Acoustics
Acoustics
!"#$%&'"%(
!"#$#%#&' (' )*+$,' )*+&-#' .)' /+0' .$' ($' #$-1*)#,' #$%.&*$2#$0' 3#' )"*+1,' (13(4)'
-*$).,#&'0"#'.$0#&(-0.*$)'.0'3.11'"(%#'3.0"'0"#'5*+$,(&.#)')+&&*+$,.$6'.07'
'
!"#$"%&'()*
8')*+$,'3(%#'3".-"'.)'/&*/(6(0.$6'(3(4'9&*2'.0)')*+&-#'.$'($'#$-1*)#,'#$%.&*$2#$0'
3.11'6#0'[#-0#,'*99')+&9(-#)7':#($.$6'0"(0;'0"#'.$-.,#$0')*+$,'3(%#'3".-"'(&&.%#)'(0'('
)+&9(-#'3.11'0#$,'0*'6#0'0"&*3$'5(-<'.$0*'0"#'&**27'=8'[#-0.*$'.)'0"#'(5.1.04'*9'(')*+$,'
3(%#'0*'5*+$-#'*99'('"(&,')+&9(-#'>7'''
'
?"#'(2/1.0+,#'($,'0"#')0&#$60"'*9'0"#'[#-0.*$'3.11'5#',#/#$,#$0'+/*$'0"#'2(0#&.(1'*9'
0"#' )+&9(-#' ($,' 0"#' )*+$,' 3(%#)' 9&#@+#$-4' ".00.$6' .07A#$#&(114;' 0"#' )*90#&' ($,' 2*&#'
/*&*+)'0"#')+&9(-#'*9'0"#'5*+$,(&4;'0"#'2*&#'(-*+)0.-'#$#&64'3.11'6#0'(5)*&5#,'&(0"#&'
0"($' 6#00.$6' [#-0#,' 5(-<' .$0*' 0"#' &**2' ($,' 0"#' ".6"#&' 0"#' 9&#@+#$-4' *9' 0"#' )*+$,'
3(%#'0"#'#().#&'.0'3.11'5#'(5)*&5#,7'
'
8' )*+$,' 0"(0' [#-0)' *99' (' /1(.$' #%#$' )+&9(-#' 3.11' 6#0' [#-0#,' 5(-<' .$0*' 0"#'
#$%.&*$2#$0' (0' #B(-014' 0"#' )(2#' ($61#' (0' 3".-"' .0' "(,' (&&.%#,' (0' 0"#' )+&9(-#;' (1)*'
<$*3$'()'0"#'($61#'*9'.$-.,#$-#>7'=C.6+&#D7>'
!"!
!"! !"!
! " #
'
?"#' )+&9(-#' *9' 0"#' *5E#-0' *&' 5*+$,(&4' 3".-"' 0"#' )*+$,' .)' )0&.<.$6' .)' (1)*' *9' #@+(1'
.2/*&0($-#'9*&'0"#')*+$,'3(%#'0*'5#'(51#'0*'6#0'[#-0#,7'?"#'*5E#-0)')+&9(-#'2+)0'5#'
0"#')(2#'()'*&'*9'#@+(1'2(6$.0+,#'0*'0"#'3(%#1#$60"'*9'0"#')*+$,'3(%#7'F0"#&3.)#;'.9'
0"#')*+$,G)'3(%#1#$60"'.)'2+-"'1*$6#&'0"($'0"#'*5E#-0)')+&9(-#;'0"#'[#-0.*$'-(+)#,'
3.11'5#'2.$.2(1'($,'$#61.6.51#7'
'
81)*;' .9' 0"#' )*+$,' "(//#$)' 0*' 9(11' *$' (' -*$%#B' )+&9(-#;' 0"#' )*+$,' 3(%#' 3.11' 5#'
)-(00#&#,'3.,#14'=9.6+&#'H>;'5+0'3.11'0#$,'0*' 5#'9*-+)#,'.9'.0'9(11)'*$'('-*$-(%#')+&9(-#'
=9.6+&#'I>7'
'
J#91#-0.*$' .)' 0"#' *--+&&#$-#' *9' )*+$,' 3(%#)' 5*+$-.$6' *99' "(&,' )+&9(-#)7' K9' 0"#'
3(%#1#$60"' *9' 0"#' )*+$,' .)' )2(11' -*2/(&#,' 0*' 0"#' ,.2#$).*$)' *9' (' "(&,' )+&9(-#;'
[#-0.*$' 3.11' 0(<#' /1(-#7' L.6"' 9&#@+#$-.#)' 3.11' [#-0' #().#&' 0"($' 1*3' 9&#@+#$-.#)'
5#-(+)#'*9'0"#.&')"*&0#&'3(%#1#$60"'($,'3.0"'#%#&4'[#-0.*$'0"#'.$0#$).04'*9'0"#')*+$,'
3.11',#-&#()#7'
'
+,-(./&'()*
?"#'(5)*&/0.*$'*9')*+$,'3(%#)'.$'9.5&*+)'*&'6&($+1(&'2(0#&.(1)'.)'/&.2(&.14'('2(00#&'*9'
0"#' 0&($)1(0.*$' *9' 0"#' )*+$,' #$#&64' .$0*' 0"#' 9*&2' *9' "#(0' #$#&647' ?".)' 9&.-0.*$(1'
,.))./(0.*$'.)'+)+(114'/&*%.,#,'2*&#'54'/*&*+)'2(0#&.(1);'3"#&#'0"#'/*&#)'(&#'*/#$'0*'
#(-"'*0"#&7'
'
! ! "
! ! !
!"#$' 0"#' )*+$,' 3(%#)' #$0#&' 0"#' )+&9(-#' *9' )+-"' /*&*+);' 6&($+1(&' 2(0#&.(1);' 0"#' (.&'
2*1#-+1#)' %.5&(0#' (0' 2*&#' &#,+-#,' (2/1.0+,#);' 0"+)' 0&($)9*&2.$6' 0"#' )*+$,' #$#&64'
.$0*'"#(0'#$#&64'0"&*+6"'9&.-0.*$7'?".)'9*&2'*9'&#).)0($-#'.)'<$*3$'()'91*3'&#).)0($-#7''
'
K0'.)'2#()+&#,'54'*5)#&%.$6'0"#',&*/'*9'/&#))+&#'()'0"#'(.&'/())#)'0"&*+6"'(')+&9(-#7'
=9.6+&#'M7>'
'
=?"#'85)*&/0.*$'*9'(-*+)0.-'#$#&64'.)'0"#'&#%#&)#'*9'[#-0.*$7'!"#$')*+$,')0&.<#)'('
2(0#&.(1;'('/*&0.*$'*9'0"#'#$#&64'.)'(5)*&5#,'N'('/*&0.*$'*9'.0'.)'[#-0#,7'?"#'(2*+$0'
*9'(5)*&/0.*$'.)',#/#$,#$0'+/*$'0"#'/*&*).04' *9' 0"#')+&9(-#'($,'0"#'(2*+$0'3".-"'.)'
(5)*&5#,'.)'-*$%#&0#,'0*'"#(0'#$#&647'L.6"'9&#@+#$-.#)'(&#'#().14'(5)*&5#,'5#-(+)#'
*9'0"#.&')"*&0'3(%#1#$60"7>'
!"!
!"#!$%"&'()*"$'
+,-%
,1().2&!)"
.%/0%#&!)"
&.,"(3!&&%$ '()*"$'
+,-%
!
!
!"#.0%&'()*
!"#$' )*+$,' /())#)' 0"&*+6"' (' 2#,.+2' *9' *$#' ,#$).04' .$0*' (' 2#,.+2' *9' (' ,.99#&#$0'
,#$).04;'0"#',.&#-0.*$'*9'/&*/(6(0.*$'3.11'5#'-"($6#,7'=9.6+&#'O7>'
'
K9'0"#')*+$,'3(%#'#$0#&)'('5*+$,(&4'(0'($4'($61#'*0"#&'0"($'0"(0'*9'PQ*'0"#'3(%#9*&2'
3.11'5#'5#$0'+/*$'#$0&4;',+#'0*'0"#',.99#&#$0',#$).04'*9'0"#'2#,.+2'-*2/(&#,'0*'(.&'($,'
%.-#'%#&)(7'=K0'.)'0"#'(5.1.04'*9'0"#')*+$,'0*'5#$,')1.6"014'()'.0'/())#)'0"&*+6"'(')+&9(-#7'
?"#' (2*+$0' *9' 	&(-0.*$' .)' ,#/#$,#$0' *$' 0"#' ,#$).04' *9' 0"#' 2#,.+2' N' 0"#'
0#2/#&(0+>'
(#+('"#,%$-)#'%
./0"
!"#$"%&"'()&
*"$$%'"#$"%&"'()&
!
!
K$' (-*+)0.-);' "*3#%#&;' )*+$,' 3(%#)' +)+(114' ,*$R0' #$-*+$0#&' ($' (5&+/0' -"($6#' .$'
2#,.+2'/&*/#&0.#)7'K$)0#(,;'0"#'3(%#')/##,'-"($6#)'6&(,+(114'*%#&'('6.%#$',.)0($-#7'
?"#')/##,'*9'(')*+$,'3(%#'.$'(.&',#/#$,)'*$'0"#'0#2/#&(0+&#'=-SIID'T'Q7U'?>'3"#&#'
?' .)' 0"#' 0#2/#&(0+&#' .$' *V7' F90#$' 0"#' -"($6#' .$' 0"#' 3(%#' )/##,;' ($,' 0"#' &#)+10.$6'
	&(-0.*$;'.)',+#'0*'('-"($6#'.$'0"#'1*-(1'0#2/#&(0+&#'*9'0"#'(.&7'C*&'#B(2/1#;',+&.$6'
0"#',(4'0"#'(.&'.)'3(&2#)0'&.6"0'$#B0'0*'0"#'6&*+$,'($,'6&*3)'-**1#&'(5*%#'0"#'6&*+$,7'
W.$-#'0"#'0#2/#&(0+&#',#-&#()#)'3.0"'"#.6"0;'0"#')/##,'*9')*+$,'(1)*',#-&#()#)'3.0"'
"#.6"07'?".)'2#($)'0"(0'9*&'(')*+$,'3(%#'0&(%#1.$6'-1*)#'0*'0"#'6&*+$,;'0"#'/(&0'*9'0"#'
! ! #
! ! !
