Thesis
Reference
Bringing fugitives to justice under international law: extradition and its alternatives
SADOFF, David
Abstract
This dissertation presents a novel and robust framework for the operational and legal analysis of recovering fugitives abroad. It addresses how States, working alone, in cooperation, or with third-party intervention, strive to secure the custody of fugitives to bring them to justice, while evaluating the propriety of those pursuit efforts under international law. It introduces redefined terms and new concepts to add precision to the discourse; sets forth comprehensive typologies, inter alia, for the various forms of extradition and its impediments; and provides a mapping to account for the full range of means and methods – extradition, collateral and remedial approaches to extradition, and fallback and full-scale alternatives to extradition – by which fugitives can be obtained. In addition, this study considers the judicial, diplomatic, and policy consequences of reliance on the more aggressive tactics; and proffers recommendations that, if adopted, could foster the recovery of fugitives while minimizing associated risks.
SADOFF, David. Bringing fugitives to justice under international law: extradition and its alternatives . Thèse de doctorat : Univ. Genève, 2014, no. D. 883
URN : urn:nbn:ch:unige-418725
DOI : 10.13097/archive-ouverte/unige:41872
Available at:
http://archive-ouverte.unige.ch/unige:41872
Disclaimer: layout of this document may differ from the published version.
1 / 1
!
!
"#$%&'(!)*!)+,-'!
./-0*+1-'(!)*!2*/30*!
2*/30*4!5%-11*!
!
!
!
!
6+-/7-/7!"%7-'-0*1!',!8%1'-$*!!
./)*+!9/'*+/#'-,/#&!:#;<! !
=>'+#)-'-,/!#/)!9'1!?&'*+/#'-0*1!! !
!
!
!
!
!
@,$',+#&!@-11*+'#'-,/!A!BC31*!)*!@,$',+#'!
!
!
!
5%DE-''*)!6F<!
@#0-)!?G!5#),HH!
ICG@!J#/)-)#'*4!I%D&-$!9/'*+/#'-,/#&!:#;!
!
! !
I+,H*11,+!K,D*+'!L,&D!
@-11*+'#'-,/!?)0-1*+!A!@-+*$'*%+!)*!BC31*!
!
!
!
9EM+-E#'%+!N,G!OOP!
!
!
!
Q$',D*+!RS4!TSRU!
!
! J,MF+-7C'!V!@#0-)!?G!5#),HH!
K,E*4!TSRU!
! "!
!
"#$%&"'%!
!
!
#$"%!&"%%'()*)"+,!-('%',)%!*!,+.'/!*,&!(+01%)!2(*3'4+(5!2+(!)$'!+-'(*)"+,*/!*,&!
/'6*/!*,*/7%"%!+2!('8+.'(",6!216")".'%!*0(+*&9!!:)!*&&('%%'%!$+4!;)*)'%<!4+(5",6!
*/+,'<! ",! 8++-'(*)"+,<! +(! 4")$! )$"(&=-*()7! ",)'(.',)"+,<! %)(".'! )+! %'81('! )$'!
81%)+&7! +2! 216")".'%! )+! 0(",6! )$'3! )+! >1%)"8'<! 4$"/'! '.*/1*)",6! )$'! -(+-("')7! +2!
)$+%'!-1(%1")!'22+()%!1,&'(!",)'(,*)"+,*/!/*49!!:)!",)(+&18'%!('&'2",'&!)'(3%!*,&!
,'4! 8+,8'-)%! )+! *&&! -('8"%"+,! )+! )$'! &"%8+1(%'?! %')%! 2+()$! 8+3-('$',%".'!
)7-+/+6"'%<! !"#$%&'(!'<!2+(!)$'!.*("+1%!2+(3%!+2!'@)(*&")"+,!*,&!")%!"3-'&"3',)%?!
*,&! -(+."&'%! *! 3*--",6! )+! *88+1,)! 2+(! )$'! 21//! (*,6'! +2! 3'*,%! *,&! 3')$+&%!A!
'@)(*&")"+,<!8+//*)'(*/!*,&!('3'&"*/!*--(+*8$'%!)+!'@)(*&")"+,<!*,&!2*//0*85!*,&!
21//=%8*/'! */)'(,*)".'%! )+! '@)(*&")"+,! A! 07! 4$"8$! 216")".'%! 8*,! 0'! +0)*",'&9! ! :,!
*&&")"+,<!)$"%!%)1&7!8+,%"&'(%!)$'!>1&"8"*/<!&"-/+3*)"8<!*,&!-+/"87!8+,%'B1',8'%!
+2!('/"*,8'!+,!)$'!3+('!*66('%%".'!)*8)"8%?!*,&!-(+22'(%!('8+33',&*)"+,%!)$*)<!"2!
*&+-)'&<!8+1/&!2+%)'(!)$'!('8+.'(7!+2!216")".'%!4$"/'!3","3"C",6!*%%+8"*)'&!("%5%9!
!
! ""!
!"#$%&'()*+($,-.
!
!
#$"%! $&%! '(()! &! *+,-+&.-(/! &)/! .$&00()1")1! (2(+."%(! -$&-! 3,40/! ),-! $&5(! '(()!
*,%%"'0(!3"-$,4-!-$(!1()(+,4%!%4**,+-!&)/!&%%"%-&).(!,6!7&)8!*(,*0(9!!:!3"%$!-,!
'(1")!'8!-$&);")1!<+,6(%%,+!=,'(+-!>,0'?!3$,!),-!,)08!6&"-$64008!%(+5(/!&%!78!
/"%%(+-&-",)! &/5"%(+! &)/! 7()-,+?! '4-! 3$,%(! ,4-%-&)/")1! -(&.$")1! &)/! *&%%",)!
6,+!*4'0".!")-(+)&-",)&0!0&3!")%*"+(/!78!")-(+(%-!")!-$"%!6"(0/9!!!
!
:! &0%,! 3"%$! -,! (2*+(%%! 78! 1+&-"-4/(! -,! -$(! ,-$(+! /"%-")14"%$(/! 7(7'(+%! ,6! 78!
.,77"--((?!)&7(08!<+,6(%%,+%!=,'(+-!=,-$!&)/!<&,0&!@&(-&!,6!-$(!A)"5(+%"-8!,6!
@()(5&! BAC:@DE! F&3! G&.40-8! &)/! <+,6(%%,+! H(&)! I4+*$8! ,6! -$(! @(,+1(!
J&%$")1-,)! A)"5(+%"-8! F&3! G&.40-8?! 3$,! 3(+(! ;")/! (),41$! -,! +(5"(3! &)/!
-$,41$-64008!.,77()-!,)!78!/"%%(+-&-",)9!!#$&);%!&0%,!&+(!(2-()/(/!-,!AC:@D!
F&3! G&.40-8! K(&)! L$+"%-")(! L$&**4"%! &)/! $(+! %-&66! 6,+! -$("+! &/7")"%-+&-"5(!
%4**,+-!-$+,41$,4-!-$"%!*+,.(%%9!!!!!!!!!
!
:!&7!1+&-(640!-,!:+()(!>$&)?!K"+(.-,+M@()(+&0!,6!-$(!:)-(+)&-",)&0!K(5(0,*7()-!
F&3! N+1&)"O&-",)! B:KFNE! ")! =,7(?! 6,+! 1+&)-")1! 7(! -$(! 0(&5(! )((/(/! ")! PQRS!
6+,7!78!*,%"-",)!&%!@()(+&0!L,4)%(0!-,!.,7*0(-(!-$"%!/"%%(+-&-",)9!!L,)%"/(+&'0(!
-$&);%! &0%,! 74%-! 1,! -,! +(-"+(/! A9H9! I&T,+! @()(+&0! L$&+0(%! BUL$4.;VE! #4.;(+?!
6,+7(+! :KFN! .,00(&14(! &)/! %(&%,)(/! 0(1&0! *+&.-"-",)(+?! 3$,! *+,5"/(/! 7(! 3"-$!
$(0*640!")%"1$-%!&)/!.,)%-+4.-"5(!")*4-9!!!
!
G")&008?! :! (2-()/! 78! /((*(%-! 1+&-"-4/(! -,! 78! /(&+! 3"6(! L0&4/"&! &)/! ,4+! -$+((!
-(()&1(! .$"0/+()?! W&0(8?! =&.$(0?! &)/! X&;(?! -,! 3$,7! :! .,00(.-"5(08! /(/".&-(! -$"%!
/"%%(+-&-",)9!!#$("+!*&-"().(!Y!(5()!")/401().(!Y!3&%!&03&8%!&**+(."&-(/?!'4-!"-!
"%! -$("+! 0,5(! &)/! ().,4+&1(7()-! -$&-! 1&5(! 7(! -$(! 6,+-"-4/(! -,! 40-"7&-(08!
.,7*0(-(!-$"%!*+,T(.-9!
!
Z00! %-&-(7()-%! ,6! 6&.-?! ,*")",)?! &)/! &)&08%"%! (2*+(%%(/! $(+(")! &+(! ()-"+(08! 78!
,3)!&)/!&+(!),-!&--+"'4-&'0(!-,!&)8!,+1&)"O&-",)!,+!")%-"-4-",)!3"-$!3$".$!:!$&5(!
'(()!,+!&7!.4++()-08!&66"0"&-(/9!!!!
! """!
!"#$%&'()!%*)!++#,-.!/.$%()
!
!
##$%&!'!#(")*+#,-".)*!$/0)1!%2*(314)4"5/!&-0)*"6)4"2*!
#%789!'!#,-".)*!%:)-4/-!2,!73;)*!)*<!8/2=1/(>!9"0:4(!?@AB@
@C!
#%79!'!#;/-".)*!%2*5/*4"2*!2*!73;)*!9"0:4(!?@ADAC!
#E9!'!#14/-*)4"5/!E"(=34/!9/(2134"2*!
#FG!'!#"-!F2-./!G)(/!
!"#$%$!&'()'$"*+()',#*'--'!?F-/*.:!H/I(!#0/*.JC!
