!
!
!
! "#$"%&'(&)!! '"%##$!! #*! +)(!! !
!
! ,-.$#/+!-0!1)+.%-"!"#//20-"+(-#0! "#2)'&!"#,&3!4%56785! '(2,&0(!%+0,9##:!
"#$%&"#$'! !
!
";<=><=?3! ()*+,-)!
5!
./,01!12)!3,045)!
@!
+AB?!
!
#CD>E=AF>?! ";<=><=!
! !
,>GAF>HI!
!
6789:;!12)!6,51!,<!12)!3,045)!
6!
/J=>HAJG?!
!
(IK>?!;L!'=MNI!
!
(AB>=JCG>?!
!
%;MH?!K>H!O>>P!
!
+==><NJ<E>!
!
,I \RX路UH QRW VXUH ZKDW WR GR!
!
&<HAEQB><=! /;;NG>!
!
=,>!12)!?4,;47--)!95! 67:7;)@! ";MH?>!$>JN>H!
R! !
.H;SH>??A;<!9;JHN!
!
.H;SH>??A;<!=;!=Q>!0>T=!";MH?>!
!
A07*91B!.55047:+)!
8!
&UMJGA=I!J<N!,AF>H?A=I!
!
'JL>SMJHNA<S!
!
(Q>!";MH?>!";BBA==>>!
!
'=MN><=!)>KH>?><=J=AF>?!
!
.55)55-):1!,<!(,48!
7!
1HJNA<S!"HA=>HAJ!
!
:>I!'PAGG?!!
!
=)7*12!7:@!C7<)1B!!
V!
'=MNA;?!J<N!O;HP?Q;K?!
!
";BKM=>H!O;HP?Q;K?! .+8:,>*)@;9:;!12)!(,48!,<! D12)45!! E)74:9:;!.;4))-):1!
!
.41!C+2,,*!F*,,4!?*7:!
5Y!
G)74!?*7:!
55!
H:!375)!,<!F94)!,4!I-)4;):+B!
5@!
W! X!
! ! ! ! ! ! ! ! ! !
"#!
! $%&'()%!*(!"#$%&'()'*!+%&##$!#,!-*)!+*!,(&'-%.*%/!01.*2*3*%#!! $%!-(4%!5(36&&!%17(5!5(3/!*2)%!82*-!3.!+19!*-+*!5(36&&!:219!2*!/%8+/921;!(1! +1!+'+9%)2'<!=('+*2(1+&!+19!.'*(#/0$!$'1'$#! ! (Q>!C>SA<<A<S!;L!J!<>Z!E;MH?>!EJ<!C>!J!CA=!E;<LM?A<S!CM=!/)!J719):1!J<N!AL!I;M!JH>!M<?MH>!;H! Z;HHA>N!JC;M=!J<I=QA<S!=Q><!J*)75)!758!B,04!101,4[!\;MH!>TK>HA><E>!A<!?EQ;;G!KH;CJCGI!B>J<?! I;M!ZAGG!C>!M?>N!=;!C>A<S!=;GN!ZQJ=!=;!N;]!Q;Z!=;!N;!A=!J<N!S>==A<S!<JSS>N!AL!I;M!N;<^=[!\;M!BASQ=! LA<N]!Q;Z>F>H]!=QJ=!J<!JH=!_!N>?AS<!E;MH?>!?MEQ!J?!=QA?!;<>!A?!J!GA==G>!NALL>H><=[! ! \;M!ZAGG!C>!=;GN!ZQJ=!I;M!QJF>!=;!N;]!CM=!;<GI!MK!=;!J!K;A<=[!\;M!ZAGG!C>!SAF><!SMANJ<E>!;<!Q;Z!=;! N;!A=!CM=!B,0K**!/)!)LJ)+1)@!1,!<9:@!,01!-0+2!-,4)!<,4!B,045)*<[!! ! (QA?!A?!JGG!KJH=!;L!=Q>!G>JH<A<S!KH;E>??`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
2#*3!&0*45!4'46%0)'!7#8*('$,!0/4! 9#()!#,!0$$!&01'!(#9'!,8/:! ! ! !
!
!
>#! +AB?]!#CD>E=AF>?!_!";MH?>!";<=><=3! +!,AKG;BJ!A<!1HJKQAE!";BBM<AEJ=A;<!JAB?!=;!A<=H;NME>!G>JH<>H?!=;!J!NAF>H?>!J<N!>TEA=A<S!HJ<S>!;L! NA?EAKGA<>?!ZA=QA<!=Q>!1HJKQAE!,>?AS<!A<NM?=HI[!! \;M!ZAGG!>TK>HA><E>!J!CH;JN!EH;??a?>E=A;<!;L!KHJE=AEJG!KH;NME=A;<!CHA>L?!JG;<S?AN>!B;H>! N>F>G;KB><=JG]!H>?>JHEQ!CJ?>N!JEJN>BAE!?=MNI[!\;M!ZAGG!N>F>G;K!=Q>!?PAGG?!<>E>??JHI!L;H!Z;HPA<S! ZA=QA<!=QA?!>TEA=A<S!J<N!>F>H!>F;GFA<S!A<NM?=HI[!
! !´#MH!-79:! ,/N)+19M)!A?! S>==A<S!I;M! ZQ>H>!I;M!ZJ<=! =;!S;!CI! N>F>G;KA<S! LM<E=A;<JG!J<N! F;EJ=A;<JG!?PAGG?! J<N!Q;<A<S!I;MH! EH>J=AFA=I!=;!J<! ><N!=QJ=!?MA=?! I;MH!K>H?;<JG! S;JG?!A<!>NMEJ=A;<! J<N!GAL>[µ! ! ! !
!
!
(QA?!KH;SHJBB>!;LL>H?!I;M!=Q>!;KK;H=M<A=I!=;!CMAGN!I;MH!M<N>H?=J<NA<S!;L!=Q>!GJ<SMJS>!;L!JH=!J<N! N>?AS<!=QH;MSQ!=Q>!M?>!;L!H>?>JHEQ]!E;<=>T=MJGA?J=A;<!J<N!KHJE=AEJG!JKKGAEJ=A;<!=;!?=ABMGJ=>!J<N! N>F>G;K!EH>J=AF>!AN>J?]!N>F>G;KA<S!=Q>!?PAGG?]!P<;ZG>NS>!J<N!M<N>H?=J<NA<S!<>E>??JHI!=;!KH;SH>??!A<! I;MH!JH=!_!N>?AS<!>NMEJ=A;<[ !!
!
?@-2.!4/(;/+))%!2.!+!ABC!4/%D312=%/.2*5!924&()+!+19!'()4/2.%.!(:!E!,(/%!312*.!8-2'-!+/%!.-(81!F%&(8G!
!
2<A=!53!-<=H;NME=A;<!=;!FA?MJG!GJ<SMJS>!! 2<A=!@3!-<=H;NME=A;<!=;!H>?>JHEQ!?PAGG?!! 2<A=!63!-<=H;NME=A;<!=;!EHA=AEJG!J<N!E;<=>T=MJG!JZJH><>??!! 2<A=!R3!-<=H;NME=A;<!=;!BJ=>HAJG?]!KH;E>??>?!J<N!=>EQ<AEJG!?PAGG?!! 2<A=!83!+<!A<=>SHJ=>N!JKKH;JEQ!=;!@,!KH;CG>B!?;GFA<S!! 2<A=!73!+<!A<=>SHJ=>N!JKKH;JEQ!=;!6,!KH;CG>B!?;GFA<S!! 2<A=!V3!+<!A<=>SHJ=>N!JKKH;JEQ!=;!=AB>!CJ?>N!KH;CG>B!?;GFA<S!! 2<A=!W3!,>F>G;KA<S!J<!JH=!_!N>?AS<!KH;D>E=!! 2<A=!X3!#KK;H=M<A=A>?!L;H!KH;SH>??A;<! !
OP2)!5140+104)!,<!12)!+,045)!95!@)59;:)@!1,!;9M)!B,0!7! /4,7@!0:@)4517:@9:;!,<!7!47:;)!,<!;47J29+!@)59;:! @95+9J*9:)5Q!>)!79-!1,!/)!)LJ*,471,4B!7:@!M,+719,:7*R! <0:+19,:7*!75!>)**!75!7/5147+1!7:@!)LJ)49-):17*S!! P2)!/49)<5!74)!>4911):!1,!2)*J!B,0!*)74:!12)! <0:@7-):17*5!,<!@)59;:!>29*51!J4,@0+9:;!7:!)L+919:;! J,41<,*9,!,<!>,48S!
H#!