3(%#' -1*)#)0' 0*' 0"#' 6&*+$,' .)' 0&(%#1.$6' 0"#' 9()0#)0;' ($,' 0"#' /(&0' *9' 0"#' 3(%#' 9(&0"#)0'
(5*%#'0"#'6&*+$,'.)'0&(%#1.$6'0"#')1*3#)07'8)'('&#)+10;'0"#'3(%#'-"($6#)',.&#-0.*$'($,'
5#$,)' +/3(&,)7' ?".)' -($' -&#(0#' (' X)"(,*3' Y*$#X' .*$' .$0*' 3".-"' 0"#' )*+$,' 3(%#'
-($$*0'/#$#0&(0#7'8'/#&)*$')0($,.$6'.$'0"#')"(,*3'Y*$#'3.11'$*0'"#(&'0"#')*+$,'#%#$'
0"*+6"'"#Z)"#'2.6"0'5#'(51#'0*')##'0"#')*+&-#7'?"#')*+$,'3(%#)'(&#'5#.$6'	&(-0#,'
+/3(&,)'($,'3.11'$#%#&'&#(-"'0"#'*5)#&%#&7''
'
'
8' 0#2/#&(0+&#' .$%#&).*$' .)' 3"#$' 0"#' 0#2/#&(0+&#' .)' -**1#)0' &.6"0' $#B0' 0*' 0"#' 6&*+$,'
($,' 3(&2#&' ()' 4*+' .$-&#()#' .$' "#.6"0' (5*%#' 0"#' 6&*+$,7' W.$-#' 0"#' 0#2/#&(0+&#'
.$-&#()#)'3.0"'"#.6"0;'0"#')/##,'*9')*+$,'(1)*'.$-&#()#)'3.0"'"#.6"07'?".)'2#($)'0"(0'
9*&' (' )*+$,' 3(%#' 0&(%#1.$6' -1*)#' 0*' 0"#' 6&*+$,;' 0"#' /(&0' *9' 0"#' 3(%#' -1*)#)0' 0*' 0"#'
6&*+$,'.)'0&(%#1.$6'0"#')1*3#)0;'($,'0"#'/(&0'*9'0"#'3(%#'9(&0"#)0'(5*%#'0"#'6&*+$,'.)'
0&(%#1.$6' 0"#' 9()0#)07'8)'(' &#)+10;'0"#' 3(%#' -"($6#)',.&#-0.*$' ($,' 5#$,)' ,*3$3(&,)7'
?#2/#&(0+&#'.$%#&).*$)'2*)0'*90#$'"(//#$'(0'$.6"0'(90#&'0"#')+$'6*#)',*3$'3"#$'0"#'
6&*+$,' =*&' 3(0#&' .$' (' 1(<#>' -**1)' *99' @+.-<14;' 3".1#' 0"#' (.&' (5*%#' 0"#' 6&*+$,' (.$)'
3(&27'
'
*
1'##.0%&'()*
K)'0"#'(5.1.04'*9'0"#')*+$,'3(%#)'0*'5#$,'(&*+$,'*5E#-0)'*&')+&9(-#)7'K9'0"#'3(%#1#$60"'
*9'0"#')*+$,'3(%#'.)'1(&6#&'3"#$'-*2/(&#,'0*'0"#').Y#'*9'0"#'*5E#-0'*&')+&9(-#'.$'.0)'
/(0";' ,.99&(-0.*$' 3.11' *--+&7' =0".)' 2#($)' 0"(0;' 0"#' 9&#@+#$-.#)' 3".-"' "(%#' (' 1(&6#&'
3(%#1#$60"' 0"($' 0"#' *5E#-0' 3.11' 0#$,' 0*' .6$*&#' .0' ($,' -*$0.$+#' *$' .0)' 1.$#' *9'
/&*/(6(0.*$>;' 3".1#' 0"*)#' 3.0"' (' )"*&0#&' 3(%#1#$60"' (0.%#' 0*' 0"#' )+&9(-#' (&#(' 3.11'
[#-0'5(-<7'
'
[*3'9&#@+#$-.#)',+#'0*'0"#.&'1(&6#'3(%#1#$60"'"(%#'0"#'(5.1.04'0*'5#$,'(&*+$,')+&9(-#)'
2+-"'#().#&'0"($'".6"#&'9&#@+#$-.#)7'=[*3'9&#@+#$-.#)'(&#'F2$.',.&#-0.*$(17>'
! ! $
! ! !
!
!
23"*+%(4-&'%*5)6'.()7")&**
?"#' F+0,**&' #$%.&*$2#$0' -($' *90#$' 5#' -1()).9.#,' ()' (' X9&##' 9.#1,X7' 8' )*+$,' 9.#1,' .)' ('
9&##' 9.#1,;' .9' .0' .)' +$.9*&2' ($,' 9&##' 9&*2' 5*+$,(&.#)' ($,' +$,.)0+&5#,' 54' *0"#&' )*+$,'
)*+&-#)7'\+0'.$'/&(-0.-#;'.0'.)'0"#'.*$'3"#&#'0"#'#99#-0)'*9'5*+$,(&.#)'(&#'$#61.6.51#'
*%#&'0"#'.*$'*9'.$0#&#)07'
8(*93")*:"-';)');*0)*0%(4-&'%0$*")6'.()7")&*%()-':".*&3"*#($$(9');*#0%&(.-*
?"#'K$%#&)#'W@+(&#'[(3'1#%#1'-"($6#'
•' 800#$+(0.*$'*9'-#&0(.$'9&#@+#$-.#)',+#'0*'"+2.,.04'($,'*0"#&'(0#,'9(-0*&)'
•' J#91#-0.*$'($,',.99&(-0.*$'*9')*+$,'(&*+$,')*1.,'*5E#-0)'
•' J#9&(-0.*$' ($,' W"(,*3' 9*&2(0.*$' *9' 9&#@+#$-4' ($,' 0"#' #99#-0)' *9' 3.$,' ($,'
0#2/#&(0+&#'
•' J#91#-0.*$'($,'(5)*&/0.*$'54'0"#'6&*+$,')+&9(-#'.0)#19'
!
23"*<"$(%'&=*>8/"":?*@#*8(4):*
C*&' (' 6.%#$' 9&#@+#$-4;' 0"#' #99#-0' *9' 0"#' 3(%#1#$60"' +/*$' 0"#' %#1*-.04' *9' )*+$,' .$' ('
2#,.+2'.)'
!! ! "#$%&%'()*!+"#!,!!!<"$(%'&=*>$!(.*%#!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!
! ! ! ! !!!!!!!!!!-.%/0%'12!+-3!
! ! 4%&516)2!+$!5.!%3!!!!,!!!"#$%&%'()*!!!7!!!-.%/0%'12!
!!!!!!!!!!!!!!!!!!!!!!!!!!8.%/0%'12!+&3!!!!!!!,!!!!!!*<"$(%'&=*****
!!!!!!!!!!"#$%&%'()*! !
?*' 5#' (51#' 0*' ,#(1' 3.0"' 2($4' (-*+)0.-' .$0#&(-0.*$);' .0' .)' %#&4' .2/*&0($0' 0*' 5#' (51#' 0*'
-(1-+1(0#' ($,' 2#()+&#' 0"#' ]#1*-.04' *9' )*+$,' ($,' 0*' +$,#&)0($,' 0"#' #99#-0)' *9' 0"#'
2#,.+2'3.0"'0#2/#&(0+'?"#']#1*-.04'*9'W*+$,'.)'0#2/#&(0+&#',#/#$,#$07'
'
?"#'(//&*B.2(0#'9*&2+1('9*&'-(1-+1(0.$6']#1*-.04'.)'
! !"#"$$%&'()*+,-! 3"#&#'?S'?#2/#(0+&#'.$'V#1).+)'''
*
A$0--'#'%0&'()*(#*8(4):*B'"$:-*
B.""*B'"$:-*
8' )*+$,' 9.#1,' .)' )(.,' 0*' 5#' (' 9&##' 9.#1,;' .9' .0' .)' +$.9*&2' ($,' 9&##' *9' 5*+$,(&.#)7'!".-"'
(1)*' .)' $*0' ,.)0+&5#,' 54' *0"#&' )*+$,' )*+&-#)7' K$' /&(-0.-#;' .0' .)' 0"#' 9.#1,' 3"#&#' 0"#'
5*+$,(&.#)'"(%#'$*'#99#-0'*%#&'0"#'.*$'*9'.$0#&#)07'K$'('9&##'9.#1,;'0"#')*+$,'#$#&64'
91*3)'*$14'.$'*$#',.&#-0.*$7'
^767'8$#-"*.-'V"(25#&)'(&#'-1()).9.#,'()'C&##'C.#1,)7'
'
! ! %
! ! !
