Product and Process Design Principles - Seider
1122
Click here to load reader
Transcript of Product and Process Design Principles - Seider
! "#$%$&
"'()*+,!%!!
-+(.*/,$0+)(,(*/,$-+.1.2+!3+*4/,56!!!!
!"#$$%&'()*+,(-$!7'+! ),+6+8.+! /9! (*! 2+(6*! /8+! .'+:;.(2! ,+(.*/,! (8<! /8+! /,! :/,+! 6+)(,(*;/8! 6+.*;/86! 9/,! *'+!
6+)(,(*;/8!/9! *'+!+992=+8*!:;>*=,+! 2+(?;8@!*'+!,+(.*/,A6B!.'(,(.*+,;C+6!:(81!.'+:;.(2!),/.+66+6D!!
E8!(2:/6*!(22!.(6+6F!/8+!/,!:/,+!/9!*'+!6*,+(:6!2+(?;8@!*'+!6+)(,(*;/8!6+.*;/8A6B!;6!A(,+B!,+.1.2+<!
*/!*'+!,+(.*/,D!!E8!"'()*+,!GF!*'+!<+6;@8!/9!,+(.*/,6!(8<!,+(.*/,!8+*4/,56!4(6!./86;<+,+<!4;*'/=*!
,+@(,<! 9/,! *'+! 6+)(,(*;/8! 6+.*;/8A6B! (8<! )/66;H2+! ,+.1.2+! *'+,+! 9,/:D! !"'()*+,!I!4(6! ./8.+,8+<!
4;*'!*'+!<+6;@8!/9!6+)(,(*;/8!6+.*;/86!;8!*'+!(H6+8.+!/9!(81!./86;<+,(*;/8!/9!*'+!,+(.*/,!6+.*;/8D!!
"'()*+,!JF!4';.'!<+(2*!4;*'! *'+!618*'+6;6!/9! *'+!+8*;,+!),/.+66F! ;8.2=<+<!(!9+4!+>(:)2+6!/9! *'+!
;8*+,(.*;/8!H+*4++8!*'+!,+(.*/,!(8<!6+)(,(*;/8!6+.*;/86D!!7';6!.'()*+,!+>*+8<6!*'(*!;8*,/<=.*;/8!*/!
@;?+!(!:/,+!<+*(;2+<!*,+(*:+8*!/9!,+(.*/,$6+)(,(*/,$,+.1.2+!8+*4/,56D!
!
K9*+,!6*=<1;8@!*';6!.'()*+,F!*'+!,+(<+,!6'/=2<!
!
&D!! L+! (H2+! */! <+*+,:;8+! *'+! H+6*! 2/.(*;/8! 9/,! *'+! 6+)(,(*;/8! 6+.*;/8F! +;*'+,! H+9/,+! /,! (9*+,! *'+!
,+(.*/,D!
!
MD!! N8<+,6*(8<!*'+!*,(<+/996!H+*4++8!)=,@+$*/$,+.1.2+!,(*;/F!,+.1.2+!,(*;/F!(8<!,(4!:(*+,;(2!2/66F!
4'+8! <+(2;8@! 4;*'! ;8+,*! /,! H1),/<=.*! .'+:;.(26! *'(*! (,+! <;99;.=2*! */! 6+)(,(*+! 9,/:! *'+!
,+(.*(8*6D!
!
OD!! N8<+,6*(8<! *'+! 8++<! */! <+*+,:;8+! *'+! /)*;:(2! ,+(.*/,! ./8?+,6;/8F! ;8?/2?;8@! *'+! *,(<+/99!
H+*4++8! *'+! ./6*! /9! *'+! ,+(.*/,! 6+.*;/8! (8<! *'+! ./6*! /9! *'+! 6+)(,(*;/8! 6+.*;/8A6B! ;8! *'+!
),+6+8.+! /9! ,+.1.2+F! +?+8! 4'+8! .'+:;.(2! +P=;2;H,;=:! @,+(*21! 9(?/,6! *'+! ),/<=.*6! /9! *'+!
,+(.*;/8D!
!
! "#$%$M
QD!! N8<+,6*(8<! *'+! ./8<;*;/86! =8<+,! 4';.'! *'+! ,+.1.2+! /9! H1),/<=.*6! */! +>*;8.*;/8! .(8! H+!
+:)2/1+<!*/!,+<=.+!4(6*+!(8<!;8.,+(6+!1;+2<D!
!
JD!! L+!(4(,+!/9!*'+!68/4H(22!+99+.*!;8!(!,+(.*/,$6+)(,(*/,$,+.1.2+!8+*4/,5!(8<!*'+!;:)/,*(8.+!/9!
<+6;@8;8@!(8!(<+P=(*+!./8*,/2!616*+:F!4';.'!;6!),+6+8*+<!;8!0+.*;/86!MRDO!AS>(:)2+!MRD&&B!
(8<!M&DJ!A"(6+!0*=<1!M&DOBD!
!
!
!".$$+/*0%12)*+%/$!7'+!9++<!*/!(!,+(.*/,!6+.*;/8!/9!(!.'+:;.(2!),/.+66!(2:/6*!(24(16!;6!(!!"#$%&'()*''(!./86;6*;8@!
/9!(! *+',-) *''(!:;>+<!4;*'!/8+!/,!:/,+!,+.1.2+!6*,+(:6F!(6!6'/48!;8!T;@=,+!ID&D! !T,+6'!,+(.*/,!
9++<6!,(,+21!./8*(;8!/821!*'+!,+(.*(8*6!9/,! *'+!<+6;,+<!,+(.*;/8D! !L+6;<+6!*'+!,+(.*(8*6F! *'+1!:(1!
./8*(;8! ;8+,*! .'+:;.(26F! )/*+8*;(2! ,+(.*(8*6! 9/,! 6;<+! ,+(.*;/86F! .(*(216*! )/;6/86F! (8<!),/<=.*6!/9!
*'+!<+6;,+<!,+(.*;/8A6BD!!-+.1.2+!6*,+(:6!(,+!;8*+8<+<!*/!./8*(;8!/821!=8./8?+,*+<!,+(.*(8*6!/9!*'+!
<+6;,+<! ,+(.*;/8A6BD! ! U/4+?+,F! :/,+! ./::/821F! ,+.1.2+! 6*,+(:6! (26/! ./8*(;8! ),/<=.*6! /9! *'+!
<+6;,+<!,+(.*;/8A6BF!),/<=.*6!/9!=8<+6;,+<!6;<+!,+(.*;/86F!(8<!;8+,*!.'+:;.(26D!!
!
-+(.*/,! +992=+8*6! (,+! (2:/6*! 8+?+,! ),/<=.*6! *'(*!:++*! )=,;*1! 6)+.;9;.(*;/86D!L+6;<+6! *'+!
),/<=.*6F! +992=+8*6!:(1!./8*(;8! ,+(.*(8*6F! ;8+,*6F!),/<=.*6!/9!=8<+6;,+<!6;<+! ,+(.*;/86F!(8<! 9++<!
;:)=,;*;+6D! !7'=6F!(2:/6*!+?+,1!.'+:;.(2!),/.+66! *'(*! ;8?/2?+6!(!.'+:;.(2! ,+(.*;/8!6+.*;/8!(26/!
;8?/2?+6!/8+!/,!:/,+! 6+)(,(*;/8!6+.*;/86! ;8!(<<;*;/8! */!/8+!/,!:/,+! ,+.1.2+! 6*,+(:6D! !K!:(V/,!
.'(22+8@+!/9!),/.+66!<+6;@8!;6!*/!<+?;6+!(8!/)*;:(2!6.'+:+!9/,!=8;*;8@!*'+!,+(.*;/8!(8<!6+)(,(*;/8!
9=8.*;/86! /9! (! ),/.+66D! ! 7';6! .'()*+,! ),+6+8*6! :(81! /9! *'+! ./86;<+,(*;/86! ;8?/2?+<! ;8! *'(*!
/)*;:;C(*;/8D!!K2*'/=@'!T;@=,+!ID&!6'/46!/821!/8+!,+(.*/,!6+.*;/8F!:=2*;)2+!,+(.*/,!6+.*;/86!(,+!
6/:+*;:+6!,+P=;,+<F!4;*'!6+)(,(*;/8!6+.*;/86!2/.(*+<!H+*4++8!+(.'!)(;,!/9!,+(.*/,!6+.*;/86!
!!
! "#$%$O
!"3$$4%)5*+/6$*7($-(8505*+%/$-()*+%/$9+*7$0(-8()*$*%$*7($$$$$$$$$0(5)*%0$-()*+%/$$! !
E8! :(81F! )+,'()6! :/6*F! .'+:;.(2! ),/.+66+6F! (! 6+)(,(*;/8! 6+.*;/8! ;6! 2/.(*+<! (9*+,! *'+! ,+(.*;/8!
6+.*;/8F!(6!6'/48!;8!T;@=,+!ID&D!!E8!*';6!6+)(,(*;/8!6+.*;/8F!),/<=.*6!(,+!)=,;9;+<!(8<!=8./8?+,*+<!
,+(.*(8*6! (,+! ,+./?+,+<! 9/,! ,+.1.2+! H(.5! */! *'+! ,+(.*/,D! ! E8! *';6! :(88+,F! (! ),/.+66! ;8?/2?;8@!
,+(.*;/86!4;*'!=89(?/,(H2+!.'+:;.(2!+P=;2;H,;=:!./86*(8*6F!.!F!(*!,+(.*/,!./8<;*;/86!.(8!(.';+?+!
';@'! /?+,(22! ),/.+66! ./8?+,6;/86! */! <+6;,+<! ),/<=.*6D! ! E:)/,*(8*! ;8<=6*,;(2! +>(:)2+6! (,+! *'+!
'1<,/@+8(*;/8!/9!8;*,/@+8!*/!(::/8;(F!
!
M M O3 W!OU M3U! !
!
(8<!*'+!'1<,/@+8(*;/8!/9!.(,H/8!:/8/>;<+!*/!:+*'(8/2F!!
!
M O"X!W!MU "U XU! !
!
H/*'! /9! 4';.'! (,+! +>/*'+,:;.! ,+(.*;/86F! 4'/6+! .'+:;.(2! +P=;2;H,;=:! ./86*(8*6F! *'+,+9/,+F!
<+.,+(6+!4;*'!;8.,+(6;8@!*+:)+,(*=,+!(../,<;8@!*/!*'+!?(8Y*!U/99!+P=(*;/8Z!
!
!!!!!/
M
28 ! +/
0
. 12 32
" #$ % &' (") *!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!A%D&B!
!
!!E8!*'+6+!*4/!+>(:)2+6F! *'+!.'+:;.(2!+P=;2;H,;=:!./86*(8*6!(,+!H/*'!2+66! *'(8!=8;*1!(8<!
,+(.*/,!./8?+,6;/86!(,+!2+66!*'(8!JR[!(*!*+:)+,(*=,+6!';@'!+8/=@'!*/!(.';+?+!,+(6/8(H2+!,+(.*;/8!
,(*+6D!!L+.(=6+!H/*'!,+(.*;/86!;8?/2?+!6',;85(@+!;8!*'+!8=:H+,!/9!:/2+6!AQ!*/!M!9/,!*'+!(::/8;(!
,+(.*;/8! (8<!O! */!&! 9/,! *'+!:+*'(8/2! ,+(.*;/8BF! *'+! ,+(.*/,!./8?+,6;/8!.(8!(26/!H+! ;8.,+(6+<!H1!
;8.,+(6;8@!*'+!),+66=,+F!H=*!),(.*;.(2!./86;<+,(*;/86!2;:;*!*'+!/)+,(*;8@!),+66=,+D!!U/4+?+,F!4;*'!
*'+! ,+./?+,1! (8<! ,+.1.2+! /9! =8./8?+,*+<! ,+(.*(8*6F! /?+,(22! ),/.+66! ./8?+,6;/86! /9! &RR[! (,+!
()),/(.'+<D!!!
!
! "#$%$Q
K2*'/=@'! ),/<=.*! )=,;9;.(*;/8! :(1! ,+P=;,+! +>*,+:+! :+(6=,+6! */! (.';+?+! ),/<=.*!
6)+.;9;.(*;/86F! ,+.1.2+! 6*,+(:6! ,(,+21! ,+P=;,+!(! 6;@8;9;.(8*!<+@,++!/9!)=,;9;.(*;/8!4;*'!,+6)+.*! */!
,+.1.2+<!,+(.*(8*6D! !\'+8!*4/!/,!:/,+!,+(.*(8*6!(,+!;8?/2?+<F!*'+1!</!8/*!'(?+!*/!H+!,+./?+,+<!
6+)(,(*+21!9/,!,+.1.2+!=82+66!*'+;,!,'45+56%"&)%&('/',!A+D@DF!,+2(*;?+!?/2(*;2;*1B!(,+!6+)(,(*+<!H1!*'+!
),/<=.*A6BF!(6!6'/48!;8!*'+!8+>*!*4/!+>(:)2+6D!
!
!"#$%&'()*+(((,-./'0'(1#023#4-2/'*((!
E8!*'+!6*1,+8+!:(8=9(.*=,+!),/.+66!/9!T;@=,+!&RDG&F!*'+!:(;8!,+(.*;/8!;6!!
!
]+*'(8/2!!W!7/2=+8+!+ !!0*1,+8+!W!U1<,/@+8!W!\(*+,!
!
7'+!9/22/4;8@!6;<+!,+(.*;/8!(26/!/..=,6Z!
!
]+*'(8/2!!W!7/2=+8+!+ !!S*'12H+8C+8+!W!\(*+,!
!
7'+! ,+(.*/,! +992=+8*! ./8*(;86! ()),+.;(H2+! )+,.+8*(@+6!/9!=8,+(.*+<!:+*'(8/2! (8<! */2=+8+D!!
E8! *';6!),/.+66F! H/*'! 6*1,+8+! (8<!+*'12H+8C+8+! (,+!),/<=.*6! (8<!:=6*!H+!)=,;9;+<! */!:++*!
6*,;.*!6)+.;9;.(*;/86D! !\(*+,! 9,/:!*'+!:(;8!,+(.*;/8!:=6*!H+! *,+(*+<! */! *'+!+>*+8*! ,+P=;,+<!
9/,! <;6)/6(2! */! (! 6+4+,! /,! 9/,! (8/*'+,! =6+D! ! ]+*'(8/2! (8<! */2=+8+! (,+! ,+./?+,+<! (8<!
,+.1.2+<D! !7'+1!(,+!(<V(.+8*! ;8! ,+2(*;?+!?/2(*;2;*1!(8<F! *'+,+9/,+F!4'+8!<;6*;22(*;/8! ;6!=6+<F!
*'+1! 8++<! 8/*! H+! 6+)(,(*+<^! (8<! H+.(=6+! *'+1!(,+! ,+.1.2+<! *'+1!8++<!8/*!H+!)=,;9;+<! */! (!
';@'!<+@,++D!!71);.(221F!*'+!,+.1.2+!6*,+(:!:;@'*!./8*(;8!J[!+*'12H+8C+8+!)2=6!6*1,+8+D!!
!
!"#$%&'()*5*(62$'0'(1#023#4-2/'*(((
K! :/,+! ./:)2+>! +>(:)2+! ;6! *'+! :(8=9(.*=,+! /9! .=:+8+! A;6/),/)12! H+8C+8+B! H1! *'+!
(2512(*;/8! /9! H+8C+8+! 4;*'! ),/)12+8+F! *(5+8! 9,/:! *'+! &__I! 3(*;/8(2! 0*=<+8*! #+6;@8!
"/:)+*;*;/8!/9!*'+!KE"'SD!!"=:+8+!;6!4;<+21!=6+<!*/!:(5+!(.+*/8+!(8<!)'+8/2D!!7'+!9,+6'!
9++<6! (,+! (6! 9/22/46F! 4'+,+! *'+! H+8C+8+! 9++<! ;6! 8+(,21! )=,+F! H=*! (! ,+9;8+,1! .=*! /9! (!
),/)12+8+$),/)(8+! :;>*=,+! ;6! =6+<! ,(*'+,! *'(8! (! :/,+! +>)+86;?+! 9++<! /9! 8+(,21! )=,+!
),/)12+8+D!
!
! "#$%$J
):;<:=>=?$ 8@:<AB>=>$C>>DE$BF;:BGH@$
&>=I>=>$C>>DE$BF;:BGH@$
\(*+,! !!!!!!RD&%RR! !
S*'(8+! !!!!!!QDGQQR! !
`,/)12+8+! !!!!!!!!!!!&FRM_DMRIJ !
`,/)(8+! !!QGJDG&MI! !
&$L=*+8+! !!!!!!RDRORR! !
E6/H=*(8+! !!!!!!RDO&OJ! !
]+*'12.1.2/)+8*(8+F!]"` ! !!!!&D&JIR!
L+8C+8+! ! __IDJ&OR!
]+*'12.1.2/'+>(8+F!]"U! ! !!!!RDMROR!
7/2=+8+! ! !!!!RD&MIR!
!
7'+!:(;8!,+(.*;/8F!./8<=.*+<!4;*'!(!.(*(216*F!;6Z!
!
`,/)12+8+!W!L+8C+8+!+ !!E6/),/)12H+8C+8+!A"=:+8+B!
!
K!8=:H+,!/9!=8<+6;,(H2+!6;<+!,+(.*;/86!;8?/2?;8@!*'+!:(;8!,+(.*(8*6!(26/!/..=,F!;8.2=<;8@Z!
!
`,/)12+8+!W!L+8C+8+!+ !!8$`,/)12H+8C+8+!
"=:+8+!W!`,/)12+8+!+ !:$#;;6/),/)12H+8C+8+!A:$#E`LB!
"=:+8+!W!`,/)12+8+!+ !)$#;;6/),/)12H+8C+8+!A:$#E`LB!
X*'+,!,+(.*;/86!*'(*!),/<=.+!(2512(*;/8!'+(?;+6!
!
K22!/9! *'+! ;:)=,;*;+6! ;8!*'+!),/)12+8+!(8<!H+8C+8+!9,+6'!9++<!6*,+(:6F! ;8.2=<;8@!*'+!2(,@+!
(:/=8*! /9! ),/)(8+! ;8! *'+! ),/)12+8+! 9++<F! (,+! +66+8*;(221! ;8+,*F! 4;*'! *'+! +>.+)*;/8! /9! &$
L=*+8+F!4';.'!+8*+,6!;8*/!*'+!9/22/4;8@!=8<+6;,(H2+!6;<+!,+(.*;/86Z!
!
&$L=*+8+!W!L+8C+8+!+ !!*$L=*12H+8C+8+!A*$LLB!
&$L=*+8+!W!L+8C+8+!+ !&$;6/),/)12FQ$:+*'12!L+8C+8+!A)$"1:+8+B!
!
! "#$%$G
`/*+8*;(2!),/<=.*6!(8<!H1),/<=.*6!;8.2=<+!.=:+8+F!),/)(8+F!#E`L6F!*$LLF!)$.1:+8+F!;8+,*!
2;@'*!'1<,/.(,H/86F!;8+,*!(,/:(*;.!./:)/=8<6F!(8<!4(*+,D!!K!:(;8!/HV+.*;?+!/9!*'+!),/.+66!
;6! */! :(>;:;C+! *'+! ),/<=.*;/8! /9! .=:+8+! (8<! :;8;:;C+! *'+! (:/=8*6! /9! H1),/<=.*! (8<!
4(6*+!6*,+(:6D!!7'+!.=:+8+!),/<=.*!:=6*!:++*!*'+!9/22/4;8@!6)+.;9;.(*;/86Z!
!
"=:+8+!)=,;*1F!4*[! __D_I! :;8;:=:!
L=*12H+8C+8+6F!)):!AH1!4*B! !!!!!!!!!!!!!!!!!!!!!!!!QR! :(>;:=:!
7/2=+8+F!)):!AH1!4*B! !!!!!!!!!!!!!!!!!!!!!!!!&J! :(>;:=:!
"1:+8+F!)):!AH1!4*B! !!!!!!!!!!!!!!!!!!!&R! :(>;:=:!
L+8C+8+!(8<!)(,(99;86F!)):!AH1!4*B !!!!!!!!!!!!!!!!!!!&R! :(>;:=:!
X*'+,6F!)):!AH1!4*B! !!!!!!!!!!!!!!!!!!!!!!MMJ! :(>;:=:!
!
7'+!),/)(8+!H1),/<=.*! ;6!=6+<!(6!+;*'+,!9=+2!@(6!/,!a`bD! !7'=6F! ;*!.(8!./8*(;8!4(*+,!(8<!
2;@'*!'1<,/.(,H/86D!!U/4+?+,F!*'+!(,/:(*;.!./8*+8*!.(88/*!+>.++<!RDR&!4*[D!
!
S>)+,;:+8*(2! (2512(*;/8! <(*(! 6'/4! *'(*! *'+! *4/! ,+(.*;/86! (H/?+! *'(*! ),/<=.+!#E`L6! .(8!
,+6=2*! ;8! (! 6+,;/=6! 2/66! Ac! &R[B! /9! )/*+8*;(2! .=:+8+! ),/<=.*D! ! 7/! ,+<=.+! *';6! 2/66F! *4/!
,+:+<;+6!(,+!())2;+<F!*'+!9;,6*!/9!4';.'!;6!,+2(*+<!*/!U+=,;6*;.!M!;8!7(H2+!JDMZ!A&B!*'+!=6+!/9!(!
2(,@+!+>.+66!/9!H+8C+8+!;8!*'+!./:H;8+<!9++<!*/!*'+!(2512(*;/8!,+(.*/,F!9/,!+>(:)2+F!(!QDR!
:/2(,! ,(*;/! /9! H+8C+8+! */! ),/)12+8+! */! ,+<=.+! *'+!#E`L! 9/,:(*;/8! ,+(.*;/86F! (8<! AMB! *'+!
(<<;*;/8!/9!(!*,(86$(2512(*;/8!,+(.*/,!4'+,+!*'+!#E`L6!(,+!,+(.*+<!4;*'!H+8C+8+!*/!),/<=.+!
.=:+8+!(../,<;8@!*/!*'+!,+(.*;/8Z!
!
#E`L!W!L+8C+8+!+ !M!"=:+8+!
X*'+,!,+(.*;/86!*'(*!),/<=.+!*,(86$(2512(*;/8!'+(?;+6!
!
0/2=*;/8!
! ! K!),+2;:;8(,1!H2/.5!92/4!<;(@,(:F!6=@@+6*+<!9/,!*'+!.=:+8+!),/.+66F!;6!6'/48!;8!
T;@=,+! %D&D! ! 7'+! ),/.+66! ./86;6*6! /9! /8+! 6+)(,(*;/8! 6+.*;/8F! ./86;6*;8@! /9! *',++! ./2=:86F!
6;*=(*+<!H+*4++8!*4/!,+(.*/,!6+.*;/86F!/8+!9/,!(2512(*;/8!(8<!/8+!9/,!*,(86$(2512(*;/8D!!7'+!
6+)(,(*;/86! (,+! (22! <;6*;22(*;/86F! 4'+,+! ()),/>;:(*+! :+(6=,+6! 9/,! *'+! +(6+! /9! <;6*;22(*;/8F!
! "#$%$I
(66=:;8@!;<+(2!2;P=;<!6/2=*;/86F!(,+!*'+!<;99+,+8.+6!H+*4++8!*'+!8/,:(2!H/;2;8@!)/;8*6!/9!*'+!
./:)/8+8*6!;8!*'+!(2512(*;/8!,+(.*/,!+992=+8*Z!
$
):;<:=>=?$ J:@;KBL$ M:B>NKBL@$O>PQH?$
/:@;LB$F:PBP=Q<:P=?E$:)$
\(*+,! UMX! &%DRM! &RR!
S*'(8+! "MUG! ORDRI! $%%DG!
`,/)12+8+! "OUG! QMDR%! $QIDQ!
`,/)(8+! "OU%! QQD&&! $QMD&!
E6/H=*(8+! "QU&R! J%D&O! $&&DI!
&$L=*+8+! "QU%! JGD&M! $GDO!
]+*'12.1.2/)+8*(8+! "GU&M! %QD&G! I&D%!
L+8C+8+! "GUG! I%D&M! %RD&!
]+*'12.1.2/'+>(8+! "IU&Q! _%D&_! &RRD_!
7/2=+8+! "IU%! _MD&G! &&RDG!
"=:+8+! "_U&M! &MRDM! &JMDQ!
8$`,/)12H+8C+8+! "_U&M! &MRDM! &J_DM!
*$L=*12H+8C+8+! "&RU&Q! &OQDM! &G_DR!
)$"1:+8+! "&RU&Q! &OQDM! &IID&!
:$#E`L! "&MU&%! &GMDO! MRODM!
)$#E`L! "&MU&%! &GMDO! M&RDO!
7,(86$(2512(*;/8!'+(?;+6! ! MR&DI! MG&DO!
K2512(*;/8!'+(?;+6! ! MRGDQ! MI%D%!
!
!
! "#$%$%
!
!!!!!!!!!!!T;@=,+!%D&!!!!"=:+8+!),/.+66!"!
#$%&$%$"'$$("
)*+,-.$%$"'$$("
)*+,/%$ 012$%$
"""""3.4-./56+%"""""""7$/85+*"
"9*/%:;/.4-./56+%"""""""7$/85+*
#$%&$%$"
#$%&$%$"7$8-8.$"
#$%&$%$"
""""7$8-8.$
"0< 0= 0>
!
! "#$%$_
3/*+! *'(*! *'+! 9,+6'! ),/)12+8+! 9++<! ./8*(;86! ()),/>;:(*+21! O&! :/2[!
),/)(8+D!!L+.(=6+!),/)(8+!;6!;8+,*F!U+=,;6*;.!O!/9!7(H2+!JDM!6'/=2<!H+!./86;<+,+<D!!
`,/)(8+! .(8! H+! ,+:/?+<! ;8! (! 6+)(,(*;/8! 6+.*;/8! H+9/,+! /,! (9*+,! *'+! (2512(*;/8!
,+(.*/,D! ! U/4+?+,F! ;9! ,+:/?+<! H+9/,+! *'+! ,+(.*/,F! (! <;99;.=2*! 6+)(,(*;/8! H+*4++8!
),/)(8+!(8<!),/)12+8+!;6!,+P=;,+<F!(6!<;6.=66+<!;8!0+.*;/8!IDMF!H+.(=6+!*'+!H/;2;8@$
)/;8*!<;99+,+8.+! ;6!/821!JDO/"!A,+2(*;?+!?/2(*;2;*1!d!&DOBD! ! E8! *'+!(2512(*;/8!,+(.*/,F!
+66+8*;(221! (22! /9! *'+! ),/)12+8+F! (6! 4+22! (6! (22! /9! *'+! &$H=*+8+F! (,+! ,+(.*+<D!!
7'+,+9/,+F!(9*+,!*'+!,+(.*/,F!),/)12+8+!;6!8/*!),+6+8*!*/!H+!6+)(,(*+<!9,/:!),/)(8+D!!
E86*+(<F! *'+! ),/)(8+F! */@+*'+,! 4;*'! 4(*+,! (8<! 6:(22! (:/=8*6! /9! ;8+,*! 2;@'*!
'1<,/.(,H/86!;8!*'+!),/)12+8+!9++<F!(,+!+(6;21!,+:/?+<!9,/:!*'+!+>.+66!H+8C+8+!;8!
*'+!,+(.*/,!+992=+8*!;8!*'+!<+),/)(8;C+,F!"&D!!U+,+F!*'+!<;99+,+8.+!;8!H/;2;8@!)/;8*6!
H+*4++8! *'+! 5+1! ./:)/8+8*6! ;6! &&MDM/"! A,+2(*;?+! ?/2(*;2;*1!c! &RBD! ! T/22/4;8@! *'+!
<+),/)(8;C+,! ;6! (! H+8C+8+$,+./?+,1! <;6*;22(*;/8! ./2=:8F! "MF! 4'+,+! H+8C+8+! ;6!
,+:/?+<F!4;*'!(!)/,*;/8!,+.1.2+<!*/!*'+!(2512(*;/8!,+(.*/,!(8<!*'+!,+:(;8<+,!6+8*!*/!
*'+!*,(86$(2512(*;/8!,+(.*/,D! !7'+!:(;8!6+)(,(*;/8!;6!H+*4++8!H+8C+8+!(8<!.=:+8+!
4;*'!(!H/;2;8@$)/;8*!<;99+,+8.+!/9!IMDO/"!A,+2(*;?+!?/2(*;2;*1!c!JBD!!T;8(221F!.=:+8+!
),/<=.*!;6!,+./?+,+<!(6!*'+!<;6*;22(*+!;8!<;6*;22(*;/8!./2=:8F!"OF!4'+,+!*'+!H/**/:6!
),/<=.*F!./:),;6+<!/9!#E`L6F!;6!6+8*!*/!*'+!*,(86$(2512(*;/8!,+(.*/,!*/!H+!./8?+,*+<!
*/! .=:+8+D! ! ! E8! *'+! *,(86$(2512(*;/8! ,+(.*/,F! (! QDR!:/2(,! ,(*;/! /9! H+8C+8+! */! */*(2!
#E`L6!;6!=6+<F!H=*!*'+!./8?+,6;/8!/9!#E`L6!;6!/821!JR[D!!L1!,+.1.2;8@!*'+!+992=+8*!
9,/:!*'+!*,(86$(2512(*;/8!,+(.*/,F!8/!8+*!),/<=.*;/8!/9!#E`L6!;6!;8.=,,+<D!!L(6+<!/8!
2(H/,(*/,1! +>)+,;:+8*6! (8<! /*'+,! ./86;<+,(*;/86F! *'+! H+8C+8+! ,+.1.2+! */! *'+!
(2512(*;/8!,+(.*/,!.(8!./8*(;8!=)!*/!&R!:/2[!;:)=,;*;+6D! !U/4+?+,F!*'+!./:H;8+<!
9++<!*/!*'+!(2512(*;/8!,+(.*/,!:=6*!8/*!./8*(;8!:/,+!*'(8!&DO!:/2[!.=:+8+D!
!
K!.(,<;8(2!,=2+F!;:)2;+<!;8!U+=,;6*;.!Q!/9!7(H2+!JDMF!*'(*!:=6*!H+!(<'+,+<!*/!
4'+8!<+?+2/);8@!(!),/.+66! 92/46'++*F! ;6! */!),/?;<+! +>;*6! 9,/:! *'+!),/.+66! 9/,!(22!
;8+,*!6)+.;+6!*'(*!+8*+,!*'+!),/.+66!(6!;:)=,;*;+6!;8!*'+!9,+6'!9++<A6B!/,!(,+!9/,:+<!;8!
;,,+?+,6;H2+!6;<+!,+(.*;/86D!!E8!*'+!.=:+8+!),/.+66F!*'+6+!6)+.;+6!;8.2=<+!4(*+,!(8<!
+*'(8+F!4';.'!(,+!:/,+!?/2(*;2+!*'(8!),/)(8+^!;6/H=*(8+F!]"`F!]"UF!(8<!*/2=+8+F!
4';.'! (,+!:/,+! ?/2(*;2+! *'(8! .=:+8+^! (8<! 8$),/)12H+8C+8+F! *LLF! (8<! )$.1:+8+F!
!
! "#$%$&R
4';.'!(,+!:/,+!?/2(*;2+! *'(8! *'+!#E`L6D! !L(6+<!/8! *'+!),/<=.*! 6)+.;9;.(*;/86! 9/,!
*'+!),/)(8+!(8<!.=:+8+!),/<=.*6F!.(2.=2(*;/86!6'/4!*'(*!*'+!*/*(2!(:/=8*6!/9!*'+6+!
6)+.;+6! ),/<=.+<! </! 8/*! 2+(?+! 4;*'! /8+! /,! H/*'! ),/<=.*6D! ! "/86+P=+8*21F! *4/!
(2*+,8(*;?+6F!6=@@+6*+<!;8!U+=,;6*;.!Q!/9!7(H2+!JDMF!:=6*!H+!+?(2=(*+<D!!7'+!9;,6*!;6!
*/! (<<! 6+)(,(*/,6! */! *'+! ),/.+66! 92/46'++*D! ! \'+8! *//! +>)+86;?+F! *'+! 6+./8<!
;8.2=<+6! /8+! /,! :/,+! )=,@+! /,! <,(@! 6*,+(:6F! ,+6=2*;8@! ;8! *'+! 2/66! /9! ,+(.*(8*A6BF!
),/<=.*A6BF! /,! H/*'D! ! 74/! <,(@! 6*,+(:6F! /8+! 9,/:! *'+! <;6*;22(*+! /9! *'+! H+8C+8+!
,+./?+,1! ./2=:8! (8<! /8+! 9,/:! *'+! H/**/:6! /9! *'+! .=:+8+! ,+./?+,1! ./2=:8F! (,+!
=6+<F! 2+(<;8@! */! (! H+8C+8+! 2/66! /9! (H/=*! M[!(8<! (! .=:+8+! 2/66!/9! 2+66! *'(8!&[D!!
E8.2=6;/8! /9! <,(@! 6*,+(:6! (8<! *'+! ,+6=2*;8@! :(*+,;(2! H(2(8.+! .(2.=2(*;/86! (,+! *'+!
6=HV+.*6!/9!S>+,.;6+!%D&!(*!*'+!+8<!/9!*';6!.'()*+,D!
!
! "'+:;.(2!),/.+66+6F! +6)+.;(221! *'/6+!=*;2;C;8@!(!.(*(216*! ;8! *'+!.'+:;.(2! ,+(.*/,F!
:(1! ,+P=;,+! (! 9++<! 6+)(,(*;/8! 6+.*;/8F! (6! 6'/48! ;8!T;@=,+! ID&F! */! )=,;91! *'+! 9,+6'! 9++<!
H+9/,+! ;*! +8*+,6! *'+! ,+(.*/,D! ! E8! *';6! 6+)(,(*;/8! 6+.*;/8F! .(*(216*! )/;6/86! (,+! ,+:/?+<!(6!
4+22! (6! ./:)/8+8*6F! /*'+,! *'(8! ,+(.*(8*6! 9/,! *'+! :(;8! ,+(.*;/8A6BF! *'(*!:(1! +8*+,! ;8*/!
=8<+6;,(H2+! 6;<+! ,+(.*;/86! ;8! *'+! ,+(.*/,! 6+.*;/8D! ! E8! @+8+,(2F! ;8+,*! .'+:;.(26! .(8! H+!
,+:/?+<!;8!6+)(,(*;/8!6+.*;/86!+;*'+,!H+9/,+!/,!(9*+,!*'+!,+(.*/,F!4'+,+?+,!*'+!6+)(,(*;/8!
;8<+>! ;6!:/,+! 9(?/,(H2+F! (6! <;6.=66+<! (H/?+! 9/,! *'+! .=:+8+! ),/.+66D! ! U/4+?+,F!4'+8!
,+:/?+<!(9*+,!*'+!,+(.*/,F!(!2(,@+,!,+(.*/,!;6!,+P=;,+<!H+.(=6+!/9!*'+!';@'+,!92/4!,(*+!(8<!
2/4+,!,+(.*(8*!./8.+8*,(*;/86D!!K6!(8!+>(:)2+F!./86;<+,!*'+!:(8=9(.*=,+!/9!6=29=,;.!(.;<D!!
7'+! 9++<! 6*/.56! (,+! (;,! (8<! +;*'+,! 6=29=,! /,! 6=29;<+! /,+6F!4'+,+! *'+! 9;,6*! ,+(.*;/8! ;6! *'+!
/>;<(*;/8! /9! 6=29=,! /,! 6=29;<+! */! 6=29=,! <;/>;<+F! *'+! 6+./8<! ,+(.*;/8! ;6! *'+! .(*(21*;.!
/>;<(*;/8!/9!0XM!*/!0XOF!(8<!*'+!*';,<!,+(.*;/8!;6!*'+!(H6/,)*;/8!/9!0XO!;8!4(*+,!*/!9/,:!
6=29=,;.!(.;<D!!L+9/,+!*'+!9;,6*!,+(.*/,F!:/;6*=,+!:=6*!H+!,+:/?+<!9,/:!*'+!+8*+,;8@!(;,!*/!
(?/;<! ./,,/6;/8! (8<! (22/4! *'+!=6+!/9! .(,H/8! 6*++2D! !L+9/,+! +8*+,;8@! *'+! 6+./8<! ,+(.*/,F!
<=6*F!92=/,;<+6F!(8<!(,6+8;.!(8<!?(8(<;=:!./:)/=8<6!:=6*!H+!,+:/?+<!9,/:!*'+!9++<!@(6!
*/!),+?+8*!.(*(216*!)/;6/8;8@D!!!
!
\'(*! 6'/=2<!H+!</8+!4'+8! *'+!9,+6'!9++<!./8*(;86!(8!()),+.;(H2+!)+,.+8*(@+!/9!
),/<=.*! .'+:;.(26e! ! 7';6! /..=,6! :/6*! 9,+P=+8*21! ;8! ;6/:+,;C(*;/8! ,+(.*;/86! ;8?/2?;8@!
!
! "#$%$&&
2;@'*! )(,(99;8! '1<,/.(,H/86F! (6! ;22=6*,(*+<! ;8! S>(:)2+! JDMD! ! 0=))/6+! *'+! ,+(.*;/8! ;6!
K!LD!!E8!*';6!.(6+F!;*!;6!;:)/,*(8*!*/!,+:/?+!*'+!),/<=.*!L!9,/:!*'+!9,+6'!9++<!H+9/,+!;*!
+8*+,6!*'+!,+(.*/,!6/!(6!*/!;8.,+(6+!*'+!,(*+!/9!,+(.*;/8!(8<!(.';+?+!*'+!';@'+6*!+P=;2;H,;=:!
./8?+,6;/8! )/66;H2+D! ! U/4+?+,F! H+.(=6+! ,+(.*/,! ./8?+,6;/8! ;6! =6=(221! ;8./:)2+*+! 9/,!
;6/:+,;C(*;/8! ,+(.*;/86F! K! ;6! ./::/821! 6+)(,(*+<! 9,/:! LF! 4;*'! K! ,+./?+,+<! (8<!
,+.1.2+<D!!N82+66!/*'+,!.'+:;.(26!9/,:+<!;8!*'+!,+(.*/,!;8*+,9+,+!4;*'!*'+!K$L!6+)(,(*;/8F!
*'+! *4/! K$L! 6+)(,(*/,6! (,+! ./:H;8+<F! 4;*'! *'+! ,+6=2*;8@! 6+)(,(*/,! )2(.+<! H+9/,+! *'+!
,+(.*/,D!!S>+,.;6+!%DM!./86;<+,6!6+)(,(*/,!)2(.+:+8*!9/,!(!)+8*(8+!;6/:+,;C(*;/8!),/.+66D!
!
!!!"R$$*051(%JJ-$+/$80%)(--(-$+/,%4,+/6$0()S)4($!!-+(.*;/86! 4;*'! ?+,1! 2(,@+! .'+:;.(2! +P=;2;H,;=:! ./86*(8*6! A+D@DF! c! &RFRRRB! (*! ,+(.*/,!
./8<;*;/86! /9! *+:)+,(*=,+! (8<! ),+66=,+! ),/?;<+! (8! /))/,*=8;*1! 9/,! ()),/(.';8@! &RR[!
./8?+,6;/8!<=,;8@!(!6;8@2+!)(66!*',/=@'!*'+!,+(.*/,D!!E8!(<<;*;/8F!4'+8!*'+!9++<!./8*(;86!
6*/;.';/:+*,;.! ),/)/,*;/86! /9! *'+! ,+(.*(8*6!4;*'! 8/! ;:)=,;*;+6! (8<! *'+! ,+(.*;/8! 2+(<6! */!
/821!/8+!),/<=.*F! *'+8! ;8!),;8.;)2+!8/!6+)(,(*;/8!6+.*;/8! ;6!8++<+<D! !X8+!6=.'!6;*=(*;/8!
+>;6*6D! ! E*! ;6! *'+!:(8=9(.*=,+!/9!(8'1<,/=6!'1<,/@+8!.'2/,;<+!@(6!9,/:!)=,+F!+?()/,(*+<!
.'2/,;8+!(8<!(!6*/;.';/:+*,;.!(:/=8*!/9!)=,+F!+2+.*,/21*;.!'1<,/@+8!H1!*'+!,+(.*;/8Z!
!
UM!W!"2M!+ !M!U"2!
!
7'+!/821!);+.+6!/9!+P=;):+8*!,+P=;,+<!(,+!(!,+(.*/,F!./:),+66/,6F!(8<!'+(*!+>.'(8@+,6D!!
0=.'!(!),/.+66!;6!,(,+D!!S?+8!4'+8!&RR[!,+(.*/,!./8?+,6;/8!;6!*'+/,+*;.(221!)/66;H2+F!*'+!
/)*;:(2!,+(.*/,!./8?+,6;/8!;6!2+66!*'(8!&RR[!(8<!(!6+)(,(*;/8!6+.*;/8!;6!8+.+66(,1D!!7'+!
:(;8!,+(6/8!9/,!*';6!;6!*'+!,();<!<+.2;8+!;8!,+(.*;/8!,(*+!(6!*'+!,+(.*;8@!:;>*=,+!;6!<+)2+*+<!
/9!,+(.*(8*6D!!7'=6F!;8!:/6*!),/.+66+6!4'+,+!(!.'+:;.(2!,+(.*/,!;6!,+P=;,+<F!./86;<+,(*;/8!
:=6*!H+!@;?+8!*/!*'+!*,(<+/996!H+*4++8!*'+!./6*!/9!*'+!,+(.*/,!6+.*;/8!(8<!*'+!./6*!/9!*'+!
6+)(,(*;/8!6+.*;/8!*'(*!9/22/46!;*D!!
!
!
! "#$%$&M
! K! 8=:H+,! /9! 9(.*/,6! (99+.*! *'+! *,(<+/99! H+*4++8! *'+! ,+(.*/,! (8<! 6+)(,(*;/8!
6+.*;/86F!:(81!/9!4';.'!4+,+!;8*,/<=.+<!;8!"'()*+,6!O$ID!!7'+6+!;8.2=<+!
!
&D!! 7'+!9,(.*;/8(2!./8?+,6;/8!;8!*'+!,+(.*/,!/9!*'+!2;:;*;8@!,+(.*(8*D!!7';6!<;,+.*21!(99+.*6!
*'+!8++<!9/,!(8<!./6*!/9!*'+!6+)(,(*;/8!6+.*;/8D!
!
MD!! 7'+! +8*+,;8@! *+:)+,(*=,+! */! (8<! :/<+! /9! /)+,(*;/8! A(<;(H(*;.F! ;6/*'+,:(2F!
),/@,(::+<! *+:)+,(*=,+! ),/9;2+F! +*.DB! 9/,! *'+! ,+(.*/,D! 7';6! (99+.*6! '+(*;8@! (8<f/,!
.//2;8@!./6*6!(8<!,+(.*/,!+992=+8*!./:)/6;*;/8!4'+8!6;<+!,+(.*;/86!(,+!)/66;H2+D!
!
OD!! -+(.*/,! ),+66=,+F! )(,*;.=2(,21! 9/,! @(6$)'(6+! ,+(.*;/86!4'+,+! *'+! 8=:H+,! /9! ,+(.*(8*!
:/2+.=2+6! ;6! @,+(*+,! *'(8! *'+! 8=:H+,! /9! ),/<=.*!:/2+.=2+6D! ! E8! *';6! .(6+F! ,+(.*;/8!
5;8+*;.6!:(1!9(?/,!(!';@'+,!),+66=,+F!H=*!(*!*'+!';@'+,!./6*!/9!@(6!./:),+66;/8D!
!
QD!! N6+!/9!(8!+>.+66!/9!/8+!,+(.*(8*!*/!:;8;:;C+!6;<+!,+(.*;/86!(8<f/,!;8.,+(6+!*'+!,(*+!/9!
,+(.*;/8D!!7';6!;8.,+(6+6!*'+!./6*!/9!*'+!6+)(,(*;/8!616*+:D!
!
JD!! N6+!/9! (8! ;8+,*! <;2=+8*! ;8! (8! (<;(H(*;.! ,+(.*/,! */! ,+<=.+! *'+! .'(8@+! ;8! *+:)+,(*=,+D!!
7';6!;8.,+(6+6!*'+!./6*!/9!*'+!6+)(,(*;/8!616*+:D!
!
GD!! N6+!/9!(!@(6!/,! 2;P=;<!)=,@+!6*,+(:!*/!(?/;<!<;99;.=2*!6+)(,(*;/86D! !7';6!,+<=.+6!*'+!
./6*!/9!*'+!6+)(,(*;/8!616*+:F!H=*!,+6=2*6!;8!*'+!2/66!/9!,+(.*(8*6!(8<!:(1!;8.,+(6+!*'+!
./6*! /9! *'+! ,+(.*/,! 6+.*;/8F! <+)+8<;8@! /8! *'+! )=,@+$*/$,+.1.2+! ,(*;/! A,(*;/! /9! )=,@+!
92/4!,(*+!*/!,+.1.2+!92/4!,(*+BD!
!
! 7'+!=6+!/9!),/.+66!6;:=2(*;/8F! ;8!./8V=8.*;/8!4;*'!/)*;:;C(*;/8F!(6!<;6.=66+<!;8!
"'()*+,! &%F! (22/46! /8+! */! <+*+,:;8+! /)*;:(2! ?(2=+6! /9! ,+(.*/,! ./8?+,6;/8F! +8*+,;8@!
*+:)+,(*=,+F!:/<+!/9!/)+,(*;/8F!),+66=,+F!:/2(,!,(*;/!/9!,+(.*(8*6!;8!(!./:H;8+<!,+(.*/,!
9++<F!<;2=+8*!,(*;/F!(8<!)=,@+$*/$,+.1.2+!,(*;/D!!!
!
!
!
! "#$%$&O
!"T$$%8*+M54$0(5)*%0$)%/,(0-+%/$
!
-+*=,8!*/!*'+!*/2=+8+!'1<,/<+(2512(*;/8!),/.+66!;8!0+.*;/8!QDOF!4;*'!*'+!,+(.*;/8!
5;8+*;.6!;8!S>(:)2+!GDMD!!7/!;22=6*,(*+!*'+!+99+.*!/9!(.';+?;8@!(!';@'!./8?+,6;/8!/8!,+(.*/,!
6;C+F! 6;:)2;91! *'+! ./:H;8+<! ,+(.*/,! 9++<! H1! +2;:;8(*;8@!:+*'(8+! (8<! 8+@2+.*! H;)'+812!
9/,:(*;/8D!!K26/F!*/!(?/;<!.(,H/8!9/,:(*;/8F!(66=:+!(!:/2(,!,(*;/!/9!'1<,/@+8!*/!*/2=+8+!
/9! J! 9/,! *'+! ./:H;8+<! 9++<! */! *'+! ,+(.*/,D! ! ! K*! *1);.(2! ,+(.*/,! ./8<;*;/86F! *'+! ,+?+,6+!
,+(.*;/8!;6!./86;<+,+<!*/!H+!8+@2;@;H2+!(8<!SPD!AGDO&B!@;?+6!*'+!9/,4(,<!,+(.*;/8!,(*+F!+*F!
4'+,+! *'+! K,,'+8;=6! +P=(*;/8! 9/,! *'+! ,(*+! ./86*(8*F! 7*F! (6! (! 9=8.*;/8! /9! *+:)+,(*=,+! ;6!
*(5+8!9,/:!*'+!)(,(@,()'!H+2/4!SPD!AGDO&BD!!7'=6F!
!
+*))g! M M
&fM &R &fM*/2=+8+U */2=+8+ U */2=+8+
JMFRRRGDO &R +>)*(8 7 8 8 8 8(6 32
,$ %, & & - ' () *
!!!!!!!!!!!!!!!A%DMB!
!
4'+,+!3! g! &D_%I! .(2f:/2$h^! ./8.+8*,(*;/86F!8%F! (,+! ;8! 5:/2f:O^! *;:+F! 6F! ;6! ;8! 6+.^! (8<!
*+:)+,(*=,+F! 2F! ;6! ;8! hD! ! 3+>*F! *'+! ?/2=:+! /9! H/*'! ;6/*'+,:(2! (8<! (<;(H(*;.! `T-6! ;6!
./:)=*+<!9/,!(!6+,;+6!/9!./8?+,6;/86!9,/:!&[!*/!__[F!9/,!*'+!9/22/4;8@!9++<!./8<;*;/86Z!
!
!
7+:)+,(*=,+F!/T! &FMRR
`,+66=,+F!)6;(!AR!),+66=,+!<,/)B! JRR!
! !
"/:)/8+8*!92/4!,(*+6F!2H:/2f',Z !
U1<,/@+8! MFJRR
7/2=+8+! JRR!
!
! !
! 7'+! .(2.=2(*;/86! .(8! H+! )+,9/,:+<! 4;*'! (81! ),/.+66! 6;:=2(*/,D! ! N6;8@! *'+!
"US]"K#! ),/@,(:F! *'+! ,+6=2*6! 9/,! *'+! ;6/*'+,:(2! .(6+F! )2/**+<! (6! ,+(.*/,! ?/2=:+!
(@(;86*!9,(.*;/8(2!./8?+,6;/8!/9!*/2=+8+F!(,+!6'/48!;8!T;@=,+!%DMF!4;*'!*'+!(<;(H(*;.!.(6+!
;8!T;@=,+! %DOD! !T/,! *'+! ;6/*'+,:(2! .(6+F! *'+! ,+(.*/,!?/2=:+! ;8.,+(6+6! (2:/6*! 2;8+(,21! (6!
!
! "#$%$&Q
./8?+,6;/8!;8.,+(6+6!*/!RDQD!!7'+!?/2=:+!*'+8!;8.,+(6+6!:/,+!,();<21!=8*;2!(*!./8?+,6;/86!
8+(,!RD%F!*'+!?/2=:+!*=,86!=)!6'(,)21D!!7'+!,+(.*/,!?/2=:+!;6!QFR%R!9*O!(*!(!./8?+,6;/8!/9!
RD_F!H=*!*4;.+!*'(*!(*!(!./8?+,6;/8!/9!RD__D!!!
!
0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 10
2
4
6
8
Reac
tor V
olum
e [1
,000
ft3 ]
Fractional Conversion of Toluene
T;@=,+!%DM!!!-+P=;,+<!,+(.*/,!?/2=:+!9/,!*/2=+8+!'1<,/<+(2512(*;/8!;8!(8!;6/*'+,:(2!`T-D!
!
0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 10
0.2
0.4
0.6
0.8
1
1.2
Reac
tor V
olum
e [1
,000
ft3 ]
Fractional Conversion of Toluene
T;@=,+!%DO!!!-+P=;,+<!,+(.*/,!?/2=:+!9/,!*/2=+8+!'1<,/<+(2512(*;/8!;8!(8!(<;(H(*;.!`T-D!
!
K6!6++8!;8!T;@=,+!%DOF!*'+!+99+.*!/9!./8?+,6;/8!/8!,+(.*/,!?/2=:+!9/,!*'+!(<;(H(*;.!
.(6+! ;6! ?+,1! <;99+,+8*! 9,/:! *'+! ;6/*'+,:(2! .(6+! ;8! T;@=,+! %DMD! ! K*! (22! ./8?+,6;/86F! *'+!
,+(.*/,! ?/2=:+! ;6! 2+66! 9/,! *'+! (<;(H(*;.! .(6+D! ! T=,*'+,:/,+F! *'+! <;99+,+8.+! ;8! ,+(.*/,!
?/2=:+6!4;<+86!(6! *'+!./8?+,6;/8! ;6! ;8.,+(6+<D! !T/,!+>(:)2+F!(*!(!JR[!./8?+,6;/8F! *'+!
;6/*'+,:(2! ,+(.*/,! ?/2=:+! ;6! MDMJ! *;:+6! *'(*! /9! *'+! (<;(H(*;.! ,+(.*/,D! ! K*! (! __[!
./8?+,6;/8F! *'+! ,(*;/! H+./:+6! %D! ! 7'+! (<;(H(*;.! .(6+! H+8+9;*6! H1! *'+! ;8.,+(6+! ;8!
!
! "#$%$&J
*+:)+,(*=,+!4;*'!;8.,+(6;8@!./8?+,6;/8D!!7'+!+>/*'+,:;.!'+(*!/9!,+(.*;/8!;6!./86;<+,(H2+!
(*!H+*4++8!M&FRRR!(8<!MMFRRR!L*=f2H:/2!/9! */2=+8+!,+(.*+<D!!U/4+?+,F!*'+!2(,@+!+>.+66!
/9! '1<,/@+8! (.*6! (6! (! '+(*! .(,,;+,F! .=,*(;2;8@! *'+! (<;(H(*;.! ,;6+! ;8! *+:)+,(*=,+D!!
3+?+,*'+2+66F! *'+! *+:)+,(*=,+! ;8.,+(6+6! H1! ()),/>;:(*+21! MDM/T! )+,! &[! ;8.,+(6+! ;8!
./8?+,6;/8D!!7'=6F!(*!__[!./8?+,6;/8F!*'+!,+(.*/,!/=*2+*!*+:)+,(*=,+!;6!&FQMO/TD!!K6!*'+!
./8?+,6;/8!;8.,+(6+6F!*'+!./8.+8*,(*;/8!/9!*/2=+8+!;8!SPD!A%DMB!<+.,+(6+6F!.(=6;8@!*'+!,(*+!
/9! ,+(.*;/8! */! <+.,+(6+D! ! 7'+! <+.,+(6+! /9! *'+! '1<,/@+8! ./8.+8*,(*;/8! ;6! 8/*! 8+(,21! (6!
),/8/=8.+<! H+.(=6+! /9! ;*6! 2(,@+! +>.+66! ;8! *'+! ,+(.*/,! 9++<D! ! E8! *'+! (<;(H(*;.! .(6+F! *'+!
<+.,+(6+! ;8! */2=+8+! ./8.+8*,(*;/8! 4;*'! ./8?+,6;/8! ;6! /996+*! H1! *'+! ;8.,+(6+! ;8! *'+! ,(*+!
./86*(8*! 4;*'! *+:)+,(*=,+! H+.(=6+! *'+! (.*;?(*;/8! +8+,@1! ;6! :/<+,(*+21! ';@'! (*! JMFRRR!
.(2f:/2D! ! 7';6! ,+6=2*6! ;8! (8! ()),/>;:(*+! </=H2;8@! /9! *'+! ,(*+! ./86*(8*!4;*'! +?+,1! JR/T!
;8.,+(6+!;8!*+:)+,(*=,+D!!7'=6F!;8!T;@=,+!%DO!9/,!*'+!(<;(H(*;.!.(6+F!=82;5+!*'+!;6/*'+,:(2!
.(6+F! *'+! ;8.,+(6+! ;8! ,+(.*/,! ?/2=:+! ;6! 2+66! *'(8! 2;8+(,! =)! */! (8! ;892+.*;/8! )/;8*! (*! (!
./8?+,6;/8!/9! ()),/>;:(*+21!JR[D! !X821!H+1/8<!(! ./8?+,6;/8!/9!_R[!</+6! *'+! ,+(.*/,!
?/2=:+!*=,8!=)!6'(,)21D!!!
!
\'+8! 6*,;?;8@! 9/,!';@'! ,+(.*/,! ./8?+,6;/86F! ;*!:(1!H+!8+.+66(,1! */! ./86;<+,! *'+!
,+?+,6+!,+(.*;/8!+?+8!4'+8!*'+!,+(.*;/8!;6!./86;<+,+<!*/!H+!;,,+?+,6;H2+D!!7';6!;6!*'+!.(6+!
9/,! *'+! '1<,/<+(2512(*;/8! /9! */2=+8+D! ! K! ,(*+! +P=(*;/8! 9/,! *'+! ,+?+,6+! ,+(.*;/8! .(8! H+!
<+,;?+<!9,/:!*'+!,(*+!+P=(*;/8!9/,!*'+!9/,4(,<!,+(.*;/8F!@;?+8!H1!SPD!A%DMBF!H1!(66=:;8@!
*'(*!*'+!*4/!,(*+!+P=(*;/86!(,+!./86;6*+8*!4;*'!*'+!.'+:;.(2$,+(.*;/8!+P=;2;H,;=:!./86*(8*D!!
K66=:+! *'(*! *'+! @(6! ,+(.*;8@! :;>*=,+! ;6! ;<+(2! (*! *'+! ';@'! *+:)+,(*=,+! /9! *'+! ,+(.*;/8D!!
7'+8F!*'+!.'+:;.(2!+P=;2;H,;=:!./86*(8*!.(8!H+!+>),+66+<!;8!*+,:6!/9!./8.+8*,(*;/86!(8<!
+P=(*+<!*/!*'+!,(*;/!/9!*'+!,(*+!./86*(8*6!H1Z!
!
Q
M
"U H+8C+8+
U */2=+8+
*!
$
8 8 7.
8 8 7& & !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!A%DOB!
!
L=*! ;8!.'+:;.(2!+P=;2;H,;=:F! *'+! ,(*+!/9! *'+! 9/,4(,<! ,+(.*;/8! ;6!+P=(2! */! *'+! ,(*+!/9! *'+!
H(.54(,<!,+(.*;/8D! !7'+,+9/,+F!9,/:!SPD!A%DMBF!4;*'!(8!(6!1+*!=8<+*+,:;8+<!<+)+8<+8.+!
/9!./:)/8+8*!./8.+8*,(*;/86!/8!*'+!H(.54(,<!,(*+F!!!
!
! "#$%$&G
!
M
&fMU */2=+8+*7 8 8 g!
M QU */2=+8+ "U H+8C+8+$7 8 8 8 8. / 0 1 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!A%DQB!
!
7/!<+*+,:;8+!*'+!+>)/8+8*6F!.23/23023(8<!123./:H;8+!SP6D!A%DOB!(8<!A%DQBF!!
!
M Q Q
M M
U */2=+8+ "U H+8C+8+ "U H+8C+8+&f MU */2=+8+ U */2=+8+
*
$
8 8 8 8 8 877 8 8 8 8
. / 0 1
& & !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!A%DJB!
!
L1!+P=(*;8@!+>)/8+8*6!;8!SPD!A%DJBF!.3g!$&fMF33/!g!RF!03&3423(8<!13&345!!7'+,+9/,+F!*'+!9/,:!
/9!*'+!,(*+!+P=(*;/8!9/,!*'+!H(.54(,<!,+(.*;/8!;6!
!
M Q
$&fMU "U H+8C+8+$ $+ 7 8 8 8& !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!A%DGB!
!
7/!<+*+,:;8+! *'+!K,,'+8;=6!+>),+66;/8! 9/,!7$! 9,/:!SPD! A%DOBF! (8!+>),+66;/8! 9/,!.!! (6!(!
9=8.*;/8! /9! *+:)+,(*=,+! ;6! 8++<+<D! ! L(6+<! /8! *'+! ./,,+2(*;/86! /9! i(46! A&_IIBF! *'+!
6*(8<(,<!b;HH6! 9,++! +8+,@1!/9! ,+(.*;/8F! /,>9# F! ;8! .(2f:/2F! (6! (! 9=8.*;/8! /9! *'+! (H6/2=*+!
*+:)+,(*=,+F!2F!;8!hF!9/,!*'+!'1<,/<+(2512(*;/8!/9!*/2=+8+F!!
!!
UM!W!"IU%!+ !"UQ!W!"GUG!
!
;6!@;?+8!H1Z!
!/,> &&F MRR MD&!9 2# & , , !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!A%DIB!
!
T,/:!*'+,:/<18(:;.6F! /,>9# !;6!,+2(*+<!*/!*'+!.'+:;.(2$,+(.*;/8!+P=;2;H,;=:!./86*(8*!H1!
*'+!+P=(*;/8Z!
!/,>+>)!9.32
$ %,#& ' (
) *!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!A%D%B!
!
! "#$%$&I
!"/:H;8;8@!SP6D!A%DIB!(8<!A%D%B!(8<!6=H6*;*=*;8@!&D_%I!9/,!3F!@;?+6Z!!!
JFGOG JFGOG+>) &DRJI MD%I%+>)!. 2 2$ % $ %& 6 &' ( ' () * ) *
!!!!!!!!!!!!!!!!!!!!!!!!!!!A%D_B!
!!
T,/:!SPD!A%DOBF!=6;8@!*'+!*+:)+,(*=,+$<+)+8<+8*!+>),+66;/86!9/,!7*);8!SPD!A%DMB!(8<!.!!;8!
SPD!A%D_BF!
&R
&R
JMFRRRGDO &R +>)GOFMRRMD&_ &R +>)
JFGOGMD%I%+>)
*$
!
7 327. 32
2
,$ %- ' ( ,$ %) *& & & - ' ($ % ) *' () *
!!!!!!!!!!!!!!!A%D&RB!
!!"/:H;8;8@!SP6D!A%DGB!(8<!A%D&RBF!*'+!,(*+!2(4!9/,!*'+!H(.54(,<!,+(.*;/8!H+./:+6!!!
M Q
&R $&fMU "U H+8C+8+
GOFMRRMD&_ &R +>)$+ 8 8 832
,$ %& - ' () *
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!A%D&&B!
!!
\'+8! *'+! ,+(.*/,!.(2.=2(*;/86!(,+! ,+)+(*+<! 9/,!=)! */!__[!./8?+,6;/8!/9! */2=+8+F! *(5;8@!
;8*/!(../=8*!*'+!,+?+,6+!,+(.*;/8F!,+(.*/,!?/2=:+6!9/,!H/*'!;6/*'+,:(2!(8<!(<;(H(*;.!.(6+6!
;8.,+(6+!/821!62;@'*21!Ad!&[BD!!7';6!;6!2(,@+21!<=+!*/!*'+!2(,@+!./8.+8*,(*;/8!/9!'1<,/@+8F!
4';.'! (../,<;8@! */! SPD! A%D&&B! <+.,+(6+6! *'+! ,(*+! /9! *'+! ,+?+,6+! ,+(.*;/8D! ! -+(.*;/8!
+P=;2;H,;=:! .(2.=2(*;/86! 9/,! *';6! +>(:)2+! @;?+! (! __D_%[! ./8?+,6;/8! 9/,! *'+! ;6/*'+,:(2!
.(6+! (8<! (! __D_G[! ./8?+,6;/8! 9/,! *'+! (<;(H(*;.! .(6+D! ! U/4+?+,F! 4'+8! /821! *'+!
6*/;.';/:+*,;.! P=(8*;*1! /9! '1<,/@+8! ;6! =6+<! ;8! *'+! 9++<F! *'+! +P=;2;H,;=:! ;6/*'+,:(2!
./8?+,6;/8!<+.,+(6+6!*/!_IDO[D!
!
!
!"U$$0()S)4($*%$(V*+/)*+%/$
!
E8! :(81! .'+:;.(2! ),/.+66+6F! *'+! :(;8! ,+(.*;/8! ;6! (../:)(8;+<! H1! /8+! /,! :/,+! 6;<+!
,+(.*;/86!*'(*!),/<=.+!H1),/<=.*6D!!\'+8!*'+!:(;8!,+(.*;/8!;6!;,,+?+,6;H2+!/,!'(6!(!2(,@+!
!
! "#$%$&%
.'+:;.(2$,+(.*;/8! +P=;2;H,;=:! ./86*(8*F! H=*! /8+! /,! :/,+! /9! *'+! 6;<+! ,+(.*;/86! (,+! 6/$
.(22+<! ,+?+,6;H2+! ,+(.*;/86!4;*'!.'+:;.(2$,+(.*;/8!+P=;2;H,;=:!./86*(8*6!/8! *'+!/,<+,!/9!
/8+!/,! 2+66F! *'+!)/66;H;2;*1!/9! ;8.,+(6;8@!*'+!/?+,(22!1;+2<!/9! *'+!<+6;,+<!),/<=.*A6B!9,/:!
*'+! :(;8! ,+(.*;/8! H1! +2;:;8(*;8@! *'+! 8+*! ),/<=.*;/8! /9! H1),/<=.*A6B! +>;6*6D! ! 7';6! ;6!
(../:)2;6'+<!H1!())21;8@!(!./8.+)*!6/:+*;:+6!,+9+,,+<!*/!(6!+'!:!;')6")'/6%&!6%"&D!!7'+!
./8.+)*! :=6*! H+! ())2;+<! 4;*'! .(,+! (8<! :=6*! H+! 6=))/,*+<! H1! ,+(.*;/8! ,(*+6! *'(*! (,+!
6=99;.;+8*21!';@'D! !7';6! ;6! )(,*;.=2(,21! *,=+!4'+8! *'+!:(;8! ,+(.*;/8! ;6!.(*(21C+<!H+.(=6+!
*'+!.(*(216*!:(1!8/*!6=))/,*!*'+!6;<+!,+(.*;/8A6BD!!S>)+,;:+8*(2!?+,;9;.(*;/8!;6!+66+8*;(2D!!!
!
7'+! ,+.1.2+! */! +>*;8.*;/8! ./8.+)*! ;6! ;8*,/<=.+<! H,;+921! ;8! S>(:)2+! JDQ! (8<! ;8!
0+.*;/8! ID&F! ;22=6*,(*+<! 9/,! *'+! */2=+8+$'1<,/(2512(*;/8! ),/.+66! ;8! T;@=,+! IDQD! ! 74/!
(2*+,8(*;?+6!(,+!./86;<+,+<Z!A&B!),/<=.*;/8!/9!*'+!H1),/<=.*F!(8<!AMB!,+./?+,1!(8<!,+.1.2+!
*/!+>*;8.*;/8!/9!*'+!H1),/<=.*D!!E8!*';6!),/.+66F!*'+!:(;8!,+(.*;/8!;6!*'+!'1<,/@+8(*;/8!/9!
*/2=+8+!*/!*'+!:(;8!),/<=.*F!H+8C+8+F!(8<!:+*'(8+Z!
!
UM!W!"IU%!+ !"UQ!W!"GUG!
!
K6!6'/48!;8!0+.*;/8!%DOF!*';6!,+(.*;/8F!4';2+!8/*!./:)2+*+21!;,,+?+,6;H2+!(*!*1);.(2!,+(.*/,!
/)+,(*;8@! ./8<;*;/86F! '(6! (! .'+:;.(2$,+(.*;/8!+P=;2;H,;=:!./86*(8*!';@'!+8/=@'! */!@;?+!
./8?+,6;/86!@,+(*+,! *'(8!__[D! ! !\'+8!*'+!:(;8!,+(.*;/8!;6!.(,,;+<!/=*! *'+,:(221F! ;8! *'+!
(H6+8.+!/9!(!.(*(216*F!;*!;6!(../:)(8;+<!H1!*'+!9/22/4;8@!6;<+! ,+(.*;/8!*'(*!),/<=.+6!*'+!
H1),/<=.*F!H;)'+812Z!
!
M!"GUG!!! !UM!W!"&MU&R!
!
7'+!.'+:;.(2$,+(.*;/8!+P=;2;H,;=:!./86*(8*!9/,!*';6!,+(.*;/8!;6!4,;**+8!(6Z!
!
MH+8C+8+
H;)'+812UM
888
.! & !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!A%D&MB!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!
K2*'/=@'!8/*!(24(16!./86;<+,+<F!(!9=,*'+,!,+(.*;/8!*/!*,;)'+812!(26/!/..=,6F!
!
! "#$%$&_
!
"GUG!!W!"&MU&R!!! !UM!W!"&%U&Q!!F!
!
4;*'!(!.'+:;.(2$,+(.*;/8!+P=;2;H,;=:!./86*(8*!4,;**+8!(6Z!
!
!!H;)'+812H+8C+8+
*,;)'+812UM
8888
.! & !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!A%D&OB!
!
! T,/:!U/=@+8!(8<!\(*6/8!A&_QIBF!*'+!.'+:;.(2$,+(.*;/8!+P=;2;H,;=:!./86*(8*!9/,!
SPD!A%D&MB!,(8@+6!9,/:!RDRQJ!*/!RDOM!/?+,!(! *+:)+,(*=,+!,(8@+!/9!IRR!*/!&FQRR/TF!4';2+!
9/,!SPD!A%D&OBF!*'+!./86*(8*!;8.,+(6+6!9,/:!RDMO!*/!RDQG!/?+,!*'+!6(:+!*+:)+,(*=,+!,(8@+D!!
\'+8! *'+! H;)'+812! (8<! *,;)'+812! H1),/<=.*6! (,+! ,+./?+,+<! (8<! ,+.1.2+<! */! *'+! ,+(.*/,F!
*'+1! H=;2<! */! *'+;,! +P=;2;H,;=:! ./8.+8*,(*;/86! (*! *'+! ,+(.*/,! /=*2+*F! (6! <+*+,:;8+<! 9,/:!
SP6D!A%D&MB!(8<!A%D&OBF!6=.'!*'(*!8/!8+*!),/<=.*;/8!/9!+;*'+,!H;)'+812!/,!*,;)'+812!/..=,6D!!
E8! +99+.*F! *'+! H1),/<=.*6! (,+! ,+.1.2+<! */! +>*;8.*;/8D! ! E8! *';6!:(88+,F! *'+! ),/<=.*;/8! /9!
=8<+6;,(H2+! H1),/<=.*6! ;6! +2;:;8(*+<! (8<! *'+! /?+,(22! 1;+2<! /9! *'+! :(;8! ),/<=.*A6B! ;6!
;8.,+(6+<D! ! K! <;6(<?(8*(@+! /9! ,+.1.2;8@! *'+! H1),/<=.*6! */! +>*;8.*;/8! ;6! *'(*! *'+!
H1),/<=.*6!(8<!=8./8?+,*+<!,+(.*(8*6! ;8.,+(6+!*'+!./6*!/9!,+.1.2;8@D! !U/4+?+,F! *'+!./6*!
/9!*'+!6+)(,(*;/8!616*+:!</486*,+(:!/9!*'+!,+(.*/,!:(1!H+!,+<=.+<!4'+8!*'+!H1),/<=.*6!
(,+!,+./?+,+<!*/@+*'+,!4;*'!/8+!/,!:/,+!/9!*'+!,+(.*(8*6!;8!(!6;8@2+!,+.1.2+!6*,+(:D!!7';6!
/..=,6! ;8! *'+! */2=+8+!'1<,/<+(2512(*;/8!),/.+66!;8!4';.'!*'+!H;)'+812!(8<!*,;)'+812!(,+!
,+./?+,+<!4;*'!*/2=+8+D!
!
! K! 6+./8<! +>(:)2+! ;8! 4';.'! ,+.1.2+! */! +>*;8.*;/8! 6'/=2<! H+! ./86;<+,+<! ;6! *'+!
'1<,/216;6!/9!+*'12+8+!*/!+*'12!(2./'/2Z!
!
M Q M M J" U !W!U X! !!" U XU+ !
!
4';.'!;6!(../:)(8;+<!H1!(!,+?+,6;H2+!6;<+!,+(.*;/8!*'(*!),/<=.+6!<;+*'12+*'+,!(8<!4(*+,F!
!
M!"MUJXU!! !A"MUJBMX!W!UMX!
!
! "#$%$MR
!
9/,!4';.'!*'+!.'+:;.(2$,+(.*;/8!+P=;2;H,;=:!./86*(8*!(*!*1);.(2!,+(.*/,!./8<;*;/86!;6!RDMD!!
L1! ,+./?+,;8@! (8<! ,+.1.2;8@! <;+*'12+*'+,! (8<! 4(*+,F! *'+! /?+,(22! 1;+2<! /9! (2./'/2! ;6!
;8.,+(6+<D!
!
! K! *';,<! +>(:)2+! ;6! *'+! 6*+(:! ,+9/,:;8@! /9! :+*'(8+! A/,! 8(*=,(2! @(6B! ;8! *'+!
),+6+8.+! /9! (! 8;.5+2$6=))/,*+<! .(*(216*! */! ),/<=.+! 618*'+6;6! @(6! A"X! W! UMBF! (8!
;8*+,:+<;(*+! *'(*! .(8! H+! =6+<! */! ),/<=.+! (.+*;.! (.;<F! (::/8;(F! @(6/2;8+F! /,!:+*'(8/2D!!
7'+!:(;8!,+(.*;/8!;6Z!
!
"UQ!W!UMX!! !"X!W!O!UM!
!
71);.(221F! *'+! ,+(.*/,! /)+,(*;/8! (*! (<;(H(*;.! ./8<;*;/86! @;?+6! (8! /=*2+*! *+:)+,(*=,+! /9!
()),/>;:(*+21! %RR/"F! 4';.'! 2;:;*6! *'+! +>*+8*! /9! *'+! ,+(.*;/8! */! *'(*! /9! .'+:;.(2!
+P=;2;H,;=:F!4;*'!(8!+P=;2;H,;=:!./86*(8*!/9!&MGD%F!4;*'!./:)/6;*;/86!;8!)(,*;(2!),+66=,+6!
;8! (*:D! !-+(.*/,! ),+66=,+! ;6! @+8+,(221! 6+*!H1! *'+! (?(;2(H2+!),+66=,+!/9! *'+!:+*'(8+!(8<!
:(1!H+!(6!';@'!(6!OR!(*:D!
!
E8! *'+!),+6+8.+!/9! *'+!.(*(216*F!(!8=:H+,!/9!6;<+!,+(.*;/86!/..=,!(6!<;6.=66+<!H1!
-(6+!A&_IIBD!!U/4+?+,F!*'+!/821!/8+!/9!6;@8;9;.(8.+!;6!*'+!4(*+,$@(6!6';9*!,+(.*;/8Z!!!
!
"X!W!UMX!! !"XM!W!UM!
!
K*! %RR/"F! *'+! .'+:;.(2$,+(.*;/8! +P=;2;H,;=:! ./86*(8*! 9/,! *';6! ,+(.*;/8! ;6! RD_M_F! 4;*'!
./:)/6;*;/86! ;8! )(,*;(2! ),+66=,+6! ;8! (*:D! ! ! \'+8! "XM! ;6! ,+./?+,+<! (8<! ,+.1.2+<! */!
+>*;8.*;/8F!;6!*'+!/?+,(22!1;+2<!/9!618*'+6;6!@(6!;8.,+(6+<e!!7';6!;6!*'+!6=HV+.*!/9!S>(:)2+!
%DOD!
!
!"#$%&'()*7*(,-'#$(8'39/$:0;(93(<#%=-=#*((!
7'+! 9,+6'! 9++<! */! (! 6*+(:! ,+9/,:+,! ;6! &ODJ! 5:/2f',! /9! :+*'(8+! (8<! %GDJ!
5:/2f',!/9!6*+(:D!!E9!*'+!/=*2+*!./8<;*;/86!/9!*'+!,+(.*/,!(,+!%RR/"!(8<!&MDM!(*:!(8<!
!
! "#$%$M&
.'+:;.(2!+P=;2;H,;=:!;6!(.';+?+<!9/,!H/*'!*'+!6*+(:!,+9/,:;8@!(8<!4(*+,$@(6!6';9*!
,+(.*;/86F!<+*+,:;8+!*'+!5:/2f',!/9!618*'+6;6!@(6!),/<=.+<!4'+8Z!
A(B!!*'+!"XM!),/<=.+<!;6!8/*!,+./?+,+<!(8<!,+.1.2+<D!
AHB!!*'+!"XM!!;6!,+./?+,+<!9,/:!*'+!,+(.*/,!+992=+8*!(8<!,+.1.2+<!*/!+>*;8.*;/8D!
!
0/2=*;/8!
A(B!!K*!%RR/"F!*'+!*4/!.'+:;.(2!+P=;2;H,;=:!+P=(*;/86!(,+Z!
!
M
Q M
MO"X U
"U U X */*(2
&MGD%& & 0& & &
$ %&' (
) *!
!
M M
M
"X U
"X U X
RD_M_& && &
& !
4'+,+!0)g!&MDM!(*:!(8<!!&%!(,+!;8!5:/2f',D! !0;8.+!*'+6+!*4/!+P=(*;/86!./8*(;8!
9;?+!=858/486F!*',++!(*/:$H(2(8.+!+P=(*;/86!(,+!8++<+<D!!7'+1!(,+Z!
!
Q M
M Q M
M M
"U "X "X
U "U U X
U X "X "X
"(,H/8!H(2(8.+Z!!!!!!!!!!&ODJ
U1<,/@+8!H(2(8.+Z!!!!!!MA%GDJB QA&ODJB MMIDR M Q M
X>1@+8!H(2(8.+Z!!!!!!!!!!%GDJ M
& & && & &
& & &
& 6 6
6 & & 6 6
& 6 6
!
!
4'+,+!*'+!2+9*$'(8<!6;<+6!(,+!;8!5@7(*/:f',!/9!*'+!+2+:+8*6F!"F!UF!(8<!X!;8!*'+!
9,+6'!9++<D!!0/2?;8@!*'+6+!9;?+!+P=(*;/86!@;?+6Z!
!
"/:)/8+8*! T,+6'!T++<F!5:/2f', -+(.*/,!S992=+8*F!5:/2f',!
]+*'(8+! &ODJ! !!RDGRJ!
\(*+,! %GDJ! GGDMM_!
U1<,/@+8! R! QGDRG&!
"(,H/8!:/8/>;<+! R! !!JDJM&!
"(,H/8!<;/>;<+! R! !!IDOIJ!
7/*(2! &RRDR! !!!!!!!!!!!!!!!&MJDI_&!
!
! "#$%$MM
!
T,/:!*'+6+!,+6=2*6F!_JDJ[!/9!*'+!:+*'(8+!;6!,+(.*+<D!!7'+!),/<=.*;/8!/9!
618*'+6;6!@(6!;6!JDJM&!W!QGDRG&!g!J&DJ%M!5:/2f',D!
!
AHB!!T/,!,+.1.2+!/9!"XM!*/!+>*;8.*;/8F!*'+!"XM!;8!*'+!,+(.*/,!+992=+8*!;6!,+.1.2+<!(8<!
(<<+<!*/!*'+!9,+6'!9++<!*/!@;?+!(!./:H;8+<!9++<D!!K*!.'+:;.(2!+P=;2;H,;=:F!*'+!
92/4!,(*+!/9!"XM!;8!*'+!,+(.*/,!+992=+8*!;6!*'+!6(:+!(6!*'(*!;8!*'+!./:H;8+<!9++<D!!!
7'+! *4/! .'+:;.(2! +P=;2;H,;=:!+P=(*;/86! ,+:(;8! *'+! 6(:+F! H=*! *'+! *',++! (*/:!
H(2(8.+!+P=(*;/86!H+./:+Z!
!
M Q M
M Q M
M M M
"X "U "X "X
U "U U X
"X U X "X "X
"(,H/8!H(2(8.+Z!!!!!!!!!!&ODJ
U1<,/@+8!H(2(8.+Z!!!!!!MA%GDJB QA&ODJB MMIDR M Q M
X>1@+8!H(2(8.+Z!!!!!!!!!!%GDJ M M
& & & && & &
& & & &
6 & 6 6
6 & & 6 6
6 & 6 6
!
!
0/2?;8@!*'+!,+?;6+<!+P=(*;/86!@;?+6Z!
! !
"/:)/8+8*! "/:H;8+<!T++<F!5:/2f',! -+(.*/,!S992=+8*F!5:/2f',
]+*'(8+! &ODJ! !!RDJQ_!
\(*+,! %GDJ! IODJQQ!
U1<,/@+8! R! O%D%J_!
"(,H/8!:/8/>;<+! R! &MD_QG!
"(,H/8!<;/>;<+! !!!!!!!!!!!!!!!!!!!!MMDIGO! MMDIGO!
7/*(2! !!!!!!!!!!!!!!!!!!&MMDIGO! !!!!!!!!!!!!!!!&Q%DGG&!
!
XH6+,?+! *'(*! *'+,+! ;6! 8/! 8+*! ),/<=.*;/8! /9! "XMD! ! 7'+! )+,.+8*! ./8?+,6;/8! /9!
:+*'(8+! ;6! 62;@'*21! @,+(*+,! (*! _JD_[F! 4;*'! *'+! ),/<=.*;/8! /9! 618*'+6;6! @(6!
62;@'*21!;8.,+(6+<!*/!&MD_QG!W!O%D%J_!g!J&D%RJ!5:/2f',D!!3/*+!*'(*!;8!.(6+!A(BF!
*'+! ),/<=.*;/8! /9! "XM! 9,/:! "X! H1! *'+! 4(*+,$@(6! 6';9*! ,+(.*;/8! @;?+6! (8!
(<<;*;/8(2!:/2+!/9!UM!9/,!+?+,1!:/2+!/9!"XM!),/<=.+<D! !7'=6F!H1!+2;:;8(*;8@!
*'+! 8+*! ),/<=.*;/8! /9! "XMF! 2+66! UM! ;6! ),/<=.+<D! ! 7'+! =6=(2! H+8+9;*! /9! *'+!
;8.,+(6+<!1;+2<!/9! *'+!:(;8!),/<=.*A6B!H1!,+.1.2+!*/!+>*;8.*;/8!;6!8/*!(.';+?+<!
!
! "#$%$MO
;8!*';6!.(6+D!!U/4+?+,F!;8!.(6+!AHBF!"XM!;6!8/*!+:;**+<!*/!*'+!(*:/6)'+,+!4'+,+!
;*! ./8*,;H=*+6! */! @2/H(2! 4(,:;8@D! ! 7';6! ;6! ./86;<+,+<! ;8! :/,+! <+*(;2! H1!
]=2'/22(8<!(8<!#1+,!A&___BD!
!
!
!"W$$$ -/%9&544$(JJ()*-$+/$*7($)%/*0%4$%J$80%)(--(-$+/,%4,+/6$$$
$$$$$$ 0()S)4($
!
E8! ,+.+8*!1+(,6F! .'+:;.(2!+8@;8++,6!+8@(@+<! ;8!),/.+66!<+6;@8! ;8! ;8<=6*,1!'(?+!H+./:+!
;8.,+(6;8@21! (4(,+! /9! *'+! 8++<! */! =8<+,6*(8<! *'+! ;8*+,(.*;/8! /9! ),/.+66! <+6;@8! (8<!
),/.+66!./8*,/2!4'+8!<+?+2/);8@!(!./8*,/2!616*+:!9/,!(8!+8*;,+!.'+:;.(2!)2(8*D!!\'+8!*'+!
),/.+66! </+6! 8/*! ;8?/2?+! ,+.1.2+F! *'+! <+?+2/):+8*! /9! *'+! ./8*,/2! 616*+:! ;6! ,+2(*;?+21!
6*,(;@'*9/,4(,<!H+.(=6+!*'+!),/.+66!.(8!H+!*,+(*+<!;8!(!6+P=+8*;(2!:(88+,D!!U/4+?+,F!*'+!
:(V/,;*1!/9!.'+:;.(2!),/.+66+6!;8?/2?+!,+.1.2+F!9/,!4';.'!*'+!<+?+2/):+8*!/9!(!9+(6;H2+!
(8<!+99;.;+8*!./8*,/2!616*+:F!)(,*;.=2(,21!9/,!(!,+(.*/,$6+)(,(*/,$,+.1.2+!8+*4/,5F!;6!8/*!(*!
(22!6*,(;@'*9/,4(,<D!!7';6!;6!<=+!*/!*'+!)/66;H;2;*1!/9!*'+!6/$.(22+<!,&"<$5;;)'**'!6F!4';.'!
,+9+,6! */! (! 6;*=(*;/8!4'+,+! (! 6:(22! <;6*=,H(8.+F! 9/,! +>(:)2+F! ;8! *'+! 9,+6'! 9++<! ,(*+! */! (!
,+(.*/,F! .(=6+6! (! ?+,1! 2(,@+! .'(8@+! ;8! *'+! 92/4! ,(*+! /9! *'+! ,+.1.2+! 6*,+(:D! !\'+8! *';6!
/..=,6F!+;*'+,!*'+!,+(.*/,!/,!*'+!6+)(,(*;/8!616*+:F!/,!H/*'F!:(1!8/*!H+!(H2+!*/!'(8<2+!*'+!
;8.,+(6+<!2/(<D!!\'+*'+,!/,!8/*!*'+!68/4H(22!+99+.*!/..=,6!<+)+8<6!/8!*'+!<+6;@8!/9!*'+!
./8*,/2! 616*+:F!4';.'! ;6! *'+! 6=HV+.*! /9! 0+.*;/86! MRDO! AS>(:)2+!MRD&&B! (8<! M&DJ! A"(6+!
0*=<1!M&DOBD!!
!
!
!"X$$-2MM50S$
!
U(?;8@! 6*=<;+<! *';6! .'()*+,F! 4'+8! <+6;@8;8@! ,+(.*/,$6+)(,(*/,$,+.1.2+! 8+*4/,56F! *'+!
,+(<+,!6'/=2<!
!
&D!! N8<+,6*(8<! *'+!./86;<+,(*;/86! ;8!<+*+,:;8;8@! *'+!H+6*! 2/.(*;/86F!4;*'! ,+6)+.*! */! *'+!
,+(.*/,!6+.*;/8F!/9!*'+!6+)(,(*;/8!6+.*;/86D!
!
! "#$%$MQ
MD!! L+! (4(,+! /9! *'+! :(81! *,(<+/996! H+*4++8! *'+! ,+(.*/,! 6+.*;/8! (8<! *'+! 6+)(,(*;/8!
6+.*;/8A6B!4'+8!,+.1.2+!;6!=6+<D!
OD!! h8/4! *'(*! *'+! /)*;:(2! 9,(.*;/8(2! ./8?+,6;/8! /9! *'+! 2;:;*;8@! ,+(.*(8*! ;8! *'+! ,+(.*/,!
6+.*;/8!;6!=6=(221!2+66!*'(8!&RR[!/9!*'+!+P=;2;H,;=:!./8?+,6;/8D!!!
QD!! L+!(H2+!*/!())21!*'+!./8.+)*!/9!,+.1.2+!*/!+>*;8.*;/8!*/!,+<=.+!4(6*+!(8<!;8.,+(6+!*'+!
1;+2<!/9!*'+!:(;8!),/<=.*D!
JD!! L+!(4(,+!*'(*!*'+!68/4H(22!+99+.*!.(8!/..=,!;8!(!,+(.*/,$6+)(,(*/,$,+.1.2+!8+*4/,5D!!
!
!
0(J(0(/)(-$
!
U/=@+8F!XD!KD!(8<!hD!]D!\(*6/8F!8-'#%!5;)0+"!',,)0+%&!%4;',=)05+6)2-+''=).%&'6%!,)5&()
8565;:,6,F!j/'8!\;2+1!k!0/86F!3+4!i/,5!A&_QIBD!
!
]=2'/22(8<F!hD!aD!(8<!jD!KD!#1+,F!0";;>6%"&)0+'?'&6%"&@)A'6-"(";"B:=)2'!-&";"B%',)5&()
0+5!6%!',F!KE"'SF!3+4!i/,5!A&___BD!
!
-(6+F! UD! TDF! 8-'#%!5;) 3'5!6"+) C',%B&) *"+) 0+"!',,) 0;5&6,=) D";E) F=) 85,') G6>(%',) 5&()
C',%B&)C565F!\;2+1$E8*+,6.;+8.+F!3+4!i/,5!A&_IIBD!
!
i(46F!"D!aDF!0-:,%!5;)0+"4'+6%',F!].b,(4$U;22F!3+4!i/,5!A&_IIBD!
!
!
(V(0)+-(-$
!
%D&!!! 8>#'&')4+"!',,)<%6-)(+5B)H4>+B'I),6+'5#,E!!E8!0+.*;/8!%DMF!(!),/.+66!9/,!),/<=.;8@!
.=:+8+!H1! *'+! (2512(*;/8!/9!H+8C+8+!4;*'!),/)12+8+! ;6!<+6.,;H+<D! !7'+! 92/46'++*!
9/,!*'+!),/.+66!;6!@;?+8!;8!T;@=,+!%D&D!!U/4+?+,F!*'(*!92/46'++*!</+6!8/*!),/?;<+!9/,!
*'+! ,+:/?(2! /9! 4(*+,F! +*'(8+F! ;6/H=*(8+F! ]"`F!]"UF! */2=+8+F! 8$),/)12H+8C+8+F!
*LLF! (8<! )$.1:+8+D! ! T/,! *'+;,! ,+:/?(2F! ;*! ;6! ),/)/6+<! */! (<<! *4/! <,(@! A)=,@+B!
6*,+(:6! */! *'+! 92/46'++*Z! /8+! 9,/:! *'+!<;6*;22(*+!/9! *'+!H+8C+8+! ,+./?+,1!./2=:8F!
!
! "#$%$MJ
"M^! *'+! /*'+,! 9,/:! *'+! H/**/:6! /9! *'+! .=:+8+! ,+./?+,1! ./2=:8F! "OD! ! K26/F! *'+!
92/46'++*!;8!T;@=,+!%D&!</+6!8/*!),/?;<+!9/,!(8!+>;*!9/,!*'+!'+(?;+6!),/<=.+<!;8!*'+!
(2512(*;/8!(8<!*,(86$(2512(*;/8!,+(.*/,6!;8!*'+!+?+8*!*'(*!*'+;,!(:/=8*6!(,+!*//!2(,@+!
*/!H+! ;8.2=<+<! ;8! *'+!(22/4(H2+! ;:)=,;*1! ;8! *'+!.=:+8+!),/<=.*D! !7'=6F! ;*!:(1!H+!
8+.+66(,1!*/!(<<!(!9/=,*'!<;6*;22(*;/8!./2=:8F!"QF!9/22/4;8@!"OF!4;*'!*'+!<;6*;22(*+!
9,/:!"Q!9+<!*/!*'+!*,(86$(2512(*;/8!,+(.*/,!(8<!*'+!H/**/:6!9,/:!"Q!H+;8@!(!'+(?;+6!
),/<=.*D!!E9!6/F!*'+!'+(?;+6!:=6*!8/*!./8*(;8!:/,+!*'(8!J[!/9!*'+!#E`L6!(8<!2;@'*+,!
+8*+,;8@!"QD!
!
! ]/6*!/9!*'+!<(*(!9/,!*'+!.=:+8+!),/.+66!;6!@;?+8!;8!0+.*;/8!%D&D!!U/4+?+,F!:;66;8@!
(,+! *'+! ),/<=.*! <;6*,;H=*;/86! 9/,! *'+! *4/! ,+(.*/,6D! ! ! 7'+6+! (,+! (6! 9/22/46! 9,/:!
2(H/,(*/,1!6*=<;+6Z!
!
"/:)/8+8*!
K2512(*;/8!-+(.*/,!
"'(8@+!;8!)/=8<6!)+,!&RR!)/=8<6!/9!),/)12+8+!;8!*'+!
./:H;8+<!9++<!
7,(86$(2512(*;/8!-+(.*/,!
"'(8@+!;8!)/=8<6!)+,!&RR!)/=8<6!/9!),/)12+8+!;8!*'+!./:H;8+<!9++<!*/!*'+!K2512(*;/8!-+(.*/,!
!`,/)12+8+! !!!!!!!!!!!!!$&RRDRRRR! RDRRRR!
&$L=*+8+! $RDRRO_! !
L+8C+8+! !!!!!!!!!!!!!$&G%D&%OJ! !!!!!!!!!!!!!!$&GDOJIR!
7/2=+8+! $RDRM&Q! !
"=:+8+! !!!!!!!!!!!!!!MOMDIR&%! !!!!!!!!!!!!!!!!JRDIGJM!
8$`,/)12H+8C+8+! RDROQG! RDRR%I!
)$"1:+8+! RDRORG! $RDRRMJ!
*$LL! RDRR%R! $RDRRRI!
:$#E`L! !!!!!!!!!!!!!!!!MRDOO&Q! !!!!!!!!!!!!!!!$MRDMOMO!
)$#E`L! !!!!!!!!!!!!!!!!&QDII_I! !!!!!!!!!!!!!!!$&QDQ_JO!
K2512(*;/8!U+(?;+6! RDOMMI! !
7,(86$(2512(*;/8!U+(?;+6! RDRRRR! RDO&M&!
7/*(2!.'(8@+! R! R!
!
! "#$%$MG
!
3/*+F! (@(;8F! *'(*! *'+! ./8?+,6;/8! /9! #E`L6! ;8! *'+! *,(86$(2512(*;/8! ,+(.*/,! ;6! /821!
JR[D!
!
N6;8@!*'+!(H/?+!<(*(!(8<!*'(*!;8!0+.*;/8!%D&F!,+?;6+!*'+!92/46'++*!;8!T;@=,+!%D&!(8<!
),/<=.+!(!./:)2+*+!:(*+,;(2!H(2(8.+!4;*'!*'+!./:)/8+8*!92/4!,(*+6!;8!2H:/2f',!9/,!
+(.'! 6*,+(:! ;8! 1/=,! 92/46'++*D! ! 7,1! */!:(>;:;C+! *'+! ),/<=.*;/8!/9! .=:+8+D! !L+!
6=,+! */! (<<! *4/!<,(@! 6*,+(:6! 9/,! ,+:/?(2! /9! H1),/<=.*6F! (8<! (! 9/=,*'! <;6*;22(*;/8!
./2=:8F! ;9! 8+.+66(,1D! ! "/:)=*+! *'+! /?+,(22! )+,.+8*! ./8?+,6;/8! /9! H+8C+8+! */!
.=:+8+!(8<!*'+!(88=(2!),/<=.*;/8!/9!.=:+8+!;8!2Hf1,!;9!*'+!/)+,(*;8@!9(.*/,!;6!RD_JD!!
E9!(!'+(?;+6!),/<=.*!;6!),/<=.+<F!4'(*!./=2<!;*!H+!=6+<!9/,e!
!
%DM! 7'+! 9++<! */!(!)+8*(8+! ;6/:+,;C(*;/8!),/.+66!./86;6*6!/9!GJR!5:/2f',!/9!8$)+8*(8+!
(8<! ORR! 5:/2f',! /9! ;6/)+8*(8+D! ! 7'+! +992=+8*! 9,/:! *'+! .(*(21*;.! ;6/:+,;C(*;/8!
,+(.*/,! 4;22! ./8*(;8! GDJ! :/2+6! /9! ;6/)+8*(8+! 9/,! +?+,1! :/2+! /9! 8$)+8*(8+D! ! 7'+!
.(*(216*!),+?+8*6!*'+!9/,:(*;/8!/9!8+/)+8*(8+D!!E9!*'+!;6/)+8*(8+!),/<=.*F!),/<=.+<!
H1!6+)(,(*;8@!;6/)+8*(8+!9,/:!8$)+8*(8+!H1!<;6*;22(*;/8F!;6!*/!./8*(;8!/821!M!4*[!8$
)+8*(8+!(8<! *'+!6+)(,(*;/8!616*+:!;6! */!H+!)2(.+<!H+9/,+! *'+!,+(.*/,F!.(2.=2(*+!*'+!
*/*(2! 92/4! ,(*+! (8<! ./:)/6;*;/8! /9! *'+! ,+(.*/,! +992=+8*F! *'+! ./:H;8+<! 9++<! */! *'+!
,+(.*/,F! (8<! *'+! H/**/:6! ),/<=.*! 9,/:! *'+! <;6*;22(*;/8! ./2=:8D! ! #+6;@8! *'+!
<;6*;22(*;/8!./2=:8D!!-+)+(*!*'+!:(*+,;(2!H(2(8.+!.(2.=2(*;/86!(8<!*'+!<+6;@8!/9!*'+!
<;6*;22(*;/8! ./2=:8! ;9! *'+! 6+)(,(*;/8! 616*+:! ;6! )2(.+<! (9*+,! *'+! ,+(.*/,D! L(6+<! /8!
1/=,! ,+6=2*6! (8<! 4;*'/=*! <+*+,:;8;8@! (81! .();*(2! /,! /)+,(*;8@! ./6*6F! 4';.'!
6+)(,(*;/8!616*+:!)2(.+:+8*!;6!),+9+,,+<e!
!
!
"#$_$&!!
)HL<?>@$Y$!
0+./8<$a(4!K8(216;6!!
Y"#$$$%&'()*+,(-$$
!
7'+! 9;,6*! 2(4! /9! *'+,:/<18(:;.6! ;6! 4;<+21! =6+<! ;8! <+6;@8! */! :(5+! +8+,@1! H(2(8.+6! (,/=8<!
+P=;):+8*D!!]=.'!2+66!=6+<!(,+!*'+!+8*,/)1!H(2(8.+6!H(6+<!/8!*'+!6+./8<!2(4!/9!*'+,:/<18(:;.6D!!
K2*'/=@'! *'+! 9;,6*! 2(4! .(8! <+*+,:;8+! +8+,@1! *,(869+,! ,+P=;,+:+8*6! ;8! *'+! 9/,:! /9! '+(*! (8<! 6'(9*!
4/,5! 9/,! 6)+.;9;+<! .'(8@+6! */! 6*,+(:6! /,! H(*.'+6! /9!:(*+,;(26F! ;*! .(88/*! +?+8! @;?+! (! .2=+! (6! */!
4'+*'+,!+8+,@1! ;6!H+;8@!=6+<!+99;.;+8*21D! !K6!6'/48! ;8! *';6!.'()*+,F! .(2.=2(*;/86!4;*'! *'+!6+./8<!
2(4! /,! (! ./:H;8+<! 9;,6*! (8<! 6+./8<! 2(4! .(8! <+*+,:;8+! +8+,@1! +99;.;+8.1D! ! 7'+! .(2.=2(*;/86! (,+!
<;99;.=2*! */!</!H1!'(8<F!H=*!(,+! ,+(<;21!.(,,;+<!/=*!4;*'!(!),/.+66!6;:=2(*;/8!),/@,(:D! !\'+8!*'+!
6+./8<$2(4! +99;.;+8.1! /9! (! ),/.+66! ;6! 9/=8<! */! H+! 2/4F! (! H+**+,! ),/.+66! 6'/=2<! H+! 6/=@'*D! ! 7'+!
(?+,(@+! 6+./8<$2(4! +99;.;+8.1! 9/,! .'+:;.(2! )2(8*6! ;6! ;8! *'+! ,(8@+! /9! /821! MR$MJ[D! ! 7'+,+9/,+F!
.'+:;.(2!+8@;8++,6!8++<!*/!6)+8<!:/,+!+99/,*!;8!;:),/?;8@!+8+,@1!+99;.;+8.1D!
!
K9*+,!6*=<1;8@!*';6!.'()*+,F!*'+!,+(<+,!6'/=2<!
!
&D! N8<+,6*(8<!*'+!2;:;*(*;/86!/9!*'+!9;,6*!2(4!/9!*'+,:/<18(:;.6D!!
MD! N8<+,6*(8<! *'+! =6+9=28+66! /9! *'+! 6+./8<! 2(4! (8<! (! ./:H;8+<! 6*(*+:+8*! /9! *'+! 9;,6*! (8<!
6+./8<!2(46D!!
OD! L+!(H2+!*/!6)+.;91!(!616*+:!(8<!6=,,/=8<;8@6!9/,!./8<=.*;8@!(!6+./8<$2(4!(8(216;6D!!
QD! L+! (H2+! */! <+,;?+! (8<! ())21! (! ./:H;8+<! 6*(*+:+8*! /9! *'+! 9;,6*! (8<! 6+./8<! 2(46! 9/,! *'+!
<+*+,:;8(*;/8!/9!2/6*!4/,5!/,!+>+,@1D!!
JD! L+!(H2+!*/!<+*+,:;8+!*'+!6+./8<$2(4!+99;.;+8.1!/9!(!),/.+66!(8<!);8)/;8*!*'+!:(V/,!(,+(6!/9!
;8+99;.;+8.1!A2/6*!4/,5BD!!
GD! N8<+,6*(8<!*'+!.(=6+6!/9!2/6*!4/,5!(8<!'/4!*/!,+:+<1!*'+:D!!
ID! L+!(H2+!*/!=6+!(!),/.+66!6;:=2(*;/8!),/@,(:!*/!)+,9/,:!(!6+./8<$2(4!(8(216;6D!
"#$_$M!!
Y".$$$+/*0%12)*+%/!!
!
K! .'+:;.(2! ),/.+66! =6+6! )'16;.(2! (8<f/,! .'+:;.(2! /)+,(*;/86! */! *,(869/,:! 9++<!:(*+,;(26!
;8*/!),/<=.*6!/9!<;99+,+8*!./:)/6;*;/8D!!7(H2+!_D&!2;6*6!*'+!*1)+6!/9!/)+,(*;/86!*'(*!(,+!:/6*!4;<+21!
=6+<D! ! #+)+8<;8@! /8! *'+! ),/<=.*;/8! ,(*+! (8<! *'+! /)+,(*;/86! =6+<F! *'+! ),/.+66! ;6! ./8<=.*+<!
H(*.'4;6+F! ./8*;8=/=621F! /,! .1.2;.(221D! ! K! ./8*;8=/=6F! '+(*$;8*+@,(*+<! ),/.+66! *'(*! ;22=6*,(*+6!
6+?+,(2! /9! *'+! /)+,(*;/86! ;8! 7(H2+! _D&! ;6! 6'/48! ;8! T;@=,+! _D&F! 4'+,+! H+8C+8+! (8<! (!:;>*=,+! /9!
>12+8+! ;6/:+,6! (,+! ),/<=.+<! H1! *'+! <;6),/)/,*;/8(*;/8! /9! */2=+8+D! !7'+!'+(,*! /9! *'+!),/.+66! ;6! (!
9;>+<$H+<!.(*(21*;.!,+(.*/,F!-$&F!4'+,+!*'+!:(;8!.'+:;.(2!.'(8@+!;6!*'+!,+(.*;/8!
M"IU%!+ !"GUG!W!"%U&R!;6/:+,6!
!
*LFB>$Y".!!"/::/8!X)+,(*;/86!;8!"'+:;.(2!`,/.+66;8@!
X)+,(*;/8! S>(:)2+6!/9!SP=;):+8*!N6+<!"'(8@+!;8!.'+:;.(2!6)+.;+6! -+(.*/,!0+)(,(*;/8!/9!.'+:;.(26! #;6*;22(*;/8F!(H6/,)*;/8F!2;P=;<$2;P=;<!+>*,(.*;/8!0+)(,(*;/8!/9!)'(6+6! 0+**2+,!`,+66=,+!.'(8@+! `=:)F!./:),+66/,F!?(2?+F!*=,H;8+F!+>)(8<+,!7+:)+,(*=,+!/,!)'(6+!.'(8@+! U+(*!+>.'(8@+,F!./8<+86+,!];>;8@! K@;*(*+<!?+66+2F!;8$2;8+!:;>+,!#;?;<;8@! `;)+!*++!0;C+!+82(,@+:+8*!/9!6/2;<6! `+22+*!:;22!0;C+!,+<=.*;/8!/9!6/2;<6! j(4!.,=6'+,!0+)(,(*;/8!/9!6/2;<6!H1!6;C+! 0.,++8!
!
!
7';6! ,+(.*;/8! ;6!./8<=.*+<! ;8! *'+!),+6+8.+!/9!'1<,/@+8! */!:;8;:;C+! *'+!=8<+6;,(H2+! 9/,:(*;/8!/9!
./5+!H1!./8<+86(*;/8!,+(.*;/86D!U/4+?+,F!/*'+,!=8<+6;,(H2+!6;<+!,+(.*;/86!6=.'!(6!
"IU%!W!UM!+ !"GUG!W!"UQ!
/..=,!(8<!),/<=.+!2;@'*!)(,(99;86D!!"'+:;.(26!;8!*'+!,+(.*/,!+992=+8*!(,+!6+)(,(*+<!9,/:!+(.'!/*'+,!
(6!9/22/46D!!U1<,/@+8!;6!,+./?+,+<!9/,!,+.1.2+!H1!)(,*;(2!./8<+86(*;/8!;8!+>.'(8@+,!S$M!4;*'!)'(6+!
6+)(,(*;/8! ;8! 92(6'! <,=:! #$&^! 2;@'*! )(,(99;8! @(6+6! (,+! ,+:/?+<! ;8! 9,(.*;/8(*/,! "$&^! H+8C+8+! ;6!
,+./?+,+<! (8<! )=,;9;+<! ;8! 9,(.*;/8(*/,! "$M^! (8<! :;>+<! >12+8+6! (,+! ,+./?+,+<! (8<! )=,;9;+<F! (8<!
=8,+(.*+<! */2=+8+! ;6! ,+./?+,+<! 9/,! ,+.1.2+! ;8! 9,(.*;/8(*/,!"$OD! !"/:),+66/,6!h$&! (8<!h$M! H,;8@!
"#$_$O!!
!
JPQK@>$Y".!!`,/.+66!9/,!<;6),/)/,*;/8(*;/8!/9!*/2=+8+!*/!H+8C+8+!(8<!>12+8+6D!
"#$_$Q!
9,+6'! '1<,/@+8! (8<! ,+.1.2+<! '1<,/@+8F! ,+6)+.*;?+21F! */! ,+(.*/,!),+66=,+D! ! `=:)!`$&! H,;8@6! 9,+6'!
*/2=+8+!*/!,+(.*/,!),+66=,+D!!`=:)6!`$MF!`$OF!(8<!`$Q!<+2;?+,!,+92=>!*/!9,(.*;/8(*/,6!"$&F!"$MF!(8<!
"$OF! ,+6)+.*;?+21D! ! `=:)6! `$O! (8<! `$G! <+2;?+,! H+8C+8+! (8<! >12+8+! ),/<=.*6F! ,+6)+.*;?+21F! */!
6*/,(@+F!(8<!)=:)!`$J! ,+.1.2+6! */2=+8+D! !T=,8(.+!T$&!=6+6! *'+!./:H=6*;/8!/9! 9=+2!/;2!4;*'!(;,! */!
H,;8@! ,+(.*(8*6! */! ,+(.*/,! *+:)+,(*=,+F! (9*+,!),+'+(*+,!S$&!'(6! ,+./?+,+<!(!)/,*;/8!/9! *'+! *'+,:(2!
+8+,@1!;8!*'+!,+(.*/,!+992=+8*D!!"//2;8@!4(*+,!;6!=6+<!;8!/?+,'+(<!./8<+86+,6!S$QF!S$GF!(8<!S$_F!(8<!
6*+(:! ;6! =6+<! ;8! ,+H/;2+,6! S$JF! S$IF! (8<! S$&R! /9! 9,(.*;/8(*/,6! "$&F! "$MF! (8<! "$OF! ,+6)+.*;?+21D!!
L+8C+8+! (8<!>12+8+!),/<=.*6! (,+! .//2+<!H1!4(*+,! ;8! .//2+,6!S$%!(8<!S$&&! A8/*! 6'/48! ;8!T;@=,+!
_D&B!H+9/,+!H+;8@! 6+8*! */! 6*/,(@+D! !S>.'(8@+,!S$O!),+'+(*6! 9++<! */! 9,(.*;/8(*/,!"$&!4;*'!H/**/:6!
9,/:!*'+!6(:+!9,(.*;/8(*/,D! !"//2;8@!4(*+,! ;6!6=))2;+<!:(;821!H1!,+.1.2+!9,/:!.//2;8@!*/4+,!7$&!
H1!)=:)!`$ID!!S2+.*,;.;*1!9/,!(22!)=:)6!(8<!./:),+66/,6F!(8<!6*+(:!9/,!,+H/;2+,6!;6!),/<=.+<!9,/:!
./(2$9;,+<! )/4+,! )2(8*! L$&D! ! 7'+! /?+,(22! ;8)=*! */! (8<! /=*)=*! 9,/:! *'+! ),/.+66! ;6! ,+),+6+8*+<!
6.'+:(*;.(221!;8!T;@=,+!_DMD!
!
E<+(221F!+(.'!/)+,(*;/8!;8!(!),/.+66!4/=2<!H+!./8<=.*+<!;8!(!,+?+,6;H2+!:(88+,!*/!(.';+?+!
*'+! :;8;:=:! +8+,@1! ;8)=*! /,! *'+! :(>;:=:! +8+,@1! /=*)=*F! ./,,+6)/8<;8@! */! (! 6+./8<$2(4!
*'+,:/<18(:;.!+99;.;+8.1!/9!&RR[D!!S?+8!;9!*';6!4+,+!*+.'8;.(221!9+(6;H2+F!6=.'!(!),/.+66!4/=2<!H+!
=8+./8/:;.(2! H+.(=6+! /9! +>.+66;?+! .();*(2! ;8?+6*:+8*! ;8! +P=;):+8*F! 4';.'! 4/=2<! '(?+! */! H+!
+66+8*;(221!;89;8;*+!;8!6;C+!*/!:;8;:;C+!*,(86)/,*!@,(<;+8*6D!!3+?+,*'+2+66F!;*!;6!+./8/:;.(2!*/!:/<;91!
+>;6*;8@!),/.+66+6!*/!,+<=.+!+8+,@1!./86=:)*;/8F!(8<!*/!<+6;@8!8+4!),/.+66+6!*/!/)+,(*+!(*!';@'+,!
!JPQK@>$Y"3!!X?+,(22!),/.+66!6*,+(:6!9/,!*/2=+8+!<;6),/)/,*;/8(*;/8D!
"#$_$J!
*'+,:/<18(:;.!+99;.;+8.;+6D!!K!6+./8<$2(4!*'+,:/<18(:;.!(8(216;6!;<+8*;9;+6!;8+99;.;+8*!),/.+66+6!
(8<!*'+!/)+,(*;/86!4;*';8!*'+6+!),/.+66+6!*'(*!(,+!*'+!:/6*!4(6*+9=2!/9!+8+,@1F!6/!*'(*!*'+!),/.+66!
+8@;8++,!.(8!<;,+.*!';6!/,!'+,!+99/,*6!*/!./86+,?;8@!+8+,@1D!
$
$
Y"3$$$*7($-S-*(M$5/1$*7($-200%2/1+/6-$$
!
7/!./8<=.*!(!6+./8<$2(4!(8(216;6F!(!),/.+66!;6!<;?;<+<!;8*/!(!616*+:!(8<!6=,,/=8<;8@6D!!7'+!,:,6'#!
;6!*'+!:(**+,!./8*(;8+<!;8!*'+!/)+,(*;8@!=8;*A6B!/8!4';.'!*'+!+8@;8++,!4;6'+6!*/!9/.=6D!!S?+,1*';8@!
8/*!;8!*'+!616*+:!;6!;8!*'+!,>++">&(%&B,D!!7'+!H/=8<(,;+6!/9!*'+!616*+:!:(1!H+!,+(2!/,!;:(@;8(,1F!
,;@;<! /,! :/?(H2+F! (8<! /)+8! /,! .2/6+<! */! *'+! *,(869+,! /9! :(**+,! H+*4++8! *'+! 616*+:! (8<! *'+!
6=,,/=8<;8@6D! ! 0/:+! ,+9+,+8.+6! .(22! (! !;",'() ,:,6'#) 6;:)21! (! ,:,6'#F! (8<! (8! "4'&) ,:,6'#F! ;8*/!
(8<f/,!/=*!/9!4';.'!:(**+,!.(8!92/4F!(!!"&6+";)?";>#'D! !7'+1!,+9+,!*/!*'+!H/=8<(,1!/9!*'+!./8*,/2!
?/2=:+!(6!*'+!!"&6+";),>+*5!'!(.,/66!4';.'!:(**+,!.(8!92/4D!
L(*.'F!.1.2;.F!(8<!./8*;8=/=6!),/.+66+6!(,+!6'/48!6.'+:(*;.(221!;8!T;@=,+!_DOD!!L(*.'!(8<!
.1.2;.!),/.+66+6! (,+!=6=(221!<;?;<+<! ;8*/! (! .2/6+<!616*+:!A/,! 6;:)21!(! 616*+:B!(8<!6=,,/=8<;8@6^!
./8*;8=/=6!),/.+66+6!(,+!<;?;<+<!;8*/!(8!/)+8!616*+:!A/,!./8*,/2!?/2=:+B!(8<!6=,,/=8<;8@6D!
!
!
!JPQK@>$Y"R!!"/::/8!:+*'/<6!/9!),/.+66;8@D!
"#$_$G!
$
7'+!<;?;6;/8!/9!(!),/.+66!;8*/!616*+:!(8<!6=,,/=8<;8@6!;6!*'+!.'/;.+!/9!*'+!/8+!)+,9/,:;8@!
*'+!*'+,:/<18(:;.!(8(216;6D! !](81!.'/;.+6!(,+!)/66;H2+!9/,!(!.'+:;.(2!),/.+66D!!T/,!+>(:)2+F!;8!
T;@=,+!_D&F! *'+! 616*+:!.(8!H+! *'+!./:)2+*+!),/.+66F!4;*'! *'+!6=,,/=8<;8@6!H+;8@! *'+!(:H;+8*!(;,F!
4(*+,F!(8<!6/!9/,*'F!6=,,/=8<;8@!*'+!+P=;):+8*!A./::/821!,+9+,,+<!*/!(6!*'+!%&*%&%6'),>++">&(%&B,F!
('5(),656'F!/,!%&*%&%6')-'56)+','+?"%+B!(8<!*'+!6*/,(@+!*(856!9/,!*'+!,(4!:(*+,;(26!(8<!),/<=.*6D!
!
]/,+!./::/821F!=*;2;*1!)2(8*6! A+D@DF! *'+!6*+(:!)/4+,!)2(8*!(8<!.//2;8@$4(*+,!616*+:B!(,+!
./86;<+,+<! 6+)(,(*+21! 9,/:! *'+! ,+6*! /9! *'+! ),/.+66D! ! 7';6! ;6! 6'/48! 6.'+:(*;.(221! ;8! T;@=,+! _DQF!
4'+,+! *'+!),/.+66! ;6!<;?;<+<! ;8*/! *',++!616*+:6D! !7'+!H+8C+8+$:;>+<!>12+8+6!)2(8*! ;6!6=99;.;+8*21!
./:)2+>!*'(*!;*!;6!(<?;6(H2+!*/!<;?;<+!;*!;8*/!(!,+(.*;/8!6+.*;/8!(8<!(!6+)(,(*;/8!6+.*;/8F!(6!6'/48!;8!
T;@=,+!_DJD! !K81! ;8<;?;<=(2!/)+,(*;/8! ;8! *'+!),/.+66! $! 9/,!+>(:)2+F! 9,(.*;/8(*/,!"$M! $!.(8!H+! *'+!
616*+:! (8<! +?+,1*';8@! +26+! *'+! 6=,,/=8<;8@6D! !T;8(221F! (!)/,*;/8!/9! (! 6;8@2+!/)+,(*;/8! .(8!H+! *'+!
616*+:!$!9/,!+>(:)2+F!/8+!*,(1!;8!9,(.*;/8(*/,!"$MD!
!
!JPQK@>$Y"T!!`(,*;*;/8;8@!/9!*'+!*/2=+8+!<;6),/)/,*;/8(*;/8!)2(8*D!
"#$_$I!
$
$
Y"R$$$(/(06S$*05/-J(0$$
!
U+(*!/,!4/,5F!/,!H/*'F!.(8!H+! *,(869+,,+<!(.,/66!*'+!H/=8<(,;+6!/9!.2/6+<!/,!/)+8!616*+:6D! !E9!8/!
'+(*!;6!*,(869+,,+<!(.,/66!;*6!H/=8<(,;+6F!*'+!616*+:!;6!6(;<!*/!H+!(<;(H(*;.!/,!*'+,:(221!;6/2(*+<^!(8<!
;9!8+;*'+,!4/,5!8/,!'+(*!;6!*,(869+,,+<F!*'+!616*+:!;6!6(;<!*/!H+!*/*(221!;6/2(*+<D!
!
7'+!:/6*!=6+9=2!5;8<!/9!+8+,@1!*,(869+,! ;6!<"+7D! !T/,!+>(:)2+F!(!,/*(*;8@!/,!,+.;),/.(*;8@!
6'(9*! (*! *'+! H/=8<(,1! /9! (! 616*+:! .(=6+6) ,-5*6) <"+7D! ! a+66! =6+9=2F! H=*! :/,+! ./::/8F! ;6! -'56)
6+5&,*'+F! 4';.'! /..=,6!4'+8! *'+! *+:)+,(*=,+6! /9! *'+! 616*+:! (8<! *'+! 6=,,/=8<;8@6! <;99+,D! ! E9! *'+!
616*+:! ;6! (*! *'+! ';@'+,! *+:)+,(*=,+F! ;*! 2/6+6! +8+,@1! (8<! *'+! 6=,,/=8<;8@6!@(;8! +8+,@1^! (8<! ;9! *'+!
616*+:!;6!(*!*'+!2/4+,!*+:)+,(*=,+F!;*!@(;86!+8+,@1!(8<!*'+!6=,,/=8<;8@6!2/6+!+8+,@1D!
!
K! 8=:H+,! /9! <+?;.+6! (,+! =6+<! ;8! ),/.+66+6! */! *,(869+,! 4/,5! H+*4++8! (! 616*+:! (8<! ;*6!
6=,,/=8<;8@6D!!`=:)6F!./:),+66/,6F!H2/4+,6F!(8<!9(86!./8?+,*!6'(9*!4/,5!;8*/!92=;<!+8+,@1!9/,!*'+!
:(;8! )=,)/6+! /9! ;8.,+(6;8@! 92=;<! ),+66=,+D! ! 7=,H;8+6! (8<! +>)(8<+,6! *(5+! +8+,@1! 9,/:! (! 92=;<F!
.(=6;8@! 92=;<! ),+66=,+! */! <+.,+(6+F! (8<! ./8?+,*! *'+! +8+,@1! */! 6'(9*! 4/,5! 9/,! =6+! +26+4'+,+D! ! K!
:/*/,!./8?+,*6!+2+.*,;.(2!4/,5!*/!6'(9*!4/,5D!!K!@+8+,(*/,!./8?+,*6!6'(9*!4/,5!*/!+2+.*,;.(2!4/,5D!
!
!
K6!(8!+>(:)2+!/9!+8+,@1!*,(869+,!H1!4/,5F!./86;<+,!T;@=,+!_DGA(BF!4'+,+!(8!;8./:),+66;H2+!
2;P=;<!(*!MJ/"!'(?;8@!(!6)+.;9;.!?/2=:+F!DF!/9!RDRR&!:Of5@!;6!)=:)+<!./8*;8=/=621!(*!(!,(*+!#! /9!
!JPQK@>$Y"U!!`(,*;*;/8;8@!/9!*'+!*/2=+8+!<;6),/)/,*;/8(*;/8!),/.+66D!
"#$_$%!
&R!5@f6!9,/:!(!),+66=,+!0&!/9!RD&!]`(!*/!(!),+66=,+!0M!/9!MDR!]`(F!4;*'!8/!.'(8@+!;8!5;8+*;.!/,!
)/*+8*;(2! +8+,@1F! H1! (! ,/*(*;8@! 6'(9*! <,;?+8! H1! (8! +2+.*,;.(2! :/*/,D! ! E8! *'+! (H6+8.+! /9! +2+.*,;.(2!
,+6;6*(8.+F!6'(9*!9,;.*;/8F!(8<!92=;<!9,;.*;/8F!
S2+.*,;.(2!4/,5!;8)=*!*/!*'+!+2+.*,;.!:/*/,!
!! ! ! g!6'(9*!4/,5!<+2;?+,+<!*/!*'+!)=:)!H1!*'+!:/*/,!!
g!6'(9*!4/,5!<+2;?+,+<!*/!*'+!2;P=;<!H1!*'+!)=:)!!
g!;6/*'+,:(2F!;6/5;8+*;.F!;6/)/*+8*;(2!+8+,@1!;8.,+(6+!/9!2;P=;<!!
g!J! K! 8 9M &#D 0 0,! !g!&RARDRR&BAMFRRRFRRR!$!&RRFRRRB!!
g!&_!53$:f6!A5jf6!/,!5\B!!
!
!
E8! (.*=(2! +P=;):+8*! A(6! 6'/48! ;8! T;@=,+! _DGAHBBF! +2+.*,;.(2! ,+6;6*(8.+!:(1! )+,:;*! /821! (!
_J[!*,(869+,!/9!+2+.*,;.(2!4/,5!*/!*'+!:/*/,!6'(9*F!6'(9*!9,;.*;/8!:(1!)+,:;*!/821!(!_R[!*,(869+,!/9!
6'(9*!4/,5!*/!*'+!92=;<F!(8<!92=;<!9,;.*;/8!:(1!.(=6+!(!,;6+!;8!92=;<!*+:)+,(*=,+!+P=;?(2+8*!*/!(!J[!
2/66! /9! *'+! 6'(9*!4/,5D! ! T/,! *'+! 6(:+! ;8.,+(6+! ;8! 92=;<! ),+66=,+F! *'+! +2+.*,;.(2!4/,5! ;8)=*! */! *'+!
+2+.*,;.!:/*/,!;6!*'+8!
!
;8)=*&_ MODO_!5\
ARD_JBARD_RBARD_JBJ & &! !
!JPQK@>$Y"W!!"/:)(,;6/8!/9!,+?+,6;H2+!(8<!;,,+?+,6;H2+!)=:);8@!/)+,(*;/86D!
"#$_$_!
!
7'+!<;99+,+8.+F!MODO_! $!&_DRR!g!QDO_!5\F!H+*4++8! *'+!,(*+!/9!+2+.*,;.(2!4/,5! ;8)=*! */! *'+!
:/*/,! (8<! *'+! ,(*+! /9! +8+,@1! ,+P=;,+<! */! ;8.,+(6+! *'+! 92=;<! ),+66=,+! ;6! *'+! )/4+,! 8/*! =6+<! ;8!
(../:)2;6';8@! *'+!<+6;,+<!@/(2D! !7';6!+>.+66!)/4+,!.(=6+6! *+:)+,(*=,+6! ;8! *'+!616*+:!(8<f/,! *'+!
6=,,/=8<;8@6!*/!,;6+D!
!
E9! *'+! *+:)+,(*=,+! /9! (! 616*+:! /,! (! )(,*! /9! *'+! 6=,,/=8<;8@6! ,+:(;86! ,+(6/8(H21! ./86*(8*!
4'+8! '+(*! *,(869+,! H+*4++8! *'+6+! *4/! ,+@;/86! /..=,6F! *'+8! *'+! 616*+:! /,! *'+! )(,*! /9! *'+!
6=,,/=8<;8@6!;6!.(22+<!(!-'56)+','+?"%+D!!U+(*!,+6+,?/;,6!;8.2=<+!'+(*;8@!:+<;(F!6=.'!(6!6*+(:F!'/*!
4(*+,F!#/4*'+,:F!/;2F!:/2*+8!6(2*6F!:+,.=,1F!(8<!92=+!@(6+6!),/<=.+<!H1!./:H=6*;/8^!(8<!.//2;8@!
:+<;(! 6=.'! (6! (;,F! 4(*+,F! .';22+<! 4(*+,F! (::/8;(F! ),/)(8+F! (8<! /*'+,! ,+9,;@+,(8*6D! ! T/,! +(.'! /9!
*'+6+! ,+6+,?/;,6F! ;*! ;6! ./8?+8;+8*! */! (66;@8! (! *+:)+,(*=,+D! ! E*! ;6! (26/! ./8?+8;+8*! */! <;6*;8@=;6'!
H+*4++8!9;8;*+$6;C+<!'+(*!,+6+,?/;,6F!4';.'!(,+!<+6;@8+<!*/!/)+,(*+!(*!.+,*(;8!<+6;,+<!*+:)+,(*=,+6F!
2%F! (8<! *'+! +66+8*;(221! ;89;8;*+! '+(*! ,+6+,?/;,6! *'(*! +>;6*! ;8! *'+! 8(*=,(2! +8?;,/8:+8*F! 6=.'! (6!
(*:/6)'+,;.!(;,F!/.+(86F!(8<!2(,@+!2(5+6!/,!,;?+,6!(*!*+:)+,(*=,+6!<+6;@8(*+<!(6!2RD!
$
$
Y"T$$$*7(0M%1S/5M+)$80%8(0*+(-$$
!
\'+8! 4/,5! (8<f/,! '+(*! ;6! *,(869+,,+<! */! /,! 9,/:! (! 616*+:F! +8+,@1! .'(8@+6! /..=,D! ! 7'+! :/6*!
./::/8! 9/,:6!/9! +8+,@1! (,+! *'/6+! (66/.;(*+<!4;*'! A&B!:(.,/6./);.!:/*;/8! A7%&'6%!) '&'+B:BF! AMB!
2/.(*;/8! ;8! (! @,(?;*(*;/8(2! 9;+2<! A4"6'&6%5;) '&'+B:BF! (8<! AOB! %&6'+&5;) '&'+B:! <=+! */! *,(862(*;/8(2F!
,/*(*;/8(2F!(8<!?;H,(*;/8(2!:/*;/86!/9!:/2+.=2+6F!(*/:6F!(8<!+2+.*,/86^!*/@+*'+,!4;*'!*'+!)/*+8*;(2!
+8+,@1!<=+!*/!9/,.+6!(.*;8@!H+*4++8!:/2+.=2+6F!(*/:6F!+2+.*,/86F!(8<!8=.2+;D!!7'+!9;,6*!*4/!9/,:6!/9!
+8+,@1!(,+!*(5+8!,+2(*;?+!*/!6/:+!(,H;*,(,1!,+9+,+8.+F!6=.'!(6!(!)/;8*!/8!*'+!6=,9(.+!/9!*'+!+(,*'D!!E8!
:/6*!.'+:;.(2!),/.+66+6F!.'(8@+6! */! *'+6+! *4/!9/,:6!/9!+8+,@1!(,+!,+2(*;?+21!6:(22!(8<!(,+!/9*+8!
;@8/,+<D!!K8!+>.+)*;/8!;6!*'+!./:H=6*;/8!.'(:H+,!(8<!8/CC2+!/9!(!,/.5+*!+8@;8+F!4'+,+!*'+!'+(*!/9!
,+(.*;/8! A;8*+,8(2! +8+,@1B! ;6! ./8?+,*+<! */! 5;8+*;.! +8+,@1D! ! E8*+,8(2! +8+,@1! ;6! :/6*! ;:)/,*(8*! ;8!
.'+:;.(2!),/.+66;8@!(8<!;6!*(5+8!,+2(*;?+!*/!6/:+!(,H;*,(,1!,+9+,+8.+!./8<;*;/8D!
!
"#$_$&R!
7'+!;8*+,8(2!+8+,@1!/9!(!6=H6*(8.+!;6!(!,656')4+"4'+6:F!H+.(=6+!;*6!?(2=+!<+)+8<6!/8!*'+!6*(*+!
/,!./8<;*;/8!/9!*'+!6=H6*(8.+F!4';.'!;6!<+*+,:;8+<!H1!*+:)+,(*=,+F!),+66=,+F!./:)/6;*;/8F!)'(6+!A;9!
:/,+! *'(8! /8+! )'(6+! ;6! )/66;H2+BF! (8<! *'+! ,+9+,+8.+! ./8<;*;/8D! ! "'(8@+6! ;8! ;8*+,8(2! +8+,@1! (,+!
;8<+)+8<+8*!/9!*'+!)(*'!+:)2/1+<!;8!:/?;8@!9,/:!/8+!6*(*+!*/!(8/*'+,D!
!
K8/*'+,! 6*(*+! ),/)+,*1F! .2/6+21! ,+2(*+<! */! ;8*+,8(2! +8+,@1F! ;6! '&6-5;4:F! <+9;8+<! H1! *'+!
,+2(*;/8!
1 L 0D& 6 ! A_D&B7';6! ),/)+,*1! ;6! )(,*;.=2(,21! ./8?+8;+8*! 9/,! ./8*;8=/=6! ),/.+66+6! H+.(=6+! *'+! *4/! *+,:6! /8! *'+!
,;@'*$'(8<!6;<+!9,+P=+8*21!())+(,!*/@+*'+,!;8!+8+,@1!H(2(8.+!+P=(*;/86D!
!
7'+!:/6*!<+6;,(H2+!,+9+,+8.+!./8<;*;/86!9/,!;8*+,8(2!+8+,@1!(8<!+8*'(2)1!;8!),/.+66+6!4'+,+!
