0!1(%)*%)02#&!&.#%)*%(+#&%) (2%’%) · 0!1(%)*%)02#&!&.#%)*%(+#&%)...
TRANSCRIPT
!"#$%&'#(%)*%)'(&+',-!&.)
)
/+0!1(%)*%)02#&!&.#%)*%"(+#&%)
!
"##$%!&'()!! ! ! ! ! ! ! ! ! ! *+!&,!
!
(2%'%)
!
-.$/%#0$%!123.!4%!561478%!9:;0<0!9%!52=0%3.!%#!>?6.3.@6%!5%#0<6.%!
4%!&(!A3644%0!&'()
!
1<.!
!
(+3%*+)+4567
*$!4%!(&B'(B(CDC!E!!"#$%&'(#)*
!
189)5:;6<6;=9)57;6>6:?@A687789)B89)C8C;6B89)DEF*)8;)'GG*)B=?6<=9)B8)
4H+>=4@I=7678)J)?845;6@7)9;?K:;K?8LM@7:;6@7)8;)96I76M6:5;6@7)87)@B@7;@4@I68!
!
!
!
!
! -.$/69%#0! !F!! -.2G%//%3.!H;I;J!K42.%#0!
! "//%//%3./!F!! 52=0%3.!H;LMNOPQLRSQ;!H<.6%NT$4U#%!!
! ! ! ! 52=0%3.!TQ>V!P46W6%.!
! ! ! ! 52=0%3.!KRPJ;LLR!K42.%#=%! !
! &!
L"OX;!5;Y!H"LR;J;Y!
!"#$%&'%(&)"!*%+%(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&-!
*.'%/&'%(&0*12+%(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&3!
*.'%/&'%(&!"#$%"2/&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&4!
*.'%/&'%(&"#+%5*"!*6.(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&7!
*.'%/&'%(&"##+%5*"!*6.(&'%(&"8*'%(&")*.%(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&99!
"5".!:;+6;6(&<&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&9-!
9,&$%(&")%$61%.*.%(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&9=!
9,9,&$>")%$61%.%(%&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&9=!
9,-,&$%(&;+6!%*.%(&'%&$>")%$61%.%(%&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&94!
9,=,&$%(&;+6!%*.%(&")%$61%.*.%(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&97!
9,?&$%(&'%+*5%(&'%&$"&)"!+*8%&")%$"*+%@&%)'@&%)'61"*.&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&-9!
9,3&$%(&;+6;+*%!%(&#*6$61*A2%(&'%(&")%$61%.*.%(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&--!
"#$#"!%&'!()*&+,-*(.)'!/&'!,0&%.1&)()&'!,2&-!%&'!-&%%3%&'!/&!%45.*&!#########################################################!66!
"#$#6#!%&!+.%&!7(.%.1(83&!/&'!,0&%.1&)()&'!/,)'!%,!7(.0()&+,%(',*(.)!/&!%4&0,(%!#####################################!69!
"#$#:!%&!+.%&!7(.%.1(83&!/,)'!%,!-(-,*+(',*(.)!/&'!%&'(.)'!#########################################################################!6$!
9,4&$>";;$*8"!*6.&8$*.*A2%&'%(&")%$61%.*.%(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&-7!
-,&$%(&;%;!*'%(&".!*)*8+6#*%.(&B;")(C&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&-D!
-,9,&$"&8$"((*0*8"!*6.&'%(&;%;!*'%(&".!*)*8+6#*%.(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&-D!
-,-,&$"&(!+28!2+%&'%(&;")(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&=9!
6#6#"#!%&'!-,+,-*&+('*(83&'!&*!';&-(<(-(*&'!/&'!;,0'!##################################################################################!:"!
-,?,&"8!*5*!%&#*6$61*A2%&".!*)*8+6#*%..%&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&=?!
-,3,&$%(&+%(*(!".8%(&'%(&)*8+66+1".*()%(&"2/&;")(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&=3!
! Z!
6#$#"!%,!+&'('*,)-&!),*3+&%%&!,3=!;,0'!###################################################################################################!:$!
6#$#6#!%,!+&'('*,)-&!,-83('&!,3=!;,0'!######################################################################################################!:$!
-,4,&"2!+%(&"8!*5*!%(&#*6$61*A2%(&'%(&;")(&E&F';(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&=4!
)"!%+*%$(&%!&)%!F6'%(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&=D!
9&;+%;"+"!*6.&'2&)"!%+*%$&#*6$61*A2%&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&=D!
"#"#!;&;*(/&'!'>)*5&*(83&'!/4,0&%.1&)()&!################################################################################################!:?!
-,&)%!F6'%(&'%&;2+*0*8"!*6.&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&=G!
6#"#!%,!-5+.0,*.1+,;5(&!%(83(/&!5,3*&!;&+<.+0,)-&!/&!;5,'&!()2&+'&!@+;A5;%-B!#####################################!:C!
=,&)%!F6'%(&'%&8"+"8!%+*("!*6.&(!+28!2+"$%&'%(&;%;!*'%(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?-!
:#"#!%&!'&83&)D,1&!,3*.0,*(83&!##############################################################################################################!96!
:#6#!%,!';&-*+.0&*+(&!/&!0,''&!#################################################################################################################!99!
?,&)%!F6'%(&'%&8"+"8!%+*("!*6.&#*6$61*A2%(&'%(&;%;!*'%(&"8!*0(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?3!
9#"#!,-*(2(*&'!,)*(0(-+.7(&))&'!################################################################################################################!9$!
3,&)%!F6'%(&*.06+)"!*A2%(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?D!
$%(&+%(2$!"!(&%/;%+*)%.!"2/&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?G!
9&*.!+6'28!*6.&<&$%(&+%(2$!"!(&;+%$*)*."*+%(&"&$>%!2'%&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?G!
-&.625%"2/&!%(!(&".!*)*8+6#*%.(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&3H!
6#"#!&=;&+(&)-&!,2&-!06?/!%.*!"!##############################################################################################################!$E!
6#6#!&=;&+(&)-&!,2&-!06?/!%.*!6!##############################################################################################################!$6!
6#:#!&=;&+(&)-&!,2&-!'""/!%.*!"!################################################################################################################!$:!
=&86.!+6$%&"."$I!*A2%&'%(&;%;!*'%(&)-D'&%!&(99'&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&3=!
:#"#!-,'!/&!'""/!%.*!"!##############################################################################################################################!$9!
:#6#!-,'!/&!06?/!%.*!"!#############################################################################################################################!$$!
?,&%!2'%&+%$"!*6.&(!+28!2+%&06.8!*6.&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&37!
! ,!
9#"!-,'!/&!'""/!@'*/F*F+&&2/B!##############################################################################################################!$?!
9#6!-,'!/&!06?/!@08;%;;0%;/!%*%&,G;'*/!F*F+&&2/B!####################################################################!$C!
3,&%!2'%&(2+&$>"')*.*(!+"!*6.&'%(&".!*#*6!*A2%(&"((68*%&"2&)-D'&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&4-!
4,&!%(!(&'%&(!"#*$*!%&'2&;%;!*'%&)-D'&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&4=!
H#"!'*,7(%(*&!/&!06?/!&)!-.)/(*(.)'!/&!2,+(,*(.)'!/&!;5!&*!/&!*&0;&+,*3+&!#############################################!H:!
H#6!'*,7(%(*&!/&!06?/!&)!;+&'&)-&!/4,%730()&!##########################################################################################!H9!
I#:#!'*,7(%(*&!/&!06?/!&)!;+&'&)-&!/&'!'3+),1&,)*'!7,-*&+(&)'!################################################################!H9!
'*(82((*6.&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&44!
06?/!%&!<+,10&)*!-A*&+0(),%!/&!%4,0&%.1&)()&!&*!,,0;'!#####################################################################!HI!
%,!+&0()&+,%(',*(.)!/&'!%&'(.)'!-,+(&3'&'!()(*(,%&'!####################################################################################!HC!
%,!*5&+,;&3*(83&!;3%;,(+&!&*!%,!+&1&)&+,*(.)!/&)*(),(+&!##########################################################################!IE!
,0&%.1&)()&!J!+&1&)&+,*(.)!.''&3'&!&*!;,+./.)*,%&!###############################################################################!I"!
%,!+&1&)&+,*(.)!.''&3'&!&*!%(1,0&)*,(+&!##################################################################################################!I6!
(0;%,)*.%.1(&!/&)*,(+&!############################################################################################################################!I:!
*+,(*&0&)*!/&'!*+,30,*('0&'!/&)*,(+&!#####################################################################################################!I9!
86.8$2(*6.(&%!&;%+(;%8!*5%(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&73!
#*#$*61+";F*%&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&74!
!
!
! !
! [!
R*5;\!5;Y!KRSQJ;Y!
!
!"#$%&'()'*+',-%$.-$%&'/&'0123+"0'4'"00$,-%+-"56'&6'3".%5,.57"&'202&.-%56"8$&'9:%;'<**=>?@*=AB?'CD(EF';;;;;;;;;;;;;;;;;;;;'(E!
!"#$%&'C)'*+',-%$.-$%&'/$'.%",-+0'/G23+"0'&-',+'3+"00&'2023&6-+"%&'9+/+7-2'/$':%;'<**=>?@*=AB?'CD(EF';;;;;;;;;;;;;;;;;;;'(H!
!"#$%&'E')'*&,'7I+,&,'/&'/"JJ2%&6."+-"56'/&,'+3205K0+,-&,'9+/+7-2'/$':%;'<**=>?@*=AB?'CD(EF';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'(L!
!"#$%&'H')'*&,'%M0&,'/&,'7%5-2"6&,'/&'0G+3205#&6N,&'9+/+7-2'/$':%;'<**=>?@*=AB?'CD(EF';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'(O!
!"#$%&'L')'*&,'7&7-"/&,'A@-&%3"6+$P'/&'0G<3205#26"6&'Q'I$3+"6&'9,5$%.&'7&%,566&00&F';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'(R!
!"#$%&'O')'S28$&6.&,'7&7-"/"8$&,'/&'0G<3205#26"6&'I$3+"6&'&-'75%."6&'9,5$%.&'7&%,566&00&F';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'(T!
!"#$%&'R')'!5%3+-"56'/&'U2,".$0&,'7+%'3+6-&+$'/&'.0+-I%"6&'9*<VWF';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'CE!
!"#$%&'T')'V5/N0&,'/G=6,&%-"56'/&,'W<V,'/+6,'0&,'K".5$.I&,'0"7"/"8$&,'9,5$%.&',+6/&%,56'CDDLF';;;;;;;;;;;;;;;;;;;;;;;;;;;'EC!
!"#$%&'X)'AI+6#&3&6-'/&'.56J5%3+-"56'/G$6'7&7-"/&Y'&-'/G$6'.5750Z3N%&'[',28$&6.&'+02+-5"%&'&6'7%2,&6.&'/1$6&'
3&3K%+6&'9,5$%.&'35\&%Z'CDDXF';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'EE!
!"#$%&'(D')'V2.+6",3&,'/G+.-"56'7%575,2,'75$%'0&,'W<V,'9,5$%.&'W&-&%,'CD(DF';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'EH!
!"#$%&'((')'V2.+6",3&,'/&'%2,",-+6.&'+.8$",&'+$P'W<VS'9,5$%.&'W&,.I&0'CDDOF';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'EL!
!"#$%&'(C')'*&,'7%"6."7+0&,'+.-"U"-2,'K"505#"8$&,'/&,'B:W,'9+-"6/&I5$'CD(C'+/+7-2'/&']^_`#'CD((F';;;;;;;;;;;;;;;;;;;;;'ER!
!"#$%&'(E')'*&,'J56.-"56,'/&,'B:W,'&-'=:a,'/+6,'0G"33$65@35/$0+-"56'9+/+7-2'/&'B"0.I"&'CD(EF';;;;;;;;;;;;;;;;;;;;;;;;;;;'ER!
!"#$%&'(H)'=00$,-%+-"56'aW'`<`>@BW*A'_*?=V<?^'EDDD':=>`^Q'9,5$%.&'7&%,566&00&F';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'HD!
!"#$%&'(L)'?&37,'/G20$-"56'/&,'W?B@++,',-+6/+%/,'9,5$%.&'7&%,566&00&F';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'HE!
!"#$%&'(O')'A5%%20+-"56'"6/"A^'A!='&-'^!!^?'9,5$%.&'7&%,566&00&F';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'HR!
!"#$%&'(R')'Figure <6+0Z,&'/&'0G"6-2#%"-2'/$'7&7-"/&'S((:'05-'(';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'LH!
!"#$%&'(T')'!"#$%&'<6+0Z,&'/&'0G"6-2#%"-2'/$'7&7-"/&'VCT:'05-'(';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'LL!
!"#$%&'(X')'=6-&%+.-"56,'7&7-"/&,b0"7"/&,'9c+0/"&%5'CD(EF';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'LR!
!"#$%&'CD')'W%5d&.-"56'/&'0+',28$&6.&'/&'S((:',$%'$6&'I20".&'9I&0".+0'\I&&0'7%5d&.-"56'ae@0+KF';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'LX!
!"#$%&'C(')'W%5d&.-"56'/&'0+',28$&6.&'/&'VCT:'&-'VCC?',$%'$6&'I20".&'9I&0".+0'\I&&0'7%5d&.-"56'ae@0+KF';;;;;;;;;;;;;;'OD!
!"#$%&'CC')'AI%53+-5#%+33&'/$'VCT:'05-'C',&$0'4-235"6'['-&372%+-$%&'+3K"+6-&';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'OE!
! )!
!"#$%&'CE')'AI%53+-5#%+33&,'9<F'+0K$3"6&',&$0&Y'9fF'VCT:'&6'7%2,&6.&'/G+0K$3"6&';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'OH!
!"#$%&'CH')'AI%53+-5#%+33&,'/&'VCT:'&6'7%2,&6.&'/&,',$%6+#&+6-,'K+.-2%"&6,'.537+%2,'+U&.'0&,',$%6+#&+6-,'
.5%%&,756/+6-,';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'OL!
!"#$%&'CL)'!56.-"56,'/&,'<3205#26"6&,';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'OT!
!
R*5;\!5;Y!L"OX;"Q\!
!
?+K0&+$'(''*&,'#N6&,'&P7%"32,'/+6,'0&,'5,-25K0+,-&,'&-'%2#$02,'7+%'^V:'9+/+7-2'/&'S;'W;'*]`cS?<:<SS'CDDXF';;;'CD!
?+K0&+$'C')'*+'A0+,,"J".+-"56'/&,'W<V,',&056'0&$%',-%$.-$%&'9,5$%.&'f%5#/&6'CDDLF';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'ED!
?+K0&+$'E')'75$%.&6-+#&'/G=6I"K"-"56'/&'0+'.%5",,+6.&'/&'3".%55%#+6",3&,'7+%'VCT:'&-'S((:'05-,'(';;;;;;;;;;;;;;;;;;;;'HX!
?+K0&+$'H)'65$U&+$P'-&,-,'+6-"3".%5K"&6,'+U&.'VCT:'905-'(FY';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'L(!
?+K0&+$'L')'65$U&+$P'-&,-,'+6-"3".%5K"&6,'+U&.'VCT:'905-'CF';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'LC!
?+K0&+$'O')'65$U&+$P'-&,-,'+6-"3".%5K"&6,'+U&.'S((:'905-'(F';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'LE!
?+K0&+$'R')'?+$P'/G"6I"K"-"56'/&'0+'.%5",,+6.&'/&'V;'0$-&$,Y'.5$70&'+35P"."00"6&bVCT:';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'OC!
! !
! ]!
R*5;\!5;Y!"OJ;^R"LRP*Y!
!
!
+)
""!F!"=69%!"86#$!
">*!F!"=$02#60.64%!
"5*!F!"=69%!5$/2_`.6a2N*3=4$6b3%!
"-!F!-.20$6b3%!9:"9<10<062#!=4<0?.6#%!
"LMN<<!Fc"#646#2L?62M246#2N<=69%!<86#$d!
!
,)
OTR!F!O.<6#!T%<.0!R#G3/62#!
OH-!F!O2#%!H2.1?2@%#%06=!-.20%6#!
OHJ!F!O<=0$.6%!H3406NJ$/6/0<#0%!<3_!<#06a6206b3%/!
OY-!F!O2#%!Y6<42-.20%6#!
!
0)
>5!F!>43/0%.!9%!56GG$.%#=6<062#!
>HR!F!>2#=%#0.<062#!H6#68<4%!R#?6a60.6=%!
!
*)
5<!F!5<402#e!3#60$!9%!8<//%!<0286b3%!
5R;"!F!56!R/21.21`4!;0?`4!"86#%!
!
%)
;5L"!F!f0?`4U#%!56<86#%!L$0.<N"=$06b3%!
;SK!F!;169%.8<4!S.2g0?!K<=02.!
;H5!F!;#<8%4!H<0.6_!5%.6W<06W%!h!c;892@<6#d!
!
! D!
/)
KSK!F!K6a.2a4</06=!S.2g0?!K<=02.!
K82=!F!CK432.%#`48%0?`42_`=<.a2#`4!
!
2)
T>X!F!<=69%!=?42.?`9.6b3%!
T5-!F!T38<#!5%G%#=%!-%1069%!
TPOL!F!cT`9.P_`O%#i2L.6<i24%d!
T-X>!F!T6@?!-%.G2.8<#=%!X6b369!>?.28<02@.<1?`!
T&P!F!%<3!!
!
#)
R5-!F!R883#%!5%G%#=%!-%1069%!
R5J!F!R883#%!5%G%#=%!J%@34<02.!
RS!F!R883#2S42a346#%!!
RSK!F!R#/346#N46j%!S.2g0?!K<=02.!
RX!F!R#0%.X%3j6#%!
!
V!
j5<!F!j642!5<402#!
VXV,!
X!
X"5!F!X6@<8%#0!"4W$242N5%#0<6.%!
X"H-!(N!Z!c>5!)Zd!
XO-!F!X-Y!O6#96#@!-.20%6#!
X-Y!F!X612-24`Y<==?<.69%!
X`81?2=`0%/!*V!F!*<03.<4!V644%.!
X`81?2=`0%!L?F!X`81?2=`0%/!L!?%41%.!23!<3_6446<6.%/!
XJ"-!F!X%3=6#%!J6=?!"8%42@%#6#!-%1069%!
XYND!
! C!
D)
H"-Nj6#</%/F!H602@%#!"=06W<0%9!-.20%6#!j6#</%/!
H"X5RNLPK!F!H<0.6_!"//6/0%9!5%/2.1062#!X</%.!N!L68%!PG!K46@?0!
HOX!F!H<##<#!O6#96#@!X%=06#!
HO-!F!H<##<#!O6#96#@!-.20%6#!
H>-N(!F!H2#2=`0%!>?6862N<00.<=0<#0%!-.20%6#!(!
HTO!F!H3%44%.!T6#02#!O.20?!
HH-c/d!F!H$0<442-.20$</%/!H<0.6=6%44%/!
HHJ!F!H<=.21?<@%!H<##2/%!J%=%102.!!
HY!F!H<//!Y1%=0.28%0.`!!
H&,J!F!928<6#%!=<062#6b3%!93!H&D5!h!Hk-X--HX-5!XLX;"l-YL5!VLVJ!
H&D5!F! 1%1069%! 9%! 4:"8$42@$#6#%! 9%! &D! .$/693/! Hk-X--HX-5! XLX;"l-YL5!VLVJ;;^5!
!
-)
P-S!F!P/0$2-.20$S$.6#%!
!
N)
1T!F!120%#06%4!T`9.2@U#%!
-"Hc/d!F!-%1069%c/d!"#06H6=.2a6%#c/d!
-"H-!F!-<0?2@%#!"//2=6<0%9!H24%=34<.!-<00%.#/!
-5SK!F!-4<0%4%0N5%.6W%9!S.2g0?!K<=02.!
-S"!F!-24`!S4`=24!"4@6#<0%!
-"X!F!-?2/1?<0</%!"X=<46#%!
-RL>!F!-?$#`4R/2L?62>`<#<0%!
-H!F!-269/!H24$=34<6.%!
-JJ!F*-<00%.#!J%=2@#6062#!J%=%102./!
-L>N<<!F!-?$#`4L?62><.a<8`4!<86#2!<=69%!
-LTN<<!F!-?$#`4L?62T`9<#026#%!<86#2!<=69%!
!
! ('!
&)
JRSNR!F!J%06#26=!<=69NR#93=6a4%!S%#%!(!
JXJc/d!F!JRSNRN46j%!.%=%102.c/d!
J-NT-X>!F!J%W%./%!-?</%!T6@?!-%.G2.8<#=%!X6b369!>?.28<02@.<1?`!
!
')
Y((5!F!1%1069%!9$.6W$!9%!4:"8$42@$#6#%e!((!.$/693/!YL5VLVJ;;^5!
!
L!
LK"!F!"=69%!L.6K432.2<=$06b3%!
LSK!F!L.<#/G2.8<#0!S.2g0?!K<=02.!
LXJ!F!L244!X6j%!J%=%102./!
L*K!F!L382.!*%=.2/6/!K<=02.!
LJ"-!F!L`.2/6#%!J6=?!"8%42@%#6#!-%1069%!
!
!)
Q^!F!340.<NW624%0/!
!
$)
^;SK!F)^</=34<.!;#920?%46<4!S.2g0?!K<=02.!
^XQ!F!^%#23/!X%@!Q4=%.! !
! ((!
R*5;\!5;Y!"OOJ;^R"LRP*Y!5;Y!">R5;Y!"HR*;Y!
!
+:6B8)+>67=! +A?=<65;6@79)O)18;;?89! +A?=<65;6@79)G)18;;?8!
+457678) !
+?I67678!
+9C5?;6PK8)!
+9C5?5I678!
0Q9;=678!
.4K;5>6PK8!
.4K;5>678!
.4Q:678!
269;6B678!
#9@48K:678!
18K:678!
1Q9678!
D=;R6@7678)
NR=7Q45457678!
N?@4678!
'=?678!
(R?=@7678!
(?QC;@CR578!
(Q?@9678!
$54678)!
+45!
+?I!
+9C!
+97!
0Q9!
.4K!
.47!
.4Q!
269!
#48!
18K!
1Q9!
D=;!
NR=!
N?@!
'=?!
(R?!
(?C!
(Q?!
$54!
+!
&!
*!
"!
0!
%!
S!
.!
2!
#!
1!
3!
D!
/!
N!
'!
(!
T!
U!
$!
!
! !
! (&!
X;Y!">LR^RL;Y!"*LRHR>JPOR;**;Y!5;Y!-;-LR5;Y!H&D5!;L!Y((5!5;JR^;Y!5;!
X:"H;XPS;*R*;!
"^"*LN-JP-PY!F!
! X<!G.$b3%#=%!<==.3%!9%!a<=0$.6%/!83406N.$/6/0<#0%/!<3_!<#06a6206b3%/!=<3/<#0!9%/!
6#02_6=<062#/!<468%#0<6.%/!%0!8<4<96%/!#2/2=286<4%/!cOHJd!c(d!c&d!6#=60%!/<#/!=%//%!E!
=?%.=?%.!9%!#23W%44%/!/0.<0$@6%/!0?$.<1%306b3%/m!5<#/!4%!928<6#%!9%!4:292#0242@6%!9%!
#28a.%3/%/!1<0?242@6%/!0.U/!=23.<#0%/!/2#0!=<3/$%/!1<.!9%/!6#G%=062#/!86=.2a6%##%/!
%0! 4n3#! 9%/! %/126./! 123.! 0.<60%.! 4%/! 1<06%#0/! 123..<60! o0.%! 4n30646/<062#! 9%/! 1%1069%/!
<#0686=.2a6%#/!c-"H/d!cZdm!X%/!-"H/!/2#0!9%/!<@%#0/!#<03.%4/!93!/`/0U8%!6883#60<6.%!
6##$e!b36!A23%#0!<3//6!3#!.74%!9<#/!4<!86/%!%#!14<=%!93!/`/0U8%!6883#60<6.%!<9<10<06Gm!
>%/! -"H/! 2#0! $0$! =<.<=0$.6/$/! 9<#/! 4<! 1431<.0! 9%/! %/1U=%/! 93! W6W<#0! cO<=0$.6%/e!
H`=U0%/e!R#/%=0%/e!-4<#0%/e!O<0.<=6%#/e!H<886GU.%/d!c,dm!>?%i!4:T288%e!4%/!-"H/!4%/!
143/!$0396$/!/2#0!4%/!5$G%#/6#%/!c[dm!X:6#0$.o0!9%/!-"H/!%/0!4%3.!4<.@%!/1%=0.%!9n<=06W60$e!
4:<a/%#=%!9%!02_6=60$!%0!4%3./!1.21.6$0$/!6883#2N82934<0.6=%/m!
! Q#%!$039%!.$<46/$%!%#!&'(Z!E!4:R*Y;JH!Q((&(!/3.!6#06034$!1%1069%/!9$.6W$/!9%!
4n"8$42@$#6#%! cH<.6#! ^R*>;*L! 123.! /2#! 8$826.%! 9%! H</0%.! &de! <! 82#0.$! b3%! 4<!
/$b3%#=%!93!1%1069%!H&D5!1.$/%#0%!9%!#28a.%3/%/!/68646039%/!<W%=!4%/!-"H/!c1%060%!
0<644%e! <81?61?64%e! =2#06%#0! 3#! 928<6#%! =<062#6b3%! H&,Jde! /3@@$.<#0! 9%/! <=06W60$/!
<#0686=.2a6%##%/m! -23.! W<469%.! =%00%! ?`120?U/%! 9%/! 0%/0/! <#0686=.2a6%#/! <W<6%#0! $0$!
.$<46/$/!<W%=!4%!1%1069%!/`#0?$06b3%!H&D5!b36!=2..%/12#9!E!3#!G.<@8%#0!%#92@U#%!9%!
4:"8$42@$#6#%!?38<6#%m!5%/!<=06W60$/!<#0686=.2a6%##%/!E!3#%!=2#=%#0.<062#!9%!4:2.9.%!
93!86=.2824<6.%!/3.!9%3_!a<=0$.6%/!<6#/6!b3%!/3.!9%/!=?<816@#2#/!%0!4%W3.%/!<W<6%#0!
$0$!9$82#0.$%/m!
! *23/!#23/!1.212/2#/!9<#/!=%00%!0?U/%!9%!.%=?%.=?%!G2#9<8%#0<4%!9n<11.2G2#96.!
4n$039%! 9%/! 1.21.6$0$/! <#0686=.2a6%##%/! 9%/! 1%1069%/! /`#0?$06b3%/! 9$.6W$/! 9%!
4n"8$42@$#6#%! 1<.! 9%/! 0%/0/! <#0686=.2a6%#/! =2814$8%#0<6.%/e! %#! $4<.@6//<#0! 4%/!
/23=?%/!86=.2a6%##%/!0%/0$%/!%0!9%!9$G6#6.!4%/!1<.<8U0.%/!/0.3=03.<3_!93!1%1069%!b36!
/2#0!6812.0<#0/!123.!4:%_1.%//62#!9%/!<=06W60$/!<#0686=.2a6%##%/m!>%00%!$039%!.%12/%!/3.!
9%/! %_1$.6%#=%/! 9%! a62=?686%e! 9%! 86=.2a6242@6%! %0! #23/! 96/=30%.2#/! 9%/! 96GG$.%#0/!
</1%=0/!9%/!1.21.6$0$/!a6242@6b3%/!9%!4:"8$42@$#6#%!9<#/!4%!=2#0%_0%!9%!4:292#0242@6%m!
! (Z!
-"JLR;!(!F!J;^Q;!5;!X"!XRLL;J"LQJ;!
(m!X;Y!"H;XPS;*R*;Y!
(m(m!X:"H;XPS;*;Y;!
! Xn<8$42@%#U/%!%/0!4<!G2.8<062#!9%!4n$8<64!1<.!4%/!<8$42a4</0%/m!X:$8<64e!/0.3=03.%!
86#$.<46/$%!4<!143/!93.%!93!=2.1/e!=2..%/12#9!E!4<!=23=?%!4<!143/!/31%.G6=6%44%!9%/!9%#0/m!
X:$8<64!%/0!2.@<#6/$!%#!1.6/8%/e!%#023.$/!1<.!4<!/3a/0<#=%!6#0%.1.6/8<06b3%!cK6@m!(de!%0!
/2#0! =2812/$/! 9%! =.6/0<4460%/! 9:<1<060%/! =<.a2#<0$%/e! %3_N8o8%/! 9:3#%! 8<644%!
$4$8%#0<6.%! 9n?`9.2_`<1<060%! ><('! c-P,d)! cPTd&! 124`/3a/0603$%c)d! cK6@e! &! c"ddm! >%/!
=.6/0<3_!2#0!4<!G2.8%!9:3#!.3a<#!E!/%=062#!?%_<@2#<4%e!92#0!4:$1<6//%3.!%/0!9%!&[!%0!Z'!
#8e!92#0!4<!4<.@%3.!9%!)'!E!]'!#8!%0!92#0!4<!42#@3%3.!1%30!9$1<//%.!(88!c]d!cK6@m!&!
cOddm!
!
!
!
/#.!&%)GJ)1+)'(&!0(!&%)*%)1V%D+#1)W)#11!'(&+(#-")%")D#0&-'0-N#%)%1%%0(&-"#S!%)X*&Y)+11#-(L1#02()EZGO[)
! (,!
!
!
/#.!&%)EJ)1+)'(&!0(!&%)*!)0&#'(+1)*H%D+#1)%()'+)D+#11%)%1%D%"(+#&%)X+*+N(%)*!)*&Y)+11#-(L1#02()EZGO[))
X+[)D56448)=4=>87;56?8)BHRQB?@\Q5C5;6;8)C@4Q9KA9;6;K=8)W)X,[)+998>A45I8)B89)>564489)=4=>87;56?89)
87)K7)?KA57)])98:;6@7)R=\5I@7548)
!
! X:$8<64! <! 3#%! 2.6@6#%! %=029%.86b3%! %0! 4%/! <8$42a4</0%/! /2#0! 4%/! =%4434%/!
.%/12#/<a4%/!9%!4:<8$42@%#U/%e!b36!6#=430!4<!/`#0?U/%!%0!4<!/$=.$062#!9%/!824$=34%/!9%!
4<! 8<0.6=%! 9%! 4n$8<64e! 4<! 86#$.<46/<062#! 136/! 4<! 8<03.<062#! 9%! 4n$8<64! cDe! ((dm! X%/!
<8$42a4</0%/!/2#0!6//3/!9%!4<!96GG$.%#=6<062#!9%/!=%4434%/!9%!4:$160?$4638!9%#0<6.%!6#0%.#%!
9%! 4:2.@<#%! 9%! 4:$8<64m! Xn$8<64! /%! G2.8%! 3#6b3%8%#0! <3! /0<9%! =23.2##%! 9%!
4:292#02@%#U/%!cCd!%0!42./b3%!4<!G2.8<062#!9%!4:$8<64!9:3#%!9%#0!%/0!0%.86#$%e!9$a30%!4%!
/0<9%! .<=6#%! 9%! 4:292#02@%#U/%m! X:<8$42@%#U/%! /360! 3#! @.<96%#0! /1<062N0%812.%4! 9%!
96GG$.%#=6<062#!%#0.%!4<!=3/169%!%0!4%!=244%0m!5%!=%!G<60!<3!/0<9%!9%!4<!=23.2##%!3#%!9%#0!
1.$/%#0%!0230%/!4%/!1?</%/!9%!4<!W6%!9n3#!<8$42a4</0%m!X:<8$42@%#U/%!%/0!9$AE!0%.86#$%!
<3!#6W%<3!9%!4<!=3/169%!<42./!b3:%44%!#:<!1</!=288%#=$!<3!#6W%<3!93!=244%0!9%!4<!9%#0!
! ([!
%#!a</!9%!4<!K6@3.%!Z!c]dm!L230%/!4%/!$0<1%/!9%!4:<8$42@%#U/%!1%3W%#0!o0.%!2a/%.W$%/!
/3.!3#%!9%#0!%#!G2.8<062#!<3!/0<9%!=23.2##%m!
!
!
/#.!&%)O)J)1%')N2+'%')*%)*#//%&%"0#+(#-")*%')+D%1-,1+'(%')X+*+N(%)*!)*&Y)+11#-(L1#02()EZGO[)
G)L)1H5>=4@A459;8)C?=L9=:?=;8K?)98)C45:8)87)?8I5?B)B8)45)B87;678^))
E) L) 4H5>=4@A459;8) 9=:?=;8K?) 9579) C?@4@7I8>87;) B8) (@>89) 98:?_;8) K78) M678) :@K:R8) BH=>564)5C?69>5;6PK8)5K):@7;5:;)B8)45)B87;678^))
O)L)4H5>=4@A459;8)9=:?=;8K?)5<8:)C?@4@7I8>87;)B8)(@>89)9=:?_;8)4H=>564)C?69>5;6PK8)6>>5;K?8^))
`)L)4H5>=4@A459;8)B8)>5;K?5;6@7)599K?8)45)>5;K?5;6@7)B8)4H=>564)
a)L)4H5>=4@A459;8)B8)C?@;8:;6@7)C?@;_I8)45)9K?M5:8)B8)4H=>564)>5;K?8)bK9PKH])4H=?KC;6@7Y)
) )
! ()!
(m&m!X;Y!-JPL;R*;Y!5;!X:"H;XPS;*;Y;!
! X%/!"8$42@$#6#%/!92#0! 4%!1269/!824$=34<6.%!%/0!W<.6<a4%e!/2#0!1.$/%#0%/!9<#/!
0230%!4:$1<6//%3.!9%!4:$8<64!%#!G2.8<062#m!;44%/!/:<//%8a4%#0!%#!#<#2/1?U.%/!92#0!4%!.74%!
1.6#=61<4!%/0!9:%81o=?%.!4<!=.26//<#=%!%#!4<.@%3.!%0!%#!$1<6//%3.!9%/!=.6/0<3_!9:$8<64!
%0!9n%81o=?%.!4<!G3/62#!9%/!=.6/0<3_!cK6@m!,e!cOdd!c)dm!!
! X:<8$42a4</06#%e! 4:%#<8$46#%!%0! 4<! 03G0%46#%!/2#0! .%@.231$%/!/23/! 4:<11%44<062#! F!
1.20$6#%/!#2#N"8$42@$#6#%/!cK6@m!,e!c"dd!c('dc((dc(&dm!;44%/!/2#0!9:3#!1269/!824$=34<6.%!
/31$.6%3.! E! ['! j5<e! %0! .%1.$/%#0%#0! %#W6.2#! ('p! 9%/! 1.20$6#%/! 9%! 4:$8<64! 42./! 9%!
4:<8$42@%#U/%m!X%3.!.74%!%/0!9:6#606%.!4<!#3=4$<062#!9%/!=.6/0<3_!%0!/%.W%#0!9%!@369%!<3_!
