hardware de computadores - UAB

Transcrição

hardware de computadores - UAB
!"#$!$%$&'()*)+,-'#%-.+!&./+,"*)"#)
%"!0)+#!*,*)',1)+$,'*&'1+,#!5%+#&'*)'$)5"&-&/!,')2'#!#$)2,#'A,+,'!"$)+")$
2:>8BC>8>D'8'*C7;EF<C8
23*%-&'4
?,+*@,+)'*)'5&2A%$,*&+)#
56789'5:7;8'28<=8>:
!"#"$%&'"()*+
,*-.+/0(
$#(,$,",-!/&)&'*.!(".0'$-01'*#)&#(&!0!2*34"(!4&.-,*(
"#$%&'($)*)&!*+&',*!)-!+'*($.
2"'(-!)&!,&2#-.-1$*!&3!($(,&3*(!4*'*!$#,&'#&,
356789676:!7!)9;<=>?97
!"#$%&'()%*+&*+"#!,-.%)*
ŝůŵĂZŽƵƐƐĞī
!"#$%&#'(#)&*)"#!+,-%.*)/#&#"*(%0*)&1),"*$%-
%6+$3.9"%298"*(&#($#
&#!*"0*/#(02+&#+#&3)*452+*+&%$0<()%*
-=>B)1C74>)92>32@2B)">^2>37
.8#/#)&1)&#!*"(*9#'(1)&#)#&:.*;<1)*)&%$(J'.%*
/%(%$01"%2+&*+#&3)*452
/2345467)856656
&54>2@)I3>@@)-5F2365
.11"&#'*&1")&*):'%0#"$%&*&#)*,#"(*)&1),"*$%-)K):*,`%/$:-
9%'%$("1)&1)#$(*&1)&*)#&:.*;<1
DĂƌůĂƌŝƐƟŶĂĚĂ^ŝůǀĂ^ŽƉĞŹĂ
-=>?).@A=6>7).7BC5)
.11"&#'*&1"*)*&L:'(*)&*):'%0#"$%&*&#)*,#"(*)&1),"*$%-)K):*,`%/$:-
$#."#(D"%1)&#)#&:.*;<1)$:!#"%1")E)$#$:
.>4535)1=3>a=2)67)'5BF>N24C7
#@>2?23)9732>35)!5FG2F7
.11"&#'*&1"*)&*)#$.1-*)(b.'%.*)*,#"(*)&1),"*$%-)K)#E(#.`%/$:-
$#."#(D"%1)&*)#&:.*;<1)!"1/%$$%1'*-)#)(#.'1-HI%.*
">F5367)-2N7B)$5>4?
>ƵşƐ&ĞƌŶĂŶĚŽDĂƐƐŽŶĞƩŽ
.11"&#'*&1")*&L:'(1)&*)#$.1-*)(b.'%.*)*,#"(*)&1),"*$%-)K)#E(#.`%/$:-
L73M2)*@N2>65)I=>N53O2B
%6+$3.9"%298"*(&#($#
3(%=#"$%&*&#+*-#"0*+&2+-"*$%.
%($0%0302+6#&#"*.+&#+#&3)*4527+)%'()%*+#+
0#)(2.28%*+$3.9"%298"*(&#($#+:%6$3.;
&54>2@)I3>@@)-5F2365
*4CQ4>7).53@7B),53=N),376
DĂƌůĂƌŝƐƟŶĂĚĂ^ŝůǀĂ^ŽƉĞŹĂ
&54>2@)#BRS3>C7)$54C7)I53F>5
95=37)85@@5@)67B)*4_7B
$#."#(D"%1)&*)#&:.*;<1)*)&%$(J'.%*)K)$##&
!"#$%&#'(#)&*).11"&#'*;<1)&#)*!#"/#%;1*9#'(1)&#)!#$$1*-)&#)
'P0#-)$:!#"%1")E).*!#$)
"#%(1"
!"HE"#%(1")&#)*&9%'%$("*;<1)#)&#)!-*'#L*9#'(1
:ĂŶĞƚĞKƩĞ
!"HE"#%(1"*)&#)&#$#'01-0%9#'(1)%'$(%(:.%1'*-
162@>)T54FG2C
!"HE"#%(1")&#)#'$%'1
-UF>7)*@N2>65)82FVCG2=23
.11"&#'*&1")&*):'%0#"$%&*&#)*,#"(*)&1),"*$%-)K):*,`%/$:-
.11"&#'*&1"*)*&L:'(*)&*):'%0#"$%&*&#)*,#"(*)&1),"*$%-)K):*,`)%/$:-
I#$(1")&#)!"1&:;<1)&#)9*(#"%*-)&%&D(%.1
)3"$2+&#+0#)(2.28%*+#/+$%$0#/*$+!*"*+%(0#"(#0+
/>?@AB?@?C+@+&BDEFGHB@
&54>2@)I3>@@)-5F2365
.11"&#'*&1")&1).:"$1)$:!#"%1")&#)(#.'1-1I%*)#9)$%$(#9*$)!*"*)%'(#"'#()K)
($%*&
!"HE"#%(1")&#)!#$W:%$*X)%'10*;<1)#)!H$EI"*&:*;<1
ĞĂƚƌŝnj,ĞůĞŶĂĂŶŽƩĂEƵŶĞƐ
"245C7)-7=?565)92>32@2B
!"HE"#%(1")&#)#Y(#'$<1
$:!#"0%$1"*)!#&*IHI%.*
$=?545)I35@5)(=BC
"#0%$1"*)-%'I:P$(%.*
%6+$3.9"%298"*(&#($#
)*/!3$+!#.20*$
L7BZ).53@7B)!232>35)'7M=2>35
&%"#(1"EI#"*-)&1).*9!:$)!#-1(*$
.@[3>B)953>5)/32>32)&737\)
&%"#(1"*)&#)#'$%'1
J7O7)"[M23)62)$7=?5)$5BC32)
&%"#(1")&#)*&9%'%$("*;<1)#)!-*'#L*9#'(1
"5]52@),@54V)-2>C?V2)
&%"#(1")&#)!#$W:%$*)#)#Y(#'$<1
"7M23)-=>?)*@^2345?)62)*35U_7)
.8#/#)&1)&#!*"(*9#'(1)&#)#'$%'1)$:!#"%1"
0235)953>5)95FG567)&5NZ
.11"&#'*&1"*)&#)(:(1"%*)&1)($%*&
!
#"',#,!,-*/%(%&).*'!.0&#-01&)"(%"'%*0*2)34!'*4%.-,)'
!"#$%&'#()(%*)+%&,)*(-*+&)'#.
2!&'-*(%*,%2"-.-1#)*%3*'#',%3)'*4)&)*#",%&"%,
356789676:*7*(9;<=>?97
!"#$%!&'!&%()'#*+)&'!&,-.!($-/&'$'0.$1)&2&#-34$56#/
>ŝƐŝĂŶĞŽƌƌġĂ'ŽŵĞƐ^ŝůǀĞŝƌĂ
!"#$%&'()'("*+,-"()"()"#,!.(
'/01123456(7589(:52;80
'/<30(40('/=0<42($011=05
ŶĚƌĞƐƐĂ^ŝůǀĂEĂƐŝůŽƐŬŝ
ĞŶŝƐĞĂƌŶŽƩnj<ŶĂďĂĐŬ
>0/<?0(&6==0/
@0/032(!8<=25A01(40(>25<2
@0/032(&645<;801(461(#23B61
/ŐŽƌĚĂ^ŝůǀĂŵĂƌĂů
C8D21(*82501=2(C6?01
C8<12(E03401(E2DF246
E25D6(C8D21(461('3G61
DŽƌŐĂŶĂǀŝůĂĚŽƐ^ĂŶƚŽƐ
$2H1(C6?01(I25J612
$2/<B2(E01K8<B2(I25J612
"*+,-"()"()"#,!.
ĂƟƷĐŝĂ<ůƵŐ^ĐŚŶĞŝĚĞƌ
!"#$%&'()"(-&%)+LM%()"(NO)"%
'ůĂĚŝŵŝƌWŝŶƚŽĚĂ^ŝůǀĂ
-&%)+$%&()"(P+),%("(NO)"%
:ĞĨĞƌƐŽŶĚĞKůŝǀĞŝƌĂKůŝǀĞŝƌĂ
'+Q,C,'&()"("),LM%()"(NO)"%("(-&%!&'E')%&("E(>C'#@
R6A6("/<S905(&<J0<56(#DF283
!"#$%&()%('EI,".$"(N,&$+'C()"('-&".),T'!"E
'ŝŽǀĂŶŝWŽƌƚĞůŝŶŚĂDĂŝĂ
!"#$%&()"(E'.+$".LM%("(#,#$"E'()'(,.>%&E'LM%
'D2823(E0510J85;05(-<D23U6
'3405163(:0<;0()<21
ƌƵŶĂ'ŽŶĕĂůǀĞƐZŝďĞŝƌŽ
725/6(72=23<(#DF30<405
)<0;6(I25D0//61(&6DF2
"V52<3((I0DW05(I25B9
>523D<30(.081DF523W
!2J5<0/()825B0
E2B081(C650392B6(I52;2
.0<=25(E03401(C<=2
WĂƵůĂƌƵnj'ƵƫĞƌ
WŝƚĞƌKůŝǀĞŝƌĂsĞƌŐĂƌĂ
N<3HD<81(E2D<0/
"*+,-"()"(-&%!&'E'LM%(-'&'(:"I
*
Sistema Universidade Aberta do Brasil -­ UAB | IF Sul-­rio-­grandense
GUIA D IDÁTICO
GD
Hardware de computadores | Guia Didático
APRESENTAÇÃO
Prezado(a) aluno(a),
Nesta disciplina serão trabalhados, com adequado aprofundamento, todos os principais conteúdos que envol-­‐
ǀĞŵŚĂƌĚǁĂƌĞĚĞĐŽŵƉƵƚĂĚŽƌĞƐ͘ĞƐƚĂĨŽƌŵĂĞƐƉĞƌŽƋƵĞǀŽĐġ͕ĂŽĮŶĂůĚŽŶŽƐƐŽĞƐƚƵĚŽ͕ƚĞŶŚĂĂĚƋƵŝƌŝĚŽƵŵ
considerável conhecimento.
ŵďŽƌĂ͕ƚĞŶƚĂŶĚŽĐŽŶĚƵnjŝƌŽĐŽŶƚĞƷĚŽĚĞŵĂŶĞŝƌĂŽďũĞƟǀĂ͕ƐĞŵŝŶǀĂĚŝƌĂĄƌĞĂĚĂĞůĞƚƌƀŶŝĐĂ͕ĠĚĞǀŝƚĂůŝŵƉŽƌ-­‐
ƚąŶĐŝĂƋƵĞǀŽĐġďƵƐƋƵĞŵĂŝƐĐŽŶŚĞĐŝŵĞŶƚŽƐŶĂďŝďůŝŽŐƌĂĮĂŝŶĚŝĐĂĚĂĞŶĂ/ŶƚĞƌŶĞƚ͕ƉŽŝƐĠƐĂďŝĚŽƋƵĞĞƐƐĞĐĂŵƉŽ
ĚĂŝŶĨŽƌŵĄƟĐĂ͕ƉŽƌŵĂŝƐƋƵĞƋƵĞŝƌĂŵŽƐ͕ŶĆŽŝŶĚŝĐĂĂƉŽƐƐŝďŝůŝĚĂĚĞĚĞƵŵĞƐƚƵĚŽĚĞƚŽĚŽƐŽƐĂƐƉĞĐƚŽƐĂďƌĂŶ-­‐
ŐĞŶƚĞƐ͕ƐĞũĂƉĞůĂƋƵĂŶƟĚĂĚĞ͕ƐĞũĂƉĞůĂƌĄƉŝĚĂŵƵĚĂŶĕĂĚĂƐƚĞĐŶŽůŽŐŝĂƐ͘
ĮŶĂůŝĚĂĚĞĚŽŶŽƐƐŽĞƐƚƵĚŽĠĚĞĐŽůŽĐĄͲůŽŶŽĞƉŝĐĞŶƚƌŽĚĞƐƐĂĄƌĞĂ͕ƉĂƌĂƋƵĞǀŽĐġƉŽƐƐĂĐŽŵŽƵƚƌŽƐĂƉƌŽĨƵŶ-­‐
ĚĂŵĞŶƚŽƐ͕ƉƌĞƐƚĂƌŵĂŶƵƚĞŶĕĆŽĞŵƐŝƐƚĞŵĂƐĚĞĐŽŵƉƵƚĂĚŽƌĞĂĚƋƵŝƌŝƌŽĞŵďĂƐĂŵĞŶƚŽƉĂƌĂĐŽŵƉƌĞĞŶĚĞƌ͕ŶĂ
ƵŶŝĚĂĚĞĚĞ^ŝƐƚĞŵĂƐKƉĞƌĂĐŝŽŶĂŝƐ͕ĂƉĞƌĨĞŝƚĂƌĞůĂĕĆŽĞŶƚƌĞ^ŽŌǁĂƌĞ e ,ĂƌĚǁĂƌĞ.
ƐƉĞƌŽƋƵĞƉŽƐƐĂŵŽƐ͕ŶŽƐĞŶĐŽŶƚƌŽƐƉƌĞƐĞŶĐŝĂŝƐ͕ĐŽŶƟŶƵĂƌŽŶŽƐƐŽĞƐƚƵĚŽŶĂƉƌĄƟĐĂĞĚĞƐĞŶǀŽůǀĞƌ͕ĂŝŶĚĂŵĂŝƐ͕
a teoria.
Objetivo Geral:
ĞƐĞŶǀŽůǀĞƌŶŽĞĚƵĐĂŶĚŽŽƐĐŽŶŚĞĐŝŵĞŶƚŽƐĞĂƐŚĂďŝůŝĚĂĚĞƐŶĞĐĞƐƐĄƌŝĂƐƉĂƌĂĂŵŽŶƚĂŐĞŵĞŵĂŶƵƚĞŶĕĆŽĚĞ
computadores, observando cuidados fundamentais com os equipamentos e desenvolvendo um projeto focado ŶŽƐƉƌŝŶĐŝƉĂŝƐĂƐƉĞĐƚŽƐƌĞůĂĐŝŽŶĂĚŽƐăƐƉƌĄƟĐĂƐƌĞĂůŝnjĂĚĂƐ͘
2EMHWLYRV(VSHFtÀFRV
ͻ
ͻ
ͻ
ͻ
ͻ
ͻ
Conhecer os principais módulos de um computador;
Compreender como os principais módulos de um computador interagem;
ƉƌĞŶĚĞƌĂƌĞĂůŝnjĂƌŽƉĞƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐĞŵĚŝĨĞƌĞŶƚĞƐďĂƐĞƐĚĞĐŝŵĂŝƐ͖
ŽŶŚĞĐĞƌŽƐƉƌŝŶĐŝƉĂŝƐƉĞƌŝĨĠƌŝĐŽƐĚĞƵŵĐŽŵƉƵƚĂĚŽƌ͖
/ĚĞŶƟĮĐĂƌŽƐƉƌŝŶĐŝƉĂŝƐƐŝƐƚĞŵĂƐĚĞďĂƌƌĂŵĞŶƚŽƐ͖
ŽŶŚĞĐĞƌŽƐƉƌŝŶĐŝƉĂŝƐĚŝƐƉŽƐŝƟǀŽƐĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞŵĂƐƐĂ͕ŝĚĞŶƟĮĐĂŶĚŽƐƵĂƐŝŶƚĞƌĨĂĐĞƐĞƐƵĂĞƐƚƌƵƚƵƌĂİƐŝĐĂĞ
lógica;
ͻ /ĚĞŶƟĮĐĂƌŽƐƉƌŝŶĐŝƉĂŝƐƟƉŽƐĚĞŵĞŵſƌŝĂƐŵŽŶŽůşƟĐĂƐ͖
ͻ DŽŶƚĂƌĞĐŽŶĮŐƵƌĂƌĐŽŵƉƵƚĂĚŽƌĞƐƉĞƐƐŽĂŝƐ͘
Metodologia
A disciplina de Hardware será trabalhada tendo por principal fonte o material disponibilizado no ambiente e, principalmente, com itens de pesquisa que serão oportunamente solicitados. Assim, o aluno terá a oportunidade ĚĞĞdžƉĂŶĚŝƌƐĞƵƐĐŽŶŚĞĐŝŵĞŶƚŽƐĞĚŝǀŝĚŝͲůŽƐĐŽŵŽƐƐĞƵƐĐŽůĞŐĂƐ͕ĂƚƌĂǀĠƐĚĂĚŝƐƉŽŶŝďŝůŝnjĂĕĆŽĚĞƐƚĞŵĂƚĞƌŝĂů͘Ɛ
ŝŶƚĞƌĂĕƁĞƐƐĞƌĆŽƌĞĂůŝnjĂĚĂƐĂƚƌĂǀĠƐĚĞĨſƌƵŶƐĚĞĚŝƐĐƵƐƐĆŽ͕ƚƌĂďĂůŚŽƐĞŶǀŝĂĚŽƐƉŽƌĞͲŵĂŝůĞĞdžĞƌĐşĐŝŽƐ͘
4
Sistema Universidade Aberta do Brasil -­ UAB | IF Sul-­rio-­grandense
Hardware de computadores | Guia Didático
Avaliação
^ĞƌĆŽƉƌŽƉŽƐƚŽƐĞdžĞƌĐşĐŝŽƐĚĞĐĂƌĄƚĞƌĨŽƌŵĂƟǀŽĞĂǀĂůŝĂƟǀŽ͕ƋƵĞƐĞƌǀŝƌĆŽƉĂƌĂƉŽƐƐŝďŝůŝƚĂƌĂŽĂůƵŶŽŽĂĐŽŵƉĂ-­‐
nhamento de seu processo de aprendizagem.
dŽĚĂƐĂƐĂƟǀŝĚĂĚĞƐƉƌŽƉŽƐƚĂƐ͕ĐŽŶƐƟƚƵŝƌͲƐĞͲĆŽĞŵƉƌŽĐĞƐƐŽƐƉĂƌĂĂǀĂůŝĂĕĆŽĚĂĂƉƌĞŶĚŝnjĂŐĞŵ͕ƉƌŽƉŽƌĐŝŽŶĂŶĚŽ
ĂŽƉƌŽĨĞƐƐŽƌĂŽƉŽƌƚƵŶŝĚĂĚĞĚĞĂƉƌŽdžŝŵĂƌŽŵŽǀŝŵĞŶƚŽĚĞĞǀŽůƵĕĆŽĚŽĂůƵŶŽ͕ŶŽƋƵĞƚĂŶŐĞĂĐŽŶƐƚƌƵĕĆŽĚŽƐ
conhecimentos referentes à unidade curricular. Nos dois encontros presenciais, serão desenvolvidos outros aspectos referentes à unidade curricular, bem como, ĂƉůŝĐĂĚĂĂĂǀĂůŝĂĕĆŽƉƌĞƐĞŶĐŝĂů͘
Programação
Primeira semana
EĂƉƌŝŵĞŝƌĂƐĞŵĂŶĂ͕ƐĞƌĆŽĚĞƐĞŶǀŽůǀŝĚĂƐĂƐƐĞŐƵŝŶƚĞƐĂƟǀŝĚĂĚĞƐ͗
1. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗ŝŶĄƌŝŽ
2. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗,ĞdžĂĚĞĐŝŵĂů
3. ƟǀŝĚĂĚĞ͗YƵĞƐƟŽŶĄƌŝŽĚĞŵƷůƟƉůĂĞƐĐŽůŚĂ
4. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ
5. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗KƌŐĂŶŝnjĂĕĆŽĄƐŝĐĂĚĞƵŵ^ŝƐƚĞŵĂĚĞŽŵƉƵƚĂĚŽƌ
6. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗ůĞŵĞŶƚŽƐĄƐŝĐŽƐĚĞƵŵDŝĐƌŽĐŽŵƉƵƚĂĚŽƌ
7. ƟǀŝĚĂĚĞ͗YƵĞƐƟŽŶĄƌŝŽĚĞŵƷůƟƉůĂĞƐĐŽůŚĂ
8. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ
9. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗DŽƵƐĞ
10. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗DŽŶŝƚŽƌĚĞsşĚĞŽ
11. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ
12. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗DŽŶŽůşƟĐĂƐ
13. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗ǀŽůƵĕĆŽĚĂƐZD
14. ƟǀŝĚĂĚĞ͗YƵĞƐƟŽŶĄƌŝŽĚĞŵƷůƟƉůĂĞƐĐŽůŚĂ
15. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ
Segunda semana
EĂƐĞŐƵŶĚĂƐĞŵĂŶĂ͕ƐĞƌĆŽĚĞƐĞŶǀŽůǀŝĚĂƐĂƐƐĞŐƵŝŶƚĞƐĂƟǀŝĚĂĚĞƐ͗
16. ϭǐ tĞďĐŽŶĨĞƌġŶĐŝĂ͗ ƉƌĞƐĞŶƚĂĕĆŽ WƌŽĨĞƐƐŽƌ &ŽƌŵĂĚŽƌ͕ ŝŶƚƌŽĚƵĕĆŽ ĂŽ ĐŽŶƚĞƷĚŽ͕ ĞƐĐůĂƌĞĐŝŵĞŶƚŽ ĚĞ ĚƷǀŝĚĂƐ ŐĞƌĂŝƐ Ğ
ƐŽďƌĞŽĐŽŶƚĞƷĚŽĞĞůĂďŽƌĂĕĆŽ͕ƌĞƐŽůƵĕĆŽĚĞĞdžĞƌĐşĐŝŽƐ͕ĚĞĮŶŝĕĆŽĚŽƐŐƌƵƉŽƐ͕ĚĞĮŶŝĕƁĞƐĚŽƐƚĞŵĂƐ͕ƌĞŐƌĂƐĚĞĂǀĂůŝĂĕĆŽ͕
ĨŽƌŵĂƐĚĞĂƉƌĞƐĞŶƚĂĕĆŽĞĞŶƚƌĞŐĂĚŽƐƚƌĂďĂůŚŽƐ͘
17. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗/ŶƚƌŽĚƵĕĆŽ
18. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗/^
19. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗W/
20. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗'W
21. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗W/džƉƌĞƐƐ
22. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗h^
23. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗&ŝƌĞtŝƌĞ
24. ƟǀŝĚĂĚĞ͗YƵĞƐƟŽŶĄƌŝŽĚĞŵƷůƟƉůĂĞƐĐŽůŚĂ
25. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ
5
Sistema Universidade Aberta do Brasil -­ UAB | IF Sul-­rio-­grandense
Hardware de computadores | Guia Didático
Terceira semana
EĂƚĞƌĐĞŝƌĂƐĞŵĂŶĂ͕ƐĞƌĆŽĚĞƐĞŶǀŽůǀŝĚĂƐĂƐƐĞŐƵŝŶƚĞƐĂƟǀŝĚĂĚĞƐ͗
26. Ϯǐ tĞďĐŽŶĨĞƌġŶĐŝĂ͗ ƵůĂƐ ƐŽďƌĞ ŽƐ ĐŽŶƚĞƷĚŽƐ ƉƌĞǀŝƐƚŽƐ͕ ƌĞƐŽůƵĕĆŽ ĚĞ ĞdžĞƌĐşĐŝŽƐ͕ ĞdžĞĐƵĕĆŽ ĚĞ ĂƟǀŝĚĂĚĞƐ ƉƌŽƉŽƐƚĂƐ͕
esclarecimento de dúvidas.
27. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗/ŶƚƌŽĚƵĕĆŽ
28. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗ŽŶƐƟƚƵŝĕĆŽ
29. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗/ŶƚĞƌĨĂĐĞƐ
30. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ
Quarta semana
EĂƋƵĂƌƚĂƐĞŵĂŶĂ͕ƐĞƌĆŽĚĞƐĞŶǀŽůǀŝĚĂƐĂƐƐĞŐƵŝŶƚĞƐĂƟǀŝĚĂĚĞƐ͗
31. ϭǑŶĐŽŶƚƌŽƉƌĞƐĞŶĐŝĂů͗ƉƌĞƐĞŶƚĂĕĆŽĚŽƐƚƌĂďĂůŚŽƐĞĞƐĐůĂƌĞĐŝŵĞŶƚŽĚĞĚƷǀŝĚĂƐ͘
32. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗&ŽŶƚĞƐĚĞĞŶĞƌŐŝĂ
33. ƟǀŝĚĂĚĞ͗YƵĞƐƟŽŶĄƌŝŽĚĞŵƷůƟƉůĂĞƐĐŽůŚĂ
34. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ
35. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗WůĂĐĂͲŵĆĞ
36. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ
37. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗/ŶƚƌŽĚƵĕĆŽ
38. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗^ŝŶĂŝƐ
Quinta semana
EĂƋƵŝŶƚĂƐĞŵĂŶĂ͕ƐĞƌĆŽĚĞƐĞŶǀŽůǀŝĚĂƐĂƐƐĞŐƵŝŶƚĞƐĂƟǀŝĚĂĚĞƐ͗
39. ϮǑŶĐŽŶƚƌŽƉƌĞƐĞŶĐŝĂů͗ƵůĂƐŽďƌĞŽƐĐŽŶƚĞƷĚŽƐƉƌĞǀŝƐƚŽƐŶĂĚŝƐĐŝƉůŝŶĂ͘
Referências
dKZZ^͕'ĂďƌŝĞů͘Hardware Curso Completo.Ě͘džĐĞůŽŽŬƐ͕ϰǐĞĚŝĕĆŽ͕ϮϬϬϭ͘
dKZZ^͕'ĂďƌŝĞů͘Montagem de Micros – Série básico e rápido͘Ě͘džĐĞůŽŽŬƐ͕ϰǐĞĚŝĕĆŽ͕ϮϬϬϮ͘
s^KE>K^͕>ĂĠƌĐŝŽ͘ŽŵŽŵŽŶƚĂƌ͕ĐŽŶĮŐƵƌĂƌĞĞdžƉĂŶĚŝƌƐĞƵW͘Ě͘DĂŬƌŽŶŽŽŬƐ͕ϳǐĞĚŝĕĆŽ͕ϮϬϬϭ͘
s^KE>K^͕>ĂĠƌĐŝŽ͘DĂŶƵĂůĚĞdžƉĂŶƐĆŽĚĞWƐ͘Ě͘DĂŬƌŽŶŽŽŬƐ͕ϮǐĞĚŝĕĆŽ͕ϮϬϬϯ͘
/ŶƚĞů͗фǁǁǁ͘ŝŶƚĞů͘ĐŽŵх
ĚǀĂŶĐĞDŝĐƌŽŝǀŝĐĞƐ͕D͗фŚƩƉ͗ͬͬǁǁǁ͘ĂŵĚ͘ĐŽŵͬďƌͲƉƚͬх
ůƵďĞĚŽ,ĂƌĚǁĂƌĞ͗фŚƩƉ͗ͬͬǁǁǁ͘ĐůƵďĞĚŽŚĂƌĚǁĂƌĞ͘ĐŽŵ͘ďƌх
/ŶĨŽtĞƐƚĞƌ͗фŚƩƉ͗ͬͬǁǁǁ͘ŝŶĨŽǁĞƐƚĞƌ͘ĐŽŵͬŚĂƌĚǁĂƌĞ͘ƉŚƉх
,ĂƌĚǁĂƌĞĞŶƚƌĂů͗фŚƩƉ͗ͬͬǁǁǁ͘ŚĂƌĚǁĂƌĞĐĞŶƚƌĂů͘ĐŽŵͬŚĂƌĚǁĂƌĞĐĞŶƚƌĂůͬх
tŝŬŝƉĠĚŝĂ͗фŚƩƉ͗ͬͬƉƚ͘ǁŝŬŝƉĞĚŝĂ͘ŽƌŐͬх
ƐƵƐ͗фŚƩƉ͗ͬͬǁǁǁ͘ĂƐƵƐ͘ĐŽŵͬх
&ŽdžĐŽŶŶ͗фŚƩƉ͗ͬͬǁǁǁ͘ĨŽdžĐŽŶŶĐŚĂŶŶĞů͘ĐŽŵͬх
'ŝŐĂďLJƚĞ͗фŚƩƉ͗ͬͬĚĞ͘ŐŝŐĂͲďLJƚĞ͘ĐŽŵͬх
6
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
"+#&$&,
$
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
)G!7G5H8!6)5)324856)
I5)J/)34!K58!
!"#$%&'(%)*%+,-'(%).
ĞƐƚĂƵŶŝĚĂĚĞĠĐŽŵƉŽƐƚĂƉŽƌĚƵĂƐĂƉƌĞƐĞŶƚĂĕƁĞƐĚĞƐůŝĚĞƐ͕ƌĞĨĞƌĞŶƚĞƐĂ͞^ŝƐƚĞŵĂƐ,ĞdžĂĚĞĐŝŵĂŝƐ͟Ğ͞^ŝƐƚĞŵĂƐ
ŝŶĄƌŝŽƐ͕͟ƌĞƐƉĞĐƟǀĂŵĞŶƚĞ͘ďĂŝdžŽĞƐƚĆŽŽƐůŝŶŬƐƉĂƌĂĂĐĞƐƐŽĚĂƐĂƉƌĞƐĞŶƚĂĕƁĞƐ͘ŽĂůĞŝƚƵƌĂ͊
фŚƩƉ͗ͬͬƚƐŝĂĚ͘ĐĞĨĞƚƌƐ͘ƚĐŚĞ͘ďƌͬŵŽŽĚůĞͬĐŽŶƚĞƵĚŽͬŵŽĚƵůŽϭͬŚĐŽͬŚĐŽͺƵĂͬƐŝƐƚĞŵĂͺďŝŶĂƌŝŽ͘ƉĚĨх
фŚƩƉ͗ͬͬƚƐŝĂĚ͘ĐĞĨĞƚƌƐ͘ƚĐŚĞ͘ďƌͬŵŽŽĚůĞͬĐŽŶƚĞƵĚŽͬŵŽĚƵůŽϭͬŚĐŽͬŚĐŽͺƵĂͬƐŝƐƚĞŵĂͺŚĞdžĂĚĞĐŝŵĂů͘ƉĚĨх
"%&'&0,0$
WĂƌĂĞdžĞƌĐŝƚĂƌƐĞƵƐĐŽŶŚĞĐŝŵĞŶƚŽƐ͕ƌĞĂůŝnjĞŽƐĞdžĞƌĐşĐŝŽƐĚĞ^ŝƐƚĞŵĂƐEƵŵĠƌŝĐŽƐ͕ĚŝƐƉŽŶşǀĞŝƐŶŽůŝŶŬ͗
фŚƩƉ͗ͬͬƚƐŝĂĚ͘ŝĨƐƵů͘ĞĚƵ͘ďƌͬŵŽŽĚůĞͬĐŽŶƚĞƵĚŽͬŵŽĚƵůŽϭͬŚĐŽͬĞdžĞƌĐŝĐŝŽƐͬĂƚǀϭͺƵĂͺƐŝƐŶƵŵĞƌŽƐͬϬϭ͘ƉĚĨх
!
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
"+#&$&,
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
-
)!4*27HO29:!)PQ6HG2)I5)J/
)6H685/2)I5)G!/3J82I!4
H?%+(0@;<(
dŽĚŽŽĐŽŵƉƵƚĂĚŽƌĠĨŽƌŵĂĚŽƉŽƌĐŝŶĐŽĞůĞŵĞŶƚŽƐĞƐƐĞŶĐŝĂŝƐŽƵƵŶŝĚĂĚĞƐ͗ĂƵŶŝĚĂĚĞĂƌŝƚŵĠƟĐĂͲůſŐŝĐĂ;h>ͬ
h>Ϳ͕ĂƵŶŝĚĂĚĞĚĞŵĞŵſƌŝĂ͕ĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ͕ĂƵŶŝĚĂĚĞĚĞĞŶƚƌĂĚĂĞĂƵŶŝĚĂĚĞĚĞƐĂşĚĂ͘ŝŶƚĞƌĐŽŶĞdžĆŽ
ĞŶƚƌĞƚĂŝƐƵŶŝĚĂĚĞƐĞƐƚĄŵŽƐƚƌĂĚĂŶĂĮŐƵƌĂϭ͘ƐƐĞƚĂƐŶŽĚŝĂŐƌĂŵĂŝŶĚŝĐĂŵĂĚŝƌĞĕĆŽĚŽŇƵdžŽĚĞĚĂĚŽƐ͕ŝŶƐƚƌƵ=
ĕƁĞƐĞƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞ͘
KďƐĞƌǀĞŵŽƐƋƵĞĂƐůŝŶŚĂƐŐƌŽƐƐĂƐŝŶĚŝĐĂŵŽƚƌĄĨĞŐŽĚĞĚĂĚŽƐĞŝŶƐƚƌƵĕƁĞƐ͕ŝŶĨŽƌŵĂĕĆŽƋƵĞĞŵŐĞƌĂůŶĞĐĞƐƐŝ=
ƚĂŵĚĞƵŵŶƷŵĞƌŽŐƌĂŶĚĞĚĞůŝŶŚĂƐƉĂƌĂƐĞƌĞŵƚƌĂŶƐŵŝƟĚĂƐ͘:ĄĂƐůŝŶŚĂƐƚƌĂĐĞũĂĚĂƐƌĞƉƌĞƐĞŶƚĂŵŽƐƐŝŶĂŝƐĚĞ
3'-1"'+#.*-'"8%+8#-1#*#8*-;8#"'*"#&,$2&'.*&#*8%-#2"%*9,#*05'*-#3#00>"2%0*4',3%0*+2-7%0*4%"%*"#4"#0#-1>=+'0?
ŶƵŵĞƌĂĕĆŽĚĂƐƐĞƚĂƐŶŽƐĂũƵĚĂƌĄĂĨĂĐŝůŝƚĂƌĂƌĞĨĞƌġŶĐŝĂŶĂĚĞƐĐƌŝĕĆŽƋƵĞƐĞŐƵĞ͘
!"#$%&'()*'+',%#&-".&/01'234"5&'67'$8'5189$:&61%
J?&0,0$)2+&%=D%&A,LMN1&A,
ĂƉĂƌƚĞĚŽĐŽŵƉƵƚĂĚŽƌŽŶĚĞƐĆŽƌĞĂůŝnjĂĚĂƐĂƐŽƉĞƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐĞůſŐŝĐĂƐĐŽŵŽƐĚĂĚŽƐ͘KƟƉŽĚĞŽƉĞ=
ƌĂĕĆŽĂƐĞƌƌĞĂůŝnjĂĚĂŶƵŵƉĂƌƟĐƵůĂƌŝŶƐƚĂŶƚĞĚĞƚĞŵƉŽĠĚĞƚĞƌŵŝŶĂĚŽƉŽƌƐŝŶĂŝƐǀŝŶĚŽƐĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ
;ƐĞƚĂϭͿ͘KƐĚĂĚŽƐĂƐĞƌĞŵŽƉĞƌĂĚŽƐƉĞůĂƵŶŝĚĂĚĞĂƌŝƚŵĠƟĐĂͲůſŐŝĐĂƉŽĚĞƌĆŽǀŝƌŶĆŽƐſĚĂŵĞŵſƌŝĂ;ƐĞƚĂϮͿĐŽŵŽ
ĚĂƵŶŝĚĂĚĞĚĞĞŶƚƌĂĚĂ;ƐĞƚĂϯͿ͘KƐƌĞƐƵůƚĂĚŽƐĚĂƐŽƉĞƌĂĕƁĞƐĞĨĞƚƵĂĚĂƐŶĂƵŶŝĚĂĚĞĂƌŝƚŵĠƟĐĂͲůſŐŝĐĂƉŽĚĞŵƐĞƌ
ƚƌĂŶƐĨĞƌŝĚŽƐƉĂƌĂĂŵĞŵſƌŝĂ;ƐĞƚĂϰͿŽƵƉĂƌĂĂƵŶŝĚĂĚĞĚĞƐĂşĚĂ;ƐĞƚĂϱͿ͘
^ĆŽĞdžĞŵƉůŽƐĚĞŽƉĞƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐ͗ĂĚŝĕĆŽ;Ϳ͕ƐƵďƚƌĂĕĆŽ;^hͿ͕ŵƵůƟƉůŝĐĂĕĆŽ;Dh>Ϳ͕ĚŝǀŝƐĆŽ;/sͿ͘
^ĆŽĞdžĞŵƉůŽƐĚĞŽƉĞƌĂĕƁĞƐůſŐŝĐĂƐ͗Ğ;EͿ͕ŽƵ;KZͿ͕ŶĞŐĂĕĆŽ;EKdͿ͕ŽƵĞdžĐůƵƐŝǀŽ;yKZͿ͘
!
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
J?&0,0$)0$)/$=N+&,
ŵĞŵſƌŝĂĂƌŵĂnjĞŶĂŐƌƵƉŽƐĚĞĚşŐŝƚŽƐďŝŶĄƌŝŽƐ;ƉĂůĂǀƌĂƐͿƋƵĞƉŽĚĞŵƌĞƉƌĞƐĞŶƚĂƌŝŶƐƚƌƵĕƁĞƐĂƐĞƌĞŵĞdžĞĐƵ=
ƚĂĚĂƐƉĞůŽƉƌŽĐĞƐƐĂĚŽƌŽƵĚĂĚŽƐƉĂƌĂƐĞƌĞŵŽƉĞƌĂĚŽƐƉĞůĂƐŝŶƐƚƌƵĕƁĞƐĚƵƌĂŶƚĞĂĞdžĞĐƵĕĆŽĚĞƵŵƉƌŽŐƌĂŵĂ͘
ůĂƚĂŵďĠŵƐĞƌǀĞĐŽŵŽůŽĐĂůĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽƉĂƌĂƌĞƐƵůƚĂĚŽƐŝŶƚĞƌŵĞĚŝĄƌŝŽƐŽƵĮŶĂŝƐŽďƟĚŽƐƉĞůĂƐŽƉĞ=
ƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐĞĨĞƚƵĂĚĂƐƉĞůĂƵŶŝĚĂĚĞĂƌŝƚŵĠƟĐĂͲůſŐŝĐĂ;ƐĞƚĂϰͿ͘ŵĞŵſƌŝĂĠƵŵĂƵŶŝĚĂĚĞƋƵĞĞdžĞĐƵƚĂ
ƐŽŵĞŶƚĞĚƵĂƐŽƉĞƌĂĕƁĞƐ͗ůĞŝƚƵƌĂĞĞƐĐƌŝƚĂ͘KĨƵŶĐŝŽŶĂŵĞŶƚŽĚĂŵĞŵſƌŝĂƚĂŵďĠŵĠĐŽŶƚƌŽůĂĚŽƉĞůĂƵŶŝĚĂĚĞĚĞ
ĐŽŶƚƌŽůĞ͕ĂƋƵĂůŝŶĚŝĐĂ͕ĂƚƌĂǀĠƐĚĞƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞ;ƐĞƚĂϲͿ͕ƋƵĂůĚĂƐĚƵĂƐŽƉĞƌĂĕƁĞƐĂŵĞŵſƌŝĂĚĞǀĞƌĞĂůŝnjĂƌ
ŶĂƋƵĞůĞŝŶƐƚĂŶƚĞ͘hŵĚĞƚĞƌŵŝŶĂĚŽĞŶĚĞƌĞĕŽƉŽĚĞƐĞƌĂĐĞƐƐĂĚŽƉĞůĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ͕ƋƵĞŐĞƌĂŽĞŶĚĞƌĞĕŽ
ĚĞƐĞũĂĚŽĞŽĞŶƚƌĞŐĂăŵĞŵſƌŝĂ;ƐĞƚĂϳͿ͘ƐŝŶĨŽƌŵĂĕƁĞƐƉŽĚĞŵƐĞƌĞƐĐƌŝƚĂƐŶĂŵĞŵſƌŝĂǀŝŶĚĂƐĚĂh>ŽƵĚĂ
ƵŶŝĚĂĚĞĚĞĞŶƚƌĂĚĂ;ƐĞƚĂϴͿ͕ŵĂŝƐƵŵĂǀĞnjƐŽďŽĐŽŵĂŶĚŽĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ͘ƐŝŶĨŽƌŵĂĕƁĞƐƉŽĚĞŵƐĞƌ
ůŝĚĂƐĚĂŵĞŵſƌŝĂƉĂƌĂĂh>;ƐĞƚĂϮͿŽƵĚŝƌĞƚĂŵĞŶƚĞƉĂƌĂĂƵŶŝĚĂĚĞĚĞƐĂşĚĂ;ƐĞƚĂϵͿ͘
J?&0,0$)0$)5?%+,0,
ƵŶŝĚĂĚĞĚĞĞŶƚƌĂĚĂĠĐŽŶƐƟƚƵşĚĂƉŽƌƟƉŽƐĚĞĚŝƐƉŽƐŝƟǀŽƐƋƵĞŽďƚġŵŝŶĨŽƌŵĂĕƁĞƐĞdžƚĞƌŶĂƐĂŽĐŽŵƉƵƚĂĚŽƌ
#*%0*3'+'3%*-%*,-2&%&#*&#*8#8B"2%*(0#1%*Z)*',*-%*KJE*(0#1%*M)?*E*,-2&%&#*&#*3'-1"'+#*&#1#"82-%*'-&#*%*2-:'"=
ŵĂĕĆŽĚĞĞŶƚƌĂĚĂĚĞǀĞƐĞƌĐŽůŽĐĂĚĂ;ƐĞƚĂϭϬͿ͘ƵŶŝĚĂĚĞĚĞĞŶƚƌĂĚĂĠƵƐĂĚĂŶŽĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞŝŶƐƚƌƵĕƁĞƐ
ĞĚĂĚŽƐŶĂŵĞŵſƌŝĂƉĂƌĂƋƵĞŽƉƌŽŐƌĂŵĂĐŽŶƐƟƚƵşĚŽƉŽƌĞƐƐĂƐŝŶƐƚƌƵĕƁĞƐĞĚĂĚŽƐƉŽƐƐĂƐĞƌĞdžĞĐƵƚĂĚŽ͘ƐƐĂ
ƵŶŝĚĂĚĞƚĂŵďĠŵĠƵƐĂĚĂƉĂƌĂĞŶƚƌĂƌĐŽŵĚĂĚŽƐŶĂh>͕ĂƉĂƌƟƌĚĞƵŵĚŝƐƉŽƐŝƟǀŽĞdžƚĞƌŶŽ͕ĚƵƌĂŶƚĞĂĞdžĞĐƵĕĆŽ
ĚĞƵŵƉƌŽŐƌĂŵĂ͘ůŐƵŶƐĚŽƐĚŝƐƉŽƐŝƟǀŽƐĚĞĞŶƚƌĂĚĂŵĂŝƐĐŽŵƵŶƐƐĆŽ͗ƚĞĐůĂĚŽƐ͕ĚŝƐĐŽƐŵĂŐŶĠƟĐŽƐ͕ĮƚĂƐĞĐŽŶ=
<#"0'"#0*%-%+BD23'=&2D21%20*(EPA[0)?
J?&0,0$)0$)6,R0,
ƵŶŝĚĂĚĞĚĞƐĂşĚĂĠĨŽƌŵĂĚĂƉŽƌƚŽĚŽƐŽƐƟƉŽƐĚĞĚŝƐƉŽƐŝƟǀŽƐƵƐĂĚŽƐƉĂƌĂƚƌĂŶƐĨĞƌŝƌŝŶĨŽƌŵĂĕƁĞƐĚŽĐŽŵƉƵ=
ƚĂĚŽƌƉĂƌĂŽ͞ŵƵŶĚŽĞdžƚĞƌŝŽƌ͘͟KƐĚŝƐƉŽƐŝƟǀŽƐĚĞƐĂşĚĂƚĂŵďĠŵƐĆŽĚŝƌŝŐŝĚŽƐƉĞůĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ;ƐĞƚĂ
ϭϮͿ͕ƉŽĚĞŶĚŽƌĞĐĞďĞƌĚĂĚŽƐĚĂh>;ƐĞƚĂϱͿŽƵĚĂŵĞŵſƌŝĂ;ƐĞƚĂϵͿ͕ĐŽůŽĐĂŶĚŽͲŽƐŶŽĨŽƌŵĂƚŽĂƉƌŽƉƌŝĂĚŽƉĂƌĂ
ŽĐŽŶƐƵŵŽĞdžƚĞƌŶŽĂŽĐŽŵƉƵƚĂĚŽƌ͘džĞŵƉůŽƐĚĞĚŝƐƉŽƐŝƟǀŽƐĚĞƐĂşĚĂƐĆŽ͗ĚŝƐƉůĂLJƐ͕ŝŵƉƌĞƐƐŽƌĂƐ͕ĚŝƐĐŽƐŵĂŐŶĠ=
ƟĐŽƐ͕ĮƚĂƐŵĂŐŶĠƟĐĂƐ͕ŵŽŶŝƚŽƌĞƐĚĞǀşĚĞŽĞĐŽŶǀĞƌƐŽƌĞƐĚŝŐŝƚĂůͲĂŶĂůſŐŝĐŽƐ;DzƐͿ͘
T-9,%-1'*#X#3,1%*,8*4"'D"%8%.*'*3'84,1%&'"*1#8*-#3#002&%&#*&#*%4"#0#-1%"*"#0,+1%&'0*',*02-%20*&#*3'-1"'+#*
ƉĂƌĂŽ͞ŵƵŶĚŽĞdžƚĞƌŝŽƌ͘͟WŽƌĞdžĞŵƉůŽ͕ƵŵƐŝƐƚĞŵĂƉŽĚĞƚĞƌƵŵĂŝŵƉƌĞƐƐŽƌĂĚĞůŝŶŚĂƐĐŽŵŽĚŝƐƉŽƐŝƟǀŽĚĞƐĂş=
ĚĂ͘EĞƐƐĞĐĂƐŽ͕ŽĐŽŵƉƵƚĂĚŽƌĞŶǀŝĂƐŝŶĂŝƐƉĂƌĂƋƵĞŽƐƌĞƐƵůƚĂĚŽƐƐĞũĂŵŝŵƉƌĞƐƐŽƐĞŵĨŽƌŵƵůĄƌŝŽĐŽŶơŶƵŽ͘hŵ
4#9,#-'*3'84,1%&'"*4'&#*2-:'"8%"*0#,0*"#0,+1%&'0*,0%-&'*,8*4%2-#+*+,82-'0'*',*,8*ĚŝƐƉůĂLJ*&#*JTP[0*(J2D71*
ŵŝƫŶŐŝŽĚĞͿ͘
H?%$+E,A$
KĂƐƉĞĐƚŽŵĂŝƐŝŵƉŽƌƚĂŶƚĞĚĂƐƵŶŝĚĂĚĞƐĚĞEdZĞ^1ĚŝnjƌĞƐƉĞŝƚŽĂŽŝŶƚĞƌĨĂĐĞĂŵĞŶƚŽ͕ƋƵĞƉŽĚĞƐĞƌ
ĚĞĮŶŝĚŽ ĐŽŵŽ Ž ĂƚŽ ĚĞ ĐŽŵďŝŶĂƌ ĚŝƐƉŽƐŝƟǀŽƐ ŵƵŝƚŽ ĚŝĨĞƌĞŶƚĞƐ͕ ƉĂƌĂ ƋƵĞ ĞůĞƐ ƉŽƐƐĂŵ ĨƵŶĐŝŽŶĂƌ ĚĞ ŵĂŶĞŝƌĂ
ĐŽŵƉĂơǀĞůĞĐŽŽƌĚĞŶĂĚĂ͘WŽĚĞŵŽƐƚĂŵďĠŵĚĞĮŶŝƌŽŝŶƚĞƌĨĂĐĞĂŵĞŶƚŽĚĞŵĂŶĞŝƌĂŵĂŝƐĞƐƉĞĐşĮĐĂ͕ĐŽŵŽƐĞŶĚŽ
ĂƐŝŶĐƌŽŶŝnjĂĕĆŽĚĂƚƌĂŶƐŵŝƐƐĆŽĚĂŝŶĨŽƌŵĂĕĆŽĚŝŐŝƚĂůĞŶƚƌĞŽĐŽŵƉƵƚĂĚŽƌĞŽƐĚŝƐƉŽƐŝƟǀŽƐĞdžƚĞƌŶŽƐĚĞĞŶƚƌĂĚĂ
ĞƐĂşĚĂ͘
DƵŝƚŽƐĚŝƐƉŽƐŝƟǀŽƐĚĂĞŶƚƌĂĚĂͬƐĂşĚĂŶĆŽƐĆŽĚŝƌĞƚĂŵĞŶƚĞĐŽŵƉĂơǀĞŝƐĐŽŵŽĐŽŵƉƵƚĂĚŽƌƉŽƌĚŝĨĞƌĞŶĕĂƐĚĞ
ǀĞůŽĐŝĚĂĚĞ ĚĞ ŽƉĞƌĂĕĆŽ͕ ĨŽƌŵĂƚŽ ĚŽƐ ĚĂĚŽƐ ;ŚĞdžĂ͕ ^//͕ ďŝŶĄƌŝŽͿ͕ ŵŽĚŽƐ ĚĞ ƚƌĂŶƐŵŝƐƐĆŽ ;ƐĞƌŝĂů͕ ƉĂƌĂůĞůŽͿ Ğ
ŶşǀĞŝƐĚŽƐƐŝŶĂŝƐůſŐŝĐŽƐ͘dĂŝƐĚŝƐƉŽƐŝƟǀŽƐƉƌĞĐŝƐĂŵĚĞĐŝƌĐƵŝƚŽƐĞƐƉĞĐŝĂŝƐĚĞŝŶƚĞƌĨĂĐĞƋƵĞƉĞƌŵŝƚĂŵƋƵĞĞůĞƐƐĞ
3'8,-29,#8*3'8*%0*',1"%0*,-2&%&#0*&'*3'84,1%&'"*%'*9,%+*#+%0*<5'*0#*+2D%"?
hŵďŽŵĞdžĞŵƉůŽƐŽďƌĞŝŶƚĞƌĨĂĐĞĂŵĞŶƚŽĠŽĐĂƐŽĚŽƚĞƌŵŝŶĂůĚĞǀşĚĞŽ͕ƋƵĞƉŽĚĞŽƉĞƌĂƌĐŽŵŽĚŝƐƉŽƐŝƟǀŽĚĞ
!
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ĞŶƚƌĂĚĂĞĚĞƐĂşĚĂ͘ƐƚĞƚĞƌŵŝŶĂůƚƌĂŶƐŵŝƚĞĞƌĞĐĞďĞĚĂĚŽƐƐĞƌŝĂůŵĞŶƚĞ͕Ƶŵďŝƚ*&#*3%&%*<#$.*#-9,%-1'*%*8%2'"2%*
ĚŽƐĐŽŵƉƵƚĂĚŽƌĞƐŵĂŶŝƉƵůĂĚĂĚŽƐĞŵƉĂƌĂůĞůŽ͘ƐƐŝŵ͕ŽƚĞƌŵŝŶĂůĚĞǀşĚĞŽƉƌĞĐŝƐĂĚĞƵŵĐŝƌĐƵŝƚŽĚĞŝŶƚĞƌĨĂĐĞ
ƋƵĞĨĂĕĂĂƐŵŽĚŝĮĐĂĕƁĞƐŶĞĐĞƐƐĄƌŝĂƐĚŽƐĚĂĚŽƐƚƌĂŶƐŵŝƟĚŽƐͬƌĞĐĞďŝĚŽƐ͕ĚĞŵĂŶĞŝƌĂĂƉĞƌŵŝƟƌƋƵĞĂĐŽŵƵŶŝĐĂ=
ĕĆŽƚĞƌŵŝŶĂůͲĐŽŵƉƵƚĂĚŽƌĞĐŽŵƉƵƚĂĚŽƌͲƚĞƌŵŝŶĂůƐĞũĂĨĞŝƚĂƐĞŵƉƌŽďůĞŵĂƐ͘
J?&0,0$)0$)G(?%+(-$
ĨƵŶĕĆŽĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ͕ĐŽŵŽŽŶŽŵĞŝŶĚŝĐĂ͕ĐŽŶƚƌŽůĂ;ĚŝƌŝŐĞͿĂŽƉĞƌĂĕĆŽĚĞƚŽĚĂƐĂƐĚĞŵĂŝƐƵŶŝĚĂĚĞƐ
ĐŽŵƉŽŶĞŶƚĞƐĚŽĐŽŵƉƵƚĂĚŽƌ͕ĨŽƌŶĞĐĞŶĚŽͲůŚĞƐƐŝŶĂŝƐĚĞƚĞŵƉŽƌŝnjĂĕĆŽĞĚĞĐŽŶƚƌŽůĞ͘sŝƐƚĂƉŽƌŽƵƚƌŽąŶŐƵůŽ͕Ă
ĨƵŶĕĆŽĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞĂƐƐĞŵĞůŚĂͲƐĞăĚĞƵŵŵĂĞƐƚƌŽ͕ƋƵĞƚĞŵĂƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚĞŵĂŶƚĞƌƚŽĚŽƐ
ŽƐŵĞŵďƌŽƐĚĞƵŵĂŽƌƋƵĞƐƚƌĂĞŵƉĞƌĨĞŝƚŽƐŝŶĐƌŽŶŝƐŵŽ͘ƐƐĂƵŶŝĚĂĚĞĐŽŶƚĠŵĐŝƌĐƵŝƚŽƐůſŐŝĐŽƐĐŽŵďŝŶĂĐŝŽŶĂŝƐ
ĞƐĞƋƺĞŶĐŝĂŝƐ͕ƌĞƐƉŽŶƐĄǀĞŝƐƉĞůĂŐĞƌĂĕĆŽĚŽƐƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞŶĞĐĞƐƐĄƌŝŽƐăĞdžĞĐƵĕĆŽĚĂƐŝŶƐƚƌƵĕƁĞƐĚĞƵŵ
4"'D"%8%?
ƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞďƵƐĐĂƵŵĂŝŶƐƚƌƵĕĆŽĚĂŵĞŵſƌŝĂ͕ĞŶǀŝĂŶĚŽƐĞƵĞŶĚĞƌĞĕŽ;ƐĞƚĂϳͿĞƵŵĐŽŵĂŶĚŽĚĞůĞŝ=
ƚƵƌĂ;ƐĞƚĂϲͿăƵŶŝĚĂĚĞĚĞŵĞŵſƌŝĂ͘ŝŶƐƚƌƵĕĆŽĂƌŵĂnjĞŶĂĚĂŶŽĞŶĚĞƌĞĕŽĞŶǀŝĂĚŽĠĚĞƉŽŝƐƚƌĂŶƐĨĞƌŝĚĂƉĂƌĂĂ
ƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ;ƐĞƚĂϭϭͿ͘ƐƐĂŝŶƐƚƌƵĕĆŽ͕ƋƵĞĞƐƚĄĐŽĚŝĮĐĂĚĂĞŵďŝŶĄƌŝŽ͕ĠĞŶƚĆŽĚĞĐŽĚŝĮĐĂĚĂƉĞůŽƐĐŝƌĐƵŝ=
ƚŽƐĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞƉĂƌĂĚĞƚĞƌŵŝŶĂƌƋƵĂůĂŝŶƐƚƌƵĕĆŽ͘>ŽŐŽĂƉſƐ͕ĞƐƐĂŵĞƐŵĂƵŶŝĚĂĚĞƵƐĂĂŝŶĨŽƌŵĂĕĆŽ
ĐŽŶƟĚĂŶĂŝŶƐƚƌƵĕĆŽƉĂƌĂŐĞƌĂƌŽƐƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞŶĞĐĞƐƐĄƌŝŽƐăĞdžĞĐƵĕĆŽĚĂŝŶƐƚƌƵĕĆŽĞŵƋƵĞƐƚĆŽ͘
3+(A$>>,0(+)SJ?&0,0$)G$?%+,-)0$)3+(A$>>,=$?%(T
EĂĮŐƵƌĂϭ͕Ăh>ĞĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞƐĆŽŵŽƐƚƌĂĚĂƐĐŽŵŽƉĂƌƚĞƐĚĞƵŵĂƷŶŝĐĂƵŶŝĚĂĚĞ͗ƉƌŽĐĞƐƐĂĚŽƌ͘
ĚŝƐƟŶĕĆŽĠĨĞŝƚĂĐŽŵĂĮŶĂůŝĚĂĚĞĚĞƐĞƉĂƌĂƌĂƉĂƌƚĞ͞ŝŶƚĞůŝŐĞŶƚĞ͞ĚŽĐŽŵƉƵƚĂĚŽƌĚĂƐĚĞŵĂŝƐ͘/ƌĞŵŽƐƵƐĂƌƚĂů
ĚĞŶŽŵŝŶĂĕĆŽ ĚŝǀĞƌƐĂƐ ǀĞnjĞƐ Ğŵ ŶŽƐƐŽ ĞƐƚƵĚŽ ĚŽƐ ŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌĞƐ͕ ƉŽŝƐ ĐŽŵŽ ǀĞƌĞŵŽƐ ŵĂŝƐ ƚĂƌĚĞ͕ ŶŽƐ
ŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌĞƐ͕ĂƵŶŝĚĂĚĞĐĞŶƚƌĂůĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽĠŝŵƉůĞŵĞŶƚĂĚĂĞŵƵŵƷŶŝĐŽĐŚŝƉs>^/͕ĚĞŶŽŵŝŶĂĚŽ
./01231204556721?
5-$=$?%(>)PU>&A(>)0$)@=)/&A+(A(=V@%,0(+
ŵƵŝƚŽŝŵƉŽƌƚĂŶƚĞĞŶƚĞŶĚĞƌĂĚŝĨĞƌĞŶĕĂĞŶƚƌĞƵŵŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌ;ђWͿĞƵŵŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌ;ђͿ͘hŵŵŝ=
ĐƌŽĐŽŵƉƵƚĂĚŽƌĠĐŽŶƐƟƚƵşĚŽĚĞĚŝǀĞƌƐŽƐĞůĞŵĞŶƚŽƐ͕ŽŵĂŝƐŝŵƉŽƌƚĂŶƚĞĚŽƐƋƵĂŝƐĠŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌ͘KђWĠ
,8*ĐŚŝƉs>^/;sĞƌLJ>ĂƌŐĞ^ĐĂůĞ/ŶƚĞŐĂƟŽŶͿ͕ƋƵĞĐŽŶƚĠŵƚŽĚŽƐŽƐĐŝƌĐƵŝƚŽƐĚĂƐƵŶŝĚĂĚĞƐĚĞĐŽŶƚƌŽůĞĞĂƌŝƚŵĠƟĐŽ=
ͲůſŐŝĐĂʹĞŵŽƵƚƌĂƐƉĂůĂǀƌĂƐ͕ŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌĠĂƉƌſƉƌŝĂƵŶŝĚĂĚĞĐĞŶƚƌĂůĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽ͘ĮŐƵƌĂϮŵŽƐ=
1"%*'0*#+#8#-1'0*6>023'0*&#*,8*823"'3'84,1%&'"?
EĂƵŶŝĚĂĚĞĚĞŵĞŵſƌŝĂ͕ĂƉĂƌĞĐĞŵƚĂŶƚŽĂƐZDDzƐƋƵĂŶƚŽĂƐZKDDzƐ͘ƐĞĕĆŽĚĂƐZDDzƐĠĐŽŶƐƟƚƵşĚĂƉŽƌƵŵ
ŽƵŵĂŝƐĐŚŝƉƐs>^/͕ĐŽŵďŝŶĂĚŽƐĚĞŵĂŶĞŝƌĂĂĨŽƌŶĞĐĞƌĂĐĂƉĂĐŝĚĂĚĞĚĞŵĞŵſƌŝĂƉƌŽũĞƚĂĚĂƉĂƌĂŽƐŝƐƚĞŵĂ͘sĂůĞ
ŽďƐĞƌǀĂƌƋƵĞ͕ĂƐZDDzƐƐĆŽŶĞĐĞƐƐĄƌŝĂƐ͕ƉŽŝƐĂƐŝŶĨŽƌŵĂĕƁĞƐĂƌŵĂnjĞŶĂĚĂƐŶĞƐƐĂƐĞĕĆŽĚĞŵĞŵſƌŝĂƐĞƌĆŽĂůƚĞ=
ƌĂĚĂƐǀĄƌŝĂƐǀĞnjĞƐŶŽĚĞĐŽƌƌĞƌĚĂŽƉĞƌĂĕĆŽĚŽƐŝƐƚĞŵĂ͘ƐZDDzƐƚĂŵďĠŵƐĆŽƵƐĂĚĂƐƉĂƌĂŽƐĂƌŵĂnjĞŶĂŵĞŶƚŽƐ
ŝŶƚĞƌŵĞĚŝĄƌŝŽƐĞĮŶĂŝƐĚŽƐƌĞƐƵůƚĂĚŽƐĚĂƐŽƉĞƌĂĕƁĞƐƌĞĂůŝnjĂĚĂƐƉĞůĂh>ŶŽĚĞĐŽƌƌĞƌĚĂĞdžĞĐƵĕĆŽĚŽƉƌŽŐƌĂŵĂ͘
ƐĞĕĆŽĚĂƐZKDDzƐĠĐŽŶƐƟƚƵşĚĂƉŽƌƵŵŽƵŵĂŝƐĐŚŝƉƐs>^/ƉĂƌĂŽĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞŝŶĨŽƌŵĂĕƁĞƐƋƵĞŶĆŽ
ƉŽĚĞŵƐĞƌĂůƚĞƌĂĚĂƐŶŽĚĞĐŽƌƌĞƌĚŽƉƌŽĐĞƐƐĂŵĞŶƚŽ͘WŽƌĞdžĞŵƉůŽ͕ůĄĚĞǀĞŵĞƐƚĂƌŝŶĨŽƌŵĂĕƁĞƐƋƵĞĨĂƌĆŽĐŽŵ
ƋƵĞŽђŵŽŶŝƚŽƌĞĐŽŶƟŶƵĂŵĞŶƚĞŽƚĞĐůĂĚŽĚŽƐŝƐƚĞŵĂ͕ŽƵƉŽĚĞĞƐƚĂƌĂƌŵĂnjĞŶĂĚĂĂƚĂďĞůĂĚĞĐſĚŝŐŽƐ^//
;ŵĞƌŝĐĂŶ^ƚĂŶĚĂƌĚŽĚĞ/ŶƚĞƌŶĂƟŽŶĂů/ŶƚĞƌĐŚĂŶŐĞͿ͕ŶĞĐĞƐƐĄƌŝŽƐăƚƌĂŶƐĨĞƌġŶĐŝĂĚĞŝŶĨŽƌŵĂĕƁĞƐƉĂƌĂƚĞƌŵŝŶĂŝƐ
ĚĞǀşĚĞŽŽƵŝŵƉƌĞƐƐŽƌĂƐ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'();'+'<=787-:14'234"514'67'$8'>?
ƐƐĞĕƁĞƐĚĞĞŶƚƌĂĚĂĞƐĂşĚĂĐŽŶƚĠŵŽƐĐŝƌĐƵŝƚŽƐĚĞŝŶƚĞƌĨĂĐĞŶĞĐĞƐƐĄƌŝŽƐăŐĂƌĂŶƟĂĚĂĐŽŵƵŶŝĐĂĕĆŽĞŶƚƌĞŽƐ
ĚŝƐƉŽƐŝƟǀŽƐĚĞEdZĞ^1ĞĂƐĚĞŵĂŝƐƵŶŝĚĂĚĞƐĚŽĐŽŵƉƵƚĂĚŽƌ͘ŵĂůŐƵŶƐĐĂƐŽƐ͕ƚĂŝƐĐŝƌĐƵŝƚŽƐƐĆŽĐŚŝƉƐ*
4"'&,$2&'0*4#+'*4"B4"2'*:%6"23%-1#*&'*823"'4"'3#00%&'"*4%"%*0#"<2"#8*&#*2-1#":%3#*#-1"#*'*823"'4"'3#00%&'"*#*
ƵŵĂŐƌĂŶĚĞǀĂƌŝĞĚĂĚĞĚĞŽƵƚƌŽƐĚŝƐƉŽƐŝƟǀŽƐ͘ŵŽƵƚƌŽƐĐĂƐŽƐ͕ŽƐĐŝƌĐƵŝƚŽƐĚĞŝŶƚĞƌĨĂĐĞƉŽĚĞŵƐĞƌƚĆŽƐŝŵƉůĞƐ
9,%-1'*,8*"#D201"%&'"?
"%$?;<(
KDŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌĠŽĐŽƌĂĕĆŽĚŽŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌ͕ƐĞŶĚŽƌĞƐƉŽŶƐĄǀĞůƉĞůĂƌĞĂůŝnjĂĕĆŽĚĞƵŵ
ƐĞŵͲŶƷŵĞƌŽĚĞĨƵŶĕƁĞƐ͕ĚĞŶƚƌĞĂƐƋƵĂŝƐĚĞƐƚĂĐĂŵͲƐĞ͗
ͻ
ͻ
ͻ
ͻ
ͻ
ͻ
&ŽƌŶĞĐŝŵĞŶƚŽĚĞƐŝŶĂŝƐĚĞƚĞŵƉŽƌŝnjĂĕĆŽĞĐŽŶƚƌŽůĞĂƚŽĚŽƐŽƐĞůĞŵĞŶƚŽƐĐŽŵƉŽŶĞŶƚĞƐĚŽŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌ͖
ƵƐĐĂĚĞŝŶƐƚƌƵĕƁĞƐĞĚĂĚŽƐŶĂŵĞŵſƌŝĂ͖
dƌĂŶƐĨĞƌġŶĐŝĂĚĞĚĂĚŽƐĚĞͬƉĂƌĂŵĞŵſƌŝĂĞĚŝƐƉŽƐŝƟǀŽƐĚĞEdZͬ^1͖
ĞĐŽĚŝĮĐĂĕĆŽĚĞŝŶƐƚƌƵĕƁĞƐ͖
ZĞĂůŝnjĂĕĆŽĚĞŽƉĞƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐĞůſŐŝĐĂƐŶĞĐĞƐƐĄƌŝĂƐăĞdžĞĐƵĕĆŽĚĞŝŶƐƚƌƵĕƁĞƐ͖
ZĞƐƉŽƐƚĂĂŽƐƐŝŶĂŝƐŐĞƌĂĚŽƐƉĞůŽƐĚŝƐƉŽƐŝƟǀŽƐĚĞEdZͬ^1͕ĐŽŵŽZ^dĞ/EdZZhWd͘
KђWĐŽŶƚĠŵƚŽĚŽƐŽƐĐŝƌĐƵŝƚŽƐůſŐŝĐŽƐŶĞĐĞƐƐĄƌŝŽƐăƌĞĂůŝnjĂĕĆŽĚĞƐƚĂƐĨƵŶĕƁĞƐ͘dĂůůſŐŝĐĂŶĆŽĞƐƚĄĚŝƐƉŽŶşǀĞů
ĞdžƚĞƌŶĂŵĞŶƚĞ͕ƉŽƌĞƐƚĂƌĞŶĐĞƌƌĂĚĂĞŵƵŵĐŚŝƉ͘ƉĞƐĂƌĚŝƐƐŽ͕ƉŽĚĞŵŽƐĐŽŶƚƌŽůĂƌŽƋƵĞŽĐŽƌƌĞĚĞŶƚƌŽĚŽђW
ĂƚƌĂǀĠƐĚŽƐƉƌŽŐƌĂŵĂƐĐŽůŽĐĂĚŽƐŶĂŵĞŵſƌŝĂƉĂƌĂƋƵĞŽђWŽƐĞdžĞĐƵƚĞ͘EĞƐƐĞƐĞŶƟĚŽ͕ŽђWĠďĂƐƚĂŶƚĞǀĞƌƐĄƟů
ʹƋƵĂŶĚŽƋƵĞƌĞŵŽƐŵƵĚĂƌƐƵĂĨŽƌŵĂŽƉĞƌĂĕĆŽ͕ƚƌŽĐĂŵŽƐƐŝŵƉůĞƐŵĞŶƚĞŽƐƉƌŽŐƌĂŵĂƐĂƌŵĂnjĞŶĂĚŽƐĞŵƐƵĂƐ
ŵĞŵſƌŝĂƐZD;ƐŽŌǁĂƌĞͿĞZKD;ĮƌŵǁĂƌĞͿĂŽŝŶǀĠƐĚĞĂůƚĞƌĂƌƐĞƵƐĐŝƌĐƵŝƚŽƐĞůĞƚƌƀŶŝĐŽƐ;ŚĂƌĚǁĂƌĞ)?
ůſŐŝĐĂŝŶƚĞƌŶĂĚŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌĠĞdžƚƌĞŵĂŵĞŶƚĞĐŽŵƉůĞdžĂ͕ĞƐƚĂŶĚŽĚŝƐƚƌŝďƵşĚĂƉŽƌƚƌġƐƵŶŝĚĂĚĞƐďĄƐŝĐĂƐ͗
ĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞĞƚĞŵƉŽƌŝnjĂĕĆŽ͕ĂƵŶŝĚĂĚĞĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽŝŶƚĞƌŶŽĞĂh>;ĮŐƵƌĂ͘ϯͿ͘
!!
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'()@'+'A-"6&674'B$-5"1-&"4'67'$8'5C"9'>D
sĂůĞŽďƐĞƌǀĂƌƋƵĞ͕ĂůĠŵĚĂƐĨƵŶĕƁĞƐĞƐƉĞĐşĮĐĂƐĚĞĐĂĚĂƵŵĂĚĞƐƚĂƐƵŶŝĚĂĚĞƐ͕ĂŝŶƚĞƌĂĕĆŽĞŶƚƌĞĞůĂƐĠƵŵƉŽŶƚŽ
8,21'*284'"1%-1#*-'*#01,&'*&'*823"'4"'3#00%&'"?