.'+:;.(2!,+(.*;/86!*(5+!)2(.+!(,+!R!h!/,!MJ/"F!C+,/!),+66=,+F!(8<!6*(8<(,<!.'+:;.(2!+2+:+8*6F!6=.'!
(6! "! A@,()';*+BF! UM! A@(6BF! XM! A@(6BF! 3M! A@(6BF! "2M! A@(6BF! (8<! 0! A,'/:H;.! 6=29=,BF! ,(*'+,! *'(8! *'+!
.'+:;.(2!6)+.;+6!*'+:6+2?+6!*'(*!(,+!;8!*'+!:;>*=,+D!!\;*'!*';6!,+9+,+8.+!./8<;*;/8F!;8*+,8(2!+8+,@1!
(8<!+8*'(2)1!.'(8@+6!(=*/:(*;.(221!*(5+!;8*/!(../=8*!'+(*!/9!,+(.*;/8D!!T+2<+,!(8<!-/=66+(=!AMRRRB!
<;6.=66! *';6! ,+9+,+8.+! ./8<;*;/8D! ! K6! (8! +>(:)2+F! *'+! +8*'(2)1!/9! &! 5@! /9! 6=)+,'+(*+<! 6*+(:! (*!
ORR/"!(8<!&!]`(!,+2(*;?+!*/!*'+!+2+:+8*6!UM!A@(6B!(8<!XM!A@(6B!(*!R!h!(8<!R!`(!;6!<+*+,:;8+<!*/!H+!
$&MFMR_DO! 5jD! ! K2*+,8(*;?+21F! 9,/:! *'+! 6*+(:! *(H2+6! ;8! ?(8!\12+8! +*! (2D! A&__QBF! 9/,! (! ,+9+,+8.+!
./8<;*;/8!/9!6(*=,(*+<!2;P=;<!4(*+,!(*!R/"F!*'+!+8*'(2)1!;6!OFRJ&DM!5jf5@D!
!
E*! ;6!4+22! 58/48! 9,/:! *'+,:/<18(:;.! ),;8.;)2+6! *'(*! +8+,@1! *,(869+,,+<! (6!4/,5! ;6!:/,+!
=6+9=2! *'(8! +8+,@1! *,(869+,,+<! (6! '+(*D! ! \/,5! .(8! H+! ./:)2+*+21! ./8?+,*+<! */! '+(*F! H=*! /821! (!
9,(.*;/8! /9! '+(*! .(8! H+! ./8?+,*+<! */! 4/,5D! ! T=,*'+,:/,+F! (6! *'+! *+:)+,(*=,+! /9! (! 616*+:! ;6!
<+.,+(6+<F! '+(*! *,(869+,,+<! 9,/:! *'+! 616*+:! H+./:+6! 2+66! =6+9=2! (8<! 2+66! /9! *'+! '+(*! .(8! H+!
./8?+,*+<! */!4/,5D! !K! 6*(*+! ),/)+,*1! *'(*! (../=8*6! 9/,! *'+! <;99+,+8.+6! H+*4++8!'+(*! (8<!4/,5! ;6!
+8*,/)1F! GD! !\'+8! '+(*! ;6! *,(869+,,+<! ;8*/! (! .2/6+<! 616*+:! (*! *+:)+,(*=,+!2F! *'+! +8*,/)1! /9! *'+!
616*+:! ;8.,+(6+6! H+.(=6+! +8*,/)1! *,(869+,! (../:)(8;+6! '+(*! *,(869+,D! !L1! ./8*,(6*F!4/,5! *,(869+,!
A6'(9*!4/,5B!;6!8/*!(../:)(8;+<!H1!+8*,/)1!*,(869+,D!!\'+8!'+(*!;6!*,(869+,,+<!(*!(!,(*+!M! !9,/:!(!
6=,,/=8<;8@! '+(*! ,+6+,?/;,! (*! (! ./86*(8*! *+:)+,(*=,+F! 2,+6+,?/;,F! ;8*/! (! 616*+:F! *'+! '+(*! ,+6+,?/;,!
+>)+,;+8.+6!(!<+.,+(6+!;8!+8*,/)1!@;?+8!H1!
"#$_$&&!
,+6+,?/;,,+6+,?/;,
MG2,
# &!! ! A_DMB
4'+,+! G# ! !;6!*'+!+8*,/)1!.'(8@+!;8!L*=f',$/-D!!7'+!2/4+,!*'+!?(2=+!/9!2F!*'+!@,+(*+,!*'+!<+.,+(6+!;8!
+8*,/)1D!
!
T/,! (! )=,+F! ;<+(2! @(6F! /821! *+:)+,(*=,+! (99+.*6!L! (8<!1D! !U/4+?+,F! *'+! +8*,/)1F!GF! /9! (8!
;<+(2!@(6!;6!(99+.*+<!H1!H/*'!*+:)+,(*=,+!(8<!),+66=,+D!!K../,<;8@21F!*'+!,+9+,+8.+!),+66=,+!9/,!L!
(8<!1! ;6!=6=(221!*(5+8!(6!C+,/D!!T/,!GF! *'+!,+9+,+8.+!),+66=,+!;6!=6=(221!*(5+8!(6!&!(*:!*/!(?/;<!(!
?(2=+!/9!G!+P=(2!*/!:;8=6!;89;8;*1D!!K*!(!,+9+,+8.+!*+:)+,(*=,+!/9!R!hF!*'+!+8*,/)1!/9!(!.,16*(22;8+!
6=H6*(8.+!;6!C+,/F!H1!*'+!*';,<!2(4!/9!*'+,:/<18(:;.6D!
$*A<PNLB$(=?@:<A$)HL=Q>Z$$! E8!@+8+,(2F!4'+8!'+(*!;6!*,(869+,,+<!*/!(!8/8;6/*'+,:(2!616*+:F!;*6!+8*,/)1!.'(8@+F G!# F!;6Z!
:&#M
& 2M(G!! ! A_DOB
N6;8@!SPD!A_DOBF!+8*,/)1!.'(8@+6!.(8!H+!./:)=*+<!9/,!6+?+,(2!./::/8!616*+:6F!(6!;22=6*,(*+<!8+>*D!!
!
! E6/H(,;.!U+(*!7,(869+,D!!"/86;<+,!*'+!6*,+(:!(*!./86*(8*!0!;8!T;@=,+!_DID!!K../,<;8@!*/!*'+!
9;,6*!2(4!/9!*'+,:/<18(:;.6F!*'+!,(*+!/9!'+(*!*,(869+,!*/!*'+!<;99+,+8*;(2!6+.*;/8F! M( ! F!;6Z!
(2!#(1#M( 4!!! && ! A_DQB4'+,+!#! $;6!*'+!:(66!92/4!,(*+!(8<!!4!;6!*'+!'+(*!.()(.;*1D!!0=H6*;*=*;8@!;8!SPD!A_DOBZ!
M
&
!
& M !
2 4
2
! (2G
2+# & : ! A_DJB
U+,+F!G!;6!*'+!6)+.;9;.!+8*,/)1^!*'(*!;6F! #G !! f "!!T/,!./86*(8*!!4Z!!
&
MM& 28!!
22!G 4&# + ! A_DGB
!
2&! 2M
M( ! $JPQK@>$Y"X!!E6/H(,;.!92/4!*',/=@'!(!);)+D$
$
"#$_$&M!
! E<+(2!b(6!(*!"/86*(8*!7+:)+,(*=,+D!!T;@=,+!_D%!6'/46!*'+!;6/*'+,:(2!92/4!/9!(8!;<+(2!@(6F!
4;*'!(!<+.,+(6+!/9!),+66=,+!9,/:!0&!*/!0MD! !T/,!*';6!616*+:F!*'+!<;99+,+8*;(2!.'(8@+!;8!*'+!6)+.;9;.!
+8*'(2)1!;6Z!
(1)K)2(G)W!D(0)K)!4(2)K)R! A_DIB4'+,+!D!;6!*'+!6)+.;9;.!?/2=:+D!!-+(,,(8@;8@Z!
(02D(G ,& ! A_D%B
0=H6*;*=*;8@!9/,!(8!;<+(2!@(6F!D)K)32N0Z!
0(03(G ,& ! A_D_B
(8<!;8*+@,(*;8@Z!
M
&M& 28!!
003G &# + ! A_D&RB
!
!
0&! 0M!
$JPQK@>$Y"!!!E6/*'+,:(2!92/4!*',/=@'!(!);)+$
!
! E<+(2! b(6!];>;8@D! !\'+8!8! 6)+.;+6! (,+! :;>+<! (*! ./86*(8*! ),+66=,+! (8<! *+:)+,(*=,+F! (6!
;22=6*,(*+<! ;8! T;@=,+! _D_F! *'+! .'(8@+! ;8! *'+! +8*,/)1! 92/4! ,(*+! ;6! @;?+8! H1! SPD! A_D&RBF! ())2;+<!
6+)(,(*+21!9/,!+(.'!6)+.;+6!OZ!
OOO 0
03#G#O
28!M& !! &# + ! A_D&&B
4'+,+!0O)g!/O0) ;6! *'+!)(,*;(2!),+66=,+!/9!6)+.;+6!O=!(8<!/O! ;6! ;*6!:/2+!9,(.*;/8F!(8<! O#! ! ;6! ;*6!:/2(,!
92/4! ,(*+D! !0=::;8@!/?+,! (22! /9! *'+! 6)+.;+6F! *'+!.'(8@+! ;8! *'+!+8*'(2)1! 92/4!,(*+! 9/,! *'+!:;>;8@!
),/.+66!;6Z!
O
8
OO 0
03#G# 28!&
M& ;&
+ &# !! ! A_D&MB
/,!
O
8
OO /3/G !28!
&M& ;
&+ ,&# ! A_D&OB
"#$_$&O!
4'+,+!/O)K)0ON0!g!! f DO# #! ! !
$!
0# !!!!!M!
&#!
8#!
0)
0
"$$$"$$$$$"
&!M!!!!!!))))))0)
&
8
OO
OO
# #
#/
#
&
&
&
;! !
!!
$JPQK@>$Y"Y!!E6/*'+,:(2!:;>;8@!/9!8);<+(2!@(6!6)+.;+6D$
!
*H>@;:DA=L;PN$5[LPBLFPBP?A!
\'+8!:(**+,!;6!*(5+8!9,/:!6*(*+!&F!(*!(!@;?+8!?+2/.;*1F!+2+?(*;/8F!./:)/6;*;/8F!*+:)+,(*=,+!2F!(8<!
),+66=,+!0F! */! 6*(*+!MF!(*! (!<;99+,+8*!?+2/.;*1F!+2+?(*;/8F!./:)/6;*;/8F!2F!(8<!0F! ;*! ;6!/9! ;8*+,+6*! */!
<+*+,:;8+!*'+!:(>;:=:!(:/=8*!/9!=6+9=2!4/,5!*'(*!.(8!H+!+>*,(.*+<!/,! *'+!:;8;:=:!(:/=8*!/9!
4/,5! *'(*! ;6! 8++<+<D! ! E@8/,;8@! 5;8+*;.! +8+,@1! (8<! )/*+8*;(2! +8+,@1! <;99+,+8.+6! (8<! ,+9+,,;8@!
+8*'(2);+6! */! *'+! +2+:+8*6F! *'+! 9;,6*! 2(4! /9! *'+,:/<18(:;.6! .(8! H+! =6+<! */! <+*+,:;8+! *'+! &'6!
(:/=8*! /9! +8+,@1! *,(869+,,+<! H1! '+(*! (8<f/,! 4/,5! ;8! :/?;8@! 9,/:! 6*(*+! &! */! 6*(*+! MF! 4';.'! ;6!
6;:)21! *'+! .'(8@+! ;8! +8*'(2)1D! ! 7'+! 9;,6*! 2(4! .(88/*! H+! =6+<! */! <+*+,:;8+! *'+! :(>;:=:! /,!
:;8;:=:!(:/=8*!/9!=6+9=2!4/,5F!4';.'!<+)+8<6!/8! *'+!<+*(;26!/9! *'+!),/.+66!=6+<! */!+99+.*! *'+!
.'(8@+!;8!6*(*+D!!7'+!:(>;:=:!/,!:;8;:=:!;6!(.';+?+<!/821!;9!*'+!),/.+66!;6!,+?+,6;H2+D!
!
! 7/!<+*+,:;8+!*'+!:(>;:=:!,(*+!(*!4';.'!4/,5!;6!)+,9/,:+<F! :(>J! F!;8!H,;8@;8@!(!6*,+(:!*/!
+P=;2;H,;=:!4;*'!;*6!6=,,/=8<;8@6F!(!,+?+,6;H2+!)(*'!.(8!H+!6+2+.*+<F!(6!;22=6*,(*+<!;8!T;@=,+!_D&RD!!K!
6*,+(:!(*!:/2(,!92/4!,(*+F! #! F!;8!6*(*+!&F!(*!2&!(8<!+2+?(*+<!),+66=,+F!0&F!;6!9+<!*/!*=,H;8+!EF!4';.'!
/)+,(*+6!(<;(H(*;.(221!(8<!,+?+,6;H21D!!E*!;6!+>)(8<+<!*/!0M!(8<!*'+!+8?;,/8:+8*(2!*+:)+,(*=,+F!2RF!
4';2+! ),/<=.;8@! 6'(9*! 4/,5! (*! *'+! ,(*+F!E,
J! D! ! 7'+! +992=+8*! 6*,+(:! 9,/:! *=,H;8+! E! ;6! +>)(8<+<!
;6/*'+,:(221!A8/8$(<;(H(*;.(221B!(8<!,+?+,6;H21!;8!*=,H;8+!EE!*/!*'+!+8?;,/8:+8*(2!),+66=,+F!0RD!!7'+!
)(*'!;6!6'/48!;8!*'+!0PD)(8<!2PG)<;(@,(:6F!*'+!6+./8<!/9!4';.'!6'/46!*'+!;6+8*,/);.!H+'(?;/,!/9!
*=,H;8+!ED!
"#$_$&Q!
!
!
&&FF 02#! !
E! ,J
MR F02
RE &M!
EE,J!
RR F02
E!
EE
0)
0&!
0M!
0R!D)
2&
G& GM!
2R
EEM! !
$JPQK@>$Y".#!!-+?+,6;H2+!)(*'D$
!
! E@8/,;8@!5;8+*;.!(8<!)/*+8*;(2!+8+,@1!.'(8@+6F! *'+!9;,6*! 2(4!/9! *'+,:/<18(:;.6F!())2;+<!*/!
*'+!/?+,(22!),/.+66!;6Z!
,JM1# !!! ,&# +R& ! A_D&QB4'+,+! M! ! ;6! *'+! ,(*+! /9! '+(*! *,(869+,! */! *=,H;8+! MF! (8<! ,J! ;6! *'+! 6=:! /9! *'+! 6'(9*! 4/,5! ,(*+6!
<+2;?+,+<!H1!*'+!*4/!*=,H;8+6D!
!
T/,!*=,H;8+!MF!())21;8@!*'+!<;99+,+8*;(2!9/,:!/9!SPD!A_DOBZ!
R2M((G#!
! & ! A_D&JB
(8<!;8*+@,(*;8@Z!
R&RR +#&& : G#2(G2#M !!! ! A_D&GB!
0=H6*;*=*;8@!;8!*'+!9;,6*!2(4F!SPD!A_D&QBZ!
"#$_$&J!
,JG#21# !!! ,#&# ++ R&RR& ! A_D&IB(8<!,+(,,(8@;8@Z!
BA R&RR&M& ++ #,#,&6& G21#JJJ ,,, !!!! ! A_D&%B! !
7';6! ,+?+,6;H2+!4/,5! ;6! *'+!:(>;:=:!4/,5!l(?(;2(H2+m! ;8!H,;8@;8@! *'+!9++<!6*,+(:!*/! *'+!
+8?;,/8:+8*(2!./8<;*;/86^!*'(*!;6F! ,J! !;6!*'+!:(>;:=:!,(*+!/9!/H*(;8;8@!4/,5F!4';.'!.(8!H+!4,;**+8!
R&+Q#! D! ! 7'+! ;8*+86;?+! ),/)+,*1F R&+Q E$4(6! ;8;*;(221! ,+9+,,+<! */! (6! *'+! 6-'+#"(:&5#%!) 5?5%;5$%;%6:!
(8<!;6!./::/821!,+9+,,+<!*/!(6!*'+!'/'+B:D!!7'+!./8.+)*!/9!(?(;2(H;2;*1!4(6!9;,6*!<+?+2/)+<!;8!<+*(;2!
H1!h++8(8!A&_J&BD!
!
! E*! 9/22/46! *'(*! *'+!.'(8@+! ;8!(?(;2(H;2;*1!/9!(! 6*,+(:F!4'+8! ;*! ;6!./8?+,*+<!9,/:!6*(*+!&! */!
6*(*+!M!;8!(!.'+:;.(2!),/.+66F!(6!6'/48!;8!T;@=,+!_D&&F!;6Z!
& M M & & M R & MQ Q Q 1 2 G+ + +# & , & # , # ! A_D&_B7'(*! ;6F! *'+! .'(8@+! ;8! *'+! :(>;:=:!4/,5! (?(;2(H2+! 9,/:! *'+! 6*,+(:! ;6! (! 9=8.*;/8! 6/2+21! /9! ;*6!
.'(8@+6! ;8! +8*'(2)1!(8<!+8*,/)1F!(8<! *'+!+8?;,/8:+8*(2! *+:)+,(*=,+D! !a;5+!1)(8<!G=)Q) ;6!(! 6*(*+!
9=8.*;/8F! ;8<+)+8<+8*!/9!)(*'F!H=*!<+)+8<+8*!/8!*'+!*+:)+,(*=,+F!2RF!(8<!),+66=,+F!0RF!/9!*'+!<+(<!
6*(*+D! ! E9! .'+:;.(2! ,+(.*;/86! /..=,F! *'+! (?(;2(H;2;*1! (26/! <+)+8<6! /8! *'+! ./:)/6;*;/8! /9! *'+! <+(<!
6*(*+D!
2&F!0&!!!!Q&!
2MF!0M!!!QM!
$JPQK@>$Y"..!!K?(;2(H;2;*1!.'(8@+!=)/8!),/.+66;8@D$
!
*A<PNLB$5[LPBLFPBP?A$)HL=Q>Z$
$
E8! *';6! 6=H6+.*;/8F! (?(;2(H;2;*1! .'(8@+6! (,+! ./:)=*+<! 9/,! 6+?+,(2! 6;:)2+! ),/.+66+6! */! 6'/4! *'+!
6;@8;9;.(8*! ;:)(.*! /9! *'+! .'(8@+! ;8! +8*,/)1D! ! 7'+6+! (,+! *(5+8! 9,/:! *'+!:/8/@,()'! H1! 0=66:(8!
A&_%RBF! 4'/! ),+6+8*6! :(81! /*'+,! +>.+22+8*! +>(:)2+6F! ;8.2=<;8@! *',++! *'(*! *(5+! ;8*/! (../=8*!
.'+:;.(2!,+(.*;/8F!/8+!/9!4';.'!<+(26!4;*'!(!./:)2+*+!:+*'(8+!,+9/,:;8@!),/.+66D!!E8!(22!.(6+6F!*'+!
+8?;,/8:+8*(2!A<+(<$6*(*+B!*+:)+,(*=,+!;8!*'+!9/22/4;8@!+>(:)2+6!;6!*(5+8!(6!M_%!h!g!JOI/-D!
"#$_$&G!
!
! 0=)+,'+(*;8@!0*+(:D! !K6! 6'/48! ;8!T;@=,+!_D&MF! 6(*=,(*+<! 6*+(:!(*!MJR!)6;(! (8<!QR&<T! ;6!
6=)+,'+(*+<! ;6/H(,;.(221! */! GRR<TF! 4;*'! *'+! +8*'(2)1! (8<! +8*,/)1! ?(2=+6! *(5+8! 9,/:! *'+! 6*+(:!
*(H2+6D!!0=H6*;*=*;8@!;8!SPD!A_D&_BZ!
!! ! ! ! ! ! ! !
& M & M R & M
!!!!!!!!! A&FO&_ &FMR&D&B JOIA&DGJRM &DJMGQB!!!!!!!!! &&ID_ GGDJ
L*=!!!!!!!!! J&DQ2H
Q 1 2 G+ + +# & # , #& , , ,& ,
&
!
!
0=)+,'+(*+,&! M!0(*Y<D!0*+(:!
! MJR!)6;(!! QR&<T!!1&!g!&FMR&D&!L*=f2H!G&!g&DJMGQ!L*=f2H<-!
!! MJR!)6;(!! GRR<T!!1M!g!&FO&_!L*=f2H!GM!g!&DGJRM!L*=f2H<-!
!JPQK@>$Y".3!!0*+(:!6=)+,'+(*+,D!
!
K2*'/=@'! *'+! +8*'(2)1! /9! *'+! 6*,+(:! ;6! ;8.,+(6+<! H1! &&ID_!L*=f2HF!4';.'! +P=(26! *'+! '+(*!
*,(869+,,+<!*/!*'+!6*,+(:F!*'+!:(>;:=:!4/,5!*'(*!.(8!H+!/H*(;8+<!9,/:!6*,+(:!MF!;9!;*!;6!*(5+8!*/!
*'+!+8?;,/8:+8*(2!./8<;*;/86F!;6!;8.,+(6+<!H1!/821!J&DQ!L*=f2HF!4';.'!;6!2+66!*'(8!JR
"#$_$&I!
!
3/*+!*'(*!*'+!+8*'(2)1!(8<!+8*,/)1!<(*(!(,+!/H*(;8+<!9,/:!*'+!(;,!*(H2+6F!4'+,+!*'+!,+9+,+8.+!6*(*+!;6!
6(*=,(*+<!2;P=;<!(;,!(*!MJ<"D!!7'+!.'(8@+!;8!+8*'(2)1F!$&R&DOI!5.(2f5@F!;6!*'+!'+(*!,+:/?+<!9,/:!*'+!
./8<+86+,F! =6;8@! (! ,+9,;@+,(*/,! *'(*! ,+P=;,+6! ./86;<+,(H2+! ./:),+66;/8! 4/,5D! ! E8! *';6! .(6+F! *'+!
+8*,/)1!.'(8@+!;6!6=99;.;+8*21!8+@(*;?+!*/!.(=6+!*'+!+8*,/)1!*/!H+!(H/=*!*',++!*;:+6!:/,+!)/6;*;?+!
*'(8!*'+!8+@(*;?+!+8*'(2)1!.'(8@+D!!7';6!.(=6+6!(!2(,@+!;8.,+(6+!;8!*'+!(?(;2(H;2;*1!/9!*'+!2;P=;<!(;,D!!
0*(*+<!<;99+,+8*21F!&IQDG!5.(2f5@!;6!*'+!:(>;:=:!4/,5!/H*(;8+<!9,/:!*'+!2;P=;<!(;,!;8!,+*=,8;8@!;*!*/!
*'+!+8?;,/8:+8*(2!6*(*+F!(8<!;6!*'+!:;8;:=:!4/,5!/9!,+9,;@+,(*;/8!;8!2;P=+91;8@!(;,D!!!
!
"/8<+86+,!&! M!K;,!
! MJ<"!! &!(*:!!1&!g&MID&&!5.(2f5@!G&!g!RD_MGR!5.(2f5@$h!!
0(*Y<D!a;P=;<!! $&_QDJ<"!! &!(*:!!1M!g!MJDIQ!5.(2f5@!GM!g!R!
!JPQK@>$Y".R!!"/8<+86(*;/8!/9!(;,D!
!
! 7',/**2;8@D! !K6!6'/48!;8!T;@=,+!_D&QF!6=)+,'+(*+<!6*+(:!;6! *',/**2+<!(<;(H(*;.(221!(.,/66!(!
?(2?+!9,/:!GRR<T!(8<!MJR!)6;(!*/!&RR!)6;(D!!N6;8@!*'+!6*+(:!*(H2+6F!9/,!*';6!;6+8*'(2);.!),/.+66F!;*6!
*+:)+,(*=,+! ;6! ,+<=.+<! */! JI%<T! (8<! ;*6! +8*,/)1! ;6! ;8.,+(6+<! 9,/:! &DGJRM! L*=f2H$<-! */! &DIQ%O!
L*=f2H$<-D!!0=H6*;*=*;8@!;8!SPD!A_D&_BZ!
& M & M R & M
!!!!!!!!! R JOIA&DIQ%O &DGJRMB!!!!!!!!! R JMDG%
L*=!!!!!!!!! JMDG%2H
Q 1 2 G+ + +# & # , #& , ,& ,
& ,
!
!
\'+8!*',/**2;8@F!*'+!+8*;,+!.'(8@+!;8!(?(;2(H;2;*1!;6!<=+!*/!*'+!8+@(*;?+!.'(8@+!;8!+8*,/)1D!!0*(*+<!
<;99+,+8*21F! *'+! +8*,/)1! *+,:! ;6! *'+! :(>;:=:! 2/66! /9! *'+! (H;2;*1! /9! *'+! 6*,+(:! */! </! 4/,5! ;8!
*,(869+,,;8@!*/!;*6!+8?;,/8:+8*(2!A<+(<B!6*(*+D!!N6;8@!SPD!A_D&_BF!Q&!;6!./:)=*+<!*/!H+!QOQD_!L*=f2HF!
(8<!./86+P=+8*21F!&M[!/9!;*6!l(?(;2(H2+m!4/,5!;6!2/6*!;8!*',/**2;8@D!!K6!./86;<+,+<!6=H6+P=+8*21!;8!
"#$_$&%!
*';6! .'()*+,F! *'+! )/66;H;2;*1! /9! ,+)2(.;8@! *'+! ?(2?+! 4;*'! (! *=,H;8+! */! ,+./?+,! )/4+,! 6'/=2<! H+!
./86;<+,+<!4'+8!*'+!),+66=,+!/9!(!6*,+(:!:=6*!H+!,+<=.+<D!
!
&! M!0*+(:!! GRR<T!! MJR!)6;(!!1&!g!1M!g!&FO&_!L*=f2HG&!g!&DGJRM!L*=f2H$<-
!! JI%<T!! &RR!)6;(!!GM!g!&DIQ%O!L*=f2H$<-!
!JPQK@>$Y".T!!7',/**2;8@!6*+(:D!
!
! E6/*'+,:(2!];>;8@D! ! E8!T;@=,+!_D&JF!8;*,/@+8!(8<!/>1@+8!@(6+6!(,+!:;>+<!;6/H(,;.(221!(8<!
(<;(H(*;.(221! */! @;?+! ./8.+8*,(*;/86! ),/)/,*;/8(2! */! *'/6+! ;8! (;,D! ! 7/! /H*(;8! *'+! .'(8@+! ;8!
(?(;2(H;2;*1F!$SPD!A_D&_B!())2;+6F!4;*'!SPD!A_D&OB!6=H6*;*=*+<!*/!@;?+!
& M & M R & MM
R&
!!!!!!!!! R ! 28
!!!!!!!!! R M_%ARDI_!28RDI_ RDM&!28RDM&B!&D_%I.(2!!!!!!!!! ORQDO
:/2!(;,
O OO
Q 1 2 G
2 / 3 /
+ + +
&
# & # , #
& 6
& 6 6
& ,
;!
7'+! )/6;*;?+! +8*,/)1! .'(8@+! =)/8!:;>;8@! ,+6=2*6! ;8! *'+! 8+@(*;?+! .'(8@+! ;8! (?(;2(H;2;*1D! ! 0*(*+<!
<;99+,+8*21F!ORQDO!.(2!/9!4/,5!(,+! *'+!:;8;:=:!,+P=;,+<! */!6+)(,(*+!(;,! ;8*/!8;*,/@+8!(8<!/>1@+8!
@(6+6D!!
!
3M!! !! E<+(2! MJ<"!! @(6+6! &!(*:!!! ! XM!
!! RDI_!:/2!3M!! RDM&!:/2!XM!!!
!JPQK@>$Y".U!!E6/*'+,:(2!:;>;8@!*/!(;,D!
!
!
"#$_$&_!
! 7'+,:(2!];>;8@D!!E8!T;@=,+!_D&GF!RDJ!5@f6!/9!4(*+,!(*!&RR<!(8<!&!(*:!;6!:;>+<!(<;(H(*;.(221!
(8<!;6/H(,;.(221!4;*'!RDJ!5@f6!/9!4(*+,!(*!R<"!(8<!&!(*:D!!7'+!,+6=2*;8@!*+:)+,(*=,+!;6!JR<"D!!N6;8@!
SPD!A_D&_BF!4;*'!SPD!A_DGB!6=H6*;*=*+<F!*'+!(?(;2(H;2;*1!/9!*'+!:;>+<!6*,+(:!;6!./:)=*+<Z!
8 9 RM M R R M R R M R
M
!!!!! !A B 28
M_%!!!!!!!!! ! A&BAM_% OMOB M_%A&B!28OMO
!!!!!!!!! !n MJ MQDR&o5.(2!!!!!!!!! RD__5@
4 42Q 1 2 G ! 2 2 2 !2+ +
= >$ %& , # , # & , , ,? @' (
) *A B= >& , , ,? @A B
& , , 6
&
!
0;:;2(,21F!*'+!(?(;2(H;2;*;+6!/9!*'+!'/*!(8<!./2<!9++<!6*,+(:6!(,+!./:)=*+<Z!Q&F'/*!g!%D&!5.(2f5@!(8<!
QMF./2<!g!&D&&!5.(2f5@D!!"/86+P=+8*21F!*'+!(?(;2(H;2;*1!.'(8@+!=)/8!*'+,:(2!:;>;8@!;6Z!
65.(2GMDOB&&D&BAJDRAB&D%BAJDRAB__DRBA&ABA M& ,&,,&# +Q#! $
!
&RR<"!! RDJ!5@f6!!UMX!!R<"! !! RDJ!5@f6! !
!0*(*+!M!!JR<"!
$JPQK@>$Y".W!!7'+,:(2!:;>;8@!/9!4(*+,D$
$
$ 7'+! (?(;2(H;2;*1! .'(8@+! =)/8! *'+,:(2!:;>;8@! ;6! ;22=6*,(*+<! ./8?+8;+8*21! ;8! (8!5?5%;5$%;%6:)
*;"<) (%5B+5#F! (6! 6'/48) ;8! T;@=,+! _D&IF! 4'+,+! *'+! 4;<*'6! /9! *'+! (,,/46! (,+! ()),/>;:(*+21!
),/)/,*;/8(2! */! *'+! (?(;2(H;2;*1! 92/4! ,(*+6D! !"/:H;8;8@! *'+! (?(;2(H;2;*1! 92/4! ,(*+6! 9/,! *'+!'/*! (8<!
./2<! 6*,+(:6F! *'+! (?(;2(H;2;*1! 92/4! ,(*+! +8*+,;8@! *'+!:;>+,! ;6! QDRJ! W! RDJJJ!g! QDG&! 5.(2f6D! ! E8! *'+!
:;>+,F!*';6!;6!<;?;<+<!;8*/!RD__!5.(2f6F!4';.'!2+(?+6!;8!*'+!:;>+<!+992=+8*!6*,+(:F!(8<!ODGM!5.(2f6F!
4';.'!;6!2/6*!*/!*'+!+8?;,/8:+8*^!*'(*!;6F!()),/>;:(*+21!I%[!/9!*'+!5?5%;5$%;%6:!*/!</!4/,5!;6!2/6*!
=)/8!*'+,:(2!:;>;8@D!!"2+(,21F!*';6!2/66!<+.,+(6+6!(6!*'+!*+:)+,(*=,+6!/9!*'+!'/*!(8<!./2<!6*,+(:6!
()),/(.'!+(.'!/*'+,D!!0=66:(8!A&_%RB!:(5+6!+>*+86;?+!=6+!/9!(?(;2(H;2;*1!92/4!<;(@,(:6!2;5+!*'(*!
;8!T;@=,+!_D&ID!
"#$_$MR!
!
U/*!!!!!!!!QDRJ!5.(2f6! ];>+,!
"/2<!RDJJJ!5.(2f6!
ODGM!5.(2f6
RD__!5.(2f6!
!JPQK@>$Y".X!!K?(;2(H;2;*1!92/4!<;(@,(:!9/,!*'+,:(2!:;>;8@!/9!4(*+,D!
$
$
Y"U$$$(\25*+%/-$J%0$-()%/1]459$5/54S-+-$$
!
E8!*';6!6+.*;/8F!*'+!9;,6*!(8<!6+./8<!2(46!/9!*'+,:/<18(:;.6!(,+!=6+<!*/!<+,;?+!=6+9=2!+P=(*;/86!9/,!
./:)=*;8@!*'+!2/6*!4/,5!/9!(81!),/.+66D!!K!@+8+,(2!+8+,@1!H(2(8.+!A9;,6*!2(4!/9!*'+,:/<18(:;.6B!
.(8! H+! 4,;**+8! 9/,! (! 616*+:! H/=8<+<! H1! *'+! ./8*,/2! ?/2=:+! 6'/48! ;8! T;@=,+! _D&%D! ! 0*,+(:6! (*!
.+,*(;8! 9;>+<! 6*(*+6! 92/4! (*! 9;>+<! ,(*+6! ;8*/! /,! /=*! /9! *'+! ./8*,/2! ?/2=:+F! '+(*! (8<! 4/,5! (,+!
*,(869+,,+<! (*! 9;>+<! ,(*+6! (.,/66! *'+! H/=8<(,;+6! /9! *'+! ./8*,/2! ?/2=:+F!:(**+,!4;*';8! *'+! ./8*,/2!
?/2=:+!=8<+,@/+6!.'(8@+6!;8!(:/=8*!(8<!6*(*+F!(8<!*'+!H/=8<(,;+6!/9!*'+!./8*,/2!?/2=:+!+>)(8<!
/,!./8*,(.*D!!7'+!+8+,@1!H(2(8.+!9/,!6=.'!(!./8*,/2!?/2=:+!/?+,!(!)+,;/<!/9!*;:+F!#6F!;6!
8 98 9616
R92/4;8@!6*,+(:6 % %% %
#L#1 M M J
6
#6 # & , ,
# ; ;! ! !! ! A_DMRB
4'+,+! 8 9616#L# ! ;6! *'+! .'(8@+! ;8! ;8*+,8(2! +8+,@1!/9! *'+! 616*+:F! 8 992/4;8@!6*,+(:6#1# ! ! ;6! *'+! 6=:!/9!
+8*'(2)1!92/46!2+(?;8@!*'+!616*+:!:;8=6!*'+!6=:!/9!*'/6+!+8*+,;8@!*'+!616*+:F! RM! ! ;6!)/6;*;?+!9/,!
'+(*!*,(869+,!9,/:!*'+!;89;8;*+!6=,,/=8<;8@6!(*!2R!*/!*'+!./8*,/2!?/2=:+F!(8<! %M! !;6!)/6;*;?+!9/,!'+(*!
*,(869+,!*/!*'+!./8*,/2!?/2=:+!9,/:!(!'+(*!,+6+,?/;,!(*!*+:)+,(*=,+!2%)<;99+,+8*!9,/:!2RD!!SPD!A_DMRB!
;@8/,+6!.'(8@+6!;8!5;8+*;.!+8+,@1!(8<!)/*+8*;(2!+8+,@1!9/,!H/*'!*'+!616*+:!(8<!*'+!92/4;8@!6*,+(:6D!!
7'+! *+,:;%
%J! ;6! )/6;*;?+! 9/,! 4/,5! </8+! H1! *'+! 616*+:! /8! *'+! 6=,,/=8<;8@6! (8<! ;8.2=<+6!
:+.'(8;.(2!6'(9*!4/,5F!+2+.*,;.(2!4/,5F!(8<!4/,5!,+6=2*;8@!9,/:!*'+!+>)(86;/8!A/,!./8*,(.*;/8B!/9!
*'+!./8*,/2!?/2=:+!;*6+29!(@(;86*!*'+!6=,,/=8<;8@6! 8 96=,, 6160 D# D!
"#$_$M&!
!
!JPQK@>$Y".!!!"/8*,/2!?/2=:+!9/,!/)+8!616*+:D!
!
K8!+8*,/)1!H(2(8.+!9/,!*'+!616*+:!;8!T;@=,+!_D&%!.(8!H+!4,;**+8!;8!(!:(88+,!(8(2/@/=6!*/!
*'(*!=6+<!9/,!*'+!+8+,@1!H(2(8.+F!SPD!A_DMRBF!+>.+)*!*'(*!'+,+!4+!),+9+,!*/!4,;*+!(8!+8*,/)1!H(2(8.+!
9/,!H/*'!*'+!./8*,/2!?/2=:+!(8<!*'+!6=,,/=8<;8@6D!7'+!,+6=2*!;6!
8 98 9616 R
92/4;8@!6*,+(:6R
%%++
% %
#G M M#G G6 2 2
#6 # , , & #
# ;! ! !! ! A_DM&B
4'+,+! 8 9616#G# ! ;6! *'+! .'(8@+! /9! +8*,/)1! /9! *'+! 616*+:F! 8 992/4;8@!6*,+(:6#G# ! ! ;6! *'+! 6=:!/9! +8*,/)1!
92/46! 2+(?;8@! *'+! 616*+:! :;8=6! *'+! 6=:! /9! *'/6+! +8*+,;8@! *'+! 616*+:F! R RM 2, ! ! ;6! *'+! ,(*+! /9!
<+.,+(6+! ;8! +8*,/)1! /9! *'+! ;89;8;*+! 6=,,/=8<;8@6! 4'+8! '+(*! ;6! *,(869+,,+<! 9,/:! *'+! ;89;8;*+!
6=,,/=8<;8@6!(*!2R!*/!*'+!616*+:!;8!*'+!./8*,/2!?/2=:+F!(8<! 8 9% %M 2,; ! !;6!*'+!6=:!/9!*'+!,(*+6!/9!
+8*,/)1!<+.,+(6+!;8!*'+!?(,;/=6!'+(*!,+6+,?/;,6!(*!?(,;/=6!*+:)+,(*=,+6F!2%F!*'(*!(,+!=6+<!*/!*,(869+,!
'+(*! ;8*/! *'+! 616*+:D!N82;5+! +8+,@1F! +8*,/)1! ;6! 8/*! ./86+,?+<D!7'+! *+,:! %++G# ! ! ;6! *'+! ;8.,+(6+! ;8!
+8*,/)1!/9!*'+!=8;?+,6+!<=+!*/!*'+!),/.+66D!!E*!;6!C+,/!/821!9/,!(!,+?+,6;H2+!),/.+66D!!X*'+,4;6+F!;*!;6!
)/6;*;?+!(8<!;6!(!:+(6=,+!/9!*'+!;,,+?+,6;H;2;*1!/9!*'+!),/.+66D!
!
K2*'/=@'! %++G# ! ! ;6! (! 9=8<(:+8*(2! P=(8*;*1F! ;*! ;6! /9! 2;:;*+<! ),(.*;.(2! =6+! H+.(=6+! /9! *'+!
<;99;.=2*1! ;8! ;8*+,),+*;8@! *'+! 6;@8;9;.(8.+! /9! ;*6! :(@8;*=<+D! ! K6! 4;*'! (8/*'+,! 9=8<(:+8*(2!
*'+,:/<18(:;.! P=(8*;*1F! .'+:;.(2! )/*+8*;(2F! ;*! ;6! ),+9+,,+<! H1! .'+:;.(2! +8@;8++,6! */! =6+! (!
"#$_$MM!
6=,,/@(*+! ),/)+,*1D! ! T/,! .'+:;.(2! )/*+8*;(2F! *'(*! P=(8*;*1! ;6! 9=@(.;*1^! 9/,! %++G# ! F! ;*! ;6! (?(;2(H;2;*1!
A+>+,@1BF!4';.'!4(6!<+9;8+<!+(,2;+,!(8<!(,;6+6!8(*=,(221F!(6!4;22!H+!6'/48!8+>*F!4'+8!*'+!9;,6*!(8<!
6+./8<!2(46!/9!*'+,:/<18(:;.6!(,+!./:H;8+<D!
!
7/!<+,;?+!(?(;2(H;2;*1F!./:H;8+!SP6D!A_DMRB!(8<!A_DM&B!H1!+2;:;8(*;8@! RM! D!!7'+!,+6=2*!;6!
8 98 9R 616 R
R R92/4;8@!6*,+(:6& R% % %++
% %%
# L 2 G 2# 1 2 G M J 2 G6 2
# ,= > $ %A B6 # , , , 6 6 # &= > ' (A B# ) *
; ;! !!! ! A_DMMB
E8! *';6! +P=(*;/8F! ;8! *'+! 6+./8<! *+,:! /8! *'+! 2+9*$'(8<! 6;<+F!4+!6++! *'(*! *'+! +8*'(2)1! (8<! +8*,/)1!
())+(,!*/@+*'+,!*/!9/,:!(!./:H;8+<!9(.*/,! *'(*! ;6!6;:;2(,! */!*'+!b;HH6!9,++!+8+,@1D!!U/4+?+,F!*'+!
+8*,/)1! ;6!:=2*;)2;+<! H1! *'+!<+(<$6*(*+! *+:)+,(*=,+F!2RF! ;86*+(<!/9! *'+! 6*,+(:! *+:)+,(*=,+F!2D! ! E8!
(<<;*;/8F!*'+!9;,6*!*+,:!/8!*'+!2+9*!6;<+!.(8!H+!,+4,;**+8!*/!@;?+!*'+!6(:+!./:H;8(*;/8F! R1 2 G, F!H1!
6=H6*;*=*;8@!SPD!A_D&BF!*'+!<+9;8;*;/8!/9!+8*'(2)1F!9/,!*'+!;8*+,8(2!+8+,@1D!7'+!,+6=2*!;6$
8 98 9R 616 R
R R92/4;8@!6*,+(:6& R% % %++
% %%
# 1 2 G 0D 2# 1 2 G M J 2 G6 2
# , ,= > $ %A B6 # , , , 6 6 # &= > ' (A B# ) *
; ;! !!! ! A_DMOB
\+!8/4!<+9;8+!(8!5?5%;5$%;%6:)*>&!6%"&F)RF!9/,!*'+!./:H;8(*;/8!/9!+8*'(2)1!(8<!+8*,/)1!;8!
SPD!A_DMOBZ!
R)g)1)S)2RG! A_DMQB
7'+!(?(;2(H;2;*1!9=8.*;/8!;8!SPD!A_DMQB!(8<!(?(;2(H;2;*1!;8!SPD!A_D&_B!<;99+,!9,/:!+(.'!/*'+,!;8!*'(*!
*'+!(?(;2(H;2;*1!;6!,+9+,+8.+<!*/!(!<+(<!6*(*+!(*!2RF!0RF!(8<!(!./:)/6;*;/8!9/,!+?+,1!+2+:+8*!;8!*'+!
)+,;/<;.!*(H2+B)(8<!;6F!*'+,+9/,+F!(8!(H6/2=*+!P=(8*;*1D!!7'+!(?(;2(H;2;*1!9=8.*;/8F!H1!./8*,(6*F!.(8!H+!
,+9+,+8.+<!*/!(81!6*(*+!(8<!;6!8/*!(8!(H6/2=*+!P=(8*;*1D!!E8!SPD!A_DMOBF!'/4+?+,F!/821!*'+!.'(8@+!;8!
(?(;2(H;2;*1! 9=8.*;/8! ())+(,6D! L1! *'+;,! <+9;8;*;/86F! *'+! .'(8@+! ;8! (?(;2(H;2;*1! 9=8.*;/8! ;6! +>(.*21!
+P=(2! */!*'+!.'(8@+!;8!(?(;2(H;2;*1D! !\'+8!+?(2=(*;8@!(!),/.+66F!/821!*'+!.'(8@+!;8!(?(;2(H;2;*1!/,!
(?(;2(H;2;*1! 9=8.*;/8F!#Q3/,!#RF! ,+6)+.*;?+21F! ;6! ;:)/,*(8*D! ! E9! /8+! ;6! ;8*+,+6*+<! ;8! *'+!:(>;:=:!
=6+9=2!4/,5!*'(*!.(8!H+!+>*,(.*+<!9,/:!(!:(*+,;(2!*'(*!;6!H,/=@'*!*/!+P=;2;H,;=:!4;*'!*'+!<+(<!6*(*+F!
*'+8!*'+!(?(;2(H;2;*1F!QF!;6!/9!;:)/,*(8.+D!!E8!*'+!6+./8<$2(4!(8(216;6!/9!(!),/.+66F!4+!4;22!=6+!#RD!
!
"#$_$MO!
E8!(<<;*;/8F!4+!(26/!8/*+!;8!SPD!A_DMMB!*'(*! %++G# ! ! ;6!:=2*;)2;+<!H1!2R!(8<!*'(*!*'+;,!),/<=.*!
'(6! *'+! =8;*6! /9! +8+,@1! 92/4D! ! K../,<;8@21F! ;*! ;6! @;?+8! *'+! 8(:+! 2/6*! 4/,5F! TJ! F! /,! 2/66! /9!
(?(;2(H;2;*1!/,!+>+,@1Z!
R %++TJ 2 G& # !! ! A_DMJB
0=H6*;*=*;/8!/9!SP6D!A_DMQB!(8<!A_DMJB!;8*/!!SPD!A_DMOB!@;?+6!
8 98 9616 R
92/4;8@!6*,+(:6& R% %
% %%
# R 0D 2# R M J TJ6 2
# ,= > $ %A B6 # , , 6 6 &= > ' (A B# ) *
; ;! ! !! ! A_DMGB
K2*+,8(*;?+21F!SPD!A_DMGB!:(1!H+!,+(,,(8@+<!*/!*'+!9/22/4;8@!9/,:Z!
8 98 9616 R
92/4;8@!6*,+(:6&% %
% % %
# R 0D 2J TJ # R M6 2
# ,= > $ %A B6 & , ,# 6 ,= > ' (A B# ) *
; ; !! ! ! ! A_DMIB
T/,!(!,+?+,6;H2+!),/.+66F! %++G# ! (8<F!*'+,+9/,+F!2R %++G# ! !(8<! TJ! F!(,+!C+,/D!!T/,!(8!;,,+?+,6;H2+!
),/.+66F! %++G# ! (8<! TJ! (,+!)/6;*;?+D!!7'+!2/6*!4/,5!,+),+6+8*6!*'+!+8+,@1!92/4!A)/4+,B!2/6*!H+.(=6+!
/9!;,,+?+,6;H;2;*;+6!;8!*'+!),/.+66D!!7'+!2/6*!4/,5!;6!:=.'!+(6;+,!*/!,+2(*+!*/!*'(8! D%++G# !
!
7'+!6;@8;9;.(8.+!/9!SPD! A_DMIB! ;6!H+6*! ;22=6*,(*+<!H1!(!6;:)2+!.(6+D!"/86;<+,!(!./8*;8=/=6F!
6*+(<1$6*(*+F!(<;(H(*;.!),/.+66F!4'+,+!SPD!A_DMIB!6;:)2;9;+6!*/!
8 992/4;8@!6*,+(:6%
%J TJ # R6 & ,# = >A B; ! ! ! ! A_DM%B
E9!*'+!),/.+66!<+.,+(6+6!*'+!(?(;2(H;2;*1!9=8.*;/8!9/,!*'+!92/4;8@!6*,+(:6F!*'+8!*'+!,;@'*$'(8<!
6;<+!/9!SPD!A_DM%B!4;22!H+!(!)/6;*;?+!P=(8*;*1D!!7'(*!<+.,+(6+!4;22!H+!./8?+,*+<!*/!=6+9=2!4/,5!</8+!
/8! *'+! 6=,,/=8<;8@6! (8<f/,! 2/6*!4/,5D! !U/4+?+,F! ;9! *'+! 2/6*!4/,5! ;6! @,+(*+,! *'(8! *'+!<+.,+(6+! ;8!
(?(;2(H;2;*1F!4/,5!4;22!'(?+!*/!H+!*,(869+,,+<!9,/:!*'+!6=,,/=8<;8@6!*/!*'+!),/.+66;8@!616*+:D!!E9!*'+!
),/.+66!;6!(26/!,+?+,6;H2+F!*'+8!;%
%J! !;6!*'+!:(>;:=:!4/,5!*'(*!.(8!H+!+>*,(.*+<!9,/:!*'+!<+.,+(6+!
;8!(?(;2(H;2;*1D!!7'=6F!9/,!6=.'!(!,+?+,6;H2+!),/.+66F!
8 992/4;8@!6*,+(:6
:(>
F!!!!!!!!!!!9/,! A B%%J # R R$ % & ,# # & ,= >' ( A B) *
; ! ! ! A_DM_B
E9!*'+!),/.+66!;8.,+(6+6!*'+!(?(;2(H;2;*1!9=8.*;/8!9/,!*'+!92/4;8@!6*,+(:6F!*'+8!*'+!,;@'*$'(8<!
6;<+!/9!SPD! A_DM%B!4;22!H+!(!8+@(*;?+!P=(8*;*1D! !7'(*! ;8.,+(6+!4;22!,+P=;,+!4/,5!*/!H+!</8+!H1!*'+!
"#$_$MQ!
6=,,/=8<;8@6!/8! *'+!),/.+66! A;D+DF! (!8+@(*;?+!?(2=+! 9/,!;%
%J! BD! ! E9! 2/6*!4/,5! A(!)/6;*;?+!P=(8*;*1B!
/..=,6! ;8! *'+! ),/.+66! H+.(=6+! /9! ;,,+?+,6;H;2;*;+6F! *'+8F! (../,<;8@! */! SPD! A_DM%BF! (8! +P=;?(2+8*!
(:/=8*!/9!(<<;*;/8(2!4/,5!:=6*!H+!</8+!/8!*'+!),/.+66!H1!*'+!6=,,/=8<;8@6!*/!6(*;691!*'+!.'(8@+!;8!
(?(;2(H;2;*1!9=8.*;/8D!E9!*'+!),/.+66!;6!,+?+,6;H2+F!*'+8!;%
%J! !;6!*'+!:;8;:=:!4/,5!,+P=;,+<!9/,!*'+!
;8.,+(6+!;8!(?(;2(H;2;*1D!7'=6F!9/,!6=.'!(!,+?+,6;H2+!),/.+66F!
8 992/4;8@!6*,+(:6
:;8
F!!!!!!!!!!!9/,! A B%%J # R R$ % & ,# # & 6= >' ( A B
) *; ! ! ! A_DORB
SP6D!A_DMGB!(8<!A_DMIB!(,+!(?(;2(H;2;*1!H(2(8.+6D!7'+!'+(*!(8<!*'+!4/,5!*+,:6!(,+!*,(869+,6!/9!
(?(;2(H;2;*1! */! /,! 9,/:! *'+! ),/.+66D! ! T/,! (! ./8*;8=/=6F! 6*+(<1$6*(*+! ),/.+66F! 2+*! =6! ./:)(,+! (8!
+8+,@1!H(2(8.+!*/!(8!(?(;2(H;2;*1!H(2(8.+D!!7'+!./:)(,;6/8!;6!9(.;2;*(*+<!H1!,+4,;*;8@!SPD!A_DMRB!9/,!
*'+!+8+,@1!H(2(8.+!(8<!SPD!A_DMGB!9/,!*'+!(?(;2(H;2;*1!H(2(8.+F!,+6)+.*;?+21F!;8!*'+!9/22/4;8@!9/,:6F!
4'+,+!4/,5!(8<!'+(*!*+,:6!(,+!(22!)/6;*;?+!H+.(=6+!*'+1!(,+!2(H+2+<!;8*/!/,!/=*!/9!*'+!616*+:Z!
!
!0'/;.(>#'?(
8 9 8 9;8 /=*
;8 /=*
;8 /=*
R !!
!!!!!!W
!!!!!!W
#1 #1
J J
M M
& ,
,
,
; ;; ;; ;
! !! !
! !!
A_DO&B
@A#:&#>:&:-.(>#'?(
8 9 8 9;8 /=*
;8 /=*
R R
;8 /=*
!!
!!!!!!!!!!W
!!!!!!!!!!W & &
TJ #R #R
J J
2 2M M2 2
& ,
,
= > = >$ % $ %, , ,' ( ' (? @ ? @) * ) *A B A B
; ;; ;
; ;
! ! !! !
! !
!
A_DOMB
L1!./:)(,;8@!*'+6+!*4/!+P=(*;/86F!4+!8/*+!*'+!9/22/4;8@Z!
&D! 7'+!2+9*$'(8<!6;<+!/9!SPD!A_DO&B!;6!C+,/D!!7'(*!;6F!+8+,@1!;6!./86+,?+<D!!7'+!2+9*$'(8<!
6;<+!/9!SPD!A_DOMB!;6!C+,/!/821!9/,!(!,+?+,6;H2+!),/.+66D!!X*'+,4;6+F!*'+!2+9*$'(8<!6;<+!;6!
)/6;*;?+!(8<!(?(;2(H;2;*1!;6!8/*!./86+,?+<D!!E8!(8!;,,+?+,6;H2+!),/.+66F!6/:+!(?(;2(H;2;*1!
;6!2/6*D!!
"#$_$MJ!
MD! E8! *'+! +8+,@1! H(2(8.+F! 4/,5! (8<! '+(*! (,+! ./=8*+<! *'+! 6(:+D! ! E8! *'+! (?(;2(H;2;*1!
H(2(8.+F! 4/,5! (8<! '+(*! (,+! 8/*! ./=8*+<! *'+! 6(:+D! ! K22! 4/,5! ;8)=*! ;8.,+(6+6! *'+!
(?(;2(H;2;*1!/9!:(*+,;(2!92/4;8@!*',/=@'!*'+!),/.+66D!X821!(!)/,*;/8!/9!'+(*!*,(869+,,+<!
;8*/!(!616*+:!;6!(?(;2(H2+!*/!;8.,+(6+!*'+!(?(;2(H;2;*1!/9!92/4;8@!6*,+(:6D!!7'+!'+(*!;6!
<+@,(<+<!H1!(!./+99;.;+8*!+P=(2!*/! 8 9R& f2 2, D!!7';6!./+99;.;+8*!;6!),+.;6+21!*'+!"(,8/*!
.1.2+!+99;.;+8.1!9/,!(!'+(*!+8@;8+!*'(*!*(5+6!'+(*!9,/:!(!6/=,.+!(*!*+:)+,(*=,+F!2F!(8<!
./8?+,*6! (!)/,*;/8!/9! ;*! */!=6+9=2!4/,5F!<;6.'(,@;8@! *'+!H(2(8.+! */!(! 6;85!(*!(! 2/4+,!
*+:)+,(*=,+F!2RD!!3/*+!*'(*!;8!*'+!(?(;2(H;2;*1!H(2(8.+F!2!;6!8/*!*'+!*+:)+,(*=,+!/9!*'+!
),/.+66! 6*,+(:!4;*';8! *'+! 616*+:F! H=*! ;6! *'+! *+:)+,(*=,+! /9! *'+! '+(*! 6/=,.+! /,! 6;85!
/=*6;<+!*'+!616*+:D!!
OD! 7'+! +8+,@1! H(2(8.+F!4';.'! ;6! ?(2;<!4'+*'+,! *'+! ),/.+66! ;6! ,+?+,6;H2+! /,! 8/*F! '(6! 8/!
*+,:6!*'(*! *(5+!;8*/!(../=8*! ;,,+?+,6;H;2;*1D! !7'=6F! *'+!+8+,@1!H(2(8.+!.(88/*!H+!=6+<!
*/! ./:)=*+! *'+! :;8;:=:! /,! :(>;:=:! +8+,@1! ,+P=;,+:+8*6! 4'+8! *(5;8@! :(*+,;(2!
9,/:!;82+*! */!/=*2+*!6*(*+6D! !7'+!(?(;2(H;2;*1!H(2(8.+!</+6!'(?+!(!*+,:F! TJ! F! *'(*!;6!(!
:+(6=,+!/9! ;,,+?+,6;H;2;*1D! !\'+8! *'+! 2/6*!4/,5! ;6!C+,/F! *'+!),/.+66! ;6! ,+?+,6;H2+!(8<!
SPD!A_DOMB!.(8!H+!=6+<!*/!<+*+,:;8+!*'+!:(>;:=:!/,!:;8;:=:!+8+,@1!,+P=;,+:+8*6!*/!
.(=6+!(!.'(8@+!;8!(?(;2(H;2;*1D!!
!
-+@(,<2+66!/9!4'+*'+,!(!8+*!(?(;2(H;2;*1!/9!'+(*!/,!4/,5!;6!*,(869+,,+<!*/!/,!9,/:!(!),/.+66F!
*'+!+8+,@1!H(2(8.+!:=6*!H+!6(*;69;+<D!7'=6F!*'+!+8+,@1!(8<!(?(;2(H;2;*1!H(2(8.+6!(,+!=6+<!*/@+*'+,!*/!
<+*+,:;8+! +8+,@1! ,+P=;,+:+8*6! (8<! ;,,+?+,6;H;2;*;+6! *'(*! 2+(<! */! 2/6*! 4/,5D! 7'+!:/,+! +99;.;+8*! (!
),/.+66F!*'+!6:(22+,!*'+!2/6*!4/,5D!
$
$
Y"W$$$(V5M84(-$%J$4%-*]9%0^$)54)245*+%/-!!
!
L+9/,+! ),/.++<;8@! 4;*'! (! <;6.=66;/8! /9! *'+! 6+./8<$2(4! *'+,:/<18(:;.! +99;.;+8.1! ;8! *'+! 8+>*!
6+.*;/8F!*4/!+>(:)2+6!(,+!),/?;<+<!*/!;22=6*,(*+!*'+!.(2.=2(*;/8!/9!2/6*!4/,5!9/,!.'+:;.(2!),/.+66+6D!
!
!
"#$_$MG!
!B@1CD!((E*+($
T/,! *'+! 9;,6*! +>(:)2+F! ./86;<+,! *'+! ./8*;8=/=6! *4/$6*(@+! ./:),+66;/8! /9! 8;*,/@+8! @(6! 6'/48! ;8!
T;@=,+!_D&_F!4';.'!;6!H(6+<!/8!(.*=(2!)2(8*!/)+,(*;8@!./8<;*;/86D!!7'+!616*+:!/,!./8*,/2!?/2=:+!;6!
6+2+.*+<!*/!+>.2=<+!*'+!+2+.*,;.!)/4+,!@+8+,(*;/8!)2(8*!(8<!.//2;8@$4(*+,!'+(*!6;85D! !K66=:+!*'(*!
*'+! *+:)+,(*=,+F! 2F! /9! *'+! .//2;8@! 4(*+,! ;6! +66+8*;(221! +P=(2! */! *'+! <+(<$6*(*+! *+:)+,(*=,+F! 2RD!
"(2.=2(*+!*'+!2/6*!4/,5D!
!JPQK@>$Y".Y!!"/8*;8=/=6!),/.+66!9/,!./:),+66;/8!/9!8;*,/@+8D!
!
,FDGHIF<((
T/,!*';6!),/.+66F!$SPD!A_DOMB!,+<=.+6!*/!
8 9 8 9 +2+.*,;.(2!;8& MTJ #R #R J& , 6! !! ! ! A_DOOB
4'+,+!R)g)1)S)2RGD!
7'+! +8*'(2);+6! (8<! +8*,/);+6! /9! *'+! +8*+,;8@! (8<! +>;*;8@! 8;*,/@+8! @(6F! ./:)=*+<! 9,/:! (!
:/<;9;+<!L+8+<;.*$\+HH$-=H;8!AL\-B!+P=(*;/8!/9!6*(*+F!(,+!
! & M/ /
& M
&OMDQG!L*=f2H!!!!!!!!!!!! &%MDQ_!L*=f2H&DGOOJ!L*=f2H$ -!!!!!!! &DJIJ%!L*=f2H$ -!
1 1G G
& &
& &!
!
7'+! +2+.*,;.(2! 4/,5! ;8)=*! ;6! @;?+8! (6! &RIDO! 5\! (8<!2R! ;6! @;?+8! (6! JOGDI/-D! ! 7'+! +8*+,;8@! (8<!
+>;*;8@!(?(;2(H;2;*1!9=8.*;/86!(,+!
"#$_$MI!
! &
M
&OMDQG AJOGDIBA&DGOOJB IQQDMQ!L*=f2H&%MDQ_ AJOGDIBA&DJIJ%B GGODMQ!L*=f2H
RR& , & ,& , & ,
!
!
7'+! 92/4! ,(*+! /9! 8;*,/@+8! *',/=@'! *'+! ),/.+66! ;6! OFGRR! 2Hf',D! ! 7'+,+9/,+F! *'+! .'(8@+! ;8!
(?(;2(H;2;*1!/9!8;*,/@+8!;6!
OFGRRn$GGODMQ!$!A$IQQDMQBo!g!M_&FGRR!L*=f',!
!
L+.(=6+!*'+!(?(;2(H;2;*1!;8.,+(6+6F!+8+,@1!:=6*!H+!*,(869+,,+<!;8*/!*'+!616*+:D!!7'+!+2+.*,;.(2!)/4+,!
;8)=*!/9!&RIDO!5\!;6!+P=;?(2+8*! */!OGGFQRR!L*=f',D! !7';6! ;6!@,+(*+,! *'(8! *'+!(?(;2(H;2;*1!;8.,+(6+F!
4';.'! ,+),+6+8*6! *'+! :;8;:=:! +8+,@1! ;8)=*! ./,,+6)/8<;8@! */! (! ,+?+,6;H2+! ),/.+66D! ! 7'=6F! *'+!
./:),+66;/8!),/.+66!'(6!;,,+?+,6;H;2;*1D!!7/!<+*+,:;8+!*'+!+>*+8*!/9!*'+!;,,+?+,6;H;2;*1F!6=H6*;*=*+!*'+!
.'(8@+!;8!(?(;2(H;2;*1!/9!*'+!8;*,/@+8F!(8<!*'+!4/,5!;8)=*!;8*/!*'+!(?(;2(H;2;*1!H(2(8.+F!SPD!A_DOOBF!
9/,!*'+!2/6*!4/,5Z!
!
! 8 9 8 9 +2+.*,;.(2!;8& MM_&FGRR OGGFQRR IQF%RR!L*=f2HTJ #R #R J& , 6 & , 6 &! !! ! !
!
7';6!;6!+P=;?(2+8*!*/!M&D_!5\!/,!M_DQ!')D!
!
\'+,+! </+6! *'+! ;,,+?+,6;H;2;*1! /..=,e! ! 7/! (864+,! *';6F! 6+)(,(*+! 6+./8<$2(4! (8(216+6! (,+!
8++<+<! 9/,!+(.'!/9! *'+! *4/!./:),+66/,6!(8<! *'+! ;8*+,.//2+,D! !N89/,*=8(*+21F!<(*(!/8! *'+!8;*,/@+8!
2+(?;8@!*'+!9;,6*!./:),+66/,!(8<!2+(?;8@!*'+!;8*+,.//2+,!(,+!8/*!),/?;<+<D!!7'+,+9/,+F!*'+6+!6+)(,(*+!
(8(216+6!.(88/*!H+!:(<+D!
!
U/4!.(8!4+!())21!*'+!9;,6*! 2(4!/9! *'+,:/<18(:;.6!*/!*'+!8;*,/@+8!./:),+66;/8!),/H2+:e!
\+!.(8!())21!(8!+8+,@1!H(2(8.+!*/!.(2.=2(*+!'/4!:=.'!'+(*!:=6*!H+!*,(869+,,+<!9,/:!*'+!8;*,/@+8!
*/!.//2;8@!4(*+,!;8!*'+!;8*+,.//2+,Z!
8 9+2+.*,;.(2!;8 /=* M &J M # 1 1& 6 ,!! ! ! A_DOQB
7'+,+9/,+F!
!
/=*M! g!OGGFQRR!$!AOFGRRBA&%MDQ_!$!&OMDQGB!g!OGGFQRR!$!&%RF&RR!g!&%GFORR!L*=f',!
"#$_$M%!
!
3/*+!*'(*!*'+!+8*'(2)1!;8.,+(6+!/9!&%RF&RR!L*=f',!;6!9(,!2+66!*'(8!*'+!:;8;:=:!(:/=8*!/9!+8+,@1!/9!
M_&FGRR!L*=f',! *'(*!:=6*!H+! (<<+<D!S?+8! ;9! *'+! ./:),+66/,6! (8<! *'+! ;8*+,.//2+,!4+,+! ,+?+,6;H2+F!
M_&FGRR! $! &%RF&RR! g! &&&FJRR! L*=f',! /9! +8+,@1!4/=2<! '(?+! */! H+! *,(869+,,+<! /=*! /9! *'+! 616*+:D!
K2*'/=@'!*';6!;6!./86;<+,(H21!2+66!*'(8!*'+!&%GFORR!L*=f',!9/,!*'+!(.*=(2!),/.+66F!;*!;6!6*;22!(!2(,@+!
(:/=8*D!
!
!B@1CD!((E*5!
K6! (! 6+./8<! +>(:)2+F! ./86;<+,! *'+! )2(8*! /)+,(*;8@! <(*(! 6'/48! ;8! T;@=,+! _DMR! 9/,! (! ),/)(8+!
,+9,;@+,(*;/8!.1.2+D!!0(*=,(*+<!),/)(8+!?()/,!A6*(*+!&B!(*!R/T!(8<!O%DOI!)6;(!9/,!(!92/4!,(*+!/9!JFQRR!
2Hf',! ;6! ./:),+66+<! */! 6=)+,'+(*+<! ?()/,! A6*(*+! MB! (*! &%I! )6;(! (8<! &&O/TD! ! 7'+! ),/)(8+! ;6! *'+8!
./8<+86+<!4;*'!.//2;8@!4(*+,!(*!II/T!;8!*'+!,+9,;@+,(8*!./8<+86+,!*/!6*(*+!O!(*!_%DI/T!(8<!&%J!)6;(D!!
-+<=.;8@!*'+!),+66=,+!(.,/66!*'+!?(2?+!*/!QR!)6;(!.(=6+6!*'+!),/)(8+!*/!H+./:+!)(,*;(221!?()/,;C+<!
A6*(*+!QB!(*!*'+!./,,+6)/8<;8@!6(*=,(*;/8!*+:)+,(*=,+!/9!M/TD!!7'+!.1.2+!;6!./:)2+*+<!H1!)(66;8@!*'+!
),/)(8+!*',/=@'!*'+!,+9,;@+,(8*!+?()/,(*/,F!4'+,+!*'+!),/)(8+!(H6/,H6!'+(*!9,/:!*'+!:(**+,!H+;8@!
,+9,;@+,(*+<! (8<! 9,/:!4';.'! ;*! +:+,@+6! (6! (! 6(*=,(*+<!?()/,! A6*(*+!&BF! *'=6! ./:)2+*;8@! *'+! .1.2+D!!
"(2.=2(*+!*'+!2/6*!4/,5D!
!JPQK@>$Y"3#!!X)+,(*;8@!./8<;*;/86!9/,!),/)(8+!,+9,;@+,(*;/8!.1.2+D!
(
"#$_$M_!
,FDGHIF<((
a+*! *'+!616*+:!H+!.;,.=2(*;8@!),/)(8+!(8<! *'+!+2+.*,;.!:/*/,!<,;?+!/9! *'+!./:),+66/,F!H=*!8/*! *'+!
.//2;8@!4(*+,!=6+<!;8!*'+!./8<+86+,!/,!*'+!:(**+,!H+;8@!,+9,;@+,(*+<!;8!*'+!+?()/,(*/,D!
!
T/,! +(.'! )(66! *',/=@'! *'+! .1.2+F! *'+,+! ;6! 8/! 8+*! +8*'(2)1! .'(8@+! 9/,! *'+! ),/)(8+D! ! 7'+!
+8+,@1!H(2(8.+F!;9!())2;+<!;8./,,+.*21F!4/=2<!*'+,+9/,+!;8<;.(*+!*'(*!8/!+8+,@1!;6!,+P=;,+<!*/!,=8!*'+!
.1.2+D! ! L=*F! /9! ./=,6+F! +8+,@1! ;8)=*! ;6! ,+P=;,+<! (*! *'+! ./:),+66/,F! (8<! '+(*! ;6! *,(869+,,+<! */! *'+!
616*+:! 9,/:! *'+!:(**+,! H+;8@! ,+9,;@+,(*+<! (*! *'+! +?()/,(*/,D! ! L1! (8! +8+,@1! H(2(8.+F! *'+! 6=:! /9!
*'+6+!*4/!+8+,@1!;8)=*6!;6!*,(869+,,+<!/=*!/9!*'+!616*+:!*/!.//2;8@!4(*+,!(*!*'+!./8<+86+,D!
!
K@(;8F! ;*! ;6!+:)'(6;C+<! *'(*! *'+!9;,6*! 2(4!/9! *'+,:/<18(:;.6!.(88/*!H+!=6+<! */!<+*+,:;8+!
:;8;:=:!/,!:(>;:=:!+8+,@1!*,(869+,!*/!/,!9,/:!(!616*+:D!!E86*+(<F!4+!:=6*!=6+!*'+!6+./8<!2(4!/,!
*'+!(?(;2(H;2;*1!H(2(8.+!A./:H;8+<!9;,6*!(8<!6+./8<!2(46BD!!T/,!*'+!),/)(8+!,+9,;@+,(*;/8!.1.2+F!*'+!
(?(;2(H;2;*1!H(2(8.+!/9!SPD!A_DOMB!6;:)2;9;+6!*/!
R R;8 ;8 /=*
S?()/,(*/, "/8<+86+,
& &2 2TJ J M M2 2
$ % $ %& 6 , , ,' ( ' (' ( ) *) *
! !! ! ! A_DOJB
T/,!(!,+?+,6;H2+!.1.2+F!*'+!2/6*!4/,5!4/=2<!H+!C+,/F!(8<!*';6!9/,:!/9!*'+!(?(;2(H;2;*1!H(2(8.+!
;6!*'+!.2(66;.(2!,+6=2*!9/,!*'+!,+9,;@+,(*;/8!A,+?+,6+!"(,8/*B!.1.2+D!7/!),/?+!*';6F!*'+!9;,6*!2(4!@;?+6!
;8 ;8 /=*J M M6 &! !! ! A_DOGB
0=H6*;*=*;/8! /9! *';6! +P=(*;/8! ;8*/! *'+! 2/6*$4/,5! +P=(*;/8F! SPD! A_DOJBF! 4;*'! RTJ &! F! 6/! (6! */!
+2;:;8(*+! /=*M! F!@;?+6!*'+!9/22/4;8@!4;<+21!=6+<!+P=(*;/8!9/,!*'+!./+99;.;+8*!/9!)+,9/,:(8.+!A"X`B!
/9!(!,+9,;@+,(*;/8!.1.2+Z!
S?()/,(*/,;8
;8 "/8<+86+, S?()/,(*/,
"X`2M
J 2 2& &
,
!! ! A_DOIB
7'+!2/6*!4/,5!9/,!*'+!.1.2+!;6!./:)=*+<!;8!*'+!9/22/4;8@!:(88+,D!!T;,6*F!4+!*(5+!*'+!<+(<$
6*(*+!*+:)+,(*=,+F!2RF!*/!H+!*'+!.//2;8@$4(*+,!*+:)+,(*=,+F!2"/8<+86+,D!!7'+!2/6*!4/,5!*'+8!,+<=.+6!*/!
R;8 ;8
S?()/,(*/,
& 2TJ J M2
$ %& 6 ,' (' (
) *!! ! ! A_DO%B
7'+! +2+.*,;.(2!4/,5! ;8)=*! ;6! @;?+8! ;8! T;@=,+! _DMR! (6! IR! 5\D! ! 7'+! '+(*! *,(869+,,+<! ;8! *'+!
+?()/,(*/,!;6!/H*(;8+<!:/6*!,+(<;21!9,/:!(8!+8+,@1!H(2(8.+!/8!*'+!),/)(8+!(6!;*!92/46!9,/:!6*(*+!O!
"#$_$OR!
A6(*=,(*+<! 2;P=;<! (*! &%J! )6;(B! */! 6*(*+! &! A6(*=,(*+<! ?()/,! (*! O%DOI! )6;(BF! 8/*;8@! *'(*! 8/! +8*'(2)1!
.'(8@+!/..=,6!(.,/66!*'+!?(2?+Z!
8 9 8 9;8 ),/)(8+ & Q ),/)(8+ & OM # 1 1 # 1 1& , & ,! ! ! ! A_DO_B
T,/:!(H/?+F!*'+!),/)(8+!.;,.=2(*;/8!,(*+!;6!JFQRR!2Hf',D!K@(;8F!4+!+6*;:(*+!+8*'(2);+6!(8<!+8*,/);+6!
9,/:!(!:/<;9;+<!L+8+<;.*$\+HH$-=H;8!AL\-B!+P=(*;/8!/9!6*(*+F!4';.'!@;?+6!
!
1&!g!!$G%GDG!L*=f2H!!!!!(8<!!!!!1O!g!1Q!g!$I_IDM!L*=f2H!
7'=6F!
;8M! !g!!JFQRRnA$G%GDGB!$!A$I_IDMBo!g!J_IFMRR!L*=f',!g!&IQD_!5\!
!
7'+!*+:)+,(*=,+6!(,+!
!
2R!g!II!W!QJ_DI!g!JOGDI!/-!!!!!(8<!!!!!2S?()/,(*/,!g!&R!W!QJ_DI!g!QG_DI!!/-!
!
7'+! 6+./8<! *+,:! /8! *'+! ,;@'*$'(8<! 6;<+! /9! *'+! 2/6*$4/,5! +P=(*;/8F! SPD! A_DO%BF! 9/,! *'+! ),/)(8+!
,+9,;@+,(*;/8!.1.2+!;6!*'+!,+?+,6;H2+!4/,5!;8)=*!*'(*!./,,+6)/8<6!*/!*'+!'+(*!;8)=*D!E*!;6!
!
JOGDI& &IQD_ MQD_J!5\QG_DI
$ %, & ,' () *
!
7'+!2/6*!4/,5!;6!
8 9IR MQD_J QJDRJ!5\TJ & 6 , &! !
!
E8!(!,+?+,6;H2+!.1.2+F!4;*'! TJ! g!RF!/821!IR!$!QJDRJ!/,!MQD_J!5\!/9!+2+.*,;.(2!4/,5!;8)=*!4/=2<!H+!
,+P=;,+<D!
$
$
Y"X$$$*7(0M%1S/5M+)$(JJ+)+(/)S$$
!
7'+! *'+,:/<18(:;.!+99;.;+8.1!/9!(8!/)+,(*;/8!/,!(8!+8*;,+!),/.+66!<+)+8<6!/8! ;*6!:(;8!@/(2!(8<!
*'+! 4/,5! 2/6*! ;8! (../:)2;6';8@! *'(*! @/(2D! ! b/(26! <;99+,! 9,/:! ())2;.(*;/8! */! ())2;.(*;/8D! ! T/,!
"#$_$O&!
+>(:)2+F! *'+!:(;8!@/(2!/9!(8!(<;(H(*;.! *=,H;8+!/)+,(*;8@!./8*;8=/=621!:;@'*!H+!*/!),/<=.+!4/,5D!!
7'+! :(;8! @/(2! /9! (! ,+9,;@+,(*;/8! .1.2+! :;@'*! H+! *'+! *,(869+,! /9! '+(*! 9,/:! *'+! 6*,+(:! H+;8@!
,+9,;@+,(*+<!*/!*'+!,+9,;@+,(8*D! ! E8!./8*;8=/=6!.'+:;.(2!),/.+66+6!*'(*! ;8?/2?+!,+(.*/,6F!6+)(,(*/,6F!
'+(*! +>.'(8@+,6F! (8<! 6'(9*$4/,5! <+?;.+6F! *'+! :(;8! @/(2! ;6! *'+! ;8.,+(6+! /,! <+.,+(6+! /9! *'+!
(?(;2(H;2;*1! 9=8.*;/8!/9! *'+! 6*,+(:6! 92/4;8@!(.,/66! *'+!H/=8<(,;+6!/9! *'+! 616*+:D! !T/,! (! ./:)2+>!
H(*.'!.'+:;.(2!),/.+66F!*'+!:(;8!@/(2!;6!*'+!;8.,+(6+!/,!<+.,+(6+!/9!*'+!H(*.'!(?(;2(H;2;*1!9=8.*;/8!
#AR!$!0DB!/9!*'+!616*+:D!
!
7/! <+,;?+! @+8+,(2! +>),+66;/86! 9/,! *'+,:/<18(:;.! +99;.;+8.1F! 4+! 4,;*+! SPD! A_DMGBF! *'+!
./:H;8+<!+8+,@1!(8<!+8*,/)1!H(2(8.+F!;8!*'+!9/,:!
!
8 98 9
616R92/4;8@!6*,+(:6
&% %% % %
# R 0D2TJ J #R M2 6
# ,= >$ % A B& , ,# 6 , ,' ( #) *; ; !! ! ! ! A_DQRB
!
*LFB>$Y"3!!`/66;H2+!](;8!b/(26!/9!(8!X)+,(*;/8!/,!`,/.+66!
](;8!b/(2! S>)2(8(*;/8!
J, ! ! \/,5!*,(869+,!
8 9#R,# ! ! "'(8@+!;8!(?(;2(H;2;*1!9=8.*;/8!/9!92/4;8@!6*,+(:6!
R
&
& %2 M2
$ %,' (
) *! ! \/,5!+P=;?(2+8*!/9!'+(*!*,(869+,!
8 9,:,
# R 0D
6
# ,= >A B,
#! "'(8@+!;8!H(*.'!(?(;2(H;2;*1!9=8.*;/8!/9!616*+:!
!
S(.'!/9!*'+!*+,:6!/8!*'+!,;@'*$'(8<!6;<+!/9!SPD!A_DQRB!,+),+6+8*6!(!)/66;H2+!:(;8!@/(2D!!7'+!
(?(;2(H;2;*;+6! /9! 6/:+! :(;8! @/(26! (,+! 2;6*+<! ;8! 7(H2+! _DMD! ! 7'+! *'+,:/<18(:;.! +99;.;+8.1! ;6!
./:)=*+<!9,/:!/8+!/9! *4/!+P=(*;/86F!<+)+8<;8@!/8! *'+!6;@8!/9! *'+! *+,:!*'(*!,+),+6+8*6! *'+!:(;8!
@/(2!/8!*'+!,;@'*$'(8<!6;<+!/9!SPD!A_DQRBD! !E9! *'+!6;@8!;6!)/6;*;?+F!*'+!*'+,:/<18(:;.!+99;.;+8.1!;6!
@;?+8!H1!
8 9@/(2:(;8!@/(2:(;8!@/(2
TJ6
,C &
!! A_DQ&B
"#$_$OM!
E9!*'+!8=:+,;.(2!?(2=+!/9!*'+!:(;8!@/(2!6+2+.*+<!;6!8+@(*;?+F!*'+!*'+,:/<18(:;.!+99;.;+8.1!;6!@;?+8!
H1!
8 9@/(2:(;8!@/(2
:(;8!@/(2 TJ,C &, ! ! A_DQMB
7'+!())2;.(*;/8!/9!SPD!A_DQMB!(24(16!,+6=2*6!;8!(!)/6;*;?+!+99;.;+8.1!*'(*!;6!+P=(2!*/!/,!2+66!
*'(8!=8;*1!A;D+DF!&RR[BF!H+.(=6+!*'+!:(;8!@/(2!'(6!(!8+@(*;?+!6;@8!(8<!*'+!2/6*!4/,5!;6!@,+(*+,!*'(8!
/,!+P=(2!*/!C+,/D!!X8!*'+!/*'+,!'(8<F!SPD!A_DQ&B!.(8!@;?+!?(2=+6!,(8@;8@!9,/:!2+66!*'(8!C+,/!=)!*/!
=8;*1D! !K!8+@(*;?+! +99;.;+8.1! ,+6=2*6!4'+8! *'+! 2/6*!4/,5! ;6!@,+(*+,! *'(8! *'+!(H6/2=*+!?(2=+!/9! *'+!
:(;8!@/(2D!!T/,!+>(:)2+F!./86;<+,!(!./8*;8=/=6!),/.+66!;8!4';.'!*'+!:(;8!@/(2!;6!*/!<+.,+(6+!*'+!
(?(;2(H;2;*1! 9=8.*;/8!/9! *'+!92/4;8@!6*,+(:6D! ! E9! *'+!),/.+66! ;6! ,+?+,6;H2+!(8<!+>.'(8@+6!'+(*!/821!
4;*'! *'+! ;89;8;*+! 6=,,/=8<;8@6F! *'+8! TJ! g! R! (8<! 4/,5! ./=2<! H+! </8+! /8! *'+! 6=,,/=8<;8@6D! ! E9F!
'/4+?+,F! *'+! ),/.+66! ;6! 6/! ;,,+?+,6;H2+! *'(*F! ;86*+(<F! 4/,5! :=6*! H+! </8+! /8! *'+! 616*+:! H1! *'+!
6=,,/=8<;8@6F!*'+8! TJ! 4;22!H+!@,+(*+,!*'(8!*'+!:(;8!@/(2F! 8 992/4;8@!6*,+(:6#R,# ! F!(8<!SPD!A_DQ&B!4;22!
1;+2<!(!8+@(*;?+!+99;.;+8.1D!!7'+,:/<18(:;.!+99;.;+8.;+6!@,+(*+,!*'(8!=8;*1!(,+!;:)/66;H2+D!
!
7'+! ())2;.(*;/8!/9!SP6D! A_DQ&B!(8<! A_DQMB! 9/,! *'+!.(2.=2(*;/8!/9! *'+,:/<18(:;.!+99;.;+8.1!
:(1!H+!;22=6*,(*+<!H1!./86;<+,;8@!*'+!*4/!+>(:)2+6!;8!*'+!),+.+<;8@!6+.*;/8D!!T/,!*'+!./8*;8=/=6F!
6*+(<1$6*(*+F!6*+(<1$92/4F!*4/$6*(@+!./:),+66;/8!),/.+66!6'/48!;8!T;@=,+!_D&_F!*'+!:(;8!@/(2!;6!*/!
.'(8@+!*'+!(?(;2(H;2;*1!9=8.*;/8!/9!*'+!8;*,/@+8!@(6D!!7'+!.(2.=2(*;/86!),+?;/=621!),+6+8*+<!@;?+!
!
! ](;8!@/(2!g! GRRFM_&BA &M ,&,, RR#! !L*=f',!
!
TJ &! !IQF%RR!L*=f',!
!
L+.(=6+!*'+!:(;8!@/(2!'(6!(!8+@(*;?+!?(2=+F!4+!())21!SPD!A_DQMB!*/!/H*(;8!
!
M_&FGRR RDI_G!/,!I_DG[M_&FGRR IQF%RR
,C & &
, ,!
!
7';6!;6!./86;6*+8*!4;*'!*'+!),+?;/=6!.(2.=2(*;/8!/9!!MRDQ[!9/,!*'+!2/66!/9!;8)=*!+2+.*,;.(2!+8+,@1D!
!
"#$_$OO!
E8!*'+!,+9,;@+,(*;/8!.1.2+!/9!T;@=,+!_DMRF!*'+!:(;8!@/(2!$!*'+!*,(869+,!/9!'+(*!9,/:!*'+!:(**+,!
H+;8@! ,+9,;@+,(*+<! (*! &R/T! */! *'+! ),/)(8+! ,+9,;@+,(8*! $! ,+P=;,+6! *'+! 4/,5! /9! (! ,+?+,6;H2+! "(,8/*!
.1.2+F!4';.'!4(6!.(2.=2(*+<! */!H+!$MJ!5\D! !7';6!4/,5!4(6!(../:)(8;+<!H1!QJ!5\!/9!2/6*!4/,5D!
7'=6F!!SPD!A_DQMB!@;?+6!
MJ RDOJI!/,!OJDI[MJ QJ,
C & &, ,
!
!
Y"!$$$)52-(-$%J$4%-*$9%0^$$
!
a/6*!4/,5!;6!.(=6+<!H1!;,,+?+,6;H;2;*;+6^!*'+;,!:(V/,!.(=6+6!(,+Z!
!
."$ A%/%&B) "*) 6<") "+) #"+') ,6+'5#,) "+) $56!-',) "*) #56'+%5;) 6-56) (%**'+) %&) 6'#4'+56>+'=)
4+',,>+'=)5&(N"+)!"#4",%6%"&D!!0=.'!:;>;8@!2+(<6!*/!6;@8;9;.(8*!;8.,+(6+6!;8!+8*,/)1F!H=*!
:(1! H+! =8(?/;<(H2+! 4'+8! ),+)(,;8@! (! ./:)/6;*+! 9++<! 9/,! .'+:;.(2! ,+(.*;/8D! ! X9*+8F!
'/4+?+,F!6=.'!:;>;8@!.(8!H+!(?/;<+<!4'+8!,+.1.2;8@!:(*+,;(2D!!p=+8.';8@!(!'/*!6*,+(:!
4;*'!(!./2<!6*,+(:!;8.,+(6+6!+8*,/)1D!
!
3"$ U%&%6')(+%?%&B)*"+!',)*"+)6+5&,4"+6)4+"!',,',D!T/,!,+(6/8(H2+$6;C+!),/.+66;8@!+P=;):+8*F!
9;8;*+! <,;?;8@! 9/,.+6! (,+! 8++<+<! 9/,! '+(*! *,(869+,! (8<! :(66! *,(869+,D! ! U/4+?+,F! *'+!
6:(22+,! *'+! <,;?;8@! 9/,.+6F! *'+! 6:(22+,! ;6! *'+! 2/6*!4/,5D! ! E8! <;6*;22(*;/8F! 6:(22! <,;?;8@!
9/,.+6! (,+! H+6*! (.';+?+<!4;*'! ./=8*+,.=,,+8*! 92/4! /9! ?()/,! (8<! 2;P=;<! (*! ,+92=>! ,(*;/6!
.2/6+!*/!:;8;:=:D!!T/,!'+(*!+>.'(8@+,6F!6:(22!*+:)+,(*=,+$<,;?;8@!9/,.+6!(,+!(.';+?+<!
4;*'! ./=8*+,.=,,+8*! 92/4! (8<! 6:(22! *+:)+,(*=,+! ()),/(.'+6! (*! +;*'+,! +8<! /9! *'+!
+>.'(8@+,D!!
!
R"$ U;>%()*+%!6%"&)5&()(+5BD!!0;@8;9;.(8*!<+.,+(6+6!;8!65;8!9,;.*;/8!9/,!92/4!/9!92=;<6!;8!);)+6!
.(8!H+!(.';+?+<!H1!;8.,+(6;8@!);)+!<;(:+*+,F!*'+,+H1!,+<=.;8@!92=;<!?+2/.;*1D!!-+<=.;8@!
*'+! ?+2/.;*1! /,! 6*,+(:2;8;8@! *'+! 6'()+! /9! *'+! /HV+.*! .(8! ,+<=.+! 9/,:!<,(@! 9/,! 92/4!/9!
92=;<!)(6*!6=H:+,@+<!/HV+.*6D!!
!
"#$_$OQ!
T"$ 8-'#%!5;)+'5!6%"&,)"!!>++%&B)*5+)*+"#)'V>%;%$+%>#D! !7/!:;8;:;C+!2/6*!4/,5F!,+(.*;/86!
6'/=2<! H+! .(,,;+<! /=*! 4;*'! 2;**2+! /,! 8/! <;2=*;/8F! 4;*'! :;8;:(2! 6;<+! ,+(.*;/86F! (8<! (*!
:(>;:=:!1;+2<6! */!(?/;<!6+)(,(*;/86!(8<!H1),/<=.*! 9/,:(*;/8D! !7';6! ;6!H+6*!(.';+?+<!
H1!=6;8@!6+2+.*;?+!.(*(216*6D! !E9!*'+!,+(.*;/8!;6!+>/*'+,:;.F!;*!;6!H+6*!.(,,;+<!/=*!(*!';@'!
*+:)+,(*=,+! */! :(>;:;C+! *'+! =6+9=28+66! /9! *'+! +8+,@1! ),/<=.+<D! ! E9! *'+! ,+(.*;/8! ;6!
+8</*'+,:;.F!;*!;6!H+6*!.(,,;+<!/=*!(*!H+2/4!(:H;+8*!*+:)+,(*=,+!*/!=*;2;C+!'+(*!9,/:!*'+!
<+(<!6*(*+D!!
!
U"$ 2+5&,*'++%&B)-'56)6")!"";%&B)<56'+=)',4'!%5;;:)<-'&)6-56)-'56)%,)5?5%;5$;')56)5&)';'?56'()
6'#4'+56>+'D!!b//<!=6+6!6'/=2<!H+!9/=8<!9/,!4(6*+!'+(*D!!
!
W"$ A'!-5&%!5;)*+%!6%"&)%&)#5!-%&'+:),>!-)5,)4>#4,=)!"#4+',,"+,=)5&()6>+$%&',D!!
!
0+./8<$2(4!*'+,:/<18(:;.!+99;.;+8.1!/9!*'+!:(V/,;*1!/9!.'+:;.(2!),/.+66+6!;6!;8!*'+!,(8@+!
/9!MJ! $!OR[D! !S./8/:;.!(8(216+6!'(?+!6'/48! *'(*! ;*! ;6!4/,*'4';2+! */!6++5!4(16! */! ;:),/?+! *';6!
+99;.;+8.1!*/!(*!2+(6*!GR[D!!](.';8+,1!;6!(?(;2(H2+!4;*'!+99;.;+8.;+6!/9!%R[!(8<!';@'+,D!
!
!
Y"Y$$$$$*70(($(V5M84(-$%J$-()%/1]459$5/54S-+-$$
!
E8! *';6! 6+.*;/8F! *',++! <+*(;2+<! +>(:)2+6! /9! 6+./8<$2(4! (8(216;6! (,+! ),+6+8*+<! 9/,! .'+:;.(2!
),/.+66+6D!!S(.'!+>(:)2+!;8.2=<+6!*'+!.(2.=2(*;/8!/9!2/6*!4/,5F!*'+!<+*+,:;8(*;/8!/9!4'+,+!*'+!2/6*!
4/,5!/..=,6F!(8<!./86;<+,(*;/8!/9!'/4!*'+!2/6*!4/,5!.(8!H+!,+<=.+<D!!7'+!+>(:)2+6!;8?/2?+!A&B!*'+!
),/)(8+!,+9,;@+,(*;/8!.1.2+!;8*,/<=.+<!;8!0+.*;/8!_DGF!AMB!*'+!6+)(,(*;/8!/9!(!:;>*=,+!/9!),/)12+8+!
(8<! ),/)(8+! H1! <;6*;22(*;/8F! (8<! AOB! (! ),/.+66! 9/,! *'+! '1<,/@+8(*;/8! /9! H+8C+8+! */! .1.2/'+>(8+D!!
7'+!*';,<!+>(:)2+!;6!./:)=*+<!4;*'!K0`S3!`aN0D!
!
!B@1CD!((E*7(((!!!!!Q)3'*+%B'+56%"&)8:!;'!!
!
E8! 0+.*;/86! _DG! (8<! _DIF! *'+! */*(2! ,(*+! /9! 2/6*! 4/,5! (8<! /?+,(22! *'+,:/<18(:;.! +99;.;+8.1! /9! (!
),/)(8+!,+9,;@+,(*;/8!.1.2+F!6'/48!;8!T;@=,+!_DMRF!;6!.(2.=2(*+<D!!3/4F!./86;<+,!*';6!.1.2+!;8!<+*(;2!
"#$_$OJ!
*/!<+*+,:;8+!4'+,+!*'+!2/6*!4/,5!/..=,6!4;*'!,+6)+.*!*/!+(.'!/9!*'+!9/=,!6*+)6!;8!*'+!.1.2+D!!7'+8F!
(**+:)*! */! ;:),/?+! *'+!+99;.;+8.1!/9! *'+!.1.2+!H1!./8.+8*,(*;8@!/8! *'/6+!6*+)6!4'+,+!:/6*!/9! *'+!
2/6*!4/,5!/..=,6D! !K2*'/=@'! *'+!/?+,(22!),/.+66! ;6!(!.1.2+F!+(.'!6+)(,(*+!6*+)! ;8! *'+!.1.2+!.(8!H+!
*,+(*+<!(6!(!./8*;8=/=6!),/.+66!6/!*'(*!SPD!A_DMIB!())2;+6D!
)
GWTL2XWY)
)
):;<@>ZZ:@_$-?L?>$.$?:$-?L?>$3$$
T/,!*';6!6*+)F!
8 9 8 9& M & R & M R M +2+.TJ # 1 2 G 1 2 G J, & , , , ,= >A B! !! !
7'+!*'+,:/<18(:;.!),/)+,*;+6!/9!),/)(8+!(,+!/H*(;8+<!9,/:!(!:/<;9;+<!L\-!+P=(*;/8!(6!
(H/?+D!!3/*+!*'(*!6*(*+6!&!(8<!M!(,+!H/*'!?()/,D!!7'+!,(*+!/9!2/6*!4/,5!;8!5;2/4(**6!;6!
8 9 8 9 8 9 8 9 8 9D E 8 9Q& M MD_M_ &R AJF QRRB G%GDGR JOGDGI &DOJRI GJJDQ& JOGDGI &DOJR& IR
Q_D%O IR MRD&I!5\
TJ ,, & - , , , , , , ,= > = >A B A B& , 6 &
!
!
7';6!,+),+6+8*6!MRD&IfQJDRJ!g!RDQQ%F!/,!QQD%[!/9!*'+!*/*(2!2/6*!4/,5!9/,!*'+!.1.2+D!!7';6!2/6*!4/,5!
,+6=2*6!H+.(=6+!/9!:/*/,!(8<!./:),+66/,!;,,+?+,6;H;2;*;+6D!
!
0>C@PQ>@L=?$):=D>=Z>@_$-?L?>$3$?:$-?L?>$R$$
T/,!'+(*! ,+V+.*;/8!9,/:!*'+!),/)(8+!,+9,;@+,(8*! */!.//2;8@!4(*+,!(*! *'+! *+:)+,(*=,+!/9! *'+! ;89;8;*+!
6=,,/=8<;8@6F!2RF!
8 9 8 9M O M R M O R OTJ # 1 2 G 1 2 G, & , , ,= >A B! ! !
0*(*+!O!;6!(!6(*=,(*+<!2;P=;<F!6/!
8 9 8 98 9 8 98 9D EQM O MD_M_ &R AJF QRRB GJJDQ& JOGDGI &DOJR& I_IDM JOGDGI &DR_GO
%D%O!5\
TJ ,, & - , , , , ,= > = >A B A B&
!!!
7';6!,+),+6+8*6!%D%OfQJDRJ!g!RD&_GF!/,!&_DG[!/9!*'+!*/*(2! 2/6*!4/,5!9/,! *'+!.1.2+D!!7';6!2/6*!4/,5!
,+6=2*6!H+.(=6+!/9!(!9,;.*;/8(2!),+66=,+!<,/)!/9!M!)6;!*',/=@'!*'+!'+(*!+>.'(8@+,!(8<!*'+!,(*'+,!2(,@+!
*+:)+,(*=,+!<,;?;8@!9/,.+!9/,!'+(*!*,(869+,D!
!
"#$_$OG!
,LB[>_$-?L?>$R$?:$-?L?>$T$$
K66=:+!*'(*!*';6!6*+)!;6!(<;(H(*;.!4;*'!1O!g!1QD!!7'+8!
8 9 8 9O Q R O R QTJ # 2 G 2 G, & , , ,= >A B! ! !
L+.(=6+! 6*(*+! Q! ;6! (! )(,*;(221! ?()/,;C+<! ./8<;*;/8F! *'+! 9,(.*;/86! /9! ?()/,! (8<! 2;P=;<! :=6*! H+!
<+*+,:;8+<!*/!/H*(;8!GQD!!7'(*!;6F!;9!F!;6!*'+!4+;@'*!9,(.*;/8!?()/,;C+<F!*'+8!
8 9 8 98 9Q Q Q&D TG G G& F 6 ,F !
4'+,+!D! (8<! T! ,+),+6+8*! ?()/,! (8<! 2;P=;<F! ,+6)+.*;?+21D! ! 7'+! 4+;@'*! 9,(.*;/8! ?()/,;C+<! .(8! H+!
<+*+,:;8+<!H1!8/*;8@!*'(*!
8 9 8 98 9O Q Q Q&D T1 1 1 1& & F 6 ,F !
(8<!H1!6/2?;8@!9/,!F!*/!/H*(;8!
8 98 9 8 9
O Q
Q Q
I_IDM A %JJDIB RDOQJG%GD& A %JJDIB
T
D T
1 11 1
, , , ,F & & &
, , , ,!
7'+,+9/,+F!
GQ!g!ARDOQJBA&DOJR&B!W!A&!$!RDOQJBARD_%O&B!g!&D&R_I!L*=f2H$/-!
(8<!*'=6!
8 9 8 98 9 8 98 9D EQO Q MD_M_ &R AJF QRRB JOGDGI &DR_GO JOGDGI &D&R_I
&&DOI!5\
TJ ,, & - , , ,= > = >A B A B&
!!
7';6!,+),+6+8*6!&&DOIfQJDRJ!g!RDMJMF!/,!MJDM[!/9!*'+!*/*(2!2/6*!4/,5!9/,!*'+!.1.2+D!!7';6!2/6*!4/,5!
/..=,6!H+.(=6+!/9!*'+!9,;.*;/8(2!),+66=,+!<,/)!(.,/66!*'+!?(2?+D!
!
0>C@PQ>@L=?$([L<:@L?:@_$-?L?>$T$?:$-?L?>$.$$
T/,!*';6!6*+)F!
8 9 8 9 RQ & Q R Q & R & & %
%
2TJ # 1 2 G 1 2 G M2,
$ %& , , , 6 ,= > ' (A B
) *!! ! !
4'+,+!2%F! *'+! *+:)+,(*=,+! /9! *'+!:(**+,! H+;8@! ,+9,;@+,(*+<F! ;6! &R/T! AQG_DI/-BD! ! T,/:! *'+! +8+,@1!
H(2(8.+F!*'+!'+(*!*,(869+,!,(*+!;8!*'+!,+9,;@+,(8*!+?()/,(*/,!;6!
8 9& Q%M # 1 1& ,! ! !
7'+,+9/,+F!
"#$_$OI!
8 9 8 9 8 9RQ & Q R Q & R & & Q&
%
2TJ # 1 2 G 1 2 G # 1 12,
$ %& , , , 6 , ,= > ' (A B
) *! ! ! !
0;:)2;91;8@F!
8 9
8 98 98 9 8 9 8 9 8 9
& QQ & R & Q
Q G%GDGR I_IDMR!!!!!!!!! MD_M_ &R JFQRR JOGDGI &DOJRI &D&R_I
QG_DGI!!!!!!!!! QDG%!5\
%
1 1TJ #2 G G2,
,
= >,& , ,? @
A B, , ,= >
& - , ,? @A B
&
! !
!
7';6!,+),+6+8*6!QDG%fQJDRJ!g!RD&RQF!/,!&RDQ[!/9!*'+!*/*(2! 2/6*!4/,5!9/,! *'+!.1.2+D!!7';6!2/6*!4/,5!
/..=,6! H+.(=6+! /9! 9,;.*;/8(2! ),+66=,+! <,/)! *',/=@'! *'+! '+(*! +>.'(8@+,! (8<! *'+! 6:(22! H=*! 9;8;*+!
*+:)+,(*=,+!<,;?;8@!9/,.+!9/,!'+(*!*,(869+,D!!7(H2+!_DO!6=::(,;C+6!*'+!),+.+<;8@!(8(216;6D!
!
*LFB>$Y"R!!a/6*!\/,5!9/,!`,/)(8+!-+9,;@+,(*;/8!"1.2+!
0*+)!;8!"1.2+! 0*(*+!*/!0*(*+! 8 95\TJ! ! `+,.+8*(@+!/9!7/*(2!TJ! !!
"/:),+66/,! &!$!M! MRD&I! QQD%!-+9,;@+,(8*!./8<+86+,! M!$!O! !!%D%O! &_DG!q(2?+! O!$!Q! &&DOI! MJDM!-+9,;@+,(8*!+?()/,(*/,! Q!$!&! !!QDG%! &RDQ!! ! QJDRJ &RRDR
!
U/4!.(8!*'+!*'+,:/<18(:;.!+99;.;+8.1!/9!*';6!,+9,;@+,(*;/8!.1.2+!H1!;:),/?+<e!!!7(H2+!_DO!
6'/46! *'(*! *'+! :(V/,! 2/66! ;6! <=+! */! *'+! ./:),+66/,F! 4;*'! :/<+,(*+! 2/66+6! ;8! *'+! ,+9,;@+,(8*!
./8<+86+,!(8<!*'+!?(2?+F!H=*!/821!(!6:(22!2/66!;8!*'+!,+9,;@+,(8*!+?()/,(*/,D! !0/:+!;:),/?+:+8*6!
.(8! H+! :(<+! H1! :(;8*(;8;8@! *'+! 6(:+! H(6;.! .1.2+F! H=*! (<V=6*;8@! *'+! /)+,(*;8@! ./8<;*;/86! (8<!
.'(8@;8@!*'+!+P=;):+8*!*/!(../:)2;6'!*'+!9/22/4;8@Z!
!
."$ E8.,+(6+!*'+!+99;.;+8.1!/9!*'+!./:),+66/,D!!
!
3"$ -+<=.+!*'+!9,;.*;/8(2!),+66=,+!<,/)!;8!*'+!,+9,;@+,(8*!./8<+86+,D!!N6+!(!';@'+,$*+:)+,(*=,+!
.//2(8*!9/,!*'+!,+9,;@+,(8*!./8<+86+,!/,!,+<=.+!*'+!./:),+66/,!<;6.'(,@+!),+66=,+!*/!2/4+,!
*'+!*+:)+,(*=,+!/9!*'+!,+9,;@+,(8*!(*!6*(*+6!M!(8<!OD!
!
"#$_$O%!
R"$ -+)2(.+!*'+!?(2?+!4;*'!(!)/4+,$,+./?+,1!*=,H;8+D!!
!
T"$ -+<=.+! *'+! 9,;.*;/8(2!),+66=,+!<,/)! ;8! *'+! ,+9,;@+,(8*!+?()/,(*/,D! ! E8.,+(6+! *'+!),+66=,+!(*!
6*(*+!Q!*/!,+<=.+!*'+!*+:)+,(*=,+$<,;?;8@!9/,.+!;8!*'+!,+9,;@+,(8*!+?()/,(*/,D!!
!
!JPQK@>$Y"3.!!-+?;6+<!),/)(8+!,+9,;@+,(*;/8!.1.2+D!
!
K!,+?;6+<!.1.2+!*'(*!;8./,)/,(*+6!*'+6+!;:),/?+:+8*6!;6!6'/48!;8!T;@=,+!_DM&D!!"/:)(,;6/8!
/9!*'+!.1.2+!4;*'!*'+!/,;@;8(2!/8+!;8!T;@=,+!_DMR!6'/46!*'+!9/22/4;8@Z!
!
."$ 7'+! ?(2?+! ;6! ,+)2(.+<! H1! (! )/4+,$,+./?+,1! *=,H;8+! *'(*! 6=))2;+6! (! )/,*;/8! /9! *'+! )/4+,!
,+P=;,+<!H1!*'+!./:),+66/,D!
!
3"$ 7'+! 9,;.*;/8(2!),+66=,+!<,/)! ;8! *'+! ,+9,;@+,(8*!+?()/,(*/,! ;6! ,+<=.+<! 9,/:!&DGO!)6;! AQRDR! $!
O%DOIB!*/!RDJ!)6;!AQQD%J!$!QQDOJBD!!
!
R"$ 7'+!9,;.*;/8(2!),+66=,+!<,/)!;8!*'+!,+9,;@+,(8*!./8<+86+,!;6!,+<=.+<!9,/:!M!)6;!A&%I!$!&%JB!*/!
RDJ!)6;!A&JQD_!$!&JQDQBD!!
!
"#$_$O_!
T"$ 7'+!./:),+66/,!;82+*!(8<!<;6.'(,@+!),+66=,+6!(,+!.'(8@+<!9,/:!O%DOI!)6;(!*/!QQDOJ!)6;(!(8<!
9,/:!&%I!)6;(!*/!&JQD_!)6;(F!,+6)+.*;?+21F!*'=6!,+<=.;8@!*'+!./:),+66;/8!,(*;/!9,/:!QD%IQ!*/!
ODQ_OD! 7'+! ./,,+6)/8<;8@! .'(8@+6! ;8! ,+9,;@+,(8*! *+:)+,(*=,+! .(=6+! ,+<=.*;/86! ;8! *'+!
:;8;:=:! *+:)+,(*=,+$<,;?;8@! 9/,.+6! ;8! *'+!./8<+86+,!(8<!+?()/,(*/,! 9,/:!M&DI/T!A_%DI!$!
IIB!*/!%/T!A%J!$!IIB!(8<!9,/:!%/T!A&R!$!MB!*/!M/T!A&R!$!%BF!,+6)+.*;?+21D!!
!
3+>*F! *'+! 2/6*! 4/,5! ;6! .(2.=2(*+<! (66=:;8@! *'(*! *'+! )/4+,$,+./?+,1! *=,H;8+! (8<! *'+!
./:),+66/,! /)+,(*+! ;6+8*,/);.(221D! !K26/F! *'+! ,(*+! /9! '+(*! *,(869+,! ;8! *'+! ,+9,;@+,(8*! +?()/,(*/,! ;6!
(66=:+<! */!H+! *'+!6(:+!(6! 9/,! *'+!/,;@;8(2!.1.2+! AJ_IFMRR!L*=f',F!(6!.(2.=2(*+<!(H/?+BD!-+P=;,+<!
*'+,:/<18(:;.!),/)+,*;+6!/9!),/)(8+!9/,!*'+!,+?;6+<!.1.2+!(,+!
!
*>;<>@L?K@>$`:Ja$
8@>ZZK@>$`<ZPLa$
8HLZ>$(=?HLB<A$`&?KGBFa$
(=?@:<A$`&?KGBF]:0a$
%JDR! ! &JQDQR! ! 0(*Y<D!2;P=;<! $%RGD&! &DR%RJ!%DR! ! QQD%J! ! 0(*Y<D!?()/,! $G%QDQ! &DOQ%J!%DR! ! QQD%J! ! 0(*Y<!2;P=;<! $%JMDO! RD_%__!IDQ! ! QQDOJ! ! 0(*Y<!?()/,! $G%QDG! &DOQ%G!
&RRDR! ! &JQD_R! ! q()/,! $GJ%D&! &DOJ&%!!_RDR! ! &JQD_R! ! q()/,! $GGODR! &DOQO&!
!
E*!;6!4/,*'4';2+!*/!H+@;8!.(2.=2(*;/86!4;*'!*'+!,+9,;@+,(8*!./8<+86+,F!4'+,+!*'+!58/48!'+(*!
<=*1!)+,:;*6!=6!*/!<+*+,:;8+!*'+!),/)(8+!92/4!,(*+D!
!
J@:;$-?L?>$T$?:$-?L?>$.$$
8 9& Q%M # 1 1& ,! ! !
7'+,+9/,+F!
& Q Q
J_IF MRRG%QDG
%M#1 1 1
& &, , ,
!! !
!
7/!/H*(;8!1QF!8/*+!*'(*!6;8.+!*'+!)/4+,$,+./?+,1!*=,H;8+!;6!(66=:+<!*/!/)+,(*+!;6+8*,/);.(221F!GQ!g!
GO! g! &DR%RJ! L*=f2H$/-D! ! K26/! 8/*+! *'(*! AGQBD! c! &DR%RJ! c! AGQBTD! ! 7'+,+9/,+F! 6*(*+! Q! ;6! )(,*;(221!
?()/,;C+<!),/)(8+D!E9!F!;6!*'+!4+;@'*!9,(.*;/8!?()/,;C+<F!
"#$_$QR!
8 9 8 98 9Q O Q Q& !D TG G G G& & F 6 ,F !
(8<!*'+,+9/,+F!
8 98 9 8 98 9 8 98 9
8 9 8 9 8 9
O Q
Q Q
Q Q Q
&DR%RJ RD_%__ RDMJMG&DOQ%J RD_%__
! &
!!!! RDMJMG G%QDQ & RDMJMG %JMDO %R_D_!L*=f2H
T
D T
D T
G GG G
1 1 1
, ,F & & &
, ,
& F 6 ,F
& , 6 , , & ,
!
7'=6F!
8 9J_IFMRR QFIGG!2Hf',
G%QDG %R_D_# & &
, , ,! !
J@:;$-?L?>$R$?:$-?L?>$T$$
a+**;8@! 2J! !g!,(*+!/9!4/,5!*,(869+,,+<!9,/:!*'+!),/)(8+!H1!*'+!*=,H;8+F!
8 98 9
Q O
!!!!!!! QFIGG %R_D_ %RGD& &%F&&R!L*=f',2J # 1 1, & ,
& , , , & ,= >A B
! !!
/,!!!
2J! !g!&%F&&R!L*=f',!
!
J@:;$-?L?>$.$?:$-?L?>$3$!
a+**;8@! 8J, ! !g!,(*+!/9!4/,5!*,(869+,,+<!H1!*'+!./:),+66/,!*/!*'+!),/)(8+F!
8 9M &8J # 1 1, & ,! ! !
7'+! +8*'(2)1F!1MF! <+)+8<6! /8! *'+! *+:)+,(*=,+! /9! *'+! ),/)(8+! 2+(?;8@! *'+! ./:),+66/,D! ! E*! .(8!H+!
/H*(;8+<!H1!8/*;8@!*'(*!
GM!g!G&!g!&DOQ%G!L*=f2H$/-!
H+.(=6+!/9!*'+!;6+8*,/);.!./:),+66;/8!(66=:)*;/8D!!T,/:!*'+!*'+,:/<18(:;.!<(*(!@;?+8F!
!
8 9 8 9 8 9/ /M&RR T _R TDD DG G GG G !
L1!;8*+,)/2(*;/8F!2M!g!_GDOM!<T!(8<!1M!g!$GJ_D_!L*=f2HD!!7'+,+9/,+F!
8 9QFIGG GJ_D_ G%QDG &&IFIMR!L*=f',8J & , , , , & ,= >A B! !
"#$_$Q&!
X9! *';6! (:/=8*F! &%F&&R! L*=f',! ;6! 6=))2;+<! 9,/:! *'+! )/4+,$,+./?+,1! *=,H;8+D! ! 7'+,+9/,+F! *'+!
*'+/,+*;.(2!+2+.*,;.(2!)/4+,!;8)=*F! ZJ! F!;6!
&&IFIMR &%F&&R __FG&R!L*=f',ZJ & , 6 & ,! !
T/,!*'+!.1.2+F!
R&
JOGDGI!!!!!! __FG&R J_IFMRR & &QFQMR!L*=f',QG_DGI
Z %%
2TJ J M2
$ %& , 6 ,' (
) *$ %& 6 , &' () *
!! !
!
/,!
A&QFQMRBA&DRJQQB QDMM!5\OFGRR
& !
7';6!,(*+!/9!2/6*!4/,5!,+),+6+8*6!(!2(,@+!,+<=.*;/8!9,/:!*'+!?(2=+!/9!QJDRJ!5\!./:)=*+<!9/,!*'+!
/,;@;8(2!.1.2+D!!7'+!,+<=.*;/8!;6!6/!2(,@+!H+.(=6+!;6+8*,/);.!./:),+66;/8!(8<!+>)(86;/8!'(6!H++8!
(66=:+<!=8,+(2;6*;.(221!9/,!*'+!,+?;6+<!.1.2+D!!7/!(../=8*!9/,!;,,+?+,6;H;2;*;+6!;8!./:),+66;/8!(8<!
+>)(86;/8F!,+9+,!*/!S>+,.;6+!_DMMD!
!
!B@1CD!((E*J(((!!!!!G'45+56%"&)"*)5)0+"4:;'&'P0+"45&')A%/6>+')$:)C%,6%;;56%"&))
!
7'+! ;8;*;(2! <+6;@8! /9! (! <;6*;22(*;/8! /)+,(*;/8! 9/,! *'+! ./8*;8=/=6F! 6*+(<1$6*(*+F! 6*+(<1$92/4!
6+)(,(*;/8! /9! (! ),/)12+8+$),/)(8+!:;>*=,+! ;6! 6'/48! ;8!T;@=,+! _DMMD! !"/8?+8*;/8(2! <;6*;22(*;/8! ;6!
=6+<!4;*'!(!H/**/:6!),+66=,+!/9!ORR!)6;(!6/!*'(*!.//2;8@!4(*+,!.(8!H+!=6+<!;8!*'+!)(,*;(2!./8<+86+,!
*/!),/?;<+!,+92=>D!!7'+!,+2(*;?+!?/2(*;2;*1!/9!),/)12+8+!*/!),/)(8+!;6!P=;*+!2/4F!?(,1;8@!9,/:!&DR%!*/!
&D&Q! 9/,! ./8<;*;/86! (*! *'+! */)! /9! *'+! 9,(.*;/8(*/,! */! ./8<;*;/86! (*! *'+! H/**/:! /9! *'+! 9,(.*;/8(*/,F!
,+6)+.*;?+21^! *'=6F!(! 2(,@+!+>*+,8(2! ,+92=>!,(*;/!/9!&JD_! ;6! ,+P=;,+<!(*!/)+,(*;/8!8+(,! *'+!:;8;:=:!
,+92=>D!!L+.(=6+!/9!';@'!),/<=.*!)=,;*;+6F!(6!4+22!(6!*'+!2/4!(?+,(@+!,+2(*;?+!?/2(*;2;*1F!MRR!6*(@+6!
(,+! ,+P=;,+<!(*!&RR[!*,(1!+99;.;+8.1D! !\;*'!MQ$;8D! *,(1!6)(.;8@F! *4/!./2=:86!;8!6+,;+6!(,+!8++<+<!
H+.(=6+!(!6;8@2+!./2=:8!4/=2<!H+!*//!*(22D!!7'+,+9/,+F!(8!;8*+,./2=:8!)=:)!;6!6'/48!;8!(<<;*;/8!*/!
*'+!,+92=>!)=:)D!!7/*(2!),+66=,+!<,/)!9/,!*'+!*4/!./2=:86!;6!MR!)6;D!
!
K6!6'/48!;8!T;@=,+!_DMMF!*'+!616*+:!;6!.'/6+8!6/!*'(*!;*!</+6!8/*!;8.2=<+!*'+!II/T!.//2;8@!
4(*+,!=6+<!(6!*'+!.//2(8*!;8!*'+!)(,*;(2!./8<+86+,!/,!*'+!MMR/T!6(*=,(*+<!6*+(:!=6+<!(6!*'+!'+(*;8@!
"#$_$QM!
:+<;=:!;8!*'+!)(,*;(2!,+H/;2+,D!!S8*'(2);+6!/9!*'+!9++<!6*,+(:!(8<!*'+!*4/!),/<=.*!6*,+(:6!(,+!@;?+8!
;8!7(H2+!_DQF!4;*'!,+9+,+8.+!*/!*'+!+2+:+8*6!UM!A@(6B!(8<!"!A@,()';*+B!(*!R/-!(8<!R!)6;(!=6;8@!*'+!
0/(?+$-+<2;.'$h4/8@!A0-hB!+P=(*;/8!/9!6*(*+!4;*'!6*(8<(,<!'+(*6!/9!9/,:(*;/8D!!S8*,/);+6!@;?+8!
(,+!,+9+,,+<!*/!R/-!(8<!&!(*:D!
!JPQK@>$Y"33!!#;6*;22(*;/8!616*+:!9/,!),/)12+8+$),/)(8+!6+)(,(*;/8D!
!
*LFB>$Y"T!!`,/)+,*;+6!9/,!`,/)12+8+$`,/)(8+!0+)(,(*;/8!
-?L?>$ -?@>L;$$$8HLZ>$$):=DP?P:=$ H`:Ja$ C`<ZPLa$ #! $
`BF;:BGH@a$K$
`&?KGBF;:Ba$,(
`&?KGBF;:B]:0a$
&! T++<! 0(*=,(*+<!2;P=;<! &MJDI! M_Q! GRR! $QF&OODQ! JRD_M!
M! #;6*;22(*+! 0(*=,(*+<!?()/,! &&GDR! O%R! OJ&! MRFMO_DI! JID%&!
O! L/**/:6! 0(*=,(*+<!2;P=;<! &OJD%! ORR! MQ_! $O&FM&%D%! J&D&G!
!
7'+!,(*+!/9!2/6*!4/,5!;6!
8 9 8 9 8 9 R& & R & M M R M O O R O ,+H/;2+,
6*:
&%';'!
%
2TJ J # 1 2 G # 1 2 G # 1 2 G M2
$ %& , 6 , , , , , 6 ,= > ' (A B
) *; !! ! ! ! ! !
4'+,+!*'+!4/,5!+P=;?(2+8*!/9!*'+!'+(*!*,(869+,,+<!*/!*'+!./8<+86+,!;6!C+,/!H+.(=6+!*'+!*+:)+,(*=,+!
/9!*'+!.//2;8@!4(*+,!;6!(66=:+<!*/!H+!2RD!!7'=6F! TJ! A;8!5;2/4(**6B!;6!@;?+8!H1!
"#$_$QO!
8 9H IH IH I
8 9
Q
Q
A &D_G MODJJ MODJJB
GRR QF&OODQ AJOGDGIBAJRD_MB
!!!!!!!!!! MD_M_ &R OJ& MRFMO_DI AJOGDGIBAJID%&B
MQ_ O&FM&%D% AJOGDGIBAJ&D&GB
JOGDGI!!!!!!!!!! MD_M_ &R & AOMFOGMFORRBGI_DGI
!!!!!! Q
TJ
,
,
& , , , ,
J K, ,L L
6 - , ,M NL L, , ,O P$ %6 - ,' () *
&
!
_DRG &QRD%& &F__QDOO &F_RMDJ%!5\, 6 &
!
!
7'+! *'+,:/<18(:;.! +99;.;+8.1! ;6! ./:)=*+<! 9,/:!SPD! A_DQ&B! H+.(=6+! *'+!:(;8! @/(2! ;6! */!
.'(8@+!*'+!(?(;2(H;2;*1!9=8.*;/8!/9!*'+!6*,+(:6F!4';.'!;6!
8 992/4;8@!6*,+(:6 &QRD%&!5\#R,# & ,! !
7'=6F!(6!;8!:/6*!./8*;8=/=6!6+)(,(*;/8!/)+,(*;/86F!*'+!(?(;2(H;2;*1!9=8.*;/8!/9!*'+!92/4;8@!6*,+(:6!
'(6!H++8!;8.,+(6+<D!E8!*';6!+>(:)2+F!*'+!;8.,+(6+!;6!H,/=@'*!(H/=*!:(;821!H1!*'+!*,(869+,!/9!'+(*!;8!
*'+!,+H/;2+,F!@;?;8@!
8 98 9
&QRD%& RDRG%_!/,!GD%_[&QRD%& &F_RMDJ%
#R#R TJ,# ,
C & & &,# , , ,
!!!
!
7';6!;6!(!?+,1!2/4!+99;.;+8.1F!H=*!*1);.(2!/9!./8?+8*;/8(2!<;6*;22(*;/8!/9!:;>*=,+6!4;*'!(!2/4!,+2(*;?+!
?/2(*;2;*1! H+.(=6+! /9! *'+! 2(,@+! +8+,@1! +>)+8<;*=,+6! ,+P=;,+<! ;8! *'+! ,+H/;2+,D! ! 7'+,+9/,+F! /*'+,!
6+)(,(*;/8!:+*'/<6F! 6=.'!(6! (<6/,)*;/8F!'(?+!H++8!+>)2/,+<! 9/,!*';6!())2;.(*;/8D! !K26/F!+2(H/,(*+!
6.'+:+6!9/,!,+<=.;8@!*'+!,+H/;2+,!'+(*!<=*1!;8!<;6*;22(*;/8!'(?+!H++8!<+?;6+<F!;8.2=<;8@!:=2*;+99+.*!
<;6*;22(*;/8!(8<!/)+,(*;/8!(*!2/4+,!),+66=,+6!=6;8@!'+(*!)=:)6F!(6!<;6.=66+<!;8!0+.*;/8!&RD_D!!X8+!
6=.'! (2*+,8(*;?+! 6.'+:+F! =6;8@! ,+H/;2+,$2;P=;<! 92(6';8@F! 9/,! *'+! 6+)(,(*;/8! /9! ),/)12+8+! 9,/:!
),/)(8+!;6!6'/48!;8!T;@=,+!_DMOD!!7'+!9++<!;6!,+<=.+<!;8!),+66=,+!*/!&R%!)6;(!H1!(!)/4+,$,+./?+,1!
*=,H;8+!(8<! *'+8!<;6*;22+<! ;8!(!6;8@2+!./2=:8!/)+,(*;8@!(*!(!H/**/:6!),+66=,+!/9!&&M!)6;(D! !a;P=;<!
2+(?;8@! *'+! H/**/:! *,(1! ;6! 92(6'+<! (.,/66! (8! +>)(86;/8! ?(2?+! */! (! ),+66=,+! ./,,+6)/8<;8@! */! (!
6(*=,(*;/8! *+:)+,(*=,+! 2/4+,! *'(8! *'+! 6(*=,(*;/8! *+:)+,(*=,+! /9! *'+! /?+,'+(<! ?()/,! 6/! *'(*! *'+!
)(,*;(2!./8<+86+,!.(8!H+!=6+<!(6!(!,+H/;2+,D!!K!./:),+66/,!;6!8++<+<!*/!,+*=,8!*'+!,+H/;2+<!?()/,!*/!
*'+!H/**/:!/9!*'+!./2=:8D!!L+.(=6+!*'+!,+P=;,+<!,+H/;2+,!<=*1!;6!6/:+4'(*!2(,@+,!*'(8!*'+!,+P=;,+<!
./8<+86+,!<=*1F!(8!(=>;2;(,1!6*+(:$'+(*+<!,+H/;2+,!;6!8++<+<D!!7'+!2(,@+!,+<=.*;/8!;8!,+H/;2+,!6*+(:!
;6!6/:+4'(*!/996+*!H1!*'+!)/4+,!,+P=;,+:+8*!/9!*'+!./:),+66/,D!!!
"#$_$QQ!
!JPQK@>$Y"3R!!a/4$*+:)+,(*=,+!<;6*;22(*;/8!4;*'!,+H/;2+,$2;P=;<!92(6';8@!9/,!),/)12+8+$),/)(8+!
6+)(,(*;/8D!
!
7'+!9/22/4;8@!+8*'(2)1!(8<!+8*,/)1!<(*(!())21!*/!T;@=,+!_DMOD!
-?@>L;$ 8HLZ>$ (=?HLB<A$`&?KGBF;:Ba$ (=?@:<A$`&?KGBF;:B]:0aT++<! 0(*=,(*+<!2;P=;<! !!!$QF&OODQ! JRD_M!
#;6*;22(*+! 0(*=,(*+<!?()/,! !!&_FGIMDG! J%DQR!L/**/:6! 0(*=,(*+<!2;P=;<! $OOFG%MD&! QGD%I!
!
7'+!,(*+!/9!2/6*!4/,5!9/,!*'+!616*+:!;6!@;?+8!H1!
8 9 8 9 8 9
8 9H IH IH I
R& & R & M M R M O O R O ,+H/;2+,
6*:
Q
&
!!!!!! AM_ &Q O%&B
GRR QF&OODQ AJOGDGIBAJRD_MB
!!!!!!!!!! MD_M_ &R OJ& &_FGIMDG AJOGDGIBAJ%DQRB
MQ_ OOFG%MD& AJOGDGIBAQGD%IB
%';'!%
2TJ J # 1 2 G # 1 2 G # 1 2 G M2
,
$ %& , 6 , , , , , 6 ,= > ' (A B
) *& , , ,
, ,
6 - , ,
, , ,
; !! ! ! ! !
8 9Q JOGDGI!!!!!!!!!! MD_M_ &R & AMF%MRFRRRBGI_DGI
!!!!!! OGGDR O%DM &IOD% JR&DG!5\
,
J KL LM NL LO P$ %6 - ,' () *
& , 6 &
!
"#$_$QJ!
0;8.+! 8 992/4;8@!6*,+(:6 O%DM!5\#R,# & ,! F!
8 98 9
O%DM RDRI!/,!IDR[O%DM JR&DG
#R#R TJ,# ,
C & & &,# , , ,
!!!
!
K2*'/=@'!*'+!2/6*!4/,5!;6!:=.'!2/4+,!*'(8!*'+!?(2=+!/9!&F_RMDJ%!5\!./:)=*+<!9/,!*'+!616*+:!;8!
T;@=,+!_DMMF! *'+! *'+,:/<18(:;.! +99;.;+8.1! ;6! 6*;22! 2/4D! !7'+! *4/!.(6+6!(,+!8/*! ,+(221!./:)(,(H2+!
H+.(=6+!*'+!),/<=.*!./8<;*;/86!(,+!8/*!*'+!6(:+D!
(
!B@1CD!((E*L(((!!!!!Q)0+"!',,)*"+)8"&?'+6%&B)R'&['&')6")8:!;"-'/5&'!
U+,+F! (! ),/.+66! ;6! ./86;<+,+<! *'(*! ;8?/2?+6! (! .'+:;.(2! ,+(.*/,! (6! 4+22! (6! 6+)(,(*/,6F! '+(*!
+>.'(8@+,6F! (8<! )=:)6D! K! ./8*;8=/=6F! 6*+(<1$6*(*+F! 6*+(<1$92/4! ),/.+66! 9/,! :(8=9(.*=,;8@!
()),/>;:(*+21! &R! :;22;/8! @(22/86! )+,! 1+(,! /9! ';@'$)=,;*1! .1.2/'+>(8+! H1! *'+! .(*(21*;.!
'1<,/@+8(*;/8! /9! ';@'$)=,;*1! H+8C+8+F! (*! +2+?(*+<! *+:)+,(*=,+! (8<! ),+66=,+F! ;6! 6'/48! ;8! T;@=,+!
_DMQD! ! 7'+! '+(,*! /9! *'+! ),/.+66! ;6! (! ,+(.*/,! ;8!4';.'! 2;P=;<! H+8C+8+! 9,/:! 6*/,(@+F! */@+*'+,!4;*'!
:(5+=)!'1<,/@+8!(8<!,+.1.2+!'1<,/@+8!;8!6*/;.';/:+*,;.!+>.+66F!*(5+!)(,*!;8!*'+!,+(.*;/8!
"G!UG!W!OUM!+ !"G!U&M!
!JPQK@>$Y"3T!!`,/.+66!92/4!<;(@,(:!(8<!<+6;@8!H(6;6!9/,!'1<,/@+8(*;/8!/9!H+8C+8+!*/!.1.2/'+>(8+D!
!
"#$_$QG!
T;@=,+! _DMQ! ;8.2=<+6! (22! :(V/,! +P=;):+8*! (8<! 6*,+(:6! */@+*'+,! 4;*'! (! 6+*! /9! /)+,(*;8@!
./8<;*;/86!9/,!:(5;8@!(!),+2;:;8(,1!<+6;@8!(8<!6+./8<$2(4!(8(216;6D!!K6!6'/48F!_MD&Q!2H:/2f',!/9!
)=,+!2;P=;<!H+8C+8+!9++<!A0&B!(*!&RR/T!(8<!&J!)6;(!;6!)=:)+<!H1!`&!*/!OOJ!)6;(!(8<!:;>+<!;8$2;8+!
(8<!(<;(H(*;.(221!(*!]&!4;*'!;:)=,+!'1<,/@+8!:(5+=)!@(6!A0OB!./8*(;8;8@!RDM_G!:/2[!8;*,/@+8!(*!
