90
)*
21
, - 98C$=-8&', ?*D-,)98-+8U :8?8'= 8&+8-+8U , :*D *:-+8U $, +,7.
+<=9 '=;89 :*D*:-8-/+8U A8+-*N:+8U &=&'*9= N &=&'*9/ D :8?8@8U , :*D *:-+8U $,+,7 ,
&;8$(@*+=0 ( )*A,$OA80 9,&G%0 :*-*:&=-+=9= ;*:*-/+'/C(-/$O+=9= (&':8%9=. AS8
;*:*-/+'/C(-/$O+, (&':8U /?&8$H'+8 +/),7+,, '8 /+/$,D8-/+/ &=&'*9/ ;*:*'-8:HN'O&% -
&=&'*9( D ;8&$,)8-+8-:,-+8?,C+=9 D'N)+/++%9 ),$%+8A A8+-*N:+=0 $,+,7, 98C$=-,&'O
?*D-,)98-+8U :8?8'= %A8U )8:,-+HN ;:= +/%-+8&', 8)+8>8 ;*:*-/+'/C(-/$O+8>8 ;(+A'(:
)1)(1(1)1)(1(1
4321
= . (17.18)
/:/9*':=@+/ +/),7+,&'O A8+-*N:,-
$% ;/:/9*':=@+8U +/),7+8&', 0/:/A'*:+8 )8&$,)C*++% .,D=@+=0 ;:8G*&,-, S8
;:=D-8)%'O )8 -,)98-, '8?'8 )8&$,)C*++% -=;/)A,-, A8$= ;/:/9*':= &=&'*9= -=08)%'O D/
;/:/9*':= S8 ;:=;(&A/H'O&%: D+8&, :(7+/G,%, &'/:,++% , '.).
&+8-( )8&$,)C*+O ;/:/9*':=@+8U +/),7+8&', &A$/)/H'O ':= -D/N98D/$*C+, ;8$8C*++%:
1) (98-= *A&;$(/'/G,U A8+&':(AG,7 , U0+N ;8-8)C*++% - ;:8G*&, *A&;$(/'/G,U N
-=;/)A8-=9= ;:8G*&/9=;
2) 8'8'8C+HH'O +/),7+,&'O , 98C$=-,&'O ;*:*?(-/++% ;/:/9*':,- A8+&':(AG,U - )*%A,7
;:=;(&'=9,7 8?$/&',, -,)98-( ,+'*;:*'(H'O %A -=0,) ,D G,NU 8?$/&',;
3) -=0,) A8+&':(AG,U D $/)( N &$,)&'-89 +/A8;=@*++% (<A8)C*+O, D/$=<A8-=0
)*.8:9/G,7, S8, )8&%>+(-<= -=D+/@*+8>8 :8D9,:(, ;8@=+/H'O ;*:*<A8)C/'= UU
+8:9/$O+,7 *A&;$(/'/G,U.
8D:/0(+8A 9*0/+,@+8U A8+&':(AG,U +*D/$*C+8 -,) -=)( +/-/+'/C*+O &A$/)/N'O&% %A ;:=
)*'*:9,+,&'=@+89(, '/ A , ;:= -*:8>,)+8&'+89 ;,)08), D )-80 *'/;,-: ;*:*?(-/++%
-*:8>,)+8&'+=0 0/:/A'*:=&'=A ;8-8)C*++% A8+&':(AG,U ;8 D/)/+=9 -*:8>,)+8&'+=9
0/:/A'*:=&'=A/0 D8-+,<+,0 (98- , UU A8+&':(A'=-+=0 ;/:/9*':,- (D/)/@/ &'/'=@+8U
)=+/9,A=); -&'/+8-$*++% +*?*D;*@+=0 &'/+,- , 8?@=&$*++% 98C$=-8&', U0 -=+=A+*++%
(D/)/@/ '*8:,U +/),7+8&',).
*:<=7 *'/; &A$/)/N'O&% ( -=),$*++, &=&'*9= D +/-A8$=<+O8>8 &*:*)8-=S/,
-*:8>,)+8&'+89 8;=&, D8-+,<+,0 -;$=-,-, &0*9/'=D/G,U , .8:9/$,D/G,U &=&'*9= , D8-+,<+,0
-;$=-,- '/ -$/&+* :,<*++% D/)/@, &'/'=@+8U )=+/9,A=.
:(>=7 *'/; &A$/)/N'O&% ( -=?,:, ;:8&'8:( %A8&', 7 8?$/&', ;:=;(&'=9=0 D+/@*+O
;/:/9*':,- &=&'*9=, -=08)%@= D *A8+89,@+=0, '*0+8$8>,@+=0 , *A&;$(/'/G,7+=0 -=98>,
;*:*?(-/++% .(+AG,U +/),7+8&', 7 8&*:*)+*++% UU ;8 9+8C=+, -;$=-,- , &=&'*9.
8C$=-,&'O -,)98-= :8$,A88;8:= 98C+/ -=D+/@='= %A 98C$=-,&'O -=A=)( -=;/)A8-8>8
:8D9,:( /?8 -=;/)A8-8>8 ;:8G*&(, S8 0/:/A'*:=D(N &'/+ :8$,A88;8:=, D 8?$/&',
;:=;(&'=98U D9,+= UU &'/+(.
/;:=A$/), -,)98-/ :8$,A88;8:= &':,@A8-8>8 A8+-*N:/ 98C* ?('= 8?(98-$*+=7 N)=+=9
;,A8-=9 )=+/9,@+=9 +/-/+'/C*++%9 /?8 )*.8:9/G,NH, S8 ;*:*-=S(N ;:=;(&'=9,
D+/@*++% (:(7+/G,U -(D$/ D'N)+/++% :8$,A=- ;,)-,&+8U :8$,A88;8:= &':,@A8-8>8 A8+-*N:/
/?8 D:=- .('*:8-A= :8$,A/ ;:= ()/:, D+/@+8>8 <9/'A/ -/+'/C(, ;*:*-/+'/C*++%
/98:'=D/'8:/ ;,)-,&+8U :8$,A88;8:= D/-/+'/C(-/$O+8>8 (&':8H &':,@A8-8>8 A8+-*N:/).
:=A$/): := ':/+&;8:'(-/++, &A*$O+=0 ;(&A8-=0 ;8:,) D/&'8&8-(H'O &':,@A8-,
A8+-*N:= D ;,)-,&+=9= :8$,A88;8:/9=. *C=9 :8?8'= ;,)-,&+=0 :8$,A88;8: ( 9,&G%0
D/-/+'/C*++% )(C* -/CA=7. 8$89A/ :8$,A88;8:= - 9,&G, D/-/+'/C*++% ;:=D-8)='O )8
;:=;=+*++% A8+-*N:/, '8?'8 )8 ;:8&'8U-.
G,+=98 +/),7+,&'O :8?8'= '/A8U :8$,A88;8:=, D 8>$%)( +/ '*, S8 +/-/+'/C*++% N
&'/G,8+/:+=9 -=;/)A8-=9 ;:8G*&89. %A8&', A:='*:,H ;:/G*D)/'+8>8 &'/+/ ;:=79*98