=.6/0<3_e! 4%3.! =2#G$.<#0! 3#%! G2.8%! ?%_<@2#<4%m! >%/! ?%_<@2#%/! .$@346%./! W2#0! <42./!
=.260.%!1<.!$160<_6%!/%42#!4:<_%!>!b36!1<//%!1<.!4%!=%#0.%!93!=.6/0<4m!X%/!1.20$6#%/!#2#N
"8$42@$#6#%/! 12//U9%#0! 3#%! 9%86NW6%! =23.0%! %0! /2#0! 1.$/%#0%/! <3! W26/6#<@%! 9%/!
<8$42a4</0%/!cDdm!!
!
!
/#.!&%)`)J)1%')&-1%')*%')N&-(%#"%')*%)1H+D%1-.%"%'%)X+*+N(%)*!)*&Y)+11#-(L1#02()EZGO[)
! !
! (]!
(mZm!X;Y!-JPL;R*;Y!"H;XPS;*R*;Y!
! X:"8$42@$#6#%! %/0! 3#%! G<8644%! 9%! 1.20$6#%/! ?`9.21?2a%/! 9$.6W$%/! 9:3#! @U#%!
3#6b3%!"H;Xe! /603$!/3.! 4%/!=?.282/28%/!\!%0!Ie!1<.!$16//<@%!<40%.#<06G! %0!1<.!3#%!
8<03.<062#!=2#0.74$%!12/0N/$=.$026.%m!X%!@U#%!"H;X!%0!4%/!/$b3%#=%/!1.20$6b3%/!*N!%0!
>N0%.86#<4%/!/2#0!0.U/!=2#/%.W$%/!c(Zd!E!0.<W%./!4%/!%/1U=%/!cD'p!9:?28242@6%dm!;44%/!
/2#0! 0.U/! $0396$%/! =?%i! 4%/! 8<886GU.%/! c(,dm! >?%i! 4:?288%! 0.26/! 6/2G2.8%/! 9%!
4:"8$42@$#6#%! 46$%! <3! =?.282/28%! \! ckCC&(]dc([de! <6#/6! b3:3#! 6/2G2.8%! 9%!
4:"8$42@$#6#%!46$%!<3!=?.282/28%!I!ckCC&(Ddc([d!2#0!$0$!.%=%#/$/!9<#/!4<!a</%!9%!
92##$%/!Q#6-.20VOm!5<#/!#20.%!$039%e!#23/!#23/!/288%/!6#0$.%//$/!<3_!1%1069%/!>N
0%.86#<3_! cH&D5!%0!Y((5de!b36! =2..%/12#9%#0!<3_!1%1069%/!%#92@U#%/!9%!&D!%0!((!
.$/693/! >N0%.86#<3_! 9%! 4:"8$42@$#6#%! ?38<6#%! "H;XN\! cK6@m! [! %0! )d! c()dm!
X:"8$42@$#6#%!12.=6#%!46$!<3!=?.282/28%!\!=2#/0603%!4%!=2812/<#0!8<A2.60<6.%!9%!;H5e!
;892@<6#!cY0.<38<##!"Se!Oq4%e!Y36//%!h!K6@m!)dm!X%/!"8$42@$#6#%/!/2#0!=2##3%/!123.!
4%3.! <302N<//%8a4<@%! %#! <@.$@<0/! /31.<824$=34<6.%/! b36! G2.8%#0! 3#%! 8<0.6=%!
%_0.<=%4434<6.%!6#/243a4%!<`<#0!3#%!G2.0%!<GG6#60$!<W%=!4:?`9.2_`<1<060%!%0!4%!=244<@U#%!c(]dm!
!
!
/#.!&%)a)J)1%')N%N(#*%')0L(%&D#"+!c)*%)1H+D%1-.%"#"%)c)2!D+#"%)X'-!&0%)N%&'-""%11%[)
2!2_`9<062#!h!N!=?<.@%!#$@<06W%!h!r!=?<.@%!12/606W%!h!?!.$/693!?`9.21?2a%!
! !
! (D!
kCC&(]c([de!R/2G2.8%!(!9%!4:"8$42@$#6#%!46$!<3!>?.282/28%!\e!+','*%$-./0%!
HSLlRXK">X! XS""K"! B! DN1N) N2N.2N.U#") /'U%$1(N13) TUS'#&NNUN!'U.U%ND..l! XTTkRR-^XY! kkT--LTLXk! -TTTR-^^-"! kk-^R-kk-H!H-^-SkTYHL! -RkTTk-*X-! --"kk-Ik-k! -^k-k-Tk-H! k-k--^T-Hk!-X--k--X--!HK-Hk-X--H!X-5XLX;"l-!YL5VLVJ;;^!5!
!
kCC&(]N&c([de!R/2G2.8%!&!9%!4:"8$42@$#6#%!46$!<3!>?.282/28%!\e!+','*%$-./0%!
HSLlRXK">X! XS""K"! B! DN$1) (N13TUS'#&) NNUN'U.U%N) D..lXTTkRR!-^XYkkT--L! TLXk-TTTR-! ^^-"kk-^R-! kk-HH-^-Sk! TYHL-RkTTk!-*X---"kk-! Ik-k-^k-k-! Tk-Hk-k--^! T-Hk-X--k-! -X--HK-Hk-!X--HX-5XLX!;"l-YL5VLV!J;;^5!!
!
kCC&(]NZc([de!R/2G2.8%!Z!9%!4:"8$42@$#6#%!46$!<3!>?.282/28%!\e!+','*%$-./0%!
HSLlRXK">X! XS""K"! B! DN1N) N2N.2N.U#") /'U%"'2'S+) #"$*&(+1$1!(N13TUS'#&) NNUN'U.U%N) D..lXTTkRR! -^XYkkT--L! TLXk-TTTR-!^^-"kk-^R-! kk-HH-^-Sk! TYHL-RkTTk! -*X---"kk-! Ik-k-^k-k-!Tk-Hk-k--^! T-Hk-X--k-! -X--HK-Hk-! X--HX-5XLX! ;"l-YL5VLV!J;;^5!!
!
kCC&(Dc([de!R/2G2.8%!9%!4:"8$42@$#6#%!46$!<3!>?.282/28%!Ie!+','*%$-./0%!
HSLlRXK">X! ^S""K"B! DN1N) N2N.2N.U#") /'U%"'2'S+) #"$*&#+1$1!(N13TUS'D#) &NNU''U.U%) ND..lXTTkR! R-^^YkkT-X! LTLXkYTTTR!-^^-"kk-J^! Jkk"XH-^-S! kkYHL-LkTT! k-*X-X-"kk! -Kk-k-^k-k!-Tk-Hk-k--! ^k-Hk-XX-k! --X--HK-XJ! -X--RX-5XT! X;"l-"L5VL!Vk;;^5!
!
-'&(]c([de!"8$42@$#6#%!-2.=6#%e!6/2G2.8%!46$!<3!>?.282/28%!\e!;H5PS"R*e!;H5!
HSLlRXK">X! XS""KYB! DN1N) N2N.2N.U#") /'U%$1(N13) TUS'D#&2NU)N'U.U%ND..! lXTTkRR-^^! YkkL-k*T"X! k-TTTR-H^-! "kk-^^-kk-!HH-^-SkTYH! L-LkTTk-*X! -X-"kk-Kk-! kYRk-k-Tk-! Xk-Tk-Xk-H!k-Hk-Xk-Xk! -Xk-k--^T-! Rk-X--k--X! --RK-Hk-X-! -HX-5X-X;"!l-B"L5VLVJ;!;^5!
)
/#.!&%)d)J)'%S!%"0%')N%N(#*#S!%')*%)1H+D%1-.%"#"%)2!D+#"%)%()N-&0#"%)X'-!&0%)N%&'-""%11%[)
•! *@>5678) "L;8?>6754) 87) I?59)J) :@??89C@7B) 5K\) C8C;6B89) B8) 4H+>=4@I=7678) ?6:R89) 87);Q?@9678) XU[) (&+N^) (&+NLGX``?=96BK9[^) (&+NLEX`E) ?=96BK9[) 679@4KA48^) (&+N) X`a) ?=96BK9)N@?:[)
•! 528<6#%! >N0%.86#<4! /2346@#$!F! =2..%/12#9! <3_! 1%1069%/! H&D5! Hk-X-!-HX-5X-X;"l-YL5VLVJ;;^5e!%0!Y((5!YL5VLV!J;;^5!
•! -.21%1069%F!.$/693/!(!E!()! !
! (C!
!
! X:%_6/0%#=%! 9%! 143/6%3./! 6/2G2.8%/! %0! 9%/! .$=%10%3./! 6#96W693%4/! /3112/$/e!
6#96b3%! b3%! 4%/! 1%1069%/! 9$.6W$/! 9%! 4:"8$42@$#6#%! 123..<6%#0! <W26.! 9%/! G2#=062#/!
96GG$.%#0%/c(Ddc(Cdm!
!
X%! 1.2G64<@%! 9%! 4:%_1.%//62#! @$#$06b3%e! /360%! <3_! %GG%0/! 9%! ;H5! /3.! 9%/!
2/0$2a4</0%/! 1.68<6.%/! <!82#0.$! 3#! %GG%0! /6@#6G6=<06G! /3.! 4:%_1.%//62#! 9%! 143/! 9%! )''!
@U#%/! cL<a4%<3! (dm! R4! /:<@60! 9:3#! 1.2G64! 9:%_1.%//62#! @$#$06b3%! /6864<6.%e! 8<6/! 1</!
69%#06b3%! E! =%436! 9%! 4:?2.82#%! 1<.<0?`.2s9%! c-LTd! c&'de! 3#%! ?2.82#%! b36! .$@34%! 4%!
8$0<a246/8%! 1?2/1?2=<4=6b3%! %0! 4%/! 2/0$2=4</0%/B2/0$2a4</0%/m! 5$/2.8<6/e! 4%/!
"8$42@$#6#%/!#%!/2#0!143/!69%#06G6$%/!=288%!$0<#0!06//3N/1$=6G6b3%!c]dm!
!
X:%_1.%//62#!9%!4:"8$42@$#6#%!<!$0$!9$82#0.$%!9<#/!96GG$.%#0%/!=%4434%/!9%/!2/!
42#@/e!9<#/!4%3.!1.$=3./%3./!4%/!=%4434%/!/23=?%/!8$/%#=?`8<0%3/%/e!9<#/!=%.0<6#%/!
=23=?%/! /1$=6G6b3%/! 93! =<.064<@%! ?`<46#! 9%! =.26//<#=%! 9%/! $161?`/%/! 2//%3/%/c&(de!
9<#/!4<!1341%!9%#0<6.%c&&dc&Zde!9<#/!4<!86=.2@46%m!>%00%!%_1.%//62#!W<.6$%!/3@@U.%!b3%!
4:"8$42@$#6#%!#:<!1</!3#6b3%8%#0!3#! .74%!9<#/! 4<!a6286#$.<46/<062#!9%! 4:$8<64e!8<6/!
<3//6! 42./! 93! 9$W%4211%8%#0e! 4<! =.26//<#=%! %0! 4<! =<4=6G6=<062#! 9%! #28a.%3_! 06//3/!
/b3%4%006b3%/!c(Cdc&,dc&[d!%0!<6#/6!b3%!9<#/!4%/!1.2=%//3/!9%!9$G%#/%!%0!9%!.$1<.<062#!
c&)dm!!
! !
! &'!
!
)
(+,1%+!)G))1%').%"%')%cN&#D%')*+"')1%')-'(%-,1+'(%')%()&%.!1%')N+&)%D*)X+*+N(%)*%)'Y)NY)
1U".'(+*+'')EZZe[) )
K2#=062#/!.$@34$%/!1<.!4%/!"8$42@$#6#%/ *28a.%/!9%!@U#%/!.$@34$/
"#@62@%#U/% (]
>2883#6=<062#!=%4434<6.% &[
J%4<062#!E!4:<9?$/62#!=%4434<6.% (]
5$G%#/%!%0!.$1<.<062#!=%4434<6.% &Z
>.26//<#=%!%0!1.246G$.<062#!=%4434<6.% &' ,[
J%4<062#!<W%=!4<!1.246G$.<062# (]
J%4<062#!<W%=!4<!=.26//<#=% [
J%4<062#!<W%=!4<!8<03.<062#!=%4434<6.% Z
L.<#/12.0!824$=34<6.% ZC )(
J%4<062#!<W%=!4<!82a646/<062#!93!><&r &&
Y6@#<46/<062#!=%4434<6.% CD
H6@.<062#!=%4434<6.% ,' ],
J%4<062#!<W%=!4%!=%44!?286#@ Z,
>.26//<#=%!%0!.%829%4<@%!2//%3_ (C Z]
J%4<062#!<3!9%W%4218%#0!2//%3_ (D
! &(!
(m,!X;Y!5;JR^;Y!5;!X"!H"LJR>;!"H;X"RJ;e!;H5e!;H5PS"R*!
! X%/! 9$.6W$/! 9%! 4<!8<0.6=%! <8$4<6.%! c;#<8%4!H<0.6_! 5%.6W<06W%! ;H5de! /23/! 4<!
G2.8%!9:3#!%_0.<60!<=69%!9%!1.20$6#%/!13.6G6$%/!9%!4<!8<0.6=%!<8$4<6.%!12.=6#%!92#0!C'!E!
C[p! /2#0! 9%/! "8$42@$#6#%/! c;892@<6#! J! h! Y0.<38<##! "Se! Oq4%e! Y36//%de! 2#0! $0$!
30646/$%/!<W%=!/3==U/!123.!.%/0<3.%.!4%!46@<8%#0!<4W$242N9%#0<6.%e!4%!=$8%#0e!<6#/6!b3%!
4:2/! <4W$24<6.%! =?%i! 9%/! 1<06%#0/! <00%6#0/! 9:3#%! 1%.0%! 9:<00<=?%! $160?$462N=2#A2#=06W%!
/$WU.%! c&]dc&Ddm!5%!#28a.%3/%/!$039%/!92#0!3#%! .%W3%[email protected]%!>2=?.<#%! c&Cd!<!
=2#=43! b3%! 4:;H5! <8$462.%! /6@#6G6=<06W%8%#0! 4%! #6W%<3! 9%! 4:<00<=?%! 1<.292#0<4%! %0!
9686#3%! 4<! 1.2G2#9%3.! 9%! 12=?%!8%/3.$%! 1<.! .<112.0! <3! 4<8a%<3! 9:<//<6#6//%8%#0!
1<.292#0<4! cZ'de! <W%=! 3#%! /0<a6460$! =46#6b3%! E! [! <#/! <1.U/! 4%! 0.<60%8%#0! cZ(dm! X%/!
1.20$6#%/!9%!4:$8<64!A23%.<6%#0!8o8%!3#!.74%!9<#/!4<!G2.8<062#!93!=$8%#0!%0!93!46@<8%#0!
<4W$242N9%#0<6.%e!42./!93!9$W%4211%8%#0!#2.8<4!9%!4:<00<=?%!=2#A2#=06W%!9%!4<!9%#0!<3!
/0<9%! .<=6#%! 9%! 4:292#02@%#U/%! cZ&dcZZdm! X2./! 9%! 4:<1146=<062#! 9:"8$42@$#6#%/! E! 4<!
/3.G<=%! 9$#39$%! 93! =$8%#0! 9%#0<6.%e! =%44%/N=6! 1.$=6160%#0! 123.! G2.8%.! 3#%! 8<0.6=%!
%_0.<=%4434<6.%!/0<a4%!<W%=!3#%!/3.G<=%!?`9.21?2a%!<`<#0! 4%!120%#06%4!9%!G<W2.6/%.! 4%/!
6#0%.<=062#/!<W%=!4%/!=%4434%/!9%/!06//3/!<9A<=%#0/m!"=03%44%8%#0!;892@<6#!cZ,d!%/0!4%!
/%34! a628<0$.6<3! /3.! 4%! 8<.=?$! <`<#0! 4%! 120%#06%4! 9%! 9$=4%#=?%.! =46#6b3%8%#0! 3#%!
.$12#/%!.$@$#$.<06W%!/6@#6G6=<06W%!9%/!=%4434%/!93!46@<8%#0!<4W$242N9%#0<6.%cZ[dcZ&dm!!
! X%! 0.<60%8%#0! 1<.! 4:;H5! %/0! 1.2a<a4%8%#0! 868$06b3%! 9%! 4:292#02@%#U/%! %0!
G2#=062##%.<60! %#! .%9$8<..<#0! 9<#/! 4%/! =%4434%/! 9%/! 1.2@.<88%/! %#92.86/! 93!
9$W%4211%8%#0! <G6#! 9%! .$@$#$.%.! 4:<11<.%64! 9:<00<=?%! 9%! 4<! 9%#0! c&&dcZ)dm! X%/!
1?$#28U#%! 9%! .$@$#$.<062#B=6=<0.6/<062#! #$=%//60%#0! 3#%! =</=<9%! /$b3%#06%44%! 9%!
G<=0%3./!9%!=.26//<#=%!b36!W2#0!<@6.!/3.!4%/!=%4434%/!123.!.%=2#/0603%.!4%/!06//3/m!R4!%/0!
/3112/$! b3%! 4%! 8$=<#6/8%! 4%! 143/! 6812.0<#0! 123.! 4:<=062#! 9%! 4:;H5! %/0! 9:6#606%.! 4<!
.$@$#$.<062#!1<.292#0<4%!1<.!4%!.%=.30%8%#0!9%!=$8%#02a4</0%/!E!4<!/3.G<=%!9%!.<=6#%!
9%#0<6.%!%0!9%!4%/!/06834%.!E!G2.8%.!93!=$8%#0e!b36!<8U#%.<60!9<#/!3#!/%=2#9!0%81/!
3#%! .$@$#$.<062#! 9%/! G6a.%/! 9%/8292#0<4%/! %0! 9%! 4:2/! <4W$24<6.%m! >%1%#9<#0e! 9%!
#28a.%3/%/!$039%/!.$=%#0%/!9$82#0.%#0!b3%!4%/!"8$42@$#6#%/!1%3W%#0!<3//6!6#0%.<@6.!
96.%=0%8%#0!<W%=!9:<30.%/!0`1%/!=%4434<6.%/!b3%!4%/!=$8%#02a4</0%/!cZ]de!/3@@$.<#0!b3%!
=%/!824$=34%/!2#0!3#!.74%!143/!96.%=0!9<#/!4<!.$@$#$.<062#!9%/!06//3/!8$/%#=?`8<0%3_!
cZZdm!5%/!2a/%.W<062#/!=46#6b3%/!/3.!9:<30.%/!06//3/!1.28%00%#0!9%!#23W%44%/!<1146=<062#/!
123.!4%/!"8$42@$#6#%/!c(Cdm! !
! &&!
(m[!X;Y!-JP-JR;L;Y!ORPXPSRkQ;Y!5;Y!"H;XPS;*R*;Y!
! *23/!<442#/!E!1.$/%#0!9$=.6.%!4%/!1.21.6$0$/!a6242@6b3%/!9%/!"8$42@$#6#%/e!<3!
0.<W%./!9%!0.26/!0?U8%/!b3%!/2#0!4%/!6#0%.<=062#/!9%/!"8$42@$#6#%/!<W%=!4%/!=%4434%/e!
4%3./! .74%/!a6242@6b3%/!9<#/! 4<!a6286#$.<46/<062#!9%! 4:$8<64!%0!9<#/! 4%/!1.2=%//3/!9%!
=6=<0.6/<062#m!
(m[m(!X;Y!R*L;J">LRP*Y!5;Y!"H;XPS;*R*;Y!"^;>!X;Y!>;XXQX;Y!5;!X:TPL;!
! X:<=06W60$!a6242@6b3%!9%/!"8$42@$#6#%/!/06834%!<W%=!3#!%GG%0!OH-N46j%!%0!OY-N
46j%!4%/!=%4434%/!$160?$46<4%/!%0!4%/!G6a.2a4</0%/e!=%!b36!6#9360!4<!1.293=062#!9%/!G<=0%3./!
9%!=.26//<#=%/!0%4/!b3%!LSKNte!OH-N&e!OH-N,e!OH-N]e!tNKSKe!-5SKe!^;SKe!;SKe!
RSKcZDdm!R4!<!$0$!9$82#0.$!b3%!4%/!824$=34%/!9:"8$42@$#6#%!%#06U.%!1%3W%#0!/06834%.!
3#%!1.293=062#!<302=.6#%!9%!OH-e!0<#96/!b3%!9%/!1.20$6#%/!9:"8$42@$#6#%!143/!1%060%/e!
824$=34%/!.6=?%!%#!4%3=6#%!cX%3=6#%!.6=?!<8%42@%#6#!1%1069%!XJ"-d!%0!.6=?%!%#!0`.2/6#%!
cZCd! cL`.2/6#%! .6=?! <8%42@%#6#! 1%1069%! LJ"-d! 1%3W%#0! /06834%.! 3#%! 1.293=062#!
<302=.6#%! 9%!LSKNtm! R4! <! $@<4%8%#0! $0$! 9$82#0.$! b3%! 4:;H5!<3@8%#0%! 4<! /`#0?U/%!
<302=.6#%!9%!̂ ;SK!c,'d!%0!-5SK!9<#/!4%/!G6a.2a4</0%/!93!46@<8%#0!<4W$242N9%#0<6.%!cZ]dm!
>%00%!$039%!<!<3//6!82#0.$!b3%!4:;H5!/06834%!4<!1.293=062#!<302=.6#%!9:<30.%/!G<=0%3./!
9%!=.26//<#=%!0%4/!^;SK!%0!9%/!=`02j6#%/!=288%!4:6#0%.4%3j6#%!)!cRXN)d!23!4<!1.20$6#%!
82#2=`0%!=?6862N<00.<=0<#0%!(!cH>-N(dm!5%!143/e!9:<30.%/!$039%/!2#0!82#0.$!b3%!XJ"-!
.%=28a6#<#0e!%#!4:<a/%#=%!9%!G<=0%3./!9%!=.26//<#=%e!A23%!3#!.74%!9<#/!4<!/6@#<46/<062#!
=%4434<6.%! cZZdm! L230%/! =%/! 2a/%.W<062#/! .$3#6%/! /3@@U.%#0! b3%! 9%/! 824$=34%/!
/1$=6G6b3%/!9:"8$42@$#6#%!123..<6%#0!9$=4%#=?%.!3#%!46a$.<062#!<302=.6#%!9%!G<=0%3./!
9%!=.26//<#=%!.%/12#/<a4%/!9%/!%GG%0/!9%!.$@$#$.<062#!2a/%.W$/!<W%=!4:;H5m!
! Q#!4<.@%!$W%#0<64!9:$039%/!%_1$.68%#0<4%/!0<#0!.0*1."#'e!b3:.0*1.1'e!2#0!9$82#0.$!
b3%!4:;H5!%0!4%/!"8$42@$#6#%/!/06834%#0!4<!=.26//<#=%!9%!143/6%3./!0`1%/!9%!=%4434%/!
8$/%#=?`8<0%3/%/e!92#0!4%/!G6a.2a4</0%/e!4%/!=$8%#02a4</0%/e!4%/!2/0$2a4</0%/e!%0!4%/!
=%4434%/! /23=?%/! c,(dc,&dm! >%/! $039%/! 82#0.%#0! <3//6! b3%! 4:;H5! %0! 4:"8$42@$#6#%!
<8$462.%#0! 4:%_1.%//62#! 9%! 8<.b3%3./! 9%! 8<03.<062#! 06//3N/1$=6G6b3%e! 0%4/! b3%! 4<!
1?2/1?<0</%! <4=<46#%! c-"Xde! 4%! =244<@U#%e! 4:2/0$2=<4=6#%! %0! 4:2/0$212#06#%e! 9<#/! 4%/!
06//3/!2//%3_!c&'dm!Q#%!/06834<062#!/%=2#9<6.%!9%!4:<=06W60$!9%/!2/0$2=4</0%/!%/0!<3//6!
9$82#0.$%!c,&d!1<.!3#%!<3@8%#0<062#!9%! 4<!/$=.$062#!9%!1.20$6#%/! 0%44%/!b3%! RXN)!%0!
4:2/0$21.20$@$.6#%! cP-Sdm! >%1%#9<#0e! 3#! %GG%0! =`02/0<06b3%! 96.%=0! <! $0$! 2a/%.W$! 1<.!
4:;H5! /3.! 4%/! =%4434%/! $160?$46<4%/! %0! 4%/! 2/0$2=4</0%/! cZ]dc,Zdc,,dm! X:<=06W60$! 9%/!
2/0$2=4</0%/!%0! 4:?28$2/0</6%!9%/!=%4434%/!$160?$46<4%/!/2#0! =46#6b3%8%#0! 6812.0<#0%/!
! &Z!
123.!3#%!.$@$#$.<062#!93!9%/8292#0%!%0!4<!=.26//<#=%!2//%3/%m!5:3#%!1<.0!3#!$b3646a.%!
%#0.%! 4:<=06W60$! 9%/! 2/0$2a4</0%/! %0! 9%/! 2/0$2=4</0%/! %/0! #$=%//<6.%e! %0! 9:<30.%! 1<.0!
4:%_=43/62#!9%/!=%4434%/!$160?$46<4%/!%/0!3#!9%/!681$.<06G/e!92##<#0!4:<W<#0<@%!<3_!06//3/!
9%!/2306%#m!
! "G6#! 9%! 123W26.! =281.%#9.%! 4%/! %GG%0/! 9%/! 1%1069%/! 9%! 4:"8$42@$#6#%! /3.! 4%/!
06//3/e!64!G<30!$0396%.!4%/!6#0%.<=062#/!9%!=%/!824$=34%/!<W%=!96GG$.%#0/!0`1%/!=%4434<6.%/m!
Q#%!.$12#/%!=%4434<6.%!1.68<6.%!6#606$%!1<.!4<!46<6/2#!9%!4:"8$42@$#6#%!E!9%/!.$=%10%3./!
E! 4<! /3.G<=%! 9%! 4<! =%4434%e! /36W6%! 9:3#! /6@#<4! 8$96$! 1<.! 4:<9$#2/6#%! =`=46b3%!
82#21?2/1?<0%!c="H-d!<!$0$!2a/%.W$!9<#/!143/6%3./!0`1%/!=%4434<6.%/e!92#0!4%/!=%4434%/!
9%/8292#0<4%/!%0! 4%/!=%4434%/!93!/<#@!c,[dm!X<!G6_<062#!9%!#<#2/1?U.%/!9:;H5!<!$0$!
9$82#0.$%!<W%=!9%/!2/0$2a4</0%/!1.68<6.%/!?38<6#/e!9%/!<8$42a4</0%/!83.6#/!cXYNDd!
c&'de!%0!4%/!=%4434%/!9%/8292#0<4%/!1.68<6.%/!?38<6#%/m!5<#/!4%/!2/0$2a4</0%/!?38<6#/e!
4%/! #<#2/1?U.%/! <//%8a4$%/! 9:;H5! 2#0! $0$! 42=<46/$%/! <3! #6W%<3! 93! =2814%_%!
1.20$6b3%!9:<9<10<062#!=4<0?.6#%!c"-N&de!4%!8$=<#6/8%!8<A%3.!9:%#92=`02/%!8$96$%!1<.!
4<!=4<0?.6#%!<W%=!9%/!6#W<@6#<062#/!8<#0%4$%/!9%/!=%4434%/!8<886GU.%/!cK6@m!Ddm!u3/b3:E!
1.$/%#0! <3=3#! .$=%10%3.! /1$=6G6b3%! 9%! 4:"8$42@$#6#%! #:<! 13! o0.%! 69%#06G6$! c,)dm!
>%1%#9<#0! 9%3_! 8%8a.%/! 93! /`/0U8%! 9%/! 1.20$6#%/! 8%8a.<#<6.%/! <//2=6$%/! <3!
4`/2/28%!cX`/2/28<4N<//2=6<0%9!8%8a.<#%!1.20%6#/!X"H-d!/2#0!68146b3$/!F!X"H-N(!
6#0%.<@60!<W%=!4%!1%1069%!=23.0!9%!4:"8$42@$#6#%!XJ"-e!0<#96/!b3%!X"H-NZB>5)Z!/%!46%!
<3_!6/2G2.8%/!143/!42#@/!9%!4:"8$42@$#6#%m!L230%G26/e!<3=3#!9%!=%/!9%3_!.$=%10%3./!
#:<!9:6#0%.<=062#!<W%=!4%/!9%3_!0`1%/!9%!824$=34%/!9:"8$42@$#6#%!c,)dc,]dm!
!
/#.!&%)f)J)/-&D+(#-")*%)$%'#0!1%')N+&)D+"(%+!)*%)01+(2&#"%)X1+DN[)
! &,!
(m[m&m!X;!JPX;!ORPXPSRkQ;!5;Y!"H;XPS;*R*;Y!5"*Y!X"!ORPHR*;J"XRY"LRP*!5;!X:;H"RX!
!
! X%/! "8$42@$#6#%/! /2#0! G2.0%8%#0! %_1.68$%/! 9<#/! 4:2.@<#%! 9%! G2.8<062#! 9%!
4:$8<64! 9%#0<6.%m! X%! 928<6#%! *N0%.86#<4! .6=?%! %#! 0`.2/6#%! <6#/6! b3%! 4%! 928<6#%! >N
0%.86#<4! ?`9.21?64%! /2#0! 0.U/! =2#/%.W$/! c(&dm! >%! ?<30! #6W%<3! 9%! =2#/%.W<062#! 9%! 4<!
/$b3%#=%! /3@@U.%! b3%! 4<! /0.3=03.%! %#06U.%! 9%! 4<! 824$=34%! 9:"8$42@$#6#%! %/0!
G2#9<8%#0<4%! 9<#/! 4<! a6286#$.<46/<062#! 9%! 4:$8<64! 9%#0<6.%e! %0! b3%! 4%/! 8206G/! 9%/!
928<6#%/!*N0%.86#<4!%0!>N0%.86#<4!/2#0!1<.06=346U.%8%#0!6812.0<#0/!cK6@m!]d!!9:3#!126#0!
9%!W3%!G2#=062##%4m!X%/!"8$42@$#6#%/!/2#0!.6=?%/!%#!.$/693/!9%!1.246#%!cZ'pde!b36!/2#0!
=2##3/!123.! 6#?6a%.! 4<! G2.8<062#!9%!/0.3=03.%/!/%=2#9<6.%/!=4<//6b3%/e! 0%44%/!b3%! 4%/!
G%3644%0/! a%0<! %0! 4%/! ?$46=%/! <41?<e! =%! b36! 1.29360! 3#%! 1.20$6#%! 6#0.6#/Ub3%8%#0!
9$/2.92##$%!cR5-/dm!L230%G26/e!=%!9$/2.9.%!1%.8%0!<3_!824$=34%/!9:"8$42@$#6#%!9%!
/:<302N<//%8a4%.! %#! /31.<N824$=34%/! ?`9.21?2a%/! 82#2N96/1%./$%/e! <11%4$%/!
#<#2/1?U.%/! c(]dm! 5<#/! 4<! 8<0.6=%! <8$4<6.%! %#! W26%! 9%! 86#$.<46/<062#e! =%/!
"8$42@$#6#%/! <302N<//%8a4$%/! W2#0! /:<00<=?%.! <3_! =.6/0<3_! 9:?`9.2_`<1<060%! %0!
/0.3=03.%.!4<!8<0.6=%!<8$4<6.%!%0!<6#/6!82934%.!4<!=.26//<#=%!=.6/0<446#%!c,Ddm!Q#%!1%.0%!
@.<93%44%!9%/!"8$42@$#6#%/!9<#/!4<!8<0.6=%!W<!/%!1.2936.%!9<#/!4%/!?%3.%/!b36!/36W%#0!
4%3.!/$=.$062#!%#!.<6/2#!9:3#%!9$@.<9<062#!1.20$24`06b3%!1.2@.%//6W%!1<.!HH-&'!42./!9%!
4<!1?</%!/$=.$026.%!%0!VXV,!42./!9%!4<!1?</%!9%!8<03.<062#!c,Cdm!
! X<!.$@62#!>N0%.86#<4%!?`9.21?64%!%/0!/$1<.$%!9%/!#<#2/1?U.%/!1<.!=46W<@%e!123.!
4<! 46<6/2#!9%/!#<#2/1?U.%/!<//%8a4$%/!E!4:?`9.2_`<1<060%m!"3!G3.!%0!E!8%/3.%!b3%!4<!
G2.8<062#!9%!4:$8<64!1.2@.%//%!4%/!1<.06%/!>N0%.86#<4%/!9%/!#<#2/1?U.%/!9:"8$42@$#6#%!
W2#0! /3a6.! 9%/! =46W<@%/! =2#0.74$/! %0! <6#/6! 82934%.! 4%3./! 1.21.6$0$/! 9:<9?$/62#! E!
4:?`9.2_`<1<060%! c(Cdm! X%/! 1%1069%/! 1.29360/! /1$=6G6b3%8%#0! 1<.! =%00%! 1.20$24`/%!
9%W6%##%#0!/243a4%/!%0!/2#0!<a/2.a$/!1<.!4%/!<8$42a4</0%/!12/0N/$=.$026.%/!cK6@m!Zdm!X%/!
#<#2/1?U.%/!9:"8$42@$#6#%!/2#0!%#/360%!9$0.360%/e!42./b3%!0230%!4:$1<6//%3.!9%!4:$8<64!
<!$0$!9$12/$%e!4<!8<A2.60$!9%/!1.20$6#%/!9%!4<!8<0.6=%!<8$4<6.%!c['d!/2#0!.%06.$%/!1<.!
4%/!<8$42a4</0%/!%0!.%814<=$%/!1<.!3#!G4369%!06//34<6.%!9<#/!4%b3%4!4%/!=.6/0<3_!9:$8<64!
688<03.%/e!$06.$/!42./!9%!4<!1?</%!/$=.$026.%e!W2#0!123//%.!%#!4<.@%3.!%0!%#!$1<6//%3.!
123.!2==31%.!0230!4:%/1<=%!42./!9%!4<!1?</%!9%!8<03.<062#!cDd!cK6@m!(dm! !
! &[!
(m[mZ!X;!JPX;!ORPXPSRkQ;!5"*Y!X"!>R>"LJRY"LRP*!5;Y!X;YRP*Y!
!
! Q#%! 2a/%.W<062#! =46#6b3%! <! $0$! 9$=.60%! 42./! 9%! 4:30646/<062#! 9%! 4:;H5! 123.! 4<!
.$@$#$.<062#!%#!=?6.3.@6%!1<.292#0<4%m! R4! /:<@60!9:3#%!=6=<0.6/<062#! .<169%!9%/! 4$/62#/e!
<6#/6!b3%!9%/!/`81078%/!12/0N21$.<026.%/!.$9360/e!0%4/!b3%!4<!9234%3.!23!4:v9U8%m!5%!
#28a.%3/%/!.<6/2#/!2#0!$0$!/3@@$.$%/!123.!%_146b3%.!=%/!2a/%.W<062#/!`!=281.6/!9%/!