&MR/T! (8<! OOJ! )6;(F! @(6! ,+.1.2+! A0QBF! (8<! (! .1.2/'+>(8+! ,+.1.2+! A0JB! */! ),/<=.+! *'+! ./:H;8+<!
,+(.*/,!9++<!A0GBD!!E8!*'+!.//2+<!,+(.*/,F!-&F!__D%G[!/9!*'+!H+8C+8+!;8!6*,+(:!0G!;6!'1<,/@+8(*+<!*/!
),/<=.+!*'+!6(*=,(*+<$?()/,!,+(.*/,!+992=+8*!A0IB!(*!O_M/T!(8<!O&J!)6;(D!!7';6!+992=+8*!;6!,+<=.+<!;8!
*+:)+,(*=,+! */!&MR/T!(*!ORR!)6;(!H1! *'+!.//2+,F!U&F!(8<! *'+8!6+)(,(*+<!(*! *'+6+!./8<;*;/86! ;8! *'+!
';@'$),+66=,+!92(6'!<,=:F!T&F!;8*/!(!'1<,/@+8$,;.'!?()/,!(8<!(!.1.2/'+>(8+$,;.'!2;P=;<D!!K!*/*(2!/9!
%D&GG[! /9! *'+! ?()/,! 9,/:! *';6! 92(6'! <,=:! ;6! )=,@+<! */! 6*,+(:! 0&&! (*! 2;8+! *++! #&F! 4;*'! *'+!
,+:(;8;8@!?()/,!A0&MB!,+.1.2+<!*/!*'+!,+(.*/,F!-&F! */!),/?;<+!(8!+>.+66!/9!'1<,/@+8D! !K*!*'+!2;8+!
*++F! #MF! GM[! /9! *'+! 2;P=;<! A0&RB! 9,/:! 92(6'! <,=:! T&! ;6! 6+8*! ;8! 6*,+(:! 0&Q! */! (! 2/4$),+66=,+!
(<;(H(*;.!92(6'!<,=:F!TMF!(*!&J!)6;(D!!b(6!9,/:!TM!;6!?+8*+<!*/!6*,+(:!0&JF!4';2+!2;P=;<!;6!*(5+8!(6!
.1.2/'+>(8+!),/<=.*!0&GD!7'+!,+:(;8;8@!2;P=;<!0&O!9,/:!T&!;6!,+.1.2+<!H1!)=:)!`M!*/!,+(.*/,!-&!
*/!./8*,/2!*'+!),+66=,+!/9!*'+!6(*=,(*+<$?()/,!,+(.*/,!+992=+8*D!
!
E*! ;6! ./8?+8;+8*! */! =6+! ./:)=*+,! 6;:=2(*;/8! */! )+,9/,:! :(66! (8<! +8+,@1! H(2(8.+!
.(2.=2(*;/86!(=*/:(*;.(221! 9/,!./8*;8=/=6$92/4F!6*+(<1$6*(*+!),/.+66+6!2;5+!*'+!/8+!;8!T;@=,+!_DMQD!!
T/,!*';6!+>(:)2+F!K0`S3!`aN0!;6!=6+<D!!7';6!,+P=;,+6!*'(*!*'+!),/.+66!92/4!<;(@,(:!H+!./8?+,*+<!
*/!(!6;:=2(*;/8!92/46'++*!(6!<;6.=66+<!;8!0+.*;/8!QDOD!!7'(*!92/46'++*!;6!6'/48!;8!T;@=,+!_DMJF!;8!
4';.'!+(.'!6*,+(:!'(6!(!=8;P=+!8(:+F!*'+!6(:+!(6!/,!6;:;2(,!*/!*'(*!6'/48!;8!T;@=,+!_DMQD!!S(.'!
/)+,(*;/8! ;6! (! 6;:=2(*;/8! =8;*! 4;*';8! 4';.'! *4/! 8(:+6! ())+(,D! ! 7'+! */)! 8(:+F! +D@DF! -&! 9/,! *'+!
,+(.*/,F! ;6! (! =8;P=+! =6+,$6)+.;9;+<! =8;*! 8(:+! /,! 6/$.(22+<! H2/.5! ;D<D! ! 7'+! H/**/:! 8(:+F! +D@DF!
-07XE"! 9/,! *'+! ,+(.*/,F! ,+9+,6! */! *'+! 6+2+.*+<! K0`S3! `aN0! :/<+2F! /,! 6=H,/=*;8+F! 9/,! *'+!
/)+,(*;/8D!!K6!<;6.=66+<!+(,2;+,F!;8!:(81!.(6+6F!(!)(,*;.=2(,!/)+,(*;/8!.(8!H+!6;:=2(*+<!4;*'!*4/!/,!
:/,+!:/<+26D!!7'+!;89/,:(*;/8!@;?+8!;8!T;@=,+6!_DMQ!(8<!_DMJ!;6!6=99;.;+8*!*/!),+)(,+!*'+!;8)=*!9/,!
(!6;:=2(*;/8D!!K6!<;6.=66+<!+(,2;+,F!6)+.;9;.(*;/86!.(8!H+!+8*+,+<!;8*+,(.*;?+21!;8!*'+!K0`S3!`aN0!
),/@,(:D! ! 0)+.;9;.(*;/86! +8*+,+<! /8! ;8)=*! 9/,:6! (,+! ./8?+,*+<! H1! K0`S3! `aN0! */! (! ./:)(.*!
2;6*;8@! *'(*! .(8!H+!<;6)2(1+<! ;9! <+6;,+<D! !7'+! 2;6*;8@! ;6!@;?+8! ;8!T;@=,+!_DMGF!4'+,+! *'+! 92/46'++*!
*/)/2/@1! ;6! 9/22/4+<! H1! *'+! 2;6*! /9! ./:)/8+8*6!4;*'! =6+,$6+2+.*+<! 8(:+6! 9/22/4+<! H1! <(*(! H(85!
8(:+6D! !7'+,:/<18(:;.! ),/)+,*;+6! (,+! ./:)=*+<! H1! /)*;/8!0i0X`&F!4';.'! ;6! *'+!"'(/$0+(<+,!
"#$_$QI!
:+*'/<! 4;*'! *'+! b,(16/8$0*,++<! ./86*(8*6! 9/,! +6*;:(*;8@! .! ?(2=+6! (8<! *'+! -+<2;.'$h4/8@!
+P=(*;/8! /9! 6*(*+! 9/,! /H*(;8;8@! *'+!<+)(,*=,+! 9=8.*;/86! 9/,! *'+! +99+.*! /9!),+66=,+!/8! +8*'(2)1!(8<!
+8*,/)1D! !K22!:;>*=,+!+8*'(2);+6!(8<!+8*,/);+6!(,+!,+9+,+8.+<!*/!*'+!+2+:+8*6!(*!MJ/"D!!7'+,+9/,+F!
+8+,@1! (8<! +8*,/)1! H(2(8.+6! (=*/:(*;.(221! (../=8*! 9/,! +8*'(2)1! (8<! +8*,/)1! .'(8@+6! <=+! */!
.'+:;.(2!,+(.*;/8D!!7';6!@,+(*21!6;:)2;9;+6!*'+!.(2.=2(*;/86!4'+8!.'+:;.(2!,+(.*;/86!/..=,!(6!;8!*';6!
.1.2/'+>(8+! ),/.+66D! ! 7'+! (?(;2(H;2;*1! 9=8.*;/8F!RF! ;6! ,+(<;21! ./:)=*+<! 9,/:! ;*6! <+9;8;*;/8F! SPD!
A_DMQBF!9/,!(!6+2+.*+<!?(2=+!/9!2RD!!0)+.;9;.(*;/86!9/,!*'+!*4/!;82+*!6*,+(:6F!0&!(8<!0OF!9/22/4D!!7'+!
K0`S3!`aN0!),/@,(:!./8.2=<+6!4;*'!*'+!/)+,(*;8@!./8<;*;/86!9/,!+(.'!6;:=2(*;/8!=8;*D!
!
!JPQK@>$Y"3U!!K0`S3!`aN0!92/46'++*!9/,!*'+!.1.2/'+>(8+!),/.+66D!
!
E8! T;@=,+! _DMJF! *4/! ,+.1.2+! 2//)6! (,+! .2+(,21! 6++8D! ! U/4+?+,F! 8/! ,+.1.2+! ./8?+,@+8.+!
:+*'/<! ;6! 6)+.;9;+<! ;8! *'+! K0`S3! `aN0! ),/@,(:F! (8<! *'+! 92/46'++*! </+6! 8/*! 6'/4! *'+!
./8?+,@+8.+! =8;*6D! ! K../,<;8@21F! K0`S3! `aN0! 6+2+.*6F! H1! <+9(=2*F! *'+! *+(,! 6*,+(:6F! ;8;*;(2!
./:)/8+8*! 92/4! ,(*+6! /9! C+,/! 9/,! *'+! *+(,! 6*,+(:6F! (8<! (! ./8?+,@+8.+!:+*'/<D! ! 7'+! ./8?+,@+<!
,+6=2*6!/9! *'+! 6;:=2(*;/8! 9/,! *'+!K0`S3!`aN0!),/@,(:! ;8!T;@=,+!_DMG!(,+!@;?+8! ;8!T;@=,+!_DMIF!
4'+,+! ./:)/8+8*! (8<! */*(2!:/2(,! 92/4! ,(*+6F! *+:)+,(*=,+F! ),+66=,+F!:/2(,!+8*'(2)1F!:/2(,!?()/,!
(8<! 2;P=;<! 9,(.*;/86F! :/2(,! +8*,/)1F! <+86;*1F! (8<! (?+,(@+! :/2+.=2(,! 4+;@'*! (,+! 2;6*+<D! ! L1!
./:)(,;8@!6*,+(:6!0&!(8<!0&GF!;*!;6!6++8!*'(*!*'+!/?+,(22!1;+2<!/9!.1.2/'+>(8+!9,/:!*'+!),/.+66!;6!
_&DM%__f_MD&QRR!/,!__DR%[D!!L1!./:)(,;8@!6*,+(:6!0O!(8<!0&GF!;*!;6!6++8!*'(*!(8!/?+,(22!+>.+66!/9!
"#$_$Q%!
nAM%MD_J__fOBf_&DM%__o! $!&DR!/,!/821!ODOM[!UM!;6!=6+<D! !S>(:;8(*;/8!/9!6*,+(:!0Q!/,!0&M!6'/46!
*'(*! ,+2(*;?+21! 2;**2+!3M! ;6! ,+.1.2+<F!(2*'/=@'! *'+!(:/=8*! ;6! 2(,@+!,+2(*;?+! */! *'+!3M! ;8! *'+!:(5+=)!
'1<,/@+8D!!7'+!(:/=8*!/9!.1.2/'+>(8+!,+.1.2+!;8!6*,+(:!0J!/,!0&O!;6!./86;<+,(H2+!./:)(,+<!*/!*'+!
H+8C+8+! 9++<!0&D! !7'+!+8+,@1!H(2(8.+!,+6=2*6!(,+!6=::(,;C+<! ;8!7(H2+!_DJF!4'+,+! *'+!8+*!+8+,@1!
*,(869+,!,(*+6!(,+!2;6*+<!9/,!+(.'!/)+,(*;/8F!(8<!(,+!./86;<+,(H2+!9/,!*'+!,+(.*/,F!-&F!(8<!*'+!)(,*;(2!
./8<+86+,F!U&D!
!
!JPQK@>$Y"3W!!K0`S3!`aN0!;8)=*!;8!)(,(@,()'!9/,:!9/,!*'+!.1.2/'+>(8+!),/.+66D!
!
*LFB>$Y"U!3+*!S8+,@1!7,(869+,!-(*+!9/,!*'+!0;:=2(*;/8!N8;*6!;8!*'+!"1.2/'+>(8+!`,/.+66!
X)+,(*;/8! 3+*!S8+,@1!7,(869+,!-(*+!
-&! QFIRQFMRR!L*=f',!/=*!U&! OFQJIFORR!L*=f',!/=*!h&! JFMOR!L')!;8!`&! OFQJJ!L')!;8!`M! RDM%%!L')!;8!
"#$_$Q_!
!
!JPQK@>$Y"3X!!"/8?+,@+<!,+6=2*6!9/,!),/.+66!6*,+(:6!/9!*'+!.1.2/'+>(8+!),/.+66D!
!
"#$_$JR!
!
!JPQK@>$Y"3!!!0+./8<$2(4!(8(216;6!/9!*'+!.1.2/'+>(8+!),/.+66D!
"#$_$J&!
7'+! ,+6=2*6! ;8!T;@=,+!_DMI!(8<!7(H2+!_DJ!(,+!=6+<! */!)+,9/,:!(!6+./8<$2(4!(8(216;6D! !7'+!
<+(<$6*(*+! *+:)+,(*=,+! ;6! *(5+8!(6!&RR/TD! !7'+!.(2.=2(*;/8!/9! 2/6*!4/,5!9/,! *'+!+8*;,+!),/.+66!(8<!
*'+! ./,,+6)/8<;8@! 6+./8<$2(4! +99;.;+8.1! ;6! .(,,;+<! /=*! ./8?+8;+8*21! /8! (! 6),+(<6'++*! H1!
*,(869+,,;8@! ,+6=2*6! 9,/:! K0`S3! `aN0F! (6! 6'/48! ;8! T;@=,+! _DM%D! ! 3/*+! *'(*! *'+! (?(;2(H;2;*1!
9=8.*;/8!9/,!+(.'!6*,+(:!.(8!H+!./:)=*+<!(8<!),;8*+<!H1!K0`S3!`aN0D!!7'+!/?+,(22!+99;.;+8.1!;6!
/821!MJDI[D!!0;:;2(,!(8(216+6!(,+!.(,,;+<!/=*!,+(<;21!9/,!*'+!6+)(,(*+!/)+,(*;/86!;8!*'+!),/.+66D!!7'+!
9,(.*;/8!/9!*'+!*/*(2!2/6*!4/,5!9/,!+(.'!/)+,(*;/8!;6!(6!9/22/46Z!
!
%<>@L?P:=$ b$:C$*:?LB$4:Z?$9:@c$! T++<!)=:)!`&! !!RDMO!! -+.1.2+!)=:)!`M! !!RDRM!! -+.1.2+!./:),+66/,!h&! !!RD&M!! ];>+,!]&!r!-+(.*/,!-&! IQDJM!! "//2+,!U&!r!T2(6'!T&! MQDJJ!! T2(6'!TM!4;*'!?(2?+! !RDJG!! 7/*(2! ! &RRDRR! !
!
7';6! *(H2+! 6'/46! .2+(,21! *'(*! *'+! ,+(.*/,! (8<! .//2+,! (,+F! H1! 9(,F! *'+! 2(,@+6*! ./8*,;H=*/,6! */! *'+!
;8+99;.;+8.1!/9! *'+!),/.+66D!!0/:+!,+<=.*;/8!;8!2/6*!4/,5!.(8!H+!(.';+?+<!H1!,+)2(.;8@!*'+!)(,*;(2!
./8<+86+,! 4;*'! *4/! /,! *',++! '+(*! +>.'(8@+,6! /)+,(*;8@! 4;*'! .//2(8*6! (*! <;99+,+8*! *+:)+,(*=,+!
2+?+26D!!L=*!4'(*!.(8!H+!</8+!4;*'!*'+!,+(.*/,e!!\/=2<!;*!H+!H+**+,!*/!/)+,(*+!;*!(*!(!2/4+,!/,!';@'+,!
*+:)+,(*=,+e!!0'/=2<!(!2(,@+,!+>.+66!/9!'1<,/@+8!H+!=6+<e!!"2+(,21F!*'+,+!;6!,//:!9/,!./86;<+,(H2+!
;:),/?+:+8*!;8!*'+!,+(.*/,!/)+,(*;/8D!!0++!S>+,.;6+!_DMOD!
!
!
"#$_$JM!
Y".#$$$-2MM50S$$
!
U(?;8@!6*=<;+<!*';6!.'()*+,F!*'+!,+(<+,!6'/=2<!
!
."$ h8/4! *'+! <;99+,+8.+6! H+*4++8! (8<! *'+! 2;:;*(*;/86! /9! *'+! 9;,6*! (8<! 6+./8<! 2(46! /9!
*'+,:/<18(:;.6D!!
!
3"$ N8<+,6*(8<!*'+!./8.+)*6!/9!*'+!;,,+?+,6;H2+!.'(8@+!;8!+8*,/)1!(8<!2/6*!4/,5!/,!+>+,@1D!!
!
R"$ L+!(H2+!*/!=6+!(!),/.+66!6;:=2(*/,!*/!./:)=*+!2/6*!4/,5!(8<!6+./8<$2(4!+99;.;+8.1D!!
!
T"$ L+!(H2+!*/!);8)/;8*!:(V/,!.(=6+6!/9!2/6*!4/,5!;8!(!),/.+66!(8<!<+*+,:;8+!4(16!*/!;:),/?+!
*'+!+99;.;+8*!=6+!/9!+8+,@1D!
!
0(J(0(/)(-$
!
T+2<+,F! -D]DF! (8<! -D\D! -/=66+(=F! Z;'#'&65+:) 0+%&!%4;',) "*) 8-'#%!5;) 0+"!',,',F! O,<! +<;*;/8F!
\;2+1F!3+4!i/,5!AMRRRBD!!
h++8(8! F! jD!UDF! lK?(;2(H;2;*1! (8<! E,,+?+,6;H;2;*1! ;8!7'+,:/<18(:;.6mF!R+%6%,-) \">+&5;) "*)Q44;%'()
0-:,%!,F!3F!&%O$&_M!A&_J&BD!
-(8*F!sDF!S>+,@;+F! tS;8!3+=+6!\/,*!T=,!7+.'8;6.'+!K,H+;*9(',;@5+;*mF!U"+,!->&B)X&BPJ',F!33F!&F!
OG$OI!A&_JGBD!!
0/::+,9+2<F!jD!7DF!lK8(216;6!(8<!0;:=2(*;/8!/9!(!0/2(,$)/4+,+<!-+9,;@+,(*;/8!"1.2+Fm!8-'#E!Z&BE)
Z(>!DF!\;8*+,!AMRR&BD!
0=66:(8F! ]D! qDF! Q?5%;5$%;%6:) HZ/'+B:I) Q&5;:,%,) S) Q) G';*) X&,6+>!6%"&) A5&>5;F! 7=9*6! N8;?+,6;*1!
A&_%RBD!
?(8!\12+8F!bDjDF!-DSD! 0/88*(@F! (8<!"D!L/,@8(55+F!U>&(5#'&65;,)"*)8;5,,%!5;)2-'+#"(:&5#%!,F!
Q*'!+<;*;/8F!\;2+1F!3+4!i/,5!A&__QBD!
"#$_$JO!
(V(0)+-(-$$
!
Y".!!!! K! 6*,+(:! /9! '/*! @(6+6! (*! &FRRR/"F! '(?;8@! (! 6)+.;9;.! '+(*! /9! GD_! .(2f:/2$/"F! ;6! =6+<! */!
),+'+(*!(;,!9+<!*/!(!9=,8(.+D!!L+.(=6+!/9!;86=99;.;+8*!;86=2(*;/8F!*'+!'/*!@(6!.//26!*/!IRR/"!
H+9/,+!;*!+8*+,6!*'+!(;,!),+'+(*+,D!!U/4!:=.'!(?(;2(H;2;*1!)+,!:/2+!</+6!;*!2/6+e!!
!
Y"3!!!! K8!;<+(2!@(6F!4;*'!84)g!I!.(2f:/2$/"F!;6!./:),+66+<!9,/:!&!*/!JR!(*:!4';2+!;*6!*+:)+,(*=,+!
,;6+6!9,/:!MJ!*/!&JR!/"D!!U/4!:=.'!</+6!;*6!(?(;2(H;2;*1!.'(8@+!)+,!:/2+e!!
!
Y"R!!!! 0=)+,'+(*+<! 6*+(:! (*! MJR! )6;(! (8<! JRR/T! ;6! ./:),+66+<! */! OJR! )6;(D! ! 7'+! ;6+8*,/);.!
+99;.;+8.1!/9!*'+!./:),+66/,!;6!IR[D!!T/,!*'+!./:),+66/,F!./:)=*+!;*6!
(D!!a/6*!4/,5!!
HD!!7'+,:/<18(:;.!+99;.;+8.1!
!
Y"T!!!! 0*+(:!(*!QRR/TF!IR!)6;(F!(8<!&RR!2Hf',!;6!./:),+66+<!*/!MRR!)6;(D!!7'+!+2+.*,;.(2!4/,5!;6!QD&!
5\D!!#+*+,:;8+!*'+!!
(D!!a/6*!4/,5!!
HD!!7'+,:/<18(:;.!+99;.;+8.1!!
.D!!E6+8*,/);.!+99;.;+8.1!
!
Y"U!!!! 7'+!,(*+!/9!'+(*! *,(869+,!H+*4++8!-+6+,?/;,!K!(*!MRR/T!(8<!-+6+,?/;,!L!(*!&%R/T!;6!&FRRR!
L*=f',D!!
(D!!"/:)=*+!*'+!2/6*!4/,5D!!
HD! !K<V=6*! *'+!*+:)+,(*=,+!/9!-+6+,?/;,!K!*/!&R/TD!!T/,!*'+!6(:+!'+(*!<=*1!(8<!2/6*!4/,5F!
./:)=*+! *'+! *+:)+,(*=,+! /9! -+6+,?/;,! LD! ! U/4! </! *'+! ()),/(.'! *+:)+,(*=,+6F! #2KLF!
./:)(,+e!
!
Y"W!!!! 3;*,/@+8! @(6! (*! MJ/"! (8<! &! (*:F! 4;*'!84) g! I! .(2f:/2$hF! ;6! .//2+<! */! $&RRoC! (*! &! (*:D!
K66=:;8@!(8!;<+(2!@(6F!.(2.=2(*+!*'+!:;8;:=:!4/,5!)+,!:/2+!,+P=;,+<!9/,!.//2;8@D!!\'(*!;6!
*'+!:(>;:=:!4/,5!)+,!:/2+!*'(*!.(8!H+!/H*(;8+<!4'+8!*'+!@(6!;6!,+*=,8+<!*/!MJoC!(8<!&!
(*:e!!
"#$_$JQ!
!
Y"X!!!! K8!+P=;:/2(,!6*,+(:!/9!H+8C+8+!(8<!*/2=+8+!(*!&FRRR!2H:/2f',!(8<!&RRoF!;6!:;>+<!4;*'!(!
*/2=+8+!6*,+(:!(*!QRMDO!2H:/2f',!(8<!JRoFF!(6!<;6.=66+<!;8!./88+.*;/8!4;*'!T;@=,+6!QD%!(8<!
QD_D!!K66=:;8@!;<+(2!?()/,!(8<!2;P=;<!:;>*=,+6F!=6+!(!),/.+66!6;:=2(*/,!*/!./:)=*+!*'+!!
(D!!"'(8@+!/9!(?(;2(H;2;*1!=)/8!:;>;8@!!
HD!!a/6*!4/,5!!
.D!!7'+,:/<18(:;.!+99;.;+8.1!
!
Y"!!!!! "/86;<+,! *'+!.//2+,F!UMF! ;8! *'+!:/8/.'2/,/H+8C+8+!6+)(,(*;/8!),/.+66! ;8!T;@=,+!QDMO!(8<!
QDMQD!!!K66=:+!*'(*!*'+!'+(*!;6!*,(869+,,+<!*/!(8!;89;8;*+!,+6+,?/;,!/9!.//2;8@!4(*+,!(*!II!/TD!!
(D! ! N6;8@! *'+! +8*'(2)1! (8<! +8*,/)1! ?(2=+6! ;8! *'+! ,+6=2*6! 9/,! *'+! 6(:)2+! ),/H2+:! ;8! *'+!
K0`S3!`aN0!6+.*;/8!/9!*'+!"#$-X]!*'(*!(../:)(8;+6!*';6!*+>*H//5F!<+*+,:;8+!*'+!2/6*!
4/,5!(66/.;(*+<!4;*'!*'+!.//2+,D!!
HD!!a+*!*'+!,+6+,?/;,!H+!(*!&RRoF!(8<!,+)+(*!A(BD!
!
Y"Y$ 74/!6*,+(:6F!+(.'!./8*(;8;8@!RDJ!2Hf',!6*+(:!(*!JJR!)6;(F!(,+!:;>+<!(6!6'/48Z!!
!(D!!"/:)=*+!*'+!'+(*!2/66!*/!(8!+8?;,/8:+8*(2!,+6+,?/;,!(*!IIoFD!!
HD!!"/:)=*+!*'+!2/6*!4/,5!(8<!*'+,:/<18(:;.!+99;.;+8.1D!
!
Y".#$ &FRRR! 2Hf',!/9! 6(*=,(*+<!4(*+,!(*!GRR!)6;(! ;6! 6=)+,'+(*+<! */!GJRoF! (8<!+>)(8<+<!(.,/66!(!
*=,H;8+!*/!MRR!)6;(F!(6!;22=6*,(*+<D!!!
!
"#$_$JJ!
"(2.=2(*+!*'+!!
(D!!E6+8*,/);.!+99;.;+8.1!/9!*'+!*=,H;8+!!
HD!!a/6*!4/,5!9/,!*'+!),/.+66!!
.D!!7'+,:/<18(:;.!+99;.;+8.1!/9!*'+!),/.+66!
!
Y"..$ 0=)+,'+(*+<!6*+(:!(*!J%R!/T!(8<!JRR!)6;(!;6!+>)(8<+<!(.,/66!(!*=,H;8+F!(6!6'/48!H+2/4F!*/!
JQRoF!(8<!QRR!)6;(D!!RD_!5\!/9!6'(9*!4/,5!(,+!),/<=.+<D!!7'+!*=,H;8+!+>'(=6*!;6!.//2+<!H1!
(!IIoF!,+6+,?/;,!*/!;*6!<+4!)/;8*!(*!QRR!)6;(D!!
!#+*+,:;8+!*'+!!
(D!!T2/4!,(*+!/9!6*+(:!;8!2Hf',!!
HD!!E6+8*,/);.!+99;.;+8.1!/9!*'+!*=,H;8+!!
.D!!a/6*!4/,5!!
<D!!7'+,:/<18(:;.!+99;.;+8.1!
!
Y".3!!!! "(2.=2(*+! *'+! :;8;:=:! ,(*+! /9! 4/,5! ;8! 4(**6! 9/,! *'+! @(6+/=6! 6+)(,(*;/8! (*! (:H;+8*!
./8<;*;/86!;8<;.(*+<!;8!*'+!9/22/4;8@!<;(@,(:D!
!!
"#$_$JG!
Y".R!!!! "(2.=2(*+! *'+! :;8;:=:! ,(*+! /9! 4/,5! ;8! 4(**6! 9/,! *'+! @(6+/=6! 6+)(,(*;/8! (*! (:H;+8*!
./8<;*;/86!/9!*'+!9++<!;8<;.(*+<!H+2/4!;8*/!*'+!*',++!),/<=.*6!6'/48D!!
!!
Y".T!!!!!T/,!*'+!(<;(H(*;.!92(6'!/)+,(*;/8!6'/48!H+2/4F!.(2.=2(*+!*'+!!
(D!"'(8@+!;8!(?(;2(H;2;*1!9=8.*;/8!A2R!g!&RR!/TB!!
HD!a/6*!4/,5!!
.D!7'+,:/<18(:;.!+99;.;+8.1!
!!
! JB:O$@L?>E$BF;:BGH@$! -?@>L;$.! -?@>L;$3! -?@>L;$R!UM! !!RD_%! RD_J! !!RDRO!3M! !!RDMM! RDM&! !!RDR&!
L+8C+8+! !!RDR%! RDRR! !!RDR%!"1.2/'+>(8+! _&D_M$ RDG_$ _&DMO$
! -?@>L;$.! -?@>L;$3! -?@>L;$R!7+:)+,(*=,+F!/T! &MR! &&_D_! &&_D_!`,+66=,+F!)6;(! ORR! &J! &J!
S8*'(2)1F!&FRRR!L*=f',! $OFGQMDRJ! $&QDMI! $OFGMIDI%!S8*,/)1F!&FRRR!L*=f',$/- QD_MR RDR_Q QD%GR
!
"#$_$JI!
Y".U!!!! "/86;<+,!*'+!,+6=2*6!/9!(8!K0`S3!`aN0!6;:=2(*;/8!/9!*'+!9/22/4;8@!92(6'!?+66+2Z!
!!
U+(*!;6!/H*(;8+<!9,/:!(!2(,@+!,+6+,?/;,!(*!&JR/TD!!"(2.=2(*+!*'+!!
(D!!-(*+!/9!'+(*!(<<;*;/8!!
HD!!a/6*!4/,5!!
.D!!7'+,:/<18(:;.!+99;.;+8.1!
!
"#$_$J%!
Y".W!!!! K!)(,*;(2!./8<+86+,!/)+,(*+6!(6!6'/48!H+2/4D!!K66=:;8@!*'(*!2R!g!IR/TF!.(2.=2(*+!*'+!!
(D!!"/8<+86+,!<=*1!!
HD!!"'(8@+!;8!(?(;2(H;2;*1!9=8.*;/8!!
.D!!a/6*!4/,5!!
<D!!7'+,:/<18(:;.!+99;.;+8.1!
!!
! JB:O$0L?>E$BF;:BGH@$$! -?@>L;$.! -?@>L;$3! -?@>L;$R! -?@>L;$T! -?@>L;$U!UM! !!IMDJO! GJD&J! JD%R! !!RDGR! !!RD_%!3M! !!!!ID_%! !!IDR&! RDGM! !!RD&O! !!RDMM!
L+8C+8+! !!!!RD&O! !!RDRR! RDRR! !!RDRJ! !!RDR%!"1.2/'+>(8+! &JRDRR$ !!&DG&$ RD&Q$ JGDOO$ _&D_M$
! -?@>L;$.! -?@>L;$3! -?@>L;$R! -?@>L;$T! -?@>L;$U!7+:)+,(*=,+F!/T! O_M! &MR! &MR! &MR! &MR!`,+66=,+F!)6;(! O&J! ORR! ORR! ORR! ORR!
S8*'(2)1F!&FRRR!L*=f',! $MFORODM_! MQ&DIG! M&DG&! $MFMO&D%Q! $OFGQMDRJ!S8*,/)1F!&FRRR!L*=f',$/- &QDG% MD&O RD&_ ODRM QD_M
!
"#$_$J_!
Y".X!!!! K!2;@'*$'1<,/.(,H/8!:;>*=,+!;6!*/!H+!6+)(,(*+<!H1!<;6*;22(*;/8F!(6!6'/48!;8!T;@=,+!_DM_F!;8*/!
+*'(8+$,;.'! (8<! ),/)(8+$,;.'! 9,(.*;/86D! !L(6+<! /8! *'+! 6)+.;9;.(*;/86! @;?+8! (8<!=6+! /9! *'+!
0/(?+$-+<2;.'$h4/8@!+P=(*;/8!9/,!*'+,:/<18(:;.!),/)+,*;+6F!=6+!K0`S3!`aN0!4;*'!*'+!
-K#T-K"!<;6*;22(*;/8!:/<+2! */! 6;:=2(*+! *'+! ./2=:8!/)+,(*;/8D! !N6;8@! *'+! ,+6=2*6!/9! *'+!
6;:=2(*;/8F!4;*'!2R!g!%R/TF!(!./8<+86+,!,+9,;@+,(8*!*+:)+,(*=,+!/9!R/TF!(8<!(!,+H/;2+,!6*+(:!
*+:)+,(*=,+!/9!MJR/TF!.(2.=2(*+!*'+!!
(D!!E,,+?+,6;H2+!),/<=.*;/8!/9!+8*,/)1F!L*=f',$/-!
HD!!"'(8@+!;8!(?(;2(H;2;*1!9=8.*;/8!;8!L*=f',!!
.D!!a/6*!4/,5!;8!L*=f',F!5\F!(8<!U)!!
<D!!7'+,:/<18(:;.!+99;.;+8.1!
!
!JPQK@>$Y"3Y!!#;6*;22(*;/8!),/.+66!9/,!S>+,.;6+!_D&ID!
!
"#$_$GR!
Y".!! K!:;>*=,+!/9!*',++!'1<,/.(,H/86!;6!*/!H+!6+)(,(*+<!;8*/!*',++!8+(,21!)=,+!),/<=.*6!H1!
*'+,:(221!./=)2+<!<;6*;22(*;/8!(*!&!(*:F!(6!6'/48!;8!T;@=,+!_DORD!!!
!JPQK@>$Y"R#!!7'+,:(221!./=)2+<!<;6*;22(*;/8!),/.+66!9/,!S>+,.;6+!_D&%D!
!
L(6+<! /8! *'+! 6)+.;9;.(*;/86! @;?+8! (8<! /*'+,! 6)+.;9;.(*;/86! /9! 1/=,! .'/;.+! */! (.';+?+!
,+(6/8(H21! @//<! 6+)(,(*;/86F! */@+*'+,! 4;*'! =6+! /9! *'+! `+8@$-/H;86/8! +P=(*;/8! 9/,!
*'+,:/<18(:;.!),/)+,*;+6F!=6+!K0`S3!`aN0!4;*'!*'+!]Na7ET-K"!<;6*;22(*;/8!:/<+2!*/!
6;:=2(*+!*'+!./2=:8D!!N6;8@!*'+!,+6=2*6!/9!*'+!6;:=2(*;/8F!4;*'!2R!g!&RR/TF!.(2.=2(*+!*'+!!
(D!!E,,+?+,6;H2+!),/<=.*;/8!/9!+8*,/)1F!L*=f',$/-!
HD!!"'(8@+!;8!(?(;2(H;2;*1!9=8.*;/8!;8!L*=f',!!
.D! a/6*!4/,5!;8!L*=f',F!5\F!(8<!U)!!!
<D! 7'+,:/<18(:;.!+99;.;+8.1!
"#$_$G&!
Y".Y! "/86;<+,!*'+!'1)/*'+*;.(2!)+,9+.*!6+)(,(*;/8!/9!(!:;>*=,+!/9!+*'12+8+!(8<!+*'(8+!;8*/!)=,+!
),/<=.*6!H1!<;6*;22(*;/8!(6!6'/48!;8!T;@=,+!_DO&D!!!
!JPQK@>$Y"R.!!#;6*;22(*;/8!),/.+66!(8<!<(*(!9/,!S>+,.;6+!_D&_Z!A(B!<;6*;22(*;/8^!AHB!,+H/;2+,D!
74/! 6.'+:+6! (,+! */! H+! ./86;<+,+<Z! ./8?+8*;/8(2! <;6*;22(*;/8! (8<! <;6*;22(*;/8! =6;8@! (! '+(*!
)=:)!4;*'!,+H/;2+,!2;P=;<!92(6';8@D!!E8!H/*'!.(6+6!*'+!./2=:8!4;22!/)+,(*+!(*!(!),+66=,+!/9!
MRR! )6;(F! (*! 4';.'! *'+! (?+,(@+! ,+2(*;?+! ?/2(*;2;*1! ;6! &DJJD! ! K! ,+92=>! ,(*;/! /9! &D&R! *;:+6!
:;8;:=:F!(6!./:)=*+<!9,/:!*'+!N8<+,4//<!+P=(*;/8F! ;6! */!H+!=6+<D!X*'+,!./8<;*;/86!9/,!
*'+!6.'+:+!=6;8@!,+H/;2+,!2;P=;<!92(6';8@!(,+!6'/48!H+2/4D!!"(2.=2(*+!9/,!+(.'!6.'+:+Z!!
(D!!"'(8@+!;8!(?(;2(H;2;*1!9=8.*;/8!A2R!g!&RR/TB!!
HD!!a/6*!4/,5!!
.D!!7'+,:/<18(:;.!+99;.;+8.1!
X*'+,!*'+,:/<18(:;.!<(*(!(,+!
! 4L?>=?$7>L?$:C$,L<:@PIL?P:=$`&?KGBF;:Ba$
S*'12+8+!(*!MRR!)6;(! QFOQ%!S*'(8+!(*!MRR!)6;(! QFIJ&!S*'(8+!(*!_R!)6;(! JDQIO!
"#$_$GM!
Y"3#! "/86;<+,!(!6*+(:!+8@;8+!*'(*!/)+,(*+6!;8!(!-(85;8+!.1.2+F!(6!;22=6*,(*+<!H+2/4Z!
!7'+!*=,H;8+!+>'(=6*!;6!(!6(*=,(*+<!?()/,D!!
(D!!T;8<!*'+!6(*=,(*;/8!*+:)+,(*=,+!/9!*'+!*=,H;8+!+>'(=6*D!!
HD!!T/,!(8!;6+8*,/);.!+99;.;+8.1!/9!_R!)+,.+8*F!<+*+,:;8+!*'+!6'(9*!4/,5!<+2;?+,+<!H1!*'+!
*=,H;8+D!\'(*!;6!*'+!*+:)+,(*=,+!/9!*'+!9++<!*/!*'+!*=,H;8+e!!
.D!!"/:)=*+!*'+!2/6*!4/,5!9/,!*'+!*=,H;8+D!!
<D!!"/:)=*+!*'+!*'+,:/<18(:;.!+99;.;+8.1!9/,!*'+!*=,H;8+D!
!
Y"3.! K!,+(.*/,!;6!*/!H+!<+6;@8+<!9/,!*'+!/>;<(*;/8!/9!6=29=,!<;/>;<+F!4;*'!+>.+66!/>1@+8!9,/:!(;,F!
*/! 6=29=,! *,;/>;<+D! ! 7'+! +8*+,;8@! 9++<F! (*! JJR!h! (8<! &D&! H(,F! ./86;6*6! /9! RDM&_! 5:/2f6! /9!
8;*,/@+8F! RDRJ%! 5:/2f6! /9! />1@+8F! (8<! RDRM%! 5:/2f6! /9! 6=29=,! <;/>;<+D! ! 7'+! 9,(.*;/8(2!
./8?+,6;/8!/9!6=29=,!<;/>;<+!;6!JR[D!!7'+!,+(.*;/8!;6!?+,1!+>/*'+,:;.D!!7',++!.(6+6!(,+!*/!H+!
./86;<+,+<Z!
."!!K<;(H(*;.!,+(.*;/8D!
3"!!E6/*'+,:(2!,+(.*;/8!4;*'!*'+!'+(*!/9!,+(.*;/8!*,(869+,,+<!*/!H/;2+,!9++<!4(*+,!(*!&RR/"D!
R"!!E6/*'+,:(2!,+(.*;/8!4;*'!*'+!'+(*!/9!,+(.*;/8!*,(869+,,+<!*/!H/;2+,!9++<!4(*+,!(*!MRR/"D!
!
T/,!+(.'!.(6+F!./:)=*+!*'+!2/6*!4/,5!;8!5\D!
!
Y"33! T/,!*'+!,+?;6+<!),/)(8+!,+9,;@+,(*;/8!.1.2+!;8!T;@=,+!_DM&!AS>(:)2+!_DOBF!2+*!*'+!;6+8*,/);.!
+99;.;+8.;+6!/9!*'+!*=,H;8+!(8<!./:),+66/,!H+!RD_!(8<!RDIF!,+6)+.*;?+21D!"/:)=*+!*'+!!
(D!!a/6*!4/,5!9/,!*'+!9/=,!),/.+66!=8;*6!(8<!*'+!+8*;,+!.1.2+D!!
HD!!7'+,:/<18(:;.!+99;.;+8.1!/9!*'+!.1.2+D!
!
"#$_$GO!
Y"3R!!! K2*+,! *'+! <+6;@8! /9! *'+! .1.2/'+>(8+! ),/.+66! ;8!S>(:)2+! _DJ! */! ,+<=.+! *'+! 2/6*!4/,5! (8<!
;8.,+(6+!*'+!*'+,:/<18(:;.!+99;.;+8.1D!!N6+!(!6;:=2(*;/8!),/@,(:!*/!./:)2+*+!*'+!:(*+,;(2!
(8<! +8+,@1! H(2(8.+6F! (8<! ./:)=*+! *'+! +8*,/);+6! (8<! (?(;2(H;2;*1! 9=8.*;/86! 9/,! (22! /9! *'+!
6*,+(:6F!(6!4+22!(6!*'+!2/6*!4/,5!9/,!+(.'!);+.+!/9!+P=;):+8*D!!!!
!
Y"3T! 7'+! .';22+<$4(*+,! )2(8*! (*! *'+! N8;?+,6;*1! /9! `+88612?(8;(! 6+8<6! .';22+<! 4(*+,! */! *'+!
H=;2<;8@6! (*! QM<T! (8<! ,+.+;?+6!4(,:+<!4(*+,! (*! JJ<TD! !K! ,+9,;@+,(8*! ;6! ?()/,;C+<! ;8! *'+!
,+9,;@+,(8*! ./8<+86+,! (*! O%<TF! (6! ;*! ,+:/?+6! '+(*! 9,/:!4(,:+<!4(*+,D! !7'+! ,+9,;@+,(8*! ;6!
./8<+86+<!*/!(!6(*=,(*+<!2;P=;<!(*!_%<TD!!7'+!./8<+86;8@!:+<;=:!;6!4(*+,!(*!%J<TF!4';.'!;6!
'+(*+<! */! _J<T! (6! ;*! (H6/,H6! '+(*! ,+V+.*+<! 9,/:! *'+! ,+9,;@+,(8*D! ! 7'+! 4(,:+<! ./8<+86+,!
4(*+,!;6!.//2+<!;8!(!.//2;8@!*/4+,F!;8!4';.'!;*!;6!6),(1+<!/?+,!(!6*,+(:!./8*(;8;8@!(:H;+8*!
(;,D!!K66=:+!*'(*!*'+!(:H;+8*!(;,!;6!(*!&RR<T!(8<!_J[!'=:;<;*1!/8!(!'/*!6=::+,!<(1!(8<!;6!
,+V+.*+<!(*!&RR[!'=:;<;*1D!!T/,!`'(6+!E!/9!*'+!)2(8*F!*'+!.//2;8@!.()(.;*1!;6!MRFRRR!*/86D!!!!
(D! "(2.=2(*+!*'+!92/4!,(*+6!/9!*'+!.';22+<!4(*+,!(8<!./8<+86+,!4(*+,!;8!@(2f:;8D!
HD! 0+2+.*!(!,+9,;@+,(8*!(8<!;*6!/)+,(*;8@!),+66=,+6D!!K66=:;8@!(8!;6+8*,/);.!+99;.;+8.1!
/9!IR[!9/,!*'+!./:),+66/,F!<+*+,:;8+!*'+!,+9,;@+,(8*!92/4!,(*+!(8<!*'+!H,(5+!
'/,6+)/4+,!9/,!*'+!./:),+66/,D!!!
.D! "(2.=2(*+!*'+!2/6*!4/,5!(8<!*'+,:/<18(:;.!+99;.;+8.1D!!!
!
Y"3U! "/86;<+,!*'+!6/2(,!/,!4(6*+$'+(*!,+9,;@+,(*;/8!.1.2+!;8!T;@=,+!_DOMF!4';.'!4(6!),/)/6+<!H1!
0/::+,9+2<! AMRR&BD! ! E8! (<<;*;/8! */! *'+! ./8?+8*;/8(2! ,+9,;@+,(*;/8! 2//)F! (! )/,*;/8! /9! *'+!
./8<+86(*+! ;6!)=:)+<! */!(8!+2+?(*+<!),+66=,+F!4'+,+!;*! ;6!?()/,;C+<!=6;8@!6/2(,!+8+,@1!/,!
2/4$*+:)+,(*=,+! 4(6*+! +8+,@1! ;8! (! .'+:;.(2! ./:)2+>D! ! E*6! 6(*=,(*+<! ?()/,! +992=+8*! ;6!
+>)(8<+<!*/!,+./?+,!)/4+,!;8!(!*=,H;8+!(8<!:;>+<!4;*'!*'+!@(6+6!9,/:!*'+!./:),+66/,D!!!
!
"#$_$GQ!
!JPQK@>$Y"R3!!0/2(,!/,!4(6*+$'+(*!,+9,;@+,(*;/8!.1.2+D!
!
N6+! (! ),/.+66! 6;:=2(*/,! */! 6/2?+! *'+! :(*+,;(2! (8<! +8+,@1! H(2(8.+6! 9/,! *'+! 9/22/4;8@!
6)+.;9;.(*;/86Z!
-$&OQ(!,+9,;@+,(8*!
Q$*/8!,+9,;@+,(*;/8!2/(<!(*!MR<T!
-+9,;@+,(8*!+?()/,(*/,!+992=+8*!$!6(*=,(*+<!?()/,!(*!QR<T!
"/8<+86+,!'+(*!,+V+.*+<!*/!+8?;,/8:+8*!(*!II<T!
"/8<+86+,!+992=+8*!$!6(*=,(*+<!2;P=;<!(*!&MJ<T!
0/2(,!/,!4(6*+$'+(*!(?(;2(H2+!(*!MMR<T!
0/2(,!/,!4(6*+$'+(*!./22+.*/,!+992=+8*!$!6(*=,(*+<!?()/,!(*!MRR<T!
E6+8*,/);.!+99;.;+8.1!/9!*'+!./:),+66/,!g!IR[!
E6+8*,/);.!+99;.;+8.1!/9!*'+!*=,H;8+!g!_R[!
E6+8*,/);.!+99;.;+8.1!/9!*'+!)=:)!g!&RR[!
(D! #+*+,:;8+!*'+!92/4!,(*+6!/9!,+9,;@+,(8*!;8!H/*'!2//)6^!*'+!*',++!/)+,(*;8@!),+66=,+6^!*'+!
./8<+86+,!(8<!./22+.*/,!'+(*!<=*;+6^!*'+!)/4+,!./86=:+<!/,!@+8+,(*+<!H1!*'+!
./:),+66/,F!)=:)F!(8<!*=,H;8+^!*'+!./+99;.;+8*!/9!)+,9/,:(8.+F!2/6*!4/,5F!(8<!
*'+,:/<18(:;.!+99;.;+8.1!9/,!*'+!,+9,;@+,(*/,D!!
HD! q(,1!*'+!./8<+86+,!+992=+8*!*+:)+,(*=,+!*/!<+*+,:;8+!;*6!+99+.*!/8!*'+!6/2=*;/8!;8!)(,*!(D!!
!
$$$$$$$
5-8(/$+)502-$80%)(--$(,5425*%0$`+8(a$$
(dKP<;>=?$-PIP=Q$L=D$):Z?P=Q$2ZP=Q$$5-8(/$842-$?:$+=P?PL?>$([LBKL?P:=!
$!
3/*+6!),+)(,+<!H1Z!!!
-/H18!LD!3(*'(86/8!!\(,,+8!#D!0+;<+,!
N8;?+,6;*1!/9!`+88612?(8;(!!
](1!MRRO!!3!
`,+?;/=6!?+,6;/86!4+,+!./(=*'/,+<!4;*'Z!!!
U/2@+,!3;.5;6.'!](;C(*=2!s(;8!
N8;?+,6;*1!/9!`+88612?(8;(!!
-/H+,*!3+<4;.5!`+88612?(8;(!0*(*+!N8;?+,6;*1!
!!
!
"#$E`S$;!
!)%/*(/*-$
$E37-X#N"7EX3! &!! !`-S`K-E3b!K3!K0`S3!`aN0!0E]NaK7EX3!TX-!K0`S3!E`S! M!!! K<<;*;/8(2!];>*=,+!`,/)+,*;+6! O!!E3qS07]S37!K3Kai0E0!N0E3b!K0`S3!E`S! O!!! #S`-X`K3EsS-! O!!! ! E8;*;(2!0+*=)! O!! ! ]());8@!`,/.+66!0;:=2(*;/8!N8;*6!;8*/!K6)+8!E`S! %!! ! 0*(8<(,<!L(6;6! &I!! ! SP=;):+8*!"/6*;8@! &_!! ! 7/*(2!`+,:(8+8*!E8?+6*:+8*! MJ!! ! K<<;8@!SP=;):+8*! MJ!! ! K))21;8@!K2*+,8(*;?+!N*;2;*;+6! OQ!! ! !! ]X3X"UaX-XLS3sS3S!0S`K-K7EX3!`-X"S00! OI!!! ! E8;*;(2!0+*=)! OI!! ! ]());8@!`,/.+66!0;:=2(*;/8!N8;*6!*/!K6)+8!E`S! O_!! ! 0*(8<(,<!L(6;6! QJ!! ! SP=;):+8*!"/6*;8@! QJ!! ! 7/*(2!`+,:(8+8*!E8?+6*:+8*! JR!!K0`S3!E`S!TXa#S-0!K3#!TEaS0! J&!!-STS-S3"S0! J&!! !K``S3#Eu!E!!!$! #S`-X`K3EsS-!r!K0`S3!`aN0!-S`X-7! JM! !!K``S3#Eu!EE!!!$!!!#S0Eb3!"-E7S-EK!0`S"ETE"K7EX30! J%!!K``S3#Eu!EEE!!$!!K0`S3!E`S!"K`E7Ka!S07E]K7S!-S`X-7!TX-!7US!! G&!! ! #S`-X`K3EsS-!!K``S3#Eu!Eq!$!! K0`S3!E`S!"K`E7Ka!S07E]K7S!-S`X-7!TX-!7US! IR!! ! ]X3X"UaX-XLS3sS3S!0S`K-K7EX3!`-X"S00!!!!
"#$E`S$&!
+/*0%12)*+%/$!!! 7'+6+!8/*+6!(,+!),+)(,+<!*/!),/?;<+!(!6*+)$H1$6*+)!),/.+<=,+!9/,!+6*;:(*;/8!/9!*'+!*/*(2! .();*(2! ;8?+6*:+8*!=6;8@! *'+!K6)+8! E.(,=6!`,/.+66!S?(2=(*/,! AK6)+8! E`SBD! !K6)+8!E`S! ;6!(! 6/9*4(,+!616*+:!),/?;<+<!H1!K6)+8!7+.'8/2/@1F! E8.DF! 9/,!+./8/:;.!+?(2=(*;/8!/9! ),/.+66! <+6;@86D! ! E*! <+*+,:;8+6! *'+! .();*(2! +>)+8<;*=,+F! /)+,(*;8@! ./6*6F! (8<! *'+!),/9;*(H;2;*1!/9!),/)/6+<!<+6;@86D!!K6)+8!E`S!'(6!(8!(=*/:(*;.F!+2+.*,/8;.!'/4'+6),:,6'#!4';.'!2;856!*/!),/.+66!6;:=2(*;/8!),/@,(:6D!!E*!;6!=6+<!*/!A&B!+>*+8<!*'+!,+6=2*6!/9!),/.+66!6;:=2(*;/8F! AMB! @+8+,(*+! ,;@/,/=6! 6;C+! (8<! ./6*! +6*;:(*+6! 9/,! ),/.+66;8@! +P=;):+8*F! AOB!)+,9/,:!),+2;:;8(,1!:+.'(8;.(2!<+6;@86F!(8<!AQB!+6*;:(*+!)=,.'(6+!(8<!;86*(22(*;/8!./6*6F!;8<;,+.*! ./6*6F! *'+! */*(2! .();*(2! ;8?+6*:+8*F! *'+! +8@;8++,;8@$),/.=,+:+8*$./86*,=.*;/8!)2(88;8@!6.'+<=2+F!(8<!),/9;*(H;2;*1!(8(216+6D!!!!
K6)+8!E`S!=6=(221!H+@;86!4;*'!*'+!,+6=2*6!/9!(!6;:=2(*;/8!9,/:!/8+!/9!*'+!:(V/,!),/.+66! 6;:=2(*/,6! A+D@DF! K0`S3! `aN0F! Ui0i0F! "US]"K#F! (8<! `-XfEEBF! ;*! H+;8@!8/*+<! *'(*! =6+,6! .(8F! (2*+,8(*;?+21F! ),/?;<+! +P=;):+8*! 6)+.;9;.(*;/86! (8<! ,+P=+6*!;8?+6*:+8*! (8(216;6! 4;*'/=*! =6;8@! *'+! ),/.+66! 6;:=2(*/,6D! ! E8! *'+6+! 8/*+6F! /821! ,+6=2*6!9,/:! K0`S3! `aN0! (,+! =6+<! */! ;8;*;(*+! K6)+8! E`S! +?(2=(*;/86! (8<! /821! .();*(2! ./6*!+6*;:(*;/8!;6!+:)'(6;C+<D!!-+(<+,6!6'/=2<!,+9+,!*/!*'+!Q,4'&)X0Z)L,'+],)9>%('!A),+66!*'+!1';4)H=**/8!;8!K6)+8!E`SB!9/,!<+*(;2+<!;86*,=.*;/86F!+>)2(8(*;/86F!(8<!9/,!;:),/?+:+8*6!;8!8+4!?+,6;/86!/9!*'+!6/9*4(,+!616*+:D!!! 7'+6+!8/*+6!(,+!/,@(8;C+<!(6!9/22/46Z!!
&D! E86*,=.*;/86!(,+!),/?;<+<!*/!),+)(,+!(8!K0`S3!`aN0!6;:=2(*;/8!9/,!=6+!4;*'!K6)+8!E`SD!
!MD! K!<+),/)(8;C+,!+>(:)2+! ;6!),/?;<+<! */!;22=6*,(*+! *'+!=6+!/9!K6)+8!E`SD! !7'+!<+),/)(8;C+,! ;6! (! <;6*;22(*;/8! */4+,! */! ,+./?+,! ),/)(8+! (8<! 2;@'*+,! 6)+.;+6!9,/:! (! 8/,:(2$)(,(99;86! 6*,+(:F! (6! 6'/48! ;8! T;@=,+! &D! ! 7'+! 6;:=2(*;/8!92/46'++*!(8<!6+2+.*+<!,+6=2*6!(,+!6'/48!;8!K))+8<;>!E!(8<!;8!*'+!:=2*;:+<;(!*=*/,;(2!/8!*'+!"#$-X]!*'(*!./8*(;86!*'+6+!./=,6+!8/*+6!AQG0ZY)+!2>6"+%5;,)+!G'45+56%"&)0+%&!%4;',!+!U;5,-)5&()C%,6%;;56%"&BD!!K26/F!(!./)1!/9!*'+!9;2+F!-K#T-K"DH5)F!;6!),/?;<+<!/8!*'+!"#$-X]D!
!OD! K<<;*;/8(2!9+(*=,+6!/9!K6)+8!E`S!(,+!;8*,/<=.+<!9/,!(!:/,+!./:)2+*+!),/.+66F!*'+! :/8/.'2/,/H+8C+8+! A]"LB! 6+)(,(*;/8! ),/.+66F! 4';.'! ;6! <;6.=66+<! ;8!0+.*;/86!QDQ!/9! *'+! *+>*H//5! A0+;<+,!+*!(2DF!MRRQBD! !K!./)1!/9! *'+!6;:=2(*;/8!9;2+F!]"LDH5)F!;6!),/?;<+<!/8!*'+!"#$-X]!*'(*!./8*(;86!*'+6+!8/*+6D!!!
!K9*+,! ./:)2+*;8@! *'+6+! 8/*+6F! */! ),(.*;.+! +6*;:(*;8@! .();*(2! ./6*6! =6;8@! K6)+8!
E`SF!1/=!:(1!4;6'!*/!6/2?+!S>+,.;6+6!&GDQ!(8<!&IDM&!;8!*'+!*+>*H//5D!!E8!*'+6+!8/*+6F!(22!/9! *'+!.(2.=2(*;/86!4+,+!.(,,;+<!/=*!=6;8@!K6)+8!E`SF!q+,6;/8!
&&D&F!4;*'!*'+!<+6;@8!(8<!./6*!H(6;6!<(*+!H+;8@!*'+!T;,6*!p=(,*+,!MRRRD!!
"#$E`S$M!
!!!!!
!T;@=,+!&!!!#+),/)(8;C+,!
!!
$80(850+/6$5/$5-8(/$842-$-+M245*+%/$J%0$5-8(/$+8($
!7/!+6*;:(*+!+P=;):+8*! 6;C+6!(8<!./6*6!=6;8@!K6)+8! E`S!9/,!(!),/.+66!6;:=2(*+<!
4;*'!K0`S3!`aN0F!;*! ;6!8+.+66(,1!*/!),+)(,+!*'+!6;:=2(*;/8!,+6=2*6!9/,!=6+!4;*'!K6)+8!E`SD! ! \';2+! *';6! ;6! (../:)2;6'+<! ;8! (! 6;:;2(,! :(88+,! 9/,! :/6*! /9! *'+! :(V/,! ),/.+66!6;:=2(*/,6F!*'+6+!8/*+6!9/.=6!/8!*'+!6*+)6!*/!),+)(,+!K0`S3!`aN0!6;:=2(*;/86D!!T/,!*'+!6*+)6!4'+8!=6;8@!*'+!/*'+,!),/.+66!6;:=2(*/,6F! *'+!,+(<+,!6'/=2<!,+9+,! */!*'+!Q,4'&)X0Z)L,'+],)9>%('!A),+66!*'+!1';4)H=**/8!;8!K6)+8!E`SBD!!! E*! ;6! 8/,:(221! 8+.+66(,1! */! (<()*! *'+! 6;:=2(*;/8! 9;2+! ;8! *4/! 4(16D! ! T;,6*F! */!+6*;:(*+!+P=;):+8*!6;C+6F!K6)+8!E`S!=6=(221!,+P=;,+6!+6*;:(*+6!/9!:;>*=,+!),/)+,*;+6!8/*!8++<+<!9/,! *'+!:(*+,;(2!(8<!+8+,@1!H(2(8.+F!(8<!)'(6+!+P=;2;H,;(!.(2.=2(*;/86!)+,9/,:+<!H1! *'+! ),/.+66! 6;:=2(*/,6D! ! T/,! *';6! ,+(6/8F! ;*! ;6! 8+.+66(,1! */! (=@:+8*! *'+! 6;:=2(*;/8!,+)/,*!9;2+6!4;*'!+6*;:(*+6!/9!:;>*=,+!),/)+,*;+6F!6=.'!(6!?;6./6;*1F!*'+,:(2!./8<=.*;?;*1F!
"#$E`S$O!
(8<! 6=,9(.+! *+86;/8F! 9/,! *'+! 6*,+(:6! ;8! *'+! 6;:=2(*;/8! 92/46'++*D! ! 0+./8<F! K6)+8! E`S!,+P=;,+6!6)+.;9;.(*;/86!*/!+6*;:(*+!+P=;):+8*!6;C+6!*'(*!(,+!8/*!./:)=*+<!H1!6/:+!/9!*'+!()),/>;:(*+! 6;:=2(*;/8! :/<+26D! ! 7';6! ;6! *'+! .(6+F! 9/,! +>(:)2+F! 4'+8! *'+! #E07a! (8<!-07XE"!:/<+26!(,+!=6+<! ;8!K0`S3!`aN0D! !7'+6+!:=6*!H+!,+)2(.+<!H1!:/,+!,;@/,/=6!:/<+26F!6=.'!(6!*'+!-K#T-K"!(8<!-`aNb!:/<+26D!!7';6!,+)2(.+:+8*!.(8!H+!?;+4+<!(6!*'+! 9;,6*! 6*+)! ;8! ./:)=*;8@! +P=;):+8*! 6;C+6! (8<!./6*6D! ! !3/*+! *'(*! ;*! ;6! (26/!)/66;H2+! */!),/?;<+!6)+.;9;.(*;/86!9/,!./:)=*;8@!!+P=;):+8*!6;C+6!4;*'/=*!=6;8@!K0`S3!`aN0D!!!!K<<;*;/8(2!];>*=,+!`,/)+,*;+6!!! S6*;:(*+6!9/,!*'+!(<<;*;/8(2!6*,+(:!),/)+,*;+6!(,+!(<<+<!=6;8@!*'+!`-X`0S70D()*!9;2+!/8! *'+!"#$-X]!*'(*!./8*(;86! *'+6+!./=,6+!8/*+6D! !7/!(../:)2;6'!*';6F! *'+!K0`S3!`aN0!6;:=2(*;/8!9;2+!;6!/)+8+<!9;,6*^!+D@DF!-K#T-K"DH5)!A4';.'!;6!(?(;2(H2+!/8!*'+!"#$-X]!*'(*!./8*(;86!*'+6+!./=,6+!8/*+6BD!!N8<+,!*'+!U%;'))=22$</48!:+8=F!*'+!X#4"+6)+8*,1)(8<! *'+! `-X`0S70D()*! 9;2+! (,+! 6+2+.*+<D! ! K6)+8! E`S! (=*/:(*;.(221! (<<6! *',++! 8+4!),/)+,*1!6+*6F!(9*+,!4';.'!*'+!9;2+!.(8!H+!6(?+<!(6!-K#T-K"$E`SDH5)F!(!./)1!/9!4';.'!;6!/8!*'+!"#$-X]!*'(*!./8*(;86!*'+6+!8/*+6D!!7/!.'+.5!*'(*!*';6!'(6!H++8!(../:)2;6'+<F!=6;8@!*'+!C565))=22$</48!:+8=F!6+2+.*!G'6>4)(8<!*'+8!3'4"+6)W46%"&,D!!7'+8F!<;6)2(1!*'+!G6+'5#,) )(@+! H1! 6+2+.*;8@! *'+! ()),/),;(*+! *(H! (8<! .2;.5! *'+! 0+"4'+6:) G'6,) H=**/8D!!XH6+,?+! *'(*! (22! *',++! K6)+8! E`S! ),/)+,*1! 6+*6! '(?+! H++8! +8*+,+<! ;8*/! *'+! G';'!6'()0+"4'+6:) G'6,) H/>D! ! 3/4! *'(*! *'+! K6)+8! E`S! ),/)+,*1! 6+*6! '(?+! H++8! (<<+<F! ;*! ;6!8+.+66(,1!*/!,+$,=8!*'+!6;:=2(*;/8D!!! E*!,+:(;86!*/!*,(869+,!*'+!K0`S3!`aN0!6;:=2(*;/8!,+6=2*6!;8*/!K6)+8!E`SD!!7';6!;6!(../:)2;6'+<!H1!6+2+.*;8@!G'&()2")!!Q,4'&)X!5+>,)9,/:!*'+!U%;'))=22$</48!:+8=!;8!K0`S3!`aN0D!!7'+!6;:=2(*;/8!,+6=2*6!(,+!2/(<+<!(=*/:(*;.(221!;8*/!K6)+8!E`SD!!!!
+/,(-*M(/*$5/54S-+-$2-+/6$5-8(/$+8($$!
! E8! *';6! 6+.*;/8F! *'+! =6+! /9! K6)+8! E`S! 9/,! +P=;):+8*! 6;C;8@! (8<! ./6*;8@! ;6!;22=6*,(*+<!9/,!(!<+),/)(8;C+,!(8<!9/,!*'+!:/8/.'2/,/H+8C+8+!6+)(,(*;/8!),/.+66D!!!!#S`-X`K3EsS-!! !! 7';6!+>(:)2+!;8?/2?+6!*'+!6;8@2+!<;6*;22(*;/8!./2=:8!6'/48!;8!T;@=,+!&F!4;*'!;*6!6;:=2(*;/8! 92/46'++*! (8<! 6+2+.*+<! ,+6=2*6! 6'/48! ;8!K))+8<;>! E! (8<! /8! *'+!:=2*;:+<;(!*=*/,;(2! /8! *'+! "#$-X]! *'(*! ./8*(;86! *'+6+! ./=,6+! 8/*+6! AQG0ZY)+! 2>6"+%5;,)+!G'45+56%"&)0+%&!%4;',!+!U;5,-)5&()C%,6%;;56%"&BD!!!!E8;*;(2!0+*=)!
!!! U(?;8@! 6+8*! *'+! K0`S3! `aN0! 6;:=2(*;/8! 9;2+! */! K6)+8! E`SF! ;*! ;6! /)+8+<!(=*/:(*;.(221!(8<!*'+!8+'56')Y'<)0+"O'!6!<;(2/@!H/>!())+(,6Z!!!
"#$E`S$Q!
!!7'+!=6+,!.(8!+;*'+,!6+2+.*!(8!+>;6*;8@!),/V+.*!;8!4';.'!*/!6*(,*!(!8+4!6.+8(,;/F!/,!+8*+,!(!8+4!0+"O'!6) Y5#'D! 7'+!0+"O'!6) Y5#'! -K#T-K"$E`S! ;6! (66;@8+<! (=*/:(*;.(221! 9,/:!*'+!K0`S3!`aN0! 9;2+! 8(:+F!'/4+?+,!)=8.*=(*;/8!:(,56! (,+!8/*! (22/4+<F! 6/! +8*+,! *'+!0+"O'!6) Y5#'! #S"O! ;86*+(<D! ! 3/*+! *'(*! *'+! =8<+,6./,+! (8<! 6)(.+! .'(,(.*+,6! (,+!)+,:;**+<D!!K9*+,!),+66;8@!*'+!W.!H=**/8F!*'+!9;,6*!/9!9/=,!<;(2/@!H/>+6F!8/*!6'/48!'+,+F!())+(,D!!7'+!9;,6*!;6!*'+!0+"O'!6)0+"4'+6%',!<;(2/@!H/>F!;8!4';.'!(!0+"O'!6)C',!+%46%"&!(8<!9=,*'+,! ,+:(,56!:(1!H+! +8*+,+<D! !K!=8;*6!/9!:+(6=,+! 6+*! ;6! (26/! .'/6+8F!4';.'! 9/,! *';6!+>(:)2+!;6!*'+!X&!-P0">&(!AE`B!=8;*6!6+*D!!
0+./8<F!*'+!X&4>6)L&%6,)"*)A'5,>+')G4'!%*%!56%"&,)<;(2/@!H/>!;6!<;6)2(1+<D!!7';6!9/,:! (22/46! *'+! =6+,! */! .=6*/:;C+! *'+! =8;*6! /9! :+(6=,+! *'(*! 4;22! ())+(,! /8! ;8)=*!6)+.;9;.(*;/8!9/,:6D!!"2;.5!*'+!8;",'!H=**/8!*/!(..+)*!*'+!<+9(=2*!6+**;8@6D!!
7';,<F! *'+!9'&'+5;) 0+"O'!6)C565! <;(2/@! H/>! ())+(,6D! ! 0;8.+! 8/! (<V=6*:+8*6! (,+!8++<+<!;8!*';6!+>(:)2+F!),+66! *'+!W.!H=**/8D! !T/=,*'F!*'+!T"5()G%#>;56"+)C565^!<;(2/@!H/>!;6!<;6)2(1+<D!S8*+,!_',!*/!</!6/D!)))
)K6)+8!E`S!8/4!/)+86!*4/!4;8</46!6'/48!H+2/4D!!7'+!8(,,/,!0+"O'!6)Z/4;"+'+F!
/8!*'+!2+9*F!;6!;8!0+"O'!6)D%'<!:/<+F!(8<!(!4;<+,!A5%&)4;8</4F!;8;*;(221!H2(85F!;6!/8!*'+!,;@'*D!!3/*+!*'(*!*4/!(<<;*;/8(2!4;8</46F!05;'66'!(8<!0+"4'+6:F!.(8!H+!/)+8+<!=6;8@!*'+!D%'<) )=22</48! :+8=D! ! K6)+8! E`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
"#$E`S$J!
!
!!#+9(=2*! ?(2=+6! (,+! ),/?;<+<! 9/,! :(81! /9! *'+! +8*,;+6F! H=*! *'+1! .(8! H+! :/<;9;+<! (6!8+.+66(,1F!(8<!:;66;8@!+8*,;+6!.(8!H+!+8*+,+<D!!`(,*;.=2(,!(**+8*;/8!6'/=2<!H+!)(;<!*/!*'+!<+6;@8!),+66=,+!(8<!*+:)+,(*=,+F! */! *'+!/?+,<+6;@8!9(.*/,6F! */!*'+!,+6;<+8.+!*;:+6!;8!*'+!),/.+66!?+66+26F!(6!4+22!(6!*/!/*'+,!*/4+,!;89/,:(*;/8D!!7'+!=6+,!:=6*!H+!.(,+9=2!*/!.'+.5!(22!/9! *'+!,+2+?(8*!6)+.;9;.(*;/86!*'(*!())21!*/!*'+!+P=;):+8*!=8<+,!6*=<1D!!3/*+!*'(*!*'+!<+6;@8!.,;*+,;(!(,+!<+9;8+<!;8!*'+!Q,4'&)X0Z)L,'+],)9>%('F!4';.'!.(8!H+!(..+66+<!=6;8@!*'+!1';4! H=**/8! ;8! K6)+8! E`SF! 4;*'! *'+! ?(2=+6! 6)+.;9;+<! 9/,! *'+! <+),/)(8;C+,! ),/.+66!6'/48! ;8! K))+8<;>! EE! AC'*%&%&B) 6-') 0+"O'!6) R5,%,) +! 0+"!',,) C',%B&! +! C',%B&)8+%6'+%5BD! ! 3/*+! (26/! *'(*! <+6;@8! .,;*+,;(! 9;2+6! .(8! H+! .,+(*+<! 9/,! =6+!4;*'! /*'+,! <+6;@8!),/V+.*6D!!T/,!;:)2+:+8*(*;/8!<+*(;26F!6++!*'+!Q,4'&)X0Z)L,'+],)9>%('D!!!!
K26/F! ;*! ;6! =6=(221! ;:)/,*(8*! */! +>(:;8+! *'+! <+9(=2*! ?(2=+6! (66/.;(*+<! 4;*'! *'+!=*;2;*;+6D! ! T/,! *';6! )=,)/6+F! *'+! L6%;%6:) G4'!%*%!56%"&,! +8*,1! =8<+,! *'+! 0+"!',,) C',%B&)'+(<;8@!;6!6+2+.*+<!*/!),/<=.+!*'+!C'?';"4)L6%;%6:)G4'!%*%!56%"&,)<;(2/@!H/>Z!
!!!
"#$E`S$G!
!!!!!!!!!!!!!!!!!!!!!!! !!!!!!
3/*+!*'(*!(22!+>;6*;8@!=*;2;*;+6!*/!H+!=6+<!H1!K6)+8!E`S!(,+!2;6*+<D!!#+9(=2*!?(2=+6!6'/=2<!H+!+>(:;8+<!(8<!:/<;9;+<F!(8<!:;66;8@!=*;2;*;+6!6'/=2<!H+!(<<+<D!!T/,!+>(:)2+F!H+.(=6+!*'+!*+>*H//5!,+./::+8<6!*'(*!),/.+66!<+6;@86!(..+)*!.//2;8@!4(*+,!(*!_R<T!(8<!'+(*!;*!*/!&MR<TF! ;*! ;6! 8+.+66(,1! */! ,+)2(.+! *'+! *+:)+,(*=,+6! (66/.;(*+<! 4;*'! *'+! .//2;8@! 4(*+,!=*;2;*1D! !7/!:/<;91! *'+6+! *+:)+,(*=,+6F! </=H2+$.2;.5!/8! *'+!8"";%&B)J56'+! +8*,1F!4';.'!),/<=.+6!*'+!L6%;%6:)G4'!%*%!56%"&,)<;(2/@!H/>Z!!
!!
7'+8F!*'+!;82+*!(8<!+>;*!*+:)+,(*=,+6!(,+!.'(8@+<!*/!_R!(8<!&MR<TD!!X*'+,!<+9(=2*!?(2=+6!.(8!H+!.'(8@+<!6;:;2(,21D!!"2;.5!W.!4'+8!9;8;6'+<D!
"#$E`S$I!
7/!(<<!(!=*;2;*1!8/*! ;8! *'+!+>;6*;8@!=*;2;*1! 2;6*F!.2;.5!/8! *'+!8+'56'!/)*;/8!/8! *'+!C'?';"4)L6%;%6:)G4'!%*%!56%"&,)<;(2/@!H/>D!!K6!6'/48!H+2/4F!2/4$),+66=,+!6*+(:!;6!(<<+<!(6!(!>6%;%6:F!4';.'!;6!8(:+<!G6'5#)`ab0GX)(8<!'(6!*'+!G6'5#)U;>%()8;5,,E)
!
)!K9*+,!*'+!8+'56'!H=**/8!;6!),+66+<F!*'+!8+4!=*;2;*1!;6!<;6)2(1+<!(6!6'/48!H+2/4F!4'+,+!*'+!+8*,;+6!'(?+!(2,+(<1!H++8!:(<+!9,/:!*'+!6*+(:!*(H2+6!/9!0:;*'!+*!(2D!AMRR&BD!!
!!!\'+8!./:)2+*+F! *'+!W.!H=**/8! ;6!),+66+<! */! ,+*=,8! */! *'+!C'?';"4)L6%;%6:)G4'!%*%!56%"&)<;(2/@!H/>D!!7'+8F!*'+!8;",'!H=**/8!;6!),+66+<!*/!,+*=,8!*/!*'+!E`S!A5%&)4;8</4E!!3/*+!*'(*! =*;2;*1! 9;2+6! .(8! H+! .,+(*+<! 9/,! =6+! /8! /*'+,! <+6;@8! ),/V+.*6D! ! T/,! ;:)2+:+8*(*;/8!<+*(;26F!6++!*'+!Q,4'&)X0Z)L,'+],)9>%('D!!!!!
"#$E`S$%!
X*'+,!6)+.;9;.(*;/86!.(8!H+!.'(8@+<!;8!(!:(88+,!6;:;2(,!*/!*'/6+!<+6.,;H+<!9/,!*'+!=*;2;*;+6! (8<! <+6;@8! .,;*+,;(D! ! ]/,+! ;89/,:(*;/8! (8<! <+9;8;*;/86! (,+! ),/?;<+<! ;8!!*'+!Q,4'&)X0Z)L,'+],)9>%('!AC'*%&%&B)6-')0+"O'!6)R5,%,)+!0+"!',,)C',%B&BD!
!]());8@!`,/.+66!0;:=2(*;/8!N8;*6!;8*/!K6)+8!E`S!!
U(?;8@!./:)2+*+<! *'+! ;8;*;(2!6+*=)F! *'+!8+>*!6*+)! ;6! */!:()! *'+!),/.+66!6;:=2(*;/8!=8;*6!A*'(*! ;6F! H2/.56F! :/<=2+6F! /,! 6=H,/=*;8+6B! ;8*/! :/,+! <+6.,;)*;?+! :/<+26! /9! ),/.+66! +P=;):+8*!A+D@DF! :());8@! (! USK7u! 6;:=2(*;/8! =8;*! ;8*/! (! 92/(*;8@$'+(<F! 6'+22$(8<$*=H+! '+(*! +>.'(8@+,^!:());8@!(!-K#T-K"!6;:=2(*;/8!=8;*!;8*/!(!*,(1!*/4+,F!./8<+86+,F!,+92=>!(..=:=2(*/,F!+*.DB!(8<!(66/.;(*+<! 4;5&6) $>;7,F! 4';.'! ;8.2=<+! ;86*(22(*;/8! ;*+:6F! 6=.'! (6! ););8@F! ;86*,=:+8*(*;/8F!;86=2(*;/8F! )(;8*F! +*.D! ! K9*+,! K6)+8! E`S! ./:)2+*+6! *'+! :());8@! (8<! ,+6+,?+6! 6*/,(@+! 9/,! *'+!;86*(22(*;/8!;*+:6F!+P=;):+8*!6;C+6!(,+!./:)=*+<D! !3/*+!*'(*!*'+!:());8@!(8<!+P=;):+8*!6;C;8@!6*+)6! (,+! (../:)2;6'+<! ;8! 6+P=+8.+F! 4;*'! 6;C+6! (8<! ./6*6! /9! *'+! ;86*(22(*;/8! ;*+:6! +6*;:(*+<!<=,;8@! *'+!ZV>%4#'&6)8",6%&B) 6*+)D! !7/!H+@;8! *'+!:());8@! 6*+)! ;8! *'+! E`S!A5%&)4;8</4=! *'+!A54)G%#>;56"+)X6'#,!H=**/8!/8!*'+!*//2H(,!;6!),+66+<!*/!),/<=.+!*'+!A54!<;(2/@!H/>Z!
!
!!!!!!T/,!*'+!<+),/)(8;C+,F!(22!;*+:6!(,+!:())+<!(8<!6;C+<!;8!6+P=+8.+F!6;8.+!*'+!G%[')
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
!
"#$E`S$_!
!!
T/,! +(.'! G%#>;56"+) X6'#) A>&%6! /,! $;"!7BF! *'+! 8>++'&6) A54) T%,6) 6'/46! (22!./,,+6)/8<;8@!+P=;):+8*!;*+:6!;8!K6)+8!E`SD!!XH6+,?+!*'(*!9/,!*'+!<+9(=2*!./89;@=,(*;/8F!G65&(5+(P2"65;F!9;?+!+P=;):+8*!;*+:6!(,+!;8.2=<+<Z!2JP23Q_ZC!A*/4+,BF!1Z)UXcZC)2PG!A./8<+86+,BF!12)1W3Xd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`S!*'(*!.(8!H+!:/<;9;+<D! ! 7/! :/<;91! *'+! +P=;):+8*! *1)+F! ';@'2;@'*! *'+! ;*+:! */! H+! :/<;9;+<D! ! E8! *';6!+>(:)2+F! *'+!5+**2+! ,+H/;2+,!4;*'!N$*=H+6!;6!,+)2(.+<!H1!(!5+**2+!,+H/;2+,!4;*'!(!92/(*;8@!'+(<D!!7/!H+@;8F!*'+!3R)LP2LRZ),+H/;2+,!;6!<+2+*+<!H1!';@'2;@'*;8@!;*!(8<!),+66;8@!C';'6')W&')A544%&BZ!!!
!
"#$E`S$&R!
!!Y'<)A544%&B!;6!),+66+<!(8<!+'$!;6!';@'2;@'*+<!/8!*'+!6.,++8!*'(*!())+(,6D!!7'+8F!W.!;6!),+66+<D!!!
!!
3+>*F! 1'56) Z/!-5&B'+,=) -'56'+,) ;6! ';@'2;@'*+<) /8! *'+! X8Q3LG! 0+"O'!6) 8"#4"&'&6)G';'!6%"&!<;(2/@!H/>!*'(*!())+(,6F!(8<!W.);6!),+66+<E!!
!!3'$"%;'+! ;6! .'/6+8! 9,/:! *'+! <;(2/@! H/>! *'(*! ())+(,6F! (8<! 9;8(221! (!.'66;') 6:4') +'$"%;'+)<%6-)*;"56%&B)-'5();6!6+2+.*+<!(6!*'+!2(6*!6*+)!/9!*'+!,+)2(.+:+8*!),/.+<=,+D!!!
"#$E`S$&&!
!!!!!!!!!!!!!!!!!K9*+,! *'+6+! 6*+)6! (,+! ./:)2+*+<F! *'+! :/<;9;+<! :());8@! 6'/=2<! ())+(,! /8! *'+! 0+"O'!6)8"#4"&'&6)A54)0+'?%'<!<;(2/@!H/>Z!!
!!!!!!!!!!!!!!!!!!!! !!!X*'+,!:());8@6!.(8!H+!(2*+,+<!;8!(!6;:;2(,!9(6';/8D!!T/,!+>(:)2+F!9/,!*'+!./8<+86+,F!*'+!:());8@! ;6!(2*+,+<! 9,/:!(! 6'+22$(8<$*=H+!'+(*!+>.'(8@+,!4;*'!(!9;>+<! *=H+!6'++*! */!/8+!4;*'!(!92/(*;8@!'+(<D!!\'+8!*'+!<+6;,+<!.'(8@+6!(,+!./:)2+*+<F!),+66!W.)*/!./8*;8=+!(8<!4(;*!9/,!*'+!+P=;):+8*!:());8@!(8<!6;C;8@!*/!H+!./:)2+*+<D!!
"#$E`S$&M!
K*! *';6! )/;8*F! *'+! +P=;):+8*! ;*+:6! '(?+! H++8! 6;C+<! H1!K6)+8! E`S! AH+.(=6+! *'+!G%[') X8Q3LG)0+"O'!6)8"#4"&'&6,)H=**/8!4(6! .'+.5+<! ;8! *'+!A54)<;(2/@! H/>BF!4'/6+!.(2.=2(*;/86! (,+! H(6+<! =)/8! *'+! 6;:=2(*/,! <(*(F! (6! 4+22! (6! *'+! <+9(=2*! ?(2=+6! 6)+.;9;+<!+(,2;+,D!!K6!+(.'!+P=;):+8*!;*+:!;6!6;C+<F!;*!())+(,6!;8!*'+!K6)+8!E`S!A5%&)4;8</4!(6!(!2;6*^!*'(*!;6F!*'+!T%,6)4;8</4D!!3/*+!*'(*!*'+!0+"O'!6)Z/4;"+'+!4;8</4!<;6)2(16!*'+!0+"!',,)D%'<Z!
!
!!!!!!! !!
7'+!H2=+!H/>+6!*/!*'+!2+9*!/9!+(.'!;*+:!;8!*'+!2;6*!;8<;.(*+!*'+!0+"O'!6)8"#4"&'&6,D!!7'+!1+22/4!(,,/46!;86;<+!*'+!H/>+6!;8<;.(*+!*'(*!*'+!+P=;):+8*!;*+:!4(6!/H*(;8+<!9,/:!*'+!:());8@!/9!(!),/.+66!6;:=2(*;/8!=8;*F!4'/6+!8(:+!())+(,6!(9*+,!;*6!H/>D!!3/*+!*'(*!H1!<+9(=2*! K6)+8! E`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
!E8! (<<;*;/8F! ;*! ;6! )/66;H2+! */! ?;+4! *'+! X0Z) 0+"!',,) U;"<) C%5B+5#E! ! 7';6! ;6!
(../:)2;6'+<!=6;8@!*'+!D%'<))=22</48!:+8=!(8<!.2;.5;8@!/8!0+"!',,)U;"<)C%5B+5#!*/!),/<=.+Z!)))
"#$E`S$&O!
)))
!)3/*+! *'(*! *'+! =8;*! ;./86! (8<! 6*,+(:6! '(?+! H++8! ,+)/6;*;/8+<! =6;8@! l<,(@! (8<! <,/)m!9(.;2;*;+6D!!E*!;6!(26/!)/66;H2+!*/!?;+4!(!2;6*!/9!*'+!),/.+66!6*,+(:6!=*;2;C+<!H1!K6)+8!E`S^!*'(*! ;6F! (! 2;6*!/9!(22! 6*,+(:6!(8<! *'+;,!)'16;.(2!),/)+,*;+6! ;8! *'+!0+"!',,)U;"<)C%5B+5#D!!N6;8@!*'+!D%'<))=22</48!:+8=F!.2;.5!/8!G6+'5#,)T%,6!*/!),/<=.+Z!!
!!!!!!!!!!!!! !
"#$E`S$&Q!
!!!T;8(221F! *'+! X0Z)R;"!7)U;"<)C%5B+5#! 6'/46! *'+! 6;:=2(*;/8! 92/46'++*D! ! E*! ;6! <;6)2(1+<!=6;8@!*'+!D%'<))=22</48!:+8=!(8<!.2;.5;8@!/8!R;"!7)U;"<)C%5B+5#!*/!@;?+Z!!
!!!
]());8@!-+6=2*6D!!K9*+,!K6)+8!E`S!'(6!:())+<!(8<!6;C+<!*'+!+P=;):+8*!;*+:6F!;*!;6! ),=<+8*! */! .'+.5! *'+! ,+6=2*6F! +6)+.;(221! 9/,! :(V/,! +P=;):+8*! ;*+:6! 6=.'! (6! */4+,6F!./:),+66/,6F! (8<! .'+:;.(2! ,+(.*/,6D! ! 7'+6+! ;*+:6! (,+! =6=(221! ?+,1! +>)+86;?+F! (8<!./86+P=+8*21F! ;*! ;6! (! @//<! ),(.*;.+! */! +6*;:(*+! +P=;):+8*! 6;C+6! ;8<+)+8<+8*21! 9/,!./:)(,;6/8!4;*'!*'+!K6)+8!E`S!,+6=2*6D!!7/!?;+4!*'+!K6)+8!E`S!,+6=2*6!9/,!(8!+P=;):+8*!;*+:F!</=H2+!.2;.5!/8!*'+!;*+:!/8!*'+!E`S!J"+7$""7)4;8</4)/,!/8!;*6!;./8!;8!*'+!0+"!',,)U;"<) C%5B+5#D! ! T/,! +>(:)2+F! *'+! 9/22/4;8@! ./:)/8+8*! 6)+.;9;.(*;/8) 9/,:F! 4';.'!./8*(;86!6/:+!/9!*'+!6;C;8@!,+6=2*6F!;6!/H*(;8+<!9/,!*'+!<+),/)(8;C+,!*/4+,D!!!
"#$E`S$&J!
!!XH6+,?+! *'(*! *'+!<+),/)(8;C+,! */4+,!4(6!<+6;@8+<!H1!K6)+8! E`S! */!'(?+! (!J! 9*!
<;(:+*+,!(8<!(!QM!9*!A*(8@+8*$*/$*(8@+8*B!'+;@'*!=6;8@!6;+?+!*,(16D!!3/*+!*'(*!*'+!8=:H+,!/9! *,(16! ;6! *'+!8=:H+,!/9!+P=;2;H,;=:!6*(@+6! A&M!g!&Q!r!MF!+>.2=<;8@! *'+!./8<+86+,!(8<!,+H/;2+,B! <;?;<+<! H1! *'+! *,(1! +99;.;+8.1! ARD%BF! 4';.'! ;6! &MfRD%! g! &JD! !\;*'! (! M$9*! *,(1!6)(.;8@F!(!Q$9*!';@'!<;6+8@(@+:+8*!,+@;/8!(*!*'+!*/)!(8<!(!&R$9*!';@'!6=:)!(*!*'+!H/**/:F!*'+! 8/:;8(2! ?+66+2! *(8@+8*$*/$*(8@+8*! '+;@'*! ;6! M!-! &Q! W! Q! W! &R! g! QM! 9*F! (6! 6'/48! H1!K6)+8!E`SD!!K26/F!K6)+8!E`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`S!(8<!9/22/4!*'+!)(*'!Q,4'&)X!5+>,)0+"!',,)Z?5;>56"+)eeEe)+!X!5+>,)3'*'+'&!'BD!!T=,*'+,:/,+F!*'+!+99+.*!/9!:(*+,;(2!/8!6;C+!(8<!./6*!.(8!H+!<+*+,:;8+<!+(6;21D!!E8!6/:+!.(6+6F!(!';@'$6*,+8@*'!(22/1F!*'(*!;6!:/,+!+>)+86;?+!)+,!)/=8<F!:(1!'(?+!*';88+,!4(226!(8<!H+!2+66!+>)+86;?+!*'(8!(!2/4$6*,+8@*'!:(*+,;(2!*'(*!;6!2+66!+>)+86;?+!)+,!)/=8<D!!! ! !! "'(8@+6!.(8!H+!:(<+!*/!(81!/9!*'+!+P=;):+8*!6;C+6!./:)=*+<!H1!K6)+8!E`S!/,!*/!*'+! <+9(=2*! ?(2=+6! =6+<! H1! K6)+8! E`SD! ! K6! .'(8@+6! (,+! :(<+F! <+)+8<+8*! ,+6=2*6! (,+!(<V=6*+<!H1!K6)+8!E`SD!!
K!:/,+! <+*(;2+<! ,+)/,*! .(8! H+! /H*(;8+<! ;8! *4/! 4(16D! ! T;,6*F! ,;@'*! .2;.5! /8! *'+!+P=;):+8*! ;*+:! ;8! *'+!0+"!',,)U;"<)C%5B+5#! (8<! 6+2+.*! X6'#)3'4"+6) ;8! *'+!:+8=! *'(*!())+(,6D! ! K2*+,8(*;?+21F! ,;@'*! .2;.5! /8! *'+! +P=;):+8*! ;*+:! ;8! *'+! 0+"O'!6) D%'<) /9! *'+!
"#$E`S$&G!
0+"O'!6)Z/4;"+'+);8!*'+!A5%&)4;8</4!A/,!;8!*'+!T%,6)D%'<B!(8<!6+2+.*!X6'#)3'4"+6!;8!*'+!:+8=!*'(*!())+(,6D!!7'+6+!6*+)6!),/<=.+!*'+!X6'#)3'4"+6F!(!)/,*;/8!/9!4';.'!;6!;22=6*,(*+<!'+,+!9/,!*'+!./8<+86+,Z!!!!
!!
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`S! .(8! +(6;21! ./:)(,+! *'+! .();*(2! ./6*6! (*!?(,;/=6!),+66=,+6D!!3/*+!(26/!*'(*!K6)+8!E`S!=6+<!*4/!92/(*;8@$'+(<F!6'+22$(8<$*=H+!'+(*!+>.'(8@+,! ;8!)(,(22+2! 9/,!./8<+86;8@! *'+!/?+,'+(<!?()/,D! !S(.'!./8<+86+,!'(6!*4/!*=H+!)(66+6!4;*'!(! *+:)+,(*=,+!./,,+.*;/8!9(.*/,!nU2) ;8!SPD!A&ODIBo!/9!RDGOJD! !7'+!8=:H+,!/9!*=H+!(8<!6'+22!)(66+6! 9/,!+(.'!+>.'(8@+,!.(8!H+!6++8!/8! *'+!,+)/,*!),/<=.+<!H1!</=H2+!.2;.5;8@!/8!*'+!./8<+86+,!;8!*'+!E`S!J"+7$""7)4;8</4)/,!/8!*'+!./8<+86+,!;./8!;8!*'+!0+"!',,) U;"<)C%5B+5#D! ! E*! :;@'*! H+! )/66;H2+! */! ;:),/?+! *'+! ./8<+86+,! <+6;@8! H1! ,+$6;C;8@!*'+!=8;*!4;*'!<;99+,+8*!8=:H+,6!/9!6'+22!(8<!*=H+!)(66+6!*/!@;?+!(!./,,+.*;/8!9(.*/,!.2/6+!*/!=8;*1D!!!
"#$E`S$&I!
0*(8<(,<!L(6;6!! !! 0;>! 6*(8<(,<! H(6;6! ),/9;2+6! (,+! (?(;2(H2+! 4;*';8! K6)+8! E`S! 9/,! +6*;:(*;8@! *'+!.();*(2!./6*D! !7'+6+!:/<+2!*'+!8(*=,+!/9!*'+!./8*,(.*/,!*/!+>+.=*+!*'+!),/V+.*F!<+)+8<;8@!/8! *'+! 6;C+!/9! *'+!),/V+.*F!(6!6'/48!H+2/4D! !7',++!/9! *'+!),/9;2+6!(,+! 9/,!),/V+.*6! */!H+!+>+.=*+<!H1!(8!W<&'+!./:)(81!ARF!&F!(8<!MBF!(8<! *'+!/*'+,! *',++!(,+!9/,!),/V+.*6! */!H+!+>+.=*+<! H1! Z&B%&''+%&B) 5&() 8"&,6+>!6%"&! 9;,:6! AOF! QF! (8<! JBD! ! T/,! *'+! 6:(22!<+),/)(8;C+,!),/V+.*!/9!*';6!+>(:)2+F!*'+!TW8QT)8WY23Q82W3);6!()),/),;(*+D!!!!!!
!!7/!6+2+.*!(!6*(8<(,<!H(6;6!),/9;2+!9/,!(!),/V+.*F! ;8! *'+!0+"O'!6)R5,%,!?;+4F!,;@'*$.2;.5!/8!*'+!R5,%,)*"+)854%65;)8",6,D!!"2;.5!G';'!6)*/!.'//6+!*'+!:/6*!()),/),;(*+!),/9;2+D!!
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
"#$E`S$&%!
!!
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
!N8<+,!0+"O'!6) 2:4'F! .2;.5! /8! *'+!D5;>') 9;+2<! */! ),/<=.+! (! )=22</48!:+8=! *'(*!
<;6)2(16!*'+!/)*;/86Z!!! ! ! b,(66!-//*6f"2+(,!9;+2<!! ! ! `2(8*!(<<;*;/8!r!(<V(.+8*!*/!+>;6*;8@!)2(8*!! ! ! `2(8*!(<<;*;/86!r!;86;<+!+>;6*;8@!)2(8*!!!!!!!!!!! ! ! `2(8*!(<<;*;/8!r!6=)),+66+<!;89,(6*,=.*=,+!! ! ! `2(8*!:/<;9;.(*;/8f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
"#$E`S$&_!
SP=;):+8*!"/6*;8@!!
! K6)+8! E`S! +6*;:(*+6! *'+! )=,.'(6+! (8<! ;86*(22+<! ./6*! /9! +(.'! +P=;):+8*! ;*+:!;8<;?;<=(221!/,!),/?;<+6!+6*;:(*+6!9/,!(22!/9!*'+!+P=;):+8*!;*+:6!A;D+DF!*'+!+8*;,+!),/V+.*B!=6;8@!(!6;8@2+!./::(8<D!!T/,!(8!;8<;?;<=(2!=8;*F!,;@'*!.2;.5!/8!*'+!=8;*!;8!*'+!T%,6)D%'<)(8<!6+2+.*!Z?5;>56')X6'#E)K6)+8!E`S!),/<=.+6!(!<+*(;2+<!;*+:!,+)/,*!9/,!*'+!=8;*D!!T/,!*'+!<+),/)(8;C+,!*/4+,F!H1!6.,/22;8@!(H/=*!(!*';,<!/9!*'+!4(1!</48!*'+!,+)/,*F!*'+!9/22/4;8@!6=::(,1!/9!*'+!./6*!+6*;:(*+6!())+(,6Z!!
!!XH6+,?+!*'(*!*'+!*/4+,!<+6;@8+<!H1!K6)+8!E`S!'(6!(!0>+!-5,'()HZV>%4#'&6)5&()G'66%&BI)8",6!/9!vGQF&RR!(8<!(8!X&,65;;'()C%+'!6)8",6!/9!v&_MFGRRF!4';.'!;8.2=<+6!*'+!./6*!/9!*'+!*/4+,! (8<! 6+**;8@! ;*! ;8! )2(.+! /8! ;*6! 9/=8<(*;/8! A.;?;2BD! ! K*! *';6! )/;8*F! *'+! <+6;@8+,! .(8!/H6+,?+! *'+! +99+.*6! /9!:/<;9;.(*;/86! ;8! *'+! <+6;@8! 6)+.;9;.(*;/86! /8! *'+6+! ./6*6! 9/,! *'+!=8;*D!!L+!(4(,+!*'(*!*'+!2"65;)A56'+%5;)5&()A5&4"<'+)8",6);6!*'+!./6*!/9!*'+!+P=;):+8*!;*+:! (8<! *'+! <;,+.*! ./6*! /9! ;86*(22(*;/8! :(*+,;(26! (8<! 2(H/,! A<;,+.*21! ,+2(*+<! */! *'+!+P=;):+8*! ;*+:BD! !7'+6+! ;8.2=<+! *'+!););8@!(8<!9;+2<! ;86*,=:+8*6! *'(*!H,;8@! *'+!),/.+66!6*,+(:6!*/!(8<!9,/:!*'+!*/4+,^!*'+!9/=8<(*;/8!*/!6=))/,*!*'+!*/4+,F!6*,=.*=,(2!6*++2!A+D@DF!2(<<+,6!(8<!)2(*9/,:6!(**(.'+<! */! *'+! */4+,B^!+2+.*,;.(2! 2;@'*;8@F!'+(*! *,(.;8@F!.(H2+F!(8<!2/.(2! ./:)/8+8*6^! ;86=2(*;/8^! ););8@^! (8<! 9;,+),//9;8@D! ! E*! </+6! 8/*! ;8.2=<+Z! A&B! *'+!9,(.*;/8(2! ./6*! /9! H=;2<;8@6F! );)+! ,(.56F! *'+! ),/V+.*! ./8*,/2! 616*+:! /,! +2+.*,;.(2!6=H6*(*;/86F! 9;,+! ./8*,/2! 616*+:6F! .'+:;.(2! (8<! 6*/,:! 6+4+,6! (8<! <,(;86F! *,+(*:+8*!616*+:6F! 9+8.+6F! @=(,<! '/=6+6F! +*.D^! AMB! *'+! 4/,5! ,+P=;,+<! */! )+,9/,:! H(6;.! (8<! <+*(;2!+8@;8++,;8@F! */!),/.=,+!(22!),/V+.*!./:)/8+8*6F!(8<! */!:(8(@+! *'+!+8@;8++,;8@!),/.+66^!(8<!AOB!*(>+6F!9,+;@'*!*/!*'+!6;*+F!)+,:;*6F!,/1(2*;+6F!+*.D!!!
"#$E`S$MR!
!"/86+P=+8*21F! *'+!*/*(2!:(*+,;(2!(8<!:(8)/4+,!./6*! ;6!&"6! *'+!*/*(2!H(,+!:/<=2+!
./6*!<;6.=66+<!;8!0+.*;/8!&GDO!/9!*'+!*+>*H//5D!!7'+!+6*;:(*+!,+)/,*+<!H1!K6)+8!E`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
!7/! '(?+!K6)+8! E`S! +6*;:(*+! *'+! .();*(2! ./6*6! /9! (22! *'+! =8;*6! (*! /8.+! A;D+DF! *'+!
+8*;,+!),/V+.*BF!),+66!*'+!Z?5;>56')0+"O'!6)H=**/8!/8!*'+!E`S!A5%&)4;8</4D!!7'+!Z?5;>56')0+"O'!6) <;(2/@! H/>! ())+(,6D! ! 7'+! <;(2/@! H/>! 6'/46! *'+! <+9(=2*! ,+)/,*! 9;2+! 8(:+F!"K`w-S`D""`D! !7'+!./8*+8*6!/9! *';6! ,+)/,*!(,+!?;+4+<! ;8! *'+!X8Q3LG)Z(%6"+D! ! E9!1/=!),+9+,!(!<;99+,+8*!8(:+F!+D@DF!#S"O!(6!6'/48!H+2/4F!+8*+,!;*!;8!*'+!3'4"+6)U%;'!9;+2<D!
!
!!!!!!!!!!!!!!!!! !!
\'+8!9;8;6'+<!4;*'!;*6!+?(2=(*;/8F!K6)+8!E`S!<;6)2(16!(!4;8</4!*'(*!./8*(;86!(8!+>+.=*;?+! 6=::(,1!/9! ;*6! ,+6=2*6D!7';6!4;8</4! ;6!8/*! 6'/48!'+,+D! !3/*+! *'(*!4'+8! *'+!=6+,! ),+66+6! *'+!2"";,) )=22</48!:+8=F! 6+2+.*6!W46%"&,F! (8<! *'+8!D%'<) G4+'5(,-''6) %&)Z/!';F!K6)+8! E`S! ;6! (.*;?(*+<! */!),+)(,+! 6+?+,(2! 6),+(<6'++*6F! ;8.2=<;8@! *'+!ZV>%4#'&6)G>##5+:F!L6%;%6:) G>##5+:! A(?(;2(H2+! ;8! q+,6;/8! &MD&BF!0+"OG>#F!Z/'!>6%?') G>##5+:F!(8<!3>&)G>##5+:) 6),+(<6'++*6D! ! ! !T/,! *'+!<+*(;26! /9! *'+6+! 6),+(<6'++*6F! 6++! *'+!Q,4'&)X0Z) L,'+],) 9>%(') A),+66! *'+! 1';4) H=**/8! (8<! 9/22/4! *'+! )(*'! Q,4'&) X!5+>,) 0+"!',,)Z?5;>56"+)L,'+],)A5&>5;)+!Z?5;>56%&B)6-')0+"O'!6!+!3'?%'<%&B)X&?',6#'&6)Q&5;:,%,BE!!!!!!!!! 7/! ?;+4! (! <+*(;2+<! ,+)/,*! /9! *'+! .();*(2! ./6*6F! (..+66! *'+! X8Q3LG) Z(%6"+! H1!),+66;8@! *'+!854%65;)8",6,) AvB! H=**/8! /8! *'+! E`S!A5%&)4;8</4D! !X8! *'+!G';'!6)3'4"+6)2:4')6")D%'<)<;(2/@!H/>F!:(,5!*'+!Z?5;>56%"&)3'4"+6,!.'+.5H/>!(8<!),+66!*'+!W.!H=**/8D!!3/*+!*'(*!4'+8!*'+!X&6'+5!6%?')3'4"+6,!.'+.5H/>!;6!),+66+<F!*'+!Q,4'&)X8Q3LG)3'4"+6'+)<;(2/@!H/>!;6!),/<=.+<D!!7';6!)+,:;*6!*'+!=6+,!*/!6+2+.*!;8<;?;<=(2!;*+:6!*/!H+!+>(:;8+<!,(*'+,!*'(8!+8*;,+!,+)/,*6!(6!<;6.=66+<!H+2/4D!!!
"#$E`S$M&!
!!!
!!!!!!!!!!!! !!7'+!X8Q3LG)Z(%6"+!<;6)2(16!*'+!,+)/,*!;8!*4/!(<V(.+8*!4;8</46=)4;*'!*'+!:(V/,!
6=HV+.*! '+(<;8@6! 2;6*+<! ;8! *'+! 2+9*$'(8<! 4;8</4D! ! ]/6*! /9! *';6! ;89/,:(*;/8F! *'/=@'!8+.+66(,1! 9/,! /H*(;8;8@! (..=,(*+! ./6*! +6*;:(*+6F! ;6! 9(,! *//! <+*(;2+<! 9/,! :/6*! +6*;:(*+6!<=,;8@! *'+! ./8.+)*=(2! <+6;@8! 6*(@+F! (8<! '+8.+F! ;6! 8/,:(221! 8/*! ),;8*+<! H1! ),/.+66!+8@;8++,6F! 9/,! 4'/:! *'+6+! ./=,6+! 8/*+6! (,+! ;8*+8<+<D! ! X9! @,+(*+6*! ;8*+,+6*! */! ),/.+66!+8@;8++,6F!;6!*'+!;89/,:(*;/8!;8!*'+!9/22/4;8@!*4/!6+.*;/86Z!!
eE) ZV>%4#'&6)T%,6)FE) 8WY23Q82W3)YWE)e)03XAZ)8WY23Q82W3)!
4';.'! (,+! (..+66+<! H1! </=H2+$.2;.5;8@! /8! *'+6+! *;*2+6! ;8! *'+! 2+9*$'(8<! 4;8</4D! ! E*! ;6!,+./::+8<+<!*'(*!V=6*!6:(22!)/,*;/86!/9!*'+!,+)/,*!H+!),;8*+<D!!7';6!;6!(../:)2;6'+<!H1!';@'2;@'*;8@!*'+!<+6;,+<!6+.*;/8!(8<!),+66;8@!*'+!0+%&6)H=**/8!/8!*'+!*//2H(,D!!E*!;6!/9*+8!),+9+,(H2+!*/!),;8*!;8!2(8<6.()+!9/,:(*D!!!!
\'+8! *'+! ()),/),;(*+! 6)+.;9;.(*;/86! (,+! :(<+F! K6)+8! E`S! ./:)=*+6! (88=(2!/)+,(*;8@!./6*6F!(6!4+22!(6!(!./:)2+*+!),/9;*(H;2;*1!(8(216;6F!*'+!,+6=2*6!/9!4';.'!())+(,!;8!*';6! X&?',6#'&6) Q&5;:,%,! 6),+(<6'++*D! ! 7'+6+! 8/*+6! <;6.=66! .();*(2! ./6*! +6*;:(*;/8! /821!H+.(=6+!*'+!6),+(<6'++*F!`,/9;*(H;2;*1!K8(216;6$&DRD>26F!4';.'!;6!<;6.=66+<!;8!0+.*;/8!&ID%!/9! *'+! *+>*H//5F! ;6! =6+<! */! ./:)=*+! /)+,(*;8@! ./6*6F! 4/,5;8@! .();*(2F! (8<! ),/9;*(H;2;*1!:+(6=,+6D!!!!!
K6!6'/48!H+2/4F!*'+!T%,6)"*)ZV>%4#'&6)5&()R>;7)A56'+%5;)$:)Q+'5))/,*;/8!/9!*'+!,+)/,*) ;6! <;6)2(1+<!4'+8! *'+!ZV>%4#'&6)T%,6) ;6! (..+66+<D! !7';6!),/?;<+6! *'+!0>+!-5,'()HZV>%4#'&6) f) G'66%&BI) (8<) X&,65;;'() C%+'!6) 8",6,! A;D+DF!2"65;)A56'+%5;) 5&()A5&4"<'+)8",6)/,!2"65;)C%+'!6)A56'+%5;,) 5&()T5$"+)8",6B! 9/,! +(.'! );+.+! /9! +P=;):+8*F! +D@DF! *'+!,+H/;2+,!(6!6'/48!8+>*D! !3/*+!*'(*! *'+!,;@'*$'(8<!4;8</4!H+2/4!;6!<;6)2(1+<!=6;8@!(!I$)/;8*! 9/8*D! ! 7';6! ;6! (.';+?+<! H1! ),+66;8@! *'+! G';'!6) U"&6) H=**/8! /8! *'+! *//2H(,D!!T=,*'+,:/,+F! )/,*;/86! /9! *'+! ./:)2+*+! ),;8*+<! /=*)=*! (,+! ),/?;<+<! ;8! K))+8<;>! EEE! /9!*'+6+!8/*+6D!!!!
"#$E`S$MM!
!! !! E8! 6=::(,1F! *'+! +P=;):+8*! 6;C+6F! )=,.'(6+! ./6*6F! (8<! */*(2! :(*+,;(2! (8<!:(8)/4+,!./6*!9/,!*'+!<+),/)(8;C+,!616*+:!A4;*'/=*!*'+!,+H/;2+,!)=:)B!(,+!(6!9/22/46Z!!!
!0;:=2(*;/8!N8;*!
!SP=;):+8*!E*+:!
!0;C+!
!`=,.'(6+!"/6*!
7/*(2!](*+,;(2!!(8<!](8)/4+,!"/6*!
!#&! 7/4+,! JDR!9*!<;(:D!
QM!9*!'+;@'*!GQF&RR! &_MFGRR!
! -+92=>!)=:)! J!U)! JFMRR! OJFMRR!! -+H/;2+,! OFJ%R!9*M! JMFGRR! &&JFRRR!! "/8<+86+,! &&F&RR!9*M!
JFJJR!9*Mf6'+22!&O_FQRR! MM_FGRR!
! -+92=>!(..=:=2(*/,!!
MFOJR!@(2! &_FRRR! IQFQRR!
! ! 7X7Ka! vM%RFORR! vGQGF%RR!!!! 7'+!8"&6+5!6)G>##5+:)6+.*;/8!/9!*'+!854%65;)Z,6%#56')3'4"+6);6!<;6)2(1+<!4'+8!*'+!8WY23Q82)YWE)e)03XAZ)8WY23Q82W3!;6!(..+66+<D!!7'+!+8*,;+6!6'/48!H+2/4!(,+!;8! (! G$)/;8*! 9/8*! (8<! (,+! */*(26! 9/,! (22! /9! *'+! +P=;):+8*! ;*+:6! A;D+DF! *'+! +8*;,+! ),/V+.*BD!!3/*+!*'(*!6+2+.*+<!)/,*;/86!/9!*'+!./:)2+*+!),;8*+<!/=*)=*!(,+!),/?;<+<!;8!K))+8<;>!EEE!/9!*'+6+!8/*+6D!!!
"#$E`S$MO!
!!
3/*+! *'(*! *'+! +8*,1! 9/,! *'+! )=,.'(6+<! +P=;):+8*F! vM%_FMRRF! 9,/:! 2;8+! &=! ;6!()),/>;:(*+21! *'+! 6=:! /9! *'+! +8*,;+6! 9/,! *'+! );+.+6! /9! +P=;):+8*! ),/?;<+<! (H/?+F!vM%RFORRD!!7'+!<;99+,+8.+!;6!<=+!*/!*'+!A%,!E)X6'#)Q;;"<5&!')Av%FJRRB!(8<!*'+!J5+'-">,')G45+',)AvOIRBD!!7'+6+!(<<;*;/8(2!;*+:6!(,+!;8!8"(')"*)Q!!">&6,)&RJ!(8<!&RI!(8<!())+(,!;8!*'+!8"(')"*)Q!!">&6,)G>##5+:)6+.*;/8!/9!*'+!854%65;)Z,6%#56')3'4"+6)AV=6*!H+2/4!*'+!8"&6+5!6)G>##5+:DB!!! 7'+! */*(2! <;,+.*! :(*+,;(2! (8<! :(8)/4+,! ./6*6! 9/,! ./86*,=.*;/8! /9! *'+! )2(8*! (,+!vGRJFQRR!(8<!v&JMF&RRF!(6!6'/48!;8!2;8+!&&D!!7'+6+!6=:!*/!vIJIFJRR!(8<!;8.2=<+!;*+:6!*'(*! .(88/*! H+! .'(,@+<! */! *'+! ;8<;?;<=(2! +P=;):+8*! ;*+:6! A+D@DF! .'(,@+6! 9/,! ;86*,=:+8*!*+6*;8@F! );)+! *+6*;8@F! (8<! +P=;):+8*! @,/=8<;8@BD! ! 3/*+! *'(*! *'+! ;86*(22+<! ./6*6! /9! *'+!+P=;):+8*!;*+:6!(,+!<;6)2(1+<!/8!*'+!T%,6)D%'<Z!!
"#$E`S$MQ!
!!7'+! ;86*(22+<! ./6*6! 6=:! */!vGQGF%RR^! *'(*! ;6F! v&R%FIRR! 2+66! *'(8! *'+! */*(2!<;,+.*!./6*!/9!:(*+,;(26! (8<!:(8)/4+,! 9/,! ;86*(22(*;/8! /9! *'+! )2(8*F! vIJIFJRRD! ! 7';6! X&,65;;'()C%+'!6)8",6F)8#EF!;6!,+9+,,+<!*/!;8!"'()*+,!&G!/9!*'+!*+>*H//5!(6!*'+!2"65;)C%+'!6)A56'+%5;,)5&()T5$"+)8",6F!8#]aD!!T;8(221F!*'+!:(*+,;(26!(8<!:(8)/4+,!;*+:6!*'(*!(,+!8/*!.'(,@+(H2+!*/!*'+!;8<;?;<=(2!+P=;):+8*!;*+:6!(,+!<;6)2(1+<!;8!*'+!Q+'5)R>;7)3'4"+6)4;*';8!*'+!854%65;)Z,6%#56')3'4"+6Z!!
A R E A B U L K R E P O R T ================================================================================================================================= : : : : : M A N P O W E R : TOTAL : : : ITEM : D E S C R I P T I O N :------------------------------------: MATERIAL :------------------: DIRECT : :ORIGIN : SYMBOL :---------: D E S I G N D A T A : COST-USD : MANHOURS:COST-USD: COST-USD: ================================================================================================================================= AREA MISC CONCRETE ITEMS 638. 138 2341. 2979. AREA PIPE TESTING 0. 192 4564. 4564. GRADE UNPAVED AREA 7534. 127 2648. 10182. Area length 50.000 FEET Area width 50.000 FEET AREA INSTRUMENT TESTING 0. 95 2124. 2124. AREA INSTR. RUNS,TRAYS,JBOX. 3086. 60 1266. 4352. AREA EQUIPMENT GROUNDING 185. 11 231. 416. AREA PILED FOUNDATION 8807. 83 1407. 10214. Number of piles 14 AREA ELECTRICAL TESTING 0. 16 344. 344. AREA ROTATING EQP SPARE PARTS 370. 0 0. 370.
"#$E`S$MJ!
7'+6+!8/8$.'(,@+(H2+!;*+:6!(<<!*/!vOJFJQJD!!7/@+*'+,!4;*'!*'+!W6-'+);*+:!/8!2;8+!&R!/9!*'+! 8"&6+5!6) G>##5+:F! vJGFORRF! (8<! 8"(') "*) Q!!">&6,) ;*+:! &RJF! 9/,! +P=;):+8*!./8*;8@+8.;+6!*/!(22/4!9/,!<+6;@8!.'(8@+6F!v%FJRRF!*'+6+!6=:!*/!()),/>;:(*+21!v&RRFORR!A4';.'!;6!6=99;.;+8*21!.2/6+!*/!v&R%FIRRF!*'+!<;99+,+8.+!,+)/,*+<!(H/?+BD!!!
-+*=,8;8@! */! *'+! 854%65;) Z,6%#56') 3'4"+6=) :(*+,;(2! (8<! :(8)/4+,! ./6*6!(66/.;(*+<!4;*'!9)5&()Q)H9'&'+5;)5&()Q(#%&%,6+56%?'I)W?'+-'5(,F!v&%FMRR!(8<!vQFGRRF!(,+!/H*(;8+<!9,/:!2;8+!&OF!(8<!:(*+,;(2!(8<!:(8)/4+,!.'(,@+6!(66/.;(*+<!4;*'!8"&6+5!6)U'',F! vM&F_RR! (8<! v&GFJRRF! 9,/:! 2;8+! &QD! ! 7'+6+! 6=:! */! vG&FMRRD! ) 7'+! ./8*,(.*/,!+8@;8++,;8@! (8<! ;8<;,+.*! ./6*6! (,+! ;8! ,/4!&JF!RQGZ)2W2QTF! ;8! *'+! 9;,6*! ./2=:8F!=8<+,)CZGX9Y) ZY9]9) QYC) 03W8L3ZAZY2) .PLGCF! (8<! ;8! *'+! 9;9*'! ./2=:8F! =8<+,!8WYG23L82XWY)XYCX3Z82G).PLGCD!!!7'+6+!(,+Z!!
! "/8*,(.*/,!S8@;8++,;8@!"/6*6!! vO%OFIRR!!! E8<;,+.*!"/6*6! ! ! ! vOGJFIRR!!
!7/@+*'+,!4;*'! *'+! 9++6! 9/,!:(*+,;(26! (8<!:(8)/4+,!9) 5&() Q)W?'+-'5(,) (8<!8"&6+5!6)U'',F! *'+6+! (,+! (<<+<! */! *'+! */*(2! <;,+.*! ;86*(22+<! +P=;):+8*! ./6*6F!8#EF! */!@;?+! *'+! XRT)2"65;)R5+')A"(>;')8",6F!87L]D!!
T;8(221F!(22!/9!*'+!K6)+8!E`S!,+6=2*6!.(8!H+!,+),/<=.+<!=6;8@!*'+!#S"O!9/2<+,!A/8!*'+!"#$-X]!;8!*'+!K6)+8!S8@D!0=;*+!9/2<+,B!9,/:!4;*';8!K6)+8!E`SD!!7/*(2!`+,:(8+8*!E8?+6*:+8*!!! 7'+! */*(2! )+,:(8+8*! ;8?+6*:+8*! ;6! ./:)=*+<! H1! *'+! 6),+(<6'++*F! `,/9;*(H;2;*1!K8(216;6$&DRD>26F!<;6.=66+<!;8!0+.*;/8!&ID%!/9!*'+!*+>*H//5D!!\'+8!=6;8@!*'+!K6)+8!E`S!/)*;/8F!*'+!=6+,!+8*+,6Z!!! 7/*(2!#;,+.*!](*+,;(26!(8<!a(H/,!"/6*6!! ! ! !!!!!!!!!!!vIJIFJRR!! ](*+,;(2!(8<!a(H/,!bkK!X?+,'+(<!(8<!"/8*,(.*/,!T++6! ! !!!G&FMRR!! "/8*,(.*/,!S8@;8++,;8@!"/6*6!! ! ! ! ! !O%OFIRR!! E8<;,+.*!"/6*6! ! ! ! ! ! ! ! !OGJFIRR!!K<<;8@!SP=;):+8*!!
7'=6! 9(,F! (22! /9! *'+! +P=;):+8*! ;*+:6! '(?+! /,;@;8(*+<! 4;*'! *'+! 6;:=2(*;/8! =8;*6!9,/:! (8! K0`S3! `aN0! 6;:=2(*;/8D! ! K9*+,! *'+!:());8@6! '(?+! H++8! ./:)2+*+<F! 1+22/4!(,,/46!(,+!)2(.+<! ;8! *'+!H2=+!H/>+6! (66/.;(*+<!4;*'! +(.'!+P=;):+8*! ;*+:! ;8! *'+!K6)+8!E`S!A5%&)4;8</4D! !K26/F! ;8! *'+!0+"!',,)U;"<)C%5B+5#=)(22!/9! *'+! 6*,+(:6!(,+!1+22/4F!4;*'! *'+! +>.+)*;/8! /9! *'+! E`S$@+8+,(*+<! =*;2;*1! 6*,+(:6F! 4';.'! (,+! @,++8D! !\'+8! ;*! ;6!<+6;,(H2+!*/!(<<!(!);+.+!/9!+P=;):+8*!*'(*!;6!8/*!;8!(!6;:=2(*;/8!/,!'(6!8/*!H++8!.,+(*+<!<=,;8@! *'+! :());8@! /9! 6;:=2(*;/8! =8;*6! H1! K6)+8! E`SF! *'+! 9/22/4;8@! 6*+)6! (,+! *(5+8D!!!T,/:! *'+! E`S!A5%&!4;8</4F! ),+66! *'+!0+"O'!6)D%'<) *(H! (*! *'+! H/**/:!/9! *'+! 2+9*$'(8<!4;8</4!A;D+DF!*'+!0+"O'!6)Z/4;"+'+)4;8</4B!*/!@;?+Z!!!
"#$E`S$MG!
)!7'+8F! ';@'2;@'*! A5%&) 0+"O'!6F! ,;@'*! .2;.5F! (8<! ),+66! Q(() Q+'5! */! ),/<=.+! *'+! Q+'5)X&*"+#56%"&) <;(2/@! H/>! ;8! 4';.'! (8! Q+'5) Y5#'! A+D@DF! Y'<) X6'#B! ;6) +8*+,+<! 4;*'! ;*6!<;:+86;/86D! !U+,+F!(!JRY>!JRY!(,+(! ;6! ,+6+,?+<!(8<!=6+<! */!+6*;:(*+!););8@! 2+8@*'6F!+*.D!!7';6! ;6!(<+P=(*+! 9/,!:/6*!())2;.(*;/86D! !3/*+! *'(*! *'+!/,;@;8(2!(,+(!9/,! *'+!)2(8*F!4';.'!4(6!8(:+<!A%,!';;5&'">,)U;"<,-''6)Q+'5!H1!K6)+8!E`SF!;6!(26/!JRY!>!JRY!H1!<+9(=2*D!!
!!`,+66!W.!(8<!*'+!8+4!(,+(F!4';.'!;6!8(:+<!Y'<)X6'#F!())+(,6!/8!*'+!0+"O'!6)D%'<)A2+9*!4;8</4B!/9!*'+!E`S!A5%&)4;8</4D!!
"#$E`S$MI!
!!!!!!!!!!!!!!!! !!3+>*F! ';@'2;@'*! *'+!Y'<) X6'#)(,+(F! ,;@'*! .2;.5F! (8<!.2;.5!/8!Q(()0+"O'!6)8"#4"&'&6! */!),/<=.+! *'+! X8Q3LG!0+"O'!6) 8"#4"&'&6) G';'!6%"&! <;(2/@! H/>D! ! T/,! *'+! (<<;*;/8! /9! (!,+H/;2+,!)=:)F!+8*+,!3'$"%;'+)0>#4)(6!*'+!0+"O'!6)8"#4"&'&6)Y5#'F!';@'2;@'*!0+"!',,)'V>%4#'&6!(8<!),+66!*'+!W.!H=**/8D!!!
!!!!!!!!!!!!!!!!!!!!!!!!!! !!"/8*;8=+!*',/=@'!*'+!()),/),;(*+!:+8=6!=8*;2!*'+!<+6;,+<!+P=;):+8*!*1)+!;6!/H*(;8+<F!4';.'!;8!*';6!+>(:)2+!;6!(!.+8*,;9=@(2!)=:)D!!
"#$E`S$M%!
!!!!
!!
"#$E`S$M_!
!!!K9*+,!*'+!W.)H=**/8!;6!),+66+<F!*'+!)=:)!6)+.;9;.(*;/8!9/,:!;6!<;6)2(1+<D!!!
!!
"#$E`S$OR!
3/*+! *'(*! *'+! 6)+.;9;.(*;/86! (,+! ;8./:)2+*+! H+.(=6+! *'+! 3'$"%;'+) 4>#4! '(6! 8/*! H++8!./88+.*+<!;8*/!*'+!:(;8!),/.+66F!4';.'!,+6;<+6!;8!*'+!A%,!';;5&'">,)U;"<,-''6)K,+(F!(6!6'/48!;8!*'+!E`S!0+"!',,)U;"<)C%5B+5#Z!!
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h++);8@! *'+! 2+9*$:/=6+! H=**/8! <+),+66+<F! <,(@! *'+! 3'$"%;'+)4>#4)/?+,!*'+!X80PRZ!6*,+(:D!!-+2+(6+!*'+!:/=6+!(8<!.2;.5!4;*'!*'+!2+9*$:/=6+!H=**/8!*/!;86+,*! *'+!3'$"%;'+) 4>#4E! !K9*+,! *'+! 6*,+(:6! (,+! ,+(2;@8+<F! *'+!0+"!',,)U;"<)C%5B+5#)())+(,6!(6!9/22/46Z!!
"#$E`S$O&!
!!3/*+!*'(*!(!8+4!6*,+(:F!4';.'!())+(,6!;8!4';*+F!'(6!H++8!.,+(*+<!(8<!8(:+<!X80PRZgF!H1!K6)+8!E`SD!!! K2*'/=@'!*'+!3'$"%;'+)4>#4)'(6!H++8!;86+,*+<!;8*/!*'+!),/.+66F!;*!,+:(;86!;8!*'+!Y'<)X6'#)(,+(D!!7/!:/?+!;*!;8*/!*'+!A%,!';;5&'">,)U;"<,-''6)(,+(=);8!*'+!0+"O'!6)D%'<F!<,(@!(8<!<,/)!*'+!3'$"%;'+)4>#4)9,/:!*'+!Y'<)X6'#)Q+'5!*/!*'+!A%,!';;5&'">,)U;"<,-''6)(,+(D!!7';6!,+6=2*6!;8Z!!!!!!!!!
"#$E`S$OM!
!!!!! 3+>*F! ,;@'*! .2;.5! /8! *'+!3'$"%;'+) 4>#4! (8<! 6+2+.*! G%[') X6'#! /8! *'+! :+8=! *'(*!())+(,6D! ! K9*+,! *'+! )=:)! ;6! 6;C+<F! </=H2+! .2;.5! /8! *'+! )=:)! ;./8! */! <;6)2(1! *'+!./:)/8+8*!6)+.;9;.(*;/8!9/,:Z!
!
!!3/*+! *'(*! *'+! <+6;@8! .()(.;*1! /9! *'+! 3'$"%;'+) 4>#4) '(6! H++8! (<V=6*+<! */! IGJDJ! @):F!4';.'!;6!&R!)+,.+8*!';@'+,!*'(8!*'+!92/4!,(*+!2+(?;8@!*'+!6=:)F!(!<+9(=2*!6)+.;9;.(*;/8!;8!*'+!C',%B&) 8+%6'+%5D! ! K*! *';6! )/;8*F! (! 92=;<! '+(<! /9! MR! 9*! ;6! +8*+,+<F! 4';.'! 6'/=2<! H+!6=99;.;+8*! */! ./8?+1! *'+! H/**/:6! 2;P=;<! */! *'+! ,+H/;2+,D! !7/!/H*(;8! *'+!?(,;(H2+6! 9/,! *'+!X80PRZ!6*,+(:F!</=H2+$.2;.5!/8!;*Z!!
!
"#$E`S$OO!
!XH6+,?+!*'(*!IGJDJ!@):!;6!&R!)+,.+8*!';@'+,!*'(8!G_JD_!@):F!4';.'!;6!+P=;?(2+8*!*/!*'+!2;P=;<!:(66!92/4!,(*+F!&GRFGQJ!2Hf',D!!\'+8!*'+!+992=+8*!6*,+(:F!X80PRZgF=!;6!.2;.5+<!/8F!*'+! 6*,+(:! ,+)/,*! </+6! 8/*! <;6)2(1! *'+! 6*,+(:! ),/)+,*;+6! H+.(=6+! *'+! 6*,+(:! '(6! H++8!+'*'+'&!'()*/!*'+!X80PRZ)6*,+(:D!!
7';6!),/.+<=,+!;6!,+)+(*+<!*/!(<<!/*'+,!+P=;):+8*!;*+:6F!4';.'!:(1!H+!(<<+<!*/!*'+!Y'<)X6'#)(,+(!/,!*/!/*'+,!8+4!(,+(6D!!!
!7/!+6*;:(*+!*'+!;86*(22+<!./6*!/9!*'+!3'$"%;'+)4>#4F!+;*'+,!,;@'*!.2;.5!/8!3'$"%;'+)
4>#4! ;8! *'+!0+"O'!6) D%'<) /,! /8! ;*6! ;./8! ;8! *'+!0+"!',,) U;"<) C%5B+5#E! ! 7'+8F! 6+2+.*!Z?5;>56')X6'#D!!K!H,;+9!,+)/,*!*'(*!./8*(;86!*'+!;86*(22+<!./6*F!v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
!!3/*+!*'(*!8/!+P=;):+8*!;*+:6!,+:(;8!;8!*'+!Y'<)X6'#)6+.*;/8!/9!*'+!,+)/,*D!!!
!U(?;8@! (<<+<! *'+! 3'$"%;'+) 4>#4F! *'+! */*(2! )+,:(:+8*! ;8?+6*:+8*! .(8! H+! ,+$
+6*;:(*+<!(6!<;6.=66+<!;8!*'+!),;/,!6+.*;/8D!!7';6!<;6.=66;/8!;6!8/*!,+)+(*+<!'+,+D!!!
T;8(221F!(22!/9!*'+!K6)+8!E`S!,+6=2*6!.(8!H+!,+),/<=.+<!=6;8@!*'+!#S"O-`!9/2<+,!A/8!*'+!"#$-X]!;8!*'+!K6)+8!S8@D!0=;*+!9/2<+,B!9,/:!4;*';8!K6)+8!E`SD!
"#$E`S$OQ!
K))21;8@!K2*+,8(*;?+!N*;2;*;+6!!
\'+8!<+6;,+<F!*'+!<+9(=2*!=*;2;*1!())2;+<!H1!K6)+8!E`S!.(8!H+!(2*+,+<!;8*+,(.*;?+21!9/,!(!)(,*;.=2(,!+P=;):+8*!;*+:F!6=.'!(6!(!./8<+86+,!/,!,+H/;2+,F!(9*+,!;*!'(6!H++8!:())+<D!!T/,!+>(:)2+F!4'+8!*'+!,+6=2*;8@!6=,9(.+!(,+(!/9!(!,+H/;2+,!;6!*//!2(,@+!<=+!*/!(!6:(22!2/@$:+(8$*+:)+,(*=,+$<;99+,+8.+F! *'+! 6*+(:! =*;2;*1! .(8! H+! ,+)2(.+<!4;*'! 6*+(:! (*! (! ';@'+,!),+66=,+!*/!,+<=.+!*'+!(,+(F!H+;8@!.(,+9=2!*/!6*(1!;8!*'+!8=.2+(*+!H/;2;8@!,+@;/8D!!
7';6! ;6! ;22=6*,(*+<! 9/,! *'+! ,+H/;2+,! /9! *'+! <+),/)(8;C+,! (6! (8! +>(:)2+D! ! T/,! *';6!,+H/;2+,F! K6)+8! E`S! =6+6! 6*+(:! (*! JR! )6;! (6! *'+! <+9(=2*! =*;2;*1D! ! 7/! .'(8@+! */! ';@'+,$),+66=,+!6*+(:F!6(1!(*!&RR!)6;F!*'+!9/22/4;8@!6*+)6!(,+!*(5+8D!!
