!"#$%$&'()*+
!"#$%&'$&($"#$%
!"#$%&"' (%' ()"' *+,)"&-("' .-/01%&' %2' 3%41+/5' 2%6/1"1' 78' .-/0'9716##+)':5'+/1'$644"/(#8'46#"1'78'.-/0'9716##+)'::',%/'%2' ()"'#+("'.-/0'*6,,"-/;'<="4'()"'8"+4,5'3%41+/')+,'04%>/'-/(%'+' ,(+7#"5'?"+$"26#'+/1'&%1"4/'$%6/(48;' !)-#"'3%41+/'-,'@/%>/'2%4'()"'+/$-"/('A+7+(+"+/'$-(8'%2'B"(4+5'
$+4="1'24%&'4%$@'%="4'CDDD'8"+4,'+0%5'-('+#,%'%22"4,'&6$)'&%4"' 2%4'()"'&%1"4/'(4+="##"45'24%&'()"'3%41+/'E+##"85'2"4(-#"'+/1'"="4' $)+/0-/05' (%' ()"' 4"&%("' 1","4(' $+/8%/,5' -&&"/,"' +/1' ,(-##;' !)"()"4'8%6'+4"'+'()4-##',""@"45'+')-,(%4-+/5'%4'8%6'F6,('>+/('(%' 4"#+G5'3%41+/'-,'()"'?#+$"'2%4'8%6;'
!"#$%#$ :+'+#;<$"%/&0&#=&"&0>&#
?
@)A<B#C+-)0&#=&"&0>&# #
7
D+*<#=)E#F0$-&G-&*#H0&+#
I
./&#:&+*#(&+# #
#
62
HJ+B+#@+0<'&#F+0K#
#
6L
(/+ME+0<#D<N*N<O&#=&"&0>&#
6P
HAN)'#=&"&0>&# #
#
6Q
HR0+J#D&-N+'*#=&"&0>&##
63
:<B&&'#S$0&"-# #
#
L2
;<0*#D+-G/<'T# #
#
L6
=(UC#+'*#D<N*#V$0*+'# #
LL
W)<*&N<'&"#O$0#X<"<-$0"# #
LP
()TT&"-&*#!-<'&0+0<&"#
LY
#
!"" #$%&'('(
)#*+,-.-/0 '(#$)*(+"%,-($& !"#$%& .&%(/()0#,-($& ')$&%,1++)22)3"$()4 Showbak
!"25(4/,6"+(%($(&# 1(*5)*$ .)"3 '(/78"9 ."(%8"9 :*(3/&
!"#$%&'(")#*+,'-"%#$. !"#$%&'#()'*+,#-$#./)0"*+,#12342256742289
;"$0*&,<,=(%3%(>&,.&#&*?& @&$*"A,$7&,4&8,8)*%3,8)43&* B;C-!DA,8)*%3,7&*($"/&,#($&,
!
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pRZ GRZQ IURP WKH VXUURXQGLQJ KLOOV WKHLU PLQHUDO ULFK ZDWHUV FUHDWLQJ JXVKLQJ ZDWHUIDOOV DQG DQ DPD]LQJ GLYHUVLW\ RI pRUD DQG O+)'+9# ]&0&# -$$Z# +0&# /$-# -/&0E+N# "%0<'T"Z# -/&<0# /&+N-/5T<><'T# M+-&0"# /+><'T# +--0+G-&*#><"<-$0"#O$0#-/$)"+'*"#$O#,&+0"9#^'#-/&#:&+*#(&+#G$+"-Z#'+-)0&#/+"#-+K&'# "<E%N&# "+N-Z# O+"/<$'&*# <-# <'-$# <E%$""<BN&# "G)N%-)0&"Z# +'*# <EB)&*# -/&E# M<-/# G$N$0"#$O#)'B&N<&>+BN&#><><*'&""9
### !"#$%&'()&*+,$%-.
"
./&# %&$%N&# $O# V$0*+'# +0&# +M+0&# $O# -/&<0# 0<G/# '+-)0+N# /&0<-+T&# +'*# T$# -$# T0&+-# N&'T-/"#-$#%0$-&G-#<-#+'*#&'")0&#<-"#G$'-<')&*#M&NN5B&<'T9#S$0#-/<"#0&+"$'Z#"&>&0+N# N+0T&# '+-)0&# 0&"&0>&"# /+>&# B&&'# "&-# )%# +'*# +0&# %0$O&""<$'+NN,50)'Z# <'# $0*&0# -$# E<'<E<R&#'&T+-<>&#<E%+G-"#$'#-/&#'+-)0+N#/+B<-+-"#+'*#0+0&#"%&G<&"#$O#V$0*+'\"# pRUD DQG IDXQD
!!!"#$%$&'()*+,"-(.
45,5*6789:;<=<*=<9<=>< :+'+#<"#+'#)'%+0+NN&N&*#/+>&'#$O#%&+G&#+'*#-0+'J)<N<-,Z#+'*#+'#&_-0+$0*<'+0,#M$0N*# RI QDWXUDO WUHDVXUHV ,W LV DQ H[SHULHQFH WKDW GHoQHV WKH PHDQLQJ RI WKH SKUDVH kJRLQJ EDFN WR QDWXUH y 7KH 'DQD %LRVSKHUH 5HVHUYH KDV EHHQ LGHQWLoHG E\ %LUGOLIH !'-&0'+-<$'+N#+"#+'#!E%$0-+'-#;<0*#H0&+#1!;H89 ]&0&#,$)#G+'#E&*<-+-&#+E<*#-/&#J)<&-#"-<NN'&""#$O#-/&#E$)'-+<'"Z#"N&&%#)'*&0#-/&# "-+0"Z#&'A$,#O0&"/#+<0#+'*#G$$N<'T#B0&&R&"Z#$0#-0+GK#-/&#O$$-%0<'-"#$O#-/&#E+0>&N$)"# M<N*N<O&#&'*&E<G#-$#-/<"#-&00+<'9 :+'+#$OO&0"#+#>+"-#*<>&0"<-,#$O#N+'*"G+%&"4#./&0&#+0&#M$$*&*#/<T/N+'*"Z#0$GK,#"N$%&"Z# "+'*#*)'&"Z#+'*#"-$',#*&"&0-"9#./&0&#<"#+#M/$N&#M<N*&0'&""#-$#&_%N$0&#+'*#+#>+0<&-,# RI pRUD DQG IDXQD WR EH GLVFRYHUHG 0RUHRYHU YLVLWRUV KDYH WKH RSSRUWXQLW\ WR PHHW +'*# T&-# -$# K'$M# -/&# '+-<>&# %&$%N&# $O# :+'+`# -/&# K<'*# +'*# /$"%<-+BN&# H-+\-+# -0<B&Z# M/$#/+>&#E+*&#-/<"#-/&<0#/$E&#O$0#-/&#%+"-#P22#,&+0"Z#G$'-<')<'T#-/&#-0+*<-<$'#$O# "&--N&E&'-#<'#-/&#+0&+#-/+-#B&T+'#E$0&#-/+'#QZ222#,&+0"#+T$9
/"%"&0$(.+12,2&32.2,42
D/&-/&0# <-# <"# O$0# <'*<><*)+N# -0+>&N&0"Z# O+E<N<&"Z# "G/$$N# T0$)%"Z# E&&-<'T"Z# <'G&'-<>&"Z#$0#G$'O&0&'G&"Z#:+'+#/+"#E)G/#-$#$OO&09
#
45,5*6789:;<=<*=<9<=>< ./&# C+-)0&# =&"&0>&Z# "&-# $>&0# LIL# "J# KEZ# &_-&'*"# O0$E# -/&# -$%# $O# -/&# V$0*+'# =<O-#>+NN&,#<'#-/&#C$0-/Z#*$M'#-$#-/&#*&"&0-#N$MN+'*"#$O#D+*<#H0+B+9#!-#G$>&0"# -/&# B&+)-<O)N# "<-&"# $O# -/&# =)EE+'+# @$)'-+<'Z# -/&# +'G<&'-# +0G/+&$N$T<G+N# 0)<'"#$O#S&,'+'Z#-/&#:+'+#><NN+T&Z#+'*#-/&#"+'*"-$'&#GN<OO"#$O#D+*<#:+'+9#!-#<"# /$E&#-$#72?#"%&G<&"#$O#%N+'-"Z#L6Y#"%&G<&"#$O#B<0*"Z#+'*#?3#"%&G<&"#$O#E+EE+N"9# H0G/+&$N$T<G+N#*<"G$>&0<&"#"/$M#&><*&'G&#$O#F+N&$N<-/<GZ#aT,%-<+'Z#C+B+-+&+'Z# +'*#=$E+'#%0&"&'G&#<'#-/&#+0&+9# /"%"&7"8+.$)2
52%)&6%)2,$(,
(&0><G&"#O$0#X<"<-$0" +LJKO\ TXDOLoHG ORFDO UDQJHUV DUH DYDLODEOH WR WDNH \RX RQ D YDULHW\ RI JXLGHG /<K&"9#./&"&#&_G)0"<$'"#'$-#$'N,#%0$><*&#+#T0&+#-#$%%$0-)'<-,#-$#<'-&0+G-#M<-/# -/&#N$G+N#%&$%N&#$O#:+'+#B)-#+N"$#%0$><*&#+#)'<J)&#<'"<T/-#<'-$#-/&#&G$N$T,#+'*# T&$N$T,#$O#-/&#+0&+9 X<"<-$0"# G+'# +N"$# -+K&# +'# )'T)<*&*# /<K&# )"<'T# +# E+%# $O# -/&# /<K<'T# -0+<N"# %0$><*&*# +-# -/&# .$M&0# a'-0+'G&# -$# -/&# =&"&0>&9# ^-/&0# O+G<N<-<&"# +>+<N+BN&# -$# ><"<-$0"# <'GN)*&# +# C+-)0&# (/$%# "&NN<'T# $0T+'<G+NN,# T0$M'# %0$*)G&# O0$E# -/&# :+'+#><NN+T&#T+0*&'"Z#+"#M&NN#+"#%$--&0,#+'*#"<N>&0#A&M&N0,#G0&+-&*#B,#-/&#><NN+T&# M$E&'9#;&#")0&#-$#><"<-#-/&#X<"<-$0"\#U&'-&0#-$#T&-#<'O$0E+-<$'#+B$)-#:+'+#+'*# -/&#=$,+N#($G<&-,#O$0#-/&#U$'"&0>+-<$'#$O#C+-)0&9
HGG$EE$*+-<$'" W)&"-"#/+>&#+#G/$<G&#$O#-/0&&#-,%&"#$O#+GG$EE$*+-<$'4#-/&#S&,'+'#aG$5N$*T&Z# +#b*&"&0-#E$'+"-&0,\#-/+-#%0$><*&"#+#M&"-&0'#T+-&M+,#-$#-/&#"%&G-+G)N+0#:+'+# ;<$"%/&0&# =&"&0>&# +'*# +# B+"&# O$0# &_%N$0<'T# -/&# *&"&0-"# +'*# E$)'-+<'"# $O# D+*<#H0+B+Z#$0#-/&#=)EE+'+#U+E%"<-&#M<-/#")%&0B#-&'-"#+'*#+NN#+E&'<-<&"9# HN-&0'+-<>&N,Z# -/&# :+'+# W)&"-# ]$)"&# <"# +# G$EO$0-+BN,5# O)0'<"/&*# O+G<N<-,# +N"$# ")<-+BN&#O$0#E&&-<'T"#+'*#G$'O&0&'G&"9#D/&0&>&0#,$)#G/$$"&#-$#"-+,Z#-/&#:+'+# H[SHULHQFH LQFOXGHV FDPSoUH HYHQLQJV DQG GHOLFLRXV GLQLQJ IHDWXULQJ WKH 0&T<$'\"#N$G+N#%0$*)G-"9#
$
!!!"#$%$&'()*+,"-(.