%GG%0/!<#06N6#G4<88<026.%/!%0!<#0686=.2a6%#/!c,[d!c[(dm!!
! R#/16.$/!1<.!=%/!2a/%.W<062#/!=46#6b3%/!%#!=?6.3.@6%!2.<4%e!143/6%3./!=?%.=?%3./!
2#0! $0396$! 4%/! %GG%0/! 9%/! "8$42@$#6#%/! /3.! 4<! =6=<0.6/<062#! 9%/! 4$/62#/! <6@3%/! %0!
=?.2#6b3%/!9%! 4:$169%.8%m!Q#%!1.%86U.%!$039%!<!82#0.$!b3%! 4<!b3<#060$!9%! 06//3!9%!
@.<#34<062#!9<#/!4%/!4$/62#/!0.<60$%/!1<.!4:;H5!$0<60!<3@8%#0$%!/6@#6G6=<06W%8%#0e!%0!b3%!
4%! =28a4%8%#0! 9%/! 4$/62#/! <6#/6! b3%! 4<! .$N$160?$46<46/<062#! 9%/! 4$/62#/! 9%! 14%6#%!
$1<6//%3.!1.2@.%//<6%#0!9%3_!G26/!143/!W60%!%#!1.$/%#=%!9%!4:;H5e!9$82#0.<#0!<6#/6!3#%!
/06834<062#!9%!4<!=6=<0.6/<062#!9%/!4$/62#/!$169%.86b3%/!1<.!4%/!"8$42@$#6#%/!c[&dm!X%/!
8$=<#6/8%/!68146b3$/!9<#/!4<!=6=<0.6/<062#!9%!4$/62#/!$169%.86b3%/!<//6/0$%!1<.!4:;H5!
926W%#0!%#=2.%!o0.%!$43=69$/!123.!3#%!8%644%3.%!=281.$?%#/62#!9%!=%/!%GG%0/m!R4!<!$0$!
82#0.$!b3%!4:<1146=<062#!42=<4%!9:"8$42@$#6#%/!/06834%!4:<#@62@%#U/%!1<.!4:6#93=062#!9%!
4<!/$=.$062#!9%!^;SKe!-5SK!%0!HH-N&!c8<0.6_!8%0<4421.20%6#</%N&dm!
! 5%/! 8$=<#6/8%/! /6864<6.%/! 2#0! $0$! .<112.0$/! 1<.! 9%/! $039%/! .0* 1."#'! cZ]d! %0!
/2306%##%#0!4:69$%!b3%!4%/!"8$42@$#6#%/!G2#=062##%#0!1<.!3#%!/06834<062#!9%/!=%4434%/!
8$/%#=?`8<0%3/%/! 123.! %_1.68%.! 9%/! G<=0%3./! 6812.0<#0/! 123.! 4<! =6=<0.6/<062#e! 4<!
=.26//<#=%!%0!4<!.$@$#$.<062#!c&'dm!X<!=6=<0.6/<062#!$02##<88%#0!.<169%!2a/%.W$%!9<#/!
4%/! 4$/62#/! 9%! 829U4%/! <#68<3_! <! 8%#$! <3! 9$W%4211%8%#0! 9:3#%! G2.834<062#!
9:"8$42@$#6#%! 123.! 4%/! 4$/62#/! $169%.86b3%/e! a</$! /3.! 4%! 1.29360! 2.6@6#<4! ;H5m!
-43/6%3./!$039%/!=46#6b3%/e!#20<88%#0!/3.!4%/!34=U.%/!W%6#%3_!9%/!A<8a%/!cW%6#23/!4%@!
34=%.!^XQd!96GG6=64%/!E!@3$.6.e!2#0!W<469$!4%/!2a/%.W<062#/!G<60%/!%#!=?6.3.@6%!2.<4%e!<6#/6!
b3%! =%44%/! .$<46/$%/! /3.! 4%/! 829U4%/! <#68<3_m! >%/! $039%/! 82#0.%#0! b3%! 4%/!
"8$42@$#6#%/!G2#=062##%#0!$@<4%8%#0!123.!4<!=6=<0.6/<062#!9%/!^XQ!%0!8o8%!4%/!^XQ!
96GG6=64%/! E! @3$.6.! %0! 6#/0<44$/! 9%! 42#@3%! 9<0%m! 5<#/! 4<! 1.%86U.%! $039%e! 9%/! %//<6/!
=46#6b3%/! %#! 1?</%! RRR! .<#9286/$%! 2#0! $0$! .$<46/$/! 9<#/! 143/6%3./! =%#0.%/! /3.!
4:<1146=<062#!9:"8$42@$#6#%/!9<#/!9%/!^XQ!96GG6=64%/!E!@3$.6.m!X%/!4$/62#/!0.<60$%/!1<.!
4%/!"8$42@$#6#%/!2#0!82#0.$!3#%!.$93=062#!9%! 4<! 0<644%!9:3#!G<=0%3.! 0.26/!9<#/! 4%!=</!
9:34=U.%/!/$WU.%/!%#!=281<.<6/2#!<W%=!3#[email protected]%!0$826#!0.<60$!<W%=!4%/!%_=616%#0/!9%!
! &)!
;892@<6#! /<#/! 4%/! "8$42@$#6#%/! /3.! 3#%! 1$.629%! 9%! 923i%! /%8<6#%/! c[Zdm! 5%/!
96GG$.%#=%/! /0<06/06b3%8%#0! /6@#6G6=<06W%/! %#! G<W%3.! 93! @.231%! 0.<60$! 1<.! 4%/!
"8$42@$#6#%/!2#0!<3//6!$0$!0.23W$%/!123.!3#%!.$93=062#!9%!4<!9234%3.!%#!.%4<062#!<W%=!
4:34=U.%!%0!$@<4%8%#0!42./b3%!4%!1<06%#0!=?<#@%!9%!Wo0%8%#0/m!X<!1.212.062#!6812.0<#0%!
9%!1<06%#0/!1.$/%#0<#0!<3=3#!%_/39<0!23!1%3!9:%_/39<0!<3!#6W%<3!9%/!4$/62#/!9<#/!4%!
@.231%!0.<60$!1<.!4%/!"8$42@$#6#%/!/3@@U.%!b3:64!`!<!3#%!9686#3062#!9%!4:6#G4<88<062#!%0!
3#%!=6=<0.6/<062#!<==$4$.$%m!
! X%/!.$/340<0/!9:3#%!$039%!9%!/36W6!9%!=</!2#0!<3//6!82#0.$!b3%!4<!=6=<0.6/<062#!
a$#$G6b3%! 93%! E! 4:"8$42@$#6#%! $0<60! 8<6#0%#3%! /6_! 826/! <1.U/! 4<! G6#! 93! 0.<60%8%#0!
c[,dc[[dm! 5<#/! 4%! @.231%! 0.<60$! 1<.! 4:"8$42@$#6#%e! 64! `! <W<60! <3//6! 3#! 123.=%#0<@%!
/6@#6G6=<06W%8%#0!143/!$4%W$!9%!1<06%#0/!<W%=!3#%!9686#3062#!9%!4<!0<644%!9%!4<!4$/62#e!%0!
4%!#28a.%! 020<4!9%!1<06%#0/!<W%=!9%/! 4$/62#/!=2814U0%8%#0!=6=<0.6/$%/!$0<60! 0.26/! G26/!
143/! @.<#9! 1<.! .<112.0! <3! @.231%! 0$826#m! 5%! 8o8%! 4<! 9234%3.e! 4:6#G4<88<062#! %0!
4:6#=2#G2.0! 2#0! =2#06#3$! E! o0.%! /6@#6G6=<06W%8%#0! .$9360/! 9<#/! 4%! @.231%! 0.<60$! 1<.!
4:"8$42@$#6#%e! 6#96b3<#0! b3%! 4%/! %GG%0/! a$#$G6b3%/! 6#606<3_! $0<6%#0!8<6#0%#3/!8o8%!
<1.U/!4<!G6#!93!0.<60%8%#0m!X%/!2a/%.W<062#/!%_1$.68%#0<4%/!%0!=46#6b3%/!/3.!4%/!%GG%0/!9%!
4:"8$42@$#6#%!9<#/!4<!@3$.6/2#!9%/!14<6%/!/2#0!8<6#0%#<#0!.%=2##3/!%0!82#0.%!b3%!4<!
0?$.<1%306b3%! <W%=! 4:"8$42@$#6#%! =288%! 3#! =2814$8%#0! <3_! /26#/! /0<#9<.9/! %/0!
a$#$G6b3%!<3_!1<06%#0/!<00%6#0!9%!^XQ!/$WU.%/e!E!4<!G26/!/3.!4%!=23.0!%0!4%!42#@!0%.8%m!X%/!
"8$42@$#6#%/! /23/! 4<! G2.834<062#! \%48<! cHw4#4`=j%! T%<40?=<.%e! "Oe! S20?%#a3.@e!
Yg%9%#d!/2#0!8<6#0%#<#0!%#!W%#0%!%#!;3.21%!123.!=%00%!6#96=<062#e!8<6/!4:<302.6/<062#!
9%!86/%!/3.!4%!8<.=?$!<3_!f0<0/NQ#6/!9:"8$.6b3%!#:<!<!1</!$0$!<==%10$%!E!=%!A23.m!5%!
143/e!9%/!%//<6/!=46#6b3%/!$0396%#0!4%/!%GG%0/!9%!\%48<!/3.!4%/!34=U.%/!46$/!<3!96<aU0%e!
4%/!34=U.%/!93/!<3_!.<96<062#/!9%!.<9620?$.<16%!=<#=$.%3/%e!4%/!34=U.%/!=?6.3.@6=<3_e!%0!
9:<30.%/!6#96=<062#/!/2#0!%#!9$W%4211%8%#0!c[)dm!
! !
! &]!
(m)!X:"--XR>"LRP*!>XR*RkQ;!5;Y!"H;XPS;*R*;Y!
!
! X<!=<1<=60$!9%/!"8$42@$#6#%/!E!/:<302N<//%8a4%.!%#!#<#2/1?U.%/!6#/243a4%/e!
4%#0%8%#0!96@$.$%/!1<.!9%/!1.20$</%/!8<0.6=6%44%/!cHH-&'!%0!VXV,dc,Cd!%0!46a$.<#0!9%/!
1%1069%/! a6242@6b3%8%#0! <=06G/e! /%8a4%! o0.%! 4<! =4$! 9%! 4:<1146=<062#! =46#6b3%! 9%! =%/!
824$=34%/m!X:<302N<//%8a4<@%!%#!#<#2/1?U.%/!%/0!=2#0.74$!1<.!9%/!=?<#@%8%#0/!9%!
0%81$.<03.%e! 1Te! G2.=%! 62#6b3%e! %0! 9%! =2#=%#0.<062#! %#! 1.20$6#%/! c(]dc[]dm! >%/!
#<#2/1?U.%/!/2#0!6#/243a4%/!E!1T!1?`/6242@6b3%e!%0!1%3W%#0!o0.%!96//230%/!/260!E!3#!1T!
a</! c[Dd! 23! 3#! 1T!$4%W$m!5%! 143/e! =%00%! /243a6460$! %/0! 6#G43%#=$%! 1<.! 4<! 0%81$.<03.%!
c[Cdc)'dm!X<!8%644%3.%!/243a6460$!123.!;H5!%/0!2a0%#3%!E!9%!a<//%/!0%81$.<03.%/!%#!
1.$/%#=%!9%! G2.=%/! 62#6b3%/!$4%W$%/e!%#!.<6/2#!9%/! 6#0%.<=062#/!9%! 0`1%!?`9.21?2a%!
c)(dc)&dm!!
5<#/!4%3.!3/<@%!=46#6b3%!4%/!"8$42@$#6#%/!/2#0!96//230%/!9<#/!3#!W$?6=34%!9%!
1.21`4U#%! @4`=24! <4@6#<0%! c-S"de! /23/! G2.8%! 9:3#! @%4! <=69%! 30646/<a4%! %#! /%.6#@3%!
c;892@<6#dm!X2./b3%!4:2#!<1146b3%!=%!@%4!E!3#!1<06%#0e! 4:<=6960$!93!@%4!%/0!#%30.<46/$%!
1<.!4%/!G4369%/!a6242@6b3%/!%0!/23/!4:%GG%0!9%!4<!0%81$.<03.%!E!Z]+>e!4%/!"8$42@$#6#%/!
/2#0!.%4<.@3$%/e!%0!/:<302N<//%8a4%#0!%#!#<#2/1?U.%/!123.!1.$=6160%.!E!4<!/3.G<=%!9%/!
06//3/! %_12/$/! =?6.3.@6=<4%8%#0m! "3! =23./! 9%/! A23./! %0! /%8<6#%/! /36W<#0%/!
4:"8$42@$#6#%!<302N<//%8a4$%!%/0!96@$.$%!46a$.<#0!42=<4%8%#0!%0!1.2@.%//6W%8%#0!9%/!
=2812/$/! a6242@6b3%/! <=06G/e! b36! 6#936/%#0! 9%/! 1.2=%//3/! 9%! .$@$#$.<062#! %0! 9%!
=.26//<#=%m!!
5<#/! 4%! =<9.%! 9%! =%00%! 0?U/%e! A%!8%! /36/! 143/! 1<.06=346U.%8%#0! 6#0$.%//$! <3_!
1%1069%/!H&D5!%0!Y((5!9%!4:"8$42@$#6#%!cK6@m![de!%0!#20<88%#0!4%!1%1069%!H&D5!92#0!
4<!/$b3%#=%!1.$/%#0%!9%/!=<.<=0$.6/06b3%/!/6864<6.%/!<3_!-"H/!c1%060%!0<644%e!=<.<=0U.%!
=<062#6b3%!93!G.<@8%#0!H&,Je!=<.<=0U.%!<81?61?64%de!/3@@$.<#0!3#%!120%#06%44%!<=06W60$!
<#0686=.2a6%##%m!
! !
! &D!
&m!X;Y!-;-LR5;Y!"*LRHR>JPOR;*Y!c-"HYd!
!
! X%/!-"H/!=2#/0603%#0!4:3#!9%/!/`/0U8%/!9%!9$G%#/%!4%/!143/!<#=6%#/!9%!023/!4%/!
2.@<#6/8%/! W6W<#0/! %0! 1.$/%#0%#0! 3#! =<.<=0U.%! 3#6W%./%4m! P#! 4%/! .%0.23W%! 9<#/! 4%/!
14<#0%/e! 4%/! W%.0$a.$/e! 4%/! 6#W%.0$a.$/e! 4%/! 8<886GU.%/e! 4%/! a<=0$.6%/! %0! 4%/!
=?<816@#2#/!c,dm!X%/!-"H/!=<062#6b3%/!/2#0!#20<88%#0!=2#/69$.$/!=288%!4n3#%!9%/!
a.6b3%/!$4$8%#0<6.%/!93!/`/0U8%!6883#60<6.%! 6##$m!>%/!1%1069%/!1.$/%#0%#0!3#!4<.@%!
/1%=0.%! 9n<=06W60$! <#06a<=0$.6%##%! %0! <#06G2#@6b3%e! W26.%! <#06W6.<4%e! %0! 1%3W%#0! .$@34%.!
4:6#G4<88<062#m!-43/6%3./!9%!=%/!1%1069%/!23!<#<42@3%/!2#0!G<60!1.%3W%!9%!4%3.!%GG6=<=60$!
9<#/!9%/!$039%/!=46#6b3%/!%#!=6a4<#0!9%/!6#G%=062#/!42=<46/$%/m!P#!1%30!=60%.!#20<88%#0!
4%/!9$.6W$/!9%!4<!8<@<6#6#%e!%0!9%!4:?6/0<06#%!<986#6/0.$/!9<#/!3#%!G2.834%!0216b3%c)Zdm!
>%.0<6#/!-"H/!1%.8$<a646/%#0!4%/!8%8a.<#%/!/260!1<.!3#!%GG%0!960!9%!0`1%!9$0%.@%#0!23!
1<.!4<!G2.8<062#!9%!12.%/!c),dm!!
!
&m(m!X"!>X"YYRKR>"LRP*!5;Y!-;-LR5;Y!"*LRHR>JPOR;*Y!
X%/!1%1069%/!1%3W%#0!o0.%!=4<//$/!/%42#!b3<0.%!@.<#9%/! G<8644%/!/%42#! 4%3.!/0.3=03.%!
c)[dc)Zdc))dm! R4/! /2#0! 4%! 143/! /23W%#0! =<062#6b3%/e! 8<6/! 1%3W%#0! $@<4%8%#0! o0.%!
<#62#6b3%/!cL<a4%<3!&d!F!
•! 4%/!-"H/!46#$<6.%/!92#0!4<!/0.3=03.%!%/0!3#%!?$46=%!x!
•! 4%/!-"H/!=2#0%#<#0!3#!123.=%#0<@%!$4%W$!%#!3#!""!1<.06=346%.!
•! 4%/!-"H/!<`<#0!3#!23!143/6%3./!12#0/!96/34G3.%!c46$!E!4<!1.$/%#=%!9%!=`/0$6#%/dm!
•! X%/!-"H/!9$.6W$/!9%!1.20$6#%/!143/!@.<#9%/m!
! !
! &C!
N8C;6B89):5;6@76PK89)467=56?89)])R=46:8)54CR5) 2.@<#6/8%!?70%!
0=:?@C678)+^)57B?@C678^)>@?6:678^):=?5;@\678^)>8446;678)) 6#/%=0%/!
0=:?@C678)NG) #$8<029%!
D5I567678^) B8?>598C;678^) A@>A67678^) A?=<67678LG^) 89:K487;678^)
AKM@?678L##)
<81?6a6%#!
N48K?@:6B678) -46%!.23@%!c126//2#d!
'=>6754C459>678^),D+N^)'D+N^)ND+N) T38<6#e!a2W6#e!2W6#e!12.=6#e!!
0+N)GF) 4<16#!
11LOf) ?38<6#!
N8C;6B89):5;6@76PK89)?6:R89)87):8?;5679)5:6B89)5>67=9^)9579):Q9;=6789) !
N8C;6B89)?6:R89)87)C?@4678J)5A5=:678) <a%644%!
N8C;6B89)?6:R89)87)C?@4678)8;)87)5?I67678J))
GY)5C6B5=:678^)EY)B?@9@:678^)OY)CQ??R@:@?6:678^)`Y)A5:;=76:6789^)aY)N&LOe)
(m!<a%644%e!&m!9.2/21?64%e!Zm!13#<6/%e!
,m!a2W6#e!2W6#e!=<1.6#e![m!12.=6#m!!
N8C;6B89)?6:R89)87)C?@4678)8;)87)CR=7Q45457678J)C?@CR=7678) 12.=6#!
N8C;6B89)?6:R89)87)I4Q:678J)RQ>=7@;5=:678) <a%644%!
-<@;6B89)?6:R89)87)C?@4678)8;)87)I4Q:678J):@4=@C;=?6:678^)R@4@;?6:678) =24$210U.%!
N8C;6B89)?6:R89)87);?QC;@CR578J)67B@46:6B678) a2W6#!
N8;6;9)C@4QC8C;6B89)?6:R89)87)R69;6B678J)R69;5>678) ?38<6#!%0!1.68<0%/!
) !
) !
! Z'!
N8C;6B89) ?6:R89) 87) :Q9;=6789) 8;) C@7;9) B69K4MK?89) X:5;6@76PK8) @K)
576@76PK89[)
!
N8C;6B89):@7;8757;)K7)C@7;)B69K4MK?8J)A?=<67678) @.%#23644%!
N8C;6B89) :@7;8757;) B8K\) C@7;9) B69K4MK?89J) GY) C?@;=I?678^) EY)
;5::RQC4=9678)
(m!12.=6#e!&m!46834%!
N8C;6B89):@7;8757;);?@69)C@7;9)B69K4MK?89J))
GY)B=M8796789)54CR5^)EYB=M8796789)g^)OYB=M8796789)@>=I5^)`YB=M879678)
+)
(m&m! 8<886GU.%/! Zm8<=<b3%/!
,m6#/%=0%/!,m14<#0%/!
N8C;6B89):@7;8757;)C4K9)B8);?@69)C@7;9)B69K4MK?89J)GY)B?@9@>Q:678^)EY)
B=M8796789)57;6M@7I6PK89))
(m!9.2/21?64%!&m!14<#0%/!
N8C;6B89)576@76PK89) !
D5\6>64687)2a) <81?6a6%#!
*8?>6:6B678^)%7h84Q;678) ?38<6#!
C8;6;9)C8C;6B89)576@76PK89)) ?38<6#e!2W6#e!a2W6#!
N8C;6B89)B=?6<=9)B8)C8C;6B89)C4K9)I?57B9)X:5;6@76PK8)@K)576@76PK89[) !
15:;@:6B678^)B=?6<=8)B8)45)15:;@M8??678) X<=02a<=6443/! <=6921?643/e! 4<60! 9%/!
8<886GU.%/!
059@:6B678^)B=?6<=8)BHK78):59=678) ?38<6#!
05;89;5;678^) 0R?@>@MK7I678^) 9=:?_;@4Q;678^) 00,^) B=?6<=9) B89)
:R?@>@I?576789)
8<886GU.%/!
*@>56789) 57;6>6:?@A6879J) B8) 45) 45:;54AK>678) A@<678^) 4HR=>@I4@A678)
RK>5678^)48)4Qi@iQ>8^)45)45:;@;?579M8??678^)4H@<54AK>678)
8<886GU.%/!
)
(+,1%+!)E)J)1+)01+''#/#0+(#-")*%')N+D')'%1-")1%!&)'(&!0(!&%)X'-!&0%),&-.*%")EZZa[)
! Z(!
&m&m!X"!YLJQ>LQJ;!5;Y!-"HY!
!
! X%/! -"H/! 2#0! 3#%! /0.3=03.%! b36! 4%3.! =2#GU.%! =%.0<6#%/! =<.<=0$.6/06b3%/!
%//%#06%44%/!123.!4%3.!<=062#!<#0686=.2a6%##%!F!4%3.!1%060%!0<644%e!(&!E!['!<=69%/!<86#$/!
c""d!c)]de!4%!=<.<=0U.%!<81?61?64%!%0!@$#$.<4%8%#0!=<062#6b3%!123.!=%.0<6#/!c)Ddc)Zdc)Cdm!
-<.86!=%/!-"H/!=%.0<6#/!/2#0!9$.6W$/!9%!#%3.21%1069%/!c]'dc](de!%0!9:<30.%/!=2812.0%#0!
9%/! =?<6#%/! 4<0$.<4%/! <.28<06b3%/! c]&dm! 5%/! 1%1069%/! <#62#6b3%/! .6=?%/! %#! <=69%!
</1<.06b3%! %0! @430<86b3%! 12//U9%#0! <3//6! 9%/! 1.21.6$0$/! <#0686=.2a6%##%/!
6#0$.%//<#0%/m!
!
&m&m(m!X;Y!>"J">L;JRYLRkQ;Y!;L!Y-;>RKR>RL;Y!5;Y!-"HY!
!
! X<!.%4<062#!%#0.%!4<!/0.3=03.%!9%/!-"H/!%0!4%3./!<=06W60$/!<#0686=.2a6%##%/!%/0!3#!
/3A%0!0.U/!$0396$m!>%1%#9<#0!4%/!a</%/!824$=34<6.%/!/1$=6G6b3%/!E!=?<b3%!1%1069%!/2#0!
1%3!=2##3%/!c)Ddm!;#!G2#=062#!9%!/<!/$b3%#=%e!9%!/<!/0.3=03.%e!=?<b3%!1%1069%!<!/2#!
1.21.%!/1%=0.%!9:<=06W60$m!X%/!G<=0%3./!=288%!4<!0<644%e!4<!=?<.@%e!4<!/$b3%#=%!%#!""e!
4:?`9.21?2a6=60$e!4%!=<.<=0U.%!<81?20U.%!23!%#=2.%!4%!9%@.$!9%!/0.3=03.<062#!/2#0!9%/!
G<=0%3./!/1$=6G6b3%/!E!3#!-"H!92##$m!!
! X<! 8296G6=<062#! 9:3#! 9%! =%/! 1<.<8U0.%/! 1%30! %#0.<y#%.! 9%/! =?<#@%8%#0/! 9%!
4:<=06W60$!<#0686=.2a6%##%e!8<6/!<3//6!9%! 4:<=06W60$!?$824`06b3%!9:3#!-"He!=:%/0! 4%!=</!
#20<88%#0! 123.! 4%/! ?$46=%/Nx! c]Zdm! X<! 1.$/%#=%! 9:3#%! <=06W60$! ?$824`06b3%! %/0! 3#!
6#=2#W$#6%#0!8<A%3.!123.!4:<1146=<062#!0?$.<1%306b3%m!!
! 5%! 4<! 8o8%! 8<#6U.%e! 4<! =2812/6062#! %0! 4:$0<0! 9%! /3.G<=%! 9%! 4<! 8%8a.<#%!
14</86b3%! 9%/! 86=.22.@<#6/8%/! W2#0! 68146b3%.! b3:3#! -"H! <@60! =2#0.%! =%.0<6#/!
86=.22.@<#6/8%/m!;#!%GG%0e!=%.0<6#%/!a<=0$.6%/!2#0!3#%!.$/6/0<#=%!#<03.%44%!E!=%.0<6#/!
-"H/m!P#!1%30!=60%.!#20<88%#0!4<!/0.3=03.%!%0!4<!=2812/6062#!93!X-Y!9%!4<!8%8a.<#%!
%_0%.#%!9%/!a<=0$.6%/!E!S.<8!Ne!23!4<!=2812/6062#!93!1%10692@4`=<#%!=?%i!4%/!a<=0$.6%/!
E!S.<8!N!%0!E!S.<8!r!b36!/2#0!9%/!=2812/<#0%/! .%/12#/<a4%/!9%! 4<! .$/6/0<#=%!<3_!
-"H/m!
! !
! Z&!
&m&m(m(m!X"!>T"JS;!5;Y!-"HY!
! X%!=<.<=0U.%!=<062#6b3%!9%!4<!1431<.0!9%/!-"H!%_146b3%!4%3.!.<16960$!9:<=062#!%0!
4%3.!<GG6#60$!123.!4%/!8%8a.<#%/!<#62#6b3%/!9%/!a<=0$.6%/!F!143/!4<!=?<.@%!%/0!6812.0<#0%e!
143/!4%/!6#0%.<=062#/!<3@8%#0%#0m!X:<3@8%#0<062#!9%!4<!=?<.@%!=<062#6b3%!=2#9360!E!3#%!
<3@8%#0<062#!9%!4:<=06W60$!=2#0.%!4%/!a<=0$.6%/!E!S.<8!12/606G!%0!#$@<06Gm!L230%G26/!<3N
9%4E!9:3#%!=%.0<6#%!46860%!4:<3@8%#0<062#!9%!4<!=?<.@%!12/606W%!6#9360!<3!=2#0.<6.%!3#%!
9686#3062#!9%! 4:<=06W60$!<#06a<=0$.6%##%!%0!3#%!<3@8%#0<062#!9%! 4:<=06W60$!?$824`06b3%m!
>%.0<6#/!-"H/!<#62#6b3%/!#$=%//60%#0!3#!=2G<=0%3.!0%4!b3%!4%!i6#=!c)[dm
&m&m(m&m!5;Y!-;-LR5;Y!"H-TPL;J;Y!
! X:%#/%8a4%!9%/!-"H/!2#0!3#%!/0.3=03.%!<81?20U.%B<81?61?64%!=:%/0!E!96.%!b3:64/!
12//U9%#0! E! 4<! G26/! 9%/! @.231%8%#0/! ?`9.21?64%/! %0! ?`9.21?2a%/! b36! 4%3.! 1%.8%0!
9:6#0%.<@6.! <W%=! 4%/! 1?2/1?246169%/! 9%! /3.G<=%! %0! <W%=! 4%/! a6=23=?%/! 461696b3%/m!>%/!
6#0%.<=062#/!1%.8%00%#0! 4:<#=.<@%!23!3#%!1$#$0.<062#!9%/!-"H/! cK6@m! Dde! =%!b36! 1%30!
=?<#@%.!4<!1%.8$<a6460$!8%8a.<#<6.%!<3_!62#/!%0!1<.!=%!8$=<#6/8%!1%.8%00.%!4<!4`/%!
=%4434<6.%m!X:<3@8%#0<062#!93!=<.<=0U.%!<81?20U.%!1%30!/%!G<6.%!1<.!4:<3@8%#0<062#!93!
#28a.%! 9%! =?<6#%/! <461?<06b3%/e! =%! b36! 1%30! <==.2y0.%! 4:<=06W60$! 93! 1%1069%! /3.! 4%/!
8%8a.<#%/! <#62#6b3%/! 9%/! 86=.22.@<#6/8%/e! 8<6/! <3@8%#0%.! $@<4%8%#0! 4%/!
6#0%.<=062#/!<W%=! 4%/!8%8a.<#%/!#%30.%/!9%/!=%4434%/!%3=<.`20%/e!<W%=! 4%! .6/b3%!9%!
.%#9.%!3#!1%1069%!?$824`06b3%!c),dm!
!
/#.!&%)F)J)D-*%1%')*H#"'%&(#-")*%')N+D')*+"')1%'),#0-!02%')1#N#*#S!%')X'-!&0%)'+"*%&'-")EZZa[)
! ZZ!
&m&m(mZm!X"!>P*KPJH"LRP*!5;Y!-;-LR5;Y!
! X%/!-"H/!2#0!/23W%#0!3#%!/0.3=03.%!9$/2.92##$%!c],dm!X2./b3%! 4%/!-"H/!/%!
46%#0!E!4<!8%8a.<#%!a<=0$.6%##%!9%/!/0.3=03.%/!/%=2#9<6.%/!<11<.<6//%#0!cK6@m!Cdm!X%/!
/0.3=03.%/!%#!?$46=%!x!/2#0!G.$b3%88%#0!.%#=2#0.$%/!123.!4%/!-"H/m!R4/!W2#0!1<//%.!9%!
4<!G2.8%!#2#!/0.3=03.$%!E!4<!G2.8%!?$46=2s9<4%!42./b3%!4%/!-"H/!/2#0!%#!=2#0<=0!<W%=!4<!
1<.26!86=.2a6%##%!c][dc])dm!"!4:6#W%./%e!4%/!1%1069%/!%#!G%3644%0/!ze!=2#0%#<#0!9%/!12#0/!
96/34G3.%/e! 1.%##%#0! 9%/! =2#G2.8<062#/! a%<3=231! 143/! /0<a4%/e! %0! 1.$/%#0%#0! 9%/!
928<6#%/! ?`9.21?2a%/! %0! ?`9.21?64%/! a6%#! 96/06#=0/! %0! 1<.! =2#/$b3%#=%! 3#%! G2.0%!
=<1<=60$!9:6#0%.<=062#!<W%=!4<!1<.26!a<=0$.6%##%e!=:%/0!4%!=</!123.!4%/!5$G%#/6#%/!c]]dm!
X%/! G2.8%/! =`=46b3%/! /2#0! 143/! .6@69%/! b3%! 4%/! G2.8%/! 46#$<6.%/m! >%/! =2#G2.8<062#/!
.6@69%/!=`=46b3%/!#:$0<#0!1</!<GG%=0$%/!1<.!4:6#0%.<=062#!<W%=!4<!8%8a.<#%e!4%3.!<=06W60$!
1%30!o0.%!46$%!E!3#%!8296G6=<062#!9%!4%3.!/0.3=03.%!0%.06<6.%!c),dm!R4!<!$0$!9$82#0.$!b3%!
9%/!1%1069%/!2#0!4<!=<1<=60$!9%!/%!46%.!%#0.%!%3_e!%#!2.6%#0<#0!4%3.!928<6#%!?`9.21?2a%!
%0!?`9.21?64%!9%! G<{2#!E!/:<302N<//%8a4%.e!=%!8$=<#6/8%!<!$0$!#288$!829U4%!9%/!
12.%/!%#!0<16/!23!|!=<.1%0N46j%!}!c[Cdc]Ddm!
!
/#.!&%)eJ)02+".%D%"()*%)0-"/-&D+(#-")*H!")N%N(#*%^)%()*H!")0-N-1UD%&%)+)'%S!%"0%)+1%+(-#&%)%")
N&%'%"0%)*V!"%)D%D,&+"%)X'-!&0%)D-T%&U)EZZe[)
! !
! Z,!
&m,m!">LR^RL;!ORPXPSRkQ;!"*LRHR>JPOR;**;!
X%/!8$=<#6/8%/!9:<=062#!<#06a<=0$.6%##%!9%/!-"H/!/2#0!9%!9%3_!0`1%/!c])d!F!
•! X%/! -"H/! 1%.8$<a646/<#0! 4%/! 8%8a.<#%/!F! 143/6%3./! 8$=<#6/8%/! 2#0! $0$!
829$46/$/e!829U4%/!%#!923W%/!9%!02##%<3e!%#!12.%/!02.2s9<3_e!%0!%#!0<16/!cK6@m!
Dd!c),d!
•! X%/!-"H/!<@6//<#0!<3!#6W%<3!6#0.<=%4434<6.%!
5%! 143/! =%.0<6#/! -"H/! =28a6#%#0! =%/! 9%3_! 8$=<#6/8%/! 9:<=062#m! >2#=%.#<#0! 4%/!
8$=<#6/8%/!9:<=062#!<#06W6.<3_e!9%!#28a.%3/%/!?`120?U/%/!2#0!$0$!$86/%/e!=%1%#9<#0!
64/!9%8%3.%#0!8$=2##3/m!X:<106039%!9%/!-"H/!E!/%!46%.!<3_!8%8a.<#%/!%/0!E!4:2.6@6#%!
9%!4<!G2.8<062#!9%/!12.%/!9<#/!4%/!8%8a.<#%/!9%/!86=.22.@<#6/8%/!%0!4%3.!=<1<=60$!E!
4%/!0.<W%./%.!<G6#!9:<@6.!<3!#6W%<3!6#0.<=%4434<6.%!cZd!cK6@m!('dm!
/#.!&%)GZ)J)D%0+"#'D%')*H+0(#-")N&-N-'%')N-!&)1%')N+D')X'-!&0%)N%(%&')EZGZ[)
c"d! -%.8$<a646/<062#! 1<.! 3#%! 6#0%..31062#! 9%! 4:6#[email protected]$! 8%8a.<#<6.%! F! c(d! 6#/%.062#! <4$<026.%! 9<#/! 4<!
8%8a.<#%e!c&d!<46@#%8%#0!9%/!/$b3%#=%/!?`9.21?2a%/e!cZd!G2.8<062#!9%!12.%/!%0!$W6=062#!9%!/%=062#/!
8%8a.<#<6.%/m!!
cOd! R#?6a6062#! 9%! 4<! /`#0?U/%! 9:"5*m! c>d! O42=<@%! 9%! 4<! /`#0?U/%! 9:"J*m! c5d! R#?6a6062#! 9%/! %#i`8%/!
