datasystemer!
!
A qualitative analysis of facilties managers need for CAFM-systems and a study of suitable computer systems
Knut Eirik Balke og Ida Nordby
Institutt for matematiske realfag og teknologi !Masteroppgave 30 stp. 2013
+ -+
!"#"#$%
+
;%$$%+ %&+ %.+ 2"#$%&'(()"*%+ #3&%*%$+ "*+ -<"+ ='&<>?+ ')+ @.0$+ A/&/3+ B"43%+ *%<+
C./*%&#/$%$%$+1'&+2/4DE,+')+>/'*/$%.#3"(+*F&%.+895:7+G(()"*%.+%&+%.+"*#40$./.)+
(F+#$0</%$+/.<0#$&/%44+E3'.'2/,+>?))%$%3./33+*%<+/.#$/$0$$+1'&+2"$%2"$/#3+&%"41")+
')+$%3.'4')/7++
+
H'&#*"&#>?))+ ')+ -B!+ $'3+ /./$/"$/*+ $/4+ %$+ #"2"&>%/<+ #'2+ &%#04$%&$%+ /+ <%..%+
'(()"*%.7+I/+E.#3%&+F+$"33%+1'&+"$+<%+#$/4$%+'((+')+>/<&'+$/4+*F&+2"#$%&'(()"*%7+
I/+*/4+&%$$%+%.+#(%#/%44+$"33+$/4+"44%+/.1'&2".$%.%+#'2+*%4*/44/)+#$/4$%+$/4+/.$%&*D0%&7+
;%&%#+ 0$$"4%4#%&+ %&+ %##%.#/%44%+ 1'&+ '(()"*%.#+ 0$1'&2/.)J+ ')+ <%$+ *"&+ "&$/)+ F+ #%+
<%&%#+%.)"#D%2%.$+')+/.$%&%##%+1'&+$%2"%$7+
+
I/+ %&+ #*K&$+ $"33.%24/)%+ 1'&+ /..#"$#%.+ *F&+ *%/4%<%&+ (&'1%##'&+ LM'2"#+
@&/.)4%>'$.+ LM//#+ M"&+ 4")$+ .%<7+ N".+ M"&+ )/$$+ 3'.#$&03$/*+ ')+ 3'.3&%$+
$/4>"3%2%4</.)+#'2+M"&+*K&$+%.3%4+F+1'&M'4<%+#%)+$/47+N".+M"&+*K&$+*%4</)+$/4#$%<%+
')+#$/4$+'((+$/4+*%/4%<./.)+(F+3'&$+*"&#%47+
+
O&'#%##%.+2%<+F+4")%+2"#$%&'(()"*%+M"&+*K&$+/.$%&%##".$+')+4K&%&/37+I/+MF(%&+
'(()"*%.+3".+>/<&"+$/4+F+>%4?#%+$%2"%$+H;IC,#?#$%2%&7+
+
+
C./*%&#/$%$%$+1'&+2/4DE,+')+>/'*/$%.#3"(+
+
P#+567967895:+
+ +
QQQQQQQQQQQQQQQQQQQQ+ + + + + + + QQQQQQQQQQQQQQQQQQQQ+
-<"+='&<>?+ + + + + + + + @.0$+A/&/3+B"43%
%
%
&'(()*$#'+%
+
B?)./.)%&+)F&+/)D%..'2+14%&%+1"#%&+/+#/.+4/*##?340#7+-+<%..%+2"#$%&'(()"*%.+#%&+
2".+.K&2%&%+(F+>&03+"*+<"$"#?#$%2+/+<&/1$#1"#%.7+;%$+%&+3.?$$%$+#$'&%+3'#$."<%&+
$/4+ <%..%+ 1"#%.J+ ')+ #?#$%2%&+ 1'&+ %/%.<'2#1'&*"4$%&%+ 3".+ *K&%+ %$+ 2/<<%4+ 1'&+
%11%3$/*/#%&/.)7+
+
;%..%+'(()"*%.+%&+%.+"."4?#%+"*+%/%.<'2#1'&*"4$%&%#+>%M'*+1'&+H;IC,#?#$%2%&+
')+3"&$4%))/.)+"*+"3$0%44%+<"$"#?#$%2%&7+
+
!"#$%&'(()"*%.+ %&+ %.+ 3*"4/$"$/*+ 0.<%&#E3%4#%+ 2%<+ <?><%/.$%&*D0+ "*+ ./+
/.1'&2".$%&+1&"+04/3%+.'%+%/%.<'2#1'&*"4$%&%7++-+$/44%))+%&+<%$+)D%..'21E&$+%$+
R"#%#$0</%+ <%&+ 204/)M%$%.%+ 1'&+ >&03+ "*+ >?)./.)#/.1'&2"#D'.#2'<%44%&/.)+ /+
H;IC,#?#$%2%$+ LS-S-TU+ 0.<%&#E3%#7+ G(()"*%.#+ &%#04$"$+ %&+ >"#%&$+ (F+
/.1'&2".$%.%#+%&1"&/.)%&++')+'((1"$./.)%&+'2+$%2"%$7+
+
-1E4)%+ %/%.<'2#1'&*"4$%&.%+ >E&+ H;IC,#?#$%2+ *K&%+ $/4("##%$+ .'%+ 1'&M'4<J+
<?."2/#3%J+ /.$%)&%&>"&%J+ $/4("##%$+ >&03%&+ ')+ M"+ %.3%4$+ >&03%&)&%.#%#./$$7+
V"2$/</)+ 1'&%$&%33%&+ <%+ "$+ 4%*%&".<E&%&+ M"&+ >?))%$%3./#3+ 3'2(%$".#%+ ')+
%&1"&/.)7+ H'&+ "$+ >%M'*%.%+ #3"4+ >4/+ $/41&%<##$/4$+ %&+ <%$+ */3$/)+ F+ #%$$%+ "*+ .'3+
&%##0&#%&+ $/4+ ".#3"11%4#%+ ')+ /2(4%2%.$%&/.)+ "*+ #?#$%27+ ;%$+ %&+ >%M'*+ 1'&+ F+
1'&>%<&%+ /.1'&2"#D'.#'*%&1E&/.)+ 1&"+ >?))%,+ $/4+ <&/1$#1"#%7+ C$*/34/.)%.+ )F&+ 2'$+
>&03+ "*+ H;I,B-!J+ 2%<+ #$".<"&</#%&/.)+ "*+ H;I,<'302%.$"#D'.7+ I"&/"#D'.+ /+
1'&*"4$%&%#+>%M'*+)DE&+<%$+*".#3%4/)+F+$/41&%<##$/44%+"44%+2%<+%$+M%4M%$4/)+#?#$%27+
;%&1'&+E.#3%#+M%44%&+%$+M'*%<#?#$%2+#'2+3".+#"2M".<4%+2%<+".<&%+*%&3$E?7++
+
-+='&)%+%&+2"&3%<%$+1'&+H;IC,#?#$%2%&+(&%)%$+"*+%$+1F$"44+.'%+"3$E&%&J+2%.+
0$%.4".<#3%+ 4%*%&".<E&%&+ >4/&+ #$"</)+ 2%&+ "3$0%44%7+ -2/<4%&$/<+ */#%&+
0.<%&#E3%4#%.+ "$+ 2".)%+ %/%.<'2#1'&*"4$%&%+ %&+ 2'$*/44/)%+ $/4+ F+ >?$$%+ #/.%+
#?#$%2%&J+<"+<%+/+#$'&+)&"<+%&+1'&.E?<%+2%<+<%$+<%+M"&7+
+ ---+
,-./#'0/%
+
U+>0/4</.)+)'%#+$M&'0)M+#%*%&"4+#$")%#+/.+/$#+4/1%+R?R4%7+-.+$M/#+$M%#/#+W%+W/44+1'R0#+
'.+$M%+0#%+'1+R'2(0$%&+#?#$%2#+/.+$M%+'(%&"$/'."4+(M"#%7+LM%&%+"&%+M/)M+R'#$#+
&%4"$%<+ $'+ $M/#+ (M"#%J+ ".<+ #?#$%2#+ R".+ >%+ 0#%<+ $'+ #$&%"24/.%+ 1"R/4/$?+
2".")%2%.$7+
+
LM/#+("(%&+/#+".+"."4?#/#+'1+1"R/4/$?+2".")%&X#+.%%<+1'&+YUH!+#?#$%2#+".<+"+#$0<?+
'1+#0/$">4%+R'2(0$%&+#?#$%2#7+
+
LM%+ $M%#/#+ /#+ "+ Z0"4/$"$/*%+ #$0<?+ WM%&%+ ./.%+ &%#('.<%.$#+ 1&'2+ *"&/'0#+
='&W%)/".+ 1"R/4/$/%#+ 2".")%&#+ M"*%+ >%%.+ /.$%&*/%W%<7+ -.+ "<</$/'.J+ $M/#+ $M%#/#+
/.R40<%#+ "+ R"#%+ #$0<?+ ">'0$+ '(('&$0./$/%#+ 1'&+ 0#%+ '1+ >0/4</.)+ /.1'&2"$/'.+
2'<%4/.)+[B-!\+/.+"+#(%R/1/R+YUH!+#?#$%2+R"44%<+LS-S-TU7+LM%+&%#04$#+"&%+>"#%<+
'.+$M%+&%#('.<%.$X#+%](%&/%.R%#+".<+(%&R%($/'.#+'1+$M/#+#0>D%R$7+
+
URR'&</.)+$'+1"R/4/$/%#+2".")%&#J+YUH!+#?#$%2#+#M'04<+>%+"<D0#$%<+$'+='&W%)/".+
R'.</$/'.#J+ <?."2/RJ+ /.$%)&">4%J+ R0#$'2/^%<+ $'+ 0#%&J+ ".<+ M"*%+ ".+ %"#?+ 0#%&+
/.$%&1"R%7++LM%?+(&%1%&+$M"$+$M%+#0((4/%&#+M"*%+%](%&$/#%+".<+%](%&/%.R%+W/$M/.+
#$&0R$0&"4+%.)/.%%&/.)7+L'+%.#0&%+$M"$+.%%<#+"&%+2%$J+/$+/#+/2('&$".$+$'+"44'R"$%+
%.'0)M+&%#'0&R%#+$'+$M%+(&'R0&%2%.$+".<+/2(4%2%.$"$/'.+'1+$M%+#?#$%27+LM%&%+
/#+"+.%%<+$'+/2(&'*%+/.1'&2"$/'.+14'W+1&'2+$M%+R'.#$&0R$/'.,+$'+$M%+'(%&"$/'."4+
(M"#%7+LM%+<%*%4'(2%.$+/#+M%"</.)+$'W"&<#+$M%+0#%+'1+B-!J+W/$M+#$".<"&</^"$/'.+
'1+'(%&"$/'.+".<+2"/.$%.".R%+<'R02%.$"$/'.7+U+0./1/%<+#?#$%2+W/44+.'$+>%+">4%+
$'+ 2%%$+ %*%&?'.%X#+ .%%<#J+ >%R"0#%+ '1+ $M%+ *"&/"$/'.+ /.+ 1"R/4/$?+ 2".")%2%.$7+
LM%&%1'&%J+/$+/#+2'&%+(&%1%&">4%+W/$M+#?#$%2#+$M"$+R".+/.$%&"R$+W/$M+'$M%&+$''4#7+
+
LM%+='&W%)/".+2"&3%$+1'&+YUH!+#?#$%2#+/#+</#$/.)0/#M%<+>?+"+#2"44+.02>%&+'1+
/.$%&."$/'."4+ R'2("./%#J+ >0$+ $M%+ 1'&%/).+ #0((4/%&#+ "&%+ /.R&%"#/.)4?+ >%R'2/.)+
2'&%+ <%#/&">4%7+ N'W%*%&J+ $M%+ #$0<?+ &%*%"4#+ $M"$+ 2".?+ 1"R/4/$?+ 2".")%&#+ "&%+
&%40R$".$+ $'+ &%(4"R%+ $M%/&+ #?#$%2J+ >%R"0#%+ $M%?+ "&%+ #"$/#1/%<+ W/$M+ $M%+ R0&&%.$+
#/$0"$/'.7+
1**2"3$.4"#/)+*)3.)%
+
!56567%88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%1+
&,99:;76,<%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%11+ ,=&>6,?>%888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%111+ 1;;@5A7&!56>:<;:A&:%88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%1B+
!1<C6A1&>:%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%B1+
>,=:AA1&>:%88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%B11+
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`+ 8757:7+ HUY-_-La+!U=UTA!A=L+77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777+55+ 8757b7+ OSGVAVVAS+77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777+5:+ F8F8+ 7,>,&N&>:9%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%EK+ 878757+ H;IC,VaVLA!+7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777+56+ 878787+ -c!V+7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777+5d+ F8H8+ =19%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%EO+ 87:757+ BC-_;-=TV!USL+7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777+89+ 87:787+ V!USLAS+BC-_;-=TV+77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777+88+ F8J8+ A:B:6,;7L6:6%888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%FH+ F8K8+ ,;&G,!!:A&:%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%HJ+ F8M8+ >17A1<:6:%,6=:17%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%HP+ H8+ 9:>57:%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%HQ+ H8E8+ @B,%:6%9:>57:R%888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%HQ+ H8F8+ CA1G:%9:>57:6%88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%JS+ H8H8+ <T:;;59!L61;<%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%JF+ H8J8+ 6:A1,=1A1>:>%888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%JQ+ J8+ &D:&1,A?,&:%U%=6CG%,B%1!?U!1A:6%1%>6161<,%88888888888888888888888888888888888888888888888888888888888%KE+ K8+ 6:&CA>,>:6%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%KH+
