[15] K. Jensen, L. M. Kristensen, and L. Wells. Coloured Petri Nets and CPN Tools for modelling and validation of concurrent systems.
Intl. J. Software Tools for Technol-ogy Transfer, 9(3-4):213–254, June 2007.[16] L. Liu and J. Billington. Verification of the Capability Exchange Signalling protocol.
Intl. J. Software Tools for Technology Transfer, 9(3-4):305–326, June 2007.
[17] P. S. Pagliusi and C. J. Mitchell. PANA/GSM authentication for Internet access. In
Proc. Joint First Workshop on Mobile Future and Symposium on Trends in Com-munications, pages 146–152, Bratislava, Slovakia, 26–28 Oct. 2003.[18] T. Tanizawa, M. Goto, V. I. Fajardo, and Y. Ohba. A wireless LAN architec-ture using PANA for secure network selection. In
Proc. IEEE Intl. Conf. Wireless And Mobile Computing, Networking And Communications, pages 111–118, Montreal,Canada, 22–24 Aug. 2005.
[19] S. Vanit-Anunchai. Towards formal modelling and analysis of SCTP connection management. In
Proc. Ninth Workshop and Tutorial on Practical Use of Coloured Petri Nets and the CPN Tools, Aarhus, Denmark, 20-22 Oct. 2008.[20] J. Vollbrecht, P. Eronen, N. Petroni, and Y. Ohba. State machines for Extensible Authentication Protocol (EAP) peer and authenticator. IETF RFC 4137, Aug. 2005.
[21] M. Westergaard. BRITNeY: Basic Real-time Interactive Tool for Net-based
anima-tion. URL: http://wiki.daimi.au.dk/britney/, Sept. 2006.
!"#$%"&'(')*$+",$-*."#$-"/$-0'+'('12"3'*"-0$"
4$5)*.-2"!67(28.8"'3"&*29-'1*790.5",*'-'5'(8""
!
!
"#$%&'()!*+,-.##$(/$/0/,.!/$1!*/$'.#$%!2#,$3)#-!
!"#$%&'()&*+%,-$./&!'0"-'."-/1&2+3'-.4+(.&"5&6"43,.+-&7(#$(++-$(#&
&8'%,9./&"5&7(#$(++-$(#&
:$(#&;"(#<,.=>&?($@+->$./&"5&A+%B("9"#/&AB"(0,-$1&C'(#<"<1&AB'$9'()&
7D4'$9E&/"(#/,.BF3+-G<4,..F'%F.B&
"
"
!:8-*75-"
&
4,&.(#%,/.)56!.,#(#6#07!/,+!.,#(#6#07!8)56)!'7+!6,&.(#%,/.)56!(+6)$59'+7!(#!
/6)5+:+! 6+,(/5$! (/737! 8)50+! .,+:+$(5$%! -/0565#'7! ./,(5+7! (#! /((/63! ()+! .,#(#6#07;! <)+!
1+75%$!/$1!/$/0&757!#=!6,&.(#%,/.)56!.,#(#6#07!/,+!15==56'0(!(#!/6)5+:+!>+6/'7+!#=!()+!
5$6,+/75$%0&! /((/635$%! 6/./>505(5+7! /$1! ()+! 6#-.0+?! ,+9'5,+-+$(! #=! ()+! /..056/(5#$7;!
<)+,+=#,+@! /((/637! 5$! -/$&! 6,&.(#%,/.)56! .,#(#6#07! )/:+! >++$! =#'$1! 0/(+,! /=(+,! ()+&!
)/:+!>++$!1+75%$+1!/$1!+:+$!5-.0+-+$(+1;!A$!()57!./.+,@!8+!.,#.#7+!/!$+8!4#0#',+1!
*+(,5! B+(! -+()#1#0#%&! =#,! ()+! 7+6',5(&! /$/0&757! #=! 6,&.(#%,/.)56! .,#(#6#07;! C',!
/..,#/6)! #==+,7! /! 75-.0+! >'(! +==+6(5:+! 8/&! (#! /$/0&D+! -'0(5.0+! 7+775#$7! #=! .,#(#6#0!
+?+6'(5#$;!<#!1+-#$7(,/(+!()+!.,/6(56/0!'7+7!#=!#',!/..,#/6)@!8+!/..0&!#',!-+()#1!(#!
/$/0&D+! E56/05F7! 6#$(,/6(! 75%$5$%! .,#(#6#0! /$1! <EB! /'()+$(56/(+1! 3+&! +?6)/$%+1!
.,#(#6#0;!2',.,575$%0&!8+!=#'$1!-/$&!$+8!/((/637!5$!()#7+!.,#(#6#07;!
!
;<"=6-*'+)5-.'6"
!
4,&.(#%,/.)56! .,#(#6#07! /,+! .,#(#6#07! 8)56)! '7+! 6,&.(#%,/.)56! (+6)$59'+7! (#! /6)5+:+!
6+,(/5$!(/737!8)50+!.,+:+$(5$%!-/0565#'7!./,(5+7!(#!/((/63!()+!.,#(#6#07;!<)+,+!/,+!-/$&!/..056/(5#$7!
#=! 6,&.(#%,/.)56! .,#(#6#07@! =#,! +?/-.0+@! /'()+$(56/(+1! 3+&! +?6)/$%+! .,#(#6#07@! 8+>! 7+6',5(&!
.,#(#6#07@!+G./&-+$(!.,#(#6#07@!+G>/$35$%!.,#(#6#07@!+G:#(5$%!.,#(#6#07@!+(6;!
<)+! 1+75%$!/$1!/$/0&757!#=!6,&.(#%,/.)56!.,#(#6#07!/,+!15==56'0(!(#!/6)5+:+!>+6/'7+!#=!()+!
5$6,+/75$%0&! /((/635$%! 6/./>505(5+7! /$1! ()+! 6#-.0+?! ,+9'5,+-+$(! #=! ()+! /..056/(5#$7;! <)+,+=#,+@!
/((/637!5$!-/$&!6,&.(#%,/.)56!.,#(#6#07!)/:+!>++$!=#'$1!0/(+,!/=(+,!()+&!)/:+!>++$!1+75%$+1!HI@!J@!KL!
/$1!+:+$!5-.0+-+$(+1!+%;!HM@!NL;!B#(+!()/(!5$!()57!./.+,!8+!=#6'7!#$!#$0&!-+77/%+!,+.0/&!/((/637!HOL;!
P!0#(!#=!8#,37!#$!*+(,5!$+(7!HQL!)/:+!>++$!/..05+1!(#!/$/0&D+!6,&.(#%,/.)56!.,#(#6#07!5$!HRG INL;! <)+&! 6/$! >+! 60/775=5+1! 5$(#! (8#! 35$17;! <)+! =5,7(! 35$1! HRGIML! #==+,7! /! -#1+05$%! /$1! /$/0&757!
-+()#1! (#! =5$1! /((/637;! <)+! 7+6#$1! 35$1! HINL! .,#:51+7! /! ()+#,+(56/0! 7+-/$(567! =#,! 6,&.(#%,/.)56!
.,#(#6#07!8)56)!6/$!>+!'7+1!(#!.,#:+!.,#.+,(5+7!#=!.,#(#6#07@!,/()+,!()/$!(#!=5$1!/((/637;!S+!=#6'7!#$!
()+!=#,-+,!35$1!1'+!(#!5(7!.,/6(56/0!'7+;!P00!()+!8#,37!5$!()+!=5,7(!35$1!#==+,!/$!/$/0&757!#=!/!75$%0+!
7+775#$!#=!.,#(#6#0!+?+6'(5#$!#$0&;!!
A$! ()57! ./.+,@! 8+! .,#.#7+! /! $+8! 4#0#',+1! *+(,5! B+(! T4*BU! -+()#1#0#%&! =#,! ()+! 7+6',5(&!
/$/0&757!#=!6,&.(#%,/.)56!.,#(#6#07;!S+!/1#.(!()+!4*B!/..,#/6)!HIO@IQL!1'+!(#!()+!5$('5(5:+!8/&!(#!
-#1+0!6,&.(#%,/.)56!.,#(#6#07!>&!'75$%!()+!%,/.)!,+.,+7+$(/(5#$;!C',!/..,#/6)!#==+,7!/!75-.0+!>'(!
+==+6(5:+! 8/&! (#! /$/0&D+! -'0(5.0+! 7+775#$7! #=! .,#(#6#0! +?+6'(5#$;! C',! $+8! 4*B! -+()#1#0#%&! 57!
>/7+1!#$!#',!%,#'.F7!.,+:5#'7!8#,37!HIRGJIL;!S+!/,%'+!()/(!#',!$+8!4*B!-+()#1#0#%&!5-.,#:+7!#$!
/00!+?57(5$%!4*B!/$1!*+(,5!B+(!-+()#17!HRGIML!=#,!7+6',5(&!.,#(#6#07!#$!7+:+,/0!577'+7;!A$!./,(56'0/,@!
+?+6'(5#$;!<)+!1+6#-.#75(5#$!/00#87!'7!(#!6#$7(,'6(!/!7(/(+!7./6+!#=!#$+!7.+65=56!5$7(/$6+!#=!-'0(5.0+!
7+775#$7!#=!.,#(#6#0!+?+6'(5#$!/(!/!(5-+!(#!,+1'6+!()+!75D+!#=!()+!#'(.'(!7(/(+!7./6+;!A$!%+$+,/0@!7'6)!/!
7.+65=56!5$7(/$6+!-+/$7!/!7+((5$%!#,!/!6#$=5%',/(5#$!8)56)!7.+65=5+7!/00!,+9'5,+1!5$=#,-/(5#$!=#,!()+!
+?+6'(5#$!#=!+/6)!6#$6',,+$(!7+775#$@!=#,!+?/-.0+@!()+!./,(5+7!8)#!/,+!5$:#0:+1!5$!()+!.,#(#6#0@!/00!
7+6,+(7@!/00!$#'$6+7!/$1!/00!/((/63+,7!5$!/!7+775#$;!<)+!-'0(5G7+775#$!76)+1'05$%!/00#87!'7!(#!>'501!/!
7(/(+! 7./6+! 8)56)! 6#$(/5$7! #$0&! #$+! /0(+,$/(5$%! +?+6'(5#$! #=! -'0(5.0+! 7+775#$7! #=! .,#(#6#0! ,'$@!
5$7(+/1! #=! /00! .#775>0+! /0(+,$/(5$%! +?+6'(5#$7;! P7! /! ,+7'0(! #=! ()+7+! (8#! (+6)$59'+7@! ()+! 7(/(+! 7./6+!
#>(/5$+1!57!7-/00!/$1!=/7(!=#,!/$/0&757;!!
2+6#$10&@!8+!6)/,/6(+,5D+!/((/63!7(/(+7!5$!()+!6#-.'(+1!7(/(+!7./6+!>&!'75$%!()+!6#$6+.(!#=!
:'0$+,/>505(&!+:+$(7;!W'0$+,/>505(&!+:+$(7!/,+!+:+$(7!8)56)!-/&!0+/1!(#!/!6#-.,#-57+!#=!.,#(#6#07@!
/$1! 7'6)! +:+$(7! /,+! .,#(#6#0! 1+.+$1+$(;! <)+! 6#$6+.(! #=! :'0$+,/>505(&! +:+$(7! .,#:51+7! /! %+$+,/0!
-+()#1!(#!6)/,/6(+,5D+!/((/63!7(/(+7!5$('5(5:+0&!/$1!6#-.,+)+$75:+0&;!<)5,10&@!8+!1+:+0#.!/$!+==565+$(!
-+()#1!(#!+?(,/6(!/((/63!(,/6+7!85()#'(!()+!$++1!=#,!/$&!=',()+,!6#-.'(/(5#$!#$!()+!7(/(+!7./6+;!P$!
/((/63!(,/6+!1+76,5>+7!)#8!/$!/((/63+,!6/,,5+7!#'(!()+5,!/((/637!7'66+77='00&!7(+.!>&!7(+.;!A$!#()+,!4*B!
8#,37! =#,! 7+6',5(&! .,#(#6#07@! 7'6)! /$! /((/63! (,/6+! 57! 6#-.'(+1! >&! +?(,/6(5$%! /! ./()! =,#-! /$! 5$5(5/0!
7(/(+!(#!/$!/((/63!7(/(+;!V#',()0&@!8+!.,#.#7+!/!8/&!(#!60/775=&!7&7(+-/(56/00&!/!)'%+!/-#'$(!#=!=#'$1!
/((/63!(,/6+7!>&!'75$%!/((/63!./((+,$7;!A$!%+$+,/0@!/$!/((/63!./((+,$!1+76,5>+7!()+!6#,+!#=!/$!/((/63@!/$1!
5(!6#$(/5$7!/!-5$5-/0!/((/63!(,/6+!8)56)!0+/17!(#!()+!/((/63;!<#!()+!>+7(!#=!#',!3$#80+1%+@!#',!=#',!
6#$6+.(7!/,+!$#:+0!=#,!()+!4*B!-+()#1#0#%&!=#,!/$/0&D5$%!6,&.(#%,/.)56!.,#(#6#07;!!
<#!1+-#$7(,/(+!()+!.,/6(56/0!'7+7!#=!#',!/..,#/6)@!8+!/..0&!#',!-+()#1#0#%&!(#!(8#!6/7+!
7('15+7! 8)56)! /,+! E56/05F7! 6#$(,/6(! 75%$5$%! .,#(#6#0! HJJL! /$1! <EB! /'()+$(56/(+1! 3+&! +?6)/$%+!
.,#(#6#0! HJKL;! 2',.,575$%0&@! 8+! =#'$1! -/$&! /((/637! 5$! ()+! (8#! .,#(#6#07;! V#,! E56/05F7! 6#$(,/6(!
75%$5$%!.,#(#6#0@!8+!=#'$1!$+8!/((/637!5$!/!75$%0+!7+775#$!#=!.,#(#6#0!+?+6'(5#$!5$!HIXL;!A$!HJYL@!8+!
/07#! =#'$1! -/$&! $+8! -'0(5G7+775#$! /((/637! 5$! >#()! ()+! #,5%5$/0! E56/05F7! .,#(#6#0! /$1! /! -#15=5+1!
:+,75#$! #=! E56/05F7! .,#(#6#0;! V#,! <EB! /'()+$(56/(+1! 3+&! +?6)/$%+! .,#(#6#0@! 5$! HJIL! 8+! =#'$1! 75?!
$+8!/((/637!5$!()+!75$%0+!7+775#$!#=!.,#(#6#0!+?+6'(5#$!/$1!(8#!$+8!/((/637!5$!-'0(5.0+!7+775#$7!#=!
.,#(#6#0!+?+6'(5#$;!A$!=/6(@!$+8!/((/637!()/(!8+!=#'$1!5$!<EB!.,#(#6#0!/,+!9'5(+!7',.,575$%0&!75$6+!
<EB!)/:+!>++$!/$/0&D+1!9'5(+!+?(+$75:+0&!HJMGJQL;!!
A$!7+6(5#$!J@!8+!.,#:51+!()+!>/63%,#'$1!#$!E56/05F7!Z42I!/$1!<EB!.,#(#6#0;!A$!7+6(5#$!K@!
8+!6#-./,+!#',!$+8!4*B!-+()#1!85()!+?57(5$%!,+0/(+1!8#,37;!A$!7+6(5#$!M@!8+!.,+7+$(!#',!$+8!4*B!
-+()#1#0#%&!/$1!/..0&!5(!(#!(8#!6/7+!7('15+7!8)56)!/,+!E56/05F7!Z42I!/$1!<EB!.,#(#6#0;!!
!
><"?75@1*')6+"
"
S+! '7+! ()+! =#00#85$%! $#(/(5#$7! (),#'%)#'(! ()+! ./.+,;!*ĺH& E& ;&-+/$7! ()/(! '7+,!*&7+$17!
-+77/%+!;&(#!'7+,!H;!*IJKL;M!,+.,+7+$(7!./,(&!KF7!75%$/(',+!#$!/!-+77/%+!;!/$1!8+!/77'-+!()/(!;!
57! /08/&7! ,+(,5+:/>0+! =,#-!*IJKL;M;! <)+! +$6,&.(5#$! #=! /! -+77/%+!;! 85()! ./,(&!KF7! .'>056! 3+&! 57!
1+$#(+1! >&!7N6KL;M;! P07#@!OL6M! 7(/$17! =#,! ()+! )/7)! #=! -+77/%+!6@! /$1!7:L;M! -+/$7! 7&--+(,56!
+$6,&.(5#$!#$!-+77/%+!;!>&!3+&!:;!
!
><;<"/.57(.A8"B&4;",*'-'5'("C>>D"
!
E56/05! .,#.#7+1! /$! +==565+$(! #.(5-57(56! =/5,! +?6)/$%+! .,#(#6#0! =#,! 6#$(,/6(! 75%$5$%;! <)+!
.,#(#6#0!/5-7!(#!+$7',+!()/(!(8#!+?6)/$%5$%!./,(5+7!%+(!+/6)!#()+,!6#--5(-+$(!#$!/$!/%,++1!6#$(,/6(!
#,!$+5()+,!#=!()+-!1#+7;!<)+,+!/,+!(),++!35$17!#=!./,(5+7!5$!()+!.,#(#6#0![!P056+!/7!/$!5$5(5/(#,!#=!()+!
.,#(#6#0@! \#>! /7! /$! ,+7.#$1+,! #=! ()+! .,#(#6#0! /$1! /! ()5,1! (,'7(+1! ./,(&! 8)#! ,+7#0:+7! /! 157.'(+!
>+(8++$!P056+!/$1!\#>!1',5$%!()+!+?6)/$%+;!
S+!1+$#(+!P056+@!\#>!/$1!/!(,'7(+1!./,(&!>&!P@!\!/$1!<<*@!,+7.+6(5:+0&;!A(!57!/77'-+1!()/(!
>#()! P056+! /$1! \#>! )/:+! /0,+/1&! /%,++1! #$! /! .0/5$(+?(! 6#$(,/6(! 4! >+=#,+! ()+! +?6)/$%+;! P056+! 57!
6#--5((+1!(#!6#$(,/6(!4!/7!/$!5$5(5/(#,!5=!\#>!)/7!>#()!2A]PT4@^U!/$1!E!8)+,+!^_ZB4<<*TP@\@EU!
\J[!A=!\#>!,+6+5:+7!:/051!E!7'6)!()/(!^_ZB4<<*TP@\@EU!!
!!!!!!!()+$!()+!+?6)/$%+!57!6#-.0+(+1!!
!!!!!!!+07+!\#>!,+9'+7(7!<<*!(#!,+7#0:+!/!157.'(+!>&!()+!=#00#85$%!7(+.!
!!!!!!!!!!!!!!MU!!!\o<<*[!P@!\@!^@!2A]\T4@^U@!2A]\T^U!
<<*I[!A=!\#>F7!75%$/(',+7!5$!7(+.!M!/,+!>#()!:/051!/$1!^_ZB4<<*TP@\@EU!()+$!
!!!!!!!!N/U!<<*oP[!2A]\T4@^U@!2A]\T^U!
!!!!!!!!N>U!<<*o\[!E!
B#(+!()/(!()+!,+9'+7(!(#!<<*!/(!7(+.!MU!6#$(/5$7!51+$(5(5+7!#=!5$5(5/(#,!/$1!,+7.#$1+,!8)56)!
)/:+!()+!157.'(+;!P07#@!(#!,+7#0:+!()+!157.'(+@!<<*!7+$17!,+9'5,+1!5$=#,-/(5#$!(#!,+0/(+1!./,(5+7;"
A$! HJRL@! \/#! +(! /0;! /$/0&D+1! Z42I! -/$'/00&! /$1! =#'$1! (),++! -+77/%+! ,+.0/&! /((/637! 5$!