#K!'!#442-*/J!K/*/-)1!
#LEM!'!#.N3"-/<!L;;3*2</,"."/*.J!MJ*<-2;/!
)OPO)!'!)1(2!P*2I*!)(!
#QL$!'!#
RS9L%#H!Q
&T9H#$!&F!L
HUS9H#UL&H#$!$
#V!
#$L!'!#;/-".)*!$)I!L*(4"434/!!
#$9!'!#
TMU9#$L#H!$
#V!9
S8&9UM!
#H%!'!#,-".)*!H)4"2*)1!%2*0-/((!
!#$%$!--.)/+0'1$#*'--$
#8!L!'!#<<"4"2*)1!8-242.21!L!?@AWWC!42!4:/!K/*/5)!%2*5/*4"2*(!2,!#303(4!@XY!@AZA!
#8S%!'!#(")!8).",".!S.2*2;".!%22=/-)4"2*!F2-3;!
#==[!E"5[!'!#==/11)4/!E"5"("2*!!
#899H!'!#(")!8).",".!9/,30//!9"0:4(!H/4I2-P!
#\!'!)1+\)/<)!?2-!)1+\)"<)C!
#ML$!'!#;/-".)*!M2."/4J!2,!L*4/-*)4"2*)1!$)I!
#((4[!'!#(("(4)*4!!
#U%#!'!#1"/*!U2-4!%1)";(!#.4Y!)OPO)!#1"/*!U2-4!M4)434/!?#UMC!?T[M[C!
#U9%!'!#1"/*!U/--2-"(4!9/;25)1!%23-4!?T[M[C!
#UM!'!#1"/*!U2-4!M4)434/Y!)OPO)!#1"/*!U2-4!%1)";(!#.4!?#U%#C!?T[M[C!
#[U[M[!'!#
TMU9#$L#H!U
9S#U]!M
S9LSM!
#T!'!#,-".)*!T*"2*!!
#3([!'!#3(4-")!!
#3(41[!'!#3(4-)1")!!
G^7!'!G2(*")!)*<!7/-6/025"*)!
G/10[!'!G/10"3;!!
G[][G[L[$2$'!G
9LULM7!]
S#9!G
&&_!&F!L
HUS9H#UL&H#$!$
#V$
%#%!'!%2*5/*4"2*!#0)"*(4!%2--3=4"2*!?T[H[C!?X``aC!!
%#7!'!%-";/(!#0)"*(4!73;)*"4J!
%)1[!'!%)1",2-*")!!
%#9L%&R!'!%)-"bb/)*!%2;;3*"4J!
%#U!'!%2*5/*4"2*!)0)"*(4!U2-43-/!)*<!#11!F2-;(!2,!%-3/1Y!L*:3;)*!2-!E/0-)<"*0!
U-/)4;/*4!2-!83*"(:;/*4!?T[H[C!?@ABZC!
%%#L$!'!%2</!2,!%-";/(!#0)"*(4!L*4/-*)4"2*)1!$)I!?K/-;)*JC!
%%S!'!%2*4"*3"*0!%-";"*)1!S*4/-=-"(/!?T[M[C!
%S&!'!%:"/,!Sc/.34"5/!&,,"./-!
%S9E! '! L*4/-*)4"2*)1! %2*5/*4"2*! 2*! 4:/! S1";"*)4"2*! 2,! #11! F2-;(! 2,! 9).")1!
E"(.-";"*)4"2*!?T[H[C!?@ADDC!
%[F[9[!'!%
&ES!&F!F
SES9#$!9
SKT$#UL&HM!?T[M[C!
%F9!'!%23*."1!2*!F2-/"0*!9/1)4"2*(!?T[M[C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@!#!J/)-!</("0*)4/<!"*!=)-/*4:/(/(!-/=-/(/*4(!4:/!J/)-!)!1/0)1!"*(4-3;/*4!I)(!("0*/<[!
! "#!
$%&!'!$()*+,-!%)*(--".()/(!&.()/0!123435!
$%6!'!$+7(-8!%)97:,)8!;+!6(.+,<").!=+(,*:()*!;+!>7)"?9:()*!
$%@!'!$7?*;:,+0!%)*(+),*";),-!@,A!
$%B!'!$()*+,-!%)*(--".()/(!B+.,)"?,*";)!1C":D35!
$%4!'!$;::;)A(,-*9!;E!%)<(F()<()*!4*,*(?!
$3G3!'!$9"(E!G7<.(!
$@H!'!$
BIIBJKL&@=M!@
&K!H
L>BH=4!
$;L!'!$;7)/"-!;E!L7+;F(!
$;)/3!'!$;)/7++()*!!
$;).3!'!$;).+(??!;+!$;).+(??";),-!123435!
$;)?*3!'!$;)?*"*7*";)!
$;)#3!'!$;)#()*";)!!
$>>=! '! $;)#()*";)! E;+! *9(! >+(#()*";)! ,)<! >7)"?9:()*! ;E! =(++;+"?:! 1NOPQ5!
1)(#(+!+,*"E"(<5!
$H$!'!$;)#()*";)!;)!*9(!H".9*?!;E!*9(!$9"-<!123J35!1NOQO5!
$3H343!'!$;).+(??";),-!H(?(,+/9!4(+#"/(!123435!
$4$L!'!$;)E(+()/(!;)!4(/7+"*0!,)<!$;R;F(+,*";)!")!L7+;F(!
$4%4!'!$()*(+!E;+!4*+,*(."/!,)<!%)*(+),*";),-!4*7<"(?!1K,?9").*;)8!63$35!
$4G!'!$;+*(!47F+(:,!<(!G7?*"/",!S47F+(:(!$;7+*!;E!G7?*"/(T!1U7,*(:,-,5!!
$4I!'!$;)#()*";)!;)!4F(/",-!I"??";)?!123J35!1NOVO5!
$=%&!'!$
BJ4B@%6&=L6!=
HL&=%L4!W
!%
J=LHJ&=%BJ&@!&
UHLLILJ=4!123435!
$*3!;E!&FF3!'!$;7+*!;E!&FF(,-!!
63$3!'!K,?9").*;)8!6"?*+"/*!;E!$;-7:D",8!2343!!
6L&!'!6+7.!L)E;+/(:()*!&<:")"?*+,*";)!123435!
6()3!'!6():,+X!!
6M4!'!6(F,+*:()*!;E!M;:(-,)<!4(/7+"*0!123435!
6"?*3!$*3!'!6"?*+"/*!$;7+*!
6"#3!'!6"#"?";),-!S$;7+*T!
63@3H3!'!6
BI%J%BJ!@
&K!H
L>BH=4!1$,),<,5!
6;6!'!6(F,+*:()*!;E!6(E()?(!123435!
6;G!'!6(F,+*:()*!;E!G7?*"/(!123435!
63H3!'!6;:")"/,)!H(F7D-"/!
63H3!'!6
L$%4%BJ4!&J6!H
L>BH=4!1-,A!+(F;+*(+5!
6H$!'!6(:;/+,*"/!H(F7D-"/!;E!*9(!$;).;!!
64!'!6"F-;:,*"/!4(/7+"*0!12343!6(F,+*:()*!;E!4*,*(5!
6K&!'!6(F;+*,*";)!A"*9!&??7+,)/(?!123Y35!
L&K!'!L7+;F(,)!&++(?*!K,++,)*!
L$MH! '! L7+;F(,)! $;)#()*";)! E;+! *9(! >+;*(/*";)! ;E! M7:,)! H".9*?! ,)<!
Z7)<,:()*,-! Z+((<;:?! 1/;::;)-0! X);A)! ,?! *9(! L7+;F(,)! $;)#()*";)! ;)!
M7:,)!H".9*?5!1NO[\5!
L$G!'!L7+;F(,)!$;7+*!;E!G7?*"/(!!
L$B4B$!'!2)"*(<!J,*";)?!L/;);:"/!,)<!4;/",-!$;7)/"-!
L$BK&4!'!L/;);:"/!$;::7)"*0!;E!K(?*!&E+"/,)!4*,*(?!
L$*MH!'!L7+;F(,)!$;7+*!;E!M7:,)!H".9*?!
LL$!'!L7+;F(,)!L/;);:"/!$;::7)"*0!
LLC!'!L]/-7?"#(!L/;);:"/!C;)(!
L3U3!'!L^7,*;+",-!U7")(,!
LMHH!'!L
2HB>L&J!M
2I&J!H
%UM=4!H
L>BH=4!
L%Z!'!L)*(+(<!%)*;!Z;+/(!1A"*9!+(?F(/*!*;!*+(,*"(?5!
! "!
!"#$%&%!'()*+,-%")'(-,.%)/%#-0+(-,01)-,.%$,2%
#$%!&!#'()*+,-./.*0!1.00.23!!
#45!&!#,61*-.!4*!561*(*6,2*!78*69,:!6:;*)*(.6(!<)3*2.=*(.<2>!7?;*.2>!
#@4@?@!&!#
ABCD#5E!4
B#54F!?
#BG#?!
#A!&!#,)<;:*2!A2.<2!
#,)@!&!#,)<;:*2!!
#ABC$A?4!&!#,)<;:*2!A2.<2H6!$,-./.*0!I<<;:)*(.<2!A2.(!!
#ABCDCJ!&!#,)<;:*2!D<0./:!CKK./:!
#LMI!&!M.3N!I<,)(!<K!$,6(./:!<K!#230*2-!*2-!L*0:6!!
#':/@!&!#':/,(.":!!
O5P!&!O
CB#GQE!5
OO5GB?!P
5EA5J!7A@?@!R:;*)(S:2(!<K!?(*(:>!
O5BI! &! O,:)=*6! 5)S*-*6! B:"<0,/.<2*).*6! -:! I<0<ST.*! UB:"<0,(.<2*)V! 5)S:-!
O<)/:6!<K!I<0<ST.*W!
O5BB5!&!O<):.32!5KK*.)6!B:K<)S!*2-!B:6(),/(,).23!5/(!<K!XYYZ!7A@?@>!