#$=%//<6.%/!E!46<6/2#!9%/!1.20$6#%/!8%8a.<#<6.%/!%_0%.#%/m!c;d!R#?6a6062#!9%/!G2#=062#/!.6a2/28<4%/!%0!
9%!/`#0?U/%!1.20$6b3%m!cKd!O42=<@%!9%/!824$=34%/!=?<1%.2##%/!#$=%//<6.%/!<3!.%146%8%#0!9%/!1.20$6#%/m!
cSd!>6a4%! 4%/!8602=?2#9.6%/!F!c(d! 6#?6a6062#!9%!4<!.%/16.<062#!=%4434<6.%!%0! 6#93=062#!4<!G2.8<062#!JPY!c&d!
6#0%..31062#!9%!4:6#[email protected]$!8%8a.<#<6.%!9%/!8602=?2#9.6%/!%0!%GG43_!"L-!<#9!*"5T! !
! Z[!
&m[m!X;Y!J;YRYL"*>;Y!5;Y!HR>JPPJS"*RYH;Y!"Q\!-"HY!
&m[m(!X"!J;YRYL"*>;!*"LQJ;XX;!"Q\!-"HY!
! >%.0<6#%/!a<=0$.6%/!12//U9%#0!9%/!1.21.6$0$/!1<.06=346U.%/e! 4%3.! =2#G$.<#0!3#%!
.$/6/0<#=%!6##$%!E!=%.0<6#/!-"H/!%#!4:<a/%#=%!9%!=2#0<=0!1.$<4<a4%!<W%=!=%/!9%.#6%./m!
>%.0<6#/!86=.22.@<#6/8%/!2#0!3#%!=2812/6062#!9%!4<!8%8a.<#%!%_0%.#%!b36!G23.#60!1%3!
9%!/60%/!9%!G6_<062#!23!9:6#0%.<=062#!<W%=!4%/!-"H/!c]Cdc)[dcD'dm!
&m[m&m!X"!J;YRYL"*>;!">kQRY;!"Q\!-"HY!
! -43/6%3./!8$=<#6/8%/! /2#0! 30646/$/!1<.! 4%/!a<=0$.6%/!123.! =2#0.%.! 4:<=062#!9%/!
-"H/!F!4%/!=?<#@%8%#0/!9%!/0.3=03.%!23!9%!4<!1%.8$<a6460$!8%8a.<#<6.%m!P#!%_146b3%!
=%/!1?$#28U#%/!9%!.$/6/0<#=%!<=b36/%!<3_!-"H/!1<.!143/6%3./!8$=<#6/8%/!cD'd!cD(d!
cD&d!F!
•! 4<!8296G6=<062#!9%!4<!=?<.@%!#%00%!93!1%1069%!23!9%!4<!8%8a.<#%e!9%!4<!G436960$!
8%8a.<#<6.%e!9%/!1.20$6#%/!8%8a.<#<6.%/!!
•! 4<!1.293=062#!9:%#i`8%/!1.20$24`06b3%/!b36!9$@.<9%#0!4%/!-"H/!
•! 4%/!8$=<#6/8%/!9%!.$/6/0<#=%!%GG43_N9$1%#9<#0!
•! 4%/!8$=<#6/8%/!9%!16$@%<@%!93!1%1069%!
•! 4<!8296G6=<062#!9%/!=6a4%/!6#0.<=%4434<6.%/m!!
!
/#.!&%)GG)J)D%0+"#'D%')*%)&%'#'(+"0%)+0S!#'%)+!c)N+D')X'-!&0%)N%'02%1)EZZd[)
<d!X<!9$@.<9<062#!1.20$24`06b3%!h!ad!X%/!8$=<#6/8%/!9%!16$@%<@%!93!1%1069%!h!=d!X%!0.<#/12.0!<=06G!30646/<#0!
4%/!1281%/!E!%GG43_!h!9d!X%/!<40$.<062#/!9%!4<!=?<.@%!93!1%1069%!23!9%!4<!8%8a.<#%!9%/!86=.22.@<#6/8%/!!
! Z)!
&m)m!"QLJ;Y!">LR^RL;Y!ORPXPSRkQ;Y!5;Y!-"HY!B!T5-Y!
! "=03%44%8%#0! 4%/!-"H/! /2#0! b3<46G6$/! 143070! 9%! 1%1069%/! 9%! 9$G%#/%! 9%! 4:?70%!
T5-/!BR5J/e!=<.!4%3.!=<1<=60$/!6883#2N82934<0.6=%/!cDZd!/%8a4%#0!/3.1<//%.!4%3.!%GG%0!
=`0202_6b3%!96.%=0!b36!1%30!o0.%!/23W%#0!9686#3$!%#!=2#96062#/!1?`/6242@6b3%/!c/<46#60$!
cD,de! =2#=%#0.<062#! %#! @4`=2/<86#2@4`=<#%/! %0! 1.20$6#%/! /$.6b3%/dm! X%/! T5-/!
82934%.<60!4:6883#60$!%0!4<!G2#=062#!9%/!=%4434%/!6883#60<6.%/m!"6#/6!4%/!T5-/!/2#0!9%/!
1.20$6#%/!83406NG<=%00%/!cK6@!(D!%0!(Cd!!<W%=!3#%!W<.6$0$!9%!G2#=062#/!cD[dcD)dcD]dF!
/@7:;6@79)BH6>>K7@L>@BK45;6@7)B6?8:;8cDDdcDCd)J)
•! >?68620<=06/8%!•! "#@62@$#6b3%!•! "40$.<062#!93!.%4<.@<@%!9%!=`02j6#%/!%0!=?6862j6#%/!•! "40$.<062#!9%!4:%_1.%//62#!9%!824$=34%/!=2N/06834<0.6=%/!•! "#06N%#9202_6#%!•! "40$.<062#!9%!4<!1.293=062#!9%!JPY!%0!*P!cC'd!•! "=06W<062#!9%/!4%3=2=`0%/!•! 5$=4%#=?%!4<!9$@.<#34<062#!8</02=`0<6.%!
/@7:;6@79)BH6>>K7@L>@BK45;6@7)67B6?8:;8)J)
•! "9A3W<#0/!<3_!8$=<#6/8%/!9%!W<==6#<062#e!1.$/%#0<062#!9:<#06@U#%e!82934<062#!9%!4:6883#60$!<9<10<06W%!cC(dcC&d!
•! "==$4$.<062#!9%!4<!=6=<0.6/<062#!9%/!4$/62#/!c6#G4<88<062#e!.%=.30%8%#0!=%4434<6.%e!06//3!9%!@.<#34<062#!#$2G2.8$!c<#@62@%#U/%d!%0! 06//3/!9%!/2306%#/e!=2#0.<=062#!9%!4<!4$/62#!%0!.$2.@<#6/<062#!9%!4<!8<0.6=%!%_0.<=%4434<6.%dcCZd!
•! ^%=0%3./!9%!8$96=<8%#0!c1.20$6#%/!=<1<a4%!9%!1$#$0.%.!4<!=%4434%!>--d!cC,d!•! "8$462.<062#!9%!4<!=4<6.<#=%!9%/!6#G%=062#/!86=.2a6%##%/e!<#06N/%1/6/!•! H2934<062#!9%!4:6#G4<88<062#e!<40$.<062#!/$4%=06W%!9%!4<!.$12#/%!c1.2N!%0!<#06Nd!!•! J$12#/%!</`8$0.6b3%!9%/!4`81?2=`0%/!L!<3_646<6.%/!•! "40$.<062#!9%!4<!96GG$.%#=6<062#!=%4434<6.%!
189)8MM8;9):Q;@;@\6PK89)B6?8:;9^)5I87;9)B8)B=M8798)57;6L67M8:;68K\)Xfe[)
•! "#06a<=0$.6%#e!3#!%/126.!#20<88%#0!123.!0.<60%.!4%/!6#G%=062#/!E!OHJ!cC[d!•! "#06W6.<4!cC)d!•! "#06G2#@6b3%!cC]dcCDd!•! "#061<.</60%!cCCdc(''d!•! "#06N=<#=%.!c('(dc('&d! !
! Z]!
!
/#.!&%)GE)J)1%')N&#"0#N+1%')+0(#$#(%'),#-1-.#S!%')*%')2*N')X+(#"*%2-!)EZGE)+*+N(%)*%)U%!".)EZGG[)
)
/#.!&%)GO)J)1%')/-"0(#-"')*%')2*N')%()#*&')*+"')1H#DD!"-LD-*!1+(#-")X+*+N(%)*%)2#102#%)EZGO[)
5/;K!LM!(/+K
-NOPOQMRSMOKPL
,TUOQUVTOWXL
,YMVZRMOQT![X!ZLYRZURUL![L!S\MQ]OTLK
,YMVZRMOQT![L!Y4L^_ZLKKOQT![L!PQYVSXYLK!SQAKMOPXYRMZOSLK
,TMOALT[QMQ^OTL
,YMVZRMOQT![L!YR!_ZQ[XSMOQT![L!+.'!LM!).
,SMO`RMOQT![LK!YLXSQS\MLK
/VUZRTXYRMOQT!PRKMQS\MROZL,[aX`RTMK!LM!
`LSMLXZK
+V_QTKL!RK\PVMZOWXL![LK!Y\P_NQS\MLK!*!
RX^OYOROZLK
,YMVZRMOQT![L!YR![ObbVZLTSORMOQT!
SLYYXYROZL
,PVYOQZRMOQT![L!YR!SOSRMZOKRMOQT
0Q[XYRMOQT![L!YcOTbYRPPRMOQT
,PVYOQZRMOQT![L!YR!SYROZRTSL![LK!
OTbLSMOQTK!
,ULTMK!S\MQMQ^OWXLK
! ZD!
-"JLR;!&!F!LJ"^"RX!-;JYP**;X!
H"L;JR;XY!;L!H;LTP5;Y!
(!-J;-"J"LRP*!5Q!H"L;JR;X!ORPXPSRkQ;!
! (m(m!-;-LR5;Y!YI*LT;LRkQ;Y!5:"H;XPS;*R*;!!
! X%/!1%1069%/!30646/$/!9<#/!=%00%!$039%!2#0!$0$!/`#0?$06/$/!E!4:R#/06030!9%!@$#$06b3%!
%0!a6242@6%!824$=34<6.%!%0!=%4434<6.%e!RSOH>!N!>*JY!QHJ!](',!N!R#/%.8!Q!C),!123.!4%!
420!(!%0!1<.!-.20$2@%#6_!123.!4%!420!&m!
! ! (m(m(m!-JPLP>PX;!5;!YI*LT;Y;!-;-LR5RkQ;!;*!-T"Y;!YPXR5;!Y;XP*!
H;JJRKR;X5!!
X<!/`#0?U/%!%/0!.$<46/$%!93!=70$!>N0%.86#<4!W%./!4%!=70$!*N0%.86#<4e!4%!1.%86%.!.$/693!
%/0! G6_$! /3.! 3#%! .$/6#%! %0! /2#! @.231%8%#0! <86#%! %/0! 1.20$@$! 1<.! 93! K82=!
cCK432.%#`48%0?`42_`=<.a2#`4de! 4<!=?<6#%!1%10696b3%!%/0!G2.8$%!1<.!3#!%#=?<y#%8%#0!
9%!b3<0.%!$0<1%/!F!
N! 4<! 46a$.<062#! 9%! 4:%_0.$860$! N*T&! 9%! 4:<=69%! <86#$! 6#606<4! 1<.! 4<! 161$.696#%! ca%0<N
$4686#<062#!9%!K82=d!
N! 4:<=06W<062#! 93! @.231%8%#0! <=69%! 9%! 4:<=69%! <86#$! /36W<#0! 1<.! 9%! 4:TPOL!
c?`9.2_`a%#i20.6<i24%d! %0! 93! 5R;"! c966/21.21`4$0?`4<86#%de! 4:TPOL! /%! G6_%! /3.! 4<!
G2#=062#!<=69%!%0!G2.8%!3#!%/0%.!<=06G!
N! 4%!=2314<@%!9%!4:<=69%!<86#$!(!<W%=!4:<=69%!<86#$!/36W<#0e!%/0!.$<46/$!1<.!4:%/0%.!9%!
4:<=69%!<86#$!(!b36!.$<@60!<W%=!4<!=?<y#%!%#!=23./!9%!/`#0?U/%!%0!/%!G6_%!E!4:<=69%!<86#$!
/36W<#0!%#!.%4<.@3<#0!4:TPOLm!
N! 4<! 46a$.<062#!9%/!<=69%/!<86#$/!#2#! .$<=06G/!123.!$W60%.! 4%/!/`#0?U/%/!1<.</60%/! c4%!
=<116#@! %/0! .$<46/$! 1<.! 4:<A230! 9:<#?`9.69%! <=$06b3%! b36! 1.2W2b3%! 4<! /3a/0603062#! 93!
TPOL!1<.!3#[email protected]%8%#0!8$0?`4m!
! !
! ZC!
X2./b3%!4<!/`#0?U/%!93!1%1069%!%/0!=2814U0%!0.26/!$0<1%/!G6#<46/%#0!4%!1.2=$9$!F!
N!4<!9$1.20%=062#!9%/[email protected]%8%#0/!4<0$.<3_!%[email protected]%8%#0!<86#%!0%.86#<4!1<.!3#%!
/243062#!<b3%3/%!9:<=69%!0.6G432.2<=$06b3%!cLK"d!'e(p!cWBWd!cd!%0!46a$.<062#!93!1%1069%!9%!
4<!.$/6#%!
N!!4<!.$=31$.<062#!9%/!1%1069%/!1<.!1.$=6160<062#!9<#/!4:$0?%.!E!G.269!cN&'+>d!
N! 4<!=%#0.6G3@<062#! cZ\!([!86#30%/!E!ZD''.18d! 4%!=3420!%/0!/$=?$!1%#9<#0!3#%!#360!E!
0%81$.<03.%!<8a6<#0%!136/! .%1.6/!9<#/!3#%!/243062#!<b3%3/%!LK"!'e(pe! !">*!['p!
cWBWBWd!c<=$02#60.64%d!
N4<!4`21?646/<062#!9%/!1%1069%/!%#!3#%!1239.%e!=2#/%.W$%!E!N&'+>!123.!3#!/02=j<@%!9%!
=23.0%!93.$%!c6#G$.6%3.%!E!9%3_!826/d!%0!ND'+>!%#!=</!9%!/02=j<@%!9%!42#@3%!93.$%e!<G6#!
9%!1.$/%.W%.!4%!1%1069%!9%!0230%!9$@.<9<062#!%0!<//3.%.!/<!/0<a6460$m!
!
&m!H;LTP5;Y!5;!-QJRKR>"LRP*! !
!
! X<!=?.28<02@.<1?6%!.%1.$/%#0%!3#!W</0%!%#/%8a4%!9%!0%=?#6b3%/!30646/$%/!<G6#!
9:6/24%.!4%/!=2812/<#0/!9:3#!8$4<#@%e!b3:64/!/26%#0!/23/!G2.8%!9%!@<i!23!9%!46b369%/m!
>%00%!/$1<.<062#!<!123.!a30e!/260!9:6/24%.!4%/!96GG$.%#0%/!%/1U=%/!1.$/%#0%/e!=:%/0!9%!4<!
=?.28<02@.<1?6%!<#<4`06b3%e!%0B23!9%!4%/!1.$1<.%.e!64!/:<@60!<42./!9%!4<!=?.28<02@.<1?6%!
1.$1<.<06W%m!
! &m(m!X"!>TJPH"LPSJ"-TR;!XRkQR5;!T"QL;!-;JKPJH"*>;!5;!-T"Y;!R*^;JY;!cJ-N
T-X>d!
!
! X<!=?.28<02@.<1?6%! 46b369%!?<30%!1%.G2.8<#=%!9%!1?</%! 6#W%./%!cJ-NT-X>d! F!
%/0! 3#%! 8$0?29%! 9%! /$1<.<062#! 1?`/6=2N=?686b3%! .<169%! .$/24306W%! 9%! 0`1%!
=?.28<02@.<1?6%!9%!1<.0<@%m!
! X:$=?<#06442#!E!<#<4`/%.!%/0!123//$!1<.!3#!46b369%!6#A%=0$!E!?<30%!1.%//62#e!=:%/0!
4<!1?</%!82a64%e!E!0.<W%./!3#%!=242##%!.%8146%!9:3#%!1?</%!/0<062##<6.%!/2469%!9%!0.U/!
G6#%!@.<#3428$0.6%m!X<!=?.28<02@.<1?6%!9%!1?</%!6#W%./%!/6@#6G6%!b3%!4<!1?</%!82a64%!
%/0!/6@#6G6=<06W%8%#0!143/!124<6.%!c?`9.21?64%d!b3%!4<!1?</%!/0<062##<6.%e!=2#0.<6.%8%#0!
! ,'!
E!4<!=?.28<02@.<1?6%!9%!1?</%!#2.8<4%!2~!4<!1?</%!82a64%!%/0!/6@#6G6=<06W%8%#0!143/!
<124<6.%! c?`9.21?2a%dm! X<! /$1<.<062#! %/0! a</$%! /3.! 4%/! 6#0%.<=062#/!
?`9.21?64%/B?`9.21?2a%/!%#0.%!=?<b3%!/2430$!%0! 4<!1?</%!/0<062##<6.%m!"6#/6e!143/!3#!
/2430$!%/0!124<6.%!143/!64!/%.<!.<169%8%#0!%#0.<6#$!1<.!4<!1?</%!82a64%!124<6.%!%0!92#=!
$43$!9%!4<!=242##%m!�!4:6#W%./%e!143/!3#!/2430$!%/0!<124<6.%!143/!64!/%.<!.%0%#3!1<.!4<!1?</%!
/0<062##<6.%!9%!4<!=242##%!%0!92#=!$43$!143/!0<.96W%8%#0m!X%/!96GG$.%#0/!=2812/<#0/!93!
8$4<#@%!E!13.6G6%.!/2#0!$43$/!93!826#/!?`9.21?2a%!<3!143/!?`9.21?2a%!92#=!/%42#!4%3.!
124<.60$!1<.!3#!@.<96%#0!9:$43<#0m!X:$43062#!%/0!/36W6%[email protected]=%!E!3#%!8%/3.%!9%!4:<a/2.a<#=%!
E! 3#%! 42#@3%3.! 9:2#9%! �! =?26/6%! %#! G2#=062#! 9%! 4:$=?<#06442#m! P#! 2a/%.W%! 9%/! 16=/!
42./b3:3#!=2812/<#0!<!$0$!$43$!9%!4<!=242##%m!-23.!4%/!1.20$6#%/!2#!30646/%.<!��&D'!#8!
c928<6#%!9:<a/2.1062#!9%/!#2`<3_!<.28<06b3%/!9%/!<=69%/!<86#$/!Ie!Ke!ld!%0!123.!4%/!
1%1069%/!��&(,!#8!c928<6#%!9:<a/2.1062#!9%!4<!46<6/2#!1%10696b3%dm!
!
!
!
/#.!&%)G`J)#11!'(&+(#-")&N)"+"-L2N10)!1(#D+(%)OZZZ)*#-"%c)X'-!&0%)N%&'-""%11%[) )
! ,(!
&m&m(m!-JPLP>PX;!F!J-NT-X>!"--XRkQ;!"Q\!-;-LR5;Y!
!
! X:<11<.%64!30646/$!%/0!3#%!*<#2NT-X>e!829U4%!Q4068<0%!Z'''!c8<.b3%!562#%_de!
<W%=! 3#%! =242##%! c>(D! ^`9<=! &(D! L-e! ,e)! _! &['! #8! h! 0<644%! 9%/! 1<.06=34%/! ZN&'!
86=.28U0.%/e!0<644%!9%/!12.%/!Z''!"#@/0.28d!cK6@m!&(dm!X<!1?</%!82a64%e!%/0!3#!@.<96%#0!
9%!8$4<#@%!9:3#%!/243062#!"!<b3%3/%!LK"!'e(pe!T&P!CCmCCp!cWBWd!%0!9:3#%!/243062#!O!
2.@<#6b3%e!">*!]'pe!LK"!'e'Cpe!T&'!&CmC(p!cWBWBWd!b36!W<.6%!%#!G2#=062#!93!0%81/m!
X<!1?</%!/0<062##<6.%!=2..%/12#9!E!9%/!@.<6#/!9%!/646=%!<3_b3%4/!2#0!$0$!@.%GG$/!9%/!
=?<y#%/!9%!(D!<028%/!9%!=<.a2#%!c2=0<9$=`4/64`4dm!>%!/2#0!=%/!=?<y#%/!b36!=2#GU.%#0!
3#%!?`9.21?2a6=60$!.%4<06W%!<3_!@.<6#/!9%!/646=%m!X:<11<.%64!6#A%=0%!(''!�X!9%!4:$=?<#06442#!
9643$!136/!$43%!4<!=242##%!<W%=!(''p!9%!4<!/243062#!0<812#!"!1%#9<#0!]!86#e!136/!.$<46/%!
4%!8$4<#@%!9%/!/243062#/!"!%0!O!<W%=!3#!@.<96%#0!=.26//<#0e!A3/b3:E!<00%6#9.%!(''p!9%!
4<!/243062#!O!E!,]!86#m!"1.U/!('!86#!9%!4<W<@%!<W%=!(''p!9%!4<!/243062#!Oe!4<!=242##%!
%/0! .$@$#$.$%! 123.! 3#%! 1.2=?<6#%! =?.28<02@.<1?6%! 1<.! 4%! 1<//<@%! 9%! (''p! 9%! 4<!
/243062#! "! 1%#9<#0! ('!86#m! P#! %#.%@6/0.%! 4:<a/2.a<#=%! E! &(,! #8e! 42#@3%3.! 9:2#9%!
9:<a/2.1062#! 9%/! 46<6/2#/! 1%10696b3%/m! P#! 2a/%.W%! 9%/! 16=/! =2..%/12#9<#0/! <3_!
96GG$.%#0%/!G2.8%/!9%/!1%1069%/!1.$/%#0/!9<#/!4%!8$4<#@%!<#<4`/$m!
!
X%/!$=?<#06442#/!E!<#<4`/%.!%0!13.6G6%.!/2#0!9%3_!1%1069%/!/`#0?$06b3%/!9$.6W$/!
9%!4:"8$42@$#6#%!?38<6#%!cH&D5e!%0!Y((5de!b3%!4:2#!<!1.$<4<a4%8%#0!1%/$!<W%=!3#%!
a<4<#=%!9%!1.$=6/62#!123.!2a0%#6.!(!8@!9%!=?<=3#m!X%/!$=?<#06442#/!/2#0!96//23/!9<#/!
(!8X!9:%<3!H6446Nkm!P#!2a06%#0!<6#/6!9%3_!/243062#/!H&D5!%0!Y((5!E!(!8@B8Xm!>?<b3%!
$=?<#06442#!<!%#/360%!$0$!9643$e!%#!1.$4%W<#0!([!�X!9%!/243062#!H&D5!136/!9%!Y((5!r!D[!
�X!9%! 4<!/243062#!"! c%<3!13.6G6$%!CCeCp!r!LK"!'e(pdm!-<.! 4<!/360%!2#!<! .$<46/$!=%00%!
8o8%!%_1$.6%#=%!8<6/!%#!30646/<#0!(''!�X!9%/!/243062#/!E!(!8@B8X!123.!2a0%#6.!3#%!
143/!@.<#9%!b3<#060$!9%!8<0$.6%4m!
! !
! ,&!
Zm!H;LTP5;Y!5;!>"J">L;JRY"LRP*!YLJQ>LQJ"X;!5;Y!-;-LR5;Y!
! Zm(m!X;!Y;kQ;*�"S;!"QLPH"LRkQ;!
! X%! a30! 9%/! 0%=?#6b3%/! 9%! /$b3%#{<@%! %/0! 9%! 9$0%.86#%.! 4<! /$b3%#=%!
124`1%10696b3%e!<G6#!9%!=2##<60.%!4%!#28a.%!9%!=?<y#%/e!4:2.9.%!%0!4<!#<03.%!=?686b3%!9%/!
.$/693/!9:<=69%/!<86#$/m!X<!/$b3%#=%!9:3#%!1.20$6#%!23!9:3#!1%1069%!=2..%/12#9!E!/<!
/0.3=03.%!1.68<6.%m!X%!/$b3%#{<@%!<3028<06b3%!1%.8%0!<3//6!9$0%.86#%.!4<!13.%0$!9:3#!
$=?<#06442#!E!1<.06.!9:3#%!b3<#060$!92##$%!9:3#!1%1069%m!
! X<! .$<=062#! 9:;98<#! %/0! 3#%! 8$0?29%! .$=3..%#0%! 9:69%#06G6=<062#! 9%/! .$/693/!
1.$/%#0/! 9<#/! 4<! /$b3%#=%e! =288%#{<#0! 1<.! 4:%_0.$860$! *N0%.86#<4%! %0! 30646/<#0! 93!
1?$#`40?62=`<#<0%! -RL>m! X%! /$b3%#=%3.! 30646/$! %/0! 3#! -.2=6/%! -.20%6#! Y%b3%#=%.!
c"1146%9!O62/`/0%8/d!<//2=6$!<W%=!3#!9$0%=0%3.!Q^!c-%.j6#!;48%.!829U4%!/$.6%/!&'''d!
%0! E! 3#! 1.2@.<88<0%3.! 9%! @.<96%#0! =2812/$! 9%! &! 1281%/! 123.! T-X>! c(,'! >!
H6=.2@.<96%#0! /`/0%8! 9%! "1146%9! O62/`/0%8/d! 16420$! 1<.! 4%/! 42@6=6%4/! -.2=6/%! &m(! %0!
Y%b3%#=%!1.2!&m(!123.!4:%_14260<062#!9%/!.$/340<0/m!
! ,m(m(m!-JPLP>PX;!F!Y;kQ;*�"S;!"QLPH"LRkQ;!
X%/!1%1069%/!/2#0!86/!%#!/243062#!<b3%3/%!9%!LK"!'e(pe!2#!9$12/%!('!1824%/!/3.!3#!
G640.%! %#! G6a.%! 9%! W%..%! 0.<60$! 1.$<4<a4%8%#0! <3! O62a.U#%! cO62a.U#%! 143/! "1146%9!
O62/`/0%8!,]Z"dm!X%/!96GG$.%#0%/!$0<1%/!/2#0!.$<46/$%/!<3028<06b3%8%#0e!4%/!.$<=06G/!
%0!/24W<#0/!/2#0!134/$/!1<.!3#!@<i!W%=0%3.e!4:".@2#m!
•! X:$0<1%!9%!=2314<@%!F!
X%!-RL>!.$<@60!<W%=!4:<=69%!<86#$!*N0%.86#<4!9%!4<!/$b3%#=%!%#!1.$/%#=%!9%!*N8$0?`4!
161$.696#%!123.!G2.8%.!3#!1?$#`40?62=<.a<8`4N<86#2!<=69%!c-L>N<<d!E!1T!D!%0!,[+>m!X%!
1T!a</6b3%!1%.8%0!9%!=<10%.!3#!1.202#[email protected]%8%#0!<86#%!%0!G<W2.6/%.!4:6#0%.<=062#!
<W%=!4%!-RL>m!
•! X:$0<1%!9%!=46W<@%!F!!
X%!=46W<@%!<! 46%3!%#!8646%3!<=69%!%#!1.$/%#=%!9%!LK"!<#?`9.%!E!,[+>!b36!<00<b3%!4%!
-L>N<<!93!=20$!*N0%.86#<4!%0!1.2W2b3%!4<!.3103.%!9%!4<!46<6/2#!1%10696b3%!=%!b36!%#0.<6#%!
/<!=`=46/<062#!%#!3#!<#646#20?62i246#2N<<!c"LMN<<dm!X:"LMN<<!%/0!<42./!=46W$!93!.%/0%!93!
1%1069%!1<.!4%!=?42.3.%!9%!a30`4!%0!1.29360!4%!1%1069%!#N(m! !
! ,Z!
•! X:$0<1%!9%!=2#W%./62#!F!
X:"LMN<<!6#/0<a4%!%/0!0.<#/G2.8$!%#!1?$#`40?62?`9<#026#%N<86#2!<=69%!c-LTN<<d!143/!
/0<a4%[email protected]=%!E!3#%!/243062#!<b3%3/%!LK"!&[p!cWBWd!E!)[+>m!X%!-LTN<<!%/0!/$=?$!%0!
.%/3/1%#93!%#!/243062#!<b3%3/%!">*!&'p!cWBWdm!>%!-LTN<<!%/0!<42./!6#A%=0$!/3.!3#%!
=242##%!J-NT-X>e!9$0%=062#!E!��&)C!#8m!X:$43062#!9%/!-LTN<<!%/0!2a0%#3%!1<.!$43062#!
1<.!4%/!/243062#/!<b3%3/%/!"!c0$0.<?`9.2G3.<#%!Ze[pe!-.%86_!&p!cWBWBWdd!%0!O!c">*!DDp!
1.21<#24!(&p!cWBWBWdd!cK6@m!&&dm!
•! X:$0<1%!9%!=?.28<02@.<1?6%!6#W%./%!F!
!Q#!=?.28<02@.<88%!%/0!.$<46/$!123.!=?<b3%!-LTN<<!c3#!=`=4%!9%!=%/!0.26/!$0<1%/d!%0!
4%! 0%81/! 9:$43062#! =281<.$! <3! =?.28<02@.<88%! 9%/! -LTN<<! /0<#9<.9! 1%.8%0! 9%!
9$0%.86#%.! 3#! <=69%! <86#$! 92##$m! ;#! =281<.<#0! 4%/! =?.28<02@.<88%/! 9%/! =`=4%/!
/3==%//6G/!2#!1%30!9$0%.86#%.!#!1.%86%.!<=69%/!<86#$/!*N0%.86#<3_!9%!4<!/$b3%#=%!E!
<#<4`/%.m!
!
!
/#.!&%)GaJ)(%DN')*H%1!(#-")*%')N(2L++')'(+"*+&*')X'-!&0%)N%&'-""%11%[) )
! ,,!
! Zm&m!X"!Y-;>LJPH;LJR;!5;!H"YY;!
! X<!/1%=0.28$0.6%!9%!8<//%!cH<//!Y1%=0.28%0.`!HYd!%/0!3#%!0%=?#6b3%!1?`/6b3%!
9:<#<4`/%e!b36!<!123.!a30!9%!9$0%=0%.!%0!69%#06G6%.!9%/!824$=34%/[email protected]=%!E!4<!8%/3.%!9%!
4%3.!8<//%m!X<!YH!1%30!<6#/6!9$0%.86#%.! 4<!/6@#<03.%!$4$8%#0<6.%!23! 6/20216b3%!9:3#!
$=?<#06442#! %0! =<.<=0$.6/%.! 3#%! /0.3=03.%! =?686b3%m! >%00%! 0%=?#6b3%! %/0! 3064%! 9<#/!
b3</68%#0! 023/! 4%/!928<6#%/!/=6%#06G6b3%/! h! 1?`/6b3%e!</0.21?`/6b3%e! =?686%e! =?686%!
2.@<#6b3%e!92/<@%/e!a6242@6%e!8$9%=6#%m!
! Zm&m(m!-JR*>R-;!5;!X"!Y-;>LJPH;LJR;!5;!H"YY;!
! X<!YH!W<!/$1<.%.!1?`/6b3%8%#0!9%/!824$=34%/!=?<.@$%/!1<.!62#6/<062#!%#!1?</%!
@<i%3/%!%#!G2#=062#!9%!4%3.!.<112.0!8<//%B=?<.@%!c8Bbd!23!8<//%BW<4%#=%!c8Bidm!
! Zm&m&m!5;Y>JR-LRP*!5:Q*!Y-;>LJPH;LJ;!5;!H"YY;!
X%!/1%=0.28U0.%!9%!8<//%!%/0!=2812/$!9:3#%!/23.=%!9n62#6/<062#!b36!1.29360!9%/!62#/!
%#!1?</%!@<i%3/%e!9n3#!23!143/6%3./!<#<4`/%3./!b36!/$1<.%#0! 4%/! 62#/!1.29360/!/%42#!
4%3.!.<112.0!8<//%B=?<.@%!c8Bide!9n3#!9$0%=0%3.!b36!=2810%!4%/!62#/!%0!<8146G6%!4%!/6@#<4e!
%0!%#G6#!9n3#!/`/0U8%!6#G2.8<06b3%!b36!.$<46/%!4%!0.<60%8%#0!93!/6@#<4!2a0%#3m!X%!.$/340<0!
%/0!3#!/1%=0.%!9%!8<//%!.%1.$/%#0<#0!4%/!.<112.0/!8Bie!2~!8!%/0!4<!8<//%!%0!i!4<!W<4%#=%!
c23!8Bbe!b!%/0! 4<!=?<.@%d!9%/!62#/!9$0%=0$/!/%42#!4n<_%!9%/!<a/=6//%/!%0! 4n<a2#9<#=%!
.%4<06W%! 9%! =%/! 62#/! /%42#! 4n<_%!9%!2.92##$%/m! X%! /1%=0.28U0.%! 9%!8<//%! =2812.0%!
b3<0.%!1<.06%/!$4$8%#0<6.%/m!
c(d! X%! /`/0U8%! 9:6#0.293=062#! 9%! 4:$=?<#06442#!F! 4:$=?<#06442#! 1%30! o0.%! 6#0.29360!
96.%=0%8%#0!9<#/! 4<! /23.=%e! /23/! G2.8%!@<i%3/%e! 46b369%! c6#G3/62#!96.%=0%d! 23! /2469%!
c=<##%! 9:6#0.293=062#! 96.%=0%e! 9$170! /3.! 14<b3%d! 23! %#=2.%! 1<.! 4n<//2=6<062#! E! 3#%!
8$0?29%! /$1<.<06W%! c=?.28<02@.<1?6%! %#! 1?</%! 46b369%! 23! %#! 1?</%! @<i%3/%e!
=?.28<02@.<1?6%!=<1644<6.%dm!
c&d! X<! /23.=%! 9n62#6/<062#!F! =2#/6/0%! E! W<12.6/%.! 4%/!824$=34%/! %0! E! 4%/! 62#6/%.m! Q#%!
/23.=%!9n62#6/<062#!1%30!o0.%!30646/$%!/260!%#!829%!12/606G!123.!4:$039%!9%/!62#/!12/606G/e!
/260! %#! 829%! #$@<06G! 123.! 4:$039%! 4%/! 62#/! #$@<06G/m! X<! 9$/2.1062#N62#6/<062#! 4</%.!
<//6/0$%!1<.!8<0.6=%!cH"X5Rd!!
cZd!X:<#<4`/%3.!F!/$1<.%!4%/!62#/!%#!G2#=062#!9%!4%3.!.<112.0!8<//%B=?<.@%m!!
!
! ,[!