ĨƵŶĕĆŽƉƌŝŵŽƌĚŝĂůĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞĞƚĞŵƉŽƌŝnjĂĕĆŽĠďƵƐĐĂƌĂƐŝŶƐƚƌƵĕƁĞƐŶĂŵĞŵſƌŝĂĞĐŽĚŝĮĐĂƌ;ŝŶƚĞƌ=
ƉƌĞƚĂƌͿƐĞƵƐĐſĚŝŐŽƐĚĞŽƉĞƌĂĕĆŽ͕ŐĞƌĂŶĚŽŽƐƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞĞƚĞŵƉŽƌŝnjĂĕĆŽŶĞĐĞƐƐĄƌŝŽƐƉĂƌĂƋƵĞĂƐĚĞŵĂŝƐ
ƵŶŝĚĂĚĞƐĚŽђWƉŽƐƐĂŵ͕ĞĨĞƟǀĂŵĞŶƚĞĞdžĞĐƵƚĂƌƚĂŝƐŝŶƐƚƌƵĕƁĞƐ͘ƐƐĂƵŶŝĚĂĚĞƚĂŵďĠŵŐĞƌĂƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞĞ
ƚĞŵƉŽƌŝnjĂĕĆŽƉĂƌĂŽƐĚŝƐƉŽƐŝƟǀŽƐĞdžƚĞƌŶŽƐĂŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌ͗ŵĞŵſƌŝĂƐĚŽƟƉŽZDͬZKDĞĚŝƐƉŽƐŝƟǀŽƐĚĞ
EdZͬ^1͘
ƵŶŝĚĂĚĞĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽŝŶƚĞƌŶŽĐŽŶƚĠŵĚŝǀĞƌƐŽƐƌĞŐŝƐƚƌĂĚŽƌĞƐƵƟůŝnjĂĚŽƐĚƵƌĂŶƚĞĂĞdžĞĐƵĕĆŽĚĞƵŵĂŝŶƐ=
ƚƌƵĕĆŽƉĞůŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌ͘KŵĂŝƐŝŵƉŽƌƚĂŶƚĞĠŽĐŽŶƚĂĚŽƌĚĞƉƌŽŐƌĂŵĂͲW;WƌŽŐƌĂŵŽƵŶƚĞƌ).*"#04'-0><#+*
ƉĞůŽĂƌŵĂnjĞŶĂŵĞŶƚŽĚŽĞŶĚĞƌĞĕŽĚĂƉƌſdžŝŵĂŝŶƐƚƌƵĕĆŽĂƐĞƌĞdžĞĐƵƚĂĚĂƉĞůŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌ͘ůĠŵĚŽW
ĞdžŝƐƚĞŵĚŝǀĞƌƐŽƐŽƵƚƌŽƐƌĞŐŝƐƚƌĂĚŽƌĞƐƋƵĞƌĞĂůŝnjĂŵǀĄƌŝĂƐĨƵŶĕƁĞƐ͗ĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞĐſĚŝŐŽĚĞŽƉĞƌĂĕĆŽĚĞ
ŝŶƐƚƌƵĕƁĞƐƋƵĞĞƐƟǀĞƌĞŵƐĞŶĚŽĚĞĐŽĚŝĮĐĂĚĂƐ͕ĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞĚĂĚŽƐƋƵĞĞƐƚĆŽƐĞŶĚŽŽƉĞƌĂĚŽƐƉĞůĂh>͕
ĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞĞŶĚĞƌĞĕŽƐĞĚĂĚŽƐĂƐĞƌĞŵďƵƐĐĂĚŽƐŶĂŵĞŵſƌŝĂ͕ĞŵƵŝƚŽƐŽƵƚƌŽƐƌĞŐŝƐƚƌĂĚŽƌĞƐĚĞƉƌŽƉſ=
ƐŝƚŽŐĞƌĂů͕ĐƵũĂƵƟůŝnjĂĕĆŽĠĐŽŶƚƌŽůĂĚĂƉĞůĂƐŝŶƐƚƌƵĕƁĞƐĚŽƉƌŽŐƌĂŵĂĞŵĞdžĞĐƵĕĆŽ͘
KƐƌĞŐŝƐƚƌĂĚŽƌĞƐĚĂƵŶŝĚĂĚĞĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽƐĆŽĚŝǀŝĚŝĚŽƐĞŵƌĞŐŝƐƚƌĂĚŽƌĞƐĚĞƉƌŽƉſƐŝƚŽŐĞƌĂů͕ĐƵũŽƵƐŽĠĚĞ=
ĮŶŝĚŽƉĞůĂƐŝŶƐƚƌƵĕƁĞƐĞŵĞdžĞĐƵĕĆŽ͕ĞƌĞŐŝƐƚƌĂĚŽƌĞƐĚĞƉƌŽƉſƐŝƚŽĞƐƉĞĐşĮĐŽƐ͕ĚĞƵƐŽĞdžĐůƵƐŝǀŽĚŽƉƌŽĐĞƐƐĂĚŽƌ͕
ŶŽƉƌŽĐĞƐƐŽĚĞĞdžĞĐƵĕĆŽĚĂƐŝŶƐƚƌƵĕƁĞƐĚĞƵŵƉƌŽŐƌĂŵĂ͘ůĠŵĚŽW͕ĞdžŝƐƚĞŵĚŝǀĞƌƐŽƐŽƵƚƌŽƐƌĞŐŝƐƚƌĂĚŽƌĞƐĚĞ
ƉƌŽƉſƐŝƚŽĞƐƉĞĐşĮĐŽ͕ĐŽŵŽƌĞŐŝƐƚƌĂĚŽƌĚĞŝŶƐƚƌƵĕƁĞƐͲ/Z;/ŶƐƚƌƵĐƟŽŶZĞŐŝƐƚĞƌ).*9,#*%"8%$#-%*'*3B&2D'*&%*'4#=
ƌĂĕĆŽĚĂŝŶƐƚƌƵĕĆŽƋƵĞĞƐƚĄƐĞŶĚŽĞdžĞĐƵƚĂĚĂ͕ŽƌĞŐŝƐƚƌĂĚŽƌĚĞĞŶĚĞƌĞĕŽĚĞŵĞŵſƌŝĂͲDZ;DĞŵŽƌLJĚĚƌĞƐƐ
ZĞŐŝƐƚĞƌͿ͕ƋƵĞĂƌŵĂnjĞŶĂŽĞŶĚĞƌĞĕŽĚĂŝŶĨŽƌŵĂĕĆŽĂƐĞƌůŝĚĂŽƵĞƐĐƌŝƚĂŶĂŵĞŵſƌŝĂ͕ĞŽƌĞŐŝƐƚƌĂĚŽƌĚĞĚĂĚŽƐĚĞ
ŵĞŵſƌŝĂͲDZ;DĞŵŽƌLJƵīĞƌZĞŐŝƐƚĞƌͿ͕ƋƵĞĂƌŵĂnjĞŶĂĂŝŶĨŽƌŵĂĕĆŽĂƐĞƌůŝĚĂŽƵĞƐĐƌŝƚĂŶĂŵĞŵſƌŝĂ͘
h>ƌĞĂůŝnjĂƵŵĂŐĂŵĂǀĂƌŝĂĚĂĚĞŽƉĞƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐͲůſŐŝĐĂƐƐŽďƌĞĚĂĚŽƐ͘dĂŝƐŽƉĞƌĂĕƁĞƐƐĞŵƉƌĞŝŶĐůƵĞŵĂ
ĂĚŝĕĆŽ͕ƐƵďƚƌĂĕĆŽ͕ĂƐŽƉĞƌĂĕƁĞƐůſŐŝĐĂƐĐŽŵŽŽE͕KZ͕yͲKZ͕ŽƉĞƌĂĕƁĞƐĚĞĚĞƐůŽĐĂŵĞŶƚŽ͕ĂůĠŵĚĞŽƉĞƌĂĕƁĞƐ
ĚĞŝŶĐƌĞŵĞŶƚŽĞĚĞĐƌĞŵĞŶƚŽ͘KƐŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌĞƐŵĂŝƐĂǀĂŶĕĂĚŽƐƚġŵƵŵĂh>ƋƵĞƉŽĚĞĨĂnjĞƌŵƵůƟƉůŝĐĂ=
ĕĆŽĞĚŝǀŝƐĆŽ͘ƵƌĂŶƚĞĂŽƉĞƌĂĕĆŽĚŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌ͕ĂƐŽƉĞƌĂĕƁĞƐĞdžĞĐƵƚĂĚĂƐƉĞůĂh>ĞƐƚĆŽƐŽďĐŽŶƚƌŽůĞ
ĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞĞƚĞŵƉŽƌŝnjĂĕĆŽ͕ĂƋƵĂůŶĂƚƵƌĂůŵĞŶƚĞĨĂnjŽƋƵĞŵĂŶĚĂŽĐſĚŝŐŽĚĞŽƉĞƌĂĕĆŽĚĂŝŶƐƚƌƵĕĆŽ
9,#*:'2*+2&%*&%*8#8B"2%*4%"%*0#"*#X#3,1%&%?
EĂĮŐƵƌĂ͘ϰ͕ĚĞŵŽŶƐƚƌĂͲƐĞĂƐĞƋƺġŶĐŝĂĚĂĞdžĞĐƵĕĆŽĚĞƵŵĂŝŶƐƚƌƵĕĆŽĚĞƵŵƉƌŽŐƌĂŵĂ͕ŽƋƵĂůĐŽŶƐŝƐƚĞ͕ĞŵƵŵ
ĐŽŶũƵŶƚŽĚĞŝŶƐƚƌƵĕƁĞƐĂƌŵĂnjĞŶĂĚĂƐŶĂŵĞŵſƌŝĂ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'()E'+'?"5=1'67'F-4:%$/01
WhĞdžĞĐƵƚĂŽƚƌĂďĂůŚŽĞŵƵŵĂƐĞƋƺġŶĐŝĂĚĞŶŽŵŝŶĂĚĂƉŽƌ/>K/E^dZhKƋƵĞĠƐƵďĚŝǀŝĚŝĚŽĞŵ/>K
h^/>KyhKĂƚĠŽĮŶĂůĚŽ/>K/E^dZhK͘
ŵŐĞƌĂů͕ĂƐŝŶƐƚƌƵĕƁĞƐƐĞĞŶĐĂŝdžĂŵŶĂƐƐĞŐƵŝŶƚĞƐĐĂƚĞŐŽƌŝĂƐ͗
ͻ )8"%9%:,:*;<=dƌĂŶƐĨĞƌġŶĐŝĂĚĞĚĂĚŽƐĞŶƚƌĞWhͬŵĞŵſƌŝĂŽƵǀŝĐĞͲǀĞƌƐĂ͘
ͻ )8"%9%#>*=%dƌĂŶƐĨĞƌġŶĐŝĂĚĞĚĂĚŽƐƉĂƌĂĚĞŶƚƌŽŽƵĨŽƌĂĚŽƐŝƐƚĞŵĂǀŝĂŵſĚƵůŽƐĚĞ/ͬK;ŝŶƚĞƌĨĂĐĞƐͿ͘
ͻ 8;*),??$:,+(*%&,%&$&*?͗džĞĐƵĕĆŽĚĞŽƉĞƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐŽƵůſŐŝĐĂƐĐŽŵŽƐĚĂĚŽƐ͘
#,&",)=,&>
фŚƩƉ͗ͬͬĞŶ͘ǁŝŬŝƉĞĚŝĂ͘ŽƌŐͬǁŝŬŝͬDĂŝŶͺWĂŐĞх
фŚƩƉ͗ͬͬǁŚĂƟƐ͘ƚĞĐŚƚĂƌŐĞƚ͘ĐŽŵͬх
фŚƩƉ͗ͬͬǁǁǁ͘ĐůƵďĞĚŽŚĂƌĚǁĂƌĞ͘ĐŽŵ͘ďƌͬх
фŚƩƉ͗ͬͬǁǁǁ͘ŚĂƌĚǁĂƌĞĐĞŶƚƌĂů͘ĐŽŵͬŚĂƌĚǁĂƌĞĐĞŶƚƌĂůͬх
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
"+#&$&,
)
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
)354HWX4HG!6
ĂƌŽĂůƵŶŽ͕ŽŵĂƚĞƌŝĂůƌĞĨĞƌĞŶƚĞĂŽƉĞƌŝĨĠƌŝĐŽĚŽƟƉŽŵŽƵƐĞĞƐƚĄĚŝƐƉŽŶşǀĞůŶŽůŝŶŬĂďĂŝdžŽ͗
фŚƩƉ͗ͬͬƚƐŝĂĚ͘ĐĞĨĞƚƌƐ͘ƚĐŚĞ͘ďƌͬŵŽŽĚůĞͬĐŽŶƚĞƵĚŽͬŵŽĚƵůŽϭͬŚĐŽͬŚĐŽͺƵĚͬŵŽƵƐĞ͘ƉĚĨх
H?%+(0@;<(
KŵŽŶŝƚŽƌĚĞǀşĚĞŽŽƵƐŝŵƉůĞƐŵĞŶƚĞŵŽŶŝƚŽƌĠŽĞƋƵŝƉĂŵĞŶƚŽƉƌŝŶĐŝƉĂůĐƵũĂĨƵŶĕĆŽĠƉĞƌŵŝƟƌĂŝŶƚĞƌĨĂĐĞǀŝƐƵĂů
#-1"#*'*3'84,1%&'"*#*'*,0,>"2'?
ƐƐĂŝŶƚĞƌĂĕĆŽƉĞƌŵŝƚĞƋƵĞǀŝƐƵĂůŝnjĞŵŽƐĚĂĚŽƐĚĞĞŶƚƌĂĚĂĞĚĂĚŽƐŽƌŝƵŶĚŽƐĚĞƵŵƉƌŽĐĞƐƐĂŵĞŶƚŽŝŶƚĞƌŶŽ͕ďĞŵ
ĐŽŵŽƋƵĞƉŽƐƐĂŵŽƐǀŝƐƵĂůŝnjĂƌĮŐƵƌĂƐ͕ƚĞdžƚŽƐ͕ĐŽŵĂŶĚŽƐ͕ĨŽƚŽƐ͕ĮůŵĞƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͘
^ĞƌŝĂĚŝİĐŝůŝŵĂŐŝŶĂƌƵŵĐŽŵƉƵƚĂĚŽƌƐĞŵƵŵŵŽŶŝƚŽƌĚĞǀşĚĞŽ͘
WĂƌĂƋƵĞŵƉĂƐƐĂǀĄƌŝĂƐŚŽƌĂƐŶĂĨƌĞŶƚĞĚĞƵŵŵŽŶŝƚŽƌ͕ĂůĠŵĚĂĐŽŶƐƟƚƵŝĕĆŽĚŽƐƟƉŽƐŵĂŝƐĐŽŵƵŶƐ;ZdĞ>Ϳ͕
%*9,%+2&%&#*4%00%*%*0#"*,8*%04#31'*:,-&%8#-1%+*#8*-'00%*%->+20#*&%9,2*#8*&2%-1#?
/(?&%(+)G48)S8@"()0$)4,&(>)G,%N0&A(>T
KŵŽŶŝƚŽƌ͕ĞŵŐĞƌĂů͕ƚĞŵƐƵĂƐƚĞůĂƐĚĞŝŵĂŐĞŵĐŽŶƐƚƌƵşĚĂƐ͕ĂƉĂƌƟƌĚĞƵŵdƵďŽĚĞZĂŝŽƐĂƚſĚŝĐŽƐ͕ĐŽŶĨŽƌŵĞ
ĮŐƵƌĂϭ͘ŝŵĂŐĞŵƐĞĨŽƌŵĂĞŵƵŵĂƚĞůĂĐŽŶƐƟƚƵşĚĂƉŽƌƵŵĂƉĞůşĐƵůĂĚĞĨſƐĨŽƌŽĞ͕ƵŵĂǀĞnjƋƵĞƵŵĚĞƐĞƵƐ
ƉŽŶƚŽƐĚĞŝŵĂŐĞŵĠĂƟŶŐŝĚŽƉŽƌƵŵ4@AB12C*(D#"%&'*4#+'*06CDE2%74%/.6F4.Ϳ͕ĞůĞĞŵŝƚĞůƵnjͲĞŝƐƐŽĠŽƋƵĞŽ
ŽůŚŽŚƵŵĂŶŽĐĂƉƚĂ͘ĮŐƵƌĂ͘ϭŵŽƐƚƌĂĐŽŵŽĠĨŽƌŵĂĚŽŽĨĞŝdžĞĚĞĞůĠƚƌŽŶƐĞĐŽŵŽĞůĞĠĚŝƌĞĐŝŽŶĂĚŽƉĂƌĂƋƵĞ
ƉŽƐƐĂŝŶĐŝĚŝƌŶŽůŽĐĂůĐĞƌƚŽŶĂƚĞůĂ͕ƐĞŶĚŽƌĞƐƉŽŶƐĄǀĞůƉŽƌĞƐƐĂƚĂƌĞĨĂ͕ĂƐƉůĂĐĂƐĚĞĚĞŇĞdžĆŽŚŽƌŝnjŽŶƚĂŝƐ͕ĂƐƋƵĂŝƐ
ĨĂnjĞŵĐŽŵƋƵĞŽĨĞŝdžĞƐĞĚĞƐůŽƋƵĞǀĞƌƟĐĂůŵĞŶƚĞĞĂƐƉůĂĐĂƐǀĞƌƟĐĂŝƐƋƵĞ͕ĂŽĐŽŶƚƌĄƌŝŽ͕ĨĂnjĞŵĐŽŵƋƵĞŚĂũĂŽ
ĐŽŶƚƌŽůĞŶŽƐĞŶƟĚŽŚŽƌŝnjŽŶƚĂů͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'?)*G'H1-":1%'?IJ
ĂĚĂƉŽŶƚŽĚĂŝŵĂŐĞŵƉƌĞĐŝƐĂƐĞƌ͞ŝŵƉƌĞƐƐŽ͟ŶĂƚĞůĂ͘/ƐƐŽĠĐŽŶƐĞŐƵŝĚŽďŽŵďĂƌĚĞĂŶĚŽŝŶĚŝǀŝĚƵĂůŵĞŶƚĞƚŽĚŽƐ
ŽƐƉŽŶƚŽƐĚĂƚĞůĂ͕ƵŵĚĞĐĂĚĂǀĞnj͕ƉŽŶƚŽƉŽƌƉŽŶƚŽ͕ůŝŶŚĂƉŽƌůŝŶŚĂ͕ĚŽŝŶşĐŝŽĂŽĮŵĚĂƚĞůĂ͕ĞŶƚĆŽĚĞǀŽůƚĂĂŽ
ŝŶşĐŝŽĞĂƐƐŝŵƐƵĐĞƐƐŝǀĂŵĞŶƚĞ͕ŝŶŝŶƚĞƌƌƵƉƚĂŵĞŶƚĞ͕ƐĞŵƉĂƌĂƌ͘
^ĆŽĚŽŝƐƉƌŽĐĞƐƐŽƐĐŽŽƌĚĞŶĂĚŽƐĚĞǀĂƌƌĞĚƵƌĂĚĂƚĞůĂ͕ĐŽŶĨŽƌŵĞ&ŝŐƵƌĂ͘Ϯ͘
!"#$%&'?);G'K&%%76$%&'6&':7=&
ůƵnj ĞŵŝƟĚĂ ƉĞůŽ ƉŽŶƚŽ ĚĞ ĨſƐĨŽƌŽ ͞ďŽŵďĂƌĚĞĂĚŽ͟ ƚĞŵ 341.6CGC0/6 ;ĚƵƌĂĕĆŽͿ ĐƵƌƚĂ Ğ ůŽŐŽ ĞƐŵĂĞĐĞ Ğ ƐĞ
ĂƉĂŐĂ͘ƐƐŝŵ͕ĞƐƐĞƉƌŽĐĞƐƐŽĚĞ͞ďŽŵďĂƌĚĞŝŽ͟ƉƌĞĐŝƐĂƐĞƌƌĞƉĞƟĚŽƉĞƌŝŽĚŝĐĂŵĞŶƚĞĂĮŵĚĞŵĂŶƚĞƌĂŝŵĂŐĞŵ
ǀŝƐşǀĞů͕ŵĞƐŵŽƋƵĞĂŝŵĂŐĞŵŶĆŽŵƵĚĞ;EŽƚĂ͗ŽŵĞƐŵŽƉƌŽĐĞƐƐŽƚĂŵďĠŵĂĐŽŶƚĞĐĞĐŽŵĂƚĞůĞǀŝƐĆŽ͊Ϳ͘WŽƌƚĂŶ=
ƚŽ͕ŽĐŽŵƉƵƚĂĚŽƌ;ŽƉƌŽĐĞƐƐĂĚŽƌͿƉƌĞĐŝƐĂĮĐĂƌĐŽŶƐƚĂŶƚĞŵĞŶƚĞƌĞͲĞŶǀŝĂŶĚŽĂŵĞƐŵĂŝŵĂŐĞŵ;ŽƵĂƐŝŵĂŐĞŶƐ
ŵŽĚŝĮĐĂĚĂƐͿƉĂƌĂĂ/CB41H604ƋƵĞ͕ƉŽƌƐƵĂǀĞnj͕͞ƌĞĨƌĞƐĐĂ͟ĂƚĞůĂ͘
KƐŵŽŶŝƚŽƌĞƐĞƌĂŵŝŶŝĐŝĂůŵĞŶƚĞƵƟůŝnjĂĚŽƐƉĂƌĂĞdžŝďŝƌĂƉĞŶĂƐĐĂƌĂĐƚĞƌĞƐ;ŵŽĚŽĐĂƌĂĐƚĞƌĞͿĞŵƵŵĂƷŶŝĐĂĐŽƌ
(D#"%+8#-1#*,8*:B0:'"'*<#"&#.*%+D,8%0*<#$#0*6"%-3'*',*%2-&%*+%"%-@%)?*P#00%*:'"8%.*'*9,#*1"%:#D%<%*-%*2-1#":%3#*
ĞŶƚƌĞĐŽŵƉƵƚĂĚŽƌĞŵŽŶŝƚŽƌĞƌĂŵĂƉĞŶĂƐĐſĚŝŐŽƐĞŵďŝƚƐ;ŐĞƌĂůŵĞŶƚĞ^//ͿƋƵĞƌĞƉƌĞƐĞŶƚĂǀĂŵŽƐĐĂƌĂĐƚĞƌĞƐ
ƋƵĞƐĞƌŝĂŵĞdžŝďŝĚŽƐ͘EĂŝŶƚĞƌĨĂĐĞ͕ĞƐƐĞƐĐſĚŝŐŽƐĚŝŐŝƚĂŝƐĞƌĂŵĚĞĐŽĚŝĮĐĂĚŽƐĞƚƌĂŶƐĨŽƌŵĂĚŽƐĞŵƐŝŶĂŝƐĂŶĂůſŐŝ=
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ĐŽƐ;ƐŝŶĂŝƐĚĞǀşĚĞŽͿ͘ŽŶĨŽƌŵĞ&ŝŐƵƌĂ͘ϯ͘
!"#$%&'?)@G'L"-&"4'67'MN671
WŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĐŽŵŽĂĚǀĞŶƚŽĚĞƐŝƐƚĞŵĂƐŐƌĄĮĐŽƐ;ŝŶŝĐŝĂůŵĞŶƚĞĞŵĂƉůŝĐĂĕƁĞƐĞƐƉĞĐŝĂůŝnjĂĚĂƐ͕ĞŵŐĞƌĂůůŝŐĂĚĂƐ
H*#-D#-7%"2%.*1%+*3'8'*AEP*=*ŽŵƉƵƚĞƌŝĚĞĚĞƐŝŐŶͿ͕ĨŽƌĂŵĚĞƐĞŶǀŽůǀŝĚŽƐŵŽŶŝƚŽƌĞƐŐƌĄĮĐŽƐĞŵĐŽƌĞƐ͘EĞƐƐĞƐ
ŵŽŶŝƚŽƌĞƐ͕ĂŝŵĂŐĞŵƉĂƐƐŽƵĂƐĞƌĐŽŶƐƟƚƵşĚĂ͕ŶĆŽŵĂŝƐƉŽƌƵŵĐĂƌĂĐƚĞƌĚĞƵŵĂƐſĐŽƌ͕ŽƋƵĂůƉŽĚŝĂƐĞƌƚƌĂƚĂĚŽ
ĐŽŵŽƵŵĐſĚŝŐŽ͕ŵĂƐƉŽƌƉŽŶƚŽƐŝŶĚŝǀŝĚƵĂůŵĞŶƚĞŐĞƌĂĚŽƐŶĂƚĞůĂĞƋƵĞ͕ĂŐƌƵƉĂĚŽƐ͕ĨŽƌŵĂǀĂŵŽƐŐƌĄĮĐŽƐĞͬŽƵ
ŽƐĐĂƌĂĐƚĞƌĞƐ͘ŽŶĨŽƌŵĞ&ŝŐƵƌĂƐ͘ϰ͕͘ϱĞ͘ϲ͘
!"#$%&'?)E
A%&%*,8*&#00#0*4'-1'0*(37%8%&'0*ƉŝdžĞůƐͲƉŝĐƚƵƌĞĞůĞŵĞŶƚƐ)*4%00',*%*1#"*&2<#"0'0*%1"26,1'0.*#-1"#*#+#0*%*3'"?*
ĂĚĂĐŽƌĞdžŝďŝĚĂƉƌĞĐŝƐĂƐĞƌŝĚĞŶƟĮĐĂĚĂƉŽƌƵŵĐſĚŝŐŽ͘^ĞƟǀĞƌŵŽƐϭϲсϮϰĐŽƌĞƐ͕ƐĞƌĆŽŶĞĐĞƐƐĄƌŝŽƐϭϲĐſĚŝŐŽƐ
Ğ͕ƉŽƌƚĂŶƚŽ͕ϰďŝƚƐƉĂƌĂŝĚĞŶƟĮĐĄͲůĂƐŝŶĚŝǀŝĚƵĂůŵĞŶƚĞ͘^ĞŶĚŽϮϱϲсϮϴĐŽƌĞƐ͕ƐĞƌĆŽ͕ƉŽƌƚĂŶƚŽ͕ϴďŝƚƐĞĂƐƐŝŵƉŽƌ
ĚŝĂŶƚĞ͕ĂƚĠĂĐŚĂŵĂĚĂƚƌƵĞĐŽůŽƌĐŽŵϲϰŵŝůŚƁĞƐсϮϯϮĐŽƌĞƐĞdžŝŐŝŶĚŽϯϮďŝƚƐ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'?)O
EĂ&ŝŐƵƌĂ͘ϱ͕ĐĂĚĂůĞƚƌĂĐŽƌƌĞƐƉŽŶĚĞƌĞƐƉĞĐƟǀĂŵĞŶƚĞĂ͗ʹĂƚŽĚŽ͖ʹZĞǀĞƐƟŵĞŶƚŽĐŽŶĚƵƟǀŽ͖ʹŶŽĚŽ͖
ʹdĞůĂƌĞǀĞƐƟĚĂĚĞĨſƐĨŽƌŽ͖ʹ&ĞŝdžĞĚĞĞůĠƚƌŽŶƐ͖&ʹDĄƐĐĂƌĂĚĞƐŽŵďƌĂ͘
!"#$%&'?)P
dĂŵďĠŵĞŵƚĞƌŵŽƐĚĞƌĞƐŽůƵĕĆŽ;ŶƷŵĞƌŽĚĞƉŽŶƚŽƐĚĞŝŵĂŐĞŵƉŽƌƚĞůĂͿ͕ĂƐĞdžŝŐġŶĐŝĂƐĐƌĞƐĐĞƌĂŵŵƵŝƚŽ͘YƵĂŶ=
1'*8%20*ƉŝdžĞůƐŵĂŝŽƌƌĞƐŽůƵĕĆŽ͕ŵĂƐƚĂŵďĠŵŵĂŝŽƌŶƷŵĞƌŽĚĞďŝƚƐĂƐĞƌĞŵƚƌĂŶƐŵŝƟĚŽƐĞŵĐĂĚĂƚĞůĂ͘ƋƵĂŶ=
ƟĚĂĚĞĚĞŝŶĨŽƌŵĂĕĆŽƋƵĞƉĂƐƐŽƵĂƚƌĂĨĞŐĂƌĞŶƚƌĞĐŽŵƉƵƚĂĚŽƌĞŵŽŶŝƚŽƌĂƵŵĞŶƚŽƵĚĞĨŽƌŵĂĞdžƚƌĂŽƌĚŝŶĄƌŝĂ͕
ĞdžŝŐŝŶĚŽŶŽǀĂƐƐŽůƵĕƁĞƐĚĞƉƌŽũĞƚŽƉĂƌĂĞǀŝƚĂƌƋƵĞĂĞdžŝďŝĕĆŽĚĞŝŶĨŽƌŵĂĕƁĞƐŶĂƚĞůĂƐĞƚƌĂŶƐĨŽƌŵĂƐƐĞĞŵƵŵ
͞ŐĂƌŐĂůŽ͟;ďŽƩůĞŶĞĐŬͿƉĂƌĂŽĚĞƐĞŵƉĞŶŚŽĚŽƐŝƐƚĞŵĂ͘ƐŽůƵĕĆŽƉĂƌĂĞƐƐĞƉƌŽďůĞŵĂǀĞŝŽĐŽŵŽĚĞƐĞŶǀŽůǀŝŵĞŶ=
1'* &#* 2-1#":%3#0* 8%20* #+%6'"%&%0.* 4'00262+21%-&'* 8%2'"* ƚŚƌŽƵŐŚƉƵƚ͕ ďĞŵ ĐŽŵŽ ƉĞůĂ ƵƟůŝnjĂĕĆŽ ĚĞ ǀĞƌĚĂĚĞŝƌŽƐ%
3120455672145%74%/.6F4.;ŝŶƚĞƌĨĂĐĞƐĚŽƚĂĚĂƐĚĞƉƌŽĐĞƐƐĂĚŽƌĞƐĞƐƉĞĐŝĂůŝnjĂĚŽƐƉĂƌĂƉƌŽĐĞƐƐĂŵĞŶƚŽŐƌĄĮĐŽĞ
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ĚĞŵĞŵſƌŝĂůŽĐĂůͿ͘ĞƐƐĂĨŽƌŵĂ͕ŽĐŽŵƉƵƚĂĚŽƌƉĂƐƐŽƵĂƚƌĂŶƐŵŝƟƌƉƌŝŵŝƟǀĂƐŐƌĄĮĐĂƐ;ŝŶĨŽƌŵĂĕƁĞƐĐŽĚŝĮĐĂĚĂƐ
ƋƵĞĞƌĂŵƚƌĂŶƐĨŽƌŵĂĚĂƐĞŵŐƌĄĮĐŽĂƉĞŶĂƐŶŽƉƌŽĐĞƐƐĂĚŽƌŐƌĄĮĐŽĚĂŝŶƚĞƌĨĂĐĞͿ͘KƉƌŽĐĞƐƐŽĚĞƌĞĨƌĞƐŚƚĂŵďĠŵ
ƉĂƐƐŽƵĂƐĞƌĂƚƌŝďƵŝĕĆŽƐŽŵĞŶƚĞĚŽƉƌŽĐĞƐƐĂĚŽƌĚĞǀşĚĞŽ͕ŶĆŽŚĂǀĞŶĚŽŶĞĐĞƐƐŝĚĂĚĞĚŽƉƌŽĐĞƐƐĂĚŽƌƉƌŝŶĐŝƉĂů
;ŽƉƌŽĐĞƐƐĂĚŽƌĚŽĐŽŵƉƵƚĂĚŽƌͿƌĞĞŶǀŝĂƌƵŵĂŝŵĂŐĞŵƋƵĞŶĆŽƐŽĨƌĞƐƐĞĂůƚĞƌĂĕƁĞƐ͘DĂŝƐĂŝŶĚĂ͗ŽƉƌŽĐĞƐƐŽĚĞ
ĞŶǀŝŽĚĂƐŵŽĚŝĮĐĂĕƁĞƐĚĞƵŵĂŝŵĂŐĞŵƉĂƐƐŽƵĂƐĞƌĨĞŝƚŽƉŽƌĚŝĨĞƌĞŶĕĂ͕ŝƐƚŽĠ͕ŽƉƌŽĐĞƐƐĂĚŽƌƉƌŝŶĐŝƉĂůƚƌĂŶƐŵŝƚĞ
%4#-%0*'*9,#*.I72IĞŽƉƌŽĐĞƐƐĂĚŽƌĚĞǀşĚĞŽƐĞĞŶĐĂƌƌĞŐĂĚĞĂůƚĞƌĂƌĂŝŵĂŐĞŵĚĞĂĐŽƌĚŽ͘
/(?&%(+)G48)L)3+&?A&V,&>)A,+,A%$+R>%&A,>
W+$YZF?A&,)[(+&\(?%,KĐĂŶŚĆŽƉŽƐƐƵŝϯĨĞŝdžĞƐĚĞĐŽƌĞƐƋƵĞƚƌĂďĂůŚĂŵĞŵĐŽŶũƵŶƚŽĞĂŽŵĞƐŵŽƚĞŵƉŽ͕ĂƐĂďĞƌ͗ƵŵĨĞŝdžĞǀĞƌĚĞ͕Ƶŵ
ĨĞŝdžĞǀĞƌŵĞůŚŽĞƵŵĨĞŝdžĞĂnjƵů͕ƐĞŶĚŽƋƵĞĂĐŽŵďŝŶĂĕĆŽĚĞƐƐĂƐĐŽƌĞƐŐĞƌĂŵĂƐŽƵƚƌĂƐ͘ŝŶƚĞŶƐŝĚĂĚĞĚĞƐƐĞĐĂ=
ŶŚĆŽĠŵĞĚŝĚĂĞŵD,nj͘'ĞƌĂůŵĞŶƚĞ͕ŽƐŵŽŶŝƚŽƌĞƐƉŽƐƐƵĞŵĞƐƐĂŝŶƚĞŶƐŝĚĂĚĞ;ƚĂŵďĠŵĐŽŶŚĞĐŝĚĂƉŽƌůĂƌŐƵƌĂ
&#*6%-&%.*6%-&%*4%00%-1#*',*ĚŽƚƌĂƚĞͿĞŶƚƌĞϭϬϬD,njĞϮϬϬD,nj͘KĐĂŶŚĆŽƉĞƌĐŽƌƌĞĂƚĞůĂĚŽŵŽŶŝƚŽƌĐŽŵ
ĞƐƐĞƐƚƌġƐĨĞŝdžĞƐĞƌĞĂůŝnjĂŽƉƌŽĐĞƐƐŽĐŽŶƐƚĂŶƚĞŵĞŶƚĞ͕ĚĂƐĞŐƵŝŶƚĞĨŽƌŵĂ͗ŽĐĂŶŚĆŽƉĞƌĐŽƌƌĞĂƚĞůĂĞŵĨŽƌŵĂĚĞ
ůŝŶŚĂƐ;ĚĂşŽŶŽŵĞĚĞŚŽƌŝnjŽŶƚĂůͿ͕ĐŽŵĞĕĂŶĚŽĚĞĐŝŵĂƉĂƌĂďĂŝdžŽĞĚĂĞƐƋƵĞƌĚĂƉĂƌĂĚŝƌĞŝƚĂ͘YƵĂŶĚŽƵŵĂůŝŶŚĂ
ĠƚĞƌŵŝŶĂĚĂ͕ŽĐĂŶŚĆŽƉĂƌƚĞƉĂƌĂĂŽƵƚƌĂ͘YƵĂŶĚŽƚŽĚĂƐĂƐůŝŶŚĂƐƟǀĞƌĞŵƐŝĚŽƉĞƌĐŽƌƌŝĚĂƐ͕ĞůĞǀŽůƚĂƉĂƌĂŽŝŶşĐŝŽ
#*"#4#1#*'*4"'3#00'?*\*3+%"'*9,#*<'3]*-5'*4#"3#6#*9,#*'*8'-21'"*:%$*200'.*4'20*#00#*4"'3#00'*'3'""#*&#*8%-#2"%*
#X1"#8%8#-1#*">42&%?
A7%8%8'0*&#*:"#9^]-32%*7'"2$'-1%+*'*-;8#"'*&#*+2-7%0*9,#*'*3%-75'*&'*8'-21'"*3'-0#D,#*4#"3'""#"*4'"*0#=
ŐƵŶĚŽ͘ƐƐŝŵ͕ƐĞƵŵŵŽŶŝƚŽƌĐŽŶƐĞŐƵĞǀĂƌƌĞƌϯϱŵŝůůŝŶŚĂƐ͕ĚŝnjĞŵŽƐƋƵĞƐƵĂĨƌĞƋƺġŶĐŝĂŚŽƌŝnjŽŶƚĂůĠĚĞϯϱŬ,nj͘
W+$YZF?A&,)'$+%&A,sŽĐġƉŽĚĞƚĞƌŝŵĂŐŝŶĂĚŽƋƵĞƐĞĞdžŝƐƚĞƵŵĂĨƌĞƋƺġŶĐŝĂŚŽƌŝnjŽŶƚĂů͕ĞdžŝƐƚĞƵŵĂǀĞƌƟĐĂů͕͘ĚĞĨĂƚŽ͕ĞdžŝƐƚĞ͘ƐƐĂ
:"#9^]-32%*3'-0201#*-'*1#84'*#8*9,#*'*3%-75'*+#<%*4%"%*2"*&'*3%-1'*0,4#"2'"*#09,#"&'*4%"%*'*3%-1'*2-:#"2'"*&2=
ƌĞŝƚŽĚĂƚĞůĂ͘ƐƐŝŵ͕ƐĞĂĨƌĞƋƺġŶĐŝĂŚŽƌŝnjŽŶƚĂůŝŶĚŝĐĂĂƋƵĂŶƟĚĂĚĞĚĞǀĞnjĞƐƋƵĞŽĐĂŶŚĆŽĐŽŶƐĞŐƵĞǀĂƌƌĞƌůŝŶŚĂƐ
ƉŽƌƐĞŐƵŶĚŽ͕ĂĨƌĞƋƺġŶĐŝĂǀĞƌƟĐĂůŝŶĚŝĐĂĂƋƵĂŶƟĚĂĚĞĚĞǀĞnjĞƐƋƵĞĂƚĞůĂƚŽĚĂĠƉĞƌĐŽƌƌŝĚĂƉĞůŽĐĂŶŚĆŽƉŽƌ
ƐĞŐƵŶĚŽ͘^ĞĨŽƌƉĞƌĐŽƌƌŝĚĂ͕ƉŽƌĞdžĞŵƉůŽ͕ϱϲǀĞnjĞƐƉŽƌƐĞŐƵŶĚŽ͕ĚŝnjĞŵŽƐƋƵĞĂĨƌĞƋƺġŶĐŝĂǀĞƌƟĐĂůĚŽŵŽŶŝƚŽƌĠ
&#*OV*F$?
4$>(-@;<()0(>)=(?&%(+$>
sŽĐġũĄƐĂďĞƋƵĞĂŝŵĂŐĞŵĚŽŵŽŶŝƚŽƌĠĨŽƌŵĂĚĂƉĞůĂǀĂƌƌĞĚƵƌĂĚŽĐĂŶŚĆŽƐŽďƌĞĂƐůŝŶŚĂƐĐŽŵƉŽŶƚŽƐ;ĐŚĂŵĂ=
&'0*&#*ƉŝdžĞůƐͿĚŽŵŽŶŝƚŽƌ͘YƵĂŶƚĂƐůŝŶŚĂƐŽŵŽŶŝƚŽƌƚĞŵ͍Ğŵ͕ƉĂƌĂƐĂďĞƌŝƐƐŽ͕ǀŽĐġƉŽĚĞĐŽŶƐƵůƚĂƌƐĞƵĐŽŵ=
ƉƵƚĂĚŽƌƉĂƌĂĐŽŶŚĞĐĞƌĂƌĞƐŽůƵĕĆŽ͘ĂƐŽĂƌĞƐŽůƵĕĆŽƐĞũĂĚĞ͕ƉŽƌĞdžĞŵƉůŽ͕ϴϬϬdžϲϬϬ͕ƐŝŐŶŝĮĐĂƋƵĞĂƚĞůĂƉŽƐƐƵŝ
ϴϬϬůŝŶŚĂƐŶĂǀĞƌƟĐĂůĞϲϬϬůŝŶŚĂƐŶĂŚŽƌŝnjŽŶƚĂů͘ĐŽŵŽƐĞĨŽƐƐĞƵŵĂŵĂƚƌŝnj͘WĂƌĂĞdžĞŵƉůŝĮĐĂƌ͕ŝŵĂŐŝŶĞƋƵĞĐĂĚĂ
ƉŽŶƚŽĠƵŵĂĐĠůƵůĂĚŽdžĐĞů͕ůŽĐĂůŝnjĂĚĂƉŽƌƐƵĂůŝŶŚĂĞĐŽůƵŶĂ͘ƚƵĂůŵĞŶƚĞ͕ĂƐƌĞƐŽůƵĕƁĞƐŵĂŝƐĞŶĐŽŶƚƌĂĚĂƐƐĆŽ͗
ϲϰϬdžϰϴϬ͕ϴϬϬdžϲϬϬ͕ϭϬϮϰdžϳϲϴĞϭϮϴϬdžϭϬϮϰ͘ĐůĂƌŽƋƵĞĞdžŝƐƚĞŵŽƵƚƌĂƐƌĞƐŽůƵĕƁĞƐ͘ůĂƐƐĆŽĂƉůŝĐĂĚĂƐĐŽŶĨŽƌŵĞ
ĂŶĞĐĞƐƐŝĚĂĚĞ͘WŽƌĞdžĞŵƉůŽ͕ƵŵũŽŐŽƉŽĚĞƌĞƋƵĞƌĞƌƵŵĂƌĞƐŽůƵĕĆŽŵĞŶŽƌĐŽŵŽϯϮϬdžϮϬϬ͘YƵĂŶƚŽŵĂŝŽƌĨŽƌĂ
ƌĞƐŽůƵĕĆŽ͕ŵĂŝŽƌƐĞƌĄŽĞƐƉĂĕŽǀŝƐşǀĞůŶĂƚĞůĂ͕ƉŽŝƐŽƚĂŵĂŶŚŽĚŽƐƉŽŶƚŽƐĚŝŵŝŶƵŝ͘
8,=,?[()0(>)=(?&%(+$>
džŝƐƚĞŵŵŽŶŝƚŽƌĞƐĚĞǀĄƌŝŽƐƚĂŵĂŶŚŽƐ͕ƐĞŶĚŽŽƐŵĂŝƐĐŽŵƵŶƐŽƐĚĞϭϰ͕͛ϭϱ͕͛ϭϳ͛Ğϭϵ͛;ůġͲƐĞŽƐşŵďŽůŽ͚ĐŽŵŽ
ƉŽůĞŐĂĚĂƐͿ͘ƐƐĂŵĞĚŝĚĂĞŵƉŽůĞŐĂĚĂƐŝŶĚŝĐĂŽƚĂŵĂŶŚŽĚĂƚĞůĂŶĂĚŝĂŐŽŶĂů͕ĐŽŵŽŵŽƐƚƌĂĂ&ŝŐƵƌĂ͘ϳ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'?)QG'H76"6&'6&':7=&'-&'6"&#1-&=
sĂůĞĐŝƚĂƌƋƵĞĂĐĂƌĐĂĕĂĚŽŵŽŶŝƚŽƌĞŶĐŽďƌĞĂďŽƌĚĂĚĂƚĞůĂ͕ƉŽƌŝƐƐŽ͕ĞŵƵŵŵŽŶŝƚŽƌĚĞϭϱ͕͛ƉŽƌĞdžĞŵƉůŽ͕ĂĄƌĞĂ
ǀŝƐşǀĞůĠĚĞŐĞƌĂůŵĞŶƚĞϭϰ͛͘
/'0*8'-21'"#0*8%20*0284+#0.*7>*,8%*3,"<%1,"%*-%*1#+%?*TX201#8.*-'*#-1%-1'.*1#+%0*4+%-%0.*9,#*4'00,#8*,8%*<2=
ƐƵĂůŝnjĂĕĆŽŵĂŝƐĐŽŶĨŽƌƚĄǀĞůĂŽƐŽůŚŽƐŚƵŵĂŶŽƐ͘ƐƐĞƐŵŽŶŝƚŽƌĞƐ;ƚĂŵďĠŵĐŽŶŚĞĐŝĚŽƐĐŽŵŽƚĞůĂͲƉůĂŶĂͿĐŽŶƚĂŵ
ĐŽŵƵŵƉƌŽĐĞƐƐŽĚĞĨĂďƌŝĐĂĕĆŽĚŝĨĞƌĞŶƚĞĞŵĂŝƐĐĂƌŽ͕ƚŽĚĂǀŝĂĂƉŽƉƵůĂƌŝnjĂĕĆŽĚĞƐƐĞƟƉŽĨĞnjĐŽŵƋƵĞƐĞƵƉƌĞĕŽ
ĮĐĂƐƐĞƋƵĂƐĞƋƵĞĞƋƵŝǀĂůĞŶƚĞĂŽƐŵŽŶŝƚŽƌĞƐĐŽŶǀĞŶĐŝŽŶĂŝƐ͘
!"#$%&#'(
R*&2B%8/B0DĠŽƚĞƌŵŽƵƟůŝnjĂĚŽƉĂƌĂƌĞĨĞƌĞŶĐŝĂƌŽƐƉŽŶƚŽƐŶŽŵŽŶŝƚŽƌ͘>ĞŵďƌĂŶĚŽ͕ŽĐĂŶŚĆŽƚƌĂďĂůŚĂĐŽŵϯĨĞŝ=
džĞƐĚĞĐŽƌĞƐ͘EĂƚĞůĂ͕ĂĐĂŵĂĚĂĚĞĨſƐĨŽƌŽŐĞƌĂĂĐŽƌĐŽƌƌĞƐƉŽŶĚĞŶƚĞĂŽĨĞŝdžĞĂƚƌĂǀĠƐĚĂŝŶƚĞŶƐŝĚĂĚĞĚĂĐŽƌƌĞŶƚĞ
ĞůĠƚƌŝĐĂ͘ĂĚĂƉŽŶƚŽĚĂƚĞůĂĐŽŶƐĞŐƵĞƌĞƉƌĞƐĞŶƚĂƌƐŽŵĞŶƚĞƵŵĂĐŽƌĂĐĂĚĂŝŶƐƚĂŶƚĞ͘ĂĚĂĐŽŶũƵŶƚŽĚĞϯƉŽŶƚŽƐ͕
ƐĞŶĚŽƵŵǀĞƌŵĞůŚŽ͕ƵŵǀĞƌĚĞĞƵŵĂnjƵů͕ĠĚĞŶŽŵŝŶĂĚŽB1J674͘ŽƚWŝƚĐŚĠ͕ďĂƐŝĐĂŵĞŶƚĞ͕ĂĚŝƐƚąŶĐŝĂĞŶƚƌĞĚŽŝƐ
ƉŽŶƚŽƐĚĂŵĞƐŵĂĐŽƌ͘YƵĂŶƚŽŵĞŶŽƌĞƐƐĂĚŝƐƚąŶĐŝĂŵĞůŚŽƌĂŝŵĂŐĞŵ͘sĞũĂĂ&ŝŐƵƌĂ͘ϴĞĂƚĂďĞůĂĂďĂŝdžŽ͘
!"#$%&'?)R'+'D1-:14'61'81-":1%
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
&2B%8/0D
?LO*88
?LV*88
?L_*88
?LZ*88
?MI*88
?OI*88
I*88
CK.412%6312LM
CK.412%6312LM
3/L4@5>0.N
3/L4@5>0.N
ϭ͕ϲϬϬ
ϭϬ͕ϬϬϬ
I.NNN
ϵ͕ϬϮϱ
ϭ͕ϯϲϵ
Z.OOV
I.LLO
_.VOV
ϭ͕ϬϮϰ
ϲ͕ϰϬϬ
MVI
L.LOV
ϭϬϬ
VLO
J&27=&'?*'G'?189&%&/01'7-:%7'1':&8&-C1'61'S1:'D"5C:'7'&'3%7&'67'&2%&-#T-5"&
],?%,1$?>^0$>',?%,1$?>)0()=(?&%(+)G48
O6CB6F4C5=
ͻ
ͻ
ͻ
ͻ
^ƵĂůŽŶŐĂǀŝĚĂƷƟů͖
ĂŝdžŽĐƵƐƚŽĚĞĨĂďƌŝĐĂĕĆŽ͖
`"%-&#*6%-&%*&2-a823%*&#*3'"#0*#*3'-1"%01#0C
'ƌĂŶĚĞǀĞƌƐĂƟůŝĚĂĚĞ;ƵŵĂǀĞnjƋƵĞƉŽĚĞĨƵŶĐŝŽŶĂƌĞŵĚŝǀĞƌƐĂƐƌĞƐŽůƵĕƁĞƐ͕ƐĞŵƋƵĞŽĐŽƌƌĂŵŐƌĂŶĚĞƐĚŝƐƚŽƌĕƁĞƐŶĂ
28%D#8)?
ƐŵĂŝŽƌĞƐĚĞƐǀĂŶƚĂŐĞŶƐĚŽŵŽŶŝƚŽƌZd͗
ͻ
ͻ
ͻ
ͻ
^ƵĂƐĚŝŵĞŶƐƁĞƐ;ƵŵŵŽŶŝƚŽƌZdĚĞϮϬƉŽůĞŐĂĚĂƐƉŽĚĞƚĞƌĂƚĠϱϬĐŵĚĞƉƌŽĨƵŶĚŝĚĂĚĞĞƉĞƐĂƌŵĂŝƐĚĞϮϬŬŐͿ͖
R*3'-0,8'*#+#<%&'*&#*#-#"D2%C
^ĞƵĞĨĞŝƚŽĚĞĐŝŶƟůĂĕĆŽ;ŇŝĐŬĞƌ)C
ƉŽƐƐŝďŝůŝĚĂĚĞĚĞĞŵŝƟƌƌĂĚŝĂĕĆŽƋƵĞĞƐƚĄĨŽƌĂĚŽĞƐƉĞĐƚƌŽůƵŵŝŶŽƐŽ;ƌĂŝŽƐͲdžͿ͕ĚĂŶŽƐĂăƐĂƷĚĞŶŽĐĂƐŽĚĞůŽŶŐŽƐ
ƉĞƌşŽĚŽƐĚĞĞdžƉŽƐŝĕĆŽ͘ƐƐĞƷůƟŵŽƉƌŽďůĞŵĂĠŵĂŝƐĨƌĞƋƺĞŶƚĞŵĞŶƚĞĐŽŶƐƚĂƚĂĚŽĞŵŵŽŶŝƚŽƌĞƐĞƚĞůĞǀŝƐŽƌĞƐĂŶƟŐŽƐ
ĞĚĞƐƌĞŐƵůĂĚŽƐ͕ũĄƋƵĞ͕ĂƚƵĂůŵĞŶƚĞ͕ĂĐŽŵƉŽƐŝĕĆŽĚŽǀŝĚƌŽƋƵĞƌĞǀĞƐƚĞĂƚĞůĂĚŽƐŵŽŶŝƚŽƌĞƐĚĞƚĠŵĂĞŵŝƐƐĆŽĚĞƐƐĂƐ
ƌĂĚŝĂĕƁĞƐ͘
/(?&%(+)MGI)S!&)*+,-)0$)G+&>%,-)MRY@&0(T
YƵĂƐĞ ƋƵĞ ŝŶĚŝƐƉĞŶƐĄǀĞů ĂƚƵĂůŵĞŶƚĞ͕ Ž ŵŽŶŝƚŽƌ ĚĞ > ŝŵƉƌŝŵĞ ͞ůŽŐŽ ĚĞ ĐĂƌĂ͟ ƐƵĂ ƉƌŝŶĐŝƉĂů ĐĂƌĂĐƚĞƌşƐƟĐĂ͕
ŵĞƐŵŽƐĞŵůŝŐĂƌŽĞƋƵŝƉĂŵĞŶƚŽ͕ĂĚŝǀŝŶŚĞŵ͘͘͘ƐƚĞƟƉŽĚĞŵŽŶŝƚŽƌŽĐƵƉĂŵƵŝƚŽŵĞŶŽƐĞƐƉĂĕŽŶĂŶŽƐƐĂŵĞƐĂ͊
^ſ ƉĂƌĂ ĐŽŵĞĕĂƌ͘ >ĞǀĞ͕ ĞĐŽŶƀŵŝĐŽ Ğ ĚĞ ſƟŵĂ ƋƵĂůŝĚĂĚĞ ƚĞŵͲƐĞ ŽƵƚƌĂ ǀĂŶƚĂŐĞŵ͕ Ž ƐĞƵ ƉƌĞĕŽ ĞƐƚĄ ĐĂŝŶĚŽ Ğ
ƚŽƌŶĂŶĚŽͲƐĞĨĂĐŝůŵĞŶƚĞĞŶĐŽŶƚƌĂĚŽĞŵŶŽƐƐĂƐĐĂƐĂƐ͕ĐŽŵĠƌĐŝŽĞŝŶĚƷƐƚƌŝĂ͘
KƐŵŽŶŝƚŽƌĞƐ>ĞƋƵŝƉĂŵĐąŵĞƌĂƐĨŽƚŽŐƌĄĮĐĂƐ͕ĐŽŶƐŽůĞĚĞǀŝĚĞŽŐĂŵĞ.*ŶŽƚĞŬDzƐ.*8>9,2-%0*&%0*8%20*<%"2%=
ĚĂƐŶŽƐĞƚŽƌƉƌŽĚƵƟǀŽŝŶĚƵƐƚƌŝĂů͕ƚĞůĞĨŽŶĞƐĐĞůƵůĂƌĞƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͘sŝĚĞ&ŝŐƵƌĂ͘ϵ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'?)U'+'F=$4:%&/01'67'$8'81-":1%'V?S
W@?A&(?,=$?%()0()MGI
KƐŵŽŶŝƚŽƌĞƐĚŽƟƉŽ>ŶĆŽƉŽƐƐƵĞŵƵŵƚƵďŽĚĞƌĂŝŽƐĐĂƚſĚŝĐŽƐ;ZdͿ͕ŵĂƐƐŝŵƚĞĐŶŽůŽŐŝĂ>ŽƵƵŵĂĨŽŶƚĞ
ĚĞůƵnjŇƵŽƌĞƐĐĞŶƚĞĚĞŶŽŵŝŶĂĚĂďĂĐŬůŝŐŚƚ?
ĞƵŵĂĨŽƌŵĂŐĞƌĂů͕ĞƐƐĂƚĞĐŶŽůŽŐŝĂďĂƐĞŝĂͲƐĞĞŵƉƌŽĚƵnjŝƌŝŵĂŐĞŶƐƐŽďƌĞƵŵĂƐƵƉĞƌİĐŝĞƉůĂŶĂĐŽŵƉŽƐƚĂƉŽƌ
ĐƌŝƐƚĂůůşƋƵŝĚŽĞĮůƚƌŽƐĐŽůŽƌŝĚŽƐ͘ƵĂƐƐƵƉĞƌİĐŝĞƐĐŽŵĮůƚƌŽƐƉŽůĂƌŝnjĂĚŽƐ͕ƋƵĞƉŽĚĞŵƐĞƌĞŶĐĂƌĂĚŽƐĐŽŵŽƵŵ
ĐŽŶũƵŶƚŽĚĞĮŽƐŵƵŝƚŽĮŶŽƐƉĂƌĂůĞůŽƐ͕ĐŽŶƚƌŽůĂŵŽƐƌĂŝŽƐĚĞůƵnjƋƵĞƉĂƐƐĂŵĂƚƌĂǀĠƐĚĂƐŵŽůĠĐƵůĂƐĚĞĐƌŝƐƚĂů
ůşƋƵŝĚŽ͘ƐůŝŶŚĂƐĚĞƵŵĚŽƐĮůƚƌŽƐƐĆŽĚŝƐƉŽƐƚĂƐƉĞƌƉĞŶĚŝĐƵůĂƌŵĞŶƚĞăƐůŝŶŚĂƐĚŽŽƵƚƌŽĮůƚƌŽ͕ĞĂƐŵŽůĠĐƵůĂƐ
ĞŶƚƌĞĂƐĚƵĂƐƐƵƉĞƌİĐŝĞƐƐĆŽĨŽƌĕĂĚĂƐĂƵŵĞƐƚĂĚŽƚŽƌĐŝĚŽ͕ĚŝƌĞĐŝŽŶĂŶĚŽŽƐƌĂŝŽƐĚĞůƵnjĚĂŵĞƐŵĂĨŽƌŵĂ͘
ƐƐŝŵ͕ƋƵĂŶĚŽŶĆŽŚĄŶĞŶŚƵŵĐĂŵƉŽĞůĠƚƌŝĐŽĂƉůŝĐĂĚŽăƐŵŽůĠĐƵůĂƐ͕ĂĚŝƌĞĕĆŽĚŽƌĂŝŽĚĞůƵnjĂůƚĞƌĂͲƐĞăŵĞĚŝĚĂ
ƋƵĞƉĂƐƐĂƉĞůŽĐƌŝƐƚĂůĂƚĠĞŶĐŽŶƚƌĂƌĂƐĞŐƵŶĚĂƐƵƉĞƌİĐŝĞ͕ĐƵũĂĚŝƌĞĕĆŽĚĂƐƌĂŶŚƵƌĂƐĐŽŝŶĐŝĚŝƌĄĐŽŵĂĚŽƌĂŝŽĚĞ
+,$?
^ĞƵŵĐĂŵƉŽĨŽƌĂƉůŝĐĂĚŽĂŽĐƌŝƐƚĂů͕ĂƐŵŽůĠĐƵůĂƐĚŝƐƉƁĞŵͲƐĞǀĞƌƟĐĂůŵĞŶƚĞ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞŽƐƌĂŝŽƐĚĞůƵnj
ƉĞƌĐŽƌƌĂŵŽŝŶƚĞƌǀĂůŽƐĞŵĂůƚĞƌĂƌĂƐƵĂĚŝƌĞĕĆŽ͕ĂƚĠĞŶĐŽŶƚƌĂƌĞŵĂƐĞŐƵŶĚĂƐƵƉĞƌİĐŝĞ͕ĂƋƵĂůďůŽƋƵĞĂƌĄŽƐ
"%2'0?
WŽĚĞŵŽƐƌĞĨĞƌŝƌ͕ĚĞƵŵŵŽĚŽƐŝŵƉůŝĮĐĂĚŽ͕ƋƵĞĂĂƵƐġŶĐŝĂĚĞƵŵĐĂŵƉŽĂƉůŝĐĂĚŽĠƐŝŶƀŶŝŵŽĚĞƉĂƐƐĂŐĞŵĚĞ
+,$?*!'"*0,%*<#$.*9,%-&'*%4+23%8'0*,8%*1#-05'*%*+,$*0#">*6+'9,#%&%?
hŵĂĨŽŶƚĞĚĞůƵnjŇƵŽƌĞƐĐĞŶƚĞ͕ŝĚĞŶƟĮĐĂĚĂŐĞƌĂůŵĞŶƚĞƉĞůŽƚĞƌŵŽďĂĐŬůŝŐŚƚ͕ĠƌĞƐƉŽŶƐĄǀĞůƉĞůĂĞŵŝƐƐĆŽĚŽƐ
ƌĂŝŽƐƋƵĞƐĆŽĂůŝŶŚĂĚŽƐƉĞůŽƐĮůƚƌŽƐƉŽůĂƌŝnjĂĚŽƐ͘ůƵnjĚŝƌĞĐŝŽŶĂĚĂƉĂƐƐĂ͕ĞŶƚĆŽ͕ƉĞůĂĐĂŵĂĚĂ͕ĐŽŶƚĞŶĚŽŵŝůŚĂ=
ƌĞƐĚĞďŽůŚĂƐĚĞĐƌŝƐƚĂůůşƋƵŝĚŽĂƌƌĂŶũĂĚĂƐĞŵƉĞƋƵĞŶĂƐĐĠůƵůĂƐƋƵĞ͕ƉŽƌƐƵĂǀĞnj͕ĞƐƚĆŽĚŝƐƉŽƐƚĂƐĞŵůŝŶŚĂƐŶĂ
ƚĞůĂ͘hŵĂŽƵŵĂŝƐĐĠůƵůĂƐĨŽƌŵĂŵƵŵƉŝdžĞůŶŽŵŽŶŝƚŽƌ͘sŝĚĞ&ŝŐƵƌĂ͘ϭϬ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'?)*W'+'?&8&6&4'61'V?S
ĞƐƚĂĨŽƌŵĂ͕ĂůƵnjĚŽĚŝƐƉŽƐŝƟǀŽƉŽĚĞƐĞƌŽƌŝƵŶĚĂĚĞůąŵƉĂĚĂƐĞƐƉĞĐŝĂŝƐ;ŐĞƌĂůŵĞŶƚĞŇƵŽƌĞƐĐĞŶƚĞƐͿŽƵĞŶƚĆŽĚĞ
ůĞĚƐ͘ǀĄůŝĚŽĨƌŝƐĂƌƋƵĞ͕ŶŽĐĂƐŽĚĞĚŝƐƉŽƐŝƟǀŽƐ>ĐŽŵůąŵƉĂĚĂƐ͕ĞƐƐĂƐƚġŵĚƵƌĂďŝůŝĚĂĚĞĮŶŝƚĂ͘EŽŵĞƌĐĂĚŽ͕Ġ
ƉŽƐƐşǀĞůĞŶĐŽŶƚƌĂƌŵŽŶŝƚŽƌĞƐ>ĐƵũĂƐůąŵƉĂĚĂƐĚƵƌĂŵϮϬŵŝůŚŽƌĂƐ͕ϯϬŵŝůĞĂƚĠϱϬŵŝůŚŽƌĂƐ͘
/(?&%(+)MGI)L)3+&?A&V,&>)A,+,A%$+R>%&A,>
8$=V()0$)+$>V(>%,
KƚĞŵƉŽĚĞƌĞƐƉŽƐƚĂĠƵŵĂĐĂƌĂĐƚĞƌşƐƟĐĂƋƵĞŝŶƚĞƌĞƐƐĂĞŵŵƵŝƚŽĂƋƵĞŵĚĞƐĞũĂƵƟůŝnjĂƌŽŵŽŶŝƚŽƌ>ƉĂƌĂ
ƌŽĚĂƌũŽŐŽƐŽƵĂƐƐŝƐƟƌĂǀşĚĞŽƐ͘/ƐƐŽƉŽƌƋƵĞƐĆŽĂƉůŝĐĂĕƁĞƐƋƵĞĞdžŝŐĞŵŵƵĚĂŶĕĂƌĄƉŝĚĂĚŽĐŽŶƚĞƷĚŽǀŝƐƵĂů͘^ĞŽ
ŵŽŶŝƚŽƌŶĆŽĨŽƌĐĂƉĂnjĚĞĂĐŽŵƉĂŶŚĂƌĞƐƐĂƐŵƵĚĂŶĕĂƐ͕ĂƚƌĂƐĂƌĄĂĂůƚĞƌĂĕĆŽĚĞĞƐƚĂĚŽĚĞƐĞƵƐƉŝdžĞůƐ͕ĐĂƵƐĂŶĚŽ
ĞĨĞŝƚŽƐŝŶĚĞƐĞũĂĚŽƐ͕ĐŽŵŽ͞ŽďũĞƚŽƐĨĂŶƚĂƐŵĂƐ͟ŶĂŝŵĂŐĞŵŽƵƐŽŵďƌĂĞŵŵŽǀŝŵĞŶƚŽƐ͘
YƵĂŶƚŽŵĞŶŽƌŽƚĞŵƉŽĚĞƌĞƐƉŽƐƚĂ͕ŵĞůŚŽƌĂĂƚƵĂůŝnjĂĕĆŽĚĂŝŵĂŐĞŵ͘ƉŽƐƐşǀĞůĞŶĐŽŶƚƌĂƌŵŽŶŝƚŽƌĞƐƋƵĞŽĨĞƌĞ=
ĐĞŵƚĞŵƉŽĚĞƌĞƐƉŽƐƚĂĚĞϲŵƐ;ŵŝůŝƐƐĞŐƵŶĚŽƐͿŽƵϴŵƐ͘WĂƌĂƵŵƌĞƐƵůƚĂĚŽƐĂƟƐĨĂƚſƌŝŽ͕ĠƌĞĐŽŵĞŶĚĄǀĞůŽƵƐŽ
&#*8'-21'"#0*3'8*1%X%*2-:#"2'"*%*IO*80?
G(?%+,>%$)$)"+&-[(
KĐŽŶƚƌĂƐƚĞĠŽƵƚƌĂĐĂƌĂĐƚĞƌşƐƟĐĂŝŵƉŽƌƚĂŶƚĞŶĂĞƐĐŽůŚĂĚĞŵŽŶŝƚŽƌĞƐ>͘dƌĂƚĂͲƐĞĚĞƵŵĂŵĞĚŝĕĆŽĚĂĚŝĨĞƌĞŶ=
ĕĂĚĞůƵŵŝŶŽƐŝĚĂĚĞĞŶƚƌĞŽďƌĂŶĐŽŵĂŝƐĨŽƌƚĞĞŽƉƌĞƚŽŵĂŝƐĞƐĐƵƌŽ͘YƵĂŶƚŽŵĂŝŽƌĨŽƌĞƐƐĞǀĂůŽƌ͕ŵĂŝƐĮĞůƐĞƌĄ
ĂĞdžŝďŝĕĆŽĚĂƐĐŽƌĞƐĚĂŝŵĂŐĞŵ͘/ƐƐŽĂĐŽŶƚĞĐĞƉŽƌƋƵĞĞƐƐĂƚĂdžĂ͕ƋƵĂŶĚŽĞŵŶƷŵĞƌŽŵĂŝŽƌ͕ŝŶĚŝĐĂƋƵĞĂƚĞůĂĠ
ĐĂƉĂnjĚĞƌĞƉƌĞƐĞŶƚĂƌŵĂŝƐĚŝĨĞƌĞŶĕĂƐĞŶƚƌĞĐŽƌĞƐ͘WĂƌĂŽŵşŶŝŵŽĚĞĮĚĞůŝĚĂĚĞ͕ĠƌĞĐŽŵĞŶĚĄǀĞůŽƵƐŽĚĞŵŽŶŝ=
ƚŽƌĞƐĐŽŵĐŽŶƚƌĂƐƚĞĚĞƉĞůŽŵĞŶŽƐϰϱϬ͗ϭ͘
ŵƌĞůĂĕĆŽĂŽďƌŝůŚŽ͕ŽŝĚĞĂůĠŽƵƐŽĚĞŵŽŶŝƚŽƌĞƐƋƵĞƚĞŶŚĂŵĂƚĂdžĂĞŵ͕ƉĞůŽŵĞŶŽƐ͕ϮϱϬĐĚͬŵϸ;ĐĂŶĚĞůĂƉŽƌ
8#1"'*9,%&"%&')?
!!
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
],?%,1$?>^0$>',?%,1$?>)0()=(?&%(+)MGI
O6CB6F4C5=
ͻ
ͻ
ͻ
ͻ
R*6%2X'*3'-0,8'*&#*#-#"D2%C
ƐĚŝŵĞŶƐƁĞƐƌĞĚƵnjŝĚĂƐ͖
ŶĆŽͲĞŵŝƐƐĆŽĚĞƌĂĚŝĂĕƁĞƐŶŽĐŝǀĂƐ͖
ĐĂƉĂĐŝĚĂĚĞĚĞĨŽƌŵĂƌƵŵĂŝŵĂŐĞŵƉƌĂƟĐĂŵĞŶƚĞƉĞƌĨĞŝƚĂ͕ĞƐƚĄǀĞů͕ƐĞŵĐŝŶƟůĂĕĆŽ͕ƋƵĞĐĂŶƐĂŵĞŶŽƐĂǀŝƐĆŽͲĚĞƐĚĞ
ƋƵĞĞƐƚĞũĂŽƉĞƌĂŶĚŽŶĂƌĞƐŽůƵĕĆŽŶĂƟǀĂ͖Ğ
ͻ R*:%1'*&#*9,#*'*4"#1'*.9,#*#+#*3"2%.*#821#*,8*4',3'*&#*+,$.*'*9,#*3'-:#"#*H*28%D#8*,8*%04#31'*%32-$#-1%&'*',*%$,+%=
ĚŽ͕ŵĂŝƐĂŐƌĂĚĄǀĞůĂŽƐŽůŚŽƐĞŵƚĞƌŵŽƐĞƐƚĠƟĐŽƐĞƚĂŵďĠŵĚĞďƌŝůŚŽ͘
ƐŵĂŝŽƌĞƐĚĞƐǀĂŶƚĂŐĞŶƐ͗
ͻ KŵĂŝŽƌĐƵƐƚŽĚĞĨĂďƌŝĐĂĕĆŽ;ŽƋƵĞ͕ƉŽƌĠŵ͕ƚĞŶĚĞƌĄĂŝŵƉĂĐƚĂƌĐĂĚĂǀĞnjŵĞŶŽƐŶŽĐƵƐƚŽĮŶĂůĚŽƉƌŽĚƵƚŽ͕ăŵĞĚŝĚĂ
#8*9,#*'*8#08'*0#*:'"*4'4,+%"2$%-&')C
ͻ KĨĂƚŽĚĞƋƵĞ͕ĂŽƚƌĂďĂůŚĂƌĞŵƵŵĂƌĞƐŽůƵĕĆŽĚŝĨĞƌĞŶƚĞĚĂƋƵĞůĂƉĂƌĂĂƋƵĂůĨŽŝƉƌŽũĞƚĂĚŽ͕ŽŵŽŶŝƚŽƌ>ƵƟůŝnjĂǀĄƌŝŽƐ
ĂƌƟİĐŝŽƐĚĞĐŽŵƉŽƐŝĕĆŽĚĞŝŵĂŐĞŵƋƵĞĂĐĂďĂŵĚĞŐƌĂĚĂŶĚŽĂƋƵĂůŝĚĂĚĞĮŶĂů͖
ͻ hŵĨĂƚŽŶĆŽͲĚŝǀƵůŐĂĚŽƉĞůŽƐĨĂďƌŝĐĂŶƚĞƐ͗ƐĞŽĐƌŝƐƚĂůůŝƋƵŝĚŽĚĂƚĞůĂĚŽŵŽŶŝƚŽƌĨŽƌĚĂŶŝĮĐĂĚŽĞĮĐĂƌĞdžƉŽƐƚŽĂŽĂƌ͕
ƉŽĚĞĞŵŝƟƌĂůŐƵŶƐĐŽŵƉŽƐƚŽƐ
"%&'&0,0$
ĂͿപWĞƐƋƵŝƐĞĂĐĞƌĐĂŝŐŝƚĂůsŝƐƵĂů/ŶƚĞƌĨĂĐĞ;s/Ϳ͕ƉŽƐƚĂŶĚŽƐƵĂƌĞƐƉŽƐƚĂ͘
ďͿപŶĂůŝƐĞŽƐĚŽŝƐĚŽĐƵŵĞŶƚŽƐƋƵĞŝŶĚŝĐĂŵĂƐĐĂƌĂĐƚĞƌşƐƟĐĂƐĚĞŵŽŶŝƚŽƌĞƐ>͘KƉƌŝŵĞŝƌŽ>'>ϭϳϱϯdͲ&ĞŽ
0#D,-&'*ERA*_ILQ?
