`,.%%*#`/0.101.!/L`* `+),(!4%0%!/K` W2!`%*(1 ! ``"!3
/1##!/0%+*/`%*`0$!`0$!.` +`* `10+)0%+*`,(0"+.)/`"+.`"1.0$!.`!4,(+.0%+*`/!0%+*`"+.`5+1`0+
!4,(+.!K
"`5+1`3%/$`0+`!4,(+.!`0$!`##.!#0%+*`* `*(5/%/`"!01.!/`%*`)+.!
!,0$L`5+1`*`"%* `)*5`-1(%05`!4),(!/L`010+.%(/L`* ` +1)!*00%+*
5`&1/0`/!.$%*#`"+.`$%*#,!'K`/``/1##!/0%+*L`/0.0`5+1.`%*2!/0%#0%+*
0`IUUQTBVNBUIXPSLTDPNIFMQUIJOHTQFBLK
S`;9;`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
(KIWTGb6JG6JKPI5RGCMEJCPPGNFCUJDQCTF
S`;9<`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
&RQILJXULQJWKH7KLQN6SHDNSODWIRUP
+*"%#1.%*#`$%*',!'`%/`.!(0%2!(5`/%),(!`b`%*`"0L`%0W/`+*!`+"`0$!`)+/0`/0.%#$0"+.3.
,(0"+.)/`%*`%0/`(//` `$2!`+)!`.+//K` !.!`.!`0$!`/0!,/`0$0`3!`*!! `0+`"+((+3M
8K %./0L`5+1`3%((`*!! `0+`.!0!``$%*#,!'`+1*0`"+.`5+1./!("K`%/%0`0$!%.
3!/%0!L`UIJOHTQFBLDPNL`* `(%'`+*`0$!`%#*`,`100+*K
9K *!`5+1`$2!`.!0! `5+1.`$%*',!'`+1*0`* `(+##! `%*0+`0$!`,(0"+.)L
5+1`/$+1( `(* `+*`0$!`5`$**!(/`,#!N`0$0`%/L`IUUQTUIJOHTQFBLDPN
DIBOOFMTK
*`0$!`$%*#,!'`!+/5/0!)L``$**!(`%/``2%.01(`,(!`3$!.!`3!`/0+.!
+1.` 0L` /$+. /L`* `2%/1(%60%+*/K` 0W/`*(+#+1/`0+``3+.'/,!K`
:K !40L`3!`*!! `0+`.!0!``*!3`$**!(`5`(%'%*#`+*`0$!`!3`$**!(`100+*M
(KIWTGb6JKPI5RGCMEJCPPGNEQPaIWTCVKQP
S`;9=`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
*`0$!`!3`$**!(`,#!L`!*0!.`0$!`"+((+3%*#` !0%(/M
)!M`&OWJSPONFOUBM%BUB`Q+.`*5`*)!`+"`5+1.`$+%!R
%!( 8M`UFNQFSBUVSF
%!( 9M`IVNJEJUZ
"`5+1`*!! `0+`.!2%!3`+.`$*#!`5+1.`$**!(`/!00%*#/`(0!.L`0$!5`*`!
"+1* `+*`0$!`$**!(`!00%*#/`0L`/`/$+3*`,.!2%+1/(5`%*`%#1.!`8:K8@K
S`;9>`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
(KIWTGb6JG#2+-G[UVCD
!.!`%/`0$!`%*"+.)0%+*`3!`*!! `0+`+((!0`"+.`+1.`50$+*`,.+#.)M
&RQILJXULQJDQGUXQQLQJWKH7KLQN6SHDN3\WKRQ
SURJUDP
!`$2!`,.+2% ! `03+`/),(!`,.+#.)/`0$0`%*0!#.0!`3%0$`$%*',!'K`$!5`.!`/
"+((+3/M
DIBQUFSUIJOHTQFBL@EIU@NRUUQZM`*`!4),(!`0$0`1/!/``0+`/!*
0`%*0+``$%*',!'`$**!(K
DIBQUFSUIJOHTQFBL@EIU@IUUQQZM`*`!4),(!`0$0`1/!/`0$!`50$+*
.!-1!/0/`(%..5`0+`)'!`"1(` `((/`0$0`/!* ` 0`0+``$%*',!'
$**!(K
S`;9?`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
8K ,!*`0$!`DIBQUFSUIJOHTQFBL@EIU@NRUUQZ`"%(!`"+.`! %0%*#K
9K !.`0$!`0+,`+"`0$!`"%(!L`% !*0%"5`0$!`"+((+3%*#`+ !`/0.0%*#`0`(%*!`Q8R`*
+*"%.)`5+1.` `/!*/+.`%/`+**!0! `0+`0$!`+..!0` `,%*`* `0$0`0$!
+..!0`/!*/+.`%*/0*!`%/`!*(! `%*`+ !M
%)55FNQFSBUVSF)VNJEJUZ4FOTPS
(1*0
EIU%)5 (1*0VTF@JOUFSOBM@QVMMVQ5SVFUJNFPVU@TFDT
EIU%)5 (1*0VTF@JOUFSOBM@QVMMVQ5SVFUJNFPVU@TFDT
4FFGPSWBMVFT
IUUQTBVNBUIXPSLTDPNIFMQUIJOHTQFBLUJNF[POFTSFGFSFODFIUNM
5*.&@;0/&"VTUSBMJB.FMCPVSOF
S`;9@`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
TFDPOET1SFTT$POUSPM $UP&YJU
*/'0SPPU4FOTPSSFTVMU\ UFNQ@D UFNQ@G
IVNJEJUZ WBMJE 5SVF^
*/'0SPPU1VCMJTIFEUPNRUUUIJOHTQFBLDPN
2WKHU,R7DQGDXWRPDWLRQSODWIRUPVIRU
IXUWKHUH[SORUDWLRQ
+`".`%*`0$%/`$,0!.L`3!`$2!`/!!*` `* `$%*#,!'`%*`0%+*L`/`3!((`/`$+3`0+
%*0!#.0!`0$!)`3%0$`+1.`/,!..5`%K`!`/3`$+3`0+`1/!` `0+`.!0!`/%),(!
3+.'"(+3/`* `$+3`3!`*`2%/1(%6!` 0`3%0$`$%*#,!'`b`03+`2!.5` %""!.!*0`% !/L`10
*+*!0$!(!//L`0$!5`.!`+0$` +`,(0"+.)/K
S`;:7`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
=DSLHU
!W2!`(.! 5`/!!*` `%*`0%+*K` `%/`)+.!`+*/1)!._"+1/! `%*`0!.)/`+"`0$!`/!.2%!/
0$0`%0`/1,,+.0/L`,(1/`/`3!`$2!`/!!*L`3!`.!`(%)%0! `0+``/%*#(!`$%/`0.%##!.`* ``/%*#(!
$0`0%+*K
!/%0!M`IUUQT[BQJFSDPNK
,)777SODWIRUP
*`0$%/`$,0!.L`3!`1/! ` `/`*`!* `1/!.`* `,!."+.)! `+1.`%*0!#.0%+*/`1/%*#
!$++'/K` "`5+1`.!``1/%*!//`3%/$%*#`0+`.!0!`# #!0/`5+1`3*0`0+`!4,+/!`/`"%./0_(//
`/!.2%!/L`0$!*`5+1`/$+1( `$!'`+10`0$!` `,(0"+.)K
!/%0!M`IUUQTQMBUGPSNJGUUUDPNK
7KLQJV%RDUG,R7SODWIRUP
$%*#/+. `%/`*`+,!*`/+1.!` +`,(0"+.)`0$0`5+1`*` +3*(+ `* `$+/0`+*`5+1.
/,!..5`%K`*`0$!`/1."!L`%0`3%((`((+3`5+1`0+`1%( ` /$+. /`* ` 0`2%/1(%60%+*/L
&1/0`/`3!` % `%*`$%*#,!'K`+),.! `0+`$%*#,!'L`5+1`3%((`"%* `0$0`$%*#/+. `$/
`/0!!,!.`(!.*%*#`1.2!`3$!*`%0`+)!/`0+`.!0%*#`5+1.`"%./0` /$+. N`$+3!2!.L`5+1`3%((
(/+`"%* `0$0`%0`+""!./``)+.!`!40!*/%2!`/!0`+"`3% #!0/`* `1/0+)%60%+*`+,0%+*/K`(1/L
1*(%'!`$%*#,!'L`3$%$`*`+*(5`+*/1)!` 0L`$%*#/+. `((+3/`5+1`0+`!)!
+*0.+(/`%*0+`` /$+. `0$0`(!0/`5+1`%*0!.0`3%0$`5+1.`/,!..5`%`1/%*#`K
S`;:8`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
!.!`.!``"!3`/,!%"%`.!/+1.!/`".+)`0$!%.`3!/%0!M
/,!..5`%`%*/0((0%+*`%*/0.10%+*/M`IUUQTUIJOHTCPBSEJPEPDTVTFS
HVJEFJOTUBMMSQJ`Q +*W0`3+..5`%"`%0`/5/`/,!..5`%`:N`%0`3%((`/0%((`3+.'`+*``;R
!00%*#`/0.0! `#1% !M`IUUQTUIJOHTCPBSEJPEPDTHFUUJOHTUBSUFE
HVJEFTIFMMPXPSME
!/%0!M`IUUQTUIJOHTCPBSEJPK
+RPH$VVLVWDQW
+)!`//%/0*0`%/``,1.!`50$+*`$+)!`10+)0%+*`/1%0!K`10`+"`0$!`+4L` +)!`//%/0*0
*`+**!0`3%0$``3% !`.*#!`+"`%*0!.*!0_!*(! ` !2%!/`/1$`/`(%#$0/L` ++./L`".% #!/L
* `+""!!`)$%*!/`b`0+`)!*0%+*`+*(5``"!3K
+)!`//%/0*0`#!0/``)!*0%+*`$!.!L`*+0`+*(5`!1/!`%0`%/`1%(0`3%0$`50$+*L`10`!1/!`%0
((+3/`1/`0+`%*0!#.0!` %.!0(5`3%0$`0$!`$+/0`/,!..5`%W/` `,%*/L`/`3!((`/`3%0$`
.!)+0!`/,!..5`%W/` `,%*/`1/%*#`% W/`.!)+0!` `"!01.!K`(1/L`0$!.!`.!
`* `"1(` `%*0!#.0%+*`+,0%+*/`2%((!K
S`;:9`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
(+//.5M`IUUQTXXXIPNFBTTJTUBOUJPEPDTHMPTTBSZK
2%((!`/,!..5`%`%*0!#.0%+*/M`IUUQTXXXIPNFBTTJTUBOUJP
JOUFHSBUJPOTTFBSDI3BTQCFSSZ1JK
!/%0!M`IUUQTXXXIPNFBTTJTUBOUJPK
$PD]RQ:HE6HUYLFHV $:6
*+0$!.`/1##!/0%+*`%/`)6+*`!`!.2%!/L`/,!%"%((5`03+`/!.2%!/`b` +`+.!`*
(/0%`!*/0('K`$!/!`+,0%+*/`3%((`,.+2% !`5+1`3%0$`%))!*/!`"(!4%%(%05`* ``*!._
!* (!//`*1)!.`+"`+,0%+*/`3$!*`%0`+)!/`0+`.!0%*#` +`,,(%0%+*/K` +`+.!`%/
)6+*W/` +`,(0"+.)`3$!.!`5+1`*`.!0!` /$+. /L`3+.'"(+3/L`* `%*0!#.0%+*/L
3$%(!`(/0%`!*/0('`%/`0$!%.`(+1 `,(0"+.)`3$!.!`5+1`*`$+/0`5+1.`+3*`,.+#.)/`b
%*(1 %*#`50$+*`b`%*`0$!`(+1 K
)6+*` +`+.!M`IUUQTBXTBNB[PODPNJPUDPSFK
)6+*`(/0%`!*/0('M`IUUQTBXTBNB[PODPNFMBTUJDCFBOTUBMLK
0LFURVRIW$]XUH,%0:DWVRQDQG*RRJOH&ORXG
%*((5L` ` +`3*0`0+`)!*0%+*`0$!/!`+0$!.` `#%*0/L`3$+`((`+""!.`0$!%.`+3*`(+1 `* ` +
,(0"+.)/K`5`/1##!/0%+*`.!#. %*#``%/`,1.!(5` 1!`0+`)5`)+.!`%*_ !,0$`!4,!.%!*!
3%0$`0$%/`,(0"+.)K`$!`+),.0%2!`,(0"+.)/`+""!.! `5`%.+/+"0L` L`* ` ++#(!`.!
(/+`$%#$`-1(%05`* `'! `3%0$`!4!((!*0` +1)!*00%+*`* `010+.%(/L`/+`%"`5+1.
,!./+*(`,.!"!.!*!`%/`3%0$`+*!`+"`0$!/!`,.+2% !./L`5+1`.!`/0%((`%*`#++ `$* /K
S`;::`T
+`%/1(%60%+*`* `10+)0%+*`(0"+.)/ $,0!.`8:
6XPPDU\
*`0$%/`$,0!.L`3!`!4,(+.! `* `(!.*! `$+3`0+`1/!`+1.`/,!..5`%`3%0$`+0$`0$!`
* `$%*',!'` +`,(0"+.)/K`!`.!0! `03+` `!4),(!/`3$!.!`+1.`/,!..5`%
,!."+.)! `0$!`$%/`.+(!`%*`*` `,,(!0`0+`/0.0`*` `3+.'"(+3K`!`(/+`/3`$+3
0+`1/!`+1.`/,!..5`%`%*`0$!`$0`.+(!`/+`0$0`%0`*`!`0%+*! `5`*` `,,(!0K`!40L
3!`+2!.! `*`!4),(!`+"`$+3`0+`%*0!#.0!`3%0$`0$!`$%*',!'` +`,(0"+.)`0+`2%/1(%6!
0!),!.01.!`* `$1)% %05` 0`+((!0! `5`+1.`/,!..5`%K`%*((5L`3!` %/1//! `+0$!.
+`,(0"+.)`+,0%+*/`0$0`5+1`)5`(%'!`0+`%*2!/0%#0!`* `!4,!.%)!*0`3%0$K
4XHVWLRQV
/`3!`+*(1 !`0$%/`$,0!.L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!
