!
!
!
!
!
!
"#$!%&!''&!'()!*%%! !
!
!
!""#$%&'()*+,&
!!
+''%!,!+'&'!
!
!
!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&-&
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
4$5%(&*6&7*",(",8
!!
!
DA-79>-;2E7!F;2A0>1:290;!20!23-!+''%,+'&'!";;156!G-@0A2!HHHHHHHHHHHHHHHHHHHHII! D5J-!*!
DA-K9017!L9;12-7!0M!23-!+'&'!$/4!/;0.7@0A27!";;156!N-;-A56!L--29;J!HHHHHHHHHHHHI! D5J-!O!
P9;5;:-!Q9A-:20AE7!G-@0A2!HHHHHHHHHHHHHHHHHHHHIIHHHHHHHHHHHHHHHHHH! D5J-!)!
P9;5;:956!G-@0A2!HHHHHIHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHI! D5J-!R!
!!!!!!!!!!!!P9;5;:956!G-@0A2!S0;2-;27!D5J-!HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHII! D5J-!(!
$/4!/;0.7@0A27!Q97:9@69;-!G-@0A2!+'&'!HHHHHHHHHHHHHHHHHHHHHHHHHHHHHH! D5J-!*'!
$/4!"6@9;-!S0==922--!G-@0A2!+'&'!HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHI! D5J-!*&!
$/4!SA077!S01;2AT!G-@0A2!+'&'!HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHI! D5J-!**!
$/4!PA--72T6-!L0J167!G-@0A2!+'&'!HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHII! D5J-!*U!
$/4!/;0.V05A>!G-@0A2!+'&'!HHHHHHHHHHHIHHHHHHHHHHHHHHHHHHHHHHHHII! D5J-!*(!
$/4!F;2-A7:30067!G-@0A2!+'&'!HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHII! D5J-!O&!
$/4!S61V!G-@0A2!+'&'!HHHHHHHHHHHIHHHHHHHHHHHHHHHHHHHHHHHHHHHHII! D5J-!OO!
$/4F/!W!/XG"/!G-@0A2!+'&'HHHHHHHHIHHHHHHHHHHHHHHHHHHHHHHHHHHHHII! D5J-!OU!
"=-695!L:N19;-77!"172A5695;!/;0.7@0A27!Q-K-60@=-;2!P01;>5290;!G-@0A2!+'&&!HHHHHHII! D5J-!O)!
S1AA-;2!#05A>Y!X6-:290;!0M!ZMM9:-A7!+'&&!HHHHHHHHHHHHHHHHHHHHHHHHHHHHHH! D5J-!O(!
!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&9&
!
&
2+(8:;(",<8&=",+*;#>,:*"&,*&,?(&-../0-.1.&!""#$%&'()*+,&
!
!
2009-10 was an outstanding year for NSW Snowsports, culminating in spectacular Australian and NSW representation at the 2010 Vancouver Olympics, as well as 2011 World Cup Events
Z1A![N06>-;!N9A6[!\0A53!#A9J32!.57!71@-AV]!.9;;9;J!J06>!9;!23-!^56M,D9@-I!!Z23-A!$/4!5236-2-7!730;-!
.923!5!;1=V-A!0M!20@,2-;!@65:-7!9;:61>9;JC!/:022!_;-66-A]!R23!9;!/89!SA077`!^066T!SA5.M0A>]!(23!9;!^56M,D9@-I!
L0A-!$/4!5236-2-7!2352!>9>!17!@A01>!52!23-!a5;:01K-A!Z6T=@9:7!9;:61>->!SA59J!#A5;:3!5;>!b0;0!#A51-A!
?"6@9;-B`!G5=0;-!S00@-A!?L0J167B`!b-;;T!Z.-;7!?/89!SA077B`!#-;!L52-7!?^56M,D9@-B`!#-;!/9=!?SA077!
S01;2ATB`!"6-c!"6=0180K!?#952360;BI!
!
\3-!71::-77!0M!$/4!5236-2-7!:0;29;1-7!.923!23-!+'&&!40A6>!S1@!XK-;27I!^066T!SA5.M0A>!@65:->!&72!9;!23-!
/;0.V05A>!^56M@9@-!XK-;2!9;!23-!#5A>0;-::395]!F256TI!L0J16E7!5236-2-]!$9:06-!D5A87!@65:->!&%23!52!23-!
Q--A!a566-T!40A6>!S1@I!F;!P-VA15AT!+'&&!G5=0;-!S00@-A!5;;01;:->!397!A-29A-=-;2!MA0=!23-!L0J167I!
!
\35;87!20!566!0M!01A!$/4!5236-2-7!M0A!23-9A!>->9:5290;!5;>!75:A9M9:-!,!.-!8;0.!=5;T!0M!23-=!56A-5>T!35K-!
23-9A!-T-7!M9A=6T!0;!/0:39!+'&OI!\35;87!5670!20!23-!K061;2--A!Q97:9@69;-!/1V,:0==922--7!@A0K9>9;J!
0@@0A21;929-7!5;>!71@@0A29;J!23-=!23A01J3012!23-9A!:5A--A7I!!!
!
P1A23-A!0;!9;!2397!";;156!G-@0A2]!T01!.966!M9;>!>-25967!0M!23-!5:29K929-7!0M!23-!/1V,S0==922--7!5;>!023-A!
5:29K929-7!0M!23-!"770:95290;I!G-5>!23-!A-@0A27!d!23-A-!97!5!602!0M!35A>!.0A8!5;>!>->9:5290;!35@@-;9;J!9;!5;!
-MM0A2!20!-;71A-!$/4!/;0.7@0A27!:5;!71@@0A2!927!5236-2-7!MA0=!JA577,A0027!20!-692-!6-K-6]!70!566!6-K-6!0M!
5236-2-7!:5;!5:39-K-!23-9A!J0567e!!
!
F!.016>!698-!20!-c@A-77!5!K02-!0M!235;87!20!4-;>T!49689;70;!M0A!=5;T!T-5A7!0M!7-AK9:-!5;>!:0==92=-;2!
57!23-!Xc-:129K-!ZMM9:-A!M0A!$/4!/;0.7@0A27I!$/4!/;0.7@0A27!.-6:0=-7!G-V-::5!L572-A20;!20!3-A!;-.!
A06-!57!23-!Xc-:129K-!ZMM9:-AI!
!
$/4!/;0.7@0A27!59=7!20!V-22-A!:0;;-:2!01A!$/4!/;0.7@0A27!:0==1;92T]!20!K5A9017!-K-;27]!5236-2-!
@523.5T7!5;>!7;0.7@0A27!>-K-60@=-;2!@A0JA5=7I!Z1A!0AJ5;975290;!:0;29;1-7!20!V196>!5!A-65290;739@!
.923!01A!$5290;56!/@0A29;J!ZAJ5;975290;]!/89]!5;>!/;0.V05A>!"172A5695]!20!3-6@!>-K-60@!5;>!>-69K-A!-;2AT!
6-K-6!5;>!-692-!@A0JA5=7I!
!
Z;!V-356M!0M!$/4!/;0.7@0A27!5;>!=T7-6M]!.-!.973!566!01A!5236-2-7!5;>!23-9A!M5=969-7!566!23-!71::-77!M0A!
23-!1@:0=9;J!+'&&!"172A5695;!49;2-A!/-570;I!
!
";>!>0;E2!M0AJ-2!20!235;8!5!K061;2--A]!52!-K-AT!0@@0A21;92TI!
!
!
!
";>A-.!4-;35=!
DA-79>-;2!
$/4!/;0.7@0A27!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&@&
! !
!
Minutes of the NSW Snowsports Annual General Meeting
Held on 29th April 2010
Pacific Room, Sports House – Sydney Olympic Park Tele conference Jindabyne
&
DA-7-;2C! \0;9!^16=-]!!";>A-.!4-;35=]!<5K9;95!S3AT7256]!Q5K9>!S3AT7256]!/2-K-!4T522!
! ! !S5A06T;!D5AAT]!L9:35-6!D5AAT!
b9;>5VT;-C! <-769-!<1>.9J]!4-;>T!49689;70;]!D-2-A!45A>]!/5A5!_;-66-A]!b05;!L:Q01J566]!\9;5!b0;-7]!
";J-65!S65A8-!!
! ! !!
"@060J9-7C!! !/2-K-!S00@-A]!";;-22-!D9652]!NA-J!<-.97]!G079-!<5@@97]!X>!D5AAT]!<5K9;95!S3AT7256!f;A]!S5A6!
L-6K-T]!_1A2!<5;:-]!#-A2!N5A>;-A]!_TA72T;5!^1J0;]!S69MM!L570;]!L9:8!\T;5;!
! !
Item 1. Formal meeting requirements
"!g10A1=!V-9;J!9;!522-;>5;:-]!23-!=--29;J!.57!>-:65A->!0@-;!RI&U@=!
!
Item 2. Approval of Minutes of the 2008 Annual General Meeting
L9;12-7!0M!";;156!N-;-A56!L--29;J!+)23!L5A:3!+''%!20!V-!5::-@2->!57!2A1-!5;>!:0AA-:2!
A*B(;&/4!!!C(>*";&!D4!
A*,:*"&>$++:(;& & D"$":E*#8&
!
Item 3 Financial Report
!8&)(+&!""#$%&'()*+,&&!))&F*&1&
$-.!V0088--@-A!5;>!51>920A7!MA0=!23-!60:56!5A-5!35K-!V--;!5@@09;2->I!$-.!V5;89;J!7T72-=!357!V--;!
9=@6-=-;2->]!9;:61>9;J!#@5T!5;>!0;69;-!2A5;75:290;7I!
!>>(),&G:"$">:$%&'()*+,&$8&,+#(&$";&>*++(>,&
&
A*B(;H&II&&&&&C(>*";H&&7)&&A*,:*"&>$++:(;&&&&&&&&D"$":E*#8&
&
Item 4 Appointment of Auditors
"6@9;-!S01;2AT!"1>920A7!20!V-!5@@09;2->!
A*B(;H&&!J&& C(>*";H&II&& A*,:*"&7$++:(;&&&&&D"$":E*#8&
! !
=,(E&K&&&&&&2+(8:;(",8&'()*+,&
"7!@-A!";;156!G-@0A2!!
!
=,(E&&L& M:8>:)%:"(&&&'()*+,8&
"7!@-A!";;156!G-@0A2!!
!
=,(E&&N& FCJ=C&&O&CP'!C&'()+(8(",$,:B(&'()*+,&
"7!@-A!";;156!G-@0A2!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&K&
!
!
=,(E&&Q& 7%#5&'()+(8(",$,:B(&'()*+,&
&
<5K9;95!97!725;>9;J!>0.;!MA0=!23-!S61V!G-@A-7-;2529K-!@079290;I!G-@0A2!57!@-A!$/4/!";;156!G-@0A2I!
"!K02-!0M!235;87!-c2-;>->!20!<5K9;95I!
!
$0!-6-:290;!;-:-775ATI!"66!2307-!725;>9;J!M0A!A-,!-6-:290;!-6-:2->I!
!
!
=,(E&/&&&P%(>,:*"&*6&R66:>(+8&
S5A06T;!D5AAT!2-;>-A->!3-A!6-22-A!0M!A-79J;5290;I!
4923!S5A06T;!D5AAT!;02!725;>9;J!M0A!A-!-6-:290;]!5;!-6-:290;!.57!;02!;-:-775ATI!
<-769-!<1>.9J!.57!A-!-6-:2->!20!23-!#05A>!5;>!.-!.-6:0=-!+!;-.!Q9A-:20A7]!/2-K-!NA535=!5;>!NA-J!
<-.97!
D-2-A!45A>!.016>!698-!20!235;8!5;>!730.!5@@A-:95290;!20!S5A06T;!M0A!566!3-A!35A>!.0A8!0K-A!23-!T-5A7!57!
Q9A-:20A]!"6@9;-!S359A!5;>!bLS!G-@A-7-;2529K-I!
/9=965A!235;87!.-A-!-c@A-77->!VT!<-769-!<1>.9JI!
"!K02-!0M!235;87!MA0=!23-!S359A=5;!20!S5A06T;I!
!
=,(E&1.&&S("(+$%&T#8:"(88&
G-J5A>9;J!D-A973-A!^9720A9:56!/0:9-2T!5;>!:0;K-A75290;7!.923!D39669@!400>.5A>!d!5!;-->!20!>97:177!.352!
>0:1=-;27!23-T!:5;!5:21566T!35K-I!
S5A06T;!20!2568!20!D39669@!5;>!#05A>!20!>97:177I!
!
A((,:"3&>%*8(;&&NUK.)E&
&
!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&L&
!
FCJ&C"*V8)*+,8&0&-../0-.1.&G:"$">(&M:+(>,*+<8&'()*+,&
!
!
L5f0A!:35;J-7!20!23-!V0088--@9;J!@A0:-77-7!5;>!5!;-.!V0088--@-A!5;>!51>920A!9;!+''(,+''%!35K-!V--;!
M0660.->!1@!2397!T-5A!.923!5!:35;J-!0M!V5;8!?20!4-72@5:B!9;:61>9;J!0;,69;-!V5;89;J!M5:96929-7!M0A!23-!
"770:95290;!2352!.-A-;E2!5K5965V6-!23A01J3!S#"I!"62301J3!.-!;0!60;J-A!35K-!5!:A->92!:5A>!M5:9692T]!.-!
;0.!35K-!5!#D5T!M5:9692T!2352!97!17-M16!9;!>9MM-A-;2!.5T7!5;>!5K09>7!23-!7-:1A92T!9771-7!2352!.-A-!5!35h5A>!
0M!23-!06>!7T72-=I!
!
$/4!/;0.7@0A27!97!5;!0:20@17!0M!5;!0AJ5;9h5290;!.923!7-K-A56!71V,:0==922--7!5;>!5!;1=V-A!0M!@-0@6-!
9;K06K->!9;!566!2T@-7!0M!2A5;75:290;7I!\3-!7T72-=7!2352!35K-!V--;!@12!9;!@65:-!5A-!.0A89;JI!\3-!51>920A!
:0==-;2->C!
