</DͲdĚŽŽsŝůŝŶĞǀŽĚĞďď^ůŽďŽĚŶĂnjŽŶĂĞŽŐƌĂĚĞŽŐƌĂĚƚĞůϬϭϭϮϬϳͲϬϲϴϰͲŵĂŝůƐĞƌǀŝƐΛŬŝŵƚĞĐƌƐ
WKadKsE/
ĂŚǀĂůũƵũĞŵŽsĂŵŶĂŬƵƉŽǀŝŶŝsŝǀĂdžƉƌŽŝnjǀŽĚĂŝŶĂĚĂŵŽƐĞĚĂđĞƚĞďŝƚŝnjĂĚŽǀŽůũŶŝŝnjďŽƌŽŵ
DK>/DK s^ WZ hWKdZ WZK/sK W>:/sK WZK/dd d,E/<h K<hDEd/:h / ^ WZ/>/<KD
hWKdZWZ/ZsdWZ/>KE/,hWhd^ds
K^EKsE/WK/KWZK/sKh;WŽƉƵŶũĂǀĂƚƌŐŽǀĂĐͿ
DK>hZ:
^Z/:^</ZK:
dhDWZK:
ZK:ZhE&/^<>EK'/^<
WKdW/^/WddZ'Ks
WZsWKdZKaEK^EKsh<KEKad/d/WKdZKa
hƐŬůĂĚƵƐĂēůĂŶŽŵϱϬĂŬŽŶĂŽnjĂƓƚŝƚŝƉŽƚƌŽƓĂēĂƌŽďĂũĞƐĂŽďƌĂnjŶĂĂŬŽ
Ͳ ŽĚŐŽǀĂƌĂŽƉŝƐƵŬŽũŝũĞĚĂŽƉƌŽĚĂǀĂĐŝĂŬŽŝŵĂƐǀŽũƐƚǀĂƌŽďĞŬŽũƵũĞƉƌŽĚĂǀĂĐƉŽŬĂnjĂŽƉŽƚƌŽƓĂēƵŬĂŽƵnjŽƌĂŬŝůŝŵŽĚĞů
Ͳ ŝŵĂƐǀŽũƐƚǀĂƉŽƚƌĞďŶĂnjĂŶĂƌŽēŝƚƵƵƉŽƚƌĞďƵnjĂŬŽũƵũĞƉŽƚƌŽƓĂēŶĂďĂǀůũĂĂŬŽũĂũĞďŝůĂƉŽnjŶĂƚĂƉƌŽĚĂǀĐƵŝůŝŵƵũĞ
ŵŽƌĂůĂďŝƚŝƉŽnjŶĂƚĂƵǀƌĞŵĞnjĂŬůũƵēĞŶũĂƵŐŽǀŽƌĂ
Ͳ ĂŬŽŝŵĂƐǀŽũƐƚǀĂƉŽƚƌĞďŶĂnjĂƌĞĚŽǀŶƵƵƉŽƚƌĞďƵƌŽďĞŝƐƚĞǀƌƐƚĞ
Ͳ ƉŽŬǀĂůŝƚĞƚƵŝĨƵŶŬĐŝŽŶŝƐĂŶũƵŽĚŐŽǀĂƌĂŽŶŽŵĞƓƚŽũĞƵŽďŝēĂũĞŶŽŬŽĚƌŽďĞŝƐƚĞǀƌƐƚĞŝƓƚŽƉŽƚƌŽƓĂēŵŽǎĞŽƐŶŽǀĂŶŽ
ĚĂŽēĞŬƵũĞƐŽďnjŝŽƌŵŶĂƉƌŝƌŽĚƵƌŽďĞŝũĂǀŶĂŽďĞđĂŶũĂŽƉŽƐĞďŶŝŵ ƐǀŽũƐƚǀŝŵĂƌŽďĞ ĚĂƚĂ ŽĚ ƐƚƌĂŶĞ ƉƌŽĚĂǀĐĂ
ƉƌŽŝnjǀŽĜĂēĂŝůŝŶũŝŚŽǀŝŵƉƌĞĚƐƚĂǀŶŝŬĂŶĂƌŽēŝƚŽĂŬŽũĞŽďĞđĂŶũĞƵēŝŶũĞŶŽƉƵƚĞŵŽŐůĂƐĂŝůŝŶĂĂŵďĂůĂǎŝƌŽďĞ
ŬŽ ŝƐƉŽƌƵēĞŶĂ ƌŽďĂ ŶŝũĞ ƐĂŽďƌĂnjŶĂ ƵŐŽǀŽƌƵ ;ēůĂŶ ϱϮ ĂŬŽŶĂ Ž njĂƓƚŝƚŝ ƉŽƚƌŽƓĂēĂͿ ƉŽƚƌŽƓĂē ŝŵĂ ƉƌĂǀŽ ĚĂ njĂŚƚĞǀĂ ŽĚ