.!#. %*#`0$%/`$,0!.W/`)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!
,,!* %4M
S`;:;`T
7\LQJ,W$OO7RJHWKHU$Q,R7
&KULVWPDV7UHH
!(+)!`0+`+1.`"%*(`$,0!.P`!`3%((`.+1* `+10`0$%/`++'`5`,1((%*#`0+#!0$!.`2.%+1/
0+,%/`* `% !/`".+)`!.(%!.`$,0!./`0+`1%( ``)1(0%"!0! ` +`,.+#.)K`,!%"%((5L`3!
3%((`!`1%( %*#`*`%*0!.*!0_+*0.+(((!`$.%/0)/`0.!!L`*` +.!!L`%"`5+1` +*W0`)%* `0$!
,1*P
1.`,,.+$`%*`0$%/`$,0!.`3%((`!`0+`.!1/!`03+`%.1%0/`".+)`,.!2%+1/`$,0!./`0+`.!0!
$.%/0)/`0.!!`(%#$0%*#`Q1/%*#`*`879``/0.%,R`* ``.+'%*#`)!$*%/)`0+`)'!`0$!
0.!!`/$'!`Q3!`3%((`1/!``/!.2+R`* `&%*#(!`Q3!((L`%0W((`&%*#(!`/`%0`/$'!/`%"`5+1` !+.0!`0$!
0.!!`3%0$`!((/PRK`!`3%((`0$!*`.!2%/%0`* ` ,0`+1.`(!.*%*#`+10`"1(` /`*
`0+`.!0!`03+`35/`%*`3$%$`3!`*`+*0.+(`0$!`(%#$0%*#`* `/!.2+`+2!.``*!03+.'`+.
0$!`%*0!.*!0K`!`3%((`0$!*`.!2%/%0` 3!!0K%+`* ` "_$%/_$!*_$0`Q R`* `1%( `
,,(!0/`0+`+*0.+(`0$!`0.!!`2%`!)%(`* `5+1.`2+%!`1/%*#` ++#(!`//%/0*0P
!.!`%/`3$0`3!`3%((`+2!.`%*`0$%/`$,0!.M
2!.2%!3`+"`0$!` +`$.%/0)/`0.!!
1%( %*#`0$!` +.!!`%.1%0
+*"%#1.%*#L`.1**%*#L`* `1/%*#`0$!`.!!` `/!.2%!
+*"%#1.%*#L`.1**%*#L`* `1/%*#`0$!`.!!``/!.2%!
*0!#.0%*#`0$!` +.!!`3%0$` 3!!0K%+
*0!#.0%*#`3%0$`!)%(`* ` ++#(!`//%/0*0`2%`
!/`* `/1##!/0%+*/`0+`!40!* `5+1.` +.!!
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
7HFKQLFDOUHTXLUHPHQWV
+`,!."+.)`0$!`!4!.%/!/`%*`0$%/`$,0!.L`5+1`3%((`*!! `0$!`"+((+3%*#M
/,!..5`%`;`+ !(`
/,%*``1/0!.`Q3%0$` !/'0+,`* `.!+))!* ! `/+"03.!R
%*%)1)`50$+*`2!./%+*`:K<
` ++#(!`+1*0`Q%"`5+1`$2!`` )%(`!)%(`+1*0L`0$0W/`((`5+1`*!! R
*`* .+% `,$+*!`+.`0$!` ++#(!`//%/0*0`,,`"+.`%
S`;:=`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
% M`$!`% ` `(%..5`QIUUQTQZQJPSHQSPKFDUQJHQJPR
(/'_"1(M``(/'`!40!*/%+*`"+.`.!0%*#`"1(` `/!.2%!/`QIUUQT
QZQJPSHQSPKFDU'MBTL3&45GVMR
$!`$+``(%!*0M`IUUQTQZQJPSHQSPKFDUQBIPNRUU
%((+3M`50$+*` )#%*#`%..5`Q R`QIUUQTQZQJPSHQSPKFDU1JMMPXR
$!`1)``0.%4`(%..5M`IUUQTQZQJPSHQSPKFDUMVNBMFE@NBUSJY
!-1!/0/M``$%#$_(!2!(`50$+*`(%..5`"+.`)'%*#` `.!-1!/0/`QIUUQT
QZQJPSHQSPKFDUSFRVFTUTR
511M` *_,.+!//`)!//#%*#`* `!2!*0/`QIUUQTQZQJPSHQSPKFDU
1Z1VC4VCR
$!`!(!0.+*%`+),+*!*0/`3!`3%((`*!! `"+.`0$%/`$,0!.W/`!4!.%/!/`.!`/`"+((+3/M
8`4` @7`$+5`/!.2+`Q+.`!-1%2(!*0`:_3%.!L`<_2+(0`$+5`/!.2+R
8`4`879` ``/0.%,
8`4`(+#%`(!2!(`/$%"0!.`)+ 1(!
40!.*(`,+3!.`/1,,(5`Q0``)%*%)1)``:K:`\<``.! +. _)+1*0(!`,+3!.
/1,,(5R
`2% !+`/$+3%*#`0$%/`0.!!`%*`0%+*`%/`2%((!`0`IUUQTZPVUVCF
9GVG@*PK`(!/!`*+0!`0$0`0$%/`0.!!`1/!/` `/`* `*`(0!.*0%*#
(%*'%*#`*%)0%+*`"+.`0$!`(%#$0/K`!W((`!`1/%*#`*`879``/0.%,`%*
0$%/`$,0!.`0$0`%/`,(!`+"`.!0%*#`)+.!`*%)0%+*`!""!0/K`$!` !)+
0.!!`*`(/+`,(5``01*!L`3$%$`3!`3%((`*+0`+2!.`%*`0$%/`$,0!.`Q(0$+1#$
5+1W((`!/%(5`!`(!`0+` `0$0`"!01.!`%"`5+1`3%/$`5` +,0%*#`0$!`
!4),(!`".+)`$IBQUFSL`%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+*RK
S`;:>`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
2YHUYLHZRIWKH,R7&KULVWPDVWUHH
!"+.!`3!`+))!*!`+1.`$,0!.`5`1%( %*#`%.1%0/`* `(++'%*#`0`+ !L`(!0W/`0'!`
)+)!*0`0+`1* !./0* `3$0`+1.` +.!!`3%((` +`* `$+3`3!`3%((`!`1%( %*#`%0K`$!
0.!!`,%01.! `%*`%#1.!`8;K8`%/`.!,.!/!*00%2!`+"`3$0`5+1`+1( `.!0!`"0!.`+),(!0%*#`0$%/
$,0!.M
(KIWTGb+Q6TGGGZCORNG
1.`/!_(!2!(`0.!!`3%((`+),.%/!`0$!`"+((+3%*#`!(!0.+*%`+),+*!*0/M
*`879``(%#$0`/0.%,`"+.`0$!`0.!!`(%#$0/`Q3!`+2!.! `0$!`879``/0.%,
%*`$IBQUFSL`%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+*RK
`/!.2+`0+`)'!`0$!`0.!!`/$'!`* `&%*#(!```"+.`0$%/L`5+1`3%((`*!! `/+)!`!((
+.*)!*0/`+*`0$!`0.!!`0$0`3%((`&%*#(!`3$!*`0$!`0.!!`/$'!/`Q3!`+2!.! `/!.2+/`%*
$IBQUFSL`+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./RK
S`;:?`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
%XLOGLQJWKH,R7UHHFLUFXLW
0W/`0%)!`0+`#!0`1%( %*#P`(!/!`+*/0.10`0$!`%.1%0`%((1/0.0! `%*`%#1.!`8;K9M
(KIWTGb+Q6TGGEKTEWKVUEJGOCVKEFKCITCO
S`;:@`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
$%/`%.1%0`$+,!"1((5`(++'/`")%(%.K` 0W/``+)%*0%+*`+"`03+`%.1%0/`0$0`3!`$2!`/!!*
!"+.!M
$!`879`Q3%0$``(+#%`(!2!(`/$%"0!.R`%.1%0`".+)`%#1.!`?K;L`%*`$IBQUFSL
%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+*
$!`/!.2+`%.1%0`".+)`%#1.!`87K9L`%*`$IBQUFSL`+2!)!*0`3%0$`!.2+/L`+0+./L
* `0!,,!./
(!/!`.!)!)!.`0$0`5+1`3%((`*!! `0+`1/!`*`!40!.*(`,+3!.`/1,,(5`0+
,+3!.`5+1.`879`* `/!.2+L`/`0$!5`3%((` .3`0++`)1$`1..!*0`0+`1/!
0$!`<_2+(0`,%*`+*`5+1.`/,!..5`%K
7KUHH,R7UHHVHUYLFHSURJUDPV
$!.!`.!`0$.!!`/!,.0!`,.+#.)/`0+`+),*5`+1.` +.!!L`!$`0'%*#``/(%#$0(5` %""!.!*0
,,.+$`0+`3+.'`3%0$`+1.`(%#$0/`* `/!.2+K`$!`,.+#.)/`.!`/`"+((+3/M
S`;;7`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
&RQILJXULQJUXQQLQJDQGXVLQJWKH7UHH
$3,VHUYLFH
$!`.!!` `/!.2%!`,.+#.)`,.+2% !/``"1(` `/!.2%!`"+.`+*0.+((%*#`+1.` +.!!W/
879``/0.%,`* `/!.2+K`+1`*`"%* `0$!`.!!` `/!.2%!`,.+#.)`%*
0$!`DIBQUFSUSFF@BQJ@TFSWJDF`"+( !.K` 0`+*0%*/`0$!`"+((+3%*#`"%(!/M
S`;;8`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
(KIWTGb6TGG#2+UGTXKEGCTEJKVGEVWTGDNQEMFKCITCO
8K *`!40!.*(`(%!*0`)'!/```.!-1!/0`0+`0$!`MJHIUTDPMPST`!* ,+%*0`0`H8K
9K $!`.!-1!/0`%/`$* (! `5`0$!`(/'`".)!3+.'\/!.2!.`0`H9K`Q$!`(/'`*
(/'_"1(`/!01,`*`!`"+1* `%*`NBJOQZKR
:K $!`MJHIUT `!* ,+%*0`%/`.+10! `0+`0$!`,,.+,.%0!`(/'_"1(`.!/+1.!`0
H:`Q879`b`0$0`%/L`0$!`(%#$0`b`.!/+1.!/`.!` !"%*! `%*`BQB@BQJQZRK`$!
!* ,+%*0`/!01,`* `.!/+1.!`.!#%/0.0%+*`3%0$`(/'_"1(`.!`"+1* `%*
NBJOQZK
;K 0`H;L`0$!`,,.+,.%0!`.!/+1.!`%/`%*2+'! `Q%*`0$%/`!4),(!L`%0`3%((`!
$PMPS$POUSPMQPTU RL`3$%$`0$!*`,./!/`* `2(% 0!/`0$!`-1!.5`/0.%*#
,.)!0!./`Q0$0`%/L`DPMPSTSFECMVFQBUUFSOZFTRK`
<K %*((5L`0`H<L`$PMPS$POUSPMQPTU `0$!*`((/`0$!`,,.+,.%0!`)!0$+ /`%*`*
%*/0*!`+"`879`Q !"%*! `%*`BQBQZL`* `/!0`1,`%*`NBJOQZR`0$0` %.!0(5
%*0!."!/`3%0$`* `1, 0!/`0$!`,$5/%(`879``/0.%,`3%0$`0$!`.!,!0%*#
,00!.*`+"`.! `* `(1!K
S`;;9`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
&RQILJXULQJWKH7UHH$3,VHUYLFH
$!`.!!` `/!.2%!`+*"%#1.0%+*`%/`"+1* `%*
0$!`DIBQUFSUSFF@BQJ@TFSWJDFDPOGJHQZ`"%(!K`$!.!`.!`)*5`+*"%#1.0%+*
+,0%+*/`%*`0$%/`"%(!L`* `0$!5`)+/0(5`.!(0!`0+`0$!`+*"%#1.0%+*`+"`0$!`879`Q %/1//!
%*`$IBQUFSL`%#$0/L` * %0+./L`* `%/,(5%*#` *"+.)0%+*R`* `0$!`/!.2+`Q %/1//!
%*`$IBQUFS`+2!)!*0`3%0$`!.2+/L`+0+./L`* `0!,,!./RK`+1`3%((`"%* `0$%/`"%(!`* `0$!
+*"%#1.0%+*`+,0%+*/`3!((`+))!*0! K
5XQQLQJWKH7UHH$3,VHUYLFH
0W/`*+3`0%)!`0+`.1*`0$!`.!!` `/!.2%!`,.+#.)`* `/!* `%0`"1(` `.!-1!/0/`0+
)'!`%0`3+.'K` !.!`.!`0$!`/0!,/`0+`.1*`* `0!/0`+1.`.!!` `/!.2%!M
S`;;:`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
:K (/+`%*`!.)%*(`9L`.1*`0$%/`*!40`+))* `0+`/0.0`)'%*#`0$!`(%#$0/`*%)0!M
7HUPLQDO
FXUO;3267
KWWSORFDOKRVWOLJKWVDQLPDWLRQ"PRGH OHIW VSHHG
;K +`(!.`+.`.!/!0`0$!``/0.%,L`.1*`0$!`"+((+3%*#`+))* L`#%*`%*`!.)%*(`9M
7HUPLQDO
FXUO;3267KWWSORFDOKRVWOLJKWVFOHDU
<K +`)'!`0$!`/!.2+`/3!!,`Q0$0`%/L`0+`)'!`0$!`0.!!`/$'!RL`.1*`0$!`"+((+3%*#
+))* `%*`!.)%*(`9M
7HUPLQDO
FXUO;3267KWWSORFDOKRVWVHUYRVZHHS
S`;;;`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
(KIWTGb'ZCORNG+Q6TGGYGDCRR
.5`0$!`"+((+3%*#`0%+*/M
S`;;<`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
&RQILJXULQJUXQQLQJDQGXVLQJWKH7UHH
0477VHUYLFH
$!`.!!``/!.2%!`,.+#.)`,.+2% !/`*``%*0!."!`"+.`+*0.+((%*#`+1.`0.!!W/
879``/0.%,`* `/!.2+`5`,1(%/$%*#``)!//#!/`0+``0+,%/K`+1`*`"%*
0$!`.!!``/!.2%!`,.+#.)`%*`0$!`DIBQUFSUSFF@NRUU@TFSWJDF`"+( !.L`* `%0
+*0%*/`0$!`"+((+3%*#`"%(!/M
3&"%.&NEM``"1((`(%/0`+"``0+,%/`* `)!//#!`"+.)0/`"+.`+*0.+((%*#`5+1.