+ I+
K8E8+ 1;!569,;>:6%88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%KH+ K8F8+ D65&:&&:6%5<%B:6G>LN%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%KK+ K8H8+ ,;&G,!!:A&:%5<%19DA:9:;>:61;<%888888888888888888888888888888888888888888888888888888888888888888888888888888888888%MS+ K8J8+ 7,>,!AN>%888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%MJ+ M8+ 71&GC&T5;%88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%MQ+ M8E8+ 1;!569,;>:6%88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%MQ+ M8F8+ D65&:&&:6%5<%B:6G>LN%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%PS+ M8H8+ ,;&G,!!:A&:%5<%19DA:9:;>:61;<%888888888888888888888888888888888888888888888888888888888888888888888888888888888888%PH+ M8J8+ 7,>,!AN>%888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%PK+ P8+ G5;GAC&T5;%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%OS+ O8+ B17:6:%,6=:17%88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%OF+ A1>>:6,>C6%8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%OH+ B:7A:<<%E%88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%OP+ B:7A:<<%F%88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%QE+ B:7A:<<%H%88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888%QQ+ +
+ +
!V+W#3V./)%
+
H/)0&+5e+@'.$'(4".+1'&+H;ICJ+H!+')+>?)),+')+%/%.<'2#1'&*"4$./.)+/+=V+:b6b7+777777+6+
H/)0&+8e+C4/3%+&'44%&+')+".#*"&#'2&F<%&+/+>?)),+')+%/%.<'2#1'&*"4$./.)+77777777777777777+f+
H/)0&+:e+H'&M'4<%$+2%44'2+&'44%.%+%/%&J+1'&*"4$%&+')+>&03%&+7777777777777777777777777777777777777777777+d+
H/)0&+be+V"22%.M%.)+2%44'2+*%<4/3%M'4<+')+0$*/34/.)+"*+3*"4/$%$#./*F+'*%&+$/<7+`+
H/)0&+6e+H0.3#D'.%&+#'2+/..)F&+/+1"R/4/$?+2".")%2%.$7+77777777777777777777777777777777777777777777777777+58+
H/)0&+fe+L?(/#3%+'(()"*%&+3.?$$%$+$/4+%/%.<'2#1'&*"4$./.)+/+#$'&%+*/&3#'2M%$%&7 +77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777+5b+
H/)0&+de+V$".<"&<%.%+/+B0/4</.)V!USL7+777777777777777777777777777777777777777777777777777777777777777777777777777777777+85+
H/)0&+`e+-B!+#/.+'((>?))/.)+"*+#2"&$%&+>0/4</.)#7+7777777777777777777777777777777777777777777777777777777777+8:+
H/)0&+ge+G*%&#/3$+'*%&+2'<04%.%+#'2+1/..%#+/+O4"./"7+77777777777777777777777777777777777777777777777777777+86+
H/)0&+59e+-.$%)&%&$+:;,*/#./.)+"*+-HY,1/4+/+O4"./"7+77777777777777777777777777777777777777777777777777777777777777+8f+
H/)0&+55e+G((>?))/.)+"*+#?#$%2%$+-Va+A/%.<'27+777777777777777777777777777777777777777777777777777777777777777+8d+
H/)0&+58e+B-!+/.$%)&%&$+/+-Va+A/%.<'27+77777777777777777777777777777777777777777777777777777777777777777777777777777777777+8`+
H/)0&+5:+N*'&<".+%.+M'*%<#/<%+3".+#%+0$+/+H;I,W%>+777777777777777777777777777777777777777777777777777777+8g+
H/)0&+5be+G*%&#/3$+'*%&+2'<04%&+/+_".<4'&<+777777777777777777777777777777777777777777777777777777777777777777777777+:9+
H/)0&+56e+!"/.!".")%&#+4')'+77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777+:5+
H/)0&+5fe+G*%&#/3$+'*%&+2'<04%&+')+10.3#D'.%&+/+LS-S-TU+77777777777777777777777777777777777777777777+::+
H/)0&+5de+O&'#%##%&+*%<+".#3"11%4#%+7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777+:b+
H/)0&+5`e+U.#3"11%4#%+"*+H;IC,#?#$%2+77777777777777777777777777777777777777777777777777777777777777777777777777777777777+:f+
H/)0&+5ge+-440#$&"#D'.+"*+M*"+#'2+(F*/&3%&+*"4)+"*+$/4>?<%&+777777777777777777777777777777777777777777+:d+
H/)0&+89e+H'D%44+(F+3*".$/$"$/*+')+3*"4/$"$/*+1'./.)+7777777777777777777777777777777777777777777777+b5+
H/)0&+85e+H'&<%4/.)+"*+#$/44/.)%&+>4".$+/.1'&2".$%&7+777777777777777777777777777777777777777777777777777777777+b6+
H/)0&+88e+V$E&&%4#%+(F+%/%.<'2#('&$%1E4D%.%+2F4$+/+3*"<&"$2%$%&7+77777777777777777777777777+bf+
H/)0&+8:e+V*"&+1&"+1'&*"4$%&.%+'2+<%&%#+.F*K&%.<%+#?#$%2+#$E$$%&+-HY,1'&2"$7+7+ff+
%
%
+ I--+
>'-)33V./)%
+
L">%44+5e+-.1'&2".$%.%#+#$/44/.)%&7+7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777+b6+
L">%44+8e+U.$"44+".#"$$%+/+<%.+%.3%4$%+>%<&/1$+&".)%&$+1&"+1K&&%#$+$/4+14%#$7+77777777777777+bf+
L">%44+:e+G*%&#/3$+'*%&+04/3%+$?(%+>?)./.)%&+>%<&/1$%.%+1'&*"4$%&7+777777777777777777777777777+6b+
L">%44+be+G*%&#/3$+'*%&+M*/43%+#?#$%2+#'2+>4/&+>%.?$$%$J+')+M*/43%+#?#$%2+
/.1'&2".$%.%+M"&+3D%..#3"(+$/47+777777777777777777777777777777777777777777777777777777777777777777777777777777777777777+6f+
L">%44+6e+P&4/)%+4/#%.#3'#$."<%&+1'&+H;IC,#?#$%2+h+$'$"4%+')+1'&<%4$+(%&+
3*"<&"$2%$%&+%/%.<'2#('&$%1E4D%7+777777777777777777777777777777777777777777777777777777777777777777777777777777777+6g+
L">%44+fe+G*%&#/3$+'*%&+M*/43%+%/%.<'2#1'&*"4$%&%+#'2+>&03$%+'11%.$4/)+
".#3"11%4#%+1'&+H;IC,#?#$%27+7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777+f5+
%
%
%
%
%
%
%
%
%
%
%
%
%
+ + +
=)+#)X.3V./)%
+
B-!+ + + + B?)./.)#/.1'&2"#D'.#2'<%44i2'<%44%&/.)+
YU;+ + + + Y'2(0$%&+"/<%<+<%#/).++
YUH!+ + + + Y'2(0$%&+"/<%<+1"R/4/$?+2".")%2%.$+
Yjj+ + + + Y+W/$M+R4"##%#+[(&')&"22%&/.)##(&F3\++
;U@+ + + + ;"$"+"##/#$%&$+3'.#$&03#D'.+
;H!,.%$*K&3++ + ;".#3+H"R/4/$/%#+!".")%2%.$+=%$*K&3+[.%$$*%&3\+
A=k@+ + + + A.%&)/E3'.'2/#%&/.)+
H;I+ + + + H'&*"4$./.)J+<&/1$+')+*%<4/3%M'4<+
H;IC+ + + + H'&*"4$./.)J+<&/1$J+*%<4/3%M'4<+')+0$*/34/.)+
H;ICVO+ H'&*"4$./.)J+ <&/1$J+ *%<4/3%M'4<J+ 0$*/34/.)J+ #%&*/R%+ ')+
('$%.#/"4+
H!+ H"R/4/$?+2".")%2%.$+[(F+.'l+1"#/4/$%$##$?&/.)+%44%&+
%/%.<'2#1'&*"4$./.)\+
T-V+ + + + T%')&"1/#3%+/.1'&2"#D'.##?#$%2%&+
TVU+ + + + T%.%&"4+V%&*/R%+U<2/./#$&"$/'.++
N!V+ + + + N%4#%J+2/4DE+')+#/33%&M%$+
-U-+ + + + -.$%&."$/'."4+U44/".R%+1'&+-.$%&'(%&">/4/$?+
-HY+ + + + -.<0#$&?+1'0.<"$/'.+R4"##%#J+<"$"2'<%44+
-H;+ + + + H&"2%W'&3+1'&+<"$"+</R$/'."&/%#J+<"$"'&<>'3+
-;!+ + + + -.1'&2"$/'.+<%4/*%&?+2".0"4J+(&'#%##+
-@L+ + + + -.1'&2"#D'.#,+')+3'220./3"#D'.#$%3.'4')/+
-L,*%&3$E?+ + + -.1'&2"#D'.#$%3.'4')/+*%&3$E?+
-c!V+ + + + -.$%)&"$%<+W'&3(4"R%+2".")%2%.$+#?#$%2#+
_YY+ + + + _/*#4E(#3'#$."<%&+
_YO+ + + + _/*#4E(#1'&$D%.%#$%+
!/R&'#'1$+Vm_++ + !/R&'#'1$+#$&0R$0&%<+Z0%&?+4".)0")%+
!?Vm_+ + + !?+#$&0R$0&%<+Z0%&?+4".)0")%+
V;,".4%))+ + + V%.$&"4+<&/1$#3'.$&'44+".4%))+
VNU+ + + + V/33%&M%$J+M%4#%+')+"&>%/<#2/4DE+
V-=LAH+ + + V$/1$%4#%.+ 1'&+ /.<0#$&/%44+ ')+ $%3./#3+ 1'./.)