ͻ YƵĂůǀŽĐġĐŽŵƉƌĂƌŝĂ͍
ͻ :ƵƐƟĮƋƵĞŵƵŝƚŽďĞŵĂƐƵĂƌĞƐƉŽƐƚĂ͕ƉŽŝƐƋƵĂůƋƵĞƌĞƐĐŽůŚĂƐĞƌĄĂĐĞŝƚĂ͕ĚĞƐĚĞƋƵĞďĞŵĨƵŶĚĂŵĞŶƚĂĚĂ͘sŽĐġ
ƉŽĚĞƌĄƉĞƐƋƵŝƐĂƌŽƵƚƌĂƐĐĂƌĂĐƚĞƌşƐƟĐĂƐĚĞƐƐĞƐŵŽŶŝƚŽƌĞƐƐĞĚĞƐĞũĂƌ͘
ĐͿപWƌŽĐƵƌĞƐĂďĞƌŵĂŝƐƐŽďƌĞŽƵƚƌŽƐƟƉŽƐĚĞŵŽŶŝƚŽƌĞƐĚĞǀşĚĞŽ͕ƚĂŝƐĐŽŵŽƉůĂƐŵĂ͕K>ŽƵŽƵƚƌĂƚĞĐŶŽůŽŐŝĂƋƵĞ
ŶĆŽĨŽŝĚĞƐĐƌŝƚĂŶĞƐƐĞĐŽŶƚĞƷĚŽ͕ƉŽƐƚĂŶĚŽƐƵĂƐĐŽŶƐŝĚĞƌĂĕƁĞƐ͘
ͻ ŝƐƉŽŶŝďŝůŝnjĞŽŵĂƚĞƌŝĂůĞŶĐŽŶƚƌĂĚŽ͕ďĞŵĐŽŵŽ͕^h^KE>h^O^ĞŶǀŝĂŶĚŽƵŵĂƌƋƵŝǀŽĂƚƌĂǀĠƐĚĞƐƚĂĨĞƌƌĂ=
8#-1%?
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
"+#&$&,
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
&
)/5/_4H26
H?%+(0@;<(
ƐŵĞŵſƌŝĂƐƐĆŽĂƐƌĞƐƉŽŶƐĄǀĞŝƐƉĞůŽĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞĚĂĚŽƐĞŝŶƐƚƌƵĕƁĞƐĞŵĨŽƌŵĂĚĞƐŝŶĂŝƐĚŝŐŝƚĂŝƐĞŵ
ĐŽŵƉƵƚĂĚŽƌĞƐ͘WĂƌĂƋƵĞŽƉƌŽĐĞƐƐĂĚŽƌƉŽƐƐĂĞdžĞĐƵƚĂƌƐƵĂƐƚĂƌĞĨĂƐ͕ĞůĞďƵƐĐĂŶĂŵĞŵſƌŝĂƚŽĚĂƐĂƐŝŶĨŽƌŵĂĕƁĞƐ
-#3#00>"2%0*%'*4"'3#00%8#-1'?
K8*ĐŚŝƉĚĞŵĞŵſƌŝĂĠƵŵĞdžĠƌĐŝƚŽĚĞĐůŽŶĞƐ͕ĨŽƌŵĂĚŽƉŽƌƵŵďƌƵƚĂůŶƷŵĞƌŽĚĞĐĠůƵůĂƐŝĚġŶƟĐĂƐ͕ŽƌŐĂŶŝnjĂĚĂƐ
ŶĂĨŽƌŵĂĚĞůŝŶŚĂƐĞĐŽůƵŶĂƐ͕ĚĞĨŽƌŵĂƐŝŵŝůĂƌĂƵŵĂƉůĂŶŝůŚĂĞůĞƚƌƀŶŝĐĂ͘
R*ĐŚŝƉĚĞŵĞŵſƌŝĂĞŵƐŝƐĞƌǀĞĂƉĞŶĂƐƉĂƌĂĂƌŵĂnjĞŶĂƌĚĂĚŽƐ͕ŶĆŽƌĞĂůŝnjĂŶĚŽŶĞŶŚƵŵƟƉŽĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽ͘
WŽƌŝƐƐŽ͕ĠƵƟůŝnjĂĚŽƵŵĐŽŵƉŽŶĞŶƚĞĂĚŝĐŝŽŶĂů͕ŽĐŽŶƚƌŽůĂĚŽƌĚĞŵĞŵſƌŝĂ͕ƋƵĞƉŽĚĞƐĞƌŝŶĐůƵşĚŽƚĂŶƚŽŶŽĐŚŝƉƐĞƚ
&%*4+%3%*85#.*9,%-1'*&#-1"'*&'*4"B4"2'*4"'3#00%&'".*3'8'*-'*3%0'*&'*E17+'-*VN?
WĂƌĂ ĂĐĞƐƐĂƌ Ƶŵ ĚĞƚĞƌŵŝŶĂĚŽ ĞŶĚĞƌĞĕŽ ĚĞ ŵĞŵſƌŝĂ͕ Ž ĐŽŶƚƌŽůĂĚŽƌ ƉƌŝŵĞŝƌŽ ŐĞƌĂ Ž ǀĂůŽƌ Z^ ;ZŽǁ ĚĚƌĞƐƐ
^ƚƌŽďĞͿ͕ŽƵŽŶƷŵĞƌŽĚĂůŝŶŚĂĚĂƋƵĂůŽĞŶĚĞƌĞĕŽĨĂnjƉĂƌƚĞ͕ŐĞƌĂŶĚŽĞŵƐĞŐƵŝĚĂŽǀĂůŽƌ^;ŽůƵŵŶĚĚƌĞƐƐ
^ƚƌŽďĞ).*9,#*3'""#04'-&#*H*3'+,-%?
YƵĂŶĚŽŽZ^ĠĞŶǀŝĂĚŽ͕ƚŽĚĂĂůŝŶŚĂĠĂƟǀĂĚĂƐŝŵƵůƚĂŶĞĂŵĞŶƚĞ͖ĚĞƉŽŝƐĚĞƵŵƉĞƋƵĞŶŽƚĞŵƉŽĚĞĞƐƉĞƌĂŽ^
ĠĞŶǀŝĂĚŽ͕ĨĞĐŚĂŶĚŽŽĐŝƌĐƵŝƚŽĞĨĂnjĞŶĚŽĐŽŵƋƵĞŽƐĚĂĚŽƐĚŽĞŶĚĞƌĞĕŽƐĞůĞĐŝŽŶĂĚŽƐĞũĂŵůŝĚŽƐŽƵŐƌĂǀĂĚŽƐ͗
!"#$%&'S)*'+'H&9&'67'H78X%"&
EĆŽĞdžŝƐƚĞƵŵĐĂŵŝŶŚŽĚĞǀŽůƚĂ͕ůŝŐĂŶĚŽĐĂĚĂĞŶĚĞƌĞĕŽĂŽĐŽŶƚƌŽůĂĚŽƌĚĞŵĞŵſƌŝĂ͘ŽŝŶǀĠƐĚŝƐƐŽ͕ĠƵƐĂĚŽƵŵ
ďĂƌƌĂŵĞŶƚŽĐŽŵƵŵ͕ĐŽŵƉĂƌƟůŚĂĚŽƉŽƌƚŽĚŽƐŽƐĞŶĚĞƌĞĕŽƐĚŽŵſĚƵůŽ͘KĐŽŶƚƌŽůĂĚŽƌĚĞŵĞŵſƌŝĂƐĂďĞƋƵĞ
ŽƐĚĂĚŽƐƋƵĞĞƐƚĄƌĞĐĞďĞŶĚŽƐĆŽŽƐĂƌŵĂnjĞŶĂĚŽƐŶŽĞŶĚĞƌĞĕŽy͕ƉŽŝƐĞůĞ͞ůĞŵďƌĂ͟ƋƵĞĂĐĂďŽƵĚĞĂĐĞƐƐĄͲůŽ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ŶƟŐĂŵĞŶƚĞ;ŶĂĠƉŽĐĂĚŽƐŵſĚƵůŽƐĚĞϯϬǀŝĂƐͿ͕ĐĂĚĂĐŚŝƉ*&#*8#8B"2%*0#*3'84'"1%<%*#X%1%8#-1#*&#01%*:'"8%.*
+#-&'*,8*621*&#*3%&%*<#$?*E4#0%"*&200'.*'*4"'3#00%&'"*+2%*ML*ďŝƚƐ*&#*&%&'0*%*3%&%*323+'.*&#*:'"8%*9,#*#"%8*,0%&'0*
N*4#-1#0.*3'8*Z*ĐŚŝƉƐ*3%&%*,8?
ŽƉŽŶƚŽĚĞǀŝƐƚĂĚŽƉƌŽĐĞƐƐĂĚŽƌ͕ŶĆŽĞdžŝƐƟĂĚŝǀŝƐĆŽ͕ŽƐĐŚŝƉƐ*#"%8*%3#00%&'0*3'8'*0#*:'00#8*,8*0B?*R*4"'3#0=
ƐĂĚŽƌŶĆŽǀŝĂϯϮĞŶĚĞƌĞĕŽƐƐĞƉĂƌĂĚŽƐ͕ĞŵϯϮĐŚŝƉƐĚŝĨĞƌĞŶƚĞƐ͕ŵĂƐ͕Ɛŝŵ͕ƵŵƷŶŝĐŽĞŶĚĞƌĞĕŽ͕ĐŽŶƚĞŶĚŽϯϮďŝƚƐ?
EŽƐŵſĚƵůŽƐ/DDĂƚƵĂŝƐ͕ƐĆŽŐĞƌĂůŵĞŶƚĞƵƐĂĚŽƐϴĐŚŝƉƐ*&#*Z*ďŝƚƐ*3%&%*,8.*:'"8%-&'*'0*VN*ďŝƚƐ*:'"-#32&'0*
%'*4"'3#00%&'"?*TX201#8*%2-&%.*8B&,+'0*3'8*IV*ĐŚŝƉƐ*&#*N*ďŝƚƐ*3%&%.*',*%2-&%.*8B&,+'0*3'8*N*ĐŚŝƉƐ*&#*IV*ďŝƚƐ*
(3'8,-0*#8*ŶŽƚĞŬƐͿ͘ŽƉŽŶƚŽĚĞǀŝƐƚĂĚŽƉƌŽĐĞƐƐĂĚŽƌ͕ŶĆŽĨĂnjĚŝĨĞƌĞŶĕĂ͕ĚĞƐĚĞƋƵĞ͕ƐŽŵĂĚŽƐŽƐĐŚŝƉƐ*1'=
1%+2$#8*VN*ďŝƚƐ?
/ŵĂŐŝŶĞƋƵĞŽĐŽŶƚƌŽůĂĚŽƌĚĞŵĞŵſƌŝĂĞŶǀŝĂƐĞƋƺġŶĐŝĂƐĐŽŵϰ͕ϴŽƵϭϲƉĂƌĞƐĚĞĞŶĚĞƌĞĕŽƐZ^Ğ^ĞƌĞĐĞďĞ
&#*<'+1%*'*8#08'*-;8#"'*&#*4%3'1#0*&#*VN*6210?*T8*3%0'0*'-&#*'*4"'3#00%&'"*4"#320%*&#*%4#-%0*%+D,-0*4',3'0*
ďLJƚĞƐ͕ĐŽŶƚĞŶĚŽƵŵĂŝŶƐƚƌƵĕĆŽŽƵďůŽĐŽĚĞĚĂĚŽƐ͕ĞůĞƉƌĞĐŝƐĂůĞƌƚŽĚŽŽďůŽĐŽĚĞϲϰďŝƚƐ*%&@%3#-1#.*8#08'*9,#*
0#@%*4%"%*&#03%"1%"*'0*&#8%20?
/%0*4+%3%0*ĚƵĂůͲĐŚĂŶŶĞů͕ĐŽŶƟŶƵĂŵŽƐƚĞŶĚŽĂĐĞƐƐŽƐĚĞϲϰďŝƚƐ͕ĂƷŶŝĐĂĚŝĨĞƌĞŶĕĂĠƋƵĞĂŐŽƌĂĂƉůĂĐĂŵĆĞĠĐĂ=
ƉĂnjĚĞĂĐĞƐƐĂƌĚŽŝƐĞŶĚĞƌĞĕŽƐĚŝĨĞƌĞŶƚĞƐ;ĐĂĚĂƵŵĞŵƵŵƉĞŶƚĞĚĞŵĞŵſƌŝĂͿĂĐĂĚĂĐŝĐůŽĚĞĐůŽĐŬ͕ĂŽŝŶǀĠƐĚĞ
ĂƉĞŶĂƐƵŵ͘/ƐƐŽƉĞƌŵŝƚĞƚƌĂŶƐĨĞƌŝƌŽĚŽďƌŽĚĞĚĂĚŽƐƉŽƌĐŝĐůŽ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞŽƉƌŽĐĞƐƐĂĚŽƌŶĞĐĞƐƐŝƚĞĞƐƉĞƌĂƌ
ŵĞŶŽƐƚĞŵƉŽĂŽƚƌĂŶƐĨĞƌŝƌŐƌĂŶĚĞƐƋƵĂŶƟĚĂĚĞƐĚĞĚĂĚŽƐ͘
EĂǀĞƌĚĂĚĞ͕ŶŽƐWƐĂƚƵĂŝƐ͕ƉƌĂƟĐĂŵĞŶƚĞƋƵĂůƋƵĞƌĚŝƐƉŽƐŝƟǀŽƉŽĚĞĂĐĞƐƐĂƌĂŵĞŵſƌŝĂĚŝƌĞƚĂŵĞŶƚĞ͕ĂƚƌĂǀĠƐĚŽƐ
3%-%20*&#*PUE*(ŝƌĞĐƚDĞŵŽƌLJĐĐĞƐƐͿĚŝƐƉŽŶşǀĞŝƐĂƚƌĂǀĠƐĚŽďĂƌƌĂŵĞŶƚŽW/͕'W͕W/džƉƌĞƐƐĞĂƚĠŵĞƐŵŽĂ
ƉĂƌƟƌĚĂƐƉŽƌƚĂƐ^d͕/Ğh^͘EĂƚƵƌĂůŵĞŶƚĞ͕ƚŽĚŽƐŽƐĂĐĞƐƐŽƐƐĆŽĐŽŽƌĚĞŶĂĚŽƐƉĞůŽƉƌŽĐĞƐƐĂĚŽƌ͕ŵĂƐĐŽŵŽ
ĂŵĞŵſƌŝĂĠƵŵĂƐſ͕ƚĞŵŽƐƐŝƚƵĂĕƁĞƐĞŵƋƵĞŽƉƌŽĐĞƐƐĂĚŽƌƉƌĞĐŝƐĂĞƐƉĞƌĂƌƉĂƌĂĂĐĞƐƐĂƌăŵĞŵſƌŝĂ͕ƋƵĞĞƐƚĄ
ƐĞŶĚŽĂĐĞƐƐĂĚĂƉŽƌŽƵƚƌŽĚŝƐƉŽƐŝƟǀŽ͘
džŝƐƚĞŵĂůŐƵŵĂƐĨŽƌŵĂƐĚĞŵĞůŚŽƌĂƌŽĚĞƐĞŵƉĞŶŚŽĚĂŵĞŵſƌŝĂZD͗
I?* E,8#-1%"*'*-;8#"'*&#*ďŝƚƐ*+2&'0*4'"*323+'.*1'"-%-&'*'*6%""%8#-1'*8%20*+%"D'*3'8'*'*%,8#-1'*&#*ML*4%"%*VN*ďŝƚƐ.*
ŝŶƚƌŽĚƵnjŝĚĂƉĞůŽWĞŶƟƵŵϭ͕ƋƵĞĐŽŶƟŶƵĂĂƚĠŽƐĚŝĂƐĚĞŚŽũĞ͘KƉƌŽďůĞŵĂĞŵƵƐĂƌƵŵďĂƌƌĂŵĞŶƚŽŵĂŝƐůĂƌŐŽĠƋƵĞŽ
8%2'"*-;8#"'*&#*1"2+7%0*-#3#00>"2%0.*1%-1'*-%*4+%3%*85#.*9,%-1'*-'0*4"B4"2'0*4#-1#0*&#*8#8B"2%.*%,8#-1%8*'*3,01'*
ĚĞƉƌŽĚƵĕĆŽ͘
L?* E3#00%"*&'20*',*8%20*8B&,+'0*&#*8#8B"2%*028,+1%-#%8#-1#.*3'8'*-%0*4+%3%0*ĚƵĂůͲĐŚĂŶŶĞů͘KƉƌŽďůĞŵĂĠƋƵĞŶĞƐƚĞ
ĐĂƐŽƉƌĞĐŝƐĂŵŽƐĚĞĚŽŝƐƉĞŶƚĞƐ͕ĂůĠŵĚĞĐŝƌĐƵŝƚŽƐĞƚƌŝůŚĂƐĂĚŝĐŝŽŶĂŝƐŶĂƉůĂĐĂŵĆĞ͘
M?* ƌŝĂƌƉĞŶƚĞƐĚĞŵĞŵſƌŝĂŵĂŝƐƌĄƉŝĚŽƐ͕ĐŽŵŽŶĂƐŵĞŵſƌŝĂƐZĞZϮ͘ƋƵĞƐƚĆŽĚĂǀĞůŽĐŝĚĂĚĞƉŽĚĞƐĞƌĚŝǀŝĚŝĚĂĞŵ
ĚŽŝƐƋƵĞƐŝƚŽƐĐŽŵƉůĞŵĞŶƚĂƌĞƐ͗ŽŶƷŵĞƌŽĚĞĐŝĐůŽƐƉŽƌƐĞŐƵŶĚŽĞĂůĂƚġŶĐŝĂ͕ƋƵĞĠŽƚĞŵƉŽƋƵĞĂƉƌŝŵĞŝƌĂŽƉĞƌĂĕĆŽ
ŶƵŵĂƐĠƌŝĞĚĞŽƉĞƌĂĕƁĞƐĚĞůĞŝƚƵƌĂŽƵĞƐĐƌŝƚĂĚĞŵŽƌĂƉĂƌĂƐĞƌĐŽŶĐůƵşĚĂ͘KƚĞŵƉŽĚĞůĂƚġŶĐŝĂƉŽĚĞƌŝĂƐĞƌĐŽŵƉĂƌĂĚŽ
%'*1#84'*&#*%3#00'*&#*,8*FP?
ĂƋƵŝƋƵĞĞŶƚƌĂŵĂƐĚŝĨĞƌĞŶƚĞƐƚĞĐŶŽůŽŐŝĂƐĚĞŵĞŵſƌŝĂƐƋƵĞĨŽƌĂŵŝŶƚƌŽĚƵnjŝĚĂƐĂŽůŽŶŐŽĚĂƐƷůƟŵĂƐĚĠĐĂĚĂƐ͕
ĐŽŵĞĕĂŶĚŽƉĞůĂƐŵĞŵſƌŝĂƐƌĞŐƵůĂƌĞƐ͕ƵƐĂĚĂƐŶŽƐydƐĞϮϴϲ͕ƋƵĞĞǀŽůƵşƌĂŵƉĂƌĂĂƐŵĞŵſƌŝĂƐ&WD;&ĂƐƚWĂŐĞ
DŽĚĞͿ͕ƵƐĂĚĂƐĞŵWƐϯϴϲĞϰϴϲ͕ĞŵƐĞŐƵŝĚĂƉĂƌĂĂƐŵĞŵſƌŝĂƐK;džƚĞŶĚĞĚĂƚĂKƵƚͿ͕ƵƐĂĚĂƐŶŽƐƷůƟŵŽƐ
ŵŝĐƌŽƐϰϴϲĞŶŽWĞŶƟƵŵ͘ƐƐĂƐƚƌġƐƉƌŝŵĞŝƌĂƐƚĞĐŶŽůŽŐŝĂƐĨŽƌĂŵƐƵďƐƟƚƵşĚĂƐƉĞůĂƐŵĞŵſƌŝĂƐ^ZD͕ƐĞŐƵŝĚĂƐ
ƉĞůĂƐŵĞŵſƌŝĂƐZĞZϮƵƐĂĚĂƐĂƚƵĂůŵĞŶƚĞ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
/$=N+&,)4!/
G(?A$&%(
ZKDĠĂƐŝŐůĂƉĂƌĂZĞĂĚKŶůLJDĞŵŽƌLJ;ŵĞŵſƌŝĂƐŽŵĞŶƚĞĚĞůĞŝƚƵƌĂͿ͘WĞůŽŶŽŵĞ͕ũĄĠƉŽƐƐşǀĞůƉĞƌĐĞďĞƌƋƵĞ
ĞƐƐĞƟƉŽĚĞŵĞŵſƌŝĂƐſƉĞƌŵŝƚĞůĞŝƚƵƌĂ͕ŽƵƐĞũĂ͕ƐƵĂƐŝŶĨŽƌŵĂĕƁĞƐƐĆŽŐƌĂǀĂĚĂƐƉĞůŽĨĂďƌŝĐĂŶƚĞƵŵĂƷŶŝĐĂǀĞnj
#.*%4B0*200'.*-5'*4'&#8*0#"*%+1#"%&%0*',*%4%D%&%0.*0'8#-1#*%3#00%&%0?*T8*',1"%0*4%+%<"%0.*05'*8#8B"2%0*3,@'*
ĐŽŶƚĞƷĚŽĠŐƌĂǀĂĚŽƉĞƌŵĂŶĞŶƚĞŵĞŶƚĞ͘
džŝƐƚĞŵƚƌġƐƟƉŽƐďĄƐŝĐŽƐĚĞŵĞŵſƌŝĂZKD͗WZKD͕WZKDĞZKD
8;*:%P812F16..6Q@4%;467%*C@R%:4.21RS
ŵĞŵſƌŝĂƐŽŵĞŶƚĞĚĞůĞŝƚƵƌĂƉƌŽŐĂŵĄǀĞůĠƵŵĚŽƐƉƌŝŵĞŝƌŽƐƟƉŽƐĚĞŵĞŵſƌŝĂZKD͘WZKDƚĞŵƐƵĂŐƌĂǀĂ=
ĕĆŽĨĞŝƚĂƉŽƌĂƉĂƌĞůŚŽƐĞƐƉĞĐŝĂŝƐƋƵĞƚƌĂďĂůŚĂŵĂƚƌĂǀĠƐĚĞƵŵĂƌĞĂĕĆŽİƐŝĐĂĐŽŵĞůĞŵĞŶƚŽƐĞůĠƚƌŝĐŽƐ͘KƐĚĂĚŽƐ
ŐƌĂǀĂĚŽƐŶĂŵĞŵſƌŝĂWZKDŶĆŽƉŽĚĞŵƐĞƌĂƉĂŐĂĚŽƐŽƵĂůƚĞƌĂĚŽƐ͘
,8;*:%P,@40B1/06@@R%812F16..6Q@4%;467%*C@R%:4.21RS
ŵĞŵſƌŝĂƐŽŵĞŶƚĞĚĞůĞŝƚƵƌĂĞůĞƚƌŝĐĂŵĞŶƚĞƉƌŽŐĂŵĄǀĞůĠƵŵƟƉŽĚĞŵĞŵſƌŝĂZKD͕ŐĞƌĂůŵĞŶƚĞƵƟůŝnjĂĚĂƉĂƌĂ
ĂƌŵĂnjĞŶĂƌĂ/K^;ĂƐŝĐ/ŶƉƵƚKƵƚƉƵƚ^LJƐƚĞŵͿĚŽĐŽŵƉƵƚĂĚŽƌ͘ƚĞĐŶŽůŽŐŝĂWZKDƉĞƌŵŝƚĞĂƌĞŐƌĂǀĂĕĆŽĚĞƐĞƵ
ĐŽŶƚĞƷĚŽĂƚƌĂǀĠƐĚĞĞƋƵŝƉĂŵĞŶƚŽƐĞƐƉĞĐŝĂŝƐ;ĞŶĐŽŶƚƌĂĚŽƐĞŵĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐĚĞĂƐƐŝƐƚġŶĐŝĂƚĠĐŶŝĐĂͿ͘
,$;*:%P,@40B1/06@@R%$@B416Q@4%;467%*C@R%:4.21RS
ƐŵĞŵſƌŝĂƐƐŽŵĞŶƚĞĚĞůĞŝƚƵƌĂĞůĞƚƌŝĐĂŵĞŶƚĞĂůƚĞƌĄǀĞŝƐƐĆŽƐŝŵŝůĂƌĞƐăWZKD͘^ĞƵĐŽŶƚĞƷĚŽƉŽĚĞƐĞƌĂƉĂ=
ŐĂĚŽ ĂƉůŝĐĂŶĚŽͲƐĞ Ƶŵ ŶşǀĞů ĚĞ ƚĞŶƐĆŽ ĞƐƉĞĐşĮĐŽ ĂŽƐ ƉŝŶŽƐ ĚĞ ƉƌŽŐƌĂŵĂĕĆŽ ;ĞůĞĐƚƌŝĐĂůůLJ ĂůƚĞƌĂďůĞ Ͳ ĂůƚĞƌĂĕĆŽ
ĞůĠƚƌŝĐĂͿ͘
sĂůĞĨƌŝƐĂƌ͕ĞdžŝƐƚĞŵŽƵƚƌŽƐĚŝƐƉŽƐŝƟǀŽƐƋƵĞĂƌŵĂnjĞŶĂŵŝŶĨŽƌŵĂĕƁĞƐƋƵĞŶĆŽƉŽĚĞŵƐĞƌĂůƚĞƌĂĚĂƐ͘KͲZKD͕
4'"*#X#84+'?
/$=N+&,)42/
G(?A$&%(
ZDĠĂƐŝŐůĂƉĂƌĂZĂŶĚŽŵĐĐĞƐƐDĞŵŽƌLJ;ŵĞŵſƌŝĂĚĞĂĐĞƐƐŽĂůĞĂƚſƌŝŽͿ͘ƐƚĞƟƉŽĚĞŵĞŵſƌŝĂƉĞƌŵŝƚĞƚĂŶƚŽ
ĂůĞŝƚƵƌĂĐŽŵŽĂŐƌĂǀĂĕĆŽĞƌĞŐƌĂǀĂĕĆŽĚĞĚĂĚŽƐ͘EŽĞŶƚĂŶƚŽ͕ĂƐƐŝŵƋƵĞĞůĂƐĚĞŝdžĂŵĚĞƐĞƌĂůŝŵĞŶƚĂĚĂƐĞůĞƚƌŝ=
ĐĂŵĞŶƚĞ͕ŽƵƐĞũĂ͕ƋƵĂŶĚŽŽƵƐƵĄƌŝŽĚĞƐůŝŐĂŽĐŽŵƉƵƚĂĚŽƌ͕ĂŵĞŵſƌŝĂZDƉĞƌĚĞƚŽĚŽƐŽƐƐĞƵƐĚĂĚŽƐ͘džŝƐƚĞŵ
ĚŽŝƐƟƉŽƐĚĞŵĞŵſƌŝĂZD͗ĞƐƚĄƟĐĂƐĞĚŝŶąŵŝĐĂƐ͘
&;$:%P&RC6./0%;6C72.%$00455%:4.21RS
ƐŵĞŵſƌŝĂƐĚĞĂĐĞƐƐŽĂůĞĂƚſƌŝŽĚŽƟƉŽĚŝŶąŵŝĐŽŐĞƌĂůŵĞŶƚĞƐĆŽĂƌŵĂnjĞŶĂĚĂƐĞŵĐĄƉƐƵůĂƐDK^;ŽŵƉůĞͲ
ŵĞŶƚĂƌLJDĞƚĂůKdžŝĚĞ^ĞŵŝĐŽŶĚƵĐƚŽƌͿ͘DĞŵſƌŝĂƐĚĞƐƐĞƟƉŽ͕ƉŽƐƐƵĞŵĐĂƉĂĐŝĚĂĚĞĂůƚĂ͕ŝƐƚŽĠ͕ƉŽĚĞŵĐŽŵƉŽƌƚĂƌ
ŐƌĂŶĚĞƐƋƵĂŶƟĚĂĚĞƐĚĞĚĂĚŽƐ͘EŽĞŶƚĂŶƚŽ͕ŽĂĐĞƐƐŽĂĞƐƐĂƐŝŶĨŽƌŵĂĕƁĞƐĐŽƐƚƵŵĂƐĞƌŵĂŝƐůĞŶƚŽƋƵĞŽĂĐĞƐƐŽ
ĂŵĞŵſƌŝĂƐĞƐƚĄƟĐĂƐ͘ƐŵĞŵſƌŝĂƐĚŽƟƉŽZDĐŽƐƚƵŵĂŵƚĞƌƉƌĞĕŽƐďĞŵŵĞŶŽƌĞƐƋƵĞĂƐŵĞŵſƌŝĂƐĚŽƟƉŽ
ĞƐƚĄƟĐŽ͘/ƐƐŽŽĐŽƌƌĞ͕ƉŽƌƋƵĞƐƵĂĞƐƚƌƵƚƵƌĂĕĆŽĠŵĞŶŽƐĐŽŵƉůĞdžĂ͕ŽƵƐĞũĂ͕ƵƟůŝnjĂƵŵĂƚĞĐŶŽůŽŐŝĂŵĂŝƐƐŝŵƉůĞƐ͕
ƉŽƌĠŵǀŝĄǀĞů͘
^ZD;^ƚĂƟĐZĂŶĚŽŵĐĐĞƐƐDĞŵŽƌLJͿ
ƐŵĞŵſƌŝĂƐĚĞĂĐĞƐƐŽĂůĞĂƚſƌŝŽĚŽƟƉŽĞƐƚĄƟĐŽƐĆŽŵƵŝƚŽŵĂŝƐƌĄƉŝĚĂƐƋƵĞĂƐŵĞŵſƌŝĂƐZD͕ƉŽƌĠŵĂƌŵĂ=
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
njĞŶĂŵŵĞŶŽƐĚĂĚŽƐĞŵĐŽŵƉĂƌĂƟǀŽĐŽŵŽĐƵƐƚŽƉŽƌD͘ƐŵĞŵſƌŝĂƐ^ZDĐŽƐƚƵŵĂŵƐĞƌƵƐĂĚĂƐĞŵĐŚŝƉƐ*
&#*ĐĂĐŚĞ?
8$A?(-(1&,)0,>)=$=N+&,>
G(?A$&%(
ĞŵĂŶĞŝƌĂŵĂŝƐƚĠĐŶŝĐĂƉŽĚĞŵŽƐĂĮƌŵĂƌƋƵĞĞŵƋƵĂůƋƵĞƌĐŽŵƉƵƚĂĚŽƌĠƐĞŵƉƌĞŶĞĐĞƐƐĄƌŝŽƵŵůŽĐĂůĚĞĂƌ=
ŵĂnjĞŶĂŵĞŶƚŽĚĞŝŶƐƚƌƵĕƁĞƐĞĚĂĚŽƐƋƵĞĨĂnjĞŵƉĂƌƚĞĚĞƵŵƉƌŽŐƌĂŵĂƋƵĞƐĞŵƉƌĞ͞ĂůŝŵĞŶƚĂƌĄ͟ŽƉƌŽĐĞƐƐĂĚŽƌ
ŶŽĞdžĞĐƵƚĂƌĚĂƐŝŶƐƚƌƵĕƁĞƐ͘
ƐƚƌƵƚƵƌĂůŵĞŶƚĞĨĂůĂŶĚŽ͕ĂĐŽŵƉůĞdžŝĚĂĚĞĚĞƵŵƉƌŽĐĞƐƐĂĚŽƌĠŝŶĮŶŝƚĂŵĞŶƚĞŵĂŝŽƌĚŽƋƵĞĚĞƵŵĂŵĞŵſƌŝĂ͘
hŵƉĞŶƚĞĚĞŵĞŵſƌŝĂŶĂĚĂŵĂŝƐĠĚŽƋƵĞƵŵĂƌĞƉĞƟĕĆŽĚĞĐŽŵƉŽŶĞŶƚĞƐĞůĞƚƌƀŶŝĐŽƐ;ĐĂƉĂĐŝƚŽƌĞƚƌĂŶƐŝƐƚŽƌͿ
ƋƵĞƌĞƚĠŵƵŵďŝƚ*4'"*<#$?
&ĂůĂƌĞŵŽƐƐŽŵĞŶƚĞĚĞĚŽŝƐƟƉŽƐĚĞŵĞŵſƌŝĂƐ͗^ZĞZ͕ƌĞƐƉĞĐƟǀĂŵĞŶƚĞƐLJŶĐŚƌŽŶŽƵƐLJŶĂŵŝĐZD#*ŽƵͲ
ďůĞĂƚĂZĂƚĞ^ZD͘
&&;%P;+)9.&';"/"'<"/&%S
ŵĞŵſƌŝĂĚŽƟƉŽZ͕ĂƟŶŐĞƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞĚĂĚŽƐĚĞĚƵĂƐǀĞnjĞƐŽĐŝĐůŽĚĞĐůŽĐŬ.*4'&#-&'*37#D%"*%*
Ϯ͕ϰ'ƉŽƌƐĞŐƵŶĚŽŶĂƚƌĂŶƐŵŝƐƐĆŽĚĞĚĂĚŽƐ͘ǀĞůŽĐŝĚĂĚĞƉĂĚƌĆŽĚŽďĂƌƌĂŵĞŶƚŽZĠĚĞϮϬϬD,nj͕ŵĂƐ͕ƉŽƌ
ƐĞƚƌĂƚĂƌĚĞƵŵĂƚĞĐŶŽůŽŐŝĂƌĞĐĞŶƚĞ͕ŶĆŽĮƋƵĞƐƵƌƉƌĞƐŽƐĞĞƐƐĞƐǀĂůŽƌĞƐĞƐƟǀĞƌĞŵďĞŵŵĂŝƐĂůƚŽƐŶŽŵŽŵĞŶƚŽ
#8*9,#*<'3]*+#"*#00#*8%1#"2%+?
ŵĞŵſƌŝĂ Z Ġ Ă ƚĞĐŶŽůŽŐŝĂ ƋƵĞ ƐƵďƐƟƚƵŝƵ ĂƐ ƚƌĂĚŝĐŝŽŶĂŝƐ ŵĞŵſƌŝĂƐ /DD ĚĞ ϭϲϴ ƉŝŶŽƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ
ŶŽƐĐŽŵƉƵƚĂĚŽƌĞƐƉĞƐƐŽĂŝƐ͘dƌĂƚĂͲƐĞĚĞƵŵƟƉŽĚĞŵĞŵſƌŝĂďĂƐĞĂĚŽŶĂĚŝĨƵŶĚŝĚĂ ƚĞĐŶŽůŽŐŝĂ^ZD͘^ƵĂƐ
ĞƐƉĞĐŝĮĐĂĕƁĞƐĨŽƌĂŵĚĞĮŶŝĚĂƐƉĞůĂ:͕ĞŶƟĚĂĚĞĨŽƌŵĂĚĂƉŽƌĞŵƉƌĞƐĂƐĚŽƌĂŵŽĚĞƐĞŵŝͲĐŽŶĚƵƚŽƌĞƐƉĂƌĂĂ
ĨŽƌŵƵůĂĕĆŽĚĞƉĂĚƌƁĞƐŶĞƐƐĞƐĞŐŵĞŶƚŽ͘
KĐŽŶƚĞƷĚŽĂƐĞŐƵŝƌŵŽƐƚƌĂƌĄĂƐƉƌŝŶĐŝƉĂŝƐĐĂƌĂĐƚĞƌşƐƟĐĂƐĚĂŵĞŵſƌŝĂZĞŽƉŽƌƋƵġĚĞƐƵĂƉŽƉƵůĂƌŝĚĂĚĞ͘
)2.2%5I1F/I%6%.4.T1/6%&&;U
EĂĠƉŽĐĂĞŵƋƵĞŽWĞŶƟƵŵ///͕ĚĂ/ŶƚĞů͕ĞƌĂŽƉƌŽĐĞƐƐĂĚŽƌŵĂŝƐƵƐĂĚŽ͕ĂǀĞůŽĐŝĚĂĚĞƉĂĚƌĆŽĚŽ&^;&ƌŽŶƚ^ŝĚĞ
ƵƐ)*=*<#+'32&%&#*#X1#"-%*&'*4"'3#000%&'"*=*',*0#@%.*%*<#+'32&%&#*-%*9,%+*'*4"'3#00%&'"*0#*3'8,-23%*3'8*%*
ŵĞŵſƌŝĂĞĐŽŵĐŽŵƉŽŶĞŶƚĞƐĚĂƉůĂĐĂͲŵĆĞ͕ĞƌĂĚĞϭϯϯD,nj͕ĞƋƵŝǀĂůĞŶƚĞĂϭ͘ϬϲϰDƉŽƌƐĞŐƵŶĚŽ͘EŽĞŶƚĂŶƚŽ͕
0%6#=0#*9,#*-'*D#"%+.*'*ĐŚŝƉƐĞƚͲĐŽŶũƵŶƚŽĚĞĐŝƌĐƵŝƚŽƐŝŶƚĞŐƌĂĚŽƐͲĚĂƉůĂĐĂͲŵĆĞŶĆŽƵƐĂĂĨƌĞƋƺġŶĐŝĂĚĞ&^
ƉĂƌĂ ƐĞ ĐŽŵƵŶŝĐĂƌ ĐŽŵ Ă ŵĞŵſƌŝĂ͕ ŵĂƐ Ɛŝŵ͕ Ă ǀĞůŽĐŝĚĂĚĞ ĚĂ ƉƌſƉƌŝĂ ŵĞŵſƌŝĂ͘ EĞƐƐĂ ĠƉŽĐĂ͕ Ž ƉĂĚƌĆŽ ƉĂƌĂ
ǀĞůŽĐŝĚĂĚĞĚĂƐŵĞŵſƌŝĂƐƚĂŵďĠŵĞƌĂĚĞϭϯϯD,nj;ĂƐĐŽŶŚĞĐŝĚĂƐŵĞŵſƌŝĂƐ^ZDWϭϯϯͿ͕ƋƵĞƚĂŵďĠŵĨŽƌ=
ŶĞĐŝĂŵƵŵĂƚĂdžĂĚĞǀĞůŽĐŝĚĂĚĞĚĞϭ͘ϬϲϰDƉŽƌƐĞŐƵŶĚŽ͘ŽŵŝƐƐŽ͕ĠƉŽƐƐşǀĞůŶŽƚĂƌƋƵĞŚĂǀŝĂƵŵĞƋƵŝůşďƌŝŽŶĂ
ǀĞůŽĐŝĚĂĚĞĚĞĐŽŵƵŶŝĐĂĕĆŽĞŶƚƌĞŽƐĐŽŵƉŽŶĞŶƚĞƐĚŽĐŽŵƉƵƚĂĚŽƌ͘
Žŵ Ž ůĂŶĕĂŵĞŶƚŽ ĚĂ ůŝŶŚĂ WĞŶƟƵŵ ϰ͕ ĚĂ /ŶƚĞů Ğ ƵƌŽŶͬƚŚůŽŶ ĚĂ D͕ ĞƐƐĞ ͞ĞƋƵŝůşďƌŝŽ͟ ĚĞŝdžŽƵ ĚĞ ĞdžŝƐƟƌ͕
ƉŽŝƐŽ&^ĚŽƐƉƌŽĐĞƐƐĂĚŽƌĞƐƉĂƐƐŽƵĂƚĞƌŵĂŝƐǀĞůŽĐŝĚĂĚĞĞŶƋƵĂŶƚŽƋƵĞĂƐŵĞŵſƌŝĂƐĐŽŶƟŶƵĂǀĂŵŶŽƉĂĚƌĆŽ
Wϭϯϯ͕ŵĂŶƚĞŶĚŽĂǀĞůŽĐŝĚĂĚĞĞŵϭϯϯD,nj͘/ƐƐŽƐŝŐŶŝĮĐĂƋƵĞŽĐŽŵƉƵƚĂĚŽƌŶĆŽĐŽŶƐĞŐƵŝĂĂƉƌŽǀĞŝƚĂƌƚŽĚŽƐ
ŽƐƌĞĐƵƌƐŽƐĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽ͘WĂƌĂƵƐƵĄƌŝŽƐĚŽWĞŶƟƵŵϰ͕ŚĂǀŝĂƵŵĂĂůƚĞƌŶĂƟǀĂ͗ƵƟůŝnjĂƌĂƐŵĞŵſƌŝĂƐĚŽƟƉŽ
ZĂŵďƵƐ;ŽƵZZDͿ͘ƐƐĞƟƉŽĞƌĂŵĂŝƐƌĄƉŝĚŽƋƵĞĂƐWϭϯϯ͕ŵĂƐĐŽŵĂůŐƵŵĂƐĚĞƐǀĂŶƚĂŐĞŶƐ͗ƐſĨƵŶĐŝŽŶĂǀĂ
ĐŽŵƉƌŽĐĞƐƐĂĚŽƌĞƐĚĂ/ŶƚĞů͕ƟŶŚĂƉƌĞĕŽŵƵŝƚŽĞůĞǀĂĚŽĞĂƐƉůĂĐĂƐͲŵĆĞƋƵĞƐƵƉŽƌƚĂǀĂŵĂƐŵĞŵſƌŝĂƐZĂŵďƵƐ
ƚĂŵďĠŵĞƌĂŵŵƵŝƚŽĐĂƌĂƐ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
EĞƐƐĞŵĞƐŵŽƉĞƌşŽĚŽ͕ĂƐŵĞŵſƌŝĂƐZũĄŚĂǀŝĂŵƐŝĚŽůĂŶĕĂĚĂƐ͕ƉŽƌĠŵĂ/ŶƚĞůƚĞŶƚĂǀĂƉŽƉƵůĂƌŝnjĂƌĂƐŵĞŵſ=
ƌŝĂƐZĂŵďƵƐ͕ŝŐŶŽƌĂŶĚŽĂĞdžŝƐƚġŶĐŝĂĚŽƉĂĚƌĆŽZ͘D;ĚǀĂŶĐĞĚDŝĐƌŽĞǀŝĐĞƐͿ͕ƋƵĞĂƚĠĞŶƚĆŽƟŶŚĂƋƵĞ
ƐĞĐŽŶƚĞŶƚĂƌĐŽŵŽƐůŝŵŝƚĞƐĚĂŵĞŵſƌŝĂ/DD^ZDĚĞϭϲϴƉŝŶŽƐ͕ƉƌĞĐŝƐĂǀĂĚĞƵŵĂĂůƚĞƌŶĂƟǀĂĞĮĐŝĞŶƚĞĚĞ
8#8B"2%*9,#*4,&#00#*1"%6%+7%"*2-1#D"%+8#-1#*3'8*0#,0*4"'3#00%&'"#0?*E*3'84%-72%*%3%6',*%4'01%-&'*-%0*
ŵĞŵſƌŝĂƐZ͕ĐƵũŽƵƐŽĨŽŝĐŽŶƐŝĚĞƌĂĚŽĞdžƚƌĞŵĂŵĞŶƚĞǀŝĄǀĞů͘
KƐŝŵƉůĞƐůĂŶĕĂŵĞŶƚŽĚĂƐŵĞŵſƌŝĂƐZŶĆŽĨŽŝƵŵĂƐŽůƵĕĆŽŝŵĞĚŝĂƚĂƉĂƌĂŽƐƉƌŽďůĞŵĂƐĚĞǀĞůŽĐŝĚĂĚĞĚĂƐ
ŵĞŵſƌŝĂƐĞĚŽ&^͘^ŽŵĞŶƚĞĐŽŵŽůĂŶĕĂŵĞŶƚŽĚĂƐŵĞŵſƌŝĂƐƵĂůZ;ZϮͿĠƋƵĞĂƐŽůƵĕĆŽƐĞƚŽƌŶŽƵĐŽŵ=
ƉƌŽǀĂĚĂŵĞŶƚĞĞĮĐĂnj͘
)2.2%HIC0/2C6%65%.4.T1/65%&&;U
ƐŵĞŵſƌŝĂƐZĨƵŶĐŝŽŶĂŵĚĞŵĂŶĞŝƌĂƉĂƌĞĐŝĚĂăƐŵĞŵſƌŝĂƐ/DD^ZD͘^ĞƵƐƉĞŶƚĞƐ;ŽƵŵſĚƵůŽƐͿƉŽƐ=
ƐƵĞŵ ϭϴϰ ƚĞƌŵŝŶĂŝƐ͕ ĞŶƋƵĂŶƚŽ ƋƵĞ Ž ƉĂĚƌĆŽ ĂŶƚĞƌŝŽƌ ƉŽƐƐƵŝ ϭϲϴ ƉŝŶŽƐ͘ &ŝƐŝĐĂŵĞŶƚĞ͕ ŚĄ ĂƉĞŶĂƐ ƵŵĂ ĚŝǀŝƐĆŽ
ŶŽĞŶĐĂŝdžĞĚŽƉĞŶƚĞ;&ŝŐƵƌĂϮͿ͕ĞŶƋƵĂŶƚŽƋƵĞŶĂŵĞŵſƌŝĂ/DDŚĄĚƵĂƐĚŝǀŝƐƁĞƐ͘hŵĚĞƚĂůŚĞŝŶƚĞƌĞƐƐĂŶƚĞĠ
ƋƵĞĂǀŽůƚĂŐĞŵĚĂƐZĠϮ͘ϱs͕ĐŽŶƚƌĂϯ͘ϯsĚĂƐ/DD^ZD͘/ƐƐŽĚŝŵŝŶƵŝŽĐŽŶƐƵŵŽĚĞĞŶĞƌŐŝĂĞĂŵĞŶŝnjĂ
ĐŽŶƐŝĚĞƌĂǀĞůŵĞŶƚĞŽƐƉƌŽďůĞŵĂƐƌĞůĂĐŝŽŶĂĚŽƐăƚĞŵƉĞƌĂƚƵƌĂ͘WĂƌĂƵŵWŶŽƌŵĂů͕ŝƐƐŽƉŽĚĞĂƚĠŶĆŽĨĂnjĞƌŵƵŝƚĂ
ĚŝĨĞƌĞŶĕĂ͕ĐŽŶƚƵĚŽĨĂnjĞŵƵŵŶŽƚĞŬ͘ůĠŵĚŝƐƐŽ͕ĂƌĞĚƵĕĆŽĚĂǀŽůƚĂŐĞŵĚĞŝdžĂĂŵĞŵſƌŝĂŵĂŝƐƉƌŽƉşĐŝĂĂŽƐ
ŽǀĞƌĐůŽĐŬƐ*(%,8#-1'*&%*:"#9^]-32%*-'82-%+*&'*4"'3#00%&'")?
!"#$%&'S);'G'HX6$=1'67'878X%"&'SSI
KŐƌĂŶĚĞĚŝĨĞƌĞŶĐŝĂůĚĂƐŵĞŵſƌŝĂƐZĞƐƚĄŶŽĨĂƚŽĚĞůĂƐƉŽĚĞƌĞŵƌĞĂůŝnjĂƌŽĚŽďƌŽĚĞŽƉĞƌĂĕƁĞƐƉŽƌĐŝĐůŽĚĞ
ĐůŽĐŬ;ĞŵƉŽƵĐĂƐƉĂůĂǀƌĂƐ͕ĂǀĞůŽĐŝĚĂĚĞŶĂƋƵĂůŽƉƌŽĐĞƐƐĂĚŽƌƐŽůŝĐŝƚĂŽƉĞƌĂĕƁĞƐ͖ƵŵĂŵĞŵſƌŝĂZĚĞϮϲϲ
D,njƚƌĂďĂůŚĂ͕ŶĂǀĞƌĚĂĚĞ͕ĐŽŵϭϯϯD,nj͖ĐŽŵŽĞůĂƌĞĂůŝnjĂĚƵĂƐŽƉĞƌĂĕƁĞƐƉŽƌǀĞnj͕ĠĐŽŵŽƐĞƚƌĂďĂůŚĂƐƐĞĂϮϲϲ
UF$*.*'*&'6"')?
ƐŵĞŵſƌŝĂƐZƐĆŽŵƵŝƚŽƉĂƌĞĐŝĚĂƐĐŽŵĂƐŵĞŵſƌŝĂƐ/DDĚĞϭϲϴƉŝŶŽƐ͘sĞũĂŽƉŽƌƋƵġ͗ŽƐƉĞŶƚĞƐĚĞŵĞ=
ŵſƌŝĂƐ/DDĞZĨĂnjĞŵƵƐŽĚĂƚĞĐŶŽůŽŐŝĂ^ZD͘ŵďŽƐŽƐƟƉŽƐƐĆŽĚŝǀŝĚŝĚŽƐůŽŐŝĐĂŵĞŶƚĞĞŵďĂŶĐŽƐ͕
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ŽŶĚĞĐĂĚĂƵŵĐŽŶƚĠŵƵŵĂĚĞƚĞƌŵŝŶĂĚĂƋƵĂŶƟĚĂĚĞĚĞĞŶĚĞƌĞĕŽƐĚĞŵĞŵſƌŝĂĚŝƐƉŽŶşǀĞŝƐ͘ĂĚĂďĂŶĐŽ͕ƉŽƌ
ƐƵĂǀĞnj͕ƐĞĚŝǀŝĚĞĞŵĐŽŵďŝŶĂĕƁĞƐĚĞůŝŶŚĂƐĞĐŽůƵŶĂƐ͘ĐĞƐƐĂŶĚŽƵŵĂůŝŶŚĂĞƵŵĂĐŽůƵŶĂĚĞƵŵďĂŶĐŽĠƋƵĞ
ƐĞĂĐĞƐƐĂƵŵĞŶĚĞƌĞĕŽĚĞŵĞŵſƌŝĂ͘ĞŶƚƌŽĚĞĐĂĚĂďĂŶĐŽ͕ƐŽŵĞŶƚĞƵŵůŝŶŚĂƉŽĚĞƐĞƌƵƐĂĚĂƉŽƌǀĞnj͕ƚŽĚĂǀŝĂ
ĠƉŽƐƐşǀĞůƋƵĞŚĂũĂŵĂŝƐĚĞƵŵĂĐĞƐƐŽƐŝŵƵůƚąŶĞŽ͕ĚĞƐĚĞƋƵĞƐĞũĂĂĞŶĚĞƌĞĕŽƐĚŝĨĞƌĞŶƚĞƐ͘ŝƐƐŽƋƵĞĂŵĞŵſƌŝĂ
ZĨĂnj͗ďĂƐŝĐĂŵĞŶƚĞĂĐĞƐƐĂĚƵĂƐůŝŶŚĂƐ͕ĞŵǀĞnjĚĞƵŵĂ͕ŶĆŽƐĞŶĚŽƉƌĞĐŝƐŽŵƵĚĂƌĂĞƐƚƌƵƚƵƌĂĚĂŵĞŵſƌŝĂ͘
W%01%* :%$#"* %+D,-0* %@,01#0* #8* 32"3,21'0.* 3"2%-&'* 37240#10* 3'8* 3'-1"'+%&'"#0* &#* 8#8B"2%* 9,#* 3'-02D%8* :%$#"*
ĂĐĞƐƐŽƐĚĞƐƐĞƟƉŽ͘
hŵĨĂƚŽŝŵƉŽƌƚĂŶƚĞĂĐŝƚĂƌ͕ĐĂƌĂĐƚĞƌşƐƟĐŽĚĂƉƌſƉƌŝĂŵĞŵſƌŝĂ͕ĠĂŝŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞĂĐĞƐƐĂƌŵĂŝƐĚĞϮĞŶĚĞ=
ƌĞĕŽƐĚĞŵĞŵſƌŝĂƐŝŵƵůƚĂŶĞĂŵĞŶƚĞ͘/ƐƐŽŐĞƌĂƌşĂĐƵƐƚŽƐďĞŵŵĂŝŽƌĞƐ͘ůĠŵĚŝƐƐŽ͕ƋƵĂŶƚŽŵĂŝŽƌĂƋƵĂŶƟĚĂĚĞ
ĚĞĚĂĚŽƐƚƌĂŶƐĨĞƌŝĚŽƐ͕ŵĂŝŽƌŽŶşǀĞůĚĞƌƵşĚŽĞůĞƚƌŽŵĂŐŶĠƟĐŽ;ŽƋƵĞƉŽĚĞƌĞƉƌĞƐĞŶƚĂƌƉĞƌĚĂĞŶĞĐĞƐƐŝĚĂĚĞĚĞ
"#1"%-082005'*&#*&%&'0)?
ůŐŽŝŵƉŽƌƚĂŶƚĞĚĞĨƌŝƐĂƌĠƋƵĞĂŶŽŵĞŶĐůĂƚƵƌĂĚĂƐŵĞŵſƌŝĂƐ/DDĨĂĐŝůŝƚĂǀĂŵĂŝŶĚŝĐĂĕĆŽĚĂǀĞůŽĐŝĚĂĚĞĚĞ
ƐĞƵĨƵŶĐŝŽŶĂŵĞŶƚŽ͕ĂŽĐŽŶƚƌĄƌŝŽĚĂŶŽŵĞŶĐůĂƚƵƌĂĚĂƐŵĞŵſƌŝĂƐZĞŵƋƵĞŝƐƐŽŶĆŽŽĐŽƌƌĞ͘
džĞŵƉůŽ͗ŶƵŵĂŵĞŵſƌŝĂ^ZDWͲϭϯϯ͕ŽŶƷŵĞƌŽ͞ϭϯϯ͟ƐŝŐŶŝĮĐĂƋƵĞĂŵĞŵſƌŝĂƚƌĂďĂůŚĂĂϭϯϯD,nj͘YƵĂŶĚŽ
ǀŽĐġĞŶĐŽŶƚƌĂƵŵĂŵĞŵſƌŝĂZWͲϭϲϬϬŶĆŽƐŝŐŶŝĮĐĂƋƵĞĞůĂƚƌĂďĂůŚĂĂϭϲϬϬD,nj͘ƐƐĞǀĂůŽƌŝŶĚŝĐĂĂƚĂdžĂĚĞ
ƚƌĂŶƐĨĞƌġŶĐŝĂĚĞDƉŽƌƐĞŐƵŶĚŽ͘ƚĂďĞůĂ͘ϭŵŽƐƚƌĂŵĂŝƐĚĞƚĂůŚĞƐƐŽďƌĞŝƐƐŽ͗
:4.T1/6
O4@20/7674
^ZDWͲϭϬϬ
ϴϬϬDͬƐ
^ZDWͲϭϯϯ
ϭ͘ϬϲϰDͬƐ
ZͲϮϬϬŽƵWͲϭϲϬϬ
ϭ͘ϲϬϬDͬƐ
ZͲϮϲϲŽƵWͲϮϭϬϬ
Ϯ͘ϭϬϬDͬƐ
ZͲϯϯϯŽƵWͲϮϳϬϬ
Ϯ͘ϳϬϬDͬƐ
ZZͲϰϬϬŽƵWͲϯϮϬϬ
ϯ͘ϮϬϬDͬƐ
ƵĂůZͲϮϮϲ
ϰ͘ϮϬϬDͬƐ
P,%+*&&"*=*MMM
ϱ͘ϰϬϬDͬƐ
ƵĂůZͲϰϬϬ
ϲ͘ϰϬϬDͬƐ
J&27=&'S*'G'J&Y&'67':%&-4B7%T-5"&'91%':"91'67'878X%"&
/$=(+&,)II4`)(@)I@,-)II4
ƐŵĞŵſƌŝĂƐĚŽƟƉŽƵĂůZĨƵŶĐŝŽŶĂŵďĂƐĞĂĚĂƐŶĂƐĞŐƵŝŶƚĞŝĚĠŝĂ͗ĞŵǀĞnjĚĞƵƟůŝnjĂƌƵŵĂƷŶŝĐĂĐŽŶƚƌŽůĂĚŽƌĂ
4%"%*%3#00%"*1'&'0*'0*0+'10*&#*8#8B"2%*&%*4+%3%=85#.*4'"*9,#*-5'*,0%"*&,%0*3'-1"'+%&'"%0*%'*8#08'*1#84'Y*
ƐƐĂĠĂƉƌŝŶĐŝƉĂůĚŝĨĞƌĞŶĕĂĚŽĞƐƋƵĞŵĂƵĂůZ͘ƐŵĞŵſƌŝĂƐĂƚƵĂŝƐƐĞŐƵĞŵŽƉĂĚƌĆŽĚĞϲϰďŝƚƐ*#*05'*%+'=
3%&%0*#8*6%-3'0?*K0%-&'*&,%0*3'-1"'+%&'"%0*028,+1%-#%8#-1#.*'*%3#00'*4%00%*%*0#"*&#*ILZ*ďŝƚƐ?*!%"%*,0%"*'*
ƌĞĐƵƌƐŽƵĂůZ͕ĠƌĞĐŽŵĞŶĚĄǀĞůƵƐĂƌĚŽŝƐƉĞŶƚĞƐĚĞŵĞŵſƌŝĂŝĚġŶƟĐŽƐŶŽĐŽŵƉƵƚĂĚŽƌ͕ĞŵďŽƌĂŶĂĚĂŝŵƉĞĕĂ
ŽƵƐŽĚĞƵŵĂƋƵĂŶƟĚĂĚĞĚŝĨĞƌĞŶƚĞ͘ďŽŵƋƵĞĞƐƐĂŝŐƵĂůĚĂĚĞŽĐŽƌƌĂ͕ŝŶĐůƵƐŝǀĞ͕ĐŽŵĂŵĂƌĐĂ͕ƉĂƌĂĞǀŝƚĂƌŝŶƐƚĂ=
62+2&%&#0?
WĂƌĂĞŶƚĞŶĚĞƌŵĞůŚŽƌ͕ŝŵĂŐŝŶĞƋƵĞǀŽĐġƵƐĞĚŽŝƐƉĞŶƚĞƐĚĞϮϱϲDĚĞŵĞŵſƌŝĂZDZͲϯϯϯĞŵƐĞƵĐŽŵƉƵ=
1%&'"?*R*3'84,1%&'"*1"%6%+7%">*3'8*'0*&'20*4#-1#0*3'8'*0#-&'*,8*;-23'*3'-@,-1'*&#*OIL*UW*3'8*6%""%8#-1'*
&#*VN*ďŝƚƐ;ŽƵƐĞũĂ͕Ϯ͘ϳϬϬDƉŽƌƐĞŐƵŶĚŽͿ͘ƐƐĂĐŽŶĮŐƵƌĂĕĆŽĨƵŶĐŝŽŶĂŶĚŽŶŽĞƐƋƵĞŵĂƵĂůZĨĂƌĄĐŽŵƋƵĞ
'*6%""%8#-1'*4%00#*%*0#"*&#*ILZ*ďŝƚƐ͕ĂƵŵĞŶƚĂŶĚŽĂǀĞůŽĐŝĚĂĚĞƉĂƌĂϱ͘ϰϬϬDƉŽƌƐĞŐƵŶĚŽ͘
WĂƌĂƚƌĂďĂůŚĂƌĐŽŵƵĂůZŶĆŽďĂƐƚĂĐŽůŽĐĂƌĚŽŝƐƉĞŶƚĞƐĚĞŵĞŵſƌŝĂŝĚġŶƟĐŽƐŶŽĐŽŵƉƵƚĂĚŽƌ͘ŶĞĐĞƐƐĄƌŝŽ
ƋƵĞƐƵĂƉůĂĐĂͲŵĆĞƚĞŶŚĂĞƐƐĞƌĞĐƵƌƐŽ͘ůĠŵĚŝƐƐŽ͕ŽĞƐƋƵĞŵĂƵĂůZƐſƐĞƚŽƌŶĂ͕ƌĞĂůŵĞŶƚĞĞĮĐŝĞŶƚĞƐĞƵƟ=
ůŝnjĂĚŽĐŽŵƉƌŽĐĞƐƐĂĚŽƌĞƐ/ŶƚĞůWĞŶƟƵŵϰ͕DƚŚůŽŶyWŽƵƐƵƉĞƌŝŽƌĞƐ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
DĞƐŵŽƋƵĞĂƉůĂĐĂͲŵĆĞĚĞƐĞƵĐŽŵƉƵƚĂĚŽƌƐƵƉŽƌƚĞĞƐƐĞƌĞĐƵƌƐŽ͕ƵŵĂĚŝĐĂŝŶƚĞƌĞƐƐĂŶƚĞĠĐŽŵƉƌĂƌƵŵŬŝƚ*4%"%*
ƵĂůZ͘ƐƐĞƉĂĐŽƚĞĐŽŶƚĠŵƉĞŶƚĞƐĚĞŵĞŵſƌŝĂZƉƌſƉƌŝŽƐƉĂƌĂĨƵŶĐŝŽŶĂƌĐŽŵŽƵĂů͘^ĞǀŽĐġĐŽŵƉƌĂƌ
ŵſĚƵůŽƐĚĞŵĞŵſƌŝĂZŝŐƵĂŝƐ͕ŵĂƐƋƵĞǀĞŶŚĂŵƐĞƉĂƌĂĚŽƐ͕ŽĨƵŶĐŝŽŶĂŵĞŶƚŽƉŽĚĞƐĞƌŶŽƌŵĂů͕ŵĂƐĂƐĐŚĂŶ=
ĐĞƐĚĞŝŶƐƚĂďŝůŝĚĂĚĞĂƵŵĞŶƚĂŵ͘/ƐƐŽŽĐŽƌƌĞƉƌŝŶĐŝƉĂůŵĞŶƚĞĐŽŵŽƉĂĚƌĆŽZͲϰϬϬ͘ĐůĂƌŽƋƵĞŽƐŬŝƚƐ*05'*8%20*
3%"'0.*4"2-324%+8#-1#*-'*W"%02+?
WĂƌĂƋƵĞŚĂũĂƵŵĂĐŽŵƉƌĞĞŶƐĆŽŵĞůŚŽƌƐŽďƌĞŽƐĂƐƉĞĐƚŽƐŵĞĐąŶŝĐŽƐ;ĚŝŵĞŶƐƁĞƐİƐŝĐĂƐͿĞŶƚƌĞŽƐĚŽŝƐĨŽƌŵĂƚŽƐ
ĂƚƵĂŝƐĚĞŵĞŵſƌŝĂZDƋƵĞĞƋƵŝƉĂŵŽƐŵŝĐƌŽƐŶŽƉĂĚƌĆŽĂƚƵĂů͕ǀĞũĂĂĮŐƵƌĂ͘ϯ͘
!"#$%&'S)@'G'?189&%&/Z74'875[-"5&4'7-:%7'14'8X6$=14'67'878X%"&4
.+,)()42/
U#8B"2%*&ůĂƐŚĠƵŵĂŵĞŵſƌŝĂĚĞĐŽŵƉƵƚĂĚŽƌĚŽƟƉŽWZKDƋƵĞƉĞƌŵŝƚĞƋƵĞŵƷůƟƉůŽƐĞŶĚĞƌĞĕŽƐƐĞũĂŵ
ĂƉĂŐĂĚŽƐŽƵĞƐĐƌŝƚŽƐŶƵŵĂƐſŽƉĞƌĂĕĆŽ͘ŵƚĞƌŵŽƐůĞŝŐŽƐ͕ƚƌĂƚĂͲƐĞĚĞƵŵĐŚŝƉƌĞͲĞƐĐƌĞǀşǀĞůƋƵĞ͕ĂŽĐŽŶƚƌĄƌŝŽ
ĚĞƵŵĂZD͕ƉƌĞƐĞƌǀĂŽƐĞƵĐŽŶƚĞƷĚŽƐĞŵĂŶĞĐĞƐƐŝĚĂĚĞĚĞĨŽŶƚĞĚĞĂůŝŵĞŶƚĂĕĆŽ͘ƐƚĂŵĞŵſƌŝĂĠĐŽŵƵŵĞŶƚĞ
ƵƐĂĚĂĞŵĐĂƌƚƁĞƐĚĞŵĞŵſƌŝĂĚƌŝǀĞƐŇĂƐŚ(WĞŶƌŝǀĞƐ)*#*2!'&*?
hŵĨĂƚŽŝŵƉŽƌƚĂŶƚĞĂƐĞƌĐŝƚĂĚŽĠƋƵĞ͕ĂƚƵĂůŵĞŶƚĞ͕ƵƐĂͲƐĞƵŵƟƉŽĚŝĨĞƌĞŶƚĞĚĞŵĞŵſƌŝĂZKD͘dƌĂƚĂͲƐĞĚĂ&ůĂƐŚ
ZKD͕ƵŵƟƉŽĚĞĐŚŝƉĚĞŵĞŵſƌŝĂƉĂƌĂ/K^ĚĞĐŽŵƉƵƚĂĚŽƌƋƵĞƉĞƌŵŝƚĞƋƵĞĞƐƚĂƐĞũĂĂƚƵĂůŝnjĂĚĂĂƚƌĂǀĠƐĚĞ
ƐŽŌǁĂƌĞƐĂƉƌŽƉƌŝĂĚŽƐ͘ƐƐĂĂƚƵĂůŝnjĂĕĆŽƉŽĚĞƐĞƌĨĞŝƚĂƉŽƌĚŝƐƋƵĞƚĞŽƵ͕ĂƚĠŵĞƐŵŽƉĞůŽƐŝƐƚĞŵĂŽƉĞƌĂĐŝŽŶĂů͘
b,&'*&#4#-&#*&'0*"#3,"0'0*9,#*'*:%6"23%-1#*&%*4+%3%=85#*#8*9,#015'*&204'-262+2$%?
&ůĂƐŚZD͕ƚĂŵďĠŵĐŽŵĞĕĂĂƐĞƌĐŚĂŵĂĚĂĚĞĚŝƐĐŽƐſůŝĚŽ͕ƉĞůŽŐƌĂŶĚĞĨƵƚƵƌŽƋƵĞƚĞŵ͕ũĄƋƵĞĂůĠŵĚĞƐĞƌ
ŵƵŝƚŽŵĂŝƐƌĞƐŝƐƚĞŶƚĞƋƵĞŽƐĚŝƐĐŽƐƌşŐŝĚŽƐĂƚƵĂŝƐ͕ĂƉƌĞƐĞŶƚĂŵĞŶŽƌĐŽŶƐƵŵŽ͕ŵĂŝŽƌĞƐƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂ͕
ůĂƚġŶĐŝĂƐĞƉĞƐŽŵƵŝƚŽŵĂŝƐďĂŝdžŽƐ͘ŚĞŐĂĂƵƟůŝnjĂƌĂƉĞŶĂƐϱйĚŽƐƌĞĐƵƌƐŽƐŶŽƌŵĂůŵĞŶƚĞĞŵƉƌĞŐĂĚŽƐŶĂĂůŝ=
ŵĞŶƚĂĕĆŽĚĞĚŝƐĐŽƐƌşŐŝĚŽƐ͘:ĄĠƵƟůŝnjĂĚŽĞŵŶŽƚĞŬƐ͕ĞƐĞƌĄĞdžƉĂŶĚŝĚĂƉĂƌĂĂǀĞƌƐĆŽĚĞƐŬƚŽƉŶŽƐƉƌſdžŝŵŽƐ
O*%-'0?