E8! *'+!0+"!',,) D%'<! /,!0+"!',,) U;"<)C%5B+5#F! ,;@'*! .2;.5! /8! *'+! ,+H/;2+,! (8<!6+2+.*!3'PG%[') X6'#! 9,/:! *'+! :+8=! *'(*! ())+(,6D! ! 7';6! ),/<=.+6! *'+! X&6'+5!6%?') G%[%&B!<;(2/@!H/>F!(6!6'/48!H+2/4Z!!
!!!
E8!*'+!X6'#)e!./2=:8!*'(*!./8*(;86!*'+!?(2=+6F!*'+!;*+:6!9/,!1"6)X&;'6)G6+'5#!(8<!1"6)W>6;'6)G6+'5#! (,+! X8LG2PXY! (8<! X8LG2PZcF! ,+6)+.*;?+21F!4';.'!./,,+6)/8<! */! *'+!<+9(=2*!=*;2;*1F!;8!*';6!.(6+F!6*+(:!(*!JR!)6;D!!7/!.'(8@+!*/!6*+(:!(*!&RR!)6;F!,;@'*!.2;.5!/8!*'+!()),/),;(*+!.+226!(8<!6+2+.*!G6'5#)`)ebb)0GX)S)X0Z)L6%;%6:!9,/:!*'+!)=22$</48!:+8=!*'(*!())+(,6D!!3+>*F!<+2+*+!*'+!U%&5;)G>+*5!')Q+'5F!),+?;/=621!./:)=*+<F!6;8.+!;*!:=6*!H+!,+$6;C+<!H1!K6)+8!E`SZ!
!
"#$E`S$OJ!
!!\'+8!W.);6!),+66+<F!*'+!,+H/;2+,!;6!,+$6;C+<D!!!!
K9*+,! *'+! ,+H/;2+,! ;6! ,+$6;C+<F! ,;@'*! .2;.5! /8! *'+! ,+H/;2+,! (@(;8! (8<! 6+2+.*! X6'#)3'4"+6!9,/:!*'+!)/)$=)!:+8=D!!E8!*'+!G%[%&B)C565!6+.*;/8F!*'+!8+4!,+6=2*6!9/,!*'+!,+H/;2+,!(,+!<;6)2(1+<Z!!
!!
"#$E`S$OG!
N6;8@! 6*+(:!(*!&RR!)6;F! *'+! 6=,9(.+!(,+(! ;6!&FMGM! 9*MF! ,+<=.+<! 9,/:!OFJ%R! 9*MF!4';2+! *'+!2/@$:+(8$*+:)+,(*=,+$<;99+,+8.+!;6!IMDI<TF!;8.,+(6+<!9,/:!MJDI<TD!!!!
T;8(221F! *'+!.();*(2!./6*!/9!*'+!+8*;,+!),/.+66!;6!,+$+?(2=(*+<!6;8.+!*'+!./6*!/9!*'+!6:(22+,!,+H/;2+,!;6!2/4+,D!!7';6!;6!(../:)2;6'+<!H1!),+66;8@!*'+!Z?5;>56')0+"O'!6!H=**/8!/8! *'+! *//2H(,! (8<! 6+2+.*;8@! Z?5;>56') Q;;) X6'#,D! ! 7'+! ,+6=2*6! ())+(,! ;8! *'+! 854%65;)Z,6%#56')3'4"+6) ;8! *'+!T%,6)"*)ZV>%4#'&6)5&()R>;7)A56'+%5;)$:)Q+'5!6+.*;/8D! !7'+1!(,+!(..+66+<! H1! 6+2+.*;8@!ZV>%4#'&6) T%,6) =8<+,!A%,!';;5&'">,) U;"<,-''6! ;8! *'+! 2+9*$'(8<!4;8</4Z!!
!!!
7'+6+!6*+)6!(,+!,+)+(*+<!4'+8!;*!;6!<+6;,+<!*/!.'(8@+!*'+!<+9(=2*!=*;2;*;+6!9/,!/*'+,!+P=;):+8*!;*+:6!;8!*'+!),/.+66D!!!
!T=,*'+,:/,+F!9/,!:/6*!+P=;):+8*!;*+:6F!/*'+,!6)+.;9;.(*;/86!.(8!H+!(<V=6*+<!=6;8@!
;8*+,(.*;?+! 6;C;8@D! ! 7';6! .(8! H+! (../:)2;6'+<! 9/,! ./8<+86+,6F! ,+H/;2+,6F! 92(6'! <,=:6F!,+92=>! (..=:=2(*/,6F! 6*/,(@+! ?+66+26F! )=:)6F! (8<! ./:),+66/,6D! ! 3/*+F! '/4+?+,F! *'(*!;8*+,(.*;?+!6;C;8@!;6!8/*!)/66;H2+!9/,!,+(.*/,!?+66+26D!!T/,!(!./:)2+*+!2;6*;8@!/9!+P=;):+8*!;*+:6!*'(*!.(8!H+!6;C+<!;8*+,(.*;?+21F!,+9+,!*/!*'+!.'()*+,!/8!G%[%&B)0+"O'!6)8"#4"&'&6,!;8!*'+!Q,4'&)X0Z)L,'+],)9>%(')AQ,4'&)X!5+>,)0+"!',,)Z?5;>56"+)L,'+],)A5&>5;!+!G%[%&B)0+"O'!6)8"#4"&'&6,BD!!!!!
"#$E`S$OI!
]X3X"UaX-XLS3sS3S!0S`K-K7EX3!`-X"S00!!!
E8! *';6! 6+.*;/8F! +P=;):+8*! 6;C+6! (8<! ./6*6! (,+! +6*;:(*+<! 9/,! *'+!:/8/.'2/,/H+8C+8+!A]"LB!6+)(,(*;/8!),/.+66F!4';.'!;6!<;6.=66+<!;8!0+.*;/8!QDQ!/9!*'+!*+>*H//5! (8<! ;8! *'+! :=2*;:+<;(! )/,*;/8! /9! *'+! "#$-X]! AQG0ZY)+! 0+%&!%4;',) "*)U;"<,-''6) G%#>;56%"&)+! X&6'+4+'656%"&) "*) X&4>6) 5&() W>64>6!+! G5#4;') 0+"$;'#B! *'(*!./8*(;86!*'+6+!./=,6+!8/*+6D!!L+@;88;8@!4;*'!*'+!9;2+F!]"LDH5)F!4';.'!;6!(?(;2(H2+!/8!*'+!"#$-X]F! (<<;*;/8(2!:;>*=,+! ),/)+,*;+6! (,+! (<<+<! (8<! *'+! #E07a! 6=H,/=*;8+F! =6+<! */!:/<+2!*'+!#&!<;6*;22(*;/8!./2=:8F!;6!,+)2(.+<!4;*'!*'+!-K#T-K"!6=H,/=*;8+D!!7'+!,+92=>!,(*;/! ./:)=*+<! =6;8@! *'+! -K#T-K"! 6=H,/=*;8+! ;6! ODOJF! (6! ./:)(,+<! 4;*'! QDM_!./:)=*+<! =6;8@! *'+! ()),/>;:(*+!#E07a!6=H,/=*;8+D! !K26/F! *'+! 6*,+(:! 92/4! ,(*+6!<;99+,!62;@'*21! Ad! &[BD! ! L/*'! /9! *'+! 9;2+6F! ]"L$E`SDH5)! (8<!]"L$E`SD,+)F! (,+! /8! *'+! "#$-X]D!!!!!!! !!E8;*;(2!0+*=)!
!! K9*+,! 6+8<;8@! *'+! 9;2+F! ]"L$E`SD,+)! */!Q,4'&) X!5+>,F! *'+! =6+,! ;6! ,+(<1! */! =6+!K6)+8!E`SD!!K6)+8!E`S!;6!/)+8+<!(=*/:(*;.(221!(8<!*'+!8+'56')Y'<)0+"O'!6)<;(2/@!H/>!())+(,6D!!K9*+,!*'+!`,/V+.*!3(:+!]"L!;6!+8*+,+<F!*'+!X&!-P0">&(!AE`B!=8;*!6+*!;6!6+2+.*+<!;8!*'+!0+"O'!6)0+"4'+6%',)<;(2/@!H/>D!!!!! K9*+,!W.) ;6! ),+66+<F! K6)+8! E`S! 2/(<6! *'+! ;89/,:(*;/8! (66/.;(*+<! 4;*'! +(.'!),/.+66!:/<+2!;8!K0`S3!`aN0D!!\'+8!./:)2+*+<F!*'+!E`S!A5%&)4;8</4!())+(,6Z!!
!
"#$E`S$O%!
! 7'+! ]"L! 6+)(,(*;/8! ),/.+66! '(6! *4/! *1)+6! /9! ./2=:86F! (8! (H6/,H+,! (8<! (!<;6*;22(*;/8! ./2=:8F! +(.'! '(?;8@! (! <;6*;8.*! *,(1! +99;.;+8.1D! ! KH6/,H+,! +99;.;+8.;+6! (,+!8/,:(221! 2/4F! (*! ,/=@'21! MR[F! 4';2+! +99;.;+8.;+6! 9/,! <;6*;22(*;/8! ./2=:86! (,+!./86;<+,(H21! ';@'+,F! ;8! *';6! .(6+! (*! (H/=*! GR[D! ! 7';6! <;99+,+8.+! :=6*! H+! *(5+8! ;8*/!(../=8*!4'+8!),/.++<;8@!4;*'!K6)+8!E`SD!!
L+.(=6+! K6)+8! E`S! (22/46! /821! /8+! 6)+.;9;.(*;/8! 9/,! *'+! *,(1! +99;.;+8.1F! ;*! ;6!8+.+66(,1!*/!:()!(8<!6;C+!+(.'!/9!*'+!./2=:86!6+)(,(*+21F!4;*'!*'+!()),/),;(*+!+99;.;+8.1!6)+.;9;+<!;8!*'+!C',%B&)8+%6'+%5)),;/,!*/!+(.'!:());8@D!!3/*+!*'(*!;8!*'+!C',%B&)8+%6'+%5PX0!<;(2/@!H/>F!*'+!)(,(:+*+,6!9/,!*,(1+<!*/4+,6F!;8.2=<;8@!*'+!*,(1!+99;.;+8.1!(,+!8+(,!*'+!H/**/:!/9!*'+!2;6*Z!
!
!!7/!6;C+!*'+!(H6/,H+,!./2=:8!AK&$H2/.5BF!(!*,(1!+99;.;+8.1!/9!RDM!A/,!MR[B!;6!+8*+,+<D!!3/!/*'+,!.'(8@+6!*/!*'+!<+9(=2*!?(2=+6!(,+!8+.+66(,1D!!!
"'(8@+6!*/!*'+!L6%;%6:)G4'!%*%!56%"&,F!6=.'!(6!*'+!.//2;8@!4(*+,!*+:)+,(*=,+6F!(,+!:(<+!(*!*';6!)/;8*D!!!!!!!!!!
"#$E`S$O_!
]());8@!`,/.+66!0;:=2(*;/8!N8;*6!*/!K6)+8!E`S!!! 7/!:()!(! 6;8@2+!),/.+66!=8;*F! ,;@'*$.2;.5!/8! *'+!6+2+.*+<! ;*+:!/8! *'+!K6)+8!E`S!A5%&)4;8</4F!(8<!.'//6+!A54E!!E8!*'+!A54)<;(2/@!H/>F!6+2+.*!A54)G';'!6'()X6'#H,IF!(8<!=6+!C'*5>;6)5&()G%#>;56"+)C565!(6!*'+!H(6;6Z!!
!!
`,+66!W.)*/!),/<=.+!*'+!0+"O'!6)8"#4"&'&6)A54)0+'?%'<!<;(2/@!H/>!A8/*!6'/48!'+,+BD!!0;8.+! *'+!8>++'&6)A54)T%,6)</+6!8/*!8++<! */!H+!(2*+,+<=! 6+2+.*!W.! */!:()! *'+!K&!=8;*D!!\'+8! *'+! :());8@! ! (8<! +P=;):+8*! 6;C;8@! '(6! H++8! ./:)2+*+<F! *'+! K&! =8;*! '(6! H++8!(<<+<!*/!*'+!2;6*!"*)0+"O'!6)8"#4"&'&6,F)(6!6'/48!H+2/4Z!!
!
"#$E`S$QR!
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
!!7'+8F!6+2+.*!Y'<)A544%&BF!1'56)'/!-5&B'+,=)(8<!*'+8!-'56'+,!*/!@;?+Z!!
!
"#$E`S$Q&!
T,/:!*'+!8+>*!<;(2/@!H/>F!6+2+.*!1'56)'/!-5&B'+!(8<!9;8(221!.'//6+!*'+!C">$;'P4%4')-'56)'/!-5&B'+Z!
!!
K9*+,! *'+6+! 6*+)6! (,+! ./:)2+*+<F! *'+! 8>++'&6) A54) T%,6) ;6! :/<;9;+<! ;8! *'+! 0+"O'!6)8"#4"&'&6)A54)0+'?%'<!<;(2/@!H/>Z!!
!!
3/*+! *'(*!4'+8! *'+!6;C;8@!.(2.=2(*;/86!(,+!H+;8@!.(,,;+<!/=*! 9/,! *'+!92(6'!?+66+2F!T&F!*4/!A',,5B')<;(2/@!H/>+6!())+(,D!!7'+!9;,6*!;8<;.(*+6!*'(*!*'+!<;(:+*+,!;6!.(2.=2(*+<!*/! H+! MDRRI! 9*F! H=*! *'(*! *'+! =6+,$6)+.;9;+<!:;8;:=:!?(2=+! /9! O! 9*! ;6! =6+<! ;86*+(<D! !7'+!6+./8<! ;8<;.(*+6! *'(*! *'+! af#! ,(*;/! ;6! &DGIF! ,(*'+,! *'(8! ODR! 9,/:! *'+!C',%B&) 8+%6'+%5E!!
"#$E`S$QM!
K26/F! 9/,! *'+! '+(*! +>.'(8@+,F! U&F! (! &$<+@,++! <;99+,+8.+! H+*4++8! *'+! ;82+*! (8<! /=*2+*!*+:)+,(*=,+6!/9! *'+!'/*! 6*,+(:! ;6!(66=:+<D! !7'+!=8;*!]&! ;6!(!:;>;8@! V=8.*;/8!H+*4++8!*4/!);)+6!(8<!*'+!=8;*!0&!;6!(!6;:)2+!);)+2;8+!6)2;**+,D! ! !0;C+!(8<!./6*!+6*;:(*+6!(,+!8/*!8++<+<!9/,!*'+6+!=8;*6D!!7'+!=8;*!7&!,+),+6+8*6!(!*,+(*+,F!4';.'!;6!8/*!H+;8@!./86;<+,+<!(*!*';6!)/;8*!;8!*'+!<+6;@8!/9!*'+!]"L!6+)(,(*;/8!),/.+66D!!!!
K6)+8! E`S!:()6! *'+!:;>+,!]&! (8<! 6)2;**+,! 0&! (6!M>"6'() X6'#,)4;*'! C+,/! ./6*D!!7'+!<+9(=2*!:());8@!9/,!*'+!*,+(*+,!7&!;6!(!D2)8_TXYCZ3F!4;*'!!6;C+!(8<!./6*!+6*;:(*+6!./:)=*+<D! !7';6!<+9(=2*!:());8@! ;6! ,+)2(.+<!4;*'!(!M>"6'() X6'#)'(?;8@!C+,/!./6*D! !7/!(../:)2;6'!*';6F!<+2+*+!*'+!:());8@!9/,!7&D!!E8!*'+!0+"O'!6)D%'<F!,;@'*!.2;.5!/8!7&F!*'+8!/8!A54D! !X8! *'+!A54)<;(2/@!H/>F!.2;.5!/8!W.! */!),/<=.+!*'+!0+"O'!6)8"#4"&'&6)A54)0+'?%'<)<;(2/@!H/>D!!#+2+*+!*'+!D2)8_TXYCZ3):());8@!(8<!.2;.5!/8!Y'<)A544%&BF!*/!),/<=.+! *'+! X8Q3LG) 0+"O'!6) 8"#4"&'&6) G';'!6%"&) <;(2/@! H/>D! ! "2;.5! /8! 0+"O'!6)8"#4"&'&6,F! 6+2+.*!M>"6'()'V>%4#'&6F! (8<! .2;.5!W.D! !7';6!)2(.+6! *'+!=8;*!7&! ;8*/! *'+!T%,6)D%'<)4;*'!(!8F!*/!;8<;.(*+!*'(*!;*!;6!(!M>"6'()X6'#)'(?;8@!C+,/!./6*D!!!!
K9*+,! (22! /9! *'+! +P=;):+8*! ;*+:6! '(?+! H++8!:())+<! (8<! 6;C+<! 6=..+669=221F! *'+!E`S)A5%&)4;8</4!;6!<;6)2(1+<Z!
!
!!3/*+! *'(*! *'+! *',++!8! +8*,;+6! ,+),+6+8*!M>"6'() X6'#,! '(?;8@! C+,/! ./6*D! !7'+! (66/.;(*+<!0+"!',,)U;"<)C%5B+5#!;6Z!!
"#$E`S$QO!
!!!!! \'+8!*'+!:());8@!(8<!6;C;8@!(,+!./:)2+*+<!;*!;6!),=<+8*!*/!.'+.5!*'+!+P=;):+8*!6;C+6!./:)=*+<!H1!K6)+8!E`SF!+6)+.;(221!9/,!:(V/,!+P=;):+8*!;*+:6!6=.'!(6!*/4+,6F!2(,@+!'+(*!+>.'(8@+,6F!./:),+66/,6F!(8<!.'+:;.(2!,+(.*/,6D! !T/,!*'+!]"L!6+)(,(*;/8!),/.+66F!*'+!*4/!*/4+,6!(,+!/9!)(,*;.=2(,!;8*+,+6*D!!7/!?;+4!*'+!K6)+8!E`S!,+6=2*!9/,!(8!+P=;):+8*!;*+:F!</=H2+!.2;.5!/8!*'+!;*+:!/9!;8*+,+6*!;8!*'+!E`S!A5%&)4;8</4D!!T/,!*'+!(H6/,H+,F!*';6!),/<=.+6!*'+!9/22/4;8@!,+6=2*6Z!!
"#$E`S$QQ!
!!3/*+! *'(*! *'+!./2=:8! ;6!<+6;@8+<! */!'(?+!(!&DJ! 9*!<;(:+*+,F! (!QM! 9*! A*(8@+8*$*/$*(8@+8*B!'+;@'*F!(8<!&J!*,(16F!;8!(../,<(8.+!4;*'!*'+!6)+.;9;.(*;/86!;8!T;@=,+!QDMO!/9!*'+!*+>*H//5!A0+;<+,! +*! (2DF! MRRQBD! ! L+.(=6+! /9! *'+! 6:(22! <;(:+*+,F! (! )(.5+<! ./2=:8! 4/=2<! H+!),+9+,,+<F!H=*!;6!8/*!./86;<+,+<!'+,+D!!!
!
"#$E`S$QJ!
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
!! K6)+8! E`S! +6*;:(*+6! )=,.'(6+! (8<! ;86*(22+<! ./6*6! 9/,! *'+! +P=;):+8*! =8;*6!;8<;?;<=(221!/,! 9/,! *'+!+8*;,+!),/V+.*!=6;8@!(!6;8@2+!./::(8<D! !T/,!*'+!]"L!6+)(,(*;/8!),/.+66F! ;*! ;6! ./8?+8;+8*! */! '(?+!K6)+8! E`S! +6*;:(*+! *'+! ./6*6! 9/,! *'+! +8*;,+! ),/V+.*! (*!/8.+D!!K9*+,!),+66;8@!*'+!Z?5;>56')0+"O'!6)H=**/8!/8!*'+!E`S!A5%&!4;8</4F!*'+!Z?5;>56')0+"O'!6)<;(2/@!H/>!())+(,6Z!!!
!!K6! <;6.=66+<! 9/,! *'+! <+),/)(8;C+,F! K6)+8! E`S! ),+)(,+6! *'+!854%65;) Z,6%#56') 3'4"+6F!!]"LD..)F! 4';.'! ./8*(;86! <+*(;2+<! 2;6*;8@6! /9! *'+! ;*+:6! */! H+! ),/.=,+<! */! ;86*(22! *'+!+P=;):+8*! A.2(66;9;+<! ;8! *'+! (,+(6!/9!););8@F! ;86*,=:+8*(*;/8F!+2+.*,;.(2F! 6*,=.*=,(2! 6*++2F!(8<! ;86=2(*;/8BF! +6*;:(*+6! /9! *'+! :(8$'/=,6! ,+P=;,+<! 9/,! ;86*(22(*;/8F! +6*;:(*+6! /9! *'+!./6*6F! (8<! (8! ;86*(22(*;/8! 6.'+<=2+D! ! S6*;:(*+6! 9/,! ./8*,(.*/,! +8@;8++,;8@! (8<! ;8<;,+.*!./6*6!(,+!2;6*+<!(6!4+22D!!!!!!
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
"#$E`S$QG!
eE) ZV>%4#'&6)T%,6)FE) 8WY23Q82W3)YWE)e)03XAZ)8WY23Q82W3)!
4';.'! (,+! (..+66+<! H1! </=H2+$.2;.5;8@! /8! *'+6+! *;*2+6! ;8! *'+! 2+9*$'(8<! 4;8</4D! ! E*! ;6!,+./::+8<+<! *'(*! V=6*! 6:(22!)/,*;/86!/9! *'+!,+)/,*!H+!),;8*+<D!7';6! ;6!(../:)2;6'+<!H1!';@'2;@'*;8@!*'+!<+6;,+<!6+.*;/8!(8<!),+66;8@!*'+!0+%&6)H=**/8!/8!*'+!*//2H(,D!!E*!;6!/9*+8!),+9+,(H2+!*/!),;8*!;8!2(8<6.()+!9/,:(*D!!!!
K6! 6'/48!H+2/4F! 9/,! *'+! (H6/,H+,F! *'+!T%,6) "*)ZV>%4#'&6) 5&()R>;7)A56'+%5;) $:)Q+'5) )/,*;/8! /9! *'+! ,+)/,*) ;6! <;6)2(1+<! 4'+8! *'+! ZV>%4#'&6) T%,6) ;6! (..+66+<D! ! 7';6!),/?;<+6! *'+! 0>+!-5,'() HZV>%4#'&6) f) G'66%&BI) (8<) X&,65;;'() C%+'!6) 8",6,) A;D+DF! 2"65;)A56'+%5;)5&()A5&4"<'+)8",6)/,!2"65;)C%+'!6)A56'+%5;,)5&()T5$"+)8",6B!9/,!+(.'!);+.+!/9!+P=;):+8*D!3/*+!*'(*! *'+!,;@'*$'(8<!4;8</4!H+2/4!;6!<;6)2(1+<!=6;8@!(!I$)/;8*!9/8*D!!7';6!;6!(.';+?+<!H1!),+66;8@!*'+!G';'!6)U"&6)H=**/8!/8!*'+!*//2H(,D!!T=,*'+,:/,+F!)/,*;/86!/9!*'+!./:)2+*+!),;8*+<!/=*)=*!(,+!),/?;<+<!;8!K))+8<;>!Eq!/9!*'+6+!8/*+6D!
!
!!
!! E8! 6=::(,1F! *'+! +P=;):+8*! 6;C+6F! )=,.'(6+! ./6*6F! (8<! */*(2! :(*+,;(2! (8<!:(8)/4+,!./6*!9/,!*'+!]"L!6+)(,(*;/8!),/.+66!(,+!*(H=2(*+<!H+2/4Z!
"#$E`S$QI!
!!
0;:=2(*;/8!N8;*!!
SP=;):+8*!E*+:!!
0;C+!!
`=,.'(6+!"/6*!7/*(2!](*+,;(2!!
(8<!](8)/4+,!"/6*!!
`&!!
`=:)! &D&M!5\! MF%RR! &_F%RR!
K&! 7/4+,! &DJ!9*!<;(:D!QM!9*!'+;@'*!
!
&GFRRR! &&RFRRR!
#&! 7/4+,! ODR!9*!<;(:D!IM!9*!'+;@'*!
JOFJRR! &I_FMRR!
! -+92=>!)=:)! MDMQ!5\! OFORR! MQFRRR!! -+H/;2+,! _M&!9*M! MOFJRR! I&F%RR!! "/8<+86+,! &JJ!9*M! &MFMRR! JRFGRR!! -+92=>!(..=:=2(*/,!
!MO%!@(2! IFJRR! J&FORR!
U&!!
U+(*!+>.'(8@+,! &G&!9*M! &GF&RR! J%F&RR!
UM!!
U+(*!+>.'(8@+,! &_G!9*M! &MFQRR! JMF_RR!
T&!!
T2(6'!?+66+2! MGQ!@(2! !IF&RR!!!!!!!!!!!!!!!!!!!!!!!!!
JQFMRR!
! ! 7X7Ka! v&JQFQRR! vGI&F_RR!!! 7'+!8"&6+5!6)G>##5+:)6+.*;/8!/9!*'+!854%65;)Z,6%#56')3'4"+6);6!<;6)2(1+<!4'+8!*'+!8WY23Q82)YWE)e)03XAZ)8WY23Q82W3!;6!(..+66+<D!!7'+!+8*,;+6!6'/48!H+2/4!(,+!;8!(!G$)/;8*! 9/8*!(8<!(,+! */*(26! 9/,!(22!/9! *'+!+P=;):+8*! ;*+:6! ;8! *'+!),/V+.*D! !3/*+! *'(*!)/,*;/86!/9!*'+!./:)2+*+!),;8*+<!/=*)=*!(,+!),/?;<+<!;8!K))+8<;>!Eq!/9!*'+6+!8/*+6D!!!
!
"#$E`S$Q%!
!!!3/*+! *'(*! *'+! +8*,1! 9/,! *'+! )=,.'(6+<! +P=;):+8*F! v&J_FJRRF! 9,/:! 2;8+! &=! ;6!
()),/>;:(*+21! *'+! 6=:! /9! *'+! +8*,;+6! 9/,! *'+! );+.+6! /9! +P=;):+8*! ),/?;<+<! (H/?+F!v&JQFQRRD!!7'+!<;99+,+8.+!;6!<=+!*/!*'+!A%,!E)X6'#)Q;;"<5&!')AvQFIRRB!(8<!*'+!J5+'-">,')G45+',)AvQORBD!!7'+6+!(<<;*;/8(2!;*+:6!(,+!;8!8"(')"*)Q!!">&6,)&RJ!(8<!&RI!(8<!())+(,!;8!*'+!8"(')"*)Q!!">&6,)G>##5+:)6+.*;/8!/9!*'+!854%65;)Z,6%#56')3'4"+6)AV=6*!H+2/4!*'+!8"&6+5!6)G>##5+:DB!!! 7'+! */*(2! <;,+.*! :(*+,;(2! (8<! :(8)/4+,! ./6*6! 9/,! ./86*,=.*;/8! /9! *'+! )2(8*! (,+!vJOGFMRR!(8<!vMQ_FJRRF!(6!6'/48!;8!,/4!&&D!!7'+6+!6=:!*/!vI%JFIRR!(8<!;8.2=<+!;*+:6!*'(*! .(88/*! H+! .'(,@+<! */! *'+! ;8<;?;<=(2! +P=;):+8*! ;*+:6! A+D@DF! .'(,@+6! 9/,! ;86*,=:+8*!*+6*;8@F! );)+! *+6*;8@F! (8<! +P=;):+8*! @,/=8<;8@BD! ! 3/*+! *'(*! *'+! ;86*(22+<! ./6*6! /9! *'+!+P=;):+8*!;*+:6!(,+!<;6)2(1+<!/8!*'+!T%,6)D%'<Z!!
"#$E`S$Q_!
!!7'+6+!;86*(22+<!./6*6!6=:!*/!vGI&F_RR^!*'(*!;6F!v&&OF%RR!2+66!*'(8!*'+!*/*(2!<;,+.*!./6*!/9!:(*+,;(26! (8<!:(8)/4+,! 9/,! ;86*(22(*;/8! /9! *'+! )2(8*F! vI%JFIRRD! ! 7';6! X&,65;;'()C%+'!6)8",6F)8#EF!;6!,+9+,,+<!*/!;8!"'()*+,!&G!/9!*'+!*+>*H//5!(6!*'+!2"65;)C%+'!6)A56'+%5;,)5&()T5$"+)8",6F!8#]aD!!T;8(221F!*'+!:(*+,;(26!(8<!:(8)/4+,!;*+:6!*'(*!.(88/*!H+!.'(,@+<!*/!*'+!;8<;?;<=(2!+P=;):+8*!;*+:6!(,+!<;6)2(1+<!;8!*'+!Q+'5)R>;7)3'4"+6)4;*';8!*'+!854%65;)Z,6%#56')3'4"+6Z!
A R E A B U L K R E P O R T ================================================================================================================================= : : : : : M A N P O W E R : TOTAL : : : ITEM : D E S C R I P T I O N :------------------------------------: MATERIAL :------------------: DIRECT : :ORIGIN : SYMBOL :---------: D E S I G N D A T A : COST-USD : MANHOURS:COST-USD: COST-USD: ================================================================================================================================= AREA MISC CONCRETE ITEMS 916. 198 3358. 4274. AREA PIPE TESTING 0. 328 7771. 7771. GRADE UNPAVED AREA 7534. 127 2648. 10182. Area length 50.000 FEET Area width 50.000 FEET AREA INSTRUMENT TESTING 0. 179 4012. 4012. AREA INSTR. RUNS,TRAYS,JBOX. 3471. 68 1450. 4921. AREA EQUIPMENT GROUNDING 369. 23 462. 831. AREA PILED FOUNDATION 13840. 131 2211. 16051. Number of piles 22 AREA ELECTRICAL TESTING 0. 20 430. 430. AREA ROTATING EQP SPARE PARTS 430. 0 0. 430.
"#$E`S$JR!
7'+6+!(<<;*;/8(2!./6*6!6=:!*/!()),/>;:(*+21!vQ%F_RMD!!7/@+*'+,!4;*'!*'+!W6-'+);*+:!/8!2;8+! &R! /9! *'+! 8"&6+5!6) G>##5+:F! vQ_F_RRF! (8<! 8"(') "*) Q!!">&6,) ;*+:! &RJF! 9/,!+P=;):+8*!./8*;8@+8.;+6!*/!(22/4!9/,!<+6;@8!.'(8@+6F!vQFIRRF!*'+6+!6=:!*/!()),/>;:(*+21!v&ROFJRR!A4';.'F!9/,!),/9;*(H;2;*1!(8(216;6! ;8!*'+!./8.+)*=(2!<+6;@8!6*(@+F! ;6!6=99;.;+8*21!.2/6+!*/!v&&OF%RRF!*'+!<;99+,+8.+!,+)/,*+<!(H/?+BD!!! !
-+*=,8;8@!*/!*'+!8"&6+5!6)G>##5+:=!:(*+,;(2!(8<!:(8)/4+,!./6*6!(66/.;(*+<!4;*'!9) 5&() Q) H9'&'+5;) 5&() Q(#%&%,6+56%?'I) W?'+-'5(,F! v&GF&RR! (8<! vIFJRRF! (,+! /H*(;8+<!9,/:!2;8+!&OF!(8<!:(*+,;(2!(8<!:(8)/4+,!.'(,@+6!(66/.;(*+<!4;*'!8"&6+5!6)U'',F!vMRFQRR!(8<! vMJFIRRF! 9,/:! 2;8+! &QD! ! 7'+6+! 6=:! */! vG_FIRRD! ! 7'+! ./8*,(.*/,! +8@;8++,;8@! (8<!;8<;,+.*!./6*6!(,+! ;8! ,/4!&JF!RQGZ)2W2QTF! ;8! *'+!9;,6*!./2=:8F!=8<+,)CZGX9Y)ZY9]9)QYC) 03W8L3ZAZY2) .PLGCF! (8<! ;8! *'+! 9;9*'! "XaN]3F! =8<+,!8WYG23L82XWY)XYCX3Z82G).PLGCD!!!7'+6+!(,+Z!!
! "/8*,(.*/,!S8@;8++,;8@!"/6*6!! vJJ%FORR!! E8<;,+.*!"/6*6! ! ! ! vQ%MFGRR!
!7/@+*'+,!4;*'! *'+! 9++6! 9/,!:(*+,;(26! (8<!:(8)/4+,!9) 5&() Q)W?'+-'5(,) (8<!8"&6+5!6)U'',F! *'+6+! (,+! (<<+<! */! *'+! */*(2! <;,+.*! ;86*(22+<! +P=;):+8*! ./6*6F!8#EF! */!@;?+! *'+! XRT)2"65;)R5+')A"(>;')8",6F!87L]D!!
T;8(221F!(22!/9!*'+!K6)+8!E`S!,+6=2*6!.(8!H+!,+),/<=.+<!=6;8@!*'+!]"L!9/2<+,!A/8!*'+!"#$-X]!;8!*'+!K6)+8!S8@D!0=;*+!9/2<+,B!9,/:!4;*';8!K6)+8!E`SD!!!7/*(2!`+,:(8+8*!E8?+6*:+8*!!! 7'+! */*(2! )+,:(8+8*! ;8?+6*:+8*! ;6! ./:)=*+<! H1! *'+! 6),+(<6'++*F! `,/9;*(H;2;*1!K8(216;6$&DRD>26F!<;6.=66+<!;8!0+.*;/8!&ID%!/9!*'+!*+>*H//5D!!\'+8!=6;8@!*'+!K6)+8!E`S!/)*;/8F!*'+!=6+,!+8*+,6Z!!! 7/*(2!#;,+.*!](*+,;(26!(8<!a(H/,!"/6*6!! ! ! !!!!!!!!!!!vI%JFIRR!! ](*+,;(2!(8<!a(H/,!bkK!X?+,'+(<!(8<!"/8*,(.*/,!T++6! ! !!!G_FIRR!! "/8*,(.*/,!S8@;8++,;8@!"/6*6!! ! ! ! ! !JJ%FORR!! E8<;,+.*!"/6*6! ! ! ! ! ! ! ! !Q%MFGRR!!!!!!
"#$E`S$J&!
5-8(/$+8($J%41(0-$5/1$J+4(-$!!! \'+8!(!8+4!),/V+.*!;6!.,+(*+<!4;*';8!K6)+8!E`SF!(!9/2<+,!'(?;8@!*'+!),/V+.*!8(:+!A+D@DF! #S"OB! ;6! .,+(*+<! ;8! *'+! `,/@,(:! T;2+6xK6)+8! 7+.'y! K6)+8! E.(,=6! &&D&y!#(*(yK,.';?+wE`S! 9/2<+,D! !K6!4/,5!4;*'!K6)+8! E`S!),/.++<6F! ?(,;/=6! 9;2+6! (,+! .,+(*+<!(8<! 6*/,+<! ;8! *';6! ),/V+.*) 9/2<+,^! 9/,! +>(:)2+F! *'+! #S"OD..)! 9;2+F! 4';.'! ./8*(;86! *'+!854%65;)Z,6%#56')3'4"+6)9/,!*'+!<+),/)(8;C+,D!!!!
\'+8!,+*=,8;8@!*/!4/,5!4;*'!K6)+8!E`SF!=6;8@!*'+!U%;'))=22</48!:+8=F!/)+8!*'+!9/2<+,! '(?;8@! *'+! ()),/),;(*+! ),/V+.*! 8(:+D! ! 7';6! ),/<=.+6! *'+!W4'&) 5&) X0Z) 0+"O'!6)<;(2/@! H/>D! ! 0+2+.*! *'+! 0+"O'!6) Y5#'! (8<! ),+66! *'+! W.) H=**/8D! ! 7';6! ),/<=.+6! *'+!0+"!',,N0+"O'!6)D%'<)4;8</4^!*'(*!;6F!*'+!E`S!A5%&!4;8</4D!!!
!\'+8!4/,5;8@! ;8! *'+!0+"!',,N0+"O'!6)D%'<!4;8</4F) */! +>(:;8+! (81!)/,*;/8!/9!
*'+!854%65;)Z,6%#56')3'4"+6!A4';.'!;6!(=*/:(*;.(221!6*/,+<!;8!1/=,!0+"O'!6,)9/2<+,!(9*+,!;*!'(6!H++8!@+8+,(*+<BF!),+66!*'+!854%65;)!",6,)H=**/8!AvB!/8!*'+!*//2H(,D!!7';6!),/<=.+6!*'+!G';'!6)3'4"+6)2:4')2")D%'<)<;(2/@!H/>D!!0+2+.*!/8+!/9!*'+!*4/!/)*;/86!*/!'(?+!K6)+8!E`S!<;6)2(1! *'+! .();*(2!./6*! ,+)/,*!(6!(8!U7]a!9;2+!/,! ;8! *'+! E"K-N0!S<;*/,D! !7'+8F!),+66!W.E))3/*+!*'(*!4'+8!:/,+!*'(8!/8+!,+)/,*!9;2+!+>;6*6F!*'+!G';'!6)854%65;)8",6)3'4"+6)U%;')<;(2/@!H/>!;6!),/<=.+<F!9,/:!4';.'!*'+!()),/),;(*+!,+)/,*!9;2+!;6!6+2+.*+<D!7';6!),/<=.+6!*'+!854%65;)Z,6%#56')3'4"+6E)!
!E*! ;6! (26/! )/66;H2+! */! +>(:;8+! (! D..)! 9;2+!=6;8@! *'+!3S70"K`S!/,!Su`aX-S-!
H,/46+,! H1! </=H2+$.2;.5;8@! /8! *'+! ()),/),;(*+! 9;2+F! 4';.'! '(6! (! H,/46+,! ;./8F! ;8! ;*6!(66/.;(*+<!),/V+.*!9/2<+,D!!S(.'!;*+:!;8!*'+!./8*+8*6!*'(*!;6!),/<=.+<!),/?;<+6!(!2;85!*/!;*6!6+.*;/8!/9!*'+!854%65;)Z,6%#56')3'4"+6E)!!
0(J(0(/)(-$!!a+4;8F!#D!-DF!\D!#D!0+;<+,F!jD!#D!0+(<+,F!SD!#(66(=F!jD!b/2H+,*F!#D!3D!b/2<H+,@F!]D!jD!T=..;F!(8<!-D!LD!3(*'(86/8F!"#$-X]F!L,%&B)0+"!',,)G%#>;56"+,)%&)8-'#%!5;)Z&B%&''+%&B@)Q)A>;6%#'(%5)9>%(')*"+)6-')8"+')8>++%!>;>#F!q+,6;/8!MDRF!\;2+1F!MRROD!!0+;<+,F!\D!#DF! jD!#D!0+(<+,F! (8<!#D!-D!a+4;8F!0+"!',,)C',%B&)0+%&!%4;',@)G:&6-',%,=)Q&5;:,%,=)5&()Z?5;>56%"&F!\;2+1F!&___D!!0+;<+,F!\D!#DF!jD!#D!0+(<+,F!(8<!#D!-D!a+4;8F!0+"(>!6)5&()0+"!',,)C',%B&)0+%&!%4;',@)G:&6-',%,=)Q&5;:,%,=)5&()Z?5;>56%"&F!0+./8<!S<;*;/8F!\;2+1F!MRRQD!!0:;*'F!jD!]DF!UD!"D!q(8!3+66F!(8<!]D!]D!KHH/**F!X&6+"(>!6%"&)6")8-'#%!5;)Z&B%&''+%&B)2-'+#"(:&5#%!,F!0;>*'!S<;*;/8F!].b,(4$U;22F!MRR&D!
"#$E`S$JM!
!!!!!!!!!!!!!!
588(/1+V$+$$
1(80%85/+e(0$$$$$$$$
5-8(/$842-$0><:@?$$
"#$E`S$JO!
K0`S3!`aN0!T2/46'++*!$! 6;:=2(*;/8!,+6=2*6!.(8!H+!,+),/<=.+<!=6;8@!*'+!9;2+!-K#T-K"DH5)!/8!*'+!"#$-X]!
!
?@@A
#B9
ACD
A<
!!K0`S3!`aN0!`,/@,(:!
IN-UNITS ENG DEF-STREAMS CONVEN ALL DATABANKS PURE93 / AQUEOUS / SOLIDS / INORGANIC / & NOASPENPCD PROP-SOURCES PURE93 / AQUEOUS / SOLIDS / INORGANIC COMPONENTS C2H6 C2H6 / C3H8 C3H8 / C4H10-1 C4H10-1 / C5H12-1 C5H12-1 / C6H14-1 C6H14-1 FLOWSHEET BLOCK D1 IN=FEED OUT=DIS BOT PROPERTIES RK-SOAVE USER-PROPS DRUSR2 1 2 3 PROP-DATA RKSKIJ-1 IN-UNITS ENG PROP-LIST RKSKIJ BPVAL C2H6 C3H8 -2.2000000E-3 BPVAL C2H6 C4H10-1 6.70000000E-3 BPVAL C2H6 C5H12-1 5.60000000E-3 BPVAL C2H6 C6H14-1 -.0156000000 BPVAL C3H8 C4H10-1 0.0 BPVAL C3H8 C5H12-1 .0233000000 BPVAL C3H8 C6H14-1 -2.2000000E-3 BPVAL C3H8 C2H6 -2.2000000E-3 BPVAL C4H10-1 C3H8 0.0 BPVAL C4H10-1 C5H12-1 .0204000000 BPVAL C4H10-1 C6H14-1 -.0111000000 BPVAL C4H10-1 C2H6 6.70000000E-3 BPVAL C5H12-1 C3H8 .0233000000 BPVAL C5H12-1 C4H10-1 .0204000000 BPVAL C5H12-1 C2H6 5.60000000E-3 STREAM FEED SUBSTREAM MIXED TEMP=225 PRES=250 MOLE-FLOW C2H6 30 / C3H8 200 / C4H10-1 370 / C5H12-1 & 350 / C6H14-1 50
"#$E`S$JQ!
BLOCK D1 RADFRAC PARAM NSTAGE=14 COL-CONFIG CONDENSER=PARTIAL-V FEEDS FEED 7 PRODUCTS BOT 14 L / DIS 1 V P-SPEC 1 248 COL-SPECS D:F=.226 DP-COL=4 MOLE-RR=6.06 SPEC 1 MOLE-FLOW 191 PHASE=V STAGE=1 COMPS=C3H8 VARY 1 MOLE-RR 3 9 STREAM-REPOR MOLEFLOW
0*,+(:!q(,;(H2+6!!
BOT DIS FEED ------------ STREAM ID BOT DIS FEED FROM : D1 D1 ---- TO : ---- ---- D1 SUBSTREAM: MIXED PHASE: LIQUID VAPOR MIXED COMPONENTS: LBMOL/HR C2H6 3.5935-03 29.9964 30.0000 C3H8 9.0000 191.0000 200.0000 C4H10-1 365.0282 4.9718 370.0000 C5H12-1 349.9682 3.1817-02 350.0000 C6H14-1 50.0000 5.6799-06 50.0000 TOTAL FLOW: LBMOL/HR 774.0000 226.0000 1000.0000 LB/HR 5.1173+04 9615.6886 6.0789+04 CUFT/HR 1757.1876 4228.0955 7798.4407 STATE VARIABLES: TEMP F 260.8017 115.0748 225.0000 PRES PSI 252.0000 248.0000 250.0000 VFRAC 0.0 1.0000 0.2831 LFRAC 1.0000 0.0 0.7169 SFRAC 0.0 0.0 0.0 ENTHALPY: BTU/LBMOL -6.1678+04 -4.4212+04 -5.7856+04 BTU/LB -932.8868 -1039.1178 -951.7619 BTU/HR -4.7738+07 -9.9918+06 -5.7856+07 ENTROPY: BTU/LBMOL-R -105.9894 -66.3064 -96.4772 BTU/LB-R -1.6031 -1.5584 -1.5871 DENSITY: LBMOL/CUFT 0.4405 5.3452-02 0.1282 LB/CUFT 29.1220 2.2742 7.7950 AVG MW 66.1148 42.5473 60.7885
`,/.+66!N8;*!X=*)=*!!BLOCK: D1 MODEL: RADFRAC ------------------------------- INLETS - FEED STAGE 7 OUTLETS - DIS STAGE 1 BOT STAGE 14 PROPERTY OPTION SET: RK-SOAVE STANDARD RKS EQUATION OF STATE
"#$E`S$JJ!
*** MASS AND ENERGY BALANCE *** IN OUT RELATIVE DIFF. TOTAL BALANCE MOLE(LBMOL/HR) 1000.00 1000.00 -0.113687E-15 MASS(LB/HR ) 60788.5 60788.5 -0.263325E-14 ENTHALPY(BTU/HR ) -0.578562E+08 -0.577303E+08 -0.217615E-02
**** INPUT DATA **** NUMBER OF STAGES 14 ALGORITHM OPTION STANDARD ABSORBER OPTION NO INITIALIZATION OPTION STANDARD HYDRAULIC PARAMETER CALCULATIONS NO INSIDE LOOP CONVERGENCE METHOD BROYDEN DESIGN SPECIFICATION METHOD NESTED MAXIMUM NO. OF OUTSIDE LOOP ITERATIONS 25 MAXIMUM NO. OF INSIDE LOOP ITERATIONS 10 MAXIMUM NUMBER OF FLASH ITERATIONS 50 FLASH TOLERANCE 0.000100000 OUTSIDE LOOP CONVERGENCE TOLERANCE 0.000100000
**** COL-SPECS **** MOLAR VAPOR DIST / TOTAL DIST 1.00000 MOLAR REFLUX RATIO 6.06000 DISTILLATE TO FEED RATIO 0.22600 **** RESULTS ****
*** COMPONENT SPLIT FRACTIONS *** OUTLET STREAMS -------------- DIS BOT COMPONENT: C2H6 .99988 .11978E-03 C3H8 .95500 .45000E-01 C4H10-1 .13437E-01 .98656 C5H12-1 .90906E-04 .99991 C6H14-1 .11360E-06 1.0000
*** SUMMARY OF KEY RESULTS *** TOP STAGE TEMPERATURE F 115.075 BOTTOM STAGE TEMPERATURE F 260.802 TOP STAGE LIQUID FLOW LBMOL/HR 2,006.29 BOTTOM STAGE LIQUID FLOW LBMOL/HR 774.000 TOP STAGE VAPOR FLOW LBMOL/HR 226.000 BOTTOM STAGE VAPOR FLOW LBMOL/HR 1,655.79 MOLAR REFLUX RATIO 8.87737 MOLAR BOILUP RATIO 2.13927 CONDENSER DUTY (W/O SUBCOOL) BTU/HR -0.115854+08 REBOILER DUTY BTU/HR 0.117112+08
**** PROFILES **** **NOTE** REPORTED VALUES FOR STAGE LIQUID AND VAPOR RATES ARE THE FLOWS FROM THE STAGE EXCLUDING ANY SIDE PRODUCT. FOR THE FIRST STAGE, THE REPORTED VAPOR FLOW IS THE VAPOR DISTILLATE FLOW. FOR THE LAST STAGE, THE REPORTED LIQUID FLOW IS THE LIQUID BOTTOMS FLOW.
"#$E`S$JG!
ENTHALPY STAGE TEMPERATURE PRESSURE BTU/LBMOL HEAT DUTY F PSI LIQUID VAPOR BTU/HR 1 115.07 248.00 -50783. -44212. -.11585+08 2 125.28 248.31 -51581. -44928. 3 136.57 248.62 -52692. -45507. 5 170.39 249.23 -55843. -47215. 6 190.65 249.54 -57560. -48372. 7 209.38 249.85 -59032. -49521. 8 217.28 250.15 -59293. -50212. 11 235.62 251.08 -59970. -51780. 12 241.42 251.38 -60295. -52207. 13 248.99 251.69 -60816. -52686. 14 260.80 252.00 -61678. -53340. .11711+08 STAGE FLOW RATE FEED RATE PRODUCT RATE LBMOL/HR LBMOL/HR LBMOL/HR LIQUID VAPOR LIQUID VAPOR MIXED LIQUID VAPOR 1 2006. 226.0 226.0000 2 1955. 2232. 3 1864. 2181. 5 1677. 1989. 6 1600. 1903. 283.3846 7 2334. 1542. 716.6153 8 2372. 1560. 11 2453. 1661. 12 2454. 1679. 13 2430. 1680. 14 774.0 1656. 774.0000
**** MASS FLOW PROFILES **** STAGE FLOW RATE FEED RATE PRODUCT RATE LB/HR LB/HR LB/HR LIQUID VAPOR LIQUID VAPOR MIXED LIQUID VAPOR 1 0.8848E+05 9616. 9615.6886 2 0.8897E+05 0.9810E+05 3 0.8829E+05 0.9859E+05 5 0.8877E+05 0.9759E+05 6 0.8996E+05 0.9838E+05 .15740+05 7 0.1382E+06 0.8384E+05 .45048+05 8 0.1425E+06 0.8706E+05 11 0.1523E+06 0.9845E+05 12 0.1544E+06 0.1012E+06 13 0.1558E+06 0.1032E+06 14 0.5117E+05 0.1047E+06 .51173+05 **** MOLE-X-PROFILE **** STAGE C2H6 C3H8 C4H10-1 C5H12-1 C6H14-1 1 0.57253E-01 0.88576 0.56268E-01 0.71663E-03 0.36784E-06 2 0.26424E-01 0.84979 0.12085 0.29316E-02 0.41399E-05 3 0.14274E-01 0.74938 0.22597 0.10340E-01 0.39505E-04 5 0.75715E-02 0.43455 0.48005 0.75943E-01 0.18785E-02 6 0.66748E-02 0.29446 0.53451 0.15547 0.88845E-02 7 0.40998E-02 0.20293 0.52813 0.23898 0.25864E-01 8 0.16827E-02 0.15681 0.56948 0.24609 0.25942E-01 11 0.10271E-03 0.56172E-01 0.63050 0.28601 0.27216E-01 12 0.38791E-04 0.36411E-01 0.61454 0.31913 0.29880E-01 13 0.14072E-04 0.21933E-01 0.56594 0.37366 0.38453E-01 14 0.46428E-05 0.11628E-01 0.47161 0.45216 0.64599E-01
"#$E`S$JI!
**** MOLE-Y-PROFILE **** STAGE C2H6 C3H8 C4H10-1 C5H12-1 C6H14-1 1 0.13273 0.84513 0.21999E-01 0.14078E-03 0.25132E-07 2 0.64894E-01 0.88165 0.52798E-01 0.65833E-03 0.33314E-06 3 0.37438E-01 0.84931 0.11061 0.26424E-02 0.37136E-05 5 0.23512E-01 0.62700 0.32189 0.27326E-01 0.27279E-03 6 0.22436E-01 0.48332 0.42565 0.66941E-01 0.16554E-02 7 0.14670E-01 0.37152 0.48748 0.12031 0.60259E-02 8 0.61322E-02 0.29788 0.55617 0.13318 0.66399E-02 11 0.38744E-03 0.11540 0.69553 0.18013 0.85532E-02 12 0.14792E-03 0.76709E-01 0.70375 0.20941 0.99812E-02 13 0.54526E-04 0.47830E-01 0.68040 0.25783 0.13882E-01 14 0.18479E-04 0.26750E-01 0.61003 0.33697 0.26231E-01
"#$E`S$J%!
$$$$$$$$$$$$$$$
588(/1+V$++$$
1(-+6/$)0+*(0+5$-8()+J+)5*+%/-$$$$$$$$$$$$$
"#$E`S$J_!
!
"#$E`S$GR!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#$E`S$G&!
$$$$$$$$$$$$$$
588(/1+V$+++$$$
5-8(/$+8($)58+*54$(-*+M5*($0(8%0*$J%0$*7($1(80%85/+e(0$
!!
0+2+.*+<!)/,*;/86!/9!*'+!!!
a;6*!/9!SP=;):+8*!(8<!L=25!](*+,;(2!H1!K,+(!!
(8<!*'+!!!
"/8*,(.*!0=::(,1!
"#$E`S$GM!
1><@:<L=PI>@$9P?H:K?$?H>$0>F:PB>@$8K;<$`Z>>$1()R$J:BD>@a$!
!C O N T R A C T S U M M A R Y
PRIME CONTRACTOR (CONTRACT NO. 1)
================================================================================================================================= : : : DESIGN : C O N S T R U C T I O N : MISC. AND : : PERCENT : :NO.: I T E M : ENG'G AND :-------------------------------------------------: ALL *: AMOUNT : OF : : : :PROCUREMENT: MATERIAL : MANHOURS : MANPOWER : INDIRECTS :SUBCONTRACTS : : CONTRACT : : : : K-USD : K-USD : : K-USD : K-USD : K-USD : K-USD : TOTAL : ================================================================================================================================= 1 PURCHASED EQUIPMENT - 289.2 - - - - 289.2 18.4 2 EQUIPMENT SETTING - - 265. 5.6 - - 5.6 0.4 3 PIPING - 93.2 2599. 59.7 - - 152.9 9.8 4 CIVIL - 15.4 710. 12.0 - - 27.5 1.8 5 STEEL - 7.0 218. 3.9 - - 10.9 0.7 6 INSTRUMENTATION - 89.6 1455. 33.3 - - 122.9 7.8 7 ELECTRICAL - 17.5 380. 7.9 - - 25.5 1.6 8 INSULATION - 34.7 1242. 24.3 - - 58.9 3.8 9 PAINT - 2.5 343. 5.4 - - 7.9 0.5 10 OTHER 350.7 56.3 - 0.0 321.3 - 728.3 46.5 -------------------- ------- --------- --------- -------- -------- -------- ------------ ----- 11 SUBTOTAL, DIRECT 350.7 605.4 7210. 152.1 321.3 - 1429.6 91.2 12 SUBCONTRACTS - - - - 0.0 0.0 0.0 13 G AND A OVERHEADS 0.0 18.2 4.6 9.6 0.0 32.4 2.1 14 CONTRACT FEE 33.0 21.8 16.5 34.8 0.0 106.0 6.8 -------------------- ------- --------- -------- -------- -------- ------------ ----- 15 BASE TOTAL 383.7 645.4 173.2 365.7 0.0 1568.0 100.0 16 ESCALATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 CONTINGENCIES 69.1 116.2 31.2 65.8 0.0 282.2 18.0 18 SPECIAL CHARGES - - - - 0.0 0.0 0.0 -------------------- ------- --------- -------- -------- -------- ------------ ----- 19 TOTAL 452.7 761.6 204.3 431.6 0.0 1850.2 118.0 ================================================================================================================================= * NO SUBCONTRACTS
!!!!!!!!!!!!!!!!!!!
"#$E`S$GO!
!C O M P O N E N T L I S T
=========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'D1'. HT - 3 HORIZ DRUM D1-cond acc Shell material A 515 19000 CODE OF ACCOUNT: 114 Liquid volume 2350.23 GALLONS TAG NO.: D1-cond acc Vessel diameter 5.000 FEET Vessel tangent to tangent length 16.00 FEET Design temperature 250.00 DEG F Design gauge pressure 258.30 PSIG Application CONT Base material thickness 0.625 INCHES Total weight 9600 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 19000. 1.0000 : 593. 0.0312 29 : 0.031 : PIPING : 14291. 0.7522 : 8952. 0.4712 391 : 0.626 : CIVIL : 1587. 0.0835 : 2031. 0.1069 120 : 1.280 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 21954. 1.1555 : 3823. 0.2012 164 : 0.174 : ELECTRICAL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSULATION : 0. 0.0000 : 0. 0.0000 0 : 0.000 : PAINT : 801. 0.0421 : 1399. 0.0736 89 : 1.748 : ------------------------------------------------------------------------- SUBTOTAL : 57633. 3.0333 : 16799. 0.8842 793 : 0.291 : TOTAL MATERIAL AND MANPOWER COST =USD 74400. INST'L COST/PE RATIO = 3.916 ========================================================================================================================== =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'D1'. CP - 4 CENTRIF D1-reflux pump Casing material CS 5200 CODE OF ACCOUNT: 161 Liquid flow rate 401.99 GPM TAG NO.: D1-reflux pu Fluid head 50.00 FEET Design temperature 250.00 DEG F Speed 3600.00 RPM Driver power 5.000 HP Design gauge pressure 258.30 PSIG Driver type MOTOR Seal type SNGL Total weight 530 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 5200. 1.0000 : 383. 0.0737 19 : 0.074 : PIPING : 9746. 1.8743 : 4684. 0.9007 204 : 0.481 : CIVIL : 170. 0.0327 : 523. 0.1005 31 : 3.077 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 6262. 1.2042 : 1747. 0.3359 76 : 0.279 : ELECTRICAL : 596. 0.1147 : 898. 0.1727 42 : 1.506 : INSULATION : 2557. 0.4918 : 1928. 0.3708 98 : 0.754 : PAINT : 144. 0.0276 : 350. 0.0673 22 : 2.437 : ------------------------------------------------------------------------- SUBTOTAL : 24675. 4.7452 : 10512. 2.0216 492 : 0.426 : TOTAL MATERIAL AND MANPOWER COST =USD 35200. INST'L COST/PE RATIO = 6.769 ========================================================================================================================== Equipment mapped from 'D1'. QUOTE EQP- 5 D1-overhead split Number of identical items 1 0 CODE OF ACCOUNT: 100 TAG NO.: D1-overhead ==========================================================================================================================
"#$E`S$GQ!
C O M P O N E N T L I S T =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'D1'. QUOTE EQP- 6 D1-bottoms split Number of identical items 1 0 CODE OF ACCOUNT: 100 TAG NO.: D1-bottoms s ========================================================================================================================== Equipment mapped from 'D1'. RB - 7 KETTLE D1-reb Tube material A 214 52600 CODE OF ACCOUNT: 262 Heat transfer area 3579.55 SF TAG NO.: D1-reb Shell material A285C TEMA type BKT Shell design gauge pressure 262.00 PSIG Shell design temperature 310.80 DEG F Shell diameter 54.00 INCHES Shell length 25.00 FEET Tube port diameter 36.00 INCHES Tube design gauge pressure 60.30 PSIG Tube design temperature 331.00 DEG F Tube outside diameter 1.000 INCHES Tube length extended 20.00 FEET Total weight 34300 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 52600. 1.0000 : 1152. 0.0219 52 : 0.022 : PIPING : 13678. 0.2600 : 11432. 0.2173 495 : 0.836 : CIVIL : 1436. 0.0273 : 1881. 0.0358 111 : 1.310 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 13153. 0.2501 : 4707. 0.0895 205 : 0.358 : ELECTRICAL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSULATION : 8253. 0.1569 : 5679. 0.1080 291 : 0.688 : PAINT : 292. 0.0056 : 736. 0.0140 47 : 2.519 : ------------------------------------------------------------------------- SUBTOTAL : 89412. 1.6999 : 25587. 0.4864 1201 : 0.286 : TOTAL MATERIAL AND MANPOWER COST =USD 115000. INST'L COST/PE RATIO = 2.186 ========================================================================================================================== =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'D1'. TW - 10 TRAYED D1-tower Shell material A 515 64100 CODE OF ACCOUNT: 111 Number of trays 15 TAG NO.: D1-tower Vessel diameter 5.000 FEET Vessel tangent to tangent height 42.00 FEET Design temperature 310.80 DEG F Design gauge pressure 262.30 PSIG Application DISTIL Tray type SIEVE Tray spacing 24.00 INCHES Tray material A285C Tray thickness 0.188 INCHES Base material thickness 0.625 INCHES Total weight 31500 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 64100. 1.0000 : 1877. 0.0293 92 : 0.029 : PIPING : 20847. 0.3252 : 14937. 0.2330 651 : 0.716 : CIVIL : 1572. 0.0245 : 2153. 0.0336 127 : 1.370 : STRUCTURAL STEEL : 7021. 0.1095 : 3924. 0.0612 218 : 0.559 : INSTRUMENTATION : 36315. 0.5665 : 16719. 0.2608 729 : 0.460 : ELECTRICAL : 1678. 0.0262 : 909. 0.0142 45 : 0.542 : INSULATION : 10270. 0.1602 : 8250. 0.1287 423 : 0.803 : PAINT : 643. 0.0100 : 1376. 0.0215 88 : 2.141 : ------------------------------------------------------------------------- SUBTOTAL : 142445. 2.2222 : 50145. 0.7823 2373 : 0.352 : TOTAL MATERIAL AND MANPOWER COST =USD 192600. INST'L COST/PE RATIO = 3.005 ==========================================================================================================================
"#$E`S$GJ!
C O M P O N E N T L I S T =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'D1'. HE - 13 FLOAT HEAD D1-cond Tube material A 214 139400 CODE OF ACCOUNT: 261 Number of shells 2 TAG NO.: D1-cond Area per shell 5551.00 SF Shell material A285C TEMA type BES Shell design gauge pressure 258.61 PSIG Shell design temperature 250.00 DEG F Shell diameter 46.00 INCHES Shell length 23.00 FEET Tube design gauge pressure 60.30 PSIG Tube design temperature 250.00 DEG F Tube outside diameter 1.000 INCHES Tube length extended 20.00 FEET Total weight 89200 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 139400. 1.0000 : 1601. 0.0115 73 : 0.011 : PIPING : 34630. 0.2484 : 15175. 0.1089 665 : 0.438 : CIVIL : 1237. 0.0089 : 1693. 0.0121 100 : 1.369 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 8835. 0.0634 : 2876. 0.0206 125 : 0.326 : ELECTRICAL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSULATION : 13585. 0.0975 : 8413. 0.0604 430 : 0.619 : PAINT : 636. 0.0046 : 1512. 0.0108 96 : 2.377 : ------------------------------------------------------------------------- SUBTOTAL : 198323. 1.4227 : 31270. 0.2243 1489 : 0.158 : TOTAL MATERIAL AND MANPOWER COST =USD 229600. INST'L COST/PE RATIO = 1.647 ==========================================================================================================================
"#$E`S$GG!
A R E A B U L K R E P O R T ================================================================================================================================= : : : : : M A N P O W E R : TOTAL : : : ITEM : D E S C R I P T I O N :------------------------------------: MATERIAL :------------------: DIRECT : :ORIGIN : SYMBOL :---------: D E S I G N D A T A : COST-USD : MANHOURS:COST-USD: COST-USD: ================================================================================================================================= AREA MISC CONCRETE ITEMS 638. 138 2341. 2979. AREA PIPE TESTING 0. 192 4564. 4564. GRADE UNPAVED AREA 7534. 127 2648. 10182. Area length 50.000 FEET Area width 50.000 FEET AREA INSTRUMENT TESTING 0. 95 2124. 2124. AREA INSTR. RUNS,TRAYS,JBOX. 3086. 60 1266. 4352. AREA EQUIPMENT GROUNDING 185. 11 231. 416. AREA PILED FOUNDATION 8807. 83 1407. 10214. Number of piles 14 AREA ELECTRICAL TESTING 0. 16 344. 344. AREA ROTATING EQP SPARE PARTS 370. 0 0. 370.
"#$E`S$GI!
1><@:<L=PI>@$9P?H$?H>$0>F:PB>@$8K;<$`Z>>$1()R08$J:BD>@a$$
!C O N T R A C T S U M M A R Y
PRIME CONTRACTOR (CONTRACT NO. 1)
================================================================================================================================= : : : DESIGN : C O N S T R U C T I O N : MISC. AND : : PERCENT : :NO.: I T E M : ENG'G AND :-------------------------------------------------: ALL *: AMOUNT : OF : : : :PROCUREMENT: MATERIAL : MANHOURS : MANPOWER : INDIRECTS :SUBCONTRACTS : : CONTRACT : : : : K-USD : K-USD : : K-USD : K-USD : K-USD : K-USD : TOTAL : ================================================================================================================================= 1 PURCHASED EQUIPMENT - 296.9 - - - - 296.9 17.9 2 EQUIPMENT SETTING - - 287. 6.1 - - 6.1 0.4 3 PIPING - 107.8 2865. 65.9 - - 173.7 10.5 4 CIVIL - 15.6 744. 12.6 - - 28.2 1.7 5 STEEL - 7.0 218. 3.9 - - 10.9 0.7 6 INSTRUMENTATION - 95.9 1536. 35.1 - - 131.0 7.9 7 ELECTRICAL - 18.2 426. 8.9 - - 27.1 1.6 8 INSULATION - 38.5 1355. 26.5 - - 65.0 3.9 9 PAINT - 2.7 374. 5.9 - - 8.6 0.5 10 OTHER 371.0 59.7 - 0.0 333.4 - 764.1 46.1 -------------------- ------- --------- --------- -------- -------- -------- ------------ ----- 11 SUBTOTAL, DIRECT 371.0 642.3 7805. 164.9 333.4 - 1511.6 91.3 12 SUBCONTRACTS - - - - 0.0 0.0 0.0 13 G AND A OVERHEADS 0.0 19.3 4.9 10.0 0.0 34.2 2.1 14 CONTRACT FEE 34.5 22.5 17.7 35.7 0.0 110.4 6.7 -------------------- ------- --------- -------- -------- -------- ------------ ----- 15 BASE TOTAL 405.5 684.0 187.5 379.2 0.0 1656.2 100.0 16 ESCALATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 CONTINGENCIES 73.0 123.1 33.7 68.3 0.0 298.1 18.0 18 SPECIAL CHARGES - - - - 0.0 0.0 0.0 -------------------- ------- --------- -------- -------- -------- ------------ ----- 19 TOTAL 478.5 807.2 221.2 447.4 0.0 1954.3 118.0 ================================================================================================================================= * NO SUBCONTRACTS!
!!!!!!!!!!!!!!!!!!!
"#$E`S$G%!
!!
C O M P O N E N T L I S T =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== CP - 8 CENTRIF reboiler pump Casing material CS 7000 CODE OF ACCOUNT: 161 Liquid flow rate 756.52 GPM Fluid head 20.00 FEET Design temperature 298.99 DEG F Speed 3600.00 RPM Driver power 3.000 HP Design gauge pressure 262.00 PSIG Driver type MOTOR Seal type SNGL Total weight 630 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 7000. 1.0000 : 463. 0.0662 23 : 0.066 : PIPING : 14619. 2.0884 : 5699. 0.8141 248 : 0.390 : CIVIL : 160. 0.0229 : 504. 0.0720 30 : 3.146 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 6277. 0.8967 : 1747. 0.2495 76 : 0.278 : ELECTRICAL : 596. 0.0852 : 898. 0.1283 42 : 1.506 : INSULATION : 3826. 0.5465 : 2219. 0.3170 113 : 0.580 : PAINT : 201. 0.0287 : 487. 0.0695 31 : 2.420 : ------------------------------------------------------------------------- SUBTOTAL : 32680. 4.6685 : 12016. 1.7166 563 : 0.368 : TOTAL MATERIAL AND MANPOWER COST =USD 44700. INST'L COST/PE RATIO = 6.386 ==========================================================================================================================
!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#$E`S$G_!
!!
A R E A B U L K R E P O R T ================================================================================================================================= : : : : : M A N P O W E R : TOTAL : : : ITEM : D E S C R I P T I O N :------------------------------------: MATERIAL :------------------: DIRECT : :ORIGIN : SYMBOL :---------: D E S I G N D A T A : COST-USD : MANHOURS:COST-USD: COST-USD: ================================================================================================================================= AREA MISC CONCRETE ITEMS 657. 142 2413. 3070. AREA PIPE TESTING 0. 211 5002. 5002. GRADE UNPAVED AREA 7534. 127 2648. 10182. Area length 50.000 FEET Area width 50.000 FEET AREA INSTRUMENT TESTING 0. 100 2242. 2242. AREA INSTR. RUNS,TRAYS,JBOX. 3086. 60 1266. 4352. AREA EQUIPMENT GROUNDING 222. 14 277. 499. AREA PILED FOUNDATION 8807. 83 1407. 10214. Number of piles 14 AREA ELECTRICAL TESTING 0. 17 376. 376. AREA ROTATING EQP SPARE PARTS 860. 0 0. 860.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#$E`S$IR!
!!
!$$$$$$$$$$$$
588(/1+V$+,$$$
5-8(/$+8($)58+*54$(-*+M5*($0(8%0*$J%0$*7($M%/%)74%0%&(/e(/($
-(8505*+%/$80%)(--!!!
0+2+.*+<!)/,*;/86!/9!*'+!!!
a;6*!/9!SP=;):+8*!(8<!L=25!](*+,;(2!H1!K,+(!!
(8<!*'+!!!
"/8*,(.*!0=::(,1!!!!!!!!!!!!!!!!!!
"#$E`S$I&!
!C O N T R A C T S U M M A R Y
PRIME CONTRACTOR (CONTRACT NO. 1)
================================================================================================================================= : : : DESIGN : C O N S T R U C T I O N : MISC. AND : : PERCENT : :NO.: I T E M : ENG'G AND :-------------------------------------------------: ALL *: AMOUNT : OF : : : :PROCUREMENT: MATERIAL : MANHOURS : MANPOWER : INDIRECTS :SUBCONTRACTS : : CONTRACT : : : : K-USD : K-USD : : K-USD : K-USD : K-USD : K-USD : TOTAL : ================================================================================================================================= 1 PURCHASED EQUIPMENT - 159.5 - - - - 159.5 8.4 2 EQUIPMENT SETTING - - 390. 8.3 - - 8.3 0.4 3 PIPING - 76.9 4404. 101.6 - - 178.6 9.4 4 CIVIL - 23.1 1086. 18.4 - - 41.5 2.2 5 STEEL - 12.6 333. 6.0 - - 18.6 1.0 6 INSTRUMENTATION - 147.7 2704. 61.9 - - 209.6 11.1 7 ELECTRICAL - 20.0 485. 10.1 - - 30.1 1.6 8 INSULATION - 44.3 1924. 37.7 - - 82.0 4.3 9 PAINT - 2.3 346. 5.4 - - 7.7 0.4 10 OTHER 513.1 49.9 - 0.0 425.9 - 988.9 52.1 -------------------- ------- --------- --------- -------- -------- -------- ------------ ----- 11 SUBTOTAL, DIRECT 513.1 536.2 11672. 249.5 425.9 - 1724.8 91.0 12 SUBCONTRACTS - - - - 0.0 0.0 0.0 13 G AND A OVERHEADS 0.0 16.1 7.5 12.8 0.0 36.4 1.9 14 CONTRACT FEE 45.2 20.4 25.7 43.9 0.0 135.2 7.1 -------------------- ------- --------- -------- -------- -------- ------------ ----- 15 BASE TOTAL 558.3 572.8 282.7 482.6 0.0 1896.3 100.0 16 ESCALATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 CONTINGENCIES 100.5 103.1 50.9 86.9 0.0 341.3 18.0 18 SPECIAL CHARGES - - - - 0.0 0.0 0.0 -------------------- ------- --------- -------- -------- -------- ------------ ----- 19 TOTAL 658.7 675.9 333.6 569.4 0.0 2237.6 118.0 ================================================================================================================================= * NO SUBCONTRACTS
!!!!!!!!!!!!!!!!!!!!!
"#$E`S$IM!
!!
C O M P O N E N T L I S T =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'A1'. TW - 2 TRAYED A1-tower Shell material A 515 16000 CODE OF ACCOUNT: 111 Number of trays 15 TAG NO.: A1-tower Vessel diameter 1.500 FEET Vessel tangent to tangent height 42.00 FEET Design temperature 320.00 DEG F Design gauge pressure 60.30 PSIG Application DISTIL Tray type SIEVE Tray spacing 24.00 INCHES Tray material A285C Tray thickness 0.188 INCHES Base material thickness 0.500 INCHES Total weight 6400 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 16000. 1.0000 : 512. 0.0320 25 : 0.032 : PIPING : 8486. 0.5304 : 14966. 0.9354 647 : 1.764 : CIVIL : 909. 0.0568 : 1434. 0.0896 84 : 1.578 : STRUCTURAL STEEL : 4590. 0.2869 : 2162. 0.1351 120 : 0.471 : INSTRUMENTATION : 31542. 1.9714 : 16719. 1.0449 729 : 0.530 : ELECTRICAL : 1152. 0.0720 : 696. 0.0435 34 : 0.604 : INSULATION : 4921. 0.3075 : 4701. 0.2938 240 : 0.955 : PAINT : 380. 0.0238 : 860. 0.0538 55 : 2.264 : ------------------------------------------------------------------------- SUBTOTAL : 67980. 4.2488 : 42051. 2.6282 1934 : 0.619 : TOTAL MATERIAL AND MANPOWER COST =USD 110000. INST'L COST/PE RATIO = 6.875 ========================================================================================================================= =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'D1'. TW - 3 TRAYED D1-tower Shell material A 515 53500 CODE OF ACCOUNT: 111 Number of trays 30 TAG NO.: D1-tower Vessel diameter 3.000 FEET Vessel tangent to tangent height 72.00 FEET Design temperature 353.02 DEG F Design gauge pressure 35.30 PSIG Application DISTIL Tray type SIEVE Tray spacing 24.00 INCHES Tray material A285C Tray thickness 0.188 INCHES Average wall thickness 0.417 INCHES Total weight 21400 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 53500. 1.0000 : 1727. 0.0323 84 : 0.032 : PIPING : 13675. 0.2556 : 17933. 0.3352 778 : 1.311 : CIVIL : 1136. 0.0212 : 1685. 0.0315 99 : 1.484 : STRUCTURAL STEEL : 7974. 0.1491 : 3845. 0.0719 213 : 0.482 : INSTRUMENTATION : 35223. 0.6584 : 16909. 0.3161 737 : 0.480 : ELECTRICAL : 2230. 0.0417 : 1193. 0.0223 59 : 0.535 : INSULATION : 11094. 0.2074 : 9098. 0.1701 466 : 0.820 : PAINT : 620. 0.0116 : 1350. 0.0252 86 : 2.178 : ------------------------------------------------------------------------- SUBTOTAL : 125452. 2.3449 : 53740. 1.0045 2522 : 0.428 : TOTAL MATERIAL AND MANPOWER COST =USD 179200. INST'L COST/PE RATIO = 3.350 ==========================================================================================================================
"#$E`S$IO!
C O M P O N E N T L I S T =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'D1'. HE - 4 FIXED T S D1-cond Tube material A 214 12200 CODE OF ACCOUNT: 261 Heat transfer area 154.71 SF TAG NO.: D1-cond Shell material A285C TEMA type BEM Shell design gauge pressure 35.30 PSIG Shell design temperature 255.39 DEG F Shell diameter 8.000 INCHES Shell length 20.00 FEET Tube design gauge pressure 60.30 PSIG Tube design temperature 255.39 DEG F Tube outside diameter 1.000 INCHES Tube length extended 20.00 FEET Total weight 1800 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 12200. 1.0000 : 841. 0.0689 38 : 0.069 : PIPING : 9609. 0.7876 : 8169. 0.6696 358 : 0.850 : CIVIL : 669. 0.0549 : 1120. 0.0918 66 : 1.673 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 7741. 0.6345 : 2859. 0.2344 125 : 0.369 : ELECTRICAL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSULATION : 3692. 0.3026 : 2988. 0.2449 152 : 0.809 : PAINT : 213. 0.0175 : 516. 0.0423 33 : 2.419 : ------------------------------------------------------------------------- SUBTOTAL : 34124. 2.7971 : 16492. 1.3518 772 : 0.483 : TOTAL MATERIAL AND MANPOWER COST =USD 50600. INST'L COST/PE RATIO = 4.148 ========================================================================================================================= ========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'D1'. HT - 5 HORIZ DRUM D1-cond acc Shell material A 515 7500 CODE OF ACCOUNT: 114 Liquid volume 237.96 GALLONS TAG NO.: D1-cond acc Vessel diameter 3.000 FEET Vessel tangent to tangent length 4.500 FEET Design temperature 254.98 DEG F Design gauge pressure 35.30 PSIG Application CONT Base material thickness 0.313 INCHES Total weight 1500 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 7500. 1.0000 : 511. 0.0681 25 : 0.068 : PIPING : 5991. 0.7988 : 8621. 1.1495 373 : 1.439 : CIVIL : 995. 0.1326 : 1453. 0.1937 86 : 1.461 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 16896. 2.2527 : 3624. 0.4832 156 : 0.215 : ELECTRICAL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSULATION : 2474. 0.3298 : 2678. 0.3571 136 : 1.083 : PAINT : 142. 0.0189 : 376. 0.0501 24 : 2.642 : ------------------------------------------------------------------------- SUBTOTAL : 33997. 4.5329 : 17263. 2.3017 800 : 0.508 : TOTAL MATERIAL AND MANPOWER COST =USD 51300. INST'L COST/PE RATIO = 6.840 ==========================================================================================================================
"#$E`S$IQ!
C O M P O N E N T L I S T =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'D1'. CP - 6 CENTRIF D1-reflux pump Casing material CS 3300 CODE OF ACCOUNT: 161 Liquid flow rate 37.44 GPM TAG NO.: D1-reflux pu Fluid head 70.00 FEET Design temperature 254.98 DEG F Speed 3600.00 RPM Driver power 1.000 HP Design gauge pressure 35.30 PSIG Driver type MOTOR Seal type SNGL Total weight 200 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 3300. 1.0000 : 205. 0.0621 10 : 0.062 : PIPING : 3202. 0.9704 : 4783. 1.4493 206 : 1.494 : CIVIL : 141. 0.0429 : 468. 0.1417 27 : 3.306 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 4916. 1.4896 : 1747. 0.5293 76 : 0.355 : ELECTRICAL : 596. 0.1807 : 898. 0.2721 42 : 1.506 : INSULATION : 1685. 0.5106 : 1734. 0.5256 88 : 1.029 : PAINT : 79. 0.0241 : 218. 0.0661 14 : 2.746 : ------------------------------------------------------------------------- SUBTOTAL : 13920. 4.2181 : 10052. 3.0462 463 : 0.722 : TOTAL MATERIAL AND MANPOWER COST =USD 24000. INST'L COST/PE RATIO = 7.273 ========================================================================================================================== Equipment mapped from 'D1'. QUOTE EQP- 7 D1-overhead split Number of identical items 1 0 CODE OF ACCOUNT: 100 TAG NO.: D1-overhead ========================================================================================================================== ========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'D1'. QUOTE EQP- 8 D1-bottoms split Number of identical items 1 0 CODE OF ACCOUNT: 100 TAG NO.: D1-bottoms s ========================================================================================================================== Equipment mapped from 'D1'. RB - 9 U TUBE D1-reb Tube material A 214 23500 CODE OF ACCOUNT: 262 Heat transfer area 921.20 SF TAG NO.: D1-reb Shell material A285C TEMA type BKU Shell design gauge pressure 35.30 PSIG Shell design temperature 353.02 DEG F Shell diameter 39.00 INCHES Shell length 13.00 FEET Tube port diameter 26.00 INCHES Tube design gauge pressure 110.30 PSIG Tube design temperature 377.80 DEG F Tube outside diameter 1.000 INCHES Tube length extended 20.00 FEET Total weight 9100 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 23500. 1.0000 : 713. 0.0303 32 : 0.030 : PIPING : 8327. 0.3543 : 9585. 0.4079 416 : 1.151 : CIVIL : 1067. 0.0454 : 1526. 0.0649 90 : 1.431 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 12322. 0.5243 : 4641. 0.1975 203 : 0.377 : ELECTRICAL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSULATION : 5213. 0.2218 : 4266. 0.1815 218 : 0.818 : PAINT : 189. 0.0081 : 480. 0.0204 31 : 2.536 : ------------------------------------------------------------------------- SUBTOTAL : 50618. 2.1540 : 21210. 0.9026 990 : 0.419 : TOTAL MATERIAL AND MANPOWER COST =USD 71800. INST'L COST/PE RATIO = 3.055
"#$E`S$IJ!
==========================================================================================================================
C O M P O N E N T L I S T =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'F1'. VT - 10 CYLINDER F1 Shell material A 515 7100 CODE OF ACCOUNT: 113 Liquid volume 264.40 GALLONS TAG NO.: F1 Vessel diameter 3.000 FEET Vessel tangent to tangent height 5.000 FEET Design temperature 320.00 DEG F Design gauge pressure 35.30 PSIG Application CONT Base material thickness 0.313 INCHES Total weight 1400 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 7100. 1.0000 : 512. 0.0721 25 : 0.072 : PIPING : 7383. 1.0398 : 8809. 1.2406 381 : 1.193 : CIVIL : 659. 0.0929 : 1103. 0.1554 65 : 1.673 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 17931. 2.5255 : 3739. 0.5266 161 : 0.209 : ELECTRICAL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSULATION : 3291. 0.4635 : 3060. 0.4309 156 : 0.930 : PAINT : 172. 0.0242 : 448. 0.0631 29 : 2.605 : ------------------------------------------------------------------------- SUBTOTAL : 36536. 5.1459 : 17670. 2.4887 817 : 0.484 : TOTAL MATERIAL AND MANPOWER COST =USD 54200. INST'L COST/PE RATIO = 7.634 ========================================================================================================================== =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'H1'. HE - 11 JACKETED H1 Material CS 16100 CODE OF ACCOUNT: 263 Heat transfer area 160.11 SF TAG NO.: H1 Tube length 20.00 FEET Number of tubes per shell 1 Design gauge pressure 60.30 PSIG Temperature 331.00 DEG F Number of sections 8 Total weight 7280 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 16100. 1.0000 : 2195. 0.1363 100 : 0.136 : PIPING : 9192. 0.5709 : 8144. 0.5059 357 : 0.886 : CIVIL : 1937. 0.1203 : 2415. 0.1500 143 : 1.247 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 5647. 0.3507 : 1635. 0.1016 69 : 0.290 : ELECTRICAL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSULATION : 5778. 0.3589 : 4314. 0.2680 220 : 0.747 : PAINT : 213. 0.0132 : 516. 0.0320 33 : 2.419 : ------------------------------------------------------------------------- SUBTOTAL : 38867. 2.4141 : 19219. 1.1937 922 : 0.494 : TOTAL MATERIAL AND MANPOWER COST =USD 58100. INST'L COST/PE RATIO = 3.609 ==========================================================================================================================
"#$E`S$IG!
C O M P O N E N T L I S T =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'H2'. HE - 12 FLOAT HEAD H2 Tube material A 214 12400 CODE OF ACCOUNT: 261 Heat transfer area 195.80 SF TAG NO.: H2 Shell material A285C TEMA type BES Shell design gauge pressure 35.30 PSIG Shell design temperature 353.02 DEG F Shell diameter 10.00 INCHES Shell length 22.00 FEET Tube design gauge pressure 60.30 PSIG Tube design temperature 353.02 DEG F Tube outside diameter 1.000 INCHES Tube length extended 20.00 FEET Total weight 2500 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 12400. 1.0000 : 874. 0.0705 40 : 0.070 : PIPING : 9626. 0.7763 : 8205. 0.6617 360 : 0.852 : CIVIL : 679. 0.0547 : 1132. 0.0913 67 : 1.669 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 7742. 0.6243 : 2868. 0.2313 125 : 0.370 : ELECTRICAL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSULATION : 5130. 0.4137 : 3490. 0.2814 177 : 0.680 : PAINT : 215. 0.0173 : 519. 0.0418 33 : 2.417 : ------------------------------------------------------------------------- SUBTOTAL : 35791. 2.8863 : 17087. 1.3780 802 : 0.477 : TOTAL MATERIAL AND MANPOWER COST =USD 52900. INST'L COST/PE RATIO = 4.266 ========================================================================================================================== ========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'M1'. QUOTE EQP- 14 M1 Number of identical items 1 0 CODE OF ACCOUNT: 100 TAG NO.: M1 ========================================================================================================================== Equipment mapped from 'S1'. QUOTE EQP- 15 S1 Number of identical items 1 0 CODE OF ACCOUNT: 100 TAG NO.: S1 ========================================================================================================================== Equipment mapped from 'P1'. CP - 18 CENTRIF P1 Casing material CS 2800 CODE OF ACCOUNT: 161 Liquid flow rate 22.73 GPM TAG NO.: P1 Fluid head 62.10 FEET Design temperature 250.00 DEG F Speed 3600.00 RPM Driver power 1.500 HP Fluid viscosity 0.583 CPOISE Design gauge pressure 60.30 PSIG Driver type MOTOR Seal type SNGL Total weight 210 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 2800. 1.0000 : 205. 0.0732 10 : 0.073 : PIPING : 1441. 0.5146 : 4641. 1.6576 200 : 3.221 : CIVIL : 148. 0.0529 : 481. 0.1717 28 : 3.246 : STRUCTURAL STEEL : 0. 0.0000 : 0. 0.0000 0 : 0.000 : INSTRUMENTATION : 4228. 1.5102 : 1747. 0.6239 76 : 0.413 : ELECTRICAL : 596. 0.2129 : 898. 0.3207 42 : 1.506 : INSULATION : 999. 0.3569 : 1391. 0.4967 71 : 1.392 : PAINT : 48. 0.0171 : 139. 0.0495 9 : 2.903 : ------------------------------------------------------------------------- SUBTOTAL : 10261. 3.6645 : 9501. 3.3933 436 : 0.926 : TOTAL MATERIAL AND MANPOWER COST =USD 19800. INST'L COST/PE RATIO = 7.071
"#$E`S$II!
==========================================================================================================================
C O M P O N E N T L I S T =========================================================================================================================== : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A --------------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : =========================================================================================================================== Equipment mapped from 'T1'. QUOTE EQP- 19 T1 Number of identical items 1 0 CODE OF ACCOUNT: 100 TAG NO.: T1 ==========================================================================================================================
"#$E`S$I%!
A R E A B U L K R E P O R T ================================================================================================================================= : : : : : M A N P O W E R : TOTAL : : : ITEM : D E S C R I P T I O N :------------------------------------: MATERIAL :------------------: DIRECT : :ORIGIN : SYMBOL :---------: D E S I G N D A T A : COST-USD : MANHOURS:COST-USD: COST-USD: ================================================================================================================================= AREA MISC CONCRETE ITEMS 916. 198 3358. 4274. AREA PIPE TESTING 0. 328 7771. 7771. GRADE UNPAVED AREA 7534. 127 2648. 10182. Area length 50.000 FEET Area width 50.000 FEET AREA INSTRUMENT TESTING 0. 179 4012. 4012. AREA INSTR. RUNS,TRAYS,JBOX. 3471. 68 1450. 4921. AREA EQUIPMENT GROUNDING 369. 23 462. 831. AREA PILED FOUNDATION 13840. 131 2211. 16051. Number of piles 22 AREA ELECTRICAL TESTING 0. 20 430. 430. AREA ROTATING EQP SPARE PARTS 430. 0 0. 430.
!
"#$K$EE$&!
1(-+6/$80%&4(M$-*5*(M(/*-$
$
5]++"#$$$)%/*(/*-$5/1$+/*0%12)*+%/$$
8>?@:NH>;PNLBZ$ 8@:FB>;$/:"$
L(*.'!#;!AO$)+8*12B!](2(*+!`,/.+66! K$EED&D&!
K.+*(2<+'1<+!9,/:!K.+*;.!K.;<! K$EED&DM!
S*'12+8+!H1!X>;<(*;?+!#+'1<,/@+8(*;/8!/9!S*'(8+! K$EED&DO!
L=*(<;+8+!*/!8$L=*1,(2<+'1<+!(8<!8$L=*(8/2! K$EED&DQ!
]+*'(.,12;.!K.;<!*/!]+*'12:+*'(.,12(*+! K$EED&DJ!
"/),/<=.*;/8!/9!S*'12+8+!(8<!K.+*;.!K.;<!9,/:!S*'(8+! K$EED&DG!
]+*'12:+*'(.,12(*+!9,/:!`,/)18+! K$EED&DI!
];>+<$"Q!L1),/<=.*!N)@,(<+! K$EED&D%!
U1<,/@+8!`+,/>;<+!](8=9(.*=,+! K$EED&D_!
#;$*+,*;(,1$H=*12$)+,/>;<+!](8=9(.*=,+! K$EED&D&R!
q;812!K.+*(*+!`,/.+66! K$EED&D&&!
`]!K.+*(*+!](8=9(.*=,+! K$EED&D&M!
`,/)/>12(*+<!S*'12+8+<;(:;8+! K$EED&D&O!
8>?@:B>K;$8@:DKN?Z$ !
T=+2!K<<;*;?+6!9/,!"2+(8+,!S:;66;/86! K$EEDMD&!
"#$K$EE$M!
!6LZ$ML=KCLN?K@>$ !
3;*,/@+8!-+V+.*;/8!N8;*!A9,/:!8(*=,(2!@(6B! K$EEDOD&!
N2*,($)=,+!3;*,/@+8!b+8+,(*/,! K$EEDODM!
3;*,/@+8!`,/<=.*;/8! K$EEDODO!
h,1)*/8!(8<!u+8/8!9,/:!K;,! K$EEDODQ!
N2*,($U;@'$`=,;*1!X>1@+8! K$EEDODJ!
J::DZ$ !
]/8/6/<;=:!b2=*(:(*+! K$EEDQD&!
`/216(..'(,;<+6!9,/:!];.,/(2@(+! K$EEDQDM!
K2;*(:+!04++*+8+,! K$EEDQDO!
8HL@L;LN>K?PNLBZ$ !
b+8+,;.!-+./:H;8(8*!U=:(8!7;66=+!`2(6:;8/@+8!K.*;?(*/,!A*`KB! K$EEDJD&!
`+8;.;22;8!](8=9(.*=,+! K$EEDJDM!
3/?/H;/.;8!](8=9(.*=,+! K$EEDJDO!
8:BA;>@Z$ !
`/21?;812!K.+*(*+!`,/<=.*;/8!9/,!`/21?;812!K2./'/2!`2(8*! K$EEDGD&!
L=*(<;+8+!*/!0*1,+8+! K$EEDGDM!
L;/<+@,(<(H2+!`ULq!"/)/21:+,! K$EEDGDO!
u(8*'(:!L;/)/21:+,! K$EEDGDQ!
-()(:1.;8$"/(*+<!0*+8*6!9/,!j/'86/8!k!j/'86/8! K$EEDGDJ!
(=[P@:=;>=?LB$f$5P@$\KLBP?A$ !
-&OQ(!-+9,;@+,(8*! K$EEDID&!
L;/.(*(21*;.!#+6=29=,;C(*;/8!/9!#;+6+2!X;2! K$EEDIDM!
"#$K$EE$O!
0=29=,!-+./?+,1!N6;8@!X>1@+8$S8,;.'+<!K;,! K$EEDIDO!
"(2;9/,8;(!0:/@!"/8*,/2! K$EEDIDQ!
s+,/!S:;66;/86! K$EEDIDJ!
q/2(*;2+!X,@(8;.!"/:)/=8<!KH(*+:+8*! K$EEDIDG!
-+./?+,1!(8<!`=,;9;.(*;/8!/9!UT"!H1!#;6*;22(*;/8! K$EEDIDI!
"(,H/8!#;/>;<+!T;>(*;/8!H1!];.,/(2@(+!9/,!];*;@(*;8@!*'+!b,++8'/=6+!S99+.*!
!
K$EEDID%!
U1<,/@+8!b+8+,(*;/8!9/,!-+9/,:=2(*+<!b(6/2;8+! K$EEDID_!
(=[P@:=;>=?LB$f$9L?>@$*@>L?;>=?$ !
S992=+8*!-+:+<;(*;/8!9,/:!\(9+,!T(H,;.(*;/8! K$EED%D&!
-+./?+,1!/9!b+,:(8;=:!9,/:!X)*;.(2!T;H+,!](8=9(.*=,;8@!S992=+8*6! K$EED%DM!
0/2?+8*!\(6*+!-+./?+,1! K$EED%DO!
(=[P@:=;>=?LB$f$-:PB$*@>L?;>=?$ !
`'1*/,+:+<;(*;/8!/9!a+(<$"/8*(:;8(*+<!0;*+6! K$EED_D&!
0/;2!-+:+<;(*;/8!(8<!-+.2(:(*;/8! K$EED_DM!
(=[P@:=;>=?LB$f$MPZN>BBL=>:KZ$ !
T=+2!`,/.+66/,!9/,!J!h\!`S]!T=+2!"+22!N8;*! K$EED&RD&!
"/:H;8+<!"1.2+!`/4+,!b+8+,(*;/8! K$EED&RDM!
`,/<=.*;/8!/9!a/4$0=29=,!#;+6+2!T=+2! K$EED&RDO!
\(6*+!T=+2!N)@,(<;8@!*/!K.+*/8+!(8<!E6/),/)(8/2! K$EED&RDQ!
"/8?+,6;/8!/9!"'++6+!\'+1!A0/2;<!\(6*+B!*/!a(.*;.!K.;<! K$EED&RDJ!
S*'(8/2!9,/:!"/,8!01,=)! K$EED&RDG!
!
"#$K$EE$Q!
7';6! ())+8<;>! ./8*(;86! *'+! ),/H2+:! 6*(*+:+8*6! 9/,! JR! <+6;@8! ),/V+.*6F! +(.'! ),+)(,+<! 9/,! <+6;@8!
*+(:6! /9! *',++! 6*=<+8*6! (*! *'+! N8;?+,6;*1! /9! `+88612?(8;(! H1! .'+:;.(2! +8@;8++,6! ;8! *'+! 2/.(2!
.'+:;.(2! ;8<=6*,1D! !K*!`+88F!+(.'!*+(:!6+2+.*6! ;*6!<+6;@8!),/V+.*!<=,;8@!*'+!9;,6*!2+.*=,+!./=,6+!;8!
*'+! 9(22F! (8<! 6)+8<6! *'+! 6),;8@! 6+:+6*+,! ./:)2+*;8@! *'+! <+6;@8D! ! E8! *'+! 6),;8@F! +(.'!@,/=)!:++*6!
,+@=2(,21!4;*'!;*6!9(.=2*1!(<?;6/,!(8<!;8<=6*,;(2!./86=2*(8*6F!;8.2=<;8@!*'+!;8<;?;<=(2!4'/!),/?;<+<!
*'+!),/H2+:!6*(*+:+8*F!*/!,+)/,*!/8!;*6!),/@,+66!(8<!@(;8!(<?;.+D!
!
7'+!),/H2+:!6*(*+:+8*6! ;8! *'+!9;2+F!#+6;@8!`,/H2+:!0*(*+:+8*6D)<9F!/8! *'+!"#$-X]!(,+!;8!*'+;,!
/,;@;8(2! 9/,:6F! (6! *'+1!4+,+! ),+6+8*+<! */! *'+! 6*=<+8*! <+6;@8! *+(:6!/8! *'+! <(*+! ;8<;.(*+<D! ! 0/:+!
),/?;<+! ,+2(*;?+21! 2;**2+! ;89/,:(*;/8F! 4'+,+(6! /*'+,6! (,+! 9(;,21! <+*(;2+<! ./8.+,8;8@! *'+! 6)+.;9;.!
),/H2+:6!*'(*!8++<!*/!H+!6/2?+<!*/!./:)2+*+!*'+!<+6;@8D!!7'+!,+(<+,!6'/=2<!,+./@8;C+!*'(*F!;8!8+(,21!
+?+,1!.(6+F!(6!*'+!<+6;@8!*+(:!),/.++<+<!*/!(66+66!*'+!),;:;*;?+!),/H2+:!6*(*+:+8*!(8<!.(,,1!/=*!(!
2;*+,(*=,+! 6+(,.'F! *'+! 6)+.;9;.!),/H2+:6! ;*! 9/,:=2(*+<!4+,+! 6/:+4'(*!<;99+,+8*! *'(8! 6*(*+<!'+,+;8D!!
0*;22F! *'+6+! ),/H2+:! 6*(*+:+8*6! 6'/=2<! H+! =6+9=2! */! 6*=<+8*6! (8<! 9(.=2*1! ;8! 6+?+,(2! ,+6)+.*6D! ! T/,!
6*=<+8*6F!*'+1!6'/=2<!'+2)!*/!6'/4!*'+!H,/(<!6)+.*,=:!/9!<+6;@8!),/H2+:6!*'(*!.'+:;.(2!+8@;8++,6!
'(?+!H++8!*(.52;8@!;8!,+.+8*!1+(,6D!!T/,!*'+!9(.=2*1F!*'+1!6'/=2<!),/?;<+!(!H(6;6!9/,!6;:;2(,!<+6;@8!
),/V+.*6!*/!H+!.,+(*+<!9/,!*'+;,!./=,6+6D!
!
E8! 9/,:=2(*;8@! <+6;@8! ),/H2+:! 6*(*+:+8*6F! *'+! ;8<=6*,;(2! ./86=2*(8*6! 6*,;?+! */! .,+(*+! ),/.+66!
/))/,*=8;*;+6!*'(*!2+(<!*/!<+6;@86!*'(*!(,+!*;:+21F!.'(22+8@;8@F!(8<!/99+,!(!,+(6/8(H2+!2;5+2;'//<!*'(*!
*'+! 9;8(2!<+6;@8!4;22!H+!(**,(.*;?+!+./8/:;.(221D! !S?+,1!+99/,*! ;6!:(<+! */! 9/,:=2(*+!),/H2+:6! *'(*!
.(8! H+! *(.52+<!H1!.'+:;.(2! +8@;8++,;8@! 6+8;/,6!4;*'/=*!=8<=21!@,/66! (66=:)*;/86! (8<! 9/,!4';.'!
@//<!6/=,.+6!/9!<(*(!+>;6*!9/,!*'+!,+(.*;/8!5;8+*;.6!(8<!*'+,:/)'16;.(2!(8<!*,(86)/,*!),/)+,*;+6D!!E8!
*';6! ,+6)+.*F! *';6! 4(6! (../:)2;6'+<! ;8! +(.'! /9! *'+! ),/H2+:6! ;8.2=<+<! '+,+;8^! 9=,*'+,:/,+F!
6=..+669=2!<+6;@86!4+,+!./:)2+*+<!H1!(!6*=<+8*!<+6;@8!*+(:!9/,!:/6*!/9!*'+6+!),/H2+:6D!
!
K6! 6++8! ;8! *'+! ./8*+8*6F! *'+! ),/V+.*6! '(?+! H++8! (66;@8+<! */! /8+! /9! *'+! 9/22/4;8@! (,+(6F! ;8! 6/:+!
.(6+6! (,H;*,(,;21Z! `+*,/.'+:;.(26F! `+*,/2+=:!`,/<=.*6F!b(6!](8=9(.*=,+F! T//<6F! `'(,:(.+=*;.(26F!
`/21:+,6F!(8<!S8?;,/8:+8*(2D!
!
"#$K$EE$J!
",+<;*! ;6! @;?+8! */! +(.'! 9/,:=2(*/,! /8! ';6! ),/H2+:! 6*(*+:+8*D! E8! (<<;*;/8F! *'+! 8(:+6! /9! *'+!
./8*,;H=*/,6! (,+! 2;6*+<! H+2/4!4;*'!:(81! *'(856F! (6! *'+;,! ./8*,;H=*;/86! ;8! ),+)(,;8@! *'+6+! <+6;@8!
),/H2+:6!'(?+!H++8!.,=.;(2!*/!*'+!6=..+66!/9!*'+!<+6;@8!./=,6+D!
!
-(5+6'!K@,(4(2! K;,!`,/<=.*6!(8<!"'+:;.(26!SD!-/H+,*!L+.5+,! S8?;,/8+>F!\(18+F!`K!#(?;<!#D!L,+8@+2! K;,!`,/<=.*6!(8<!"'+:;.(26!-/H+,*!]D!L=6.'+! L;/$+8$@+8+$+,!K66/.;(*+6F!\;2:;8@*/8F!#S!a+/8(,<!KD!T(H;(8/! "#E!"/,)/,(*;/8!A9/,:+,21!K-"X!"'+:;.(2!(8<!a1/8<+22B!L,;(8!SD!T(,,+22! K;,!`,/<=.*6!(8<!"'+:;.(26!];5+!U+,,/8!! K;,!`,/<=.*6!(8<!"'+:;.(26!TD!];2+6!j=2;(8! #=`/8*!-(2)'!3D!];22+,! #=`/8*!-/H+,*!3+<4;.5! `+88612?(8;(!0*(*+!N8;?+,6;*1!A9/,:+,21!K-"X!"'+:;.(2!(8<!
a1/8<+22B!T,(85!`+*,/.+22;! K;,!`,/<=.*6!(8<!"'+:;.(26!](,5!-D!`;22(,+22(! K;,!`,/<=.*6!(8<!"'+:;.(26!\;22;(:!LD!-+*(22;.5! "/86=2*(8*F!\+6*!"'+6*+,F!`K!](**'+4!jD!p=(2+! ]/H;2!7+.'8/2/@1!"/:)(81!#(?;<!bD-D!0'/,*! N8;?+,6;*1!/9!#+2(4(,+!A9/,:+,21!#=`/8*B!`+*+,!0*(99+2<! S>>/8f]/H;2!K2H+,*!0*+22(! b+8+,(2!S2+.*,;.!A9/,:+,21!K22;+<0;@8(2B!LV/,8!#D!71,+=6! #=`/8*!h(:+6'!bD!q+8=@/)(2! K;,!`,/<=.*6!(8<!"'+:;.(26!L,=.+!q,(8(! #=`/8*!K8<,+4!\(8@! K;,!`,/<=.*6!(8<!"'+:;.(26!0*+?+!\+HH! K;,!`,/<=.*6!(8<!"'+:;.(26!j/'8!\;6:+,! K*/.'+:!3/,*'!K:+,;.(!j;(8@=/!u=! K;,!`,/<=.*6!(8<!"'+:;.(26!!
"#$K$EE$G!
5]++".$ 8(*0%)7(M+)54-$$$5]++".".$ &L?NH$1P$`R]<>=?ABa$MLBL?>$8@:N>ZZ$$ `J@L=c$8>?@:N>BBP$L=D$5=D@>O$9L=QE$5P@$8@:DKN?Z$L=D$)H>;PNLBZE$'L=KL@A$3##3a$!i/=,! ./:)(81F! (! 6:(22! 6)+.;(2*1! .'+:;.(26! :(8=9(.*=,;8@! /)+,(*;/8F! ;6! ./86;<+,;8@! ),/<=.;8@!<;AO$)+8*12B! :(2(*+! 9/,! *'+! (<<;*;?+6! :(,5+*D! ! i/=,! :(,5+*;8@! *+(:! '(6! ),/V+.*+<! *'+! 9/22/4;8@!6(2+6!+6*;:(*+6!9/,!*';6!),/<=.*Z!!K8*;.;)(*+<!0(2+6!A;8!*'/=6(8<6!/9!)/=8<6B!!
e) F) h) i)5&()$':"&()
0(2+6!z!vGDJRf2H! &RR! GRR! &FGRR! OFRRR!0(2+6!z!v%DRRf2H! IJ! QJR! &FMRR! MFMJR!
!i/=! .=,,+8*21! '(?+! (! 9=221! <+),+.;(*+<F! &FRRR$@(22/8! H(*.'! ,+(.*/,! *'(*! ;6! =6+<! */! :(8=9(.*=,+!(8/*'+,! ),/<=.*! A`,/<=.*! uBD! ! 7';6! ,+(.*/,! ;6! :(<+! /9! O&G00F! 4';.'! ;6! 6=99;.;+8*21! ./,,/6;/8$,+6;6*(8*! 9/,!),/<=.;8@! *'+!8+4!),/<=.*!(6!4+22D! !`,/<=.*!u! ;6!:(<+! ;8!GFRRR$)/=8<!H(*.'+6! *'(*!,+P=;,+!OG!,+(.*/,!'/=,6!)+,!H(*.'!(8<!;6!6/2<!(*!(!),/9;*!/9!vRD%%!)+,!)/=8<D!!&RR!6=.'!H(*.'+6!(,+!),/<=.+<!(88=(221!A8/*!+>)+.*+<!*/!.'(8@+B^!*'+!,+6*!/9!*'+!*;:+!*'+!,+(.*/,!;6!;<2+D!!7';6!,+(.*/,!;6!V(.5+*+<!9/,!'+(*;8@!(8<!=6+6!&IJ!)6;@!6(*=,(*+<!6*+(:D!!7'+!V(.5+*!'(6!(!'+(*$*,(869+,!(,+(!/9!%%!9*M!(8<!(8!+6*;:(*+<!/?+,(22!'+(*$*,(869+,!./+99;.;+8*!/9!&RR!L*=f9*M',{TD!!!
!
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
!"
!
!"
!
!"
#$%$&!"!&
!
!&
!
!"
#$%$"%!'()*$+,-,./0-
"#$K$EE$I!
=6;8@!?(.==:!AJR!::!U@B!4;*'!8;*,/@+8!6)(,@+!(*!&MR{"D!!i/=,!-k#!@,/=)!'(6!./:+!=)!4;*'!*'+!:(66$*,(869+,!+6*;:(*+6!@;?+8!;8!7(H2+!&D!!T;8(221F!*'+!),/<=.*!:=6*!H+!9;2*+,+<!*/!,+:/?+!*'+!6(2*6!/9!8+=*,(2;C(*;/8D!!i/=,!./:)(81!.=,,+8*21!'(6!8/!?(.==:!/,!9;2*,(*;/8!+P=;):+8*D!
!*LFB>$."$$MLZZ$*@L=ZC>@$1L?L$
8 9::57(6(/
T ,& | !4'+,+!>!;6!*'+!:/2+!9,(.*;/8!/9!O$)+8*(8/2!;8!*'+!2;P=;<!F!1|!;6!*'+!
?()/,!)'(6+!:/2+!9,(.*;/8!/9!O$)+8*(8/2!;8!+P=;2;H,;=:!4;*'!>F!(8<!1!;6!*'+!?()/,!)'(6+!:/2+!9,(.*;/8!/9!!O$)+8*(8/2D!!K66=:+!*'(*!*'+!U+8,1Y6!2(4!./86*(8*!9/,!O$)+8*(8/2!;8!*'+!),/<=.*!;6!&FMRR!::!U@D!!-K<>@CPNPLB$6LZ$,>B:NP?A$`ZNCGC?3E;P=a$ M! J! &R! MR! JR!
c4L$`.GH@a$ RDRIG! RD&M! RD&I! RDMQ! RDOI!!
*H>$@>dKP@>D$<@:DKN?$Z<>NPCPNL?P:=Z$L@>_$!"#-+6;<=(2!(.;<;*1!A),;/,!*/!8+=*,(2;C(*;/8B! ! dRD&3!"#-+6;<=(2!O$)+8*(8/2! ! ! ! dRD&!4*D[!"#`=,;*1!A:/2+6!+6*+,!f!*/*(2!:/2+6B! ! ! c_%!4*D[!
!S:K$L@>$F>P=Q$LZc>D$?:$<@:[PD>$?H>$C:BB:OP=Q_$$&D! K8!+P=;):+8*!<+6;@8!9/,!(!<+<;.(*+<!H(*.'$,+(.*/,!616*+:!*/!),/<=.+!<;H=*12!:(2(*+F!;8.2=<;8@!(!.();*(2!./6*!+6*;:(*+!9/,!H/*'!),/.+66!/)*;/86!6'/48!;8!T;@=,+!&D!
MD! K!H(*.'!*;.5+*!9/,!(!*1);.(2!),/<=.*;/8!H(*.'D!!7';6!4;22!;*+:;C+!*'+!;8<;?;<=(2!6*+)6!*'+!/)+,(*/,!4;22! 9/22/4! */! ),/<=.+! *'+! H(*.'F! ;8.2=<;8@! (:/=8*6! /9! :(*+,;(26! H+;8@! (<<+<F! +6*;:(*+<!<=,(*;/8! /9! +(.'! 6*+)! (8<! *'+! 6(9+*1! ),/.+<=,+6! (8<! ),+.(=*;/86! *'(*! :=6*! H+! 9/22/4+<D! ! E*!6'/=2<!(26/!6)+.;91!4'+8!6(:)2+6!:=6*!H+!*(5+8!(8<!4'(*!*'+!.,;*+,;(!(,+!9/,!),/.++<;8@!*/!*'+!8+>*!6*+)D!
OD! K! ,+./::+8<(*;/8! */!:(8(@+:+8*!/8!4'+*'+,f4'+8! */!H=;2<! *'+!<+<;.(*+<!+P=;):+8*!/,!=6+!*'+!+>;6*;8@!,+(.*/,F!6=))/,*+<!H1!()),/),;(*+!9;8(8.;(2!;89/,:(*;/8D!!
^>A$<@:N>ZZ$D>?>@;P=L?P:=Z_$!"#\';.'! ),/.+66! /)*;/8! 6'/=2<! 1/=! =6+! 9/,! (! 8+4! <+6;@8! r! 4;*'! /,! 4;*'/=*! *'+! <;6*;22(*;/8!./2=:8e!
"#U/4! :=.'! '+(*$*,(869+,! 6=,9(.+! ;6! ,+P=;,+<! (8<! 4'(*! '+(*;8@! :+<;=:! A(66=:+! 1/=! '(?+!6(*=,(*+<!6*+(:!(?(;2(H2+!(*!&IJ!)6;@!9/,!vJ!)+,!:;22;/8!L*=Be!
"#\'(*!*1)+!/9!(@;*(*;/8!;6!8++<+<!A'/,6+)/4+,!(8<!;:)+22+,!<+6;@8Be!"#U/4!2/8@!4;22!*'+!,+(.*;/8!*(5+e!!\'(*!;6!*'+!,+(.*;/8!),/9;2+!A./8.+8*,(*;/86!(8<!*+:)+,(*=,+!?6D!*;:+Be!!U/4!</+6!*'+!./:)/6;*;/8!/9!*'+!?()/,!9,/:!*'+!,+(.*/,!.'(8@+!4;*'!*;:+e!
"#\'(*!,(*;/!/9!(2./'/2!*/!:(2;.!(.;<!6'/=2<!H+!.'(,@+<e!"#\'(*!*1)+6!/9!),/.+66!./8*,/2!616*+:6!(,+!,+P=;,+<!*/!+86=,+!),/<=.*!P=(2;*1e!"#\'(*!(,+!1/=!@/;8@!*/!</!4;*'!*'+!(P=+/=6!H1),/<=.*!(8<!*'+!,+./?+,+<!+>.+66!(2./'/2e!"#E6!;*!4/,*'!H=1;8@!(81!(<<;*;/8(2!?+66+26!9/,!)/6*$*,+(*:+8*F!9;2*,(*;/8F!6*/,(@+F!+*.De!"#\'(*!5;8<!/9!?(.==:!616*+:!6'/=2<!1/=!)=,.'(6+e!
"#$K$EE$%!
"#\'(*!+P=;):+8*!4;22!H+!8++<+<!9/,!9;2*,(*;/8e!"#\'(*!4;22!1/=,!/?+,(22!H(*.'!.1.2+!*;:+!H+e!
!):Z?Z_$!"#](2;.!K.;<F!&FRRR!5@!6=)+,6(.56F!vMFIJR!+(.'^!JR!2H!H(@6F!vI%!+(.'!"#O$)+8*(8/2F!JJ!@(2!<,=:6F!vMDJJf2H^!JRRR!@(2!*(85!*,=.5!z!v&D_Jf2H!"#0=29=,;.!K.;<F!=6+!:(,5+*!),;.+!"#S2+.*,;.;*1F!vRDRJ!)+,!h\UD!"#"//2;8@!4(*+,F!_R{TF!vRDJRf&FRRR!@(2!!
1L?L$g$5DDP?P:=LB$+=C:@;L?P:=_$$"#7'+! ?;6./6;*1! A.`B! /9! *'+! ,+(.*/,! ./8*+8*6! .(8! H+! +6*;:(*+<! =6;8@! *'+! +P=(*;/8!RDRRM&&|+>)AMFGRRf7BF!4'+,+!7!;6!;8!h+2?;8D!
"#`,/<=.*!<+86;*1!;6!&[email protected]!!K66=:+!*'(*!*';6!;6!(26/!*'+!<+86;*1!/9!*'+!,+(.*/,!./8*+8*6!(*!+?+,1!)/;8*!;8!*'+!,+(.*;/8D!
"#-+6;<=(2! (.;<;*1! .(8! H+! :+(6=,+! H1! *;*,(*;/8F! ,+P=;,;8@! &J!:;8=*+6! */! /H*(;8! (!:+(6=,+:+8*!9,/:! *'+! *;:+! *'+! 6(:)2+! ;6! *(5+8D! ! -+6;<=(2! (2./'/2! (8<! ),/<=.*! )=,;*1! (,+! :+(6=,+<! H1!.',/:(*/@,()'1F!,+P=;,;8@!QJ!:;8!9,/:!*'+!*;:+!*'+!6(:)2+!;6!*(5+8D!!
N6+! *'+! 9/22/4;8@! ,+(.*;/8! ,(*+! +>),+66;/86! ;8! 1/=,!:/<+2F! *,+(*;8@! *'+! *4/! (.;<! @,/=)6! /8! +(.'!:(2;.!(.;<!:/2+.=2+!(6!;9!*'+1!(,+!*4/!6+)(,(*+!:/2+.=2+6Z!
!K.;<!W!O$`+8*(8/2!g!S6*+,!W!\(*+,!MS6*+,!g!#;:+,!W!O$`+8*(8/2!
!M9/$#-:90(93('N-'/?(-(*+!A:/2fa$:;8B!g!&FRRRFRRR!+>)n$&JFRRRf-7o|nK.;<onL=XUo!O#4PQ8'#4-:90?(-(*+!A:/2fa$:;8B!g!&FRRRFRRR!+>)n$&GFRRRf-7o|nS6*+,on\(*+,o!O.%/9R24-(ST:$'/U(8'#4-:90?(-(*+!A:/2fa$:;8B!g!&RFRRRFRRR!+>)n$MOFRRRf-7o|nS6*+,oM!
!](5+! *'+! 9/22/4;8@! (<<;*;/8(2! (66=:)*;/86! A(8<! H+! 6=,+! */! </.=:+8*! (<<;*;/8(2! (66=:)*;/8! 1/=!:(5+BZ!!"#](2;.!(.;<!./:)2+*+21!<;66/2?+6!;8!O$)+8*(8/2!(*!IR{"D!"#7'+!'+(*!.()(.;*1!/9!*'+!,+(.*/,!./8*+8*6!;6!RDJR!L*=f2H{T!*',/=@'/=*!*'+!),/.+66D!"#K66=:+!*'(*!*'+!,+(.*;/8!/..=,6!(*!(*:/6)'+,;.!),+66=,+D!"#K66=:+!*'(*!(22!),/<=.*6!/9!8+=*,(2;C(*;/8!(,+!;86/2=H2+D!"#K66=:+!*'(*!<=,;8@!9;2*,(*;/8!/821!*'+!,+6;6*(8.+!/9!*'+!.(5+!;*6+29!;6!6;@8;9;.(8*D!"#3/!(<<;*;/8(2!+P=;):+8*!:=6*!H+!)=,.'(6+<!*/!*,(86)/,*!/,!.'(,@+!*'+!6/2;<!:(2;.!(.;<D!
"#$K$EE$_!
!!
T;@=,+!&D!!-+(.*;/8!0.'+:+6!9/,!#;AO$)+8*12B!](2(*+!](8=9(.*=,+!!
!
B*E
3F1
G@H9
3IJ@BJD"#K)7BAJ09
B*E
3F1
G@H9
3IJ@BJD"#K)7BAJ09
"#$K$EE$&R!
5]++"."3$ 5N>?LBD>HAD>$C@:;$5N>?PN$5NPD$$ `&@KN>$,@L=LE$1K8:=?E$'L=KL@A$3##3a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
!
W181818W8118WW181
W181818WW81W181818WW181
W1W1818118WW181
+'5!6%"%&W181W8118WW181
MQOOMO
MOMOMOO
MMOMO
MOMO
MM
M
BA
66,,+6,
6,,,!,6,
6,+6,
6,+6,
!
!#;6*;22(*;/8!/9!*'+!),/<=.*!4;22!H+!./:)2;.(*+<!H1!*'+!+>;6*+8.+!/9!(C+/*,/)+6!H+*4++8!+*'(8/2!(8<!+*'12! (.+*(*+F! 4(*+,! (8<! +*'(8/2F! (8<! 4(*+,! (8<! +*'12! (.+*(*+D! ! K8<! *'+! (.+*;.! (.;<$4(*+,! (8<!(.+*/8+$4(*+,!:;>*=,+6!(,+!9(:/=6!9/,!*'+;,!*(8@+8*!);8.'+6D!!-;@/,/=6!<;6*;22(*;/8!6;:=2(*;/86!4;*'!*'+,:/<18(:;.6! *'(*! (..=,(*+21! ),+<;.*! +(.'! /9! *'+6+! (C+/*,/)+6! (8<! );8.'+6!4;22! H+! ,+P=;,+<! */!'(?+!./89;<+8.+!;8!*'+!<+6;@8D!!i/=,!./:)(81!'(6!(65+<!1/=,!@,/=)!*/!<+*+,:;8+!4'+*'+,!*';6!8+4!*+.'8/2/@1!6'/=2<!H+!=6+<!;8!1/=,! b=29! "/(6*! )2(8*D! ! i/=,! V/H! ;6! */! <+6;@8! (! ),/.+66! (8<! )2(8*! */! ),/<=.+! &RR!]]! 2Hf1,! /9!(.+*(2<+'1<+!9,/:!(.+*;.!(.;<F!4';.'!;6!(?(;2(H2+!/8!*'+!6;*+D!!L(6+<!/8!)(6*!+>)+,;+8.+F!1/=!58/4!*'(*! 1/=! 4;22! '(?+! */! <+9+8<! (81! <+.;6;/86! 1/=! '(?+! :(<+! *',/=@'/=*! *'+! <+6;@8F! (8<! *'+! H+6*!<+9+86+!;6!+./8/:;.!V=6*;9;.(*;/8D!
!K66=:+!(!ND0D!b=29!"/(6*!2/.(*;/8!/8!*'+!6(:+!6;*+!(6!(!2(,@+!.'+:;.(2!)2(8*D!!K.+*(2<+'1<+!.(8!H+!6/2<!9/,!vRDQ%f2HF!(../,<;8@!*/!1/=,!:(,5+*;8@!/,@(8;C(*;/8D! !K.+*;.!(.;<!;6!(?(;2(H2+!/8!1/=,!6;*+!9/,!vRD&Gf2HD! !U/4+?+,F! ;9!]7LS! ;6! 2+@;62(*+<!/=*!/9!@(6/2;8+F! *'(*!),;.+!:;@'*!<,/)! */!vRD&Mf2HD!!7+6*!1/=,!+./8/:;.6!4;*'!H/*'!),;.+6F!(8<!:(5+!()),/),;(*+!,+./::+8<(*;/86D!!U1<,/@+8!.(8!H+!)=,.'(6+<!/?+,!*'+!)2(8*!9+8.+!9/,!vRDJRf2H!(*!MRR!)6;@D!!S*'(8/2F!;9!__D_J[!)=,+F!.(8!H+!6/2<!A/8!(8!+>.;6+!*(>$9,++!H(6;6B!9/,!vMDJRf@(2^!'/4+?+,F!*'+!+*'(8/2$4(*+,!(C+/*,/)+!.(8!(26/!H+!6/2<!;8*/!*'+!
"#$K$EE$&&!
9=+2!:(,5+*! 9/,!v&DGRf@(2D! !i/=!:(1!6+22!+;*'+,!/,!H/*'!@,(<+6!/9!+*'(8/2F!<+)+8<;8@!/8!4';.'! ;6!:/6*! +./8/:;.(2! */! ),/<=.+D! ! S*'12! (.+*(*+! .(8! H+! 6/2<! 9/,! vRDGRf2HD! ! K.+*/8+! .(8! H+! 6/2<! 9/,!vRDMRf2HD!i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`(*+8*!GF&M&FQ_%!*/!S(6*:(8!"'+:;.(2D!!!5]++"."R$ (?HAB>=>$FA$%hPDL?P[>$1>HAD@:Q>=L?P:=$:C$(?HL=>$$ `&@KN>$,@L=LE$1K8:=?E$'L=KL@A$3##.a$
!S*'12+8+! ;6! *'+! 2(,@+6*! ?/2=:+! /,@(8;.! .'+:;.(2! ),/<=.*F!4;*'!4/,2<! ),/<=.*;/8! /?+,! JR! H;22;/8!)/=8<6! )+,! 1+(,D! ! E*! ;6! 8/,:(221! ),/<=.+<! H1! 6*+(:! .,(.5;8@! /9!+*'(8+! /,! '+(?;+,! '1<,/.(,H/86D!!7';6!),/.+66!;6!P=;*+!+8+,@1!(8<!.();*(2!;8*+86;?+D!!#/4!"'+:;.(2!'(6!,+.+8*21!())2;+<!9/,!(!)(*+8*!/8!(!8+4!),/.+66F!4';.'!:(1!,+P=;,+!6;@8;9;.(8*21!2+66! ;8?+6*:+8*D! ! E8! *';6! ),/.+66F! +*'(8+! ;6! )(66+<! /?+,! (! .(*(216*! (*! ?+,1! ';@'! 6)(.+! ?+2/.;*1!A&RRFRRRf',! /,! ';@'+,BF! (8<! ,+(.*6! 4;*'! />1@+8! A+>/*'+,:;.(221}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i/=!6'/=2<!=6+!+./8/:;.6!(8<! *+.'8;.(2!.,;*+,;(! */!@=;<+!1/=,!<+.;6;/8!(H/=*!4';.'!,+(.*/,!*+.'8/2/@1!*/!=6+!;8!*'+!)2(8*!<+6;@8F!(8<!<;6.=66!*';6!:(V/,!<+.;6;/8!;8!1/=,!,+)/,*D!!i/=,!./:)(81!'(6!&!]]]!)/=8<6!)+,!1+(,!/9!+*'(8+F!4';.'!;6!.=,,+8*21!H+;8@!),/<=.+<!(*!1/=,!b=29!"/(6*!)2(8*!(8<!6/2<!9/,!vRDRIf2H!;8!MRRRD!!i/=,!*+(:!'(6!H++8!(65+<!*/!+?(2=(*+!*'+!+./8/:;.!?;(H;2;*1!/9!*'+!#/4!),/.+66!9/,!1/=,!)2(8*F!(6!(!4(1!/9!=)@,(<;8@!1/=,!),/<=.*!(8<!;8.,+(6;8@!1/=,!6(2+6!,+?+8=+D!!i/=,!V/H!;6!*/!<+*+,:;8+!*'+!+./8/:;.!/)*;:=:!<+6;@8F!:(>;:;C;8@!*'+!8+*!),+6+8*!
"#$K$EE$&M!
?(2=+!A3`qB!/9!*'+!),/V+.*D!!i/=!:(1!./86=:+!(22!/,!)(,*!/9!*'+!+*'(8+F!4';.'!;6!(?(;2(H2+D!!!L(6+<!/8!)(6*!+>)+,;+8.+F!1/=!58/4!*'(*!1/=!4;22!'(?+!*/!H+!(H2+!*/!<+9+8<!(81!<+.;6;/86!1/=!'(?+!:(<+!*',/=@'/=*! *'+!<+6;@8F! (8<! *'+!H+6*!<+9+86+! ;6! +./8/:;.! V=6*;9;.(*;/8D!i/=,!)2(8*!<+6;@8!:=6*!H+!H(.5+<!=)!4;*'!(!,;@/,/=6!6;:=2(*;/8!/9!*'+!+8*;,+!),/.+66F!4;*'!(22!,+.1.2+!2//)6!.2/6+<D!!i/=,!:(,5+*;8@!/,@(8;C(*;/8!H+2;+?+6!*'+1!.(8!6+22!+*'12+8+!9/,!vRDMJf2H!;8!MRR&!</22(,6D!!`;)+2;8+!/>1@+8!;8!1/=,!(,+(!./6*6!vRDRMf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`(*+8*!K))2;.(*;/86!RRf&QROJ!(8<!RRf&Q&%R!*/!#/4D!!!5]++"."T$ &K?LDP>=>$?:$=]&K?A@LBD>HAD>$L=D$=]&K?L=:B$$ `&@KN>$,@L=LE$1K8:=?E$'L=KL@A$3###a$!8$L=*1,(2<+'1<+! ;6!./8?+8*;/8(221!),/<=.+<! 9,/:!),/)12+8+!(8<!';@'21! */>;.!618*'+6;6!@(6! ;8! *'+!6/$.(22+<!/>/!),/.+66D!!7'+!8$H=*1,(2<+'1<+!;6!=6+<!*/!:(5+!M$+*'12!'+>(8/2!?;(!(2</2!./8<+86(*;/8!(6!4+22!(6!8$H=*(8/2D!!7'+6+!/>/!(2./'/26!(,+!9,+P=+8*21!=6+<F!;8!+;*'+,!*'+!(2./'/26!/,!+6*+,!9/,:F!(6!6/2?+8*6D!!L+.(=6+!),/)12+8+!;6!9,+P=+8*21!P=;*+!+>)+86;?+!(8<!;8!6'/,*!6=))21F!LK0T!'(6!())2;+<!9/,!(!)(*+8*!/8! (! 8+4! ,/=*+! */! 8$H=*1,(2<+'1<+! (8<f/,! 8$H=*(8/2! 6*(,*;8@! 9,/:! H=*(<;+8+D! ! 7'+1! 9/=8<! *'(*! (!'/:/@+8+/=6!)(22(<;=:!(.+*/812(.+*/8(*+!.(*(216*!4;*'!)'/6)';8+!2;@(8<6!4/=2<!(22/4!H=*(<;+8+!*/!,+(.*!4;*'!8$H=*(8/2! */!),/<=.+!&$8$H=*/>1$M$H=*+8+!A8LLBD! !8LL!4;22!*'+8!,+(.*!4;*'!:/,+!8$H=*(8/2! */!),/<=.+!*'+!(.+*(2F!=6;8@!(!'/:/@+8+/=6!)'/6)';8+!:/<;9;+<!,=*'+8;=:!.(*(216*D! !7'+!(.+*(2! .(8! H+! '1<,/21C+<! */! 8$H=*1,(2<+'1<+F! /,! '1<,/@+8(*+<! (8<! '1<,/21C+<! */! 8$H=*(8/2!=6;8@!*'+!6(:+!-=!.(*(216*D!!!
"UMg"U"Ug"UM!W!L=XU!+!!L=X$"UM"Ug"U"UO!!!n8LLo!!8LL!W!L=XU!+!!AL=XBM"U"UM"UO!!!!nK.+*(2o!!K.+*(2!W!UMX!+!!Xg"U"UM"UM"UO!W!M!L=XU!!K.+*(2!W!UM!W!UMX!+!!O!L=XU!
!!
"#$K$EE$&O!