ƉƌŽĚĂǀĐĂĚĂŽƚŬůŽŶŝŶĞƐĂŽďƌĂnjŶŽƐƚďĞnjŶĂŬŶĂĚĞŽƉƌĂǀŬŽŵŝůŝnjĂŵĞŶŽŵŽĚŶŽƐŶŽĚĂnjĂŚƚĞǀĂŽĚŐŽǀĂƌĂũƵđĞƵŵĂŶũĞŶũĞ
ĐĞŶĞŝůŝĚĂƌĂƐŬŝŶĞƵŐŽǀŽƌƵƉŽŐůĞĚƵƚĞƌŽďĞ
WŽƚƌŽƓĂēŶĂƉƌǀŽŵŵĞƐƚƵŵŽǎĞĚĂďŝƌĂŝnjŵĞĜƵnjĂŚƚĞǀĂĚĂƐĞŶĞƐĂŽďƌĂnjŶŽƐƚŽƚŬůŽŶŝŽƉƌĂǀŬŽŵŝůŝnjĂŵĞŶŽŵ
ŬŽŽƚŬůĂŶũĂŶũĞŶĞƐĂŽďƌĂnjŶŽƐƚŝƵƐŬůĂĚƵƐĂƐƚĂǀŽŵϮŽǀŽŐēůĂŶĂŶŝũĞŵŽŐƵđĞŝůŝĂŬŽƉƌĞĚƐƚĂǀůũĂŶĞƐƌĂnjŵĞƌŶŽŽƉƚĞƌĞđĞŶũĞ
njĂƚƌŐŽǀĐĂƉŽƚƌŽƓĂēŵŽǎĞĚĂnjĂŚƚĞǀĂƵŵĂŶũĞŶũĞĐĞŶĞŝůŝĚĂŝnjũĂǀŝĚĂƌĂƐŬŝĚĂƵŐŽǀŽƌ
EĞƐƌĂnjŵĞƌŶŽŽƉƚĞƌĞđĞŶũĞnjĂƚƌŐŽǀĐĂƵƐŵŝƐůƵƐƚĂǀĂϯŽǀŽŐēůĂŶĂũĂǀůũĂƐĞĂŬŽƵƉŽƌĞĜĞŶũƵƐĂƵŵĂŶũĞŶũĞŵĐĞŶĞŝƌĂƐŬŝĚŽŵ
ƵŐŽǀŽƌĂƐƚǀĂƌĂƉƌĞƚĞƌĂŶĞƚƌŽƓŬŽǀĞƵnjŝŵĂũƵđŝƵŽďnjŝƌ
ϭͿsƌĞĚŶŽƐƚƌŽďĞŬŽũƵďŝŝŵĂůĂĚĂũĞƐĂŽďƌĂnjŶĂƵŐŽǀŽƌƵ
ϮͿŶĂēĂũƐĂŽďƌĂnjŶŽƐƚŝƵŬŽŶŬƌĞƚŶŽŵƐůƵēĂũƵ
ϯͿĂůŝƐĞƐĂŽďƌĂnjŶŽƐƚŵŽǎĞŽƚŬůŽŶŝƚŝďĞnjnjŶĂēĂũŶŝũŝŚŶĞƵŐŽĚŶŽƐƚŝnjĂƉŽƚƌŽƓĂēĂ
^ǀĂŬĂŽƉƌĂǀŬĂŝůŝnjĂŵĞŶĂƐĞŵŽƌĂŝnjǀƌƓŝƚŝƵƉƌŝŵĞƌĞŶŽŵƌŽŬƵŝďĞnjnjŶĂēĂũŶŝũŝŚŶĞƵŐŽĚŶŽƐƚŝnjĂƉŽƚƌŽƓĂēĂƵnjŝŵĂũƵđŝƵŽďnjŝƌ
ƉƌŝƌŽĚƵƌŽďĞŝƐǀƌŚƵnjďŽŐŬŽũĞũƵũĞƉŽƚƌŽƓĂēŶĂďĂǀŝŽ
^ǀĞ ƚƌŽƓŬŽǀĞ ŬŽũŝ ƐƵ ŶĞŽƉŚŽĚŶŝ ĚĂ ďŝ ƐĞ ƌŽďĂ ƐĂŽďƌĂnjŝůĂƵ ŐŽǀŽƌƵ Ă ŶĂƌŽēŝƚŽ ƚƌŽƓŬŽǀŝ ƌĂĚĂ ŵĂƚĞƌŝũĂůĂ ƉƌĞƵnjŝŵĂŶũĂ ŝ
ŝƐƉŽƌƵŬĞƐŶŽƐŝƚƌŐŽǀĂĐ
WŽƚƌŽƓĂēŝŵĂƉƌĂǀŽĚĂƌĂƐŬŝŶĞƵŐŽǀŽƌĂŬŽŶĞŵŽǎĞĚĂŽƐƚǀĂƌŝƉƌĂǀŽŶĂŽƉƌĂǀŬƵŝůŝnjĂŵĞŶƵŽĚŶŽƐŶŽĂŬŽƚƌŐŽǀĂĐŶŝũĞŝnjǀƌƓŝŽ
