View
4
Download
0
Category
Preview:
Citation preview
!
!
!
!
!
!
!
"#$#%&#$!'(&$)!'*+,)+-.!/!0)1&)2!34!5%*6#7&3$#8!9:;)67&1)<!&$!=)8832<>&(!?+#&$&$,!#$%!51#8*#7&3$!34!
9*763@)<!&$!"*++)$7!'*+,&6#8!A+#67&6)!:-!
B#+<>#!'+))!C#8)@(#7&!
!
!
/!7>)<&<!<*:@&77)%!&$!63$43+@&7-!2&7>!7>)!+)D*&+)@)$7<!!
=3+!7>)!%),+))!34!C#<7)+!34!'6&)$6)!
!
E+#%*#7)!F)(#+7@)$7!34!7>)!G$<7&7*7)!34!C)%&6#8!'6&)$6)!
H$&1)+<&7-!34!?3+3$73!
!
!
!
!
!
!
!!"3(-+&,>7!:-!B#+<>#!'+))!C#8)@(#7&!IJKLKM!
!
!
!
&&!
!"#$%!&$'
&()(*+()'#,+)-'#./0-/12'!'%-3+-4'56'7*.8(9+5)(:';<=-89+3->'+)'?-::54>@+,'
'$/(+)+)0'()*'73(:.(9+5)'56';.985A->'+)'&.//-)9'#./0+8(:'B/(89+8-''
C(/>@('D(:-A,(9+'
D(>9-/'56'#8+-)8-E'FGHG'
I)>9+9.9-'56'D-*+8(:'#8+-)8-'
J)+3-/>+91'56'$5/5)95'
91)+!7>)!-)#+<N!7>)+)!>#<!:))$!#!7+)$%!#@3$,!<*+,)3$<!&$!O3+7>!/@)+&6#!732#+%<!
(*+<*&$,!4*+7>)+!<*:<()6W-!4)8832<>&(!7+#&$&$,!*(3$!63@(8)7&3$!34!#!<*+,&6#8!
+)<&%)$6-!(+3,+#@P!?>)+)!>#1)!:))$!@#$-!#%1#$6)<!&$!<*+,&6#8!+)<&%)$6-!)%*6#7&3$!
#$%!<&@&8#+!&$7)+)<7!)Q&<7<!&$!4)8832<>&(!)%*6#7&3$P!?>&<!<7*%-!)1#8*#7)%!()+6)(7&3$<!
#@3$,!<(&$)!<*+,)3$<!#:3*7!7>)!<()6&4&6!63@()7)$6&)<!+)D*&+)%!43+!<*66)<<4*8!<(&$)!
<*+,&6#8!4)8832<>&(!7+#&$&$,N!#$%!7>)$!63@(#+)%!7>)<)!()+6)(7&3$<!73!68&$&6#8!
(+#67&6)P!=&+<78-N!#!D*)<7&3$$#&+)!2#<!#%@&$&<7)+)%!73!<(&$)!4)8832!7+#&$))<!#$%!
#6#%)@&6!<(&$)!<*+,)3$<!#6+3<<!"#$#%#!&$!3+%)+!73!&%)$7&4-!:37>!7>)!63,$&7&1)!#$%!
7)6>$&6#8!<R&88<!+)D*&+)%!43+!<*66)<<4*8!<(&$)!4)8832<>&(!7+#&$&$,P!=)8832<>&(!7+#&$))<!
#$%!<*()+1&<3+<!>#%!<&@&8#+!()+6)(7&3$<!3$!7>)!+)8#7&1)!&@(3+7#$6)!34!<()6&4&6!
63,$&7&1)!#$%!7)6>$&6#8!63@()7)$6&)<P!B32)1)+N!%&44)+)$6)<!&$!()+6)(7&3$<!2)+)!
43*$%!2>)$!63@(#+&$,!<*+,)3$<!:#<)%!3$!:#6R,+3*$%!+)<&%)$6-!<()6W-!7+#&$&$,!
I3+7>3(#)%&6!<*+,&6#8!3+!$)*+3<*+,&6#8MP!')63$%8-N!*<&$,!#%@&$&<7+#7&1)!%#7#N!#!
+)7+3<()67&1)!<7*%-!#<<)<<)%!138*@)<N!<*+,)3$!6>#+#67)+&<7&6<N!#$%!3*763@)<!43+!
<*+,)+-!34!7>)!%),)$)+#7&1)!8*@:#+!<(&$)!&$!9$7#+&3!:)72))$!LSST!#$%!JKKLP!
O)*+3<*+,)3$<!2)+)!43*$%!73!()+43+@!@3+)!%)63@(+)<<&3$<N!#$%!@3+)!737#8!
(+36)%*+)<N!7>#$!3+7>3(#)%&6!<*+,)3$<!2&7>!<&@&8#+!3*763@)<P'
&&!
!
!
&&&!
!&KL;MN7OP7D7L$#!
?>)!#6#%)@&6!)$%)#13+!34!63@(8)7&$,!#!C#<7)+<!7>)<&<!>#<!:))$!#!1)+-!+)2#+%&$,!
#$%!)%*6#7&3$#8!)Q()+&)$6)!43+!@)P!G!@*<7N!4&+<7!#$%!43+)@3<7N!7>#$R!@-!(+&@#+-!
<*()+1&<3+N!F+P!/8:)+7!U))N!43+!>&<!@)$73+<>&(!#$%!,*&%#$6)!7>+3*,>3*7!7>&<!(+3;)67!
#$%!@-!3+7>3(#)%&6!+)<&%)$6-!7+#&$&$,N!+)63,$&V&$,!7>)!%)<&+)!73!)$>#$6)!
63$$)67&1&7-!:)72))$!$)*+3<*+,&6#8!#$%!3+7>3(#)%&6!7+#&$&$,!&$!7>)!4*7*+)!34!<(&$)!
<*+,)3$<!&$!"#$#%#P!!G!#@!7>#$R4*8!34!7>&<!3((3+7*$&7-!7>+3*,>!7>)!'*+,)3$W'6&)$7&<7!
A+3,+#@N!F)(#+7@)$7!34!'*+,)+-N!7>)!JT7>!/$$&1)+<#+-!34!2>&6>!2#<!+)6)$78-!
6)8):+#7)%!#7!7>)!F)(#+7@)$7!34!'*+,)+-!/$$*#8!E#88&)!F#-!X&<&7&$,!A+34)<<3+<>&(N!
H$&1)+<&7-!34!?3+3$73P!!G!23*8%!#8<3!8&R)!73!7>#$R!@-!723!37>)+!GC'!<*()+1&<3+<N!F+P!
B#$<!Y+)%)+!#$%!F+P!F#1&%!Z#6R<7)&$P!Z37>!>#1)!#8<3!(8#-)%!#$!&$7),+#8!+38)!&$!7>)!
>)8(&$,!@)!(8#$!#$%!)Q)6*7)!@-!(+3;)67N!#$%!>)8(&$,!@)!31)+63@)!@#$-!34!7>)!
#%@&$&<7+#7&1)!:#++&)+<!+)D*&+)%!73!63@(8)7)!7>&<!23+RP!?>)!%&44)+)$7!+)<)#+6>!#$%!
68&$&6#8!:#6R,+3*$%<!34!7>)<)!<*()+1&<3+<!%)4&$&7)8-!)$+&6>)%!@-!)Q()+&)$6)!#$%!
)$>#$6)%!7>)!D*#8&7-!34!@-!23+R!4+3@!#!>)#87>!3*763@)<!#$%!)%*6#7&3$#8!
()+<()67&1)N!+)<()67&1)8-P!!!
?>)+)!#+)!37>)+!R)-!&$%&1&%*#8<!7>#7!>#1)!(8#-)%!#!@#;3+!+38)!&$!:+&$,&$,!7>&<!23+R!
73!4+*&7&3$P!!Z37>!F+<P!X)+3$&6#![#%)-!#$%!5+&6!C#<<&6377)!2)+)!%)!4#673!
<*()+1&<3+<P!!F+P!X)+3$&6#![#%)-N!2#<!&$7),+#8!&$!63$<7+*67&$,!3*+!'(&$)!=)8832<>&(!
?+#&$&$,!\*)<7&3$$#&+)N!:+&$,&$,!43+2#+%!7>)!1#8&%#7)%!9+7>3(#)%&6!"3+)!
"*++&6*8*@!63@(3$)$7!4+3@!7>)!+)<&%)$6-!()+<()67&1)N!4#6&8&7#7&$,!&7<!%&<7+&:*7&3$N!
#$%!>)8(&$,!2&7>!&7<!#$#8-<&<P!F+P!5+&6!C#<<&6377)!2#<!>)8(&$,!&$!(+31&%)%!#!1#8*)%!
$)*+3<*+,&6#8!)Q()+&)$6)P!!F+<P!'6377!A#D*)77)!#$%!0#;!0#@()+<#*%N!7>+3*,>!7>)!
&&&!
!
!
&1!
"#$#%&#$!'(&$)!'36&)7-N!2)+)!#8<3!)Q7+)@)8-!>)8(4*8!2&7>!7>)!(8#$$&$,N!633+%&$#7&3$!
34!7>)!)Q()+7!63$<)$<*<!+)1&)2N!#$%!%&<7+&:*7&3$!34!3*+!D*)<7&3$$#&+)P!G!>3()!73!
6388#:3+#7)!2&7>!7>)@!#88!&$!7>)!4*7*+)P!!!
F+P!'#@*)8!Z)%)+@#$!I43+@)+!'*+,)3$!'6&)$7&<7!?+#&$))N!CFN!=0"'"N!A>FM!>#<!:))$!
)Q7+)@)8-!1#8*#:8)!&$!(+31&%&$,!,*&%#$6)!2&7>!3*+!23+R!&$!7>)!+)1&)2!34!
#%@&$&<7+#7&1)!%#7#:#<)N!@)$73+<>&(N!#<!2)88!#<!:)&$,!1)+-!,)$)+3*<!2&7>!<>#+&$,!
(+)8&@&$#+-!%#7#!7>#7!>)!6388)67)%P!G!23*8%!#8<3!8&R)!73!7>#$R!=#$,-*$![*N!">#+8)<!
X&673+N!#$%!C&6>#)8!A#77)+<3$!7>+3*,>!G"5'!43+!(+31&%&$,!7>)!@*6>!$))%)%!>)8(!#$%!
,*&%#$6)!7>+3*,>!%#7#:#<)!#:<7+#67&3$!#$%!<7#7&<7&6#8!#$#8-<&<!:)>&$%!7>&<!23+RP!!
!
'
'
'
'
'
'
'
'
'
'
'
'
'
&1!
!
!
1!
$!"N7';?'&;L$7L$#!&@(,9-/'H2'I)9/5*.89+5)QQQQQQQQQQQQQQQQQQQQQQQQQQQQH''
HRH';3-/3+-4QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRRH'!!
HRF';<=-89+3->QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRS'
&@(,9-/'F2'"(8T0/5.)*QQQQQQQQQQQQQQQQQQQQQQQQQQQQRU'
FRH'&.//-)9'$/-)*>'+)'?-::54>@+,'$/(+)+)0QQQQQQQQQQQQQQQQQQQQRRU'
! JPLPL!=#673+<!&$48*)$6&$,!<*:<()6W-!4)8832<>&(!6#+))+!%)6&<&3$<]]]]]]^!
! JPLPJ!"3$6)+$<!34!4)8832<!#$%!+)6)$78-!,+#%*#7)%!<*+,)3$<]]]]]]]]]]_!
! JPLP`!=&$#$6!63$<&%)+#7&3$<!#$%!4)8832<>&(!7+#&$&$,]]]]]]]]]]]]PPa!
! JPLPb!c&4)<7-8)!&<<*)<!#$%!&@(#67!34!23+RW>3*+!+)<7+&67&3$<]]]]]]]]P]LK!
! JPLPT!5#+8-!<()6&V#7&3$!&$!<*+,)+-]]]]]]]]]]]]]]]]]]]]]PPPPLL!
FRF'$@-'&.//-)9'#9(9-'56'?-::54>@+,'$/(+)+)0QQQQQQQQQQQQQQQQQQRRHS'
! JPJPL!E*&%)8&$)<!43+!7+#&$&$,!&$!$3$W<(&$)!4)8832<>&(<]]]]]]]]]]]]PL`!
! JPJPJ!E*&%)8&$)<!43+!7+#&$&$,!&$!<(&$)!4)8832<>&(<]]]]]]]]]]]]]]]L_!
! JPJP`!'*:<()6W-!6)+7&4&6#7&3$!&$!<(&$)!<*+,)+-]]]]]]]]]]]]]]]PPJK!
FRS'!>>->>+)0'&5A,-9-)81'+)'?-::54>@+,'$/(+)+)0QQQQQQQQQQQQQQQRRFS'
FRV'B(9+-)9';.985A->'()*'?-::54>@+,'$/(+)+)0QQQQQQQQQQQQQQQQQRRFW'
FRU';9@-/'?(895/>'!>>58+(9-*'4+9@'&:+)+8(:';.985A->QQQQQQQQQQQQQQSG'
! JPTPL!'*+,&6#8!<&7)!&$4)67&3$<!&$!<(&$)!<*+,)+-]]]]]]]]]]]]]]]]]`b!
&@(,9-/'S2'!'%-3+-4'56'&5A,-9-)8+->'+)'#,+)-'?-::54>@+,'$/(+)+)0QQSU'
SRH'D(9-/+(:>'()*'D-9@5*>QQQQQQQQQQQQQQQQQQQQQQQQQQQQQRSU'
! `PLPL!F#7#!#$%!<7#7&<7&6#8!#$#8-<)<]]]]]]]]]]]]]]]]]]]]]]]PbK!
! `PLPJ!'7#7&<7&6#8!(32)+!#$%!)44)67!<&V)]]]]]]]]]]]]]]]]]]]]]Pb`!
SRF'%->.:9>QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRVU'
! `PJPL!\*)<7&3$$#&+)!+)<(3$<)<]]]]]]]]]]]]]]]]]]]]]]]PPP]PbT!
! `PJPJ!"3,$&7&1)!<R&88<!63@()7)$6&)<]]]]]]]]]]]]]]]]]]]]]]PPbT!
1!
!
!
1&!
! `PJP`!'*+,&6#8d?)6>$&6#8!63@()7)$6&)<]]]]]]]]]]]]]]]]]]]]PPba!
SRS'O+>8.>>+5)QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRUF'
&@(,9-/'V2'%-8-)9'9/-)*>'+)'>,+)-'>./0-5)'35:.A->'()*'9@-+/'-66-89'5)',(9+-)9'5.985A->'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-QQQQRUX'
VRH'D(9-/+(:>'()*'D-9@5*>QQQQQQQQQQQQQQQQQQQQQQQQQQQQQRUX'
! bPLPL!'7#7&<7&6#8!#$#8-<&<]]]]]]]]]]]]]]]]]]]]]]]]]]]PPP]^`!
VRF'%->.:9>QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRYV'
! bPJPL!9*763@)<]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]PP^^!
VRS'O+>8.>>+5)QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRYZ'
&@(,9-/'U2'&5)8:.>+5)>'()*'?.9./-'O+/-89+5)>QQQQQQQQQQQQQQRWU'
URH'&5)8:.>+5)>QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRWU'
URF'?.9./-'O+/-89+5)>QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRWX'
$(<:->QRRRQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRXG'
?+0./->QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQZV'
%-6-/-)8->QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRRHGH'
!,,-)*+8->QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRQHGZ'
&5,1/+0@9'!8T)54:-*0-A-)9>QQQQQQQQQQQQQQQQQQQQQRRQHFX'
'
!
!
!
!
!
!
!
!
1&!
!
!
1&&!
N+>9'56'!<</-3+(9+5)>'J>-*'
/"EC5!e!/66+)%&7#7&3$!"3*$6&8!34!E+#%*#7)!C)%&6#8!5%*6#7&3$!
'=!C#76>!e!'#$!=+#$6&<63!C#76>&$,!')+1&6)!
9P0P!e!3()+#7&$,!+33@!
cAO!e!8#(#+3<63(&6!(#+7!$)(>+)673@-!
5Zc!e!)<7&@#7)%!:833%!83<<!
90!e!3%%<!+#7&3!
G"5'!e!G$<7&7*7)!43+!"8&$&6#8!#$%!51#8*#7&1)!'6&)$6)<!
"GBG!e!"#$#%&#$!G$<7&7*7)!43+!B)#87>!G$43+@#7&3$!
9BGA!e!9$7#+&3!B)#87>!G$<*+#$6)!A8#$!
c9'!e!8)$,7>!34!<7#-!
0)<f7+#&$&$,!e!:#6R,+3*$%!+)<&%)$6-!7+#&$&$,!
H"c/!e!H$&1)+<&7-!34!"#8&43+$&#Wc3<!/$,)8)<!
''9!e!'36&)7-!34!'*+,&6#8!9$6383,-!
"/\!e!")+7&4&6#7)!34!/%%)%!\*#8&4&6#7&3$<!
/Z''!e!/@)+&6#$!Z3#+%!34!'(&$)!'*+,)+-!
9'"5!e!9:;)67&1)!'7+*67*+)%!"8&$&6#8!5$63*$7)+<!
0"A'"!e!03-#8!"388),)!34!A>-<&6&#$<!#$%!'*+,)3$<!34!"#$#%#!
C'Y!W!@*<6*83<R)8)7#8!
"''!e!"#$#%&#$!'(&$)!'36&)7-!
"?!e!63@(*7)+&V)%!73@3,+#(>-!
C0G!e!@#,$)7&6!+)<3$#$6)!&@#,&$,!
!
!
!
'
1&&!
!
!
1&&&!
N+>9'56'$(<:->'
'
$(<:-'HR'%->,5)>-'%(9->'"(>-*'5)'%->+*-)81'#,-8+(:91'[;/9@5,(-*+8'5/'L-./5>./0+8(:\QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQWH'
$(<:-'FR'O+66-/-)8->'+)'D-()'%-,5/9-*'IA,5/9()8-'56'&50)+9+3-'#T+::>'I9-A>'"(>-*'5)'%->+*-)81'"(8T0/5.)*QQQQQQQQQQQQQQQQQQQQQQQQQRRWF!
$(<:-'SR'$-8@)+8(:]B/58-*./(:'&5A,-9-)8+->2'D-()'&5A65/9'N-3-:E'L--*'65/'!**+9+5)(:'$/(+)+)0E'()*'%-:(9+3-'IA,5/9()8-'65/'!::'%->,5)*-)9>QQQQQQWS'
$(<:-'VR'$-8@)+8(:'>T+::>'9@(9'*+>8/+A+)(9-'<-94--)';/9@5,(-*+8'()*'L-./5>./0+8(:'>,+)-'6-::54>'<(>-*'5)'85A65/9':-3-:E')--*'65/'(**+9+5)(:'9/(+)+)0E'()*'+A,5/9()8-QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQWV'
$(<:-'UR'O+>8/+A+)()9'?.)89+5)'!)(:1>+>'>85/->'65/'/->,5)*-)9>'<(>-*'5)';/9@5,(-*+8'5/'L-./5>./0+8(:'<(8T0/5.)*QQQQQQQQQQQQQQQQQQQRRWU'
$(<:-'YR'L.A<-/'56',/58-*./->',-/65/A-*'+)';)9(/+5'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'6/5A'!,/R'HE'HZZU'95'O-8R'SHE'FGGHQQQQQQQQQQQQQWY'
$(<:-'WR'^#,+)-'7_,-/9`'35:.A->'65/'>./0-5)>'4@5'9/-(9-*',(9+-)9>'+)';)9(/+5'4+9@'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'95'O-8R'SHE'FGGHQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRWW'
$(<:-'XR'O-A50/(,@+8>'56',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'95'O-8R'SHE'FGGHE'<1'>./0-5)'>,-8+(:91'()*'^>,+)-'-_,-/9'35:.A-`QQQQQQQQQQQQQRWX'
$(<:-'ZR'#./0+8(:',/58-*./->',-/65/A-*'5)',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'9@-'*-0-)-/(9+3-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'95'O-8R'SHE'FGGHE'<1'>./0-5)'>,-8+(:91'()*'>,+)-'-_,-/9'35:.A-QQQQQQQQQRWZ'
$(<:-'HGR'O-85A,/->>+5)a91,-'/-5,-/(9+5)>'(A5)0',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'()*'O-8R'SHE'FGGHE'<1'*-A50/(,@+8>'()*'>./0-5)'6(895/>QQQQQRRRQXG'
$(<:-'HHR'?.>+5)a91,-'/-5,-/(9+5)>'(A5)0',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'()*'O-8R'SHE'FGGHE'<1'*-A50/(,@+8>'()*'>./0-5)'6(895/>QQQQQQQQQQQRRXH'
$(<:-'HFR'7(/:1'85A,:+8(9+5)>'[4+9@+)'S'A5)9@>\'(A5)0',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'()*'O-8R'SHE'FGGHE'<1'*-A50/(,@+8>'()*'>./0-5)'6(895/>QQQQXF'
'
1&&&!
!
!
&Q!
$(<:-'HSR'%-(*A+>>+5)>'()*'D5/9(:+91'(A5)0',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'()*'O-8R'SHE'FGGHE'<1'*-A50/(,@+8>'()*'>./0-5)'6(895/>QQQQQQRRXS'
$(<:-'HVR'B5>95,-/(9+3-'IA(0+)0'(A5)0',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'()*'O-8R'SHE'FGGHE'<1'*-A50/(,@+8>'()*'>./0-5)'6(895/>QQQQQQQQQQQXV!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!&Q!
!
!
Q!
N+>9'56'?+0./->!!
?+0./-'HR'%-:(9+3-'IA,5/9()8-'56'HS'O+>9+)89'&50)+9+3-'#T+::'&5A,-9-)81'&(9-05/+->QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRQXU!
?+0./-'FR'D-()'L.A<-/'56'&(>->'&5A,:-9-*'O./+)0'?-::54>@+,'QQQQQQQRRRXY'
?+0./-'SR'"5_,:59'b'O+>9/+<.9+5)'56'*+>8/+A+)()9'6.)89+5)'()(:1>+>'>85/->'56'/->,5)*-)9>'85A,(/+)0'5/9@5,(-*+8'>./0-/1'()*')-./5>./0-/1'<(8T0/5.)*>QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRXW'
?+0./-'VR'C+>950/(A'a'O+>9/+<.9+5)'56'*+>8/+A+)()9'6.)89+5)'()(:1>+>'>85/->'56'/->,5)*-)9>'85A,(/+)0'5/9@5,(-*+8'>./0-/1'()*')-./5>./0-/1'<(8T0/5.)*>QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRXX!!
?+0./-'UR''K(,:()aD-+-/',/5<(<+:+91'56'/-5,-/(9+5)a6/--'>./3+3(:E'<1'+)*-_',/58-*./-QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRXZ'
?+0./-'YR''K(,:()aD-+-/',/5<(<+:+91'56'/-5,-/(9+5)a6/--'>./3+3(:E'<1'>./0-5)'>,-8+(:91QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRZG'
?+0./-'WR'K(,:()aD-+-/',/5<(<+:+91'56'/-5,-/(9+5)a6/--'>./3+3(:E'<1'>,+)-'-_,-/9'35:.A-'/(9+5QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRRRZH'
!
!
!
!
!
!
!
!
!
!
!
!
!
Q!
!
!
Q&!
N+>9'56'!,,-)*+8->!!,,-)*+_'H2'#,+)-'?-::54>@+,'$/(+)+)0'c.->9+5))(+/-QQQQQQQQQQQRQHGZ'
!,,-)*+_'F2'B(9+-)9'I*-)9+6+8(9+5)'[I&OaZa*+(0)5>9+8'85*->d'&&Ba,/58-*./(:'85*->\QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRQHFF'
!,,-)*+_'S2'7_8:.>+5)'&/+9-/+('[I&OaZ\QQQQQQQQQQQQQQQQQQQQQRRHFS'
!,,-)*+_'V2'&:(>>+6+8(9+5)'56'I)*-_'B/58-*./->QQQQQQQQQQQQQQQQRRHFV'
!,,-)*+_'U2';.985A->'&5::-89-*QQQQQQQQQQQQQQQQQQQQQQQQQHFU'
!
!
!
Q&!
!
!
L!
&@(,9-/'H2'I)9/5*.89+5)'
HRH ;3-/3+-4!
"*++)$78-N!7>)+)!&<!$3!<7#$%#+%&V)%!6*++&6*8*@!43+!<(&$)!<*+,)+-!4)8832<>&(!7+#&$&$,!
#6+3<<!O3+7>!/@)+&6#P!=*+7>)+@3+)N!<(&$)!<*+,)+-!&<!6*++)$78-!(+#67&6)%!:-!
<()6&<7<!2&7>!<*+,&6#8!+)<&%)$6-!7+#&$&$,N!)&7>)+!&$!$)*+3<*+,)+-!3+!3+7>3(#)%&6!
<*+,)+-N!2&7>!3+!2&7>3*7!43+@#8!<(&$)!<*+,)+-!4)8832<>&(!7+#&$&$,P!B32)1)+N!
4)8832<>&(!7+#&$&$,!>#<!&$%))%!:)63@)!#$!&$7),+#8!(#+7!34!7>)!)%*6#7&3$!34!<*+,)3$<!
&$!+)6)$7!7&@)<P![&7>!&$6+)@)$7#8!(+3,+)<<!:#8#$6&$,!68&$&6#8!23+R!>3*+<!&$!7+#&$&$,N!
#<!2)88!#<!+)6)$7!7+)$%<!&$!<*+,&6#8!<*:<()6&V#7&3$N!@3+)!7+#&$))<!,+#%*#7&$,!4+3@!
+)<&%)$6-!#+)!(*+<*&$,!4)8832<>&(<!7>#$!>&<73+&6#8!63*$7)+(#+7<P!=+3@!LSS`!73!JKKTN!
%#7#!7#R)$!4+3@!(3<7,+#%*#7)!-)#+!8)1)8WT!+)<&%)$7<!%)@3$<7+#7)%!#$!&$6+)#<)!&$!
7>)!()+6)$7#,)!34!7>3<)!6>33<&$,!73!(*+<*)!4)8832<>&(<!4+3@!^_g!73!__g!IZ3+@#$!
)7!#8PN!JKKaMP!!
! ?3!%#7)N!@*6>!34!7>)!(*:8&<>)%!)%*6#7&3$#8!+)<)#+6>!>#<!)1#8*#7)%!<*+,&6#8!
+)<&%)$6-!7+#&$&$,P!?3!(+#67&6)!#<!#!<(&$#8!<*+,)3$!&$!"#$#%#N!7>)+)!&<!#!,)$)+#8!
*$%)+<7#$%&$,!34!:#<&6!7+#&$&$,!#<!#$!3+7>3(#)%&6!3+!$)*+3<*+,&6#8!+)<&%)$7N!2&7>!3+!
2&7>3*7!#$!#%%&7&3$#8!4)8832<>&(!7+#&$&$,!-)#+!*$%)+!7>)!<*()+1&<&3$!34!#$!
h)<7#:8&<>)%i!<(&$)!<*+,)3$P!G$!3+7>3(#)%&6!<*+,)+-N!#!63+)!6*++&6*8*@!43+!+)<&%)$6-!
>#<!:))$!%)1)83()%!#$%!1#8&%#7)%!:-!$#7&3$2&%)!<*+1)-!34!(+#67&6&$,!3+7>3(#)%&6!
<*+,)3$<!#6+3<<!#88!(+31&$6)<!#$%!7)++&73+&)<!34!"#$#%#!I[#%)-!)7!#8PN!JKKaMP!"3+)!
63@()7)$6&)<!)Q()67)%!&$68*%)!(+34&6&)$6-!&$!:#<&6!<(&$#8!#+)#<!34!(+#67&6)P!94!
L!
!
!
J!
+)6)$7!&$7)+)<7!&<!7>)!+)8#7&1)!63@43+7!)Q(+)<<)%!:-!+)<&%)$6-!7+#&$))<!
I$)*+3<*+,&6#8!!
1)+<*<!3+7>3(#)%&6!:#6R,+3*$%<M!&$!)Q(+)<<)%!63$4&%)$6)!&$!<(&$#8!<*+,&6#8!6#+)P!!
F&44)+)$6)<!#+7&6*8#7)%!:-!+)<&%)$7<!34!$)*+3<*+,&6#8!#$%!3+7>3(#)%&6!:#6R,+3*$%!
>&,>8&,>7!7>)!&@(3+7#$6)!34!4)8832<>&(!7+#&$&$,!&$!:+&%,&$,!+)<()67&1)!,#(<!&$!
7+#&$&$,!%)()$%)$7!3$!+)<&%)$6-!:#6R,+3*$%N!#<!2)88!#<!7>)!3((3+7*$&7-!73!(+31&%)!
#!:+3#%)+!:8)$%)%!#((+3#6>!#@3$,<7!%&<6&(8&$)<!&$1381)%!&$!<(&$)!6#+)!IF13+#R!)7!
#8N!JKK^MP!/<!<*6>N!7>)!4)8832<>&(!8)1)8!#(()#+<!73!:)!#$!#((+3(+)!#+)#!43+!6*++)$7!
)%*6#7&3$#8!+)<)#+6>!#$%!7+#&$))!(+3,+#@@#7&6!436*<P!
! '(&$)!<*+,)+-!&<!#!%-$#@&6!#$%!,+32&$,!<*:<()6W-P!91)+!7>)!(#<7!4)2!
-)#+<N!7>)+)!>#<!:))$!#$!*$(+)6)%)$7)%!<*+,)!&$!$)2!7)6>$383,&)<!#$%!7)6>$&D*)<N!
#$!)Q#@(8)!:)&$,!@&$&@#88-!&$1#<&1)!<*+,)+-P!'3@)!#*7>3+<!>#1)!7>)+)43+)!
63$68*%)%!7>#7!7>)!4*7*+)!<(&$)!<*+,)3$!<>3*8%!*7&8&V)!7>)!:)<7!)8)@)$7<!34!:37>!7>)!
3+7>3(#)%&6!#$%!$)*+3<*+,&6#8!63@@*$&7&)<!&$73!7>)&+!(+#67&6)!IZ3<V6V-R!)7!#8N!
JKK_MP!G$%))%!7>)+)!%3)<!<))@!73!:)!#!7+)$%!732#+%<!#$!#@#8,#@#7&3$!:)72))$!
3+7>3(#)%&6!<*+,)+-!#$%!$)*+3<*+,)+-!&$!7>)!7+#&$&$,!34!7>)&+!4)8832<!73!6+)#7)!#!
63@:&$)%!#$%!63@(+)>)$<&1)!7+#&$&$,!(+3,+#@!I0#@()+<#*%!)7!#8N!JKK^MP![&7>!7>&<!
&$!@&$%N!#!@31)!732#+%<!<7#$%#+%&V#7&3$!#$%!43+@#8&V#7&3$!34!<(&$)!<*+,)+-!
<*:<()6W-!7+#&$&$,!@#-!:)!%)<&+#:8)P!?>)!03-#8!"388),)!34!A>-<&6&#$<!#$%!
'*+,)3$<i!34!"#$#%#!#8<3!+)63,$&V)!7>)!+)6)$7!7+)$%<!&$!(+#67&6)!#$%!7+#&$&$,!2&7>!
#$!&$7)+)<7!&$!F&(83@#!")+7&4&6#7&3$!+)63,$&V&$,!<*:<()6&V#7&3$P!?>)!+)#8@!34!
<(&$#8!<*+,&6#8!6#+)!23*8%!:)!#(+3(3<!73!6*++)$7!+)<)#+6>!&$7)+)<7P!
!
!
`!
HRF ;<=-89+3->!
?>)!(*+(3<)!34!7>&<!7>)<&<!&<!73!)1#8*#7)!6*++)$7!()+6)(7&3$<!3$!7>)!&@(3+7#$6)!34!
63,$&7&1)!#$%!7)6>$&6#8!63@()7)$6&)<!&$!<(&$)!4)8832<>&(!7+#&$&$,!#$%!73!%)7)+@&$)!
7>)!(37)$7!)44)67N!:#<)%!3$!+)6)$7!<*+,&6#8!(+#67&6)N!34!<*+,)3$!138*@)!#$%!
<()6W-!7+#&$&$,!3$!3*763@)<!&$!<(&$)!<*+,)+-P!C3+)!<()6&4&6#88-N!7>)!<()6&4&6!#&@<!
34!7>&<!7>)<&<!#+).!!
'()6&4&6!/&@!L.!!?3!)1#8*#7)!4)8832<>&(!7+#&$))!#$%!<*()+1&<3+!()+6)(7&3$<!3$!7>)!
&@(3+7#$6)!34!63,$&7&1)!#$%!(+36)%*+#8!63@()7)$6&)<!&$!<(&$)!4)8832<>&(!7+#&$&$,P!!
• '()6&4&6!9:;)67&1)!L.!!?3!%)7)+@&$)!7+#&$))!#$%!<*()+1&<3+!()+6)(7&3$<!3$!7>)!
+)8#7&1)!&@(3+7#$6)!34!63,$&7&1)!#$%!(+36)%*+#8!63@()7)$6&)<!43+!<*66)<<4*8!
4)8832<>&(!7+#&$&$,P!!
• '()6&4&6!9:;)67&1)!J.!!?3!+)8#7)!7+#&$))!)Q()+&)$6)N!$)#+!7>)!)$%!34!7>)&+!
4)8832<>&(!7+#&$&$,N!2&7>!7>)&+!()+6)(7&3$<!34!63@()7)$6)N!#$%!+)8#7&1)!
&@(3+7#$6)N!#77+&:*7)%!73!<(&$)!<()6&4&6!(+36)%*+#8!<R&88<P!!
• '()6&4&6!9:;)67&1)!`.!!?3!%)7)+@&$)!(37)$7!%&44)+)$6)<!&$!()+6)(7&3$<!43+!
<*66)<<4*8!<(&$)!4)8832<>&(!7+#&$&$,!:-!<()6W-!:#6R,+3*$%!I&P)P!
$)*+3<*+,&6#8!1)+<*<!3+7>3(#)%&6!<*+,&6#8MP!
'()6&4&6!/&@!J.!!?3!)1#8*#7)!7>)!)44)67!34!7>)!h<(&$)!)Q()+7i!3$!(#7&)$7!3*763@)<!&$!
<(&$#8!<*+,)+-P!
• '()6&4&6!9:;)67&1)!L.!?3!63@(#+)!<(&$)!<*+,)+-!138*@)<!34!<*+,)3$<!&$!
9$7#+&3!43+!63@@3$!%),)$)+#7&1)!8*@:#+!<(&$)!(+36)%*+)<P!!
!
!
b!
• '()6&4&6!9:;)67&1)!J.!?3!63@(#+)!6*++)$7!<*+,&6#8!(+#67&6)N!&$!7)+@<!34!
$*@:)+!34!(+36)%*+)<N!(+36)%*+)!7-()N!63@(8&6#7&3$!+#7)<N!#$%!+)3()+#7&3$!
+#7)<!:#<)%!3$!<()6W-!:#6R,+3*$%!I3+7>3(#)%&6!3+!$)*+3<*+,&6#8MP!!!
Hypotheses: The null hypothesis of this work is that there are no differences in
perceptions between fellowship trainees comparing neurosurgical to orthopaedic surgical
background. Furthermore, the null hypothesis also states that surgeon ‘expertise’ and
surgeon specialty background are not related to trends and patient outcomes in surgical
care of the degenerative lumbar spine.
!
'
'
'
'
'
'
'
'
'
'
'
'
'
'
!
!
T!
'
&@(,9-/'F2'"(8T0/5.)*'
'
FRH'&.//-)9'$/-)*>'+)'?-::54>@+,'$/(+)+)0!
H$%)+<7#$%&$,!7>)!%)@3,+#(>&6<!#$%!+)#<3$<!43+!+)<&%)$7<!(*+<*&$,!
4)8832<>&(!7+#&$&$,!>#<!(+343*$%!&@(8&6#7&3$<!43+!<*+,&6#8!)%*6#7&3$!(#+#%&,@<!#$%!
23+R43+6)!(8#$$&$,P!"*++)$78-N!@3+)!<*+,&6#8!+)<&%)$7<!#+)!6>33<&$,!73!(*+<*)!
4)8832<>&(!7+#&$&$,!7>#$!)1)+!:)43+)P!=)8832<>&(!63@(8)7&3$!>#<!63$7&$*)%!73!+&<)N!
+)#6>&$,!_Kg!:-!JKKbN!#$%!7>&<!&$6+)#<)!>#<!:))$!#663@(#$&)%!:-!<>&47<!&$!7>)!
%)<&+#:&8&7-!34!1#+&3*<!<()6W&)<!I'7&7V)$:)+,!j!'>)8%3$N!JKKTMP!91)+#88N!7>)+)!>#<!
:))$!#$!&$6+)#<)!34!_P^g!&$!7>)!#$$*#8!$*@:)+!34!$)2!)$7+#$7<!&$73!,+#%*#7)!
@)%&6#8!)%*6#7&3$!I+)<&%)$6-!#$%!4)8832<>&(M!4+3@!JKKJ!73!JKK_N!2&7>!&$6+)#<&$,!
<*:<()6&V#7&3$!+#7)<!8)#%&$,!73!4)2)+!(>-<&6&#$<!)$7)+&$,!,)$)+#8&<7!6#+))+<!
I'#8<:)+,!)7!#8PN!JKKaMP!Z)72))$!LSSK!#$%!JKK^N!7>)!(+3(3+7&3$!34!(+#67&6&$,!
3+7>3(#)%&6!,)$)+#8&<7<N!2&7>3*7!#$-!4)8832<>&(!7+#&$&$,N!>#<!%)6+)#<)%!4+3@!bbPJg!
73!JaP_g!I[#7R&$<W"#<<&883N!JKK^MP!?3!3*+!R$328)%,)N!<*6>!7+)$%<!#@3$,!
$)*+3<*+,)3$<!>#1)!$37!:))$!#<!2)88!+)1&)2)%!#$%!(*:8&<>)%P!U3*$,)+!,+#%*#7&$,!
+)<&%)$7<N!7>3<)!4+3@!8#+,)+!(+3,+#@<!I@3+)!+)<&%)$7<!()+!-)#+MN!#$%!7>3<)!4+3@!7>)!
C&%W5#<7)+$!H$&7)%!'7#7)<!#$%!O)2!5$,8#$%!+),&3$<!#+)!7>)!@3<7!8&R)8-!73!)$7)+!
4)8832<>&(!#47)+!,+#%*#7&3$!IF#&8)-N!Z+&$R)+N!j588&377N!LSSaMP!/$$*#8!&$6+)#<)<!&$!7>)!
$*@:)+!34!<)$&3+!+)<&%)$7<!)8)67&$,!73!63@(8)7)!4)8832<>&(!7+#&$&$,!>#<!#8<3!
#66)8)+#7)%!#6+3<<!O3+7>!/@)+&6#!<&$6)!JKKJk!23@)$N!<@#88N!#$%!63@@*$&7-W:#<)%!
T!
!
!
^!
(+3,+#@!+)<&%)$7<N!(8*<!,+#%*#7)<!4+3@!7>)!'3*7>)#<7)+$!#$%!C&%2)<7)+$!H$&7)%!
'7#7)<N!>#1)!63$7+&:*7)%!7>)!,+)#7)<7!$*@:)+!34!$)2!4)8832<!IZ3+@#$N!JKKaMP!!
c&7)+#7*+)!&$!"#$#%#!&<N!+)<()67&1)8-N!<(#+<)P!!!
FRHRH'?(895/>'I)6:.-)8+)0'#.<>,-8+(:91'?-::54>@+,'&(/--/'O-8+>+5)>'
' ?>)+)!#+)!<)1)+#8!4#673+<!43+!+)<&%)$7<!73!63$<&%)+!2>)$!%)6&%&$,!3$!2>)7>)+!
3+!$37!73!63@(8)7)!#%%&7&3$#8!4)8832<>&(!7+#&$&$,P!!?>)+)!#+)!$*@)+3*<!<*:<()6W-!
6>3&6)<!#1#&8#:8)!43+!+)<&%)$6-!7+#&$))<!73!(37)$7X-!(*+<*)!&$!4)8832<>&(!7+#&$&$,P!!
?>)<)!&$68*%)!#!2&%)!1#+&)7-!34!&$7)+)<7!#+)#<!<*6>!#<!7+#*@#N!3+7>3(#)%&6!3$6383,-N!
(#)%+&6!3+7>3(#)%&6<N!<(3+7<N!<(&$)N!#<!2)88!#<!37>)+!4&)8%<!<*6>!#<!4337!#$%!#$R8)!
<*+,)+-P!/!O3+7>!/@)+&6#$!<*+1)-!63$%*67)%!34!#88!,+#%*#7&$,!+)<&%)$7<!&$!7>)!
H$&7)%!'7#7)<N!"#$#%#N!#$%!A*)+73!0&63!43*$%!7>#7!7>)!@3<7!63@@3$!4)8832<>&(<!
6>3<)$!&$68*%)%!<(3+7<!@)%&6&$)!IJKPTg!34!#88!+)<(3$%)$7<MN!>#$%!ILJPLgMN!#$%!
<(&$)!ISPTgM!IF#&8)-N!Z+&$R)+N!j!588&377N!LSSaMP!=3+!$)*+3<*+,)+-!+)<&%)$7<N!
<*:<()6W-!4)8832<>&(!3(7&3$<!&$68*%)!1#<6*8#+!$)*+3<*+,)+-N!3$6383,-N!<R*88!:#<)!
<*+,)+-N!(#)%+&6!$)*+3<*+,)+-N!#@3$,!37>)+!3(7&3$<P!94!7>)!()3(8)!2>3!(8#$!73!
(*+<*)!#!4)8832<>&(N!@#$-!6&7)!7>)!#1#&8#:&8&7-!34!)@(83-@)$7!&$!#!<()6&4&6!
<*:<()6W-!&$!7>)&+!+)<()67&1)!<7#7)!3+!(+31&$6)!#<!#$!&@(3+7#$7!4#673+!2>)$!
%)6&%&$,!3$!2>&6>!<*:<()6W-!4)8832<>&(!7+#&$&$,!73!(*+<*)!IG$63+1#&#N!0&$,8)-N!j!
Z3-<)$N!JKKTMP!G$%))%N!#!+)6)$7!<7*%-!34!(#7>383,-!+)<&%)$7<!<>32)%!7>#7!7>)!@3<7!
63@@3$!+)#<3$<!43+!(*+<*&$,!4)8832<>&(!7+#&$&$,!2)+)!73!(+31&%)!;3:!63$$)67&3$<N!
&$6+)#<)!@#+R)7#:&8&7-N!#$%!%)1)83(!)Q()+7&<)!&$!#!(#+7&6*8#+!4&)8%!Ic#,2&$<R&!j!
B*$7N!JKKSMP!/$37>)+!<7*%-!34!$)*+3<*+,)+-!+)<&%)$7<!3:<)+1)%!7>#7!7>)!73(!7>+))!
!
!
_!
+)#<3$<!43+!(*+<*&$,!4)8832<>&(!7+#&$&$,!2)+)!l()+<3$#8!&$7)+)<7mN!l;3:!@#+R)7!
%)@#$%mN!#$%!l#6#%)@&6!(+)<7&,)m!Ic))!j!Y83<)N!LSSSMP!G$7)+)<7&$,8-N!l&$#%)D*#7)!
7+#&$&$,!%*+&$,!+)<&%)$6-m!2#<!#!%&<7#$7!43*+7>!#$%!2#<!3$8-!6&7)%!#<!:)&$,!#!
63$6)+$!43+!7>3<)!&$7)+)<7)%!&$!7>)!@3+)!63@(8)Q!3+!*$63@@3$!$)*+3<*+,&6#8!
<*:<()6W&)<!<*6>!#<!)$%31#<6*8#+!#$%!<R*88!:#<)!$)*+3<*+,)+&)<P!!
FRHRF'&5)8-/)>'56'?-::54>'()*'%-8-)9:1'P/(*.(9-*'#./0-5)>! !!
51)+-!-)#+N!#((+3Q&@#7)8-!LKKK!$)2!<*+,)3$<!)@:#+R!3$!7>)&+!6#+))+<!
#6+3<<!O3+7>!/@)+&6#!IY2#R2#!j!n3$#<<3$N!LSSSMP!O37!<*+(+&<&$,8-N!<#8#+-!#$%!
()+<3$#8!4&$#$6)<!+)@#&$!#!63$6)+$!#@3$,!4)8832<!#$%!(+#67&6&$,!<*+,)3$<P!?>)!
#1)+#,)!%):7!34!@)%&6#8!<6>338!,+#%*#7)<N!:)72))$!LSaT!#$%!LSSTN!>#<!&$6+)#<)%!:-!
#((+3Q&@#7)8-!^Kg!IY#<<):#*@N!'V)$#<N!j!'6>*6>)+7N!LSS^MP!/%%&$,!73!7>&<!:*+%)$!
&<!73%#-i<!@)%&6#8!)63$3@&6!)$1&+3$@)$7!#$%!7>)!6>#88)$,)<!34!+)&@:*+<)@)$7!43+!
(#7&)$7!6#+)N!(#+7&6*8#+8-!&$!7>)!H$&7)%!'7#7)<P!!"*++)$78-N!&7!&<!$37!*$63@@3$!43+!#!
"#$#%&#$!7+#&$))!73!#66*@*8#7)!#((+3Q&@#7)8-!oLKKNKKK!&$!%):7!:-!7>)!)$%!34!7>)&+!
<*+,&6#8!7+#&$&$,P!97>)+!1#+&#:8)<!63$<&%)+)%!&@(3+7#$7!73!4)8832<!#$%!(+#67&6&$,!
<*+,)3$<!&$68*%).!#1#&8#:&8&7-!34!+38)!@3%)8<d@)$73+<N!23+RW8&4)!:#8#$6)!&<<*)<N!
<*((3+7!43+!68&$&6#8!#$%!:#<&6!<6&)$6)!+)<)#+6>N!#$%!3((3+7*$&7-!43+!(+3@37&3$#8!
#%1#$6)@)$7!IE#:+#@!)7!#8PN!JKKLMP!
/!<7*%-!34!+)6)$7!4)8832<>&(!,+#%*#7)<!<>32)%!7>#7!@#$-!<(3R)!34!4)8832<>&(!
#<!#!7+#$<43+@#7&1)!)Q()+&)$6)!7>#7!6+)#7)%!#!(+343*$%!<>&47!&$!7>)&+!<)$<)!34!
&%)$7&7-!#$%!6#+))+!(#7>!Ic32$N!O)2@#$N!j!B#7)@N!JKKSMP!?>)!<#@)!<*+1)-!#8<3!
3:<)+1)%!7>#7!7>)!4)8832<!)Q()+&)$6)%!#$!&$6+)#<)%!<)$<)!34!)@(32)+@)$7!#$%!<)84W
!
!
a!
)44&6#6-N!2>&6>!7>)-!#<<36)%!2&7>!$)28-!>3$)%!R$328)%,)N!<R&88<N!#$%!63$4&%)$6)N!
63@:&$)%!2&7>!#!<)$<)!34!,+)#7)+!+)63,$&7&3$!:-!37>)+<P!!
!
FRHRS'?+)()8+(:'&5)>+*-/(9+5)>'()*'?-::54>@+,'$/(+)+)0'
! Z)72))$!JKKL!#$%!JKK^N!7>)!@)#$!&$%):7)%$)<<!34!@)%&6#8!<7*%)$7<!>#<!
&$6+)#<)%!:-!#((+3Q&@#7)8-!obKNKKK!73!#!$)2!#1)+#,)!>&,>!34!#((+3Q&@#7)8-!
oLbKNKKK!In388-N!JKKbMP!E+#%*#7)<!$32!6#++-!bPT!7&@)<!7>)!)%*6#7&3$#8!%):7!34!7>3<)!
,+#%*#7&$,!723!%)6#%)<!#,3N!#$%!<3@)!6#++-!#!%):7!&$!)Q6)<<!34!o`TKNKKK!In388-N!
JKKbMP!!
0)<&%)$7<!2>3!32)!8)<<!7>#$!oTKNKKK!#+)!<&,$&4&6#$78-!@3+)!8&R)8-!73!
63$<&%)+!)$7)+&$,!7>)!@)%&6#8!(+34)<<&3$!#<!#!4&$#$6X-!2&<)!%)6&<&3$N!#$%!#+)!
@3+)!8&R)8-!73!(*+<*)!4*+7>)+!4)8832<>&(!7+#&$&$,N!7>#$!7>3<)!2>3<)!&$%):7)%$)<<!&<!
,+)#7)+!7>#$!oLKKNKKK!IG$63+1#&#N!0&$,8)-N!j!Z3-<)$N!JKKTMP!Z#<)%!3$!$#7&3$#8!
#1)+#,)<!6>#+#67)+&V)%!:-!/88&)%WA>-<&6&#$<N!<*:<()6W-!7+#&$)%!(>-<&6&#$<!&$!
3+7>3(#)%&6!<*+,)+-!#$%!$)*+3<*+,)+-!(3<<)<<!#1)+#,)!<#8#+&)<!+#$,&$,!4+3@!
o`SJNKKK!73!o^_KNKKKN!%)()$%&$,!3$!7>)!<()6&4&6!<*:<()6W-!&$!D*)<7&3$!I/88&)%W
A>-<&6&#$<N!JKLKMP!?>3<)!&$%&1&%*#8<!2&7>3*7!<*:<()6W-!7+#&$&$,!>#1)!#$!#1)+#,)!
<#8#+-!34!o`bJNKKKP!!
! /!<7*%-!34!7>)!4&$#$6!&@(#67!34!4)8832<>&(!7+#&$&$,!#@3$,!@)%&6#8!
<*:<()6W&)<!#8<3!+)1)#8<!#!8#+,)!1#+&3$!&$!+)&@:*+<)@)$7P!=3+!)Q#@(8)N!
<*:<()6W-!4)8832<>&(!7+#&$&$,!&$!,#<7+3)$7)+383,-!(37)$7X-!-&)8%<!#$!#1)+#,)!
!
!
S!
$)7!6#+))+!)#+$&$,<!&$6+)#<)!34!oLNLKLNa^`!IA+#<>R)+!j!C))$#$N!LSSLMP!?>)+)43+)N!
,#<7+3)$7)+383,&<7<!>#1)!#$!)Q7+)@)8-!8#+,)!+)7*+$!3$!7>)&+!#%%&7&3$#8!&$1)<7@)$7!&$!
7+#&$&$,N!#$%!7>)!%)6&<&3$!73!)$7)+!#!(+36)%*+)W3+&)$7)%!<*:<()6W-!4)8832<>&(!6#$!
:)!1)+-!4&$#$6X-!#77+#67&1)P!!!!
! /$37>)+!<7*%-!<()6&4&6#88-!833R&$,!#7!7>)!4&$#$6!&@(#67!34!3+7>3(#)%&6!
4)8832<>&(!7+#&$&$,!>#<!%)@3$<7+#7)%!7>#7!7>)!@)#$!+)(3+7)%!&$63@)<!&$6+)#<)%!
<&,$&4&6#$78-!43+!4)8832<>&(!7+#&$)%!3+7>3(#)%&6!<*+,)3$<!&$!7>)!<*:<()6W-!4&)8%<!
34!#%*87!<(&$)N!<(3+7<!@)%&6&$)N!>#$%N!#%*87!#+7>+3(8#<7-N!<>3*8%)+!#$%!)8:32N!#$%!
7+#*@#!2>)$!63@(#+)%!73!7>)&+!$3$W4)8832<>&(!7+#&$)%!63*$7)+(#+7<!IE#<R&88N!"33RN!
O*$8)-N!j!C#7>)+N!JKKSMP!94!7>)<)N!#%*87!<(&$)!4)8832<>&(!7+#&$&$,!&<!)<7&@#7)%!73!
>#1)!7>)!,+)#7)<7!$)7!4&$#$6!1#8*)P!G7!&<!&$7)+)<7&$,!73!$37)!7>#7!<*+,)3$!4))<!#+)!
)D*&1#8)$7!43+!#!,&1)$!(+36)%*+)!+),#+%8)<<!34!2>)7>)+!4)8832<>&(!7+#&$&$,!>#<!:))$!
63@(8)7)%P!?>)+)43+)N!@3+)!+)8#7&1)!*$&7<!@*<7!:)!:&88)%!43+!7>)!4)8832<>&(W7+#&$)%!
<*+,)3$!73!3:7#&$!#!>&,>)+!<#8#+-!7>#$!#!,)$)+#8&<7!()+43+@&$,!7>)!<#@)!(+36)%*+)P!
'3@)!@#-!#+,*)!7>#7!4)8832<>&(!7+#&$&$,!#663@(8&<>)<!7>&<!:-!&@(+31&$,!<*+,)3$!
)44&6&)$6-P!B32)1)+N!3$8-!4)8832<>&(<!&$!>#$%!#$%!#%*87!<(&$)!>#1)!:))$!<>32$!73!
344)+!(+3%*67&1&7-!#%1#$7#,)!63@(#+)%!73!,)$)+#8!3+7>3(#)%&6!(+#67&6)N!2>)+)#<!
<>3*8%)+!#$%!)8:32N!#%*87!#+7>+3(8#<7-N!#$%!7+#*@#!@#-!$37!344)+!#!+)8#7&1)!$)7!
(+3%*67&1&7-!#%1#$7#,)!IE#<R&88N!"33RN!O*$8)-N!j!C#7>)+N!JKKSMP!9$)!)Q(8#$#7&3$!43+!
7>&<!3:<)+1#7&3$!@#-!:)!7>#7!<()6W-!7+#&$&$,!#8832<!,+)#7)+!#66)<<!73!(#7&)$7<!#$%!
6#<)<N!8)#%&$,!73!@3+)!>3*+<!23+R)%N!2>&6>!&$!7*+$!8)#%<!73!&$6+)#<)%!&$63@)P!/8<3N!
+)<&%)$6-!7+#&$&$,!@#-!#8+)#%-!(+31&%)!#%)D*#7)!#6D*&<&7&3$!34!<R&88<!&$!3+%)+!73!
!
!
LK!
)<7#:8&<>!(+#67&6)!&$!#!<*66)<<4*8!7+#*@#!3+!#+7>+3(8#<7-!4&)8%!#<!63@(#+)%!73!7>#7!
3:<)+1)%!43+!37>)+!<*:<()6W&)<P!!!
FRHRV'N+6->91:-'I>>.->'()*'IA,(89'56'M5/TaC5./'%->9/+89+5)>!
! /!+)6)$7!<*+1)-!34!,)$)+#8!<*+,)+-!+)<&%)$7<!>#<!<>32$!7>#7!:37>!@#8)!#$%!
4)@#8)!+)<&%)$7<!63$<&%)+!8&4)<7-8)!73!:)!#$!&@(3+7#$7!4#673+!&$!7>)&+!%)6&<&3$W
@#R&$,!(+36)<<!43+!6>33<&$,!#!4)8832<>&(!IB*%R&$<N!B)8@)+N!j!'@&7>N!JKKSMP!=)@#8)!
+)<&%)$7<!#$7&6&(#7)%!23+R&$,!4)2)+!>3*+<N!63@@&77&$,!73!8)<<!)@)+,)$6-!6#88N!