,m!H;LTP5;Y!5;!>"J">L;JRY"LRP*!ORPXPSRkQ;Y!5;Y!-;-LR5;Y!">LRKY!
! ,m(m!">LR^RL;Y!"*LRHR>JPOR;**;Y!
! ! ,m(m(!-J;>QXLQJ;!
! X<!1.$=3403.%!%/0!4<!86/%!%#!=3403.%!9%!86=.22.@<#6/8%/!<G6#!9:2a0%#6.!3#%!1?</%!
%_12#%#06%44%! 9%! =.26//<#=%e! $0<1%! 1.$<4<a4%! %0! #$=%//<6.%! E! 4<! .$<46/<062#! 9%! 0%/0/!
<#0686=.2a6%#/m!Q#%!1.$=3403.%!9%! 4<! /23=?%!b3%! 4:2#!/23?<60%! 0%/0%.!%/0! .$<46/$%!%#!
1.$4%W<#0! 3#%! =242#6%! b3%! 4:2#! 8%0! 9<#/! [! 84! 9:3#! a236442#! 9%! =3403.%! <9<10$! <3!
86=.22.@<#6/8%!/23/!<@60<062#!E!Z]+>!1%#9<#0!(D!?!9<#/!3#!6#=3a<0%3.!c9%!0`1%!K<4=2#e!
O%=02#! 56=j6#/2#dm! Q#! 8646%3! 9%! =3403.%! <9<10$! <3! 86=.22.@<#6/8%! %/0! 30646/$! 123.!
83406146%.!9%/!=%4434%/!9%!a<=0$.6%/e!4%W3.%/!23!8`=U0%/!<G6#!9%!4%/!$0396%.m!
>3403.%!%0!1.$=3403.%!a<=0$.6%##%!F!
•! O236442#! 9%! =3403.%! HT! cH3%44%.! T6#02#! a.20?e! H%.=je! 5<.8/0<90e! S%.8<#`d!F!
30646/$!123.!!"$-234'5'55(%*$(#/(%6*7.5#'5'55(%*4("/(%*
•! O236442#!9%!=3403.%!Y<a23.<39!F!30646/$!123.!4%/!4%W3.%/!%0!=?<816@#2#/e!8$09.9$*
$4&.5$0%6*:%-/#).44(%*;(,.)$"(%!
•! O236442#! 9%! =3403.%! OTR! ca.<6#! ?%<.0! 6#G3/62#d!F! 30646/$! 123.! 4%/! a<=0$.6%/!
<#<$.2a6%/! =288%! <'#-23#','0$%* ).0).1$4.%6* =(%'&$5"/#.(,* 0(54/$"(,6*
<$#1.#','0$%*,.5#$*%0*<#/1'"/44$*.0"/#,/9.$!
!
! ! ,m(m&m!>"J">L;JRY"LRP*!5;!X:">LR^RL;!"*LRHR>JPOR;**;!
•! -.$1<.<062#!9%!4<!/243062#!9%!1%1069%!E!0%/0%.!
X%!1%1069%!%/0!1%/$!E!4:<69%!9:3#%!a<4<#=%!9%!1.$=6/62#e!3#%!/243062#!8U.%!123.!=?<b3%!
1%1069%!/`#0?$06b3%!%/0!1.$1<.$%!E!(!8Hm!>%00%!/243062#!8U.%!%/0!9643$%!E!96GG$.%#0%/!
=2#=%#0.<062#/!123.!4%/!0%/0/!<#0686=.2a6%#/!/3.!14<b3%!9%!C)!1360/!cK<4=2#dm!
•! 5$0%.86#<062#!9%!4<!>HR!c=2#=%#0.<062#!86#68<4%!6#?6a60.6=%d!
X<!>HR!%/0!4<!143/!1%060%!=2#=%#0.<062#!9%!1%1069%!123.!4<b3%44%!64!#:`!<!1</!9%!=.26//<#=%!
9$0%=0<a4%!9%!a<=0$.6%/m!Q#%!@<88%!9%!=2#=%#0.<062#!9$=.26//<#0%!<44<#0!9%!(''!�H!E!
('! �H!%/0! 30646/$%m! X<! 9$0%=062#! 9%/! a<=0$.6%/! %/0! .$<46/$%! 1<.! 4%=03.%! 9%! 4<! 9%#/60$!
2106b3%!c5Pd!E!)&'!#8m!
! ,)!
! ! ,m(mZm!-JPLP>PX;!F!L;YLY!"*LRO">L;JR;*Y!
!
! X%! 0%/0! <#06a<=0$.6%#! %/0! .$<46/$! @.q=%!E! 3#%! /3/1%#/62#! 9%!86=.22.@<#6/8%/!
92#0!4<!9%#/60$!2106b3%!E!)&'!#8!%/0!5P!�!'e''(m!5<#/!=?<b3%!1360/!2#!9$12/%!C'!�X!
9%!=%00%!/3/1%#/62#!%0!('!�X!9%!4<!/243062#!9%!1%1069%!E!0%/0%.!('!G26/!=2#=%#0.$m!X%!
=2#0.74%!12/606G!9%!=3403.%!=2..%/12#9!E!C'!�4!9%!/3/1%#/62#!%0!('!�X!9:%<3!H6446Nke!3#!
=2#0.74%!#$@<06G!=2..%/12#9!E!C'!�4!9%!/3/1%#/62#!%0!('!�X!9:3#!=2=j0<64/!9:<#06a6206b3%/!
Lr>! c0$0.<=`=46#%r=$G20<_68%d! %GG6=<=%/! =2#=%#0.$! ('! G26/m! X%! =2#0.74%! 93! 8646%3!
=2812.0%.<!C'!�4!9%!8646%3!/0$.64%!<11.21.6$!/<#/!86=.22.@<#6/8%!%0!('!�X!9:%<3!H6446N
km!!
! >?<b3%!=2#=%#0.<062#!9%!1%1069%!%/0!0%/0$%!%#!0.6146=<0<m!X%/!14<b3%/!9%!C)!1360/!
/2#0!%#W%4211$%/!9%!1<.<G648e!136/!86/%/!/23/!<@60<062#!E!Z]+>!1%#9<#0!(D!?!9<#/!3#!
6#=3a<0%3.m!!
X%/!1.$=3403.%/!%0!0%/0/!<#06a<=0$.6%#/!<W%=!9%/!a<=0$.6%/!<#<$.2a6%/!/2#0!14<=$/!9<#/!
3#%!a260%!?%.8$06b3%!92#0!4:<082/1?U.%!%/0!=2#0.74$%!1<.!3#!.$<=06G!c"#<%.2@%#!&e[Xe!
"082/1?%.%!S%#%.<062#!Y`/0%8/d!b36!$4686#%!4:2_`@U#%m!
! ,m(m,m!-JPLP>PX;!F!L;YLY!"*LRKP*SRkQ;Y!
!
! X%! 0%/0! <#06G2#@6b3%! %/0! .$<46/$! %#! 1.$/%#=%! 9:3#%! /3/1%#/62#! 9%! 4%W3.%/! 23!
=?<816@#2#/e!92#0!4<!9%#/60$!2106b3%!E!)&'#8!%/0!5P!�!'e''(m!P#!9$12/%!C'!�X!9%!
=%00%!/3/1%#/62#!%0!('!�X!9%!4<!/243062#!9%!1%1069%!E!0%/0%.!('!G26/!=2#=%#0.$!9<#/!4%!
1360/m!X%!=2#0.74%!12/606G!9%!=3403.%!=2..%/12#9!E!C'!�4!9%!/3/1%#/62#!%0!('!�X!9:%<3!
H6446Nke! 3#! =2#0.74%! #$@<06G! =2..%/12#9! E! C'! �4! 9%! /3/1%#/62#! %0! ('! �X! 9:3#!
9:<#06G2#@6b3%!%GG6=<=%!c^2.6=2#<i24%!('!G26/!4<!HR>dm!=2#=%#0.$!('!G26/!%0!4%!=2#0.74%!93!
8646%3!=2812.0%.<!C'!�4!9%!8646%3!/0$.64%!/<#/!86=.22.@<#6/8%!%0!('!�X!9:%<3!H6446Nkm!
! >?<b3%!=2#=%#0.<062#!9%!1%1069%!%/0!0%/0$%!%/0!.$<46/$!%#!0.6146=<0<m!X%/!14<b3%/!
C)!1360/!/2#0!%#W%4211$%/!9%!1<.<NG648e!136/!86/%/!/23/!<@60<062#!E!,(+>!1%#9<#0!(D?!
9<#/!3#!6#=3a<0%3.!$03W%!G%.8$!9$96$!E!4<!=3403.%!9%/!=?<816@#2#/m!!
!
!
! ,]!
[m(m[m!fLQ5;!5;Y!">LR^RL;Y!"*LRHR>JPOR;**;Y!5;Y!>PHOR*"RYP*Y!-;-LR5;N
"*LRORPLRkQ;!
! X%/! 0%/0/! 9%! /`#%.@6%! /2#0! 4:$039%! 9%! 4<! =6#$8<06b3%! 93! =2314%! 1%1069%N
<#06a6206b3%!<G6#!9%!9$0%.86#%.!/:64!`!<!3#%!<8$462.<062#!93!123W26.!<#0686=.2a6%#!42./b3%!
4:2#!30646/%!4%!b3<.0!9%!4<!>HR!93!1%1069%!%0!4%!b3<.0!9%!4<!>HR!9%!4:<#06a6206b3%m!X%!a30!9%!
=%!0%/0!%/0!9%!9$0%.86#%.!/6!4%!H&D5!$0396$!9<#/!=%!0.<W<64!1%.8%0!9%!9686#3%.!4%/!92/%/!
9:<#06a6206b3%/! 123.! 1.$W%#6.! 4%/! .$/6/0<#=%/! %0! .$936.%! 4%/! %GG%0/! /%=2#9<6.%/!
6#9$/6.<a4%/!9%/!<#06a6206b3%/m! X:%GG%0!9%!4<!=28a6#<6/2#!93!1%1069%!%0!9%!4:<#06a6206b3%!
%/0!9$0%.86#$!1<.!4%!=<4=34!9%!4:6#96=%!>KR!c=2#=%#0.<062#!G.<=062##<6.%!6#?6a60.6=%dm!>:%/0!
4%! .<112.0! 9%/! =2#=%#0.<062#/! 6#?6a60.6=%/! 2a0%#3%/! 123.! 3#! <#06a6206b3%! 42./! 9%! 4<!
=28a6#<6/2#! <W%=! 3#! <30.%! <#06a6206b3%! c1%1069%! 9<#/! #20.%! =</d! E! 4<! >HR! 93!
86=.22.@<#6/8%!E!4n<#06a6206b3%!1.6/!/$1<.$8%#0m! !
!
/#.!&%)Gd)J)0-&&%1+(#-")#"*#0%)0/#)%()%//%()X'-!&0%)N%&'-""%11%[)
;GG%0!/`#%.@6b3%!F!/6!4:%GG%0!9%!4<!=28a6#<6/2#!%/0!/31$.6%3.!E!4<!/288%!9%/!%GG%0/!9%!=?<b3%!=2#/0603<#0m!
;GG%0!<99606G!F!/6!4:%GG%0!9%!4<!=28a6#<6/2#!%/0!$@<4!E!4<!/288%!9%/!%GG%0/!9%!=?<=3#!9%/!=2#/0603<#0/m!
;GG%0!6#96GG$.%#0!F!/6!4:%GG%0!9%!4<!=28a6#<6/2#!1%1069%N<#06a6206b3%!%/0!$@<4!E!4:%GG%0!93!143/!<=06G!9%/!=2812/$/!!
;GG%0!<#0<@2#6/8%!F!/6!4:%GG%0!9%!4<!=28a6#<6/2#!%/0!143/!G<6a4%!b3%!4:%GG%0!93!=2#/0603<#0!4%!143/!<=06G!9%!4<!=28a6#<6/2#m
! !
! ,D!
[m!H;LTP5;Y!R*KPJH"LRkQ;Y!
!
5%/!23064/!6#G2.8<06b3%/!1%.8%00%#0!9%!=<4=34%.!%0!1.$96.%!3#%!/0.3=03.%!23!=2#G2.8<062#!
/%42#! 4<! /$b3%#=%! %#! <=69%/! <86#$/! /3.! 4%! 12.0<64! ;\-"YI! c?001FBB%_1</`m2.@dm! X%/!
/$b3%#=%/!1.20$6b3%/!%0!4%3./!126#0/!9%!=46W<@%!2#0!$0$/!=?%.=?$/!9<#/!4<!a<#b3%!9%!
92##$/!Q*R-JPL!c?001FBBgggm3#61.20m2.@Bdm!
•! 5$0%.86#<062#!93!-269/!H24$=34<6.%e!-H!%#!5<!c?001FBB%_1</`[email protected]<.<8Bd!%0m!
c?001FBB%_1</`m2.@B1%1069%�8<//d!
•! 5$0%.86#<062#! 9%! 4<! =2#G2.8<062#! 1<.! 1.$96=062#! 9%! /0.3=03.%! /%=2#9<6.%!
c?001/FBB#1/<N1.<a6m6a=1mG.B=@6Na6#B#1/<�<3028<0m14�1<@%�#1/<�@2.,m?084d!
•! 5$0%.86#<062#!9%!4<!=<1<=60$!E!<9210%.!3#%!=2#G2.8<062#!%#!?$46=%!<81?61<06b3%!
c?001FBB.i4<am3=.m%93B/=.610/Bg?%%4Bg?%%4m=@6d!
! ,C!
X;Y!J;YQXL"LY!;\-;JRH;*L"Q\!!
(!R*LJP5Q>LRP*!F!X;Y!J;YQXL"LY!-J;XRHR*"RJ;Y!"!X:;LQ5;!
! Q#%!/$.6%!9:%_1$.6%#=%/!1.$4686#<6.%/!<!$0$! .$<46/$%!9<#/!#20.%! 4<a2.<026.%!9%!
.%=?%.=?%! %#! &'(Z! 1<.!H<.6#! ^6#=%#0e! 9<#/! 4%! =<9.%! 9%! /2#! 0.<W<64! 9%!8$826.%! 93!
8</0%.! H&! 9:R#@$#6%.6%! 9%! 4<! Y<#0$! %0! Y=6%#=%/! 93! H$96=<8%#0! 9%! 4:Q#6W%./60$! 9%!
X2..<6#%m! >%/! 0%/0/! <#0686=.2a6%#/! 12.0%#0! /3.! 9%3_! 1%1069%/! %#92@U#%/! 9%!
4:"8$42@$#6#%!?38<6#%!42=<46/$/!9<#/!4%!928<6#%!>N0%.86#<4!F!H&D5!cHk-X--HX-5!
XLX;"l-YL5!VLVJ;;^5d!%0!Y((5!cYL5!VLVJ;;^5de!R4/!2#0!$0$!0%/0$/!=2#0.%!9%/!
a<=0$.6%/! S.<8N12/606G! c7.5#'5'55(%* 4("/(%* /"* !"$-234'5'55(%* $(#/(%de! 9%/! 4%W3.%/!
c8$09.9$* $4&.5$0%6* 8$09.9$* )4$&#$"$* /"* 8$09.9$* "#'-.5$4.%d! %0! 3#! =?<816@#2#!
G64<8%#0%3_!c:%-/#).44(%*;(,.)$"(%dm!X%/!1%1069%/!30646/$/!9<#/!=%00%!$039%!1.$4686#<6.%e!
H&D5!%0!Y((5!2#0!$0$!/`#0?$06/$/!E! 4:R#/06030!9%!@$#$06b3%!%0!a6242@6%!824$=34<6.%!%0!
=%4434<6.%!cRSOH>!N!>*JY!QHJ!](',!N!R#/%.8!Q!C),!R44j6.=?NS.<GG%#/0<9%#e!KJ"*>;d!
%0!/%.2#0!#288$/!4%/!420/!(m!
! 0@7:87;?5;6@7)BK)N8C;6B8)XjD[)
D6:?@@?I5769>89) H&D5! Y((5!
(([! &Z'! ,)'! ,)'!
7>*4("/(%! ](! DZ! CD! ))!
!>*$(#/(%! *L! ,D! *L! *L!
:>*;(,.)$"(%! *L! C[! *L! *L!
8>*$4&.5$0%! *L! )[! *L! *L!
8>*)4$&#$"$! *L! [[! *L! *L!
8>*"#'-.5$4.%! *L! ,D! *L! *L!
* #7R6A6;6@7)B8)45):?@69957:8)Xk[)
!
(+,1%+!)O)J)N-!&0%"(+.%)*H#"2#,#(#-")*%)1+)0&-#''+"0%)*%)D#0&--&.+"#'D%')N+&)DEF*)%()'GG*)1-(')G))
*L!#2#!0%/0$!cH<.6#!^6#=%#0e!H</0%.!&'(Zd!
! !
! ['!
!
! >%/! .$/340<0/! cL<a4%<3! Zd! 6#96b3%#0! 3#%! 6#?6a6062#! 9%! 4<! =.26//<#=%! 9%/!
86=.22.@<#6/8%/!9%!D'!E!(''p!E!1<.06.!9%!&Z'!�H!9%!H&D5!123.!7.5#'5'55(%*4("/(%*
/"* :%-/#).44(%* ;(,.)$"(%>* Q#%! 6#?6a6062#! 143/! G<6a4%! E! &Z'! �H! 9%! H&D5! 123.!
!"$-234'5'55(%*$(#/(%*c,D!pde!%0!143/6%3./!%/1U=%/!9%!8$09.9$*c8$09.9$*$4&.5$0%*)[pe*
8$09.9$*)4$&#$"$*[[pe*8$09.9$*"#'-.5$4.%*,Dpd*<!$0$!=<.<=0$.6/$%m!!
! Q#%! #23W%44%! =288<#9%! 9%! 1%1069%! H&D5! /`#0?$06/$! 1<.! -.20$2@%#6_!
cY=?6406@?%68e!KJ"*>;d!b3%!4:2#!#288%.<!4%!420!&!<!$0$!30646/$%!123.!4%/!%_1$.6%#=%/!
/36W<#0%/m!
! >%/! 1.%86%./! .$/340<0/! #23/! 2#0! 6#=60$/! E! =2#06#3%.! 4:<#<4`/%! 9%/! <=06W60$/!
<#0686=.2a6%##%/!9%!H&D5!%#!$4<.@6//<#0!4%!=?26_!9%/!/23=?%/!86=.2a6%##%/!0%/0$%/!E!
9%/! /23=?%/! 9%! 4<! =<W60$! 2.<4%! =2##3%/! =288%!1<0?2@U#%/! 9<#/! 4%/! 134121<0?6%/e!
1<.292#021<0?6%/! %0! 9:<30.%/! 6#G%=062#/m! R4! /:<@60! 9%! <'#-23#','0$%* ).0).1$4.%6*
=(%'&$5"/#.(,*0(54/$"(,6*<$#1.#','0$%*,.5#$*%0*<#/1'"/44$*.0"/#,/9.$m!
!
! Q#%!<#<4`/%!<3!/$b3%#=%3.!<!1%.86/!9%!=<4=34%.!3#%!13.%0$!E!,)p!123.!4%!420!(!%0!
)'p!123.!420!&!9%/!1%1069%/!H&D5!%0!['p!9%/!1%1069%/!Y((5e!=%!b36!#23/!<!1%.86/!9%!
=<4=34%.!4<!824<.60$!9%!#2/!/243062#/!E!0%/0%.m!
!
&!*PQ^;"Q\!L;YLY!"*LRHR>JPOR;*Y!
&m(m!;\-;JR;*>;!"^;>!H&D5!XPL!(!
!
! 5<#/!3#!1.%86%.!0%81/!A:<6!=?%.=?$!E!.%1.2936.%!4%/!.$/340<0/!1.$4686#<6.%/!<G6#!9%!
=2#G6.8%.!4%!120%#06%4!9%/!1.21.6$0$/!<#0686=.2a6%##%/!93!H&D5!420!(!/3.!7.5#'5'55(%*
4("/(%6*!"$-234'5'55(%*$(#/(%*%0*8$09.9$*$4&.5$0%>*;#/360%!A:<6!%_<86#$!4%/!%GG%0/!9%!
H&D5! /3.! 4<! =.26//<#=%! 9%! <'#-23#','0$%* ).0).1$4.%6* =(%'&$5"/#.(,* 0(54/$"(,6*
<$#1.#','0$%*,.5#$* %0* <#/1'"/44$* .0"/#,/9.$m! X%/! .$/340<0/! 2#0! $0$! .$3#6/! 9<#/! 9%/!
0<a4%<3_!=6N<1.U/m!
!
! [(!
!
(+,1%+!)`J)"-!$%+!c)(%'(')+"(#D#0&-,#%"')+$%0)DEF*)X1-()G[^))
*L!*P*!L;YL;!
!
* X%/!0%/0/!b3%!#23/!<W2#/!.$<46/$/!/3.*7.5#'5'55(%*4("/(%*2#0!82#0.$!3#%!6#?6a6062#!
�C'p!123.!4%!420!(!9%!H&D5!E!&]'!�H!%0!,'[!�He!%0!143/!G<6a4%!Z,p!E!(Z[!�Hm!X%/!0%/0/!
/3.!!"$-234'5'55(%*$(#/(%!2#0!82#0.$!<W%=!4%!420!(!3#%!6#?6a6062#!9%!Z'p!E!1<.06.!9%!
,'[!�H!%0!#2#!/6@#6G6=<06W%!E!&]'!�Hm!X%/!0%/0/!/3.!8$09.9$*$4&.5$0%*#:2#0!1</!13!$0<a46.!
3#%!6#?6a6062#!/6@#6G6=<06W%m!Q#%!6#?6a6062#!9%!4<!=.26//<#=%!<!13!o0.%!=<.<=0$.6/$%!E![,'!
�H! 9%! H&D5! 123.! 4%! 420! (e! 9%! ,'p! 123.! <'#-23#','0$%* ).0).1$4.%e! 9%! ]'p! 123.*
=(%'&$5"/#.(,*0(54/$"(,6*<$#1.#','0$%*,.5#$!%0*<#/1'"/44$*.0"/#,/9.$*cL<a4%<3!,dm*
*
u:<6!=2#G6.8$!4:%GG%0!9:6#?6a6062#!93!H&D5!420!(!/3.!4<!=.26//<#=%!9%!7.5#'5'55(%*4("/(%>*
>%1%#9<#0! 4:6#?6a6062#! /3.! !"$-234'5'55(%* $(#/(%6* 8$09.9$* $4&.5$0%6* /"* :%-/#).44(%*
;(,.)$"(%*#:<!13!o0.%! .%1.29360%!<3_!8o8%/!=2#=%#0.<062#/!1<.! .<112.0! <3! .$/340<0/!
1.$4686#<6.%/!cL<a4%<3!Zdm!!"$-234'5'55(%*$(#/(%*<!#$=%//60$!3#%!=2#=%#0.<062#!143/!
$4%W$%! %#! H&D5! 420! (! 9<#/! =%/! #23W%<3_! 0%/0/! %0! 3#%! 6#?6a6062#! 826#9.%! E! $0$!
9$0%.86#$%m!
! !
! 0@7:87;?5;6@7)BK)N8C;6B8)DEF*)4@;)G)XjD[!
D6:?@@?I5769>89) [,'! ,'[! &]'! &''! (Z[! (''! )]e[! ['! ZZe][!
7>*4("/(%* *L! CD! C,! *L! Z,! *L! '! *L! '!
!>*$(#/(%! *L! Z'! (Z! *L! '! *L! '! ! '!
<>*).0).1$4.%! ,'! Z[! &]! '! '! '! '! '! '!
=>*0(54/$"(,! ]'! ['! ('! '! '! '! '! '! '!
<>*,.5#$! ]'! ('! '! '! *L! '! '! '! '!
<>*.0"/#,/9.$! ]'! ('! [! '! *L! '! '! '! '!
8>*$4&.5$0%! *L! ('! ('! *L! *L! *L! *L! *L! *L!
:>*;(,.)$"(%* *L! &'! ([! *L! '! *L! *L! *L! *L!
* #7R6A6;6@7)B8)45):?@69957:8)Xk[!
! [&!
&m&m!;\-;JR;*>;!"^;>!H&D5!XPL!&!
!
! X%!1%1069%!H&D5!420!&!/`#0?$06/$!1<.!-.20$2@%#6_!cY=?6406@?%68e!KJ"*>;de!<!$0$!
0%/0$! /3.!7.5#'5'55(%* 4("/(%6* <'#-23#','0$%* ).0).1$4.%6* =(%'&$5"/#.(,* 0(54/$"(,6*
<$#1.#','0$%*,.5#$*%0*<#/1'"/44$*.0"/#,/9.$>*u%!8%!/36/!46860$!E!=%/!86=.22.@<#6/8%/!
<`<#0!82#0.$!3#%!/%#/6a6460$!E!9%/!=2#=%#0.<062#/!$4%W$%/!9%!H&D5!420!(m!
! 0@7:87;?5;6@7)BK)N8C;6B8)DEF*)4@;)E)XjD[)
D6:?@@?I5769>89) &,'! &''! (D'! (['! (''! C'! )'! ['!
7>*4("/(%* (''! *L! D[! )Z! *L! Z'! &'! *L!
<>*).0).1$4.%! *L! '! *L! *L! '! *L! *L! '!
=>*0(54/$"(,! *L! '! *L! *L! '! *L! *L! '!
<>*,.5#$! *L! '! *L! *L! '! *L! *L! '!
<>*.0"/#,/9.$! *L! '! *L! *L! '! *L! *L! '!
'* #7R6A6;6@7)B8)45):?@69957:8)Xk[)
!
(+,1%+!)a)J)"-!$%+!c)(%'(')+"(#D#0&-,#%"')+$%0)DEF*)X1-()E[)
*L!#2#!0%/0$!
! X%/!0%/0/!<W%=!4%!420!&!9%!H&D5!2#0!82#0.$!3#%!6#?6a6062#!9%!D[p!E!1<.06.!9%!(D'!
�H!/3.*7.5#'5'55(%*4("/(%*cL<a4%<3![dm!
! X%!420!&!$0$!0%/0$!E!['e!(''!%0!&''!�H!9%!H&D5!420!&e!#23/!#23/!/288%/!46860$/!E!
=%/! =2#=%#0.<062#/! =<.! <3N9%4E! 64! `! <! 9%/! .6/b3%/! 9%! =`0202_6=60$! 123.! 4%/! =%4434%/!
%3=<.`20%/e! %0! 3#! =2�0! $4%W$! %#! 1%1069%m! *23/! <W2#/! 0%/0$! 9%/! %/1U=%/! a3==<4%/!
=2##3%/! =288%! 1<0?2@U#%/! c<'#-23#','0$%* ).0).1$4.%6* =(%'&$5"/#.(,* 0(54/$"(,6*
<$#1.#','0$%*,.5#$*%0!<#/1'"/44$*.0"/#,/9.$d!8<6/!<3=3#%!6#?6a6062#!#:<!13!o0.%!$0<a46%!
E!9%/!=2#=%#0.<062#/!1%.06#%#0%/!c�&''�Hdm! !
! [Z!
&mZm!;\-;JR;*>;!"^;>!Y((5!XPL!(!
5%/! #23W%<3_! 0%/0/! <#0686=.2a6%#/! 2#0! $0$! %GG%=03$/! <W%=! Y((5! 420! (! /`#0?$06/$! E!
4:RSOH>!c>*JY!QHJ!](',!N!R#/%.8!Q!C),!R44j6.=?NS.<GG%#/0<9%#e!KJ"*>;d!
!
(+,1%+!)d)J)"-!$%+!c)(%'(')+"(#D#0&-,#%"')+$%0)'GG*)X1-()G[)
Q#%! 6#?6a6062#! 9%! 4<! =.26//<#=%! 9%! 7.5#'5'55(%* 4("/(%! 1%3! /6@#6G6=<06W%! c(Zpd! %/0!
$W<43$%!E!,'[!�H!9%!Y((5!420!(>*5%!143/e!E!9%/!=2#=%#0.<062#/!6#G$.6%3.%/!4%!1%1069%!
Y((5!#:<!82#0.$!<3=3#%!6#?6a6062#!9%!7.5#'5'55(%*4("/(%m!X%/!0%/0/!9%!Y((5!420!(!/3.!
!"$-234'5'55(%* $(#/(%! %0! 8$09.9$* $4&.5$0%6! /%! /2#0! .$W$4$/! #$@<06G/! %0! <3=3#%!
6#?6a6062#!#:<!$0$!=2#/0<0$%m!
! ;#!=2#=43/62#e!#23/!#:<W2#/!1</!2a0%#3!9:6#?6a6062#!/6@#6G6=<06W%!9%!4<!=.26//<#=%!
86=.2a6%##%!123.!H&D5!c420/!(!%0!&d!123.! 4%/!#23W%44%/!/23=?%/!86=.2a6%##%/!E!9%/!
=2#=%#0.<062#/!1%.06#%#0%/!123.!3#!3/<@%!=46#6b3%m!Y%34!7.5#'5'55(%*4("/(%!/:%/0!82#0.$!
/%#/6a4%!<3!H&D5!c420/!(!%0!&de!<W%=!3#%!6#?6a6062#!9%!&'p!E!1<.06.!9%!)'!�H!9%!H&D5!
420! &m! X%/! 0%/0/! <#0686=.2a6%#/! <W%=! Y((5! 420! (! #:2#0! 82#0.$! <3=3#%! 6#?6a6062#! /3.!
7.5#'5'55(%*4("/(%6!!"$-234'5'55(%*$(#/(%!%0!8$09.9$*$4&.5$0%!E!9%/!=2#=%#0.<062#/!
1%.06#%#0%/m!>%/!.$/340<0/!#23/!2#0!6#=60$!E!W$.6G6%.!4:6#[email protected]$!9%/!1%1069%/m!!
Z!>P*LJPX;!"*"XILRkQ;!5;Y!-;-LR5;Y!H&D5!;L!Y((5!
! X%! =2#0.74%! 9%! 4:6#[email protected]$! 9%/! 1%1069%/!H&D5! %0! Y((5! 420/! (e! E! $0$! .$<46/$! 1<.!
=?.28<02@.<1?6%! 46b369%! ?<30%! 1%.G2.8<#=%! 9%! 1?</%! 6#W%./%! T-X>NJ-! E! &(,! #8!
/36W<#0!4%/!=2#96062#/!%_1$.68%#0<4%/!9$=.60%/!9<#/!4<!1<.06%!H<0$.6%4/!%0!H$0?29%/m!u:<6!
6#0.29360!(''!�X!9:3#%!/243062#!<b3%3/%!LK"!'e(p!E!(!8@B8X!9%!1%1069%m!X%/!96GG$.%#0/!
16=/! 2#0! $0$! =244%=0$/! 0230%/! 4%/! 86#30%/! 9%! (&! E! Z)! 86#! 123.! 3#%! <#<4`/%! 9%!
/1%=0.28$0.6%!9%!8<//%!1<.!4<!0%=?#6b3%!H"X5RNLPKm!
!
! 0@7:87;?5;6@7)BK)N8C;6B8)'GG*)4@;)G)XjD[!
D6:?@@?I5769>89) ,'[! &]'! (Z[! )]e[!
7>*4("/(%* (Z! '! '! '!
!>*$(#/(%! '! '! '! '!
8>*$4&.5$0%! '! '! '! '!
* #7R6A6;6@7)B8)45):?@69957:8)Xk[!
! [,!
Zm(m!>"Y!5;!Y((5!XPL!(!
X:<#<4`/%!9%!4:6#[email protected]$!93!1%1069%!Y((5!420!(!%/0!a</$%!/3.!4%!=?.28<02@.<88%!
/36W<#0!%0!3#!/1%=0.%!9%!8<//%!9%/!16=/!=244%=0$/!cK6@m!&,d!
!
/#.!&%)Gf)J)FIGURE +"+1U'%)*%)1H#"(%.&#(%)*!)N%N(#*%)'GG*)1-()G)
c"d! Y((5! 1<.! T-X>NJ-! c=242##%! >(D! ^`9<=! &(D! L-e! ,e)! _! &['! #8! h! 0<644%! 9%/! 1<.06=34%/! ZN&'!
86=.28U0.%/e!0<644%!9%/!12.%/!Z''!"#@/0.28dm!"_%!9%/!2.92##$%/!F!"a/2.1062#!E!&(,!#8!h!"_%/!
9%/!<a/=6//%/!F!0%81/!%#!86#30%/e!cNNNNNNd!@.<96%#0!9:$43062#!F!123.=%#0<@%!9%!4<!/243062#!O!
cOd! "#<4`/%!H"X5RNLPK!9%/!16=/!9%!Y((5!h!<m3m!c<.a60.<.`!3#60d!
!
X%!1269/!824$=34<6.%!c-Hd!0?$2.6b3%!<00%#93!123.!4%!1%1069%!Y((5!%/0!9%!(Z']eZD!5<e!
#23/! <W2#/! 8%/3.$! 3#! -H! %_1$.68%#0<4! 9%! (Z']e,D[! 5<e! 4%! 1%1069%! Y((5!
cYL5VLVJ;;^5d! %/0! 92#=! 8<A2.60<6.%8%#0! 6#0U@.%! %0! =2..%/12#9! <3! 16=! (! 93!
=?.28<02@.<88%!cK6@m!cOddm!X%!16=!&!=2..%/12#9!E!3#!8$4<#@%!9%!Y((5!6#0U@.%!E!]'p!
! [[!
%#!6#0%#/60$e!%0!9%/!G2.8%/!9$@.<9$%/!92#0!3#!1%1069%!<W%=!3#!-H!9%!(&)&e,[]!5<!b3%!
#23/!#:<W2#/!1</!.$3//6!E!69%#06G6%.!%0!.%1.$/%#0%!&'p!93!16=!%#!6#0%#/60$m!!
Zm&m!>"Y!5;!H&D5!XPL!(!
!
X:<#<4`/%!93!H&D5!420!(!%/0!a</$%!/3.! 4%!=?.28<02@.<88%!/36W<#0!%0!3#!/1%=0.%!9%!
8<//%/!123.!4%!16=!8<A2.60<6.%!9:3#%!6#0%#/60$!9%!,''!8"Q!cK6@m!&[!c"ddm!!
!
/#.!&%)GF)J)/#.!&%)+"+1U'%)*%)1H#"(%.&#(%)*!)N%N(#*%)DEF*)1-()G))
c"d! !T-X>NJ-!=242##%!c>(D!^`9<=!&(D!L-e!,e)!_!&['!#8!h!0<644%!9%/!1<.06=34%/!ZN&'!86=.28U0.%/e!
0<644%!9%/!12.%/!Z''!"#@/0.28de!"_%!9%/!2.92##$%/!F!"a/2.1062#!E!&(,!#8!h!"_%/!9%/!<a/=6//%/!F!