!
i"!#$%&'!%#!%(!%)*+,#-&#!#+!).&#%+&!%&!/+0,!,.*+,#!#$-#!%#!%(!1++2!#$-#!.3.,/+&.!!
%(!4+55+6%&1!#$.!&.6!%&#.,&-5!7+&#,+5!-&2!-77+0&#-8%5%#/!(/(#.)(!#$-#!9+!-&2!/+0,(.54!!
$-3.!*0#!%&!*5-7.:!"#!)-/!(..)!70)8.,(+).!-&2!+3.,'%55!(+).#%).(;!80#!%#!%(!-!3.,/!
!%)*+,#-&#!*-,#!+4!#$.!(/(#.)(!,.<0%,.2!4+,!-&!+,1-&%(-#%+&!+4!#$%(!(%=.;!6%#$!(+!)-&/!
!*.+*5.!%&3+53.2!-&2!)+&./!45+6%&1!#$,+01$:>!!
!
/0!F!239;8!.-!5A-!>09;J!Z_I!
!
";023-A!:35;J-!97!20!23-!M0A=52!0M!23-!51>92->!A-@0A2!d!5!.0A8!9;!@A0JA-77I!\3-!75=-!M0A=52!35>!V--;!9;!
17-!M0A!=5;T!T-5A7!5;>!.57!V-:0=9;J!6-77!A-6-K5;2!5;>!1;>-A725;>5V6-!-5:3!T-5AI!\3-!"770:95290;!97!
;0.!70!M9A=6T!72A1:21A->!5A01;>!23-!71V,:0==922--7!2352!A-@0A29;J!0;!2352!V5797!7--=->!20!V-!23-!;-c2!
0VK9017!72-@I!\3-!/1==5AT!G-@0A27!7--8!20!@A0K9>-!5!M9;5;:956!0K-AK9-.!0M!23-!K5A9017!@5A27!0M!23-!
0AJ5;9h5290;I!\3-!;02-7!A-M6-:2!23-!M9;-,21;9;J!2352!97!72966!0::1AA9;JI!
!
"66!@5A27!0M!23-!0AJ5;9h5290;!5A-!M9;5;:9566T!701;>]!@5A26T!>1-!20!=0A-!5JJA-779K-!7-5A:39;J!M0A!JA5;27!5;>!
5!;1=V-A!0M!71::-77M16!71V=97790;7!VT!566!0M!23-!>97:9@69;-7I!
!
L5f0A!@A0f-:27!78-.!23-!V0220=!69;-!70=-29=-7I!\3-!$0A>9:!/3-62-A!-c2-;790;!.57!0;-!0M!2307-I!\352!
@A0f-:2!97!;0.!:0=@6-2-!5;>!23-!6572!0M!23-!M1;>7!A597->!.966!V-!-c@-;>->!VT!23-!-;>!0M!23-!:1AA-;2!
M9;5;:956!T-5AI!
!
4-!.-6:0=-!5!;-.!71V,:0==922--!20!$/4!/;0.7@0A27I!\3-!"=-695!L:N19;-77!P01;>5290;!97!5;!
"172A5695;!/@0A27!P01;>5290;!A-J972-A->!@A0f-:2!?>0;5290;7!5A-!25c!>->1:29V6-B!5;>!357!56A-5>T!
:0;2A9V12->!=5;T!j&'''7!20!M1A23-A!23-!:5A--A7!0M!T01;J!5236-2-7I!
!
Z1A!79;:-A-!235;87!J0!20!V023!b0!#A-.97]!01A!V0088--@-A!?.30!357!6-5A;2!5!.306-!;-.!7;0.7@0A27!
65;J15J-B!5;>!<9VVT!^0K575@95;!0M!"6@9;-!S01;2AT!"::01;25;27!M0A!23-9A!5V9692T!20!J-2!5!g19:8!JA9@!0;!2397!
1;17156!0AJ5;9h5290;!72A1:21A-!5;>!20!M5:969252-!:0;72A1:29K-!:35;J-I!"670!20!4-;>T!49689;70;!.30!357!
3-6>!239;J7!20J-23-A!23A01J3!92!566I!4-!.-6:0=-!#-:!L572-A20;]!4-;>TE7!A-@65:-=-;2!d!5A-;E2!.-!61:8T!20!
35K-!70=-0;-!.30!56A-5>T!8;0.7!30.!92!566!.0A87I!
!
<-769-!<1>.9J!
P9;5;:-!Q9A-:20A!
$/4!/;0.7@0A27!
*!"@A96!+'&'!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&N&
!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&Q&
!
!
!
!
!
&
"#$!%&!''&!'()!*%%!
&
&
&
&
M=C7=2I=FP&'P2R'4C&
-.1.&
&
&
&
&
&
!!!!!!!!! !!!!!!!!! !!!!!!!! !
!
!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !
!
&
&
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&/&
!
FCJ&C"*V8)*+,8&0&!%):"(&7*EE:,,((&'()*+,&-.1.&
!
7*EE#":>$,:*"&$";&E((,:"38&
\3-!S0==922--!=-2!0;!R!0::5790;7!>1A9;J!23-!T-5A!9;:61>9;J!+!J-;-A56!=--29;J7]!0;-!9;!b9;>5VT;-!9;!b16T!
5;>!0;-!9;!/T>;-T!9==->952-6T!@A0:-->9;J!23-!5;;156!".5A>7!;9J32I!\3-7-!J-;-A56!=--29;J7!.-A-!V023!
.-66!522-;>->!5;>!@A0K9>->!5;!-c:-66-;2!0@@0A21;92T!M0A!=-=V-A7!20!@A0K9>-!M-->V5:8!5;>!578!g1-7290;7!
0M!23-!:0==922--!5;>!M0A!23-!S0==922--!20!5>K97-!=-=V-A7!0M!@A0JA-77!.923!@A0JA5=7!5;>!9;929529K-7I!
F=@A0K->!=-=V-A!:0==1;9:5290;!357!5J59;!V--;!5!@A90A92T!2397!T-5A!5;>!01A!/-:A-25AT]!NA-J!<-.97]!357!
>0;-!5;!012725;>9;J!f0V!9;!7-229;J!1@!23-!$/4!"6@9;-!P5:-V008!@5J-I!\397!.57!1@>52->!A-J165A6T!>1A9;J!
23-!;0A23-A;!7-570;!.923!A-@0A27!0;!23-!5:39-K-=-;27!0M!01A!5236-2-7!:0=@-29;J!0K-A7-57!
!!
!"#$%&'&()*+''
\3-!+'&'!$/4"S\!/-;90A]!b1;90A!5;>!S396>A-;E7]!2-5=7!.-A-!@1V6973->!9;!23-!$5290;56!"6@9;-!
S0=@-29290;!N19>-!5;>!0;!23-!$/4/!.-V792-I!4-!35>!(!Z@-;!2-5=!=-=V-A7]!&&!f1;90A7!5;>!&'!:396>A-;!
.30!5:39-K->!23-!7-6-:290;!:A92-A95I!
\0! A-:0J;97-! 5;>! 71@@0A2! 01A! /252-! Z@-;! 2-5=! 5236-2-7]! $/4"S\! @59>! 23-9A! A5:-! -;2AT! M--7! M0A! 23-!
"172A5695;!$5290;56!S35=@90;739@7!52!\3A->V0I!!
!
FCJ!74&!%):"(&':8:"3&C,$+8&!V$+;8&
\397!@A0JA5=!-;:01A5J-7!70=-!0M!23-!20@!@-AM0A=9;J!F;2-A7:3006!A5:-A7!20!V-:0=-!9;K06K->!.923!23-!
A5:-!:61V7!5;>!//"!A5:9;JI!%!F;2-A7:3006!A5:-A7!MA0=!Q9K!*]!O]!U!.-A-!7-6-:2->!20!A-:-9K-!5!MA--!.--8-;>!0M!
2A59;9;J!.923!5!A5:-!:61V!5;>!MA--!-;2AT!5;>!5779725;:-!52!#61-!S0.!S1@I!\3-!5.5A>!.9;;-A7!.-A-!5670!
A-:0J;9h->!52!23-!-;>!0M!T-5A!$/4!"6@9;-!".5A>7!;9J32I!4-!235;8!\/GS!5;>!D4/S!M0A!23-9A!5779725;:-!
.923!2397!@A0JA5=!VT!@A0K9>9;J!23-!:0=@69=-;25AT!A5:-!2A59;9;J!.--8-;>7I!
!
FCJ!74&!%):"(&4$%(",(;&!,?%(,(&2+*3+$E&W4!2X&
\397!M65J739@!@A0JA5=]!.39:3!357!V--;!A1;;9;J!M0A!=5;T!T-5A7]!.57!5J59;!71::-77M166T!:0;>1:2->!0K-A!+!
M01A!>5T!2A59;9;J!V60:87!>1A9;J!"1J172]!0;-!9;!D-A973-A!5;>!0;-!9;!\3A->V0I!\3-!@072!DA0JA5=!71AK-T!
0;:-!5J59;!@A0K9>->!K-AT!@07929K-!M-->V5:8!MA0=!23-!DA0JA5=!@5A29:9@5;27I!4-!235;8!D-A973-A]!\3A->V0!
5;>!23-!G5:-!S61V7!M0A!23-9A!71@@0A2!0M!23-!@A0JA5=!5;>!5670!_9=!^01J3!.30!>9>!5!JA-52!f0V!57!23-!
@5A-;2!:00A>9;520A!>1A9;J!23-!2.0!2A59;9;J!V60:87I!
CP'!C&
&
\3-!/XG"/!@A0JA5=!97!0@-;!20!S396>!+!5;>!f1;90A!PF/!5236-2-7!5;>!@A0K9>-7!*!.--8-;>7!0M!0MM!7;0.]!
5236-2-!>-K-60@=-;2!>1A9;J!23-!T-5AI!\3-!:5=@7!@A0K9>-!5779725;:-!20!23-!5236-2-7!.923!M92;-77!:05:39;J!
5;>!2-729;J!57!.-66!57!->1:5290;56!7-7790;7!0;]!3-5623]!J056!7-229;J!5;>!7@0A27!@7T:3060JTI!
O!"6@9;-!5236-2-7!@5A29:9@52->!9;!23-!+'&'!/XG"/!/;0.7@0A27!@A0JA5=I!!
!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&1.&
&
&
&
&
G:,"(88&C(88:*"8&
!
4--86T!@A-!7-7790;!M92;-77!2A59;9;J!M0A!566!/T>;-T!V57->!PF/!5;>!S396>!5236-2-7!.57!0MM-A->!VT!\/GS!5;>!
>-69K-A->!VT!\/GS!^-5>!S05:3!b0-!QA5c6I!\3-!$"S!5670!0AJ5;97->!5!M92;-77,2-729;J!.--8-;>!9;!L5T!9;!
V023!/T>;-T!5;>!b9;>5VT;-I!\3-!2-729;J!7-7790;7]!.39:3!.-A-!.-66!522-;>->]!.-A-!:0;>1:2->!VT!L5;MA->!
4067:3-A!5;>!/:022!/5;>-A70;!9;!/T>;-T!5;>!VT!L5;1-65!#-A:3206>!9;!b9;>5VT;-I!P0660.!0;!.--86T!
2A59;9;J!7-7790;7!.-A-!0MM-A->!9;!V023!b9;>5VT;-!5;>!/T>;-TI!
"62301J3!23-!0A9J9;566T!@65;;->!"@A96!5;>!/-@2!S0;>9290;9;J!:5=@7!M0A!23-!/252-!b1;90A!2-5=!5236-2-7!>9>!
;02!J0!53-5>]!$/4!"6@9;-!0AJ5;97->!70=-!@A-!$0A23-A;!7-570;!/1;>5T!=0A;9;J!7-7790;7!9;!/T>;-T!M0A!
9;2-A-72->!PF/!5236-2-7!>1A9;J!Z:2Y$0KI!!
!
!%):"(&R66:>:$%8&,+$:":"3&7*#+8(&
\3-!"6@9;-!<-K-6!&!ZMM9:9567!:01A7-]!?23-!0;6T!5::A->92->!@A0JA5=!:1AA-;26T!V-9;J!:0;>1:2->!9;!"172A5695B]!
.57!5J59;!:0;>1:2->!9;!/T>;-T!9;!b1;-!+'&'!M0A!5V012!*'!K061;2--A7I!4-!5670!M0A!23-!M9A72!29=-!9;!5!
;1=V-A!0M!T-5A7!A5;!23-!:01A7-!9;!b9;>5VT;-!>1A9;J!23-!b16T!7:3006!3069>5T7I!\3-!:01A7-!.57!@A-7-;2->!52!
V023!60:5290;7!VT!/:022!/5;>-A70;]!$"S!DA0JA5=!Q9A-:20A]!5;>!.57!5V6-!20!V-!0MM-A->!MA--!0M!:35AJ-!20!
@5A29:9@5;27!>1-!20!$/4!"6@9;-!35K9;J!A-:-9K->!5!j*'''!JA5;2!!MA0=!23-!$/4!N0K-A;=-;2!Q-@5A2=-;2!
0M!/@0A2!5;>!G-:A-5290;!20!577972!.923!23-!@A0JA5=!M1;>9;J!!
!
P";&*6&C($8*"&!V$+;8&PB(":"3&$";&J*+%;&7?$E):*"8?:)&'()+(8(",$,:*"&
\3-!";;156!@A-7-;25290;!-K-;9;J!.57!5J59;!3-6>!52!23-!L9>>6-!^5AV01A!k5:32!S61V!0;!+*A>!Z:20V-AI!\3-!
-K-;9;J!.57!-;f0T->!VT!2307-!522-;>9;JI!\35;8!T01!5670!20!01A!J1-72!@A-7-;2-A!M0A!23-!-K-;9;J]!-c!
Z6T=@95;!#A5>!4566I!\3-!+'&'!".5A>7!:A92-A95!5;>!.9;;-A7!5A-!@072->!0;!23-!$/4!/;0.7@0A27!.-V792-I!!
4-!5670!5:8;0.6->J-!5;>!:0;JA521652-!$/4"S\!Z@-;!2-5=!=-=V-A7!<5K9;95!S3AT7256]!X69h5V-23!D9652!
