inflation and us music mechanicals, 1976–2010 peter
TRANSCRIPT
73
INflaTIoN aNd US MUSIC MECHaNICalS, 1976–2010Peter Alhadeff and Caz McChrystal
Peter Alhadeff is a Professor and the Founding Faculty, of Music Business/Management at Berklee. He was the Keynote Speaker at the Business and Economics Society International, Athens, 2010, and Conference Chair at the Music Entertainment Industry Educators’ Association, Boston, 2009. He is the Executive Director of Berklee’s Music Business Journal (http://www.thembj.org), and was the Musical Coordinator for the Special Awards Ceremony at the Latin Grammy, Las Vegas, 2007. He founded the Recording Magazine en Español and its successor, Músico Pro. He holds a doctorate degree from Oxford University, England, and held positions at the University of London and the Inter-American Bank at the Instituto Di Tella, Buenos Aires. He has published with the National Academy of Arts and Sciences and in refereed journals and books on economic development, including the St. Antony’s /Macmillan Series.
Caz McChrystal is an Assistant Professor of Business Law in the School of Business and Economics at the University of Wisconsin-Stevens Point. He earned his Law degree from Marquette University Law School, where he was a Board Member of The Marquette Intellectual Property Law Review. He earned his Undergraduate degree in Music Business/Management from Berklee College of Music. After graduating from law school, he worked as an Attorney specialising in copyright licensing and business law. He currently teaches courses in International Business and Intellectual Property Law while maintaining a small legal practice.
Note: Lead article, Global Business and Economics Review, Vol. 13, No. 1, 2011, 1-12. Reprinted here with permission. Copyright © 2011 Inderscience Enterprises Ltd; www.inderscience.com.
75
! ! !
! !
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! !"#$%"&'()*+,))&%+-&./#+#0*/)&1,2*,34&5#"6&784&9#6&74&:;77& " ! ! !&
! ! ! #$%&'()*+!,!-.""!/012'34(2042!50+2'%'(323!6+17!
!
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! & ! ! !!
!"#$%&'(")%"*)+,)-./'0)-102%"'0%$/3)456789:4:)
!"#"$%&'()*"++,%
893(4!:93(0233;8<0<)2=20+>!
:2'?@22!#$@@2)2!$A!893(4>!
""B.!:$&@3+$0!C+7>!D:EFGH>!
:$3+$0>!8I!.--"GEFJHF>!KCI!
D<LM!J"NENBNE-FGB!
5E=<(@M!%<@*<12AAOP2'?@227219!
Q#$''23%$01(0)!<9+*$'!
-).%/0-($12#)'%
C4*$$@!$A!:93(0233!<01!54$0$=(43>!
K0(R2'3(+&!$A!S(34$03(0!T!C+2R203!U$(0+>!
-"..!8<(0!C+'22+>!C+2R203!U$(0+>!
S/!GBBV"EFVHN>!KCI!
D<LM!WN"GX!FBJEFF".!
5E=<(@M!#<Y784#*'&3+<@O9Z3%7219!
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
*+,-.&/$)!(0A@<+($0^!'24$'1!@<P2@3^!3$0)Z'(+2'3]!(04$=2^!=24*<0(4<@!'$&<@+(23^!KC!4$%&'()*+!@<Z^!_<''&!D$L!I)204&^!=93(4!%9P@(3*2'3^!=93(4!+'<12^!'24$'121!=93(4^!59'$%2<0!4$%&'()*+!@<Z^!KCI7!
0+1+&+2(+! +$! +*(3! %<%2'! 3*$9@1! P2! =<12! <3! A$@@$Z3M! I@*<12AA>! U7! <01!84#*'&3+<@>! #7! W-.""X! `/0A@<+($0! <01! KC! =93(4! =24*<0(4<@3>! "HNJT-.".]>!!"#$%"&'()*+,))&%+-&./#+#0*/)&1,2*,3>!a$@7!"F>!b$7!">!%%7"T"-7!
34.5&'674('8!2.%+$)!U2+2'!I@*<12AA!(3!<!U'$A233$'!<01!+*2!D$901(0)!D<49@+&>!$A!893(4!:93(0233;8<0<)2=20+! <+!:2'?@227!_2!Z<3! +*2!c2&0$+2! C%2<?2'! <+! +*2!'()*+,))&%+-&./#+#0*/)!<#/*,=>& ?+=,@+%=*#+%">!I+*203>!-.".>!<01!#$0A2'2042!#*<('! <+! +*2!A()*/& .+=,@=%*+0,+=! ?+-()=@>& .-(/%=#@)B& C))#/*%=*#+>! :$3+$0>!-..H7! _2! (3! +*2! 5L249+(R2! d('24+$'! $A! :2'?@22]3! A()*/& '()*+,))& D#(@+%"&W*++%M;;ZZZ7+*2=Pe7$')X>! <01! Z<3! +*2! 893(4<@! #$$'1(0<+$'! A$'! +*2! C%24(<@!IZ<'13! #2'2=$0&! <+! +*2! E%=*+& !@%00>>! 6<3! a2)<3>! -..N7! _2! A$90121! +*2!1,/#@-*+F&A%F%G*+,& ,+& .)H%I#"& <01! (+3! 3944233$'>& AJ)*/#& K@#6&_2! *$@13! <!1$4+$'<+2! 12)'22! A'$=!fLA$'1!K0(R2'3(+&>! 50)@<01>! <01! *2@1! %$3(+($03! <+! +*2!
76
! ! !
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! "! !"#$%&'()**#'+(#,"#-.,&/012'%# ! ! !#
! ! ! !
!
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! # ! ! !!
#$%&'()%*+! ,-!.,$/,$! 0$/! *1'! 2$*'(345'(%60$!70$8! 0*! *1'! 2$)*%*9*,!:%!;'<<0=#79'$,)! 4%(')>! ?'! 10)! @9A<%)1'/! B%*1! *1'! C0*%,$0<! 460/'5+! ,-! 4(*)! 0$/!D6%'$6')! 0$/! %$! ('-'(''/! E,9($0<)! 0$/! A,,8)! ,$! '6,$,5%6! /'&'<,@5'$*=!%$6<9/%$F!*1'!D*>#4$*,$+G)!HI065%<<0$!D'(%')>!
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
;1%)! @0@'(! %)! 0! ('&%)'/! 0$/! 'P@0$/'/! &'()%,$! ,-! 0! @0@'(! '$*%*<'/! Q;1'!/'&0<90*%,$! ,-! #D! 59)%6! 5'610$%60<)G! @(')'$*'/! 0*! 79)%$'))! R! M6,$,5%6)!D,6%'*+!2$*'($0*%,$0<!S7RMD2T!J,$-'('$6'=!4*1'$)=!U(''6'=!VWXVY!Z9<+!"[V[>!
!
!" #$%&'()*%+'$"
I'610$%60<! (,+0<*%')V! -(,5! ),9$/! ('6,(/%$F)! 0('! ,$'! ,-! *1'! 8'+! %$6,5'! ),9(6')! -,(!
59)%6%0$)>!2$!*1'!/0+)!B1'$!('6,(/'/!59)%6!(9<'/=!0$/!.L)!,(!J:)!('@(')'$*'/!*1'!50%$!
60)1! 6(,@! ,-! *1'!59)%6! %$/9)*(+=! ('&'$9')!-(,5!5'610$%60<)!B'('! 0! ('<%0A<'! ),9(6'! ,-!
('6'%@*)! -,(! ),$FB(%*'()! 0$/! *1'%(! @9A<%)1'()>! D,$FB(%*'()=! %$! @0(*%69<0(=! 8$'B! *10*=! A+!
<0B=!5'610$%60<)!10/!*,!A'!@0%/!/9*%-9<<+!A+!*1'!('6,(/!<0A'<)>!N1'('0)!0(*%)*!(,+0<*%')!,$!
('6,(/'/! 59)%6! )0<')! B'('! 0<B0+)! )9AE'6*! *,! *1'! ('6,(/! <0A'<G)! A('083'&'$! B%*1! *1'!!
0(*%)*! X! 0$/! *1'! <0A'<G)! Q('6,9@5'$*G! 10/! *,!A'! 6,$)%/'('/! A'-,('! 0$+! @0+5'$*! *,! *1'!
@'(-,(5%$F!59)%6%0$)!X!5'610$%60<)!F90(0$*''/!%55'/%0*'!%$6,5'!-,(!*1'!),$FB(%*'(>!
I,(',&'(=!5'610$%60<)!<,,5!<0(F'!%$!*1'!6,$)%/'(0*%,$!,-!59)%6!6('0*,()=!-,(!*1'+!0('!
,$'!,-! *1'!5,)*! %5@,(*0$*! (%F1*)! *10*! *1'! <0B! ('6,F$%)')! -,(! ('6,(/'/!59)%6>! \(,5! *1'!
5%/3VY][)!*,!*1'!$'B!5%<<'$$%95=!%$!50$+!,-!*1'!5,)*!/'&'<,@'/!6,9$*(%')=!),$FB(%*'()!
0$/!@9A<%)1'()!6,<<'6*'/!5,$'+!-(,5!5'610$%60<)!(,9F1<+!%$!*1'!)05'!@(,@,(*%,$!0)!*1'+!
6,<<'6*'/!5,$'+!-(,5!@'(-,(50$6'!(%F1*)!,$!(0/%,!0$/!;^!A(,0/60)*%$F=!)@,(*%$F!&'$9')=!
6<9A)=! 0$/! (')*09(0$*)>! ;1%)! 10)! 610$F'/! )%$6'! "[[V=! 0)! ('6,(/'/! 59)%6! )0<')! 10&'!
/(,@@'/=!0$/!*1'!6,5@0(0A<'!-%F9('!%)!$,B!_V!,-!5'610$%60<)!-,(!'&'(+!_"!,(!'&'$!_`!,-!
@'(-,(50$6'!%$6,5'>"!
2$!"[[]=!?0((+!\,P=! *1'!,(F0$%)0*%,$! *10*! ('@,(*)! *1'!A9<8!)10('!,-! *1'!6,<<'6*%,$!,-!
