MEG/EEG Data Analysis Using EEGLAB: January 2019
MEG/EEG Data Analysis Using EEGLAB: January 2019
MEG/EEG Data Analysis Using EEGLAB: January 2019
net/publication/336629526
CITATIONS READS
0 178
2 authors:
Some of the authors of this publication are also working on these related projects:
Understanding the neural mechanisms and temporal dynamics of perceptual learning View project
EEG/ECoG analysis for clinical collaborations; EEG analysis tool development View project
All content following this page was uploaded by Scott Makeig on 30 December 2019.
!
!
!"#$%&'()*+,%&-(./-(+(0//1(/"(234('+%+(+"+567$7(&'$%&'(06()*&-65(8$"&(
!
!
!
!
!
!"#$""#%&'('%)*'+,-.-%/-.*0%""#1)2%
!
!"#$%&'()*($+%,%-."//%012(34%
34*%56!7$'5$%!89%!79:;<5*5,9'*=!>$<%9&?,$'?$!
"'&5,5<5$!89%!>$<%*=!79:;<5*5,9'!
@',#$%&,5A!98!7*=,89%',*!3*'!B,$-9!
C*!D9==*.!7E!F/0F2G0HHF!
!
!
I79%%$&;9'J,'-! *<5K9%L! ! M,#$%&$'N<?&JO$J<
! 1!
! ! "#$%&$'!(!)*+$,-.!/012!
3*(45678(.5*%
556789! P799":;97':&';<&&=5+0Q! P1Q! $#9=#$J! 8%9:! *'! "7E! R99=S9T! 89%! U=$?5%9;KA&,9=9-,?*=! B*5*! E'*=A&,&!
%$=$*&$J! SA! )*+$,-! *'J! ?9==$*-<$&! *5! RK$! 3*=+! "'&5,5<5$! PC*! D9==*! 7EQ! ,'! 1FFVO! 7<%%$'5=A! UUWCEX! ,&! *!
:*5<%$.! *?5,#$=A! $#9=#,'-! 9;$'G&9<%?$! &9854*%$! $'#,%9':$'5! 89%! $=$?5%9;KA&,9=9-,?*=! J*5*! *'*=A&,&!
%<'','-! 9'! )ERCEX! PRK$! )*5K49%+&.! "'?OQ! 5K*5! :*+$&! 8%$$=A! *#*,=*S=$! *! %*'-$! 98! &5*5$G98G5K$G*%5!
*;;%9*?K$&! 59! J$&?%,S$! S%*,'! JA'*:,?&! 98! $88$?5,#$! ?9%5,?*=! *'J! '9'GS%*,'! UUW! &9<%?$&! *5! S95K! 5K$!
,'J,#,J<*=!*'J!-%9<;!=$#$=&!P1.!/QO!XA!*!/011!&<%#$A!P2Q.!UUWCEX!:*A!?<%%$'5=A!S$!5K$!:9&5!4,J$=A!<&$J!
9;$'G&9<%?$! 599=S9T! 89%! UUW! *'*=A&,&O! UUWCEX! 8<'?5,9'&! ?9:;%,&$! *! S%9*J! ?9%$! %*'-$! 98! 8<'?5,9'*=,5A!
*??$&&,S=$! $,5K$%! 5K%9<-K! ,5&! -%*;K,?! <&$%! ,'5$%8*?$! PW@"Q! *'JY9%! J,%$?5=A! 8%9:! 5K$! )ERCEX! ?9::*'J!
=,'$.!;=<&!;=<-G,'!599=&!*'J!599=S9T$&!5K*5!,:;=$:$'5!*!4,J$!%*'-$!98!*J#*'?$J!*'*=A&,&!*'J!#,&<*=,6*5,9'!
:$5K9J&O!!
:*()%3$/();1.(<!UUWCEX!?*'!S$!?9'5%9==$J!5K%9<-K!,5&!W@"!PZ,-O!1!=94$%!=$85.!S=<$!;*'$=Q.!9%!:9%$!J,%$?5=A!
5K%9<-K! )ERCEX! &?%,;5&! *'J! ?9::*'J! =,'$! ?*==&O! @&$! 98! 5K$! W@"! ,&! K,-K=A! ?9'#$',$'5! 89%! J*5*!
$T;=9%*5,9'O!RK$!W@"!*=&9!*??<:<=*5$&!*!K,&59%A!98!5K$!?9::*'J&!59!UUWCEX!8<'?5,9'&!,5!,&&<$&.!$'*S=,'-!
;%9?$&&,'-! ;,;$=,'$&! J$#$=9;$J! <&,'-! 5K$! W@"! 59! S$! $*&,=A! 5<%'$J! ,'59! *! )ERCEX! &?%,;5O! E=%$*JA! :*'A!
&5<J$'5&! P49%=J4,J$Q! K*#$! =$*%'$J! 59! 4%,5$! )ERCEX! J*5*! *'*=A&,&! &?%,;5&! SA! ?9:S,','-! 5K$! UUWCEX!
K,&59%A! :$?K*',&:! 4,5K! 5K$! $T5$'&,#$! UUWCEX! 8<'?5,9'! *'J! 4,+,! J9?<:$'5*5,9'!
P799":;97':&';<>$1$<&&=5+0QO!
=/#()%/"">*<!UUWCEX!,&!5K$!?$'5$%!98!*!-%94,'-!$?9&A&5$:!98!9;$'!&9<%?$!&9854*%$!599=&!PZ,-<%$!1Q!5K*5!
K*#$! S$$'! %$=$*&$J! SA! %$&$*%?K$%&! *5! 5K$! 34*%56! 7$'5$%! 89%! 79:;<5*5,9'*=! >$<%9&?,$'?$! *5! @73B!
P799":;97':&';QO! RK$&$! ,'?=<J$! 5K$! [<:*'! U=$?5%9;KA&,9=9-A.! E'*59:,?! B*5*.! *'J! "'5$-%*5$J! 599=&!
P[$*J"RQ! J*5*! *%?K,#$! *'J! %$&9<%?$! P*%%,?<<*&+'$%:/-=Q.! 4,5K! ,5&! &A&5$:! 89%! 5*--,'-! <;=9*J$J! &5<J,$&!
PUT;$%,:$'5*=! 35<JA! 3?K$:*! PU33Q! P\Q.! [,$%*%?K,?*=! U#$'5&! B$&?%,;59%&! P[UBQ! PHQQ! *'J! *! ?%9&&G;=*589%:!
&A&5$:!89%!&A'?K%9',6$J!?9==$?5,9'!98!J*5*!8%9:!UUW!*'J!:*'A!95K$%!J$#,?$&!PC*S!35%$*:,'-!C*A$%!PC3CQ.!
*%%,?<<9/'&:=//=5&:9/@<,<5+07%-&+@$"=5+6&-Q! ;=<&! *'! $T5$'&,S=$.! ])CGS*&$J! J*5*! 89%:*5! PUT5$'&,S=$!
B*5*! 89%:*5.! ]BZ^! *%%,?<<9/'&:=//=5&:9/@<,<ABCQ! *'J! *! _A5K9'G=*'-<*-$! &?%,;5,'-! 8%*:$49%+! 89%!
?9'5%9==,'-!&,:;=$!9%!#$%A!?9:;=$T!$T;$%,:$'5*=!;*%*J,-:&!P3>E_QO!!
0"9&789<!E'!9SM$?5G9%,$'5$J!$'#,%9':$'5!89%!*'*=A&,&!98!:<=5,:9J*=!J*5*!?9==$?5$J!<'J$%!5K$!:9S,=$!
S%*,'YS9JA! ,:*-,'-! P)9X"Q! ;*%*J,-:.! )9X"CEX! P*%%,?<<799":;97':&';<>$1$<2/0$5+0D7/.%>+-&Q! ?*'!
$T;9%5! UUW! J*5*! 59! UUWCEX! 89%! 8<%5K$%! *'*=A&,&.! *'J! :*A! ,'! 8<5<%$! S$?9:$! 9<%! ;%,:*%A! ;=*589%:! 89%!
J$#$=9;,'-! *'J! &K*%,'-! :<=5,:9J*=! J*5*! *'*=A&,&! :$5K9J&.! &,'?$! 5K$! UUWCEX! 334! J*5*! &5%<?5<%$! K*&!
=,:,5$J!&<;;9%5!89%!J,88$%$'5!?K*''$=!5A;$&!*'J!*&&<:$J!*==!J*5*!59!S$!%$?9%J$J!*5!5K$!&*:$!&*:;=,'-!
%*5$O! Z9%! )UWYUUW! J*5*! %$?9%J$J! *5! 5K$! &*:$! %*5$! 5K,&! ,&! '95! :<?K! 98! *'! ,'?9'#$',$'?$.! *&! UUWCEX!
;%9#,J$&!*!?K*''$=!5A;$!#*%,*S=$!5K*5!*==94&!8<'?5,9'&!59!;$%89%:!UUW!*'*=A&,&!*'JY9%!)UW!*'*=A&,&!98!
5K$!%$&;$?5,#$!J*5*!?K*''$=!&<S&$5&!S*&$J!9'!5K$,%!&;$?,8,$J!?K*''$=!5A;$&O!
! /!
! ! "#$%&$'!(!)*+$,-.!/012!
556789% ?>@4A3$*<! RK$! -%94,'-! %*'-$! 98! UUWCEX! ;=<-G,'&! K*#$! S$$'! ;%$#,9<&=A! J$&?%,S$J! P`QO! _=<-G,'&!
%$=$*&$J!SA!377>!,5&$=8!,'?=<J$!*J#*'?$J!EJ*;5,#$!),T5<%$!"7E!PE)"7EQ!89%!,J$'5,8,?*5,9'!98!:*T,:*==A!
,'J$;$'J$'5!S%*,'!&9<%?$&!4,5K!*%5,8*?5!%$M$?5,9'!PV.!aQ.!5K$!B"_Z"R!599=S9T!,:;=$:$'5,'-!&9<%?$!J,;9=$!
8,55,'-! 599=&! SA! b9S$%5! c9&5$'#$=J! 8%9:! Z,$=J5%,;! P.$&5'%-$,:.9'/"'&-7:"5Q.! 5K$! >$<%9$=$?5%9:*-'$5,?!
Z9%4*%J! [$*J! )9J$=,'-! R99=S9T! P>ZRQ! 89%! ?%$*5,'-! J$5*,=$J! XU)YZU)! K$*J! :9J$=&! PFQ.! 5K$! )$*&<%$!
_%9M$?5,9'! R99=S9T! P)_RQ! 89%! ?%9&&G&<SM$?5! &9<%?$G=$#$=! *'*=A&,&! <&,'-! :$*&<%$! ;%9M$?5,9'! P10Q.! 5K$!
39<%?$! "'89%:*5,9'! Z=94! R99=S9T! P3"ZRQ! 89%! ?*=?<=*5,9'! *'J! #,&<*=,6*5,9'! 98! :<=5,#*%,*5$! ?*&<*=! &9<%?$!