5;>!^1J3!/2-K-;7!.30!A-@A-7-;2->!"172A5695!52!23-!A-:-;2!40A6>!"6@9;-!S35=@90;739@7!9;!N5A=97:3]!
N-A=5;T!5;>!X69h5V-23!D9652!5;>!/5=!G0V-A270;!.30!A-@A-7-;2->!"172A5695!52!23-!40A6>!b1;90A!
S35=@90;739@7!9;!SA5;7!L0;25;5]!/.92h-A65;>!9;!-5A6T!P-VA15ATI!
\3-!$/4!"6@9;-!S0==922--!235;87!23-!;1=-A017!@5A-;2!K061;2--A7!.30!J5K-!0M!23-9A!29=-!5;>!-;-AJ9-7!
20!577972!.923!23-!A1;;9;J!0M!K5A9017!@A0JA5=7]!-K-;27!5;>!A5:-7I!4-!5670!235;8!23-!2.0!=-=V-A7!
A-29A9;J!MA0=!23-!S0==922--!2397!T-5AI!\35;87!20!/35T;-!S00=V-A!M0A!397!:0;2A9V1290;!20!23-!S0==922--!
0K-A!23-!6572!2.0!T-5A7!5;>!20!\->!_5A60.52h!.30!357!=5>-!5!79J;9M9:5;2!:0;2A9V1290;!20!$/4!5;>!
$/4"S\!"6@9;-!0K-A!5!2-;!T-5A!@-A90>!5;>!357!3-6>!;1=-A017!:0==922--!@079290;7!5;>!=5;5J->!
@A0JA5=7!71:3!57!\"D!5;>!S0;>9290;9;J!@A0JA5=7I!
!
";;-22-!D9652!
S359A]!$/4!"6@9;-!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&11&
! !
FCJ&C"*V8)*+,8&0&FCJ&7+*88&7*#",+Y&'()*+,&-.1.&
&
Z7&!,?%(,(8&!>>*E)%:8?E(",8H&
$/4!5236-2-7!5:39-K->!70=-!:A->9V6-!A-71627!5J59;!>1A9;J!23-!+'&'!>0=-729:!7-570;I!#-;!/9=!A5;8->!$0!
&!>9725;:-!789-A!5;>!"9=--!45270;!5670!A-J59;->!3-A!$0!&!>9725;:-!A5;89;JI!F;!23-!7-;90A!=-;!23-!M9A72!U!
A5;89;J7!9;!"172A5695!5A-!$/4!789-A7!d!#-;!/9=]!S5661=!45270;]!S3A97!Q5A69;J20;]!"6-c!"6=0180K!5;>!
X.5;!45270;I!#-;!/9=]!S5661=!45270;!5;>!S3A97!Q5A69;J20;!.-A-!7-6-:2->!M0A!23-!40A6>!S1@!2-5=]!.923!
"9=--!45270;!5670!7-6-:2->!M0A!40A6>!S1@I!X.5;!45270;!5;>!"6-c!"6=0180K!.-A-!7-6-:2->!M0A!
S0;29;-;256!S1@I!
!
<1:T!N65;K966-!.57!5J59;!A5;8->!$0!&!>9725;:-!f1;90A!789-A!M0660.->!:607-6T!VT!N5VA9-665!S9J5;5I!b5:870;!
#1A7966!.57!23-!V-72,@-AM0A=->!f1;90A!=56-!A5;8->!52!$0!UI!"62301J3!23-A-!97!5!J5@!V-2.--;!23-!-6>-A!
f1;90A!A5;87!5;>!23-!7-;90A!789-A7!.-!35K-!70=-!@A0=979;J!l&)!789-A7!:0=9;J!560;J!.923!Q5=0;!
L0A20;]!^5=973!G0V-A27!5;>!<5:365;!D0A2-A!A5;8->!&72]!+;>!5;>!O23!A-7@-:29K-6TI!N5VA9-665!S9J5;5!.57!
A5;8->!$0!&!l&)!789-AI!
!
$/4!789-A7!5670!A5;8->!39J36T!9;!23-!$5290;56!7@A9;2!:0=@-29290;!.923!S5661=!45270;]!#-;!/9=!-g156!&72!
5;>!"6-c!"6=0180K!*A>I!"9=--!45270;!5;>!>E"A:T!#5c2-A!.-A-!A5;8->!+;>!5;>!*A>!9;!23-!$5290;56!
.0=-;E7!7@A9;2!:0=@-29290;I!
!
\3-A-!.-A-!=5;T!>9MM-A-;2!JA01@7!0M!789-A7!0K-A7-57!M0A!23-!@572!71==-A!7-570;!d!70=-!9;!S5;5>5!M0A!
#952360;!5;>!mYS]!5!JA01@!9;!X1A0@-!M0A!#952360;!5;>!023-A7!M0660.9;J!23-!40A6>!S1@!5;>!40A6>!
S35=@90;739@!:9A:192I!"6-c!5;>!<1:T!.-A-!2A59;9;J!.923!$9:8!5;>!:0=@-29;J!9;!K5A9017!#952360;!
:0=@-29290;7I!#023!5:39-K->!A-71627!20!5660.!23-=!20!:0=@-2-!9;!F#l!40A6>!S1@!;-c2!T-5AI!#-;!/9=!97!
:0;29;19;J!.923!397!g1-72!20!:0=@-2-!9;!$0A>9:!S0=V9;->!5;>!357!JA5>152->!20!23-!%'=!f1=@I!S5661=!
45270;!:0=@-2->!9;!5!JA1-69;J!-;>1A5;:-!-K-;2!9;!b5;15AT]!:0=@-29;J!9;!(!4S!-K-;27!0K-A!&'!Q5T7]!9;!+!
:01;2A9-7]!N-A=5;T!5;>!F256TI!\3-!:0=@-29290;!9;K06K->!7@A9;2!5;>!>9725;:-!-K-;27!5;>!S5661=E7!59=!.57!
20!=58-!92!23A01J3!20!23-!M9;973I!^-!5:39-K->!397!59=!5;>!-;>->!1@!@65:9;J!*)23!012!0M!RUI!
P1A23-A!5;>!=0A-!>-2596->!9;M0A=5290;!A-J5A>9;J!0K-A7-57!:0=@-29290;7!:5;!V-!M01;>!0;!23-!;5290;56!
:A077!:01;2AT!.-V792-!517c:I:0=!5;>!60:56!9;M0A=5290;!:5;!V-!M01;>!0;!23-!$/4!/;0.7@0A27!.-V792-!
;7.7;0.7@0A27I:0=I51I!
!
F(V&Z7&="8,+#>,*+8H&
Q1A9;J!6572!.9;2-A!U!5236-2-7!:0=@6-2->!5!<-K-6!&!F;72A1:20A7!:01A7-]!A1;!VT!"D/F!?"172A5695;!
DA0M-7790;56!/89!F;72A1:20A7BI!\3-!:01A7-!.57!M1;>->!f09;26T!VT!23-!5236-2-7]!5!J-;-A017!71V79>T!MA0=!_R!
">K-;21A-7!5;>!5!Q-@2!0M!/@0A2!5;>!G-:!JA5;2!0V259;->!VT!$/4!/;0.7@0A27!0;!V-356M!0M!$/4mSI!4-!5A-!
@A-@5A9;J!20!A1;!5!<-K-6!&!S05:3!:01A7-!560;J!79=965A!69;-7!>1A9;J!23-!:0=9;J!.9;2-AI!4-!5A-!@6-57->!20!
V-!5V6-!20!@A0K9>-!2397!0@@0A21;92T!20!01A!5236-2-7!57!92!@A0K9>-7!23-=!.923!5;!9;:-;29K-!20!725T!9;!23-!
7@0A2!9M!5;>!.3-;!23-T!720@!:0=@-29;J]!92!@A0K9>-7!5!=0>-72!9;:0=-!.396-!23-T!5A-!:0=@-29;J!5;>!92!5670!
@A0K9>-7!5!JA-52-A!@006!0M!2A59;->!9;72A1:20A7!M0A!23-!:0==-A:956!0AJ5;975290;7!2352!7-AK9:-!01A!7@0A2I!
\3-!5236-2-7!.30!:0=@6-2->!23-!:01A7-!5A-!#-;!/9=]!"6-c!"6=0180K]!<1:T!N65;K966-]!/90V35;!b0;-7!5;>!
\30=57!"7320;I!
!
2(+:8?(+&Z7&4+$:%8H&
\A596!=59;2-;5;:-!97!:0;29;19;J]!72A0;J6T!71@@0A2->!VT!$D4/I!ZK-A!23-!71==-A!5!65AJ-!;1=V-A!0M!A0:87!
35K-!V--;!A-=0K->!MA0=!23-!+IU8=!5;>!U8=!2A596I!";!$D4/!.0A8!:A-.!357!V--;!V65729;J!A0:8!5;>!
9;725669;J!7;0.!M-;:-7!9;!60:5290;7!>-2-A=9;->!MA0=!5;!51>92!0M!23-!2A5967!52!23-!-;>!0M!6572!.9;2-AI!"!
7-:290;!0M!7;0.!M-;:9;J!357!V--;!2A5;7M-AA->!20!23-!;-.!a566-T!\A596I!\397!2A596!.57!JA00=->!6572!.9;2-A!
57!5!2A956!5;>!.966!@A0K9>-!5!=1:3!-579-A!725A2!560;J!23-!K566-T!20!5::-77!23-!2A596!7T72-=!M0A!V-J9;;-A7]!
M5=969-7!5;>!6-77!5V6-!789-A7I!"!;1=V-A!0M!.0A89;J!V--7!35K-!V--;!3-6>!0K-A!23-!71==-A!5;>!.966!!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&1-&
!
!
:0;29;1-!1;296!L5TI!4-!0;:-!5J59;!235;8!23-!K061;2--A7]!71@@0A2-A7!MA0=!23-!S5;V-AA5!S01;2AT!/89!S61V]!
S5;V-AA5!"6@9;-!S61V!M0A!71@@6T9;J!MA--!5::0==0>5290;!M0A!.0A89;J!V--!522-;>--7!5;>!23-!$D4/!725MM!
M0A!23-9A!:0;29;19;J!71@@0A2I!
!
J$8,(&4+$"86(+&C,$,:*"&$";&F2JC&J*+[8?*)8H&
\3-!SA077!S01;2AT!S0==922--]!560;J!.923!=5;T!023-A!JA01@7!5;>!9;>9K9>1567!35K-!V--;!9;K06K->!.923!
>97:17790;7]!.0A8730@7!5;>!M0A1=7!A-J5A>9;J!23-!@A0@07->!4572-!\A5;7M-A!/25290;!5;>!$D4/!.0A8730@!
.39:3!97!@65;;->!M0A!5;!5A-5!.39:3!9;MA9;J-7!0;!23-!#-J9;;-A7!#0.6!5;>!/@A9;2!<00@I!a5A9017!562-A;529K-7!
35K-!V--;!@A0@07->!V12!52!2397!725J-!.-!>0!;02!8;0.!23-!M9;56!>-:9790;!V-9;J!=5>-!VT!QXSSI!
!
F*+;:>&C?(%,(+&P\,("8:*"H&
\3-!M1;>A5979;J!@A0JA5=!M0A!23-!$0A>9:!/3-62-A!-c2-;790;]!A1;!23A01J3!23-!"172A5695;!/@0A27!P01;>5290;]!!
j&''Y&''!D-0@6-!M0A!&'!T-5A7!?30@9;J!20!A597-!j&'']'''B]!.57!M9;569h->!9;!$0K!+'&'I!\3-!@A0JA5=!.57!
5;!012725;>9;J!71::-77!.923!A-71627!M5A!5V0K-!-c@-:25290;7C!
&%O!9;>9K9>1567!5;>!U(!0AJ5;975290;7!:0;2A9V12->!! ! j+&%]'''!!
$/4!Q-@5A2=-;2!0M!/@0A2!5;>!G-:!! ! ! ! j&%']'''!
O*!@-0@6-!5;>!0AJ5;975290;7!=5>-!9;,89;>!>0;5290;7!0M!!
7-AK9:-7]!=52-A9567!5;>!M1A;9739;J7]!:0;7-AK529K-6T!K561->!52! j&'']'''!
!
^1;>A->7!0M!K061;2--A7!>0;52->!230175;>7!0M!301A7!>1A9;J!2.0!V196>9;J!71==-A7I!L5;T!@-0@6-!:5;!V-!
@A01>!0M!23-9A!@5A2!9;!23-!>-K-60@=-;2!0M!23-!$0A>9:!/3-62-A!9;20!5!=0>-A;!5;>!@A0>1:29K-!7@0A27!M5:9692TI!
\3-!0;6T!012725;>9;J!>-V2!M0A!23-!@A0f-:2!97!5;!9;2-A;56!2A5;7M-A!20!23-!mSS!0M!j&U]''']!.39:3!.966!V-!
A-:01@->!0K-A!29=-!57!23-!$0A>9:!/3-62-A!0@-A529;J!V1>J-2!5660.7I!
!
S+$",8H&
"!;1=V-A!0M!JA5;27!.-A-!0V259;->!VT!$/4!/;0.7@0A27!0K-A!23-!T-5A!M0A!K5A9017!5:29K929-7!1;>-A258-;!VT!
566!0M!23-!>97:9@69;-7!5;>!23-!mSS!5A-!JA52-M16!M0A!23-!-c2A5!M1;>9;J!5K5965V6-!20!71@@0A2!01A!5:29K929-7I!mS!
@A0f-:27!71V79>9h->!VT!JA5;27!5;>!7@0;70A739@7!9;:61>-C!!
,!S0;72A1:290;!0M!5!L0V96-!\9=9;J!^12!.923!;-.!29=9;J!-g19@=-;2!5;>!70M2.5A-!
,!F;72A1:20AE7!g1569M9:5290;7!M0A!$/4mS!5236-2-7!
,!"779725;:-!.923!2A5K-6!5;>!:0=@-29290;!-c@-;7-7!M0A!#952360;!5236-2-7!