O5?4!&!O<):.32[R:;0<V:-!5-".6<)V!?,;;<)(!4:*S!7A@?@!R#5>!
O8G!&!O:-:)*0!8,):*,!<K!G2":6(.3*(.<2!7A@?@>!!
OIC!&!O<):.32!*2-!I<SS<2\:*0(N!CKK./:!7A@%@>!
O:-@!4).T@!&!O:-:)*0!4).T,2*0!!
OQP!&!O:S*0:!Q:2.(*0!P,(.0*(.<2!
OJE!&!O)<2(!-:!J.T])*(.<2!E*(.<2*0:!7503:).*2!J.T:)*(.<2!P<":S:2(>!
O)@!&!O)*2/:!<)!O):2/N!
OB5DM!&!O)<2(!K<)!(N:!5-"*2/:S:2(!*2-!D)<3):66!<K!M*.(.!7K<)S:-!.2!XYY^>!
O
#R@
!B@
!I
BGP@
!D
B@!&!O
#R#B5J!B
AJ#?!CO!I
BGPGE5J!D
BCI#RAB#!7A@?@>!
O@B@#@!&!O
#R#B5J!B
AJ#?!CO!#
_GR#EI#!7A@?@>!
O@B@Q@!&!O:-:)*0!B:;,T0./!<K!Q:)S*2V!
OBF!&!O:-:)*0!B:;,T0./!<K!F,3<60*".*!7XYY`[`aa^>!
O?8!&!O:-:)*0!?:/,).(V!?:)"./:!<K!(N:!B,66.*2!O:-:)*(.<2!7*!%Q8!6,//:66<)>!
O?G5!&!O<):.32!?<":):.32!GSS,2.(.:6!5/(!7A@?@>!!
O4I5!&!O:-:)*0!4<)(!I0*.S6!5/(!7A@?@>!
Q876>!&!Q)*":!8):*/N7:6>!7<K!(N:!Q:2:"*!I<2":2(.<26!<K!5,3@!X`b!XYcY>!
QI!G!&!Q:2:"*!I<2":2(.<2!K<)!(N:!5S:0.<)*(.<2!<K!(N:!I<2-.(.<2!<K!(N:!L<,2-:-!
*2-!?./1!.2!5)S:-!O<)/:6!.2!(N:!O.:0-!<K!5,3,6(!X`b!XYcY!
QI! GG! &! Q:2:"*! I<2":2(.<2! K<)! (N:! 5S:0.<)*(.<2! <K! (N:! I<2-.(.<2! <K! L<,2-:-b!
?./1!*2-!?N.;\):/1:-!P:ST:)6!!<K!5)S:-!O<)/:6!*(!?:*!<K!5,3,6(!X`b!XYcY!
QI! GGG! &! Q:2:"*! I<2":2(.<2! B:0*(.":! (<! (N:! 4):*(S:2(! <K! D).6<2:)6! <K! L*)! <K!
5,3,6(!X`b!XYcY!
QI!G_!&!Q:2:"*!I<2":2(.<2!B:0*(.":!(<!(N:!D)<(:/(.<2!<K!I.".0.*2!D:)6<26!.2!4.S:!
<K!L*)!<K!5,3,6(!X`b!XYcY!
Q:2@!&!Q:2:)*0!7S.0.(*)V!(.(0:>!
Q:)@!&!Q:)S*2V!!
QG5!&!Q)<,;:!G60*S.9,:!5)S]!7S.0.(*2(!<)3*2.=*(.<2>!7503:).*>!
QDC!&!Q<":)2S:2(!D).2(.23!CKK./:!7A@?@>!
QBA!&!O<):.32!G2(:00.3:2/:!R.):/(<)*(:!<K!(N:!B,66.*2!5)S:-!O<)/:6!!
QLC4!&!Q0<T*0!L*)!<2!4:))<).6S!7A@?@>!
MID!&!M.3N!I<2()*/(.23!D*)(V!!
MG_!&!M,S*2!GSS,2<-:K./.:2/V!_.),6!
M@%@!&!M<23!%<23!
M%?5B! &! M<23! %<23! ?;:/.*0! 5-S.2.6()*(.":! B:3.<2! 7:6(*T0.6N:-! *K(:)! $,0V! Xb!
XYYdb!\N:2!M<23!%<23!):":)(:-!(<!(N:!DBI>!
! "#!
$%&%!'!$()*+!(,!&(-.*!/0%1%2!
$%3%!'!$()*+!(,!3+4-+*+5676#"+*!/0%8%2!
$39!'!$):75!3#;<6*!9(::#66++!/=99>3!#:4?+:+56#5;!@(.A2!
$BC!'!$#;<DB7?)+!C7-;+6!!
=E9!'!=56+-576#(57?!E-:+.!9(5,?#F6!
=EG9!'!=56+-DE:+-#F75!G)-#.#F7?!9(::#66++!/@7*+.!#5!3#(!.+!G75+#-(H!I-7J#?2!
=9EK!'!=56+-576#(57?!9#"#?!E"#76#(5!K-;75#J76#(5!/0%L%!7;+5FA!@7*+.!#5!M(56-+7?2!
=99!'!=56+-576#(57?!9-#:#57?!9()-6!
=99>3!'!=56+-576#(57?!9("+5756!(5!9#"#?!75.!>(?#6#F7?!3#;<6*!/0%L%2!/NOPP2!
=9Q!'!=::#;-76#(5!75.!9)*6(:*!Q5,(-F+:+56!/7;+5FA!(,!0%8%!R$82!
=9$3!'!=56+-DE:+-#F75!9()-6!(,!$):75!3#;<6*!/@7*+.!#5!875!G(*+H!9(*67!3#F72!!
=9$3>!'!=56+-576#(57?!9()5F#?!(5!$):75!3#;<6*!>(?#FA!!
=9G!'!=56+-576#(57?!9()-6!(,!G)*6#F+!/0%L%2!
=9&!'!=56+-576#(57?!9-#:#57?!&7S!
=9>>QR! '! =56+-576#(57?! 9(5"+56#(5! ,(-! 6<+! >-(6+F6#(5! (,! E??! >+-*(5*! ,-(:!
Q5,(-F+.!R#*744+7-75F+!/0%L%2!/TUUP2!
=939!'!=56+-576#(57?!9(::#66++!(,!6<+!3+.!9-(**!/@7*+.!#5!V+5+"72!
=9C3!'!=56+-576#(57?!9-#:#57?!C-#@)57?!,(-!3S75.7!/@7*+.!#5!E-)*<7H!C75J75#72!
=9CW!'!=56+-576#(57?!9-#:#57?!C-#@)57?!,(-!6<+!,(-:+-!W);(*?7"#7!/@7*+.!#5!C<+!
$7;)+2!
=RX!'!=*-7+?#!R+,+5*+!X(-F+*!
=R=!'!=5*6#6)6!.+!.-(#6!#56+-576#(57?!/*++!7?*(!==&2!/@7*+.!#5!I+?;#):2!
=Q&3!'!=
LCQ3LEC=KLE&!Q
LXK39QMQLC!&
EY!3
Q>K3CQ3!
=XK3!'!=:4?+:+5676#(5!X(-F+!/LECK!K4+-76#(5!#5!6<+!I7?Z75*H!R+F%!NOO[!'!R+F%!
NOOP2!
=VV!'!=5*4+F6(-!V+5+-7?!(,!V("+-5:+56!/0;75.72!
=VK!'!=56+-D;("+-5:+567?!K-;75#J76#(5!
=$&!'!=56+-576#(57?!$):75#67-#75!&7S!!
=$3&!'!=56+-576#(57?!$):75!3#;<6*!&7S!
=$33!'!=
LCQ3LEC=KLE&!$
0MEL!3
=V$C8!3
Q>K3C8!
!"#$%$!&'()&*'+,&*-$"()*-.$#)+/0&(!!
==9E!'!=56+-DE:+-#F75!=5*6#6)6+!,(-!9((4+-76#(5!(5!E;-#F)?6)-+!
==&!'!=5*6#6)6+!(,!=56+-576#(57?!&7S!/*++!7?*(!=R=2!/@7*+.!#5!I+?;#):2!
=&E!'!=56+-576#(57?!&7S!E**(F#76#(5!/@7*+.!#5!&(5.(52!
=&9!'!=56+-576#(57?!&7S!9(::#**#(5!/0%L%2!
=&M!'!=
LCQ3LEC=KLE&!&
QVE&!M
ECQ3=E&8!
=&3!'!=
LCQ3LEC=KLE&!&
EY!3
Q>K3C8!
=ME9! '! X+.+-7?! EF6! (5! =56+-576#(57?! M)6)7?! E**#*675F+! #5! 9-#:#57?! M766+-*!
/7\Z\7!EF6!(5!=56+-576#(57?!9-#:#57?!E**#*675F+2!/8S#6J%2!
=MX!'!=56+-576#(57?!M(5+67-A!X)5.!!
=MC!'!=56+-576#(57?!M#?#67-A!C-#@)57?!/L)-+:@+-;2!
=LE!'!=::#;-76#(5!75.!L76)-7?#J76#(5!EF6!/0%8%2!
=L9R!'!=5*6#6)6+!,(-!9(:@76#5;!R-);*!#5!M+]#F(!
=L&E!'!=-#*<!L76#(57?!&#@+-76#(5!E-:A!
=L8!'!=::#;-76#(5!75.!L76)-7?#J76#(5!8+-"#F+!/0%8%2!
=56+-DE:%!96%!$%3%!'!=56+-DE:+-#F75!9()-6!(,!$):75!3#;<6*!
=LCQ3>K&!'!=56+-576#(57?!9-#:#57?!>(?#F+!K-;75#J76#(5!/@7*+.!#5!&A(5H!X-75F+2!
=56^?!'!=56+-576#(57?!!
!12#!'!!&'()&*'+,&*-$1(3$2,)4$#+5(6!/*)FF+**(-!6(!6<+!!"#2!
! "##!
$%&'!(!$)*+,)-*#.)-/!%+)-/!&-0!'11.2#-*#.)!!