+ 5+
E8 1**3)$*V*+%
+
A.+ >?)./.)+ )F&+ /)D%..'2+ 14%&%+ 1"#%&+ /+ #/.+ 4/*##?340#7+ -+ </##%+ 1"#%.%+ >&03%#+
1'D%44/)%+ <"$"#?#$%2%&J+ 2%.+ */+ E.#3%&+ F+ 1'30#%&%+ (F+ <%+ #?#$%2%.%+ #'2+
>%.?$$%#+/+1'&*"4$./.)%.7+H;IC,#?#$%2+%&+<"$"#?#$%2%&+#'2+>&03%#+$/4+F+4")&%+')+
>&03%+ /.1'&2"#D'.+ '2+ >?))%$J+ ')+ '(()"*%&+ 3.?$$%$+ $/4+ 1'&*"4$./.)J+ <&/1$J+
*%<4/3%M'4<+')+0$*/34/.)7++
+
E8E8 D#"-3)(./V33V*+%
;%..%+'(()"*%.+%&+%.+"."4?#%+"*+%/%.<'2#1'&*"4$%&%#+>%M'*+1'&+H;IC,#?#$%2%&+
')+3"&$4%))/.)+"*+"3$0%44%+<"$"#?#$%2%&7+
+
E8F8 ='Y+#W**%4"#%"XX+'Z)*%
IF&%.+ 8958+ #3&%*+ %.+ $/<4/)%&%+ #$0<%.$+ *%<+ C!BJ+ @"&'4/.%+ U.<%&#%.+
2"#$%&'(()"*%+/+#"2"&>%/<+2%<+H'&#*"&#>?))+')+-B!7+G(()"*%.+M"<<%+$/$$%4%.+
!"#$% &% '()&*+&,-.% /,% 0'+&-1/(23,3+42/% 3)% 5)/6-3,-/,% 763% /(% !"#8% (&+% /(% 9:;<8 242(/07+H'&#*"&#>?))+')+-B!+M"<<%+%$+#"2"&>%/<+M*'&+2F4%$+*"&+F+0.<%&#E3%+'2+
LS-S-TU+ *"&+ "3$0%4$+ F+ $"+ /+ >&03+ 1'&+ H'&#*"&#>?))7+ ;%+ *"&+ + >%))%+ /.$%&%##%&$+ /+ F+
1'&$#%$$%+ "&>%/<%$+ ')+ $'3+ /./$/"$/*+ $/4+ #"2"&>%/<+ 2%<+ 1'&1"$$%&.%+ 1'&+ F+ 1'%+
*/<%&%+ (F+ $%2"%$7+ IF&%+ #"2"&>%/<#("&$.%&%+ 30..%+ >/#$F+ 2%<+ /.1'&2"#D'.+ ')+
/..#(/44J+ 2%.+ */+ M"&+ #%4*+ *"4)$+ (&'>4%2#$/44/.)7+ -B!+ 4%*%&%&+ <%$+ "2%&/3".#3%+
#?#$%2%$+LS-S-TUJ+')+30..%+<%&1'&+)/+2"$%&/"4%+')+$/4)".)+$/4+<%$$%7+LS-S-TU+M"&+
2".)%+ 30.<%&J+ 2%.+ M"&+ 1'&%4E(/)+ /33%+ 1'$1%#$%+ /+ ='&)%7+ I/+ #?.%#+ <%$+ *"&+
/.$%&%##".$+F+1/..%+0$+2%&+'2+%/%.<'2#1'&*"4$%&#+>%M'*+1'&+H;IC,#?#$%2+')+M*"+
#'2+ >4%+ $/4>0<$7+ H'&+ F+ 1F+ %$+ '*%&>4/33+ E.#3%$+ */+ F+ 0.<%&#E3%+ 14%&%+ "3$0%44%+
#?#$%2%&J+/+$/44%))+$/4+LS-S-TU7++
+
;%$+%&+$/<4/)%&%+)D'&$+.'%+1'./.)+(F+'2&F<%$+<%&+<%$+#4F#+1"#$+"$+<%+*%&3$E?%.%J+
#'2+>4%+>&03$+"*+<%4$"3%&.%+/+0.<%&#E3%4#%.J+/33%+4'$+#%)+/.$%)&%&%+/+%$$+#?#$%27+
-B!+ 2%.%&+ LS-S-TU+ #$E$$%&+ "44%+ F(.%+ #$".<"&<%&J+ ')+ 2%<+ <%$$%+ 3".+ /.$%)&%&%#+
2'$+".<&%+#?#$%2%&7+I/+*/4+<%&1'&+0.<%&#E3%+<%..%+(F#$".<%.+.K&2%&%+*%<+F+#%+
(F+'2+<%+3".+3'>4%+B-!+$/4+#?#$%2%$7++
+
E8H8 !"#([3%()$%"XX+'Z)*%
I/+#3&/*%&+'2+<%$$%+1'&+F+)/+>%<&%+/..#/3$+/+%$+$%2"+#'2+<%$+%&+#3&%*%$+4/$%+'2+/+
='&)%7+ ;%$+ 1'30#%&%#+ 2?%+ (F+ %11%3$/*/#%&/.)+ /+ 1'&M'4<+ $/4+ (&'#D%3$%&/.)#,+ ')+
>?))%1"#%7+;%$+%&+<%&/2'$+#3&%*%$+2/.<&%+'2+<&/1$#1"#%+$/4+$&'##+1'&+"$+3'#$."<%&+
1'&>0.<%$+2%<+<%..%+1"#%.+%&+1%2+)".)%&+#$E&&%+/+4E(%$+"*+>?))%$#+4%*%$/<+%..+
#%4*%+>?))/.)%.+[A*".#+%$+"47+5gg`\7+;%$+%&+2%<+".<&%+'&<+%$+#$'&$+('$%.#/"4+1'&+
3'#$."<#&%<03#D'.+ /+ <%..%+ 1"#%.7+ I/+ #%&+ E3$+ >&03+ "*+ -@L+ /+ (&'#D%3$%&/.)#,+ ')+
>?))%1"#%.J+')+*/4+<%&1'&+0.<%&#E3%+'2+*/+3".+*%.$%+'##+<%.+#"22%+0$*/34/.)%.+
/..%.1'&+ %/%.<'2#1'&*"4$./.)7+ ;%$+ %&+ )&0..+ $/4+ F+ $&'+ "$+ >%*/##$)DE&/.)+ &0.<$+
".#3"11%4#%J+ /2(4%2%.$%&/.)+ ')+ >&03+ "*+ H;IC,#?#$%2%&+ 3".+ )").%+ >?)),+ ')+
%/%.<'2#>&".#D%.7++
+
;%$+$/4>?#+2".)%+04/3%+#?#$%2%&+2%<+04/3%+4E#./.)%&J+')+<%$+F+*/$%+M*"+</.+>%<&/1$+
$&%.)%&+%&+*/3$/)+1'&+F+*%4)%+&/3$/)+#?#$%27+=F&+2".+1E&#$+M"&+".#3"11%$+%$+#?#$%2+
*/4+2".+"$+/2(4%2%.$%&/.)%.+#3"4+#3D%+&"#3$+')+"$+<%.+<"..%&+)&0..4")+1'&+&/3$/)+
>&037+++
+
E8J8 AV//)#'/W#%
;%$+ %&+ %$+ >%)&%.#%$+ 0$*"4)+ "*+ .'+ 4/$$%&"$0&+ #'2+ '2M".<4%&+ $%2"%$+ /+ <%..%+
'(()"*%.7+ -+ %.3%4$%+ $/41%44%&+ %&+ <%$+ <%&1'&+ >&03$+ /.$%&.%$$#/<%&+ #'2+ 3/4<%&7+
L%'&/%.+ '2+ %/%.<'2#1'&*"4$./.)+ %&+ /+ #$'&+ )&"<+ >"#%&$+ (F+ >E3%.%+=>,?@5-% &%
!3A&+&(&/2% ;3,3-/0/,(% 2*6/)/(% 3)% O%&+ U.3%&+ n%.#%.J+ !56)3+(,&,-.% ?6&7(.%
)/?+&*/15+?%%5-%'()&*+&,-%3)%@4-,&,-/6+#3&%*%$+"*+L'&%+-7+N"0)%.+')+B6?%5-%'((64**%
&,,/,%/&/,?502756)3+(,&,-%#3&%*%$+"*+!"]+-.)"&+!E&3+2%<+14%&%7+!?%+"*+$%'&/%.+
'23&/.)+H;IC,#?#$%2%&+%&+M%.$%$+1&"+#"22%+4/$$%&"$0&J+/+$/44%))+$/4+>E3%.%+C5(3+%
!3A&+&(&/2%;3,3-/0/,(+[899g\+')+C1/%!3A&+&(4%;3,3-30/,(%=3,?@55*%[8959\7+;%$+
%&+ ')#F+ >&03$+ 2"$%&/%44+ 1&"+ #?#$%24%*%&".<E&%.%J+ /+ 1'&2+ "*+ /.$%&.%$$#/<%&+ ')+
#"4)#2"$%&/%447+
+ :+
E8K8 C*$)#.\Y)3.)#%
-+ <%..%+ 2"#$%&'(()"*%.+ %&+ <%$+ >&03$+ <?><%/.$%&*D0+ 2%<+ %.+ #%2/#$&03$0&%&$+
1'&27+ -.$%&*D0%.%+ %&+ )D%..'21E&$+ (F+ ./+ /.1'&2".$%&+ #'2+ &%(&%#%.$%&%&+ .'%+
'&)"./#"#D'.%&+#'2+<&/*%&+%/%.<'2#1'&*"4$./.)7+A.+"*+1'&*"4$%&.%+E.#3%$+F+M'4<%+
#/.%+ 0$$"4%4#%&+ ".'.?2%J+ ')+ %&+ <%&1'&+ >%#3&%*%$+ #'2+ o%/%.<'2#1'&*"4$%&+ ]p7+
HE4)%.<%+'&)"./#"#D'.%&+M"&+*K&$+2%<+/+0.<%&#E3%4#%.e+
+
,+G#4'+3'220.%+,+A/%.<'2#,+')+>?1'&.?%4#%#%$"$%.+
,+V%4*"")+%/%.<'2+UV+
,+C.<%&*/#./.)#>?))+G#4'+@H+
,+V$0<%.$#3/(."<%.+/+P#+++
,+G#4'+0./*%&#/$%$##?3%M0#+NH+,+U*<7+G#4'+#?3%M0##%&*/R%+
,+V$"$#>?))+
,+C./*%&#/$%$%$+1'&+2/4DE,+')+>/'*/$%.#3"(+,+U*<7+;&/1$+')+#%&*/R%+
,+A.$&"+%/%.<'2+UV+
,+A/%.<'2#1'&*"4$%&+]+