JA'*:,?&! ,'! S95K! $#$'5G%$=*5$J! *'J! ?9'5,'<9<&! J*5*! P`Q.! *'J! X7"CEX.! *! K,-K=A! ?9:;=$5$! 599=S9T! 89%!
S<,=J,'-.! %<'','-.! *'J! &5*5,&5,?*==A! $#*=<*5,'-! S%*,'G?9:;<5$%! ,'5$%8*?$! PX7"Q! :9J$=&! P11QO! E5! =$*&5! /0!
95K$%! ;=<-G,'! 599=&! *'J! 599=S9T$&! K*#$! S$$'! %$=$*&$J! SA! 95K$%! %$&$*%?K! -%9<;&^! 5K$&$! *%$! =,&5$J! 9'! *!
4,+,!;*-$!P*%%,?<<799":;97':&';<>$1$<334E8FDG5;=$"7QO!E!8*?,=,5A!89%!*<59:*5$J!<;J*5,'-!98!=,&5$J!;=<-G
,'&!59!'$4!#$%&,9'&!8%9:!4,5K,'!UUWCEX!,&!;=*''$J!89%!UUWCEX!#12O!
! 2!
! ! "#$%&$'!(!)*+$,-.!/012!
Z,-<%$!1L!RK$!UUWCEX!$'#,%9':$'5!89%!$=$?5%9;KA&,9=9-,?*=!&,-'*=!;%9?$&&,'-!,&!5K$!?$'5$%!98!*!-%94,'-!8%*:$49%+!
98! 599=&! J$#$=9;$J! *'J! %$=$*&$J! SA! %$&$*%?K$%&! *5! 5K$! 34*%56! 7$'5$%! 89%! 79:;<5*5,9'*=! >$<%9&?,$'?$! P377>Q! *5!
@73BO! RK$&$! ,'?=<J$! &9854*%$! 89%! &A'?K%9',6$J! :<=5,:9J*=! %$?9%J,'-! P3>E_.! C3C.! ]BZQ.! )9X"CEX.! *'! 9SM$?5G
9%,$'5$J! 599=S9T! 89%! *'*=A&,&! *'J! #,&<*=,6*5,9'! 98! :<=5,:9J*=! J*5*.! 5K$! [$*J"R! J*5*! *'J! 599=&! %$&9<%?$! 4,5K! ,5&!
*&&9?,*5$J!599=&!P[UB.!U33.!$5?OQ.!*'J!*!-%94,'-!&$5!98!599=S9T$&!5K*5!9;$%*5$!*&!UUWCEX!;=<-G,'&!PE)"7E.!B"_Z"R.!
>ZR.! )_R.! 3"ZR.! X7"CEX.! $5?OQO! )UUW! ,&! *! '$4! ;=<-G,'! J$#$=9;$J! SA! 5K$! *<5K9%&! 89%! *'*=A&,&! 98! )UW! *'J! )UUW!
P&A'?K%9',6$J!)UW!;=<&!UUWQ!J*5*O!
! \!
! ! "#$%&$'!(!)*+$,-.!/012!
B1/1%1$C%(D?()3E($/%/F?(*%*@??")/(C<%"'!*JJ,5,9'!59!&5*'J*%J!UUW!J*5*!5A;$&.!UUWCEX!'94!&<;;9%5&!
5K$!=9*J,'-!98!)UW!*'J!)UUW!J*5*!5K%9<-K!,5&!,'5$-%*5,9'!98!5K$!Z,$=J5%,;!.$5&$/!:9J<=$O!"'J,#,J<*=!J*5*!
8,=$&! ?*'! S$! ,:;9%5$J! *&! ,'J,#,J<*=! UUWCEX! J*5*! &$5&.! 9%! :<=5,;=$! %<'&! ?*'! S$! ?9:S,'$J! ,'59! *! &,'-=$!
J*5*&$5!<&,'-!%$*=,-':$'5!59!*!?9::9'!&$'&9%!9%,$'5*5,9'O!"'!*JJ,5,9'.!5K$!'$4!)UUW!;=<-G,'!$'*S=$&!
UUWCEX! 59! ,:;9%5! *'J! $T;9%5! *! %*'-$! 98! Z,$=J5%,;! J*5*! &5%<?5<%$&.! ,'?=<J,'-! %*4! *'J! $;9?K$J! J*5*.! *&!
4$==!*&!,'J$;$'J$'5!?9:;9'$'5!*'*=A&$&.!&9!5K*5!UUWCEX!;%9?$&&,'-!?*'!S$-,'!*85$%!;*%5,*=!*'*=A&,&!,'!
Z,$=J5%,;.! 9%! ?*'! S$! $T;9%5$J.! *==94,'-! Z,$=J5%,;! 59! S$! <&$J! 89%! *JJ,5,9'*=! ;%9?$&&,'-O! UUW! %$?9%J,'-!
&A&5$:&!;%9#,J$!*!&,'-=$!&?*=*%!#*=<$!;$%!&$'&9%!=9?*5,9'.!,'!?9'5%*&5!59!5K$!4,J$%!#*%,$5A!98!)UW!&$'&9%!
5A;$&O! RK$! &?*=*%! :9J$=! $*&,=A! *??9::9J*5$&! :*-'$59:$5$%! *'J! %*J,*=! -%*J,9:$5$%! &A&5$:&.! S<5!
%$d<,%$&! $,5K$%! :*-'$59:$5$%&! 9%! 5K$! :*-',5<J$! 98! 5K$! ;=*'*%! -%*J,$'5! 59! S$! ?K9&$'! P$O-O.! 89%!
e9+9-*4*!&A&5$:!J*5*!&$5&QO!!
G#(% 0556% ?>@4A3$<! UUWCEX! '94! ,'?=<J$&! *'! )UUW! ;=<-G,'! P*%%,?<<799":;97':&';<>$1$<2334YQ! 5K*5!
$T;*'J&! 5K$! *S,=,5A! 98! UUWCEX! <&$%&! 59! ,:;9%5! *'J! *'*=A6$! )UW! *'J! J<*=G:9J*=,5A! )UUW! P?9'?<%%$'5!
)UW!*'J!UUWQ!J*5*&$5&!*'J!5K$%$SA!9;$','-!*!%*'-$!98!'9#$=!J*5*!*'*=A&,&!5$?K',d<$&!89%!<&$!SA!5K$!
)UW! ?9::<',5AO! )UUW! J*5*! K*'J=,'-! 4,5K,'! UUWCEX! ,&! 5,-K5=A! ?9<;=$J! 59! Z,$=J5%,;^! )UUW! *==94&! 5K$!
UUWCEX! J*5*! &5%<?5<%$&! ,5! K*'J=$&! 59! S$! %$*J,=A! ,:;9%5$J! 8%9:! *'J! $T;9%5$J! 59! Z,$=J5%,;O! X95K! 5K$!
UUWCEX! $'#,%9':$'5! *'J! 5K$! )UUW! ;=<-G*%$! 9'-9,'-! $889%5&! 5K*5! 4$! K9;$! 95K$%! )UW! <&$%&! *'J!
:$5K9J&! J$#$=9;$%&! 4,==! ?9'5%,S<5$! 59O! RK$! )UUW! J$#$=9;$%&! %$:*,'! 9;$'! 59! ;*%5'$%,'-! 4,5K! 95K$%!
:$5K9J&!J$#$=9;$%&!59!&K*%$!?*;*S,=,5,$&!S$54$$'!)UUW!*'J!95K$%!)UW!599=S9T$&O%
-"@).(% >".1>3H1/3"$<! "7E! J$?9:;9&,5,9'! $'*S=$&! 5K$! ;%98,5*S=$! <&$! 98! J,;9=$GS*&$J! ,'#$%&$! :$5K9J&!
S$?*<&$! 98! 5K$! ?K*%*?5$%,&5,?! %$&$:S=*'?$! 98! :*'A! )UW.! UUW.! 9%! *=&9! )UUW! ,'J$;$'J$'5! ?9:;9'$'5!
&?*=;! :*;&! 59! 5K$! ;%9M$?5,9'! 98! *! &,'-=$! $d<,#*=$'5! J,;9=$.! *==94,'-! 5K$:! 59! S$! 4$==G8,5! SA! *! &,'-=$!
$d<,#*=$'5!J,;9=$!:9J$=!P9%.!,'!&9:$!?*&$&.!59!*!J<*=GJ,;9=$!:9J$=!4,5K!&A::$5%,?!=9?*5,9'!?9'&5%*,'5&Q!
PaQO! RK$! B"_Z"R! 599=S9T! ,'! UUWCEX! ,:;=$:$'5&! &9<%?$! $d<,#*=$'5! J,;9=$! 8,55,'-! 599=&! SA! b9S$%5!
c9&5$'#$=J! 8%9:! Z,$=J5%,;! P.$&5'%-$,:.9'/"'&-7:"5QO! B,;9=$! 8,55,'-! 599=&! K*#$! S$$'! ,'5$-%*5$J! ,'! 5K$! 5K$!
>$<%9$=$?5%9:*-'$5,?! Z9%4*%J! K$*J! :9J$=,'-! R99=S9T! P>ZRQ! PFQO! RK$&$! ;=<&! &9:$! '9#$=! J,&5%,S<5$J!
&9<%?$! =9?*=,6*5,9'! :$5K9J&! 4,==! S$! ;<5! ,'59! *! 599=S9T! ;*%*==$=,'-! >ZR.! 59! S$! ?*==$J! 5K$!
>$<%9$=$?5%9:*-'$5,?!"'#$%&$!39<%?$!:9J$=,'-!R99=S9T!P>"3RQO!
I)".(**3$4% C1/1% ;)"E% E@>/3?>(% *@JK(./*% ")% *(**3"$*<! UUWCEX! &<;;9%5$J! *?%9&&G&<SM$?5! *'*=A&,&! #,*! *!
3R@Be!&5%<?5<%$!5K*5!;9,'5&!59!*!&$5!98!&,:,=*%!UUW!J*5*&$5&!89%:,'-!*'!$T;$%,:$'5*=!&5<JAO!7<%%$'5=A.!
5K$&$!J*5*&$5&!*%$!5A;,?*==A!$;9?K$J!J*5*&$5&!P&$5&!98!J*5*!$;9?K&!&,:,=*%=A!5,:$!=9?+$J!59!9'$!9%!:9%$!
&$5&! 98! $T;$%,:$'5*=! $#$'5&QO! UUWCEX! 35<JA! &9854*%$! ?*'! ;%$;*%$! *'J! &59%$! *! <&$%G&;$?,8,$J! &$5! 98!
?9'5,'<9<&! P;94$%! &;$?5%<:Q! *'J! $#$'5G%$=*5$J! PUb_.! Ub3_.! "R7.! $5?OQ! :$*&<%$&! 89%! $*?K! J*5*&$5! *'J!
K$=;! 5K$! <&$%! 59! &$;*%*5$! 5K$&$! :$*&<%$&! ,'59! ?9'J,5,9'&.! &$&&,9'&.! *'JY9%! &<SM$?5! -%9<;&O! RA;,?*==A.!