/012324567897:;04
92:%"%&;<(=>(?-2
3((8&")&92:%"%&;<(=>(?-2
)KJJ3234-3JB>F@0 &AF>4 63JB>F@04 F>4 34 >326@K3=14 >0@4 3JF:4 3<08F2>BF=F2;4 >6020=1"4 $@>4 ;=360?KE4 <AF@04@02@>4G=F2;47K@4@A04G03K@F?KE4A3=J72147?4@A0467E7=>4F24@A04G36R;=7K2:4 84 @A04 >@7214 ?3U3:0>4 7?4 @A04 J3T0>@F64 )KJJ3234 .7K2@3F2I4 @A04 ;=0024 GK>A0>I4 32:4 @A04 03=@A4 67E7=0:4 A7=FP72"4 %06EK:0:4 ?=7J4 @A04 27F>04 7?4 AF;A<31>I4 K=G324 >0@@F2;>I4 32:4 J7:0=2F@1I4 @A04 )KJJ3234 63JB>F@04 F>4 34 BE3604 @A3@4 3EE7<>4 17K4 @74 3BB=06F3@04 @A04 >7K2:4 7?4 >FE0260I4 F2@0==KB@0:4 72E14 G14 @A04 >7?@4 AK>A4 7?4 @A04 <F2:I4 7=4 @A04 >F2;F2;4 7?4 GF=:>"4 52T714 @A04 >@FEE20>>4 7?4 @AF>4 BE3604 84 J3214 ><03=4 @A01467KE:4A03=4@A04>7K2:47?4@A0F=4@A7K;A@>I432:4@A04;02@E04@A=7G47?4@A0F=47<24 =0E3O0:4A03=@G03@>"
+<3=:0:43>472047?4@A04@7B4CD40678E7:;0>4F24@A04<7=E:4G14 ,3@F723E4 H07;=3BAF6I4 /012324 5678E7:;04 F>4 >0@4 3J72;4 3=F:4 J7K2@3F2>4 3@4 @A04 0:;04 7?4 @A04 '7=:324 )F?@4 #3EE01"4 $@4F>434B0=?06@4=0@=03@4?=7J4@A04?=32@F64B36047?4J7:0=24 K=G324 EF?0"4 $>7E3@0:4 ?=7J4 B3L0:4 =73:>4 32:4 0E06@=F6F@14 >KBBEF0>I4@A04CM8=77J0:4E7:;04F>434@7@3EE1420<467260B@4 F24 02LF=72J02@3EE18?=F02:E14 3667JJ7:3@F72"4 +EE4 @A04 =77J>43=04K2FNK04F24:0>F;2432:4EF@4G14632:E0>43@42F;A@I4 6=03@F2;4324+=3G0>NK043@J7>BA0=04=0JF2F>602@47?4@A04 326F02@463=3L32>0=3F4@A3@4;3L04=0>@432:4>A0E@0=4@74@A04 63J0E4@=3F2>4@A3@4@=3L0=>0:4@A04203=G14@=3:F2;4=7K@0>" /=7J4 @A04 E7:;0I4 17K4 6324 0OBE7=04 @A04 3J3PF2;4 3=6A307E7;14 7?4 /012324 724 ?77@4 7=4 G14 QOQ4 L0AF6E0>"4 +6@FLF@F0>4 F24 @AF>4 3=034 F26EK:0I4 J7K2@3F24 GFRF2;I4 AFRF2;I4632172F2;432:4>@3=4;3PF2;"4+E@0=23@FL0E1I417K4 6324AFR04@74:0>0=@473>0>4F24!3:F4+=3G3I47=4672@F2K04724 34E72;0=4:F>@32604@=0R4@74*3234#FEE3;047=4@74%A3<G3R4 32:4S0@=34<AFE0402T71F2;4>@K22F2;4J7K2@3F24>6020=1"4
*$*4Z([4\,(!] &A04 )713E4 %76F0@14 ?7=4 @A04 -72>0=L3@F724 7?4 ,3@K=04 ^)%-,_4 F>4 :00BE14 F2L7EL0:4 F24@A04B=7@06@F7247?4<FE:EF?04 32:4 A3GF@3@>4 @A=7K;A7K@4 '7=:324 32:4 A3>4 =060FL0:4 F2@0=23@F723E4 366E3FJ4 ?7=4 F@>4 BF7200=F2;4 <7=R4 F24 :0L0E7BF2;4 23@K=04 G3>0:4 GK>F20>>0>4?7=4E763E4B07BE0"4 /7=4 J7=04 F2?7=J3@F724 BE03>04 LF>F@4 @A0F=4 <0G>F@04 <<<"=>62"7=;"T7
)KJJ323I47B024?=7J4.3=6A4V4@74(6@7G0=4WVI463243667JJ7:3@04KB4@74MX4B0=>72>4B0=4 2F;A@4 F24 CX4 E3=;04 @02@>"4 $24 3::F@F724 @74 @A04 @02@>I4 @A04 63JB>F@04 B=7LF:0>4 J3@@=0>>0>I4 BFEE7<>I467L0=>I4G3=G06K04;=FEE>I4:=F2RF2;4<3@0=I4@7FE0@>I432:4>A7<0=>4?7=4LF>F@7=>Y4K>0"4 -3@0=F2;4>0=LF60>4?7=4;=7KB>47?4>FO47=4J7=043=043E>743L3FE3GE0"4-3JBF2;4F>4B0=JF@@0:4 F24:0>F;23@0:43=03>472E1"4
%
45,5*6789:;<=<*=<9<=>< :+'+#W)&"-#]$)"&# ./<"# +GG$EE$*+-<$'# O+G<N<-,# $OO&0"# +# "-)''<'T# ><&M# $O# -/&# =&"&0>&Z# +"# <-# <"# %&0G/&*#$'#-/&#>&0,#&*T&#$O#D+*<#:+'+9#!-"#'<'&#0$$E"#/+>&#%0<>+-&#-&00+G&"Z# M<-/# c=&"&0>&5><&M"9d# ./&,# +0&# G$EO$0-+BN,# O)0'<"/&*Z# $OO&0<'T# +'# &_G&NN&'-# +N-&0'+-<>&#O$0#-/$"&#M/$#M<"/#-$#&_%&0<&'G&#'+-)0&#<'#N)_)0,9#@$0&$>&0Z#-/&# W)&"-#]$)"&#/+"#O+G<N<-<&"#O$0#E&&-<'T"#+'*#G$'O&0&'G&"9#;$$K<'T#<'#+*>+'G&# <"#0&J)<0&*9# /"%"&BA2.)&'(A.2
:<0&G-<$'" S0$E# HEE+'Z# -+K&# -/&# :&"&0-# ]<T/M+,# "$)-/B$)'*# O$0# +B$)-# 6QYKE# A)"-# +O-&0#-/&#><NN+T&#$O#])"+,'<+/Z#+'*#B&O$0&#-/&#B0<*T&Z#-)0'#0<T/-#$OO#-/&#:&"&0-# ]<T/M+,#+'*#$'-$#-/&#e<'T"\#]<T/M+,9#:0<>&#O$0#+B$)-#LLKE#A)"-#+O-&0#%+""<'T# -/&#=+"/+*<,+/#G&E&'-#O+G-$0,Z#M/<G/#M<NN#B&#$'#,$)0#N&O-Z#,$)#M<NN#0&+G/#+# A)'G-<$'9# .)0'<'T# 0<T/-# O0$E# -/&# A)'G-<$'# M<NN# -+K&# ,$)# -$# -/&# =)EE+'+# G+E%"<-&#.$M&0#a'-0+'G&9#.)0'<'T#N&O-#M<NN#-+K&#,$)#-$#:+'+#X<NN+T&9
/"%"&@,(?A<).
.$#-/&#.$M&0#&'-0+'G&#g#=)EE+'+#U+E%"<-&4
.$#S&,'+'4
H-#-/&#A)'G-<$'Z#-)0'#0<T/-#+'*#O$NN$M#-/&#"<T'"#-$#-/&#-$M&0#&'-0+'G&9
8SRQ UHDFKLQJ WKH YLOODJH RI 'DQD WDNH D IRXU WR oYH KRXU KLNH RQ IRRW WR S&,'+'9#HN-&0'+-<>&N,Z#-+K&#-/&#:&+*#(&+5#HJ+B+#/<T/M+,#O0$E#HEE+'9#HO-&0# +B$)-#+#-/0&&#/$)0#*0<>&#O0$E#HEE+'Z#-)0'#N&O-#$'#-/&#"<T'#-$M+0*"#-/&#><NN+T&# $O#W0&<T0+#1h)0&<J)0+89#S0$E#W0&<T0+Z#S&,'+'#G+'#B&#0&+G/&*#B,#+#P_P#>&/<GN&9
.$#:+'+#U&'-&04# H-# -/&# A)'G-<$'Z# E+K&# +# N&O-# -)0'9# U$'-<')&# *0<><'T# $'# -/&# e<'T"\# ]<T/M+,# &'-&0<'T#-/&#><NN+T&#$O#h+*<""<,+9#S0$E#-/&0&#-)0'#0<T/-Z#O$NN$M<'T#-/&#"<T'"#-$# -/&#><NN+T&#$O#:+'+9#
&
f$)# G+'# +N"$# -+K&# -/&# "G&'<G# e<'T"\# ]<T/M+,# &+0N<&0Z# A)"-# +O-&0# -/&# G<-,# $O# @+*+B+Z#<'"-&+*#$O#-+K<'T#<-#+O-&0#-/&#><NN+T&#$O#])"+,'<+/9#]$M&>&0Z#-/<"#-0<%# <"#N$'T&09#
!!!"#$%$&'()*+,"-(.