7#R&$,!@3+)!)Q7)$%)%!8)#1)<!34!#:<)$6)N!#$%!+)7&+&$,!)#+8&)+!7>#$!7>)&+!@#8)!
63*$7)+(#+7<P!?>)<)!8&4)<7-8)!&<<*)<!2&88!>#1)!#!(+343*$%!&@(#67!3$!7>)!%)8&1)+-!34!
>)#87>!6#+)!&$!7>)!4*7*+)P!!
! ?>)!/66+)%&7#7&3$!"3*$6&8!3$!E+#%*#7)!C)%&6#8!5%*6#7&3$!I/"EC5M!
&@(8)@)$7)%!,*&%)8&$)<!43+!#88!+)<&%)$6-!(+3,+#@<!3$!n*8-!LN!JKK`!8&@&7&$,!7>)!
#@3*$7!34!7&@)!+)<&%)$7<!6#$!<()$%!()+43+@&$,!l&$W>3*<)m!%*7&)<N!2&7>!8&@&7<!<)7!#7!
aK!>3*+<!()+!2))R!IY*<*@#!)7!#8PN!JKK_MP!?>)<)!,*&%)8&$)<!)1381)%!4+3@!
63$<&%)+#:8)!63$6)+$!:#<)%!*(3$!)1&%)$6)!7>#7!+)<&%)$7!4#7&,*)!+)<*87<!&$!@)%&6#8!
)++3+<N!<3@)!34!2>&6>!>#1)!<)+&3*<!63$<)D*)$6)<!IZ#+,)+!)7!#8PN!JKK^MP!'&@&8#+8-N!
4#7&,*)!>#<!:))$!<>32$!73!6#*<)!(33+!>)#87>!&$!>3*<)W<7#44!#$%!(8#6)<!7>)<)!
&$%&1&%*#8<!#7!,+)#7)+!+&<R!43+!()+<3$#8!&$;*+&)<N!&$68*%&$,!@373+!1)>&68)!#66&%)$7<!
IZ#+,)+!)7!#8PN!JKKTMP!/!+)6)$7!<*+1)-!34!3+7>3(#)%&6!+)<&%)$7<!:)43+)!#$%!#47)+!7>)!
&@(8)@)$7#7&3$!34!7>)!,*&%)8&$)<!63$4&+@)%!7>#7!>3*<)<7#44!2)+)!23+R&$,!83$,)+!
7>#$!aK!>3*+<!:)43+)!n*8-!JKK`!#$%!#+)!8#+,)8-!&$!63@(8&#$6)!2&7>!+)6)$7!,*&%)8&$)<!
<&$6)!7>#7!%#7)!I=+&)%8#)$%)+N!JKK^MP!=*+7>)+@3+)N!7>&<!<7*%-!%)@3$<7+#7)%!7>#7!
!
!
LL!
+)<&%)$7<!,)$)+#88-!#((+31)!34!7>)<)!6>#$,)<!#$%!#+)!()+<3$#88-!>#((&)+P!!?>)+)!&<!
#8<3N!>32)1)+N!)Q(+)<<)%!63$6)+$!43+!83<<!34!63$7&$*&7-!&$!(#7&)$7!6#+)!#$%!+)%*6)%!
)Q(3<*+)!73!3()+#7&1)!6#<)<P!!?>&<!1#+&#:8)!@#-!:)!#$37>)+!+)#<3$!43+!7>)!
&$6+)@)$7#8!$*@:)+!34!+)<&%)$7<!6>33<&$,!73!(*+<*)!4)8832<>&(!7+#&$&$,P!!
! !'*+,&6#8!)Q()+&)$6)!#$%!<*+,)3$!63$4&%)$6)!>#<!:))$!<>32$!73!%)6+)#<)!
<&$6)!7>)!&@(8)@)$7#7&3$!34!7>)!aKW>3*+!23+R!+*8)!IA#((#<!j!?)#,*)N!JKK_MP!/8<3N!
+)<&%)$7<!>#1)!+)(3+7)%!#!%)6+)#<)!&$!7>)!D*#8&7-!34!4#6*87-!7)#6>&$,!#$%!#$!31)+#88!
%)6+)#<)!&$!)%*6#7&3$#8!<#7&<4#67&3$!In#,<&!)7!#8PN!JKK^MP!!
FRHRU'7(/:1'#,-8+(:+e(9+5)'+)'#./0-/1'
! G$!+)6)$7!-)#+<N!7>)!<63()!#$%!<()67+*@!34!<*+,&6#8!+)<&%)$6-!7+#&$&$,!>#<!
6>#$,)%!%+#@#7&6#88-P!/%1#$6)<!&$!7)6>$383,-N!6>#$,&$,!>)#87>6#+)!)63$3@&6<N!
(*:8&6!%)@#$%!43+!<()6&V#7&3$N!#$%!%*7-!>3*+!23+R!+)<7+&67&3$<!>#1)!#88!8)%!73!
6>#$,)<!&$!7>)!)%*6#7&3$#8!@3%)8<!43+!+)<&%)$6-!7+#&$&$,!Ic3$,3!)7!#8PN!JKKaMP!/$!
)Q#@(8)!34!7>&<!&<!&$7),+#7)%!1#<6*8#+!<*+,)+-!(+3,+#@<!7>#7!#+)!6*++)$78-!:)&$,!
344)+)%!#7!1#+&3*<!6)$7)+<!&$!7>)!H$&7)%!'7#7)<P!?>)<)!(+3,+#@<!>#1)!7+#$<43+@)%!
7>)!7+#&$&$,!(#+#%&,@!43+!4*7*+)!1#<6*8#+!<()6&<7<P!/!63@(#+&<3$!#7!'7#$43+%!
H$&1)+<&7-!#$%!H"c/!IH$&1)+<&7-!34!"#8&43+$&#Wc3<!/$,)8)<M!34!#((8&6#$7<!73!7>)!
&$7),+#7)%!1#<6*8#+!<*+,)+-!(+3,+#@!2>)$!63@(#+)%!73!,)$)+#8!<*+,)+-!#((8&6#$7<!
<>32)%!7>#7!&$7),+#7)%!1#<6*8#+!(+3,+#@!6#$%&%#7)<!7)$%)%!73!:)!38%)+N!(3<<)<<!#!
,+)#7)+!$*@:)+!34!(*:8&6#7&3$<N!#$%!2)+)!@3+)!8&R)8-!73!>#1)!#$!#%%&7&3$#8!,+#%*#7)!
8)1)8!%),+))!IA>FN!C#<7)+i<MP!?>)-!2)+)!#8<3!;*<7!#<!8&R)8-!73!:)!&$!7>)!73(!D*#+7&8)!34!
7>)&+!@)%&6#8!<6>338!68#<<N!#$%!<63+)!)D*#88-!2)88!3$!<7#$%#+%&V)%!$#7&3$#8!:3#+%!
!
!
LJ!
D*#8&4-&$,!)Q#@&$#7&3$<!Ic))!)7!#8PN!JKLKMP!G$!7>)!<#@)!<7*%-N!7>)!@3<7!63@@3$!
+)#<3$<!6&7)%!43+!(*+<*&$,!#$!&$7),+#7)%!1#<6*8#+!<*+,)+-!(+3,+#@!1)+<*<!)$7)+&$,!#!
h,)$)+#8i!1#<6*8#+!<*+,)+-!4)8832<>&(!7+#&$&$,!#47)+!63@(8)7&$,!,)$)+#8!<*+,)+-!
+)<&%)$6-!2)+).!ILM!@3+)!436*<)%!7+#&$&$,N!IJM!&$7)+)<7!&$!63@(8)Q!(+36)%*+)<!7>#7!
23*8%!$3+@#88-!>#1)!$37!:))$!&$63+(3+#7)%!&$73!#!<7#$%#+%!,)$)+#8!<*+,)+-!
+)<&%)$6-!7+#&$&$,!(+3,+#@N!#$%!I`M!<>3+7)+!7&@)!&$!7+#&$&$,P!=*+7>)+@3+)N!Tag!34!
7>)!,)$)+#8!<*+,)+-!#((8&6#$7<!<7#7)%!7>#7!7>)-!23*8%!>#1)!:))$!&$7)+)<7)%!&$!
#((8-&$,!73!#$!&$7),+#7)%!+)<&%)$6-!&$!7>)&+!<*:<()6W-!34!&$7)+)<7!&4!&7!2#<!344)+)%N!
+#7>)+!7>#$!63$7&$*&$,!2&7>!7>)!63$1)$7&3$#8!+3*7)!34!63@(8)7&$,!#!,)$)+#8!<*+,)+-!
+)<&%)$6-!438832)%!:-!<*:<()6W-!4)8832<>&(!7+#&$&$,!Ic))!)7!#8PN!JKLKMP!
! ?>)!63$6)(7!34!)#+8-!<()6&V#7&3$!&$!<*+,)+-!>#<!)1381)%!4+3@!#!$*@:)+!34!
4#673+<!&$68*%&$,!%)6+)#<&$,!7>)!%*+#7&3$!34!7+#&$&$,N!+&<&$,!@)%&6#8!<6>338!%):7N!#$%!
7>)!4#67!7>#7!@3<7!+)<&%)$7<!73%#-!2&88!(*+<*)!<3@)!43+@!34!<*:<()6W-!4)8832<>&(!
7+#&$&$,!IZ#<<N!JKK^MP!G7!&<!68)#+!7>#7!)#+8-!<()6&V#7&3$!7+#&$&$,!&<!,#&$&$,!@*6>!
&$7)+)<7!#$%!2&88!8&R)8-!:)!#$!&@(3+7#$7!)%*6#7&3$#8!63$6)(7!&$!7>)!4*7*+)P!
'
'
'
'
'
!
!
L`!
FRF'$@-'&.//-)9'#9/.89./-'56'L5/9@'!A-/+8()'#,+)-'?-::54>@+,'$/(+)+)0'
! ?>)+)!&<!6*++)$78-!$3!43+@#8&V)%!6*++&6*8*@!43+!<(&$)!<*+,)+-!4)8832<>&(!
7+#&$&$,P!?>)+)!&<!#8<3!$3!<7#$%#+%!<)7!34!,*&%)8&$)<!73!:)!438832)%P!B32)1)+N!
63$<&%)+&$,!7>#7!4)8832<>&(!)%*6#7&3$!&<!:)63@)!@3+)!&@(3+7#$7!&$!7>)!7+#&$&$,!34!
<*+,)3$<N!7>)+)!>#<!:))$!#!@31)!732#+%<!<7#$%#+%&V&$,!7>)!)%*6#7&3$#8!3:;)67&1)<!
43+!4)8832<>&(<P!/@3$,!7>)!&$&7&1)<!*$%)+!2#-!#+)!%)1)83(&$,!<7#$%#+%&V)%!
6*++&6*8*@<N!#((+3(+)8-!#((3+7&3$&$,!3()+#7&1)!)Q()+&)$6)!:)72))$!+)<&%)$6-!
#$%!4)8832<>&(N!63$<&%)+&$,!#87)+$#7&1)!(#7>2#-<!43+!7+#&$&$,!&$!<*:<()6W&)<N!#$%!
%)1)83(&$,!#!<-<7)@!43+!31)+<&,>7!34!#%1#$6)%!<*+,&6#8!7+#&$&$,!4)8832<>&(<!IZ)88N!
JKKaMP!?>)!&@(3+7#$6)!34!#!<7#$%#+%&V)%!7+#&$&$,!(+3,+#@!&<!*$%)+<63+)%!:-!
3:<)+1&$,!7>)!8#+,)!1#+&3$!&$!<R&88!8)1)8<!#$%!3+7>3(#)%&6!7)6>$&D*)<!&$!63*$7+&)<!
2>)+)!7>)+)!&<!$3!43+@#8&V)%!7+#&$&$,!#$%!6)+7&4&6#7&3$!(+36)<<!Ip>)$N!B3$,N![)&N!j!
c*N!JKKaMP!!!
FRFRH'P.+*-:+)->'65/'$/(+)+)0'+)'L5)a#,+)-'?-::54>@+,>'
! O37!3$8-!&<!7>)+)!#!2&%)!1#+&3$!&$!7>)!)%*6#7&3$#8!<7+*67*+)!#$%!43+@#7<!
:)72))$!7>)!@#$-!7-()<!34!<*:<()6W-!4)8832<>&(<N!:*7!#8<3!7>)+)!#+)!@#;3+!
%&44)+)$6)<!:)72))$!4)8832<>&(<!7>#7!#+)!344)+)%!&$!7>)!<#@)!<*:<()6W-!4&)8%P!G$!
4#67N!<3@)!#+,*)!7>#7!7>)!68&$&6#8!4)8832<>&(!>#<!:)63@)!#$!*$+),*8#7)%!<*++3,#7)!
)Q7)$<&3$!34!+)<&%)$6-!7+#&$&$,!(+3,+#@<!2>)+):-!<*+,)3$<!8#6R&$,!&$!68&$&6#8!
63$4&%)$6)!,#&$!7>)!68&$&6#8!)Q()+&)$6)!#$%!)Q()+7&<)!$))%)%!73!)$7)+!&$73!<*+,&6#8!
(+#67&6)!I"3@()#*N!?-+2>&77N!'>#+,#88N!j!037<7)&$N!JKKSMP!!?>)+)!&<N!$)1)+7>)8)<<N!7>)!
%)<&+)!&$!@#$-!<*:<()6W&)<!732#+%<!@#R&$,!4)8832<>&(!7+#&$&$,!@3+)!*$&43+@P!!
!
!
Lb!
! /!<7*%-!&$!H7#>!34!)$%3<63(&6N!*+383,&6N!#$%!,-$)6383,&6!4)8832<>&(!7+#&$&$,!
3:<)+1)%!7>#7!4#6*87-N!4)8832<N!#$%!+)<&%)$7<!#88!)Q()+&)$6)%!7>#7!6+)#7&$,!#!(&837!
<7+*67*+)%!6*++&6*8*@!&@(+31)%!7>)!7+#&$&$,!)Q()+&)$6)!IC3)<&$,)+!j!B&88N!JKKSMP!
58)@)$7<!34!7>&<!(&837!4)8832<>&(!(+3,+#@!&$68*%)%!:836R<!34!7&@)!3$!7>)!1#+&3*<!
<)+1&6)<!#<<36)%!2&7>!7>)!<*:<()6W-N!<()6&4&6!,3#8<!#$%!3:;)67&1)<!43+!)#6>!
:836R!73!#<<*+)!(+34&6&)$6-N!#$%!)%*6#7&3$#8!3((3+7*$&7&)<!I@3+:&%&7-!#$%!@3+7#8&7-!
+3*$%<N!63$4)+)$6)<N!#$%!#77)$%#$6)!#7!$#7&3$#8!@))7&$,<MP!/$37>)+!<7*%-!34!
7)#6>&$,!#((+3#6>)<!344)+)%!%*+&$,!@*<6*83<R)8)7#8!+#%&383,-!4)8832<>&(<!43*$%!
7>#7!6)+7#&$!)%*6#7&3$#8!63@(3$)$7<!#(()#+!73!:)!6+&7&6#8!73!8)#+$&$,.!%&%#67&6!
63$4)+)$6)<N!;3*+$#8!68*:<N!@*87&%&<6&(8&$#+-!63$4)+)$6)<N!#$%!2):W:#<)%!8)#+$&$,!
IZ)+D*&<7!)7!#8PN!JKK`MP!!!!!!!!!
! !!?>)!H+383,&6!9$6383,-!=)8832<>&(!A+3,+#@!#7!C)@3+!'83#$WY)77)+&$,!
"#$6)+!")$7)+!&%)$7&4&)<!$&$)!)<<)$7!)8)@)$7<!43+!7>)!63@(+)>)$<&1)!7+#&$&$,!34!
4*7*+)!*+3W3$6383,-!<*+,)3$<.!ILM!68&$&6#8!#$%!<*+,&6#8!)Q(3<*+)!73!63@(8)Q!
3$6383,-!(#7&)$7<N!IJM!68&$&6#8!)Q(3<*+)!73!<()6W&)<!I@)%&6#8!3$6383,-N!+#%&3$!
3$6383,-N!)76PM!7>#7!(#+7&6&(#7)!&$!7>)!@*87&%&<6&(8&$#+-!6#+)!34!*+383,&6!3$6383,-!
(#7&)$7<N!I`M!#7!8)#<7!3$)!-)#+!34!(+37)67)%!7&@)!43+!:#<&6!#$%d3+!68&$&6#8!+)<)#+6>!
2&7>!#!%)<&,$#7)%!+)<)#+6>!@)$73+N!IbM!43+@#8!%&%#67&6!8)67*+)!<)+&)<!73!)$63@(#<<!
)#6>!<*:<()6W-!&$!*+383,&6!3$6383,-!I(+)4)+#:8-!,&1)$!:-!#77)$%&$,<!4+3@!
@*87&(8)!<()6W&)<MN!ITM!43+@#8!)%*6#7&3$!3$!:&3<7#7&<7&6<!#$%!)7>&6<N!I^M!43+@#8!
)%*6#7&3$!3$!68&$&6#8!7+!%)<&,$!#$%!63$%*67N!I_M!)%&73+!#$%!:&3<7#7&<7&6#8!<*((3+7!
73!#<<&<7!#$%!)$63*+#,)!#:<7+#67!(+)<)$7#7&3$N!@#$*<6+&(7!<*:@&<<&3$N!#$%!37>)+!
<6>38#+8-!#67&1&7&)<N!IaM!,+#$%!+3*$%<!7>#7!+3*7&$)8-!&$68*%)!<()6&<7<!43+@!@)%&6#8!
!
!
LT!
3$6383,-N!+#%&3$!3$6383,-N!(#7>383,-N!#$%!+#%&383,-N!#$%!ISM!68&$&6#8!#$%!
8#:3+#73+-!)Q(3<*+)!73!$)2!#$%!63@(8)Q!(+36)%*+)<!I+3:37&6!(+36)%*+)<N!
@&$&@#88-!&$1#<&1)!<*+,)+-!)76PM!I?>3@(<3$N!5#<7>#@N!'6#+%&$3N!j!'>)&$4)8%N!JKKSMP!
[>&8)!7>&<!<()6&4&6!(+3,+#@!(8#6)<!#!<&,$&4&6#$7!)@(>#<&<!3$!+)<)#+6>!#$%!@#-!:)!
:)77)+!<*&7)%!43+!7>3<)!4)8832<!(*+<*&$,!#6#%)@&6!6#+))+<N!7>)!#77)$7&3$!73!%)7#&8!
+),#+%&$,!7>)!<7+*67*+)!#$%!,3#8<!34!7>)!4)8832<>&(!#+)!63@@)$%#:8)!#$%!7>)!
C)@3+!'83#$WY)77)+&$,!"#$6)+!")$7)+!@3%)8!&<!2)88!+)<()67)%!23+8%2&%)P!
/$37>)+!<7*%-!34!,-$)6383,&6!3$6383,-!4)8832<>&(!(+3,+#@<!#8<3!<7+)<<)%!+)<)#+6>!
#<!#$!&@(3+7#$7!63@(3$)$7!34!4)8832<>&(!7+#&$&$,N!<*,,)<7&$,!7>#7!4)8832<!:)!
+)D*&+)%!73!)$+388!&$!,+#%*#7)!8)1)8!63*+<)<!&$!+)<)#+6>!@)7>3%<!#$%!:)!(+31&%)%!
(+37)67)%!7&@)!73!(+3%*6)!+)<)#+6>!34!(*:8&<>#:8)!D*#8&7-!%*+&$,!7>)&+!7+#&$&$,!
()+&3%!IB344@#$!j!Z3%*+R#N!JKKSMP!!
! ?>)!(+3<()67&1)N!+#$%3@&V)%!68&$&6#8!7+!(+31&%)<!7>)!>&,>)<7!8)1)8!34!
)1&%)$6)!&$!@)%&6#8!%)6&<&3$W@#R&$,!&$!D*#$7&7#7&1)!+)<)#+6>P!9$)!@*87&6)$7)+!
<7*%-!43*$%!7>#7!<*+,)3$<!2&7>!4)8832<>&(!)Q()+&)$6)!2)+)!b_g!@3+)!8&R)8-!73!
(#+7&6&(#7)!&$!(+3<()67&1)!+#$%3@&V)%!63$7+38!7+<!#<!(#+7!34!7>)&+!68&$&6#8!(+#67&6)!
2>)$!63@(#+)%!73!7>)&+!63*$7)+(#+7<!2&7>3*7!4)8832<>&(!)Q()+&)$6)!IC#+7&$N!A38RN!
j!n#D*)<N!JKK`MP!/8<3N!4)8832<>&(!7+#&$)%!<*+,)3$<!2)+)!@3+)!8&R)8-!73!(*+<*)!
+)<)#+6>!&$7)+)<7<!7>+3*,>3*7!7>)&+!6#+))+<!63@(#+)%!73!7>)&+!63*$7)+(#+7<P!!
! G$!7>)!H$&7)%!'7#7)<N!7>)!'36&)7-!34!'*+,&6#8!9$6383,-!I''9M!2#<!6+)#7)%!73!#67!
#<!7>)!,31)+$&$,!:3%-!43+!#88!<*+,&6#8!3$6383,-!4)8832<>&(!7+#&$&$,!(+3,+#@<P!G7<!
(*+(3<)!&<!73!43+@#8&V)!#!(+36)<<!34!31)+<&,>7N!+)1&)2!#$%!#((+31)!#88!<*+,&6#8!
!
!
L^!
3$6383,-!(+3,+#@<N!#$%!73!)<7#:8&<>!43+@#8!)%*6#7&3$#8!,*&%)8&$)<!IZ)+@#$N!
Y*+7V@#$N!A3<$)+N!j!E+)<>)$2#8%N!JKKSMP!?>)!''9!63$%*67<!&$&7!#$%!63$7&$*&$,!
+)1&)2<!34!#88!4)8832<>&(!(+3,+#@<N!&$68*%&$,!+),*8#+!3$W<&7)!1&<&7<!73!#%%+)<<!
63$6)+$<!#$%!&<<*)<P!?>)!''9!#8<3!#%@&$&<7)+<!#!4)8832<>&(!@#76>&$,!<)+1&6)N!
7>)+):-!6+)#7&$,!#!7+#$<(#+)$7N!6)$7+#8&V)%N!#$%!@#$%#73+-!(+36)<<!43+!:37>!
(+3<()67&1)!6#$%&%#7)<!#$%!7+#&$&$,!(+3,+#@<P!c#<78-N!7>)!''9!>#<!(#+7$)+)%!2&7>!
7>)!/"EC5!73!6+)#7)!#!2):W:#<)%!<*+,&6#8!3$6383,-!3()+#7&1)!83,!73!:)77)+!)1#8*#7)!
(+3,+#@<!#$%!&$%&1&%*#8!7+#&$))!)Q()+&)$6)!IZ)+@#$N!Y*+7V@#$N!A3<7)+N!j!
E+)<>)2#8%N!JKKSMP!
! !?>)!#%1)$7!#$%!%)1)83(@)$7!34!$)2!<*+,&6#8!7)6>$&D*)<!>#<!,&1)$!+&<)!73!
<*:<()6W-!4)8832<>&(<!7>#7!23*8%!$37!>#1)!)Q&<7)%!;*<7!#!4)2!%)6#%)<!#,3P!9$)!
<*6>!4)8832<>&(!7>#7!&<!:)63@&$,!&$6+)#<&$,!(3(*8#+!&<!8#(#+3<63(&6!6383+)67#8!
<*+,)+-P!?>)!8)$,7>!#$%!:+)#%7>!34!7>)<)!4)8832<>&(<!1#+&)<N!2&7>!<3@)!#<!<>3+7!#<!
<&Q!@3$7><P!G$!#!<*+1)-!34!4)8832<!#7!43*+!%&44)+)$7!6)$7)+<N!)#6>!2&7>!<&QW@3$7>!
8#(#+3<63(&6!6383+)67#8!4)8832<>&(<N!#88!34!7>)!+)<(3$%)$7<!4)87!7>#7!7>)&+!4)8832<>&(!
>#%!&$%))%!(+31&%)%!7>)!$)6)<<#+-!63@()7)$6)!73!()+43+@!8#(#+3<63(&6!<*+,)+-!
&$%)()$%)$78-!I[&88&#@<N!'#,#+N!C6/88&<7)+N!j!E3$<#81)<N!JKKSMP!C3+)31)+N!7>)-!
:)8&)1)%!7>&<!4)8832<>&(!)Q()+&)$6)!2#<!$)6)<<#+-!:)6#*<)!7>)-!%&%!$37!4))8!7>#7!
7>)&+!(+)1&3*<!7+#&$&$,!(+31&%)%!)$3*,>!)Q(3<*+)!73!%)1)83(!)Q()+7&<)!&$!7>&<!#+)#P!!!
! /$37>)+!$31)8!#$%!)@)+,&$,!7+)#7@)$7!<7+#7),-!#6+3<<!@*87&(8)!%&<6&(8&$)<!&<!
@&$&@#88-!&$1#<&1)!<*+,)+-!ICG'MP!?>&<!&$68*%)<!7+)#7@)$7!3(7&3$<!<*6>!#<!
)$%3<63(&6N!8#(#+3<63(&6N!+3:37&6N!#$%!&@#,)W,*&%)%!()+6*7#$)3*<!7)6>$&D*)<P!
!
!
L_!
C&$&@#88-!&$1#<&1)!8)#+$&$,!3((3+7*$&7&)<!63$7&$*)!73!)1381)N!#$%!&$68*%)!#$!
&$7)$<&1)!)Q()+&)$6)!%*+&$,!+)<&%)$6-N!(3<7,+#%*#7)!<>3+7!63*+<)<!3+!@&$&W
#((+)$7&6)<>&(<N!#$%!4*88!7&@)!4)8832<>&(!(+3,+#@<!IA&)+3+#V&3!j!/88#4N!JKKSMP!
H87&@#7)8-N!#88!<*+,&6#8!(+3,+#@<!@*<7!(+31&%)!7+#&$))<!2&7>!#!>#$%<W3$!)Q()+&)$6)!
&$!@&$&@#88-!&$1#<&1)!<*+,&6#8!#<()67<!43+!3(7&@#8!7+#&$&$,P!"*++)$78-N!7>)!CG'!
4)8832<>&(<!&$!:37>!"#$#%#!#$%!7>)!H$&7)%!'7#7)<N!(#+7&6*8#+8-!&$!,#<7+3&$7)<7&$#8!
<*+,)+-N!#+)!@))7&$,!#!+)#8!$))%!#@3$,!,+#%*#7&$,!+)<&%)$7<k!4)8832<!4)87!
*$(+)(#+)%!43+!68&$&6#8!(+#67&6)!#7!7>)!63@(8)7&3$!34!+)<&%)$6-!IA#+RN!Y#1&6N!c))N!j!
B)$&43+%N!JKK_MP!G7!&<!>3()%!7>#7!3$,3&$,!)1#8*#7&3$!#$%!+)1&)2!2&88!#&%!&$!4*+7>)+!
&@(+31)@)$7!34!7>)<)!6*++)$7!4)8832<>&(<P!!!
FRFRF'P.+*-:+)->'65/'$/(+)+)0'+)'#,+)-'?-::54>@+,>'
' ?>)+)!>#<!:))$!#!,+32&$,!&$7)+)<7!&$!43+@&$,!#!63$<)$<*<!&$!"#$#%#!#$%!7>)!
H$&7)%!'7#7)<!+),#+%&$,!7>)!,*&%)8&$)<!43+!<(&$)!4)8832<>&(!7+#&$&$,P!G$%))%N!*$7&8!
+)6)$78-!8&778)!>#<!:))$!R$32$!#:3*7!7>)!$#7*+)!34!<(&$)!<*+,)+-!7+#&$&$,P!!
! G$!5*+3()N!&$!3+%)+!73!#<<)<<!7>)!6*++)$7!<7#7)!34!<(&$)!<*+,)+-!7+#&$&$,!#$%!
7>)!63@()7)$6)!#6>&)1)%!#7!7>)!)$%!34!7+#&$&$,N!#!<*+1)-!2#<!%&<7+&:*7)%!73!
$)*+3<*+,&6#8!7+#&$))<!&$!@#$-!%&44)+)$7!63*$7+&)<!I'6>@&77!)7!#8PN!JKKaMP!91)+#88N!7>)!
<7*%-!43*$%!7>#7!$)*+3<*+,&6#8!7+#&$))<!>#%!<*+,&6#8!63$4&%)$6)!&$!7>)!7+#%&7&3$#8!
#+)#<!34!@&6+3<*+,&6#8!%)63@(+)<<&3$!43+!<(&$#8!<7)$3<&<!#$%!%&<6!>)+$&3$!#$%!
(#+7X-!&$!7>)!@#$#,)@)$7!34!%-<+#(>&6!#$%!&$7+#%*+#8!$)3(8#<7&6!63$%&7&3$<P!
F)4&6&7<!&$!7+#&$&$,!2)+)!+)1)#8)%!&$!7>)!@#$#,)@)$7!34!<(&$#8!7+#*@#!#$%!<(&$#8!
63$%&7&3$<!+)D*&+&$,!7>)!*<)!34!&@(8#$7<!I&P)P!<(&$#8!%)1&6)<MN!2&7>!7>)!)Q6)(7&3$!34!
!
!
La!
#$7)+&3+!6)+1&6#8!<7#:&8&V#7&3$P!"3@(#+)%!73!3+7>3(#)%&6!+)<&%)$7<N!$)*+3<*+,)+-!
+)<&%)$7<!>#1)!:))$!<>32$!73!>#1)!<&,$&4&6#$78-!,+)#7)+!8)1)8<!34!63$4&%)$6)!&$!
()+43+@&$,!<(&$)!<*+,)+-!31)+#88!IF13+#R!)7!#8PN!JKK^MP!?>)+)43+)N!<(&$)!
<*:<()6W-!4)8832<>&(!(+3,+#@<!<>3*8%!&$7),+#7)!7)6>$&D*)<!#$%!(+&$6&(8)<!4+3@!
:37>!$)*+3<*+,)+-!#$%!3+7>3(#)%&6!<*+,)+-!&$!3+%)+!73!(+31&%)!#!@3+)!
63@(+)>)$<&1)!7+#&$&$,!<7+#7),-P!
! "*++)$78-N!)#6>!%&44)+)$7!<(&$)!4)8832<>&(!(+3,+#@!>#<!#!(#+7&6*8#+!)@(>#<&<!
I&P)P!%)43+@&7-N!%),)$)+#7&1)!<(&$)N!<(&$)!7+#*@#!)76PM!:#<)%!3$!7>)!)Q()+7&<)!34!7>)!
7)#6>&$,!4#6*87-P!X)+-!4)2!(+3,+#@<!#+)!#:8)!73!(+31&%)!)Q()+&)$6)!&$!)1)+-!
63@(3$)$7!34!<(&$#8!%&<)#<)N!8)7!#83$)!>#1&$,!7>)!<*+,&6#8!138*@)<!73!7+#&$!<*+,)3$<!
6#(#:8)!34!>#$%8&$,!#88!<(&$#8!63$%&7&3$<!63$4&%)$78-P!?>*<N!&7!&<!*(!73!7>)!4)8832<>&(!
6#$%&%#7)!73!+)1&)2!)#6>!(+3,+#@!#$%!<)8)67!7>)!3$)!7>#7!@3<7!683<)8-!#8&,$<!2&7>!
7>)&+!6#+))+!&$7)+)<7<!#$%!(+&3+!7+#&$&$,!)Q()+&)$6)P!
C3<7!4)8832<>&(<!#+)!#!-)#+!&$!8)$,7>N!2&7>!<3@)!:)&$,!83$,)+P!?+#&$&$,!&$!7>)!
6#+)!34!<(&$#8!%&<)#<)<!6#$!:)!%&1&%)%!&$73!4&1)!6#7),3+&)<.!63+)!R$328)%,)N!68&$&6#8!
)1#8*#7&3$!<R&88<N!$3$W3()+#7&1)!@#$#,)@)$7!<R&88<N!3()+#7&1)!@#$#,)@)$7!<R&88<N!
(3<73()+#7&1)!6#+)N!#$%!+)>#:&8&7#7&3$!IB)+R32&7V!)7!#8PN!JKK_MP!=*+7>)+@3+)N!7>)+)!
#+)!<()6&4&6!63@(3$)$7<!3$!2>&6>!73!)1#8*#7)!<(&$)!4)8832<>&(<.!>3<(&7#8!+)<3*+6)<N!
7)#6>&$,!<7#44N!)%*6#7&3$#8!(+3,+#@N!+)<)#+6>!#67&1&7-N!#$%!7>)!)1#8*#7&3$!(+36)<<!
IB)+R32&7VN!"3$388-!)7!#8PN!JKK_MP!G$!7)+@<!34!>3<(&7#8!+)<3*+6)<N!7>)+)!<>3*8%!:)!
#%)D*#7)!4#6&8&7&)<!43+!&@#,&$,N!+)<)#+6>!<(#6)N!#$%!3()+#7&$,!+33@<!2&7>!*(W73W%#7)!
)D*&(@)$7P!G$!#%%&7&3$N!7>)!7)#6>&$,!<7#44!#$%!>3<(&7#8!#%@&$&<7+#7&3$!<>3*8%!:)!
!
!
LS!
63@@&77)%!73!(+31&%&$,!#$!)%*6#7&3$#8!)$1&+3$@)$7!+#7>)+!7>#$!#!(*+)!<)+1&6)W
3+&)$7)%!)Q()+&)$6)P!?>)!7)#6>&$,!<7#44!<>3*8%!&$68*%)!#!D*#8&4&)%!(+3,+#@!%&+)673+!
73!)$<*+)!7>#7!7>)!4)8832!+)6)&1)<!#((+3(+)!)%*6#7&3$#8!7+#&$&$,!#$%!&<!,&1)$!
()+&3%&6!)1#8*#7&3$<!34!()+43+@#$6)P!?>)!7)#6>&$,!<7#44!@*<7!#8<3!:)!63@@&77)%!73!
%)137&$,!7&@)!73!3()+#7&1)!#$%!$3$W3()+#7&1)!)%*6#7&3$N!#$%!<>3*8%!#8<3!:)!)$,#,)%!
&$!<3@)!<6>38#+8-!#67&1&7-!<*6>!#<!(*:8&<>#:8)!+)<)#+6>P!?>)!)%*6#7&3$#8!(+3,+#@!34!
7>)!4)8832<>&(!<>3*8%!&$68*%)!:37>!#6#%)@&6!#$%!7)6>$&6#8!63@(3$)$7<P!?>)+)!
<>3*8%!:)!#((+3(+)!)1#8*#7&3$!34!7>)!4)8832<i!<*+,&6#8!<R&88<!#$%!%)6&<&3$W@#R&$,!
<R&88<!7>+3*,>3*7!7>)!4)8832<>&(!()+&3%P!G$!#%%&7&3$N!7>)!4)8832<>&(!<>3*8%!&$68*%)!
:37>!#!%&%#67&6!8)67*+)!<)+&)<!631)+&$,!#88!34!7>)!+)8)1#$7!73(&6<!#$%!63$4)+)$6)<!I&P)P!
(+)3()+#7&1)!#<<)<<@)$7N!@3+:&%&7-!#$%!@3+7#8&7-N!;3*+$#8!68*:MP!0)<)#+6>!<>3*8%!
#8<3!:)!#$!&@(3+7#$7!63@(3$)$7!34!#!<(&$)!4)8832<>&(N!2&7>!7&@)!:)&$,!#88377)%!
<()6&4&6#88-!43+!7>&<!(*+(3<)P!c#<78-N!7>)+)!<>3*8%!:)!#!2+&77)$!)1#8*#7&3$!34!7>)!
4)8832<i!()+43+@#$6)!#$%!7>&<!<>3*8%!:)!%&<6*<<)%!2&7>!7>)!4)8832P!G$!<*@@#+-N!
7>)<)!,*&%)8&$)<!(+31&%)!#!,)$)+#8!:#<&<!3$!2>&6>!73!)1#8*#7)!6*++)$7!<(&$)!
4)8832<>&(!(+3,+#@<P!!
/7!7>)!H$&1)+<&7-!34!?3+3$73N!7>)+)!>#<!:))$!#!6388#:3+#7&1)!)443+7!#@3$,!#88!
<*+,&6#8!<()6W&)<!73!%)4&$)!)%*6#7&3$#8!,3#8<!#$%!3:;)67&1)<N!#$%!#$!)1#8*#7&1)!
(+36)<<N!43+!:37>!7>)!4)8832!7+#&$))!#$%!7>)!7+#&$))<i!7)#6>)+<P!?>&<!2#<!&$&7)%!&$!
JKKb!:-!7>)!F)(#+7@)$7!34!'*+,)+-!#7!7>)!H$&1)+<&7-!34!?3+3$73!2>)$!#!7#<R!43+6)!
2#<!<7+*6R!73!68#+&4-!#$%!%)4&$).!ILM!<()6&4&6!+38)<!43+!68&$&6#8!4)8832<N!IJM!7>)!
,31)+$#$6)!#$%!,*&%&$,!(+&$6&(8)<!34!4)8832<>&(!7+#&$&$,!&$!<*+,)+-N!I`M!7>)!&@(#67!
34!4)8832<!3$!+)<&%)$6-!7+#&$&$,N!IbM!)%*6#7&3$#8!,3#8<!#$%!3:;)67&1)<!34!4)8832<N!ITM!
!
!
JK!
)1#8*#7&3$!34!4)8832<N!<*()+1&<3+<N!#$%!(+3,+#@<N!I^M!,+3*$%<!43+!(+3:#7&3$!#$%!
%&<@&<<#8N!I_M!#((8&6#7&3$!#$%!<)8)67&3$!(+36)<<)<!43+!68&$&6#8!4)8832<>&(!(3<&7&3$<N!
#$%!IaM!<#8#+&)<N!23+R!63$7+#67<!#$%!:)$)4&7<!Ic#77)+!)7!#8PN!JKKTMP!?>)!31)+#88!
(*+(3<)!34!7>&<!7#<R!43+6)!2#<!73!&@(+31)!7+#$<(#+)$6-!#$%!<7#$%#+%<!7>#7!
,31)+$)%!<*+,&6#8!4)8832<>&(!7+#&$&$,!#7!7>)!H$&1)+<&7-!34!?3+3$73P!'&@&8#+!)443+7<!
#+)!6*++)$78-!*$%)+!2#-!#7!37>)+!"#$#%&#$!#6#%)@&6!&$<7&7*7&3$<!#<!2)88P!!
9$)!,3#8!34!<()6W-!7+#&$&$,!&$!<(&$)!&<!73!(+3%*6)!)Q()+7<!7>#7!6#$!:)63@)!
68&$&6#8N!+)<)#+6>N!#$%!)%*6#7&3$#8!8)#%)+<!&$!7>)!4&)8%!IE#+4&$N!JKKKMP!?>)+)43+)N!
4)8832<!<>3*8%!#8<3!:)!6+&7&6#88-!&$1381)%!&$!)%*6#7&3$!34!+)<&%)$7<!&4!7>)+)!&<!#$!
#<<36)%!+)<&%)$6-!(+3,+#@P!=)8832<!347)$!+)8#7)!@3+)!683<)8-!2&7>!7>)!+)<&%)$7<!
7>#$!7>)!<)$&3+!<*+,)3$<N!>#1)!@3+)!#1#&8#:8)!7&@)!73!<()$%!7)#6>&$,!+)<&%)$7<N!6#$!
:)!@3+)!<-@(#7>)7&6!732#+%<!+)<&%)$7<i!63$6)+$<N!#$%!>#1)!4)2)+!3*7<&%)!
63@@&7@)$7<!7>#$!7>)!4#6*87-P!
FRFRS'#.<>,-8+(:91'&-/9+6+8(9+5)'+)'#,+)-'#./0-/1!
! [>&8)!7>)+)!&<!6*++)$78-!$3!63$<)$<*<!3$!#66+)%&7#7&3$!43+!<(&$)!4)8832<>&(<N!
7>)+)!>#<!:))$!+)6)$7!%&<6*<<&3$!#:3*7!+),*8#7&3$!34!7>)!)%*6#7&3$#8!<-<7)@!7>+3*,>!
#66+)%&7#7&3$!I5&<@3$7N!LSS^MP![>&8)!7>)!/"EC5!&$!7>)!H$&7)%!'7#7)<!344)+<!
#66+)%&7#7&3$!73!<(&$)!4)8832<>&(!(+3,+#@<!7>#7!@))7!<()6&4&6!6+&7)+&#N!3$8-!L_!34!_a!
(+3,+#@<!(#+7&6&(#7&$,!&$!7>)!JKLL!'#$!=+#$6&<63!C#76>&$,!'-<7)@!43+!<(&$)!
4)8832<>&(!7+#&$&$,!#+)!/"EC5!#66+)%&7)%!I'=!C#76>N!JKLKMP!?>)!'#$!=+#$6&<63!
C#76>&$,!'-<7)@!&<!7>)!6)$7+#8!#((8&6#7&3$!<)+1&6)!43+!<(&$)!4)8832<>&(!7+#&$&$,!&$!
O3+7>!/@)+&6#P!G$!7>)!LSSK<!7>)+)!>#%!#8<3!:))$!%&<6*<<&3$!#:3*7!#!")+7&4&6#7)!34!
!
!
JL!
/%%)%!\*#8&4&6#7&3$<!I"/\M!43+!<(&$)!<*+,)+-!73!%)@3$<7+#7)!7>#7!#!<*+,)3$!>#%!
63@(8)7)%!#$!#((+31)%!<(&$)!4)8832<>&(P!'*6>!"/\<!>#%!#8+)#%-!)Q&<7)%!43+!37>)+!
<*:<()6W&)<!<*6>!#<!>#$%!<*+,)+-P!?3!7>&<!)$%N!7>)!/@)+&6#$!Z3#+%!34!'(&$)!
'*+,)+-!2#<!&$63+(3+#7)%!&$!LSS_!#<!#$!&$%)()$%)$7!3+,#$&V#7&3$!73!#%%+)<<!7>)!
<()6!$))%<!34!7>)!*$&D*)!<*+,&6#8!<()6W-!7>#7!>#<!)@)+,)%!4+3@!$)*+3<*+,)+-!
#$%!3+7>3(#)%&6<P!?>)!/@)+&6#$!Z3#+%!34!'(&$)!'*+,)+-!>#<!#!(+&@#+-!,3#8!73!#<<&<7!
7>)!(*:8&6!#$%!7>)!@)%&6#8!(+34)<<&3$!:-!<)77&$,!)%*6#7&3$#8!#$%!(3<7W,+#%*#7)!
7+#&$&$,!+)D*&+)@)$7<!43+!<(&$)!<*+,)3$<!#$%!:-!7>)!(+3@37&3$!34!63$7&$*&$,!
D*#8&7-!#<<*+#$6)!(+3,+#@<P!?>)!/@)+&6#$!Z3#+%!34!'(&$)!'*+,)+-!I/Z''M!+)1&)2<!
7>)!#((8&6#7&3$<!34!6#$%&%#7)<!43+!7>)!6)+7&4-&$,!)Q#@&$#7&3$<!#$%!&%)$7&4&)<!7>3<)!
6#$%&%#7)<!2>3!@))7!7>)!#((8&6#7&3$!+)D*&+)@)$7<P!Z3#+%!)8&,&:8)!6#$%&%#7)<!#+)!
<*+,)3$<!2>3!>#1)!<*66)<<4*88-!63@(8)7)%!#((+3(+)!63@(+)>)$<&1)!63+)!(3<7W
,+#%*#7)!7+#&$&$,!I&$!)&7>)+!$)*+3<*+,)+-!3+!3+7>3(#)%&6!<*+,)+-M!#((+3(+)!43+!
<(&$)!<*+,)+-P!'*66)<<4*8!63@(8)7&3$!34!7>)!6)+7&4-&$,!)Q#@&$#7&3$!#$%!#((+31#8!34!
%36*@)$7)%!)Q()+&)$6)!2&88!+)<*87!&$!6)+7&4&6#7&3$!#$%!7>)!6#$%&%#7)!:)&$,!%)68#+)%!
#!%&(83@#7!34!7>)!/Z''P!/%136#7)<!43+!<*:<()6W-!6)+7&4&6#7&3$!&$!<(&$)!<*+,)+-!
#+,*)!7>#7.!ILM!<(&$)!<*+,)+-!&<!#$!&$%)()$%)$7!<*+,&6#8!<()6W-!7>#7!4*84&88<!#88!34!
7>)!6+&7)+&#!+)D*&+)%!:-!7>)!/@)+&6#$!Z3#+%!34!'()6W&)<!43+!+)63,$&7&3$N!IJM!
6)+7&4&6#7&3$!(+31&%)<!D*#8&7-!#<<*+#$6)!#$%!&@(+31)<!(#7&)$7!6#+)!:-!#<<*+&$,!
63@()7)$6-N!#$%!I`M!2>&8)!<(&$)!<*+,)+-!&<!#!+#(&%8-!,+32&$,!#$%!6>#$,&$,!4&)8%N!
6)+7&4&6#7&3$!#8832<!43+!<7#$%#+%&V#7&3$!#@3$,!7>)!1#+&3*<!4)8832<>&(!(+3,+#@<!
IF2-)+N!B)+R32&7VN!j!Z)$V)8N!JKKJMP!"*++)$78-N!7>)+)!#+)!#!+)8#7&1)8-!>&,>!$*@:)+!34!
4#&8*+)<!43+!7>)!3+#8!(3+7&3$!34!7>)!"/\!)Q#@&$#7&3$!#$%!7>&<!+#&<)<!63$6)+$<!
!
!
JJ!
+),#+%&$,!2>)7>)+!4)8832<!#+)!+)6)&1&$,!#%)D*#7)!)%*6#7&3$!#$%!4))%:#6R!%*+&$,!
7>)&+!4)8832<>&(!7+#&$&$,!IB)+R32&7VN!JKK^MP!!G$!"#$#%#!7>)+)!&<!6*++)$78-!$3!
63@(#+#73+!6)+7&4&6#7&3$!)Q#@&$#7&3$!43+!#!<(&$)!<*+,)3$N!#87>3*,>!7>)!03-#8!
"388),)!34!A>-<&6&#$<!#$%!'*+,)3$i<!34!"#$#%#!#+)!&$7)+)<7)%!&$!#!F&(83@#!
6)+7&4&6#7&3$!&$!<)1)+#8!)1381&$,!@)%&6#8!#$%!<*+,&6#8!<*:<()6W&)<P!
'
'
'
'
'
'
'
'
'
'
'
'
!
!
J`!
FRS'!>>->>+)0'&5A,-9-)81'+)'?-::54>@+,'$/(+)+)0!
! "3@()7)$6-!&<!#$!&@(3+7#$7!#<()67!34!4)8832<>&(!7+#&$&$,P!/47)+!#88N!7>)!
(+&@#+-!,3#8!34!4)8832<>&(!7+#&$&$,!&<!73!(+31&%)!<()6&V)%!7+#&$&$,!43+!4*7*+)!
<*+,)3$<!73!:)!#:8)!73!<*66)<<4*88-!@#$#,)!(#7&)$7<!(+)<)$7&$,!2&7>!#!:+3#%!
<()67+*@!34!<(&$#8!63$%&7&3$<P!9$)!@)7>3%!73!@)#<*+)!63@()7)$6-!&$1381)<!#!
<7#$%#+%&V)%N!43+@#8!)Q#@&$#7&3$!#7!7>)!)$%!34!7+#&$&$,!<*6>!#<!#!"/\P!?>)+)!&<!
<3@)!1#+&3$!:)72))$!<()6W&)<!&$!7>)!43+@#7!34!)Q&7!)Q#@&$#7&3$<!2&7>!1&+7*#88-!
#88!<*6>!)Q#@&$#7&3$<!&$1381&$,!:37>!#!2+&77)$!63@(3$)$7!#$%!#!68&$&6#8!63@(3$)$7!
IA#$7&$,!j!Z8#6RN!JKKSMP!B32)1)+N!7>)+)!#+)!37>)+!@)7>3%383,&)<!73!@)#<*+)!
63@()7)$6-!#<!2)88P!!
! '3@)!<*:<()6W&)<!>#1)!#77)@(7)%!73!#<<)<<!63@()7)$6-!:-!63$%*67&$,!
)Q#@&$#7&3$<!7>+3*,>3*7!4)8832<>&(!7+#&$&$,P!=3+!)Q#@(8)N!@#$-!,-$)6383,&6!
)$%3<63(-!4)8832<>&(!(+3,+#@<!$32!438832!#!*$&43+@!<7#$%#+%&V)%!63+)!6*++&6*8*@!
%&<7+&:*7)%!&$!#!D*#+7)+8-!<-<7)@!2&7>!<()6&4&6!)%*6#7&3$#8!3:;)67&1)<!&$!)#6>!
D*#+7)+!IC3+3V31!j!O)V>#7N!JKKSMP!/47)+!D*#+7)+<!L!#$%!JN!#$!3$8&$)!)Q#@&$#7&3$!&<!
,&1)$P!/47)+!D*#+7)+!`N!(#+7&6&(#$7<!#+)!+)D*&+)%!73!(#<<!#!<7#$%#+%&V)%!>#$%<W3$!
<*+,&6#8!<R&88<!)Q#@!&$!#!63$7+388)%!<)77&$,P!=&$#88-N!#7!7>)!)$%!34!D*#+7)+!bN!
(#+7&6&(#$7<!@*<7!%)@3$<7+#7)!<()6&4&6!<*+,&6#8!<R&88<!&$!7>)!3()+#7&$,!+33@P!!!!
! /$37>)+!@)7>3%!73!#<<)<<!63@()7)$6-N!#8:)&7!&$%&+)678-N!&<!&$!#<R&$,!4)8832<!
73!+#7)!7>)&+!32$!#:&8&7&)<P!?>&<!@)7>3%!>#<!:))$!>#<!:))$!*<)%!&$!@#$-!(+)1&3*<!
<7*%&)<!73!#<<)<<!()+6)&1)%!8)1)8!34!63$4&%)$6)P!9$)!)Q#@(8)!34!7>&<!@)7>3%!&$1381)%!
#<R&$,!4)8832<!&$!#66+)%&7)%!"#$#%&#$!()%+&6!)@)+,)$6-!@)%&6&$)!4)8832<>&(<!73!
!
!
Jb!
+#7)!7>)&+!8)1)8!34!63$4&%)$6)!()+43+@&$,!<()6&4&6!(+36)%*+)<!73!,#*,)!%&44)+)$6)<!&$!
<)84W()+6)&1)%!<*66)<<!63@(#+&$,!4&+<7W!#$%!<)63$%W-)#+!4)8832<!I/8W5&<<#!)7!#8PN!
JKKaMP!!!
/!@3+)!<7+&$,)$7!@)7>3%!34!#<<)<<&$,!63@()7)$6-!&$1381)<!#<<)<<&$,!<()6&4&6!
<R&88<!3+!37>)+!@)#<*+)<!34!()+43+@#$6)!*$%)+!63$7+388)%!<)77&$,<P!'*6>!#!@)7>3%!
2#<!*<)%!2>)$!#<<)<<&$,!7>)!63++)8#7&3$!:)72))$!<&@*8#73+W:#<)%!)$%31#<6*8#+!
<R&88<!7+#&$&$,!#$%!&@(+31)@)$7!34!()+43+@#$6)!&$!6#7>)7)+!:#<)%!&@#,)W,*&%)%!
&$7)+1)$7&3$<!43+!1#<6*8#+!4)8832<!I?)%)<63!)7!#8PN!JKKaMP!G$!#!63$7+388)%!
)$1&+3$@)$7N!()+43+@#$6)!34!+)$#8!#$,&3(8#<7-d<7)$7!(+36)%*+)<!2)+)!7)<7)%!3$!#!
<7#$%#+%!#+7&4&6!@3%)8!#$%!&7!2#<!43*$%!7>#7!(+36)%*+#8!)Q()+&)$6)!2&7>!#$!
)$%31#<6*8#+!<&@*8#73+!&@(+31)%!(+36)%*+#8!63@()7)$6-P!=*+7>)+N!&7!2#<!<*,,)<7)%!
7>#7!<&@*8#73+<!@&,>7!(+31)!*<)4*8!&$!%)7)+@&$&$,!(+36)%*+#8!63@()7)$6-!#$%!
6+)%)$7&$,!<7#$%#+%<!43+!)$%31#<6*8#+!<*+,)3$<P!/$37>)+!<7*%-!*<&$,!<&@*8#73+<!
43+!7)<7&$,!7>)!<R&88!<)7!43+!&$7)+1)$7&3$#8!+#%&383,-!+)$#8!#+7)+-!<7)$3<&<!63@(#+)%!
63@()7)$6-!34!4)8832<!#7!1#+&3*<!<7#,)<!34!7>)&+!7+#&$&$,!73!#!,+3*(!34!)Q()+7<!&$!7>)!
4&)8%!#$%!43*$%!7>#7!3:;)67&1)!)44&6&)$6-!&$%&6)<!&@(+31)%N!#$%!%&@&$&<>)%!&$!7>)!
+#$,)!34!1#+&#$6)!34!7>)!<63+)<N!43+!<&@*8#7)%!(+36)%*+)<!#<!4)8832<!:)6#@)!@3+)!
)Q()+&)$6)%!IE8#&:)+@#$!)7!#8PN!JKKaM!!!
!9:;)67&1)!<7+*67*+)%!68&$&6#8!)$63*$7)+<!I9'"5<M!#+)!2&%)8-!*<)%!73!#<<)<<!
63@()7)$6)!34!@)%&6#8!<7*%)$7<!#$%!+)<&%)$7<!:*7!#+)!8#+,)8-!#:<)$7!%*+&$,!
4)8832<>&(!7+#&$&$,P!B32)1)+N!3$)!<7*%-!*<)%!#$!9'"5!73!#<<)<<!63@()7)$6)!34!
,#<7+3)$7)+383,-!4)8832<!&$!63+)!63@()7)$6&)<!7>#7!#+)!%&44&6*87!73!#<<)<<!37>)+2&<)N!
!
!
JT!
<*6>!#<!&$7)+()+<3$#8!<R&88<!#$%!63@@*$&6#7&3$!#$%!(+34)<<&3$#8&<@!I">#$%8)+!)7!
#8PN!JKKSMP!
/!,+)#7!%)#8!34!)443+7!>#<!:))$!(*7!43+7>!&$!1#+&3*<!<()6W&)<N!:37>!43+!
+)<&%)$6-!#$%!4)8832<>&(!7+#&$&$,N!73!&%)$7&4-!63+)!63@()7)$6&)<P!G$!<*+,&6#8!
3$6383,-N!&7!>#<!:))$!#+,*)%!7>#7!&4!7>)<)!63+)!63@()7)$6&)<!3+!l%3@#&$<m!2)+)!73!
:)!%)1)83()%!#$%!#,+))%!*(3$N!7>)$!83$,&7*%&$#8!@)#<*+)@)$7<!34!4)8832!7+#&$))<i!
#67*#8!()+43+@#$6)!63*8%!:)!@#%)!&$!#!7+#$<(#+)$7!#$%!+)#8W7&@)!4#<>&3$!I03#6>!j!
'&81)+<7)&$N!JKKSMP!?>)!+)<*87<!63*8%!7>)$!:)!*<)%!73!(+3%*6)!&$%&1&%*#8&V)%N!