$*?K! J*5*&$5! ,&! *&&9?,*5$J! 4,5K! *'! "7E! J$?9:;9&,5,9'! *'J! *! =,&5! 98! fS%*,'g! ?9:;9'$'5&! 59! &5<JA.! $*?K!
4,5K! *'! $d<,#*=$'5! J,;9=$! :9J$=O! RK$! 35<JA! 8<'?5,9'&! ?*'! 5K$'! ;%$;*%$! *! ;*,%G4,&$! J,&5*'?$! :$*&<%$!
S$54$$'!?9:;9'$'5&!S*&$J!9'!?9:;9'$'5!J,;9=$!P*'JY9%!&?*=;!:*;Q!*'J!&;$?,8,$J!:$*&<%$!J,&5*'?$&O!
@&$%&! 5K$'! ?*'! ?=<&5$%! 5K$! ?9:;9'$'5&! <&,'-! *5! =$*&5! 5K%$$! ?=<&5$%,'-! :$5K9J&.! *'J! ?*'! ?9:;<5$!
! H!
! ! "#$%&$'!(!)*+$,-.!/012!
&5*5,&5,?*=! ?9'5%*&5&! *?%9&&! &<SM$?5&Y&$&&,9'&! <&,'-! $,5K$%! ;*%*:$5%,?! PW*<&&,*'Q! 9%! '9'G;*%*:$5%,?!
PS995&5%*;Q!&5*5,&5,?*=!:$5K9J&O!7=<&5$%,'-!&?*=;!?K*''$=!&,-'*=&.!5K9<-K!=$&&!*J#,&$J.!,&!*=&9!&<;;9%5$JO!
7<%%$'5=A.! <&$%&! ?*'! ?%$*5$! *'J! ;%9?$&&! 9'$! 9%! :9%$! 1T>! 9%! >T)! &5*5,&5,?*=! J$&,-'&! 89%! *! -,#$'! 35<JA!
P5K$'!&59%$J!,'!5K$!HIJBK:'&7$="!&5%<?5<%$QO!RK<&.!89%!$T*:;=$.!-,#$'!H!J,88$%$'5!$#$'5G%$=*5$J!:$*&<%$&!
89%!$*?K!&<SM$?5!,'!*'!$T;$%,:$'5.!5K$!<&$%!?*'!&;$?,8A!79'J,5,9'&!1G\!*&!89%:,'-!*!/T/!J$&,-'.!*'JY9%!
?*'!*=&9!?9:;*%$!79'J,5,9'&!/!#&O!H!,'!*'95K$%!J$&,-'.!4,5K9<5!'$$J,'-!59!J<;=,?*5$!5K$!3R@Be!&5%<?5<%$!
*'J!,5&!*&&9?,*5$J!:$*&<%$!8,=$&O!X95K!4,5K,'G&<SM$?5!*'J!*?%9&&G&<SM$?5!#*%,*S=$!5A;$&!*%$!&<;;9%5$JO!!
E&!,'!;%*?5,?$.!5K$!%*'-$!98!$T;$%,:$'5*=!J$&,-'&!,&!:<?K!4,J$%!P5K*'!>T)Q.!UUWCEX!*'J!&9:$!UUWCEX!
599=S9T!J$#$=9;$%&!'94!49%+,'-!4,5K!7A%,=!_$%'$5!98!5K$!@',#$%&,5A!98!W=*&-94!59!,'?9%;9%*5$!K,&!C")c!
599=S9T! ,'59! 5K$! ?9%$! 98! UUWCEX! &5<JA! ;%9?$&&,'-.! *&! ,5! &<;;9%5&! ;*%*:$5%,?! *'J! '9'G;*%*:$5%,?!
&5*5,&5,?&!89%!*!:<?K!4,J$%!%*'-$!98!J$&,-'&!P=./-=&:'9":&':+9:;1<=.<,-/L&9%<5$@/D&&=Q!P1/QO!
0(1*@)(%?)"K(./3"$<!E'!*=5$%'*5$!*;;%9*?K!59!?9:;9'$'5!?=<&5$%,'-!,&!5*+$'!,'!5K$!)$*&<%$!_%9M$?5,9'!
R99=S9T! P)_RQ! 98! >,:*! X,-J$=AG3K*:=9! P10QO! RK,&! 599=S9T! 89?<&$&! 9'! ?9:;*%,'-! ?9:;9'$'5! &9<%?$!
JA'*:,?&! 89%! *! &,'-=$! :$*&<%$! *5! *! 5,:$! P89%! $T*:;=$.! Ub_&Q! S*&$J! 9'! 5K$! =9?*5,9'! 98! 5K$! $d<,#*=$'5!
&9<%?$!J,;9=$!,'!*!5$:;=*5$!S%*,'O!!U*?K!?9:;9'$'5!J,;9=$!=9?*5,9'!,&!%$;=*?$J!SA!*!2GB!W*<&&,*'!S=<%!
P%$;%$&$'5,'-!=9?*5,9'!;%9S*S,=,5AQ!*'J.!*85$%!;9;<=*5,'-!5K$!5$:;=*5$!S%*,'!4,5K!&9<%?$!J,;9=$&!*?%9&&!*!
;95$'5,*==A! =*%-$! '<:S$%! 98! &<SM$?5&.! 549! 9;$%*5,9'&! *%$! *;;=,$J! #9T$=G4,&$! P5K*5! ,&.! 5$:;=*5$! S%*,'!
#9T$=GSAG#9T$=QO! ! Z,%&5.! S%*,'! %$-,9'&! ,'! 4K,?K! =9?*=! J,;9=$! :$*&<%$&! *-%$$! *%$! ,J$'5,8,$J.! 89%:,'-! *!
:$*&<%$! ?9'&,&5$'?A! &<S&;*?$O! >$T5.! #9T$=&! ,'! 5K,&! &<S&;*?$! *%$! ?=<&5$%$J! <&,'-! *88,',5A! ?=<&5$%,'-! 59!
89%:!#9T$=!J9:*,'&!4,5K!J,&5,'?5!:$*&<%$!5,:$!?9<%&$&O!![$%$!5K$!?9'?$;5!98!:$*&<%$!J9:*,'&!,'!5K$!
5$:;=*5$!S%*,'!#9=<:$!%$;=*?$&!5K$!J,&?%$5$!?9:;9'$'5!?=<&5$%&!;%9J<?$J!SA!5K$!J$8*<=5!UUWCEX!&5<JA!
;%9?$&&,'-O!!@&$%&!:*A!?K99&$!$,5K$%!9%!S95K!;*5K&!59!<&$!59!?K*%*?5$%,6$!5K$,%!&5<JA!J*5*O!
L-8%.>@*/()3$4<!E%5K<%!R&*,!98!E?*J$:,?*!3,',?*.!R*,4*'.!K*&!%$?$'5=A!J$#$=9;$J!*'!*J#*'?$J!*;;%9*?K!
59!&5<JA!&9<%?$!?=<&5$%,'-!P12QO!RK,&!*;;=,$&!&;*5,95$:;9%*=!"7E!J$?9:;9&,5,9'!<&,'-!U)3"7E!P1\Q!59!UUW!
P9%!*&!%$*J,=A.!)UWQ!J*5*!8%9:!,5&!;%9M$?5,9'!S*?+!9'59!59!5K$!9%,$'5$J!&<SM$?5!?9%5$T.!:9J$=$J!8%9:!*!
&<SM$?5! )b! K$*J! ,:*-$O! RK$! ?9%5,?*=! &<%8*?$! :9J$=&! *%$! 5K$'! ,'8=*5$J! *'J! ?9G%$-,&5$%$J! <&,'-! 599=&!
*#*,=*S=$! ,'! Z%$$&<%8$%! P1HQO! Z,'*==A.! &9<%?$! ?=<&5$%,'-! *?%9&&! &<SM$?5&! ,&! ;$%89%:$J! ,'! 5K$! /GB! ?9%5,?*=!
&<%8*?$G*=,-'$J!&;*?$!%*5K$%!5K*'!,'!2GB!5$:;=*5$!S%*,'!&;*?$!P*&!,'!)_R!*'J!UUWCEX!35<JA!8<'?5,9'&QO!
E! 73E! P79%5,?*=! 3<%8*?$! E=,-':$'5Q! UUWCEX! ;=<-G,'! ,&! $'#,&*-$J! 5K*5! 4,==! *==94! <&$%&! 59! ;$%89%:! 5K,&!
;95$'5,*==A!:9%$!*??<%*5$!*'*=A&,&!4K$'!)b!K$*J!,:*-$&!*%$!*#*,=*S=$!89%!5K$!,'J,#,J<*=!&<SM$?5&!,'!*'!
UUW!9%!)UW!&5<JAO!
! `!
! ! "#$%&$'!(!)*+$,-.!/012!
!""#%6'('%6985:;5-.(.5*%
!
Z9%!$T*:;=$!;<%;9&$&.!4$!4,==!,==<&5%*5$!5K$!?*;*S,=,5,$&!98!5K$!)UUW!;=<-G,'!*'J!95K$%!UUWCEX!8$*5<%$&!
<&,'-! *! &,:<=5*'$9<&=A! %$?9%J$J! :<=5,:9J*=! P)UUWQ! )UW! ;=<&! UUW! J*5*&$5! P1`Q! 5K*5! ,&! M9,'5=A!
J$?9:;9&$J.!,'!*!&,'-=$!E)"7E!J$?9:;9&,5,9'.!59!$T5%*?5!,'J$;$'J$'5!?9:;9'$'5&!*??9<'5,'-!89%!S95K!
)UW!*'J!UUW!J*5*!&5%$*:&O!RK$!#*=,J,5A!98!5K$!J$?9:;9&,5,9'!,&!S*&$J!9'!5K$!*&&<:$J!=,'$*%,5A!98!5K$!
<'J$%=A,'-! $=$?5%,?! *'J! :*-'$5,?! ?9:;9'$'5&! 98! 5K$! $=$?5%9:*-'$5,?! 8,$=J! -$'$%*5$J! SA! 5K$! $88$?5,#$!
-$'$%*59%&!98!5K$!&?*=;G%$?9%J$J!PUUWQ!;95$'5,*=&!*'J!P)UWQ!8=<TO!h$!<&$!5K$!>ZR!599=S9T!59!?%$*5$!*'!
UUW! *'J! )UW! K$*J! :9J$=! *'J! <&$! ,5! 59! 8,5! $d<,#*=$'5! J,;9=$! :9J$=&! 59! 5K$! %$&<=5,'-! ,'J$;$'J$'5!
?9:;9'$'5! P"7Q! &?*=;! :*;&O! h$! 89?<&! K$%$! 9'! J$&?%,S,'-! 5K$! %$=*5,9'&! S$54$$'! )UW! &,-'*=! *'J! UUW!
&,-'*=!;%9M$?5,9'&!98!5K$!%$&<=5,'-!"7&.!,'?=<J,'-!*!8,%&5!&5*5,&5,?*=!$T*:,'*5,9'!<&,'-!"7E!98!5K$!J$-%$$!59!