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
$,+,0,)("+&1,%N+&,
ĂͿപKƚĞŵĂĠ͗WĞƐƋƵŝƐĞƐŽďƌĞŽƐĂƐƉĞĐƚŽƐƋƵĞĞŶǀŽůǀĞŵĞƌƌŽƐůſŐŝĐŽƐĞŵŵĞŵſƌŝĂƐƌĞƐƉŽŶĚĞŶĚŽĂƉĞƌŐƵŶƚŽ͗
ͻ KƋƵĞĠ͍
ͻ hƐĞĂďŝďůŝŽŐƌĂĮĂĚŝƐƉŽŶŝďŝůŝnjĂĚĂĞĞŵƐŝƚĞƐƌĞůĂĐŝŽŶĂĚŽƐ͘
5'(-@;<()0,)42/
H?%+(0@;<(
ŵĞŵſƌŝĂƚĞŵƵŵƉĂƉĞůĞdžƚƌĞŵĂŵĞŶƚĞŝŵƉŽƌƚĂŶƚĞŶĂĞǀŽůƵĕĆŽĚŽƐĐŽŵƉƵƚĂĚŽƌĞƐ͕ƵŵĂǀĞnjƋƵĞĠƌĞƐƉŽŶƐĄǀĞů
ƉŽƌ͞ĐŽŶǀĞƌƐĂƌ͟ĚŝƌĞƚĂŵĞŶƚĞĐŽŵĂWhĞƋƵĂŶƚŽŵĂŝƐĞƐƉĂĕŽĂZDƉŽƐƐƵŝƌ͕ŵĂŝƐƌŽƟŶĂƐƉŽĚĞŵƐĞƌĂƌŵĂnjĞ=
-%&%0*4%"%*%,8#-1%"*%*<#+'32&%&#*3'8*9,#*'0*4"'D"%8%0*05'*3%""#D%&'0?
ĞǀŽůƵĕĆŽĚĂZDĞƐƚĄůŝŐĂĚĂĚŝƌĞƚĂŵĞŶƚĞăWhĞĂŵďŽƐƐĞŐƵĞŵŽŵĞƐŵŽĐĂŵŝŶŚŽ͕ƉŽŝƐƵŵĚĞƉĞŶĚĞĚŽ
ŽƵƚƌŽƉĂƌĂ͞ƐŽďƌĞǀŝǀĞƌ͘͟KƉƌŝŵĞŝƌŽĐŚŝƉĚĞŵĞŵſƌŝĂƚĞǀĞŝŶşĐŝŽĞŵŵĞĂĚŽƐĚĞϭϵϳϬĐŽŵŽŶŽŵĞ/W;ƵĂů/ŶͲ
ͲůŝŶĞWĂĐŬĂŐĞͿ͘ŽŶĮƌĂĂĞǀŽůƵĕĆŽĚĂZDĐŽŶĨŽƌŵĞĂƐĞƋƺġŶĐŝĂĚŽŵĞŶƵ?
IH3)S!/,+$0123&14$%,'5,64T
&ĂďƌŝĐĂĚŽĞŵϭϵϳϬƉĂƌĂƐĞƌƵƐĂĚŽĚŝƌĞƚĂŵĞŶƚĞŶĂƉůĂĐĂͲŵĆĞĐŽŵŽĐŝƌĐƵŝƚŽŝŶƚĞŐƌĂĚŽ͘ƌĂĚŝƐƉŽŶşǀĞůƉĂƌĂŽƐ
ĨĂŵŽƐŽƐƉƌŽĐĞƐƐĂĚŽƌĞƐϴϬϴϬ͘^ƵĂĐĂƉĂĐŝĚĂĚĞĐŚĞŐĂǀĂĞŵƚŽƌŶŽĚŽƐ<Ğ͕ƉĂƌĂŽďƚĞƌŵĂŝƐĞƐƉĂĕŽĚĞĂƌŵĂnjĞŶĂ=
ŵĞŶƚŽ͕ĞƌĂŵƵƐĂĚĂƐƉůĂĐĂƐĐŽŵϯϯϬĐŚŝƉƐ*4%"%*3'-0#D,2"*%4#-%0*N*UW?
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'S)E'G'?C"9'9&6%01'SFD
6H33)S7&16+4$012+&14$%&1$%,'5,64T
A'-0201#*&#*4#9,#-'0*ĐŚŝƉƐ*9,#*05'*284+#8#-1%&'0*#8*4#9,#-%0*4+%3%0*3'8*42-'0*9,#*05'*3'-#31%&'0*H*4+%3%=
ͲŵĆĞ͘ƌĂƵƐĂĚŽŶŽƐĐŽŵƉƵƚĂĚŽƌĞƐďĂƐĞĂĚŽƐŶŽƐŝƐƚĞŵĂϴϬϮϴϲĞƉŽƐƐƵşĂϯϬƉŝŶŽƐĚĞĐŽŶĞdžĆŽ͘
!"#$%&'S)O'G'HX6$=1'9&6%01'LFDD
6H//)S7&16+4$012+&14$849":-$8";/+4T
^ƵƌŐŝƵĐŽŵŽƐƵďƐƟƚƵƚŽĚŽ^/WW͘ĞǀŝĚŽăĨŽƌŵĂĨĄĐŝůĚĞĐŽŶĞdžĆŽĐŽŵĂƉůĂĐĂͲŵĆĞ͘WŽƐƐƵşĂĚŽŝƐŵŽĚĞůŽƐ͗ĐŽŵϯϬ
ƉŝŶŽƐĞŽƵƚƌŽĐŽŵϳϮƉŝŶŽƐ͘^ƵĂĐĂƉĂĐŝĚĂĚĞĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽǀĂƌŝĂǀĂĞŶƚƌĞϮϱϲ<ĞϭD͘ŵϭϵϵϳ͕ĂǀĞƌƐĆŽ
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ĚĞϳϮƉŝŶŽƐƐƵďƐƟƚƵŝƵĚĞĮŶŝƟǀĂŵĞŶƚĞĂĚĞϯϬƉŝŶŽƐ͘
!"#$%&'S)P'G'HX6$=1'LFHH
IH//)S!/,+$012+&14$849":-$8";/+4T
ĚŝĨĞƌĞŶĕĂĚŽ^/DDĞĚŽ/DDĠĂĨŽƌŵĂĐŽŵŽŽƐĚĂĚŽƐƐĆŽƚƌĂŶƐĨĞƌŝĚŽƐ͘ŶƋƵĂŶƚŽŽ^/DDƵƟůŝnjĂϯϮďŝƚƐĚĞ
ĚĂĚŽƐ͕Ž/DDĐĂƌƌĞŐĂϲϰďŝƚƐ͕ŽĚŽďƌŽĚĞŝŶĨŽƌŵĂĕĆŽ͘KŵŽĚĞůŽ/DDĞƐƚĄƉƌĞƐĞŶƚĞŶĂƐŵĞŵſƌŝĂƐĂƚƵĂŝƐZ͘
KƉƌŝŵĞŝƌŽŵŽĚĞůŽďĂƐĞĂĚŽŶĞƐƐĂĞƐƚƌƵƚƵƌĂĨŽŝĂ^ZDĞƉŽƐƐƵŝĂϭϲϴƉŝŶŽƐ͘
!!
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'S)Q'G'HX6$=1'SFHH
4,="@>)(@)4I42/)S<,9=/)$!-1,9&'$<>8$849":-T
ĞƐĞŶǀŽůǀŝĚĂƉĞůĂ/ŶƚĞůƉĂƌĂƐĞƌƵƐĂĚĂŝŶŝĐŝĂůŵĞŶƚĞĐŽŵƐĞƵƐƉƌŽĐĞƐƐĂĚŽƌĞƐ͘ƉƌŝŵĞŝƌĂƉůĂĐĂͲŵĆĞĂƚĞƌƐƵƉŽƌƚĞ
ƉĂƌĂĂƚĞĐŶŽůŽŐŝĂĨŽŝĞŵϭϵϵϵƉĂƌĂŽŵŽĚĞůŽWϴϬϬZZDĐŽŵǀĞůŽĐŝĚĂĚĞĚĞϴϬϬD,nj͘ƉĞƐĂƌĚĞƐĞƌƵŵĂ
#X3#+#-1#*8#8B"2%.*3'8'*'0*:%6"23%-1#0*4"#320%<%8*4%D%"*ƌŽLJĂůƟĞƐ.*%3%6',*%'0*4',3'0*4#"&#-&'*8#"3%&'?
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'S)R'G'HX6$=1'ISI\H
II4)6I42/)S!"/=+42!,#,2<,#4$7-1'(:"1"/)$!-1,9&'$<,9;"9$>''4))$842
9":-T
WĂƌĂƐƵďƐƟƚƵŝƌĂZĂŵďƵƐĞĂĐĂďĂƌĐŽŵĂĐŽďƌĂŶĕĂĚĞƌŽLJĂůƟĞƐĚĂ/ŶƚĞů͕ĚĞƐĞŶǀŽůǀĞĚŽƌĞƐĚĞƉůĂĐĂƐͲŵĆĞĐŽŵĞ=
ĕĂƌĂŵĂĞdžŝŐŝƌŽƵƐŽĚĂZ͘ƐƐŝŵ͕ŽƉƌĞĕŽƉĂƌĂŽĐŽŶƐƵŵŝĚŽƌĮŶĂůƐĞƌŝĂďĞŵŵĞŶŽƌĞŵĐŽŵƉĂƌĂĕĆŽĂŽƵƐŽĚĂ
ZĂŵďƵƐ͘ƉƌŝŵĞŝƌĂǀĞƌƐĆŽZƉŽƐƐƵşĂϭϴϰƉŝŶŽƐĞǀĞůŽĐŝĚĂĚĞŝŶŝĐŝĂůĚĞϮϬϬDŚnj͘
!"#$%&'S)U'G'HX6$=1'SSI
II4)`)6I42/
^ĞŐƵŶĚĂǀĞƌƐĆŽĚĂZ͘ĚŝĨĞƌĞŶĕĂĞŶƚƌĞĞůĂƐĞƐƚĂŶĂǀĞůŽĐŝĚĂĚĞ͕ƋƵĞ͕ŶŽĐĂƐŽĚĂZϮ͕ĐĂĚĂĐŚŝƉ*1#8*'*&'6"'*
ĚĞǀĞůŽĐŝĚĂĚĞĚĂZ͘^ĞƵƵƐŽĞƐƚĄĐŽŵĞĕĂŶĚŽĂĞŵƉůĂĐĂƌĞĠĞŶĐŽŶƚƌĂĚŽƉƌŝŶĐŝƉĂůŵĞŶƚĞŶŽƐŶŽǀŽƐƉƌŽĐĞƐƐĂ=
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ĚŽƌĞƐ/ŶƚĞůĞD͘EǀŝĚŝĂĨŽŝĂƉƌŝŵĞŝƌĂĞŵƉƌĞƐĂĚĞƉůĂĐĂƐĚĞǀşĚĞŽĂƵƟůŝnjĂƌĂZϮĞŵƐƵĂĨĂďƌŝĐĂĕĆŽ͘
!"#$%&'S)*W'G'HX6$=1'SSI';
II4a)6I42/
ƐƐĂŵĞŵſƌŝĂĂŝŶĚĂŶĆŽĞƐƚĄĞŵƉƌŽĚƵĕĆŽĐŽŵĞƌĐŝĂů͕ĞƐƵĂĨĂďƌŝĐĂĕĆŽĠĨĞŝƚĂĂƉĞŶĂƐĞŵĨŽƌŵĂĚĞƚĞƐƚĞ͘Zϯ
ƚĞŵĂŝŶƚĞŶĕĆŽĚĞƌĞĚƵnjŝƌŽĐŽŶƐƵŵŽĞůĠƚƌŝĐŽĞŵĂƚĠϰϬйĞŵƌĞůĂĕĆŽăZϮ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'S)**'G'HX6$=1'SSI'@
"%&'&0,0$
ƵƌĂŶƚĞŽƵĂƉſƐŽĐŚĂƚ͞>ĂŶĕĂŵĞŶƚŽĚĞYƵĞƐƚƁĞƐKďũĞƟǀĂƐ͟ĞŶǀŝĞĂƐƵĂWĞƐƋƵŝƐĂƐŽďƌĞDĞŵſƌŝĂĂƚƌĂǀĠƐĚĞƐƚĂ
:#""%8#-1%?
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
"+#&$&,
,
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
)P2442/578!6
H?%+(0@;<(
W%""%8#-1'0*05'.*6%023%8#-1#.*,8*3'-@,-1'*&#*02-%20*&2D21%20*3'8*'0*9,%20*'*4"'3#00%&'"*3'8,-23%=0#*3'8*'*
0#,*#X1#"2'".*',*0#@%.*3'8*%*8#8B"2%.*ĐŚŝƉƐĚĂƉůĂĐĂͲŵĆĞ͕ƉĞƌŝĨĠƌŝĐŽƐ͕ĞƚĐ͘
EĞƐƚĂƵŶŝĚĂĚĞ͕ǀĂŵŽƐĐŽŶŚĞĐĞƌŽďĂƌƌĂŵĞŶƚŽ/^ƋƵĞ͕ĂƉĞƐĂƌĚĞŶĆŽƐĞƌŵĂŝƐƵƟůŝnjĂĚŽĐŽŵĨƌĞƋƺġŶĐŝĂ͕ĞƐƚĞǀĞ
ƉƌĞƐĞŶƚĞŶĂŵĂŝŽƌƉĂƌƚĞĚŽƐĐŽŵƉƵƚĂĚŽƌĞƐ͖ŽďĂƌƌĂŵĞŶƚŽW/ĞŽ'W͕ƋƵĞĠƵƐĂĚŽĞdžĐůƵƐŝǀĂŵĞŶƚĞƉĂƌĂǀşĚĞŽ͘
WĂƌĂƋƵĞŽƐƉĞƌŝĨĠƌŝĐŽƐ;ƉůĂĐĂƐĞŵŐĞƌĂůͿƉŽƐƐĂŵƵƐĂƌƚĂŝƐďĂƌƌĂŵĞŶƚŽƐ͕ĠŶĞĐĞƐƐĄƌŝŽƋƵĞĐĂĚĂƉůĂĐĂ;ĚĞǀşĚĞŽ͕
&#*0'8.*ŵŽĚĞŵ͕ĞƚĐͿƐĞũĂĐŽŵƉĂơǀĞůĐŽŵƵŵĚĞƚĞƌŵŝŶĂĚŽƟƉŽĚĞďĂƌƌĂŵĞŶƚŽ͘^ĞŶĚŽĂƐƐŝŵ͕ƉĂƌĂƋƵĞŚĂũĂŽ
ƐĞƵƵƐŽ͕ĠŶĞĐĞƐƐĄƌŝŽĞŶĐĂŝdžĂƌĂƉůĂĐĂĞŵƵŵĐŽŶĞĐƚŽƌƉƌĞƐĞŶƚĞŶĂƉůĂĐĂͲŵĆĞ͕ĐŽŶŚĞĐŝĚŽƉŽƌƐůŽƚ?
ZĞƐƐĂůƚĂͲƐĞƋƵĞĐĂĚĂďĂƌƌĂŵĞŶƚŽƉŽƐƐƵŝƵŵĂĨŽƌŵĂĚĞƐůŽƚ*&2:#"#-1#?*/%*0#9,]-32%.*%4"#0#-1%"=0#=>*'*&#1%+7%=
8#-1'*&#*1%20*:'"8%0*&#*ƐůŽƚƐ?
P,++,=$?%()H62
KďĂƌƌĂŵĞŶƚŽ/^;/ŶĚƵƐƚƌLJ^ƚĂŶĚĂƌĚƌĐŚŝƚĞĐƚƵƌĞͿĠĨŽƌŵĂƚŽƉŽƌƐůŽƚƐ*9,#*1"%6%+7%8*3'8*Z*#*IV*ďŝƚƐ*4'"*<#$?*
ůĠŵĚŝƐƐŽ͕ĞŵƉůĂĐĂƐͲŵĆĞĂŶƟŐĂƐ͕ŽďĂƌƌĂŵĞŶƚŽ/^ĞƌĂƵƐĂĚŽŝŶƚĞƌŶĂŵĞŶƚĞƉĂƌĂĂĐŽŵƵŶŝĐĂĕĆŽĞŶƚƌĞŽƉƌŽ=
3#00%&'"*#*%+D,-0*ĐŚŝƉƐ*4"#0#-1#0*-%*4+%3%=85#?
K/^ƐƵƌŐŝƵŶŽĐŽŵƉƵƚĂĚŽƌ/DW͕ŶĂǀĞƌƐĆŽĚĞϴďŝƚƐĞ͕ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĐŚĞŐŽƵĂŽ/DWd͕ƉĂƐƐĂŶĚŽĂƵƐĂƌ
IV*ďŝƚƐĚĞĚĂĚŽƐƉŽƌǀĞnj;ƉƌŽǀĂŶĚŽƋƵĞƐĞƚƌĂƚĂĚĞƵŵďĂƌƌĂŵĞŶƚŽĂŶƟŐŽͿ͘ŽŵŽĞƐƐĞĐŽŵƉƵƚĂĚŽƌƚƌĂďĂůŚĂǀĂ
ĂƵŵĂǀĞůŽĐŝĚĂĚĞĚĞϴD,nj;ƉƌŽĐĞƐƐĂĚŽƌϮϴϲͿ͕Ž/^ŚĞƌĚŽƵĞƐƐĂƐĐĂƌĂĐƚĞƌşƐƟĐĂƐ͕ŽƵƐĞũĂ͕ƉĂƐƐŽƵĂƚƌĂďĂůŚĂƌ
ŶĞƐƚĂŵĞƐŵĂǀĞůŽĐŝĚĂĚĞ͘EŽďĂƌƌĂŵĞŶƚŽ/^͕ŽƐƉƌŽĐĞƐƐŽƐĚĞĞƐĐƌŝƚĂͬůĞŝƚƵƌĂƌĞƋƵĞƌŝĂŵƉĞůŽŵĞŶŽƐϮƉĞƌşŽĚŽƐ
&#*ĐůŽĐŬ͕ŽƋƵĞƉŽƐƐŝďŝůŝƚĂƌĞĂůŝnjĂƌŶŽŵĄdžŝŵŽϰŵŝůŚƁĞƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂƐĚĞĚĂĚŽƐƉŽƌƐĞŐƵŶĚŽ͘ŵŽƵƚƌĂƐƉĂ=
+%<"%0.*3%&%*1"%-0:#"]-32%*#01%<%*+2821%&%*%*IV*ďŝƚƐ͕ŽƋƵĞƉĞƌŵŝƟĂƵŵĂƚĂdžĂĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞ͕ŶŽŵĄdžŝŵŽ͕ϴ
UW*4'"*0#D,-&'?
hŵĨĂƚŽŝŶƚĞƌĞƐƐĂŶƚĞĠƋƵĞ͕ŶŽĂƵŐĞĚŽƉƌŽĐĞƐƐĂĚŽƌϮϴϲ͕ŵƵŝƚĂƐƉůĂĐĂƐͲŵĆĞƉŽƐƐƵşĂŵƵŵĂĐĞƌƚĂƋƵĂŶƟĚĂĚĞĚĞ
ƐůŽƚƐ/^ĚĞϭϲďŝƚƐĞĂƉĞŶĂƐĂůŐƵŶƐƐůŽƚƐ/^ĚĞϴďŝƚƐ͘^ĞŶĚŽĂƐƐŝŵ͕ƉůĂĐĂƐĐŽŵŽĂƐĚĞƐŽŵĞǀşĚĞŽ͕ƉŽƌĞdžĞŵƉůŽ͕
ƋƵĞƵƐĂǀĂŵƐůŽƚƐ/^ĚĞϭϲďŝƚƐ.*&#<2%8*0#"*3'-#31%&%0*#8*ƐůŽƚƐĚĞƐƐĞƟƉŽ͘EŽĞŶƚĂŶƚŽ͕ƉůĂĐĂƐĚĞϴďŝƚƐ*4'&2%8*
0#"*3'-#31%&%0*1%-1'*#8*0+'10*&#*Z*ďŝƚƐ.*3'8'*#8*ƐůŽƚƐ*&#*IV*ďŝƚƐ?*A'8'*3'-0#9^]-32%.*'*,0'*&#*ƐůŽƚƐ*&#*Z*ďŝƚƐ*
ĮŶĚŽƵͲƐĞ͕ũĄƋƵĞŶĆŽĨĂnjŝĂŵĂŝƐƐĞŶƟĚŽĨĂďƌŝĐĄͲůŽƐ͘
!"#$%&'<)*'G'!"#$'FL\
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
P,++,=$?%()3GH
ƌŝĂĚŽƉĞůĂ/ŶƚĞůŶĂĠƉŽĐĂĚŽĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚŽƉƌŽĐĞƐƐĂĚŽƌWĞŶƟƵŵ͕ŽďĂƌƌĂŵĞŶƚŽW/;WĞƌŝƉŚĞƌĂůŽŵƉŽͲ
ŶĞŶƚ/ŶƚĞƌĐŽŶŶĞĐƚͿĠƵƟůŝnjĂĚŽĂƚĠŚŽũĞ͘KŵŽƟǀŽĚĞƚĂŶƚŽƐƵĐĞƐƐŽƐĞĚĞǀĞăĐĂƉĂĐŝĚĂĚĞĚŽďĂƌƌĂŵĞŶƚŽĚĞƚƌĂ=
6%+7%"*%*ML*',*VN*ďŝƚƐ͕ŽƋƵĞŽĨĞƌĞĐŝĂĂůƚĂƐƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞĚĂĚŽƐ͘^ſƉĂƌĂĚĂƌƵŵĂŶŽĕĆŽ͕ƵŵƐůŽƚW/
&#*ML*ďŝƚƐƉŽĚĞƚƌĂŶƐĨĞƌŝƌĂƚĠϭϯϮDƉŽƌƐĞŐƵŶĚŽ͘KW/ƚĂŵďĠŵĨŽŝĐŽŶƐŝĚĞƌĂĚŽ͞ƌĞǀŽůƵĐŝŽŶĄƌŝŽ͟ƉŽƌƐƵƉŽƌƚĂƌ͕
ĂƚĠĞŶƚĆŽ͕ŽƉŽĚĞƌŽƐŽƌĞĐƵƌƐŽWůƵŐĂŶĚWůĂLJ;WŶWͿ͕ƋƵĞƉĞƌŵŝƟĂƋƵĞĂƉůĂĐĂŝŶƐƚĂůĂĚĂĞŵƵŵƐůŽƚW/ĨŽƐƐĞĂƵƚŽ=
ŵĂƟĐĂŵĞŶƚĞƌĞĐŽŶŚĞĐŝĚĂƉĞůŽĐŽŵƉƵƚĂĚŽƌ͘,ŽũĞĞŵĚŝĂ͕ŽƐƐůŽƚƐW/ƐƐĆŽƵƐĂĚŽƐƉŽƌǀĄƌŝŽƐƟƉŽƐĚĞƉĞƌŝĨĠƌŝĐŽƐ͕
ĐŽŵŽƉůĂĐĂƐĚĞǀşĚĞŽ͕ĚĞƐŽŵ͕ĚĞƌĞĚĞ͕ŵŽĚĞŵ͕ĂĚĂƉƚĂĚŽƌĞƐh^͕ĞŶƚƌĞŽƵƚƌŽƐ͘
ǀĞƌƐĆŽĚĞϲϰďŝƚƐĚŽW/͕ĐƵũŽƐůŽƚ*#"%*,8*4',3'*8%2'"*9,#*'0*ƐůŽƚƐ*&#*ML*ďŝƚƐ.*-,-3%*37#D',*%*0#"*4'4,+%"?*
^ĆŽƌĂƌĂƐĂƐƉůĂĐĂƐͲŵĆĞƋƵĞƵƐĂŵĞƐƐĞƟƉŽďĂƌƌĂŵĞŶƚŽ͘/ƐƐŽƉŽƌƋƵĞŽƐƐůŽƚƐ*&#*ML*ďŝƚƐ͕ĂůĠŵĚĞŵĂŝƐďĂƌĂƚŽƐ͕
ƚġŵƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂƐƵĮĐŝĞŶƚĞƐƉĂƌĂĂŵĂŝŽƌŝĂĚĂƐĂƉůŝĐĂĕƁĞƐ͘dĞŽƌŝĐĂŵĞŶƚĞ͕ĂǀĞůŽĐŝĚĂĚĞĚŽďĂƌƌĂŵĞŶƚŽ
W/ĞƋƵŝǀĂůĞăŵĞƚĂĚĞĚŽǀĂůŽƌĚŽĐůŽĐŬĞdžƚĞƌŶŽĚŽƉƌŽĐĞƐƐĂĚŽƌ͘EŽĞŶƚĂŶƚŽ͕ƐĂďĞͲƐĞƋƵĞĞƐƐĞǀĂůŽƌƚĂŵďĠŵĠ
ƐƵũĞŝƚŽăƐĞƐƉĞĐŝĮĐĂĕƁĞƐĚŽĐŚŝƉƐĞƚ*&%0*4+%3%0=85#?
!"#$%&'<);'G'!"#$'D?F
P,++,=$?%()2*3
sŝƐĂŶĚŽŽďƚĞƌƵŵĂŵĂŝŽƌƚĂdžĂĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĞŶƚƌĞĂƉůĂĐĂͲŵĆĞĞĂƐƉůĂĐĂƐĚĞǀşĚĞŽ;ƉƌŝŶĐŝƉĂůŵĞŶƚĞƉĂƌĂƵŵĂ
ŵĞůŚŽƌƉĞƌĨŽƌŵĂŶĐĞŶĂƐĂƉůŝĐĂĕƁĞƐϯͿ͕Ă/ŶƚĞůĚĞƐĞŶǀŽůǀĞƵƵŵďĂƌƌĂŵĞŶƚŽĞƐƉĞĐŝĂůŵĞŶƚĞƉĂƌĂĂĐŽŵƵŶŝĐĂĕĆŽ
ĐŽŵŽǀşĚĞŽ͗ŽďĂƌƌĂŵĞŶƚŽ'W;ĐĐĞůĞƌĂƚĞĚ'ƌĂƉŚŝĐƐWŽƌƚ)?
!"#$%&'<)@'G'L=1:'\]D
KƵƐŽĚĞƐƐĞďĂƌƌĂŵĞŶƚŽŝŶŝĐŝŽƵͲƐĞĂƚƌĂǀĠƐĚĞƉůĂĐĂƐͲŵĆĞƋƵĞƵƐĂǀĂŵŽĐŚŝƉƐĞƚŝϰϰϬ>y͕ĚĂ/ŶƚĞů͕ũĄƋƵĞĞƐƐĞ
37240#1*:'2*'*4"28#2"'*%*1#"*0,4'"1#*%'*E`!?
ƉƌŝŶĐŝƉĂůǀĂŶƚĂŐĞŵĚŽďĂƌƌĂŵĞŶƚŽ'WĠŽƵƐŽĚĞƵŵĂŵĂŝŽƌƋƵĂŶƟĚĂĚĞĚĞŵĞŵſƌŝĂƉĂƌĂĂƌŵĂnjĞŶĂŵĞŶƚŽ
ĚĞƚĞdžƚƵƌĂƐƉĂƌĂŽďũĞƚŽƐƚƌŝĚŝŵĞŶƐŝŽŶĂŝƐ͕ĂůĠŵĚĂĂůƚĂǀĞůŽĐŝĚĂĚĞŶŽĂĐĞƐƐŽĂĞƐƐĂƐƚĞdžƚƵƌĂƐƉĂƌĂĂƉůŝĐĂĕĆŽŶĂ
1#+%?
KƉƌŝŵĞŝƌŽ'W;ϭdžͿƚƌĂďĂůŚĂǀĂĂϭϯϯD,nj͕ŽƋƵĞƉƌŽƉŽƌĐŝŽŶĂǀĂƵŵĂǀĞůŽĐŝĚĂĚĞϰǀĞnjĞƐŵĂŝŽƌƋƵĞŽW/͘ůĠŵ
&200'.*0,%*1%X%*&#*1"%-0:#"]-32%*37#D%<%*%*LVV*UW*4'"*0#D,-&'*9,%-&'*'4#"%-&'*-'*#09,#8%*&#*<#+'32&%&#*
džϭ͕ĞĂϱϯϮDƋƵĂŶĚŽŶŽĞƐƋƵĞŵĂĚĞǀĞůŽĐŝĚĂĚĞϮdž;ŚŽũĞ͕ĠƉŽƐƐşǀĞůĞŶĐŽŶƚƌĂƌ'WƐĐŽŵǀĞůŽĐŝĚĂĚĞƐĚĞϰdžĞ
ϴdžͿ͘'ĞƌĂůŵĞŶƚĞ͕ƐſƐĞĞŶĐŽŶƚƌĂƵŵƷŶŝĐŽƐůŽƚŶĂƐƉůĂĐĂƐͲŵĆĞ͕ǀŝƐƚŽƋƵĞŽ'WƐŽŵĞŶƚĞĠƵƟůŝnjĂĚŽĞŵƉůĂĐĂƐ
ĚĞǀşĚĞŽ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'<)E'G'?189&%&/01'7-:%7'9=&5&4'D?F'7'\]D
8$A?(-(1&,)3GH)5CV+$>>
)H?%+(0@;<(
KĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚĞĐŽŵƉƵƚĂĚŽƌĞƐĐĂĚĂǀĞnjŵĂŝƐƌĄƉŝĚŽƐĞĞĮĐŝĞŶƚĞƐĠƌĞĂůŝĚĂĚĞŚĄŵƵŝƚŽƚĞŵƉŽ͘EŽƋƵĞƐĞ
"#:#"#*%'0*!A0*(WĞƌƐŽŶĂůŽŵƉƵƚĞƌͿ͕ƵŵĚŽƐƉƌŝŶĐŝƉĂŝƐŝŶĐĞŶƟǀĂĚŽƌĞƐĚĂďƵƐĐĂƉĞůĂŝŶŽǀĂĕĆŽƐĆŽĂƐĂƉůŝĐĂĕƁĞƐ
ŵƵůƟŵşĚŝĂ;ũŽŐŽƐ͕ǀşĚĞŽĞŵďŽĂĚĞĮŶŝĕĆŽ͕ĞƚĐͿ͘ĂĚĂǀĞnjŵĂŝƐƚĂŝƐĂƉůŝĐĂĕƁĞƐĚĞƉĞŶĚĞŵĚĞŚĂƌĚǁĂƌĞ*8%20*4'=
ĚĞƌŽƐŽ͘hŵĚŽƐĨƌƵƚŽƐĚĞƐƐĂĞǀŽůƵĕĆŽĠŽďĂƌƌĂŵĞŶƚŽW/džƉƌĞƐƐ͕ŽƐƵďƐƟƚƵƚŽĚŽďĂƌƌĂŵĞŶƚŽW/;WĞƌŝƉŚĞƌĂů
ŽŵƉŽŶĞŶƚ/ŶƚĞƌĐŽŶŶĞĐƚ)*#*&'*6%""%8#-1'*E`!*(ĐĐĞůĞƌĂƚĞĚ'ƌĂƉŚŝĐƐWŽƌƚ)?*T01#*#01,&'*8'01"%*%0*4"2-324%20*
ĐĂƌĂĐƚĞƌşƐƟĐĂƐĞĂůŐƵŶƐĚĞƚĂůŚĞƐƚĠĐŶŝĐŽƐ͘
P,++,=$?%()3GH)5CV+$>>
KƉĂĚƌĆŽW/ƐƵƌŐŝƵŶŽŝŶşĐŝŽĚĂĚĠĐĂĚĂĚĞϭϵϵϬĞƉŽƌŵĂŝƐĚĞϭϬĂŶŽƐĨŽŝŽďĂƌƌĂŵĞŶƚŽŵĂŝƐƵƟůŝnjĂĚŽƉĂƌĂĂĐŽ=
ŶĞdžĆŽĚĞĚŝƐƉŽƐŝƟǀŽƐĂŽĐŽŵƉƵƚĂĚŽƌ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞƉůĂĐĂƐĚĞǀşĚĞŽ͕ƉůĂĐĂƐĚĞƐŽŵ͕ƉůĂĐĂƐĚĞƌĞĚĞĞŵŽĚĞŵƐ͘
KďĂƌƌĂŵĞŶƚŽW/ƚƌĂďĂůŚĂĐŽŵϯϮďŝƚƐ*4'"*<#$*(8%0*7>*%+D,-0*ƐůŽƚƐW/ƋƵĞĨƵŶĐŝŽŶĂŵĂϲϰďŝƚƐ).*'*9,#*4#"821#*
ĂƟŶŐŝƌĂǀĞůŽĐŝĚĂĚĞĚĞϭϯϮDƉƐ͘
ŽŵŽĂƐĂƉůŝĐĂĕƁĞƐĞŵϯĞdžŝŐŝĂŵƚĂdžĂƐŵĂŝŽƌĞƐ͕ŽďĂƌƌĂŵĞŶƚŽ'WĨŽŝŝŶƐĞƌŝĚŽŶŽŵĞƌĐĂĚŽ͕ŽĨĞƌĞĐĞŶĚŽƚĂdžĂƐ
ƋƵĞǀĆŽĚĞϮϲϲDƉƐ;ŶŽƉĂĚƌĆŽ'WϭdžͿĂϮϭϮϴDƉƐ;ŶŽƉĂĚƌĆŽ'WϴdžͿ͘WƌĂƟĐĂŵĞŶƚĞƚŽĚĂƐĂƐƉůĂĐĂƐͲŵĆĞ
3'8*0,4'"1#*%*E`!*0B*4'00,#8*,8*ƐůŽƚĚĞƐƐĞƟƉŽ͕ũĄƋƵĞĠƵƐĂĚŽĞdžĐůƵƐŝǀĂŵĞŶƚĞƉŽƌƉůĂĐĂƐĚĞǀşĚĞŽ͘
KƉƌŽďůĞŵĂĠƋƵĞ͕ŵĞƐŵŽŽĨĞƌĞĐĞŶĚŽǀĞůŽĐŝĚĂĚĞƐĂĐŝŵĂĚĞϮ'ƉƐ͕ŽƐůŽƚ'WϴdžŶĆŽƐƵƉŽƌƚĂƌĄĂƉůŝĐĂĕƁĞƐƋƵĞ
ĞƐƚĆŽƉĂƌĂƐƵƌŐŝƌĞƋƵĞƉƌĞĐŝƐĂŵĚĞƚĂdžĂƐĂŝŶĚĂŵĂŝŽƌĞƐ͘ůĠŵĚŝƐƐŽ͕ƚĂŝƐĂƉůŝĐĂĕƁĞƐƉŽĚĞƌĆŽƚĞƌŽƵƚƌŽƐƌĞƋƵŝƐŝ=
ƚŽƐƋƵĞŽ'WŶĆŽŽĨĞƌĞĐĞ͘ŝŶĚĂ͕ĠŶĞĐĞƐƐĄƌŝŽĐŽŶƐŝĚĞƌĂƌƋƵĞ͕ĂƉĞƐĂƌĚŽ'WƚĞƌǀĂŶƚĂŐĞŶƐďĂƐƚĂŶƚĞƌĂnjŽĄǀĞŝƐ͕
ƐĞƵƵƐŽĠĚĞƐƟŶĂĚŽĂƉĞŶĂƐăƐĂƉůŝĐĂĕƁĞƐĚĞǀşĚĞŽ͘ĐŽŶƚĞĐĞƋƵĞƐŽŵĞƌĞĚĞ͕ƉŽƌĞdžĞŵƉůŽ͕ƚĂŵďĠŵĞǀŽůƵĞŵ͘
EĂďƵƐĐĂĚĞƵŵĂƐŽůƵĕĆŽƉĂƌĂĞƐƐĞƐƉƌŽďůĞŵĂƐ͕ĂŝŶĚƷƐƚƌŝĂĚĞƚĞĐŶŽůŽŐŝĂƚƌĂďĂůŚŽƵ;ĞƚƌĂďĂůŚĂͿŶŽďĂƌƌĂŵĞŶƚŽ
W/džƉƌĞƐƐ͕ĐƵũŽŶŽŵĞŝŶŝĐŝĂůĞƌĂϯ'/K͘dƌĂƚĂͲƐĞĚĞƵŵƉĂĚƌĆŽƋƵĞƉƌŽƉŽƌĐŝŽŶĂĂůƚĂƐƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞ
ĚĂĚŽƐĞŶƚƌĞŽĐŽŵƉƵƚĂĚŽƌĞŵƐŝĞƵŵĚŝƐƉŽƐŝƟǀŽ͕ƉŽƌĞdžĞŵƉůŽ͕ĞŶƚƌĞĂƉůĂĐĂͲŵĆĞĞƵŵĂƉůĂĐĂĚĞǀşĚĞŽϯ͘
ƚĞĐŶŽůŽŐŝĂ W/ džƉƌĞƐƐ ĐŽŶƚĂ ĐŽŵ Ƶŵ ƌĞĐƵƌƐŽ ƋƵĞ ƉĞƌŵŝƚĞ Ž ƵƐŽ ĚĞ ƵŵĂ ŽƵ ŵĂŝƐ ĐŽŶĞdžƁĞƐ ƐĞƌŝĂŝƐ͕ ŝƐƚŽ Ġ͕
͞ĐĂŵŝŶŚŽƐ͟;ƚĂŵďĠŵĐŚĂŵĂĚŽƐĚĞůĂŶĞƐͿƉĂƌĂƚƌĂŶƐĨĞƌġŶĐŝĂĚĞĚĂĚŽƐ͘^ĞƵŵĚĞƚĞƌŵŝŶĂĚŽĚŝƐƉŽƐŝƟǀŽ͕ƵƐĂƵŵ
ĐĂŵŝŶŚŽ͕ĞŶƚĆŽĚŝnjͲƐĞƋƵĞĞůĞƵƟůŝnjĂŽďĂƌƌĂŵĞŶƚŽW/džƉƌĞƐƐϭdž͖ƐĞƵƟůŝnjĂϰĐŽŶĞdžƁĞƐ͕ƐƵĂĚĞŶŽŵŝŶĂĕĆŽĠW/
džƉƌĞƐƐ*NX*#*%0028*4'"*&2%-1#?*A%&%*+%-#*4'&#*0#"*62&2"#32'-%+.*',*0#@%.*"#3#6#*#*#-<2%*&%&'0?
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ĂĚĂĐŽŶĞdžĆŽƵƐĂĚĂŶŽW/džƉƌĞƐƐ*1"%6%+7%*3'8*Z*ďŝƚƐƉŽƌǀĞnj͕ƐĞŶĚŽϰĞŵĐĂĚĂĚŝƌĞĕĆŽ͘ĨƌĞƋƺġŶĐŝĂƵƐĂĚĂ
ĠĚĞϮ͕ϱ',nj͕ŵĂƐĞƐƐĞǀĂůŽƌƉŽĚĞǀĂƌŝĂƌ͘ƐƐŝŵƐĞŶĚŽ͕ŽW/džƉƌĞƐƐϭdžĐŽŶƐĞŐƵĞƚƌĂďĂůŚĂƌĐŽŵƚĂdžĂƐĚĞϮϱϬ
DƉƐ͕ƵŵǀĂůŽƌďĞŵŵĂŝŽƌƋƵĞŽƐϭϯϮDĚŽƉĂĚƌĆŽW/͘
ƚƵĂůŵĞŶƚĞ͕ŽƉĂĚƌĆŽW/džƉƌĞƐƐƚƌĂďĂůŚĂĐŽŵĂƚĠϭϲdž͕ŽĞƋƵŝǀĂůĞŶƚĞĂϰϬϬϬDƉƐ͘ĞƌƚĂŵĞŶƚĞ͕ĐŽŵŽƉĂƐƐĂƌ
ĚŽƚĞŵƉŽ͕ĞƐƐĞůŝŵŝƚĞĂƵŵĞŶƚĂƌĄ͘ƚĂďĞůĂĂďĂŝdžŽŵŽƐƚƌĂŽƐǀĂůŽƌĞƐĚĂƐƚĂdžĂƐĚŽW/džƉƌĞƐƐĐŽŵƉĂƌĂĚĂƐăƐ
ƚĂdžĂƐĚŽƉĂĚƌĆŽ'W͗
'Wϭdž͗ϮϲϲDďƉƐ
'Wϰdž͗ϭϬϲϰDďƉƐ
'Wϴdž͗ϮϭϮϴDďƉƐ
=
W/džƉƌĞƐƐϭdž͗ϮϱϬDƉƐ
W/džƉƌĞƐƐϮdž͗ϱϬϬDƉƐ
W/džƉƌĞƐƐϴdž͗ϮϬϬϬDƉƐ
W/džƉƌĞƐƐϭϲdž͗ϰϬϬϬDƉƐ
J&27=&'<*G'?189&%&/01'7-:%7'&4':&Y&4'\]D'7'D?F'<Y9%744
ŝŵƉŽƌƚĂŶƚĞĨƌŝƐĂƌƋƵĞŽƉĂĚƌĆŽϭdžĠƉŽƵĐŽƵƟůŝnjĂĚŽĞ͕ĚĞǀŝĚŽĂŝƐƐŽ͕ŚĄĞŵƉƌĞƐĂƐƋƵĞĐŚĂŵĂŵŽW/džƉƌĞƐƐ*
ϮdžĚĞW/džƉƌĞƐƐϭdž͘ƐƐŝŵƐĞŶĚŽ͕ŽƉĂĚƌĆŽW/džƉƌĞƐƐϭdžƉŽĚĞƌĞƉƌĞƐĞŶƚĂƌƚĂŵďĠŵƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞ
ĚĂĚŽƐĚĞϱϬϬDƉƐ͘
G(=()>@+1&@)()3GH)5CV+$>>
/ŶƚĞůĠƵŵĂĚĂƐŐƌĂŶĚĞƐƉƌĞĐƵƌƐŽƌĂƐĚĞŝŶŽǀĂĕƁĞƐƚĞĐŶŽůſŐŝĐĂƐ͘EŽŝŶşĐŝŽĚĞϮϬϬϭ͕ĞŵƵŵĞǀĞŶƚŽƉƌſƉƌŝŽ͕Ă
ĞŵƉƌĞƐĂŵŽƐƚƌŽƵĂŶĞĐĞƐƐŝĚĂĚĞĚĞĐƌŝĂĕĆŽĚĞƵŵĂƚĞĐŶŽůŽŐŝĂĐĂƉĂnjĚĞƐƵďƐƟƚƵŝƌŽƉĂĚƌĆŽW/͗ƚƌĂƚĂǀĂͲƐĞĚŽ
ϯ'/K;dŚŝƌĚ'ĞŶĞƌĂƟŽŶ/ͬKͲϯǐŐĞƌĂĕĆŽĚĞŶƚƌĂĚĂĞ^ĂşĚĂͿ͘ŵĂŐŽƐƚŽĚĞƐƐĞŵĞƐŵŽĂŶŽ͕ƵŵŐƌƵƉŽĚĞĞŵƉƌĞ=
ƐĂƐĐŚĂŵĂĚŽĚĞW/Ͳ^/';ĐŽŵƉŽƐƚŽƉŽƌĐŽŵƉĂŶŚŝĂƐĐŽŵŽ/D͕DĞDŝĐƌŽƐŽŌͿĂƉƌŽǀŽƵĂƐƉƌŝŵĞŝƌĂƐĞƐƉĞĐŝ=
ĮĐĂĕƁĞƐĚŽϯ'/K͘
ŶƚƌĞŽƐƋƵĞƐŝƚŽƐůĞǀĂŶƚĂĚŽƐŶĞƐƐĂƐĞƐƉĞĐŝĮĐĂĕƁĞƐ͕ĞƐƚĆŽ͕ĞŶƚƌĞŽƵƚƌŽƐ͕ŽƐƋƵĞƐĞƐĞŐƵĞŵ͗
ͻ ƐƵƉŽƌƚĞĂŽďĂƌƌĂŵĞŶƚŽW/͖
ͻ 4'00262+2&%&#*&#*,0'*&#*8%20*&#*,8%*+%-#C
ͻ ƐƵƉŽƌƚĞĂŽƵƚƌŽƐƟƉŽƐĚĞĐŽŶĞdžĆŽĚĞƉůĂƚĂĨŽƌŵĂƐ͖
ͻ ŵĞůŚŽƌŐĞƌĞŶĐŝĂŵĞŶƚŽĚĞĞŶĞƌŐŝĂ͕ŵĞůŚŽƌƉƌŽƚĞĕĆŽĐŽŶƚƌĂĞƌƌŽƐ͘
ŵĂďƌŝůĚĞϮϬϬϮ͕ŽW/Ͳ^/'ĂƉƌŽǀŽƵƵŵĐŽŶũƵŶƚŽĚĞĞƐƉĞĐŝĮĐĂĕƁĞƐŵĂŝƐĐŽŵƉůĞƚĂƐ͘&ŽŝŶĞƐƐĂĠƉŽĐĂƋƵĞĂƚĞĐ=
ŶŽůŽŐŝĂϯ'/KŵƵĚŽƵƐĞƵŶŽŵĞƉĂƌĂW/džƉƌĞƐƐ͘ŵũƵůŚŽĚĞϮϬϬϮ͕ŽŐƌƵƉŽĚĞĞŵƉƌĞƐĂƐĂƉƌŽǀŽƵĂƐĞƐƉĞĐŝĮĐĂ=
ĕƁĞƐĮŶĂŝƐĚŽƉĂĚƌĆŽĞĞŶƚĆŽƐƵƌŐŝƵŽĮĐŝĂůŵĞŶƚĞŶŽŵĞƌĐĂĚŽŽW/džƉƌĞƐƐϭ͘Ϭ͘
ŵŶŽǀĞŵďƌŽĚĞϮϬϬϯ͕ŽƐƉƌŝŵĞŝƌŽƐĚŝƐƉŽƐŝƟǀŽƐĐŽŵĂƚĞĐŶŽůŽŐŝĂW/džƉƌĞƐƐ*4%00%"%8*%*0#"*&#0#-<'+<2&'0*#.*
ĞŵϮϬϬϰ͕ƚĂŝƐƉƌŽĚƵƚŽƐĐŽŵĞĕĂƌĂŵĂĐŚĞŐĂƌĂŽŵĞƌĐĂĚŽ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌĨŽƌĕĂĚĂƐĞŵƉƌĞƐĂƐƋƵĞƚƌĂďĂůŚĂŵ
3'8*ĐŚŝƉƐŐƌĄĮĐŽƐ͘
2>V$A%(>)0$),+Y@&%$%@+,
ĂƌƋƵŝƚĞƚƵƌĂĞƐƐĞŶĐŝĂůĚŽƉĂĚƌĆŽW/džƉƌĞƐƐĠĚŝǀŝĚŝĚĂĞŵϰĐĂŵĂĚĂƐ͗
ͻ )6.676%-=>*45".;İƐŝĐĂͿͲĂĐĂŵĂĚĂİƐŝĐĂĠŽďĂƌƌĂŵĞŶƚŽĚĞĐŽŶĞdžĆŽĐŽŶŚĞĐŝĚŽĐŽŵŽůĂŶĞ?*T+%*4'00,2*L*4%"#0*&#*
ƐŝŶĂŝƐ;ĞƐƉĞĐŝĮĐĂĚŽƐĂƚƌĂǀĠƐĚĞŶşǀĞŝƐĚĞƚĞŶƐĆŽĚŝĨĞƌĞŶƚĞƐͿ͕ƐĞŶĚŽƵŵƵƟůŝnjĂĚŽƉĂƌĂƚƌĂŶƐŵŝƐƐĆŽĚĞĚĂĚŽƐĞŽƵƚƌŽ͕ŶĂ
ƌĞĐĞƉĕĆŽ͘
ͻ )6.676%$"/"'.42?%P@/F6VE2S%ͲĞƐƐĂĐĂŵĂĚĂĠƌĞƐƉŽŶƐĄǀĞůƉŽƌŐĂƌĂŶƟƌŽĞŶǀŝŽĞŽƌĞĐĞďŝŵĞŶƚŽĐŽƌƌĞƚŽĚŽƐĚĂĚŽƐ͘WĂƌĂ
ŝƐƐŽ͕ƐĆŽƵƐĂĚŽƐ͕ĞƐƐĞŶĐŝĂůŵĞŶƚĞ͕ƉƌŽƚŽĐŽůŽƐĚĞĚĞƚĞĐĕĆŽĚĞĞƌƌŽƐ͘hŵƉŽŶƚŽŝŶƚĞƌĞƐƐĂŶƚĞĠƋƵĞĞƐƐĂĐĂŵĂĚĂƚƌĂďĂůŚĂ
ĐŽŵƵŵĂƚĠĐŶŝĐĂĐŽŶŚĞĐŝĚĂĐŽŵŽ&ůŽǁŽŶƚƌŽůWƌŽƚŽĐŽů͕ƋƵĞĨĂnjĐŽŵƋƵĞŽƐƉĂĐŽƚĞƐĚĞĚĂĚŽƐƐĞũĂŵƚƌĂŶƐŵŝƟĚŽƐ
ĂƉĞŶĂƐƐĞŚŽƵǀĞƌĞƐƉĂĕŽĚŝƐƉŽŶşǀĞůŶŽďƵīĞƌ;ƉĞƋƵĞŶŽĞƐƉĂĕŽĚĞŵĞŵſƌŝĂŶŽĚŝƐƉŽƐŝƟǀŽͿĚŽƌĞĐĞƉƚŽƌ͘ƐƐŝŵ͕ĞǀŝƚĂ=
=0#*'*"##-<2'*&#*&%&'0?
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ͻ ĂŵĂĚĂƐŽŌǁĂƌĞͲĞƐƐĂĐĂŵĂĚĂĠƌĞƐƉŽŶƐĄǀĞůƉĞůĂĐŽŵƵŶŝĐĂĕĆŽĐŽŵŽƐŝƐƚĞŵĂŽƉĞƌĂĐŝŽŶĂů͘ƉŽƌĞůĂ͕ƉŽƌĞdžĞŵƉůŽ͕
ƋƵĞŽƐŝƐƚĞŵĂƐĂďĞŽŶĚĞŚĄƵŵĚŝƐƉŽƐŝƟǀŽƵƟůŝnjĂŶĚŽŽW/džƉƌĞƐƐ͘
ͻ ĂŵĂĚĂƚƌĂŶƐĂĐƟŽŶ;ƚƌĂŶƐĂĕĆŽͿͲ*%*3%8%&%*ƚƌĂŶƐĂĐƟŽŶĠƌĞƐƉŽŶƐĄǀĞů͕ďĂƐŝĐĂŵĞŶƚĞ͕ƉĞůŽƚƌĂƚĂŵĞŶƚŽĚĞƐŽůŝĐŝƚĂĕƁĞƐ
ĞŶƚƌĞĂƐĐĂŵĂĚĂƐĚĞƐŽŌǁĂƌĞĞĚĞůŝŐĂĕĆŽ͘WĂƌĂůŝĚĂƌĐŽŵŝƐƐŽ͕ŽƐƉĂĐŽƚĞƐĚĞĚĂĚŽƐƉŽĚĞŵƌĞĐĞďĞƌĂƚƌŝďƵƚŽƐͲĐŽŵŽŽ
ĚĞƉƌŝŽƌŝĚĂĚĞͲƋƵĞĚĞĮŶĞŵĂŽƟŵŝnjĂĕĆŽĚĂƚƌĂŶƐŵŝƐƐĆŽ͘
\*284'"1%-1#*:"20%"*9,#*3%&%*3%8%&%*4'&#*0#"*1"%6%+7%&%*&#*8%-#2"%*2-&2<2&,%+.*',*0#@%.*0#8*2-1#":#"2"*-%*',1"%?*
ůĠŵĚŝƐƐŽ͕ŚĄƵŵƌĞĐƵƌƐŽŶŽW/džƉƌĞƐƐĐŚĂŵĂĚŽsŝƌƚƵĂůŚĂŶŶĞůƐ;ĐĂŶĂŝƐǀŝƌƚƵĂŝƐͿ͕ƋƵĞƉĞƌŵŝƚĞĂƚĠϴĚŝĨĞ=
ƌĞŶƚĞƐĐĂŶĂŝƐĚĞĐŽŵƵŶŝĐĂĕĆŽĞŵƵŵĂƷŶŝĐĂĐŽŶĞdžĆŽ͘ƚƌĂǀĠƐĚĞĂƚƌŝďƵƚŽƐĞƐƉĞĐŝĂŝƐ͕ŽďĂƌƌĂŵĞŶƚŽĐŽŶƐĞŐƵĞ
ĚĞƚĞƌŵŝŶĂƌ ƋƵĂŝƐ ŽƐ ƉĂĐŽƚĞƐ ƉƌŝŽƌŝƚĄƌŝŽƐ ŶĂ ƚƌĂŶƐŵŝƐƐĆŽ͘ ƐƐŝŵ͕ ĂƉůŝĐĂĕƁĞƐ Ğŵ ƚĞŵƉŽ ƌĞĂů͕ ƉŽƌ ĞdžĞŵƉůŽ͕ ƐĆŽ
4',3'*',*-%&%*4"#@,&23%&%0?
G(?$A%(+$>)0()3GH)5CV+$>>
KĐŽŶĞĐƚŽƌĚŽďĂƌƌĂŵĞŶƚŽW/džƉƌĞƐƐĞŵƉůĂĐĂƐͲŵĆĞƉŽĚĞǀĂƌŝĂƌĐŽŶĨŽƌŵĞĂǀĞůŽĐŝĚĂĚĞƵƐĂĚĂ͕ĐŽŵŽŵŽƐƚƌĂ
ĂĮŐƵƌĂĂďĂŝdžŽ͗
!"#$%&'<)O'G'K&%"&/01'6&'M7=15"6&67'51-B1%87'6"B7%7-:74'51-75:1%74'^%7:"%&6&'61'4":7'___)95"4"#)518`
ĮŐƵƌĂĂƐĞŐƵŝƌŵŽƐƚƌĂƵŵĂƉůĂĐĂĚĞǀşĚĞŽϯĚĂƐƵƐƋƵĞƵƐĂŽďĂƌƌĂŵĞŶƚŽW/džƉƌĞƐƐϭϲdž͗
<)P'G'D=&5&'67'MN671'@S'6&'\4$4a'8167=1'<Y:%787'\bRWWbJ'D<c;SdJK
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
:ĄĂĮŐƵƌĂƐĞŐƵŝŶƚĞŵŽƐƚƌĂƵŵĂƉůĂĐĂͲŵĆĞĚĂƐƵƐĐŽŵƐƵƉŽƌƚĞĂĚŝĨĞƌĞŶƚĞƐƐůŽƚƐW/džƉƌĞƐƐ͗
!"#$%&'<)Q'G'D=&5&G807'6&'\4$4'518'4$91%:7'&'6"B7%7-:74'4=1:4'D?F'<Y9%744
W&?,-&\,?0(
ƚĞĐŶŽůŽŐŝĂW/džƉƌĞƐƐƐĞŵŽƐƚƌĂŵƵŝƚŽƉƌŽŵŝƐƐŽƌĂĞĐĞƌƚĂŵĞŶƚĞƐĞƌĄƵŵƉĂĚƌĆŽĞŵƉŽƵĐŽƚĞŵƉŽ͘ŽƐĂƐ=
ƐƵŶƚŽƐũĄƚƌĂƚĂĚŽƐ͕ĞƐƐĞĠƵŵĚŽƐƋƵĞŵĂŝƐŝŵƉƌĞƐƐŝŽŶĂŵ͘/ƐƐŽƉŽƌƋƵĞŽW/džƉƌĞƐƐƉŽĚĞƐĞƌŇĞdžşǀĞůĂŽƉŽŶƚŽ
ĚĞĂƵŵĞŶƚĂƌĂŝŶĚĂŵĂŝƐǀĞůŽĐŝĚĂĚĞŽƵĂŽƉŽŶƚŽĚĞĐƌŝĂƌŶŽǀŽƐƟƉŽƐĚĞĐŽŶĞdžĆŽ͘ŽŵŽĂƵŵĞŶƚŽŶĂǀĞůŽĐŝĚĂĚĞ
&'0*ĐŚŝƉƐĚĞŵĞŵſƌŝĂĞĐŽŵĂĞůĞǀĂĕĆŽĚĂĐĂƉĂĐŝĚĂĚĞĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞĐŽŵŽƐƵƌŐŝŵĞŶƚŽĚĞ
4"'3#00%&'"#0*&#*VN*ďŝƚƐ.*8>9,2-%0*3%&%*<#$*8%20*4'&#"'0%0*#015'*4'"*<2"?*\*#04#"%"*#*%4"'<#21%"?
#,&",)=,&>
3DUDVDEHUPDLVGHWDOKHVGDWHFQRORJLD3&,([SUHVVYLVLWHRVLWHR¿FLDOHPфǁǁǁ͘ƉĐŝƐŝŐ͘ĐŽŵх͘
J6P)L)J?&'$+>,-)6$+&,-)P@>
^ĞǀŽĐġĐŽŵƉƌŽƵƵŵĐŽŵƉƵƚĂĚŽƌŶŽǀŽƌĞĐĞŶƚĞŵĞŶƚĞ͕ĠďĞŵƉƌŽǀĄǀĞůƋƵĞĞůĞƚĞŶŚĂĚŽŝƐƉĞƋƵĞŶŽƐĐŽŶĞĐƚŽƌĞƐ
ƌĞƚĂŶŐƵůĂƌĞƐŶŽƉĂŝŶĞůƚƌĂƐĞŝƌŽ͕ĐŽŶĨŽƌŵĞĮŐƵƌĂϭ͘ƐƐĞƐƐĆŽŽƐĞŶĐĂŝdžĞƐƉĂƌĂĚŝƐƉŽƐŝƟǀŽƐh^;hŶŝǀĞƌƐĂů^ĞƌŝĂů
ƵƐͿ͕ƵŵƌĞǀŽůƵĐŝŽŶĄƌŝŽƉĂĚƌĆŽĚĞĐŽŶĞdžĆŽĚĞƉĞƌŝĨĠƌŝĐŽƐƋƵĞĂŵĂŝŽƌŝĂĚŽƐƵƐƵĄƌŝŽƐĂŝŶĚĂĚĞƐĐŽŶŚĞĐĞ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
'
!"#$%&'<)R'+'<-5&"Y74'AL(
/ĚĞĂůŝnjĂĚŽĞŵϭϵϵϱ͕ƉŽƌƵŵŐƌƵƉŽĚĞĞŵƉƌĞƐĂƐĚĞƚĞĐŶŽůŽŐŝĂ͕ŽƉĂĚƌĆŽh^ƉĞƌŵŝƚĞƋƵĞƐĞũĂŵĐŽŶĞĐƚĂĚŽƐĂƚĠ
IL_*#9,24%8#-1'0*#8*3%&%*823"'*3'8*<#+'32&%&#0*&#*1"%-082005'*&#*I.O*U640*',*IL*U640?*b,&'*200'*0#8*%*
ŶĞĐĞƐƐŝĚĂĚĞĚĞĚĞƐůŝŐĂƌŽĐŽŵƉƵƚĂĚŽƌƉĂƌĂĨĂnjĞƌĂƐůŝŐĂĕƁĞƐĞĐŽŵŽƌĞĐŽŶŚĞĐŝŵĞŶƚŽĂƵƚŽŵĄƟĐŽĚŽƐĂƉĂƌĞůŚŽƐ
ĂĚŝĐŝŽŶĂĚŽƐ͘ŽWůƵŐĂŶĚWůĂLJĞŵƐƵĂŵĞůŚŽƌĨŽƌŵĂ͘
ŝĮĐŝůŵĞŶƚĞĂůŐƵĠŵƉƌĞĐŝƐĂƌĄůŝŐĂƌƚĂŶƚŽƐĚŝƐƉŽƐŝƟǀŽƐĞŵƵŵƷŶŝĐŽĐŽŵƉƵƚĂĚŽƌ͕ŵĂƐũĄĞƐƚĄƉƌŽǀĂĚŽƋƵĞŝƐƐŽ
ƐĞƌŝĂƉŽƐƐşǀĞů͘ƵƌĂŶƚĞĂŽŵĚĞdžĚĞ>ĂƐsĞŐĂƐ͕Žh^/ŵƉůĞŵĞŶƚĞƌƐ&ſƌƵŵ;ǁǁǁ͘ƵƐď͘ŽƌŐͿ͕ƌĞƐƉŽŶƐĄǀĞůƉĞůĂ
ŝŵƉůĞŵĞŶƚĂĕĆŽĚŽƉĂĚƌĆŽ͕ĐŽŶĞĐƚŽƵŶĂĚĂŵĞŶŽƐƋƵĞϭϭϭƉĞƌŝĨĠƌŝĐŽƐ͘
^ĞŐƵŶĚŽ^ƚĞǀĞtŚĂůůĞLJ͕ƉƌĞƐŝĚĞŶƚĞĚŽh^/ŵƉůĞŵĞŶƚĞƌƐ&ŽƌƵŵĞŐĞƌĞŶƚĞĚĞ/ŶŝĐŝĂƟǀĂƐĚĞŽŶĞĐƟǀŝĚĂĚĞĚĂ
/ŶƚĞů͕ĂĚĞŵŽŶƐƚƌĂĕĆŽĨŽŝƵŵŵĂƌĐŽƉĂƌĂĂŝŶĚƷƐƚƌŝĂĚĞ/ŶĨŽƌŵĄƟĐĂ͘͞ŵƋƵĂƚƌŽĂŶŽƐ͕Žh^ƉĂƐƐŽƵĚĞƵŵĂŝĚĠŝĂ
ĂƵŵĂƚĞĐŶŽůŽŐŝĂĚĞŵĂƐƐĂƋƵĞĨĂĐŝůŝƚĂŽƵƐŽĚŽƐĐŽŵƉƵƚĂĚŽƌĞƐ͘͟
ƉƌŽƉŽƐƚĂĚŽŶŽǀŽƉĂĚƌĆŽĠƐƵďƐƟƚƵŝƌĂŝŶĮŶŝĚĂĚĞĚĞĐŽŶĞĐƚŽƌĞƐĚŝĨĞƌĞŶƚĞƐ͕ĞŵƉƌĞŐĂĚŽƐŶŽƐĐŽŵƉƵƚĂĚŽƌĞƐ
ĂƚƵĂŝƐ͘hŵĂƌĄƉŝĚĂŽůŚĂĚĂĞŵƵŵŵŝĐƌŽơƉŝĐŽƌĞǀĞůĂŶĆŽŵĞŶŽƐƋƵĞĐŝŶĐŽĞŶĐĂŝdžĞƐĚŝĨĞƌĞŶƚĞƐ͕ĞŶƚƌĞƉŽƌƚĂƐ
ƐĞƌŝĂŝƐ͕ƉĂƌĂůĞůĂƐ͕ůŝŐĂĕƁĞƐƉĂƌĂƚĞĐůĂĚŽ͕ŵŽƵƐĞ.*ũŽLJƐƟĐŬ*#*',1"'0*%3#00B"2'0?*T8*4',3'*1#84'.*'*KQW*4'&#">*
ƐƵďƐƟƚƵŝƌƚŽĚŽƐĞůĞƐ͘
!)Y@$)D)?$A$>>U+&(b
ĞŵŽĚŽŐĞƌĂů͕ƚŽĚĂƐĂƐƉůĂĐĂƐͲŵĆĞƉĂĚƌĆŽdyƚġŵĐŽŶĞĐƚŽƌĞƐh^͘ƐƐŝŵ͕ƐĞŽƐĞƵŵŝĐƌŽĠƵŵWĞŶƟƵŵ//͕Ž
ƋƵĞƐŝŐŶŝĮĐĂƋƵĞĂƉůĂĐĂĠdy͕ĞůĞĚĞǀĞƚĞƌǀŝŶĚŽĐŽŵh^͘KƐĞŶĐĂŝdžĞƐŶŽƌŵĂůŵĞŶƚĞĮĐĂŵƉƌſdžŝŵŽƐĂŽƐĐŽ=
-#31'"#0*&'*1#3+%&'*#*&'*8',0#?
E*8%2'"2%*&'0*ŶŽƚĞŬƐ;ĐŽŵƉƵƚĂĚŽƌĞƐƉŽƌƚĄƚĞŝƐͿĨĂďƌŝĐĂĚŽƐũĄƐĆŽĐŽŵƉĂơǀĞŝƐĐŽŵŽŶŽǀŽƉĂĚƌĆŽͲďĂƐƚĂ
ƉƌŽĐƵƌĂƌŶĂƐůĂƚĞƌĂŝƐŽƵŶĂƉĂƌƚĞĚĞƚƌĄƐĚŽŵŝĐƌŽ͕ŽƐşŵďŽůŽh^͕ƋƵĞůĞŵďƌĂƵŵƉůĂŶƟŶŚĂĐŽŵƵŵĐşƌĐƵůŽ͕Ƶŵ
ƚƌŝąŶŐƵůŽĞƵŵƋƵĂĚƌĂĚŽŶĂƉŽŶƚĂĚŽƐ͞ŐĂůŚŽƐ͘͟
!!
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ŵĂŵďŽƐŽƐĐĂƐŽƐ͕ĠŶĞĐĞƐƐĄƌŝŽǀĞƌŝĮĐĂƌƐĞŽƐĞƵƐŝƐƚĞŵĂŽƉĞƌĂĐŝŽŶĂůƌĞĐŽŶŚĞĐĞŽƐĚŝƐƉŽƐŝƟǀŽƐh^͘KtŝŶĚŽ=
ǁƐϵϴũĄƐƵƉŽƌƚĂŽh^ĚĞƐĚĞŽƐĞƵůĂŶĕĂŵĞŶƚŽ͕ƐĞŵĂŶĞĐĞƐƐŝĚĂĚĞĚĞŐƌĂŶĚĞƐĐŽŶĮŐƵƌĂĕƁĞƐ͘
W,\$?0()()/*6:,;4
DĞƐŵŽƋƵĞŽƐĞƵŵŝĐƌŽŶĆŽƚĞŶŚĂŽƐƚĂŝƐĐŽŶĞĐƚŽƌĞƐ͕ĠƉŽƐƐşǀĞůƟƌĂƌƉƌŽǀĞŝƚŽĚĂƚĞĐŶŽůŽŐŝĂĂƚƌĂǀĠƐĚĂŝŶƐƚĂůĂ=
ĕĆŽĚĞƵŵĂƉůĂĐĂĐŽŶƚƌŽůĂĚŽƌĂĞƐƉĞĐşĮĐĂƉĂƌĂh^;ǀĞũĂŶĂĮŐƵƌĂ͘ϵͿ͘ƐƐĂƐƉůĂĐĂƐƐĆŽĞŶĐŽŶƚƌĂĚĂƐŶĂƐůŽũĂƐ
ďƌĂƐŝůĞŝƌĂƐ͕ĞƚĂŵďĠŵƉŽĚĞŵƐĞƌĂĚƋƵŝƌŝĚĂƐƉĞůĂ/ŶƚĞƌŶĞƚĞŵƐŝƚĞƐĚĞĐŽŵĞƌĐŝĂůŝnjĂĕĆŽĚĞŚĂƌĚǁĂƌĞ?*K8%*4+%3%*
ƉĂĚƌĆŽW/ĐŽŵĚŽŝƐĐŽŶĞĐƚŽƌĞƐh^ĠĨĂĐŝůŵĞŶƚĞĞŶĐŽŶƚƌĂĚĂĞĨƵŶĐŝŽŶĂĂƚĠĞŵŵŝĐƌŽƐƋƵĞũĄƚĞŶŚĂŵŽh^͕
ĐŽŵŽĨŽƌŵĂĚĞƉĞƌŵŝƟƌĂĐŽŶĞdžĆŽĚĞŵĂŝƐĚŽŝƐĚŝƐƉŽƐŝƟǀŽƐƐĞŵĂƵƟůŝnjĂĕĆŽĚĞƵŵŚƵď͘^ƵĂŝŶƐƚĂůĂĕĆŽĠďĞŵ
0284+#0.*6%01%-&'*%6"2"*'*3'84,1%&'"*#*#-3%2X>=+%*#8*,8*&'0*ƐůŽƚƐ*%4"'4"2%&'0?
!"#$%&'<)U'+'D=&5&'51-:%1=&61%&'AL('9&6%01'D?F
E1,%+8#-1#*'0*ŶŽƚĞŬƐƐĆŽĞƋƵŝƉĂĚŽƐĐŽŵƉŽƌƚĂƐh^ŽƋƵĞŶĆŽƚƌĂnjŵĂŝŽƌĞƐƉƌĞŽĐƵƉĂĕƁĞƐ͕ĞƐŝŵŵƵŝƚĂƐ
:%32+2&%&#0?
3$+&ED+&A(>)$)?/=)
KƉĂĚƌĆŽh^ƉŽĚĞƐĞƌƵƟůŝnjĂĚŽŶĂŵĂŝŽƌƉĂƌƚĞĚŽƐĂĐĞƐƐſƌŝŽƐĚĞǀĞůŽĐŝĚĂĚĞďĂŝdžĂŽƵŵĠĚŝĂ͘ĞƐĚĞŽƚĞĐůĂĚŽĞ
'*ŵŽƵƐĞ͕ƋƵĞŶŽŝDĂĐũĄƐĆŽh^͕ĂƚĠŵŽŶŝƚŽƌĞƐ͕ƐĐĂŶŶĞƌƐ.*284"#00'"%0.*#*ĚƌŝǀĞƐ*4'"1>1#20.*9,%0#*1'&'0*'0*4#"2=
ĨĠƌŝĐŽƐũĄƚġŵǀĞƌƐƁĞƐĐŽŵƉĂơǀĞŝƐĐŽŵŽƐŶŽǀŽƐĐŽŶĞĐƚŽƌĞƐ͘ŵĂŝŽƌŝĂĚĞůĞƐƐſĨƵŶĐŝŽŶĂĞŵŵŝĐƌŽƐĞƋƵŝƉĂĚŽƐ
ĐŽŵĐŽŶĞĐƚŽƌĞƐh^ͲŶĆŽĂĚŝĂŶƚĂĐŽŵƉƌĂƌƵŵĂĐĞƐƐſƌŝŽ͕ƐĞŽƐĞƵĐŽŵƉƵƚĂĚŽƌĂŝŶĚĂŶĆŽĞƐƟǀĞƌƉƌĞƉĂƌĂĚŽ
4%"%*#+#?