I+J21;!*-%!)(.*!(:!*-%!'(3/.%! ! \;M!ZAGG!LA<N!=QJ=!JH=!?EQ;;G!A?!NALL>H><=!LH;B!?>E;<NJHI!?EQ;;G[!(Q>H>!JH>!?=HME=MH>N!?>??A;<?]!CM=!A=!A?!I;M! ZQ;!BM?=!BJP>!=Q>!ABK;H=J<=!E;<<>E=A;<?!C>=Z>><!=Q>!NALL>H><=!;KK;H=M<A=A>?]!>TK>HA><E>?!J<N!K;??ACAGA=A>?! =QJ=!JH>!;LL>H>N!CI!=Q>!=>JEQA<S!?=JLL[!! ! ';!L>>G!;,,@!JC;M=!BJPA<S!FA?MJG!?=J=>B><=?!=QJ=!JH>!JC;M=!I;M`!M?>!I;MH!?=MNI!=AB>!J?!J!?KHA<SC;JHN!=;!I;MH! LM=MH>`!J<N!JC;F>!JGG!><D;I!A=b! !
!
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cZ;HP?Q;K!=AB>[!/JE!E;BKM=>H?!JH>!<;=!>??><=AJG!CM=!A<NM?=HI!?=J<NJHN!+N;C>!?MA=>?! ZAGG!JGG;Z!I;M!=;!E;<=A<M>!=;!N>F>G;K!Z;HP!;M=?AN>!;L!?=MNA;!=AB>a=JCGA<S[! ! ! ! !
!
(IK>?!;L!?=MNI3! (Q>H>!JH>!=Z;!G>JH<A<S!JE=AFA=A>?3!P9-)\17/*)@!5)559,:5!J<N!5)*<\-7:7;)@!510@9)5[!! _049:;!B,04!19-)17/*)@!5)559,:R!I;MH!KH;SHJBB>!;L!?=MNI!ZAGG!C>!BJN>!MK!;L!JE=AFA=A>?!?MEQ!J?!G>E=MH>?]! VHPLQDUV ZRUNVKRSV GHPRQVWUDWLRQV WXWRULDOV DQG ¶FULWV· FULWLTXHV ZRUN DQG LGHDV GLVFXVVHG FULWLFDOO\ E\ VWDII J<N!?=MN><=?!A<!?BJGG!SH;MK?d!J?!Z>GG!J?!Z;HP!CJ?>N!JE=AFA=A>?[!+==><NJ<E>!=;!JGG!;L!=Q>?>!?>??A;<?!A?! E;BKMG?;HI[! C)*<\-7:7;)@!510@B]!;<!=Q>!;=Q>H!QJ<N]!A?!ZQ><!I;M!S>=!JGG!=Q>!H>?=!;L!I;MH!Z;HP!N;<>]!?MEQ!J?!H>?>JHEQ]! S>==A<S!AN>J?]!NHJZA<S]!N>?AS<A<S]!H>JNA<S]!ZHA=A<S!J<N!?;!;<[!-=!JGG;Z?!I;M!=;!P>>K!MK!;H!EJ=EQ!MK!ZA=Q!JGG!I;MH! J??AS<B><=?[!
! (AB>=JCG>?3! -<NAFANMJG!=AB>=JCG>?!ZAGG!FJHI!N>K><NA<S!;<!ZQAEQ!SH;MK!I;M!JH>!A<[!\;M!<>>N!=;!C>!JZJH>!;L!I;MH!;Z<! =AB>=JCG>]!=;!><?MH>!=QJ=!I;M!JHHAF>!=;!G>??;<?!;<!=AB>!J<N!M?>!A=!=;!KGJ<!I;MH!;Z<!?>GLaBJ<JS>N!?=MNI[!! (QA?!><E;MHJS>?!=Q>!N>F>G;KB><=!;L!?>GL!;HSJ<A?J=A;<]!?>GL!NA?EAKGA<>!J<N!A<A=AJ=AF>!ZQAEQ!ZAGG!Q>GK!I;M!ZA=Q!I;MH! KH;SH>??A;<[!
%;MH?!K>H!Z>>P3! \;M!JH>!H>UMAH>N!=;!J==><N!E;GG>S>!L;H!6!LMGG!NJI?!J!Z>>P!A<!JNNA=A;<!I;M!BJI!C>!H>UMAH>N!=;!J==><N!>A=Q>H! *M<E=A;<JG!'PAGG?!;H!1"'&!H>a?A=!?>??A;<?[!(Q>?>!JH>!E;BKMG?;HI!=JMSQ=!?>??A;<?!L;H!ZQAEQ!=Q>!E;GG>S>!H>UMAH>?! LMGG!J==><NJ<E>[!#<!=;K!;L!=Q>?>!H>SMGJ=>N!J<N!H>SA?=>H>N!Q;MH?]!Z>!H>E;BB><N!=QJ=!I;M!?K><N!J=!G>J?=!;<>! JNNA=A;<JG!NJI!M<N>H=JPA<S!?>GLaBJ<JS>N!?=MNA>?!K>H!Z>>P!A<!;HN>H!=;!JEQA>F>!=Q>!H>UMAH>N!?=J<NJHN[!! (QA?!A?!;CFA;M?GI!C>?=!N;<>!J=!E;GG>S>!ZQ>H>!I;M!QJF>!JEE>??!=;!LJEAGA=A>?[!-L!I;M·H>!H>JGGI!H>?;MHE>LMG!I;M!ZAGG!C>! DEOH WR DFFHVV DOO RI WKH 6FKRRO RI $UW·V IDFLOLWLHV EXW LW WDNHV WLPH DQG GHYRWLRQ WR WKH FDXVH L;H!=QA?!=;!QJKK><[! !
+==><NJ<E>3! (QA?!A?!J!LMGGa=AB>!E;MH?>!J<N!I;M!JH>!>TK>E=>N!=;!J==><N!JGG!?>??A;<?]!J?!I;M!Z;MGN!A<!J!KH;L>??A;<JG! ><FAH;<B><=[!(Q>!E;GG>S>!K;GAEI!?=J=>?!=QJ=!J<I=QA<S!/)*,>!]T`!J==><NJ<E>!A?!M<JEE>K=JCG>[!! \;M!BJI!QJF>!E;BBA=B><=?!?MEQ!J?!KJH=a=AB>!D;C?!;H!EJHA<S!H>?K;<?ACAGA=A>?]!CM=!I;M!BM?=!><?MH>!=QJ=!=Q>?>! N;!<;=!EGJ?Q!ZA=Q!I;MH!E;GG>S>!=AB>=JCG>!J?!?>??A;<?!EJ<<;=!C>!H>K>J=>N!J<N!J==><NJ<E>!A?!=JP><!A<=;! E;<?AN>HJ=A;<!L;H!?=MN><=!KH;LAG>?!J<N!J??>??B><=!;L!Z;HP[! .;;H!J==><NJ<E>!;<!=Q>!H>SA?=>H!BJI!JLL>E=!I;MH!LM<NA<S!J<N!I;MH!K>H?;<JG!H>E;HN!L;H!H>L>H><E>?[!! -=!A?!JG?;!>??><=AJG!L;H!Q>JG=Q!J<N!?JL>=I!H>J?;<?!=QJ=!Z>!P<;Z!ZQ>=Q>H!I;M!JH>!;<!=Q>!KH>BA?>?!A<!=Q>!EJ?>!;L! J<!>B>HS><EI[! '=MNA;?!J<N!Z;HP?Q;K?!JH>!M?MJGGI!;K><!LH;B!XJB!=;!RKB[(Q>I!JH>]!;<!;EEJ?A;<!;K><!L;H!G;<S>H!A<!=Q>! >F><A<S!CM=!KG>J?>!EQ>EP!LAH?=!AL!I;M!ZJ<=!=;!Z;HP!A<!=Q>!>F><A<S[!(Q>H>!A?!J!?=HAE=!<;!G;<>!Z;HPA<S!K;GAEI!A<! ;K>HJ=A;<]!J<N!I;MH!=M=;H!ZAGG!JGZJI?!QJF>!;PJI!J<I!>T=HJEMHHAEMGJH!JL=>H!=AB>a=JCG>N!?>??A;<?[! !
! ! ! ! ! ! ! ! ! ! !
! .H;E>NMH>?!J<N!.M<E=MJGA=I!.;GAEI3! !
CP[_IXP!aIC?DXCHUHEHPG! !