+
-.$%&*D0%.%+%&+$"$$+'((+2%<+</3$"1'.J+#3&%*%$+.%<+')+"."4?#%&$7+I/3$/)%+10..+')+
0$$"4%4#%&+1&"+/.$%&*D0%.%+#$F&+/+3"(/$$%4+67+S%#04$"$%&7+;%$$%+>4/&+*/<%&%+</#30$%&$+/+
1'&M'4<+$/4+<%$+'(()"*%.+#3"4+)/+#*"&+(F+/+3"(/$$%4+f7+;/#30#D'.7++
+
V'2+%.+<%4+"*+2"#$%&'(()"*%.+0.<%&#E3%#+$/4>?<%&.%#+204/)M%$+$/4+F+>&03%+B-!+
/+ #/$$+ H;IC,#?#$%2J+ ')+ #"2$/</)+ LS-S-TUV+ (F#$".<+ '2+ "$+ <%$+ 4"&+ #%)+ /.$%)&%&%+
2%<+ ".<&%+ #?#$%27+ -+ 3"(/$$%4+ b+ M"&+ */+ <%&1'&+ 0$1E&$+ %$+ #(%#/"4R"#%+ <%&+ */+ #%&+ (F+
204/)M%$%.%+1'&+F+>&03%+<%$+#$".<"&</#%&$%+1/41'&2"$%$+-HY+/+LS-S-TU7++
+
E8M8 ,Z+#)*.*V*+)#%
-+ <%..%+ '(()"*%.+ M"&+ */+ "*)&%.#%$+ $%2"%$+ $/4+ F+ )D%4<%+ 30.+ .'%+
%/%.<'2#1'&*"4$%&%+ ')+ */.34/.)%.+ (F+ '(()"*%.+ %&+ 1&"+ %/%.<'2#1'&*"4$%&%.#+
#$F#$%<7+ -+ 3"&$4%))/.)%.+ "*+ "3$0%44%+ <"$"#?#$%2+ %&+ <%$+ 1'30#%&$+ (F+ <%+ #'2+ >4/&+
>%.?$$%$+"*+/.1'&2".$%.%+%44%&+.%*.$+0.<%&+/.$%&*D0%.%7++
F8 >)"#V%
+
;%..%+ <%4%.+ "*+ '(()"*%.+ /..%M'4<%&+ $%'&/+ '23&/.)+ $%2"%.%+
%/%.<'2#1'&*"4$./.)J+ <"$"#?#$%2%&J+ >?)./.)#/.1'&2"#D'.#2'<%44%&/.)+ [B-!\J++
#?#$%24%*%&".<E&%&+ ')+ ".#3"11%4#%#(&'#%##%&7+ -+ 3"(/$$%4+ 87f+ %&+ <%$+ (&%#%.$%&$+
$/<4/)%&%+ "&>%/<+ #'2+ %&+ $%$$+ 3.?$$%$+ $/4+ (&'>4%2#$/44/.)%.7+ L%2"%.%+ %&+ #$%&3$+
<'2/.%&$+"*+0$%.4".<#3+4/$$%&"$0&7+;%+.'%+'*%&#%$$%4#%.%+%&+/+%.3%4$%+$/41%44%&+
/33%+ #F+ )'<%J+ <"+ >%$?<./.)%.+ 3".+ *K&%+ 4/$$+ 04/3+ 1&"+ <%$+ %.)%4#3%+ '&<%$7+ A.3%4$%+
0$$&?33+ %&+ 4/3%+ ')+ #34/&+ '*%&+ /+ M*%&".<&%J+ ')+ '1$%+ %&+ <%$+ 14%&%+ >%)&%(+ #'2+ >%$?&+
.%#$%.+ <%$+ #"22%7+ H"R/4/$?+ 2".")%2%.$+ ')+ %/%.<'2#1'&*"4$./.)+ >&03%#+ 1'&+
%3#%2(%4+'2+M*%&".<&%J+#%4*+'2+<%1/./#D'.%.%+/33%+%&+M%4$+4/3%7+OF+#"22%+2F$%+
>%.?$$%#+ <%$+ 14%&%+ 0$$&?33+ 1'&+ <"$"#?#$%2%&+ >%.?$$%$+ /+ %/%.<'2#1'&*"4$./.)7+
YUH!J+ H;I,#?#$%2J+ H;IC,*%&3$E?+ ')+ H;IC,#?#$%2+ + %&+ '&<+ #'2+ >&03%#+ /+ #$'&+
)&"<+'2+<%$+#"22%J+#%4*+'2+>%)&%(%.%+#$&%.)$+$"$$+/33%+%&+#?.'.?2%&7+B%)&%(%$+
H;IC,#?#$%2+ */4+ /+ M'*%<#"3+ >%.?$$%#+ /+ <%..%+ '(()"*%.7+ ;%$$%+ 3"(/$$%4%$+
<%1/.%&%&+</##%+>%)&%(%.%+')+$%2"%&+#'2+%&+*/3$/)%+1'&+F+)/+4%#%&%.+>%<&%+/..#/3$7++
+
F8E8 :V)*$"(.4"#Z'3/*V*+%%
A/%.<'2#1'&*"4$./.)+3".+/+2".)%+$/41%44%&+#%#+(F+#'2+%.+#$E$$%10.3#D'.J+#'2+#3"4+
(F#%+"$+>&03%&.%+"*+%$+>?))+M"&+"&>%/<#*/43F&+#'2+%&+%11%3$/*%+')+#'2+'((1?44%&+
#/.+ 10.3#D'.+ [@'220."4,i&%)/'."4<%("&$%2%.$%$+ 899b\7+ -+ 2".)%4+ (F+ .'++
4/$$%&"$0&+ */4+ 1")1%4$%$+ /+ %.3%4$%+ $/41%44%&+ '2$"4%#+ 2%<+ <%$+ %.)%4#3%+ >%)&%(%$l+
73A&+&(4%03,3-/0/,(+[H!\7++A.+</&%3$%+'*%&#%$$%4#%+"*+0$%.4".<#3+4/$$%&"$0&J+*/4+/+
1E4)%+ O%&+ U.3%&+ n%.#%.+ [8995\+ /+ %.3%4$%+ $/41%44%&J+ /33%+ *K&%+ M%.#/3$#2%##/)+ <"+
0$*/34/.)%.+ /+ %/%.<'2#1'&*"4$./.)+ %&+ 1'D%44/)+ /+ 04/3%+ 4".<7+ ;/##%+ 1'D%44%.%+
3'22%&+"*+4".<%.%#+#K&%)%.M%$%&+#'2+)D%4<%&+'&)"./#"#D'.%&#+#$&03$0&J+304$0&+
')+ 3'2(%$".#%./*F7+ -+ >%)&%(%.%+73A&+&(4% 03,3-/0/,(+ ')+ %/%.<'2#1'&*"4$./.)+
/..)F&+1'&*"4$./.)J+<&/1$J+*%<4/3%M'4<+')+0$*/34/.)7+B%#3&/*%4#%.+"*+H!+')+H;IC+%&+
*%4</)%+4/3%J+2%.+H!+'21"$$%&+14%&%+(&'#%##%&+%..+<%$+H;IC+)DE&7+H/)0&+5+*/#%&+
M*/43%+ 3'#$."<%&+ ')+ "&>%/<#(&'#%##%&+ #'2+ /..)F&+ /+ H;ICJ+ H!+ ')+ >?)),+ ')+
%/%.<'2#1'&*"4$./.)7+;%$+0$*/<%<%+0$$&?33%$+H;ICVO+.K&2%&+#%)+%.+1044*%&</)+
+ 6+
.'+ >%$?<./.)+ "*+73A&+(4% 03,3-/0/,(7+ B%$?<./.)%.+ $/4+ M*%&+ >'3#$"*+ /+ <%..%+
1'&3'&$%4#%.+1'&34"&%#+#%.%&%+/+3"(/$$%4%$7+
+
+
!V+W#%E]%G"*/"X3'*%4"#%!7BC^%!9%"+%-_++U%"+%)V)*$"(.4"#Z'3/*V*+%V%;&%HJKJ8%GV3$)]%`@'W+)*%FSSOa%
+
!"#"#" $%&&'()
-..%.+ %/%.<'2#1'&*"4$./.)+ 1/..%#+ <%$+ 2".)%+ 1'D%44/)%+ &'44%&J+ /.$%&%##%&+ ')+
>%M'*7+A.+(%&#'.+#'2+30.+%&+%.+>&03%&+"*+%$+>?))+M"&+*/<$+1'D%44/)%+/.$%&%##%&+
')+>%M'*+#"22%.4/3.%$+2%<+%.+%/%&+%44%&+/.*%#$'&7+;%$$%+%&+.'%+#'2+/+#$'&+)&"<+
(F*/&3%&+<%&%#+(&/'&/$%&/.)%&+[N"0)%.+899`\+7+
+
U&>%/<%$+#'2+'21"$$%&+H!+%&+/+1E4)%+<%1/./#D'.%.+(4".4%))/.)J+)D%..'21E&/.)+')+
4%<%4#%+[n%.#%.+q+;".#3+H"R/4/$/%#+!".")%2%.$+8995\7+;%$+/..%>K&%&+'(()"*%&+
(F+#$&"$%)/#3J+$"3$/#3+')+'(%&"#D'.%4$+./*F7+U&>%/<#'(()"*%&+(F+#$&"$%)/#3+./*F+%&+
3.?$$%$+$/4+'&)"./#"#D'.%.#+4".)#/3$/)%+&%$./.)#4/.D%&+')+#$&"$%)/%&+1'&+0$*/34/.)%.+
"*+%/%.<'2#('&$%1E4D%+')+#$E$$%10.3#D'.%&7+;%$$%+)DE&%#+/+$&F<+2%<+'*%&'&<.%<%+
#$&"$%)/%&J+ 2F4#%$$/.)%&+ ')+ %3#$%&.+ (F*/&3./.)7+ OF+ $"3$/#3+ ./*F+ %&+
"&>%/<#'(()"*%&+ (4".4%))/.)+ "*+ 3'.3&%$%+ %.<&/.)%&+ 1'&+ %/%.<'22%.+ ')+
#$E$$%10.3#D'.%&7+G(()"*%&+(F+<%$$%+./*F%$+#$?&%#+"*+4".)#/3$/)%+2F4#%$./.)%&+')+
"3$0%44%+ %.<&/.)%&+ /+ */&3#'2M%$%.7+ ;%.+ <")4/)%+ <&/1$%.+ "*+ %/%.<'2+ ')+
#$E$$%10.3#D'.%&+/..)F&+/+"&>%/<#'(()"*%&+(F+'(%&"#D'.%4$+./*F7+;%+&'44%.%+#'2+