0%81/!%#!86#30%/e!cNNNNNNd!@.<96%#0!9:$43062#!F!123.=%#0<@%!9%!4<!/243062#!O!
cOd! "#<4`/%!H"X5RNLPK!H&D5!93!16=!8<A2.60<6.%m!<m3m!c<.a60.<.`!3#60d!
! [)!
! P#!.%0.23W%!4%!1%1069%!H&D5!6#0U@.%!=2..%/12#9<#0!<3!16=!8<A2.60<6.%e! 6#96b3$!
1<.!3#%!G4U=?%!cK6@m!&[!c"dd!=<.!4%!-H!<00%#93!93!H&D5!�Z&ZDe]&!5<!%/0!/%#/6a4%8%#0!
69%#06b3%!<3!-H!8%/3.$!Z&Z]e[D!5<!$43$!E!&CeC!86#e!<6#/6!b3%!9%/!G2.8%/!2_`9$%/e!
A3/b3:E!b3<0.%!2_`9<062#/m!X%/!0.26/!1.%86U.%/!2_`9<062#/!/%!1.2936/%#0!/3.!H(e!H]!%0!
l()! cr(! c2d!Z&[Ze,]Z!5<e!r&! c2d!Z&)Ce,]]!5<e!rZ! c2dZ&D[e,D(!5<d!%0! 4<!b3<0.6U8%!
2_`9<062#!12//6a4%!%/0!86#2.60<6.%!cr,!c2d!ZZ'&e,]'!5<d!%0!=2..%/12#9.<60!E!3#%!G2#=062#!
/34G2_`9%!/3.!3#!.$/693!H!23!lm!!
!
! ;#!=2#=43/62#e!Y((5!%/0!8<A2.60<6.%8%#0!13.e!H&D5!%/0!8<A2.60<6.%8%#0!13.!8<6/!
2_`9$m!X:$0<0!9:2_`9<062#!123..<60!A23%.!3#!.74%!9<#/!4:<=06W60$!a6242@6b3%m!>%/!2_`9<062#/!
1%3W%#0!$@<4%8%#0!6#936.%!3#%!96GG6=340$!9%!/243a646/<062#!020<4%!123.!#2/!%_1$.6%#=%/e!
=%!b36!1%30!%81o=?%.! 4%!1%1069%!9:6#0%.<@6.!<W%=! 4%/!8%8a.<#%/m!Q#!<30.%!1.2a4U8%!
123..<60!o0.%!b3%!4%/!1%1069%/!=<10%#0!9%!4:%<3!1%#9<#0!4%3.!/02=j<@%m!>%4<!1.2W2b3%.<6!
3#%!8<3W<6/%!=2..$4<062#!%#0.%!4<!1%/$%!%0!4<!b3<#060$!.$%44%!9%!1%1069%/m!>%1%#9<#0e!
#23/!<W2#/!.%/1%=0$!4%/!=2#96062#/!9:3/<@%!h!4%/!$=?<#06442#/!2#0!$0$!/02=j$/!/23/!G2.8%!
4`21?646/$!9<#/!3#!G4<=2#!E!4:<a.6!9%!4:?386960$!%0!9%!4<!4386U.%!23!0230%!/23.=%!9%!=?<4%3.!
%_=%//6W%m!
! []!
,m!;LQ5;!J;X"LRP*!YLJQ>LQJ;!KP*>LRP*!
! "G6#!9:%_146b3%.!4%/!92##$%/!b3%!A:<6!.%=3%6446%/e!A:<6!<#<4`/$!4%/!=<.<=0$.6/06b3%/!
9%/!1%1069%/!Y((5!%0!H&D5m!X<!1431<.0!9%/!-"H/!/2#0!=<062#6b3%/!%0!/0.3=03.$/!%#!
?$46=%NxN<81?61<06b3%m! >%1%#9<#0! 64! %_6/0%! 9%/! -"H/! <#62#6b3%/! %0! 9%/! -"H/!
/0.3=03.$/!%#!G%3644%0/Ntm!X%/!=<.<=0$.6/06b3%/!/0.3=03.<4%/!6812.0<#0%/!123.!3#!1%1069%!
<#0686=.2a6%#! /2#0!92#=! 9%! 1.$/%#0%.! 3#%! 9;?K:;K?8) C?6>56?8) :5;6@76PK8) 8;)
5>CR6C5;6PK8! b36! 1%.8%0! 4:6#0%.<=062#! $4%=0.2/0<06b3%! <W%=! 4%/! 1?2/1?246169%/! 4<!
8%8a.<#%!86=.2a6%##%! %0! 4<! 1$#$0.<062#! 9<#/! 4<! a6=23=?%! 461696b3%m! Q#%! 9;?K:;K?8)
98:@7B56?8)PK6)5B@C;8)I=7=?548>87;)K78):@7M@?>5;6@7)87)R=46:8!%#!1.$/%#=%!9%!
8%8a.<#%/! a6242@6b3%/m! ;#G6#! 3#%! 4@7IK8K?) 9KC=?68K?8) ]) GF) ?=96BK9! 1%.8%0! <3!
1%1069%! 9%! 0.<W%./%.! %#06U.%8%#0! 4<! a6=23=?%! 461696b3%e! 9%/! C8C;6B89) C4K9) :@K?;9)
:5C5A489)B8)9H5998>A48?!1%3W%#0!<..6W%.!E!=%00%!0<644%!=.606b3%!
!
!
!
/#.!&%)Ge)J)#"(%&+0(#-"')N%N(#*%'l1#N#*%')X.+1*#%&-)EZGO[)
! !
! [D!
! -<.!<644%3./! 4%/!8296G6=<062#/!12/0N0.<#/=.61062#%44%/! c2_`9<062#e!1?2/1?2.`4<062#e!
@4`=2/`4<062#e! =`=46/<062#d! 1%3W%#0! G2.0%8%#0! 6#G43%#=%.! 4:<=06W60$m! 5<#/! 4%! =</! 9%/!
1%1069%/!/`#0?$06b3%/!64!/:<@60!%_=43/6W%8%#0!9%/!2_`9<062#/!%0!=`=46/<062#/m!*23/!<W2#/!
$0396$!4<!/0.3=03.%!1.68<6.%!%0!=?%.=?$!E!$W<43%.!4:<106039%!9%!4<!/$b3%#=%!Y((5!%0!H&D5!
E!/%!/0.3=03.%.!%#!?$46=%N<41?<m!
!
,m(!>"Y!5;!Y((5!cYL5VLVJ;;^5d!
,m(m(m!>T"JS;!XP*SQ;QJe!TI5JP-TPOR>RL;!5Q!Y((5!
!
! X%!1%1069%!Y((5!12//U9%!0.26/!=?<.@%/!12/606W%/!crZ!h!&Ve!(Jde!%0!b3<0.%!=?<.@%/!
#$@<06W%/! cN,!h! &5e! &;de! /<! =?<.@%!@42a<4%!%/0! 92#=!9%! N(e! =%!b36! %#! G<60! 3#!1%1069%!
<#62#6b3%m! 5%! 143/! /<! 42#@3%3.! 9%! ((! .$/693/! %/0! 6#G$.6%3.%! E! 4<! 0<644%! =.606b3%! 123.!
0.<W%./%.! 4%/! 8%8a.<#%/! 86=.2a6%##%/m! >%1%#9<#0! 4%/! 92##$%/! 9%! 4<! 4600$.<03.%!
6#96b3%#0!b3:64!̀ !<3.<60!3#%!/0.3=03.%!/%=2#9<6.%!=2812.0<#0!9%/!G%3644%0/Nt!%0!9%/!=239%/e!
%0!/%.<60!=<1<a4%!9%!/:<302N<//%8a4%.!%#!9%/!#<#2/0.3=03.%/!b36!/:<11<.%#0%#0!E!9%/!
96/b3%/!9%!54.9 nm (16).
! X<!/$b3%#=%!9%!Y((5!=2..%/12#9!E!4<!1<.06%!>N0%.86#<4%!93!H&D5!%0!#%!=2812.0%!
<3=3#!<=69%!<86#$!?`9.21?2a%e!%0!#:<!92#=!1</!9%!=<.<=0U.%!<81?61?64%!!
! K6#<4%8%#0e! =%! 1%1069%! <#62#6b3%! #:%/0! 1</! <81?61?64%! %0! 12//U9%! 1%3! 9%!
12//6a6460$/!9:6#0%.<=062#!<W%=!4%/!8%8a.<#%/!461696b3%/m!X<!42#@3%3.!9%!((!.$/693/!#%!
436!1%.8%0!1</!9%!0.<W%./%.! 4%/!a6=23=?%/! 461696b3%/m!X:%#/%8a4%!9%/!=%/!1<.<8U0.%/!
123..<60!%_146b3%.!4:<a/%#=%!9:<=06W60$!<#0686=.2a6%##%!93!Y((5!9<#/!#2/!0%/0/!4%/!143/!
.$=%#0/m!
! !
! [C!
,m(m&m!-JPu;>LRP*!;*!T;XR>;!5;!Y((5!
!
!
/#.!&%)EZ)J)N&-m%0(#-")*%)1+)'%S!%"0%)*%)'GG*)'!&)!"%)2%1#0%)X2%1#0+1)T2%%1)N&-m%0(#-")&nL1+,[)
YL5VLVJ;;^5!
?/%*#@%.9(%*239#'-2.4/%*&4/(%*AB*/"*C6*/"*"#.$0)4/%*%'0"*52$#)@%*0@)$".1/,/0"D6*AE6*F*/"*+6*4/%*-/0"$)'0/%*
%'0"*52$#)@%*-'%.".1/,/0"D*G*?/%*#@%.9(%*0/("#/%*%'0"*#/-#@%/0"@%*-$#*9/%*5/#54/%*'#$0)/%*AH6*!*/"*:D*
! X%!1%1069%!Y((5!12//U9%!9%!#28a.%3_!.$/693/!124<6.%/!96/0.6a3$/!<3023.!9%!4<!
1.2A%=062#!%#!?$46=%!b36!436!92##%#0!3#!=<.<=0U.%!?`9.21?64%!%0!4:<a/%#=%!9%!=<.<=0U.%!
?`9.21?2a%!%0!<81?61?64%!.$9360!/2#!<106039%!E!6#0%.<@6.!<W%=!4%/!a6=23=?%/!461696b3%/!
cK6@m!&'dm!!
*
,m&!>"Y!5;!H&D5!cHk-X--HX-5!XLX;"l-YL5!VLVJ;;^5d!
,m&m(m!>T"JS;!XP*SQ;QJe!TI5JP-TPOR>RL;!5;!H&D5!
! X%! 1%1069%! H&D5! %/0! <#62#6b3%! 9%! 1<.! /<! .6=?%//%! %#! <=69%/! <86#$/!
120%#06%44%8%#0!=?<.@$/!<W%=!)!=?<.@%/!#$@<06W%/!cZ5!%0!Z;de!%0!Z!=?<.@%/!12/606W%/!
c&V! %0! (Jde! %0! 12//U9%! 3#%! =?<.@%! @42a<4%! 9%! NZm! X<! 42#@3%3.! 9%! &D! .$/693/! %/0!
/31$.6%3.%!E! 4<! 0<644%!=.606b3%!9%!(D! .$/693/!%0!%/0!92#=!/3GG6/<#0%!123.! 0.<W%./%.!3#%!
a6=23=?%!461696b3%m!;#G6#e!4<!/$b3%#=%!H&D5!12//U9%!E!4<!G26/!9%/!.$/693/!?`9.21?64%/!
%0!?`9.21?2a%/e!1%.8%00<#0!3#!=<.<=0U.%!<81?61?64%m!
!
! )'!
,m&m&m!-JPu;>LRP*!;*!T;XR>;!"H-TR-T"LRkQ;!5;!H&D5!!
!
!
!
/#.!&%)EG)J)N&-m%0(#-")*%)1+)'%S!%"0%)*%)DEF*)%()DEE()'!&)!"%)2%1#0%)X2%1#0+1)T2%%1)N&-m%0(#-")&nL
1+,[)
X%/! .$/693/! ?`9.21?64%/! a4%3/! c;e5! 0.6<#@4%/e! =?<.@$/! #$@<06W%8%#0de! cVJT! 1%#0<@2#%/! =?<.@$!
12/606W%8%#0d!h!X%/!.$/69%/!?`9.21?2a%/!W%.0!cXHl!.%1.$/%#0$!1<.!9%/!=<..$/d!
X%/!.$/693/!#%30.%/!.%1.$/%#0$!1<.!9%/!=%.4%/!2.<#@%/!cLY"d!%0!.23@%/!c-kd!
!
H&D5!F!Hk-X--HX-5!XLX;"l-YL5!VLVJ;;^5!!
H&,J!F!Hk-X--HX-5!XLX;"l-YL5!VLVJ!
! !
! )(!
!
! X<! .$1<.06062#!9%/! =?<.@%/!<3023.! 9%! 4<! 1.2A%=062#!%#!?$46=%!%_146b3%! 4<! @.<#9%!
/243a6460$!93!H&D5e!=%1%#9<#0!2#!#%!96/06#@3%!1</!%_<=0%8%#0!9%3_!928<6#%/e! 4:3#!
?`9.21?2a%!%0!4:3#!?`9.21?64%e!/$1<.$/m!X%!1%1069%!H&,J!=2..%/12#9!<3!H&D5!0.2#b3$!
9%!,!.$/693/!>N0%.86#<3_m!X%!H&,J!12//U9%.<60!3#!928<6#%!?`9.21?2a%!E!@<3=?%!9%!
4<!G6@3.%!<W%=!4%/!=<..$/!W%.0/!%0!3#!928<6#%!?`9.21?64%!E!9.260%!<W%=!4%/!0.6<#@4%/!%0!
1%#0<@2#%/!%#!a4%3!1.216=%!<3_!6#0%.<=062#/!<W%=!4%/!a6=23=?%/!461696b3%/!cK6@m!&(dm!5%!
143/!4%!1%1069%!H&D5!12//U9%!4<!=<1<=60$!9:<302N<//%8a4<@%!/%42#!4%/!92##$%/!9%!4<!
4600$.<03.%e!0230!=288%!4<!1.20$6#%!%#06U.%!%#!#<#2/0.3=03.%/e!0%4/!b3%!9%/!96/b3%/!G6#!9%!
96<8U0.%!54,4 nm (16).!
! ;#!=2#=43/62#e!=%00%!<#<4`/%!9%/!1.$96=062#/!9%!/0.3=03.%!/%=2#9<6.%!82#0.%!3#!
=<.<=0U.%!<81?61?64%!b36!%_146b3%!4<!=<1<=60$!9:6#0%.<=062#!93!1%1069%!H&D5!<W%=!4%/!
8%8a.<#%/!%0! /<! =<1<=60$! 9:<302N<//%8a4<@%!%#!#<#2/0.3=03.%/!123..<60! $@<4%8%#0!
A23%.!3#!.74%!9<#/!4%/!1.21.6$0$/!93!1%1069%m!>%00%!9%.#6U.%!1.21.6$0$!%/0!6812.0<#0%!123.!
4%!8$=<#6/8%!9%!0`1%!12.%!%#!0<16/!9$=.60!123.!4%/!<=06W60$/!<#0686=.2a6%##%/!cK6@m!Ddm!
! )&!
[m!;LQ5;!YQJ!X:"5HR*RYLJ"LRP*!5;Y!"*LRORPLRkQ;Y!"YYP>R;!"Q!H&D5!
! 5%/! 0%/0/! <#0686=.2a6%#/! 9%! H&D5! 420! &! 2#0! $0$! .$<46/$/! %#! 0.6146=<0<! /3.!
7.5#'5'55(%* 4("/(%6* %#! 1.$/%#=%! 9:<82_6=6446#%e! 4:<#06a6206b3%! =23.<88%#0! 30646/$! %#!
292#0242@6%!%#!1.%86U.%!6#0%#062#m!
DEF*)XjD[! +>@\6:644678)
XjIl>1[!#7R6A6;6@7)B8)45)
:@69957:8)Xk[!>KR"! >KR-) >KR"r>KR-! !
>HR-!&,'! '! (''!
(&'! '! )Z!
)'! '! (D!
&'! '! '!
'! >HR"!'e'&[! CC! ! ! !
'! 'e'(! ,Z! ! ! !
)'! 'e'(! DC! 'e,! 'e&[! 'e[�Z^da�(!"99606G!
&'! 'e'(! D&! Z^`! Z^ZF) Z^`FoZ^a)'Q78?I6PK8)
!!
(+,1%+!)f)J)(+!c)*H#"2#,#(#-")*%)1+)0&-#''+"0%)*%)!"#$%&'%()#0-!N1%)+D-c#0#11#"%lDEF*)
H&D5!420!&!c"!123.!<82_6=6446#%!%#!�@B8Xe!H&D5!%0!�Hd!
! Xn<82_6=6446#%! <@60! /3.! 4<! 8%8a.<#%! a<=0$.6%##%! %0! 6#0%..2810! 4%! 1.2=%//3/! 9%!
0.<#/1%1069<062#!b36! 46%! 4%/!1%10692@4`=<#%/!9%! 4<!8%8a.<#%!a<=0$.6%##%m!X%! 0%/0!93!
=2314%!1%1069%B<#06a6206b3%!/3.!7.5#'5'55(%*4("/(%!<!1%.86/!9%!9686#3%.!1<.!3#!G<=0%3.!
&e[!4<!b3<#060$!9:<82_6=6446#%!1<.!.<112.0!E!4<!>HRe!<6#/6!b3%!4<!b3<#060$!9%!H&D5!1<.!4%/!
G<=0%3.! ,! %0! (&m! >%/! 2a/%.W<062#/! /3@@U.%#0! 3#%! =<1<=60$! 9%! 1$#$0.<062#! 9%! 4<!
8%8a.<#%!9%!7.5#'5'55(%*4("/(%!1<.!4%!H&D5!<8$462.<#0!9%!G<{2#!/`#%.@6b3%!4:%GG%0!
<#06a6206b3%!9%!4:<82_6=6446#%m! !
! )Z!
)m!L;YLY!5;!YL"ORXRL;!5Q!-;-LR5;!H&D5!
!
)m(!YL"ORXRL;!5;!H&D5!;*!>P*5RLRP*Y!5;!^"JR"LRP*Y!5;!-T!;L!5;!L;H-;J"LQJ;!
!
! X%/!$=?<#06442#/!2#0!$0$!0%/0$/!1<.!=?.28<02@.<1?6%!46b369%!?<30%!1%.G2.8<#=%!
9%!1?</%! 6#W%./%!T-X>NJ-!E!&(,!#8!<G6#!9%!W$.6G6%.! 4%3.! 6#[email protected]$!1<.! .<112.0! E!3#!
$=?<#06442#! 0$826#! E! &''! �@B8X! 9%! H&D5e! 4%/! =?.28<02@.<88%/! /%! /2#0! 82#0.$/!
/%#/6a4%8%#0! 69%#06b3%/! <W%=! 3#! 16=! 0.U/! 1.$=6/! =2..%/12#9<#0! <3!H&D5e! <W%=! 9%/!
W<4%3./!/6864<6.%/!<3!0$826#!E!C''!8"Qe!E!&[+>!%0!1T!]!cK6@m!&&dm!
!
!!
!
/#.!&%)EE)J)02&-D+(-.&+DD%)*!)DEF*)1-()E)'%!1)W(%D-#")+)(%DN%&+(!&%)+D,#+"(%)
c>?.28<02@.<88%!69%#06b3%!123.!H&D5!Z]+e!,(+>!h!%0!&[+>!E!1T!)eD!%0!]e,!1%#9<#0!(&!?d!
!
! X%!1%1069%!/:%/0!82#0.$!/0<a4%!E!4<!W<.6<062#!9%!1T!E!)eD!%0!E!]e,!1%#9<#0!(&!?!E!
&[+>m!H&D5!/:%/0!$@<4%8%#0!.$W$4$!/0<a4%!E!0%81$.<03.%!1?`/6242@6b3%!Z]+>!1%#9<#0!
(&!?!<6#/6!b3:E!,(+>!1%#9<#0!(&!?!c=2#96062#!9%!G6UW.%dm!X%/!$=?<#06442#/!2#0!$0$!1.$1<.$/!
E!4<!=2#=%#0.<062#!9%!&''!�@B8X!9%!H&D5!E!1T!)eD!%0!]e,!ca3GG%.!h!LJRYNT>4!h!$0<42##$!
E!4:<69%!9:3#!1TN8U0.%de!%0!1T!]e!%0!6#=3a$!E!Z]+>!%0!,'+>!%0!E!0%81$.<03.%!<8a6<#0%!
&[+>!123.!4%/!W<.6<062#/!9%!1Tm!
! !
! ),!
)m&!YL"ORXRL;!5;!H&D5!;*!-J;Y;*>;!5:"XOQHR*;!
! X<! /0<a6460$! 9%! H&D5! <! $0$! 0%/0$%! %#! 1.$/%#=%! 9%! &'! �@! 9:<4a386#%! /$.38!
?38<6#%!cTY"d!123.!&''!�@!9%!H&D5!123.!W26.!/6!TY"!/%!46<60!<3!H&D5m!Q#!$=?<#06442#!
=2812.0<#0! 3#6b3%8%#0! &'! �@! 9:TY"! E! $@<4%8%#0! $0$! 0%/0$! cK6@m! Z'! c"ddm! X%!
=?.28<02@.<88%!<!82#0.$!9%/!16=/!9:<4a386#%!%0!H&D5!a6%#!96/06#=0/! cK6@m! Z'! cOdd!
=2..%/12#9<#0/!<3_!4%/!0%81/!9:$43062#!9%/!9%3_!=2812/<#0/!9%/!=?.28<02@.<88%/!
0$826#/e!<4a386#%!/%34%!cK6@m!Z'!c"dd!%0!H&D5!/%34!cK6@m!&Cdm!X%!16=!9:TY"!%/0!6#96b3$!
1<.!3#%!G4U=?%!/3.!4%/!9%3_!=?.28<02@.<88%/!/36W<#0/m!
!
/#.!&%)EO)J)02&-D+(-.&+DD%')X+[)+1,!D#"%)'%!1%^)X,[)DEF*)%")N&%'%"0%)*H+1,!D#"%)
!
]mZm!YL"ORXRL;!5;!H&D5!;*!-J;Y;*>;!5;Y!YQJ*"S;"*LY!O">L;JR;*Y!
! 5%/! 0%/0/! 9%! 9$@.<9<062#! 1<.! 4%/! /3.#<@%<#0/! a<=0$.6%#/! 2#0! $@<4%8%#0! $0$!
.$<46/$/! %#! 1.$/%#=%! 9%! /3.#<@%<#0/! 9%! <'#-23#','0$%* ).0).1$4.%6* =(%'&$5"/#.(,*
0(54/$"(,6*<$#1.#','0$%*,.5#$*/"*<#/1'"/44$*.0"/#,/9.$*<G6#!9%!/<W26.!/6!=%/!a<=0$.6%/!
$0<6%#0! =<1<a4%/! 9%! 9$@.<9%.! H&D5! 1<.! /$=.$062#! 9:%#i`8%/! 1.20$24`06b3%/m! X%/!
$=?<#06442#/!9%!H&D5!420!&!6#=3a$/!1%#9<#0!&,!?!9<#/!4%/!/3.#<@%<#0/!a<=0$.6%#/!2#0!
$0$!<#<4`/$/!1<.!J-NT-X>e!<6#/6!b3%!4%/!/3.#<@%<#0/!a<=0$.6%#/!/%34/!cK6@m!&,dm!
! )[!
!
/#.!&%)E`)J)02&-D+(-.&+DD%')*%)DEF*)%")N&%'%"0%)*%')'!&"+.%+"('),+0(%&#%"')0-DN+&%')+$%0)1%')
'!&"+.%+"(')0-&&%'N-"*+"(')
c"d!<#/1'"/44$*.0"/#,/9.$6*cOd*=(%'&$5"/#.(,*0(54/$"(,6!c>d!<$#1.#','0$%*,.5#$6*c5d!<'#-23#','0$%*).0).1$4.%*
! X<!K6@3.%!&,!c"d!%0!cOd!82#0.%!b3%!4%!H&D5!420!&!#:<!1</!/3a60!9%!9$@.<9<062#!
1.20$24`06b3%! <W%=! 3#%! ?<30%3.! %0! 4<.@%3.! 93! 16=! /%8a4<a4%! <3! =2#0.74%! cD['!8"Q!h!
K6@m&&dm!X%!=?.28<02@.<88%!G6@3.%!&,!c>d!82#0.%!3#%!9686#3062#!93!16=!9%!H&D5!E!]['!
8"Q!%0!3#%!4<.@%3.!/6864<6.%m!X%!=?.28<02@.<88%!K6@3.%!&,!c5d!82#0.%!3#!16=!9686#3$!
=2..%/12#9<#0! <3! H&D5! 9:3#%! ?<30%3.! 9%! [''! 8"Q! 8<6/! 143/! 4<.@%m! >%! 9%.#6%.!
/3.#<@%<#0! =2..%/12#9! E! =%436! 9%!<'#-23#','0$%* ).0).1$4.%6*%0! 64! /%8a4%.<60! b3:3#%!
9$@.<9<062#!1.20$24`06b3%!1<.06%44%!%_146b3%!4<!8296G6=<062#!93!16=!9%!H&D5m!
! ))!
;#! =2#=43/62#! H&D5! /%8a4%! o0.%! .$/6/0<#0! E! 4<! 9$@.<9<062#! 9<#/! 4%/! 96GG$.%#0%/!
=2#96062#/! 9%! 0%81$.<03.%/e! 9%! 1T! 1?`/6242@6b3%/! <6#/6! b3:E! 143/6%3./! /3.#<@%<#0/!
a<=0$.6%#/m!5:<30.%!1<.0!64!#%!/%8a4%!1</!`!<W26.!9%!46<6/2#!%#0.%!4%!H&D5!%0!4:<4a386#%!
?38<6#%e! b36! 1%30! <@6.! =288%! 3#! 0.<#/12.0%3.! 9%! 1.20$6#%/! %#! =<10<#0! 96W%./%/!
824$=34%/m!
5RY>QYYRP*!
! X:"8$42@$#6#%! G<60! 1<.06%! 9%! 4<! @.<#9%! G<8644%! 9%/! 1.20$6#%/! 9%! 4<! 8<0.6=%!
%_0.<=%4434<6.%!c;>Hde!1.20$6#%/!83406G2#=062##%44%/!92#0!4%/!.74%/!/2#0!0.U/!W<.6$/m!X%/!
1.20$6#%/!;>H! 6#0%.W6%##%#0! 9<#/! 4%/! 1.2=%//3/! =%4434<6.%/e! 42./! 9%! 4:2.@<#2@%#U/%e!
8<6/!<3//6!9<#/!4<!G2#=062#!%0!4:?28$2/0</6%!06//34<6.%e!<6#/6!b3%!4<!.$@$#$.<062#!c&)dm!
>%/!1.20$6#%/!;>H!/2#0!E!4:2.6@6#%!9%/!/0.3=03.%/!9%/!2.@<#6/8%/!83406=%4434<6.%/e!<44<#0!
9%/! 06//3/! 2//%3_! c('Zde! %#! 1<//<#0! 1<.! 4%/! 06//3/! =2#A2#=06G/! %0! 8o8%! 4%! 14</8<!
/<#@36#m!X%/!1.20$6#%/!;>H!/2#0!<3//6!<//2=6$%/!E!9%/!1<0?242@6%/!6#G4<88<026.%/!%0!
<302N6883#%/!=%!b36!/%8a4%!82#0.%.!4%3.!68146=<062#!9<#/!4%/!1?$#28U#%/!9:6883#60$!
c(',dm!!
! X:%_1.%//62#! 9%! 4:"8$42@$#6#%! <! $0$! 9$0%=0$%! 1.6#=61<4%8%#0! 9<#/! 4%/! 06//3/!
86#$.<46/$/e! 2/! =<.064<@%/e!8<6/!$@<4%8%#0!9<#/!9%/! 06//3/!823/! 0%4/! 4%! =%.W%<3!<3!
#6W%<3!9%/!=%4434%/!@46<4%/e!9%/!0.2#=/!9%/!#%.G/!1$.61?$.6b3%/e!8<6/!$@<4%8%#0!<3023.!
9%/!W<6//%<3_!/<#@36#!W.<6/%8a4<a4%8%#0!9<#/! 4%/!1$.6=`0%/e!9<#/! 4%/!=%4434%/!9%! 4<!
1341%!9%#0<6.%!c292#02a4</0%/!%0!=%4434%/!/23=?%/de!9<#/!9%/!=%4434%/!9%!4<!82%44%!9%/!
2/!42#@/e!9<#/!4%/!8<=.21?<@%/e!4%/!2/0$2a4</0%/e!4%/!2/0$2=4</0%/e!%0!$W69%88%#0!4%/!
<8$42a4</0%/!<3! =23./!9%! 4:<8$42@%#U/%! c(Cdm! X:"8$42@$#6#%!123..<60! <W26.! 3#!%GG%0!
.$@34<0%3.!/3.!4%!.%=.30%8%#0!%0!4<!96GG$.%#=6<062#!9%/!82#2=`0%/!9%!4<!82%44%!W%./!4%/!
2/0$2=4</0%/m!>%00%!%_1.%//62#!9<#/!9%/!42=<46/<062#/!96GG$.%#0%/!/3@@U.%!9%/!G2#=062#/!
/3114$8%#0<6.%/!123.!4%/!"8$42@$#6#%/!%0!4%3./!1%1069%/!9$.6W$/!b36!=2814U0%.<6%#0!3#!
.74%!9<#/!4:?28$2/0</6%!06//34<6.%m!!
! X:"8$42@$#6#%! %/0! 3#%! 1.20$6#%! <W%=! 9%! 8340614%/! G<=%00%/! %0! /%/! #28a.%3_!
126#0/!9%!=46W<@%!1.20$24`06b3%!/3@@U.%#0!3#%!@.<#9%!W<.6$0$!9%!1%1069%/!%#92@U#%/!
92#0! 4%/! <=06W60$/! .%/0%#0! E! 9$=23W.6.m! "W<#0! 4%! 9$a30! 9%! #20.%! $039%!<3=3#%!<=06W60$!
<#0686=.2a6%##%!9%/!"8$42@$#6#%/!#:<W<60!$0$!9$82#0.$!9<#/!4<!4600$.<03.%m!
! !
! )]!
H&D5!X;!KJ"SH;*L!>NL;JHR*"X!5;!X:"H;XPS;*R*;!;L!""H-Y!
! H%/!.$/340<0/!%_1$.68%#0<3_!2#0!=2#G6.8$!3#%!<=06W60$!<#0686=.2a6%##%!123.! 4%!
G.<@8%#0!H&D5!/603$!E!4:%_0.$860$!>N0%.86#<4%!9%!4:"8$42@$#6#%m!u:<6!82#0.$!3#%!5:;6@7)
57;6>6:?@A68778)B8)DEF*)9K?!!*+,-+-++./#0.12./)56796)PKHK7)C@K<@6?)9Q78?I6PK8)
BK) :@KC48) DEF*l5>@\6:644678! /3.! =%! 8o8%! 86=.22.@<#6/8%m! X%! 1%1069%! H&D5!
=2812.0%! 9%/! =<.<=0$.6/06b3%/! b36! 4%! =4<//%#0! 9<#/! 4<! G<8644%! 9%/! 1%1069%/!
<#0686=.2a6%#/!<#62#6b3%/! c""H-/dm!>%/!""H-/!2#0!@$#$.<4%8%#0!3#! 4<.@%!/1%=0.%!
9:<=06W60$!%0!1%3W%#0!o0.%!6#9360/!23!a6%#!%_1.68$/!9%!G<{2#!=2#/060306W%m!-23.!=%.0<6#/!
""H-/e! 4:<=06W60$! <#0686=.2a6%##%! <11<.<60! =288%! 3#%! G2#=062#! /%=2#9<6.%! =<.! 4%/!
<=06W60$/!a6242@6b3%/!143/!$W69%#0%/!=2#/0603%#0!4<!G2#=062#!1.68<6.%!c('[dm!-<.!%_%814%!
4:%#j$4`06#%!c-;"-&'CN&Z]!1?2/1?2.`4$d!%/0!3#%!""H-e!9$.6W$%!9%!4<!1.2N%#j$1?<46#%!
1<.!=46W<@%!1.20$24`06b3%!c(')dm
! X:6#0%.<=062#!8%8a.<#%N1%1069%!/%8a4%!o0.%!4%!G<=0%3.!=4$!123.!4:<=06W60$e!G<=6460$!
1<.!3#%!/0.3=03.%!<81?61?64%!%#!?$46=%m!>%.0<6#/!""H-/!#$=%//60%#0!9%/!=2G<=0%3./!23!
62#/! 8$0<446b3%/! =288%! 4%! i6#=! 123.! G2.8%.! 9%/! 12#0/! /<46#/! =<062#6b3%/! <W%=! 4%/!
=2812/<#0/!=?<.@$/!#$@<06W%8%#0!9%/!8%8a.<#%/!86=.2a6%##%/e!G<=6460<#0!4:6#/%.062#!
93!1%1069%m!H<4?%3.%3/%8%#0e!9<#/!9%!#28a.%3_!=</!4%/!8$=<#6/8%/!9:<=062#!/23/N
A<=%#0/!b36!1%.8%00%#0!4:<=06W60$!9%/!=%/!""H-/!#%!/2#0!1</!$43=69$/m!!
! X%!H&D5!.$3#60!9%!0.U/!#28a.%3/%/!=<.<=0$.6/06b3%/!9%/!""H-/!8<6/!1.$/%#0%!
3#%! <=06W60$! <#0686=.2a6%##%! .%4<06W%8%#0! G<6a4%! b36! 123..<60! o0.%! 46$%! E! /<! /`#0?U/%!
=?686b3%e!b36!#%!1%.8%0!1</!9%!.$<46/%.!4%/!8296G6=<062#/!12/0N0.<93=062##%44%/!b36!/%!
1.2936/%#0! 9<#/! 4<! =%4434%e! 23! E! 4:2_`9<062#! 9%! 4<! 1239.%! 9%! /`#0?U/%! <3! =23./! 93!
/02=j<@%!6#936/<#0!9%/!96GG6=340$/!9%!/243a646/<062#m!Q#%!<30.%!?`120?U/%!123..<60!o0.%!
4:<a/%#=%!9:3#!=2G<=0%3.!=288%!4%!=<4=638e!23!3#!62#!8$0<446b3%!%//%#06%4!123.!4:<=06W60$!
b36!123.!=%.0<6#/!""H-/!=288%!4%!i6#=m!!
! X%! H&D5e! G.<@8%#0! %#92@U#%! 9%! 4:"8$42@$#6#%! ?38<6#%! A23%! 3#! .74%! 9%!
82934<062#! 9%! 4:<9?$/62#! 9%! 4<! 1.20$6#%! %#06U.%! <3_! =.6/0<3_! 9:$8<64! 42./! 9%!