5[ +H=!'EQ;;G!+==><NJ<E>!J<N!.M<E=MJGA=I!.;GAEI!A?!EG>JHGI!FA?ACG>!;<!=Q>!?=MNA;!ZJGG!J<N!A?!ZHA==><!A<! =Q>!E;MH?>!QJ<NC;;P[!)>JN!=QA?!EJH>LMGGI[! ! @[ -L!I;M!JH>!S;A<S!=;!C>!GJ=>!;H!JC?><=!I;M!?Q;MGN!EJGG!=Q>!+9'&0"&!$-0&!A<!=Q>!LAH?=!A<?=J<E>]! C>L;H>!XJB!e+C?><E>!$A<>!Y5@Y7!V5@57Yd[! ! 6[ +?!G>??;<?!?=JH=!J=!J!?K>EALAE!=AB>]!A=!A?!>TK>E=>N!=QJ=!I;M!=MH<!MK!J=!G>J?=!5Y!BA<M=>?!C>L;H>!=Q>! ?=JH=!=AB>!?;!=QJ=!=Q>!G>??;<!EJ<!C>SA<!J?!?EQ>NMG>N!c!=AB>=JCG>N!J?!=QA?!GABA=?!NA?HMK=A;<?[! ! R[ -L!I;M!JH>!GJ=>!L;H!J!?>??A;<]!A=!A?!I;MH!H>?K;<?ACAGA=I!=;!A<L;HB!I;MH!=M=;H!;L!I;MH!JHHAFJG]!?;!=QJ=! =Q>!H>SA?=>H!EJ<!C>!E;BKG>=>N!JEEMHJ=>GI!J<N!L;GG;Z!J<I!?K>EALAE!SMAN>GA<>?!L;H!GJ=><>??!JSH>>N!CI! I;MH?>GF>?!NMHA<S!A<NME=A;<[! ! 8[ -L!I;M!P<;Z!I;M!JH>!S;A<S!=;!C>!JC?><=!I;M!BM?=!E;BKG>=>!J<!&f.$+-0&,!+9'&0"&!*#)/!J=! G>J?=!;<>!Z>>P!A<!+,g+0"&]!ZQ>H>!K;??ACG>[!!(QA?!?Q;MGN!C>!SAF><!=;!=Q>!";MH?>!$>JN>H!ZQ;! ZAGG!H>E;HN!=Q>!JC?><E>!;<!=Q>!H>SA?=>H!J<N!A<!=Q>!?=MN><=!=M=;HAJG!LAG>[! ! 7[ -L!I;M!JH>!JC?><=!LH;B!E;GG>S>!L;H!G;<S>H!=QJ<!;<>!Z>>P!I;M!;H!J!KJH><=cSMJHNAJ<!BM?=!E;BKG>=>! J!'&$*a"&)(-*-"+(-#0!*#)/]!N>=JAGA<S!ZQI!I;M!Z>H>!JC?><=]!;H!JG=>H<J=AF>GI!I;M!EJ<!KH;FAN>! D 'RFWRU·V &HUWLILFDWH ! ! V[ (Q>!E;GG>S>!K;GAEI!;<!J==><NJ<E>!N>>B?!=QJ=!J<I=QA<S!/)*,>!]T`!J==><NJ<E>!A?!N>>B>N! M<JEE>K=JCG>!J<N!E;MGN!D>;KJHNA?>!KH;SH>??A;<!;H!?MEE>??!;<!I;MH!E;MH?>[! ! W[ -L!I;MH!J==><NJ<E>!LJGG?!WYh!I;M!ZAGG!H>E>AF>!J!G>==>H!H>UM>?=A<S!J!B>>=A<S!ZA=Q!I;MH!";MH?>! $>JN>H!;H!"MHHAEMGMB!/J<S>H!=;!NA?EM??!ZJI?!;L!?MKK;H=A<S!=Q>!ABKH;F>B><=!;L!I;MH! J==><NJ<E>!J<N!E;BKG>=A;<!;L!I;MH!E;MH?>!Z;HP!²!=QA?!A?!EJGG>N!J!',.55!²!KG>J?>!?>>!=Q>!'=MN><=! ,A?EAKGA<JHI!.;GAEI!L;H!LMH=Q>H!N>=JAG?[!
!
!
!
-L!I;M^H>!<;=!?MH>!ZQJ=!=;!N;3! -<!B;?=!EJ?>?]!J?P!J!=M=;H!AL!I;M!H>UMAH>!JNFAE>!;H!J??A?=J<E>[!.G>J?>!H>B>BC>H]!=QJ=!JGG!?=JLL!QJF>!J!?MC?=J<=AJG! <MBC>H!;L!?=MN><=?!J?!Z>GG!J?!J!LJAH!JB;M<=!;L!JNBA<A?=HJ=AF>!NM=A>?]!?;!=Q>I!ZAGG!<;=!<>E>??JHAGI!C>!JCG>!=;!?>>! I;M!ABB>NAJ=>GI[!';!C>!KJ=A><=!J<N!4#/=)!4'(.06*!>)!>9**!->2-?+!LA<N!=AB>!L;H!I;M#! #LLAE>!N;;H?!JH>!M?MJGGI!;K><!J<N!AL!J!=M=;H!A?!CM?I!J=!=QJ=!B;B><=]!BJP>!J<!JKK;A<=B><=!=;!?>>!=Q>B!GJ=>H[!
&<HAEQB><=3! (Q>!JH=!?EQ;;G!A?!N>NAEJ=>N!=;!KH;FAN>!I;M!ZA=Q!J<!JGGaH;M<N!>NMEJ=A;<JG!>TK>HA><E>[!(Q>H>!ZAGG!C>! ;KK;H=M<A=A>?!=;!FA?A=!G;EJG!SJGG>HA>?!J<N!Z;HP!KGJE>B><=?!=QJ=!I;MH!Z;HP!ZAGG!C><>LA=!SH>J=GI!LH;B[!! O>!ZAGG!KH;FAN>!I;M!ZA=Q!SH;MK!=M=;HAJG!><HAEQB><=!?>??A;<?]!ZQAEQ!ZAGG!C>!NAH>E=GI!H>GJ=>N!=;!=Q>!E;MH?>!J<N! ZAGG!E;<=HACM=>!=;!I;MH!;F>HJGG!Z>GGaC>A<S!J<N!M<N>H?=J<NA<S!;L!=Q>!Z;HGN!JH;M<N!I;M[!
/;;NG>!! +<;=Q>H!ZJI!L;H!I;M!=;!?=JI!A<!=;MEQ!ZA=Q!=Q>!KH;SHJB!J<N!JGG!=Q>!?=MN><=?!A?!=;!M?>!;MH!;<GA<>!B;;NG>!KJS>[! \;M!ZAGG!C>!JCG>!=;!JEE>??!NASA=JG!E;KA>?!;L!>F>HI=QA<S!I;M!<>>N!=;!E;BKG>=>!=Q>!E;MH?>!J<N!I;MH!=M=;H?!ZAGG! JAB!=;!P>>K!=QA?!J?!MK!=;!NJ=>!J?!=Q>I!EJ<]!J?!=Q>!E;MH?>!>F;GF>?!;F>H!=Q>!I>JH[! \;M!ZAGG!C>!?Q;Z<!Q;Z!=;!G;S!;<!=;!B;;NG>!J=!=Q>!C>SA<<A<S!;L!=Q>!E;MH?>!J<N!ZAGG!<>>N!=;!EQ>EP!=QA?!;<!J! NJAGI!CJ?A?!=;!P>>K!MK!=;!NJ=>!ZA=Q!JGG!=QJ=!A?!EMHH><=[! (Q>!E;MH?>!A?!><=A=G>N!露,AKG;BJ!A<!1HJKQAE!";BBM<AEJ=A;<!$>F>G!6路!=Q>!><H;GB><=!P>I!A?!露SHJKQAE?路[\;M!ZAGG! <>>N!I;MH!?=MN><=!EJHN!J<N!N>=JAG?!ZQ><!LAH?=!><H;GGA<S!;<=;!I;MH!B;;NG>!E;MH?>[! !
! ! !
K#! L(8!*-%!4/(;/+))%!2.!2.!)+1+;%9M!