?@&76*,5A@=<*=<9<=>< ;$-/#+*>&'-)0&#+'*#G$EO$0-#G+'#B&#O$)'*#+-#-/&#@)A<B# C+-)0&# =&"&0>&9# f$)# G+'# &_%N$0&# -/&# =&"&0>&# $'# O$$-Z# )"<'T#"&>&0+N#T$0T&$)"#/<K<'T#-0+<N"9 H'# )')")+N# X<"<-$0"\# U&'-&0# /+"# B&&'# G$'"-0)G-&*# +N$'T"<*&#-/&#@)A<B#=$+*#;0<*T&Z#M/<G/#<"#N<'K&*#B,#+# /<T/5N&>&N#E&-+N#G+-M+NK#-$#-/&#@)A<B#=<>&09#./&#G&'-&0# %0$><*&"# <'O$0E+-<$'# +B$)-# -/&# =&"&0>&# +"# M&NN# +"# 0&"-0$$E"9# H# "E+NN# "/$%# "&NN<'T# N$G+N# /+'*<G0+O-"# G+'# B&#O$)'*#+-#-/&#@)A<B#U/+N&-"9
C"?$&!AD$E
./&# @)A<B# C+-)0&# =&"&0>&Z# N$G+-&*# M<-/<'# -/&# *&&%# D+*<# @)A<B# T$0T&# -/+-# &'-&0"# -/&# :&+*# (&+# +-# P62E# B&N$M# "&+# N&>&NZ# <"# -/&# N$M&"-# +N-<-)*&# '+-)0&# 0&"&0>&# <'# -/&# M$0N*9# S)0-/&0E$0&Z# -/&# @)A<B# =&"&0>&# &'A$,"# +# 6Z?22E# >+0<+-<$'# <'# &N&>+-<$'# B&-M&&'# <-"# *<OO&0&'-# %+0-"Z#+"#<-#&_-&'*"#-$#-/&#e+0+K#+'*#@+*+B+#E$)'-+<'"# -$# -/&# "$)-/# +'*# '$0-/Z# M/<G/# 0&+G/# I22E# +B$>&# "&+# N&>&N#<'#"$E&#%N+G&"9
*$*4Z([4\,(!] *3234 `F7>BA0=04 )0>0=L04 67L0=>43243=0347?4CaC4>N4RJ4 32:4 :=7B>4 324 3>@7K2:F2;4 VIDXXJ4 ?=7J4 F@>4 AF;A0>@4 B7F2@4 @74 CXXJ4 G0E7<4 >034 E0L0E4<A0=04F@4T7F2>4@A04*03:4 %034673>@"
7KHUH DUH oYH PDMRU KLNLQJ WUDLOV WKUHH ULYHU WUDLOV +'*# -M$# *0,# N+'*# -0+<N"9# ./&,# $OO&0# "$E&# $O# -/&# E$"-# *0+E+-<G#/<K<'T#<'#-/&#e<'T*$E9
'
?@&76*,5A@=<*=<9<=>< !72:=7K>4!FE:EF?0
0>"%?H(,?&9(G
7KH \HDU URXQG ZDWHU SUHVHQFH LQ WKH YDOOH\ GXH WR WKH LQpRZ RI VHYHQ WULEXWDULHV G$EB<'&*#M<-/#-/&#&N&>+-<$'#*<OO&0&'G&#+'*#-/&#0&E$-&'&""#$O#E+',#$O#-/&#=&"&0>&\"# E$)'-+<'# +'*# >+NN&,# +0&+"Z# /+>&# G0&+-&*# +'*# &'+BN&*# +# "+O&# &'><0$'E&'-# -/+-# VXSSRUWV D PDJQLo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
'$F$%-&51,(A-1&!AD$E
(
6E2G
bFRF2;4&=3FE>
*F=06@F72>4
./&0&# +0&# O$)0# E+A$0# /<K<'T# -0+<N"`# -/0&&# 0<>&0# -0+<N"# +'*# $'&# *0,# N+'*# -0+<N"9# ./&,#$OO&0#"$E&#$O#-/&#E$"-#*0+E+-<G#/<K<'T#<'#-/&#e<'T*$E9#./&#0<>&0#-0+<N"# DUH IRU DGYHQWXUH VHHNHUV ZKR VKRXOG EH oW DQG DEOH WR VZLP )RU VDIHW\ DQG &'><0$'E&'-+N# 0&+"$'"Z# /<K&0"# E)"-# B&# +GG$E%+'<&*# B,# +# -0+<'&*# T)<*&9# ./<"# FDQ EH SUHDUUDQJHG WKURXJK 56&1 :LOG -RUGDQ RIoFHV 7KH QXPEHU DQG O0&J)&'G,#$O#-/&#0<>&0#/<K&"#<"#+N"$#G$'-0$NN&*Z#"$#+>+<N+B<N<-,#E)"-#B&#G/&GK&*#<'# +*>+'G&9#HNN#/<K&"#N&+>&#O0$E#-/&#X<"<-$0"\#U&'-&09#;$$K<'T"#O$0#-/&#/<K&"#G+'#B&# PDGH WKURXJK WKH :LOG -RUGDQ RIoFH RU GLUHFWO\ DW WKH 5HVHUYH
S0$E# HEE+'Z# -+K&# -/&# :&+*# (&+5HJ+B+# ]<T/M+,# +NN# -/&# M+,# -$# -/&# @)A<B# ;0<*T&Z# ZKHUH WKH 5HVHUYH V RIoFH LV ORFDWHG 7KH WULS WDNHV DERXW RQH DQG D KDOI KRXUV E\ FDU =&E&EB&0#-$#B$$K#<'#+*>+'G&9# ./&#0&"&0>&#$%&'"#&>&0,#,&+0#"-+0-<'T#<'#H%0<N#+'*#&'*<'T#+-#-/&#G$'GN)"<$'#$O#^G-$B&09
!!!"#$%$&'()*+,"-(.
B547*=@?*@,<9!8*B8=C4*;<=7A5D<*97A<* +667JJ7:3@F72432:4+6@FLF@F0> (&>&0+N# G+E%"<-&"# /+>&# B&&'# "&-# )%# O$0# ><"<-$0"9# ./&"&# +0&# &J)<%%&*# M<-/# -&'-"Z# B&*"Z# E+--0&""&"Z# %<NN$M"Z# +'*# G$>&0"9#./&,#+N"$#/+>&#T$$*#-$<N&-#+'*#"/$M&0#O+G<N<-<&"Z# +'*# &_G&NN&'-# G+-&0<'T# "&0><G&"9# @$"-# $O# -/&# G+E%"<-&"Z# &_G&%-#O$0#-/&#=&"-#]$)"&Z#+0&#%0<>+-&N,#$M'&*9 C"?$&3A8
'$F$%-&51,(A-1&C"?$&3A8
!'# +**<-<$'# -$# G+E%<'TZ# -/&0&# +0&# E+',# +G-<><-<&"# -$# -0,# <'# D+*<# =)E9# ./&# E$"-# %$%)N+0# $O# M/<G/# <"# -/&# P_P# $OO50$+*# -0<%"9# X<"<-$0"# G+'# "<T'# )%# O$0# B)E%,# ,&-# >&0,# &'A$,+BN&#*0<>&"#-$#")G/#+--0+G-<$'"#+"#i+M0&'G&\"#"%0<'TZ# -/&# E$)'-+<'# K'$M'# +"# -/&# (&>&'# F<NN+0"# $O# D<"*$EZ# VLWH RI WKH SUHKLVWRULF JUDIoWL DPD]LQJ VDQG GXQHV DQG -/&#")'"&-#M+-G/<'T#"<-&9#./&#P5M/&&N#*0<>&#%<GK)%"#+0&# *0<>&'#B,#N$G+N#;&*$)<'"#M/$#+G-#+"#T)<*&"Z#+'*#)")+NN,# +**# +# G$E%N<E&'-+0,# G)%# $O# "M&&-# H0+B<G# -&+# +'*# +# O$NKN$0<G#"-$0,#-$#-/&<0#%+GK+T&9
*$*4Z([4\,(!] &A04 <3@0=4 E0L0E4 7?4 @A04 *03:4 %034 F>4 :=7BBF2;4 G143G7K@4WX6J4^V4?@_4B0=4 103="4$@4F>4G0F2;4:FL0=@0:4 G14$>=30E432:4'7=:324?7=4 F2:K>@=1I4 3;=F6KE@K=04 32:4 A7K>0A7E:4 K>0"4 %6F02@F>@>4 B=0:F6@4 @A3@4 @A04>034J314G04:=F0:4KB4 G14@A04103=4CXDX"
7"8+.$)2
H'$-/&0#M+,#-$#&_%N$0&#-/&#B&+)-<O)N#*&"&0-#<"#B,#G+E&N9#(&>&0+N#-0+>&N#+T&'-"# $0T+'<R&#G+E&N#"+O+0<"9#($E&#+0&#+"#"/$0-#+"#$'&#$0#-M$#/$)0"9#H*>&'-)0&#N$>&0"Z# /$M&>&0Z#G+'#T$#$'#N$'T&0#-0<%"#"%+''<'T#$>&0#+#')EB&0#$O#*+,"#-$#HJ+B+#$0# F&-0+9#HNN#-/&#G+E&N#G+0+>+'"#+0&#N&*#B,#&_%&0<&'G&*#N$G+N#T)<*&"9
i$$K<'T# +-# D+*<# =)E# O0$E# +# B<0*\"# &,&# ><&M# <"# +'$-/&0# M+,# -$# &_%&0<&'G&# -/&# "%N&'*$0"#$O#-/&#*&"&0-9#H#/$-#+<0#B+NN$$'#-0<%#G+'#B&#+00+'T&*#-$#M+-G/#=)E\"#E+T<G+N# ")'0<"&#+'*#&'G/+'-<'T#N+'*"G+%&#O0$E#+#'&M#%&0"%&G-<>&9
^'&# +G-<><-,# M/<G/# K&&%"# +--0+G-<'T# -/0<NN5"&&K&0"# -$# D+*<# =)E# <"# E$)'-+<'# GN<EB<'T9#H"G&'-"#G+'#0+'T&#O0$E#"<E%N&#/<K&"#-$#"&0<$)"#E$)'-+<'#GN<EB<'T# E$0&#-/+'#I22#E&-&0"#)%#"/&&0#T0+'<-&#+'*#"+'*"-$'&#GN<OO"9
S0$E#HEE+'Z#-+K&#-/&#"$)-/B$)'*#:&"&0-#]<T/M+,9#H'#&_<-#-$#D+*<#=)E#<"#GN&+0N,# "<T'%$"-&*# +O-&0# +B$)-# ?22KE9# S$0# +# E$0&# "G&'<GZ# B)-# N$'T&0# 0$)-&Z# -+K&# -/&# e<'T"\# ]<T/M+,#%+""<'T#-/0$)T/#F&-0+9#=)E#<"#$'N,#+'#/$)0#+M+,#O0$E#HJ+B+9
*F=06@F72>4
)
A;<*4<54*9<5 ./&# :&+*# (&+# B+"<'# <"# O+E$)"# O$0# -/0&&# $O# -/&# &G$","-&E# -,%&"# O$)'*# -/0$)T/$)-# -/&# @<**N&# a+"-4# @&*<-&00+'&+'# 1<'# -/&# E$)'-+<'"8Z# !0+'$5 .)0+"<+'# 1+N$'T# -/&# "N$%&"# $O# -/&# E$)'-+<'"# +'*# GN<OO"8Z# +'*# *&"&0-# 1+-# %N+<'# N&>&N89 ./&# 0&T<$'# /$"-"# +# T0&+-# *<>&0"<-,# $O# "%&G<&"Z# <'GN)*<'T# "$E&# &'*&E<G"9# !-"# <E%$0-+'G&# O$0# E<T0+-<'T# B<0*"# <"# M&NN5K'$M'9# !-# <"# /$E&# -$# H0+B<+'# +'*# HO0<G+'# "%&G<&"# ")G/# +"# -/&# (+'*# F+0-0<*T&Z# ;+05-+<N&*# i+0KZ# :)''\"# ]$$%$&# i+0KZ#i<--N&#W0&&'#;&&5a+-&0Z#;N+GK"-+0-#+'*#-/&#H0+B<+'#;+BBN&09
*">)&9(,8")$(%.