1'##4-"*>!"6".,".0)&?*B'"$:*
K$' (' ,.99+)#' *&' &#%#&5#&($0' )*+$,' 9.#1,;' (90#&' (' -#&0(.$' /#&.*,' *9' 0.2#;' (90#&' 0"#' )*+$,'
)*+&-#' "()' )0*//#,' 6#$#&(0.$6' )*+$,_' 0"#' )*+$,' /&#))+&#' .)' 0"#' )(2#' #%#&43"#'
?".)' 04/#' *9' )*+$,' 9.#1,' &#@+.&#)' ($' #$-1*)#,' )/(-#' 3.0"' #))#$0.(114' $*' (-*+)0.-'
(5)*&/0.*$7'?"#'91*3'*9'#$#&64'.$'(11',.&#-0.*$)'.)'#@+(17'
*
8"7'*C*!"6".,".0)&*B'"$:*
K$'('W#2.`J#%#&5#&($0')*+$,'9.#1,;'0"#')*+$,'#$#&64'.)'5*0"'[#-0#,'($,'(5)*&5#,7'
?"#' #$#&64' 91*3)' .$' 2*&#' 0"($' *$#' ,.&#-0.*$7' :+-"' *9' 0"#' #$#&64' .)' 9&*2' 0"#' ,.99+)#'
9.#1,;'5+0'0"#&#'(&#'-#&0(.$'(&#()'.$'0"#'9.#1,'0"(0'"(%#'(',.&#-0.*$'*9'/&*/(6(0.*$'9&*2'
0"#' )*+$,' )*+&-#7' ?".)' 04/#' *9' )*+$,' 9.#1,' .)' +)+(114' 9*+$,' .$' (&-".0#-0+&(1' (-*+)0.-'
#$%.&*$2#$07'
*
D."--4."*B'"$:-*
K$' (' /&#))+&#' 9.#1,;' 0"#' .$)0($0($#*+)' /&#))+&#' .)' +$.9*&2' #%#&43"#' ?"#&#' .)' $*'
,.&#-0.*$' *9' /&*/(6(0.*$7' ?"#' a&#))+&#' C.#1,' -*22*$14' #B.)0)' *$14' .$' V(%.0.#)' =(1)*'
<$*3$' ()' VFba[^JW>7' ?"#' 2(B.2+2' ,.2#$).*$' *9' 0"#' -(%.04' .)' *$#' `' ).B0"' *9' 0"#'
3(%#1#$60"' *9' 0"#' )*+$,7' a&#))+&#' C.#1,)' (&#' +)#,' 3"#$' 0"#' c(0.*$(1' \+&#(+' *9'
W0($,(&,)'V(1.5&(0#'2.-&*/"*$#)7'
*
+7,'")&*E('-"*B'"$:*
?"#'(25.#$0' $*.)#' 9.#1,;' .)' ('9.#1,' 3".-"' -*2/&.)#)'*9' 0"*)#' )*+$,' )*+&-#)' 3".-"' ,*'
$*0'-*$0&.5+0#'0*'0"#',#).&#,'*&'3($0#,')*+$,7'
*
A(7,*#'$&".*5##"%&-*
V*259.10#&.$6' *--+&)' (-*+)0.-(114' .$' ($4' #$%.&*$2#$0' *&' #1#-0&.-(114' .$' ($4' #1#-0&.-(1'
-*2/*$#$07'
'
K9'4*+'#%#&'0&4'0*'2.-'+/'('-"*.&'*&'($4')2(11#&').$6.$6'6&*+/'3.0"*+0'0"#'<$*31#,6#'*9'
-*25`9.10#&' #99#-0);' 4*+' 2.6"0' .$0&*,+-#' )#&.*+)' ,.)0*&0.*$)' .$0*' 0"#' &#-*&,.$6' *9' 0"#'
/#&9*&2($-#7'
'
V*25`9.10#&.$6' #99#-0)' (&#' "(&,' 0*' 2($(6#' 3"#$' ,.)0($0' 2.<.$6' (' )*+$,' )*+&-#' *&'
3"#$'/1(-.$6'('2.-'-1*)#'0*'($4'<.$,'*9'5*+$,(&4' 3"#&#'[#-0.*$)'0(<#'/1(-#7':(.$'
-(+)#' *9' -*25'9.10#&.$6'.)' 54' 0.2#' ,#1(4)7' 8'2.-&*/"*$#' .)' (' 51.$,' .$)0&+2#$0' 3.0"'.0)'
,.(/"&(62' &#)/*$,.$6' 0*' 3"(0#%#&' 91+-0+(0.*$)' .$' 0"#' (.&' /&#))+&#' 0"(0' *--+&)' (0' .0)'
)+&9(-#'`9(11.$6'3.0".$'.0)'*/#&(0.*$(1'&($6#'=HQ`HQd"Y>7'
'
C*&' #B(2/1#;' .9' 3#' "(%#' (' DQQ'LY' 0*$#' 3".-"' .)' 5#.$6' /&*,+-#,'9&*2' ('1*+,)/#(<#&'
=8>;'0"(0'.$`0+&$',&.%#)'0"#',.(/"&(62'*9'('2.-&*/"*$#'.$'9&##')/(-#_'('DQQ'LY'*+0/+0'
%*10(6#'3.11'(//#(&'(0'0"#'2.-&*/"*$#)'0#&2.$(17c*3;'.9'(')#-*$,'1*+,)/#(<#&'=\>'(1)*'
/&*,+-#)'('DQQ'LY'0*$#'(0'($'.,#$0.-(1'/&#))+&#'5+0'DeQ',#6&##)'*+0'*9'/"()#'3.0"'0"#'
9.&)0').6$(1_'*$#'(-*+)0.-(114'-($-#1)'0"#'*0"#&'($,'0"#'2.-G)'*+0/+0'9(11)'0*'Y#&*7'
'
K9' ($' (,E+)02#$0' .)' 2(,#' ($,' 0"#' 03*' DQQLY' (-*+)0.-(1' ).6$(1)' (&#' *9' .,#$0.-(1'
(2/1.0+,#' ($,' (&#'.$'/"()#;'0"#'2.-&*/"*$#'3.11',#1.%#&'03.-#'0"#'*+0/+0'%*10(6#'`'($'
.$-&#()#'.$'U',\7'
! ! &
! ! !
%"""#$
(%")*
")*
! ! '
! ! !
?"#.&' $(2#' -*2#)' 9&*2' 0"#' 9(-0' 0"(0' 0"#' c+11)' ($,' a#(<)' *$' 0"#' )-(1#)' 3".-"'
&#)#251#)' (' -*257' ?"#)#' 6&(/")' (13(4)' ())+2#' 0"(0' 5*0"' 0"#' ,.&#-0' ($,' ,#1(4#,'
).6$(1)' (&#' *9' #@+(1' (2/1.0+,#7' \+0;' .$' /&(-0.-#' 0"#' ,#1(4#,' ).6$(1' .)' +)+(114' 1*3#&' .$'
(2/1.0+,#' 0"($' 0"#' ,.&#-0' ).6$(17' ?".)' .)' ,+#' 0*' ?"#' (-*+)0.-(1' ,#1(4#,' ).6$(1' 3.11'
+)+(114'(&&.%#'(0'0"#'2.-&*/"*$#'(0'($'($61#;'3"#&#'0"#'&#)/*$)#'*9'0"#'/*1(&'/(00#&$'.)'
,*3$7'
'
?"#',#1(4#,')*+$,'.)'&#,+-#,'.$'(2/1.0+,#'5#-(+)#'*9'0"#'0&(%#11.$6',.)0($-#'($,'0"#'
#$#&64' 0&($)9#&' 3".-"' "(//#$)' 3"#$' .0' )0&.<#)' ($,' [#-0)' 9&*2' (' )+&9(-#7' W*;' 0"#'
5**)0' *9' 0"#' /#(<)' 3.11' &(' 5#' (' /#&9#-0' U' ,\' ($,' 0"#' $+11)' 3.11' +)+(114' $*0' 5#' (0'
2.$+)'.$9.$.047'
!
1"#')'&'()-*
A.'&'%0$*1'-&0)%"*
K)'0"#'/*.$0'.$'('&**2'3"#&#'0"#',.&#-0')*+$,'($,'&#%#&5#&($0')*+$,'(&#'#@+(17'
*
2.0)-7'--'()*S(--*>2S?*
?0&($)2.)).*$'1*))'.)'0"#'(2*+$0'*9'(00#$+(0.*$'0*'0"#')*+$,'.$',\'54'(')*+$,'5(&&.#&'
0"#',+&.$6'0&($)2.)).*$'*9')*+$,7'?&($)2.)).*$'1*))'%(&.#)'3.0"'9&#@+#$-47'
*
8(4):*2.0)-7'--'()*A$0--*>8&%?*
K0' .)' (' &(0.$6' )4)0#2' ,#).6$#,' 0*' -*2/(&#' 0"#' )*+$,' 0&($)2.)).*$' -"(&(-0#&.)0.-)' *9'
%(&.*+)'(&-".0#-0+&(1'2(0#&.(1)'($,'-*$)0&+-0.*$)7'K0'0"#'0&($)2.)).*$'1*))'*9'('2(0#&.(1'
(0''OQQLY'($,'.0''.)' -"*)#$'9&*2'('6&(/"' *9'0&($)2.)).*$'1*))'/1*00#,' (6(.$)0'F-0(%#'
5($,' 9&#@+#$-.#)7' K0' 5().-(114' .)' 0"#' )*+$,' /&**9.$6' (5.1.04' *9' 0"(0' -*$)0&+-0.*$7' K0' .)'
)"*3$' ()' (' %(1+#' 5#03##$' Q' ($,' DQQ7' ?"#' ".6"#&' 0"#' W?V' 0"#' 5#00#&' 0"#'
)*+$,/&**9.$6'3*+1,'5#;'5#-(+)#'0"#'0&($)2.00#,')*+$,'.)'1#))7'
'
! ! (
! ! !
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
!
!
!
!
!
!
!
!
*
*
*
*
!
!
!
!"-'$'")&*A30))"$-*
8&#' 2#0(1' 0&(-<)' 0"(0' "*1,' (' 3(11' )+&9(-#' .$' /*).0.*$' (3(4' 9&*2' 0"#' )+&9(-#' .0' .)'
(00(-"#,'0*7'?"#4'(&#',#).6$#,'0*'.)*1(0#'0"#'03*')+&9(-#)')*'0"(0'0"#'*+0#&'*$#'3.11'$*0'
/.-<`+/'0"#'%.5&(0.*$)'*9'0"#'.$$#&')+&9(-#7'
'
8&0):');*T06"-*
8')0($,.$6'3(%#',#)-&.5#)'(')*+$,'0"(0'&#)*$(0#)'5#03##$'/(&(11#1')+&9(-#)7'
?"#)#' )*+$,' 3(%#)' (&#' &#.$9*&-#,' 54' 0"#.&' *3$' [#-0.*$);' 3".-"' -&#(0#' (' 0*$(1'
.25(1($-#' ($,' -*1*+&' 0"#' $(0+&(1' )*+$,' *9' ($' .$)0&+2#$07' ?"#4' #B.)0' 2*)014' .$' #%#&4'
&**2;'5#-(+)#'2*)0'&**2)'(&#'2(,#'9&*2'/(&(11#1'3(11);'91**&)'($,'-#.1.$6)7'
! ! )
! ! !
C*&0+$(0#14' 0"#)#' 9&#@+#$-.#)' (&#' /&#,.-0(51#;' 5#-(+)#' 0"#' 9+$,(2#$0(1' &#)*$($0'
9&#@+#$-4'=(1)*'<$*3$'()'0"#'9+$,(2#$0(1')0($,.$6'3(%#>'"()'('3(%#1#$60"'*9'03.-#'
0"#',.)0($-#'5#03##$'0"#'/(&(11#1')+&9(-#)7'
!
W0($,.$6'!(%#'9*&2+1('.)' * *!"!!!!N* U<UU**
P*Q*:** *
!"#&#''
9''.)'0"#'9+$,(2#$0(1'9&#@+#$-4;']'.)'0"#'%#1*-.04'.$'90Z)#-;','.)'0"#',.)0($-#7'
F$-#' 0"#' 9+$,(2#$0(1' &#)*$($0' 9&#@+#$-4' .)' ,#0#&2.$#,;' 0"#' &#)0' *9' 0"#' &#)*$($0'
)0($,.$6'3(%#)'3.11'5#'0"#'2+10./1#)'=*&'"(&2*$.-)>'*9'0"#'9+$,(2#$0(17'
^767'K9'C'S'OQ'LY'0"#'2+10./1#)'3.11'5#'''
CD'S'DQQLY;'CH'S'DOQLY;'CI'S'HQQ'LY7'
^767' ?"#' ,.)0($-#' 5#03##$' 0*' /(&(11#1' 3(11)' .)' HQ' 9##07' !"(0' 3*+1,' 0"#' 9+$,(2#$0(1'
)0($,.$6'3(%#'5#g'
' ' ' ' DDIQ'90Z)#-''S''He'LY;'OULY;'DDHLY77777#0-7'
' ' ' ' '''''H'B'HQ'
'
'
'
?"#' "(&2*$.-)' *9' 0"#' 9+$,(2#$0(1' &#)*$($0' 9&#@+#$-4' (&#' $*0' ()' "(&29+1' ()' 0"#'
9+$,(2#$0(1' 9&#@+#$-4' 5#-(+)#' *9' 0"#.&' 1*3#&' (2/1.0+,#)7' c*&2(114;' (' &**2' 3.11' $*0'
*$14'"(%#'*$#'9+$,(2#$0(1')0($,.$6'3(%#7'?".)'.)'5#-(+)#'('&**2'.)'2(,#'9&*2'2*&#'
0"($' H' 3(11)7' ?"#&#' 3.11' 5#' 2*&#' 0"($' *$#' &#)*$($0'9&#@+#$-4' .$' (' 6.%#$' &**2' .9' 0"#'
! ! *
! ! !