Z42I;!A(!6/$!>+!/,%'+1!()/(!-/$&!#=!()+7+!/((/637!/,+!6/'7+1!>&!/$!/->5%'5(&!/(!)#8!<<*!7)#'01!
,+7#0:+! /! 157.'(+;! <)+$@! \/#! +(! /0;! -#15=&! Z42I! (#! 7#0:+! ()+! /->5%'5(&! .,#>0+-! 5$! ()+! #,5%5$/0!
Z42I@!/$1!()+&!=#'$1!#$+!/((/63!5$!()+!-#15=5+1!:+,75#$;!A$!#()+,!8#,17@!\/#!7)#8+1!()/(!/!75-.0+!
-#15=56/(5#$!#$!<<*F7!>+)/:5#,!(#!,+7#0:+!/!157.'(+!57!$#(!/1+9'/(+;!<)+!-#15=5+1!Z42I!57!75-50/,!(#!
()+!#,5%5$/0!Z42I!+?6+.(!()/(!5$!7(+.!<<*I@!()+,+!57!$#!6)+63!#$!^_ZB4<<*TP@\@EU!/$1!-+77/%+7!5$!
7(+.7!N/U!/$1!N>U!/,+!/07#!7+$(!(#!51+$(5(5+7!P!/$1!\!8)56)!/,+!5$!7(+.!M!/$1!/,+!#>(/5$+1!=,#-!()+!
1+6,&.(5#$!#=!^;!A$!#()+,!8#,17@!5$!()+!-#15=5+1!Z42I@!<<*!,+7#0:+7!()+!157.'(+!+:+$!8)+$!^!57!$#(!
6#,,+6(@!5+;!^zZ<<*TP@!\@!EU;!
A$!HJXL@!^)/$%!/$1!a5'!/..05+1!/!-#1+0!6)+635$%!(+6)$59'+!(#!/$/0&D+!()+!7+6',5(&!#=!Z42I;!
<)+&!=#'$1!(),++!$+8!/((/637;!S+!8500!1576'77!/>#'(!()+5,!$+8!/((/637!/$1!()+!6#-./,57#$!85()!#',!
$+8!/((/637!5$!7+6(5#$!K;J;!!
!
><><"E/#"7)-0$6-.57-$+"@$2"$F50761$"9*'-'5'("C>GD"
!
<EB! 57! /! 6,&.(#%,/.)56! 3+&! +?6)/$%+! .,#(#6#0! =#,! -#>50+! 6#--'$56/(5#$! 7&7(+-;! <EB!
/00#87!'7+,!P!(#!+?6)/$%+!/!7+775#$!3+&!85()!'7+,!\!>&!()+!)+0.!#=!7+,:+,!b;!<)+!'7+,!P!57!6/00+1!/$!
5$5(5/(#,@!>'(!()+!'7+,!\!57!6/00+1!/!,+7.#$1+,;!<)+!1+(/50!#=!<EB!57!1+76,5>+1!/7!=#00#87;!
IU! P!o!b![!T\@!ZB4bTc/dUU@!P!
JU! b!o!\![!P!
KU! \!o!b![!TP@!ZB4bTc/>UU@!\!
MU! b!!o!P![!\@!Zc/dTc/>U!
S)+,+!:'0!57!/$!+?6)/$%+1!7+775#$!3+&!/$1!:'P!57!PF7!7+6,+(!8)56)!57!'7+1!(#!(,/$7.#,(!()+!
7+775#$!3+&!/(!()+!0/7(!7(+.;!B#(+!()/(!()+!7+775#$!3+&!57!6,+/(+1!>&!'7+,!\;!A$!HJKL@!5(!57!7'%%+7(+1!()/(!
()+! W+,$/-! 65.)+,! T#,! #$+G(5-+! ./1U! /$1! e2P! .'>056! 3+&! /0%#,5()-! /,+! '7+1! /7! ()+! '$1+,0&5$%!
7&--+(,56!+$6,&.(5#$!ZcTEU!/$1!()+!.'>056!3+&!+$6,&.(5#$@!,+7.+6(5:+0&;!
<EB!)/7!>++$!/$/0&D+1!+?(+$75:+0&!>&!-/$&!=#,-/0!-+()#1!/..,#/6)+7!HJMGJQL@!/$1!-/$&!
/((/637!8+,+!=#'$1;!\'(!5(!8/7!/$/0&D+1!-/$'/00&!/07#!5$!HJKL!>&!25--#$;!25--#$!=#'$1!/$!/((/63!
(#!<EB!>&!'75$%!()+!)#-#-#,.)56!.,#.+,(&!#=!()+!'$1+,0&5$%!.'>056!3+&!6,&.(#%,/.)56!/0%#,5()-;!
P$! /((/63+,! 6/$! 0+/,$! /$! +?6)/$%+1! 7+775#$! 3+&! +/750&@! /$1! ()+! 7+,:+,! 6/$$#(! 1+(+6(! /$&! -+77/%+!
,+.0/&;!<)+!/((/63!5$:#0:+7!(8#!6#$6',,+$(!7+775#$7!#=!.,#(#6#0!+?+6'(5#$;!S+!8500!1576'77!/>#'(!()+!
/$/0&757!#=!<EB!>&!=#,-/0!-+()#17!5$!7+6(5#$!K;J;!
!
G<"H$(7-$+"%'*@8"
!
G<;<",$-*."#$-8"3'*"&*29-'1*790.5",*'-'5'(8"
!
P!0#(!#=!8#,37!#$!*+(,5!$+(7!HQL!)/:+!>++$!/..05+1!(#!/$/0&D+!6,&.(#%,/.)56!.,#(#6#07!5$!HRG INL;! <)+&! 6/$! >+! 60/775=5+1! 5$(#! (8#! 35$17;! <)+! =5,7(! 35$1! HRGIML! #==+,7! /! -#1+05$%! /$1! /$/0&757!
-+()#1! (#! =5$1! /((/637;! <)+! 7+6#$1! 35$1! HINL! .,#:51+7! /! ()+#,+(56/0! 7+-/$(567! =#,! 6,&.(#%,/.)56!
.,#(#6#07!8)56)!6/$!>+!'7+1!(#!.,#:+!.,#.+,(5+7!#=!.,#(#6#07@!,/()+,!()/$!(#!=5$1!/((/637;!S+!=#6'7!#$!
()+!=#,-+,!35$1!1'+!(#!5(7!.,/6(56/0!'7+;!!
'75$%! ()+! 7(/(+! 7./6+! 6#-.'(/(5#$;! V',()+,-#,+@! 8)50+! ()+5,! 8#,3! /$/0&D+7! ()+! 1+$5/0! #=! 7+,:56+!
/((/63@! 8+! /$/0&D+! /((/637! #$! ()+! 6#$=51+$(5/05(&@! ()+! /'()+$(56/(5#$@! 3+&! +?6)/$%+@! =/5,! +?6)/$%+!
.,#.+,(5+7;!2#!()+!35$17!#=!/((/637!/,+!15==+,+$(;!!!
<)+,+! /,+! (8#! 8#,37! HIK@! IML! 8)56)! /,+! 60#7+7(! (#! #',7;! <)+&! /..0&! 4*B! (#! /$/0&D+!
6,&.(#%,/.)56! .,#(#6#07! #$! 75-50/,! 35$17! #=! /((/637! (#! #',7;! `#8+:+,@! >#()! 8#,37! 1#! $#(! ,+/00&!
.,#:51+! /$! /$/0&757! #=! -'0(5.0+! 6#$6',,+$(! 7+775#$7! #=! .,#(#6#0! +?+6'(5#$@! >'(! d'7(! (8#! 7+9'+$(5/0!
7+775#$7! #=! .,#(#6#0! +?+6'(5#$;! Z:+$! ()#'%)! HIKL! #==+,7! /$! /$/0&757! #=! (8#! 7+9'+$(5/0! 7+775#$7! #=!
.,#(#6#0! +?+6'(5#$@! 5(! )/7! (#! /$/0&D+! #$+! 7+775#$! /(! /! (5-+;! A$! #()+,! 8#,17@! ()+! /$/0&757! #=! (8#!
7+9'+$(5/0! 7+775#$7! 57! $#$G6#-.#75(5#$/0;! A$! ./,(56'0/,@! /=(+,! /$! +?+6'(5#$! #=! ()+! =5,7(! 7+775#$! 57!
=5$57)+1@! ()+! 7+6#$1! 7+775#$! 57! ()+$! +?+6'(+1! 7+./,/(+0&! 85()! 5$=#,-/(5#$! #>(/5$+1! =,#-! ()+! =5,7(!
7+775#$;! 2#@! 5(! 57! 6#$751+,+1! /7! /! 75$%0+! 7+775#$! /$/0&757! 7(,56(0&;! `#8+:+,@! ()+! 8#,3! HIML! #==+,7! /!
6#-.#75(5#$/0! /$/0&757! #=! (8#! 7+9'+$(5/0! 7+775#$7! #=! .,#(#6#0! +?+6'(5#$! /66#,15$%! (#! ()+! 1+(+6(+1!
/((/63! ,+.#,(+1! 5$! ()+! 8#,3;! <)+! /$/0&757! 57! 6#-.#75(5#$/0! 5$! ()/(! (8#! 7+9'+$(5/0! 7+775#$7! 6/$! >+!
/$/0&D+1!/(!/!(5-+;!!!25$6+!5(!57!/!7+9'+$(5/0!6#-.#75(5#$!#=!(8#!7+775#$7@!()+$!()+!8#,3!57!+77+$(5/00&!
/!75$%0+!7+775#$!/$/0&757;!E#,+#:+,@!()+!/((/63+,!6/$$#(!5$5(5/(+!/!$+8!7+775#$!85()!/$&!'7+,;!2#@!#$0&!
/((/637!8)+,+!/!0+%5(5-/(+!'7+,!57!/!7+775#$!5$5(5/(#,!6/$!>+!1+(+6(+1@!/$1!()+7+!/,+!:+,&!05-5(+1;!E#,+!
5-.#,(/$(0&@!/!-+()#1#0#%&!(#!1+/0!85()!/!)'%+!/-#'$(!#=!/0(+,$/(5$%!+?+6'(5#$7!>+(8++$!-'0(5.0+!
7+775#$7! )/7! $#(! >++$! /11,+77+1! /(! /00! 5$! >#()! 8#,37;! \'(! ()+! 8#,3! HIML! 1+/07! 85()! ()+! /0(+,$/(5$%!
+?+6'(5#$7!>+(8++$!/!'7+,!/$1!/$!/((/63+,@!75$6+!()+5,!/((/63+,!-#1+0!6/$!>+!+?+6'(+1!5$1+.+$1+$(0&!
#=!()+!+?+6'(5#$!#=!.,#(#6#0!7(+.7;!2'6)!/0(+,$/(5$%!+?+6'(5#$7!#66',!5$!/!75$%0+!7+775#$!#$0&;!!
A(!57!5-.#,(/$(!(#!$#(+!()/(!()+!/$/0&757!#=!-'0(5.0+!6#$6',,+$(!7+775#$7!#=!.,#(#6#0!+?+6'(5#$!
57! 5-.#,(/$(! 75$6+! -/$&! 6,'65/0! /((/637@! =#,! +?/-.0+! ()+! -/$G5$G-5110+! /((/63! HKYL! /$1! ./,/00+0G 7+775#$! /((/63! HKIL! /,+! 6/,,5+1! #'(! 5$! ()+! -'0(5.0+! 6#$6',,+$(! 7+775#$7! 8)+,+! .,#(#6#0! ,'$7! /,+!
/0(+,$/(+1!5$!/!$#$G7+9'+$(5/0!-/$$+,!>+(8++$!-'0(5.0+!7+775#$7;!!
e+6+$(0&!5$!HIRGJIL@!#',!%,#'.!)/7!1+:+0#.+1!/!$+8!4*B!-+()#1!(#!/$/0&D+!6,&.(#%,/.)56!
.,#(#6#07;!C',!$+8!4*B!-+()#1!5-.,#:+7!#$!/00!+?57(5$%!4*B!/$1!*+(,5!B+(!-+()#17!=#,!7+6',5(&!
.,#(#6#07!#$!7+:+,/0!577'+7;!A$!./,(56'0/,@!#',!4*B!-+()#1!57!()+!=5,7(!4*B!-+()#1!8)56)!#==+,7!/$!
/$/0&757!-+()#1#0#%&!#=!-'0(5.0+!6#$6',,+$(!7+775#$7!#=!.,#(#6#0!+?+6'(5#$;!V',()+,-#,+@!5(!#==+,7!/!
7&7(+-/(56! -+()#1! (#! /$/0&D+! /((/637! 5$! .,#(#6#07;! A$! ./,(56'0/,@! #',! -+()#1! #==+,7! 1+6#-.#75(5#$!
/$1! -'0(5G7+775#$! 76)+1'05$%! =#,! ()+! 6#-.'(/(5#$! #=! 7(/(+! 7./6+7@! /$! 5$('5(5:+! /..,#/6)! (#!
6)/,/6(+,5D+!/((/63!7(/(+7@!/$!+==565+$(!8/&!(#!+?(,/6(!/((/63!(,/6+7!/$1!/!7&7(+-/(56!8/&!(#!60/775=&!/!
0/,%+! /-#'$(! #=! /((/63! (,/6+7;! A$! /115(5#$@! #',! -+()#1! 6/$! 1+(+6(! -#,+! /((/637! 85()! /! >+((+,!
+==565+$6&;! A$! ./,(56'0/,@! #',! /((/63+,! -#1+0! /00#87! 7+775#$! 5$5(5/(5#$@! ,+6+5:+,! 5-.+,7#$/(5#$! /$1!
-+77/%+!1,#..5$%!6/./>505(5+7!/00!#=!8)56)!/,+!-5775$%!5$!HIML;!P7!/!,+7'0(@!-#,+!35$17!#=!/((/637!6/$!
>+!/$/0&D+1;!P07#@!#',!-+()#1!57!-#,+!+==565+$(!1'+!(#!-#,+!,+7(,56(+1!'$1+,0&5$%!-#1+07!#=!'7+,7!
/$1!/((/63+,7;!A$!./,(56'0/,@!5$!()+!'7+,!-#1+0!()+,+!57!/!7(,56(!-+77/%+!:/051/(5#$!=#,!+:+,&!,+6+5:+1!
-+77/%+@! /$1! +/6)! (&.+! #=! 6,&.(#%,/.)56! -+77/%+7@! +%;! .'>056G3+&! 65.)+,(+?(! /$1! 7&--+(,56G3+&!
65.)+,(+?(@! 57! 1+=5$+1! 5$15:51'/00&! 5$7(+/1! #=! -5?5$%! ()+-! 5$(#! #$+! (&.+! P07#@! #',! /((/63! -#1+0!
%+$+,/(+7!-+77/%+7!>&!(/35$%!>#()!()+!-+77/%+!:/051/(5#$!/$1!()+!5$15:51'/0!(&.+7!#=!6,&.(#%,/.)56!
-+77/%+7!5$(#!/66#'$(;!P7!/!,+7'0(@!/!7(/(+!7./6+!%+$+,/(+1!57!7-/00+,!()/$!HIML!75$6+!5$:/051!-+77/%+7!
/$1!5$/..,#.,5/(+!6,&.(#%,/.)56!-+77/%+7!/,+!+05-5$/(+1;!
!
G<><"I-0$*"3'*J7("J$-0'+8"3'*"767(2K.61"&*29-'1*790.5"9*'-'5'(8!
!
<)+,+!/,+!/!)'%+!/-#'$(!#=!=#,-/0!-+()#17!=#,!/$/0&D5$%!6,&.(#%,/.)56!.,#(#6#07;!P!7',:+&!
/$1!1576'775#$!#$!()+!6#-./,57#$!>+(8++$!()+-!6/$!>+!=#'$1!5$!HJ@KL;!`+,+!8+!1576'77!#$0&!=#,-/0!
-+()#17!8)56)!/,+!/..05+1!(#!/$/0&D+!6#$(,/6(!75%$5$%!.,#(#6#07@!Z42I!/$1!<EB!.,#(#6#07;!!
<)+,+! /,+! /(! 0+/7(! (),++! -/5$! 8#,37! 8)56)! /$/0&D+! %+$+,/0! 6#$(,/6(G75%$5$%! .,#(#6#07;! A$!
HKJL@! 4)/1)/@! c/$#:56)@! /$1! 26+1,#:! .,#.#7+1! /$! 5$1'6(5:+! .,##=! -+()#1! (#! /$/0&D+! /! :/,5/$(! #=!
6#$(,/6(G75%$5$%! .,#(#6#0! .,#.#7+1! >&! ]/,/&@! b/3#>77#$! /$1! E/6c+$D5+;! <)+5,! -+()#1! /5-7! (#!
(##0! T2`W<U;! 25-50/,! (#! E',M@! /! .,#(#6#0! 57! -#1+0+1! /7! /$! /'(#-/(/! >'(! >&! '75$%! /! (+?(G>/7+1!
1+76,5.(5#$!#$!7(/(+7!/$1!7(/(+!(,/$75(5#$7;!<)+5,!-+()#1!57!/'(#-/(56!/$1!7#-+!$+8!/((/637!/,+!=#'$1;!!
A$!HJXL@!^)/$%!/$1!a5'!/..05+1!/!-#1+0!6)+635$%!(+6)$59'+!(#!/$/0&D+!Z42I;!<)+&!=#'$1!
#$+!$+8!75$%0+G7+775#$!/((/63!5$!E56/05F7!Z42I!/$1!(8#!$+8!-'0(5G7+775#$!/((/637!5$!\/#!+(;!/0;!F7!
-#15=5+1!:+,75#$!#=!Z42I!HJRL;!A$1+.+$1+$(0&@!8+!=#'$1!(8#!$+8!75$%0+G7+775#$!/((/637!5$!E56/05F7!
Z42I!5$!HIXL@!/$1!=#'$1!(8#!$+8!-'0(5G7+775#$!/((/637!5$!E56/05F7!Z42I!/$1!=5:+!$+8!-'0(5G7+775#$!
/((/637!5$!\/#F7!-#15=5+1!:+,75#$!#=!Z42I!5$!HJYL;!A$!=/6(@!/(!()+!8,5(5$%!(5-+!#=!#',!8#,37!5$!HIX@!
JYL@!8+!8+,+!'$/8/,+!#=!^)/$%!/$1!a5'F7!8#,3;!`#8+:+,@!/=(+,!8+!0##3!5$(#!()+!1+(/507@!8+!=#'$1!
()/(! #$+! #=! #',! 75$%0+! 7+775#$! /((/637! 57! /! :/,5/$(! =#,-! #=! ^)/$%! /$1! a5'F7! /((/63@! /$1! (8#! #=! #',!
-'0(5G7+775#$!/((/637!/,+!:/,5/$(!=#,-7!#=!^)/$%!/$1!a5'F7!/((/63;!<)+,+=#,+@!(#!7'--/,5D+!()+!$+8!
/((/637! =#'$1! >&! #',! 4*B! -+()#1! 8+! =#'$1! #$+! $+8! 75$%0+G7+775#$! /((/63!#=!E56/05F7!Z42I@!(8#!
$+8! -'0(5G7+775#$! /((/637! 5$! E56/05F7! Z42I! /$1! (),++! $+8! /((/637! #=! \/#F7! -#15=5+1! :+,75#$! #=!
Z42I;!!!
<)+,+!/,+!7+:+$!=#,-/0!-+()#1!/..,#/6)+7!8)56)!/,+!/..05+1!(#!/$/0&D+!<EB!.,#(#6#0;!A$!
HJML@! (),++! =#,-/0! -+()#1! /..,#/6)+7@! $/-+0&! Bea@! A$(+,,#%/(#,! /$1! A$/(+7(@! (#! /$/0&D+!
6,&.(#%,/.)56!.,#(#6#07!/,+!6#-./,+1@!/$1!()+!<EB!.,#(#6#0!57!6)#7+$!/7!/!6/7+!7('1&;!P00!#=!()+-!