,!$-.!6T:A5!A5:-!V9V7!
,!DA9h-7!M0A!23-!X;>,0M,k-5A!mS!DA-7-;25290;7!
,!L5;T!JA5;27!M0A!9;>9K9>156!5236-2-7!
!
4?$"[8H&
F!.016>!698-!20!-c@A-77!01A!JA52921>-!5;>!5@@A-:95290;!20!23-!L:N19;-77!M5=96T!M0A!23-9A!9;929529K-!9;!
:0==-;:9;J!23-!L:N19;-77!M01;>5290;I!F!8;0.!23-!5236-2-7!.30!A-:-9K->!71@@0A2!MA0=!23-!M01;>5290;!
5A-!JA52-M16!M0A!23-!:0;2A9V1290;!20.5A>!23-9A!2A59;9;J!5;>!:0=@-29290;!:0727I!
!
D-2-A!45A>!
$/4mS!S359A!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&19&
! !
FCJ&C"*V8)*+,8&0&FCJ&G+((8,Y%(&A*3#%8&'()*+,&-.1.&
! !
\3-!$/4!PA--72T6-!L0J16!/;0.7@0A27!:0==1;92T!35>!5;023-A!K-AT!71::-77M16!Q0=-729:!5;>!
F;2-A;5290;56!49;2-A!/-570;I!Z1A!5@@A-:95290;!J0-7!20!23-!$/4!G-70A27!5;>!01A!7@0;70A7!M0A!23-9A!
:0;29;1->!71@@0A2!0M!PA--72T6-!L0J16!-K-;27]!23A01J3C!
!
• \3-!$/4!W!"S\!F;2-A7:3006E7!/;0.7@0A27!/-A9-7!d!O!>5T7!0M!:0=@-29290;!52!G-J90;56]!/252-!5;>!
$5290;56!<-K-6!3-6>!52!V023!D-A973-A!5;>!\3A->V0I!!
• \3-!$/4!b1;90A!5;>!k0123!L0J16!/-A9-7!:0=@-29290;!52!D-A973-AI!!
• \3-!"172A5695;!PA--72T6-!L0J167!S35=@90;739@7!d!+!c!S0;29;-;256!S1@!7-A9-7!-K-;27!M0A!"172A5695;!
5;>!F;2-A;5290;56!Z@-;!W!b1;90A!5236-2-7!3-6>!52!D-A973-AI!"172A5695n7!20@!=0J16!789-A7!,!=-=V-A7!0M!
23-!Z4F"!W!$/4F/!$5290;56!2-5=!57!.-66!23-!D-A973-A!49;2-A!/@0A27!S61V!=0J16!2-5=7!:0=@-2->]!
20J-23-A!.923!5!65AJ-!;1=V-A!0M!F;2-A;5290;56!2-5=7!5;>!5236-2-7!MA0=!23-!l/"]!b5@5;]!S39;5]!S5;5>5!
W!NA-52!#A9259;!0;!"172A5695n7!40A6>!S1@!=0J16E7!:01A7-!\0@@5E7!QA-5=I!
!
'(8*+,&!))+(>:$,:*"H&&
D-A973-A!:0;29;1->!23-9A!72A0;J!71@@0A2!0M!23-!"172A5695;!PA--72T6-!L0J16!S35=@90;739@7!20J-23-A!.923!
23-9A!60;J,2-A=!9;K-72=-;2!9;!23-!M121A-!0M!23-!7@0A2!.923!5!.0A6>!725;>5A>!=0J167!:01A7-!52!i\0@@5E7!
QA-5=[!#61-!S0.!L01;259;I!\3A->V0!5A-!5670!20!V-!:0==-;>->!M0A!@A0K9>9;J!-c:-66-;2!=0J16!:01A7-7!
5;>!K-;1-!M0A!23-!$/4!F;2-A7:3006E7!=0J16!:0=@-29290;7I!
!
7*$>?&]&A$"$3(+&!))+(>:$,:*"H&
Z1A!K02-!0M!235;87!5A-!-c2-;>->!20!23-!M5;25729:!:0;2A9V1290;7!=5>-!VT!"172A5695E7!.0A6>,:6577!:05:39;J!
725MM!/2-K-!Q-70K9:3]!D-2-A!\0@560K9:]!b-MM!P59AV59A;]!";230;T!_301AT!W!b-AAT!NA0779!.30!.-A-!5V6T!
71@@0A2->!5670!VT!N-0AJ9;5!S35@=5;]!X69h5!NA535=]!^5=973!S0c]!/-5;!";>A-.7!5;>!023-A7I!
!
A*3#%&^#;3(8&!))+(>:$,:*"H&&
"!65AJ-!JA01@!0M!:05:3-7]!5236-2-7]!M0A=-A!5236-2-7]!5;>!@5A-;27!@A0K9>->!9;K5615V6-!-c@-A297-!9;!23-9A!
f1>J9;J!5@@09;2=-;27I!"2!F;2-A7:3006E7]!$/4!/-A9-7!5;>!S0;29;-;256!S1@!6-K-67]!2397!9;:61>->C!D-2-A!
i\0@@5[!\0@560K9:]!N-0AJ9;5!S35@=5;]!^5=973!S0c]!X69h5!NA535=]!/-5;!";>A-.7]!G5=0;-!S00@-A]!D516!
<9K97795;07]!/2-K-!#A0.;]!N5AAT!Q5AJ5;!5;>!L5;1-65!#-A:3206>I!
!
2$+(",&!))+(>:$,:*"H&&
\3-!-MM0A27!0M!5!;1=V-A!0M!@5A-;27!.30!71@@0A2->!23-!.0A8!0M!23-!PA--72T6-!S0==1;92T!23A01J3012!23-!
T-5A!.923!-K-;2!71@@0A2!5;>!0AJ5;975290;]!57!56.5T7]!:5;;02!V-!1;>-A7252->I!
!
C)*"8*+8&!))+(>:$,:*"H&&
• ?";>A-.!4-;35=!XK-;2!/1@@69-A7B!M9;5;:9566T!71@@0A2->!23-!"172A5695;!L0J16!S35=@90;739@!
23A01J3!>9A-:2!M9;5;:956!71@@0A2!M0A!23-!L0J16!S35=@90;739@!Q9;;-A]!PF/!725;>5A>!A5:-,V9V7!M0A!23-!
$/4!b1;90A!L0J167!/-A9-7!XK-;2]!5;>!23-!=5f0A!J6577,@652-!2A0@39-7!M0A!23-!"172A5695;!L0J167!
S35=@90;739@7I!
• $/4!S0==1;929-7!.30!.-!.-A-!71::-77M16!9;!0V259;9;J!5!J0K-A;=-;2!JA5;2!20!71V79>9-7!23-!:072!0M!
A1;;9;J!23-!$5290;56!PA--72T6-!L0J167!S35=@90;739@7I!
• NA5.966!P0A>!?N07M0A>!,!/2-@3-;!NA535=B!@A0K9>->!23-!17-!0M!5!K-39:6-!23A01J3012!23-!7-570;!M0A!23-!
$/4F/Y//"!$5290;56!L0J16!\-5=!S05:3!20!2A5;7@0A2!5236-2-7I!
• //"!d!/89!5;>!/;0.V05A>!"172A5695!.59K-A->!566!PF/!75;:290;!M--7!M0A!23-!S0;29;-;256!S1@!7-A9-7I!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&1@&
!
2+(8(",$,:*"&PB(":"3H&&
\3-!@A-7-;25290;!-K-;9;J!.57!3-6>!9;!/-@2-=V-A]!20!:-6-VA52-!5!V9J!T-5A!0M!-c:-66-;2!:0=@-29290;!A-71627!
MA0=!$/4!5236-2-7!9;!/252-]!"172A5695;!5;>!+''%,+'&'!F;2-A;5290;56!=0J16!:0=@-29290;7I!ZK-A!%'!
5236-2-7]!:05:3-7!5;>!@5A-;27!-;f0T->!5!:57156!-K-;9;J!9;!L0J167!G-7251A5;2!52!23-!b9;>5VT;-!/@0A2!5;>!
G-:A-5290;!S-;2A-!?b/GSBI!Z1A!235;87!J0!20!23-!=5;T!@5A-;27!5;>!b/GS!725MM!M0A!23-9A!5779725;:-!9;!23-!
0AJ5;975290;!0M!2397!-K-;9;JI!
!
C,(B(&7**)(+&!))+(>:$,:*"H&&
L5;T!235;87!20!/2-K-!S00@-A!.30!>0-7!5!@3-;0=-;56!f0V!0M!71@@0A29;J!MA--72T6-!9;!$/4]!/2-K-!97!23-A-!
52!-K-AT!PA--72T6-!J523-A9;J!5779729;J!.923!-K-AT!-K-;2]!@A-7-;25290;!60J9729:7!5;>!0M!:01A7-!397!
31=0A017!69K-!:0==-;25AT!0;!23-!601>7@-58-A!52!23-!V0220=!0M!-K-AT!=0J16!:0=@-29290;!.39:3!8--@7!
23-!7=96-7!0;!-K-AT0;-E7!M5:-7]!70=-29=-7!@-0@6-!M0AJ-2!2352!7@0A2!97!=-5;2!20!V-!M1;e!!
!
-.1.&M*E(8,:>&8($8*"&+(8#%,8&8#EE$+YH&
• $/4F/!5236-2-!L5223-.!NA535=!?&UTA7B!ZK-A566!.9;;-A!5J59;72!5!.0A6>!:1@!725;>5A>!M9-6>!52!23-!
"172A5695;!PA--72T6-!L0J16!S35=@90;739@7I!L522!.57!5670!23-!;1=V-A!&!A5;8->!=56-!789-A!52!23-!
"172A5695;!b1;90A!PA--72T6-!S35=@90;739@7!9;!L2!#166-AI!
• $/4F/!5236-2-!#A922-;T!S0c!?&UTA7B!;1=V-A!&!A5;8->!"172A5695;!M-=56-!789-A!5J59;72!5!.0A6>!:1@!
725;>5A>!M9-6>!52!23-!"172A5695;!PA--72T6-!L0J16!S35=@90;739@7I!#A922-;T!.57!5670!23-!0K-A566!
M-=56-!.9;;-A!52!23-!"172A5695;!b1;90A!PA--72T6-!S35=@90;739@7!9;!L2!#166-AI!
• $/4F/!5236-2-!$9:06-!D5A87!?&RTA7B!$1=V-A!+!A5;8->!M-=56-!9;!"172A5695I!
• ZK-A!)U!9;2-A;5290;56!40A6>!S1@!5;>!$0Ad"=!5236-2-7!2A59;9;J!9;!D-A973-A!0;!\0@@5E7!QA-5=!
.39:3!9;:61>->!&!c!a5;:01K-A!N06>!L->56972]!+!c!/96K-A!N06>!=->569727]!&!c!#A0;h-!L->56972I!
F;2-A;5290;56!;1=V-A7!:0;29;1-!20!M601A973!-5:3!T-5A!5;>!=0A-!2-5=7!5A-!7-2!20!:0=-!9;!23-!+'&&!
>0=-729:!7-570;I!
• $/4!PA--72T6-!L0J16!789-A7!:0;29;1-!20!>0=9;52-!9;!566!"172A5695;!F;2-A7:3006E7]!b1;90A!$5290;567!
5;>!S0;29;-;256!S1@!-K-;27!5;>!23-!M121A-!97!60089;J!J00>!.923!K-AT!72A0;J!T0123!256-;2!:0=9;J!
23A01J3!23-!$/[email protected]!!
!
-.1.&011&=",(+"$,:*"$%&8($8*"&+(8#%,8&8#EE$+YH&
• U!$/4!5236-2-7!?#A922-;T!S0c]!$9:06-!D5A87]!/5=!^566]!Q5K9>!5;>!L5223-.!NA535=B!.-A-!7-6-:2->!
20!:0;2-72!23-!+'&'!d!+'&&!$0A23!"=-A9:5;!40A6>!S1@!201A!57!.-66!23-!+'&&!40A6>!PA--72T6-!
S35=@90;739@7!9;!Q--A!a566-T!l253I!
• "66!5236-2-7!5:39-K->!@-A70;56!V-72!A-71627!.923!23-!39J369J32!V-9;J!5!K-AT!9=@A-779K-!&+23!@65:-!VT!
#A922-;T!S0c!9;!23-!Q156!L0J16E7!40A6>!S35=@90;739@7!.3-A-!73-!.57!;5AA0.6T!>-M-52->!VT!23-!
:1AA-;2!.0A6>!;1=V-A!*!"1>A-T!G0V97301>!MA0=!S5;5>5I!
• #A922-;T!5670!35>!*!20@!+'!A-71627!52!40A6>!S1@]!$9:06-!D5A87!35>!5!@-A70;56!V-72!&R23!@65:-!52!23-!
S56J5AT!40A6>!S1@!5;>!&%23!@65:-!52!23-!40A6>!S35=@90;739@7]!/5=!^566!35>!5!@-A70;56!V-72!&%23!
@65:-!52!S56J5AT!40A6>!S1@!5;>!+!c!20@!+'!A-71627!52!23-!40A6>!S35=@90;739@7]!Q5K9>!NA535=!5!
@-A70;56!V-72!+*A>!@65:-!52!S56J5AT!40A6>!S1@!57!.-66!+!c!+O23!A-71627!52!23-!40A6>!S35=@90;739@7I!
L5223-.!NA535=!.57!>95J;07->!.923!5!V5:8!596=-;2!*!.--87!@A90A!20!23-!$^!7-570;!>-@5A21A-!
5;>!.57!1;5V6-!20!522-;>!23-!40A6>!S1@!201A!.923!23-!2-5=!5;>!357!79;:-!=5>-!5!M166!A-:0K-AT!
5;>!V5:8!9;!M166!2A59;9;JI!
• \397!.57!5!=5779K-!@-AM0A=5;:-!MA0=!01A!$/4!=0J16!7899;J!5236-2-7!9;!0;6T!23-9A!M9A72!7-570;!52!
.0A6>!:1@I!
• $/4!V57->!5236-2-!\5T653,D59J-!ZE$-966!.57!5670!0MM-A->!5!>-K-60@=-;2!40A6>!:1@!725A2!9;!