ŵĂůŐƵŶƐĐĂƐŽƐ͕ĐŽŵŽŽĚĂŝŵƉƌĞƐƐŽƌĂ>ĂƐĞƌŽůŽƌŝĚĂWŚĂƐĞƌϲϭϭϬEyĞƌŽdž͕ĠƉŽƐƐşǀĞůƵƐĂƌŽĐŽŶĞĐƚŽƌh^ŽƵŽ
ƉĂƌĂůĞůŽ͕ĚĞĂĐŽƌĚŽĐŽŵĂĐĂƉĂĐŝĚĂĚĞĚŽƐĞƵŵŝĐƌŽ͘:ĄŶŽ'ĂŵĞƉĂĚ&ƵƐŝŽŶŝŐŝƚĂů͕ĚĂdŚƌƵƐƚDĂƐƚĞƌ͕ƵŵƐŝŵƉůĞƐ
%&%41%&'"*4#"821#*9,#*'*%4%"#+7'*0#@%*+2D%&'*1%-1'*-'*#-3%2X#*&#*ũŽLJƐƟĐŬƐ*1"%&232'-%20*(ŐĂŵĞƉŽƌƚ)*9,%-1'*-'0*
ĐŽŶĞĐƚŽƌĞƐh^͘ŵŽƵƚƌĂƐƉĂůĂǀƌĂƐ͕ĠĐŽŵƵŵĞŵĂůŐƵŶƐĞƋƵŝƉĂŵĞŶƚŽƐƉŽƐƐƵŝƌŵĂŝƐĚĞƵŵƟƉŽĚĞĐŽŶĞdžĆŽ͕
ďĂƐƚĂŽůŚĂƌƉĂƌĂĂƉĂƌƚĞƚƌĂƐĞŝƌĂĚĞƐƵĂƚĞůĞǀŝƐĆŽŽƵĚĞƵŵŵŽĚĞƌŶŽƉƌŽũĞƚŽƌŵƵůƟŵşĚŝĂ͕ŽƵĐŽŵŽĞŵŶŽƐƐŽ
ĐĂƐŽ͕ŽďƐĞƌǀĂƌŵĂŝƐĂƚĞŶƚĂŵĞŶƚĞŽƐĞƋƵŝƉĂŵĞŶƚŽƐĚĞŝŶĨŽƌŵĄƟĐĂĞůĞƌŽƐĞƵŵĂŶƵĂůĂŶƚĞƐĚĞĂĚƋƵŝƌŝͲůŽ͘
^ĞŽƐĐŽŵƉƵƚĂĚŽƌĞƐĐŽƐƚƵŵĂŵƚƌĂnjĞƌĚŽŝƐĐŽŶĞĐƚŽƌĞƐh^͕ĐŽŵŽĠƉŽƐƐşǀĞůĨĂnjĞƌĂƚĠϭϮϳĐŽŶĞdžƁĞƐƐŝŵƵůƚą=
-#%0Y*\*0284+#0.*8%0*4%"%*200'*<'3]*1#">*&#*,0%"*,8*,Ƶď͕ĐŽŶĨŽƌŵĞĮŐƵƌĂϯ͕ƋƵĞƉĞƌŵŝƚĞĂĐŽŶĞdžĆŽĚĞǀĄƌŝŽƐ
ĚŝƐƉŽƐŝƟǀŽƐĞŵƵŵĂƷŶŝĐĂĞŶƚƌĂĚĂĚŽŵŝĐƌŽ͕ĂůĠŵĚĞĞƐƚĞŶĚĞƌŽĐŽŵƉƌŝŵĞŶƚŽĚŽĐĂďŽ͕ŶŽƌŵĂůŵĞŶƚĞůŝŵŝƚĂĚŽ
%*32-3'*8#1"'0?
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'<)*W'+'d$2'AL(
TX201#8*ŚƵďƐ*3'8*<>"2%0*3%4%32&%&#0.*8%0*'0*8%20*3'8,-0*05'*'0*&#*9,%1"'*#*0#1#*3'-#31'"#0?*,@45%025BI.6.%
ƐĞƌůŝŐĂĚŽƐŶĂƚŽŵĂĚĂ͕ƉĂƌĂƋƵĞƉŽƐƐĂŵĨŽƌŶĞĐĞƌĂĞŶĞƌŐŝĂĞůĠƚƌŝĐĂŶĞĐĞƐƐĄƌŝĂƉĂƌĂŽĨƵŶĐŝŽŶĂŵĞŶƚŽĚĞĂĐĞƐͲ
ƐſƌŝŽƐĚĞďĂŝdžŽĐŽŶƐƵŵŽ͕ũĄƋƵĞŝƐŽůĂĚŽŽĐŽŵƉƵƚĂĚŽƌŶĆŽƐĞƌŝĂĐĂƉĂnjĚĞĂůŝŵĞŶƚĂƌƚĂŶƚŽƐĂƉĂƌĞůŚŽƐ͘
ůŐƵŶƐĚŝƐƉŽƐŝƟǀŽƐŵĂŝŽƌĞƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞŽƐŵŽŶŝƚŽƌĞƐ͕ƚġŵ,ƵďƐĞŵďƵƟĚŽƐƋƵĞƉĞƌŵŝƚĞŵĂůŝŐĂĕĆŽĚĞŽƵ=
1"'0*%4%"#+7'0*&2"#1%8#-1#?*R*1#3+%&'*&'*2U%3.*4'"*#X#84+'.*1#8*&'20*3'-#31'"#0*KQW.*,8*&#+#0*,0%&'*4%"%*
3'-#31%"*'*ŵŽƵƐĞ͘ƐƐŝŵ͕ǀŽĐġƉŽĚĞŝŶƚĞƌůŝŐĂƌƵŵƉĞƌŝĨĠƌŝĐŽĐŽŵŽƵƚƌŽ͕ƐĞŵƉƌĞĐŝƐĂƌĚĞƚĂŶƚŽƐĮŽƐ͘
5>%+@%@+,)5-D%+&A,
KhŶŝǀĞƌƐĂů^ĞƌŝĂůƵƐ;h^ͿĠƵŵĂŶŽǀĂĮůŽƐŽĮĂĚĞďĂƌƌĂŵĞŶƚŽƐĞƌŝĂůƉĂƌĂŽŇƵdžŽĚĞĚĂĚŽƐĞŶƚƌĞƵŵĐŽŵƉƵ=
ƚĂĚŽƌĞĚŝƐƉŽƐŝƟǀŽƐƉĞƌŝĨĠƌŝĐŽƐ͘Kh^ĨŽŝƉƌŽũĞƚĂĚŽƉĂƌĂƉƌĞĞŶĐŚĞƌĐĞƌƚĂƐůĂĐƵŶĂƐĚĞŝdžĂĚĂƐ͕ĂƚĠĞŶƚĆŽ͕ƉĞůŽƐ
ŽƵƚƌŽƐďĂƌƌĂŵĞŶƚŽƐƐĞƌŝĂŝƐ͘ůĞŽĨĞƌĞĐĞ͗
ͻ DĞůŚŽƌŝŶƚĞŐƌĂĕĆŽĞŶƚƌĞĂĐŽŵƉƵƚĂĕĆŽĞŽƐƐŝƐƚĞŵĂƐĚĞĐŽŵƵŶŝĐĂĕƁĞƐ͕ĨŽĐĂůŝnjĂŶĚŽͲƐĞŶĂd/;ŽŵƉƵƚĞƌdĞůĞƉŚŽŶLJ
/ŶƚĞŐƌĂƟŽŶͿ͖
ͻ DĂŝŽƌĐŽŵŽĚŝĚĂĚĞƉĂƌĂŽƵƐƵĄƌŝŽ͕ƋƵĞŶĆŽŶĞĐĞƐƐŝƚĂĚĞĐŽŶĮŐƵƌĂƌŽĚŝƐƉŽƐŝƟǀŽ͕ƉŽŝƐŽƉƌſƉƌŝŽƐŝƐƚĞŵĂƐĞĞŶĐĂƌƌĞŐĂ
ĚĞƐƚĂƚĂƌĞĨĂ͖Žh^ŝŶĐŽƌƉŽƌĂĂĮůŽƐŽĮĂƉůƵŐͲĂŶĚͲƉůĂLJ͖
ͻ džƉĂŶƐĆŽŶŽŶƷŵĞƌŽĚĞƉŽƌƚĂƐ͖ĞůĞƉŽĚĞĞŶĚĞƌĞĕĂƌĂƚĠϭϮϳĚŝƐƉŽƐŝƟǀŽƐ͘
K ƐŝƐƚĞŵĂ h^ Ġ ĐŽŵƉŽƐƚŽ ƉĞůŽ ŽŶƚƌŽůĂĚŽƌ ,ŽƐƚ h^͕ ƉŽƌ ĚŝƐƉŽƐŝƟǀŽƐ h^ Ğ ƉŽƌ ŝŶƚĞƌĐŽŶĞdžƁĞƐ͘ &ŝŐƵƌĂ ϰ
8'01"%*%*1'4'+'D2%*&#*,8*0201#8%*KQW?*R*ŚŽƐƚĠƌĞƐƉŽŶƐĄǀĞůƉŽƌ͗ĚĞƚĞĐƚĂƌĂŝŶƐĞƌĕĆŽĞĂƌĞŵŽĕĆŽĚĞƵŵĚŝƐƉŽ=
ƐŝƟǀŽ͕ƉŽƌŐĞƌĞŶĐŝĂƌŽŇƵdžŽĚĞĚĂĚŽƐĞĚĞĐŽŶƚƌŽůĞ͕ŵŽŶŝƚŽƌĂŶĚŽŽĞƐƚĂĚŽĚĂƐƚƌĂŶƐĨĞƌġŶĐŝĂƐ͕ĞƉŽƌĐŽŶƚƌŽůĂƌĂ
ŝŶƚĞƌĨĂĐĞĞůĠƚƌŝĐĂĞŶƚƌĞĞůĞĞŽƐĚŝƐƉŽƐŝƟǀŽƐ͘
!"#$%&'<)**e'J191=1#"&'67'$8'4"4:78&'AL(
*
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
hŵĚŝƐƉŽƐŝƟǀŽh^ƉŽĚĞƐĞƌĚĞĚŽŝƐƟƉŽƐ͗ĨƵŶĕĆŽŽƵŚƵď͘ĨƵŶĕĆŽĠĐĂƉĂnjĚĞƚƌĂŶƐŵŝƟƌŽƵƌĞĐĞďĞƌĚĂĚŽƐŽƵ
ŝŶĨŽƌŵĂĕƁĞƐĚĞĐŽŶƚƌŽůĞƉĞůŽďĂƌƌĂŵĞŶƚŽ͘ůĂƐĞƌǀĞƉĂƌĂĂƵŵĞŶƚĂƌĂĐĂƉĂĐŝĚĂĚĞĚŽƐŝƐƚĞŵĂ͘
džĞŵƉůŽƐĚĞĨƵŶĕƁĞƐ͗ŵŽƵƐĞ͕ƚĞĐůĂĚŽ͕ŝŵƉƌĞƐƐŽƌĂĞĂĚĂƉƚĂĚŽƌƚĞůĞĨƀŶŝĐŽĐŽŵŽƵŵ/^E͘
ĂĚĂĨƵŶĕĆŽĐŽŶƚĠŵŝŶĨŽƌŵĂĕƁĞƐĚĞƐĐƌĞǀĞŶĚŽƐƵĂƐĐĂƉĂĐŝĚĂĚĞƐĞŽƐƌĞĐƵƌƐŽƐĚŽƐƋƵĂŝƐŶĞĐĞƐƐŝƚĂ͘
R*ŚƵďĠŽĞůĞŵĞŶƚŽĐŚĂǀĞŶĂƚŽƉŽůŽŐŝĂh^͕ƉŽŝƐĠĞůĞƋƵĞƉĞƌŵŝƚĞĂĞdžƉĂŶƐĆŽĚŽŶƷŵĞƌŽĚĞĐŽŶĞdžƁĞƐĚŽƐŝƐ=
1#8%?*A%&%*ŚƵďĐŽŶǀĞƌƚĞƵŵƉŽŶƚŽĚĞĐŽŶĞdžĆŽĞŵŽƵƚƌŽƐŵƷůƟƉůŽƐƉŽŶƚŽƐ͘ĂƌƋƵŝƚĞƚƵƌĂh^ƉĞƌŵŝƚĞŽƵƐŽĚĞ
ŵƷůƟƉůŽƐŚƵďƐ?
Kh^ƉĞƌŵŝƚĞĚŽŝƐŵŽĚŽƐĚĞĐŽŵƵŶŝĐĂĕĆŽ͗ƵŵĚĞĂůƚĂǀĞůŽĐŝĚĂĚĞ͕ŽƉĞƌĂŶĚŽĂϭϮDďͬƐ͕ĞŽƵƚƌŽĚĞďĂŝdžĂǀĞůŽĐŝ=
ĚĂĚĞ͕Ăϭ͕ϱDďͬƐ͘KŵŽĚŽĚĞďĂŝdžĂǀĞůŽĐŝĚĂĚĞǀŝƐĂĂĂƚĞŶĚĞƌĂƵŵƉĞƋƵĞŶŽŶƷŵĞƌŽĚĞĚŝƐƉŽƐŝƟǀŽƐĐŽŵůĂƌŐƵƌĂ
&#*6%-&%*#01"#21%.*3'8'*ŵŽƵƐĞƐ͘ĂĚĂĨƵŶĕĆŽĠƌĞƐƉŽŶƐĄǀĞůƉŽƌŝŶĚŝĐĂƌĞŵƋƵĞŵŽĚŽŝƌĄŽƉĞƌĂƌ͘
5>%+@%@+,)5-D%+&A,)0()J6P
KďĂƌƌĂŵĞŶƚŽİƐŝĐŽĠĐŽŵƉŽƐƚŽĚĞƵŵĐĂďŽĐŽŵƋƵĂƚƌŽĮŽƐ͗sƵƐ͕н͕ͲĞ'E͘
KĮŽsƵƐĠŽŵĞŝŽĚĞĨŽƌŶĞĐŝŵĞŶƚŽĚĞĂůŝŵĞŶƚĂĕĆŽƉĂƌĂŽƐĚŝƐƉŽƐŝƟǀŽƐƋƵĞŶĞĐĞƐƐŝƚĂƌĞŵĚĞůĂ͘ŵƵŵƐŝƐƚĞ=
8%*KQW.*#X201#8*ŚƵďƐĞĨƵŶĕƁĞƐƋƵĞƉŽƐƐƵĞŵĂůŝŵĞŶƚĂĕĆŽƉƌſƉƌŝĂĞŚƵďƐĞĨƵŶĕƁĞƐƋƵĞƐĆŽĂůŝŵĞŶƚĂĚŽƐƉĞůŽ
ďĂƌƌĂŵĞŶƚŽĂƚƌĂǀĠƐĚĞsƵƐ͘sƵƐĠŶŽŵŝŶĂůŵĞŶƚĞнϱs͘WĂƌĂĂƉůŝĐĂĕƁĞƐĚĞĂůƚĂǀĞůŽĐŝĚĂĚĞ͕ŽƐĮŽƐнĞͲƐĆŽ
ĞŶƚƌĞůĂĕĂĚŽƐ͘KƐĚĂĚŽƐƐĆŽƚƌĂŶƐŵŝƟĚŽƐĂƚƌĂǀĠƐĚĞнĞͲƉŽƌŵĞŝŽĚĞĚŝĨĞƌĞŶĕĂƐĚĞƚĞŶƐĆŽĞŶƚƌĞĞůĞƐ͘Kh^
ƵƐĂƵŵĂĐŽĚŝĮĐĂĕĆŽEZ/͘
KƐĐĂďŽƐƐĆŽĐŽŶĞĐƚĂĚŽƐĂŽƐĚŝƐƉŽƐŝƟǀŽƐĐŽŶĨŽƌŵĞŝůƵƐƚƌĂĚŽŶĂ&ŝŐƵƌĂ͘ϭϮ͘ƉŽƐŝĕĆŽĚŽƐƌĞƐŝƚŽƌĞƐĚĞƉƵůůͲƵƉ*
ŵƵĚĂĚĞƉĞŶĚĞŶĚŽĚĞƚƌĂƚĂƌͲƐĞĚĞĂůƚĂŽƵďĂŝdžĂǀĞůŽĐŝĚĂĚĞ͘YƵĂŶĚŽŶĆŽĞdžŝƐƚĞĨƵŶĕĆŽĐŽŶĞĐƚĂĚĂĂŽŚƵď.*'0*
"#0201'"#0*&#*ƉƵůůͲĚŽǁŶĨĂnjĞŵĐŽŵƋƵĞĂŵďŽƐнĞͲĮƋƵĞŵĂďĂŝdžŽĚĞƵŵǀĂůŽƌĚĞƚĞŶƐĆŽĚĞůŝŵŝĂƌƉĂƌĂĂĚĞ=
ƚĞĐĕĆŽĚĂƉƌĞƐĞŶĕĂĚŽĚŝƐƉŽƐŝƟǀŽ͘^ĞĞƐƐĂĐŽŶĚŝĕĆŽƉĞƌƐŝƐƟƌƉŽƌŵĂŝƐƋƵĞϮ͕ϱŵŝĐƌŽƐƐĞŐƵŶĚŽƐ͕ĠĐĂƌĂĐƚĞƌŝnjĂĚĂ
ĂĚĞƐĐŽŶĞdžĆŽĚŽĚŝƐƉŽƐŝƟǀŽ͘ĐŽŶĞdžĆŽĚĞƵŵĚŝƐƉŽƐŝƟǀŽĠĐĂƌĂĐƚĞƌŝnjĂĚĂƉĞůĂƐŝƚƵĂĕĆŽŽƉŽƐƚĂ͕ŽƵƐĞũĂ͕ƋƵĂŶĚŽ
ĂƉĞŶĂƐƵŵĂĚĂƐůŝŶŚĂƐĠůĞǀĂĚĂĂůĠŵĚĂƚĞŶƐĆŽĚĞůŝŵŝĂƌĞĞƐƚĂƐŝƚƵĂĕĆŽƉĞƌƐŝƐƚĞƉŽƌŵĂŝƐĚĞϮ͕ϱŵŝĐƌŽƐƐĞŐƵŶĚŽƐ
!"#$%&'<)*;e'<4f$78&'!N4"51'67'?1-7Y01'61'(&%%&87-:1
3+(%(A(-()0$)P,++,=$?%(
ƚƌĂŶƐŵŝƐƐĆŽĚĞĚĂĚŽƐǀŝĂh^ĠďĂƐĞĂĚĂŶŽĞŶǀŝŽĚĞƉĂĐŽƚĞƐ͘ƚƌĂŶƐŵŝƐƐĆŽĐŽŵĞĕĂƋƵĂŶĚŽŽŽŶƚƌŽůĂĚŽƌ
F'01*#-<2%*,8*4%3'1#*(dŽŬĞŶWĂĐŬĞƚͿĚĞƐĐƌĞǀĞŶĚŽŽƟƉŽĞĂĚŝƌĞĕĆŽĚĂƚƌĂŶƐŵŝƐƐĆŽ͕ŽĞŶĚĞƌĞĕŽĚŽĚŝƐƉŽƐŝƟǀŽ
KQW*#*'*"#:#"2&'*-;8#"'*&#*ĞŶĚƉŽŝŶƚ?*E*1"%-082005'*&#*&%&'0*4'&#*0#"*"#%+2$%&%*1%-1'*&'*,ŽƐƚƉĂƌĂŽĚŝƐƉŽƐŝƟǀŽ
ƋƵĂŶƚŽĞŵƐĞŶƟĚŽŝŶǀĞƌƐŽ͘KĚŝƐƉŽƐŝƟǀŽh^ĚĞĐŽĚŝĮĐĂŽĐĂŵƉŽĚĞĞŶĚĞƌĞĕŽ͕ƌĞĐŽŶŚĞĐĞŶĚŽƋƵĞŽƉĂĐŽƚĞůŚĞ
ĠƌĞĨĞƌĞŶƚĞ͘ƐĞŐƵŝƌ͕ĂĨŽŶƚĞĚĂƚƌĂŶƐŵŝƐƐĆŽĞŶǀŝĂƵŵƉĂĐŽƚĞĚĞĚĂĚŽƐ;ĂƚĂWĂĐŬĞƚ)*',*2-&23%*9,#*-5'*7>*&%&'0*
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ĂƚƌĂŶƐĨĞƌŝƌ͘KĚĞƐƟŶŽƌĞƐƉŽŶĚĞĐŽŵƵŵƉĂĐŽƚĞĚĞ,ĂŶĚƐŚĂŬĞ*(,ĂŶĚƐŚĂŬĞWĂĐŬĞƚ)*2-&23%-&'*0#*%*1"%-0:#"]-32%*
'61#<#*0,3#00'?
Kh^ƵƟůŝnjĂƚƌġƐƟƉŽƐĚĞƉĂĐŽƚĞƐ͗dŽŬĞŶ͕ĂƚĂĞ,ĂŶĚƐŚĂŬĞWĂĐŬĞƚƐ͕ŵŽƐƚƌĂĚŽƐŶĂƐĮŐƵƌĂƐ͘ϭϯ;ĂͿ͕;ďͿĞ;ĐͿ͕
ƌĞƐƉĞĐƟǀĂŵĞŶƚĞ͘ƐƐĞƐƉĂĐŽƚĞƐƉŽƐƐƵĞŵŽƐƐĞŐƵŝŶƚĞƐĐĂŵƉŽƐ͗
?
!"#$%&'<)*@e'^&`'J1g7-a'^2`'S&:&'7'^5`'d&-64C&g7'D&5g7:4
ͻ W/;WĂĐŬĞƚ/ĚĞŶƟĮĞƌͿ͗ĐŽŵƉŽƐƚŽĚĞŽŝƚŽďŝƚƐ͘KƐƋƵĂƚƌŽŵĂŝƐƐŝŐŶŝĮĐĂƟǀŽƐŝĚĞŶƟĮĐĂŵĞĚĞƐĐƌĞǀĞŵŽƉĂĐŽƚĞĞŽƐ
"#01%-1#0*05'*ďŝƚƐĚĞǀĞƌŝĮĐĂĕĆŽƉĂƌĂƉƌĞǀĞŶĕĆŽĚĞĞƌƌŽƐ;ĐŚĞĐŬďŝƚƐ)?*T00#0*ĐŚĞĐŬďŝƚƐƐĆŽĐŽŶƐƟƚƵşĚŽƐƉĞůŽĐŽŵƉůĞ=
8#-1'*,8*&'0*9,%1"'0*ďŝƚƐŝĚĞŶƟĮĐĂĚŽƌĞƐ͖
ͻ $&&;%P$771455S=ĞŶĚĞƌĞĕŽĚŽĚŝƐƉŽƐŝƟǀŽh^ĞŶǀŽůǀŝĚŽ͘ŽŵƉŽƐƚŽĚĞϳďŝƚƐ͕ůŝŵŝƚĂŽŶƷŵĞƌŽĚĞĚŝƐƉŽƐŝƟǀŽƐĞŶĚĞƌĞ=
ĕĄǀĞŝƐĞŵϭϮϳ͖
ͻ ,+&8%P,C732/CBS=%4'00,2*N*ďŝƚƐƋƵĞƌĞƉƌĞƐĞŶƚĂŵŽŶƷŵĞƌŽĚŽĞŶĚƉŽŝŶƚĞŶǀŽůǀŝĚŽ͘WĞƌŵŝƚĞŵĂŝŽƌŇĞdžŝďŝůŝĚĂĚĞŶŽ
ĞŶĚĞƌĞĕĂŵĞŶƚŽĚĞĨƵŶĕƁĞƐƋƵĞŶĞĐĞƐƐŝƚĞŵĚĞŵĂŝƐĚĞƵŵƐƵďĐĂŶĂů͖
ͻ );)%P)R0@/0%;47IC76C0R%)D40W5S=*ďŝƚƐĚĞƐƟŶĂĚŽƐăĚĞƚĞĐĕĆŽĚĞĞƌƌŽƐŶĂƚƌĂŶƐŵŝƐƐĆŽ͖
ͻ &$($%=*ďŝƚƐ*&#*&%&'0?
hŵdŽŬĞŶWĂĐŬĞƚƉŽĚĞŝĚĞŶƟĮĐĂƌĂƚƌĂŶƐŵŝƐƐĆŽĐŽŵŽƐĞŶĚŽĚĞƚƌĂŶƐĨĞƌġŶĐŝĂƉĂƌĂŽ,ŽƐƚ;/EͿ͕ĚĞƚƌĂŶƐĨĞƌġŶĐŝĂ
ƉĂƌĂĂĨƵŶĕĆŽ;KhdͿ͕ĚĞŝŶşĐŝŽĚĞĨƌĂŵĞ;^K&ͿŽƵĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞŝŶĨŽƌŵĂĕƁĞƐĚĞĐŽŶƚƌŽůĞƉĂƌĂŽĞŶĚƉŽŝŶƚ*
;^dhWͿ͘KZĚĞƵŵdŽŬĞŶWĂĐŬĞƚƉŽƐƐƵŝϱďŝƚƐĞĂƚƵĂĂƉĞŶĂƐƐŽďƌĞŽƐĐĂŵƉŽƐZĞEW͕ƵŵĂǀĞnjƋƵĞ
ŽW/ƉŽƐƐƵŝƐĞƵƉƌſƉƌŝŽƐŝƐƚĞŵĂĚĞƉƌĞǀĞŶĕĆŽĐŽŶƚƌĂĞƌƌŽƐ͘KƐĚĂĚŽƐƚƌĂŶƐŵŝƟĚŽƐǀŝĂĂƚĂWĂĐŬĞƚĚĞǀĞŵƚĞƌ
,8*-;8#"'*2-1#2"'*&#*ďLJƚĞƐ͘KZĚĞƵŵĂƚĂWĂĐŬĞƚƉŽƐƐƵŝϭϲďŝƚƐĞĂŐĞĂƉĞŶĂƐƐŽďƌĞŽĐĂŵƉŽd͘K,ĂŶ=
ĚƐŚĂŬĞWĂĐŬĞƚĠĐŽŶƐƟƚƵşĚŽĂƉĞŶĂƐĚĞƵŵW/͘ƐƐĞƉĂĐŽƚĞƉŽĚĞƐŝŐŶŝĮĐĂƌƋƵĞŽƌĞĐĞƉƚŽƌƌĞĐĞďĞƵŽƐĚĂĚŽƐ
ůŝǀƌĞƐĚĞĞƌƌŽƐ;<Ϳ͕ƋƵĞŽƌĞĐĞƉƚŽƌŶĆŽƉŽĚĞƌĞĐĞďĞƌŽƐĚĂĚŽƐ͕ƋƵĞŽƚƌĂŶƐŵŝƐƐŽƌŶĆŽƉŽĚĞƚƌĂŶƐŵŝƟƌ;E<Ϳ
',*9,#*'*#-&4'2-1*#01>*#8*4%"%&'*(QbEJJ)?
Kh^ĂĐĞŝƚĂƋƵĂƚƌŽƟƉŽƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂƐĚŝĨĞƌĞŶƚĞƐ͗ŽŶƚƌŽů͕ƵůŬ͕/ŶƚĞƌƌƵƉƚĞ/ƐŽĐŚƌŽŶŽƵƐ͘
ƚƌĂŶƐĨĞƌġŶĐŝĂĚŽƟƉŽŽŶƚƌŽůƐĞƌǀĞƉĂƌĂĐŽŶĮŐƵƌĂƌŽƵƚƌĂŶƐŵŝƟƌƉĂƌąŵĞƚƌŽƐĚĞĐŽŶƚƌŽůĞĂƵŵĚŝƐƉŽƐŝƟǀŽ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
/ŶŝĐŝĂůŵĞŶƚĞ͕ĞŵŝĚůĞ͕ĞůĞƌĞĐĞďĞƵŵdŽŬĞŶĚĞ^dhWŽƌŝƵŶĚŽĚŽŽŶƚƌŽůĂĚŽƌ,ŽƐƚ͘ŵƐĞŐƵŝĚĂ͕Ž,ŽƐƚĞŶǀŝĂ
ƵŵĂƚĂWĂĐŬĞƚƉĂƌĂŽĞŶĚƉŽŝŶƚĚĞĐŽŶƚƌŽůĞĚĂĨƵŶĕĆŽ͘ĨƵŶĕĆŽĞŶǀŝĂ͕ĞŶƚĆŽ͕ĂŽ,ŽƐƚƵŵ,ĂŶĚƐŚĂŬĞWĂĐŬĞƚĚĞ
ƌĞĐŽŶŚĞĐŝŵĞŶƚŽ;<ͿĞĞŶƚƌĂĞŵŝĚůĞ͘
ƚƌĂŶƐĨĞƌġŶĐŝĂƵůŬĠƵƟůŝnjĂĚĂƉĂƌĂĂƚƌĂŶƐŵŝƐƐĆŽĚĞŐƌĂŶĚĞƋƵĂŶƟĚĂĚĞĚĞĚĂĚŽƐ͕ĐŽŵŽĞŵŝŵƉƌĞƐƐŽƌĂƐŽƵ
ƐĐĂŶŶĞƌƐ͘ůĂŐĂƌĂŶƚĞƵŵĂƚƌĂŶƐŵŝƐƐĆŽůŝǀƌĞĚĞĞƌƌŽƐƉŽƌŵĞŝŽĚĂĚĞƚĞĐĕĆŽĚĞĞƌƌŽƐĞĚĞŶŽǀĂƐƌĞƚƌĂŶƐŵŝƐƐƁĞƐ͕
0#*-#3#00>"2'?*A%0'*'*,ŽƐƚĚĞƐĞũĞƌĞĐĞďĞƌƵŵĂŐƌĂŶĚĞƋƵĂŶƟĚĂĚĞĚĞĚĂĚŽƐ͕ĞůĞĞŶǀŝĂƵŵdŽŬĞŶĚĞ/EĞĂĨƵŶĕĆŽ
ĚĞǀŽůǀĞƵŵĂƚĂWĂĐŬĞƚ͘^ĞŚŽƵǀĞƌĂůŐƵŵƉƌŽďůĞŵĂ͕ĂĨƵŶĕĆŽĞŶǀŝĂƵŵ^d>>ŽƵE<ĞĞŶƚƌĂĞŵŝĚůĞ͘ŽĮŶĂů͕
Ž,ŽƐƚĚĞǀŽůǀĞƵŵ<͘^Ğ͕ĞŵǀĞnjĚĞƌĞĐĞďĞƌ͕Ž,ŽƐƚĚĞƐĞũĂƌĞŶǀŝĂƌĚĂĚŽƐ͕ĞůĞŵĂŶĚĂƵŵdŽŬĞŶĚĞKhdĞŵ
ǀĞnjĚĞ/E͘
ƚƌĂŶƐŵŝƐƐĆŽĚŽƟƉŽ/ŶƚĞƌƌƵƉƚĠƌĞƋƵŝƐŝƚĂĚĂƉĞůŽ,ŽƐƚĞĐŽŶƐŝƐƚĞŶƵŵĂƚƌĂŶƐĨĞƌġŶĐŝĂĚĞƉĞƋƵĞŶĂƋƵĂŶƟĚĂĚĞ
ĚĞĚĂĚŽƐ͘KƐĚĂĚŽƐƉŽĚĞŵƌĞƉƌĞƐĞŶƚĂƌĂŶŽƟĮĐĂĕĆŽĚĞĂůŐƵŵĞǀĞŶƚŽ͕ĐŽŵŽŽƐĚĞƵŵŵŽƵƐĞŽƵĐĂŶĞƚĂſƟĐĂ͘
ƚƌĂŶƐĨĞƌġŶĐŝĂƟƉŽ/ƐŽĐŚƌŽŶŽƵƐƉĞƌŵŝƚĞŽƚƌĄĨĞŐŽĚĞĚĂĚŽƐƋƵĞƐĆŽĐƌŝĂĚŽƐ͕ĞŶǀŝĂĚŽƐĞƌĞĐĞďŝĚŽƐĐŽŶƟŶƵĂ=
ŵĞŶƚĞĞŵƚĞŵƉŽƌĞĂů͘EĞƐƐĂƐŝƚƵĂĕĆŽŶĆŽŚĄŚĂŶĚƐŚĂŬĞ͕ĚĞǀŝĚŽăƉƌſƉƌŝĂĐŽŶƟŶƵŝĚĂĚĞĐŽŵƋƵĞŽƐĚĂĚŽƐƐĆŽ
ƚƌĂŶƐŵŝƟĚŽƐ͘ĂƐŽĐŽŶƚƌĄƌŝŽ͕ŚĂǀĞƌŝĂĂƚƌĂƐŽĞĂƚƌĂŶƐŵŝƐƐĆŽĞŵƚĞŵƉŽƌĞĂůƐĞƌŝĂĐŽŵƉƌŽŵĞƟĚĂ͘
dŽĚĂƐĂƐĞƐƉĞĐŝĮĐĂĕƁĞƐƚĠĐŶŝĐĂƐĚŽƉĂĚƌĆŽh^ĞƐƚĆŽƌŝŐŽƌŽƐĂŵĞŶƚĞĞƐƚĂďĞůĞĐŝĚĂƐŶĂhŶŝǀĞƌƐĂů^ĞƌŝĂůƵƐ^ƉĞ=
ĐŝĮĐĂƟŽŶZĞǀŝƐŝŽŶϭ͘Ϭ͘
W&+$c&+$
K&ŝƌĞǁŝƌĞƐƵƌŐŝƵ͕Ğŵϭϵϵϱ;ƉŽƵĐŽĂŶƚĞƐĚŽh^Ϳ͕ĐŽŵŽƵŵĐŽŶĐŽƌƌĞŶƚĞĚŽďĂƌƌĂŵĞŶƚŽ^^/͘/ŶŝĐŝĂůŵĞŶƚĞĞůĞ
ĨŽŝĚĞƐĞŶǀŽůǀŝĚŽƉĞůĂƉƉůĞĞĚĞƉŽŝƐƐƵďŵĞƟĚŽĂŽ/͕ƋƵĂŶĚŽƉĂƐƐŽƵĂƐĞĐŚĂŵĂƌ/ϭϯϵϰ͘ŵďŽƌĂƐĞũĂ
ŵĂŝƐƉŽƉƵůĂƌŵĞŶƚĞƵƐĂĚŽ͕ŽŶŽŵĞ&ŝƌĞǁŝƌĞĠƵŵĂŵĂƌĐĂƌĞŐŝƐƚƌĂĚĂƉĞůĂƉƉůĞ͕ƉŽƌŝƐƐŽǀŽĐġŶĆŽǀĂŝĞŶĐŽŶƚƌĂƌ
ƌĞĨĞƌġŶĐŝĂĂĞůĞĞŵŶĞŶŚƵŵĂĚŽĐƵŵĞŶƚĂĕĆŽŽƵƉƌŽĚƵƚŽƐĚĞŽƵƚƌŽƐĨĂďƌŝĐĂŶƚĞƐ͘KƵƚƌŽŶŽŵĞĐŽŵĞƌĐŝĂůƉĂƌĂŽ
ƉĂĚƌĆŽĠŽ͞ŝ͘>ŝŶŬ͕͟ƵƐĂĚŽƉĞůĂ^ŽŶLJ͘
K&ŝƌĞǁŝƌĞĠƵŵďĂƌƌĂŵĞŶƚŽƐĞƌŝĂů͕ŵƵŝƚŽƐŝŵŝůĂƌĂŽh^ĞŵǀĄƌŝŽƐĂƐƉĞĐƚŽƐ͘ǀĞƌƐĆŽŝŶŝĐŝĂůĚŽ&ŝƌĞǁŝƌĞũĄŽƉĞ=
ƌĂǀĂĂϰϬϬŵĞŐĂďŝƚƐ;ŽƵϱϬDͬƐͿ͕ĞŶƋƵĂŶƚŽŽh^ϭ͘ϭŽƉĞƌĂǀĂĂĂƉĞŶĂƐϭϮŵĞŐĂďŝƚƐ͘ƉĞƐĂƌĚŝƐƐŽ͕Žh^ƵƟůŝ=
$%<%*1"%-08200'"#0*#*32"3,21'0*8%20*6%"%1'0*#*#"%*+2<"#*&#*4%D%8#-1'*&#*ƌŽLJĂůƟĞƐ.*'*9,#*%3%6',*:%$#-&'*3'8*9,#*
ĞůĞƐĞƉŽƉƵůĂƌŝnjĂƐƐĞƌĂƉŝĚĂŵĞŶƚĞ͘EĂĠƉŽĐĂ͕ĂŝŶĚƷƐƚƌŝĂƉƌŽĐƵƌĂǀĂƵŵďĂƌƌĂŵĞŶƚŽĚĞďĂŝdžŽĐƵƐƚŽƉĂƌĂƐƵďƐƟƚƵŝƌ
ĂƐƉŽƌƚĂƐƐĞƌŝĂŝƐĞƉĂƌĂůĞůĂƐĞ͕ĐŽŵŽĚĞƉƌĂdžĞ͕ĂĐĂďŽƵŐĂŶŚĂŶĚŽĂƐŽůƵĕĆŽŵĂŝƐďĂƌĂƚĂ͘
ƚƵĂůŵĞŶƚĞ͕Ž&ŝƌĞǁŝƌĞĞŶĨƌĞŶƚĂƚĂŵďĠŵĂĐŽŶĐŽƌƌġŶĐŝĂĚŽĞ^d͕ĂǀĞƌƐĆŽĞdžƚĞƌŶĂĚŽ^d͕ŽƋƵĂůƉĞƌŵŝƚĞĂ
ĐŽŶĞdžĆŽĚĞ,ƐĞĚƌŝǀĞƐſƉƟĐŽƐĞdžƚĞƌŶŽƐ͕ŽƋƵĞŽĚĞŝdžĂĞŵƉŽƐŝĕĆŽƉŽƵĐŽĐŽŶĨŽƌƚĄǀĞů͘
ƐƐŝŵ ĐŽŵŽ Ž h^͕ Ž &ŝƌĞǁŝƌĞ Ġ Ƶŵ ďĂƌƌĂŵĞŶƚŽ ƉůƵŐͲĂŶĚͲƉůĂLJ Ğ ƐƵƉŽƌƚĂ Ă ĐŽŶĞdžĆŽ ĚĞ ǀĄƌŝŽƐ ƉĞƌŝĨĠƌŝĐŽƐ ŶĂ
ŵĞƐŵĂƉŽƌƉŽƌƚĂ͕ƵƟůŝnjĂŶĚŽƵŵĂƚŽƉŽůŽŐŝĂĂĐşĐůŝĐĂ͕ŶŽƋƵĂůƵŵƉĞƌŝĨĠƌŝĐŽĠĚŝƌĞƚĂŵĞŶƚĞĐŽŶĞĐƚĂĚŽĂŽŽƵƚƌŽĞ
1'&'0*0#*#-X#"D%8*8,1,%8#-1#.*0#8*-#3#002&%&#*&#*,0'*&#*ŚƵďƐŽƵĐĞŶƚƌĂůŝnjĂĚŽƌĞƐ͘sŽĐġƉŽĚĞ͕ƉŽƌĞdžĞŵƉůŽ͕
ĐŽŶĞĐƚĂƌƵŵ,ĞdžƚĞƌŶŽ;ĐŽŵĚƵĂƐƉŽƌƚĂƐ&ŝƌĞǁŝƌĞͿĂŽWĞĐŽŶĞĐƚĂƌƵŵĂĮůŵĂĚŽƌĂĂŽ,ĞŽWĞŶdžĞƌŐĂƌŝĂ
ĂŵďŽƐ͘sĞũĂƵŵĞdžĞŵƉůŽŶĂ&ŝŐƵƌĂ͘ϭϰ͗
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'<)*E'+'J191=1#"&'61'2&%%&87-:1'!"%7_"%7
KĐŽŶĞĐƚŽƌ&ŝƌĞǁŝƌĞƚƌĂĚŝĐŝŽŶĂůƵƟůŝnjĂϲƉŝŶŽƐ͕ƐĞŶĚŽƋƵĞϮƐĆŽƵƐĂĚŽƐƉĂƌĂĂůŝŵĞŶƚĂĕĆŽĞůĠƚƌŝĐĂ;ĐŽŵŽŶŽh^Ϳ͘
džŝƐƚĞƵŵĂǀĞƌƐĆŽŵŝŶŝĂƚƵƌŝnjĂĚĂ;ƐĞŵŽƐƉŝŶŽƐĚĞĂůŝŵĞŶƚĂĕĆŽͿĂƋƵĂůƉŽƐƐƵŝĂƉĞŶĂƐϰƉŝŶŽƐƐĞŶĚŽŵƵŝƚŽĐŽŵƵŵ
ĞŵŶŽƚĞŬƐ͘hŵĂƉŽƌƚĂ&ŝƌĞǁŝƌĞĚĞϲƉŝŶŽƐĠĐĂƉĂnjĚĞĨŽƌŶĞĐĞƌĂƚĠϰϱǁĂƩƐĚĞĞŶĞƌŐŝĂ͕ƋƵĂƐĞϭϬǀĞnjĞƐŵĂŝƐ
9,#*-'*KQW?
sĞũĂĂďĂŝdžŽĂůŐƵŵĂƐŝŵĂŐĞŶƐͲ&ŝŐƵƌĂƐ͘ϭϱĞ͘ϭϲͲĚĞĐŽŶĞĐƚŽƌĞƐ&ŝƌĞǁŝƌĞ͘
!"#$%&'<)*O'+'?1-75:1%74'!"%7_"%7'G'BT87&'^<`a'8&5C&61'^S`
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'<)*P'+'<-:%&6&'!"%7_"%7
/ŶŝĐŝĂůŵĞŶƚĞ͕ŽĐŽŶĐŽƌƌĞŶƚĞĚŽ&ŝƌĞǁŝƌĞŶĆŽĞƌĂŽh^͕ŵĂƐƐŝŵŽďĂƌƌĂŵĞŶƚŽ^^/͕ƋƵĞŶĂĠƉŽĐĂƚĂŵďĠŵĞƌĂ
,0%&'*4%"%*%*3'-#X5'*&#*ƐĐĂŶŶĞƌƐĞŽƵƚƌŽƐĚŝƐƉŽƐŝƟǀŽƐĞdžƚĞƌŶŽƐ͘ŵďŽƌĂĨŽƐƐĞƵŵƉŽƵĐŽŵĂŝƐůĞŶƚŽ;ĂƚĠϭϲϬ
DͬƐŶŽ^^/͕ĐŽŶƚƌĂϱϬDͬƐŶŽ&ŝƌĞǁŝƌĞͿ͘K&ŝƌĞǁŝƌĞĞƌĂƵŵďĂƌƌĂŵĞŶƚŽŵĂŝƐƐŝŵƉůĞƐĞŵƵŝƚŽŵĂŝƐŇĞdžşǀĞů͕
ƉĞƌŵŝƟŶĚŽĂĐŽŶĞdžĆŽĚĞƚŽĚŽƟƉŽĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽ͕ŝŵƉƌĞƐƐŽƌĂƐ͕ƐĐĂŶŶĞƌƐ͕ĚŝƐƉŽƐŝƟǀŽƐĚĞĄƵĚŝŽĞǀşĚĞŽĞ
ĂƚĠŵĞƐŵŽĂĐŽŵƵŶŝĐĂĕĆŽĚŝƌĞƚĂĞŶƚƌĞWƐ͕ĨƵŶĐŝŽŶĂŶĚŽĐŽŵŽƵŵĂŝŶƚĞƌĨĂĐĞĚĞƌĞĚĞ͘
ƉĞƐĂƌĚŝƐƐŽ͕ĐŽŵŽƐƵƌŐŝŵĞŶƚŽĚŽh^͕Ž&ŝƌĞǁŝƌĞĂĐĂďŽƵƌĞƐƚƌŝƚŽĂĂůŐƵŶƐŶŝĐŚŽƐ͘KƉƌŝŶĐŝƉĂůĚĞůĞƐĠĂƚƌĂŶƐ=
ĨĞƌġŶĐŝĂĚĞǀşĚĞŽƐ͕ĂƉĂƌƟƌĚĞƵŵĂĮůŵĂĚŽƌĂĚŝŐŝƚĂů͘ĞƐĚĞŽĮŶĂůĚĂĚĠĐĂĚĂĚĞϭϵϵϬ͕ĂƐĐąŵĞƌĂƐŵŝŐƌĂƌĂŵ
ĚĂƐĮƚĂƐĂŶĂůſŐŝĐĂƐƉĂƌĂŽƉĂĚƌĆŽs;ĚŝŐŝƚĂůǀşĚĞŽͿ͕ĞŵƋƵĞŽǀşĚĞŽĠŐƌĂǀĂĚŽĚŝƌĞƚĂŵĞŶƚĞĞŵĨŽƌŵĂƚŽĚŝŐŝƚĂů
;ŶƵŵĂĮƚĂŵŝŶŝͲs͕,ŽƵŵĞƐŵŽŵĞŵſƌŝĂŇĂƐŚ*3'8'*#8*%+D,-0*8'&#+'0*"#3#-1#0)*#*&#4'20*1"%-0:#"2&'*4%"%*
ŽŵŝĐƌŽĂƚƌĂǀĠƐĚĞƵŵĂƉŽƌƚĂ&ŝƌĞǁŝƌĞƉĂƌĂƋƵĞƐĞũĂĞĚŝƚĂĚŽĞĮŶĂůŝnjĂĚŽ͘
ŵďŽƌĂƐĞũĂƵŵŝƚĞŵĚĞƐĠƌŝĞŶŽƐDĂĐƐ;ĂƐƉƌŝŵĞŝƌĂƐǀĞƌƐƁĞƐĚŽŝWŽĚĞdžŝƐƟĂŵĂƉĞŶĂƐĞŵǀĞƌƐĆŽ&ŝƌĞǁŝƌĞͿ͕ƉŽƵ=
3'0*ĐŚŝƉƐĞƚƐ*4%"%*!A*4'00,#8*3'-1"'+%&'"#0*ĮƌĞǁŝƌĞ*2-1#D"%&'0.*:%$#-&'*3'8*9,#*'0*:%6"23%-1#0*&#*4+%3%0=85#*
ƐĞũĂŵŽďƌŝŐĂĚŽƐĂƵƟůŝnjĂƌƵŵĐŽŶƚƌŽůĂĚŽƌĂǀƵůƐŽ͘ŶĐĂƌĞĐĞŶĚŽĂƉůĂĐĂ͕ĂƐƉŽƌƚĂƐĮƌĞǁŝƌĞ*05'*':#"#32&%0*%4#-%0*
ŶŽƐŵŽĚĞůŽƐŵĂŝƐĐĂƌŽƐ͕ŽƵǀŽůƚĂĚŽƐƉĂƌĂŽŵĞƌĐĂĚŽŐƌĄĮĐŽ͘EĂƚƵƌĂůŵĞŶƚĞ͕ĞdžŝƐƚĞŵƚĂŵďĠŵĐŽŶƚƌŽůĂĚŽƌĂƐĮͲ
ƌĞǁŝƌĞĞdžƚĞƌŶĂƐ͕ŶĂĨŽƌŵĂĚĞƉůĂĐĂƐW/ŽƵW/džƉƌĞƐƐ͕ŵĂƐĞůĂƐƚĂŵďĠŵƌĞƉƌĞƐĞŶƚĂŵƵŵĐƵƐƚŽĂĚŝĐŝŽŶĂů͘Žŵ
ĂƉŽƉƵůĂƌŝnjĂĕĆŽĚĂƐĮůŵĂĚŽƌĂƐ͕ŽƐĨĂďƌŝĐĂŶƚĞƐƉĂƐƐĂƌĂŵĂŝŶĐůƵŝƌƚĂŵďĠŵƉŽƌƚĂƐh^͕ĞůŝŵŝŶĂŶĚŽŽƉƌŽďůĞŵĂ
ĐŽŶĨŽƌŵĞ&ŝŐƵƌĂ͘ϭϳ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'<)*Q'+'<-:%&6&4'!"%7_"%7'7'AL(
ƚƵĂůŵĞŶƚĞĞƐƚĂŵŽƐĂƐƐŝƐƟŶĚŽĂƵŵĂůĞŶƚĂŵŝŐƌĂĕĆŽƉĂƌĂŽ&ŝƌĞǁŝƌĞϴϬϬ;/ϭϯϵϰͿ͕ƵŵŶŽǀŽƉĂĚƌĆŽ͕ůĂŶĕĂ=
ĚŽĞŵϮϬϬϯ͕ƋƵĞĚŽďƌĂĂƚĂdžĂĚĞƚƌĂŶƐŵŝƐƐĆŽ͕ĂƟŶŐŝŶĚŽϴϬϬŵĞŐĂďŝƚƐĞƵƟůŝnjĂƵŵŶŽǀŽĐŽŶĞĐƚŽƌ͕ĐŽŵϵƉŝŶŽƐ͘
ůĞĨŽŝĚĞƐĞŶǀŽůǀŝĚŽĚĞĨŽƌŵĂƋƵĞŽƐĐĂďŽƐĞƉĞƌŝĨĠƌŝĐŽƐĂŶƟŐŽƐĐŽŶƟŶƵĂŵƐĞŶĚŽŝŶƚĞŝƌĂŵĞŶƚĞĐŽŵƉĂơǀĞŝƐ
;ƵƐĂŶĚŽŽĐĂďŽĂƉƌŽƉƌŝĂĚŽ͕ĐŽŵƵŵĐŽŶĞĐƚŽƌĚĞϵƉŝŶŽƐĞŵƵŵĂƉŽŶƚĂĞƵŵĚĞϲŽƵϰƉŝŶŽƐŶĂŽƵƚƌĂͿ͕ĞŵďŽƌĂ
ŶĆŽƐĞďĞŶĞĮĐŝĞŵĚŽĂƵŵĞŶƚŽŶĂǀĞůŽĐŝĚĂĚĞ͘
hŵĂŽďƐĞƌǀĂĕĆŽĠƋƵĞ͕ĚĞǀŝĚŽĂƵŵĂĐŽŵďŝŶĂĕĆŽĚĞŝŵƉůĞŵĞŶƚĂĕĆŽĚĞĚƌŝǀĞƌƐ͕ŽƐƵƉŽƌƚĞĂh^Ϯ͘ϬŶŽƐDĂĐƐ
'ϱ͕WŽǁĞƌŽŽŬĞŽƵƚƌŽƐĚĂƐĂĨƌĂďĂƐĞĂĚŽƐĞŵĐŚŝƉƐWŽǁĞƌWĠĚĞĮĐŝĞŶƚĞ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞĂƐƚƌĂŶƐĨĞƌġŶĐŝĂƐ
ĨĞŝƚĂƐ͕ĂƚƌĂǀĠƐĚĂƐƉŽƌƚĂƐh^Ϯ͘Ϭ͕ĂĐĂďĞŵƐĞŶĚŽŵĂŝƐůĞŶƚĂƐĚŽƋƵĞĂƚƌĂǀĠƐĚĂƐƉŽƌƚĂƐ&ŝƌĞǁŝƌĞϰϬϬ͘ĞƋƵĂů=
ƋƵĞƌĨŽƌŵĂ͕ĂƉĞƐĂƌĚĂƉŽůġŵŝĐĂĞŵƚŽƌŶŽŶŽh^Ϯ͘Ϭdž&ŝƌĞǁŝƌĞϰϬϬ͕Ž&ŝƌĞǁŝƌĞϴϬϬĠŝŶĚŝƐĐƵƟǀĞůŵĞŶƚĞŵĂŝƐ
">42&'?
sĞũĂĂďĂŝdžŽĂůŐƵŵĂƐŝůƵƐƚƌĂĕƁĞƐĂƵƚŽͲĞdžƉůŝĐĂƟǀĂƐ͘&ŝŐƵƌĂƐ͘ϭϴ͕͘ϭϵĞ͘ϮϬ͘
*
!"#$%&'<)*R'G'?1-75:1%74'!"%7_"%7'''''''''''''''''''''''''''''''''!"#$%&'<)*U'G'd$2'!"%7_"%7
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'<);W'+'\4975:14'67'51-4:":$"/01'7'875[-"514
$$>Y@&>,
V7"&'14':X9"514'412%7'2&%%&87-:14a'6"491-NM7='-1'?1-:7h61'6&'S"45"9="-&)
D%15$%7'78'4":74'67'B&2%"5&-:74'&4'9=&5&4G8074'41="5":&6&4'7'"-6"f$7'14':"914'67'878X%"&4'7'14'2&%%&87-:14'
4$91%:&614)'\9X4'%7491-6&'1'f$74:"1-3%"1'7'6"491-"2"=".7G1a'7-M"&-61'$8'&%f$"M1'&:%&Mi4'674:&'B7%%&87-:&)
ͻ EQKQ*
фŚƩƉ͗ͬͬďƌ͘ĂƐƵƐ͘ĐŽŵх
ͻ ϴsͲsDhůƚƌĂ
фŚƩƉ͗ͬͬƐƵƉƉŽƌƚ͘ĂƐƵƐ͘ĐŽŵͬĚŽǁŶůŽĂĚͬĚŽǁŶůŽĂĚ͘ĂƐƉdž͍^>ĂŶŐƵĂŐĞсƉƚͲďƌΘŵŽĚĞůсϴsͲsDйϮϬhůƚƌĂх
ͻ DϮEͲWůƵƐ^>/sŝƐƚĂĚŝƟŽŶ
фŚƩƉ͗ͬͬƐƵƉƉŽƌƚ͘ĂƐƵƐ͘ĐŽŵͬĚŽǁŶůŽĂĚͬĚŽǁŶůŽĂĚ͘ĂƐƉdž͍^>ĂŶŐƵĂŐĞсƉƚͲďƌΘŵŽĚĞůсDϮEͲWůƵƐйϮϬ^>/йϮϬsŝƐƚĂйϮϬ
ĚŝƟŽŶх
ͻ '/'zd
фŚƩƉ͗ͬͬǁǁǁ͘ŐŝŐĂďLJƚĞ͘ĐŽŵ͘ƚǁͬх
ͻ 'ͲsDϵϬϬD;ƌĞǀ͘Ϯ͘ϬͿͼ
фŚƩƉ͗ͬͬǁǁǁ͘ŐŝŐĂďLJƚĞ͘ĐŽŵ͘ƚǁͬWƌŽĚƵĐƚƐͬDŽƚŚĞƌďŽĂƌĚͬWƌŽĚƵĐƚƐͺKǀĞƌǀŝĞǁ͘ĂƐƉdž͍WƌŽĚƵĐƚ/сϮϱϴϭх
ͻ 'ͲsDϴϬϬWDͼ
фŚƩƉ͗ͬͬǁǁǁ͘ŐŝŐĂďLJƚĞ͘ĐŽŵ͘ƚǁͬWƌŽĚƵĐƚƐͬDŽƚŚĞƌďŽĂƌĚͬWƌŽĚƵĐƚƐͺKǀĞƌǀŝĞǁ͘ĂƐƉdž͍WƌŽĚƵĐƚ/сϮϰϳϭх
A:"=".7'-1'4":7'61'B&2%"5&-:7']F]\(jJ<'1'="-g?189&%"41-'LC77:'7'-1'4":7'61'B&2%"5&-:7'\LAL'1'="-g'?189&G
%&/01'67'D%16$:14a'91"4'47%01'67'#%&-67'M&="&)
,'8&-$&='67'5&6&'9=&5&':&82i8'9167%3'47%'$:"=".&61'9&%&'12:7%'&4'"-B1%8&/Z74'41="5":&6&4)
k$&=f$7%':7%81'41="5":&61'f$7'91%'M7-:$%&'-01':7-C&'4"61'&21%6&61a'67M7%3'47%'974f$"4&61)
,$:%14'"%&'('9167%01'47%'$:"=".&614'9&%&'12:7-/01'67'"-B1%8&/Z74)
XI45BY45=
I?* WƌŽĐƵƌĞƵŵĂƉůĂĐĂŶŽƐŝƚĞĚĞƐƚĞƐĨĂďƌŝĐĂŶƚĞƐƋƵĞŶĆŽƉŽƐƐƵĂǀşĚĞŽŝŶƚĞŐƌĂĚŽ;ǀşĚĞŽŽīďŽĂƌĚͿĞƋƵĞƉŽƐƐƵĂƐŽƋƵĞƚĞ
4%&"5'*__O?
L?* KƋƵĞƐŝŐŶŝĮĐĂĂĐĂƌĂĐƚĞƌşƐƟĐĂ^>/ŶĂƉůĂĐĂͲŵĆĞDϮEͲWůƵƐ^>/sŝƐƚĂĚŝƟŽŶ͍
M?* YƵĂŝƐŽƐƟƉŽƐĚĞƉƌŽĐĞƐƐĂĚŽƌĞƐƐƵƉŽƌƚĂĚŽƐƉŽƌĐĂĚĂƉůĂĐĂͲŵĆĞ͍
N?* YƵĂůŽƟƉŽĚĞŵĞŵſƌŝĂƐƵƉŽƌƚĂĚĂƉŽƌĐĂĚĂƉůĂĐĂĞƋƵĂůĚĞƐƚĂƐƵƉŽƌƚĂĂƵƟůŝnjĂĕĆŽĚĞŵĞŵſƌŝĂƐZŽƵZϮ͍
O?* YƵĂůĂĐĂƉĂĐŝĚĂĚĞŵĄdžŝŵĂĚĞŵĞŵſƌŝĂƋƵĞĐĂĚĂƉůĂĐĂƐƵƉŽƌƚĂ͍
V?* KƋƵĞƐŝŐŶŝĮĐĂĂĐĂƌĂĐƚĞƌşƐƟĐĂ&^;&ƌŽŶƚ^ŝĚĞƵƐͿ͍
_?* ŽŵƉĂƌĞĞŶƚƌĞĂƐƉůĂĐĂƐĂƋƵĂŶƟĚĂĚĞĚĞƌĂŶŚƵƌĂƐ;ƐůŽƚƐͿŽƵĐŽŶĞĐƚŽƌĞƐW/ͲdžƉƌĞƐƐyϭ͕W/ͲdžƉƌĞƐƐyϭϲ͕W/͕/^͕h^͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
"+#&$&,
Z
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
)IH6G!)4e*HI!
H?%+(0@;<(
EĞƐƚĂƉĂƌƚĞĚĂŵĂƚĠƌŝĂ͕ŝŶŝĐŝĂƌĞŵŽƐĐŽŵŽĞƐƚƵĚŽĚĞƵŵŝŵƉŽƌƚĂŶơƐƐŝŵŽĞůĞŵĞŶƚŽƋƵĞĐŽŶƐƟƚƵŝƵŵƐŝƐƚĞŵĂ
ĐŽŵƉƵƚĂĐŝŽŶĂů͕ŽŝƐĐŽZşŐŝĚŽŽƵ,ĂƌĚŝƐŬ(FP)*8%20*3'8,8#-1#*3'-7#32&'?
K,ĠƵŵĚŝƐƉŽƐŝƟǀŽƋƵĞĂůŝĂŵĞĐąŶŝĐĂĚĞƉƌĞĐŝƐĆŽ͕ĞůĞƚƌƀŶŝĐĂĞŵĂŐŶĞƟƐŵŽ͕ƋƵĞĨŽŝŝĚĞĂůŝnjĂĚŽƉĂƌĂĂƌŵĂnjĞ=
ŶĂƌŐƌĂŶĚĞƋƵĂŶƟĚĂĚĞĚĞŝŶĨŽƌŵĂĕƁĞƐ͕ĐŽŵƉƌĞĞŶĚĞŶĚŽ͗ƉƌŽŐƌĂŵĂƐ͕ĂƌƋƵŝǀŽƐĚĞĚĂĚŽƐ;ƉĞƌŵĂŶĞŶƚĞŽƵƚĞŵ=
ƉŽƌĄƌŝŽͿ͕ƐŝƐƚĞŵĂ;ƐͿŽƉĞƌĂĐŝŽŶĂů;ŝƐͿ͕ĚĂĚŽƐƵƟůŝnjĂĚŽƐĚƵƌĂŶƚĞŽƉƌŽĐĞƐƐĂŵĞŶƚŽĚŽƐƉƌŽŐƌĂŵĂƐŶĞůĞŝŶƐƚĂůĂĚŽƐ͘
ƉƌŝŶĐŝƉĂů ǀĂŶƚĂŐĞŵ͕ ƉŽƌ ƚĂŶƚŽ͕ Ġ ƋƵĞ ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ŶĞůĞ ĂƌŵĂnjĞŶĂĚĂƐ͕ ƐĆŽ ƚŽƚĂůŵĞŶƚĞ ŝŶĚĞƉĞŶĚĞŶƚĞƐ ĚĂ
ƉƌĞƐĞŶĕĂŽƵŶĆŽĚĞĞŶĞƌŐŝĂĞůĠƚƌŝĐĂ͕ƉŽŝƐĞƐƚĂƐĞƐƚĆŽŐƌĂǀĂĚĂƐŵĂŐŶĞƟĐĂŵĞŶƚĞŶŽĚŝƐĐŽĐŽŵŽŵŝŶƷƐĐƵůŽƐŝŵĆƐ
9,#*%1"%#8*',*"#4#+#8?
dƌĂďĂůŚĂŶĚŽĐŽŶũƵŶƚĂŵĞŶƚĞĐŽŵĂŵĞŵſƌŝĂZD͕Ž,ƚĞŵƉŽƌĨƵŶĕĆŽĂůŝŵĞŶƚĄͲůĂƋƵĂŶĚŽƐŽůŝĐŝƚĂĚŽ͕ƉŽŝƐĠ
ŶĂZDƋƵĞ͕ĞĨĞƟǀĂŵĞŶƚĞŽƉƌŽĐĞƐƐĂĚŽƌ͞ďƵƐĐĂ͟ŝŶĨŽƌŵĂĕƁĞƐ;ŝŶƐƚƌƵĕƁĞƐŽƵĚĂĚŽƐͿƉĂƌĂĂĞdžĞĐƵĕĆŽĚŽƐƉƌŽ=
ŐƌĂŵĂƐ͘ĂďĞƐĂůŝĞŶƚĂƌƋƵĞ͕ŶŽŵŽŵĞŶƚŽĞŵƋƵĞŚŽƵǀĞƌĂŝŶƚĞƌƌƵƉĕĆŽĚŽĨŽƌŶĞĐŝŵĞŶƚŽĚĞĞŶĞƌŐŝĂĞůĠƚƌŝĐĂ͕ŽƐ
ĚĂĚŽƐĚĂZDƐĞƌĆŽƉĞƌĚŝĚŽƐ͕ĂŽĐŽŶƚƌĄƌŝŽĚŽ,͘
R+7%-&'*#8*:"#-1#*#*:%$#-&'*,8%*4"#<205'*6%0#%&'*-'*:"#9^#-1#8#-1#*+#2'*#8*"#<201%0*#*#8*ƐŝƚĞƐĐŽŶĮĄǀĞŝƐ͕
ǀĞũŽĂĐƵƌƚŽƉƌĂnjŽŽĮŵĚŽǀĞůŚŽĞďŽŵ,͘ŽŵĐĞƌƚĞnjĂ͕ǀŽĐġƉŽƐƐƵŝŽƵƐŝŵƉůĞƐŵĞŶƚĞĐŽŶŚĞĐĞĂƐĨĂŵŽƐĂƐWĞŶ
ƌŝǀĞƐŽƵ&ůĂƐŚƌŝǀĞƐ͕ĐŽŵƵŶƐŶŽŶŽƐƐŽĚŝĂͲĂͲĚŝĂ͘EŽƚĞƚĂŵďĠŵƋƵĞŽĐƵƐƚŽĞŵĂĚƋƵŝƌŝͲůĂƐƚŽƌŶĂͲƐĞĐĂĚĂǀĞnj
8#-'"*%'*+'-D'*&'0*8#0#0?*\*200'*8#08'.*#8*6"#<#*'0*"'6,01'0*FPc0*&%"5'*+,D%"*H0*8#8B"2%0*&ůĂƐŚ͊^ŝŵƉůĞƐ͕
ƌĄƉŝĚĂƐ͕ĐŽŶĮĄǀĞŝƐ͕ŵĂƐĂŝŶĚĂĐĂƌĂƐƉĂƌĂĂƌŵĂnjĞŶĂƌϴϬ'ĚĞĚĂĚŽƐ͕ƚŽŵĂŶĚŽƉŽƌďĂƐĞŽƐĚŝƐĐŽƐƌşŐŝĚŽƐ͕ŵĂŝƐ
3'8,-0*#*8%20*6%"%1'0?
!)&?%$+&(+)0()dI
ĐŽŶƐƟƚƵŝĕĆŽĚŽ,ƐĞƌĄĚĞƚĂůŚĂĚĂĨƵƚƵƌĂŵĞŶƚĞ͕ŵĂƐŶĞƐƚĞƉŽŶƚŽ͕ĚĂƌĞŝƵŵĂďƌĞǀĞŝŶƚƌŽĚƵĕĆŽƉĂƌĂƋƵĞŽƐ
&#8%20*21#-0*&#01#*%00,-1'*4'00%8*0#"*8%20*6#8*#-1#-&2&'0?
ĮŐƵƌĂϭŵŽƐƚƌĂŽŝŶƚĞƌŝŽƌĚĞƵŵĚŝƐĐŽƌşŐŝĚŽ͘KďǀŝĂŵĞŶƚĞ͕ŽĚŝƐĐŽĚĞƐƐĂĮŐƵƌĂũĄŶĆŽĨƵŶĐŝŽŶĂŵĂŝƐ͊EĆŽƉŽ=
ĚĞŵŽƐĂďƌŝƌŽĚŝƐĐŽƌşŐŝĚŽƉĂƌĂǀĞƌŽƐĞƵŝŶƚĞƌŝŽƌ͘/ƐƚŽƐſƉŽĚĞƐĞƌĨĞŝƚŽĞŵůĂďŽƌĂƚſƌŝŽƐƋƵĞƉŽƐƐƵĞŵŽƐĞƋƵŝƉĂ=
ŵĞŶƚŽƐŶĞĐĞƐƐĄƌŝŽƐăƉƌŽĚƵĕĆŽŽƵŵĂŶƵƚĞŶĕĆŽĚĞĚŝƐĐŽƐƌşŐŝĚŽƐ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'!)*'G'F-:7%"1%'67'$8'6"451'%N#"61
I&>A(>
KĚŝƐĐŽĠŽŵĞŝŽŵĂŐŶĠƟĐŽŽŶĚĞƐĆŽŐƌĂǀĂĚŽƐŽƐĚĂĚŽƐ͘EŽƌŵĂůŵĞŶƚĞ͕ƐĆŽĨĞŝƚŽƐĚĞĂůƵŵşŶŝŽĐŽďĞƌƚŽƉŽƌƵŵ
ŵĂƚĞƌŝĂůŵĂŐŶĠƟĐŽ͘ŵŐĞƌĂů͕ĚĞŶƚƌŽĚĞƵŵĚŝƐĐŽƌşŐŝĚŽĞŶĐŽŶƚƌĂŵŽƐǀĄƌŝŽƐĚŝƐĐŽƐŵĂŐŶĠƟĐŽƐ͘ůŐƵŶƐŵŽĚĞůŽƐ
4'00,#8*-'*0#,*2-1#"2'"*%4#-%0*,8*&203'.*8%0*4'&#8'0*#-3'-1"%"*%+D,-0*8'&#+'0*&#*%+1%*3%4%32&%&#*9,#*4'0=
ƐƵĞŵĂƚĠϴĚŝƐĐŽƐĞŵƐĞƵŝŶƚĞƌŝŽƌ͘
P+,;(
KďƌĂĕŽĠƵŵĚŝƐƉŽƐŝƟǀŽŵĞĐąŶŝĐŽƋƵĞƐĞƌǀĞƉĂƌĂŵŽǀŝŵĞŶƚĂƌĂƐĐĂďĞĕĂƐĚĞůĞŝƚƵƌĂĞŐƌĂǀĂĕĆŽĂŽůŽŶŐŽĚĂ
ƐƵƉĞƌİĐŝĞ ĚŽ ĚŝƐĐŽ͘ WŽƐƐƵŝ ǀĄƌŝĂƐ ƌĂŵŝĮĐĂĕƁĞƐ ƉĂƌĂ ƋƵĞ ĐĂĚĂ ƵŵĂ ĚĂƐ ĐĂďĞĕĂƐ ƉŽƐƐĂ ƚĞƌ ĂĐĞƐƐŽ ă ƐƵƉĞƌİĐŝĞ
ŵĂŐŶĠƟĐĂ͘
G,"$;,>)
ĞŶƚƌŽĚĞƵŵĚŝƐĐŽƌşŐŝĚŽ͕ĞŶĐŽŶƚƌĂŵŽƐǀĄƌŝŽƐĚŝƐĐŽƐ͕ƐĞŶĚŽƋƵĞĐĂĚĂƵŵĚĞůĞƐƉŽƐƐƵŝĚƵĂƐĨĂĐĞƐ;ĐĂĚĂĨĂĐĞĠ
ƵŵĂƐƵƉĞƌİĐŝĞŵĂŐŶĠƟĐĂͿ͘WĂƌĂĐĂĚĂĨĂĐĞ͕ĞdžŝƐƚĞƵŵĂĐĂďĞĕĂĐŽƌƌĞƐƉŽŶĚĞŶƚĞ͘hŵďƌĂĕŽŵĞĐąŶŝĐŽŵŽǀŝŵĞŶƚĂ
ĂƐĐĂďĞĕĂƐƉĂƌĂƋƵĞĐĂĚĂƵŵĂĂĐĞƐƐĞƋƵĂůƋƵĞƌƉŽŶƚŽĚĂƐƵĂƐƵƉĞƌİĐŝĞŵĂŐŶĠƟĐĂ͘
6@V$+ERA&$)
ĂĚĂĨĂĐĞĚĞƵŵĚŝƐĐŽĠƵŵĂƐƵƉĞƌİĐŝĞŵĂŐŶĠƟĐĂ͕ƵƐĂĚĂƉĂƌĂŐƌĂǀĂĕĆŽĞůĞŝƚƵƌĂĚĞĚĂĚŽƐ͘
!!