";MH?>!$>JN>H3! (Q>!";MH?>!$>JN>H!QJ?!;F>HJGG!H>?K;<?ACAGA=I!L;H!=Q>!E;;HNA<J=A;<!;L!=Q>!E;MH?>[!! gJHA;M?!?=JLL!ZAGG!E;GGJC;HJ=>!ZA=Q!>JEQ!;=Q>H!A<!=Q>!N>GAF>HI!;L!=Q>!KH;SHJBB>!J?!Z>GG!J?!=Q>!BJA<=><J<E>!;L! =Q>!E;MH?>!LAG>?]!?=MN><=!H>E;HN?]!QJ<NC;;P!J<N!=Q>!;HSJ<A?J=A;<!;L!=Q>!E;MH?>!E;BBA==>>?[!! \;M!?Q;MGN!H>K;H=!J<I!J<N!JGG!KH;CG>B?!=;!I;MH!E;MH?>!G>JN>H`!=Q>I!QJF>!I;MH!C>?=!A<=>H>?=!J=!Q>JH=!J<N!ZAGG!C>! I;MH!BJA<!K;H=!;L!EJGG!NMHA<S!=Q>!I>JH[!\;MH!E;MH?>!G>JN>H!A?!JGZJI?!JFJAGJCG>!=;!GA?=><!J<N!NA?EM??!I;MH! KHRJUHVV VR GRQ·W EH DIUDLG WR SRS LQ IRU FKDW RU ERRN D WLPH WR KDYH D PRUH IRFXVHG WXWRULDO !
+??>??B><=!Z>>P?!_!KH;SH>??!H>FA>Z?3!! \;M!ZAGG!?>>!I;MH!=M=;H?!;<!J!H>SMGJH!CJ?A?!=;!NA?EM??!I;MH!Z;HP[!+=!=Q>!?JB>!=AB>!=Q>I!ZAGG!B;<A=;H!I;MH! KH;SH>??[!! -<!JNNA=A;<]!=Q>H>!ZAGG!C>!;EEJ?A;<?!ZQ><!=Q>!";MH?>!$>JN>H!ZAGG!H>UM>?=!J!H>FA>Z!;L!I;MH!KH;SH>??!ZQ><!I;M! ZAGG!QJF>!=Q>!;KK;H=M<A=I!=;!NA?EM??!J<I!E;<E>H<?!I;M!BJI!QJF>!A<!N>=JAG[!\;M!ZAGG!C>!J?P>N!=;!E;<=HACM=>!=;! =QA?!CI!JKKHJA?A<S!I;MH!;Z<!K>HL;HBJ<E>!J<N!NA?EM??A<S!I;MH!J?KAHJ=A;<?[!(Q>H>!JH>!?>=!=AB>?!L;H!=Q>?>! =QH;MSQ;M=!=Q>!I>JH!?;!=JP>!J!<;=>!;L!=Q>!EJG><NJH!A??M>N!=;!I;M!A<!A<NME=A;<!Z>>P[!
.H;SH>??A;<!! &NMEJ=A;<JG!KH;SH>??A;<!LH;B!=QA?!E;MH?>!S><>HJGGI!L;GG;Z?!=Z;!KJ=QZJI?3!*;M<NJ=A;<!;H!1HJKQAE! ";BBM<AEJ=A;<!\>JH!@[!9;=Q!JH>!G>F>G!6!KH>aN>SH>>!E;MH?>?!J<N!H>UMAH>!J!B>HA=!G>F>G!KJ??!;L!=QA?!E;MH?>]!J<N! J<!A<=>HFA>Z!ZQ>H>!I;M!ZAGG!C>!>TK>E=>N!=;!?Q;Z!J<N!NA?EM??!I;MH!K;H=L;GA;!;L!Z;HP!J<N!I;MH!?MA=JCAGA=I!L;H! =Q>!E;MH?>[!(Q>!C;JHN!=JP>?!A<=;!JEE;M<=`!JK=A=MN>]!E;BBA=B><=]!J==><NJ<E>!J<N!UMJGA=I!;L!Z;HP[! \;MH!K>H?;<JG!GAL>!A?]!;L!E;MH?>]!I;MH!;Z<!JLLJAH!CM=!AL!I;MH!JEJN>BAE!K>HL;HBJ<E>!?AS<ALAEJ<=GI!LJGG?!C>G;Z! ?=J<NJHN]!J<N!I;M!BJI!ZA?Q!=;!NA?EM??!J<I!E;<=HACM=A<S!A??M>?!ZA=Q!I;MH!=M=;H[!(Q>I!BJI!C>!JCG>!=;!Q>GK!I;M! N>F>G;K!J!?=HJ=>SI!=;!ABKH;F>!=Q>!?A=MJ=A;<!;H!JG=>H<J=AF>GI!?MSS>?=!ZQ>H>!I;M!BJI!C>!JCG>!=;!S>=!?K>EALAE!Q>GK[!
!
N#
!
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iE;GEQ>?=>H[JE[MP! ! C7<);074@9:;! ! (Q>!E;GG>S>!A?!E;BBA==>N!=;!=Q>!HASQ=?!;L!G>JH<>H?!ZA=QA<!JGG!A=?!G>JH<A<S!G;EJ=A;<?`!A=!A?!E;BBA==>N!=;!KH;B;=A<S! =Q>AH!Z>GLJH>]!KH;=>E=A<S!=Q>AH!KQI?AEJG!J<N!K?IEQ;G;SAEJG!Z>GGC>A<S!J<N!?JL>SMJHNA<S!=Q>B!LH;B!JGG!L;HB?!;L! JCM?>[!! ! (Q>!";GG>S>!ZAGG!JE=!A<!ZJI?!=QJ=!C>?=!?JL>SMJHN!=Q>!A<=>H>?=?!;L!G>JH<>H?[! ! -L!I;M!QJF>!J<I!A??M>?!=QJ=!I;M!=QA<P!<>>N!N>JGA<S!ZA=Q!KG>J?>!?K>JP!=;!I;MH!E;MH?>!=M=;H!c!?=MN><=!E;M<?>GGA<S! ;H!JG=>H<J=AF>GI!?K>JP!ZA=Q!I;MH!>G>E=>N!?=MN><=!H>KH>?><=J=AF>[! P2)!3,045)!3,--911))!! (Q>!E;MH?>!E;BBA==>>!A?!H>?K;<?ACG>!L;H!N>LA<A<S]!ABKG>B><=A<S!J<N!B;<A=;HA<S!JGG!BJ==>H?!H>GJ=A<S!=;!=Q>! KH;FA?A;<!J<N!;K>HJ=A;<!;L!=Q>!E;MH?>[!-=!B>>=?!=ZAE>!J!I>JH!J<N!BA<M=>?!E;<=HACM=>!=;!=Q>!'>GL!+??>??B><=! )>K;H=]!ZQAEQ!L;HB?!KJH=!;L!=Q>!-<?=A=M=>!jMJGA=I!+??MHJ<E>!KH;E>NMH>?[! C10@):1!4)J4)5):1719M)5!! +!'=MN><=!H>K!A?!>G>E=>N!CI!=Q>!SH;MK!J<N!=Q>I!JH>!>TK>E=>N!=;!J==><N!=Q>!";MH?>!";BBA==>>!B>>=A<S[!(Q>I! KH;FAN>!J!?=MN><=!K>H?K>E=AF>!;<!=Q>!E;MH?>!J<N!GAJA?>!ZA=Q!=M=;H?!;<!=Q>!SH;MK?!C>QJGL!;<!J<I!BJ==>H?!L>G=!=;! C>!JKKH;KHAJ=>[!(Q>!?=MN><=!GAJA?;<!=M=;H!ZAGG!<;HBJGGI!EJGG!J!B>>=A<S!;L!?=MN><=!H>KH>?><=J=AF>?!KHA;H!=;!=Q>! ";MH?>!";BBA==>>!=;!J??A?=!=Q>B!A<!KH>?><=A<S!=Q>!A??M>?!=Q>I!ZA?Q!=;!HJA?>[! (Q>I!QJF>!J<!;KK;H=M<A=I!=;!E;BB><=!;<!J<I!J?K>E=!;L!=Q>!E;MH?>!=QH;MSQ!KHA;H!NA?EM??A;<!J<N!J==><NJ<E>!J=! =Q>!E;MH?>!E;BBA==>>[!(Q>!LA<NA<S?!;L!=Q>!";MH?>!";BBA==>>!JH>!?MBBJHA?>N!A<!=Q>!";MH?>!'>GL!+KKHJA?JG]! ZQAEQ!A?!=Q><!KJ??>N!;<!=;!=Q>!+EJN>BAE!9;JHN[! ! !
!