S56J5AT!.923!5!@-A70;56!V-72!A-7162!0M!+%23!@65:-!9;!0;6T!3-A!7-:0;>!-K-A!.0A6>!:1@!725A2I
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&1K&
G5=0;-!97!20!V-!:0==-;>->!M0A!23-!.5T!3-!A-@A-7-;2->!"172A5695!52!40A6>!S1@!5;>!Z6T=@9:!
N5=-7!5;>!.966!V-!70A-6T!=977->!57!5!A06-!=0>-6!20!01A!T01;J-A!$/4!5236-2-7I!G5=0;-!357!258-;!
1@!5!@079290;!.923!/89!W!/;0.V05A>!"172A5695!57!M166!29=-!Q-K-60@=-;2!0MM9:-A!5;>!.966!V-!.0A89;J!
:607-6T!.923!/2-K-!S00@-A!W!\0@@5!.923!-K-;27!5;>!//"!@A0=0290;7I!4-!235;8!G5=0;-!M0A!397!
7@0A29;J!5:39-K-=-;27!5;>!.973!39=!23-!K-AT!V-72!0M!61:8!9;!397!;-.!@079290;I!
• "!;-.!R!T-5A!60;J!2-A=!@65;!357!V--;!71V=922->!20!23-!D-A973-A!49;2-A!/@0A2!S61V!20!=0>-A;9h-!
5;>!9=@A0K-!23-!:1AA-;2!79215290;!0M!D-A973-A!4/S!=0J16!@A0JA5=I!\0@@5]!X69h5!NA535=!5;>!
N-0AJ9-!S35@=5;!35K-!7@-;2!70=-!:0;79>-A5V6-!0K-A!23-!@572!(!=0;237!:0;71629;J!0;!5!;-.!
>9A-:290;!M0A!23-!@A0JA5=!2352!.966!1629=52-6T!VA9;J!;-.!5;>!9=@A0K->!.0A6>!:6577!M5:96929-7]!
>-2596->!&+!=0;23!2A59;9;J!0@@0A21;929-7!M0A!566!4/S!=0J16!5236-2-7!5;>!1629=52-6T!=0A-!4/S!
5236-2-7!@5A29:9@529;J!52!23-!+'&(!Z6T=@9:!49;2-A!N5=-7I!Q-25967!0M!2397!;-.!@65;!.966!V-!=5>-!
5K5965V6-!52!23-!$/4!PA--72T6-!:0==922--!=--29;J!9;!b16TI!!!
• D-2-A!\0@560K9:]!/2-K-!S00@-A!W!X69h5!NA535=!5670!A-@A-7-;2->!23-!i$/4PS[!?;0=9;52->!20!23-!
:0==922--!M0A!5236-2-Y:05:3!A-@A-7-;25290;!d!\0@@5!W!X69h5]!5;>!-K-;2!=5;5J-=-;2!
A-@A-7-;25290;d!/2-K-B!52!23-!$5290;56!//"!PA--72T6-!S0==922--!=--29;J?7B!9;!L-6V01A;-!9;!L5T!
5;>!/-@2-=V-A!0M!+'&'I!
!
FCJ&J$,(+&'$E)&4+$:":"3&G$>:%:,YH&
• D65;7!M0A!23-!b9;>5VT;-!452-A!G5=@!2A59;9;J!M5:9692T!35K-!1;M0A21;52-6T!V--;!@12!0;!306>!>1-!20!5!
;1=V-A!0M!60J9729:56!5;>!:072!9771-7I!4396-!5!452-A!G5=@!9;!b9;>5VT;-!97!72966!5!J056!0M!2397!!
:0==922--!.-!5A-!@6-57->!20!9;M0A=!T01!2352!.-!35K-!9>-;29M9->!5;023-A!60:5290;!20!:0;72A1:2!5!
452-A!G5=@!52!23-!D-;A923!<58-7!4392-!452-A!P5:9692TI!"!@A0@0756!357!V--;!71V=922->!20!23-!
D-;A923!<58-7!4392-!452-A!S0==922--!5;>!23-T!.-A-!K-AT!9=@A-77->!.923!23-!@A-7-;25290;]!.-!
5A-!5.5929;J!M0A=56!5@@A0K56!20!V196>!23-!M5:9692T!0;!792-I!
• 4-!5A-!;0.!.0A89;J!35A>!20!M9;>!5!M1A23-A!+U'_!9;!M1;>7!20!:0=@6-2-!23-!@A0f-:2]!.-!578!566!23-!
$/4!PA--72T6-!:0==1;92T!20!J-2!V-39;>!2397!@A0f-:2!5;>!5;T!5779725;:-!20!M9;>!23-7-!M1;>7!.016>!
V-!JA-526T!5@@A-:952->!20!=58-!2397!V-:0=-!5!A-5692T!57!700;!57!@0779V6-I!
• L5;T!235;87!20!\0@@5!W!Q-A-8!$9c!M0A!23-9A!K5615V6-!29=-!5;>!=029K5290;!20!J-2!2397!0MM!23-!
JA01;>I!
!
D-2-A!\0@560K9:]!/2-K-;!S00@-AI!
$/4!PA--72T6-!/;0.7@0A27!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&1L&
! !
FCJ&C"*V8)*+,8&0&FCJ&C"*V5*$+;&'()*+,&-.1.&
&
\3-!$/4!"172A5695;!b1;90A!/-A9-7!+'&'!?"b/B!9;!5!f09;2!K-;21A-!.923!23-!a9:20A95;!/;0.V05A>!S0==922--!!
-c2-;>->! 23-! 7-A9-7! 20! 9;:61>-! 5;! 5>>9290;56! *! -K-;27! 9;! a9:20A95I! 4-! 35K-! 35>! 5! 72A0;J! a9:20A95;!
:0;29;J-;2! 71@@0A2! .923! 23-! "172A5695;! b1;90A! /-A9-7! 0K-A! 23-! 6572! :01@6-! 0M! T-5A7! 5;>! .-! 5A-! 8--;! 20!
A-:9@A0:52-I!!
!
\3-!+'&'!"172A5695;!b1;90A!/-A9-7!:0;7972->!0M!)!-K-;27!57!M0660.7C!!
L2!^0235=!a9:20A95!d!+*A>!d!+U23!b16T!+'&'!G5967]!"9A!5;>!#05A>-A:A077!!5;>!D-A973-A!$/4!d!&+23!d!&O23!
"1J172!+'&'!#05A>-A:A077]!/60@-72T6-]!^56M@9@-!
F;!$/4]!23-!-K-;2!7@0;70A!.57!Z:-5;!5;>!X5A23!5;>!23-!-K-;2!.57!:566->!23-!Z:-5;!5;>!X5A23!\--;5J-!
G5=@5J-I!
!
F2!.57!>-:9>->!20!:35;J-!23-!5J-!JA01@7!M0A!23-!-K-;27!2397!T-5A!20!VA9;J!92!=0A-!9;!69;-!.923!PF/!5J-!
JA01@7!5;>!23-!A-g19A-=-;27!0M!L2!^0235=!57!M0660.7C!!
• b1;90A!+!! ,!\307-!V0A;!9;!&%%+Y%*!
• b1;90A!&! !,!\307-!V0A;!9;!&%%OY%U!
• NA0==-2!+!! ,!\307-!V0A;!9;!&%%)Y%R!
• NA0==-2!&!! ,!\307-!V0A;!9;!&%%(Y%%!
• NA0==-2!'!! ,!\307-!V0A;!9;!+'''!0A!652-A!
!
\3-!-K-;27!522A5:2->!23-!M0660.9;J!;1=V-A7!0M!5236-2-7C!!
!
S+*E&.& S+*E&1& S+*E&-& ^#":*+&1& ^#":*+&-&
PB(",8&
A$%(&& G(E$%(& A$%(& G(E$%(& A$%(& G(E$%(& A$%(& G(E$%(& A$%(&& G(E$%(&
4*,$%&
_:>,*+:$& & & & & & & & & & & &
G5967! '! &! )! &! &+! *! &+! O! %! '! O(!
#9J!"9A! '! &! )! &! &+! O! &*! O! %! '! U'!
#05A>m! '! &! )! +! &&! O! &)! R! &'! '! UR!
FCJ& ! ! ! ! ! ! ! ! ! ! !
#05A>m! +! &! &'! *! &&! U! &R! U! &&! '! )U!
//! +! &! U! +! &&! O! &U! *! &+! '! UU!
^YD9@-! +! &! )! +! &&! *! &*! U! R! '! U'!
!
ZK-A566]!23-A-!.-A-!5!20256!0M!%'!:0=@-2920A7!d!R'!=56-7!5;>!+'!M-=56-7I!\397!.57!5;!9;:A-57-!0M!&(o!0;!
A-J972A5290;7!MA0=!+''%I!"@@A0c9=52-6T!0;-!239A>!0M!23-!0K-A566!:0=@-2920A7!.-A-!MA0=!a9:20A95I!!
!!^C&2+:`(8O!V$+;8&
F;!a9:20A95]!@65:-!J-22-A7!A-:-9K->!//"!J06>]!796K-A!0A!VA0;h-!=->56690;7I!F;!$/4]!>1-!20!23-!9;:A-57->!
;1=V-A!0M!@A9h-7!A-g19A->!5;>!23-!@A9h-7!5K5965V6-!92!.57!>-:9>->!20!5660:52-!@A9h-7!57!M0660.7C!!
• X5:3!-K-;2!@65:-!J-22-A!A-:-9K->!@A9h-7!MA0=!/-=5;29:7!?2,739A27]!>00A5J7]!:5@7!5;>!V-5;9-7B]!
"172A5695;!5;>!$-.!p-565;>!/;0.V05A>-A!L5J5h9;-!?=5J5h9;-7!5;>!>K>7B]!Z:-5;!5;>!X5A23!
?5770A2->BI!$02-!2352!-5:3!-K-;2!A-g19A->!70=-!+)!@A9h-7!-5:3I!!!
• X5:3!0K-A566!$/4!7-A9-7!@65:-!J-22-A7!A-:-9K->!5!V5J!5;>!61JJ5J-!72A5@7!MA0=!Z:-5;!5;>!X5A23!
5;>!K01:3-A7!MA0=!DZ4!#05A>720A-I!F;!5>>9290;]!M9A72!@65:-!J-22-A7!A-:-9K->!5!71V7:A9@290;!20!
"172A5695;!5;>!$-.!p-565;>-A!/;0.V05A>-A!L5J5h9;-I!GT5;!4966=022]!X>920A!0M!"172!5;>!$p!
/;0.V05A>-A!L5J!5670!J5K-!5!:3-:8012!20!5!@-A70;!0M!397!:309:-I!!!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&1N&
S35=@90;7!5;>!J9K-;!jRU'!-5:3I!!
• 4-!5670!35>!5!iV9V!>A5.[!.923!70=-!JA-52!@A9h-7]!9;:61>9;J!23-!7852-V05A>!MA0=!L0;72-AI!
!
!^C&C)*"8*+8?:)&
!
F;!5>>9290;!20!23-!=5f0A!7@0;70A739@!MA0=!Z:-5;!5;>!X5A23!M0A!23-!$/4!720@]!023-A!7@0;70A7!9;:61>->C!!
• DZ4!V05A>720A-!?K01:3-A7!M0A!0K-A566!$/4!@65:-!J-22-A7!,!j*'!M0A!*A>]!jO'!M0A!+;>!5;>!j('!M0A!&72B!
• /-=5;29:7!?\,739A27]!V-5;9-7]!:5@7]!>00A5J7B!!
• PA--72T6-!L5c!?=5c7!B!
• "172A5695!5;>!$-.!p-565;>!/;0.V05A>-A!L5J5h9;-!?729:8-A7]!=5J5h9;-7]!>K>7]!T-5A6T!
71V7:A9@290;7]!5!:3-:8012!9;!0;-!0M!;-c2!T-5AE7!=5J5h9;-7B!!
• L0;72-A!/852-!D5A8!?729:8-A7]!jU''!20.5A>7!23-!0K-A566!"b/!.9;;-A7]!7852-V05A>!5;>!3-6=-27B!!
• S08-!?>A9;87B!!
• G3T23=!?@65729:!@A9h-!V5J7B!
• D-A973-A!?:01A7-!>-79J;!5;>!V196>]!A-J972A5290;7]!A1;;9;J!23-!-K-;27B!!
&
!^C&G#";+$:8:"3&
• 4-!3-6>!5!M1;>A5979;J!>9;;-A!52!^0A9h0;7!0;!23-!-K-;9;J!0M!23-!&O23!"1J172]!+'&'I!F2!522A5:2->!
70=-!U&!@-0@6-I!"!V9J!235;87!20!01A!LS!_9=!5;>!51:290;--A!Q5AA-;I!4-!706>!j*()I&'!.0A23!0M!
A5MM6-7!29:8-27]!01A!69K-!51:290;!92-=7!A597->!j&]O)&I'']!796-;2!51:290;!92-=7!A597->!jRRUI''!5;>!
A-:-9K->!jOU'I''!9;!>0;5290;7I!\3-!20256!A597->!MA0=!23-!;9J32!.57!jO]*ORI''!!
!
!#8,+$%:$"&'**[:(&G(8,&-.1.&a&W!'GX&
"172A5695]! f09;->! 23-! 40A6>! /;0.V05A>! P->-A5290;! 9;! +''R! M0A! 23-! M9A72! 29=-! 5;>! 23-! A-65290;739@! 357!
JA0.;!79;:-!23-;]!6-5>9;J!20!23-!0@@0A21;92T!20!3072!5!G0089-!P-72!9;!+'&'I!\3-!"172A5695;!G0089-!P-72!
.57!23-!M9A72!-K-A!G0089-!P-72!3-6>!9;!23-!70123-A;!3-=97@3-A-!5;>!522A5:2->!A9>-A7!57!M5A!57!23-!l;92->!
_9;J>0=I!F2!:0;7972->!0M!5!*!>5T!@A0JA5=!MA0=!+(23!d!*'23!b16T]!+'&'!52!\3A->V0!G-70A2I!\3-!-K-;2!35>!