$%%!(!$)*+,)-*#.)-//3!%,.*+2*+4!%+,1.)!
$,5!(!$,+/-)4!.,!$,#16!!
$7'!(!$,#16!7+89:/#2-)!',;3!!
$7<!(!$1/-;#2!7+"./9*#.)-,3!<.;;#**++!=$,-)>!
$7$?!(!$)*+@,-*+4!7+@#.)-/!$)A.,;-*#.)!?+*0.,B1!=:-1+4!#)!?-#,.:#C!D+)3->!
$7E!(!$)*+,)-/!7+"+)9+!E+,"#2+!=F5E5>!
$7G%'!(!$)*+//#@+)2+!7+A.,;!-)4!G+,,.,#1;!%,+"+)*#.)!'2*!.A!HIIJ!=F5E5>!
$G&KE!(!$)*+,)-*#.)-/!G,#:9)-/!A.,!*6+!&-0!.A!*6+!E+-!
$L%7!(!$)1*#*9*+!A.,!L-,!M!%+-2+!7+8.,*#)@!=:-1+4!#)!&.)4.)>!
NG'!(!N+0#16!G+/+@,-86#2!'@+)23!=:-1+4!#)!?+0!O.,B>!
DP!(!D#)@Q1!P+)26!=F5D5>!
DRP! (! D.;#*+*! R.194-,1*"+)).3! P+S.8-1).1*#! T<.;;#**++! A.,! E*-*+! E+29,#*3U!
=F5E5E575>!=VWXJYWV>!
&<K!(!&9,+!-)4!<-8*9,+!K8+,-*#.)!=)+0!*+,;>!
&+G!(!&-16B-,Y+YG-#:-!TZ',;3!.A!*6+!7#@6*+.91[!#)!F,49U!=;#/#*-)*!.,@-)#S-*#.)>!
&R%!(!&+3!R+)+,-/!4+!%.:/-2#.)!TR+)+,-/!&-0!.A!*6+!%.89/-*#.)U!=\+]#2.>!
&5!.A!?5!(!&+-@9+!.A!?-*#.)1!=8,+4+2+11.,!*.!*6+!F5?5>!
&5E5$5!(!&-01!.A!*6+!E*-*+!.A!$1,-+/!
\#)'*.;!(!\#)#1*,3!.A!'*.;#2!^)+,@3!.A!*6+!7911#-)!_+4+,-*#.)!=VWWHYHIIJ>!
\&''!(!\9*9-/!&+@-/!'11#1*-)2+!'@,++;+)*!
\&'G!(!\9*9-/!&+@-/!'11#1*-)2+!G,+-*3!
\K$E!(!\#)#1*,3!.A!$)*+//#@+)2+!-)4!?-*#.)-/!E+29,#*3!.A!*6+!$1/-;#2!7+89:/#2!.A!
$,-)!=-`B`-!a^a'DC!\$E$7$C!.,!a'N'>!
\.N!(!\#)#1*,3!.A!N91*#2+!
\KF!(!\+;.,-)49;!.A!F)4+,1*-)4#)@!
?'E'!(!?-*#.)-/!'+,.)-9*#21!-)4!E8-2+!'4;#)#1*,-*#.)!=F5E5>!
?'GK!(!?.,*6!'*/-)*#2!G,+-*3!K,@-)#S-*#.)!=:-1+4!#)!P+/@#9;>!
?<$E!(!?-"-/!<,#;#)-/!$)"+1*#@-*#"+!E+,"#2+!=F5E5>!!
?RK!(!?.)YR."+,);+)*-/!K,@-)#S-*#.)!
?$'<!(!?.)Y$)*+,)-*#.)-/!',;+4!<.)A/#2*!
?\G!(!?9,+;:+,@!\#/#*-,3!G,#:9)-/!
?E<!(!?-*#.)-/!E+29,#*3!<.9)2#/!
?EE_!(!?-*#.)-/!E.2#-/!E+29,#*3!_9)4!=F@-)4->!
?5E5L5!(!?+0!E.9*6!L-/+1!='91*,-/#->!
?b'<&!(!?+0!b+-/-)4!'11.2#-*#.)!A.,!<.;8-,-*#"+!&-0!
?b&7!(!?
^L!b
^'&'?c!&
'L!7
^%K7GE! K'E!(!K,@-)#S-*#.)!.A!';+,#2-)!E*-*+1!
K'E!(!K,@-)#1-*#.)!4+!/Q-,;d+!1+2,+*+!TE+2,+*!',;3!K,@-)#S-*#.)U!=_,-)2+>!
K'F!(!K,@-)#S-*#.)!.A!'A,#2-)!F)#*3!
K<'\!(!K,@-)#S-*#.)!<.;;9)-/+!'A,#2-#)+!+*!\-/@-26+!!
K^<c!(!K,@-)#1-*#.)!.A!^2.).;#2!<.Y.8+,-*#.)!-)4!c+"+/.8;+)*!
K^<E!(!K,@-)#S-*#.)!.A!^-1*+,)!<-,#::+-)!E*-*+1!
Ke<e7!(!KAA#2+!.A!*6+!e#@6!<.;;#11#.)+,!A.,!e9;-)!7#@6*1!=F5?5>!
K$'!(!KAA#2+!.A!$)*+,)-*#.)-/!'AA-#,1!=F5E5!c.N>!
!"#"!(!!$$%&%'()#*+,-'(!=&+-@9+!.A!?-*#.)1>!
!#.!(!!$$%&%'()#*+,-'(!=<!E+,#+1>!=89:/#2-*#.)!.A!*6+!^F>!
!#/.!(!!$$%&%'()#*+,-'()*$)/+,*01'-).*22+-%3%14!!
!#/5!(!!$$%&%'()#*+,-'()*$)361)/+,*01'-)5-%*-!
! "###!
$%&!'!(%#)#()!!
$*+,!'!$-./)#0/1#()!2(-!*345-#16!/)7!+(8(%3-/1#()!#)!,5-(%3!
$9:!'!$;2(-7!9)#"3-<#16!:-3<<!
:=!'!:/>3<1#)#/)!=51?(-#16!
:=@!'!:-("#<#()/>!=--3<1!@/--/)1!
:+=!'!:3-A/)3)1!+(5-1!(2!=-B#1-/1#()!CB/<37!#)!D?3!E/.53F!CGHII!'!F!
:+JK! '! :3-A/)3)1! +(5-1! (2! J)13-)/1#()/>! K5<1#43! CL3/.53! (2! M/1#()<F! CGINN8OPF!
C%-37343<<(-!1(!1?3!J+KF!
:QR!'!:/)/A/!Q323)<3!R(-43<!!
:RL:!'!:(%5>/-!R-()1!2(-!1?3!L#B3-/1#()!(2!:/>3<1#)3!
:RL:8S+!'!:(%5>/-!R-()1!2(-!1?3!L#B3-/1#()!(2!:/>3<1#)38S3)3-/>!+(AA/)7!
:?#>&!'!D?3!:?#>#%%#)3<!
:JL!'!:5B>#4!J)13-)/1#()/>!L/T!
:JU=!'!:-("#<#()/>!J-#<?!U3%5B>#4/)!=-A6!C/!-/7#4/>!(22<?((1!(2!1?3!JU=F!
:VV!'!V5-7#<1/)!@(-W3-X<!:/-16!
:&L&!'!:5B>#4!L/T!C9&*&F!
:L$!'!:/>3<1#)3!L#B3-/1#()!$-./)#0/1#()!
!"#!'!$%&'()*+)()+,&*-*!
:$@!'!:-#<()3-!(2!@/-!
:U+!'!:3(%>3X<!U3%5B>#4!(2!+?#)/!
YZ!'!Y533)X<!Z3)4?!C9&V&F!
U=QQE$!'!U3)4()1-3!=2-#4/#)3!%(5-!>/!Q323)<3!73<!Q-(#1<!73!>[E(AA3+C/)!MS$!
B/<37!#)!*3)3./>F!
./0!'!.%12%34+/%'+0(2&'!'!=4/73A#3!73!Q-(#1!J)13-)/1#()/>!C+(>>341#()!(2!+(5-<3<!
(2!1?3!\E/.53]!=4/73A6!(2!J)13-)/1#()/>!L/TF!
U34&!'!U34(-7!!
U3+==:! '! U3.#()/>! +((%3-/1#()! =.-33A3)1! ()! +(AB/1#).! :#-/46! /)7! =-A37!
U(BB3-6!=./#)<1!*?#%<!#)!=<#/!!
U3%&!'!U3%(-1!!
U3%5B&!'!U3%5B>#4!!
U3<&!'!U3<(>51#()!!
UJ==!'!U
,:$UD*!$R!J
MD,UM=DJ$M=L!=
UZJDU=L!=
@=UQ*!
UJ+$!'!U/4W3133-!J)2>53)437!/)7!+(--5%1!$-./)#0/1#()<!=41!C9&*&F!
.5!!'!.%62%+52&3/372%+!(48)9'3%))%!
U(V!'!U3%5B>#4!(2!V(-3/!C3:%:^!*(51?!V(-3/F!
U:,!'!U5>3<!(2!:-(4375-3!/)7!,"#73)43!!
U*=!'!U3%5B>#4!(2!*(51?!=2-#4/!
U&*&+&!'!U(6/>!*1/1513<!(2!+/)/7/!
*&!'!*3)/13!C9&*&F!
*=!'!*%34#/>!=.3)1!C9&*&!S("3-)A3)1!(22#4#/>F!
*==U+!'!*(51?!=<#/)!=<<(4#/1#()!2(-!U3.#()/>!+((%3-/1#()!
*=Q+!'!*(51?3-)!=2-#4/)!Q3"3>(%A3)1!+(AA5)#16!CB/<37!#)!Z(1<T/)/F!
*+KM!'!*5%-3A/!+(-13!73!K5<1#4#/!73!>/!M/4#_)!\`3;#4(!*5%-3A3!+(5-1!(2!K5<1#43]!