P#! B..%..)%1*!(:!$(/J! !!!!!!!!!!!!!!!!!!!!! ?49:+9J*)5!,<!.55)55-):1b! (Q>!JAB!;L!J??>??B><=!A?!=;!N>=>HBA<>!J<N!H>E;HN!=Q>!?=J<NJHN!;L!G>JH<A<S!=QJ=!I;M!QJF>!JEQA>F>N!J=!J!E>H=JA<! ?=JS>!A<!=Q>!E;MH?>[!+H=!J<N!N>?AS<!J??>??B><=!A?!<;=!JGZJI?!J!KH>EA?>!KH;E>??!C>EJM?>!;L!=Q>!;L=><! A<NAFANMJGA?=AE!J<N!A<<;FJ=AF>!JKKH;JEQ!CI!?=MN><=?!=;!=Q>AH!Z;HP[! &JEQ!M<A=!H>UMAH>?!=QJ=!I;M!?MCBA=!Z;HP!=;!C>!J??>??>N[!(QA?!Z;HP!A?!=Q><!SHJN>N!J?!J!J755R!;H!4)<)447*[!+! J755!A?!JZJHN>N!ZQ><!JGG!=Q>!SHJNA<S!EHA=>HAJ!A<!J!M<A=!QJF>!C>><!JEQA>F>N[!! /JP>!?MH>!J=!=Q>!C>SA<<A<S!;L!>JEQ!J??AS<B><=!I;M!LJBAGAJHA?>!I;MH?>GL!ZA=Q!=Q>!M<A=!G>JH<A<S!;M=E;B>?!J<N!=Q>! J??>??B><=!EHA=>HAJ!L;H!=Q>!KJH=!I;MH!Z;HPA<S!;<[!&JEQ!A<NAFANMJG!J??AS<B><=!ZAGG!QJF>!J!GA?=!;L!H>UMAH>N!Z;HP! <>>N>N!L;H!J??>??B><=]!M?>!=QA?!GAP>!J!EQ>EPGA?=!J<N!EQ>EP!ZA=Q!I;MH!=M=;H!C>L;H>!QJ<NA<S!A<!J<I!M<A=[! _)7@*9:)5b! '=AEPA<S!=;!J!N>JNGA<>!A?!FA=JG!A<!G>JH<A<S!=Q>!F;EJ=A;<JG!?PAGG?!<>E>??JHI!L;H!J<I!+H=!_!,>?AS<!K;?A=A;<?!LH;B!J<! ><=HI!G>F>G!E;KIa?>==>H!=;!J!QASQGI!?MEE>??LMG!JH=A?=!A<!I;MH!;Z<!HASQ=[!,>JNGA<>?!JH>!KM=!A<!KGJE>!=;!JGG;Z!=Q>! >J?I!LG;Z!;L!I;MH!G>JH<A<S!KH;E>??!J<N!BM?=!C>!JNQ>H>N!=;[! .55)55-):1!J,9:15b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b! ! OHA==><!J<N!;HJG!L>>NCJEP!ZAGG!C>!SAF><!L;H!JGG!Z;HP!?MCBA==>N!L;H!J??>??B><=[!(QA?!ZAGG!A<NAEJ=>!ZQJ=!I;M!QJF>! N;<>!Z>GG!J<N!ZQ>H>!J<N!Q;Z!=;!ABKH;F>!I;MH!K>HL;HBJ<E>!=QA?!A?!J!FA=JG!KJH=!;L!=Q>!G>JH<A<S!KH;E>??!J<N!SAF>?! I;M!=Q>!;KK;H=M<A=I!=;!JNNH>??!=Q>!?K>EALAE!A??M>?!HJA?>N!A<!GJ=>H!KH;D>E=?[! ! \;M!ZAGG!QJF>!N>NAEJ=>N!=M=;HAJG!=AB>!=;!NA?EM??!I;MH!KH;SH>??!J<N!H>SMGJH!-<NAFANMJG!G>JH<A<S!KGJ<?! ,/3路V !ZAGG! C>!B;<A=;H>N!A<!H>?K>E=!=;!=Q>!L>>NCJEP!I;M!H>E>AF>[!-=!A?!F>HI!ABK;H=J<=!I;M!GA?=><!=;!=Q>!=M=;H?!H>BJHP?]!CM=! JG?;!I;M!?Q;MGN!C>!E;<LAN><=!JC;M=!I;MH!;Z<!L>>GA<S?[!*>>NCJEP!ZAGG!JGZJI?!C>!;CD>E=AF>!J<N!CJ?>N!MK;<!=Q>! Z;HP!KH>?><=>N!J=!QJ<N!A<[! ! H:1)4:7*!7:@!IL1)4:7*!c)49<9+719,:b! ! -<=>H<JG!g>HALA>H?!ZAGG!><?MH>!=Q>!FJGANA=I!;L!=Q>!J??AS<B><=?!J<N!B;N>HJ=>!=Q>!J??>??B><=!J<N!SHJNA<S!;L!=Q>! Z;HP!=;!><?MH>!=QJ=!=Q>!E;HH>E=!G>F>G]!?=J<NJHN!J<N!UMJGA=I!A?!BJA<=JA<>N[!gA?A=A<S!&T=>H<JG!g>HALA>H?!JH>!JG?;! A<FA=>N!=;!H>K;H=!A<!ZHA=A<S!=;!=Q>!KHA<EAKJG!;<!=Q>!E;MH?>!J<N!A=?!?=J<NJHN?!J<N!KH;E>NMH>?[!+NNA=A;<JGGI!=Q>! H>G>FJ<=!1;F>H<B><=!C;NA>?!e#*'(&,d!H>?K;<?ACG>!L;H!UMJGA=I!J??MHJ<E>!EJHHI!;M=!A<?K>E=A;<?!;<!=Q>!A<?=A=M=>! J<N!=Q>!E;MH?>?!Z>!N>GAF>H[!
!
!
Q#! !
L%+&*-!+19!R+:%*5! ! .5!B,0!>,0*@!)LJ)+1!>)!9:5951!,:!7!;,,@!*)M)*!,<!/)27M9,04!71!7**!19-)5!7:@!1271!B,0!4)5J)+1!12)! >,48R!12)!J4,J)41B!7:@!12)!>,489:;!):M94,:-):1!,<!,12)4!J),J*)S! x
X,!C-,89:;!A<!=Q>!";GG>S>!>TE>K=!A<!=Q>!?Q>G=>H?!KH;FAN>N[!
x
X,!<,,@!,4!@49:8!=;!C>!E;<?MB>N!J<IZQ>H>!A<!=Q>!+H=!'EQ;;G!;=Q>H!=QJ<!=Q>!EJL>=>HAJ[!
x
X,!-,/9*)!J2,:)5!;H!6?%!KGJI>H?!=;!C>!M?>N!J=!J<I=AB>!A<!?=MNA;?!J<N!Z;HP?Q;K?]!M<G>??! ?=AKMGJ=>N!A<!E;<=H;GG>N!EAHEMB?=J<E>?!CI!I;MH!=M=;H[!
x
0;!;<>!BJI!><=>H!=Q>!E;GG>S>!KH>BA?>?]!AL!M<N>H!=Q>!9:<*0):+)!,<!@40;5!,4!7*+,2,*!
x +=!JGG!=AB>?!I;M!JH>!=;!4)5J)+1!+,**);)!J4,J)41B!J<N!=Q>!Z;HP!;L!I;MH!L>GG;Z!?=MN><=?[!! ! +?!=Q>!E;MH?>!KH;E>>N?!I;M!ZAGG!C>!A<NME=>N!A<=;!=Q>!JKKH;KHAJ=>!%>JG=Q!J<N!'JL>=I!HMG>?!=QJ=!JH>!H>G>FJ<=!=;! =Q>!FJHA;M?!KA>E>?!;L!>UMAKB><=[! ! -L!I;M!JH>!AGG!;H!GJ=>!I;M!?Q;MGN!G>=!I;MH!=M=;H!;H!=Q>!*JEMG=I!#LLAE>!P<;Z!J?!?;;<!J?!K;??ACG>!J?!J!BJ==>H!;L! E;MH=>?I!J<N!KH;L>??A;<JGA?B[!-=!A?!JG?;!FA=JG!=QJ=!Z>!P<;Z!ZQ>=Q>H!I;M!JH>!;<!?A=>!;H!<;=!A<!=Q>!EJ?>!;L!J<! >B>HS><EI[! ! \;M!BJI!M?>!K;=><=AJGGI!QJk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c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ddd! !