!A?&5,2")82%) *">)&9(,8")$(%& &
./&# :&+*# (&+# G$+"-# <'# V$0*+'Z# N$G+-&*# +-# -/&# N$M&"-# "%$-# $'# &+0-/Z# +-# E$0&# -/+'#P22#E&-&0"#B&N$M#"&+#N&>&NZ#<"#+#"%&G-+G)N+0#-$)0<"-#+--0+G-<$'9#!-"#M+0E# ZHDWKHU oOWHUHG VXQ UD\V R[\JHQ ULFK DLU IDPRXV PLQHUDO ULFK EODFN PXG +'*# G)0+-<>&# M+-&0"Z# E+K&# <-# -/&# N+0T&"-# '+-)0+N# "%+# <'# -/&# M$0N*9# !-"# M+-&0Z# '<'&# -<E&"# "+N-<&0# -/+'# -/+-# $O# -/&# @&*<-&00+'&+'Z# <"# K'$M'# O$0# B&<'T# 0<G/# <'# /&+N<'T# %0$%&0-<&"`# "-0&""5G$EB+-<'T# @+T'&"<)EZ# B$*,# &'&0T<R<'T# +'*# E$<"-)0&5B+N+'G<'T# F$-+""<)EZ# +'*# M+-&0# 0&-&'-<$'# %0&>&'-<'T# U+NG<)E9# !-# +N"$# G$'-+<'"# ;0$E<*&Z# M/<G/# &+"&"# E)"GN&# "-<OO'&""Z# +'*# ($*<)EZ# M/<G/# <"# HVVHQWLDO IRU O\PSKDWLF pXLG EDODQFH
:&+*#(&+#F+'$0+E<G#U$E%N&_ H'#&'><0$'E&'-+N#&*)G+-<$'#%0$T0+E#G+'#B&#O$)'*#<'#-/&#:&+*#(&+#F+'$0+E<G# G$E%N&_Z# G$>&0<'T# +NN# +"%&G-"# $O# -/&# :&+*# (&+Z# O0$E# T&$N$T<G+N# -$# &G$N$T<G+NZ# +0G/+&$N$T<G+N# +'*# /<"-$0<G+N# $0<T<'"9# ./<"# %0$T0+E# <"# 0)'# B,# -/&# =(UCZ# +'*# <'-0$*)G&"#><"<-$0"#-$#-/&#G/&E<G+N#+'*#%/,"<G+N#G/+0+G-&0<"-<G"#$O#-/&#:&+*#(&+9
!*
!!!"#$%$&'()*+,"-(.
+667JJ7:3@F72432:4+6@FLF@F0> X<"<-$0"# -$# -/&# :&+*# (&+# G+'# "-+,# +-# $'&# $O# "&>&0+N# H[FHOOHQW IRXU DQG oYH VWDU EHDFK KRWHO UHVRUWV 6LQFH WKH :&+*#(&+#;+"<'#<"#N&""#-/+'#+'#/$)0#+M+,#O0$E#HEE+'Z# -/&"&#/$-&N"#+0&#+N"$#$%&'#O$0#*+,5)"&9
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
'()2>&")&/2"?&*2"
&A04 .KTFG4 =0>0=L04 0O@02:>4 @74 @A04 \3=3R4 32:4 .3:3G34 J7K2@3F2>4 @74 @A04 ,7=@A4 32:4 %7K@AI4 =036AF2;4 cXXJ4 3G7L04 >034 E0L0E4 F24 >7J04 BE360>"4 &AF>4 VIWXXJ4 L3=F3@F724 F24 0E0L3@F72I4 67JGF20:4 <F@A4 @A04 L3EE01Y>4 103=8 URXQG ZDWHU pRZ IURP >0L024 @=FGK@3=F0>I4 J032>4 @A3@4 @A04 !3:F4 .KTFG4 HQMR\V D PDJQLoFHQW GF7:FL0=>F@14 @A3@4 F>4 >@FEE4 G0F2;4 0OBE7=0:4 32:4 :76KJ02@0:4@7:31"
*F=06@F72> .+K&# -/&# :&"&0-# ]<T/M+,9# .)0'# +-# -/&# &_<-# -$# -/&# 0<T/-# M/&0&# -/&# "<T'# "+,"# :&+*# (&+9# S$NN$M#-/&#"<T'"#-$#-/&#/$-&N"#+0&+9#./&#/$-&N"#+0&#+B$)-#PY#E<')-&"#+M+,#O0$E#-/&#G+%<-+N# B,#G+09
!!
5E565 +d+`+4.+)$,54S+)\
IJ"E"&!",$%2&K$H2
+6@FLF@F0> .$)0<"-"#+0&#*0+M'#-$#HJ+B+\"#G$'-<')$)"#B0<T/-#")'"/<'&Z#/<T/#-&E%&0+-)0&"Z#"+'*,# B&+G/&"Z# +'*# M$'*&0O)N# M+-&0# "%$0-"# $%%$0-)'<-<&"9# a_%&0<&'G&*# *<>&0"Z# +"# M&NN# +"# QRYLFHV DUH VHUYLFHG E\ PDQ\ GLYH 3$', FHUWLoHG FHQWHUV DQG LQVWUXFWRUV 6QRUNHOLQJ A&-#"K<"Z#%&*+N#B$+-"Z#"%&&*B$+-"Z#"+<N<'TZ#+'*#M+-&0#"K<<'T#+0&#A)"-#"$E&#$O#-/&#+G-<><-<&"# -/+-#G+'#B&#&'A$,&*#B,#><"<-$0"9#./$"&#M/$#M<"/#-$#&_%N$0&#-/&#"%N&'*$0"#$O#-/&#"&+# M<-/$)-#T&--<'T#M&-#G+'#-0,#-/&#O+E$)"#TN+""5B$--$E&*#B$+-"9
!"
./&#W)NO#$O#HJ+B+#<"#O+E$)"#O$0#<-"#E+0<'&#M<N*N<O&9#!-#<"#-/&#'$0-/5&+"-&0'#+0E# $O#-/&#=&*#(&+Z#E&+")0<'T#+#N&'T-/#$O#632KE#+'*#&_%+'*<'T#-$#+#M<*-/#$O#LYKEZ# M<-/#+#"/$0&N<'&#"/+0&*#B,#aT,%-Z#(+)*<#H0+B<+Z#!"0+&NZ#+'*#V$0*+'9 ./&# W)NO# $O# HJ+B+# /+"# -/&# M$0N*\"# '$0-/&0'E$"-# G$0+N# 0&&O# &G$","-&E9# H'# +>&0+T&#M+-&0#-&E%&0+-)0&#$O#L?j#U&N"<)"Z#-/&#+B"&'G&#$O#"-$0E,#M&+-/&0Z#+'*# E<N*# M+-&0# G)00&'-"# /+>&# G0&+-&*# +# /$"%<-+BN&# &'><0$'E&'-# O$0# -/&# T0$M-/# $O#G$0+N"9#S+>$0+BN&#"+N<'<-,#N&>&N"#+0&#%&0O&G-#O$0#-/&#E,0<+*"#$O#$-/&0#E+0<'&# N<O&5O$0E"9#H"#+#0&")N-Z#<-#<"#/$E&#-$#662#"%&G<&"#$O#"$O-#G$0+N"#+'*#6L2#"%&G<&"#$O# KDUG FRUDOV 7KH UHHIV WKDW IULQJH WKH *XOI KRVW RYHU VSHFLHV RI o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aG$'$E<G# k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
!!!"#$%$&'()*+,"-(.
S=7@06@4@A04&=03>K=0>47?4+N3G3 7KH HFRV\VWHP RI WKH *XOI RI $TDED LV ULFK \HW IUDJLOH 2YHU oVKLQJ LQGXVWULDO 36@FLF@F0>I4 32:4 F==0>B72>FGE04 @7K=F>J4 F26=03>04 @A04 02LF=72J02@3E4 FJB36@4 724 @A04 67=3E4 =00?>"4 S0=A3B>4 @A04 ;=03@0>@4 >F2;E04 @A=03@4 ?=7J4 @7K=F>J4 F>4 >A00=4 F;27=3260"4 *FL0=>4?=0NK02@E14RF6R4KB4>32:I4>@0B472467=3EI47=40L024G=03R47??4BF060>47?4EFLF2;467=3E4 3>4>7KL02F=>I463K>F2;4:3J3;04@74=00?>4@A3@4@77R4602@K=F0>4@74;=7<4@74@A04>FP04<04>004 WRGD\ (QYLURQPHQWDO GDPDJH LV DOVR RIWHQ FDXVHG E\ IHHGLQJ oVK DQG OLWWHULQJ $247=:0=4@74B=0>0=L04@A04G03K@1432:4067E7;F63E4<03E@A47?4+N3G3I4LF>F@7=>43=043>R0:4 @74R00B4@A04>03432:4G036A0>46E032I4@74=0?=3F24?=7J4@7K6AF2;47=4A3=JF2;467=3E>I432:4 @743GF:04G14@A04;020=3E4J3=F204B=7@06@F724;KF:0EF20>4E3F:47K@4G14@A04+N3G34%B06F3E4 56727JF64e7204+K@A7=F@14^+%5e+_"
+667JJ7:3@F72 &A0=04 F>4 3667JJ7:3@F724 F24 +N3G34 @74 >KF@4 0L0=14 @3>@04 32:4 GK:;0@I4 ?=7J4 V8D4 >@3=4 A7@0E>432:4?K=2F>A0:43B3=@J02@>"4+463JBF2;4>F@04<F@A4G3>F64?36FEF@F0>4F>4>F@K3@0:43@4 @A04%7K@A4`036A" IJ"E"&L%?2,M")2,
*F=06@F72>4 /=7J4 +JJ324 @3R04 @A04 >7K@AG7K2:4 *0>0=@4 bF;A<31"4 +N3G34 F>4 '7=:32Y>4 >7K@A0=2J7>@46F@1I43G7K@4WMXRJ43<314?=7J4@A0463BF@3E"4&A04@=FB4F>43G7K@4W"D4 A7K=>4G1463="
%0L0=3E467JB32F0>47??0=4:3FE14GK>4@=FB>4G0@<0024+JJ32432:4+N3G3I4<AFE04=0;KE3=4 GDLO\ pLJKWV DUH DOVR DYDLODEOH )RU PRUH LQIRUPDWLRQ SOHDVH YLVLW ZZZ 9LVLW-RUGDQ 67J
&A04*03:4%034bF;A<3143E>74E03:>4@74+N3G3I4GK@4@AF>4F>472E1434@<78E3204=73:I4 32:4:70>427@4A3L043>4J3214=0>@4A7K>0>"4$@4F>43G7K@4CX4JF2K@0>4>A7=@0=4@A324 @A04*0>0=@4bF;A<314=7K@0"
!#
9;5B?5=7**B7C4C7F<**=<9<=>< D&NG$E&#-$#-/&#(/+ME+0<#a_%&0<&'G&l#H#"+'G-)+0,#O$0#+#')EB&0#$O#&'*+'T&0&*# "%&G<&"Z#-/&#(/+ME+0<#D<N*N<O&#=&"&0>&#<"#*&"<T'&*#-$#B&#+'#+--0+G-<>&#N$G+-<$'# O$0#"G/$$N#-0<%"#+'*#O+E<N,#$)-<'T"9 ./&#LL#"J#KE#(/+ME+0<#=&"&0>&#M+"#G0&+-&*#<'#6I7Y#B,#-/&#=(UC#+"#+#B0&&*<'T# G&'-&0#O$0#N$G+NN,#&_-<'G-#$0#&'*+'T&0&*#"%&G<&"9#!-#/+"#*&>&N$%&*#<'-$#+#/$E&#-$# "$E&#$O#-/&#0+0&"-#"%&G<&"#$O#+'<E+N"#<'#-/&#@<**N&#a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oOOLQJ H[SHULHQFH WKDW PDNHV G/<N*0&'#+'*#+*)N-"#+N<K&#0&-)0'#-$#-/&#=&"&0>&#-<E&#+'*#-<E&#+T+<'9
N%"-2,.