4K,?K!%*J,*=!UUW!&9<%?$&!P*&!J$5$%:,'$J!SA!*'!$d<,#*=$'5!J,;9=$!:9J$=Q!*%$!*=&9!#,&,S=$!,'!)UWO!!
B+%+( 5/+'$"=( +"'( ,-&,-/9&77$"=:! RK$! $;9?K$J! 7RZ! J*5*&$5! ,'?=<J$J! 5,:$! &$%,$&! J*5*! 8%9:! /`F! %*J,*=!
-%*J,9:$5$%&! P2%JG9%J$%! &A'5K$5,?Q! ;=<&! H`! UUW! ?K*''$=&O! Z,#$! &$;*%*5$! %<'&! 8%9:! 5K$! &*:$! %$?9%J,'-!
&$&&,9'! 4$%$! ,:;9%5$J! *'J! :$%-$J! ,'59! *! &,'-=$! UUWCEX! J*5*&$5! 98! &,6$! 2/H! ?K*''$=&! SA! Ha0+! 5,:$!
;9,'5&O! RK$! )UUW! 599=S9T! $'*S=$J! 5K$! &$=$?5,9'! 98! *=,-':$'5! *?%9&&! %<'&! 98! 5K$! )UW! J*5*! P$O-O.!
;%9M$?5,9'! 9'59! 5K$! *#$%*-$! *?%9&&G%<'! -%*J,9:$5$%! =9?*5,9'&! <&,'-! Z,$=J5%,;! .%D@&=-&+5$="Q! *&! 4$==! *&!
5K$!?K9,?$!P4K$'!*;;%9;%,*5$Q!98!&A'5K$5,?!-%*J,9:$5$%!9%J$%O!Z,$=J!?9'5%,S<5,9'&!8%9:!$T5$%'*=!&9<%?$&!
4$%$!%$:9#$J!SA!?9:;<5*5,9'!98!5K,%J!9%J$%!-%*J,$'5&!<&,'-!?9'5%,S<5,9'&!8%9:!%$8$%$'?$!&$'&9%&!P1VQO%
RK$! %$&<=5,'-! UUWCEX! J*5*&$5! ,'?=<J$J! 2/\! ?K*''$=&! *'J! 12`! `G&! J*5*! $;9?K&O! RK$&$! J*5*! 4$%$! J94'!
&*:;=$J! 8%9:! 1/00! [6! 59! `00! [6.! *'J! 5K$! UUW! ?K*''$=&! 4$%$! *#$%*-$! %$8$%$'?$JO! E85$%! 5K,&! 9'$! UUW!
?K*''$=!4*&!J%9;;$J!59!+$$;!5K$!J*5*!8<==!%*'+O%
8)/3;1./% C(/(./3"$% 1$C% )(K(./3"$<! E! %*'-$! 98! *%5,8*?5! %$M$?5,9'! 9;5,9'&! *%$! *#*,=*S=$! ,'! UUWCEX.! S95K!
*<59:*5$J! *'J! ,'5$%*?5,#$! J*5*! %$M$?5,9'! 9%! ?=$*','-.! *&! 4$==! *&! "7EGS*&$J! *%5,8*?5! %$M$?5,9'O! Z%9! 5K$!
J*5*&$5!<&$J!K$%$.!$;9?K&!?9'5*,','-!=*%-$!*%5,8*?5&!K*J!S$$'!%$M$?5$J!S*&$J!9'!#,&<*=!,'&;$?5,9'O!
!"#$%$"#$"&' ()*%)"$"&' +",-./0/1! RK$! )UUW! J*5*! 4$%$! *'*=A6$J! <&,'-! E)"7E! 59! 8,'J! ,'J$;$'J$'5!
?9:;9'$'5&! *?%9&&! 5K$! :9J*=,5,$&O! "7E! ,'! -$'$%*=! ;%9?$$J&! 8%9:! 5K$! 9S&$%#*5,9'! 5K*5! 5K$! &,-'*=!
:$*&<%$J! *5! *'A! &$'&9%! ,&! *! =,'$*%! :,T5<%$! 98! :<=5,;=$! &9<%?$&! 4,5K,'! 5K$! S%*,'! P1aQO! RK$! -9*=! 98! 5K$!
*=-9%,5K:!,&!59!=$*%'!*'!<':,T,'-!:*5%,T!*?%9&&!*==!?K*''$=&!5K*5!%$&<=5&!,'!*!?9:;=$5$!J$?9:;9&,5,9'!98!
5K$!J*5*!,'59!:*T,:*==A!,'J$;$'J$'5!?9:;9'$'5&!P"7&QO!"'!&,'-=$G:9J*=,5A!)UW!9%!UUW!J*5*.!:*'A!"7&!
K*#$! J,;9=*%! ;*55$%'&! 98! ;%9M$?5,9'! 9'59! 5K$! &$'&9%&! PaQO! "'! )UUW! J*5*! J$?9:;9&,5,9'&.! S95K! 5K$!
*&&9?,*5$J! )UW! *'J! UUW! &?*=;! ;%9M$?5,9'! :*;&! ,'! ?=$*%=A! J$8,'$J! ?9:;9'$'5&! :*A! S$! J,;9=*%^! ,'! 5K,&!
?*&$.!5K$!:*;&!*%$!'$*%G9%5K9-9'*=!*'J!5K$!,:;=,$J!$d<,#*=$'5!J,;9=$!=9?*5,9'&!*'J!9%,$'5*5,9'&!'$*%G
,J$'5,?*=! P1FQ.! &K94,'-! 5K*5! "7E! K*&! ,J$'5,8,$J! 5K$! M9,'5! $=$?5%9:*-'$5,?! 8,$=J! *&&9?,*5$J! 4,5K! *! &,'-=$!
&9<%?$! ;%9?$&&! 5K*5! :*A! S$! =9?*5$J! <&,'-! ,5&! 4$==GJ$8,'$J! )UW! *'J! UUW! ;%9M$?5,9'! ;*55$%'&! *=&9!
%$5<%'$J! SA! "7E! RK$! E)"7E! PEJ*;5,#$! ),T5<%$! "7E^! P/0QQ! *=-9%,5K:! <&$J! K$%$! ,&! 5K$! S=,'J! &9<%?$!
! V!
! ! "#$%&$'!(!)*+$,-.!/012!
&$;*%*5,9'! :$5K9J! 5K*5! ;$%89%:$J! S$&5! ,'! *! %$?$'5! ?9:;*%*5,#$! 5$&5! 98! //! =,'$*%! J$?9:;9&,5,9'!
*=-9%,5K:&!GG!SA!S95K!%$J<?,'-!:9&5!&5%9'-=A!5K$!&5%9'-!:<5<*=!,'89%:*5,9'!;%$&$'5!,'!5K$!?K*''$=!J*5*.!
*'J! *&! 4$==! SA! 8,'J,'-! 5K$! :9&5! ?9:;9'$'5! ;%9?$&&$&! 4,5K! fJ,;9=*%g! &?*=;! :*;&! ?9:;*5,S=$! 4,5K! 5K$!
;%9M$?5,9'!98!*!&,'-=$!?9%5,?*=!*%$*!9%!;*5?K!PaQO!
RK$! M9,'5! *'*=A&,&! 98! )UW! *'J! UUW! J*5*! <&,'-! ,'J$;$'J$'5! ?9:;9'$'5! *'*=A&,&! ,&! :9%$! '9#$=^! 59! 9<%!
+'94=$J-$!,5!K*&!'95!S$$'!;%$#,9<&=A!%$;9%5$JO!"7E!,5&$=8.!*&!*!;<%$=A!&5*5,&5,?*=!:$5K9J.!K*&!'9!'95,9'!98!
5K$! 5A;$! 98! &,-'*=! ,5! ,&! J$?9:;9&,'-! 9%! 98! 5K$! 5A;$&! 98! &,-'*=! &9<%?$&! ?9'5%,S<5,'-! ,'J$;$'J$'5!
,'89%:*5,9'! 59! 5K$! %$?9%J$J! &9<%?$! :,T5<%$&O! RK<&.! 59! ;$%89%:! "7E! J$?9:;9&,5,9'! 98! )UUW! J*5*.! 5K$!
)UW!*'J!UUW!?K*''$=!&,-'*=&!*%$!&,:;=A!?9'?*5$'*5$J!,'59!*!J*5*&$5!PK$%$!98!2/\!?K*''$=&QO![$%$!5K$!
)UW!*'J!UUW!;9%5,9'&!98!5K$!J*5*!4$%$!,'J,#,J<*==A!&;K$%$J!S$89%$!J$?9:;9&,5,9'.!S95K!59!:*+$!5K$!
)UW!*'J!UUW!&,-'*=&!'<:$%,?*==A!,J$'5,?*=!,'!&,6$!P*#9,J,'-! ij!#$%&<&!8R!&?*=,'-!,&&<$&Q.!*'J!59!%$:9#$!
?9%%$=*5,9'&! S$54$$'! &$'&9%&! P*! &5*'J*%J! &5$;! ;%,9%! 59! "7E! 5K*5! &;$$J&! 5K$! ?9'#$%-$'?$! 98! 5K$!
*=-9%,5K:QO!RK$!%$&<=5!98!5K$!M9,'5!J$?9:;9&,5,9'!,&!*!?9==$?5,9'!98!:*T,:*==A!,'J$;$'J$'5!?9:;9'$'5&.!
$*?K!4,5K!*!;*,%!98!&;*5,*=!59;9-%*;K,$&!P&?*=;!:*;&Q!%$;%$&$'5,'-!5K$!&;*5,*=!;%9M$?5,9'&!98!5K$!&9<%?$!
9'59!5K$!)UW!*'J!UUW!&$'&9%&.!%$&;$?5,#$=A.!*'J!*!M9,'5!)UWYUUW!5,:$!?9<%&$!98!*?5,#*5,9'!*?%9&&!5K$!
5%,*=&O!!
2)34,3#',"#'0"5$3/$'/)637$'*)#$-0"81!RK$!>ZR!599=S9T!4*&!<&$J!59!4*%;!*'!)>"!5$:;=*5$!\G=*A$%!XU)!
:9J$=!59!5K$!,'J,#,J<*=!K$*J!&K*;$!J$8,'$J!SA!5K$!UUW!$=$?5%9J$!=9?*5,9'&O!RK$!UUW!K$*J!:9J$=!<&$J!
5K$!8<==!XU)!:9J$=.!4,5K!89%4*%J!&9=<5,9'&!&9=#$J!4,5K!)UR@GXU)!P/1QO!RK$!)UW!K$*J!:9J$=!<&$J!5K$!
,''$%! :$&K! 98! 5K$! XU)! :9J$=! P,''$%! &+<==! &<%8*?$Q! 59! J$8,'$! *! &,'-=$G&K$==! XU)! :9J$=! P//QO! hK$'!