2.0!5J-!JA01@7!M0A!=56-7!5;>!M-=56-7!M0A!23-!>97:9@69;-!0M!i760@-72T-[I!G0089-7!d!V0A;!9;!&%%*]!%O!5;>!%U!
5;>!NA0=7C!V0A;!&%%)!5;>!652-AI!!
!
G-71627C!
49;;-A!L56-!NA0=!d!^-;AT!#-77-66!
49;;-A!L56-!G0089-!d!#966T!^5T=5;!
49;;-A!P-=56-!G0089-!d!<51A-;!/25K-6-T!
!
\3-7-! *! 5236-2-7! A-:-9K->! 5120=529:! -;2AT! 9;20! 23-! 40A6>! G0089-! P-72! P9;56! .39:3! .57! 3-6>! 9;! F7:3J6!
"172A95I!F;!5>>9290;!20!23-!5120=529:!-;2AT!23-T!A-:-9K->!MA--!-;2AT!9;20!23-!-K-;2]!5::0==0>5290;!5;>!
=-567!M166T!@59>I!S0;JA52165290;7!20!#966T!^5T=5;!@65:->!+'23!5;>!^-;AT!#-77-66!@65:->!&*23I!!
&
W!'GX&C)*"8*+8&a&\35;8!T01!20!01A!7@0;70A7!M0A!23-9A!71@@0A2!I!
- 40A6>!/;0.V05A>9;J!P->-A5290;!
- $/4!/;0.7@0A27!!
- $/4!S0==1;929-7!/@0A2!W!G-:A-5290;!
- G->!#166!
- \\G!
- /=923!Z@29:7!!
- ">A-;569;-!D617!/@0A2!/20A-!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&1Q&
&
4?+(;5*&A*"8,(+&T$3b#E)&
\3-!\3A->V0!L0;72-A!#5Jf1=@!97!5!@5A2;-A739@!.923!L0;72-A!/852-!D5A8!52!/T>;-T!Z6T=@9:!D5A8!5;>!
\3A->V0I!\3-!=0;72-A!V5Jf1=@!.57!7-2!1@!52!\3A->V0!>1A9;J!23-!+'&'!.9;2-A!7-570;!5;>!.57!5!31J-!
72-@!M0A.5A>!M0A!5:290;!7;0.!7@0A27!2A59;9;J!9;!"172A5695I!\3-!5V9692T!20!@A5:29:-!2A9:87!.923!5!75M-!65;>9;J!
97!J09;J!20!9=@A0K-!23-!@A0JA-7790;!0M!23-!7@0A2I!\35;8!T01!20!\3A->V0!5;>!20!Q5A-;!^1J3-7!23-!0.;-A!
0M!L0;72-A!/852-!D5A8!.30!@A0K9>->!23-!#5Jf1=@!M0A!23-!"GP!2A59;9;J!>5TI!!!!!
^#;3:"3&
">5=!#-JJ7!>9>!5!JA-52!f0V!0M!:00A>9;529;J!23-!f1>J-7!2397!T-5AI!b1>J-7!9;:61>->!">5=]!#-;!L52-7]!";>T!
<60T>]!Q5K9>!?MA0=!\3A->V0B!5;>!/5@3!P5AA-66I!!!
&
=",(+"$,:*"$%&'(8#%,8H&
+'&'Y+'&&!/;0.V05A>9;J!/#m!5;>!^56M!D9@-!5:39-K->!*!N06>!L->567!52!23-!40A6>!S35=@90;739@7I!F;!
5>>9290;!20!\0A53!#A9J327!^56M@9@-!Z6T=@9:!N06>!=->56]!2397!.016>!V-!:0;79>-A->!23-!=072!71::-77M16!
/;0.V05A>9;J!A-71627!52!5!40A6>!S1@!5;>!:A-529;J!^9720AT!M0A!"172A5695I!!!!
- aFS!V57->!Z6T=@95;!/;0.V05A>!/#m!"6-c!D1669;!.57!:A0.;->!40A6>!S35=@90;!.9;;9;J!23-!
40A6>!S35=@90;739@7!9;!<5!L069;5I!40A6>!S1@!XK-;27I!F;!5>>9290;!"66-c!D1669;!@65:->!+;>!<-:3!5=!
"A6V-AJ!40A6>!S1@]!*A>!52!\-661A9>-!40A6>!S1@!5;>!&72!@65:-!52!"A075!40A6>!:1@I!!
- $/4!$5235;!b03;720;-!/;0.V05A>!^56M@9@-!.57!:A0.;->!40A6>!S35=@90;!.9;;9;J!23-!40A6>!
S35=@90;739@7!9;!<5!L069;5I!$5235;!b03;720;!5>>->!5!M1A23-A!+!J06>!=->567!.9;;9;J!k5V169!
40A6>!S1@!5;>!#5A>0;-::395!40A6>7!S1@!5;>!5!+;>!@65:-!23-!S56J5AT!40A6>!S1@I!!
- $/4!^066T!SA5.M0A>!Z6T=@95;!/;0.V05A>!^56M@9@-!.57!:A0.;->!23-!M-=56-!40A6>!S35=@90;!
.9;;9;J!23-!40A6>!S35=@90;739@7!9;!<5!L069;5I!^066T!:0;29;1->!5>>9;J!5>>9290;56!@0>91=!
A-71627!.923!!5;023-A!N06>!=->56!.9;;9;J!#5A>0;-::395!40A6>7!S1@!5;>!+;>!@65:-!S56J5AT!40A6>!
S1@!5;>!5;023-A!+;>!@65:-!52!"A075!40A6>!:1@I!
!
&^#":*+&J*+%;&7?$E):*"8?:)8&W^J7X&&0&&a56=56-;:0!&F256TI!!
• /#m!,!b5AAT>!^1J3-7!*U23]!";>T!P97:3-A!+O23!_9-A-;!"68-=5>-!*%23!012!0M!5!M9-6>!0M!)+I!!
• ^D!d!"6-c5;>A5!P92:3!&+23!]!<51A-;!/25K-6-T!&U23!5;>!/2-@35;9-!L5J9A07!&)23!9;!5!M9-6>!0M!+%I!Z1A!
=56-!A-@A-7-;2529K-!/5=1-6!L1A@3T]!;02!=589;J!23-!M9;56I!
• //!d!L9:35-65!Q5K97,L-535;!&&23]!"6-c5;>A5!P92:3!%23!5;>!<51A-;!/25K-6-T!R23!9;!5!M9-6>7!0M!+%!!
$9:30657!400>!M9;9739;J!)&I!!
F*+,?(+"&c(E:8)?(+(&4*)&'(8#%,8&6+*E&*#+&FCJ&$,?%(,(8U&&
• L9:35-65!Q5K97!L-535;!/60@-72T6-!.9;;-A!0M!23-!G-K!\01A!9;!#0A-56I!"6-c5;>A5!P92:3!&(23!"=V-A!
"A5h;T!&(23!5;>!/2-@35;9-!L5J9A07!&%23!52!23-!l/"/"!$5290;56!Z@-;!^56M@9@-!S35=@90;739@7I!
X=96T!"A231A!*A>!9;!N/!!5;>!&+23!^D!5;>!<51:365;!L00A-!&72!N/]!/#m!R23!]!/6560=!)23]!^D!+&72!52!23-!
l/"/"!$5290;56!S35=@90;739@7!9;!&'!W!&&!T-5A!5J-!JA01@I!!/#m!5236-2-7!L-65;9-!<5@@57!&'23!5;>!
b5AAT>!^1J3-7!(23!52!23-!P97!$0A"=I!
$/4!/;0.7@0A27!!
G079-!<5@@57!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&1/&
&
FCJ&C"*V8)*+,8&a&FCJ&=",(+8>?**%8&'()*+,&-.1.&
&
4?(&PB(",8U&&
\3-!+'&'!&,)-(./.)0'"12')03!"45),4'$..'#6((.'7,2-('!"#'8'$%&'90:(,+;6<<.+'"0<=+/<,:+'
%6)*/2<0+62/+!522A5:2->!R!)&*!-;2A9-7!MA0=!&()!$/4!7:30067I!\3-!$5290;56!-K-;2!!,!23-!"45),4'
$4+:,).2)0'90:(,+;6<<.+'"0<=+/<,:+'%6)*/2<0+62/+!3-6>!9;!$/4]!522A5:2->!+!+*&!-;2A9-7!MA0=!&!'%'!
:0=@-2920A7!MA0=!$/4]!"S\]!a9:20A95]!/0123!"172A5695]!q1--;765;>!5;>!\57=5;95I!\3-7-!-;2AT!;1=V-A7!
=58-7!F;2-A7:30067!/;0.7@0A27!0;-!0M!23-!79;J6-!V9JJ-72!7@0A29;J!-K-;27!9;!"172A5695!52!5;T!6-K-6I!!
!
\3-!S35=@90;739@7!0MM-A!7-K-;!>9MM-A-;2!-K-;2!>97:9@69;-7C!"6@9;-]!/89-A:A077]!PA--72T6-!L0J167]!
/;0.V05A>!N95;2!/6560=]!/;0.V05A>!SA077]!5;>!SA077,S01;2AT!G-65T!5;>!PA--72T6-I!!
!
4?(&A$"$3(E(",&7*EE:,,((U!
\3-!$/4!F;2-A7:30067!/;0.7@0A27!L5;5J-=-;2!\-5=]!5!:066-:29K-!0M!R!\-5:3-A7]!D5A-;27]!5;>!
S0==1;92T!a061;2--A7!.30!5A-!A-@A-7-;2529K-!0M!23-!7258-306>-A7]!97!23-!J0K-A;9;J!V0>T!2352!0AJ5;97-7!
5;>!:0;>1:27!23-!F;2-A7:30067!-K-;27I!!
!
\3-!+'&'!=-=V-A7!.-A-C!/2-K-!S00@-A]!Q0;;5!#58-A]!D-2-A!/652-A]!L9:8!\T;5;]!";>A-.!4-;35=]!
4-;>T!D9;8-A20;!5;>!G-V-::5!L572-A20;I!_-AA9!W!b03;!D9;8-A20;!5:2->!57!5!71@@0A2!2-5=!20!23-!
:0==922--E7!0;,7;0.!5:29K929-7!9;!+'&'I!\3-!71::-77!0M!23-!F;2-A7:30067!XK-;27!97!>-@-;>5;2!1@0;!23-!
S0==922--!5;>!71@@0A2!2-5=!.30!J5K-!-;0A=0176T!0M!23-9A!29=-]!789667!W!5V96929-7!23A01J3012!23-!7-570;I!!
!
"66!=-=V-A7!0M!23-!L5;5J-=-;2!S0==922--!35K-!5:29K-!.0A89;J!@0A2M06907!0M!-K-;2!A-7@0;79V9692T]!5;>!
=--2!2.9:-!5!T-5A!@A90A!20]!5;>!5M2-A!23-!-K-;27]!5;>!>596T!23A01J3!-6-:2A0;9:!:0;K-A75290;!5;>!>-:9790;,
=589;J!@A0:-77-7I!$/4!F;2-A7:30067!-=@60T7!2.0!M166!29=-!725MM!=-=V-A7C!!Xc-:129K-!L5;5J-A!4-;>T!
D9;8-A20;!5;>!Z@-A5290;7!L5;5J-A!G-V-::5!L572-A20;]!20!M5:969252-!23-!0AJ5;975290;!5;>!=5;5J-=-;2!0M!
23-!-K-;27]!20J-23-A!.923!23-!0K-A566!L5;5J-=-;2!\-5=I!!
!!R#+&R5b(>,:B(U&&!
$/4!F;2-A7:30067!/;0.7@0A27!97!0@-A52->!0;!5!;02,M0A,@A0M92!V5797]!.923!5;T!5>>9290;56!M1;>7!V-9;J!
>9A-:2->!20!f1;90A!5236-2-!7;0.7@0A27!>-K-60@=-;2!@A0JA5=7!5:A077!566!M01A,>97:9@69;-!:0==922--7!0M!23-!
$/4!/;0.7@0A27!"770:95290;I!\3-!5;;156!25AJ-2!97!j&']''']!20!V-!>972A9V12->!0;!5!@A0,A525!V5797!5:A077!
23-!M01A!>97:9@69;-7]!>-2-A=9;->!K95!F;2-A7:30067!-;2AT!;1=V-A7!9;!23-!7@-:9M9:!>97:9@69;-7I!!
&
!V$+;8U&Z1A!235;87!J0!20!23-!$/4!"6@9;-!M0A!23-9A!79J;9M9:5;2!-MM0A27!20!A-.5A>!5;>!-;:01A5J-!T01;J!
5236-2-7!K95!23-!$/4!Y!"S\!".5A>7!0M!Xc:-66-;:-I!!
!
TY0I$V8&$";&A$"$3(E(",&7*EE:,,((&$))*:",E(",8U!!
\3-!F;2-A7:30067!S0==922--!:1AA-;26T!0@-A52-7!1;>-A!23-!71V,:0==922--!VT,65.7!0M!23-!$/4!/"]!.923!
>1-!A-M-A-;:-!20!23-!@A-K9017!7:30067!7@-:9M9:!VT,65.7I!a5:5;2!:0==922--!=5;5J-=-;2!@079290;7!5A-!
0@-;!20!9;2-A-72->!@5A-;27!Y!2-5:3-A7!Y!:0==1;92T!=-=V-A7!23A01J3!5!79c!20!-9J32!.--8!-6-:2A0;9:!@A-, 9;>1:290;!@A0:-77I!
DA07@-:29K-!=5;5J-=-;2!:0==922--!=-=V-A7!5A-!A-g19A->!20!5::-@2!M166!A-7@0;79V9692T!M0A!52!6-572!0;-!
=5f0A!0AJ5;975290;56!A06-]!5;>!735>0.!52!6-572!0;-!5;>!@A-M-A5V6T!2.0!023-A!@0A2M06907!0M!A-7@0;79V9692T!
23A01J3012!23-!T-5A!9;!5!M166,29=-!:5@5:92TI!S0==922--!@079290;7!5A-!A-K9-.->!5;>!A-,5@@09;2->!0;!5!