N89/,*=8(*+21F!;8!*'+!9;,6*!,+(.*/,F!(!6;<+!,+(.*;/8!),/<=.+6!M$H=*/>1$O$H=*+8+!A;LLBD!!7'+!;LL!.(8!H+! ;6/:+,;C+<! */! 8LL! =6;8@! (8! (.;<! ;/8! +>.'(8@+! ,+6;8! /,! (! `<! .(*(216*D! ! N89/,*=8(*+21F! *';6!;6/:+,;C(*;/8!,+(.*;/8!;6!2;5+21!*/!H+!+P=;2;H,;=:!2;:;*+<D!!LK0T!(26/! 9/=8<! *'(*!4';2+! *';6! ,+(.*;/8!4/,56!4+22!4;*'!)=,+!H=*(<;+8+F! ;*!4;22! (26/!4/,5!4;*'!~.,=<+~!H=*(<;+8+F!*'+!"Q!/2+9;8!.=*!9,/:!(8!+*'12+8+!.,(.5+,D!!7'+!H=*+8+6!;8!*'+!"Q!.=*!(,+!;8+,*!=8<+,!*'+!,+(.*;/8!./8<;*;/86D!!i/=,!./:)(81!'(6!(65+<!1/=,!@,/=)!*/!<+*+,:;8+!4'+*'+,!*';6!8+4!*+.'8/2/@1!6'/=2<!H+!=6+<!;8!1/=,!b=29!"/(6*!)2(8*F!(8<!;9!6/F!4'(*!*'+!+./8/:;.!/)*;:=:!9++<6*/.5!(8<!),/<=.*!4/=2<!H+D!!7'+!@/(2! ;6! */!:(>;:;C+! *'+! 8+*! ),+6+8*! ?(2=+! A3`qB! /9! *'+! ),/V+.*D! ! L(6+<! /8! )(6*! +>)+,;+8.+F! 1/=!58/4!*'(*!1/=!4;22!'(?+!*/!H+!(H2+!*/!<+9+8<!(81!<+.;6;/86!1/=!'(?+!:(<+!*',/=@'/=*!*'+!<+6;@8F!(8<!*'+!H+6*!<+9+86+!;6!+./8/:;.!V=6*;9;.(*;/8D!!i/=,! ./:)(81! '(6! MRR!]]! 2Hf1,! /9! .,=<+! H=*(<;+8+F! 4';.'! ;6! .=,,+8*21! H+;8@! H=,8+<! 9/,! 9=+2!?(2=+D! !7'=6F!/8+!)/66;H2+! 9++<6*/.5!4/=2<!H+! *'+!H=*(<;+8+!./8*(;8+<! ;8! *'+!.,=<+D! !i/=!4/=2<!,+.+;?+!(!.,+<;*!9/,!*'+!=8=6+<!"Q�6!;8!*'+!6*,+(:F!6/!1/=!4/=2<!/821!'(?+!*/!)(1!9=+2!?(2=+!9/,!*'+!H=*(<;+8+! 1/=! (.*=(221! ./86=:+! ;8! *'+! ),/.+66D! !X9! ./=,6+F! *'+! ;8+,*!"Q�6!4;22! <;2=*+! *'+! ,+(.*/,!./8*+8*6F! :(5;8@! ;*! 2(,@+,F! (8<! ./:)2;.(*+! *'+! 6+)(,(*;/8! *,(;8D! ! K6! (8! (2*+,8(*;?+F! 1/=! ./=2<!)=,.'(6+!)=,+!H=*(<;+8+!9/,!vRD&Jf2H!;8!MRR&!</22(,6F!4';.'!4/=2<!,+6=2*!;8!6:(22+,!?+66+26D!!7'+! ./:)/6;*;/8! /9! 1/=,! )2(8*�6! "Q! .=*F!4';.'! '(6! (2,+(<1! )(66+<! *',/=@'! 1/=,!]7LS!)2(8*! */!,+(.*!(4(1!*'+!;6/H=*12+8+F!;6Z!!
!!!!!QO[!L#!!!!!!M%[!&$H=*+8+!!!!!!&R[!.;6$M$H=*+8+!!!!!!&R[!*,(86$M$H=*+8+!!!!!!!!G[!8$H=*(8+!!!!!!!!O[!;6/H=*+8+!
!T/,!(!),/<=.*F!1/=!./=2<!),/<=.+!8$H=*1,(2<+'1<+!/,!8$H=*(8/2F!/,!6/:+!./:H;8(*;/8!/9! *'+!*4/D!!i/=,!:(,5+*;8@!/,@(8;C(*;/8!H+2;+?+6!*'+1!./=2<!6+22! *'+!(2<+'1<+!9/,!vRDQRf2HF!(8<!8$H=*(8/2!9/,!vRDQRf2H!(26/F!H/*'!;8!MRR&!</22(,6D!!7'+!)2(8*!<+6;@8!6'/=2<!H+!(6!+8?;,/8:+8*(221!9,;+8<21!(6!)/66;H2+D! !-+./?+,!(8<!,+.1.2+!),/.+66!:(*+,;(26!*/!*'+!:(>;:=:!+./8/:;.!+>*+8*D!!K26/F!+8+,@1!./86=:)*;/8!6'/=2<!H+!:;8;:;C+<F!*/!*'+!+>*+8*!+./8/:;.(221!V=6*;9;+<D!!7'+!)2(8*!<+6;@8!:=6*!(26/!H+!./8*,/22(H2+!(8<!6(9+!*/!/)+,(*+D!!8'3'/'04'(!\/,2<!`(*+8*!K))2;.(*;/8!_%fQ&Q_Q!*/!LK0T!!!
"#$K$EE$&Q!
5]++"."U$ M>?HLN@ABPN$5NPD$?:$M>?HAB;>?HLN@ABL?>$$ `&@KN>$,@L=LE$1K8:=?E$'L=KL@A$.YYYa$$]+*'12! :+*'(.,12(*+! A]]KB! ;6! (! :/8/:+,! /,! ./:/8/:+,! ;8! :(81! )/21:+,6F! :/6*! 8/*(H21!`2+>;@2(6! A-BD!K2*'/=@'! ;*! ;6! *'+!:+*'12! +6*+,! /9!:+*'(.,12;.! (.;<F! ;*! ;6! 8/*! /9*+8! ),/<=.+<! 9,/:!:+*'(.,12;.!(.;<D!!LK0T! '(6! ,+.+8*21! )(*+8*+<! (! ,+(.*;?+! (C+/*,/);.! <;6*;22(*;/8! ),/.+66! */! ),/<=.+! +6*+,6! 9,/:!:+*'(.,12;.!(.;<!(8<!(2./'/26F!;8?/2?;8@!(!*/*(2!/9!O!./2=:86D!K2*'/=@'!*'+!)(*+8*!+>(:)2+!;6!9/,!H=*12!:+*'(.,12(*+F!*'+1!.2(;:!:+*'12!:+*'(.,12(*+!(6!4+22D!!#+6;@8! (! ),/.+66! (8<! )2(8*! */! ),/<=.+! &RR!]]! 2Hf1,! /9!]]K! 9,/:!:+*'(.,12;.! (.;<! *'(*! 1/=,!)2(8*! (2,+(<1! ),/<=.+6D! N6+! *'+! ),/.+66! ./8.+)*! *'(*! LK0T! ;8*,/<=.+6F! 4;*'! ()),/),;(*+!:/<;9;.(*;/86!A;:),/?+:+8*6B!9/,!]]KD!!i/=,!),/.+66!<+6;@8!:=6*!H+!6=))/,*+<!H1!,;@/,/=6!<;6*;22(*;/8!6;:=2(*;/86D!qaS!(8<!aaS!<(*(!(,+!(?(;2(H2+! ;8! *'+!#S"US]K!"'+:;6*,1!#(*(! 0+,;+6! Ab:+'2;8@! +*! (2DF! &_%RBD!#/! 8/*! H2;8<21! =6+!(.*;?;*1!./+99;.;+8*6!9,/:!(!6;:=2(*;/8!),/@,(:D!!7'+! )2(8*!<+6;@8! 6'/=2<!H+! (6! +8?;,/8:+8*(221! 9,;+8<21! (6!)/66;H2+D!-+./?+,! (8<! ,+.1.2+!),/.+66!:(*+,;(26!*/!*'+!:(>;:=:!+./8/:;.!+>*+8*D!K26/F!+8+,@1!./86=:)*;/8!6'/=2<!H+!:;8;:;C+<F!*/!*'+!+>*+8*! +./8/:;.(221! V=6*;9;+<D! 7'+! )2(8*! <+6;@8! :=6*! (26/! H+! ./8*,/22(H2+! (8<! 6(9+! */! /)+,(*+D!!K66=:+!(!ND0D!b=29!"/(6*!2/.(*;/8!/8!*'+!6(:+!6;*+!(6!(!2(,@+!/;2!(8<!)+*,/.'+:;.(2!)2(8*D!__D_J[!)=,+!]]K!.(8!H+!6/2<!/,!*,(869+,,+<!9/,!vRDGRf2HF!(../,<;8@!*/!1/=,!:(,5+*;8@!/,@(8;C(*;/8D!7'+!(.;<!9++<!./8*(;86!J[!4(*+,!AH1!4+;@'*BD!L+.(=6+!;*!;6!;:)=,+F!*'+!./6*!/9!*'+!(.;<!;8!*'+!6*,+(:!;6!vRDQRf2HD! i/=,! :(,5+*;8@! /,@(8;C(*;/8! ),/V+.*6! *'(*! *'+! 2/8@$*+,:! (?+,(@+! ),;.+! /9! :+*'(8/2! ;6!vRDQRf@(2D!!8'3'/'04'N(!ND0D!`(*+8*!JFIOQFRIQ!*/!LK0T!!b:+'2;8@F! jDF! ND! X85+8F! \D! K,2*F! `D! b,+8C'+=6+,F! ND! \+;<2;.'F! (8<! LD! h/2H+F! q()/,$a;P=;<!SP=;2;H,;=:!#(*(!"/22+.*;/8F!&O!`(,*6F!#S"US]KF!T,(859/,*F!b+,:(81!A&_%RB!!$$5]++"."W$ ):<@:DKN?P:=$:C$(?HAB>=>$L=D$5N>?PN$5NPD$C@:;$(?HL=>$$ `&@KN>$,@L=LE$1K8:=?E$'L=KL@A$3###a$$S*'12+8+!;6!*'+!2(,@+6*$?/2=:+!/,@(8;.!.'+:;.(2F!4;*'!4/,2<!),/<=.*;/8!/?+,!JR!H;22;/8!)/=8<6!)+,!1+(,D!!E*!;6!8/,:(221!),/<=.+<!H1!6*+(:!.,(.5;8@!/9!+*'(8+!/,!'+(?;+,!'1<,/.(,H/86D!!K.+*;.!(.;<!;6!(8/*'+,! 2(,@+$?/2=:+! .'+:;.(2F! 4;*'! (88=(2!4/,2<! ),/<=.*;/8! ;8! *'+! H;22;/86! /9! )/=8<6D! !K.+*;.!(.;<! ;6! 8/,:(221! ),/<=.+<! =6;8@! *'+! ]/86(8*/! ),/.+66! 9,/:! :+*'(8/2! (8<! ';@'21$*/>;.! .(,H/8!:/8/>;<+F!(2*'/=@'!*'+,+!(,+!6/:+!/2<+,!*+.'8/2/@1!)2(8*6!6*;22!,=88;8@D!!
"#$K$EE$&J!
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i/=,! ./:)(81!:(8=9(.*=,+6! M!]]]! 2Hf1,! /9! +*'(8+!4';.'! ;6! .=,,+8*21! H+;8@! ),/<=.+<! (*! 1/=,!b=29!"/(6*!)2(8*!(8<!6/2<!9/,!vRDRIf2H!;8!&___D!!i/=,!*+(:!'(6!H++8!(65+<!*/!+?(2=(*+!*'+!+./8/:;.!?;(H;2;*1! /9! *'+!0(H;.! ),/.+66! 9/,! 1/=,! )2(8*F! (6! (!4(1!/9! =)@,(<;8@! 1/=,! ),/<=.*! (8<! ;8.,+(6;8@!1/=,!6(2+6! ,+?+8=+D! !i/=,! V/H! ;6! */!<+*+,:;8+!*'+!+./8/:;.!/)*;:=:!<+6;@8F!),/<=.;8@!4'(*+?+,!),/<=.*6!4;22!:(>;:;C+!*'+!8+*!),+6+8*!?(2=+!A3`qB!/9!*'+!),/V+.*D!!i/=!:(1!./86=:+!(22!/,!)(,*!/9!*'+!+*'(8+!4';.'!;6!(?(;2(H2+!(8<!:(5+!(81!,(*;/!/9!+*'12+8+!*/!(.+*;.!(.;<!4';.'!.(8!H+!),/<=.+<!H1!*'+!.(*(216*D!!L(6+<!/8!)(6*!+>)+,;+8.+F!1/=!58/4!*'(*!1/=!4;22!'(?+!*/!<+9+8<!(81!<+.;6;/86!1/=!'(?+!:(<+!*',/=@'/=*!*'+!<+6;@8F!(8<!*'+!H+6*!<+9+86+!;6!+./8/:;.!V=6*;9;.(*;/8D!!i/=,!:(,5+*;8@!/,@(8;C(*;/8!H+2;+?+6!*'+1!.(8!6+22!+*'12+8+!9/,!vRDMJf2H!;8!MRRR!</22(,6D!!K2*'/=@'!*'+1!(,+!2+66!.+,*(;8!H+.(=6+!;*!;6!(!8+4!),/<=.*!9/,!1/=,!./:)(81F!*'+1!(26/!H+2;+?+!*'+1!.(8!6+22!(.+*;.! (.;<! 9/,! vRD&_f2H! ;8! MRRR! </22(,6D! ! E*! 4/=2<! H+! (! @//<! ;<+(! */! *+6*! *'+! 6+86;*;?;*1! /9! *'+!/)*;:=:!)2(8*!<+6;@8!(8<!+./8/:;.6!*/!=8.+,*(;8*1!;8!*'+!6+22;8@!),;.+6!/9!H/*'!),/<=.*6D!!7'+!)2(8*!<+6;@8!6'/=2<!H+!(6!+8?;,/8:+8*(221!9,;+8<21!(6!)/66;H2+D! !-+./?+,!(8<!,+.1.2+!),/.+66!:(*+,;(26!*/!*'+!:(>;:=:!+./8/:;.!+>*+8*D!!K26/F!+8+,@1!./86=:)*;/8!6'/=2<!H+!:;8;:;C+<F!*/!*'+!+>*+8*!+./8/:;.(221!V=6*;9;+<D!!7'+!)2(8*!<+6;@8!:=6*!(26/!H+!./8*,/22(H2+!(8<!6(9+!*/!/)+,(*+D!!8'3'/'04'(!\/,2<!`(*+8*!K))2;.(*;/8!__f&O_%R!*/!0(H;.!!!5]++"."X$ M>?HAB;>?HLN@ABL?>$C@:;$8@:<A=>$$ `&@KN>$,@L=LE$1K8:=?E$'L=KL@A$.YYYa$$]+*'12! :+*'(.,12(*+! A]]KB! ;6! (! :/8/:+,! /,! ./:/8/:+,! ;8! :(81! )/21:+,6F! :/6*! 8/*(H21!`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
"#$K$EE$&G!
*'+!;:)=,;*;+6!;*!./8*(;86D!0'+22�6!8+4!.(*(216*!*/2+,(*+6!;:)=,;*;+6!;8!*'+!),/)18+!:=.'!H+**+,!*'(8!),;/,!.(*(216*6D!!i/=,! V/H! ;6! */! <+?+2/)! (! 6.+8(,;/! 9/,!0'+22! */! ./::+,.;(2;C+! *';6! ),/.+66D!i/=!:=6*! 9;,6*! 9;8<! (!6=;*(H2+!9++<6*/.5!9/,!*';6!),/.+66!9,/:!*'+!8/,:(2!,+9;8+,1!(8<f/,!)+*,/.'+:;.(2!6*,+(:6!(?(;2(H2+D!`,/<=.;8@! ),/)18+! */! ),/?;<+! *'+! 9++<6*/.5! ;6! <;6./=,(@+<F! <=+! */! ';@'! ./6*D! U(?;8@! 9/=8<! (!6*,+(:!4';.'!./8*(;86! 6=;*(H2+!P=(8*;*;+6!/9!),/)18+! ;8!';@'!+8/=@'!)=,;*1! 9/,! *';6!),/.+66! */!H+!9+(6;H2+F!<+6;@8!(!)2(8*!*/!),/<=.+!&RR!]]!2Hf1,!/9!]]K!H1!*'+!8+4!0'+22!),/.+66D!#+*+,:;8+!*'+!/?+,(22!+./8/:;.!9+(6;H;2;*1!/9!*'+!)2(8*D!!7'+! )2(8*!<+6;@8! 6'/=2<!H+! (6! +8?;,/8:+8*(221! 9,;+8<21! (6!)/66;H2+D!-+./?+,! (8<! ,+.1.2+!),/.+66!.'+:;.(26! */! *'+!:(>;:=:!+./8/:;.! +>*+8*D!K26/F! +8+,@1!./86=:)*;/8! 6'/=2<!H+!:;8;:;C+<F! */!*'+!+>*+8*!+./8/:;.(221!V=6*;9;+<D!7'+!)2(8*!<+6;@8!:=6*!(26/!H+!./8*,/22(H2+!(8<!6(9+!*/!/)+,(*+D!!!K66=:+!(!ND0D!b=29!"/(6*!2/.(*;/8!/8!*'+!6(:+!6;*+!(6!(!2(,@+!/;2!(8<!)+*,/.'+:;.(2!)2(8*D!]]K!.(8! H+! 6/2<! /,! *,(869+,,+<! 9/,! vRDGRf2HF! (../,<;8@! */! 1/=,! :(,5+*;8@! /,@(8;C(*;/8D! q(2=+! *'+!),/)18+! (6! ()),/),;(*+! 9/,! (2*+,8(*;?+! =6+6! 9/,! *'+! 6*,+(:! A;D+DF! ;9! *'+! 6*,+(:! 1/=! (,+! =6;8@! ;6!8/,:(221!H=,8+<F!?(2=+! *'+!),/)18+!(*!9=+2!?(2=+BD!K!:(V/,!@(6!?+8</,!;6!4;22;8@!*/!2/.(*+!(.,/66!*'+! 9+8.+! 9,/:! 1/=! (8<! 6=))21! "X! (*! *'+! ,+P=;,+<! ),+66=,+! 9/,! vRD&Mf2HD! i/=,! :(,5+*;8@!/,@(8;C(*;/8!),/V+.*6!*'(*!*'+!2/8@$*+,:!(?+,(@+!),;.+!/9!:+*'(8/2!;6!vRDQRf@(2D!!8'3'/'04'!!!ND0D!`(*+8*!JFI&_FO&O!*/!0'+22!X;2!"/:)(81!!!$5]++"."!$ MPh>D])T$&A<@:DKN?$2<Q@LD>$$$ `4>:=L@D$5"$JLFPL=:$L=D$0:F>@?$/>DOPNcE$4A:=D>BBE$'L=KL@A$.YYYa$$!i/=,!./:)(81! ;6!(!:(V/,!)2(1+,! ;8!./::/<;*1!)+*,/.'+:;.(26F!6)+.;9;.(221!),/<=.;8@!/2+9;86!?;(!*'+!.,(.5;8@!/9!+*'(8+F!),/)(8+F!H=*(8+!(8<!8()'*'(6D!!K*!/8+!/9!1/=,!b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b$!!!!!!!!!!!!!! ]+*'12!K.+*12+8+!! ! RDQ!!! ! ! !! `,/)(<;+8+! ! ! RD&!!!!!!! `,/)(8+! RD&!!!!!!! &FO!L=*(<;+8+! QGDJ!!!!!! S*'12!K.+*12+8+!! RD&!!!!!!!!!!! q;812!K.+*12+8+!! RDQ!!!!!!! &$L=*+8+!! &&DR!
"#$K$EE$&I!
!!!!!! ";6$M$L=*+8+!! QD&!!!!!!!! 7,(86$M$L=*+8+!! JDQ!!!!!!!!!!! E6/$L=*+8+!! ORD&!!!!!! E6/$L=*(8+!! RDG!!!!!! 3$L=*(8+!! RDG!!!!!!!!!!!! E6/$`+8*(8+!! RDG!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ! 7/*(2! &RRDR!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! T2/4!,(*+F!2Hf',!!! &RRFRRR!!!7'+!./:)(81!4/=2<! 2;5+! */!:(;8*(;8! ;*6! 9/.=6!/8!./::/<;*1!.'+:;.(26!(8<! ;6! ;8*+,+6*+<! ;8!';@'!?/2=:+!),/<=.*6D!!i/=,!),/V+.*!*+(:!'(6!H++8!(66+:H2+<!*/!<+*+,:;8+Z!!&D!! \'(*!./:)/8+8*6!(,+!4/,*'!./86;<+,;8@!9/,!,+./?+,1e!!MD!! \'(*!),/.+66;8@!/)*;/86!(,+!(?(;2(H2+!9/,!*'+!./:)/8+8*6!/9!;8*+,+6*e!!!OD!! \'(*!;6!*'+!:/6*!+./8/:;.(2!),/.+66;8@!,/=*+e!!
!(8<!*/!<+?+2/)!(!<+6;@8!)(.5(@+!*'(*!4;22!:++*!(!&J[!,+*=,8!/8!;8?+6*:+8*D!!$$5]++"."Y$ 7AD@:Q>=$8>@:hPD>$ML=KCLN?K@>$$ `&@KN>$M"$,@L=LE$1K8:=?E$'L=KL@A$.YYYa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f1,!/9!JR[!UMXM!=6;8@!*';6!),/)/6+<!,+(.*;/8!)(*'D!!7'+!)2(8*!<+6;@8!6'/=2<!H+!(6!+8?;,/8:+8*(221!9,;+8<21!(6!)/66;H2+D! !-+./?+,!(8<!,+.1.2+!),/.+66!:(*+,;(26!*/!*'+!:(>;:=:!+./8/:;.!+>*+8*D!!K26/F!+8+,@1!./86=:)*;/8!6'/=2<!H+!:;8;:;C+<F!*/!*'+!+>*+8*!+./8/:;.(221!V=6*;9;+<D!!7'+!)2(8*!<+6;@8!:=6*!(26/!!H+!./8*,/22(H2+!(8<!6(9+!*/!/)+,(*+D!!!K66=:+!(!ND0D!b=29!"/(6*!2/.(*;/8!/8!(!2(,@+!)2(8*!./:)2+>D!UMXM!.(8!H+!6/2<!/,!*,(869+,,+<!9/,!vRDGRf2HF!(../,<;8@!*/!1/=,!:(,5+*;8@!/,@(8;C(*;/8F!/8!(!&RR[!H(6;6D!K!:(V/,!@(6!?+8</,!;6!4;22;8@!
"#$K$EE$&%!
*/!2/.(*+!(.,/66!*'+!9+8.+!9,/:!1/=!(8<!6=))21!"X!(*!*'+!,+P=;,+<!),+66=,+!9/,!vRD&Mf2H!(8<!/>1@+8!9/,!vRDRMf2HD!!8'3'/'04'!!!S=,/)+(8!`(*+8*!K))2;.(*;/8!%R%I_G!H1!S8;.'+:D!!$$5]++".".#$ 1P]?>@?PL@A]FK?AB]<>@:hPD>$ML=KCLN?K@>$$ `4>:=L@D$5"$JLFPL=:E$50)%$)H>;PNLBE$'L=KL@A$.YYUa$!E*!;6!<+6;,+<!*/!<+6;@8!(!),/.+66!*/!),/<=.+!&RR!:;22;/8!)/=8<6!)+,!1+(,!<;$6'+6%5+:$H=*12$)+,/>;<+!A#7L`B! H(6+<! ),;:(,;21! /8! (! 7+>(./! )(*+8*D! ! #7L`! ;6! (8! ;:)/,*(8*! .'+:;.(2! *'(*! '(6! =6+F! 9/,!+>(:)2+F!(6!(!.(*(216*! ;8!?(,;/=6!/,@(8;.!618*'+6+6!(8<!'(6!6)+.;(2!=*;2;*1!(6!(8!(<<;*;?+!*/!<;+6+2!9=+2! 9/,:=2(*;/86! */! ;:),/?+! ;*6! ./:H=6*;/8! .'(,(.*+,;6*;.6D! ! E*! H+'(?+6! ;8! (8! (8(2/@/=6!4(1! */!<;+6+2! 9=+2! (6! /.*(8+! +8'(8.+,6! A+D@DF! ]7LSB! H+'(?+! ;8! @(6/2;8+! A6++! ND0D! `(*+8*! JFO&MF__%F!./2=:8! &F! 2;8+6! M_$OOBD! ! 7'+! ),/<=.*! :=6*! ./8*(;8! 2+66! *'(8! RDO! 4+;@'*! )+,.+8*! *+,*;(,1$H=*12$(2./'/2! A7LKB!(8<!+66+8*;(221!8/!/*'+,!)+,/>;<+6D! !7'+!)2(8*!4;22!H+!./86*,=.*+<!(*!(!b=29!"/(6*!2/.(*;/8!(<V(.+8*!*/!(!9++<6*/.5$),/<=.;8@!9(.;2;*1D!!7+>(./!(8<!K-"X!'(?+!9(.;2;*;+6!;8!*';6!(,+(D!!0)+.;9;.!5;8+*;.!<(*(!(,+!8/*!(?(;2(H2+!H=*!'/=,21!6)(.+!?+2/.;*;+6!(,+!),/?;<+<!;8!*'+!7+>(./!)(*+8*!A%R$&RR�"F!&$M!?/2D!7LU`!)+,!?/2D!.(*(216*!)+,!'/=,!r!ND0D!`(*+8*!JFOQJFRR_F!./2=:8!QF!2;8+6!MO$QQBD!!`'(6+!+P=;2;H,;=:!<(*(!(,+!*/!H+!<+?+2/)+<!9,/:!*'+!#E``-!<(*(H(85!(8<!N3ETK"!+6*;:(*+6!=6;8@!K0`S3!`aN0D!!,%'4:3:4N(!i/=,!@,/=)!;6!,+P=+6*+<!*/!<+?+2/)!(8<!(8(21C+!(!),/.+66!*/!),/<=.+!#7L`!H(6+<!/8!;89/,:(*;/8!),/?;<+<! ;8! ND0D! `(*+8*! JFOQJFRR_! (66;@8+<! */! 7+>(./! "'+:;.(2! "/:)(81F! (8<! ND0D! `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`(,()',(6;8@F!<;$6'+6%5+:$H=*12$)+,/>;<+!A#7L`B!;6!9/,:+<!4'+8!6'+6%5+:$H=*12$'1<,/)+,/>;<+!A7LU`B!(8<!(8!+8'(8.+<!(:/=8*!/9!6'+6%5+:$H=*12$(2./'/2!A7LKB!(,+!H,/=@'*!;8*/!./8*(.*!4;*'!(!)(22(<;=:$./(*+<F!.(,H/8!.(*(216*^!*'(*!;6F!!
TBA + TBHP + DTBP CH3 CH3 CH3 CH3 | | | | CH3COH CH3COOH CH3C-OO-CCH3 | | | | CH3 CH3 CH3 CH3!
"#$K$EE$&_!
!K-"X!`(*+8*!JFM%%F_&_!A./2=:8!&F!2;8+6!J$&&B!6=@@+6*6!(2*+,8(*;?+21Z!!
7LK!W!E6/H=*12+8+!A &Q%8 B!W!7LU`!+!#7L`!
!7'+! *4/! ,/=*+6! (H/?+! (,+! H(6;.(221! *'+! 6(:+! 6;8.+! 7LK! =8<+,! *'+! ),/)+,! ./8<;*;/86! (8<! ;8! *'+!),+6+8.+!/9!(!.(*(216*!,+(.*6!*/!9/,:!;6/H=*12+8+!(8<!4(*+,!(../,<;8@!*/!*'+!,+?+,6;H2+!,+(.*;/8Z!!
7LK!!g! &Q%8 !W!UMX!
!7'+!;6/H=*12+8+!;6!*'+!:/2+.=2+!*'(*!,+(.*6!<;,+.*21!4;*'!*'+!7LU`D!!K-"X! `(*+8*! JFO&MF__%! A./2=:8! OF! 2;8+6! O&$QRB! /99+,6! *'+! 6(:+! )/66;H;2;*;+6D! ! 7LU`! ;6!.(*(21*;.(221! ,+(.*+<!4;*'!7LK! */! 9/,:!#7L`D! ! E6/H=*12+8+!.(8!H+!(<<+<! */! *'+! ,+(.*;/8!:;>*=,+!(8<!;*!;6!@+8+,(221!(<?(8*(@+/=6!*/!=6+!(!6=H6*(8*;(2!+>.+66!/9!7LK!(8<f/,!;"Q!,+2(*;?+!*/!*'+!7LU`!*/!(.';+?+!';@'!7LU`!./8?+,6;/8^!+D@DF!_R[!/,!:/,+D! !"/8<;*;/86!9/,!*'+!,+(.*;/8!A4;*'!<;99+,+8*!.(*(216*6B! (,+! ),/)/6+<! ;8! ND0D! `(*+8*! JFOQJFRR_! A./2=:8! QF! 2;8+6! MQ$OOBD! ! 7'+! ,+(.*;/8!:(1! H+!./8<=.*+<! (*! (! *+:)+,(*=,+!4;*';8! *'+! ,(8@+! /9! (H/=*! QR�"! */! (H/=*! &GR�"! (*! 6=)+,$(*:/6)'+,;.!),+66=,+6D!!K!./8*(.*!*;:+!/9!(H/=*!RDJ$&R!'/=,6!;6!,+P=;,+<D!!ND0D!`(*+8*!JFM%%F_&_!A./2=:8!MF!2;8+6!&_$M_B! 6=@@+6*6! *+:)+,(*=,+6! ,(8@;8@! 9,/:! MR$&JR�"! (*! (! 6=99;.;+8*! ),+66=,+! */! +86=,+! (! 2;P=;<$)'(6+!,+(.*;/8D!!ND0D!`(*+8*!JFO&MF__%!A./2=:8!MF!2;8+6!J$&_B!6=@@+6*6!*'(*!*'+,+!.(8!H+!(!*4/$2;P=;<!)'(6+!,+(.*;/8!.(,,;+<!/=*!;8!*'+!*+:)+,(*=,+!,(8@+!/9!(H/=*!IR$&&R�"D!!,:$:&#/:-:'N(Q(T'N%:-'(-='(T:33'/'04'N(:0(6#-#&.N-N(!ND0D!`(*+8*!JFOQJFRR_!A./2=:8!OF!2;8+6!&J$M_B!6=@@+6*6!(!*1);.(2!9++<!6*/.5!9/,!*'+!7+>(./!),/.+66F!H=*!6)+.;9;.6!/9!/*'+,!./:)/8+8*6!(,+!8/*!<+6.,;H+<D!!ND0D!`(*+8*!JFM%%F_&_!A./2=:8!OF!2;8+6!M_$O_B!6=@@+6*6! (! *1);.(2! ('$>65&%['(! 9++<! 6*/.5! ./:)/6;*;/8! /9! J%! 4+;@'*! [! 7LK! (8<! QR! 4+;@'*! [!7LU`F!4;*'! *'+!,+:(;8<+,!./:),;6+<!/9!RDM[!:+*'(8/2F!&DO[!(.+*/8+F!(8<!RDJ[!4(*+,D! !T/,!*'+!7+>(./!),/.+66F!2+*�6!=6+!(!:;>*=,+!/9!IR[!7LKF!OR[!7LU`!(8<!(66=:+!*'(*!*';6!:;>*=,+!:(5+6!=)!_%[!/9!*'+!:;>*=,+!H(6+<!=)/8!*'+!K-"X!)(*+8*D!!7'+!,+:(;8;8@!M[!;6!(66=:+<!*/!H+!(6!(H/?+D!!3/*+!*'(*!7LK!(8<!#7L`F!(6!4+22!(6!7LK!(8<!4(*+,F!9/,:!(C+/*,/)+6D!!a+*�6! H,(;86*/,:!(8<!<+?+2/)! 6+?+,(2! 2;5+21! .(8<;<(*+!),/.+66+6! */! +?(2=(*+! (8<!)+,'()6!./:)(,+!H+9/,+!4+!+:H(,5!/8!<+*(;2+<!+?(2=(*;/86D!!@&-'/0#-:A'(C/94'NN(!K-"X!),/<=.+6!7LU`$IRF!(!)/66;H2+!~)=,;9;+<~!9++<6*/.5!9/,!*'+!,+(.*;/8Z!!! ! ! ! 7LU`!W &
Q%8 !!+33#7L`!W!7LK!!7LU`$IR! ;6! +66+8*;(221!IR[!7LU`!(8<!OR[!4(*+,D! !\/=2<! *';6!),/?;<+! (8! +./8/:;.(221!?;(H2+!),/.+66e!!8'3'/'04'N(!ND0D!`(*+8*!JFOQJFRR_!A0+)*+:H+,!GF!&__QBD!ND0D!`(*+8*!JFM%%F_&_!AT+H,=(,1!MMF!&__QBD!ND!0D!`(*+8*!JFO&MF__%!A](1!&IF!&__QBD!
"#$K$EE$MR!
!$
5]++"."..$ ,P=AB$5N>?L?>$8@:N>ZZ$$ `&ij@=$$1"$*A@>KZE$1K8:=?E$'L=KL@A$.YYXa$!X=,!./:)(81F!L"E!AL+**+,!"'+:;.(26!E8.DB!'(6!,+.+8*21!<;6./?+,+<!(!8+4!),/<=.*!4';.'!4+!;8*+8<!*/!:(8=9(.*=,+!;8!*'+!8+(,!9=*=,+D!!7';6!),/<=.*!=6+6!?;812!(.+*(*+!(6!/8+!/9!*'+!:(;8!,(4!:(*+,;(26D!!\+!+>)+.*!*/!=6+!ORR!]]!``i!/9!?;812!(.+*(*+!;8!/=,!8+4!),/.+66D!!E8!,+?;+4;8@!*'+!+./8/:;.6!/9!/=,!8+4!),/<=.*F!4+!9/=8<! *'(*! ;*!4(6!8+@(*;?+21! ;:)(.*+<!H1! *'+!,+2(*;?+21!';@'!:(,5+*!),;.+!/9!?;812! (.+*(*+! AvRDQQf2HBD! ! K! .2/6+,! ;8?+6*;@(*;/8! 6'/4+<! =6! *'(*! *'+!:/6*! )/)=2(,! ,/=*+! */! ?;812!(.+*(*+!;6!9,/:!+*'12+8+!(8<!(.+*;.!(.;<!/>;<;C+<!H1!/>1@+8D!!7'+!6;*+!4'+,+!/=,!8+4!),/.+66!4;22!H+!./86*,=.*+<!'())+86!*/!=6+!(22!*',++!;8@,+<;+8*6!8++<+<!9/,!?;812!(.+*(*+D!!q+,1!9(?/,(H2+F!2/8@!*+,:!./8*,(.*6!9/,!*'+;,!=6+!'(?+!H++8!8+@/*;(*+<D!!\+!*'=6!9;8<!*'(*!4+!.(8!/H*(;8!2(,@+!P=(8*;*;+6!/9!(.+*;.!(.;<! 9/,!vRDMIf2H!(8<!+*'12+8+! 9/,!vRDMRf2HD! !X>1@+8!./6*6!=6!vRDRMf2HD! !\;*'! *'+6+!,(4!:(*+,;(2! ),;.+6F! 4+! 9++2! *'(*! 4+! .(8! :(8=9(.*=,+! ?;812! (.+*(*+! 9(,! H+2/4! *'+! :(,5+*! ),;.+! /9!vRDQQf2H! (8<! *'=6!:(5+! /=,! 8+4! ),/<=.*! *'(*!:=.'!:/,+! ),/9;*(H2+D! ! E8! (66+66;8@! *'+! ),/V+.*! */!:(8=9(.*=,+! /=,! /48! ?;812! (.+*(*+F! 4+! =6+<! 6/:+! ()),/>;:(*+! +6*;:(*;8@! *+.'8;P=+6! n&o! */!+?(2=(*+!*'+!;8?+6*/,6!,(*+!/9!,+*=,8!4+!./=2<!+>)+.*!9,/:!(!ORR!]]!``i!?;812!(.+*(*+!)2(8*!(6!(!9=8.*;/8! /9! *'+! /86;*+! .();*(2! ;8?+6*:+8*D! ! E8! *'+6+! .(2.=2(*;/86F! *'+! /86;*+! ./6*! ./86;6*6! /9! *'+!;86*(22+<!./6*!/9!(22!),/.+66!+P=;):+8*!4;*';8!H(**+,1!2;:;*6D!!\+!+6*;:(*+!*'+!/996;*+!./6*!*/!H+!QJ[!/9! *'+!/86;*+!./6*!(8<!())21!(!MJ[!./8*;8@+8.1!6=.'!*'(*! *'+!9;>+<!.();*(2! ;6!,+2(*+<!*/!*'+!/86;*+!./6*!(6!!
T;>+<!"();*(2!g!&DMJ!A/86;*+!W!RDQJ!/86;*+B!!7'+!,+6=2*6!/9!/=,!?+8*=,+!@=;<(8.+!.(2.=2(*;/86!(,+!6'/48!;8!*'+!9;@=,+!H+2/4!
!
!!!!
"#$K$EE$M&!
\';2+!4+!</!8/*!58/4!+>(.*21!'/4!:=.'!4+!8++<!*/!;8?+6*!;8*/!*'+!?;812!(.+*(*+!),/.+66!A*';6!;6!/8+!/9! *'+!P=+6*;/86!4+!'(?+!9/,!1/=BF!4+!.,=<+21!+6*;:(*+! ;*! */!H+! 2+66! *'(8!vJR$GR!]]!/86;*+D!!0;8.+!*'+!./6*!/9!.();*(2!;6!&M[F!4+!*'+,+9/,+!+>)+.*!*';6!*/!H+!(!),/9;*(H2+!?+8*=,+D!!\+!8/4!*=,8!*/!*'+!*+.'8/2/@1!/9!*'+!?;812!(.+*(*+!),/.+66D!!-+9+,+8.+!nMo!@;?+6!(8!/?+,?;+4!/9!*'+!),/.+66!(8<!6*(*+6!*'(*!*'+!:(;8!,+(.*;/8!;6!!
UM"!g!"UM!W!"UO"XXU!W!&fMXM!+!UM"!g!"UXX"$"UO!W!UMX! ! `0.a!!-+9+,+8.+! nMo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iF!@,(:6!/9!?;812!(.+*(*+f',!)+,! 2;*+,!/9!.(*(216*BD! !7'+!/821!6;@8;9;.(8*!6;<+!,+(.*;/8!4+!./=2<!8/*;.+!;6!*'+!./:H=6*;/8!/9!+*'12+8+!*/!.(,H/8!<;/>;<+!(8<!4(*+,!!
UM"!g!"UM!W!OXM!+!M"XM!W!M!UMX! ! ! ! `03a!!X8.+! *'+! .(*(216*! 4(6! <+?+2/)+<! /=,! .'+:;.(2! +8@;8++,6! <+6;@8+<! (! 5;8+*;.! 6*=<1! =6;8@! (!2(H/,(*/,1$6.(2+! ,+(.*/,! */!P=(8*;91!*'+!)+,9/,:(8.+!/9! *'+!.(*(216*!9/,! *'+!)=,)/6+!/9!<+6;@8;8@!(!./::+,.;(2$6.(2+!,+(.*/,D!!T/,!./::+,.;(2!)=,)/6+6!*'+!.(*(216*!6=))/,*!4;22!H+!)+22+*;C+<!6=.'!*'(*!*'+! H=25! (?+,(@+! <+86;*1! /9! *'+! 9;8(2! .(*(216*! ;6! OR! 2Hf9*OD! ! 7'+! 9/22/4;8@! ,(*+! +>),+66;/86! 4+,+!/H*(;8+<Z!!T/,!-&Z!!
8 98 98 98 9 @
B
>?A
=7666
6&
&,
.(*(216*!2H!:;8!qK.!2H:/2
%DG&ID&&J%ODR&
ID&&&ROGDR
MM
MMMfGIQFO&
1Q!W1W
W11Q!8W2
444
4444'+ !
!(8<!9/,!-MZ!!
8 98 9 @
B
>?A
=766
67& ,
.(*(216*!2H!:;8!H=,8+<!+*'12+8+!2H:/2
G%DR&IGDR&G%DR&
&R_OGJD&MM
MMf&&GF&RJM
W1W
W1W2
4444
'+ !
!E8! *'+6+! +>),+66;/86F! 2! ;6! (H6/2=*+! *+:)+,(*=,+! ;8! 5+2?;86! (8<! 4! ;6! *'+! )(,*;(2! ),+66=,+! /9! (!./:)/8+8*!;8!)6;(D!!\+!(26/!.(2.=2(*+<!*'+!'+(*!/9!,+(.*;/8!;8!*'+!;<+(2!@(6!6*(8<(,<!6*(*+!AMJ<"F!&!(*:B!H1!=6;8@!(?(;2(H2+!'+(*6!/9!9/,:(*;/8!/9!*'+!./:)/8+8*6D!!7'+!6*(8<(,<!6*(*+!'+(*!/9!,+(.*;/8!;6!$QMD&!5.(2! f:/2!/9!?;812!(.+*(*+! 9/,!-&!(8<!$O&G!5.(2! f:/2!/9!+*'12+8+!9/,!-MD! !7'+!,+(.*;/86!(,+!*'=6!P=;*+!+>/*'+,:;.F!4';.'!4+!(26/!/H6+,?+<!;8!*'+!2(H/,(*/,1D!!L(6+<!/8! *';6! ;89/,:(*;/8!L"E!;6!,+P=+6*;8@!*'(*!1/=,!./:)(81!<+6;@8!(!./6*!+99+.*;?+!),/.+66!*/!:(5+!ORR!]]!``i!/9! .,=<+!?;812! (.+*(*+D! !0;8.+!?;812!(.+*(*+!(8<!4(*+,! 9/,:!(!'+*+,/@+8+/=6!(C+/*,/)+!4+! ,+9+,! */!.,=<+!?;812!(.+*(*+!(6! *'+!(.+*;.!(.;<!l9,++mF! 2;P=;<!),/<=.*!4';.'!./=2<!H+!
"#$K$EE$MM!
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i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b$)L@F:=$1P:hPD>$P=$?H>$,L<:@$
-?@>L;$->=?$?:$?H>$5FZ:@<?P:=$*:O>@$
7>L?P=Q$0>dKP@>;>=?$P=$?H>$1>Z:@<?P:=$*:O>@$L=D$)::BP=Q$0>dKP@>;>=?$:C$?H>$0>NP@NKBL?P:=$4PdKPD$kcNLBGc;:B$,L<:@Z$->=?$?:$5FZ:@<?P:=l$
! RDJ! &MJ!! &! M&_!! M! O%R!! J! IIR!! &R! &FMGR!! &J! &FGQR!!!i/=!:(1!9=,*'+,!(66=:+!*'(*!(.+*;.!(.;<!;6!(?(;2(H2+!9,/:!/=,!*(85!9(,:!(6!(!2;P=;<!(*!OR<"D!!i/=!:(1!(26/!(66=:+!*'(*!H/*'!+*'12+8+!(8<!/>1@+8!(,+!(?(;2(H2+!9,/:!6+)(,(*+!@(6!'+(<+,6!(*!MRR!)6;@!(8<!OR<"D!!7'+!+*'12+8+!@(6!;6!__D_[!)=,+F!*'+!H(2(8.+!H+;8@!+*'(8+D!!7'+!9/22/4;8@!=*;2;*;+6!(8<!6+,?;.+6!(,+!(?(;2(H2+!(6!8++<+<!(*!*'+!H(**+,1!2;:;*6D!!"/6*6!(,+!;8!&__G!</22(,6!!! &JR!)6;@!6*+(:! vJf&FRRR!2H!! JR!)6;@!6*,+(:! vQf&FRRR!2H!! "//2;8@!*/4+,!4(*+,! vRDR_f&FRRR!@(2!! -(4!4(*+,!A:(5+=)B! vRDJJf&FRRR!@(2!! $MJ<"!-+9,;@+,(*;/8! vRD&Mf',!7!*/8!! S2+.*,;.;*1! vRDRGJf5\',!!E8!<+6;@8;8@!*'+!),/.+66!4+!4/=2<!2;5+!1/=!*/!),/)/6+!(!<+6;@8!4';.'!:;8;:;C+6!*'+!*/*(2!),/<=.*!./6*!/9!.,=<+!?;812!(.+*(*+!(*! *'+!8/:;8(2! ,(*+!/9!ORR!]]!``i!/9!)=,+!?;812!(.+*(*+D! !K66=:+!(!
"#$K$EE$MO!
_R[!/)+,(*;8@!=*;2;*1!AIF%%Q!',f1,B!(8<!(66=:+!*'(*!__[!/9!*'+!?;812!(.+*(*+!;8!*'+!.,=<+!6*,+(:!.(8!H+!,+./?+,+<D!!7'+!,+6=2*6!4+!+>)+.*!9,/:!1/=,!4/,5!;8.2=<+!!�! K8!/)*;:;C+<!92/46'++*!�! 7/*(2!;86*(22+<!+P=;):+8*!./6*6!A/86;*+!./6*B!�! K!),/9;*(H;2;*1!(8(216;6!/9!*'+!),/V+.*!�! K!./8*,/2!6.'+:+!H(6+<!/8!(8!;8$<+)*'!/)+,(H;2;*1!(8(216;6!/9!*'+!),/.+66!!`'16;.(2! ),/)+,*;+6! 9/,! (22! ./:)/8+8*6! ,+P=;,+<! ;8! *';6! 6*=<1! 6'/=2<! H+! ,+(<;21! (..+66;H2+! 9,/:!)=H2;.21! (?(;2(H2+! 6/=,.+6! A+D@D! #E``-F! Ui0i0D`2(8*F! +*.DBD! ! 7';6! (26/! )+,*(;86! */! :;>*=,+!),/)+,*;+6! 4;*'! *'+! )/66;H2+! +>.+)*;/8! /9! *'+! ?;812! (.+*(*+! A&Bf4(*+,! AMB! H;8(,1D! ! \+! *'+,+9/,+!),/?;<+!1/=!4;*'!/=,!H+6*!+6*;:(*+!/9!*'+!qaS!(8<!aaS!<(*(!9/,!*';6!)(;,D!!,4($+/J%0M5*+%/$! )%/-*5/*-$ 5.3$ 53.$ .....3$! ?(8!a((,! QD&JQ_! MD&&_%! !! \;26/8! &FO%QDJ_J_! MFMGGDO_MI! !! 3-7a! &FJQ_! MFOOG! RDO%!!44($+/J%0M5*+%/$0/2=H;2;*1!/9!4(*+,!;8!?;812!(.+*(*+!(*!MR<"!Z!QD_Q_!:/2[!0/2=H;2;*1!/9!?;812!(.+*(*+!;8!4(*+,!(*!MR<"!Z!RDMQ&!:/2[!!8'3'/'04'N(!n&o!#/=@2(6F!jD]DF!8"&!'46>5;)C',%B&)"*)8-'#%!5;)0+"!',,',=)].b,(4$U;22F!&_%%!nMo!l](5+!q;812!K.+*(*+!9,/:!S*'12+8+mF!1:(+"!5+$"&)0+"!',,%&B=!TWF!QF!&QG$&Q_!A&_GIB!!!$5]++".".3$ 8M$5N>?L?>$ML=KCLN?K@>$$ `4>:=L@D$5"$JLFPL=:E$50)%$)H>;PNLBE$'L=KL@A$.YYRa$$`]! K.+*(*+! A),/)12+8+! @21./2! :/8/$:+*'12$+*'+,! (.+*(*+B! ;6! (! 6)+.;(2*1! 6/2?+8*! =6+<! ;8! ,+6;86F!./(*;8@6!(8<!.2+(8+,!9/,:=2(*;/86D!!"=,,+8*!6(2+6!?/2=:+6!(,+!&R!]]!2Hf1,!(8<!;*!;6!H+;8@!),/<=.+<!H(*.'4;6+! H1! /=*6;<+! ~*/22+,6~D! ! #=+! */! +>)+.*+<! ;8.,+(6+6! ;8! <+:(8<F! *'+! `S33"X! A1/=,!./:)(81�6! 8(:+B! ;6! ;8*+,+6*+<! ;8! H=;2<;8@! ;*6! /48! ./8*;8=/=6! )2(8*! ;8! *'+! U/=6*/8! (,+(D! ! 7'+!+./8/:;.!6;C+!:=6*!H+!<+*+,:;8+<!*'(*!4;22!1;+2<!(!&J[!(9*+,!*(>!,+*=,8!4';2+!*'+!6(2+6!H=;2<!*/!MR!]]! 2Hf1,! ;8! *',++! 1+(,6D! ! "/86;<+,! 9;,6*! (! MR!]]2Hf1,! 9(.;2;*1!4';.'!4;22! H+! ;8*+@,(*+<! ;8*/! (8!+>;6*;8@!9(.;2;*1D!!X=,!-k#!@,/=)6!'(?+!<+?+2/)+<!(!./86;<+,(H2+!(:/=8*!/9!<(*(!/8!*'+!),/.+66^!;D+DF!.'+:;.(2!5;8+*;.6!(8<!qaS!<(*(D!!7';6!;89/,:(*;/8!4;22!H+!6=))2;+<!(9*+,!*'+!<+6;@8!@,/=)!6;@86!(!8/8$<;6.2/6=,+!(@,++:+8*!4;*'!K-"XD!!7'+!),;:(,1!.'+:;6*,1!;6!(6!9/22/46Z!!!
"#$K$EE$MQ!
C1(@4'-#-'(6='$:N-/.(!
| | | | | | | | | -C-C-C-O-C- + O=C-C- = -C-C-C-O-C- + H2O | | | | | | H+ | | | | OH OH O | O=C-C PM HOAc PMA
!!!!O.%/9R24-N(3/9$(!-='/(6&'#A#;'((
! H!+!+! H O!2! PG + MeOH
H!+! allyl ether + MeOH
PG Acetate and PG Diacetate + H O!
MeAc + H O
PG + HOAc!
MeOH + HOAc!
PM!
2!
2 !!!4'+,+!UXK.! ;6! (.+*;.! (.;<F! `]! ;6! ),/)12+8+! @21./2!:/8/$:+*'12$+*'+,F! `b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qaS!<(*(F!(8<!=*;2;*1!./6*6!4;22!H+!6=))2;+<!(*!(!2(*+,!<(*+D!!\'+,+!qaS!<(*(!(,+!2(.5;8@!1/=!:(1!=6+!*'+!N3ETK"!./,,+2(*;/8D!!i/=,!./:)(81!'(6!(..+66!*/!K0`S3!`aN0!4';.'!'(6!(!,+(.*;?+!<;6*;22(*;/8!6=H,/=*;8+!A-K#T-K"BD!!!
"#$K$EE$MJ!
-+(.*;/8 0+)(,(*;/8\(6*+!\(*+,
`]K!`,/<=.*
U+(?;+6!\(6*+
N8,+(.*+<!`]F!UXK.
`]
UXK.
!!
T;@=,+!&D!!0;:)2;9;+<!T2/46'++*!9/,!T;>+<$H+<!`,/.+66!$$5]++".".R$ 8@:<:hABL?>D$(?HAB>=>DPL;P=>$$ `&@PL=$("$JL@@>BB$L=D$1L[PD$1"$&@>=Q>BE$5P@$8@:DKN?Z$L=D$)H>;PNLBZE$'L=KL@A$
.YYTa$$S*'12+8+<;(:;8+! AS#KB! ;6! (! ?+,6(*;2+! H=;2<;8@! H2/.5! ;8! *'+! .'+:;.(2! ;8<=6*,1! 9/,! (:;8+$H(6+<!./:)/=8<6D!!
U!!3M3UM
!S#K!
!K!9(:;21!/9!(:;8+!./:)/=8<6!.(8!H+!9/,:+<!9,/:!*'+!,+(.*;/8!/9!S#K!4;*'!),/)12+8+!/>;<+!A`XBD!!
X
"UO!`X!
!L+*4++8!&!(8<!Q!:/2+6!/9!`X!.(8!H+!(<<+<!)+,!:/2+!/9!S#KD!!7'+!:/8/),/)/>12(*+<!S#K!.(8!H+!=6+<!(6!(8!;8*+,:+<;(*+!;8!*'+!618*'+6;6!/9!(!)/21=,+*'(8+!.(*(216*D!!7'+!<;$!(8<!*,;$),/)/>12(*+6!.(8!H+!=6+<!(6! .,/66$2;85+,6! 9/,! +)/>1! 616*+:6D! !7'+! 9=221!),/)/>12(*+<!:/2+.=2+! ;6!=6+<!(6!(!.,/66$2;85+,!;8!)/21=,+*'(8+!616*+:6D!!i/=,!(66;@8:+8*F!6'/=2<!1/=!<+.;<+!*/!(..+)*! ;*F! ;6! */!618*'+6;C+!(8<!)=,;91!+(.'!/9!*'+!S#K$`X!,+(.*;/8!),/<=.*6D! !7'+! ,+P=;,+<!(:/=8*!/9!+(.'!),/<=.*!4;22!H+!<+*+,:;8+<!(../,<;8@! */!:(,5+*!<+:(8<D! !E]TF!*'+!./:)(81!*'(*!1/=!4/,5!9/,F!'(6!)+,9/,:+<!+>*+86;?+!:(,5+*!,+6+(,.'!(8<!4;22!),/?;<+!1/=!4;*'!(8!+6*;:(*+!/9!:(,5+*!<+:(8<!(8<!6+22;8@!),;.+!9/,!+(.'!/9!*'+!9/=,!./:)/=8<6D!!7'+!E]T!,+6+(,.'!<+)(,*:+8*!'(6!618*'+6;C+<!*'+!9/=,!:(*+,;(26!;8!6:(22!P=(8*;*;+6!(8<!4;22!:(5+!(?(;2(H2+! *'+;,! 9;8<;8@6! 4;*'! ,+@(,<! */! ,+(.*;/8! 5;8+*;.6! (8<! *'+,:/<18(:;.6D! ! i/=! 4;22! H+!,+6)/86;H2+! 9/,!<+6;@8;8@!(! ,+(.*/,! 616*+:!(8<!<;6*;22(*;/8!),/.+66! *'(*!H+6*!:++*6! *'+!(8*;.;)(*+<!:(,5+*!<+:(8<6F!4';2+!6;:=2*(8+/=621!:(>;:;C;8@!E]T�6!),/9;*6D!$
"#$K$EE$MG!
!$5]++"3$ 8(*0%4(2M$80%12)*-$$$5]++"3".$ JK>B$5DDP?P[>Z$C:@$)B>L=>@$(;PZZP:=Z$$ `("$0:F>@?$&>Nc>@E$(=[P@:=>hE$'L=KL@A$.YYRa$$"(,H/8!:/8/>;<+!(8<!/C/8+!2+?+26!(,+!;8!+>.+66!/9!*'+!3(*;/8(2!K:H;+8*!K;,!p=(2;*1!0*(8<(,<6!;8!*'+!3/,*'+(6*+,8!6*(*+6F!4';.'!./86*;*=*+!(!./,,;</,!9,/:!q;,@;8;(!*/!3+4!S8@2(8<D!!7'+!),;8.;)(2!6/=,.+! /9! .(,H/8! :/8/>;<+! (,+! +:;66;/86! 9,/:! (=*/:/H;2+6D! ! 7'+! ./(2;*;/8! /9! 3/,*'+(6*+,8!,+@=2(*/,6!'(?+!:(8<(*+<!.2+(8+,!H=,8;8@!9=+26!9/,!*'+!,+@;/8^!'/4+?+,F!<+:(8<!;6!=8.+,*(;8!6;8.+!*'+!:+:H+,!6*(*+6!.(8!/)*!;8*/!*'+!)2(8!=8*;2!&__JD!!7'+!=6+!/9!:+*'12$*+,*$H=*12$+*'+,!A]7LSB!(6!(8!/.*(8+!+8'(8.+,!),/?;<+6!6;@8;9;.(8*!,+<=.*;/86!;8!.(,H/8!:/8/>;<+!+:;66;/86D!!i/=,! ./:)(81! '(6! *+.'8/2/@1! 9/,! *'+! ),/<=.*;/8! /9! ]7LSD! ! i/=,! (66;@8:+8*! ;6! */! ),/?;<+!:(8(@+:+8*!4;*'!(!./6*!+6*;:(*+!9/,!(!&RRFRRR!@(22/8!)+,!<(1!]7LS!)2(8*!;8!*'+!`';2(<+2)';(!*,;$6*(*+!(,+(D!!i/=,!,+)/,*!6'/=2<!+6*;:(*+!*'+!),/<=.*!),;.+6!8+.+66(,1!9/,!(88=(2!),/<=.*;/8!,(*+6!/9!&RRFRRRF! IRFRRRF! (8<! JRFRRR! @(22/86D! !i/=!'(?+! (! 6*,+(:!/9! H=*(8+! (?(;2(H2+! 9,/:!(8! (<V/;8;8@!,+9;8+,1!(8<!1/=!'(?+!*/!)=,.'(6+!:+*'(8/2!9,/:!(!8+(,H1!.'+:;.(2!)2(8*D!!0*+(:!.(8!H+!)=,.'(6+<!9,/:!(!./@+8+,(*/,D!!7'+!),/.+66!;8?/2?+6!*'+!<+'1<,/@+8(*;/8!/9!;6/H=*(8+!*/!;6/H=*+8+!4';.'!;6!,+(.*+<!4;*'!:+*'(8/2!*/!),/<=.+!]7LSD!!`(,*;.=2(,!(**+8*;/8!6'/=2<!H+!@;?+8!*/!*'+!<+'1<,/@+8(*;/8!,+(.*/,!<+6;@8!(8<!/)+,(*;/8D!!7+.'8;.(2!(8<!+./8/:;.!<(*(!9/,!*'+!<+6;@8!(,+!(**(.'+<D!!!H'4=0:4#&(R#-#(!7'+!,(*+!/9!;6/$H=*(8+!<+'1<,/@+8(*;/8!;8!5:/2f5@!.(*$',!;6Z!!!
! ! -(*+!g! MBQ&AfA
-
-'5+ 4
.44476, !
!4'+,+! ! 7+))g!&D%>!&RI!!
BQMfRRRFORA !32' ,, !!!7'+!,(*+!/9!./5+!9/,:(*;/8!;8!5@!.(,H/8f5@!.(*(216*$',!;6Z!!
! ! -(*+!g! MJDR BID&&A -
'! 4
476
!
!
"#$K$EE$MI!
4'+,+! ! !7 !!!!!!!g!!!!!!!!!!J>!&RJ!!+A$M&FRRRf-7!$!QJ!>!.B! !!! g! 5@!.(,H/8!)+,!5@!.(*(216*!45)! g! )(,*;(2!),+66=,+!/9!;6/H=*(8+!nH(,o!4')! g! )(,*;(2!),+66=,+!/9!/2+9;8!nH(,o!4-)! g! )(,*;(2!),+66=,+!/9!'1<,/@+8!nH(,o!.! g! .'+:;.(2!+P=;2;H,;=:!./86*(8*!
!7'+! .(*(216*! ;6! RDO! .:! .',/:;(! (2=:;8(! 6)'+,+6! 4;*'! RDQ%! ?/;<! 9,(.*;/8! (8<! &FMRR! 5@f:O! H=25!<+86;*1D! !7'+!.(,H/8! ;6! ,+:/?+<!9,/:!*'+!.(*(216*!H1!H=,8;8@! ;8!(;,!(*!(! ,(*+!/9!RD&!5@!.(,H/8f5@!.(*(216*$',D!!7'+!:(>;:=:!.(*(216*!*+:)+,(*=,+!;6!IQR�"D!!7'+!.(*(216*!;6!,+)2(.+<!(88=(221D!!7'+! ,+(.*;/8! /9! ;6/H=*12+8+! (8<! :+*'(8/2! ;6! (66=:+<! */! @/! */! _%[! +P=;2;H,;=:! 4;*'/=*! 6;<+!,+(.*;/86D!!7'+!<+'1<,/@+8(*;/8!,+(.*;/8!),/<=.+6!;6/H=*+8+F!'1<,/@+8F!),/)12+8+F!(8<!:+*'(8+D!!!69N-(#0R(!4909$:4(T#-#(!_J[!;6/H=*(8+$J[!&$H=*(8+!;6!v!RDIRf@(22/8!]+*'(8/2!;6!vRDIJf@(22/8!0*+(:!(*!IRR�"!(8<!&R!H(,!;6!(?(;2(H2+!(*!v%DRRf&FRRR!2H!S2+.*,;.;*1!./6*!;6!v!RDRIf5\',!T=+2!@(6!;6!?(2=+<!(*!vMDRRf]]L*=!"//2;8@!4(*+,!;6!vRD&Jf&FRRR!@(2!"(*(216*!;6!v&Jf5@!!K88=(2!+99+.*;?+!;8*+,+6*!,(*+!g!&M[!)+,!1+(,!`,/V+.*!2;9+!&R!1+(,6!];8;:=:!;8?+6*/,Y6!,(*+!/9!,+*=,8!AE--B!;6!&J[!
!$5]++"R$ 65-$M5/2J5)*20($$$5]++"R".$ /P?@:Q>=$0>i>N?P:=$2=P?$`C@:;$=L?K@LB$QLZa$$ `9PBBPL;$&"$0>?LBBPNcE$):=ZKB?L=?E$'L=KL@A$3##3a$! !7';6!=8;*!;6!)(,*!/9!(!B5,)4;5&6F!4';.'!),+)(,+6!,(4!8(*=,(2!@(6!9/,!6(2+!*/!(!);)+2;8+D!!7'+!9,/8*!+8<!/9! *'+! @(6! )2(8*! '(6! (2,+(<1! ,+:/?+<! *'+! 8(*=,(2! @(6! 2;P=;<6! 9,/:! *'+! @(6D! ! E*! ,+:(;86! 9/,! *'+!,+V+.*;/8!=8;*! */!,+:/?+!8;*,/@+8!(8<!(26/!,+./?+,!'+2;=:F!(!?(2=(H2+!H1$),/<=.*D!!T2/4!<;(@,(:6!9/,!*'+!=8;*!(,+!;8.2=<+<!;8!(!)()+,!H1!0./**!7,/=*:(88F!/9!K;,!`,/<=.*6!(8<!"'+:;.(26F!(8<!h;:!j(8C+8F!/9!`;/8++,!3(*=,(2!-+6/=,.+6D! !7'+!=8;*!=6+6! *4/!6*,;));8@!./2=:86D! !i/=!.(8!),/<=.+!(!6;<+!6*,+(:!9,/:!*'+!9;,6*!6*,;));8@!./2=:8!*'(*!./8*(;86!(H/=*!JR!:/2[!8;*,/@+8D!!7';6!4;22!H+!=6+<!*/!9=+2!*'+!@(6!*=,H;8+6F!4';.'!<,;?+!*'+!./:),+66/,6D!!7'+!9++<!./86;6*6!/9!*4/!6*,+(:6Z!
"#$K$EE$M%!
T2/4!,(*+F!:;22;/8!0"T#! QR! ! MR!`,+66=,+F!)6;@! ! ! QRR! ! QRR!U+2;=:F!:/2[!! ! &DR! ! MDJ!3;*,/@+8! ! ! &GDR! ! M%DR!]+*'(8+! ! ! H(2(8.+! ! ! ! ! !S*'(8+!! ! ! &DJ! ! RDG!`,/)(8+! ! ! RD&! ! RDRJ!"XM!!! ! ! ! RDR&! ! RDRR!
!
&D! `;)+2;8+!@(6!;6!*/!H+!<+2;?+,+<!(*!&FMRR!)6;@F!./8*(;8;8@!8/!:/,+!*'(8!M!:/2[!3MD!!!
MD! ",=<+!'+2;=:!),/<=.*!./8*(;86!(*!2+(6*!GJ!:/2[!'+2;=:F!(!:(>;:=:!/9!&!:/2[!:+*'(8+F!4;*'!*'+!H(2(8.+!3MF!(8<!;6!<+2;?+,+<!(*!&FMRR!)6;@D!!-+./?+,1!/9!'+2;=:!;6!(*!2+(6*!_G!:/2[D!!
OD! 7'+!6+22;8@!),;.+!/9!.,=<+!'+2;=:!;6!vMJ!)+,!&FRRR!9*O!/9!'+2;=:!./8*+8*D!!
QD! \'+8!'+(*! ;6! *,(869+,,+<! A;,,+?+,6;H21B!4;*'!(! *+:)+,(*=,+!<;99+,+8.+F!#7F! *'+! 2/6*!4/,5! ;6!!p�7f7F!4'+,+!7!;6!*'+!*+:)+,(*=,+!/9!*'+!4(,:!92=;<D!!K*! .,1/@+8;.! *+:)+,(*=,+6F! 4'+,+! 7! ;6! 6:(22+,F! *'+! 2/66+6! (,+! @,+(*+,D! ! U+8.+F! */! (?/;<!;8.,+(6+6! ;8! *'+! 2/6*! 4/,5! (6! 7! <+.,+(6+6F! *'+! :;8;:=:! ;8*+,8(2! *+:)+,(*=,+! <;99+,+8.+!A]E7#B!:=6*!H+!,+<=.+<D!!K6!1/=!.(,+9=221!6+2+.*!*'+!]E7#F!./86;<+,!*'+!,(8@+!/9!&!$!G!h!9/,!1/=,!<+6;@8D!!
JD! 0;:)2;91!1/=,!.(2.=2(*;/86!4;*'!*'+!=8;*6!hF!5@!(8<!(*:D!!
GD! `=,.'(6+<!+2+.*,;.;*1!./6*6!vRDIR!)+,!5\'D!!
ID! 7'+!)2(8*!;6!2/.(*+<!;8!7+>(6D!!
%D! 7'+!.,1/@+8;.!?+66+26!(8<!+>.'(8@+,6!(,+!/9!ORQa!6*(;82+66!6*++2D!!
_D! 7'+!'+(*!+>.'(8@+,6!(,+!)2(*+!+>.'(8@+,6D!!
&RD! i/=! .(8! <;6)2(1! *'+! +./8/:;.6! /9! 1/=,! ),/.+66! H1! @,()';8@! *'+! ;8?+6*/,Y6! ,(*+! /9! ,+*=,8!AE--B!(6!(!9=8.*;/8!/9!*'+!./6*!/9!*'+!9++<!<;?;<+<!H1!*'+!6(2+6!),;.+!/9!*'+!@(6D!!!
8'3'/'04'!!7,(=*:(88F!0D!-DF!(8<!hD!UD!j(8C+8F!lE88/?(*;?+!3-N!#+6;@8!(*!`;/8++,!3(*=,(2!-+6/=,.+6Y!T(;8!b(6!`2(8*D!!!!
"#$K$EE$M_!
5]++"R"3$ 2B?@L]<K@>$/P?@:Q>=$6>=>@L?:@$$ `'PL=QK:$ VKE$ 0Lc>ZH$ 5Q@LOLBE$ MPc>$ 7>@@:=E$ 5P@$ 8@:DKN?Z$ L=D$ )H>;PNLBZE$
'L=KL@A$3###a$!
K6! *'+! 6+:;./8<=.*/,! ;8<=6*,1! @/+6! */! 6=H:;.,/8! (8<! <++)! 6=H:;.,/8! <+6;@86F! *'+! )=,;*1!,+P=;,+:+8*!9/,!8;*,/@+8!@(6!;6!H+./:;8@!';@'+,!(8<!';@'+,D!!7'+!.=,,+8*!6)+.;9;.(*;/8!9/,!8;*,/@+8!,+P=;,+6!*'+!;:)=,;*1!2+?+26!*/!H+!H+2/4!&R!)(,*6!)+,!H;22;/8!H1!?/2=:+D!!i/=,! ./:)(81F!N2*,(`=,+b(6F! ;6! ()),/(.'+<! H1! (!:(V/,! 6+:;./8<=.*/,!:(8=9(.*=,+,! AK<?(8.+<!0+:;"/8B!*/!6=H:;*!(!),/)/6(2!*/!6=))21!MRR!*/8f<(1!/9!8;*,/@+8!(*!(!),+66=,+!/9!&R!H(,!(H6/2=*+!*/!*'+;,!:+@(9(H!;8!K=6*;8F!7+>(6D!!7'+!:(>;:=:!(22/4(H2+!*/*(2!;:)=,;*;+6!./8*+8*!A+>.2=<;8@!8/H2+!@(6+6! 6=.'! (6! (,@/8F! 8+/8F! (8<! '+2;=:B! ;6! &R! )(,*6! )+,! H;22;/8! H1! ?/2=:+D! ! 7'+! .=6*/:+,! (26/!;8<;.(*+<!*'(*!*/!(?/;<!)/*+8*;(2!)(,*;.=2(*+!./8*(:;8(*;/8F!8;*,/@+8!),/<=.*!./:),+66/,6!6'/=2<!H+!(?/;<+<D! i/=F! *'+! 2+(<! ),/.+66! +8@;8++,! 9/,! *';6! ),/V+.*F! (,+! (65+<! */! ./:+! =)!4;*'! (! 2/4$./6*!<+6;@8! A4';.'! :+(86! 1/=! '(?+! */! ./:)(,+! *'+! <;99+,+8*! 58/48! ),/.+66+6! (8<f/,! ;8?+8*! 8+4!),/.+66+6!(8<!9;8<!*'+!2/4$./6*!/)*;/8BD!!-+9+,+8.+6Z!!K@,(4(2!-DF!(8<!-D!]D!7'/,/,@//<F!~`,/<=.*;/8!/9!]+<;=:!`,+66=,+!3;*,/@+8!H1!",1/@+8;.!K;,!0+)(,(*;/8~F!95,)G'45+56%"&)f)0>+%*%!56%"&F!UF!MRO!A&__&BD!!K@,(4(2F!-DF!(8<!#D!\//<4(,<F!~S99;.;+8*!",1/@+8;.!3;*,/@+8!b+8+,(*/,6!r!K8!S8+,@1!K8(216;6~F!95,)G'45+56%"&)f)0>+%*%!56%"&F!UF!&O_!A&__&BD!!!"(,+1F! bDF! KD! i;)F! (8<! 7D! i/=8@F!Y%6+"B'&) 0+"(>!6%"&F! #+6;@8! `,/V+.*! -+)/,*F! 7/48+! a;H,(,1F!N8;?D!`+88612?(8;(F!&___D!!E6(265;F!\D!UDF!G'45+56%"&)"*)95,',F!X>9/,<!0.;+8.+!`=H2;.(*;/86F!"2(,+8</8!`,+66F!X>9/,<F!&_%_D!!a(*;:+,F!-D!SDF!~#;6*;22(*;/8!/9!K;,~F!8-'#E)Z&BE)0+"BDF!GOAMBF!OJ!A&_GIBD!!a;8<+F!\DF!(8<!-D!-+;<+,F!;8!~7'+!E8?;6;H2+!E8<=6*,1~F!7'+!E8*+,8(*;/8(2!X>1@+8!](8=9(.*=,+,6!K66/.;(*;/8F!"2+?+2(8<F!X';/F!&__ID!!].b=;8+66F!-D!]DF!;8!~X>1@+8$S8'(8.+<!"/:H=6*;/8~F!"D!SD!L(=5(2F!S<;*/,F!"-"!`,+66F!L/.(!-(*/8F!&__%F!"'()*+,!OD!!0./**F!-D!LDF!8+:"B'&%!)Z&B%&''+%&BF!]+*$"'+:!-+6+(,.'!E8.DF!L/=2<+,F!"/2/,(</F!&_%%D!!0.=,2/.5F!-D!bDF!S<;*/,F!1%,6"+:)5&()W+%B%&,)"*)8+:"B'&%!,F!"2(,+8</8!`,+66F!X>9/,<F!&__MD!!7'/,/@//<F!-D!]DF!;8!8+:"B'&%!)Z&B%&''+%&BF!LD!KD!U(8<6F!S<;*/,F!K.(<+:;.!`,+66F!a/8</8F!&_%GF!"'()*+,!&GD!!7;::+,'(=6F!hD!#DF!(8<!7D!]D!T2188F!8+:"B'&%!)0+"!',,)Z&B%&''+%&BF!`2+8=:!`,+66F!3+4!i/,5F!&_%_D!
"#$K$EE$OR!
!q+8+*F! TD! "DF! SD! ]D! #;.56/8F! (8<! 7D! 3(@(:=,(F! ~N8<+,6*(8<! *'+! h+1! E66=+6! 9/,! U;@'! `=,;*1!3;*,/@+8!`,/<=.*;/8~F!8-'#E)Z&BE)0+"BDF!)DI%F!j(8=(,1F!&__OD!!\;26/8F! hD! LDF! KD! -D! 0:;*'F! (8<! KD! 7'+/H(2<F! ~K;,! `=,;9;.(*;/8! 9/,! ",1/@+8;.! K;,! 0+)(,(*;/8!N8;*6~F!EX]K!L,/(<.(6*+,F!j(8=(,1F!&_%QD!!!5]++"R"R$ /P?@:Q>=$8@:DKN?P:=$$ `0Lc>ZH$5Q@LOLBE$5P@$8@:DKN?Z$L=D$)H>;PNLBZE$'L=KL@A$.YYYa$$X=,! `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i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i/=! 4;22! 8++<! */! ;8?+6*;@(*+! )/*+8*;(2! ;<+(6! 9/,! *';6! ),/V+.*!*'/,/=@'21D!!\'+8!),+)(,;8@!1/=,!<+6;@8F!1/=!:(1!(26/!:(5+!*'+!9/22/4;8@!(66=:)*;/86Z!!!!!&D!3;*,/@+8!),/<=.*!6'/=2<!H+!<+2;?+,+<!(6!<,1!@(6!(*!(:H;+8*!./8<;*;/86!!!!!MD!7'+!)2(8*!6'/=2<!H+!<+6;@8+<!9/,!%RRR!'/=,6!/9!/)+,(*;/8!)+,!1+(,!!!!!OD!7'+!),/<=.*!8;*,/@+8!6'/=2<!H+!(*!2+(6*!__[!)=,+!!!C/9R24-(,%'4:3:4#-:90N(!!!!!!!!!!!!!MRFRRR!0"TU!8;*,/@+8!@(6!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!];8;:=:!3;*,/@+8! !__!?/2
"#$K$EE$O&!
G-:&:-:'N(!!!!!!!!!!!!!!!!!!!"//2;8@!\(*+,Z!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_R{T!6=))21!*+:)+,(*=,+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&&J{T!:(>;:=:!,+*=,8!*+:)+,(*=,+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!0*+(:!016*+:Z!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!0(*=,(*+<!0*+(:!9,/:!X996;*+!L/;2+,6!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K?(;2(H2+!(*!&JR!(8<!GRR!)6;@!!!!!!!!!!!!!!!!!!!!`,/.+66!\(*+,!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K?(;2(H2+!(*!_R{T!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K:H;+8*!#+6;@8!7+:)+,(*=,+Z!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&RR{T!<,1!H=2HF!_R{T!4+*!H=2H!!!4909$:4(T#-#(!7'+!9/22/4;8@!<(*(!(,+!8+.+66(,1!9/,!*'+!+./8/:;.!+?(2=(*;/8D!7'+6+!;8.2=<+!+6*;:(*+6!8++<+<!9/,!*'+!MRRJ!(8(216;6!(8<!9/22/4!*,+8<6!/?+,!,+.+8*!1+(,6D!!!!!!!!!!!!!!!!!!!!&D!!!\(@+!-(*+! ! ! &__%! ! MRRJ!!!!!!!!!!!!!!!!!!!!!! ! a(H/,!Avf',B! ! &JDRR! ! MRDRR!!!!!!!!!!!!!! 0=)+,?;6;/8!Avf',B! MJDRR! ! ORDRR!!!!!!!!!!!!!!!!!! ! S8@;8++,;8@!Avf',B! QJDRR! ! JGDMJ!!!!!!!!!!!!!!!
MD!! N*;2;*;+6!AN8;*!"/6*6B!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ! ! ! N8;*! ! ! &__%! ! MRRJ!!!!!! !!!!!!!!!!!!! &JR!)6;@!6*+(:! &RRR!2H! ! ODO&! ! QDRR!!!!!!!!!!!!! GRR!)6;@!6*+(:!! &RRR!2H! ! QDMR! ! JDRR! ! !! T=+2!X;2! A7';6!;6!(26/!*'+!T=+2!q(2=+!!!!!!!!!!!!! ! =6+<!9/,!*'+!)=,@+B! !! ! ! &RG!L*=! ! MDRM! ! MDJR!!!!!!!!!!!!! "//2;8@!\(*+,!! &RG!@(2!! ! G%D&R! ! IRDRR!!!!!!!!!!!!!! `,/.+66!\(*+,!!! &RRR!@(2! ! &%RDRR!! MRRDRR!!!!!!!!!!!!!! S2+.*,;.;*1!! ! &RRR!5\'! ! QRDRR! ! JRDRR!!!!!!!!!!!! ! 0*+(:!"/8<+86(*+! &RRR!@(2! ! JDRR! ! GDRR!!!!!!!!!!!!!! E8+,*!b(6F!2/4!),+66D! &RRR!0"T! ! RDO%! ! RDJR!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#$K$EE$OM!
!!!!!!!OD!!!\(6*+!7,+(*:+8*!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ! N8;*6! ! ! &__G! ! MRRJ!!!!!!!!!!!!!!!!!!!!!!!!!!! U1<,(=2;.!! vf1,fb`]! ! QRRDRR!! GRRDRR!!!! ! X,@(8;.! vf1,!)+,!2Hf<(1!! JRDRR! ! IRDRR!!!!!!!!!!!!!QD!! b+8+,(2!#(*(!!!!!!!!!!!!!!!!!!!!!!!!!!! `(1,/22!"'(,@+!!! ! ! ! MR,+.;(*;/8!!! ! ! ! ! %[f1,!/9!*/*(2!;8?+6*:+8*!!!!!!!!! ! 7(>+6F!E86=,(8.+!!! ! ! ! O[f1,!/9!*/*(2!;8?+6*:+8*!!!!!!!!!!!! ! a;9+!/9!),/V+.*!!! ! ! ! &M!1+(,6!!!!!!!!!!!! ! E8./:+!*(>!!! ! ! ! ! OM[!!!!!!!!!!!! ! ];8;:=:!;8?+6*/,6!,(*+!/9!,+*=,8!AE--B!! &J[!!!!!!!!!!!! ! `,+<;.*+<!"'+:;.(2!S8@;8++,;8@!!!!!!!!!!!!!! ! "/6*!E8<+>!AMRRJB!!! ! ! QRR!!!K?/;<!6*+(:!616*+:6D!K22!./:),+66/,6!,=8!/8!+2+.*,;.;*1!,(*'+,!*'(8!6*+(:!*=,H;8+6D!!8'3'/'04'N$!E6(265;F!\D!UDF!0+)(,(*;/8!/9!b(6+6F!"2(,+8</8!`,+66F!X>9/,<F!&_%_!A6++!"'()*+,!OB!!U(8<6F!LD!KDF!S<DF!",1/@+8;.!S8@;8++,;8@F!K.(<+:;.!`,+66F!&_%G!A6++!"'()*+,!&GB!!L(=5(2F!"D!SDF!S<DF!X>1@+8!S8'(8.+<!"/:H=6*;/8F!"-"!`,+66F!&__%!A6++!"'()*+,!O!/8!/>1@+8!),/<=.*;/8!$!(!@,+(*!,+9+,+8.+!9/,!.,1/@+8;.!)2(8*!<+6;@8B!$$5]++"R"T$ ^@A<?:=$L=D$V>=:=$C@:;$5P@$$ `0Lc>ZH$5Q@LOLB$L=D$&@PL=$("$JL@@>BBE$5P@$8@:DKN?Z$L=D$)H>;PNLBZE$'L=KL@A$
.YY.a$$h,1)*/8!(8<!u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f<(1D!!7'+6+!
"#$K$EE$OO!
2(,@+!)2(8*6!(,+!.,1/@+8;.!;8!8(*=,+!(8<!/)+,(*+!(*!*+:)+,(*=,+6!(6!2/4!(6!$&_J�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h,1)*/8!(8<!>+8/8F!(2/8@!4;*'!:+*'(8+F!+*'(8+F! ),/)(8+! (8<! 6/:+! +*'12+8+! (8<! ),/)12+8+F! (,+! ./8.+8*,(*+<! ;8! *'+! 2;P=;<! />1@+8! AaXuB!./22+.*+<! (*! *'+! H/**/:! /9! *'+! <;6*;22(*;/8! ./2=:8D! !K22! /9! *'+6+! ./:)/8+8*6! '(?+! H/;2;8@! )/;8*6!';@'+,!*'(8!/>1@+8!(8<!(,+!'+(?;+,D!!7'+!+99;.;+8*!(8<!+./8/:;.(2!,+./?+,1!/9!5,1)*/8!(8<!>+8/8!9,/:!aXu!;6!*'+!6=HV+.*!/9!*';6!<+6;@8!),/V+.*D!!T;,6*F!(!./8?+8*;/8(2!)2(8*! */! ,+./?+,!5,1)*/8!(8<!>+8/8!9,/:!*'+!aXu!4;22!H+!<+6;@8+<D! !E8!*';6!),/.+66F! (! )/,*;/8! /9! *'+! aXu! 6*,+(:! ./8*(;8;8@! 5,1)*/8F! >+8/8! (8<! /*'+,! '1<,/.(,H/86! ;6!4;*'<,(48!9,/:!*'+!H/**/:!/9!*'+!:(;8!<;6*;22(*;/8!./2=:8!(8<!)(66+<!*',/=@'!(!H+<!*/!(<6/,H!(22!*'+! '+(?;+,! '1<,/.(,H/86F! ;8.2=<;8@! ),/)12+8+! (8<! +*'12+8+D! ! 3/8+! /9! *'+! :+*'(8+! ;6! (<6/,H+<!4';2+! 6/:+! /9! +*'(8+! (8<! ),/)(8+! (,+! (<6/,H+<D! ! 7'+!aXu! 6*,+(:! ;6! 9+<! */! *'+! */)! /9! *'+! 9;,6*!<;6*;22(*;/8!./2=:8! */!./8.+8*,(*+!5,1)*/8!(8<!>+8/8!A6;8.+! *'+!./8.+8*,(*;/8! ;8! *'+!9++<!aXu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�"!(8<!6+8*!*/!(!.(*(21*;.!=8;*!*/!H=,8!*'+!'1<,/.(,H/86D!!7'+!+992=+8*!9,/:!*'+!.(*(21*;.!=8;*!;6!.//2+<!(8<!;6!)(66+<!*',/=@'!(!:/2+.=2(,! 6;+?+! (<6/,H+8*! */! ,+:/?+! *'+!4(*+,! (8<!.(,H/8!<;/>;<+! 9/,:+<!<=,;8@! *'+! ,+(.*;/8D!!7'+!,+6=2*;8@!6*,+(:!;6!.//2+<!*/!.,1/@+8;.!*+:)+,(*=,+6F!2;P=;9;+<!(8<!<;6*;22+<!*/!,+./?+,!5,1)*/8!(8<!>+8/8D!!7'+!/>1@+8!6*,+(:!9,/:!*';6!<;6*;22(*;/8!6*+)!;6!,+.1.2+<!*/!*'+!9;,6*!<;6*;22(*;/8!./2=:8!*/!,+./?+,!5,1)*/8!(8<!>+8/8D!!K9*+,!*'+!./8?+8*;/8(2!),/.+66!;6!<+6;@8+<F!:/,+!,+.+8*!*+.'8/2/@1!4;22!H+!./86;<+,+<D!!E*!:(1!H+!)/66;H2+!*/!,+V+.*!:+*'(8+!9,/:!*'+!9;,6*!<;6*;22(*;/8!./2=:8!(8<!./8.+8*,(*+!5,1)*/8!(8<!>+8/8!H1!6+?+,(2!/,<+,6!/9!:(@8;*=<+!A(6!./:)(,+<! */!(!9(.*/,!/9!(H/=*! *+8BD! !K26/F! *'+6+!),/.+66+6!.(8!H+!:(<+! ;8'+,+8*21! 6(9+!H1! 9++<;8@!8;*,/@+8! */! *'+! 6*,;));8@!6+.*;/8!/9!(!6+./8<!<;6*;22(*;/8!./2=:8F!*'+,+H1!<;6)2(.;8@!:/6*!/9!*'+!/>1@+8!9,/:!*'+!5,1)*/8!(8<!>+8/8!;8!*'+!6*,;));8@!6+.*;/8D!!#+6;@8!/9! *'+6+! ),/.+66+6! 6'/=2<! +>)/6+! *'+! /))/,*=8;*;+6! 9/,! ;8*+@,(*;8@! *'+! 5,1)*/8f>+8/8! <;6*;22(*;/8!./2=:86!4;*'!'+(*!(8<!:(66!9,/:!*'+!:(;8!(;,!<;6*;22(*;/8!=8;*6D!!$5]++"R"U$ 2B?@L]7PQH]8K@P?A$%hAQ>=$$ `ML@c$0"$8PBBL@>BBL$L=D$0Lc>ZH$5Q@LOLBE$5P@$8@:DKN?Z$L=D$)H>;PNLBZE$'L=KL@A$
.YY3a$$"/:)=*+,6!'(?+!,+?/2=*;/8;C+<!;8<=6*,1!(8<!*+.'8/2/@1!/?+,!*'+!)(6*!&J!1+(,6!(8<!.(8!H+!+>)+.*+<!*/! ./8*;8=+! */! </! 6/D! ! E:),/?+:+8*6! ;8! ./:)=*+,! *+.'8/2/@1! (,+! <,;?+8! H1! ;:),/?+:+8*6! ;8!6+:;./8<=.*/,! *+.'8/2/@1D! !T/,! *'+!),/<=.*;/8!/9!';@'!P=(2;*1F!<+9+.*$9,++! 6+:;./8<=.*/,6F!=2*,($';@'! )=,;*1! ANU`B! />1@+8! ;6! +66+8*;(2! ;8! *'+! +*.';8@! ),/.+66D! ! 71);.(2! .,1/@+8;.! ),/.+66+6! .(8!),/<=.+! />1@+8! 4;*'! )(,*6$)+,$:;22;/8! H1! ?/2=:+! ;:)=,;*;+6F! H=*! 6+:;./8<=.*/,! :(8=9(.*=,;8@!,+P=;,+6!/>1@+8!4;*'!;:)=,;*;+6!2+66!*'(8!)(,*6$)+,$H;22;/8!H1!?/2=:+D!
"#$K$EE$OQ!
!i/=,! ./:)(81F! X>1`=,+F! ;6! 6=H:;**;8@! (! ),/)/6(2! 9/,! (! :=2*;$:;22;/8! </22(,! ./8*,(.*! */! 6=))21!=2*,($';@'!)=,;*1!/>1@+8!*/!(!:(V/,!6+:;./8<=.*/,!:(8=9(.*=,+,!A0+:;"/8B!;8!0/=*'+,8!"(2;9/,8;(D!!X>1`=,+!/)+,(*+6!(!./8?+8*;/8(2!/>1@+8!)2(8*! ;8!0/=*'+,8!"(2;9/,8;(!4';.'!),/<=.+6!QRR!:+*,;.!*/86! )+,! <(1! /9! &DO! H(,(! 6*(8<(,<! @,(<+! @(6+/=6! />1@+8! A__DJ[! />1@+8F! RDJ[! (,@/8F! &R! )):!:+*'(8+F! RDJ! )):! /*'+,! '1<,/.(,H/86F! J! )):! 5,1)*/8F! RDQ! )):! >+8/8F! RD&! )):! 8;*,/=6! />;<+F!+66+8*;(221! 8/! 8;*,/@+8BD! ! 7'+! ),/.+66! 92/4! <;(@,(:! ;6! 6'/48! ;8! *'+! T;@=,+! MD! ! i/=,! ),/.+66!+8@;8++,;8@! *+(:!'(6!H++8!(66;@8+<!*'+!*(65!/9!+?(2=(*;8@!6+?+,(2!),/.+66!6.'+:+6!9/,!:/<;91;8@!*'+!+>;6*;8@!)2(8*!*/!6=))21!*'+!6+:;./8<=.*/,!.=6*/:+,D!!0+:;"/8! ,+P=;,+6! &R$QR! :+*,;.! */86! )+,! <(1! /9! &DR! H(,(! @(6+/=6! NU`! />1@+8D! ! 7'+1! '(?+!,+P=+6*+<!*'(*!),/)/6(26!H+!6=H:;**+<!9/,!*4/!)=,;*1!6)+.;9;.(*;/86^!!`.a! a+66!*'(8!MJ!))H!/9!'1<,/.(,H/86^!./8.+8*,(*;/8!2+?+26!/9!*'+!/*'+,!;:)=,;*;+6!(..+)*(H2+D!!`3a! a+66!*'(8!J!))H!(,@/8!(8<!2+66!*'(8!J!))H!/9!*'+!,+:(;8;8@!;:)=,;*;+6D!!7'+!),/.+66!6.'+:+6!*/!H+!+?(2=(*+<!(,+Z!!`5a! `(,*!/9!*'+!6*(8<(,<!@,(<+!/>1@+8!.(8!H+!,+(.*+<!/?+,!(!)(22(<;=:!/,!(8/*'+,!6=;*(H2+!8/H2+!
:+*(2! .(*(216*! (*! JRR<"F! ./8?+,*;8@! *'+! '1<,/.(,H/86! (8<! 6/:+! /9! *'+! />1@+8! */! .(,H/8!<;/>;<+!(8<!4(*+,Z!
!"UQ!W!MXM!+!"XM!W!MUMX!
!7'+!,+(.*/,!+992=+8*!;6!)(66+<!*',/=@'!(8!(<6/,)*;/8!H+<!A./8*(;8;8@!JK!/,!&Ou!:/2+.=2(,!6;+?+!(<6/,H+8*B!*/!,+:/?+!*'+!"XM!(8<!UMX!Ab;(./HH+F!&_%_F!&__&BD!
!`&a! `(,*! /9! *'+! 6*(8<(,<! @,(<+! />1@+8! .(8! H+! 9+<! */! (! 6*(8<(,<! *',++$./:)/8+8*! <;6*;22(*;/8!
),/.+66! A,+P=;,;8@! *4/!(<<;*;/8(2!<;6*;22(*;/8!./2=:86B! */!,+:/?+!H/*'!*'+!2;@'*!(8<!'+(?1!;:)=,;*;+6!Ah;8@F!&_%RBD!
!`)a! K!6;<+!6*,+(:!.(8!H+!4;*'<,(48!9,/:!*'+!=))+,!./2=:8!(8<!9+<!*/!(8!(<<;*;/8(2!<;6*;22(*;/8!
./2=:8!4';.'!,+:/?+6!*'+!,+:(;8;8@!;:)=,;*;+6!*/!),/<=.+!NU`!/>1@+8D!!#+?+2/)! +(.'! ),/.+66! 6.'+:+! (8<! ./:)(,+! *'+! ),/<=.*! )=,;*1F! +99;.;+8.1F! (8<! +./8/:;.6D!!3+.+66(,1!),/.+66!;89/,:(*;/8!4;22!H+!6=))2;+<!9/,!*'+!./8?+8*;/8(2!/>1@+8!)2(8*D!!8'3'/'04'N(!b;(./HH+F!TD\DF!~N6+!/9!`'16;.(2!K<6/,)*;/8!*/!T(.;2;*(*+!*'+!`,/<=.*;/8!/9!U;@'!`=,;*1!X>1@+8~F!95,)G'45+56%"&)f)0>+%*%!56%"&F!q/2D!OF!&_%_D!!b;(./HH+F!TD\DF!~K<6/,)*;/8!/9!q+,1!a/4!a+?+2!"(,H/8!#;/>;<+!E:)=,;*;+6!;8!X>1@+8!/8!(!&Ou!]/2+.=2(,!0;+?+~F!95,)G'45+56%"&)f)0>+%*%!56%"&F!q/2D!JF!&__&D!!h;8@F!"DjDF!G'45+56%"&)0+"!',,',F!M8<!+<DF!].b,(4$U;22F!3+4!i/,5F!&_%RD!!!!!!!!
"#$K$EE$OJ!
!T;@=,+!MD!!!K!./8?+8*;/8(2!),/.+66!9/,!/>1@+8!),/<=.*;/8D!
!!5]++"T$ J%%1-$$$$5]++"T".$ M:=:Z:DPK;$6BK?L;L?>$$ `0:F>@?$M"$&KZNH>E$&P:]>=]Q>=>]>@$5ZZ:NPL?>ZE$'L=KL@A$.YY.a$$E8! ;*6! +99/,*6! */! +>)(8<! ;8*/! 8+4! 6)+.;(2*1! .'+:;.(2! :(,5+*6F! 1/=,! ./:)(81! ;6! ./86;<+,;8@!:(8=9(.*=,;8@! *'+! 92(?/,! +8'(8.+,! ]0b! A:/8/6/<;=:$a$@2=*(:(*+! :/8/'1<,;<+B! 9/,! *'+! ND0D!:(,5+*! H1! 4(1! /9! (! V/;8*! ?+8*=,+! 4;*'! *'+! KV;8/:/*/! "/:)(81D! ! KV;8/:/*/! ;6! *'+! j()(8+6+!./:)(81! *'(*! ),+6+8*21! </:;8(*+6! *'+!4/,2<!:(,5+*! 9/,!]0bD! ! 7'+!:(,5+*! 6;*=(*;/8! ;8! &_%Q! ;8!:;22;/86!/9!(88=(2!)/=8<6!4(6Z!!!!! ! ! ! ! ! !!!!!!8@:DKN?P:=$ $$):=ZK;<?P:=$!! ! 0DSD!K6;(! ! ! ! O_I! ! ! ORR!! ! j()(8! ! ! ! ! &_&! ! ! &IJ!! ! \+6*+,8!S=,/)+! ! ! &RG! ! ! &RJ!! ! 0/=*'!K:+,;.(! ! ! !!GO! ! ! !!MM!! ! 3/,*'!K:+,;.(! ! ! !!!!R! ! ! !!IO!! ! X.+(8;(! ! ! ! !!!!R! ! ! !!&%!! ! `D-D!"';8(!(8<!X*'+,6!! ! &&R! ! ! &IQ!!
"#$K$EE$OG!
\;*'! *'+! '+2)! /9!KV;8/:/*/F! *'+!](,5+*;8@!#+)(,*:+8*!H+2;+?+6! *'(*! ;*! .(8! .()*=,+! (!JR!:;22;/8!)/=8<! 6'(,+! /9! *'+!3/,*'!K:+,;.(8!:(,5+*! H1! *'+! 1+(,! MRRRD! ! 0(2+6! (,+! +>)+.*+<! */! 6*(,*! (*! MR!:;22;/8!(88=(2!)/=8<6!;8!&__M^!OR!;8!&__Q^!Q&!;8!&__G^!(8<!Q%!;8!&__%D!!`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`2(88;8@! #+)(,*:+8*F! */! (66+66! *'+! +>)+.*+<! +./8/:;.! )+,9/,:(8.+! /9! *'+! j()(8+6+! ),/.+66F! (6!/)+,(*+<!(*!1/=,!)2(8*!;8!E/4(!(8<!(26/!*/!(6.+,*(;8!*'+!6+86;*;?;*1!/9!*'+!),/.+66!+./8/:;.6!*/!*'+!=6+!/9!*'+!8+4!/,@(8;6:D!!7'+!j()(8+6+!),/.+66!/)+,(*+6!4;*'! *4/! 9+,:+8*+,! 6*(@+6D! ! E8! *'+!9;,6*!6*(@+F!.+226!(,+!@,/48!*/!(!<+86;*1!/9!&IDJ!@f2;*+,!H+9/,+!;8<=.;8@!),/<=.*!+>),+66;/8D!!7'+!.+226!(,+!@,/48!9,/:!@2=./6+!A./,8!61,=)B!(../,<;8@!*/!*'+!/?+,(22!,+(.*;/8Z!!! ! ! "GU&MXG!W!OXM!g!O"UMX!W!O"XM!W!OUMX!!0;>!'/=,6!(,+!(22/4+<!9/,!@,/4*'D!!7'+!),/<=.*! ;6!),/<=.+<!9/,:!*'+!,+6*;8@!.+226! ;8! *'+!6+./8<!6*(@+F!(*!)U!IDR$%DRF!/?+,!(!M%!'/=,!)+,;/<F!(*!(!./8.+8*,(*;/8!/9!_R!@f2;*+,D!!7'+!/?+,(22!,+(.*;/8!*/!),/<=.*6!;6Z!!!! "GU&MXG!W!MDMRGJXM!W!RD%QO3UO!g!RD%QO!"JU_XQ3!W!&DI%J"XM!W!ODQI&!UMX!!b2=./6+! ./8?+,6;/8! ;6! +66+8*;(221! &RR[D! ! 7'+,+! ;6! ,+(6/8! */! H+2;+?+! *'(*F! 4;*'! *'+! 8+4! (+,/H+F!),/<=.*;/8!*;:+!:;@'*!H+!,+<=.+<!(8<!.+22!<+86;*1!;8.,+(6+<!*/F!'/)+9=221F!JR!@f2;*+,!(8<F!)+,'()6!&RR!@f2;*+,D!!7'+!(22/4(H2+!.+22!<+86;*1!4;22!<+)+8<!/8!?;6./6;*1!,+6*,;.*;/86!*/!(+,(*;/8!)+,9/,:(8.+!/9!*'+!8+4!H(.*+,;=:D!!8'3'/'04'N(!U=HH(,<F! #D\DF! aD-D! U(,,;6F! (8<! ]DhD! \;+,+8@(F! ~0.(2+$=)! /9! `/216(..'(,;<+! T+,:+8*(*;/8~F!8-'#E)Z&BE)0+"BDF!JJ$G&F!K=@=6*F!&_%%D!!h'/62(F! "DF! (8<! jDSD! L(;2+1F! ~7'+!D%6+'",!%;;5! U+:/@2/H;8! b+8+Z! ! ]/2+.=2(,! "2/8;8@F! b+8+*;.!S>),+66;/8F!(8<!E*6!S99+.*6!/8!E8!q;?/!U+:+!]+*(H/2;6:!;8!Z,!-'+%!-%5)!";%~F!A";E)9'&E)9'&'6DF!3.TF!&J%$&G&!A&_%%BD!!h'/62(F!"DF! (8<! jDSD!L(;2+1F! ~U+*+,/2/@/=6!S>),+66;/8! /9! (!L(.*+,;(2!U(+:/@2/H;8! E:),/?+6! *'+!b,/4*'!`,/)+,*;+6!/9!-+./:H;8(8*!Z)!";%~F!Y56>+'F!RR.F!GOO$GOJ!A&_%%BD!!
"#$K$EE$OI!
h'/62(F!"DF!(8<!jDSD!L(;2+1F!~"'(,(.*+,;6*;.6!/9!*'+!X>1@+8$#+)+8<+8*!`,/:/*+,!/9!*'+!D%6+'",!%;;5!U+:/@2/H;8!b+8+!;8!Z,!-'+%!-%5)!";%F~!\E)R5!6'+%";EF!.X.F!&&F!J__J$GRRQ!A&_%_BD!!76(;F!aDLDF!]D!](88F!TD!]/,,;6F!"D!-/*@+,6F!(8<!#D!`+8*/8F!l7'+!S99+.*!/9!X,@(8;.!3;*,/@+8!(8<!b2=./6+! /8! *'+! `,/<=.*;/8! /9! -+./:H;8(8*! U=:(8! E86=2;8$2;5+! b,/4*'! T(.*/,! ;8! U;@'!#+86;*1!Z,!-'+%!-%5)!";%!T+,:+8*(*;/86Fm!\E)X&(E)A%!+"$%";DF!MF!&%&$&%I!A&_%IBD!!s(H,;65;+F!#D\DF!(8<!SDjD!K,.=,;F!Z&[:#')A%!+"$E)2'!-&";DF!!F!IRG$I2I!A&_%GBD!$$5]++"T"3$ 8:BAZLNNHL@PD>Z$C@:;$MPN@:LBQL>$$ `0:F>@?$M"$&KZNH>E$&P:]>=]Q>=>]>@$5ZZ:NPL?>ZE$'L=KL@A$.Y!Wa$$-+6+(,.'! #+)(,*:+8*! '(6! <;6./?+,+<! (! 4(1! */! ),/<=.+! )/216(..'(,;<+6! A(26/! 58/48! (6! 4(*+,$6/2=H2+!@=:6!/,!H;/)/21:+,6B!9,/:!0"+4-:+%(%>#)!+>'&6>#F!(!:(,;8+!:;.,/(2@(D!!`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fH(,,+2! /9! /;2! ,+./?+,+<D! S>.2=<;8@! *'+! )/21:+,F! *'+! ./6*! /9! *'+! )/21:+,f6=29/8(*+!6=,9(.*(8*!92//<!(:/=8*6!*/!vOR!*/!vQR!)+,!H(,,+2!/9!/;2!A;8.2=<;8@!.();*(2!.'(,@+6BD!!i/=,!:(8(@+:+8*!'(6!(65+<!1/=!*/!<+*+,:;8+!;9!*'+!8+4!),/<=.*!.(8!H+!),/<=.+<!(*!(!2/4!+8/=@'!./6*!*/!./:)+*+!;8!*'+!9//<!(8<f/,!SX-!:(,5+*6D!!8'3'/'04'!!!K8<+,6/8F! #DLDF! (8<! #DSD! S(5;8F! Q) 0+"!',,) *"+) 6-') 0+"(>!6%"&) "*) 0";:,5!!-5+%(',) *+"#)A%!+"5;B5'F!L(**+22+!`(.;9;.!3/,*'4+6*!a(H/,(*/,;+6F!-;.'2(8<F!\K!A&_%JBD! $$5]++"T"R$ 5BP?L;>$-O>>?>=>@$$ `0:F>@?$M"$&KZNH>E$&P:]>=]Q>=>]>@$5ZZ:NPL?>ZE$'L=KL@A$.Y!Xa$$K!8+4!64++*+8+,F!8(:+<!K2;*(:+!H1!;*6!;8?+8*/,6!;8!1/=,!-+6+(,.'!#;?;6;/8F!;6!(!<;)+)*;<+!(:;<+!/9!a$(6)(,*;.!(.;<!(8<!#$(2(8;8+D!!E8!./8*,(6*F!(6)(,*(:+F!*'+!(:;8/!(.;<$H(6+<!64++*+8+,!.=,,+8*21!()),/?+<!H1!*'+!T#KF!;6!(!<;)+)*;<+!+6*+,!(8<!./8*(;86!a$)'+812(2(8;8+!;86*+(<!/9!#$(2(8;8+D!!7'+!3+4! `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j()(8+6+F! 1/=,! ./:)(81! ;6! ;8*+,+6*+<! ;8! ),/<=.;8@! H/*'! ),+.=,6/,6! ;9!
"#$K$EE$O%!
+./8/:;.(221!(**,(.*;?+D!!i/=!'(?+!H++8!(65+<!*/!+?(2=(*+!*'+!)/66;H;2;*;+6!(8<!,+./::+8<!(!./=,6+!/9!(.*;/8!*'(*!;6!+./8/:;.(221!?;(H2+D!!8'3'/'04'N(!L,+88+8F!7D]DF!(8<!]DSD!U+8<,;.5F!lL,(8.'+<!K:;<+6!/9!a!�K6)(,*12$#$(:;8/!K.;<!#;)+)*;<+6mF!ND0D!`(*+8*!QFQ&&F_MJ!AX.*/H+,!MJF!&_%OBD!!!L,+88+8F!7D]DF!(8<!]DSD!U+8<,;.5F!ND0D!`(*+8*!QFJ&IFOI_!A](1!&QF!&_%JBD!!$5]++"U$ 8750M5)(2*+)54-$$$5]++"U".$ 6>=>@PN$0>N:;FP=L=?$7K;L=$*PZZK>$8BLZ;P=:Q>=$5N?P[L?:@$`?85a$$ `-N:??$4"$1PL;:=DE$2=P[>@ZP?A$:C$8>==ZAB[L=PLE$'L=KL@A$3###a$$,'--:0;_$
!`2(6:;8/@+8!(.*;?(*/,6!(,+!)/4+,9=2!+8C1:+6!*'(*!*,;@@+,!*'+!),/*+/21*;.!<+@,(<(*;/8!/9!H2//<!.2/*6!*'(*!.(=6+!6*,/5+6!(8<!'+(,*!(**(.56D!!b+8+8*+.'!/486!*'+!)(*+8*!9/,!*`KF!(8<!.=,,+8*21!6+226!&RR!:@!</6+6!/9! ,+./:H;8(8*! *`K!A(.*;?(6+B! ! 9/,!(H/=*!vMFRRRD! !7'+!(88=(2!6(2+6!9/,! *`K!(,+!(H/=*!vORR!]]f1,D!!!U/4+?+,F!*'+!)(*+8*!9/,!*`K!4;22!H+!+>);,;8@!6//8D!!E8!,+6)/86+F!b+8+8*+.'!'(6!<+?+2/)+<!(!8+>*!@+8+,(*;/8F!T#K$()),/?+<F!)2(6:;8/@+8!(.*;?(*/,!.(22+<!l73h$*`Km!4';.'!;6!62;@'*21!+(6;+,!(8<!6(9+,!9/,!.2;8;.;(86!*/!=6+D!!!!!!!\';2+!(!@+8+,;.!9/,:!/9!*`K!:(1!8/*!./:)+*+!4+22!(@(;86*!73h$*`K!;8!*'+!ND0DF!*'+,+!:(1!+>;6*!*'+! /))/,*=8;*1! */! :(,5+*! (! 2/4$./6*! @+8+,;.! *`K! ;8! 9/,+;@8! :(,5+*6! 4'+,+! =,/5;8(6+! (8<!6*,+)*/5;8(6+! (,+! 2/4$./6*! A�vMRRf</6+B! (2*+,8(*;?+6! *'(*! (,+! (66/.;(*+<! 4;*'! ;8.,+(6+<! H2++<;8@!,;656D!!K<<;*;/8(221F!,+<=.+<!'+(2*'.(,+!,+;:H=,6+:+8*6!*/!ND0D!'/6);*(26!:(1!(22/4!(!@+8+,;.!*`K!*/!./:)+*+!(@(;86*!73h$*`K!/,!(.*;?(6+D!!!C/94'NN?(!`,/<=.+!,+./:H;8(8*!*`K!=6;8@!"UX!.+226D!!0;8.+!b+8+8*+.'!4;22!8/*!2;.+86+!*'+;,!"UX!.+226F!1/=,!@,/=)!4;22!H+!,+6)/86;H2+!9/,!.2/8;8@!*'+!'=:(8!*`K!@+8+!(8<!.,+(*;8@!(!6*(H21!+>),+66;8@!.+22!2;8+!9/,!1/=,!),/.+66D!!!!!690N-/#0-N?(!.a! 7'+!),/<=.*!:=6*!H+!6/2<!(6!(!21/)';2;C+<F!6*+,;2+!)/4<+,!A&RR!:@fH/**2+BD!!3a! 7'+!),/<=.*!:=6*!H+!9,++!/9!+8</*/>;8!./8*(:;8(*;/8D!!Ra! K99;8;*1!.',/:(*/@,()'1!4;22!H+!8+.+66(,1D!!!!!
"#$K$EE$O_!
!Ta$ i/=,!6+)(,(*;/8!616*+:!4;22!/)+,(*+!(6!(!H(*.'!616*+:D!!Ua! i/=,!(88=(2!),/<=.*;/8!4;22!8++<!*/!,(8@+!9,/:!OR!*/!&RR!5@f1,D!!T'-'/$:0'?(!.a! "/:)(,+!*'+!./6*!/9!H(*.'!(8<!"07-!AQ!:/8*'6!)+,!,=8B!H;/,+(.*/,!/)+,(*;/86D!!3a! #+6;@8!(!,+?+,6+!/6:/6;6f<+;/8;C+<!4(*+,!)=,;9;.(*;/8!616*+:!*/!6=))21!(22!),/.+66!4(*+,D!!Ra! #+*+,:;8+!*'+!6*+(:!,+P=;,+:+8*6!9/,!6*+,;2;C(*;/8!/9!*'+!H;/,+(.*/,6D!!Ta! #/+6! (8! +./8/:;.! /))/,*=8;*1! +>;6*! 9/,! *'+! ),/<=.*;/8! /9! @+8+,;.! *`Ke! ! K66=:+! *'(*!
b+8+8*+.'!;6!1/=,!/821!./:)+*;*/,D!!Ua! S6*;:(*+!*'+!(.*=(2!),/<=.*;/8!./6*!)+,!&RR!:@f</6+!9/,!b+8+8*+.'!*/!:(5+!*`KD!!!!!@NN2$%-:90N?(!.a! i/=,!,+(.*/,!4;22!=6+!6+,=:$9,++!@,/4*'!:+<;=:D!!3a$ i/=!'(?+!2;.+86+<!*'+!=6+!/9!(!'1H,;</:(!.+22!2;8+!*'(*!6+.,+*+6!*`K!:/8/.2/8(2!(8*;H/<1!
9/,!*'+!<+?+2/):+8*!/9!1/=,!(99;8;*1!./2=:86!A2;9+!/9!./2=:8!;6!O!1+(,6BD!!7'+!2;.+86+!./6*6!v&MRFRRRf1,D!
!C/'/'V2:N:-'?(!7'+!:+:H+,6!/9!*';6!<+6;@8!@,/=)!:=6*!'(?+!./:)2+*+<!"'S!QI_F!X&6+"E)6")R%"6'!-E)5&()R%"!-'#E)Z&BDF!/,!*'+!+P=;?(2+8*D!!!$5]++"U"3$ 8>=PNPBBP=$ML=KCLN?K@>$$ `0:F>@?$M"$&KZNH>E$&P:]>=]Q>=>]>@$5ZZ:NPL?>ZE$'L=KL@A$.YY#a$$i/=,! 2(,@+! )'(,:(.+=*;.(2! ./:)(81! ./8*,/26! (! :(V/,! 6'(,+! /9! *'+! 4/,2<4;<+! )+8;.;22;8! :(,5+*F!4';.'!;8!&_%J!,+(.'+<!(H/=*!v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b! )/*(66;=:! A)/*(66;=:! 6(2*! /9! H+8C12! )+8;.;22;8! (.;<B! 4;22! H+!
"#$K$EE$QR!
,+P=;,+<!H1!*'+!1+(,!MRRR^!4;*'!M!]]!)/=8<6!H1!&__M^!O!]]!H1!&__Q^!QD&!]]!H1!&__G^!(8<!QD%!]]!H1!&__%D!`+8;.;22;8!b!)/*(66;=:!),+6+8*21!6+226!9/,!(H/=*!v&%!)+,!)/=8<!Av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i/=!'(?+!(26/!H++8!(65+<!*/!<+*+,:;8+!*'+!./6*$/9$6(2+6!9/,!*'+!/2<!)2(8*!(*!4';.'!;*!4/=2<!8/!2/8@+,!H+!./:)+*;*;?+!;8!),/9;*(H;2;*1!4;*'!(!8+4!)2(8*D!!8'3'/'04'N(!K*5;86/8F! LDF! (8<! TD! ](?;*=8(F!R%"!-'#%!5;) Z&B%&''+%&B) 5&() R%"6'!-&";"B:) 15&($""7F! 3(*=,+!`,+66F!3+4!i/,5!A&_%OBD!!!h;,5$X*':+,!Z&!:!;"4'(%5)"*)8-'#%!5;)2'!-&";"B:F!Q*'!+<DF!K.(<+:;.!`,+66F!3+4!i/,5!A&__&BD!!!`+))2+,F!UDjDF!(8<!#D!`+,2:(8F!A%!+"$%5;)2'!-&";"B:F!M8<!+<DF!K.(<+:;.!`,+66F!3+4!i/,5!A&_I_BD!!!\;8<'/2CF!]DF!2-')A'+!7)X&('/F!&R*'!+<DF!]+,.5!k!"/DF!-('4(1F!3j!A&_%OBD!$$5]++"U"R$ /:[:FP:NP=$ML=KCLN?K@>$$ `0:F>@?$M"$&KZNH>E$&P:]>=]Q>=>]>@$5ZZ:NPL?>ZE$'L=KL@A$.Y!Wa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i/=,!E89/,:(*;/8!0)+.;(2;6*!'(6!<+?+2/)+<!*'+!9/22/4;8@!2;*+,(*=,+!,+9+,+8.+6!*/!6+,?+!(6!*'+!H(6;6!9/,!1/=,!+?(2=(*;/8D!
"#$K$EE$Q&!
!8'3'/'04'N(!L+2*+,F! `DKDF! TDaD! "=88;8@'(:F! (8<! jD\D! "'+8F! l#+?+2/):+8*! /9! (! -+./?+,1! `,/.+66! 9/,!3/?/H;/.;8Fm!R%"6'!-E)f)R%"'&BDF!.UF!JOO$JQ_!A&_IOBD!!!h(,/4F!SDXDF!\DUD!L(,*'/2/:+4F!(8<!]D-D!09(*F! lX>1@+8!7,(869+,!(8<!K@;*(*;/8! ;8!0=H:+,@+<!T+,:+8*(*;/86Fm!\E)QB+E)U""()8-'#DF!.AQBF!ORM$ORG!A&_JOBD!!!h/:;8+5F! aDKDF! lL;/618*'+6;6! /9! 3/?/H;/.;8! H1! G6+'46"#:!',) &%?'>,Fm! Q&6%#%!+"$E! QB'&6)8-'#"6-'+F!.AMBF!&MO$&OQ!A&_IMBD!!!]/=F!#D$bDF!(8<!"DaD!"//8+1F!lK))2;.(*;/8!/9!#18(:;.!"(2/,;:+*,1!9/,!]/8;*/,;8@!T+,:+8*(*;/8!`,/.+66+6Fm!R%"6'!-E)f)R%"'&BDF!.!F!&OI&$&O_M!A&_IGBD!!!0*++2+F! -DF! (8<! \D#D! ](>/8F! l0/:+! S99+.*6! /9! 7=,H;8+! 0;C+! /8! 3/?/H;/.;8! T+,:+8*(*;/8Fm!R%"6'!-E)f)R%"'&BDF!TF!MO&$MQR!A&_GMBD!$$5]++"W$ 8%4SM(0-$$$5]++"W".$ 8:BA[P=AB$5N>?L?>$8@:DKN?P:=$C:@$8:BA[P=AB$5BN:H:B$8BL=?$$ `J@L=c$ 8>?@:N>BBP$ L=D$ -?>[>$9>FFE$ 5P@$ 8@:DKN?Z$ L=D$)H>;PNLBZE$ 'L=KL@A$
3###a$!
K! @,(66! ,//*6! 9(.;2;*1! */! ),/<=.+! )/21?;812! (2./'/2! A`qXUB! ;6! H+;8@! ./86*,=.*+<! ;8! (! .'+:;.(2!./:)2+>!/8!*'+!ND0D!b=29!"/(6*D!!i/=,!<+6;@8!*+(:!4;22!./:)2+*+!*'+!),/.+66!+8@;8++,;8@!9/,!*'+!=8;*!4';.'! ),/<=.+6! )/21?;812! (.+*(*+! A`qK"BD! ! `qK"! ;6! 9=,*'+,! ,+(.*+<! ;8! (8/*'+,! )(,*! /9! *'+!9(.;2;*1!*/!),/<=.+!*'+!`qXU!9;8(2!),/<=.*D!!7'+!)/21?;812!(.+*(*+!=8;*!;8.2=<+6!*'+!)/21:+,;C(*;/8!,+(.*/,! 616*+:!(8<! *'+!</486*,+(:!,+./?+,1!),/.+66D! !i/=,!<+6;@8!:=6*!H+!.()(H2+!/9!(8!(88=(2!),/<=.*;/8!,(*+!/9!&RR!]]2H!/9!`qK"!;8*+,:+<;(*+D!!`qK"!;6!),/<=.+<!H1!*'+!9,++$,(<;.(2!)/21:+,;C(*;/8!/9!?;812!(.+*(*+D!!i/=,!./:)(81F!`/21`+88F!E8.DF! '(6! +>)+,;+8.+!(8<!),/.+66!58/42+<@+!=6;8@!(!./8*;8=/=6!6/2=*;/8!)/21:+,;C(*;/8! ;8!4';.'!*'+! 6/2?+8*! ;6! :+*'(8/2D! ! 7'+! ),/.+66! =6+6! (! *'+,:(2! ;8;*;(*/,F! 4';.'! ./6*6! vJDRRf2HD! ! 7'+!<+./:)/6;*;/8!5;8+*;.6!9/,!*'+!;8;*;(*/,!(,+!@;?+8!H1!*'+!9/22/4;8@!+>),+66;/8Z!!
<nEof<*!g!$!5<!|!nEo!!5<!g!&DQS&M!|!+>)!A$MOF_RRf-7B!6$&!-!g!&D_%IM!.(2fA:/2$hBF!7!;6!;8!h!
!7/!(!9;,6*!()),/>;:(*;/8F! *'+!)/21:+,;C(*;/8!9/22/46!.2(66;.(2!9,++$,(<;.(2!)/21:+,;C(*;/8!5;8+*;.6!A(6!<+6.,;H+<!H1!T2/,1^! 6++! ,+9+,+8.+6!H1!L;22:+1+,! (8<!H1!T;8.'BD! !-+(.*;/8!./8<;*;/86!:=6*!H+!.'/6+8! */! ),/<=.+! (! :+<;=:$:/2+.=2(,$4+;@'*! @,(<+! /9! `qK"F! <+9;8+<! (6! (! @,(<+! '(?;8@! (!8=:H+,$(?+,(@+!:/2+.=2(,!4+;@'*!/9!&ORFRRR!A;D+DF! *'+!8=:H+,$(?+,(@+!<+@,++!/9!)/21:+,;C(*;/8F!
"#$K$EE$QM!
u8! g! &FJRR! ,+)+(*! =8;*6! )+,! )/21:+,! .'(;8BD! ! K@(;8F! *'+! ,+9+,+8.+6! H1! L;22:+1+,! (8<! H1! T;8.'!./8*(;8!:(*'+:(*;.(2! +>),+66;/86! 9/,!<+*+,:;8;8@! *'+!)/21:+,!:/2+.=2(,!4+;@'*!(6!(! 9=8.*;/8!/9!,+(.*;/8!./8<;*;/86D!!7'+!,+(.*;/8!*+:)+,(*=,+!:=6*!H+!:(;8*(;8+<!H+*4++8!&QJ!(8<!&%R<TF!(8<!*'+!,+(.*;/8!),+66=,+!:=6*!H+!d!&J!)6;@!A*';6!./:H;8(*;/8!/9!./8<;*;/86!'(6!H++8!6'/48!*/!,+<=.+!*'+!)/66;H;2;*1!/9!(!,=8(4(1!,+(.*;/8!;8!*'+!+?+8*!/9!(!),/.+66!=)6+*BD!!K26/F!9/,!6(9+*1!./8.+,86!A*/!2;:;*!*'+!(:/=8*!/9!,+(.*;8@!:(*+,;(2BF!*'+!:(>;:=:!6;C+!/9!(81!6;8@2+!,+(.*/,!4;22!H+!&RFRRR!@(2D!!0+?+,(2! <+.;6;/86! :=6*! H+! :(<+! ;8! *'+! ;8;*;(2! <+6;@8! */! .'//6+! (:/8@! /)*;/86! 9/,! *'+! ),/.+66D!!71);.(221F!*'+!,+(.*;/8!</+6!8/*!),/.++<!*/!./:)2+*+!./8?+,6;/8D!!7'+!:/2+.=2(,!4+;@'*!/9!*'+!9;8(2!`qK"! ;6! ;892=+8.+<!H1! *'+! 2+?+2!/9!./8?+,6;/8! A';@'+,!./8?+,6;/8! 2/4+,6!:/2+.=2(,!4+;@'*B!(8<!*'+!./8.+8*,(*;/8!/9!:+*'(8/2!;8!*'+!,+(.*/,!A;8.,+(6;8@!:+*'(8/2! 2/4+,6!:/2+.=2(,!4+;@'*BD! !7'+!)/21:+,;C(*;/8!.(8!/..=,!;8!(!6+,;+6!/9!)/21:+,;C(*;/8!,+(.*/,6D!!i/=,!<+6;@8!*+(:!:=6*!<+.;<+!/8!*'+!*1)+!/9!,+(.*/,!A;D+DF!"07-F!`T7-F!,+.1.2+!2//)BF! *'+!8=:H+,!/9!,+(.*/,6F!,+(.*/,!6;C+F!(8<!*'+!:+*'/<!/9!'+(*!,+:/?(2!A.//2;8@!V(.5+*F!.//2;8@!./;2F!(8<f/,!/?+,'+(<!./8<+86+,BD! !E8.,+(6;8@!*'+!,+(.*/,!6;C+!(8<!*'+!8=:H+,!/9!,+(.*/,6!.(8!(22/4!';@'+,!./8?+,6;/86!9/,!(!@;?+8!:/2+.=2(,!4+;@'*F!4';.'!4/=2<! ,+<=.+! ,+./?+,1!./6*! 9/,! *'+!:/8/:+,D! !XH?;/=621F! *'+,+! ;6!(! *,(<+$/99!H+*4++8! *'+!,+./?+,1!./6*!(8<!;8.,+(6+<!.();*(2!./6*D! !K<<;*;/8(221F!;8.,+(6+<!,+(.*/,!6;C+!:(1!,+<=.+!;8;*;(*/,!=6+!(8<!./6*D!!i/=,!/HV+.*;?+!6'/=2<!H+!*/!9;8<!(!<+6;@8!4';.'!(.';+?+6!(!:;8;:=:!*/*(2!./6*!/?+,!*'+!+8*;,+!)2(8*!2;9+D!!K9*+,! *'+! )/21:+,;C(*;/8! ,+(.*/,6F! *'+! =8,+(.*+<! :/8/:+,! :=6*! H+! ,+:/?+<! 9,/:! *'+! )/21:+,!6*,+(:D! ! E8! 1/=,! ./:)(81Y6! +>;6*;8@! )/21:+,;C(*;/8! =8;*6F! *'+! :/8/:+,! ;6! ,+:/?+<! ;8! (!<;6*;22(*;/8f6*,;));8@!./2=:8D!!]+*'(8/2!?()/,!;6!9+<!*/!*'+!H/**/:!/9!*'+!./2=:8!(8<!(!:;>*=,+!/9!:+*'(8/2!(8<!?;812!(.+*(*+!:/8/:+,!;6! *(5+8!(6!(8!/?+,'+(<!),/<=.*D! !7'+!`qK"!+>;*6!9,/:!*'+!H/**/:! /9! *'+! ./2=:8! ;8! (! :+*'(8/2! 6/2=*;/8D! ! 7/! :;8;:;C+! ),/<=.*! ./2/,! 9/,:(*;/8F! ./2=:8!*+:)+,(*=,+6!6'/=2<!8/*!+>.++<!MQR<TD!!7'+!H/**/:6!9,/:!*'+!`qK"f:+*'(8/2!./2=:8!:=6*!'(?+!(!6/2;<6!./8*+8*!/9!OG!*/!QR[!*/!H+!6=;*(H2+!9/,!+>;6*;8@!),/.+66;8@!+P=;):+8*!</486*,+(:D!!0/:+!/9!*'+!/?+,'+(<!),/<=.*!.(8!H+!,+.1.2+<!(8<!:;>+<!4;*'!*'+!,+(.*/,!9++<^!*'+!9,(.*;/8!4';.'!.(8!H+!,+.1.2+<! ;6!<+)+8<+8*!/8! ;*6!./:)/6;*;/8D! !S>.+66!/?+,'+(<!),/<=.*! ;6!6+)(,(*+<!;8*/!)=,+!?;812!(.+*(*+!(8<!:+*'(8/2! ;8!(! 6+)(,(*+F!+>;6*;8@!,+./?+,1!),/.+66! $!(66=:+!(!),/.+66;8@!./6*!/9!vRDRRJf2H!/9!,+.1.2+!9/,!*';6!/)+,(*;/8D!!K:)2+!.//2;8@!4(*+,!;6!(?(;2(H2+!(*!(!6=))21!*+:)+,(*=,+!/9!_R<T!(8<!:=6*!H+!,+*=,8+<!8/!';@'+,!*'(8!&&R<TD! !"//2;8@!4(*+,!./6*! ;6!vRDJRf&FRRR!@(2D! !0(*=,(*+<!6*+(:! ;6!(?(;2(H2+!(*!&JR!(8<!GRR!)6;@D!!7'+!./6*!/9!6*+(:!;6!vJDRRf]]L*=D!!S2+.*,;.;*1!;6!(?(;2(H2+!(*!(!./6*!/9!vRDRJf5\'D!!N6+!*'+!:(,5+*!),;.+!9/,!*'+!./6*!/9!,(4!:(*+,;(26D!!!8'3'/'04'N!A(8!;8./:)2+*+!2;6*BZ!!L;22:+1+,F!j,DF!TD!\DF!2'/6$""7)"*)0";:#'+)G!%'&!'F!M8<!S<;*;/8F!\;2+1F!3+4!i/,5F!&_I&D!
!T;8.'F!"D!KDF!0";:?%&:;)Q;!"-";)C'?';"4#'&6,F!\;2+1F!3+4!i/,5F!&__MD!!a;=F!#D!#DF!(8<!jD!]D!`,(=68;*CF!\E)0";:E)G!%E)0";:E)0-:,EF!.UF!&QJ!A&_IIB!!
"#$K$EE$QO!
](*6=:=,(F!hDF!+*!(2DF!.5B57>)."B57>F!R!F!O%%!A&_IQB!!]+,5F!\DF!+*!(2DF!\E)0-:,E)8-'#EF!!TF!&G_Q!A&_%RB!
!3(5(V;:(F!KDF!+*!(2DF!\E)0";:E)G!%DF!RUF!Q%_!A&_J_B!
!!5]++"W"3$ &K?LDP>=>$?:$-?A@>=>$$ `&@KN>$,@L=LE$1K8:=?E$'L=KL@A$.YYXa$$L=*(<;+8+! AL#B! ;6! ),/<=.+<! H1! *'+! +>)+86;?+! +>*,(.*;/8! /9! L#! 9,/:! (! .,=<+! "Q! 6*,+(:! ;8! (8!+*'12+8+!)2(8*D!7'+!L#!?(2=+! ;6! (H/=*!vRDRGf2H!4'+8! ;*! ;6! ./8*(;8+<! ;8! *'+! .,=<+!"Q! 6*,+(:F!H=*!(H/=*! vRD&%f2H! (9*+,! ;*! ;6! +>*,(.*+<D! L+.(=6+! /9! *';6! ),;.+! <;99+,+8.+F! ),/.+66+6! (,+! (24(16! H+;8@!6/=@'*!*/!=6+!*'+!L#!;8!*'+!.,=<+!"Q!6*,+(:!4;*'/=*!+>*,(.*;8@!;*F!(8<!,+*=,8;8@!*'+!,+:(;8;8@!"Q!6*,+(:! */! *'+! +*'12+8+!)2(8*D!K! *1);.(2!.,=<+!"Q!6*,+(:!'(6! *'+! 9/22/4;8@!./:)/6;*;/8! ;8!4+;@'*!)+,.+8*Z!!
OR[!! L#!!OR[!! ;6/H=*+8+!!MR[!! &$H=*+8+!!!!I[!!! !%,$M$H=*+8+!!!!I[!! 6+5&,$M$H=*+8+!!!!Q[!! &$H=*(8+!!!!M[!! ;6/H=*(8+!!
!#/4!'(6!<+?+2/)+<!(!),/.+66!*/!<;:+,;C+!*'+!L#!;8!(!.,=<+!"Q!6*,+(:!*/!?;812.1.2/'+>+8+!Aq"UB!=6;8@! (! ),/),;+*(,1! ./))+,$2/(<+<! C+/2;*+! .(*(216*D! 7'+! 6+./8<! 6*+)! ./8?+,*6!q"U! */! 6*1,+8+! ?;(!/>;<(*;?+!<+'1<,/@+8(*;/8!=6;8@!(8/*'+,!),/),;+*(,1!*;8f(8*;:/81!/>;<+!.(*(216*D!!#+?+2/)! (! )2(8*! <+6;@8! 9/,! (! 4/,2<$6.(2+! &! ]]]! 2Hf1,! 6*1,+8+! ),/.+66! =6;8@! *'+! 8+4! #/4!*+.'8/2/@1F!(8<!<+*+,:;8+!*'+!/?+,(22!+./8/:;.6D!!7'+! )2(8*!<+6;@8! 6'/=2<!H+! (6! +8?;,/8:+8*(221! 9,;+8<21! (6!)/66;H2+D!-+./?+,! (8<! ,+.1.2+!),/.+66!:(*+,;(26!*/!*'+!:(>;:=:!+./8/:;.!+>*+8*D!K26/F!+8+,@1!./86=:)*;/8!6'/=2<!H+!:;8;:;C+<F!*/!*'+!+>*+8*!+./8/:;.(221!V=6*;9;+<D!7'+!)2(8*!<+6;@8!:=6*!(26/!H+!6(9+!*/!/)+,(*+!A+D@DF!8/!92(::(H2+!/,!+>)2/6;?+!:;>*=,+6BD!!K66=:+!(!ND0D!b=29!"/(6*!2/.(*;/8D!7'+!L#!./8*(;8+<!;8!*'+!.,=<+!"Q!6*,+(:!;6!?(2=+<!(*!vRDRGf2H!;8!&__I!</22(,6F!(8<!(81!,+:(;8;8@!"Q6!:(1!H+!,+*=,8+<! */! *'+!+*'12+8+!)2(8*!(*!8/!./6*D!0*1,+8+!6+226!9/,!vRDORf2HD!X>1@+8!:(1!H+!)=,.'(6+<!(.,/66!*'+!9+8.+!9/,!vRDRMf2HD!!8'3'/'04'N!!!`(*+8*!\(*.'F!8-'#6'!-F!MR!A](1!&__JBD!!!ND0D!`(*+8*!JFOM_FRJIF!j=21!&MF!&__QD!