5*+$,(&.#)'(&#'/(&(11#17'F$#'3(4'0*'#1.2.$(0#')0($,.$6'3(%#)'.$'('&**2'.)'0*'-*$)0&+-0'
$*$`/(&(11#1'5*+$,(&.#);'5())'0&(/)'*&',.99+)#&)7'
*
1'##".")&*!((7*V(:"-*
W0($,.$6'3(%#)'*--+&&.$6'5#03##$'03*')+&9(-#)'.)'<$*3$'()'(B.(1'2*,#7'K0'(1)*'*--+&'
(2*$6' 9*+&' )+&9(-#)' -(11#,' 0($6#$0.(1' 2*,#' ($,' ).B' )+&9(-#)' -(11#,' *51.@+#' 2*,#7'
C*&0+$(0#14' 0"#' 9*-+)' *9' (5)*&5.$6' 0"#' (B.(1' 2*,#' .)' 0"#' /&.2(&4' *5E#-0.%#7' 890#&'
9+&$.0+&#;' #@+./2#$0;' (5)*&5#&)' "(%#' 5##$' /1(-#,' .$0*' (' )0+,.*' ($,' -*$0&*1' &**27'
?"#)#'.0#2)'3.11'5&#(<'+/'0"#'*0"#&'03*'2*,#)7'
'
E(:"-*0):*+)&')(:"-*
F$#' -"(&(-0#&.)0.-' *9' #%#&4' )0($,.$6' 3(%#' /(00#&$' .)' 0"(0' 0"#&#' (&#' /*.$0)' (1*$6' 0"#'
2#,.+2' 3".-"' (//#(&' 0*' 5#' )0($,.$6' )0.117' ?"#)#' /*.$0);' )*2#0.2#)' ,#)-&.5#,' ()'
/(')&-*(#*)(*:'-/$0%"7")&G*0."*."#"..":*&(*0-*)(:"-7'?"#&#'(&#'*0"#&'/*.$0)'(1*$6'
0"#'2#,.+2'3".-"'+$,#&6*'%.5&(0.*$)'5#03##$'('1(&6#'/*).0.%#'($,'($,'1(&6#'$#6(0.%#'
,.)/1(-#2#$07'?"#)#'(&#'0"#'/*.$0)'3".-"'+$,#&6*'0"#'2(B.2+2',.)/1(-#2#$0',+&.$6'
#(-"'%.5&(0.*$(1'-4-1#'*9'0"#')0($,.$6'3(%#7'K$'(')#$)#;'0"#)#'/*.$0)'(&#'0"#'*//*).0#'
*9'$*,#);'($,')*'0"#4'(&#''-(11#,'0)&')(:"-7'
'
'
'
!"6".,".0&'()**
J#%#&5#&(0.*$' .)' 0"#' &#)+10' *9' 2+10./1#;' ).2+10($#*+)' [#-0.*$)' -&#(0#,' 9&*2' (11' 0"#'
&**2')+&9(-#)7'?"#'.$0#$).04'($,'0"#',+&(0.*$'*9'0"#'&#%#&5#&(0.*$'3.11',#/#$,'*$'0"#'
&**2G)' ,.2#$).*$)' ($,' 0"#' (5)*&/0.*$' -"(&(-0#&.)0.-)' *9' 0"#' )+&9(-#)7' 810"*+6"'
&#%#&5#&(0.*$' -($' 5#' (' ,#).&(51#' #99#-0' .$' )0+,.*' /&*,+-0.*$);' .0' )0.11' )"*+1,' 5#'
-*$0&*11#,' 3.0"`.$' 0"#' )0+,.*' #$%.&*$2#$07' J#%#&5#&(0.*$' ?.2#' =J?' UQ>' .)' 0"#' 0.2#'
0(<#$'9*&' 0"#'&#%#&5'0*' ,.#' (3(4' 54' ,&*//.$6' 0*'UQ' ,\'.$' 1#%#1'9&*2' 0"#'*&.6.$(1' 1#%#1'
(90#&'0"#'2*2#$0'(')*+$,'"()')0*//#,7'
'
! ! "+
! ! !
?*'-(1-+1(0#'0"#'&#%#&5'0.2#'=J?'UQ>'3.0".$'($'(-*+)0.-(1')/(-#;'+)#'0"#'9*&2+1('5#1*3''
'
K9'0"#')0+,.*'.)'2#()+&#,'.$'9##0h'
! ! ! ! '(!"!)!!!!!!!!!!!!!!!!*!+!,-,./000000!!!!!!!!!!!!!!!!!!!!!!!!!
! !!!!!!! ! ! ! !!123!+!43#!5!126!+!46#!5------!
!
F9'.0'.)'2#()+&#,'.$'2#0#&)'=2#0&.-')4)0#2>'+)#'Q7DUD'9(-0*&'.$)0#(,'*9'Q7QMP*
"#$%$!!!!!&'!(#$!%))*+'!,&*$-'&)-'!&-!*.!/0)12*$3!
! !!! 9!&'!(#$!()(41!'2%546$!4%$4!)5!(#$!*4($%&41!
! !!! .!&'!(#$!47')%8(&)-!6)9$55&6&$-(!)5!(#$!*4($%&41!
J#%#&5#&(0.*$'0.2#'.)'(13(4)'2#()+&#,'+).$6'('D'dLY'0*$#7'?"#')(2#'%(1+#'0"(0'0"#'
(5)*&/0.*$'-*`#99.-.#$0'%(1+#)'(&#'0(<#$'3.0"7'
'
^767'V(1-+1(0#'0"#'J?UQ'*9'('&**2;'3".-"'"()'3**,#$'9&*$0'($,'5(-<'3(11);'-*$-�#'
91**&'($,'&**9'($,''-+&0(.$#,').,#'3(11)7''
?"#',.2#$).*$)'(&#h''
' ' ' C1**&'0*'-#.1.$6'' S'DQ'90'
' ' ' !(11'0*'3(11'' ' S'HQ'90''
' ' ' C&*$0'3(11'0*'\(-<'3(11'' S'IQ'90'
J**2G)'%*1+2#'' ' ]'S'DQ'B'HQ'B'IQ'S'UQQQ'90I''' ' '''''
'
?"#$' 0"#' )+&9(-#' (&#()' ($,' 0"#' (5)*&/0.*$' -*#99.-.#$0)' 9*&' #(-"' 2(0#&.(1' 2+)0' 5#'
-(1-+1(0#,7'
!FFih'' ' W'S'=DQ'B'HQ>'B'H'S'MQQ'90H'
' ' ''' 8'S'Q7QP'
' ' '' =8D'B'WD>'S'Q7QP'B'MQQ'S'IU'
'
VFcVJ^?^h' W'S'=IQ'B'HQ>'B'H'SDHQQ'90H'
' ' '' 8'S'Q7Qj'
' ' '' =8H'B'WH>'S'Q7Qj'B'DHQQ'S'eM'
'
VbJ?8KcWh''W'S'=IQ'B'DQ>'B'H'S'UQQ90H'
' ' '' 8'S'Q7jO'
' ' '' =8I'B'WI>'S'Q7jO'B'UQQ'S'MOQ'
'
J?UQ'S'UQQQ'B'Q7QMP'''S'''HPM''S''Q7OD')#-'
''''''''''''''''''''''''IU'T'eM'T'MOQ'''''''OjQ'
'
! ! ""
! ! !
8@WE1D!@@BFEX**
F)&.(:4%&'()*
?"#&#' (&#' -#&0(.$' -*$).,#&(0.*$)' .$' 0"#' ,#).6$' *9' (' )0+,.*' 3".-"' 3"#$' 2#0' 3.11' *99#&'
#99#-0.%#' &#)+10)7' ?"#' #$%.&*$2#$0' 2+)0' 9#(0+&#' 6**,' (-*+)0.-(1' .)*1(0.*$;' (' +$.9*&2'
=91(0>' 9&#@+#$-4' &#)/*$)#' ($,' 2+)0' *99#&' )+99.-.#$0' 91#B.5.1.04' ($,' -*$0&*1' *%#&'
[#-0.*$)7'
'
c*.)#' @+.0#' ).2/14' .)' +$3($0#,' )*+$,7' K0'.)'0"#'9.&)0' ($,'2*)0' 5().-' #1#2#$0' *9' &**2'
(-*+)0.-)'0"(0'(99#-0)'($4'&#-*&,.$67'K9'('&#-*&,.$6'#$%.&*$2#$0'.)'$*.)4;'-"($-#)'(&#'
0"(0'0"#'&#-*&,.$6'3.11'5#'$*.)4'(1)*7'
c*.)#' -($' 5#' /&*,+-#,' 54' 2($4' *9' )*+&-#)7' c*.)#' -($' $#%#&' 5#' -*2/1#0#14'
#1.2.$(0#,7'
'
8-*+)0.-' .)*1(0.*$' .$' (' &#-*&,.$6' #$%.&*$2#$0' .)' 0"#' (00#2/0'0*' &#,+-#' $*.)#' 0*' (' 1*3'
(--#/0(51#'1#%#17'?".)'.)'<$*3$'()')*+$,/&**9.$67'
'
*
*
+%(4-&'%*F-($0&'()*
F$#' *9' 0"#' 2*)0' #99#-0.%#' 3(4)' *9' )*+$,/&**9.$6' (' )0+,.*Z-*$0&*1' &**2' .)' 0*' +)#' 0"#'
k&**2`.$`(`&**2l',#).6$7'
825.#$0' c*.)#' m' ?".)' .)' 0"#' -*22*$' 0#&2' 9*&' 5(-<6&*+$,' $*.)#' ($,' .)' 2#()+&#,' .$'
,\7'
'
F$'('5+)4')0&##0'(25.#$0'$*.)#'1#%#1)'-($'2#()+&#'()'2+-"'()'PQ',\'W*+$,''
a&#))+&#' [#%#1)' =Wa[>;' (' -*+$0&4' 9(&2"*+)#' 2(4' "(%#' ($' (25.#$0' 1#%#1' *9' (&*+$,'
MQ,\Wa[7'K$'('&#-*&,.$6')0+,.*;'#B/#&.#$-#'"()')"*3$'0"(0'0"#'(25.#$0'$*.)#'1#%#1)'
2+)0'1.#'3#11'5#1*3'HO,\Wa['0*'5#'(--#/0(51#7'acV'DO'.)'/	#&&#,7'
?"#&#'(&#')#%#&(1'2.)-*$-#/0.*$)'(5*+0'(25.#$0'$*.)#'($,'"*3'.0'.)'-*$0&*11#,7'W+-"'
()'+).$6'/*&*+)'04/#'*9'2(0#&.(1)'0*'1.$#'0"#')+&9(-#)'.$'('&**27'811'0".)'3.11'(-".#%#'.)'