43+@#7&1)!7+#&$&$,!3:;)67&1)<!73!#&%!)#6>!&$%&1&%*#8i<!%)1)83(@)$7!(+36)<<P!?>)!
"#$#%&#$!5$%3<63(-!5%*6#7&3$!A+3;)67!2#<!6+)#7)%!43+!7>)!<38)!(*+(3<)!34!6+)#7&$,!
#!$#7&3$#8!<7#$%#+%&V)%!)$%3<63(-!6*++&6*8*@!:#<)%!3$!#!63$<)$<*<!34!63+)!
63@()7)$6&)<N!7>)+):-!,*&%)%!<*:<()6W-!7+#&$&$,!&$!7>)!4*7*+)!I'&$,>!)7!#8PN!JKKSMP!
=*+7>)+N!7>)<)!63+)!63@()7)$6&)<!63*8%!<)+1)!73!)$<*+)!D*#8&7-!7+#&$&$,!#@3$,!7>)!
1#+&3*<!(+3,+#@<P!G$!4#67N!&$!7>)!H$&7)%!'7#7)<N!7>)!/"EC5!>#<!$32!@#$%#7)%!7>#7!
#88!+)<&%)$6-!(+3,+#@<!&$63+(3+#7)!<()6&4&6!63+)!63@()7)$6&)<!7>#7!+)(+)<)$7!
6)$7+#8!#+)#<!34!8)#+$&$,!+)D*&+)%!43+!<*66)<<4*8!<*+,&6#8!(+#67&6)!IZ#$6+347!)7!#8PN!
JKKaMP!G$!#%%&7&3$N!#<!(#+7!34!7>&<!3*763@)<W:#<)%!)%*6#7&3$N!+)<&%)$7<!#+)!73!:)!
)1#8*#7)%!3$!7>)&+!8)1)8!34!@#<7)+-!&$!7>)<)!63+)!63@()7)$6&)<P!!!
!!!F)<(&7)!#88!34!7>)!+)6)$7!)@(>#<&<!3$!6*++&6*8*@!<7#$%#+%&V#7&3$!#$%!
63@()7)$6-!7+#&$&$,N!3$)!@*<7!$37!83<)!<&,>7!34!7>)!(+&@#+-!,3#8!34!4)8832<>&(!
7+#&$&$,.!73!(+31&%)!)Q6)88)$7!(#7&)$7!6#+)!#$%!7+#&$&$,!&$!#!,&1)$!<*:<()6W-!4&)8%P!
/!+)6)$7!<7*%-!34!6#+%&383,-!4)8832<!&$!@*87&(8)!6)$7)+<!#6+3<<!7>)!H$&7)%!'7#7)<!
!
!
J^!
<>32)%!7>#7!7>)!&@(8)@)$7#7&3$!#$%!%36*@)$7#7&3$!34!63+)!63@()7)$6&)<!%&%!$37!
&@(+31)!(#7&)$7!6#+)!IZ#<>3+)!j![3$,N!JKLKMP!0#7>)+N!&7!<>&47)%!4)8832<i!7&@)!#$%!
)$)+,-!#2#-!4+3@!(#7&)$7!6#+)!#$%!732#+%<!63@(8&#$6)!#$%!%36*@)$7#7&3$P!
?>)+)43+)N!6#+)!@*<7!:)!7#R)$!73!)$<*+)!7>#7!2>#7)1)+!6>#$,)<!#+)!@#%)!73!
4)8832<>&(!7+#&$&$,!&$!7>)!4*7*+)N!7>)-!%3!$37!&$7)+4)+)!2&7>!7>)!(+&@#+-!,3#8!34!
7+#&$&$,!<*66)<<4*8!4*7*+)!<*+,)3$<P!!
'
'
'
'
'
'
'
'
'
'
'
'
!
!
J_!
FRV'B(9+-)9';.985A->'()*'?-::54>@+,'$/(+)+)0!
! =)8832<>&(!7+#&$&$,!>#<!:))$!%&+)678-!8&$R)%!73!&@(+31)@)$7!&$!(#7&)$7!
3*763@)<N!:37>!%&+)678-!#$%!&$%&+)678-P!=&+<7N!(#7&)$7!6#+)!&<!&$%&+)678-!+)8#7)%!73!
8#2<*&7<!#$%!@#8(+#67&6)!68#&@<P!/!<7*%-!&$!"#8&43+$&#!34!#88!<*+,)3$<N!&$68*%&$,!
7>3<)!(+#67&6&$,!3+7>3(#)%&6!<*+,)+-!#$%!$)*+3<*+,)+-N!<>32)%!7>#7!<*+,)3$<!
2&7>3*7!4)8832<>&(!7+#&$&$,!2)+)!<&,$&4&6#$78-!@3+)!8&R)8-!73!>#1)!#!>&,>)+!$*@:)+!
34!@#8(+#67&6)!68#&@<!#,#&$<7!7>)@N!#$%!2)+)!@3+)!8&R)8-!73!:)!7)+@&$#7)%!4+3@!
7>)&+!(>-<&6&#$W32$)%!@#8(+#67&6)!7+*<7<!2>)$!63@(#+)%!73!<*+,)3$<!2>3!>#%!
63@(8)7)%!4)8832<>&(<!I/%#@<3$N!Z#8%2&$N!'>))>#$N!j!9(()$:)+,N!LSS_MP!!
! C3+)!%&+)678-N!4)8832<>&(!7+#&$&$,!>#<!:))$!<>32$!73!&@(+31)!<()6&4&6!68&$&6#8!
3*763@)<!&$!%&44)+)$7!<()6W&)<P!/!<7*%-!34!8-@(>!$3%)!-&)8%!&$!6383$!6#$6)+!43*$%!
7>#7!7>)+)!2#<!#$!&$6+)#<)%!+#7)!34!#%)D*#7)!8-@(>#%)$)673@-!43+!'7#,)!GG!#$%!GGG!
%&<)#<)!43+!4)8832<>&(W7+#&$)%!<*+,)3$<!63@(#+)%!73!$3$4)8832<>&(W7+#&$)%!
<*+,)3$<P!!?>&<!&<!)$63*+#,&$,!:)6#*<)N!#<!@3+)!<*+,)3$<!63@(8)7)!4)8832<>&(!
7+#&$&$,!7>#$!:)43+)N!7>)!(#7&)$7!(3(*8#7&3$!2&88!:)$)4&7!@3<7!:-!#66*+#7)!<7#,&$,!34!
7>&<!%&<)#<)!IO&6>388!)7!#8PN!JKKSMP!!
! 9$)!<7*%-!#<<)<<)%!7>)!4+)D*)$6-!34!)++3+<!&$!&$7)+(+)7#7&3$!34!C3><!
>&<73(#7>383,-!<)67&3$<!31)+!#!3$)W-)#+!3$6383,-!4)8832<>&(!IC*+(>-N!Z+3%8#$%N!j!
p&7)88&N!JKKaMP!5++3+<!2)+)!7+#6R)%!31)+!7>)!4)8832<>&(!()+&3%!73!%)7)+@&$)!7>)!
$*@:)+!34!6#<)<!#<!2)88!#<!7>)!#@3*$7!34!7&@)!$)6)<<#+-!&$!4)8832<>&(!7+#&$&$,!73!
+)%*6)!)++3+<!73!#$!#66)(7#:8)!8)1)8P!91)+#88N!&7!2#<!43*$%!7>#7!4)8832<!$))%)%!
!
!
Ja!
#((+3Q&@#7)8-!<&Q!@3$7><!&$!4)8832<>&(!7+#&$&$,!73!+)1&)2!#$%!,+#%)!7>)!$*@:)+!34!
(#7>383,-!<8&%)<!&$!#$!)Q()+7!@#$$)+P!!!
! /$37>)+!<7*%-!63@(#+)%!&$&7!68&$&6#8!3*763@)<!34!8#(#+#<63(&6!(#+7!
$)(>+)673@-!IcAOM!<*6>!#<!&$7+#3()+#7&1)!(#+#@)7)+<!I&P)P!@)#$!9P0P!7&@)N!@)#$!
2#+@!&<6>)@&#!7&@)N!)<7&@#7)%!:833%!83<<!q5ZcrMN!3$6383,&6#8!)44&6#6-N!#$%!
(3<73()+#7&1)!63@(8&6#7&3$<!34!)Q()+&)$6)%!<*+,)3$<!#7!>&,>W138*@)!6)$7)+<!73!
$)28-!4)8832<>&(W7+#&$)%!<*+,)3$<!I'>#>!)7!#8PN!JKKSMMP!?>)!$)28-!4)8832<>&(W
7+#&$)%!<*+,)3$<!()+43+@&$,!cAO!#6>&)1)%!&$&7!3*763@)<!63@(#+#:8)!73!7>3<)!
+)(3+7)%!:-!>&,>8-!)Q()+&)$6)%!<*+,)3$<P!!
! "8)#+8-!&7!6#$!:)!)Q()67)%!7>#7!3*763@)<!2&88!&@(+31)!#<!4)8832<!>#1)!,#&$)%!
@3+)!)Q()+&)$6)!#$%!#+)!4*+7>)+!#83$,!&$!7>)&+!7+#&$&$,P!/!<7*%-!<()6&4&6#88-!
)1#8*#7&$,!7>)!8)#+$&$,!6*+1)!43+!8#(#+3<63(&6!638)673@-!()+43+@)%!:-!<*+,&6#8!
4)8832<!43*$%!7>#7!&7!+)D*&+)%!#((+3Q&@#7)8-!TK!6#<)<!43+!7>)!4)8832<!73!:)!#:8)!73!
3()+#7)!&$%)()$%)$78-!2&7>3*7!;)3(#+%&V&$,!68&$&6#8!3*763@)!Ic&!)7!#8PN!JKKSMP!
9*763@)!@)#<*+)<!*<)%!2)+)!@)#$!3()+#7&1)!7&@)N!@3+7#8&7-N!(3<73()+#7&1)!
@3+:&%&7-N!#$%!@)#$!8)$,7>!34!>3<(&7#8!<7#-P!/$37>)+!<7*%-!34!+3:37&6!<*+,)+-!&$!
,-$)6383,&6!3$6383,-!43*$%!7>#7!&7!+)D*&+)%!#$!#1)+#,)!34!`!@3$7><!43+!4)8832<!73!:)!
63@43+7#:8)!()+43+@&$,!<*6>!(+36)%*+)<!43+!)$%3@)7+!#$%!6)+1&6#8!6#$6)+!
2&7>3*7!;)3(#+%&V&$,!68&$&6#8!3*763@)<!IB3)R<7+#!)7!#8PN!JKKSMP!!c)<<!&<!R$32$!&$!7>)!
+)#8@!34!<(&$#8!<*+,&6#8!6#+)P!
! /$37>)+!&@(3+7#$7!<7*%-!)1#8*#7&$,!()+&3()+#7&1)!3*763@)<!&$!(#7&)$7<!
*$%)+,3&$,!<*+,)+-!43+!&%&3(#7>&6!<638&3<&<!#<!7>)-!+)8#7)!73!7>)!7)#6>&$,!34!
!
!
JS!
+)<&%)$7<!#$%!4)8832<!%*+&$,!<*+,)+-!43*$%!7>#7!7>)!)Q()+&)$6)!8)1)8!34!7>)!<*+,&6#8!
#<<&<7#$7!>#%!8&778)!:)#+&$,!3$!()+&3()+#7&1)!@3+:&%&7-!3+!+#%&3,+#(>&6!3*763@)<!
I/*)+:#6>N!c3$$)+N!/$73$#66&N!j!Y)#$N!JKKaMP!?>)+)!2)+)!@#+,&$#88-!&$6+)#<)%!
3()+#7&1)!7&@)<!#$%!5Zc!2&7>3*7!#$!&$6+)#<)!&$!7+#$<4*<&3$<!3+!63@(8&6#7&3$<P!?>&<!
2#<!<))$!#<!#$!#66)(7#:8)!7+#%)344!43+!)%*6#7&$,!3+7>3(#)%&6!+)<&%)$7<!#$%!<(&$)!
<*+,)+-!4)8832<P!?>)!3:;)67&1)<!&$!7+#&$&$,!<(&$#8!<*+,&6#8!4)8832<!#$%!7>)!:#8#$6)!&$!
+)6)$7!&$7)+)<7!&$!(>-<&6&#$!)Q7)$%)+<!&$!<(&$#8!<*+,&6#8!(+#67&6)!@)+&7<!3$,3&$,!
<7*%-P!
! =&$#88-N!#$37>)+!3*763@)!+)8#7)%!73!4)8832<>&(!)%*6#7&3$!&<!+)<)#+6>!
(+3%*67&1&7-P!'*+,)3$<!2>3!>#1)!63@(8)7)%!4)8832<>&(!7+#&$&$,N!#$%!2>3!>#1)!
()+43+@)%!<3@)!43+@!34!+)<)#+6>!%*+&$,!4)8832<>&(<N!#+)!@3+)!8&R)8-!73!:)!4*$%)%!
68&$&6#8!&$1)<7&,#73+<!%*+&$,!7>)&+!6#+))+<!I03:)+7<3$N!Y8&$,)$<@&7>N!j!"33()+<@&7>N!
JKK_MP!C3+)31)+N!7>)-!#+)!<&,$&4&6#$78-!@3+)!8&R)8-!73!(+3%*6)!>&,>)+!138*@)!34!
())+W+)1&)2)%!#+7&68)<N!3:7#&$!,+#$7&$,!<*((3+7N!#$%!:)!)8&,&:8)!43+!4#6*87-!
(+3@37&3$P!
!
'
'
'
'
!
!
`K!
FRU';9@-/'?(895/>'!>>58+(9-*'4+9@'&:+)+8(:';.985A->!
! /<!7)6>$383,-!(+3,+)<<)<!#$%!7>)!63@(8)Q&7-!34!<*+,&6#8!7)6>$&D*)<!)Q(#$%N!
&7!&<!68)#+!7>#7!<*+,&6#8!4)8832<>&(!7+#&$&$,!>#<!:)63@)!#$!&@(3+7#$7!63@(3$)$7!73!
7+#&$&$,!4*7*+)!<*+,)3$<P!B32)1)+N!7>)+)!#+)!@#$-!37>)+!4#673+<!7>#7!6#$!#44)67!
68&$&6#8!3*763@)<P!'3@)!)Q#@(8)<!34!<*6>!4#673+<!&$68*%).!6>#+#67)+&<7&6<!34!7>)!
<*+,)3$N!>3<(&7#8W%)()$%)$7!1#+&#:8)<N!#$%!(#7&)$7!%)@3,+#(>&6<!#$%!63W
@3+:&%&7&)<P!!
! '*+,)3$!)Q()+&)$6)!6#$!#8<3!1#+-!#@3$,!<*+,)3$<!2>3!>#1)!63@(8)7)%!
4)8832<>&(!7+#&$&$,N!#$%!7>&<!6#$!>#1)!#!%&+)67!)44)67!3$!3*763@)<!43+!(#7&)$7<P!/!
<7*%-!34!()+&3()+#7&1)!63@(8&6#7&3$!+#7)<!43+!8*@:#+!%&<6!@&6+3<*+,)+-!#@3$,!
4)8832<>&(W7+#&$)%!$)*+3<*+,)3$<!43*$%!7>#7!&$7+#3()+#7&1)!63@(8&6#7&3$!+#7)<!
2)+)!>&,>)<7!43+!<*+,)3$<!2>3!2)+)!:)72))$!7>)&+!<)63$%!#$%!<&Q7>!-)#+<!34!
(+#67&6)!IA)6>8&1#$&<N!Y*):8)+N!B#+%)+<N!j!'6>@&)%)+N!JKKSMP!/8<3N!+)3()+#7&3$!+#7)<!
2)+)!43*$%!73!:)!832)<7!#@3$,!<*+,)3$<!2>3!2)+)!8)<<!7>#$!723!-)#+<!+)@31)%!
4+3@!7>)&+!4)8832<>&(!7+#&$&$,P!9$!7>)!37>)+!>#$%N!2>)$!63@(#+&$,!4)8832<>&(W
7+#&$)%!7+#*@#!<*+,)3$!@3+7#8&7-!+#7)<!#7!8)1)8!G!7+#*@#!6)$7)+<N!7>)+)!&<!#!
<&,$&4&6#$7!63++)8#7&3$!:)72))$!-)#+<!34!)Q()+&)$6)!#<!#!<*+,)3$!#7!7>)!&$<7&7*7&3$!
#$%!&@(+31)%!3*763@)<!43+!<)1)+)8-!&$;*+)%!(#7&)$7<!2&7>!<*+,)3$<!+)D*&+&$,!#$!
#1)+#,)!34!_PS!-)#+<!34!)Q()+&)$6)!#7!@#;3+!7+#*@#!6)$7)+<!73!+)#6>!)Q()+7&<)!2>)$!
,#*,)%!:-!:)$6>@#+R!@3+7#8&7-!+#7)<!IC6Y)$$)-!)7!#8PN!JKKSMP!!!!
/!63@(#+&<3$!34!<*+,&6#8!138*@)!#<!&7!+)8#7)<!73!68&$&6#8!3*763@)<!43+!
<638&3<&<!<*+,)+-!:)72))$!<(&$)!#$%!()%+&6!3+7>3(#)%&6!4)8832<>&(W7+#&$)%!
!
!
`L!
<*+,)3$<!&$!O)2!U3+R!#$%!"#8&43+$&#!<>32)%!7>#7!>&,>)+W138*@)!<*+,)3$<!>#%!
:)77)+!68&$&6#8!3*763@)<!43+!7>)&+!(#7&)$7<!IX&7#8)!)7!#8PN!JKKTMP!/$37>)+!<7*%-!43*$%!
7>#7!(#7&)$7<!34!832W138*@)!<*+,)3$<!>#1)!#!,+)#7)+!+&<R!34!>&(!#+7>+3(8#<7-!+)1&<&3$!
#7!<&Q!@3$7><!:*7!$3!,+)#7)+!+&<R!34!+)1&<&3$!#7!7>)!7&@)!34!83$,)+W7)+@!438832W*(P!
?>)!#*7>3+<!3:<)+1)%!7>#7!7>)+)!#(()#+)%!73!:)!$3!<&,$&4&6#$7!#<<36&3$!:)72))$!
>3<(&7#8!138*@)!#$%!7>)!+#7)!34!+)1&<&3$<!34!737#8!>&(!#+7>+3(8#<7&)<!IC#$8)-N!9$,N!
c#*N!j!Y*+7VN!JKKaMP!=*+7>)+@3+)N!&7!2#<!$37)%!7>#7!7>)!@#;3+&7-!34!737#8!>&(!
#+7>+3(8#<7&)<!&$!7>)!C)%&6#+)!(3(*8#7&3$N!4+3@!LSS_!73!JKKbN!2)+)!$37!()+43+@)%!
:-!7>)!>&,>)<7W138*@)!>3<(&7#8<!3+!<*+,)3$<P!=3+!+37#73+!6*44!+)(#&+N!(#7&)$7<!
3()+#7)%!3$!:-!832W138*@)!<*+,)3$<!>#%!<&,$&4&6#$78-!832)+!@)#$!3()+#7&$,!+33@!
7&@)<!#$%!<&,$&4&6#$78-!>&,>)+!8&R)8&>33%!43+!#$!)Q7)$%)%!8)$,7>!34!<7#-!2>)$!
63@(#+)%!2&7>!7>3<)!3()+#7)%!3$!:-!>&,>W138*@)!<*+,)3$<P!?>)!#*7>3+<!3:<)+1)%!
7>#7!7>)+)!2#<!#!8&$)#+!7+)$%!43+!#!>&,>)+!(+3(3+7&3$!34!+3*7&$)!(#7&)$7!%&<6>#+,)!
2&7>!&$6+)#<&$,!<*+,)3$!138*@)!In#&$!)7!#8PN!JKKSMN!G7!63*8%!:)!<*,,)<7)%!7>#7!>&,>W
138*@)!(+31&%)+<!@#-!*<)!>)#87>!6#+)!+)<3*+6)<!@3+)!)44&6&)$78-P!
/!<7*%-!34!@3+7#8&7-!&$!7+#*@#!(#7&)$7<!#7!#6#%)@&6!c)1)8!G!7+#*@#!6)$7)+<!
43*$%!7>#7!7>)!<7+*67*+)!#$%!3+,#$&V#7&3$!34!7+#*@#!(+3,+#@<!#$%!<)$&3+!<*+,&6#8!
@)$73+&$,!31)+(32)+)%!#$-!&$48*)$6)!34!&$%&1&%*#8!<*+,)3$!)Q()+&)$6)!3$!
@3+7#8&7-!+#7)<!IB#*7N!JKKSMP!B&,>)+!>3<(&7#8!138*@)<N!@3+)!<3!7>#$!&$%&1&%*#8!
<*+,)3$!138*@)<N!>#1)!:))$!#<<36)%!2&7>!832)+!@3+7#8&7-!+#7)<!43+!C)%&6#+)!
(#7&)$7<!&$!7>)!H$&7)%!'7#7)<!*$%)+,3&$,!@#;3+!3+7>3(#)%&6!<*+,)+-!<*6>!#<!>&(!#$%!
R$))!#+7>+3(8#<7-N!37>)+!>&(!#$%!4)@*+!(+36)%*+)<N!#$%!<(&$)!(+36)%*+)<!I?#-83+N!
F)$$&<N!j!"+#$)N!LSS_MP!!
!
!
`J!
=+3@!7>&<!+)1&)2!34!8&7)+#7*+)N!&7!#(()#+<!7>#7!:37>!<*+,)3$!138*@)<!#$%!
>3<(&7#8!138*@)<!@#-!>#1)!#!<&,$&4&6#$7!&@(#67!3$!(#7&)$7!3*763@)<P!/!<7*%-!34!
R$))!#+7>+3(8#<7-!&$!#88!#6*7)!6#+)!>3<(&7#8<!&$!?#&2#$!:)72))$!JKKK!#$%!JKK`!
43*$%!7>#7!#!<*+,)3$s<!(#7&)$7!138*@)!>#<!#!@3+)!<&,$&4&6#$7!)44)67!7>#$!#!>3<(&7#8s<!
(#7&)$7!138*@)!3$!68&$&6#8!3*763@)<k!>32)1)+N!(#7&)$7!138*@)<!43+!:37>!<*+,)3$!
#$%!>3<(&7#8!#+)!)D*#88-!&@(3+7#$7!2>)$!,#*,)%!:-!7>)!#*7>3+<!1&<WtW1&<!)63$3@&6!
3*763@)<!I[)&N!c&$N!'>&N!j!">&*N!JKLKMP!G$!7>)!7+)#7@)$7!34!>&(!4+#67*+)<N!7>)+)!&<!
)1&%)$6)!7>#7!<*+,)3$!138*@)N!:*7!$37!>3<(&7#8!138*@)N!&<!#<<36)%!2&7>!%)6+)#<)%!
@3+7#8&7-!43+!4+#67*+)!4&Q#7&3$!IZ+32$)N!A&)7+3:3$N!j!98<)$N!JKKSMP!Z37>!<*+,)3$!#$%!
>3<(&7#8!138*@)!<))@!73!:)!#<<36)%!2&7>!$3$4#7#8!@3+:&%&7-!#$%!8)$,7>!34!<7#-P!
=&$#88-N!#!<-<7)@#7&6!+)1&)2!34!3+7>3(#)%&6!(+36)%*+)!138*@)!#$%!(#7&)$7!3*763@)<!
43*$%!7>#7!<*+,)3$!138*@)!>#%!#!,+)#7)+!)44)67!3$!(#7&)$7<!7>#$!>3<(&7#8!138*@)!43+!
(+&@#+-!#$%!+)1&<&3$!;3&$7!#+7>+3(8#<7&)<N!2>)+)#<!>3<(&7#8!138*@)!2#<!@3+)!
<7+3$,8-!+)8#7)%!73!3*763@)!7>#$!<*+,)3$!138*@)!43+!7>)!37>)+!(+36)%*+)<!
)Q#@&$)%!I'>)+1&$N!0*:#<>N!j!Y#7VN!JKK_MP!!!
/$37>)+!&@(3+7#$7!4#673+!73!63$<&%)+!&<!7>)!7&@&$,!34!#!<*+,)+-P!=3+!)Q#@(8)N!
&7!>#<!:))$!<>32$!7>#7!:&8)!%*67!&$;*+-!+)(#&+<!%3$)!:-!>)(#73:&8&#+-!<*+,)3$<!>#1)!
:)77)+!3*763@)<N!2&7>!832)+!+&<R!34!4#&8*+)N!2>)$!%3$)!)8)67&1)8-!+#7>)+!7>#$!
)@)+,)$78-!IE3-R>@#$!)7!#8PN!JKKaMP!?>)!#<()67!34!7&@&$,!34!<*+,)+-!&$!<(&$#8!6#+)N!
(#+7&6*8#+8-!43+!)@)+,)$7!<(&$#8!63$%&7&3$<!#$%!$)*+383,&6!&@(#&+@)$7!+)@#&$<!
1)+-!63$7+31)+<P!!!!!!!!!
!
!
``!
! A#7&)$7!4#673+<!#8<3!(8#-!#!6+&7&6#8!+38)!&$!68&$&6#8!3*763@)<P!'(&$#8!4*<&3$!&<!
()+43+@)%!3$!#!2&%)!+#$,)!34!(#7&)$7<!43+!#!1#+&)7-!34!<(&$#8!63$%&7&3$<P!A#7&)$7!
4#673+<!<*6>!#<!(33+!:3%-!>#:&7*<!#$%!>&,>!:3%-!@#<<!&$%)Q!>#1)!:))$!<>32!73!
&$6+)#<)!&$(#7&)$7!63@(8&6#7&3$<N!&$6+)#<)!7+#$<4*<&3$!+)D*&+)@)$7<N!#$%!*7&8&V)!
@3+)!+)<3*+6)<!%*+&$,!7>3+#638*@:#+!#$%!8*@:#+!<(&$)!4*<&3$!(+36)%*+)<!I'>#@;&N!
JKKSMP!G$%))%N!3:)<)!(#7&)$7<!%3!+)D*&+)!,+)#7)+!<*+,&6#8!6#+)!#$%!)443+7!&$!3+%)+!73!
#6>&)1)!3(7&@#8!3*763@)<P!/!<7*%-!34!()+&3()+#7&1)!3*763@)<!&$!#$7)+&3+!
+)7+3()+&73$)#8!8*@:#+!%&<6!(+36)%*+)<!43*$%!7>#7!3:)<)!(#7&)$7<!>#%!<&,$&4&6#$78-!
83$,)+!%*+#7&3$!34!#$7)+&3+!)Q(3<*+)N!%*+#7&3$!34!)$7&+)!#$7)+&3+!<*+,)+-N!83$,)+!
8)$,7>!34!#$7)+&3+!&$6&<&3$N!#$%!@3+)!%)(7>!4+3@!<R&$!73!4#<6&#!#$%!4+3@!4#<6&#!73!
<(&$)!63@(#+)%!73!$3$W3:)<)!(#7&)$7<!IA)$,N!Z)$%3N!E38%<7)&$N!j!O#8:#$%&#$N!
JKKSMP!!!
=3+!(3<7)+&3+!8*@:#+!4*<&3$!<*+,)+-!43+!#6D*&+)%!<(3$%-838&<7>)<&<N!38%)+!
(#7&)$7<!#$%!7>3<)!2&7>!7>+))!3+!@3+)!63@3+:&%&7&)<!#+)!_Sg!@3+)!8&R)8-!73!
)Q()+&)$6)!#$!&$W>3<(&7#8!63@(8&6#7&3$!#$%!4&1)!7&@)<!#<!8&R)8-!73!>#1)!#!63@(8)Q!
%&<6>#+,)!%&<(3<&7&3$!63@(#+)%!73!-3*$,)+!(#7&)$7<!2&7>!$3!63@3+:&%&7&)<!
IY#8#$&7>&N!A#7&8N!j!Z3#-R)N!JKKSMP!!
! A#7&)$7!3*763@)<!#+)!$37!3$8-!#<<36)%!2&7>!(#7&)$7!#,)!#$%!63@3+:&%&7&)<N!
:*7!2&7>!7>)!(+&@#+-!%&#,$3<)<!#$%!<*+,&6#8!(+36)%*+)<!:)&$,!()+43+@)%P!=3+!
%),)$)+#7&1)!%&<)#<)!34!7>)!6)+1&6#8!<(&$)N!63@(8&6#7&3$<!#$%!@3+7#8&7-!#+)!@3+)!
63@@3$!&$!7>)!)8%)+8-N!#47)+!(3<7)+&3+!+#7>)+!7>#$!#$7)+&3+!4*<&3$<N!#$%!43+!#!
(+&@#+-!%&#,$3<&<!34!6)+1&6#8!<(3$%-83<&<!2&7>!@-)83(#7>-!I[#$,!)7!#8PN!JKK_MP!!
!
!
`b!
FRURH'#./0+8(:'#+9-'I)6-89+5)>'+)'#,+)(:'#./0-/1'
! /!(#+7&6*8#+8-!&@(3+7#$7!63@(8&6#7&3$!73!*$%)+<7#$%!43+!#%*87!<(&$#8!<*+,)+-!
&<!<*+,&6#8!<&7)!&$4)67&3$<P!?>)-!>#1)!:))$!+)(3+7)%!73!366*+!&$!KP_g!73!LJPKg!34!
(#7&)$7<!#$%!6#$!+)<*87!&$!>&,>)+!(3<73()+#7&1)!@3+:&%&7-N!@3+7#8&7-N!#$%!>)#87>!6#+)!
63<7<!IZ#8%)+<3$!j!Z8*@:)+,N!LSSLMP!G7!>#<!:))$!)<7&@#7)%!7>#7!<*+,&6#8!<&7)!
&$4)67&3$<!6#$!&$6+)#<)!>)#87>!6#+)!63<7<!*(!73!bW438%!I"#8%)+3$)!)7!#8PN!JKKaMP!
Z)6#*<)!34!7>)!&$6+)#<&$,!+#7)<!34!<(&$#8!<*+,)+-!#$%!7>)!>&,>!@3+:&%&7-!34!#!<*+,&6#8!
<&7)!&$4)67&3$N!*$%)+<7#$%&$,!+&<R<!43+!&$4)67&3$!#$%!(+)1)$7&$,!7>)@!&<!#$!&@(3+7#$7!
4&)8%!34!+)<)#+6>P!/!1#+&)7-!34!+&<R!4#673+<!>#1)!:))$!&%)$7&4&)%P!A#7&)$7!#,)N!3:)<&7-N!
%&#:)7)<N!*+&$#+-!&$63$7&$)$6)N!73:#663!*<)N!(33+!$*7+&7&3$#8!<7#7*<N!63@(8)7)!
$)*+383,&6#8!%)4&6&7N!+)1&<&3$!<*+,)+-N!$3$<7)+3&%#8!#$7&W&$48#@@#73+-!%+*,<!*<)N!
(3<7)+&3+!<*+,&6#8!#((+3#6>N!7*@3+!+)<)67&3$N!&$6+)#<)%!)<7&@#7)%!:833%!83<<!I5ZcMN!
+)D*&+)@)$7!43+!:833%!7+#$<4*<&3$N!(+383$,)%!<*+,&6#8!7&@)N!@*87&8)1)8!<*+,)+-!
4*<&3$<!)Q7)$%&$,!73!7>)!<#6+*@N!*<)!34!<(&$#8!&$<7+*@)$7#7&3$N!#$%!7>)!(+)<)$6)!34!
63W@3+:&%!%&<)#<)<!>#1)!#88!:))$!8&$R)%!73!#$!&$6+)#<)%!+&<R!34!<*+,&6#8!<&7)!&$4)67&3$!
&$!#%*87!<(&$#8!<*+,)+-!I98<)$!)7!#8PN!JKK`MP!/!+)6)$7!<7*%-!43*$%!7>#7!)<7&@#7)%!
:833%!83<<!I5ZcM!31)+!L!8&7)+N!(+)1&3*<!<*+,&6#8!<&7)!&$4)67&3$N!#$%!%&#:)7)<!2)+)!
&$%)()$%)$7!<7#7&<7&6#88-!<&,$&4&6#$7!+&<R!4#673+<!43+!#88!<*+,&6#8!<&7)!&$4)67&3$<N!
2>)+)#<!%&#:)7)<N!3:)<&7-N!(+)1&3*<!<*+,&6#8!<&7)!&$4)67&3$N!#$%!<*+,)+&)<!83$,)+!7>#$!
T!>3*+<!2)+)!43*$%!73!:)!&$%)()$%)$7!+&<R!4#673+<!43+!!""#!<*+,&6#8!<&7)!&$4)67&3$<!
IA*88!7)+!E*$$)!j!"3>)$N!JKKSMP!!
!
!
!
`T!
&@(,9-/'S2'!'%-3+-4'56'&5A,-9-)8+->'+)'#,+)-'?-::54>@+,'$/(+)+)0!
SRH'D(9-/+(:>'()*'D-9@5*>'
$%&'"()*"'"+,#-"./)
/$!)8)1)$W(#,)%!'(&$)!=)8832<>&(!?+#&$&$,!D*)<7&3$$#&+)!2#<!%)1)83()%!73!#<<)<<!
:37>!7>)!+)<(3$%)$7i<!1&)2!3$!7>)!+)8#7&1)!&@(3+7#$6)!34!1#+&3*<!#<()67<!34!
4)8832<>&(!7+#&$&$,!73!<(&$#8!68&$&6#8!(+#67&6)!#$%!73!,#*,)!31)+#88!<)84W()+6)&1)%!
63@()7)$6)!34!4)8832!7+#&$))<!#7!7>)!)$%!34!7>)&+!7+#&$&$,!I/(()$%&Q!LMP!?>)!
D*)<7&3$$#&+)!63$<&<7)%!34!7>+))!@#&$!63@(3$)$7<.!:#6R,+3*$%d%)@3,+#(>&6#8!
D*)<7&3$<N!63,$&7&1)!<R&88<!D*)<7&3$<N!#$%!<*+,&6#8d7)6>$&6#8!(+36)%*+)<P!?>)!
:#6R,+3*$%!D*)<7&3$<!2)+)!63$<7+*67)%!&$!3+%)+!73!&%)$7&4-!+)<(3$%)$7<!#<!)&7>)+!
4)8832!7+#&$))<!3+!<*()+1&<3+<!I#6#%)@&6!<(&$)!<*+,)3$<M!#$%!#<!(3<<)<<&$,!)&7>)+!
(+)1&3*<!3+7>3(#)%&6!3+!$)*+3<*+,&6#8!+)<&%)$6-!7+#&$&$,P!?>)!<)63$%!#$%!7>&+%!
63@(3$)$7<!34!7>)!D*)<7&3$$#&+)!#+)!#!<-$7>)<&<!#$%!#@#8,#@#7&3$!34!723!
<7#$%#+%&V)%!D*)<7&3$$#&+)<!7>#7!>#1)!:))$!%)1&<)%!:-!37>)+!#*7>3+<P!!
! ?>)!63,$&7&1)!<R&88<!63@(3$)$7!2#<!63$<7+*67)%!*<&$,!D*)<7&3$<!4+3@!#!
<7#$%#+%&V)%!D*)<7&3$$#&+)!3+&,&$#88-!%)1)83()%!:-![#%)-!)7!#8P!I[#%)-!)7!#8PN!
JKKaMP!?>)![#%)-!D*)<7&3$$#&+)!63$7#&$)%!JaL!&7)@<!+),#+%&$,!1#+&3*<!#<()67<!34!
@*<6*83<R)8)7#8!)%*6#7&3$!#$%!7+#&$&$,!3:;)67&1)<!7>#7!+)<&%)$7<d4)8832<!#+)!
)Q()67)%!73!#6>&)1)P!G7!2#<!%&1&%)%!&$73!7>+))!<)67&3$<.!#!1#8&%#7)%!&$7)+$#7&3$#8!
63+)!6*++&6*8*@!43+!@*<6*83<R)8)7#8!IC'YM!>)#87>N!<()6W-!3:;)67&1)<!34!7>)!03-#8!
"388),)!34!A>-<&6&#$<!#$%!'*+,)3$<!34!"#$#%#!I0"A'"M!()+7#&$&$,!73!3+7>3(#)%&6!
<*+,)+-N!#$%!#!63@(8)7)!(+36)%*+)!8&<7!:#<)%!3$!63%)!:33R<!#6+3<<!"#$#%#P!94!7>)!
`T!
!
!
`^!
JaL!&7)@<N!LJ!&7)@<!#+)!<()6&4&6#88-!+)8#7)%!73!<(&$)!<()6&4&6!63,$&7&1)!<R&88<!#$%!
7>)<)!&7)@<!2)+)!*<)%!43+!3*+!'(&$)!=)8832<>&(!?+#&$&$,!D*)<7&3$$#&+)P!G$!#%%&7&3$!
73!7>)<)!LJ!<(&$)W+)8#7)%!&7)@<N!J_!37>)+!&7)@<!4+3@!7>)![#%)-!D*)<7&3$$#&+)!2)+)!
#8<3!#%%)%!73!3*+!'(&$)!=)8832<>&(!?+#&$&$,!D*)<7&3$$#&+)!:)6#*<)!7>)-!()+7#&$!73!
,)$)+#8!(+&$6&(8)<!#8<3!%))@)%!+)8)1#$7!73!<(&$)!4)8832<>&(!)%*6#7&3$P!/$!)Q#@(8)!
&<!7>)!#:&8&7-!73!7#R)!#!(+3()+!(#7&)$7!>&<73+-!#$%!()+43+@&$,!#$!#((+3(+)!
(>-<&6#8!)Q#@&$#7&3$P!5#6>!34!7>)!`S!&7)@<!&<!<7+*67*+)%!&$!#!<&@&8#+!4#<>&3$!73!7>)!
D*)<7&3$!:)832.!
5Q#@(8).!H(3$!63@(8)7&3$!34!#!4)8832<>&(W7+#&$&$,!(+3,+#@N!(8)#<)!&$%&6#7)!7>)!
&@(3+7#$6)!34!7>)!#:&8&7-!73!:)!#:8)!73!7#R)!#!4*88!#$%!7>3+3*,>!>&<73+-!43+!7>)!1#+&3*<!
6>&)4!63@(8#&$7<!I(#&$N!8&@&7#7&3$!34!#67&1&7&)<N!$)*+383,&6#8!<-@(73@<!)76PM!+)8)1#$7!73!
7>)!<(&$)P!
?>)!6>3&6)<!43+!+)<(3$<)!34!)#6>!&7)@!#+).!LW*$#:8)!73!#<<)<<N!JW$37!&@(3+7#$7N!`W
(+3:#:8-!$37!&@(3+7#$7N!bW(+3:#:8-!&@(3+7#$7N!#$%!TW&@(3+7#$7P!
! ?>)!7>&+%!63@(3$)$7!34!3*+!'(&$)!=)8832<>&(!?+#&$&$,!D*)<7&3$$#&+)!2#<!
%)1&<)%!4+3@!#!(+)1&3*<!D*)<7&3$$#&+)!%)1)83()%!:-!F13+#R!)7!#8P!#$%!&$68*%)<!JS!
<()6&4&6!<*+,&6#8!(+36)%*+)<!7>#7!#+)!()+43+@)%!:-!<(&$)!<*+,)3$<!IF13+#R!)7!#8PN!
JKK^MP!94!7>)<)!JS!&7)@<N!LL!#+)!6)+1&6#8!<(&$)!(+36)%*+)<N!Lb!#+)!7>3+#638*@:#+!
<(&$)!(+36)%*+)<N!#$%!7>)!8#<7!b!#+)!@&<6)88#$)3*<!(+36)%*+)<!7>#7!%3!$37!4&7!&$73!
7>)!37>)+!723!<*:>)#%&$,<P!=3+!)#6>!&7)@!7>)+)!#+)!43*+!(#+7<!73!7>)!D*)<7&3$P!?>)!
4&+<7!(#+7!#<R<!2>)7>)+!7>)!4)8832d+)<&%)$7!&<!63@()7)$7!73!()+43+@!7>)!<()6&4&6!
(+36)%*+)!3$!63@(8)7&3$!34!7>)&+!7+#&$&$,P!?>)+)!#+)!43*+!+)<(3$<)!6>3&6)<.!LW$37!#7!
#88k!JW#!8&778)k!`W<3@)2>#7!63@()7)$7k!#$%!bW1)+-!63@()7)$7P!?>)!<)63$%!(#+7!73!7>)!
!
!
`_!
D*)<7&3$!#<R<N!3$!63@(8)7&3$!34!7+#&$&$,N!>32!@*6>!#%%&7&3$#8!7+#&$&$,!7>)!
4)8832d+)<&%)$7!+)D*&+)<!&$!3+%)+!73!:)!#:8)!73!()+43+@!7>)!<()6&4&6!3()+#7&1)!
(+36)%*+)P!9$6)!#,#&$!7>)+)!#+)!43*+!6>3&6)<.!LW$3!4*+7>)+!7+#&$&$,!+)D*&+)%k!JW#!
8&778)!7+#&$&$,!+)D*&+)%k!`W<3@)!7+#&$&$,!+)D*&+)%k!#$%!bW<&,$&4&6#$7!7+#&$&$,!
+)D*&+)%P!?>)!7>&+%!(#+7!73!7>)!D*)<7&3$!#<R<!>32!@#$-!<*6>!(+36)%*+)<!7>)!4)8832!
23*8%!>#1)!(#+7&6&(#7)%!&$!3$!63@(8)7&3$!34!7>)&+!4)8832<>&(!7+#&$&$,P!c#<78-N!7>)!
43*+7>!(#+7!34!7>)!D*)<7&3$!#<R<!>32!&@(3+7#$7!&7!&<!43+!7>)!4)8832!7+#&$))!73!:)!#:8)!
73!()+43+@!7>)!<()6&4&6!3()+#7&1)!(+36)%*+)P!?>)+)!#+)!4&1)!6>3&6)<.!LW*$#:8)!73!
#<<)<<k!JW$37!&@(3+7#$7k!`W(+3:#:8-!$37!&@(3+7#$7k!bW!(+3:#:8-!&@(3+7#$7k!#$%!TW
&@(3+7#$7P!
! 91)+#88N!7>)!'(&$)!=)8832<>&(!?+#&$&$,!D*)<7&3$$#&+)!&<!#!<*+1)-!63$7#&$&$,!^S!
63@()7)$6-!&7)@<!+)8#7)%!73!<(&$)!<*+,)+-!4)8832<>&(!7+#&$&$,N!#<!2)88!#<!
:#6R,+3*$%!%)@3,+#(>&6!%#7#P!!
0,./"./)12+3!2/3,.)
! ?>&<!<*+1)-!&$<7+*@)$7!*$%)+2)$7!#!63$7)$7!+)1&)2!#$%!2#<!(+)<)$7)%!73!7>)!
"#$#%&#$!'(&$)!'36&)7-!I"''M!5Q)6*7&1)!Z3#+%!7>+3*,>!7>)!#*<(&6)<!34!7>)!">#&+!34!
5%*6#7&3$!"3@@&77))!34!7>)!"#$#%&#$!'(&$)!'36&)7-P!?>)!"''!)Q)6*7&1)!:3#+%!
63$<&<7<!34!LK!#6#%)@&6!<(&$)!<*+,)3$<!#$%!&$68*%)<!:37>!$)*+3<*+,)3$<!#$%!
3+7>3(#)%&6!<*+,)3$<!4+3@!#6+3<<!"#$#%#P!/88!#+)!(+#67&6&$,!#6#%)@&6!<(&$)!
<*+,)3$<!#$%!>#1)!La!@)#$!-)#+<!&$!68&$&6#8!(+#67&6)!#$%!LL!@)#$!-)#+<!34!
)Q()+&)$6)!7+#&$&$,!<(&$)!<*+,&6#8!4)8832<P!?>)&+!+)1&)2!34!7>)!D*)<7&3$$#&+)!<)+1)%!
#<!#!63$7)$7!+)1&)2!&$!3+%)+!73!)$<*+)!63$7)$7!1#8&%&7-P!/$-!6>#$,)<!73!7>)!
D*)<7&3$$#&+)!2)+)!@#%)!:#<)%!3$!7>)!+)63@@)$%#7&3$<!34!7>)!63$7)$7!+)1&)2P!!
!
!
`a!
! ?>)!D*#8&7-!#$%!#((+3(+)$)<<!34!#!<*+1)-!&$<7+*@)$7!&<!&$7+&$<&6#88-!+)8#7)%!
73!&7<!@)#<*+)@)$7!(+3()+7&)<!e!7>)<)!&$68*%)!<)$<&:&8&7-N!+)8&#:&8&7-N!1#8&%&7-!#$%!
+)<(3$<&1)$)<<P!!=&+<7N!<)$<&:&8&7-!+)4)+<!73!#$!#,,+),#7)!34!(+3()+7&)<!7>#7!@#R)!*(!
7>)!l63@@3$!<)$<)m!(#+7!34!7>)!&$<7+*@)$7N!&$68*%&$,!63@(+)>)$<&:&8&7-!#$%!4#6)!
#$%!63$7)$7!1#8&%&7-!IY&+8)-N!E+&44)$N!j![>)8#$N!JKK_MP!"3$7)$7!1#8&%&7-!6#$!:)!
4*+7>)+!#<<)<<)%!:-!%)7)+@&$&$,!4833+!)44)67<!#$%!6)&8&$,!)44)67<!2>)$!#%@&$&<7)+)%!
73!#!8#+,)+!,+3*(!34!+)<(3$%)$7<P!?>)!63$6)(7!34!+)8&#:&8&7-!+)4)+<!73!7>)!
+)()#7#:&8&7-N!3+!(+)6&<&3$!34!#$!&$<7+*@)$7P!G7!&<!%)@3$<7+#7)%!2>)$!+)()#7)%!
#%@&$&<7+#7&3$<!34!#$!&$<7+*@)$7!(+3%*6)!63$<&<7)$7!+)<*87<P!0)8&#:&8&7-!6#$!:)!
@)#<*+)%!:-!6#86*8#7&$,!7)<7W+)7)<7!+)8&#:&8&7-N!2>&6>!*<)<!#$!&$7+#68#<<!63++)8#7&3$!
63)44&6&)$7!IG""MN!+)(+)<)$7&$,!7>)!+#7&3!34!7>)!:)72))$W<*:;)67!1#+&3$!73!7>)!737#8!
1#+&3$!IZ#+7R3N!LS^^MP!=3+!)Q#@(8)N!#66)(7#:8)!+)8&#:&8&7-!43+!#!>)#87>W+)8#7)%!
D*#8&7-!34!8&4)!&$<7+*@)$7!43+!*<)!&$!63$7+388)%!68&$&6#8!7+<!&<!,)$)+#88-!#,+))%!73!:)!
(+)<)$7!2>)$!7>)!G""!&<!,+)#7)+!7>#$!KPaK!I'7+)&$)+N!LSaSMP!/66)(7#:8)!+)8&#:&8&7-!43+!
7)<7<!*<)%!73!@#R)!#!%)6&<&3$!#:3*7!#$!&$%&1&%*#8!&<!#$!G""!34!KPSK!3+!,+)#7)+!
IO*$$#88-N!LS_aMP!=*+7>)+@3+)N!&$7)+$#8!63$<&<7)$6-N!#$!&$%&6#7&3$!34!>32!&$%&1&%*#8!
&7)@<!63++)8#7)!2&7>!3$)!#$37>)+!#$%!2&7>!7>)!31)+#88!<63+)N!6#$!#8<3!:)!*<)%!73!
#<<)<<!7>)!+)8&#:&8&7-!34!#$!&$<7+*@)$7P!=&$#88-N!l#!@)#<*+)@)$7!7338!&<!1#8&%!&4!&7!&<!
@)#<*+&$,!2>#7!&7!&<!<*((3<)%!73!@)#<*+)m!IE*-#77N!LSS_MP!X#8&%#7&3$!&<!68)#+!2>)$!
7>)+)!&<!#!,38%!<7#$%#+%!73!2>&6>!7>)!+)<*87<!6#$!:)!63@(#+)%!I6+&7)+&3$!1#8&%&7-M!
IY&+R8)-N!E+&44)$N!j![>)8#$N!JKK_MP!!!
! ?3!3*+!R$328)%,)N!7>)+)!&<!#!8#6R!34!(*:8&6#7&3$<!)1#8*#7&$,!<(&$)!<*+,&6#8!
4)8832<>&(!7+#&$&$,!&$!"#$#%#P!E&1)$!7>)!)Q(83+#73+-!$#7*+)!34!7>&<!23+R!#<!#!
!
!
`S!
(+)8&@&$#+-!)1#8*#7&3$!34!"#$#%&#$!4)8832<>&(!7+#&$&$,!&$!<(&$)!<*+,)+-N!2)!*7&8&V)%!
7>)!#((+3#6>!34!&$63+(3+#7&$,!&7)@<!4+3@!(+)1&3*<8-!1#8&%#7)%!D*)<7&3$$#&+)<!
)1#8*#7&$,!+)<&%)$6-!7+#&$&$,!#$%!7>)$!63$%*67&$,!#!63$7)$7!+)1&)2!:-!)Q()+7<!&$!
7>)!4&)8%!<()6&4&6!73!4)8832<>&(!7+#&$&$,P![)!+)63,$&V)!7>)!(37)$7!8&@&7#7&3$<!&$!7>)!
)Q7+#(38#7&3$!34!@)7+&6<!7>#7!>#1)!:))$!*<)%!73!,#*,)!)%*6#7&3$!#7!7>)!+)<&%)$6-!
8)1)8N!#$%!2)!%)<&+)!73!63@(8)7)!4*7*+)!23+R!&$!7>&<!#+)#!7>#7!:*&8%<!*(3$!7>&<!&$&7!
&$1)<7&,#7&3$!:-!4*+7>)+!3(7&@&V#7&3$!34!7>)!<*+1)-!&$<7+*@)$7<P!!!
$%&'"()4!-3.35/&2/3,.!
! /((+3(+)!&$<7&7*7&3$#8!+)<)#+6>!)7>&6<!:3#+%!#((+31#8!43+!7>)!<7*%-!2#<!
3:7#&$)%P!?>)!D*)<7&3$$#&+)!2#<!#%@&$&<7)+)%!&$!5$,8&<>!73!*$&1)+<&7-W#44&8)%!
<(&$)!<*+,)3$<!#$%!7>)&+!6*++)$7!4)8832<W&$W7+#&$&$,!&$!#88!LL!34!7>)!<(&$)!4)8832<>&(!
7+#&$&$,!(+3,+#@<!#6+3<<!"#$#%#P!0)<(3$%)$7<!63@(8)7)%!)&7>)+!#!(#()+d()$6&8!3+!
3$8&$)!D*)<7&3$$#&+)P!0)<(3$%)$7<!>#%!7>)!3(7&3$!73!6>33<)!)&7>)+!D*)<7&3$$#&+)!
43+@#7!I(#()+!3+!3$8&$)MP!?>&<!D*)<7&3$$#&+)!2#<!#%@&$&<7)+)%!:-!@#&8&$,!>#+%!
63(&)<!34!7>)!<*+1)-<!73!)#6>!34!7>)!(#+7&6&(#$7<!+)D*)<7&$,!7>)&+!(#+7&6&(#7&3$!#$%!
#<R&$,!7>)@!73!63@(8)7)!7>)!D*)<7&3$$#&+)P!?>)+)!2)+)!#8<3!(+31&%)%!&$43+@#7&3$!
+),#+%&$,!>32!73!#66)<<!7>)!3$8&$)!1)+<&3$!34!7>)!D*)<7&3$$#&+)!&4!7>#7!43+@#7!2#<!73!
7>)&+!(+)4)+)$6)P!0)<(3$%)$7<!2)+)!(+31&%)%!#$!)$1)83()!2&7>&$!2>&6>!73!<)#8!7>)&+!
63@(8)7)%!<*+1)-<!)$<*+&$,!63$4&%)$7&7-!34!+)<(3$<)<P!?>)!<*+1)-!2#<!6&+6*8#7)%!
:)72))$!C#-!#$%!n*$)!JKKSP!?>&<!2#<!()+43+@)%!&$!#$!#&@!73!6#76>!#88!34!7>)!4)8832!
7+#&$))<!%*+&$,!7>)!)$%!34!7>)&+!+)<()67&1)!4)8832<>&(<P!/$!)@#&8!+)@&$%)+!
)$63*+#,&$,!#88!+)<(3$%)$7<!73!63@(8)7)!7>)!<*+1)-!2#<!<)$7!:-!7>)!"#$#%&#$!'(&$)!
'36&)7-!#%@&$&<7+#7&1)!344&6)P!?>)!+)<*87<!34!7>)!3$8&$)!D*)<7&3$$#&+)!2)+)!<73+)%!&$!
!
!
bK!
#!%#7#:#<)!7>#7!2#<!(#<<23+%!(+37)67)%!#$%!#66)<<&:8)!73!7>)!(+&@#+-!#*7>3+!3$8-P!
?>)!63@(8)7)%!(#()+!<*+1)-<!2)+)!<73+)%!&$!#!<)6*+)!836#7&3$!#66)<<&:8)!3$8-!:-!7>)!
(+&@#+-!#*7>3+P!!!!
'
SRHRH'O(9('()*'#9(9+>9+8(:'!)(:1>->''
' ?>)'+)<(3$<)<!43+!7>)!63,$&7&1)!<R&88<!63@()7)$6-!D*)<7&3$<!2)+)!63%)%!L!73!T!
ILW*$#:8)!73!#<<)<<!73!TW&@(3+7#$7MP!?>)!<*+,&6#8d7)6>$&6#8!<R&88<!D*)<7&3$<!43+!
63$4&%)$6)!#$%!$))%!43+!#%%&7&3$#8!7+#&$&$,!2)+)!63%)%!L!73!b!I"3$4&%)$6).!LW$37!#7!
#88!73!bW1)+-!63@()7)$7k!/%%&7&3$#8!?+#&$&$,.!LW$3$)!+)D*&+)%!73!bW<&,$&4&6#$7!
#%%&7&3$#8!7+#&$&$,!+)D*&+)%MP!?>)!<*+,&6#8!<R&88<!D*)<7&3$<!43+!&@(3+7#$6)!34!)#6>!
<()6&4&6!<R&88!2)+)!63%)%!L!73!T!ILW*$#:8)!73!#<<)<<!73!TW&@(3+7#$7MP!'63+)<!2)+)!
+)63+%)%!#<!#:<38*7)!1#8*)<P!!
! 0#2!%#7#!2#<!)$7)+)%!%&+)678-!&$73!#$!5Q6)8!%#7#:#<)N!7>)$!6+3<<6>)6R)%!#$%!
1)+&4&)%P!0)<(3$<)<!2)+)!7>)$!6#7),3+&V)%!#663+%&$,!73!7+#&$))!1)+<*<!<*()+1&<3+N!
#$%!3+7>3(#)%&6!1)+<*<!$)*+3<*+,&6#8!:#6R,+3*$%P!F)<6+&(7&1)!<*@@#+&)<!#$%!
<7#7&<7&6#8!7)<7&$,!2)+)!()+43+@)%!:-!#!<)$&3+!<7#7&<7&6&#$!*<&$,!'/'!<3472#+)!I'/'!
G$6PN!"#+-N!O"MP![)!)1#8*#7)%!%)<6+&(7&1)!<*@@#+&)<N!7)<7<!34!%&44)+)$6)<!:)72))$!