*4(1&!'!*4(1>/)7!!
*+*L!'!*%34#/>!+(5-1!2(-!*#3--/!L3()3!CNaaN!'!F!!!
*&Q&M&b&!'!9&*&!R373-/>!Q#<1-#41!+(5-1!2(-!1?3!*(51?3-)!Q#<1-#41!(2!M3T!b(-W!
*Q$!'!*3#05-3!/)7!Q3>#"3-6!$%3-/1#()!C)3T!13-AF!
*,+!'!*345-#1#3<!/)7!,;4?/).3!+(AA#<<#()!C9&*&F!!
*,=L!'!*3/^!=#-^!/)7!L/)7!D3/A!C9&*&!M/"6!<%34#/>!(%3-/1#()<!2(-43F!
! "#!
$%&&'!(!$%&&")*!+,'$'!-)*./%&&0!
$123! (! $456"7"854")*! 1)/9%! +:;<2! 2=%/54")*! "*! 4>%! ?57@5*&A! B%9'! CDDE! (! B%9'!
FGGH0!
$I;-!(!$=%9"57!IJJ"./54")*!;==%57&!-)JJ"&&")*!+,'K'0!
$I3L:L! (! $M==7%J%*45/N! I*O)/J54")*! 3%PM%&4! 54! 4>%! :54")*57! L*4"4N! +5!
Q54565&%0!!
$I$!(!$%9/%4!I*4%77".%*9%!$%/R"9%!+5S@S5!TIUE0!+,'K'0!
$21;!(!$454M&!)O!1)/9%&!;./%%J%*4!!
$$!(!$9>M48&45OO%7!VWX/)4%94")*!$PM5Q/)*YZ!+:58"![%/J5*N0!
$<\!(!$=%9"57!</"6M*57!O)/!\%65*)*!+FGGD!(!0!
$M='!-4'!(!$M=/%J%!-)M/4!
$M=%/'!-4'!(!$M=%/")/!-)M/4!
$]3!(!1)/%".*!I*4%77".%*9%!$%/R"9%!)O!4>%!3M&&"5*!1%Q%/54")*!+5!&M99%&&)/!4)!4>%!
K[?0!
$^"48'!(!$^"48%/75*Q!!
<_<!(!</"*"Q5Q!_!<)65.)!
<'I';'$'!(!<
3L;<IL$!;:B!2
<`L3!I
:<L3:;<I2:;\!;
-<$!$
L3IL$!+,'$'0!
<IX!(!<%//)/"&4!I*4%/Q"94")*!X/)./5J!+,'$'0!
<3-!(!</M4>!5*Q!3%9)*9"7"54")*!-)JJ"&&")*!
<'$'!(!<
3L;<a!$
L3IL$!
<]X;!(!<)/4M/%!]"94"J!X/)4%94")*!;94!+,'$'0!
,;L!(!,*"4%Q!;/56!LJ"/54%&!
,;]!(!,*J5**%Q!;%/"57!]%>"97%!+5S@S5!5!Q/)*%0!
,?\!(!,&5J5!?"*!\5Q%*!+574%/*54"R%7N!&=%77%Q!5&!2&5J5!?"*!\5Q%*0!!
,-Tb!(!,*"O)/J!-)Q%!)O!T"7"45/N!bM&4"9%!+,'$'0!
,B`3!(!,*"R%/&57!B%975/54")*!)O!`MJ5*!3".>4&!+CDHc0!
,1;X!(!,*75^OM7!17".>4!4)!;R)"Q!X/)&%9M4")*!+4N=%!)O!,'$'!O%Q%/57!9/"J%0!
,'K'!(!,*"4%Q!K"*.Q)J!!
,':'!(!,*"4%Q!:54")*&!
,:-;-!(!,*"4%Q!:54")*&!-)*R%*4")*!;.5"*&4!-)//M=4")*!+FGGd0!
,:-`3!(!,*"4%Q!:54")*&!-)JJ"&&")*!)*!`MJ5*!3".>4&!+CDHE!(!FGGE0!!
,:[;!(!,*"4%Q!:54")*&![%*%/57!;&&%J67N!
,:`-`3!(!,*"4%Q!:54")*&!`".>!-)JJ"&&")*%/!O)/!`MJ5*!3".>4&!
,:`-3!(!,*"4%Q!:54")*&!`".>!-)JJ"&&")*%/!O)/!3%OM.%%&!
,:`3-!(!,*"4%Q!:54")*&!`MJ5*!3".>4&!-)M*9"7!+&M99%%Q%Q!,:-`3!"*!FGGE0!
,:TIK!(!,*"4%Q!:54")*&!I*4%/"J!;QJ"*"&4/54")*!T"&&")*!"*!K)&)R)!+CDDD!U!0!
,:TI\!(!,*"4%Q!:54")*&!T"&&")*!"*!\"6%/"5!+FGGd!U!0!
,:2B-!(!,*"4%Q!:54")*&!2OO"9%!)O!B/M.&!5*Q!-/"J%!
,:2$2T!I!(!,*"4%Q!:54")*&!2=%/54")*!"*!$)J57"5!I!+CDDFUDd0!!
,:2$2T!II!(!,*"4%Q!:54")*&!2=%/54")*!"*!$)J57"5!II!+CDDdUDe0!!
,:$-!(!,*"4%Q!:54")*&!$%9M/"4N!-)M*9"7!
,:<;L$! (! ,*"4%Q! :54")*&! </5*&"4")*57! ;M4>)/"4N! )O! L5&4%/*! $75R)*"5A! ?5/5*f5A!
5*Q!g%&4%/*!$"/J"MJ!+b5*'!CDDE!(!b5*'!CDDc0!
,':'<'$'!(!,
:I<LB!:
;<I2:$!<
3L;<a!$
L3IL$!!
!"#!(!!$%&'()"*'++)#$&'*$,&%-$,.!
,'$'!(!,*"4%Q!$454%&!!
,$;1!(!,*"4%Q!$454%&!;"/!1)/9%!
,'$'-'!(!,*"4%Q!$454%&!-)Q%!
,$-$!(!,*"4%Q!$454%&!-M&4)J&!$%/R"9%!!!
! "!
#$%&!'!#()*+,!$*-*+.!%/-.*!&0-1,!
!"#$%&'('!)")'#*+,'$'%-./0'&*1-.2'
#$2!'!#()3+1.)*4!/5!$-(*/!2/6-.7!28+!98):);;)(+.'!
<%%=!'!<)+((-!%/(3+(*)/(!/(!%/(.0:-1!=+:-*)/(.!>?@ABC!
<%D=!'!<)+((-!%/(3+(*)/(!/(!D);:/6-*)E!=+:-*)/(.!>?@A?C!
<FG!'!<).)*)(H!F/1E+.!GH1++6+(*!
I%>.C!'!I-1!%1)6+>.C!
IJ=!'!I
KKLJM!J
GI!=
K9N=2$!>#OLOC!
I99!'!I)*(+..!91/*+E*)/(!91/H1-6!>#O$OC!
I2%!'!I/1:,!21-,+!%+(*+1!>P+Q!M/1R!%)*4C!
IIS!'!F)1.*!I/1:,!I-1!>?@?TU?VC!
IISS!'!$+E/(,!I/1:,!I-1!>?@B@UTWC!
MOXO!'!M
KG=XNNL!!
Y)6ZO!'!Y)6Z-ZQ+!!
! "#!
!"#$$%&'(
!
!
"#$%&'!()$*+,%$%-.!$!%&'(!)!*+,-+#(.!/0)0'!,'1+'-0-!0&'!'"0,)2#0#3(!34!)!4+.#0#5'!
4,36!0&'!&3-0!/0)0'7!!8936*),'!%#0&!/+00%&'!()$*+,%$%-.:!
!
"1$'*.+$%&'0!$-!()$*+,%$%-.!2!,'4',-!'"*)(-#5';<!03!);;!6')-+,'-=!6'0&32-=!)(2!
6'>&)(#-6-=! %&'0&',! +;0#6)0';<! ,'.),2'2! )-! ;)%4+;! 3,! +(;)%4+;=! 0&)0?! 8#:! 4);;!
3+0-#2'! 0&'! '"0,)2#0#3(! ,'.#6'=! 8##:! )#6! 03! @,#(.! )! 4+.#0#5'! 03! A+-0#>'! 4+;;<! 3,!
*),0#);;<=! 2#,'>0;<! 3,! #(2#,'>0;<=! )(2! 8###:! 23! (30! '(0)#;! )! 4+.#0#5'B-! 2';#5',<! )-! )!
4+(>0#3(!34!-&'',!43,0+#0<7!
!
"3$!,','*'!+3$!43,%#+*'!$!)!C)0#(!0',6!0&)0!-0)(2-!43,!0&'!;'.);!*,#(>#*;'!+(2',!
%&#>&! )! &3-0! /0)0'! #-! >3(0,)>0+);;<! 3@;#.)0'2! '#0&',! 03! 2';#5',! )! 4+.#0#5'! 03! )!
*+,-+#(.! /0)0'! 3,! +(2',0)D'! .332! 4)#0&! 6')-+,'-! 03%),2! )2A+2#>)0#(.! 0&'!
4+.#0#5'! +(2',! #0-! 3%(! A+2#>#);! -<-0'67! ! 8/36'0#6'-! ,'4',,'2! 03! @<! 0&'!
4+(>0#3();;<! -<(3(<63+-! 0',6! +3$! ,','*'! +3$! 53.%*'! 3,! +3$! ,','*'! +3$!
5*-0'63%:!
!
7*%.8! $-! 930$%#'! 2! )! ;)%! '(43,>'6'(0! )>0#3(! %#0&! 0&'! '(2! ,'-+;0! 34?! 8#:!
*,3-'>+0#(.! )(! #(2#5#2+);! 43,! )! >&),.'2! >,#6'E! 8##:! -'(0'(>#(.! 3,! *+(#-&#(.! )(!
#(2#5#2+);! %&3! '->)*'2! 4,36! >+-032<! 43;;3%#(.! &#-! >3(5#>0#3(! @+0! @'43,'!