0*' &#,+-#' 0"#' ".6"' 9&#@+#$-4' [#-0.*$)' .$' (' &**2;' .0' 3.11' $*0' &#,+-#' 0"#' )*+$,'
0&($)2.)).*$7'
! ! "#
! ! !
'
8$*0"#&' 2.)-*$-#/0.*$' (5*+0' (25.#$0' $*.)#' .)' 0"(0;' (' &**2' 0"(0' )*+$,)' @+.0#' 0*' 0"#'
#(&' "()' (' 1*3' (25.#$0' $*.)#'1#%#17'?".)' .)' 9(1)#',+#' 0*' 0"#' #(&)' (&<(51#' (5.1.04' 0*'
&#E#-0'5(-<6&*+$,'$*.)#7'?".)'/)4-"*1*6.-(1'/"#$*2#$*$'"()'5##$'.$-*&/*&(0#,'.$0*'
0"#' "#(&.$6' )4)0#2' ()' /&*0#-0.*$' (6(.$)0' )#$)*&4' *%#&1*(,' 54' 0"#' 2.11.*$)' *9' )*+$,)'
0"(0')+&&*+$,'+)7'8)'('&#)+10'3#')#1,*2'#%#$'$*0.-#')*+$,)'3".-"'-*$)0($014'#$%#1*/'
+);' )+-"' ()' 0&(99.-;' 3.$,' *&' 2#-"($.-(1' $*.)#7' 8' 2.-&*/"*$#' 3.11' /.-<+/' 0"#)#' $*.)#)'
($,'0&($)9#&'0"#2',.&#-014'0*'0"#'&#-*&,.$67''
'
i+#' 0*' 0"#' /)4-"*(-*+)0.-' 2()<.$6' *9' $*.)#;' .0' .)' %#&4' ,.99.-+10' 0*' 2#()+&#' 0"#' $*.)#'
1#%#1)'.$'('&**27'?*'(,,'0*'0"(0'0"#'"+2($'"#(&.$6'0"&#)"*1,'(1)*'%(&.#)'(--*&,.$6'0*'
9&#@+#$-47' K$' *&,#&' 0*' (-".%#' )(0.)9(-0*&4' $*.)#' 1#%#1)' .$' %(&.*+)' #$%.&*$2#$0)' cV'
-+&%#)'3#&#',#%*1*/#,7''
'
c*.)#' -&.0#&.(' =cV>' -+&%#)' -($' 5#' +)#,' 0*' #%(1+(0#' #B.)0.$6' ).0+(0.*$)' 54' 2#()+&.$6'
)*+$,'1#%#1)'(0'0"#'1*+,#)0'1*-(0.*$)'.$'&**2)'=/	#&(514'(0'+)#&'#(&'
"#.6"0>7'?"#4'-($'(1)*'5#'+)#,'0*')/#-.94'0"#')0#(,4;'*&'-*$0.$+*+)'5(-<6&*+$,'
$*.)#'1#%#1)'$##,#,'0*'"#1/'(-".#%#')(0.)9(-0*&4')*+$,'.)*1(0.*$;'/&*%.,#,'1#%#1)'(&#'M'
0*'O',\'5#1*3'0"#'cV'-+&%#'(0'5*0"'0"#'1*3'($,'".6"'9&#@+#$-.#)7'^(-"'cV'-+&%#'.)'
,#9.$#,'54'.0)')*+$,'/&#))+&#'1#%#1'*%#&'#.6"0'*-0(%#`5($,'-#$0#&'9&#@+#$-.#)')"*3$'
*$'0"#'9*11*3.$6'-"(&07'
'
! ! "$
! ! !
?"#'0(51#'5#1*3'/&#)#$0)'&#-*22#$,#,'cV'&($6#)'9*&'%(&.*+)'.$,**&'9(-.1.0.#)7'
'
V*$-#&0'"(11);'*/#&('"*+)#);'5&*(,-()0'($,'&#-*&,.$6')0+,.*);'
cV`HQ'
1(&6#'(+,.0*&.+2);'[(&6#'-"+&-"#)'($,'&#-.0(1'"(11)'
W2(11'(+,.0*&.+2);'0"#(0#&);'2+).-'/&(-0.-#'J**2);'1(&6#'2##0.$6'
&**2);'0#1#-*$9#&#$-#'&**2);'#B#-+0.%#'*99.-#);')2(11'-"+&-"#)' cV`HQ'0*'cV`IQ'
($,'-*+&0&**2)'
\#,&**2);')1##/.$6'@+(&0#&);'"*)/.0(1);'8/(&02#$0);'"*0#1)'($,'
cV`HO'0*'cV`IO'
2*0#1)'
a&.%(0#'*99.-#);')2(11'-*$9#&#$-#'&**2);'V1())&**2)'($,'1.5&(&.#)' cV`IQ'0*'cV`IO'
[(&6#'*99.-#);'&#-#/0.*$'(&#();'�(.1')"*/);'V(9#0#&.();'
cV`IO'0*'cV`MQ'
&#)0(+&($0);'642$().+2)'
[*55.#);',&(90.$6'($,'#$6.$##&.$6'&**2);'W#-�(&.(1'(&#();'
cV`MQ'0*'cV`MO'
2(.$0#$($-#')"*/)''
d.0-"#$);'1(+$,&4'9(-.1.0.#);'-*2/+0#&'#@+./2#$0'&**2)' cV`MO'0*'cV`OO'
*
*
*
T0$$*A()-&.4%&'()*2"%3)'Y4"-*
1.=*T0$$*
V*$).,#&'0"#'#99#-0'*9')*+$,')0&.<.$6'(')0($,(&,'3(11'-*$)0&+-0.*$_'-*$).)0.$6'*9'('9&(2#'
2(,#'54'Ml'B'Hl);'3.0"'.$)+1(0.*$'2(0#&.(1'($,'64/&*-<'=64/)+2'5*(&,>'*$'#.0"#&').,#7'
!"#$'(')*+$,')0&.<#)'0"#'3(11;'/(&0'*9'.0'.)'[#-0#,'5(-<'.$0*'0"#'&**27'\+0')*2#'*9'.0'
3.11' )#0' 0"#' 3(115*(&,' .$0*' %.5&(0.*$7' ?".)' %.5&(0.*$' .)' 0&($)2.00#,' 0*' 0"#' 9&(2#' ($,'
)+5)#@+#$014' 0*' 0"#' 3(11`5*(&,' *$' 0"#' *//*).0#' ).,#7' ?".)' 3(115*(&,' 5#-*2#)' (' 2.$.'
1*+,)/#(<#&;'0&($)2.00.$6'('2+991#,'%#&).*$'*9'0"#')*+$,'0*'0"#'*0"#&').,#7'?".)'#99#-0'
.)' 9+&0"#&' #$"($-#,' 3"#$' 0"#' 03*' 3(11' )+&9(-#)' (&#' *9' 0"#' )(2#' 0".-<$#));' 3".-"'
2#($)' 0"(0' 0"#4' 3.11' &#)*$(0#' (0' (' )(2#' )/#-.9.-' 9&#@+#$-47^%#&4' &.6.,' 5*,4' "()' ('
&#)*$($0'9&#@+#$-47'!"#$'.0'.)')#0'.$0*'2*0.*$'(0'.0)'&#)*$($0'9&#@+#$-4'+).$6'('0*$#'
9&*2' ($' #B0#&$(1' )*+$,' )*+&-#;' .0' 3.11' -*$0.$+#' 0*' %.5&(0#' *$' .0)' *3$' 9*&' )*2#' 0.2#;'
#%#$'(90#&'0"#'#B0#&$(1')*+$,')*+&-#'"()')0*//#,'6#$#&(0.$6')*+$,7''
'
^767'8'0+$.$6'9*&<'"()'('&#)*$($0'9&#@+#$-4'*9'MMQ'LY7'K9'4*+'91.-<'
(0'.0'3.0"'4*+&'9.$6#&;'W?V'MQ`MO'
'
.0' 3.11' %.5&(0#' (0' MMQ' LY7' F$-#' .0' .)' %.5&(0.$6' ($,' 4*+' /+0' .0' $#B0' 0*' ($*0"#&' .,#$0.-(1'
0+$.$6'9*&<'=3.0"*+0'0*+-".$6'.0>;')**$'5*0"'9*&<)'3.11'5#'"+22.$6'(0'0"(0'/(&0.-+1(&''
'
9&#@+#$-47' ?".)' .)' 0"#' )(2#' 9*&' 0"#' 3(115*(&,' 2#$0.*$#,' #(&1.#&7' !"#$' *$#' %.5&(0#)'
0"#' *0"#&' 3.11' ,*' 0"#' )(2#7' ?".)' 3(11' -*$)0&+-0.*$' .)' $*0' %#&4' )*+$,/&**9' ($,' .0' 3.11'
"(%#'('W?V'&(0.$6'*9'(&*+$,'IO'(0'5#)07'
! ! "%
! ! !
'
?"#' $*&2(1' W?V' &(0.$6' *9' (' 3(11;' 5#03##$' (' &#-*&,.$6' )0+,.*' ($,' (' -*$0&*1' &**2'
)"*+1,'5#'(&*+$,'(0'1#()0'OQ'0*'UQ7'
'
'
F$#' 3(4' 0*' (-".#%#' (' ".6"' W?V' &(0.$6' .)' 0*' (-*+)0.-(114' ,#-*+/1#' 0"#' 3(11'
)+&9(-#)7810"*+6"' 0"#&#' (&#' 2*&#' 0"($' (' 9#3' 3(4)' *9' )*+$,' /&**9.$6' 3(11);' 0"#' 5#)0'
2#0"*,'.)'0*'"(%#',*+51#'9&(2#7'?".)'2#($)'0"(0'4*+'(-0+(114'5+.1,'03*'3(11)'3.0"'$*'
-*$0(-0'5#03##$'0"#27'
'
W?V'OO`UQ'
'
?"#'9&(2#)')"*+1,'5#'2(,#'9&*2'Hl'B'Ml')0+,)'($,'0"#4'-*+1,'5#'2(,#'.$')+-"'('3(4'
0"(0'0"#')0+,)'(&#'/(&(11#1'0*'#(-"' *0"#&'*&'0"(0'0"#4'(&#')0(66#&#,'3.0"'*$#'($*0"#&7'
?"#' )0(66#&#,' )0+,' 3(11' 9&(2#' .)' 5#00#&' ()' .0' 3.11' /&#%#$0' &#)*$($-#' 2*,#)' 9&*2'
*--+&&.$6'.$'($4'3(4'3.0".$'0"#'3(117'
'
F$#' 3(11' )+&9(-#' )"*+1,' 5#' 9(-#,' 3.0"' H' B' nl' 64/&*-<' 3(115*(&,' ($,' 0"#' *0"#&' ).,#'
)"*+1,' 5#' 9(-#,' 3.0"' (' ).$61#' 1(4#&' *9' OZel' 64/&*-<' 3(115*(&,' 0*' 5#' (51#' 0*' #1.2.$(0#'
0"#'&#)*$($0'-"(&(-0#&.)0.-)'*9'0"#'3(11')+&9(-#)7'8'2.$.2+2'*9'U'.$-"#)'*9'9.5#&61())'
.$)+1(0.*$' .)' /1(-#,' .$).,#' 0"#' 3(117' ?"#' *+0#&' 3(11' -($' 5#' 2*+$0#,' *$' 0"#' #B.)0.$6'
! ! "&
! ! !