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
)LJXUD)(VTXHPDVLPSOL¿FDGRGRVSUDWRVGHXPGLVFRUtJLGR
8+&-[,>f)6$%(+$>)$)G&-&?0+(>
8+&-[,>
ĂĚĂƐƵƉĞƌİĐŝĞĠĚŝǀŝĚŝĚĂŵĂŐŶĞƟĐĂŵĞŶƚĞĞŵƚƌŝůŚĂƐĞƐĞƚŽƌĞƐ͘ƐƚƌŝůŚĂƐƐĆŽĐşƌĐƵůŽƐĐŽŶĐġŶƚƌŝĐŽƐ͕ŝŐƵĂůŵĞŶƚĞ
ĞƐƉĂĕĂĚŽƐ͘ĐĂďĞĕĂĐŽƌƌĞƐƉŽŶĚĞŶƚĞĚĞǀĞĂŶƚĞƐƐĞƌƉŽƐŝĐŝŽŶĂĚĂƐŽďƌĞĂƚƌŝůŚĂĚĞƐĞũĂĚĂƉĂƌĂƋƵĞƐĞƵƐĚĂĚŽƐ
ƉŽƐƐĂŵƐĞƌůŝĚŽƐŽƵŐƌĂǀĂĚŽƐ͘KƐĚŝƐĐŽƐƌşŐŝĚŽƐŵŽĚĞƌŶŽƐƉŽƐƐƵĞŵ͕ĞŵĐĂĚĂƐƵƉĞƌİĐŝĞ͕ŵŝůŚĂƌĞƐĚĞƚƌŝůŚĂƐ͕Ğŵ
ŐĞƌĂůĞŶƚƌĞϭϬϬϬĞϱϬϬϬ͘
6$%(+$>
ƐƐŝŵĐŽŵŽĐĂĚĂĨĂĐĞĚĞƵŵĚŝƐĐŽĠŵĂŐŶĞƟĐĂŵĞŶƚĞĚŝǀŝĚŝĚĂĞŵƚƌŝůŚĂƐ͕ĐĂĚĂƚƌŝůŚĂĠŵĂŐŶĞƟĐĂŵĞŶƚĞĚŝǀŝĚŝĚĂ
ĞŵƐĞƚŽƌĞƐ͘&ŝŐƵƌĂ&͘ϯŵŽƐƚƌĂĚĞĨŽƌŵĂƐŝŵƉůŝĮĐĂĚĂ͕ĂƐƵƉĞƌİĐŝĞĚĞƵŵĚŝƐĐŽĚŝǀŝĚŝĚĂĞŵƚƌŝůŚĂƐĞƐĞƚŽƌĞƐ͘
ƐƐĂƌĞƉƌĞƐĞŶƚĂĕĆŽĠƌĞĂůŵĞŶƚĞƐŝŵƉůŝĮĐĂĚĂ͕ũĄƋƵĞŽƐĚŝƐĐŽƐĂƚƵĂŝƐƉŽƐƐƵĞŵŵŝůŚĂƌĞƐĚĞƚƌŝůŚĂƐ͘KƐƉƌŝŵĞŝƌŽƐ
ĚŝƐĐŽƐƌşŐŝĚŽƐĨĂďƌŝĐĂĚŽƐƉŽƐƐƵşĂŵϭϳƐĞƚŽƌĞƐĞŵĐĂĚĂƚƌŝůŚĂ͘ŝƐĐŽƐƌşŐŝĚŽƐŵŽĚĞƌŶŽƐƉŽƐƐƵĞŵĞŶƚƌĞϱϬĞϮϬϬ
0#1'"#0*4'"*1"2+7%?
EŽƐĚŝƐĐŽƐĂŶƟŐŽƐ͕ĐĂĚĂƵŵĂĚĂƐƚƌŝůŚĂƐƉŽƐƐƵşĂŽŵĞƐŵŽŶƷŵĞƌŽĚĞƐĞƚŽƌĞƐ͕ĐŽŵŽŵŽƐƚƌĂĂ&ŝŐƵƌĂ&
͘ϯ͘EŽƐĚŝƐĐŽƐŵŽĚĞƌŶŽƐ͕ŐƌĂĕĂƐăƉƌĞƐĞŶĕĂĚĞƵŵŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌŝŶƚĞƌŶŽ͕ĠƉŽƐƐşǀĞůĚŝǀŝĚŝƌƵŵĚŝƐĐŽĞŵǀĄ=
ƌŝĂƐnjŽŶĂƐ͕ĞŐƌĂǀĂƌŶĂƐnjŽŶĂƐŵĂŝƐĞdžƚĞƌŶĂƐƵŵŶƷŵĞƌŽŵĂŝŽƌĚĞƐĞƚŽƌĞƐ͘ƐƚĞŵĠƚŽĚŽ͕ĐŚĂŵĂĚŽZ;ŽŶĞŝƚ
ZĞĐŽƌĚŝŶŐͿ͕ƉĞƌŵŝƚĞĂƉƌŽǀĞŝƚĂƌŵƵŝƚŽŵĞůŚŽƌĂƐƵƉĞƌİĐŝĞŵĂŐŶĠƟĐĂ͕ĐŚĞŐĂŶĚŽĂŐƌĂǀĂƌĂƚĠϱϬйŵĂŝƐĚĂĚŽƐƋƵĞ
ƵƐĂŶĚŽŽŵĠƚŽĚŽƚƌĂĚŝĐŝŽŶĂů͕ŶŽƋƵĂůƚŽĚĂƐĂƐƚƌŝůŚĂƐƉŽƐƐƵşĂŵŽŵĞƐŵŽŶƷŵĞƌŽĚĞƐĞƚŽƌĞƐ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'!)@'G'J%"=C&4'7'L7:1%74
G&-&?0+(>
ƐƚĞĠƵŵĐŽŶĐĞŝƚŽŵƵŝƚŽŝŵƉŽƌƚĂŶƚĞŶĂƚĞƌŵŝŶŽůŽŐŝĂĚĞĚŝƐĐŽƐƌşŐŝĚŽƐ͘hŵĐŝůŝŶĚƌŽĠƵŵŐƌƵƉŽĚĞƚƌŝůŚĂƐĚĞ
ŵĞƐŵŽŶƷŵĞƌŽ͕ĞŵƐƵƉĞƌİĐŝĞƐĚŝĨĞƌĞŶƚĞƐ͘ŝŐĂŵŽƐƉŽƌĞdžĞŵƉůŽƋƵĞƵŵĚŝƐĐŽƚĞŶŚĂϰĐĂďĞĕĂƐ;ŶƵŵĞƌĂĚĂƐĚĞ
ϬĂϯͿ͕ĞƋƵĞŽďƌĂĕŽĞƐƚĄƉŽƐŝĐŝŽŶĂŶĚŽĞƐƐĂƐĐĂďĞĕĂƐĚĞŵŽĚŽƋƵĞĐĂĚĂƵŵĂĞƐƚĞũĂƐŽďƌĞĂƚƌŝůŚĂϱϬĚĂƐƵĂƐƵ=
ƉĞƌİĐŝĞ͘ŝnjĞŵŽƐĞŶƚĆŽƋƵĞĂƐĐĂďĞĕĂƐĞƐƚĆŽƉŽƐŝĐŝŽŶĂĚĂƐƐŽďƌĞŽĐŝůŝŶĚƌŽŶƷŵĞƌŽϱϬ͘džƉůŝĐĂŶĚŽĚĞƵŵĂĨŽƌŵĂ
ĂŝŶĚĂŵĂŝƐƐŝŵƉůĞƐ͕ĐŽŶƐŝĚĞƌĞƋƵĞĐŚĂŵĂŵŽƐĂƚƌŝůŚĂyĚĂĐĂďĞĕĂzĚĞ͞dƌŝůŚĂyͬz͗͟
?"="-6%1'W'l'J%"=C&'WcW'm'J%"=C&'Wc*'m'J%"=C&'Wc;'m'J%"=C&'Wc@''''
?"="-6%1'*'l'J%"=C&'*cW'm'J%"=C&'*c*'m'J%"=C&'*c;'m'J%"=C&'*c@''''
?"="-6%1';'l'J%"=C&';cW'm'J%"=C&';c*'m'J%"=C&';c;'m'J%"=C&';c@')))
KďǀŝĂŵĞŶƚĞĞƐƚĂŵŽƐƐƵƉŽŶĚŽƵŵĚŝƐĐŽƌşŐŝĚŽĐŽŵϰĐĂďĞĕĂƐ͘&ŝŐƵƌĂ&͘ϰŵŽƐƚƌĂ͕ĚĞĨŽƌŵĂƐŝŵƉůŝĮĐĂĚĂ͕ŽĐŽŶ=
3#21'*&#*32+2-&"'?
!"#$%&'!)E'G'?1-57":1'67'?"="-6%1
*$(=$%+&,)-N1&A,)$)ER>&A,
KƐĚŝƐĐŽƐƌşŐŝĚŽƐŵŽĚĞƌŶŽƐƚġŵƵŵĂŽƌŐĂŶŝnjĂĕĆŽďĂƐƚĂŶƚĞƉĂƌĞĐŝĚĂĐŽŵĂĚŽƐĚŝƐĐŽƐŵĂŝƐĂŶƟŐŽƐ͕ĐŽŵŵĞŶŽƌ
ĐĂƉĂĐŝĚĂĚĞ͘sĞũĂdĂďĞůĂ&ϭ͗
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ŝƐĐŽƐŶƟŐŽƐ
&/5025%:2741C25
A%4%32&%&#
W%2X%*
E+1%
/;8#"'*&#*0#1'"#0
A'-01%-1#*#8*1'&%0*%0*1"2+7%0
sĂƌŝĄǀĞů͕ƐĞŶĚŽŵĂŝŽƌŶĂƐƚƌŝůŚĂƐĞdžƚĞƌŶĂƐ͘
/;8#"'*&#*1"2+7%0
A#-1#+7%0
U2+7%"#0
EƷŵĞƌŽĚĞĐĂďĞĕĂƐ
!',3%0
!',3%0
b%8%-&'*&'*0#1'"
ϱϭϮďLJƚĞƐ
!',3%0
J&27=&'!*''G'?&%&5:7%N4:"5&4'67'6"4514'%N#"614'&-:"#14'7'8167%-14
KƐĚŝƐĐŽƐŵŽĚĞƌŶŽƐƚġŵĐĂƉĂĐŝĚĂĚĞďĞŵĞůĞǀĂĚĂ͘ŵϭϵϴϬĞƌĂŵĐŽŵƵŶƐŵŽĚĞůŽƐĚĞϱŽƵϭϬD͕ĞŵϭϵϵϬ
ĞƌĂŵĐŽŵƵŶƐŵŽĚĞůŽƐĚĞϯϬĞϰϬD͕ĞĞŵϮϬϬϬ͕ŽƐŵŽĚĞůŽƐĚĞϭϬĂϮϬ'ĞƌĂŵŽƐŵĂŝƐĐŽŵƵŶƐ͘hŵĂŐƌĂŶĚĞ
ĚŝĨĞƌĞŶĕĂĠŽŶƷŵĞƌŽĚĞƐĞƚŽƌĞƐ͕ƋƵĞĞƌĂĐŽŶƐƚĂŶƚĞĞŵƚŽĚĂƐĂƐƚƌŝůŚĂƐĚŽƐŵŽĚĞůŽƐĂŶƟŐŽƐ;ĞŵŐĞƌĂůϭϳ͕ϮϱŽƵ
ϯϰƐĞƚŽƌĞƐƉŽƌƚƌŝůŚĂͿ͕ĞŶƋƵĂŶƚŽŶŽƐĚŝƐĐŽƐŵŽĚĞƌŶŽƐŽŶƷŵĞƌŽĚĞƐĞƚŽƌĞƐƉŽƌƚƌŝůŚĂĠďĞŵŵĂŝŽƌ͕ĐŚĞŐĂŶĚŽă
ĐĂƐĂĚĂƐĐĞŶƚĞŶĂƐŶĂƐƚƌŝůŚĂƐŵĂŝƐĞdžƚĞƌŶĂƐ͘KŶƷŵĞƌŽĚĞƚƌŝůŚĂƐĞŵĐĂĚĂƐƵƉĞƌİĐŝĞ͕ƚĂŵďĠŵĠŵĂŝŽƌ͕ŐƌĂĕĂƐĂ
ƚĠĐŶŝĐĂƐƋƵĞƉĞƌŵŝƟƌĂŵĂƵŵĞŶƚĂƌĂĚĞŶƐŝĚĂĚĞĚĞŐƌĂǀĂĕĆŽ͘ƵĂƐĐĂƌĂĐƚĞƌşƐƟĐĂƐ͕ĞŶƚƌĞƚĂŶƚŽƐĆŽĐŽŵƵŶƐŶŽƐ
ĚŝƐĐŽƐĂŶƟŐŽƐĞŶŽƐŵŽĚĞƌŶŽƐ͗KŶƷŵĞƌŽĚĞƉƌĂƚŽƐƉĞƌŵĂŶĞĐĞƉĞƋƵĞŶŽ͕ĂƐƐŝŵĐŽŵŽŽŶƷŵĞƌŽĚĞĐĂďĞĕĂƐ͘
ŵĂŝŽƌŝĂĚŽƐĚŝƐĐŽƐƚġŵϮ͕ϰ͕ϲŽƵϴĐĂďĞĕĂƐ͘dĂŵďĠŵ͕ƉŽƌƵŵĂƋƵĞƐƚĆŽĚĞĐŽŵƉĂƟďŝůŝĚĂĚĞ͕ĐĂĚĂƐĞƚŽƌĚŽĚŝƐĐŽ
4#"8%-#3#*3'8*OIL*ďLJƚĞƐŶŽƐĚŝƐĐŽƐŵŽĚĞƌŶŽƐ͕ĂƐƐŝŵĐŽŵŽŽĐŽƌƌŝĂŶŽƐĚŝƐĐŽƐĂŶƟŐŽƐ͘
YƵĂŶĚŽŽ/K^ŽƵŽƐŝƐƚĞŵĂŽƉĞƌĂĐŝŽŶĂůƉƌĞĐŝƐĂĂĐĞƐƐĂƌŽƐĚĂĚŽƐĚĞƵŵƐĞƚŽƌĚŽĚŝƐĐŽ͕ĞůĞŶĞĐĞƐƐŝƚĂŝŶĨŽƌŵĂƌ
Ž ŶƷŵĞƌŽ ĚĂ ĐĂďĞĕĂ͕ Ž ŶƷŵĞƌŽ ĚŽ ĐŝůŝŶĚƌŽ Ğ Ž ŶƷŵĞƌŽ ĚŽ ƐĞƚŽƌ͘ ƐƐĞ ĞŶĚĞƌĞĕĂŵĞŶƚŽ ƐĞƌŝĂ͕ ĞdžƚƌĞŵĂŵĞŶƚĞ
ĐŽŵƉůĞdžŽƐĞŽ/K^ĞŽƐŝƐƚĞŵĂŽƉĞƌĂĐŝŽŶĂůƟǀĞƐƐĞŵƋƵĞůĞǀĂƌĞŵĐŽŶƚĂƋƵĞĐĂĚĂŐƌƵƉŽĚĞƚƌŝůŚĂƐƉŽƐƐƵŝƵŵ
ŶƷŵĞƌŽĚŝĨĞƌĞŶƚĞĚĞƐĞƚŽƌĞƐ͘WĂƌĂƐŝŵƉůŝĮĐĂƌĂƐĐŽŝƐĂƐ͕ŽĚŝƐĐŽƌşŐŝĚŽĂĐĞŝƚĂƐĞƌĞŶĚĞƌĞĕĂĚŽĐŽŵŽƐĞƚŽĚĂƐĂƐ
ƐƵĂƐƚƌŝůŚĂƐƟǀĞƐƐĞŵŽŵĞƐŵŽŶƷŵĞƌŽĚĞƐĞƚŽƌĞƐ͘ŽƌĞĐĞďĞƌŽŶƷŵĞƌŽĚĂĐĂďĞĕĂ͕ĐŝůŝŶĚƌŽĞƐĞƚŽƌĂƐĞƌĂĐĞƐ=
ƐĂĚŽ;ĞŶĚĞƌĞĕŽůſŐŝĐŽͿ͕ĨĂnjŽƐĐĄůĐƵůŽƐƋƵĞĐŽŶǀĞƌƚĞŵĞƐƐĞƐǀĂůŽƌĞƐƉĂƌĂŽŶƷŵĞƌŽǀĞƌĚĂĚĞŝƌŽĚŽƐĞƚŽƌŝŶƚĞƌŶŽ
;ĞŶĚĞƌĞĕŽİƐŝĐŽͿ͘
GU-A@-()0,)A,V,A&0,0$
YƵĂŶĚŽƉƌŽŐƌĂŵĂŵŽƐŶŽDK^^ĞƚƵƉŽŶƷŵĞƌŽĚĞĐĂďĞĕĂƐ͕ĐŝůŝŶĚƌŽƐĞƐĞƚŽƌĞƐĚĞƵŵĚŝƐĐŽƌşŐŝĚŽ͕ĞƐƐĞƐƉĂƌą=
ŵĞƚƌŽƐƐĆŽĐŚĂŵĂĚŽƐĚĞ'KDdZ1>M'/ĚŽĚŝƐĐŽƌşŐŝĚŽ͕ĞŶĆŽĐŽƌƌĞƐƉŽŶĚĞŵĂŽƋƵĞ͕ƌĞĂůŵĞŶƚĞĞdžŝƐƚĞŶŽ
ƐĞƵŝŶƚĞƌŝŽƌ͘ŝŐĂŵŽƐƋƵĞƵŵĐĞƌƚŽĚŝƐĐŽƌşŐŝĚŽƚĞŶŚĂŶŽDK^^ĞƚƵƉ͕ŽƐƐĞŐƵŝŶƚĞƐƉĂƌąŵĞƚƌŽƐ͗
;*RW'5"="-6%14
;OO'5&27/&4
P@'47:1%74
EŽƚĞƋƵĞĞƐƐĞĚŝƐĐŽŶĆŽƚĞŵƌĞĂůŵĞŶƚĞϮϱϱĐĂďĞĕĂƐ͘^ĞŝƐƐŽĨŽƐƐĞƌĞĂůŝĚĂĚĞ͕ŽĚŝƐĐŽƚĞƌŝĂŵĂŝƐĚĞϭŵĞƚƌŽĚĞ
ĂůƚƵƌĂ͊ĂŵĞƐŵĂĨŽƌŵĂ͕ŽŶƷŵĞƌŽĚĞƐĞƚŽƌĞƐŶĆŽĠƚĆŽƉĞƋƵĞŶŽĐŽŵŽϲϯ͕ũĄƋƵĞŽƐĚŝƐĐŽƐŵŽĚĞƌŶŽƐƚġŵ
ƚƌŝůŚĂƐĐŽŵŵƵŝƚŽŵĂŝƐƐĞƚŽƌĞƐ͘DĞƐŵŽƐĞŶĚŽƉĂƌąŵĞƚƌŽƐĮĐơĐŝŽƐ͕ŽĚŝƐĐŽƌşŐŝĚŽĂĐĞŝƚĂƐĞƌĞŶĚĞƌĞĕĂĚŽĂƚƌĂǀĠƐ
ĚĞůĞƐ͕ĞĐŽŶǀĞƌƚĞŽĞŶĚĞƌĞĕŽůſŐŝĐŽĞdžƚĞƌŶŽƉĂƌĂŽĞŶĚĞƌĞĕŽİƐŝĐŽŝŶƚĞƌŶŽ͕ƌĞĂůŝnjĂŶĚŽŽƐĂĐĞƐƐŽƐ͘ĐĂƉĂĐŝĚĂĚĞ
ĚĞƋƵĂůƋƵĞƌĚŝƐĐŽƌşŐŝĚŽĠŽďƟĚĂƉĞůĂĞdžƉƌĞƐƐĆŽ͗
?"="-6%14'Y'5&27/&4'Y'47:1%74'Y'O*;
KĚŝƐĐŽĚŽŶŽƐƐŽĞdžĞŵƉůŽƚĞƌŝĂ͗
;*RW'Y';OO'Y'P@'Y'O*;'l'*Q)U@*)**W)EWW'2n:74a'1$'47o&a'f$&47'*R']()
ŝŵƉŽƌƚĂŶƚĞĞŶƚĞŶĚĞƌĂŽƌŐĂŶŝnjĂĕĆŽŝŶƚĞƌŶĂĚŽƐĚŝƐĐŽƐƌşŐŝĚŽƐĂŶƟŐŽƐ͕ũĄƋƵĞŽƐŵŽĚĞƌŶŽƐƐĆŽĞŶĐĂƌĂĚŽƐ͕Ğdž=
ƚĞƌŶĂŵĞŶƚĞĚĞƐƚĂŵĞƐŵĂĨŽƌŵĂ͕ĂƉĞŶĂƐĂƉƌĞƐĞŶƚĂŶĚŽƵŵŶƷŵĞƌŽĞůĞǀĂĚŽĚĞ͞ĐĂďĞĕĂƐůſŐŝĐĂƐ͘͟
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
8$=V()0$),A$>>(
KƚĞŵƉŽĚĞĂĐĞƐƐŽĞƐƚĄƌĞůĂĐŝŽŶĂĚŽĐŽŵĂǀĞůŽĐŝĚĂĚĞĚĞŵŽǀŝŵĞŶƚĂĕĆŽĚŽďƌĂĕŽƋƵĞĐŽŶƚĠŵĂƐĐĂďĞĕĂƐĚĞ
ůĞŝƚƵƌĂĞŐƌĂǀĂĕĆŽ͘WŽĚĞŵŽƐĞŶƚĞŶĚĞƌĨĂĐŝůŵĞŶƚĞƋƵĞƋƵĂŶƚŽŵĂŝƐǀĞůŽnjĨŽƌŽŵŽǀŝŵĞŶƚŽĚĞƐƚĞďƌĂĕŽ͕ŵĂŝƐƌĂ=
42&%8#-1#*'*&203'*4'&#">*%3#00%"*9,%+9,#"*&%&'*-#+#*%"8%$#-%&'?
ŝŐĂŵŽƐƋƵĞ͕ĞŵƵŵĚĞƚĞƌŵŝŶĂĚŽŝŶƐƚĂŶƚĞ͕ŽďƌĂĕŽĞƐƚĞũĂƉŽƐŝĐŝŽŶĂĚŽƐŽďƌĞŽĐŝůŝŶĚƌŽŶƷŵĞƌŽϮϬϬ͕ĞŽĚŝƐĐŽ
ƌĞĐĞďĂƵŵĐŽŵĂŶĚŽƉĂƌĂƋƵĞƐĞũĂĂĐĞƐƐĂĚŽŽĐŝůŝŶĚƌŽϮϭϬ͘ĞǀŝĚŽăƉƌŽdžŝŵŝĚĂĚĞ͕ŽŵŽǀŝŵĞŶƚŽƐĞƌĄƌĞůĂƟǀĂ=
ŵĞŶƚĞƌĄƉŝĚŽ͘ŶƚƌĞƚĂŶƚŽ͕ĚŝŐĂŵŽƐƋƵĞƐĞũĂƌĞĐĞďŝĚŽƵŵĐŽŵĂŶĚŽƉĂƌĂĂĐĞƐƐĂƌŽĐŝůŝŶĚƌŽŶƷŵĞƌŽϴϬϬ͘ŽŵŽ
ĞƐƐĞĐŝůŝŶĚƌŽĞƐƚĄŵĂŝƐůŽŶŐĞ͕ŽŵŽǀŝŵĞŶƚŽƌĞĂůŝnjĂĚŽƉĞůŽďƌĂĕŽƐĞƌĄŵĂŝƐĚĞŵŽƌĂĚŽ͘
ƚŽĚŽŝŶƐƚĂŶƚĞ͕ŽĚŝƐĐŽƉŽĚĞƌĞĐĞďĞƌĐŽŵĂŶĚŽƐƉĂƌĂŵŽǀĞƌƐĞƵďƌĂĕŽƉĂƌĂƋƵĂůƋƵĞƌĐŝůŝŶĚƌŽ͕ƌĞĂůŝnjĂŶĚŽůĞŝƚƵƌĂƐ
ŽƵŐƌĂǀĂĕƁĞƐĚĞĚĂĚŽƐ͘KŵŽǀŝŵĞŶƚŽƉŽĚĞƐĞƌŵĂŝƐŽƵŵĞŶŽƐĚĞŵŽƌĂĚŽ͕ĚĞƉĞŶĚĞŶĚŽĚŽŶƷŵĞƌŽĚŽĐŝůŝŶĚƌŽ
ĂƚƵĂůĞĚŽĐŝůŝŶĚƌŽƐŽůŝĐŝƚĂĚŽ͘ŽŶǀĞŶĐŝŽŶĂͲƐĞƚŽŵĂƌĐŽŵŽƉĂƌąŵĞƚƌŽĞƐƚĂơƐƟĐŽ͕ŽƚĞŵƉŽŶĞĐĞƐƐĄƌŝŽƉĂƌĂŵŽ=
ǀĞƌŽďƌĂĕŽĚĞƐĚĞŽƉƌŝŵĞŝƌŽĐŝůŝŶĚƌŽĂƚĠŽƷůƟŵŽ͘ƐƚĞƚĞŵƉŽĠĐŚĂŵĂĚŽĚĞĨƵůůƐƚƌŽŬĞ?*A7%8%8'0*&#*bTU!R*
D/K^^K͕ŽƵƐŝŵƉůĞƐŵĞŶƚĞdDWK^^K͕ƵŵǀĂůŽƌŝŐƵĂůăŵĞƚĂĚĞĚŽĨƵůůƐƚƌŽŬĞƋƵĞĠĂƉƌŽdžŝŵĂ=
ĚĂŵĞŶƚĞŝŐƵĂůĂŽƚĞŵƉŽŶĞĐĞƐƐĄƌŝŽƉĂƌĂŵŽǀĞƌŽďƌĂĕŽĚĞƐĚĞŽƉƌŝŵĞŝƌŽĐŝůŝŶĚƌŽĂƚĠŽĐŝůŝŶĚƌŽĐĞŶƚƌĂů͘
ƚĞŵƉŽĚĞĂĐĞƐƐŽс;ĨƵůůƐƚƌŽŬĞͿͬϮ
WƌĂƟĐĂŵĞŶƚĞ͕ƚŽĚŽƐŽƐĚŝƐĐŽƐƌşŐŝĚŽƐŵŽĚĞƌŶŽƐĂƉƌĞƐĞŶƚĂŵƚĞŵƉŽƐĚĞĂĐĞƐƐŽĞŶƚƌĞϴĞϭϱŵƐ͕ƐĞŶĚŽƋƵĞĂ
ŵĂŝŽƌŝĂƐŝƚƵĂͲƐĞĞŶƚƌĞϴĞϭϮŵƐ͘ůŐƵŶƐĐĂŵƉĞƁĞƐĚĞǀĞůŽĐŝĚĂĚĞƐŝƚƵĂŵͲƐĞĂďĂŝdžŽĚĞϴŵƐ͕ĞŶƋƵĂŶƚŽĂůŐƵŶƐ
ŵŽĚĞůŽƐŵĂŝƐĞĐŽŶƀŵŝĐŽƐ;ĞůĞŶƚŽƐͿƉŽƐƐƵĞŵƚĞŵƉŽƐĚĞĂĐĞƐƐŽƵŵƉŽƵĐŽŵĂŝŽƌĞƐ͕ĞŶƚƌĞϭϬĞϭϱŵƐ͘
YƵĂŶƚŽŵĞŶŽƌĨŽƌŽƚĞŵƉŽĚĞĂĐĞƐƐŽ͕ŵĞůŚŽƌƐĞƌĄŽĚĞƐĞŵƉĞŶŚŽĚŽĚŝƐĐŽ͘ŵƐŝƚƵĂĕƁĞƐŶĂƐƋƵĂŝƐƐĆŽĨĞŝƚŽƐ
ƉŽƵĐŽƐĂĐĞƐƐŽƐƐĞƋƺĞŶĐŝĂŝƐĂĂƌƋƵŝǀŽƐŵƵŝƚŽŐƌĂŶĚĞƐ;ŽĐĂƐŽơƉŝĐŽĚĂƐĂƉůŝĐĂĕƁĞƐĚĞŵƵůƟŵşĚŝĂͿ͕ŽƚĞŵƉŽĚĞ
ĂĐĞƐƐŽĠƵŵĨĂƚŽƌĚĞŝŵƉŽƌƚąŶĐŝĂƐĞĐƵŶĚĄƌŝĂ͘dĂŶƚŽĠĂƐƐŝŵƋƵĞŽƐĚƌŝǀĞƐĚĞͲZKDĂƉƌĞƐĞŶƚĂŵƚĞŵƉŽƐĚĞ
ĂĐĞƐƐŽĞŵƚŽƌŶŽĚĞϭϬϬŵƐ͕ƐĞŵƉƌĞũƵĚŝĐĂƌŽƐĞƵĚĞƐĞŵƉĞŶŚŽ͘WŽƌŽƵƚƌŽůĂĚŽ͕ŶĂƐĂƉůŝĐĂĕƁĞƐĞŵƋƵĞƐĆŽĨĞŝƚŽƐ
ĂĐĞƐƐŽƐĂƵŵĂŐƌĂŶĚĞƋƵĂŶƟĚĂĚĞĚĞĂƌƋƵŝǀŽƐĚĞƚĂŵĂŶŚŽƉĞƋƵĞŶŽ;ĐĂƐŽơƉŝĐŽĚŽĂŵďŝĞŶƚĞtŝŶĚŽǁƐͿ͕ŽƚĞŵ=
ƉŽĚĞĂĐĞƐƐŽĠƵŵĨĂƚŽƌĚĞĐŝƐŝǀŽŶŽĚĞƐĞŵƉĞŶŚŽĚŽĚŝƐĐŽ͘
džŝƐƚĞƵŵŽƵƚƌŽƟƉŽĚĞdDWK^^KƋƵĞƚĂŵďĠŵƚĞŵŝŵƉŽƌƚąŶĐŝĂ͕ĂƉĞƐĂƌĚĞƐĞĐƵŶĚĄƌŝĂ͘dƌĂƚĂͲƐĞĚŽ
ƚĞŵƉŽĚĞĂĐĞƐƐŽĞŶƚƌĞƚƌŝůŚĂƐƋƵĞŵĞĚĞŽƚĞŵƉŽŶĞĐĞƐƐĄƌŝŽƉĂƌĂŵŽǀĞƌŽďƌĂĕŽĚĞƵŵĂƚƌŝůŚĂ;ŽƵĐŝůŝŶĚƌŽͿ͕ĂƚĠ
ĂƚƌŝůŚĂƐĞŐƵŝŶƚĞ͘ƐƐĞƉĂƌąŵĞƚƌŽĠŝŵƉŽƌƚĂŶƚĞƋƵĂŶĚŽĞƐƚĄƐĞŶĚŽƌĞĂůŝnjĂĚĂĂůĞŝƚƵƌĂŽƵŐƌĂǀĂĕĆŽĚĞĂƌƋƵŝǀŽƐ
ůŽŶŐŽƐ͕ƋƵĞƉŽĚĞŵŽĐƵƉĂƌǀĄƌŝŽƐĐŝůŝŶĚƌŽƐĐŽŶƐĞĐƵƟǀŽƐ͘
ŵŐĞƌĂů͕ŽƚĞŵƉŽĚĞĂĐĞƐƐŽĞŶƚƌĞƚƌŝůŚĂƐǀĂƌŝĂĞŶƚƌĞϭͬϯĞϭͬϱĚŽƚĞŵƉŽŵĠĚŝŽĚĞĂĐĞƐƐŽ͘WŽĚĞŵŽƐĞŶƚĆŽĞŶ=
ĐŽŶƚƌĂƌĚŝƐĐŽƐĐŽŵƚĞŵƉŽƐĚĞĂĐĞƐƐŽĞŶƚƌĞƚƌŝůŚĂƐǀĂƌŝĂŶĚŽĚĞƉŽƵĐŽŵĂŝƐĚĞϭŵƐ͕ĂƚĠǀĂůŽƌĞƐŵĂŝƐĞůĞǀĂĚŽƐ
ĐŽŵŽϱŵƐ͘ƐƐĞƚĞŵƉŽĞdžĞƌĐĞƵŵĂŝŶŇƵġŶĐŝĂďĞŵƉĞƋƵĞŶĂƐŽďƌĞŽĚĞƐĞŵƉĞŶŚŽ͘ŽŶƐŝĚĞƌĞƉŽƌĞdžĞŵƉůŽ͕Ƶŵ
ĚŝƐĐŽƋƵĞŐŝƌĂĂϱϰϬϬZWD͕ĐŽŵϰĐĂďĞĕĂƐ͕ĞƵŵƚĞŵƉŽĚĞĂĐĞƐƐŽĞŶƚƌĞƚƌŝůŚĂƐŝŐƵĂůĂϰŵƐ͘WĂƌĂůĞƌĂƐϰƚƌŝůŚĂƐ
ƋƵĞĨŽƌŵĂŵƵŵĐŝůŝŶĚƌŽ͕ŽĚŝƐĐŽƉƌĞĐŝƐĂĚĞƐĐƌĞǀĞƌϰƌŽƚĂĕƁĞƐ͕ŽƋƵĞĐŽŶƐŽŵĞƵŵƚĞŵƉŽƚŽƚĂůĚĞϰϰŵƐ͘ĞƉŽŝƐ
ĚŝƐƐŽ͕ĠƉƌĞĐŝƐŽŐĂƐƚĂƌŵĂŝƐϰŵƐƉĂƌĂŵŽǀĞƌŽďƌĂĕŽĂƚĠŽĐŝůŝŶĚƌŽƐĞŐƵŝŶƚĞƉĂƌĂĐŽŶƟŶƵĂƌĂĐĞƐƐĂŶĚŽŽĂƌƋƵŝǀŽ͘
WŽƌƚĂŶƚŽ͕ĞƐƚĂŵŽǀŝŵĞŶƚĂĕĆŽĂƵŵĞŶƚŽƵŽƚĞŵƉŽƚŽƚĂůƉĂƌĂůĞƌƵŵĐŝůŝŶĚƌŽŝŶƚĞŝƌŽ͕ĚĞϰϰŵƐƉĂƌĂϰϴŵƐ͖ƵŵĂ
ĚŝĨĞƌĞŶĕĂŵƵŝƚŽƉĞƋƵĞŶĂ͘
%
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
I&>A(>
!"#$%&'!)O'G'?1-4:":$"/01'61'6"451'%N#"61
ŽŶƐƚƌƵşĚŽƐĐŽŵƵŵĂĐĂŵĂĚĂŵĂŐŶĠƟĐĂƌĞǀĞƐƟĚĂĚĞƵŵĂĮŶĂĐĂŵĂĚĂƉƌŽƚĞƚŽƌĂĞƉĞƌĨĞŝƚĂŵĞŶƚĞƉůĂŶĂ͘WŽĚĞŵ
ƐĞƌĂƚĠ;ϰͿƋƵĂƚƌŽĚŝƐĐŽƐŵŽŶƚĂĚŽƐƐŽďƌĞƵŵŵĞƐŵŽĞŝdžŽ͘
WĂƌĂƋƵĞŽ,ƉŽƐƐĂƉŽƐŝĐŝŽŶĂƌĂĐĂďĞĕĂĚĞůĞŝƚƵƌĂƐŽďƌĞĂĄƌĞĂĞdžĂƚĂƌĞĨĞƌĞŶƚĞăƚƌŝůŚĂƋƵĞǀĂŝƐĞƌůŝĚĂ͕ĞdžŝƐƚĞŵ
ƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞŐƌĂǀĂĚŽƐŶĂƐƐƵƉĞƌİĐŝĞƐĚŽĚŝƐĐŽ͕ƋƵĞŽƌŝĞŶƚĂŵŽƉŽƐŝĐŝŽŶĂŵĞŶƚŽĚĂĐĂďĞĕĂĚĞůĞŝƚƵƌĂ͘ůĞƐ
ƐĆŽƐŝŶĂŝƐŵĂŐŶĠƟĐŽƐĞƐƉĞĐŝĂŝƐ͕ŐƌĂǀĂĚŽƐĚƵƌĂŶƚĞĂĨĂďƌŝĐĂĕĆŽĚŽƐĚŝƐĐŽƐ;ĨŽƌŵĂƚĂĕĆŽİƐŝĐĂͿ͕ƋƵĞƐĆŽƉƌŽƚĞŐŝĚŽƐ
ĂƚƌĂǀĠƐĚĞŝŶƐƚƌƵĕƁĞƐĚĞďůŽƋƵĞŝŽŝŶĐůƵşĚĂƐŶŽĮƌŵǁĂƌĞ;^ŽŌǁĂƌĞĞŵďƵƟĚŽͿĚŽ,ĐŽŶƚƌĂĂůƚĞƌĂĕĆŽƉŽƐƚĞƌŝŽƌ͘
ƐƐĞƐƐŝŶĂŝƐĞůŝŵŝŶĂŵŽƐƉƌŽďůĞŵĂƐĚĞĚĞƐĂůŝŶŚĂŵĞŶƚŽƋƵĞĞdžŝƐƟĂŵŶŽƐƉƌŝŵĞŝƌŽƐ,Ɛ͘
ŽůĞƌƵŵĂƌƋƵŝǀŽ͕ĂĐŽŶƚƌŽůĂĚŽƌĂƉŽƐŝĐŝŽŶĂĂĐĂďĞĕĂĚĞůĞŝƚƵƌĂƐŽďƌĞĂƚƌŝůŚĂŶĂƋƵĂůĞƐƚĄŽƉƌŝŵĞŝƌŽƐĞƚŽƌƌĞĨĞ=
ƌĞŶƚĞĂĞůĞĞĞƐƉĞƌĂƋƵĞŽĚŝƐĐŽŐŝƌĞĂƚĠŽƐĞƚŽƌĐŽƌƌĞƚŽ͘ƐƐĞƚĞŵƉŽŝŶŝĐŝĂůĠŶĞĐĞƐƐĄƌŝŽƉĂƌĂĐŽŵĞĕĂƌĂůĞŝƚƵƌĂ
ĐŚĂŵĂĚŽĚĞdDWK^^K͘KƚĞŵƉŽĚĞĂĐĞƐƐŽĚŽƐ,ƐĂƚƵĂŝƐĚĞϳ͘ϮϬϬZWDĠĞƐƟŵĂĚŽĞŵƚŽƌŶŽĚĞϭϮ
ŵŝůĠƐŝŵŽƐĚĞƐĞŐƵŶĚŽ͕ƐĞŶĚŽƵŵĂĞƚĞƌŶŝĚĂĚĞĞŵƐĞƚƌĂƚĂŶĚŽĚĞƚĞŵƉŽĐŽŵƉƵƚĂĐŝŽŶĂů͘K,Ġ͕ƌĞůĂƟǀĂŵĞŶƚĞ
">42&'*%'*+#"*0#1'"#0*0#9^#-32%20.*8%0*%'*+#"*<>"2'0*4#9,#-'0*%"9,2<'0*#04%+7%&'0*4#+'*FP.*'*&#0#84#-7'*4'&#*
3%2"*%00,01%&'"%8#-1#?*\*4'"*200'*9,#*#X201#8*4"'D"%8%0*&#0:"%D8#-1%&'"#0.*9,#*4"'3,"%8*"#'"D%-2$%"*%*'"=
ĚĞŵĚŽƐĂƌƋƵŝǀŽƐ͕ĚĞĨŽƌŵĂƋƵĞƐĞũĂŵŐƌĂǀĂĚŽƐĞŵƐĞƚŽƌĞƐĐŽŶơŶƵŽƐ͘
:ĂŵĂŝƐĂƉƌŽdžŝŵĞŽ,ĚĞĨŽŶƚĞƐŵĂŐŶĠƟĐĂƐŝŶƚĞŶƐĂƐ͊E*4"'X282&%&#*3'8*,8*285.*4'"*#X#84+'.*3'84"'8#1#=
"2%*%*2-1#D"2&%&#*&'0*&%&'0*%"8%$#-%&'0?
5&C(
&ĞŝƚŽ ĚĞ ĂůƵŵşŶŝŽ ĚĞǀĞŶĚŽ ƐĞƌƐſůŝĚŽ Ž ƐƵĮĐŝĞŶƚĞ ƉĂƌĂ ĞǀŝƚĂƌ ƋƵĂůƋƵĞƌ ǀŝďƌĂĕĆŽ ĚŽƐ ĚŝƐĐŽƐ͕ ŵĞƐŵŽ Ğŵ ĂůƚĂƐ
ƌŽƚĂĕƁĞƐ͘ƐƐĞĠŵĂŝƐƵŵĐŽŵƉŽŶĞŶƚĞƋƵĞƉĂƐƐĂƉŽƌƵŵƉƌŽĐĞƐƐŽĚĞƉŽůŝŵĞŶƚŽ͕ũĄƋƵĞŽƐĚŝƐĐŽƐĚĞǀĞŵĮĐĂƌ
ƉĞƌĨĞŝƚĂŵĞŶƚĞƉƌĞƐŽƐĞĂůŝŶŚĂĚŽƐ͘EŽĐĂƐŽĚĞ,͛ƐĐŽŵǀĄƌŝŽƐĚŝƐĐŽƐ͕ĞƐƐĞƐƐĆŽƐĞƉĂƌĂĚŽƐƵƐĂŶĚŽĞƐƉĂĕĂĚŽƌĞƐ
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ĨĞŝƚŽƐĚĞůŝŐĂƐĚĞĂůƵŵşŶŝŽ͘
/(%(+)0$)+(%,;<(
DĂŶƚĠŵƵŵĂƌŽƚĂĕĆŽĐŽŶƐƚĂŶƚĞ͕ƐĞŶĚŽƵŵĚŽƐŵĂŝŽƌĞƐƌĞƐƉŽŶƐĄǀĞŝƐƉĞůĂĚƵƌĂďŝůŝĚĂĚĞĞĚĞƐĞŵƉĞŶŚŽĚŽĚŝƐĐŽ
ƌşŐŝĚŽ͕ƉŽŝƐƵŵĂŐƌĂŶĚĞƉĂƌƚĞĚĂƐĨĂůŚĂƐŐƌĂǀĞƐƉƌŽǀĠŵ͕ũƵƐƚĂŵĞŶƚĞĚŽŵŽƚŽƌ͘,ŽũĞ͕ƐĆŽĐŽŵƵŶƐŵŽƚŽƌĞƐĐŽŵ
ƌŽƚĂĕĆŽĚĞϱ͘ϰϬϬ;ŶŽƚĞŬͿ͕ϳ͘ϮϬϬŽƵϭϬ͘ϬϬϬZWD͘
KƐĚŝƐĐŽƐĂƚƵĂŝƐƵƟůŝnjĂŵƵŵŵĞĐĂŶŝƐŵŽƐŽĮƐƟĐĂĚŽƉĂƌĂĞƐƐĂƚĂƌĞĨĂ͕ĐŽŵƉŽƐƚŽƉŽƌƵŵĚŝƐƉŽƐŝƟǀŽƋƵĞĂƚƵĂĂƚƌĂ=
ǀĠƐĚĞĂƚƌĂĕĆŽĞƌĞƉƵůƐĆŽĞůĞƚƌŽŵĂŐŶĠƟĐĂͲƐŝƐƚĞŵĂĐŚĂŵĂĚŽĚĞǀŽŝĐĞĐŽŝů͘ĂƐŝĐĂŵĞŶƚĞ͕ƚĞŵŽƐƵŵĞůĞƚƌŽşŵĆ
ŶĂďĂƐĞĚŽďƌĂĕŽŵſǀĞů͕ƋƵĞƉĞƌŵŝƚĞƋƵĞĂƉůĂĐĂĐŽŶƚƌŽůĂĚŽƌĂŽŵŽǀŝŵĞŶƚĞǀĂƌŝĂŶĚŽƌĂƉŝĚĂŵĞŶƚĞĂƉŽƚġŶĐŝĂ
ĞĂƉŽůĂƌŝĚĂĚĞĚŽşŵĆ͘ƐƐĞƐŝƐƚĞŵĂĠŵƵŝƚŽŵĂŝƐƌĄƉŝĚŽ͕ƉƌĞĐŝƐŽĞĐŽŶĮĄǀĞůƋƵĞŽƐŵŽƚŽƌĞƐĚĞƉĂƐƐŽ͘WĂƌĂǀŽĐġ
ƚĞƌƵŵĂŝĚĠŝĂ͕ŽƐ,ƐĚŽŝŶşĐŝŽĚĂĚĠĐĂĚĂĚĞϴϬ͕ĐŽŵŵŽƚŽƌĞƐĚĞƉĂƐƐŽ͕ƵƟůŝnjĂǀĂŵĂƉĞŶĂƐϯϬϬŽƵϰϬϬƚƌŝůŚĂƐ
ƉŽƌƉŽůĞŐĂĚĂ͕ĞŶƋƵĂŶƚŽƵŵ^ĞĂŐĂƚĞ^dϯϳϱϬϲϰϬ^;ĚĞϳϱϬ'ͿĂƚƵĂůƵƟůŝnjĂŶĂĚĂŵĞŶŽƐĚŽƋƵĞϭϰϱ͘ϬϬϬƚƌŝůŚĂƐ
4'"*4'+#D%&%?
!"#$%&'!)P'G'H1:1%'67'%1:&/01'67'$8'dS'&:$&=
G,"$;,>)$)P+,;(>
ĂďĞĕĂƐĚĞůĞŝƚƵƌĂĞůĞƚƌŽŵĂŐŶĠƟĐĂƐ;ŚĞĂĚƐͿĞďƌĂĕŽƐĚĞƐƵƐƚĞŶƚĂĕĆŽŵſǀĞů;ĂƌŵƐͿ͕ƌĞƐƉĞĐƟǀĂŵĞŶƚĞ͕ƉĞƌŵŝƟŶ=
ĚŽĂĐĞƐƐŽĂƚŽĚŽŽĚŝƐĐŽ͘KŵĞĐĂŶŝƐŵŽƋƵĞŵŽǀŝŵĞŶƚĂŽďƌĂĕŽĚĞůĞŝƚƵƌĂĠĐŚĂŵĂĚŽĚĞĂƚƵĂĚŽƌ͘ƐƐĞĐŽŶũƵŶƚŽ͕
ŵĞƐŵŽĮĐĂŶĚŽŵƵŝƚŽƉĞƌƚŽĚĂƐƵƉĞƌİĐŝĞĚŽĚŝƐĐŽ͕ŶĆŽŽƚŽĐĂ͕ƉŽŝƐĨŽƌŵĂͲƐĞƵŵĐŽůĐŚĆŽĚĞĂƌƋƵĞŽƐĂĨĂƐƚĂ͘
^ĂůŝĞŶƚĂŵŽƐƋƵĞŽƐ,͛ƐŶĆŽƐĆŽ͞ĐŽŶƐƚƌƵşĚŽƐĂǀĄĐƵŽ͕͟ƉŽŝƐĚĞŽƵƚƌĂĨŽƌŵĂŶĆŽƚĞƌşĂŵŽƐƚĂůĞĨĞŝƚŽ͘
ƐĐĂďĞĕĂƐĮĐĂŵ͞ĞƐƚĂĐŝŽŶĂĚĂƐ͟ĞŵƵŵĂƉŽƐŝĕĆŽĚĞŶŽŵŝŶĂĚĂĚĞůĂŶĚŝŶŐnjŽŶĞ;njŽŶĂĚĞƉƌŽƚĞĕĆŽͿƋƵĂŶĚŽŽ,
ŶĆŽĞƐƚĂĞĨĞƚƵĂŶĚŽůĞŝƚƵƌĂƐŽƵĚĞƐůŝŐĂĚŽĞƐſƐĂĞŵĚĞƐƚĂƉŽƐŝĕĆŽŶŽŵŽŵĞŶƚŽĞŵƋƵĞŽĚŝƐĐŽŐŝƌĂŶĂǀĞůŽĐŝĚĂ=
ĚĞŶŽŵŝŶĂů͕ŐƌĂĕĂƐĂƵŵĂƚĞĐŶŽůŽŐŝĂĐŚĂŵĂĚĂĚĞĂƵƚŽƉĂƌŬŝŶŐ*(%,1'*#01%32'-%8#-1')?
ũƵƐƚĂŵĞŶƚĞƉŽƌŝƐƐŽƋƵĞ͕ăƐǀĞnjĞƐĂŽƐŽĨƌĞƌƵŵƉŝĐŽĚĞƚĞŶƐĆŽ͕ŽƵŽŵŝĐƌŽƐĞƌĚĞƐůŝŐĂĚŽ͕ĞŶƋƵĂŶƚŽŽ,Ġ
ĂĐĞƐƐĂĚŽ͕ĂĐĂďĂŵƐƵƌŐŝŶĚŽƐĞƚŽƌĞƐĚĞĨĞŝƚƵŽƐŽƐ͘ŽƐĞƌĐŽƌƚĂĚĂĂĞŶĞƌŐŝĂ͕ŽƐĚŝƐĐŽƐƉĂƌĂŵĚĞŐŝƌĂƌĞĠĚĞƐĨĞŝƚŽ
ŽĐŽůĐŚĆŽĚĞĂƌ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞĂƐĐĂďĞĕĂƐĚĞůĞŝƚƵƌĂƉŽƐƐĂŵǀŝƌĂƚŽĐĂƌŽƐĚŝƐĐŽƐŵĂŐŶĠƟĐŽƐ͘
R*ĂƵƚŽƉĂƌŬŝŶŐƚĂŵďĠŵƚĞŵƉŽƌĨƵŶĕĆŽƌĞĐŽůŚĞƌĂƐĐĂďĞĕĂƐŶŽŵŽŵĞŶƚŽĚĞŝŶƚĞƌƌƵƉĕĆŽĚĞĞŶĞƌŐŝĂ͕ŵŝŶŝŵŝnjĂ=
ĚŽĞƐƐĞƟƉŽĚĞĂĐŝĚĞŶƚĞ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'!)Q'G?&27/&'7'2%&/1
!"#$%&'!)R'G'?&27/&'7'2%&/1
!"#$%&'!)U'G'<4:&5"1-&87-:1'61'2%&/1'^)*$#+,)-'%&.`
"%$?;<(
A%"'0*%+,-'0.
ŽŵŽĂĐĂďĂŵŽƐĚĞĞƐƚƵĚĂƌĂƐƉƌŝŶĐŝƉĂŝƐƉĂƌƚĞƐƋƵĞĐŽŵƉƁĞŵƵŵ,͕ǀĂŵŽƐƚƌĞŝŶĂƌŽƋƵĞĂƉƌĞŶĚĞŵŽƐ͘
WƌŽĐƵƌĞŽƐĞdžĞƌĐşĐŝŽƐƐŽďƌĞ,Ɛ͕ŶĂƐĞĕĆŽƟǀŝĚĂĚĞƐĚŽDŽŽĚůĞ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
H?%$+E,A$>
H?%+(0@;<(
EĞƐƚĞƉŽŶƚŽĚĂƵŶŝĚĂĚĞĐƵƌƌŝĐƵůĂƌ͕ĨĂůĂƌĞŵŽƐƐŽďƌĞĂƐŝŶƚĞƌĨĂĐĞƐ/͕^d͕^^/Ğ^^͕ƋƵĞƉĞƌŵŝƚĞŵƋƵĞŽƐ
,DzƐƐĞĐŽŵƵŶŝƋƵĞŵĐŽŵŽŵƵŶĚŽĞdžƚĞƌŝŽƌ͕ĂďŽƌĚĂŶĚŽĂĞǀŽůƵĕĆŽĚĞĐĂĚĂƉĂĚƌĆŽĞĂƐĚŝĨĞƌĞŶĕĂƐƚĞſƌŝĐĂƐĞ
ƉƌĄƟĐĂƐĞŶƚƌĞĞůĞƐ͘
dI>)HI5
EĂƉůĂĐĂͲŵĆĞǀŽĐġĞŶĐŽŶƚƌĂĚƵĂƐƉŽƌƚĂƐ/;ƉƌŝŵĄƌŝĂĞƐĞĐƵŶĚĄƌŝĂͿ͘DĞƐŵŽĐŽŵĂƉŽƉƵůĂƌŝnjĂĕĆŽĚĂƐŝŶƚĞƌĨĂĐĞƐ
^d͕ĂƐƉŽƌƚĂƐ/ĂŝŶĚĂĐŽŶƟŶƵĂŵƐĞŶĚŽŝŶĐůƵşĚĂƐŶĂƐƉůĂĐĂƐƌĞĐĞŶƚĞƐĞĚĞǀĞŵĚĞŵŽƌĂƌĂŝŶĚĂŵĂŝƐĂůŐƵŶƐ
%-'0*4%"%*&#0%4%"#3#"#8*3'84+#1%8#-1#?
A%&%*,8%*&%0*4'"1%0*4#"821#*2-01%+%"*&'20*ĚƌŝǀĞƐ.*&#*:'"8%*9,#*4'&#8'0*3'-#31%"*,8*1'1%+*&#*N*FP0*',*AP=
ͲZKDƐŶĂŵĞƐŵĂƉůĂĐĂ͘
!"#$%&'!)*W'G'?1-7Y01'FS<
džŝƐƚĞŵĐĂƐŽƐĚĞƉůĂĐĂƐͲŵĆĞĐŽŵϰƉŽƌƚĂƐ/;ƉĞƌŵŝƟŶĚŽƵƐĂƌĂƚĠϴĚƌŝǀĞƐͿĞƚĂŵďĠŵĐŽŶƚƌŽůĂĚŽƌĂƐ/W/͕
9,#*2-3+,#8*&,%0*4'"1%0*%&232'-%20.*9,#*4'&#8*0#"*,0%&%0*#8*3%0'0*'0*9,%20*<'3]*4"#320#*,0%"*8%20*&'*9,#*N*
ĚƌŝǀĞƐ/ŶŽŵĞƐŵŽŵŝĐƌŽ͘
!%"%*&2:#"#-32%"*'0*&'20*ĚƌŝǀĞƐŝŶƐƚĂůĂĚŽƐŶĂŵĞƐŵĂƉŽƌƚĂĠƵƐĂĚŽƵŵũƵŵƉĞƌ͕ƋƵĞƉĞƌŵŝƚĞĐŽŶĮŐƵƌĂƌĐĂĚĂĚƌŝǀĞ*
3'8'*ŵĂƐƚĞƌ*(8#01"#)*',*ƐůĂǀĞ*(#03"%<')?
P'20*ĚƌŝǀĞƐŝŶƐƚĂůĂĚŽƐŶĂŵĞƐŵĂƉŽƌƚĂĐŽŵƉĂƌƟůŚĂŵŽďĂƌƌĂŵĞŶƚŽŽĨĞƌĞĐŝĚŽƉŽƌĞůĂ͕ŽƋƵĞĂĐĂďĂƐĞŵƉƌĞĐĂƵ=
0%-&'*,8%*4#9,#-%*4#"&%*&#*&#0#84#-7'?*!'"*200'.*9,%-&'*05'*,0%&'0*%4#-%0*&'20*ĚƌŝǀĞƐ*(,8*FP*#*,8*AP=
ͲZKD͕ƉŽƌĞdžĞŵƉůŽͿĠƉƌĞĨĞƌşǀĞůŝŶƐƚĂůĂƌĐĂĚĂƵŵĞŵƵŵĂĚĂƐƉŽƌƚĂƐ͕ĚĞŝdžĂŶĚŽĂŵďŽƐ͞ũƵŵƉĞĂĚŽƐ͟ĐŽŵŽŵĂƐͲ
ƚĞƌ?*/%*-#3#002&%&#*&#*2-01%+%"*,8*1#"3#2"'*ĚƌŝǀĞ͕ǀŽĐġƉŽĚĞƌŝĂĐŽŶĞĐƚĄͲůŽŶĂƉƌŝŵĞŝƌĂŽƵŶĂƐĞŐƵŶĚĂƉŽƌƚĂ/͕
ŵĂƐ͕ĚĞƋƵĂůƋƵĞƌĨŽƌŵĂ͕ƉƌĞĐŝƐĂƌŝĂĐŽŶĮŐƵƌĄͲůŽĐŽŵŽƐůĂǀĞ͕ŵƵĚĂŶĚŽĂƉŽƐŝĕĆŽĚŽũƵŵƉĞƌ?
K0%"*3%&%*ĚƌŝǀĞĞŵƵŵĂƉŽƌƚĂƐĞƉĂƌĂĚĂĂũƵĚĂ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞƋƵĂŶĚŽǀŽĐġƉƌĞĐŝƐĂĐŽƉŝĂƌŐƌĂŶĚĞƐƋƵĂŶƟĚĂĚĞƐ
ĚĞĚĂĚŽƐĚĞƵŵ,ƉĂƌĂŽƵƚƌŽ͕ŽƵŐƌĂǀĂƌsƐ͕ũĄƋƵĞĐĂĚĂĚƌŝǀĞƉŽƐƐƵŝƐĞƵĐĂŶĂůĞdžĐůƵƐŝǀŽĐŽŵŽĐŚŝƉƐĞƚ?
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
/'*d2-&'G0.*'0*ĚƌŝǀĞƐƐĆŽŝĚĞŶƟĮĐĂĚŽƐĚĞĨŽƌŵĂƐĞƋƺĞŶĐŝĂů͘K,ŝŶƐƚĂůĂĚŽĐŽŵŽŵĂƐƚĞƌĚĂ/ƉƌŝŵĄƌŝĂĂƉĂ=
ƌĞĐĞƌŝĂŶŽtŝŶĚŽǁƐdžƉůŽƌĞƌĐŽŵŽ͗͟͞ĞŽͲZKD͕ŝŶƐƚĂůĂĚŽŶĂ/ƐĞĐƵŶĚĄƌŝĂĂƉĂƌĞĐĞƌŝĂĐŽŵŽ͗͘͟͞^ĞǀŽĐġ
%&232'-%00#*,8*0#D,-&'*FP.*2-01%+%&'*3'8'*ƐůĂǀĞĚĂƉƌŝŵĞŝƌĂ/͕ĞůĞƉĂƐƐĂƌŝĂĂƐĞƌŝĚĞŶƟĮĐĂĚŽĐŽŵŽ͗͟͞Ğ
ŽͲZKDŽ͗͘͟͞
EŽ>ŝŶƵdž͕ŽƐĚƌŝǀĞƐƌĞĐĞďĞŵĞŶĚĞƌĞĕŽƐĮdžŽƐ͕ĚĞĂĐŽƌĚŽĐŽŵĂƉŽƐŝĕĆŽĞŵƋƵĞĨŽƌĞŵŝŶƐƚĂĚŽƐ͗
DĂƐƚĞƌсͬĚĞǀͬŚĚĂ
/ƉƌŝŵĄƌŝĂ
^ůĂǀĞсͬĚĞǀͬŚĚď
/ƐĞĐƵŶĚĄƌŝĂ
DĂƐƚĞƌсͬĚĞǀͬŚĚĐ
^ůĂǀĞсͬĚĞǀͬŚĚĚ
)LJXUD7DEHOD),GHQWL¿FDomRGRVGULYHVQR/LQX[
KĐĂďŽ/ƉŽƐƐƵŝ͕ŶŽƌŵĂůŵĞŶƚĞƚƌġƐĞŶĐĂŝdžĞƐ͕ƵŵƋƵĞĠůŝŐĂĚŽŶĂƉůĂĐĂͲŵĆĞĞ͕ŽƵƚƌŽƐĚŽŝƐ͕ƵŵƉĂƌĂĐĂĚĂĚŝƐƉŽ=
ƐŝƟǀŽ͘DĞƐŵŽƋƵĞǀŽĐġƚĞŶŚĂĂƉĞŶĂƐƵŵĚŝƐƉŽƐŝƟǀŽ/͕ǀŽĐġůŝŐĂƌĄ͕ƉƌĞĨĞƌĞŶĐŝĂůŵĞŶƚĞŶŽĐŽŶĞĐƚŽƌĚĂƉŽŶƚĂ͘
Ɛ ŝŶƚĞƌĨĂĐĞƐ /ͬd ƉĂƐƐĂƌĂŵ ƉŽƌ Ƶŵ ůŽŶŐŽ ĐĂŵŝŶŚŽ ĞǀŽůƵƟǀŽ͘ Ɛ ŝŶƚĞƌĨĂĐĞƐ ĂŶƟŐĂƐ͕ ƵƐĂĚĂƐ Ğŵ ŵŝĐƌŽƐ
ϯϴϲͬϰϴϲĞŶŽƐƉƌŝŵĞŝƌŽƐŵŝĐƌŽƐWĞŶƟƵŵƐƵƉŽƌƚĂŵ;ĚĞĂĐŽƌĚŽĐŽŵƐĞƵŶşǀĞůĚĞĂƚƵĂůŝnjĂĕĆŽͿ͕ĐŝŶĐŽŵŽĚŽƐĚĞ
ŽƉĞƌĂĕĆŽ͕ƋƵĞǀĆŽĚŽW/KŵŽĚĞϬ͕ĂŽW/KŵŽĚĞϰ͗
:272%74%*3416VE2
W/KŵŽĚĞϬ
W/KŵŽĚĞϭ
W/KŵŽĚĞϮ
W/KŵŽĚĞϯ
W/KŵŽĚĞϰ
(6L6%74%B16C5H41GC0/6=
ϯ͘ϯDͬƐ
ϱ͘ϮDͬƐ
ϴ͘ϯDͬƐ
ϭϭ͘ϭDͬƐ
ϭϲ͘ϲDͬƐ
J&27=&'!@'G'J&Y&'67':%&-4B7%T-5"&'67'8"5%15189$:&61%74'@RP'7'ERP
ƐŝŶƚĞƌĨĂĐĞƐ/ͬdŵĂŝƐƌĞĐĞŶƚĞƐƐƵƉŽƌƚĂŵƚĂŵďĠŵŽDƵůƟǁŽƌĚD͕ƋƵĞĠƵŵŵŽĚŽĚĞĂĐĞƐƐŽĚŝƌĞƚŽ͕ŶŽ
ƋƵĂůŽ,ŽƵŽͲZKDƉŽĚĞƚƌĂŶƐĨĞƌŝƌĚĂĚŽƐĚŝƌĞƚĂŵĞŶƚĞƉĂƌĂĂŵĞŵſƌŝĂ͕ƐĞŵƋƵĞŽƉƌŽĐĞƐƐĂĚŽƌƉƌĞĐŝƐĞƐĞ
#-<'+<#"*&2"#1%8#-1#*-%*1"%-0:#"]-32%?*R*,0'*&'*PUE*8#+7'"%*6%01%-1#*'*&#0#84#-7'*#*'*1#84'*&#*"#04'01%*
ĚŽƐŝƐƚĞŵĂ͕ĞǀŝƚĂŶĚŽƋƵĞŽŵŝĐƌŽ͞ƉĂƌĞ͟ĞŶƋƵĂŶƚŽƵŵƉƌŽŐƌĂŵĂ͞ƉĞƐĂĚŽ͟ĠĐĂƌƌĞŐĂĚŽ͕ŽƵĚƵƌĂŶƚĞĂŐƌĂǀĂĕĆŽ
ĚĞƵŵ͘ƉĞƐĂƌĚŝƐƐŽ͕ŽDƵůƟǁŽƌĚDŶĆŽĐŚĞŐŽƵĂƐĞƌŵƵŝƚŽƵƐĂĚŽ͕ĚĞǀŝĚŽĂŶĆŽƐĞƌĚŝƌĞƚĂŵĞŶƚĞƐƵƉŽƌ=
ƚĂĚŽƉĞůŽtŝŶĚŽǁƐϵϱĞŽƐĚƌŝǀĞƌƐ*&#0#-<'+<2&'0*4#+'0*:%6"23%-1#0.*:"#9^#-1#8#-1#*%4"#0#-1%"#8*4"'6+#8%0*
ĚĞĞƐƚĂďŝůŝĚĂĚĞ͘WĂƌĂƉŝŽƌĂƌ͕ŵƵŝƚŽƐĚƌŝǀĞƐĚĞĞ,ƐĂŶƟŐŽƐŶĆŽĨƵŶĐŝŽŶĂǀĂŵƋƵĂŶĚŽŽDĞƌĂĂƟǀĂĚŽ͘
ƐŽůƵĕĆŽǀĞŝŽĐŽŵŽƉĂĚƌĆŽdͲϰ͕ƌĂƟĮĐĂĚŽĞŵϭϵϵϴ͘ůĞŶĂĚĂŵĂŝƐĠ͕ĚŽƋƵĞŽƉĂĚƌĆŽhůƚƌĂdͬϯϯ;ŽŶŽŵĞ
ŵĂŝƐƉŽƉƵůĂƌŵĞŶƚĞƵƐĂĚŽͿ͕ƋƵĞĠƵƐĂĚŽĞŵƉůĂĐĂƐƉĂƌĂŵŝĐƌŽƐWĞŶƟƵŵ//Ğ<ϲͲϮĨĂďƌŝĐĂĚĂƐĂƚĠϮϬϬϬ͘EĞůĞ͕Ă
ƚĂdžĂĚĞƚƌĂŶƐĨĞƌġŶĐŝĂŵĄdžŝŵĂĠĚĞϯϯDͬƐĞĠƐƵƉŽƌƚĂĚŽŽŵŽĚŽhDϯϯ͕ƋƵĞƉĞƌŵŝƚĞƚƌĂŶƐĨĞƌġŶĐŝĂƐĚŝƌĞƚĂƐ
ƉĂƌĂĂŵĞŵſƌŝĂ͕ƚĂŵďĠŵĂϯϯDͬƐ͘ŐƌĂĕĂƐĂŽhDϯϯƋƵĞǀŽĐġƉŽĚĞĂƐƐŝƐƟƌĂĮůŵĞƐĞŵĂůƚĂƌĞƐŽůƵĕĆŽĞ
sƐŶŽƐĞƵW͕ƐĞŵĨĂůŚĂƐ͘
$,+,0,)!"+&1,%N+&,
sŽĐġƉŽĚĞĨĂnjĞƌƵŵĂĞdžƉĞƌŝġŶĐŝĂ͗
I?* ĞƐĂƟǀĞƚĞŵƉŽƌĂƌŝĂŵĞŶƚĞŽƐƵƉŽƌƚĞăhDƉĂƌĂŽƐĞƵsͲZKDĞǀĞũĂŽƋƵĞĂĐŽŶƚĞĐĞ͘EŽ>ŝŶƵdž͕ƵƐĞŽĐŽŵĂŶĚŽ
͞ŚĚƉĂƌŵ ͲĚϬ ͬĚĞǀͬĚǀĚ͟ ;͞ůŽŐĂĚŽ͟ ĐŽŵŽ ƌŽŽƚͿ͘ EŽ tŝŶĚŽǁƐ͕ Ă ƉĂƌƟƌ ĚŽ 'ZE/KZ /^WK^/d/sK^͕ ĂĐĞƐƐĞ ĂƐ
WZKWZ/^ĚŽĚƌŝǀĞĞĚĞƐŵĂƌƋƵĞĂŽƉĕĆŽƌĞĨĞƌĞŶƚĞĂŽD͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
L?* dĞŶƚĞĂŐŽƌĂĂƐƐŝƐƟƌĂƵŵs͘sŽĐġǀĂŝƉĞƌĐĞďĞƌƋƵĞƚĂŶƚŽŽǀşĚĞŽƋƵĂŶƚŽŽƐŽŵĮĐĂŵĐŚĞŝŽƐĚĞĨĂůŚĂƐ͕ƚŽƌŶĂŶĚŽĂ
ĞdžƉĞƌŝġŶĐŝĂďĂƐƚĂŶƚĞĚĞƐĂŐƌĂĚĄǀĞů͘/ƐƐŽĂĐŽŶƚĞĐĞƉŽƌƋƵĞ͕ĐŽŵŽhDĚĞƐĂƟǀĂĚŽ͕ŽƉƌŽĐĞƐƐĂĚŽƌƉƌĞĐŝƐĂƉĂƌĂƉĞƌŝŽ=
ĚŝĐĂŵĞŶƚĞƉĂƌĂƌŽƉƌŽĐĞƐƐĂŵĞŶƚŽĚŽǀşĚĞŽƉĂƌĂůĞƌŵĂŝƐĚĂĚŽƐŶŽs͘YƵĂŶƚŽŵĂŝƐƌĄƉŝĚŽŽƉƌŽĐĞƐƐĂĚŽƌ͕ŵĂŝƐĐƵƌƚĂƐ
05'*%0*:%+7%0.*8%0*#+%0*4#"0201#8*8#08'*-,8*4"'3#00%&'"*&#*L*',*M*`F$?