4:<8$42@%#U/%m! -<.! <644%3./e! /%/! =<1<=60$/! 9:6#0%.<=062#! <W%=! 4%/! 8%8a.<#%/! 9%/!
=%4434%/!86=.2a6%##%/! %0! 9%/! =%4434%/! 9%! 4:?70%e! <6#/6! b3:3#%! <=06W60$! <#0686=.2a6%##%!
/3@@U.%!3#!12//6a4%!.74%!9:R5Jm!>%00%!?`120?U/%!1%30!o0.%!.%46$%!<W%=!4%/!92##$%/!9%!
4<!4600$.<03.%!.<112.0<#0!b3%!4%/!"8$42@$#6#%/!=288%!4%/!R5J!1%3W%#0!<W26.!9%/!%GG%0/!
9%!.$@34<062#!12/606W%!%0!#$@<06W%!9%!4:6#G4<88<062#!cD]dm!!
! )D!
! 5%! #28a.%3_! -"H/! /%! .$WU4%#0! o0.%! 83406G2#=062##%4/! cK6@m! (&e! (Zd! %0!
4:"8$42@$#6#%!/%!=<.<=0$.6/%!<3//6!1<.!3#!@.<#9!#28a.%!9%!G2#=062#/!a6242@6b3%/!cK6@m!
&[d!b36!W2#0!9%!4:2.@<#2@%#U/%!=.<#62NG<=6<4%!c=.26//<#=%!%0!4<!8<03.<062#!9%/!2/!42#@!
<3!#6W%<3!9%/!=<.064<@%/!9%!=.26//<#=%d!E!4<!a6286#$.<46/<062#!9%!4:$8<64!9%#0<6.%!%0!<3_!
1.2=%//3/!9%!.$1<.<062#!%0!=6=<0.6/<062#m!Y<!1.$/%#=%!<3!#6W%<3!9%!06//3/!823/!0%4/!b3%!
4<! #$W.2@46%! 9<#/! 4%! =%.W%<3! E! 1.2_6860$! 9%/! =%4434%/! @46<4%/! /3112/%! 3#! .74%! 9<#/!
4:?28$2/0</6%! 06//34<6.%m! X:"8$42@$#6#%! E! $@<4%8%#0! $0$! 9$0%=0$%! 9<#/! 4%/!
8<=.21?<@%/!<W%=!3#!12//6a4%!.74%!9%!.$@34<0%3.! 6883#60<6.%c(Cdm!>%/!1.21.6$0$/!93!
H&D5!/2#0!E!.%14<=%.!9<#/!4%!=2#0%_0%!9%!4:%#/%8a4%/!9%/!.%=?%.=?%/!8%#$%/!/3.!4%/!
"8$42@$#6#%/e!<6#/6!b3%!4:;H5!92#0!4%!=2#/0603<#0!8<A%3.!/2#0!4%/!"8$42@$#6#%/m!
! 5<#/! 4%! 928<6#%! 9%! 4:292#0242@6%e! 4%/! "8$42@$#6#%/! 2#0! 9%! 120%#06%44%/!
<1146=<062#/! =46#6b3%/! /%42#! 4<! 4600$.<03.%! 0%4/! b3%! 4<! .%86#$.<46/<062#! 9%/! 4$/62#/!
=<.6%3/%/! 6#606<4%/e! 4<! 0?$.<1%306b3%! 1341<6.%! %0! 4<! .$@$#$.<062#! 9%#06#<6.%e! %#!
6814<#0242@6%! 9%#0<6.%e! 4<! .$@$#$.<062#! 2//%3/%! %0! 1<.292#0<4%! <6#/6! b3%! 4<!
0.<38<0242@6%!9%#0<6.%m!
!
/#.!&%)EaJ)/-"0(#-"')*%')+D%1-.%"#"%') )
,PVYQUVTOTL
-NOPOQMRSMOKPL
,TUOQUVTOWXL
,YMVZRMOQT![X!ZLYRZURUL![L!S\MQ]OTLK
,YMVZRMOQT![L!Y4L^_ZLKKOQT![L!PQYVSXYLK!SQAKMOPXYRMZOSLK
,SMO`RMOQT![LK!PRSZQ_NRULK
dQKMVQSYRKMLK
,[aX`RTMK!LM!`LSMLXZK
,YMVZRMOQT![L!YR![ObbVZLTSORMOQT!
SLYYXYROZL
,PVYOQZRMOQT![L!YR!SOSRMZOKRMOQT
0Q[XYRMOQT![L!YcOTbYRPPRMOQT
,ULTMK!S\MQMQ^OWXLK
! )C!
X"!J;HR*;J"XRY"LRP*!5;Y!X;YRP*Y!>"JR;QY;Y!R*RLR"X;Y!
!
! X:292#02@%#U/%! %/0! 3#! 829U4%! .%=2##3! 93! 9$W%4211%8%#0! $160?$462N
8$/%#=?`8<0%3_! 9:3#! 2.@<#%e! <6#/6! b3:3#! 829U4%! 9%! a6286#$.<46/<062#m! X%/!
"8$42@$#6#%/!%0!<30.%/!1.20$6#%/!9%!4<!8<0.6=%!/2#0!E!4:2.6@6#%!9%!143/6%3./!/0.3=03.%/!
86#$.<46/$%/!%0! 06//3/!a62=$.<86b3%/e! b3%! /2#0! 4:$8<64e! 4<! 9%#06#%!%0! 4%! =$8%#0m!>%/!
1.20$6#%/! 8<0.6=6%44%/! 6#G43%#=%#0! 4<! 86#$.<46/<062#! 9%! 4:2.@<#%! 9%#0<6.%e! <W%=! 123.!
=2#/$b3%#=%!9<#/!=%.0<6#/!=</!9%/!8<4G2.8<062#/!=288%!4:<8$42@%#U/%!681<.G<60%!23!
4<!9%#06#2@%#U/%!681<.G<60%m!!
! X:$8<64! %/0! 4%! /%34! 9$.6W$! %=029%.86b3%! E! /%! a62N86#$.<46/%.! %0! b36! 1<.! /%/!
=<.<=0$.6/06b3%/!82#0.%!4%/!/0.<0$@6%/!93!W6W<#0!E!1.2936.%!3#!2.@<#%!b36!9260!93.%.!4%!
0%81/!9:3#%!W6%!9<#/!9%/!=2#96062#/!9%!/0.%//! c<468%#0<062#e!%#W6.2##%8%#0!<b3%3_!
.6=?%!%#!a<=0$.6%/dm!X:<8$42@%#U/%!%/0!9$1%#9<#0%!9%!4<!=<1<=60$!9:<302N<//%8a4<@%!
9%/!"8$42@$#6#%/!%0!<30.%/!1.20$6#%/!#2#N"8$42@$#6#%/!9%! 4<!8<0.6=%!<8$4<6.%!b36!
1%.8%0!9%!G<a.6b3%.!3#!$=?<G<39<@%!b36!/0.3=03.%!%0!96.6@%!4<!1?</%!9%!86#$.<46/<062#m!
X%/!6#0%.<=062#/!%#0.%!4%/!292#02a4</0%/!%0!1.20$6#%/!9%!4<!8<0.6=%!/%.W%#0!E!=2#0.74%.!
G6#%8%#0!%0!%#!=2#06#3!4<!86/%!%#!14<=%!9%!4<!8<0.6=%!%0!4%!1.2=%//3/!9%!86#$.<46/<062#m!
R4!<!$0$!9$82#0.$!b3%!4:30646/<062#!9:3#%!8<0.6=%!<.06G6=6%44%!=.$%!1<.!#<#20%=?#242@6%!%/0!
12//6a4%e!E!4:<69%!9%!1%1069%/!<81?61?64%/!=<1<a4%/!9%!/:<302N<//%8a4%.!%#!#<#2G6a.%/!
c?`9.2@%4/! E! a</%! 9:"8$42@$#6#%/! 23! 9%! 1%1069%/! 9%! /`#0?U/%! =?686b3%de! 9%!
1.2823W26.!4<!1.246G$.<062#!=%4434<6.%!%0!92#0!4<!/3.G<=%!1%30!1.$/%#0%.!3#%!/6@#<46/<062#!
b36!96.6@%! 4<!96GG$.%#=6<062#!9%/!292#02a4</0%/!c(']dm!08)C?@:899K9)B8)A6@67I=7=?68)
A59=)9K?) 489)+>=4@I=76789)C@K??56;)p;?8)K;6469=)C@K?) 45)?=I=7=?5;6@7)B8) 4H=>564^)
K78)54;8?75;6<8)A6@>6>=;6PK8)5K\)>5;=?65K\):@7<87;6@77849)K;6469=9)87):R6?K?I68)
B87;56?8!c('Ddm!
!
! ]'!
X"!LT;J"-;QLRkQ;!-QX-"RJ;!;L!X"!J;S;*;J"LRP*!5;*LR*"RJ;!
!
! X:"8$42@$#6#%!1<.06=61%!E!4<!8<03.<062#!%0!4<!=.26//<#=%!9%/!=%4434%/!9%!4<!1341%!
9%#0<6.%! 42./!9%! 4:292#02@%#U/%!c('Cdm!>%00%! 6#G2.8<062#!%/0! 6#0$.%//<#0%!93!126#0!9%!
W3%! 9%! 4<! 9%#06#%! /%=2#9<6.%! %0! 0%.06<6.%m! "! 4:?%3.%! <=03%44%e! 4%! 0.<60%8%#0! /0<#9<.9!
=2#/6/0%!%#!3#!=26GG<@%!E!4:?`9.2_`9%!9%!=<4=638!c<40%.#<06W%/!HL"!23!O629%#06#%dm!5%/!
%_1$.6%#=%/!<#68<4%/! c12.=e! .<0!%0! =?6%#d!2#0! =281<.$! 4%/!%GG%0/!9%!;H5!E!=%3_!9%!
4:?`9.2_`9%!9%!=<4=638!9<#/!4%/!=26GG<@%/!96.%=0/!c(('de!/3@@U.%#0!b3%!4:"8$42@$#6#%!
1.20$@%.<60! 4%! 06//3! 1341<6.%e! 9:3#%! 6#G4<88<062#! %_=%//6W%! %0! 9%! 8296G6=<062#/!
9$@$#$.<06W%/!6..$W%./6a4%/!c(((dm!X:$039%!?6/021<0?242@6b3%!9%!=%/!=</!<!9$82#0.$!b3%!
4%!0.<60%8%#0!1<.!4:"8$42@$#6#%!G<W2.6/%!4<!=.26//<#=%!9%/!=%4434%/!%#920?$46<4%/!%0! 4<!
#$2W</=34<.6/<062#!9%/!=<1644<6.%/!9<#/!4<!1341%!<6#/6!b3:3#%!G2.8<062#!/6@#6G6=<06W%8%#0!
143/!6812.0<#0%!9%!9%#06#%!.$<=062##%44%m!!
! Q#%! $039%! =46#6b3%e! .<#9286/$%! %#! 923a4%! <W%3@4%e! /3.! 9%/! 134120286%/!
%_1$.68%#0<4%/! 9%! 9%#0/! /<6#%/! 92#0! 4:<W34/62#! $0<60! 1.2@.<88$%! 136/! 0.<60$/! 1<.!
=26GG<@%!1341<6.%!96.%=0e!<!9$82#0.$!b3%!4%/!=26GG<@%/!<W%=!;H5!1.$/%#0<6%#0!826#/!9%!
9234%3./!12/0N21$.<026.%/!b3%!=%3_!.$<46/$/!<W%=!?`9.2_`9%!9%!=<4=638m!5%!143/e!3#%!
<3@8%#0<062#!/6@#6G6=<06W%!9%!4<!G2.8<062#!9%!9%#06#%!0%.06<6.%e!9:3#!12#0!9%#06#<6.%e!%0!
3#%! 6#G4<88<062#!826#/! 6812.0<#0%! 2#0! $0$! 2a/%.W$/! c((&dm! >%1%#9<#0e! =%00%! $039%!
.%4UW%! b3%! ;H5! 9<#/! /<! G2.834<062#! 1.$/%#0%! c;892@<6#d! #:%/0! 1</! 30646/<a4%! %#!
%#9292#06%e!=<.!4%!@%4!#%!1%.8%0!1</!9:$0<#=?$6G6%.e!#6!2a03.%.!4%!/`/0U8%!=<#<4<6.%!23!
/230%#6.! 3#! 8<0$.6<3! 9%! .%/0<3.<062#! c1<.<8U0.%/! 6#96/1%#/<a4%/! <G6#! 9:$W60%.! 4<!
.%=2#0<86#<062#!86=.2a6%##%dm!*$<#826#/!4%/!"8$42@$#6#%/!2#0!4%!120%#06%4!123.!/%.W6.!
9%!>5;=?65K)A6@5:;6M)B8)?=I=7=?5;6@7)B87;6756?8)B579)489);?56;8>87;9)B8):@6MM5I8)
CK4C56?8^)4@?9PK8)48);699K)CK4C56?8)89;)9567)8;)7@7):@7;5>67=m! !
! ](!
"H;XPS;*R*;!F!J;S;*;J"LRP*!PYY;QY;!;L!-"JP5P*L"X;!
5<#/!3#%!.%W3%!/`/0$8<06b3%!cJYd!/3.!4:%GG6=<=60$!9%!;H5!c/%34!23!=28a6#$!<W%=!9%/!
8%8a.<#%/d!E!1.2823W26.! 4<! .$@$#$.<062#!2//%3/%!9%/! 06//3/!93./!9<#/! 4%/!9$G<30/!
6#0.<N2//%3_e!3#!020<4!9%!&'!$039%/!6#!W60.2!<W%=!9%/!<#<4`/%/!?6/0282.1?28$0.6b3%/!2#0!
$0$!$W<43$%/!c((Zdm!X%/!1.6#=61<3_!.$/340<0/!9%!=%00%!YJ!$0<60!b3%!4%/!0.<608%#0/!;H5!
<8$462.%#0! /6@#6G6=<06W%8%#0! 4<! .$@$#$.<062#! 2//%3/%! %#! =281<.<6/2#! <W%=! 4%/!
4<8a%<3_!9:<//<6#6//%8%#0!c9$a.69%8%#0!1<.292#0<4dm!>%1%#9<#0!%D*)7H89;)C59)C4K9)
8MM6:5:8)PK8)45)?=I=7=?5;6@7);699K456?8)IK6B=8)X&(.[)C@K?)48);?56;8>87;)B89)B=M5K;9)
67;?5L@998K\)B89)>q:R@6?89^)64)7HQ)5<56;)C59)7@7)C4K9)BH5<57;5I89)]):@>A678?)%D*)
8;)&(.):5?)489)B8K\);?56;8>87;9)9=C5?=9)@7;)B89)C8?M@?>57:89)=PK6<5487;89m!5%!
143/e! 4:<986#6/0.<062#!9%!;H5!$0<60!143/!%GG6=<=%!9<#/! 4%/!9$G<30/!<W%=!9%/!1<.26/!9%!
/3112.0e! %0! 826#/! %GG6=<=%! 9<#/! 4%/! 9$G<30/! /<#/! 1<.26/m! >%4<! .%G4U0%! 4%/! 1.21.6$0$/!
8$=<#6b3%/!9%!4<!G2.834<062#!;H5!%#!@%4!=2#{3!123.!3#%!30646/<062#!9<#/!4%/!9$G<30/!
2//%3_! $0.260/e! %0! #2#! 1</! 9%! G23.#6.! 3#%! /0<a6460$! 1.68<6.%! 9<#/! 4<! 4$/62#m!>%00%!YJ!
/3@@U.%! <3//6! b3%! ;H5! #:%/0! 1</! 2/0$2=2#93=0%3.! 0230! /%34e! 136/b3%! b3:;H5! %/0!
6#=<1<a4%!9:6#936.%!4<!G2.8<062#!9:2/!9<#/!9%/!=<1/34%/!%#!060<#%m!X%/!96GG$.%#0/!%GG%0/!
9:2/0$26#93=062#!%0!9:2/0$2=2#93062#!.$1%.02.6$/!123.!;H5!/2#0!1.2a<a4%8%#0!8$96$/!
1<.!4%/!=%4434%/!2//%3/%/!b36!/2#0!/06834$%/!%0!/%=.U0%#0!9%/!G<=0%3./!9%!=.26//<#=%!%0!
9%! 86#$.<46/<062#! c((Zdm! X%! C@;87;684) B89) +>=4@I=76789) C@K?) 45) ?=I=7=?5;6@7)
@998K98)89;)67B=765A48!0<#0!<3!#6W%<3!9%/!2/!8<_644<6.%!%0!8<#96a34<6.%!b3%!4%/!<30.%/!
2/e!8<6/!4%/!6#96=<062#/!123.!4:6#/0<#0!/2#0!.%/0.%6#0%/!%#!.<6/2#/!9%!4<!G2.834<062#!%#!@%4m!
X%!B=<84@CC8>87;)B8)7@K<85K\)C?@BK6;9)A59=)9K?)4H+>=4@I=7678)89;)7=:89956?8)
C@K?) K78) K;64695;6@7) B579) 45) :6:5;?695;6@7) B8) B=M5K;9) @998K\) 5Q57;) K78) ;56448)
:?6;6PK8) 8;) 9579) 9KCC@?;9e! =%4<! %/0! 6#0$.%//<#0! 123.! 4<! =?6.3.@6%! 2.0?21$96b3%! 1<.!
%_%814%e!23!4%/!=28a4%8%#0/!2//%3_!%#!=?6.3.@6%!2.<4%!c(Ddc(']dm!!
! ]&!
X"!J;S;*;J"LRP*!PYY;QY;!;L!XRS"H;*L"RJ;!
!
! 5%/!$039%/!.0*1."#'!1<.!13=%!E!"5*!a</$%/!/3.!9%/!=%4434%/!1.68<6.%/!2//%3/%/!
?38<6#%/!2#0!9$82#0.$!b3%!4:"8$42@$#6#%!1%30!6#936.%!3#!1.2G64!9:%_1.%//62#!9<#/!4%/!
=%4434%/! 2//%3/%/! /6864<6.%! E! =%436! 9:3#! 2/! %#! =.26//<#=%m! R4! <! <3//6! $0$!82#0.$! b3%!
4:"8$42@$#6#%! /06834%! 4<! 0.<#/=.61062#! 93! @U#%! 9%! 4<! /6<421.20$6#%! 2//%3/%! ca2#%!
/6<421.20%6#!OY-d!9<#/!4%/!2/0$2a4</0%/m!OY-!%/0!3#!8<.b3%3.!1?$#20`16b3%!1.$=2=%!
9%!96GG$.%#=6<062#!9%/!2/0$2a4</0%/!%0!=$8%#02a4</0%/e!/2#!%_1.%//62#!%/0!3#!1.$.%b36/!
123.!4<!=<4=6G6=<062#!2//%3/%!c((,dm!
! 5:<30.%/!$039%/!2#0!<3//6!=2#G6.8$!b3%!4%/!"8$42@$#6#%/!/06834%#0!4:%_1.%//62#!
9%! G<=0%3./! 9%! =.26//<#=%! %0! <=06W%! 9%/! =</=<9%/! 9%! 0.<#/93=062#! 6#0.<=%4434<6.%/!
/6864<6.%/!E!=%44%/!9%!OH-!%0!LSKNtm!5%/!$039%/!/3.!4%!.<0!2#0!9$82#0.$!b3%!;H5!30646/$!
/3.!9%/!9$G<30/!9%/!2/!42#@/!c0%4!4%!G$83.d!1%30!6#936.%!4<!G2.8<062#!9:2/!0.<a$=34<6.%e!
3064%! 123.! 4<! 0?$.<1%306b3%! cZCdm! ;#! 6#@$#6%.6%! 06//34<6.%e! 9%/! 8<0.6=%/! <.06G6=6%44%/!
2.@<#6b3%/!123.!4%/!46@<8%#0/!=.3=6G2.8%/!%#/%8%#=$!1<.!9%/!=%4434%/!2#0!$0396$!4%/!
%GG%0/!9%/!"8$42@$#6#%/!c(([dm!;H5!<986#6/0.$!<W<#0!%#/%8%#=%8%#0!=%4434<6.%!<!3#!
%GG%0!9:6#?6a6062#!/3.! 4:<9?$/62#!=%4434<6.%!/3.! 4<!8<0.6=%!93! 46@<8%#0!<.06G6=6%4m!X2./b3%!
;H5!%/0!<986#6/0.$!<1.U/!4:%#/%8%#=%8%#0!9%!4<!8<0.6=%!<W%=!4%/!=%4434%/!/`#2W6<4%/e!
4%/! .$/340<0/! 2#0! 82#0.$! 3#%! <3@8%#0<062#! /6@#6G6=<06W%! 9%! 4<! 1.246G$.<062#! %0! 9%! 4<!
=.26//<#=%m!!
! >%/! 2a/%.W<062#/! /3@@U.%#0! b3%! ;H5! 123..<60! o0.%! 30646/$! 123.! 5::=4=?8?) 45)
:@4@7695;6@7)B8)45)>5;?6:8^)8;)879K6;8)4H67BK:;6@7);699K456?8)*3#/*1.m!;H5!=2#W6%#/!
123.!9%/!48)>@B_48)C@9;L@C=?5;@6?8^)5C?_9)8798>87:8>87;):844K456?8)BK)46I5>87;)
5?;6M6:684m!Q#%!$039%!.$=%#0%!82#0.%! 4:6#0$.o0!9%! 4:;H5!$@<4%8%#0!9<#/! 4%!;?56;8>87;)
B89)?KC;K?89)B8)46I5>87;9)75;K?849!c(()dm! )
! ]Z!
RH-X"*LPXPSR;!5;*L"RJ;!
!
! X%/! 0.<60%8%#0/! %#! 6814<#0242@6%! 9%#0<6.%! 2#0! $W243$e! 4%/! =2#/69$.<062#/!
8$=<#6b3%/!/2#0!9$/2.8<6/!=2314$%/!E!3#%!<8$462.<062#!93!0%81/!9%!=6=<0.6/<062#e!<6#/6!
b3:E! 4:6#0$@.<062#! a6242@6b3%! %0! %/0?$06b3%m! ;#! .<6/2#! 93! 0<3_! $4%W$! 9%! /3==U/! 9%/!
6814<#0/e!9%/!=</!143/!1$.644%3_!%0!143/!=2814%_%/!/2#0!0.<60$/m!-23.!<//3.%.!4%!/3==U/!
9%! =%/! 0.<60%8%#0/!143/!96GG6=64%/e! 9%/!#23W%44%/! /0.<0$@6%/!2#0! $0$!9$W%4211$%/!123.!
<8$462.%.!4%/!1%.G2.8<#=%/!9%/!6814<#0/e!#20<88%#0!4%!0%81/!<W<#0!4<!86/%!%#!=?<.@%!
9%!4:6814<#0!%0!4:2/0$26#0$@.<062#m!X:"8$42@$#6#%!%/0!3#!a2#!=<#969<0!123.!4<!/06834<062#!
9%!4<!=.26//<#=%!2//%3/%!%0!4<!86#$.<46/<062#!E!4<!/3.G<=%!9%/!6814<#0/!%#!.<6/2#!9%!/<!
=<1<=60$!E!/06834%.!9%!4<!=.26//<#=%!2//%3/%!1$.6N6814<#0<6.%m!!
! >%1%#9<#0e!<3=3#%!$039%!#:<!123.!4:6#/0<#0!13!9$82#0.%.!3#!%GG%0!/6@#6G6=<06G!9%/!
"8$42@$#6#%/!/3.!4%/!1%.G2.8<#=%/!8$=<#6b3%/!9%/!6814<#0/e!<#<4`/$%/!1<.!9%/!0%/0/!
a628$=<#6b3%/!9%!9$12/%!1<.!02.b3%!=.26//<#0!c((]dm!Q#%!$039%!<#68<4%!/3.!9%/!G$83./!
9%! .<0!<!9$82#0.$!3#%!<8$462.<062#!9%! 4:2/0$26#0$@.<062#!9%/! 6814<#0/! .%=23W%.0/!9%!
;H5! c((Ddm! X%! 928<6#%! 9%! 4:6814<#0242@6%! 2.<4%! 1.2@.%//%! .<169%8%#0! W%./! 9%/!
/3.G<=%/! a6242@6b3%8%#0! <=06W%/e! <W%=! 3#%! <.=?60%=03.%! %0! #<#2/0.3=03.%!
2/0$26#93=06W%/m! X%! .74%! 120%#06%4! 9%/! "8$42@$#6#%/! %#! 6814<#0242@6%! %/0! 6#=%.0<6#e!
=%1%#9<#0! 4%! 0.<60%8%#0! 9%!1<06%#0/! <00%6#0! 9%!1$.6N6814<#060%e! A3/06G6%! 9%/! .%=?%.=?%/!
<11.2G2#96%/m!>288%!=%4<!<!$0$!4%!=</!<W%=!4:6#@$#6%.6%!06//34<6.%!9%/!46@<8%#0/!c(([de!
64!/%8a4%!b3%!4%!9$W%4211%8%#0!9%!.%Wo0%8%#0!9%!/3.G<=%!a</$!/3.!4%/!"8$42@$#6#%/!
#%! /260! 1</! 4<!8%644%3.%! /243062#e! 136/b3%! =%4<! 1%30! %#0.<W%.! 4:<9?$/62#! =%4434<6.%! <3!
a628<0$.6<3!c((Cdm!
! *89) >=;R@B89) 54;8?75;6<89) C@K?) B=46<?8?) 4H+>=4@I=7678) B@6<87;) p;?8)
B=<84@CC=89^) :5?) 489) 8MM8;9) B8) 9;6>K45;6@7) B8) :?@69957:8) @998K98) B8)
4H+>=4@I=7678)C8K<87;)p;?8):@>C4=>87;56?89)]) 4H@9;=@67;=I?5;6@7)BK) ;6;578)B89)
6>C457;9)B87;56?89) ;@K;):@>>8)489)<69)8;)C45PK89)87);6;578)30646/$%/!%#!=?6.3.@6%!
2.0?21$96b3%!c(DdY! !
! ],!
LJ"RL;H;*L!5;Y!LJ"QH"LRYH;Y!5;*L"RJ;!
! Q#%!<30.%!12//6a6460$! 6#0$.%//<#0%!123.! 4:<1146=<062#!9%/!"8$42@$#6#%/!%/0! 4%3.!
30646/<062#!9<#/!4%/!1.2=$93.%/!9%!.$6814<#0<062#/!9%!9%#0/!%_134/$/!c(&'dm!5%/!.<112.0/!
1.$4686#<6.%/! 9%! =</! %0! 9%/! $039%/! %_1$.68%#0<4%/! <#68<4%/! /3@@U.%#0! b3%! ;H5!
123..<60!o0.%!30646/$!=288%!3#!.%Wo0%8%#0!.<96=34<6.%!123.! 4<!.$6814<#0<062#!9%!9%#0/!
<W34/$%/! c(&(dm! Q#%! $039%! =46#6b3%! 30646/<#0! ;H5! 123.! 0.<60%.! 9%/! 9%#0/! 0230%/!
1.$<4<a4%8%#0! <#j`42/$%/! 23! a6%#! %_<.06=34$%/e! 64! <! $0$! .<112.0$! b3%! ;H5! /%34! #%!
123W<60!@3$.6.!23!1.$W%#6.!4:<#j`42/%!c(&&dm!!
! Q#%!<30.%!$039%!=46#6b3%e!=%1%#9<#0e!<!$W<43$!&&!=</!9:6#=6/6W%/!1%.8<#%#0%/!
%_134/$%/! %0! .$6814<#0$%/! <W%=! ;H5e! %0! <! 82#0.$! 3#%! a<6//%! /6@#6G6=<06W%! 9%!
4:6#G4<88<062#!%0!9%!4<!.$/2.1062#!.<96=34<6.%!9%!=%/!9%#0/!0.<60$%/!=281<.$!E!3#[email protected]%!
=2#0.74%! c(&Zdm!5%!8o8%e!3#%!$039%!30646/<#0! 3#!1.202=24%!123.! 4<! .$6814<#0<062#!9%!
9%#0/! %_134/$/e! <11%4$%! 0?$.<16%! <#06N.$/2.106W%! c<#06N.%/2.106W%! 0?%.<1`! "JLd! b36!
<//2=6%! @43=2=2.06=2s9%/! %0! ;H5! <W<#0! 4<! 1.2=$93.%! 9%! .$6814<#0<062#! 9%#0<6.%e! <!
.<112.0$! b3%! /3.! 9%/! 9%#0/! %_134/$%/! %0! b36! #:<W<6%#0! 1</! $0$! =2#/%.W$! %#! 8646%3!
1?`/6242@6b3%!1%#9<#0!3#%! 42#@3%!1$.629%e! 0.26/!9%/!?360!9%#0/!2#!=6=<0.6/$!<W%=!3#!
9%/8292#0%!G2#=062##%4!c(&,dm!!
! R4! /%8a4%! 14<3/6a4%! b3%! 4H+>=4@I=7678) 9;6>K48?56;) 45) ?=I=7=?5;6@7) B8)
4H5CC5?864)BH5;;5:R8)B8)45)B87;)>p>8)B579)B89):59)@r)45)B87;)5)=;=)I5?B=8)C87B57;)
K7)4@7IK8)C=?6@B8)R@?9)B8)45):5<6;=)@?548m!>%1%#9<#0!K7);?56;8>87;)5BB6;6@7784)89;)
7=:89956?8)C@K?)599K?8?)K7)?=9K4;5;)9;5A48)8;)C?=B6:;6M^)B89)7@K<85K\)C?@;@:@489)
PK6) :@>A6787;) 4H+>=4@I=7678) 5<8:) B89) >=B6:5>87;9) 57;6L67M45>>5;@6?89) 8;)
57;6A6@;6PK89)B@6<87;)p;?8)=45A@?=9)8;);89;=9!<W<#0!b3%!4%!120%#06%4!9%/!"8$42@$#6#%/!
136//%!o0.%!%_14260$!14%6#%8%#0!%#!0.<38<0242@6%!9%#0<6.%!c(Ddm! !
! ][!
>P*>XQYRP*Y!;L!-;JY-;>LR^;Y!
! 5%! #28a.%3/%/! /0.<0$@6%/! %0! 0.<60%8%#0! .$@$#$.<06G/! 2#0! $0$! /3@@$.$/! 123.!
.$/239.%! 4%/! 1%.0%/! =.606b3%/! 9%! 06//3/! 0%4! b3%! 4:2/e! 4%/! 46@<8%#0/! 23! 4<! 1%<3m!
X:"8$42@$#6#%!/23/! 4<! G2.8%!;H5!%/0! 4%!1.%86%.!1.29360! /3.! 4%!8<.=?$!%#06U.%8%#0!
a</$! /3.! 4<! a62868$06b3%e! 6#936/<#0! 3#%! .$@$#$.<062#! 1<.292#0<4%! E! 4<! G26/! 9<#/!
4:<.=?60%=03.%!%0!9<#/!4<!G2#=062#m!X%/!%GG%0/!=46#6b3%/!2a/%.W$/!9%/!"8$42@$#6#%/!2#0!
@$#$.$!a%<3=231!9:6#0$.o0e!8<6/!4%!=2#0%#3!9%!;H5!=2..%/12#9/!<3//6!<3_!1.20$6#%/!
#2#!"8$42@$#6#%/m!;#!%GG%0e!64!G<30!=281.%#9.%!=288%#0!=%/!824$=34%/!143.6120%#0%/!
6#0%.<@6//%#0! <W%=! 4%/! 8$=<#6/8%/! =%4434<6.%/! %0! 824$=34<6.%/! =2814%_%/! b36!
@23W%.#%#0!4<!=6=<0.6/<062#e!4<!.$@$#$.<062#!%0!4<!=.26//<#=%m!X%/!9$=23W%.0%/!/3@@U.%#0!
b3%!4%/!"8$42@$#6#%/!G2#=062##%#0!/3.!<3!826#/!9%3_!#6W%<3_m!"3!1.%86%.!#6W%<3!64/!
<@6//%#0!=288%!3#!/`/0U8%!<302N<//%8a4$!9%!.%4<.@<@%!9:"8$42@$#6#%!b36!<//3.%!3#%!
46a$.<062#!93.<a4%!8o8%!<1.U/!3#%!<1146=<062#!3#6b3%m!X%!/%=2#9!#6W%<3!=2..%/12#9!
<3_! 1%1069%/! %0! 1.29360/! 9%! 9$@.<9<062#! <=06G/! 9%! /6@#<46/<062#! b36! 6#0%.<@6//%#0!
96.%=0%8%#0! <W%=! 4%/! =%4434%/m! >%! 8$=<#6/8%! 9%! /6@#<46/<062#! 6#9360! 3#%! =</=<9%!
9:%_1.%//62#!9%!G<=0%3./!9%!=.26//<#=%!b36!6#606%!%0!8<6#06%#0!4%/!1.2=%//3/!<#<a246b3%/m!
X<! G2.0%!=2#/%.W<062#!9%/!"8$42@$#6#%/!<3!=23./!9%! 4:$W243062#! 4<6//%!%#0%#9.%!3#%!
G2#=062#!9%!a</%!123.!=%/!824$=34%/m!X%/!"8$42@$#6#%/!/2#0!%_1.68$%/!143/!4<.@%8%#0!
9<#/! 4%! =2.1/! b3:2#! #%! 4%! 1%#/<60! c2.@<#2@$#U/%! =.<#62NG<=6<4%e! 2/! %#! =.26//<#=%e!
4:292#02@%#U/%e!#$W.2@46%e!1$.6=`0%/!%0!4%/!8<=.21?<@%/de!%0!b3:64/!123..<6%#0!o0.%/!3064%/!
9<#/! @.<#9%! 96W%./60$! 9:<1146=<062#/! %#! 8$9%=6#%! .$@$#$.<06W%! <W%=! 3#%! 12//6a4%!
.$@34<062#!9%!4:6883#60$m!
! *23/!<W2#/!9$82#0.$!3#%!5:;6@7)57;6>6:?@A68778)>@B=?=8)C@K?)48)M?5I>87;)
DEF*! /3@@$.<#0! 4%! 46%#! %#0.%! 1.20$6#%/! 9%! 4<! 8<0.6=%! %_0.<=%4434<6.%! %0! 4%! /`/0U8%!
6883#60<6.%m!-<.!<644%3./e!4%!1%1069%!H&D5!/:%/0!82#0.$!/0<a4%!%#!1.$/%#=%!9%!G4369%/!
a6242@6b3%/!%0!9%!143/6%3./!86=.22.@<#6/8%/!X:<1146=<062#!9%/!1.20$6#%/!9$.6W$%/!9%!4<!
8<0.6=%! <8$4<6.%! /23/! 4<! G2.8%! %>B@I567) 5) M6\=) K7) 9;57B5?B) >@B8?78) C@K?) 45)
;R=?5C8K;6PK8)B8)?=I=7=?5;6@7)C5?@B@7;548m!5%/!%_1$.6%#=%/!.$=%#0%/!82#0.%#0!b3%!