4)8832!7+#&$))!#$%!<*()+1&<3+!+)<(3$<)<N!#$%!7)<7<!34!%&44)+)$6)<!:)72))$!
:#6R,+3*$%!3+7>3(#)%&6!#$%!$)*+3<*+,&6#8!+)<&%)$6-!7+#&$&$,P!
! /8@3<7!#88!68&$&6#8!<7*%&)<N!&$68*%&$,!<*+1)-<N!*<)!(#+#@)7+&6!@)7>3%<!43+!
<7#7&<7&6#8!#$#8-<&<P!G$!37>)+!23+%<N!7>)-!#<<*@)!7>#7!7>)!(3(*8#7&3$<!4+3@!2>&6>!7>)!
%#7#!&<!:)&$,!<#@(8)%!#+)!$3+@#88-!%&<7+&:*7)%!3+!#((+3Q&@#7)8-!<3!IA#,#$3!j!
E#1+)#*N!6&3.73#+"5),8)93,5/2/35/375MP!?>&<!&<!#!+)D*&+)@)$7!43+!7>)!7)<7<!34!<&,$&4&6#$6)!
!
!
bL!
73!:)!63$<&%)+)%!1#8&%P!'&$6)!7>)!43+@<!34!7>)!*$%)+8-&$,!%&<7+&:*7&3$<!#+)!#<<*@)%!
73!:)!$3+@#88-!%&<7+&:*7)%!#$%!3$8-!7>)!1#8*)<!34!6)+7#&$!(#+#@)7)+<!I&P)P!@)#$<N!
<7#$%#+%!%)1&3$<!)76PM!#+)!$37N!7>)<)!7)<7<!#+)!+)4)++)%!73!#<!#2&2-"/&37P!c&R)!7>)!
[#%)-!#$%!F13+#R!<*+1)-<N!3*+!<7*%-!#8<3!#<<*@)<!7>#7!3*+!+#7&$,!<6#8)<!#+)!
$3+@#88-!%&<7+&:*7)%!#$%!2)!7>)+)43+)!*<)%!7>)!#((+3(+)!#2&2-"/&37!7)<7<!34!
<&,$&4&6#$6)P!G4!2)!7+*8-!%&%!$37!:)8&)1)!7>#7!3*+!%#7#!%&%!$37!63$43+@!73!7>)!*<*#8!
#<<*@(7&3$<!@#%)!:-!7+#%&7&3$#8!7)6>$&D*)<N!2)!63*8%!>#1)!*<)%!.,.#2&2-"/&37!
@)7>3%<!34!<7#7&<7&6#8!&$4)+)$6)!<*6>!#<!<&,$!7)<7<!3+![&863Q3$!+#$R!<*@!7)<7<!I&P)P!
)1#8*#7&3$!*<&$,!@)%&#$<!&$<7)#%!34!@)#$<MP!B32)1)+N!@3<7!<*+1)-<!*<)!#2&2-"/&37!
@)7>3%<!43+!#$#8-<&<!#$%!&7!>#<!:))$!#+,*)%!7>#7!7>)+)!&<!$3!%&44)+)$6)!:)72))$!7>)!
723!#$#8-<)<!43+!3*+!(*+(3<)<!IC#$$N!:./&,!%7/,&()$/2/35/375);/<)=!>MP!
! [>)$!@*87&(8)!7W7)<7<!#+)!()+43+@)%!43+!@*87&(8)!3*763@)<N!8&R)!&$!3*+!<7*%-N!
#!63++)67&3$!4#673+!43+!7>)!(!1#8*)!73!%)7)+@&$)!<&,$&4&6#$6)!I&P)P!Z3$4)++3$&i<!
@)7>3%!34!63@(#+&<3$M!&<!347)$!*<)%P!B32)1)+N!3*+!<*+1)-!63$7#&$<!4#+!733!@#$-!
D*)<7&3$<!73!:)!63@(#+)%!*<&$,!Z3$4)++3$&i<!+)<()67)%!@)7>3%P!=*+7>)+@3+)N!7>)!
Z3$4)++3$&!@)7>3%!&<!63$<&%)+)%!:-!<3@)!73!:)!()+>#(<!733!<7+&$,)$7!#$%!23*8%!
8)#%!73!#!>&,>)+!4#8<)!$),#7&1)!+#7)!2>)$!%)7)+@&$&$,!<&,$&4&6#$7!%&44)+)$6)<!
63@(#+)%!73!37>)+!@)7>3%<!IA#1#$3!j!E#1+)#*N!6&3.73#+"5),8)93,5/2/35/375MP!G$!3*+!
#$#8-<&<N!2)!%3!$37!,+3*(!3*+!+)<(3$%)$7<!&$73!7>)!43*+!)Q()67)%!6#7),3+&)<.!ILM!
$)*+3<*+,&6#8!4)8832!7+#&$))<N!IJM!3+7>3(#)%&6!<*+,&6#8!4)8832!7+#&$))<N!I`M!
3+7>3(#)%&6!<*+,&6#8!<*()+1&<3+<N!#$%!IbM!$)*+3<*+,&6#8!<*()+1&<3+<P!0#7>)+N!2)!
,+3*(!7>)!7+#&$))<i!+)<(3$<)<!#$%!<*()+1&<3+<i!+)<(3$<)<!73,)7>)+!2>)$!63@(#+&$,!
$)*+3<*+,&6#8!1)+<*<!3+7>3(#)%&6!<*+,&6#8!+)<(3$<)<P![)!#8<3!,+3*(!7>)!
!
!
bJ!
3+7>3(#)%&6!#$%!$)*+3<*+,&6#8!+)<(3$<)<!73,)7>)+!2>)$!63@(#+&$,!7>)!7+#&$))<i!
()+6)(7&3$<!73!7>3<)!34!7>)&+!<*()+1&<3+<P!?>)!+)#<3$!43+!7>&<!&<!+)8#7)%!73!7>)!(32)+!
34!3*+!<7*%-P!/<!%&<6*<<)%!&$!3*+!+)<*87<N!7>)+)!2)+)!3$8-!<)1)$7))$!<(&$)!4)8832<!
#6+3<<!"#$#%#!%*+&$,!7>)!-)#+!7>)!<*+1)-!2#<!63$%*67)%P!A#+7&6*8#+8-N!7>)+)!#+)!
3$8-!<&Q!$)*+3<*+,&6#8!<(&$)!4)8832<N!34!2>&6>!3$8-!43*+!+)<(3$%)%!73!3*+!<*+1)-P!/<!
#!+)<*87N!2)!2)+)!*$#:8)!#$#8-V)!3*+!+)<*87<!:-!,+3*(&$,!+)<(3$%)$7<!&$73!7>)!43*+!
#43+)@)$7&3$)%!6#7),3+&)<!#$%!63$%*67&$,!#!@*87&(8)!#$#8-<&<!34!1#+&#$6)!
IC/O9X/MP!?>&<!23*8%!>#1)!,+)#78-!%&@&$&<>)%!7>)!(32)+!34!3*+!<7*%-P!?>)+)43+)N!
&$!3*+!23+R!2)!+)(3+7!@*87&(8)!7W7)<7<N!;*<7!#<!7>)!3+&,&$#8!F13+#R!<*+1)-!*<)%N!
#6R$328)%,&$,!7>&<!73!:)!#!+)8)1#$7!<7*%-!8&@&7#7&3$P!G7!7>)$!:)63@)<!&@(3+7#$7!
7>#7N!2>)$!2)!%+#2!63$68*<&3$<!+),#+%&$,!2>#7!%&44)+)$6)<!@#-!:)!63$<&%)+)%!
<&,$&4&6#$7N!2)!63$<&%)+!7>)!#67*#8!(!1#8*)<!73!%)7)+@&$)!7>)!%),+))!34!<&,$&4&6#$6)P!
[)!+)63,$&V)!&$!3*+!<7*%-!7>#7!7>)+)!#+)!#!<@#88!$*@:)+!34!4)8832<>&(!7+#&$&$,!
(+3,+#@<!&$!7>)!63*$7+-N!#$%!#!7+)$%!732#+%<!#!832)+!$*@:)+!34!<(&$)!<()6W-!
<*+,)3$<!()+!6#(&7#!IZ)%)+@#$!)7!#8PN!JKKSMP!/<!2)!#&@)%!&$!7>&<!&$&7!<7*%-!73!
6#(7*+)!4)8832<>&(!7+#&$))<!#7!7>)!)$%!34!7>)&+!7+#&$&$,!-)#+N!2)!#$7&6&(#7)!7>#7!2&7>!
+)()#7)%!#<<)<<@)$7<!34!7+#&$))<!31)+!<*:<)D*)$7!-)#+<!#$%!)1)$!#%@&$&<7)+&$,!7>)!
D*)<7&3$$#&+)!#7!7>)!:),&$$&$,!#<!2)88!#<!7>)!)$%!34!4)8832<>&(!7+#&$&$,N!<*6>!
#((+3#6>)<!2&88!)1)$7*#88-!#%%!73!7>)!+3:*<7$)<<!34!<7#7&<7&6#8!#$%!&$<7+*@)$7!
)1#8*#7&3$P!
)
)
!
!
b`!
*357&3-3.2./)?%.7/3,.2+)4.2+(535)
?3!4*+7>)+!)Q#@&$)!%&44)+)$6)<!&$!()+6)&1)%!7)6>$&6#8!<R&88<!:)72))$!4)8832<!
2&7>!#$!3+7>3(#)%&6!<*+,)+-!:#6R,+3*$%!63@(#+)%!73!7>3<)!2&7>!#!$)*+3<*+,)+-!
:#6R,+3*$%N!#!%&<6+&@#$7!4*$67&3$!#$#8-<&<!2#<!()+43+@)%!*<&$,!7>)!JS!7)6>$&6#8!
(+36)%*+)<!)1#8*#7)%P!?>)!63@43+7!8)1)8N!#@3*$7!34!#%%&7&3$#8!7+#&$&$,!+)D*&+)%N!
#$%!&@(3+7#$6)!34!)#6>!<R&88!2)+)!(#+#@)7)+<!)1#8*#7)%!&$!7>)!%&<6+&@&$#73+-!
)1#8*#7&3$!63@(#+&$,!3+7>3(#)%&6!73!$)*+3<*+,&6#8!4)8832!7+#&$))<P!F*)!73!7>)!8#+,)!
$*@:)+!34!1#+&#:8)<!43+!7>)!+)8#7&1)8-!<@#88!<#@(8)!<&V)N!7>&<!#$#8-<&<!2#<!()+43+@)%!
&$!`!(>#<)<P!G$!7>)!4&+<7!(>#<)N!<7)(2&<)!%&<6+&@&$#$7!4*$67&3$!#$#8-<)<!2)+)!
63$%*67)%!<)(#+#7)8-!43+!7>)!h63@43+7!8)1)8iN!h&@(3+7#$6)iN!#$%!h#@3*$7!34!#%%&7&3$#8!
7+#&$&$,!+)D*&+)%i!1#+&#:8)<P!=3+!7>)<)!<7)(2&<)!#$#8-<)<N!:#6R2#+%!<)8)67&3$!2&7>!#!
8&:)+#8!6+&7)+&3$!34!(uKPLT!2#<!*<)%!73!+)7#&$!1#+&#:8)<!7>#7!2)+)!%&<6+&@&$#73+-!
:)72))$!7>)!,+3*(<!IC&6R)-!j!E+))$8#$%N!LSaSMP!G$!7>)!<)63$%!(>#<)!34!7>)!
#$#8-<&<N!1#+&#:8)<!&%)$7&4&)%!#<!:)&$,!%&<6+&@&$#73+-!4+3@!)#6>!34!7>)!7>+))!
(+)8&@&$#+-!#$#8-<)<!2)+)!63@:&$)%!&$73!3$)!<7)(2&<)!%&<6+&@&$#$7!4*$67&3$!
#$#8-<&<!*<&$,!7>)!<#@)!6+&7)+&#!#<!43+!(>#<)!3$)P!G$!7>)!4&$#8!(>#<)!34!7>)!#$#8-<&<!#!
8&$)#+!4*$67&3$!2#<!%)4&$)%!:#<)%!3$!7>)!+)<*87<!34!7>)!<)63$%!(>#<)P!?>&<!4*$67&3$!
&<!#!8&$)#+!63@:&$#7&3$!34!<63+)<!4+3@!)#6>!34!7>)!1#+&#:8)<!&%)$7&4&)%!#<!:)&$,!#:8)!
73!%&<6+&@&$#7)!:)72))$!7>3<)!2&7>!3+7>3(#)%&6!3+!$)*+3<*+,&6#8!7+#&$&$,P!!!!
!
SRHRF'#9(9+>9+8(:'B54-/'()*'766-89'#+e-'
?>)!D*)<7&3$$#&+)!2#<!#%@&$&<7)+)%!73!#88!<(&$)!<*+,)3$<!#$%!4)8832<W&$W
!
!
bb!
7+#&$&$,!&$!"#$#%#!IO!u!^ak!TK!9+7>3(#)%&6N!La!O)*+3<*+,)+-MP!/<<*@&$,!#!SKg!
+)<(3$<)!+#7)N!2)!%)7)+@&$)%!7>#7!2)!23*8%!:)!#:8)!73!%)7)67!#$!)44)67!<&V)!34!KPaT!
3+!,+)#7)+!:)72))$!3+7>3(#)%&6W7+#&$)%N!#$%!$)*+3<*+,&6#8W7+#&$)%!(#+7&6&(#$7<!#<!
<7#7&<7&6#88-!<&,$&4&6#$7!43+!63$7&$*3*<!@)#<*+)<P!/87>3*,>!#$!)44)67!<&V)!34!KPaT!&<!
63$<&%)+)%!@3%)+#7)!73!8#+,)N!7>&<!<*+1)-!6#(7*+)%!#8@3<7!#88!(+#67&6&$,!<(&$)!
<*+,)3$<!#$%!4)8832<!&$!"#$#%#P!?>)!@#&$!+)#<3$!43+!#!+)8#7&1)8-!8#+,)!)44)67!<&V)!&<!
7>)!<@#88!$*@:)+!34!$)*+3<*+,&6#8!+)<(3$%)$7<!#1#&8#:8)P!'&$6)!)44)67!<&V)!
6#86*8#7&3$<!&$68*%)!$37!3$8-!7>)!31)+#88!<#@(8)!<&V)!:*7!#8<3!7>)!<#@(8)!<&V)!34!7>)!
,+3*(N!7>)!<@#88!$*@:)+!34!$)*+3<*+,&6#8!+)<(3$%)$7<!8&@&7<!3*+!%)7)67#:8)!)44)67!
<&V)P!9*+!6#86*8#7&3$!34!)44)67!<&V)!&<!#!(3<7!>36!#$#8-<&<!34!(32)+P!/<<*@&$,!#!7-()!G!
)++3+!34!KPKTN!#!7-()!GG!)++3+!34!KPJ!I&P)P!(32)+!34!KPaKMN!#$%!#!SKg!+)<(3$<)!+#7)N!2)!
6#86*8#7)%!)44)67!<&V)!*<&$,!7>)!438832&$,!43+@*8#<.!
5==5"?!'Gp5!u!v!d!w(!!!
/$%!'#@(8)!'&V)!=3+@*8#.!
!!!!
[>)+).!
$!u!$*@:)+!34!+)<(3$%)$7<!&$!)#6>!,+3*(!
px!u!<7#$%#+%!$3+@#8!1#+)!:3*$%&$,!7-()!G!)++3+!
py!u!<7#$%#+%!$3+@#8!1#+)!:3*$%&$,!7-()!GG!)++3+!
w(!u!(338)%!<7#$%#+%!%)1&3$!
v!u!@&$&@#8!%)7)67#:8)!%&44)+)$6)!:)72))$!723!,+3*(<!
!
?>)!#:31)!@)7>3%!43+!(3<7!>36!(32)+!#$#8-<&<!&<!2&%)8-!*<)%!#$%!#66)(7)%!&$!
68&$&6#8!+)<)#+6>!I03<$)+N!?%.!2-"./2+5),8)93,5/2/35/375MP!!
!
!
bT!
SRF'%7#JN$#!
SRFRH'c.->9+5))(+/-'%->,5)>->!
/!737#8!34!L_!4)8832!7+#&$))<!#$%!TL!*$&1)+<&7-W#44&8)%!<(&$)!<*+,)3$<!2)+)!
&%)$7&4&)%!4+3@!7>)!LL!"#$#%&#$!<*:<()6W-!<(&$)!4)8832<>&(!7+#&$&$,!(+3,+#@<P!
?>)!D*)<7&3$$#&+)<!2)+)!@#&8)%!3*7!73!#88!^a!34!7>)!(37)$7!+)<(3$%)$7<P!/!737#8!34!
^J!63++)678-!63@(8)7)%!D*)<7&3$$#&+)<!2)+)!+)6)&1)%N!)&7>)+!@#&8)%!:#6R!:-!7>)!
+)<(3$%)$7!3+!63@(8)7)%!3$8&$)P!?>&<!-&)8%<!#$!31)+#88!+)<(3$<)!+#7)!34!SLgP!=&47))$!
34!7>)!+)<(3$%)$7<!2)+)!4)8832!7+#&$))<!#$%!b_!2)+)!<*()+1&<3+<!I#6#%)@&6!<(&$)!
<*+,)3$<MP!!G$68*%&$,!:37>!4)8832!7+#&$))<!#$%!<*()+1&<3+<N!7>)!3+7>3(#)%&6!#$%!
$)*+3<*+,&6#8!+)<(3$<)!+#7)<!2)+)!S^g!#$%!_agN!+)<()67&1)8-!I?#:8)!LMP!=3+!4)8832!
7+#&$))<N!7>)!@)#$!@3$7><!34!4)8832<>&(!63@(8)7)%!2#<!LLPT!<*,,)<7&$,!7>#7!7>)!
4)8832<!2)+)!$)#+!7>)!)$%!34!7>)&+!4)8832<>&(!2>)$!7>)!D*)<7&3$$#&+)!2#<!
63@(8)7)%N!#!,3#8!&$!3*+!)1#8*#7&3$!34!7+#&$))!()+6)(7&3$<P!!
SRFRF'&50)+9+3-'#T+::>'&5A,-9-)8+->!
?>)!`S!63,$&7&1)!<R&88<!+)8#7)%!D*)<7&3$<!3$!7>)!<*+1)-!2)+)!,+3*()%!&$73!L`!
:+3#%!6#7),3+&)<!I=&,*+)!LMP!?>)!,+3*(&$,!34!D*)<7&3$<!&$73!7>)<)!6#7),3+&)<!2#<!
#8<3!)Q#@&$)%!%*+&$,!7>)!63$7)$7!+)1&)2!34!7>)!<*+1)-P![>)$!7>)!D*)<7&3$$#&+)<!
2)+)!%&<7+&:*7)%!73!7>)!+)<(3$%)$7<!#$%!#1#&8#:8)!3$8&$)N!7>)!+)<(3$%)$7<!2)+)!
:8&$%)%!73!,+3*(&$,!34!D*)<7&3$<P!?>)!(*+(3<)!34!,+3*(&$,!2#<!73!:)77)+!63@(#+)!
7>)!2&%)!+#$,)!34!63,$&7&1)!<R&88<!7>#7!@#-!:)!63$<&%)+)%!&@(3+7#$7!43+!<*66)<<4*8!
<(&$)!4)8832<>&(!7+#&$&$,P!
!
!
b^!
! /88!34!7>)!LJ!D*)<7&3$<!+)8#7)%!73!7>)!<(&$)W<()6&4&6!63,$&7&1)!<R&88<!6#7),3+-!
2)+)!+#7)%!,+)#7)+!7>#$!bPTN!&$%&6#7&$,!7>)-!#+)!63$<&%)+)%!73!:)!&@(3+7#$7!<R&88<!73!
3:7#&$!:-!7>)!63@(8)7&3$!34!4)8832<>&(!7+#&$&$,P!'&@&8#+!+)<*87<!2)+)!3:7#&$)%!43+!
37>)+!6#7),3+&)<.!>&<73+-!#$%!(>-<&6#8!)Q#@&$#7&3$!<R&88<N!3+%)+&$,!#((+3(+)!
&$1)<7&,#7&3$<N!(+3:8)@W:#<)%!@#$#,)@)$7!<R&88<N!7+)#7@)$7!34!&$4)67&3$<N!
63$7&$*&7-!34!6#+)N!()+<3$#8!#$%!(+34)<<&3$#8!<R&88<N!&$1381)@)$7!&$!+)<)#+6>!#$%!
7)#6>&$,N!#$%!()+&W3()+#7&1)!@#$#,)@)$7!<R&88<P!/88!34!7>)<)!6#7),3+&)<!#+)!
()+6)&1)%!73!:)!&@(3+7#$7!63,$&7&1)!<R&88!63@()7)$6&)<!73!#77#&$!:-!63@(8)7&3$!34!
4)8832<>&(!7+#&$&$,P!!
! ?>)!43*+!+)@#&$&$,!63,$&7&1)!<R&88<!6#7),3+&)<!>#%!31)+#88!@)#$!<63+)<!
:)72))$!`PT!#$%!bPTP!?>)<)!#+).!@#$#,)@)$7!34!6>+3$&6!&$48#@@#73+-!63$%&7&3$<!
I&P)P!+>)*@#73&%!#+7>+&7&<N!<(3$%-83#+7>+3(#7>&)<MN!@#$#,)@)$7!34!6>+3$&6!(#&$N!
*$%)+<7#$%&$,!@)%&6#8W8),#8!#<()67<!34!(+#67&6)N!#$%!*$%)+<7#$%&$,!7>)!+38)<!34!
+)>#:&8&7#7&3$d(>-<&37>)+#(-!43+!<(&$)!63$%&7&3$<P!?>)<)!63,$&7&1)!<R&88<!6#7),3+&)<!
#+)!()+6)&1)%!73!:)!h(+3:#:8-!&@(3+7#$7i!63@()7)$6&)<!73!#6>&)1)!:-!7>)!)$%!34!
4)8832<>&(!7+#&$&$,P!94!7>)<)!43*+!6#7),3+&)<N!@#$#,)@)$7!34!6>+3$&6!(#&$!>#%!7>)!
832)<7!31)+#88!@)#$!<63+)!I`PSM!#$%!&<!()+6)&1)%!73!:)!7>)!8)#<7!&@(3+7#$7!<R&88!
+)D*&+)%P!!
! "3@(#+&$,!4)8832!7+#&$))!#$%!<*()+1&<3+!+)<(3$<)<!43+!7>)!()+6)&1)%!
63,$&7&1)!<R&88!63@()7)$6&)<N!7>)+)!2)+)!$3!<&,$&4&6#$7!%&44)+)$6)<!43+!#$-!34!7>)<)!
&7)@<!&$!7>)!D*)<7&3$$#&+)P!!
!
!
b_!
! [>)$!63@(#+&$,!+)<(3$<)<!:#<)%!3$!(+)1&3*<!3+7>3(#)%&6!3+!$)*+3<*+,&6#8!
+)<&%)$6-!7+#&$&$,!<3@)!%&44)+)$6)<!&$!()+6)(7&3$<!34!&@(3+7#$6)!2)+)!3:<)+1)%P!
5&,>7!34!7>)!`S!63,$&7&1)!<R&88<!()+6)&1)%!63@()7)$6-!&7)@<!>#%!<&,$&4&6#$7!<*6>!
%&44)+)$6)<!I(zKPKTMP!?>)<)!a!&7)@<!2)+)!%&<7+&:*7)%!#6+3<<!^!34!7>)!L`!6#7),3+&)<.!
7+)#7@)$7!34!6>+3$&6!&$48#@@#73+-!63$%&7&3$<N!6>+3$&6!(#&$!@#$#,)@)$7N!@)%&6#8W
8),#8!#<()67<!34!(+#67&6)N!*$%)+<7#$%&$,!7>)!+38)!34!+)>#:&8&7#7&3$d(>-<&37>)+#(-N!
()+<3$#8!#$%!(+34)<<&3$#8!<R&88<N!#$%!&$1381)@)$7!&$!+)<)#+6>!#$%!7)#6>&$,!I?#:8)!
JMP!G$!#88!34!7>)<)!D*)<7&3$<N!7>)!@)#$!<63+)<!43+!+)<(3$%)$7<!2&7>!#$!3+7>3(#)%&6!
<*+,)+-!:#6R,+3*$%!2)+)!>&,>)+!7>#$!7>3<)!2&7>!#!$)*+3<*+,&6#8!:#6R,+3*$%P!=3*+!
6#7),3+&)<!<>32)%!<&,$&4&6#$7!%&44)+)$6)<!&$!#88!34!7>)&+!#<<36)%!<*+1)-!D*)<7&3$<.!
@#$#,)@)$7!34!6>+3$&6!&$48#@@#73+-!63$%&7&3$<N!@#$#,)@)$7!34!6>+3$&6!(#&$N!
*$%)+<7#$%&$,!@)%&6#8W8),#8!#<()67<!34!(+#67&6)N!#$%!()+<3$#8!#$%!(+34)<<&3$#8!
<R&88<P!?>)<)!43*+!63,$&7&1)!<R&88!()+6)&1)%!63@()7)$6&)<!2)+)!+#7)%!#<!:)&$,!@3+)!
&@(3+7#$7!43+!<*66)<<4*8!<(&$)!4)8832<>&(!7+#&$&$,!:-!+)<(3$%)$7<!2&7>!#$!
3+7>3(#)%&6!+)<&%)$6-!7+#&$&$,!:#6R,+3*$%P!G7!&<!&@(3+7#$7!73!$37)!7>#7N!2>&8)!
+)<(3$%)$7<!2&7>!#!$)*+3<*+,&6#8!:#6R,+3*$%!@#-!>#1)!()+6)&1)%!7>)<)!
63@()7)$6&)<!#<!:)&$,!8)<<!&@(3+7#$7N!#88!:*7!3$)!34!7>)!31)+#88!@)#$!<63+)<!43+!7>)!
%&44)+)$7!6#7),3+&)<!4#88!&$!7>)!+#$,)!34!:)&$,!h(+3:#:8-!&@(3+7#$7i!I`PT!73!bPTMP!?>)!
3$8-!6#7),3+-!()+6)&1)%!73!:)!h(+3:#:8-!$37!&@(3+7#$7i!:-!+)<(3$%)$7<!2&7>!#!
$)*+3<*+,&6#8!:#6R,+3*$%!2#<!7>)!@#$#,)@)$7!34!6>+3$&6!(#&$!I@)#$!<63+)!34!`PbMP!!
'
'
!
!
ba!
SRFRS'#./0+8(:]$-8@)+8(:'&5A,-9-)8+->!
[>)$!#<R)%!>32!@#$-!34!)#6>!34!7>)!JS!<*+,&6#8!(+36)%*+)<!7+#&$))<!
(#+7&6&(#7)%!&$!3$!63@(8)7&3$!34!7>)&+!4)8832<>&(!7+#&$&$,N!+)<(3$%)$7<!&$%&6#7)%!
7>#7!7+#&$))<!>#%!(#+7&6&(#7)%!&$!>&,>!$*@:)+<!34!7>)!+)8#7&1)8-!63@@3$!6#<)<!<*6>!
#<.!(+&@#+-!8*@:#+!%&<6)673@-N!723!8)1)8!8*@:#+!8#@&$)673@-N!3+!(3<7)+&3+!()%&68)!
<6+)2!4&Q#7&3$!I=&,*+)!JMP!/8<3N!#<!)Q()67)%N!7+#&$))<!<))@)%!73!>#1)!(#+7&6&(#7)%!&$!
<@#88!$*@:)+<!34!7>)!@3+)!*$63@@3$!(+36)%*+)<!<*6>!#<.!7+#$<W3+#8!
3%3$73&%)673@-N!<*+,)+-!43+!<-+&$,3@-)8&#N!3+!+)8)#<)!34!#!7)7>)+)%!63+%P!
$%&@372+)0,.83!".7"A!!
/88!73,)7>)+N!+)<(3$%)$7<!&$%&6#7)%!7>#7!4)8832!7+#&$))<!#+)!1)+-!63@43+7#:8)!
()+43+@&$,!Lb!34!7>)!JS!<*+,&6#8!(+36)%*+)<!2&7>!@)#$!<63+)<!,+)#7)+!7>#$!`PT!
I?#:8)!`MP![&7>!+)<()67!73!63@43+7!8)1)8N!LL!37>)+!<*+,&6#8!(+36)%*+)<!>#%!@)#$!
<63+)<!:)72))$!JPT!#$%!`PT!&$%&6#7&$,!7>#7!4)8832!7+#&$))<!#+)!<3@)2>#7!
63@43+7#:8)!()+43+@&$,!7>)<)!(+36)%*+)<!:-!7>)!)$%!34!7>)&+!4)8832<>&(P!?>)!37>)+!b!
<*+,&6#8!(+36)%*+#8!<R&88<!>#%!@)#$!<63+)<!:)72))$!LPT!#$%!JPT!<*,,)<7&$,!7>#7!
4)8832!7+#&$))<!()+6)&1)%!8&778)!63@43+7!()+43+@&$,!7>)<)!<R&88<!*(3$!63@(8)7&3$!34!
4)8832<>&(P!?>)<)!43*+!<*+,&6#8!(+36)%*+)<!#+).!7+#$<W3+#8!3%3$73&%)673@-N!<*+,)+-!
43+!<-+&$,3@-)8&#N!+)8)#<)!34!#!7)7>)+)%!63+%N!#$%!<*+,)+-!43+!#$!&$7+#%*+#8!
$)3(8#<@P![>)$!63@(#+&$,!+)<(3$<)<!34!4)8832!7+#&$))<!73!#6#%)@&6!<(&$)!
<*+,)3$<N!7>)+)!2)+)!$3!<&,$&4&6#$7!%&44)+)$6)<!&$!()+6)(7&3$<!34!>32!63@43+7#:8)!
4)8832<!#+)!&$!()+43+@&$,!)#6>!<*+,&6#8!<R&88!3$!63@(8)7&3$!34!4)8832<>&(!7+#&$&$,P!
0)<(3$%)$7<!2&7>!#!$)*+3<*+,&6#8!+)<&%)$6-!:#6R,+3*$%!2)+)!@3+)!63@43+7#:8)!
!
!
bS!
()+43+@&$,!#!7+#$<W3+#8!3%3$73&%)673@-!I(uKPK`M!#$%!+)8)#<)!34!#!7)7>)+)%!63+%!
I(uKPKKLM!7>#$!7>)&+!3+7>3(#)%&6!63*$7)+(#+7<P!!
B""!)8,&)4!!3/3,.2+)C&23.3.@A!
94!7>)!JS!<*+,&6#8!(+36)%*+)<N!LJ!>#%!31)+#88!@)#$!<63+)<!34!8)<<!7>#$!LPT!
&$%&6#7&$,!+)<(3$%)$7<!4)87!7>#7!4)8832!7+#&$))<!%&%!$37!+)D*&+)!#%%&7&3$#8!7+#&$&$,!&$!
7>)<)!<()6&4&6!(+36)%*+)<!I?#:8)!`MP!/$37>)+!L`!<*+,&6#8!(+36)%*+)<!2)+)!+#7)%!2&7>!
@)#$!<63+)<!:)72))$!LPT!#$%!JPTN!&$%&6#7&$,!7>#7!4)8832<!+)D*&+)%!h#!8&778)!@3+)i!
7+#&$&$,!&$!3+%)+!73!()+43+@!7>)<)!(+36)%*+)<!63@43+7#:8-P!=3*+!<*+,&6#8!
(+36)%*+)<!2)+)!+#7)%!:)72))$!JPT!#$%!`PT!#$%!+)<(3$%)$7<!()+6)&1)%!7>#7!4)8832<!
+)D*&+)%!#7!8)#<7!h<3@)!@3+)i!#%%&7&3$#8!7+#&$&$,!3$!63@(8)7&3$!34!7>)&+!4)8832<>&(!
&$!3+%)+!73!:)!#:8)!73!63@43+7#:8-!()+43+@!7>)<)!(+36)%*+)<P!?>)<)!2)+)!7>)!<#@)!
43*+!(+36)%*+)<!7>#7!2)+)!&%)$7&4&)%!#<!3$)<!2>&6>!4)8832<!>#%!8&778)!63@43+7!
()+43+@&$,!*(3$!63@(8)7&3$!34!7>)&+!4)8832<>&(P!=)8832!7+#&$))<!()+6)&1)%!7>#7!7>)-!
$))%)%!@3+)!7+#&$&$,!&$!()+43+@&$,!(3<7)+&3+!"LWJ!4*<&3$!2&7>!<6+)2<!I(uKPK`MN!
7+#$<W3+#8!3%3$73&%)673@-!I(uKPKTMN!#$%!<*+,)+-!43+!7>3+#6&6!4+#67*+)!2&7>!<(&$#8!
63+%!&$;*+-!I(uKPKTM!63@(#+)%!73!7>)&+!<*()+1&<3+<P!"3@(#+)%!73!7>)&+!
$)*+3<*+,)+-!6388)#,*)<N!+)<(3$%)$7<!2&7>!#$!3+7>3(#)%&6!+)<&%)$6-!:#6R,+3*$%!
()+6)&1)%!+)D*&+&$,!@3+)!7+#&$&$,!&$!3+%)+!73!:)!#:8)!73!()+43+@!#!(3<7)+&3+!6)+1&6#8!
8#@&$)673@-!I(uKPK`MN!<*+,)+-!43+!<-+&$,3@-)8&#!I(uKPKLMN!+)8)#<)!34!#!7)7>)+)%!
63+%!I(uKPKKbMN!#$%!<*+,)+-!43+!#$!&$7+#%*+#8!$)3(8#<@!I(uKPKKLMP!
)
)
!
!
TK!
:-#,&/2.7"),8)$%&@372+)6&,7"!%&"A!
94!7>)!JS!<*+,&6#8!(+36)%*+)<!8&<7)%N!JK!>#%!@)#$!<63+)<!,+)#7)+!7>#$!bPT!#$%!
#+)!()+6)&1)%!#<!:)&$,!h&@(3+7#$7i!(+36)%*+)<!73!:)!#:8)!73!()+43+@!:-!63@(8)7&3$!
34!4)8832<>&(!7+#&$&$,!I?#:8)!`MP!/$37>)+!_!<*+,&6#8!(+36)%*+)<!>#%!@)#$!<63+)<!
:)72))$!`PT!#$%!bPT!4+3@!#88!+)<(3$%)$7<!&$%&6#7&$,!7>#7!7>)-!#+)!()+6)&1)%!73!:)!
h(+3:#:8-!&@(3+7#$7i!(+36)%*+)<!73!:)!#:8)!73!()+43+@!3$!63@(8)7&3$!34!#!<(&$)!
4)8832<>&(P!?23!(+36)%*+)<N!<*+,)+-!43+!<-+&$,3@-)8&#!#$%!+)8)#<)!34!#!7)7>)+)%!
63+%N!#+)!()+6)&1)%!73!:)!h(+3:#:8-!$37!&@(3+7#$7i!73!:)!#:8)!()+43+@!2&7>!@)#$!
<63+)<!:)72))$!JPT!#$%!`PTP!?>)+)!2)+)!$3!<&,$&4&6#$7!%&44)+)$6)<!:)72))$!4)8832!
7+#&$))<!#$%!<*()+1&<3+<!2&7>!+)<()67!73!7>)&+!()+6)(7&3$<!34!+)8#7&1)!&@(3+7#$6)!34!
)#6>!<*+,&6#8!(+36)%*+#8!<R&88P!0)<(3$%)$7<!2&7>!$)*+3<*+,&6#8!+)<&%)$6-!7+#&$&$,!
()+6)&1)%!7>#7!&7!2#<!@3+)!&@(3+7#$7!73!:)!#:8)!73!()+43+@!<*+,)+-!43+!
<-+&$,3@-)8&#!I(uKPKKLMN!+)8)#<)!34!#!7)7>)+)%!63+%!I(uKPKKJMN!#$%!<*+,)+-!43+!#$!
&$7+#%*+#8!$)3(8#<@!I(uKPKKLM!63@(#+)%!73!+)<(3$%)$7<!2&7>!#$!3+7>3(#)%&6!
:#6R,+3*$%P!!!!! !!
*357&3-3.2./)?%.7/3,.)4.2+(535)
! A>#<)!L!34!3*+!<7)(2&<)!%&<6+&@&$#$7!4*$67&3$!#$#8-<&<!34!63@43+7!8)1)8!34!7>)!
JS!7)6>$&6#8d(+36)%*+#8!<R&88<!&%)$7&4&)%!)&,>7!<*+,&6#8!(+36)%*+)<!7>#7!#+)!
<&,$&4&6#$78-!%&<6+&@&$#7&1)!:)72))$!3+7>3(#)%&6!<(&$)!4)8832<!#$%!$)*+3<*+,&6#8!
<(&$)!4)8832<!#7!7>)!(uKPLT!8)1)8P!c&R)2&<)N!7>+))!<*+,&6#8!<R&88<!2)+)!<&,$&4&6#$78-!
%&<6+&@&$#7&1)!:#<)%!3$!&@(3+7#$6)!34!7>)!<()6&4&6!<R&88N!#$%!4&47))$!<*+,&6#8!<R&88<!
2)+)!<&,$&4&6#$78-!%&<6+&@&$#7&1)!:#<)%!3$!7>)!$))%!43+!#%%&7&3$#8!7+#&$&$,!I(uKPLTMP!!!
!
!
TL!
! F*+&$,!(>#<)!JN!2>)$!63@:&$&$,!7>)!%&<6+&@&$#$7!1#+&#:8)<!&%)$7&4&)%!4+3@!
)#6>!34!7>)!7>+))!(+)8&@&$#+-!#$#8-<)<N!2)!43*$%!#!737#8!34!<&Q7))$!%&44)+)$7!
1#+&#:8)<!7>#7!#+)!<&,$&4&6#$78-!%&<6+&@&$#7&1)!:)72))$!3+7>3(#)%&6!#$%!
$)*+3<*+,&6#8!<(&$)!4)8832<!#7!7>)!63@(8)7&3$!34!7>)&+!7+#&$&$,!I?#:8)!bMP!94!7>)!
<&Q7))$N!<&Q!7)6>$&6#8d(+36)%*+#8!<R&88<!2)+)!%&<6+&@&$#7&1)!:#<)%!3$!4)8832!7+#&$))!
63@43+7!8)1)8N!$&$)!7)6>$&6#8d(+36)%*+#8!<R&88<!2)+)!%&<6+&@&$#7&1)!:#<)%!3$!7>)!
$))%!43+!#%%&7&3$#8!7+#&$&$,N!#$%!3$)!<R&88!2#<!%&<6+&@&$#7&1)!:#<)%!3$!&@(3+7#$6)P!!
! !=+3@!7>)!A>#<)!J!#$#8-<&<N!2)!%)+&1)%!#!h%&<6+&@&$#$7!4*$67&3$iN!3+!#!<63+)N!
2>&6>!&<!#!8&$)#+!63@:&$#7&3$!I3+!)D*#7&3$M!34!7>)!<63+)<!43+!)#6>!34!7>)!1#+&#:8)<!
43*$%!73!:)!&@(3+7#$7!&$!7>)!A>#<)!J!#$#8-<&<P!![)!6#$!7>)$!#((8-!7>&<!<63+)!#$%!
%)7)+@&$)!#$!3(7&@#8!6*7W344!(3&$7!43+!%&<6+&@&$#7&$,!:)72))$!3+7>3(#)%&6!#$%!
$)*+3<*+,&6#88-!7+#&$)%P!/47)+!63@(*7&$,!7>&<!<63+)!43+!)#6>!34!7>)!+)<(3$%)$7<N!2)!
4&$%!7>)!<63+)<!-&)8%!63@(8)7)8-!3((3<&7)!+)<*87<!43+!7>)!723!,+3*(<!2)!#+)!7+-&$,!73!
%&<6+&@&$#7)!I?#:8)!TMP!?>&<!&<!&%)#8P!E+#(>&6#88-N!2)!6#$!<))!>32!7>)!%&<6+&@&$#$7!
#$#8-<&<!<63+)<!%3!&$%))%!%&<6+&@&$#7)!:)72))$!7>)!723!,+3*(<!*<&$,!:3Q(837<!#$%!
>&<73,+#@<!I=&,*+)<!`!j!bMP!H<&$,!3*+!%&<6+&@&$#$7!4*$67&3$N!2)!#+)!#:8)!73!63++)678-!
&%)$7&4-!LKKg!34!7>)!4)8832<!#<!>#1&$,!#$!3+7>3(#)%&6!<*+,)+-!3+!$)*+3<*+,)+-!
:#6R,+3*$%P!!!
!
!
'
!
!
TJ!
SRS'OI#&J##I;L!
'(&$)!<*+,)+-!&<!6*++)$78-!(+#67&6)%!:-!<()6&<7<!2&7>!<*+,&6#8!+)<&%)$6-!
7+#&$&$,N!)&7>)+!&$!$)*+3<*+,)+-!3+!3+7>3(#)%&6!<*+,)+-N!2&7>!3+!2&7>3*7!4)8832<>&(!
7+#&$&$,!&$!<(&$)!<*+,)+-P!B32)1)+N!@3+)!<*+,)3$<!73%#-!>#1)!63@(8)7)%!
4)8832<>&(<!7>#$!&$!7>)!(#<7N!#$%!@3<7!7+#&$))<!73%#-!63@(8)7)!#7!8)#<7!3$)!-)#+!34!
#%%&7&3$#8!7+#&$&$,!:)-3$%!+)<&%)$6-!:)43+)!)$7)+&$,!(+#67&6)!IZ3+@#$!)7!#8PN!JKKaMP!
E&1)$!7>&<!6*++)$7!7+)$%N!@3+)!&$7)+)<7!>#<!:))$!,)$)+#7)%!#:3*7!7>)!)%*6#7&3$!34!
4*7*+)!<*+,)3$<P!?>)!%):#7)!+),#+%&$,!7>)!7-()!34!)%*6#7&3$#8!)Q(3<*+)!7>#7!:37>!
+)<&%)$7<!#$%!4)8832<!<>3*8%!)Q()+&)$6)!&<!3$,3&$,!I5&<@3$7N!LSS^k!E+#*)+!)7!#8PN!
JKKbMP!
! "3@()7)$6)!6#$!:)!%)4&$)%!#<!l7>)!%)@3$<7+#7)%!#:&8&7-!73!<#4)8-!6#+)!43+!
(#7&)$7<!&$!#!7>3*,>74*8!#$%!R$328)%,)#:8)!@#$$)+!2>&8)!@#&$7#&$&$,!#66)(7#:8)!
<7#$%#+%<!34!(+34)<<&3$#8!:)>#1&3+m!IB#88N!"+):&$N!j!588&<3$N!JKKbMP!/67*#8!
63@()7)$6)!6#$!:)!@)#<*+)%!*<&$,!2+&77)$!#$%!3+#8!(+34&6&)$6-!)Q#@&$#7&3$<!3+!:-!
%&+)678-!3:<)+1&$,!#$%!)1#8*#7&$,!<()6&4&6!<*+,&6#8!<R&88<!&$!#!63$7+388)%!)$1&+3$@)$7!
IF)c&<#N!JKKKMP!
! G$!7>&<!<7*%-N!2)!<3*,>7!73!@)#<*+)!()+6)&1)%!63@()7)$6&)<!7>+3*,>!7>)!<)84W
+)(3+7&$,!:-!+)<(3$%)$7<P!?>)+)43+)N!2)!4#&8)%!73!%&+)678-!3:<)+1)!#67*#8!
63@()7)$6&)<!7>+3*,>!@)#<*+)@)$7!34!7)6>$&6#8!<R&88!#6D*&<&7&3$N!63,$&7&1)!#:&8&7&)<N!
#$%!(+34)<<&3$#8&<@!IF)c&<#N!JKKKMP!F)<(&7)!7>&<!8&@&7#7&3$N!#$%!#<<*@&$,!<3@)!
6#(#6&7-!43+!#66*+#7)!+)48)67&3$!:-!7>)!4)8832!7+#&$))<!#$%!*$&1)+<&7-W#44&8)%!<(&$)!
!
!
T`!
<*+,)3$<N!7>)+)!@#-!:)!<3@)!63++)8#7&3$!:)72))$!#67*#8!#$%!()+6)&1)%!63@()7)$6)!
7>#7!+)D*&+)<!3$,3&$,!<7*%-P!!
! ?>&<!<7*%-!>#<!<>32$!7>#7N!2>&8)!7>)+)!#+)!@#$-!63,$&7&1)!<R&88<!7>#7!#!4)8832!
7+#&$))!@*<7!@#<7)+!&$!3+%)+!73!#6>&)1)!<*66)<<4*8!63@(8)7&3$!34!#!<(&$)!<*+,)+-!
4)8832<>&(N!<3@)!<()6&4&6!<R&88<!#+)!63$<&<7)$78-!+#7)%!#<!:)&$,!@3+)!&@(3+7#$7!7>#$!
37>)+<P!'()6&4&6#88-N!63,$&7&1)!<R&88<!+),#+%&$,!@#$#,)@)$7!34!6>+3$&6!&$48#@@#73+-!
63$%&7&3$<N!@#$#,)@)$7!34!6>+3$&6!(#&$N!*$%)+<7#$%&$,!7>)!@)%&6#8W8),#8!#<()67<!34!
<(&$)!(+#67&6)N!#$%!*$%)+<7#$%&$,!+)>#:&8&7#7&3$d(>-<&37>)+#(-!#+)!$37!63$<&%)+)%!
73!:)!#<!&@(3+7#$7!#<!<3@)!34!7>)!37>)+!()+6)&1)%!63@()7)$6&)<P!B32)1)+N!7>&<!&<!
$37!73!<#-!7>#7!7>)<)!<R&88<!#+)!$37!&@(3+7#$7k!&$!4#67!7>)-!#88!2)+)!,)$)+#88-!
63$<&%)+)%!73!:)!h(+3:#:8-!&@(3+7#$7i!73!#77#&$!&$!3+%)+!73!#6>&)1)!<*66)<<4*8!<(&$)!
4)8832<>&(!7+#&$&$,P!?>)!@#$#,)@)$7!34!6>+3$&6!(#&$!>#%!7>)!832)<7!+#7&$,!34!#88!34!
7>)!63,$&7&1)!<R&88<N!>&,>8&,>7&$,!7>)!4#67!7>#7!6>+3$&6!(#&$!&<!6*++)$78-!@#$#,)%!:-!#!
1#+&)7-!34!%&44)+)$7!<()6&<7<P!?>)+)43+)N!7>)+)!&<!(+3:#:8-!8)<<!32$)+<>&(!:-!#!
<&$,8)!<()6W-!73!:)!7>)!(+&@#+-!(+31&%)+!43+!7>)!@#$#,)@)$7!34!6>+3$&6!(#&$P!
C3+)31)+N!7>&<!*$%)+<63+)<!7>)!4#67!7>#7!7>)+)!$))%<!73!:)!#!633+%&$#7)%!)443+7!
#@3$,!7>)!#88&)%!>)#87>!(+34)<<&3$<!43+!7>)!$3$W3()+#7&1)!@#$#,)@)$7!34!(#7&)$7<!
(+)<)$7&$,!2&7>!<(&$#8!%&<3+%)+<P!
! G$!7)+@<!34!7)6>$&6#8d(+36)%*+#8!<R&88<N!3*+!<7*%-!<>32<!7>#7!4)8832<!
()+6)&1)%!73!:)!63@43+7#:8)!()+43+@&$,!7>)!@3+)!63@@3$!<*+,&6#8!(+36)%*+)<!I&P)P!
8*@:#+!%&<6)673@-N!(3<7)+&3+!8*@:#+!()%&68)!<6+)2!4&Q#7&3$M!#$%!7>)-!7)$%!73!
()+43+@!@3+)!34!7>)<)!(+36)%*+)<!%*+&$,!7>)&+!4)8832<>&(P!=)8832<!#+)!$37!#<!
!
!
Tb!
63@43+7#:8)!()+43+@&$,!7>)!@3+)!*$63@@3$!(+36)%*+)<!I&P)P!6)+1&6#8!2&+&$,!4*<&3$N!
<*+,)+-!43+!&$7+#%*+#8!(#7>383,-M!#$%!7>)!@3+)!63@(8)Q!(+36)%*+)<!I&P)P!#$7)+&3+!
7>3+#6&6!%&<6)673@-MP!Z37>!4)8832<!#$%!7>)&+!<*()+1&<3+<!()+6)&1)!7>#7!7>)!4)8832<!
23*8%!+)D*&+)!#%%&7&3$#8!7+#&$&$,!&$!3+%)+!73!:)63@)!@3+)!63@43+7#:8)!()+43+@&$,!
7>)<)!*$63@@3$!3+!63@(8)Q!<*+,&6#8!(+36)%*+)<P!B32)1)+N!&7!&<!&@(3+7#$7!73!$37)!
7>#7!@#$-!34!7>)<)!+)8#7&1)8-!*$63@@3$!3+!<3@)!34!7>)!@3+)!63@(8)Q!(+36)%*+)<!
#+)!$37!()+6)&1)%!73!:)!#<!&@(3+7#$7!73!>#1)!@#<7)+)%!&$!3+%)+!73!>#1)!<*66)<<4*88-!
63@(8)7)%!4)8832<>&(!7+#&$&$,P!?>&<!<*,,)<7<!7>#7!#!4)8832!%3)<!$37!$)6)<<#+&8-!$))%!
73!:)!63@43+7#:8)!%)#8&$,!2&7>!7>)!)$7&+)!+)#8@!34!<(&$#8!(#7>383,-!&$!3+%)+!73!:)!
63$<&%)+)%!#!<*66)<<4*8!<(&$)!<*+,)3$P!A)+>#(<!@3+)!7>#$!3$)!<(&$)!4)8832<>&(!
23*8%!:)!+)D*&+)%!&$!3+%)+!73!:)!#:8)!73!@#$#,)!7>)!@3<7!63@(8)Q!<(&$)!<*+,&6#8!
6#<)<N!#$%!#!4)8832!@#-!$))%!73!(*+<*)!#%%&7&3$#8!7+#&$&$,!&$!3+%)+!73!:)!)Q(3<)%!73!
7>)<)!6#<)<P!9$)!&@(3+7#$7!4&$%&$,!7>#7!@)+&7<!(#+7&6*8#+!#77)$7&3$!&<!7>#7!4)8832!
7+#&$))<N!<&,$&4&6#$78-!@3+)!<3!7>#$!7>)&+!<*()+1&<3+<N!()+6)&1)%!7>#7!7>)-!$))%)%!
@3+)!7+#&$&$,!&$!()+43+@&$,!#!(3<7)+&3+!6)+1&6#8!8#@&$)673@-d4*<&3$!#$%!<*+,)+-!
43+!#!7>3+#6&6!4+#67*+)!2&7>!<(&$#8!63+%!&$;*+-P!Z37>!34!7>)<)!<R&88<!2)+)!+#7)%!#<!
:)&$,!&@(3+7#$7!#$%!()+>#(<!7>)<)!#+)!723!<*+,&6#8!(+36)%*+)<!7>#7!$))%!73!:)!
)@(>#<&V)%!4*+7>)+!&$!6*++)$7!4)8832<>&(!(+3,+#@<P!!!
! ?>)+)!2)+)!1)+-!4)2!%&44)+)$6)<!:)72))$!()+6)(7&3$<!34!4)8832!7+#&$))<!#$%!
7>)&+!<*()+1&<&$,!<*+,)3$<!+),#+%&$,!7>)!63,$&7&1)!#$%!7)6>$&6#8!63@()7)$6&)<!
+)D*&+)%!43+!<*66)<<4*8!4)8832<>&(!7+#&$&$,P!?>&<!&<!)$63*+#,&$,!:)6#*<)!&7!<>32<!
7>#7!4)8832<!#$%!<*()+1&<3+<!>#1)!<&@&8#+!)Q()67#7&3$<!43+!<(&$)!4)8832<>&(!7+#&$&$,P!!
?>)!#8&,$@)$7!34!2>#7!4)8832<!)Q()67!4+3@!7+#&$&$,!73!<*()+1&<3+<!)Q()67#7&3$<!43+!
!
!
TT!
7>)&+!7+#&$&$,!&<!&@(3+7#$7P!/!@&<@#76>!&$!)Q()67#7&3$<N!43+!)Q#@(8)!:)72))$!2>#7!#!
(#7&)$7!*$%)+,3&$,!<(&$#8!<*+,)+-!@#-!)Q()67!1)+<*<!2>#7!7>)&+!<*+,)3$!()+6)&1)<!
<*+,)+-!73!#663@(8&<>!&<!#$!#+)#!34!3$,3&$,!+)<)#+6>!&$7)+)<7!IU))!)7!#8PN!JKKaMP!!
! ?>&<!<7*%-!#8<3!<>32)%!7>#7!<3@)!%&44)+)$6)<!)Q&<7!+),#+%&$,!()+6)(7&3$<!34!
63@()7)$6&)<!:#<)%!3$!(+)1&3*<!+)<&%)$6-!7+#&$&$,!I3+7>3(#)%&6!3+!$)*+3<*+,&6#8MP!
'()6&4&6#88-N!$)*+3<*+,)3$<!63$<&%)+!*$%)+<7#$%&$,!@#$#,)@)$7!34!6>+3$&6!(#&$!#<!
(+3:#:8-!$37!:)&$,!&@(3+7#$7!43+!<*66)<<4*8!4)8832<>&(!7+#&$&$,P!A)+>#(<!7>&<!&<!%*)!
73!3+7>3(#)%&6!<*+,)3$<!:)&$,!)Q(3<)%!73!(#7&)$7<!2&7>!23+RW+)8#7)%!&$;*+&)<!#$%!
6>+3$&6!(#&$!&<<*)<!@3+)!347)$!%*+&$,!7>)&+!+)<&%)$6&)<!7>#$!7>)&+!$)*+3<*+,)+-!
63*$7)+(#+7<P!/8<3N!$)*+3<*+,)3$<!7)$%!73!:)!@3+)!63@43+7#:8)!2&7>N!#$%!+)D*&+)!
8)<<!#%%&7&3$#8!7+#&$&$,!&$N!<*+,&6#88-!@#$#,&$,!&$7+#%*+#8!(#7>383,-P!?>&<!&<!@3<7!
8&R)8-!%*)!73!7>)!4#67!7>#7!7>)-!#+)!@3+)!8&R)8-!73!:)!)Q(3<)%!73!<*6>!(#7>383,-!
%*+&$,!7>)&+!+)<&%)$6-!7+#&$&$,P!G7!&<!#!+)48)67&3$!34!7>)&+!(+)1&3*<!+)<&%)$6-!7+#&$&$,!
#$%!68&$&6#8!(+#67&6)!7>#7!+)<(3$%)$7<!2&7>!#!$)*+3<*+,)+-!:#6R,+3*$%!2)+)!@3+)!
63@43+7#:8)!()+43+@&$,!&$7+#%*+#8!(+36)%*+)<P!!!
?>)!+)<*87<!34!3*+!%&<6+&@&$#$7!4*$67&3$!#$#8-<&<!63++3:3+#7)%!%&44)+)$6)<!
:)72))$!<(&$)!<*+,&6#8!4)8832<!:#<)%!3$!7>)&+!(+)1&3*<!+)<&%)$6-!7+#&$&$,P![)!