ŽƉƌĂǀŬƵ ŝůŝ njĂŵĞŶƵ Ƶ ƉƌŝŵĞƌĞŶŽŵ ƌŽŬƵ ŝůŝ ĂŬŽ ƚƌŐŽǀĂĐ ŶŝũĞŝnjǀƌƓŝŽ ŽƉƌĂǀŬƵ ŝůŝnjĂŵĞŶƵ ďĞnj njŶĂēĂũŶŝũŝŚ ŶĞƉŽŐŽĚŶŽƐƚŝ njĂ
ƉŽƚƌŽƓĂēĂ
WŽƚƌŽƓĂēŶĞŵŽǎĞĚĂƌĂƐŬŝŶĞƵŐŽǀŽƌĂŬŽũĞŶĞƐĂŽďƌĂnjŶŽƐƚƌŽďĞŶĞnjŶĂƚŶĂWƌĂǀĂŶĂǀĞĚĞŶĂƵƐƚĂǀƵϭŽǀŽŐēůĂŶĂŶĞƵƚŝēƵ
ŶĂƉƌĂǀŽƉŽƚƌŽƓĂēĂĚĂnjĂŚƚĞǀĂŽĚƚƌŐŽǀĐĂŶĂŬŶĂĚƵƓƚĞƚĞŬŽũĂƉŽƚŝēĞŽĚŶĞƐĂŽďƌĂnjŶŽƐƚŝƵƐŬůĂĚƵƐĂŽƉƓƚŝŵƉƌĂǀŝůŝŵĂŽ
ŽĚŐŽǀŽƌŶŽƐƚŝnjĂƓƚĞƚƵ
KǀĂ ŐĂƌĂŶĐŝũĂ ŶĞ ŝƐŬůũƵēƵũĞ ŶŝƚŝƵƚŝēĞ ŶĂ ƉƌĂǀĂ ŬŽũĂ sŝ ŬĂŽƉŽƚƌŽƓĂē ŝŵĂƚĞŶĂ ŽƐŶŽǀƵ ĂŬŽŶĂ ŽnjĂƓƚŝƚŝ ƉŽƚƌŽƓĂēĂ ŝ ŬŽũĂ
ŽƐƚǀĂƌƵũĞƚĞƵǀĞnjŝƐĂƐĂŽďƌĂnjŶŽƓđƵƌŽďĞƵƌŽŬƵŽĚϮϰŵĞƐĞĐĂŽĚŬƵƉŽǀŝŶĞŽǀŽŐƵƌĞĜĂũĂ
KǀĂŝnjũĂǀĂŐĂƌĂŶƚƵũĞĚĂđĞƉƌŽŝnjǀŽĚŝƉŽŝƐƚĞŬƵƌŽŬĂƐĂŽďƌĂnjŶŽƐƚŝŽĚϮŐŽĚŝŶĞƐŚŽĚŶŽĂŬŽŶƵŽnjĂƓƚŝƚŝƉŽƚƌŽƓĂēĂƵĚŽĚĂƚŶŽŵ
ƉĞƌŝŽĚƵŽĚϭϮŵĞƐĞĐŝŝƐƉƌĂǀŶŽĨƵŶŬĐŝŽŶŝƐĂƚŝƉŽĚƵƐůŽǀŝŵĂƉƌĞĚǀŝĜĞŶŝŵŽǀŝŵŐĂƌĂŶƚŶŝŵůŝƐƚŽŵ
'ĂƌĂŶĐŝũĂǀĂǎŝŶĂƚĞƌŝƚŽƌŝũŝZĞƉƵːůŝŬĞ^ƌďůũĞ
ĂǀĂůĂĐŐĂƌĂŶĐŝũĞ </DͲdĚŽŽĞŽŐƌĂĚDϭϳϱϴϲϰϵϭ
sŝůŝŶĞsŽĚĞďď^ůŽďŽĚŶĂnjŽŶĂĞŽŐƌĂĚ>ϭϮϯ
ĞŽŐƌĂĚ
'ĂƌĂŶĐŝũĂŶĞǀĂǎŝƵƐůĞĚĞđŝŵƵƐůŽǀŝŵĂ
ͻŬŽƐĞŬƵƉĂĐŶŝũĞƉƌŝĚƌǎĂǀĂŽƉƌŽŝnjǀŽĜĂēŬŽŐƵƉƵƚƐƚǀĂŝƵƉƵƚƐƚǀĂƵƉŽƚƌĞďŝƉƌŽŝnjǀŽĚĂ
ͻŬŽũĞŬƵƉĂĐŶĞƐƚƌƵēŶŽŝŶĞďƌŝǎůũŝǀŽƉŽƐƚƵƉĂŽƐƉƌŽŝnjǀŽĚŽŵ
ͻŬŽũĞƉƌŽŝnjǀŽĚƐĞƌǀŝƐŝƌĂůĂŝůŝŽƚǀĂƌĂůĂŶĞŽǀůĂƐđĞŶĂŽƐŽďĂ
'ZEdE/>/^dϮϰнϭϮсϯϲŵĞƐĞĐŝ
^Z