5'610$%60<)! %$! *1'!#D=!&0<9'/!*1'!50(8'*!0*!_`[a!5%<<%,$=!0! -%F9('! *10*!B0)!/%)*(%A9*'/!
0<5,)*! %$! %*)! '$*%('*+! *,!59)%6! @9A<%)1'()>`!b,9F1<+!10<-! ,-! *1%)!B0)! *1'$!@0))'/!,$! *,!
),$FB(%*'()>!;1'!<0**'(!<%8'<+!'0($'/!9@B0(/)!,-!_c!A%<<%,$!%$!5'610$%60<)!)%$6'!VYad>c!
J,<<'6*%,$)!0('!A0)'/!0<5,)*!'$*%('<+!,$!*1'!0@@<%60*%,$!,-!*1'!69(('$*!)*0*9*,(+!(0*'=!
@(')'$*<+!0*!Y>V!6'$*)!@'(!),$F!9$/'(!-%&'35%$9*'3/9(0*%,$!@'(!6,@+!50/'!0$/!/%)*(%A9*'/>!
\,(! <'$F*1%'(! ),$F)=! *1'! (0*'! %)! 60<69<0*'/!0*! V>aW! 6'$*)! @'(!5%$9*'=! A9*! *1%)! 'P6'@*%,$!
*'$/)! *,!/%)6,9(0F'! ('6,(/! <0A'<)! -(,5! ('6,(/%$F! <,$F'(!50*'(%0<=! A'609)'! -,(! *1'5! *1'!
5'610$%60<! (0*'! %)! 0! 6,)*! ,-! @(,/96*%,$>! :%F%*0<! /,B$<,0/)! 0*! %;9$')! @0+! *1'! )05'!
)*0*9*,(+! (0*'! ,-! Y>V! 6'$*)! @'(! YY36'$*! ),$F>! e*1'(! $'B'(!5'610$%60<! <%6'$6')! %$&,<&'!
77
! ! !
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! ! !"#$%&'(")%"*)+,)-./'0)-102%"'0%$/3)456789:4:) ") ! ! !)
)
! ! ! !
!
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! ) ! ! !!
#$%&'(%)*! +%,! $%')#+-'$.)! *'#)+/*! +%,! 0$/$'),! ,(1%0(+,*! 2#(/! *34*-#$5'$(%*! *)#.$-)*67!
8(1).)#9!':)!-(/4$%),!#).)%3)!'(!8+##;!<(=!2#(/!*3-:!+-'$.$'$)*!$*!*'$00!#)0+'$.)0;!*/+006!
!" #"$%&$'&(&)"%*+,-(."+*/$&"0123"
>!?%)1!)#+@!(2!AB!/)-:+%$-+0!-(00)-'$(%*!1+*!'#30;!$%+3&3#+'),!1$':!':)!C(5;#$&:'!>-'!
(2!DEFG9!+'!+! '$/)!1:)%!':)!#)-(#,),!/3*$-!43*$%)**!:+,!#)+-:),!+!:$&:!5($%'! $%!*+0)*6!
H:)!#+')!1+*!':)%!*)'!+'!I6F7!-)%'*9!+%,!$'!:+*!4))%!5)#$(,$-+00;!#).$*),!351+#,*!'(!'+J)!
/+#J)'50+-)!-(%,$'$(%*!$%'(!+--(3%'6!
8(1).)#9!':)#)!*))/*!'(!4)!*(/)!-(%23*$(%!$%!':)!)=$*'$%&!/3*$-!43*$%)**!0$')#+'3#)!
+4(3'! :(1! $%20+'$(%! 2+-'(#*! $%'(! ':)! ,)')#/$%+'$(%! (2! ':)! #+')9! 1:$-:! $*! J);! '(! (.)#+00!
-(00)-'$(%*6!K)5)%,$%&!(%!':)!;)+#!(2!':)!),$'$(%!(2!+!/3*$-!43*$%)**!')='9!':)!#+')!$*!*))%!
+*! ,)')#/$%),! 4;! $%20+'$(%! (%0;! 1:)%! $'! $*! ,)-0+#),! *(! 4;! ':)! C(5;#$&:'! >#4$'#+'$(%!
L(;+0';!H#$43%+0! MC>LNO6!H:)!5#(40)/! $*! ':+'! ':)#)!:+.)!4))%!/+%;!;)+#*! *$%-)!DEFG!
1:)%!':)!#+')!:+*!4))%!#).$*),!351+#,*!1$':!%(!#)2)#)%-)!'(!':)!#+')!(2!$%20+'$(%6!P%!':+'!
-+*)9! +3':(#*! 1$00! (2')%! #)2)#! '(! ':)! 351+#,! #).$*$(%! (2! ':)! #+')! 1$':(3'! #)2)#)%-)! '(!
$%20+'$(%6!>!2)1!)=+/50)*!2(00(16!
P%! ':)! )$&:':! ),$'$(%! (2! ;2'/) <./'"1//) (#) =./'09! Q$00$+/! R#+*$0(.*J;! +%,! B$,%);!
B:)/)0!/+$%'+$%!':+'!':)!$%-#)+*)!$%!':)!*'+'3'(#;!/)-:+%$-+0!#(;+0';!#+')!$*!4+*),!(%!':)!
C(%*3/)#!N#$-)!P%,)=6G!S;!':)!%$%':!),$'$(%9! $%!ITT"9! ':)#)! $*!%(!/)%'$(%!+'!+00!(2!+%;!
CNP! +,U3*'/)%'6F! <(#! V)22! +%,! H(,,! S#+4)-@*! =./'03) =("1>) %"*) ,.001//9! ':)! CNP!
-(##)-'$(%! 1+*! +01+;*! (%! ':)! '+40)6! >*! ':);! 1#$')! $%! ':)! ITTE! ),$'$(%9! ':)$#! *$=':9!
WX/)-:+%$-+0Y! #+')! +,U3*'/)%'*! 1)#)! 5#(.$,),! 2(#! $%! ':)! 0)&$*0+'$(%! 4+*),! (%! ':)! AB!
C(%*3/)#!N#$-)!P%,)=Z6[!8+#(0,!\(&)09!+3':(#!(2!?"&1@&%'"-1"&)!"*./&@>)?0("(-'0/!-3'*!
':#(3&:!':)!/$,,0)!$%!:$*! 0+')*'!),$'$(%9!*3&&)*'$%&!':+'!W'(!J))5!5+-)!1$':!/+#J)'50+-)!
-(%,$'$(%*9! X/)-:+%$-+0*Y! +#)! %(1! *34U)-'! '(! 351+#,! #).$*$(%! (.)#! '$/)! +%,! +#)! )$':)#!
%)&('$+'),! 4;! ':)! $%')#)*'),! 5+#'$)*! (#! &(! '(! +#4$'#+'$(%! 4;! ':)! C(5;#$&:'! >#4$'#+'$(%!
L(;+0';!N+%)0Z6E!\(&)0!,()*!%('!/)%'$(%!':)!CNP!$%!':)!/+$%!')='9!+0':(3&:!$%!+!2(('%(')9!
:)!+,,*]!W+2')#!V+%3+#;!DE[[9!X':)Y!#+')!:+*!4))%!+,U3*'),!).)#;!'1(!;)+#*!$%!5#(5(#'$(%!'(!
-:+%&)*! $%! ':)! CNPZ6DT! H:)! *(3#-)! 2(#! ':)! 2(('%(')9! $%-$,)%'+00;9! $*! <'$$A(%@*! ^! +!
/+&+_$%)!':+'9!:$*'(#$-+00;9!:+*!%('!50+-),!)/5:+*$*!(%!$%20+'$(%`+,U3*'),!,+'+6!
H:)!a3)*'$(%!:)#)!$*!1:)':)#!(#!%('!':)!*'+'3'(#;!/)-:+%$-+0!#+')!:+*!#)+00;!J)5'!35!
1$':! $%20+'$(%! *$%-)!DEFG6! P2! *(9! *(%&1#$')#*! +%,! ':)$#! 5340$*:)#*! -(30,!4)! *+$,! '(!:+.)!
(4'+$%),!2+$#!')#/*!+&+$%*'!':)!#)-(#,!0+4)0*6!>!'+40)9!4)0(19!*:(1*!':)!,+'+]DD!
P%20+'$(%9! $%! *:(#'9! :+*! %('! 4))%! +--(//(,+'),! 5#(5)#0;6! H:)#)! :+*! 4))%! +! *)#$(3*!
,).+03+'$(%! (2! ':)! /)-:+%$-+0! *'+'3'(#;! #+')! +&+$%*'! ':)! C(%*3/)#! N#$-)! P%,)=! *$%-)!
DEFG6!b(#)(.)#9! ':)!,(1%1+#,! '#)%,! $*!*')+,;! ':#(3&:(3'9! *3&&)*'$%&! ':+'! ':)!5)#$(,$-!
351+#,! #).$*$(%*! (2! ':)! /)-:+%$-+0! #+')! ^! /3-:! 5340$-$*),! $%! ':)! -#)+'$.)! /3*$-!
-(//3%$';!^!+#)!+'!4)*'!-(*/)'$-6!
H:)!+4(.)!,+'+!*:(1*!+%!(.)#+00!,)-0$%)!$%!':)!$%20+'$(%`+,U3*'),!/)-:+%$-+0*!(2!Dcd!
4)'1))%!DEFG^ITTE6!e)+#`$%!+%,!;)+#`(3'9!':$*!#)5#)*)%'*!+!#)+0!0(**!(2!+!:+02!5)#-)%'+&)!
5($%'!$%!':)!.+03)!(2!':)!/)-:+%$-+0!#+')!^!a3$')!+!*$&%$2$-+%'!,#(56!
<(#!$003*'#+'$.)!53#5(*)*9!1)!)*'$/+')!':)!)22)-'!':$*!:+,!(%!AB!*(%&1#$')#*6!P2!8+##;!
<(=!0$J)0;!-(00)-'),!+4(3'!f"TT!/$00$(%!$%!/)-:+%$-+0*!).)#;!;)+#9!+!%3/4)#!1)00!4)0(1!
':)! +.)#+&)! -(00)-'$(%*! (2! ':)! DEET*! +%,! TT@*9! ':)%! +! :+02! 5)#-)%'+&)! ,#(5! $%! ':)!