,'J,#,J<*=! *'*59:,?*=! )b"&! *%$! *#*,=*S=$.! 5K$! >ZR! 599=S9T! ?*'! <&$! 5K$:! 59! &$-:$'5! *'J! ?%$*5$!
,'J,#,J<*=!$=$?5%,?*=!*'J!:*-'$5,?!89%4*%J!K$*J!:9J$=&O!>ZR!*=&9!-$'$%*5$&!=$*J!8,$=J!:*5%,?$&!89%!2GB!
-%,J! PZU)Q! &9<%?$! &;*?$! 9%! 89%! *! ?9%5,?*==A! ?9'&5%*,'$J! PXU)Q! &9<%?$G&;*?$.! $O-O! ?9'&5%<?5$J! <&,'-! 5K$!
Z%$$&<%8$%!599=S9T!P7;-.&-:"@-:@=*:*+-#+-':&';QO!RK$!K$*J!:9J$=&!*'J!=$*J!8,$=J&!-$'$%*5$J!SA!5K$!>ZR!
599=+,5! ?*'! =,+$4,&$! S$! <&$J! 89%! #9=<:$5%,?! 9%! ?9%5,?*==A! ?9'&5%*,'$J! ,'#$%&$! &9=<5,9'&! ,'! 95K$%! J*5*!
*'*=A&,&! ;*?+*-$&O! B,;9=$&! 4$%$! 8,5! 59! *==! ?9:;9'$'5&! *<59:*5,?*==A.! 4,5K! *! &$;*%*5$! J,;9=$! 8,5! 89%! 5K$!
)UW!*'J!UUW!"7!59;9-%*;KAO!U*?K!8,5!4*&!?K*%*?5$%,6$J!SA!,5&!%$&,J<*=!#*%,*'?$.!*&!4$==!*&!,5&!J,%$?5,9'!
4,5K!%$&;$?5!59!5K$!%*J,*=!J,%$?5,9'!P*&!J$8,'$J!,'!%$=*5,9'!59!*!S$&5G8,5!&;K$%$!8,5!59!5K$!&?*=;!&<%8*?$QO!!
! a!
! ! "#$%&$'!(!)*+$,-.!/012!
<9-7+(-%
!
Z,-<%$!/!&K94&!fUb_!,:*-$g!;=95&!98!5%,*=GSAG5%,*=!*?5,#,5,$&!98!89<%!8<'?5,9'*==A!J,&5,'?5!"7&!8%9:!5K,&!J*5*!
&$5O! U*?K! ;*'$=! &K94&! 5K$! "7! 59;9-%*;KA! 89%! UUW! *'J! )UW! ,'! 5K$! <;;$%! =$85O! RK$! &-,$@+=&! 8<'?5,9'!
;%9J<?$&!*!%*&5$%!,:*-$!-$'$%*5$J!SA!&5*?+,'-!$#$'5G%$=*5$J!5%,*=&!P,'!*'A!&;$?,8,$J!9%J$%Q!*&!K9%,69'5*=!
?9=9%$J!=,'$&.!4K$%$!?9=9%!%$;%$&$'5&!&,-'*=!#*=<$O!79'&,&5$'5!$#9+$J!%$&;9'&$!*?5,#,5A!*?%9&&!5%,*=&!5,:$!
=9?+$J!59!$#$'5&!4,5K!?9'&,&5$'5!5%,*=!=*5$'?,$&!*;;$*%&!*&!#$%5,?*=!S*'J&!98!?9=9%O!3:995K,'-!P#$%5,?*==AQ!
=,-K5=A!*?%9&&!5%,*=&!?*'!K,-K=,-K5!5K$&$!%$-<=*%,5,$&O![$%$.!5K$!J*&K$J!S=*?+!=,'$&!&K94!5K$!9'&$5!98!#,&<*=!
&5,:<=<&!;%$&$'5*5,9'&.!*'J!5K$!5%,*=&!*%$!&9%5$J!,'!9%J$%!98!,'?%$*&,'-!;*%5,?,;*'5!%$*?5,9'!5,:$!59!5K$!
?<$!&5,:<=<&!P5K$!?<%#,'-!S=*?+!5%*?$!,'J,?*5,'-!5K$!:9:$'5!98!5K$!S<559'!;%$&&!,'!$*?K!5%,*=QO!!
"'! Z,-<%$! /.! $#9+$J! %$&;9'&$&! 98! 89<%! ?9:;9'$'5&! J$:9'&5%*5$! "7E&! 5$'J$'?A! 59! ,&9=*5$! 8<'?5,9'*==A!
J,&5,'?5! S%*,'! %$&;9'&$&! 8%9:! 5K$! %$?9%J$J! :,T5<%$.! *'J! 5K*5! 5K,&! '*5<%*==A! -$'$%*=,6$&! 59! :<=5,:9J*=!
%$?9%J,'-&O!E!#,&<*=!?9%5$T!"7!P*Q!89==94&!9'&$5&!98!#,&<*=!&5,:<=,O!>95$!5K$!*&&9?,*5$J!J,;9=*%!*'J!'$*%G
9%5K9-9'*=!)UW!*'J!UUW!&?*=;!:*;&O!RK$!$#9+$J!%$&;9'&$!98!*!'$*%G5*'-$'5,*=!&9:*59:959%!?9%5$T!!"7!
PSQ! ,&! ;%,:*%,=A! 5,:$! =9?+$J! 59! PS$89%$! *'J! *85$%Q! ;*%5,?,;*'5! S<559'! ;%$&&$&.! *'J! *-*,'! K*&! '$*%G
9%5K9-9'*=!)UW!*'J!UUW!&?*=;!:*;&O!E!%,-K5!8%9'5*=G?9%5$T!"7!P?Q.!4K9&$!&;$?5%<:!K*J!*!S%9*J!&;$?5%*=!
;$*+! ,'! 5K$! 5K$5*! S*'J! P'95! &K94'Q.! ;%9J<?$&! ,'?%$*&$J! 5K$5*! S*'J! ;94$%! P'95! &K94'! K$%$Q! J<%,'-!
;%$&$'5*5,9'!98!:$:9%*'J<:!P1&5Q!&5,:<=,!*'J!&<S&$d<$'5!P2%JQ!;%9S$!&5,:<=,O!39:$!98!5K,&!5K$5*!S<%&5!
$'$%-A! 4*&! ;K*&$! =9?+$J! *?%9&&! 5%,*=&^! 5K<&.! 5K$! $#9+$J! %$&;9'&$! 98! 5K,&! "7! 59! 5K$! :$:9%*'J*! P1&5!
&5,:<=,Q!%$&$:S=$&!*!5K$5*!S<%&5!&<;$%,:;9&$J!9'!*!&=94$%!Ub_!S*&$O!>95$!5K$!'$*%G%*J,*=!&?*=;!;*55$%'!
98! 5K$! UUW! &?*=;! :*;.! *'J! 5K$! ?9%%$&;9'J,'-! =*?+! 98! J$8,',5,9'! 98! 5K$! P4$*+Q! )UW! "7! ;%9M$?5,9'!
PJ,&?<&&$J! 8<%5K$%! S$=94QO! RK$! Ub_! ,:*-$! ;=95! 89%! *'! "7! *??9<'5,'-! 89%! $A$! S=,'+&! PJQ! &K94&! 5K*5! 5K$!
;*%5,?,;*'5! S=,'+$J! ?9'&,&5$'5=A! J<%,'-! 8,T*5,9'! ,'5$%#*=&O! E-*,'.! 5K$! )UW! *'J! UUW! ;%9M$?5,9'&! *%$! 4$==!
J$8,'$J.!?9'&,&5$'5!4,5K!&9<%?$&!,'!5K$!$A$&!5K$:&$=#$&.!*'J!*%$!'$*%!9%5K9-9'*=O!
! F!
! ! "#$%&$'!(!)*+$,-.!/012!
!
Z,-<%$! /O! Z9<%! fUb_! ,:*-$g! ;*'$=&! &K94,'-! 5%,*=GSAG5%,*=! *?5,#,5,$&! 98! 89<%! )UUW! ,'J$;$'J$'5! ?9:;9'$'5&O! RK$!
$T;$%,:$'5!5%,*=!J$&,-'!,&!J$;,?5$J!*5!<;;$%!=$85^!,'!$*?K!5%,*=.!*'!*%%*A!98!?9=9%$J!&d<*%$&!5K*5!*%$!59!S$!:$:9%,6$J!
,&! S%,$8=A! ;%$&$'5$J.! 5K$'! %$;=*?$J! SA! *! 8,T*5,9'! J95! J<%,'-! *! %$5$'5,9'! ,'5$%#*=O! E! &,'-=$! ?9=9%$J! ;%9S$! &d<*%$! ,&!
5K$'! ;%$&$'5$J^! 5K$! ;*%5,?,;*'5! K*J! 59! %$&;9'J! 4K$5K$%! 9%! '95! ,5! 4*&! ;%$&$'5! ,'! 5K$! ,',5,*=! ?9=9%! *%%*AO! "'! $*?K!
&-,$@+=&!;*'$=.!#$%5,?*=!J*&K$J!S=*?+!=,'$&!,'J,?*5$!5K$!9'&$5!98!$*?K!#,&<*=!&5,:<=<&!PK$*#,$%!=,'$&!89%!5*%-$5!*'J!
;%9S$!&5,:<=,^!=,-K5$%!=,'$&!89%!9'&$5&!98!8,T*5,9'!J95&QO!RK$!=*%-$!?9=9%!,:*-$!%$;%$&$'5&!*!%*&5$%!,:*-$!98!*==!12`!
,'J,#,J<*=!5%,*=&.!4,5K!"7!*?5,#*5,9'!?9J$J!SA!?9=9%O!E?5,#*5,9'!<',5&!*%$!;%9;9%5,9'*=!59!;%9M$?5$J!%:&!UUW!ij!*'J!
)UW! 8R.! *=5K9<-K! K$%$! 5K$! *?5<*=! ij! *'J! 8R! &?*=$&! *%$! '95! &K94'O! RK$! 5%,*=&! *%$! &9%5$J! ,'! 9%J$%! 98! J$&?$'J,'-!
%$*?5,9'! 5,:$.! &9! 5K$! 5%*?$! 98! S<559'! ;%$&&! :9:$'5&! PJ*%+! &9=,J! 5%*?$Q! 89%:&! *! J,*-9'*=! *%?O! "'! 5K$! &-,$@+=&!
;*'$=&.!5K$!5%,*=!*?5,#*5,9'&!K*#$!S$$'!P#$%5,?*==AQ!&:995K$J!4,5K!*!10G5%,*=!:9#,'-!4,'J94O!X$=94!$*?K!&-,$@+=&!
;*'$=! ,&! 5K$! &5*'J*%J! 5%,*=! *#$%*-$! *?5,#*5,9'! Ub_O! UUW! *'J! )UW! "7! 59;9-%*;K,$&! *%$! &K94'! ,'! 5K$! <;;$%! =$85! 98!
$*?K! ;*'$=O! *Q! E! #,&<*=! P9??,;,5*=Q! "7! P4,5K! ?=$*%.! '$*%G9%5K9-9'*=! UUW! *'J! )UW! 59;9-%*;K,$&Q! &K94,'-! $#9+$J!