(/3+!()+!7(/(+!+?.0#,/(5#$!/..,#/6)!(#!/$/0&D+!.,#(#6#07;!\#()!Bea!/$1!A$(+,,#%/(#,!1+(+6(!/$!/((/63!
5$!/!75$%0+!7+775#$!#=!.,#(#6#0!+?+6'(5#$;!`#8+:+,@!A$/(+7(!6/$!#$0&!,+.,#1'6+!25--#$F7!/((/63!HJKL!
8)56)!57!/$!/((/63!5$!-'0(5.0+!7+775#$7;!A$!HJNL@!E',M@!/!%+$+,/0!-#1+0!6)+63+,@!57!/..05+1!(#!/$/0&D+!
()+! <EB! .,#(#6#0;! E',M! 6/$! ,+.,#1'6+! 25--#$F7! /((/63@! /$1! 5(! 1+(+6(7! /! $+8! -'0(5.0+! 7+775#$!
/((/63! 8)56)! /00#87! /$! /((/63+,! (#! 0+/,$! /$! +?6)/$%+1! 7+775#$! 3+&! >+(8++$! (8#! 0+%5(5-/(+! ./,(5+7;!
`#8+:+,@! >#()! 0+%5(5-/(+! ./,(5+7! 1#! $#(! 6#--5(! #$! ()+! 7+775#$! 3+&! /=(+,! ()+! 6#-.0+(5#$! #=! ()+!
.,#(#6#0;! A$! HJOL@! a#8+! /$1! e#76#+! /..05+1! 4#--'$56/(5$%! 2+9'+$(5/0! *,#6+77+7! T42*U! /$1! 5(7!
-#1+0!6)+63+,!Vfe!(#!/$/0&D+!()+!<EB!.,#(#6#0;!B#(!#$0&!/00!.,+:5#'70&!3$#8$!/((/637!(#!()+!<EB!
.,#(#6#0!6/$!>+!,+.,#1'6+1@!>'(!/07#!(8#!$+8!/((/637!)/:+!>++$!=#'$1;!<)+!=5,7(!$+8!/((/63!#66',7!5$!
/! 75$%0+! 7+775#$! #=! .,#(#6#0! +?+6'(5#$@! /$1! /$! /((/63+,! 6/$! 5-.+,7#$/(+! '7+,! P! /$1! 0+/,$! ()+!
+?6)/$%+1!7+775#$!3+&!6,+/(+1!>&!'7+,!\;!<)+!7+6#$1!/((/63!8)56)!#66',7!5$!-'0(5.0+!7+775#$7!57!()/(!
>#()!P!/$1!\!6#--5(!#$!()+!7/-+!7+775#$!3+&!/=(+,!()+!6#-.0+(5#$!#=!()+!.,#(#6#0@!>'(!()+!3+&!57!
3$#8$!>&!()+!/((/63+,;!A$!HIML@!P0GPDD#$5!+(;!/0;!/..05+1!4*B!(#!/$/0&D+!()+!<EB!.,#(#6#0;!<)+5,!
4*B!-+()#1!6/$!#$0&!1+(+6(!/!:/,5/$(!=#,-!#=!()+!/((/63!=#'$1!>&!E',M!HJNL;!B#(+!()/(!()+!/((/63!
#66',7!5$!(8#!7+9'+$(5/0!7+775#$7!#=!.,#(#6#0!,'$;!A$!HJQL@!^)/$%!/$1!a5'!+-.0#&+1!/!-#1+0!6)+635$%!
(+6)$59'+! (#! /$/0&D+! ()+! <EB! .,#(#6#0;! <)+&! =#'$1! 7#-+! :/,5/$(! =#,-7! #=! a#8+! /$1! e#76#+F7!
/((/637! HIJL! 5$! >#()! /! 75$%0+! 7+775#$! /$1! -'0(5.0+! 7+775#$7;! Z:+$! ()#'%)! <EB! .,#(#6#0! )/7! >++$!
/$/0&D+1! :+,&! +?(+$75:+0&@! 7',.,575$%0&! 8+! =#'$1! $+8! /((/637! 5$! ()+! .,#(#6#0! >&! '75$%! #',! 4*B!
-+()#1#0#%&;!!
A$! 7'--/,&@! 8+! /,%'+! ()/(! ()+! 4*B! -+()#1#0#%&! #==+,7! /$! /1:/$(/%+! #:+,! ()#7+! =#,-/0!
-+()#17!1576'77+1!.,+:5#'70&!5$!()/(!5(!.,#:51+7!/!75-.0+,!/$1!-#,+!5$('5(5:+!8/&!(#!-#1+0!/!.,#(#6#0!
>&!'75$%!()+!%,/.)!,+.,+7+$(/(5#$;!!
"
L<"I)*"/'+$("
!
L<;<"I)*"#$%"/$-0'+'('12"
!
C',!$+8!4*B!-+()#1!)+,+!57!>/7+1!#$!()+!4*B!/..,#/6)+7!()/(!8+!)/:+!1+:+0#.+1!+/,05+,!
5$!HIRGJIL;!<)+,+!/,+!=5:+!7(+.7;!<)+!1+(/50!#=!#',!-+()#1#0#%&!57!7)#8$!/7!=#00#87;!!!
V5,7(@! 8+! >'501! /! 4*B! -#1+0! (#! ,+.,+7+$(! -+77/%+! +?6)/$%+! >&! /00! '7+,! ./,(5+7! /$1! (#!
,+.,+7+$(! /((/63+,! >+)/:5#,;! Z/6)! '7+,! ./,(&! 57! -#1+0+1! /66#,15$%! (#! ()+! .,#(#6#0;! A$! %+$+,/0@! /$!
/((/63+,!5$!#',!-#1+0!6/$!+/:+71,#.@!-#15=&!/$1!1,#.!-+77/%+7!1',5$%!()+!(,/$7-5775#$;!P07#@!()+!
/((/63+,!6/$!7+$1!$+8!-+77/%+7;!S+!8500!1576'77!/>#'(!/77'-.(5#$7!#=!()+!.,#(#6#0!/$1!()+!/>505(5+7!
#=!()+!/((/63+,!5$!1+(/507!0/(+,;!!
2+6#$1@!/$!/'(#-/(/!#,!/!7(/(+!7./6+!#=!()+!.,#(#6#0!85()!/((/63+,7!57!%+$+,/(+1!>&!'75$%!()+!
+?/-.0+@!()+!51+$(5(5+7!#=!5$5(5/(#,!/$1!,+7.#$1+,@!()+!,#0+!#=!/((/63+,7@!/00!7+6,+(7!/$1!/00!$#'$6+7!5$!
+/6)! 6#$6',,+$(! 7+775#$@! /$1! /! 76)+1'0+! #=! ()+! +?+6'(5#$! #=! ()+! -'0(5.0+! 6#$6',,+$(! 7+775#$7;! <)+!
76)+1'0+!+$7',+7!()/(!()+!#'(.'(!7(/(+!7./6+!6#$(/5$7!#$+!/0(+,$/(5$%!+?+6'(5#$!#=!-'0(5.0+!6#$6',,+$(!
7+775#$7! #=! .,#(#6#0! ,'$! #$0&@! 5$7(+/1! #=! /00! .#775>0+! /0(+,$/(5$%! +?+6'(5#$7;! Z?.0#,5$%! /00! .#775>0+!
/0(+,$/(5$%!+?+6'(5#$7!85()5$!/!7(/(+!7./6+!57!+?.+$75:+!/$1!6/'7+7!/!)'%+!7(/(+!7./6+;!g7'/00&!()+,+!
/,+!-/$&!.#775>0+!6#$=5%',/(5#$7;!P7!/!,+7'0(!#=!()+!1+6#-.#75(5#$!/$1!()+!-'0(5G7+775#$!76)+1'05$%!
(+6)$59'+7@!()+!7(/(+!7./6+!#>(/5$+1!57!7-/00!/$1!=/7(!=#,!/$/0&757;!
<)5,1@!8+!6,+/(+!/!9'+,&!='$6(5#$!5$!4*BEa!0/$%'/%+@!8)56)!57!>/7+1!#$!Ea!='$6(5#$/0!
.,#%,/--5$%!0/$%'/%+@!(#!7+/,6)!=#,!/((/63!7(/(+7!5$!()+!7(/(+!7./6+;!P((/63!7(/(+7!/,+!6)/,/6(+,5D+1!
>&! :'0$+,/>505(&! +:+$(7;! W'0$+,/>505(&! +:+$(7! /,+! +:+$(7! 8)56)! -/&! 0+/1! (#! /! 6#-.,#-57+! #=!
.,#(#6#07@!/$1!7'6)!+:+$(7!/,+!.,#(#6#0!1+.+$1+$(;!A$!Z42I@!()+,+!57!#$+!:'0$+,/>505(&!+:+$(!8)+,+!
#$+!./,(&@!8)#!57!+5()+,!5$5(5/(#,!#,!,+7.#$1+,@!%+(7!/$#()+,!./,(&!6#--5(-+$(@!>'(!()+!0/((+,!1#+7!$#(!
%+(! ()+! =#,-+,! 6#--5(-+$(;! A$! #()+,! 8#,17@! ()57! +:+$(! 1+76,5>+7! +?/6(0&! /$! '$=/5,! 7(/(+;! A$! <EB!
.,#(#6#0@! ()+,+! /,+! (8#! -/5$! :'0$+,/>505(&! +:+$(7;! V5,7(0&@! ()+! /((/63+,! 0+/,$7! /! 7+6,+(! 3+&@! =#,!
+?/-.0+@!()+!+?6)/$%+1!7+775#$!3+&;!2+6#$10&@!/!7+775#$!3+&!8)56)!-/&!>+!/!=/3+!3+&!57!6#--5((+1!
>&!/!'7+,;!\/7+1!#$!()+7+!(8#!:'0$+,/>505(&!+:+$(7@!7+:+,/0!6#->5$+1!:'0$+,/>505(&!+:+$(7!/,+!6,+/(+1!
5$!#,1+,!(#!6)/,/6(+,5D+!-/$&!-+/$5$%='0!/((/63!7(/(+7!5$!<EB!.,#(#6#0;!<)+!6#$6+.(!#=!:'0$+,/>505(&!
+:+$(7!.,#:51+7!/!%+$+,/0!-+()#1!(#!6)/,/6(+,5D+!/((/63!7(/(+7!5$('5(5:+0&!/$1!6#-.,+)+$75:+0&;!P07#@!
9'+,5+7!6/$!>+!>'50(!+/750&!(#!1+(+6(!7'6)!6#->5$+1!:'0$+,/>505(&!+:+$(7;!!
V#',()@! /=(+,! /((/63! 7(/(+7! /,+! 1576#:+,+1! =,#-! ()+! 7(/(+! 7./6+@! 8+! +?(,/6(! /((/63! (,/6+7;!
4#$6+.('/00&@! /$! /((/63! (,/6+! 1+76,5>+7! )#8! /$! /((/63+,! 6/,,5+7! #'(! /$! /((/63! 7'66+77='00&! 7(+.! >&!
7(+.;!]5:+$!/$!/((/63!7(/(+!5$!/!7(/(+!7./6+@!/!./()!=,#-!()+!5$5(5/0!7(/(+!(#!()+!/((/63!7(/(+!6#$(/5$7!/!
7+9'+$6+!#=!/6(5#$7!>&!/00!./,(5+7@!5$60'15$%!/((/63+,7@!8)56)!0+/17!(#!()+!/((/63;!2#@!()57!7+9'+$6+!
6#$(/5$7!/$!/((/63!(,/6+;!\'(!()+!7+9'+$6+!6#$(/5$7!7'.+,=0'#'7!/$1!,+1'$1/$(!5$=#,-/(5#$!/>#'(!/$!
/((/63!(,/6+!75$6+!5(!6#$(/5$7!/00!4*B!(,/$75(5#$7!5$!/$!+?+6'(5#$!8)56)!0+/1!(#!/$!/((/63!7(/(+@!/$1!
-/$&!#=!()#7+!(,/$75(5#$7!/,+!,+1'$1/$(!#,!5,,+0+:/$(!(#!()+!+77+$6+!#=!()+!/((/63;!C',!-+()#1!#==+,7!
/$!+==565+$(!$+8!/..,#/6)!(#!+?(,/6(!/((/63!(,/6+7!=,#-!/$!#'(.'(!7(/(+!7./6+!85()#'(!()+!$++1!=#,!/$&!
=',()+,!6#-.'(/(5#$;!A$!#',!4*B!-#1+0@!/7!()+!.,#(#6#0!+?+6'(5#$!.,#6++17@!/$!/((/63!(,/6+!8)56)!57!
/! ,+6#,1! #=!/00!+?6)/$%+1!-+77/%+7!>+(8++$!./,(5+7!7#!=/,!57!+->+11+1!5$(#!/$!#'(.'(!7(/(+;!E#,+!
7.+65=56/00&@!()+!/((/63!(,/6+!57!7(#,+1!5$!/!%0#>/0!='75#$!.0/6+!8)+$!/!-+77/%+!57!7+$(!=,#-!#$+!'7+,!(#!
/$#()+,;! <)'7@! 8)+$! /$! /((/63! 7(/(+! 57! =#'$1@! ()+! /((/63! (,/6+! 6/$! >+! +?(,/6(+1! =,#-! ()+! 7(/(+!
5--+15/(+0&!/$1!+==565+$(0&;!
V5=()@!/=(+,!/((/63!(,/6+7!/,+!#>(/5$+1@!8+!60/775=&!()+-!5$(#!+/6)!%,#'.;!A$!%+$+,/0@!()+,+!6/$!
>+!/!)'%+!/-#'$(!#=!/((/63!7(/(+7!/$1!(,/6+7!=#'$1!5$!/!7(/(+!7./6+;!V#,!+?/-.0+@!5$!Z42I!8+!=#'$1!
Q@YYY! /((/63! 7(/(+7! T/$1! (,/6+7U! 5$! /! 6#$=5%',/(5#$;! <)'7@! (#! +/7+! ()+! /$/0&757! #=! /! 0/,%+! /-#'$(! #=!
/((/63! (,/6+7@! 8+! 1+:+0#.! /$! /((/63! 60/775=56/(5#$! >&! '75$%! /((/63! ./((+,$7;! A$! %+$+,/0@! /$! /((/63!
./((+,$!1+76,5>+7!()+!6#,+!#=!/$!/((/63@!/$1!5(!6#$(/5$7!/!057(!#=!-5$5-/0!.,#(#6#0!-+77/%+7!()/(!/,+!()+!
6/'7+!#=!+/6)!/((/63;!P((/63!(,/6+7!()/(!.,#1'6+!()+!7/-+!/((/63!./((+,$!/,+!60/775=5+1!5$(#!()+!7/-+!
%,#'.! #=! /((/637;! A$! %+$+,/0@! 5(! ,+9'5,+7! )'-/$! 5$(+,:+$(5#$! (#! 6,+/(+! +/6)! /((/63! ./((+,$! =,#-! /$!
/((/63!(,/6+;!
A$!()+!$+?(!(8#!7+6(5#$7@!8+!/..0&!#',!4*B!-+()#1!(#!/$/0&D+!(8#!6/7+!7('15+7;!<#!500'7(,/(+!
()+!+==+6(5:+$+77!#=!#',!-+()#1@!8+!=#6'7!#',!/$/0&757!#$!<EB;!C',!4*B!=,/-+8#,3!=#,!Z42I!57!
75-50/,!(#!()+!=,/-+8#,3!=#,!<EB;!!
!
L<><"I)*"&,#"!67(28.8"3'*"E/#",*'-'5'("
!
! A$!()57!7+6(5#$@!8+!1576'77!()+!/$/0&757!#=!<EB!>&!'75$%!#',!$+8!-+()#1#0#%&;!A$!7+6(5#$!
M;J;I@!8+!.,#:51+!1+=5$5(5#$7!/$1!-#,+!6#$6,+(+!6#$6+.(7!#=!#',!-+()#1#0#%&;!A$!7+6(5#$!M;J;J@!8+!
>,5+=0&! 7)#8! 7#-+! #=! #',! 4*B! %,/.)! -#1+0;! S+! +?.0/5$! #',! 9'+,5+7! /$1! #',! /((/63! 60/775=56/(5#$!
(+6)$59'+! 5$! 7+6(5#$7! M;J;K! /$1! M;J;N@! ,+7.+6(5:+0&;! P07#@! $+8! /((/637! /$1! ()+! .+,=#,-/$6+! #=! #',!
M$3.6.-.'6!;"[!<)+!/77'-.(5#$7!#=!()+!.,#(#6#0!+?+6'(5#$!
<)+!=#00#85$%!/,+!()+!/77'-.(5#$7!#=!()+!+?+6'(5#$!#=!()+!<EB!.,#(#6#0;!!
I;! <)+,+!/,+!(),++!'7+,7!8)#!/,+!/$!5$5(5/(#,@!/!,+7.#$1+,!/$1!/!7+,:+,;!P$1!/00!()+!'7+,7!=#00#8!()+!
.,#(#6#0!7.+65=56/(5#$!7(,56(0&!/$1!)#$+7(0&;!
J;! <)+,+!57!#$+!/((/63+,!8)#7+!/>505(5+7!/,+!1+=5$+1!>+0#8;!
K;! <)+!'$1+,0&5$%!+$6,&.(5#$!57!.+,=+6(!5$!()/(!$#()5$%!6/$!>+!5$=+,,+1!=,#-!/!65.)+,(+?(!85()#'(!()+!
3$#80+1%+!#=!()+!6#,,+6(!3+&;!P07#@!8+!6#$751+,!/!%+$+,/0!.'>056!3+&!+$6,&.(5#$!76)+-+@!,/()+,!
()/$!/$&!7.+65=56!76)+-+;!!!
M;! S+!6#$751+,!()+!+?+6'(5#$!#=!(8#!6#$6',,+$(!7+775#$7!#=!()+!.,#(#6#0!8)+,+!7'6)!+?+6'(5#$!6/$!
>+!.+,=#,-+1!5$!+5()+,!/!7+9'+$(5/0!#,!/!$#$G7+9'+$(5/0!>'(!/0(+,$/(5$%!7(&0+;!!!
N;! \#()! 5$5(5/(#,! /$1! ,+7.#$1+,! 5$:#0:+! 5$! ()+! .,#(#6#0! +?+6'(5#$! /7! 5=! ()+,+! 57! #$+! 7+775#$! #=!
+?+6'(5#$!#$0&@!>'(!()+!7+,:+,!-/&!5$:#0:+!5$!-#,+!()/$!#$+!7+775#$;!!
!
<)+!/77'-.(5#$7!IU!/$1!JU!-+/$!()/(!()#7+!./,(5+7!/,+!/00!()/(!/,+!5$:#0:+1!5$!()+!.,#(#6#0!
+?+6'(5#$;!P$!5$5(5/(#,!-+/$7!/!'7+,!8)#!5$5(5/(+7!/!$+8!.,#(#6#0!7+775#$@!/$1!/!,+7.#$1+,!-+/$7!/!
'7+,!8)#!,+7.#$17!(#!/$!+?57(5$%!7+775#$!85()!/$!5$5(5/(#,!(#!.+,=#,-!()+!3+&!+?6)/$%+;!!
<)+!=5,7(!./,(!#=!/77'-.(5#$!KU!57!/07#!3$#8$!/7!f#0+:!/$1!"/#F7!/77'-.(5#$!HKNL;!P7!7(/(+1!
5$!()+!7+6#$1!./,(!#=!/77'-.(5#$!KU@!5$!()57!./.+,!8+!6#$751+,!/!%+$+,/0!.'>056!3+&!+$6,&.(5#$!76)+-+!
,/()+,!()/$!e2P!76)+-+;!<)57!/77'-.(5#$!57!7'==565+$(!(#!500'7(,/(+!()+!+==+6(5:+$+77!#=!#',!$+8!4*B!