+667JJ7:3@F72 H#>&0,#"<E%N&#G+E%"<-&#N$G+-&*#'&+0#-/&#&'-0+'G&#-$#-/&#=&"&0>&#$OO&0"#-&'#-&'-"#+'*# B+"<G#O+G<N<-<&"#O$0#-/$"&#M/$#M<"/#-$#"%&'*#E$0&#-/+'#$'&#*+,#<'#-/&#=&"&0>&9#;$$K<'T"# FDQ EH PDGH WKURXJK WKH :LOG -RUGDQ RIoFH RU GLUHFWO\ DW WKH 6KDZPDUL 5HVHUYH
*F=06@F72>4 (/+ME+0<#<"#+B$)-#L#/$)0"#+M+,#O0$E#HEE+'#B,#G+09#S<0"-#E+K&#,$)0#M+,#-$#($)-/# HR0+J#1HR0+J#HA5V+')B<#<'#H0+B<G8#-/&'#-)0'#0<T/-#$'-$#-/&#/<T/M+,#-/+-#N&+*"#-$#(+)*<#
!$
H0+B<+9#@+K&#+'$-/&0#0<T/-#-)0'#+O-&0#+B$)-#6YKE#+-#-/&#&'-0+'G&#0$+*#-$#-/&# (/+ME+0<#=&"&0>&9 ./&# ^0,_# /+>&# B&&'# -/0<><'T# <'# -/&# =&"&0>&\"# %0$-&G-&*# &'><0$'E&'-Z# -$# -/&# &_-&'-#-/+-#-/&<0#')EB&0"#/+>&#0&+G/&*#$>&0#$'&#/)'*0&*9 FN&+"&#E+K&#")0&#-$#G+NN#-/&#0&"&0>&#+/&+*#$O#-<E&9
!!!"#$%$&'()*+,"-(.
&A04%@7=147?4@A04+=3GF324(=1O ./&#N+"-#K'$M'#bM<N*\#H0+B<+'#^0,_#<'#-/&#M$0N*#M+"# K<NN&*# B,# /)'-&0"# <'# ^E+'# <'# 6I7L9# ./&"&# B&+)-<O)N# G0&+-)0&"#B&N$'T#-$#$'&#$O#-/&#O&M#"%&G<&"#<'*<T&'$)"# -$# -/&# H0+B<+'# F&'<'")N+9# ./&,# B&G+E&# &_-<'G-# EHFDXVH RI WKH LQFUHDVHG UDQJH DQG SRZHU RI ULpHV G$E%$)'*&*# B,# -/&# )"&# $O# E$-$0<R&*# >&/<GN&"9# !'# V$0*+'Z#-/<"#&N&T+'-#M/<-&#+'-&N$%&#B&G+E&#&_-<'G-#<'# -/&#6IL2"Z#+"#+#0&")N-#$O#<'G0&+"&*#/)'-<'T#O$0#<-"#E&+-Z# O)0Z#+'*#/$0'"9 !-# M+"# %$""<BN&# -$# 0&<'-0$*)G&# -/&# ^0,_# -$# <-"# '+-<>&# /+B<-+-# B&G+)"&# +# ")0><>+N# /&0*# /+*# B&&'# &"-+BN<"/&*# <'# -/&# [(H# <'# 6IQL9# c^%&0+-<$'# ^0,_d# M+"# +'# <'-&0'+-<$'+N#0&"G)&#&OO$0-#N+)'G/&*#B,#-/&#SN$0+#+'*# S+)'+# F0&"&0>+-<$'# ($G<&-,# +'*# -/&# D$0N*# D<N*N<O&# S)'*Z#+'*#<'>$N>&*#B0<'T<'T#-$T&-/&0#'<'&#^0,_`#-/0&&# +'<E+N"# O0$E# ^E+'Z# $'&# O0$E# e)M+<-Z# O$)0# O0$E# (+)*<#H0+B<+Z#+'*#$'&#O0$E#-/&#i$'*$'#k$$9#./&#'<'&5 +'<E+N#/&0*#<'G0&+"&*#"-&+*<N,#<'#')EB&0"9 *"%?&B"O2>>2
*$*4Z([4\,(!] &A04 AFEE>4 32:4 :0>0=@>4 7?4 !3:F4 )KJ4 67J04 3EFL04 :K=F2;4 >B=F2;@FJ04 <F@A4 7L0=4 CIXXX4 >B06F0>4 7?4 <FE:4 BE32@>4 32:4 pRZHUV LQFOXGLQJ B7BBF0>I4 =0:4 320J720>4 32:4 @A04 G03K@F?KE4 GE36R4 F=F>I4 <AF6A4 F>4 '7=:32Y>4 QDWLRQDO pRZHU
I,"E$"%&N,:G
U$'"&J)&'-N,Z# -/&# =(UC# %0$%$"&*# -$# 0&<'-0$*)G&# -/&# ^0,_# -$# -/&# *&"&0-"# $O# -/&# H0+B<+'# F&'<'")N+9# !'# 6I73Z#&N&>&'#$O#-/&"&#B&+)-<O)N#+'<E+N"#M&0&#B0$)T/-# <'-$# (/+ME+0<9# ./&# ^0,_# /+>&# B&&'# -/0<><'T# <'# -/&# =&"&0>&\"# %0$-&G-&*# &'><0$'E&'-Z# -$# -/&# &_-&'-# -/+-# -/&<0# ')EB&0"# /+>&# 0&+G/&*# $>&0# $'&# /)'*0&*9# C$M# V$0*+'#")%%N<&"#^0,_#-$#G$)'-0<&"#G$'*)G-<'T#"<E<N+0# 0&<'-0$*)G-<$'#%0$T0+EE&"9
!%
5&C@,*F8=<9A*=<9<=><* HAN)'# S$0&"-# =&"&0>&# M+"# &"-+BN<"/&*# <'# 6I33# )'*&0# -/&# ")%&0><"<$'# $O# -/&# =$,+N#($G<&-,#O$0#-/&#U$'"&0>+-<$'#$O#C+-)0&#1=(UC89#!-#<"#"<-)+-&*#<'#-/&#'$0-/# $O# V$0*+'Z# >&0,# GN$"&# -$# -/&# HAN)'# ><NN+T&# $O# [EE# HN5f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pRRU LV FDUSHWHG ZLWK GULIWV RI PXOWL FRORUHG DQHPRQHV URFNURVHV DQG D KRVW RI RWKHU ZLOG pRZHUV ./&#=&"&0>&#<"#/$E&#-$#+#/&0*#$O#B0&&*<'T#0$&#*&&09#!-#<"#/$%&*#-/<"#/&0*#M<NN#B&# 0&N&+"&*#<'-$#-/&#O$0&"-#<'#-/&#'&+0#O)-)0&#-$#0&%N+G&#-/&#$0<T<'+N#%$%)N+-<$'#-/+-# B&G+E&#&_-<'G-#*)&#-$#&_G&""<>&#/)'-<'T9 '$F$%-&5,"$>
+6@FLF@F0>4 ./&# =&"&0>&\"# X<"<-$0"\# U&'-&0# /+"# *<"%N+,"# +'*# <'O$0E+-<$'# +B$)-# -/&# =&"&0>&Z# +'*#+#"/$%#"&NN<'T#N$G+NN,5E+*&#/+'*<G0+O-"9#!-#+N"$#&'GN$"&"#+#0$$O-$%#0&"-+)0+'-# $OO&0<'T#T$$*#O$$*#+'*#"-)''<'T#><&M"9#H#B+0B&G)&#+0&+#<"#+>+<N+BN&#O$0#-/$"&#M/$# M<"/#-$#"&NO5G+-&09 X<"<-$0"# )")+NN,# N$>&# -$# -+K&# /<K&"# +N$'T# -/&# -0+<N"# "&-# )%# B,# -/&# =&"&0>&# E+'+T&E&'-9#H-#-/&#E$E&'-#-/&0&#+0&#-M$#/<K<'T#-0+<N"#<'#-/&#=&"&0>&9#H#N$'T#
!&
-0+<N# N<'K<'T# -/&# =&"&0>&# -$# -/&# HAN)'# U+"-N&# <"# )'*&0# *&>&N$%E&'-9# ./&# D<N*# -RUGDQ RIoFH FDQ SURYLGH PRUH GHWDLOV DERXW WKLV QHZ GHYHORSPHQW 9LVLWRUV +0&# +N"$# &'G$)0+T&*# -$# *$# "$E&# G$EE)'<-,# B+"&*# -$)0<"E# M/&0&# -/&,# G+'# <'-&0+G-#M<-/#N$G+N"#$>&0#+#"/+0&*#E&+NZ#+#/$E&#"-+,#&_%&0<&'G&#$0#B,#+<*<'T#-/&# G$EE)'<-,#*)0<'T#-/&#$N<>&#+'*#T0+%&#/+0>&"-9
!!!"#$%$&'()*+,"-(.
+667JJ7:3@F72 H'# cHO0<G+'# "-,N&d# G+E%"<-&# <"# N$G+-&*# A)"-# '&+0# -/&# X<"<-$0"\#U&'-&09#^'#GN&+0#*+,"#<-#$OO&0"#"-)''<'T#><&M"# $O# -/&# D&"-# ;+'K# +'*# -/&# V+B+N# (/&<K/# @$)'-+<'# <'# (,0<+9#!-#<"#"&-#<'#+#N+0T&#T0+"",#+0&+#$'#M/<G/#-$#%<-G/# -&'-"Z# +'*# <"# &'GN$"&*# B,# B&+)-<O)N# $+KZ# %<"-+G/<$Z# +'*# "-0+MB&00,# -0&&"9# !-# +N"$# $OO&0"# 6Y# %0&5"&-# O$)05%&0"$'# -&'-"Z# "/$M&0"# +'*# -$<N&-"9# ^%&'# O0$E# H%0<N# 6"-# -$# ^G-$B&0#?6"-Z#B$$K<'T"#G+'#B&#E+*&#-/0$)T/#-/&#D<N*# -RUGDQ RIoFH RU GLUHFWO\ DW WKH 5HVHUYH
*F=06@F72>
;<(=>(?-2
HAN)'# <"# 69Y# /$)0"# +M+,# O0$E# HEE+'# B,# G+09# S0$E# HEE+'Z# -+K&# -/&# V&0+"/# ]<T/M+,# '$0-/B$)'*9# S0$E# -/&#/<T/M+,#-+K&#-/&#$N*#V&0+"/#0$+*#E+0K&*#B,#cHAN)'# +'*#V&0+"/d#"<T'9#S0$E#-/&0&Z#-+K&#-/&#HAN)'#0$+*Z#+N"$# E+0K&*# B,# +# "<T'9# S$NN$M# -/<"# 0$+*# -$# HAN)'9# S0$E# HAN)'Z#-/&#0$)-&#-$#-/&#=&"&0>&#<"#"<T'5%$"-&*9
*$*4Z([4\,(!] &A04 (=1OI4 324 0E0;32@4 <AF@04 32@0E7B0I4 G063J04 0O@F26@4 F24 '7=:324 3=7K2:4 @A04VaCX>" &A04 E3>@4 R27<24 <FE:4 (=1O4 F24 @A04 <7=E:4 <3>4 RFEE0:4 G14 AK2@0=>4 F24 (J324F24VafC" $24VafcI40E0L024(=1O4<0=04 =08E763@0:4@74%A3<J3=F" &A04 2KJG0=4 7?4 (=1O4 A3>4 27<4 F26=03>0:4 @74 34 BA027J023E4@<74AK2:=0:g4
,Q VSULQJ WKH ZRRGODQG pRRU LV FDUSHWHG ZLWK GULIWV RI E)N-<5G$N$0&*#+'&E$'&"Z#0$GK0$"&"Z#+'*#+#/$"-#$O#$-/&0# ZLOG pRZHUV
!'