+.!!K
NBJOQZM`$%/`%/`0$!`,.+#.)W/`)%*`!*0.5`,+%*0K
DPOGJHQZM`.+#.)`+*"%#1.0%+*K
BQBQZM`$%/`%/`*`!40`+,5`+"
0$!`DIBQUFSUSFF@BQJ@TFSWJDFBQBQZK`"%(!
TFSWPQZM`$%/`%/`*`!40`+,5`+"
0$!`DIBQUFSUSFF@BQJ@TFSWJDFTFSWPQZ`"%(!K
NRUU@MJTUFOFS@DMJFOUQZM`$%/`%/``(//`0$0`+**!0/`0+`*``.+'!.
* `/1/.%!/`0+``0+,%`0$0`3%((`.!!%2!`)!//#!/`0+`+*0.+(`0$!`879`*
/!.2+K`$!*``)!//#!/`.!`.!!%2! L`0$!5`.!`01.*! `%*0+``11
)!//#!`* `,1(%/$! `1/%*#`0$!`1Z1VC4VC`(%..5L`3$%$`3!` %/1//!
%*`$IBQUFSL` 2*! ` +`.+#.))%*#`+*!,0/`_`$.! /L`/5* L`* `2!*0
++,/K
BQB@DPOUSPMMFSQZM`$%/`+ !`.!!%2!/`11`)!//#!/`/!*0
5`NRUU@MJTUFOFS@DMJFOUQZ`* `1, 0!/`0$!`879``/0.%,`/
,,.+,.%0!K
TFSWP@DPOUSPMMFSQZM`$%/`+ !`.!!%2!/`11`)!//#!/`/!*0
5`NRUU@MJTUFOFS@DMJFOUQZ`* `+*0.+(/`0$!`/!.2+K
S`;;=`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
` %#.)` !,%0%*#`0$!`.!!``/!.2%!`,.+#.)`.$%0!01.!`%/`/$+3*`%*`%#1.!`8;K<M
(KIWTGb6TGG/366UGTXKEGCTEJKVGEVWTGDNQEMFKCITCO
!.!`%/`0$!`$%#$_(!2!(`+,!.0%+*`+"`0$!`.!!``/!.2%!`"+.`0$!`
,1(%0%+*` !,%0! `5`0$!` +00! `(%*!`%*`0$!`,.!! %*#` %#.)M
8K `SFECMVF`)!//#!`%/`,1(%/$! `+*`0+`0$!`USFFMJHIUTQBUUFSO`0+,%`0`H8K
9K $!`)!//#!`%/`.!!%2! `5`0$!`$+_`(%!*0`0`H9K`$!`0+,%`* `)!//#!`%/
,./! `%*`0$!`PO@NFTTBHF `)!0$+ `%*`NRUU@MJTUFOFS@DMJFOUQZ`*
),,! `%*0+``(+(`11`0+,%`,00!.*`1/%*#
0$!`.255@50@16#46#@501*$@."11*/(4`),,%*#` %0%+*.5`"+1* `%*
DPOGJHQZK
:K $!`),,! `)!//#!`* `,./! ` 0`.!` %/,0$! `1/%*#`0$!`1Z1VC4VC
(%..5`0`H:K
S`;;>`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
;K $!`1Z1VC4VC`/1/.%,0%+*`%*`BQB@DPOUSPMMFSQZ`.!!%2!/`0$!`,00!.*
0+,%`* `%0/`,5(+ ` 0`0`H;`
<K BQB@DPOUSPMMFSQZ`$* (!/`0$!`)!//#!`* ` 0`0`H<`* `((/`0$!
,,.+,.%0!`)!0$+ /`+*`*`879`%*/0*!`Q !"%*! `%*`BQBQZR`0$0
%.!0(5`%*0!."!/`* `1, 0!/`0$!`,$5/%(`879``/0.%,`3%0$`0$!`.!,!0%*#
,00!.*`+"`.! `* `(1!K
&RQILJXULQJWKH7UHH0477VHUYLFH
$!`.!!``/!.2%!`+*"%#1.0%+*`%/`"+1* `%*
0$!`DIBQUFSUSFF@NRUU@TFSWJDFDPOGJHQZ`"%(!K`%)%(.`0+`0$!`.!!` `/!.2%!L
0$!5`)+/0(5`.!(0!`0+`0$!`+*"%#1.0%+*`+"`0$!`879`* `0$!`/!.2+K`+1`3%((`(/+`"%* `0$%/
"%(!`* `%0/`+*"%#1.0%+*`+,0%+*/`3!((`+))!*0! K
"`5+1`(/+`*!! ! `0+`$*#!`*5`+"`0$!`"1"@%&'"6-5@$0/53"45L
4&370@48&&1@$06/5L`+.`4&370@48&&1@%&(3&&4`,.)!0!./`3$%(!`.1**%*#`0$!`.!!`
!4),(!L`,(!/!`(/+`1, 0!`0$!/!`2(1!/`*+3`"+.`0$!``!4),(!K
S`;;?`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
5XQQLQJWKH7UHH0477VHUYLFHSURJUDP
0W/`*+3`0%)!`0+`.1*`0$!`.!!``/!.2%!`,.+#.)`* `,1(%/$``)!//#!/`0$0`3%((
+*0.+(`+1.` +.!!K` !.!`.!`0$!`/0!,/`0+`.1*`* `0!/0`+1.`.!!``/!.2%!M
$!``/0.%,`3%((`(%#$0`1,`3%0$`0$!`.!,!0%*#`+(+.`,00!.*`b`.! L`(1!L`('
Q('`)!*/`0$0`0$!``%/`+""RK
.5`!4,!.%)!*0%*#`3%0$`0$!`SFUBJO`+.`S`.!0%*! `)!//#!
+,0%+*`0+`NPTRVJSSP@QVCK` "`5+1`,1(%/$``.!0%*! `)!//#!L`%0`#!0/`.!_
!(%2!.! `0+`5+1.`.!!``/!.2%!/`3$!*`%0`+**!0/`0+`0$!`
.+'!.`* `/1/.%!/`0+`0$!`USFF`0+,%K`$%/`,.+2% !/``35`"+.`5+1.
+.!!`0+`.!/0+.!`%0/`(/0`/00!`%*`!03!!*`.!/0.0/K`
;K +3L`.1*`0$!`"+((+3%*#`+))* `%*`!.)%*(`9`0+`)'!`0$!``/0.%,`*%)0!M
7HUPLQDO
PRVTXLWWRBSXEKORFDOKRVWWWUHHOLJKWVDQLPDWLRQPOHIW
S`;;@`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
=K %*((5L`0.5`0$!`"+((+3%*#`0+`/3!!,`0$!`/!.2+M
7HUPLQDO
PRVTXLWWRBSXEKORFDOKRVWWWUHHVHUYRVZHHSP
,QWHJUDWLQJWKH,R7UHHZLWKGZHHWLR
$!` 3!!0`%*0!#.0%+*`/!.2%!L`"+1* `%*`0$!`DIBUQFSEXFFU@JOUFHSBUJPO@TFSWJDF
"+( !.L`%/``50$+*_/! `%*0!#.0%+*`/!.2%!`0$0`.!!%2!/` 3!!0/`* `.!_,1(%/$!/`0$!)`/`
)!//#!/`0+``0+,%/K`$%/`/!.2%!`,.+2% !/`1/`3%0$``/%),(!`,,.+$`0+`%*0!#.0!`
/!.2%!`/1$`/` `3%0$`+1.`.!!``/!.2%!`,.+#.)K
NBJOQZM`$!`)%*`,.+#.)`!*0.5`,+%*0K
DPOGJHQZM`$!`+*"%#1.0%+*`,.)!0!./K
UIJOH@OBNFUYUM`$!.!`5+1.`0$%*#`*)!`%/`/2! K`$%/`"%(!`3%((`!`.!0!
3$!*`5+1`"%./0`/0.0`0$!`,.+#.)K
EXFFU@MJTUFOFSQZM`$!`+.!`,.+#.)`+ !K
S`;<7`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
5SVODBUFE
DPNNBOEJTBDUJPO EBUB EBUB EBUB/
DPNNBOEEXFFU< DPNNBOE >TUSJQ
5SVODBUFE
UPQJDTFMGBDUJPO@UPQJD@NBQQJOHT<BDUJPO>
SFUBJOUPQJDJOTFMGNRUU@UPQJD@SFUBJO@NFTTBHF
USVODBUFE
QVCMJTITJOHMF UPQJDEBUBRPT
DMJFOU@JETFMGNRUU@DMJFOU@JE
SFUBJOSFUBJOIPTUOBNFTFMGNRUU@IPTU
QPSUTFMGNRUU@QPSU
USVODBUFE
S`;<8`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
+0%!L`0`(%*!`Q<RL`0$0`3!`.!`1/%*#``$+_`QVCMJTITJOHMF `+*2!*%!*!
)!0$+ L`.0$!.`0$0`0$*`0$!`"1((5`"(! #! ``(%!*0`,,.+$`3!`1/! `%*`$IBQUFSL
!03+.'%*#`3%0$`L`50$+*L`* `0$!`+/-1%00+``.+'!.`Q* `0$0`3/`(/+`1/! `%*
0$!`.!!``/!.2%!`,.+#.)RK
0`0$!`)+)!*0L` `&1/0`3*0`0+`,+%*0`+10`(%*!`Q;RL`3$!.!`3!`/!0`0$!`SFUBJO`2.%(!`Q(/+
*+0%!`%0/`1/!`%*`QVCMJTITJOHMF RK`!`3%((` %/1//`0$%/`)!//#!`.!0!*0%+*`)+.!`%*`0$!
"+((+3%*#`/!0%+*`3$!*`3!` %/1//`0$!`/!.2%!`+*"%#1.0%+*`"%(!K
` %#.)` !,%0%*#`0$!`.!!`/!.2%!`,.+#.)`.$%0!01.!`%/`/$+3*`%*`%#1.!`8;K=M
(KIWTGbFYGGVKPVGITCVKQPUGTXKEGCTEJKVGEVWTGDNQEMFKCITCO
!.!`%/`0$!`$%#$_(!2!(`+,!.0%+*`+"`0$!` 3!!0`%*0!#.0%+*`/!.2%!`"+.`0$!`.!-1!/0`/$+3*`5
0$!`(1!` +00! `(%*!`%*`0$!`,.!! %*#` %#.)M
8K ` 3!!0`%/`.!0! `0`H8K
9K EXFFU@MJTUFOFSQZ`.!!%2!/`0$!` 3!!0`0`H9`* `,./!/`0$!` 0`+*0%*! `%*
0$!`DPNNBOE`,.)!0!.K`$!`0%+*`+*0%*! `3%0$%*`0$!`+))!* `%/`),,!
%*0+`*``0+,%`1/%*#`0$!`"$5*0/@501*$@."11*/(4`),,%*#
%0%+*.5`"+1* `%*`DPOGJHQZK
:K `)!//#!`%/`,1(%/$! `0+`0$!``.+'!.`0+`0$!`),,! ``0+,%`0`H:K
$!`)!//#!W/`.!0%*! `"(#`%/`/!0`+. %*#`0+
0$!`501*$@3&5"*/@.&44"(&`),,%*#` %0%+*.5`"+1* `%*`DPOGJHQZK
"0!.`0$!`,1(%0%+*`+"`0$!``)!//#!L`%"`5+1.`.!!``/!.2%!`%/`.1**%*#`*
+**!0! `0+`0$!`/)!``.+'!.L`%0`3%((`.!!%2!`0$!``)!//#!`* `1, 0!`5+1.
+.!!`+. %*#(5K
S`;<9`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
&RQILJXULQJWKH7UHH0477VHUYLFH
$!` 3!!0`%*0!#.0%+*`/!.2%!`+*"%#1.0%+*`%/`"+1* `%*
0$!`DIBQUFSEXFFU@JOUFHSBUJPO@TFSWJDFDPOGJHQZ`"%(!K``$!.!`.!``*1)!.`+"
+*"%#1.0%+*`+,0%+*/`.!(0%*#`0+`$+3`0$!`/!.2%!`3+.'/L`* `0$!` !"1(0/`3%((`!` !-10!
"+.`.1**%*#`0$%/`/!.2%!`(+((5`+*`5+1.`/,!..5`%`3$!.!`5+1`(/+`$2!`5+1.`+/-1%00+
`.+'!.`.1**%*#K`$!`+*"%#1.0%+*`,.)!0!./`.!`3!((`+))!*0! `%*`0$%/`"%(!N
$+3!2!.L` `3%((`)'!`)!*0%+*`+"`0$!`"$5*0/@501*$@."11*/(4
* `501*$@3&5"*/@.&44"(&`,.)!0!./M
"$5*0/@501*$@."11*/(4\
DMFBSUSFFMJHIUTDMFBS
QVTIUSFFMJHIUTQVTI
USVODBUFE
^
$!`501*$@3&5"*/@.&44"(&`+*"%#1.0%+*`/$+3*`%*`0$!`"+((+3%*#`+ !` !0!.)%*!/`3$%$
`0+,%/`3%((`$2!`0$!%.`)!//#!W/`.!0%*! `"(#`/!0K` 0W/`0$%/`+*"%#1.0%+*`Q5SVF`+.
'BMTFR`0$0`%/`1/! `0+`/!0`0$!`SFUBJOFE`,.)!0!.`+*`TJOHMFQVCMJTI L`/`3!`,+%*0!