/..,#/6)!(#!/$/0&D+!<EB;!
A$! /77'-.(5#$! MU@! 8+! -+/$! ()/(! 5$! /115(5#$! (#! /! 7+9'+$(5/0! +?+6'(5#$! #=! (8#! 7+775#$7@! ()+!
.,#(#6#0! +?+6'(5#$! 6/$! /0(+,$/(+! >+(8++$! ()+! (8#! 6#$6',,+$(! 7+775#$7;! <)'7@! ()+! ,+7'0(! #=! ()+!
+?+6'(5#$! 57! /! $#$G7+9'+$(5/0! #,! 5$(+,0+/:5$%! -/$$+,;! S+! 8500! 1576'77! />#'(! ()+! +?+6'(5#$! #=! (8#!
6#$6',,+$(!7+775#$7!#=!()+!.,#(#6#0!-#,+!7.+65=56/00&!0/(+,;!!
A$!/77'-.(5#$!NU@!8+!-+/$!()/(!>#()!5$5(5/(#,!/$1!,+7.#$1+,!()5$3!()/(!()+&!5$:#0:+!5$!#$0&!
#$+!7+775#$!#=!()+!.,#(#6#0!+?+6'(5#$@!/$1!()+5,!%#/07!/,+!(#!+?6)/$%+!/!7+775#$!3+&!>+(8++$!()+-;!
`#8+:+,@!()+!7+,:+,!-/&!5$:#0:+!5$!-#,+!()/$!#$+!7+775#$!#=!()+!+?+6'(5#$;!A$!=/6(@!()57!/77'-.(5#$!
57!,+/7#$/>0+!75$6+!/!7+,:+,!d'7(!,+7.#$17!(#!/$&!,+9'+7(!/$1!5(!-/5$(/5$7!/!7(/(+!#$0&!1',5$%!/!,+9'+7(!
/(! 7(+.! I! /$1! /! ,+7.#$1! /(! 7(+.! M;! P=(+,! ()+! 7(+.! M! #66',7@! ()+! 7(/(+! 57! 1+7(,#&+1! (#! -5$5-5D+! ()+!
,+7#',6+;!!
"
M$3.6.-.'6">![!<)+!/((/63+,!/>505(5+7!
<)+!/((/63+,!5$!#',!-#1+0!57!6/./>0+!#=!()+!=#00#85$%[!
I;! <)+!/((/63+,!6/$!+/:+71,#.@!-#15=&!/$1!1,#.!-+77/%+7!1',5$%!()+!(,/$7-5775#$!>+(8++$!'7+,7;!
J;! <)+!/((/63+,!6/$!7+$1!/!-+77/%+!(#!/!'7+,;!
K;! <)+!/((/63+,!6/$!+5()+,!5$5(5/(+!/!$+8!7+775#$!85()!'7+,7!#,!(/3+!./,(!5$!/$!+?57(5$%!7+775#$!85()!
'7+,7;!
M;! <)+!/((/63+,!6/$!5-.+,7#$/(+!/$&!'7+,;!!
N;! <)+!/((/63+,!6/$!.+,=#,-!/$&!6,&.(#%,/.)56!6#-.'(/(5#$!>&!'75$%!3$#8$!3+&7@!3$#8$!-+77/%+7!
/$1!3$#8$!65.)+,(+?(7!85()!/!05-5(+1!>'(!,+/7#$/>0+!.#8+,@!+%;!+$6,&.(5#$!/$1!1+6,&.(5#$;!
O;! <)+!/((/63+,!)/7!5(7!#8$!7(#,/%+!85()!/!=5$5(+!/$1!,+/7#$/>0+!/-#'$(;!
Q;! <)+!/((/63+,!1#+7!$#(!/((/63!)5-7+0=;!
R;! <)+,+!57!/(!-#7(!#$+!/((/63+,!8)#!.+,=#,-7!()+!/((/63!5$!IU!#$!/!.,#(#6#0!7(+.!5$!/!7+775#$!/(!/!
(5-+;!
!
B#(+!()/(!JU!-+/$7!()+!/>505(&!(#!7+$1!/$&!-+77/%+!(#!/$&!'7+,!8)+,+!()+!-+77/%+!/$1!()+!
'7+,!-/&!#,!-/&!$#(!>+!/66#,15$%!(#!()+!.,#(#6#0!7.+65=56/(5#$;!<)'7@!5(!57!15==+,+$(!=,#-!KU;!!
<)+!/77'-.(5#$!MU!-+/$7!()/(!()+!/((/63+,!6/$!5-.+,7#$/(+!/$!5$5(5/(#,!P@!/!,+7.#$1+,!\!#,!/!
7+,:+,! b;! A=! ()+! 5-.+,7#$/(+1! '7+,! 57! /! ,+7.#$1+,! #,! /! 7+,:+,@! ()+$! ()+! /((/63+,! -'7(! >+! />0+! (#!
5$(+,6+.(! /$! 5$.'(! -+77/%+! /$1! ()+$! (#! 7+$1! /! =/3+! ,+7.#$1! -+77/%+! /(! /! $+?(! 7(+.;! \'(! 5=! ()+!
5-.+,7#$/(+1!'7+,!57!/$!5$5(5/(#,@!()+!/((/63+,!-'7(!>+!/>0+!(#!5$5(5/(+!/!$+8!7+775#$@!/$1!(#!%+$+,/(+!
5$(/6(;!A=!()+,+!57!/$&#$+!+07+!8)#!-#15=5+7!()+!7+$(!-+77/%+!=',()+,@!()+$!()+!-+77/%+!57!-#15=5+1!>&!
(8#!/((/63+,7;!!
!
M$3.6.-.'6"G![!<)+!>/756!%#/07!#=!()+!/((/63+,!
<)+,+!/,+!(8#!>/756!%#/07!#=!()+!/((/63+,!=#,!<EB!
I;! <)+!/((/63+,!/5-7!(#!15760#7+!/!7+6,+(!3+&!8)56)!57!/!7+775#$!3+&!#,!PF7!7+6,+(;!
J;! <)+!/((/63+,!/5-7!(#!5-.+,7#$/(+!/!'7+,!8)56)!57!/$!5$5(5/(#,!#,!/!,+7.#$1+,!
!
<)+7+!/,+!(8#!>/756!/$1!%+$+,/0!%#/07!#=!()+!/((/63+,!=#,!<EB;!S+!=#6'7!#$!()+!=5,7(!%#/0@!
>'(!7(500!6#$751+,!()+!7+6#$1!%#/0@!75$6+!()+!=5,7(!%#/0!5$6',7!/!8#,7+!1/-/%+!()/$!()+!7+6#$1!#$+;!A$!
/115(5#$@! ()+! /((/63+,! )/7! -#,+! /5-7! (#! 6#-.,#-57+! ()+! .,#(#6#0! >&! /6)5+:5$%! ()+! 6#->5$+1!
:'0$+,/>505(&!+:+$(7!8)56)!8500!>+!1576'77+1!0/(+,;!<)#7+!+:+$(7!6/$!>+!6#$751+,+1!/7!6#$6,+(+!/$1!
/1:/$6+1!%#/07!#=!()+!/((/63+,;!
P((/63!7(/(+7!/,+!6)/,/6(+,5D+1!>&!:'0$+,/>505(&!+:+$(7;!V#,!()+!<EB!.,#(#6#0@!()+,+!/,+!(8#!
>/756!+:+$(7@!/$1!=5:+!6#->5$+1!+:+$(7;!!!!
!
M$3.6.-.'6"L![!<)+!=5,7(!>/756!:'0$+,/>505(&!+:+$(7!
<)+!/((/63+,!0+/,$7!/!7+6,+(!3+&;!<)+,+!/,+!(8#!6/7+7;!
I;! <)+!/((/63+,!0+/,$7!()+!+?6)/$%+1!7+775#$!3+&!:'0;!!!!!!!!!!!!!!!L:Q:'0M!
J;! <)+!/((/63+,!0+/,$7!PF7!7+6,+(!:'P;!! !! ! !!&L:Q:'PM!
!
M$3.6.-.'6"N![!<)+!7+6#$1!>/756!:'0$+,/>505(&!+:+$(7!
<)+,+!/,+!(),++!6/7+7!=#,!/!7+775#$!3+&!8)56)!57!6#--5((+1!>&!'7+,7;!!
I;! \#()!P!/$1!\!6#--5(!#$!:'0;!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LRCQ:'0M!
J;! P!6#--5(7!#$!:$!#,!:'P;!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LRQ:$1&RQ:'PM&!
!!!!!!!8)+,+!:$!57!/((/63+,F7!7+6,+(!3+&;!!
K;! \!6#--5(7!#$!:'0;!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&LCQ:'0M!
!
B#(+! ()/(! IU! 1#+7! $#(! 0##3! 053+! /! :'0$+,/>505(&! +:+$(! #$! 5(7! #8$@! >'(! 8)+$! 5(! 57! 6#->5$+1!
85()!/$#()+,!:'0$+,/>505(&!+:+$(@!5(!>+6#-+7!/!:'0$+,/>505(&!+:+$(!60+/,0&;!S+!8500!1576'77!/>#'(!()57!
0/(+,;!P07#@!5(!57!$#(!.#775>0+!(#!=##0!'7+,!\!(#!6#--5(!(#!#()+,!3+&!()/$!:'0!75$6+!\!57!()+!6,+/(#,!#=!
()+!7+775#$!3+&!:'0!/$1!()+$!()+!3+&!57!=5?+1!=#,!()+!6#--'$56/(5#$!85()!P;!\/7+1!#$!()+!(8#!>/756!
+:+$(7@!()+!=#00#85$%!6#->5$+1!/$1!5$(+,+7(5$%!:'0$+,/>505(&!+:+$(7!6/$!>+!6,+/(+1;!!
!
M$3.6.-.'6"O![!<)+!6#->5$+1!/$1!5$(+,+7(5$%!:'0$+,/>505(&!+:+$(7;!
<)+,+!/,+!=5:+!6#->5$+1!:'0$+,/>505(&!+:+$(7;!
I;! <)+!/((/63+,!0+/,$7!:'0@!/$1!>#()!P!/$1!\!6#--5(!#$!:'0;!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!S:'0TS:'0TS:'0T!
J;! <)+!/((/63+,!0+/,$7!:'0!/$1!:'P@!/$1!>#()!P!/$1!\!6#--5(!#$!:'0;!!!!!!!!!!!!!!!!S:'01:'PTS:'0TS:'0T!
K;! <)+!/((/63+,!0+/,$7!:'0@!/$1!P!57!=##0+1!(#!6#--5(!#$!:$!>'(!\!6#--5(7!#$!:'0;!&S:'0TS:$TS:'0T!
M;! <)+!/((/63+,!0+/,$7!:'0!/$1!:'P@!/$1!P!57!=##0+1!(#!6#--5(!#$!:$!>'(!\!6#--5(7!#$!:'0;!
&&&&&&&S:'01:'PTS:$TS:'0T!
N;! <)+!/((/63+,!0+/,$7!:'0!/$1!:'P@!/$1!P!57!=##0+1!(#!6#--5(!#$!:'P!>'(!\!6#--5(7!#$!:'0;!!!!! ! S:'01:'PTS:'PTS:'0T!
!
S+!'7+!()+!$#(/(5#$!S:CUTS:CVTS:CWT!(#!1+76,5>+!+/6)!6#->5$+1!:'0$+,/>505(&!+:+$(!8)+,+!
c\I!7(/$17!=#,!!3+&7!()/(!/,+!3$#8$!>&!()+!/((/63+,@!/$1!c\J!/$1!c\K!7(/$17!=#,!/$1!3+&7!()/(!/,+!
6#--5((+1!>&!'7+,7!P!/$1!\@!,+7.+6(5:+0&@!/(!()+!6#-.0+(5#$!#=!()+!.,#(#6#0;!
40+/,0&@!5$!()+!+:+$(!I!()+!/((/63+,!8500!()+$!0+/,$!/00!0/(+,!6#--'$56/(5#$!>+(8++$!P!/$1!\@!
>+6/'7+!()+!/((/63+,!#>(/5$7!()+!7+775#$!3+&!8)56)!/,+!+?6)/$%+1!/$1!/%,++1!>&!>#()!P!/$1!\;!S+!
1#!$#(!=5$1!/$&!/((/63!5$7(/$6+!5$!()57!+:+$(;!!
/115(5#$!()+!7+775#$!3+&;!A$!+:+$(!N@!()+!/((/63+,!0+/,$7!()+!7+775#$!3+&!/$1!PF7!7+6,+(!3+&@!/$1!=##07!
P!(#!6#--5(!(#!/!=/3+!3+&!8)56)!57!PF7!7+6,+(!3+&!:'P;!<)+!,+7'0(!#=!()+!+:+$(7!K@!M!/$1!N!6/$!>+!7++$!
/7!/!35$1!#=!()+!-/$G5$G()+G-5110+!/((/637;!A$!+:+$(7!K!/$1!M@!()+!/((/63+,!6/$!5-.+,7#$/(+!\!(#!P!>&!
'75$%!3+&!:$@!8)50+!()+!/((/63+,!6/$!5-.+,7#$/(+!P!(#!\!>&!'75$%!3+&!:'0;!A$!()+!+:+$(!N@!()+!/((/63+,!
6/$!5-.+,7#$/(+!\!(#!P!>&!'75$%!3+&!:'P@!8)50+!()+!/((/63+,!6/$!5-.+,7#$/(+!P!(#!\!>&!'75$%!3+&!:'0;!
S+!=#'$1!IY!/((/63!./((+,$7!5$!()+!+:+$(7!M!/$1!N@!>'(!1#!$#(!=5$1!/$&!/((/63!5$7(/$6+!5$!()+!+:+$(!K;!
A(!57!()+!/((/637!5$!()+!+:+$(7!M!/$1!N!()/(!/,+!$#:+0;!!
B#(+! ()/(! ()+,+! /,+! #()+,! (8#! 6#->5$+1! :'0$+,/>505(&! +:+$(7! 8)56)! /,+!S:'PTS:$TS:'0T&/$1&
S:'PTS:'PTS:'0T;!`#8+:+,@!>#()!+:+$(7!/,+!$#(!5$(+,+7(5$%!75$6+!()+!/((/63+,!1#+7!$#(!0+/,$!()+!7+775#$!
3+&!:'0;!E#,+#:+,@!()+&!/,+!d'7(!:/,5/$(!=#,-7!#=!75$%0+!7+775#$!/((/637;!2#@!8+!1#!$#(!6#$751+,!()+-!
)+,+;!!
!
M$3.6.-.'6"P![!<)+!6#-.'(/(5#$!#=!()+!=5:+!6#->5$+1!:'0$+,/>505(&!+:+$(7!
<)+!=#00#85$%!7)#87!)#8!(#!6#-.'(+!()+!=5:+!6#->5$+1!:'0$+,/>505(&!+:+$(7;!!
UF! S:'0TS:'0TS:'0T&X&L:Q:'0&&RCQ:'0M&
VF! S:'01:'PTS:'0TS:'0T&X&L:Q:'0&&RQ:$&&CQ:'0M&
WF! S:'0TS:$TS:'0T&X&L:Q:'0&&:Q:'P&&RCQ:'0M&
YF! S:'01:'PTS:$TS:'0T&XL:Q:'0&&:Q:'P&&RQ:$&&CQ:'0M&
ZF! S:'01:'PTS:'PTS:'0TXL:Q:'0&:Q:'P&&RQ:'P&&CQ:'0M&
!
Z/6)! 6#->5$+1! :'0$+,/>505(&! +:+$(! 6/$! >+! 6#-.'(+1! >&! /..0&5$%! ()+! 5$(+,7+6(5#$! #$! ()+!
,+0+:/$(!>/756!:'0$+,/>505(&!+:+$(7;!
A$!()+!=#00#85$%@!8+!.,#:51+!()+!1+=5$5(5#$!#=!/!6#$=5%',/(5#$!=#,!/!7(/(+!7./6+!6#-.'(/(5#$!
#=!#',!4*B!=,/-+8#,3!(#!/$/0&D+!()+!<EB!.,#(#6#0;!!!
!
M$3.6.-.'6"Q![!P!6#$=5%',/(5#$!#=!#',!4*B!=,/-+8#,3!=#,!<EB!
P!6#$=5%',/(5#$!#=!#',!4*B!=,/-+8#,3!6#$757(7!#=!LL*U1&*V1[1*(M1&*%B1&A-M!/$1!*$!_!L>1I1H1A1:1NM!=#,!
I!$!!(!8)+,+!!
I;! *$!57!/!7+775#$!5$=#,-/(5#$!8)56)!6#$757(7!#=!!
I;I;! >!57!/!7+775#$!51+$(5(&!
I;J;! I!57!/$!5$5(5/(#,!51+$(5(&!
I;K;! H!57!/!,+7.#$1+,!51+$(5(&!
I;M;! A!57!/!7+,:+,!51+$(5(&!
I;N;! :!57!3+&7!=#,!+/6)!./,(&!T5$60'15$%!/((/63+,U!8)56)!6#$757(7!#=!!
!!!!!!/U!*/5,!#=!.'>056!/$1!.,5:/(+!3+&7!
!!!!!!! >U!2)/,+1!3+&!85()!/!7.+65=56!./,(&!
I;O;! N!57!$#'$6+7!'7+1!>&!+/6)!./,(&!
J;! *%B!57!/!-'0(5G7+775#$!76)+1'0+!8)56)!6#$(/5$7!/!057(!#=!7+775#$!51+$(5(5+7!(#!>+!+?+6'(+1!5$!()/(!
#,1+,!
K;! A-!57!/$!/((/63!(,/6+!8)56)!6#$757(7!#=!/!:'0$+,/>505(&!+:+$(!!/$1!/!057(!#=!.,#(#6#0!(,/6+7!8)56)!
0+/17!(#!()+!:'0$+,/>505(&!+:+$(!!
!
A$! ()+! 6#$=5%',/(5#$@! +/6)! *$! /$1!*%B! /,+! 5$.'(! ./,/-+(+,7! (#! ()+! 4*B! 7(/(+! 7./6+!
6#-.'(/(5#$!8)50+!A-!57!()+!1+75,+1!#'(.'(!=,#-!()+!7(/(+!7./6+!6#-.'(/(5#$;!!
V#,!+?/-.0+@!()+!I7(!7+775#$!5$=#,-/(5#$!2I!8)56)!57!LU1R1C1\1L:U1:V1:W1:YM1QM!-+/$7!()/(!P@!
\!/$1!b!/,+!51+$(5(5+7!=#,!5$5(5/(#,@!,+7.#$1+,!/$1!7+,:+,@!,+7.+6(5:+0&@!/$1!:U1&:V1&:W!/$1!:Y!/,+!3+&7!
=#,!R@!C@!\!/$1!I(!,+7.+6(5:+0&;!P07#@!hij!-+/$7!()/(!()+,+!57!$#!5$=#,-/(5#$!/>#'(!()+!$#'$6+7;!a+(!
:U&X&LQ1]L:'P1QM^M1&:V&X&LQ1]L:'01RM^M1&:W&X&L]L_:\1*:\M^1QM!/$1!:Y&X&LQ1]L:$1QM^M;!:U!-+/$7!()/(!P!)/7!
$#!.'>056!/$1!.,5:/(+!3+&7@!>'(!)/7!#$+!7)/,+1!3+&!:'P!8)56)!6/$!>+!'7+1!85()!/$&#$+;!:V!-+/$7!()/(!
\!)/7!$#!.'>056!/$1!.,5:/(+!3+&7@!>'(!)/7!#$+!7)/,+1!3+&!:'0!8)56)!57!5$(+$1+1!(#!7)/,+!85()!P;!:W! -+/$7!()/(!b!)/7!/!.'>056!3+&!_:!/$1!/!.,5:/(+!3+&!*:@!>'(!b!)/7!$#!7)/,+!3+&;!:!-+/$7!()/(!()+!