-*$-�#'91**&'($,'0"#'.$$#&'3(11'9&(2#'-($'5#'2*+$0#,'*$'c#*/&#$#'&+55#&'0*'(%*.,'
)*+$,'0&($)2.)).*$'9&*2'0"#'91**&7'
'
\#9*&#'0"#'64/&*-<')"##0)'(&#')#-+&#,'*$0*'0"#'9&(2#);'4*+')"*+1,'0".$<'*9'3"#&#'4*+'
(&#'6*.$6'0*'2*+$0'0"#'#1#-0&.-(1'*+01#0);')3.0-"#)'($,'3"#&#'3.&.$6'.)'6*.$6'0*'5#'1(.,7'
!"#&#' .)' 0"#' -*$0&*1' &**2' 3.$,*3);' ,**&;' #0-7' ).0+(0#,7' ?"#' #1#-0&.-(1' *+01#0' 5*B#)'
)"*+1,' $*0' 5#' 1*-(0#,' ,.&#-014' (-&*))' 9&*2' #(-"' *0"#&7' ?"#4' )"*+1,' 5#' )0(66#&#,'
.$)0#(,7' F$-#' #%#&40".$6' "()' 5##$' 2*+$0#,' ($,' )#-+&#,' .$0*' /1(-#' 0"#4' )"*+1,' 5#'
9.11#,' +/' 3.0"' (5)*&5#$0' 2(0#&.(17' W/&(4(51#' 9*(2' .$)+1(0.*$' -($' 5#' +)#,' 9*&' 0".)'
/+&/*)#7' ?"#$' #%#&4' 6(/' ($,' E*.$0' )"*+1,' 5#' )#(1#,' 3.0"' -(+1<.$6' .9' 0"#' ".6"#)0'
0&($)2.)).*$'1*))'.)'0*'5#'(00(.$#,7'
*
*
*
8($':*T0$$*
+*-($':*90$$*70:"*(#*Z[*Q*\[*%()%."&"*,$(%H-*.0&');*'-*82A*ROM**F&*'-*:4.0,$"G*90&".G*
&".7'&"*0):*#'."*."-'-&0)&*0$,"'&*3"06=M*
! ! "'
! ! !
B$((.*%()-&.4%&'()*2"%3)'Y4"-*
L(%.$6' )*+$,/&**9' 3(11)' (&*+$,' 0"#' )0+,.*Z-*$0&*1' &**2' .)' &(0"#&' +)#1#))' +$1#))' 0"#'
91**&' ($,' -#.1.$6' (&#' (1)*' )*+$,/&**9#,7' 8' 91*(0.$6' 91**&' .)' ).2/14' (' 1.90#,' 91**&'
)+//*&0#,'54'(' %.5&(0.*$`(5)*&5.$6'2#,.+27'^767')/&.$6;'&+55#&;'9*(2'*&'('51($<#0'*9'
)*2#'04/#7'
*
T((:")*B$(0&');*B$((.*
?"#)#' 91**&)' +0.1.Y#' "#(%4' 9&(2#3*&<' )+//*&0#,' 54' )/#-.(114' ,#).6$#,' %.5&(0.*$'
.)*1(0*&)' /1(-#,' (0' +1(&' .$0#&%(1)' 5#$#(0"' 0"#' 91**&7' ].5&(0.*$' .)*1(0*&)' (&#' 1(&6#'
51*-<)' *9' "#(%.14' -*2/&#))#,' Xc#*/&#$#' J+55#&X7' ol' /143**,' .)' /1(-#,' *$' 0*/' *9'
0"#)#'%.5&(0.*$'.)*1(0*&)'($,'0"#$'0"#'9&(2#3*&<'.)')#-+&#,'*$'0*/'*9'0".)7'
*
2=/'%0$*9((:")*#$(0&');*#$((.*
C.11.$6' 0"#' (.&)/(-#' 5#03##$' 0"#' 9&(2#)' *9' (' 3**,#$' 91*(0.$6' 91**&' 3.0"' )($,' 3.11'
.$-&#()#' 0"#' 2())' *9' 0"#' 91**&;' 0"#6' .$-&#().$6' .0)' )*+$,/&**9.$6' -"(&(-0#&.)0.-)7'
?"#')($,')"*+1,'5#',&.#,'0*'(%*.,'0"#'R.11`#99#-0)R'*9'&#).,+(1'2*.)0+&#;'3".-"'-*+1,'1#(,'
0*'3(&/.$6'*&'-&(-<.$6'*9'0"#'3**,#$'91*(0.$6'91**&'(0'('9+0+&#',(0#7'
'
V(&#'2+)0'5#'0(<#$')*'0"(0'0"#'91*(0.$6'91**&)',*'$*0'0*+-"'0"#'3(11)'(&*+$,'.0;'0"#6'
&+.$.$6'0"#'91*(0.$6'#99#-07'J+55#&'1.$.$6')"*+1,'5#'/+0'5#03##$'0"#'91**&'($,'0"#'3(11)'
($,'0"#$'-(+1<#,7'?"#'%.5&(0.*$'.)*1(0*&)'(&#'/1(-#,'D7O'2#0#&)'(/(&0'9&*2'#(-"'*0"#&'
($,'0"#'0*0(1'0".-<$#))'*9'0"#'91**&'.)'(&*+$,'n'9**07'
A()%."&"*B$(0&');*B$((.-*
8'"#(%4'-*$-�#'91*(0.$6'91**&'3*&<.$6'.$'-*$E+$-0.*$'3.0"'('-*$-�#'#B.)0.$6'91**&'-($'
#1.2.$(0#'%.&0+(114'(11'0&($)2.)).*$'*9'$*.)#'0"&*+6"'0"#')0+,.*'91**&7'
?"#' 5().-' 2#0"*,' 9*&' 5+.1,.$6' ($,' 91*(0.$6' (' -*$-�#' 91*(0.$6' 91**&' .)' 0*' )+//*&0' 0"#'
91**&' (0' +1(&' /*.$0)' 3.0"' %#&4' #99.-.#$0' %.5&(0.*$' .)*1(0*&);' 0"+)' -&#(0.$6' (' )*+$,'
(00#$+(0.$6'(.&'6(/'5#03##$'0"#'#B.)0.$6'91**&'($,'0"#'91*(0.$6'91**&7'
'
D0)"$*V"&3(:*
?"#'3#0'-*$-�#'.)'/*+&#,'*$'0*/'*9'0"#'/143**,'/($#1);'3".-"'(&#'.$'0+&$')+//*&0#,'
54' %.5&(0.*$' .)*1(0*&)7' 8' 0".$' /1()0.-' )"##0' .)' )/&#(,' *%#&' 0"#' /143**,' 0*' /&#%#$0' 0"#'
-*$-�#'9&*2'1#(<.$6'0"&*+6"'0"#'6(/)'5#03##$'0"#'/($#1)7'J#.$9*&-#2#$0'.&*$'2#)"'
.)' /1(-#,' .$' 0"#' 2.,,1#' *9' 0"#' -*$-�#7' ?"#' 0".-<$#))' *9' 0"#' -*$-�#' .)' (&*+$,' M'
.$-"#)7'
! ! "(
! ! !
'
]0%HCW/*V"&3(:*
K$'0".)'2#0"*,;'$*'/143**,'.)'+)#,7'?"#'#B.)0.$6'91**&'.)'-*%#&#,'3.0"'('3(0#&/&**9.$6'
1(4#&'*9'/1()0.-'($,'0"#'#,6#)'*9'0"#'&**2'.)'1.$#,'+/'3.0"'()/"(10`9(-#,'9.5#&61())7'?"#'
)/#-.(1' p(-<`+/' %.5&(0.*$' .)*1(0*&)' (&#' )/(-#,' (0' +1(&' .$0#&%(1)' *$' 0"#' 1(4#&' *9'
/1()0.-7' ?"#$' &#.$9*&-#2#$0' .&*$'2#)"' ($,' 5(&)'(&#' 0.#,' 0*' 0"#)#'.$)+1(0*&)' ($,' 0"#$'
0"#'-*$-�#'91**&'.)'/*+&#,7'!"#$'0"#'91**&'"()')#0;'.0'.)'&(.)#,'.$0*'/*).0.*$'54'0+&$.$6'
0"#' E(-<.$6' )-)' .$' #(-"' .)*1(0*&7' ?"#' (.&' 6(/' 3".-"' .)' -&#(0#,' .)' (,E+)0(51#' 9&*2'
5#03##$'D'0*'M'.$-"#)7'
'
'
'
'
'
'
+:60)&0;"-*(#*&3"*^0%HC4/*7"&3(:*(6".*&3"*/0)"$*7"&3(:**
?"#'"#.6"0'*9'0"#'(.&`6(/'-($'5#'(,E+)0#,'0*'0"#'0"&#)"*1,'*9'0"#',**&)7'W.$-#'$*'3**,'
.)' +)#,' 0"#&#' 3.11' 5#' $*' &*00.$6' *9' 0"#' 91**&' ($,' $*' 0#&2.0#' /&*51#2)7' K9' 0"#' %.5&(0.*$'
0&($)2.)).*$;'0"&*+6"'0"#'91**&'.)'%#&4')#%#&#;'0"#$')/&.$6`2*+$0#,'%.5&(0.*$'.)*1(0*&)'
! ! ")
! ! !
)"*+1,'5#'+)#,7':!;$1196)-'(%26($,!51)4(&-<!51))%!;&11!#40$!4!=>?!%4(&-<!)5!*)%$!(#4-!@@A!
!