+10`%*`0$!`,.!2%+1/`/!0%+*M
501*$@3&5"*/@.&44"(&\
USFFMJHIUTDMFBS'BMTF
USFFMJHIUTBOJNBUJPO5SVF
USVODBUFE
^
S`;<:`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
5XQQLQJWKHGZHHWLQWHJUDWLRQVHUYLFHSURJUDP
1.` 3!!0`%*0!#.0%+*`/!.2%!`3+.'/`5`.!!%2%*#` 3!!0/`%*``,.! !"%*! `"+.)0`* `01.*/`
0$!)`%*0+``0+,%/`* `)!//#!/`/`,!.`0$!`+*"%#1.0%+*`,.)!0!./`3!` %/1//! `%*
0$!`,.!2%+1/`/!0%+*K`!W((` %/1//`0$%/` 3!!0`"+.)0`/$+.0(5`/`3!`.1*`* `0!/0`0$!` 3!!0
%*0!#.0%+*`/!.2%!K` !.!`.!`0$!`/0!,/`3!`*!! `0+`"+((+3M
8K %./0(5L`)'!`/1.!`5+1`$2!`0$!`.!!``/!.2%!`,.+#.)`".+)`0$!`,.!2%+1/
/!0%+*`.1**%*#`%*``0!.)%*(K` 0`%/`0$!`.!!``/!.2%!`0$0`3%((`.!!%2!`*
,.+!//`0$!``)!//#!/`,1(%/$! `5`0$!` 3!!0`%*0!#.0%+*`/!.2%!K
9K !40L`*2%#0!`0+`0$!`DIBQUFSEXFFU@JOUFHSBUJPO@TFSWJDF`"+( !.`%*`
*!3`0!.)%*(`* `/0.0`0$!`NBJOQZ`,.+#.)L`/`/$+3*`Q.!)!)!.`5+1.`0$%*#
*)!`3%((`!` %""!.!*0RM
WFOW DEEXFFU@TFSWJDF
WFOW QZUIPONBJOQZ
*/'0%XFFU-JTUFOFS$SFBUFEOFXUIJOHOBNFBCG
*/'0%XFFU-JTUFOFS%XFFU-JTUFOFSJOJUJBMJ[FE1VCMJTIDPNNBOE
EXFFUTUP IUUQTEXFFUJPEXFFUGPSBCGDPNNBOE
IUUQTEXFFUJPEXFFUGPSUIJOH@OBNF DPNNBOEQBUU
FSOSFECMVFCMBDL
IUUQTEXFFUJPEXFFUGPSUIJOH@OBNF DPNNBOEBOJN
BUJPOMFGU
IUUQTEXFFUJPEXFFUGPSUIJOH@OBNF DPNNBOETQFF
E
IUUQTEXFFUJPEXFFUGPSUIJOH@OBNF DPNNBOEDMFB
S
IUUQTEXFFUJPEXFFUGPSUIJOH@OBNF DPNNBOETXFF
Q
0`)5`0'!``"!3`)+)!*0/`!03!!*`((%*#`+*!`+"`0$!/!`/`* `%0`!%*#
.!!%2! `5`5+1.` 3!!0`%*0!#.0%+*`/!.2%!K
S`;<;`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
,QWHJUDWLQJZLWKHPDLODQG*RRJOH$VVLVWDQW
YLD,)777
+3`+)!/`0$!`.!((5`"1*`,.0`b`(!0W/`)'!`+1.`0.!!`+*0.+(((!`+2!.`0$!`%*0!.*!0K`/`
/,+%(!.L` W)`*+0`#+%*#`0+`$+( `5+1.`$* `0$.+1#$`0$%/`%*0!#.0%+*`!1/!`0$!`+.!`+*!,0/
+*`1/%*#` 3!!0K%+`* ` `0+#!0$!.`3!.!`!4,(%*! `%*` !0%(`%*`$IBQUFSL` +
%/1(%60%+*`* `10+)0%+*`(0"+.)/K` *`,.0%1(.L`3!`(!.*! `$+3`0+`%*0!#.0!`+1.
/,!..5`%`3%0$` `* `!)%(`0+`+*0.+(``K
S`;<<`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
%./0L`3!`3%((`(++'`0``"!3`,+%*0!./`+*`$+3`0+`%*0!#.0!`+1.` +.!!`3%0$`!)%(K
,QWHJUDWLRQZLWKHPDLO
$!`,.+!//`"+.`%*0!#.0%*#`3%0$`!)%(`+.`3%00!.`%/`0$!`/)!`/`3$0`3!`+2!.!
%*`$IBQUFSL` +`%/1(%60%+*`* `10+)0%+*`(0"+.)/L`3%0$`0$!`"+((+3%*#`$*#!/M
8K 0$!.`0$*`1/%*#`-&%`/`0$!`$/$0#`Q0$!`+),(!0!`.%##!.`%!( /`#!`/0!,`%*
RL`1/!`53&&K`$%/`35L`5+1.`!)%(`/1&!0`*`!`/+)!0$%*#`/1$`/`53&&
QBUUFSOSFECMVF`+.`53&&BOJNBUJPOCMJOLK
9K $!*`+*"%#1.%*#`0$!`$0`3!$++'`/!.2%!L`5+1`*!! `0+`1/!`0$!` 3!!0`
,.%*0! `+*`0$!`0!.)%*(`,.!2%+1/(5`3$!*`5+1`.*`0$!` 3!!0`%*0!#.0%+*`/!.2%!K
*`!4),(!`".+)`)5`+*"%#1.0%+*`%/`/$+3*`%*`0$!`"+((+3%*#`"%#1.!K`!)!)!.
0$!`0$%*#`*)!`%*`5+1.``3%((`!` %""!.!*0M
(KIWTGb9GDJQQMEQPaIWTCVKQP
S`;<=`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
53&&QBUUFSOSFECMVFCMBDL
53&&BOJNBUJPOMFGU
`"!3`)+)!*0/`"0!.`!)%(%*#`+.`03!!0%*#`0$!`53&&QBUUFSOSFECMVF
CMBDL`+))* L`5+1.`0.!!W/`(%#$0/`3%((`$*#!`0+`0$!/!`+(+./`%*``.!,!0%*#`,00!.*K
%)%(.(5L``"!3`)+)!*0/`"0!.`!)%(%*#`+.`03!!0%*#`53&&BOJNBUJPOMFGUL`5+1.`0.!!
(%#$0/`3%((`/0.0`*%)0%*#K
*!`5+1`$2!`!!*`(!`0+`+*0.+(`5+1.` +.!!`3%0$`!)%(L`*!40`3!W((`(++'`0`0$!`/0!,/
*!!//.5`0+` `2+%!`+*0.+(`1/%*#` ++#(!`//%/0*0K
,QWHJUDWLRQZLWK*RRJOH$VVLVWDQW
!0W/`)'!`+1.` +.!!`2+%!_+*0.+(((!`1/%*#` ++#(!`//%/0*0K
8K +#`%*`0+`5+1.` `+1*0K
9K .!0!``*!3`,,(!0K
:K +.`0$!`$%/`,.0`+"`0$!`,,(!0L`1/!` ++#(!`//%/0*0`!.2%!K
;K !40L`5+1`3%((`!`/'! `0+`+**!0`* `((+3` `0+`1/!`5+1.` ++#(!`+1*0K
+((+3`0$!`+*_/.!!*`%*/0.10%+*/`0+`+**!0` `* `5+1.` ++#(!`+1*0K
S`;<>`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
(KIWTGb)QQING#UUKUVCPVVTKIIGTGZCORNG
%0$`0$%/`0.%##!.`+*"%#1.0%+*L`5+1`*`/5`+))* /`/1$`/`0$!`"+((+3%*#`0+
+*0.+(`5+1.` +.!!M
X.!!`,00!.*`.! `(1!`('X
X!0`0.!!`*%)0%+*`(%*'X
X.!!`(!.X
S`;<?`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
X.!!`,00!.*`.! `(1!`('X
X.!!`*%)0%+*`(%*'X
X.!!`(!.X
X.!!`/3!!,X`Q+.`X0.!!`&%*#(!XR
.`*5`+0$!.`+))* ` +1)!*0! `%*`0$!
DIBQUFSEXFFU@JOUFHSBUJPO@TFSWJDF3&"%.&NE`"%(!
(KIWTGb)QQING#UUKUVCPVFKCNQIVQEQPVTQNVJG+Q6TGG
S`;<@`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
$!`%),+.0*0`0$%*#`0+`.!)!)!.`%/`0$0`3!`)1/0`/,!'`+))* /
!40(5`/`0$!5`.!`%*0!.,.!0! `5`0$!` 3!!0`%*0!#.0%+*`/!.2%!`b`"+.
!4),(!L`/`0$!5`3+1( `,,!.`%*`0$!`+))* `,.)!0!.`0+`` 3!!0
L`/1$
/`IUUQTEXFFUJPEXFFUGPSUIJOH@OBNF DPNNBOEQBUUFSO
SFECMVFCMBDLK
!)!)!.`0+`,.!"%4`0$!)`3%0$`0$!`3+. `X.!!X`Q+.`X!0`.!!XRK`$%/`0!40`%/`3$0`0.%##!./
5+1.` `,,(!0K` 1/0`/,!'%*#``+))* `(+*!`3%((`*+0`0.%##!.`5+1.`,,(!0K
,GHDVDQGVXJJHVWLRQVWRH[WHQG\RXU,R7UHH
$!`+ !`* `!(!0.+*%/`3!`$2!`1/! `0$.+1#$+10`0$%/`$,0!.`$2!`#%2!*`1/``"+1* 0%+*
0$0`3!`*`1%( `1,+*K`$%/`)%#$0`!`0+`!40!* `5+1.` +.!!L`+.`/`0$!`/%/`"+.`+0$!.` +
,.+&!0/K
S`;=7`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
!.!`.!``"!3`/1##!/0%+*/`5+1`*`0.5M
6XPPDU\
+*#.01(0%+*/P`!`$2!`*+3`.!$! `0$!`!* `+"`0$!`$,0!.`* `0$!`!* `+"`0$!`++'P
S`;=8`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
4XHVWLRQV
/`3!`+*(1 !L`$!.!`%/``(%/0`+"`-1!/0%+*/`"+.`5+1`0+`0!/0`5+1.`'*+3(! #!`+"`0$%/`$,0!.W/
)0!.%(K`+1`3%((`"%* `0$!`*/3!./`%*`0$!`//!//)!*0/`/!0%+*`+"`0$!`,,!* %4M
S`;=9`T
5%*#` 0`((`+#!0$!.`_`*` +`$.%/0)/`.!! $,0!.`8;
S`;=:`T
$VVHVVPHQWV
&KDSWHU
8K +`'!!,`5+1.`,.+&!0_/,!%"%`50$+*`,'#!/`* ` !,!* !*%!/`%/+(0! `".+)
+0$!.`,.+&!0/`* `0$!`/5/0!)_(!2!(`50$+*`,'#!/K
9K +K`+1`*`(35/`.!#!*!.0!``2%.01(`!*2%.+*)!*0`* `.!%*/0((`,'#!/K
:K +`'!!,``(%/0`+"`((`0$!`50$+*`,'#!/`Q* `2!./%+*/R`0$0`5+1.`50$+*`,.+&!0/
.!(5`+*K` 2%*#``)%*0%*! `SFRVJSFNFOUTUYU`"%(!`((+3/`5+1`0+`.!%*/0((`((
,'#!/`!/%(5`3%0$`0$!`+))* `QJQJOTUBMMSSFRVJSFNFOUTUYUK
;K '!`/1.!`5+1`.!`1/%*#`0$!`/+(10!`,0$`0+`0$!`50$+*`%*0!.,.!0!.`0$0`%/`%*`0$!
CJO`"+( !.`+"`5+1.`2%.01(`!*2%.+*)!*0K
<K 0`0%20!/``2%.01(`!*2%.+*)!*0`/+`0$0`((`1/!./`+"`50$+*`* `,%,`.!
/* +4! `0+`0$!`2%.01(`!*2%.+*)!*0K
=K EFBDUJWBUFK` "`5+1`05,!`FYJU`Q* `3!`((` +`%0`/+)!0%)!/PRL`%0`!4%0/`0$!`!.)%*(
3%* +3`+.`(+/!/`5+1.`.!)+0!` `/!//%+*P` .....K
>K !/L`&1/0`$*#!`%*0+`0$!`QSPKFDUT`"+( !.`* `0%20!`0$!`2%.01(`!*2%.+*)!*0K
?K 50$+*` L`10`.!)!)!.`5+1`*!! `0+`1/!`QZUIPONJEMFMJCJEMF
<GJMFOBNF>`%*``2%.01(`!*2%.+*)!*0K
@K $!'`0$0`0$!` 9`%*0!."!`$/`!!*`!*(! `%*`/,%*K
&KDSWHU
8K +.0`5`*/3!.`*1)!.`/+`0$0`5+1` +`*+0` )#!`+0$!.`+),+*!*0/`+.`0$!
.!/%/0+.KKK`1*(!//`5+1`1* !./0* `$+3`0$!` %""!.!*0`2(1!/`3%((`""!0`0$!
!(!0.+*%`%.1%0`* `%0W/`/"!`0+` +`/+K
9K (/!K` `!.+`%/``3.,,!.`+*`0+,`+"`+0$!.` `(%..%!/K` 0W/` !/%#*! `0+`!
!/5`0+`1/!`"+.`!#%**!./`5`$% %*#`35`(+3!._(!2!(` `%*0!."%*#` !0%(/K
:K (/!K` *`)*5`/!*.%+/L`5+1`.!`!00!.`+""`1/%*#`)01.!`$%#$!._(!2!(`,'#!/
/`0$!5`3%((`$!(,`/,!! `1,` !2!(+,)!*0K`$!`50$+*` ` +1)!*00%+*`(/+
.!+))!* /`0$%/`,,.+$K
;K +K`*``$/`,+/%0%2!`Q*+ !R`* `*!#0%2!`Q0$+ !R`0!.)%*(/`Q(!#/R`*
)1/0`!`+**!0! `0$!`+..!0`35`.+1* K
//!//)!*0/
&KDSWHU
8K !`*`.!0!`* `+*"%#1.!`*`%*/0*!`+"`3FRVFTU1BSTFSK`!`1/!`0$%/`%*/0*!
%*`+1.`+*0.+((!.W/`$* (!.`)!0$+ /`/1$`/`HFU `+.`QPTU `0+`2(% 0!`0$!