4%/!"8$42@$#6#%/!2#0!4%!C@;87;684)?=I=7=?5;6M)C@K?)K78)K;64695;6@7):4676PK8)=;87BK8)
87)?569@7)B8)48K?9)C?@C?6=;=9)A6@4@I6PK89!c=26GG<@%/!1341<6.%/e!.$@$#$.<062#!2//%3/%e!
4<! =6=<0.6/<062#! %#! 6814<#0242@6%e! 0.<38<0242@6%! 9%! 9%#0/! %_134/$%/e! =6=<0.6/<062#! 9%/!
14<6%/!%0!46@<8%#0/dm!!
! ])!
OROXRPSJ"-TR;!
1. Magiorakos A-P, Srinivasan A, Carey RB, Carmeli Y, Falagas ME, Giske CG, et al.
Multidrug-resistant, extensively drug-resistant and pandrug-resistant bacteria: an international
expert proposal for interim standard definitions for acquired resistance. Clin Microbiol Infect.
mars 2012;18(3):268 81.
2. Friedman ND, Temkin E, Carmeli Y. The Negative Impact of Antibiotic Resistance. Clin
Microbiol Infect Off Publ Eur Soc Clin Microbiol Infect Dis. 16 déc 2015;
3. Peters BM, Shirtliff ME, Jabra-Rizk MA. Antimicrobial Peptides: Primeval Molecules or
Future Drugs? Madhani HD, éditeur. PLoS Pathog. 28 oct 2010;6(10):e1001067.
4. Phoenix D, Dennison SR, Harris F. Antimicrobial peptides. Weinheim: Wiley-VCH;
2013. 231 p.
5. Ramasundara M, Leach ST, Lemberg DA, Day AS. Defensins and inflammation: the role
of defensins in inflammatory bowel disease. J Gastroenterol Hepatol. févr 2009;24(2):202 8.
6. Fincham AG, Moradian-Oldak J, Simmer JP. The structural biology of the developing
dental enamel matrix. J Struct Biol. 30 juin 1999;126(3):270 99.
7. Nanci A, TenCate AR. Ten Cate’s oral histology: development, structure, and function.
8th ed. St. Louis, Mo: Elsevier; 2013. 379 p.
8. Fehrenbach MJ, Popowics T. Illustrated dental embryology, histology, and anatomy. 4.
ed. Riverport Lane, Md: Elsevier; 2014. 335 p.
9. Kioussi C, éditeur. Odontogenesis: methods and protocols. New York: Humana Press;
2012. 194 p. (Methods in molecular biology).
10. Deutsch D, Palmon A, Dafni L, Catalano-Sherman J, Young MF, Fisher LW. The
enamelin (tuftelin) gene. Int J Dev Biol. févr 1995;39(1):135 43.
11. Hatakeyama J, Fukumoto S, Nakamura T, Haruyama N, Suzuki S, Hatakeyama Y, et al.
Synergistic Roles of Amelogenin and Ameloblastin. J Dent Res. 1 avr 2009;88(4):318 22.
12. Brookes SJ, Robinson C, Kirkham J, Bonass WA. Biochemistry and molecular biology
of amelogenin proteins of developing dental enamel. Arch Oral Biol. janv 1995;40(1):1 14.
! ]]!
13. Sire J-Y, Delgado S, Fromentin D, Girondot M. Amelogenin: lessons from evolution.
Arch Oral Biol. févr 2005;50(2):205 12.
14. Assaraf-Weill N, Gasse B, Al-Hashimi N, Delgado S, Sire J-Y, Davit-BéAl T.
Conservation of Amelogenin Gene Expression During Tetrapod Evolution: AMELOGENIN
GENE EXPRESSION IN Pleurodeles waltl. J Exp Zoolog B Mol Dev Evol. juin
2013;320(4):200 9.
15. Magrane M, Consortium U. UniProt Knowledgebase: a hub of integrated protein data.
Database. 29 mars 2011;2011(0):bar009 bar009.
16. Khan F, Li W, Habelitz S. Biophysical characterization of synthetic amelogenin C-
terminal peptides: Amelogenin C-terminal peptides. Eur J Oral Sci. avr 2012;120(2):113 22.
17. Fincham AG, Moradian-Oldak J, Simmer JP, Sarte P, Lau EC, Diekwisch T, et al. Self-
assembly of a recombinant amelogenin protein generates supramolecular structures. J Struct Biol.
avr 1994;112(2):103 9.
18. Lyngstadaas S, Wohlfahrt J, Brookes S, Paine M, Snead M, Reseland J. Enamel matrix
proteins; old molecules for new applications. Orthod Craniofac Res. août 2009;12(3):243 53.
19. Goldberg M. Amelogenins multifaceted proteins for dental and bone formation and repair
[Internet]. [Sharjah, U.A.E.]: Bentham Science Publishers; 2010 [cité 20 nov 2015]. Disponible
sur: http://public.eblib.com/choice/publicfullrecord.aspx?p=864285
20. Reseland JE, Reppe S, Larsen AM, Berner HS, Reinholt FP, Gautvik KM, et al. The effect
of enamel matrix derivative on gene expression in osteoblasts. Eur J Oral Sci. mai 2006;114
Suppl 1:205 11; discussion 254 6, 381 2.
21. Haze A, Taylor AL, Blumenfeld A, Rosenfeld E, Leiser Y, Dafni L, et al. Amelogenin
expression in long bone and cartilage cells and in bone marrow progenitor cells. Anat Rec Adv
Integr Anat Evol Biol. mai 2007;290(5):455 60.
22. Nakamura Y, Hammarström L, Lundberg E, Ekdahl H, Matsumoto K, Gestrelius S, et al.
Enamel matrix derivative promotes reparative processes in the dental pulp. Adv Dent Res. août
2001;15:105 7.
23. Ye L, Le TQ, Zhu L, Butcher K, Schneider RA, Li W, et al. Amelogenins in human
! ]D!
developing and mature dental pulp. J Dent Res. 2006;85(9):814 8.
24. Yoo H-I, Lee G-H, Lee S-Y, Kang J-H, Moon J-S, Kim M-S, et al. Expression of
amelogenin and effects of cyclosporin A in developing hair follicles in rats. J Anat. 1 oct 2015;
25. Okada M, Tazawa I, Nakajima K, Yaoita Y. Expression of the Amelogenin Gene in the
Skin of Xenopus tropicalis. Zoolog Sci. mars 2013;30(3):154 9.
26. Medzhitov R. Origin and physiological roles of inflammation. Nature. 24 juill
2008;454(7203):428 35.
27. Heijl L. Periodontal regeneration with enamel matrix derivative in one human
experimental defect. A case report. J Clin Periodontol. sept 1997;24(9 Pt 2):693 6.
28. Heijl L, Heden G, Svärdström G, Ostgren A. Enamel matrix derivative (EMDOGAIN) in
the treatment of intrabony periodontal defects. J Clin Periodontol. sept 1997;24(9 Pt 2):705 14.
29. Esposito M, Coulthard P, Thomsen P, Worthington HV. Enamel matrix derivative for
periodontal tissue regeneration in treatment of intrabony defects: a Cochrane systematic review.
J Dent Educ. août 2004;68(8):834 44.
30. Esposito M, Grusovin MG, Papanikolaou N, Coulthard P, Worthington HV. Enamel
matrix derivative (Emdogain) for periodontal tissue regeneration in intrabony defects. A
Cochrane systematic review. Eur J Oral Implantol. 2009;2(4):247 66.
31. Heden G, Wennström JL. Five-year follow-up of regenerative periodontal therapy with
enamel matrix derivative at sites with angular bone defects. J Periodontol. févr
2006;77(2):295 301.
32. Hammarström L. Enamel matrix, cementum development and regeneration. J Clin
Periodontol. sept 1997;24(9 Pt 2):658 68.
33. Veis A, Tompkins K, Alvares K, Wei K, Wang L, Wang XS, et al. Specific amelogenin
gene splice products have signaling effects on cells in culture and in implants in vivo. J Biol
Chem. 29 déc 2000;275(52):41263 72.
34. Gestrelius S, Andersson C, Johansson AC, Persson E, Brodin A, Rydhag L, et al.
Formulation of enamel matrix derivative for surface coating. Kinetics and cell colonization. J
! ]C!
Clin Periodontol. sept 1997;24(9 Pt 2):678 84.
35. Nakamura Y, Hammarström L, Matsumoto K, Lyngstadaas SP. The induction of
reparative dentine by enamel proteins. Int Endod J. mai 2002;35(5):407 17.
36. Spahr A, Hammarström L. Response of dental follicular cells to the exposure of denuded
enamel matrix in rat molars. Eur J Oral Sci. oct 1999;107(5):360 7.
37. Lyngstadaas SP, Lundberg E, Ekdahl H, Andersson C, Gestrelius S. Autocrine growth
factors in human periodontal ligament cells cultured on enamel matrix derivative. J Clin
Periodontol. févr 2001;28(2):181 8.
38. Wyganowska Świątkowska M, Urbaniak P, Nohawica M, Kotwicka M, Jankun J.
Enamel matrix proteins exhibit growth factor activity: A review of evidence at the cellular and
molecular levels. Exp Ther Med [Internet]. 7 avr 2015 [cité 29 mars 2016]; Disponible sur:
http://www.spandidos-publications.com/10.3892/etm.2015.2414
39. Suzuki S, Nagano T, Yamakoshi Y, Gomi K, Arai T, Fukae M, et al. Enamel matrix
derivative gel stimulates signal transduction of BMP and TGF-{beta}. J Dent Res. juin
2005;84(6):510 4.
40. Amin HD, Olsen I, Knowles J, Dard M, Donos N. A tyrosine-rich amelogenin peptide
promotes neovasculogenesis in vitro and ex vivo. Acta Biomater. mai 2014;10(5):1930 9.
41. Warotayanont R, Zhu D, Snead ML, Zhou Y. Leucine-rich amelogenin peptide induces
osteogenesis in mouse embryonic stem cells. Biochem Biophys Res Commun. 29 févr
2008;367(1):1 6.
42. He J, Jiang J, Safavi KE, Spångberg LS., Zhu Q. Emdogain promotes osteoblast
proliferation and differentiation and stimulates osteoprotegerin expression. Oral Surg Oral Med
Oral Pathol Oral Radiol Endodontology. févr 2004;97(2):239 45.
43. Kawase T, Okuda K, Yoshie H, Burns DM. Cytostatic action of enamel matrix derivative
(EMDOGAIN) on human oral squamous cell carcinoma-derived SCC25 epithelial cells. J
Periodontal Res. oct 2000;35(5):291 300.
44. Nishiguchi M, Yuasa K, Saito K, Fukumoto E, Yamada A, Hasegawa T, et al.
Amelogenin is a negative regulator of osteoclastogenesis via downregulation of RANKL, M-
! D'!
CSF and fibronectin expression in osteoblasts. Arch Oral Biol. mars 2007;52(3):237 43.
45. Myhre AE, Lyngstadaas SP, Dahle MK, Stuestøl JF, Foster SJ, Thiemermann C, et al.
Anti-inflammatory properties of enamel matrix derivative in human blood. J Periodontal Res.
juin 2006;41(3):208 13.
46. Tompkins K, George A, Veis A. Characterization of a mouse amelogenin [A-4]/M59 cell
surface receptor. Bone. févr 2006;38(2):172 80.
47. Xu L, Harada H, Taniguchi A. The effects of LAMP1 and LAMP3 on M180 amelogenin
uptake, localization and amelogenin mRNA induction by amelogenin protein. J Biochem (Tokyo).
oct 2008;144(4):531 7.
48. Lyngstadaas SP, Risnes S, Sproat BS, Thrane PS, Prydz HP. A synthetic, chemically
modified ribozyme eliminates amelogenin, the major translation product in developing mouse
enamel in vivo. EMBO J. 1 nov 1995;14(21):5224 9.
49. Nagano T, Kakegawa A, Yamakoshi Y, Tsuchiya S, Hu JC-C, Gomi K, et al. Mmp-20
and Klk4 Cleavage Site Preferences for Amelogenin Sequences. J Dent Res. 1 sept
2009;88(9):823 8.
50. Nanci A, Smith CE. Les protéines de l’émail dentaire-Etude immunocytochimique de
l’amélogenèse. 1988 [cité 1 déc 2015]; Disponible sur: http://ipubli-
inserm.demo.inist.fr/handle/10608/3746
51. Spahr A, Lyngstadaas SP, Boeckh C, Andersson C, Podbielski A, Haller B. Effect of the
enamel matrix derivative Emdogain on the growth of periodontal pathogens in vitro. J Clin
Periodontol. janv 2002;29(1):62 72.
52. Mirastschijski U, Konrad D, Lundberg E, Lyngstadaas SP, Jorgensen LN, Agren MS.
Effects of a topical enamel matrix derivative on skin wound healing. Wound Repair Regen Off
Publ Wound Heal Soc Eur Tissue Repair Soc. févr 2004;12(1):100 8.
53. Vowden P, Romanelli M, Price P. Effect of amelogenin extracellular matrix protein and
compression on hard-to-heal venous leg ulcers. J Wound Care. mai 2007;16(5):189 95.
54. Romanelli M, Kaha E, Stege H, Wnorowski JW, Vowden P, Majamaa H, et al. Effect of
amelogenin extracellular matrix protein and compression on hard-to-heal venous leg ulcers:
! D(!
follow-up data. J Wound Care. janv 2008;17(1):17 8, 20 3.
55. Romanelli M, Dini V, Vowden P, Agren MS. Amelogenin, an extracellular matrix protein,
in the treatment of venous leg ulcers and other hard-to-heal wounds: experimental and clinical
evidence. Clin Interv Aging. 2008;3(2):263 72.
56. Turner NJ, Badylak SF. The Use of Biologic Scaffolds in the Treatment of Chronic
Nonhealing Wounds. Adv Wound Care. août 2015;4(8):490 500.
57. Dehsorkhi A, Castelletto V, Hamley IW. Self-assembling amphiphilic peptides: SELF-
ASSEMBLING PEPTIDES. J Pept Sci. juill 2014;20(7):453 67.
58. Apicella A, Heunemann P, Bolisetty S, Marascio M, Gemperli Graf A, Garamszegi L, et
al. The Influence of Arginine on the Response of Enamel Matrix Derivative (EMD) Proteins to
Thermal Stress: Towards Improving the Stability of EMD-Based Products. Engel E, éditeur.
PLOS ONE. 15 déc 2015;10(12):e0144641.
59. Miravet JF, Escuder B, Segarra-Maset MD, Tena-Solsona M, Hamley IW, Dehsorkhi A,
et al. Self-assembly of a peptide amphiphile: transition from nanotape fibrils to micelles. Soft
Matter. 2013;9(13):3558.
60. Tan J, Leung W, Moradian-Oldak J, Zeichner-David M, Fincham AG. Quantitative
analysis of amelogenin solubility. J Dent Res. juin 1998;77(6):1388 96.
61. van Oss CJ. Hydrophobicity and hydrophilicity of biosurfaces. Curr Opin Colloid
Interface Sci. oct 1997;2(5):503 12.
62. Van Oss C., Good R., Chaudhury M. The role of van der Waals forces and hydrogen
bonds in « hydrophobic interactions » between biopolymers and low energy surfaces. J Colloid
Interface Sci. juin 1986;111(2):378 90.
63. Andrès E, Dimarcq J-L. Peptides antimicrobiens cationiques: de l’étude de l’immunité
innée à la production de médicaments. Mise à jour. Médecine Mal Infect. avr 2007;37(4):194 9.
64. Yount NY, Yeaman MR. Peptide antimicrobials: cell wall as a bacterial target. Ann N Y
Acad Sci. janv 2013;1277:127 38.
65. Brogden KA. Antimicrobial peptides: pore formers or metabolic inhibitors in bacteria?
Nat Rev Microbiol. mars 2005;3(3):238 50.
! D&!
66. Aslam R, Marban C, Corazzol C, Jehl F, Delalande F, Van Dorsselaer A, et al. Cateslytin,
a chromogranin A derived peptide is active against Staphylococcus aureus and resistant to
degradation by its proteases. PloS One. 2013;8(7):e68993.
67. Lai Y, Gallo RL. AMPed up immunity: how antimicrobial peptides have multiple roles
in immune defense. Trends Immunol. mars 2009;30(3):131 41.
68. Powers J-PS, Hancock REW. The relationship between peptide structure and antibacterial
activity. Peptides. nov 2003;24(11):1681 91.
69. Park Y-K, Hahm K-S. Antimicrobial Peptides (AMPs): Peptide Structure and Mode of
Action. J Biochem Mol Biol. 30 sept 2005;38(5):507 16.
70. Hamasaki MY, Barbeiro HV, Barbeiro DF, Cunha DMG, Koike MK, Machado MCC, et
al. « Neuropeptides in the brain defense against distant organ damage ». J Neuroimmunol. janv
2016;290:33 5.
71. Kowalska K, Carr DB, Lipkowski AW. Direct antimicrobial properties of substance P.
Life Sci. juill 2002;71(7):747 50.
72. Chan DI, Prenner EJ, Vogel HJ. Tryptophan- and arginine-rich antimicrobial peptides:
Structures and mechanisms of action. Biochim Biophys Acta BBA - Biomembr. sept
2006;1758(9):1184 202.
73. Huang Y, Huang J, Chen Y. Alpha-helical cationic antimicrobial peptides: relationships
of structure and function. Protein Cell. févr 2010;1(2):143 52.
74. Yacoub HA, Al-Maghrabi OA, Ahmed ES, Uversky VN. Abundance and functional roles
of intrinsic disorder in the antimicrobial peptides of the NK-lysin family. J Biomol Struct Dyn. 9
mars 2016;1 86.
75. Mowery BP, Lindner AH, Weisblum B, Stahl SS, Gellman SH. Structure−activity
Relationships among Random Nylon-3 Copolymers That Mimic Antibacterial Host-Defense
Peptides. J Am Chem Soc. 22 juill 2009;131(28):9735 45.
76. Epand RM, Vogel HJ. Diversity of antimicrobial peptides and their mechanisms of action.
Biochim Biophys Acta BBA - Biomembr. déc 1999;1462(1-2):11 28.
! DZ!
77. Taylor K, Barran PE, Dorin JR. Structure-activity relationships in beta-defensin peptides.
Biopolymers. 2008;90(1):1 7.
78. Chen C, Pan F, Zhang S, Hu J, Cao M, Wang J, et al. Antibacterial Activities of Short
Designer Peptides: a Link between Propensity for Nanostructuring and Capacity for Membrane
Destabilization. Biomacromolecules. 8 févr 2010;11(2):402 11.
79. Zasloff M. Antimicrobial Peptides: Do They Have a Future as Therapeutics? In: Harder
J, Schröder J-M, éditeurs. Antimicrobial Peptides [Internet]. Cham: Springer International
Publishing; 2016 [cité 17 mars 2016]. p. 147 54. Disponible sur:
http://link.springer.com/10.1007/978-3-319-24199-9_10
80. Yeaman MR. Mechanisms of Antimicrobial Peptide Action and Resistance. Pharmacol
Rev. 1 mars 2003;55(1):27 55.
81. Cole JN, Nizet V. Bacterial Evasion of Host Antimicrobial Peptide Defenses. Microbiol
Spectr. févr 2016;4(1).
82. Miller AA, Miller PF, éditeurs. Emerging trends in antibacterial discovery: answering the
call to arms. Norfolk: Caister Academic Press; 2011. 460 p.
83. Mansour SC, de la Fuente-Núñez C, Hancock REW. Peptide IDR-1018: modulating the
immune system and targeting bacterial biofilms to treat antibiotic-resistant bacterial infections. J
Pept Sci Off Publ Eur Pept Soc. mai 2015;21(5):323 9.
84. Yu H-Y, Tu C-H, Yip B-S, Chen H-L, Cheng H-T, Huang K-C, et al. Easy Strategy To
Increase Salt Resistance of Antimicrobial Peptides. Antimicrob Agents Chemother. 1 oct
2011;55(10):4918 21.
85. Brogden KA, Bates AM, Fischer CL. Antimicrobial Peptides in Host Defense: Functions
Beyond Antimicrobial Activity. In: Harder J, Schröder J-M, éditeurs. Antimicrobial Peptides
[Internet]. Cham: Springer International Publishing; 2016 [cité 17 mars 2016]. p. 129 46.
Disponible sur: http://link.springer.com/10.1007/978-3-319-24199-9_9
86. Yeung ATY, Gellatly SL, Hancock REW. Multifunctional cationic host defence peptides
and their clinical applications. Cell Mol Life Sci. juill 2011;68(13):2161 76.
87. Hilchie AL, Wuerth K, Hancock REW. Immune modulation by multifaceted cationic host
! D,!
defense (antimicrobial) peptides. Nat Chem Biol. 14 nov 2013;9(12):761 8.
88. North JR, Takenaka S, Rozek A, Kielczewska A, Opal S, Morici LA, et al. A novel
approach for emerging and antibiotic resistant infections: Innate defense regulators as an agnostic
therapy. J Biotechnol. 22 mars 2016;
89. Hancock REW, Nijnik A, Philpott DJ. Modulating immunity as a therapy for bacterial
infections. Nat Rev Microbiol. 16 mars 2012;10(4):243 54.
90. Zhang K, Kaufman RJ. From endoplasmic-reticulum stress to the inflammatory response.
Nature. 24 juill 2008;454(7203):455 62.
91. Nicholls EF, Madera L, Hancock REW. Immunomodulators as adjuvants for vaccines
and antimicrobial therapy. Ann N Y Acad Sci. déc 2010;1213:46 61.
92. Wuerth K, Hancock REW. New insights into cathelicidin modulation of adaptive
immunity. Eur J Immunol. oct 2011;41(10):2817 9.
93. Mayer ML, Easton DM, Hancock REW. Fine tuning host responses in the face of
infection: emerging roles and clinical applications of host defence peptides. In: Wang G, éditeur.
Antimicrobial peptides: discovery, design and novel therapeutic strategies [Internet].
Wallingford: CABI; 2010 [cité 6 avr 2016]. p. 195 220. Disponible sur:
http://www.cabi.org/cabebooks/ebook/20103329302
94. Splith K, Neundorf I. Antimicrobial peptides with cell-penetrating peptide properties and
vice versa. Eur Biophys J. avr 2011;40(4):387 97.
95. Afacan NJ, Yeung ATY, Pena OM, Hancock REW. Therapeutic potential of host defense
peptides in antibiotic-resistant infections. Curr Pharm Des. 2012;18(6):807 19.
96. Gwyer Findlay E, Currie SM, Davidson DJ. Cationic host defence peptides: potential as
antiviral therapeutics. BioDrugs Clin Immunother Biopharm Gene Ther. oct 2013;27(5):479 93.
97. Ryan LK, Freeman KB, Masso-Silva JA, Falkovsky K, Aloyouny A, Markowitz K, et al.
Activity of Potent and Selective Host Defense Peptide Mimetics in Mouse Models of Oral
Candidiasis. Antimicrob Agents Chemother. 1 juill 2014;58(7):3820 7.
98. Hiemstra PS, Amatngalim GD, van der Does AM, Taube C. Antimicrobial peptides and
! D[!
innate lung defenses: Role in infectious and non-infectious lung diseases and therapeutic
applications. Chest. 22 oct 2015;
99. Mor A. Multifunctional host defense peptides: antiparasitic activities: Antiparasitic
peptides. FEBS J. nov 2009;276(22):6474 82.
100. Marr AK, Cen S, Hancock REW, McMaster WR. Identification of Synthetic and Natural
Host Defense Peptides with Leishmanicidal Activity. Antimicrob Agents Chemother. avr
2016;60(4):2484 91.
101. Mader JS, Hoskin DW. Cationic antimicrobial peptides as novel cytotoxic agents for
cancer treatment. Expert Opin Investig Drugs. août 2006;15(8):933 46.
102. Piktel E, Niemirowicz K, Wnorowska U, Wątek M, Wollny T, Głuszek K, et al. The Role
of Cathelicidin LL-37 in Cancer Development. Arch Immunol Ther Exp (Warsz). févr
2016;64(1):33 46.
103. Ravindran S, George A. Multifunctional ECM proteins in bone and teeth. Exp Cell Res.
juill 2014;325(2):148 54.
104. Frantz C, Stewart KM, Weaver VM. The extracellular matrix at a glance. J Cell Sci. 15
déc 2010;123(24):4195 200.
105. Anionic Antimicrobial Peptides. In: Antimicrobial Peptides [Internet]. Weinheim,
Germany: Wiley-VCH Verlag GmbH & Co. KGaA; 2013 [cité 4 mars 2016]. p. 83 113.
Disponible sur: http://doi.wiley.com/10.1002/9783527652853.ch3
106. Goumon Y, Lugardon K, Kieffer B, Lefèvre JF, Van Dorsselaer A, Aunis D, et al.
Characterization of antibacterial COOH-terminal proenkephalin-A-derived peptides (PEAP) in
infectious fluids. Importance of enkelytin, the antibacterial PEAP209-237 secreted by stimulated
chromaffin cells. J Biol Chem. 6 nov 1998;273(45):29847 56.
107. Fan Y, Wen ZT, Liao S, Lallier T, Hagan JL, Twomley JT, et al. Novel amelogenin-
releasing hydrogel for remineralization of enamel artificial caries. J Bioact Compat Polym. 1 nov
2012;27(6):585 603.
108. Bagheri G H, Sadr A, Espigares J, Hariri I, Nakashima S, Hamba H, et al. Study on the
influence of leucine-rich amelogenin peptide (LRAP) on the remineralization of enamel defects
! D)!
via micro-focus x-ray computed tomography and nanoindentation. Biomed Mater Bristol Engl.
juin 2015;10(3):035007.
109. Oida S, Nagano T, Yamakoshi Y, Ando H, Yamada M, Fukae M. Amelogenin gene
expression in porcine odontoblasts. J Dent Res. févr 2002;81(2):103 8.
110. Igarashi R, Sahara T, Shimizu-Ishiura M, Sasaki T. Porcine enamel matrix derivative
enhances the formation of reparative dentine and dentine bridges during wound healing of
amputated rat molars. J Electron Microsc (Tokyo). 2003;52(2):227 36.
111. Orhan EO, Maden M, Senguüven B. Odontoblast-like cell numbers and reparative dentine
thickness after direct pulp capping with platelet-rich plasma and enamel matrix derivative: a
histomorphometric evaluation: Pulp capping: PRP & enamel matrix derivative. Int Endod J.
avr 2012;45(4):317 25.
112. Ishizaki NT, Matsumoto K, Kimura Y, Wang X, Yamashita A. Histopathological study
of dental pulp tissue capped with enamel matrix derivative. J Endod. mars 2003;29(3):176 9.
113. Rathe F, Junker R, Chesnutt BM, Jansen JA. The Effect of Enamel Matrix Derivative
(Emdogain®) on Bone Formation: A Systematic Review. Tissue Eng Part B Rev. sept
2009;15(3):215 24.
114. Shimizu E, Saito R, Nakayama Y, Nakajima Y, Kato N, Takai H, et al. Amelogenin
stimulates bone sialoprotein (BSP) expression through fibroblast growth factor 2 response
element and transforming growth factor-beta1 activation element in the promoter of the BSP gene.
J Periodontol. sept 2005;76(9):1482 9.
115. Messenger MP, Raif EM, Seedhom BB, Brookes SJ. The potential use of enamel matrix
derivative for in situ anterior cruciate ligament tissue engineering: a translational in vitro
investigation. Tissue Eng. août 2007;13(8):2041 51.
116. Hanhan S, Ejzenberg A, Goren K, Saba F, Suki Y, Sharon S, et al. Skeletal ligament
healing using the recombinant human amelogenin protein. J Cell Mol Med. mai
2016;20(5):815 24.
117. Franke Stenport V, Johansson CB. Enamel matrix derivative and titanium implants. J Clin
Periodontol. avr 2003;30(4):359 63.
! D]!
118. Shimizu-Ishiura M, Tanaka S, Lee W-S, Debari K, Sasaki T. Effects of enamel matrix
derivative to titanium implantation in rat femurs. J Biomed Mater Res. mai 2002;60(2):269 76.
119. Birang R, Shahabooei M, Mashhadiabbas F, Atabaki M, Naghsh N, Kavosh K, et al.
Effect of enamel matrix derivative on bone formation around intraosseous titanium implant: An
experimental study in canine model. Dent Res J. nov 2012;9(6):790 6.
120. Araújo M, Hayacibara R, Sonohara M, Cardaropoli G, Lindhe J. Effect of enamel matrix
proteins (Emdogain’) on healing after re-implantation of « periodontally compromised » roots.
An experimental study in the dog. J Clin Periodontol. oct 2003;30(10):855 61.
121. Kenny DJ, Barrett EJ, Johnston DH, Sigal MJ, Tenenbaum HC. Clinical management of
avulsed permanent incisors using Emdogain: initial report of an investigation. J Can Dent Assoc.
janv 2000;66(1):21.
122. Schjøtt M, Andreasen JO. Emdogain does not prevent progressive root resorption after
replantation of avulsed teeth: a clinical study. Dent Traumatol Off Publ Int Assoc Dent Traumatol.
févr 2005;21(1):46 50.
123. Barrett EJ, Kenny DJ, Tenenbaum HC, Sigal MJ, Johnston DH. Replantation of
permanent incisors in children using Emdogain. Dent Traumatol Off Publ Int Assoc Dent
Traumatol. oct 2005;21(5):269 75.
124. Pohl Y, Filippi A, Kirschner H. Results after replantation of avulsed permanent teeth. II.
Periodontal healing and the role of physiologic storage and antiresorptive-regenerative therapy.
Dent Traumatol Off Publ Int Assoc Dent Traumatol. avr 2005;21(2):93 101.
!
! !
! DD!
!
L<j%9<!c"4<6#d!N!X%/!<=06W60$/!<#0686=.2a6%##%/!9%/!1%1069%/!H&D5!%0!Y((5!9$.6W$/!9%!4:"8$42@$#6#%!F!.%4<062#!/0.3=03.%NG2#=062#!%0!/6@#6G6=<062#!%#!292#0242@6%!!
cL?U/%!F!ZU8%!=`=4%!Y=6m!292#024m!F!Y0.</a23.@!F!&'()!h!*+&,d!
*+,Zm&&m()m&,!
J$/38$!F!
X<!G.$b3%#=%!<==.3%!9%!a<=0$.6%/!83406N.$/6/0<#0%/!<3_!<#06a6206b3%/!=<3/<#0!9%/!6#02_6=<062#/!<468%#0<6.%/!%0!8<4<96%/!#2/2=286<4%/!6#=60%!/<#/!=%//%!E!=?%.=?%.!9%!#23W%44%/!/0.<0$@6%/!0?$.<1%306b3%/m!5<#/!4%!928<6#%!9%!4:292#0242@6%!9%!#28a.%3/%/!1<0?242@6%/!0.U/!=23.<#0%/!/2#0!=<3/$%/!1<.!9%/!6#G%=062#/!86=.2a6%##%/!%0!4n3#!9%/!%/126./!123.!0.<60%.!4%/!1<06%#0/!123..<60!o0.%!4n30646/<062#!9%/!1%1069%/!<#0686=.2a6%#/!c-"H/dm!X:6#0$.o0!9%/! -"H/! %/0! 4%3.! 4<.@%! /1%=0.%! 9n<=06W60$e! 4:<a/%#=%! 9%! 02_6=60$! 123.! 4:?70%! %0! 4%3./! 1.21.6$0$/! 6883#2N82934<0.6=%/m!
*23/!#23/! 6#0$.%//2#/!9<#/! =%00%!$039%!E!9%3_!1%1069%/!%#92@U#%/!9%! 4:"8$42@$#6#%!?38<6#%e!H&D5!%0!Y((5m! *23/! #23/! 1.212/2#/! 9n<11.2G2#96.! 4n$039%! 9%/! 1.21.6$0$/! <#0686=.2a6%##%/! 9%! =%/! 1%1069%/!/`#0?$06b3%/!9$.6W$/!9%!4n"8$42@$#6#%!1<.!9%/!0%/0/!<#0686=.2a6%#/e!%#!$4<.@6//<#0!4%/!/23=?%/!86=.2a6%##%/!0%/0$%/!%0!9%!9$G6#6.!4%/!1<.<8U0.%/!/0.3=03.<3_!9%/!1%1069%/!b36!/2#0!6812.0<#0/!123.!4:%_1.%//62#!9%/!<=06W60$/!<#0686=.2a6%##%/m!!
>%00%! $039%! .%12/%! /3.! 9%/! %_1$.6%#=%/! 9%! a62=?686%e! 9%!86=.2a6242@6%! %0! #23/! 96/=30%.2#/! 9%/! 96GG$.%#0/!</1%=0/!9%/!1.21.6$0$/!a6242@6b3%/!9%! 4:"8$42@$#6#%!9<#/! 4%!=2#0%_0%!9%! 4:292#0242@6%m!*23/!<W2#/!82#0.$!3#%! <=06W60$! <#0686=.2a6%##%!829$.$%! 9%!H&D5! /3.!7.5#'5'55(%* 4("/(%! <6#/6! b3:3#! 123W26.! /`#%.@6b3%! 93!=2314%!H&D5B<82_6=6446#%!/3.!=%!8o8%!86=.22.@<#6/8%m!-<.!<644%3./e!4%!1%1069%!H&D5!/:%/0!82#0.$!/0<a4%!%#!1.$/%#=%!9%! G4369%/!a6242@6b3%/! !9%!143/6%3./!86=.22.@<#6/8%/!%0!%#!=2#96062#/!9%!1T!%0!9%! 0%81$.<03.%/!1?`/6242@6b3%/m!!
J3a.6b3%!9%!=4<//%8%#0!F!!J%=?%.=?%!;_1$.68%#0<4%!%#!P92#0242@6%!
H20/!=4$/!F!"8$42@$#6#%e!-"H/!1%1069%/!<#0686=.2a6%#/e!292#0242@6%e!86=.2a6242@6%*
H%!YT!F!"8%42@%#6#e!"H-/!<#0686=.2a6<4!1%1069%/e!292#0242@`e!86=.2a6242@`*
!
u3.`!F!
! -.$/69%#0! !F!! -.2G%//%3.!H;I;J!K42.%#0!
! "//%//%3./!F!! 52=0%3.!H;LMNOPQLRSQ;!H<.6%NT$4U#%!!
! ! ! ! 52=0%3.!TQ>V!P46W6%.!
! ! ! ! 52=0%3.!KRPJ;LLR!K42.%#=%!
>22.92##$%/!9%!4:<30%3.!F!
"9.%//%!12/0<4%!F!"m!L"V;5"!
D!JQ;!H"J>;X!l;R*QH!)](''!YLJ"YOPQJS!
"9.%//%!9%!8%//<@%.6%!F!<4<6#m0<j%9<�?208<64mG.!
!