5G=5E*B<AC5,4*=<9<=>< HR0+J#<"#+#)'<J)&#M&-N+'*#$+"<"#<'#-/&#/&+0-#$O#-/&#"&E<5+0<*#V$0*+'<+'#*&"&0-9# ./&#=&"&0>&Z#E+'+T&*#B,#-/&#=(UCZ#<"#+#%&0O&G-#N$G+-<$'#-$#B<0*#M+-G/Z#&"%&G<+NN,# *)0<'T#-/&#E<T0+-<$'#"&+"$'"#M/&'#+#M<*&#>+0<&-,#$O#B<0*"#"-$%#O$0#+#0&"-#*)0<'T# -/&<0# +0*)$)"# -0<%# B&-M&&'# a)0$%&# +'*# HO0<G+9# ($E&# B<0*"# "-+,# O$0# M<'-&0# $0# B0&&*#M<-/<'#-/&#%0$-&G-&*#+0&+#$O#-/&#M&-N+'*9 ./&#+--0+G-<$'"#$O#-/&#=&"&0>&#<'GN)*&#"&>&0+N#'+-)0+N#+'*#+'G<&'-#B)<N-#%$$N"Z#+# VHDVRQDOO\ pRRGHG PDUVKODQG DQG D ODUJH PXGpDW NQRZQ DV 4D D $O $]UDT
IO,"J&C2)>"%?&32.2,42 HR0+J# E&+'"# bBN)&\# <'# H0+B<G9# !'# -/&# %+"-Z# -/&# %$$N"Z# E+0"/&"Z# +'*# "-0&+E"# $O# HR0+J# O$0E&*# +# "%+0KN<'T# BN)&# A&M&N# <'# -/&# *&"&0-Z# +# /+>&'# O$0# )%# -$# +# E<NN<$'# E<T0+-<'TZ# B0&&*<'T#+'*#M<'-&0<'T#B<0*"9#:&"%<-&#-/&#N$""#$O#E$"-#$O#-/&#%&0E+'&'-#M&-N+'*#/+B<-+-# *)0<'T#-/&#%+"-#*&G+*&Z#HR0+J#G$'-<')&"#-$#%0$><*&#+#"&+"$'+N#/+B<-+-#O$0#+#N+0T&#')EB&0# $O#B<0*#"%&G<&"9 7KH VSHFLHV RQH FDQ PHHW DW WKH $]UDT RDVLV LQFOXGH 7KH 6LQDL 5RVHoQFK -RUGDQ V '+-<$'+N#B<0*8Z#.&EE<'K\"#]$0'&*#i+0KZ#:&"&0-#i+0KZ#]$$%$&#i+0KZ#:&"&0-#D/&+-&+0#+'*# -/&#.0)E%&-#S<'G/9#!'#M<'-&0Z#U0+'&"#+'*#!E%&0<+N#a+TN&"#"$+0#+G0$""#-/&#+0&+9
!(
S0$E# -/&# HR0+J# aG$5N$*T&Z# +# M<*&# 0+'T&# $O# +G-<><-<&"# +0&# %$""<BN&9# !'# +**<-<$'# -$#B<0*#M+-G/<'T#<'#-/&#'&+0B,#M&-N+'*#0&"&0>&Z#<-#<"#%$""<BN&#-$#T$#$'#+#*+,#$0# '<T/-# "+O+0<# <'# (/+ME+0<Z# $0# ,$)# G+'# -+K&# $'&# $O# "&>&0+N# -$)0"# -$# &_%N$0&# -/&# M<*&#&_%+'"&"#$O#-/&#a+"-&0'#:&"&0-9#@)G/#$O#-/<"#*&"&0-#G$'"<"-"#$O#BN+GK#B+"+N-Z# M/<G/# G0&+-&"# "-+0K# +'*# )')")+N# N+'*"G+%&"9# ./&# *&"&0-# G$'-+<'"# 0&E'+'-"# $O# &_-<'G-# >$NG+'$&"# +'*# E+',# +0G/+&$N$T<G+N# "<-&"9# a_G)0"<$'"# $'# P_P# G+'# B&# +00+'T&*Z# M<-/# $>&0'<T/-# G+E%<'T# M<-/# ;&*$)<'"9# =&E&EB&0# -$# ><"<-# -/&# =&"&0>&\"# X<"<-$0"\# U&'-&0# +'*# <-"# <'-&0&"-<'T# C+-)0&# (/$%9# X<"<-$0"# G+'# +N"$# VKDUH D KRPH FRRNHG PHDO ZLWK ORFDOV YLVLW RQH RI WKH oYH GLIIHUHQW SURMHFWV IRU M$E&'Z#G,GN&#+-#-/&#HR0+J#:0)R&#><NN+T&#+'*#&'A$,#"$E&#B<0*#M+-G/<'T9
4#F>F@7=>Y4-02@0=432:4,3@K=04%A7B ./&# X<"<-$0"\# U&'-&0# /$N*"# +# "E+NN# B)-# <E%0&""<>&# E)"&)E# M<-/# +'# +J)+0<)E# +'*#B<$-$%&#"/$MG+"&"Z#><><*N,#-&NN<'T#-/&#"-$0,#$O#-/&#+'G<&'-#$+"<"#+'*#-$*+,\"# &G$N$T<G+N# -/0&+-"9# ./&# U&'-&0# +N"$# $OO&0"# T)<*&*# -$)0"9# ./&# C+-)0&# (/$%# "&NN"# -,%<G+N#N$G+N#%0$*)G-"Z#")G/#+"#/+'*E+*&#0&&*#-$,"#+'*#E+',#$-/&0"9
!!!"#$%$&'()*+,"-(.
*F=06@F72>4 HR0+J# <"# 69Y# /$)0"# O0$E# HEE+'# B,# G+09# f$)# G+'# -+K&# &<-/&0#$'&#$O#-M$#0$)-&"#-$#-/&#=&"&0>&4
:&"&0-#]<T/M+,
0$,?&C")<1$%-&$%&IO,"J
.+K&#-/&#:&"&0-#]<T/M+,#"$)-/M+0*#O0$E#HEE+'9#^'# 0&+G/<'T#-/&#@+*+B+#"<T'Z#-+K&#-/&#-)0'Z#-/&'#/&+*#&+"-# <'#-/&#$%%$"<-&#*<0&G-<$'#O0$E#@+*+B+9#S$NN$M#-/&#0$+*# "<T'"#-$#HR0+J9
k+0J+#]<T/M+, !'#HEE+'Z#T$#&+"-#$'#e<'T#HB*)NN+/#(-0&&-Z#*0<><'T#%+"-# -/&# =$E+'# ./&+-0&# -$# A$<'# -/&# HEE+'5k+0J+# /<T/M+,9# ./&#0$+*#-$#HR0+J#B0+'G/&"#$OO#-/&#/<T/M+,#B&O$0&#,$)# 0&+G/#k+0J+9
IO,"J&K(?-2
*$*4Z([4\,(!] -7=3E>4 3=04 27@4 BE32@>4 GK@4 EFLF2;4 7=;32F>J>"4 &A014 3=04 B3=@4 7?4 324 326F02@4 32:4 >FJBE04 ;=7KB47?432FJ3E>4R27<24 3>4 62F:3=F3"4 +4 67=3E4 >@=K6@K=04 F>4 36@K3EE14 67JB7>0:4 7?4 AK2:=0:>4 7=4 @A7K>32:>4 7?4 @A0>04 @F214 32FJ3E>4 ;=7<F2;4 @7;0@A0=4 3>4 34 67E721"4 `063K>04 7?4 @A0F=4 >E7<4 =3@04 7?4 ;=7<@AI4 3G7K@4 V6J4 34 103=I4 @A04 67=3E>4 @A3@4 17K4 >004 F24 @A04 HKE?4 7?4 +N3G34 3=04 602@K=F0>4 7E:"
+667JJ7:3@F72 H# "/$0-# *<"-+'G&# O0$E# -/&# D&-N+'*# =&"&0>&Z# +-# -/&# &*T&# $O# -/&# HR0+J# ><NN+T&"Z# WKH 56&1 KDV RSHQHG D QHZ HFR ORGJH LQ D IRUPHU %ULWLVK oHOG KRVSLWDO 7KH ROG B)<N*<'T"# /+>&# B&&'# 0&'$>+-&*# +'*# &_-&'*&*# -$# %0$><*&# +# )'<J)&N,# *&"<T'&*# G$E%N&_Z# M<-/# 6Q# +<05G$'*<-<$'&*# 0$$E"Z# <'-&0%0&-+-<$'# +0&+"Z# +# %N+R+Z# +'*# +# UHVWDXUDQW DOO UHPLQLVFHQW RI WKH V PLOLWDU\ SHULRG ZKHQ WKH\ ZHUH oUVW EXLOW %RRNLQJV FDQ EH PDGH WKURXJK WKH :LOG -RUGDQ RIoFH RU GLUHFWO\ DW WKH =&"&0>&9
!)
476<<,*F8=<9A* :<B&&'#S$0&"-#<"#-/&#'&M&"-#'+-)0&#0&"&0>&#<'#V$0*+'9#./&#O$0&"-#<"#"<-)+-&*#A)"-# "$)-/# $O# -/&# O+E$)"# =$E+'# G<-,# $O# V&0+"/Z# M/&0&# <-# G$>&0"# -/&# "-&&%# /<NN"<*&"# $>&0#+'#+0&+#$O#"$E&#3#"J#KE9#@$"-#$O#-/&#-0&&"#+0&#HN&%%$#%<'&"#E<_&*#M<-/# &>&0T0&&'# $+K# 1h)&0G)"# G+NN<%0<'$"8# +'*# +# "G+--&0<'T# $O# 0&*5B+0K&*# +0B)-)"9# !-# +N"$#/+"#+#O&M#M<N*#$N<>&Z#%<"-+G/<$Z#+'*#%&+0#-0&&"9#./&#HN&%%$#%<'&"#+0&#"$E&#$O# -/&#$N*&"-#+'*#N+0T&"-#<'#-/&#e<'T*$E9#:<B&&'#<"#-/&#*0<&"-#%+0-#$O#-/&#M$0N*#<'# M/<G/#-/&,#+0&#K'$M'#-$#T0$M#'+-)0+NN,9 ()0>&,"# /+>&# 0&>&+N&*# -/+-# :<B&&'# <"# $'&# $O# -/&# B&"-# 0&E+<'<'T# &_+E%N&"# $O# %<'&5$+K# O$0&"-# N&O-# <'# -/&# @<**N&# a+"-9# !-# ")%%$0-"# +-# N&+"-# 67# &'*+'T&0&*# M<N*N<O&#"%&G<&"9#./&"&#<'GN)*&#"&>&0+N#$0G/<*"Z#-/&#F&0"<+'#0&*#"J)<00&N#+'*#O$)0# -,%&"#$O#B+-9#./&#T0&,#M$NO#+'*#"-0<%&*#/,&'+#+0&#+N"$#%0&"&'-#<'#-/&#+0&+Z#+"#M&NN# +"#+#0+'T&#$O#)'G$EE$'#M$$*N+'*#B<0*"9
/$E22%&9(,2.)