(%!*0W/`.!-1!/0K
9K !+'!0/`b``(%!*0`* `/!.2!.`1%(0`1/%*#`!`+'!0/`*`%*%0%0!``.!-1!/0`0+
+*!`*+0$!.`%*`!%0$!.` %.!0%+*K`$%/`%/`%*`+*0./0`0+``"1(` `/!.2%!`3$!.!
+*(5`0$!`(%!*0`*`%*%0%0!``.!-1!/0`0+`0$!`/!.2!.K
:K (/'_+'!0 ` +!/`*+0`%*(1 !`*`%*_1%(0`2(% 0%+*`(//`(%'!`(/'_"1(K
+1`$2!`0+`,!."+.)`%*,10`2(% 0%+*`)*1((5K`(0!.*0%2!(5L`5+1`+1( `(/+
"%* ``/1%0(!`0$%. _,.05`50$+*`)+ 1(!`0+`1/!`".+)`5%K+.#K
;K $!`UFNQMBUFT`"+( !.`%/`0$!` !"1(0`(+0%+*`3$!.!`0$!`(/'`".)!3+.'`(++'/
"+.`0!),(0!`"%(!/K` 0W/`%*`0$%/`(+0%+*`3$!.!`3!`/0+.!`+1.` `,#!/`*
0!),(0!/K
<K !`/$+1( `%*%0%(%6!`!2!*0`(%/0!*!./`* `0$!`3!`,#!`+*0!*0`%*`0$!` +1)!*0
.! 5`"1*0%+*L`3$%$`%/`((! `+*!`0$!`3!`,#!`$/`!!*`+),(!0!(5`(+ ! K
=K $!`+))* `%/`DVSMK` 0`%/`%*/0((! `5` !"1(0`+*`)+/0`*%4_/! `+,!.0%*#
/5/0!)/K
>K $*#%*#`0$!`2(1!`,.+,!.05`$*#!/`0$!`` 105`5(!`"+.`0$!`K`!
2%/1(%6!`0$%/`/`$*#%*#`0$!`.%#$0*!//`+"`0$!`K
&KDSWHU
8K L`+.`!//#!`1!1!`!(!)!0.5`.+0++(L`%/``(%#$03!%#$0`)!//#%*#
,.+0++(`".!-1!*0(5`1/! `%*` %/0.%10! ` +`*!03+.'/K
9K $!'`0$!`+`(!2!(/L`)'%*#`/1.!`0$!5`.!`!%0$!.`(!2!(`8`+.`9K
:K `8JMM`)!//#!`3%((`!`,1(%/$! `+*`!$("`+"``(%!*0`%"`0$0`(%!*0`.1,0(5
%/+**!0/`".+)`0$!`.+'!.`3%0$+10`(!*(5`(+/%*#`0$!`+**!0%+*`"%./0K
;K +0$`0$!`,1(%/$! `)!//#!`* `/1/.%%*#`(%!*0/`)1/0`1/!`0`(!/0`+`(!2!(`8L
3$%$`!*/1.!/`)!//#!/`.!` !(%2!.! `+*!`+.`)+.!`0%)!/K
S`;=<`T
//!//)!*0/
&KDSWHU
8K `Q!.%(`!.%,$!.(` *0!."!`%.1%0RK``/0.%,/`* `)0.%!/`.!`+))+*
!4),(!/K
9K +1`*`.!"!.`0+`0$!` !2%!W/`+""%%(` 0/$!!0L`+.`1/!`0$!`+))* _(%*!`0++(
%9 !0!0L`3$%$`(%/0/`0$!` .!//!/`+"`((`+**!0! ` 9` !2%!/K
:K '!`/1.!`5+1`.!`1/%*#`0$!`+..!0`,%*`*1)!.%*#`/$!)!`!4,!0! `5`0$!
(%..5L`* \+.`)'!`/1.!`5+1`$2!`+*"%#1.! `0$!`(%..5`0+`1/!`0$!`/$!)!`5+1
,.!"!.`%"`0$!`(%..5`,.+2% !/`0$%/`+,0%+*K
;K $!` .%2!.`(%..5`%/`*+0`1%(0`1,+*`% `* `0$!.!"+.!` +!/`*+0`/1,,+.0
.!)+0!` K
<K (/!K`((` `,%*/`.!`.0! `"+.`:K:`2+(0/K`+**!0%*#`*5`2+(0#!`$%#$!.`0$*
0$%/`*` )#!`5+1.`/,!..5`%K
=K $!`(%..5`5+1`.!`1/%*#`0+` .%2!`0$!`/!.2+`%/`)+/0`(%'!(5`1/%*#`/+"03.!``0+
#!*!.0!`0$!``/%#*(/`"+.`0$!`/!.2+K`+"03.!``/%#*(/`*`!` %/0+.0!
3$!*`0$!`/,!..5`%W/``#!0/`1/5K
>K "`5+1`.!`,+3!.%*#`0$!`/!.2+/`".+)`0$!`<_2+(0`,%*`+"`5+1.`/,!..5`%L`%0W((
%* %0!`0$0`5+1`.!` .3%*#`0++`)1$`,+3!.L`!""!0%2!(5`.+%*#`0$!`,+3!.
".+)`0$!`/,!..5`%K` !((5L`0$!`/!.2+/`/$+1( `!`,+3!.! `".+)`*`!40!.*(
,+3!.`/+1.!K
&KDSWHU
8K !*!.((5`/,!'%*#L`5!/K` 0W/`/"!`0+`0.5`!1/!``$%#$!.`.!/%/0*!`.!/1(0/`%*`
(+3!.`1..!*0`%*`0$!`%.1%0`Q$)W/`(3R`* `::7c`%/`.!(0%2!(5`(+/!`0+`0$!` !/%.!
977c`.!/%/0+.K
9K $!`$%#$!.`.!/%/0*!`$/`.!/1(0! `%*`(!//`1..!*0`0+`0$!`,+%*0`0$0`0$!.!`%/`*+0
!*+1#$`1..!*0`"+.`0$!`%.1%0`0+`+,!.0!`.!(%(5K
S`;==`T
//!//)!*0/
&KDSWHU
8K /`.!`2+(0#!_+*0.+((! `+),+*!*0/L`3$%(!` /`.!`1..!*0_+*0.+((!
+),+*!*0/K
9K +1` +`*+0`$2!``,1((_ +3*`.!/%/0+.`+*`0$!`W/`#0!`(!#L`/+`%0W/`(!"0
"(+0%*#K`$!`` %/$.#!/`/(+3(5`* `0$%/`%/`.!"(!0! `/`0$!`)+0+.`%/
/,%**%*#` +3*K`/%*#``,1((_ +3*`.!/%/0+.`!*/1.!/`0$!`` %/$.#!/
,.+),0(5`* `!+)!/`+""K
:K QR`'!`/1.!`0$!` L`L`* ``(!#/`.!`+**!0! `+..!0(5`!1/!` %""!.!*0
,'#!`/05(!/`Q"+.`!4),(!L`7@9`2!./1/`997R`$2!`0$!%.`(!#/`+. !.!
%""!.!*0(5K
QR`+1`(/+`3*0`0+`)'!`/1.!`0$0`0$!``%/`(+#%_(!2!(`+),0%(!`/+`0$0
%0`*`!`+*0.+((! `1/%*#``:K:_2+(0`2+(0#!`/+1.!K
QR`*/1.!`0$0`0$!`2+(0#!` %2% !.`.!0! `!03!!*`0$!`,1((_ +3*`.!/%/0+.`*
0$!`1..!*0`(%)%0%*#`.!/%/0+.`((+3/`EG:`2+(0/`%*0+`0$!`W/`#0!`(!#K
;K ,0++1,(!./`* `.!(5/`!(!0.%((5`%/+(0!`0$!`%*,10`* `+10,10`/% !/`+"`
%.1%0K`.*/%/0+./`.!`%*_%.1%0L`* `3$%(!`0$!5`((+3``(+3_1..!*0` !2%!`0+
+*0.+(``(.#!.`1..!*0` !2%!L`+0$` !2%!/`.!`/0%((`+0$`!(!0.%((5`+**!0!
Q"+.`!4),(!L`5+1`3%((`/!!``+))+*`#.+1* `+**!0%+*RK
<K 0%2!`(+3`%/`3$!.!`5+1`)'!`` `(+3`0+`01.*`+*`+.`0%20!`0$!`+**!0!
%.1%0K`0%2!`$%#$`%/`0$!`+,,+/%0!L`%*`0$0`3!`)'!`0$!` `,%*`$%#$`0+`0%20!
0$!`+**!0! `%.1%0K
S`;=>`T
//!//)!*0/
&KDSWHU
8K $!'`0$0`5+1.`,+3!.`/1,,(5`*` !(%2!.`!*+1#$`1..!*0`Q* `2+(0#!R`0+`5+1.
`/0.%,K`1..!*0`.!-1%.!)!*0/`%*.!/!`%*`,.+,+.0%+*`3%0$`0$!`*1)!.`+"`/
5+1`3*0`0+`%((1)%*0!L`* `0$!`+(+.`* `.%#$0*!//`0$!5`.!`/!0`0+K`*
%*/1""%%!*0`1..!*0`*`)!*`0$0`0$!`%*0!.*(`.! \#.!!*\(1!`/`.!`*+0
%((1)%*0! `+..!0(5`* `0$1/`0$!`+(+./`.!`*+0`/`5+1`!4,!0! K
9K $!`/!*!`+"``(2!`!(!0`+.`(%!*0`*(!`,%*`)!*/`0$0`0$!`879`0'!/
"1((`+*0.+(`+"`0$!` `%*0!."!K`$%/`)!*/`0$0`5+1`**+0`+**!0`)+.!`0$*
+*!` `/(2!`0+`*` `,%*`Q1*(!//`5+1`!),(+5` %0%+*(`!(!0.+*%/RK
:K %./0L`$!'`0$0`5+1.`(+#%`(!2!(`+*2!.0!.`%/`+**!0! `+..!0(5K`!+* (5L`%0W/
,+//%(!`0$0`0$!`(+#%`(!2!(`+*2!.0!.`**+0`+*2!.0`(+#%`(!2!(/`"/0`!*+1#$`0+
'!!,`1,`3%0$`0$!` `%*0!."!K`.5`(+3!.%*#`0$!` `1/`/,!! K
;K !`1/!`0$!` `Q50$+*` )#%*#`%..5R`0+`.!0!`*`%*_)!)+.5`%)#!
.!,.!/!*0%*#`3$0`3!`3*0`0+` %/,(5K`!`0$!*`/!* `0$%/`%)#!`0+`0$!`
%/,(5`"+.`.!* !.%*#K
<K `)!*/`%*#`+*!`!40`.*/"!.`*#1#!L`3$%$`%/``.%*#_0+*!`)1/%
"+.)0`.!0! `5`+'%K
&KDSWHU
8K $!` 99`%/``)+.!`1.0!`/!*/+.L`* `%0`%/`,(!`+"`/!*/%*#``#.!0!.`.*#!
+"`0!),!.01.!/`* `$1)*%0%!/K`
9K $!`!40!.*(`,1((_1,`.!/%/0+.`%/`+,0%+*(`!1/!`+1.`/,!..5`%`*`1/!`%0/
%*0!.*(`!)! ! `,1((_1,`.!/%/0+.K
S`;=?`T
//!//)!*0/
&KDSWHU
8K !`05,%((5`"%* ` !"1(0`.!"!.!*!`,1(/!`3% 0$/`+"`8`)/`"+.`(!"0L`* `9`)/`"+.
.%#$0/`1/! `"+.`0$!`/!.2+/K` *`.!(%05L`0$!`/!.2+/`)5`*!! `/(%#$0(5` &1/0! `,1(/!
3% 0$/`0+`.!$`0$!%.`!40.!)!`.+00%+*`,+/%0%+*/K
9K +1`.!`,,(5%*#``,1(/!`3% 0$`0$0`%/`0.5%*#`0+`.+00!`5+1.`/!.2+`!5+* `%0/
,$5/%(`(%)%0/K
:K *` _.% #!`((+3/`1/`0+`(/+`$*#!`0$!`.+00%+*`+"``)+0+.`* `,,(5``.'!
0+`-1%'(5`/0+,`0$!`)+0+.`/,%**%*#K
;K *5`"0+./`""!0`0$!`.!(%%(%05`+"`.'%*#L`%*(1 %*#`0$!` `* `5+1.`)+0+.K
+1`*` +,0`_/05(!`.'%*#`/`*`(0!.*0%2!`.'%*#`0!$*%-1!K
<K %.0%*#`10`*+0`01.*%*#`%/`+"0!*`0$!`/5),0+)`+"``)%/)0$`!03!!*`0$!`+%(
!*!.#%6%*#`+. !.`* `0$!`+%(`/0!,,%*#`/!-1!*!K`+1`*!! `0+`% !*0%"5`* `!*/1.!
0$!`/0!,,!.`)+0+.W/`+%(/`.!`+**!0! `+..!0(5`* `)0$`0$!`/0!,,%*#
/!-1!*!K`+*/1(0%*#`5+1.`/0!,,!.`)+0+.W/` 0/$!!0`%/`0$!`!/0`,(!`0+`/0.0K
=K $!`9@:`$/``2+(0#!` .+,`+"`.+1* `9`2+(0/L`/+`5+1.`)+0+.`%/`+*(5`#!00%*#
.+1* `:`2+(0/K`+`+),!*/0!`"+.`0$%/`2+(0#!` .+,L`5+1`3+1( `*!! ``,+3!.