-'(0'(>#(.! 3,! *+(#-&6'(0! >3+;2! @'! '44'>0'2E! 3,! 8###:! ,'F#(>),>',)0#(.! )(!
#(2#5#2+);!%&3!'->)*'2!4,36!*,#-3(7!!
!
:-;;+.,''*%.8! <5'*+$%-.! $! )(! 3*',)0#3(! 0&)0=! 0&,3+.&! '#0&',! 43,>'! 3,! 0&'!
0&,')0!34!43,>'!'"',0'2!4,36!0&'!#(-#2'!34!)!0,)(-*3,0!5'--';!3,!5'&#>;'=!%,'-0-!#0-!
>3(0,3;!)(2!>&),0-!)!>3+,-'!03!)!2'-0#()0#3(!%&','!0&'!#2'(0#0<!34!)(<!-+-*'>0'2!
4+.#0#5'-!3(!@3),2!>)(!@'!-)4';<!>3(4#,6'2!)(2=!#4!-3=!)**,'&'(2'27!!
!
:-.,%$%-.+1!()$*+,%$%-.!2!)!&3-0!/0)0'B-!).,''6'(0!03!'"0,)2#0'!)(!#(2#5#2+);!3(!
3('! 3,! 63,'! -0#*+;)0'2! >3(2#0#3(-=! -+>&! )-! 0&)0! &'! @'! ,'0,#'2! #(! 0&'! '5'(0! 34! )!
*,#3,!!"#$%&'"(!$!>3(5#>0#3(!3,!0&)0!)!()0#3();!-',5'!)(<!#6*3-'2!*,#-3(!-'(0'(>'!
#(!&#-!3%(!>3+(0,<7!!
!
:-.,%$%-.+1!='1'+0'!$!)!5),#)(0!34!-+66),<!'"0,)2#0#3(!#(!%&#>&!)(!#(2#5#2+);!
#(! &3-0! /0)0'! >+-032<! #-! 0,)(-4',,'2! 03! )! *+,-+#(.! /0)0'! 43,! 0&'! *+,*3-'! 34!
*,3-'>+0#3(!3(!0&'!>3(2#0#3(!0&)0!&'!%#;;!@'!,'0+,('2!03!0&'!83,#.#();:!&3-0!/0)0'!
+*3(!0&'!>36*;'0#3(!34!)(<!#6*3-'2!-'(0'(>'7!
!
:-.0'.03+1!='.,%$%-.><5'*+$%-.!$!0&'!*&<-#>);!0,)(-4',!34!)(!#(2#5#2+);!4,36!
&3-0! /0)0'! 0',,#03,<! 03! *+,-+#(.! /0)0'! >+-032<! 3,! >3(0,3;! %&'(! >3(2+>0'2!
'">;+-#5';<!@<!*+,-+#(.!/0)0'!344#>#);-!3,!).'(0-!@+0!%#0&!0&'!*,#3,!>3(-'(0!34!0&'!
&3-0!/0)0'=!340'(!5#)!)!G%#(D!)(2!)!(32H7!
!
?'!@+#$-!()$*+,%$%-.! )()!/0)0'B-!43,6);!3,!#(43,6);!'"',>#-'!34!(3(F'"0,)2#0#3(F ,';)0'2!;)%-=!)+0&3,#0#'-=!3,!)26#(#-0,)0#5'!*,3>'2+,'-!0&)0!<#';2-!0&'!2';#5',<!34!
)!4+.#0#5'!2#,'>0;<!3,!#(2#,'>0;<!03!)!/0)0'!%#0&!)!;)%!'(43,>'6'(0!#(0','-0!#(!C!
!
! "##!
"#$%&'(')%*! !"$%&!&"'()*#+,!-.!/!0$/$&!12+3!#$*!*+4&2,!$&22#$+2.!+1!/,!/)#&,6!
&4&,!#1!+,).!%/4#,5!-&&,!$&3'+2/2#).!/73#$$&76!+,!$%&!52+(,7!$%/$!%&!4#+)/$&7!#$*!
#33#52/$#+,! )/8*! ('+,! &,$&2#,5! $%&! $&22#$+2.6! #*! +$%&28#*&! #))&5/)).! 8#$%#,! $%&!
$&22#$+2.6!+2!8%#)&!'2&*&,$!%/*!'2+4&,!$+!-&!/!'(-)#9!3&,/9&!+2!*&9(2#$.!$%2&/$:!!
!
")+,-)+#.!/0'&(.)')%*!;"/!*(-*&$!+1!#$"%&'()!&"$2/7#$#+,!$%/$!&,$/#)*"/!'(2'+*&1()!
9#29(34&,$#+,!+1!&"$2/7#$#+,!)/8*!+2!$2&/$#&*!-.!/!%+*$!0$/$&!$+!7&)#4&2!/!1(5#$#4&!
7#2&9$).!+2!#,7#2&9$).!$+!/!0$/$&!8#$%!/!)/8!&,1+29&3&,$!#,$&2&*$!#,!%#36!$.'#9/)).!
4#/!#33#52/$#+,!)/8*:!
!
/&,(! 12*#+! 134),(')%*+! ;! <+-)#5/$#+,*! #,! 8%+*&! 1()1#)3&,$! /))! *$/$&*! %/4&! /!
)&5/)!#,$&2&*$!-&9/(*&!$%!*(-=&9$!3/$$&2!#*!+1!#3'+2$/,9&!$+!$%&!#,$&2,/$#+,/)!
9+33(,#$.!/*!/!8%+)&:!!>$!1+))+8*!12+3!$%#*!$%/$!$%&!-2&/9%!+1!*(9%!/,!+-)#5/$#+,!
#*!+1!9+,9&2,!,+$!+,).!$+!$%&!4#9$#3#?&7!*$/$&!-($!/)*+!$+!/))!$%&!+$%&2!3&3-&2*!+1!
$%&!#,$&2,/$#+,/)!9+33(,#$.:!!@%(*6!#,!$%&!&4&,$!+1!/!-2&/9%!+1!$%&*&!+-)#5/$#+,*6!
&4&2.!*$/$&!3(*$!-&!9+,*#7&2&7!=(*$#1#&7!#,!#,4+A#,5!B'2+-/-).!$%2+(5%!=(7#9#/)!
9%/,,&)*C! $%&! 2&*'+,*#-#)#$.! +1! $%&! 5(#)$.! *$/$&! 9+33#$$#,5! $%&! #,$&2,/$#+,/)).!
82+,51()!/9$:D
E!!!
!
/054-+)%*! ;! $%&! &=&9$#+,! +1! /,! /)#&,! -.! /! 0$/$&! +,! /99+(,$! +1! *&9(2#$.! +2! +$%&2!
*#5,#1#9/,$!9+,9&2,*!8%&,!%&!#*!*&&A#,5!/73#**#+,!+2!/*.)(3!/$!/!-+27&2!+2!+$%&2!
'+2$!+1!&,$2.:!
! /0$-4+)%*! ;! <$%&! &"&29#*&! +1! 0$/$&! '+8&2! 8%#9%! *&9(2&*! $%&! 2&3+4/)6! &#$%&2!
F4+)(,$/2#).G6! (,7&2! $%2&/$! +1! 1+29#-)&! 2&3+4/)6! +2! 1+29#-).6! +1! /,! /)#&,! 12+3! $%&!
$&22#$+2.!+1!/!0$/$&:D
H!
!
/0'&(.)')%*! ;! /! 9++'&2/$#4&! )/8! &,1+29&3&,$! '2+9&**! -.! 8%#9%! $%&! '%.*#9/)!
9(*$+7.!+1!/!'&2*+,I!B#C!9%/25&7!8#$%!9+33#$$#,5!/!92#3&!+2!B##C!9+,4#9$&7!+1!/!
92#3&! 8%+*&! '(,#*%3&,$! %/*! ,+$! .&$! -&&,! 7&$&23#,&7! +2! 1()).! *&24&76! #*!
1+23/)).! $2/,*1&22&7! -.! /($%+2#$#&*! +1! +,&! 0$/$&! $+! $%+*&! +1! /,+$%&2! /$! $%&!
2&J(&*$!+1!$%&!)/$$&2!1+2!$%&!'(2'+*&!+1!'2+*&9($#+,!+2!$%&!&"&9($#+,!+1!/!92#3#,/)!
*&,$&,9&6!2&*'&9$#4&).:
K!
!
/0'&(%&.)*(&6! 7#*.)')%*! ;! <$%&! &"$2/L=(7#9#/)! $2/,*1&2! +1! '&2*+,*! 12+3! +,&!
=(2#*7#9$#+,!+2!0$/$&!$+!/,+$%&26!1+2!$%&!'(2'+*&*!+1!7&$&,$#+,!/,7!#,$&22+5/$#+,!
+($*#7&!$%&!,+23/)!)&5/)!*.*$&36!8%&2&!$%&2&!M#*N!/!2&/)!2#*A!+1!$+2$(2&!+2!92(&)6!
#,%(3/,!+2!7&52/7#,5!$2&/$3&,$D:
O!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
E! <P25/! Q3,&*! Q-)#5/$#+,*6D! Q"1+27! R&1&2&,9&6! &*&+,&-,$" &(!
%$$'ISS888:+"1+272&1&2&,9&:9+3S4#&8SET:ETUKS+#S/($%+2#$.:HTEETVTKTUWXWYOEK! B)/*$!
4#*#$&7!+,!Z&9:!KT6!HTEKC:!
H! [\]!0:![QQZ^>_L[>``6!>_@PR_a@>Q_a`!`a^! a_Z! @bP!cQdPcP_@! Qe!fPR0Q_0!gP@^PP_!0@a@P0! HTE!
BEUXVC:!
K!@%#*!7&1#,#$#+,!/'')#&*!*'&9#1#9/)).!$+!+.($/.&(+).&,!4&2*(*!#)0$1(+'!&"$2/7#$#+,:!