3:<)+1)%!<&@&8#+!7+)$%<!%*+&$,!7>&<!#$#8-<&<N!<*6>!#<!63@43+7!8)1)8!#$%!&@(3+7#$6)!
34!&$7+#%*+#8!(+36)%*+)<P!G7!&<!(#+7&6*8#+8-!&@(3+7#$7!73!$37)N!>32)1)+N!7>#7!7>)+)!#+)!
<&,$&4&6#$7!%&44)+)$6)<!43+!()+6)&1)%!$))%!43+!#%%&7&3$#8!7+#&$&$,!&$!(+36)%*+)<!<*6>!
#<!<*+,)+-!43+!6)+1&6#8!:*+<7!4+#67*+)!2&7>!63+%!&$;*+-!3+!7>3+#6&6!4+#67*+)!2&7>!63+%!
63@(+)<<&3$P!'*6>!(+36)%*+)<!23*8%!:)!63$<&%)+)%!&@(3+7#$7!(+36)%*+)<!#!<(&$)!
!
!
T^!
<*+,)3$!<>3*8%!R$32!:-!7>)!63@(8)7&3$!34!7>)&+!7+#&$&$,N!&++)<()67&1)!34!7>)&+!
:#6R,+3*$%!<*+,&6#8!+)<&%)$6-P!?>)!+)<*87<!34!3*+!23+R!43+@!7>)!:#<&<!43+!4*7*+)!
&$1)<7&,#7&3$!#$%!436*<N!#$%!<)1)+#8!8&@&7#7&3$<!2#++#$7!4*+7>)+!63@@)$7.!LM!2)!#+)!
*$#:8)!73!3:;)67&1)8-!@)#<*+)!63@()7)$6)!#$%!#+)!+)63+%&$,!()+6)&1)%!
63@()7)$6)k!JM!#<!7>&<!2#<!#!6+3<<W<)67&3$#8!<7*%-!6#(7*+&$,!7+#&$))<!#7!7>)!)$%!34!
7>)&+!4)8832<>&(N!2)!4#&8)%!73!@)#<*+)!#$-!6>#$,)<!&$!()+6)(7&3$<!7>#7!@#-!366*+!
%*+&$,!7>)!63*+<)!34!7+#&$&$,k!`M!2)!%&%!$37!6#(7*+)!(+&1#7)W(+#67&6)!63@@*$&7-!
<(&$)!<*+,)3$<!2>3!@#-!>#1)!%&44)+)$7!3(&$&3$<!&$!2>#7!23*8%!:)!)Q()67)%!34!
h,)$)+#8i!<(&$)!<*+,)+-!(+#67&6)k!#$%!bM!7>)+)!#+)!+)8#7&1)8-!832!$*@:)+<!34!<(&$)!
4)8832<!&$!"#$#%#!#7!#!,&1)$!7&@)P![>&8)!7>)!+)<(3$<)!+#7)<!31)+#88!43+!7>&<!<7*%-!#+)!
>&,>N!3$)!(3<<&:8)!+)#<3$!43+!7>)!>&,>)+!+)<(3$<)!+#7)!#@3$,!<*+,)3$<!2&7>!#$!
3+7>3(#)%&6!:#6R,+3*$%!IS^gM!63@(#+)%!73!7>3<)!2&7>!#!$)*+3<*+,&6#8!:#6R,+3*$%!
I_agM!@&,>7!:)!+)8#7)%!73!7>)!$#7*+)!34!7>)&+!6*++)$7!68&$&6#8!(+#67&6)<P!9+7>3(#)%&6!
<*+,)3$<!2>3!()+43+@!<(&$#8!<*+,)+-!,)$)+#88-!%3!$37!&$68*%)!37>)+!#<()67<!34!
3+7>3(#)%&6!<*+,)+-!I&P)P!#+7>+3(8#<7-N!<(3+7<N!)76PM!&$!7>)&+!)8)67&1)!(+#67&6)<P!?>)+)!
#+)!4)2)+!$)*+3<*+,)3$<!2>3!#+)!%)%&6#7)%!<*:W<()6&<7<!&$!<(&$)!<*+,)+-!#$%!
7>)+)!#+)!@3+)!,)$)+#8!$)*+3<*+,)3$<!7>#7!&$68*%)!<3@)!)8)@)$7!34!h,)$)+#8i!<(&$)!
<*+,&6#8!6#+)!&$!7>)&+!(+#67&6)P!C3<7!3+7>3(#)%&6!<*+,)3$<!7>#7!%3!$37!&%)$7&4-!
7>)@<)81)<!#<!#!<(&$#8!<*+,&6#8!)Q()+7!%3!$37!,)$)+#88-!&$68*%)!<(&$)!<*+,&6#8!6#+)!&$!
7>)&+!(+#67&6)P!?>&<!1#+&#$6)!@#-!:)!3$)!63$7+&:*73+!732#+%<!7>)!3:<)+1)%!<()6W-!
+)<(3$<)!+#7)<P!=&$#88-N!7>)+)!@#-!:)!<*:<7#$7!%&44)+)$6)<!:)72))$!7>)!"#$#%&#$!
<(&$)!4)8832<>&(!)Q()+&)$6)!#$%!7>#7!&$!37>)+!63*$7+&)<P!/$!)Q6>#$,)!34!R$328)%,)!
!
!
T_!
&$7)+$#7&3$#88-!@#-!(+31&%)!3((3+7*$&7&)<!73!4*+7>)+!)$>#$6)!<(&$)!<*+,&6#8!
7+#&$&$,P!!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!!!!
!
!
!
Ta!
&@(,9-/'V2'%-8-)9'$/-)*>'()*';.985A->'+)'#./0-/1'65/'
O-0-)-/(9+3-'O+>-(>->'56'9@-'N.A<(/'#,+)-'
VRH'D(9-/+(:>'()*'D-9@5*>'
/!83$,&7*%&$#8!+)7+3<()67&1)!<7*%-!34!(#7&)$7<!2>3!*$%)+2)$7!<*+,)+-!43+!7>)!
%),)$)+#7&1)!8*@:#+!<(&$)!2#<!()+43+@)%!*<&$,!#%@&$&<7+#7&1)!%#7#:#<)<P!?>)!
"#$#%&#$!G$<7&7*7)!43+!B)#87>!G$43+@#7&3$!I"GBGM!63$7#&$<!%#7#!4+3@!#88!(#7&)$7W
>3<(&7#8!)$63*$7)+<!#$%!&$68*%)<!<()6&<7!%)<&,$#7&3$!I&P)P!3+7>3(#)%&6!<*+,)3$N!
$)*+3<*+,)3$M!43+!#88!(>-<&6&#$<!&$!(+31&$6)!34!9$7#+&3!IZ)%)+@#$!)7!#8PN!JKKSMP!
C)%&6#8!6#+)!43+!(#7&)$7<!&$!7>)!9$7#+&3!&<!631)+)%!:-!7>)!9$7#+&3!B)#87>!G$<*+#$6)!
A8#$!I9BGAM!2>&6>!#<<&,$<!*$&D*)!&%)$7&4&)+<!73!(#7&)$7<N!>3<(&7#8<N!#$%!(>-<&6&#$<!
7>#7!6#$!:)!8&$R)%!73!7>)!"GBG!%#7#:#<)!IB#2R)+!)7!#8PN!LSS_MP!/88!%#7#!&<!<73+)%!&$!#!
<)6*+)!4#6&8&7-!#$%!#66)<<!73!%#7#!2#<!#%@&$&<7)+)%!7>+3*,>!7>)!G$<7&7*7)!43+!"8&$&6#8!
51#8*#7&1)!'6&)$6)<!IG"5'MP!!
?>)!23+R!(+)<)$7)%!&$!7>&<!7>)<&<!&<!#$!)Q7)$<&3$!34!(+&3+!23+R!IZ)%)+@#$!)7!
#8PN!JKKSM!2>)+)!+)W3()+#7&3$!+#7)<!438832&$,!<(&$#8!<*+,)+-!2)+)!63@(#+)%!:#<)%!
3$!<*+,&6#8!:#6R,+3*$%!<()6W-!7+#&$&$,!#$%!<*+,)3$!138*@)P![)!2)+)!
#%%&7&3$#88-!&$7)+)<7)%!&$!6>#+#67)+&V#7&3$!34!#$!)Q()+7!<*+,)3$!#$%!+)1&)2&$,!
#%%&7&3$#8!3*763@)!@)7+&6<!:)-3$%!(#7&)$7!+)3()+#7&3$!+#7)<P!F#7#!43+!&$%)Q!
(+36)%*+)<!34!7>)!%),)$)+#7&1)!8*@:#+!<(&$)!2#<!6388)67)%!4+3@!/(+&8!LN!LSST!73!
F)6)@:)+!`LN!JKKL!*<&$,!G$7)+$#7&3$#8!"8#<<&4&6#7&3$!34!F&<)#<)<N!O&$7>!0)1&<&3$!
IG"FWSM!%&#,$3<7&6!#$%!"#$#%&#$!"8#<<&4&6#7&3$!34!A+36)%*+)<!I""AM!(+36)%*+#8!
63%)<P!=&<6#8!-)#+<!43+!7>)!%#7#!+*$!4+3@!/(+&8!L!73!C#+6>!`L!#$%!63%&$,!<-<7)@<!
Ta!
!
!
TS!
6>#$,)%!#47)+!F)6)@:)+!`LN!JKKL!73!7>)!$)2!G"FWLK!1)+<&3$P!/8<3N!2)!*<)%!#!723W
-)#+!833RW:#6R!2&$%32!I/(+&8!LN!LSS`!73!C#+6>!`LN!LSSTM!34!&$%)Q!(+36)%*+)<!&$!
3+%)+!73!)$<*+)!7>#7!2)!2)+)!6#(7*+&$,!&$%)Q!(+36)%*+)<!#$%!$37!+)3()+#7&3$<!34!
(+)1&3*<!+)6)$7!<*+,&6#8!(+36)%*+)<P!9*+!3*763@)<!&$68*%)%!63@(8&6#7&3$!+#7)<N!
+)3()+#7&3$!+#7)<N!@3+7#8&7-N!+)#%@&<<&3$!+#7)<N!(3<73()+#7&1)!&@#,&$,!+#7)<!I"?!
<6#$!#$%!C0GMN!#$%!@)#$!>3<(&7#8!8)$,7>!34!<7#-!#$%!2)+)!6#(7*+)%!73!n*$)!`KN!JKKTP!!
/!@3+)!+)6)$7!(#7&)$7!63>3+7!2#<!6>#88)$,)%!:-!#%@&$&<7+#7)%!6>#$,)<!73!7>)!9BGA!
63%&$,!34!(+36)%*+)<!6&+6#!JKK`N!&$!#%%&7&3$#8!73!63$<&%)+#7&3$!34!438832W*(!8)$,7>!
&$!,#*,&$,!@)7+&6<!34!&$7)+)<7P!!
[>&8)!2)!63*8%!>#1)!<7*%&)%!3*763@)<!34!1#+&3*<!(+36)%*+)<!&$!<(&$)!
<*+,)+-N!2)!6>3<)!73!)Q#@&$)!(+36)%*+)<!43+!7>)!%),)$)+#7&1)!8*@:#+!<(&$)!#<!
%),)$)+#7&1)!%&<)#<)!34!7>)!8*@:#+!<(&$)!&<!#!1)+-!63@@3$!34!6#*<)!34!832)+!:#6R!
#$%!8),!(#&$N!#$%!&<!3$)!34!7>)!@3<7!63@@3$!+)#<3$<!43+!(#7&)$7<!1&<&7&$,!7>)&+!
4#@&8-!(>-<&6&#$<!IF)-3N!C&+V#N!j!C#+7&$N!JKK^MP!91)+!_Tg!34!&$%&1&%*#8<!%*+&$,!
7>)&+!8&4)!2&88!)Q()+&)$6)!#$!)(&<3%)!34!6>+3$&6!832!:#6R!(#&$!+)8#7)%!<-@(73@<N!
6>+3$&6!+)4)++&$,!73!<-@(73@<!8#<7&$,!31)+!7>+))!@3$7><P!/8<3N!2&7>!3*+!#,&$,!
(3(*8#7&3$N!&7!&<!#!%&<)#<)!7>#7!&<!&$6+)#<&$,!&$!(+)1#8)$6)P!94!<*+,&6#8!(+36)%*+)<!
()+43+@)%!:-!#!<(&$#8!<*+,)3$N!8*@:#+!<(&$#8!%)63@(+)<<&1)!<*+,)+-!#$%!<(&$#8!
4*<&3$!<*+,)+-!#+)!7>)!@3<7!63@@3$!(+36)%*+)<!+)#8&V&$,!7>#7!7>)+)!&<!1#+&#$6)!&$!
(+#67&6)!2>&6>!@#-!+)48)67!<*+,&6#8!:#6R,+3*$%!7+#&$&$,N!(>-<&6&#$W<()6W-!+)4)++#8!
(#77)+$<N!#$%!<*+,)3$!)Q()+&)$6)!IG+2&$!)7!#8PN!JKKTk!?*+$)+!)7!#8PN!LSSJk!B)+R32&7V!
#$%!Y*+VN!LSSLMP!!
!
!
^K!
A#7&)$7<!&$68*%)%!&$!3*+!<7*%-!2)+)!#,)%!TK!3+!38%)+!#$%!>#%!%&#,$3<)<!#$%!
(+36)%*+)<!63$<&<7)$7!2&7>!%),)$)+#7&1)!%&<)#<)!34!7>)!8*@:#+!<(&$)!I/(()$%&Q!JMP!
[)!)Q68*%)%!7>3<)!(#7&)$7<!2&7>!$)3(8#<7&6!63$%&7&3$<N!&$48#@@#73+-!63$%&7&3$<N!
(+&@#+-!%&<6!%&<3+%)+<N!&$4)67&3$<!34!7>)!<(&$)N!#$%!4+#67*+)<!34!7>)!1)+7):+#8!638*@$!
I/(()$%&Q!`MP!?>)+)!&<!1#+-&$,!3(&$&3$!+),#+%&$,!#,)!,*&%)8&$)<!&$!h%),)$)+#7&1)i!
)7&383,&)<P!'3@)!<7*%&)<!>#1)!8&@&7)%!&$68*<&3$!73!(#7&)$7<!#,)%!^T!-)#+<!#$%!38%)+!
#87>3*,>!<(&$#8!(#7>383,-!+)8#7)%!73!%),)$)+#7&1)!&$<7#:&8&7-!6#$!4+)D*)$78-!:)!<))$!
&$!(#7&)$7<!#<!-3*$,!#<!TK!-)#+<!I[)&$<7)&$!)7!#8PN!JKK^k!c#Z#$!j!G@#<N!JKK`k!
A+&6>)77!j!Z3+7)8N!LSS`MP![)!68#<<&4&)%!&$%)Q!(#7&)$7<!#<!+)6)&1&$,!)&7>)+!#!<*+,&6#8!
%)63@(+)<<&3$!(+36)%*+)!3+!#!4*<&3$!(+36)%*+)!I&$<7+*@)$7)%!#$%!$3$W
&$<7+*@)$7)%N!+)4)++&$,!73!7>)!*<)!34!<(&$#8!<*+,&6#8!%)1&6)<M!#<!7>)<)!#+)!7>)!@3<7!
63@@3$8-!*<)%!63%)%!(+36)%*+)<!43+!%),)$)+#7&1)!8*@:#+!<(&$)!<*+,)+-!I/(()$%&Q!
bMP!/<!(+)1&3*<8-!<7#7)%N!2)!*<)%!#!723W-)#+!833RW:#6R!2&$%32!73!)$<*+)!7>#7!
3(7&@&V)!7>)!6#(7*+)!34!&$%)Q!(+36)%*+)<N!+)63,$&V&$,!7>)!8&@&7#7&3$!7>#7!(#7&)$7<!
@#-!>#1)!>#%!#!@3+)!+)@37)!<(&$#8!<*+,&6#8!(+36)%*+)<P!?>)!+#7)!34!+)3()+#7&3$!43+!
<*+,)+-!34!7>)!%),)$)+#7&1)!8*@:#+!<(&$)!>#<!:))$!)<7&@#7)%!73!:)!J`g!31)+!LK!
-)#+<!I/78#<!)7!#8PN!JKKTMP!!!!!!!!!!!
=3+!)#6>!(#7&)$7N!:#<)8&$)!%)@3,+#(>&6!&$43+@#7&3$!I#,)N!,)$%)+M!#$%!63W
@3+:&%&7-!2)+)!6388)67)%P!"3W@3+:&%&7-!2#<!D*#$7&4&)%!*<&$,!7>)!">#+8<3$WF)-3!
&$%)QP!?>&<!1#8&%#7)%!@)#<*+)!*<)<!G"FWS!%&#,$3<7&6!&$43+@#7&3$!2&7>&$!7>)!"GBG!
%#7#:#<)!#$%!#<<&,$<!#!<63+)!4+3@!K!73!T!43+!L_!%&44)+)$7!63W@3+:&%!63$%&7&3$<!
IF)-3N!">)+R&$!j!"838N!LSSJMP!A#7&)$7<!2)+)!6#7),3+&V)%!&$73!723!,+3*(<!#663+%&$,!
73!7>)!">#+8<3$WF)-3!&$%)Q.!ILM!V)+3!3+!IJM!,+)#7)+!7>#$!3+!)D*#8!73!3$)P!!
!
!
^L!
=3+!)#6>!(#7&)$7N!7>)!<*+,)3$!()+43+@&$,!7>)!(+36)%*+)!2#<!&%)$7&4&)%!*<&$,!
#!*$&D*)!9BGA!$*@:)+P!?>)!<()6W-!:#6R,+3*$%!34!#!<*+,)3$!I&P)P!9+7>3(#)%&6<N!
O)*+3<*+,)+-M!2#<!#8<3!%)7)+@&$)%!:-!*$&D*)!<()6W-!63%)<P!?>)+)!#+)!1#+-&$,!
%)4&$&7&3$<!34!)Q()+7&<)!&$!#!<(&$#8!<*+,)3$P!C)7+&6<!7>#7!63*8%!:)!63$<&%)+)%!&$68*%)!
7>)!$*@:)+!#$%!&$7)$<&7-!34!(3<7W+)<&%)$6-!4)8832<>&(!7+#&$&$,N!7>)!$*@:)+!34!-)#+<!
&$!68&$&6#8!<(&$)!<*+,&6#8!(+#67&6)N!#$%!<*+,)3$!138*@)P!?>)!"#$#%&#$!'(&$)!'36&)7-!
%)4&$)<!#!<(&$)!<*+,)3$!#<!3$)!2>3!<()$%<!#7!8)#<7!aKg!34!7>)&+!)8)67&1)!(+#67&6)!
%3&$,!<(&$#8!<*+,)+-!I02.2!32.)$#3.")$,73"/(N!JKLKMP!B32)1)+N!7>)!%)4&$&7&3$!34!
h)8)67&1)i!7&@)!&$!<*+,&6#8!(+#67&6)!&<!63$7+31)+<!2&7>!@#$-!63$<&%)+&$,!7>)!
%)$3@&$#73+!34!#66)<<!73!3()+#7&$,!+33@!7&@)P!G$!"#$#%#N!7>)+)!+)@#&$<!#!<7+3$,!
$))%!43+!3+7>3(#)%&6!#$%!$)*+3<*+,)3$<N!%)<(&7)!7>)&+!<*:<()6W-!&$7)+)<7<!&$!
<(&$#8!6#+)N!73!63$7+&:*7)!732#+%<!,)$)+#8!3+7>3(#)%&6!#$%!$)*+3<*+,&6#8!6#+)P!!
?>)+)!#+)!&$6+)#<&$,!%)@#$%<!43+!3+7>3(#)%&6!<*+,)3$<!73!63$7+&:*7)!732#+%<!;3&$7!
#+7>+3(8#<7-!#$%!@*<6*83<R)8)7#8!7+#*@#!6#+)!#$%!$)*+3<*+,)3$<!73!63$7+&:*7)!
732#+%<!6+#$!7+#*@#!6#+)P!/<!<*6>N!@3<7!<(&$)!<*+,)3$<!(+#67&6&$,!&$!"#$#%#!
(3<<)<<!:8)$%)%!68&$&6#8!(+#67&6)<!I()+<3$#8!63++)<(3$%)$6)N!F+P!B#@&873$!B#88N!
5Q)6*7&1)!F&+)673+N!"#$#%&#$!'(&$)!'36&)7-MP!!
?>)!23+R!34!Z)%)+@#$!)7!#8P!IJKKSM!%)4&$)%!)Q()+7&<)!:-!<*+,)3$!138*@)P!G$!
3*+!6*++)$7!23+RN!2)!2)+)!#%%&7&3$#88-!&$7)+)<7)%!&$!)1#8*#7&$,!)Q()+7&<)!&$!7>)!
(+3(3+7&3$!34!<(&$#8!6#<)<!31)+!7>)!%)$3@&$#73+!34!#88!<*+,&6#8!6#<)<!()+43+@)%P!!
?>&<!#((+3#6>!63$6)(7*#88-!23*8%!4#13+!&$%&1&%*#8<!<()$%&$,!@3+)!34!7>)&+!<*+,&6#8!
7&@)!()+43+@&$,!<(&$#8!(+36)%*+)<!1)+<*<!<*+,)3$<!7>#7!#+)!&$1381)%!&$!h:*<-i!
<*+,&6#8!(+#67&6)<P!/!8&@&7#7&3$!34!)Q&<7&$,!#%@&$&<7+#7&1)!%#7#:#<)<!&<!7>#7!&7!%3)<!
!
!
^J!
$37!6*++)$78-!6#(7*+)!2>)7>)+!#$!&%)$7&4&)%!<*+,)3$!>#<!<()$7!#$!#%%&7&3$#8!(3<7W
+)<&%)$6-!-)#+!3+!@3+)!&$!<(&$#8!<*+,&6#8!4)8832<>&(!7+#&$&$,P!=3+!)#6>!<*+,)3$N!7>)!
$*@:)+!34!&$%)Q!(+36)%*+)<!31)+!7>)!(+&3+!723!4&<6#8!-)#+<!*(!*$7&8!7>)!%#7)!34!7>)!
&$%)Q!(+36)%*+)!2#<!%)7)+@&$)%P!/8<3N!7>)!$*@:)+!34!#88!37>)+!<(&$)!<*+,)+-!
(+36)%*+)<!()+43+@)%!31)+!7>)!(+&3+!723!4&<6#8!-)#+<!*(!*$7&8!7>)!%#7)!34!7>)!&$%)Q!
(+36)%*+)!2#<!%)7)+@&$)%!*<&$,!G"FWS!(+36)%*+#8!63%)<!43+!3+7>3(#)%&6!<*+,)+-!
#$%!$)*+3<*+,)+-P!c#<78-N!7>)!$*@:)+!34!7>)!#88!$3$W<(&$)!<*+,&6#8!(+36)%*+)<!
()+43+@)%!31)+!7>)!(+&3+!723!4&<6#8!-)#+<!*(!2#<!%)7)+@&$)%!*<&$,!G"FWS!
(+36)%*+#8!63%)<!43+!3+7>3(#)%&6!<*+,)+-!#$%!$)*+3<*+,)+-P![)!7>)$!6#86*8#7)%!#!
+#7&3!34!h'(&$)!5Q()+7!X38*@)i!&$!3+%)+!73!:)77)+!%&44)+)$7)!:)72))$!<*+,)3$<!2>3!
()+43+@!<(&$#8!<*+,)+-!#<!7>)!@#;3+&7-!34!7>)&+!<*+,&6#8!(+#67&6)!73!7>3<)!7>#7!%&%!
$37P!?>)!h'(&$)!5Q()+7!X38*@)i!&<!6#86*8#7)%!#<!438832<.!
'(&$)!5Q()+7!X38*@)!u!/!{!Z!d!/!{!Z!{!"!
[>)+)N!/.!737#8!$*@:)+!34!&$%)Q!(+36)%*+)<!()+43+@)%!
! !!Z.!737#8!$*@:)+!34!#88!37>)+!<(&$)!(+36)%*+)<!()+43+@)%!!!!!
! !!".!737#8!$*@:)+!34!#88!$3$W<(&$)!(+36)%*+)<!()+43+@)%!
[)!7>)$!%&6>373@&V)%!7>)!<*+,)3$<!:#<)%!3$!>#1&$,!#!<(&$)!)Q()+7!138*@)!+#7&3!34!
)&7>)+!8)<<!7>#$!KPTK!I&P)P!8)<<!7>#$!TKg!34!7>)&+!<*+,&6#8!6#<)<!&<!%)137)%!73!<(&$#8!
<*+,)+-M!3+!,+)#7)+!7>#$!3+!)D*#8!73!KPTK!I&P)P!#7!8)#<7!TKg!34!7>)&+!<*+,&6#8!6#<)<!&<!
%)137)%!73!<(&$#8!<*+,)+-MP!?>&<!2#<!:#<)%!3$!#!(+)8&@&$#+-!+)1&)2!34!7>)!
%&<7+&:*7&3$!34!<*+,)3$<!:-!7>)&+!138*@)!+#7&3P!9*+!3*763@)!@)#<*+)<!&$68*%)%!$37!
!
!
^`!
3$8-!+)3()+#7&3$!+#7)<!I#<!2#<!)1#8*#7)%!:-!Z)%)+@#$!)7!#8P!JKKSMN!:*7!2#<!
)Q7)$%)%!73!+)1&)2!63@(8&6#7&3$!+#7)<N!@3+7#8&7-N!8)$,7>!34!>3<(&7#8!<7#-N!+#7)<!34!
+)#%@&<<&3$N!#$%!(3<73()+#7&1)!&@#,&$,!+#7)<!I/(()$%&Q!TMP!9*763@)!@)#<*+)<!
2)+)!6#(7*+)%!(+3<()67&1)8-!43+!)#6>!(#7&)$7!*$7&8!n*$)!`KN!JKKTP!0)3()+#7&3$!+#7)<!
2)+)!)1#8*#7)%!#7!^!2))R<N!L!#$%!J!-)#+<N!#$%!31)+!7>)!4*88!<7*%-!()+&3%P!
"3@(8&6#7&3$<!#$%!@3+7#8&7-!2)+)!)1#8*#7)%!#7!`!@3$7><!#$%!L!-)#+!#47)+!&$%)Q!
(+36)%*+)P!0)#%@&<<&3$<!2)+)!)1#8*#7)%!*(!73!`!@3$7><!#47)+!7>)!&$%)Q!(+36)%*+)P!
A3<73()+#7&1)!&@#,&$,!2#<!)1#8*#7)%!31)+!7>)!)$7&+)!<7*%-!()+&3%P!!
VRHRH'#9(9+>9+8(:'!)(:1>+>!
! H$&1#+)!<7#7&<7&6<!I4+)D*)$6-M!34!#88!3*763@)!%#7#!&$68*%&$,!+)3()+#7&3$<N!
63@(8&6#7&3$<N!>3<(&7#8!8)$,7>!34!<7#-N!#$%!@3+7#8&7-!2#<!()+43+@)%P!Z&1#+)!
#$#8-<&<!2#<!*<)%!73!63@(#+)!(+31&%)+!%#7#!I<()6W-!:#6R,+3*$%N!<(&$)!)Q()+7!
138*@)!+#7&3M!2&7>!&$%)Q!(+36)%*+)<P!C*87&1#+)!#$#8-<)<!2)+)!()+43+@)%!*<&$,!
@*87&(8)!83,&<7&6!+),+)<<&3$!43+!:&$#+-!3*763@)<!#$%!@*87&(8)!8&$)#+!+),+)<<&3$!43+!
63$7&$*3*<!3*763@)<!#%;*<7&$,!43+!37>)+!%)()$%)$7!1#+&#:8)<!I(+31&%)+!
6>#+#67)+&<7&6<!&$68*%&$,!:37>!<()6W-!:#6R,+3*$%!#$%!<(&$)!)Q()+7!138*@)!+#7&3N!
%)@3,+#(>&6<N!#$%!&$%)Q!(+36)%*+)MP!=+)D*)$6-!7#:8)<!43+!63*$7!%#7#!2)+)!
#$#8-V)%!:-!">&W<D*#+)!<7#7&<7&6<P!Z&$#+-!3*763@)<!&$68*%)!+)3()+#7&3$!+#7)<N!
63@(8&6#7&3$<N!(3<73()+#7&1)!&@#,&$,N!+)#%@&<<&3$N!#$%!@3+7#8&7-P!?>)!63$7&$*3*<!
3*763@)!2#<!7>)!>3<(&7#8!8)$,7>!34!<7#-P!'*+1&1#8!#$#8-<&<!2#<!()+43+@)%!43+!7&@)!73!
+)3()+#7&3$!#<!)Q(8#&$)%!:-!(+31&%)+!6>#+#67)+&<7&6<!I<()6W-!:#6R,+3*$%N!<(&$)!
)Q()+7!138*@)!+#7&3MN!%)@3,+#(>&6<N!#$%!&$%)Q!(+36)%*+)<P!!!!!!!
!
!
^b!
VRF'%->.:9>!
! =+3@!/(+&8!LN!LSST!73!F)6)@:)+!`LN!JKKLN!2)!&%)$7&4&)%!_TaT!(#7&)$7<!2>3!
*$%)+2)$7!<*+,)+-!43+!%),)$)+#7&1)!%&<)#<)!34!7>)!8*@:#+!<(&$)P!94!7>)<)N!^LJa!
(#7&)$7<!@)7!3*+!&$68*<&3$!6+&7)+&#!#$%!7>)<)!6#<)<!2)+)!#$#8-V)%P!94!7>)<)!^LJa!
(#7&)$7<N!bJKK!*$%)+2)$7!%)63@(+)<<&3$!(+36)%*+)<!3$8-!2>&8)!LSJa!*$%)+2)$7!
4*<&3$<N!2&7>!3+!2&7>3*7!%)63@(+)<<&3$!I?#:8)!^MP!=3+!3*+!(*+(3<)<N!7>)!$3$W
&$<7+*@)$7)%!I&P)P!2&7>3*7!&$<)+7&3$!34!<*+,&6#8!%)1&6)<N!43+!)Q#@(8)N!@)7#8!#883-!
()%&68)!<6+)2<!#$%!+3%<M!4*<&3$!(+36)%*+)<!2)+)!,+3*()%!73,)7>)+!2&7>!7>)!
&$<7+*@)$7)%!4*<&3$<!43+!7>)!+)@#&$%)+!34!7>)!#$#8-<&<P!?>)+)!2)+)!$37!@#$-!$3$W
&$<7+*@)$7)%!4*<&3$<!()+43+@)%!#$%N!43+!%),)$)+#7&1)!%&<)#<)!34!7>)!8*@:#+!<(&$)N!
7>)!31)+#88!(*+(3<)!#$%!<*+,&6#8!%)6&<&3$W@#R&$,!:)>&$%!#!$3$W&$<7+*@)$7)%!4*<&3$!
#$%!#$!&$<7+*@)$7)%!4*<&3$!#+)!7>)!<#@)P!/8<3N!43+!7>)!-)#+!JKKLN!2)!>#1)!&$68*%)%!
:37>!7>)!#67*#8!$*@:)+!34!6#<)<!()+43+@)%!#<!2)88!#<!)Q7+#(38#7)%!%#7#!7>#7!2#<!
6#86*8#7)%!:-!@*87&(8-&$,!:-!#!63++)67&3$!4#673+!34!bd`P!?>&<!2#<!%3$)!73!+)48)67!7>)!`!
34!LJ!&$63@(8)7)!@3$7><!43+!7>#7!-)#+!<&$6)!#$$*#8!138*@)<!#+)!6388)67)%!4+3@!/(+&8!
L!73!C#+6>!`LP!?>)!@)#$!#,)!34!#88!(#7&)$7<!2#<!^_P_!I+#$,)!TKWSbM!-)#+<N!7>)+)!
2)+)!``^K!23@)$!ITbPagMN!#$%!7>)!@#;3+&7-!34!(#7&)$7<!>#%!$3!<&,$&4&6#$7!63W
@3+:&%&7&)<!I_JP_gMP!!
! ?>)+)!2#<!#$!#1)+#,)!34!LLL!<*+,)3$<!&$!9$7#+&3!()+!-)#+!()+43+@&$,!
<*+,)+-!43+!%),)$)+#7&1)!%&<)#<)!34!7>)!8*@:#+!<(&$)!I?#:8)!_MP![>)$!7>)!<*+,)3$<!
2)+)!%&6>373@&V)%!:-!<(&$)!)Q()+7!138*@)!+#7&3!I&P)P!7>)!+)8#7&1)!6#86*8#7)%!31)+!7>)!
(+)1&3*<!723!-)#+<M!&$73!832!138*@)!#$%!>&,>!138*@)N!7>)+)!2)+)!#$!#$$*#8!
!
!
^T!
#1)+#,)!34!LKL!ISKP^gM!832!138*@)!<*+,)3$<!#$%!LK!ISPbgM!>&,>!138*@)!<*+,)3$<P!!
?>)!832!<(&$)!138*@)!<*+,)3$<!3()+#7)%!3$!#!63@:&$)%!737#8!#1)+#,)!34!_bS!
Ia_PTgM!%),)$)+#7&1)!8*@:#+!<(&$)!6#<)<!()+!-)#+!2>&8)!7>)!>&,>!138*@)!<*+,)3$<!
3()+#7)%!3$!#!63@:&$)%!737#8!#1)+#,)!34!L^K!ILJPTgM!%),)$)+#7&1)!8*@:#+!<(&$)!
6#<)<!()+!-)#+P!!
! 91)+!7>)!<7*%-!()+&3%N!J^a_!Ib`PagM!%),)$)+#7&1)!8*@:#+!<(&$)!6#<)<!2)+)!
()+43+@)%!:-!<*+,)3$<!2&7>!#!$)*+3<*+,&6#8!:#6R,+3*$%N!#$%!`bbL!IT^PJgM!6#<)<!
2)+)!()+43+@)%!:-!<*+,)3$<!2&7>!#$!3+7>3(#)%&6!<*+,&6#8!:#6R,+3*$%!I?#:8)!aMP!
/8<3N!TK_a!IaJPSgM!6#<)<!2)+)!%3$)!:-!832!<(&$)!)Q()+7!138*@)!<*+,)3$<!2>&8)!
LKTK!IL_PLgM!6#<)<!2)+)!%3$)!:-!>&,>!<(&$)!)Q()+7!138*@)!<*+,)3$<P!
O)*+3<*+,)3$<!#1)+#,)%!()+43+@&$,!bJPK!&$%)Q!3()+#7&3$<!I&$%)Q!%)63@(+)<<&3$<!
#$%!&$%)Q!4*<&3$<M!()+!-)#+!2>&8)!3+7>3(#)%&6!<*+,)3$<!#1)+#,)%!()+43+@&$,!J_P`!
&$%)Q!3()+#7&3$<!()+!-)#+!I?#:8)!SMP!?>&<!&<!#!<&,$&4&6#$7!%&44)+)$6)!I(uKPKKKJMP!
O)*+3<*+,)3$<!()+43+@)%!<&,$&4&6#$78-!@3+)!%)63@(+)<<&3$<!()+!-)#+!7>#$!
3+7>3(#)%&6!<*+,)3$<!I(zKPKKKLMP!G7!&<!+)63,$&V)%!7>#7!%)$313!3+!#%;*$67&1)!4*<&3$!
<*+,)+-!&<N!&$!,)$)+#8N!#!83$,)+!(+36)%*+)!2>)$!63@(#+)%!73!%)63@(+)<<&1)!<*+,)+-!
#83$)P!=*<&3$!<*+,)+-!&<!#8<3!#<<36)%!2&7>!,+)#7)+!@3+:&%&7-!#$%!<*+,&6#8!
63@(8&6#7&3$!+#7)<!IZ)%)+@#$!)7!#8PN!JKKSMP!9+7>3(#)%&6!<*+,)3$<!()+43+@)%!
<&,$&4&6#$78-!@3+)!4*<&3$<!()+!-)#+!7>#$!$)*+3<*+,)3$<!I(uKPKK`MP!/88!73,)7>)+N!
$)*+3<*+,)3$<!()+43+@)%!#!>&,>)+!()+6)$7#,)!34!%)63@(+)<<&3$<!63@(#+)%!73!
4*<&3$<!43+!%),)$)+#7&1)!%&<)#<)!34!7>)!8*@:#+!<(&$)!7>#$!7>)&+!3+7>3(#)%&6!
63*$7)+(#+7<!I(zKPKKKLMP!9+7>3(#)%&6!<*+,)3$<!%&%!3()+#7)!3$!_PJg!@3+)!4)@#8)<!
!
!
^^!
7>#$!$)*+3<*+,)3$<!:*7!7>)+)!2#<!$3!<&,$&4&6#$7!%&44)+)$6)!:)72))$!7>)!723!,+3*(<!
2&7>!+)<()67!73!37>)+!%)@3,+#(>&6<!3+!63W@3+:&%&7&)<!34!7>)&+!(#7&)$7<P!!
VRFRH';.985A->!
/<!+)(3+7)%!:-!Z)%)+@#$!)7!#8P!IJKKSMN!4+3@!LSST!73!JKKTN!7>)+)!2)+)!^bS!
+)3()+#7&3$<!ILKP^gMP!94!7>)<)N!`b`!2)+)!%)63@(+)<<&3$<!ITP^gk!?#:8)!LKM!#$%!`K^!
2)+)!4*<&3$<!ITPKgk!?#:8)!LLMP!?>)!+)3()+#7&3$!+#7)!2#<!>&,>)+!43+!%)63@(+)<<&3$<!
7>#$!4*<&3$<!#7!J!-)#+<!I(uKPKK`^MP!?>)!9%%i<!+#7&3!43+!+)3()+#7&3$!#7!J!-)#+<!43+!#!
%)63@(+)<<&3$!63@(#+)%!73!#!4*<&3$!&$%)Q!(+36)%*+)!&<!LP^!ISTg!"G!LPJWJPLMP!/8<3N!
+)3()+#7&3$<!2)+)!@3+)!8&R)8-!73!:)!+)D*&+)%!&$!-3*$,)+!(#7&)$7<!I(zKPKKKLM!#$%!&$!
(#7&)$7<!2&7>!$3!63W@3+:&%&7&)<!I(uKPKLMP![)!43*$%!$3!<&,$&4&6#$7!%&44)+)$6)<!&$!
83$,W7)+@!+)3()+#7&3$W4+))!<*+1&1#8!43+!&$%)Q!(+36)%*+)<N!<*+,)3$!<()6W-N!3+!
<(&$)!)Q()+7!138*@)!I=&,P!TN!=&,P!^N!=&,P!_MP!
5Q7)$%&$,!:)-3$%!(+&3+!23+R!IZ)%)+@#$!)7!#8PN!JKKSMN!6*++)$7!23+R!
3:<)+1)%!7>#7!2&7>&$!`!@3$7><!34!&%)$7&4&)%!&$%)Q!(+36)%*+)<N!7>)+)!2)+)!JaT!
63@(8&6#7&3$<!IbP^gk!?#:8)!LJMP!?>)<)!&$68*%)%!<*+,&6#8!63@(8&6#7&3$<N!@)%&6#8!
63@(8&6#7&3$<N!#$%!<*+,&6#8!7+)#7@)$7!34!63@(8&6#7&3$<!:-!+)3()+#7&3$P!?>)<)!
<*+,&6#8!+)3()+#7&3$<!#+)!%&44)+)$7!7>#$!7>3<)!+)3()+#7&3$<!%&<6*<<)%!#:31)P![>#7!
2)!@)#$!:-!+)3()+#7&3$<!43+!63@(8&6#7&3$<!#+)!(+36)%*+)<!<*6>!#<!&++&,#7&3$!#$%!
%):+&%)@)$7!34!23*$%!&$4)67&3$<N!+)(8#6)@)$7!43+!>#+%2#+)!4#&8*+)N!#$%!<3!43+7>P!
c3,&<7&6!+),+)<<&3$!#$#8-<&<!<>32)%!#$!&$6+)#<)%!+&<R!34!63@(8&6#7&3$<!2&7>!
&$6+)#<)%!#,)!I(uKPKJM!#$%!2&7>!&$6+)#<)%!63W@3+:&%&7&)<!I(zKPKKKLMP!G$%)Q!
!
!
^_!
%)63@(+)<<&3$<!#+)!<&,$&4&6#$78-!8)<<!8&R)8-!8)#%!73!63@(8&6#7&3$<!7>#$!4*<&3$<!I90!
KP_k!STg!"G!KPTWKPSMN!#!4&$%&$,!63$<&<7)$7!2&7>!8&7)+#7*+)P!
G$!6*++)$7!23+RN!2)!#8<3!3:<)+1)%!7>#7!2&7>&$!SK!%#-<!34!7>)!&$%)Q!
(+36)%*+)N!_b`!ILJPLgM!(#7&)$7<!+)D*&+)%!+)#%@&<<&3$!73!7>)!>3<(&7#8!I?#:8)!L`MP!
?>&<!2#<!@3+)!63@@3$!&$!38%)+!(#7&)$7<!I(zKPKKKLMN!@#8)<!I(uKPKJMN!#$%!(#7&)$7<!
2&7>!63W@3+:&%&7&)<!I(zKPKKKLMP!?>)!#1)+#,)!8)$,7>!34!<7#-!43+!#!(#7&)$7!3()+#7)%!3$!
:-!#!$)*+3<*+,)3$!2#<!^Pa!%#-<!2>&8)!7>)!#1)+#,)!8)$,7>!34!<7#-!43+!#!(#7&)$7!
3()+#7)%!3$!:-!#$!3+7>3(#)%&6!<*+,)3$!2#<!_PS!%#-<P!?>&<!@#-!+)48)67N!&$!(#+7N!
3+7>3(#)%&6!<*+,)3$<!()+43+@&$,!@3+)!&$%)Q!4*<&3$!(+36)%*+)<!2>&8)!7>)!
$)*+3<*+,)3$<!()+43+@)%!@3+)!&$%)Q!%)63@(+)<<&3$!(+36)%*+)<P!?>)!#1)+#,)!
8)$,7>!34!>3<(&7#8!<7#-!43+!(#7&)$7<!34!832!<(&$)!)Q()+7!138*@)!<*+,)3$<!2#<!_PJ!
%#-<!2>&8)!7>)!#1)+#,)!8)$,7>!34!>3<(&7#8!<7#-!43+!7>3<)!34!>&,>!<(&$)!)Q()+7!138*@)!
<*+,)3$<!2#<!aPJ!%#-<P!G$6+)#<)%!8)$,7>!34!>3<(&7#8!<7#-!2#<!<&,$&4&6#$78-!@3+)!
8&R)8-!43+!(#7&)$7<!34!>&,>!<(&$)!)Q()+7!138*@)!<*+,)3$<!I(uKPKK_MN!38%)+!(#7&)$7<!
I(zKPKKKLMN!4)@#8)!(#7&)$7<!I(uKPKLMN!(#7&)$7<!2&7>!#7!8)#<7!3$)!63W@3+:&%&7-!
I(uKPKKKLMN!#$%!&$%)Q!4*<&3$!(+36)%*+)<!I(zKPKKKLMP!!
G$!6*++)$7!23+RN!@3+7#8&7-!2#<!)1#8*#7)%!:-!&$W>3<(&7#8!@3+7#8&7-N!#<!2)88!#<!
@3+7#8&7-!`!@3$7><!#$%!L!-)#+!#47)+!>3<(&7#8!%&<6>#+,)!I?#:8)!L`MP!G$W>3<(&7#8!
@3+7#8&7-!2#<!<&,$&4&6#$78-!&$6+)#<)%!2&7>!&$6+)#<&$,!(#7&)$7!#,)!I(uKPKKKaM!#$%!&$!
(#7&)$7<!2&7>!#7!8)#<7!3$)!@)%&6#8!63W@3+:&%&7-!I(uKPKJMP!9$)W-)#+!@3+7#8&7-!2#<!
<&,$&4&6#$78-!>&,>)+!2&7>!&$6+)#<)%!(#7&)$7!#,)!I(zKPKKKLMN!&$!@#8)<!I(uKPKJMN!#$%!&$!
(#7&)$7<!2&7>!#7!8)#<7!3$)!@)%&6#8!63W@3+:&%&7-!I(zKPKKKLMP!!
!
!
^a!
=&$#88-N!2)!43*$%!7>#7!JaS`!Ib_PJgM!(#7&)$7<!>#%!&@#,&$,!()+43+@)%!#47)+!
7>)&+!&$%)Q!(+36)%*+)!I?#:8)!LbMP!A3<73()+#7&1)!&@#,&$,!2#<!<&,$&4&6#$78-!@3+)!
8&R)8-!&$!-3*$,)+!(#7&)$7<!I(zKPKKKLMN!4)@#8)!(#7&)$7<!I(zKPKKKLMN!#$%!(#7&)$7<!2&7>!
$3!63W@3+:&%&7&)<!I(uKPKbMP!A3<73()+#7&1)!&@#,&$,!&<!@*6>!@3+)!8&R)8-!#47)+!#!
%)63@(+)<<&3$!(+36)%*+)!63@(#+)%!73!#!4*<&3$!I(uKPKKKbMP!?>)!9%%i<!0#7&3!34!
>#1&$,!(3<73()+#7&1)!&@#,&$,!63@(8)7)%!#47)+!%)63@(+)<<&3$!43+!%),)$)+#7&1)!
%&<)#<)!34!7>)!8*@:#+!<(&$)!63@(#+)%!73!#!4*<&3$!&<!LP`!ISTg!"G!LPLWLPbMP!
!!!!!!!
!
!
!
!
!
!
!
!
!
!
!
!
!
^S!
VRS'O+>8.>>+5)!
! ?>)!(*+(3<)!34!3*+!<7*%-!2#<!73!*$%)+<7#$%!7>)!+)8#7&3$<>&(!:)72))$!
<*+,)3$!4#673+<N!(#7&)$7!4#673+<N!#$%!<*+,&6#8!(+36)%*+)<N!#$%!7>)&+!+)8#7&1)!&$48*)$6)!
3$!3*763@)<!43+!<*+,)+-!34!7>)!%),)$)+#7&1)!8*@:#+!<(&$)P!Z*&8%&$,!3$!7>)!4&$%&$,<!
3:<)+1)%!&$!3*+!)1#8*#7&3$!34!<*+,&6#8!4)8832<>&(!7+#&$))<!#$%!7>)&+!<*()+1&<3+<!&$!
">#(7)+!`N!2)!#8<3!3:<)+1)%!%&44)+)$6)<!&$!68&$&6#8!(+#67&6)!&$!7>)!(+31&$6)!34!
9$7#+&3!7>#7!8)$%<!73!4*+7>)+!%&<6*<<&3$!3$!3((3+7*$&7&)<!&$!)$>#$6&$,!<(&$)!<*+,&6#8!
)%*6#7&3$P!G$!7>)!6*++)$7!6>#(7)+N!2)!3:<)+1)%!7>#7N!&$!,)$)+#8N!<*+,)3$<!2&7>!
:#6R,+3*$%!$)*+3<*+,&6#8!7+#&$&$,!()+43+@)%!@3+)!<*+,)+&)<!()+!-)#+!43+!7>)!
7+)#7@)$7!34!%),)$)+#7&1)!8*@:#+!<(&$)!7>#$!7>)&+!3+7>3(#)%&6!63*$7)+(#+7<P!
=*+7>)+@3+)N!$)*+3<*+,)3$<!()+43+@)%!#!>&,>)+!+#7)!34!%)63@(+)<<&3$<!63@(#+)%!
73!4*<&3$<!2>&8)!3+7>3(#)%&6!<*+,)3$<!()+43+@)%!@3+)!4*<&3$!<*+,)+&)<P!?>&<!
3:<)+1#7&3$!8&R)8-!>#<!1#+&3*<!1#+&#:8)<!7>#7!#+)!63$7+&:*73+<!73!7>)!3:<)+1)%!
4&$%&$,<P!=&+<78-N!%)63@(+)<<&3$!<*+,)+-!@#-!7#R)!#!<>3+7)+!()+&3%!34!7&@)!73!
()+43+@!7>#$!4*<&3$!(+36)%*+)<N!3+!(+36)%*+)<!2&7>!#%;*$67&1)!4*<&3$P!/<!<*6>N!#!
>&,>)+!+#7)!34!(+36)%*+)<!@#-!:)!63@(8)7)%!&4!63$<&%)+&$,!#!4&$&7)!7&@)!()+&3%P!!
')63$%8-N!7>)!7+)$%!732#+%<!#!,+)#7)+!4*<&3$<!:)&$,!()+43+@)%!:-!&$%&1&%*#8<!2&7>!
3+7>3(#)%&6!)Q()+&)$6)!@#-!#8<3!+)48)67!<*+,)3$!63@43+7!#$%!#8<3!+)4)++#8!(#77)+$<!
:-!+)4)++&$,!(+&@#+-!6#+)!(>-<&6&#$<P!9+7>3(#)%&6!7+#&$))<!7)$%!73!:)!)Q(3<)%!73!
,+)#7)+!@*<6*83<R)8)7#8!63$%&7&3$<!+)8#7&$,!73!:3$-!#$%!;3&$7!%&<)#<)N!2>)+)#<!
$)*+3<*+,&6#8!7+#&$))<!>#1)!#!:+3#%)+!)Q(3<*+)!73!7>)!,)$)+#8!6#+)!34!$)*+#8!
<-<7)@<!#$%!7&<<*)<P!?>)<)!#<()67<N!43+!)Q#@(8)!#<!&7!+)8#7)<!73!&$7+#%*+#8!<*+,)+-!3$!
$)*+#8!7&<<*)<N!#+)!+)48)67)%!&$!3*+!4&$%&$,<!4+3@!">#(7)+!`!3$!7+#&$))!#$%!
!
!
_K!
<*()+1&<3+!()+6)(7&3$<!#$%!#8<3!#(()#+!73!:)!+)48)67)%!&$!+)6)$7!7+)$%<!&$!<*+,&6#8!
(+#67&6)P!F&44)+)$6)<!&$!7+#&$&$,!#$%!%)6&<&3$W@#R&$,!<*++3*$%&$,!<(&$#8!<*+,)+-!
I#$!#+)#!2>)+)!<*+,)+-!7+#$<6)$%<!<)1)+#8!63$$)67&1)!7&<<*)!7-()<M!@#-!:)!
&@(3+7#$7!73!68&$&6#8!(+#67&6)!IG+2&$!)7!#8PN!JKKTk!F+)2!)7!#8PN!JKKJMP!?>*<N!(#7&)$7<!
2&7>!<&@&8#+!(+3:8)@<!#<<36)%!2&7>!%),)$)+#7&1)!%&<)#<)!34!7>)!8*@:#+!<(&$)!
@#-!+)6)&1)!%&44)+)$7!7+)#7@)$7!+)63@@)$%#7&3$<!:#<)%!3$!7>)!<()6W-!34!7>)!
<*+,)3$!7>#7!7>)-!1&<&7P!F)<(&7)!7>)!%&44)+)$6)<!&$!#((+3#6>N!7>)+)!2)+)!&$!7>)!
6*++)$7!23+R!$3!<&,$&4&6#$7!%&44)+)$6)<!:)72))$!$)*+3<*+,)3$<!#$%!3+7>3(#)%&6!
<*+,)3$<!&$!7)+@<!34!+)3()+#7&3$!+#7)<N!63@(8&6#7&3$<N!#$%!@3+7#8&7-!*<&$,!3*+!
@)7+&6<!%)<6+&:)%P!!
! [)!#77)@(7)%!73!#<<)<<!1#+&3$<!&$!(+#67&6)!#$%!3*763@)<!&$!%),)$)+#7&1)!
8*@:#+!<(&$)!<*+,)+-!:#<)%!3$!<(&$)!)Q()+7!138*@)P![)!6#86*8#7)%!7>&<!:#<)%!3$!7>)!
737#8!$*@:)+!34!<(&$)!<*+,)+&)<!()+43+@)%!31)+!7>)!737#8!$*@:)+!34!#88!<*+,)+&)<!
()+43+@)%!&$!#!723!()+&3%!43+!)#6>!<*+,)3$P!/<!%&<6*<<)%!(+)1&3*<8-N!2)!7>)$!
%&6>373@&V)%!&$73!>&,>!138*@)!<*+,)3$<!#$%!832!138*@)!<*+,)3$<!2&7>!>&,>!
138*@)!<*+,)3$<!:)&$,!7>3<)!2>3<)!<*+,&6#8!(+#67&6)!&<!#7!8)#<7!TKg!<(&$)!<*+,&6#8!
6#<)<P![)!%&%!$37!4&$%!#$-!<&,$&4&6#$7!%&44)+)$6)<!:)72))$!7>)!832!#$%!>&,>!138*@)!
,+3*(<!&$!7)+@<!34!+)3()+#7&3$<N!@3+7#8&7-N!3+!63@(8&6#7&3$<!2>)$!*<&$,!7>&<!<()6&4&6!
#((+3#6>P!?>)+)!2)+)!4#+!4)2)+!>&,>!138*@)!<*+,)3$<!7>#$!7>)+)!2)+)!832!138*@)!
<*+,)3$<P!/87>3*,>!7>&<!#((+3#6>!@3+)!#66*+#7)8-!,#*,)<!7>3<)!&$%&1&%*#8<!
<()$%&$,!#!,+)#7)+!(+3(3+7&3$!34!7>)&+!3()+#7&1)!6#<)<!&$!<(&$)!<*+,)+-!2>)$!
63@(#+)%!73!#:<38*7)!<(&$)!138*@)!&$%&6)<!7>#7!Z)%)+@#$!)7!#8P!*7&8&V)%N!3$)!@*<7!
#8<3!+)63,$&V)!#!8&@&7#7&3$!34!)Q&<7&$,!#%@&$&<7+#7&1)!%#7#:#<)<!&$!7>#7!&7!%3)<!$37!
!
!
_L!
&%)$7&4-!7>3<)!&$%&1&%*#8<!7>#7!>#1)!)&7>)+!+)6)&1)%!#!-)#+!3+!@3+)!34!4)8832<>&(!
7+#&$&$,!<()6&4&6!73!<(&$)!<*+,)+-P!/$!&$7)+)<7&$,!3:<)+1#7&3$!&$!3*+!6*++)$7!23+R!&<!
7>#7!&$%&1&%*#8<!2&7>!>&,>)+!h<*+,)3$!)Q()+7!138*@)i!#8<3!+)63+%)%!#!83$,)+!8)$,7>!
34!>3<(&7#8!<7#-P!?>&<!@#-!+)48)67N!&$!(#+7N!<*+,&6#8!)Q()+7<!:)&$,!+)4)++)%!#$%!
(#+7&6&(#7&$,!&$!63@(8)Q!<(&$)!<*+,&6#8!6#+)!2&7>!7)6>$&6#8!(+36)%*+#8!#<()67<!7>#7!
@#-!8)$%!73!83$,)+!>3<(&7#8!<7#-<!,&1)$!7>)!+)8#7&1)!8#6R!34!%&44)+)$6)<!3:<)+1)%!
2>)$!<()6&4&6#88-!833R&$,!#!(#7&)$7!@)%&6#8!63W@3+:&%&7&)<!1)+<*<!7>)!63@(8)Q&7-!34!
7>)!#$#73@&6#8!:3$-!#$%!$)*+#8!<(&$#8!63$%&7&3$P!!