./&# O$0&"-# /+"# B&&'# $%&'# -$# -/&# %)BN<G# O$0# E+',# ,&+0"# +'*# <-# /+"# +# N+0T&# 0&"-# /$)"&#-/+-#%0$><*&"#+GG$EE$*+-<$'#+'*#O$$*9#./&#0&"-#/$)"&#+'*#")00$)'*<'T# +0&+#G+'#B&G$E&#>&0,#B)",#$'#S0<*+,"9#./&0&#<"#'$#-0+<N#","-&E#+"#,&-#B)-#-/&0&# +0&#+#')EB&0#$O#E<'$0#0$+*"#-/0$)T/#-/&#O$0&"-#-/+-#N&+*#-$#"&GN)*&*#TN+*&"#M<-/# <E%0&""<>&#><&M"9#:<B&&'#<"#%+0-<G)N+0N,#+--0+G-<>&#<'#@+0G/#+'*#H%0<N#M/&'#<-#<"# IXOO RI VSULQJ pRZHUV
*F=06@F72> ./&#O$0&"-#<"#+B$)-#+#$'&#/$)0#*0<>&#'$0-/#$O#HEE+'9#.+K&#-/&#E+<'#!0B<*#0$+*# RXW RI $PPDQ DQG IROORZ WKH VLJQV WR -HUDVK XVLQJ WKH oUVW VLJQ SRVWHG H[LW DIWHU FURVVLQJ WKH URDG EULGJH RYHU WKH =DUTD 5LYHU $W WKH WUDIoF FLUFOH MXVW EHIRUH HQWHULQJ WKH FLW\ RI -HUDVK WDNH D OHIW WXUQ RQWR WKH URDG WR $MOXQ $W WKH QH[W WUDIoF N<T/-"# -)0'# N&O-# +'*# O$NN$M# -/&# 0$+*# O$0# +B$)-# ?2# E<')-&"Z# %+""<'T# -/0$)T/# -/&# "E+NN#-$M'#$O#W/+R+#+'*#-/&#><NN+T&#$O#V+E<+/9#H"#-/&#")00$)'*<'T#+0&+#B&G$E&"# E$0&#O$0&"-&*Z#N$$K#O$0#-/&#&'-0+'G&#"<T'"#-$#:<B&&'#'&+0#+#0$+*#A)'G-<$'9#./&0&#<"# D VPDOO UHFHSWLRQ RIoFH QHDU WKH URDGVLGH ZKLFK PDUNV WKH RIoFLDO DFFHVV SRLQW
"*
!!!"#$%$&'()*+,"-(.
67=4*B5A!;7,D ./&# =(UC# <"# -/&# ;<0*i<O&# !'-&0'+-<$'+N# %+0-'&0# <'# V$0*+'9# ;<0*i<O&# !'-&0'+-<$'+N# <"# +# TN$B+N# F+0-'&0"/<%# $O# G$'"&0>+-<$'# $0T+'<"+-<$'"# -/+-# "-0<>&"# -$# G$'"&0>&# B<0*"Z# -/&<0# /+B<-+-"#+'*#TN$B+N#B<$*<>&0"<-,9#;<0*i<O&#F+0-'&0"#$%&0+-&#<'#$>&0#$'&#/)'*0&*#G$)'-0<&"# +'*#-&00<-$0<&"#M$0N*M<*&9
0$,?&C")<1$%-&$%&IO,"J V$0*+'# <"# +# T0&+-# *&"-<'+-<$'# O$0# B<0*5N$>&0"# +'*# *&*<G+-&*# B<0*M+-G/&0"9# !-"# 0&E+0K+BN&#>+0<&-,#$O#/+B<-+-"Z#O0$E#0)TT&*#E$)'-+<'"#+'*#&>&0T0&&'#M$$*N+'*"# -$# "G0)BB,# "-&%%&# +'*# /$-# *0,# *&"&0-"Z# %0$><*&# -/&# %&0O&G-# &'><0$'E&'-"# O$0# E+',#"%&G<&"#$O#<'*<T&'$)"#B<0*"9#S)0-/&0E$0&Z#<-"#N$G+-<$'#+-#-/&#G0$""0$+*#$O# a)0$%&Z#H"<+#+'*#HO0<G+#E&+'"#-/+-#E<T0+-<'T#B<0*"#O0$E#-/&"&#-/0&&#G$'-<'&'-"# G+'#"$E&-<E&"#B&#"&&'#-$T&-/&0#<'#-/&#"+E&#T&'&0+N#+0&+9 H#-$-+N#$O#67#"<-&"#/+>&#B&&'#*&GN+0&*#+"#!E%$0-+'-#;<0*#H0&+"#1!;H"8#<'#V$0*+'\"# '+-<$'+N#%+0K"9#=(UC\"#'+-)0&#0&"&0>&"#+0&#+N"$#!;H"9
!'#-/&#M&"-&0'#/<T/N+'*"Z#<'GN)*<'T#-/&#M$$*&*#+0&+"#$O#-/&#'$0-/#<'#k)B<+Z#HAN)'# +'*#:<B&&'Z#+'*#:+'+#<'#-/&#"$)-/Z#-/&#@&*<-&00+'&+'#/+B<-+-"#")00$)'*&*#B,# $%&'#"-&%%&#G$)'-0,#+0&#/$E&#-$#-/&#F+N&"-<'&#()'B<0*Z#-/&#[%G/&0\"#^0%/+'#+'*# (+0*<'<+'#D+0BN&0"9#./&#E$0&#$%&'#"-&%%&#/+B<-+-"#-,%<G+NN,#/$"-#-/&#(%&G-+GN&*# D+0BN&0Z#i$'T5;<NN&*#F<%<-Z#;N+GK5a+0&*#D/&+-&+0Z#D$$*G/+-#(/0<K&#+'*#i<''&-9
./&#T0&&'#+0&+"#$O#HJ+B+Z#%+0-<G)N+0N,#-/&#0&N+-<>&N,#*&'"&#>&T&-+-<$'#+'*#$%&'#%$'*"# +-#-/&#M+"-&#M+-&0#-0&+-E&'-#%N+'-Z#+--0+G-#/)'*0&*"#$O#-/$)"+'*"#1%$""<BN,#E<NN<$'"8#$O# E<T0+-$0,#B<0*"#&>&0,#"%0<'T#+'*#+)-)E'#G$E%0<"&*#$O#E$0&#-/+'#?Y2#*<OO&0&'-#"%&G<&"9# ./&# V$0*+'<+'# ($G<&-,# O$0# ()"-+<'+BN&# :&>&N$%E&'-# 1V((:8# B&T+'# -/&# &"-+BN<"/E&'-# $O# %0$-&G-&*# +0&+"# <'# HJ+B+Z# <'# G$$%&0+-<$'# M<-/# -/&# HJ+B+# (%&G<+N# aG$'$E<G# k$'&# H)-/$0<-,#+'*#-/&#HJ+B+#D+-&0#U$E%+',9#
!A3@4>7=@47?4GF=:>4632417K4>00]4 ./&#a+"-&0'#:&"&0-#/+B<-+-Z#<'GN)*<'T#-/&#HR0+J#D&-N+'*#^+"<"Z#<"#/$E&#-$#N$G+N#*&"&0-# +'*#+J)+-<G#"%&G<&"Z#+'*#<"#%&0<$*<G+NN,#><"<-&*#B,#E<T0+'-"9#(%&G<&"#-/+-#G+'#B&&'#"&&'# <'#-/+-#+0&+#<'GN)*&#-/&#.&EE<'K\"#]$0'&*#i+0KZ#]$$%$&#i+0KZ#:&"&0-#D/&+-&+0#+'*# .0)E%&-&0#S<'G/9#!'#M<'-&0Z#U0+'&"#+'*#!E%&0<+N#a+TN&"#G+'#+N"$#B&#"%$--&*9#X<"<-$0"#-$# -/&#:&"&0-#U+"-N&"Z#&+"-#$O#HEE+'Z#+0&#$O-&'#T0&&-&*#B,#-/&#./<GK5;<NN&*#i+0*#+'*#=&*5 =)E%&*#D/&+-&+0"9
D+*<#(/)\+,B#+'*#D+*<#@)A<B#M<-/#-/&<0#%&0&''<+N#M+-&0G$)0"&#+0&#*M&NN<'T#%N+G&"#O$0# WKH EHDXWLIXO :KLWH %UHDVWHG .LQJoVKHU 7KH PDJQLoFHQW URFN\ JRUJHV RI :DGL 5XP :+'+Z#@)A<BZ#+'*#F&-0+#+0&#/$E&#-$#-/&#W0<OO$'#X)N-)0&Z#;$'&NN<\"#a+TN&Z#])E&\"#.+M',# 2ZO %ODFNVWDUW GLIIHUHQW :KHDWHDUV 6FUXE :DUEOHUV 6LQDL 5RVHoQFK +RXVH %XQWLQJ .0<"-0+E\"#W0+GKN&Z#+'*#-/&#S+'5#.+<N&*#=+>&'9
./&#:&+*#(&+#+0&+#+'*#D+*<#H0+B+#+0&#/$E&#-$#H0+B<+'#+'*#HO0<G+'#"%&G<&"#")G/# +"# -/&# (+'*# F+0-0<*T&Z# ;+05.+<N&*# i+0KZ# :)''\"# ]$$%$&# i+0KZ# i<--N&# W0&&'# ;&&5 a+-&0Z#;N+GK"-+0-#+'*#H0+B<+'#;+BBN&09
"!
;%H2I#J*,)$-'%*KKK*;%H2I#J*:%"2H% &b54)(Z+94%(-$5&Z4/()4&b54-(,%5)#+&$(,4(/4,+&[)54^)%-,_4+,*4 !$9*4'()*+, =(UC# <"# +# '$'5T$>&0'E&'-+N# $0T+'<R+-<$'# *&>$-&*# -$# -/&# G$'"&0>+-<$'# $O# V$0*+'\"# '+-)0+N# &'><0$'E&'-9# U0&+-&*# <'# 6IQQ# )'*&0# -/&# %+-0$'+T&# $O# ]<"# @+A&"-,#-/&#N+-&#e<'T#])""&<'Z#-/&#($G<&-,#/+"#B&&'#T<>&'#0&"%$'"<B<N<-,#B,#-/&# V$0*+'<+'#T$>&0'E&'-#O$0#%0$-&G-<'T#-/&#G$)'-0,\"#M<N*N<O&#+'*#M<N*#%N+G&"9# bD<N*#V$0*+'\#<"#+*<><"<$'#$O#=(UC#+'*#-/&#-0+*<'T#'+E&#O$0#-/&#($G<&-,\"#&G$5 -$)0<"E#+'*#/+'*<G0+O-#&'-&0%0<"&"9
0>"<F&6,$.