/+1.!`+"`>`2+(0/K
>K +K`$!` `,%*/`+*(5`/1,,(5`:K:`2+(0/K`$%(!`0$%/`)%#$0`!`&1/0`!*+1#$`0+
.+00!``<_2+(0`/0!,,!.`)+0+.L`0$!`1..!*0`.!-1%.!)!*0/`+"``/0!,,!.`)+0+.`3%((
!4!! `0$!`/"!`(%)%0/`+"`0$!`/,!..5`%` `,%*/K`
S`;=@`T
//!//)!*0/
&KDSWHU
8K +K``,//%2!`%*"..! `Q R`/!*/+.`*`+*(5` !0!0`/0.0`)+2!)!*0K`+1`3%((
*!! `*`0%2!_05,!`%*"..! `/!*/+.`+.`` !2%!`(%'!``0$!.)(`)!.`Q* ``(+0
)+.!`+),(!4`+ !R`0+`!40.0`.%$!.`)+2!)!*0`%*"+.)0%+*K
9K *`1(0./+*%`/!*/+.`)!/1.!/`0$!`.+1* _0.%,`0%)%*#`+"`1(0./+*%`,1(/!/L`3$%$
%/`0$!*`1/! `0+`(1(0!` %/0*!K`0+./`0$0`""!0`0$!`1(0./+*%`,1(/!`0%)%*#
+.`0$!`/,!! _+"_/+1* `+*/0*0`1/! `0$!.!"+.!`""!0`0$!`(1(0! ` %/0*!K
+)!`!4),(!/`%*(1 !`0!),!.01.!`/%*!`0$%/`""!0/`0$!`/,!! `+"`/+1* L`0$!
)0!.%(`+"`0$!` !0!0! `+&!0`Q"+.`!4),(!L` +!/`%0`/+.`/+1* ORL`0$!`/%6!`+"
0$!`+&!0L`* `%0/`*#(!`.!(0%2!`0+`0$!`/!*/+.K
:K +0$`(0$%*#`* `*+*_(0$%*#` ((`!""!0`/!*/+./`+10,10`` %#%0(`/%#*(`b`0$!%.
+10,10`,%*`%/`!%0$!.` `+.`K` *`+*0./0L`.0%+)!0.%` ((`!""!0`/!*/+./
+10,10`*`*(+#`/%#*(`Q2.5%*#`2+(0#!R`.!(0%2!`0+`$+3`(+/!`0$!5`.!`0+`
)#*!0%`"%!( K
;K $!`DBMMCBDL@IBOEMFS`"1*0%+*`3%((`!`((! `3$!*!2!.` `0.*/%0%+*/
0+`!%0$!.`` `+.``/00!K
<K +`0$0`0$!`.!(0%2!`2+(0#!` .+,`.+//`0$!`.!/%/0+.`0$0`/%0/`!03!!*`0$!`<_2+(0
/+1.!`* `0$!`2+(0#!_ %2% !.`+10,10`Q!03!!*`0$!`03+`.!/%/0+./R`%/`:K:`2+(0/L
0$0`%/L`<`2+(0/`[`9'c\Q8'c`B`9'cR`C`G:K:`2+(0/K` "`5+1`.!2!./! `0$!`.!/%/0+.`2(1!/
%*`0$!`%.1%0L`0$!`2+(0#!_ %2% !.`+10,10`3+1( `!`G8K>`2+(0/L`0$0`%/L`<`2+(0/`[
8'c\Q8'c`B`9'cR`C`G8K>`2+(0/K
=K "0!.`+*/1(0%*#`0$!` 0/$!!0`"+.`0$!` _<78` `/!*/+.L`3!`(!.*`0$0`%0/
+10,10`,%*`(35/`3+.'/`0`:K:`2+(0/`!2!*`0$+1#$`%0W/`,+3!.! `".+)`<`2+(0/L`0$1/
3!` % `*+0`*!! ``2+(0#!` %2% !.K`Q+0!`0$0L`%*`,.0%!L`3!`% !((5`3+1( `(/+
+*"%.)`0$%/`5`+1.`)!/1.!)!*0KR
&KDSWHU
8K `,1(%/$_/1/.%!`,,.+$`,.+)+0!/``$%#$(5` !+1,(! `,,.+$`0+
,.+#.))%*#K`$%/`*`!`!*!"%%(`3$!*`5+1`$2!`)*5`+),+*!*0/`Q"+.
!4),(!L`/!*/+./R`,1(%/$%*#` 0`0$0`/%),(5`*!! /`0+`!`+*/1)! `!(/!3$!.!
%*`5+1.`,.+#.)K
9K `/0* /`"+.` (+(` *0!.,.!0!.`+'K` 0W/`` !/%#*`/,!0`+"`0$!`50$+*
,.+#.))%*#`(*#1#!`0$0`)!*/`+*(5`+*!`0$.! `!2!.`$/`!//`0+`0$!`50$+*
%*0!.,.!0!.`0``0%)!K
S`;>7`T
//!//)!*0/
:K `,1.!`!2!*0`(++,`Q"+.`!4),(!L`+*!`(+*#`3$%(!`(++,R`*`#!0`+),(!4`/`5+1.
,.+#.)`#.+3/K`$!`*!! `"+.`)*5`/00!`2.%(!/`* `*+*_
0.%2%(`* `%*0!.2!*%*#`+* %0%+*(`0!/0/`Q"+.`!4),(!L`%"`/00!)!*0/R`*`)'!`0$!
,.+#.)`(+#%`$. `0+`"+((+3`* ` !1#K
;K +K`2!.5`,,.+$`$/`%0/`,1.,+/!K`2!*0`(++,/`.!`"%*!`3$!*`0$!5`.!`/)((
* `"+1/! K` 0W/`+*(5`3$!*`0$!5`!+)!`(.#!`* `.!`,!."+.)%*#`)1(0%,(!
0%+*/`0$0`0$!5`!+)!`+),(!4K
<K $!*`5+1`.!`,.+#.))%*#`3%0$`0$.! /L`((%*#`KPJO `+*`*+0$!.`0$.!
&+%*/`0$0`0$.! `0+`5+1.`1..!*0`0$.! K`+1.`1..!*0`0$.! `0$!*`(+'/`1*0%(`((
&+%*! `0$.! /`.1*`)!0$+ /`+),(!0!K`$%/`%/``/%),(!`35`+"`/5*$.+*%6%*#`0$!
+),(!0%+*`+"`)1(0%,(!`0$.! /K
=K !.$,/`5+1`.!`1/%*#``TMFFQ`/00!)!*0`Q".+)`0$!`0%)!`(%..5RL`/1$
/`TMFFQ EVSBUJPO L`3$%$`(+'/`"+.`0$!`"1((` 1.0%+*K`.5`1/%*#`0$!`,,.+$
%*`0$!`"+((+3%*#`!4),(!L`3$%$`3%((`((+3`5+1.`,.+#.)`0+`.!)%*`.!/,+*/%2!
0+``$*#!`%*`0$!`2(1!`+"`EVSBUJPOM
EVSBUJPOTFDPOE
UJNFS
XIJMFUJNFSEVSBUJPO
UJNFS
TMFFQ
>K +`,,.+$`%/`/1,!.%+.K`$!.!`%/`(35/`)+.!`0$*`+*!`35`0+`.!$`5+1.
,.+#.))%*#`#+(`%*`50$+*K`$!`!/0`,,.+$L`+.`+)%*0%+*`+"`,,.+$!/L
((` !,!* /`+*`5+1.`,.+&!0`* `3$0`5+1`.!`0.5%*#`0+`$%!2!K`$!`!/0
,,.+$`*`(/+`!`0$!`+*!`0$0`%/`!/0`"+.`5+1`/! `+*`5+1.`,!./+*(
,.!"!.!*!/`* `,.!"!..! `,.+#.))%*#`/05(!K
&KDSWHU
8K !`1/! ` %""!.!*0`0!),!.01.!/`0+`.!0!``1""!.`/+`0$0`3!`3+1( `*+0`#!*!.0!
)1(0%,(!`0.%##!./`Q* `)1(0%,(!`!)%(/R`%"`0$!`0!),!.01.!`$+2!.! `.+1* `
/%*#(!`0!),!.01.!`2(1!K
9K /%*#`*`%*0!.)! %.5`)!*0`3!` % `*+0`*!! `0+`3+..5`+10``"%.!3((L`,+.0
"+.3. %*#L`* `+0$!.`+*"%#1.0%+*/`*!!//.5`0+`!4,+/!`5+1.`/,!..5`%`0+
0$!`,1(%`%*0!.*!0K
:K `%/`)+.!`+*/1)!._"+1/! L`3$%(!`,,!.`%/`)+.!`1/%*!//_"+1/! `%*
0!.)/`+"`0$!`%*0!#.0%+*/`%0`,.+2% !/K`,,!.`3%((`(/+`((+3`5+1`0+`.!0!``)+.!
+),(!4`3+.'"(+3L`0.%##!.L`* `0%+*`/!*.%+/K
S`;>8`T
//!//)!*0/
&KDSWHU
8K $!`1/!`+"`511`3/`` !/%#*` !%/%+*`0+` !+1,(!`_.!(0! `+ !`*
(+#%`".+)`$. 3.!`+*0.+(`+ !`* `(+#%L`3%0$`0$!`#+(`+"`)'%*#`0$!`+ !
(!*!.`* `!/%!.`0+`)%*0%*K
9K $!`+))* /`5+1`/,!'`3$!*`1/%*#`0$!` ++#(!`//%/0*0`,,`.!`/$+3*`+*
5+1.` !2%!`/`0!40L`/+`%0W/`!/5`0+`/!!`$+3` ++#(!`//%/0*0`$!. `5+1.`/,+'!*
+))* /L`* `3$0`3/`/!*0`/`0!401(`+))* /`0+`5+1.` `,,(!0K
:K +1`3%((`*!! `0+`1%( `*`%*0!#.0%+*`/!.2%!`0$0`)./$(/` 0`!03!!*`
* `0$!`"1(` /`Q+.L`(0!.*0%2!(5L`% !*0%"5``0$%.05_,.05`/!.2%!`0$0` +!/
0$%/`b`"+.`!4),(!L`$!'`+10`IUUQTJPBEBGSVJUDPN`* `0$!%.`
/!.2%!RK` `+""!./`"1(`3!$++'/`/`*`+,0%+*`0+`1%( `1/0+)
%*0!#.0%+*/L`$+3!2!.L`%0` +!/`*+0`+""!.`*``+,0%+*K`
;K *!`+,0%+*`%/`0+`1/!`L`&1/0`(%'!`0$!`!4),(!`3!`+2!.! `%*`0$%/`$,0!.K` "
5+1`+**!0`)1(0%,(!` +.!!/`1/%*#``0+``!*0.(``.+'!.L`0$!5`((
.!!%2!`%*/0.10%+*/`0+#!0$!.K``/!+* `+,0%+*`+1( `!`0+`1%( ``!+'!0/_
/! `/!.2%!`* `,,(%0%+*`Q3!`+2!.! `0$%/`,,.+$`%*`$IBQUFSL
!03+.'%*#`3%0$`"1(` /`* `!`+'!0/`/%*#`(/'RK
<K !`1/! `0$!`".!!`EXFFUJP`/!.2%!`"+.`,.0%(`+*2!*%!*!`/+`3$0`3!` % `*+0
$2!`0+`3+..5`+10`"%.!3((/L`,+.0`"+.3. %*#L`* `.+10!.`+*"%#1.0%+*/`0`5+1.
,(!`Q&1/0`%*`/!`0$%/`%/`/+)!0$%*#`5+1`.!`*+0`!4,!.%!*! `3%0$RK`$!
".!!`EXFFUJP`/!.2%!`+""!./`*+`/!1.%05`+.`,.%25L`/+`%0`%/`1* !/%.(!`"+.`)*5
,.+&!0/K` "`5+1`(%'!`0$!`% !`+"`EXFFUJPL`0$!.!`%/`EXFFUQSPJPL``,% `(0!.*0%2!
0$0`+""!./`/!1.%05`* `)*5`+0$!.`"!01.!/`0$0`.!`*+0`2%((!`%*`0$!`".!!
2!./%+*K
=K $63-`%/``,+,1(.`+))* _(%*!`0++(`0$0`*`!`1/! `0+`0!/0`"1(` /K
+/0)*`QHFUQPTUNBODPNR`%/``,+,1(.` `0++(`0$0`*`(/+`!`1/! `"+.`0$!
/)!`,1.,+/!K
S`;>9`T
//!//)!*0/
S`;>:`T
2WKHU%RRNV<RX0D\(QMR\
"`5+1`!*&+5! `0$%/`++'L`5+1`)5`!`%*0!.!/0! `%*`0$!/!`+0$!.`++'/`5`'0M
* /_*` *0!.*!0`+"`$%*#/`3%0$`
%)`1(2!.
M`@>?_8_>?@:;_8>?_9
4,(+.!``,.+#.))%*#`3%0$`. 1%*+
%/+2!.`$+3`0+`)'!`5+1.`,.+0+05,!/`0('`0+`!$`+0$!.
!* ``)!//#!/`".+)`5+1.`/).0,$+*!`0+`5+1.`,.+0+05,!/
%/+2!.`$+3`5+1`*`)'!`3!/%0!/`%*0!.0`3%0$`5+1.`,.+0+05,!/
!.*`+10``/!.2!./L`(%..%!/L`* `,,/
4,(+.!`0++(/`/1$`/`(/!.`100%*#`* `:`,.%*0%*#`%*`+. !.`0+`1%( `.+1/0
,.+0+05,!`/!/
0$!.`++'/`+1`5`*&+5
*0!.*!0`+"`$%*#/`.+&!0/`3%0$`:9
#1/` 1.*%3*
M`@>?_8_>?@@<_=?>_7
* !./0* `$+3`0+`1%( ``/!*/+.`)+*%0+.%*#`(+##!.
.!0!``3!0$!.`/00%+*`0+`/!*/!`0!),!.01.!`* `$1)% %05`1/%*#`:9
1%( `5+1.`+3*`%_%`3. .%2%*#`3%0$`:9K`/!``0+`)'!`%*0!.0%+*/
!03!!*`:9`* `* .+%
* !./0* `$+3`0+`.!0!`+**!0%+*/`0+`%*0!.0`!03!!*`:9`* `)+%(!
,,(%0%+*/
!.*`$+3`0+`%*0!.0`!03!!*`:9`+. /`* `(+1 `/!.2!./
1%( `*` +`,,(%0%+*_/! `:9`+.
S`;><`T
0$!.`++'/`+1`5`*&+5
/HDYHDUHYLHZOHWRWKHUUHDGHUVNQRZZKDW
\RXWKLQN
(!/!`/$.!`5+1.`0$+1#$0/`+*`0$%/`++'`3%0$`+0$!./`5`(!2%*#``.!2%!3`+*`0$!`/%0!`0$0`5+1
+1#$0`%0`".+)K` "`5+1`,1.$/! `0$!`++'`".+)`)6+*L`,(!/!`(!2!`1/`*`$+*!/0`.!2%!3
+*`0$%/`++'W/`)6+*`,#!K`$%/`%/`2%0(`/+`0$0`+0$!.`,+0!*0%(`.! !./`*`/!!`* `1/!