M?* WĂƌĂƌĞǀĞƌƚĞƌ͕ƵƐĞŽĐŽŵĂŶĚŽ͞ŚĚƉĂƌŵͲĚϭͬĚĞǀͬĚǀĚ͟ŽƵŵĂƌƋƵĞŶŽǀĂŵĞŶƚĞĂŽƉĕĆŽĚŽD͕ŶŽĐĂƐŽĚŽtŝŶĚŽǁƐ͘
ĞƉŽŝƐƋƵĞŽƉƌŽďůĞŵĂĚŽDĨŽŝĮŶĂůŵĞŶƚĞƌĞƐŽůǀŝĚŽ͕ŽƐĨĂďƌŝĐĂŶƚĞƐƐĞĐŽŶĐĞŶƚƌĂƌĂŵĞŵĂƵŵĞŶƚĂƌĂǀĞůŽĐŝ=
ĚĂĚĞĚĂƐƉŽƌƚĂƐ͘^ƵƌŐŝƌĂŵĞŶƚĆŽ͕ŽƐƉĂĚƌƁĞƐdͲϱ;hůƚƌĂdͬϲϲͿ͕dͲϲ;hůƚƌĂdͬϭϬϬͿĞdͲϳ;hůƚƌĂdͬϭϯϯͿ͕
ƋƵĞĠŽƵƐĂĚŽĂƚƵĂůŵĞŶƚĞ͘ƐƐĞƐƉĂĚƌƁĞƐƐƵƉŽƌƚĂŵƌĞƐƉĞĐƟǀĂŵĞŶƚĞ͕ŽƐŵŽĚŽƐhDϲϲ͕hDϭϬϬĞhD
ϭϯϯ͕ĂůĠŵĚĞŵĂŶƚĞƌĞŵĐŽŵƉĂƟďŝůŝĚĂĚĞĐŽŵŽƐƉĂĚƌƁĞƐĂŶƚĞƌŝŽƌĞƐ͘
:272%74%*3416VE2
(6L6%74%B16C5H41GC0/6=
dͲϰ;hůƚƌĂdͬϯϯ͘hDϯϯͿ
ϯϯDͬƐ
dͲϰ;hůƚƌĂdͬϲϲ͘hDϲϲͿ
ϲϲDͬƐ
dͲϰ;hůƚƌĂdͬϭϬϬ͘hDϭϬϬͿ
ϭϬϬDͬƐ
dͲϰ;hůƚƌĂdͬϭϯϯ͘hDϭϯϯͿ
ϭϯϯDͬƐ
J&27=&'!@'G'H1614'67',97%&/01'\J\
ƐƉŽƌƚĂƐdͬϭϯϯ͕ƵƐĂĚĂƐŶĂƐƉůĂĐĂƐĂƚƵĂŝƐ͕ƐĆŽƵŵĂŶĞĐĞƐƐŝĚĂĚĞƉŽƌĚŽŝƐŵŽƟǀŽƐ͗ƉƌŝŵĞŝƌŽƋƵĞŽƐ,ƐĂƚƵĂŝƐ
ũĄƐƵƉĞƌĂŵĂŵĂƌĐĂĚŽƐϳϬŽƵϴϬDͬƐĚĞƚĂdžĂĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĂŽůĞƌƐĞƚŽƌĞƐĐŽŶơŶƵŽƐĞ͕ƋƵĞĂŝŶƚĞƌĨĂĐĞƉƌĞ=
ĐŝƐĂƐĞƌƐƵďƐƚĂŶĐŝĂůŵĞŶƚĞŵĂŝƐƌĄƉŝĚĂƋƵĞŽ,ƉĂƌĂĂďƐŽƌǀĞƌĂƐƚƌĂŶƐĨĞƌġŶĐŝĂƐĨĞŝƚĂƐĂƉĂƌƟƌĚŽĐĂĐŚĞ.*9,#*05'*
ďĞŵŵĂŝƐƌĄƉŝĚĂƐ͖ƐĞŐƵŶĚŽƋƵĞƐſĂƉĂƌƟƌĚĂƐŝŶƚĞƌĨĂĐĞƐdͬϭϬϬĨŽŝŝŶƚƌŽĚƵnjŝĚŽŽƐƵƉŽƌƚĞĂ,Ɛ/ĐŽŵŵĂŝƐ
&#*IM_*`W*&#*3%4%32&%&#.*3'8'*<#"#8'0.*4'01#"2'"8#-1#*#8*&#1%+7#0?
WĂƌĂƋƵĞŽƐŵŽĚŽƐŵĂŝƐƌĄƉŝĚŽƐƐĞũĂŵƵƟůŝnjĂĚŽƐĠŶĞĐĞƐƐĄƌŝŽƋƵĞĞdžŝƐƚĂ͕ƚĂŵďĠŵƐƵƉŽƌƚĞƉŽƌƉĂƌƚĞĚŽ,Ğ͕
9,#*'*ĚƌŝǀĞƌ*3'""#1'*#01#@%*2-01%+%&'?
EŽĐĂƐŽĚŽ,͕ŶĆŽĞdžŝƐƚĞŵƌĂnjƁĞƐƉĂƌĂƉƌĞŽĐƵƉĂĕĆŽ͕ƉŽŝƐŽƐĨĂďƌŝĐĂŶƚĞƐƐĆŽŽƉƌŝŵĞŝƌŽƐĂĂĚŽƚĂƌŶŽǀŽƐŵŽĚŽƐ
ĚĞŽƉĞƌĂĕĆŽ͕ĚĞĨŽƌŵĂĂŵĂŶƚĞƌƐĞƵƐƉƌŽĚƵƚŽƐĂƚƵĂůŝnjĂĚŽƐ͘^ĞǀŽĐġƚĞŵĞŵŵĆŽƐƵŵ,ĂŶƟŐŽ͕ƋƵĞƐſƐƵƉŽƌƚĂ
hDϯϯ͕ƉŽƌĞdžĞŵƉůŽ͕ƉŽĚĞƚĞƌĐĞƌƚĞnjĂĚĞƋƵĞĂƚĂdžĂĚĞƚƌĂŶƐĨĞƌġŶĐŝĂŽĨĞƌĞĐŝĚĂƉŽƌĞůĞĠďĂŝdžĂ͕ŽƋƵĞƚŽƌŶĂ
&#0-#3#00>"2'*'*,0'*&#*,8%*2-1#":%3#*8%20*">42&%?
E'*3'-1">"2'*&'0*FP0.*'0*ĚƌŝǀĞƐĚĞĞsĮĐĂƌĂŵĞƐƚĂŐŶĂĚŽƐŶŽhDϯϯ͕ƉŽŝƐĐŽŵŽĞůĞƐƚƌĂďĂůŚĂŵĐŽŵ
ƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂŵƵŝƚŽŵĂŝƐďĂŝdžĂƐ͕ŽƐƉĂĚƌƁĞƐŵĂŝƐƌĄƉŝĚŽƐƚĂŵďĠŵŶĆŽƚƌĂnjĞŵǀĂŶƚĂŐĞŶƐ͘ƉŽƐƐşǀĞů
ƋƵĞĂůŐƵŶƐĨĂďƌŝĐĂŶƚĞƐ͕ĞǀĞŶƚƵĂůŵĞŶƚĞƉĂƐƐĞŵĂůĂŶĕĂƌĚƌŝǀĞƐ͞dͬϭϯϯ͕͟ƵƐĂŶĚŽĂŝŶƚĞƌĨĂĐĞŵĂŝƐƌĄƉŝĚĂĐŽŵŽ
:#""%8#-1%*&#*ŵĂƌŬĞƟŶŐ͕ŵĂƐŝƐƐŽŶĆŽƚƌĂƌŝĂĚŝĨĞƌĞŶĕĂĂůŐƵŵĂƉĂƌĂŽĚĞƐĞŵƉĞŶŚŽ͘
ŽŵŽĚĞƉƌĂdžĞ͕ĚĞǀŽŝŶƐŝƐƟƌŶĂŝĚĠŝĂĚĞƋƵĞĂǀĞůŽĐŝĚĂĚĞĚĂŝŶƚĞƌĨĂĐĞĚĞƚĞƌŵŝŶĂĂƉĞŶĂƐŽŇƵdžŽĚĞĚĂĚŽƐƋƵĞ
ĞůĂƉŽĚĞƚƌĂŶƐƉŽƌƚĂƌĞŶĆŽĂǀĞůŽĐŝĚĂĚĞƌĞĂůĚŽĚŝƐƉŽƐŝƟǀŽůŝŐĂĚŽĂĞůĂ͘hŵͲZKDĚĞϱϮdžůĞƌĄĂƐŵşĚŝĂƐĂŶŽ
ŵĄdžŝŵŽϳ͘ϴDͬƐ͕ŝŶĚĞƉĞŶĚĞŶƚĞŵĞŶƚĞĚĂǀĞůŽĐŝĚĂĚĞĚĂŝŶƚĞƌĨĂĐĞ͘&ƵŶĐŝŽŶĂĐŽŵŽĞŵƵŵĂĂƵƚŽͲĞƐƚƌĂĚĂ͗ƐĞ
ŚŽƵǀĞƌĂƉĞŶĂƐĚƵĂƐƉŝƐƚĂƐƉĂƌĂƵŵŐƌĂŶĚĞŇƵdžŽĚĞĐĂƌƌŽƐ͕ŚĂǀĞƌĆŽŵƵŝƚŽƐĐŽŶŐĞƐƟŽŶĂŵĞŶƚŽƐ͕ŽƋƵĞĂĐĂďĂƌĄ
ĐŽŵĂĚƵƉůŝĐĂĕĆŽĚĂƉŝƐƚĂ͘WŽƌĠŵ͕ĂŵĞƐŵĂŵĞůŚŽƌĂŶĆŽƐĞƌĄƐĞŶƟĚĂĐĂƐŽƐĞũĂŵĐŽŶƐƚƌƵşĚĂƐŵĂŝƐĨĂŝdžĂƐ͘
ŽŵĞƐŵŽƉĂƐƐŽ͕ĐŽŵĂƐŝŶƚĞƌĨĂĐĞƐhůƚƌĂdͬϲϲ͕ǀĞŝŽĂŽďƌŝŐĂƚŽƌŝĞĚĂĚĞĚŽƵƐŽĚĞĐĂďŽƐ/ĚĞϴϬǀŝĂƐ͕ƐƵďƐƟ=
ƚƵŝŶĚŽŽƐĂŶƟŐŽƐĐĂďŽƐĚĞϰϬǀŝĂƐ͘ƐƐĞƐĐĂďŽƐƐĆŽĨĄĐĞŝƐĚĞĚŝƐƟŶŐƵŝƌĚŽƐĂŶƟŐŽƐ͕ƉŽŝƐŽƐĮŽƐƵƐĂĚŽƐƐĆŽŵƵŝƚŽ
ŵĂŝƐĮŶŽƐ͕ũĄƋƵĞĂŐŽƌĂƚĞŵŽƐŽĚŽďƌŽĚĞĮŽƐŶŽŵĞƐŵŽĞƐƉĂĕŽ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'!)**'G'?189&%&/01'7-:%7'5&214'FS<e'RW'<cEW'S
ĂĚŝĕĆŽĚŽƐϰϬĐŽŶĚƵƚŽƌĞƐĮŶŽƐĂĚŝĐŝŽŶĂŝƐĠƵŵĂŚŝƐƚſƌŝĂŝŶƚĞƌĞƐƐĂŶƚĞ͕ƉŽŝƐĞƐƐĞƐŶĆŽƐĞĚĞƐƟŶĂŵĂƚƌĂŶƐƉŽƌƚĂƌ
&%&'0?*b%-1'*'0*3'-#31'"#0.*9,%-1'*'0*#-3%2X#0*-'0*ĚƌŝǀĞƐ͕ĐŽŶƟŶƵĂŵƚĞŶĚŽĂƉĞŶĂƐϰϬƉŝŶŽƐ͕ŵĂŶƚĞŶĚŽŽŵĞƐ=
ŵŽĨŽƌŵĂƚŽĚŽƐĐĂďŽƐĂŶƚĞƌŝŽƌĞƐ͘KƐϰϬĐĂďŽƐĂĚŝĐŝŽŶĂŝƐƐĆŽŝŶƚĞƌĐĂůĂĚŽƐĐŽŵŽƐĐĂďŽƐĚĞĚĂĚŽƐĞƐĞƌǀĞŵĐŽŵŽ
ĮŽƐƚĞƌƌĂ͕ƌĞĚƵnjŝŶĚŽŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂĞŶƚƌĞĞůĞƐ͘ƐƐĞƵƉŐƌĂĚĞĂĐĂďŽƵƐĞŶĚŽŶĞĐĞƐƐĄƌŝŽ͕ƉŽŝƐŽƐĐĂďŽƐ/
ĚĞϰϬǀŝĂƐĨŽƌĂŵŝŶƚƌŽĚƵnjŝĚŽƐĞŵϭϵϴϲ͕ƉƌŽũĞƚĂĚŽƐƉĂƌĂƚƌĂŶƐŵŝƟƌĚĂĚŽƐĂĂƉĞŶĂƐϯ͘ϯDͬƐ͊
KƐĐĂďŽƐĚĞϴϬǀŝĂƐƐĆŽŽďƌŝŐĂƚſƌŝŽƐƉĂƌĂŽƵƐŽĚŽhDϲϲĞŵĚŝĂŶƚĞ͘ƉůĂĐĂͲŵĆĞĠĐĂƉĂnjĚĞŝĚĞŶƟĮĐĂƌŽƵƐŽ
ĚŽĐĂďŽĚĞϴϬǀŝĂƐŐƌĂĕĂƐĂŽƉŝŶŽϯϰ͕ƋƵĞĠůŝŐĂĚŽĚĞĨŽƌŵĂĚŝĨĞƌĞŶƚĞ͘ŽƵƐĂƌƵŵĐĂďŽĂŶƟŐŽ͕ĚĞϰϬǀŝĂƐ͕ĂƉůĂĐĂ
ďĂŝdžĂĂƚĂdžĂĚĞƚƌĂŶƐŵŝƐƐĆŽĚĂŝŶƚĞƌĨĂĐĞ͕ƉĂƐƐĂŶĚŽĂƵƟůŝnjĂƌŽŵŽĚŽhDϯϯ͘
sĞũĂƋƵĞ͕ŶŽĐĂƐŽĚŽƐͲZKDƐĞsƐ͕ĂŝŶĚĂĠĐŽŵƵŵŽƵƐŽĚŽƐĐĂďŽƐĚĞϰϬǀŝĂƐ͕ƐŝŵƉůĞƐŵĞŶƚĞƉŽƌƋƵĞ͕ĐŽŵŽ
ǀŝŵŽƐ͕ĞůĞƐĂŝŶĚĂƵƟůŝnjĂŵŽŵŽĚŽhDϯϯ͘ŶƚƌĞƚĂŶƚŽ͕ƐĞǀŽĐġƉƌĞĐŝƐĂŝŶƐƚĂůĂƌƵŵ,ũƵŶƚŽĐŽŵƵŵĚƌŝǀĞſƉƟ=
ĐŽ͕ĠŝŶƚĞƌĞƐƐĂŶƚĞƵƟůŝnjĂƌƵŵĐĂďŽĚĞϴϬǀŝĂƐ͕ĐĂƐŽĐŽŶƚƌĄƌŝŽŽĚĞƐĞŵƉĞŶŚŽĚŽ,ĮĐĂƌĄƉƌĞũƵĚŝĐĂĚŽ͘
KƵƚƌĂĞdžŝŐġŶĐŝĂƚƌĂnjŝĚĂƉĞůŽŶŽǀŽƐƉĂĚƌƁĞƐĠŽƵƐŽĚĞĐĂďŽƐĐŽŵŶŽŵĄdžŝŵŽϰϱĐĞŶơŵĞƚƌŽƐĚĞĐŽŵƉƌŝŵĞŶƚŽ͕
ũĄƋƵĞĂĐŝŵĂĚŝƐƐŽŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂĞĂƚĞŶƵĂĕĆŽĚŽƐƐŝŶĂŝƐ͕ƉĂƐƐĂĂƉƌĞũƵĚŝĐĂƌĂƚƌĂŶƐŵŝƐƐĆŽĚŽƐĚĂĚŽƐ͘
DĂŝƐƵŵĂŵƵĚĂŶĕĂŝŶƚƌŽĚƵnjŝĚĂƉĞůŽƐĐĂďŽƐĚĞϴϬǀŝĂƐĠŽƵƐŽĚĞĐŽƌĞƐƉĂƌĂĚŝĨĞƌĞŶĐŝĂƌŽƐƚƌġƐĐŽŶĞĐƚŽƌĞƐĚŽ
ĐĂďŽ͘KĐŽŶĞĐƚŽƌĂnjƵůĚĞǀĞƐĞƌůŝŐĂĚŽŶĂƉůĂĐĂͲŵĆĞ͕ŽĐŽŶĞĐƚŽƌƉƌĞƚŽĚĞǀĞƐĞƌůŝŐĂĚŽŶŽĚƌŝǀĞĐŽŶĮŐƵƌĂĚŽĐŽŵ
8%01#"*&%*2-1#":%3#.*#-9,%-1'*'*3'-#31'"*&'*8#2'*(32-$%)*&#<#*0#"*,0%&'*4%"%*%*3'-#X5'*&'*0#D,-&'*ĚƌŝǀĞ.*3%0'*
ĞƐƐĞĞdžŝƐƟƌ͘
KƐĐĂďŽƐĚĞϴϬǀŝĂƐƚĂŵďĠŵƐƵƉŽƌƚĂŵŽƵƐŽĚŽƐŝƐƚĞŵĂĐĂďůĞƐĞůĞĐƚ;ŶŽƐĚĞϰϬǀŝĂƐŽƐƵƉŽƌƚĞĞƌĂŽƉĐŝŽŶĂůͿ͕ŽŶĚĞ
ĂƉŽƐŝĕĆŽĚŽƐĚƌŝǀĞƐ*(ŵĂƐƚĞƌͬƐůĂǀĞͿĠĚĞƚĞƌŵŝŶĂĚĂƉŽƌƋƵĂůĚĞƐƐĞƐĐŽŶĞĐƚŽƌĞƐƐĞƌĆŽůŝŐĂĚŽƐ͕ĞůŝŵŝŶĂŶĚŽĂƉŽƐƐŝ=
ďŝůŝĚĂĚĞĚĞĐŽŶŇŝƚŽƐ͕ũĄƋƵĞŝŶƐƚĂůĂƌĚŽŝƐĚƌŝǀĞƐĐŽŶĮŐƵƌĂĚŽƐĐŽŵŽŵĂƐƚĞƌŶĂŵĞƐŵĂŝŶƚĞƌĨĂĐĞ͕ŶŽƌŵĂůŵĞŶƚĞĨĂnj
ĐŽŵƋƵĞĂŵďŽƐĚĞŝdžĞŵĚĞƐĞƌŝĚĞŶƟĮĐĂĚŽƐŶŽƐĞƚƵƉ͘WĂƌĂƵƟůŝnjĂƌŽĐĂďůĞƐĞůĞĐƚĠŶĞĐĞƐƐĄƌŝŽĐŽůŽĐĂƌŽƐũƵŵƉĞƌƐ*
&'0*&'20*ĚƌŝǀĞƐŶĂƉŽƐŝĕĆŽ͞^͘͟ŽŶƐƵůƚĞŽĚŝĂŐƌĂŵĂƉƌĞƐĞŶƚĞŶŽƚŽƉŽŽƵŶĂůĂƚĞƌĂůĚŽĚƌŝǀĞƉĂƌĂǀĞƌĂƉŽƐŝĕĆŽ
3'""#1%?
!!
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'!)*;'G'?&21'FS<'67'RW'M"&4
KƐ,Ɛ/ĚĞϮ͘ϱ͕͟ƉĂƌĂŶŽƚĞŬƐƵƟůŝnjĂŵƵŵĐŽŶĞĐƚŽƌ/ŵŝŶŝĂƚƵƌŝnjĂĚŽ͕ƋƵĞƉŽƐƐƵŝϰϰƉŝŶŽƐ͘KƐϰƉŝŶŽƐĂĚŝ=
ĐŝŽŶĂŝƐƚƌĂŶƐƉŽƌƚĂŵĞŶĞƌŐŝĂĞůĠƚƌŝĐĂ͕ƐƵďƐƟƚƵŝŶĚŽŽĐŽŶĞĐƚŽƌĚĂĨŽŶƚĞƵƐĂĚŽŶŽƐ,ƐƉĂƌĂĚĞƐŬƚŽƉ͘
TX201#8*%2-&%.*%&%41%&'"#0*9,#*4#"821#8*2-01%+%"*ĚƌŝǀĞƐĚĞϮ͘ϱ͟ĞŵĚĞƐŬƚŽƉƐ?*T+#0*4'&#8*0#"*,0%&'0*1%-1'*-'*
3%0'*&#*0#"*4"#320'*"#3,4#"%"*&%&'0*&#*,8*ŶŽƚĞŬ*3'8*&#:#21'.*9,%-1'*-'*3%0'*&#*,0%"*,8*FP*&#*ŶŽƚĞŬ*
-'*0#,*ĚĞƐŬƚŽƉ*4%"%*1'"->=+'*8%20*02+#-32'0'?*T00#0*%&%41%&'"#0*05'*8,21'*0284+#0*#*6%"%1'0*&#*:%6"23%".*#86'"%*
ŽƉƌĞĕŽŶŽǀĂƌĞũŽƐŽĨƌĂŵƵŝƚĂƐǀĂƌŝĂĕƁĞƐ͕ũĄƋƵĞƐĞƚƌĂƚĂĚĞƵŵşƚĞŵƌĞůĂƟǀĂŵĞŶƚĞƌĂƌŽ͘
!"#$%&'!)*@'G'\6&9:&61%'9&%&'6%"M7'67';aOp
ƐŝŶƚĞƌĨĂĐĞƐ/ĨŽƌĂŵ͕ŽƌŝŐŝŶĂůŵĞŶƚĞĚĞƐĞŶǀŽůǀŝĚĂƐƉĂƌĂŽďĂƌƌĂŵĞŶƚŽ/^͕ƵƟůŝnjĂĚŽƐŶŽƐŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌĞƐ
Ϯϴϲ͘ƐƐŝŵĐŽŵŽŶŽďĂƌƌĂŵĞŶƚŽ/^͕ƐĆŽƚƌĂŶƐŵŝƟĚŽƐϭϲďŝƚƐƉŽƌǀĞnjĞƵƟůŝnjĂĚŽƐƵŵŐƌĂŶĚĞŶƷŵĞƌŽĚĞƉŝŶŽƐ͘
ŽŵŽĠŶĞĐĞƐƐĄƌŝŽŵĂŶƚĞƌĂĐŽŵƉĂƟďŝůŝĚĂĚĞĐŽŵŽƐĚŝƐƉŽƐŝƟǀŽƐĂŶƟŐŽƐ͕ŶĆŽĞdžŝƐƚĞŵƵŝƚĂŵĂƌŐĞŵƉĂƌĂŵƵĚĂŶ=
ĕĂƐĚĞŶƚƌŽĚŽƉĂĚƌĆŽ͕ĚĞĨŽƌŵĂƋƵĞ͕ŵĞƐŵŽĐŽŵĂŝŶƚƌŽĚƵĕĆŽĚŽďĂƌƌĂŵĞŶƚŽW/ĞĚŽW/džƉƌĞƐƐ͕ĂƐŝŶƚĞƌĨĂĐĞƐ
/ĐŽŶƟŶƵĂŵĨƵŶĐŝŽŶĂŶĚŽ͕ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞĚĂŵĞƐŵĂĨŽƌŵĂ͘
DĞƐŵŽƋƵĂŶĚŽĨŽƌĂŵŝŶƚƌŽĚƵnjŝĚĂƐĂƐŝŶƚĞƌĨĂĐĞƐhD͕ĂƷŶŝĐĂŐƌĂŶĚĞŵƵĚĂŶĕĂĨŽŝĂŝŶƚƌŽĚƵĕĆŽĚŽƐĐĂďŽƐ
ĚĞϴϬǀŝĂƐ͕ĚĞƐĞŶǀŽůǀŝĚŽƐĚĞĨŽƌŵĂĂƉĞƌŵŝƟƌƚĂdžĂƐĚĞƚƌĂŶƐŵŝƐƐĆŽŵĂŝŽƌĞƐ͕ƐĞŵĐŽŶƚƵĚŽŵƵĚĂƌŽƐŝƐƚĞŵĂĚĞ
ƐŝŶĂůŝnjĂĕĆŽ͕ŶĞŵŵƵĚĂƌŽƐĐŽŶĞĐƚŽƌĞƐ͘
dI>)6282
ƉĂƌƟƌĚĞƵŵĐĞƌƚŽƉŽŶƚŽ͕ĮĐŽƵĐůĂƌŽƋƵĞŽƉĂĚƌĆŽ/ͬdĞƐƚĂǀĂĐŚĞŐĂŶĚŽĂƐĞƵůŝŵŝƚĞĞ͕ƋƵĞŵƵĚĂŶĕĂƐŵĂŝƐ
ƉƌŽĨƵŶĚĂƐƐſƉŽĚĞƌŝĂŵƐĞƌĨĞŝƚĂƐĐŽŵĂŝŶƚƌŽĚƵĕĆŽĚĞƵŵŶŽǀŽƉĂĚƌĆŽ͘^ƵƌŐŝƵĞŶƚĆŽ͕Ž^d;^ĞƌŝĂůdͿ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ƐƐŝŵĐŽŵŽŽW/džƉƌĞƐƐ͕Ž^dĠƵŵďĂƌƌĂŵĞŶƚŽƐĞƌŝĂů͕ŽŶĚĞĠƚƌĂŶƐŵŝƟĚŽƵŵƷŶŝĐŽďŝƚƉŽƌǀĞnjĞŵĐĂĚĂ
ƐĞŶƟĚŽ͘/ƐƐŽĞůŝŵŝŶĂŽƐƉƌŽďůĞŵĂƐĚĞƐŝŶĐƌŽŶŝnjĂĕĆŽĞĚĞŝŶƚĞƌĨĞƌġŶĐŝĂĞŶĐŽŶƚƌĂĚŽƐŶĂƐŝŶƚĞƌĨĂĐĞƐƉĂƌĂůĞůĂƐ͕ƉĞƌ=
ŵŝƟŶĚŽƋƵĞƐĞũĂŵƵƐĂĚĂƐĨƌĞƋƺġŶĐŝĂƐŵĂŝƐĂůƚĂƐ͘'ƌĂĕĂƐĂŝƐƐŽ͕ŽĐĂďŽ^dĠďĂƐƚĂŶƚĞĮŶŽ͕ĐŽŶƚĞŶĚŽĂƉĞŶĂƐ
ϳƉŝŶŽƐ͕ĚŽƐƋƵĂŝƐϰƐĆŽƵƐĂĚŽƐƉĂƌĂƚƌĂŶƐŵŝƐƐĆŽĚĞĚĂĚŽƐ;ƐĆŽŶĞĐĞƐƐĄƌŝŽƐϮĮŽƐƉĂƌĂĨĞĐŚĂƌĐĂĚĂƵŵĚŽƐĚŽŝƐ
32"3,21'0)*#*M*05'*1#""%0*(%@,&%8*%*82-282$%"*%0*2-1#":#"]-32%0)?
!"#$%&'!)*E'G'S7:&=C7'67'$8'51-75:1%'L\J\
KƐĐĂďŽƐ^dƐĆŽďĞŵŵĂŝƐƉƌĄƟĐŽƐƋƵĞŽƐĐĂďŽƐ/ĞŶĆŽƉƌĞũƵĚŝĐĂŵŽŇƵdžŽĚĞĂƌĚĞŶƚƌŽĚŽŐĂďŝŶĞƚĞ͘KƐĐĂ=
ďŽƐƉŽĚĞŵƚĞƌĂƚĠϭŵĚĞĐŽŵƉƌŝŵĞŶƚŽĞĐĂĚĂƉŽƌƚĂ^dƐƵƉŽƌƚĂƵŵƷŶŝĐŽĚŝƐƉŽƐŝƟǀŽ͕ĂŽĐŽŶƚƌĄƌŝŽĚŽƉĂĚƌĆŽ
ŵĂƐƚĞƌͬƐůĂǀĞĚŽ/ͬd͘ŵĚĞĐŽƌƌġŶĐŝĂĚŝƐƐŽ͕ĠĐŽŵƵŵƋƵĞĂƐƉůĂĐĂƐͲŵĆĞŽĨĞƌĞĕĂŵϰƉŽƌƚĂƐ^d;ŽƵŵĂŝƐͿ͕
#*0'8#-1#*&,%0*4'"1%0*4%"%*%0*4+%3%0*&#*8%20*6%2X'*3,01'?
EŽĮŶĂů͕ŽŐĂŶŚŽĚĞĚĞƐĞŵƉĞŶŚŽƉĞƌŵŝƟĚŽƉĞůĂŵĂŝŽƌĨƌĞƋƺġŶĐŝĂĚĞƚƌĂŶƐŵŝƐƐĆŽ͕ĂĐĂďĂƐƵƉĞƌĂŶĚŽĂƉĞƌĚĂ
ƉŽƌƚƌĂŶƐŵŝƟƌƵŵƷŶŝĐŽďŝƚƉŽƌǀĞnj;ĂŽŝŶǀĠƐĚĞϭϲͿ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞ͕ĂůĠŵĚĞŵĂŝƐƐŝŵƉůĞƐĞďĂƌĂƚŽ͕ŽƉĂĚƌĆŽ
QEbE*0#@%*8%20*">42&'?
džŝƐƚĞŵƚƌġƐƉĂĚƌƁĞƐĚĞĐŽŶƚƌŽůĂĚŽƌĂƐ^d͕Ž^dϭϱϬ;ƚĂŵďĠŵĐŚĂŵĂĚŽĚĞ^dϭ͘ϱ'ďŝƚͬƐŽƵ^dϭϱϬϬͿ͕
^dϯϬϬ;^dϯ͘Ϭ'ďŝƚͬƐŽƵ^dϯϬϬϬͿĞ͕ƚĂŵďĠŵŽƉĂĚƌĆŽ^dϲϬϬ;ŽƵ^dϲ͘Ϭ'ďŝƚͬƐͿ͕ƋƵĞĂŝŶĚĂĞŶĐŽŶƚƌĂ=
ͲƐĞĞŵĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ͘ŽŵŽŽ^dƵƟůŝnjĂĚŽŝƐĐĂŶĂŝƐƐĞƉĂƌĂĚŽƐ͕ƵŵƉĂƌĂĞŶǀŝĂƌĞŽƵƚƌŽƉĂƌĂƌĞĐĞďĞƌĚĂĚŽƐ͕
ƚĞŵŽƐϭϱϬŽƵϯϬϬDͬƐĞŵĐĂĚĂƐĞŶƟĚŽ͕ĞŶĆŽϭϯϯDͬƐĐŽŵƉĂƌƟůŚĂĚŽƐ͕ĐŽŵŽŶŽĐĂƐŽĚĂƐŝŶƚĞƌĨĂĐĞƐdͬϭϯϯ͘
KƐŶŽŵĞƐ^dϯϬϬĞ^dϯϬϬϬŝŶĚŝĐĂŵ͕ƌĞƐƉĞĐƟǀĂŵĞŶƚĞ͕ĂƚĂdžĂĚĞƚƌĂŶƐĨĞƌġŶĐŝĂ͕ĞŵDͬƐĞĂƚĂdžĂ͞ďƌƵƚĂ͕͟
ĞŵŵĞŐĂďŝƚƐ͘K^dƵƟůŝnjĂŽƐŝƐƚĞŵĂĚĞĐŽĚŝĮĐĂĕĆŽϴͬϭϬ͕ŽŵĞƐŵŽƵƟůŝnjĂĚŽƉĞůŽďĂƌƌĂŵĞŶƚŽW/džƉƌĞƐƐ͕
'-&#*1#8'0*L*ďŝƚƐĂĚŝĐŝŽŶĂŝƐĚĞƐŝŶĂůŝnjĂĕĆŽƉĂƌĂĐĂĚĂϴďŝƚƐ*&#*&%&'0?*T00#0*ďŝƚƐĂĚŝĐŝŽŶĂŝƐƐƵďƐƟƚƵĞŵŽƐƐŝŶĂŝƐ
ĚĞƐŝŶĐƌŽŶŝƐŵŽƵƟůŝnjĂĚŽƐŶĂƐŝŶƚĞƌĨĂĐĞƐ/ͬd͕ƐŝŵƉůŝĮĐĂŶĚŽďĂƐƚĂŶƚĞŽĚĞƐŝŐŶĞŵĞůŚŽƌĂŶĚŽĂĐŽŶĮĂďŝůŝĚĂĚĞ
ĚŽďĂƌƌĂŵĞŶƚŽ͘ĞƐƐĂĨŽƌŵĂ͕ĂĐŽŶƚƌŽůĂĚŽƌĂƚƌĂŶƐŵŝƚĞϯϬϬϬŵĞŐĂďŝƚƐ͕ƋƵĞĚĞǀŝĚŽăĐŽĚŝĮĐĂĕĆŽĐŽƌƌĞƐƉŽŶĚĞŵ
ĂĂƉĞŶĂƐϯϬϬŵĞŐĂďLJƚĞƐ͘KƵƐĞũĂ͕ŶĆŽĠƵŵĂƌƌĞĚŽŶĚĂŵĞŶƚŽ͊
ƐĐŽŶƚƌŽůĂĚŽƌĂƐ^dϯϬϬƐĆŽƉŽƉƵůĂƌŵĞŶƚĞĚĞŶŽŵŝŶĂĚĂƐĚĞ͞^d//͟ĚĞĨŽƌŵĂƋƵĞ͕ŽƐĚŽŝƐƚĞƌŵŽƐĂĐĂďĂƌĂŵ
ǀŝƌĂŶĚŽƐŝŶƀŶŝŵŽƐ͘ŽŶƚƵĚŽ͕ŽƌŝŐŝŶĂůŵĞŶƚĞ͕͞^d//͟ĞƌĂŽŶŽŵĞĚĂĂƐƐŽĐŝĂĕĆŽĚĞĨĂďƌŝĐĂŶƚĞƐƋƵĞƚƌĂďĂůŚŽƵŶŽ
ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚŽƐƉĂĚƌƁĞƐ^d;ĞŶƚƌĞĞůĞƐŽ^dϯϬϬͿĞ͕ŶĆŽŽŶŽŵĞĚĞƵŵƉĂĚƌĆŽĞƐƉĞĐşĮĐŽ͘ĂŵĞƐŵĂ
ĨŽƌŵĂ͕ŽƉĂĚƌĆŽĚĞϲϬϬDͬƐĐŚĂŵĂͲƐĞ^dϲϬϬ͕ĞŶĆŽ͞^d///͟ŽƵ͞^d/s͘͟DĞƐŵŽŽƐƉƌſƉƌŝŽƐĨĂďƌŝĐĂŶƚĞƐ
ĚĞ,ƐŶĆŽĐŽƐƚƵŵĂŵƵƐĂƌŽƚĞƌŵŽ͞^d//͕͟ũĄƋƵĞĞůĞĠƚĞĐŶŝĐĂŵĞŶƚĞŝŶĐŽƌƌĞƚŽ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
KƵƚƌĂĐƵƌŝŽƐŝĚĂĚĞĠƋƵĞŵƵŝƚĂƐƉůĂĐĂƐͲŵĆĞĂŶƟŐĂƐ͕ĞƋƵŝƉĂĚĂƐĐŽŵĐŽŶƚƌŽůĂĚŽƌĂƐ^dϭϱϬ;ĐŽŵŽĂƐďĂƐĞĂĚĂƐ
ŶŽĐŚŝƉƐĞƚs/sdϴϮϯϳĞƚĂŵďĠŵŶĂƐƉƌŝŵĞŝƌĂƐƌĞǀŝƐƁĞƐĚŽƐĐŚŝƉƐĞƚƐ^ŝ^ϳϲϬĞ^ŝ^ϵϲϰͿ͕ĂƉƌĞƐĞŶƚĂŵƉƌŽďůĞŵĂƐ
ĚĞĐŽŵƉĂƟďŝůŝĚĂĚĞĐŽŵ,Ɛ^dϯϬϬ͘ƐƐŝŵ͕ĂŵĂŝŽƌŝĂĚŽƐ,ƐĂƚƵĂŝƐŽĨĞƌĞĐĞŵĂŽƉĕĆŽĚĞƵƐĂƌƵŵ͞ŵŽĚŽĚĞ
ĐŽŵƉĂƟďŝůŝĚĂĚĞ͟;ĂƟǀĂĚŽĂƚƌĂǀĠƐĚĞƵŵũƵŵƉĞƌͿ͕ŽŶĚĞŽ,ƉĂƐƐĂĂƐĞĐŽŵƉŽƌƚĂƌĐŽŵŽƵŵĚŝƐƉŽƐŝƟǀŽ^d
ϭϱϬ͕ĚĞĨŽƌŵĂĂŐĂƌĂŶƟƌĂĐŽŵƉĂƟďŝůŝĚĂĚĞ͘KďƐĞƌǀĞŶĂĮŐƵƌĂ&͘ϭϱĂƐŝŶƐƚƌƵĕƁĞƐŝŵƉƌĞƐƐĂƐ͗
!"#$%&'!)*O'G'<:"f$7:&'67'$8'dS'6&'L&84$-#
/ŶŝĐŝĂůŵĞŶƚĞ͕ŽƐ,ƐĞƉůĂĐĂƐͲŵĆĞĐŽŵŝŶƚĞƌĨĂĐĞƐ^dĞƌĂŵŵĂŝƐĐĂƌŽƐ͕ĚĞǀŝĚŽĂŽƚƌĂĚŝĐŝŽŶĂůƉƌŽďůĞŵĂĚĂĞƐ=
ĐĂůĂĚĞƉƌŽĚƵĕĆŽ͘dŽĚŽŶŽǀŽƉƌŽĚƵƚŽĠ͕ŝŶŝĐŝĂůŵĞŶƚĞŵĂŝƐĐĂƌŽƋƵĞĂŐĞƌĂĕĆŽĂŶƚĞƌŝŽƌ͕ƐŝŵƉůĞƐŵĞŶƚĞƉŽƌƋƵĞĂ
ƉƌŽĚƵĕĆŽĠŵĞŶŽƌ͘ƉĂƌƟƌĚŽŵŽŵĞŶƚŽĞŵƋƵĞƉĂƐƐĂĂƐĞƌƉƌŽĚƵnjŝĚŽĞŵƋƵĂŶƟĚĂĚĞ͕ŽƉƌĞĕŽĐĂŝ͕ĂƚĠŽƉŽŶƚŽ
ĞŵƋƵĞĂŐĞƌĂĕĆŽĂŶƚĞƌŝŽƌĠĚĞƐĐŽŶƟŶƵĂĚĂ͘
YƵĂŶĚŽŽƐ,Ɛ^dƐĞƉŽƉƵůĂƌŝnjĂƌĂŵ͕ŽƉƌĞĕŽĐĂŝƵĞŵƌĞůĂĕĆŽĂŽƐ/͘ƚƵĂůŵĞŶƚĞ͕ŽƐ,Ɛ/ƐĆŽƉƌŽĚƵnjŝĚŽƐ
ĞŵĞƐĐĂůĂĐĂĚĂǀĞnjŵĞŶŽƌĞ͕ƉŽƌĞƐƐĂƌĂnjĆŽƐĞƚŽƌŶĂƌĂŵŵĂŝƐĐĂƌŽƐĞŵĂŝƐĚŝİĐĞŝƐĚĞĞŶĐŽŶƚƌĂƌĚŽƋƵĞŽƐ,Ɛ
QEbE?
EŽĐĂƐŽĚŽƐŵŝĐƌŽƐĂŶƟŐŽƐ͕ƵŵĂŽƉĕĆŽƉŽƐƐşǀĞůĠŝŶƐƚĂůĂƌƵŵĂĐŽŶƚƌŽůĂĚŽƌĂ^d͘ƐĐŽŶƚƌŽůĂĚŽƌĂƐŵĂŝƐďĂƌĂ=
ƚĂƐ͕ĐŽŵĚƵĂƐƉŽƌƚĂƐŶĂǀĞƌƐĆŽW/͕ũĄĐƵƐƚĂŵŵĞŶŽƐĚĞϮϬĚſůĂƌĞƐŶŽĞdžƚĞƌŝŽƌĞƚĞŶĚĞŵĂĐĂŝƌĚĞƉƌĞĕŽƚĂŵďĠŵ
ƉŽƌĂƋƵŝ͕ƚŽƌŶĂŶĚŽͲƐĞƵŵşƚĞŵĂĐĞƐƐşǀĞů͕ĂƐƐŝŵĐŽŵŽĂƐĐŽŶƚƌŽůĂĚŽƌĂƐh^͘EŽƚĞƋƵĞ͕ŽƵƐŽĚŽďĂƌƌĂŵĞŶƚŽW/
ůŝŵŝƚĂĂǀĞůŽĐŝĚĂĚĞĚĂĐŽŶƚƌŽůĂĚŽƌĂĂϭϯϯDͬƐ;ƵŵƉŽƵĐŽŵĞŶŽƐŶĂƉƌĄƟĐĂ͕ũĄƋƵĞŽďĂƌƌĂŵĞŶƚŽW/ĠĐŽŵƉĂƌ=
ƟůŚĂĚŽĐŽŵŽƵƚƌŽƐĚŝƐƉŽƐŝƟǀŽƐͿ͕ƚŽĚĂǀŝĂŝƐƐŽŶĆŽĐŚĞŐĂĂƐĞƌƵŵƉƌŽďůĞŵĂĂŽƐĞƵƟůŝnjĂƌĂƉĞŶĂƐƵŵŽƵĚŽŝƐ,Ɛ͘
!"#$%&'!)*P'G'F-:7%B&57'D?FcL\J\
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
TX201#8*%2-&%.*3'-<#"0'"#0*(37%8%&'0*&#*ďƌŝĚŐĞƐͿ͕ƋƵĞƉĞƌŵŝƚĞŵůŝŐĂƌƵŵ,/͕ĚŝƌĞƚĂŵĞŶƚĞĂƵŵĂƉŽƌƚĂ
^d͕ŵĂƐĞƐƐĞƐƐĆŽŵĂŝƐĚŝİĐĞŝƐĚĞĞŶĐŽŶƚƌĂƌĞ͕ŐĞƌĂůŵĞŶƚĞŵĂŝƐĐĂƌŽƐƋƵĞƵŵĂĐŽŶƚƌŽůĂĚŽƌĂ^dW/͘
!"#$%&'!)*Q'G'F-:7%B&57'L\J\cFS<
ŽŵŽůĂŶĕĂŵĞŶƚŽĚŽ^d͕ŽƐ,ƐĞĐŽŶƚƌŽůĂĚŽƌĂƐ/ͬdƉĂƐƐĂƌĂŵĂƐĞƌĐŚĂŵĂĚĂƐĚĞ͞Wd͕͟ĂďƌĞǀŝĂĕĆŽĚĞ
͞WĂƌĂůůĞůd͕͟ƌĞƐƐĂůƚĂŶĚŽĂĚŝĨĞƌĞŶĕĂ͘
dI>)6G6H
ƐĐŽŶƚƌŽůĂĚŽƌĂƐ^^/;ƉƌŽŶƵŶĐŝĂͲƐĞ͞ŝƐĐąnjŝ͟ͿƐĆŽĂƐƚƌĂĚŝĐŝŽŶĂŝƐĐŽŶĐŽƌƌĞŶƚĞƐĚĂƐŝŶƚĞƌĨĂĐĞƐ/͘KƉƌŝŵĞŝƌŽƉĂ=
ĚƌĆŽ^^/;^^/ϭͿĨŽŝƌĂƟĮĐĂĚŽĞŵϭϵϴϲ͕ŶĂŵĞƐŵĂĠƉŽĐĂĞŵƋƵĞŽƐƉƌŝŵĞŝƌŽƐ,Ɛ/ĐŚĞŐĂƌĂŵĂŽŵĞƌĐĂĚŽ͕
ĐŽŶƐŝƐƟŶĚŽĞŵĐŽŶƚƌŽůĂĚŽƌĂƐĚĞϴďŝƚƐƋƵĞŽƉĞƌĂǀĂŵĂϱD,nj͕ŽĨĞƌĞĐĞŶĚŽƵŵďĂƌƌĂŵĞŶƚŽĚĞĚĂĚŽƐĚĞĂƚĠϱ
DͬƐ͘
ŵϭϵϵϬ͕ĨŽŝůĂŶĕĂĚŽŽƉĂĚƌĆŽtŝĚĞ^^/;^^/ϮͿ͘ĨƌĞƋƺġŶĐŝĂĐŽŶƟŶƵŽƵĂŵĞƐŵĂ͕ŵĂƐĂƐĐŽŶƚƌŽůĂĚŽƌĂƐƉĂƐ=
ƐĂƌĂŵĂƵƟůŝnjĂƌƵŵďĂƌƌĂŵĞŶƚŽĚĞϭϲďŝƚƐ͕ŽƋƵĞĚŽďƌŽƵĂƚĂdžĂĚĞƚƌĂŶƐŵŝƐƐĆŽƉĂƌĂϭϬDͬƐ͘
ŵƐĞŐƵŝĚĂ͕ƐƵƌŐŝƌĂŵŽƐƉĂĚƌƁĞƐ&ĂƐƚ^^/;ϴďŝƚƐͿĞ&ĂƐƚtŝĚĞ^^/;ϭϲďŝƚƐͿ͕ƋƵĞŽƉĞƌĂǀĂŵĂϭϬD,njĞŽĨĞƌĞĐŝĂŵ
ƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞ͕ƌĞƐƉĞĐƟǀĂŵĞŶƚĞϭϬDͬƐĞϮϬDͬƐ͘
ƉſƐ͕ĂƉĂƌĞĐĞƌĂŵŽƐƉĂĚƌƁĞƐhůƚƌĂ^^/;ϴďŝƚƐ͕ϮϬD,njсϮϬDͬƐͿ͕tŝĚĞhůƚƌĂ^^/;ϭϲďŝƚƐ͕ϮϬD,njсϰϬDͬƐͿ͕
hůƚƌĂϮ^^/;ϴďŝƚƐ͕ϰϬD,njсϰϬDͬƐͿĞtŝĚĞhůƚƌĂϮ^^/;ϭϲďŝƚƐ͕ϰϬD,njсϴϬDͬƐͿ͘sĞũĂƋƵĞ͕ƚƌĂƚŽƵͲƐĞĚĞƵŵĂ
ĞǀŽůƵĕĆŽďĂƐƚĂŶƚĞƉƌĞǀŝƐşǀĞů͕ĐŽŵƵŵŶŽǀŽƉĂĚƌĆŽ͕ƐŝŵƉůĞƐŵĞŶƚĞĚŽďƌĂŶĚŽĂĨƌĞƋƺġŶĐŝĂĞ͕ĐŽŶƐĞƋƺĞŶƚĞŵĞŶƚĞ͕
%*1%X%*&#*1"%-0:#"]-32%*&'*%-1#"2'"?
ƉĂƌƟƌĚĂş͕ŽƵƐŽĚĞĐŽŶƚƌŽůĂĚŽƌĂƐĚĞϴďŝƚƐĨŽŝĂďĂŶĚŽŶĂĚŽĞƐƵƌŐŝƌĂŵŽƐƉĂĚƌƁĞƐhůƚƌĂϭϲϬ^^/͕ŽŶĚĞĂĐŽŶ=
ƚƌŽůĂĚŽƌĂŽƉĞƌĂǀĂĂϰϬD,nj͕ĐŽŵĚƵĂƐƚƌĂŶƐĨĞƌġŶĐŝĂƐƉŽƌĐŝĐůŽ͕ƌĞƐƵůƚĂŶĚŽŶƵŵďĂƌƌĂŵĞŶƚŽĚĞϭϲϬDͬƐĞŶŽ
hůƚƌĂϯϮϬ^^/͕ƋƵĞŵĂŶƚĞǀĞĂƐĚƵĂƐƚƌĂŶƐĨĞƌġŶĐŝĂƐƉŽƌĐŝĐůŽ͕ŵĂƐĂƵŵĞŶƚŽƵĂĨƌĞƋƺġŶĐŝĂƉĂƌĂϴϬD,nj͕ĂƟŶŐŝŶĚŽ
ϯϮϬDͬƐ͘
:274@2
^^/ϭ
&ĂƐƚ^^/;^^/ͲϮͿ
hůƚƌĂ^^/;^^/ͲϯͿ
ŽŶƚƌŽůĂĚŽƌĂĚĞϴŝƚƐ;EĂƌƌŽǁ )2CB12@67216%74%[\%-/B5%P]/74%
?)?#S
?)?#S
ϱDͬƐ
ϭϬDͬƐ
ϭϬDͬƐ
ϮϬDͬƐ
ϮϬDͬƐ
ϰϬDͬƐ
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
hůƚƌĂ^^/;^^/ͲϰͿ
hůƚƌĂϭϲϬ^^/
hůƚƌĂϯϮϬ^^/
ϰϬDͬƐ
ϴϬDͬƐ
=
ϭϲϬDͬƐ
=
ϯϮϬDͬƐ
J&27=&'!E'G'J&Y&'67':%&-4B7%T-5"&'61'9&6%01'L?LF
ůĠŵĚĂĚŝĨĞƌĞŶĕĂŶĂǀĞůŽĐŝĚĂĚĞ͕ĂƐĂŶƟŐĂƐĐŽŶƚƌŽůĂĚŽƌĂƐĚĞϴďŝƚƐƉĞƌŵŝƟĂŵĂĐŽŶĞdžĆŽĚĞĂƉĞŶĂƐϳĚŝƐƉŽƐŝƟ=
<'0.*#-9,%-1'*%0*%1,%20.*&#*IV*ďŝƚƐ͕ƉĞƌŵŝƚĞŵĂĐŽŶĞdžĆŽĚĞĂƚĠϭϱ͘
ŝĨĞƌĞŶƚĞŵĞŶƚĞĚŽƋƵĞƚĞŵŽƐŶƵŵĂŝŶƚĞƌĨĂĐĞ/͕ŶĂƋƵĂůƵŵĚŝƐƉŽƐŝƟǀŽĠ͞ũƵŵƉĞĂĚŽ͟ĐŽŵŽŵĂƐƚĞƌ*#*',1"'*
3'8'*ƐůĂǀĞ͕ŶŽ^^/͕ŽƐĚŝƐƉŽƐŝƟǀŽƐƌĞĐĞďĞŵŶƷŵĞƌŽƐĚĞŝĚĞŶƟĮĐĂĕĆŽ;/ƐͿ͕ƋƵĞƐĆŽŶƷŵĞƌŽƐĚĞϬĂϳ;ŶĂƐ
3'-1"'+%&'"%0*&#*Z*ďŝƚƐͿĞĚĞϬĂϭϱ;ŶĂƐĐŽŶƚƌŽůĂĚŽƌĂƐĚĞϭϲďŝƚƐͿ͘hŵĚŽƐ/ƐĚŝƐƉŽŶşǀĞŝƐĠĚĞƐƟŶĂĚŽăƉƌſƉƌŝĂ
ĐŽŶƚƌŽůĂĚŽƌĂ͕ĚĞŝdžĂŶĚŽĚĞϳĂϭϱĞŶĚĞƌĞĕŽƐĚŝƐƉŽŶşǀĞŝƐƉĂƌĂŽƐĚŝƐƉŽƐŝƟǀŽƐ͘
K/ĚĞĐĂĚĂĚŝƐƉŽƐŝƟǀŽĠĐŽŶĮŐƵƌĂĚŽĂƚƌĂǀĠƐĚĞƵŵĂĐŚĂǀĞŽƵũƵŵƉĞƌ͕ŽƵǀŝĂƐŽŌǁĂƌĞ*(-'0*8%20*%1,%20)?*E*
ƌĞŐƌĂďĄƐŝĐĂĠƋƵĞĚŽŝƐĚŝƐƉŽƐŝƟǀŽƐŶĆŽƉŽĚĞŵƵƟůŝnjĂƌŽŵĞƐŵŽĞŶĚĞƌĞĕŽ͕ĐĂƐŽĐŽŶƚƌĄƌŝŽǀŽĐġƚĞŵƵŵĐŽŶŇŝƚŽ
ƐŝŵŝůĂƌĂŽƋƵĞĂĐŽŶƚĞĐĞĂŽƐĞƚĞŶƚĂƌŝŶƐƚĂůĂƌĚŽŝƐ,Ɛ͞ũƵŵƉĞĂĚŽƐ͟ĐŽŵŽŵĂƐƚĞƌŶĂŵĞƐŵĂƉŽƌƚĂ/͘
ŵĂŝŽƌŝĂĚŽƐĐĂďŽƐ^^/ƉŽƐƐƵĞŵĂƉĞŶĂƐϯŽƵϰĐŽŶĞĐƚŽƌĞƐ͕ŵĂƐĞdžŝƐƚĞŵƌĞĂůŵĞŶƚĞĐĂďŽƐĐŽŵĂƚĠϭϲĐŽŶĞĐƚŽ=
ƌĞƐ͕ƵƐĂĚŽƐƋƵĂŶĚŽĠƌĞĂůŵĞŶƚĞŶĞĐĞƐƐĄƌŝŽŝŶƐƚĂůĂƌƵŵŐƌĂŶĚĞŶƷŵĞƌŽĚĞĚŝƐƉŽƐŝƟǀŽƐ͘
!"#$%&'!)*R'G'?&21'L?LF
EŽďĂƌƌĂŵĞŶƚŽ^^/ƚĞŵŽƐ͕ƚĂŵďĠŵŽƵƐŽĚĞƚĞƌŵŝŶĂĚŽƌĞƐ͕ƋƵĞĞĨĞƟǀĂŵĞŶƚĞ͞ĨĞĐŚĂŵ͟ŽďĂƌƌĂŵĞŶƚŽ͕ĞǀŝƚĂŶĚŽ
9,#*'0*02-%20*37#D,#8*H*4'-1%*&'*3%6'*#*"#1'"-#8*-%*:'"8%*&#*2-1#":#"]-32%?*/%*8%2'"2%*&'0*3%0'0*'*1#"82-%&'"*
ĠĞŶĐĂŝdžĂĚŽŶŽĚŝƐƉŽƐŝƟǀŽ͕ŵĂƐĞŵĂůŐƵŶƐĐĂƐŽƐďĂƐƚĂŵƵĚĂƌĂƉŽƐŝĕĆŽĚĞƵŵĂĐŚĂǀĞ͘dĂŵďĠŵĞdžŝƐƚĞŵĐĂƐŽƐ
ĚĞĐĂďŽƐƋƵĞƚƌĂnjĞŵƵŵƚĞƌŵŝŶĂĚŽƌƉƌĠͲŝŶƐƚĂůĂĚŽŶĂƉŽŶƚĂ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'!)*U'G'J7%8"-&61%'9&%&'5&21'L?LF
EŽƚĞƋƵĞĞƐƚŽƵƵƐĂŶĚŽŽƚĞƌŵŽ͞ĚŝƐƉŽƐŝƟǀŽƐ͟ĞŶĆŽ͞,Ɛ͕͟ƉŽŝƐ;ĞŵďŽƌĂƌĂƌŽŚŽũĞĞŵĚŝĂͿŽƉĂĚƌĆŽ^^/ƉĞƌ=
ŵŝƚĞĂĐŽŶĞdžĆŽĚĞĚŝǀĞƌƐŽƐƟƉŽƐĚĞĚŝƐƉŽƐŝƟǀŽƐ͕ŝŶĐůƵŝŶĚŽͲZKDƐ͕ŝŵƉƌĞƐƐŽƌĂƐ͕ƐĐĂŶŶĞƌƐĞƵŶŝĚĂĚĞƐĚĞĮƚĂ͘
KƐ ŐƌĂǀĂĚŽƌĞƐ ĚĞ ^^/ ĨŽƌĂŵ ƉŽƉƵůĂƌĞƐ ŶŽƐ ĂŶŽƐ ϵϬ͕ ƉŽŝƐ Ž ďĂƌƌĂŵĞŶƚŽ ^^/ ŽĨĞƌĞĐĞ ƚƌĂŶƐĨĞƌġŶĐŝĂƐ ŵĂŝƐ
ĞƐƚĄǀĞŝƐƋƵĞĂƐĂŶƟŐĂƐƉŽƌƚĂƐdͲϮĞdͲϯ͕ƵƐĂĚĂƐĂƚĠĞŶƚĆŽ͘EĂƋƵĞůĂĠƉŽĐĂ͕ĂŝŶĚĂŶĆŽĞdžŝƐƟĂďƵƌŶͲĨƌĞĞ.*&#*
ĨŽƌŵĂƋƵĞƋƵĂůƋƵĞƌŝŶƚĞƌƌƵƉĕĆŽŶŽŇƵdžŽĚĞĚĂĚŽƐĐĂƵƐĂǀĂĂƉĞƌĚĂĚĂŵşĚŝĂ͘ŽŵŽƐƵƌŐŝŵĞŶƚŽĚĂƐŝŶƚĞƌĨĂĐĞƐ
/ĐŽŵƐƵƉŽƌƚĞĂhD͕ĂďƌŝŐĂƐĞĞƋƵŝůŝďƌŽƵĞŽƐŐƌĂǀĂĚŽƌĞƐĚĞ/ŝŶǀĂĚŝƌĂŵŽŵĞƌĐĂĚŽ͘ƐŝŵƉƌĞƐƐŽƌĂƐĞ
ƐĐĂŶŶĞƌƐ^^/ƚĂŵďĠŵŐĂŶŚĂƌĂŵĂůŐƵŵĂƐďĂƚĂůŚĂƐ͕ŵĂƐĂĐĂďĂƌĂŵƉĞƌĚĞŶĚŽĂŐƵĞƌƌĂƉĂƌĂŽƐĚŝƐƉŽƐŝƟǀŽƐh^͘
ƐƵŶŝĚĂĚĞƐĚĞĮƚĂũĄĨŽƌĂŵŽŵĞŝŽŵĂŝƐƉŽƉƵůĂƌƉĂƌĂĨĂnjĞƌďĂĐŬƵƉĚĞŐƌĂŶĚĞƐƋƵĂŶƟĚĂĚĞƐĚĞĚĂĚŽƐ͕ƵƟůŝnjĂŶĚŽ
ĂƐĨĂŵŽƐĂƐĮƚĂƐd;ŝŐŝƚĂůƵĚŝŽdĂƉĞͿ͘ŽŵŽĂĮƚĂƉƌĞĐŝƐĂƐĞƌŐƌĂǀĂĚĂĞůŝĚĂƐĞƋƺĞŶĐŝĂůŵĞŶƚĞ͕ŽŵĂŝƐĐŽŵƵŵ
ĠŐĞƌĂƌƵŵĂƌƋƵŝǀŽĐŽŵƉĂĐƚĂĚŽĞŵĚĞƚĞƌŵŝŶĂĚĂƐĞdžƚĞŶƐƁĞƐ;ƚĂƌͬŐnjͬƚĂƌͬďnjϮ͕ŽƵŵĞƐŵŽĞŵƌĂƌͿ͕ĐŽŶƚĞŶĚŽƚŽ=
&'0*'0*%"9,2<'0*&'*ďĂĐŬƵƉĞŐƌĂǀĄͲůŽŶĂĮƚĂ͕ĚĞĨŽƌŵĂƐĞƋƺĞŶĐŝĂů͘hŵĂƌƋƵŝǀŽŵƵŝƚŽŐƌĂŶĚĞƉŽĚĞƐĞƌĚŝǀŝĚŝĚŽ
ĞŵǀĄƌŝŽƐǀŽůƵŵĞƐĞŐƌĂǀĂĚŽĞŵĮƚĂƐƐĞƉĂƌĂĚĂƐ͘KŐƌĂŶĚĞƉƌŽďůĞŵĂĠƋƵĞĠƉƌĞĐŝƐŽůĞƌĞĚĞƐĐŽŵƉĂĐƚĂƌƚŽĚŽŽ
%"9,2<'*4%"%*1#"*%3#00'*%'0*&%&'0?
KƉƌŽďůĞŵĂĐŽŵĂƐƵŶŝĚĂĚĞƐĚĞĮƚĂĠƋƵĞ͕ĞŵďŽƌĂĂƐĮƚĂƐƐĞũĂŵƌĞůĂƟǀĂŵĞŶƚĞďĂƌĂƚĂƐ͕ĂƐƵŶŝĚĂĚĞƐĚĞŐƌĂǀĂĕĆŽ
ƐĆŽǀĞŶĚŝĚĂƐĂƉƌĞĕŽƐ͞ƐĂůŐĂĚŽƐ͘͟ŽŶĨŽƌŵĞŽƐ,ƐĨŽƌĂŵĐƌĞƐĐĞŶĚŽĞŵĐĂƉĂĐŝĚĂĚĞĞĐĂŝŶĚŽĞŵĐƵƐƚŽ͕ƉĂƐƐĂ=
ƌĂŵĂŽĨĞƌĞĐĞƌƵŵĂƌĞůĂĕĆŽĐƵƐƚŽƉŽƌŵĞŐĂďLJƚĞŵĂŝƐďĂŝdžĂ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞŽƐƐŝƐƚĞŵĂƐZ/ĞŽƐƐĞƌǀŝĚŽƌĞƐ
&#*ďĂĐŬƵƉƐĞƉŽƉƵůĂƌŝnjĂƐƐĞŵ͕ƌŽƵďĂŶĚŽŽŵĞƌĐĂĚŽĚĂƐƵŶŝĚĂĚĞƐĚĞĮƚĂ͘
K8*ĚƌŝǀĞsyͲϯϮϬĚĂdžĂďLJƚĞ͕ƉŽƌĞdžĞŵƉůŽ͕ĐƵƐƚĂh^Ψϭ͘ϮϱϬĞƵƟůŝnjĂĮƚĂƐĚĞĂƉĞŶĂƐϭϲϬ'͘ĐŽŵƵŵƋƵĞŽƐ
ĨĂďƌŝĐĂŶƚĞƐĚŽďƌĞŵĂĐĂƉĂĐŝĚĂĚĞ͕ĚŝnjĞŶĚŽƋƵĞĂƐĮƚĂƐĂƌŵĂnjĞŶĂŵ͞ϯϮϬ'ĐŽŵƉƌŝŵŝĚŽƐ͕͟ŵĂƐĂƚĂdžĂĚĞĐŽŵ=
ƉƌĞƐƐĆŽǀĂƌŝĂĚĞĂĐŽƌĚŽĐŽŵŽƟƉŽĚĞĚĂĚŽƐ͘ǀĞůŽĐŝĚĂĚĞĚĞŐƌĂǀĂĕĆŽƚĂŵďĠŵĠƌĞůĂƟǀĂŵĞŶƚĞďĂŝdžĂ͕;Ğŵ
ƚŽƌŶŽĚĞϭϮDͬƐͲĐĞƌĐĂĚĞϰϯ'ƌĞĂŝƐƉŽƌŚŽƌĂͿĞĐĂĚĂĮƚĂĐƵƐƚĂh^ΨϴϬ͕ŽƋƵĞŝŵƉůŝĐĂƵŵĐƵƐƚŽĚĞh^ΨϬ͘ϱϬ
ƉŽƌ'͘ŽŵŽŚŽũĞĞŵĚŝĂƵŵ,ĚĞϯϬϬ'ĐƵƐƚĂ͕ŶŽƌĂƐŝů͕ŵĞŶŽƐĚĞZΨϮϱϬ͕ĂƵŶŝĚĂĚĞĚĞĮƚĂ͕ƐŝŵƉůĞƐŵĞŶƚĞ
ƉĞƌĚĞĞŵƚŽĚŽƐŽƐƋƵĞƐŝƚŽƐ͕ŝŶĐůƵŝŶĚŽĐŽŶĮĂďŝůŝĚĂĚĞĞĐƵƐƚŽƉŽƌŵĞŐĂďLJƚĞ͘ŽŝŶǀĠƐĚĞƵƟůŝnjĂƌĂƵŶŝĚĂĚĞĚĞĮƚĂ͕
ĮĐĂŵĂŝƐƉƌĄƟĐŽ͕ƌĄƉŝĚŽĞďĂƌĂƚŽĨĂnjĞƌŽƐďĂĐŬƵƉƐ*,0%-&'*FP0*#X1#"-'0?
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
)LJXUD)8QLGDGHGH¿WD'$7
ŚĞŐĂŵŽƐĞŶƚĆŽ͕ŶĂƋƵĞƐƚĆŽĚŽƐĐĂďŽƐ͗Ž^^/ƉĞƌŵŝƚĞƚĂŶƚŽĂĐŽŶĞdžĆŽĚĞĚŝƐƉŽƐŝƟǀŽƐŝŶƚĞƌŶŽƐ͕ƋƵĂŶƚŽĚĞĚŝƐ=
ƉŽƐŝƟǀŽƐĞdžƚĞƌŶŽƐ͕ĐŽŵŽƵƐŽĚĞĐĂďŽƐĞĐŽŶĞĐƚŽƌĞƐĚŝĨĞƌĞŶƚĞƐƉĂƌĂĐĂĚĂƟƉŽ͖ĂƐĐŽŶƚƌŽůĂĚŽƌĂƐĚĞϴďŝƚƐƵƟůŝnjĂŵ
ĐĂďŽƐĚĞϱϬǀŝĂƐ͕ĞŶƋƵĂŶƚŽĂƐĚĞϭϲďŝƚƐƵƟůŝnjĂŵĐĂďŽƐĚĞϲϴǀŝĂƐ͘KĚŝƐƉŽƐŝƟǀŽĚĂĮŐƵƌĂ&͘ϮϭƵƟůŝnjĂŽĐŽŶĞĐƚŽƌ
&#*VZ*42-'0?
!"#$%&'!);*'G'dS'A=:%&@;W'L?LF
ƐĐŽŶƚƌŽůĂĚŽƌĂƐ^^/ƐĆŽƐƵƉĞƌŝŽƌĞƐăƐŝŶƚĞƌĨĂĐĞƐ/ĞŵƋƵĂƐĞƚŽĚŽƐŽƐƋƵĞƐŝƚŽƐ͕ƉŽƌĠŵƉĞƌĚĞŵĞŵƵŵĚŽƐ
ŵĂŝƐŝŵƉŽƌƚĂŶƚĞƐ͕ŽƋƵĂůƐĞƌĞĨĞƌĞĂŽĐƵƐƚŽ͘ŽŵŽĂŚŝƐƚſƌŝĂĚĂŝŶĨŽƌŵĄƟĐĂƌĞƉĞƟĚĂŵĞŶƚĞŶŽƐŵŽƐƚƌĂ͕ŶĞŵ
ƐĞŵƉƌĞŽƉĂĚƌĆŽŵĂŝƐƌĄƉŝĚŽŽƵ͕ŵĂŝƐĂǀĂŶĕĂĚŽ͕ƉƌĞǀĂůĞĐĞ͘YƵĂƐĞƐĞŵƉƌĞ͕ƵŵƉĂĚƌĆŽŵĂŝƐƐŝŵƉůĞƐĞďĂƌĂƚŽ͕
9,#*3'-0#D,#*0,4"2"*%0*-#3#002&%&#0*6>023%0*&%*8%2'"*4%"1#*&'0*,0,>"2'0.*%3%6%*4"#<%+#3#-&'*0'6"#*,8*4%&"5'*
8%20*3'84+#X'*#*3%"'?