/)-:+%$-+0! #+')! $/50$)*! +! fD67! /$00$(%! 0(**! $%! ,$*'#$43'$(%*! ).)#;! ;)+#6! N#)*3/$%&! +%!
78
! ! !
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! "! !"#$%&'()**#'+(#,"#-.,&/012'%# ! ! !#
! ! ! !
!
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! # ! ! !!
#$%&'(!)($*)+&,-!$#%#.*-/(!0*)!(#$1!*0!%1(!23444!5*,-6)&%()5!)(-&5%()(+!#%!%1(!7*,-6)&%()5!
8/&.+! *0!9:()&$#3;<! %1(! +#%#! &:=.&(5! #,! #,,/#.! =()! $#=&%#! .*55! *0! >?44! &,! 5*,-6)&%&,-!
:*,&(5@! A'()! %1(! ??BC(#)! =()&*+! *0! %1(! 5%/+C3! %1(! %*%#.! &5! #==)*D&:#%(.C! >;43444! =()!
5*,-6)&%()!E1#.0!*0!%1&5!0&-/)(!6*/.+!1#'(!F((,!#==)*=)&#%(+!FC!%1(!=/F.&51()5G@!H%!51*/.+!
F(!*F5()'(+! %1#%! %1(! )(5/.%! &5!-&'(,!6&%1*/%! 0#$%*)&,-!#!=*55&F.(! &,%()(5%!(#),&,-!*,! %1(!
/,=#&+! 5/:@! 9.5*3! %1(! +&5%)&F/%&*,! *0! :($1#,&$#.53! .&I(! %1(! 5#.(! *0! )($*)+(+!:/5&$3! &5!
/,('(,3!5*!%1#%!:&+B.('(.!#,+!(5%#F.&51(+!5*,-6)&%()5!=)*F#F.C!.*5%!:/$1!:*)(!%1#,!%1#%@!
!"#$%&'(' 7*,-6)&%()5!#,+!&,0.#%&*,!
!
J1(!('&+(,$(3!&,!5/::#)C3!5/--(5%5!5*,-6)&%()5!#,+!%1(&)!=/F.&51()5!6()(!.*5&,-!=*6()!
&,! %1(!K79! #-#&,5%! %1(! )($*)+! .#F(.5@! J*+#C3! &%! &5! %1(!:&%&-#%&,-! $&)$/:5%#,$(5! *0! %1(!
$/))(,%!)($(55&*,!%1#%!=()1#=5!L/5%&0C!%1(!56#C!.#F(.5!1#'(!*,!M9NO!P!#,+!*,!M*,-)(55@!
Q/%!&,!%1(!-*.+(,!:&+B;RS45!#,+!;RR453!=)*=()!#)%&5%!)(=)(5(,%#%&*,!$*/.+!1#'(!#++)(55(+!
%1(!+($.&,(!&,!:($1#,&$#.5!#%!#!%&:(!61(,!%1(!)($*)+!F/5&,(55!6#5!0&,#,$&#..C!5%)*,-@!
)' *+',-.'-/0'"/1,-2"3/4'(5667(869'
J1()(!&5!,*%1&,-!&,!%1(!.(-&5.#%&*,!*0!;RTU!%1#%!(D=.&$&%.C!5#C5!%1#%!/=6#)+!)('&5&*,5!*0!%1(!
5%#%/%*)C!:($1#,&$#.!)#%(!F(!F#5(+!*,!%1(!M*,5/:()!O)&$(!H,+(D@!V*6('()3!61(,!'&(6(+!
&,! #,! 1&5%*)&$#.! $*,%(D%3! %1(! :($1#,&$#.! )*C#.%C! 6#5! ,('()! +(5&-,(+! #5! #! 6&,+0#..! 0*)!
$*:=*5()5!%1#%!6*/.+!)&5(!0*)('()!1&-1()@!
J1(! :($1#,&$#.! )(=)*+/$%&*,! *0! 5*/,+! +#%(5! F#$I! %*! ;STT3! 61(,! J1*:#5! W+&5*,!
:#+(!#!'*&$(!)($*)+&,-!*0!%1(!5*,-!XY#)C!V#+!#!Z&%%.(!Z#:F[!E7$1*(,1())3!<442G@!9%!%1#%!
%&:(3!%1(!K7!$*=C)&-1%!.#6!+&+!,*%!)($*-,&5(!5/$1!#!)(=)*+/$%&*,!#5!#!X$*=C[!*0!#!:/5&$#.!
$*:=*5&%&*,! %1#%! 6*/.+! )(\/&)(! =():&55&*,! *0! %1(! $*:=*5()! E]1&%(B7:&%1!Y/5&$! O/F@!
M*@!'@!9=*..*!M*@3!;R4SG@!J1&5!6#5!$*,0&):(+!FC! %1(!7/=)(:(!M*/)%!61(,3! &,!;R4S3! &%!
)/.(+! %1#%! ,(&%1()! =&#,*! )*..5! ,*)! =1*,*-)#=1! )($*)+5! $*,5%&%/%(+! &,0)&,-(:(,%5! *0! %1(!
:/5&$#.! $*:=*5&%&*,5! (:F*+&(+! 6&%1&,! %1(:! E]1&%(B7:&%1!Y/5&$! O/F@! M*@! '@! 9=*..*!
M*@3!;R4SG@!M.(#).C3! %1(,3! %1(!K79!+&+!,*%!)($*-,&5(!#!:($1#,&$#.!)&-1%!#%! %1(!+#6,!*0!
%1(!(#).C!%6(,%&(%1!$(,%/)C@!
79
! ! !
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! ! !"#$%&'(")%"*)+,)-./'0)-102%"'0%$/3)456789:4:) ") ! ! !)
)
! ! ! !
!
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! ) ! ! !!
#$%&!'()!)$*!+,-!.)!/00&!1%)$!'2*3.%4%56!7(2/'*.5!8/'92%6$)!4.1:!;.8<!)$*5=!(50*2!
-2)%84*!>!/?!)$*!;*25*!@/53*5)%/5=!A/&)!7(2/'*.5!8/A'/&*2&!*5B/9*0!)$*!2%6$)!)/!8/5)2/4!
)$*! 2*'2/0(8)%/5! /?! )$*%2! 1/2<! C%5! .59! A.55*2! /2! ?/2AD=! %584(0%56! *.249! A*8$.5%8.4!
2*'2/0(8)%/5&!/?! &/(50! E;*25*!@/53*5)%/5=!FGGHI:!;9! )$*! )%A*! )$.)!;2'&1<,-'&2)=./'0)
>.?@) A(@! 3:!BC($$(! 1.&! 0*8%0*0! %5! F>JG=! ;*46%(A=!K*5A.2<=! L2.58*=!M*2A.59=! N).49=!
O(P*AQ/(26=! R/5.8/=! S/21.9=! ,'.%5=! .50! )$*! +T! 1*2*! .44! &%65.)/2%*&! )/! )$*! ;*25*!
@/53*5)%/5!.50!$.0!)$(&!Q2/(6$)!)$*%2!4/8.4!8/'92%6$)!4.1&!%5)/!'.2%)9!1%)$!)$*!)2*.)9:FU!
#$*!+,-!?%5.449! 2*8/65%&*0!.!A*8$.5%8.4! 2%6$)!/?! 2*'2/0(8)%/5! ?/2!8/A'/&*2&!1%)$!
)$*!'.&&.6*!/?!.!5*1=!8/A'2*$*5&%3*!@/'92%6$)!-8)!%5!F>J>!E@/'92%6$)!-8)=!F>J>I:!#$*!
F>J>!-8)!8/3*2*0!2*8/20%56&!/?!.!A(&%8.4!8/A'/&%)%/5=!62.5)%56!.5!.()$/2!V)$*!*P84(&%3*!
2%6$)!W!)/!A.<*!.59!.22.56*A*5)!/2!&*))%56!/?!%)!/2!/?!)$*!A*4/09!/?!%)!%5!.59!&9&)*A!/?!
5/).)%/5!/2!.59!?/2A!/?! 2*8/20! %5!1$%8$! )$*! )$/(6$)!/?!.5!.()$/2!A.9!Q*! 2*8/20*0!.50!
?2/A!1$%8$!%)!A.9!Q*!2*.0!/2!2*'2/0(8*0X!E@/'92%6$)!-8)=!F>J>I:!
N5! .00%)%/5! )/! 2*8/65%&%56! )$%&! 5*1! 2%6$)=! )$*! F>J>! -8)! .4&/! 82*.)*0! )$*! ?%2&)!
8/A'(4&/29! 4%8*58*! .50! &).)()/29! 2.)*:! +50*2! )$*! '2/3%&%/5&! /?! )$%&! 5*1! 4.1=! /58*! .!
8/A'/&*2! $.0! <5/1%5649! .44/1*0! $*2! 8/A'/&%)%/5! )/! Q*! 2*'2/0(8*0!A*8$.5%8.449=! &$*!
1.&!D1E.'D1*! )/!62.5)!.! 4%8*58*! )/!.59Q/09!*4&*!1$/!1%&$*0! )/!0/! )$*!&.A*Y!$*58*! )$*!
8/A'(4&/29! 4%8*58*! 1.&! Q/25:! N5! .00%)%/5=! @/562*&&! 6.3*! )$*! 8/A'(4&/29! 4%8*58*!
'2.8)%8.4!Q*5*?%)!Q9!&*))%56!)$*!'2%8*!?/2!1$%8$!8/A'/&*2&!1*2*!2*Z(%2*0!)/!62.5)!.!4%8*58*!
.)!)1/!8*5)&!'*2!(5%)=!)$*!?%2&)!&).)()/29!2.)*:!
[/1*3*2=!1$%4*!84*.249!.!?%5.58%.4!Q//5!)/!8/A'/&*2&=!)$*&*!5*1!2%6$)&!1*2*!82*.)*0!
?%2&)!.50!?/2*A/&)!.&!.!A*.5&!)/!'2*3*5)!.!'/)*5)%.4!A/5/'/49!%5!)$*!'%.5/!2/44!%50(&)29:!
-5)%8%'.)%56! .! &$%?)! %5! )$*! 4.1! ?/44/1%56!;2'&1<,-'&2=! #$*!-*/4%.5!@/A'.59=! .! '%.5/!!