7+6#$1! 7+775#$;! 4#$751+,! /$#()+,! 76)+1'0+!SU1V1V1U1U1V1V1UT;! <)57! 76)+1'0+! 57! /! $#$G7+9'+$(5/0! >'(!
6#$6',,+$(! +?+6'(5#$! 8)56)! 6#,,+7.#$17! (#! ()+! -/$G5$G()+G-5110+! /((/63! HKYL;! <)+! -/$G5$G()+G -5110+! /((/63! -+/$7! ()/(! ()+! /((/63+,! 75('/(+7! 5$! ()+! -5110+! >+(8++$! (8#! 7+775#$7@! /$1! ,+.0/&7!
-+77/%+7! >+(8++$! ()+-;! <)+! =5%',+! I! 500'7(,/(+7! ()+! =0#8! #=! -+77/%+7! =#,! ()+! -/$G5$G()+G-5110+!
/((/63!5$!<EB!8)+,+!()+!=5,7(!7+775#$!57!>+(8++$!P!/$1!I(@!/$1!()+!7+6#$1!7+775#$!57!>+(8++$!I(!/$1!
\;!<)'7@!()+!76)+1'0+!-+/$7!/$!/0(+,$/(5$%!+?+6'(5#$!>+(8++$!(8#!7+775#$7!5$!()/(!()+!=5,7(!.,#(#6#0!
7(+.!#=!()+!I7(!7+775#$!57!+?+6'(+1!=5,7(@!/$1!()+$!(8#!.,#(#6#0!7(+.7!#=!()+!J$1!7+775#$!/,+!+?+6'(+1@!
/$1!7#!#$;!!
a+(! A-! >+! LS:'01:'PT1& S:$T1& S:'0T1& !A-M! /$1! !A-! ! >+! SLU1U1R1\1& LLC1]:'P^_:D\M1RMM1&
LU1U1I(1\1LLKV1]:$^_:D\M1KUMM1&FFF&T;!<)+!/((/63!(,/6+!A-!6#$757(7!#=!/!:'0$+,/>505(&!+:+$(!LS:'01:'PT&S:$T&
S:'0TM@!/$1!/!057(!!A-!#=!.,#(#6#0!(,/6+7!8)56)!0+/17!(#!()+!/((/63!=#,!()+!:'0$+,/>505(&!+:+$(;!P7!=#,!/!
75-.0+!+?/-.0+@!()+!057(!!A-!#=!.,#(#6#0!(,/6+7!57!#$0&!./,(5/0!/$1!6#$(/5$7!(8#!7(+.7!#$0&;!<)+!=5,7(!
.,#(#6#0!(,/6+!LU1U1R1\1&LC1]:'P^_:D\M1RMM!-+/$7!()/(!5$!()+!=5,7(!7+775#$!/$1!/(!()+!=5,7(!.,#(#6#0!7(+.@!
'7+,!R!7+$17!-+77/%+!LC1]:'P^_:D\M1R!(#!7+,:+,!\;!<)+!7+6#$1!.,#(#6#0!(,/6+!LU1U1I(1\1LKV1L]:$^_:D
\M1KUMM! -+/$7! ()/(! 5$! ()+! =5,7(! 7+775#$! /$1! /(! ()+! =5,7(! .,#(#6#0! 7(+.@! ()+! /((/63+,!I(! 5$(+,6+.(7! ()+!
-+77/%+!7+$(!5$!()+!=5,7(!(,/6+@!/$1!-#15=5+7!5(!(#!LKV1]:$^_:D\M1KU!8)56)!57!1+05:+,+1!(#!\;!!
!
!
!
!
!
!
!
!
!
!
!
V5%',+!I[!<)+!=0#8!#=!-+77/%+7!=#,!()+!-/$G5$G()+G-5110+!/((/63!
!
<#! /$/0&D+! ()+! /((/637! 5$! <EB@! 8+! 6#$751+,! #$0&! ()+! 76)+1'0+!SU1V1V1U1U1V1V1UT! 8)56)! 57!
60+/,0&!()+!+?+6'(5#$!#=!$#$G7+9'+$(5/0!>'(!/0(+,$/(5$%!7+775#$7!#=!()+!.,#(#6#0;!A(!7'==56+7!(#!6#$751+,!
#$0&! ()57! 76)+1'0+! (#! 500'7(,/(+! ()+! +==+6(5:+$+77! #=! #',! 4*B! -+()#1;! C()+,! 76)+1'0+7! 6/$! >+!
6#$751+,+1!(##!/7!15==+,+$(!5$.'(!./,/-+(+,7;!!
S+!6#$751+,!=#',!35$17!#=!(8#!6#$6',,+$(!7+775#$7!8)56)!/,+!/7!=#00#87;!
UF! LU1R1C1\1L:U1:V1:W1:YM1QM&`&LV1I(1I(1\1L:U1:V1:W1:YM1QM&
VF! LU1R1I(1\1L:U1:V1:W1:YM1QM`&LV1I(1C1\1L:U1:V1:W1:YM1QM&
WF! LU1I(1C1\1&L:U1:V1:W1:YM1QM`&LV1R1I(1\1L:U1:V1:W1:YM1QM&
YF! LU1I(1I(1\1&L:U1:V1:W1:YM1QM`&LV1R1C1\1&L:U1:V1:W1:YM1QM&
8)+,+!cI@!cJ@!cK!/$1!cM!/,+!1576'77+1!.,+:5#'70&;!
A$! 7+775#$!LU1R1C1\1L:U1:V1:W1:YM1QM@! ()+! /((/63+,! >+)/:+7! /7! /$! +?(+,$/0! #>7+,:+,! #$! ()+!
6#--'$56/(5#$!/-#$%7(!P@!\!/$1!b;!A$!7+775#$!LU1R1I(1\1L:U1:V1:W1:YM1QM@!()+!/((/63+,!5-.+,7#$/(+7!/!
,+7.#$1+,! (#! '7+,! P! /$1! 7+,:+,! b;! A$! 7+775#$!LU1I(1I(1\1L:U1:V1:W1:YM1QM@! ()+! /((/63+,! 5-.+,7#$/(+7!
>#()!P!/$1!\!(#!7+,:+,!b;!<)'7@!()+,+!/,+!(),++!+?.0565(!,#0+7!#=!#',!/((/63+,![!/$!+?(+,$/0!#>7+,:+,!/$1!
5-.+,7#$/(#,7!=#,!5$5(5/(#,!/$1!,+7.#$1+,;!<)+!,#0+!#=!7+,:+,!5-.+,7#$/(5#$!57!5-.0565(0&!+$/>0+1@!>'(!
5(!57!157/>0+1!5$!()+!7+775#$!8)+,+!>#()!P!/$1!\!/,+!5-.+,7#$/(+1;!!
<)+7+! =#',! 6#$6',,+$(! 7+775#$7! /,+! /00! .#775>0+! 7+775#$7! ,+%/,15$%! (#! ()+! %#/0! #=! ()+! '7+,!
5-.+,7#$/(5#$!/((/63;!!!!
!
L<><><"I)*"&,#"1*790"J'+$("
!
!"
V5%',+! J! 7)#87! ()+! (#.! 0+:+0;! <)+,+! /,+! M! +$(5(5+7! 5$! #',! -#1+0! 8)56)! /,+! P@! \@! b! /$1!
/((/63+,!I(;!P00!-+77/%+7!()/(!/,+!+?6)/$%+1!>+(8++$!/00!'7+,7!TP@!\!/$1!bU!./77!(),#'%)!()+!/((/63+,!
I(;!V5%',+!K!7)#87!()+!6#$(,#0!0+:+0;!<)+!5$.'(!76)+1'0+!SU1V1V1U1U1V1V1UT!57!%5:+$!/(!()+!*%B+!.0/6+;!
<)+!.0/6+!>D39'%+!3++.7!7+775#$!7(/(+7!8)+,+!/!7+775#$!7(/(+!6#$757(7!#=!T>$)1&>31&>.U!8)+,+!>$)!-+/$7!
()+!7+775#$!51+$(5(&@!>3!-+/$7!()+!6#'$(+,!#=!.,#(#6#0!7(+.7!/$1!>.!-+/$7!7(/(+7;!<)+,+!/,+!(),++!7(/(+7!
8)56)!/,+!Y!T,+/1&U@!I!T+?+6'(5$%U!/$1!J!T5$/6(5:+!#,!=5$57)+1U;!V#,!+?/-.0+@!7(/(+!TI@I@IU!-+/$7!()/(!
()+!7+775#$!I!57!1',5$%!()+!+?+6'(5#$!/(!()+!=5,7(!.,#(#6#0!7(+.;!A$5(5/00&@!8+!)/:+!(8#!7+775#$!7(/(+7[!
TI@Y@JU! /$1! TJ@Y@JU;! <,/$75(5#$! <I! /6(5:/(+7! ()+! +?+6'(5#$! #=! /! 7+775#$! /(! /! (5-+! /66#,15$%! (#! ()+!
76)+1'0+@! /$1! /07#! 5$6,+-+$(7! ()+! 6#'$(+,! #=! .,#(#6#0! 7(+.7! (#! >+! +?+6'(+1;! P7! /! ,+7'0(! #=! ()+!
/6(5:/(5#$@!()+!.,#(#6#0!7(+.!/(!()+!6#'$(+,!57!+?+6'(+1;!!
V5%',+!M!7)#87!()+!+$(5(&!0+:+0!=#,!P;!<,/$75(5#$7!<I!/$1!<K!/,+!=#,!6,+/(5$%!()+!-+77/%+!
7+$(!/(!()+!=5,7(!7(+.!#=!()+!.,#(#6#0@!8)+,+/7!(,/$75(5#$7!<M!/$1!<N!/,+!=#,!.,#6+775$%!()+!-+77/%+!
,+6+5:+1!/(!()+!0/7(!7(+.;!<)+!.0/6+!6"(5!7(#,+7!/!7+775#$!6#$=5%',/(5#$!8)56)!6#$757(7!#=!5>>1&'<!/$1!
0<!(#3+$7!8)+,+!5>>L>$)1&$U1&$V1&$W1&$YM!-+/$7!()/(!5$!7+775#$!51+$(5(&!>$)1&$U!/$1!$V!/,+!51+$(5(5+7!#=!()+!
/6('/0! 5$5(5/(#,! /$1! /6('/0! ,+7.#$1+,@! ,+7.+6(5:+0&@! /$1!$W! /$1!$Y! /,+! 51+$(5(5+7! ()/(!$U! /$1!$V! '7+@!
,+7.+6(5:+0&@! 5$! ()+! -+77/%+;! <#3+$!'<L$)1<M! -+/$7! ()/(!<! 57! /! 7)/,+1! 3+&! >+(8++$! P! /$1!$)@! /$1!
0<L$)1<M!1+76,5>+7!/!7)/,+1!3+&!<!>+(8++$!\!/$1!$)!75-50/,0&;!<)+!.0/6+!.-'%+!7(#,+7!/$!/((/63!(,/6+!
8)+$!P!7+$17!/!-+77/%+!(#!b;!!<,/$75(5#$!<I!57!+$/>0+1!5=!7+775#$!7(/(+!57!L$U1U1aM!/$1!P!57!()+!/6('/0!
5$5(5/(#,!5$!7+775#$!$U;!P=(+,!()+!7+775#$!$U!57!+?+6'(+1@!5(7!7+775#$!7(/(+!>+6#-+7!L$U1U1UM;!<,/$75(5#$!
<M!57!(#!:/051/(+!/!,+6+5:+1!-+77/%+@!/$1!<N!57!(#!1+6,&.(!()+!,+6+5:+1!65.)+,(+?(;!P=(+,!()+!7(+.!M!57!
(+,-5$/(+1@!5(7!7+775#$!7(/(+!>+6#-+7!L$U1Y1VM;!
!
L<><G<"R)$*.$8"
!
P=(+,! /! 7(/(+! 7./6+! 57! 6#-.'(+1! =#,! +/6)! 6#$=5%',/(5#$@! 8+! 7+/,6)! =#,! /((/63! 7(/(+7! 5$! ()+!
7(/(+! 7./6+;! P7! 1576'77+1! .,+:5#'70&@! /((/63! 7(/(+7! /,+! 6)/,/6(+,5D+1! >&! :'0$+,/>505(&! +:+$(7;! A(! 57!
7(,/5%)(=#,8/,1! (#! 6#$7(,'6(! 9'+,5+7! (#! 1+(+6(! ()+! 6#->5$+1! :'0$+,/>505(&! +:+$(7;! `#8+:+,@! #',!
-+()#1!57!()/(!9'+,5+7!/,+!/..05+1!(#!#$0&!(+,-5$/0!7(/(+7!#,!$#1+7!5$!()+!7(/(+!7./6+!5$!#,1+,!(#!:+,5=&!
5=!6+,(/5$!6#$15(5#$7!/,+!-+(;!<)+!(+,-5$/0!7(/(+7!/,+!7(/(+7!8)56)!1#!$#(!)/:+!/$&!=',()+,!.#775>0+!
6#-.'(/(5#$@!/$1!()+&!-+/$!7(/(+7!/(!()+!6#-.0+(5#$!#=!()+!.,#(#6#0!+?+6'(5#$;!B#(+!()/(!8)50+!8+!
6#$751+,! (+,-5$/0! 7(/(+7@! P0GPDD#$5! +(;! /0;! 5$! HIML! 6#$751+,! /00! 7(/(+7! 8)56)! /,+! '$$+6+77/,&! /$1!
5$+==565+$(;!!
<)+!=#00#85$%!7)#87!/!9'+,&!=#,!()+!=5,7(!>/756!:'0$+,/>505(&!+:+$(;!!
!
@'9&!+'5N")+>X!$>.2+');'-<$(#>LMb&
5,(&*+%-+%/c$"9'.$"(UL<E:M&E&
N")+&9$>.&&
X&_-+)N")+>&L!+'5N")+>1&&
&&&&&&&&&&&&&&&&&&&&&&&5(&(&Xd&L%5L%:L<M1&;'-<F*/42+%e_W&U&(M&d&aM1&&
&&&&&&&&&&&&&&&&&&&&&&&N"!$4$.Mb!
!
<)+!*+%-+%/c$"9'.$"(UL:'PM!.,#1'6+7!/!7+(!#=!/00!(+,-5$/0!$#1+7!5$!()+!7(/(+!7./6+!8)+,+!()+!
3+&!:'P!57!.,+7+$(!/(!()+!/((/63+,F7!1/(/>/7+!8)56)!57!,+.,+7+$(+1!>&!()+!.0/6+!$'->+,!*K;!
<)+!=#00#85$%!7)#87!/!9'+,&!=#,!()+!7+6#$1!6/7+!#=!()+!7+6#$1!>/756!:'0$+,/>505(&!+:+$(7;!!
!
5,(&*+%-+%/c$"9'.$"(VL<E:M&E&
N")+&9$>.&&
X&_-+)N")+>&L!+'5N")+>1&
&&&&&&&&&&&&&&&&&&&&&&5(&(&Xd&L%5L<1&;'-<F7(.$./Re_Va&U&(M&d&aM1&
&&&&&&&&&&&&&&&&&&&&&&N"!$4$.Mb!
$#(!$++1!(#!9'+,&!=#,!\F7!6#--5(-+$(!#$!/!7+775#$!3+&!75$6+!\!/08/&7!6#--5(7!#$!3+&!:'0!1'+!(#!
()+!.,#(#6#0!7.+65=56/(5#$;!!
!
L<><L<"I:-7.6.61"7--75@"-*75$8"
!
P=(+,! ()+! /((/63! 7(/(+7! /,+! =#'$1! >&! '75$%! ()+! 9'+,5+7@! 8+! +?(,/6(! /((/63! (,/6+7! 8)56)!
1+76,5>+!)#8!()+!/((/63+,!6/,,5+7!#'(!()#7+!/((/637!7'66+77='00&!7(+.!>&!7(+.;!C',!-+()#1!(#!+?(,/6(!
/((/63!(,/6+7!57!:+,&!+==565+$(;!25$6+!7'6)!/$!/((/63!(,/6+!57!,+6#,1+1!5$(#!/!%0#>/0!='75#$!.0/6+!8)50+!
()+!.,#(#6#0!+?+6'(5#$!.,#6++17!7(+.!>&!7(+.;!<)'7@!/$!/((/63!(,/6+!6/$!>+!#>(/5$+1!=,#-!()+!%0#>/0!
='75#$!.0/6+!5$!/$!/((/63!7(/(+!5--+15/(+0&;!B#(+!()/(!5$!#()+,!4*B!/..,#/6)+7!=#,!7+6',5(&!.,#(#6#07@!
/$!+?.+$75:+!6#-.'(/(5#$!57!,+9'5,+1!(#!=5$1!/!./()!=,#-!/$!5$5(5/0!7(/(+!(#!/$!/((/63!7(/(+@!/$1!()+$!(#!
+?(,/6(!,+0+:/$(!5$=#,-/(5#$!=,#-!()+!./()!(#!6,+/(+!/$!/((/63!(,/6+;!
!
L<><N<"!--75@"&(788.3.57-.'6""
!
g7'/00&@!()+,+!6/$!>+!/!)'%+!$'->+,!#=!/((/63!7(/(+7!=#'$1!5$!/!7(/(+!7./6+;!A$!=/6(@!8+!=#'$1!
KOY!15==+,+$(!/((/63!7(/(+7!5$!/!7(/(+!7./6+!#>(/5$+1!=,#-!5$!()+!=5,7(!6#$=5%',/(5#$!/7!7)#8$!5$!(/>0+!I;!!
P=(+,!8+!#>(/5$!/!0/,%+!/-#'$(!#=!()+!=#'$1!/((/63!(,/6+7@!8+!/$/0&D+!()+-!-/$'/00&!=5,7(;!
S+!=#'$1!()/(!-/$&!#=!()+!/((/63!(,/6+7!7)/,+!/!75-50/,!./((+,$;!A$!%+$+,/0@!65.)+,(+?(7!()/(!/,+!7+$(!5$!
/00!-+77/%+7!/,+!+77+$(5/0!(#!()+!/((/637@!>'(!()+!51+$(5(5+7!#=!5$5(5/(#,!/$1!,+7.#$1+,!5$!()+!-+77/%+7!
()/(!/,+!-#15=5+1!>&!()+!/((/63+,!/,+!$#(!5-.#,(/$(;!`#8+:+,@!()+!51+$(5(5+7!#=!5$5(5/(#,!/$1!,+7.#$1+,!
5$! ()+! -+77/%+7! ()/(! /,+! 7+$(! =,#-! P! 5$! 7(+.! I@! 7+$(! (#! \! 5$! 7(+.! J! /$1! 7+$(! (#! P! 5$! 7(+.! M! /,+!
5-.#,(/$(;! <)+7+! 51+$(5(5+7! /,+! '7+1! >&! b! =#,! ()+! 3+&! +?6)/$%+! ='$6(5#$! /$1! >&! P!/$1! \! =#,! 5$.'(!
:/051/(5#$;!A=!8+!5%$#,+!'$5-.#,(/$(!./,(7!#=!.,#(#6#0!-+77/%+7!5$!.,#(#6#0!(,/6+7@!()+$!8+!#>(/5$!/!
(,/6+! ./((+,$;! \&! 6#$751+,5$%! (,/6+! ./((+,$7@! ()+! $'->+,! #=! /((/637! 57! 1+6,+/7+1! (,+-+$1#'70&! /7!
7)#8$!5$!(/>0+!I;!A$1++1@!()+!.,#6+77!(#!=5$1!(,/6+!./((+,$7!57!-/$'/0!/$1!.,#(#6#0G1+.+$1+$(;!
<)+$@!8+!6#$7(,'6(!/$!/((/63!./((+,$!=,#-!75-50/,!/((/63!(,/6+7;!P$!/((/63!./((+,$!6#$757(7!#=!