O!230&#"&.#"4(3$/1"*5"65756!a''):!_+*:!HOTHXSTX6!EEUOUSTV6!/,7!KYXOHSTV6!Ph$bR6!a'2:!ET6!HTEH!
B1#,/)! +,! 0&'$:! HO6! HTEHC6! &*&+,&-,$" &(!
%$$'ISS%(7+9:&9%2:9+&:#,$S*#$&*S&,5S'/5&*S*&/29%:/*'"i#jTTEL
EETHYXklmHH#$&3#7mHHIMmHHTTELEETHYXmHHNn!B)/*$!4#*#$&7!+,!_+4:!EE6!HTEKC:!
! "###!
"#$%&'! ()#)&! $! %&! '()(*! (+)(! #'! ,)#-#./! +)'! '*0*1)-! )((1#23(*'4! ! 5.*! 6,! (+*! 76'(!
86776.! #'! (+*! -6''! 6,! 9+:'#8)-! 86.(16-! 6,! #('! (*11#(61:! 61! )! 76.696-:! 6.! (+*!
-*/#(#7)(*! 3'*! 6,! ,618*4! ! 5(+*1! )((1#23(*'! 6,! '()(*! ,)#-31*! #.8-3;*! (+*! *16'#6.! 6,!
-*/#(#7)(*! )3(+61#(:! (6! 7)<*! 86--*8(#0*! ;*8#'#6.'=! ).! #.)2#-#(:! (6! 9160#;*!
1*)'6.)2-*!932-#8!'*10#8*'=!).;!(+*!#.)2#-#(:!(6!#.(*1)8(!>#(+!6(+*1!'()(*'!)'!)!,3--!
7*72*1!6,!(+*!#.(*1.)(#6.)-!86773.#(:4?
@!!!
!
"#%%*#+,! -%)&./#)$0&1! )2! 34).#'$)$2/! "! (+*! 9)1(#)-! 61! 1*;#1*8(*;! 7*).'! 6,!
21#./#./! )! ,3/#(#0*! (6! A3'(#8*! 6(+*1! (+).! 2:! *"(1);#(#6.! (+)(=! 2:! 0#1(3*! 6,! )!
931'3#./! B()(*C'! #.)2#-#(:! (6! 7**(! (+*! ,3.8(#6.)-! *.;! 1*'3-(! 6,! *"(1);#(#6.! $!
.)7*-:=!'*831#./!(+*!9+:'#8)-!83'(6;:!6,!)!,3/#(#0*!).;!916'*83(#./!61!93.#'+#./!
+#7!3.;*1!#('!6>.!A3;#8#)-!':'(*7!$!1*,-*8('!)!'*86.;D61;*1!91*,*1*.8*4!!!
!
"2.5#%!6&72.)#)$2/!"!).!#.06-3.()1:!;*961()(#6.!3.;*1()<*.!(+163/+!6,,#8#)--:!
*'()2-#'+*;! 8+)..*-'! >+#-*! 8679-:#./! >#(+! (+*! )99-#8)2-*! 86.;#(#6.'! ).;!
1*E3#1*7*.('!6,!)!1*760#./!B()(*C'!-)>'4!
!
"2.5#%! 8&/'$)$2/! $! ).:! 1*.;#(#6.! 931'3).(! (6! )! ,617)-! >1#((*.! )/1**7*.(! #.!
>+#8+!(+*!9+:'#8)-!83'(6;:!6,!).!#.;#0#;3)-!#'!(1).',*11*;!2*(>**.!B()(*'4!
!
"9:$)$0&!$!'**!;/)&./#)$2/#%!"9:$)$0&!<.25!=91)$+&!
!
"9%%>1+#%&! -%)&./#)$0&1! )2! 34).#'$)$2/! "! .6.D*"(1);#(#6.D1*-)(*;! 7*).'! 6,!
21#./#./! )! ,3/#(#0*! (6! A3'(#8*! (+)(! ,3.8(#6.)--:! )9916"#7)(*! (+*! *.;! 1*'3-(! 6,!
*"(1);#(#6.F!.)7*-:=!'*831#./!(+*!9+:'#8)-!83'(6;:!6,!)!,3/#(#0*!).;!21#./#./!+#7!
>#(+#.!(+*!931'3#./!B()(*C'!A3;#8#)-!':'(*7!(6!2*!916'*83(*;!61!93.#'+*;4!
!
?$@#+,$/:!$!(+*!%3.-)>,3-!'*#G31*=!2:!,618*!61!(+1*)(!6,!,618*!61!).:!6(+*1!,617!6,!
#.(#7#;)(#6.=!6,!)!H91#0)(*!61!8677*18#)-I!)#181),(=!8677#((*;!>+#-*!6.!26)1;!).!
)#181),(!#.!,-#/+(4?
J!
!
?21)! ()#)&! A! (+*! B()(*! >#(+#.! >+6'*! (*11#(61:! )! 9)1(#83-)1! ,3/#(#0*! #'! 8311*.(-:!
-68)(*;=! +6>*0*1! (*7961)1#-:=! >+*(+*1! #.'#;*! 61! 63('#;*! 6,! (+*! *"(1);#(#6.!
86.(*"(4!
!
;/'$.&+)! 34).#'$)$2/! $! ).! *"(1);#(#6.! 2*(>**.! B()(*'! (+)(! -)8<! ;#9-67)(#8!
1*-)(#6.'! >#(+! 6.*! ).6(+*1=! ).;! (+*1*,61*! )--! 1*-)(*;! 86773.#8)(#6.'! ).;! (+*!
9+:'#8)-!(1).',*1!#('*-,!68831!0#)!).!#.(*17*;#)1:!9)1(:4!!
!
;/<2.5#%!6&72.)#)$2/! "!).! #.06-3.()1:!;*961()(#6.!3.;*1()<*.!(+163/+!8)'3)-!
)11)./*7*.('!).;!(:9#8)--:!+).;-*;!6.!).!*"9*;#(*;!2)'#'4!
!
;/<2.5#%! B#C! 3/<2.+&5&/)! D227&.#)$2/! $! )! ,617! 6,! #.(*1DB()(*! 8669*1)(#6.!
+).;-*;! (+163/+! .6.D86.0*.(#6.)-! -*/)-! 9168*;31*'! 61! 8+)..*-'! 2*(>**.! -)>!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@! K3.;! ,61! L*)8*=! K)#-*;! B()(*'! M.;*"! K&N=! O3.*! PQ=! PRST=! #$#%&#'&(! #)!
+((9UVV,,94'()(*'#.;*"461/V,)EW@!X-)'(!0#'#(*;!6.!58(4!SY=!PRSTZ4!
J![6.04!,61!(+*!B3991*''#6.!6,!\.-)>,3-!B*#G31*!6,!µ),(!H])/3*![6.04I=!^*84!SJ=!SY_R=!)1('4!S=!T=!
\4`4!^684!&V[4JVQSaV[6114S=!&..*"!MM=!aJR!\4`4b4B4!SR@=!PP!\4B4b4!SJQS=!*(+*%,)(-!%,!SR!Mcd!STT!
XSY_SZ4!
! "#$!
%&'()*%+%&,!-.,/()#,#%0!1()!(,/%)!,23%0!('!4($%)&+%&,!(''#*#-50!-*,#&4!#&!0.33(),!
('!5-6!%&'()*%+%&,7!)%0.5,#&4!#&!,/%!8#)%*,!()!#&8#)%*,!)%&8#,#(&!('!-!'.4#,#$%9!!!!
!
"#$%&'()!*+#,-.-%#!:!-&2!)%&8#,#(&!/-&85%8!-;0%&,!5%4-5!3)(*%009!
!
"#.+&/+0.-%#!10+&(.-%#!:!<&!(3%)-,#(&!,/-,=!,/)(.4/!%#,/%)!'()*%!()!,/%!,/)%-,!('!
'()*%! %"%),%8! ')(+! ,/%! (.,0#8%! ('! -! ,)-&03(),! $%00%5! ()! $%/#*5%=! 8#$%),0! #,0!
8#)%*,#(&! ,(=! ()! *%-0%0! #,0! +($%+%&,! -,=! -! 5(*-,#(&! 6/%)%! ,/%! #8%&,#,2! ('! -&2!
0.03%*,%8!'.4#,#$%0!(&!;(-)8!*-&!;%!0-'%52!*(&'#)+%8!-&8=!#'!0(=!-33)%/%&8%89!!
!
"#.+&'+,-(.+!*+#,-.-%#210+&(.-%#!:!,/%!3/20#*-5!,)-&0'%)!('!-!'.4#,#$%!#&#,#-552!
,(! ,/#)8! >,-,%! ,%))#,()2! ;.,! 6/%)%! ,/%! -#+! #0! 0.;0%?.%&,52! ,(! ,)-&0'%)! /#+! ,(!
3.)0.#&4! >,-,%! ,%))#,()2! ()! *.0,(829
@! ! 1A(+3-)%! 6#,/! 3(/.-/()!
*+#,-.-%#210+&(.-%#7!
!
"#.+&#(.-%#()! 4&&+5.! :! ,/%! -33)%/%&0#(&! ('! -! '.4#,#$%! ;2! 3.)0.#&4! >,-,%!
-.,/()#,#%0! *-))#%8! (.,! (&! (6&! (**.3#%8! ()! '-#5%8! >,-,%! ,%))#,()2! ()! (&! &(&B 0($%)%#4&!,%))#,()2C#&,%)&-,#(&-5!03-*%9!
!
"#.+&#(.-%#()!678-.-9+!$&%'!:75.-/+!:!-!3%)0(&!'()+-552!*/-)4%8!6#,/!-!*)#+%=!
()! -! *(&$#*,%8! *)#+#&-5! 6/(0%! 3.�/+%&,! /-0! &(,! ;%%&! 8%,%)+#&%8! ()! '.552!
0%)$%8=!6/(!#0!*.))%&,52!-,!5-)4%!D!"#"=!')%%!()!.&*-3,.)%8E!(.,0#8%!,/%!,%))#,()#-5!