! [)!3:<)+1)%!&$!3*+!6*++)$7!23+R!7>#7!&4!2)!*7&8&V)%!#!<*,,)<7)%!%)4&$&7&3$!34!
#!<(&$#8!<*+,)3$!#<!3$)!2>3!<()$%<!#7!8)#<7!aKg!34!7>)&+!)8)67&1)!7&@)!()+43+@&$,!
<(&$)!<*+,)+-!I"#$#%&#$!'(&$)!'36&)7-!%)4&$&7&3$MN!7>)!<*+,)3$!$*@:)+N!#7!8)#<7!&$!
7>)!A+31&$6)!34!9$7#+&3!31)+!7>)!<7*%-!()+&3%N!23*8%!$37!8)$%!&7<)84!73!#!@)#$&$,4*8!
)1#8*#7&3$!34!%#7#!,&1)$!7>)!<@#88!$*@:)+<!7>#7!23*8%!:)!6#7),3+&V)%!#<!#!<(&$)!
<*+,)3$P!9*+!#((+3#6>!&$!68#<<&4-&$,!h<(&$)!<*+,)3$!)Q()+7!138*@)i!23*8%!#8<3!
31)+)<7&@#7)!7>)!$*@:)+!34!<(&$)!<*+,)3$<!:-!7>)!"''!%)4&$&7&3$!#<!#!8&@&7#7&3$!34!
7>)!#%@&$&<7+#7&1)!%#7#:#<)!8&)<!&$!7>)!68#+&7-!34!<),+),#7&$,!#$!)8)67&1)!1)+<*<!$3$W
)8)67&1)!(+36)%*+)!2&7>!:37>!&$68*%)%!&$!3*+!%)4&$&7&3$!34!h<(&$)!<*+,)3$!)Q()+7!
138*@)iP!"3$%*67&$,!7>&<!23+R!31)+!#!83$,)+!()+&3%!34!7&@)N!3+!#%%&7&3$#8!)443+7<!73!
7)#<)!3*+!)8)67&1)!'"&5%5!!$3$W)8)67&1)!(+36)%*+)<!836#88-!@#-!#%%&7&3$#88-!
<7+)$,7>)$!3:<)+1)%!4&$%&$,<P!/$37>)+!@)#$<!@#-!&$68*%)!436*<&$,!3$!<*+,)3$<!
()+43+@&$,!7>)!@3+)!63@(8)QN!3+!*$63@@3$N!(+36)%*+)<P!!
!
!
_J!
! G$!3*+!6*++)$7!23+RN!2)!3:<)+1)%!<)1)+#8!(#7&)$7!4#673+<!7>#7!#(()#+!73!(8#-!
#!<&,$&4&6#$7!+38)!&$!%)7)+@&$&$,!3*763@)<!43+!<*+,)+-!43+!%),)$)+#7&1)!8*@:#+!
<(&$)!63$%&7&3$<P!"3@(8&6#7&3$!+#7)<!2)+)!,+)#7)+!43+!38%)+!(#7&)$7<!#$%!7>3<)!2&7>!
#<<36)%!@)%&6#8!63W@3+:&%&7&)<P!G$6+)#<)%!>3<(&7#8!8)$,7>!34!<7#-!#$%!&$6+)#<)%!
+)W#%@&<<&3$!+#7)<!73!>3<(&7#8!438832&$,!%&<6>#+,)!2)+)!#8<3!3:<)+1)%!43+!38%)+!
(#7&)$7<!#$%!7>3<)!2&7>!#<<36)%!@)%&6#8!63W@3+:&%&7&)<P!0)3()+#7&3$<!2)+)!8)<<!
8&R)8-!&$!38%)+!(#7&)$7<!#$%!7>3<)!2&7>!@)%&6#8!63W@3+:&%&7&)<P!?>&<!&<!#$!&$7)+)<7&$,!
3:<)+1#7&3$!7>#7!@#-!:)!)Q(8#&$)%!:-!<)1)+#8!4#673+<P!A#7&)$7!#,)!#$%!#<<36)%!
@)%&6#8!63W@3+:&%&7&)<!@#-!:)!@3+)!&@(3+7#$7!1#+&#:8)<!&$!#!<*+,)3$!63$<&%)+&$,!#!
(#7&)$7!)8&,&:8)!3+!8&R)8-!73!:)$)4&7!4+3@!#$!#%%&7&3$#8!<(&$#8!<*+,&6#8!(+36)%*+)!I&)P!
+)1&<&3$!<(&$)!<*+,)+-MP!G7!&<!+)63,$&V)%!7>#7!+)1&<&3$!<(&$)!<*+,)+-!>#<!(33+)+!
3*763@)<!2>)$!63@(#+)!73!&$%&1&%*#8<!*$%)+,3&$,!7>)&+!4&+<7!<(&$)!<*+,&6#8!
(+36)%*+)P!U3*$,)+!&$%&1&%*#8<!@#-!:)!@3+)!8&R)8-!73!#+7&6*8#7)!3$,3&$,!63$6)+$<!
+)8#7&$,!73!:3%&8-!(#&$N!)<()6X-!#<()67<!&$!(>-<&6#8!4*$67&3$&$,N!7>#7!<7+3$,8-!
&$48*)$6)!(#7&)$7!()+6)(7&3$<!34!7>)&+!D*#8&7-!34!8&4)P!/%%&7&3$#88-N!&$!3*+!23+RN!:37>!
&$W>3<(&7#8!#$%!3$)!-)#+!(3<7!%&<6>#+,)!@3+7#8&7-N!2)+)!#8<3!,+)#7)+!43+!38%)+!
(#7&)$7<!#$%!7>3<)!2&7>!@)%&6#8!63W@3+:&%&7&)<P!'*6>!%&<6*<<&3$!&$!(+)W<*+,&6#8!
63*$<)8&$,!@#-!:)!&@(3+7#$7!&$!(#7&)$7!%)6&<&3$!@#R&$,!1&<WtW1&<!&$43+@)%!63$<)$7!
43+!+)1&<&3$!<*+,)+-P!
! A3<73()+#7&1)!&@#,&$,!I"?!<6#$!#$%!C0GM!#$%!+)3()+#7&3$!+#7)<!2)+)!
3:<)+1)%!#7!>&,>)+!+#7)<!43+!%)63@(+)<<&1)!(+36)%*+)<!2>)$!63@(#+)%!73!4*<&3$!
(+36)%*+)<P!?>)!(*+(3<)!34!(3<73()+#7&1)!&@#,&$,!&<!*<*#88-!73!#<<)<<!7>)!<(&$)!43+!
4*+7>)+!(#7>383,-!&4!7>)!(#7&)$7!)Q()+&)$6)<!63$7&$*)%!<-@(73@<!(3<73()+#7&1)8-!
!
!
_`!
F)63@(+)<<&3$<!%3!$37!#%%+)<<!7>)!&$<7#:&8&7-!347)$!(+)<)$7!&$!%),)$)+#7&1)!%&<)#<)!
34!7>)!8*@:#+!<(&$)P!A#7&)$7<!@#-!)Q()+&)$6)!<-@(73@<!34!&$<7#:&8&7-!#47)+!#!
%)63@(+)<<&1)!(+36)%*+)!I#<!+3,)$&6!(3<7W<*+,&6#8!&$<7#:&8&7-!&<!#!R$32$!
63$%&7&3$!7>#7!6#$!+)<*87!438832&$,!)Q7)$<&1)!:3$-!#$%!<347!7&<<*)!+)<)67&3$!7>#7!@#-!
:)!+)D*&+)%!43+!#%)D*#7)!$)*+#8!%)63@(+)<<&3$MP!/%%&7&3$#88-N!&$!7>)!63$7)Q7!34!
3$,3&$,!<-@(73@#7&6!$)*+#8!#$#73@&6#8!63@(+)<<&3$!438832&$,!%)63@(+)<<&1)!
<*+,)+-N!63$<&%)+#7&3$!34!+)1&<&3$!%)63@(+)<<&1)!<*+,)+-!347)$!&$68*%)<!7>)!
&$68*<&3$!34!+)<)67&$,!#%%&7&3$#8!:3$-!#$%!<347!7&<<*)<!7>#7!(8#-!#$!&@(3+7#$7!+38)!&$!
7>)!<7#7&6!#$%!%-$#@&6!<7#:&8&V)+<!34!7>)!<(&$)!#$%!1)+7):+#8!638*@$!4+3@!#!(>-<&6#8!
()+<()67&1)P!!
! ?>)+)!#+)!<)1)+#8!8&@&7#7&3$<!73!7>&<!#<()67!34!3*+!6*++)$7!23+RP!=&+<7N!#<!2&7>!
#$-!<7*%-!*<&$,!#%@&$&<7+#7&1)!%#7#:#<)<N!7>)+)!&<!7>)!(3<<&:&8&7-!34!63%&$,!
&$#66*+#6&)<P!B32)1)+N!(+36)%*+#8!#$%!%)@3,+#(>&6!%#7#!4+3@!7>)!%#7#:#<)<!2)!
*<)%!>#1)!:))$!<>32$!73!:)!#66*+#7)!IB#2R)+!)7!#8PN!LSS_MP!')63$%N!:-!*<&$,!#!JW
-)#+!l833RW:#6Rm!2&$%32!2)!@#-!>#1)!2+3$,8-!68#<<&4&)%!<3@)!+)3()+#7&3$<!#<!
:)&$,!&$%)Q!(+36)%*+)<!#<!(#7&)$7<!@#-!>#1)!>#%!#!@3+)!+)@37)!<(&$#8!<*+,&6#8!
3()+#7&3$!7>#7!2#<!$37!6#(7*+)%P!?>&+%N!(#7&)$7<!&$68*%)%!&$!3*+!<7*%-!#$%!&$!438832W
*(!2)+)!8&@&7)%!73!7>3<)!2>3!+)6)&1)%!6#+)!&$!7>)!A+31&$6)!34!9$7#+&3P![)!6#$$37!
%&+)678-!)Q7+#(38#7)!73!7>)!,)$)+#8!"#$#%&#$!)Q()+&)$6)!#<!7>)+)!#+)!+)63,$&V)%!
%&44)+)$6)<!&$!>)#87>!6#+)!%)8&1)+-!@3%)8<N!(>-<&6&#$!+)4)++#8!(#7>2#-<N!(#7&)$7!
7+&#,)N!#$%!#66)<<P!G7!&<!(3<<&:8)!7>#7!<3@)!(#7&)$7<!+)6)&1)%!7>)&+!&$%)Q!(+36)%*+)!&$!
9$7#+&3!#$%!7>)$!@#-!>#1)!)Q()+&)$6)%!+)3()+#7&3$<N!63@(8&6#7&3$<N!#$%!37>)+!
3*763@)<!)8<)2>)+)P!=3*+7>N!7>&<!<7*%-!&<!3:<)+1#7&3$#8!#$%!&<!<*<6)(7&:8)!73!
!
!
_b!
&$>)+)$7!:&#<)<N!&$68*%&$,!&7<!+)7+3<()67&1)!$#7*+)P!=3+!)Q#@(8)N!(#7&)$7<!@#-!>#1)!
>#%!#!(#+7&6*8#+!(+)4)+)$6)!+),#+%&$,!2>&6>!<*+,)3$!3+!>3<(&7#8!7>)-!2#$7)%!73!:)!
+)4)++)%!73P!c#<78-N!<3@)!<*+,)3$<!@#-!:)!&@(+3()+8-!6#7),3+&V)%!&$!7>)!832!<(&$)!
)Q()+7!138*@)!,+3*(P!?>&<!23*8%!:)!6#<)!43+!<*+,)3$<!2>3!@#-!>#1)!+)6)$78-!
+)7&+)%!3+!#((+3#6>)%!+)7&+)@)$7N!7#R)$!#!8)#1)!34!#:<)$6)!%*+&$,!7>)!<7*%-!()+&3%N!
3+!:)!&$!7>)&+!)#+8-!-)#+<!34!<(&$#8!<*+,&6#8!(+#67&6)!438832&$,!<)1)+#8!-)#+<!34!
+)<()67)%!<(&$)!4)8832<>&(!7+#&$&$,P!'*6>!<*+,)3$<!@#-!#+,*#:8-!:)!63$<&%)+)%!
)Q()+7<N!:*7!23*8%!$37!>#1)!:))$!68#<<&4&)%!#663+%&$,!73!3*+!#((+3#6>!
#43+)@)$7&3$)%P!!
!
!
!
!
!
!
!
!
!
!
!
!
_T!
&@(,9-/'UR'&5)8:.>+5)>'()*'?.9./-'O+/-89+5)>!
URH'&5)8:.>+5)>'
?>)!31)+#88!(*+(3<)!34!7>&<!7>)<&<!2#<!73!)1#8*#7)!6*++)$7!()+6)(7&3$<!3$!7>)!
&@(3+7#$6)!34!63,$&7&1)!#$%!7)6>$&6#8!63@()7)$6&)<!&$!<(&$)!4)8832<>&(!7+#&$&$,!#$%!
73!%)7)+@&$)!7>)!(37)$7!)44)67!34!<*+,)3$!138*@)!#$%!<()6W-!7+#&$&$,!3$!
3*763@)<!&$!<(&$#8!<*+,)+-P!!
C3+)!<()6&4&6#88-N!7>)!4&+<7!@#&$!3:;)67&1)!2#<!73!)1#8*#7)!4)8832<>&(!7+#&$))!
#$%!<*()+1&<3+!()+6)(7&3$<!3$!7>)!&@(3+7#$6)!34!63,$&7&1)!#$%!(+36)%*+#8!
63@()7)$6&)<!&$!<(&$)!4)8832<>&(!7+#&$&$,P![)!2#$7)%!73!%)7)+@&$)!7+#&$))!#$%!
<*()+1&<3+!()+6)(7&3$<!3$!7>)!+)8#7&1)!&@(3+7#$6)!34!63,$&7&1)!#$%!(+36)%*+#8!
63@()7)$6&)<!43+!<*66)<<4*8!4)8832<>&(!7+#&$&$,k!2)!2#$7)%!73!+)8#7)!7+#&$))!
)Q()+&)$6)!2&7>!7>)&+!()+6)(7&3$<!34!63@()7)$6)N!#$%!+)8#7&1)!&@(3+7#$6)N!
#77+&:*7)%!73!<(&$)!<()6&4&6!(+36)%*+#8!<R&88<k!#$%!2)!2#$7)%!73!%)7)+@&$)!(37)$7!
%&44)+)$6)<!&$!()+6)(7&3$<!43+!<*66)<<4*8!<(&$)!4)8832<>&(!7+#&$&$,!:-!<()6W-!
:#6R,+3*$%!I&P)P!$)*+3<*+,)+-!1)+<*<!3+7>3(#)%&6!<*+,)+-MP!
G$!7>&<!<7*%-N!#!<()6&4&6!<)7!34!()+6)&1)%!63@()7)$6&)<N!:37>!63,$&7&1)!#$%!
(+36)%*+#8N!7>#7!#+)!63$<&%)+)%!73!:)!&@(3+7#$7!43+!4)8832<>&(!7+#&$&$,!2)+)!
&%)$7&4&)%P!=*+7>)+@3+)N!7>)+)!2#<!<&,$&4&6#$7!63$63+%#$6)!:)72))$!7>)!()+6)(7&3$<!
34!4)8832!7+#&$))<!#$%!7>)&+!<*()+1&<3+<!+),#+%&$,!2>#7!7>)<)!()+6)&1)%!
63@()7)$6&)<!2)+)P!G$!,)$)+#8N!3$!63@(8)7&3$!34!7>)&+!7+#&$&$,N!4)8832<!2)+)!
63@43+7#:8)!()+43+@&$,!63@@3$!<(&$)!<*+,&6#8!(+36)%*+)<!:*7!%)<&+)%!#%%&7&3$#8!
_T!
!
!
_^!
7+#&$&$,!&$!7>)!@3+)!*$63@@3$!(+36)%*+)<!I)QP!6)+1&6#8!2&+&$,!4*<&3$M!#$%!63@(8)Q!
(+36)%*+)<!I)QP!#$7)+&3+!7>3+#6&6!%&<6)673@-MP!?>)+)!2)+)!<&,$&4&6#$7!%&44)+)$6)<!
43*$%!2&7>!+)<()67!73!()+6)&1)%!63@43+7!8)1)8N!#$%!$))%!43+!#%%&7&3$#8!7+#&$&$,N!43+!
<()6&4&6!(+36)%*+#8!<R&88<!2>)$!63@(#+&$,!&$%&1&%*#8<!2&7>!)&7>)+!#!$)*+3<*+,&6#8!3+!
3+7>3(#)%&6!:#6R,+3*$%P!?+)$%<!3:<)+1)%!&$!7+#&$&$,!I">#(7)+!`M!#<!2)88!#<!7>#7!
3:<)+1)%!&$!+)1&)2!34!+)6)$7!68&$&6#8!(+#67&6)!I">#(7)+!bM!>&,>8&,>7!#+)#<!34!436*<N!
(#+7&6*8#+8-!&$!#!4&)8%!<*6>!#<!@)%&6&$)!#$%!<*+,)+-!2>)+)!<*:<()6&V#7&3$!&<!:)&$,!
+)63,$&V)%!#<!&@(3+7#$7P![&7>!7>)!+)6)$7!03-#8!"388),)!34!A>-<&6&#$<!#$%!'*+,)3$<!
34!"#$#%#!#((+3#6>!&$!<*:<()6W-!6)+7&4&6#7&3$!#$%!7>)!4*7*+)!(37)$7!43+!
F&(83@#!6)+7&4&6#7&3$!&$!7+#&$&$,!&$!<*6>!#+)#<!7>#7!&$68*%)!<(&$#8!<*+,&6#8!6#+)N!
R$328)%,)!,#&$)%!:-!7>)!23+R!34!7>&<!7>)<&<!2&88!:)!>)8(4*8!73!,*&%)!(+3,+#@@#7&6!
436*<!#$%!<7+#7),&6!%&+)67&3$P!!
G$!7>)!6*++)$7!)$1&+3$@)$7N!&7!6#$!:)!%):#7)%!2>)7>)+!#!7>)+)!<>3*8%!:)!#!
<7#$%#+%&V)%!)%*6#7&3$#8!(+3,+#@!43+!<(&$)!4)8832<>&(!7+#&$&$,!7>#7!:),&$<!2&7>!#!
63+)!6*++&6*8*@P!?>)!h3$)W<&V)!4&7<!#88i!#((+3#6>!73!7+#&$&$,!1)+<*<!6#7)+&$,!73!
<()6&4&6!4)8832!7+#&$))!$))%<!I(#+7&6*8#+8-!,&1)$!%&44)+)$6)<!3:<)+1)%!&$!3*+!+)<*87<!
34!">#(7)+<!`!#$%!bM!@#-!:)!:)77)+!<)+1)%!:-!:8)$%)%!3((3+7*$&7)<!&$!7+#&$&$,!7>#7!
)$>#$6)!6+3<<W7+#&$&$,!7+#$<6)$%&$,!7>)!>&<73+&6#8!%&<6&(8&$)<!34!$)*+3<*+,&6#8!#$%!
3+7>3(#)%&6!6#+)N!7>)+):-!6#7)+&$,!73!7>)!)Q&<7&$,!$))%<!34!6*++)$7!<*+,&6#8!
+)<&%)$6-!,+#%*#7)<P!Z-!63@(8)7&$,!#!$#7&3$2&%)!63@(+)>)$<&1)!<7*%-!+),#+%&$,!
7>)!)Q()67#7&3$<!34!<(&$)!<*+,&6#8!7+#&$&$,N!2)!>#1)!(+31&%)%!#!(8#743+@!7>#7!2&88!
,*&%)!<(&$)!<*+,&6#8!<*:<()6W-!(+3,+#@<!73!)$>#$6)!3((3+7*$&7&)<!7>#7!2&88!>)8(!
7+#&$))<!@))7!7>)!7#+,)7!<*+,&6#8!#$%!)%*6#7&3$#8!63@()7)$6&)<!7>#7!#+)!63$<&%)+)%!
!
!
__!
&@(3+7#$7!73!7+#&$&$,!#$%!(+#67&6&$,!#<!#!4*7*+)!<(&$)!<*+,)3$P!/88!73,)7>)+N!7>&<!2&88!
4#6&8&7#7)!7>)!7+#&$&$,!34!4*7*+)!<(&$)!<*+,)3$<!#+@)%!2&7>!7>)!6#(#:&8&7&)<!+)D*&+)%!
73!7+)#7!7>)!)$7&+)!<()67+*@!34!<(&$#8!63$%&7&3$<P!
! !?>)!<)63$%!@#&$!3:;)67&1)!2#<!73!)1#8*#7)!7>)!)44)67!34!<*+,)3$!4#673+<N!<*6>!
#<!<()6W-!#$%!h<(&$)!)Q()+7!138*@)iN!3$!3*763@)<!&$!<(&$#8!<*+,)+-P!'()6&4&6#88-N!
2)!2#$7)%!73!63@(#+)!<(&$)!<*+,)+-!138*@)<!34!<*+,)3$<!&$!7>)!A+31&$6)!34!9$7#+&3!
43+!63@@3$!<()6&4&6!<(&$)!(+36)%*+)<k!#$%!2)!2#$7)%!73!63@(#+)!6*++)$7!<*+,&6#8!
(+#67&6)N!&$!7)+@<!34!$*@:)+!34!(+36)%*+)<N!7-()<!34!(+36)%*+)<N!63@(8&6#7&3$!+#7)<N!
#$%!+)3()+#7&3$!+#7)<!:#<)%!3$!<()6W-!:#6R,+3*$%!I3+7>3(#)%&6!3+!
$)*+3<*+,&6#8MP!/<!#+7&6*8#7)%N!%&44)+)$6)<!&$!7+#&$&$,!:#6R,+3*$%!2)+)!+)48)67)%!&$!
3*+!<7*%&)<!7>+3*,>!">#(7)+<!`!#$%!bP!=&$%&$,<!&$!">#(7)+!b!#8<3!&$68*%)!#$!
*$%)+<7#$%&$,!34!(#7&)$7!+)8#7)%!1#+&#:8)<!7>#7!#+)!&@(3+7#$7!73!63$<&%)+!4+3@!#!
<*+,)3$<!()+<()67&1)!&$!)%*6#7&$,!#$%!63*$<)8&$,!(#7&)$7<!+)8#7&$,!7>)!#$7&6&(#7)%!
3*763@)<!#$%!)Q()67#7&3$<!4+3@!<*+,)+-P!?>&<!*$%)+<7#$%&$,!2&88!,*&%)!<(&$#8!
<*+,)3$<!#$%!#8<3!<)+1)!#<!+)63,$&7&3$!7>#7!7>)+)!#+)!37>)+!1)+-!&@(3+7#$7!1#+&#:8)<!
73!<*66)<<!&$!<*+,&6#8!3*763@)<P!!!
!
!
!
!
'
!
!
_a!
URF'?.9./-'O+/-89+5)>!
! ?>)!31)+#88!,3#8!34!#88!>)#87>W+)8#7)%!+)<)#+6>!&<!73!&@(+31)!(#7&)$7!6#+)P!G$!
7>)!4&)8%!34!@)%&6#8!)%*6#7&3$N!7>)!,3#8!&<!73!&@(+31)!(#7&)$7!6#+)!:-!&@(+31&$,!
)%*6#7&3$#8!63$7)$7N!@)7>3%<N!#$%!7338<P![&7>!7>&<!&$!@&$%N!7>)+)!#+)!#!4)2!2#-<!73!
4*+7>)+!)Q(83+)!7>)!)%*6#7&3$!34!4*7*+)!<(&$)!<*+,)3$<!*<&$,!7>)!+)<*87<!34!7>&<!
<7*%-P!
=&+<7N!2)!63*8%!+)()#7!3*+!<*+1)-!34!4)8832<!31)+!7>)!$)Q7!4)2!-)#+<!73!
&$6+)#<)!7>)!$*@:)+!34!+)<(3$%)$7<P!?>&<!23*8%!&$6+)#<)!7>)!(32)+!34!3*+!<7*%-!
#$%!#8832!43+!#!:)77)+!63@(#+&<3$!:)72))$!3+7>3(#)%&6W7+#&$)%!4)8832<!#$%!
$)*+3<*+,)+-W7+#&$)%!4)8832<!<()6&4&6#88-P!9*+!6*++)$7!63@(#+&<3$!:)72))$!
3+7>3(#)%&6!:#6R,+3*$%!#$%!$)*+3<*+,)+-!:#6R,+3*$%!&$68*%)<!:37>!4)8832<!#$%!
#6#%)@&6!<(&$)!<*+,)3$<!:)6#*<)!7>)+)!#+)!$37!#!8#+,)!)$3*,>!$*@:)+!34!4)8832<!73!
63@(#+)!7>)@!<)(#+#7)8-P!
')63$%N!2)!63*8%!<*+1)-!63@@*$&7-!<(&$)!<*+,)3$<N!)&7>)+!&$!#!<&$,8)!
(+31&$6)N!3+!#6+3<<!7>)!63*$7+-!#$%!63@(#+)!73!7>&<!73!7>)!+)<(3$<)<!6388)67)%!4+3@!
#6#%)@&6!<(&$)!<*+,)3$<P!?>&<!23*8%!(+31&%)!#!63@(#+&<3$!34!()+6)(7&3$<N!#$%!
2>#7!&<!:)&$,!(+#67&6)%N!&$!#6#%)@&6!6)$7)+<!63@(#+)%!73!63@@*$&7-!>3<(&7#8<P!
?>&+%N!#!63@(#+&<3$!:)72))$!()+6)(7&3$<!34!63@()7)$6)!I63$4&%)$6)M!#$%!
#67*#8!63@()7)$6)!23*8%!%)7)+@&$)!2>)7>)+!7>)+)!&<!#!+)8#7&3$<>&(!:)72))$!7>)!
723P!?>&<!&<!&@(3+7#$7!:)6#*<)!&7!23*8%!%)7)+@&$)!2>)7>)+!3+!$37!3*+!@)#<*+)<!34!
()+6)&1)%!63@()7)$6)N!:-!<)84W+)(3+7)%!<*+1)-N!#+)!#66*+#7)P!?>&<!63*8%!:)!
#663@(8&<>)%!:-!#++#$,&$,!#!<*+,&6#8!<R&88<!7)<7&$,!@3%*8)!43+!4)8832<!#$%!
!
!
_S!
63@(#+&$,!7>)&+!#67*#8!63@()7)$6)!%3&$,!<()6&4&6!<*+,&6#8!<R&88<!3$!6#%#1)+<!3+!
@3%)8<!73!7>)&+!2+&77)$!)<7&@#7)<!34!63@()7)$6)P!
! c#<78-N!&$!3+%)+!73!%)7)+@&$)!&4!<(&$)!4)8832<>&(!7+#&$&$,!%3)<!&@(+31)!
(#7&)$7!3*763@)<N!#!<7*%-!63@(#+&$,!4)8832<>&(W7+#&$)%!<(&$)!<*+,)3$<!73!7>3<)!
7>#7!>#1)!$37!63@(8)7)%!#!4)8832<>&(!31)+!#!1#+&)7-!34!<(&$)!<*+,&6#8!(+36)%*+)<!#$%!
*<&$,!@*87&(8)!3*763@)<!23*8%!:)!:)$)4&6P!H$43+7*$#7)8-N!@3<7!6*++)$7!68&$&6#8!
%#7#:#<)<!*<)%!73!#<<)<<!(#7&)$7!3*763@)<!%3!$37!6388)67!4)8832<>&(!7+#&$&$,!
&$43+@#7&3$!3$!7>)!(+31&%)+P!!
!!!
!
!!
! !!!!!!!!
! !!!!
!
!
! !
!
!
!
!
!
aK!
$!"N7#2'
$(<:-'HR'%->,5)>-'%(9->'"(>-*'5)'%->+*-)81'#,-8+(:91'[;/9@5,(-*+8'5/'L-./5>./0+8(:\!
0)<&%)$6-!"3@(8)7)%! 58&,&:8)!0)<(3$%)$7<!
"3@(8)7)%!!'*+1)-<!
g!0)<(3$%&$,!
9+7>3(#)%&6<! TK! ba! S^!O)*+3<*+,)+-! La! Lb! _a!?37#8! ^J! ^J! SL!!
'
'
'
'
'
'
'
'
'
'
'
!
!
aL!
$(<:-'FR'O+66-/-)8->'+)'D-()'%-,5/9-*'IA,5/9()8-'56'&50)+9+3-'#T+::>'I9-A>'"(>-*'5)'%->+*-)81'"(8T0/5.)*!
"3,$&7&1)!'R&88!"#7),3+-!ID*)<7&3$!|d737#8!|!D*)<7&3$<!43+!)#6>!<R&88M!
/88!0)<(3$%)$7<!
9+7>3(#)%&6!0)<(3$%)$7<!
O)*+3<*+,)+-!0)<(3$%)$7<!
'&,$&4&6#$6)!IAW1#8*)M!
C#$#,)@)$7!34!G$48#@@#73+-!"3$%&7&3$<!ILdLM!
bPb! bPT! `PS! KPKLK!
C#$#,)@)$7!34!">+3$&6!A#&$!!!!ILdJM!
`P^! `P_! `PJ! KPK`S!
C#$#,)@)$7!34!">+3$&6!A#&$!!!!IJdJM!
bPJ! bP`! `P_! KPKL_!
H$%)+<7#$%&$,!C)%&6#8Wc),#8!/<()67<!34!A+#67&6)!ILdLM!
bPL! bPJ! `PT! KPKLK!
0)>#:&8&7#7&3$!#$%!A>-<&37>)+#(-!IJd`M!
bPb! bP^! bPK! KPKKJ!
A)+<3$#8!#$%!A+34)<<&3$#8!'R&88<!!!!ILdJM!
bP^! bP_! bPJ! KPK`T!
A)+<3$#8!#$%!A+34)<<&3$#8!'R&88<!IJdJM!
bPa! bPS! bP^! KPKbT!
0)<)#+6>!#$%!?)#6>&$,!!ILdJM!
bPa! bPS! bPT! KPKLJ!
O*@)+&6#8!<63+)<!#+)!@)#$<!3$!<6#8)<!34!L!73!TN!2>)+)!43+!&@(3+7#$6).!Lu*$#:8)!73!#<<)<<N!Ju$37!&@(3+7#$7N!`W(+3:#:8-!$37!&@(3+7#$7N!bW(+3:#:8-!&@(3+7#$7N!TW&@(3+7#$7P!
!
!
'
'
'
'
'
'
'
'
!
!
aJ!
$(<:-'SR'$-8@)+8(:]B/58-*./(:'&5A,-9-)8+->2'D-()'&5A65/9'N-3-:E'L--*'65/'!**+9+5)(:'$/(+)+)0E'()*'%-:(9+3-'IA,5/9()8-'65/'!::'%->,5)*-)9>'
?)6>$&6#8dA+36)%*+#8!'R&88! "3@43+7!c)1)8! O))%!43+!/%%&7&3$#8!?+#&$&$,!
G@(3+7#$6)!34!'R&88!
Application of tongs and cervical closed reduction' `Pa! LP`! bPS!Posterior cervical laminectomy' `Pa! LP`! bPS!Posterior C1-2 fusion with screws' `Pb! LPa! bPa!Posterior cervical wiring fusion' JP_! LPa! `Pa!Posterior C3-7 screw/plate/or rod fusion' `PS! LPJ! TPK!Occipito-cervical fusion with rods/screws/plates' `P`! LP_! bPa!Trans-oral odontoidectomy' LP_! `PL! `P_!Anterior cervical discectomy +/- fusion without plating (1 level)'
`P^! LP`! bPT!
Anterior cervical plating (1 level)' bPK! LPJ! bPS!Anterior cervical corpectomy and reconstruction' `P_! LPb! TPK!Surgery for cervical burst fracture with cord injury'
`P^! LP^! bPS!
Primary lumbar discectomy' `PS! LPJ! TPK!Discectomy for recurrent disc' `P^! LPT! bPS!Two level lumbar laminectomy' bPK! LPJ! TPK!Lumbar posterior non-instrumented fusion' `Pb! LPJ! bPJ!Posterior pedicle screw fixation (T8-S1)' `PS! LPJ! TPK!Upper thoracic (C6-T8) pedicle screw fixation' `P_! LPb! bPS!Postero-lateral thoracic discectomy' `PJ! LPS! bP_!Anterior thoracic discectomy' JPa! JPJ! bP^!Anterior L1 corpectomy and reconstruction' `PK! JPL! bPa!Surgery for thoracic fracture with spinal cord compression''
`P^! LPT! bPS!
Surgery for High Grade spondylolisthesis' `PJ! JPK! bP_!Right thoracic Idiopathic Scoliosis' JPS! JPJ! bP`!60 degree Degenerative Lumbar Scoliosis with Stenosis'
`P`! JPK! bP_!
Osteotomy for Lumbar Flat-back' JPS! JP`! bPT!Surgery for syringomyelia' JPK! JP_! `PT!Release of a tethered cord' LPS! JP_! `PT!Surgery for an intradural neoplasm' JPJ! JPT! `P_!Surgery for spinal metastases' `Pa! LPb! bPa!'O*@)+&6#8!<63+)<!#+)!@)#$<!3$!<6#8)<!34.!L!73!b!43+!"3@43+7!c)1)8!ILW$37!#7!#88N!JW#!8&778)N!`W<3@)2>#7N!bW>&,>8-Mk!L!73!b!43+!O))%!43+!/%%&7&3$#8!?+#&$&$,!ILW$3$)N!JW#!8&778)!@3+)N!`W<3@)!@3+)N!bW<&,$&4&6#$7!#%%&7&3$#8Mk!#$%!L!73!T!43+!G@(3+7#$6)!34!'R&88!ILW*$#:8)!73!#<<)<<N!JW$37!&@(3+7#$7N!`W(+3:#:8-!$37!&@(3+7#$7N!bW(+3:#:8-!&@(3+7#$7N!TW&@(3+7#$7MP!
!
'
'
'
!
!
a`!
$(<:-'VR'$-8@)+8(:'>T+::>'9@(9'*+>8/+A+)(9-'<-94--)';/9@5,(-*+8'()*'L-./5>./0+8(:'>,+)-'6-::54>'<(>-*'5)'85A65/9':-3-:E')--*'65/'(**+9+5)(:'9/(+)+)0E'()*'+A,5/9()8-'
!"#$"%&'( )$&*'+,(-(./0,1(23456( 789"&:'(;<=0<#>(?'9'&(@(A<,>'#$<#(B'#9$B"&(&"=$C'B><=D( 4EFF( FEFGH(;<=0<#>(?'9'&(@(I77'#(>J<#"B$B(.;58KL6(7'/$B&'(,B#'M(0$N">$<C(
H5EOL( PFEFF2(
;<=0<#>(?'9'&(@(QC>'#$<#(?2(B<#7'B><=D("C/(#'B<C,>#:B>$<C(
OEOR( FEFO2(
;<=0<#>(?'9'&(@(5F(/'S#''(T'S'C'#">$9'(?:=%"#(UB<&$<,$,((((((((((()$>J(,>'C<,$,(
REVL( FEFFG(
;<=0<#>(?'9'&(@(U:#S'#D(0<#(,D#$CS<=D'&$"( OEFG( FEFV2(;<=0<#>(?'9'&(@(U:#S'#D(0<#($C>#"/:#"&(C'<7&",=( 5E4O( FEF25(W=7<#>"CB'(<0(U*$&&(@(U:#S'#D(0<#($C>#"/:#"&(C'<7&",=( 2FEOG( FEFF4(X''/(0<#(Q//$>$<C"&(K#"$C$CS(@(A<,>'#$<#(B'#9$B"&((((((((((((((((((((((&"=$C'B><=D(
OELL( FEF4O(
X''/(0<#(Q//$>$<C"&(K#"$C$CS(@(A<,>'#$<#(;28H(0:,$<C(M$>J(((((((((((UB#'M,(
5E42( FEF2R(
X''/(0<#(Q//$>$<C"&(K#"$C$CS(@(YBB$7$><8B'#9$B"&(0:,$<C(M$>J(#</,Z,B#'M,Z7&">',(
5EFF( FEF2G(
X''/(0<#(Q//$>$<C"&(K#"$C$CS(@(QC>'#$<#(B'#9$B"&(/$,B'B><=D((((((((((([Z8(0:,$<C(M$>J<:>(7&">$CS(
VERR( FEFHH(
X''/(0<#(Q//$>$<C"&(K#"$C$CS(@(U:#S'#D(0<#(B'#9$B"&(%:#,>(((((((((((0#"B>:#'(M$>J(,7$C"&(B<#/($C\:#D(
VEL4( FEFH2(
X''/(0<#(Q//$>$<C"&(K#"$C$CS(@(U:#S'#D(0<#(>J<#"B$B(0#"B>:#'(M$>J(,7$C"&(B<#/(B<=7#',,$<C(
2FE52( FEFF4(
X''/(0<#(Q//$>$<C"&(K#"$C$CS(@(]$SJ>(>J<#"B$B($/$<7">J$B(,B<&$<,$,(
2FELF( FEFFH(
X''/(0<#(Q//$>$<C"&(K#"$C$CS(@(5F(/'S#''(/'S'C'#">$9'(&:=%"#(,B<&$<,$,(M$>J(,>'C<,$,(
5ERO( FEF2O(
X''/(0<#(Q//$>$<C"&(K#"$C$CS(@(]'&'",'(<0("(>'>J'#'/(B<#/( 22E55( FEFFH('
'
'
'
'
'
!
!
ab!
$(<:-'UR'O+>8/+A+)()9'?.)89+5)'!)(:1>+>'>85/->'65/'/->,5)*-)9>'<(>-*'5)';/9@5,(-*+8'5/'L-./5>./0+8(:'<(8T0/5.)*'
( Y#>J<( X':#<(^'"C( 2OEHL( 82OEHL(UT( VEH2( VEL5(]"CS'( 8HELG3(HOEGV( 8HGEO53(8LEO4('
O37).!7>&<!&<!&%)#8P!![)!63$<7+*67!7>)<)!<63+)<!2&7>!7>)!&$7)$7!7>#7!63@(8)7)8-!3((3<&7)!+)<*87<!#+)!<>32$!43+!7>)!,+3*(<!2)!#+)!7+-&$,!73!%&<6+&@&$#7)P!!?>&<!&<!2>#7!&<!<))$!>)+)P'
'
'
'
'
'
'
'
'
'
'
'
!
!
aT!
$(<:-'YR'L.A<-/'56',/58-*./->',-/65/A-*'+)';)9(/+5'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'6/5A'!,/R'HE'HZZU'95'O-8R'SHE'FGGHR'
!*(,9-*'6/5A'"-*-/A()'-9'(:R'fHFg'
!
!
!
!
!
!
!
!
!
!
!
!
!
}O*@:)+<!#$%!+#7)<!#%;*<7)%!:-!bd`!73!+)48)67!7>)!`!34!LJ!&$63@(8)7)!@3$7><!43+!JKKL!<&$6)!#$$*#8!138*@)<!#+)!6388)67)%!4+3@!/(+&8!L!73!C#+6>!`LP!
'
'
!
!
!
!
U)#+! F)63@(+)<<&3$! O3$&$<7+*@)$7)%!
=*<&3$!
G$<7+*@)$7)%!
=*<&3$!
?37#8!
LSST! ^KK!I_JPKM! `S!IbP_M! LSb!IJ`P`M! a``!
LSS^! _K^!I_aP`M! `S!IbP`M! LT_!IL_PbM! SKJ!
LSS_! ^``!I_LPJM! `K!I`PbM! JJ^!IJTPbM! aaS!
LSSa! ^JT!I^SP^M! `b!I`PaM! J`S!IJ^P^M! aSa!
LSSS! TSb!I^^PbM! bL!IbP^M! JTS!IJSPKM! aSb!
JKKK! ^LS!I^LPSM! TS!ITPSM! `JJ!I`JPJM! LKKK!
JKKL! bJ`!ITSPbM!
T^b}!ITSPbM}!
b_!I^P^M!
^`}!I^P^M}!
JbJ!I`bPKM!
`J`}!I`bPKM}!
_LJ!
ISbSM}!
!
!
a^!
$(<:-'WR'^#,+)-'7_,-/9`'35:.A->'65/'>./0-5)>'4@5'9/-(9-*',(9+-)9>'+)';)9(/+5'4+9@'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'95'O-8R'SHE'FGGH'
'
! O3P!IgM!34!<*+,)3$<! /$$*#8!<*+,&6#8!138*@)!
O3P!IgM!34!(#7&)$7<!
U)#+! c32!138*@)!
B&,>!138*@)!
?37#8! 0#$,)! c32!138*@)!
B&,>!138*@)!
?37#8!
LSST! LLb!IS`PbM!
a!I^P^M!
LJJ! LWaT! _KJ!IabP`M!
L`L!ILTP_M!
a``!
LSS^! LLb!ISJP_M!
S!I_P`M!
LJ`! LWaS! _a`!Ia^PaM!
LLS!IL`PJM!
SKJ!
LSS_! LK^!ISJPJM!
S!I_PaM!
LLT! LWLKK! _^_!Ia^P`M!
LJJ!IL`P_M!
aaS!
LSSa! S^!IaaPSM!
LJ!ILLPLM!
LKa! LWSL! _`^!IaJPKM!
L^J!ILaPbM!
aSa!
LSSS! S`!ISLPJM!
S!IaPaM!
LKJ! LWST! __L!Ia^PJM!
LJ`!IL`PaM!
aSb!
JKKK! SS!ISKPKM!
LL!ILKPKM!
LLK! LWaT! aJL!IaJPLM!
L_S!IL_PSM!
LKKK!
JKKL! aT!IaTPKM!
LT!ILTPKM!
LKK! LWaS! bSa!^^b}!I^SPSM!
JLb!JaT}!I`KPLM!!
_LJ!SbS}!
}O*@:)+<!#$%!+#7)<!#%;*<7)%!:-!bd`!73!+)48)67!7>)!`!34!LJ!&$63@(8)7)!@3$7><!43+!JKKL!<&$6)!#$$*#8!138*@)<!#+)!6388)67)%!4+3@!/(+&8!L!73!C#+6>!`LP!
!c32!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!z!KPTK!
B&,>!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!"!KPTK!
'(&$)!5Q()+7!X38*@)!u!/!{!Z!d!/!{!Z!{!"!
[>)+)N!/.!737#8!$*@:)+!34!&$%)Q!(+36)%*+)<!()+43+@)%!
! !!Z.!737#8!$*@:)+!34!#88!37>)+!<(&$)!(+36)%*+)<!()+43+@)%!!!!!
! !!".!737#8!$*@:)+!34!#88!$3$W<(&$)!(+36)%*+)<!()+43+@)%!
!
!
a_!
$(<:-'XR'O-A50/(,@+8>'56',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'95'O-8R'SHE'FGGHE'<1'>./0-5)'>,-8+(:91'()*'^>,+)-'-_,-/9'35:.A-`'
! '*+,)3$!<()6W-! '(&$)!5Q()+7!X38*@)!">#+#67)+&<7&6! O)*+3<*+,)+-! 9+7>3(#)%&6!! c32!138*@)! B&,>!138*@)!O3P!34!(#7&)$7<! J^a_! `bbL! TK_a! LKTK!
/,)N!@)#$!I+#$,)M!-+!
^aP`!ITKWSJM! ^_PJ!ITKWSbM! ^_P_!ITKWSbM! ^_PT!ITKWSLM!
=)@#8)N!$3P!IgM!
L`^T!ITKPaM! LSST!ITaPKM! J_aJ!ITbPaM! T_a!ITTPKM!
">#+8<3$!"!LN!$3P!IgM!
_bb!IJ_P_M! SJS!IJ_PKM! L`b^!IJ^PTM! `J_!I`LPLM!
c32!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!z!KPTK!
B&,>!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!"!KPTK!
!
'(&$)!5Q()+7!X38*@)!u!/!{!Z!d!/!{!Z!{!"!
[>)+)N!/.!737#8!$*@:)+!34!&$%)Q!(+36)%*+)<!()+43+@)%!
! !!Z.!737#8!$*@:)+!34!#88!37>)+!<(&$)!(+36)%*+)<!()+43+@)%!!!!!
! !!".!737#8!$*@:)+!34!#88!$3$W<(&$)!(+36)%*+)<!()+43+@)%!
!
!
!
!
!
!
!
!
!
!
!
aa!
$(<:-'ZR'#./0+8(:',/58-*./->',-/65/A-*'5)',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'9@-'*-0-)-/(9+3-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'95'O-8R'SHE'FGGHE'<1'>./0-5)'>,-8+(:91'()*'>,+)-'-_,-/9'35:.A-'
! F)63@(+)<<&3$<N!$3P! =*<&3$<N!$3P!'(&$)!5Q()+7!X38*@)!
O)*+3<*+,)3$<! 9+7>3(#)%&6!'*+,)3$<!
?37#8! O)*+3<*+,)3$<! 9+7>3(#)%&6!'*+,)3$<!
?37#8!
c32!138*@)!
LSSS! L^KS! `^Ka! aJ! L`aa! Lb_K!
B&,>!138*@)!
ba_! LKT! TSJ! LLS! ``S! bTa!
?37#8! Jba^! L_Lb! bJKK! JKL! L_J_! LSJa!
'c32!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!z!KPTK!
B&,>!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!"!KPTK!
!
'(&$)!5Q()+7!X38*@)!u!/!{!Z!d!/!{!Z!{!"!
[>)+)N!/.!737#8!$*@:)+!34!&$%)Q!(+36)%*+)<!()+43+@)%!
! !!Z.!737#8!$*@:)+!34!#88!37>)+!<(&$)!(+36)%*+)<!()+43+@)%!!!!!
! !!".!737#8!$*@:)+!34!#88!$3$W<(&$)!(+36)%*+)<!()+43+@)%!
'
'
'
'
'
'
'
'
'
!
!
aS!
$(<:-'HGR'O-85A,/->>+5)a91,-'/-5,-/(9+5)>'(A5)0',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'()*'O-8R'SHE'FGGHE'<1'*-A50/(,@+8>'()*'>./0-5)'6(895/>'
! F)63@(+)<<&3$W7-()!0)3()+#7&3$k!$3P!IgM!">#+#67)+&<7&6<! ^!2))R<! L!-)#+! J!-)#+<! 91)+#88!O3P!34!(#7&)$7<! Jb!IKPbM! S^!ILP^M! L_T!IJPSM! `b`!ITP^M!/,)N!@)#$!I+#$,)M!-+! ^^Pa!ITJWaLM! ^_PJ!ITKWa_M! ^^P_!ITKWa_M! ^^P^!ITKWa_M!=)@#8)!<)Q! LJ!IKPbM! TK!ILPTM! aS!IJP^MM! L^b!IbPSM!C#8)!<)Q! LJ!IKPbM! b^!ILP^M! a^!I`PLM! L_S!I^PTM!">#+8<3$!u!K! L_!IKPbM! _J!ILP^M! L`^!I`PLM! J_L!I^PLM!">#+8<3$!"!L! _!IKPbM! Jb!ILPbM! `S!IJP`M! _J!IbP`M!G$%)Q!3()+#7&3$!!!!!!!F)63@(+)<<&3$! LS!IKPbM! aK!ILPSM! LbL!I`PbM! J_a!I^P^M!!!!!!!=*<&3$! T!IKP`M! L^!IKPaM! `b!ILPaM! ^T!I`PbM!'(&$)!5Q()+7!X38*@)!!!!!!c32!138*@)! La!IKPbM! _T!ILPTM! LbJ!IJPaM! JaS!ITP_M!!!!!!B&,>!138*@)! ^!IKP^M! JL!IJPKM! ``!I`PLM! Tb!ITPLM!'*+,)3$!<()6W-!!!!!!O)*+3<*+,)+-! LK!IKPbM! TT!IJPKM! a_!I`PJM! L_^!I^P^M!!!9+7>3(#)%&6!'*+,)+-! Lb!IKPbM! bL!ILPJM! aa!IJP^M! L^_!IbPaM!'c32!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!z!KPTK!
B&,>!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!"!KPTK!
'
'(&$)!5Q()+7!X38*@)!u!/!{!Z!d!/!{!Z!{!"!
[>)+)N!/.!737#8!$*@:)+!34!&$%)Q!(+36)%*+)<!()+43+@)%!
! !!Z.!737#8!$*@:)+!34!#88!37>)+!<(&$)!(+36)%*+)<!()+43+@)%!!!!!
! !!".!737#8!$*@:)+!34!#88!$3$W<(&$)!(+36)%*+)<!()+43+@)%!
'
'
'
'
'
'
'
!
!
SK!
$(<:-'HHR'?.>+5)a91,-'/-5,-/(9+5)>'(A5)0',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'()*'O-8R'SHE'FGGHE'<1'*-A50/(,@+8>'()*'>./0-5)'6(895/>'
'
'
! =*<&3$W7-()!0)3()+#7&3$k!$3P!IgM!">#+#67)+&<7&6<! ^!2))R<! L!-)#+! J!-)#+<! 91)+#88!O3P!34!(#7&)$7<! LJ!IKPJM! b^!IKPaM! LJJ!IJPKM! `K^!ITPKM!/,)N!@)#$!I+#$,)M!-+! ^TP_!ITKWaKM! ^^PJ!ITKWaLM! ^^P^!ITKWa`M! ^TPL!ITKWa`M!=)@#8)!<)Q! a!IKPJM! J_!IKPaM! _^!IJP`M! LSK!ITP^M!C#8)!<)Q! b!IKPLM! LS!IKP_M! b^!ILP_M! LL^!IbPJM!">#+8<3$!u!K! _!IKPJM! `^!IKPaM! SL!IJPKM! J`T!ITP`M!">#+8<3$!"!L! T!IKP`M! LK!IKP^M! `L!ILPaM! _L!IbPJM!G$%)Q!3()+#7&3$!!!!!!!F)63@(+)<<&3$! b!IKPLM! Ja!IKP^M! aJ!IJPKM! L_L!IbPLM!!!!!!!=*<&3$! a!IKPbM! La!IKPSM! bK!IJPLM! L`T!I_PKM!'(&$)!5Q()+7!X38*@)!!!!!!c32!138*@)! LL!IKPJM! `S!IKPaM! LK`!IJPKM! J^T!ITPJM!!!!!!B&,>!138*@)! L!IKPLM! _!IKP_M! LS!ILPaM! bL!I`PSM!'*+,)3$!<()6W-!!!!!!O)*+3<*+,)+-! J!IKPLM! La!IKP_M! b_!ILPaM! LK`!I`PaM!!!9+7>3(#)%&6!'*+,)+-! LK!IKP`M! Ja!IKPaM! _T!IJPJM! JK`!ITPSM!c32!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!z!KPTK!
B&,>!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!"!KPTK!
'
'(&$)!5Q()+7!X38*@)!u!/!{!Z!d!/!{!Z!{!"!
[>)+)N!/.!737#8!$*@:)+!34!&$%)Q!(+36)%*+)<!()+43+@)%!
! !!Z.!737#8!$*@:)+!34!#88!37>)+!<(&$)!(+36)%*+)<!()+43+@)%!!!!!
! !!".!737#8!$*@:)+!34!#88!$3$W<(&$)!(+36)%*+)<!()+43+@)%!
'
'
'
'
'
!
!
SL!
$(<:-'HFR'7(/:1'85A,:+8(9+5)>'[4+9@+)'S'A5)9@>\'(A5)0',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'()*'O-8R'SHE'FGGHE'<1'*-A50/(,@+8>'()*'>./0-5)'6(895/>'
! ?-()<!34!"3@(8&6#7&3$<k!$3P!IgM!">#+#67)+&<7&6<! '*+,&6#8! C)%&6#8!! '*+,&6#8!
0)3()+#7&3$<!91)+#88!
O3P!34!(#7&)$7<! LTa!IJP^M! L_J!IJPaM! TT!IKPSM! JaT!IbP^M!/,)N!@)#$!I+#$,)M!-+! ^aP`!ITKWa_M! _KPT!ITKWaaM! ^^PK!ITKWaJM! ^SPL!ITKWaaM!=)@#8)!<)Q! aa!IJP^M! SK!IJP_M! JT!IKP_M! LTK!IbPTM!C#8)!<)Q! _K!IJPTM! aJ!I`PKM! `K!ILPKM! L`T!IbPSM!">#+8<3$!u!K! LKK!IJPJM! Sb!IJPLM! `K!IKP_M! L^T!I`P_M!">#+8<3$!"!L! Ta!I`PTM! _a!IbP_M! JT!ILPTM! LJK!I_PJM!G$%)Q!3()+#7&3$!!!!!!!F)63@(+)<<&3$! aS!IJPLM! LLK!IJP^M! `b!IKPaM! L_b!IbPLM!!!!!!!=*<&3$! ^S!I`P^M! ^J!I`PJM! JL!ILPLM! LLL!ITPaM!'(&$)!5Q()+7!X38*@)!!!!!!c32!138*@)! LJT!IJPTM! L`b!IJP^M! b`!IKPaM! JJL!IbPbM!!!!!!B&,>!138*@)! ``!I`PLM! `a!I`P^M! LJ!ILPLM! ^b!I^PLM!'*+,)3$!<()6W-!!!!!!O)*+3<*+,)+-! ^J!IJP`M! ^S!IJP^M! L_!IKP^M! LL`!IbPJM!!!9+7>3(#)%&6!'*+,)+-! S^!IJPaM! LK`!I`PKM! `a!ILPLM! L_J!ITPKM!'*+,&6#8!+)3()+#7&3$<!e!&$68*%)<!&$6&<&3$!#$%!%+#&$#,)!34!<*:6*7#$)3*<!7&<<*)N!)Q6&<&3$#8!%):+&%)@)$7!34!23*$%d&$4)67&3$d:*+$N!)76P!#<!8&<7)%!&$!/(()$%&Q!_P!
c32!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!z!KPTK!
B&,>!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!"!KPTK!
!
'(&$)!5Q()+7!X38*@)!u!/!{!Z!d!/!{!Z!{!"!
[>)+)N!/.!737#8!$*@:)+!34!&$%)Q!(+36)%*+)<!()+43+@)%!
! !!Z.!737#8!$*@:)+!34!#88!37>)+!<(&$)!(+36)%*+)<!()+43+@)%!!!!!
! !!".!737#8!$*@:)+!34!#88!$3$W<(&$)!(+36)%*+)<!()+43+@)%!
!
!
!
!
!
!
SJ!
$(<:-'HSR'%-(*A+>>+5)>'()*'D5/9(:+91'(A5)0',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'()*'O-8R'SHE'FGGHE'<1'*-A50/(,@+8>'()*'>./0-5)'6(895/>'
">#+#67)+&<7&6<! 0)#%@&<<&3$<!2&7>&$!`!@3$7><!
G$W>3<(&7#8!@3+7#8&7-!
C3+7#8&7-!#7!!`!@3$7><!(3<7W%&<6>#+,)!
C3+7#8&7-!#7!L!-)#+!(3<7W%&<6>#+,)!