! R*392(.!+19!$(/J.-(4.! ! .41!e!_)59;:!6WXGLR路V :RUNVKRSV! O>!=JP>!J!CH;JN!JKKH;JEQ!=;!JH=!J<N!N>?AS<!>NMEJ=A;<!J<N!><E;MHJS>!?=MN><=?!A<!NALL>H><=!JH>J?!=;!H>GJ=>!=;! >JEQ!;=Q>H!J<N!?;!EH>J=>!J!SH>J=>H!HJ<S>!;L!>TK>HA><E>!J<N!;KK;H=M<A=I[!! (Q>!JE=AFA=I!;L!A<=>SHJ=A<S!ZA=Q!;=Q>H!N>KJH=B><=?!ZAGG!C>!><E;MHJS>N!ZA=QA<!=Q>!?=HME=MH>!;L!=Q>!E;MH?>!CM=! I;M!BM?=!JG?;!J?!E;<?EA><=A;M?!I;M<S!KHJE=A=A;<>H?!BJP>!M?>!;L!JGG!=Q>!LJEMG=A>?!Z>!;LL>H[! 9>G;Z!A?!J!CHA>L!N>?EHAK=A;<!;L!=Q>!KQI?AEJG!H>?;MHE>?!A<!=Q>!'EQ;;G!;L!+H=!_!,>?AS<3! E!U*,+8! 1H;M<N!LG;;H3!! ?49:1!a,,-!虏!+GG!I;MH!G>==>HKH>??cGA<;c?EH>><aKHA<=A<S!<>>N?!! =7B!^7**)4BR!A<!ZQAEQ!KHJE=AEA<S!JH=A?=?!J<N!N>?AS<>H?!H>SMGJHGI!>TQACA=!J<N!NA?EM??!=Q>AH!Z;HP!ZA=Q!?=MN><=?[!! 6)17*R!>,,@!7:@!J*7519+5!>,4852,J!! 3)47-9+5!7:@!;*755!>,4852,J[!! #M=?AN>]!J=!=Q>!CJEP!;L!=Q>!CMAGNA<S]!=Q>H>!A?!J!E;F>H>N!JH>J!L;H!GJHS>!?EMGK=MH>[! ! *AH?=!LG;;H3!! E$f#!B;?=GI!E;BKHA?>?!J!GJHS>!?=MNA;!>UMAKK>N!ZA=Q!>J?>G?!J<N!NHJZA<S!>UMAKB><=!J?!Z>GG!J?!CJ?AE!=;;G?[! (Q>H>!JH>!1>,!5)-9:74!4,,-5!e$587cWd!J<N!J!FA?MJG!?=MNA>?!?=MNA;!e5a58Xd!M?>N!KHABJHAGI!L;H!*9<)!@47>9:;[! ! =!U*,+8! 1H;M<N!LG;;H3! *J?QA;<!_!(>T=AG>?!N>SH>>!?=MNA;! ! ! =$"! ?2,1,;47J2B!?=MNA;!J<N!NJHPH;;B?! ! ='"! ! *AH?=!LG;;H3! 9+!1HJKQAE!/>NAJ!c!,AKG;BJ!A<!1HJKQAE!";BBM<AEJ=A;<!! ! ! =$T#!&!=$#f&=$#T! +KKG>!/JE!'MA=>?!! ! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!=$#"&'!! V!U*,+8! $>F>G!6!,AKG;BJ!A<!+H=!J<N!,>?AS<! ! ! V\U*,+8! $>F>G!@!,AKG;BJ!A<!+H=!J<N!,>?AS<! ! ! V\U*,+8! $>F>G!5!,AKG;BJ!A<!+H=!J<N!,>?AS<! ! ! V'U! *;M<NJ=A;<!,AKG;BJ!A<!+H=!J<N!,>?AS<! ! V\U*,+8! ";BKM=>H!'MA=>! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!V'.! ($)!(>EQ<AEJG!$>JH<A<S!)>?;MHE>?! ! ! V$f!&!V$]! ! P!U*,+8! $ACHJHI! &TJB?!J<N!";BKM=>H!'MA=>?! ! ! ! '=MN><=?!;<!;=Q>H!JH=!J<N!N>?AS<!E;MH?>?!JG?;!M?>!=Q>!?=MNA;?!J<N!Z;HP?Q;K?!?;!=Q>H>!JH>!=AB>?!ZQ><!=Q>AH! M?>!A?!F>HI!Q>JFI!J<N!=AB>?!;L!JEE>??!BJI!C>!H>?=HAE=>N[!%;Z>F>H]!AL!I;M!ZJ<=!=;!M?>!J!KJH=AEMGJH!LJEAGA=I!J<N! JH>!<;=!=AB>=JCG>N!L;H!A=]!=JGP!=;!=Q>!=M=;H!J<N!A=!BASQ=!C>!K;??ACG>!=;!JHHJ<S>!?;B>=QA<S[! ';B>!?=MN><=?!>?=JCGA?Q!J!?>BAaK>HBJ<><=!CJ?>!A<!;<>!JH>J!J<N!?;B>!EJHHI!;M=!NALL>H><=!JE=AFA=A>?!A<!J!<MBC>H! ;L!?=MNA;?!J<N!Z;HP?Q;K?!N>K><NA<S!;<!ZQJ=!=Q>I^H>!N;A<S!J=!J<I!KJH=AEMGJH!=AB>[!%;Z>F>H!I;M!EQ;;?>!=;! Z;HP]!Z>!Q;K>!=QJ=!CI!Z;HPA<S!JG;<S?AN>!J<N!S>==A<S!A<F;GF>N!ZA=Q!J!FJHA>=I!;L!?=MN><=?!J<N!=M=;H?!LH;B! NALL>H><=!CJEPSH;M<N?]!ZA=Q!NALL>H><=!AN>J?]!P<;ZG>NS>]!?PAGG?!J<N!>TK>HA><E>?!I;M!EJ<!Q>GK!=;!EH>J=>!J! E;<?=J<=GI!EQJ<SA<S]!GAF>GI!J<N!>TEA=A<S!Z;HPA<S!><FAH;<B><=[!
S#! B'J1(8&%9;21;!*-%!8(/J!(:!(*-%/.<!+19!'/2*2'+&! +44/+2.+&!+19!%=+&3+*2(1!
! T%115!L+)!U!V%1;321!,()4%*2*2(1!F/2%:!U!>W""U>W">!X/+4-2'!,())312'+*2(1!,(-(/*!
\;M!JH>!><E;MHJS>N!=;!G;;P!J=!J<N!A<N>>N!=;!M?>!J?!J!H>L>H><E>!=Q>!Z;HP!EH>J=>N!CI!;=Q>H!JH=A?=?[!(QA?!BJI!C>! AN>J?!=QJ=!I;M!ZHA=>!JC;M=!J<N!M?>!A<!I;MH!JH=!J<N!N>?AS<!KH;D>E=!Z;HP[!! \;M!ZAGG!JG?;!M?>!H>?>JHEQ!ABJS>HI!J<N!A<L;HBJ=A;<!LH;B!=AB>!=;!=AB>!=QJ=!ZJ?!KH;NME>N!CI!Z>GGa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eA<=H;NME>N!;<!=Q>!L;GG;ZA<S!KJS>d[!