T-5A6T!V5797]!VT!23-!.306-!:0==922--I!
!
!
!
!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&-.&
S0==922--!=-=V-A7!5A-!A-g19A->!20!.0A8!K061;25A96T!0;,7;0.!23A01J3!3069>5T!5;>!.--8-;>!@-A90>7]!
5;>!522-;>!;0!6-77!235;!RUo!0M!566!-K-;2!>5T7!?5@@A0cI!&*!012!0M!+&!-K-;2!>5T7BI!\3-!5K-A5J-!>5T!0;, 7;0.!:0==-;:-7!;0!652-A!235;!UI*'5=]!5;>!M9;973-7!;0!-5A69-A!235;!%I*'@=I!Z;,7;0.!5::0==0>5290;!97!
@A0K9>->!9;!5!=1629,735A-!-;K9A0;=-;2]!.39:3!0M2-;!9;:61>-7!;1=-A017!=-=V-A7!0M!23-!A-7@-:29K-!A5:-!
>-@5A2=-;27I!F;>9K9>156!:0==922--!-c@-;7-7!A-652->!20!F;2-A7:30067!-K-;2!522-;>5;:-!5;>!0AJ5;975290;]!
5A-!A-9=V1A7->!23A01J3!5!A-:-9@27,0;6T!@A0:-77I!!!!
!
7?$E):*"&C>?**%8U&S0;JA52165290;7!20!01A!+'&'!S35=@90;!G-J90;56]!/252-]!5;>!$5290;56!/:30067I!!
F*+,?(+"&'(3:*"H!!!
S52-J0AT!&!/-:0;>5AT!#0T7!d!!4?(&d:"38&C>?**%&Y!N9A67!d!2YE5%(&I$;:(8&7*%%(3(!
S52-J0AT!+!/-:0;>5AT!#0T7!,!!R\%(Y&7*%%(3(!Y!N9A67!d!4$+$&!"3%:>$"&C>?**%!!!!!!!!!!!!!!!!!!!!!!
S52-J0AT!&!DA9=5AT!#0T7!,!F(V)*+,&2#5%:>&C>?**%!Y!N9A67!a&F(V)*+,&2#5%:>&C>?**%&
S52-J0AT!+!DA9=5AT!#0T7!d!C,&^*8()?8&7$,?*%:>&F$++$5(("&Y!N9A67!d!4$+$&!"3%:>$"&C>?**%&
&
CY;"(Y&'(3:*"H!!!!!!
S52-J0AT!&!/-:0;>5AT!#0T7!d!!4?(&C>*,8&7*%%(3(&Y!N9A67!,!'(;%$";8!
S52-J0AT!+!/-:0;>5AT!#0T7!,!!!4+:":,Y&S+$EE$+&C>?**%!Y!N9A67!d!2+(85Y,(+:$"&I$;:(8&7*%%(3(!!!!!!!!!!!!!!!!!!!!!&
S52-J0AT!&!DA9=5AT!#0T7!,!!4?(&C>*,8&2+()&Y!N9A67!0&e#(("V**;&
S52-J0AT!+!DA9=5AT!#0T7!d!C,&=3"$,:#8&7*%%(3(&':B(+B:(V&Y!N9A67!d!'$B("8V**;&C>?**%&6*+&S:+%8!!!!!!!!!!!!!!!!!!!!&
&
FCJ&C,$,(&PB(",H!!!
/-:0;>5AT!#0T7!d!!4?(&C>*,8&7*%%(3(&&Y!N9A67!d!C"*VY&A*#",$:"8&S+$EE$+!!
DA9=5AT!#0T7!d!4?(&C>*,8&2+()&!Y!DA9=5AT!N9A67!d!^:";$5Y"(&7(",+$%&C>?**%!
&
!#8,+$%:$"&PB(",H&&&
/-:0;>5AT!#0T7!d!4?(&C>*,8&7*%%(3(!Y!N9A67!d!2+(85Y,(+:$"&I$;:(8&7*%%(3(!Y!S0,X>I!d!C"*VY&
A*#",$:"8&S+$EE$+&
DA9=5AT!#0T7!d!4?(&C>*,8&2+()!Y!DA9=5AT!N9A67!d!e#(("V**;&?\0@!$/4!/:3006B&Y!S0,X>I!d!^:";$5Y"(&
7(",+$%&C>?**%&?\0@!$/4!/:3006B&
!
="8#+$">(U!F;2-A7:30067!F;71A5;:-!.57!@A0K9>->!VT!23-!"66,/252-7!F;71A5;:-!V0>T]!5;>!23-A-!35K-!V--;!
;0!:659=7!20!>52-!M0A!+'&'I!
!
=U4&A$"$3(E(",O&J(58:,(O&PE$:%&7*++(8)*";(">(U!!
+'&'!.57!23-!M9M23!T-5A!0M!A1;;9;J!23-!$5290;56!.-V792-!M0A!"172A5695;!F;2-A7:30067!/;0.7@0A27!-K-;27]!
.39:3!$/4!F;2-A7:30067!>-K-60@->!5;>!:0,0.;!.923!23-!a9:20A95;!//QPI!\3-!792-!97!6-57->!23A01J3!5!
=9;9=56!M9;5;:956!5AA5;J-=-;2!20!/;0.7@0A27!"S\]!/0123!"172A5695]!5;>!q1--;765;>I!\3-!.-V792-!
9;:61>-7!23-!0;69;-!-;2AT!7T72-=!5;>!>9A-:2!-=596!K95!;-.76-22-A7!20!A-J972-A->!A-:9@9-;27I!"2!23-!-;>!0M!
+'&']!23-A-!.-A-!0K-A!(U'!$/4!71V7:A9V-A7I!N0!20!...I9;2-A7:30067I0AJI51!!
!
2#5%:>&!;;+(88&CY8,(E8U!!!
\3-!17-!0M!@1V69:!5>>A-77!7T72-=7!0;,7;0.!5J59;!@A0K->!20!V-!39J36T!V-;-M9:956!9;!23-!@A0=0290;!0M!
F;2-A7:30067]!01A!7@0;70A7]!01A!.-V792-]!A-70A2!7-AK9:-7]!J-;-A56!-K-;2!9;M0A=5290;]!5;>!=072!
9=@0A25;26T]!23-!789-A7YV05A>-A7!0;,:01A7-!5;>!23-!7:30067!23-T!:0=-!MA0=I!
!
A$+[(,:"3U!!
F;2-A7:30067!@5A29:9@5290;!A52-7!-923-A!:0;29;1->!20!JA0.]!0A!.-A-!=59;259;->!52!+''(!6-K-67]!5:A077!566!
G-J90;7!5;>!9;!566!-K-;27I!G-J165A!;-.76-22-A7!.-A-!-=596->!012!20!/:3006!S00A>9;520A7!5;>!@5A-;27]!5;>!
@A0K->[email protected]!2006!9;!@A0K9>9;J!1@,20,>52-!9;M0A=5290;!5;>!@A0=0290;!0M!01A!7@0;70A7I!
!!!
2#5%:>:,Y&O&2+*E*,:*"U!!
\3-!@1V69:92T!5;>!@A0=0290;!0M!F;2-A7:30067!/;0.7@0A27!XK-;27!2-;>7!20!A-=59;!60:5697->!5;>Y0A!
7;0.7@0A27!7@-:9M9:I!F;!+'&']!.-!>-K-60@->!5;>!>972A9V12->!5;!"*!@A0=0290;56!@072-AI!!
!!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&-1&
.016>!698-!20!9;:A-57-!-;2A9-7!9;20!23-!$0A23-A;!-K-;2!20!V565;:-!;1=V-A7!5;>!23-!6-K-6!0M!:0=@-29290;I!
\397!7T72-=!357!.0A8->!.-66!9;!23-!6572!R!T-5A7I!!
!
'(8*+,&!3+((E(",8I!!
"66!@5A29-7!.-A-!@6-57->!.923!23-!=5;5J-=-;2!5;>!0AJ5;975290;!0M!23-!+'&'!-K-;27C!!23-!;1=V-A7!5;>!
M9;5;:956!V-;-M92!2352!23-!-K-;27!VA9;J!20!23-!A-70A27`!23-!9;2A0>1:290;!0M!;-.!9;929529K-7`!23-!@07929K-!
.0A8!V-2.--;!23-!:0==922--]!23-!A-7@-:29K-!A5:-!>-@5A2=-;27]!5;>!23-!A-70A27E!7-;90A!=5;5J-=-;2!
JA01@7I!
!
F;2-A7:30067!5@@A-:952-!23-!72A0;J!71@@0A2!5;>!5779725;:-!0M!V023!D-A973-A!5;>!\3A->V0!_07:91780!
L5;5J-=-;2!\-5=7!5;>!G5:-!Q-@5A2=-;27!9;!23-9A!71@@0A2!5;>!5779725;:-!9;!A1;;9;J!23-!F;2-A7:30067!
-K-;27I!
&
':8[&A$"$3(E(",U&&
\3-!$/4!F;2-A7:30067!G978!L5;5J-=-;2!D069:T!97!5K5965V6-!0;!23-!?8+0#!"&#.,(7$++5(!@5J-!0M!23-!.-V792-!
52!...I9;2-A7:30067I0AJI51!]!5;>!:0K-A7!&'!9>-;29M9->!5A-57I!$0!=5f0A!5::9>-;27!.-A-!A-:0A>->!9;!2397!
T-5AE7!-K-;27I!!
!
'#%(&>?$"3(8&O&$;;:,:*"8&:"&-.1.U&&&
\3-A-!.-A-!;0!A16-7!9;!+'&']!30.-K-A]!23-!A16-7!A-J5A>9;J!g1569MT9;J!20!23-!;-c2!6-K-6!0M!:0=@-29290;!
.-A-!29>9->!1@I!!!
&
C)*"8*+&RB(+B:(VU&&
F;2-A7:30067!A-:-9K->!M9;5;:956]!@A0>1:2]!5;>!7-AK9:-!71@@0A2!MA0=!5!K5A9-2T!0M!7@0;70A7!9;!+'&']!5;>!.-!
235;8!23-=!566!M0A!23-9A!J-;-A0792TI!
!
C#5$+#&!%%0J?((%&M+:B(H&?P9;5;:956YDA0>1:2Y/-AK9:-B!d!/1V5A1!@A0K9>-7!K-39:6-7!20!V023!$/4Y"S\!?*B!
5;>!a9:20A95;!F;2-A7:30067!?*B]!@617!j&'!'''!M0A!23-!"172A5695;!XK-;2!.3-;!3072->!9;!$/4I!4-!235;8!
/1V5A1!"172A5695!M0A!23-9A!71@@0A2I!
!
4+$B(%)%$"&C[:&!#8,+$%:$H!?P9;5;:956YDA0>1:2B!d!\A5K-6@65;!/89!@A0K9>->!j&'!'''!9;!M9;5;:956!71@@0A2]!
@617!5>>9290;56!7-AK9:-!71@@0A2!M0A!23-!ZK-A7-57!/1;!D-587!P5=96T!S1@!XK-;27I!4-!235;8!\0VT!4923-A7!
5;>!\5;T5!/9;J-A!M0A!23-9A!9;K06K-=-;2!5;>!71@@0A2!0M!23-!F;2-A7:30067!-K-;27I!!
!
J(8,)$>H&?P9;5;:956YDA0>1:2B!d!4-72@5:!:5=-!0;!V05A>!57!5!7@0;70A!9;!+'&']!@A0K9>9;J!j&U!'''!9;!
M9;5;:956!71@@0A2!@617!J9K-5.5T7!52!566!0M!23-!".5A>7!DA-7-;25290;7I!4-!235;8!L-69;>5!4-72!5;>!23-!
b9;>5VT;-!4-72@5:!#A5;:3!M0A!23-9A!9;K06K-=-;2!5;>!71@@0A2!0M!23-!F;2-A7:30067!-K-;27I!!
!
4?+(;5*&$";&2(+:8?(+&C[:&'(8*+,8H!?/-AK9:-YDA0>1:2B!d!\3-!A-70A27!@A0K9>-!5!A5;J-!0M!7-AK9:-7!2352!
71@@0A2!01A!-;>-5K0A7]!9;:61>9;J!23-!@A0K9790;!0M!0;,7;0.!5::0==0>5290;!5;>!=-567!M0A!23-!:0==922--!
.3-A-!;-->->]!0@-A5290;56!7@5:-]!=--29;J!A00=7]!-g19@=-;2!39A-!.3-A-!;-->->]!5;>!MA--!29:8-29;J!M0A!566!
:01A7-!K061;2--A7!5;>!:0==922--!=-=V-A7I!
!
PB(",&C#))%:(8H!?DA0>1:2B!d!\3-!/;0.7@0A27!:0=@5;T!@A0K9>->!65AJ-!5=01;27!0M!>97:01;2->!@A0>1:27!
5;>!7-AK9:-7!20!$/4!F;2-A7:30067!/;0.7@0A27!2352!M5:969252->!5;!9=@A0K->!=5A8-29;J!@A-7-;25290;!20!01A!
:066-:29K-!:69-;27I!
!
FCJ&M()$+,E(",&*6&4*#+:8Ef&C)*+,&$";&'(>+($,:*"H!?P9;5;:956Y/-AK9:-B!d!\3-!Q-@5A2=-;2!@A0K9>->!
5!j*']'''!JA5;2!20!23-!$/4!/;0.7@0A27!"770:95290;!9;!+'&'!M0A!23-!0@-A5290;!0M!23-!"770:95290;I!"7!5!
71V,:0==922--!0M!23-!"770:95290;]!F;2-A7:30067!9;>9A-:26T!A-:-9K-7!V-;-M92!23A01J3!2397!JA5;2I!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&--&
!
FCJ&C"*V8)*+,8&0&7%#5&'()*+,&-.1.&
&
="8#+$">(&
L-=V-A739@!.923!23-!@A0K9790;!0M!9;71A5;:-!97!23-!=072!K979V6-!:0;;-:290;!V-2.--;!23-!:61V7!5;>!$/4!