ĞƵŵĂĨŽƌŵĂŐĞƌĂů͕ŽƉĂĚƌĆŽ/ƐĞƚŽƌŶŽƵŽƉĂĚƌĆŽŶŽƐĚĞƐŬƚŽƉƐ͕ŶŽƐƐĞƌǀŝĚŽƌĞƐĞ͕ƚĂŵďĠŵŶĂƐĞƐƚĂĕƁĞƐĚĞ
ƚƌĂďĂůŚŽĚĞďĂŝdžŽĐƵƐƚŽ͕ĞŶƋƵĂŶƚŽŽ^^/ƐĞƚŽƌŶŽƵŽƉĂĚƌĆŽĚŽŵŝŶĂŶƚĞŶŽƐǁŽƌŬƐƚĂƟŽŶƐ;ĞƐƚĂĕƁĞƐĚĞƚƌĂďĂůŚŽͿ
ĞƐĞƌǀŝĚŽƌĞƐĚĞĂůƚŽĚĞƐĞŵƉĞŶŚŽ͘ŵǀŽůƵŵĞĚĞǀĞŶĚĂƐ͕Ž,^^/ƉĞƌĚĞŵƉĂƌĂŽ/Ğ^d;ƉƌŽƉŽƌĕĆŽĚĞ
ŵĂŝƐĚĞϯϬƉĂƌĂϭͿ͘ŝŶĚĂĂƐƐŝŵ͕Ž,^^/ĐŽŶƟŶƵĂƌĞƉƌĞƐĞŶƚĂŶĚŽƵŵĂĨĂƟĂĐŽŶƐŝĚĞƌĄǀĞůĚŽůƵĐƌŽůşƋƵŝĚŽĚŽƐ
ĨĂďƌŝĐĂŶƚĞƐ͕ũĄƋƵĞŝŶƚĞŐƌĂŵĂůŝŶŚĂ͞ƉƌĞŵŝƵŵ͕͟ĐŽŵƉŽƐƚĂƉŽƌ,ƐŵĂŝƐĐĂƌŽƐĞĚĞŵĂŝƐĂůƚŽĚĞƐĞŵƉĞŶŚŽ͘
ĐŽŵƵŵƋƵĞŶŽǀĂƐƚĞĐŶŽůŽŐŝĂƐƐĞũĂŵŝŶŝĐŝĂůŵĞŶƚĞƵƐĂĚĂƐĞŵ,Ɛ^^/ƐĞŶĚŽ͕ƐŽŵĞŶƚĞƵƟůŝnjĂĚĂƐŶŽƐĚŝƐĐŽƐ
/͕ĚĞƉŽŝƐĚĞƚŽƌŶĂƌĞŵͲƐĞŵĂŝƐďĂƌĂƚĂƐ͘/ƐƐŽĂĐŽŶƚĞĐĞ͕ũƵƐƚĂŵĞŶƚĞĚĞǀŝĚŽĂŽŵĞƌĐĂĚŽĚĞĚŝƐĐŽƐ^^/͕ƋƵĞƉƌŝŽ=
ƌŝnjĂŽĚĞƐĞŵƉĞŶŚŽŵƵŝƚŽŵĂŝƐĚŽƋƵĞŽƉƌĞĕŽ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ůĠŵĚŽĐƵƐƚŽĚŽƐ,Ɛ͕ĞdžŝƐƚĞƚĂŵďĠŵĂƋƵĞƐƚĆŽƌĞĨĞƌĞŶƚĞĂƐĐŽŶƚƌŽůĂĚŽƌĂƐ͘ůŐƵŵĂƐƉůĂĐĂƐĚĞƐƟŶĂĚĂƐĂƐĞƌ=
ǀŝĚŽƌĞƐƚƌĂnjĞŵĐŽŶƚƌŽůĂĚŽƌĂƐ^^/ŝŶƚĞŐƌĂĚĂƐ͕ŵĂƐŶĂŐƌĂŶĚĞŵĂŝŽƌŝĂĚŽƐĐĂƐŽƐĠŶĞĐĞƐƐĄƌŝŽĂĚƋƵŝƌŝƌƵŵĂĐŽŶ=
1"'+%&'"%*0#4%"%&%?
ƐĐŽŶƚƌŽůĂĚŽƌĂƐhůƚƌĂϭϲϬĞhůƚƌĂϯϮϬƐĞƌŝĂŵƐƵďƵƟůŝnjĂĚĂƐĐĂƐŽŝŶƐƚĂůĂĚĂƐĞŵƐůŽƚƐW/ƌĞŐƵůĂƌĞƐ͕ũĄƋƵĞŽW/Ġ
ůŝŵŝƚĂĚŽĂϭϯϯDͬƐ͕ĚĞĨŽƌŵĂƋƵĞĞƐƐĂƐƚƌĂĚŝĐŝŽŶĂůŵĞŶƚĞƵƟůŝnjĂŵƐůŽƚƐW/ͲyĞŶĐŽŶƚƌĂĚŽƐĂƉĞŶĂƐĞŵƉůĂĐĂƐ
ƉĂƌĂƐĞƌǀŝĚŽƌĞƐ͘/ƐƐŽƐŝŐŶŝĮĐĂƋƵĞŵĞƐŵŽƋƵĞƐĞƋƵŝƐĞƐƐĞ͕ŶĆŽƐĞƉŽĚĞƌŝĂŝŶƐƚĂůĂƌƵŵĂĐŽŶƚƌŽůĂĚŽƌĂhůƚƌĂϯϮϬĞŵ
,8*ĚĞƐŬƚŽƉ͘ƉĞŶĂƐƌĞĐĞŶƚĞŵĞŶƚĞƉĂƐƐĂƌĂŵĂƐĞƌĨĂďƌŝĐĂĚĂƐĐŽŶƚƌŽůĂĚŽƌĂƐW/ͲdžƉƌĞƐƐ͘
!"#$%&'!);;'G'D=&5&'51-:%1=&61%&'D?FG<Y9%744
sĂůĞůĞŵďƌĂƌ͕ƋƵĞĂǀĞůŽĐŝĚĂĚĞĚĂŝŶƚĞƌĨĂĐĞŶĆŽĐŽƌƌĞƐƉŽŶĚĞĚŝƌĞƚĂŵĞŶƚĞăǀĞůŽĐŝĚĂĚĞĚŽƐĚŝƐƉŽƐŝƟǀŽƐĂĞůĂĐŽ=
ŶĞĐƚĂĚŽƐ͘KƐϯϮϬDͬƐĚŽhůƚƌĂϯϮϬ^^/͕ƉŽƌĞdžĞŵƉůŽ͕ƐĆŽĂƉƌŽǀĞŝƚĂĚŽƐĂƉĞŶĂƐĂŽŝŶƐƚĂůĂƌƵŵŐƌĂŶĚĞŶƷŵĞƌŽ
ĚĞ,ƐĞŵZ/͘
džŝƐƚĞŵŵƵŝƚĂƐůĞŶĚĂƐĐŽŵƌĞůĂĕĆŽĂŽ^^/͕ƋƵĞĨĂnjĞŵĐŽŵƋƵĞŵƵŝƚŽƐĚĞƐĂǀŝƐĂĚŽƐĐŽŵƉƌĞŵŝŶƚĞƌĨĂĐĞƐĞ,Ɛ
ŽďƐŽůĞƚŽƐ͕ĂĐŚĂŶĚŽƋƵĞĞƐƚĆŽĨĂnjĞŶĚŽŽŵĞůŚŽƌŶĞŐſĐŝŽĚŽŵƵŶĚŽ͘hŵ,ŶĆŽĠŵĂŝƐƌĄƉŝĚŽ͕ƐŝŵƉůĞƐŵĞŶƚĞ
ƉŽƌƵƟůŝnjĂƌƵŵĂŝŶƚĞƌĨĂĐĞ^^/͘ďĞŵǀĞƌĚĂĚĞƋƵĞŽƐ,ƐŵĂŝƐƌĄƉŝĚŽƐ͕ĚĞϭϱ͘ϬϬϬZWD͕ƐĆŽůĂŶĕĂĚŽƐĂƉĞŶĂƐ
ĞŵǀĞƌƐĆŽ^^/͕ŵĂƐĐŽŵŽŽƐ,ƐƚŽƌŶĂŵͲƐĞƌĂƉŝĚĂŵĞŶƚĞŽďƐŽůĞƚŽƐĞƚĞŵƵŵĂǀŝĚĂƷƟůůŝŵŝƚĂĚĂ͕ĨĂnjŵƵŝƚŽŵĂŝƐ
ƐĞŶƟĚŽ͕ĐŽŵƉƌĂƌƵŵ,^dĐŽŶǀĞŶĐŝŽŶĂů͕ĚĞϳ͘ϮϬϬŽƵϭϬ͘ϬϬϬZWD͕ĂůĞǀĂƌƉƌĂĐĂƐĂƵŵ,^^/͕ŽďƐŽůĞƚŽ͕
3'8*L*',*M*%-'0*&#*,0'?
ŽŵĂŝŶƚƌŽĚƵĕĆŽĚŽ^ĞƌŝĂůd͕ŽďĂƌƌĂŵĞŶƚŽ^^/ƉĞƌĚĞƵŐƌĂŶĚĞƉĂƌƚĞĚĞƐĞƵƐĂƚƌĂƟǀŽƐ͕ũĄƋƵĞŽ^dŽĨĞƌĞĐĞ
ƵŵĂŐƌĂŶĚĞƉĂƌƚĞĚĂƐǀĂŶƚĂŐĞŶƐƋƵĞĂŶƚĞƐĞƌĂŵĂƚƌŝďƵşĚĂƐĂŽ^^/Ğ͕ĂŽŵĞƐŵŽƚĞŵƉŽ͕ŽĨĞƌĞĐĞƵŵƐŝƐƚĞŵĂĚĞ
3%6#%8#-1'*8%20*0284+#0?
WĂƌĂƉƌĞĞŶĐŚĞƌĂůĂĐƵŶĂ͕ƐƵƌŐŝƵŽ^^;^ĞƌŝĂůƩĂĐŚĞĚ^^/Ϳ͕ƵŵďĂƌƌĂŵĞŶƚŽƐĞƌŝĂůŵƵŝƚŽƐŝŵŝůĂƌĂŽ^dĞŵĚŝ=
<#"0'0*%04#31'0.*9,#*%&232'-%*&2<#"0%0*4'00262+2&%&#0*2-1#"#00%-1#0*<'+1%&%0*4%"%*,0'*#8*0#"<2&'"#0?*R*QEQ*4"#=
ƐĞƌǀĂŽŵĞƐŵŽĐŽŶũƵŶƚŽĚĞĐŽŵĂŶĚŽƐĞ͕ƚŽƌŶĂͲƐĞƉŽƌŝƐƐŽĐŽŵƉĂơǀĞůĞŵŶşǀĞůĚĞƐŽŌǁĂƌĞ͘ƐƐĂĐŽŶƐƚĂƚĂĕĆŽ͕
ŶĆŽƐĞƌĞĨĞƌĞĂŽtŝŶĚŽǁƐĞĂŽƐƉƌŽŐƌĂŵĂƐƵƟůŝnjĂĚŽƐĞŵĚĞƐŬƚŽƉƐ͕ŵĂƐƐŝŵĂĂƉůŝĐĂƟǀŽƐŵĂŝƐƉĞƌƐŽŶĂůŝnjĂĚŽƐ͕
3'84+#X'0*#*3%"'0.*3'8,-0*%*D"%-&#0*0#"<2&'"#0?
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
dI>)626
ƐƐŝŵĐŽŵŽŽ^^/ĐŽŶǀŝǀĞƵĐŽŵŽƉĂĚƌĆŽ/ƉŽƌŵĂŝƐĚĞĚƵĂƐĚĠĐĂĚĂƐ͕Ž^^ĞƐƚĄĚĞƐƟŶĂĚŽĂĐŽŶĐŽƌƌĞƌĐŽŵ
Ž^d͕ĐŽŵĐĂĚĂƵŵĞŶƚƌŝŶĐŚĞŝƌĂĚŽĞŵƐĞƵƌĞƐƉĞĐƟǀŽŶŝĐŚŽĚĞŵĞƌĐĂĚŽ͕Ž^dŶŽƐŵŝĐƌŽƐĚŽŵĠƐƟĐŽƐĞƐĞƌ=
<2&'"#0*&#*6%2X'*3,01'*#*'*QEQ*#8*0#"<2&'"#0*&#*%+1'*&#0#84#-7'*#*ǁŽƌŬƐƚĂƟŽŶƐ?
ƐǀĞƌƐƁĞƐŝŶŝĐŝĂŝƐĚŽ^^ƐƵƉŽƌƚĂǀĂŵƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞϭϱϬDͬƐĞϯϬϬDͬƐ͘ZĞĐĞŶƚĞŵĞŶƚĞ͕ĨŽŝŝŶƚƌŽ=
ĚƵnjŝĚŽŽƉĂĚƌĆŽĚĞϲϬϬDͬƐĞƉĂƐƐŽƵĂƐĞƌĚĞƐĞŶǀŽůǀŝĚŽŽƉĂĚƌĆŽƐĞŐƵŝŶƚĞĚĞϭ͘Ϯ'ͬƐ͘ĞǀŽůƵĕĆŽĠƐŝŵŝůĂƌĂ
ĚŽƉĂĚƌĆŽ^d;ŶŽƚĞƋƵĞĂƐǀĞůŽĐŝĚĂĚĞƐƐĆŽĂƐŵĞƐŵĂƐͿ͕ƉŽƌĠŵŽ^^ƚĞŶĚĞĂĮĐĂƌƐĞŵƉƌĞƵŵĚĞŐƌĂƵăĨƌĞŶƚĞ͘
ŵĂŝŽƌǀĞůŽĐŝĚĂĚĞĠŶĞĐĞƐƐĄƌŝĂ͕ƉŽŝƐŽ^^ƉĞƌŵŝƚĞŽƵƐŽĚĞĞdžƚĞŶƐŽƌĞƐ;ĞdžƉĂŶĚĞƌƐͿ͕ĚŝƐƉŽƐŝƟǀŽƐƋƵĞƉĞƌŵŝƚĞŵ
ůŝŐĂƌĚŝǀĞƌƐŽƐĚŝƐĐŽƐ^^ĂƵŵĂƷŶŝĐĂƉŽƌƚĂ͘džŝƐƚĞŵĚŽŝƐƟƉŽƐĚĞĞdžƚĞŶƐŽƌĞƐ^^͕ĐŚĂŵĂĚŽƐĚĞĚŐĞdžƉĂŶĚĞƌƐ
Ğ &ĂŶŽƵƚ džƉĂŶĚĞƌƐ͘ K ƉƌŝŵĞŝƌŽ ƉĞƌŵŝƚĞ ůŝŐĂƌ ĂƚĠ ϭϮϴ ĚŝƐĐŽƐ ŶĂ ŵĞƐŵĂ ƉŽƌƚĂ͕ ĞŶƋƵĂŶƚŽ Ž ƐĞŐƵŶĚŽ ƉĞƌŵŝƚĞ
ĐŽŶĞĐƚĂƌĂƚĠϭϮϴĚŐĞdžƉĂŶĚĞƌƐ;ĐĂĚĂƵŵĐŽŵƐĞƵƐϭϮϴĚŝƐĐŽƐͿ͕ĐŚĞŐĂŶĚŽĂƵŵůŝŵŝƚĞƚĞſƌŝĐŽĚĞĂƚĠϭϲ͘ϯϴϰ
&203'0*4'"*4'"1%*QEQ?
ƐƐĞƌĞĐƵƌƐŽĨŽŝĚĞƐĞŶǀŽůǀŝĚŽƉĞŶƐĂŶĚŽ͕ƐŽďƌĞƚƵĚŽŶŽƐƐĞƌǀŝĚŽƌĞƐĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽ͘ŽŵĂƉŽƉƵůĂƌŝnjĂĕĆŽ
&'0*ǁĞďŵĂŝůƐ;ƐĞƌǀŝĕŽƐĚĞĞͲŵĂŝůǀŝĂtĞďͿĞŽƵƚƌŽƐƐĞƌǀŝĕŽƐ͕ŽĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞŐƌĂŶĚĞƐƋƵĂŶƟĚĂĚĞƐĚĞĚĂ=
&'0*1'"-',=0#*,8*4"'6+#8%?*/5'*0#*#01>*%9,2*"#:#"#-32%-&'*%+D,-0*4',3'0*ŐŝŐĂďLJƚĞƐ.*8%0*028.*<>"2'0*ƚĞƌĂďLJƚĞƐ*
ĚĞĚĂĚŽƐ͘/ŵĂŐŝŶĞŽĐĂƐŽĚŽ'ŵĂŝů͗ƚĞŵŽƐǀĄƌŝŽƐŵŝůŚƁĞƐĚĞƵƐƵĄƌŝŽƐ͕ĐĂĚĂƵŵĐŽŵŵĂŝƐĚĞϮ'ĚĞĞƐƉĂĕŽ
ĚŝƐƉŽŶşǀĞů͘
KƐĞdžƚĞŶƐŽƌĞƐ^^͕ŶŽƌŵĂůŵĞŶƚĞƉŽƐƐƵĞŵĂĨŽƌŵĂĚĞƵŵŐĂďŝŶĞƚĞϭhŽƵϮh͕ĚĞƐƟŶĂĚŽƐĂƐĞƌŝŶƐƚĂůĂĚŽƐŶŽƐ
8#08'0*ŚĂĐŬƐ*,0%&'0*4#+'0*4"B4"2'0*0#"<2&'"#0?*T8*8,21'0*0#"<2&'"#0*'0*&203'0*05'*2-01%+%&'0*#8*D%<#1%0*"#=
ŵŽǀşǀĞŝƐĞƉŽĚĞŵƐĞƌƚƌŽĐĂĚŽƐ͞ĂƋƵĞŶƚĞ͟;ŚŽƚƐǁĂƉͿ͕ĐŽŵŽƐĞƌǀŝĚŽƌůŝŐĂĚŽ͘/ƐƐŽƉĞƌŵŝƚĞƐƵďƐƟƚƵŝƌƌĂƉŝĚĂŵĞŶ=
ƚĞƵŵ,ĚĞĨĞŝƚƵŽƐŽ͕ƐĞŵƋƵĞƐĞũĂƉƌĞĐŝƐŽĚĞƐůŝŐĂƌŽƐĞƌǀŝĚŽƌ͗
!"#$%&'!);@'G']&2"-7:74'9&%&'dS4'L\L
EĞƐƐĞƐĐĂƐŽƐ͕ƐĞƌŝĂƵƟůŝnjĂĚŽƵŵƐŝƐƚĞŵĂZ/͕ĞŵƋƵĞƉĂƌƚĞĚŽĞƐƉĂĕŽĞĂƌŵĂnjĞŶĂŵĞŶƚŽĠĚĞƐƟŶĂĚŽĂĂƌŵĂ=
njĞŶĂƌŝŶĨŽƌŵĂĕƁĞƐĚĞƌĞĚƵŶĚąŶĐŝĂ͕ƋƵĞƉĞƌŵŝƚĞŵƌĞƐƚĂƵƌĂƌŽĐŽŶƚĞƷĚŽĚĞƵŵ,ĚĞĨĞŝƚƵŽƐŽ͕ĂƐƐŝŵƋƵĞĞůĞĠ
ƐƵďƐƟƚƵşĚŽ͕ƐĞŵŝŶƚĞƌƌƵƉĕĆŽŽƵƉĞƌĚĂĚĞĚĂĚŽƐ͘ŽĐŽŶƚƌĄƌŝŽĚĂƐĐŽŶƚƌŽůĂĚŽƌĂƐZ/͕ĞŶĐŽŶƚƌĂĚĂƐŶĂƐƉůĂĐĂƐ=
=85#*4%"%*ĚĞƐŬƚŽƉ͕ĚĞďĂŝdžŽĐƵƐƚŽĞƋƵĞĞdžĞĐƵƚĂŵƐƵĂƐĨƵŶĕƁĞƐǀŝĂƐŽŌǁĂƌĞ͕ĂƐĐŽŶƚƌŽůĂĚŽƌĂƐ^^͕ƟƉŝĐĂŵĞŶƚĞ
ĞdžĞĐƵƚĂŵ ƚŽĚĂƐ ĂƐ ĨƵŶĕƁĞƐ ǀŝĂ ŚĂƌĚǁĂƌĞ͕ ĨĂĐŝůŝƚĂŶĚŽ Ă ĐŽŶĮŐƵƌĂĕĆŽ ;ũĄ ƋƵĞ ĚĞŝdžĂ ĚĞ ƐĞƌ ŶĞĐĞƐƐĄƌŝŽ ŝŶƐƚĂůĂƌ
ĚƌŝǀĞƌƐĂĚŝĐŝŽŶĂŝƐͿĞŽĨĞƌĞĐĞŶĚŽƵŵŵĂŝŽƌĚĞƐĞŵƉĞŶŚŽĞŇĞdžŝďŝůŝĚĂĚĞ͘
KƵƚƌĂƉĞƋƵĞŶĂǀĂŶƚĂŐĞŵ͕ĠƋƵĞŽ^^ƉĞƌŵŝƚĞŽƵƐŽĚĞĐĂďŽƐĚĞĂƚĠϲŵ͕ĐŽŶƚƌĂĂƉĞŶĂƐϭŵĚŽ^d͘hŵĂŵĂŝŽƌ
ĚŝƐƚąŶĐŝĂĠŶĞĐĞƐƐĄƌŝĂ͕ƋƵĂŶĚŽƐĞĐŽŶĞĐƚĂƵŵŐƌĂŶĚĞŶƷŵĞƌŽĚĞĞdžƚĞŶƐŽƌĞƐ͕ŽƋƵĞĂĐĂƌƌĞƚĂŽĂĨĂƐƚĂŵĞŶƚŽİƐŝĐŽ
ĚĞĂůŐƵŶƐĞdžƚĞŶƐŽƌĞƐĞŵƌĞůĂĕĆŽĂŽƐĞƌǀŝĚŽƌ͘
E0*3'-1"'+%&'"%0*QEQ*2-3+,#8.*-'"8%+8#-1#.*N*',*Z*4'"1%0*#*05'*2-01%+%&%0*-,8*ƐůŽƚW/ͲyŽƵW/džƉƌĞƐƐ͘EĂĚĂ
ŝŵƉĞĚĞƋƵĞǀŽĐġŝŶƐƚĂůĞĚƵĂƐŽƵ͕ĂƚĠŵĞƐŵŽ͕ƚƌġƐĐŽŶƚƌŽůĂĚŽƌĂƐĞŵƵŵŵĞƐŵŽƐĞƌǀŝĚŽƌ͕ĐĂƐŽŶĞĐĞƐƐŝƚĞĚĞŵĂŝƐ
ƉŽƌƚĂƐ͘ůŐƵŵĂƐƉůĂĐĂƐͲŵĆĞ͕ĚĞƐƟŶĂĚĂƐĂƐĞƌǀŝĚŽƌĞƐ͕ũĄŝŶĐůƵĞŵĐŽŶƚƌŽůĂĚŽƌĂƐ^^ŽŶďŽĂƌĚ͕ŽĐĂƐŝŽŶĂŶĚŽƵŵĂ
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ƌĞĚƵĕĆŽĚĞĐƵƐƚŽ͘
!"#$%&'!);E'G'?1-:%1=&61%&'L\L
ƐƐŝŵĐŽŵŽĂŵĂŝŽƌŝĂĚĂƐĐŽŶƚƌŽůĂĚŽƌĂƐ^^͕ĂĚĂƉƚĞĐ͕ŵŽƐƚƌĂĚĂŶĂ&ŝŐƵƌĂ&͘Ϯϱ͕ƵƟůŝnjĂƵŵƷŶŝĐŽĐŽŶĞĐƚŽƌ^&&
ϴϰϴϰ͕ĂŽŝŶǀĠƐĚĞϰĐŽŶĞĐƚŽƌĞƐƐĞƉĂƌĂĚŽƐ͘ůĞƐŝŵƉůŝĮĐĂƵŵƉŽƵĐŽĂŝŶƐƚĂůĂĕĆŽ͕ŵĂƐŶĂƉƌĄƟĐĂŶĆŽŵƵĚĂŵƵŝƚĂ
3'20%.*4'20*'*3'-#31'"*&>*'"2D#8*%'0*N*3%6'0*0#4%"%&'0*&%*8#08%*:'"8%?
!"#$%&'!);O'G'?1-75:1%'L!!'RERE
*
hŵĚĞƚĂůŚĞŝŶƚĞƌĞƐƐĂŶƚĞĠƋƵĞŽƉĂĚƌĆŽ^^ŽĨĞƌĞĐĞĐŽŵƉĂƟďŝůŝĚĂĚĞƌĞƚƌŽĂƟǀĂĐŽŵŽƐ,Ɛ^d͕ƉĞƌŵŝƟŶĚŽ
9,#*<'3]*,0#*FP0*QEbE*3'-<#-32'-%20*3'8'*,8%*:'"8%*&#*&282-,2"*3,01'0.*0#8*1#"*9,#*%6"2"*85'*&%*4'00262+2=
&%&#*&#*,0%"*'0*#X1#-0'"#0?
ƌĞůĂĕĆŽ͕ĞŶƚƌĞƚĂŶƚŽ͕ŶĆŽĠƌĞĐşƉƌŽĐĂ͗ĞŵďŽƌĂŽĐŽŶĞĐƚŽƌƐĞũĂŽŵĞƐŵŽ͕,Ɛ^^ŶĆŽƐĆŽƌĞĐŽŶŚĞĐŝĚŽƐ͕ĐĂƐŽ
ŝŶƐƚĂůĂĚŽƐĞŵƵŵĂƉŽƌƚĂ^dĐŽŶǀĞŶĐŝŽŶĂů͕ƉŽŝƐĞůĞƐƵƟůŝnjĂŵĐŽŵĂŶĚŽƐĞƐƉĞĐşĮĐŽƐ͕ƋƵĞǀĆŽďĞŵĂůĠŵĚŽĐŽŶ=
@,-1'*0,4'"1%&'*4#+%0*3'-1"'+%&'"%0*QEbE?
P#*9,%+9,#"*:'"8%.*'0*FP0*QEQ*05'*8%20*3%"'0*#*-5'*':#"#3#8*<%-1%D#-0*#8*1#"8'0*&#*&#0#84#-7'.*&#*:'"8%*
ƋƵĞǀŽĐġĚŝĮĐŝůŵĞŶƚĞŝƌŝĂƋƵĞƌĞƌƵƟůŝnjĂƌƵŵĞŵƐĞƵĚĞƐŬƚŽƉ͘KƉƌŝŶĐŝƉĂůĚŝĨĞƌĞŶĐŝĂůĠƋƵĞĞůĞƐƐĆŽĐĞƌƟĮĐĂĚŽƐ
ƉĂƌĂŽƉĞƌĂĕĆŽĐŽŶơŶƵĂĞƉŽƐƐƵĞŵŐĂƌĂŶƟĂƐŵĂŝŽƌĞƐ͕ŐĞƌĂůŵĞŶƚĞ͕ĚĞϱĂŶŽƐ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'!);P'GS7:&=C7'67'$8'dS'L\L
ŵĂŝŽƌƉĂƌƚĞĚŽƐ,ƐĚĞĂůƚŽĚĞƐĞŵƉĞŶŚŽ͕ĐŽŵƌŽƚĂĕĆŽĚĞϭϱ͘ϬϬϬZWD͕ƋƵĞĂŶƚĞƐƐſĞdžŝƐƟĂŵĞŵǀĞƌƐĆŽ^^/͕
ĞƐƚĆŽƐĞŶĚŽůĂŶĕĂĚŽƐƚĂŵďĠŵĞŵǀĞƌƐĆŽ^^͘EŽƐƉƌſdžŝŵŽƐĂŶŽƐĠĚĞƐĞĞƐƉĞƌĂƌƋƵĞŽ^^ƐƵďƐƟƚƵĂŐƌĂĚƵĂů=
ŵĞŶƚĞŽ^^/͕ĂƐƐŝŵĐŽŵŽŽ^dũĄƐƵďƐƟƚƵŝƵŽ/ƋƵĂƐĞƋƵĞĐŽŵƉůĞƚĂŵĞŶƚĞŶŽƐŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌĞƐŶŽǀŽƐ͘
EĆŽĞdžŝƐƚĞŶĂĚĂĚĞĨƵŶĚĂŵĞŶƚĂůĚŝĨĞƌĞŶĕĂ͕ƋƵĞŝŵƉĞĕĂƋƵĞĚƌŝǀĞƐĚĞĂůƚŽĚĞƐĞŵƉĞŶŚŽƐĞũĂŵůĂŶĕĂĚŽƐƚĂŵďĠŵ
#8*<#"05'*QEbE?*R*4"'6+#8%*"#02&#*,-23%8#-1#*-%*9,#015'*&%*&#8%-&%?
WŽƌƐĞƌĞŵĐĂƌŽƐĞƉŽƐƐƵşƌĞŵĐĂƉĂĐŝĚĂĚĞƌĞĚƵnjŝĚĂ;ĚĞǀŝĚŽĂŽƵƐŽĚĞĚŝƐĐŽƐĚĞϮ͘ϱ͟Ϳ͕ŽƐ,ƐĚĞϭϱ͘ϬϬϬZWD
ĂĐĂďĂŵƉŽƌŶĆŽƐĞƌĂĚĞƋƵĂĚŽƐĂŽƉƷďůŝĐŽĚŽŵĠƐƟĐŽ͘sŽĐġĚŝĮĐŝůŵĞŶƚĞƉĂŐĂƌŝĂZΨϭϱϬϬƉŽƌƵŵ,ĚĞϳϯ'
;ĐŽŵŽ^ĞĂŐĂƚĞŚĞĞƚĂŚϭϱ<͘ϰͿ͕ƉŽƌŵĂŝƐƌĄƉŝĚŽƋƵĞĞůĞĨŽƐƐĞ͕ƋƵĂŶĚŽƉŽĚĞƌŝĂĐŽŵƉƌĂƌƵŵ,^dĚĞϯϬϬ'
ƉŽƌŵĞŶŽƐĚĞZΨϮϱϬ͘ƐƐĂďƌƵƚĂůĚŝĨĞƌĞŶĕĂĚĞĐƵƐƚŽĂĐĂďĂƉŽƌƐĞũƵƐƟĮĐĂƌĂƉĞŶĂƐŶŽŵĞƌĐĂĚŽĚĞƐĞƌǀŝĚŽƌĞƐĚĞ
%+1'*&#0#84#-7'*#*ǁŽƌŬƐƚĂƟŽŶƐ͕ŽŶĚĞ͕ůŝƚĞƌĂůŵĞŶƚĞ͕͞ƚĞŵƉŽĠĚŝŶŚĞŝƌŽ͘͟ƚ
"%&'&0,0$
WĞƐƋƵŝƐĞŶŽƐŝƚĞфǁǁǁ͘ƐĂŵƐƵŶŐ͘ĐŽŵх͕ƉƌŽĐƵƌĂŶĚŽŽ,ϬϴϬ,:ĞƌĞƐƉŽŶĚĂ͗
ͻ
ͻ
ͻ
ͻ
KĚŝƐƉŽƐŝƟǀŽĞŵƋƵĞƐƚĆŽƉŽƐƐƵŝƋƵĂůŝŶƚĞƌĨĂĐĞ͍
YƵĂůŽƚĞŵƉŽĚĞĂĐĞƐƐŽŵĠĚŝŽ͍
WĞƐƋƵŝƐĞŶĂďŝďůŝŽŐƌĂĮĂĚŝƐƉŽŶşǀĞůŽƵŶĂtĞďƌĞƐƉŽŶĚĞŶĚŽŽƋƵĞĠDd&͍
EŽƐŝƚĞфŚƩƉ͗ͬͬǁǁǁ͘ƐĞĂŐĂƚĞ͘ĐŽŵͬĚŽĐƐͬƉĚĨͬĚĂƚĂƐŚĞĞƚͬĚŝƐĐͬĚƐͺĚŵĂdž͘ƉĚĨх͕ĂŶĂůŝƐĂŶĚŽŽĚŝƐƉŽƐŝƟǀŽĚĞϮϱϬ'͕ƌĞƐƉŽŶ=
&%*'*<%+'"*&#*8#8B"2%*3%37#*&#01#*FP?*
ŶǀŝĞƐƵĂƐƌĞƐƉŽƐƚĂƐĂƚƌĂǀĠƐĚĞƐƚĂĨĞƌƌĂŵĞŶƚĂ͘
!!
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
"+#&$&,
!
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
)W!7856
A%"'*%+,-'.
ŽĐŽŶƚĞƷĚŽĚĞŶŽŵŝŶĂĚŽ͞&ŽŶƚĞƐĚĞŶĞƌŐŝĂ͟ĞƐƚĄĚŝƐƉŽŶşǀĞůŶŽůŝŶŬ͗
фŚƩƉ͗ͬͬƚƐŝĂĚ͘ĐĞĨĞƚƌƐ͘ƚĐŚĞ͘ďƌͬŵŽŽĚůĞͬĐŽŶƚĞƵĚŽͬŵŽĚƵůŽϭͬŚĐŽͬŚĐŽͺƵŚͬĨŽŶƚĞ͘ƉĚĨх
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
"+#&$&,
^
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'!
3M2G2L/:5
A%"'*%+,-'.
ŽĐŽŶƚĞƷĚŽĚĞŶŽŵŝŶĂĚŽ͞WůĂĐĂͲDĆĞ͟ĞƐƚĄĚŝƐƉŽŶşǀĞůŶŽůŝŶŬ͗
фŚƩƉ͗ͬͬƚƐŝĂĚ͘ĐĞĨĞƚƌƐ͘ƚĐŚĞ͘ďƌͬŵŽŽĚůĞͬĐŽŶƚĞƵĚŽͬŵŽĚƵůŽϭͬŚĐŽͬŚĐŽͺƵŚͬĨŽŶƚĞ͘ƉĚĨх
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
"+#&$&,
#
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
H784!IJ9:!)5)6H72H6)I5)PH!6
A%"'(%)*%+,-'(%).
/#01#*4'-1'*&%*-'00%*&20324+2-%.*%3,8,+%8'0*,8%*3'-02&#"><#+*3%"D%*&#*3'-7#328#-1'*0'6"#*%*8%2'"2%*&'0*%0=
4#31'0*9,#*%6"%-D#8*ŚĂƌĚǁĂƌĞ?*P#01%*:'"8%.*1'"-%=0#*&#*:,-&%8#-1%+*284'"1a-32%.*4%"%*9,#*<'3]*4'00%*%+2%"*%*
ƚĞŽƌŝĂăƉƌĄƟĐĂ͕ĐŽŶŚĞĐĞƌŽƐĂƐƉĞĐƚŽƐĨƵŶĚĂŵĞŶƚĂŝƐĚŽ/K^͕ƐƵĂŝŵƉŽƌƚąŶĐŝĂ͕ĐŽŶĮŐƵƌĂĕĆŽĞĂƚƵĂůŝnjĂĕĆŽ͘
PH!6)
/K^ĠĂĂďƌĞǀŝĂĕĆŽĚĞĂƐŝĐ/ŶƉƵƚͬKƵƚƉƵƚ^LJƐƚĞŵͲƐŝƐƚĞŵĂďĄƐŝĐŽĚĞĞŶƚƌĂĚĂĞƐĂşĚĂ͘
K/K^ĐŽŶƚĠŵƚŽĚŽŽƐŽŌǁĂƌĞďĄƐŝĐŽ͕ŶĞĐĞƐƐĄƌŝŽƉĂƌĂŝŶŝĐŝĂůŝnjĂƌĂƉůĂĐĂͲŵĆĞ͕ĐŚĞĐĂƌŽƐĚŝƐƉŽƐŝƟǀŽƐŝŶƐƚĂůĂĚŽƐ
ĞĐĂƌƌĞŐĂƌŽƐŝƐƚĞŵĂŽƉĞƌĂĐŝŽŶĂůƋƵĞƉŽĚĞƐĞƌĨĞŝƚŽĂƉĂƌƟƌĚŽ,͕ͲZKD͕ƉĞŶĚƌŝǀĞ͕ŽƵƋƵĂůƋƵĞƌŽƵƚƌĂŵşĚŝĂ
ĚŝƐƉŽŶşǀĞů͘K/K^ŝŶĐůƵŝƚĂŵďĠŵŽ^ĞƚƵƉ͕ƐŽŌǁĂƌĞƋƵĞƉĞƌŵŝƚĞĐŽŶĮŐƵƌĂƌĂƐĚŝǀĞƌƐĂƐŽƉĕƁĞƐŽĨĞƌĞĐŝĚĂƐƉĞůĂ
ƉůĂĐĂ͘KƉƌŽĐĞƐƐĂĚŽƌĠƉƌŽŐƌĂŵĂĚŽƉĂƌĂƉƌŽĐƵƌĂƌĞĞdžĞĐƵƚĂƌŽ/K^ƐĞŵƉƌĞƋƵĞŽŵŝĐƌŽĠůŝŐĂĚŽ͕ƉƌŽĐĞƐƐĂŶĚŽͲŽ
&%*8#08%*:'"8%*9,#*',1"'*ƐŽŌǁĂƌĞƋƵĂůƋƵĞƌ͘ƉŽƌŝƐƐŽƋƵĞĂƉůĂĐĂͲŵĆĞŶĆŽĨƵŶĐŝŽŶĂ͞ƐŽnjŝŶŚĂ͕͟ǀŽĐġƉƌĞĐŝƐĂ
1#"*2-01%+%&'*'*4"'3#00%&'"*#*'0*4#-1#0*&#*8#8B"2%*4%"%*3'-0#D,2"*%3#00%"*'*Q#1,4?
WŽƌĚĞĮŶŝĕĆŽ͕Ž/K^ĠƵŵƐŽŌǁĂƌĞ͕ŵĂƐ͕ĐŽŵŽĚĞƉƌĂdžĞ͕ĞůĞĮĐĂŐƌĂǀĂĚŽĞŵƵŵĐŚŝƉ*3'-#31%&'*-%*4+%3%=85#?*
/%*D"%-&#*8%2'"2%*&'0*3%0'0.*'*ĐŚŝƉĐŽŵďŝŶĂƵŵĂƉĞƋƵĞŶĂƋƵĂŶƟĚĂĚĞĚĞŵĞŵſƌŝĂ&ůĂƐŚ;Ϯϱϲ͕ϱϭϮŽƵϭϬϮϰ<Ϳ͕
ŽDK^͕ƋƵĞĠĐŽŵƉŽƐƚŽƉŽƌĚĞϭϮϴĂϮϱϲďLJƚĞƐĚĞŵĞŵſƌŝĂǀŽůĄƟůŵĂŝƐŽƌĞůſŐŝŽĚĞƚĞŵƉŽƌĞĂů͘EĂƐƉůĂĐĂƐ
ĂŶƟŐĂƐ͕ĞƌĂƵƟůŝnjĂĚŽƵŵĐŚŝƉ/W͕ĞŶƋƵĂŶƚŽŶĂƐĂƚƵĂŝƐĠƵƟůŝnjĂĚŽƵŵĐŚŝƉW>;WůĂƐƟĐ>ĞĂĚĞƌŚŝƉĂƌƌŝĞƌͿƋƵĞ
ĠďĞŵŵĂŝƐĐŽŵƉĂĐƚŽ͘
KDK^ĐŽŵƉĞƋƵĞŶĂĐĂƉĂĐŝĚĂĚĞƐĞƌǀĞƉĂƌĂĂƌŵĂnjĞŶĂƌĂƐĐŽŶĮŐƵƌĂĕƁĞƐĚŽƐĞƚƵƉ*"#4"#0#-1%-&'*,8*4#9,#-'*
ǀŽůƵŵĞĚĞŝŶĨŽƌŵĂĕƁĞƐ͘ƐƐŝŵĐŽŵŽĂŵĞŵſƌŝĂZDƉƌŝŶĐŝƉĂů͕ŽDK^ĠǀŽůĄƟů͕ĚĞĨŽƌŵĂƋƵĞĂƐĐŽŶĮŐƵƌĂĕƁĞƐ
ƐĆŽƉĞƌĚŝĚĂƐ͕ƋƵĂŶĚŽĂĂůŝŵĞŶƚĂĕĆŽĞůĠƚƌŝĐĂĠĐŽƌƚĂĚĂ͘WŽƌŝƐƐŽ͕ƚŽĚĂƉůĂĐĂͲŵĆĞŝŶĐůƵŝƵŵĂďĂƚĞƌŝĂ͕ĂƋƵĂůŵĂŶ=
ƚĠŵĂƐĐŽŶĮŐƵƌĂĕƁĞƐƋƵĂŶĚŽŽŵŝĐƌŽĠĚĞƐůŝŐĂĚŽ͘
ŵĞƐŵĂďĂƚĞƌŝĂĂůŝŵĞŶƚĂƚĂŵďĠŵŽƌĞůſŐŝŽĚĞƚĞŵƉŽƌĞĂů;ƌĞĂůƟŵĞĐůŽĐŬ)?*b"%1%=0#*&#*"#+BD2'*&2D21%+*3'8,8.*
ƌĞƐƉŽŶƐĄǀĞůƉŽƌŵĂŶƚĞƌĂƚƵĂůŝnjĂĚĂĂŚŽƌĂĚŽƐŝƐƚĞŵĂ͕ŵĞƐŵŽƋƵĂŶĚŽŽŵŝĐƌŽĠĚĞƐůŝŐĂĚŽ͘
^ĞǀŽĐġƉƌĞƐƚŽƵĂƚĞŶĕĆŽŶŽƐƚƌġƐƉĂƌĄŐƌĂĨŽƐĂŶƚĞƌŝŽƌĞƐ͕ĚĞǀĞĞƐƚĂƌƐĞƉĞƌŐƵŶƚĂŶĚŽ͗WŽƌƋƵĞĂƐĐŽŶĮŐƵƌĂĕƁĞƐ
ĚŽ^ĞƚƵƉŶĆŽƐĆŽĂƌŵĂnjĞŶĂĚĂƐĚŝƌĞƚĂŵĞŶƚĞŶĂŵĞŵſƌŝĂ&ůĂƐŚ͕ĞŵǀĞnjĚĞƵƐĂƌŽDK^͕ƋƵĞĠǀŽůĄƟů͍/ƐƐŽƐĞƌŝĂ
ƉĞƌĨĞŝƚĂŵĞŶƚĞƉŽƐƐşǀĞůĚŽƉŽŶƚŽĚĞǀŝƐƚĂƚĠĐŶŝĐŽ͕ŵĂƐĂŝĚĠŝĂĚĞƵƐĂƌŵĞŵſƌŝĂǀŽůĄƟůƉĂƌĂŐƵĂƌĚĂƌĂƐĐŽŶĮŐƵƌĂ=
ĕƁĞƐĠ͕ũƵƐƚĂŵĞŶƚĞ͕ƉĞƌŵŝƟƌƋƵĞǀŽĐġƉŽƐƐĂnjĞƌĂƌĂƐĐŽŶĮŐƵƌĂĕƁĞƐĚŽ^ĞƚƵƉ;ƌĞŵŽǀĞŶĚŽĂďĂƚĞƌŝĂ͕ŽƵŵƵĚĂŶĚŽ
ĂƉŽƐŝĕĆŽĚŽũƵŵƉĞƌͿĞŵĐĂƐŽƐĐƵũŽĐŽŵƉƵƚĂĚŽƌĚĞŝdžĂƌĚĞŝŶŝĐŝĂůŝnjĂƌĞŵĚĞĐŽƌƌġŶĐŝĂĚĞĂůŐƵŵĂĐŽŶĮŐƵƌĂĕĆŽ
2-3'""#1%?
hŵĐĂƐŽĐůĄƐƐŝĐŽĠƚĞŶƚĂƌĨĂnjĞƌƵŵŽǀĞƌĐůŽĐŬ͞ŵƵŝƚŽĂŐƌĞƐƐŝǀŽ͟ĞŽƉƌŽĐĞƐƐĂĚŽƌƉĂƐƐĂƌĂƚƌĂǀĂƌůŽŐŽŶŽŝŶşĐŝŽĚŽ
ƚ;ŝŶŝĐŝĂůŝnjĂĕĆŽͿ͕ƐĞŵƋƵĞǀŽĐġƚĞŶŚĂĐŚĂŶĐĞĚĞĞŶƚƌĂƌŶŽƐĞƚƵƉĞĚĞƐĨĂnjĞƌĂĂůƚĞƌĂĕĆŽ͘ƚƵĂůŵĞŶƚĞďĂƐƚĂnjĞ=
"%"*("#00#1%")*'*ƐĞƚƵƉƉĂƌĂƋƵĞƚƵĚŽǀŽůƚĞĂŽŶŽƌŵĂů͕ŵĂƐƐĞĂƐĐŽŶĮŐƵƌĂĕƁĞƐĨŽƐƐĞŵĂƌŵĂnjĞŶĂĚĂƐŶĂŵĞŵſƌŝĂ
&ůĂƐŚ͕ŽƉƌŽĐĞĚŝŵĞŶƚŽƐĞƌŝĂŵĂŝƐĐŽŵƉůŝĐĂĚŽ͘
!%"%*$#"%"*'*AURQ.*<'3]*4"#320%*%4#-%0*3'"1%"*'*:'"-#328#-1'*&#*#-#"D2%*4%"%*#+#?*TX201#8*&,%0*:'"8%0*&#*:%$#"*
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ŝƐƐŽ͗
ƉƌŝŵĞŝƌĂĠ;ĐŽŵŽŵŝĐƌŽĚĞƐůŝŐĂĚŽͿƌĞŵŽǀĞƌĂďĂƚĞƌŝĂĚĂƉůĂĐĂͲŵĆĞĞƵƐĂƌƵŵŽďũĞƚŽĐŽŶĚƵƚŽƌĚĞĞůĞƚƌŝĐŝĚĂĚĞ
',*%+D,8%*:#""%8#-1%*%4"'4"2%&%*4%"%*:#37%"*,8*3,"1'=32"3,21'*#-1"#*'0*&'20*3'-1%1'0*&%*6%1#"2%*&,"%-1#*IO*
ƐĞŐƵŶĚŽƐ͘/ƐƐŽŐĂƌĂŶƚĞƋƵĞƋƵĂůƋƵĞƌĐĂƌŐĂƌĞŵĂŶĞƐĐĞŶƚĞƐĞũĂĞůŝŵŝŶĂĚĂĞŽDK^ƐĞũĂƌĞĂůŵĞŶƚĞĂƉĂŐĂĚŽ͘
ƐĞŐƵŶĚĂĠƵƐĂƌŽũƵŵƉĞƌůĞĂƌDK^͕ƋƵĞĮĐĂƐĞŵƉƌĞƉŽƐŝĐŝŽŶĂĚŽƉƌſdžŝŵŽăďĂƚĞƌŝĂ͘ůĞƉŽƐƐƵŝĚƵĂƐƉŽƐŝĕƁĞƐ
ƉŽƐƐşǀĞŝƐ͕ƵŵĂƉĂƌĂƵƐŽŶŽƌŵĂůĞŽƵƚƌĂƉĂƌĂĂƉĂŐĂƌŽDK^;ĚŝƐĐŚĂƌŐĞ*',*3+#%"*AURQ)?*W%01%*8,&>=+'*&#*4'02=
ĕĆŽĚƵƌĂŶƚĞϭϱƐĞŐƵŶĚŽƐĞĚĞƉŽŝƐƌĞĐŽůŽĐĄͲůŽŶĂƉŽƐŝĕĆŽŽƌŝŐŝŶĂů͘
hŵĂĚŝĐĂĠƋƵĞŵƵŝƚĂƐƉůĂĐĂƐǀġŵĚĞĨĄďƌŝĐĂĐŽŵŽũƵŵƉĞƌŶĂƉŽƐŝĕĆŽĚŝƐĐŚĂƌŐĞƉĂƌĂĞǀŝƚĂƌƋƵĞĂĐĂƌŐĂĚĂďĂ=
ƚĞƌŝĂƐĞũĂĐŽŶƐƵŵŝĚĂĞŶƋƵĂŶƚŽĂƉůĂĐĂĮĐĂĞŵĞƐƚŽƋƵĞ͘ŽŵŽŶƚĂƌŽŵŝĐƌŽ͕ǀŽĐġƉƌĞĐŝƐĂƐĞůĞŵďƌĂƌĚĞǀĞƌŝĮĐĂƌ
Ğ͕ĐĂƐŽŶĞĐĞƐƐĄƌŝŽ͕ŵƵĚĂƌĂƉŽƐŝĕĆŽĚŽũƵŵƉĞƌ.*3%0'*3'-1">"2'*%*4+%3%*-5'*:,-32'-%*',*#X26#*,8%*8#-0%D#8*
&#*#""'*&,"%-1#*'*ƚĞŶĆŽƐĂůǀĂĂƐĐŽŶĮŐƵƌĂĕƁĞƐĚŽ^ĞƚƵƉDK^͕ƋƵĞĮĐĂƐĞŵƉƌĞƉŽƐŝĐŝŽŶĂĚŽƉƌſdžŝŵŽă
ďĂƚĞƌŝĂ͕ƉŽƐƐƵŝĚƵĂƐƉŽƐŝĕƁĞƐƉŽƐƐşǀĞŝƐ͗ƵŵĂƉĂƌĂƵƐŽŶŽƌŵĂůĞŽƵƚƌĂƉĂƌĂĂƉĂŐĂƌŽDK^;ĚŝƐĐŚĂƌŐĞ*',*ĐůĞĂƌ*
DK^Ϳ͘ĂƐƚĂŵƵĚĄͲůŽĚĞƉŽƐŝĕĆŽĚƵƌĂŶƚĞϭϱƐĞŐƵŶĚŽƐĞĚĞƉŽŝƐƌĞĐŽůŽĐĄͲůŽŶĂƉŽƐŝĕĆŽŽƌŝŐŝŶĂů͘
EĂƐĞƋƺġŶĐŝĂ͕ŽďƐĞƌǀĞ͕ŶĂƐ&ŝŐƵƌĂƐ/͘ϭ͕/͘ϮĞ/͘ϯ͕ĂůŽĐĂůŝnjĂĕĆŽĚŽ/K^ŶĂƉůĂĐĂͲŵĆĞ͘
!"#$%&'F)*'+'V15&=".&/01'61'(F,L'7'q$897%'-&'9=&5&G807'DC":%1-"54
!"#$%&'F);'+'V15&=".&/01'61'("14'-&'9=&5&G807'\LI15g'QQOKHRWW
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
!"#$%&'F)@'+'V15&=".&/01'61'("14'7'6&'2&:7%"&'61'?H,L'^D=&5&G807'\4$4`
6H72H6)I!)PH!6
KĐſĚŝŐŽĚĞďŝƉƐǀĂƌŝĂĚĞĂĐŽƌĚŽĐŽŵĂŵĂƌĐĂĚŽ/K^;ǁĂƌĚŽƵD/͕ƉŽƌĞdžĞŵƉůŽͿ͕ƉŽĚĞŶĚŽƚĂŵďĠŵŚĂǀĞƌ
ƉĞƋƵĞŶĂƐŵƵĚĂŶĕĂƐĚĞƵŵĂƉůĂĐĂͲŵĆĞƉĂƌĂŽƵƚƌĂ͘'ĞƌĂůŵĞŶƚĞ͕ŽŵĂŶƵĂůĚĂƉůĂĐĂͲŵĆĞƚƌĂnjƵŵĂƚĂďĞůĂĐŽŵ
%0*0#9^]-32%0*&#*ďŝƉƐƵƐĂĚĂƐ͘ƐŝŶƐƚƌƵĕƁĞƐĂƐĞŐƵŝƌůŚĞƐĞƌǀŝƌĆŽĐŽŵŽƌĞĨĞƌġŶĐŝĂ͕ĐĂƐŽŶĆŽƚĞŶŚĂĞŵŵĆŽƐŽ
ŵĂŶƵĂůĚĂƉůĂĐĂͲŵĆĞ͗
".%P[S%Q/3%0I1B2
WŽƐƚ;ǀĞƌŝĮĐĂĕĆŽŝŶŝĐŝĂůͿĞdžĞĐƵƚĂĚŽĐŽŵƐƵĐĞƐƐŽ͗
ƐƚĞĠƵŵďŝƉ͞ĨĞůŝnj͕͟ĞŵŝƟĚŽƉĞůŽ/K^ƋƵĂŶĚŽŽWK^dĠĞdžĞĐƵƚĂĚŽĐŽŵƐƵĐĞƐƐŽ͘ĂƐŽŽƐĞƵƐŝƐƚĞŵĂĞƐƚĞũĂ
2-232%+2$%-&'*-'"8%+8#-1#*#*<'3]*-5'*#01#@%*',<2-&'*#00#*ďŝƉ͕ǀĞƌŝĮƋƵĞƐĞŽƐƉĞĂŬĞƌ*(%+1'=:%+%-1#)*#01>*+2D%&'*H*
4+%3%*85#*3'""#1%8#-1#?
".%P[S%Q/3%@2CF2
&ĂůŚĂŶŽƌĞĨƌĞƐŚ;ZĞĨƌĞƐŚ&ĂŝůƵƌĞͿ͗
R*32"3,21'*&#*ƌĞĨƌĞƐŚ*&%*4+%3%=85#*#01>*3'8*4"'6+#8%0.*200'*4'&#*0#"*3%,0%&'*4'"*&%-'0*-%*4+%3%=*85#*',*:%+7%0*
ŶŽƐŵſĚƵůŽƐĚĞŵĞŵſƌŝĂZD͘
".%P[S%Q/3%@2CF2%4%72/5%PNS%Q/35%0I1B25>%".%P[S%Q/3%@2CF2%4%B1G5%P_S%Q/35%0I1B25
&ĂůŚĂŶŽǀşĚĞŽ͗
WƌŽďůĞŵĂƐ ĐŽŵ Ž /K^ ĚĂ ƉůĂĐĂ ĚĞ ǀşĚĞŽ͘ dĞŶƚĞ ƌĞƟƌĂƌ Ă ƉůĂĐĂ͕ ƉĂƐƐĂƌ ďŽƌƌĂĐŚĂ ĚĞ ǀŝŶŝů Ğŵ ƐĞƵƐ ĐŽŶƚĂƚŽƐ Ğ
ƌĞĐŽůŽĐĄͲůĂ͕ƚĂůǀĞnjĞŵƵŵŽƵƚƌŽƐůŽƚ͘EĂŵĂŝŽƌŝĂĚĂƐǀĞnjĞƐĞƐƚĞƉƌŽďůĞŵĂĠĐĂƵƐĂĚŽƉŽƌŵĂƵĐŽŶƚĂƚŽ͘
&2/5%PNS%Q/35%0I1B25
&ĂůŚĂŐĞƌĂů͗
EĆŽĨŽŝƉŽƐƐşǀĞůŝŶŝĐŝĂƌŽĐŽŵƉƵƚĂĚŽƌ͘ƐƐĞƉƌŽďůĞŵĂĠĐĂƵƐĂĚŽƉŽƌƵŵĂĨĂůŚĂŐƌĂǀĞĞŵĂůŐƵŵĐŽŵƉŽŶĞŶƚĞ͕ƋƵĞ
Ž/K^ŶĆŽĨŽŝĐĂƉĂnjĚĞŝĚĞŶƟĮĐĂƌ͘ŵŐĞƌĂů͕ŽƉƌŽďůĞŵĂĠŶĂƉůĂĐĂͲŵĆĞŽƵŶŽƐŵſĚƵůŽƐĚĞŵĞŵſƌŝĂ͘
&2/5%PNS%Q/35%@2CF25
ƌƌŽĚĞƉĂƌŝĚĂĚĞ͗
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
ƵƌĂŶƚĞŽWK^d͕ĨŽŝĚĞƚĞĐƚĂĚŽƵŵĞƌƌŽĚĞƉĂƌŝĚĂĚĞŶĂŵĞŵſƌŝĂZD͘ƐƐĞƉƌŽďůĞŵĂƉŽĚĞƐĞƌƚĂŶƚŽŶŽƐŵſ=
&,+'0*&#*8#8B"2%*9,%-1'*-'0*4"B4"2'0*32"3,21'0*&#*4%"2&%&#?*!%"%*&#1#"82-%"*%*3%,0%*&'*4"'6+#8%.*6%01%*:%$#"*
ƵŵƚĞƐƚĞĐŽŵŽƵƚƌŽƐƉĞŶƚĞƐĚĞŵĞŵſƌŝĂ͘ĂƐŽĞƐƚĞũĂƵƟůŝnjĂŶĚŽƉĞŶƚĞƐĚĞŵĞŵſƌŝĂƐĞŵŽďŝƚ*&#*4%"2&%&#.*<'3]*
ĚĞǀĞĚĞƐĂƟǀĂƌĂŽƉĕĆŽWĂƌŝƚLJŚĞĐŬĞŶĐŽŶƚƌĂĚĂŶŽ^ĞƚƵƉ͘
(1G5%P_S%Q/35%@2CF25
&ĂůŚĂŶŽƐƉƌŝŵĞŝƌŽƐϲϰ<ĚĂŵĞŵſƌŝĂZD;ĂƐĞϲϰŬŵĞŵŽƌLJĨĂŝůƵƌĞͿ͗
&ŽŝĚĞƚĞĐƚĂĚŽƵŵƉƌŽďůĞŵĂŐƌĂǀĞŶŽƐƉƌŝŵĞŝƌŽƐϲϰ<ĚĂŵĞŵſƌŝĂZD͘/ƐƐŽƉŽĚĞƐĞƌĐĂƵƐĂĚŽƉŽƌƵŵĚĞĨĞŝƚŽ
ŶĂƐŵĞŵſƌŝĂƐŽƵŶĂƉƌſƉƌŝĂƉůĂĐĂͲŵĆĞ͘KƵƚƌĂƉŽƐƐŝďŝůŝĚĂĚĞĠŽƉƌŽďůĞŵĂĞƐƚĂƌƐĞŶĚŽĐĂƵƐĂĚŽƉŽƌƵŵƐŝŵƉůĞƐ
ŵĂƵĐŽŶƚĂƚŽ͘/ŶŝĐŝĂůŵĞŶƚĞ͕ĞdžƉĞƌŝŵĞŶƚĞƌĞƟƌĂƌŽƐƉĞŶƚĞƐĚĞŵĞŵſƌŝĂ͕ůŝŵƉĂƌƐĞƵƐĐŽŶƚĂƚŽƐƵƐĂŶĚŽƵŵĂďŽƌƌĂ=
ĐŚĂĚĞǀŝŶŝů;ĂƋƵĞůĂƐďŽƌƌĂĐŚĂƐƉůĄƐƟĐĂƐĚĞĞƐĐŽůĂͿĞƌĞĐŽůŽĐĄͲůŽƐĐŽŵĐƵŝĚĂĚŽ͘
XI6B12%P`S%Q/35%@2CF25
dŝŵĞƌŶĆŽŽƉĞƌĂĐŝŽŶĂů͗
KdŝŵĞƌŶĆŽĞƐƚĄŽƉĞƌĂĐŝŽŶĂůŽƵŶĆŽĞƐƚĄĐŽŶƐĞŐƵŝŶĚŽĞŶĐŽŶƚƌĂƌĂŵĞŵſƌŝĂZD͘KƉƌŽďůĞŵĂƉŽĚĞĞƐƚĂƌŶĂ
4+%3%=85#*(8%20*4"'<><#+)*',*-'0*8B&,+'0*&#*8#8B"2%?
)/C02%P\S%Q/3
ƌƌŽŶŽƉƌŽĐĞƐƐĂĚŽƌ͗
KƉƌŽĐĞƐƐĂĚŽƌĞƐƚĄĚĂŶŝĮĐĂĚŽŽƵŵĂůĞŶĐĂŝdžĂĚŽ͘sĞƌŝĮƋƵĞƐĞŽƉƌŽĐĞƐƐĂĚŽƌĞƐƚĄďĞŵĞŶĐĂŝdžĂĚŽ͘
?4/5%PaS%Q/35
&ĂůŚĂŶŽ'ĂƚĞϮϬ;ϴϬϰϮͲ'ĂƚĞϮϬĨĂŝůƵƌĞͿ͗KŐĂƚĞϮϬĠƵŵƐŝŶĂůŐĞƌĂĚŽƉĞůŽĐŚŝƉϴϬϰϮ͕ƌĞƐƉŽŶƐĄǀĞůƉŽƌĐŽůŽĐĂƌ
'*4"'3#00%&'"*#8*8'&'*4"'1#D2&'?*/#00#*3%0'.*'*4"'6+#8%*4'&#"2%*0#"*%+D,8*&%-'*-'*4"'3#00%&'"*',*8#08'*
ƉƌŽďůĞŵĂƐƌĞůĂĐŝŽŶĂĚŽƐĐŽŵŽĐŚŝƉϴϬϰϮůŽĐĂůŝnjĂĚŽŶĂƉůĂĐĂͲŵĆĞ͘
?4B4%PbS%Q/35
WƌŽĐĞƐƐŽƌĞdžĐĞƉƟŽŶ;/ŶƚĞƌƌƵƉƚƌƌŽƌͿ͗
KƉƌŽĐĞƐƐĂĚŽƌŐĞƌŽƵƵŵĂŝŶƚĞƌƌƵƉĕĆŽĚĞĞdžĐĞĕĆŽ͘^ŝŐŶŝĮĐĂƋƵĞŽƉƌŽĐĞƐƐĂĚŽƌĞƐƚĄĂƉƌĞƐĞŶƚĂŶĚŽƵŵĐŽŵƉŽƌ=
ƚĂŵĞŶƚŽĞƌƌƀŶĞŽ͘/ƐƐŽĂĐŽŶƚĞĐĞăƐǀĞnjĞƐŶŽĐĂƐŽĚĞƵŵŽǀĞƌĐůŽĐŬŵĂůƐƵĐĞĚŝĚŽ͘^ĞŽƉƌŽďůĞŵĂĨŽƌƉĞƌƐŝƐƚĞŶƚĞ͕
ĞdžƉĞƌŝŵĞŶƚĞďĂŝdžĂƌĂĨƌĞƋƺġŶĐŝĂĚĞŽƉĞƌĂĕĆŽĚŽƉƌŽĐĞƐƐĂĚŽƌ͘ĂƐŽŶĆŽĚġĐĞƌƚŽ͕ĐŽŶƐŝĚĞƌĞƵŵĂƚƌŽĐĂ͘
*/B2%PcS%Q/35
ƌƌŽŶĂŵĞŵſƌŝĂĚĂƉůĂĐĂĚĞǀşĚĞŽ;ŝƐƉůĂLJDĞŵŽƌLJƌƌŽƌͿ͗
WƌŽďůĞŵĂƐ ĐŽŵ Ă ƉůĂĐĂ ĚĞ ǀşĚĞŽ͕ ƋƵĞ ƉŽĚĞŵ ĞƐƚĂƌ ƐĞŶĚŽ ĐĂƵƐĂĚŽƐ ƚĂŵďĠŵ ƉŽƌ ŵĂƵ ĐŽŶƚĂƚŽ͘ džƉĞƌŝŵĞŶƚĞ͕
ĐŽŵŽŶŽĐĂƐŽĚĂƐŵĞŵſƌŝĂƐ͕ƌĞƟƌĂƌĂƉůĂĐĂĚĞǀşĚĞŽ͕ƉĂƐƐĂƌďŽƌƌĂĐŚĂĞŵƐĞƵƐĐŽŶƚĂƚŽƐĞƌĞĐŽůŽĐĂƌĐƵŝĚĂĚŽƐĂ=
8#-1#*-'*ƐůŽƚ͘ĂƐŽŶĆŽƌĞƐŽůǀĂ͕ƉƌŽǀĂǀĞůŵĞŶƚĞĂƉůĂĐĂĚĞǀşĚĞŽĞƐƚĄĚĂŶŝĮĐĂĚĂ͘
EŽǀĞ;ϵͿďŝƉƐ
ƌƌŽŶĂŵĞŵſƌŝĂZKD;ZŽŵŚĞĐŬƐƵŵƌƌŽƌͿ͗
WƌŽďůĞŵĂƐĐŽŵĂŵĞŵſƌŝĂ&ůĂƐŚ͕ŽŶĚĞĞƐƚĄŐƌĂǀĂĚŽŽ/K^͘/ƐƚŽƉŽĚĞƐĞƌĐĂƵƐĂĚŽƉŽƌƵŵĚĂŶŽİƐŝĐŽŶŽĐŚŝƉĚŽ
/K^͕ƉŽƌƵŵƵƉŐƌĂĚĞĚĞ/K^ŵĂůƐƵĐĞĚŝĚŽŽƵŵĞƐŵŽƉĞůĂĂĕĆŽĚĞƵŵǀşƌƵƐ͘
!"
!"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#%
!"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3
Ğnj;ϭϬͿďŝƉƐ
&ĂůŚĂŶŽDK^ƐŚƵƚĚŽǁŶ*ƌĞŐŝƐƚĞƌ;DK^^ŚƵƚĚŽǁŶZĞŐŝƐƚĞƌƌƌŽƌͿ͗
R* 37%8%&'* &#* ƐŚƵƚĚŽǁŶ ƌĞŐŝƐƚĞƌ ĞŶǀŝĂĚŽ ƉĞůŽ DK^ ĂƉƌĞƐĞŶƚŽƵ ĞƌƌŽ͘ ƐƐĞ ƉƌŽďůĞŵĂ Ġ ĐĂƵƐĂĚŽ ƉŽƌ ĂůŐƵŵ
ĚĞĨĞŝƚŽŶŽDK^͘EĞƐƐĞĐĂƐŽƐĞƌĄƵŵƉƌŽďůĞŵĂİƐŝĐŽĚŽĐŚŝƉ.*-5'*"#01%-&'*',1"'*4"'3#&28#-1'*0#-5'*1"'3%"*
%*4+%3%=85#?
KŶnjĞ;ϭϭͿďŝƉƐ
!"'6+#8%0*3'8*%*8#8B"2%*ĐĂĐŚĞ;ĂĐŚĞDĞŵŽƌLJĂĚͿ͗
&ŽŝĚĞƚĞĐƚĂĚŽƵŵĞƌƌŽŶĂŵĞŵſƌŝĂĐĂĐŚĞ͘'ĞƌĂůŵĞŶƚĞƋƵĂŶĚŽŝƐƐŽĂĐŽŶƚĞĐĞ͕Ž/K^ĐŽŶƐĞŐƵĞŝŶŝĐŝĂůŝnjĂƌŽƐŝƐ=
1#8%*-'"8%+8#-1#.*&#0%62+21%-&'*%*8#8B"2%*ĐĂĐŚĞ͘DĂƐ͕ĐůĂƌŽ͕ŝƐƐŽŶĆŽĠĚĞƐĞũĄǀĞů͕ƉŽŝƐĚĞƚĞƌŝŽƌĂŵƵŝƚŽŽ
ĚĞƐĞŵƉĞŶŚŽĚŽƐŝƐƚĞŵĂ͘hŵƉƌŽĐĞĚŝŵĞŶƚŽĂƐĞƌƚĞŶƚĂĚŽĠĞŶƚƌĂƌŶŽ^ĞƚƵƉ*#*%,8#-1%"*'0*1#84'0*&#*#04#"%*&%*
8#8B"2%*ĐĂĐŚĞ͘DƵŝƚĂƐǀĞnjĞƐ͕ĐŽŵĞƐƐĞ͞ƌĞĨƌĞƐĐŽ͕͟ĐŽŶƐĞŐƵŝŵŽƐƋƵĞĞůĂǀŽůƚĞĂĨƵŶĐŝŽŶĂƌŶŽƌŵĂůŵĞŶƚĞ͘
ĂƌŽ;ĂͿĂůƵŶŽ;ĂͿ͕ĐŽŶĐůƵşŵŽƐŽĞƐƚƵĚŽĚŽ/K^͕ŶŽŵĂŝƐĠƉƵƌĂƉƌĄƟĐĂ͘
'ŽƐƚĂƌŝĂĚĞƌĞĂĮƌŵĂƌĚĞƋƵĞ͕ĞŵŶŽƐƐĂĚŝƐĐŝƉůŝŶĂ͕ŶĆŽŚĄŝŶƚĞƌĞƐƐĞƋƵĞĚĞĐŽƌĞĐŽŶƚĞƷĚŽƐĞƐŝŵ͕ƋƵĞĂĚƋƵŝƌĂŵ
D'01'*4'"*#+%?
"%&'&0,0$
8,?X"#?,%
ͻ KƋƵĞĠŽǀĞƌĐůŽĐŬ͍
ͻ YƵĂŝƐƐĆŽƐĞƵƐŝŶĐŽŶǀĞŶŝĞŶƚĞƐĞƌŝƐĐŽƐ͍
!"

Documentos relacionados

Carousel S PicoPix 2055

Carousel S PicoPix 2055 WĂƌĂĐŽŵƉĂƌĂĕĆŽĞƐĐŽůŚŝŽŵŽĚĞůŽWŝĐŽWŝdžϮϬϱϱ͕ĚĞƐĞŶǀŽůǀŝĚŽƉĞůĂWŚŝůŝƉƐƉĂƌĂŽƐĚŝĂƐĚĞŚŽũĞ͘ KƐĚŝĂƐĚĞŚŽũĞĚŽƐĠĐƵůŽyy/͕ŽŶĚĞŚĄŝŶĨŽƌŵĂĕĆŽĞŵĞdžĐĞƐƐŽĞƋƵĞƉĂƐƐĂŶĂǀĞůŽĐŝĚĂĚĞĚĂůƵnj͘KŶĚĞĂ...

Leia mais

Informações em PDF - Requinte Fechaduras

Informações em PDF - Requinte Fechaduras ĞƐƋƵĞƌĚĂ͘EŽŶƷĐůĞŽĚĂϲϭĞŶĐŽŶƚƌĂͲƐĞĂǀĞƌƐĆŽ15 7&*͕ŽŵĂŝƐĂǀĂŶĕĂĚŽĞƚĞĐŶŽůſŐŝĐŽĂůŐŽƌŝƚŵŽĚĞŝŵƉƌĞƐƐĆŽĚŝŐŝƚĂů͕ƋƵĞ ŐĂƌĂŶƚĞƉƌĞĐŝƐĆŽĞǀĞůŽĐŝĚĂĚĞĚĞůĞŝƚƵƌĂ͘    (   ...

Leia mais

Software para apoio ao projeto de ambientes RFID

Software para apoio ao projeto de ambientes RFID ůĞǀĂŵĞŵĐŽŶƐŝĚĞƌĂĕĆŽĨĞŶƀŵĞŶŽƐŝŶƚĞƌĨĞƌĞŶƚĞƐĚĂĐĂŵĂĚĂİƐŝĐĂ;ĐŽŵŽŝŶƚĞƌĨĞƌġŶĐŝĂƐ ĞůĞƚƌŽŵĂŐŶĠƟĐĂƐͿ͘KZ/&//ĠƵŵĂĂƉůŝĐĂĕĆŽdesktop͕ŽƵƐĞũĂ͕ƉƌĞĐŝƐĂƐĞƌŝŶƐƚĂůĂĚĂŶĂ ŵĄƋƵŝŶĂĐůŝĞŶƚĞƉĂƌĂƐĞƌƵ...

Leia mais