2/44!A.5(?.8)(2*2=!Q*6.5!*5)*2%56!%5)/!*P84(&%3*!.62**A*5)&!1%)$!8/A'/&*2&! )/!'/&%)%/5!
%)&*4?! .&! .! A/5/'/49! $/40*2! /?! A*8$.5%8.4! 2*'2/0(8)%/5! 2%6$)&! \T/$5! *)! .4:=! EF>>HI=!
'':H"H]H"^_:!#$*2*?/2*=!)$*!8/A'(4&/29!A*8$.5%8.4!4%8*58*!8/('4*0!1%)$!)$*!&).)()/2%49!
&*)!2.)*!/?!)1/!8*5)&!1.&!%5)*50*0!'2%A.2%49!.&!.!Q(41.2<!.6.%5&)!A/5/'/49!'2.8)%8*&!Q9!
8/A'.5%*&!*5)*2%56! )$*!5*1!A.2<*)! ?/2!A*8$.5%8.4!&/(50!2*'2/0(8)%/5!2.)$*2! )$.5!.&!.!
1%50?.44! ?/2! 8/A'/&*2&:! N)! %&! )$*2*?/2*! (5&(2'2%&%56! )$.)! )$*! &).)()/29! A*8$.5%8.4! 2.)*!
2*A.%5*0!(58$.56*0!.)!)1/!8*5)&!?/2!A/2*!)$.5!^J!9*.2&:!
!" #$"%&'"&()"*(+%&,*-(."/012345/5"
#$*!&).)()/29!A*8$.5%8.4!2.)*!2*A.%5*0!?2/`*5!(5)%4!a.5(.29!F=!F>^G!1$*5!)$*!@/'92%6$)!
-8)!/?!F>^H!1*5)!%5)/!*??*8)!E@/'92%6$)!-8)=!F>^H.I:!#$%&!5*1!4.1!62*.)49!8$.56*0!)$*!
?(58)%/5! /?! )$*!A*8$.5%8.4! 2.)*:!;9! 4//<%56! 84/&*49! .)! )$*! '2/3%&%/5&! /?! )$*!@/'92%6$)!
-8)=!%)!%&!84*.2!)$.)!@/562*&&!5/!4/56*2!%5)*50*0!?/2!)$*!2.)*!)/!2*A.%5!&).)%8:!
N5!'.2)%8(4.2=!&*8)%/5!GJF!/?!)$*!@/'92%6$)!-8)!*&).Q4%&$*&!)$*!?(58)%/5&!/?!@/'92%6$)!
b/9.4)9! a(06*&=! %:*:=! )$*! /??%8%.4&!1$/!$.3*! )$*! .()$/2%)9! )/! &*)! )$*!A*8$.5%8.4! 2/9.4)9!
2.)*:!N5!&*))%56!)$*!2.)*=!)$/&*!B(06*&!$.3*!?/(2!8/5&%0*2.)%/5&:!#$*9!.2*!E&%8Ic!
F! )/!A.P%A%&*!)$*!.3.%4.Q%4%)9!/?!82*.)%3*!1/2<&!)/!)$*!'(Q4%8!
d! )/!.??/20!)$*!8/'92%6$)!/15*2!.!?.%2!2*)(25!?/2!$%&!/2!$*2!82*.)%3*!1/2<!.50!)$*!
8/'92%6$)!(&*2!.!?.%2!%58/A*!(50*2!*P%&)%56!*8/5/A%8!8/50%)%/5&!
U! )/!2*?4*8)!)$*!2*4.)%3*!2/4*&!/?!)$*!8/'92%6$)!/15*2!.50!)$*!8/'92%6$)!(&*2!%5!)$*!
'2/0(8)!A.0*!.3.%4.Q4*!)/!)$*!'(Q4%8!1%)$!2*&'*8)!)/!2*4.)%3*!82*.)%3*!8/5)2%Q()%/5=!
80
! ! !
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! "! !"#$%&'()**#'+(#,"#-.,&/012'%# ! ! !#
! ! ! !
!
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! # ! ! !!
#$%&'()(*+%,)!%('#-+./#+('0!%,1+#,)!+'2$3#4$'#0!%(3#0!-+350!,'6!%('#-+./#+('!#(!#&$!
(1$'+'*!(7!'$8!4,-5$#3!7(-!%-$,#+2$!$91-$33+('!,'6!4$6+,!7(-!#&$+-!%(44/'+%,#+('!
:! #(!4+'+4+3$!,';!6+3-/1#+2$!+41,%#!('!#&$!3#-/%#/-$!(7!#&$!+'6/3#-+$3!+'2()2$6!,'6!('!
*$'$-,));!1-$2,+)+'*!+'6/3#-;!1-,%#+%$3!<=(1;-+*&#!>%#0!?@A".BC!
D&$3$!%('3+6$-,#+('3!,-$!,!%)$,-!6$1,-#/-$!7-(4!#&$!,'#+E4('(1();!-()$!(7!#&$!%(41/)3(-;!
)+%$'%$!,'6!3#,#/#(-;!-,#$!/'6$-!#&$!?@F@!>%#C!G(8$2$-0!#&$-$!+3!'(!4$'#+('!&$-$!,.(/#!
5$$1+'*!1,%$!8+#&!#&$!-,#$!(7!+'7),#+('C!H'!7,%#0!,4('*!#&$!%,'('3!(7!)$*,)!+'#$-1-$#,#+('0!+#!
+3!/3/,)! #(!7,))!.,%5!('!#&$!1&-,3$!)34/)1156#7+571#)12#)3.%7156#'%2)/571!I!8&+%&!&,3!#&$!
+41)+%,#+('!#&,#!+7!3(4$#&+'*!+3!'(#!,%%(/'#$6!7(-!$91)+%+#);0!+#!3&(/)6!'(#!.$!%('3+6$-$6C!
>3!#&$-$!+3!'(#&+'*!,.(/#!#&$!=('3/4$-!J-+%$!H'6$90!+#!%,'!.$!,-*/$6!#&,#!+'7),#+('!'$$6!
'(#! .$! ,'! (77+%+,)! %('3+6$-,#+('! 7(-! #&$! #-+./',)! (7! K/6*$3! <3#+))0! +'7),#+('! +3! 3/%&! ,'!
+41(-#,'#! $)$4$'#! (7! L$9+3#+'*! $%('(4+%! %('6+#+('3M! #&,#! +#! +3! 6+77+%/)#! #(! +4,*+'$! #&,#!
=('*-$33!8(/)6!&,2$!+'#$'6$6!#(!$9%)/6$!#&$!3/.K$%#BC!
H'6$$60!,))!(7!#&$!(.K$%#+2$30!./#!4(3#!1,-#+%/),-);!#&$!7(/-#&0!3$$4!#(!%,/#+('!,*,+'3#!
-,+3+'*! #&$! -,#$3! #(! 5$$1! +'! 1,%$! 8+#&! #&$!=('3/4$-! J-+%$! H'6$9C! >! )(8$-! -,#$! 8(/)6!
4,9+4+3$!#&$!,2,+),.+)+#;!(7!8(-53!#(!#&$!1/.)+%!/'6$-!#&$!7+-3#!(.K$%#+2$C!H'!,66+#+('0!#&$!
+'2$3#4$'#3! 4,6$! .;! -$%(-6! ),.$)3! +'! -$%(-6+'*! ,'6! 6+3#-+./#+'*! 3(/'6! -$%(-6+'*3! ,-$!
,)4(3#!,)8,;3!*-$,#$-!#&,'!#&(3$!4,6$!.;!#&$!%(41(3$-!+'!8-+#+'*!#&$!3('*0!)$,6+'*!#&$!
#&+-6! (.K$%#+2$! #(! ,)3(! 8$+*&! +'! 7,2(/-! (7! 5$$1+'*! #&$! -,#$! )(8C! N+',));0! #&$! 7(/-#&!
(.K$%#+2$! ,)3(! 1),;3! ,*,+'3#! ,! 1$-+(6+%! +'%-$,3$0! ,3! ,';! -+3$!8(/)6! %,/3$! ,#! )$,3#! 3(4$!
6+3-/1#+('! +'! #&$! -$%(-6! +'6/3#-;C! O2$-,))0! #&$! 7(/-! (.K$%#+2$3! 4,;! .$! %('3+6$-$6!
3(4$8&,#!(7!,!38$$#&$,-#!6$,)!7(-!#&$!),.$)3C!
P'6$-! ,!1-(2+3+('!(7! 3$%#+('!QF?0! 7/-#&$-4(-$0!8&$'!=(1;-+*&#!R(;,)#;! S/6*$3! 3$#!
-,#$3! 7(-! %(41/)3(-;!4/3+%! )+%$'3+'*! +'! #&$! 3$%('6,-;! #-,'34+33+('! (7!4/3+%! .;! %,.)$!
3;3#$430!(');!#8(!7,%#(-3!4,;!.$!%('3+6$-$6!,'6!#&$!7+-3#!+3!L',#+(',)!4('$#,-;!+'7),#+('!
(-!6$7),#+('MC!D&$-$7(-$0!+#!+3!'(#!,3!+7!4('$#,-;!7,%#(-3!8$-$!$'#+-$);!,.3$'#!+'!#&$!4+'6!
(7! =('*-$33!8&$'! #&$! ?@A"!=(1;-+*&#!>%#! 8,3! 6-,7#$6C! D&$! ,.3$'%$! (7! +'7),#+('! ,3! ,!
%('3+6$-,#+('!+'!#&$!3$##+'*!(7!,!4$%&,'+%,)!-,#$!+3!+'6$$6!%('31+%/(/3C!
!" #"$%&'()*"')$&"
H#! 3$$43! -$,3(',.)$! #(! 3/**$3#0! 7/-#&$-4(-$0! #&,#! #&$!PT!4$%&,'+%,)! -,#$! &,3! 1-(.,.);!
),**$6!+'7),#+('!4(-$!#&,'!+'!(#&$-!6$2$)(1$6!4/3+%!4,-5$#3C!U2$'!#&(/*&!,#!#&$!#+4$!(7!