&b54!$9*4'()*+,4-5,&5) F&0G/&*# /<T/# +B$>&# -/&# $N*# G<-,# $O# HEE+'Z# -/&# D<N*# V$0*+'# U&'-&0# <"# +# 0&>$N)-<$'+0,# G$E%N&_# *&>$-&*# -$# %0$E$-<'T# %0$-&G-<$'# +'*# ")"-+<'+BN&# )"&# $O# V$0*+'\"# 0<G/# '+-)0+N# /&0<-+T&9# !-# /+"# -/&# N+0T&"-# '+-)0&# "/$%# <'# -/&# 0&T<$'Z# +'#+E+R<'T#M/$N&O$$*#G+Om#M<-/#"-)''<'T#><&M"#$>&0#-/&#G<-,#Z#+'*#+#-$)0<"-# <'O$0E+-<$'#%$<'-#-$#"/$M#,$)#/$M#-$#><"<-#V$0*+'\"#'+-)0+N#-0&+")0&"9#!-#+N"$# /+"#O)NN,5&J)<%%&*#-0+<'<'T#+'*#G$'O&0&'G&#0$$E"9 &RPH DQG oQG WKDW XQXVXDO JLIW \RX KDYH EHHQ ORRNLQJ IRU HQMR\ D GHOLFLRXV E&+N# $0# O0)<-# *0<'KZ# )"&# -/&# !'-&0'&-Z# $0# "<E%N,# "<-# +'*# &'A$,# -/&# ><&Mn# +'*# *$#'$-#O$0T&-#-/+-#+',#E$'&,#,$)#"%&'*#<'#-/&#U&'-&0#M<NN#B&#)"&*#-$#")%%$0-# D<N*#V$0*+'\"#cA$B"#O0$E#'+-)0&d#%0$T0+EE&9#
b0EBF2;4,3@K=04h4b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bD<N*#V$0*+'\9
""
!!!"#$%$&'()*+,"-(.
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oFH F/$'&4#oIQL#Q#PQ6QYL?#5#S+_4#oIQL#Q#PQ??QY7g#PQ6QYL? W&'&0+N#&'J)<0<&"#+'*#B$$K<'T"4#-$)0<"Ep0"G'9$0T9A$ D<N*#V$0*+'#%/$'&4#oIQL#Q#PQ??Y3I#5#S+_4#oIQL#Q#PQ??QY7 W&'&0+N#&'J)<0<&"4#M<N*A$0*+'9G&'-&0p0"G'9$0T9A$ =(UC#M&B"<-&4#MMM90"G'9$0T9A$
*$*4Z([4\,(!] ,03=G14 @A04 =0>0=L04 F>4 +TEK24 -3>@E0I4 34 PDJQLoFHQW FDVWOH WKDW :7JF23@0:4 @A04 @A=004 J3F24 =7K@0>4 E03:F2;4 @74 @A04 '7=:324 #3EE014 32:4 B=7@06@0:4 @A04 @=3:04 32:4 67JJ0=6F3E4 =7K@0>4 G0@<0024 '7=:324 32:4 4 4 4 4 4 4 %1=F3"4 $@4 G063J04 324 FJB7=@32@4 EF2R4 F24 @A04 :0?02>FL04 6A3F24 3;3F2>@4 @A04-=K>3:0=>"
C"?$&3A8
CH.[=a#=a(a=Xa#.aiaF]^Ca#C[@;a=(
HhH;H#(FaU!Hi#aU^C^@!U#k^Ca#H[.]^=!.f#1H(akH8
:+'+4#oIQL#?#LL72PI7 @)A<B4#oIQL#777#PLL6LY HAN)'4#oIQL#L#QP7YQ7? HR0+J#+'*#(/+ME+0<4#oIQL#Y#?3?YLLY
.&N94#oIQL#?#L2I6222#5#S+_4#oIQL#?#L2I62YL MMM9+J+B+9A$
DH:!#=[@#F=^.aU.a:#H=aH#X!(!.^=(\#UaC.a= .&N94#oIQL#?#L2I2Q22#5#S+_4#oIQL#?#L2?LY3Q MMM9M+*<0)E9A$
"#
!"#$%&#'%()*+,)-#(#.+,( v ([SHULHQFH WKH GD\ WR GD\ OLIH RI WKH SHRSOH DURXQG \RX ,QWHUDFW ZLWK WKH N$G+N#G$EE)'<-,#M/<N&#"/$M<'T#0&"%&G-#O$0#<-"#N+M"#+'*#G)"-$E"9 v 3UDFWLFH D IHZ SKUDVHV LQ $UDELF 3HRSOH ZLOO DSSUHFLDWH \RXU HIIRUWV 3OHDVH LV cE<'#O+*N+Kd#<'#H0+B<G#+'*#-/+'K#,$)#<"#c"/)K0+'9d v $VN SHUPLVVLRQ EHIRUH SKRWRJUDSKLQJ RU YLGHRWDSLQJ SHRSOH v 6XSSRUW WKH ORFDO HFRQRP\ ZKHQHYHU SRVVLEOH E\ EX\LQJ ORFDO SURGXFH v ,Q KRWHOV WXUQ RII OLJKWV DQG DGMXVW WKHUPRVWDWV WR FRQVHUYH HQHUJ\ EHIRUH N&+><'T#,$)0#0$$E9
b0EB4B=0>0=L04'7=:32Y>423@K=3E4E32:>63B0> ]&N%<'T#-$#%0&"&0>&#V$0*+'\"#B&+)-<O)N#'+-)0+N#N+'*"G+%&"#G+'#B&#+G/<&>&*#B,# O$NN$M<'T#"$E&#"<E%N&#"-&%"9#]&0&#+0&#+#O&M#-<%"4 v .HHS QRLVH OHYHOV GRZQ DV QRLVH FDQ GLVWXUE ELUGV DQG RWKHU DQLPDOV v .HHS WR SURSHU IRRWSDWKV GR QRW IHHG ZLOGOLIH DQG GR QRW SLFN pRZHUV RU $-/&0#%N+'-"9 v 'R QRW GDPDJH WUHHV DQG GR QRW VSUD\ KLVWRULF PRQXPHQWV ZLWK JUDIoWL v :DWHU LV VFDUFH LQ -RUGDQ VR SOHDVH FRQVHUYH DQG NHHS ZDWHU VRXUFHV FOHDQ v 6WLFN WR GHVLJQDWHG URDGV ZKHQ GULYLQJ 2II URDG PRWRULQJ LV ERWK ULVN\ DQG *+E+T<'T#-$#-/&#&'><0$'E&'-9 v %H DZDUH WKDW oUH PDNLQJ LV VWULFWO\ SURKLELWHG LQ DOO UHVHUYHV H[FHSW LQ *&"<T'+-&*#B+0B&G)&#%<-"9#:$#'$-#+%%0$+G/Z#-/0&+-&'#$0#O&&*#M<N*#+'<E+N"9
"$
!A0247243423@K=04@=FBi
)0J0JG0=4@74G=F2;h
v $YRLG KLNLQJ DORQH RU LQ WKH GDUN v :DWFK \RXU IRRWLQJ RQ URFN\ RU VWHHS VORSHV DQG DOZD\V VWD\ RQ WKH WUDLO v 'XULQJ KHDY\ UDLQIDOO DYRLG ORZ O\LQJ DUHDV VXFK DV FDQ\RQ pRRUV WKDW DUH VXVFHSWLEOH WR VXGGHQ pDVK pRRGV v %ULQJ \RXU RZQ ZDWHU IRU GULQNLQJ DQG FRRNLQJ DV QDWXUDO ZDWHU VRXUFHV PD\ '$-#+NM+,"#B&#GN&+'#$0#+GG&""<BN&9 v ,I \RX GR XVH ZDWHU IURP D VSULQJ RU VWUHDP WUHDW LW E\ ERLOLQJ RU ZLWK SXULoFDWLRQ WDEOHWV
D+-&0Z# +# /+-Z# G$EO$0-+BN&# /<K<'T# "/$&"Z# +# G+E&0+Z# B<'$G)N+0"Z# +'*# LGHQWLoFDWLRQ JXLGHV IRU ZLOGOLIH )RU RYHUQLJKW FDPSLQJ WULSV WDNH D VOHHSLQJ B+T#$0#BN+'K&-"Z#O$$*Z#+'*#%N+"-<G#B+T"#O$0#T+0B+T&9#!-#<"#+NM+,"#+#T$$*#<*&+#-$# FDUU\ D pDVKOLJKW D FRPSDVV PDWFKHV ZDWHUSURRI FORWKLQJ DQG D oUVW DLG NLW ;,#E<'<E<R<'T#,$)0#<E%+G-#$'#-/&#M<N*N<O&Z#,$)#M<NN#/&N%#%0$-&G-#+'*#%0&"&0>&# V$0*+'\"#B&+)-<O)N#'+-)0&#O$0#O)-)0&#T&'&0+-<$'"#-$#&'A$,9
01223043#"&4&53676&30 !"#$%&'(&)&#'(*&$+&(,--"(*".&'*'/"0)0'"(&*1)*&%$,#.&(1$%&*1"&2"(*&$+&"3$4 5$0.)/&."6"/.'/-&$/&*1"&*'7"&)8)'#)2#"9
!"#$%"&'()*+$+%, :,77"0;&<,='2&>)*,0"&?"("08" @'/*"0;&A)/)&!'$(61"0"&?"("08"&
-"#$%"&'()*+$+%., !"#$%&&<,='2&>)*,0"&?"("08"&4&B8"0/'-1*&'/&C77)/ !"#$'$&&A)/)&!'$(61"0"&?"("08"&4&B8"0/'-1*&'/&A)/) !"#$($&&@).'&?,7&4&B8"0/'-1*&'/&@).'&?,7
/"#$%"&'()*+$+%, !"#$%$&&CD0)E&@"*#)/.&?"("08"&4&B8"0/'-1*&'/&C77)/ !"#$'$&&C=#,/&>)*,0"&?"("08"&4&B8"0/'-1*&'/&C=#,/ !"#$($&&<,='2&>)*,0"&?"("08"&4&B8"0/'-1*&'/&F"G/)/ !"#$)$&&A)/)&!'$(61"0"&?"("08"&4&B8"0/'-1*&'/&A)/) !"#$*$&&@).'&?,7&4&B8"0/'-1*&'/&@).'&?,7&
F$0&7$0"&'*'/"0)0'"(H&6#")("&31"3I&$,0&%"2('*" %%%9J'('*5$0.)/93$7
+,-".
Jordan Tourism Board Tel : +(962-Â6) 5678444 Fax: +(962-Â6) 5678295 P.O.Box 830688 Amman 11183, Jordan email: info@visitjordan.com visitjordan www.visitjordan.com
English I â&#x20AC;ŚĂľÂŤâ&#x2C6;?â&#x20AC;&#x161;EG
Copyright Š Jordan Tourism Board 2013. All Rights Reserved. All text, images, graphics, and other materials within this brochure are subject to copyright and other intellectual property rights of the JTB. 7KHVH PDWHULDOV PD\ QRW EH UHSURGXFHG GLVWULEXWHG RU PRGLoHG ZLWKRXW WKH H[SUHVV ZULWWHQ SHUPLVVLRQ RI -7%