"#$K$EE$QQ!
5]++"W"R$ &P:D>Q@LDLFB>$87&,$):<:BA;>@$$ `0:F>@?$M"$&KZNH>E$&P:]>=]Q>=>]>@$5ZZ:NPL?>ZE$'L=KL@A$.YYUa$$L+.(=6+!/9!*'+!.()(.;*1!2;:;*(*;/86!/9!=,H(8!2(8<9;226F!H;/<+@,(<(H2+!)2(6*;.!)(.5(@;8@!:(*+,;(26!(,+!/9!;8*+,+6*!(6!(!:+(86!*/!,+<=.+!*'+!2/(<!/8!6/2;<!4(6*+!<;6)/6(2!616*+:6D!!i/=,!,+6+(,.'!<+)(,*:+8*!'(6!<+?+2/)+<!(!:=*(8*!9/,:!/9!*'+!H(.*+,;=:!Q;!5;%B'&',)'>6+"4>,!*'(*!+>),+66+6! H;/<+@,(<(H2+! )/21! A'1<,/>1H=*1,(*+B! '/:/)/21:+,6! (8<! )/21! A'1<,/>1H=*1,(*+$?(2+,(*+B!./)/21:+,6D!!K2*'/=@'!*'+!./)/21:+,!'(6!(!2/4+,!:+2*;8@!)/;8*F!;*!),/.+66+6!:/,+!+(6;21!*'(8! *'+!'/:/)/21:+,D! !K6! (! ,+6=2*F! H/*'!:(1!'(?+!?(2=+! ;8!)2(6*;.!)(.5(@;8@D! !N8<+,!/)*;:=:!./8<;*;/86! H/*'! *'+! '/:/)/21:+,! (8<! ./)/21:+,! (,+! ),/<=.+<! (*! ?/2=:+*,;.! ),/<=.*;?;*;+6! /9!(H/=*!&DR!@fa$',D!!L/*'!),/<=.*6!(,+!H+6*!),/<=.+<!=8<+,!)'/6)'(*+!2;:;*(*;/8D!!7'+!./)/21:+,!;6!),/<=.+<!H1!(<<;8@!&$),/)(8/2!*/!*'+!+*'(8/2!9++<D!!7'+!.=,,+8*!,+6+(,.'!'(6!H++8!H(6+<!/8!(!9+<$H(*.'!9+,:+8*(*;/8!616*+:D!!U/4+?+,F!;*!'(6!H++8!),/)/6+<!*/!=6+!*4/$6*(@+!./8*;8=/=6!.=2*=,+!;8!4';.'! *'+! .+226! (,+! 9;,6*! @,/48!=8<+,! ./8<;*;/86! 9/,! /)*;:=:!.+22! @,/4*'F! 9/22/4+<!H1! (! 6+./8<!6*(@+! =8<+,! ./8<;*;/86! /)*;:=:! 9/,! ),/<=.*! (..=:=2(*;/8D!i/=,! ,+6+(,.'! <+)(,*:+8*! ;6! +(@+,! */!:/?+! ('+(<! 4;*'! *'+! <+6;@8! /9! (! ./::+,.;(2! 9(.;2;*1! (8<! 4;22! ),/?;<+! ./);+6! /9! ()),/),;(*+!,+9+,+8.+6D!!E8!*'+!:+(8*;:+F!'/4+?+,F!#,D!#/=@2(6!#+88;6F!(8!(66/.;(*+!),/9+66/,!;8!*'+!L;/2/@1!#+)(,*:+8*!/9! j(:+6! ](<;6/8! N8;?+,6;*1F! '(6! .2/8+<! ;8*/! (! ,+./:H;8(8*! ZE) !";%! H(.*+,;=:! *'+! @+8+6! *'(*!.(*(21C+!`UL! 9/,:(*;/8! ;8!Q;!5;%B'&',E) ! E*! ())+(,6! *'(*! *'+!8+4!616*+:!),/<=.+6!)/21:+,! (*! *'+!,(*+!/9!MDI!@fa$',D!!U+!'(6!/99+,+<!*/!),/?;<+!(8!+>.2=6;?+!2;.+86+!*/!E:)+,;(2!"'+:;.(2!E8<=6*,;+6!AE"EB!(8<!4;22!./86=2*!/8!(!)2(8*!H(6+<!/8!*'+!,+./:H;8(8*!/,@(8;6:D!!K6!'+(<!/9! *'+! E"E! ./,)/,(*+!)2(86!<+)(,*:+8*F! 1/=!'(?+!H++8!(65+<! */! +?(2=(*+! *'+!./::+,.;(2!)/*+8*;(2!9/,!<+?+2/);8@!(!),/.+66!*/!),/<=.+!H/*'!'/:/)/21:+,6!(8<!./)/21:+,6!(*!1/=,!)2(8*!(*!K*2(6!`/;8*F!6/=*'!/9!\;2:;8@*/8F!#+2(4(,+D! !E*! ;6!/9! ;8*+,+6*!*/!+?(2=(*+!*'+!+./8/:;.6!/9!H/*'!(!'/:/)/21:+,! (8<! (! ./)/21:+,! ),/<=.*! (8<! */! 6=@@+6*! (8! /)*;:=:! 6)2;*F! ;9! /8+! +>;6*6D! ! i/=,!:(,5+*;8@!<+)(,*:+8*!'(6!6=@@+6*+<!(!./:H;8+<!.()(.;*1!/9!JR!:;22;/8!)/=8<6!)+,!1+(,!9/,!*'+!9;,6*!)2(8*D!!S;*'+,!/9!*'+!(2*+,8(*;?+!),/.+66+6!./=2<!H+!./86;<+,+<D!!8'3'/'04'N!!!K2<+,+*+F!jDSDF!#D\D!h(,2F!(8<!"DUD!`(,5F!`,/<=.*;/8!/9!`/21A'1<,/>1H=*1,(*+B!U/:/)/21:+,!(8<!"/)/21:+,! 9,/:! S*'(8/2! (8<! `,/)(8/2! ;8! (! T+<$L(*.'! "=2*=,+F! R%"6'!-&";E) 0+"BDF! YF! JMR$JMJ!A&__OBD!!!K8/8DF!ZP8";%!](1!`,/<=.+!L+**+,!`2(6*;.6F!R%"4+"!',,E)2'!-&";DF!RF!A0+)*+:H+,!&_%_BD!$$5]++"W"T$ VL=?HL;$&P:<:BA;>@$$ `0:F>@?$M"$&KZNH>E$&P:]>=]Q>=>]>@$5ZZ:NPL?>ZE$'L=KL@A$.Y!Wa$$KH/=*!QGR!H;22;/8!H(,,+26!/9!.,=<+!/;2!'(?+!H++8!<;6./?+,+<!;8!*'+!N8;*+<!0*(*+6!*/!<(*+F!H=*!/821!&MR!H;22;/8!H(,,+26!'(?+!H++8!,+./?+,+<!H1!),;:(,1!@(6!<,;?+6!/,!6+./8<(,1!4(*+,!92//<6D!!K!2(,@+!
"#$K$EE$QJ!
),/)/,*;/8!/9!*'+!,+:(;8<+,!./=2<!H+!,+./?+,+<F!(2H+;*!(*!';@'+,!./6*F!H1!*+,*;(,1!:+*'/<6!A+8'(8.+<!/;2!,+./?+,1BD!!X8+! 6=.'!:+*'/<! ;8?/2?+6! *'+!=6+!/9!4(*+,$6/2=H2+!)/21:+,6! 6=.'!(6!)/21(.,12(:;<+! */! ;8.,+(6+!*'+! ,+2(*;?+!?;6./6;*1!/9!64++)!4(*+,! */! *'(*!/9! *'+!.,=<+!/;2! 6/!(6! */!),/:/*+! *'+!:/H;2;*1!/9! *'+!,+6;<=(2!/;2!;8!*'+!,+6+,?/;,D!`/21(.,12(:;<+F!(2*'/=@'!,+2(*;?+21!.'+()F!</+6!8/*!)/66+66!*'+!=6+9=2!),/)+,*;+6! /9! )/216(..'(,;<+6! 6=.'! (6! >(8*'(8! @=:6F! 6.2+,/@2=.(8F! <+>*,(8F! +*.D!7'+!H;/)/21:+,6!(,+!;8V+.*+<!(*!(!,(*+!/9!&DQ!*/!&DI!2HfH(,,+2!/9!/;2!,+./?+,+<D!S>.2=<;8@!*'+!)/21:+,F!*'+!./6*!/9!*'+!)/21:+,f6=,9(.*(8*!92//<!(:/=8*6!*/!vOR!8<!vQRfH(,,+2F!;8.2=<;8@!.();*(2!.'(,@+6D!!i/=,! ./:)(81F! (!:(V/,! /;2! ),/<=.+,F! ;6! ./8.+,8+<! (H/=*! *'+! ,();<! <+.2;8+! ;8! ),/<=.*;?;*1! /9! ;*6!"(81/8! -++9! -+6+,?/;,! ;8! h+8*! "/=8*1F! 7+>(6D! i/=,! X;2! `,/<=.*;/8! #+)(,*:+8*F! 4';.'! '/2<6!6/:+!)(*+8*6!/8!),/<=.;8@!>(8*'(8!H;/)/21:+,6F!;6!./86;<+,;8@!9/,:;8@!(!V/;8*!?+8*=,+!4;*'!(!9//<!./:)(81! 9/,! <+?+2/);8@! (8<! /)+,(*;8@! (! 9+,:+8*(*;/8! 9(.;2;*1! */! ),/<=.+! *'+! MR!:;22;/8! (88=(2!)/=8<6! /9! )/21:+,! 8++<+<! .()*;?+21! 9/,! (! )/21:+,! 92//<! /9! "(81/8! -++9D! ]+,.'(8*! 6(2+6! /9!>(8*'(8!9/,!9//<!=6+6!H1!*'+!)(,*8+,!4/=2<!(26/!H+!./86;<+,+<!;9!+./8/:;.(221!<+6;,(H2+D!!i/=,! -+6+(,.'! #+)(,*:+8*! '(6! ./89;,:+<! *'(*! >(8*'(8! .(8! H+! ),/<=.+<! 9,/:! @2=./6+! H1! *'+!/,@(8;6:!c5&6-"#"&5,)!5#4',6+%,D!`,/.+66!(8<!),/<=.*!<(*(!(,+!6=::(,;C+<!;8!*'+!,+)/,*6!2;6*+<!H+2/4D!!](8(@+:+8*!'(6!(65+<!1/=!*/!<+*+,:;8+!4'+*'+,!>(8*'(8!:;@'*!H+!),/<=.+<!(*!(!6=99;.;+8*21!2/4!),;.+!*/!:(5+!*'+!),/)/6+<!SX-!/)+,(*;/8!./:)+*;*;?+!4;*'!*'+!;:)/,*(*;/8!/9!9/,+;@8!.,=<+6!/?+,!*'+! 8+>*! <+.(<+D!i/=,! 0+8;/,!q;.+! `,+6;<+8*! '(6! (26/! (65+<!4'+*'+,! 6+22;8@! >(8*'(8! 9/,! .=,,+8*!9//<!=6+6!4/=2<!'+2)!*/!2(=8.'!*'+!8+4!H=6;8+66!(*!(8!+(,2;+,!<(*+!*'(8!*'(*!./:)(*;H2+!4;*'!SX-!:(,5+*!+./8/:;.6D!!8'3'/'04'N!!!#;8*C;6F! TD-DF!bDSD!L(H./.5F! (8<!-D! 7/H;8F! l0*=<;+6! /8!#;2=*+! 0/2=*;/86! (8<!#;6)+,6;/86! /9! *'+!`/216(..'(,;<+! 9,/:! c5&6-"#"&5,) !5#4',6+%,F! 3--a! L$&QJ_F! 85+$"-:(E) 3',E=! .RF! MJI$MGI!A&_IRBD!!!S?(86F! "DbD7DF! -DbD! i+/F! (8<! #D"D! S224//<F! "'()D! OF! l"/8*;8=/=6! "=2*=,+! 0*=<;+6! /8! *'+!`,/<=.*;/8! /9! S>*,(.+22=2(,! `/216(..'(,;<+6! H1! c5&6-"#"&5,) O>B;5&(%,Fm! ;8! -D"D\D! L+,5+2+1F!bD\D!b//<(1!(8<!#D"D!S224//<F!S<6DF!A%!+"$%5;)0";:,5!!-5+%(',)f)0";:,5!!-5+",%,F!K.(<+:;.!`,+66F!3+4!i/,5!A&_I_BD!!!j+(8+6F!KDF!`D!-/@/?;8F!]D"D!"(<:=6F!-D\D!0;2:(8F!(8<!"DKD!h8=*6/8F!`/216(..'(,;<+!Au(8*'(8B!/9! c5&6-"#"&5,) !5#4',6+%,F! 3--a! L$&QJ_Z! `,/.+<=,+6! 9/,! "=2*=,+! ](;8*+8(8.+! (8<!`/216(..'(,;<+!`,/<=.*;/8F! `=,;9;.(*;/8! (8<!K8(216;6F!K-0$3"$J&F!N0#K!K@,;.=2*=,(2!-+6+(,.'!0+,?;.+!A3/?+:H+,!&_IGBD!!!h;<H1F!#DF!`D!0(8<9/,<F!KD!U+,:(8F!(8<!]D!"(<:=6F!l](;8*+8(8.+!`,/.+<=,+6!9/,!*'+!"=,*(;2:+8*!/9! b+8+*;.! E86*(H;2;*1Z! c5&6-"#"&5,) !5#4',6+%,F! 3--a! L$&QJ_Fm! Q44;E) Z&?E) A%!+"$%";DF! RRAQBF!%QR$%QJ!AK),;2!&_IIBD!!
"#$K$EE$QG!
!](=,1F!aDbD!Ah+2./!L;/6)+.;(2*;+6!a*<DBF!l`,/<=.*;/8!/9!u(8*'(8!b=:!H1!S:=26;/8!T+,:+8*(*;/8Fm!ND0D!`(*+8*!QFOJMF%%M!AX.*/H+,!JF!&_%MBD!!!]/,(;8+F!-DKDF!(8<!`D!-/@/?;8F!lh;8+*;.6!/9! *'+!u(8*'(8!T+,:+8*(*;/8Fm!R%"6'!-E)f)R%"'&BEF!.UF!MMJ$MOI!A&_IOBD!!!`';2;)6F! jD"DF! jD\D!];22+,F!\D"D!\+,8(=F!LDSD!7(*+F! (8<!]DUD!K=+,H(.'F!lK!3+4!U;@'$`1,=?(*+!u(8*'(8!9/,!S8'(8.+<!X;2!-+./?+,1Fm!0/.;+*1!/9!`+*,/2+=:!S8@;8++,6F!0`S!3/D!&RG&I!A&_%MBD!!!0(8<9/,<F!`D!KDF!jDSD!`;**62+1F!"DKD!h8=*6/8F!`D-D!\(*6/8F!]D"D!"(<:=6F!(8<!KD!j+(8+6F!lq(,;(*;/8!;8! c5&6-"#"&5,) !5#4',6+%,! 3--a! L$&QJ_Z! "'(,(.*+,;C(*;/8! /9! u(8*'(8! `,/<=.*6! /9! #;99+,;8@!`1,=H;.! K.;<! "/:)/=8<Fm! K"0! 01:)/6;=:! 0+,;+6! 3/D! QJF! Z/6+5!';;>;5+) A%!+"$%5;)0";:,5!!-5+%(',F! `DKD! 0(8<9/,<! (8<! KD! a(65;8F! S<6DF! K:+,;.(8! "'+:;.(2! 0/.;+*1F! 3+4! i/,5!A&_IIBD!!!0;2:(8F! -D\DF! (8<! `D! -/@/?;8F! l"/8*;8=/=6! T+,:+8*(*;/8! */! `,/<=.+! u(8*'(8! L;/)/21:+,Z!a(H/,(*/,1!E8?+6*;@(*;/8Fm!R%"6'!-E)f)R%"'&BDF!.3F!IJ%O!A&_IRBD!!!02/8+5+,F! jDUDF! #DbD! X,+8*(6F! (8<! KD! j+(8+6F! lS>/.+22=2(,! L(.*+,;(2! `/216(..'(,;<+6! 9,/:!c5&6-"#"&5,)!5#4',6+%,F!3--a!L$&QJ_F!`(,*!EEE!0*,=.*=,+Fm!85&E)\E)8-'#DF!T3F!&MG&!A&_GQBD!!!\+;6,/.5F!\D`D!A0*(8<(,<!X;2!"/:)(81F!E8<;(8(BF!l]+*'/<6!9/,!E:),/?;8@!u(8*'(8!i;+2<Fm!ND0D!`(*+8*!QFOR&FMQI!A3/?+:H+,!&IF!&_%&BD!!!\+;6,/.5F! \D`D! A0*(8<(,<! X;2! "/:)(81F! E8<;(8(BF! l]+*'/<! 9/,! E:),/?;8@! 0)+.;9;.! u(8*'(8!`,/<=.*;?;*1!#=,;8@!"/8*;8=/=6!T+,:+8*(*;/8Fm!ND0D!`(*+8*!QFO&&FI_G!Aj(8=(,1!&_F!&_%MBD!!!\+;6,/.5F! \D`D! A0*(8<(,<! X;2! "/:)(81F! E8<;(8(BF! l0+:;./8*;8=/=6! ]+*'/<! 9/,! `,/<=.*;/8! /9!u(8*'(8! b=:! N6;8@! c5&6-"#"&5,) !5#4',6+%,! K7""! O&GR&Fm! ND0D! `(*+8*! QFOM%FO&R! A](1! QF!&_%MBD!!!\+;6,/.5F! \D`D! A0*(8<(,<! X;2! "/:)(81F! E8<;(8(BF! l0+:;./8*;8=/=6! ]+*'/<! 9/,! `,/<=.*;/8! /9!u(8*'(8!b=:!N6;8@!c5&6-"#"&5,)!5#4',6+%,!K7""!O&GRR!(8<!c5&6-"#"&5,)!5#4',6+%,!K7""!O&GRMFm!ND0D!`(*+8*!QFOM%FOR%!A](1!QF!&_%MBD!!!\+,8(=F!\D"D!A`9;C+,F!E8.DBF!l",=<+!X;2!-+./?+,1Fm!ND0D!`(*+8*!QFOJMFIQ&!AX.*/H+,!JF!&_%MBD $$5]++"W"U$ 0L<L;ANP=]):L?>D$-?>=?Z$C:@$':H=Z:=$g$':H=Z:=$$ `-N:??$4"$1PL;:=DE$2=P[>@ZP?A$:C$8>==ZAB[L=PLE$'L=KL@A$3##3a$
!E8! *'+! *,+(*:+8*! /9! '+(,*! <;6+(6+F! (! ./::/8!),/.+<=,+! ;8?/2?+6!H(22//8!(8@;/)2(6*1! */! +>)(8<!(!8(,,/4+<!./,/8(,1!(,*+,1!9/22/4+<!H1!)2(.+:+8*!/9!(!:+*(2!6=))/,*!.(22+<!(!6*+8*!*/!5++)!*'+!?+66+2!/)+8D! ! !0*+8*;8@!'+2)6! ,+<=.+!?+66+2! .2/6=,+F! (!),/.+66! .(22+<!,+6*+8/6;6D! !U/4+?+,F! +?+8! 6*+8*+<!?+66+26!.(8!=8<+,@/!,+6*+8/6;6D!!7'+,+!4+,+!_MGFRRR!(8@;/)2(6*;+6!;8!*'+!ND0D!;8!&__%!(8<!%RRFRRR!
"#$K$EE$QI!
(8@;/)2(6*;+6!/=*6;<+!*'+!ND0D! ;8!&___D! ! !j/'86/8!k!j/'86/8!,+.+8*21!9;8;6'+<!(!.2;8;.(2!*,;(2!4;*'!)/21:+,$./(*+<! 6*+8*6! *'(*! 62/421! ,+2+(6+! *'+! <,=@! ,()(:1.;8D! ! E8! MO%! )(*;+8*6! ;8! S=,/)+F! 8/*! (!6;8@2+!)(*;+8*!'(<!,+6*+8/6;6!(9*+,!G!:/8*'6!4;*'!*'+!,()(:1.;8$./(*+<!6*+8*6D!!j/'86/8!k!j/'86/8!;6!)/6;*;/8+<!*/!/H*(;8!/?+,!JR[!:(,5+*!6'(,+!;8!*'+!';@'21!./:)+*;*;?+!6*+8*!:(,5+*D!!
!C/9R24-:90(6/:-'/:#(!&B!! `,/<=.+! (8<! )=,;91! :+<;.(2! @,(<+! 0;,/2;:=6! A,()(:1.;8B! ?;(! H(*.'! H;/),/.+66;8@! =6;8@!6*,+)*/:1.+6! 9+,:+8*(*;/8D! !#+*+,:;8+! '/4!:=.'! ,()(:1.;8!1/=!:=6*!),/<=.+! (88=(221! (8<!'/4!:(81!H(*.'+6!4;22!H+!8+.+66(,1D!!!
MB! i/=!4;22! H+! ),/?;<+<!4;*'! *'+!:+*(2! 6*+8*6! 9,/:! *'+! 0*+8*!](8=9(.*=,;8@!b,/=)D! !i/=!4;22!.(,,1!/=*! *'+!<,=@$)/21:+,!./(*;8@!/9! *'+!6*+8*6!(8<!<+2;?+,! *'+!<,=@$)/21:+,!./(*+<!6*+8*6!*/!*'+!"(*'+*+,!](8=9(.*=,;8@!b,/=)!/8!(!:/8*'21!H(6;6D!!
OB! i/=!4;22!H=1!)=,+!:+<;.(2$@,(<+!6)+.;(2;*1!.'+:;.(2!./:)/8+8*6!9/,!*'+!)/21:+,!./(*;8@F!H=*!:=6*! <+?+2/)! *'+! ./(*;8@! *+.'8/2/@1! */! (.';+?+! *'+! ./,,+.*! <,=@! 2/(<;8@! (8<! ,+2+(6+!.'(,(.*+,;6*;.6! 8++<+<! ;8! *'+! .2;8;.(2! ())2;.(*;/8D! ! i/=! 4;22! '(?+! */! <+6;@8! (! 6),(1$./(*;8@!),/.+66! =6;8@! =2*,(6/8;.! 8/CC2+6! (6!4+22! (6! (! <,1;8@! ),/.+66! */! ,+:/?+! *'+! 6/2?+8*D! ! 0/2?+8*!,+./?+,1!;6!(26/!,+P=;,+<D!!#+@,(<(H2+!)/21:+,6!4;22!;8.2=<+!Q$.(),/2(.*/8+$./$@21./2;.!(.;<D!!
QB! ](8=9(.*=,+Z! JRRFRRR!<,=@$)/21:+,!./(*+<!6*+8*6!;8!1+(,!&!! !!!!!!!! ! &FJRRFRRR!<,=@$)/21:+,!./(*+<!6*+8*6!;8!1+(,!M!(8<!(9*+,D!
!JB! S6*;:(*+! *'+! .();*(2! ./6*! (8<! (88=(2! /)+,(*;8@! ./6*! /9! *'+! <,=@! :(8=9(.*=,+! (8<! ./(*;8@!616*+:6D!!!!
!!!!8'3'/'04'N!!444D=6)*/D@/?! ND!0D!`(*+8*!GF&JOFMJM!! ! ! ND!0D!`(*+8*!GFMIOF_&O!!444D8.H;D82:D8;'D@/?f! 0+(,.'!)=H:+<Z!!! ,()(:1.;8!6*+8*!! ,()(:1.;8!6*,+)*/:1.+6!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!](,>F!0D!XDF!(8<!KD!-D!](,56F!lL+8.'!*/!H+<6;<+Z!*'+!<+?+2/):+8*!/9!,()(:1.;8!(8<!;*6!())2;.(*;/8!*/!6*+8*!,+6*+8/6;6Fm!8%+!>;56%"&D!MRR&F!K=@!M&^&RQA%BZ%JM$JD!!3/!(H6*,(.*!(?(;2(H2+D!!!"'(8F!KD!\DF!#D!`D!"'+4F!(8<!KD!]D!a;8./99F!lN)<(*+!/8!`'(,:(./2/@1!9/,!-+6*+8/6;6Fm!8>++E)X&6'+?E)85+(%";E)3'4E!MRR&!](1^!OAMBZ&Q_$&JJD!!!!!!!!!!!!!!!!!!!!!!!!!!U/9:(F! 0D! UDF! UD! ]D! ?(8! L+=6+5/:F! `D! \D! 0+,,=16F! (8<! \D! jD! ?(8! #+,! b;+66+8! F! l-+.+8*!#+?+2/):+8*6!;8!"/(*+<!0*+8*6Fm!8>++E)X&6'+?E)85+(%";E)3'4E!MRR&!T+H^OA&BZM%$OGD!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!0;@4(,*F! NDF! 0D! `,(6(<F! `D! -(<5+F! (8<! ED! 3(<,(F! l0*+8*! ./(*;8@6Fm! \E) X&?5,%?') 85+(%";E=! MRR&!T+H^&OAMBZ&Q&$M^!<;6.=66;/8!&J%$IRD!!
"#$K$EE$Q%!
5]++"X$ (/,+0%/M(/*54$f$5+0$\254+*S$$$5]++"X".$ 0.RTL$0>C@PQ>@L=?$$ `':H=$9PZ;>@E$5?:NH>;$/:@?H$5;>@PNLE$'L=KL@A$3##.a$
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l,=2+! /9! _R~F! ;8!4';.'!_R!;6!(<<+<!*/!*'+!,+9,;@+,(8*Y6!8=:+,;.!./<+D!!E8!*'+!,+6=2*;8@!8=:H+,F!*'+!2(6*!<;@;*!<+8/*+6!*'+!8=:H+,!/9!92=/,;8+!(*/:6F!*'+!6+./8<!*/!*'+!2(6*F!*'+!8=:H+,!/9!'1<,/@+8!(*/:6F!(8<!*'+!*';,<!9,/:! *'+! 2(6*F! *'+!8=:H+,!/9!.(,H/8!(*/:6D! !\'+8!(8/*'+,!<;@;*!/..=,6F! ;*!<+8/*+6! *'+!8=:H+,!/9!.'2/,;8+!(*/:6D! !\'+8!*'+!./:)/=8<!;6!=86(*=,(*+<F!(8!+>*,(!<;@;*!;6!(<<+<!*/!*'+!2+9*!*/!;8<;.(*+!*'+!<+@,++!/9!6(*=,(*;/8^!!l&~!;8<;.(*+6!(!</=H2+!H/8<!;8!*'+!:/2+.=2+D!7'+!6=99;>!2+**+,6!<+8/*+!*'+!;6/:+,6!H(6+<!/8!61::+*,1!./86;<+,(*;/86D!!!!!!K! :(V/,! 9/.=6! /9! *'+! 92=/,/.'+:;.(26! ;8<=6*,1! '(6! H++8! */! :(5+! =6+! /9! ,+*;,+<! U"T"! /,! "T"!:(8=9(.*=,;8@! +P=;):+8*! ;8! *'+! :(8=9(.*=,+! /9! 8+4! ,+9,;@+,(8*6D! ! 7';6! ),/V+.*! ;8?/2?+6! `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z! $QR<"BF! (!H/;2+,!)2(8*! .()(H2+!/9!),/<=.;8@!&JR!)6;@! 6*+(:!4;*'!MRh!2Hf',!/9!=8=6+<!.()(.;*1F!(8!+2+.*,;.(2!6=H6*(*;/8!4';.'!.(8!6=))21!H/*'!QGRq!(8<!MMRq!O$)'(6+!)/4+,F!(8<!(!2(,@+!+>.+66!/9!.//2;8@!*/4+,!.()(.;*1D!!
!`+88! -+9,;@+,(8*6! ;6! (4(,+! *'(*! *'+,+! (,+! 6+?+,(2! *+.'8/2/@;+6! (?(;2(H2+! */! :(8=9(.*=,+! -&OQ(D!!7'+1! (,+! ./86;<+,;8@! 2;.+86;8@! E"EY6! )(*+8*+<! ),/.+66D! ! i/=! Ap=(5+,! "/86=2*(8*6B! '(?+! H++8!()),/(.'+<!*/!+?(2=(*+!*'+!.();*(2!,+P=;,+<!*/!,+*,/9;*!*'+!`+88!-+9,;@+,(8*6!)2(8*!/8!*'+!b=29!"/(6*!*/!:(5+!-&OQ(!=6;8@!*'+!E"E!*+.'8/2/@1D!!!7'+!E"E!),/.+66!;6!</.=:+8*+<!;8!ND0D!`(*+8*!JFO%MFIMMD!!E*!;8?/2?+6!*4/!,+(.*;/8!6*+)6Z!
!! ! ! 7"S!W!OUT!!+!!-&OO(!!W!MU"2! ! ! ! A&B!!! ! ! -&OO(!W!UT!!+!!-&OQ(!W!U"2! ! ! ! AMB!!
3/*! :+8*;/8+<! ;8! *'+! )(*+8*F! H=*! ;:)2;+<F! ;6! *'(*! @(6! )'(6+! ,+(.*;/8! AMB! '(6! (! ,+2(*;?+21! 6+?+,+!+P=;2;H,;=:!2;:;*(*;/8D!!E*6!'+(*!/9!,+(.*;/8!;6!(H/=*!GDJ!5.(2f:/2!A;D+DF!+8</*'+,:;.B!(8<!*'+!+8*,/)1!/9!,+(.*;/8!;6!(H/=*!$MDJ!.(2f:/2$hD!!K26/F!*'+!)(*+8*!:+8*;/86!(!-&&MM!;:)=,;*1!4';.'!H/;26!;8!*'+!
"#$K$EE$Q_!
6(:+!,(8@+!(6!-&OQ(D!!7';6!;6!*'+!:/6*!*,/=H2+6/:+!/2+9;8F!H=*!*'+,+!:(1!H+!/*'+,6D!!X8+!4(1!*/!<+6*,/1! *'+6+! /2+9;86! ;6!4;*'! .'2/,;8(*;/8! *+.'8/2/@1D! `+88!-+9,;@+,(8*6! '(6! .'2/,;8+! 6*/,(@+! (8<!9++<! 616*+:6! (?(;2(H2+! ;8! *'+;,! )2(8*D! "'2/,;8(*;/8! .(8! H+! (../:)2;6'+<! )'/*/.'+:;.(221! /,!)+,'()6F! :/,+! 6;:)21F! .(*(21*;.(221D! ! 7'+! -&OQ(! :/2+.=2+! ;6! ,+6;6*(8*! */! .'2/,;8(*;/8! (*! *'+!*+:)+,(*=,+6! =6+<! */! 6(*=,(*+! *'+! </=H2+! H/8<D! 7'+! 6(*=,(*+<! .'2/,;8+$./8*(;8;8@! ./:)/=8<! ;6!:=.'!2+66!?/2(*;2+!*'(8!-&OQ(D!
!`+88!-+9,;@+,(8*6!'(6!)2(.+<!./86*,(;8*6!/8!;*6!)2(8*Z!
!b(6+/=6!UT!/,!U"2!.(88/*!H+!./:),+66+<D!!U"2!!:=6*!H+!,+./?+,+<!H1!<;6*;22(*;/8!(8<!(H6/,H+<!!;8*/!(P=+/=6!9/,:!(*!OG[!./8.+8*,(*;/8D!!E8./8+2!GRR!/,!H+**+,!;6!,+P=;,+<!9/,!,+(.*/,!(8<!UT!!,+H/;2+,!6+,?;.+!! !
7'+,+! (,+! =6+9=2! qaS! <(*(! 9/,! :;>*=,+6! /9! UTF! -&OO(F! (8<! -&OQ(! ;8! *'+) \">+&5;) "*) U;>"+%&')8-'#%,6+:=) W.F! &MO$&O&! A&__OBE) ! 0/:+! aaS! <(*(! (,+! ;8! S=,/)+(8! `(*+8*! 3/D!R!JR_!QQ_!KMD! !U1<,/@+8! 92=/,;<+!'(6! 6/:+!/<<! *'+,:/<18(:;.!.'(,(.*+,;6*;.6!4';.'!.(8!:(5+!+P=;):+8*!<+6;@8!/9!UT!616*+:6!*,;.51D!!K!@//<!@=+66!(*!;*6!+8*'(2)1!.'(,*!4;*'!(!@//<!<;6.=66;/8!())+(,6!;8!(!)()+,!H1!i(,H/99!(8<!a;@'*.()!A\E)8-'#E)Z&BE)C565=)YF!MF!&I%F!&_GQBE!!K0`S3!`aN0!=6+6!(!6)+.;(2!+P=(*;/8!/9!6*(*+!*/!()),/>;:(*+!*'+!UT!(66/.;(*;/8!+99+.*6D!!#/+6!*';6!()),/>;:(*;/8!(@,++!4;*'!*'+!i(,H/99!(8<!a;@'*.()!.'(,*e!E9!8/*F!'/4!:;@'*!*';6!(99+.*!1/=,!<+6;@8e!!K!2;6*;8@!/9!:(V/,!+P=;):+8*!;6!(6!9/22/46Z!
!! X99!0;*+6!! ! !!!! -(;2!"(,!N82/(<;8@!0*(*;/8!4;*'!�!:;!6)=,!! ! KP=+/=6!U"2!0*/,(@+!! ! L/;2+,!`2(8*!AMRh!2Hf',!+>.+66!.()B!! ! -+9,;@+,(*;/8!(*!$QR<"!!!AOR!*/8B!! ! "//2;8@!7/4+,6!$!!:=.'!+>.+66!.()(.;*1!! ! \(6*+!\(*+,!a(@//8!(8<!3+=*,(2;C(*;/8!! ! a;P=;<!\(6*+!E8.;8+,(*/,!! ! 7'+,:(2!X>;<;C+,!Ab(6+/=6!\(6*+B!!!!!!!!!!!!!!!!! U;@'!`,+66=,+!-+9,;@+,(8*!0*/,(@+!AQRR!)6;@B!r!Q!>!MRFRRR!@(2!! ! UT!0*/,(@+!$!Q!>!MRFRRR!@(2!! ! X,@(8;.!T++<!0*/,(@+!$!MRRFRRR!@(2!! ! "'2/,;8+!0*/,(@+!r!JFRRR!@(2!! ! !!!!! `,/.+66!SP=;):+8*Z!!!!!!!!!!!!!!! O!O!9*!>!%R!9*!#;6*;22(*;/8!"/26D!4;*'!`(22!,;8@!,(8</:!)(.5;8@!AORQ00B!
! O!"/8<+86+,!016*+:6!r!OFRRR!9*MF!&FRRR!9*MF!GRR!9*M^!"0!0'+22f00!7=H+6!! O!-+H/;2+,!016*+:6!$!(22!&JR!9*M^!"0!0'+22f00!7=H+6!!!!!!!!!!!!!!!!!! UT!T++<!0*(*;/8!A&!)=:)!4;*'!;8!2;8+!6)(,+^!<(1!*(85B!
"#$K$EE$JR!
! X,@(8;.!T++<!0*(*;/8!A&!)=:)!4;*'!;8!2;8+!6)(,+F!<(1!*(85B!!!!!!!!!!!!!!!!! "'2/,;8+!T++<!0*(*;/8!A&!)=:)!4;*'!;8!2;8+!6)(,+B!! ! "'2/,;8+!q()/,;C+,!A&RR!9*MB!!!!!!!!!!!!!!!!! KP=+/=6!U"2!0*/,(@+!$!ORRh!@(2!!!
8'3'/'04'N(! ! !!!!!!
ND0D!`(*+8*!JFO%MFIMMD!!\">+&5;)"*)U;>"+%&')8-'#%,6+:=)W.F!&MO$&O&!A&__OBD!!!!S=,/)+(8!`(*+8*!3/D!R!JR_!QQ_!KMD!
!i(,H/99!(8<!a;@'*.()F!\E)8-'#E)Z&BE)C565=)YF!MF!&I%!A&_GQBD!
!!!!!!!!!!!5]++"X"3$ &P:NL?LBA?PN$1>ZKBCK@PIL?P:=$:C$1P>Z>B$%PB$$ `0:F>@?$M"$&KZNH>E$&P:]>=]Q>=>]>@$5ZZ:NPL?>ZE$'L=KL@A$.YYTa$$7'+!S`K�6!,+?;6+<!)/22=*;/8!@=;<+2;8+6!9/,!/8$';@'4(1!<;+6+2!9=+26!*//5!+99+.*!/8!X.*/H+,!&F!&__OF!(8<!(<<;*;/8(2!"2+(8!K;,!K.*!(:+8<:+8*6!(,+!)+8<;8@D!K6!(!,+6=2*F!*'+!6=29=,!./8*+8*!/9!<;+6+2!9=+2!4;22! '(?+! */! H+! ,+<=.+<! 9,/:! &! */! M[! </48! */! RDRJ[! (6! ./:)(,+<! 4;*'! RDO[! ./8?+8*;/8(221!(**(;8(H2+!4;*'!';@'$),+66=,+!'1<,/<+6=29=,;C(*;/8D!!T/,!(!8=:H+,!/9!1+(,6!,+6+(,.'+,6!'(?+!(**+:)*+<!4;*'!2;**2+!6=..+66!*/!<+?+2/)!(!H;/2/@;.(2!616*+:!*/! ,+:/?+! /,@(8;.! 6=29=,D! U/4+?+,F! ;8! &_%_F! jDjD! h;2H(8+! (*! *'+! E86*;*=*+! /9! b(6! 7+.'8/2/@1!6=..++<+<! ;8! ;6/2(*;8@! (! H(.*+,;=:! *'(*! />;<;C+<! <;H+8C/*';/)'+8+! */! M$'1<,/>1H;)'+812! (8<!2;H+,(*+<!6=29=,D!!L(6+<! /8! *';6! <;6./?+,1F! 6.;+8*;6*6! (*! S8+,@1! L;/616*+:6! "/,)D! /9! U/=6*/8F! 7uF! '(?+! H++8!<+?+2/);8@!(!H;/.(*(21*;.!<+6=29=,;C(*;/8!),/.+66!=6;8@!*'+!H(.*+,;(2!+8C1:+!Eb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f/;2!+:=26;/8!;6!9+<!*/!(!6+)(,(*/,!(8<!*'+!<+6=29=,;C+<!/;2!;6!*,(869+,,+<!*/!6*/,(@+D!7'+!(P=+/=6!)'(6+!;6!6+8*!*/!(!6+)(,(*;/86!=8;*!*/!,+:/?+!*'+!6=29=,F!(9*+,!4';.'!*'+!+8C1:+f4(*+,!:;>*=,+!;6!,+.1.2+<!*/!*'+!H;/,+(.*/,!(9*+,!*(5;8@!(!)=,@+!/9!6)+8*!+8C1:+D!!#,D!#(8;+2! jD!]/8*;.+22/F!q`!-+6+(,.'! 9/,!SL"F!'(6! ,+.+8*21! ;8?;*+<!1/=,!/;2! ./:)(81! */! V/;8! (!./86/,*;=:!*/!<+?+2/)!*'+!),/.+66!*/!*'+!)/;8*!/9!./::+,.;(2;C(*;/8D!L+9/,+!<+.;<;8@!*/!(..+)*!*';6!;8?;*(*;/8F!*'+!<;,+.*/,!/9!1/=,!-+9;8;8@!#;?;6;/8!'(6!(65+<!1/=!*/!+?(2=(*+!*'+!+>)+.*+<!+./8/:;.6!/9! *'+!),/)/6+<!),/.+66!(6!./:)(,+<!4;*'! *'+!<+:/86*,(*+<!./6*6! 9/,!'1<,/<+6=29=,;C(*;/8! ;8! *'+!ORFRRR$L`#!<;+6+2!=8;*!;8!1/=,!-;.':/8<F!"KF!,+9;8+,1D!i/=!(,+!(65+<!*/!;<+8*;91!*'+!:(V/,!./6*!
"#$K$EE$J&!
+2+:+8*6! (8<! (66+66! *'+! 6+86;*;?;*1! /9! ./6*! */! ),/.+66! ;:),/?+:+8*6! *'(*!:;@'*! H+! +99+.*+<!4;*'!9=,*'+,!,+6+(,.'!/8!+./8/:;.(221!.,;*;.(2!),/.+66!)(,(:+*+,6D!!8'3'/'04'N!!!"//8+1F!"DaDF!#D!U/)5;86F!#D!`+*,;<+6F!(8<!#DjD!]/8*;.+22/F!A%!+"$%5;)C',>;*>+%[56%"&)"*)U>';,@)Q)0+"!',,)Z&B%&''+%&B)0'+,4'!6%?'F!#+)*D!"'+:D!S8@DF!]DED7DF!"(:H,;<@+F!]K!A&__&BD!!!T/@'*F! jD]DF! `D]D! T+</,(5F! ]D-D! b,(1F! (8<! #D\D0D! \+6*2(5+F! l];.,/H;(2! #+6=29=,;C(*;/8! /9!`+*,/2+=:Fm!;8!A%!+"$%5;)A%&'+5;)3'!"?'+:F!UDaD!S',2;.'!(8<!"DaD!L,;+,2+1F!S<6DF!)D!OI_F!].b,(4$U;22F!3+4!i/,5!A&__RBD!!!h;2H(8+F!jDjDF!EEF!(8<!hD!j(.5/465;F!lL;/<+6=29=,;C(*;/8!/9!\(*+,$0/2=H2+!"/(2$#+,;?+<!](*+,;(2!H1!3-"("!"!!>,)3-"("!-+">,!Eb70%Fm!R%"6'!-E)R%"'&BDF!T#F!&&RI$&&&Q!A&__MBD! $5]++"X"R$ -KBCK@$0>N:[>@A$2ZP=Q$%hAQ>=](=@PNH>D$5P@$$ `ML@c$0"$8PBBL@>BBL$L=D$0Lc>ZH$5Q@LOLBE$5P@$8@:DKN?Z$L=D$)H>;PNLBZE$'L=KL@A$
.YYRa$$7'+!"2+(8!K;,!K.*F!)(66+<!;8!&__R!(8<!6.'+<=2+<!*/!H+./:+!+99+.*;?+!;8!&__JF!4;22!9/,.+!.'+:;.(2!./:)(8;+6! */! ,+<=.+! *'+;,! +:;66;/86F! ;8*/! *'+! (*:/6)'+,+F! /9!:(81! +8?;,/8:+8*(221! <+*,;:+8*(2!.'+:;.(26D! ! 7'+6+! ;8.2=<+! 6=29=,! 4';.'! /..=,6! (6! UM0! ;8! 6/=,! 8(*=,(2! @(6! (8<! ,+9;8+,1! @(6D!!-+./@8;C;8@! *'(*! 6=29=,! ,+./?+,1! ;6! (! 9(6*$@,/4;8@! H=6;8+66F! 1/=! '(?+! ,+.+8*21! 9/,:+<!1/=,!/48!+8@;8++,;8@! ./:)(81F! 0NaT-S"F! 4';.'! 6)+.;(2;C+6! ;8! 6=29=,! ,+./?+,1D! ! K! 6:(22! .'+:;.(2!./:)(81!'(6!,+P=+6*+<!*'(*!0NaT-S"!6=H:;*!(!H;<!*/!<+6;@8!(!),/.+66!9/,!,+:/?(2!/9!6=29=,!9,/:!(! MO$:+*,;.$*/8$)+,$<(1! @(6! 6*,+(:! A_R! 4*[! UM0! (8<! &R! 4*[! "XMB! =6;8@! *'+! :/<;9;+<! "2(=6!),/.+66!<+6.,;H+<!H+2/4D!!7'+!),;8.;)(2!,+(.*;/86!(,+Z!
!7'+!UM0!$!"XM!@(6!;6!(*!O%<"!(8<!&DIM!H(,(D!!3;8+*1$9;?+!)+,.+8*!/9!*'+!UM0!;6!./8?+,*+<!*/!6=29=,D!7'+!6=29=,!,+./?+,1!616*+:!;6!*/!H+!;86*(22+<!;8!U/=6*/8F!7+>(6D!!7'+!:/<;9;+<$"2(=6!),/.+66!*1);.(221!=6+6!(;,!(6!;*6!/>1@+8!6/=,.+D!U/4+?+,F!XM!$+8,;.'+<!(;,!:(1!),/?;<+!(!:/,+!+./8/:;.(2!(2*+,8(*;?+D!i/=,!./:)(81!'(6!<+.;<+<!*/!;8?+6*;@(*+!*',++!(2*+,8(*;?+!<+6;@86F!+(.'!=6;8@!*'+!:/<;9;+<$"2(=6!),/.+66F!H=*!4;*'!<;99+,+8*!/>1@+8!6/=,.+6Z!!."!! K:H;+8*!(;,!!!3"!! XM$+8,;.'+<!(;,!=6;8@!(!:+:H,(8+!!!R"!! XM$+8,;.'+<!(;,!=6;8@!?(.==:!64;8@!(<6/,)*;/8!Aq0KB!!
!
"#$K$EE$JM!
7'+!./:)(81!,+P=+6*;8@!*'+!H;<!'(6!6*;)=2(*+<!*'(*!(!./:)(,;6/8!/9!*'+!*',++!(2*+,8(*;?+6F!(6!4+22!(6!(!9=22!<+6;@8!/9!*'+!:/6*!+./8/:;.(2!),/.+66F!H+!6=H:;**+<D!!E89/,:(*;/8!/8!*'+!:/<;9;+<$"2(=6!),/.+66!;6!(?(;2(H2+!;8!*'+!2;*+,(*=,+D!!E89/,:(*;/8!9/,!*'+!<+6;@8!/9!*'+!:+:H,(8+!(8<!q0K!),/.+66+6!4;22!H+!6=))2;+<!H1!](,5!`;22(,+22(!(*!1/=,!,+P=+6*D!!8'3'/'04'N!!!b+/,@+F!sD]DF!l-+@+8+,(*;/8!`,/.+66!9/,!`/;6/8+<!"2(=6!K2=:;8(!"(*(216*Fm!ND0D!`(*+8*!QF&%OF%MO!Aj(8=(,1!&JF!&_%RBD!!!b/(,F!LDbDF!l7;@'*+,!"/8*,/2!/9!"2(=6!`2(8*6!3++<+<!H1!7b"N!016*+:Fm!W%;)5&()95,)\EF!&OQ$&OI!AK=@=6*!MMF!&_IIBD!!!b/(,F!LDbDF! l"=,,+8*!"2(=6!7(;2!b(6!"2+(8$=)!`,/.+66+6Fm!0+"!''(%&B,)"*) 6-')aj6-)Q&&>5;)90Q)8"&?'&6%"&F!3+4!X,2+(86F!aK!A](,.'!MR$MMF!&_I%BD!!!h+,,F!-DhDF!(8<!SD]D!L+,2;+F!l7'+!"2(=6!`,/.+66!:<!-+(.*;/8!T=,8(.+fL=,8+,!X)+,(*;/8Fm!Z&'+B:)0+"!',,%&BN85&5(5!A](1$j=8+!&_IIBD!!!h;,5$X*':+,F!Z&!:!;"4'(%5) "*) 8-'#%!5;) 2'!-&";"B:F! M8<! +<DF!q/2D! &_F!\;2+1$E8*+,6.;+8.+F!3+4!i/,5!A&_G_BD!!!h8;@'*F! \D`DF! lS?(2=(*+! \(6*+! U+(*! 0*+(:! b+8+,(*/,6Fm! 1:(+"!5+$"&) 0+"!',,%&BF! MQ%$MJM!A0+)*+:H+,!&_G%BD!!!h8;@'*F!\D`DF!lE:),/?+!0=2)'=,!"/8<+86+,6Fm!1:(+"!5+$"&)0+"!',,%&BF!MO_$MQ&!A](1!&_I%BD!!!h=85+2F! aDqDF! lb`K! UM0! -+:/?(2! `(8+2! $! `(,*! OF! "2(=6! `,/.+66! E:),/?+:+8*6! ;8! 0=2)'=,!-+./?+,1Fm!W%;)5&()95,)\DF!_M$__!AK=@=6*!IF!&_I%BD!!!3/,:(8F!\D0DF! l7'+,+!K,+!\(16! */!0://*'+,!X)+,(*;/8! /9!0=2)'=,!`2(8*6Fm!0+"!''(%&B,) "*) 6-')95,)8"&(%6%"&%&B)8"&*'+'&!'F!3/,:(8F!Xh!A](,.'!&_IGBD!!!`(,8+22F!#D"DF!l"2(=6!0=2)'=,!-+./?+,1!N8;*!0*(,*$=)6Fm!8-'#E)Z&BE)0+"BDF!WY!A%B!AK=@=6*!&_IOBD!!!`(65(22F! UDbDF! (8<! jDKD! 0(:+6F! lX)*;:;C;8@! "2(=6! 0=2)'=,! `2(8*! X)+,(*;/86Fm! G>;4->+) klF@)0+"!''(%&B,)"*)6-')X&6'+&56%"&5;)8"&*'+'&!'F!a/8</8!A3/?+:H+,!&_%MBD!!)`+(,6/8F!l#+?+2/):+8*6!;8!"2(=6!"(*(216*6=m)1:(+"!5+$"&!`,/.+66;8@!AT+H,=(,1!&_IOBD!!!0*+,8F!KDF!Q%+)0";;>6%"&)D";>#')XXXF!M8<!+<DF!)D!GGRF!K.(<+:;.!`,+66F!3+4!i/,5!A&_G%BD!!!\,;@'*F! -D#DF! (8<! jD\D! 0*,(8@+F! l]/<;9;+<! 0=2)'=,$-+./?+,1! `,/.+66! ]++*6! K;,$p=(2;*1!-+@=2(*;/86Fm!W%;)5&()95,)\DF!__$&RM!AT+H,=(,1!MMF!&_I%BD! $
"#$K$EE$JO!
5]++"X"T$ )LBPC:@=PL$-;:Q$):=?@:B$$ `("$0:F>@?$&>Nc>@E$(=[P@:=>hE$'L=KL@A$.YYUa$$O#4P;/920R(!K! ),;:(,1! @(6+/=6! (;,! )/22=*(8*! 9,/:! ./:H=6*;/8! 6/=,.+6! 6=.'! (6! )/4+,! )2(8*6! ;6! />;<+6! /9!8;*,/@+8! A3X>BD! ! 0;8.+! 3X>! ;6! (! 58/48! ),+.=,6/,! */! /C/8+! 9/,:(*;/8F! *'+! "2+(8! K;,! K.*!K:+8<:+8*6!/9!&__R!.(22!9/,!,+<=.*;/8!/9!3X>!9,/:!.+,*(;8!9(.;2;*;+6!*',/=@'/=*!*'+!N8;*+<!0*(*+6D!!i/=! (,+! (! ),/V+.*! +8@;8++,! 9/,! (8! ;8<+)+8<+8*! )/4+,! ),/<=.+,! ;8! "(2;9/,8;(D! ! 7'+! 6*(*+! '(6!:(8<(*+<!*'(*!1/=,!./:)(81!,+<=.+!3X>!+:;66;/86!9,/:!1/=,!a/6!K8@+2+6!9(.;2;*1!H1!MRR!*/86!)+,!1+(,D!!7'+!aK!9(.;2;*1!.=,,+8*21!/)+,(*+6!*4/!=8;*6F!(!MJ$]\!./:H=6*;/8!*=,H;8+!(8<!(!6+*!/9!9/=,!O$]\!A&M! ]\! */*(2B! <;+6+2! +8@;8+6D! 7'+! <;+6+2! +8@;8+6! 6'(,+! (! ./::/8! +>'(=6*! 6*,+(:D! ! 7'+! 3X>!,+<=.*;/8!.(8!./:+!9,/:!+;*'+,!=8;*!/,!H/*'D!!i/=!(,+!*/!<+6;@8!*'+!3X>!,+:/?(2!616*+:!9/,!+(.'!=8;*!(8<!<+*+,:;8+!4';.'!/9!*'+!*4/!616*+:6!;6!*'+!:/6*!./6*!+99+.*;?+!9/,!3X>!,+:/?(2D!!7'+!),;:(,1!9/,:!/9!3X>!9/,!(!./:H=6*;/8!6/=,.+!;6!8;*,;.!/>;<+!A3XBD!!7'+!3X>!,+:/?(2!616*+:!*/!H+!./86;<+,+<!;6!0+2+.*;?+!"(*(21*;.!-+<=.*;/8!A0"-BD!!
,68(,.N-'$(O#4P;/920R($0"-!,+:/?+6!3X>!H1!,+(.*;8@!;*!4;*'!@(6+/=6!(::/8;(!A3UOB!(*!(H/=*!IRR{T!;8!*'+!),+6+8.+!/9!(!.(*(216*!(../,<;8@!*/!*'+!,+(.*;/8Z!!
Q!3X! W !Q 3UO W XM + Q 3M W G UMX!!
W:0'-:4N(!7'+! ,(*+! /9! ,+(.*;/8! ;6! 9;,6*! /,<+,! ;8!3X>! (8<! *'+! /?+,(22! ())(,+8*! ,(*+! ./86*(8*! A./:H;8(*;/8! /9!:(66!*,(869+,!(8<!,+(.*;/8!,(*+B!;6!QOFRRR!&f',!(*!IRR{TD!!K!*1);.(2!0"-!616*+:!'(6!9/=,!:(V/,!./:)/8+8*6Z!!�! K!2;P=;<!(::/8;(!6*/,(@+!*(85!�! K8!(::/8;(!?()/,;C+,!�! K8!(::/8;(!;8V+.*;/8!@,;<!A*/!+?+821!<;6)+,6+!*'+!3UO!(.,/66!*'+!<=.*B!�! K!.(*(216*!!7'+! (::/8;(! ;8V+.*;/8! @,;<!:=6*! H+! <+6;@8+<! */! +?+821! <;6*,;H=*+! *'+! (::/8;(! (.,/66! *'+! <=.*!4;*'/=*!,+6*,;.*;8@!92/4D!!0;8.+!3X!./8.+8*,(*;/86!?(,1!(.,/66!*'+!<=.*F!*'+!(::/8;(!;8V+.*;/8!@,;<!:=6*!(26/!H+!<+6;@8+<!6=.'!*'(*!(::/8;(!;8V+.*;/8!.(8!H+!(<V=6*+<!*/!:(*.'!*'+!3X!./8.+8*,(*;/86!(.,/66!*'+!<=.*!/9!*'+!+>'(=6*!616*+:D!
"#$K$EE$JQ!
!0+?+,(2! *1)+6! /9! .(*(216*6! (,+! =6+<! 9/,! 0"-D! ! 7'+! .(*(216*! 9/,! *';6! <+6;@8! ;6! (8! +>*,=<+<F! 6P=(,+!);*.'+<!'/:/@+8+/=6!.(*(216*D!!K!6.'+:(*;.!/9!(!.(*(216*!H,;.5!;6!@;?+8!;8!*'+!9;@=,+D!!!$
G!;8D
G!;8D
(
H
);*.'
!!
T;@=,+! !!!0"-!"(*(216*!L,;.5!
7'+!.(*(216*!H,;.56!(,+!G!H1!G!;8.'+6!(8<!.(8!H+!.=*!=)!*/!O!9++*!;8!2+8@*'D!!"(*(216*!H,;.56!(,+!*'+8!(,,(8@+<!6;<+!H1!6;<+!(8<!9,/8*!*/!H(.5!(6!8+.+66(,1!*/!(.';+?+!*'+!<+6;,+<!<;:+86;/86D!!7'+!),+66=,+!<,/)!/?+,!*'+!.(*(216*!;6!@;?+8!H1Z!!
#`! g !9!a!?MRQ -
!
!4'+,+F!
9! g !JI! &! W !RDRQQJ!
M!-a
$3)3
%3*3!-+
$3)3
%3*3
RDJ
-+!
<9$'04&#-2/'(!a! */*(2!2+8@*'!/9!*'+!.(*(216*!;8!*'+!,+(.*/,!A+D@D!9/,!M!6*(.56!/9!O$9*$2/8@!H,;.56!a!g!G!9*B!(! 4(22!*';.58+66!A6++!*'+!9;@=,+B!H! /)+8!.'(88+2!4;<*'!A6++!*'+!9;@=,+B!Q! ?/;<(@+!g!HMfAHW(BM!A,+9+,!*/!*'+!9;@=,+B!9! 9,;.*;/8!9(.*/,!R! @(6!<+86;*1!-! '1<,(=2;.!,(<;=6!/9!.(*(216*!.'(88+2!AM!>!.'(88+2!.,/66!6+.*;/8f4+**+<!)+,;:+*+,B!?! @(6!?+2/.;*1!;8!*'+!.(*(216*!.'(88+2!-+! -+18/2<6!8=:H+,!!$T'N:;0(,%'4:3:4#-:90N(!`(,*! /9! 1/=,! (66;@8:+8*! ;6! */! <+6;@8! *'+! (::/8;(! ;8V+.*;/8! @,;<F! .(*(216*! (8<! .(*(216*! '/=6;8@D!!0)+.;91! *'+! 8=:H+,! (8<! (,,(8@+:+8*! /9! .(*(216*! H,;.56! (8<! */*(2! .(*(216*!?/2=:+D! !7'+!(::/8;(!
"#$K$EE$JJ!
;8V+.*;/8!@,;<! ;6!./:)/6+<!/9!(!6+,;+6!/9!);)+6!4;*'!'/2+6!/,!8/CC2+6! */! ;8V+.*! *'+!3UOD! !h++)! ;8!:;8<!*'(*!*'+!@,;<!6'/=2<!H+!<+6;@8+<!*/!+?+821!<;6*,;H=*+!*'+!3UO!(.,/66!*'+!<=.*!(8<!H+!92+>;H2+!+8/=@'!*/!(<V=6*!*/!:(*.'!3X!./8.+8*,(*;/8!?(,;(*;/86D!!"/:)(,+! *'+! ./6*! /9! *'+! *4/! =8;*6! */! <+*+,:;8+! 4';.'! ;6! *'+! +./8/:;.! .'/;.+D! ! "/:)(,+! H/*'!.();*(2! ./6*6! (8<!3UO! ./86=:)*;/8! /?+,! (! &R$1+(,! .(*(216*! 2;9+! (8<! *'+! ;8.,+:+8*(2! ./6*! /8! *'+!)/4+,!@+8+,(*+<D!
!7'+!*=,H;8+!(8<!+8@;8+!6)+.;9;.(*;/86!(,+!(6!9/22/46Z!!
! ):;FKZ?P:=$*K@FP=>$ 1P>Z>B$6>=>@L?:@$`.$:C$Ta$`/4+,!X=*)=*! MJ!]\! O!]\!T=+2! 3(*=,(2!b(6! #;+6+2!S>'(=6*!T2/4! %FRRRFRRR!0"TU! GRRFRRR!0"TU!S8@;8+!X=*2+*!7+:)+,(*=,+! _GR{T! %JR{T!3X>!S:;66;/86! &JR!)):! MDR!@f5\',!](>D!`,+66=,+!#,/)! J!;8D!UMX! J!;8D!UMX!
`,+66=,+!#,/)!"/6*! vMJFRRRf;8D!UMX!)+,!1,! 8/8+!! ! !K8'1<,/=6!3UO!"/6*! &IR!vf*/8! !T2=+!b(6!"/:)/6;*;/8! ! !3M! IOD&_!?/2[! !XM! &ODQR!?/2[! !"XM! ODQR!?/2[! !UMX! &R!?/2[! !0XM! &R!)):?! !"X! MJ!)):?! !3X>! (6!.(2.=2(*+<! !!!
"(*(216*!`(,(:+*+,6! ! !`;*.'! JD_!::! !\(22!7';.58+66! &DR!::! !"(*(216*!"/6*! ORR!vf9*O! !X)+,(*;8@!7+:)+,(*=,+! IRR!�!JR{T! !
!$$
"#$K$EE$JG!
5]++"X"U$ e>@:$(;PZZP:=Z$$ `J"$MPB>Z$'KBPL=E$1K8:=?E$'L=KL@A$.YY.a$$T/,!:(81!1+(,6!1/=,!)2(8*!/8!*'+!7+>(6!b=29!"/(6*!'(6!),/<=.+<!*+*,('1<,/9=,(8!A7UTB!9/,!=6+!(6!(!618*'+*;.!9;H+,!;8*+,:+<;(*+D!!7'+!,+(.*;/8!;6!.(,,;+<!/=*!;8!4(*+,!6/2=*;/8F!),/<=.;8@!(!.,=<+!7UT!4';.'!(26/!./8*(;86!2/4+,!(2;)'(*;.!(2./'/26!(6!H1),/<=.*6!)2=6!6/:+!@(::($H=*1,/2(.*/8+!AbLaBF!4';.'!;6!(8!=8,+(.*+<!;8*+,:+<;(*+D!!7'+!7UT!;6!)=,;9;+<!;8!(!*',++$./2=:8!<;6*;22(*;/8!*,(;8D!!7'+!;:)=,;*;+6!'(?+!H++8!;8.;8+,(*+<!/,!6+8*!4;*'!*'+!4(*+,!*/!*'+!H;/2/@;.(2!+992=+8*!*,+(*:+8*!616*+:D!!! a(6*!4++5!A4;*'/=*!./86=2*;8@!*'+!*+.'8;.(2!6*(99B!1/=,!./:)(81�6!L/(,<!/9!#;,+.*/,6!;66=+<!(!),+66!,+2+(6+!6*(*;8@!*'(*!*'+!)2(8*!;6!*/!H+!./8?+,*+<!*/!(!~s+,/!S:;66;/86~!/)+,(*;/8!H1!j(8=(,1!&F!&__QD!!i/=,!H/66F!*'+!"';+9!S8@;8++,F!),(.*;.(221!'(<!(!./,/8(,1!/8!*'+!6)/*F!H=*!'+!,+./?+,+<!;8!*;:+!*/!(66;@8!*'+!V/H!*/!1/=,!*+(:D!!U+!(26/!6.'+<=2+<!1/=!*/!:(5+!(!),+6+8*(*;/8!*/!*'+!L/(,<!/9!#;,+.*/,6!/8!K),;2!ORF! */!/=*2;8+!1/=,!,+./::+8<(*;/86!(8<!),+6+8*!*'+!+./8/:;.6!/9!*'+!?(,;/=6!)/66;H2+!6/2=*;/86D!!E8!),(.*;.(2!*+,:6!1/=,!V/H!;6!*/!,+<=.+!+:;66;/86!*/!*'+!2/4+6*!)/66;H2+!2+?+2F!H=*!*/!</!;*!;8!*'+!:/6*!./6*$+99+.*;?+!:(88+,D!!! 0/:+!/9!*'+!@,/=8<!,=2+6!(,+Z!!�! 7'+!*',++!+>;6*;8@!./2=:86!(,+!8/*!*/!H+!:/<;9;+<D!!�! T2=+@(6! ;6! ./86;<+,+<! */! H+! (8! +:;66;/8! A@,++8'/=6+! +99+.*BF! 6/! ;8.;8+,(*;/8! ;6! 8/*!
(..+)*(H2+D!!�! 7'+!.//2;8@!*/4+,!;6!8/*!;8.2=<+<!;8!*'+!s+,/!S:;66;/86!+8?+2/)+D!!�! 7'+!H;/2/@;.(2!*,+(*:+8*!616*+:!;6!8/*!(8!(..+)*(H2+!6/2=*;/8!9/,!*'+!4(6*+!4(*+,D!!! E9!1/=!.(8�*!H=,8!;*!(8<!.(8�*!<;6.'(,@+!;*F!4'(*!.(8!1/=!</!4;*'!;*e!!! K! 2/.(2! 6/2?+8*! 6=))2;+,! '(6! /99+,+<! */! H=1! (81! /9! *'+! (2./'/26! 4';.'! :++*! *'+! )=,;*1!6)+.;9;.(*;/86!6'/48!H+2/4D!!U+!'(6!P=/*+<!*'+!9/22/4;8@!),;.+6!9/,!*(85!*,=.5!P=(8*;*;+6Z!!! ! __D%[!]+*'(8/2! &&�f2H! ! __DJ[!`,/)(8/2! M_�f2H!! ! __DI[!S*'(8/2!! M_�f2H! ! __D_[!L=*(8/2!! JQ�f2H!!K6!(8!(2*+,8(*;?+F!(81!:;>*=,+!/9!(2./'/26!.(8!H+!6/2<!(6!(!@(6/2;8+!(<<;*;?+!9/,!_�f2HF!(6!2/8@!(6!;*!./8*(;86!8/!:/,+!*'(8!RDJ[!A4*B!4(*+,D!!! 7UT!.(8!H+!,+.1.2+<!*/!*'+!.,=<+!7UT!*(85!(*!(8!/)+,(*;8@!./6*!6(?;8@6!/9!MJ�f2HF!(8<!bLa!.(8!H+!,+.1.2+<!*/!(8!+(,2;+,!6*+)!;8!*'+!),/.+66!(*!(!6(?;8@6!/9!&J�f2HD!!K81!4(*+,!(8<!;:)=,;*;+6!4';.'! (../:)(81! *'+6+! ,+.1.2+6!:=6*! H+! ,+),/.+66+<! *',/=@'! *'+!<;6*;22(*;/8! *,(;8F! H=*! 1/=!:(1!(66=:+!*'+!+>;6*;8@!./2=:86!.(8!'(8<2+!*';6D!!! \(6*+!4(*+,!.(8!H+!=6+<!(6!.//2;8@!*/4+,!:(5+=)F!(6!2/8@!(6!;*6!/,@(8;.!./8*+8*!;6!H+2/4!JR!)):4D!!E*!4;22!,+)2(.+!,(4!4(*+,!(*!(!),;.+!/9!OJ�f]@(2D!
"#$K$EE$JI!
!! 7'+!4(6*+!6*,+(:6!1/=!:=6*!<+(2!4;*'!(,+!A2Hf',BZ!!! ! ! ! ! 9LZ?>$.$ 9LZ?>$3$!! \(*+,! MRF%RR! R!! 7UT! &&! %O!! bLa! O%J! R!! ]+*'(8/2! R! &O!! S*'(8/2! R! GO!! `,/)(8/2! OG&! _R!! L=*(8/2! JJG! O!!! L;8(,1!(.*;?;*1!./+99;.;+8*!<(*(!9/,!*'+6+!./:)/=8<6!(,+!(?(;2(H2+D!!!! 7'+!9/22/4;8@!=*;2;*;+6!(,+!(?(;2(H2+!9/,!1/=,!=6+Z!!
&JR!)6;@!6*+(:F!<,1!k!6(*=,(*+<F!z!vODMJ!)+,!]2HD!JR!)6;@!6*+(:F!<,1!k!6(*=,(*+<F!z!vMD_J!)+,!]2HD!S2+.*,;.;*1!z!JDG�f5\',!"//2;8@!7/4+,!\(*+,!AOR�"B!z!J�f]@(2!
$$5]++"X"W$ ,:BL?PB>$%@QL=PN$):;<:K=D$5FL?>;>=?$$ `("$0:F>@?$&>Nc>@E$(=[P@:=>hE$'L=KL@A$.YYTa$$7'+!&__R!"2+(8!K;,!K.*!,+P=;,+6!*'+!,+<=.*;/8!/9!?/2(*;2+!/,@(8;.!./:)/=8<!AqX"B!+:;66;/86D!!K22!qX"!+:;66;/8!6/=,.+6!/9!&R!*/86f1+(,!/,!@,+(*+,!(,+!,+P=;,+<!*/!,+*,/9;*!(H(*+:+8*!),/.+66+6!=6;8@!*'+!H+6*!(?(;2(H2+!./8*,/2!*+.'8/2/@1!ALK"7BD!!!K!)(;8*! 6),(1;8@!)2(8*!+:;*6!qX"6!9,/:!*'+!?+8*!/9! ;*6!)(;8*!6),(1!H//*'6D! !7'+!6*,+(:!./8*(;86!),;:(,;21! */2=+8+F!:+*'12! +*'12! 5+*/8+! A]ShBF! (8<! >12+8+F!4;*'!6:(22! ;:)=,;*;+6!/9! 6;2;./8+! (8<!)'/6)'/,=6D! !7'+! ./8.+8*,(*;/8!/9!qX"6! ;8! *'+!<,1+,! +992=+8*!?(,;+6!H+*4++8!(!:;8;:=:!/9!RDO!4*[!qX"!(8<! (!:(>;:=:!/9!&DM!4*[!qX"!4;*'! (8! ()),/>;:(*+! ./:)/6;*;/8!/9!JR[! */2=+8+F!MJ[!]ShF!(8<!MJ[!>12+8+D!!!i/=!(,+!./::;66;/8+<!H1!*'+!)(;8*;8@!./:)(81!*/!+?(2=(*+!*',++!(2*+,8(*;?+!*+.'8/2/@;+6!9/,!qX"!,+<=.*;/8Z!*'+,:(2!;8.;8+,(*;/8F!.(*(21*;.!;8.;8+,(*;/8F!(8<!.(,H/8!(<6/,)*;/8!/9!*'+!qX"6!9/22/4+<!H1!<+6*,=.*;/8D!K!8+(,H1!H/**2+!4(6';8@!)2(8*!.(8!=6+!2/4$P=(2;*1!6*+(:D!!#+6;@8!(8!+:;66;/8!./8*,/2!)2(8*!9/,!JRFRRR!6.9:!/9!?+8*!@(6!(*!&RR<T!(8<!MJ[!,+2(*;?+!'=:;<;*1!9/,!__[!,+:/?(2D! !7'+!)2(8*!;6!2/.(*+<!;8!#+(,H/,8F!];.';@(8F!(8<!*'+!)(;8*!6),(1!H//*'6!/)+,(*+!/8! (! 6;8@2+! &M$'/=,! 6';9*! )+,! <(1D! ! E8.2=<+! *'+! 8+.+66(,1! 6*(,*$=)! ./8*,/26D! 7'+! (?(;2(H2+! 9=+2! ;6!8(*=,(2! @(6! /,!/;2D!"(2.=2(*+! *'+! .();*(2! (8<!/)+,(*;8@! ./6*! (8<! *'+!vf2H!/,! */8!/9!qX"! ,+:/?+<D!"/:)(,+!*'+!*',++!),/.+66+6!(8<!,+./::+8<!4';.'!;6!:/6*!6=;*(H2+!9/,!*';6!())2;.(*;/8D!$
"#$K$EE$J%!
$5]++"X"X$ 0>N:[>@A$L=D$8K@PCPNL?P:=$:C$7J)$FA$1PZ?PBBL?P:=$$ `0LB<H$/"$MPBB>@E$1K8:=?E$'L=KL@A$.YYXa$$i/=,!./:)(81F!LEb$#!"US]E"Ka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i/=,! 8+4! V/H! 4;*'! LEb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f)=,;9;.(*;/8!),/.+66! ;6Z!UT"$&MJ! !JFRRR!))'F!"T"$&&J!!JRR!))'F!U"2!!MFRRR!))'!A(?(;2(H2+!(6!(!6(*=,(*+<!?()/,!(*!MIJ!)6;@BD!7'+!9++<6*/.5!?(2=+!/9!*';6!6*,+(:!;6!vMDJRf2HD!!7'+!?(2=+6!/9!*'+!?(,;/=6!),/<=.*!(8<!H1),/<=.*!6*,+(:6!(,+!(6!9/22/46Z!!
UT"$&MJ!),/<=.*!A&RR!)):!/,@(8;.6F!&R!)):!U"2B!! vJDRRf2H!UT"$&MJ!;8!"T"$&&J!,+.1.2+!! !!ODJRf2H!-+.1.2+!"T"$&&J!! !!MDJRf2H!K8'1<,/=6!U"2!Ad&R!)):!/,@(8;.6B!! !!RD&Jf2H!KP=+/=6!U"2!Ad&RR!)):!/,@(8;.6B!! !!RDRMf2H!
!7'+! 9/22/4;8@! =*;2;*;+6! (8<! 6+,?;.+6!4;22! H+! (?(;2(H2+! (6f4'+8! 8++<+<! (*! *'+! H(**+,1! 2;:;*6! /9! *'+!8+4!)=,;9;.(*;/8!9(.;2;*1D!!"/6*6!(,+!;8!&__I!</22(,6D!!
"//2;8@!*/4+,!4(*+,!! vRDR_f&FRRR!@(2!! |&!
"#$K$EE$J_!
&JR$)6;@!6*+(:!!! vJDRRf&FRRR!2H!!! |&!JR$)6;@!6*+(:!!! vQDRRf&FRRR!2H!!! |&!"//2;8@!*/4+,!4(*+,!!! vRDR_f&FRRR!@(2!!! |&!-(4!4(*+,!:(5+=)!!! vRDJJf&FRRR!@(2!!! |&!!!!!!!!!$MJ<"!-+9,;@+,(*;/8!!! vRD&Mf',f*/8!!! ! |M!!$QJ<"!-+9,;@+,(*;/8!!! vRDMRf',f*/8!!! ! |M!!!!!!!!!!!!!!!S2+.*,;.;*1!!! vRDRGJf5\',!!!! |&!
!|&!!E8.2=<+6!(22/.(*+<!;8?+6*:+8*D!!|M! E8.2=<+6! ';'!6+%!5;! ./6*6! 9/,! ./:),+66/,6! (8<! .;,.=2(*;8@! )=:)6D! "/6*6! 9/,! ,+P=;,+<!.//2;8@!4(*+,!/,!(22/.(*+<!;8?+6*:+8*!(,+!&"6!;8.2=<+<D!"/:),+66;/8!,+P=;,+:+8*6Z!$MJ!<"!-+9,;@D!g!MDQ!U)f*/8^!$QJ<"!-+9,;@D!g!ODG!U)f*/8D!!
!LEb$#�6!92=/,/.'+:;.(26!9(.;2;*1!;6!2/.(*+<!/8!*'+!ND0D!b=29!"/(6*D!!7'+!8+4!)2(8*!4;22!H+!6;*=(*+<!(<V(.+8*!*/!(8!+>;6*;8@!92=/,/.'+:;.(26!:(8=9(.*=,;8@!)2(8*!(8<!4;22!6'(,+!6/:+!./::/8!9(.;2;*;+6!A;D+DF!./8*,/2! ,//:F!:(;8*+8(8.+!6'/)6F! *+.'8;.(2!/99;.+!H=;2<;8@F!+*.DBD! !0*/,(@+!9(.;2;*;+6!'/%,6)9/,!H/*'!(8'1<,/=6!(8<!(P=+/=6!U"2D!!S>.+)*!9/,!*'+!(H/?+F!(22!+P=;):+8*!4;22!H+!&'<!A;D+DF!*'+,+!;6!8/!=6+<f+>;6*;8@!+P=;):+8*!(?(;2(H2+!9/,!1/=,!=6+BD!i/=!.(8!(66=:+!(8!/)+,(*;8@!=*;2;*1!/9!%J[!AIFQQG!'/=,6!)+,!1+(,B!9/,!H/*'!8+4!(8<!+>;6*;8@!9(.;2;*;+6D!!"T"$&&J! A8H)! g! $O_D&<"B! (8<! UT"$&MJ! A8H)! g! $Q%D&<"B! .(8! H+! ,+:/?+<! 9,/:! U"2! A8H)! g! $IIDJ<"B!H1!!"&?'&6%"&5;)<;6*;22(*;/8^!*';6!),/.+66!;6!+8+,@1!;8*+86;?+!(8<!,+P=;,+6!2/4!*+:)+,(*=,+6F!H=*! ;*!'(6!H++8!('#"&,6+56'(! ;8! *'+! 2(H/,(*/,1D! !LEb$#�6! ,+6+(,.'!)+/)2+!'(?+!H++8!?+,1!.,+(*;?+!(8<! '(?+! (26/! <+?+2/)+<! (8! +>*,(.*;?+! <;6*;22(*;/8! ),/.+66! 9/,! ,+./?+,;8@! UT"$&MJ! (8<! :(5;8@!';@'$)=,;*1!(8'1<,/=6!U"2D! !7'+!+>*,(.*;?+!<;6*;22(*;/8!),/.+66! ,+P=;,+6!:/,+!+P=;):+8*!H=*!=6+6!2+66! +8+,@1D! ! `/*+8*;(2! +>*,(.*(8*6! (,+!U"T"$&MO! A"TO$"U"2MBF!4';.'! ;6! ?(2=+<! (*! vODRRf2HF! (8<!U"T"$&MQ! A"TO$"U"2TBF! 4';.'! ;6! ?(2=+<! (*! vODJRf2HD! ! 7'+6+!:(*+,;(26! (,+! (?(;2(H2+! /8! 6;*+! (6!),+66=,;C+<!2;P=;<6!(*!&R<"!(8<!&RR!)6;@D!!i/=,! (66;@8:+8*! ;6! */! <+?+2/)! $"6-! ./8?+8*;/8(2! (8<! +>*,(.*;?+! <;6*;22(*;/8! ),/.+66+6! 9/,!,+./?+,;8@!UT"$&MJ!(8<!U"2!9,/:!*'+!6)+.;9;+<!9++<!:;>*=,+D!!i/=!4;22!8++<!*/!<+?+2/)!/)*;:=:!92/4! 6'++*6F! 6;C+! (8<! ./6*! +P=;):+8*! 9/,! +(.'! .(6+F! (8<! ./:)(,+! *'+! +./8/:;.6! /9! *'+! *4/!),/.+66+6D!!i/=,!92/4!6'++*6!6'/=2<!;8.2=<+!+8+,@1!,+./?+,1!A'+(*!;8*+@,(*;/8B!(6!()),/),;(*+D!!i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
!MD! !X8! *'+!ND0D!b=29!"/(6*F! .//2;8@! */4+,6!4;22! ,>44;:!4(*+,! (*! (H/=*!O&<"! ;8! *'+! 6=::+,*;:+D!!7';6!6'/=2<!H+!*'+!<+6;@8!H(6;6!9/,!(81!4(*+,$.//2+<!./8<+86+,6!/,!'+(*!+>.'(8@+,6D!!7'+!"7\!
"#$K$EE$GR!
6=))21!*+:)+,(*=,+!;6!(H/=*!&R<"!<=,;8@!*'+!./2<+6*!:/8*'6D!!"7\!;6!';@'!;8!.'2/,;<+6!A<=+!*/!+?()/,(*;/8B!(8<!;6!P=;*+!./,,/6;?+D!!
!OD! ! 7'+! 2(,@+6*! <;6*;22(*;/8! ./2=:8! /8! *'+! )2(8*! 6;*+! ;6! &JR! 9*! *(22D! E*! 4(6! <+6;@8+<! H1! *'+! `2(8*!](8(@+,! 4'+8! '+! 4(6! (! V=8;/,! +8@;8++,! (! 8=:H+,! /9! 1+(,6! (@/D! U+! ;6! P=;*+! ),/=<! /9! *';6!./2=:8F!(8<!'+!/9*+8!)/;8*6!;*!/=*!*/!8+4!?;6;*/,6!*/!*'+!6;*+D!i/=!),/H(H21!</8�*!4(8*!*/!.'(8@+!*';6!A/,!';6!9++2;8@6!(H/=*!1/=BD!!!
!QD! ! E9! (81! /9! *'+! 8+4! ),/.+66! 6*+)6! /)+,(*+! =8<+,! ?(.==:F! 1/=! 6'/=2<! (66=:+! *'+,+!4;22! H+! (;,!2+(5(@+!;8*/!*'+!),/.+66D!!\';2+!*';6!;6!8/*!(!6(9+*1!'(C(,<F!1/=!4;22!8++<!*/!;8.2=<+!9(.;2;*;+6!*/!,+:/?+!;8+,*6!9,/:!*'+!UT"$&MJ!),/<=.*D!!
!JD! !`=,;*1! ,+P=;,+:+8*6! 9/,! *'+!8+4!UT"!),/<=.*6!(,+!:=.'!:/,+!6*,;8@+8*! *'(8! 9/,!1/=,!.=,,+8*!"T"!),/<=.*6D! !K6!(!,+6=2*F!(8(21*;.(2!*+.'8;P=+6!'(?+!&"6):'6)$''&)*>;;:)('?';"4'(! */!(8(21C+!9/,! 2/4!2+?+26!/9!6/:+! *,(.+!;:)=,;*;+6D! !LEb$#�6!(8(21*;.(2!.'+:;6*6!(,+!.=,,+8*21!4/,5;8@!*/!<+?+2/)!:/,+!6+86;*;?+!(8(21*;.(2!:+*'/<6!*/!;<+8*;91!/*'+,!;:)=,;*;+6D!!
!GD!!!7'+,:/<18(:;.6f)'16;.(2! ),/)+,*1! ;89/,:(*;/8! 4;22! H+! ),/?;<+<! 9/,! *'+! .'+:;.(2! 6)+.;+6!4';.'!(,+!8/*!(?(;2(H2+!;8!1/=,!6;:=2(*/,�6!<(*(H(6+D!
!8'3'/'04'!!l`,/.+66!9/,!0+)(,(*;8@!U"2!(8<!U(2/.(,H/86Fm!ND0D!`(*+8*!JFQM&F_GQF!(66;@8+<!*/!SDED!#=`/8*!<+!3+:/=,6!(8<!"/:)(81F!\;2:;8@*/8F!#S!Aj=8+!GF!&__JBD!
$5]++"X"!$ )L@F:=$1P:hPD>$JPhL?P:=$FA$MPN@:LBQL>$C:@$MP?PQL?P=Q$?H>$6@>>=H:KZ>$(CC>N?$$ `0:F>@?$M"$&KZNH>E$&P:]>=]Q>=>]>@$5ZZ:NPL?>ZE$'L=KL@A$.YYRa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j()(8F! ];*6=H;6';! U+(?1! E8<=6*,;+6F! a*<DF! (8<! 7/'/5=! S2+.*,;.! "/:)(81F! E8.DF! '(?+! H++8!+>)+,;:+8*;8@!4;*'!*'+!=6+!/9!:;.,/(2@(+!*/!9;>!.(,H/8!<;/>;<+!;8!6*(.5!@(6!9/,!6=H6+P=+8*!,+.1.2+!(6!(!6/2;<!9=+2D!!E8!*';6!),/.+66F!*'+!(2@(+F!Y5&&"!-;"+"4,%,),5;%&5!(8<!0-5'"(5!6:;>#)6+%!"+&>6>#F!(,+!@,/48!;8!6+(!4(*+,!./8*(;8+<!;8!6'(22/4!2(@//86!=8<+,!(8!(*:/6)'+,+!/9!92=+!@(6!./8*(;8;8@!&R!*/!&M[!.(,H/8!<;/>;<+D!!7'+!8=*,;+8*6!3(3XO!9/,!8;*,/@+8!(8<!3(UM`XQ!9/,!)'/6)'/,=6!(,+!(<<+<!;8!6:(22!./8.+8*,(*;/86D!!K9*+,!'(,?+6*;8@F!*'+!:;.,/(2@(+!;6!<,;+<!(8<!,+.1.2+<!*/!*'+!)/4+,!'/=6+!(6!(!6/2;<!9=+2D!!7'+!5;8+*;.6!/9!*'+!),/.+66!4+,+!<+9;8+<!;8!*'+!6*=<1D!!K6!L,(8.'!"';+9!9/,!*'+!#+)(,*:+8*!/9!S8+,@1�6!X99;.+!/9!"(,H/8!#;/>;<+!S:;66;/8!"/8*,/2F!1/=!'(?+!H++8!(65+<!H1!*'+!#+)=*1!0+.,+*(,1!*/!+?(2=(*+!*'+!)/66;H2+!=6+!/9!*';6!()),/(.'!;8!<+6;@8;8@!
"#$K$EE$G&!
*'+!+:;66;/8!./8*,/2!9(.;2;*;+6!9/,!*'+!),/)/6+<!GRR$:+@(4(**!@+8+,(*;8@!6*(*;/8!*/!H+!H=;2*!H+*4++8!a/6!K8@+2+6! (8<! 0(8!#;+@/! */! 6+,?;.+! *'+! +>)(8<;8@! 8++<6! /9! *'+6+! ./::=8;*;+6D! !b/?+,8:+8*!2(8<!.(8!H+!:(<+!(?(;2(H2+!9/,!*';6!)=,)/6+D!!0)+.;9;.(221F!1/=!(,+!(65+<!*/!+?(2=(*+!*'+!./6*!(8<!;8?+6*:+8*!9/,!(8!(2@(+!9(.;2;*1!./:)(,+<!4;*'!*'+! H+6*! (2*+,8(*;?+! /9! 1/=,! .'/;.+! 9/,! ,+<=.;8@! +:;66;/86! H1! JR[D! ! K2*+,8(*;?+! ()),/(.'+6! */!+:;66;/8! ,+<=.*;/8! (,+! +?(2=(*+<! ;8! *'+! 9;,6*! 9/=,! ,+9+,+8.+6D! !i/=,! ./::+8*6! /8! *'+! +99;.(.1!/9!/*'+,! (2*+,8(*;?+6! 4;22! (26/! H+! /9! ;8*+,+6*D! ! -+6=2*6! 6'/=2<! H+! +>),+66+<! ;8! *+,:6! /9! vf5\',! /9!@+8+,(*+<!+2+.*,;.;*1D! !`2+(6+!*+6*! *'+!6+86;*;?;*1!/9!./6*! */!*'+!2+?+26!/9!+:;66;/8!,+<=.*;/8!9/,!*'+!()),/(.'+6!1/=!./86;<+,D!!a;5+4;6+F!6;8.+!*'+!:/6*!+99+.*;?+!4(1!*/!,+<=.+!+:;66;/86!;6!*/!;8.,+(6+!*'+!+8+,@1!+99;.;+8.1!/9!*'+! @+8+,(*;/8! ),/.+66F! )2+(6+! (6.+,*(;8! *'+! )/*+8*;(2! +P=;?(2+8*! ./6*! ,+<=.*;/8! ?;6$($?;6!;:),/?+:+8*6! ;8! +8+,@1! +99;.;+8.1F! (8<! '+8.+F! <+*+,:;8+! *'+! 2;:;*;8@! :;8;:=:! )/4+,! ./6*! (*!&RR[!+99;.;+8.1D! ! E9! <(*(! (,+! (?(;2(H2+! 9/,! *'+!@+8+,(*;/8! 6*(*;/8!=8<+,! +?(2=(*;/8F!<+*+,:;8+! *'+!)+,*;8+8*!)/*+8*;(2!./6*!6(?;8@6!<=+!*/!;:),/?+:+8*6!;8!*'+!+8+,@1!+99;.;+8.1D!!8'3'/'04'N!!!b/2/:HF! #DF! +*! (2DF! lT+(6;H;2;*1F! ]/<+2;8@! (8<! S./8/:;.6! /9! 0+P=+6*+,;8@! `/4+,! `2(8*! "XM!S:;66;/86!;8!*'+!#++)!X.+(8Fm!]E7$Sa!%_$RRO!A#+.+:H+,!&_%_BD!!!U(@@;8F!jDF!l]+*'/<6!*/!-+<=.+!"XM!S:;66;/86!K)),(;6+<Fm!8fZ)Y'<,F!MQ!A0+)*+:H+,!M&F!&__MBD!!!U+,C/@F!UDF!SD]D!#,(5+F! (8<! jD\D!7+6*+,F! l"=,,+8*!0*(*=6! (8<!T=*=,+!#;,+.*;/86!/9!0+P=+6*+,;8@!`/4+,!`2(8*!"XMFm!]E7F!"(:H,;<@+F!]K!A&__MBD!!!U+,C/@F! UDF! #D! b/2/:HF! (8<! 0D! s+:H(F! lT+(6;H;2;*1F!]/<+2;8@F! (8<! S./8/:;.6! /9! 0+P=+6*+,;8@!`/4+,!`2(8*!"XM!S:;66;/86!;8!*'+!#++)!X.+(8Fm!Z&?%+"&E)0+"BE!AT+H,=(,1!&__&BD!!!3+@/,/F!]DF!+*!(2DF!l"(,H/8!#;/>;<+!T;>(*;/8!H1!];.,/(2@(+!`'/*/618*'+6;6!N6;8@!K.*=(2!T2=+!b(6!#;6.'(,@+<! 9,/:! (! L/;2+,Fm! &Q*'! 01:)/6;=:! /8! L;/*+.'8/2/@1! 9/,! T=+26! (8<! "'+:;.(26F!b(*2;8H=,@F!73!A](1!&__MBD! $5]++"X"Y$ 7AD@:Q>=$6>=>@L?P:=$C:@$0>C:@;KBL?>D$6LZ:BP=>$$ `("$0:F>@?$&>Nc>@E$(=[P@:=>hE$'L=KL@A$.YYTa$
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i/=,! ,+6+(,.'! <+)(,*:+8*! '(6! <+?+2/)+<! (! 8+4!
"#$K$EE$GM!
(=*/.(*(21*;.! ,+(.*/,!=6;8@!(;,F!:+*'(8+F!(8<!6*+(:!*'(*!'(6!6/:+!?+,1!<+9;8;*+!(<?(8*(@+6D! !7'+1!(,+Z!!."! -+9;8+,1! =6+!4;22! ,+P=;,+! ';@'$)=,;*1! '1<,/@+8! A__D_[B! */!:;8;:;C+! ;8+,*! H=;2<$=)! ;8! *'+!,+.1.2+! '1<,/@+8(*;/8! ),/.+66+6D! ! E8! *'+! (=*/.(*(21*;.! ),/.+66F! *'+! '1<,/@+8! 6+)(,(*;/8! ;6!:=.'! +(6;+,! *'(8! *'+! 8;*,/@+8$/>1@+8! 6+)(,(*;/8! (8<! ;6! 2+66! +8+,@1! <+:(8<;8@! *'(8! *'+!,+9/,:;8@!/)+,(*;/8!4;*'!6*+(:D!
!3"! 7'+! .(*(21*;.! ),/.+66! /)+,(*+6! (*! (! 2/4+,! *+:)+,(*=,+! *'(8! ;6! ,+P=;,+<! 9/,! *'+! 6*+(:!,+9/,:;8@! A&FRRR�"! (6! ./:)(,+<!4;*'! &FQRR�"! 9/,! *'+!0'+22f7+>(./!),/.+66BD! !]/,+/?+,F!*'+!+P=;):+8*!;6!:=.'!6;:)2+,D!!7'+!),/.+66!.(8!(26/!H+!/)+,(*+<!(*!';@'+,!),+66=,+6F!*'=6!6(?;8@!/8!./:),+66;/8!/9!*'+!),/<=.*!'1<,/@+8D!
!E8! *'+!),/)/6+<!),/.+66F!:+*'(8+F! 6*+(:F!(8<!(;,!(,+!+(.'!),+'+(*+<! */!GRR$IRR�"!(8<!9+<! ;8*/!(!.(*(21*;.! ,+(.*/,! ./8*(;8;8@! (! H+<! /9! ,+9,(.*/,1! 8;.5+2! .(*(216*D! ! E8;*;(2! ./:H=6*;/8! ,+6=2*6! ;8! (!*+:)+,(*=,+!=)!*/!&FRRR�"D!!7'+!@(6!)(66+6!*',/=@'!'+(*!+>.'(8@+!(8<!(!'+(*!,+./?+,1!H/;2+,!H+9/,+!+8*+,;8@! (!:=2*;$6*(@+!"X! 6';9*! ./8?+,*+,D! ! 7'+! @(6! *'+8! )(66+6! *',/=@'! (!"XM!4(6'! */4+,! */! (!.,1/@+8;.!6+)(,(*;/8!=8;*!4'+,+!*'+!'1<,/@+8!;6!6+)(,(*+<!9,/:!*'+!8;*,/@+8F!(,@/8!(8<!:+*'(8+D!!i/=!(,+!,+P=;,+<!*/!),+)(,+!(!),+2;:;8(,1!./6*!+6*;:(*+!9/,!(!)2(8*!*/!),/<=.+!JR!]]!6.9<!__DR[!'1<,/@+8!(*!OR!(*:D!!7'+!9/22/4;8@!<+6;@8!<(*(!6'/=2<!H+!=6+<!9/,!*';6!+?(2=(*;/8D!!UMXf"UQ!9++<!,(*;/!c!MDR!*/!),+?+8*!.(,H/8!9/,:(*;/8!!"X!6';9*!./8?+,6;/8!;6!__[!/9!+P=;2;H,;=:D!!69N-(T#-#($]+*'(8+!A&RR[B!OR!(*:! vMDRRf]6.9!0*+(:!OR!(*:!6(*<D! vGDRRf&FRRR!2H!`/4+,! vRDRIf5\',!"//2;8@!\(*+,!_R�T! vRD&Jf&FRRR!@(2!"(*(216*!./6*! v&RDRRf5@!!!4909$:4(X2:R'&:0'N($K88=(2!+99+.*;?+!;8*+,+6*!,(*+!g!_[f1,!`,/V+.*!2;9+!g!&R!1,!];8;:=:!(..+)*(H2+!;8?+6*/,Y6!,(*+!/9!,+*=,8!AE--B!g!&J[!!6#-#&.N-($7'+!,+9,(.*/,1!8;.5+2!.(*(216*!;6!(!6)'+,;.(2!)+22+*!/9!RDRRJ!:!<;(:+*+,D!!7'+!.(*(216*!H+<!'(6!(!?/;<!9,(.*;/8!/9!RDQ%!(8<!(!H=25!<+86;*1!/9!&MRR!5@f:OD!!7'+!.(*(216*!:=6*!H+!,+)2(.+<!(88=(221D!!W:0'-:4(T#-#(!-(*+!/9!:+*'(8+!,+(.*;8@!A5:/2f5@!.(*Df',B!g!&D_G!>!&RI!!+>)A$QQFMRRf-7B!>!`]!fA&!W!Q`U!BM!!!4'+,+!`]!g!)(,*;(2!),+66=,+!/9!:+*'(8+!;8!H(,!!!!!!!!!!!!`U!g!)(,*;(2!),+66=,+!/9!'1<,/@+8!;8!H(,!!
"#$K$EE$GO!
7'+!,+(.*;/8!/8!*'+!.(*(216*!;6!2;:;*+<!H1!*'+!.,(.5;8@!,+(.*;/8!/9!:+*'(8+F!(8<!*'+!),/<=.*!@(6+6!A"UQF!"XF!"XMF!UMF!UMXB!+>;6*!;8!8+(,$+P=;2;H,;=:!./8<;*;/86D!!$5]++"!$ (/,+0%/M(/*54$f$95*(0$*0(5*M(/*$$5]++"!".$ (CCBK>=?$0>;>DPL?P:=$C@:;$9LC>@$JLF@PNL?P:=$$ `.YYR$(=[P@:=;>=?LB$1>ZPQ=$):=?>Z?$8@:FB>;a$$E*! ;6! ,+P=;,+<! */! <+6;@8! (! )2(8*! */! .2+(8! &JFRRR! @)<! /9! *'+! 9/22/4;8@!4(6*+! 6*,+(:! 9,/:!(!4(9+,!9(H,;.(*;/8f./:)=*+,!:(8=9(.*=,;8@!9(.;2;*1Z!!
"=! &MR!:@fa!(6!"=!`H! MR!:@fa!(6!`H!08! MR!:@fa!(6!08!X;2!(8<!@,+(6+! MJR!:@fa!0=6)+8<+<!6/2;<6!A6=6)+8<+<!./))+,F!!! 9;H+,@2(66F!H+8*/8;*+!.2(1F!+*.DB! GJR!:@fa! !K.;<6!! T2=/,/(.+*;.!K.;<! &RR!:@fa!! T2=/,/H/,;.!K.;<! ORR!:@fa!K.+*/8+! OJR!:@fa!S#7K! &MR!:@fa!]+*'12!]+*'(.,12(*+! MRR!:@fa!K::/8;=:!U1<,/>;<+! MRR!:@fa!T/,:(2<+'1<+! JR!:@fa!]+*'(8/2! MRR!:@fa!U(,<8+66! &JR!:@fa!(6!"("XO!
!7'+!*,+(*+<!+992=+8*!6*,+(:!:=6*!6(*;691!*'+!9/22/4;8@!2;:;*6Z!!
"X#!g!ORR!:@fa! T!g!J!:@fa!"=!g!MDI!:@fa! 7X"!g!&OR!:@fa!`H!g!RDQ!:@fa! X;2!(8<!b,+(6+!g!OR!:@fa!08!g!&DR!:@fa! 700!g!MRR!:@fa!L!g!&DR!:@fa! )U!g!G$%!3UQW!g!MR!:@fa!(6!3! 7/*(2!:+*(26!g!QDJ!:@fa!
!4'+,+!"X#!;6!.'+:;.(2!/>1@+8!<+:(8<F!7X"!;6!*/*(2!/>1@+8!./8*+8*F!(8<!700!;6!*/*(2!6=6)+8<+<!6/2;<6D!!!7'+,+! (,+! 8/! ,+6*,;.*;/86! /8! *'+! :+*'/<A6B! 1/=! 6+2+.*! 9/,! ,+:+<;(*;/8! A+D@DF! )'16;.(2F! .'+:;.(2F!H;/.'+:;.(2F! 2+(<;8@F!+*.DBD! !U/4+?+,F! ;*! ;6!<+6;,(H2+!8/*! */!@+8+,(*+!:=.'!(<<;*;/8(2!4(6*+!;8!*'+!.2+(8$=)! ),/.+66D! ! E*! ;6! (26/! <+6;,(H2+! */! 9;8<!:/<;9;.(*;/86! *'(*! ,+<=.+! *'+! 4(6*+! @+8+,(*;/8! */!2+?+26! *'(*!6(*;691! *'+!+992=+8*! 2;:;*6D! !3/*+! *'(*!1/=,!./:)(81!'(6!6=99;.;+8*!.()(.;*1!*/!6*/,+!*'+!
"#$K$EE$GQ!
./8*(:;8(*+<! 6*,+(:! 9/,! /8+! :/8*'D! ! i/=,! <+6;@8! ,+)/,*! 6'/=2<! (<<,+66! '+(2*'! (8<! ,+@=2(*/,1!;66=+6D!
!$5]++"!"3$ 0>N:[>@A$:C$6>@;L=PK;$C@:;$%<?PNLB$JPF>@$ML=KCLN?K@P=Q$(CCBK>=?Z$$ `&LZ>D$:=$?H>$5+)H($-?KD>=?$):=?>Z?$8@:FB>;E$'L=KL@A$.YY.a$$7'+!:(8=9(.*=,;8@!),/.+66!9/,!:(5;8@!/)*;.(2!9;H+,6!;8?/2?+6!';@'!*+:)+,(*=,+!/>;<(*;/8!/9!6;2;./8!*+*,(.'2/,;<+! A0;"2QB! */! 9/,:! @2(66! )(,*;.2+6! A0;XM! (8<! b+XMB! *'(*! (,+! ;8./,)/,(*+<! ;8*/! (! @2(66!),+9/,:! ,/<D! !7';6! ,/<! ;6! 6=H6+P=+8*21!<,(48! ;8! (! 9=,8(.+! */!),/<=.+!/)*;.(2! 9;H+,D! !b+,:(8;=:!*+*,(.'2/,;<+!;6!(<<+<!*/!;8.,+(6+!*'+!,+9,(.*;?+!;8<+>!/9!*'+!@2(66!./,+!;8!*'+!/)*;.(2!9;H+,!),+9/,:D!!E*! ;6!58/48!9,/:!+>)+,;:+8*(2!6*=<;+6!*'(*! *'+!/>;<(*;/8!/9!b+"2Q! */!b+XM!),/.++<6!*/!/821!MJ[!./:)2+*;/8!4'+,+(6!/>;<(*;/8!/9!0;"2Q!;6!8+(,21!./:)2+*+D!!E8!(<<;*;/8F!)(,*;.2+!<+)/6;*;/8!;6!/821!JR[! +99;.;+8*F! ,+6=2*;8@! ;8! 9=,*'+,! 2/66+6! /9! @+,:(8;=:D! ! #=+! */! *';6! 2/66! (8<! *'+! ';@'! ./6*! /9!@+,:(8;=:F! (! 8++<! +>;6*6! 9/,! <+?+2/);8@! (! ),/.+66! */! ,+./?+,! @+,:(8;=:! 9,/:! /)*;.(2! 9;H+,!:(8=9(.*=,;8@!+992=+8*6D! !T/,!+8?;,/8:+8*(2!,+(6/86F!*'+!),/.+66!<+6;@8!:=6*!(26/!),/?;<+!9/,!*'+!,+:/?(2!/9!.'2/,;8+!(8<!)(,*;.2+6D!!i/=,!./:)(81!.=,,+8*21!/)+,(*+6!4;*'!JR!),+9/,:!:(8=9(.*=,;8@!=8;*6D!!S(.'!=8;*!;6!+P=;))+<!4;*'!(! 6:(22!)(.5+<$./2=:8!6.,=HH+,! *'(*! ;6!58/48! */!H+!=8<+,<+6;@8+<!H(6+<!/8! *'+!.=,,+8*!+992=+8*!),/<=.*;/8!,(*+6D!!7'+!6.,=HH;8@!6/2=*;/8!;6!8/*!,+.;,.=2(*+<!(8<!*'+,+!;6!8/!,+./?+,1!/9!@+,:(8;=:D!!i/=,! +8@;8++,;8@! @,/=)! '(6! H++8! <+6;@8(*+<! */! ),+)(,+! (! ),/.+66! <+6;@8! 9/,! (! 8+4! 6.,=HH;8@!616*+:!*/!+99;.;+8*21!,+:/?+!b+"2QF!"2MF!(8<!)(,*;.2+6!9,/:!*'+!+992=+8*!6*,+(:Z!!! ! b+"2Q!!! MRR! @f:;8!! ! 0;XM!! ! IJ!! ! b+XM!! ! &!! ! "2M!! ! OIJ!! ! XM!! ! I!!7'+!8+4!6.,=HH;8@!616*+:!6'/=2<!,+:/?+!__[!/9!H/*'!b+"2Q!(8<!"2MD!!i/=!6'/=2<!(26/!<+6;@8!(!616*+:!*/!,+./?+,!@+,:(8;=:!(8<!./8?+,*!;*!*/!b+"2QD!!E8!*'+!+>;6*;8@!),/.+66F!?()/,6!/9!0;"2Q!(8<!b+"2Q!;8!(8!+>.+66!/9!/>1@+8!(,+!;8*,/<=.+<!;8*/!*'+!/)*;.(2!9;H+,!),+9/,:!),/<=.*;/8!=8;*6!4'+,+!*'+!9/22/4;8@!,+(.*;/86!/..=,!(*!';@'!*+:)+,(*=,+Z!!! ! ! 0;"2Q!!W!XM!!g!!0;XM!!W!M"2M!!! ! ! ! ! A&B!! ! ! b+"2Q!!W!XM!!g!!b+XM!!W!M"2M!! ! ! ! ! AMB!!L/*'! ,+(.*;/86! ,+(.'!+P=;2;H,;=:!4';.'!./,,+6)/8<6! */!&RR[!./:)2+*;/8! 9/,! ,+(.*;/8!&!(8<!MJ[!./:)2+*;/8!9/,!,+(.*;/8!MD!!E8./,)/,(*;/8!/9!6/2;<!)(,*;.2+6!;8*/!*'+!@2(66!),+9/,:!,/<!;6!/821!JR[!+99;.;+8*D!!7'+!+992=+8*!6*,+(:!*'+,+9/,+!./8*(;86!0;XM!(8<!b+XM!)(,*;.2+6F!=8,+(.*+<!b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
"#$K$EE$GJ!
!\;*';8!*'+!6.,=HH+,6F!b+"2Q!(8<!"2M!(,+!,+:/?+<!9,/:!*'+!@(6!6*,+(:!H1!(H6/,)*;/8!(8<!./8?+,*+<!*/!6/2=H2+!6)+.;+6!(../,<;8@!*/!*'+!9/22/4;8@!,+(.*;/86Z!!! ! ! b+"2Q!!W!JXU$!g!!Ub+X!
$O!!W!Q"2$!!W!MUMX! ! ! ! AOB!! ! ! "2M!!W!MXU$!!g!!"2X
$!!W!"2$!!W!UMX! ! ! ! ! AQB!!7'+!)(,*;.2+6!<;66/2?+!(../,<;8@!*/Z!!! ! ! b+XM!!W!XU$!!g!!Ub+X!
$O!! ! ! ! ! ! AJB!! ! ! 0;XM!!W!XU$!!g!!U0;X!
$O!! ! ! ! ! ! AGB!!U1<,/@+8! )+,/>;<+! AUMXMB! ;6! (26/! (<<+<! */! *'+! 616*+:! */! ,+<=.+! *'+! '1)/.'2/,;*+! ./8.+8*,(*;/8!(../,<;8@!*/Z!!! ! ! "2X$!!W!UMXM!g!!"2
$!!W!UMX!W!XM! ! ! ! ! AIB!!7'+! -k#! <+)(,*:+8*! '(6! 9/=8<! *'(*! @+,:(8(*+! AUb+X!$O!B! .(8! H+! P=(8*;*(*;?+21! ,+:/?+<! 9,/:!6/2=*;/8!H1!),+.;);*(*;8@!4;*'!(!<;?(2+8*!.(*;/8!6=.'!(6!]@MW!!(../,<;8@!*/Z!!! ! ! ]@MW!!W!Ub+X!$O!!!g!!]@b+X!
$OA))*B!!W!UW!! ! ! ! A%B!!0;:;2(,21F!6;2;.(*+!;/86!(,+!),+.;);*(*+<!(../,<;8@!*/Z!!! ! ! ]@MW!!W!U0;X!$O!!g!!]@0;XOA))*B!!W!U
W!! ! ! ! A_B!!S>)+,;:+8*6! '(?+! 6'/48! *'(*!Ub+X!$O!!(8<!U0;X!$O!!(,+! ),+.;);*(*+<! +P=(221!4+22! (8<! *'(*! (!:/2+!,(*;/!/9!&DMJ!*/!&!9/,!]@!*/!*/*(2!/9!b+!W!0;!;6!,+P=;,+<!*/!),+.;);*(*+!&RR[!/9!*'+!b+!(8<!0;D!!]@!.(8!(26/!H+!),+.;);*(*+<!(6!]@AXUBM!!(../,<;8@!*/Z!!! ! ! ]@MW!!W!MXU$!!g!!]@AXUBMA))*B!! ! ! ! ! A&RB!!7'+! -k#! <+)(,*:+8*! '(6! (26/! :+(6=,+<! *'+! 6/2=H;2;*1! /9! b+! (8<! 0;! ;8! 6.,=HH;8@! 6/2=*;/86! (*!?(,;/=6! )U!?(2=+6D! !7'+! ,+6=2*6! (,+! ),+6+8*+<! ;8! (! *(H2+! A(?(;2(H2+! 9,/:! *'+!KE"'SB!(8<!:(1!H+!=6+9=2!;8!*'+!<+6;@8!/9!(!@+,:(8;=:!,+./?+,1!616*+:D!!]@b+XO!!.(8!H+!=6+<!(6! (! 9++<! */!:(5+!b+"2Q!!4';.'F! (9*+,!)=,;9;.(*;/8F!.(8!H+!=6+<! ;8!/)*;.(2!9;H+,!),/<=.*;/8D!!7'+!*+*,(.'2/,;<+!;6!9/,:+<!(../,<;8@!*/Z!!! ! ! ]@b+XO!!W!GU"2!!g!!b+"2Q!!W!]@"2M!!W!OUMX! ! ! A&&B!!K<<;*;/8(2!,+(.*;/86!*'(*!:(1!(26/!*(5+!)2(.+!;8.2=<+Z!!! ! ! ]@0;XO!!W!GU"2!!g!!0;"2Q!!W!]@"2M!!W!OUMX! ! ! A&MB!! ! ! ]@b+XO!!W!MU"2!!g!!b+XM!!W!]@"2M!!W!UMX! ! ! A&OB!! ! ! ]@0;XO!!W!MU"2!!g!!0;XM!!W!]@"2M!!W!UMX!! ! ! A&QB!! ! ! ]@AXUBM!!W!MU"2!!g!!]@"2M!!W!MUMX! ! ! ! A&JB!! ! ! 3(XU!W!U"2!!g!!3("2!W!UMX!! ! ! ! ! A&GB!
"#$K$EE$GG!
! ! !7'+6+!,+(.*;/86!(,+!58/48!*/!/..=,!,();<21D!!$5]++"!"R$ -:B[>=?$9LZ?>$0>N:[>@A$$ `1L[PD$6"$0"$-H:@?E$1K8:=?E$'L=KL@A$.YYXa$$i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f',!(.+*(2<+'1<+!(8<!I!2Hf',!:+*'(8/2D!
!3"! \(*+,!&!6*,+(:Z!!&RR!@):!\(*+,!4;*'!M!)+,.+8*!(.+*(2<+'1<+D!!R"! \(*+,!M!6*,+(:Z!!&RR!@):!4(*+,!4;*'!O!)+,.+8*!+*'12+8+!@21./2D!
!62//'0-(M#4:&:-:'N(!."! 7'+!(;,!6*,+(:!;6!?+8*+<!*/!*'+!(*:/6)'+,+D!!3"! 7'+!4(*+,!4(6*+6! (,+! 6+8*! */! (! H;/$)/8<D! ! 7'+!4(6*+! .'+:;.(26! (,+! />;<;C+<! */!"XM! (8<!UMXD! ! 7'+! )/8<! ;6! 6)(,@+<!4;*'! (;,! */! ),/?;<+! />1@+8! 9/,! *'+! H(.*+,;(D! ! 7'+! )/8<! ;6! (*!.()(.;*1D!!7'+!'/2<=)!*;:+!9/,!*'+!./:)2+*+!/>;<(*;/8!/9!*'+!4(6*+6!;6!OG!'/=,6D!
!,%'4:3:4#-:90N(!."! c! _R[! ,+:/?(2!/9! (22! ./8*(:;8(8*6! 9,/:! *'+!4(6*+! 6*,+(:6D! !7';6! ;8.2=<+6! (81!8+4!?+8*!6*,+(:6!4';.'!:(1!H+!.,+(*+<!;8!*'+!4(6*+!9(.;2;*1D!
!3"! E9!6/2?+8*6!(,+!,+./?+,+<!9/,!,+=6+F!*'+!)=,;*1!:=6*!H+!(*!(22!*;:+6!c!__DJ[!)=,+!4;*'!4(*+,!(6!*'+!:(V/,!;:)=,;*1D!
!R"! 7'+!4(6*+$'(8<2;8@!616*+:!:=6*!8+?+,!6'=*!</48!*'+!),/<=.*;/8!)2(8*D!
!G%N'-(690R:-:90N(!."! 7'+!(;,! 92/4!.(8!<+.,+(6+!H1!(6!:=.'!(6!JR[!;8!OR!6+./8<6D! !7'+!*/*(2!./8*(:;8(8*! 2/(<!4;22!6*(1!*'+!6(:+D!
"#$K$EE$GI!
!3"! 7'+!\(*+,!&!6*,+(:!'(6!6'/48!6'/,*$*+,:!92/4!,(*+!92=.*=(*;/86!/9!&R[!4;*'!8/!.'(8@+!;8!./8*(:;8(8*!./8.+8*,(*;/8D!
!R"! 7'+! \(*+,! M! 6*,+(:! '(6! 6'/48! 6'/,*! *+,:! 92=.*=(*;/86! /9! (6! :=.'! (6! JR[! 4;*'! (! M! -!;8.,+(6+!;8!*'+!./8*(:;8(8*!./8.+8*,(*;/8D!
!!"%#0N:90(C�N(39/(-='(C9&.$'/(M#4:&:-.((!."! 7'+,+!;6!(!';@'!),/H(H;2;*1!*'(*!*'+!(;,!6*,+(:!4;22!</=H2+!;8!6;C+F!H=*!*'+!./8*(:;8(8*6!4;22!;8.,+(6+!H1!JR[D!
!3"! 7'+!\(*+,!&!6*,+(:!4;22!:/6*!2;5+21!'(?+!*'+!6(:+!92/4!,(*+F!H=*!*'+!./8.+8*,(*;/8!:(1!H+!(6!';@'!(6!J[!(.+*(2<+'1<+D!
!R"! 7'+! \(*+,! M! 6*,+(:! 4;22! :/6*! 2;5+21! </=H2+F! H=*! *'+! ./8.+8*,(*;/8! 4;22! H+! .=*! */! M[!+*'12+8+!@21./2D!
!@NN:;0$'0-(!#+6;@8!(!9(.;2;*1!*'(*!4;22!:++*!*'+!(H/?+!6)+.;9;.(*;/86D!!E8.2=<+!;8!1/=,!6*=<1Z!!."! K!<;6.=66;/8!/9!(2*+,8(*;?+6!*/!1/=,!9;8(2!),/.+66D!3"! K!<+*(;2+<!<+?+2/):+8*!/9!1/=,!6+2+.*+<!),/.+66D!R"! K!<+:/86*,(*;/8!*'(*!*'+!),/.+66!;6!/)+,(H2+F!=6;8@!(!:/<+2!*'(*!6'/46!*'+!),/.+66!.(8!H+!6*(,*+<!=)F!/)+,(*+<F!(8<!6'=*!</48D!
T"! K!<+:/86*,(*;/8!/9!*'+!),/.+66!6+86;*;?;*1!*/!.'(8@+6!;8!9++<!./8<;*;/86D!$!5]++"Y$ (/,+0%/M(/*54$f$-%+4$*0(5*M(/*$$$5]++"Y".$ 8HA?:@>;>DPL?P:=$:C$4>LD]):=?L;P=L?>D$-P?>Z$$ `0:F>@?$M"$&KZNH>E$&P:]>=]Q>=>]>@$5ZZ:NPL?>ZE$'L=KL@A$.YYUa$$K! 2(,@+! .'+:;.(2! ./:)(81! P=(,*+,+<! /8! *'+! S(6*! "/(6*! 6)+8<6! (H/=*! vQRR! :;22;/8! (88=(221! */!,+:+<;(*+!./8*(:;8(*+<!(P=;9;+,6!(8<!6;*+6!(66/.;(*+<!4;*'!)(6*!:(8=9(.*=,;8@!/)+,(*;/86D!!]=.'!/9!*';6! ;6! 6)+8*! /8! 6;*+6! ./8*(:;8(*+<!4;*'! 2+(<! 9,/:! *'+!:(8=9(.*=,+! /9! *+*,(+*'12! 2+(<F! 2+(<$H(6+<!)(;8*6F! (8<! 2+(<!.(,*,;<@+6D!T/,!+>(:)2+F! *'+! 6/;2!/9!(!MJ$(.,+! 6;*+!4;*';8!(! 2(,@+!)2(8*! 2/.(*+<! ;8!3+4! j+,6+1! ./8*(;86! (6!:=.'! (6! MFRRR! )):!/9! 2+(<! (6! ;8/,@(8;.! 6(2*6! */! (!<+)*'!/9!M! 9++*D! !7'+!<;6*,;H=*;/8!;6!(6!9/22/46Z!(*!*'+!6=,9(.+F!MFRRR!)):^!GmF!&FRRR!)):^!&MmF!JRR!)):^!MQmF!R!)):D!!K!6*,(;@'*9/,4(,<F!(2H+;*!+>)+86;?+!4(1F!*/!,+:+<;(*+!*';6!6;*+!4/=2<!H+!*/!+>.(?(*+!*'+!*/)!M!9++*!/9!6/;2!(8<!,+)2(.+!;*!4;*'!=8./8*(:;8(*+<!9;22F!*'+8!:;>!*'+!./8*(:;8(*+<!:(*+,;(2!4;*'!.+:+8*!*/!6*(H;2;C+!*'+!2+(<F!(8<!<=:)!;*!;8*/!(!2(8<9;22D!!7'+!./6*!/9!*'+!,+:+<;(*;/8!(2/8+!4(6!+6*;:(*+<!*/!
"#$K$EE$G%!
(:/=8*!*/!(H/=*!v_!:;22;/8D!!K8!(<<;*;/8(2!v&D%!:;22;/8!4/=2<!(26/!H+!,+P=;,+<!9/,!</.=:+8*(*;/8F!6(:)2;8@F!(8(21*;.(2!*+6*6F!<+./8*(:;8(*;/8F!+*.D!!K2*+,8(*;?+21F!#,D!0./**!"=88;8@'(:F!/9!"+8*,(2!-+6+(,.'�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a+?+2!"!)+,6/88+2!),/*+.*;?+!+P=;):+8*!A``SBF!+D@DF!'//<+<F!=82;8+<!71?+5!./?+,(226F!@/@@2+6F!(8<!:(656D!!K9*+,!'(,?+6*!*'+!H;/:(66!.(8!H+!*,+(*+<!;8!(!8=:H+,!/9!4(16Z!!&D!! E*!.(8!H+! ;8.;8+,(*+<!*/!,+<=.+!;*6!?/2=:+!H1!IJ[D!7'+!(6'!;6! *'+8!6*(H;2;C+<!4;*'!.+:+8*!(8<!2(8<9;22+<^!/,!!
!MD!! E*!.(8!H+!.'/))+<F!<,;+<F!(8<!*'+8!9+<!)8+=:(*;.(221!*/!(!92(:+!,+(.*/,!(6!<+?+2/)+<!H1!*'+!U/,6+'+(<! -+6/=,.+! #+?+2/):+8*! "/:)(81! /9! ]/8(.(F! `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
!K6! (! :+:H+,! /9! 1/=,! ./,)/,(*+! )2(86! <+)(,*:+8*F! 1/=! '(?+! H++8! (65+<! */! +?(2=(*+! *'+!*+.'8/+./8/:;.! )/6;*;/8! /9! )'1*/,+:+<;(*;/8! (8<! ,+./::+8<! (8! ()),/),;(*+! )2(8! /9! (.*;/8! 9/,!,+:+<;(*;8@! *'+! 6;*+! */! *'+! )2(8*! :(8(@+,D! ! "=88;8@'(:! '(6! ),/:;6+<! */! ),/?;<+! (<<;*;/8(2!;89/,:(*;/8!(8<F!)+,'()6F!(!*/=,!/9!';6!2(H/,(*/,1D!j/'8!`=6(*+,;!/9!U/,6+'+(<!4;22!)+,'()6!),/?;<+!(!*/=,!/9!';6!);2/*!9(.;2;*;+6D!!
"#$K$EE$G_!
8'3'/'04'N!!!L(5+,F! KDjD]DF! (8<! -D-D! L,//56F! l7+,,+6*,;(2! U;@'+,! `2(8*6! \';.'! U1)+,(..=:=2(*+! ]+*(22;.!S2+:+8*6! $!K!-+?;+4! /9!7'+;,!#;6*,;H=*;/8F! S./2/@1! (8<! `'1*/.'+:;6*,1Fm!R%"+'!"?'+:F! %&$&MGF!K.(<+:;.!`=H2;6'+,6F!b,+(*!L,;*(;8!A&_%_BD!!!L+,*;F!\D-DF! (8<! 0D#D! "=88;8@'(:F!3'#'(%56%&B) G"%;) T'5() <%6-) 9+''&) 0;5&6,F! E8*�2D! "/89D! 0/.D!S8?;,/8D!b+/.'+:D!(8<!U+(2*'F!3+4!X,2+(86F!aK!Aj=21!MJ$MIF!&__OBD!!!"=88;8@'(:F! 0D"DF! (8<!\D-D!L+,*;F! l-+:+<;(*;/8! /9!"/8*(:;8(*+<! 0/;26!4;*'!b,++8!`2(8*6Z!K8!X?+,?;+4Fm!X&)D%6+")8';;E)C'?E)R%";EF!3YF!MRI$M&M!AX.*/H+,!&__OBD!!!T(,(@/F!]DSDF! KDjD! "2(,5F! (8<!]DjD! `;**F! l7'+! "'+:;6*,1! /9! `2(8*6!\';.'! K..=:=2(*+!]+*(26Fm!8""+(E)8-'#E)3'?DF!.WF!&$%!A&_IJBD $5]++"Y"3$ -:PB$0>;>DPL?P:=$L=D$0>NBL;L?P:=$$ `.YYR$(=[P@:=;>=?LB$1>ZPQ=$):=?>Z?$8@:FB>;a$$K! 2(,@+! (,+(! A'=8<,+<6! /9! 6P=(,+! :;2+6B! ;8! (8! (,;<! ,+@;/8! /9! *'+! `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f/,!*+6*;8@!6+(2(8*6!9/,!.(*.':+8*!(,+(6!(8<!H1!<+?+2/);8@! +P=;):+8*! *'(*! .(8! ())21! *'+! 6+(2(8*6! /8! ?+,1! 2(,@+! (,+(6! A'=8<,+<6! /9! :;2+6B! ;8!,+2(*;?+21!6'/,*!*;:+6!A(!9+4!1+(,6B!;8!(!./6*!+99+.*;?+!:(88+,D!!7'+6+!4(*+,!'(,?+6*;8@!.(*.':+8*6!A6+(2+<!(,+(6B!:(1!H+!*;+<!;8*/!8/!<,(;8(@+!@,/4;8@!6*,;)6D!!7'+!<+6;@8!*+(:!;6!@;?+8!*'+!9/22/4;8@!*',++!*(656Z!
!."! #+?+2/)!(8<!<+:/86*,(*+!(!H+8.'!6.(2+!),/.+66!*/!,+:/?+!*'+!;<+8*;9;+<!./8*(:;8(8*6!9,/:!(!J$5@!6(:)2+!/9!*'+!6/;2D!!#+?+2/)!(!./8.+)*=(2!<+6;@8!/9!*'+!),/.+66!())2;.(H2+!*/!*'+!9;+2<$6.(2+!),/V+.*D!
!3"! #+?+2/)!(8<!<+:/86*,(*+!(!8/8$@+/:+:H,(8+F!Nq$,+6;6*(8*F!4(*+,$,+)+22+8*F!+,/6;/8$,+6;6*(8*F!6+(2(8*!*'(*!.(8!H+!())2;+<!*/!*'+!6/;2!6=,9(.+!(6!(8!(;<!;8!4(*+,!'(,?+6*;8@D!
!R"! #+?+2/)!(!./8.+)*=(2!<+6;@8!9/,!(!:(.';8+!.()(H2+!/9!())21;8@!*'+!6+(2(8*!<+?+2/)+<!;8!*(65!M!*/!*'+!6=,9(.+!/9!*'+!,+:+<;(*+<!(,+(D!!!
8';:90#&(#0R(,9:&N(T'N4/:%-:90(!
7'+!(,+(!*/!H+!,+:+<;(*+<!;6!2/.(*+<!(<V(.+8*!*/!(!2(,@+!,;?+,!;8!(8!(,;<!.2;:(*+D!!3(*=,(2!?+@+*(*;/8!;6!<+6+,*!6',=H!(8<!H=8.'!@,(66+6D!!0/;2!:(*+,;(2!;6!*'+!,+6=2*!/9!.(*(6*,/)';.!92//<;8@!9/22/4+<!H1!
"#$K$EE$IR!
<+)/6;*;/8!/9! ,;?+,!(22=?;=:D! !7'+! ,+6=2*;8@!:(*+,;(2! ;6!(!:;>*=,+!/9!./HH2+6!(8<!6(8<1! 2/(:!6/;2!:(*+,;(2D!!7'+!9/22/4;8@!)(,*;.2+!6;C+!<+6.,;)*;/8!;6!*1);.(2!/9!*'+!:(*+,;(2!(*!*'+!,+:+<;(*;/8!6;*+D!
!$-%+4$
!! "/:)/8+8*!
!!
wwwwwwwwwwwwww!
0;C+!A::B!!!
wwwwwwwwwwwwww!
\+;@'*!L(6;6!A[B!!
wwwwwwwwwwwwww!
\+;@'*!L(6;6!A[B!d!M::!
wwwwwwwwwwwwww!! a(,@+!./HH2+6! ORJ! &J! 3/8+!! 0:(22!./HH2+6! &JM! OR! 3/8+!! T;8+!)+HH2+6! %DJ! J! 3/8+!! q+,1!./=,6+!6(8<! MDRRR! &R! MR!! "/=,6+!6(8<! &DRRR! I! &Q!! ]+<;=:!6(8<! RDJRR! I! &Q!! T;8+!6(8<! RDMJR! J! &R!! q+,1!9;8+!6(8<! RD&RG! Q! %!! 0;2*!(8<!.2(1! RDRJR! !!!!!&I! !!!!!OQ!! 7X7Ka! ! &RR! &RR!
!7/!()),/>;:(*+!*';6!:(*+,;(2!4;*'!(!6/;2!9,/:!3+4!]+>;./F!4+!'(?+!.'/6+8!*'+!6/;2!6+,;+6!"(6;*/!A`+*,/.(2.;.! N6*/22;.! `(2+(,@,;<BD! ! 7';6! 6/;2! ;6! 9/,:+<! ;8! (22=?;=:! (*! *'+! H(6+! /9! :/=8*(;8!4(*+,6'+<6D!!E*!;6!9/=8<!/8!(22=?;(2!9(86!(8<!*+,,(.+6D!!E*!./8*(;86!(!6;:;2(,!:;>*=,+!/9!./HH2+6!(8<!9;8+6! (6! *'+! ,+:+<;(*;/8! 6;*+^! '/4+?+,F! *'+! 6/=,.+! /9! *'+! (22=?;=:! ;6! 6*/,:! ,=8/99! ,(*'+,! *'(8!.(*(6*,/)';.!92//<;8@!(8<!,;?+,!<+)/6;*;/8D!!`,/?;<+<!H+2/4!;6!6/:+!(<<;*;/8(2!;89/,:(*;/8!/8!*'+!./8*(:;8(8*6!;8!*';6!6/;2D!
!!
):=?L;P=L=?Z_$! ! $ ):=N>=?@L?P:=$
$ )L?>Q:@A$ <>@$cQ$:C$Z:PB$!&D! `+6*;.;<+6F!'+,H;.;<+6F!;86+.*;.;<+6!! ! a;8<(8+!A"GUG"2GB! &JR! :@!! ! ]+*'/>1.'2/,!A"2O""U!A"GUQX"UOBMB! &JR! :@!! ! S8<,;8!A"&MU%X"2GB! &JR! :@!!MD! ]+*(26!! ! "(<:;=:!A"<B! OJR! :@!! ! 0;2?+,!AK@B! &RR! :@!! ! "/))+,!A"=B! &RR! :@!!!OD! X,@(8;.!"/:)/=8<6!! ! S*'12!L+8C+8+!A"GUJ"MUJB! IJ! :@!! ! ]+*'12!;6/H=*12!5+*/8+!! ! !!!!!!"UO$"X$"UM$"U$A"UOBM! &RR! :@!!QD! U(2/@+8(*+<!./:)/=8<6!
"#$K$EE$I&!
! ! "'2/,/+*'+8+!A"UM"U"2B! IJ! :@!! ! 7+*,(!"'2/,/+*'12+8+!A"M"2QB! &RR! :@!!