5+1.`1*%/! `+,%*%+*`0+`)'!`,1.$/%*#` !%/%+*/L`3!`*`1* !./0* `3$0`+1.
1/0+)!./`0$%*'`+10`+1.`,.+ 10/L`* `+1.`10$+./`*`/!!`5+1.`"!! '`+*`0$!`0%0(!`0$0
0$!5`$2!`3+.'! `3%0$`'0`0+`.!0!K` 0`3%((`+*(5`0'!``"!3`)%*10!/`+"`5+1.`0%)!L`10`%/
2(1(!`0+`+0$!.`,+0!*0%(`1/0+)!./L`+1.`10$+./L`* `'0K`$*'`5+1P
S`;>=`T
,QGH[
DERXW
$'6FRQILJXUDWLRQ
ZLUHLQWHUIDFHV $'6VHWXS
ZLUHWHPSHUDWXUHVHQVRUV FRGH
JOREDOYDULDEOHV
LPSRUWV
2KPUHVLVWRU SURJUDPHQWU\SRLQW
5DVSEHUU\3L VOLPLWDWLRQV DQDORJLQSXW
UHVLVWRUYDOXHFDOFXODWLQJ DERXW
UHVLVWRU VSRZHUGLVVLSDWLRQFDOFXODWLQJ YROWDJHGLYLGHU
XVLQJIRU/('FLUFXLW DQDORJ,2
DQDORJRXWSXW
$QDORJWR'LJLWDO&RQYHUWHU $'&
ZLUHVHUYRV DERXW
LQWHUIDFLQJZLWK
$ DQRGH
$3$FLUFXLW
DFWLYHEX]]HUV
FUHDWLQJ
$GDIUXLW%OLQND
SRZHULQJ
85/
$3$/('VWULSFRGH
$GDIUXLW
FRQILJXULQJ
85/
RYHUYLHZ
$'6$'&FLUFXLW
UXQQLQJ
EXLOGLQJ
$3$/('VWULSWURXEOHVKRRWLQJ
$'6FRQQHFWLRQZLWK5DVSEHUU\3L
WLSV
FKHFNLQJ
$3$
$PD]RQ(ODVWLF%HDQVWDON
LQWHUIDFH
UHIHUHQFHOLQN
$V\QFKURQRXV,2 $V\QF,2
$PD]RQ,R7&RUH
$V\QF,2DSSURDFK
85/
H[SHULPHQW
$PD]RQ:HE6HUYLFHV $:6
H[SORULQJ
DQDORJHOHFWURQLFFRPSRQHQWV
H[DPSOHV
DQDORJHOHFWURQLFV
%
DQDORJLQSXW %LSRODU-XQFWLRQ7UDQVLVWRU %-7
DQDORJRXWSXW ELSRODUVWHSSHUPRWRU
H[SORULQJ EUHDGERDUGSURWRW\SHFLUFXLW
DQDORJLQSXWUHDGLQJZLWK$'6 EUHDGERDUG
FUHDWLQJ FUHDWLQJ
/('FRQQHFWLQJ '+7FRGH
/('SRVLWLRQLQJ H[HFXWLQJ
SXVKEXWWRQFRQQHFWLQJ H[SORULQJ
SXVKEXWWRQSRVLWLRQLQJ '+7VHQVRUV
UHVLVWRUFRQQHFWLQJ YHUVXV'+7VHQVRUV
UHVLVWRUSRVLWLRQLQJ '+7FLUFXLW
FUHDWLQJ
& '+7FRGH
FDWKRGH H[HFXWLQJ
FKLSV H[SORULQJ
&LUFXLW3\WKRQ%OLQND '+7VHQVRUV
KLJKOLJKWV YHUVXV'+7VHQVRUV
UHYLHZLQJ GLJLWDOHOHFWURQLFV
&LUFXLW3\WKRQ GLJLWDOLQSXW
85/ GLJLWDORXWSXW
FLUFXLW H[SORULQJ
EXLOGLQJ SXOOGRZQUHVLVWRUXVLQJ
GHWHFWLRQRSWLRQVFRPSDULQJ SXOOXSUHVLVWRUXVLQJ
PRLVWXUHGHWHFWLQJ GLJLWDOLQSXW
WHVWLQJ GLJLWDO,2
&OLHQW(QDEOH6ODYH6HOHFW &(66 GLJLWDORXWSXW
FRORU 'LJLWDOWR$QDORJ&RQYHUWHU '$&
PDNLQJZLWK3:0 GLVWDQFH
PDNLQJZLWK5*%/(' GHWHFWLQJZLWK+DOOHIIHFWVHQVRUV
&RPPRQ$QRGH PHDVXULQJZLWKXOWUDVRQLFVHQVRU
&RPPRQ&DWKRGH 'XSRQWFDEOHV
FRQWLQXRXVFXUUHQW GXUDEOHFRQQHFWLRQV
FRQWLQXRXVURWDWLRQVHUYRV DERXW
FRUHPRGXOHV3\WKRQ3DKR0477FOLHQWOLEUDU\ FUHDWLQJ
FOLHQW GZHHWLQWHJUDWLRQVHUYLFHSURJUDP
SXEOLVKHU UXQQLQJ
VXEVFULEHU GZHHWLRVHUYLFH
FXUUHQWGDWD/(' XVLQJDVLQWHUPHGLDU\
PHDVXULQJ GZHHWLR
FXUUHQWGDWDUHOD\ ,R7UHHLQWHJUDWLQJZLWK
PHDVXULQJ
FXUUHQWORDG'&PRWRU (
PHDVXULQJ HOHFWULFDOVKRUW
HOHFWULFLW\GLVFKDUJH (6'
' HOHFWURQLFFRPSRQHQWV
'&PRWRU IDLOLQJ
FXUUHQWORDGPHDVXULQJ HOHFWURQLFSULQFLSOHV
GHERXQFHWKUHVKROG 2KPUHVLVWRUXVLQJIRU/('FLUFXLW
'+7FLUFXLW LQWHUIDFLQJIRU*3,2FRQWURO
S`;>?`T
.LUFKKRII VFLUFXLWODZV *3,2SLQQXPEHULQJVFKHPHV
2KP V/DZDQGSRZHU *3,2=HURH[DPSOH
HOHFWURQLFVFKHPDWLFGLDJUDP YHUVXV3L*3,2H[DPSOH
JURXQGFRQQHFWLRQV *3,2=HUR
JURXQGV\PEROV DERXW
/('DQGUHVLVWRUVFKHPDWLFFRQQHFWLRQUHDGLQJ KLJKOLJKWV
UHYLHZLQJ
SXVKEXWWRQVFKHPDWLFFRQQHFWLRQUHDGLQJ 85/
XVHGWRPDNH/('EOLQN
UHDGLQJ
HOHFWURQLFV +
FRPSRQHQWVSXUFKDVLQJ +%ULGJH,&
PRGXOHVDQGFRPSRQHQWVEX\LQJ XVHGIRUFRQWUROOLQJPRWRU
RSHQVRXUFHKDUGZDUHPRGXOHVSXUFKDVLQJ +DOOHIIHFWVHQVRUFLUFXLW
ZRUNVKRSWRROV FUHDWLQJ
HPDLO +DOOHIIHFWVHQVRUFRGH
/('FRQWUROOLQJIURP H[SORULQJ
HYHQWORRSDSSURDFK UXQQLQJ
H[SORULQJ +DOOHIIHFWVHQVRUV
H[DPSOH+%ULGJHFRGHUXQQLQJWRFRQWUROPRWRU GLVWDQFHGHWHFWLQJ
DERXW ODWFKLQJVZLWFKW\SHV GLJLWDO
PRWRUS\ PRYHPHQWGHWHFWLQJ
PRWRUBFODVVS\ QRQODWFKLQJVZLWFKW\SHV GLJLWDO
UDWLRPHWULFW\SHV DQDORJ
) KDUGZDUHWLPHG3:0
)ODVNPLFURVHUYLFHVIUDPHZRUN YLVXDOL]LQJ
)ODVN5(67IXOVHUYLFH +&65FLUFXLW
FUHDWLQJ EXLOGLQJ
)ODVN5(67IXO +&65GLVWDQFHPHDVXUHPHQWSURFHVV
XVHGIRUFUHDWLQJ5(67IXO$3,VHUYLFH
)ODVN6RFNHW,2 +&65H[DPSOHFRGH
XVHGIRUFUHDWLQJ:HE6RFNHWVHUYLFH H[SORULQJ
IUHHFXUUHQW UXQQLQJ
+&65
* WHUPLQDOV
JHW FODVVPHWKRG +&65
JHW6WDWH IXQFWLRQ RQERDUGVHWWLQJV
*OREDO,QWHUSUHWHU/RFN *,/ WHUPLQDOV
*RRJOH&ORXG KHDY\GXW\LQGXVWULDOXVHVHUYRV
*3,2FRQWURO +RPH$VVLVWDQW
XVHGIRULQWHUIDFLQJHOHFWURQLFSULQFLSOHV DERXW
*3,2LQWHUIDFH UHIHUHQFHOLQN
FRQILJXULQJRQ5DVSEHUU\3,
*3,2OLEUDULHV
ZLWK3:0VXSSRUW
S`;>@`T
H[WHQGLQJ
, JHWBODVWHVWBGZHHW PHWKRG
,%0:DWVRQ LPSRUWV
,I7KLV7KHQ7KDW ,)777 PDLQSURJUDPHQWU\SRLQW
DERXW 3L*3,2/('XVLQJDVFODVV
,R7UHHLQWHJUDWLQJZLWKHPDLODQG7ZLWWHUYLD SROOBGZHHWVBIRUHYHU PHWKRG
SURFHVVBGZHHW PHWKRG
,R7UHHLQWHJUDWLQJZLWK*RRJOH$VVLVWDQWYLD 3\WKRQVHUYHUUXQQLQJ
3\WKRQVHUYHUWHVWLQJ
85/ UHVROYHBWKLQJBQDPH PHWKRGXVLQJ
,)777$SSOHW VHUYHUFRGH
FRQILJXULQJ YDULDEOHGHILQLWLRQ
FUHDWLQJ ,R7UHHFLUFXLW
EXLOGLQJ
5DVSEHUU\3LDFWLRQLQJIURP VHUYLFHSURJUDPV
UHIHUHQFHV ,R7UHH
UXQQLQJ H[WHQGLQJLGHDVDQGVXJJHVWLRQV
WHPSHUDWXUHPRQLWRULQJFLUFXLWFUHDWLQJ LQWHJUDWLQJZLWKGZHHWLR
WULJJHULQJIURP5DVSEHUU\3L LQWHJUDWLQJZLWKHPDLODQG7ZLWWHUYLD,)777
WULJJHULQJLQ3\WKRQ
WURXEOHVKRRWLQJ LQWHJUDWLQJZLWK*RRJOH$VVLVWDQWYLD,)777
:HEKRRNWULJJHULQJ
,)777SODWIRUP
DERXW -
85/
-DYD6FULSWLPSRUWV
LQLWBOHG PHWKRG
-4XHU\
,QWHJUDWHG&LUFXLWV ,&V
XVHGIRUUHJLVWHULQJHYHQWKDQGOHUV
,QWHU,QWHJUDWHG&LUFXLW ,&
LQWHUIDFLQJ
ZLWKDQDORJWRGLJLWDOFRQYHUWHU
.