/! :'0$+,/>505(&! +:+$(! /$1! /! (,/6+! ./((+,$! =#,! ()+! +:+$(;! <)+! :'0$+,/>505(&! +:+$(! 57! ()+! ,+7'0(! #=! ()+!
/((/63@!/$1!()+!(,/6+!./((+,$!57!/!057(!#=!-5$5-/0!.,#(#6#0!(,/6+7!8)56)!0+/1!(#!()+!/((/63;!P$!/((/63!
./((+,$!57!/!%+$+,/0!=#,-!#=!-/$&!/((/637!#=!()+!7/-+!35$1;!S+!/,%'+!()/(!()+!/((/63!./((+,$!57!-#,+!
7'5(/>0+!=#,!()+!.,#(#6#0!/$/0&757!()/$!/!1+(/50+1!/((/63!(,/6+;!!
S+!1+:+0#.!/$!/'(#-/(+1!/((/63!60/775=56/(5#$!-+()#1!(#!60/775=&!/!)'%+!/-#'$(!#=!/((/63!
(,/6+7!=#'$1!>&!'75$%!/((/63!./((+,$7;!!V5,7(@!%5:+$!/!6',,+$(!7+(!#=!/((/63!(,/6+7!(#!>+!60/775=5+1@!8+!
6,+/(+!/!$+8!/((/63!./((+,$!>&!(/35$%!()+!=5,7(!/((/63!(,/6+!5$!()+!7+(@!/$1!/11!()+!$+8!./((+,$!5$(#!/!
6',,+$(!7+(!#=!3$#8$!./((+,$7;!<)+$@!>&!'75$%!/!6',,+$(!7+(!#=!3$#8$!/((/63!./((+,$7@!8+!=50(+,!#'(!()+!
3$#8$! /((/63! ./((+,$7! =,#-! /! 6',,+$(! 7+(! #=! /((/63! (,/6+7! (#! >+! 60/775=5+1;! P$1! ()+! .,#6+77! ,+.+/(7!
/%/5$!'$(50!()+,+!57!$#!#'(.'(!7+(!#=!/((/63!(,/6+7!(#!>+!60/775=5+1;!
!
L<><O<"#$%"!--75@8""
!
<)+!(/>0+!I!7)#87!()+!$'->+,!#=!/((/637!7(/(+7!T/$1!/((/63!(,/6+7U!/$1!/((/63!./((+,$7!=#'$1!
5$!+/6)!6#$=5%',/(5#$;!A$!(/>0+!I@!LR1CM&LI(1I(M!-+/$7!()+!=5,7(!6#$=5%',/(5#$!#=!(8#!6#$6',,+$(!7+775#$!
8)+,+!P!/$1!\!/,+!5$!()+!=5,7(!7+775#$@!/$1!I(LRM!/$1!I(LCM!/,+!5$!()+!7+6#$1!7+775#$;!P07#@!A-!/$1!_'.!
-+/$7!()+!$'->+,!#=!/((/63!(,/6+7!/$1!/((/63!./((+,$7@!,+7.+6(5:+0&;!B#(+!()/(!#',!-+()#1!1#+7!$#(!
=5$1! /((/63! 7(/(+7! =#,! ()+! +:+$(7! I! /$1! K;! P07#@! /00! /((/63! (,/6+7! =#'$1! =,#-! ()+! 7+6#$1@! ()5,1! /$1!
=#',()!6#$=5%',/(5#$7!/,+!d'7(!7#-+!:/,5/$(!=#,-7!#=!()#7+!/((/63!(,/6+7!=,#-!()+!=5,7(!6#$=5%',/(5#$;!
<)+,+=#,+@!5$!()+!=#00#85$%!8+!1576'77!#$0&!()+!/((/637!=,#-!()+!=5,7(!6#$=5%',/(5#$;!!!
!
!
!
!
BS$6-">" BS$6-"L" BS$6-"N"
&'63.1)*7-.'68"
E*" ,7-" E*" ,7-" E*" ,7-"
I;!TP@\U!!TA$@A$U! KOY! IY! KOY! IY! KOY! IY!
!
\&!'75$%!#',!$+8!4*B!-+()#1@!8+!=#'$1!(8#!$+8!/((/637!#=!()+!<EB!.,#(#6#0!=#,!-'0(5.0+!
7+775#$7!#=!.,#(#6#0!+?+6'(5#$;!<)+!=5,7(!/$1!()+!7+6#$1!$+8!/((/63!57!5$!()+!6/(+%#,&!#=!()+!6#->5$+1!
:'0$+,/>505(&!+:+$(!M!/$1!N@!,+7.+6(5:+0&;!P07#@!8+!=#'$1!-/$&!5$(+,+7(5$%!:/,5/$(!=#,-7!#=!a#8+!/$1!
e#76#+F7!/((/63;!!
<)+! =5,7(! $+8! /((/63! 57! ()+! 6#->5$+1! :'0$+,/>505(&! +:+$(! M! 8)+,+! ()+! /((/63+,! 0+/,$7! ()+!
7+775#$!3+&!/$1!PF7!7+6,+(@!/$1!=##07!P!(#!6#--5(!(#!/!=/3+!3+&!8)56)!57!()+!/((/63+,F7!7+6,+(!:$;!<)+!
+:+$(!M!,+.,+7+$(+1!>&!S:'01:'PTS:$TS:'0T!0+/17!(#!/!35$1!#=!()+!-/$G5$G()+G-5110+!/((/637!5$!()/(!()+!
/((/63+,!'7+7!:$!(#!0+/,$!()+!6#--'$56/(5#$!=,#-!P!/$1!'7+!:'0!(#!6,+/(+!/!=/3+!6#--'$56/(5#$!(#!\;!
P7!/!,+7'0(@!()+!/((/63+,!0+/,$7!()+!6#--'$56/(5#$!>+(8++$!P!/$1!\@!>'(!>#()!P!/$1!\!()5$3!()/(!()+&!
6#--'$56/(+! (#! +/6)! #()+,;! A$! ()+! +:+$(! M@! 8+! =#'$1! IY! /((/63! ./((+,$7;! Z/6)! /((/63! ./((+,$!
,+.,+7+$(7!/!%,#'.!#=!75-50/,!/((/637!85()!/!705%)(!/$1!'$5-.#,(/$(!15==+,+$6+;!f'+!(#!()+!7./6+!05-5(@!
8+!1576'77!#$0&!7#-+!/((/63!./((+,$7!#$0&;!P!='00!1+(/50!#=!()+!/((/637!5$!<EB!57!1+76,5>+1!5$!HJIL;!
<)+!=#00#85$%!7)#87!()+!=5,7(!/((/63!./((+,$;!
!
UM! R&o&I(L\M&E&LC1&]:'P^_:D\M1&R&
&&&&&&&&&&&&&&&&&&&&&I(L\M&o&\&E&LKV1&]:$^_:D\M1&KU&
&&&&&&&&&&&&&U=M&&&I(LRM&o&\&E&LKY1&]:$^_:D\M1&KW&
&&&&&&&&&&&&&V=M&&&\&o&I(LCM&E&KW&
VM! \&o&I(LCM&E&KU&
&&&&&&&&&&&&&&&&&&&&I(LCM&o&C&E&R&
WM! C&o&\&E&LKU1&]:'0^_:D\M1&KV&
&&&&&&&&&&&&&W=M&&&I(LCM&o&\&E&LKW1&]:'P^_:D\M1&KY&
&&&&&&&&&&&&&Y=M&&&\&&o&I(LRM&E&KY1&7:$L:'PM&
YM! \&&o&I(LRM&E&KV1&7:$L:'0M&
&&&&&&&&&&&&&&&&&&&&I(LRM&o&R&&E&C1&7:'PL:$M&
8)+,+!:$!57!/((/63+,F7!7+6,+(!3+&7;!
!
kI@! kJ@! kK! /$1! kM! 7(/$1! =#,! /,>5(,/,&! 51+$(5(5+7! ()/(! ()+! /((/63+,! 6,+/(+7! /$1! '7+7! 5$! ()+!
-+77/%+7!1',5$%!()+!/((/63;!A$!7(+.!IU@!()+!-+77/%+!()/(!P!7+$17!(#!b!57!-#15=5+1!>&!()+!/((/63+,;!<)+!
#,5%5$/0!-+77/%+!57!5$156/(+1!>&!P!o!I(L\M@!>'(!()+!-#15=5+1!-+77/%+!>&!()+!/((/63+,!57!5$156/(+1!>&!
I(L\M!o!b;!P07#@!()+!-+77/%+7!/(!7(+.7!JU!/$1!MU!/,+!-#15=5+1!>&!()+!/((/63+,;!!
A$!()57!/((/63!./((+,$@!()+!=5,7(!-+77/%+!/(!()+!=5,7(!7+775#$!57!-#15=5+1!(#!]:$^_:D\@!>'(!5(!57!
,+.0/&+1!/(!()+!()5,1!7(+.!5$!()+!7+6#$1!7+775#$;!<)+,+=#,+@!()+!/((/63+,!0+/,$7!>#()!:'0!/$1!:'P@!/$1!
()+!/((/63+,!7+$17!7:'PL:$M!/(!()+!=#',()!7(+.!5$!()+!=5,7(!7+775#$;!!
<)+!%#/0!#=!()+!=5,7(!/((/63!57!(#!0+/,$!3+&7!:'P!/$1!:'0!>+=#,+!()+!-+77/%+!/(!()+!0/7(!7(+.!57!
7+$(!(#!P;!P$1!/(!()+!0/7(!7(+.@!7:'PL:$M!57!7+$(!5$7(+/1!(#!=##0!P!(#!6#--5(!(#!:$;!<)+!/((/63!6/$!>+!
'$1+,7(##1! >&! 6#$751+,5$%! ()+! 3+&7! ()/(! /,+! +$6,&.(+1! >&! bF7! .'>056! 3+&7! /(! 7(+.7! I! /$1! K! 5$! >#()!
7+775#$7;!\/7+1!#$!()#7+!3+&7@!()+!-+77/%+!/(!7(+.!M!6#$(/5$7!()+!3+&!/(!7(+.!K!8)56)!57!+$6,&.(+1!>&!
3+&!/(!7(+.!I;!P$1!5=!()+!3+&!/(!7(+.!I!57!3$#8$@!()+$!7#!57!()+!3+&!/(!7(+.!K;!!
A$! ()+! =5,7(! 7+775#$@!:$! /$1!:'0! /,+! '7+1! 5$! 7(+.7! I! /$1! K@! ,+7.+6(5:+0&@! /$1! 5$! ()+! 7+6#$1!
7+775#$@!:$!/$1!:'P!/,+!'7+1!5$!7(+.7!I!/$1!K@!,+7.+6(5:+0&;!<)+7+!6/$!>+!,+.,+7+$(+1!>&!()+!$#(/(5#$!
Lf:$1:'0d1f:$1:'PdM! 8)+,+!L_U1_VM! -+/$7! ()/(!_U! /$1!_V! /,+! 5$=#,-/(5#$! =#,! ()+! =5,7(! /$1! 7+6#$1!
7+775#$7@!,+7.+6(5:+0&;!<)'7@!()+!65.)+,(+?(7!#>(/5$+1!/(!()+!7(+.!M!5$!()+!=5,7(!/$1!7+6#$1!7+775#$7!/,+!
7:$L:'0M!/$1!7:$L:'PM@!,+7.+6(5:+0&;!2#@!()+!/((/63+,!#>(/5$7!()+!(/,%+(!3+&7!+/750&;!!
<)+!7+6#$1!/((/63!./((+,$!8)56)!6/$!>+!,+.,+7+$(+1!>&!Lf:$1:'Pd1f:$1:'0dM!57!75-50/,!(#!()+!
=5,7(!/((/63!./((+,$;!<)+!15==+,+$6+!57!#$!7(+.7!KU@!MU@!KFU!/$1!MFU;!<)+!15==+,+$(!7(+.7!5$!()+!7+6#$1!
/((/63!./((+,$!/,+!7)#8$!/7!=#00#87;!
! C&o&I(L\M&E&LKU1&]:
<)+! ()5,1! /((/63! ./((+,$! 8)56)! 6/$! >+! ,+.,+7+$(+1! >&!Lf:$1:'0d1f:'P1:$dM! 57! 7)#8$! /7!
=#00#87;!
!
UM! R&o&I(L\M&E&LC1&]:'P^_:D\M1&R&
&&&&&&&&&&&&&&&&&&&&&I(L\M&o&\&E&LKV1&]:$^_:D\M1&KU&
&&&&&&&&&&&&&U=M&&&I(LRM&o&\&E&LKY1&]:'P^_:D\M1&KW&
&&&&&&&&&&&&&V=M&&&\&o&I(LCM&E&KW&
VM! \&o&I(LCM&E&KU&
&&&&&&&&&&&&&&&&&&&&&&I(LCM&o&C&E&R&
WM! C&o&\&E&LKU1&]:'0^_:D\M1&KV&
&&&&&&&&&&&&&W=M&&&I(LCM&o&\&E&LKW1&]:$^_:D\M1&KY&
&&&&&&&&&&&&&Y=M&&&\&&o&I(LRM&E&KY1&7:'PL:$M&
YM! \&&o&I(LRM&E&KV1&7:$L:'0M&
&&&&&&&&&&&&&&&&&&&&I(LRM&o&R&&E&C1&7:'PL:$M&
!
<)+! 7+:+$! ,+-/5$5$%! /((/63! ./((+,$7! /,+! Lf:$1:'0d1f:'P1:'0dM1& Lf:$1:'Pd1f:'P1:'0dM1&
Lf:'P1:$d1f:$1:'0dM1& Lf:'P1:'0d1f:$1:'0dM1& Lf:'P1:'0d1f:$1:'PdM1& Lf:'P1:'0d1f:'P1:$dM! /$1!
Lf:'P1:$d1f:'P1:'0dMF!
<)+! 7+6#$1! $+8! /((/63! 57! ()+! 6#->5$+1! :'0$+,/>505(&! +:+$(! N! ,+.,+7+$(+1! >&!
S:'01:'PTS:'PTS:'0T;! <)+! +:+$(! N! 0+/17! (#! ()+! 75-50/,! 35$1! #=! ()+! -/$G5$G()+G-5110+! /((/637! (#! ()+!
+:+$(!M@!>'(!)+,+!()+!/((/63+,!'7+7!:'P!(#!0+/,$!()+!6#--'$56/(5#$!=,#-!P;!P7!/!,+7'0(@!()+!/((/63+,!
0+/,$7!()+!6#--'$56/(5#$!>+(8++$!P!/$1!\@!>'(!>#()!P!/$1!\!()5$3!()/(!()+&!6#--'$56/(+!(#!+/6)!
#()+,;!A$!()+!+:+$(!N@!8+!=#'$1!IY!/((/63!./((+,$7;!<)+7+!/((/63!./((+,$7!/,+!75-50/,!(#!()#7+!./((+,$7!
=#,!()+!+:+$(!M!+?6+.(!()/(!()+!0/7(!7(+.!#=!()+!=5,7(!7+775#$!57!6)/$%+!(#!()+!=#00#85$%;!
!
YM! \&&o&I(LRM&&E&KV1[&
&&&&&&&&&&&&&&&&&&&&&I(LRM&o&R&&E&C1&7:'PL:'PM!
!
4#$6+.('/00&@!()+!15==+,+$6+!>+(8++$!()+!=5,7(!$+8!/((/63!/$1!()+!7+6#$1!$+8!/((/63!57!()/(!
5$!()+!=#,-+,@!7:'PL:$M!57!7+$(!(#!P!5$!()+!0/7(!7(+.@!>'(!5$!()+!0/((+,@!7:'PL:'PM!57!7+$(!(#!P!5$!()+!0/7(!
7(+.;!2#@!'7+,!P!57!=##0+1!(#!6#--5(!#$!)57!#8$!7+6,+(;!!
V5$/00&@!8+!/07#!=#'$1!-/$&!5$(+,+7(5$%!:/,5/$(!=#,-7!#=!a#8+!/$1!e#76#+F7!/((/63!8)+,+!
()+!7+,:+,!b!6/$$#(!1+(+6(!()+!,+.0/&!/((/63!5$!()+!(8#!6#$6',,+$(!7+775#$7;!B#(+!()/(!5$!HJXL@!^)/$%!
/$1!a5'!1+(+6(+1!#$0&!#$+!:/,5/$(!=#,-!#=!()57!35$1@!/$1!7#!()+&!6/$!1+(+6(!0+77!$'->+,!#=!/((/637!
()/$!#',!/..,#/6);!f'+!(#!7./6+!05-5(@!()+!1+(/507!#=!()+7+!:/,5/$(7!/,+!#-5((+1!)+,+;!!
!
L<><P<",$*3'*J765$"
!
<)+! (/>0+! J! 7)#87! ()+! 6#-.'(/(5#$! (5-+! /$1! ()+! 75D+! #=! /! 7(/(+! 7./6+! =,#-! +/6)!
6#$=5%',/(5#$;!A$!#',!+?.+,5-+$(@!()+!6#-.'(/(5#$!#=!()+!7(/(+!7./6+!57!+?+6'(+1!#$!/!*4!85()!A$(+0!
4#,+J!f'#!J;KK!])D!85()!J!]\!#=!ePE;!!
!
&'63.1)*7-.'68" #'+$8" !"#$% &'()%*$)#+,%
I;!TP@\U!!TA$@A$U! IYM@KMO! IYX@MQO! XQO!
J;!TP@A$U!TA$@\U! QK@RYO! QQ@NOR! NJK!
K;!TA$@\U!TP@A$U! NI@JIJ! NJ@OKX! JRJ!
M;!TP@\U!TA$@A$U! KM@IOY! KN@YXN! IJY!
</>0+!J;!25D+!/$1!<5-+!#=!()+!%+$+,/(+1!7(/(+!7./6+7!
S+! :+,5=&! ()+! 6#-.0+(+$+77! #=! #',! -+()#1! >&! )/$17! /$1! =#'$1! ()/(! ()+! /((/63! ./((+,$7!
1576#:+,+1!=#,!()+!+:+$(7!M!/$1!N!/,+!6#-.0+(+!85()!,+7.+6(!(#!()+!/77'-.(5#$7!7(/(+1!5$!7+6(5#$!M;J;I;!
C',! /,%'-+$(! 57! /7! =#00#87;! 4#$751+,! ()+! /((/63! ./((+,$7! 5$! +:+$(! M! #$0&;! a+(!_! >+!Lf]:$1:'P^1&
]:'01:'P1:$^d1& f]:$1:'P^1& ]:'01:'P1:$^dM! 8)56)! '7+7! /! 75-50/,! $#(/(5#$! (#! ()+! /((/63! ./((+,$!
,+.,+7+$(/(5#$;!_!-+/$7!()/(!5$!()+!=5,7(!7+775#$@!#$0&!()+!65.)+,(+?(7!#=!:$&/$1!:'P&/$1!()+!65.)+,(+?(7!
#=!:'01&:'P!/$1!:$!6/$!>+!7+$(!#,!,+.0/&+1!/(!7(+.!I!/$1!/(!7(+.!K@!,+7.+6(5:+0&@!/$1!75-50/,0&!5$!()+!
7+6#$1!7+775#$;!40+/,0&@!()+7+!/,+!(,'+;!P$1!5(!57!+/7&!(#!:+,5=&!()/(!/00!#=!#',!/((/63!./((+,$7!/,+!d'7(!
/00! +$'-+,/(5#$7! =,#-!_! 8)56)! 0+/1! (#! ()+! /((/637;! B#(+! ()/(! +/6)! +$'-+,/(5#$! 57! 6#$7(,'6(+1! >&!
7+0+6(5$%!+/6)!.#775>0+!3+&!(#!.,#1'6+!/!65.)+,(+?(!5$!+/6)!7+775#$;!