7'+!./8*(:;8(*;/8!;6!(!6=,9(.+!*1)+!./8*(:;8(*;/8!Ad&�!<++)B!(8<!:=6*!H+!,+:/?+<!*/!*'+!9/22/4;8@!2+?+26Z!
!&D! `+6*;.;<+6F!'+,H;.;<+6F!;86+.*;.;<+6!! ! a;8<(8+!A"GUG"2GB! &R! :@!! ! ]+*'/>1.'2/,!A"2O""U!A"GUQX"UOBMB! &R! :@!! ! S8<,;8!A"&MU%X"2GB! &R! :@!!MD! ]+*(26!! ! "(<:;=:!A"<B! &J! :@!! ! 0;2?+,!AK@B! &J! :@!! ! "/))+,!A"=B! &J! :@!!OD! X,@(8;.!./:)/=8<6!! ! S*'12!H+8C+8+!A"GUJ"MUJB! &R! :@!! ! ]+*'12!;6/H=*12!5+*/8+!! ! !!!!!!"UO$"X$"UM$"U$A"UOBM! &R! :@!!QD! U(2/@+8(*+<!./:)/=8<6!! ! "'2/,/+*'+8+!A"UM"U"2B! &Q! :@!! ! 7+*,(.'2/,/+*'12+8+!A"M"2QB! &Q! :@!
!0++!*'+!./:)2+*+!),/H2+:!6*(*+:+8*!!A&__O!S8?;,/8:+8*(2!#+6;@8!"/8*+6*!`,/H2+:BF!4';.'!./8*(;86!(!<+*(;2+<!<;6.=66;/8!/9!*'+!*(656!(8<!*'+!+?(2=(*;/8!.,;*+,;(D!
!$$5]++".#$ (/,+0%/M(/*54$f$M+-)(445/(%2-$$$5]++".#".$ JK>B$8@:N>ZZ:@$C:@$U$^9$8(M$JK>B$)>BB$2=P?$$ `'PL=QK:$VK$L=D$0Lc>ZH$5Q@LOLBE$5P@$8@:DKN?Z$L=D$)H>;PNLBZE$'L=KL@A$3##3a$!T=+2!.+22! *+.'8/2/@1!;6!./86;<+,+<!*/!H+!(!<;6,=)*;?+!+8+,@1!*+.'8/2/@1D! !T=+2!.+226!=6+!9=+2!;8!(8!+2+.*,/.'+:;.(2!./:H=6*;/8!),/.+66!*'(*!./8?+,*6!*'+!.'+:;.(2!)/*+8*;(2!/9!*'+!9=+2!4;*'!,+6)+.*!*/!*'+! ./:H=6*;/8! ),/<=.*! <;,+.*21! ;8*/! +2+.*,;.(2! )/4+,D! ! 7'+1! (,+! :/,+! +99;.;+8*! (8<! :/,+!+8?;,/8:+8*(221! 9,;+8<21! *'(8!./8?+8*;/8(2!+8+,@1! *+.'8/2/@;+6D! !T=+2!.+226F!+6)+.;(221! *'+!),/*/8!+>.'(8@+!:+:H,(8+!A`S]B!9=+2!.+22F!(,+!H+;8@!./86;<+,+<!9/,!<;6*,;H=*+<!)/4+,!@+8+,(*;/8!A#bBD!!N6;8@! (! 9=+2! .+22! 9/,! #b! ,+<=.+6! *'+! +8+,@1! 2/66! <=+! */! )/4+,! *,(86:;66;/8F! (8<! .(8! +2;:;8(*+!)/4+,!/=*(@+6!<=+! */!4+(*'+,$,+2(*+<!/,!/*'+,!.(=6+6D! !E*!(26/!(22/46!9/,!+99;.;+8*!=6+!/9! *'+!2/4$2+?+2!4(6*+!'+(*!9,/:!*'+!)/4+,!@+8+,(*;/8!),/.+66D!!7';6!2/4$2+?+2!'+(*!.(8!H+!=6+<!9/,!),/<=.;8@!'/*!4(*+,F!(8<!9/,! ,//:!'+(*;8@D! !0;8.+! *'+!`S]!9=+2!.+22!=6+6!'1<,/@+8!@(6!(6!9=+2F!(!6=))21!/9!'1<,/@+8!@(6!'(6!*/!H+!;86*(22+<!9/,!(!9=+2$.+22!)/4+,!@+8+,(*/,!*/!4/,5D!!U1<,/@+8! 9/,!=6+! ;8! ,+6;<+8*;(2! 9=+2! .+226!.(8!H+!),/<=.+<! 9,/:!);)+2;8+!8(*=,(2!@(6!=6;8@!(! 9=+2!),/.+66/,D! ! K66=:+! *'(*! (! ,+6;<+8*;(2F! 9=+2$.+22F! +2+.*,;.$)/4+,! @+8+,(*/,! 4;*'! J! 5\! +2+.*,;.;*1!/=*)=*! '(6! (8! +99;.;+8.1! /9! JR[! A*'+! +2+.*,;.;*1! /=*)=*! 9,/:! *'+! 9=+2! .+22! ;6! JR[! /9! *'+! 2/4+,!
"#$K$EE$IM!
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
!! ! ! ! ?/2[!
:+*'(8+!! _J!+*'(8+!!! MDR!),/)(8+!! &DJ!H=*(8+! RDGJ!)+8*(8+!! RDOJ!8;*,/@+8!! RDJ!!!/,@(8;.!6=29=,!!M!)):!
!J!H(,@!
!8'3'/'04'N((!8-'#%!5;)Z&B%&''+%&BF!j=21!MRR&F!))D!OI$Q&!QX8-Z)\">+&5;F!j=21!MRR&F!)+,6)+.*;?+6!(,*;.2+D!
!!5]++".#"3$ ):;FP=>D$)ANB>$8:O>@$6>=>@L?P:=$$ `9PBBPL;$&"$0>?LBBPNcE$):=ZKB?L=?E$'L=KL@A$3##.a$
!7'+! 4(?+! /9! *'+! 9=*=,+! ;8! )/4+,! @+8+,(*;/8! ;6! *'+! ./:H;8+<! .1.2+F! ;8! 4';.'! @(6! *=,H;8+6! (,+!./:H;8+<!4;*'! 6*+(:! *=,H;8+6F!4;*'! *'+!'/*!+>'(=6*! 9,/:!*'+!@(6! *=,H;8+!=6+<! */!@+8+,(*+!6*+(:D!!7'+!./:H;8+<!.1.2+!;6!(!.(6.(<+!/9!'+(*!+8@;8+6!/)+,(*;8@!/?+,!*+:)+,(*=,+6!9,/:!&MRR$&ORR{"!*/!(H/=*!OR{"D!!7';6!H,/(<!*+:)+,(*=,+!,(8@+!,+8<+,6!*'+!./:H;8+<!.1.2+!+99;.;+8*D!!!!K! @(6! *=,H;8+! ;6! ./:),;6+<! /9! *',++!:(;8! )(,*6D! !7'+! ./:),+66/,! ./:),+66+6! *'+! ;82+*! (;,! */! *'+!),+66=,+!;8!*'+!./:H=6*/,F!4;*'!9=+2!;8V+.*+<!;8*/!*'+!2(**+,D!!U/*!./:H=6*;/8!@(6+6!(,+!+>)(8<+<!;8!
"#$K$EE$IO!
*'+! *=,H;8+F! 4';.'! <,;?+6! *'+! ./:),+66/,F! 4;*'! *'+! H=25! /9! *'+! )/4+,! ),/<=.+<! H1! *'+! *=,H;8+!./86=:+<!H1!*'+!./:),+66/,D!!7'+!9;8(2!6*(@+A6B!;8!*'+!*=,H;8+!./:),;6+!(!l9,++m!*=,H;8+D!!7'+6+!6*(@+6!(,+!:/=8*+<!/8!*'+!6'(9*!/9!(8!+2+.*,;.!@+8+,(*/,F!,(*'+,!*'(8!*'+!6'(9*!/9!*'+!:(;8!*=,H;8+D!!!!7/!@+8+,(*+!GR$.1.2+!)/4+,F!*'+!9,++!*=,H;8+!,/*(*+6!(*!OFGRR!-`]D!!3/*+!*'(*!*'+!:(;8!*=,H;8+!,/*(*+6!(*!%FJRR!-`]D!!7'+!+>'(=6*!@(6!9,/:!*'+!9,++!*=,H;8+!;6!6+8*!*/!*'+!6*+(:!@+8+,(*/,D!
!7'+,+! (,+! *4/!5;8<6!/9! 6*+(:! *=,H;8+6D! ! E8!(!./8<+86;8@! *=,H;8+F! *'+!+>'(=6*! 6*+(:! ;6!./8<+86+<!=6;8@! .//2;8@! 4(*+,F! (*! (! ),+66=,+! <+*+,:;8+<! H1! *'+! *+:)+,(*=,+! /9! *'+! .//2;8@! 4(*+,D! ! E8! (8!+>*,(.*;/8! *=,H;8+F! *'+! +>'(=6*! 6*+(:! ;6! 8/*! ./8<+86+<F! ,(*'+,! ;*! ;6! +>'(=6*+<! (*! (8! ;8*+,:+<;(*+!),+66=,+!*/!H+!,+'+(*+<!(8<!=6+<!;8!(!./8<+86;8@!*=,H;8+D!!7'+!+99;.;+8.1!/9!*'+!./:H;8+<!.1.2+!;6!<+*+,:;8+<!(2:/6*!+8*;,+21!H1!9/=,!)(,(:+*+,6Z!
!S3 7'+!*+:)+,(*=,+!/9!*'+!./:H=6*;/8!@(6!+8*+,;8@!*'+!*=,H;8+F!'+,+!!(66=:+<!*/!H+!&FMJR{"D!
S3 7'+!+99;.;+8.1!/9!*'+!./:),+66/,F!'+,+!(66=:+<!*/!H+!%_[D!S3 7'+!+99;.;+8.1!/9!*'+!*=,H;8+F!'+,+!(66=:+<!*/!H+!_R[D!S3 7'+!+99;.;+8.1!/9!(!6*+(:!*=,H;8+F!'+,+!(66=:+<!*/!H+!%_[D!
!7'+!@(6!*=,H;8+!;6!/)+,(*+<!(*!(!./:),+66;/8!,(*;/!*'(*!:(>;:;C+6!*'+!4/,5!),/<=.+<!)+,!4+;@'*!/9!(;,F!(6!+>)2(;8+<!;8!*'+!9;,6*!,+9+,+8.+D!!i/=,!*=,H;8+!;6!+P=;?(2+8*!/,!6;:;2(,!*/!*'+!\JR&b!*=,H;8+!<+6.,;H+<!;8!*'+!6+./8<!,+9+,+8.+D!!E*6!+2+.*,;.(2!)/4+,!/=*)=*!;6!MOR!]\F!4';.'!9;>+6!*'+!6;C+!/9!1/=,! ./:H;8+<! .1.2+D! ! i/=! (,+! */! ./89;@=,+! (! 6+*! /9! 6*+(:! @+8+,(*/,6! (8<! 6*+(:! *=,H;8+6! *'(*!),/?;<+6! *'+! +./8/:;.$/)*;:=:!(:/=8*! /9! +2+.*,;.!)/4+,! 9,/:! *'+!'+(*! ;8! *'+! +>'(=6*! 9,/:! *'+!9,++!*=,H;8+D!!T'N:;0(O#N:N(!
7'+!9=+2!@(6!./:)/6;*;/8!A:/2![B!;6Z!!!! !
]+*'(8+! _GS*'(8+! O`,/)(8+! &
!!!!!!!! 7'+!@(6!;6!<+2;?+,+<!(*!QRR!)6;@D!
! 7'+!(:H;+8*!(;,!;6!MJ{"!(8<!QR[!,+2(*;?+!'=:;<;*1D!! "//2;8@!4(*+,!9/,!*'+!./8<+86;8@!*=,H;8+!;6!(*!OR{"D!! 7'+!+99;.;+8.1!/9!(8!+2+.*,;.!@+8+,(*/,!;6!_%[D!! 7'+!)2(8*!;6!2/.(*+<!;8!`+88612?(8;(D!!!!!!!!!!!!!!!!!!!!!!!
"#$K$EE$IQ!
Z92/(/'%9/-(N=92&R(:04&2R'?(!
! 7'+!)2(8*!+99;.;+8.1F!54'!/9!9=+2!)+,!54'!/9!+2+.*,;.(2!)/4+,D!K!@,()'!/9!*'+!;8?+6*/,Y6!,(*+!/9!,+*=,8!AE--B!(6!;*!?(,;+6!4;*'!!*'+!6+22;8@!),;.+!/9!)/4+,F!9/,!<;99+,+8*!./6*6!9/,!*'+!9=+2!@(6D!
!8'3'/'04'N(!8-'#E)Z&BE)0+"BDF!](1F!MRRRF!)(@+!G_D!C%',';)5&()95,)2>+$%&')J"+;(<%('F!j=21$K=@=6*F!MRRRF!)(@+!QMD!!!5]++".#"R$ 8@:DKN?P:=$:C$4:O]-KBCK@$1P>Z>B$JK>B$$ `ML??H>O$'"$\KLB>E$M:FPB$*>NH=:B:QA$):;<L=AE$'L=KL@A$3###a$$7'+,+!;6!(!*,+8<!;8!,+.+8*!+8?;,/8:+8*(2!2+@;62(*;/8!*/!2/4+,!6=29=,!6)+.;9;.(*;/86!;8!H/*'!@(6/2;8+!(8<! <;+6+2! 9=+26D! ! i/=!4/,5! 9/,! (! ,+9;8+,1! ;8! *'+! #+2(4(,+!q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f&___!`+88! 0+8;/,!#+6;@8!b,/=)! r!h'(8<5+,! +*! (2DF! &___B! ,+.+8*21!<+6;@8+<! (! 8+4! '1<,/@+8! )2(8*! 9/,! *'+!#+2(4(,+!q(22+1! *'(*! 6'/=2<! H+! /8$6*,+(:! 6'/,*21! H+9/,+!1/=,! =8;*! (8<! *'+1! (,+! 2//5;8@! 9/,! 8+4! 2/8@$*+,:! 6=))21! (@,++:+8*6D! !N6+! *'+! ./8.2=6;/86! 9,/:!*'+;,! )=H2;6'+<! ,+)/,*! 9/,! ;89/,:(*;/8! /8! *'+! '1<,/@+8! )=,;*1! (8<! ),;.+D! ! AE! 4/=2<! ,+./::+8<!,+6+(,.';8@! .=,,+8*! ./8*,(.*! '1<,/@+8! ),;.+6! */! +86=,+! *'+1! (,+! .'(,@;8@! (! ,+(6/8(H2+! ),;.+F!'/4+?+,DB!!i/=,! -k#! <+)(,*:+8*! '(6! </8+! 6=H6*(8*;(2! );2/*! )2(8*! 4/,5! /8! *';6! 8+4! ),/.+66! (8<! '(6!<+*+,:;8+<! *'+!9/22/4;8@!./,,+2(*;/86! */!(66;6*!1/=! ;8!<+6;@8;8@! *'+!U#0!,+(.*/,D! !i/=!(26/!'(?+!),/.+66;8@!<(*(!(?(;2(H2+!9,/:!(8!/2<+,!U#0!=8;*!4;*';8!1/=,!./:)(81!*/!=6+!(6!(!H(6+2;8+D!!C/94'NN:0;(690R:-:90N(!K!./::/8!?(2=+!*/!*,(.5!4';2+!<+6;@8;8@!(!U#0!=8;*!;6!*'+!)+,.+8*!'1<,/<+6=29=,;C(*;/8!A[U#0BZ!!
[&RRB0!4*[AB0!4*[A
&!!!!U#0
"#$K$EE$IJ!
./,,+2(*;/86!H(6+<!/8!(!,+9+,+8.+!.(*(216*D!!7+,:6!<+8/*+<!4;*'!(!lRm!(,+!*'+!H(6+2;8+!<(*(!),/?;<+<!;8!7(H2+!MD!!7'+!6*(,*$/9$.1.2+!A0X"B!*+:)+,(*=,+!;6!@;?+8!H1!!
8 9 8 9 @B>
?A
=-,
@@B
>
??A
=-,
@@@@@
B
>
?????
A
=
((*
%'')
$,
((*
%'')
$,
-6((*
%'')
$-6&
RM
M
R
R
RR ";,.D!U
";,.D!U28#``
28"&
00
&00
28L0q0q28K!!7!7
M
M
1
1
4+"(>!6
*''(
4+"(>!6
*''(
GW8 !
!4'+,+!70X"!(8<!7R!(,+!;8!{TD!!7'+!(@;8@!,(*+!;6!@;?+8!H1!!
8 9 ((*
%'')
$,
-@@B
>
??A
=-& 0X"R
M
M 7&
7&T
S
RR +
1
1
00
Q3Q3 !
4'+,+!70X"!(8<!7R!(,+!;8!{-D!!7'+!?(2=+6!9/,!./86*(8*6!AK!r!TB!(8<!*'+!H(6+!(8<!),/)/6+<!/)+,(*;8@!)(,(:+*+,6!(,+!@;?+8!;8!*'+!9/22/4;8@! *(H2+6D! ! `2+(6+! 8/*+! *'(*! *'+! +P=(*;/8! (8<! ./86*(8*6! (,+! ]/H;2! "/,)/,(*;/8! ;8*+,8(2!8=:H+,6!(8<!6'/=2<!H+!.;*+<!(6!6=.'D!!
7(H2+!&!):=Z?L=? ,LBK>$
K! QJ!L! QQ!"! MR!#! OR!S! &DI!T! &%FRRR!
!7(H2+!M!
! ! &LZ>$%<>@L?P:=$
8@:<:Z>D$%<>@L?P:=$
7(,@+*!`,/<=.*!0=29=,! 4*[! RDRJ! RDRRJ!T++<!0=29=,! 4*[! &D_! &D_!! ! ! !-+(.*/,!"/8<;*;/86! ! ! !!!!!T++<!-(*+! 7L#! OJ! OJ!!!!!0)(.+q+2/.;*1!A0qB! ',!$&! &DR! ee!!!!!UM!";,.=2(*;/8! 6.9fHH
2!%RR! &FRRR!A:;8DB!
!!!!UM!`(,*;(2!`,+66=,+! )6;(! GOR! %RR!A:;8DB!!!!!0X"!7+:)+,(*=,+! {T! GOM! ee!!!!!K@;8@!-(*+! {Tf:/! QDI! ee!
!
"#$K$EE$IG!
7'+! .;,.=2(*;/8! (8<!),+66=,+!?(2=+6! 9/,! *'+!),/)/6+<!/)+,(*;/8!(,+!@;?+8!(6!:;8;:=:6! */!(.';+?+! *'+! 8+.+66(,1! ),/<=.*! 6)+.;9;.(*;/86D! ! E8.,+(6;8@! *'+6+! ?(2=+6! 4;22! ;:),/?+! *'+!.(*(216*!2;9+F!H=*!,+6=2*!;8!';@'+,!.();*(2!(8<!/)+,(*;8@!./6*6D!!E*!;6!2+9*!*/!1/=!*/!<+*+,:;8+!*'+!/)*;:=:!?(2=+6!9,/:!(8!+./8/:;.!6*(8<)/;8*D!!7/!<+*+,:;8+!*'+!.(*(216*!.1.2+!2+8@*'F!*(5+!IJR{T!(6!*'+!:(>;:=:!(?+,(@+!H+<!*+:)+,(*=,+!H+.(=6+!';@'+,!?(2=+6!4;22!),/<=.+!),/<=.*!4';.'!'(6!(!./2/,!@,+(*+,!*'(8!K07]!MDR!A*'+!.=,,+8*!6)+.BD!!T++<! (8<! .(*(216*! ;89/,:(*;/8! (2/8@! 4;*'! (! H,;+9! /?+,?;+4! /9! .(*(21*;.! '1<,/),/.+66;8@!AU#0!;8!)(,*;.=2(,B!4;22!H+!),+6+8*+<!*/!1/=,!@,/=)!),;/,!*/!H+@;88;8@!*'+!),/V+.*D!!8'3'/'04'N!!b,(8.'+,F!`DF!1:(+"!5+$"&)0+"!',,%&BF!j=21F!&_I%F!)D!&JJ^!0+)*+:H+,!&_I%F!)D!MJID!!h'(8<5+,F!#DF!KD!a(:F!(8<!]D!]/22/1F!lU1<,/@+8!`,/<=.*;/8!N6;8@!0*+(:!-+9/,:;8@!(8<!\(*+,!b(6!0';9*!7+.'8/2/@;+6Fm!N8;?+,6;*1!/9!`+88612?(8;(F!7/48+!a;H,(,1!A&___BD!!0(**+,9;+2<F!"D!3DF!1'6'+"B'&'">,)8565;:,%,)X&)0+5!6%!'F!&_%R^!0+.*;/8!_D%F!)D!MJ_D!!ND0D!`(*+8*!JFR&&FJ_O!*/!]/H;2!X;2!"/,)/,(*;/8!!ND0D!`(*+8*!JFQIQFGIR!*/!S>>/8!-+6+(,.'!(8<!S8@;8++,;8@!!ND0D!`(*+8*!JFQJQF_OO!*/!S>>/8!-+6+(,.'!(8<!S8@;8++,;8@!
$$5]++".#"T$ 9LZ?>$JK>B$2<Q@LDP=Q$?:$5N>?:=>$L=D$+Z:<@:<L=:B$$ `0:F>@?$/>DOPNc$L=D$4>:=L@D$5"$JLFPL=:E$50)%$)H>;PNLBE$'L=KL@A$.YYXa$$i/=,!)2(8*!),/<=.+6!*4/!H1),/<=.*!6*,+(:6!9,/:!(8!+>;6*;8@!),/.+66D!!"=,,+8*21F!*'+6+!6*,+(:6!(,+!H+;8@!6+8*!*/!*'+!/8$6;*+!6*+(:!H/;2+,!4'+,+!*'+1!(,+!H=,8+<!*/!),/<=.+!';@'$),+66=,+!6*+(:!9/,!*'+!./:)2+>D! ! K! ,+.+8*! .'(8@+! ;8! *'+! +8?;,/8:+8*(2! ,+@=2(*;/86! '(?+! )=*! *'+!:(V/,! ./:)/8+8*6! /9!*'+6+! 6*,+(:6! A(.+*/8+! (8<! ;6/),/)(8/2B! /8! (8! +8?;,/8:+8*(2! 2;6*;8@F! 4';.'! 4;22! ,+P=;,+! 1/=! */!6)+8<!.();*(2! */!=)@,(<+!*'+!+>;6*;8@!H/;2+,!(8<!6*/,(@+!*(856!;9!1/=!./8*;8=+!H=,8;8@D! !i/=!'(?+!H++8!(65+<!*/!<+*+,:;8+!*'+!/)*;:=:!<;6)/6;*;/8!/9!*'+6+!6*,+(:6!(:/8@!*'+!9/22/4;8@!/)*;/86Z!!."! "/8*;8=+! H=,8;8@! *'+6+! 6*,+(:6D! ! 7'+! .();*(2! ,+P=;,+<! */! =)@,(<+! *'+! H/;2+,! (8<! 6*/,(@+!*(856!;6!v&RDR!]]D!
!3"! L=;2<!(!=8;*!*/!),/<=.+!6)+.;9;.(*;/8!@,(<+!(.+*/8+!),/<=.*D!!R"! `(1!*/!'(?+!*'+!6*,+(:6!*(5+8!/99!6;*+!9/,!),/)+,!<;6)/6(2!(*!*'+!,(*+!/9!JDR�f2HD!
!7'+!9/22/4;8@!;89/,:(*;/8!;6!(?(;2(H2+Z!!
"#$K$EE$II!
M''R(69$%9N:-:90(#0R([2#0-:-.(!! 9LZ?>$ 9LZ?>$
):;<:=>=?ZE$O?b$ 5N>?:=>$ +Z:<@:<L=:B$!K.+*/8+! ! %RDR! ! &MDR!E6/),/)(8/2!AE`XUB! ! &DR! ! J%DR!]+*'(8/2!A]+XUB! ! &RDR! ! IDR!E6/H=*12+8+!A%"QgB! ! MDR! ! RDR!]+*'12!+*'12!5+*/8+!A]ShB! ! RDJ! ! RDR!K.+*;.!(.;<! ! MDJ! ! ODJ!U+(?;+6! ! &DR! ! &DJ!\(*+,!AUMXB! ! ODR! ! &%DR!! &RRDR! &RRDR!!p=(8*;*1F!2Hf',! &JFRRR! &%FRRR!!U+(*;8@!q(2=+F!L7Nf2H!A4(*+,!9,++B! &MFRRR! &MFRRR!
!!!!!!@4'-90'(C/9R24-(,%'4:3:4#-:90(!
K.+*/8+! __DJ!4*[!:;8!E6/),/)(8/2!AE`XUB! JRR!4*!)):!:(>!]+*'(8/2!A]+XUB! JRR!4*!)):!:(>!K.+*;.!K.;<! JR!4*!)):!:(>!\(*+,!AUMXB! RDJ!4*[!:(>!
!7'+! ;6/),/)(8/2! .(8! H+! <+'1<,/@+8(*+<! */! (.+*/8+! )+,! *'+! ,+9+,+8.+<! )(*+8*6D! ! 7'+! ,+(.*;/8! ;6!';@'21!+8</*'+,:;.!(8<!(*!_R[!./8?+,6;/8!</+6!,+6=2*! ;8!./5;8@!/9!*'+!.(*(216*F!4';.'!,+P=;,+6!(!/8+$4++5!,+@+8+,(*;/8!H=,8/=*!+?+,1!*4/!:/8*'6D!!K*!%R[!./8?+,6;/8F!*'+!.(*(216*!,=8!2+8@*'!.(8!H+! +>*+8<+<! */! 6;>!:/8*'6D! ! S>)+.*+<! .(*(216*! 2;9+! ;6! 9/=,! ,+@+8+,(*;/86! (9*+,!4';.'! *'+! .(*(216*!:=6*!H+!,+)2(.+<!(*!vGf2HD!!`=,;9;.(*;/8! /9! *'+! (.+*/8+! ),/<=.*! 4;22! ,+P=;,+! /?+,./:;8@! 6/:+! (C+/*,/)+6F! (.+*/8+f:+*'(8/2!H+;8@!*'+!:/6*!;:)/,*(8*D!!i/=,!)2(8*!4/=2<!H+!6;*=(*+<!;8!(8!+>;6*;8@!./:)2+>!4'+,+!:=.'!/9!*'+!;89,(6*,=.*=,+!;6!(?(;2(H2+D!!7'+!9/22/4;8@!;6!*'+!6;*=(*;/8!4;*'!*'+!X=*6;<+!L(**+,1!a;:;*!AXLaB!./:)/8+8*6Z!!,:-'(T'A'&9%$'0-?(S?+,1*';8@!),/?;<+<!+>.+)*Z!! �! 0;*+!"2+(,;8@f`,+)!AvJRR]BD!! �! "/8*,/2!-//:!N)@,(<+!AvMJR]BD!
!!
"#$K$EE$I%!
!!
G-:&:-:'N(! �! T;,+4(*+,f3MfK;,f<+:;8+,(2;C+<!4(*+,f)/*(H2+!4(*+,!(,+!(22!(?(;2(H2+D!! �! L/;2+,6!(,+!(?(;2(H2+!*/!),/?;<+!(6!:=.'!(6!MRR!]!2Hf',!/9!GRR$)6;@!6*+(:!(*!vQDJRf]2HD!! �! "//2;8@!\(*+,!;6!(*!;*6!2;:;*!(8<!(!4'/2+!8+4!616*+:!4;22!H+!,+P=;,+<D!! �! S2+.*,;.(2!)/4+,!;6!(?(;2(H2+!(*!Q�f5\D!! �! K22!=*;2;*1!(8<!+2+.*,;.(2!*;+$;86!(,+!,+P=;,+<!Av&FRRR!]BD!
!,-9/#;'(�! X8+!9=+2!*(85!6;C+<!9/,!*'+!*4/!4(6*+!9=+26!9/,!I<(16!;6!(?(;2(H2+D!A7'+!(.+*/8+!(8<!E`XU!6*,+(:6!(,+!.=,,+8*21!9+<!*/!(!6;8@2+!*(85!H+9/,+!H+;8@!6+8*!*/!*'+!H/;2+,DB!
! �! `,/<=.*!0*/,(@+!9/,!&Q!<(16!;6!,+P=;,+<D!! �! 74/!`,/<=.*!#(1!7(856!9/,!*+6*;8@!),/<=.*!P=(2;*1!H+9/,+!6+8<;8@!*/!*'+!2(,@+,!),/<=.*!*(85!!!!!!!!!!!!!(,+!,+P=;,+<D!�! K81!/*'+,!8+4!9=+2F!),/<=.*F!6/2?+8*F!.'+:;.(2F!+*.DF!6*/,(@+!(66/.;(*+<!4;*'!*';6!),/.+66!;6!,+P=;,+<D!
! �! `;)+!,=86!9,/:!ELa!*/!0*/,(@+!(8<!a/(<;8@!(,+(6!(,+!,+P=;,+<!AvJRR!]BD!! �! 7,=.5!a/(<;8@!=)@,(<+!;6!,+P=;,+<!AvOJR!]BD!
!!0A:/90$'0-#&(! �! \(6*+!4(*+,!*/!*'+!H;/$)/8<!.(8!H+!*,+(*+<!9/,!vMDRRf]@(2D!! �! 7'+!92(,+!616*+:!.(8!'(8<2+!&JRFRRR!2Hf',!+>*,(!2/(<!=)/8!"\!9(;2=,+D!!E9!';@'+,F!(8!!!!!!!(<<;*;/8(2!92(,+!4;22!H+!,+P=;,+<D!
! �! 7;+$;86!*/!*'+6+!616*+:6!(,+!,+P=;,+<!Av&JR!]BD!!X9!*'+!*',++!/)*;/86!;<+8*;9;+<F!/821!*'+!(.+*/8+!,+./?+,1!'(6!*'+!)/*+8*;(2!9/,!)/6;*;?+!,+*=,86F!H=*!(*!*'+!';@'+6*!.();*(2D! !7'+!),/V+.*+<!),;.+!/9!(.+*/8+!;6!MJ�f2H!;8!MRRRF!*'+!*(,@+*!6*(,*=)!<(*+!9/,!*';6!=8;*D! !U/4+?+,F! (.+*/8+!'(6! +>)+,;+8.+<! 2(,@+!),;.;8@! 64;8@6!H+;8@!(6! 2/4!(6!&J�f2H!(8<!(6!';@'!(6!OR�f2H!9/,!+>*+8<+<!)+,;/<6D!!K.+*/8+!;6!(26/!(!8+4!),/<=.*!2;8+!9/,!*'+!./:)(81!(8<!*'+,+!;6! 6/:+! ,+2=.*(8.+! /8!:(8(@+:+8*Y6! )(,*! */!@+*! ;8?/2?+<D! !i/=,!./:)(81Y6!)';2/6/)'1! ;6! *'(*! (!),/V+.*!:=6*!(.';+?+!(!:;8;:=:!+./8/:;.!'=,<2+!,(*+!/9!&M[!;8?+6*/,Y6!,(*+!/9!,+*=,8!AE--BD!!\'(*!</!1/=!,+./::+8<!*/!1/=,!:(8(@+:+8*e!!8'3'/'04'N(!!l"(*(21*;.! #+'1<,/@+8(*;/8! /9! K2./'/26! */! "(,H/812! "/:)/=8<6Fm! ND! 0D! `(*+8*! MFJ%GFG_Q!AT+H,=(,1!&_F!&_JMBD!!l#+'1<,/@+8(*;/8!"(*(216*Fm!ND0D!`(*+8*!MFJQ_F%QQ!!AK),;2!MQF!&_J&BD!!!$
"#$K$EE$I_!
5]++".#"U$ ):=[>@ZP:=$:C$)H>>Z>$9H>A$`-:BPD$9LZ?>a$?:$4LN?PN$5NPD$$$ `0:F>@?$M"$&KZNH>E$&P:]>=]Q>=>]>@$5ZZ:NPL?>ZE$'L=KL@A$.YYRa$$E*!;6!8/4!j(8=(,1!&__OF!(8<!*'+!)=H2;.!;6!)+,.+;?;8@!*'(*!*'+!N8;*+<!0*(*+6!;6!H=,1;8@!;*6+29!;8!6/2;<!4(6*+! :(*+,;(26D! "/8K@,(F! E8.DF! '(6! ()),/(.'+<! #=`/8*! 4;*'! (! ),/)/6(2! 9/,! (! V/;8*! ?+8*=,+! */!),/<=.+!2(.*;.!(.;<!9/,!./8?+,6;/8!*/!H;/<+@,(<(H2+!)/212(.*;<+!)2(6*;.6!*/!H+!=6+<!;8!)(.5(@;8@!(8<!/*'+,!:(,5+*6!*'(*!:;@'*!'+2)!*/!(22+?;(*+!*'+!6/2;<!4(6*+!),/H2+:D!!N8<+,! *'+! ),/)/6(2F! *'+! N8;*+<! 0*(*+6! S./2/@;.(2! "'+:;.(2! `,/<=.*6! "/:)(81! AS./.'+:B! 4;22!H=;2<!(!MR$:;22;/8$)/=8<!(.;<!)2(8*!H(6+<!/8!.'++6+!4'+1!(6!(! ,(4!:(*+,;(2!(*!K<+22F!\EF!4'+,+!*'+!K<+22!\'+1!"/:)(81!4;22!./22+.*!4'+1!9,/:!),/<=.+,6!4;*';8!(!&RR$:;2+!,(<;=6!(8<!6=))21!;*!*/!*'+!2(.*;.!(.;<!)2(8*!?;(!);)+2;8+D!!h+1! */! *'+! ),/)/6(2! ())+(,6! */! H+! *'+! =6+! /9! 8+4! *+.'8/2/@1!H+;8@! <+?+2/)+<! (*! *'+!X(5!-;<@+!3(*;/8(2! a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`2(88;8@!](8(@+,!9/,!"'+:;.(26F!1/=!'(?+!H++8!(65+<!*/!+?(2=(*+!*'+!*+.'8/$+./8/:;.6!/9!*'+! ),/)/6(2! (6! ./:)(,+<!4;*'! *'+! (2*+,8(*;?+! ./8?+8*;/8(2! 9+,:+8*(*;/8! ),/.+66! (8<! (<?;6+! *'+!S>+.=*;?+!"/::;**++!/9!*'+!9;8(8.;(2!+>)+.*(*;/86!9/,!*'+!?+8*=,+D!E*!())+(,6!*'(*!;9!*'+!<+6;@8!(8<!9;8(8.;(2! +?(2=(*;/8! .(8! H+! ./:)2+*+<! H1!](1!&__OF! *'+! )2(8*! .(8! H+! ./86*,=.*+<! 9/,! 6*(,*$=)! ;8!j(8=(,1!&__GD!!8'3'/'04'N!!!K8/8DF!C>4"&6)A5BDF!.!!Aj=21fK=@=6*!&__MBD!!!K*5;86/8F!LDF! (8<! TD!](?;*=8(F!R%"!-'#%!5;)f)R%"6'!-&";"B:)15&($""7F!3(*=,+! `,+66F! a/8</8F!QQR$QQMF!&RQQ$&RQ%!A&_%OBD!!!L(V)(;F!-DF!jDSD!7'/:)6/8F!(8<!LDUD!#(?;6/8F!Q44;E)R%"!-'#E)f)R%"6'!-DF!3TG3UF!Q%J$Q_G!A&__RBD!!!"';6*;F!iDF!lK66=,+!L;/,+(.*/,!0*+,;2;*1Fm!8-'#E)Z&BE)0+"BEF!%R$%J!A0+)*+:H+,!&__MBD!!!#(?;6/8F! LDUDF! l#;6)+,6;/8! (8<! U/2<=)! ;8! (! 7',++$)'(6+! T2=;<;C+<$H+<! L;/,+(.*/,Fm! Q44;E)R%"!-'#E)f)R%"6'!-DF!3#G3.F!QQ_$QGR!A&_%_BD!!!#(?;6/8F!LDUDF!lL;/.'+:;.(2!S8@;8++,;8@Fm!Q&&E)YE_E)Q!5(E)G!%DF!U!YF!GIR$GII!A&__RBD!!!#(?;6/8F!LDUDF!(8<!7DaD!#/8(2<6/8F!;8!R%"6'!-&";"B:)0+"!',,',F!"D0D!U/!(8<!jDiD!X2<6'=+F!S<6DF!MJQ$MJ%!A&_%IBD!!
"#$K$EE$%R!
!#(?;6/8F!LDUDF!(8<!"D#D!0./**F!R%"6'!-E)f)R%"'&BDF!RYF!OGJ$OG%!A&__MBD!!!#(?;6/8F!LDUDF!(8<!jDSD!7'/:)6/8F!Q44;E)R%"!-'#E)f)R%"6'!-DF!RTGRUF!QO&$QO_!A&__MBD!!!`/*+,(F!"DF!9'&'6%!)Z&BE)Y'<,F!&!A3/?+:H+,!&F!&__MBD!!!0./**F!"D#DF!S8C1:+!S8@;8++,;8@!qEEEF!Q&&E)YE_E)Q!5(E)G!%DF!U#.F!Q%I$Q_O!A&_%IBD $5]++".#"W$ (?HL=:B$C:@$6LZ:BP=>$C@:;$):@=$-A@K<$$ `^L;>ZH$6"$,>=KQ:<LBE$5P@$8@:DKN?Z$L=D$)H>;PNLBZE$'L=KL@A$.YY#a$$E8! ;*6! +8?;,/8:+8*(2! ),/@,(:F! *'+! L=6'! (<:;8;6*,(*;/8! ;6! +?(2=(*;8@! .2+(8$H=,8;8@F! 2/4$?/2(*;2+!9=+26! 9/,! (=*/:/H;2+6D! ! X8+! (2*+,8(*;?+! ;6! */! ./8?+,*! (! 9(,:! ),/<=.*F! ./,8! 61,=)F! */!:/*/,$@,(<+!+*'(8/2D!!i/=,! ./86=2*;8@! ./:)(81! ;6! ,+P=+6*+<! */! <+6;@8! (! &RRFRRR$:+*,;.! */86f1+(,F! (=*/:/H;2+$@,(<+!+*'(8/2!)2(8*!=6;8@!./,8! 61,=)!(6! *'+! 9++<6*/.5D! !K9*+,!<+6;@8;8@! *'+!),/.+66!(8<!<+*+,:;8;8@! ;*6!*/*(2! ./6*F! *'+! ),;.+! 6=H6;<1! */!:(5+! +*'(8/2! ./:)+*;*;?+!4;*'! .=,,+8*! @(6/2;8+! ),;.+6! 6'/=2<! H+!<+*+,:;8+<D!!E8!.,+(*;8@!1/=,!<+6;@8F!@;?+!6)+.;(2!./86;<+,(*;/8!*/!),/.+66+6!*'(*!,+<=.+!*'+!+8+,@1!+>)+8<;*=,+!/9! *'+! )2(8*D! ! E8! /8+! 6=.'! ),/.+66F! )+,?()/,(*;/8! :+:H,(8+6! (,+! =6+<! */! <+'1<,(*+! +*'(8/2D!!`+,?()/,(*;/8!;6!(!:+:H,(8+!6+)(,(*;/8!),/.+66!;8!4';.'!*'+!9++<!(8<!,+6;<=+!6*,+(:6!(,+!2;P=;<F!H=*! *'+! )+,:+(*+! ;6! (! ?()/,D! ! 7'+! ./:H;8(*;/8! /9! )+,:+(*;/8! (8<! +?()/,(*;/8! ;8! *'+!:+:H,(8+!@;?+6! ,;6+! */! 6+)(,(*;/8! 9(.*/,6!:=.'!@,+(*+,! *'(8!.(8!H+!(../:)2;6'+<!H1!<;6*;22(*;/8!(8<!.(8!H+!=6+<!*/!H,+(5!(C+/*,/)+6D!!8'3'/'04'N!!!T/8@F!\D$0DF!Z6-5&";) *"+)95,"-";F!0*(89/,<!-+6+(,.'!E86*;*=*+F!`,/.+66!S./8/:;.6!`,/@,(:F!0-E!`S`!&Q_!A&_%MBD!!!];2*/8F! ]DaDF! 95,"-";) Z!"&"#%!) U'5,%$%;%6:) G6>(:@) U%&5;) 3'4"+6F! S8+,@1! -+6+(,.'! (8<! #+?D!"+8*+,F!N8;?D!3+H,(65(!A&_I%BD $
!
!"#$b$&
6>=>@LB$5BQ>F@LPN$M:D>BP=Q$-AZ?>;$`65M-a$)
0+'45+'()$:)\5#',)3E)0-%#%,6'+)
L&%?'+,%6:)"*)0'&&,:;?5&%5)
C'45+6#'&6)"*)8-'#%!5;)Z&B%&''+%&B)
0-%;5(';4-%5=)0Q)enebiNohnh)
!
7'+!b+8+,(2!K2@+H,(;.!]/<+2;8@! 016*+:! AbK]0B! ;6! (! ),/@,(::;8@! 2(8@=(@+! *'(*! ),/?;<+6! (!
92+>;H2+!9,(:+4/,5!9/,!9/,:=2(*;8@!(8<!6/2?;8@!2;8+(,F!8/82;8+(,!(8<!:;>+<$;8*+@+,!/)*;:;C(*;/8!
),/H2+:6D!K:/8@!/*'+,!(**,;H=*+6F! ;*6!618*(>!(22/46!9/,!<+.2(,;8@!(66/.;(*;/86!(:/8@!?(,;(H2+6F!
./86*(8*6F! (8<! ./86*,(;8*6! ;8! *'+! 9/,:! /9! 6+*6D! 7',/=@'! *';6! 618*(>F! ;8)=*! 9;2+6! (,+! 4,;**+8!
./:)(.*21!(8<!6;:;2(,21!*/!*'+!*1);.(2!9/,:=2(*;/86!/9!/)*;:;C(*;/8!),/H2+:6D!E8!(<<;*;/8F!bK]0!
),/?;<+6!(!4;<+!(,,(1!/9!6/2?+,6! */!/)*;:;C+!(!?(,;+*1!/9!),/H2+:!9/,:=2(*;/86! ;8.2=<;8@! 2;8+(,!
),/@,(:6!Aa`6BF!8/82;8+(,!),/@,(:6!A3a`6BF!:;>+<$;8*+@+,!2;8+(,!),/@,(:6!A]Ea`6F!H=*!,+9+,,+<!
*/!(6!]E`6!H1!bK]0BF!(8<!:;>+<$;8*+@+,!8/82;8+(,!),/@,(:6!A]E3a`6BD!
U+,+F! ;*! ;6! )/66;H2+! /821! */! ),/?;<+! (! 2;:;*+<! /?+,?;+4! /9! *'+! .()(H;2;*;+6! /9! bK]0D!!!
S>(:)2+6!<;6.=66+<!;8!*'+!*+>*!(,+!),+6+8*+<!*/!;22=6*,(*+!*'+!6*,=.*=,+!/9!;8)=*!9;2+6!9/,!(8!a`F!(8!
3a`F! (8<! (8!]E`D! ! 7'+6+! ;8)=*! 9;2+6! .(8! H+! ./);+<! 9,/:! *'+!"#$-X]! *'(*! (../:)(8;+6! *';6!
H//5D! ! E*! ;6! ,+./::+8<+<! *'(*! *'+! ,+(<+,! ./)1!(8<! ,=8! *'+!bK]0!;8)=*! 9;2+6F! (8<!/H6+,?+! *'+!
,+6=2*6D! !7'+!9;2+6!.(8!H+!:/<;9;+<!(8<!,+,=8! */!/H6+,?+!'/4!*'+!/)*;:(2!6/2=*;/86!.'(8@+D! !K6!
4;*'!:(81!6/9*4(,+!())2;.(*;/86F!/8+!/9!*'+!H+6*!:+(86!9/,!2+(,8;8@!bK]0!;6!*',/=@'!-5&(,P"&!
+>)+,;+8.+D!
T/,! ;8*+,+6*+<! ,+(<+,6!(!<+*(;2+<!),+6+8*(*;/8!/9!bK]0!;6!),/?;<+<! ;8!9QAG@)Q)L,'+],)
9>%('Z!3';'5,')FEFa)AL,//5F!KDF!#D!h+8<,;.5F!(8<!KD!]++,(=6F!G!%'&6%*%!)0+',,F!0(8!T,(8.;6./F!
&__MBD! ! !7'+!6/2?+,6!(?(;2(H2+!;8!bK]0!(,+!),+6+8*+<!;8!9QAG)P)2-')G";?'+)A5&>5;,)AbK]0!
#+?+2/):+8*!"/,)/,(*;/8F!\(6';8@*/8F!#"F!&__GBD!
E8!;*6!6;:)2+6*!9/,:F!bK]0!/)+,(*+6!/8!(!=6+,$6=))2;+<!;8)=*!9;2+!A8/,:(221!<+8/*+<!4;*'!
(! D@:6!/,! Dnumber!+>*+86;/8!*/!*'+!9;2+8(:+BF!4';.'!+8./<+6!*'+!:(*'+:(*;.(2!9/,:=2(*;/8!/9!
*'+!/)*;:;C(*;/8!),/H2+:!H+;8@!+>(:;8+<D!0+2+.*;/8!/9!*'+!4/,<!),/.+66/,!9/,!=6+!;8!+<;*;8@!*'+!
;8)=*!9;2+!;6!2+9*!*/!*'+!<;6.,+*;/8!/9!*'+!=6+,D!!3/*+F!'/4+?+,F!*'(*!9;2+6!6'/=2<!H+!6(?+<!;8!K0"EE!
!
!"#$b$M
/,!7Su7!9/,:(*D!!7'=6F!*'+!3/*+)(<!4/,<!),/.+66/,!;8.2=<+<!;8!*'+!\;8</46!/)+,(*;8@!!616*+:!
;6!(!@//<!.'/;.+D!!bK]0!;6!8/*!2;5+21!*/!H+!(H2+!*/!,=8!9;2+6!6(?+<!;8!(8/*'+,!9/,:(*!A+D@D!*'(*!/9!
D</.! 9;2+6! ;8!\X-#B! 6;8.+! *'+! <+9(=2*! 6(?+! /)*;/86! /9! :(81! 4/,<! ),/.+66/,6! (<<! 9/,:(**;8@!
./<+6!*/!*'+!6(?+<!9;2+D!!!
bK]0!/)+,(*+6!/8!(!?(,;+*1!/9!)2(*9/,:6F!4;*'!+>+.=*;/8!/9! *'+!),/@,(:!;8;*;(*+<!9,/:!
*'+!./::(8<!),/:)*!2;8+D!!bK]0!;6!,=8!=6;8@!*'+!+>+.=*(H2+!AbK]0B!9/22/4+<!H1!*'+!8(:+!/9!
*'+!;8)=*!9;2+!(*!*'+!./::(8<!),/:)*F!*'(*!;6Z!
GAMS filename.extension!
!
E8!*'+!\E3#X\0!/)+,(*;8@!616*+:F!bK]0!;6!,=8!*',/=@'!*'+!3>&)4;8</4F!6'/48!;8!T;@=,+!&F!
4';.'! ;6! /H*(;8+<! H1! 2+9*! .2;.5;8@! *'+! G65+6)4;8</4! (8<! *'+8! .2;.5;8@!3>&D! ! E8! *';6! .(6+F! *'+!
+>+.=*(H2+! AbK]0B! (8<! *'+! ;8)=*! 9;2+! A"K0"D&B! (,+! 2/.(*+<! ;8! *'+! <;,+.*/,1! "ZybK]0D! 7'+!
/=*)=*!9;2+F!"K0"D26*F!;6!)2(.+<!;8!*'+!6(:+!<;,+.*/,1!(6!*'+!bK]0!+>+.=*(H2+F!&"6!*'+!<;,+.*/,1!
/9!*'+!;8)=*!9;2+D!!!
!
bK]0!/)+,(*+6!/8!(8!;8)=*!9;2+!;8!*4/!6*(@+6Z!
!
."$$ 69$%:&#-:90D! ! 7';6! 6*(@+! +86=,+6! *'(*! *'+! ;8)=*! 9;2+! ;6! =8<+,6*//<! H1!bK]0D! ! 7'+!
./:);2+,!.'+.56!9/,!+,,/,6!;8!*'+!;8)=*!9;2+F!+86=,;8@!*'(*!*'+!9;2+!(H;<+6!*/!(!6)+.;9;.!
9/,:(*F!</+6!8/*!./8*(;8!618*(>!+,,/,6F!(8<!=6+6!(8!()),/),;(*+!6/2?+,D!7'+!./:);2+,!
</+6! &"6! 6/2?+! *'+! ),/H2+:! /,! ;8<;.(*+! *'(*! (! 6/2=*;/8! +>;6*6D! !\'+8! *'+! ./:);2+,!
2/.(*+6!+,,/,6!;8!*'+!;8)=*!9;2+F!*'+!+,,/,6!(,+!92(@@+<!(8<!4,;**+8!;8!*'+!/=*)=*!9;2+!A+D@DF!
!T;@=,+!&D!!!bK]0!,=8!9,/:!\E3#X\0!/,!37D!
!
!"#$b$O
"K0"D26*B!H+9/,+!bK]0!*+,:;8(*+6D!!7'+!=6+,!:=6*!*'+8!./,,+.*!*'+!;8)=*!9;2+D!\'+8!
*'+!./:);2(*;/8!;6!6=..+669=2F!bK]0!),/.++<6!*/!6*(@+!MD!
!
3"$$ !"'42-:90D! \;*'! *'+! ;8)=*! 9;2+! +'5(5$;'F! bK]0! ),/.++<6! */! .(,,1! /=*! *'+!
/)*;:;C(*;/8!=6;8@!(8!()),/),;(*+!6/2?+,!9/,!*'+!),/H2+:!9/,:=2(*;/8!A+D@DF!a`F!3a`F!
(8<! ]E`BD! 3/*+! *'(*! *'+! 6/2?+,! <+.2(,+<! H1! *'+! =6+,! :=6*! H+! ())2;.(H2+! */! *'+!
9/,:=2(*;/8D! ! T/,! ;86*(8.+F! (8! a`! 6/2?+,! !5&&"6! H+! =6+<! */! 6/2?+! (8!3a`D! !bK]0!
4,;*+6!*/!*'+!/=*)=*!9;2+F!),/?;<;8@!;89/,:(*;/8!/8!4'+*'+,!*'+!6/2=*;/8!4(6!/H*(;8+<F!
(8<! ;9!6/F! *'+!6/2=*;/8!?(2=+6D X=*)=*!.(8!H+!./8*,/22+<!=6;8@!<;6)2(1!/)*;/86!;8!*'+!
;8)=*!9;2+D!
!
!
."$$+/82*$J+4($$!
"/86;<+,!S>(:)2+!&RDQ! ;8!4';.'! *'+!:;8;:=:!=*;2;*;+6! 9/,!(!US3!(,+!<+*+,:;8+<!H1!6/2?;8@!(!
2;8+(,!),/@,(:Z!
&
& M
M O
O Q
Q
];8
OR RM J R%M J RIJ R&J R
, 6 &, 6 &, , &, 6 &, , &
,6'5#,6'5#M
,6'5#
!<
M
,E6EM 33 3 E3 3 E3 33 M
!
!
4'+,+!M,6'5#=)M!<=)(8<!3e=)3F=)3h=)3i)(,+!(22!8/8$8+@(*;?+!,+(2!8=:H+,6D!!!7'+!bK]0!;8)=*!9;2+F!
"K0"D&F! ;8! T;@=,+! M! ./8*(;86! *';6! a`! 9/,:=2(*;/8D! 3/*+! *'(*! ;*! .2/6+21! ,+6+:H2+6! *'+! 4,;**+8!
),/H2+:!9/,:=2(*;/8!(8<!;6!'V>%?5;'&6!*/!*'+!;8)=*!9;2+!;8!S>(:)2+!&RDQD!!
!
!
!"#$b$Q
T;@=,+!MD!!!bK]0!;8)=*!9;2+!"K0"D&!*/!<+*+,:;8+!:;8;:=:!=*;2;*;+6!9/,!(!US3D !!
7'+!/=*)=*!9;2+F!CASC.lstF!./8*(;86!(!4+(2*'!/9!;89/,:(*;/8D!!X9!)(,*;.=2(,!;8*+,+6*!;6!*'+!G";?')
G>##5+:Z!
!
!*'(*!6'/46!8/,:(2!./:)2+*;/8!/9!*'+!2;8+(,!),/@,(:!Aa`B!H1!*'+!6/2?+,!]E3X0J!*/!/8+!/)*;:(2!
6/2=*;/8^!*'(*!;6F!s!g!JRDRD!!!
!!0*(*+:+8*6!!!K2*'/=@'!:=.'!/9! *'+! ;8)=*! 9;2+F!"K0"D&F! ;6! 6+29$+>)2(8(*/,1F! ;*! ;6! ;:)/,*(8*! */!=8<+,6*(8<! *'+!
6*,=.*=,+!/9!(!bK]0!;8)=*!9;2+!(8<!;*6!6*(*+:+8*6D!!!E8!;*6!6;:)2+6*!9/,:F!(8!;8)=*!9;2+!:=6*!./86;6*!
/9!,656'#'&6,!9/,Z!
VARIABLES Qs, Qcw, R1, R2, R3, R4, Z ; EQUATIONS OBJ,T1,T2,T3,T4,T5,B1,B2,B3,B4,B5,B6; OBJ .. Z =E= Qs; T1.. Qs-R1+30 =E= 0; T2.. R1-R2+2.5 =E= 0; T3.. R2-R3-82.5 =E= 0; T4.. R3-R4+75 =E= 0; T5.. R4-Qcw-15 =E= 0; B1.. R1 =G= 0; B2.. R2 =G= 0; B3.. R3 =G= 0; B4.. R4 =G= 0; B5.. Qs =G= 0; B6.. Qcw =G= 0; MODEL CASCADE /ALL/; SOLVE CASCADE USING LP MINIMIZING Z;
S O L V E S U M M A R Y MODEL CASCADE OBJECTIVE Z TYPE LP DIRECTION MINIMIZE SOLVER MINOS5 FROM LINE 38 **** SOLVER STATUS 1 NORMAL COMPLETION **** MODEL STATUS 1 OPTIMAL **** OBJECTIVE VALUE 50.0000!
!
!"#$b$J
&D!! q(,;(H2+!<+.2(,(*;/86!(8<!(66;@8:+8*6!
MD!! SP=(*;/8!<+.2(,(*;/86!
OD!! SP=(*;/8!<+9;8;*;/86!
QD!! K!:/<+2!<+.2(,(*;/8F!4;*'!(8!()),/),;(*+!6/2?+!6*(*+:+8*!
E8;*;(221F!;*!;6!,+./::+8<+<!*'(*!(22!6*(*+:+8*6!H+!+8<+<!4;*'!(!6+:;./2/8F!(6!6*(*+:+8*6!4;*'/=*!
6+:;./2/86!:(1!.(=6+!./:);2+,!+,,/,6D
,L@PLFB>$1>NBL@L?P:=$-?L?>;>=?"$S(.'!?(,;(H2+!#>,6!H+!<+.2(,+<!;8!*'+!;8)=*!9;2+D! !3/*+!*'(*!(!
?(,;(H2+! 9/,! *'+! /HV+.*;?+! 9=8.*;/8!:=6*! (26/! H+! <+.2(,+<D! ! E8$T;@=,+! MF! *'+! /HV+.*;?+! 9=8.*;/8!
?(,;(H2+!;6!<+8/*+<!(6!dD!!
!
(dKL?P:=$ 1>NBL@L?P:=$ -?L?>;>=?"$ S(.'! ./86*,(;8*! (6! 4+22! (6! *'+! /HV+.*;?+! 9=8.*;/8! :=6*! H+!
<+9;8+<!4;*'!(!8(:+D!
!
(dKL?P:=$1>CP=P?P:=$ -?L?>;>=?"! T/,! +?+,1! <+.2(,+<! +P=(*;/8! 8(:+F! (! ./,,+6)/8<;8@! +P=(*;/8!
:=6*!H+!<+9;8+<D!!7/!<+9;8+!*'+!+P=(*;/8Z!
&D!! S?+,1!+P=(*;/8!8(:+!;6!,+6*(*+<!(6!4,;**+8!;8!*'+!<+.2(,(*;/8!9/22/4+<!H1!*4/!)+,;/<6!(8<!
(*!2+(6*!/8+!6)(.+D!
MD!! 7'+!+P=(*;/8! ;6! 6*(*+<!=6;8@! *'+!<+.2(,+<!?(,;(H2+6!(8<!./86*(8*6F! *'+!/)+,(*/,6! AWF! $F!TF!
+*.DB!(8<!bK]0!9=8.*;/86!A6;8+F!6=:F!+*.DBD!!
OD!! S(.'!+P=(*;/8!;6!<+9;8+<!(6!(!6*(*+:+8*F!(8<!'+8.+F!;6!+8<+<!4;*'!(!6+:;$./2/8D!!
!
7'+!9/22/4;8@!,+2(*;/8(2!/)+,(*/,6!(,+!<+9;8+<Z!
!
0>BL?P:=$ -A=?Lh$SP=(2;*1!./86*,(;8*!AgB! gSg!a+66!*'(8!/,!+P=(2!*/!AUB! gag!b,+(*+,!*'(8!/,!+P=(2!*/!ATB! gbg!
!
3/*+!*'+,+!;6!8/!<+9;8;*;/8!9/,!*'+!6*,;.*!;8+P=(2;*;+6!2+66!*'(8!AdB!/,!@,+(*+,!*/!AcBD!!7';6!/:;66;/8!
;6!;8*+8*;/8(2!(8<!</+6!8/*!,+6=2*!;8!(81!2/66!/9!@+8+,(2;*1!H1!bK]0D!!
7'+!:/6*!./::/821!=6+<!(,;*':+*;.!/)+,(*/,6!(,+Z!
!
!"#$b$G
!
%<>@L?:@$ -A=?Lh$K<<;*;/8! W!0=H*,(.*;/8! $!]=2*;)2;.(*;/8! |!#;?;6;/8! f!S>)/8+8*!A*/!*'+!)/4+,!/9B! ||!
!
E8!(<<;*;/8F!6+?+,(2!H=;2*$;8!9=8.*;/86!(,+!(?(;2(H2+F!;8.2=<;8@Z!
JK=N?P:=$ -A=?Lh$+>)/8+8*;(2!A+/B! +>)A>B!8(*=,(2!2/@! 2/@A>B!2/@!H(6+!&R! 2/@&RA>B!6;8+! 6;8A>B!./6;8+! ./6A>B!
$
M:D>B$1>NBL@L?P:=$-?L?>;>=?"!!7'+!:/<+2!<+.2(,(*;/8!6*(*+:+8*!<+9;8+6!(!=6+,$6)+.;9;+<!8(:+!
9/,!*'+!:/<+2!(8<!<+.2(,+6!*'+!+P=(*;/86!*/!H+!;8.2=<+<!;8!*'+!:/<+2D!!T/,!8/?;.+!bK]0!=6+,6F!;*!
;6!,+./::+8<!*'(*!(22!+P=(*;/86!H+!;8.2=<+<D!!!U+8.+F!*'+!:/<+2!<+.2(,(*;/8!6*(*+:+8*!;6Z!
MODEL MODEL_NAME /ALL/;!
$
-:B[>$-?L?>;>=?"$7'+!6/2?+!6*(*+:+8*!<+9;8+6!*'+Z!
&D!! ]/<+2!*/!H+!/)*;:;C+<!A<+9;8+<!),+?;/=621!;8!*'+!:/<+2!<+.2(,(*;/8!6*(*+:+8*BD!
MD!! 71)+!/9!6/2?;8@!),/.+<=,+!Aa`F!]E`F!+*.DBD!
OD!! 71)+!/9!/)*;:;C(*;/8^!*'(*!;6F!:;8;:;C(*;/8!/,!:(>;:;C(*;/8D!
QD!! q(,;(H2+!*/!H+!/)*;:;C+<D!!
E*!'(6!*'+!9/,:Z!
!SOLVE MODEL_NAME USING PROBLEM_TYPE MINIMIZING OBJEC_FUNC_VARIABLE;!
!
7'+! 5+1! 4/,<6! t0XaqSY! (8<! tN0E3bY! :=6*! H+! ),+6+8*! ;8! *'+! 6*(*+:+8*F! (6! 4+22! (6! +;*'+,!
t]E3E]EsE3bY!/,!t]KuE]EsE3bY!
!
!
!"#$b$I
E8!T;@=,+!MF!*'+!:/<+2!8(:+!;6!CASCADEF!*'+!*1)+!/9!6/2?;8@!),/.+<=,+!;6!LP!6;8.+!/821!
2;8+(,!./86*,(;8*6!(8<!(!2;8+(,!/HV+.*;?+!9=8.*;/8!())+(,D!!7'+!/HV+.*;?+!9=8.*;/8!?(,;(H2+F!Z,! ;6!
:;8;:;C+<F!(8<!./86+P=+8*21F!*'+!6/2?+!6*(*+:+8*!;6Z!!
SOLVE CASCADE USING LP MINIMIZING Z;!
!
7'+,+!(,+!6+?+,(2!/)*;:;C(*;/8!9/,:=2(*;/86!*'(*!.(8!H+!6/2?+<F!*'+!:/6*!./::/8!H+;8@Z!
!
J:@;KBL?P:=$ 65M-$-A=?Lh$a;8+(,!),/@,(:! a`!];>+<!;8*+@+,!2;8+(,!),/@,(:! ]E`!3/82;8+(,!),/@,(:! 3a`!
$
$
3"$$ (V85/1(1$J(5*20(-$]$1%)2M(/*5*+%/E$,50+5&4($
0(1()4505*+%/E$5/1$1+-845S$$
!
N6;8@!*'+!H(6;.!9+(*=,+6!/9!bK]0F!(!2(,@+!(,,(1!/9!/)*;:;C(*;/8!),/H2+:6!.(8!H+!6/2?+<D!!7'+,+!
(,+F!'/4+?+,F!6+?+,(2!9+(*=,+6!*'(*!@,+(*21!;:),/?+!*'+!+(6+!/9!9/,:=2(*;/8!(8<!*'+!,+(<(H;2;*1!/9!
*'+!;8)=*!(8<!/=*)=*!9;2+6D!!!
!
-A=?Lh"$ $7'+!bK]0! ./:);2+,! </+6! 8/*! <;6*;8@=;6'! H+*4++8! =))+,! (8<! 2/4+,! .(6+! .'(,(.*+,6D!!
U+8.+F!*/!(22/4!9/,!:/,+!,+(<(H2+!*+>*F!H/*'!.(6+6!:(1!H+!=6+<!;8*+,.'(8@+(H21!;8!(8!;8)=*!9;2+D!!$
$
1:NK;>=?L?P:="$$E*!;6!;:)/,*(8*!*/!(<<!</.=:+8*(*;/8!*/!*'+!;8)=*!9;2+!*/!6;:)2;91!<+H=@@;8@!(6!
4+22!(6!*/!.2(,;91!*'+!9/,:=2(*;/8!/9!*'+!/)*;:;C(*;/8!),/H2+:D!#/.=:+8*(*;/8!.(8!H+!;8*+,6)+,6+<!
*',/=@'/=*! *'+! 9;2+!H1!)2(.;8@!(8!(6*+,;65! A|B! ;8! *'+!9;,6*!./2=:8!/9!(!</.=:+8*(*;/8! 2;8+D!3/*+!
*'(*! *'+! (6*+,;65! (2+,*6! *'+! ./:);2+,! */! /?+,2//5! *'+! 2;8+D!#/.=:+8*(*;/8! .(8! (26/! H+! ;8.2=<+<!
4;*';8!<+.2(,(*;/8!6*(*+:+8*6D!K81!.'(,(.*+,!6*,;8@!)2(.+<!(9*+,!(!?(,;(H2+!/,!+P=(*;/8!'(6!H++8!
<+.2(,+<F!H=*!),;/,!*/!(!./::(!/,!6+:;$./2/8F!;6!./86;<+,+<!*/!H+!</.=:+8*(*;/8!(**,;H=*+<!*/!*'+!
?(,;(H2+!/,!+P=(*;/8D!!7'+6+!.'(,(.*+,!6*,;8@6!(26/!())+(,!;8!*'+!/=*)=*!9;2+D!
!
!
!"#$b$%
,L@PLFB>$0>D>NBL@L?P:="$$E*!;6!/9*+8!<+6;,(H2+!*/!,+$<+.2(,+!(!?(,;(H2+!4;*'!H/=8<6!),/?;<+<D!T/,!
+>(:)2+F! ?(,;(H2+6!<! (8<! /! (,+! ,+$<+.2(,+<! 6=.'! *'(*! H/=8<6! @,+(*+,! *'(8! /,! +P=(2! */! C+,/! (,+!
())2;+<!=6;8@!*'+!6*(*+:+8*!
POSITIVE VARIABLES w,x;!
!
K2*+,8(*;?+21F! 9/,! ,+(2$?(2=+<! ?(,;(H2+6F! *';6! .(8! H+! (../:)2;6'+<! H1! <+9;8;8@! +P=(*;/86! *'(*!
;8./,)/,(*+!*'+!H/=8<6!/8!*'+!?(,;(H2+6D!!U/4+?+,F!*'+!=6+!/9!,+$<+.2(,+<!?(,;(H2+6!),/?;<+6!9/,!(!
:/,+!./8.;6+!;8)=*!9;2+D!!7'+!5+1!4/,<6!*/!<+9;8+!*'+!H/=8<6!/8!(!?(,;(H2+!(,+!
65M-$-A=?Lh! 0L=Q>$:=$,L@PLFB>!FREE A<+9(=2*B $V!*/!V!POSITIVE R!*/!WV!NEGATIVE $V!*/!R!BINARY R!/,!&!/821!INTEGER RF!&F!�F!&RR!
!
3/*+! *'(*! H;8(,1! (8<! ;8*+@+,! ?(,;(H2+6!#>,6)H+! ,+$<+.2(,+<! 9/,!:;>+<$;8*+@+,! ),/@,(::;8@D!7/!
<+9;8+!*'+!H;8(,1!?(,;(H2+F!:F!*';6!;6!(../:)2;6'+<!=6;8@!*'+!6*(*+:+8*Z!
BINARY VARIABLE y;
,L@PLFB>$1PZ<BLA"$K9*+,!./:)=*;8@!(!6/2=*;/8F!bK]0!<;6)2(16!*'+!?(,;(H2+!?(2=+6!;8!*'+!/=*)=*!
9;2+D! ! E8!(<<;*;/8F!bK]0!.(8!,+<;6)2(1!?(2=+6!;8!*(H=2(,!9/,:!*/4(,<!*'+!+8<!/9!*'+!/=*)=*!9;2+D!!!
7/! (../:)2;6'! *';6F! (!DISPLAY! 6*(*+:+8*! ;6! (<<+<! 9/22/4;8@! *'+!MODEL! 6*(*+:+8*D! !\';2+! (!
,(8@+! /9! )/66;H2+! /=*)=*6! .(8! H+! <;6)2(1+<F! *'+! ;'?';! A/,! 9;8(2B! /=*)=*6! A<+8/*+<! 4;*'! (! tDaY!
+>*+86;/8!*/!*'+!?(,;(H2+B!(,+!/9*+8!/9!:/6*!./8.+,8D!T/,!+>(:)2+F!*'+!9;8(2!?(2=+6!9/,!-&F!�F!-QF!
p.4F!(8<!p6F!(,+!,+P=+6*+<!;8!*(H=2(*+<!9/,:!;8!*'+!/=*)=*!9;2+F!=6;8@!*'+!;8)=*!6*(*+:+8*Z!
DISPLAY R1.L,R2.L,R3.L,R4.L,Qcw.L,Qs.L !0=H6+P=+8*21F!*'+6+!(,+!<;6)2(1+<!;8!*'+!/=*)=*F!(6!6'/48!;8!T;@=,+!OD!!(h<L=D>D$ +=<K?$ JPB>$ C:@$ (hL;<B>$ .#"T"$K8! ;:),/?+<! ;8)=*! 9;2+! 9/,! S>(:)2+! &RDQF! 8(:+<!
"K0"DMF!;6!6'/48!;8!T;@=,+!QD$
!
!
!"#$b$_
$
&:K=DZ$L=D$+=P?PLB$):=DP?P:=Z"$\'+8! *'+!H/=8<6!=6;8@!?(,;(H2+! ,+$<+.2(,(*;/8!6*(*+:+8*6!(,+!
;8(<+P=(*+F!(<<;*;/8(2!6*(*+:+8*6!(,+!(?(;2(H2+D!7/!6+*!(!2/4+,!H/=8<!9/,!/=!=6+Z!
x.lo = 10.0;!
(8<!*/!6+*!(8!=))+,!H/=8<!9/,!/F!=6+Z!
x.up = 100.0;!
K8!;8;*;(2!6*(,*;8@!)/;8*!9/,!*'+!6/2?+,!;6!6=))2;+<!H1!*'+!=6+,!4;*'!*'+!;'?';!AtD2YB!+>*+86;/8Z!!
x.1 = 50.0;
L/=8<;8@!(8<!;8;*;(2;C(*;/8!6*(*+:+8*6!())+(,!(9*+,!*'+!?(,;(H2+!<+.2(,(*;/8!6*(*+:+8*6F!H=*!),;/,!
*/!*'+!+P=(*;/8!<+.2(,(*;/8!6*(*+:+8*6D!
T/,! 8/82;8+(,! ),/@,(:6! A3a`6B! ;*! ;6! ;:)/,*(8*! */! ),/?;<+! H/=8<6! (8<! ;8;*;(2! ./8<;*;/86!
4'+,+!)/66;H2+D!!7';6!;6!/9*+8!8+.+66(,1!H+.(=6+Z!
&D!! E*! ;6!/9*+8!<;99;.=2*! 9/,!(!8/82;8+(,! 6/2?+,! */! 2/.(*+!(! 9+(6;H2+!6/2=*;/8!A/8+! *'(*!6(*;69;+6! *'+!
./86*,(;8*6BF! +6)+.;(221!4'+8! *'+! ;8;*;(2! @=+66+<! ?(2=+6! (,+! )//,D!\'+8! *'+! =6+,! ),/?;<+6! (!
9+(6;H2+! 6*(,*;8@! )/;8*F! *'+! 2;5+2;'//<! /9! 6=..+669=2! ./8?+,@+8.+! */! (8! /)*;:(2! 6/2=*;/8! ;6!
@,+(*21!;:),/?+<D!
MD!! 3/82;8+(,! ),/@,(:6! (,+! /9*+8! :=2*;$:/<(2^! *'(*! ;6F! *'+! 6=,9(.+! /9! *'+! /HV+.*;?+! 9=8.*;/8!
./8*(;86!8=:+,/=6!2/.(2!:;8;:(D!!\;*'!)'16;.(2!;86;@'*6F!*'+!=6+,!:(1!H+!(H2+!<;6.+,8!4'+,+!
*'+! @2/H(2!:;8;:=:! ;6! 2;5+21! */! +>;6*F! (8<!'+8.+F!),/?;<+! ;8;*;(2! ./8<;*;/86!8+(,! *';6!)/;8*D!!
a;5+4;6+F! *'+!=6+,!:(1!H+!(H2+! */!<;6.+,8!4'+,+!(!6/2=*;/8!.(88/*!+>;6*F!(8<!'+8.+!),/?;<+!
*;@'*+,!H/=8<6!/8!*'+!6+(,.'!6)(.+D!!bK]0!</+6!8/*!6++5!(22!2/.(2!:;8;:(D!!
OD!! bK]0! <+9(=2*6! ;8;*;(2! ?(,;(H2+! ?(2=+6! */! C+,/D! ! \'+8! (! ?(,;(H2+! ())+(,6! (2/8+! ;8! (!
<+8/:;8(*/,F!/,!;6!*'+!(,@=:+8*!/9!(!2/@!9=8.*;/8F!*'+!6/2?+,!:(1!(H/,*D!
!
VARIABLE R1.L = 80.000 VARIABLE R2.L = 82.500 VARIABLE R3.L = 0.000 VARIABLE R4.L = 75.000 VARIABLE QCW.L = 60.000 VARIABLE QS.L = 50.000
T;@=,+!OD!!!#;6)2(1+<!?(2=+6!,+P=+6*+<!;8!;8)=*!9;2+!"K0"D&
!
!"#$b$&R
!
T;@=,+!J!),/?;<+6!*'+!;8)=*!9;2+!9/,!*'+!8/82;8+(,!),/@,(:!<;6.=66+<!;8!S>(:)2+!&RD&GF!;8!
4';.'!(8!/)*;:(2!8+*4/,5!9/,!(!'/*!6*,+(:!H+;8@!:(*.'+<!4;*'!*4/!./2<!6*,+(:6!;6!<+*+,:;8+<D!
3/*+!*'(*!*'+!"'+8!()),/>;:(*;/8!*/!*'+!2/@$:+(8!*+:)+,(*=,+!<;99+,+8.+Z!Of&
M&M& M @
B
>?A
=(*%
')$ #6#
##囎TA !
* This is the input file for Example 10.4
* The GAMS file formulates an LP to be solved for minimum utilities * Declare the variables * Note that Z (used for the objective function) * 1. must be declared * 2. should not be made positive VARIABLES Qs, Qcw, R1, R2, R3, R4 Z minimum utilities ; * Remember the semi-colons !!! * Declare non-negative variables POSITIVE VARIABLE Qs, Qcw, R1, R2, R3, R4; * If desired, specify additional bounds on variables * or initial values could be specified here. * Now declare the equations in the problem! EQUATIONS COST this defines the objective function T1,T2,T3,T4,T5 ; * and define the equations just declared COST .. Z =E= Qs; T1.. Qs-R1+30 =E= 0; T2.. R1-R2+2.5 =E= 0; T3.. R2-R3-82.5 =E= 0; T4.. R3-R4+75 =E= 0; T5.. R4-Qcw-15 =E= 0; * Nearly done! Place all of the above in the model CASCADE MODEL CASCADE /ALL/; * and solve it using an LP solver SOLVE CASCADE USING LP MINIMIZING Z; * Let’s display these variables at the solution * at the end of the output file DISPLAY R1.L,R2.L,R3.L,R4.L,Qcw.L,Qs.L !
T;@=,+!QD!!!S>)(8<+<!;8)=*!9;2+!9/,!a`!;8!S>(:)2+!&RDQD!
!
!"#$b$&&
;6!=6+<F!(6!,+./::+8<+<!H1!T2/=<(6!A&__JBF!H+.(=6+!8=:+,;.(2!<;99;.=2*;+6!(,;6+!<=+!*/!<;?;6;/8!
H1! C+,/D! ! U+,+F! #2 2 2%&1
">68
& & , ! (8<! #2 2 2">61
%&8
M & , D! "/86+P=+8*21F! *'+! ;8)=*! 9;2+! ),/?;<+6! (!
6/2=*;/8!4';.'!<+?;(*+6!62;@'*21!9,/:!*'(*!,+)/,*+<!;8!"'()*+,!&RD!7'+!bK]0!;8)=*!9;2+F!"X07D&F!
;6!),/?;<+<!/8!*'+!(../:)(81;8@!"#$-X]D!!!!
!* Define variables VARIABLES Ah1c1, Ah1c2, F1, F2, F3, F4, F5, F6, F7, F8, T3, T4, T56, T78, DELh1c1, DELh1c2, Z heat exchanger cost ; * Declare total variables strictly non-negative POSITIVE VARIABLES Ah1c1, Ah1c2,F1, F2, F3, F4, F5, F6, F7, F8 ; * For NLPs, providing initial conditions and bounds can improve the solver's * likelihood of finding feasible solutions, as well as avoiding numerical * difficulties DELh1c1.L = 20 ; DELh1c1.LO = 10 ; DELh1c1.UP = 100 ; DELh1c2.L = 20 ; DELh1c2.LO = 10 ; DELh1c2.UP = 100 ; Ah1c1.L = 100.0 ; Ah1c2.L = 100.0 ; T3.L = 440 ; T3.LO = 330 ; T3.UP = 440 ; T4.L = 440 ; T4.LO = 330 ; T4.UP = 440 ; T56.L = 330 ; T56.LO = 330 ; T56.UP = 440 ; T78.L = 330 ; T78.LO = 330 ; T78.UP = 440 ; * Specify equations. EQUATIONS OBJ defines the objective function, MBALSPL1,MBALSPL2,MBALSPL3, MBALMIX1, MBALMIX2, EBALMIX1, EBALMIX2, EBALEX1, EBALEX2, FEAS1, FEAS2, FEAS3, FEAS4, AREA1, AREA2, DELTAC1, DELTAC2; OBJ.. Z =E= 1300*(Ah1c1**0.6)+1300*(Ah1c2**0.6); MBALSPL1.. F1+F2 =E= 22; MBALSPL2.. F3-F5-F6 =E= 0; MBALSPL3.. F4-F7-F8 =E= 0; MBALMIX1.. F3-F1-F8 =E= 0; MBALMIX2.. F4-F2-F6 =E= 0; EBALMIX1.. 440*F1+T78*F8-T3*F3 =E= 0; EBALMIX2.. 440*F2+T56*F6-T4*F4 =E= 0; EBALEX1.. F3*(T3-T56) =E= 1620; EBALEX2.. F4*(T4-T78) =E= 360; FEAS1.. T3-430 =G= 10; FEAS2.. T56-349 =G= 10; FEAS3.. T4-368 =G= 10; FEAS4.. T78-320 =G= 10; AREA1.. Ah1c1*DELh1c1 =E= 1620; AREA2.. Ah1c2*DELh1c2 =E= 720; *Chen LMTD approximation DELTAC1.. DELh1c1=E=((T3-430)*(T56-349)*(1/2)*((T3-430)+(T56-349)))**0.333; DELTAC2.. DELh1c2=E=((T4-368)*(T78-320)*(1/2)*((T4-368)*(T78-320)))**0.333; MODEL COST /ALL/; SOLVE COST USING NLP MINIMIZING Z; DISPLAY Z.L, Ah1c1.L, Ah1c2.L, DELh1c1.L, DELh1c2.L, T3.L,T4.L, T56.L, T78.L; DISPLAY F1.L, F2.L, F3.L, F4.L, F5.L, F6.L, F7.L, F8.L;
T;@=,+!JD!!!E8)=*!9;2+!9/,!3a`!;8!S>(:)2+!&RD&G!=6;8@!"'+8!()),/>;:(*;/8D!
!
!"#$b$&M
!R"$$$$ (V85/1(1$ J(5*20(-_$ -(*-E$ *5&4(-E$ 8505M(*(0-$ 5/1$ -)5450-E$
(\25*+%/$60%28+/6$
!
bK]0! '(6! (! )/4+,9=2! 9+(*=,+! 4';.'! (22/46! 6+*6! */! H+! <+.2(,+<D! 0+*6! (22/4! 9/,! 6=H6.,;)*+<!
?(,;(H2+6! =6+<! ;8! ?(,;(H2+! (8<! ./86*(8*! <+.2(,(*;/86F! (6! 4+22! (6! +P=(*;/8! <+9;8;*;/86D! ! K6! (8!
+>(:)2+! /9! *'+! =*;2;*1! /9! <+.2(,;8@! 6+*6F! (8! /)*;:;C(*;/8! ),/H2+:! :;@'*! ./8*(;8! *'+! 9;?+!
./86*,(;8*6Z!
)
/%)U!&R!!! W%=)!! ! ! 4'+,+!!;X�&FMF�F!J�!
!
a;5+4;6+F! H1! +:)2/1;8@! 6+*6! ;8!bK]0F! ;8)=*! 9;2+6! .(8! H+!4,;**+8!4;*'! 6=H6.,;)*+<! ./86*,(;8*6!
4,;**+8! ;8! (! 6;8@2+! 2;8+D! ! 3/*+! (81! ;8)=*! 9;2+! *'(*! ;8./,)/,(*+6! 6+*6! .(8! H+! 4,;**+8! ;8! bK]0!
4;*'/=*!<+9;8;8@!6+*6D! !U/4+?+,F! ;8)=*! 9;2+6!4;*'!<+9;8+<!6+*6!.(8!H+!4,;**+8!./8.;6+21F!(8<!(,+!
/9*+8!+(6;+,!*/!<+H=@!(8<!=)<(*+D!!
7/! ;22=6*,(*+! *'+! <+9;8;*;/8! /9! 6+*6! (8<! '/4! *'+1! (,+! +:)2/1+<F! S>(:)2+! &RD%! ;6!
./86;<+,+<D!!E8!*';6!+>(:)2+F!;*!;6!<+6;,+<!*/!<+*+,:;8+!*'+!2+(6*!8=:H+,!/9!:(*.'+6!H+*4++8!'/*!
(8<! ./2<! 6*,+(:6! 4';2+! ),/?;<;8@! :(>;:=:! '+(*! ,+./?+,1D! ! 3/*+! *'(*! *'+! ),/H2+:! '(6! H++8!
,+6*(*+<!;8!T;@=,+!GD!7'+!bK]0!;8)=*!9;2+F!]K7"UD&F!;6!6'/48!;8!T;@=,+!IF!(8<!),/?;<+<!/8!*'+!
(../:)(81;8@!"#$-X]D!
!
->?$1>NBL@L?P:=Z"$ $ $E8!S>(:)2+!&RD%F!?(,;(H2+6!(,+!<+9;8+<!4;*'!,+9+,+8.+!*/!4'+*'+,! *'+,+!;6!(!
:(*.'!H+*4++8!(!'/*!6*,+(:!(8<!(!./2<!6*,+(:F!(8<!;9!(!:(*.'!+>;6*6F!/?+,!4';.'!;8*+,?(2!;8!*'+!
'+(*!.(6.(<+D!!U+8.+F!:UMF"M!;6!(!H;8(,1!?(,;(H2+!,+),+6+8*;8@!4'+*'+,!'/*!6*,+(:!M!;6!:(*.'+<!*/!
./2<!6*,+(:!MF!(8<!MU&F"&FO! ! ;6!(!./8*;8=/=6!?(,;(H2+!*'(*!,+),+6+8*6!*'+!'+(*!*,(869+,,+<!H+*4++8!
'/*!6*,+(:!&!(8<!./2<!6*,+(:!&!;8!;8*+,?(2!OD!
E8! 9/,:=2(*;8@! *'+! ;8)=*! 9;2+F! UM! ;6! (!:+:H+,! /9! *'+! 6+*! /9! '/*! 6*,+(:6F! *+,:+<!UX7F!
4'+,+Z!
UX7g!!�U&F!UMF!0�!
!
!
!"#$b$&O
];8;:;C+!! C!g!10F"M!W!1U&F"&!W!1U&F"M!W!!1U&F\!W!1UMF"&!W!1UMF"M!W!1UMF\!
! 07Z! ! ! ! ! ! ! A]Ea`B!0Z! -0F&!W!p0F"MF&!g!pU0F&!UMZ! -UMFM!W!pUMF"&FM!W!pUMF"MFM!g!pUUMFM!
! ! -UMFO!$!-UMFM!W!pUMF"&FO!W!pUMF"MFO!g!pUUMFO!! ! -UMFQ!$!-UMFO!W!pUMF"&FQ!W!pUMF\FQ!g!pUUMFQ!!! ! $!-UMFQ!W!pUMF\FJ!g!pUUMFJ!! U&Z! -U&FO!W!pU&F"&FO!W!pU&F"MFO!g!pUU&FO!! ! -U&FQ!$!-U&FO!W!pU&F"&FQ!W!pU&F\FQ!g!pUU&FQ!! ! $!-U&FQ!W!pU&F\FJ!g!pUU&FJ!! "MZ! p0F"MF&!g!p""MF&!! ! pUMF"MFM!g!p""MFM!! ! pU&F"MFO!W!pUMF"MFO!g!p""MFO!! "&Z! pUMF"&FM!g!p""&FM!! ! pU&F"&FO!W!pUMF"&FO!g!p""&FO!! ! pU&F"&FQ!W!pUMF"&FQ!g!p""&FQ!! \Z! pU&F\FQ!W!pUMF\FQ!g!p"\FQ!! ! pU&F\FJ!W!pUMF\FJ!g!p"\FJ! !! 0$"MZ! p0F"MF&!$!10F"MN0F"M!U!R!! U&$"&Z! pU&F"&FO!W!pU&F"&FQ!$!1U&F"&NU&F"&!U!R!! U&$"MZ! pU&F"MFO!$!1U&F"MNU&F"M!!U!R!! U&$\Z! pU&F\FQ!W!pU&F\FJ!$!1U&F\NU&F\!U!R!! UM$"&Z! pUMF"&FM!W!pUMF"&FO!W!pUMF"&FQ!$!1UMF"&NUMF"&!U!R!! UM$"MZ! pUMF"MFM!W!pUMF"MFO!$!1UMF"MNUMF"M!U!R!! UM$\Z! pUMF\FQ!W!pUMF\FJ!$!1UMF\NUMF\!U!R!!4'+,+!!! ! pU0F&!g! !! &MIDG%!! ! ! p""MF&!g!! &MIDG%!!! ! pUU&FO!g!! M_%D%G! ! ! p""MFM!g!! JQ&D&M!! ! pUU&FQ!g!! M_RDRI! ! ! p""MFO!g!! MRGDIM!! ! pUU&FJ!g!! R! ! ! p""&FM!g!! IGDM!! ! pUUMFM!g!! _O%D_J! ! ! p""&FO!g!! MJ_DR%!! ! pUUMFO!g!! MOMD&! ! ! p""&FQ!g!! QMGDIM!! ! pUUMFQ!g!! R! ! ! p"\FQ!!g!! &MJDRI!! ! pUUMFJ!g!! R! ! ! p"\FJ!!g!! &MJDRI!!T=,*'+,:/,+F!*'+!=))+,!H/=8<6F!N;VF!9/,!*'+!)/*+8*;(2!:(*.'+6!(,+Z!!! ! 0$"MZ!! ! N0F"M!g!! :;8�&MIDG%F!&MIDG%�!!!g!&MIDG%!! ! U&$"&Z! ! NU&F"&!g!!:;8�IGMF!J%%D_O�!!!!!!!!g!J%%D_O!! ! UE$"MZ! ! NU&F"M!g!!:;8�%IJDJMF!J%%D_O�!!!g!J%%D_O!! ! U&$\Z! ! NU&F\!g!!:;8�MJRD&QF!J%%D_O�!!!g!MJRD&Q!! ! UM$"&Z! ! NUMF"&!g!!:;8�&&I&DRJF!IGM�!!!!!!g!IGM!! ! UM$"MZ! ! NUMF"M!g!!:;8�&&I&DRJF!IQID%Q�!g!IQID%Q!! ! UM$\Z! ! NUMF\!g!!:;8�&&I&DRJF!MJRD&Q�!g!MJRD&Q!!4'+,+!p;FVF5!T!RF!!-;FV!T!R!(8<!1XnRF&o!!$
T;@=,+!GD$!]Ea`!9/,!S>(:)2+!&RD%D$
!
!"#$b$&Q
!* Define cold, hot and interval sets SETS HOT hot streams / H1, H2, S / COLD cold streams / C1, C2, W / INT interval / 1,2,3,4,5 /; TABLE U(HOT,COLD) upper bound on heat transfer between streams C1 C2 W H1 588.93 588.93 250.14 H2 762.00 747.84 250.14 S 0.00 127.68 0.00 ; * Define a table having more than 2 dimensions * Remember defaults are taken as 0.0!! TABLE QH(HOT,INT) Hot side heat transferred 1 2 3 4 5 S 127.68 H1 298.86 290.07 H2 938.95 232.10 ; TABLE QC(COLD,INT) Cold side heat transferred 1 2 3 4 5 C1 76.20 259.08 426.72 C2 127.68 541.12 206.72 W 125.07 125.07 ; VARIABLES Q(HOT,COLD,INT), R(HOT,INT), Y(HOT,COLD) Z minimum no of matches ; * Declare variables non-negative POSITIVE VARIABLES Q(HOT,COLD,INT), R(HOT,INT); * and those which are binary BINARY VARIABLES Y(HOT,COLD) EQUATIONS OBJ defines the objective function S, H2a, H2b, H2c, H2d, H1a, H1b, H1c CSIDE(COLD,INT), QMATCH(HOT,COLD); OBJ.. Z =E= SUM(HOT,SUM(COLD,Y(HOT,COLD))); S.. R("S","1")+Q("S","C2","1") =E= QH("S","1"); H2a.. R("H2","2")+Q("H2","C1","2")+Q("H2","C2","2") =E= QH("H2","2"); H2b.. R("H2","3")-R("H2","2")+Q("H2","C1","3")+Q("H2","C2","3") =E= QH("H2","3"); H2c.. R("H2","4")-R("H2","3")+Q("H2","C1","4")+Q("H2","W","4") =E= QH("H2","4"); H2d.. -R("H2","4")+Q("H2","W","5") =E= QH("H2","5"); H1a.. R("H1","3")+Q("H1","C1","3")+Q("H1","C2","3") =E= QH("H1","3"); H1b.. R("H1","4")-R("H1","3")+Q("H1","C1","4")+Q("H1","W","4") =E= QH("H1","4"); H1c.. -R("H1","4")+Q("H1","W","5") =E= QH("H1","5"); CSIDE(COLD,INT).. SUM(HOT,Q(HOT,COLD,INT)) =E= QC(COLD,INT); QMATCH(HOT,COLD).. SUM(INT,Q(HOT,COLD,INT)) =L= U(HOT,COLD)*Y(HOT,COLD); MODEL MATCH /ALL/; SOLVE MATCH USING MIP MINIMIZING Z; DISPLAY R.L,Q.L,Z.L !
T;@=,+!ID!]E`!;8)=*!9;2+!9/,!:(*.';8@!'+(*!+>.'(8@+,6D!
!
!"#$b$&J
a;5+4;6+F!(!6+*!"Xa#!;6!<+9;8+<!(6!*'+!./2<!6*,+(:6!�"&F!"MF!\�!(8<!*'+!6+*!!E37!g!�&FMFOFQFJ�!
<+9;8+6!*'+!;8*+,?(26!;8!*'+!'+(*!.(6.(<+D!!7'+6+!6+*6!(,+!<+9;8+<!H1!*'+!6*(*+:+8*Z!SETS HOT hot streams / H1, H2, S / COLD cold streams / C1, C2, W / INT interval / 1,2,3,4,5 /;
3/*+!*'(*!*'+!+2+:+8*6!;8!*'+!6+*!(,+!<+9;8+<!4;*';8!*'+!62(6'+6!AfBD!!7'+!6+*!8(:+!;6!*'+!9;,6*!4/,<!
;8! *'+! 2;8+D! ! K81! .'(,(.*+,! 6*,;8@6! 9/22/4;8@! *'+! 6+*! 8(:+! (8<! ),+.+<;8@! *'+! 9;,6*! 62(6'! (,+!
</.=:+8*(*;/8D$
$
1L?L$ -?L?>;>=?Z_$ -NLBL@ZE$ 8L@L;>?>@Z$ L=D$ *LFB>Z"$ $ E*! ;6! /9*+8! <+6;,+<! */! <+.2(,+! ./86*(8*6F!
4';.'!.(8!H+!,+9+,,+<!*/!;8!*'+!+P=(*;/8!<+9;8;*;/86D!!T/,!;86*(8.+F!(!./86*(8*!N``S-);6!<+.2(,+<!
(8<!(66;@8+<!*'+!?(2=+!&RRDR!=6;8@!*'+!bK]0!6*(*+:+8*Z!
Scalar UPPER defines an upper bound /100.0/;
!
0;:;2(,21!(8!(,,(1!/9!6.(2(,6F!*+,:+<!(!45+5#'6'+!.(8!H+!<+.2(,+<D!`(,(:+*+,6!(,+!<+9;8+<!9/,!6+*6!
4'/6+!+2+:+8*6!(,+!*'+!8(:+6!;8!*'+!(,,(1D!!T/,!+>(:)2+F!4'+8!*'+!9++<!*+:)+,(*=,+6!9/,!*'+!6+*!
/9! ./2<! 6*,+(:6! �"&F! "MF! \�! (,+! GRF! &&GF! (8<! O%<"F! ,+6)+.*;?+21F! (! )(,(:+*+,! TENTER! ;6!
<+.2(,+<!=6;8@!*'+!6*(*+:+8*Z!
!Parameter TENTER entering cold stream temp /60, 116, 38/;
!
7(H2+6! '(?+! (! <;:+86;/8! /9! *4/! /,! @,+(*+,! (8<! <+.2(,+! ;8*+,$,+2(*+<! )(,(:+*+,6D! E8!
S>(:)2+! &RD%F! (! ?(,;(H2+!L! ;6! <+.2(,+<D! !X8! ;86)+.*;/8F!L! .(8!H+!<+.2(,+<! (6! (!M$<;:+86;/8(2!
*(H2+!4'/6+!+2+:+8*6!(,+!+8*+,+<!;8!bK]0!=6;8@!*'+!7KLaS!6*(*+:+8*Z!
TABLE U(HOT,COLD) upper bound on heat transfer between streams
C1 C2 W H1 588.93 588.93 250.14 H2 762.00 747.84 250.14 S 0.00 127.68 0.00 ;!
!
!"#$b$&G
!
7'+!9/,:(*!9/,!*'+!*(H2+!<+.2(,(*;/8!;6!92+>;H2+^!6)(.;8@!H+*4++8!*'+!+2+:+8*6!;6!@,+(*+,!/,!+P=(2!
*/!/8+!6)(.+D!!E*!;6!,+./::+8<+<!*'(*!*'+!7KL!5+1!&"6!H+!=6+<!4'+8!./86*,=.*;8@!*(H2+6!(6!*+>*!
+<;*/,6!6(?+!*(H!6)(.+6!<;99+,+8*21F!/9*+8!.,+(*;8@!)(,6;8@!),/H2+:6!9/,!*'+!./:);2+,D!\'+8!*(H2+!
.+226!(,+!2+9*!H2(85F!*'+1!(,+!(66;@8+<!*'+!<+9(=2*!?(2=+!/9!C+,/D!
!
JPB>$J:@;L?"$$E8)=*$9;2+6!*'(*!;8.2=<+!+;*'+,!6+*!(8<!<(*(!6*(*+:+8*6!:=6*!H+!/,@(8;C+<!(6!9/22/46Z!!
&D!! 0+*!<+.2(,(*;/86!(8<!(66;@8:+8*6!!
MD!! #(*(!A/,!./86*(8*B!<+.2(,(*;/86!(8<!(66;@8:+8*6!!
OD!! q(,;(H2+!<+.2(,(*;/86!(8<!(66;@8:+8*6!
QD!! q(,;(H2+!H/=8<!<+.2(,(*;/86!A/)*;/8(2B!
JD!! SP=(*;/8!<+.2(,(*;/86!
GD!! SP=(*;/8!<+9;8;*;/86!
ID!! K!:/<+2!<+.2(,(*;/8F!4;*'!(8!()),/),;(*+!6/2?+!6*(*+:+8*!
%D!! #;6)2(1!6*(*+:+8*6!A/)*;/8(2B!
!
,L@PLFB>$1>NBL@L?P:=Z"$q(,;(H2+6!.(8!H+!<+.2(,+<!/?+,!6+*6!A*'(*!;6F!4;*'!6+*6!(6!*'+;,!+2+:+8*6BD!!
E8! S>(:)2+! &RD%F! *'+! ?(,;(H2+! 3%=7! ;6! <+.2(,+<! R(HOT,INT)F! M%=O=7! ;6! <+.2(,+<!
Q(HOT,COLD,INT), (8<!*'+!H;8(,1!?(,;(H2+!:%=O!;6!<+.2(,+<!Y(HOT,COLD). $
$
(dKL?P:=$1>NBL@L?P:=Z"$0+*6!(22/4!+P=(*;/86! */!H+!<+.2(,+<! 9/,!(22! AWB!+2+:+8*6! ;8!(! 6+*D! !T/,!
+>(:)2+F! ,(*'+,! *'(8!<+.2(,+!8;8+! +P=(*;/86! (8<!<+9;8+! +(.'!+P=(*;/8! */! +>),+66! *'+!:(>;:=:!
'+(*! *,(869+,,+<! H+*4++8! ;*6!:(*.'! AU&$"&F! U&$"MF! U&$\F!UM$"&F! +*.DBF! *'+! 6+*! /9! +P=(*;/86F!
QMATCH(HOT,COLD)! .(8! H+! <+.2(,+<F! (8<! 6=H6+P=+8*21F! <+9;8+<! */! +8./:)(66! (22! :(*.'+6!
H+*4++8!*'+!+2+:+8*6!;8!HOT!(8<!COLDD!!
!
(dKL?P:=$1>CP=P?P:=Z"$ !7'+!9;,6*! *+,:!;8!(8!+P=(*;/8!<+9;8;*;/8!6*(*+:+8*!;6!*'+!+P=(*;/8!8(:+D!
U+8.+F!4'+8!*'+!<+.2(,(*;/8!6)+.;9;+6!*'(*!*'+!+P=(*;/8!=*;2;C+6!6+*6F!*'+!+P=(*;/8!<+9;8;*;/8!:=6*!
</! 6/! (6! 4+22D! 7';6! ;6! 6'/48! 9/,! *'+! 6+*! /9! +P=(*;/86F! QMATCH(HOT,COLD)F! 4;*'! (8! +P=(*;/8!
<+9;8+<!*/!),/?;<+!(8!=))+,!H/=8<!/8!'+(*!*,(869+,,+<!;8!(!:(*.'Z
!
!"#$b$&I
QMATCH(HOT,COLD).. SUM(INT,Q(HOT,COLD,INT))=L= U(HOT,COLD)*Y(HOT,COLD);
!
! \'+8!;*!;6!8+.+66(,1!*/!,+9+,!*/!(!6)+.;9;.!+2+:+8*!;8!(!6+*F!P=/*(*;/8!:(,56!(,+!=6+<D!!T/,!
+>(:)2+F!*'+!9/22/4;8@!6*(*+:+8*!<+9;8+6!./86*,(;8*!0!;8!T;@=,+!IZ!!
S.. R("S","1")+Q("S","C2","1") =E= QH("S","1"); !
4';.'!<+9;8+6!*'+!'+(*!H(2(8.+!9/,!*'+!6*,+(:!/9!6*+(:!;8!;8*+,?(2!&D!
!! K! 8=:H+,! /9! 6+*! 6)+.;9;.! 9=8.*;/86! (,+! (?(;2(H2+! ;8!bK]0D! !7'+!:/6*! ./::/821! =6+<!
9=8.*;/8! ;6! 0N]F! 4';.'! 6=:6! /?+,! (22! /9! *'+! +2+:+8*6! ;8! (! @;?+8! 6+*D! ! 7';6! ;6! 6'/48! ;8! *'+!
/HV+.*;?+!9=8.*;/8!dZ!
OBJ.. Z =E= SUM(HOT,SUM(COLD,Y(HOT,COLD))); !
7'+!(H/?+!6*(*+:+8*!6=:6!:)/?+,!(22!/9!*'+!+2+:+8*6!;8!H/*'!6+*6!HOT!(8<!COLDD!
!
!
T"$ 1(&266+/6$
!
74/!*1)+6!/9!+,,/,6!(,+!+8./=8*+,+<Z!+,,/,6!<=,;8@!./:);2(*;/8!(8<!+,,/,6!<=,;8@!+>+.=*;/8D!!!K22!
+,,/,6!(,+!4,;**+8!;8!*'+!/=*)=*!9;2+D!!
!
):;<PBL?P:=$>@@:@Z"$](81!+,,/,6!(,+!=6=(221!,+)/,*+<!;8!*'+!/=*)=*!9;2+!*'+!9;,6*!*;:+!(8!;8)=*!9;2+!
;6!,=8D!0;8.+!+,,/,6!9=,*'+,!</48!;8!*'+!;8)=*!9;2+!(,+!/9*+8!(!,+6=2*!/9!(8!+,,/,!+(,2;+,!;8!*'+!9;2+F!;*!
;6! ,+./::+8<+<! *'(*! /8+! ),/.++<! 9,/:! *'+! */)!/9! *'+! 9;2+!</484(,<6F! ,+,=88;8@! *'+! ;8)=*! 9;2+!
(9*+,!6+?+,(2!+,,/,6!'(?+!H++8!./,,+.*+<D!
"/:);2(*;/8!+,,/,6!;8<;.(*+!*'(*!*'+!;8)=*!9;2+!./8*(;86!6*(*+:+8*6!*'(*!(,+!8/*!,+./@8;C+<!
H1!*'+!./:);2+,D!!"/::/8!./:);2(*;/8!+,,/,6!;8.2=<+Z!
&D!! 018*(>!+,,/,6F!6=.'!(6!9(;2=,+!*/!+8<!(!6*(*+:+8*!4;*'!(!6+:;$./2/8D!
MD!! a+9*!(8<!,;@'*!)(,+8*'+6+6!8/*!:(*.';8@D!
OD!! E8./,,+.*!,+9+,+8.+6!*/!(!?(,;(H2+!8(:+D!!
N8*;2!*'+!./:);2(*;/8!+,,/,6!(,+!./,,+.*+<F!bK]0!;6!=8(H2+!*/!+>+.=*+!*'+!:/<+2D!!
!
!"#$b$&%
#=,;8@!./:);2(*;/8F!bK]0!./);+6!*'+!;8)=*!9;2+!*/!*'+!/=*)=*!9;2+F!(<<;8@!,/4!8=:H+,6!;8!
*'+!2+9*$'(8<!./2=:8D!!\'+8!./:);2(*;/8!+,,/,6!(,+!+8./=8*+,+<F!(!</22(,!6;@8!AvB!9/22/4+<!H1!(8!
+,,/,!8=:H+,!;6!;8<;.(*+<D!!K*!*'+!+8<!/9!*'+!9;2+F!(!H,;+9!<+6.,;)*;/8!/9!*'+!+,,/,6!;6!),/?;<+<D!!!
"/86;<+,!*'+!;8)=*!9;2+!"K0"D&!;8!T;@=,+!M!4;*'!*'+!9/22/4;8@!:/<;9;.(*;/86Z!
&D!! M,);6!/:;**+<!;8!*'+!?(,;(H2+!<+.2(,(*;/8!6*(*+:+8*D!
MD!! 7'+!6+:;$./2/8!9/22/4;8@!*'+!6*(*+:+8*!<+9;8;8@!+P=(*;/8!L&!;6!/:;**+<D!!
E8! *'+! ./,,+6)/8<;8@! /=*)=*! 9;2+F! 6'/48! ;8! T;@=,+! %F! *',++! +,,/,6! (,+! 92(@@+<D! ! 7'+! 92(@6! (,+!
8/,:(221!<;,+.*21!H+2/4!*'+!6*(*+:+8*!(*!4';.'!bK]0!(8*;.;)(*+6!*'(*!*'+!+,,/,!/..=,6D!!E8!*';6!
.(6+F!bK]0!<+*+.*6!(8<!92(@6!*'+!=8<+.2(,+<!?(,;(H2+!M,E))!U/4+?+,F!*'+!+,,/,!/..=,6!H+.(=6+!MG)
;6!/:;**+<!9,/:!*'+!?(,;(H2+!<+.2(,(*;/8D!!E8!(<<;*;/8F!H+.(=6+!*'+!6+:;$./2/8!;6!/:;**+<F!bK]0!
;6! =8(H2+! */! )(,6+! 6*(*+:+8*! L&! 9,/:! 6*(*+:+8*! LMD! T;8(221F! bK]0! </+6! 8/*! .'+.5! *'+! 6/2?+!
6*(*+:+8*!H+.(=6+!*'+!/*'+,!+,,/,6!(,+!;<+8*;9;+<D!
!
(h>NK?P:=$>@@:@Z"$$S>+.=*;/8!+,,/,6!/..=,!4'+8!*'+!),/@,(:!./:);2+6!6=..+669=221!(8<!(!6/2?+,!
;6! (**+:)*;8@! */! 2/.(*+! *'+!/)*;:=:!6/2=*;/8D! E*! ;6!=6=(221!:/,+!<;99;.=2*! */!./,,+.*! *'+6+!+,,/,6!
H+.(=6+!*'+1!(,+!,+2(*+<!*/!*'+!/)*;:;C(*;/8!(2@/,;*':D!!\'+8!*,1;8@!*/!,+6/2?+!+>+.=*;/8!+,,/,6F!;*!
;6!,+./::+8<+<!*'(*!*'+!=6+,Z!
&D!! "'+.5! *'+! /)*;:;C(*;/8! 9/,:=2(*;/8! (8<! ;*6! *,(86.,;)*;/8! ;8*/! *'+!bK]0! ;8)=*! 9;2+D! ! E6! *'+!
9/,:=2(*;/8!./,,+.*e!!U(6!*'+!9/,:=2(*;/8!H++8!./);+<!./,,+.*21!*/!*'+!;8)=*!9;2+e!!K,+!(22!/9!
*'+!?(,;(H2+6!(8<!+P=(*;/86!*'(*!=6+!6+*6!./,,+.*21!6*(*+<e!!
MD!! "/86;<+,!(<<;8@!/,!(2*+,;8@!*'+!H/=8<6D!
OD!! \'+8!*'+!6/2?+,!)+,9/,:+<!(8!;22+@(2!/)+,(*;/8F!6=.'!(6!(!(%?%(')$:)['+"F!.'+.5!4'+*'+,!*'+!
+P=(*;/86! .(8!H+!:/<;9;+<f*,(869/,:+<! */!(?/;<! *';6!+,,/,D! ! E86)+.*!4'+*'+,!<;99+,+8*! ;8;*;(2!
./8<;*;/86!/,!6*,;.*+,!H/=8<6!(?/;<!),+:(*=,+!*+,:;8(*;/8!/9!*'+!(2@/,;*':D!!
QD!! \'+8!*'+!6/2?+,!,+)/,*6!*'+!),/H2+:!;6!;89+(6;H2+F!.'+.5!4'+*'+,!*'+!),/H2+:!;6!(8!a`!/,!(8!
]Ea`D! ! E9! 6/F! *'+! 9/,:=2(*;/8! ;6! 2;5+21! */! H+! ;8./86;6*+8*! (8<! *'+! :/<+2! 6'/=2<! H+! ,+$
+>(:;8+<D! ! E9!8/*F! ./86;<+,! 62(.5+8;8@!/,! ,+:/?;8@!6/:+!/9! *'+!./86*,(;8*6F! (8<! ,+$,=88;8@!
bK]0!=8*;2! (! 9+(6;H2+! 6/2=*;/8! ;6! /H*(;8+<D! ! 7'+8F! ,+$;8*,/<=.+! ./86*,(;8*6! *'(*! '(?+! H++8!
,+:/?+<!/,!62(.5+8+<F!(**+:)*;8@!*/!<;6.+,8!4'1!;89+(6;H;2;*1!;6!,+)/,*+<D!!K26/F!9/,!(8!3a`F!
*'+! 6/2?+,! :(1! 8/*! H+! (H2+! */! 2/.(*+! (! 9+(6;H2+! 6/2=*;/8D! S>(:;8+! +P=(*;/86! 6'/48! */! H+!
!
!"#$b$&_
;89+(6;H2+! ;8! *'+!/=*)=*! 9;2+D!"'+.5!4'+*'+,! *'+6+!+P=(*;/86!.(8!H+!:/<;9;+<!/,! ,+:/?+<! */!
;:),/?+!*'+!2;5+2;'//<!/9!./8?+,@+8.+D!!7,1!*/!),/?;<+!(8!;8;*;(2!9+(6;H2+!6/2=*;/8D!!
!
E*!:(1! H+! =6+9=2! */! /H6+,?+! *'+! 2+?+2! A9;8(2B! ?(2=+6! 9/,! 6)+.;9;.! ?(,;(H2+6! (9*+,! *'+! 9;,6*!
;*+,(*;/8D!!7/!6*/)!*'+!6/2?+,!(9*+,!/8+!;*+,(*;/8F!*'+!9/22/4;8@!6*(*+:+8*!;6!(<<+<!*/!*'+!;8)=*!9;2+F!
;::+<;(*+21!H+9/,+!*'+!6/2?+!6*(*+:+8*Z!
!OPTION iterlim = 1
!!
E8!(<<;*;/8F!(9*+,!*'+!6/2?+!6*(*+:+8*F!(<<!()),/),;(*+!<;6)2(1!6*(*+:+8*6!9/,!*'/6+!?(,;(H2+6!*/!H+!
*(H=2(*+<!;8!*'+!/=*)=*!9;2+D!!
!
$
1 VARIABLES 2 Qcw, R1, R2, R3, R4, Z ; 3 4 EQUATIONS 5 OBJ,T1,T2,T3,T4,T5,B1,B2,B3,B4,B5,B6; 6 7 OBJ .. Z =E= Qs; **** $140 8 T1.. Qs-R1+30 =E= 0; 9 T2.. R1-R2+2.5 =E= 0; 10 T3.. R2-R3-82.5 =E= 0; 11 T4.. R3-R4+75 =E= 0; 12 T5.. R4-Qcw-15 =E= 0; 13 14 B1.. R1 =G= 0 15 B2.. R2 =G= 0; **** $409 16 B3.. R3 =G= 0; 17 B4.. R4 =G= 0; 18 B5.. Qs =G= 0; 19 B6.. Qcw =G= 0; 20 21 MODEL CASCADE /ALL/; 22 SOLVE CASCADE USING LP MINIMIZING Z; **** $257 140 Unknown symbol 257 Solve statement not checked because of previous errors 409 Unrecognizable item - skip to find a new statement looking for a ';' or a key word to get started again **** 3 ERROR(S) 0 WARNING(S)
T;@=,+!%D!!!X=*)=*!9;2+!@+8+,(*+<!9,/:!;8./,,+.*!;8)=*!9;2+!9/,!S>(:)2+!&RDQD
!
!"#$b$MR
0(J(0(/)(-$
!
L,//5F!KDF!#D!h+8<,;.5F!(8<!KD!]++,(=6F!9QAG@)Q)L,'+],)9>%('@)3';'5,')FEFaE!0.;+8*;9;.!`,+66!
A&__MBD!
T2/=<(6F! "D! KD! ) Y"&;%&'5+) 5&() A%/'(PX&6'B'+) W46%#%[56%"&@) U>&(5#'&65;,) 5&() Q44;%!56%"&,E)
X>9/,<!N8;?+,6;*1!`,+66F!X>9/,<!A&__JBD!
9QAGP2-')G";?'+)A5&>5;,D!bK]0!#+?+2/):+8*!"/,)/,(*;/8F!\(6';8@*/8F!#"!A&__GBD!!!
!
"#$&GDI$&!
.W"X$$ (\2+8M(/*$-+e+/6$5/1$)58+*54$)%-*$(-*+M5*+%/$2-+/6$*7($
5-8(/$+)502-$80%)(--$(,5425*%0$`+8(a$
!
7'+! K6)+8! E.(,=6! `,/.+66! S?(2=(*/,! AE`SB! ;6! (! 6/9*4(,+! 616*+:! ),/?;<+<! H1!
K6)+8! 7+.'8/2/@1F! E8.DF! 9/,! +?(2=(*;/8! /9! .();*(2! +>)+8<;*=,+6F! /)+,(*;8@! ./6*6F! (8<!
),/9;*(H;2;*1!/9!(!),/.+66!<+6;@8D! !K6)+8!E`S!'(6!(8!(=*/:(*;.F!+2+.*,/8;.!'/4'+6),:,6'#!
4';.'!2;856!*/!),/.+66!6;:=2(*;/8!),/@,(:6D!!E*!;6!=6+<!*/!A&B!+>*+8<!*'+!,+6=2*6!/9!),/.+66!
6;:=2(*;/86F! AMB!@+8+,(*+! ,;@/,/=6! 6;C+!(8<!./6*!+6*;:(*+6! 9/,!),/.+66;8@!+P=;):+8*F! AOB!
)+,9/,:!),+2;:;8(,1!:+.'(8;.(2!<+6;@86F!(8<!AQB!+6*;:(*+!)=,.'(6+!(8<!;86*(22(*;/8!./6*6F!
;8<;,+.*! ./6*6F! *'+! */*(2! .();*(2! ;8?+6*:+8*F! *'+! +8@;8++,;8@$),/.=,+:+8*$./86*,=.*;/8!
)2(88;8@! 6.'+<=2+F! (8<! ),/9;*(H;2;*1! (8(216+6D! !7';6! 6+.*;/8! ./8.+8*,(*+6!/8! .();*(2! ./6*!
+6*;:(*;/8F!4;*'!),/9;*(H;2;*1!(8(216;6!./?+,+<!;8!0+.*;/8!&ID%D!!!
!
K6)+8!E`S!=6+6!9;?+!5+1!6*+)6!;8!*'+!+?(2=(*;/8!/9!),/.+66!<+6;@86Z!
!
&D! 0;:=2(*;/8!,+6=2*6!(,+!;"5('(!;8*/!K6)+8!E`S!
!
MD! `,/.+66! 6;:=2(*;/8! =8;*6! A*'(*! ;6F! H2/.56F!:/<=2+6F! /,! 6=H,/=*;8+6B! (,+!#544'(! ;8*/!
:/,+!<+6.,;)*;?+!:/<+26!/9!),/.+66!+P=;):+8*! A+D@DF!:());8@!(!USK7u!6;:=2(*;/8!
=8;*! ;8*/! (! 92/(*;8@$'+(<F! 6'+22$(8<$*=H+! '+(*! +>.'(8@+,^! :());8@! (! -K#T-K"!
6;:=2(*;/8! =8;*! ;8*/! (! *,(1! */4+,F! ./:)2+*+! 4;*'! ,+H/;2+,F! ./8<+86+,F! ,+92=>!
(..=:=2(*/,F! +*.DB! (8<!(66/.;(*+<!4;5&6)$>;7,F!4';.'! ;8.2=<+! ;86*(22(*;/8! ;*+:6F!6=.'!
(6!););8@F!;86*,=:+8*(*;/8F!;86=2(*;/8F!)(;8*F!+*.D!
!
OD! SP=;):+8*!;*+:6!(,+!,%['(!(8<!+'P,%['(!4'+8!:/<;9;+<D!
!
QD! "();*(2!./6*6F!/)+,(*;8@!./6*6F!(8<!*'+!*/*(2!;8?+6*:+8*!(,+!'?5;>56'(!9/,!(!),/V+.*D!!
!
JD! -+6=2*6! (,+! ),+6+8*+<! */! H+! +'?%'<'(F! 4;*'! :/<;9;.(*;/86! (6! 8+.+66(,1! (8<! ,+$
+?(2=(*;/8D!
!
!
"#$&GDI$M!
K6)+8!E`S!H+@;86!4;*'!*'+!,+6=2*6!/9!(!6;:=2(*;/8!=6;8@!/8+!/9!*'+!:(V/,!),/.+66!
6;:=2(*/,6D! 7'+! ),/@,(:! (..+)*6! ,+6=2*6! 9,/:! K0`S3! `aN0F! Ui0i0D`2(8*F!
"US]"K#F!`-XfEEF!(8<!/*'+,!6;:=2(*/,6D!!7/!+6*;:(*+!+P=;):+8*!6;C+6!(8<!./6*6F!;*!;6!
8+.+66(,1! */! ),+)(,+! 6;:=2(*;/8! ,+6=2*6! 9/,! 2/(<;8@! ;8*/! K6)+8! E`SD! ! 7';6! ;6! 8/,:(221!
(../:)2;6'+<! H1! (=@:+8*;8@! *'+! 6;:=2(*;/8! 9;2+! ;8! *4/! 4(16D! ! T;,6*F! */! +6*;:(*+!
+P=;):+8*!6;C+6F!K6)+8!E`S!=6=(221!,+P=;,+6!+6*;:(*+6!/9!:;>*=,+!),/)+,*;+6!8/*!8++<+<!
9/,!*'+!:(*+,;(2!(8<!+8+,@1!H(2(8.+6F!(8<!)'(6+!+P=;2;H,;(!.(2.=2(*;/86!)+,9/,:+<!H1!*'+!
),/.+66!6;:=2(*/,6D!!T/,!*';6!,+(6/8F!;*!;6!8+.+66(,1!*/!(=@:+8*!*'+!6;:=2(*;/8!,+)/,*!9;2+6!
4;*'! +6*;:(*+6! H1! *'+! 6;:=2(*/,! /9! :;>*=,+! ),/)+,*;+6F! 6=.'! (6! ?;6./6;*1F! *'+,:(2!
./8<=.*;?;*1F! (8<! 6=,9(.+! *+86;/8! 9/,! +(.'! /9! *'+! 6*,+(:6! ;8! *'+! 6;:=2(*;/8! 92/46'++*D!!
0+./8<F!K6)+8!E`S!+6*;:(*+6!+P=;):+8*!6;C+6!=6;8@!*'+!6;:=2(*;/8!,+6=2*6!./:)=*+<!H1!
*'+!:/,+!,;@/,/=6F!,(*'+,!*'(8!()),/>;:(*+F!6;:=2(*;/8!6=H,/=*;8+6D!!"/86+P=+8*21F!4'+8!
*'+!()),/>;:(*+!#E07a!(8<!-07XE"!6=H,/=*;8+6!(,+!=6+<!;8!K0`S3!`aN0F!*'+6+!:=6*!
H+! ,+)2(.+<! H1! :/,+! ,;@/,/=6! 6=H,/=*;8+6F! 6=.'! (6! *'+! -K#T-K"! (8<! -`aNb!
6=H,/=*;8+6D! !7';6! ,+)2(.+:+8*! .(8!H+!?;+4+<!(6! *'+! 9;,6*! 6*+)!;8!./:)=*;8@!+P=;):+8*!
6;C+6!(8<!./6*6D!!!
!
K9*+,! *'+! 6;:=2(*;/8! 9;2+! ;6! (=@:+8*+<F! *'+! ,+?;6+<! 6;:=2(*;/8! ;6! ,=8! (8<! *'+!
,+6=2*6!(,+!6+8*!*/!K6)+8!E`SD!!3/*+!*'(*!*'+!K0`S3!`aN0!(8<!Ui0i0D`2(8*!6;:=2(*/,6!
./8*(;8!:+8=!+8*,;+6!*/!<;,+.*!*'+!,+6=2*6!*/!K6)+8!E`SD!!T/,!<+*(;26F!*'+!,+(<+,!;6!,+9+,,+<!
*/!./=,6+!8/*+6!),+)(,+<!(*!*'+!N8;?+,6;*1!/9!`+88612?(8;(!A3(*'(86/8!(8<!0+;<+,F!MRROBF!
4';.'! (,+! ),/?;<+<! ;8! *'+! 9;2+F! K6)+8! E`S! "/=,6+! 3/*+6D)<9F! /8! *';6! "#$-X]D! ! 7';6!
6+.*;/8! ),+6+8*6! +6*;:(*+6! /9! +P=;):+8*! 6;C+6! (8<! )=,.'(6+! (8<! ;86*(22(*;/8! ./6*6!=6;8@!
K6)+8!E`S!9/,!*4/!+>(:)2+6!;8?/2?;8@Z!A&B!*'+!<+),/)(8;C+,!<;6*;22(*;/8!*/4+,!),+6+8*+<!
/8! *'+! "#$-X]! A+;*'+,! 1_G_G!+! G'45+56%"&,)+! C%,6%;;56%"&! /,! QG0ZY) 0TLG!+!
G'45+56%"&,!+!C%,6%;;56%"&BF! (8<! AMB! *'+!:/8/.'2/,/H+8C+8+!A]"LB!6+)(,(*;/8!),/.+66!
;8*,/<=.+<! ;8!0+.*;/8!QDQF!4;*'! 6;:=2(*;/8! ,+6=2*6!=6;8@!K0`S3!`aN0!),/?;<+<!/8! *'+!
"#$-X]!AQG0ZY)+)0+%&!%4;',)"*)U;"<,-''6)G%#>;56%"&)+)X&6'+4+'656%"&)"*)X&4>6)5&()
W>64>6)+)G5#4;')0+"$;'#BD! ! j=6*! *'+!5+1!6)+.;9;.(*;/86!(8<!,+6=2*6!(,+!),+6+8*+<!'+,+D!!
7'+!<+*(;26!/9!=6;8@!K6)+8!E`S!9/,! *'+6+!*4/!+>(:)2+6!(,+!),+6+8*+<!;8!*'+!9;2+F!K6)+8!
E`S!"/=,6+!3/*+6D)<9D!!!!!!!
!
"#$&GDI$O!
!
!"#$%&'(+\*+)($$T'%/9%#0:]'/(
!
! 7'+! <+),/)(8;C+,! <;6*;22(*;/8! */4+,! ;8! T;@=,+! &GD&G! ;6! <+6;@8+<! (8<! 6;:=2(*+<!
=6;8@! *'+! ),/.+<=,+6! <+6.,;H+<! /8! *'+! "#$-X]! A+;*'+,! 1_G_G)+) G'45+56%"&,)+)
C%,6%;;56%"&! /,!QG0ZY)+) G'45+56%"&,)+) C%,6%;;56%"&BD! ! E8! 6=::(,1F! 9/,! *'+! ),+66=,+6!
6'/48F!=6;8@!*'+!#07\N!6=H,/=*;8+!9/,!*'+!6)+.;9;.(*;/8!3)K)&DIJ3#%&F!*'+!,+92=>!,(*;/F!
8=:H+,!/9!+P=;2;H,;=:!6*(@+6F!(8<!*'+!9++<!6*(@+!(,+!+6*;:(*+<!*/!H+Z!3)K!GDRGF!Y)K)&QF!
(8<!YU''()K)ID!!\'+8!*'+!*/4+,!;6!6;:=2(*+<!4;*'!*'+6+!6)+.;9;.(*;/86!(8<!CfU!g!RDMMGF!*/!
(.';+?+!*'+!<+6;,+<!<;6*;22(*+!)=,;*1F!*'+!-K#T-K"!6=H,/=*;8+!(<V=6*6!*'+!,+92=>!,(*;/!*/!
%D%%D!!E8!*';6!+>(:)2+F!;*!;6!<+6;,+<!*/!+6*;:(*+!*'+!*/*(2!)+,:(8+8*!;8?+6*:+8*F!87`EF!=6;8@!
K6)+8!E`SD!!7'+!:(*+,;(2!/9!./86*,=.*;/8!*',/=@'/=*!;6!.(,H/8!6*++2D!!
!T;@=,+!&GD&G!!! 0)+.;9;.(*;/86!9/,!<+6;@8!/9!*'+!<+),/)(8;C+,!!
<;6*;22(*;/8!*/4+,!!
!
"#$&GDI$Q!
-%42*+%/$
!
! T/,! *'+! <+),/)(8;C+,! 616*+:F! K6)+8! E`S! )+,9/,:6! :+.'(8;.(2! <+6;@86F! (8<!
+6*;:(*+6! 6;C+6F! )=,.'(6+! ./6*6F! (8<!(66/.;(*+<! ;86*(22(*;/8!:(*+,;(26!(8<! 2(H/,!./6*6! 9/,!
*'+! <;6*;22(*;/8! */4+,F! ./8<+86+,F! ,+92=>! (..=:=2(*/,F! ,+92=>! )=:)F! (8<! ,+H/;2+,D! ! 7'+!
<+6;@8+,!.(8!(<<!(!,+H/;2+,!)=:)!A*/!)=:)!2;P=;<!9,/:!*'+!6=:)!*/!*'+!,+H/;2+,BF!(6!4(6!
</8+!;8!/H*(;8;8@!*';6!6/2=*;/8D!K6)+8!E`S!=6+6!:(81!)(,(:+*+,6!*/!+6*;:(*+!+P=;):+8*!
6;C+6!(8<!*/!6)+.;91!*'+!.'(,(.*+,;6*;.6!/9!=*;2;*;+6F!4;*'!<+9(=2*!?(2=+6!H=;2*!;8!*'(*!.(8!H+!
,+)2(.+<!H1!=6+,$6)+.;9;+<!?(2=+6D!!`(,*;.=2(,!(**+8*;/8!6'/=2<!H+!)(;<!*/!*'+!E`S!C',%B&)
R5,%,! )(,(:+*+,6F! 6=.'! (6! *'+! <+6;@8! ),+66=,+! (8<! *+:)+,(*=,+F! *'+! /?+,<+6;@8!
(22/4(8.+6F!*'+!,+6;<+8.+!*;:+6!;8!*'+!),/.+66!?+66+26F!(8<!*'+!*/4+,!6)+.;9;.(*;/86D!!T/,!
*'+!<+),/)(8;C+,!./:)2+>F!(!9+4!.'(8@+6!4+,+!:(<+!*/!*'+!<+9(=2*!)(,(:+*+,6F!;8.2=<;8@!
*'+! *,(1! +99;.;+8.1! ARD%BF! H/**/:! 6=:)! '+;@'*! A&R! 9*BF! (8<! ?()/,! <;6+8@(@+:+8*! '+;@'*!
A(H/?+! *'+! */)! *,(1F!Q!9*BD! !7'+!/*'+,!<+9(=2*!)(,(:+*+,6!(,+!2;6*+<!;8!K))+8<;>!EE!/9! *'+!
9;2+F!K6)+8!E`S!"/=,6+!3/*+6D)<9F!/8!*'+!"#$-X]D!
!
! T/,!*'+!./8<+86+,F!K6)+8!E`S!=6+6!*'+!.//2;8@!4(*+,!=*;2;*1D!!U/4+?+,F!;*6!<+9(=2*!
;82+*! (8<! /=*2+*! *+:)+,(*=,+6!4+,+! .'(8@+<! 9,/:!IJ! (8<! _J<T! */! _R! (8<! &MR<TD! !K26/F!
K6)+8!E`S!'(6!*',++!H=;2*$;8!=*;2;*;+6!9/,!6*+(:!(*!&RRF!&GJF!(8<!QRR!)6;(D!!L+.(=6+!&RR!
)6;(!6*+(:!./8<+86+6!(*!OIID%<T!(8<!*'+!H=HH2+!)/;8*!*+:)+,(*=,+!/9!*'+!H/**/:6!),/<=.*!
(*!MJM!)6;(!;6!MGRD%<TF!4'+8!&RR!)6;(!6*+(:!;6!=6+<!;8!*'+!,+H/;2+,F!#2)K)&&I<TF!4';.'!
/9*+8! ,+6=2*6! ;8! =8<+6;,(H2+! 9;2:! H/;2;8@! (6! <;6.=66+<! ;8! 0+.*;/8! &OD&! /9! *'+! H//5D! ! 7/!
,+<=.+! *'+!()),/(.'! *+:)+,(*=,+!<;99+,+8.+F!(8<!(66=,+!8=.2+(*+!H/;2;8@F!(! 2/4!),+66=,+!
6*+(:!=*;2;*1F!(*!JR!)6;(F!;6!<+9;8+<D!
!
! K9*+,!*'+!)(,(:+*+,6!9/,!+6*;:(*;8@!+P=;):+8*!6;C+6!(8<!*'+!=*;2;*1!)(,(:+*+,6!(,+!
(<V=6*+<F! (8<! (! 8+4! 6*+(:! =*;2;*1! ;6! <+9;8+<F! *'+! 6;:=2(*;/8! =8;*6! AH2/.56F!:/<=2+6F! /,!
6=H,/=*;8+6B!(,+!#544'(!;8*/!K6)+8!E`SD!!E8!*';6!.(6+F!*'+,+!;6!/821!/8+!<;6*;22(*;/8!=8;*F!
#&F!*/!H+!:())+<D!!7'+!<+9(=2*!:());8@!,+6=2*6!;8Z!A&B!(!*,(1!*/4+,F!AMB!(!6'+22$(8<$*=H+!