0$)DE&+<%$$%+./*F%$+#E&)%&+1'&+"$+'&)"./#"#D'.%.#+>%M'*+1'&+$D%.%#$%&+>4/&+'((1?4$+/+
M%.M'4<+ $/4+ "*$"4%+ [n%.#%.+ q+ ;".#3+ H"R/4/$/%#+ !".")%2%.$+ 8995\7+ -+ 1/)0&+ 8+ #%&+
2".+%.+2'<%44+#'2+/440#$&%&%&+<%+04/3%+&'44%.%+')+".#*"&#'2&F<%.%+/..%.+>?)),+
')+%/%.<'2#1'&*"4$./.)%.7+
+
+
!V+W#%F]%C3VY)%#"33)#%"+%'*.Z'#."(#[$)#%V%-_++U%"+%)V)*$"(.4"#Z'3/*V*+8%GV3$)]%
`@'W+)*%FSSOa%
+
;%$+3".+*K&%+0$1'&<&%.<%+F+#3/44%+<%+1'D%44/)%+&'44%.%+/+>?))%.K&/.)%.7+;%$+%&+
*/3$/)+2%<+34"&%+#3/44%&+2%44'2+&'44%.%+1'&+"$+'&)"./#"#D'.%.%+#3"4+30..%+.F+#/.%+
2F47+ N*/#+ /33%+ ".#*"&#&'44%&+ <%1/.%&%#+ >4/&+<%$+ 4%$$+ $/4+ "$+ .'%.+ 1&"#3&/*%&+ #%)+
".#*"&+%44%&+"$+'(()"*%&+)D%.$"#+[!E&3+%$+"47+899`\7+;%$+%&+."$0&4/)+F+".$"+"$+%.+
%/%&+1E4%&+%/%"(+$/4+>?))%$J+2%.+'1$%+%&+<%$+#4/3+"$+<%+/33%+1E4%&+.'%+".#*"&+')+
/.1'&2"#D'.+3".+)F+$"($7+V%4*+'2+>&03%&.%+1F&+%$+(%&#'.4/)+1'&M'4<+$/4+>?))%$+')+
%$$%&+M*%&$+1E4%&+%/%"(J+M"&+<%+/33%+.'%+".#*"&+1'&+F+/..M%.$%+/.1'&2"#D'.+'2+
>?))%$7+ V"2$/</)+ #'2+ <%$$%+ (F)F&+ 1E4%&+ M%44%&+ /33%+ <&/1$#'&)"./#"#D'.%.+ .'%+
%/%&".#*"&+[T/##/.)%&+899`\7++
+ +
%
+ d+
!V+W#%H]%!"#2"3$)/%()33"(%#"33)*)%)V)#^%4"#Z'3/)#%"+%-#WY)#8%GV3$)]%`@'W+)*%FSSOa% % +
L'&%+ -7+ N"0)%.+ [899`\+ <%4%&+ &'44%.%+ /..+ /+ %/%&J+ 1'&*"4$%&+ ')+ >&03%&7+ H/)0&+ :+
/440#$&%&%&+ 1'&M'4<%$J+ ".#*"&#'2&F<%&+ ')+ "*$"4%&+ 2%44'2+ <%+ 04/3%+ &'44%.%7+ A/%&+
1'&34"&%#+ #'2+ %.+ &'44%+ 2%<+ 1'30#+ (F+ %/%.<'22%.%#+ *%&</#3"(./.)J+ <%&+
(%&#(%3$/*%$+%&+M%4%+>?))%$#+4/*#4E(7+I%&</#3"(./.)%.+*/4+2F4%#+#'2+"*3"#$./.)+/+
1'&M'4<+$/4+/.*%#$%&/.)%.+#'2+%&+)D'&$7++;%&#'2+<%$+%&+/.*%#$%&$+/+%)%$+>?))+%&+<%$+
#%.$&"4$+ "$+ >?))%$+ %&+ *%410.)%&%.<%+ /+ 1'&M'4<+ $/4+ <%.+ "3$/*/$%$%.+ #'2+ 1'&%)F&7+
A/%&&'44%.+ M"&+ <%$+ '*%&'&<.%<%+ ".#*"&%$+ 1'&+ "$+ 4'*%&+ ')+ 1'&/1$%&+ 1E4)%#7+ I%<+
0$4%/%+ "*+ .K&/.)#>?))J+ %&+ $&"</#D'.%4$+ %/%&+ ".#*"&4/)+ 1'&+ "$+ 1%44%#,+ ')+ 0$*%.</)+
"&%"4+ 1'&*"4$%#J+ <&/1$%#+ ')+ *%<4/3%M'4<%#7+ @'#$."<%&+ 1'&>0.<%$+ 2%<+ <&/1$+ ')+
/..*%.</)+ *%<4/3%M'4<+ %&+ 1'&>%M'4<$+ 4%/%$"3%&7+ A.+ 1'&*"4$%&+ /*"&%$"&+ >?))%/%&#+
/.$%&%##%&+')+".#*"&+/+1'&M'4<+$/4+H;IC,"&>%/<7+;%&%#+%.)"#D%2%.$+3".+*"&/%&%+1&"+
.'%.+ 1F+ "&>%/<#'(()"*%&+ $/4+ 1044#$%.</)+ ".#*"&7+ + H'&*"4$%&%.+ $"&+ "*)DE&%4#%&+ (F+
*%).%+ "*+ %/%&+ #'2+ /..%>K&%&+ E3'.'2/+ ')+ <%$+ $%3./#3%+ (F+ $"3$/#3+ ')+ '(%&"$/*$+
./*F7+ ;%$+ 3".+ *K&%+ >&03%&,+ ')+ 4%/%$"3%&"<2/./#$&"#D'.J+ (&'#D%3$)D%..'21E&/.)J+
"&%"4</#('.%&/.)+ ')+ 0$.?$$%4#%J+ '((1E4)/.)+ "*+ 4'*%&J+ 1'&/1$%&+ ')+
<'302%.$"#D'.+ %44%&+ E3'.'2/#3+ 1'&*"4$./.)7+ B&03%&%+ %&+ 1'&%$"3J+ (%&#'.%&+ %44%&+
)&0((%&+#'2+>%.?$$%&+>?))%$+$/4+#/.+3D%&.%*/&3#'2M%$7+B&03%&&'44%.#+M'*%<1'30#+
%&+ M*'&<".+ >?))%$+ %44%&+ %/%.<'22%.+ <%33%&+ %)%$+ >%M'*+ #%$$+ /+ 1'&M'4<+ $/4+
3'#$."<%&+ [N"0)%.+ 899`\7+ -+56?% 5-% '(64**% &,,/,% /&/,?502756)3+(,&,-%[899`\+
<%4%#+ &'44%.%+ /..+ /+ %/%&J+ 1'&*"4$%&J+ 0$1E&%&+ ')+ >&03%&7+ C$1E&%&%.+ $"&+ $%3./#3%+
"*)DE&%4#%&++(F+%$+'(%&"$/*$+./*FJ+2%.#+>&03%&%.+#$/44%&+3&"*+$/4+1'&*"4$%&&'44%.+')+
0$1E&%&&'44%.+>"#%&$+(F+#/.%+>%M'*7+[!E&3+%$+"47+899`\+
+
F8E8F8 !7BCU!"#Z'3/*V*+^%$#V4/^%Z)$3VY)2"3$%"+%W/ZVY3V*+%
I%<+1%&</)#$/44%4#%+*/4+>?))%$+'((1?44%+<%+>?))%$%3./#3%+3&"*+#'2+*"&+)D%4<%.<%+
*%<+ (&'#D%3$%&/.)7+ -2/<4%&$/<+ */4+ <%$+ *K&%+ #$'&$+ >%M'*+ 1'&+ F+ '((&%$$M'4<%+
3*"4/$%$%.+(F+>?))%$7+;%$+3'22%&+.?%+3&"*+')++#4/$"#D%+(F+>?))%$+#'2+*/4+1E&%+$/4+
"$+>?))%$+2F+*%<4/3%M'4<%#+')+0$>%<&%#7+;%$+%&+/+<%..%+#"22%.M%.)+*/+#."33%&+
'2+1'&*"4$./.)J+<&/1$J+*%<4/3%M'4<+')+0$*/34/.)+[N"0)%.+899`\7++-+1/)0&+b+#%&+2".+
0$*/34/.)%.+(F+>?))%$#+3*"4/$%$+'*%&+$/<+1&"+(&'#D%3$%&/.)+$/4+&/*./.)7++
+
+
!V+W#%J]%&'(()*2)*+%()33"(%Z)$3VY)2"3$%"+%W/ZVY3V*+%'Z%YZ'3V/)/.*VZ[%"Z)#%/V$8%
GV3$)]%`@'W+)*%FSSOa%
+
+ g+
V'2+ 2".+ 3".+ #%+ "*+ 1/)0&%.+ %&+ 2".+ "*M%.)/)+ "*+ *%<4/3%M'4<+ ')+ 0$*/34/.)+ 1'&+ "$+
>?))%$+#3"4+*K&%+>K&%3&"1$/)7+A$$%&+1%&</)#$/44%4#%+*/4+>?))%$+%$$%&+M*%&$+1'&1"44%+
M*/#+ <%$+ /33%+ 1E4)%#+ '((7+ N%&+ #%&+ 2".+ ')#F+ %$+ 34"&$+ ')+ $?<%4/)+ #3/44%+ 2%44'2+
(&'#D%3$%&/.)#,i>?))%1"#%.+')+>&03#1"#%.7+@*"4/$%$%.+*/4+/+>?))%1"#%.+E3%J+1'&+#F+
F+ #?.3%+ /+ >&03#1"#%.+ <%&#'2+ <%$+ /33%+ >4/&+ *%<4/3%M'4<$7+ B&03#1"#%.+ /..%>K&%&+
"&>%/<#'(()"*%&+ #'2+ /..)F&+ /+ H;IC7+ I/<%&%+ 1'&34"&%#+ M*"+ #'2+ 2%.%#+ 2%<+ <%+
1'D%44/)%+>%)&%(%.%+1'&*"4$./.)J+<&/1$J+*%<4/3%M'4<+')+0$*/34/.)7+
+
!"#Z'3/*V*+%`!a%
pH'&*"4$./.)+>%$?&+#$?&/.)+%44%&+4%<%4#%p7+[c/3/(%</"+895:>\+
-+ #"22%.M%.)+ 2%<+ >?))%.K&/.)%.+ >4/&+ <%$+ >%.?$$%$+ #'2+ %$+ #"24%>%)&%(+ 1'&+
10.3#D'.%&+ #'2+ 4%<%4#%J+ (4".4%))/.)+ ')+ '&)"./#%&/.)+ "*+ %.+ %/%.<'27+ ;%.+