/;0.7@0A27I!F2!97!5;!9=@0A25;2!:0;;-:290;]!57!92!97!5!7-AK9:-!2352!$/4/!:5;!@A0K9>-!20!:61V7!23A01J3!
71@@0A29;J!23-9A!7;0.!A-652->!5:29K929-7!5;>]!52!23-!75=-!29=-]!3-6@7!$/4/!0V259;!23-!9;71A5;:-!92!
A-g19A-7!M0A!927!=5;T!-K-;27!5;>!5:29K929-7I!F;71A5;:-!97!0;-!0M!$/4!/;0.7@0A27!79;J6-!=072!9=@0A25;2!
@A0f-:27!5;>!.-!235;8!566!@5A29:9@529;J!:61V7!M0A!23-9A!71@@0A2I!FM!T01A!:61V!97;E2!@5A29:9@529;J]!@6-57-!
:0;79>-A!f09;9;J!9;I!
!
R"08"*V&!>,:B:,:(8&
Z;,7;0.!9;2-A5:290;!V-2.--;!S61V7!5;>!$/4!/;0.7@0A27!2-;>7!20!V-!:-;2A->!5A01;>!23-!=0A-!
2A5>9290;56!7899;J!>97:9@69;-7]!;5=-6T!"6@9;-!5;>!SA077!S01;2ATC!
!
! \3-!$/4!/;0.7@0A27!"6@9;-!:0==922--]!52!92E7!5;;156!5.5A>7!;9J32!A-:0J;9h-7!23-!$/4!!"6@9;-!
S61V!0M!23-!T-5A!.39:3!97!23-!S61V!.307-!=-=V-A7!5:39-K->!23-!V-72!A-71627!9;!V023!23-!\3A->V0!/-;90A!
5;>!b1;90A!"6@9;-!F;2-A:61VE7!-K-;27!5;>!9;!23-!#61-!S0.!S1@]!\/GS!S1@!5;>!$5290;56!"6@9;-!
S35=@90;739@7I!\3-!+'&'!.9;;-A!.57!/89!S61V!0M!"172A5695I!!
\3-!\3A->V0!/-;90A!5;>!b1;90A!"6@9;-!F;2-A:61V!-K-;27!5A-!-c2A-=-6T!@0@165A!-K-;27!.923!5@@A0c9=52-6T!
&*'!:396>A-;!5J->!)!20!&(!:0=@-29;J!9;!23-!f1;90A!-K-;2!5;>!0K-A!&*'!5>1627!5J->!&(!20!R'!@617!
:0=@-29;J!9;!S61V!2-5=7!M0A!23-!7-;90A!-K-;2I!
Z1A!235;87!J0!20!^1J3!Q0.69;J!M0A!0AJ5;9h9;J!23-7-!+!39J36T!71::-77M16!-K-;27I!
!
! $/4/!SA077!S01;2AT!97!;-:-775A96T!D-A973-A!G5;J-,V57->!5;>!.0A87!:607-6T!.923!5!;1=V-A!0M!
:61V7!9;!2352!5A-5!9;!@A0>1:9;J!mS!-K-;27!>1A9;J!23-!.9;2-A!7-570;I!L072!0M!23-7-!5A-!:929h-;!-K-;27!.923!
60;J]!:0601AM16!39720A9-7I!XK-;27!A5;J-!MA0=!2307-!.923!65AJ-!;1=V-A7!5;>!30AA9V6-!.-523-A]!698-!23-!_"S!
20!7=566]!9;2A5,:61V!-K-;27!2352!@A0K9>-!5!JA-52!>-56!0M!M1;!M0A!23-!@5A29:9@5;27!5;>]!70=-29=-7]!
-;2-A259;=-;2!20!2307-!.30!J-2!20!.52:3!23-!V->65=I!$/4mS!97!@6-57->!20!V-!5V6-!20!@A0K9>-!@-A70;;-6]!
789>00!71@@0A2]!-g19@=-;2]!29=9;J]!:01A7-7!5;>!23-!M5:96929-7!0M!23-!$0A>9:!/3-62-A]!.3-;!;-->->I!\3-!
:61V7]!5;>!/<ZDX/]!5A-!.0;>-AM16!71@@0A2-A7!0M!23-!/3-62-A!5;>!:A077!:01;2AT!7899;J!9;!$/4I!!
!
c:8,*+Y&
S61V7!306>!=1:3!0M!23-!39720AT!0M!/;0.7@0A27I!9;!M5:2!_95;>A5!D90;--A!/89!S61V!97!23-!M9A72!A-:0A>->!789!
:61V!5;>!97!:-6-VA529;J!927!&U'23!";;9K-A75AT!0M!ZAJ5;97->!"6@9;-!/899;JI!$/4!/;0.7@0A27]!.923!927!0.;!
9;2-A-729;J!39720AT]!97!71@@0A29;J!23-!D-A973-A!5;>!\3A->V0!^9720A9:56!/0:9-29-7!VT!69;89;J!.-V792-7!5;>!
=0K9;J!M0A.5A>!9;!@A-7-AK9;J!5;>!:0;7069>529;J!5A:39K-7I!!!
!
=",(+8>?**%8&7?$E):*"8?:)8&a&C>?**%&7%#58!
F;2-A7:30067!S0=@-29290;7!35K-!7--;!;-.!5;>!M1A23-A!@A0JA-77!0M!:1AA-;2!7:3006!:61V7]!;1A21A9;J!23-!
7;0.7@0A27!>-K-60@=-;2!0M!01A!JA577,A0027]!20!7252-!0A!;5290;56!-692-!5236-2-7I!\3-7-!/:3006!S61V7!@65T!5;!
9=@0A25;2!A06-!9;!71@@0A29;J!23-!JA0.23!0M!7;0.7@0A27I!\.0!$/4!/:3006!/;0.7@0A27!S61V7!35K-!V--;!
30;0A->!VT!.9;;9;J!23-!F;2-A7:30067!$5290;56!//"!".5A>7I!\3-!+'&'!.9;;-A7!5A-C!
C>?**%&C"*V8)*+,8&7%#5&*6&,?(&g($+!d!/;0.T!L01;259;!NA5==5A!
C>?**%&7%#5&R#,8,$";:"3&!>?:(B(E(",&*6&,?(&g($+!d!$-.@0A2!D1V69:!/:3006!
G-65290;739@7!V-2.--;!$/4/!5;>!23-7-!;-.!:61V7!5A-!>-K-60@9;JI!\3-!:0=@-29290;7!5;>!23-!:61V7!
@A0K9>-!JA-52!0@@0A21;929-7!M0A!\56-;2!FQ!M0A!566!0M!23-!>97:9@69;-7I!
!
\3-!:61V7!5A-!9=@0A25;2!20!$/4!/;0.7@0A27!M0A!6027!0M!A-570;7d!.3-23-A!23-T!5A-!$/4/!=-=V-A7!0A!
;02I!4-!6008!M0A.5A>!20!>-K-60@9;J!;-.!f09;2!@A0f-:27]!;-.!5K-;1-7!0M!:0==1;9:5290;!5;>!;-.!.5T7!20!
71@@0A2!-5:3!023-AI!
!""#$%!'()*+,&-../0-.1.! ! ! ! ! ! ! !!!!!!!!!!2$3(&-9&
!
FCJ&C"*V8)*+,8&0&FCJ=C&'P2R'4&-.11&
&
$/4!/;0.7@0A27!:0;29;1->!57!5!=-=V-A!0M!23-!$/4F/!b09;2!L5;5J-=-;2!S0==922--!M0A!23-!49;2-A!
/;0.7@0A27!DA0JA5=!>1A9;J!+'&'Y&&I!\397!S0==922--!=--27!2.9:-!5!T-5A!5;>!97!2578->!.923!7-6-:29;J!
5;>!A529MT9;J!5236-2-7!.30!5A-!;0=9;52->!M0A!$/4F/!/:3065A739@7]!A-K9-.9;J!5236-2-!@-AM0A=5;:-!0;!5;!
5;;156!V5797!5;>!>-2-A=9;9;J!S05:3-7!5;>!DA0JA5=7I!$/4F/!0@-A52-7!23-!49;2-A!/;0.7@0A27!@A0JA5=!
9;!:0;f1;:290;!.923!Z4F!?Z6T=@9:!49;2-A!F;729212-B!5;>!//"!?/89!5;>!/;0.V05A>!"172A5695B!
"7!35@@-;7!-K-AT!OT-5A7!5M2-A!5;!Z6T=@9:!T-5A]!23-!$/4F/!@A0JA5=!97!-K56152->!5;>!A-K9-.->!V57->!
1@0;!@572!@-AM0A=5;:-!5;>!23-!@02-;2956!0M!23-!K5A9017!>97:9@69;-7!9;:61>->!9;!$/4F/!20!5:39-K-!71::-77!
M0A!"172A5695!0K-A!23-!;-c2!O!T-5A7I!\3-!71::-77!0M!#0A>-A,m]!^56M,D9@-]!L0J167!5;>!/89-A,m!52!23-!+'&'!
Z6T=@9:7!:0;2A9V12->!20!23-7-!Q97:9@69;-7!:0;29;19;J!57!M1;>->!@A0JA5=7!.923!71V,>-K-60@=-;2!
@A0JA5=7!71@@0A29;J!23-=I!!
PA0=!+'&&]!23-!>97:9@69;-7!0M!"6@9;-!5;>!SA077!S01;2AT!5A-!20!V-!9;:61>->!9;20!5!A-72A1:21A->!0MM-A9;J!0M!
&'!F;>9K9>156!/:3065A739@7!M0A!5236-2-7!.923!@02-;2956!20!A-@A-7-;2!"172A5695!52!40A6>!S1@]!40A6>!
S35=@90;739@7!5;>!23-!+'&O!Z6T=@9:!49;2-A!N5=-7I!#952360;!5236-2-7]!.39:3!5A-!5!A-6529K-6T!;-.!
>97:9@69;-!9;!$/4]!5A-!5670!20!V-!9;:61>->!9;20!23-!&'!;-.!F;>9K9>156!/:3065A739@7I!!
$/4F/!97!5;!9=@0A25;[email protected]!M0A!$/4!7;0.7@0A27!5236-2-7!.30!.973!20!@A0JA-77!20!23-!-692-!6-K-6I!
X5:3!Q97:9@69;-!0M!"6@9;-]!SA077!S01;2AT]!/;0.V05A>!5;>!PA--72T6-!0@-A52-!>-K-60@=-;2!5;>!7252-!V57->!
@A0JA5=7!.39:3!577972!5236-2-7!20!@A0JA-77!MA0=!>-K-60@=-;2!6-K-6!20!23-!$/4F/!-692-!6-K-6I!$/4F/!
5779727!5236-2-7!.923!:05:39;J]!9;2-A;5290;56!:0=@-29290;!5;>!K5AT9;J!>-JA--7!0M!M9;5;:956!71@@0A2I!
D3T79023-A5@T!7-AK9:-7]!7@0A27!=->9:9;-]!;12A9290;!5;>!->1:5290;56!7-AK9:-7!5670!M0A=!@5A2!0M!23-!@5:85J-!
0M!7-AK9:-7!5K5965V6-!20!$/4F/!5236-2-7I!!
$/4F/!97!5;!9=@0A25;[email protected]!M0A!$/4!/;0.7@0A27!5236-2-7!5;>!$/4!/;0.7@0A27!97!M0A21;52-!20!V-!
@5A2!0M!23-!S0==922--!2352!5>=9;972-A7!23-!$/4F/!49;2-A!/;0.7@0A27!@A0JA5=I!!
!
FCJ&C"*V8)*+,8&0&CP'!C&WC*#,?&P$8,(+"&'(3:*"$%&!>$;(EY&*6&C)*+,X&-.11&
&
/XG"/!97!5;!9;2A0>1:20AT!@A0JA5=!M0A!$/4!/;0.7@0A27!5236-2-7!.30!5A-!:0;79>-A9;[email protected]!20!-692-!
7@0A2I!F2!-c@07-7!T01;J!5236-2-7!20!.352!97!A-g19A->!20!V-:0=-!5;!-692-!7@0A27@-A70;!9;:61>9;J!;12A9290;]!
2A59;9;J!@A0JA5=7!5;>!-c-A:97-7]!@1V69:!7@-589;J!5;>!A5:-Y2A59;9;J!A-:0K-ATI!!
"236-2-7!.30!5A-!=-=V-A7!0M!$/4!/;0.7@0A27!5A-!9;K92->!20!5@@6T!M0A!5!/XG"/!7:3065A739@!5A01;>!
$0K-=V-A!-5:3!T-5A!5;>!1@!20!&+!5236-2-7!:5;!V-!7-6-:2->!MA0=!"6@9;-]!PA--72T6-]!/;0.V05A>!5;>!SA077!
S01;2ATI!P01A!.--8-;>!\A59;9;J!S5=@7!5A-!3-6>!-5:3!T-5A!.923!+!7@-:9M9:566T!>-79J;->!M0A!!/;0.7@0A27!
5236-2-7!.923!+!023-A!S5=@7!0MM-A9;J!=0A-!J-;-A56!@A0JA5=7!5;>!@A-7-;25290;7!!5;>!5A-!:0=V9;->!.923!
023-A!7@0A27!9;!23-!/XG"/!":5>-=TI!!!!
$/4!/;0.7@0A27!/XG"/!5236-2-7!M0A!+'&'Y&&!5A-!C!
/5A53!Q-;;97! ! ! "6@9;-!
L5>-6-9;-!L56697! ! "6@9;-!
p5:!_-66T! ! ! "6@9;-!
Q5;9-6!ZE/1669K5;! ! "6@9;-!
^-;A9!L5c.-66! ! /;0.V05A>!
S5775;>A5!PA51-;M-6>-A! /;0.V05A>!
$9:30657!NA--;2A--! ! PA--72T6-!
N-;-K9-K-!L5A29;! ! PA--72T6-!
<95=!#1A20;! ! ! SA077!S01;2AT!
^5=973!G0V-A27! ! SA077!S01;2AT!
/90V35;!b0;-7!! ! SA077!S01;2AT!
L-A->923!^5AK-T! ! SA077!S01;2AT!