F.)#08#*,#(&!('!,/%!>,-,%!3.)0.#&4!/#+9!
!
"#.+&#(.-%#()! *+#,-.-%#! :! ,/%! #&$(5.&,-)2! 3/20#*-5! ,)-&0'%)! ;2! (''#*#-50! ()!
-4%&,0! ('! -! >,-,%! ('! -&! #&8#$#8.-5! ('! #&,%)%0,! ')(+! (&%! >,-,%G0! F.)#08#*,#(&! ,(!
-&(,/%)! '()! -&2! 5-6! %&'()*%+%&,=! +#5#,-)2=! ()! #&,%55#4%&*%! 3.)3(0%9! ! 1A(+3-)%!
6#,/!*+#,-.-%#7!
!
:%-#.! *+#,-.-%#210+&(.-%#! :! ,/%! 3/20#*-5! ,)-&0'%)! ('! -&! #&8#$#8.-5! ')(+! /(0,!
>,-,%!,%))#,()2!,(!3.)0.#&4!>,-,%!*.0,(82!()!*(&,)(5!6/%&!*(&8.*,%8!;2!3.)0.#&4!
-&8!/(0,!>,-,%!(''#*#-50!()!-4%&,0!6()H#&4!,(4%,/%)9!
! :75! /%8+#5! #%&'5! :! 3)%%+#&%&,! *.0,(+-)2! #&,%)&-,#(&-5! 5-6! &()+0! ,/-,! -)%!
.&#$%)0-5=! 3%)%+3,()2=! -&8! &(&8%)(4-;5%I! -&8! *-&&(,! ;%! 3)%%+3,%8! ;2! ,)%-,2!
;.,!)-,/%)!(&52!;2!-&!%+%)4%&,!&()+!('!%?.-5!0,-,.09!!!
!
;7&+! (#,! <(0.7&+! 10+&(.-%#! =;<1>! :! -! 8%*%3,#$%! -*,#$#,2! #&! 6/#*/! 3.)0.#&4!
>,-,%!-&8C()!/(0,!>,-,%!(''#*#-50!()!-4%&,0!%&,#*%!-!'.4#,#$%!,(!,)-$%5!,(!-&(,/%)!
5(*-,#(&!()!F.)#08#*,#(&!6#,/!,/%!#&,%&8%8!()!-*,.-5!*(&0%?.%&,#-5!-33)%/%&0#(&!
('!,/-,!'.4#,#$%!'()!5-6!%&'()*%+%&,!3.)3(0%09!
!
?()+! /(0.75! @+#+! ,+.+#.75! :! -! J-,#&! ,%)+! ,/-,! +%-&0! K-&! .&5-6'.5!
-33)%/%&0#(&!+-2!&%$%),/%5%00!4#$%!)#0%!,(!5-6'.5!8%,%&,#(&!-&8!3)(0%*.,#(&=L!
-&8!0,-&80!'()!,/%!3)(3(0#,#(&!,/-,!-!*(.),!+.0,!1()!0/(.587!,)%-,!-0!#++-,%)#-5!
'()!-8F.8#*-,#$%!3.)3(0%0!/(6!-!*)#+#&-5!8%'%&8-&,!*-+%!;%'()%!#,9!!1>%%!*7)+!%$!
A%#B"#C7-&D7!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@!M#$%&!,/%#)!.5,#+-,%!-#+=!0.*/!#&0,-&*%0!8(!$%&!?.-5#'2!-0!'-55;-*H!-5,%)&-,#$%0!,(!%",)-8#,#(&9!
! "#!
"#$%&'(#)*'+'$,! $! %&! '&()*&%('+&%,! ,)-%,! .*'&/'.,)! (0%(! .*+0'1'(2! '&3'#'34%,2!
5*+6! 1)'&-! *)(4*&)37! *)6+#)37! (*%&25)**)37! +*! +(0)*8'2)! !"#$%&"'! 9()")7! :(4*&)3!
1%/;<=! (+! >(%()2! 80)*)! (0)'*! *'-0(2! (+! ,'5)7! ,'1)*(?7! %&3! 2)/4*'(?! +5! .)*2+&7!
.%*('/4,%*,?! '&/,43'&-! (0)! 5*))3+6! 5*+6! )"(*%@A43'/'%,! ;',,'&-7! )&5+*/)3!
3'2%..)%*%&/)7! (+*(4*)! +*! +(0)*! %142'#)! (*)%(6)&(7! +*! '6.*'2+&6)&(! +&!
'6.*+.)*!-*+4&327!%*)!1),')#)3!(+!1)!(0*)%()&)3B!!!
!
"#$%-#.'&'/0$! 1'&&/,#&234$,'&$5,/#$5*! -657'! $! %&?! ()**'(+*?! +*! 2.%/)! &+(!
*)/+-&'C)3! 1?! (0)! '&()*&%('+&%,! /+664&'(?! %2! /4**)&(,?! 241A)/(! (+! 2+#)*)'-&!
+8&)*20'.!+*!/+&(*+,B!!
!
8599/.'!:;,&5</,/#$!$!80)&!(0)!0+2(!>(%()!*)/)'#)2!%&!)"(*%3'('+&!*)D4)2(!1?!%!
.4*24'&-!>(%()B!!9E+6.%*)!8'(0!=7,/.'!:;,&5</,/#$=!
!
8/&572!$!:9%=!%&?!',,)-%,!%/(2!+5!#'+,)&/)!+*!3)()&('+&7!+*!%&?!%/(!+5!3).*)3%('+&7!
/+66'(()3!5+*!.*'#%()!)&32!1?!(0)!/*)8!+*!(0)!.%22)&-)*2!+5!%!.*'#%()!20'.!+*!%!
.*'#%()! %'*/*%5(7! %&3! 3'*)/()3F! 9'=! +&! (0)! 0'-0! 2)%27! %-%'&2(! %&+(0)*! 20'.! +*!
%'*/*%5(7! +*! %-%'&2(! .)*2+&2! +*! .*+.)*(?! +&! 1+%*3! 24/0! 20'.! +*! %'*/*%5(G! +*! 9''=!
%-%'&2(!%!20'.7!%'*/*%5(7!.)*2+&2!+*!.*+.)*(?!'&!%!.,%/)!+4(2'3)!(0)!A4*'23'/('+&!+5!
%&?!>(%()G!91=!%&?!%/(!+5!#+,4&(%*?!.%*('/'.%('+&!'&!(0)!+.)*%('+&!+5!%!20'.!+*!+5!
%&!%'*/*%5(!8'(0!;&+8,)3-)!+5!5%/(2!6%;'&-!'(!%!.'*%()!20'.!+*!%'*/*%5(G!+*!9/=!%&?!
%/(!'&/'('&-!+*!+5!'&()&('+&%,,?!5%/','(%('&-!%&!%/(!3)2/*'1)3!'&!241@.%*%-*%.0!9%=!
+*!91=B<
H!
!
8&#./9/#$5*!=&&'9,!$!(0)!()6.+*%*?!%**)2(!+5!%!54-'('#)!6%3)!+&!%&!)6)*-)&/?!
1%2'2!%(!(0)!1)0)2(!+5!%!.4*24'&-!>(%()!9+*!'&()*&%('+&%,!/*'6'&%,!(*'14&%,=!.*'+*!
(+!14(!'&!%&('/'.%('+&!+5!%&!)"(*%3'('+&!9+*!24**)&3)*=!*)D4)2(B!
!
8)&9)/$0!-,5,'*+!%!>(%()!(0%(!2));2!(0)!.*+2)/4('+&!+*!.4&'206)&(!+5!%!54-'('#)!
5+*! ,%8! )&5+*/)6)&(! .4*.+2)27! 80)(0)*! '&2'3)! +*! +4(2'3)! +5! (0)! )"(*%3'('+&!
/+&()"(B!!
!
>'7'/./$0! -,5,'! $! '&! (0)! '66'-*%('+&! ,%8! /+&()"(7! %! >(%()! '&! (0)! .*+/)22! +5!
%//).('&-!'&(+!'(2!2+#)*)'-&!()**'(+*?!%&!%,')&!80+!0%2!1))&!*)6+#)3!1?!%&+(0)*!
>(%()!92))!>'+#.5*!5$<!>'+#./$0!-,5,'=G!+*!'&!(0)!3'.,+6%('/!/+&()"(7!%!>(%()!(+!
80'/0!%!5+*)'-&!3'.,+6%(!+*!/+&24,%*!+55'/)*!'2!.+2()3!+*!%22'-&)3!(+!8+*;!92))!
-'$</$0!-,5,'=B!
!
>'+#.5*! $!%!>(%()I2!)")*/'2)!+5!'66'-*%('+&!.+8)*!(0*+4-0!)'(0)*!)"/,42'+&!+*!
3).+*(%('+&!%&3!(0%(!/%&!1)!)55)/()3!3'*)/(,?7!'&3'*)/(,?!98'(0!(0)!%22'2(%&/)!+5!%!
(0'*3!>(%()!'&()*6)3'%*?=7!+*!#'%!%!&)-+('%()3!%**%&-)6)&(B!
!
>'+#./$0!-,5,'!$!%!>(%()!'&!(0)!.*+/)22!+5!*)6+#'&-!%&!%,')&!5*+6!'(2!2+#)*)'-&!
()**'(+*?B!!9>))!>'7'/./$0!-,5,'=!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H! J0'*3! KBLB! E+&#B! +&! (0)! M%8! +5! (0)! >)%7! N+&()-+! O%?7! KBLB! P+/B! QRESLTBUVRWVV! X! E+**BW@H7!
WHYY! KBLBJB>B! Y7! P)/B! WZ7! W[HV7! %*(B! WZW7! !",!(-."'* (-! VW! \MN! WVUW@WY]^7! /0/(&/1&"* /.!
0((.FRR888B4&B+*-RP).(2R,+2R/+&#)&('+&_%-*))6)&(2R()"(2R4&/,+2R/,+2'&3"B0(6! 9,%2(! #'2'()3!
+&!T)1B!VY7!VZWV=B!