/..%>%1"$$%&+ "&>%/<#'(()"*%&+ #'2+ 1'&+ %3#%2(%4+ 4%/%$"3%&"<2/./#$&"#D'.J+
1'&#/3&/.)#"*$"4%&+')+E3'.'2/#3+1'&*"4$./.)+[!E&3+%$+"47+899`\7+
%
7#V4/%`7a%
;&/1$+ /..%>K&%&+ "44%+ <%+ "3$/*/$%$%&+ #'2+ 1E&%&+ $/4+ "$+ >?))%$+ 10.)%&%&+ #4/3+ #'2+
(4".4")$7++;%$+*/4+#/+"$+<%$+10.3#D'.%44%J+E3'.'2/#3%+')+$%3./#3%+*%<+>?))%$+#3"4+
10.)%&%+'($/2"4$7+;%$+%&+*/3$/)+2%<+>%$D%./.)J+%$$%&#?.+"*+2"$%&/"4%+')+$%3./#3%+
/.#$"44"#D'.%&J+&%.)DE&/.)J+&%.'*"#D'.+')+1'&#?./.)+"*+*"..+')+#$&E27+H'&*"4$%&%#+
"3$/*/$%$%&+3".+')#F+*K&%+#%&*/R%$D%.%#$%&J+#'2+1'&+%3#%2(%4+$%4%1'.J+/.$%&.%$$+')+
&%#%(#D'.#$D%.%#$%7+ H'&+ F+ M"+ 3'.$&'44+ (F+ 3'#$."<%.%+ %&+ <%$+ "*)DE&%.<%+ F+ #3/44%+
2%44'2+ *%<4/3%M'4<+ ')+ <&/1$#"3$/*/$%$%&7+ ;%$$%+ 3".+ *K&%+ #*K&$+ *".#3%4/)+ /+
(&"3#/#J+ 2%.+ 1'&+ "$+ >0<#D%$$%$+ #3"4+ >4/+ &/3$/)+ %&+ <%$+ */3$/)+ "$+ 1'&<%4/.)%.+ "*+
3'#$."<%.%+%&+<%.+#"22%+#'2+/+=V+:b6b+[!E&3+%$+"47+899`\7+=V+:b6b+%&+%.+.'+
#$".<"&<+ #'2+ >&03%#+ $/4+ F+ <%1/.%&%+ ')+ #$&03$0&%&%+ 4/*##?340#3'#$."<%.%+ *%<+ %$+
>?))7++
%
B)$3VY)2"3$%`Ba%
D#/?+&*/15+?%@/(46%>%15+?/%@5+&-/,%&%2(3,?D+ + [@'220."4,i&%)/'."4<%("&$%2%.$%$+
899g\7+;%$+#'2+%&+*/3$/)+*%<+*%<4/3%M'4<+%&+"$+>?))%$+#3"4+10.)%&%+%$$%&+(4".%.+
')+ "$+ 3*"4/$%$%.+ #3"4+ '((&%$$M'4<%#7+ C$#3/1$/.)+ "*+ >?)./.)#<%4%&+ 2%<+ 3'&$%&%+
4%*%$/<+".#%#+')#F+#'2+*%<4/3%M'4<7+-+<%+$/41%44%&+<%&+%$+>?))+%&+*%&.%*%&</)+#3"4+
2"$%&/"4%&+ >?$$%#+ 0$+ 2%<+ #"22%+ 2"$%&/"4%+ ')+ #"22%+ MF.<*%&3#$%3./33+ #3"4+
>%.?$$%#+ [!E&3+ %$+ "47+ 899`\7+ I%<4/3%M'4<+ 3".+ <%4%#+ /..+ /+ $'+ 1'&2%&l+ 4E(%.<%+
*%<4/3%M'4<+')+1'&%>?))%.<%+*%<4/3%M'4<7+_E(%.<%+*%<4/3%M'4<+1'&%3'22%&+*%<+
"30$$%+ $/41%44%&J+ '1$%+ %&+ </##%+ $/41%44%.%+ 01'&0$#%$$%+ ')+ 2F+ )DE&%#+ .'%+ 2%<+
02/<<%4>"&$7+H'&%>?))%.<%+*%<4/3%M'4<+#3D%&+'1$%+*%<+D%*.+')+.'&2"4+#4/$"#D%+(F+
>?))%$7+ -+ %.3%4$%+ $/41%44%&+ %&+ <%$+ /33%+ F(%.>"&$+ >%M'*+ 1'&+ *%<4/3%M'4<J+ 2%.+ <%$+
1'&%$"#+ D%*.4/)+ ')+ (%&/'</#3+ 1'&+ F+ 2'$*/&3%+ 1'&1"447+ H'&%>?))%.<%+ *%<4/3%M'4<+
<%4%#+'1$%+'((+/+/.$%&*"44>0.<%$,+')+$/4#$".<#>"#%&$+*%<4/3%M'4<7+-.$%&*"44>0.<%$+
%&+ %.+ &%)%42%##/)+ *%<4/3%M'4<#1'&2+ 2%<+ 1"#$%+ /.#$&03#%&+ ')+ $/4#$".<#>"#%&$+ %&+
(4".4")$+ "&>%/<+ >"#%&$+ (F+ &0$/.%2%##/)%+ $/4#$".<#"."4?#%&+ [!E&3+ %$+ "47+ 899`\7+
O4".4%))/.)+ ')+ 1'&%>?))%.<%+ *%<4/3%M'4<+ 3".+ &%<0#%&%+ &/#/3'%.+ 1'&+ 01'&0$#%$$%+
#3"<%&+ #'2+ 3".+ 1E&%+ $/4+ %$+ 2?%+ #$E&&%+ #3"<%'21".)+ ')+ E3%.<%+ 1'&1"447+ V4/3%+
#/$0"#D'.%&+ 3".+ >/<&"+ $/4+ #$E&&%+ 3'#$."<%&J+ %..+ *%<+ %$+ D%*.$+ ')+ 1'&%>?))%.<%+
*%<4/3%M'4<7+ B%<&/1$%&+ ')+ '&)"./#"#D'.%&+ 3".+ #("&%+ 2?%+ (%.)%&+ *%<+ F+ M'4<%+
>?)./.)%.+/+#$".<+')+F+D'>>%+2'$+1"#$%+*%<4/3%M'4<#(4".%&+[!E&3+%$+"47+899`\7+
%
C/ZVY3V*+%`Ca%
H'&+ F+ /*"&%$"+ >?)./.)%.#+ *%&</+ '*%&+ $/<+ 2F+ <%$+ 0$1E&%#+ "&>%/<+ #'2+ '2>?))/.)J+
2'<%&./#%&/.)+ ')+ &%#$"0&%&/.)7+ U&>%/<%$+ #'2+ /..)F&+ 3".+ *"&/%&%+ 2?%7+ V$E&&%+
D'>>%&+ #'2+ /33%+ #%$$%#+ /+ )".)+ (F+ )&0..+ "*+ '11%.$4/)%+ (F4%))+ /..)F&+ /+ ('$%.#/"4J+
>%#3&%*%$+ */<%&%+ /+ %)%$+ "*#./$$7+ !%<+ *%&</+ 2%.%#+ >?)./.)%.#+ $%3./#3%+ *%&</+ ')+
(&'<03$/*/$%$+ /+ 1'&M'4<+ $/4+ .?%+ 3&"*7+ U&>%/<+ #'2+ /..)F&+ /+ 0$*/34/.)+ 3".+ *K&%+
<&%*%$+ "*+ %).%+ >&03%&%+ /.$%&.$+ %44%&+ "*+ 4%/%$"3%&%J+ 2?.</)M%$%&+ ')+ 2"&3%<+
0$%.1&"+[V-=LAH+8959\7++
+
-+<%$+0$*/<%<%+>%)&%(%$+H;ICVO+/..)F&+')#F+#%&*/R%+[V\+')+('$%.#/"4+[O\7+;%$$%+
<%33%&+ #$E$$%"3$/*/$%$%.%+ 1'&+ 3D%&.%>%<&/1$%.+ ')+ /..)F&+ /+73A&+&(4% 03,3-/0/,(7+
H'&*"4$./.)J+<&/1$J+*%<4/3%M'4<+')+0$*/34/.)+/..)F&+/+>?))%$#+4/*##?340#3'#$."<%&7+
!".+#."33%&+#D%4<%.$+'2+H;ICVO+#"22%.+2%<+H;IC+#/<%.+#/#$.%*.$%+/+#$E&&%+
)&"<+%&+&%$$%$+2'$+>?))%$#+$%3./#3%+$/4#$".<+')+<&/1$+[!E&3+%$+"47+899`\7+
%
+ 55+
&)#ZV0)%`&a%
V%&*/R%+ /.340<%&%&+ "&>%/<#'(()"*%&+ #'2+ /33%+ M"&+ </&%3$%+ $/43.?$./.)+ $/4+
1'&*"4$./.)J+ 2%.+ #'2+ #$E$$%&+ '((+ 3D%&.%*/&3#'2M%$%.+ /+ %$+ >?))7+
U&>%/<#'(()"*%.%+ 0$1E&%#+ 4/3%*%4+ '1$%+ "*+ (%&#'.%&+ #'2+ D'>>%&+ /+
1'&*"4$./.)#'&)"./#"#D'.%.7+ L&".#('&$J+ 3".$/.%J+ 3'(/%&/.)J+ &%#%(#D'.+ ')+ -@L,
$D%.%#$%&+%&+%3#%2(4%&+(F+'(()"*%&+#'2+/..)F&+/+#%&*/R%+[N"0)%.+899`\7+++
%
D"/)*.V'3%`Da%
!%<+('$%.#/"4+2%.%#+0$*/34/.)#('$%.#/"4+1'&+%$+>?))+%44%&+%.+%/%.<'2J+/+1'&M'4<+
$/4+"..%.+>&03+"*+<%$+%3#/#$%&%.<%7+;%$+3".+/.*'4*%&%+(F>?))J+'2>?))/.)J+$/4>?))+
')+ 0$*/34/.)+ "*+ 0$'2M0#'2&F<%&7+ I%&</%.+ "*+ %.+ %/%.<'2+ #/$$+ ('$%.#/"4+ /..)F&+
/33%+ /+ >?))%$#+ 4/*#4E(#3'#$."<%&J+ ')+ *%<+ %.+ %*%.$0%44+ &%"4/#%&/.)+ "*+ ('$%.#/"4+
'2)DE&%#+3'#$."<%.%+$/4+3"(/$"43'#$."<%&+[N"0)%.+899`\7+
+
!"#"*" +,-.&./0)1,2,3'4'2/)
;%$+%&+*".#3%4/)+F+1/..%+%.+)'<+'*%&#%$$%4#%+"*+>%)&%(%$+73A&+&(4%03,3-/0/,(+(F+