Z?.0#,5$%!/00!.#775>0+!/0(+,$/(5$%!+?+6'(5#$7!85()5$!/!7(/(+!7./6+!57!+?.+$75:+!/$1!6/'7+7!/!
)'%+! 7(/(+! 7./6+;! A$! #',! +?.+,5-+$(@! 5(! (/3+7! -#,+! ()/$! O! 1/&7! (#! 6#-.'(+! 7'6)! /! 7(/(+! 7./6+;!
E#,+#:+,@! 7#-+! /0(+,$/(5$%! +?+6'(5#$7! -/&! >+! '$$+6+77/,&! >'(! ,+1'$1/$(;! V#,! +?/-.0+@! 76)+1'0+!
SV1V1V1U1U1U1V1UT! 57! 75-50/,! (#! 76)+1'0+!SV1V1V1V1U1U1U1UT! ,+%/,15$%! (#! /((/637! =#'$1! 75$6+! 5$! ()+!
=#,-+,@!()+!5$=#,-/(5#$!#>(/5$+1!=,#-!()+!(),++!7(+.7!5$!7+775#$!I!57!$#(!'7+='0!=#,!/$&!,+.0/&!/((/63!
#$!7+775#$!J;!B#(+!()/(!7(+.!M!6#$(/5$7!/!7)/,+1G3+&!65.)+,(+?(@!>'(!7(+.7!I!/$1!K!6#$(/5$!.'>056G3+&!
65.)+,(+?(7;!25-50/,0&@!76)+1'0+7!SU1U1V1V1U1V1U1VT!57!75-50/,!(#!SU1V1U1V1U1V1U1VT!75$6+!7(+.!J!5$!7+775#$!
I!6#$(/5$7!#$0&!.0/5$(+?(!8)56)!57!/0,+/1&!3$#8$!>&!/$!/((/63+,@!/$1!()'7!$#!5$=#,-/(5#$!/(!7(+.!J!5$!
7+775#$!I!57!'7+='0!=#,!/$&!,+.0/&!/((/63!#$!7+775#$!J;!!
!
L<G<"I)*"&,#"!67(28.8"3'*"/.57(.A8"B&4;",*'-'5'("
!
! A$!()57!7+6(5#$@!8+!1576'77!()+!/$/0&757!#=!Z42I!>&!'75$%!#',!4*B!-+()#1;!A$!=/6(@!#',!4*B!
=,/-+8#,3!=#,!()+!/$/0&757!#=!Z42I!57!75-50/,!(#!()+!=,/-+8#,3!=#,!<EB!1576'77+1!.,+:5#'70&;!2#@!
8+!1576'77!#$0&!()+!15==+,+$6+!>+(8++$!()+-;!P07#@!7#-+!$+8!/((/637!#$!Z42I!8500!>+!1576'77+1!5$!
7+6(5#$!M;K;J;!
!
L<G<;<"I)*"&,#"3*7J$%'*@"3'*"/.57(.A8"B&4;",*'-'5'("
!
<)+! /77'-.(5#$7! #=! ()+! .,#(#6#0! +?+6'(5#$! =#,! Z42I! /,+! 75-50/,! (#! ()#7+! /77'-.(5#$7! 5$!
1+=5$5(5#$!I!+?6+.(!=#,!/77'-.(5#$!N;!V#,!Z42I@!()+!7/-+!5$5(5/(#,!/$1!,+7.#$1+,!-/&!./,(565./(+!5$!
-#,+!()/$!#$+!7+775#$;!!!
S+!/77'-+!(8#!35$17!#=!/((/63+,7!8)56)!/,+!I!/$1!R-;!<)+!/((/63+,!I!57!+?/6(0&!()+!7/-+!/7!
()+! /((/63+,!I(! 1576'77+1! 5$! 7+6(5#$! M;J;I;! `#8+:+,@!R-! 57! /! 15==+,+$(! 35$1! #=! /((/63+,7@! /$1! 5(! 57!
6#$751+,+1!/7!/!6#$7.5,+1!'7+,!85()!/((/63+,!I;!A$!=/6(@!R-!57!/!./,(565./(5$%!'7+,!5$!()+!7&7(+-!8)#!)/7!
/00!()+!/>505(5+7!1576'77+1!5$!1+=5$5(5#$!J@!+?6+.(!=#,!()+!/77'-.(5#$!I;!P$!/((/63+,!8)#!)/7!()+!/>505(&!
5$!()+!/77'-.(5#$!I!6/$!>+)/:+!/7!/$!+?(+,$/0!#>7+,:+,!8)#!(,5+7!(#!-/$5.'0/(+!-+77/%+7!>+(8++$!
'7+,7!5$!/!7+775#$;!B#(+!()/(!()+!+?(+,$/0!#>7+,:+,!57!$#(!/!'7+,!5$!()+!7+775#$;!\'(@!R-!57!/!-/0565#'7!
'7+,!8)#!./,(565./(+7!5$!/!7+775#$!/$1!6#$7.5,+7!85()!/$!/((/63+,!>&!7)/,5$%!7#-+!5$=#,-/(5#$;!<)+7+!
(8#!/((/63+,7!6#00/>#,/(+!(#!6)+/(!/!'7+,;!B#(+!()/(!#$+!/((/63!=#'$1!>&!\/#!+(;!/0;!HJRL!5$:#0:+7!()+7+!
(8#!35$17!#=!/((/63+,7;!!!
P((/63!7(/(+7!5$!Z42I!/,+!6)/,/6(+,5D+1!>&!:'0$+,/>505(&!+:+$(7;!<)+,+!57!#$+!:'0$+,/>505(&!
+:+$(! 5$! Z42I! .,#(#6#0! 8)56)! 57! '$=/5,! 7(/(+7;! P$! '$=/5,! 7(/(+! -+/$7! ()/(! #$+! ./,(&@! 8)#! 57! +5()+,!
5$5(5/(#,! #,! ,+7.#$1+,@! %+(7! /$#()+,! ./,(&! 6#--5(-+$(@! >'(! ()+! 0/((+,! 1#+7! $#(! %+(! ()+! =#,-+,!
6#--5(-+$(;!A$!=/6(@!()+,+!/,+!(8#!35$17!#=!'$=/5,!7(/(+7!8)+,+!()+!5$5(5/(#,!)/7!/$!/1:/$(/%+!/$1!()+!
,+7.#$1+,!)/7!/$!/1:/$(/%+@!,+7.+6(5:+0&;!!
!
M$3.6.-.'6"T"U"<)+!:'0$+,/>505(&!+:+$(7!5$!Z42I!
<)+,+!/,+!(8#!'$=/5,!7(/(+7;!
IU! <)+!5$5(5/(#,!)/7!()+!,+7.#$1+,F7!6#--5(-+$(@!>'(!()+!,+7.#$1+,!1#+7!$#(!)/:+!()+!5$5(5/(#,F7!
6#--5(-+$(;!! & & & & & &&&&&&&&&&&&&LR#'$(R)@U!
6/$! >+! 6#-.'(+1! >&! R#'$(R)@& X& LC6"44$.& g& C".B6"44$.M! /$1! C#'$(R)@& X& LR6"44$.& g&
C".B6"44$.M;!!
<)+!9'+,5+7!(#!6#-.'(+!R6"44$.!/$1!C6"44$.!/,+!7(,/5%)(=#,8/,1;!V#,!+?/-.0+@!(#!#>(/5$!
R6"44$.@! 8+! 8,5(+! /! 9'+,&! (#! =5$1! /! 7+(! #=! /00! (+,-5$/0! $#1+7! 5$! ()+! 7(/(+! 7./6+! 8)+,+! 5$5(5/(#,F7!
6#--5(-+$(@! 8)56)! /,+! 2A]PT4@^U! /$1! E@! /,+! .,+7+$(! /(! ,+7.#$1+,F7! 1/(/>/7+;! P07#! #()+,! 9'+,5+7!
6/$!>+!6,+/(+1!+/750&;!!
!
L<G<><"#$%"7--75@8""
!
S+!=#'$1!#$+!$+8!75$%0+G7+775#$!/((/63!#=!E56/05F7!Z42I@!(8#!$+8!-'0(5G7+775#$!/((/637!5$!
E56/05F7!Z42I!/$1!(),++!$+8!/((/637!#=!\/#F7!-#15=5+1!:+,75#$!#=!Z42I;!f'+!(#!()+!7./6+!05-5(@!8+!
1576'77!#$0&!7#-+!$+8!/((/637!5$!-'0(5.0+!7+775#$7;!!
A$!()+!=#00#85$%@!TIU@!TJU@!TKU@!l!1+76,5>+!.,#(#6#0!7(+.7!5$!()+!=5,7(!7+775#$!>'(!TIFU@!TJFU@!
TKFU@!l!1+76,5>+!7(+.7!5$!()+!7+6#$1!7+775#$;!
S+!1+76,5>+!(8#!$+8!/((/637!5$!()+!#,5%5$/0!Z42I!.,#(#6#0;!A$!()+!=5,7(!/((/63@!/!-/0565#'7!
,+7.#$1+,!%/5$7!/$!/1:/$(/%+!#:+,!/!8+00G>+)/:+1!5$5(5/(#,!5=!,/$1#-!;!57!,+'7+1!5$!()+!(8#!7+775#$7;!
A$! ()+! 7+6#$1! /((/63@! /$! 5$5(5/(#,! %/5$7! /$! /1:/$(/%+! #:+,! /! 8+00G>+)/:+1! ,+7.#$1+,! 5=! ()+! 7/-+!
6#$(,/6(!57!75%$+1!5$!()+!(8#!7+775#$7;!!
A$! ()+! =5,7(! /((/63@! /! 8+00G>+)/:+1! 5$5(5/(#,! P! 6#--'$56/(+7! 85()! ()+! 7/-+! -/0565#'7!
,+7.#$1+,!I!5$!(8#!7+775#$7;!<)+!7/-+!,/$1#-!;!57!'7+1!5$!>#()!7+775#$7!>'(!15==+,+$(!6#$(,/6(7!/,+!
'7+1! 5$! ()+! (8#! 7+775#$7;! <)+! /((/63+,! TIU! 75-.0&! 5%$#,+7! (#! ./,(565./(+! 5$! #$+! 7+775#$;! 25$6+! ()+!
,/$1#-! E! =,#-! /$#()+,! 7+775#$! 6/$! >+! '7+1! (#! 6#$7(,'6(! ()+! 7/-+! ^@! /((/63+,!I! )/7! +$#'%)!
5$=#,-/(5#$!(#!7)#8!()/(!P!)/7!6#--5((+1!(#!I!5$!>#()!7+775#$7;!<)+!/((/63!57!7)#8$!/7!=#00#87;!
!
UM! R&o&I&E&*IJRL6U1hUM&iB+-+&hUX7N6AA_LR1I14'UM&
U=M&&&R&o&I&E&*IJRL6V1hUM&iB+-+&hVX7N6AA_LR1I14'VM&
V=M&&&I&o&R&E&N".B$(#&
VM! I&o&R&E&*IJIL6U1hUM1&*IJILhUM&&
WM! R&o&I&E&4'U&
"
B#(+!()/(!7(+.!JFU!-+/$7!()/(!A!1#+7!$#(!7+$1!/$&!-+77/%+!(#!P@!/$1!()'7!()+!7+6#$1!7+775#$!
57!/>#,(+1;!!
A$!()+!7+6#$1!/((/63@!/!8+00G>+)/:+1!5$5(5/(#,!6#--'$56/(+7!85()!/!-/0565#'7!,+7.#$1+,!I!5$!
#$+! 7+775#$! >'(! 6#--'$56/(+7! 85()! /! 8+00G>+)/:+1! ,+7.#$1+,! \! 5$! /$#()+,! 7+775#$;! <)+! 7/-+!
6#$(,/6(!57!'7+1!5$!()+!(8#!7+775#$7;!<)+!-/0565#'7!,+7.#$1+,!I!,+.0/&7!PF7!75%$/(',+!=#,!7+775#$!85()!
I!(#!()+!7+775#$!85()!\;!f'+!(#!()+!1'.056/(+!6#$(,/6(@!P!)/7!\F7!6#--5(-+$(;!`#8+:+,@!\!1#+7!$#(!
)/:+! PF7! 6#--5(-+$(! 75$6+! PF7! 75%$/(',+! 57! ,+.0/&+1@! /$1! ()'7! ^! 57! $#(! 6#,,+6(;! B#(+! ()/(! <<*!
6/$$#(!,+7#0:+!()+!157.'(+!1'+!(#!()+!5$6#,,+6(!^;!<)+!/((/63!57!7)#8$!/7!=#00#87;!
!
IU! R&o&I&E&*IJRL6U1hUM&iB+-+&hUX7N6AA_LR1I14'UM!
U=M&&R&o&ILCM&E&*IJRL6U1hVM&iB+-+&hVX7N6AA_LR1C14'VM&
&&&&&&ILRMo&C&E&*IJRL6U1hUM&
V=M&&C&o&R&E&*IJCL6U1hUM1&*IJCLhUM&
VM! I&o&R&E&N".B$(#&
W=M&&R&o&C&E&4'V&&
Y=M&&C&o&AA_&E&R1&C1&*IJCL6U1hUM1&*IJCLhUM&&
Z'=M&AA_o&R&E&7--"-&
Z0=M&AA_&o&C&E&7--"-!
!
25$6+!I!1#+7!$#(!7+$1!/$&!-+77/%+!/(!7(+.!JU!5$!()+!=5,7(!7+775#$@!()+!7+775#$!57!5%$#,+1;!A$!
,+6+5:+7! PF7! 75%$/(',+! 5$! 7(+.! I@!I! =#,8/,1! PF7! 75%$/(',+! (#!R-! /$1!R-! ,+9'+7(7! <<*! (#! ,+7#0:+! /!
157.'(+!>&!,+.0/&5$%!R-F7!75%$/(',+;!<)'7@!P!8500!#>(/5$!R-F7!6#--5(-+$(!5$7(+/1@!>'(!I!8500!#>(/5$!
PF7!6#--5(-+$(;!I!%+(7!PF7!6#--5(-+$(!>+6/'7+!<<*!57!=##0+1!(#!577'+!,/$1#-!E!(#!I!>&!()+!)+0.!#=!
R-;!<)+!/((/63!57!7)#8$!/7!=#00#87;!!
!
UM! R&o&I&E&*IJRL6U1hUM&iB+-+&hU&X&7N6AA_LR1I14'UM&&
I(&.B+&>+%"()&>+>>$"(1&I&>+()>&*IJRL6U1hUM&."&R-&>+%-+.9/F&&
VM! I&o&R&E&N".B$(#&
Y=M&&R-&o&AA_&E&R1&R-1&*IJR-L6U1hUM1&*IJR-LhUM&
Z=M&&AA_&o&R&E&*IJR-L6U1hUM1&*IJR-LhUM&
j=M&&AA_&o&R-&E&4'U&
I(&.B+&>+%"()&>+>>$"(1&R-&>+()>&4'U&."&I&>+%-+.9/F&
"
L<G<G<",$*3'*J765$"
!
<)+!(/>0+!K!7)#87!7#-+!+?/-.0+7!#=!6#$=5%',/(5#$7!/$1!()+5,!6#-.'(/(5#$!,+7'0(7;!Z/6)!,#8!
#=!()+!(/>0+!7)#87!/!75-.05=5+1!=#,-!#=!/!6#$=5%',/(5#$!#=!/!7+775#$;!V#,!+?/-.0+@!LR1I1%U14'UM!-+/$7!
()/(!5$!()+!7+775#$!R!/$1!I!/,+!5$5(5/(#,!/$1!,+7.#$1+,@!,+7.+6(5:+0&@!/$1!%U!57!/!6#$(,/6(!/$1!4'U!57!()+!
,/$1#-! E;! B#(+! ()/(! hij! -+/$7! /$&! :/0'+;! P07#@! hP00! 2(/(+7j! -+/$7!()+!$'->+,!#=!/00!7(/(+7!5$!/!
7(/(+!7./6+!/$1!hP((/63!7(/(+7j!-+/$7!()+!$'->+,!#=!/((/63!7(/(+7!=#'$1!5$!()+!7(/(+!7./6+;!h<5-+7j!
-+/$7!()+!/-#'$(!#=!(5-+7!5$!7+6#$17!()/(!/,+!'7+1!(#!%+$+,/(+!+/6)!7(/(+!7./6+;!
"
&'63.1)*7-.'68"'3"-%'"8$88.'68" !(("
4-7-$8" E.J$8"
V.6"8$5'6+8W" !--75@"
4-7-$8"
TP,@A@i@-5IUmTA@\@6I@-5IU! IMO@KIR! K@IOK! I@XYY!
TP,@A@i@-5IUmTP@\@6I@-/IU! QR@NXM! I@RYO! J@YMR!
TA@P,@i@-5IUmTP@A@6I@-/IU! XI@NKR! J@YXK! KKY!
TA@P,@i@-5IUmTA@\@6I@-5IU! KKX@XIR! IK@JYY! J@XNJ!
TA@P,@i@-5IUmTA@\@6I@-5JU! OMQ@XIR! KM@KQY! Q@YKJ!
TA@P,@i@-5IUmTP@\@6I@-IU! NI@MKM! I@IRR! I@IYM!
TP@A@6I@-/IUmTP@A@6J@-/IU! J@YJI! JN! JR!
TP@A@6I@-/IUmTP@A@6J@-/JU! N@ORX! QQ! Y!
TP@A@6I@-/IUmTA@\@6I@-5IU! Q@YYM! RN! IYR!
</>0+!K[!2#-+!,+7'0(7!#=!()+!7(/(+!7./6+!
!
B#(+!()/(!/(!7#-+!6#$=5%',/(5#$@!5(!,+9'5,+7!X!)#',7!(#!6#-.'(+!()+!7(/(+!7./6+;!
!
L<L<"M.85)88.'6"
!
! Z:+$!()#'%)!#',!4*B!-+()#1!#==+,7!-/$&!/1:/$(/%+7@!()+,+!57!7#-+!157/1:/$(/%+!/07#;!<)+!
75D+! #=! +/6)! 7(/(+! 5$! ()+! 6#-.'(+1! 7(/(+! 7./6+! 57! 0/,%+! 75$6+! /$! /((/63! (,/6+! 57!+->+11+1!5$(#!+/6)!
7(/(+;!P7!/!='(',+!8#,3@!8+!/5-!(#!5-.,#:+!#',!-+()#1!(#!#:+,6#-+!()57!157/1:/$(/%+;!P07#@!8+!/5-!
(#!/..0&!#',!$+8!-+()#1!(#!/$/0&D+!#()+,!35$17!#=!6,&.(#%,/.)56!.,#(#6#07!/$1!(#!/$/0&D+!#()+,!35$17!
#=!/((/637;!
!
N<""&'65()8.'6"
!
A$!()57!./.+,@!8+!.,#.#7+!/!$+8!4*B!-+()#1#0#%&!=#,!()+!7+6',5(&!/$/0&757!#=!6,&.(#%,/.)56!
.,#(#6#07;! C',!/..,#/6)!#==+,7!/!75-.0+!>'(!+==+6(5:+!8/&!(#!/$/0&D+!-'0(5.0+!7+775#$7!#=!.,#(#6#0!
+?+6'(5#$;! S+! /,%'+! ()/(! #',! $+8! 4*B! -+()#1#0#%&! 5-.,#:+7! #$! /00! +?57(5$%! 4*B! /$1! *+(,5! $+(!
-+()#17! =#,! 7+6',5(&! .,#(#6#07! #$! 7+:+,/0! 577'+7;! A$! ./,(56'0/,@! #',! 4*B! -+()#1! 57! ()+! =5,7(! 4*B!
<#!1+-#$7(,/(+!()+!.,/6(56/0!'7+7!#=!#',!/..,#/6)@!8+!/..0&!#',!-+()#1#0#%&!(#!(8#!6/7+!