'+(*!+>.'(8@+,!4;*'!(! 9;>+<! *=H+!6'++*! 9/,! *'+!./8<+86+,F! AOB!(!'/,;C/8*(2!<,=:!9/,! *'+!
,+92=>!(..=:=2(*/,F!AQB!(!.+8*,;9=@(2!,+92=>!)=:)F!(8<!AJB!(!5+**2+!,+H/;2+,!4;*'!N!*=H+6D!!
!
"#$&GDI$J!
7/! =6+! (! 5+**2+! ,+H/;2+,!4;*'! (! 92/(*;8@! '+(<F! /,! /8+! /9! *'+! /*'+,! H=;2*$;8! ,+H/;2+,6F! *'+!
<+9(=2*! :());8@! ;6! <+2+*+<! (8<! ,+)2(.+<! 4;*'! *'+! ),+9+,,+<! :());8@D! ! 0;:;2(,21F! *'+!
<+9(=2*! :());8@! 9/,! *'+! ./8<+86+,F! (! 6'+22$(8<$*=H+! '+(*! +>.'(8@+,! 4;*'! (! 9;>+<! *=H+!
6'++*F! .(8! H+! ,+)2(.+<! 4;*'! (! 6'+22$(8<$*=H+! '+(*! +>.'(8@+,! '(?;8@! (! 92/(*;8@! '+(<D!!
\'+8!*'+!:());8@!9/,! *'+!6;:=2(*;/8!=8;*F!#&F! ;6!./:)2+*+<F!6;C+6!'(?+!H++8!+6*;:(*+<!
H1!K6)+8! E`S! 9/,! (22! /9! *'+! +P=;):+8*! ;*+:6D! !3/*+! *'(*! 9/,! *';6!<;6*;22(*;/8! ./:)2+>!(!
,+H/;2+,!)=:)!;6!(<<+<!H1!*'+!<+6;@8+,!(8<!:())+<!6+)(,(*+21!H1!K6)+8!E`SD!!3/*+!(26/!
*'(*! *'+! +P=;):+8*! 6;C+6! .(8! H+! (<V=6*+<! H1! *'+! <+6;@8+,! H+9/,+! K6)+8! E`S! +6*;:(*+6!
+P=;):+8*! ./6*6F! (2*'/=@'! 8/! (<V=6*:+8*6! '(?+! H++8! :(<+! '+,+! 9/,! *'+! <;6*;22(*;/8!
616*+:D!!
!
! E8!*'+!8+>*!6*+)F!K6)+8!E`S!+6*;:(*+6!*'+!)=,.'(6+!(8<!;86*(22(*;/8!./6*6D!!L+9/,+!
),/.++<;8@F! *'+!<+6;@8+,!.(8!A&B!())21!/8+!/9!6;>!+8@;8++,;8@!./8*,(.*/,!),/9;2+6F!4';.'!
<+*+,:;8+!*'+!+8@;8++,;8@!+>+.=*;/8!),/.+<=,+F!(8<!AMB!(<V=6*!*'+!,65&(5+()$5,%,F!4';.'!
<+9;8+6!*'+!8(*=,+!/9!*'+!6;*+!(8<!4/,59/,.+D!!U+,+F!*'+!<+9(=2*!?(2=+6!:(1!./,,+6)/8<!*/!
;8()),/),;(*+! ./6*6! 9/,! *'+! 9/22/4;8@! ,+(6/86D! !\'+8! <+6;@8;8@! 6:(22! )2(8*6F! *'+!0;5&6)
Z&B%&''+)/,!T"!5;)8"&6+5!6"+)),/9;2+6!(,+!),+9+,(H2+D!!T/,!*';6!<;6*;22(*;/8!616*+:F!4';.'!
;6! *'+!/821!616*+:!;8! *'+!)2(8*F! ;*! ;6! ;:)/,*(8*! */! ,+)2(.+! *'+!<+9(=2*!4+"O'!6) 6:4'! AB+5,,)
+""6,N!;'5+) *%';(B! 4;*'! 4;5&6) 5((%6%"&) S) ,>44+',,'() %&*+5,6+>!6>+'D! ! 7'+! 2(**+,! ;86*,=.*6!
K6)+8!E`S!*/!/:;*!;*+:6!;8?/2?;8@!+2+.*,;.(2!64;*.'@+(,!(8<!*,(869/,:+,6F!4';.'!(,+!8/*!
8++<+<! 4'+8! (<<;8@! *';6! <;6*;22(*;/8! 616*+:! */! (8! +>;6*;8@! ),/.+66! 9(.;2;*1D! ! K9*+,! *'+!
6*(8<(,<!H(6;6!'(6!H++8!(<V=6*+<F!K6)+8!E`S!'?5;>56',!(22!/9!*'+!+P=;):+8*!;*+:6!;8!*'+!
),/V+.*D! !#=,;8@! *'+! +?(2=(*;/8F! )=,.'(6+! (8<! ;86*(22(*;/8! ./6*6! (,+! +6*;:(*+<D! ! T/,! *';6!
)=,)/6+F!K6)+8!E`S!=*;2;C+6!<+6;@8F!4/,5$;*+:F!(8<!./6*!:/<+26!*'(*!'(?+!H++8!<+?+2/)+<!
(8<!=)<(*+<!(88=(221F! ;8!(../,<(8.+!4;*'!;8<=6*,1!<+6;@8!./<+6!(8<!./6*6!9/,!8=:+,/=6!
),/.+66! )2(8*6F! 6;8.+! *'+! :;<$&_IR6D! ! b;?+8! *'+! H,/(<! 6)+.*,=:! /9! K6)+8! E`S! =6+,6!
4/,2<4;<+F!K6)+8!E`S!)=,.'(6+!./6*!+6*;:(*+6!(,+!H(6+<!=)/8!(8!+>*+86;?+!<(*(!H(6+!/9!
:(*+,;(2!(8<!./86*,=.*;/8!2(H/,!./6*6!(8<!<+*(;2+<F!*'/=@'!),+2;:;8(,1F!<+6;@8!:+*'/<6D!!!
!
T/,!;86*(22(*;/8!./6*6F!K6)+8!E`S!</+6!8/*!=6+!H(,+!:/<=2+!9(.*/,6!(6!<;6.=66+<!;8!
0+.*;/8! &GDO! /9! *'+! H//5D! ! -(*'+,F! ,;@/,/=6!:+*'/<6! (,+! =6+<! */! +6*;:(*+! *'+! ./6*6! /9!
!
"#$&GDI$G!
:(*+,;(26F! 2(H/,F! (8<! ./86*,=.*;/8! +P=;):+8*D! ! 7'+6+!:+*'/<6! (,+! H(6+<! =)/8! <+*(;2+<!
<+6;@8! .(2.=2(*;/86! 9/,! 9/=8<(*;/86F! )2(*9/,:6F! ););8@F! ;86*,=:+8*(*;/8F! +2+.*,;.(2!
./88+.*;/86F!;86=2(*;/8F!(8<!)(;8*;8@F!(:/8@!/*'+,!;*+:6!;8?/2?+<!;8!*'+!;86*(22(*;/8D!!T/,!
+>(:)2+F! 9/,!./8.,+*+! 9/=8<(*;/86F! *'+!<;:+86;/86!/9! *'+!9/=8<(*;/8!(8<! *'+!(:/=8*!/9!
./8.,+*+! (,+! +6*;:(*+<! H(6+<! =)/8! *'+! '+;@'*! (8<!4+;@'*! /9! *'+! */4+,F! 6/;2! ./8<;*;/86F!
4;8<!?+2/.;*1F! (8<! 6+;6:;.! C/8+D! !T/,!););8@!(8<! ;86*,=:+8*(*;/8! *1)+6F!P=(8*;*;+6F! (8<!
6;C+6F!K6)+8!E`S!=6+6!6+29$./8*(;8+<F!=6+,$(<V=6*(H2+F!`kE#!*+:)2(*+6!*'(*!(,+!=8;P=+!*/!
+(.'!*1)+!/9!+P=;):+8*D!!K6)+8!E`S!=6+6!;*6!2;H,(,1!/9!););8@!(8<!;86*,=:+8*(*;/8!:/<+26F!
:+.'(8;.(2! <+6;@8!:+*'/<6F! (8<!+P=;):+8*! (8<! 6*,+(:! ;89/,:(*;/8F! */!<+?+2/)! 2;6*6! /9!
:(*+,;(26! 9/,! ););8@! (8<! ;86*,=:+8*6F! 4;*'! (66/.;(*+<! :(*+,;(2! ./6*6! (8<! ;86*(22(*;/8!
'/=,6D!!"/86+P=+8*21F!*'+!;86*(22(*;/8!./6*!+6*;:(*+6!H1!K6)+8!E`S!(,+!:/,+!(..=,(*+!*'(8!
*'/6+!/H*(;8+<!=6;8@!H(,+$:/<=2+!/,!9(.*/,+<$./6*!:+*'/<6D!!
!
! T/,!*'+!6;>!+P=;):+8*!;*+:6!;8!*'+!<+),/)(8;C+,!<;6*;22(*;/8!616*+:F!;8.2=<;8@!*'+!
(<<+<! ,+H/;2+,! )=:)F! *'+! 5+1! +P=;):+8*! 6;C+6! (8<! ./6*! +6*;:(*+6! (,+! 6'/48! ;8! 7(H2+!
&GDOOD!!3/*+!*'(*!K6)+8!E`S!<+6;@8+<!*'+!./8<+86+,!*/!H+!(!6'+22$(8<$*=H+!'+(*!+>.'(8@+,!
4;*'!*4/!)(,(22+2!=8;*6F!+(.'!'(?;8@!*4/!*=H+!)(66+6!(8<!(!./,,+.*;/8!9(.*/,F!U2)g!RDGQD!!E*!
6'/=2<! H+! )/66;H2+! */! ;:),/?+! *';6! <+6;@8! H1! ,+$6;C;8@! *'+! =8;*! */! /H*(;8! (! ./,,+.*;/8!
9(.*/,! .2/6+! */! =8;*1F! +2;:;8(*;8@! /8+! /9! *'+! )(,(22+2! =8;*6D! ) T;@=,+! &GD&I! 6'/46!:/,+!
<+*(;26! 9/,! *'+! *,(1! */4+,! 9,/:! *'+!854%65;) Z,6%#56') 3'4"+6E) ) T/,! <+*(;26! /9! *'+! /*'+,!
+P=;):+8*!;*+:6F!6++!K))+8<;>!EEE!/9!*'+!9;2+F!K6)+8!E`S!"/=,6+!3/*+6D)<9F!/8!*'+!"#$
-X]D! !K26/F! *'+6+! ,+6=2*6! .(8!H+! ,+),/<=.+<!H1!(..+66;8@! *'+!#S"O-`! 9/2<+,! A/8! *'+!
"#$-X]!;8!*'+!K6)+8!S8@D!0=;*+!9/2<+,B!9,/:!4;*';8!K6)+8!E`SD!!3/*+!*'(*!*'+!#S"O!
9/2<+,!</+6!8/*!;8.2=<+!*'+!,+H/;2+,!)=:)D!!7'+!.(2.=2(*;/86!4+,+!.(,,;+<!/=*!=6;8@!K6)+8!
E`SF!q+,6;/8!&&D&F!4;*'!*'+!<+6;@8!(8<!./6*!H(6;6!<(*+!H+;8@!*'+!T;,6*!p=(,*+,!MRRRD!
!
!
"#$&GDI$I!
7/*(2!`+,:(8+8*!E8?+6*:+8*!!
!
K6)+8! E`S! (26/! ./:)=*+6! *'+! */*(2! )+,:(8+8*! ;8?+6*:+8*F!87`EF! (6! <+9;8+<! ;8!
7(H2+!&GD_!/9!*'+!H//5D!!U/4+?+,F!'+,+F!*'+!*/*(2!)+,:(8+8*!;8?+6*:+8*!;6!./:)=*+<!H1!
*'+!6),+(<6'++*F!`,/9;*(H;2;*1!K8(216;6$&DRD>26F!4';.'!;6!<;6.=66+<!;8!0+.*;/8!&ID%D!!\'+8!
=6;8@! *'+! K6)+8! E`S! /)*;/8! ;8! *'+! 6),+(<6'++*F! *'+! =6+,! +8*+,6! *'+! 9/22/4;8@! ?(2=+6F!
4';.'!(,+!/H*(;8+<!9,/:!K6)+8!E`SZ!
!
! 7/*(2!#;,+.*!](*+,;(26!(8<!a(H/,!"/6*6!! ! !!!!!!!!!!vIJIFJRR! !! ](*+,;(2!(8<!a(H/,!bkK!X?+,'+(<!(8<!"/8*,(.*/,!T++6! !!G&FMRR!! "/8*,(.*/,!S8@;8++,;8@!"/6*6!! ! ! ! O%OFIRR!! E8<;,+.*!"/6*6! ! ! ! ! ! ! OGJFIRR!!
3/*+! *'(*! *'+! */*(2! <;,+.*! :(*+,;(26! (8<! 2(H/,! ./6*6F! vIJIFJRRF! ;8.2=<+6! ;*+:6! 8/*!
.'(,@+(H2+!*/!*'+!;8<;?;<=(2!+P=;):+8*!;*+:6!;8!7(H2+!&GDOOD!!T/,!*'+!<+*(;26!/9!/H*(;8;8@!
*'+6+!?(2=+6!9,/:!K6)+8!E`SF!6++!*'+!9;2+F!K6)+8!E`S!"/=,6+!3/*+6D)<9F!/8!*'+!"#$-X]D!
!
!
!
"#$&GDI$%!
!!!!!7(H2+!&GDOO!!! K6)+8!E`S!+6*;:(*+6!/9!+P=;):+8*!6;C+6F!
)=,.'(6+!./6*6F!(8<!<;,+.*!:(*+,;(26!(8<!2(H/,!./6*6!9/,!;86*(22(*;/8!/9!*'+!<+),/)(8;C+,!<;6*;22(*;/8!./:)2+>!
!! !
!SP=;):+8*!0;C+6!
!`=,.'(6+!"/6*F))
80F!v!
#;,+.*!](*+,;(26!(8<!a(H/,!"/6*F!
8CATF!v!7,(1!*/4+,! ! ! !
! 3/D!/9!*,(16!g!&Q GQF&RR! &_MFGRR!! 7(8@+8*$*/$*(8@+8*!'+;@'*!g!QM!9* ! !! #;(:+*+,!g!J!9* ! !! q+66+2!4+;@'*!g!O&FJRR!2H ! !
"/8<+86+,! ! !! U+(*$*,(869+,!(,+(!g&&F&RR!9*M!
AJFJJR!9*Mf6'+22B&O_FQRR! MM_FGRR!
-+92=>!(..=:=2(*/,!
! !
! q/2=:+!g!MFOJR!@(2 &_FRRR! IQFQRR!! #;(:+*+,!g!J!9* ! !! a+8@*'!g&G!9* ! !! q+66+2!4+;@'*!g!_FGRR!2H ! !
-+92=>!)=:)! ! !! T2=;<!'+(<!g!JR!9*! JFMRR! OJFMRR!! #,;?+,!)/4+,!g!J!U) ! !
-+H/;2+,! ! !! U+(*$*,(869+,!(,+(!g!OFJ%R!9*M JMFGRR! &&JFRRR!
-+H/;2+,!)=:)! ! !! T2=;<!'+(<!g!MR!9*! IFRRR! QQFIRR!! #,;?+,!)/4+,!g!!O!U) ! !! !
7X7Ka!
vM%IFORR!!
vG_&FJRR!!
!
"#$&GDI$_!
C O M P O N E N T L I S T ======================================================================================================================= : : : : : PURCHASED: :ORIGIN : ITEM TYPE : I T E M :--------------------- D E S I G N D A T A ----------------: EQUIPMENT: : : : D E S C R I P T I O N : : COST USD : ======================================================================================================================= Equipment mapped from 'D1'. TW - 10 TRAYED D1-tower Shell material A 515 64100 CODE OF ACCOUNT: 111 Number of trays 15 TAG NO.: D1-tower Vessel diameter 5.000 FEET Vessel tangent to tangent height 42.00 FEET Design temperature 310.80 DEG F Design gauge pressure 262.30 PSIG Application DISTIL Tray type SIEVE Tray spacing 24.00 INCHES Tray material A285C Tray thickness 0.188 INCHES Base material thickness 0.625 INCHES Total weight 31500 LBS I T E M :--- M A T E R I A L ---:********* M A N P O W E R *********:--- L/M ---: : FRACTION : FRACTION : RATIO : : USD OF PE : USD OF PE MANHOURS : USD/USD : EQUIPMENT&SETTING: 64100. 1.0000 : 1877. 0.0293 92 : 0.029 : PIPING : 20847. 0.3252 : 14937. 0.2330 651 : 0.716 : CIVIL : 1572. 0.0245 : 2153. 0.0336 127 : 1.370 : STRUCTURAL STEEL : 7021. 0.1095 : 3924. 0.0612 218 : 0.559 : INSTRUMENTATION : 36315. 0.5665 : 16719. 0.2608 729 : 0.460 : ELECTRICAL : 1678. 0.0262 : 909. 0.0142 45 : 0.542 : INSULATION : 10270. 0.1602 : 8250. 0.1287 423 : 0.803 : PAINT : 643. 0.0100 : 1376. 0.0215 88 : 2.141 : ------------------------------------------------------------------------- SUBTOTAL : 142445. 2.2222 : 50145. 0.7823 2373 : 0.352 : TOTAL MATERIAL AND MANPOWER COST =USD 192600. INST'L COST/PE RATIO = 3.005 ======================================================================================================================
$$
T;@=,+!&GD&I!!! S6*;:(*+6!/9!+P=;):+8*!6;C+6!(8<!)=,.'(6+!(8<!;86*(22(*;/8!./6*6!9/,!*'+!<+),/)(8;C+,!*,(1!*/4+,D!
!
"#$&GDI$&R!
!!!"#$%&'(+\*+E((19094=&9/9>'0]'0'(S16OU(,'%#/#-:90(C/94'NN(
!
! 7'+!:/8/.'2/,/H+8C+8+! A]"LB! 6+)(,(*;/8! ),/.+66! ;8! T;@=,+! &GD&%! ;6! <+6;@8+<!
(8<! 6;:=2(*+<! =6;8@! *'+! ),/.+<=,+6! <+6.,;H+<! ;8! 0+.*;/8! QDQ! (8<! /8! *'+! "#$-X]!
AQG0ZY) 0TLG)+! 0+%&!%4;',) "*) U;"<,-''6) G%#>;56%"&!+! X&6'+4+'656%"&) "*) X&4>6) 5&()
W>64>6!+!G5#4;')0+"$;'#BD!!E8!*';6!+>(:)2+F!;*!;6!<+6;,+<!*/!+6*;:(*+!*'+!*/*(2!)+,:(8+8*!
;8?+6*:+8*F!87`EF!=6;8@!K6)+8!E`SD!
!!T;@=,+!&GD&%!!! `,/.+66!92/46'++*!9/,!*'+!]"L!6+)(,(*;/8!
),/.+66D!!!
!
"#$&GDI$&&!
-%42*+%/$
!
! 7'+! 6;:=2(*;/8! ,+6=2*6! 4+,+! ./:)=*+<! ;8;*;(221! =6;8@! *'+! #E07a! 6=H,/=*;8+! ;8!
K0`S3! `aN0D! ! \'+8! *';6! ;6! ,+)2(.+<! H1! *'+! -K#T-K"! 6=H,/=*;8+F! ),;/,! */! =6;8@!
K6)+8!E`SF!*'+!,+92=>!,(*;/!;6!(<V=6*+<!9,/:!QDM_!*/!ODOJ!(8<!*'+!6*,+(:!92/4!,(*+6!<;99+,!
62;@'*21!Ad!&[BD!
!
! L+.(=6+!*'+!(H6/,H+,!'(6!(!*,(1!+99;.;+8.1!/9!MR[F!4';2+!*'+!*,(1!+99;.;+8.1!/9!*'+!
<;6*;22(*;/8! ./2=:8! ;6! GR[F! *'+! *4/! */4+,6!:=6*!H+!:())+<! 6+)(,(*+21D! !K26/F! *'+!'+(*!
+>.'(8@+,F!U&F!;6!*//!6:(22!*/!H+!:())+<!(6!92/(*;8@$'+(<F!6'+22$(8<$*=H+!'+(*!+>.'(8@+,D!!
"/86+P=+8*21F! *';6!:());8@! ;6! ,+)2(.+<! H1! (! </=H2+$);)+! '+(*! +>.'(8@+,D! ! T;8(221F! *'+!
=8;*6F!]&F!0&F!(8<!7&F!(,+!:())+<!(6!M>"6'()X6'#,)'(?;8@!C+,/!./6*!H1!K6)+8!E`SD!
!
! K9*+,! *'+! :());8@! (8<! 6;C;8@! (,+! ./:)2+*+<! A;D+DF! *'+! +P=;):+8*! 6;C+6! (,+!
./:)=*+<BF!(6!9/,!*'+!<+),/)(8;C+,!;8!S>(:)2+!&GD&%F!*'+!]"L!6+)(,(*;/8!),/.+66!.(8!H+!
?;+4+<!(6!,+),+6+8*;8@!(8!(<<;*;/8!*/!(8!+>;6*;8@!)2(8*D!!"/86+P=+8*21F!*'+!6*(8<(,<!H(6;6!
),/9;2+! ;6! 6+2+.*+<! */! H+! T"!5;) 8"&6+5!6"+) (8<! *'+! 4+"O'!6) 6:4') ;6! 6+2+.*+<! (6! 4;5&6)
5((%6%"&) S) ,>44+',,'() %&*+5,6+>!6>+'E! ! 7';6! ;6! H+.(=6+! (! 9=22! B+5,,) +""6,N!;'5+) *%';(!
;86*(22(*;/8!4/=2<!),/?;<+! (8!=88+.+66(,1! 6=))/,*;8@!)/4+,!<;6*,;H=*;/8! 6=H6*(*;/8! (8<!
./8*,/2! 616*+:! +P=;):+8*! 9/,! *';6! 6:(22! 6+)(,(*;/8! )2(8*F! 4';.'! *1);.(221! 4/=2<! H+!
6=))/,*+<!(6!(!8+;@'H/,;8@!9(.;2;*1!(8<!8/*!H=;2*!(6!(!6+)(,(*+!+8*;*1D!!K9*+,!*'+!6*(8<(,<!
H(6;6!'(6!H++8!(<V=6*+<F!K6)+8!E`S!'?5;>56',!(22!/9!*'+!+P=;):+8*!;*+:6!;8!*'+!:());8@D!!
#=,;8@! *'+!+?(2=(*;/8F!)=,.'(6+!(8<! ;86*(22(*;/8!./6*6!(,+!+6*;:(*+<D! !T/,!&&!+P=;):+8*!
;*+:6F!*'+!5+1!+P=;):+8*!6;C+6!(8<!./6*!+6*;:(*+6!(,+!6'/48!;8!7(H2+!&GDOQF!4;*'!<+*(;26!
/9!*'+!+P=;):+8*!;*+:6!),/?;<+<!;8!K))+8<;>!Eq!/9!*'+!9;2+F!K6)+8!E`S!"/=,6+!3/*+6D)<9F!
/8!*'+!"#$-X]D!!K26/F!*'+6+!,+6=2*6!.(8!H+!,+),/<=.+<!H1!(..+66;8@!*'+!]"L!9/2<+,!A/8!
*'+!"#$-X]!;8!*'+!K6)+8!S8@D!0=;*+!9/2<+,B!9,/:!4;*';8!K6)+8!E`SD!!7'+!.(2.=2(*;/86!
4+,+!.(,,;+<!/=*!=6;8@!K6)+8!E`SF!q+,6;/8!&&D&F!4;*'!*'+!<+6;@8!(8<!./6*!H(6;6!<(*+!H+;8@!
*'+!T;,6*!p=(,*+,!MRRRD!
!
!
"#$&GDI$&M!
7/*(2!`+,:(8+8*!E8?+6*:+8*!!
!
K6)+8! E`S! (26/! ./:)=*+6! *'+! */*(2! )+,:(8+8*! ;8?+6*:+8*D! ! U/4+?+,F! ;8! *';6!
*+>*H//5F! *'+! */*(2! )+,:(8+8*! ;8?+6*:+8*! ;6! ./:)=*+<! H1! *'+! 6),+(<6'++*F! `,/9;*(H;2;*1!
K8(216;6$&DRD>26F!4';.'!;6!<;6.=66+<!;8!0+.*;/8!&ID%D!!\'+8!=6;8@!*'+!K6)+8!E`S!/)*;/8!
;8!*'+!6),+(<6'++*F! *'+!=6+,!+8*+,6! *'+!9/22/4;8@!?(2=+6F!4';.'!(,+!/H*(;8+<!9,/:!K6)+8!
E`SZ!
!! 7/*(2!#;,+.*!](*+,;(26!(8<!a(H/,!"/6*6!! ! !!!!!!!!!!vI%JFIRR! !! ](*+,;(2!(8<!a(H/,!bkK!X?+,'+(<!(8<!"/8*,(.*/,!T++6! !!G_FIRR!! "/8*,(.*/,!S8@;8++,;8@!"/6*6!! ! ! ! JJ%FORR!! E8<;,+.*!"/6*6! ! ! ! ! ! ! Q%MFGRR!!
3/*+! *'(*! *'+! */*(2! <;,+.*! :(*+,;(26! (8<! 2(H/,! ./6*6F! vI%JFIRRF! ;8.2=<+6! ;*+:6! 8/*!
.'(,@+(H2+!*/!*'+!;8<;?;<=(2!+P=;):+8*!;*+:6!;8!7(H2+!&GDOOD!!T/,!*'+!<+*(;26!/9!/H*(;8;8@!
*'+6+!?(2=+6!9,/:!K6)+8!E`SF!6++!*'+!9;2+F!K6)+8!E`S!"/=,6+!3/*+6D)<9F!/8!*'+!"#$-X]D!
!
-+9+,+8.+6!
!
3(*'(86/8F! -D! LDF! (8<! \D! #D! 0+;<+,F! Q,4'&) X!5+>,) 0+"!',,) Z?5;>56"+) 8">+,')
Y"6',F!N8;?+,6;*1!/9!`+88612?(8;(F!`';2(<+2)';(F!MRROD!
!
"#$&GDI$&O!
7(H2+!&GDOQ!!! SP=;):+8*! 6;C+6! (8<! )=,.'(6+! ./6*6! 9/,! *'+!]"L!6+)(,(*;/8!),/.+66D!
!
! !!
SP=;):+8*!0;C+6!
!`=,.'(6+!"/6*F))
80F!v!
#;,+.*!](*+,;(26!(8<!a(H/,!"/6*F!
8CATF!v!7,(1!7/4+,F!#&! ! ! !
! 3/D!/9!*,(16!g!OR JOFJRR! &I_FMRR!! 7(8@+8*$*/$*(8@+8*!'+;@'*!g!IM!9* ! !! #;(:+*+,!g!O!9* ! !! q+66+2!4+;@'*!g!M&FQRR!2H ! !
"/8<+86+,F!#&! ! !! U+(*$*,(869+,!(,+(!g&JJ!9*M! &MFMRR! JRFGRR!
-+92=>! (..=:=2(*/,F!#&!
! !
! a;P=;<!?/2=:+!g!MO%!@(2 IFJRR! J&FORR!! #;(:+*+,!g!O!9* ! !! a+8@*'!g!QDJ!9* ! !! q+66+2!4+;@'*!g!&FJRR!2H ! !
-+92=>!)=:)F!#&! ! !! T2=;<!'+(<!g!IR!9*! OFORR! MQFRRR!! #,;?+,!)/4+,!g!&DR!U) ! !
-+H/;2+,F!#&! ! !! U+(*$*,(869+,!(,+(!g!_M&!9*M MOFJRR! I&F%RR!
KH6/,H+,F!K&! ! !! 3/D!/9!*,(16!g!&J &GFRRR! &&RFRRR!! 7(8@+8*$*/$*(8@+8*!'+;@'*!g!QM!9* ! !! #;(:+*+,!g!&DJ!9* ! !! q+66+2!4+;@'*!g!GFQRR!2H ! !
T2(6'!q+66+2F!T&! ! !! a;P=;<!?/2=:+!g!MGQ!@(2! IF&RR! JQFMRR!! #;(:+*+,!g!O!9* ! !! a+8@*'!g!J!9* ! !! q+66+2!4+;@'*!g!&FQRR!2H! ! !
U+(*!S>.'(8@+,F!U&! ! !! U+(*$*,(869+,!(,+(!g!&GR!9*M &GF&RR! J%F&RR!
U+(*!S>.'(8@+,F!UM! ! !! U+(*$*,(869+,!(,+(!g!&_G!9*M &MFQRR! JMF_RR!
`=:)F!`&! ! !! T2=;<!'+(<!g!GMD&!9*! MF%RR! &_F%RR!! #,;?+,!)/4+,!g!&DJ!U) ! !! !
7X7Ka!
v&JQFQRR!!
vGI&F_RR!!!
!
"#$&ID%$&!
.X"!$ 80%J+*5&+4+*S$5/54S-+-$-80(51-7((*$
!
! 7';6! 6+.*;/8! 6'/46! '/4! */! =6+! )=,.'(6+! (8<! ;86*(22(*;/8! ./6*! +6*;:(*+6! 9,/:!
K6)+8! E`SF! (8<! /*'+,! 6/=,.+6F! */@+*'+,! 4;*'! (8! +./8/:;.6! 6),+(<6'++*! H1! U/2@+,!
3;.5;6.'! AMRROB! */! +6*;:(*+! ),/9;*(H;2;*1! :+(6=,+6! 9/,! *'+! :/8/.'2/,/H+8C+8+! A]"LB!
6+)(,(*;/8!),/.+66F!4';.'!4(6!;8*,/<=.+<!;8!0+.*;/8!QDQD!!E8!0+.*;/8!&GDIF!E`S!4(6!=6+<!
*/!+6*;:(*+!*'+!*/*(2!)+,:(8+8*!;8?+6*:+8*!9/,!*';6!),/.+66D!!7'+!+./8/:;.6!6),+(<6'++*F!
`,/9;*(H;2;*1!K8(216;6$&DRD>26F!;6!/8!*'+!"#$-X]!*'(*!(../:)(8;+6!*';6!*+>*H//5D!
!
! U/2@+,!3;.5;6.'F!(!@,(<=(*+!/9!*'+!N8;?+,6;*1!/9!`+88612?(8;(F!4;*'!<=(2!<+@,++6!
;8!.'+:;.(2!+8@;8++,;8@!(8<!H=6;8+66F!<+6;@8+<!*'+!6),+(<6'++*!9/,!=6+!4;*'!"'()*+,6!&G!
(8<! &I!/9!0+"(>!6)5&()0+"!',,)C',%B&)0+%&!%4;',@)G:&6-',%,=)Q&5;:,%,=) 5&()Z?5;>56%"&)
A0+;<+,F! 0+(<+,F! (8<! a+4;8F! \;2+1F! MRRQBD! ! E*! ,+)2(.+6! q+,6;/8! ODR! /9! (8! +(,2;+,!
6),+(<6'++*F!+8*;*2+<!U3`D>26D!!!
!
7'+!6),+(<6'++*!=*;2;C+6!+>*+86;?+!q;6=(2!LK0E"!AqLKB!),/@,(::;8@!*/!,+<=.+!
*'+! :/6*! ./::/8! 6/=,.+6! /9! +,,/,! 4'+8! 6+**;8@! =)! (! ./:)2;.(*+<! 6),+(<6'++*! ;8!
];.,/6/9*! Su"SaD! ! 7'+! =6+! /9!qLK!:(5+6! ;*! )/66;H2+! */! (?/;<! ./::/8!:;6*(5+6! ;8!
+8*+,;8@! 6)+.;9;.(*;/86F! (22/46! *'+! /=*)=*! */! H+! 9/,:(**+<! ;8*/! ),+6+8*(H2+! )(@+6F! (8<!
+86=,+6!*'(*!*'+!/=*)=*!;6!8/*!(2*+,+<!;8(<?+,*+8*21!(9*+,!6)+.;9;.(*;/86!'(?+!H++8!+8*+,+<D!!
7'+!=6+,!/9!*'+!6),+(<6'++*!;6!8/*!,+P=;,+<!*/!58/4!qLKD!!
! !
!
6>=>@LB$+=Z?@KN?P:=Z$C:@$2Z>$:C$8@:CP?LFPBP?A$5=LBAZPZ]."#"hBZ$
$
#+)+8<;8@! /8! *'+! ?+,6;/8! /9! Su"Sa! H+;8@! =6+<F! *'+! ),/.+<=,+6! */! (.*;?(*+!
l](.,/!"/<+m!<;99+,D! ! E8!Su"Sa!_IF!4'+8! *'+!6),+(<6'++*! ;6! 2/(<+<F! *'+!=6+,! ;6!(65+<!
4'+*'+,!:(.,/6! 6'/=2<! H+! +8(H2+<D! ! K8! (99;,:(*;?+! ,+6)/86+! ;6! 8+.+66(,1F! (9*+,!4';.'!
Su"Sa! 2/(<6! *'+! ./:)2+*+! 9;2+F! 4';.'! ./8*(;86! :(81! 4/,56'++*6! :/6*! /9! 4';.'! (,+!
';<<+8D! ! E8! Su"Sa! MRRRF! (8<! 2(*+,! ?+,6;/86F! *',++! 6+.=,;*1! 6+**;8@6! =8<+,! *'+! 2"";=)
A5!+",):+8=!(,+!/99+,+<D! !7'+!';@'+6*!6+**;8@!</+6!8/*!(22/4!qLK!./<+! */!H+!/)+8+<D!!
!
"#$&ID%$M!
7'+!;8*+,:+<;(*+!6+**;8@!.(=6+6!*'+!=6+,!*/!H+!),/:)*+<F!(6!;8!Su"Sa!_IF!(8<!*'+!2/4+6*!
6+**;8@! .(=6+6! qLK! ./<+! */! H+! /)+8+<! 4;*'/=*! =6+,! ()),/?(2D! ! 7'+! 2(**+,! ;6!
,+./::+8<+<D!
!
K9*+,!*'+!6),+(<6'++*!;6!6*(,*+<!4;*'!*'+!l](.,/!"/<+m!(.*;?(*+<F!*'+!;8*,/<=.*/,1!
)(@+!;6!<;6)2(1+<!H,;+921D!!7'+8F!*'+!T"B%&)<;(2/@!H/>!())+(,6!;8!4';.'!(!=6+,!8(:+!(8<!
)(664/,<!:=6*!H+!+8*+,+<D!!T/,!6*=<+8*6F!*'+!=6+,!8(:+!;6!t6*=<+8*Y!(8<!*'+!)(664/,<!;6!
t+8@;8++,Y! A4';.'! .(8! H+! (2*+,+<BD! ! \'+8! ),/)+,! +8*,;+6! '(?+! H++8! ),/?;<+<F! *'+!
G5?'NY'<)<;(2/@!H/>!())+(,6!;8!4';.'!*'+!=6+,!6+2+.*6!+;*'+,!G65+6)Y'<)Q&5;:,%,)/,!T"5()
Z/%,6%&B)Q&5;:,%,!(8<!.2;.56!/8!*'+!W.)H=**/8E)
!
\'+8!(!8+4!(8(216;6! ;6! ;8;*;(*+<F! *'+!G6'4)e)<;(2/@!H/>! ;6!<;6)2(1+<F! ;8*/!4';.'!
;8)=*!6)+.;9;.(*;/86!(,+!+8*+,+<D!!7'+!=6+,!),/?;<+6!+8*,;+6!9/,!*'+!*;*2+!/9!*'+!),/.+66F!*'+!
8(:+!/9!*'+!),/<=.*F!*'+!2/.(*;/8!/9!*'+!)2(8*!6;*+F!(8<!*'+!6;*+!9(.*/,!A4';.'!;6!/H*(;8+<!
9,/:!7(H2+!&GD&OBD! !7'+8!*'+!(88=(2!/)+,(*;8@!'/=,6!(,+!+8*+,+<F!+;*'+,!',f1,F!<(1f1,F!/,!
*'+!/)+,(*;8@!9(.*/,!A9,(.*;/8!/9!'/=,6!;8!/)+,(*;/8!)+,!1+(,BD! !T;8(221F! *'+!*;:+2;8+6!(8<!
;8?+6*:+8*! <;6*,;H=*;/8! (,+! ),/?;<+<! 9/,! *'+! */*(2! )+,:(8+8*! ;8?+6*:+8*F!87`]F! (8<! *'+!
4/,5;8@!.();*(2F!8\"D!!\'+8!*'+!2%#';%&',!H=**/8!;6!<+),+66+<F!*'+!2%#';%&',)<;(2/@!H/>!
())+(,6D! ! S8*,;+6! (,+! ),/?;<+<! 9/,! *'+! 6*(,*;8@! 1+(,F! *'+! 8=:H+,! /9! 1+(,6! /9! <+6;@8! (8<!
./86*,=.*;/8F! (8<! )2(8*! 2;9+! ;8! 1+(,6D!\'+8! *'+! X&?',6#'&6) C%,6+%$>6%"&) ;6! ),+66+<F! *'+!
X&?',6#'&6)C%,6+%$>6%"&)<;(2/@!H/>!())+(,6F!;8!4';.'!)+,.+8*(@+!<;6*,;H=*;/8!;8!+(.'!1+(,!
.(8!H+!(<V=6*+<!9/,!87`]!(8<!8\"D!3/*+!*'(*!4'+8!*'+!)+,.+8*(@+6!6=:!*/!&RR[F!*'+!6=:!
;6!<;6)2(1+<!4;*'!(!@,++8!H(.5@,/=8<D!!X*'+,4;6+!*'+!H(.5@,/=8<!;6!,+<F!6;@8(2;8@!*/!*'+!
=6+,!*'(*!./,,+.*;/86!:=6*!H+!:(<+D!!0)+.;9;.!+8*,;+6!(,+!6'/48!H+2/4!;8!S>(:)2+!&IDOMF!
;8! 4';.'! (! ),/9;*(H;2;*1! (8(216;6! 9/,! *'+!]"L! 6+)(,(*;/8! ),/.+66! ;6! ./:)2+*+<D! ! K9*+,!
*'+6+! 6)+.;9;.(*;/86! (,+! ./:)2+*+<F! *'+!W.! H=**/8! ;6! <+),+66+<! (8<! *'+! X&4>6)G>##5+:)
9/,:!;6!<;6)2(1+<D!!L1!6.,/22;8@!</48!/8!*';6!9/,:F!*'+!9/22/4;8@!6+.*;/86!())+(,Z!
!
! b+8+,(2!E89/,:(*;/8!
! "',/8/2/@1!
! `,/<=.*!E89/,:(*;/8!
!
"#$&ID%$O!
! -(4!](*+,;(26!
! SP=;):+8*!"/6*6!
! 7/*(2!`+,:(8+8*!E8?+6*:+8*!
! \/,5;8@!"();*(2!
! N*;2;*;+6!!
! L1),/<=.*6!
! X*'+,!q(,;(H2+!"/6*6!
! T;>+<!"/6*6!
!
3/*+!*'(*!*'+!6)+.;9;.(*;/86!V=6*!+8*+,+<!;8!*'+!b+8+,(2!E89/,:(*;/8!6+.*;/8!(,+!<;6)2(1+<D!!
K66/.;(*+<! 4;*'! +(.'! 6+.*;/8! '+(<;8@! ;6! (! H2=+! H=**/8Z! 8TX8.) 1Z3Z) UW3) AZYLE!!
\'+8! ),+66+<F! *'+! 6),+(<6'++*! :+8=! ())+(,6! (*! *'+! */)! /9! *'+! 6.,++8D! ! 7/! +8*+,! *'+!
6)+.;9;.(*;/86! ;8! (81! 6+.*;/8F! )/;8*! (814'+,+!4;*';8! *'+! 6+.*;/8F! +>.+)*! 9/,! *'+! 6+.*;/8!
'+(<;8@D!!7';6!),/<=.+6!(!<;(2/@!H/>!*'(*!@=;<+6!*'+!6)+.;9;.(*;/8!/9!:(81!/9!*'+!,+P=;,+<!
;8)=*6D! ! X*'+,! +8*,;+6! (,+! ),/?;<+<! ;8! <;(2/@! H/>+6! ),/<=.+<! H1! ),+66;8@! *'+!A'&>)
H=**/86D!!3/*+!*'(*!9/,!:/6*!+8*,;+6!<+9(=2*!?(2=+6!(,+!),/?;<+<D!!7'+6+!(,+!<;6)2(1+<!/8!
*'+! X&4>6) G>##5+:! 9/,:! (8<! ,+:(;8! =8(2*+,+<! =82+66! 8+4! +8*,;+6! (,+! ),/?;<+<D! ! 7'+!
<+9(=2*!?(2=+6!(,+!*'/6+!,+./::+8<+<!;8!"'()*+,6!&G!(8<!&ID!!3+>*F!*'+!+8*,;+6!;8!+(.'!
6+.*;/8!(,+!<+6.,;H+<D!!!!
!
b+8+,(2!E89/,:(*;/8!!
!
7'+6+!+8*,;+6!'(?+!H++8!<;6.=66+<!(H/?+D!!7/!),/<=.+!*'+!G6'4)e)<;(2/@!H/>F!)/;8*!
*/!*'+!b+8+,(2!E89/,:(*;/8!6+.*;/8!(8<!2+9*!.2;.5D!!
!
"',/8/2/@1!
!
! 7';6! 6+.*;/8! 2;6*6! +(.'! 1+(,! <=,;8@! *'+! 2;9+! /9! *'+! ),/V+.*F! H+@;88;8@! 4;*'! *'+!
6*(,*;8@!1+(,D!7'+!K.*;/8!;8!+(.'!1+(,!;6!;8<;.(*+<!(6!#+6;@8F!"/86*,=.*;/8F!/,!`,/<=.*;/8D!!
K6!<;6.=66+<!(H/?+F!*'+6+!6)+.;9;.(*;/86!(,+!+8*+,+<!=6;8@!*'+!G6'4)e)<;(2/@!H/>F!4';.'!;6!
/H*(;8+<! H1! )/;8*;8@! */! *'+! "',/8/2/@1! 6+.*;/8! (8<! 2+9*$.2;.5;8@D! ! 7/! .'(8@+! *'+!
!
"#$&ID%$Q!
`,/<=.*;/8!"()(.;*1! A;D+DF! *'+!)+,.+8*!/9!<+6;@8!.()(.;*1B! ;8!+(.'!1+(,!(8<! *'+!]K"-0!
*(>$H(6;6!<+),+.;(*;/8!6.'+<=2+F!/8!*'+!A'&>F!),+66! *'+!W46%"&,)H=**/8F!4';.'!),/<=.+6!
*'+!W46%"&,)<;(2/@!H/>D!!`,+66!*'+!0+"(>!6%"&)8545!%6:!*(H!*/!+8*+,!`,/<=.*;/8!"()(.;*1!
(*! 9=22!),/<=.*;/8! A*'+!)+,.+8*!/9!<+6;@8!.()(.;*1!(*! 9=22!),/<=.*;/8B!(8<! ;89/,:(*;/8! */!
,(:)$=)! */! 9=22! ),/<=.*;/8F! *'(*! ;6F! *'+! 1+(,6! */! (.';+?+! 9=22! ),/<=.*;/8F! (8<! *'+! 0*(,*!
`,/<=.*;/8!)+,.+8*(@+!A*'+!)+,.+8*!/9!<+6;@8!.()(.;*1!<=,;8@!*'+!9;,6*!1+(,!/9!),/<=.*;/8DB!!
3/*+! *'(*! (! 2;8+(,! ,(:)! ;6! ./:)=*+<D! !K26/F! *'+! 8=:H+,! /9! /)+,(*/,! 6';9*6! )+,!4++5! ;6!
6)+.;9;+<D!!N6;8@!*'+!C'4+'!%56%"&)G!-'(>;')*(HF!*'+!8=:H+,!/9!1+(,6!;8!*'+!]K"-0!7(>$
H(6;6!#+),+.;(*;/8! 6.'+<=2+! ;6! 6)+.;9;+<D! !3/*+! *'(*!JF!IF!&RF!(8<!&J!1+(,! 6.'+<=2+6!(,+!
<;6)2(1+<D!
!
`,/<=.*!E89/,:(*;/8!
!
! \'+8!2+9*$.2;.5;8@!4;*';8!*';6!6+.*;/8F!*'+!0+"(>!6)L&%6,!<;(2/@!H/>!;6!<;6)2(1+<D!!
E8!*';6!H/>F!*'+!=8;*!;8!4';.'!*'+!),;:(,1!),/<=.*!;6!6)+.;9;+<!;6!+8*+,+<!;8!9;?+!.'(,(.*+,6!
/,!2+66!A+D@DF!2HBD!!7';6!),/<=.+6!*'+!8545!%6:)5&()0+"(>!6)0+%!')<;(2/@!H/>!;8!4';.'!*'+!
.()(.;*1!/9! *'+!)2(8*! ;6!+8*+,+<! A+D@DF! 2Hf',!/9!]"LB!(8<! *'+!),/<=.*!),;.+! ;6!+8*+,+<! ;8!
vf=8;*!A+D@DF!vf2H!]"LBD!
!
-(4!](*+,;(26!
!
! 0;:;2(,!+8*,;+6!(,+!),/?;<+<!9/,!+(.'!,(4!:(*+,;(2D!!\'+8!2+9*$.2;.5;8@!4;*';8!*'+!
-(4!](*+,;(26!6+.*;/8F!*'+!35<)A56'+%5;,)<;(2/@!H/>!;6!),/<=.+<D!!7/!(<<!(!,(4!:(*+,;(2F!
),+66!*'+!Q(()H=**/8D!!7';6!),/<=.+6!*'+!35<)A56'+%5;,@)YZJ)<;(2/@!H/>F!;8!4';.'!*'+!
,(4!:(*+,;(2!8(:+!(8<!=8;*!/9!:+(6=,+!(,+!+8*+,+<!A+D@DF!TSS#!(8<!2HBD! !7';6!),/<=.+6!
*'+!-(4!](*+,;(26Z! tTSS#Y!<;(2/@! H/>F!4;*';8!4';.'! *'+!=8;*6!/9! *'+! ,(4!:(*+,;(2! )+,!
=8;*!/9!),/<=.*!A+D@DF!2H!TSS#f2H!]"LB!(8<!*'+!),;.+!)+,!=8;*!/9!,(4!:(*+,;(2!A+D@DF!vf2H!
TSS#B! (,+! +8*+,+<D! ! 0=H6+P=+8*21F! *';6! +8*,1! .(8! H+! +<;*+<! H1! <;6)2(1;8@! *'+! 35<)
A56'+%5;,)<;(2/@!H/>!(8<!6+2+.*;8@!(8!+>;6*;8@! ,(4!:(*+,;(2!=6;8@! *'+!)=22$</48!:+8=D!!
7'+! +8*,;+6! 9/,! *';6! ,(4!:(*+,;(2! .(8! H+! +<;*+<! H1! ),+66;8@! *'+!Z(%6! H=**/8! /,! *'+! ,(4!
:(*+,;(2!.(8!H+!<+2+*+<!H1!),+66;8@!*'+!C';'6')H=**/8D!!!
!
"#$&ID%$J!
!
SP=;):+8*!"/6*6!
!
! \'+8! 2+9*$.2;.5;8@! 4;*';8! *'+! SP=;):+8*! "/6*6! 6+.*;/8F! *'+! ZV>%4#'&6) 8",6,)
<;(2/@! H/>! ;6! ),/<=.+<D! ! U+,+;8F! +P=;):+8*! ;*+:6! (,+! ;<+8*;9;+<! */! H+! ;8! /8+! /9! 9;?+!
.(*+@/,;+6Z!T(H,;.(*+<!SP=;):+8*F!8TS^!`,/.+66!](.';8+,1F!8`]^!0)(,+6F!86)(,+^!0*/,(@+F!
86*/,(@+^! /,! "(*(216*6F!8.(*(216*^! (6! @,/=)+<! ;8! 7(H2+! &GD_! (8<! <;6.=66+<! ;8! 0+.*;/8! &GDOD!!
S8*,;+6!;8!+(.'!.(*+@/,1!.(8!H+!+8*+,+<F!+<;*+<F!(8<!<+2+*+<D!!K9*+,!/8+!/9!*'+!.(*+@/,;+6!
;6! 6+2+.*+<F! (!<;(2/@!H/>F!4;*'! *'+!8(:+!/9! *'+!.(*+@/,1F!())+(,6D! ! E8! *';6!H/>F! *'+!=6+,!
.'//6+6! */! (<<F! +<;*F! /,! <+2+*+! (8! +P=;):+8*! ;*+:D! !\'+8!),+66;8@! *'+!Q(()H=**/8F! *'+!
Y'<)ZV>%4#'&6)X6'#!<;(2/@!H/>!())+(,6D!!7'+!=6+,!.'//6+6!*/!+8*+,!A&B!*'+!)=,.'(6+!./6*!
/821F!AMB!*'+!)=,.'(6+!./6*!(8<!H(,+!:/<=2+!9(.*/,F!/,!AOB!*'+!H(,+!:/<=2+!./6*D!!T/,!*'+!
9;,6*! /)*;/8F! *'+! Z&6'+%&B) 0>+!-5,') 8",6,) W&;:) <;(2/@! H/>! ())+(,6F! ;8! 4';.'! *'+!
+P=;):+8*!8(:+!(8<!)=,.'(6+!./6*!(,+!+8*+,+<D!!E8!*';6!.(6+F!(!<+9(=2*!H(,+!:/<=2+!9(.*/,F!
ODM&F! ;6!=6+<D! !3/*+! *'(*! */!(2*+,! *'+!<+9(=2*!H(,+!:/<=2+!9(.*/,F!/8! *'+!A'&>F!),+66! *'+!
W46%"&,) H=**/8! */! ),/<=.+! *'+!W46%"&,) <;(2/@! H/>D! ! 0+2+.*! *'+!C'+%?'() R5+') A"(>;')
U5!6"+) *(HD! ! X8! *';6! 9/,:F! *'+! 9(.*/,6! ;8! 7(H2+! &GD&R! (,+! +8*+,+<F! (6! 9,(.*;/86! /9! *'+!
)=,.'(6+! ./6*! */! ./:)=*+! *'+! ./6*! /9! ;86*(22(*;/8! :(*+,;(26F! 8A^! 2(H/,F! 8T^! 9,+;@'*F!
;86=,(8.+F! (8<! *(>+6F!8TE7^! ./86*,=.*;/8! /?+,'+(<F!8W^! (8<! ./8*,(.*/,! +8@;8++,;8@F!8ZD!!
7'+6+!9(.*/,6!(,+!6=::+<!*/!@;?+!*'+!*/*(2!H(,+!:/<=2+!9(.*/,D!!T/,!*'+!6+./8<!/)*;/8F!*'+!
Z&6'+%&B) 0>+!-5,') 8",6) 5&() R5+') A"(>;') U5!6"+) <;(2/@! H/>! ())+(,6F! ;8! 4';.'! *'+!
+P=;):+8*!8(:+F!)=,.'(6+!./6*F!(8<!H(,+!:/<=2+!9(.*/,!(,+!+8*+,+<D!!L(,+!:/<=2+!9(.*/,6!
9/,!(!8=:H+,!/9!*1)+6!/9!+P=;):+8*!(,+!@;?+8!;8!7(H2+!&GD&&D!!K2*+,8(*;?+21F!9/,!*'+!*';,<!
/)*;/8F! *'+!Z&6'+%&B) R5+')A"(>;') 8",6) <;(2/@! H/>! ())+(,6D! ! U+,+F! V=6*! *'+! +P=;):+8*!
8(:+!(8<!H(,+!:/<=2+!./6*!(,+!+8*+,+<D!!!
!
! K6)+8! E`S! 0)+.;9;.(*;/86D! !\'+8! K6)+8! E`S! ;6! =6+<! */! +6*;:(*+! )=,.'(6+! (8<!
;86*(22(*;/8!./6*6!9/,!*'+!+8*;,+!)2(8*F!/,!(!)/,*;/8!/9!*'+!)2(8*F!.2;.5!*'+!W46%"&,)+8*,1!;8!
*'+!A'&>) (8<! .'+.5! *'+!Q;;"<) X0Z) Z&6+%',) H/>! (*! *'+! H/**/:! /9! *'+! <;(2/@! H/>! *'(*!
())+(,6D!!7';6!),/<=.+6!*'+!E`S!0)+.;9;.(*;/86!6=H6+.*;/8!;8!*'+!SP=;):+8*!"/6*6!6+.*;/8D!!
7'+8!2+9*$.2;.5!4;*';8!*'+!E`S!0)+.;9;.(*;/86!6=H6+.*;/8!*/!),/<=.+!*'+!X0Z)G4'!%*%!56%"&,)
!
"#$&ID%$G!
<;(2/@! H/>D! ! 7'+! +8*,;+6F! 7/*(2! #;,+.*!](*+,;(26! (8<! a(H/,! "/6*6F!](*+,;(2! (8<! a(H/,!
bkK!X?+,'+(<!(8<!"/8*,(.*/,!T++6F!"/8*,(.*/,!S8@;8++,;8@!"/6*6F!(8<!E8<;,+.*!"/6*6F!
(,+!/H*(;8+<!9,/:!*'+!K6)+8!E`S!854%65;)Z,6%#56')3'4"+6F!(6!<;6.=66+<!;8!0+.*;/8!&GDID!!
X*'+,!./6*6!.(8!H+!+8*+,+<!A+D@DF!9/,!);)+!,(.56!(8<!6+4+,6f6=:)6B!=8<+,!];6.+22(8+/=6!
E86*(22(*;/8! "/6*6F! ;9! <+6;,+<D! ! 7'+! +8*,;+6! (,+! 6=::+<! (8<! (<<+<! */! *'+! 7/*(2! L(,+!
]/<=2+!"/6*D!!!
!
7/*(2!`+,:(8+8*!E8?+6*:+8*!
!
! \'+8! 2+9*! .2;.5;8@! 4;*';8! *'+! 7/*(2! `+,:(8+8*! E8?+6*:+8*! 6+.*;/8F! *'+!C%+'!6)
0'+#5&'&6) X&?',6#'&6) <;(2/@! H/>! ())+(,6D! ! T/,! +(.'! /9! *'+! )+,*;8+8*! +8*,;+6! ;8! 7(H2+!
&GD_F! *'+! <+9(=2*! +8*,1! .(8! H+! (2*+,+<D! ! S;*'+,! (! )+,.+8*(@+! ?(2=+! /,! (8! (H6/2=*+! </22(,!
(:/=8*!;6!+8*+,+<D!!!!
!
\/,5;8@!"();*(2!
!
! \'+8! 2+9*$.2;.5;8@! 4;*';8! *'+! \/,5;8@! "();*(2! 6+.*;/8F! *'+! J"+7%&B) 854%65;)
<;(2/@!H/>!())+(,6F!/8!4';.'!*'+!8=:H+,6!/9!<(16!(,+!),/?;<+<!9/,!*'+!),/<=.*F!(../=8*6!
,+.+;?(H2+F! .(6'! ,+6+,?+6F! (8<! (../=8*6! )(1(H2+F! (6! <;6.=66+<! ;8! 0+.*;/8! &IDOF! 4;*'!
<+9(=2*6! 9/,! +(.'D! ! E9! <+6;,+<F! (<<;*;/8(2! +8*,;+6! .(8! H+!:(<+! 9/,! (81! /,! (22! /9! *'+! ,(4!
:(*+,;(26D!!!
!
N*;2;*;+6!
!
! \'+8! 2+9*$.2;.5;8@!4;*';8! *'+!N*;2;*;+6! 6+.*;/8F! *'+!L6%;%6%',)<;(2/@! H/>! ())+(,6D!!
K8!+8*,1!;6!),/?;<+<!9/,!6;>!<+9(=2*!=*;2;*;+6!;8!*'+!6),+(<6'++*Z!';@'!),+66=,+!6*+(:F!2/4!
),+66=,+! 6*+(:F! ),/.+66! 4(*+,F! .//2;8@! 4(*+,F! 8(*=,(2! @(6F! (8<! +2+.*,;.;*1D! ! K<<;*;/8(2!
=*;2;*;+6!.(8!H+!+8*+,+<!H1!),+66;8@!*'+!W46%"&,)H=**/8!;8!*'+!A'&>F!6+2+.*;8@!*'+!L6%;%6%',)
*(HF!),+66;8@!*'+!Q(()H=**/8!*/!),/<=.+!*'+!Q(()5)L6%;%6:)<;(2/@!H/>F!+8*+,;8@!*'+!8(:+!/9!
*'+! =*;2;*1! A+D@DF!:+<;=:!),+66=,+! 6*+(:BF! (8<! ),+66;8@! *'+!Q(()H=**/8D! !7'+! (<<;*;/8(2!
=*;2;*;+6! ())+(,! ;8! *'+!L6%;%6%',) <;(2/@! H/>D! ! 7'+8! .'+.5! *'+! H/>! 9/,! +(.'! =*;2;*1! ;8! *'+!
!
"#$&ID%$I!
),/.+66! (8<! ),+66! *'+!W.) H=**/8F! */! ),/<=.+! (! H/>! ;8*/! 4';.'! ;*6! =8;*! /9! :+(6=,+! ;6!
+8*+,+<! A+D@DF!5\',! 9/,!+2+.*,;.;*1BD! !7';6!),/<=.+6!(!8(:+<!=*;2;*1!<;(2/@!H/>! ;8!4';.'!
*'+!=8;*6!/9!=*;2;*1!)+,!=8;*!/9!),/<=.*!;6!+8*+,+<!A+D@DF!2H!';@'!),+66=,+!6*+(:f2H!]"LBF!(6!
4+22! (6! *'+! ),;.+! /9! *'+! =*;2;*1! A+D@DF! vf5\',BD! ! L1! ),+66;8@! *'+! 8+>*! H=**/8F! (! 6;:;2(,!
<;(2/@!H/>!;6!),/<=.+<!9/,!*'+!8+>*!=*;2;*1F!=8*;2!*';6!;89/,:(*;/8!;6!+8*+,+<!9/,!(22!=*;2;*;+6!
;8!*'+!),/.+66D!!-+),+6+8*(*;?+!),;.+6!9/,!:(81!=*;2;*;+6!(,+!2;6*+<!;8!7(H2+!&ID&D!
!
L1),/<=.*6!
!
! \'+8! 2+9*$.2;.5;8@! 4;*';8! *'+! L1),/<=.*6! 6+.*;/8F! *'+! R:4+"(>!6,) <;(2/@! H/>!
())+(,6D!!K6!;8!*'+!6)+.;9;.(*;/8!/9!,(4!:(*+,;(26F!H1),/<=.*6!(,+!(<<+<!;8<;?;<=(221F!4;*'!
(!6)+.;9;.(*;/8!/9!*'+!=8;*!/9!:+(6=,+F!*'+!=8;*!/9!H1),/<=.*!)+,!=8;*!/9!),/<=.*F!(8<!*'+!
),;.+!)+,!=8;*!/9!H1),/<=.*D!!
!
X*'+,!q(,;(H2+!"/6*6!
!
! \'+8!2+9*$.2;.5;8@!4;*';8!*'+!X*'+,!q(,;(H2+!"/6*6!6+.*;/8F!*'+!9'&'+5;)Z/4'&,',)
<;(2/@! H/>! ())+(,6F! 4';.'! )+,:;*6! *'+! 6)+.;9;.(*;/8! /9! )+,.+8*(@+6! /9! ),/<=.*! 6(2+6!
.'(,@+<! 9/,! 6+22;8@f*,(869+,! +>)+86+6F! <;,+.*! ,+6+(,.'F! (22/.(*+<! ,+6+(,.'F! (<:;8;6*,(*;?+!
+>)+86+6F!(8<!:(8(@+:+8*!;8.+8*;?+6!./:)+86(*;/8D!!7'+!<+9(=2*6!6'/48!(,+!*'/6+!;8!*'+!
./6*!6'++*!/9!7(H2+!&ID&!(8<!<;6.=66+<!;8!0+.*;/8!&IDMD!!!
!
T;>+<!"/6*6!
!
! 7'+! +8*,;+6! =8<+,! T;>+<! "/6*6! ())+(,! ;8! 6;>! 6=H6+.*;/86Z! X)+,(*;/86F!
](;8*+8(8.+F! X)+,(*;8@! X?+,'+(<F! `,/)+,*1! 7(>+6! (8<! E86=,(8.+F! 0*,(;@'*$2;8+!
#+),+.;(*;/8F!(8<!#+)2+*;/8!K22/4(8.+D!!\'+8!2+9*$.2;.5;8@!4;*';8!+(.'!6=H6+.*;/8F!*'+!
()),/),;(*+! <;(2/@! H/>! ())+(,6F! ;8! 4';.'! *'+! <+9(=2*! +8*,;+6! .(8! H+! ,+)2(.+<! 4'+8!
<+6;,+<D! ! 3/*+! *'(*! *'+! <+9(=2*! +8*,;+6! (,+! *'/6+! ;8! 7(H2+! &ID&D! ! U/4+?+,F! =8<+,!
X)+,(*;/86F!+8*,;+6!:=6*!H+!:(<+!9/,!A&B!*'+!8=:H+,!/9!/)+,(*/,6!)+,!6';9*F!AMB!*+.'8;.(2!
!
"#$&ID%$%!
(66;6*(8.+!*/!:(8=9(.*=,;8@F!(8<!AOB!./8*,/2!2(H/,(*/,1F!9/,!4';.'!6++!)(@+!JIG!(8<!7(H2+!
&ID&D!!E9!(!<+)2+*;/8!(22/4(8.+!())2;+6F!6++!)(@+6!GRG$GR%!9/,!+6*;:(*;8@!;*D!!!!
!!!!!!
T;8(8.;(2!E89/,:(*;/8!
!
! E8!(<<;*;/8!*/!*'+!(H/?+!+8*,;+6F!;*!;6!8+.+66(,1!*/!6)+.;91!9;8(8.;(2!;89/,:(*;/8!9/,!
.(2.=2(*;/8! /9! *'+! ,+*=,8! /8! ;8?+6*:+8*! A-XEBF! *'+! 8+*! ),+6+8*! ?(2=+! A3`qB! (8<! *'+!
;8?+6*/,Y6! ,(*+! /9! ,+*=,8! AE--BF! (26/! 58/48! (6! *'+! <;6./=8*+<! .(6'! 92/4! ,(*+! /9! ,+*=,8!
A#"T--BD!!7/!(../:)2;6'!*';6F!6+2+.*!*'+!W46%"&,!H=**/8!;8!*'+!A'&>F!(8<!*'+!U%&5&!%5;)
X&*"+#56%"&! *(HD! ! 7'+8! +8*+,! *'+! ;8./:+! *(>! ,(*+F! *'+! ./6*! /9! .();*(2! A9/,! *'+! 3`q!
.(2.=2(*;/8B! (8<! *'+! ;892(*;/8! ,(*+D! ! 3/*+! *'(*! (! @+8+,(2! ;892(*;/8! ,(*+! .(8! H+! 6)+.;9;+<F!
())2;.(H2+!*/!(22!/)+,(*;8@!./6*6F!/,!H1!.'+.5;8@!*'+!#;99+,+8*!E892(*;/8!-(*+!H/>F!6+)(,(*+!
;892(*;/8!,(*+6!.(8!H+!6)+.;9;+<!9/,!9;>+<!(8<!?(,;(H2+!./6*6D!!!
!
-=88;8@!*'+!K8(216;6!(8<!",+(*;8@!(!-+)/,*!
!
! 7/!;8;*;(*+!*'+!),/9;*(H;2;*1!(8(216;6F!/8!*'+!A'&>F)),+66!*'+!8+'56')3'4"+6)H=**/8!
*/!),/<=.+!*'+!8+'56')3'4"+6)<;(2/@!H/>D!!K9*+,!+8*+,;8@!*'+!-+)/,*!3(:+F!*/!4';.'!*'+!
4/,<!l-+)/,*m!;6!(=*/:(*;.(221!())+8<+<F!(8<!*'+!<;,+.*/,1!;8*/!4';.'!*'+!,+)/,*!9;2+!;6!
*/!H+!6*/,+<!A;D+DF!*'+!,+)/,*!)(*'BF!),+66!*'+!8+'56')3'4"+6)H=**/8D!!7'+!,+6=2*6F!4';.'!(,+!
)2(.+<! ;8! (8! Su"Sa! ,+)/,*! 9;2+F! ;8.2=<+! 6+.*;/86! /8! *'+! E8?+6*:+8*! 0=::(,1F! 4';.'!
),+6+8*6!./6*!+6*;:(*+6!9/,!(22!+8*,;+6!(66/.;(*+<!4;*'!*'+!*/*(2!)+,:(8+8*!;8?+6*:+8*F!*'+!
4/,5;8@!.();*(2F! (8<! *'+! */*(2!.();*(2! ;8?+6*:+8*! A;D+FF! *'+!+8*,;+6!6'/48!;8!7(H2+!&GD_BD!!
K26/! ;8.2=<+<! (,+! 6+.*;/86! /8! *'+! q(,;(H2+! "/6*6! (*! <+6;@8! .()(.;*1! A8/*! ),/<=.*;/8!
<=,;8@! (! 6)+.;9;.!1+(,B!/9!/)+,(*;/86! (8<! 9/,! *'+!T;>+<!"/6*6D! !7'+6+!./,,+6)/8<! */! *'+!
+8*,;+6! 6'/48! ;8!7(H2+!&ID&D! !7'+8F! (! 6+.*;/8!/8! *'+! .(6'! 92/46F! (8<! *'+! +2+:+8*6! *'(*!
./8*,;H=*+! */! *'+:F! ;6! <;6)2(1+<! 9/,! +(.'! 1+(,! <=,;8@! *'+! 2;9+! /9! *'+! ),/V+.*D! ! T;8(221F! (!
6+.*;/8!/8!*'+!3`q!(8<!*'+!E--!;6!),/?;<+<D!!S(.'!6+.*;/8!;6!(..+66+<!H1!.2;.5;8@!/8!*'+!
()),/),;(*+!*(H!(*!*'+!H/**/:!/9!*'+!9,(:+D!
!
!
"#$&ID%$_!
! E*!;6!(26/!)/66;H2+!*/!'(?+!*'+!-XE!A<=,;8@!*'+!*';,<!/)+,(*;8@!1+(,B!+6*;:(*+<!(8<!
*/! .(,,1! /=*! 6+86;*;?;*1! 6*=<;+6D! ! 7';6! ;6! (../:)2;6'+<! H1! ),+66;8@! *'+!8-"",')8>,6"#)
Q&5;:,',)H=**/8F!4';.'!),/<=.+6!*'+!8>,6"#)Q&5;:,',)<;(2/@!H/>F!(8<!.'+.5;8@!*'+!-XE!
A7';,<! i+(,B! +8*,1D! ! E8! (<<;*;/8F! *'+! E--! .(8! H+! ./:)=*+<! (6! (! 9=8.*;/8! /9! (! 6;8@2+!
?(,;(H2+!/,!(6!(!9=8.*;/8!/9!*4/!?(,;(H2+6D!!7'+6+!?(,;(H2+6!(,+!*'+!),/<=.*!),;.+F!?(,;(H2+!
./6*F!9;>+<!./6*F!;8;*;(2!;8?+6*:+8*F!(8<!*'+!,(*+!/9!;892(*;/8D!!!
!
0(?;8@!/,!a/(<;8@!(8!K8(216;6!
!
! K*! (81! )/;8*! 4'+8! +8*+,;8@! 6)+.;9;.(*;/86! /,! (9*+,! ./:)2+*;8@! (8! (8(216;6F! *'+!
./8*+8*6!/9! *'+!4/,56'++*! .(8!H+! 6(?+<! ;8! (! 9;2+D! !K2*+,8(*;?+21F! (8!+>;6*;8@! 9;2+!.(8!H+!
2/(<+<! ;8*/! *'+! 6),+(<6'++*D! ! 7/! (../:)2;6'! *';6F! /8! *'+! 6),+(<6'++*!A'&>F! ),+66! *'+!
G5?'NY'<)H=**/8! */! ),/<=.+! *'+!G5?'NY'<)<;(2/@! H/>D! !7/! 6(?+! (! 9;2+F! .'+.5! *'+!G5?')
8>++'&6)Q&5;:,%,)H=**/8!(8<!),+66!W.E))X8!*'+!G5?')Q,)<;(2/@!H/>F!+8*+,!(!9;2+!8(:+!(8<!
(!9;2+!)(*'D!!7/!2/(<!(!9;2+F!.'+.5!*'+!T"5()Z/%,6%&B)Q&5;:,%,)H=**/8!(8<!),+66!W.F!4';.'!
),/<=.+6!*'+!R+"<,')*"+)U";('+)<;(2/@!H/>F!4;*';8!4';.'!*'+!9;2+!;6!2/.(*+<D!!3/*+!*'(*!*'+!
G5?'NY'<)<;(2/@!H/>!(26/!)+,:;*6!*'+!=6+,!*/!6*(,*!(!8+4!(8(216;6D!!!!
!
! U(?;8@! <+6.,;H+<! *'+! <+*(;26! /9! <(*(! +8*,1! ;8*/! *'+! 6),+(<6'++*F! `,/9;*(H;2;*1!
K8(216;6$&DRD>26F!S>(:)2+!&IDOM!;6!),/?;<+<!*/!;22=6*,(*+!;*6!=6+!9/,!*'+!]"L!6+)(,(*;/8!
),/.+66D!!!
!
!"#$%&'(+^*75(
E*! ;6! <+6;,+<! */! .(,,1! /=*! (! ),/9;*(H;2;*1! (8(216;6! 9/,! *'+! :/8/.'2/,/H+8C+8+!
A]"LB!6+)(,(*;/8!),/.+66!=6;8@! A(B!)=,.'(6+!./6*6!(8<!H(,+!:/<=2+! 9(.*/,6F! AHB!
)=,.'(6+!(8<!;86*(22(*;/8!./6*6!+6*;:(*+<!H1!K6)+8!E`SD!!E8!0+.*;/8!&GDIF!*'+!2(**+,!
+6*;:(*+6! 4+,+! ./:)=*+<F! H+@;88;8@! 4;*'! *'+! K0`S3! `aN0! 6;:=2(*;/8! ;8! *'+!
9;2+F!]"LDH5)D!!`2(8*!2/.(*;/8!;6!*'+!b=29!"/(6*D!!7'+!<+6;@8!*;:+!;6!+6*;:(*+<!*/!
H+!/8+!1+(,F! *'+!./86*,=.*;/8!*;:+!(*!/8+!1+(,F!(8<!*'+!*/*(2!/)+,(*;8@!2;9+!/9!*'+!
),/V+.*! (*! &J! 1+(,6D! ! K66=:+! *'(*! J[! /9! *'+! */*(2! )+,:(8+8*! ;8?+6*:+8*! ;6!
!
"#$&ID%$&R!
(22/.(*+<!*/!+8@;8++,;8@!<=,;8@!*'+!<+6;@8!1+(,D!!7'+!./6*!/9!.();*(2!;6!*(5+8!*/!H+!
&J[!(88=(221D!
!
0XaN7EX3Z!
T,/:!*'+!6;:=2(*;/8!,+6=2*6Z!!
! ! ]"L!),/<=.*;/8!,(*+!g!1,<(1OOR
<(1',MQ
',2H&DJIMFJ -- !
! ! ! ! !!!!!!!!!!!g!1,2HRRRF&O&FQQ !
!7'+! ]"L! ),/<=.*! A6*,+(:! 0&QB! ;6! ?(2=+<! (*! vRDJQf2HD! ! T=,*'+,:/,+F! 9,/:! *'+!
6;:=2(*;/8!,+6=2*6Z!
! ! !0&Q!2H0R&!2HGOGD&
0&Qf',!2HJFJIMD&0R&f',!2H&D&&IF_
& !
(8<!*'+!),;.+!/9!*'+!9++<!6*,+(:!A0R&B!;6!vRDORf2HD!
7'+!=*;2;*1!./6*6!(,+!+6*;:(*+<!(6!9/22/46F!4;*'!*'+!P=(8*;*;+6!)+,!)/=8<!/9!),/<=.*!
<+*+,:;8+<!H(6+<!=)/8!*'+!6;:=2(*;/8!,+6=2*6D!!!
! U;@'!`,+66=,+!0*+(:!r!2HvRRQDR
2H!&FRRRvRRDQ & !
!
! !0&Q!2H6*+(:!2HMQJ&DR
0&Qf',!2H!JFJIMD&6*+(:f',!2H!&FOGJDJ
& !
!
! "//2;8@!\(*+,!$!2Hv&RG
@(2v&RJ
@(2!RRRF&vRJDR GJ ,, -&-& !
!
!0&Q!2HXU!2HMDMO
0&Qf',!2H!JFJIMD&Xf',U!2H!&RM_MID& MM
J
&- !
! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!
! ! S2+.*,;.;*1!$!h\',vRQDR !
!
!0&Q!2H!
5\'RR&IMDR0&Qf',!2H!JFJIMD&5\!GRD_
& !
7'+!H1),/<=.*!H+8C+8+!A6*,+(:!0&&B!;6!?(2=+<!(*!vRD&Jf2H!(8<!*'+!P=(8*;*1!)+,!
)/=8<!/9!),/<=.*!;6!<+*+,:;8+<!9,/:!*'+!6;:=2(*;/8!,+6=2*6Z!
!
"#$&ID%$&&!
!0&Q!2H!0&&!2HJGMMDR
0&Qf',!2H!JFJIMD&0&&f',!2H!OF&OMDI
& !
!
-+6=2*6!9,/:!*'+!`,/9;*(H;2;*1!K8(216;6!0),+(<6'++*!r!`(,*!A(B!r!`=,.'(6+!"/6*6!(8<!L(,+!]/<=2+!T(.*/,6!!7'+!)(@+6!*'(*!9/22/4!./8*(;8!*'+Z!!&D!! E8)=*!0=::(,1D!!3/*+!*'(*!(22!6)+.;9;.(*;/86!(,+!6'/48F!4;*'!*'+!<+9(=2*!?(2=+6!=6+<!;8!:/6*!.(6+6D!
!MD! E8?+6*:+8*!0=::(,1D!!OD! q(,;(H2+! "/6*! 0=::(,1D! ! 7'+6+! ./6*6! (,+! +6*;:(*+<! 9/,! *'+! *';,<! /)+,(*;8@!1+(,D!!
!QD! T;>+<!"/6*!0=::(,1D!!!!JD! "(6'!T2/4!0=::(,1D!!GD! `,/9;*(H;2;*1!]+(6=,+6D!!K6!6++8F!*'+!E--!;6!MID_[F!*'+!-XE!;6!OQDR[F!(8<!*'+!3`q!;6!vMF%%%FJRRD!!!
!ID! 0+86;*;?;*1! K8(216+6D! ! U+,+F! *'+! E--! ;6! 6*=<;+<! (6! *'+! ),/<=.*! ),;.+! (8<!?(,;(H2+!./6*6!(,+!(<V=6*+<D!
!3/*+!*'(*!*'+!,+6=2*6!(,+!<;6)2(1+<!6/:+*;:+6!(6!RDRRF!'(?;8@!V=6*!*4/!<+.;:(2!)2(.+6D!!7/!(?/;<!*';6F!*'+!=6+,!.(8!(<V=6*!*'+!=8;*6!/9!:+(6=,+D!!!
!
"#$&ID%$&M!
&D!! E8)=*!0=::(,1!$!`(,*!A(B!r!`=,.'(6+!"/6*6!(8<!L(,+!]/<=2+!T(.*/,6!!
!
!"#"$%&'(#)*$+%,-*#!"#$%&&'()*+%, .*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
!"#-.$*, .*#*/0&*$*1"#2"#"!+/0*'1)*%'2#$/*)#0, !7&)'8*%6,
1)*%'3/$*#", 9:;;45%"/*)06'7#."&'5%"'8%/", <=>?;45%"/*)06'9/:&'5%"'8%/", @@;
45%"/*)06'3/$*#", ;:>;A9
80$*#*&*BC
D"%$ E/,-*#!"#$"%&'#$ ;<<= 9%&)60
;<<> ?#0&*".$*)#0;<<@ !"#-.$*)#0;<<A !"#-.$*)#0;<<B !"#-.$*)#0;<<C !"#-.$*)#0;<<D !"#-.$*)#0;<E< !"#-.$*)#0;<EE !"#-.$*)#0;<E; !"#-.$*)#0;<E= !"#-.$*)#0;<E> !"#-.$*)#0;<E@ !"#-.$*)#0;<EA !"#-.$*)#0;<EB !"#-.$*)#0;<EC !"#-.$*)#0
()*%&'#$ ;<ED !"#-.$*)#0
5$*F7/,'(#)*$+%,-*#(F%'!"#$%&&'G)++':)%+-, . G=G<? +H'#I'J#0#$F+#"#H%0K%0%'5%"'F#."L
. 9@@=<@; +H'#I'J#0#$F+#"#H%0K%0%'5%"'-/:L
. AA=9@9=;@? +H'#I'J#0#$F+#"#H%0K%0%'5%"':%/"L
(F%'!")$%'5%"'+H'#I'J#0#$F+#"#H%0K%0%')&, H';:GA
I%J'.%,"$-%&6M/G'J/*%")/+ N0)*'#I'J%/&."% M/*)#'*#'!"#-.$* ?#&*'#I'M/G'J/*%")/+
3OO9 +H ELA><<'+H'5%"'+H'#I'J#0#$F+#"#H%0K%0% P<L=<<<'5%"'+H
KL7-4+"#,6'8*6,6M%1$-/%,"F'KL7-4+"#, !."$F/&%'?#&* Q/"%'J#-.+%'3/$*#" Q/"%'J#-.+%'?#&*
RH&#"H%" P';DSD<< >LEA P'E;>S=C>9)&*)++/*)#0'?#+.T0 P'EE@SA<< >LEA P'>C<SCDA7%/*'OU$F/06%"& P'EESD<< =LEB P'=BSB;=3+/&F'V%&&%+&'/0-'1*#"/6%'(/0W& P'CBS;<< >LEA P'=A;SB@;
5$*/"66'.%/0-#"$C !."$F/&%'?#&* Q/"%'J#-.+%'3/$*#" Q/"%'J#-.+%'?#&*!.T5& P'@S<<< =L= P'EAS@<<
X9%")Y%-'Q/"%'J#-.+%'3/$*#"
(#47,'37++%$C
D<L<ZD<L<ZD<L<Z
D<L<ZD<L<ZD<L<ZD<L<Z
N-6,$-17,-*#'*)'O*,%&'5"$+%#"#,'(#P"6,+"#,
N-6,$-17,-*#'*)'O*,%&'Q*$R-#B'8%4-,%&
@L<ZD@L<Z
D<L<Z
<L<ZE<<L<Z
>@L<ZABL@ZD<L<ZD<L<Z
5$*F7/,-*#'8%4%/-,C''[Z'#I'9%&)60'?/5/$)*:\
5"$/"#,%B"'*)'O*,%&'8%4-,%&'(#P"6,+"#,')*$'
N"4$"/-%,-*#<L<Z<L<Z
D<L<ZD<L<ZD<L<Z
;<L<Z=;L<ZEDL;ZEEL@ZEEL@Z@LCZ
!
"#$&ID%$&O!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!
!
!
O*,%&'5"$+%#"#,'(#P"6,+"#,?#&*'#I'1)*%'!"%5/"/*)#0&, G:;S'*)'O*,%&'T%$"'.*F7&"'8*6,6?#&*'#I'1%"Y)$%'3/$)+)*)%&, G:;S'*)'O*,%&'T%$"'.*F7&"'8*6,6
R++#$/*%-'?#&*&'I#"'.*)+)*:'5+/0*&'/0-'"%+/*%-'I/$)+)*)%&, H;?#&*'#I'?#0*)06%0$)%&'/0-'?#0*"/$*#"'3%%&, 9U:;S'*)'N-$"/,'5"$+%#"#,'(#P"6,+"#,
?#&*'#I'2/0-, ?:;S'*)'O*,%&'N"4$"/-%1&"'8%4-,%&?#&*'#I'M#:/+*)%&, H;
?#&*'#I'!+/0*'1*/"*]N5, 9;:;S'*)'O*,%&'N"4$"/-%1&"'8%4-,%&
Q*$R-#B'8%4-,%&
J#0#$F+#"#H%0K%0% . ^0Y%0*#":, A'N%C6 . @=>SD;ELA<'+H
3OO9 . ^0Y%0*#":, ?'N%C6 . >=CSA=@LBE'+H
R$$#.0*&'M%$%)Y/H+% . @;'N%C6?/&F'M%&%"Y$%& . V*#"R$$#.0*&'!/:/H+% . V*#"
W,-&-,-"6N*)+)*: N0)*'#I'J%/&."% M/*)#'*#'!"#-.$* ?#&*'#I'N*)+)*:7)6F'!"%&&."%'1*%/T +H <L;@<<'+H'5%"'+H'#I'J#0#$F+#"#H%0K%0% P<L<<><'5%"'+H?##+)06'_/*%" J+H <L<;=;'J+H'5%"'+H'#I'J#0#$F+#"#H%0K%0% P<L<<A<'5%"'J+HO+%$*")$)*: W_F" <L<<EB'W_F"'5%"'+H'#I'J#0#$F+#"#H%0K%0% P<L<><<'5%"'W_F"
TC4$*F7/,6Q:5"#-.$* N0)*'#I'J%/&."% M/*)#'*#'!"#-.$* !")$%'#I'M/G'Q:5"#-.$*Q%0K%0% +H <L@A<<'+H'5%"'+H'#I'J#0#$F+#"#H%0K%0% P<LE@<<'5%"'+H
X,0"$'Y%$-%1&"'8*6,6!"#"$%&'KZ4"#6"6
1%++)06'`'("/0&I%"'OU5%0&%&, @:;;S'*)'3%&"69)"%$*'M%&%/"$F, A:U;S'*)'3%&"6
R++#$/*%-'M%&%/"$F, ;:G;S'*)'3%&"6R-T)0)&*"/*)Y%'OU5%0&%, ?:;;S'*)'3%&"6
J/0/6%T%0*'^0$%0*)Y%'?#T5%0&/*)#0, 9:?GS'*)'3%&"6
M-Z"F'8*6,6X4"$%,-*#6
45%"/*#"&'5%"'1F)I*, 9 [R&&.T)06'@'1F)I*&\9)"%$*'_/6%&'/0-'Q%0%I)*&, H@;:;;'4"$'X4"$%,*$'[*7$
9)"%$*'1/+/")%&'/0-'Q%0%I)*&, 9G:;;S'*)'N-$"/,'Q%B"6'%#F'T"#")-,645%"/*)06'1.55+)%&'/0-'1%"Y)$%&, \:;;S'*)'N-$"/,'Q%B"6'%#F'T"#")-,6
(%$F0)$/+'R&&)&*/0$%'*#'J/0.I/$*.")06, H;:;;'4"$'C"%$=')*$'"%/0'X4"$%,*$'4"$'30-),?#0*"#+'2/H#"/*#":, H;:;;'4"$'C"%$=')*$'"%/0'X4"$%,*$'4"$'30-),
.%-#,"#%#/"'_/6%&'/0-'Q%0%I)*&, @:G;S'*)'O*,%&'N"4$"/-%1&"'8%4-,%&1/+/")%&'/0-'Q%0%I)*&, ?G:;;S'*)'.%-#,"#%#/"'Q%B"6'%#F'T"#")-,6
J/*%")/+&'/0-'1%"Y)$%&, 9;;:;;S'*)'.%-#,"#%#/"'Q%B"6'%#F'T"#")-,6J/)0*%0/0$%'4Y%"F%/-, G:;;S'*)'.%-#,"#%#/"'Q%B"6'%#F'T"#")-,6
X4"$%,-#B'XP"$0"%Fa%0%"/+'!+/0*'4Y%"F%/-, <:9;S'*)'.%-#,"#%#/"'%#F'X4"$%,-*#6'Q%B"6'%#F'T"#")-,6
J%$F/0)$/+'9%5/"*T%0*'1%"Y)$%&, ?:A;S'*)'.%-#,"#%#/"'%#F'X4"$%,-*#6'Q%B"6'%#F'T"#")-,6OT5+#:%%'M%+/*)#0&'9%5/"*T%0*, G:>;S'*)'.%-#,"#%#/"'%#F'X4"$%,-*#6'Q%B"6'%#F'T"#")-,6
Q.&)0%&&'1%"Y)$%&, <:A;S'*)'.%-#,"#%#/"'%#F'X4"$%,-*#6'Q%B"6'%#F'T"#")-,6
5$*4"$,C'O%Z"6'%#F'(#67$%#/"!"#5%"*:'(/U%&'/0-'^0&."/0$%, ?:;;S'*)'O*,%&'N"4$"/-%1&"'8%4-,%&
3,$%-B0,']-#"'N"4$"/-%,-*#9)"%$*'!+/0*, U:;;S'*)'O*,%&'N"4$"/-%1&"'8%4-,%&='&"669:9U',-+"6',0"'E&&*/%,"F'8*6,6')*$'W,-&-,C'5&%#,6'%#F'I"&%,"F'M%/-&-,-"6'
R++#$/*%-'!+/0*, \:;;S'*)''9:9U',-+"6',0"'E&&*/%,"F'8*6,6')*$'W,-&-,C'5&%#,6'%#F'I"&%,"F'M%/-&-,-"6'
N"4&",-*#'E&&*J%#/"R00./+'9%5+%*)#0'R++#G/0$%, H;:;;
!
"#$&ID%$&Q!
MD! E8?+6*:+8*!0=::(,1!$!`(,*!A(B!r!`=,.'(6+!"/6*6!(8<!L(,+!]/<=2+!T(.*/,6))!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
J/:S';<<=
T%$"'.*F7&"'8*6,6M%1$-/%,"F'KL7-4+"#,
RH&#"H%" PE;>S><<9)&*)++/*)#0'?#+.T0 P>C<SD<<7%/*'OU$F/06%"& P=BSB<<3+/&F'V%&&%+&'/0-'1*#"/6%'(/0W& P=A;SC<<
O*,%&'M%1$-/%,"F'KL7-4+"#,^ H9=;;G=U;;
5$*/"66'.%/0-#"$C!.T5& PEAS@<<
O*,%&'5$*/"66'.%/0-#"$C^ H9\=G;;
O*,%&'T%$"'.*F7&"'8*6,6^
N-$"/,'5"$+%#"#,'(#P"6,+"#,?#&*'#I'1)*%'!"%5/"/*)#0, P@ESE<<?#&*'#I'1%"Y)$%'3/$)+)*)%&, P@ESE<<R++#$/*%-'?#&*&'I#"'.*)+)*:'5+/0*&'/0-'"%+/*%-'I/$)+)*)% P<
N-$"/,'5"$+%#"#,'(#P"6,+"#,^
O*,%&'N"4$"/-%1&"'8%4-,%&?#&*'#I'?#0*)6%0$)%&'/0-'?#0*"/$*#"'3%%&, P;<;S=<<
O*,%&'N"4$"/-%1&"'8%4-,%&^
O*,%&'5"$+%#"#,'(#P"6,+"#,?#&*'#I'2/0-, P;AS@<<?#&*'#I'M#:/+*)%&, P<?#&*'#I'!+/0*'1*/"*]N5, PE=;SA<<
O*,%&'5"$+%#"#,'(#P"6,+"#,^
Q*$R-#B'8%4-,%&(#P"#,*$C
J#0#$F+#"#H%0K . >CES<<<'+H P;A<S<<<3OO9 . =D@S<<<'+H PEECS><<
O*,%&'(#P"#,*$C^ H@<U=A;;
E//*7#,6'I"/"-P%1&"^ P;SEAAS><<8%60'I"6"$P/"6^ P<E//*7#,6'5%C%1&"^ P<
O*,%&'Q*$R-#B'8%4-,%&^ P;S@>>SC<<
1!1'2$+'341'2$4567819751
H9=9?A=;;;
H9=@?\=;;;
H9=AUG=;;;
HA=;?>=U;;
(#P"6,+"#,'37++%$C.*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
OXOE]
H9=;??=;;;
!
"#$&ID%$&J!
OD! q(,;(H2+!"/6*!0=::(,1!$!`(,*!A(B!r!`=,.'(6+!"/6*6!(8<!L(,+!]/<=2+!T(.*/,6!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
J/:S';<<=
I%J'.%,"$-%&63OO9O*,%&'I%J'.%,"$-%&6^
W,-&,-"67)6F'!"%&&."%'1*%/T?##+)06'_/*%"O+%$*")$)*:O*,%&'I%J'.%,"$-%&6^
TC4$*F7/,6Q%0K%0%O*,%&'TC4$*F7/,6^
!"#"$%&'KZ4"#6"61%++)06'`'("/0&I%",9)"%$*'M%&%/"$F,R++#$/*%-'M%&%/"$F,R-T)0)&*"/*)Y%'OU5%0&%,J/0/6%T%0*'^0$%0*)Y%&,O*,%&'TC4$*F7/,6^
1!1'2;:;\'4"$'&1'*)'.*#*/0&*$*1"#2"# H?=<G?=G;; H?;=U99=@;;
;:A<'4"$'&1'*)'.*#*/0&*$*1"#2"# H?;=U99=?;; H?;=U99=?;;
P<L<E'5%"'+H'#I'J#0#$F+#"#H%0K%0% P>BASA<<P<L<E'5%"'+H'#I'J#0#$F+#"#H%0K%0% P;DBSD<<
P<L<='5%"'+H'#I'J#0#$F+#"#H%0K%0% PESE>=SD<<P<L<<'5%"'+H'#I'J#0#$F+#"#H%0K%0% PEEDS;<<
H9U=;GU=U;;
P<L<;'5%"'+H'#I'J#0#$F+#"#H%0K%0% PBE>SD<<
;:;U'4"$'&1'*)'.*#*/0&*$*1"#2"# _H@=<;<=;;;P<L<C'5%"'+H'#I'J#0#$F+#"#H%0K%0% ]P=SB<BS<<<
;:;;'4"$'&1'*)'.*#*/0&*$*1"#2"# HG@=@;; H?9=<\G=U;;P<L<<'5%"'+H'#I'J#0#$F+#"#H%0K%0% P=S<<<
H?9=<9?=G;;
P<L<<'5%"'+H'#I'J#0#$F+#"#H%0K%0% P>>SE<<
;:A>'4"$'&1'*)'.*#*/0&*$*1"#2"# H?9=<9?=G;;
Y%$-%1&"'8*6,'37++%$C.*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
5"$'&1'.*#*/0&*$*1"#2"#"
P<L<<'5%"'+H'#I'J#0#$F+#"#H%0K%0% PASE<<
OXOE]
P<L>D'5%"'+H'#I'J#0#$F+#"#H%0K%0% P;ESBE;S@<<
!
"#$&ID%$&G!
QD! T;>+<!"/6*!0=::(,1!$!`(,*!A(B!r!`=,.'(6+!"/6*6!(8<!L(,+!]/<=2+!T(.*/,6!!!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
J/:S';<<=
X4"$%,-*#69)"%$*'_/6%&'/0-'Q%0%I)*&, P=E;S<<<9)"%$*'1/+/")%&'/0-'Q%0%I)*&, P>ASC<<45%"/*)06'1.55+)%&'/0-'1%"Y)$%&, PECSB;<(%$F0)$/+'R&&)&*/0$%'*#'J/0.I/$*.")06, P<?#0*"#+'2/H#"/*#":, P<
O*,%&'X4"$%,-*#6^ H@<<=G?;
.%-#,"#%#/"'_/6%&'/0-'Q%0%I)*&, P>AS>E<1/+/")%&'/0-'Q%0%I)*&, PEESA<=J/*%")/+&'/0-'1%"Y)$%&, P>AS>E<J/)0*%0/0$%'4Y%"F%/-, P;S=;E
O*,%&'.%-#,"#%#/"^ H9;\=<AA
X4"$%,-#B'XP"$0"%Fa%0%"/+'!+/0*'4Y%"F%/-, P;DS@D>J%$F/0)$/+'9%5/"*T%0*'1%"Y)$%&, PE<S<<>OT5+#:%%'M%+/*)#0&'9%5/"*T%0*, P;>S@D;Q.&)0%&&'1%"Y)$%&, P=<SC>>
O*,%&'X4"$%,-#B'XP"$0"%F^ H>G=;@A
5$*4"$,C'(#67$%#/"'%#F'O%Z"6O*,%&'5$*4"$,C'(#67$%#/"'%#F'O%Z"6^ H?\=G?;
1!1'2
HAUA=?\A
HG<>=?>U
H\;G=U9U
H\;G=U9U
M-Z"F'8*6,'37++%$C.*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
OXOE]
H@<<=G?;
!
"#$&ID%$&I!
JD! "(6'!T2/4!0=::(,1!$!`(,*!A(B!r!`=,.'(6+!"/6*6!(8<!L(,+!]/<=2+!T(.*/,6!
!
!
!
!
!
!
!
!
!
!
!
GD! `,/9;*(H;2;*1!]+(6=,+6!$!`(,*!A(B!r!`=,.'(6+!"/6*6!(8<!L(,+!]/<=2+!T(.*/,6!!!
!
!
!
!
!
!
!
!
!
!
!
!
!
J/:S';<<=
8%/"!%"$%0*/6%'#I'9%&)60'?/5/$)*:
1/+%& ?/5)*/+'?#&*& _#"W)06'?/5)*/+ V/")/H+%'?#&*& 3)U%-'?#&*&9%5"%$)/*)#0'R++#G/0$%
9%5+%*)#0'R++#G/0$%
(/U/H+%'^0$#T%^0$#T%'(/U'
?#&*&b%*'O/"0)06&
R00./+'?/&F'3+#G
?.T.+/*)Y%'b%*'!"%&%0*'V/+.%'/*'
E@L<Z;<<= <L<Z 9%&)60 ]PB>S=<< P< ]PB>S=<< ]PB>S=<<;<<> <L<Z ?#0&*".$*)#0 ]PES>E<SC<< ]P;S@>>SC<< ]P=SD@@SA<< ]P=S@E>S<<<;<<@ >@L<Z PE<SB;=SC<< ]PDS=A@S<<< ]PA<@SC<< ]P;A@S;<< P< P>CBSC<< ]PEC<S@<< P=<BS=<< P@B;S@<< ]P=S<CESE<<;<<A ABL@Z PEAS<C@SC<< ]PE>S<>BSA<< ]PA<@SC<< ]P>;>S=<< P< PES<<CSE<< ]P=B=S<<< PA=@SE<< PES<@DS><< ]P;S=C>S@<<;<<B D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PA<@SC<< ]P;@>SA<< P< PESC@BS;<< ]PACBS;<< PESEB<S<<< PES>;>SA<< ]PES@B<S<<<;<<C D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PA<@SC<< ]PE@;SC<< P< PESD@DS<<< ]PB;>SC<< PES;=>S;<< PES=CBS<<< ]PCC<S><<;<<D D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PA<@SC<< ]PE@;SC<< P< PESD@DS<<< ]PB;>SC<< PES;=>S;<< PES=CBS<<< ]P;C<SC<<;<E< D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PA<@SC<< ]PBAS><< P< P;S<=@S><< ]PB@=SE<< PES;C;S=<< PES=@CSB<< P;=<S<<<;<EE D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PA<@SC<< P< P;SEEESC<< ]PBCES><< PES==<S><< PES==<S><< PAA>SD<<;<E; D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PA<@SC<< P< P;SEEESC<< ]PBCES><< PES==<S><< PES==<S><< PES<>=SE<<;<E= D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PA<@SC<< P< P;SEEESC<< ]PBCES><< PES==<S><< PES==<S><< PES=B;S<<<;<E> D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PA<@SC<< P< P;SEEESC<< ]PBCES><< PES==<S><< PES==<S><< PESA@CS<<<;<E@ D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PA<@SC<< P< P;SEEESC<< ]PBCES><< PES==<S><< PES==<S><< PESD<ASB<<;<EA D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PA<@SC<< P< P;SEEESC<< ]PBCES><< PES==<S><< PES==<S><< P;SE;;SD<<;<EB D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PA<@SC<< P< P;SEEESC<< ]PBCES><< PES==<S><< PES==<S><< P;S=E<SD<<;<EC D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PA<@SC<< P< P;SEEESC<< ]PBCES><< PES==<S><< PES==<S><< P;S>B>S><<;<ED D<L<Z P;ES>>BSB<< P;S@>>SC<< ]PECSB=<SE<< ]PA<@SC<< P< P;SEEESC<< ]PBCES><< PES==<S><< P=SCB@S;<< P;SCCCS@<<
8%60'M&*J'37++%$C.*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
J/:S';<<=
9L$"C%M$:5+*N:"7/5$"+'"7$51*%"OC77P"'+*"5L6:")*+Q$85"6:R %:;<=>
9L$"H$5")*$:$%5"G/.1$"OH)GP"/5"<ST"'+*"5L6:")*+Q$85"6:R ?%@<<<@ABB
&!4$'C,./0)0$D1E)F*$3FG*H(-)GC$IJ,FK
3%%1/."D/.$:R3%%1/."0+:5:RA$,*$86/56+%RC%8+2$"9/URH$5"@/*%6%E:R
9+5/."0/,65/."C%M$:52$%5R7BCR LM;B>
;V<WXY<WW;VZ[=Y<WWV<Y>X\YZWWV[YW=\Y]WW
5$*)-,%1-&-,C'."%67$"6.*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
V=<Y[[ZYZWW;V<\Y>>SY\WW
!
"#$&ID%$&%!
ID! 0+86;*;?;*1!K8(216+6!$!`(,*!A(B!r!`=,.'(6+!"/6*6!(8<!L(,+!]/<=2+!T(.*/,6!
!
!
!
!
!
!
!
!!
!!
! !!))
-+6=2*6!9,/:!*'+!`,/9;*(H;2;*1!K8(216;6!0),+(<6'++*!r!`(,*!AHB!r!`=,.'(6+!(8<!E86*(22(*;/8!"/6*6!S6*;:(*+<!H1!K6)+8!E`S!!!7'+!)(@+6!*'(*!9/22/4!./8*(;8!*'+Z!!&D!! E8)=*!0=::(,1D!!3/*+!*'(*!(22!6)+.;9;.(*;/86!(,+!6'/48F!4;*'!*'+!<+9(=2*!?(2=+6!=6+<!;8!:/6*!.(6+6D!
!MD! E8?+6*:+8*!0=::(,1D!!OD! q(,;(H2+! "/6*! 0=::(,1D! ! 7'+6+! ./6*6! (,+! +6*;:(*+<! 9/,! *'+! *';,<! /)+,(*;8@!1+(,D!!
!QD! T;>+<!"/6*!0=::(,1D!!!!JD! "(6'!T2/4!0=::(,1D!!GD! `,/9;*(H;2;*1!]+(6=,+6D!!K6!6++8F!*'+!E--!;6!M&DR[F!*'+!-XE!;6!MJDR[F!(8<!*'+!3`q!;6!v&FGMJFJRRD!!!
!ID! 0+86;*;?;*1! K8(216+6D! ! U+,+F! *'+! E--! ;6! 6*=<;+<! (6! *'+! ),/<=.*! ),;.+! (8<!?(,;(H2+!./6*6!(,+!(<V=6*+<D!
!3/*+! *'(*! *'+! ,+6=2*6! (,+! <;6)2(1+<! 6/:+*;:+6! (6! RDRRF! '(?;8@! V=6*! *4/! <+.;:(2!)2(.+6D!!7/!(?/;<!*';6F!*'+!=6+,!.(8!(<V=6*!*'+!=8;*6!/9!:+(6=,+D!!!!!
J/:S';<<=
5$*F7/,'5$-/"6'P6'Y%$-%1&"'8*6,6
PEBSACDS@<< PECS;<DSC<< PECSB=<SE<< PEDS;@<S><< PEDSBB<SA<< P;<S;D<SD<< P;<SCEES;<< P;ES==ES@<< P;ESC@ESC<< P;;S=B;S<<< P;;SCD;S=<< P;=S>E;SA<<
<L>AP'''''''''''' ;>LDCZ ECL>>Z EEL;AZ =L<AZ 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06%
<L>BP'''''''''''' =EL>DZ ;@L@EZ EDLE;Z E;LE>Z >L;@Z 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06%
<L>DP'''''''''''' =BL>AZ =ELCBZ ;AL<EZ EDLBBZ E;LDDZ @L=CZ 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06%
<L@<P'''''''''''' >=L<EZ =BLB=Z =;L;>Z ;AL@<Z ;<L><Z E=LBDZ AL>=Z 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06%
<L@EP'''''''''''' >CL;;Z >=LECZ =BLDDZ =;LA<Z ;ALDBZ ;EL<<Z E>L@AZ BL>=Z ]<LB@Z 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06%
<L@=P'''''''''''' @=LE>Z >CL=EZ >=L=@Z =CL;>Z =;LD@Z ;BL>;Z ;EL@CZ E@L=<Z CL=CZ <L@;Z 4.*'#I'M/06% 4.*'#I'M/06%
<L@>P'''''''''''' @BLCEZ @=LEAZ >CL><Z >=L@;Z =CL>DZ ==L;DZ ;BLCAZ ;;LE=Z EAL<<Z DL;DZ ELB<Z 4.*'#I'M/06%
<L@@P'''''''''''' A;L;BZ @BLBAZ @=LEBZ >CL>CZ >=LABZ =CLB=Z ==LAEZ ;CL;CZ ;;LABZ EALACZ E<LE@Z ;LC;Z
<L@BP'''''''''''' AAL@;Z A;LE@Z @BLBEZ @=LECZ >CL@AZ >=LC=Z =CLDAZ ==LD=Z ;CLADZ ;=LEDZ EBL==Z E<LDBZ
<L@CP'''''''''''' B<LA<Z AAL=@Z A;L<>Z @BLAAZ @=L;<Z >CLA>Z >=LDCZ =DLECZ =>L;=Z ;DL<CZ ;=LADZ EBLD@Z
<L@DP'''''''''''' B>L@EZ B<L=CZ AALEDZ AELD=Z @BLAEZ @=L;EZ >CLB;Z >>LE;Z =DL><Z =>L@=Z ;DL>BZ ;>LEBZ
<LAEP'''''''''''' BCL;CZ B>L;@Z B<LEAZ AAL<=Z AELC=Z @BL@AZ @=L;;Z >CLBDZ >>L;AZ =DLAEZ =>LCEZ ;DLC>Z
<LA;P'''''''''''' CELDEZ BBLDBZ B=LDCZ ADLD@Z A@LCBZ AELB=Z @BL@;Z @=L;=Z >CLCBZ >>L><Z =DLCEZ =@L<DZ
(II'E#%&C6-6'_'OJ*'Y%$-%1&".*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
Y%$-%1&"'8*6,6
5$*F
7/,'5
$-/"6
!
"#$&ID%$&_!
!"#"$%&'(#)*$+%,-*#!"#$%&&'()*+%, .*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
!"#-.$*, .8T!+/0*'1)*%'2#$/*)#0, !7&)'8*%6,
1)*%'3/$*#", 9:;;45%"/*)06'7#."&'5%"'8%/", <=>?;45%"/*)06'9/:&'5%"'8%/", @@;
45%"/*)06'3/$*#", ;:>;A9
80$*#*&*BC
D"%$ E/,-*#!"#$"%&'#$ ;<<= 9%&)60
;<<> ?#0&*".$*)#0;<<@ !"#-.$*)#0;<<A !"#-.$*)#0;<<B !"#-.$*)#0;<<C !"#-.$*)#0;<<D !"#-.$*)#0;<E< !"#-.$*)#0;<EE !"#-.$*)#0;<E; !"#-.$*)#0;<E= !"#-.$*)#0;<E> !"#-.$*)#0;<E@ !"#-.$*)#0;<EA !"#-.$*)#0;<EB !"#-.$*)#0;<EC !"#-.$*)#0
()*%&'#$ ;<ED !"#-.$*)#0
5$*F7/,'(#)*$+%,-*#(F%'!"#$%&&'G)++':)%+-, . G=G<? +H'#I'J?Q'5%"'F#."L
. 9@@=<@; +H'#I'J?Q'5%"'-/:L
. AA=9@9=;@? +H'#I'J?Q'5%"':%/"L
(F%'!")$%'5%"'+H'#I'J?Q')&, H';:GA
I%J'.%,"$-%&6M/G'J/*%")/+ N0)*'#I'J%/&."% M/*)#'*#'!"#-.$* ?#&*'#I'M/G'J/*%")/+
3OO9 +H ELA><<'+H'5%"'+H'#I'J?Q P<L=<<<'5%"'+H
KL7-4+"#,6'8*6,6
(5K'34"/-)-/%,-*#6
(#*/+'9)"%$*'J/*%")/+&'/0-'2/H#"'?#&*&, H<UG=<;;J)&$%++/0%#.&'^0&*/++/*)#0'?#&*&, H;
J/*%")/+'/0-'2/H#*'acR'4Y%"F%/-'/0-'?#0*"/$*#"'3%%&, H\>=<;;?#0*"/$*#"'O06)0%%")06'?#&*&, HGGU=@;;
^0-)"%$*'?#&*&, HAU?=\;;
X9%")Y%-'Q/"%'J#-.+%'3/$*#"
(#47,'37++%$C
D<L<ZD<L<ZD<L<Z
D<L<ZD<L<ZD<L<ZD<L<Z
N-6,$-17,-*#'*)'O*,%&'5"$+%#"#,'(#P"6,+"#,
N-6,$-17,-*#'*)'O*,%&'Q*$R-#B'8%4-,%&
@L<ZD@L<Z
D<L<Z
<L<ZE<<L<Z
>@L<ZABL@ZD<L<ZD<L<Z
5$*F7/,-*#'8%4%/-,C''[Z'#I'9%&)60'?/5/$)*:\
5"$/"#,%B"'*)'O*,%&'8%4-,%&'(#P"6,+"#,')*$'
N"4$"/-%,-*#<L<Z<L<Z
D<L<ZD<L<ZD<L<Z
;<L<Z=;L<ZEDL;ZEEL@ZEEL@Z@LCZ
$&D! E8)=*!0=::(,1!$!`(,*!AHB!r!`=,.'(6+!(8<!E86*(22(*;/8!"/6*6!S6*;:(*+<!H1!K6)+8!E`S!!
!!
!
"#$&ID%$MR!
!
O*,%&'5"$+%#"#,'(#P"6,+"#,?#&*'#I'1)*%'!"%5/"/*)#0&, G:;S'*)'O*,%&'T%$"'.*F7&"'8*6,6?#&*'#I'1%"Y)$%'3/$)+)*)%&, G:;S'*)'O*,%&'T%$"'.*F7&"'8*6,6
R++#$/*%-'?#&*&'I#"'.*)+)*:'5+/0*&'/0-'"%+/*%-'I/$)+)*)%&, H;?#&*'#I'?#0*)06%0$)%&'/0-'?#0*"/$*#"'3%%&, 9U:;S'*)'N-$"/,'5"$+%#"#,'(#P"6,+"#,
?#&*'#I'2/0-, ?:;S'*)'O*,%&'N"4$"/-%1&"'8%4-,%&?#&*'#I'M#:/+*)%&, H;
?#&*'#I'!+/0*'1*/"*]N5, 9;:;S'*)'O*,%&'N"4$"/-%1&"'8%4-,%&
Q*$R-#B'8%4-,%&
J?Q . ^0Y%0*#":, A'N%C6 . @=>SD;ELA<'+H
3OO9 . ^0Y%0*#":, ?'N%C6 . >=CSA=@LBE'+H
R$$#.0*&'M%$%)Y/H+% . @;'N%C6?/&F'M%&%"Y$%& . V*#"R$$#.0*&'!/:/H+% . V*#"
W,-&-,-"6N*)+)*: N0)*'#I'J%/&."% M/*)#'*#'!"#-.$* ?#&*'#I'N*)+)*:7)6F'!"%&&."%'1*%/T +H <L;@<<'+H'5%"'+H'#I'J?Q P<L<<><'5%"'+H?##+)06'_/*%" J+H <L<;=;'J+H'5%"'+H'#I'J?Q P<L<<A<'5%"'J+HO+%$*")$)*: W_F" <L<<EB'W_F"'5%"'+H'#I'J?Q P<L<><<'5%"'W_F"
TC4$*F7/,6Q:5"#-.$* N0)*'#I'J%/&."% M/*)#'*#'!"#-.$* !")$%'#I'M/G'Q:5"#-.$*Q%0K%0% +H <L@A<<'+H'5%"'+H'#I'J?Q P<LE@<<'5%"'+H
X,0"$'Y%$-%1&"'8*6,6!"#"$%&'KZ4"#6"6
1%++)06'`'("/0&I%"'OU5%0&%&, @:;;S'*)'3%&"69)"%$*'M%&%/"$F, A:U;S'*)'3%&"6
R++#$/*%-'M%&%/"$F, ;:G;S'*)'3%&"6R-T)0)&*"/*)Y%'OU5%0&%, ?:;;S'*)'3%&"6
J/0/6%T%0*'^0$%0*)Y%'?#T5%0&/*)#0, 9:?GS'*)'3%&"6
M-Z"F'8*6,6X4"$%,-*#6
45%"/*#"&'5%"'1F)I*, 9 [R&&.T)06'@'1F)I*&\9)"%$*'_/6%&'/0-'Q%0%I)*&, H@;:;;'4"$'X4"$%,*$'[*7$
9)"%$*'1/+/")%&'/0-'Q%0%I)*&, 9G:;;S'*)'N-$"/,'Q%B"6'%#F'T"#")-,645%"/*)06'1.55+)%&'/0-'1%"Y)$%&, \:;;S'*)'N-$"/,'Q%B"6'%#F'T"#")-,6
(%$F0)$/+'R&&)&*/0$%'*#'J/0.I/$*.")06, H;:;;'4"$'C"%$=')*$'"%/0'X4"$%,*$'4"$'30-),?#0*"#+'2/H#"/*#":, H;:;;'4"$'C"%$=')*$'"%/0'X4"$%,*$'4"$'30-),
.%-#,"#%#/"'_/6%&'/0-'Q%0%I)*&, @:G;S'*)'O*,%&'N"4$"/-%1&"'8%4-,%&1/+/")%&'/0-'Q%0%I)*&, ?G:;;S'*)'.%-#,"#%#/"'Q%B"6'%#F'T"#")-,6
J/*%")/+&'/0-'1%"Y)$%&, 9;;:;;S'*)'.%-#,"#%#/"'Q%B"6'%#F'T"#")-,6J/)0*%0/0$%'4Y%"F%/-, G:;;S'*)'.%-#,"#%#/"'Q%B"6'%#F'T"#")-,6
X4"$%,-#B'XP"$0"%Fa%0%"/+'!+/0*'4Y%"F%/-, <:9;S'*)'.%-#,"#%#/"'%#F'X4"$%,-*#6'Q%B"6'%#F'T"#")-,6
J%$F/0)$/+'9%5/"*T%0*'1%"Y)$%&, ?:A;S'*)'.%-#,"#%#/"'%#F'X4"$%,-*#6'Q%B"6'%#F'T"#")-,6OT5+#:%%'M%+/*)#0&'9%5/"*T%0*, G:>;S'*)'.%-#,"#%#/"'%#F'X4"$%,-*#6'Q%B"6'%#F'T"#")-,6
Q.&)0%&&'1%"Y)$%&, <:A;S'*)'.%-#,"#%#/"'%#F'X4"$%,-*#6'Q%B"6'%#F'T"#")-,6
5$*4"$,C'O%Z"6'%#F'(#67$%#/"!"#5%"*:'(/U%&'/0-'^0&."/0$%, ?:;;S'*)'O*,%&'N"4$"/-%1&"'8%4-,%&
3,$%-B0,']-#"'N"4$"/-%,-*#9)"%$*'!+/0*, U:;;S'*)'O*,%&'N"4$"/-%1&"'8%4-,%&='&"669:9U',-+"6',0"'E&&*/%,"F'8*6,6')*$'W,-&-,C'5&%#,6'%#F'I"&%,"F'M%/-&-,-"6'
R++#$/*%-'!+/0*, \:;;S'*)''9:9U',-+"6',0"'E&&*/%,"F'8*6,6')*$'W,-&-,C'5&%#,6'%#F'I"&%,"F'M%/-&-,-"6'
N"4&",-*#'E&&*J%#/"R00./+'9%5+%*)#0'R++#G/0$%, H;:;;
!
"#$&ID%$M&!
MD!! E8?+6*:+8*!0=::(,1!$!`(,*!AHB!r!`=,.'(6+!(8<!E86*(22(*;/8!"/6*6!S6*;:(*+<!H1!K6)+8!E`S!!
!
J/:S';<<=
T%$"'.*F7&"'8*6,6
(5K'34"/-)-/%,-*#6(#*/+'9)"%$*'J/*%")/+&'/0-'2/H#"'?#&*&, H<UG=<;;
J)&$%++/0%#.&'^0&*/++/*)#0'?#&*&, H;2/H#*'acR'4Y%"F%/-'/0-'?#0*"/$*#"'3%%&, H\>=<;;
?#0*"/$*#"'O06)0%%")06'?#&*&, HGGU=@;;^0-)"%$*'?#&*&, HAU?=\;;
O*,%&')$*+'(5K^ H9=U>\=@;;
O*,%&'T%$"'.*F7&"'8*6,6^
N-$"/,'5"$+%#"#,'(#P"6,+"#,?#&*'#I'1)*%'!"%5/"/*)#0, PD>SC<<?#&*'#I'1%"Y)$%'3/$)+)*)%&, PD>SC<<R++#$/*%-'?#&*&'I#"'.*)+)*:'5+/0*&'/0-'"%+/*%-'I/$)+)*)%P<
N-$"/,'5"$+%#"#,'(#P"6,+"#,^
O*,%&'N"4$"/-%1&"'8%4-,%&?#&*'#I'?#0*)6%0$)%&'/0-'?#0*"/$*#"'3%%&, P=B@S@<<
O*,%&'N"4$"/-%1&"'8%4-,%&^
O*,%&'5"$+%#"#,'(#P"6,+"#,?#&*'#I'2/0-, P>DS;<<?#&*'#I'M#:/+*)%&, P<?#&*'#I'!+/0*'1*/"*]N5, P;>ASE<<
O*,%&'5"$+%#"#,'(#P"6,+"#,^
Q*$R-#B'8%4-,%&(#P"#,*$C
J?Q . >CES<<<'+H P;A<S<<<3OO9 . =D@S<<<'+H PEECS><<
O*,%&'(#P"#,*$C^ H@<U=A;;
E//*7#,6'I"/"-P%1&"^ P;SEAAS><<8%60'I"6"$P/"6^ P<E//*7#,6'5%C%1&"^ P<
O*,%&'Q*$R-#B'8%4-,%&^ P;S@>>SC<<
1!1'2$+'341'2$4567819751
(#P"6,+"#,'37++%$C.*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
OXOE]
H9=U>\=@;;
H?=;U\=;;;
H?=A\9=;;;
H?=<G\=;;;
HG=@;;=U;;
!
"#$&ID%$MM!
OD!! q(,;(H2+!"/6*!0=::(,1!$!`(,*!AHB!r!`=,.'(6+!(8<!E86*(22(*;/8!"/6*6!S6*;:(*+<!H1!K6)+8!E`S!!
J/:S';<<=
I%J'.%,"$-%&63OO9O*,%&'I%J'.%,"$-%&6^
W,-&,-"67)6F'!"%&&."%'1*%/T?##+)06'_/*%"O+%$*")$)*:O*,%&'I%J'.%,"$-%&6^
TC4$*F7/,6Q%0K%0%O*,%&'TC4$*F7/,6^
!"#"$%&'KZ4"#6"61%++)06'`'("/0&I%",9)"%$*'M%&%/"$F,R++#$/*%-'M%&%/"$F,R-T)0)&*"/*)Y%'OU5%0&%,J/0/6%T%0*'^0$%0*)Y%&,O*,%&'TC4$*F7/,6^
1!1'2
OXOE]
P<L>D'5%"'+H'#I'J?Q P;ESBE;S@<<
Y%$-%1&"'8*6,'37++%$C.*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
5"$'&1'.8T
P<L<<'5%"'+H'#I'J?Q PASE<<
H?9=<9?=G;;
P<L<<'5%"'+H'#I'J?Q P>>SE<<
H;:A>'4"$'&1'*)'.8T H?9=<9?=G;;
H?9=<\G=U;;P<L<<'5%"'+H'#I'J?Q P=S<<<
]P<L<C'5%"'+H'#I'J?Q ]P=SB<BS<<<
H;:;;'4"$'&1'*)'.8T HG@=@;;
H9U=;GU=U;;
P<L<;'5%"'+H'#I'J?Q PBE>SD<<
_H;:;U'4"$'&1'*)'.8T _H@=<;<=;;;
P<L<='5%"'+H'#I'J?Q PESE>=SD<<P<L<<'5%"'+H'#I'J?Q PEEDS;<<P<L<E'5%"'+H'#I'J?Q P>BASA<<P<L<E'5%"'+H'#I'J?Q P;DBSD<<H;:;\'4"$'&1'*)'.8T H?=<G?=G;; H?;=U99=@;;
H;:A<'4"$'&1'*)'.8T H?;=U99=?;; H?;=U99=?;;
!
"#$&ID%$MO!
!
QD! T;>+<!"/6*!0=::(,1!$!`(,*!AHB!r!`=,.'(6+!(8<!E86*(22(*;/8!"/6*6!S6*;:(*+<!H1!K6)+8!E`S!!
!
!!
J/:S';<<=
X4"$%,-*#69)"%$*'_/6%&'/0-'Q%0%I)*&, P=E;S<<<9)"%$*'1/+/")%&'/0-'Q%0%I)*&, P>ASC<<45%"/*)06'1.55+)%&'/0-'1%"Y)$%&, PECSB;<(%$F0)$/+'R&&)&*/0$%'*#'J/0.I/$*.")06, P<?#0*"#+'2/H#"/*#":, P<
O*,%&'X4"$%,-*#6^ H@<<=G?;
.%-#,"#%#/"'_/6%&'/0-'Q%0%I)*&, PCASE=@1/+/")%&'/0-'Q%0%I)*&, P;ES@=>J/*%")/+&'/0-'1%"Y)$%&, PCASE=@J/)0*%0/0$%'4Y%"F%/-, P>S=<B
O*,%&'.%-#,"#%#/"^ H9>U=999
X4"$%,-#B'XP"$0"%Fa%0%"/+'!+/0*'4Y%"F%/-, P==SEEDJ%$F/0)$/+'9%5/"*T%0*'1%"Y)$%&, PEESED@OT5+#:%%'M%+/*)#0&'9%5/"*T%0*, P;BS@;;Q.&)0%&&'1%"Y)$%&, P=>S@ED
O*,%&'X4"$%,-#B'XP"$0"%F^ H9;\=@GG
5$*4"$,C'(#67$%#/"'%#F'O%Z"6O*,%&'5$*4"$,C'(#67$%#/"'%#F'O%Z"6^ HA>=??;
1!1'2
M-Z"F'8*6,'37++%$C.*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
OXOE]
H@<<=G?;
HG<G=\@9
H\U9=>U\
H<@9=?;\
H<@9=?;\
!
"#$&ID%$MQ!
JD! "(6'!T2/4!0=::(,1!$!`(,*!AHB!r!`=,.'(6+!(8<!E86*(22(*;/8!"/6*6!S6*;:(*+<!H1!K6)+8!E`S!!
!!!
!
GD! `,/9;*(H;2;*1!]+(6=,+6!$!`(,*!AHB!r!`=,.'(6+!(8<!E86*(22(*;/8!"/6*6!S6*;:(*+<!H1!K6)+8!E`S!!
!
!
J/:S';<<=
8%/"!%"$%0*/6%'#I'9%&)60'?/5/$)*:
1/+%& ?/5)*/+'?#&*& _#"W)06'?/5)*/+ V/")/H+%'?#&*& 3)U%-'?#&*&9%5"%$)/*)#0'R++#G/0$%
9%5+%*)#0'R++#G/0$%
(/U/H+%'^0$#T%^0$#T%'(/U'
?#&*&b%*'O/"0)06&
R00./+'?/&F'3+#G
?.T.+/*)Y%'b%*'!"%&%0*'V/+.%'/*'
E@L<Z;<<= <L<Z 9%&)60 ]PE=BSC<< P< ]PE=BSC<< ]PE=BSC<<;<<> <L<Z ?#0&*".$*)#0 ]P;SAECS;<< ]P;S@>>SC<< ]P@SEA=S<<< ]P>SA;BS><<;<<@ >@L<Z PE<SB;=SC<< ]PDS=A@S<<< ]PB=ES;<< ]P>D;S;<< P< PE=@S><< ]P@<SE<< PC@S=<< P@BBS@<< ]P>SED<SB<<;<<A ABL@Z PEAS<C@SC<< ]PE>S<>BSA<< ]PB=ES;<< ]PBCBS@<< P< P@EDS@<< ]PED;S;<< P=;BS=<< PESEE>SC<< ]P=S>@BSB<<;<<B D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PB=ES;<< ]P>B;S@<< P< PES@E=SD<< ]P@A<SE<< PD@=SC<< PES>;AS=<< ]P;SA>;S;<<;<<C D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PB=ES;<< ]P;C=S@<< P< PESB<;SD<< ]PA=<SE<< PES<B;SC<< PES=@AS=<< ]PESDABSD<<;<<D D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PB=ES;<< ]P;C=S@<< P< PESB<;SD<< ]PA=<SE<< PES<B;SC<< PES=@AS=<< ]PES=CES@<<;<E< D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PB=ES;<< ]PE>ESC<< P< PESC>>SA<< ]PAC;S@<< PESEA;SE<< PES=<=SD<< ]PCDES=<<;<EE D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PB=ES;<< P< PESDCAS><< ]PB=@S<<< PES;@ES><< PES;@ES><< ]P>C;S;<<;<E; D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PB=ES;<< P< PESDCAS><< ]PB=@S<<< PES;@ES><< PES;@ES><< ]PE;AS@<<;<E= D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PB=ES;<< P< PESDCAS><< ]PB=@S<<< PES;@ES><< PES;@ES><< PEC;SC<<;<E> D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PB=ES;<< P< PESDCAS><< ]PB=@S<<< PES;@ES><< PES;@ES><< P>@ESC<<;<E@ D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PB=ES;<< P< PESDCAS><< ]PB=@S<<< PES;@ES><< PES;@ES><< PAC@SB<<;<EA D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PB=ES;<< P< PESDCAS><< ]PB=@S<<< PES;@ES><< PES;@ES><< PCCDSE<<;<EB D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PB=ES;<< P< PESDCAS><< ]PB=@S<<< PES;@ES><< PES;@ES><< PES<AAS<<<;<EC D<L<Z P;ES>>BSB<< ]PECSB=<SE<< ]PB=ES;<< P< PESDCAS><< ]PB=@S<<< PES;@ES><< PES;@ES><< PES;EDSC<<;<ED D<L<Z P;ES>>BSB<< P;S@>>SC<< ]PECSB=<SE<< ]PB=ES;<< P< PESDCAS><< ]PB=@S<<< PES;@ES><< P=SBDAS;<< PESA;@S@<<
8%60'M&*J'37++%$C.*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
J/:S';<<=
9L$"C%M$:5+*N:"7/5$"+'"7$51*%"OC77P"'+*"5L6:")*+Q$85"6:R %B;NA>
9L$"H$5")*$:$%5"G/.1$"OH)GP"/5"<ST"'+*"5L6:")*+Q$85"6:R ?O@=%A@ABB
&!4$'C,./0)0$D1E)F*$3FG*H(-)GC$IJ,FK
3%%1/."D/.$:R3%%1/."0+:5:RA$,*$86/56+%RC%8+2$"9/URH$5"@/*%6%E:R
9+5/."0/,65/."C%M$:52$%5R7BCR
5$*)-,%1-&-,C'."%67$"6.*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
V=<Y[[ZYZWW;V<\Y[X<Y>WW
%A;B>
;V<\XY\WW;VXX=Y<WWV<Y>=[Y>WWVSY>WWY]WW
!
"#$&ID%$MJ!
!
ID!! 0+86;*;?;*1!K8(216+6!$!`(,*!AHB!r!`=,.'(6+!(8<!E86*(22(*;/8!"/6*6!S6*;:(*+<!H1!K6)+8!E`S!!
!
J/:S';<<=
5$*F7/,'5$-/"6'P6'Y%$-%1&"'8*6,6
PEBSACDS@<< PECS;<DSC<< PECSB=<SE<< PEDS;@<S><< PEDSBB<SA<< P;<S;D<SD<< P;<SCEES;<< P;ES==ES@<< P;ESC@ESC<< P;;S=B;S<<< P;;SCD;S=<< P;=S>E;SA<<
<L>AP'''''''''''' EBLDCZ E;L>=Z ALECZ ]EL;<Z 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06%
<L>BP'''''''''''' ;=L@EZ ECL@;Z E=LE<Z BL<>Z ]<L<>Z 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06%
<L>DP'''''''''''' ;CL@@Z ;=LD>Z EDL<>Z E=LB>Z BLCAZ EL<AZ 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06%
<L@<P'''''''''''' ==L;EZ ;CLCCZ ;>L=@Z EDL@>Z E>L=AZ CLA>Z ;L<DZ 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06%
<L@EP'''''''''''' =BL@CZ ==L>BZ ;DL;EZ ;>LB>Z ;<L<=Z E>LDAZ DL=DZ =L<AZ 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06%
<L@=P'''''''''''' >ELBEZ =BLBCZ ==LB=Z ;DL@;Z ;@LE=Z ;<L@<Z E@L@=Z E<LE<Z =LDCZ 4.*'#I'M/06% 4.*'#I'M/06% 4.*'#I'M/06%
<L@>P'''''''''''' >@LA>Z >ELCAZ =BLDBZ ==LDCZ ;DLC=Z ;@L@EZ ;<LD@Z EAL<DZ E<LBDZ >LCAZ ];L<@Z 4.*'#I'M/06%
<L@@P'''''''''''' >DL=DZ >@LB>Z >;L<<Z =CLEBZ =>L;;Z =<LE=Z ;@LCBZ ;EL=DZ EALA;Z EEL>@Z @LADZ ]<LD@Z
<L@BP'''''''''''' @;LDDZ >DL>>Z >@LC=Z >;LE>Z =CL=@Z =>L>@Z =<L>;Z ;AL;=Z ;ELC;Z EBLE>Z E;L<CZ AL>CZ
<L@CP'''''''''''' @AL>>Z @=L<<Z >DL>DZ >@LD;Z >;L;BZ =CL@=Z =>LACZ =<LBEZ ;AL@BZ ;;L;>Z EBLA@Z E;LB<Z
<L@DP'''''''''''' @DLBBZ @AL>;Z @=L<EZ >DL@>Z >AL<EZ >;L><Z =CLBEZ =>LDEZ =<LDCZ ;ALDEZ ;;LA>Z ECLE=Z
<LAEP'''''''''''' A;LDDZ @DLBEZ @AL=DZ @=L<;Z >DL@DZ >ALE<Z >;L@=Z =CLCCZ =@LE=Z =EL;AZ ;BL;>Z ;=L<>Z
<LA;P'''''''''''' AALE<Z A;LD<Z @DLAAZ @AL=BZ @=L<=Z >DLA>Z >ALEDZ >;LAAZ =DL<@Z =@L=>Z =EL@;Z ;BL@AZ
(II'E#%&C6-6'_'OJ*'Y%$-%1&".*#*/0&*$*1"#2"#"'3"4%$%,-*#'5$*/"66
Y%$-%1&"'8*6,6
5$*F
7/,'5
$-/"6