%$&;9'&$&!5,:$G=9?+$J!59!;%$&$'5*5,9'&!98!#,&<*=!&5,:<=,k&<:&!98!:9&5=A!'$-*5,#$!9%!;9&,5,#$!5%,*=!#*=<$&!P#$%5,?*=!
S=<$!*'J!A$==94!&5%,;$&!,'!5K$!&-,$@+=&!;*'$=QO!SQ!E!&9:*59:959%!"7!P*-*,'!4,5K!?=$*%.!'$*%G9%5K9-9'*=!UUW!*'J!
)UW! ;%9M$?5,9'&Q! 4K9&$! $#9+$J! %$&;9'&$&! *%$! 5,:$! =9?+$J! ;%,:*%,=A! 59! S<559'! ;%$&&$&O! ?Q! E! '$*%G%*J,*=! %,-K5!
8%9'5*=! 5K$5*! S*'J! J9:,'*'5! ?9:;9'$'5! P4,5K! 4$*+! *'J! =$&&! ?=$*%=A! J$8,'$J! )UW! ;%9M$?5,9'Q! 4K9&$! %$&;9'&$!
$#9+$J!SA!5K$!8,%&5!&5,:<=<&!?*'!S$!:9J$=$J!*&!*!5K$5*!S*'J!S<%&5!&<;$%,:;9&$J!9'!*!=94$%G8%$d<$'?A!%$&;9'&$.!
*'J! JQ! *'! $A$! S=,'+! "7! P4,5K! ?=$*%=A! J$8,'$J.! '$*%G9%5K9-9'*=! )UW! *'J! UUW! ;%9M$?5,9'&.! K$%$! 4,5K! *! /G5%,*=!
! 10!
! ! "#$%&$'!(!)*+$,-.!/012!
&:995K,'-! 4,'J94QO! 3$;*%*5,9'! 98! 5K$! &,-'*=&! ,'59! :*T,:*==A! ,'J$;$'J$'5! ?9:;9'$'5! ;%9?$&&$&! &$;*%*5$&! 9<5!
;%9?$&&$&!5K*5!*%$.!,'!:*'A!?*&$&.!*=&9!:*T,:*==A!8<'?5,9'*==A!J,&5,'?5O!
Z,-<%$! 2! &K94&! *! =*%-$%! &$5! 98! "7! )UW! *'J! UUW! 59;9-%*;K,$&! 89%! PS%*,'! *'J! '9'GS%*,'! ;%9?$&&Q! "7&!
*??9<'5,'-!89%!5K$!:9&5!&,-'*=!#*%,*'?$!*:9'-!5K$!2/\!"7&!%$5<%'$J!SA!E)"7E!P;#*8!l!;$%?$'5!#*%,*'?$!
*??9<'5$J!89%QO!E&!<&<*=.!5K$!"7&!*??9<'5,'-!89%!5K$!:9&5!&,-'*=!#*%,*'?$!,'!$*?K!:9J*=,5A!*%$!*%5,8*?5<*=!
P59;!%94!=$85QL!*'!"7!*??9<'5,'-!89%!$A$!S=,'+&!P*??9<'5,'-!89%!1/O`m!98!UUW!&,-'*=!#*%,*'?$Q.!*'J!*'95K$%!
*??9<'5,'-!89%!?*%J,9-%*;K,?!?9'5%,S<5,9'&!P,'!5K$&$!J*5*!*??9<'5,'-!89%!/1OVm!98!)UW!&,-'*=!#*%,*'?$QO!
"'!Z,-<%$!2!$*?K!"7!,&!%$;%$&$'5$J!*&!*!#$%5,?*=!;*,%!98!K$*J!?*%599'&!J$;,?5,'-!5K$!&;*5,*=!;%9M$?5,9'!98!
5K$!"7!9'59!5K$!UUW!P59;Q!*'J!)UW!PS9559:Q!&$'&9%!*%%*A&O!)*'A!98!5K$!:*;&!&K94!J,;9=$G=,+$!PfJ,;9=*%gQ!
59;9-%*;K,$&O! E)"7E! ;%9J<?$J! *! ;*,%! 98! &;*5,*==A! '$*%G9%5K9-9'*=! 59;9-%*;K,$&! 89%! 5K$! )UW! *'J! UUW!
;%9M$?5,9'&!98!5K$!,J$'5,8,$J!M9,'5!$=$?5%9:*-'$5,?!&9<%?$!;%9?$&&$&.!?9'&,&5$'5!4,5K!*'!9%,-,'!,'!*!&,'-=$!
?9%5,?*=!;*5?K!9%!'9'GS%*,'!-$'$%*59%O!>9'GS%*,'!?9:;9'$'5&!P59;!%94Q!4$%$!&9!?=*&&,8,$J!9'!5K$!S*&,&!98!
K*#,'-!,J$'5,8,*S=$!'9'GS%*,'!5,:$!?9<%&$&!PUA$!(!UnW!?9:;9'$'5&Q!9%!*!=*%-$!K,-KG8%$d<$'?A!&;$?5%<:!
?9'&,&5$'5!4,5K!:A9-%*;K,?!P9%!=,'$!'9,&$Q!*?5,#,5A!59-$5K$%!4,5K!$d<,#*=$'5!J,;9=$!=9?*=,6$J!59!9<5&,J$!
5K$! S%*,'! #9=<:$! P:A9-%*;K,?! 9%! =,'$! '9,&$! &9<%?$&QO! "J$'5,8,$J! X%*,'! ?9:;9'$'5&! K*#$! $d<,#*=$'5!
J,;9=$&!P,'J,?*5$J!,'!S=*?+Q!=9?*5$J!4,5K,'!5K$!S%*,'!#9=<:$!PK$%$!4,5K!%$&,J<*=!#*%,*'?$!98!5K$!J,;9=$!8,5!!
ol!/0mQO!B,;9=$!=9?*=,6*5,9'!,&!J,&?<&&$J!8<%5K$%!S$=94O!
! 11!
! ! "#$%&$'!(!)*+$,-.!/012!
!
!Z,-<%$!2O!b$&<=5&!98!5K$!)UUW!J*5*!M9,'5!,'J$;$'J$'5!?9:;9'$'5!J$?9:;9&,5,9'O!D9,'5!,'J$;$'J$'5!?9:;9'$'5!
P"7Q!59;9-%*;K,$&!%$;%$&$'5,'-!5K$!;%9M$?5,9'!;*55$%'&!98!,'J,#,J<*=!"7&!59! 5K$!UUW!P<;;$%!:*;Q!*'J!)UW!P=94$%!
:*;Q!&$'&9%!*%%*A&O!><:S$%&!*S9#$!*'J!=$85!98!$*?K!&?*=;!:*;!,'J,?*5$!;$%?$'5*-$!98!PUUW!9%!)UWQ!J*5*!#*%,*'?$!
$T;=*,'$J^!,'!S%*?+$5&.!5K$!%$&,J<*=!#*%,*'?$!98!5K$!$d<,#*=$'5!J,;9=$!8,5!59!5K$!&?*=;!:*;!P&K94'!,'!S=*?+!9'!5K$!
:*;&Q.!*'J!5K$!*'-=$!P%$=*5,#$!59!%*J,*=!98!*!S$&5G8,5!&;K$%$Q!98!5K$!$d<,#*=$'5!J,;9=$O!B$;,?5$J!'9'GS%*,'!P59;!%94Q!
*'J! S%*,'! PS9559:! %94Q! "7&! *%$! 5K$! a! P98! 2/\Q! *??9<'5,'-! 89%! :9&5! &,-'*=! #*%,*'?$! P;#*8.! ;$%?$'5! #*%,*'?$!
*??9<'5$J! 89%QO! RK$! '9'GS%*,'! ?9:;9'$'5! ;%9?$&&$&! *??9<'5! 89%! $A$! S=,'+&.! ?*%J,9-%*;K,?! &9<%?$&.! &?*=;! :<&?=$!
*?5,#,5A.!*'J!PH0G[6Q!=,'$!'9,&$O!)9&5!?=$*%=A!J$8,'$J!)UW!*'J!UUW!&?*=;!:*;&!P$O-O.!89%!5K$!S9559:!=$85!"7Q!*%$!'$*%!
9%5K9-9'*=.! ?9'&,&5$'5! 4,5K! *! &,'-=$! ?9%5,?*=! 9%! '9'GS%*,'! &9<%?$O! RK$&$! *%$! "7&! K*#,'-! :9%$! 5*'-$'5,*=! UUW!
59;9-%*;K,$&! *'J! $d<,#*=$'5! J,;9=$&.! 4K,=$! P*&! $T;$?5$JQ! J,;9=$&! 4,5K! *! '$*%G%*J,*=! UUW! :*;&! *'J! $d<,#*=$'5!
J,;9=$&!K*#$!4$*+!P=94G;#*8Q.!*'J!K$%$!=$&&!J,;9=*%!)UW!;%9M$?5,9'&!P,O$O.!&,'-=$!$d<,#*=$'5!J,;9=$!:9J$=!89%!5K$&$!
)UW!&?*=;!:*;&!K*#$!K,-K$%!%$&,J<*=!#*%,*'?$QO!!
E&!,&!4$==!+'94'.!)UW!,&!:<?K!=$&&!&$'&,5,#$!59!5K$!%*J,*=!?9:;9'$'5!98!S%*,'!?<%%$'5!&9<%?$&O!"'!M9,'5!
)UUW! J*5*! "7E! J$?9:;9&,5,9'&.! 5K,&! %$=*5,9'&K,;! 8*==&! 9<5! '*5<%*==AL! &9<%?$&! 4,5K! *! &5%9'-! %*J,*=!
?9:;9'$'5!K*#$!4$*+!*'J!<&<*==A!=$&&!4$==GJ$8,'$J!)UW!;%9M$?5,9'&O!Z9%!$T*:;=$.!5K$!89<%!%,-K5:9&5!
S%*,'! ?9:;9'$'5&! ,'! 5K$! S9559:! %94! 98! Z,-<%$! 2! K*#$! =*%-$! UUW! ;%9M$?5,9'&.! *??9<'5,'-! 89%! S$54$$'!
2OHm!*'J!0OFm!98!595*=!&,-'*=!#*%,*'?$!P2OHm!4*&!5K$!=*%-$&5!;#*8!#*=<$!98!*'A!S%*,'!?9:;9'$'5QO!C94!
%$&,J<*=G#*%,*'?$!J,;9=$!8,5&!59!5K$!"7!UUW!&?*=;!:*;!%$5<%'!*!'$*%!%*J,*=!$d<,#*=$'5!J,;9=$!P2!98!5K$&$!\^!
%*J,*=!*'-=$!J$8,'$J!%$=*5,#$!59!*!S$&5G8,5!&;K$%,?*=!*;;%9T,:*5,9'QO!"'!?9'5%*&5.!5K$!*&&9?,*5$J!)UW!&?*=;!