.'%+ ;%&1'&+ %&+ >&03%.+ "*+ <%.+ %.)%4#3%+ #3&/*%2F$%.+ 0$>&%<$+ /+ ='&)%7+
G*%&#%$$%4#%+ $/4+ 1"#/4/$%$##$?&/.)+ (F+ .'+ <%33%&+ /33%+ 1044#$%.</)+ <%.+ */&3%4/)%+
>%$?<./.)%.+"*+H!+#'2+O%&+U.3%&+n%.#%.+3"&"3$%&/#%&%&+#'2+>F<%+%$+1")'2&F<%J+
"&>%/<#'2&F<%+ ')+ 2"&3%<#'2&F<%+ /+ >'3%.+ =>,?@5-% &% !3A&+&(4% ;3,3-/0/,(+
[8995\7+ V$".<"&<+ ='&)%+ M"&+ 0$)/$$+ #$".<"&<%.+E<8FE% GHIIG8G7+ OF+ 1'&#/<%.+ "*+
#$".<"&<%.+ %&+ $/$$%4%.+ #3&%*%$+ (F+ >F<%+ .'+ ')+ %.)%4#3J+ #'2+ M%.M'4<#*/#+
%/%.<'2#1'&*"4$./.)+')+1"R/4/$?+2".")%2%.$J+')+<%.+<%1/.%&%&+>%)&%(%.%+#'2e+
+
p+ -.$%)&"$/'.+ '1+ (&'R%##%#+ W/$M/.+ ".+ '&)"./#"$/'.+ $'+ 2"/.$"/.+ ".<+ <%*%4'(+ $M%+
")&%%<+ #%&*/R%#+ WM/RM+ #0(('&$+ ".<+ /2(&'*%+ $M%+ %11%R$/*%.%##+ '1+ /$#+ (&/2"&?+
"R$/*/$/%#7p+[V$".<"&<='&)%+899d\+
++
+ + +
;%.+ <".#3%+ '*%&#%$$%4#%.+ "*+ <%$+ "2%&/3".#3%+ 3'.)&%##>/>4/'$%3#+ <%1/./#D'.+ "*+
H!+4?<%&+#'2+1E4)%&e++
+
DJ63*2&2%0/?%*556?&,/6&,-%37%?/,%742&2*/%36@/K?2L+322%0/?%0/,,/2*/,/%5-%36@/K?/(%
&%/,%56-3,&23(&5,M%&,(/-6/6/6%L6&,A&LL/6%763%)&6*2501/?23?0&,&2(63(&5,.%36*&(/*('6.%
3?7N6?2L24*5+5-&% 5-% &,-/,&O6)&?/,2*3@/6PD% [n%.#%.+ q+ ;".#3+ H"R/4/$/%#+
!".")%2%.$+8995\7++%
+
-1E4)%+O%&+U.3%&+n%.#%.+[8995\+>4%+>%)&%(%$+73A&+&(4%03,3-/0/,(+/..1E&$+/+CVU+(F+
5gd9,$"44%$7+ A$$%&+ M*%&$+ >4%+ <%$+ ')#F+ $"$$+ /+ >&03+ /+ A0&'("+ */"+ 204$/."#D'."4%+
#%4#3"(%&7+-+;".2"&3+1/33+H!+/..("##+'23&/.)+5gg9+#'2+%.+#"24%>%$%).%4#%+1'&+
%/%.<'2#1'&*"4$./.)+ ')+ #%&*/R%10.3#D'.%&+ /+ >%<&/1$%&7+ H/)0&+ 6+ %&+ M%.$%$+ 1&"+ O%&+
U.3%&+n%.#%.#+=>,?@5-%9%!3A&+&(4%;3,3-/0/,(%')+/440#$&%&%&+<%+10.3#D'.%.%++#'2+
/..)F&+/+H!7+
+ +
!V+W#%K]%!W*Y.b"*)#%."(%V**+[#%V%4'0V3V/_%('*'+)()*/8%GV3$)]%`T)*.)*%c%7'*.Y%
!'0V3V/V).%9'*'+)()*/%FSSEa%
++
B%)&%(%$+ /..%>K&%&+ /.$%)&"#D'.+ "*+ (&'#%##%&+ /+ %.+ '&)"./#"#D'.+ #'2+ #3"4+
'((&%$$M'4<%+ ')+ 0$*/34%+ <%+ $D%.%#$%&+ #'2+ #$E$$%&+ ')+ 1'&>%<&%&+ '&)"./#"#D'.%.#+
(&/2K&%+ "3$/*/$%$7+ + C$$&?33%$+ >%$%).%&+ <%+ "3$/*/$%$%&+ #'2+ 1"44%&+ /..+ 0.<%&+
H;ICVO+ /+ M%.M'4<+ $/4+ =V+ :b6b+ [!E&3+ %$+ "47+ 899`\7+ H!+ '21"$$%&+ 10.3#D'.%&+ ')+
$D%.%#$%&+#'2+%&+.E<*%.</)+1'&+<%.+<")4/)%+"3$/*/$%$%.+/+'&)"./#"#D'.%.J+0$'*%&+
<%.+ *".4/)%+ >?)./.)#1'&*"4$./.)+ [V-=LAH+ 8959\7+ !3A&+&(4% 03,3-/0/,(+ #%$$%&+
>&03%&+ /+ 1'30#+ ')+ #3"4+ #E&)%+ 1'&+ "$+ "&>%/<#(4"##%.+ 4%))%#+ $/4+ &%$$%+ 1'&+
3D%&.%*/&3#'2M%$%.7+ L/<4/)%&%+ >4%+ $&"</#D'.%44+ H;IC+ 30.+ 3.?$$%$+ $/4+ >?))%$#+
+ 5:+
$%3./#3%+$/4#$".<+')+<&/1$7+-1E4)%+!"]+-.)"&+!E&3+2%<+14%&%+[899`\J+3".+>%)&%(%$+
%$$%&+<")%.#+.'&</#3%+$/4.K&2/.)+<%4%#+/..+/+1%2+3"$%)'&/%&e++
+
, k3'.'2/+')+1/.".#/%&/.)+
, A/%.<'2#,+')+"&%"41'&*"4$./.)+
, ;&/1$J+*%<4/3%M'4<+')+0$*/34/.)+
, V%&*/R%+')+$D%.%#$%&+
, N!ViVNU+
+
H'30#+ (F+ ')+ >&03+ "*+ H!+ */4+ "*M%.)%+ "*+ >&03%&%.#+ &'44%+ ')+ /.$%&%##%&7+ ;%&#'2+
2".+<&/*%&+1/.".#1'&*"4$./.)+*/4+2".+#%+(F+%$+>?))+#'2+%$+*%&</'>D%3$J+<%$+*/4+#/+
%.+/.*%#$%&/.)+#'2+1'&*%.$%#+F+)/+"*3"#$./.)7+!%<+1'30#+(F+"&%"41'&*"4$./.)J+*/4+
M'*%<(&/'&/$%$+ *K&%+ F+ M"+ %11%3$/*+ ')+ &/3$/)+ 0$.?$$%4#%+ "*+ "&%"47+ A.+ "3$E&+ #'2+
<&/*%&+ '(%&"#D'.%44+ 1'&*"4$./.)+ %&+ 2%#$+ '(($"$$+ "*+ $%3./#3+ <&/1$J+ *%<4/3%M'4<+ ')+
0$*/34/.)J+2%.#+*%<+>&03%&&%$$%$+1'&*"4$./.)+%&+$/41&%<##$/4$%+>&03%&%+M'*%<2F4%$+
[!E&3+%$+"47+899`\7+
+
A/%.<'2#1'&*"4$./.)+ 3".+ '&)"./#%&%#+ %$$%&+ <%#%.$&"4/#%&$+ 2'<%44J+ <%4*/#+
#%.$&"4/#%&$+2'<%44+%44%&+#%.$&"4/#%&$+2'<%447+!%<+%.+#%.$&"4/#%&$+#$?&/.)#2'<%44+
*/4+ "&>%/<#)/*%&".#*"&+ 1'&+ <&/1$#(%&#'.%44J+ ')+ ".#*"&+ 1'&+ H;IC+ #"24%#+ /+ #%.$&"4+
#%3$'&7+ H'&<%4%&+ 2%<+ %.+ #%.$&"4/#%&$+ 2'<%44+ 3".+ >4".$+ "..%$+ *K&%+
#$'&<&/1$#1'&<%4%&J+ #(%#/"4/#%&/.)+ ')+ 1")4/)+ 0$*/34/.)7+ ;%&#'2+ #$?&/.)%.+ %&+
<%#%.$&"4/#%&$+*/4+"&>%/<#)/*%&".#*"&+')+".#*"&+1'&+H;IC+*K&%+)/$$+4'3"4$7+;%$$%+
3".+ #E&)%+ 1'&+ >%<&%+ 3'220./3"#D'.+ ')+ >%<&%+ 3D%..#3"(+ $/4+ >?))+ 1'&+ (%&#'.%447+
A.+ 2'<%44+ #'2+ %&+ <%4*/#+ #%.$&"4/#%&$+ )/&+ ".#*"&+ 1'&+ H;I+ 4'3"4$J+ 2%<+ 1")4/)+
&F<)/*./.)+#%.$&"4$+[!E&3+%$+"47+899`\7+
+
!"#"5" 6(%7'77'())
O&'#%##%&+')+"&>%/<#'(()"*%&+/..%.1'&+%/%.<'2#1'&*"4$./.)+*"&/%&%&+/+#$'&+)&"<+
2%<+#$E&&%4#%+(F+'&)"./#"#D'.%.+')+$?(%+*/&3#'2M%$+<%.+<&/*%&7+-+1/)0&+f+%&+<%$+
/440#$&%&$+ %$+ %3#%2(%4+ (F+ '(()"*%&+ #'2+ /..)F&+ /+ %.+ #$'&+ */&3#'2M%$#+
%/%.<'2#1'&*"4$./.)7+A.3%4$%+"*+'(()"*%.%+/+1/)0&%.+*/4+*K&%+0*%#%.$4/)%+')+$/4+
')+ 2%<+ /33%,%3#/#$%&%.<%+ 1'&+ ".<&%+ >%<&/1$%&J+ ')+ '&)"./#%&/.)%.+ "*+ '(()"*%.%+
*/4+ ')#F+ *"&/%&%+ 2%44'2+ 04/3%+ */&3#'2M%$%&+ [n%.#%.+ q+ ;".#3+ H"R/4/$/%#+
!".")%2%.$+8995\7+
+
+
!V+W#%M]%>_XV.Y)%"XX+'Z)#%Y*_//)/%/V3%)V)*$"(.4"#Z'3/*V*+%V%./"#)%ZV#Y."(2)/)#8%