A"'$');*A()-&.4%&'()*
8'91*(0.$6Z)+)/#$,.$6'-#.1.$6'.)'($'#B-#11#$0',#%.-#'9*&'(00#$+(0.$6'0"#'0&($)2.)).*$'*9'
)*+$,'0*'($,'9&*2'(5*%#7'K$'*&,#&'9*&'6**,')*+$,/&**9.$6;'0"#'91*(0.$6'-#.1.$6'2+)0'5#'
2()).%#7'c*&2(114'('91*(0.$6'-#.1.$6'.)'"+$6'9&*2'(5*%#;'3.0"'%.5&(0.*$'.)*1(0*&)'2(,#'
9&*2'$#*/&#$#'&+55#&'*&'-*.1#,')/&.$6)7'
K9'0"#'91*(0.$6'-#.1.$6'.)'6*.$6'0*'5#'"+$6'9&*2'0"#'#B.)0.$6'-#.1.$6'.0')"*+1,'5#'ql'-1#(&'
9&*2'0"#')+&&*+$,.$6'3(11)'($,'0"#'(.$.$6'(.&')/(-#'0"#$')"*+1,'5#'-(+1<#,'0.6"014'
3.0"'$*$'"(&,#$.$6'-(+1<.$6'-*2/*+$,7'?*'5#'(51#'0*'.$-&#()#'0"#')*+$,'/&**9.$6'*9'
0"#' -#.1.$6'.0' (1)*' )"*+1,' 5#' 1.$#,' 3.0"' /.$<' 5(07'?".)' 3.11' ,(2/#$' 0"#' )*+$,' 0"(0' "()'
5##$' 0&($)2.00#,' ($,' (-0' ()' ($' (5)*&5#&7' W*2#0.2#)' (' 91*(0.$6' -#.1.$6' .)' )+//*&0#,'
9&*2' 5#1*3' 54' 0"#' 91*(0.$6' 3(11)7' K$' 0".)' -()#' 0"#' 3#.6"0' *9' 0"#' -#.1.$6' .)' 0&($)9#&&#,'
,.&#-014'0"&*+6"'0"#'3(11)'#767'3.0"')2(11#&'%*.-#'*%#&'5**0")7'
'
A()&.($*!((7*T'):(9*A()-&.4%&'()*
?"#',#).6$'($,'-*$)0&+-0.*$'*9'5*0"'-*$0&*1'&**2'3.$,*3)'($,',**&)'"()'(13(4)'5##$'
*$#'*9'0"#'2*)0',.99.-+10'()/#-0)'*9')0+,.*'-*$)0&+-0.*$7'?".)'.)'5#-(+)#'.0'.)'.2/*)).51#'
0*' -*$)0&+-0' 0"#' 3.$,*3)' ($,' ,**&)' 9&*2' 0"#' )(2#'2(0#&.(1' 3".-"' 0"#' 3(11)' (&#' 5+.10'
9&*27''
'
!.$,*3)'($,',**&)'(&#'+)+(114'0"#'3#(<#)0'1.$<'.$')*+$,/&**9.$67'!"#$')*+$,'".0)'('
).$61#' /($#' *9' 61());' 0"#' 61())' 5#$,)' .$' )42/(0"4' 0*' 0"#' .$-.,#$0' )*+$,' 3(%#' ($,'
0&(%#1)')0&(.6"0'0"&*+6"'0*'0"#'*0"#&').,#;'*$14'0*'5#')1.6"014'(00#$+(0#,7'?*'5#'(51#'0*'
&#,+-#' 0"#' )*+$,' 1#%#1' 5#.$6' 0&($)2.00#,' 0*' 0"#' *0"#&' ).,#' *9' 0"#' 3.$,*3;' 0"#' 2*)0'
/&(-0.-(1'(//&*(-"'3.11'5#'0*'5+.1,'('3.$,*3'9&*2'03*'/.#-#)'*9'61())'5#.$6'/*).0.*$#,'
(' 9#3' -#$0.2#0#&)' (/(&0;' 0"+)' -&#(0.$6' ($' (.&' 6(/' 3".-"' 3.11' 9*&2' ($' (-*+)0.-(1' (.&`
)/&.$6' 0"(0' #99#-0.%#14' 3.11' ,#-*+/1#' 0"#' (.&' 2*%#2#$0' 9&*2' *$#' &**2' 0*' 0"#' *0"#&7'
!.$,*3').Y#'.)'(1)*'.2/*&0($07'K9'0"#'3.$,*3'.)')2(11#&'0"#'*%#&(11'/#&9*&2($-#'*9'0"#'
3(11'3.11'5#'5#00#&7'\+0;'.0'.)'(1)*'/*)).51#'0*'-*$)0&+-0'(')*+$,/&**9#,'3.$,*3'3.0"'0"#'
,.2#$).*$)'*9'UR'0*'eR7'K$'($4'-()#')@+(&#'3.$,*3)')"*+1,'5#'(%*.,#,7'
'
810"*+6"'0"#&#'(&#' )#%#&(1'3(4)'*9'5+.1,.$6'3.$,*3)'3".-"'3.11'/&*%.,#'('&#()*$(51#'
(2*+$0' *9' )*+$,' (00#$+(0.*$7' ?"#&#' (&#' H' @+#)0.*$)' 0"(0' )"*+1,' 5#' ()<#,' 5#9*&#'
(-0+(114',#-.,.$6'*$'3".-"'2(0#&.(1)'0*'+)#;'3".-"'-($'%(&4'0"#'-*)0'*9'0"#'-*$)0&+-0.*$'
#$*&2*+)147'L*3'1*+,'3.11'0"#')*+$,'5#'*$'0"#'*0"#&').,#'*9'0"#'-*$0&*1'&**2'3.$,*3g'
!"(0' .)' 0"#' 3(11' )+&&*+$,.$6' 0"#' 3.$,*3' 2(,#' 9&*2g'C*&' #B(2/1#;' (' %*-(1' *%#&,+5'
)0+,.*' 0"#' 3.$,*3)' -*$)0&+-0.*$' ,*' $*0' $##,' 0*' 5#' ".6"14' )*+$,/&**9#,7' 8' ,*+51#'
/($#' -*$)0&+-0.*$' 3*+1,' 5#' )(0.)9(-0*&47' K9' 0"#' )0+,.*' .)' 6*.$6' 0*' 5#' +)#,' 9*&' 1*+,'
(2/1.9.#,')*+$,);'0"#$'0"#'5#)0'/*)).51#'3.$,*3'-*$)0&+-0.*$'3*+1,'5#'&#@+.&#,'0*'5#'
(51#' 0*' /&*%.,#' (0' 1#()0' OQ' ,\' *9' (00#$+(0.*$7' ?"#' 2(0#&.(1)' +)#,' 9*&' 0"#' 3(11'
-*$)0&+-0.*$' (&#' (1)*' *9' #@+(1' .2/*&0($-#7' K0' 3.11' 5#' $*' +)#' 5+.1,.$6' (' 0&./1#' 61(Y#,'
3.$,*3'*$'(',&4'3(11'3.0"'('&(0.$6'*9'W?V'IO7'
F$-#' .0' .)' ,#-.,#,' *$' 3".-"' 04/#' *9' 2(0#&.(1)' 0"#' 3(11)' "(%#' 5##$' -*$)0&+-0#,' 9&*2;'
0"#$'4*+'-($')#1#-0'0"#'3.$,*3',#).6$7'8').$61#'/($#'*9'61())'.$'('9&(2#'2*+$0#,'*$'
(').$61#'1#(9'3(11'3.11'/&*%.,#'(//&*B.2(0#14'HO',\'*9'(00#$+(0.*$;'3".-"'3.11'"(%#'1.001#'
+)#'.$')0+,.*',#).6$7'
'
! ! "*
! ! !
a&*5(514;' 0"#' 2*)0' -*22*$14' +)#,' ,#).6$' .)' 0"#' ,*+51#' 61(Y#,' 3.$,*3;' 3".-"' .)'
-*$)0&+-0#,'9&*2' 03*' )"##0)' *9' 61())' 3.0"' HQQ'22'*9' (.&`6(/' .$' 5#03##$' #(-"' *0"#&7'
?".)'-($'/&*%.,#'(5*+0'MQ',\'*9'(00#$+(0.*$'($,'0"#'*0"#&',#).6$'.)'0"#'X0&./1#'61(Y#,'
3.$,*3X'3".-"'+)#)'0"&##')"##0)'*9'61())'3".-"'(&#'(6(.$')/(-#,'HQQ'22R)'(/(&0'($,'
)"*+1,' 5#' +)#,' 3"#$' 6**,' )*+$,' /&**9.$6' .)' &#@+.&#,7' ?"#' 0"&##`/($#' -*$)0&+-0.*$'
3.11'/&*%.,#'+/'0*'OO',\'*9')*+$,'(00#$+(0.*$7'?"#'(5*%#'2#$0.*$#,'(00#$+(0.*$'9.6+&#)'
(&#' 9*&' 0"#' 5#)0' -()#' ).0+(0.*$)7' ?"#' 3.$,*3)' )"*+1,' 5#' 0.6"014' )#(1#,;' )*+$,'
(5)*&5#$0'2(0#&.(1')"*+1,'5#'/1(-#,'.$`5#03##$'#(-"'/($#'*9'61())'($,'0"#'3"*1#'*9'
0"#'3**,'9&(2#')"*+1,'91*(0'*$'('&+55#&'5#,'($,'$*0'0*+-"'0"#'3(11)7'F&,.$(&4'U`22'
,*2#)0.-'3.$,*3'61())')"*+1,'5#'(%*.,#,7''?"#'5#)0'&#)+10)'(&#'*50(.$#,'9&*2'+).$6'
P22;'DQ22'($,'DH'22'0".-<'/($#)7'
'
V*$0&*1'&**2'3.$,*3'-*$)0&+-0.*$''
K$'3.$,*3)'3".-"'"(%#'5##$'-*$)0&+-0#,'9&*2'03*'*&'0"&##'/($#)'*9'61());'0"#'/($#)'
2+)0'$*0'5#'/1(-#,'/(&(11#1'0*'#(-"'*0"#&'($,')"*+1,'5#'*9',.99#&#$0'0".-<$#))7'K0'.)'(1)*'
('-*22*$'/&(-0.-#'0*'($61#'0"#'61())'*$'0"#')0+,.*').,#',*3$3(&,)')1.6"014'0*')0*/'0"#'
%.#3'5#.$6'*5)0&+-0#,'54'[#-0.*$)'9&*2')0+,.*'1.6"0)'3".-"'(1)*'3.11'"#1/'0*'2.$.2.Y#'
)0($,.$6'3(%#)7'
'
!"#$' .$)0(11.$6' 0"#' 61())' (11' 0"#' #,6#)' (&*+$,' 0"#' 9&(2#' )"*+1,' 5#' )#(1#,' 3.0"'
-(+1<.$6' )#(1($07' ^(-"' /($#' *9' 61())' )"*+1,' 5#' 2*+$0#,' *$' .0)' *3$' 9&(2#' ).00.$6' *$'
&+55#&'.)*1(0*&);'0"#)#'3.11'0(<#'0"#'3#.6"0'*99'0"#'61())'($,'9*&2'('-+)".*$'9*&'.0'0*').0'
*$7'K0'3.11'(1)*',(2/#$'0"#'%.5&(0.*$)'*9'0"#'61())7'K$'5#03##$'0"#'61())'/($#);'*$'0*/'
*9' 0"#' (5)*&5#$0' 2(0#&.(1' 1.$.$6' ).1.-(' 6#1' -&4)0(1)' )"*+1,' 5#' /1(-#,' 0*' (5)*&5' ($4'
2*.)0+&#'9+0+&#'2*.)0+'
! ! #+
! ! !