,R7DQGDXWRPDWLRQSODWIRUPV .LUFKKRII VFLUFXLWODZV
$PD]RQ:HE6HUYLFHV $:6
H[SORULQJ /
*RRJOH&ORXG /'FLUFXLW
+RPH$VVLVWDQW VWHSSHUPRWRUFRQQHFWLQJWR
,%0:DWVRQ ODWFKLQJVZLWFKW\SHV GLJLWDO
,)777SODWIRUP /'5FRGH
0LFURVRIW$]XUH ZRUNLQJ
7KLQJV%RDUG,R7SODWIRUP /'5FRQILJXUDWLRQ
=DSLHU VXPPDU\
,R7&KULVWPDVWUHH /'5H[DPSOHFRGH
FRQILJXULQJ H[HFXWLQJ
,R7SURJUDP /'5OLJKWGHWHFWLQJFLUFXLW
FUHDWLQJ FUHDWLQJ
GZHHWLQJEXWWRQLPSOHPHQWLQJ /('FLUFXLW
2KPUHVLVWRUXVLQJ
S`;?7`T
FUHDWLQJ ORDG VYROWDJH
/('IODVKZLWK*3,2=HUR GHWHUPLQLQJ
DERXW /RFDO7XQQHOV
FRGHXVLQJ 85/
LPSRUWV ORJLFOHYHOFRQYHUVLRQ
3LQ)DFWRU\FRQILJXUDWLRQVHWWLQJ DERXW
/('IODVKZLWK3L*3,2 ,&VDQGPRGXOHV
DERXW YHUVXVYROWDJHGLYLGHU
LPSRUWV YROWDJHGLYLGHUXVLQJ
SLQFRQILJXUDWLRQ
ZKLOHORRSXVLQJ 0
/('3\WKRQSURJUDP 0DVWHU,Q6ODYH2XW 0,62
UXQQLQJ 0DVWHU2XW6ODYH,Q 026,
/('3\WKRQFRGH 0HVVDJH4XHXH7HOHPHWU\7UDQVSRUW 0477
JOREDOYDULDEOHV DERXW
LPSOHPHQWLQJ EURNHUVHUYLFHXVLQJ
LQLWBPTWW PHWKRG H[DPSOH
PDLQHQWU\SRLQW PHVVDJHVSXEOLVKLQJ
RQBFRQQHFW 0477FDOOEDFNPHWKRG PHVVDJHVUHWDLQLQJIRUODWHGHOLYHU\
RQBGLVFRQQHFW 0477FDOOEDFNPHWKRG PHVVDJHVVXEVFULELQJ
4XDOLW\RI6HUYLFH 4R6 DSSO\LQJWRPHVVDJHV
RQBPHVVDJH 0477FDOOEDFNPHWKRG
3DKR0477FOLHQWLPSRUWLQJ WRSLFVDQGZLOGFDUGVH[SORULQJ
VHWBOHGBOHYHO GDWD PHWKRG XVHGIRUFRQWUROOLQJ/('
/(' :LOOPHVVDJH
FRQWUROOLQJIURPHPDLO 0HWDO2[LGH6HPLFRQGXFWRU)LHOG(IIHFW7UDQVLVWRU
FRQWUROOLQJZLWK0477 026)(7
FRQWUROOLQJZLWK3\WKRQ 0LFURVRIW$]XUH
FXUUHQWGDWDPHDVXULQJIRU 026)(7FLUFXLW
IODVKLQJLQ3\WKRQ EXLOGLQJ
IODVKLQJZLWK*3,2=HUR FRQWUROOLQJZLWK3\WKRQ
IODVKLQJZLWK3L*3,2 0RVTXLWWR0477EURNHU
0477H[DPSOHH[HFXWLQJ LQVWDOOLQJ
/('&RQWUROFODVV PRWRUGULYHUFLUFXLW
/LJKW'HSHQGHQW5HVLVWRU /'5 EXLOGLQJ
PRWRU
OLJKW
FRQWUROOLQJ+%ULGJH,&XVHG
GHWHFWLQJ
PRYHPHQW
/'5FRGHZRUNLQJ
GHWHFWLQJZLWK+DOOHIIHFWVHQVRUV
/'5FRQILJXUDWLRQVXPPDU\
GHWHFWLQJZLWK3,5VHQVRU
/'5H[DPSOHFRGHH[HFXWLQJ
PXOWLFRORU$3$/('VWULS
/'5OLJKWGHWHFWLQJFLUFXLWFUHDWLQJ
FRQWUROOLQJZLWK63,
ORDG VFXUUHQW
GHWHUPLQLQJ
S`;?8`T
PRYHPHQWGHWHFWLQJ
1 SRVW FODVVPHWKRG
QJURN SRVW8SGDWH IXQFWLRQ
85/ SRZHUUDLOV
QRQODWFKLQJVZLWFKW\SHV GLJLWDO SXEOLVKHUVXEVFULEHUDSSURDFK
1RW&RQQHFWHG 1& H[SORULQJ
SXOOGRZQUHVLVWRU
2 XVLQJ
2KP V/DZDQGSRZHU SXOOXSUHVLVWRU
2/('FRGH FRGHVROXWLRQ
RYHUYLHZ UHVLVWRUVROXWLRQ
2/('GLVSOD\ XVLQJ
FRQQHFWLQJ 3XOVH:LGWK0RGXODWLRQ 3:0
FRQQHFWLRQYHULI\LQJ DERXW
XVLQJ FKDUDFWHULVWLFV
2/('H[DPSOH FRORUPDNLQJ
FRQILJXULQJ H[SORULQJYLVXDOO\ZLWK3L6FRSH
UXQQLQJ VRXQGFUHDWLQJZLWK
RSWRFRXSOHUFLUFXLW XVHGIRUFRQWUROOLQJVHUYR
EXLOGLQJ XVHGIRUURWDWLQJVHUYR
FRQWUROOLQJZLWK3\WKRQ SXVKEXWWRQLQWHJUDWLQJZLWK*3,2=HUR
RSWRFRXSOHU DERXW
XVLQJDVVZLWFK FDOOEDFNKDQGOHUXVLQJ
FRQILJXUDWLRQ
3 LPSRUWV
SDVVLYHEX]]HUV PDLQWKUHDGSUHYHQWLQJIURPWHUPLQDWLRQ
3L*3,2GDHPRQ SXVKEXWWRQLQWHJUDWLQJZLWK3L*3,2
FRQILJXULQJ DERXW
3L*3,2H[DPSOHV FDOOEDFNKDQGOHU
YHUVXV*3,2=HURH[DPSOHV SLQFRQILJXUDWLRQ
3L*3,2 SXVKEXWWRQ
KLJKOLJKWV LQWHJUDWLQJLQ3\WKRQ
QHHGIRU 3:0VLJQDOV
UHPRWH*3,2H[SORULQJZLWK FUHDWLQJ
UHYLHZLQJ 3:0XVLQJWRFRQWURO/('
85/ DERXW
SLS FRGH
XVHGIRULQVWDOOLQJ3\WKRQ*3,2SDFNDJHV JOREDOYDULDEOHV
3:0VLJQDOFUHDWLQJ
3,5VHQVRUFLUFXLW UDQJHPDSSLQJIXQFWLRQ
FUHDWLQJ 3\3L
3,5VHQVRUFRGH UHIHUHQFHOLQN
H[SORULQJ 3\WKRQ*3,2OLEUDULHV
UXQQLQJ &LUFXLW3\WKRQ%OLQND
3,5VHQVRU H[SORULQJ
S`;?9`T
*3,2=HUR ZLUHLQWHUIDFHV
3L*3,2 DQDORJ,2
53L*3,2 GLJLWDO,2
60%XV H[SORULQJ
63,'HY ,QWHU,QWHJUDWHG&LUFXLW ,&
3\WKRQ*3,2SDFNDJHV 3XOVH:LGWK0RGXODWLRQ 3:0
LQVWDOOLQJZLWKSLS 6HULDO3HULSKHUDO,QWHUIDFH 63,
3\WKRQLQVWDOODWLRQ 8QLYHUVDO$V\QFKURQRXV5HFHLYHU7UDQVPLWWHU
3\WKRQ3DKR0477FOLHQWOLEUDU\ 8$57 SURWRFRO
3\WKRQVFULSWH[HFXWLRQDOWHUQDWLYHPHWKRGV 5DVSEHUU\3L
DERXW DERXW
3\WKRQVFULSWH[HFXWLQJDWERRW DFWLRQLQJIURP,)777$SSOHW
3\WKRQVFULSWVH[HFXWLQJRXWVLGHRIYLUWXDO *3,2LQWHUIDFHFRQILJXULQJRQ
HQYLURQPHQWV ,)777$SSOHWWULJJHULQJIURP
VXGRXVLQJZLWKLQYLUWXDOHQYLURQPHQWV VHUYRFRQQHFWLQJWR
3\WKRQYLUWXDOHQYLURQPHQW UDWLRPHWULFW\SHV DQDORJ
VHWWLQJXS UHIHUHQFHFLUFXLW
3\WKRQ:HE6RFNHWVHUYHUFRGH EXLOGLQJ
DERXW UXQQLQJH[DPSOHV
)ODVN$3,LQVWDQFHYDULDEOHV UHOD\GULYHUFLUFXLW
)ODVN5(67IXO$3,LQVWDQFHYDULDEOHV EXLOGLQJ
KDQGOHUVFRQQHFWLQJ 5HOD\'ULYHU&LUFXLW
KDQGOHUVGLVFRQQHFWLQJ FRQWUROOLQJZLWK3\WKRQ
LPSRUWV UHOD\GULYHUFLUFXLW
/('KDQGOHU H[SORULQJ
UXQQLQJ UHOD\
VHUYHUVWDUWLQJ FXUUHQWGDWDPHDVXULQJIRU
WHVWLQJ XVLQJDVVZLWFK
ZHESDJHVHUYLQJ UHPRWH*3,2
3\WKRQ H[SORULQJZWLK3L*3,2
,)777$SSOHWWULJJHULQJLQ 5(67IXO$3,FOLHQWZHESDJHFOLHQWVLGHFRGH
/('IODVKLQJ HYHQWKDQGOHUVUHJLVWHULQJZLWK-4XHU\
026)(7FLUFXLWFRQWUROOLQJZLWK JHW6WDWH IXQFWLRQ
-DYD6FULSWLPSRUWV
RSWRFRXSOHUFLUFXLWFRQWUROOLQJZLWK SRVW8SGDWH IXQFWLRQ
SXVKEXWWRQLQWHJUDWLQJ XSGDWH&RQWUROV IXQFWLRQ
5HOD\'ULYHU&LUFXLWFRQWUROOLQJZLWK ZHESDJH+70/
XVHGIRUFRQWUROOLQJ/(' 5(67IXO$3,FOLHQWZHESDJH
DGGLQJ
4 FOLHQWVLGHFRGH
4XDOLW\RI6HUYLFH 4R6 5(67IXO$3,VHUYHUVHUYHUFRGH
)ODVNLQVWDQFHYDULDEOHV
5 )ODVN5(67IXO$3,LQVWDQFHYDULDEOHV
5DVSEHUU\3LSLQQXPEHULQJ JHW FODVVPHWKRG
5DVSEHUU\3LHOHFWURQLFLQWHUIDFLQJRSWLRQV JOREDOYDULDEOHV
S`;?:`T
LPSRUWV DERXW
LQLWBOHG PHWKRG LQWHUIDFH
/('&RQWUROFODVV PXOWLFRORU$3$/('VWULSFRQWUROOLQJ
/('&RQWUROOHUUHJLVWUDWLRQ VHUYLFHSURJUDPV,R7UHHFLUFXLW
SRVW FODVVPHWKRG DERXW
VWDUWLQJ GZHHWLQWHJUDWLRQVHUYLFH
ZHESDJHVHUYLQJ 7UHH$3,VHUYLFH
5(67IXO$3,VHUYHU 7UHH0477VHUYLFH
UXQQLQJ VHUYRFRGH
VHUYHUFRGH H[SORULQJ
WHVWLQJ UXQQLQJ
5(67IXO$3,VHUYLFH VHUYRV
FUHDWLQJZLWK)ODVN5(67IXO ZLUHVHUYRV
5(67IXO$3, FRQQHFWLQJWR5DVSEHUU\3L
YHUVXV:HE6RFNHWVHUYHUV FRQWLQXRXVURWDWLRQVHUYRV
UHWDLQHGPHVVDJH FRQWUROOLQJ3:0XVHG
DERXW KHDY\GXW\LQGXVWULDOXVHVHUYRV
SXEOLVKLQJ URWDWLQJ3:0XVHG
5*%/('FLUFXLW 6LQJOH3ROH6LQJOH7KURZ 637
FUHDWLQJ 60%XV
OLPLWDWLRQV KLJKOLJKWV
5*%/('FRGH UHYLHZLQJ
H[SORULQJ 85/
UXQQLQJ 6RFNHW,2
5*%/(' 85/
FRORUPDNLQJ VRIWZDUHWLPHG3:0
5LQJ7RQH7H[W7UDQVIHU/DQJXDJH 5777/ YLVXDOL]LQJ
53L*3,2 6SDUN)XQ
KLJKOLJKWV 85/
UHYLHZLQJ 63,'HY
85/ KLJKOLJKWV
5777/FLUFXLW UHYLHZLQJ
EXLOGLQJ 85/
5777/PXVLFH[DPSOH VWDOOFXUUHQW
UXQQLQJ VWHSSHUPRWRUFRGH
H[SORULQJ
6 UXQQLQJ
6&65 VWHSSHUPRWRUFRQWURO
F\OLQGHUV VWHSSHUPRWRU
VHQVRUV FRQQHFWLQJWR/'FLUFXLW
'+7'+7FLUFXLWFUHDWLQJ
'+7'+7FRGHH[HFXWLQJ 7
'+7'+7FRGHH[SORULQJ WDFWLOHSXVKEXWWRQ
WHPSHUDWXUHDQGKXPLGLW\PHDVXULQJ WKHUPLVWRUV
6HULDO3HULSKHUDO,QWHUIDFH 63, 7KLQJV%RDUG,R7SODWIRUP
S`;?;`T
DERXW YROWDJHGLYLGHU
85/ YHUVXVORJLFOHYHOFRQYHUVLRQ
7KLQJ6SHDNSODWIRUP
GDWDYLVXDOL]LQJZLWK :
7KLQN6SHDNSODWIRUP ZHESDJH+70/
FRQILJXULQJ :HE6RFNHWFOLHQWZHESDJHFOLHQWVLGHFRGH
7KLQN6SHDN3\WKRQSURJUDP GLVFRQQHFWKDQGOHUV
FRQILJXULQJ LPSRUWV
UXQQLQJ M4XHU\GRFXPHQWUHDG\FDOOEDFN
WKUHDGHGDSSURDFK /('KDQGOHU
H[SORULQJ 6RFNHW,2FRQQHFW
WLPHRXW ZHESDJH+70/
WUDQVLVWRU :HE6RFNHWFOLHQWZHESDJH
XVLQJDVVZLWFK DGGLQJ
7UHH$3,VHUYLFH FOLHQWVLGHFRGH
FRQILJXULQJ :HE6RFNHWVHUYHUV
UXQQLQJ YHUVXV5(67IXO$3,
XVLQJ :HE6RFNHWVHUYLFH
7UHH0477SURJUDP FUHDWLQJZLWK)ODVN6RFNHW,2
UXQQLQJ ZHEEDVHG0477FOLHQW-DYV6FULSWFRGH
7UHH0477VHUYLFH DERXW
FRQILJXULQJ EURNHUFRQQHFWLQJWR
GZHHWLQWHJUDWLRQVHUYLFHSURJUDPUXQQLQJ JOREDOYDULDEOHV
-4XHU\GRFXPHQWUHDG\IXQFWLRQ
UXQQLQJ RQ&RQQHFWLRQ/RVWKDQGOHUPHWKRG
XVLQJ RQ0HVVDJH$UULYHGKDQGOHUPHWKRG
3DKR-DYD6FULSW0477FOLHQW
8 3DKR0477-DYD6FULSWFOLHQWOLEUDU\LPSRUWLQJ
XOWUDVRQLFGLVWDQFHVHQVRU
ZHEEDVHG0477FOLHQW
ZRUNLQJ
EXLOGLQJ
XOWUDVRQLFVHQVRU
:LOOPHVVDJH
GLVWDQFHPHDVXULQJ
XQLSRODUVWHSSHUPRWRU
8QLYHUVDO$V\QFKURQRXV5HFHLYHU7UDQVPLWWHU <
8$57 SURWRFRO <$0/$LQ W0DUNXS/DQJXDJH <$0/
XSGDWH&RQWUROV IXQFWLRQ
=
9 =DSLHU
YLUWXDOHQYLURQPHQW DERXW
DQDWRP\ 85/