O3P!34!(#7&)$7<! _b`!ILJPLM! JL!IKP`M! !JK!IKP`M!! ST!ILP^M!/,)N!@)#$!I+#$,)M!-+! ^SP_!ITKWSbM! _bP_!ITSWaaM! _JPa!IT_Wa_M! _`PT!IT`WSbM!=)@#8)!<)Q! ``^!ILKPSM! LK!IKP`M! LL!IKP`M! bK!ILPJM!C#8)!<)Q! `__!IL`P^M! LL!IKPbM! S!IKP`M! TT!IJPKM!">#+8<3$!u!K! b_K!ILKP^M! S!IKPJM! LK!IKPJM! bL!IKPSM!">#+8<3$!"!L! J_`!IL^P`M! LJ!IKP_M! LK!IKP^M! Tb!I`PJM!G$%)Q!3()+#7&3$!!!!!!!F)63@(+)<<&3$! TLJ!ILJPJM! L`!IKP`M! L^!IKPbM! _`!ILP_M!!!!!!!=*<&3$! J`L!ILJPKM! a!IKPbM! b!IKPJM! JJ!ILPLM!'(&$)!5Q()+7!X38*@)!!!!!!c32!138*@)! TSS!ILLPaM! L_!IKP`M! L^!IKP`M! aL!ILP^M!!!!!!B&,>!138*@)! Lbb!IL`P_M! b!IKPbM! b!IKPbM! Lb!ILP`M!'*+,)3$!<()6W-!!!!!!O)*+3<*+,)+-! ``a!ILJP^M! LK!IKPbM! LK!IKPbM! ba!ILPaM!!!9+7>3(#)%&6!'*+,)+-! bKT!ILLPaM! LL!IKP`M! LK!IKP`M! b_!ILPbM!c32!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!z!KPTK!
B&,>!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!"!KPTK!
!
'(&$)!5Q()+7!X38*@)!u!/!{!Z!d!/!{!Z!{!"!
[>)+)N!/.!737#8!$*@:)+!34!&$%)Q!(+36)%*+)<!()+43+@)%!
! !!Z.!737#8!$*@:)+!34!#88!37>)+!<(&$)!(+36)%*+)<!()+43+@)%!!!!!
! !!".!737#8!$*@:)+!34!#88!$3$W<(&$)!(+36)%*+)<!()+43+@)%!
!
!
!
!
!
!
!
!
S`!
$(<:-'HVR'B5>95,-/(9+3-'IA(0+)0'(A5)0',(9+-)9>'+)';)9(/+5'4@5'.)*-/4-)9'>./0-/1'65/'*-0-)-/(9+3-'*+>-(>-'56'9@-':.A<(/'>,+)-'<-94--)'!,/R'HE'HZZU'()*'O-8R'SHE'FGGHE'<1'*-A50/(,@+8>'()*'>./0-5)'6(895/>!
! A3<73()+#7&1)!G@#,&$,k!$3P!IgM!">#+#67)+&<7&6<! "?! C0G! 91)+#88!O3P!34!(#7&)$7<! JLJT!I`bP_M! L^`J!IJ^P^M! JaS`!Ib_PJM!/,)N!@)#$!I+#$,)M!-+! ^^PS!ITKWaSM! ^TPa!ITKWaSM! ^^Pa!ITKWaSM!=)@#8)!<)Q! LJb_!I`_PLM! aS_!IJ^P_M! L^TL!IbSPLM!C#8)!<)Q! a_a!I`LP_M! _`T!IJ^P^M! LJbJ!IbbPSM!">#+8<3$!u!K! LT_T!I`TPbM! LJb`!IJ_PSM! JJS_!ITLPJM!">#+8<3$!"!L! TTK!I`JPSM! `aS!IJ`PJM! S`a!IT^PLM!G$%)Q!3()+#7&3$!!!!!!!F)63@(+)<<&3$! LbT_!I`bP_M! LJLL!IJaPaM! JKbT!IbaP_M!!!!!!!=*<&3$! ^^a!I`bP^M! bJL!IJLPaM! aba!IbbPKM!'(&$)!5Q()+7!X38*@)!!!!!!c32!138*@)! L_Tb!I`bPTM! L`TJ!IJ^P^M! J`aK!Ib^PSM!!!!!!B&,>!138*@)! `_L!I`TP`M! JaK!IJ^P_M! TL`!IbaPSM!'*+,)3$!<()6W-!!!!!!O)*+3<*+,)+-! SJa!I`bPTM! aL`!I`KP`M! L``T!IbSP_M!!!9+7>3(#)%&6!'*+,)+-! LLS_!I`bPaM! aLS!IJ`PaM! LTTa!IbTPJM!
c32!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!z!KPTK!
B&,>!138*@)!e!h<(&$)!)Q()+7i!138*@)!+#7&3!"!KPTK!
!
'(&$)!5Q()+7!X38*@)!u!/!{!Z!d!/!{!Z!{!"!
[>)+)N!/.!737#8!$*@:)+!34!&$%)Q!(+36)%*+)<!()+43+@)%!
! !!Z.!737#8!$*@:)+!34!#88!37>)+!<(&$)!(+36)%*+)<!()+43+@)%!!!!!
! !!".!737#8!$*@:)+!34!#88!$3$W<(&$)!(+36)%*+)<!()+43+@)%!
!
!
!
!
!
!
'
!
!
Sb!
?IPJ%7#2'
?+0./-'HR'%-:(9+3-'IA,5/9()8-'56'HS'O+>9+)89'&50)+9+3-'#T+::'&5A,-9-)81'&(9-05/+->!
LEGEND: CATEGORY
1-Diagnosis & Management Skills-Spine Specific 2-History & Physical Examination Skills 3-Investigations
4-Problem-Based Management Skills 5-Treatment of Infections
6-Continuity of Care
7-Management of Chronic Inflammatory Conditions
8-Management of Chronic Pain
9-Medical/Legal Aspects of Practice 10-Rehabilitation/Physiotherapy
11-Personal & Professional Skills
12-Involvement in Research & Teaching 13-Peri-operative Management
'
!
!
ST!
?+0./-'FR'D-()'L.A<-/'56'&(>->'&5A,:-9-*'O./+)0'?-::54>@+,''
!
!
!
!
!
!
!
!
!
!
!
!
'
!
!
S^!
?+0./-'SR'"5_,:59'b'O+>9/+<.9+5)'56'*+>8/+A+)()9'6.)89+5)'()(:1>+>'>85/->'56'/->,5)*-)9>'85A,(/+)0'5/9@5,(-*+8'>./0-/1'()*')-./5>./0-/1'<(8T0/5.)*>'
_#"7J$B"&&D(M'(B"C(,''(J<M(>J'(TQ(,B<#'(/$,B#$=$C">',(%'>M''C(>J'(>M<(S#<:7,(:,$CS(%<N7&<>,1(
(!
!
!
!
!
!
!
!
!
!
!
!
S_!
?+0./-'VR'C+>950/(A'a'O+>9/+<.9+5)'56'*+>8/+A+)()9'6.)89+5)'()(:1>+>'>85/->'56'/->,5)*-)9>'85A,(/+)0'5/9@5,(-*+8'>./0-/1'()*')-./5>./0-/1'<(8T0/5.)*>!!
(!
!
!
!
!
!
!
!
!
!
!
!
!
Sa!
?+0./-'UR''K(,:()aD-+-/',/5<(<+:+91'56'/-5,-/(9+5)a6/--'>./3+3(:E'<1'+)*-_',/58-*./-'
!*(,9-*'6/5A'"-*-/A()'-9'(:R'fHSg'
!
(p < 0.001), the age and percent female differences weresmall considering the study sample size (1.1 yr older, 7.2%more men). There was also no change in the ratio of pro -cedures (i.e., decompresson v. adjunctive fusion) performedby neurosurgeons compared with orthopedic surgeons overthe study period.
The number of decompressive and fusion procedures bysurgical specialty and surgical volume is shown in Table 4.The odds of performing fusions over decompressions was2.9 for higher-volume compared with lower-volume sur-geons (95% confidence interval [CI] 2.5–3.2) and 12.5 fororthopedic surgeons compared with neurosurgeons (95%CI 10.6–14.6). We found heterogeneity in the odds ratios(ORs) for surgery by specialty between the low- and high-volume groups (p < 0.001, Breslow–Day test) such that theOR for fusions in low-volume surgeons was 6.3 (95% CI4.7–8.3) compared with an OR in high-volume surgeons of17.7 (95% CI 14.6–21.6).
From 1995 to 2005, there were 649 reoperations(10.6%; Table 5). The reoperation rate was higher fordecompressions than fusions at 2 years (OR 1.4, 95% CI1.1–1.8). Overall, the reoperation rate was lower foryounger patients (mean difference 2.0 yr, 95% CI 1.3–2.8) and those without significant comorbidities (OR 0.7,95% CI 0.6–0.9). We found no significant differences inlong-term survival for index procedures or surgeon spe-cialty (Fig. 2 and Fig. 3). Cox proportional hazardsregression demonstrated that patients with lower-volumesurgeons had a significantly higher reoperation rate afteradjusting for age, comorbidity and surgeon specialty (haz-ard ratio 1.28, p = 0.038; Fig. 4).
DISCUSSION
From 1995 to 2001 in Ontario, we observed a trendtoward more spinal fusions and fewer isolated decompres-sions with a simultaneous decrease in overall supply of
RESEARCH
Can J Surg, Vol. 52, No. 4, August 2009 287
Table 5. Reoperations among patients in Ontario who underwent surgery for degenerative disease of the lumbar spine between Apr. 1, 1995, and Dec. 31, 2001, by demographics and surgeon factors
Reoperation; no. (%)*
Characteristics 6 weeks 1 year 2 years Overall
No. of patients 36 (0.6) 142 (2.3) 297 (4.9) 649 (10.6) Age, mean (range) yr 66
(50–81) 67
(50–87) 67
(50–87) 66
(50–87) Female sex 20 (0.6) 77 (2.3) 165 (4.9) 354 (10.5) Male sex 16 (0.6) 65 (2.4) 132 (4.8) 295 (10.7) Charlson = 0 24 (0.5) 108 (2.4) 227 (5.1) 506 (11.3) Charlson ! 1 12 (0.7) 34 (2.0) 70 (4.2) 143 (8.6)
Index operation Decompression 23 (0.6) 108 (2.6) 223 (5.3) 449 (10.7) Fusion 13 (0.7) 34 (1.8) 74 (3.8) 200 (10.4)
Surgeon volume Low volume 9 (0.4) 56 (2.4) 120 (5.2) 255 (11.1) High volume 27 (0.7) 86 (2.2) 177 (4.6) 394 (10.3)
Surgeon specialty Neurosurgery 12 (0.5) 73 (2.7) 134 (5.0) 279 (10.4) Orthopedic surgery 24 (0.7) 69 (2.0) 163 (4.7) 370 (10.8)
*Unless otherwise indicated.
0 2 4 6 8 10
Time, yr
1
0.95
0.9
0.85
0.8
Prob
abili
ty o
f sur
viva
l
Fusion
Decompression
Fig. 2. Kaplan–Meier probability of reoperation-free survival, byindex procedure.
0 2 4 6 8 10 Time, yr
1
0.95
0.9
0.85
0.8
Prob
abili
ty o
f sur
viva
l Orthopedic surgery
Neurosurgery
Fig. 3. Kaplan–Meier probability of reoperation-free survival, bysurgeon specialty.
0 2 4 6 8 10
Time, yr
1
0.95
0.9
0.85
0.8
Prob
abili
ty o
f sur
viva
l
High volume
Low volume
Fig. 4. Kaplan–Meier probability of reoperation-free survival, bysurgeon volume.
!
!
SS!
?+0./-'YR''K(,:()aD-+-/',/5<(<+:+91'56'/-5,-/(9+5)a6/--'>./3+3(:E'<1'>./0-5)'>,-8+(:91'
!*(,9-*'6/5A'"-*-/A()'-9'(:R'fHSg'
'
(p < 0.001), the age and percent female differences weresmall considering the study sample size (1.1 yr older, 7.2%more men). There was also no change in the ratio of pro -cedures (i.e., decompresson v. adjunctive fusion) performedby neurosurgeons compared with orthopedic surgeons overthe study period.
The number of decompressive and fusion procedures bysurgical specialty and surgical volume is shown in Table 4.The odds of performing fusions over decompressions was2.9 for higher-volume compared with lower-volume sur-geons (95% confidence interval [CI] 2.5–3.2) and 12.5 fororthopedic surgeons compared with neurosurgeons (95%CI 10.6–14.6). We found heterogeneity in the odds ratios(ORs) for surgery by specialty between the low- and high-volume groups (p < 0.001, Breslow–Day test) such that theOR for fusions in low-volume surgeons was 6.3 (95% CI4.7–8.3) compared with an OR in high-volume surgeons of17.7 (95% CI 14.6–21.6).
From 1995 to 2005, there were 649 reoperations(10.6%; Table 5). The reoperation rate was higher fordecompressions than fusions at 2 years (OR 1.4, 95% CI1.1–1.8). Overall, the reoperation rate was lower foryounger patients (mean difference 2.0 yr, 95% CI 1.3–2.8) and those without significant comorbidities (OR 0.7,95% CI 0.6–0.9). We found no significant differences inlong-term survival for index procedures or surgeon spe-cialty (Fig. 2 and Fig. 3). Cox proportional hazardsregression demonstrated that patients with lower-volumesurgeons had a significantly higher reoperation rate afteradjusting for age, comorbidity and surgeon specialty (haz-ard ratio 1.28, p = 0.038; Fig. 4).
DISCUSSION
From 1995 to 2001 in Ontario, we observed a trendtoward more spinal fusions and fewer isolated decompres-sions with a simultaneous decrease in overall supply of
RESEARCH
Can J Surg, Vol. 52, No. 4, August 2009 287
Table 5. Reoperations among patients in Ontario who underwent surgery for degenerative disease of the lumbar spine between Apr. 1, 1995, and Dec. 31, 2001, by demographics and surgeon factors
Reoperation; no. (%)*
Characteristics 6 weeks 1 year 2 years Overall
No. of patients 36 (0.6) 142 (2.3) 297 (4.9) 649 (10.6) Age, mean (range) yr 66
(50–81) 67
(50–87) 67
(50–87) 66
(50–87) Female sex 20 (0.6) 77 (2.3) 165 (4.9) 354 (10.5) Male sex 16 (0.6) 65 (2.4) 132 (4.8) 295 (10.7) Charlson = 0 24 (0.5) 108 (2.4) 227 (5.1) 506 (11.3) Charlson ! 1 12 (0.7) 34 (2.0) 70 (4.2) 143 (8.6)
Index operation Decompression 23 (0.6) 108 (2.6) 223 (5.3) 449 (10.7) Fusion 13 (0.7) 34 (1.8) 74 (3.8) 200 (10.4)
Surgeon volume Low volume 9 (0.4) 56 (2.4) 120 (5.2) 255 (11.1) High volume 27 (0.7) 86 (2.2) 177 (4.6) 394 (10.3)
Surgeon specialty Neurosurgery 12 (0.5) 73 (2.7) 134 (5.0) 279 (10.4) Orthopedic surgery 24 (0.7) 69 (2.0) 163 (4.7) 370 (10.8)
*Unless otherwise indicated.
0 2 4 6 8 10
Time, yr
1
0.95
0.9
0.85
0.8
Prob
abili
ty o
f sur
viva
l
Fusion
Decompression
Fig. 2. Kaplan–Meier probability of reoperation-free survival, byindex procedure.
0 2 4 6 8 10 Time, yr
1
0.95
0.9
0.85
0.8
Prob
abili
ty o
f sur
viva
l Orthopedic surgery
Neurosurgery
Fig. 3. Kaplan–Meier probability of reoperation-free survival, bysurgeon specialty.
0 2 4 6 8 10
Time, yr
1
0.95
0.9
0.85
0.8
Prob
abili
ty o
f sur
viva
l
High volume
Low volume
Fig. 4. Kaplan–Meier probability of reoperation-free survival, bysurgeon volume.
'
!
!
LKK!
?+0./-'WR'K(,:()aD-+-/',/5<(<+:+91'56'/-5,-/(9+5)a6/--'>./3+3(:E'<1'>,+)-'-_,-/9'35:.A-'/(9+5'
'
'
N-0-)*2'N54'7_,-/9'h5:.A-'%(9+5'b'BILK'
' ''''C+0@'7_,-/9'h5:.A-'%(9+5'a'BJ%BN7'
'
'
'
'
'
'
'
'
'
'
'
!
!
LKL!
'
%7?7%7L&7#2'
LP /%#@<3$!?5N!Z#8%2&$!F"!n+N!'>))>#$!?n!)7!#8P!ILSS_M!">#+#67)+&<7&6<!34!<*+,)3$<!2&7>!>&,>!#$%!832!@#8(+#67&6)!68#&@<!+#7)<P![)<7!n!C)%!L^^N!`_WbbP!
JP /8W5&<<#!CN!">*!'N!c-$6>!?!)7!#8P!IJKKaM!')84W+)(3+7)%!)Q()+&)$6)!#$%!63@()7)$6)!&$!63+)!(+36)%*+)<!#@3$,!"#$#%&#$!()%+&6!)@)+,)$6-!@)%&6&$)!4)8832<>&(!7+#&$))<P!"n5C!LKI^MN!T``WaP!
`P /88&)%!A>-<&6&#$<WA>-<&6&#$!')#+6>N!A>-<&6&#$!"3@()$<#7&3$!'*+1)-P!/1#&8#:8)!#7.!>77(.dd222P(>-<&6&#$<<)#+6>P63@d(>-<&6&#$d<#8#+-P>7@N!/66)<<)%!n#$*#+-!L_N!JKLKP!!
bP /78#<!'nN!Y)88)+!0ZN![*!U/!)7!#8P!IJKKTM!c3$,W7)+@!3*763@)<!34!<*+,&6#8!#$%!$3$<*+,&6#8!@#$#,)@)$7!34!8*@:#+!<(&$#8!<7)$3<&<.!a!73!LK!-)#+!+)<*87<!4+3@!7>)!@#&$)!8*@:#+!<(&$)!<7*%-P!'(&$)!`KN!S`^Wb`P!
TP /*)+:#6>!nFN!c3$$)+!Z'N!/$73$#66&!CF!)7!#8P!IJKKaM!A)+&3()+#7&1)!3*763@)<!#$%!63@(8&6#7&3$<!+)8#7)%!73!7)#6>&$,!+)<&%)$7<!#$%!4)8832<!&$!<638&3<&<!<*+,)+-P!'(&$)!``ILKMN!LLL`WaP!
^P Z#8%)+<73$!0/N!Z8*@:)+,!YFP!ILSSLM!G$4)67&3$!&$!'(&$)!'*+,)+-P!G$.!"3@(8&6#7&3$<!&$!'(&$#8!'*+,)+-N![Z!'#*$%)+<N!A>&8#%)8(>&#!A/N!LT_W^aP!
_P Z#$6+347!EON!Z#<*!"ZN!c)3$,!C!)7!#8P!IJKKaM!9*763@)W:#<)%!+)<&%)$6-!)%*6#7&3$.!7)#6>&$,!#$%!)1#8*#7&$,!7>)!63+)!63@()7)$6&)<!&$!(8#<7&6!<*+,)+-P!A8#<7&6!0)63$!'*+,!n!LJLI^MN!bbL)Wa)P!
aP Z#+,)+!cYN!/-#<!O?N!"#%)!Z5!)7!#8P!IJKK^M!G@(#67!34!)Q7)$%)%W%*+#7&3$!<>&47<!3$!@)%&6#8!)++3+<N!#%1)+<)!)1)$7<N!#$%!#77)$7&3$#8!4#&8*+)<P!Ac3'!C)%&6&$)!`N!JbbKWaP!
SP Z#+,)+!cYN!"#%)!Z5N!/-#<!O?!)7!#8P!IJKKTM!5Q7)$%)%!23+R!<>&47<!#$%!7>)!+&<R!34!@373+!1)>&68)!6+#<>)<!#@3$,!&$7)+$<P!O!5$,8!n!C)%!`TJN!LJTW`bP!
LKP Z#+7R3!nnP!ILS^^M!?>)!&$7+#68#<<!63++)8#7&3$!63)44&6&)$7!#<!#!@)#<*+)!34!+)8&#:&8&7-P!A<-6>38!0)(!LSILMN!`WLLP!
LLP Z#<>3+)!?CN![#$,!/P!IJKKaM!0)6)$7!#66+)%&7#7&3$!63*$6&8!43+!,+#%*#7&$,!@)%&6#8!)%*6#7&3$!&$&7&1)<!>#1)!$37!:))$!<>32$!73!&@(+31)!7>)!)%*6#7&3$!34!6#+%&383,-!4)8832<P!"&+6*8#7&3$!LLaN!T`JW_P!
LJP Z#<<!ZcP!IJKK^M!5#+8-!<()6&V#7&3$!&$!<*+,&6#8!7+#&$&$,.!#$!38%!63$6)(7!2>3<)!7&@)!>#<!63@)~!')@!X#<6!'*+,!LSN!JLbW_P!
L`P Z)%)+@#$!''N!Y+)%)+!BnN!=&$R)8<7)&$!n/!)7!#8P!IJKKSM!?>)!2>3N!2>#7!#$%!2>)$!34!<*+,)+-!43+!7>)!%),)$)+#7&1)!8*@:#+!<(&$).!#!(3(*8#7&3$W:#<)%!<7*%-!34!<*+,)3$!
!
!
LKJ!
4#673+<N!<*+,&6#8!(+36)%*+)<N!+)6)$7!7+)$%<!#$%!+)3()+#7&3$!+#7)<P!"#$!n!'*+,!TJIbMN!Ja`WSKP!
LbP Z)88!0B!n+P!IJKKaM!E+#%*#7)!)%*6#7&3$!&$!,)$)+#8!<*+,)+-!#$%!&7<!+)8#7)%!<()6W&)<!#$%!<*:<()6W&)<!&$!7>)!H$&7)%!'7#7)<P![3+8%!n!'*+,!`JILKMN!JL_aWabP!
LTP Z)+@#$!0'N!Y*+7V@#$!'BN!A3<$)+!C"!)7!#8P!IJKKSM!'36&)7-!34!<*+,&6#8!3$6383,-!4)8832<>&(!7+#&$&$,.!2>)+)!2)!>#1)!:))$N!2>)+)!2)!#+)!$32N!#$%!2>)+)!2)!#+)!,3&$,P!n!'*+,!9$6!LKKN!L_SWaLP!
L^P Z)+D*&<7!?BN!Z#$6+347!c[N!Y+#$<%3+4!Cn!)7!#8P!IJKK`M!A3<7,+#%*#7)!@*<6*83<R)8)7#8!4)8832<>&(!7+#&$&$,!&$!7>)!H$&7)%!'7#7)<.!6*++)$7!7+)$%<!#$%!4*7*+)!%&+)67&3$P!'R)8)7#8!0#%&38!`JI^MN!``_WbJP!
L_P Z3+@#$!Y0N!X&6R!c0N!Z&)<7)+!?[!)7!#8P!IJKKaM!">#$,&$,!%)@3,+#(>&6<!34!+)<&%)$7<!6>33<&$,!4)8832<>&(<.!83$,7)+@!%#7#!4+3@!7>)!/@)+&6#$!Z3#+%!34!'*+,)+-P!n!/@!"388!'*+,!JK^ITMN!_aJWaP!
LaP Z3<V6V-R!ZN!?&@37>-!nN!A)*8![!)7!#8P!IJKK_M!5%&73+.!$)*+3<*+,&6#8!7+#&$&$,!#$%!7>)!<(&$)P!/67#!O)*+36>&+!I[&)$M!LbSN!``SP!
LSP Z3<V6V-R!ZCN!C33&;!nnN!'6>@&77!O!)7!#8P!IJKKSM!'(&$)!<*+,)+-!7+#&$&$,!#$%!63@()7)$6)!34!)*+3()#$!$)*+3<*+,&6#8!7+#&$))<P!/67#!O)*+36>&+!LTLN!^LSWJaP!
JKP Z+32$)!n/N!A&)7+3:3$!0N!98<3$!'/P!IJKKSM!B&(!4+#67*+)!3*763@)<.!%3)<!<*+,)3$!3+!>3<(&7#8!138*@)!+)#88-!@#77)+~!n!?+#*@#!^^I`M!aKSWLbP!
JLP "#$#%&#$!'(&$)!'36&)7-P!/1#&8#:)!#7!>77(.dd222P6<<P3+,P!/66)<<)%!n#$*#+-!TN!JKLKP!
JJP "#8%)+3$)!00N!E#+8#$%!F5N!"#()$!F/!)7!#8P!ILSS^M!"3<7!34!@)%&6#8!6#+)!43+!(3<73()+#7&1)!<(&$#8!&$4)67&3$<P!9+7>3(!"8&$!O3+7>!/@!J_N!L_LWaJP!
J`P ">#$%8)+!ZN!Y*8)!0N!Z#&3663!A!)7!#8P!IJKKSM!?)#6>&$,!7>)!63@()7)$6&)<.!*<&$,!3:;)67&1)!<7+*67*+)%!68&$&6#8!)$63*$7)+<!43+!,#<7+3)$7)+383,-!4)8832<P!"8&$!E#<7+3)$7)+38!B)(#738!_ITMN!TKSWLbP!
JbP "3@()#*!"N!?-+2>&77!nN!'>#+,#88!U!)7!#8P!IJKKSM!/!+)7+3<()67&1)!+)1&)2!34!,)$)+#8!<*+,)+-!7+#&$&$,!3*763@)<!#7!7>)!H$&1)+<&7-!34!?3+3$73P!"#$!n!'*+,!TJITMN!5L`LW^P!
JTP F#&8)-!'[N!Z+&$R)+!C0N!588&377!COP!ILSSaM!9+7>3()%&6!+)<&%)$7<i!()+6)(7&3$<!34!7>)!63$7)$7!#$%!#%)D*#6-!34!7>)&+!+)<&%)$6-!7+#&$&$,P!/@!n!9+7>3(!J_IaMN!T^`W_KP!
J^P F)c&<#!n/P!IJKK_M!51#8*#7&3$!34!68&$&6#8!63@()7)$6-P!/@!n!A>-<!C)%!0)>#:&8!_SN!b_bW_P!
J_P F)-3!0/N!C&+V#!'YN!C#+7&$!ZGP!IJKK^M!Z#6R!(#&$!(+)1#8)$6)!#$%!1&<&7!+#7)<.!)<7&@#7)<!4+3@!HP'P!$#7&3$#8!<*+1)-<P!'(&$)!`LN!J_JbW_P!
!
!
LK`!
JaP F+)2!ZN!Z#$%#+&!CN!9++!F!)7!#8P!'*+,&6#8!(+)4)+)$6)!&$!#$7)+&3+!6)+1&6#8!%&<6)673@-.!#!$#7&3$#8!<*+1)-!34!"#$#%&#$!<(&$)!<*+,)3$<P!n!'(&$#8!F&<3+%!?)6>!LTN!bTbW_P!
JSP F13+#R!C=N!"388&$<!nZN!C*+$#,>#$!c!)7!#8P!IJKK^M!"3$4&%)$6)!&$!<(&$)!7+#&$&$,!#@3$,!<)$&3+!$)*+3<*+,&6#8!#$%!3+7>3()%&6!+)<&%)$7<P!'(&$)!`LI_MN!a`LW_P!
`KP 5&<@3$7!=nP!ILSS^M!?>)!)%*6#7&3$N!7+#&$&$,N!#$%!)1#8*#7&3$!34!#!<(&$)!<*+,)3$P!'(&$)!JLILaMN!JKTSW^`P!
`LP E#:+#@!'EN!B3)$&,!nN!'6>+3)%)+!n[!)7!#8P!IJKKLM![>#7!#+)!7>)!(+&@#+-!63$6)+$<!34!+)6)$78-!,+#%*#7)%!<*+,)3$<!#$%!>32!%3!7>)-!%&44)+!4+3@!7>3<)!34!7>)!+)<&%)$6-!7+#&$&$,!-)#+<~!/+6>!'*+,!L`^N!LLKSWLbP!
`JP E#+4&$!'P!IJKKKM!5%&73+!3$!+)<&%)$6&)<!#$%!4)8832<>&(<P!'(&$)!JTIJKMN!J_KKWJP!
``P E#<R&88!?N!"33R!"N!O*$8)-!n!)7!#8P!IJKKSM!?>)!4&$#$6!&@(#67!34!3+7>3(#)%&6!4)8832<>&(!7+#&$&$,P!n!Z3$)!n3&$7!'*+,!/@!aLN!LaLbWJLP!
`bP E8#&:)+@#$!"ZN!n#63:<!ZN!'7+))7!C!)7!#8P!IJKKaM!'&@*8#7&3$!&$!7+#&$&$,.!3$)W-)#+!)Q()+&)$6)!*<&$,!#$!)44&6&)$6-!&$%)Q!73!#<<)<<!&$7)+1)$7&3$#8!+#%&383,-!4)8832!7+#&$&$,!<7#7*<P!n!X#<6!G$7)+1!0#%&38!LSISMN!L`^^W_LP!!
`TP E3-R>@#$!UN!Y3+-!GN!'@#88!0!)7!#8P!IJKKaM!c3$,W7)+@!3*763@)!#$%!+&<R!4#673+<!34!4#&8*+)!#47)+!:&8)!%*67!&$;*+-!+)(#&+P!n!E#<7+3&$7)<7!'*+,!LJIaMN!LbLJW_P!
`^P E+#*)+!nON!X#66#+3!/0N!Z)&$)+!nC!)7!#8P!IJKKbM!'&@&8#+&7&)<!#$%!%&44)+)$6)<!&$!7>)!7+)#7@)$7!34!<(&$)!7+#*@#!:)72))$!<*+,&6#8!<()6W&)<!#$%!836#7&3$!34!(+#67&6)P!'(&$)!JSN!^aTWS^P!
`_P E*-#77!EP!ILSS_M!C)#<*+&$,!>)#87>W+)8#7)%!D*#8&7-!34!8&4).!,)$)+#8!&<<*)<P!"#$!0)<(&+!n!bI`MN!LJ`W`KP!
`aP B#88!n"N!"+)::&$![N!588&<3$!/P!IJKKbM!?32#+%<!#!>-:+&%!(>&83<3(>-!34!<*+,&6#8!)%*6#7&3$P!/*<7!Op!n!'*+,!_bN!SKaWLLP!
`SP B#*7!50N!">#$,!F"N!B#-#$,#!/n!)7!#8P!IJKKSM!'*+,)3$W!#$%!<-<7)@W:#<)%!&$48*)$6)<!3$!7+#*@#!@3+7#8&7-P!/+6>!'*+,!LbbIaMN!_TSW^bP!
bKP B#2R)+!E/N!"3-7)!A"N![+&,>7!nE!)7!#8P!ILSS_M!/66*+#6-!34!#%@&$&<7+#7&1)!%#7#!43+!#<<)<<&$,!3*763@)<!#47)+!R$))!+)(8#6)@)$7!<*+,)+-P!n!"8&$!5(&%)@&38!TKN!J^TW_`P!
bLP B)+R32&7V!BON!"3$$388-!AnN!E*$%+-!"0N!)7!#8P!IJKKKM!5%*6#7&3$#8!,*&%)8&$)<!43+!3+7>3(#)%&6!#$%!$)*+3<*+,&6#8!<(&$#8!4)8832<>&(!7+#&$&$,P!'(&$)!JTIJKMN!J_KbW_P!
bJP B)+R32&7V!BON!"3$$388-!AnN!E*$%+-!"0N!)7!#8P!IJKKKM!0)<&%)$7!#$%!4)8832<>&(!,*&%)8&$)<.!)%*6#7&3$#8!,*&%)8&$)<!43+!+)<&%)$7!7+#&$&$,!&$!<(&$#8!<*+,)+-P!'(&$)!JTIJKMN!J_K`WbP!
!
!
LKb!
b`P B)+R32&7V!BON!Y*+V!c?P!ILSSLM!F),)$)+#7&1)!8*@:#+!<(3$%-838&<7>)<&<!2&7>!<(&$#8!<7)$3<&<P!/!(+3<()67&1)!<7*%-!63@(#+&$,!%)63@(+)<<&3$!2&7>!%)63@(+)<<&3$!#$%!&$7)+7+#$<1)+<)!(+36)<<!#+7>+3%)<&<P!n!Z3$)!n3&$7!'*+,!/@!_`N!aKJWaP!
bbP B)+R32&7V!BON![)&$<7)&$!nON!"#88#,>#$!nn!)7!#8P!IJKK^M!'(&$)!4)8832<>&(!)%*6#7&3$!#$%!&7<!#<<36&3$!2&7>!7>)!(#+7WGG!3+#8!6)+7&4&6#7&3$!)Q#@&$#7&3$P!n!Z3$)!n3&$7!'*+,!/@!aaI`MN!^^aW_KP!
bTP B3)R<7+#!/XN!C3+,#$!nCN!c*+#&$!n0!)7!#8P!IJKKSM!03:37&6!<*+,)+-!&$!,-$)6383,&6!3$6383,-.!&@(#67!3$!4)8832<>&(!7+#&$&$,P!E-$)638!9$638!LLbIJMN!L^aW_JP!!
b^P B344@#$!C'N!Z3%*+R#!F"P!IJKKSM!'*+,&6#8!)%*6#7&3$!#$%!7+#&$&$,!(+3,+#@!%)1)83(@)$7!43+!,-$)6383,&6!3$6383,-.!/@)+&6#$!()+<()67&1)P!E-$)638!9$638!LLbIJMN!'b_WTLP!
b_P G$63+1#&#!/ON!0&$,8)-!"FN!Z3-<)$!F/P!IJKKTM!=#673+<!&$48*)$6&$,!<*+,&6#8!6#+))+!%)6&<&3$<P!n!"*++!'*+,!^JN!bJSW`TP!
baP G+2&$!pON!B&8&:+#$%!/'N!E*<7#1)8!C!)7!#8P!IJKKTM!X#+&3$!&$!<*+,&6#8!%)6&<&3$!@#R&$,!43+!%),)$)+#7&1)!<(&$#8!%&<3+%)+<P!A#+7!G.!8*@:#+!<(&$)P!'(&$)!`KN!JJKaWL`P!
bSP n#,<&!0N!'>#(&+3!nN![)&<<@#$!n'!)7!#8P!IJKK^M!?>)!)%*6#7&3$#8!&@(#67!34!/"EC5!8&@&7<!3$!+)<&%)$7!#$%!4)8832!%*7-!>3*+<.!#!(+)(3<7!<*+1)-!<7*%-P!/6#%!C)%!aLILJMN!LKTSW^aP!
TKP n#&$!OZN!A&)7+3:3$!0N!E*88)+!H!)7!#8P!IJKKTM!G$48*)$6)!34!(+31&%)+!138*@)!3$!8)$,7>!34!<7#-N!3()+#7&$,!+33@!7&@)N!#$%!%&<6>#+,)!<7#7*<!43+!+37#73+!6*44!+)(#&+P!n!'>3*8%)+!58:32!'*+,!LbIbMN!bK_WL`P!
TLP n388-!AP!IJKKbM!C)%&6#8!<6>338!7*&7&3$!#$%!-3*$,!(>-<&6&#$!&$%):7)%$)<<P!/<<36&3$!34!/@)+&6#$!C)%&6#8!"388),)<N![#<>&$,73$!F"P!
TJP Y#8#$&7>&!A'N!A#7&8!"EN!Z3#R-)!CP!IJKKSM!O#7&3$#8!63@(8&6#7&3$!+#7)<!#$%!%&<(3<&7&3$!#47)+!(3<7)+&3+!8*@:#+!4*<&3$!43+!#6D*&+)%!<(3$%-838&<7>)<&<P!'(&$)!`bILaMN!LS^`WSP!
T`P Y#<<):#*@!FEN!'V)$#<!AcN!'6>*6>)+7!CYP!ILSS^M!9$!+&<&$,!@)%&6#8!<7*%)$7!%):7.!&$!43+!#!()$$-N!&$!43+!#!(3*$%P!/6#%!C)%!_LN!LLJbW`bP!
TbP Y&+R8)-!/N!E+&44)$!'N![>)8#$!FP!IJKK_M!?>)!%)1)83(@)$7!#$%!1#8&%#7&3$!34!#!D*#8&7-!34!8&4)W@)#<*+)@)$7!7338!43+!(#7&)$7<!2&7>!@)$&<6#8!(#7>383,-.!7>)![)<7)+$!9$7#+&3!C)$&<6#8!51#8*#7&3$!?338!I[9C5?MP!"8&$!n!'(3+7<!C)%!L_ITMN!`bSWT^P!!
TTP Y*<*@#!'YN!C)>7#!'N!'&+R&$!C!)7!#8P!IJKK_M!C)#<*+&$,!7>)!#77&7*%)<!#$%!&@(#67!34!7>)!)&,>7W>3*+!23+R2))R!+*8)<!3$!3+7>3(#)%&6!<*+,)+-!+)<&%)$7<P!n!Z3$)!n3&$7!'*+,!/@!aSI`MN!^_SWaTP!
!
!
LKT!
T^P Y2#R2#!=N!n3$#<<3$!9P!ILSSSM!?>)!83$,&7*%&$#8!<7*%-!34!<*+,&6#8!+)<&%)$7<N!LSSb!73!LSS^P!n!/@!"388!'*+,!JKKN!^`aWb`P!
T_P c#Z#$!CCN!G@#<!/P!IJKK`M!lU3*$,m!8*@:#+!<(&$#8!<7)$37&6.!+)1&)2!34!J^a!(#7&)$7<!-3*$,)+!7>#$!TL!-)#+<P!/@!n!A>-<!C)%!0)>#:&8!aJN!^SW_LP!
TaP c#,2&$<R&!ON!B*$7!ncP!IJKKSM!=)8832<>&(!7+)$%<!34!(#7>383,-!+)<&%)$7<P!/+6>!A#7>38!c#:!C)%!L``ISMN!Lb`LW^P!
TSP c#77)+!FN!Z3>$)$!nN![#88#6)!"!)7!#8P!IJKKTM!0)(3+7!34!7>)!?#<R!=3+6)!3$!"8&$&6#8!=)8832<P!H$&1)+<&7-!34!?3+3$73P!
^KP c))!n?N!?)<>3@)!CN!%)!X&+,&8&3!"!)7!#8P!IJKLKM!/!<*+1)-!34!%)@3,+#(>&6<N!@37&1#7&3$<N!#$%!:#6R,+3*$%<!#@3$,!#((8&6#$7<!73!7>)!&$7)+,+#7)%!K{T!1#<6*8#+!<*+,)+-!+)<&%)$6-P!n!X#<6!'*+,!TLIJMN!bS^WTKJP!
^LP c&!n"N!B3$!''N!O,!''!)7!#8P!IJKKSM!?>)!8)#+$&$,!6*+1)!43+!8#(#+3<63(&6!638)673@-.!)Q()+&)$6)!34!#!<*+,&6#8!4)8832!&$!#$!*$&1)+<&7-!6383+)67#8!*$&7P!'*+,!5$%3<6!J`I_MN!L^K`WaP!
^JP c3$,3![5N!'*@(&3!ZN!F*44-!/!)7!#8P!IJKKaM!5#+8-!<()6&V#7&3$!&$!<*+,)+-.!7>)!$)2!4+3$7&)+P!U#8)!n!Z&38!C)%!aLIbMN!La_WSLP!
^`P c32$!Z/N!O)2@#$!c0N!B#7)@!"nP!IJKKSM!?>)!()+<3$#8!#$%!(+34)<<&3$#8!&@(#67!34!#!4)8832<>&(!&$!@)%&6#8!)%*6#7&3$P!/6#%!C)%!abN!LKaSWS_P!
^bP C#!p'N!p>#$,!BnN!c)&![!)7!#8P!IJKKaM!C*<6*83<R)8)7#8!7+#&$&$,!43+!3+7>3(#)%&<7<!#$%!$3$3+7>3(#)%&<7<!&$!">&$#P!"8&$!9+7>3(!0)8#7!0)<!bb^N!J`^KWaP!
^TP C#$8)-!CN!9$,!YN!c#*!5!)7!#8P!IJKKaM!544)67!34!138*@)!3$!737#8!>&(!#+7>+3(8#<7-!+)1&<&3$!+#7)<!&$!7>)!H$&7)%!'7#7)<!@)%&6#+)!(3(*8#7&3$P!n!Z3$)!n3&$7!'*+,!/@!SKILLMN!Jbb^WTLP!
^^P C#+7&$!0N!A38R!B"N!n#6D*)<!FAP!IJKK`M!F3)<!#%%&7&3$#8!<*+,&6#8!7+#&$&$,!&$6+)#<)!(#+7&6&(#7&3$!&$!+#$%3@&V)%!63$7+388)%!7+<~!/@!n!'*+,!LaTN!J`SWb`P!
^_P C6Y)$$)-!CEN!c&1&$,<73$)!/'N!'6>*8@#$!"!)7!#8P!IJKKSM!?+#*@#!<*+,)3$!@3+7#8&7-!+#7)<!63++)8#7)!2&7>!<*+,)3$!7&@)!#$%!&$<7&7*7&3$P!n!/@!"388!'*+,!JKaITMN!_TKW`P!
^aP C&6R)-!0CN!E+))$8#$%!'P!ILSaSM!?>)!&@(#67!34!63$43*$%)+!<)8)67&3$!3$!)44)67!)<7&@#7&3$P!/@!n!5(&%)@&38!LJSILMN!LJTW`_P!
^SP C3)<&$,)+!0N!B&88!ZP!IJKKSM!5<7#:8&<>&$,!#!+*+#8!<*+,)+-!7+#&$&$,!(+3,+#@.!#!8#+,)!63@@*$&7-!>3<(&7#8N!)Q()+7!<*:<()6W-!4#6*87-N!<()6&4&6!,3#8<!#$%!3:;)67&1)<!&$!)#6>!<*:<()6W-N!#$%!#$!#6#%)@&6!)$1&+3$@)$7!8#-!#!43*$%#7&3$P!n!'*+,!5%*6!^^IJMN!LK^WLJP!
_KP C3+3V31!XN!O)V>#7!"P!IJKKSM!A+3(3<#8!34!#!43+@#8!,-$)6383,&6!)$%3<63(-!6*++&6*8*@P!n!C&$&@!G$1#<&1)!E-$)638!L^IbMN!bL^WJLP!
!
!
LK^!
_LP C*+(>-!C5N!Z+3%8#$%!FEN!p&7)88&!n/P!IJKKaM!5++3+<!&$!7>)!&$7)+(+)7#7&3$!34!C3><!>&<73(#7>383,-!<)67&3$<!31)+!#!LW-)#+!4)8832<>&(P!F)+@#738!'*+,!`bILJMN!L^`_WbLP!
_JP O&6>388!CZN![+&,>7!Z5N!"3$2#-!["!)7!#8P!IJKKSM!F3)<!<()6&V)%!<*+,&6#8!7+#&$&$,!&$6+)#<)!8-@(>!$3%)!-&)8%!&$!6383$!6#$6)+~!/@!'*+,!_TILKMN!aa_WSLP!
_`P O*$$#88-!n"P!ILS_aM!A<-6>3@)7+&6!?>)3+-P!C6E+#2WB&88N!O)2!U3+RN!T^P!
_bP 98<)$!C/N!C#-4&)8%!nN!c#*+-<<)$!"!)7!#8P!IJKK`M!0&<R!4#673+<!43+!<*+,&6#8!<&7)!&$4)67&3$!&$!<(&$#8!<*+,)+-P!n!O)*+3<*+,!SaI<*((!JMN!LbSWTTP!
_TP A#,#$3!CN!E#1+)#*!YP!!IJKKKM!O3$(#+#@)7+&6!@)7>3%<P!G$.!A+&$6&(8)<!34!Z&3<7#7&<7&6<N!J$%!)%$P!F*Q:*+-N!A#6&4&6!E+31)!"/N!`KJWJJP!
_^P A#$7&$,!/P!Z8#6R!0P!IJKKSM!5138*7&3$!34!7>)!4&$#8!4)8832<>&(!)Q#@&$#7&3$P!/Op!n!'*+,!_SI`MN!L_TWSP!
__P A#((#<!/nN!?)#,*)!F"P!IJKK_M!?>)!&@(#67!34!7>)!#66+)%&7#7&3$!63*$6&8!43+!,+#%*#7)!@)%&6#8!)%*6#7&3$!23+RW>3*+!+),*8#7&3$<!3$!7>)!<*+,&6#8!)Q()+&)$6)!34!3+7>3()%&6!+)<&%)$7<P!n!Z3$)!n3&$7!'*+,!/@!aSN!SKbWSP!
_aP A#+R!/N!Y#1&6!'CN!c))!?B!)7!#8P!IJKK_M!C&$&@#88-!&$1#<&1)!<*+,)+-.!7>)!)138*7&3$!34!4)8832<>&(P!n!'*+,!LbJIbMN!TKTWLLP!
_SP A)6>8&1#$&<!GN!Y*):8)+!CN!B#+%)+<!/!)7!#8P!IJKKSMP!A)+&3()+#7&1)!63@(8&6#7&3$!+#7)!34!8*@:#+!%&<6!@&6+3<*+,)+-!%)()$%&$,!3$!7>)!<*+,)3$i<!8)1)8!34!7+#&$&$,P!")$7!5*+3!O)*+3<*+,!_KI`MN!L`_WbJP!
aKP A)$,!"[N!Z)$%3!n/N!E38%<7)&$!n/!)7!#8P!IJKKSM!A)+&3()+#7&1)!3*763@)<!34!#$7)+&3+!8*@:#+!<*+,)+-!&$!3:)<)!1)+<*<!$3$W3:)<)!(#7&)$7<P!'(&$)!SISMN!_LTWJKP!
aLP A&)+3+#V&3!ACN!/88#4!C5P!IJKKSM!C&$&@#88-!&$1#<&1)!<*+,&6#8!7+#&$&$,.!6>#88)$,)<!#$%!<38*7&3$<P!H+38!9$638!J_IJMN!JKaWL`P!
aJP A+#<>R#+!CnN!C))$#$!0=P!ILSSLM!'*:<()6W-!7+#&$&$,.!&<!&7!4&$#$6X-!23+7>2>&8)~!/$$!G$7)+$!C)%!LLTISMN!_LTWSP!
a`P A+&76>)77!n[N!Z3+7)8!F?P!ILSS`M!F),)$)+#7&1)!<-@(73@#7&6!8*@:#+!<638&3<&<P!'(&$)!LaN!_KKW`P!
abP A*88!7)+!E*$$)!/=N!"3>)$!FZP!IJKKSM!G$6&%)$6)N!(+)1#8)$6)N!#$%!#$#8-<&<!34!+&<R!4#673+<!43+!<*+,&6#8!<&7)!&$4)67&3$!438832&$,!#%*87!<(&$#8!<*+,)+-P!'(&$)!`bIL`MN!LbJJWaP!
aTP 0#@()+<#*%!U0N!=&<>)+!"N![&8<)-!n!)7!#8P!IJKK^M!/,+))@)$7!:)72))$!3+7>3()%&6!<*+,)3$<!#$%!$)*+3<*+,)3$<!+),#+%&$,!#!$)2!#8,3+&7>@!43+!7>)!7+)#7@)$7!34!7>3+#638*@:#+!&$;*+&)<.!#!@*87&6)$7)+!+)8&#:&8&7-!<7*%-P!n!'(&$#8!F&<3+%!?)6>!LSN!b__WaJP!
!
!
LK_!
a^P 03#6>!AZN!'&81)+<7)&$!n"P!IJKKSM!?+#&$&$,!4)8832<!#$%!63+)!63@()7)$6-.!@#R&$,!D*#8&7-!6)+7#&$P!n!'*+,!9$6!SSN!a`WabP!
a_P 03:)+7<3$!"CN!Y8&$,)$<@&7>!C5N!"33()+<@&7>!"CP!IJKK_M!c3$,W7)+@!3*763@)<!34!()+43+@&$,!#!(3<7%3673+#8!+)<)#+6>!4)8832<>&(!%*+&$,!,)$)+#8!<*+,)+-!+)<&%)$6-P!/$$!'*+,!JbTIbMN!TL^WJ`P!
aaP 03<$)+!Z/P!IJKK^M!=*$%#@)$7#8<!34!Z&3<7#7&<7&6<N!^7>!)%$>!?>3@(<3$N!Z)8@3$7!"/P!
aSP '#8<:)+,!5N!036R)-!ABN!0&1)+<!YcN!Z+37>)+73$!'5!)7!#8P!IJKKaM!H'!+)<&%)$6-!7+#&$&$,!:)43+)!#$%!#47)+!7>)!LSS_!:#8#$6)%!:*%,)7!#67P!n/C/!`KKILKMN!LL_bWaKP!
SKP '=!C#76>!IJKLKMP!>77(.dd222P<4@#76>P3+,P!/66)<<)%!n#$*#+-!JLN!JKLKP!!
SLP '>#>!'YN!C#7&$!'=N!'&$,)+!5/!)7!#8P!IJKKSM!9*763@)<!34!8#(#+3<63(&6!(#+7!$)(>+)673@-!#47)+!4)8832<>&(!7+#&$&$,P!n'c'!L`IJMN!LTbWSP!
SJP '>#@;&!C=N!A#+R)+!'N!"33R!"!)7!#8P!IJKKSM!G@(#67!34!:3%-!>#:&7*<!3$!()+&3()+#7&1)!@3+:&%&7-!#<<36)%!2&7>!4*<&3$!34!7>)!7>3+#638*@:#+!#$%!8*@:#+!<(&$)P!O)*+3<*+,)+-!^TN!bSKWaP!
S`P '>)+1&$!ON!0*:#<>!B5N!Y#7V!nOP!IJKK_M!9+7>3(#)%&6!(+36)%*+)!138*@)!#$%!(#7&)$7!3*763@)<.!#!<-<7)@#7&6!+)1&)2P!"8&$!9+7>3(!0)8#7!0)<!bT_N!`TWbLP!
SbP '&$,>!''N!C#+63*Q!XN!">)*$,!X!)7!#8P!IJKKSM!"3+)!63@()7)$6&)<!43+!,-$)6383,&6!)$%3<63(-!&$!+)<&%)$6-!7+#&$&$,.!#!$#7&3$#8!63$<)$<*<!(+3;)67!L^ILMN!LW_P!
STP '7&7V)$:)+,!YZN!'>)8%3$!E=P!IJKKTM!A+3,+)<<&1)!<()6&V#7&3$!2&7>&$!,)$)+#8!<*+,)+-.!#%%&$,!73!7>)!63@(8)Q&7-!34!23+R43+6)!(8#$$&$,P!n!/@!"388!'*+,!JKLN!SJTW`JP!
S^P '7+)&$)+!FcP!ILSaSM!G$.!B)#87>!@)#<*+)@)$7!<6#8)<.!#!(+#67&6#8!,*&%)!73!7>)&+!%)1)83(@)$7!#$%!*<)P!9Q43+%!A+)<<N!9Q43+%N!((P!LTKWbP!
S_P '2&%)!"5N!Y&+<6>!n0P!IJKK_M!F*7-!>3*+<!+)<7+&67&3$!#$%!7>)&+!)44)67!3$!+)<&%)$7!)%*6#7&3$!#$%!#6#%)@&6!%)(#+7@)$7<.!7>)!/@)+&6#$!()+<()67&1)P!"*++!9(&$!/$#)<7>)<&38!JKN!TaKWbP!
SaP ?#-83+!BFN!F)$$&<!F/N!"+#$)!B'P!ILSS_M!0)8#7&3$<>&(!:)72))$!@3+7#8&7-!+#7)<!#$%!>3<(&7#8!(#7&)$7!138*@)!43+!@)%&6#+)!(#7&)$7<!*$%)+,3&$,!@#;3+!3+7>3(#)%&6!<*+,)+-!34!7>)!>&(N!R$))N!<(&$)N!#$%!4)@*+P!n!/+7>+3(8#<7-!LJI`MN!J`TWbJP!
SSP ?)%)<63!CCN!A#R!nnN!B#++&<!5n!n+!)7!#8P!IJKKaM!'&@*8#7&3$W:#<)%!)$%31#<6*8#+!<R&88<!#<<)<<@)$7.!7>)!4*7*+)!34!6+)%)$7&$,~!n!X#<6!'*+,!b_ITMN!LKKaWLLP!!
LKKP ?>3@(<3$!0BN!5#<7>#@!n/N!'6#+%&$3!A?!)7!#8P!IJKKSM!"+&7&6#8!)8)@)$7<!&$!4)8832<>&(!7+#&$&$,P!H+38!9$6!J_IJMN!LSSWJKbP!
!
!
LKa!
LKLP ?*+$)+!n/N!5+<)R!CN!B)++3$!c!)7!#8P!ILSSJM!'*+,)+-!43+!8*@:#+!<(&$#8!<7)$3<&<.!#77)@(7)%!@)7#W#$#8-<&<!34!7>)!8&7)+#7*+)P!'(&$)!L_N!LWaP!
LKJP X&7#8)!C/N!B)-23+7>!Z5N!'R#,,<!Fc!)7!#8P!IJKKTM!"3@(#+&<3$!34!7>)!138*@)!34!<638&3<&<!:)72))$!<(&$)!#$%!()%+&6!3+7>3(#)%&6!4)8832<>&(W7+#&$)%!<*+,)3$<!&$!O)2!U3+R!#$%!"#8&43+$&#P!n!Z3$)!n3&$7!'*+,!/@!a_ILJMN!J^a_WSJP!
LK`P [#%)-!XCN!B#8()+$!nN!Z3*6>#+%!n!)7!#8P!IJKKaM!9+7>3(#)%&6!<*+,)+-!63+)!6*++&6*8*@.!7>)!<(&$)P!A3<7,+#%!C)%!n!a`IS_aMN!J^aW_JP!
LKbP [#$,!C"N!">#$!cN!C#&@#$!Fn!)7!#8P!IJKK_M!"3@(8&6#7&3$<!#$%!@3+7#8&7-!#<<36)%!2&7>!6)+1&6#8!<(&$)!<*+,)+-!43+!%),)$)+#7&1)!%&<)#<)!&$!7>)!H$&7)%!'7#7)<P!'(&$)!`JI`MN!`bJW_P!
LKTP [#7R&$<W"#<<&883!'P!IJKK^M!9+7>3(#)%&6!(+#67&6)!&$!7>)!H'.!JKKTWJKK^P!=&$#8!+)(3+7P!//9'P!>77(.dd222P##3<P3+,d0)<)#+6>d<7#7<dJKK^3(*<P(%4P!/66)<<)%!n#$*#+-!JLN!JKLKP!!
LK^P [)&!CBN!c&$!UcN!'>&!BU!)7!#8P!IJKLKM!544)67!34!(+31&%)+!(#7&)$7!138*@)!#$%!63@3+:&%&7-!3$!68&$&6#8!#$%!)63$3@&6!3*763@)<!43+!737#8!R$))!#+7>3(8#<7-!#!(3(*8#7&3$!:#<)%!<7*%-P!n!/+7>+3(8#<7-!q5(*:!#>)#%!34!(+&$7rP!
LK_P [)&$<7)&$!nON!c*+&)!nFN!98<3$!A0!)7!#8P!IIJKK^M!H$&7)%!'7#7)<i!7+)$%<!#$%!+),&3$#8!1#+&3$<!&$!8*@:#+!<(&$)!<*+,)+-P!'(&$)!`LN!J_K_WLbP!!