:*;&!89%!5K$&$!"7&!K*#$!=94!;#*8!Po!0O/mQ!*'J!*%$!'95!&5%9'-=A!J,;9=*%!P%$&,J<*=!#*%,*'?$&.!/Hm!G!V0mQO!
R9! ?K$?+! 89%! 5K$! ;%$&$'?$! 98! 5K,&! ;*55$%'! 9#$%*==! ,'! 5K$! J$?9:;9&,5,9'.! ,'! Z,-<%$! \! 4$! ;=95.! 89%! $*?K!
! 1/!
! ! "#$%&$'!(!)*+$,-.!/012!
J,;9=*%.!S%*,'GS*&$J!"7.!5K$!%*5,9!98!#*%,*'?$!*??9<'5$J!89%!,'!5K$!4K9=$!UUW!*'J!)UW!&,-'*=&!PUUW!;#*8!
J,#,J$J! SA! )UW! ;#*8Q! *&! *! 8<'?5,9'! 98! 5K$! *'-=$! 8%9:! %*J,*=! 98! 5K$! UUW! $d<,#*=$'5! J,;9=$O! b$=*5,#$!
#*%,*'?$! $T;=*,'$J! SA! 5K$! "7! )UW! ;%9M$?5,9'! #$%&<&! UUW! ,&! ?=9&$! 59! 1L1! 89%! 5*'-$'5,*=! J,;9=$&! S<5! ,&!
%$J<?$J! 54$'5A89=J! *&! 5K$! $d<,#*=$'5! J,;9=$! *'-=$! *;;%9*?K$&! *! %*J,*=! J,%$?5,9'.! ,'! *??9%J*'?$! 4,5K!
-$'$%*=!$T;$?5*5,9'& *'J!:9%$!&;$?,8,?*==A!98!%$&<=5&!8%9:!&,:<=*5,9'&!&K94,'-!5K*5!5K$!&5%$'-5K!98!5K$!
)UW!;%9M$?5,9'!59!5K$!&?*=;!8%9:!%*J,*=!S%*,'!J,;9=$&!:<&5!S$!*S9<5!HG10m!98!5K*5!59!5*'-$'5,*=!J,;9=$&!
P/2.!/\QO!
Radial Tangential
Z,-<%$! \L! b*5,9&! 98! %$=*5,#$! UUWY)UW! &5%$'-5K&! P*&! %*5,9! 98! 5K$! ;$%?$'5*-$&! 98! )UW! *'J! UUW! &,-'*=! #*%,*'?$!
*??9<'5$J!89%.!9'!*!=9-!&?*=$Q!89%!%$5<%'$J!,'J$;$'J$'5!)UUW!?9:;9'$'5&!4,5K!'$*%GJ,;9=*%!&?*=;!:*;&!P=$&&!5K*'!
/0m!%$&,J<*=!#*%,*'?$!98!5K$!&,'-=$!$d<,#*=$'5!J,;9=$!:9J$=!,'!*5!=$*&5!9'$!98!5K$!:9J*=,5,$&Q.!*&!*!8<'?5,9'!98!5K$!
J$#,*5,9'! 98! 5K$! *'-=$! 8%9:! %*J,*=! 98! 5K$! UUWG:*;! $d<,#*=$'5! J,;9=$O! >95$! 5K$! $T;$?5$J! J9:,'*'?$! 98! 5K$! UUW!
?<%%$'5!;%9M$?5,9'&.!%$=*5,#$!59!5K$!)UW!8,$=J!;%9M$?5,9'&.!98!5K$!"7E!,J$'5,8,$J!'$*%G%*J,*=!&9<%?$&:(
! 12!
! ! "#$%&$'!(!)*+$,-.!/012!
=5*8+7-.5*-%
!
Z9%!UUW!P1aQ.!8)b"!P/HQ.!)UW!P/`Q.!U79W!P/VQ.!*'J!95K$%!S,9:$J,?*=!J*5*!:9J*=,5,$&.!"7E!K*&!S$?9:$!*!
4,J$=A!*??$;5$J!*;;%9*?K!5K*5!;%9#,J$&!*!;94$%8<=!:$5K9J!89%!,J$'5,8A,'-!*'J!&$;*%*5,'-!9<5!&$;*%*5$!
$"./-@+%$/"!&9<%?$&!,'!:<=5,?K*''$=!J*5*!$*?K!98!4K9&$!?K*''$=!&,-'*=&!&<:&!*?5,#,5A!8%9:!:9%$!5K*'!
9'$!P985$'.!'95!J,%$?5=A!%$?9%J$JQ!&9<%?$O!!
[$%$! 4$! K*#$! J$:9'&5%*5$J! 5K*5! "7E! :*A! *5! =$*&5! ?9:;=$:$'5! 95K$%! :$5K9J&! 89%! M9,'5=A! *'*=A6,'-!
&,:<=5*'$9<&=A! %$?9%J$J! UUW! *'J! )UW! J*5*! P/aG2/QO! "5&! S$'$8,5&! :*A! ,'?=<J$! ,:;%9#$J! &9<%?$!
=9?*=,6*5,9'! J<$! 59! 5K$! %$?9#$%A! 98! J,;9=$G=,+$! ?9:;9'$'5&! 4,5K! &:*==! &9<%?$! ;%9M$?5,9'&O! >$*%G%*J,*=!
&9<%?$&! *;;$*%! *&! 5K9&$! 4,5K! 4,5K! ;99%=A! J$8,'$J! )UW! ;%9M$?5,9'&.! *'J! :*A! S$! S$55$%! =9?*5$J! SA!
,'#$%5,'-!5K$,%!&,:<=5*'$9<&=A!%$?9%J$J!*'J!&<S&$d<$'5=A!"7EG%$?9#$%$J!$=$?5%,?*=!?9%%$=*5$O!"'!*JJ,5,9'.!
)UUW! J$?9:;9&,5,9'! SA! "7E! -,#$&! J,%$?5! ,'89%:*5,9'! 9'! 5K$! %$=*5,#$! &?*=,'-! 98! )UW! *'J! UUW! &,-'*=&!
;%9M$?5$J! SA! ?9%5,?*=! P*'J! 95K$%Q! J*5*! &9<%?$&O! ! "7E! J$?9:;9&,5,9'! 98! )UUW! J*5*! &K9<=J! *=&9! *==94!
;%,'?,;=$J! $T*:,'*5,9'! 98! ?=*,:&! 5K*5! )UW! *'J! UUW! &9<%?$&! :*A! &9:$5,:$&! K*#$! J,88$%$'5! &;*5,*=!
J,&5%,S<5,9'&O! "8! *'J! 4K$'! 5K,&! 4$%$! 5K$! ?*&$.! &9:$! ?=*&&! 9%! ?=*&&$&! 98! ,'J$;$'J$'5! ?9:;9'$'5!
;%9?$&&$&! %$5<%'$J! SA! "7E! *;;=,$J! 59! )UUW! J*5*! &K9<=J! K*#$! #$%A! =,55=$! UUW! 9%! )UW! ;94$%O! [$%$! 4$!
&K94$J! 5K*5! ,'! 9<%! &*:;=$! J*5*! &$5! 5K$! =*55$%! 4*&! 5K$! ?*&$! 89%! UUW! ;%9?$&&$&! 4,5K! *! '$5! %*J,*=!
9%,$'5*5,9'.!*&!$T;$?5$J!8%9:!5K$9%AO!!
h$!S$=,$#$!5K$!UUWCEX!$'#,%9':$'5.!'94!*<-:$'5$J!4,5K!5K$!)UUW!;=<-G,'!,'?9%;9%*5,'-!&$#$%*=!J*5*!
=9*J,'-! *'J! K*'J=,'-! 8<'?5,9'&! 8%9:! Z,$=J5%,;.! *&! 4$==! *&! ?<&59:! K*'J=,'-! 98! 5K$! )UUW! J*5*! 4,5K,'!
UUWCEX.!,&!&<,5*S=$!89%!;$%89%:,'-!*!%*'-$!98!?<&59:!)UW!J*5*!*'*=A&$&!<&,'-!*#*,=*S=$!UUWCEX!599=&!
*'J!,5&!-%94,'-!8*:,=A!98!;=<-G,'!599=S9T$&O!!Z9%!&5<J$'5&!*'J!%$&$*%?K$%&!$T;=9%,'-!'$4!J*5*!&$5&.!5K$!
UUWCEX!W@"!*'J!;*=$55$!98!J*5*!#,&<*=,6*5,9'!:$5K9J&!988$%&!*!%$*JA!4*A!59!$T;=9%$!J*5*!8$*5<%$&!*'J!
J*5*!d<*=,5A.!4K,=$!,5&!?9%$!&<;;9%5!89%!J*5*!J$?9:;9&,5,9'!SA!*J#*'?$J!"7E!:$5K9J&!,'?=<J,'-!E)"7E.!
*'J! 8<%5K$%! *'*=A&$&! <&,'-! 5K$! "7! ?9:;9'$'5! S*&,&.! ;%9#,J$! *! ;94$%8<=! ;=*589%:! 89%! ,'89%:*5,9'G! *'J!
S,9;KA&,?&GS*&$J!J*5*!:9J$=,'-!*'J!&5*5,&5,?*=!5$&5,'-!98!$T;$%,:$'5*=!KA;95K$&$&O!
)8>*5?+960:9*(-%
!
RK$! *<5K9%&! 5K*'+! ),?K*$=! h,S%*=! *'J! ?9==$*-<$&! 89%! 5K$! <&$! 98! 5K$! )UWYUUW! J*5*! &$5.! *'J! D*&9'!
_*=:$%.!p$A'$;!E+*=,'!E?*%.!*'J!E%'*<J!B$=9%:$!89%!<&$8<=!J,&?<&&,9'&O!RK,&!49%+!4*&!8<'J$J!SA!*!-,85!
8%9:!RK$!34*%56!7$'5$%!Pc=J!Z,$=J!>eQ!*'J!8%9:!-%*'5!b01!>30\V/F2G0F!8%9:!5K$!>*5,9'*=!"'&5,5<5$&!98!
[$*=5K! @3EO
! 1\!
! ! "#$%&$'!(!)*+$,-.!/012!
<9@949*89-%%
!
!
1O! B$=9%:$!E.!)*+$,-!3B!P/00\Q!UUWCEXL!*'!9;$'!&9<%?$!599=S9T!89%!*'*=A&,&!98!&,'-=$G5%,*=!UUW!
JA'*:,?&!,'?=<J,'-!,'J$;$'J$'5!?9:;9'$'5!*'*=A&,&O!M(N&;-/79$(2&%*/'7!12\LFq/1O!
/O! )*+$,-!3B.!B$S$'$%!3.!c'59'!D.!B$=9%:$!E!P/00\Q!),','-!$#$'5G%$=*5$J!S%*,'!JA'*:,?&O!I-&"'7(
)/="(H9$!aL/0\q/10O!
2O! [*'+$!).![*=?K$'+9!ec!P/011Q!>$<%9&?,$'?$!b<'&!9'!W>@YC,'<TO!C-/"%(N&;-/$"./-@!HLaO!