8-+#+'*!4(-$! 6$#,+)$6! -$3$,-%&! +3! -$V/+-$6! #(!$3#,.)+3&! #&+3! 7+-4);0! ,! '/4.$-! (7! 7,%#(-3!
3/**$3#!#&,#!%())$%#+('3!(7!4$%&,'+%,)3!+'!U/-(1$,'!%(/'#-+$30!7(-!+'3#,'%$0!,-$!4/%&!)$33!
1-('$!#(!L4('$;!+))/3+('M0!,3!&+3#(-+%,));!8+#'$33$6!+'!#&$!PT>C!
D&(/*&! #&$! PT>! &,3! $'#$-$6! +'#(! 3$2$-,)! 5$;! +'#$-',#+(',)! #-$,#+$3! +'2()2+'*!
%(1;-+*�!4$%&,'+%,)!-+*!)+%$'3+'*!-$4,+'3!,'!,-$,!+'!8&+%&!#&$!PT>!+3!,#!(663!8+#&!
#&$!1-$2,+)+'*!+'#$-',#+(',)!4(6$)C!D&$!5$;!6+77$-$'%$3!,-$!8&(!&,3!#&$!1(8$-!#(!)+%$'%$!
4$%&,'+%,)!-+*!#&$!$9+3#$'%$!(7!3#,#/#(-+);!3$#!4$%&,'+%,)!-(;,)#;!-,#$30!,'6!&(8!#&(3$!
-,#$3!,-$!%,)%/),#$6C!U,%&!(7!#&$3$!1(+'#3!+3!6+3%/33$6!.$)(8C!
H'! #&$!PT>0! #&$!G,--;!N(9!>*$'%;!(2$-3$$3! #&$!%())$%#+('!,'6!6+3./-3$4$'#!(7! #&$!
4,K(-+#;! (7! 4$%&,'+%,)! -(;,)#+$3W! &(8$2$-0! #&,#! 7,%#! .$)+$3! #&$! ,.3$'%$! (7! ,! %$'#-,)!
%)$,-+'*! &(/3$! 7(-!4$%&,'+%,)! -+*! +'! #&$! PT>C! N(-! #&(3$!4/3+%,)! %(41(3+#+('3! '(#!
,64+'+3#$-$6!.;!1/.)+3&$-3!,'6!%(41(3$-3!,))+$6!8+#&!GN>0!-$%(-6!),.$)3!'$$6!#(!)(%,#$!
#&$!-+*!&()6$-!+'!(-6$-!#(!(.#,+'!,!4$%&,'+%,)!)+%$'%$C!
81
! ! !
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! ! !"#$%&'(")%"*)+,)-./'0)-102%"'0%$/3)456789:4:) ") ! ! !)
)
! ! ! !
!
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! ) ! ! !!
#$! %&$'()*'+! ,$-.(! '/.! 0(.1)232$4! 2$'.($)'2&$)3! 5&-.3+! .)%/! $)'2&$! /)*! -.*24$)'.-! )!
5)$-)'&(6!5.%/)$2%)3!(24/'*!%&33.%'2&$!*&%2.'6!'/)'!$&'!&$36!&1.(*..*!'/.!1)*'!5)7&(2'6!&8!
5,*2%)3! %&50&*2'2&$*! 92'/2$! '/)'! '.((2'&(6+! :,'! /&3-*! 2$! '(,*'! 8,$-*! 8&(! '/.! ,*.! &8!
%&50&*2'2&$*! 9/.(.! '/.! (24/'*! /&3-.(! %)$$&'! :.! 8&,$-;<=! >.%/)$2%)3! 32%.$%.! 8..*!
$&'92'/*')$-2$4+! *,%/! )! *6*'.5! &8! 5)$-)'&(6! 32%.$*2$4! :&-2.*! 3&9.(*! '/.! '()$*)%'2&$!
%&*'*!)**&%2)'.-!92'/!'()%?2$4!-&9$!(24/'*!/&3-.(*+!0)('2%,3)(36!8&(!&3-.(!%&50&*2'2&$*!&8!
(.3)'21.36!3&9!$&'&(2.'6;!
#$!)--2'2&$!'&!'/.!):*.$%.!&8!)!5)$-)'&(6!32%.$*2$4!:&-6+!'/.!0(.*.$%.!&8!%&50,3*&(6!
32%.$%.*!)$-!*')','&(236!-.'.(52$.-!()'.*!*.'!'/.!@AB!)0)('!8(&5!'/.!(.*'!&8!'/.!9&(3-;!B*!
*')'.-!2$!'/.!0(2&(!*.%'2&$+!,$-.(!'/.!@A!C&06(24/'!B%'!&$%.!)!%&50&*.(!)33&9*!/2*!9&(?!
'&!:.!5.%/)$2%)336!(.0(&-,%.-+!/.!5,*'!4()$'!*,%/!)!32%.$%.!'&!)$6&$.!.3*.!9/&!(.D,.*'*!
2'! )'! )! ()'.! *.'! :6! '/.! C&06(24/'! B(:2'()'2&$! E&6)3'6! F)$.3;! #$! %&$'()*'+! )! 5)7&(2'6! &8!
G&(3-! H()-.! I(4)$2J)'2&$!5.5:.(! $)'2&$*! (.%&4$2*.! $.2'/.(! %&50,3*&(6! 32%.$%.*! $&(!
*')','&(236!*.'!()'.*!KL&/$!.'!)3;+!MNOONP+!0;"O=Q;!
E)'/.(+! %&50&*.(*! )(.! $&'! (.D,2(.-! '&! 32%.$%.! '/.2(! %&50&*2'2&$*! 8&(! 5.%/)$2%)3!
(.0(&-,%'2&$!)'!*0.%282.-!()'.*R!/&9.1.(+!'/&*.!9/&!,$(.)*&$):36!-.$6!*,%/!32%.$%.*!5)6!
$&$.'/.3.**!:.!8&(%.-!'&!)%D,2.*%.!:6!)!3&%)3!7,-2%2)3!),'/&(2'6;<S!#$!'/.!@L+!8&(!.T)503.+!
28! )! (.%&(-! 3):.3! 92*/.*! '&! &:')2$! )!5.%/)$2%)3! 32%.$%.! )$-! '/.!>.%/)$2%)3UC&06(24/'!
F(&'.%'2&$!A&%2.'6+!'/)'!'.((2'&(6V*!5)$-)'&(6!5.%/)$2%)3!32%.$*2$4!:&-6+!2*!,$92332$4!'&!
&88.(!(.)*&$):3.!'.(5*+!'/.!(.%&(-!3):.3!5)6!)*?!'/.!C&06(24/'!H(2:,$)3!'&!)-7,-2%)'.!2'*!
%)*.!)$-!*.'!)!&$.U'25.!()'.!8&(!2'*!,*.!&8!'/.!%&50&*2'2&$;<W!B*!)!(.*,3'+!'/&,4/!'/.(.!2*!
$&! X%&50,3*&(6! 32%.$%.V! %(.)'.-! :6! 5&*'! %&06(24/'! 3.42*3)'2&$! &,'*2-.! '/.! @AB+! 5&*'!
$)'2&$*!$&$.'/.3.**!/)1.!*&5.!7,-2%2)3!8()5.9&(?!:6!9/2%/!*,%/!%&50,3*&(6!32%.$*2$4!2*!
.88.%'.-!KL&/$!.'!)3;+!MNOONP+!0;"O=Q;!
Y,('/.(5&(.+!'/.!0(.1)232$4!2$'.($)'2&$)3!%&06(24/'!5&-.3!-&.*!)9)6!92'/!*')','&(236!
*.'!()'.*!2$!8)1&,(!&8!32%.$*2$4!*%/.5.*!)((21.-!)'!'/(&,4/!%&33.%'21.!:)(4)2$2$4!:.'9..$!
(.%&(-! 3):.3*! )$-! %&50&*2'2&$! (24/'*! /&3-.(*! KL&/$! .'! )3;+! MNOONP+! 0;"O=Q;!Z2*'&(2%)336+!
'/.*.! 32%.$*2$4! *%/.5.*! 9.(.! $.4&'2)'.-! :.'9..$! (.%&(-! 3):.3*! )$-! '/.! 5)$-)'&(6!
5.%/)$2%)3!(24/'*!%&33.%'2&$!*&%2.'6!&8!.)%/!$)'2&$!KL&/$!.'!)3;+!MNOONP+!0;[<\Q;!Z&9.1.(+!
'&-)6! '/.*.! %&33.%'21.! :)(4)2$2$4! )4(..5.$'*! ')?.! 03)%.! &$! )! 3)(4.(! *%)3.+! :.'9..$!!
'/.! #$'.($)'2&$)3! Y.-.()'2&$! &8! '/.! F/&$&4()0/2%! #$-,*'(6! M#YF#P<"! )$-! '/.! ;.<1%.)
!"&1<"%&'("%$) *1/) ,(0'1&'1/) =1<%"&) >1/) ?<('&/) ?@A"<1B'/&<1-1"&) 1&) *1) C1D<(*.0&'(")
E10%"'F.1!M]#^>P<\;!H/.!*')$-)(-!%&$'()%'!8&(!5.%/)$2%)3!32%.$%.*!2*!'/.$!,*.-!:6!'/.!
5)$-)'&(6!5.%/)$2%)3!(24/'*!%&33.%'2&$!*&%2.'6!&8!.)%/!'.((2'&(6;<_!
Y2$)336+! '/.! 5)$$.(! 2$! 9/2%/! 5.%/)$2%)3! (&6)3'2.*! )(.! %)3%,3)'.-! -288.(*! 4(.)'36!
:.'9..$!'/.!@AB!)$-!'/.!0(.1)232$4!2$'.($)'2&$)3!5&-.3;!#$!'/.!@AB+!'/.!*')','&(6!()'.!2*!
%)3%,3)'.-!)*!)!*.'!)5&,$'!&8!5&$.6!0.(!5,*2%)3!%&50&*2'2&$!0.(!,$2'!*&3-;!C&$1.(*.36+!
,$-.(! '/.! ]#^>`#YF#! A')$-)(-! C&$'()%'+! ,*.-! :6! 5&*'! 5)$-)'&(6! 5.%/)$2%)3! (24/'*!