GV3$)]%`@'W+)*%FSSOa%
+
-+2"#$%&'(()"*%.+#3&%*%$+"*+U&.%+T&'#$E4+[899`\+>%#3&/*%&+M".+%44%*%+)%.%&/#3%+
(&'#%##%&+/+>?)),+')+%/%.<'2#1'&*"4$./.)7+H'&1"$$%&%.+M"&+3'22%$+1&%2+$/4+</##%+
(&'#%##%.%+ *%<+ F+ )D%..'21E&%+ %.+ #(E&&%0.<%&#E3%4#%+ <%&+ f:+
>?)./.)#1'&*"4$%&'&)"./#"#D'.%&++M"&+#*"&$7+@'.340#D'.%.+%&+"$+<%+2%#$+"442%..%+
(&'#%##%.%+%&e+
+
, L%)./.)#"&3/*i"&%"41'&*"4$./.)+
, B&"..#/33%&M%$#'((1E4)/.)+
, A.%&)/iA=k@+
, k3'.'2/+
+ 56+
, I%<4/3%M'4<#(4".4%))/.)++
, H%/42%4</.)%&+
, _%/%$"3%&MF.<$%&/.)++
, N!V+/.$%&.3'.$&'44+
, ;&/1$#(4".4%))/.)+
, U&>%/<#'&<&%++
, C$4%/%i3'.$&"3$+
+
C.<%&#E3%4#%.+ */#%&+ */<%&%+ "$+ 1'&*"4$%&%+ /33%+ >&03%&+ -L,*%&3$E?+ $/4+ 2%&+ %..+
M"4*("&$%.+"*+</##%+(&'#%##%.%+[T&'#$E4+899`\7+
+
F8F8 7'/'._./)(%
B&03+ "*+ <"$"#?#$%2+ /..%.1'&+ %/%.<'2#1'&*"4$./.)+ %&+ /33%+ %$+ .?$$+ 1%.'2%.J+ <"+
<%$$%+>4%+>%.?$$%$+"44%&%<%+:9+F&+$/4>"3%+/+$/<+[U$3/.+q+B&''3#+899g\7+-+<")+$/4>?#+
#?#$%2%&+ #(%#/%4$+ $/4("##%$+ %/%.<'2#1'&*"4$./.)J+ 2%.+ >&".#D%.+ >%.?$$%&+ ')#F+
#?#$%2%&+"*+2%&+)%.%&%44+"&$7+;%$$%+3".+1'&+%3#%2(%4+*K&%+E3'.'2/#?#$%2+%44%&+
(&')&"22%&+ 1'&+ $%3#$>%M".<4/.)7+ -+ <%..%+ '(()"*%.+ '2$"4%#+ H;IC,#?#$%2%&+
#'2+<"$"#?#$%2%&+#(%#/%4$+$/4("##%$+%/%.<'2#1'&*"4$%&%7+U&.%+T&'#$E4+<%1/.%&%&+/+
#/.+2"#$%&'(()"*%+[899`\+A50L'(/6%3&?/?%73A&+&(4%03,3-/0/,(8242(/0+1'&+<%$+*/+/+
='&)%+ 3"44%&+ H;I,+ %44%&+ H;IC,#?#$%27+ ;%$$%+ >%)&%(%$+ >&03%#+ /+ <%.+
%.)%4#3#(&F34/)%+')+<".#3%+4/$$%&"$0&%.7+-+2".)%4+"*+.'+4/$$%&"$0&+<%&+H;IC,
#?#$%2+'2$"4%#J+*/4+>%)&%(%$+YUH!+>%.?$$%#+1&"+$/<+$/4+"..%.7++
+
!"!"#" +89:;707/'4))
H;IC,#?#$%2+%&+<"$"#?#$%2%&+#'2+>&03%#+$/4+F+4")&%+')+>&03%+/.1'&2"#D'.+'2+
>?))%$J+')+'(()"*%&+3.?$$%$+$/4+1'&*"4$./.)J+<&/1$J+*%<4/3%M'4<+')+0$*/34/.)7++;%+3".+
*K&%+ 3'>4%$+ '((+ 2'$+ ;U@,#?#$%2%&J+ V;,".4%))+ ')+ E3'.'2/#?#$%2%&J+ ')+ <%$+
1/..%#+ %.+ &%33%+ "3$E&%&+ #'2+ $/4>?&+ 04/3%+ #?#$%2%&7+ ;%$+ %&+ *".4/)+ "$+ H;IC,
#?#$%2%.%+M"&+%.+)&0..2'<04+2%<+$/4)D%.)%4/)%+$/44%))#2'<04%&7+A3#%2(4%&+(F+
2'<04%&+ %&+ N!VJ+ <&/1$+ ')+ *%<4/3%M'4<J+ >&"..J+ 4%/%"*$"4%&J+ .E33%4#?#$%2%&J+
E3'.'2/+')+&%.M'4<+[!E&3+%$+"47+899`\7+
+
-1E4)%+ O%&+ U.3%&+ n%.#%.+ [8995\+ >4/&+ <%+ 14%#$%+ #?#$%2%&+ #'2+ >%.?$$%#+ /+
%/%.<'2#1'&*"4$./.)+ ')#F+ >&03$+ /..%.1'&+ ".<&%+ >&".#D%&7+ ;"$"#?#$%2%&+ #'2+ %&+
0./3%+ 1'&+ 1'&*"4$./.)#>&".#D%.+ 3"44%#+ 1'&+A50L'(/6% 3&?/?% 73A&+&(&/2% 03,3-/0/,(+
[YUH!\7+YUH!+%&+<"$"#?#$%2+#'2+>&03%#+1'&+F+(4".4%))%J+'>#%&*%&%J+$/4("##%+')+
*%<4/3%M'4<%+ "3$/*/$%$%.+ /+ %.+ '&)"./#"#D'.+ [U$3/.+ q+ B&''3#+ 899g\7+ YUH!+ 3".+ /+
1E4)%+ O%&+ U.3%&+ n%.#%.+ )&'*$+ <%4%#+ /..+ /+ 3"$%)'&/%.%e+ G&)"./#"$'&/#3%+ *%&3$E?J+
E3'.'2/#$?&/.)#*%&3$E?J+ #$&"$%)/#3%+ (4".4%))/.)#*%&3$E?J+ "&%"40$.?$$%4#%,
*%&3$E?J+ -L,*%&3$E?+ #"2$+ 2/4DE,+ ')+ "&>%/<#2/4DE*%&3$E?7+ YUH!,#?#$%2%&+ M"&+
3'>4/.)+2%44'2+YU;,#?#$%2+')+<"$">"#%&+2%<+/.1'&2"#D'.+'2+>?))%$J+')+>&03%#+
/+#$E&#$+)&"<+$/4+"&%"40$.?$$%4#%+[n%.#%.+q+;".#3+H"R/4/$/%#+!".")%2%.$+8995\7+
+
A/%&%J+ 4%<%&%+ ')+ $D%.%#$%4%*%&".<E&%&+ */4+ #$"</)+ */$%+ 2%&+ '2+ M*'&<".+ %).%+
1"#/4/$%$%&+')+$D%.%#$%&+<%33%&+<%&%#+>%M'*7+;%$+%&+/33%+4%.)%&+.'3+F+&"(('&$%&%+
M*"+#'2+M"&+>4/$$+)D'&$7+G&)"./#"#D'.%&+')+4%*%&".<E&%&+#%&+%$$%&+2F$%&+F+1'&0$#%+
>%M'*+1'&+F+'($/2%&%+<%&%#+$/4.K&2/.)+$/4+%/%.<'2#1'&*"4$./.)7+-.1'&2"#D'.+M"&+
>4/$$+ %.+ *%&</1044+ M".<%4#*"&%+ #'2+ >&03%#+ $/4+ F+ #$E$$%+ '((+ '2+ >%#40$./.)%&+ ')+
0$4E#%+$/4$"37++-.1'&2"#D'.+%&+#%4*%+4/*#.%&*%.+/+%/%.<'2#1'&*"4$./.)+7+C$%.+<%$+*/4+
'&)"./#"#D'.%.+2/#4?33%#+/+F+4%*%&%+<%$+<%+4'*%&+30.<%.7+!".+2F+1/..%+%.+)'<+
>"4".#%+ /+ <%$"4D%&/.)#)&"<+ .F&+ <%$+ )D%4<%&+ /.1'&2"#D'.+ '2+ >?))+ ')+ %/%.<'27++
-.1'&2"#D'.#MF.<$%&/.)+ %&+ 2%&+ %..+ <'302%.$#$?&/.)7+ ;%$+ %&+ %$+ 2/<<%4+ 1'&+
/.1'&2%&%J+(F*/&3%+')+/*%&3#%$$%+M".<4/.)%&+(F+"&>%/<#(4"##%.J+')+/+2'$#%$./.)+
$/4+ <'302%.$#$?&/.)+ %&+ <%$+ <?."2/#37+ -1E4)%+ U$3/.+ q+ B&''3#+ [899g\+ 2F+
%/%.<'2#1'&*"4$%&%+>&03%+/.1'&2"#D'.#MF.<$%&/.)+1'&+F+1F+%$+1'&#(&".)+/+1'&M'4<+
$/4+#/.%+3'.30&&%.$%&7+P+M"+/.1'&2"#D'.+/+1'&3".$+"*+M%.<%4#%&+%&+%.+.E33%4+1'&+
#03#%##+')+'*%&4%*%4#%7+;%$$%+#%$$+/+#"22%.M%.)+2%<+%/%.<'2#1'&*"4$./.)J+3".+
>&03%#+1'&+F+3'.$&'44%&%+&%##0&#>&03+')+1'&+F+"*)DE&%+'2+<%.+M"&+*K&$+1'&.01$/)+
[U$3/.+q+B&''3#+899g\7+
+
B&03+"*+<"$"2"#3/.+/+%/%.<'2#1'&*"4$./.)+%&+#'2+.%*.$+/33%+.'%+.?$$J+<"+<%$+3".+
#('&%#+ $/4>"3%+ $/4+ 5gd9,$"44%$7+ A$$%&+ M*%&$+ M"&+ %/%.<'2#1'&*"4$%&%+ 30..%$+ <&"+
.?$$%+ "*+ $%3.'4')/+ 0$*/34%$+ 1'&+ <"$"#(/44+ ')+ ".<&%+ >&".#D%&7+ !"&3%<%$+ 1'&+ :;+
<"$"#(/44+ M"&+ /+ #$'&+ )&"<+ (F*/&3%$+ ')+ )/$$+ <&/*3&"1$+ $/4+ 2"#3/.*"&%+ ')+