\O! X,-J$=AG3K*:=9!>.!n%$<56GB$=-*J9!n.!n95K$!7E.!)*+$,-!3B!P/012Q!P3*'!E'59',9.!R]QO!
HO! X,-J$=AG3K*:=9!>!$5!*=O!P/012Q!P3*'!E'59',9.!R]QO!
`O! B$=9%:$!E!$5!*=O!P/011Q!UUWCEX.!3"ZR.!>ZR.!X7"CEX.!*'J!Ub"7EL!>$4!R99=&!89%!EJ#*'?$J!UUW!
_%9?$&&,'-O!)/@,;%(!"%&55(N&;-/79$!/011L1q1/O!
VO! _*=:$%!DE!P/00`Q!j*%,*5,9'*=!*'J!&?*=$!:,T5<%$!%$;%$&$'5*5,9'&!98!'9'GW*<&&,*'!J$'&,5,$&!89%!
$&5,:*5,9'!,'!5K$!X*A$&,*'!=,'$*%!:9J$=L!3;*%&$!?9J,'-.!,'J$;$'J$'5!?9:;9'$'5!*'*=A&,&.!*'J!
:,',:<:!$'5%9;A!&$-:$'5*5,9'O!
aO! B$=9%:$!E.!_*=:$%!D.!c'59'!D.!c9&5$'#$=J!b.!)*+$,-!3B!P/01/Q!"'J$;$'J$'5!UUW!&9<%?$&!*%$!
J,;9=*%O!GE/H(ON3!VL$2012HO!
FO! E+*=,'!E?*%!p.!)*+$,-!3B!P/010Q!>$<%9$=$?5%9:*-'$5,?!89%4*%J!K$*J!:9J$=,'-!599=S9TO!M(
N&;-/79$(2&%*/'7!1F0L/Haq/V0O!
10O! X,-J$=AG3K*:=9!>.!)<==$'!R.!n%$<56GB$=-*J9!n.!)*+$,-!3B!P/012Q!)$*&<%$!;%9M$?5,9'!*'*=A&,&L!*!
;%9S*S,=,&5,?!*;;%9*?K!59!UUW!&9<%?$!?9:;*%,&9'!*'J!:<=5,G&<SM$?5!,'8$%$'?$O!N&;-/!@+=&!
V/L/aVq202O!
11O! n95K$!7E.!)*+$,-!3B!P/010Q!X7"CEXL!E!X7"!Y!UUW!%$&$*%?K!8%*:$49%+O!G-/9&&'$"=7P(C/;-%*(
!"%&-"+%$/"+5(F-+$"Q)/@,;%&-(!"%&-.+9&(2&&%$"=O!
1/O! _$%'$5!7b.!7K*<#$*<!>.!W*&;*%!7.!b9<&&$=$5!WE!P/011Q!C")c!UUWL!E!R99=S9T!89%![,$%*%?K,?*=!
C"'$*%!)cJ$=,'-!98!U=$?5%9U'?$;K*=9W%*;K,?!B*5*O!)/@,;%(!"%&55(N&;-/79$!/011L1q11O!
12O! R&*,!E7.!D<'-!RG_.!7K,$'!j.!3*#*&5A*'9#!E>.!)*+$,-!3B!P/012Q!79%5,?*=!3<%8*?$!E=,-':$'5!,'!)<=5,G
3<SM$?5!3;*5,95$:;9%*=!"'J$;$'J$'5!UUW!39<%?$!":*-,'-O!M/;-"+5(/.(N&;-/79$&"99&!,'!;%$&&L1q
/aO!
1\O! R&*,!E7!$5!*=O!P/00`Q!)*;;,'-!&,'-=$G5%,*=!UUW!%$?9%J&!9'!5K$!?9%5,?*=!&<%8*?$!5K%9<-K!*!
&;*5,95$:;9%*=!:9J*=,5AO!N&;-/!@+=&!2/L1FHq/0VO!
1HO! Z,&?K=!X.!3$%$'9!)".!B*=$!E)!P1FFFQ!79%5,?*=!&<%8*?$GS*&$J!*'*=A&,&O!""L!"'8=*5,9'.!8=*55$','-.!*'J!*!
&<%8*?$GS*&$J!?99%J,'*5$!&A&5$:O!N&;-/!@+=&!FL1FHq/0VO!
1`O! X=$J94&+,!7.!n*,&$%!D.!h,S%*=!).!e,=J,6GU%6S$%-$%!n.!b*K:!X!P/01/Q!3$;*%*S=$!>$<%*=!X*&$&!89%!
3<S;%9?$&&$&!98!b$?9-',5,9'!,'!h9%+,'-!)$:9%AO!)&-&0()/-%&R!//L1FH0q1FHaO!
1VO! Z,8$!EE!P1FFFQ!3A'5K$5,?!-%*J,9:$5$%!&A&5$:&!89%!)UWO!!333(I-+"7+9%$/"7(/"(8,,5$&'(
H;,&-9/"';9%$#$%6!FL\0`2q\0`aO!
! 1H!
! ! "#$%&$'!(!)*+$,-.!/012!
1aO! )*+$,-!3B.!X$==!ED.!D<'-!RG_!P1FF`Q!"'J$;$'J$'5!?9:;9'$'5!*'*=A&,&!98!$=$?5%9$'?$;K*=9-%*;K,?!
J*5*O!"'L!BO!R9<%$56+A.!)O!)96$%!*'J!)O![*&&$=:9!PUJ&QO!8'#+"9&7($"(N&;-+5(!"./-@+%$/"(
G-/9&77$"=(H67%&@7(aL1\HG1H1!)"R!_%$&&.!7*:S%,J-$.!)EO!
1FO! C,<!En.!X$==,#$*<!Dh.!B*=$!E)!P1FFaQ!3;*5,95$:;9%*=!,:*-,'-!98!K<:*'!S%*,'!*?5,#,5A!<&,'-!
8<'?5,9'*=!)b"!?9'&5%*,'$J!:*-'$59$'?$;K*=9-%*;KA!J*5*L!)9'5$!7*%=9!&,:<=*5,9'&O!G-/9(N+%5(
89+'(H9$(JH8!FHLaF\HqaFH0O!
/0O! _*=:$%!DE.!n%$<56GB$=-*J9!n.!b*9!XB.!)*+$,-!3B!P/00VQ!,'!!"'&,&"'&"%()/@,/"&"%(8"+567$7(+"'(
H$="+5(H&,+-+%$/"!P3;%,'-$%.![$,J$=S$%-Q.!;;!FVq10\O!
/1O! E+*=,'!E?*%!p.!W$'r$%!>W!P/00\Q!E'!*J#*'?$J!S9<'J*%A!$=$:$'5!:$5K9J!PXU)Q!,:;=$:$'5*5,9'!
89%!5K$!89%4*%J!;%9S=$:!98!$=$?5%9:*-'$5,?!&9<%?$!,:*-,'-O!G*67(2&'(F$/5!\FLH011qH0/aO!
//O! [s:s=s,'$'!)3.!3*%#*&!D!P1FaFQ!b$*=,&5,?!?9'J<?5,#,5A!-$9:$5%A!:9J$=!98!5K$!K<:*'!K$*J!89%!
,'5$%;%$5*5,9'!98!'$<%9:*-'$5,?!J*5*O!!333(%-+"7+9%$/"7(/"(0$/Q@&'$9+5(&"=$"&&-$"=!2`L1`Hq1V1O!
/2O! EK=89%&!3_.![*'!D.!X$==,#$*<!Dh.![s:s=s,'$'!)3!P/010Q!3$'&,5,#,5A!98!)UW!*'J!UUW!59!39<%?$!
c%,$'5*5,9'O!F-+$"(I/,/=-+,*6!/2L//Vq/2/O!
/\O! )$'','-K*<&!U.!Ct5+$'Ku'$%!X!P1FFHQ!,'!F$/@+="&%$7@?(C;"'+@&"%+5(S&7&+-9*(+"'()5$"$9+5(
8,,5$9+%$/"7.!$J!X*<:-*%5'$%!7!PU=&$#,$%!3?,$'?$Q.!;;!2H/q2H`O!
/HO! )?n$94'!)D!$5!*=O!P1FFaQ!E'*=A&,&!98!8)b"!J*5*!SA!S=,'J!&$;*%*5,9'!,'59!,'J$;$'J$'5!&;*5,*=!
?9:;9'$'5&O!T;@(F-+$"(2+,,!`L1`0q1aaO!
/`O! "+$J*!3.!R9A*:*!n!P/000Q!"'J$;$'J$'5!?9:;9'$'5!*'*=A&,&!89%!'9,&A!J*5*GG)UW!J*5*!*'*=A&,&O!
N&;-+5(N&%>!12L10`2q10V\O!
/VO! hK,5:$%!B.!h9%%$==!W.!35$*J!).!C$$!"n.!)*+$,-!3B!P/010Q!@5,=,5A!98!,'J$;$'J$'5!?9:;9'$'5!
*'*=A&,&!89%!,'5$%;%$5*5,9'!98!,'5%*?%*',*=!UUWO!C-/"%(T;@(N&;-/79$!\L1a\O!
/aO! B*=$!E).!3$%$'9!)"!P1FF2Q!":;%9#$J!C9?*=,6*5,9'!98!79%5,?*=!E?5,#,5A!SA!79:S,','-!UUW!*'J!)UW!
4,5K!)b"!79%5,?*=!3<%8*?$!b$?9'&5%<?5,9'L!E!C,'$*%!E;;%9*?KO!M()/="(N&;-/79$!HL1`/q1V`O!
/FO! Z<?K&!)!$5!*=O!P1FFaQ!":;%9#,'-!&9<%?$!%$?9'&5%<?5,9'&!SA!?9:S,','-!S,9$=$?5%,?!*'J!S,9:*-'$5,?!
J*5*O!35&9%-/&"9&,*+5/=-()5$"(N&;-/,*67$/5!10VLF2q111O!
20O! R*+*J*!n.!>9:<%*!n.!c'9![!P/000Q!)UWYUUW![AS%,J!)$5K9J!89%!39<%?$!C9?*=,6*5,9'!98!*!B,;9=$!
4,5K!b*J,*=!79:;9'$'5O!G+,&-7(/.(I&9*"$9+5(UO!
21O! [<*'-!)G]!$5!*=O!P/00VQ!E!'9#$=!,'5$-%*5$J!)UW!*'J!UUW!*'*=A&,&!:$5K9J!89%!J,;9=*%!&9<%?$&O!
N&;-/!@+=&!2VLV21qV\aO!
2/O! R%<M,==9GX*%%$59!>D.!E<S$%5Gjv6d<$6!U.!_$''A!hB!P/00aQ!X*A$&,*'!)YUUW!&9<%?$!%$?9'&5%<?5,9'!
4,5K!&;*5,9G5$:;9%*=!;%,9%&O!N&;-/!@+=&!2FL21aq22HO!
!
! 1`!