LKaP [&88&#@<!EcN!'#,#+!ACN!C6/88&<7)+!G!)7!#8P!IJKKSM!?>)!8#(#+3<63(&6!6383+)67#8!4)8832<>&(<!#+)!(3(*8#+N!)%*6#7&3$#8!#$%!(+3%*6)!63@()7)$7!8#(#+3<63(&6!<*+,)3$<P!/<<36!"383(+367383,-!E+)#7!Z+&7#&$!#$%!G+)8#$%!LLN!TLSWJLP!
LKSP U))!/N!/%;)&!ON!F3!nN!)7!#8P!IJKKaM!F3!(#7&)$7!)Q()67#7&3$<!34!<(&$#8!<*+,)+-!+)8#7)!73!4*$67&3$#8!3*763@)~!"8&$!9+7>!0)8!0)<!b^^ITMN!LLTbW^LP!
'
'
'
'
'
'
'
'
'
'
!
!
LKS!
!BB7LOI&7#2'
!,,-)*+_'H2! ! ! !"#$%&!'&(()*"+$#!,-.$%$%/!01&",$)%%.$-&(
(%->,5)*-)9'+>2'''''''?7NN;M'$%!IL77'''''''5/'''''''B%!&$I&ILP'#BIL7'#J%P7;L'
(
'233456789!:86;8938<2=!!)-,+)#.&:$>!4?!%&1-)"1-/&-@!4?!>)AB$%&:!'&(()*"+$#(
! ! ! ! ! ! 4?!%)%&('
B/-3+5.>'%->+*-)81'$/(+)+)02'''''''''''';%$C;B!7OI&'#J%P7%i''''5/''''''L7J%;#J%P7%i'
!
L.A<-/2'''
:CD2!4E!!#C?D8;89CD84<F$<D2?G825=!!(!
%CH2!4E!-2694<I2<D!J49D84<C3K=(
,8D32!4E!-2694<I2<D=!!(!
L(A-'56'C5>,+9(:[>\'56'9/(+)+)02'''
! ! ! ! ! ! ! ! ! ! ! ! !!!!!!!! (
"9O?/"?!GO=90C/?G9O!
$-:-,@5)-2'''
!
7aA(+:2'''
(
/2<I2?=!!A! '!!('
!0-2'
!
!
LLK!
'
?;%'?7NN;M#';LNi2'
'
B/5=-89-*'?.9./-'&(/--/'B(9@2'''''''&;DDJLI$i'#J%P7;L'''''5/'''''''!&!O7DI&'#J%P7;L''
N-)09@'56'?-::54>@+,'$/(+)+)0'[A5)9@>\2'''Y'''''5/'''''HF'''''5/'''''HX'''''5/''''''FV'''''''5/'''''jFV'
'
C54'6(/'(:5)0'+)'15./'9/(+)+)0k'[A5)9@>\2''
'
I)9/5*.89+5)2'
?>#$R!-3*!1)+-!@*6>!43+!#,+))&$,!73!(#+7&6&(#7)!2&7>!7>&<!+)<)#+6>!&$&7&1)P!?>&<!<*+1)-!2&88!63$<&<7!34!723!@#&$!7>)@)<N!<(&$)!+)8#7)%!@*<6*83<R)8)7#8!@)%&6&$)!:#<)%!3$!7>)![B9iJKKJ!%&+)67&1)!#$%!(+36)%*+)<!<()6&4&6!73!7>)!(+#67&6)!34!<(&$)!<*+,)3$<P!U3*!2&88!:)!#<R)%!73!&$%&6#7)!7>)!&@(3+7#$6)!34!#!(#+7&6*8#+!73(&6!3+!<*:;)67!@#77)+!#$%!7>)!6>3&6)<!43+!+)<(3$<)!2&88!:).'
1 H$#:8)!73!/<<)<<!2 O37!G@(3+7#$7!e!l%3!$37!$))%!73!R$32!#<!#$!<(&$)!<*+,)3$m!3 A+3:#:8-!$37!&@(3+7#$7!e!l$37!8&R)8-!$)6)<<#+-!73!R$32!#<!#$!<(&$)!<*+,)3$m!
4 A+3:#:8-!&@(3+7#$7!#$%!e!l$&6)!73!R$32!#<!#$!<(&$)!<*+,)3$m!5 G@(3+7#$7!e!l@*<7!R$32!#<!#$!<(&$)!<*+,)3$m!
!
U3*+!3(&$&3$!+),#+%&$,!7>)<)!D*)<7&3$<!2&88!:)!1)+-!&@(3+7#$7!)1)$!7>3*,>!7>)!#$<2)+<!@#-!<))@!1)+-!3:1&3*<P!G!23*8%!+)D*)<7!7>#7!-3*!(+31&%)!#!+)<(3$<)N!2>&6>!:)<7<!+)(+)<)$7<N!-3*+!3(&$&3$!2&7>!+)<()67!73!-3*+!%&<6&(8&$)!34!<(&$)!<*+,)+-P!G4!-3*!%)7)+@&$)!7>#7!7>)!)$7&+)!<)67&3$!23*8%!:)!&@(3+7#$7!73!R$32!7>)$!;*<7!&$%&6#7)!7>#7!&7!&<!#88!&@(3+7#$7!73!R$32P!
!
=&$#88-N!G!23*8%!+)D*)<7!7>#7!-3*!63@(8)7)!7>)!)$7&+)!D*)<7&3$$#&+)!2&7>3*7!%&<6*<<&3$P!'>3*8%!-3*!>#1)!#$-!D*)<7&3$<!+),#+%&$,!#!(#+7&6*8#+!&7)@!%*+&$,!7>)!&$7)+1&)2!7>)$!(8)#<)!l48#,!&7m!#$%!2)!2&88!%&<6*<<!*(3$!63@(8)7&3$!34!7>)!D*)<7&3$$#&+)P!
!R'#B7&I?I&'#BIL7'&;PLI$Ih7'#KINN#2'
'
LP A8)#<)! &$%&6#7)! 7>)! &@(3+7#$6)!34! 7>)!#:&8&7-! 73!63$<7+*67!#$!#((+3(+)!%&44)+)$7!%&#,$3<&<!#$%!(8#$!34!(#7&)$7!)$D*&+-N!&$1)<7&,#7&3$N!#$%!#<<)<<@)$7!43+!#!(#7&)$7!(+)<)$7&$,!2&7>!:#6R!(#&$.!!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
!
!
LLL!
JP! !A8)#<)! &$%&6#7)! 7>)! &@(3+7#$6)! 34! 7>)! #:&8&7-! 73! %)@3$<7+#7)! R$328)%,)N! 7>)! #:&8&7-! 73!%&#,$3<)N!&$&7X-!@#$#,)!#$%!73!R$32!2>)$!73!&@@)%)8-!+)4)+!#!(#7&)$7!2&7>!6#*%#!)D*&$#!<-$%+3@).!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
A8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!7>)!#:&8&7-!73!%&#,$3<)!#$%!@#$#,)!:#6R!(#&$!+)8#7&$,!73.!
`P!!!!!!!!!!!!<(3$%-838&<7>)<&<!#$%!<(3$%-838-<&<P! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
bP! <(&$#8!63+%!3+!+337!)$7+#(@)$7!I)P,P!>)+$)%!8*@:#+!%&<6MP!!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
TP!!!!!!!!!!!1)+7):+#8!4+#67*+)<!34!7+#*@#7&6!3+&,&$P!!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
^P!!!!!!!!!!!1)+7):+#8!4+#67*+)<!34!3<7)3(3+37&6!3+&,&$P!!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
_P!!!!!!!!!!!&$48#@@#73+-!:#6R!(#&$!<*6>!#<!#$R-83<&$,!<(3$%-8&7&<P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
aP!!!!!!!!!!!<(&$#8!%)43+@&7-!<*6>!#<!<638&3<&<P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
!
LLJ!
!
SP!!!!!!!!!!!%)<7+*67&1)! 8)<&3$<! 34! 7>)! <(&$)! (+)<)$7&$,! 2&7>! :#6R! (#&$! 2>&6>!@#-! :)! 34! ! &$4)67&3*<! 3+!7*@3+!3+&,&$!<*6>!#<!7*:)+6*83<&<N!@)7#<7#<&<!#$%d3+!@#8&,$#$6-!!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
!
A8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!7>)!#:&8&7-!%&#,$3<)!#$%!@#$#,)!#!(#7&)$7!2&7>.!!
LKP! 832!:#6R!(#&$!#$%!<6&6#P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
LLP!!!!!!!!$)6R!(#&$P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
LJP!!!A8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!7>)!#:&8&7-!73!#((+3(+)8-!%&#,$3<)!#$%!@#$#,)!#!(#7&)$7!2&7>!#$!#6*7)!<(&$#8!&$;*+-P!!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
!
!
!
'
'
'
'
'
'
!
!
LL`!
"R'P7L7%!NIl7O'&;PLI$Ih7'#KINN#2'
!
L`P!!A8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!!:)&$,!#:8)!73!7#R)!#!4*88!#$%!7>3+3*,>!>&<73+-!43+!7>)!1#+&3*<!6>&)4!63@(8#&$7<!I(#&$N!8&@&7#7&3$!34!#67&1&7&)<N!$)*+383,&6#8!<-@(73@<!)76PM!+)8)1#$7!73!7>)!<(&$)P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
!
LbP!!A8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!7>)!#:&8&7-!73!*$%)+<7#$%!7>)!&@(#67!34!#!6>+3$&6!<(&$)!63$%&7&3$!3$!7>)!(#7&)$7!&$!7)+@<!34!&@(#&+@)$7!34!4*$67&3$!#$%!8&@&7#7&3$<d+)<7+&67&3$<!34!#67&1&7&)<P!!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
! !
LTP!!A8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!!7>)!#:&8&7-!73!()+43+@!#!<6+))$&$,!#$%!436*<)%!>&<73+-!#$%!(>-<&6#8!)Q#@&$#7&3$!34!7>)!<(&$)!&$!#!/&2%-2)<&7*#7&3$P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!!!L^P!!A8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!7>)!#:&8&7-!73!3+%)+!#$%!*$%)+<7#$%!&$7)+(+)7#7&3$!34!#((+3(+)!%&#,$3<7&6!&$1)<7&,#7&3$<!+)8)1#$7!73!7>)!<(&$)!I"?N!C0GN!Hd'N!5CE!)76PM.!! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!!!A8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!7>)!#:&8&7-!73!%&#,$3<)!#$%!@#$#,)!#!(#7&)$7!(+)<)$7&$,!2&7>.!!L_P!!!!+),&3$#8!(#&$!3+!<7&44$)<<P!!! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
!
!
LLb!
LaP!!!!,)$)+#8&<)%!(#&$!3+!<7&44$)<<>)!! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
! ! ! !! !
LSP!!!%)6+)#<)!3+!83<<!34!@37&3$!3+!2)#R$)<<P!!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!JKP!!!!#87)+)%!<)$<#7&3$P!!! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!JLP!!!!%)43+@&7-P!!! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!JJP!!!!#!@#<<P!!! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
!
A8)#<)! &$%&6#7)! 7>)! &@(3+7#$6)! 34! 7>)! #:&8&7-! 73! %)@3$<7+#7)! R$328)%,)N! 7>)! #:&8&7-! 73! %&#,$3<)N!&$&7X-!@#$#,)!#$%!73!R$32!2>)$!73!&@@)%)8-!+)4)+!#!(#7&)$7!2&7>.!!
J`P!!!!#!<(&$#8!<347!7&<<*)!&$4)67&3$!!! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
JbP!!!!#!<(&$#8!:3$)!&$4)67&3$P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
!
!
LLT!
!
!
!
JTP! ! ! ! A8)#<)! &$%&6#7)! 7>)! &@(3+7#$6)! 34! 7>)!$))%! 73!"#$%&'! ()&'&(%)! *+,*-&*'(*!@#$#,&$,!(#7&)$7<!%*+&$,! 7>)! 1#+&3*<! <7#,)<! 34! <(&$)W+)8#7)%! &$;*+-! #$%! >)#8&$,P! ! I=3+! )Q#@(8).! 3:7#&$&$,! 68&$&6#8!)Q()+&)$6)!4+3@!7>)!)@)+,)$6-!+33@!3+!3*7(#7&)$7!68&$&6!7>+3*,>!73!7>)!+)>#:&8&7#7&3$!68&$&6PM!!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
A8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!!7>)!#:&8&7-!73!#((+3(+)8-!%&#,$3<)!#$%!@#$#,)!(#7&)$7<!2&7>.!
!
J^P! ! ! ! ">+3$&6! &$48#@@#73+-! #+7>+&7&<! <*6>! #<! +>)*@#73&%! #+7>+&7&<N! 3+! ! #$-! 34! 7>)!<(3$%-83#+7>+3(#7>&)<P!!!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!J_P!!!!=&:+3@-#8,&#!3+!6>+3$&6!,)$)+#8&V)%!(#&$P!! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
!
A8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!7>)!#:&8&7-!73!*$%)+<7#$%!#$%!@#$#,).!
JaP'' L5)a5/0()+8',(+)'()*'8@/5)+8',(+)!7>#7!@#-!:)!()+7&$)$7!73!<(&$#8!63$%&7&3$<P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
JSP!! A#7&)$7<!+)D*&+&$,!A-*+8(:]:-0(:'()*'*+>(<+:+91!#<<)<<@)$7!#$%!7>)!()+7&$)$7!&<<*)<!7>#7!@#-!:)!#<<36)%!2&7>!7>)!@#$#,)@)$7!34!7>)<)!(#7&)$7<!<*6>!#<.!%)@#$%<!@#%)!:-!&$<*+#$6)!63@(#$&)<N!7>)![3+R)+i<!"3@()$<#7&3$!Z3#+%!#$%!)@(83-)+<P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
!
!
LL^!
!
A8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!7>)!#:&8&7-!73.!
!
`KP!!!!/<<)<<!/-9./)'95'45/T!3+!/-9./)'95',:(1d#67&1&7-!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
`LP!!!Y$32!#$%!*$%)+<7#$%!7>)!<()6&4&6<!#<<36)%!2&7>!/-@(<+:+9(9+5)!34!#!<(&$#8!&$;*+-!3+!%&<3+%)+P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
`JP!!!!H$%)+<7#$%!7>)!1#+&3*<!63@(8)@)$7#+-!#$%!#87)+$#7&1)!43+@<!34!@)%&6#8!7>)+#(&)<!#1#&8#:8)!43+!7>)!@#$#,)@)$7!34!<(&$#8!&$;*+&)<!3+!%&<3+%)+<!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
``P!!!!Y$32!#$%!*$%)+<7#$%!+>>.->'/-:(9+)0'95'm/-(:':+6-n!<*6>!#<.!>32!73!<7#+7!#!(+#67&6)k!%)#8&$,!2&7>!7&@)!@#$#,)@)$7!#$%!4&$#$6)<!:37>!&$!()+<3$#8!#$%!:*<&$)<<!8&4)!#$%k!(+3()+!:#8#$6)!:)72))$!23+R!#$%!()+<3$#8!8&4)!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
`bP!!!![3+R!633()+#7&1)8-!2&7>!37>)+!@)%&6#8!#$%!(#+#@)%&6#8!()+<3$$)8!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
`TP!!!!H(3$!63@(8)7&3$!34!#!4)8832<>&(!7+#&$&$,!(+3,+#@!&$!"#$#%#!(8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!7>)!#:&8&7-!73!:)!#:8)!73!%)1)83(!)44)67&1)!7)#6>&$,!#$%!63@@*$&6#7&3$!<R&88<!:-!@)#$<!34.!7)#6>&$,!6388)#,*)<!#$%!<7*%)$7<N!63$4)+)$6)!(+)<)$7#7&3$<N!68&$&6#8!#$%!<6&)$7&4&6!+)(3+7<!#$%!(#7&)$7!)%*6#7&3$P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
!
LL_!
`^P!! !H(3$!63@(8)7&3$!34!#!4)8832<>&(!7+#&$&$,!(+3,+#@!&$!"#$#%#!(8)#<)!&$%&6#7)!7>)!&@(3+7#$6)!34!7>)! #:&8&7-! 73! :)! #:8)! 73! %)1)83(N! %)@3$<7+#7)! 3+! #((+)6)! 6+&7&6#8! #((+#&<#8! <R&88<! 34!8&7)+#7*+)N! :)! &$1381)%! 2&7>! 68&$&6#8d:#<&6! <6&)$6)! +)<)#+6>! (+3;)67<! #$%d3+! (#+7&6&(#7)! &$!;3*+$#8!68*:<!#<!7>)-!@#-!()+7#&$!73!7>)!#+)#!34!@*<6*83<R)8)7#8!>)#87>d63$%&7&3$<P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
37. Please indicate the importance of the ability to know and demonstrate understanding of the indications/contraindications associated with surgical procedures. ! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
`aP! ! ! A8)#<)! &$%&6#7)! 7>)! &@(3+7#$6)! 34! 7>)! #:&8&7-! 73! R$32! #$%! %)@3$<7+#7)! *$%)+<7#$%&$,! 34! 7>)!(+&$6&(8)<!34!@#$#,)@)$7!34!()+&W3()+#7&1)N(3<7W3()+#7&1)!#$%! 83$,W7)+@!63@(8&6#7&3$<!34! <*+,&6#8!(+36)%*+)<P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b! !
!
`SP! ! !A8)#<)! &$%&6#7)! 7>)! &@(3+7#$6)!34! 7>)!#:&8&7-! 73!%)@3$<7+#7)! 7>)!(+&$6&(8)<!34!+)63,$&V&$,!#$%!@#$#,&$,!&$7+#W3()+#7&1)!63@(8&6#7&3$<!%*+&$,!<*+,&6#8!(+36)%*+)<P!
! ! ! ! J)(<:-'$5''''''''L59''''''''B/5<(<:1'L59'''''B/5<(<:1! ! ! ! !!!!! !! ! ! !>>->>'''''''IA,5/9()9''''IA,5/9()9'''''''IA,5/9()9'''''IA,5/9()9!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!!!!!!!!!!!!!!!!!!!!!!!L!!!!!!!!!!!!!!!!!!J!!!!!!!!!!!!!!!!!!!!!!`!!!!!!!!!!!!!!!!!!!!!!b!
!
bKP!!!!A8)#<)!8&<7!7>+))!68&$&6#8!63$%&7&3$<!-3*!#+)!8&R)8-!73!)$63*$7)+N!:*7!2>&6>!-3*+!4)8832<>&(!>#<!$37!!!!!)D*&(()%!-3*!73!@#$#,)!63$4&%)$78-P!I9+!8&<7!7>+))!68&$&6#8!63$%&7&3$<!7>#7!-3*!)Q()67!7+#&$))<!73!)$63*$7)+!7>#7!-3*+!4)8832<>&(!(+3,+#@!>#<!$37!#%)D*#7)8-!)D*&(()%!7>)@!73!@#$#,)PM!
!
/P!
!
ZP!
!
"P!
!
!
!
LLa!
' [H\';)'85A,:-9+5)'56'15./'6-::54>@+,',/50/(AE'@54'85A65/9(<:-'+>'9@-'9/(+)--'[5/'4+::'9@-'9/(+)--'<-\'95',-/65/ARRR'
.(&-()*!"-!(/*(0!$/*!("--*($!,/-%1*2!
[F\';)'85A,:-9+5)'56'15./'6-::54>@+,',/50/(AE'@54'A.8@'(**+9+5)(:'9/(+)+)0'*5->'9@-'9/(+)--')--*'[5/'4+::')--*\'95',-/65/A'R'R'R'.(&-()*!"-!(/*(0!$/*!("--*($!,/-%1*2!
[S\';)'85A,:-9+5)'56'15./'6-::54>@+,',/50/(AE'@54'A()1'>.8@',/58-*./->'*5->'9@-'9/(+)--',(/9+8+,(9-'+)k!
[V\';)'85A,:-9+5)'56'15./'6-::54>@+,',/50/(AE'@54'+A,5/9()9'+>'+9'65/'9@-'65/'9/(+)--'95'<-'(<:-'95',-/65/A'-(8@',/58-*./-k'
.(&-()*!"-!(/*(0!$/*!("--*($!,/-%1*2!
>2?G8;C3(
C54'85A,-9-)9'95',-/65/Ak' C54'A.8@'A5/-'9/(+)+)0'+>'/-o.+/-*k'
' C54'+A,5/9()9'+>'9@+>'>T+::k'
/((8&6#7&3$!34!73$,<!#$%!6)+1&6#8!683<)%!+)%*67&3$!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
A3<7)+&3+!6)+1&6#8!8#@&$)673@-!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
A3<7)+&3+!"LWJ!4*<&3$!2&7>!<6+)2<!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
A3<7)+&3+!6)+1&6#8!2&+&$,!4*<&3$!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
A3<7)+&3+!"`W_!<6+)2d(8#7)d3+!+3%!4*<&3$!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
966&(&73W6)+1&6#8!4*<&3$!2&7>!+3%<d!<6+)2<d(8#7)<!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
(
C54'85A,-9-)9'95',-/65/Ak' C54'A.8@'A5/-'9/(+)+)0'+>'/-o.+/-*k'
' C54'+A,5/9()9'+>'9@+>'>T+::k'
?+#$<W3+#8!3%3$73&%)673@-!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
/$7)+&3+!6)+1&6#8!%&<6)673@-!{dW!4*<&3$!2&7>3*7!(8#7&$,!IL!8)1)8M!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
&R'$7&CLI&!N']'B%;&7OJ%!N'#KINN#'
'
!
=3+!)#6>!<*+,&6#8!(+36)%*+)<!&$!7>)!438832&$,!7#:8)N!(8)#<)!+)(3+7!7>+))!7>&$,<.!ILM!B32!2)88!%3)<!-3*+!4)8832<>&(!7+#&$&$,!(+)(#+)!7>)!7+#&$))! 73!()+43+@!)#6>!(+36)%*+)~! ! IJM!B32!@*6>!#%%&7&3$#8! 7+#&$&$,!%3)<! 7>)! 7+#&$))!<7&88!$))%!:)-3$%! 4)8832<>&(! 73!63@43+7#:8-!()+43+@!)#6>!3()+#7&3$~!!I`M!9$!63@(8)7&3$!34!7>)!4)8832<>&(N!#((+3Q&@#7)8-!>32!@#$-!34!)#6>!(+36)%*+)!%3)<!7>)!7+#&$))!(#+7&6&(#7)!&$!e!)&7>)+!#<!7>)!(+&@#+-!(>-<&6&#$!3+!4&+<7!#<<&<7#$7!I2+&7)!7>)!$*@:)+!&$!7>)!`+%!638*@$!4+3@!7>)!8)47M!#$%!IbM!B32!&@(3+7#$7!&<!&7!43+!7>)!7+#&$))!73!:)!#:8)!73!()+43+@!)#6>!(+36)%*+)~!
!
!
!
LLS!
/$7)+&3+!6)+1&6#8!(8#7&$,!IL!8)1)8M!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
/$7)+&3+!6)+1&6#8!63+()673@-!#$%!+)63$<7+*67&3$!!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
'*+,)+-!43+!6)+1&6#8!:*+<7!4+#67*+)!2&7>!63+%!&$;*+-!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
$C;%!&;aNJD"!%'
A+&@#+-!8*@:#+!%&<6)673@-!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
F&<6)673@-!43+!+)6*++)$7!%&<6!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
?23!8)1)8!8*@:#+!8#@&$)673@-!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
(
C54'85A,-9-)9'95',-/65/Ak' C54'A.8@'A5/-'9/(+)+)0'+>'/-o.+/-*k'
' C54'+A,5/9()9'+>'9@+>'>T+::k'
c*@:#+!(3<7)+&3+!$3$W&$<7+*@)$7)%!4*<&3$!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
A3<7)+&3+!()%&68)!<6+)2!4&Q#7&3$!
I?aW'LM!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
H(()+!7>3+#6&6!!
I"^!73!?aM!()%&68)!<6+)2!4&Q#7&3$!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
A3<7)+3W8#7)+#8!7>3+#6&6!%&<6)673@-!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
!
!
LJK!
/$7)+&3+!7>3+#6&6!%&<6)673@-!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
/$7)+&3+!cL!63+()673@-!#$%!+)63$<7+*67&3$P!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
'*+,)+-!43+!7>3+#6&6!4+#67*+)!2&7>!<(&$#8!63+%!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
'*+,)+-!43+!B&,>!E+#%)!<(3$%-838&<7>)<&<!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
(
C54'85A,-9-)9'95',-/65/Ak' C54'A.8@'A5/-'9/(+)+)0'+>'/-o.+/-*k'
' C54'+A,5/9()9'+>'9@+>'>T+::k'
0&,>7!7>3+#6&6!G%&3(#7>&6!'638&3<&<!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
^K3!F),)$)+#7&1)!c*@:#+!'638&3<&<!2&7>!'7)$3<&<!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
9<7)373@-!43+!c*@:#+!=8#7W:#6R!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
'*+,)+-!43+!<-+&$,3@-)8&#!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
0)8)#<)!34!7)7>)+)%!63+%!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
'*+,)+-!43+!&$7+#%*+#8!$)3(8#<@!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
!
!
LJL!
'*+,)+-!43+!<(&$#8!@)7#<7#<)<!
O37!#7!#88!
/!c&778)!
'3@)W2>#7!
B&,>8-! O3$)! /!8&778)!C3+)!
'3@)!
C3+)!
'&,$&4&6#$7!/%%&7&3$#8!
! H$#:8)!73!#<<)<<!!
O37!G@(3+7#$7!
A+3:#:8-!$37!G@(3+7#$7!
A+3:#:8-!G@(3+7#$7!
G@(3+7#$7!
!
!!
!!
!
!
!!
!
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
!
!
LJJ!
!,,-)*+_'F2'B(9+-)9'I*-)9+6+8(9+5)[I&OaZa*+(0)5>9+8'85*->d'&&Ba,/58-*./(:'85*->\'
• '(&$#8!<7)$3<&<N!%),)$)+#7&1)!<(3$%-838&<7>)<&<!o _JLP`!c*@:3<#6+#8!<(3$%-83<&<!2&7>3*7!@-)83(#7>-!I8*@:#+!3+!
8*@:3<#6+#8.!#+7>+&7&<N!3<7)3#+7>+&7&<N!<(3$%-8#+7>+&7&<M!o _JbPK!'(&$#8!<7)$3<&<N!37>)+!7>#$!6)+1&6#8!
! _JbPKK!'(&$#8!<7)$3<&<N!*$<()6&4&)%!+),&3$ ! _JbPKJ!'(&$#8!<7)$3<&<N!8*@:#+!+),&3$
o _JbPJ!c*@:#,3!I832!:#6R!(#&$N!832!:#6R!<-$%+3@)N!8*@:#8,&#M!o _JbP`!'6&6#!I$)*+#8,&#!3+!$)*+&7&<!34!<6&6!$)+1)M!o _JbPb!?>3+#6&6!3+!8*@:3<#6+#8!$)*+&7&<!3+!+#%&6*8&7&<N!*$<()6&4&)%!I+#%&6*8#+!
<-$%+3@)!34!832)+!8&@:<M!o _JbPT!Z#6R#6>)N!*$<()6&4&)%!I1)+7):+3,)$&6!(#&$!<-$%+3@)!O9'M!o _JbP^!F&<3+%)+<!34!<#6+*@!I#$R-83<&<!3+!&$<7#:&8&7-N!8*@:3<#6+#8!3+!
<#6+3&8M!o _JbPS!97>)+!*$<()6&4&)%!:#6R!%&<3+%)+<!I#$R-83<&<!34!<(&$)!O9'N!
63@(+)<<&3$!34!<(&$#8!$)+1)!+337!O9'N!<(&$#8!%&<3+%)+!O9'M!o _`aPb!/6D*&+)%!<(3$%-838&<7>)<&<!I%),)$)+#7&1)!<(3$%-838&<7>)<&<N!
<(3$%-838-<&<!#6D*&+)%M!o _`aPT!97>)+!#6D*&+)%!%)43+@&7-!34!:#6R!3+!<(&$)!I%)43+@&7-!34!<(&$)!O9'M!
• A+36)%*+)<!I""AM!o L^PKS!!97>)+!)Q(83+#7&3$<!#$%!%)63@(+)<<&3$!34!<(&$#8!6#$#8!
I%)63@(+)<<&3$.!8#@&$)673@-N!8#@&$373@-k!)Q(83+#7&3$!34!<(&$#8!$)+1)!+337k!43@+#@&$373@-M!
o SJP`L!!5Q6&<&3$!34!&$7)+1)+7):+#8!%&<6!o S`PK`!!F3+<#8!<(&$#8!4*<&3$!o S`PKb!!F3+<38*@:#+!<(&$#8!4*<&3$!2&7>!B#++&$,73$!+3%!o S`PKT!!97>)+!%3+<38*@:#+!<(&$#8!4*<&3$!o S`PK^!!c*@:#+!<(&$#8!4*<&3$!o S`PK_!!c*@:3<#6+#8!<(&$#8!4*<&3$!!
'
'
'
'
'
'
'
'
'
!
!
LJ`!
!,,-)*+_'S2'7_8:.>+5)'&/+9-/+('[I&OaZ\!!
• L_KPJ!C#8&,$#$6-!34!:3$)!#$%!#+7&6*8#+!6#+7&8#,)!I1)+7):+#8!638*@$M!• JL`PJ!Z)$&,$!$)3(8#<@!34!:3$)!#$%!#+7&6*8#+!6#+7&8#7)!I1)+7):+#8!638*@$M!• _JK!G$48#@@#73+-!<(3$%-83(#7>&)<!• _JJ!F&<6!%&<3+%)+<!• _`K!G$4)67&3$!• aKTWaK^!=+#67*+)!34!1)+7):+#8!638*@$'
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
LJb!
!,,-)*+_'V2'&:(>>+6+8(9+5)'56'I)*-_'#./0+8(:'B/58-*./->'
A+36)%*+)!F)<&,$#7&3$!
• 9BGA!A+36)%*+)!63%)<!o F)63@(+)<<&3$!IOLaTM!o F)63@(+)<<&3$!#$%!$3$W&$<7+*@)$7)%!4*<&3$!IOLaT!{!5T^_M!o F)63@(+)<<&3$!#$%!&$<7+*@)$7)%!4*<&3$!I0`_LM!
!
G$<7+*@)$7)%!4*<&3$.!!
! /$-!63%)!2&7>!0`_L!
! 0`_L!e!&$<7+*@)$7#7&3$!e!%)43+@&7&)<!e!<),@)$7#8!(+36)%*+)!e!2&7>!4*<&3$!
O3$&$<7+*@)$7)%!4*<&3$.!
! /$-!63%)!2&7>!5T^_!#$%!$3!0`_L!
! 5T^_!e!#+7>+3%)<&<!e!4*<&3$!2&7>!37>)+!(+36)%*+)I<M!
F)63@(+)<<&3$.!
! /$-!63%)!2&7>!OLaT!2&7>3*7!0`_L!3+!5T^_!
! OLaT!e!%)63@(+)<<&3$!e!(3<7)+&3+!e!(3<7)+&3+!8#@&$)673@-!L!3+!J!8)1)8<N!! 6)+1&6#8N!7>3+#6&6N!8*@:#+!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
LJT!
!,,-)*+_'U2';.985A->'&5::-89-*'
• '*+,&6#8!63@(8&6#7&3$<!o B#+%2#+)!=#&8*+)!
! SS^Pb!!C)6>#$&6#8!63@(8&6#7&3$!34!&$7)+$#8!3+7>3()%&6!%)1&6)N!&@(8#$7N!#$%!,+#47!
! SS^P_a!!97>)+!63@(8&6#7&3$<!%*)!73!37>)+!&$7)+$#8!3+7>3()%&6!%)1&6)N!&@(8#$7N!#$%!,+#47!
! 5a_bPK!!C)6>#$&6#8!4#&8*+)!34!&$<7+*@)$7!3+!#((#+#7*<!%*+&$,!(+36)%*+)k!<*+,&6#8!3()+#7&3$!
o G$4)67&3$!! `JK!!Z#67)+!@)$&$,&7&<!! `JL!!C)$&$,&7&<!%*)!73!37>)+!3+,#$&<@<!! `JJ!!C)$&$,&7&<!34!*$<()6&4&)%!6#*<)!! ^aJPJ!!97>)+!6)88*8&7&<!#$%!#:<6)<<N!7+*$R!! _`K!!9<7)3@-)8&7&<N!()+&3<7&7&<N!#$%!37>)+!&$4)67&3$<!&$1381&$,!:3$)!
• _`KPKa!!/6*7)!3<7)3@-)8&7&<N!37>)+!<()6&4&)%!<&7)<!• _`KPLa!!">+3$&6!3<7)3@-)8&7&<N!37>)+!<()6&4&)%!<&7)<!• _`KPJa!!H$<()6&4&)%!3<7)3@-)8&7&<N!37>)+!<()6&4&)%!<&7)<!• _`KP`a!!A)+&3<7&7&<!2&7>3*7!@)$7&3$!34!3<7)3@-)8&7&<N!37>)+!
<()6&4&)%!<&7)<!• _`KPSa!!H$<()6&4&)%!&$4)67&3$!34!:3$)N!37>)+!<()6&4&)%!<&7)<!
! SS^P^_!!G$4)67&3$!#$%!&$48#@@#73+-!+)#67&3$!%*)!73!37>)+!&$7)+$#8!3+7>3()%&6!%)1&6)N!&@(8#$7N!#$%!,+#47!
! SSaP`!!F&<+*(7&3$!34!3()+#7&3$!23*$%!! SSaPT!!A3<73()+#7&1)!&$4)67&3$!! SSaP^!!A)+<&<7)$7!(3<73()+#7&1)!4&<7*8#!
o O)*+383,&6!&$;*+-!! ``^!!97>)+!%&<)#<)<!34!<(&$#8!63+%!I)P,P!<-+&$,3@-)8&#N!@-)83(#7>-N!
)76PM!! `bb!!97>)+!(#+#8-7&6!<-$%+3@)<!I)P,P!(#+#(8),&#N!6#*%#!)D*&$#N!)76PM!! `T`!!O)+1)!+337!#$%!(8)Q*<!%&<3+%)+<!! STJ!!'(&$#8!63+%!&$;*+-!2&7>3*7!)1&%)$6)!34!<(&$#8!:3$)!&$;*+-!
• STJPJ!!c*@:#+!• STJP`!!'#6+#8!• STJPb!!"#*%#!)D*&$)!
! ST`!!G$;*+-!73!$)+1)!+337<!#$%!<(&$#8!(8)Q*<!• ST`PJ!!c*@:#+!+),&3$!• ST`P`!'#6+#8!+337!
o C)6>#$&6#8!G$<7#:&8&7-!! _JJPa`!!A3<78#@&$)673@-!<-$%+3@)N!8*@:#+!+),&3$!! _`_PLJ!!Y-(>3<&<N!(3<78#@&$)673@-!! _`_PJL!c3+%3<&<N!(3<78#@&$)673@-!
o G$7+#3()+#7&1)!63@(8&6#7&3$<!! SSa!!97>)+!63@(8&6#7&3$<!34!#!@)%&6#8!3+!3()+#7&1)!(+36)%*+)!
• SSaPK!!A3<7)+3()+#7&1)!<>36R!
!
!
LJ^!
• SSaPL!!B)@3++>#,)!3+!>)@#73@#!63@(8&6#7&$,!#!(+36)%*+)!• SSaPJ!!/66&%)$7#8!(*$67*+)!3+!8#6)+#7&3$!%*+&$,!#!(+36)%*+)!• SSaP`!!F&<+*(7&3$!34!3()+#7&1)!23*$%!• SSaPb!!=3+)&,$!:3%-!#66&%)$7#88-!8)47!%*+&$,!#!(+36)%*+)!• SSaP_!!/6*7)!+)#67&3$!73!43+)&,$!<*:<7#$6)!#66&%)$7#88-!8)47!
%*+&$,!#!(+36)%*+)!• SSaPa!!97>)+!<()6&4&)%!63@(8&6#7&3$<!34!(+36)%*+)<N!$37!
)8<)2>)+)!68#<<&4&)%!! 5a_KPK!!/66&%)$7#8!6*7N!(*$67*+)N!()+43+#7&3$N!3+!>)@3++>#,)!%*+&$,!
@)%&6#8!6#+)k!<*+,&6#8!3()+#7&3$!! 5a_LPK!!=3+)&,$!3:;)67!8)47!&$!:3%-!%*+&$,!(+36)%*+)k!<*+,&6#8!
3()+#7&3$!! 5a_JPK!!=#&8*+)!34!<7)+&8)!(+)6#*7&3$<!%*+&$,!(+36)%*+)k!<*+,&6#8!
3()+#7&3$!• C)%&6#8!63@(8&6#7&3$<!
o C-36#+%!&$4#+67&3$!! bLK!!/6*7)!@-36#+%!&$4#+67&3$!! bLL!!97>)+!#6*7)!#$%!<*:#6*7)!43+@<!34!&<6>)@&6!>)#+7!%&<)#<)!! SS_PL!!"#+%!63@(8&6#7&3$<!
o ?>+3@:3)@:38&6!F&<)#<)!! bLTPL!!A*8@3$#+-!)@:38&<@!#$%!&$4#+67&3$!! bTL!A>8):&7&<!#$%!7>+3@:3(>8):&7&<!
• bTLPL!!94!%))(!1)<<)8<!34!832)+!)Q7+)@&7&)<!• bTLPJ!!94!832)+!)Q7+)@&7&)<N!*$<()6&4&)%!• bTLPa!!94!37>)+!<&7)<!• bTLPS!!94!*$<()6&4&)%!<&7)!
! SS_PJ!!A)+&(>)+#8!1#<6*8#+!63@(8&6#7&3$<!34!#!(+36)%*+)!o A$)*@3$&#!
! baKWba^!!A$)*@3$&#!! SS_P`!!0)<(&+#73+-!63@(8&6#7&3$<!
o H+&$#+-!?+#67!G$4)67&3$!! TSK!!G$4)67&3$<!34!R&%$)-!
• TSKPL!!/6*7)!(-)83$)(>+&7&<!• TSKPJ!!0)$#8!#$%!()+&$)(>+&6!#:<6)<<!• TSKP`!!A-)83*+)7)+&7&<!6-<7&6#!• TSKPa!!97>)+!(-)83$)(>+&7&<!3+!(-3$)(>+&7&<N!$37!<()6&4&6&)%!
#<!#6*7)!3+!6>+3$&6!• TSKPS!!G$4)67&3$!34!R&%$)-N!*$<()6&4&)%!
! TST!!"-<7&7&<!• TSTPK!!/6*7)!6-<7&7&<!• TSTP`!!?+&,3$&7&<!• TSTPS!!"-<7&7&<N!*$<()6&4&)%!
! TS_Pa!!97>)+!*+)7>+&7&<N!$37!<)Q*#88-!7+#$<@&77)%!! TSSPK!!H+&$#+-!7+#67!&$4)67&3$N!<&7)!$37!<()6&4&)%!! SS^P^b!!G$4)67&3$!#$%!&$48#@@#73+-!+)#67&3$!%*)!73!&$%2)88&$,!
6#7>)7)+!
!
!
LJ_!
! SS_PT!!H+&$#+-!63@(8&6#7&3$<!o 97>)+!@)%&6#8!63@(8&6#7&3$<!
! SS_!!"3@(8&6#7&3$!#44)67&$,!<()6&4&)%!:3%-!<-<7)@<N!$37!)8<)2>)+)!68#<<&4&)%!
• SS_PK!!")$7+#8!$)+13*<!<-<7)@!63@(8&6#7&3$<!• SS_Pb!!E#<7+3&$7)<7&$#8!63@(8&6#7&3$<!
! SSS!!"3@(8&6#7&3$!34!@)%&6#8!6#+)N!$37!)8<)2>)+)!<()6&4&)%!• SSSPJ!!97>)+!1#<6*8#+!63@(8&6#7&3$<!• SSSP`!!97>)+!&$4)67&3$!• SSSPS!!97>)+!#$%!*$<()6&4&)%!63@(8&6#7&3$<!34!@)%&6#8!6#+)N!
$37!)8<)2>)+)!68#<<&4&)%!• '*+,&6#8!0)3()+#7&3$<!
o L^PKJ!!0)3()$&$,!34!8#@&$)673@-!<&7)!o L^PbS!!97>)+!+)(#&+!#$%!(8#<7&6!3()+#7&3$<!3$!<(&$#8!63+%!<7+*67*+)<!o aSPTa!!c36#8!)Q6&<&3$!34!8)<&3$!3+!7&<<*)!34!:3$)N!37>)+!I&$68P!1)+7):+#)M!o STP`b!!97>)+!@-)673@-!I%):+&%)@)$7!34!@*<68)M!o S`PKa!!0)4*<&3$!34!<(&$)N!#$-!8)1)8!3+!7)6>$&D*)!o SaPK`!!97>)+!&$6&<&3$!2&7>!%+#&$#,)!34!<R&$!#$%!<*:6*7#$)3*<!7&<<*)!o SaPLL!!5Q6&<&3$#8!%):+&%)@)$7!34!23*$%N!&$4)67&3$N!3+!:*+$!
&$!
• �LJa!e!'(&$)!e!2&7>d2&7>3*7!GX!63$7+#<7!• �bLT!e!'(&$)!e!2&7>3*7!GX!63$7+#<7!• �bL^!e!'(&$)!2&7>!GX!63$7+#<7!
D%I!
• �bSK!e!c&@&7)%!<(&$)!IL!<),@)$7M!e!@*87&<8&6)!'5!IL!3+!J!)6>3)<M!• �bS`!e!G$7)+@)%)!<(&$)!IJ!#%;P<),<PM!e!@*87&<8&6)!'P5P!• �bS^!e!"3@(8)Q!<(&$)!IJ!3+!@3+)!$3$W#%;P<),<PM!e!@*87&<8&6)!'P5P!
!
'
'
'
'
'
'
'
'
'
!
!
LJa!
&;Bi%IPC$'!&KL;MN7OP7D7L$#2'
'
'
O-(/'C(/>@(E'
'
$@+>'85,1/+0@9'54)-/'0-)-/(::1',/53+*->',-/A+>>+5)'(9')5'8@(/0-'65/'9@->+>'.>-'(>'*+>>-/9(9+5)>'()*'9@->->'(/-'85)>+*-/-*'95'<-'.),.<:+>@-*'45/T>'4@+8@'>9.*-)9>'(/-'/-o.+/-*'95'85A,:-9-'65/'9@-',./,5>->'56'9@-+/'*-0/--R''
'
'
#+)8-/-:1E'
'
#.-'
'
#.-'B-9/1T-418e'
#-)+5/'B-/A+>>+5)>'!>>58+(9-'
!88->>'&5,1/+0@9E'$@-'&()(*+()'&5,1/+0@9'N+8-)>+)0'!0-)81'
H'i5)0-'#9RE'#9-R'XGG'
$5/5)95E';L''DU7'H7U'
B@5)-2'VHYaXYXaHYFG'-_9R'SVG'
$5::'?/--2'HaXGGaXZSaUWWW'
P-)-/(:'?(_2'VHYaXYXaHYFH'
O-,(/9A-)9'6(_2'VHYaXYXaHYHS'
7aA(+:2'>,-9/1T-418ep(88->>85,1/+0@9R8('
M-<>+9-2'444R(88->>85,1/+0@9R8('
'
B:-(>-'>-)*',-/A+>>+5)'/-o.->9>'95',-/A+>>+5)>p(88->>85,1/+0@9R8(R'
'
$@+>'A->>(0-E'+)8:.*+)0'()1'(99(8@A-)9>E'A(1'85)9(+)'85)6+*-)9+(:'()*',/5,/+-9(/1'+)65/A(9+5)R''I6'15.'(/-')59'9@-'+)9-)*-*'/-8+,+-)9'56'9@+>'A->>(0-E'5/'@(3-'59@-/4+>-'/-8-+3-*'9@+>'A->>(0-'+)'-//5/E',:-(>-')59+61'.>'+AA-*+(9-:1'<1'/-9./)'-aA(+:'()*'<-'(*3+>-*'9@(9'9@-'.>-E'*+>8:5>./-'5/'85,1+)0'56'()1',5/9+5)'56'9@+>'A->>(0-'+>'.)(.9@5/+e-*'()*'A(1'<-'.):(46.:R''B:-(>-',-/A()-)9:1'*-:-9-'9@-'5/+0+)(:'A->>(0-E'+)8:.*+)0'()1'(99(8@A-)9>E'4+9@5.9'A(T+)0'('85,1R'
'
&-'A->>(0-'-9'95.9->':->',+q8->'=5+)9->'>5)9'85)6+*-)9+-:>'-9'r9(<:+>'s':t+)9-)9+5)'-_8:.>+3-'*-'>->'*->9+)(9(+/->R'#+'8-'A->>(0-')-'35.>'->9',(>'*->9+)rE'5.'>+'35.>'(3-e'/-u.'8-'A->>(0-',(/'-//-./E'3-.+::-e':-'A-)9+5))-/'+AAr*+(9-A-)9'(':t-_,r*+9-./'-9'-66(8-/'8-'85.//+-:E'(+)>+'o.-'95.9->':->',+q8->'8+a=5+)9->R'$5.9-'.9+:+>(9+5)E'*+66.>+5)'5.'/-,/5*.89+5)')5)'(.95/+>r-'->9'+)9-/*+9-R'
'
!
!
LJS!
'
aaaaa;/+0+)(:'D->>(0-aaaaa'
?/5A2'B-/A+>>+5)>'fA(+:952B-/A+>>+5)>RB-/A+>>+5)>p8A(R8(g'
#-)92'D5)*(1E'v.:1'GUE'FGHG'X2FG'!D'
$52'@(/>@(RA(:-A,(9+p.95/5)95R8('
&82'!88->>'&5,1/+0@9'B-/A+>>+5)>'P/5.,'
#.<=-892'%72'B-/A+>>+5)'95'J>-'$(<:-]?+0./->'6/5A'&v#'+)'D(>9-/t>'$@->+>'
'
U'v.:1'FGHG'
'
$@()T'15.'65/'15./'85//->,5)*-)8-'/-o.->9+)0',-/A+>>+5)'95'.>-'A(9-/+(:>',.<:+>@-*'<1'9@-'&()(*+()'D-*+8(:'!>>58+(9+5)R'
'
$@-'&D!'+>'('A-A<-/'56'!88->>'&5,1/+0@9E'$@-'&()(*+()'&5,1/+0@9'N+8-)>+)0'!0-)81'[65/A-/:1'T)54)'(>'&!L&;Bi\'()*'4-'@(3-'()'(0/--A-)9'+)',:(8-',-/A+99+)0'9@-A'95'0/()9'5/0()+e(9+5)>'()*'+)*+3+*.(:>E'5)'5./'<-@(:6E'9@-'/+0@9'95'/->,5)*'95'/-o.->9>'56'15./')(9./-R'
'
i5./'/-o.->9'@(>')54'<--)'>.<A+99-*'95'!88->>R'
'
#.-'B-9/1T-418e'
I)9-/+A'#-)+5/'B-/A+>>+5)>'!>>58+(9-'
!88->>'&5,1/+0@9E'$@-'&()(*+()'&5,1/+0@9'N+8-)>+)0'!0-)81'
H'i5)0-'#9RE'#9-R'XGG'
$5/5)95E';L'DU7'H7U'
B@5)-2'VHYaXYXaHYFG'-_9R'SVG'
$5::'?/--2'HaXGGaXZSaUWWW'
O-,(/9A-)9'6(_2'VHYaXYXaHYHS'
,-/A+>>+5)>p(88->>85,1/+0@9R8('
444R(88->>85,1/+0@9R8('
'
#+)8-/-:1E'
v()+>'D.//-1'
B/50/(A'D()(0-/'v5./)(:>'
&D!'B.<:+8(9+5)>'
&()(*+()'D-*+8(:'!>>58+(9+5)'
!
!
L`K!
HXYW'B/5AR'!:9('h+>9('O/+3-E';99(4(E';L''KHP'UMX'
$-:2'YHS'WSHaXYHG'w'XGG'YYSaWSSY'w'-_9R'FHHG'
?(_'YHS'UYUaWWGV'
,-/A+>>+5)>p8A(R8('
'
aaaaa;/+0+)(:'D->>(0-aaaaa'
?/5A2'@(/>@(RA(:-A,(9+p.95/5)95R8('fA(+:952@(/>@(RA(:-A,(9+p.95/5)95R8(g'
#-)92'D5)*(1E'v.:1'GUE'FGHG'H2HV'!D'
$52'B-/A+>>+5)>'
#.<=-892'B-/A+>>+5)'95'J>-'$(<:-]?+0./->'6/5A'&v#'+)'D(>9-/t>'$@->+>'
'
O-(/'#+/]D(*(A2'
'
I'(A'('J)+3-/>+91'56'$5/5)95'0/(*.(9-'>9.*-)9'85A,:-9+)0'A1'D(>9-/k>'
9@->+>'-)9+9:-*'x&()(*+()'#,+)-'#./0-/12'!'%-3+-4'56'7*.8(9+5)(:'
;<=-89+3->'()*'&.//-)9'#./0+8(:'B/(89+8-xR'I9'4+::'<-'>.<A+99-*'95'9@-'
I)>9+9.9-'56'D-*+8(:'#8+-)8-'(9'9@-'J)+3-/>+91'56'$5/5)95R'
'
D1'9@->+>'4+::'<-'(3(+:(<:-'+)'6.::a9-_9'5)'9@-'+)9-/)-9'65/'
/-6-/-)8-E'>9.*1'()*']'5/'85,1R'7_8-,9'+)'>+9.(9+5)>'4@-/-'('9@->+>'+>'
.)*-/'-A<(/05'5/'/->9/+89+5)E'9@-'-:-89/5)+8'3-/>+5)'4+::'<-'
(88->>+<:-'9@/5.0@'9@-'J'56'$'N+</(/+->'4-<',(0->E'9@-'N+</(/1k>'4-<'
8(9(:50.-E'()*'(:>5'9@/5.0@'4-<'>-(/8@'-)0+)->R'I'4+::'(:>5'<-'
0/()9+)0'N+</(/1'()*'!/8@+3->'&()(*('()*'B/5c.->9]JDI'(')5)a-_8:.>+3-'
:+8-)>-'95'/-,/5*.8-E':5()E'*+>9/+<.9-E'5/'>-::'>+)0:-'85,+->'56'A1'
9@->+>'<1'()1'A-()>'()*'+)'()1'65/A'5/'65/A(9R'$@->-'/+0@9>'4+::'+)')5'
4(1'/->9/+89'/-,.<:+8(9+5)'56'9@-'A(9-/+(:'+)'()1'59@-/'65/A'<1'15.'5/'
<1'59@-/>'(.9@5/+e-*'<1'15.R'
'
I'45.:*':+T-',-/A+>>+5)'95'(::54'+)8:.>+5)'56'9@-'65::54+)0'A(9-/+(:'
[H'9(<:-'()*'F'6+0./->\'+)'A1'9@->+>2'
v5./)(:2'&()(*+()'v5./)(:'56'#./0-/1'
i-(/'56'B.<:+8(9+5)2'FGGZ'
!
!
L`L!
h5:.A-'()*'I>>.-'L.A<-/2'UF[V\'
!/9+8:-'$+9:-2'$@-'4@5E'4@(9'()*'4@-)'56'>./0-/1'65/'9@-'*-0-)-/(9+3-'
:.A<(/'>,+)-2'(',5,.:(9+5)a<(>-*'>9.*1'56'>./0-5)'6(895/>E'>./0+8(:'
,/58-*./->E'/-8-)9'9/-)*>'()*'/-5,-/(9+5)'/(9->R'[FXSaFZG\'
!.9@5/2'"-*-/A()'-9'(:R'
B(0-'()*'$(<:-]?+0./-'/-6-/-)8-2'$(<:-'H'[,(0-'FXU\E'?+0./-'F'y'S'[,(0-'FXW\'
'
B:-(>-'85)6+/A'<1'-A(+:'9@(9'9@->-'(//()0-A-)9>'A--9'4+9@'15./'(,,/53(:R'
'
#+)8-/-:1E'
C(/>@('D(:-A,(9+E'DOE'D#8[8\'
;/9@5,(-*+8'#./0-/1'
J)+3-/>+91'56'$5/5)95'
'
'
'
&;L?IO7L$I!NI$i'L;$I&7'
$@-',/->-)9'A->>(0-'+>'+)9-)*-*'65/'9@-')(A-*'/-8+,+-)9[>\E'+>'85)6+*-)9+(:'()*'+>'85)>+*-/-*'(>'()'(*-o.(9-'A-()>'56'85AA.)+8(9+5)'-o.+3(:-)9'95'/-0.:(/'A(+:R'!)1'.)(.9@5/+e-*'.>-'5/'*+>8:5>./-'+>',/5@+<+9-*R'I6'15.'/-8-+3-*'9@+>'85AA.)+8(9+5)'+)'-//5/'5/'4+9@5.9'(.9@5/+e(9+5)E',:-(>-')59+61'.>'+AA-*+(9-:1'()*',-/A()-)9:1'*-:-9-'9@-'-)9+/-'85AA.)+8(9+5)'6/5A'()1'-:-89/5)+8'5/'59@-/'>95/(0-'A-*+.AR''DO'D()(0-A-)9'N+A+9-*E'&D!t>'4@5::1'54)-*'>.<>+*+(/1E'*5->')59'(88-,9'9/(*-'+)>9/.89+5)>'3+('-:-89/5)+8'A-()>R'
z</j'
!hI#'O7'&;L?IO7L$I!NI$Q'
h-.+::-e')59-/'o.-':-',/r>-)9'A->>(0-'->9'*->9+)r'(.[_\'*->9+)(9(+/-[>\'>.>A-)9+5))r[->\E'o.-'>5)'85)9-).'->9'85)6+*-)9+-:'-9'o.-')5.>':-'85)>+*r/5)>'85AA-'.)'A51-)'(*ro.(9'*-'85AA.)+8(9+5)E'(.'A{A-'9+9/-'o.-':-'85.//+-/'5/*+)(+/-R'$5.9-'.9+:+>(9+5)'5.'*+3.:0(9+5)')5)'(.95/+>r-'*-'8-'*58.A-)9'->9'+)9-/*+9-R'#+'35.>'(3-e'/-u.'8-99-'85AA.)+8(9+5)',(/'-//-./E'3-.+::-e')5.>'-)'(3+>-/'+AAr*+(9-A-)9'-9'*r9/.+/-':t5/+0+)(:E'*-'6(u5)',-/A()-)9-E'*-'95.9'>.,,5/9'r:-89/5)+o.-'5.'*-'o.-:o.-'(.9/-')(9./-R'P->9+5)'DO'N+A+9r-E'6+:+(:-'s',(/9'-)9+q/-'*-':t!>>58+(9+5)'Ar*+8(:-'8()(*+-))-E')t(88-,9-'(.8.)'5/*/-'*t5,r/(9+5)'<5./>+q/-',(/'*->'A51-)>'r:-89/5)+o.->R'
'
aa'
$@+>'A->>(0-'4(>'>8())-*'<1'7#h!'()*'+>'<-:+-3-*'95'<-'8:-()R'
&:+8T'@-/-'95'/-,5/9'9@+>'A->>(0-'(>'>,(AR'
@99,2]]@G>9)(A-]80+a<+)]:-(/)aA>0R80+k+*|ZUWYUFXO!VR&!?OW'
'
Recommended