.**! M9507*! 4)<)4):+)5! 52,0*@! 7*5,! /)! 7::,171)@[! (QA?! JKKGA>?! ZQ>=Q>H! =Q>I! JKK>JH! A<! I;MH! ?P>=EQC;;P]! G;SC;;P]!KH>KJHJ=;HI!Z;HP!;H!LA<A?Q>N!Z;HP[!\;M!?Q;MGN!JNN!J!?ABKG>!<;=>!?=J=A<S!=Q>!?;MHE>!;L!=Q>!BJ=>HAJG! J<N!A=?!;HASA<J=;H!AL!P<;Z<[!(QA?!Z;MGN!JKKGI!=;!J!KQ;=;E;KI!LH;B!J!GACHJHI!C;;P]!J!EM==A<S!LH;B!J!BJSJkA<>]!J! ?P>=EQ!;L!?;B>=QA<S!A<!J!BM?>MB!;H!SJGG>HI!;H!>F><!J!KA>E>!;L!NA?EJHN>N!KJEPJSA<S!L;M<N!;<!=Q>!CM?[! (QA?!ZAGG!><?MH>!=QJ=!=Q>H>!A?!<;!K;??ACAGA=I!;L!I;MH!C>A<S!JEEM?>N!;L!KH>?><=A<S!=Q>!Z;HP!;H!AN>J?!;L!;=Q>H?!J?! I;MH!;Z<!eKGJSAJHA?Bd!J<N!A=!ZAGG!JG?;!@)-,:51471)!12)!/4)7@12!,<!B,04!4)5)74+2R!+4919+7*!7:7*B595!7:@! ,/5)4M719,:[!! -=!ZAGG!JG?;!KH>KJH>!I;M!L;H!=Q>! J4,<)559,:7*!>,4*@!ZQ>H>!NA?H>SJHN!L;H!=Q>!GJZ?!;L! E;KIHASQ=]! N>?AS<!HASQ=]! KJ=><=!J<N!;=Q>H!J?K>E=?!;L!=Q>!KH;=>E=A;<!;L!A<=>GG>E=MJG!HASQ=?!L;H!JH=A?=?!J<N!N>?AS<>H?!EJ<!H>?MG=!A<!>T=H>B>GI! >TK><?AF>!GA=ASJ=A;<[! 34919+7*!.JJ47957*b! OQ><!E;<?AN>HA<S!=Q>!Z;HP!;L!;=Q>H?!J<N!I;MH!;Z<]!=Q>H>!A?!J!?ABKG>!?I?=>B!;L!UM>?=A;<A<S!=QJ=!ZAGG!JGG;Z!I;M! =;!ZHA=>!E;<LAN><=!J<<;=J=A;<!J<N!>FJGMJ=A;<[!!&JEQ!CHA>L!I;M!Z;HP!;<!ZAGG!QJF>!?K>EALAE!G>JH<A<S!;M=E;B>?!J<N! SHJNA<S!EHA=>HAJ]!I;M!BM?=!><?MH>!=QJ=!I;M!H>JN!=QA?!=Q;H;MSQGI!C>L;H>!KH;E>>NA<S!ZA=Q!J<I!LA<JG!JKKHJA?JG?[! /;?=!JH=A?=?!J<N!N>?AS<>H?!E;<?=J<=GI!H>LA<>!=Q>AH!Z;HP!J<N!AN>J?!=QH;MSQ!E;<?AN>HA<S3!%;Z]!OQJ=]!OQI]!J<N! OQ;l! (Q>H>! J! BMG=A=MN>! ;L! K;??ACG>! UM>?=A;<?! =QJ=! ?=>B! LH;B! =Q>?>! UM>?=A;<?! =QJ=! ZAGG! Q>GK! I;M! ZQ><! E;BB><=A<S!;<!I;MH!Z;HP!;H!A<!H>?>JHEQA<S!J!=>EQ<AUM>!;H!G;;PA<S!MK!J!KJH=AEMGJH!JH=A?=!;H!B;F>B><=[!
x x x x
@#A!4#'(!)&0)!%#$#8*!(8;;'()!0/!'9#)6#/B! 2&0)!)'%&/6<8'!A0(!8('4!)#!%*'0)'!)&'!.6'%'!#,!A#*3B! 2&7!4#'(!)&'!(%0$'!#,!)&'!)7.'!0,,'%)!)&'!%#/(89'*B! 2&#!6(!)&'!0*)A#*3!069'4!0)B!
(Q>!?I?=>B!A?!EIEGAE!J<N!>F>HI!J<?Z>H!ZAGG!JGG;Z!I;M!=;!B;F>!A<=;!J<;=Q>H!KJH=!;L!I;MH!EHA=AEJG!JKKH>EAJ=A;<[! \;M!ZAGG!C>!SAF><!>T>HEA?>?!=;!Q>GK!ZA=Q!=QA?!J?!A=!A?!J!?PAGG!=;!N>F>G;K!;F>H!=AB>[!OQJ=!I;M!BM?=!><?MH>!I;M!JH>! E;<?EA;M?! ;L]! Q;Z>F>H]! A?! =QJ=! >F>HI=QA<S! <>>N?! =;! >FAN><E>N]! ?;! =QJ=! Z>! J??>??! I;MH! EHA=AEJG! =QA<PA<S! J<N! N>F>G;KB><=!;L!I;MH!;Z<!KHJE=AE>[! ! a)<)4):+9:;!G,04!(,48b!
! (271!95!4)<)4):+9:;g! !
)>L>H><EA<S!A?!=Q>!JEP<;ZG>NSB><=!;L!?;MHE>?!;L!A<L;HBJ=A;<!=QJ=!I;M!QJF>!EA=>N!A<!I;MH!ZHA==><!Z;HP]!>A=Q>H! NAH>E=GI!UM;=>N!;H!KJHJKQHJ?>N[!(Q>!=74M74@!CB51)-!M?>?!=Q>!JM=Q;H!²!NJ=>!B>=Q;N`!=Q>!H>L>H><E>?!A<!=>T=! JH>!SAF><!A<!CHJEP>=?!J<N!=Q>!GA?=!;L!?;MHE>?!A?!SAF><!A<!J!CACGA;SHJKQI!J==JEQ>N!=;!=Q>!J??AS<B><=[!! ! *;H!>TJBKG>3!!-<EGMN>!J!H>L>H><E>!J=!=Q>!><N!;L!J!?><=><E>[!e1H>JF>?]!@YYRd! ! )>L>H><EA<S!><JCG>?!I;M!=;3! x ?Q;Z!I;M!QJF>!H>?>JHEQ>N!I;MH!=;KAE]!L;H!>TJBKG>]!JH=AEG>?]!C;;P?]!H>L>H><E>!Z;HP?!J<N!>G>E=H;<AE! H>?;MHE>?`! x NAH>E=!I;MH!H>JN>H?!=;!=Q>!A<L;HBJ=A;<!I;M!QJF>!M?>N`! x JF;AN!KGJSAJHA?B[! ! (271!95!+919:;g! ! "A=A<S!A?!J!S><>HAE!=>HB]!M?>N!L;H!ZQ><!I;M!H>L>H!=;!J<I!?;MHE>]!>A=Q>H!=;!SAF>!J<!>TJBKG>!;H!=;!CJEP!MK!J<! JHSMB><=[! ! *;H!>TJBKG>3!+EE;HNA<S!=;!&RZOH\ ¶GLVFXVVLRQ UHDOO\ GRHV SOD\ DQ DEVROXWHO\ YLWDO SDUW LQ WKH GHYHORSPHQW RI WKLQNLQJ· ! ! !
(271!95!7!/9/*9,;47J2Bg! ! +!CACGA;SHJKQI!A?!J!GA?=!;L!JGG!=Q>!?;MHE>?!I;M!QJF>!EA=>N!A<!I;MH!J??AS<B><=]!A<!JGKQJC>=AEJG!;HN>H]!ZA=Q!=Q>! DXWKRU·V VXUQDP>!KH>E>NA<S!=Q>!LAH?=!<JB>[!\;M!?Q;MGN!JG?;!A<EGMN>!J!?>KJHJ=>!GA?=!;L!?;MHE>?!=QJ=!QJF>! LQIOXHQFHG \RXU OHDUQLQJ IRU WKH DVVLJQPHQW EXW \RX KDYHQ·W FLWHG IURP 7KLV FDQ FRPH XQGHU WKH KHDGLQJ ¶)XUWKHU 5HDGLQJ· ! *;H!&TJBKG>3! ! 9ACGA;SHJKQI! 9>HS>H]!m[!e5XV@d!$+5.!(:!R%%21;]!$;<N;<3!99"c.><SMA<! /J==AEP]!.[!e@YY6d!B/*!21!2*.!@2)%<!@-%(/2%.!+19!V/+'*2'%.!(:!I(9%/1!B%.*-%*2'.<!$;<N;<3!);M=G>NS>!! OAGGAJB?]!)[!eH>A??M>]!@Y5Yd!Y%58(/9.G!B!Z('+F3&+/5!(:!,3&*3/%!+19!R('2%*5]!#TL;HN3!#2.!! ! *MH=Q>H!)>JNA<S! ";==A<S=;<]!,[!e@YY8d!I(9%/1!B/*G!B!Z%/5!R-(/*!01*/(93'*2(1]!#TL;HN3!#2.! ,MH;]!.[!J<N!1H>><QJGSQ]!/[!e5XX6d![..%1*2+&!B/*!L2.*(/5R!$;<N;<G!9G;;B?CMHI! ! F9:7**Bh! ! 'RQ·W SDQLF LI DOO WKLV VHHPV YHU\ XQIDPLOLDU <RXU WXWRU?!ZAGG!SMAN>!I;M!=QH;MSQ!=Q>!ZQ;G>!KH;E>??!J<N!><?MH>! =QJ=!I;M!M<N>H?=J<N!A=!LMGGI]!J<N!JH>!JCG>!=;!H>L>H><E>!I;MH!Z;HP!E;HH>E=GI[! ! ! !
! ! ! !
E#!