%&33.%'2&$!*&%2.'2.*!'/(&,4/&,'!'/.!9&(3-+!(&6)3'2.*!)(.!%)3%,3)'.-!)*!)!0.(%.$')4.!&8!'/.!
F,:32*/.-! F(2%.! '&! a.)3.(*! MFFaP+! '/.! /24/.*'! 0(2%.! '/)'! )! (.%&(-! 3):.3! &(! -2*'(2:,'&(!
%/)(4.*! '&! )! (.')23.(! *.332$4! (.%&(-2$4*! -2(.%'36! '&! %&$*,5.(*;NO! @$-.(! '/.! A')$-)(-!
C&$'()%'! %,((.$'36! ,*.-! :6! 5.5:.(! *&%2.'2.*+! )$! )1.()4.! 5.%/)$2%)3! 32%.$%.! (.%.21.*!
_;OO_b!&8!FFa;N<!B*! 2$'.($)'2&$)3!5.%/)$2%)3*!5252%!5&1.5.$'*! 2$! '/.!(.')23!0(2%.!&8!
(.%&(-.-! 5,*2%+! .1.$! 28! '/.6! 9.(.! $&'! 5.)$'! '&! ?..0! 0)%.! 92'/! $)'2&$)3! 5&$.')(6!
2$83)'2&$+! '/.6!)'! 3.)*'! (.83.%'! 2$83)'2&$)(6`-.83)'2&$)(6! '(.$-*! 2$! '/.!5)(?.'! 8&(! (.%&(-.-!
5,*2%;!
82
! ! !
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! "! !"#$%&'()**#'+(#,"#-.,&/012'%# ! ! !#
! ! ! !
!
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! # ! ! !!
!" #$"%&'()*+'),-"./0)1"
#$%!&'!(%)$*+,)*-! .*/%!$*0!.%(*,+%1!*/!234!)%+/0!0,+)%!56678!*+1!9,--! .%(*,+!0:!;+/,-!
56453!<%)*;0%!,/!$*0!+:/!=%%+!*1>;0/%1!;?9*.10!/:!.%@-%)/!,+@-*/,:+8!,/!0;AA%0/0!(:.%!-:00!
:@!?:9%.!=B!0:+A9.,/%.0!*+1!/$%,.!?;=-,0$%.03!C:+D%.0%-B8!.%):.1!-*=%-0!):+/,+;%!/:!0*D%!
:+!/$%!):0/!:@!?.:1;)/,:+!:@!,+/%--%)/;*-!?.:?%./B3!
E:9%D%.8!*!+;(=%.!:@!?:,+/0!+%%1!/:!=%!(*1%3!
F+!*-=;(!,0!+:9!G2322!*/!F??-%!,#;+%08!:+%!:@!/$%!(*,+!.%/*,-!@.:+/0!:@!/$%!=;0,+%003!
HA+:.,+A! @:.! *! (:(%+/! /$*/! (:0/! .%):.1! -*=%-! ):+/.*)/0! +:9! ,+)-;1%! ):+/.:--%1!
):(?:0,/,:+!)-*;0%0!/$*/!.%1;)%!?*B(%+/0!:@!/$%!(%)$*+,)*-0!/:!IJK!:@!/$%!(%)$*+,)*-!
.*/%!*+1!?*B!(%)$*+,)*-0!;?! /:!*!(*L,(;(!:@! /%+!0:+A0!?%.!*-=;(8! ,/! ,0!)-%*.! /$*/! /$%!
);..%+/!(%)$*+,)*-!.*/%!,0!+:9!*!(;)$!A.%*/%.!?%.)%+/*A%!:@!/$%!0%--,+A!?.,)%!:@!*+!*-=;(!
/$*+! ,/! 9*0! ,+! /$%! 42260! M! 9$%+! 9$:-%0*-%! ?.,)%08! 9,/$:;/! *! 1,0):;+/8! 9%.%! *.:;+1!!
G45MG4J3!
N*+B! *./,0/08! (:.%:D%.8! 9,0$! /:! ?.:(:/%! 0*-%0! :@! /$%,.! (;0,)! :+! *! D*.,%/B! :@!!
+:+O.%):.1%1! ?-*/@:.(08! ,+)-;1,+A! -,D%! (;0,)! *+1! (%.)$*+1,0%! 0*-%03! P*QQ! *./,0/08! ,+!
?*./,);-*.8!(*B!=%!$*??B!/$*/!(%)$*+,)*-0!$*D%!+:/!.,0%+!(;)$!=%)*;0%!/$%,.!-,D%-,$::1!,0!
+:/! *0! 1%?%+1%+/! :+! .%):.1,+A0! R=%0,1%08! ,/!(*S%0! ):D%.,+A! :/$%.! 0/*+1*.10! *+1! +%9%.!
:;/0,1%!):(?:0,/,:+0!(:.%!*@@:.1*=-%T3!<;/! /$%B!(*B!+:/!=%!*-:+%3!E,A$%.!(%)$*+,)*-0!
(,A$/!(%*+!(:.%!%L?%+0,D%!.%):.10!@:.!/$%!):+0;(%.!M!*!@*)/:.!/$*/!,0!+:/!-:0/!:+!(*+B!
*./,0/0! ,+! :/$%.! A%+.%0! *+1! :+!F??-%8!9$:!$*0! :??:0%1! /$%! ,+).%*0%! :@! /$%!(%)$*+,)*-!
.*/%355!
#$%.%!,0!-,//-%!%D,1%+)%8!(:.%:D%.8!/$*/!/$%!':+A9.,/%.0!U;,-1!*+1!/$%!V*/,:+*-!N;0,)!
W;=-,0$%.0!F00:),*/,:+! R@:.!9$:(! /$%!E*..B!X:L!FA%+)B!):--%)/0T!*.%! /.;-B!;?! ,+!*.(0!
*A*,+0/!/$%!.%):.1!-*=%-0!@:.!(*,+/*,+,+A!/$%!234!)%+/0!.*/%3!#$%!.%):.1%1!(;0,)!=;0,+%00!
,0! ,+! .%/.%+)$(%+/8! 0:! /$%! 0/.;AA-%!:D%.!(%)$*+,)*-0! ,0!+:/!A%+%.*/,+A! /$%!%L),/%(%+/! ,/!
(,A$/!$*D%!%+A%+1%.%1!,+!=%//%.!/,(%03!
X,+*--B8!(%)$*+,)*-!):+)%00,:+0!@:.!+%9O.%):.1%1!(%1,*!(*B!*-0:!=%!/.*1%1!*A*,+0/!
/$%!@,L%1!*+1!0/*+1*.1!.*/%!:@!234!)%+/03!W;=-,0$%.0!*+1!/$%,.!0:+A9.,/%.0!9%.%!+:/!*=-%!/:!
)$*+A%!/$%!234!)%+/0!.*/%8!=;/!1;.,+A!/$%!-*/%0/!.:;+1!:@!+%A:/,*/,:+0!@:.!*!+%9!0)$%1;-%!:@!
(%)$*+,)*-! -%D,%08! ,+! @:.)%! ;+/,-! Y%)%(=%.! Z48! 56458! /$%B! A:/! *! +%9!(%)$*+,)*-! .*/%!
*??.:D%1!@:.!(*0/%.!.,+A/:+%03!H/!9*0!/$%!@,.0/!%D%.8!*+1!9*0!0%/!*/!5[!)%+/0!?%.!1:9+-:*13!
#$%!VNWF!$*1!1:+%!9%--3!F-/$:;A$!@*--,+A!0$:./!:@!/$%!Z6!)%+/0!,/!9*+/%18!,3%38!4JK!:@!*!
G4322!1:9+-:*18!,/!9*0!9%--!:D%.!/$%!VNWF\0!(,+,(;(!?:0,/,:+!:@!4J!)%+/03!<%0,1%08!*!
+%9! ):(?;-0:.B! -,)%+)%! @:.! .%):.1%1! (;0,)! $*1! =%%+! 9.,//%+! ,+/:! -*98! ?:/%+/,*--B!
.%1.%00,+A! /$%! ):+/,+;,+A! ,+%];,/B! :@! *!?::.! /.%*/(%+/! :@! ,+@-*/,:+! ,+! /$%! -:+AO0/*+1,+A!
1,0/.,=;/,:+!:@!(%)$*+,)*-!):--%)/,:+035Z!
2" 3/*',4-+/*-"
#$,0! ?*?%.! $*0! 0;AA%0/%1! /$*/! /$%! (%)$*+,)*-! .*/%! %*.+%1! =B! 0:+A9.,/%.0! *+1! /$%,.!
?;=-,0$%.0! ,+! /$%! &'F! $*0! =%%+! 1%D*-;,+A! 0/%*1,-B! *A*,+0/! ,+@-*/,:+! 0,+)%! 42I73! #$%!
(;0,)!=;0,+%00!$*0!=%%+!-*.A%-B!:=-,D,:;0!/:!/$%!?$%+:(%+:+8!9$,)$!,0!@,.0/!+:/%1!$%.%3!
H/! (*B! =%! *.A;%1! /$*/! /$%! ):+)%00,:+0! (*1%! /:! (;0,)! ).%*/:.0! ,+! 42I7! $*1! /:! =%!
.%D%.0%1!0:(%9$*/3!H/!(,A$/!=%!@;./$%.!0;AA%0/%1!/$*/!/$%!.%):.1!-*=%-0!):;-1!?.%D*,-! ,+!
/$%!-:==B,+A!(*/)$!:D%.!C:+A.%00!*+1!/$%!CF^W!#.,=;+*-8!=%)*;0%!/$%B!9%.%!/$%!)*0$!
83
! ! !
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! ! !"#$%&'(")%"*)+,)-./'0)-102%"'0%$/3)456789:4:) ") ! ! !)
)
! ! ! !
!
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! ) ! ! !!
#$%!$&!'()!*+,-.),,!/.0!).1$2)0!3+#(!0))4)5!4$#6)',7!8+'!'()5)!-,!/!3$5)!&+.0/3).'/9!
5)/,$.!*)(-.0!'()!0)#9-.)!$&!,$.:%5-')5,;!3)#(/.-#/9,7!