7('15+7! 8)56)! /,+! E56/05F7! 6#$(,/6(! 75%$5$%! .,#(#6#0! Z42I! /$1! <EB! /'()+$(56/(+1! 3+&! +?6)/$%+!
.,#(#6#0;!2',.,575$%0&@!8+!=#'$1!-/$&!/((/637!5$!()+!(8#!.,#(#6#07;!V#,!Z42I@!8+!=#'$1!(8#!$+8!
/((/637! 5$! -'0(5.0+! 7+775#$7! #=! .,#(#6#0! +?+6'(5#$! #=! ()+! #,5%5$/0! Z42I@! /$1! (),++! $+8! /((/637! 5$!
\/#F7!-#15=5+1!Z42I;!V#,!<EB!.,#(#6#0@!8+!=#'$1!(8#!$+8!/((/637!5$!-'0(5.0+!7+775#$7!#=!.,#(#6#0!
+?+6'(5#$;!A$!=/6(@!()+!$+8!/((/637!()/(!8+!=#'$1!5$!<EB!.,#(#6#0!/,+!9'5(+!7',.,575$%0&!75$6+!<EB!
)/:+!>++$!/$/0&D+1!9'5(+!+?(+$75:+0&;!!
!
O<"!5@6'%($+1$J$6-"
!
S+!8#'01!053+!(#!()/$37!/$#$&-#'7!,+:5+8+,7!=#,!()+5,!)+0.='0!/$1!6#$7(,'6(5:+!6#--+$(7;!
<)+!=5,7(!/'()#,!8#'01!053+!(#!/63$#80+1%+!/!=5$/$65/0!7'..#,(!=,#-!B/(5#$/0!e+7+/,6)!4#'$650!#=!
<)/50/$1;!
! P<"H$3$*$65$8"
HIL! b;! 40/,3! /$1! b;! b/6#>@! P! 7',:+&! #$! P'()+$(56/(5#$! *,#(#6#07@!H+>+'-%B& -+3"-.@! g$5:+,75(&! #=! "#,3@!
IXXQ;!T)((.[nn888;67;&#,3;/6;'3nod/6n./.+,7n1,/,+:5+8;.7;%DU!!
HJL! 4;! E+/1#87@! V#,-/0! W+,5=56/(5#$! #=! 4,&.(#%,/.)56! *,#(#6#07[! P! 2',:+&@! P1:/$6+7! 5$! 4,&.(#0#%&! G!
P75/6,&.(!pXM@!aB24!XIQ@!2.,5$%+,GW+,0/%@!IXXN!
HKL! 4;! E+/1#87@! V#,-/0! E+()#17! =#,! 4,&.(#%,/.)56! *,#(#6#0! P$/0&757[! Z-+,%5$%! A77'+7! /$1! <,+$17@!
I777&\",-('9&"(&*+9+%.+)&R-+'>&$(&6"44,($%'.$"(>@!JITIU@!..;!MMGNM@!JYYK;!
HML! !g0,53+! E+&+,@! 2'7/$$+! S+(D+0@! P! -/$G5$G()+G-5110+! /((/63! #$! gE<2@! A$! *,#6++15$%7! #=! ()+! K,1!
P4E!8#,37)#.!#$!S5,+0+77!7+6',5(&@!JYYM@!..;!XYGXQ!
HNL! !A05/$#! 4+,:+7/(#@! P/,#$! f;! b/%%/,1@! P$1,+! 26+1,#:@! b#+Gc/5! <7/&@! 4),57(#.)+,! S/07(/1[! \,+/35$%!
/$1!=5?5$%!.'>056G3+&!c+,>+,#7;!I(5"-4'.$"(&'()&6"43,.'.$"(@!JYOTJGMU[!MYJGMJM@!JYYR!
HOL! !*/'0!V;!2&:+,7#$@!P!</?#$#-&!#=!e+.0/&!P((/637@!A$!.,#6++15$%7!#=!()+!Q()!AZZZ!4#-.'(+,!2+6',5(&!
V#'$1/(5#$7!S#,37)#.!T42VSU@!..;!IRQGIXI@!IXXM;!
HQL! <;! E',/(/@! *+(,5! $+(7[! .,#.+,(5+7@! /$/0&757! /$1! /..056/(5#$7@! *,#6++15$%7! #=! ()+! AZZ@! QQTMU[NMIGNRY@!
IXRX;!
HRL! !4;! E#,(#$@! a;! e#>/,(! /$1! 2;! </:/,+7@! f+6#-.#75(5#$! <+6)$59'+7! =#,! 4,&.(#%,/.)56! *,#(#6#0!
P$/0&757@!_-"%++)$(#>&"5&.B+&6'(')$'(&6"(5+-+(%+&"(&79+%.-$%'9&'()&6"43,.+-&7(#$(++-$(#@!4/$/1/@!IXXM;!
HXL! !P;!\/7&#'$5!/$1!2;!</:/,+7@!B+8!P..,#/6)!(#!4,&.(#%,/.)56!*,#(#6#0!P$/0&757!'75$%!4#0#',+1!*+(,5!
B+(7@!_-"%++)$(#>&"5&.B+&6'(')$'(&6"(5+-+(%+&"(&79+%.-$%'9&'()&6"43,.+-&7(#$(++-$(#@!4/$/1/@!IXXQ;!
HIYL! ];!a++!/$1!b;a++@!*+(,5!B+(!\/7+1!E#1+07!=#,!2.+65=56/(5#$!/$1!P$/0&757!#=!4,&.(#%,/.)56!*,#(#6#07@!
AB+&\",-('9&"5&*/>.+4>&'()&*"5.i'-+@!KQ[IMIGINX@!IXXQ;!!
HIIL! 2;! a5-@! b;! c#@! Z;! b'$! /$1! ];! a++@! 2.+65=56/(5#$! /$1! /$/0&757! #=! $G8/&! 3+&! ,+6#:+,&! 7&7(+-! >&!
Z?(+$1+1!4,&.(#%,/.)56!<5-+1!*+(,5!B+(@!AB+&\",-('9&"5&*/>.+4>&'()&*"5.i'-+@!NR[XKGIYO@!JYYI;!
HIJL! 2',/(#7+!<,5(50/$'$(@!4#05$!\#&1@!Z,$+7(!V##@!b'/$!E/$'+0!]#$Dq0+D!B5+(#[!g75$%!4#0#',+1!*+(,5!B+(7!
(#!25-'0/(+!f#2G,+757(/$(!*,#(#6#07;!A$!3-"%++)$(#>&"5&*+@+(.B&k"-<>B"3&'()&A,."-$'9&"(&_-'%.$%'9&?>+&"5&
6"9",-+)&_+.-$&N+.>&'()&.B+&6_N&A""9>@!./%+7!JOIGJRY;!g$5:+,75(&!#=!P/,)'7@!f+$-/,3@!C6(#>+,!JYYO;;!
HIKL! S;!f,+7.@!2+6',5(&!P$/0&757!#=!()+!2+6',+!P'()+$(56/(5#$!*,#(#6#0!>&!E+/$7!#=!4#0#',+1!*+(,5!B+(7@&
_-"%++)$(#&"5&l.B&I8I_&6"44,($%'.$"(>&'()&;,9.$4+)$'&*+%,-$./@!JYYN;!!
HIML! P0GPDD#$5@! A;@! f#8$@! f;];@! /$1! c)+1,5@! e;@! hE#1+05$%! /$1! W+,5=56/(5#$! #=! 4,&.(#%,/.)56! *,#(#6#07!
g75$%!4#0#',+1!*+(,5!B+(7!/$1!f+75%$n4*Bj@!N"-)$%&\",-('9&"5&6"43,.$(#@!IJTKU[!JYIGJJR@!JYYN;!
HINL! V;!4,/DD#0/,/!/$1!];!S5$73+0@!Z:+$(7!5$!2+6',5(&!*,#(#6#07@!_-"%++)$(#>&"5&.B+&m.B&R6;&6"(5+-+(%+&
"(&6"43,.+-&'()&6"44,($%'.$"(&*+%,-$./@!g2P@!JYYI;!
HIOL! c;! b+$7+$@! 4#0#',+1! *+(,5! B+(7;! \/756! 4#$6+.(7@! P$/0&757! E+()#17! /$1! *,/6(56/0! g7+@! W#0;I;!
E#$#%,/.)7!5$!<)+#,+(56/0!4#-.'(+,!265+$6+@!2.,5$%+,GW+,0/%@!IXXQ!
HIQL! c;! b+$7+$@! a;E;! c,57(+$7+$@! /$1! a;! S+007@! h4#0#',+1! *+(,5! B+(7! /$1! 4*B! <##07! =#,! E#1+005$%!/$1!
W/051/(5#$!#=!4#$6',,+$(!2&7(+-7j@!I(.+-('.$"('9&\",-('9&"(&*"5.i'-+&A""9>&5"-&A+%B("9"#/&A-'(>5+-@!XTKU[!
7(#$(++-$(#1&R-.$5$%$'9&I(.+99$#+(%+1&N+.i"-<$(#1&'()&_'-'99+9n2$>.-$0,.+)&6"43,.$(#@!<)/50/$1@!AZZZ!.,+77@!
JYYR;!
HJYL! *;!2#,$3)#-!/$1!";!*+,-.##$(/$/0/,.@!2+6',5(&!P$/0&757!#=!E56/05F7!V/5,!4#$(,/6(!25%$5$%!*,#(#6#0!
>&! g75$%! 4#0#',+1! *+(,5! B+(7! [! E'0(5G7+775#$! 6/7+@!I(& _-"%++)$(#>& "5& .B+& Z.B& I(.+-('.$"('9& k"-<>B"3& "(&
*+%,-$./&$(&*/>.+4>&'()&N+.i"-<>@!A(/0&@!AZZZ!.,+77@!JYYX;!
HJIL! ";!*+,-.##$(/$/0/,.@!2+6',5(&!P$/0&757!#=!()+!<EB!.,#(#6#0!>&!'75$%!4#0#',+1!*+(,5!B+(7@!<+6)$56/0!
e+.#,(@!c5$%!E#$%3'(F7!g$5:+,75(&!#=!<+6)$#0#%&!<)#$>',5@!\/$%3#3@!<)/50/$1@!JYYX;!!
HJJL! !2;!E56/05@!h25-.0+!/$1!V/7(!C.(5-57(56!*,#(#6#07!=#,!V/5,!Z0+6(,#$567!Z?6)/$%+j@!_-"%++)$(#>&"5&VU>.&
*/43">$,4&"(&_-$(%$39+>&"5&2$>.-$0,.+)&6"43,.$(#F!g2P@!..;!IJGIX@!JYYK;!
HJKL! E;! </(+>/&/7)5@! B;! E/(7'D/35@! /$1! f;! B+8-/$@! c+&! f57(,5>'(5#$! *,#(#6#0! =#,! f5%5(/0! E#>50+!
4#--'$56/(5#$!2&7(+-7@!I(&6Ho_ApDml@!2.,5$%+,GW+,0/%@!IXXY;!
HJML! e;!c+--+,+,@!4;!E+/1#87!/$1!b;!E500+$@!<),++!7&7(+-7!=#,!6,&.(#%,/.)56!.,#(#6#0!/$/0&757;!\",-('9&
"5&6-/3."9"#/@!QTJU@!IXXM;!
HJNL! b;!E5(6)+00@!E;!E5(6)+00!/$1!g;!2(+,$@!P'(#-/(+1!/$/0&757!#=!6,&.(#%,/.)56!.,#(#6#07!'75$%!E',I@!I(&
I777&*/43">$,4&"(&*+%,-$./&'()&3-$@'%/@!IXXQ;!
HJOL! ];! a#8+! /$1! \;! e#76#+@! g75$%! 42*! (#! f+(+6(! Z,,#,7! 5$! ()+! <EB! *,#(#6#0@!I777& A-'(>'%.$"(>& "(&
*"5.i'-+&7(#$(++-$(#@!JKTIYU@!IXXQ;!
HJQL! ";! ^)/$%! /$1! k;! a5'@! P$! /..,#/6)! (#! ()+! =#,-/0! /$/0&757! #=! <EB! .,#(#6#0@! _-"#-+>>& "(&
6-/3."#-'3B/E&VZ&/+'->&"5&6-/3."#-'3B/&$(&6B$('@!2.,5$%+,GW+,0/%@!JYYM;!
HJRL! V;!\/#@!];!S/$%@!b;!^)#'@!/$1!^;!^)'@!hP$/0&757!/$1!A-.,#:+-+$(!#=!E56/05F7!V/5,!4#$(,/6(!25%$5$%!
*,#(#6#0j@!_-"%++)$(#>&"5&AB+&l.B&R,>.-'9'>$'(&6"(5+-+(%+&"(&I(5"-4'.$"(&*+%,-$./&'()&_-$@'%/;!P'7(,/05/@!
JYYM[!IQOGIRQ;!
HJXL! "'95$%!^)/$%@!^)505$%!S/$%@!\#!"/$%@!<)+!e'$$5$%GE#1+!P$/0&757!#=!<8#G*/,(&!C.(5-57(56!V/5,!
Z?6)/$%+!*,#(#6#07@!I(.+-('.$"('9&6"(5+-+(%+&"(&6"43,.'.$"('9&I(.+99$#+(%+&'()&*+%,-$./@!2.,5$%+,!W+,0/%@!
JYYN;!
HKYL! ]/:5$!a#8+@!P$!P((/63!#$!()+!B++1)/-G26),#+1+,!*'>056Gc+&!P'()+$(56/(5#$!*,#(#6#0@!!I(5"-4'.$"(&
_-"%+>>$(#&!+..+->@!NOTKU[!IKIGIKK!TIXXNU!
HKIL! <)#-/7!";!4;!S##@!25-#$!2;!a/-[!P!a+77#$!#$!P'()+$(56/(5#$!*,#(#6#0!f+75%$;!p3+-'.$(#&*/>.+4>&
H+@$+i!JRTKU[!JMGKQ!TIXXMU!
HKJL! e;! 4)/1)/@! E;! c#$#:56)! /$1! P;! 26+1,#:@! A$1'6(5:+! E+()#17! /$1! 4#$(,/6(G25%$5$%! *,#(#6#07@!
_-"%++)$(#>&"5&m.B&R6;&6"(5+-+(%+&"(&6"43,.+-&'()&6"44,($%'.$"(>&*+%,-$./@!JYYI;!
HKKL! W;!2)-/(53#:!/$1!b;4;!E5(6)+00@!V5$5(+G2(/(+!P$/0&757!#=!<8#!4#$(,/6(!25%$5$%!*,#(#6#07@!AB+"-+.$%'9&
6"43,.+-&*%$+(%+@!JRK[MIXGMNY@!b'$+!JYYJ;!
HKML! 2;!]r,%+$7!/$1!4;!e'1#0.)@!2+6',5(&!/$/0&757!#=!+==565+$(!Tg$GU=/5,!$#$G,+.'15/(5#$!.,#(#6#07@!!8"-4'9&
R>3+%.&"5&6"43,.$(#@!IQTKU[!JOYGJQO@!JYYN;!
HKNL! f;!f#0+:@!P;!"/#@!C$!()+!7+6',5(&!#=!.'>056!3+&!.,#(#6#07@!I777&A-'(>'%.$"(>&"(&I(5"-4'.$"(&AB+"-/@!
JXTJU[!IXRGJYQ@!IXRK;!
!
!
!
PNML Core Model SymmetricNet
PT!Net HLPNG
<<merge>>
<<merge>>
<<merge>>
self.target.page self.source.page = context Arc inv:
!! source and target must
!! be on the same page
{ }
Line shape color width style
Font family style weight sizedecoration align rotation context ArcGraphics inv:
self.object.oclIsKindOf(Arc)
self.object.oclIsKindOf(Page) self.object.oclIsKindOf(Node) or context NodeGraphics inv:
context AnnotationGraphics inv:
self.object.oclIsKindOf(Annotation)
NodeGraphics Annotation
Graphics
0..1 font
line 0..1
fill
0..1 0..1
fill
color image gradient!rotation
line 0..1
line 0..1
0..1 0..1
dimension
* position
position
offset x 0..1
y
Coordinate PNMLCoreModel
{ordered}
gradient!color Graphics
Fill ArcGraphics
(x, y) x
y
NonNegativeDecimal
PositiveInteger String
XMLSchemaDataTypes
NonNegativeInteger Integer
Decimal
p M(p)
f W(f)
Place {redefines label}
initialMarking
PTMarking
0..1
1 text
Arc
XMLSchemaDataTypes::
NonNegativeInteger
PTArcAnnotation
PT!Net
text
Annotation
self.target.oclIsKindOf(PlaceNode) ) context Arc inv:
!! no arcs between nodes of the same kind
(self.source.oclIsKindOf(PlaceNode) and 1
PositiveInteger
XMLSchemaDataTypes::
{redefines label}
0..1 inscription
self.target.oclIsKindOf(TransitionNode) ) or
(self.source.oclIsKindOf(TransitionNode) and
XMLSchemaDataTypes
<<merge>> <<import>>
PNML Core Model
PT!Net::
Coordinate
context TokenGraphics inv:
!! TokenGraphics only for PTMarkings self.object.oclIsKindOf(PTMarking) self.tool = ’org.pnml.tool’
PNML Extensions
* tokenposition TokenGraphics
PT!Net::
ToolInfo
<<import>>
PT!Net
UserSort ProductSort VariableDecl
name Terms
SortDecl name
MultisetSort NamedSort
context NamedSort inv:
IsTypeOf(MultiSetSort)
!self.def.ocl.
context Operator inv:
!! sort of Term is output sort of Operator self.sort = self.output
context Variable inv:
!! sort of Variable is sort of Term self.sort = self.variableDecl.sort
1/output
* /input {ordered}
equals(Sort):bool 1variableDecl
1 sort
1
Term
Sort Operator
*
BuiltInConst
BuiltInOperator
MultiSetOperator
BuiltInSort
UserOperator
OperatorDecl name
1 declaration
* basis 1 elementSort {ordered}
1 def
1
declaration {ordered}
* subterm 1def
* {ordered}
parameter
NamedOperator
multi
/sort
Variable Declarations
Declaration
Tuple
• {•}
•
•
•
•
!! the term for the condition must be of sort boolean
self.target.oclIsKindOf(TransitionNode) ) or
(self.source.oclIsKindOf(TransitionNode) and self.target.oclIsKindOf(PlaceNode) ) context Arc inv:
!! no arcs between nodes of the same kind context Condition inv:
Terms::Sort
(self.source.oclIsKindOf(PlaceNode) and
HLCoreStructure
Unparsed
Terms::Sort
Terms::Declaration Terms::OperatorDecl
ArbitraryDeclarations
Terms::SortDecl
output
ArbitrarySort ArbitraryOperator
* input {ordered}
1
Terms
<<extends>>
Booleans
<<import>>
<<merge>>
Multisets Dots
HLCoreStructure PT-HLPNGs
<<import>>
<<import>>
Terms
<<import>>
<<import>>
<<import>>
context Type inv:
-- the type of all places must be Dot self.structure.oclIsTypeOf(Dots::Dot) context Condition inv:
-- the condition of all transitions must be true let cond: Terms::Term = self.structure in cond.oclIsTypeOf(Booleans::BooleanConstant) and cond.value = ‘true’
!self.structure.oclIsKindOf(MultisetSort) context Type inv:
!! no multiset sorts as types
<<import>>
<<import>>
<<import>>
<<import>>
<<import>>
<<import>>
<<import>>
<<merge>>
<<import>>
<<import>>
<<import>>
Booleans Partitions
SymmetricNets CyclicEnumerations
<<import>>
<<import>>
<<import>>
Multisets FiniteEnumerations
<<import>>
FiniteIntRanges
Dots HLCoreStructure
Terms
Terms SymmetricNets HLPNGs
<<import>>
<<merge>>
<<merge>>