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`! 5Y[ &UMJGA=I!;L!;KK;H=M<A=I! ! E@D!+EIJDHE! ,MHA<S!I;MH!=AB>!Q>H>]!";GEQ>?=>H!-<?=A=M=>!J?P?!I;M!=;!BJP>!>F>HI!>LL;H=!=;3! 5[ @[ 6[ R[ 8[ 7[ V[ W[
.JH=AEAKJ=>!LMGGI!A<!I;MH!KH;SHJBB>!;L!?=MNI! (JP>!H>?K;<?ACAGA=I!L;H!I;MH!;Z<!G>JH<A<S!J<N!K>H?;<JG!C>QJFA;MH! +==><N!H>SMGJHGI!J<N!KM<E=MJGGI! 'MCBA=!E;MH?>Z;HP!J<N!J??AS<B><=?!KH;BK=GI! 0;=ALI!?=JLL!;L!J<I!JC?><E>!J?!?;;<!J?!K;??ACG>! ,A?EM??!I;MH!KH;SH>??!H>SMGJHGI!ZA=Q!JKKH;KHAJ=>!?=JLL! )>?K>E=!=Q>!HASQ=?!;L!;=Q>H!A<NAFANMJG?! (H>J=!ZA=Q!NM>!EJH>!J<N!H>?K>E=!=Q>!LJEAGA=A>?!KH;FAN>N]!J<N!JCAN>!CI!=Q>!KMCGA?Q>N!! HMG>?!J<N!H>SMGJ=A;<?!! X[ ";<?MG=!ZA=Q!I;MH!K>H?;<JG!=M=;H!AL!I;M!JH>!E;<?AN>HA<S!J<I!EQJ<S>?!A<!I;MH!KH;SHJBB>! !!!!!!!;L!?=MNI[! ! ! ! ! ! !
KIGJ-H"D!-HJ!-JLG"D! (Q>!-<?=A=M=>!A?!E;BBA==>N!=;!SAFA<S!JKKH;KHAJ=>!SMANJ<E>!J<N!JNFAE>!;<!a! -
=Q>!><=HI!H>UMAH>B><=?!J<N!?MA=JCAGA=I!;L!I;MH!EQ;?><!G>JH<A<S!KH;SHJBB>! >NMEJ=A;<JG]!LA<J<EAJG!;H!;=Q>H!?MKK;H=!H>UMAH>N!CI!I;M!=;!?MKK;H=!I;MH!G>JH<A<S!
! !
?#8*!(6;/0)8*'!)#!1'*6,7!7#8!&01'!M''/! (&#A/!)&'!$#%0)6#/!#,!)&6(!&0/4M##3!6(! 0$(#!7#8*!0;*''9'/)!)#!)&'!)'*9(!#,!)&'! $'0*/6/;!0;*''9'/):!! ! N$'0('!'/(8*'!)&0)!7#8!*'04!)&6(! &0/4M##3!)&#*#8;&$7!0/4!%0*',8$$7O! 9036/;!(8*'!7#8!0%%'((!6)!A&'/'1'*! /''4'4:!
"W#!
P0.!)#!)&'!+%&##$!#,!-*)Q!
!
?@-%!,(&'-%.*%/!R'-((&!(:!B/*!2.!&('+*%9!82*-21!*-%!,(&'-%.*%/!01.*2*3*%!'+)43.\!3.%!*-2.!)+4!*(!(/2%1*+*%!5(3/.%&:!82*-! 5(3/!.3//(31921;.<!4%/-+4.!)+/J21;!2)4(/*+1*!/%:%/%1'%.!&2J%!*-%!C2F/+/5<!@C]<!V/21*!](().!+19!8(/J.-(4.#!A.%!*-%! 1(*%.!.%'*2(1!*(!4/(93'%!5(3/!(81!J%5M! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
! !
""#! ! "#$%!&!²!'()*$%!+,-.)! &/! 8)$#9:2;$(9)%$9% <(=2">%?")02"0*%()% &#$%@%7*=(0)% ! ! "#$%!/!²!'()*$%!+,-.)! &/! 8)$#9:2;$(9)%$9% 3*=*"#;C%.K(>>=%()%&#$% @%7*=(0)% ! ! "#$%!I!²!'()*$%!+,-.)! &/! 8)$#9:2;$(9)%$9% 1#($(;">%"):% 19)$*L$2">% &M"#*)*==%()%&#$%@% 7*=(0)% ! ! "#$%!@!²!'()*$%!+,-.)! &/! 8)$#9:2;$(9)%$9% J"$*#(">=%!#9;*==*=% "):%+*;C)(;">%.K(>>=% ()%&#$%@%7*=(0)%
! "#$%!;!²! '()*$%!+,-.)! &/! &)% 8)$*0#"$*:% &//#9";C%$9% D7%!#9E>*,% .9>B()0% ! !
! "#$%!?!²!'()*$%! +,-.)!/@! ! A$#,-!B,C5(!D(5C)3%! ! 7*B*>9/()0%")%&#$% @%7*=(0)%!#9H*;$% ! E.FF,%$9)! ,77)77F)#%! 6(59$*)*!G$%:!,! 8(,*)*!)#*!F,(4H! !%I%J%I%7! ! ! ! ! !
! "#$%!<!!=! '()*$%! +,-.)!&/! &)% 8)$*0#"$*:% &//#9";C% $9%F7% !#9E>*,% .9>B()0% !
! "#$%!>!²!'()*$%! +,-.)!&/! &)%8)$*0#"$*:% &//#9";C%$9% +(,*G-"=*:% !#9E>*,% .9>B()0%
! "#$%!J!²!'()*$%!+,-.)!<!=!K(%!L!M)7$8#!N665(%.#$%$)7!15(!D(58()77$5#!$#!K(%!L!M)7$8#! !
!
!
.2,,"$(B*%&==*==,*)$!²!A$#,-!G($%%)#!1))*2,34!,#*!8(,*)!6(59$*)*!15(!%:)! \HDU $OO ZRUN LV ,9·G! (9·G WR LQIRUP VWDQGDUGLVDWLRQ!
!"#$%1%²% .2,,*#%+*#,% A9#,"$(B*%&==*==,*)$%²!0($%%)#!1))*2,34!,#*!,3%$5#!65$#%7!!%5!2)!8$9)#!%5!! ),3:!-),(#)(!
!"#$%-%²%./#()0%+*#,%
A9#,"$(B*%&==*==,*)$%²!0($%%)#!1))*2,34!,#*!,3%$5#!65$#%7!!%5!2)!8$9)#!%5!! ),3:!-),(#)(!
!"#$%&%²% '()$*#%+*#,%
!34536..%-4&37%
!
">#! !
R6*'!N*#%'48*'Q! ! 9>!KH>KJH>N!a!LA<N!;M=!ZQ>H>!I;MH!<>JH>?=!LAH>!>TA=!J<N!LAH>!J??>BCGI!K;A<=!A?[!*;H!m!9G;EP!e=Q>!G;EJ=A;<!;L!;MH! ?=MNA;d!A=!A?!¶7KH *UHHQ·[! ! -L!I;M!Q>JH!J!E;<=A<M;M?!JGJHB!C>GG!²!I;M!BM?=!>FJEMJ=>!=Q>!CMAGNA<S!ABB>NAJ=>GI!FAJ!=Q>!<>JH>?=!LAH>!>TA=`!I;MH! =M=;H!ZAGG!A<?=HME=!I;M!ZQ>H>!=;!S;]!J?!ZAGG!=Q>!;<!EJGG!LAH>!/JH?QJGG[! ! 1;!=;!=Q>!J??>BCGI!K;A<=!J<N!JZJA=!LMH=Q>H!A<?=HME=A;<?[! -L!I;M!NA?E;F>H!J!LAH>!a!;K>HJ=>!=Q>!<>JH>?=!LAH>!JGJHB!ABB>NAJ=>GI`!EJGG!>B>HS><EI!?>HFAE>?!;<!eX!L;H!J<!;M=?AN>! GA<>!AL!M?A<S!J<!;LLAE>!KQ;<>d!XXX[! ! -L!I;M!Q>JH!J<!A<=>HBA==><=!JGJHB!C>GG!?=JI!ZQ>H>!I;M!JH>]!J?!A=!BJI!DM?=!C>!J!NHAGG[n! ! ?^_@[G!21*%/)2**%1*!+&+/).!.(319!+*!R-%%4%1!]9!'+)43.!(1&5<!*-%!`/+21*/%%<!$2*-+)<!,((4%/.!a/2=%<!,-3/'-!](+9! +19!@-()+.!](+9!.2*%.!9(!1(*!-+=%!21*%/)2**%1*!+&+/).!! ! \;MH!=>JEQ>H?!JH>!H>?K;<?ACG>!L;H!I;MH!EGJ??!KG>J?>!><?MH>!I;M!H>BJA<!=;S>=Q>H!ZQAG>!>FJEMJ=A<S!=Q>!CMAGNA<S! J<N!ZJA=A<S!;M=?AN>[! ! !