<=! #$425-:('! 9/%! $&').! ,))3,! /'! $00,! ;2'$(/(;2'0%$$<! %-'(! #$425-:('! 9):-,9/'-$.!
&$+.0! '(5$+:($+'! >),')5.! ?+5$4)! /.0! '()! 0)@)9$4)0! %$5907! ?+5$4)/.! #$425-:('!
45$')#'-$.A! &$5! )B/349)A! &-.0,! -',! 5$$',! -.! '()! C5).#(! .$'-$.! $&!*=('&) *>%.&1.=A! -7)7A! '()!
@-)%!'(/'!#$425-:('!9):-,9/'-$.!-,!.)#),,/52!'$!45$')#'!'()!&-./.#-/9!-.')5),',!$&!'()!%=&'/&/!
%($!#5)/')!.)%!%$56,7!D$.'5/5-92A! '()!<=E!@-)%,!#$425-:('! 9):-,9/'-$.!/,!.)#),,/52!'$!
#5)/')! /!-%=?1&! -.! %(-#(! /,! 3/.2! /5'-,'-#! %$56,! /,! 4$,,-*9)! /5)! 0-,,)3-./')0! '$! '()!
4+*9-#7FG!
H()!<=EA!-.!,($5'A!&/@$+5,!*$'(!#$.').'!./1=/!/.0!,$+.0!5)45$0+#'-$.!-%".#%0&.=1=/!
/.0!*'/&='@.&(=/!/'!'()!)B4).,)!$&!-',!#5)/'-@)!'/9).'7!I.')99)#'+/9!45$4)5'2!45$0+#'-$.!#$,',!
/5)!6)4'!9$%A!/.0!'$!'(-,!0/2!'()!45-#)!$&!5)#$50)0!3+,-#!-,!3+#(!9$%)5!'(/.!-.!?+5$4)7!
H(-,! -,!.$'!$.92!/!3/'')5!$&!*)'')5!)#$.$3-),!$&!,#/9)!/.0!.$!@/9+)!/00)0!'/B),!J%(-#(!
-.#-0).'/992A!45$@),!'()!4$-.'!'(/'!<=!#$.,+3)5,!(/@)!/!*)'')5!0)/9K7!E,!%)99A!4)5!#/4-'/!
#$99)#'-$.,! $.! '()! ,$L#/99)0! 4)5&$53/.#)A! $5!*5$/0#/,'A! 5-:('! /,,$#-/')0!%-'(!3+,-#! /5)!
:).)5/992!4)5#)-@)0!'$!*)!(-:()5!-.!3/.2!?+5$4)/.!#$+.'5-),7FM!
E!0%-.09-.:!4/23).'!$&!3)#(/.-#/9,A!3$5)$@)5A!3/2!5)05),,!'()!,9-.:,!/.0!/55$%,!$&!
/!($,'-9)!3/56)'49/#)!&$5!,)99)5,!$&!5)#$50)0!3+,-#!45$0+#'7!N)#$50)0!3+,-#!45-#),!-.!&/#'!
0)@/9+)0!,-:.-&-#/.'92!-.!5)/9! ')53,!/'! 9)/,'!,-.#)!O""PA!%)99!*)&$5)!&-9)!,(/5-.:!*)#/3)!
45)@/9).'! %-'(! Q/4,')5! /'! '()! ,'/5'! $&! FAPPP! RE9(/0)&&A! JFPPSKA! 447OTUFVW7! X+5-.:! '(-,!
)B').0)0!4)5-$0A!'()!3/1$5!9/*)9,!#$+90!0$!9-''9)!'$!-.&9+).#)!'()!5)'/-9!45-#)!$&!3+,-#!/.0A!
-.!'()!,)#$.0!(/9&!$&!'()!O""P,A!).0+5)0!'()!-:.$3-.2!$&!,))-.:!5)#$50)0!3+,-#!,$90!/,!/!
9$,,L9)/0)5!-')3!-.!3/,,!3)5#(/.'!,'$5),!RE9(/0)&&A!JFPPSKA!47OYW7!H$%/50,!'()!).0!$&!'()!
O""P,A!'()!9/*)9,!#$99+0)0!'$!&-B!'()!45-#)!$&!3+,-#A!*+'!%)5)!'/6).!'$!'/,6!*2!'()!C)0)5/9!
H5/0)!D$33-,,-$.!/.0!0),-,')0!RE9(/0)&&A!JFPPSKA!47FSW7!
I.!/!45)4/5)0!,'/')3).'!-.!D$.:5),,!*)&$5)!'()!=+*#$33-''))!$.!D$+5',A!'()!-.')5.)'A!
/.0!I.')99)#'+/9!Z5$4)5'2A!N-#6!D/5.),A!Z5),-0).'!$&!'()!=$.:%5-')5,;![+-90!$&!E3)5-#/A!
#$349/-.)0! '(/'! '()! 3$0),'! -.#5)/,),! -.! '()! 3)#(/.-#/9! 5/')! '$! "7O! #).',! (/0! .$'!
/005),,)0!\'()!9$.:,'/.0-.:!*)05$#6!-.)]+-'2;!'(/'!%).'!*/#6!'$!O"P"7!D/5.),!(/0!*)).!
-.@-')0! '$! #$33).'! $.! /! *-99! 0),-:.)0! '$! *)'')5! /##$33$0/')! '()! 0-:-'/9! 0)9-@)52! $&!
3+,-#/9!%$56,A!*+'!#$+90!.$'!3-,,!'()!$44$5'+.-'2!'$!/9)5'!9):-,9/'$5,!$.!'()!49-:('!$&!(-,!
&)99$%!,$.:%5-')5,7!^)!/00)0_!`I!/3!:)''-.:!O"TS!%/:),!-.!FPPSabFS!
I.0))0A!'()!3+,-#!'5/0)!(/,!*)).!+.0)5!'()!4)5,-,').'!:5-4!$&!/!*+2)5,;!3/56)'!&$5!/'!
9)/,'! /! 0)#/0)A! /.0! '(-,! (/,! ),4)#-/992! '(5)/').)0! '()! 9-@)9-($$0! $&! ,)99)5,A! -.#9+0-.:!
,$.:%5-')5,A!$.!%(-#(!'()!*+,-.),,!0)4).0,7!H(-,!%-99!9-6)92!#$.'-.+)!/,!9$.:!/,!'()5)!-,!
.$!#$3)*/#6! -.! '()! &$5'+.),!$&! 5)#$50)0!3+,-#7! I.! '()!3)/.'-3)A!%5-')5,;!3)#(/.-#/9,!
(/@)! /5:+/*92! *)#$3)! '()! &$5:$'').! #/,+/9'2! -.! '()! #+55).'! 9/.0,#/4)! $&! */55).!3+,-#!
,/9),7!
!"#$%&'()*(+($,-.
H()! Z/4)5! %/,! 0)9-@)5)0! /'! '()! 8+,-.),,! /.0! ?#$.$3-#,! =$#-)'2! E..+/9! D$.&)5).#)A!
E'().,A! [5))#)A! OV! c+92! FPOP! /.0! '()! d+,-#! /.0! ?.')5'/-.3).'! I.0+,'52! ?0+#/'$5,;!
E,,$#-/'-$.! E..+/9! D$.&)5).#)A! FS! d/5#(! FPOPA! d-/3-A! C9$5-0/7! N$*)5'! E,(&$50A!
Z5$&),,$5! $&! e/%! /'! =25/#+,)! <.-@)5,-'2A! 45$@-0)0! +,)&+9! #5-'-#-,3A! /,! 0-0! 8)569));,!
D(/-5! $&! d+,-#! 8+,-.),,fd/./:)3).'A! X$.! [$50)5A! /.0! 8)569));,! E,,-,'/.'! D(/-5! $&!
84
! ! !
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! "#! !"#$%&'()**#'+(#,"#-.,&/012'%# ! ! !#
! ! ! !
!
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! # ! ! !!
$%&'(!)%&'*+&&,$-*-.+/+*01!234*!5+663..7!8+!93%6:!-6&3!6';+!03!04-*;!04+!<-=0'('<-*0&!
-0!>304!+?+*0&!@3=!04+'=!?-6%->6+!'*&'.40&7!A*B!=+/-'*'*.!+==3=&!-=+!04+!-%043=&C!39*7!
!"#"$"%&"'(
A64-:+@@1!D7!EF##GH!IJ4+!?-6%+!3@!/%&'(!-*:!04+!0=-<<'*.&!3@!04+!/-=;+0<6-(+1!"KK#LF##MC1!-343$#567/+'%1!N367!G1!O37!"1!<<7"PLFQ1! -?-'6->6+! -0!400<R,,9997/+'+-73=.,23%=*-6&740/6! E-((+&&+:!3*!FG!O3?+/>+=!F#"#H7!
)+=*+!S3*?+*0'3*!@3=!04+!D=30+(0'3*!3@!T'0+=-=B!-*:!A=0'&0'(!83=;&!3@!U+<0+/>+=!K1!"VVG1!A=07!K1!VFV!W7O7J7U7!FF"!E-&!-/+*:+:H7!
)=->+(1! 27! -*:! )=->+(1! J7! EF##VH! -718.9# -6+)09# '+(# :7..)11;# <&)# 4+18()/=1# >78()# 26# -'?8+@#-6+)0#8+#2&)#-718.#A718+)111!G04!+:71!O+9!X3=;7!
S3<B='.40!A(0!E"K#KH!G#!D7T7!PYKZ!G#!S3*.7!S47!PF#Z!PM!U0-07!"#QM7!
S3<B='.40!A(0!E"KQG-H!"Q!W7U7S7!"#"!+0!&+[7!
S3<B='.40!A(0!E"KQG>H!"Q!W7U7S7!V#"7!
\-==B! ]3^!A.+*(B! EF##K-H! I\]A! (366+(0&! -6/3&0! _P#Q!/'66'3*! '*! =3B-60'+&! '*! F##VC1! FY!$-=(41!!<<7"LYZ!-?-'6->6+!-0!400<R,,99974-==B@3^7(3/1!%*:+=!B)C11!-*:!04+*!<=3(++:'*.!03!:82)#:)'/.&!E-((+&&+:!3*!FG!O3?+/>+=!F#"#H7!
\-==B!]3^!A.+*(B!EF##K>H!I\]A!3@@+=&!*+9!6'(+*&'*.!3<0'3*&!@3=! 6'/'0+:!:39*63-:&1! '*0+=-(0'?+!&0=+-/&1!-*:!='*.03*+&C1!M!$-=(41!<<7"LYZ!%6.".827!
534*1!A7!+0!-67!E"KKGH!D6&+#E+#-718.#F8.)+18+@1!O+9!X3=;7!
534*1!A7!+0!-67!EF##FH!D6&+#E+#-718.#F8.)+18+@1!P=:!+:71!O+9!X3=;7!
5=-&'63?&;B1!87!-*:!U4+/+61!U7!EF###H!<&81#A718+)11#6*#-718.;#<&)#G)*8+828H)#>78()#26#2&)#-718.#4+(712/01!V04!+:71!O+9!X3=;7!
5=-&'63?&;B1!87!-*:!U4+/+61!U7!EF##PH!<&81#A718+)11#6*#-718.;#<&)#G)*8+828H)#>78()#26#2&)#-718.#4+(712/01!K04!+:71!O+9!X3=;7!
-718.#I#,6J0/8@&2#EF##VH!IWU!(3<B='.40!=3B-60B!>3-=:!&+0&!*+9!='*.03*+!=-0+1!/-'*0-'*&!+^'&0'*.!/+(4-*'(-6!=-0+&!@3=!@'?+!B+-=&C1!"Q!`(03>+=1!<7Y7!
-718.#I#,6J0/8@&2#EF#"#-H!Ia63>-6!-%043=&!='.40&!(366+(0'3*&!@-66!"7Mb!03!cQ7#Y!>'66'3*!'*!F##VC1!d*@3=/-!a=3%<1!T3*:3*1!"#!]+>=%-=B1!<<7QLK7!
-718.#I#,6J0/8@&2#EF#"#>H! I\39!(-*!/+(4-*'(-6e(366+(0'3*!&3('+0'+&!>=+-;! 04+!:39*9-=:! 0=+*:!-*:!.+*+=-0+!*+9!>%&'*+&&fC1!"K!$-B1!<<7PLM7!
U(43+*4+==1! U7g7! EF##MH! K).6/(8+@# <).&+6%6@0# L8126/01! -?-'6->6+! -0! 400<R,,4'&03=B7&-*:'+.37+:%,!.+*,=+(3=:'*.,*30+&740/6h3='.'*&!E-((+&&+:!3*!G!2%6B!F##MH7!
U3*.9='0+=&! a%'6:! 3@! A/+='(-! EF##MH! IUaA! <=+&':+*0! &<+-;&! 03! S3*.=+&&! ->3%0! @'*-*('-6! @-(0&!!3@! -! &3*.9='0'*.! (-=++=C1! "G! $-B1! -?-'6->6+! -0! 400<R,,9997&3*.9='0+=&.%'6:7(3/,!='(;i(3*.=+&&740/6!E-((+&&+:!3*!FG!O3?+/>+=!F#"#H7!
WU! S3<B='.40! `@@'(+! EF#"#H! -).&'+8.'%# F8.)+1)# K60'%20# K'2)11! -?-'6->6+! -0!400<R,,9997(3<B='.407.3?,(-=<,/F##-740/6!E-((+&&+:!3*!FG!O3?+/>+=!F#"#H7!
WU!j+<-=0/+*0!3@!T->3=!EF#"#H!)%=+-%!3@!T->3=!U0-0'&0'(&1!IS3*&%/+=!D='(+!d*:+^C1!-?-'6->6+!-0!9997>6&7.3?,(<',! E-((+&&+:! 3*! FG! O3?+/>+=! F#"#H7! A**%-6! <+=(+*0-.+! '*(=+-&+&! 9+=+!(3*?+=0+:!03!-!>-&+!3@!"##!'*!"KQG7!
N3.+61! \7! EF##QH! 3+2)/2'8+M)+2# 4+(712/0# 3.6+6M8.1;# $# >78()# N6/# N8+'+.8'%# $+'%01811! Q04! +:71!O+9!X3=;7!
84'0+eU/'04!$%&'(!D%>7!S37!?7!A<3663!S37!E"K#VH!F#K!WU!"1!"ML"Q7!
!
!
!
85
! ! !
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! ! !"#$%&'(")%"*)+,)-./'0)-102%"'0%$/3)456789:4:) "") ! ! !)
)
! ! ! !
!
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! ) ! ! !!
!"#$%&
"! #$%&'()%'*!+,-'*.)$/!+$0$+/!.,!)(%,1$!2$+)3$2!4-!'!%,15,/$+!0,+!.&$!6/$!,0!&)/!7,+8!)(!'62),!+$5+,26%.),(/9!:&,6;&! '62),! +$5+,26%.),(! )/! 6/6'**-! (,! *,(;$+! $00$%.$2! .&+,6;&!1$%&'()%'*!1$'(/<!$9;9<!.&$!5&,(,;+'5&<!.&$!=1$%&'()%'*>!&'/!4$%,1$!'!.$+1!,0!'+.!+$0$++)(;!.,!'(-!'62),!+$5+,26%.),(<!4$!).!1$%&'()%'*!,+!(,.9!
?! @$$<!0,+!$A'15*$<!;./'0)<)=(>?@'A2&!B?C"C'<!?C"C4D<!"C!E$4+6'+-!'(2!"F!#'-<!559GHF<!IHJ<!+$/5$%.)3$*-9!
I! K'++-!E,A!L;$(%-!B?CCF'D<!?M!#'+%&<!559"HM9!
M! KEL>/!%,**$%.),(/!,3$+!IC!-$'+/!'+$!$/.)1'.$/9!
J! K'++-!E,A!L;$(%-!B?CCF4D<!J!#'+%&<!559"HM9!
N! O+'/)*,3/8-!'(2!@&$1$*!B?CCC<!59"GND9!
G! O+'/)*,3/8-!'(2!@&$1$*!B?CCI<!559FPHFFD9!
P! Q+'4$%!'(2!Q+'4$%!B?CCP<!559I"HI?D9!
F! R,;$*!B?CCG<!59?IFD9!
"C! !B'*9<!59?JG9!
""! S@! T,5-+);&.! U00)%$! B?C"CD9! :&$! )(0*'.),(! 2'.'! )/! /.'(2'+2<! '(2! %,1$/! 0+,1! .&$! S@!V$5'+.1$(.!,0!W'4,+!B?C"CD9!
"?! @,(;7+).$+/!X6)*2!,0!L1$+)%'!B?CCJD<!"N!#'-9!
"I! &..5YZZ77797)5,9)(.Z.+$'.)$/Z$(Z@&,7[$/6*./9\/5]*'(;^$(_.+$'.-`)2^"J!!B'%%$//$2!,(!?N!a,3$14$+!?C"CD9!
"M! :&$!1'(2'.,+-!1$%&'()%'*!+);&./!%,**$%.),(!/,%)$.)$/!0,+!.&$!0,6+!*'+;$/.!1'+8$./!0,+!+$%,+2$2!16/)%!'0.$+!.&$!S@L<!)9$9<!b'5'(<!SO<!X$+1'(-!'(2!E+'(%$<!'+$Y!
'! .&$!b'5'($/$!@,%)$.-!0,+
86
! ! !
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! "#! !"#$%&'()**#'+(#,"#-.,&/012'%# ! ! !#
! ! ! !
!
!
! ! !
! ! !
!
! ! !
! ! !
!
! ! !
! ! ! # ! ! !!
##! $%%&'! ()'*! +,,-'./! 01! 234! &5)6'/*! 78/! 9)3:'%! 8/! /8;&6<! :=8:! >?&2@! :='! &5)6'/! A:34'! 7'4'!234B'%! :3! 8C/34C! 86;! &6B4'8/'! &6! :='! D'B=86&B8-! 43;8-:;! 48:'/*! :='! 4'/)-:! 73)-%! C'! :3!/&<6&2&B86:-;! &6B4'8/'! :='! -&E'-&=33%! 32! :='! /:34'! 3,'48:&6<! 8:! 8! 2&686B&8-! -3//! F!7=&B=! &/! 63!8-:'468:&G'! 8:! 8--HI! /''! =::,JKK777L%&<&:8-:4'6%/LB3DKB3D,):&6<KB3)-%M8,,-'MB-3/'M&:)6'/K!N8BB'//'%!36!"O!P)6'!#Q"QRL!
#S! -314.#5#,670/48&2!N#QQTR*!"U!VB:3C'4*!,LOL!
#O! W'2'4!:3#XA!(36/:L!84:L!Y!Z!T!B-L!TL!5='!,)4,3/'!32!:='!-87!78/!>?:3@!7/6962)#2&)#7/68/)11#6*#1.4)+.)#'+(#31)*3%#'/21*!C;!/'B)4&6<!234! -&D&:'%! :&D'/! :3!8):=34/!86%! &6G'6:34/! :='!'[B-)/&G'!4&<=:! :3! :='&4! 4'/,'B:&G'!74&:&6</! 86%! %&/B3G'4&'/H! N'D,=8/&/! 8%%'%RL!\=&-'! 84:&/:/! B'4:8&6-;!C'6'2&:! 243D!B3,;4&<=:! -'<&/-8:&36! &6! :='!XA+*! :='!)-:&D8:'!C'6'2&B&84;! &/! &6:'6%'%! :3!C'! :='!,)C-&BL!
#]! +/!63:'%!24'9)'6:-;!C;!&6:'468:&368-!'[,'4:/*!86%!:='!/:822!32!-314.#5#,670/48&2#&6!,84:&B)-84L!!$)43,'86! (3,;4&<=:! ^87! 8-/3! 4'B3<6&/'/! D34'! _6'&<=C3)4&6<.! ,'4234D86B'! 4&<=:/! :=86! :='!B)44'6:!XA!-'<&/-8:&36L!`34!&6/:86B'*!)6-&E'!:='!XA+*!/&%'D'6!&6!86;!C438%B8/:!4'B34%&6<!84'!'6:&:-'%!:3!8%%&:&368-!B3--'B:&36/L!
#a! Ab+!N#QQ]R*!"a!c8;L!