'
A()&.($*!((7*1((.**
?"#'(%#&(6#'0&($)2.)).*$'1*))'=?[>'*9'($'+$)#(1#,'"*11*3`-*&#',**&'.)'*$14'Dj',\7'K$'
-*2/(&.)*$' 0"#' 0&($)2.)).*$' 1*))' *9' (' 04/.-(1' ).$61#`1(4#&' 64/)+2' 3(11' 3*+1,' 5#' IO'
,\7' 80' 1*3' 9&#@+#$-.#);' #767' OQ' LY;' 0"#' (-0+(1' ?[' *9' 0"#' "*11*3`-*&#' ,**&' 2(4'
,#0#&.*&(0#' 0*' *$14' M' *&' O' ,\7' W#(1.$6' 0"#' (.&' )/(-#' (&*+$,' 0"#' ,**&' 54' (//14.$6'
3#(0"#&`)0&.//.$6' *&' &+55#&' 6()<#0.$6' 3.11' "#1/' 54' H' *&' I' ,\7' L*3#%#&;' 0".)' .)' $*0' ($'
(//&#-.(51#',.99#&#$-#7'F0"#&'0"($'/#&2($#$0'*/#$.$6);',**&)'(&#'0"#'2*)0'-*22*$'
-+1/&.0)'9*&')*+$,'1#(<(6#'.$'&**2)7'?"#'(%#&(6#'.$0#&.*&',**&'9*+$,'.$'2*)0'"*2#)'.)'
(' "*11*3`-*&#' ,**&' 0"(0' "()' 5##$' +$,#&-+0' =)"*&0#$#,' )1.6"014>' 9*&' -()#' *9' */#$.$67'
?".)' 04/#' *9' ,**&' .)' 04/.-(114' -*$)0&+-0#,' *9' 03*' 0".$' 3**,#$`%#$##&' 9(-#' /($#1)'
(,"#&#,' 0*' (' 9&(2#7' W+-"' 1.6"03#.6"0;' 9&(6.1#' -*$)0&+-0.*$' *99#&)' 1.001#' &#).)0($-#' 0*'
)*+$,7'
'
?*' *50(.$' (' ,.)0.$-0' .2/&*%#2#$0;' 0"#' "*11*3`-*&#' ,**&' )"*+1,' 5#' &#/1(-#,' 3.0"' ('
2()).%#;' ,#$)#' )*1.,`-*&#' ,**&7' \4' (//14.$6' &+55#&' *&' 9#10' 3#(0"#&`)0&.//.$6' (&*+$,'
0"#',**&'9&(2#'($,'.$)0(11.$6'('91**&'0"&#)"*1,'0*'.$)+&#'($'(.&0.6"0'9.0;'0"#'(%#&(6#'?['*9'
0"#' )*1.,`-*&#' ,**&' -($' 5#' 5&*+6"0' +/' 0*' (5*+0' IQ' ,\7' K$)0(11.$6' (' )#-*$,' )#(1#,'
)*1.,`-*&#' ,**&' *$' 0"#' *0"#&' ).,#' *9' 0"#' /(&0.0.*$' 3.11' *99#&' 0"#' 5#)0' .2/&*%#2#$0;'
5&.$6.$6'0"#'?['+/'0*'(5*+0'MQ',\7J#9&.6#&(0.*$',**&'1*-<)'-($'5#'+)#,'5#-(+)#'0"#4'
(&#' 2*+$0#,' *$' 0"#' #B0#&.*&' *9' 0"#' ,**&' 3.0"*+0' 0"#' $##,' 0*' ,&.11' 1(&6#' "*1#)' .$0*' 0"#'
,**&7' ?".)' "#1/)' 0*' /&#)#&%#' 0"#' )*+$,/&**9.$6' *9' 0"#' ,**&7' K0' (1)*' "(%#' (' #()#'
2#-"($.)2'9&*2'0"#'*0"#&').,#'0*'+$1*-<'0"#',**&7'K$'6#$#&(1'0"#4'(&#')*1.,14'5+.10'($,'
(.&'0.6"07''
*
*
! ! #"
! ! !
*
B."Y4")%=*+,-(./&'()*
?"#' 2#0"*,' 9*&' ,#).6$.$6' (' &#-*&,.$6' )0+,.*' *&' -*$0&*1' &**2' 9*&' (' )2**0"' 91(0'
9&#@+#$-4' .)' 0*' 9.&)0' 2#()+&#' 0"#' &**2G)' 9&#@+#$-4' &#)/*$)#' +).$6' (' /.$<' $*.)#'
6#$#&(0*&' ($,' (' )/#-0&+2' ($(14Y#&7' ?".)' 3.11' .22#,.(0#14' )"*3' +)' "*3' 0"#' &**2'
&#(-0)' 0*' 9&#@+#$-.#)' *%#&' 0"#' #$0.&#' (+,.*' )/#-0&+27' W*2#0.2#)' 3"#$' )/#-.(1'
(00#$0.*$' "()' 5##$' 6.%#$' .$' 0"#' ,#).6$.$6' 0"#' 3(11)' 0*' -*$0&*1' 0"#' [#-0.*$);' 0"#'
9&#@+#$-4'&#)/*$)#'*9'0"#'&**2'2(4')0.11'#B".5.0'.&+1(&.0.#)7'?*'5#'(51#'0*'0(.1*&'0"#'
9&#@+#$-4' &#)/*$)#' 0*' 0"#' ,#).&#,' )0(6#;' (5)*&5.$6' *9' 0"#)#' /(&0.-+1(&' 9&#@+#$-.#)'
2+)0'5#'-*$).,#&#,7'
'
!"#$')*+$,')0&.<#)'(')2**0";'&.6.,'(-*+)0.-(1')+&9(-#'('/*&0.*$'*9'.0'3.11'5#'[#-0#,'
5(-<' ($,' (' /*&0.*$' *9' .0' 3.11' 1**)#' #$#&64' (0' 0"#' )+&9(-#' (&#(7' 8)' 3#' <$*3' 0"#'
(5)*&/0.*$'*9'(-*+)0.-(1'#$#&64'.)'#B(-014'0"#'&#%#&)#'*9'[#-0.*$7'
?"#'/*&0.*$'*9'0"#')*+$,'3".-"'.)'(5)*&5#,'($,'0"#'/*&0.*$'3".-"'.)'[#-0#,'5(-<'.)'
+)+(114' )"*3$' ()' (' &(0.*7' ?".)' &(0.*' .)' <$*3$' ()' r0"#' (5)*&/0.*$' -*`#99.-.#$0G' *9'
(5)*&/0.%#' 2(0#&.(1)' ($,' .)' (' 9.6+&#' 5#03##$' Q' =[#-0.%#>' ($,' D' =".6"14' (5)*&/0.%#>7'
^767' .9' (' /.#-#' *9' 3**,' "()' ($' (5)*&/0.*$' -*#99.-.#$0' *9' Q7DO' W(5.$7' ?".)' 2#($)' 0"(0'
3**,'(5)*&5)'DOs'*9'0"#'.$-.,#$0'(-*+)0.-'#$#&64'3".1#'[#-0.$6'eOs'*9'.0'5(-<7'?"#'
(2*+$0'*9'(5)*&/0.*$'(0')/#-.9.-'9&#@+#$-.#)'.)',#0#&2.$#,'54'0"#' 2(0#&.(1'.0)#197'?"#'
(5)*&/0.*$'-*#99.-.#$0)'0(51#'+)+(114'3.11')"*3'3".-"'9&#@+#$-.#)'3.11'5#'(5)*&5#,'3.0"'
<$*3$'-*$)0&+-0.*$'2(0#&.(1)7'
*
K';3*B."Y4")%=*+,-(.,".-*(.*D0--'6"*+,-(.,".-*
?"#' (5)*&/0.*$' *9' ".6"' 9&#@+#$-.#)' .)' (--*2/1.)"#,' 54' 0"#' +)#' *9' ,#$)#' /*&*+)'
=.$0#&)0.-#)>'2(0#&.(1)7'^767'-1*0";'9.5#&61())'($,'-(&/#0.$67'?"#)#'2(0#&.(1)'"(%#'".6"'
(5)*&/0.*$' %(1+#)' (0' ".6"' 9&#@+#$-.#);' (11*3.$6' 0"#'".6"' 9&#@+#$-.#)' .$' (' &**2' 0*' 5#'
-(	+114'-*$0&*11#,7'
85)*&/0.*$'-*#99.-.#$0)'*9'W*$#B'-*$0*+&#,'
' W*$#B'C*(2'*9'%(&.*+)'0".-<$#))#)7''
'
! ! ##
! ! !
'
:;<5.=)65'!>5%--616%')<!?#;&%!5-!@%'%.#&!A06&B6'(!C#)%.6#&<!#'B!80.'6<*6'(<!
!
Absorption Coefficients (Hz) 125 250 500 1000 2000 4000
#
*+,-./012345$6)00 0 0 0 "7"'00 "7"'00 "7"'00 "7"800 "7"!00 "7"90
0
*+,-./012345$6)/0:5,2;6)00 0 0 "7"%00 "7"%00 "7"&00 "7"&00 "7"&00 "7"'0
0
<5+:6;/0=65>?/0@20-@2-+6;600 0 0 "7"&00 "7"A00 "7%800 "7'900 "7A"00 "7A!0
0
B5C6/0@208"(@$0=5,+D64;0@+0D@5C0+1EE6+00 0 "7"F00 "7&800 "7!900 "7AG00 "79%00 "79'0
0
B5C6/0H,;=0,C:6+C65E46045;6I0E5-.,2300
@208"(@$00=5,+D64;0@+0D@5C0+1EE6+0 0 0 "7"F00 "7&900 "7'G00 "7'800 "78F00 "7A'0
0
0<@2-+6;60E4@-./0-@5+J6000 0 0 "7'A00 "78800 "7'%00 "7&G00 "7'G00 "7&!0
0
<@2-+6;60E4@-./0:5,2;6)00 0 0 "7%"00 "7"!00 "7"A00 "7"900 "7"G00 "7"F0
0 0
K5E+,-JL0
M,3=;0>64@1+/0%"0@$N?)!/0=1230J;+5,3=;/00
,20-@2;5-;0H,;=0H5440 0 0 0 "7"'00 "7"800 "7%%00 "7%900 "7&800 "7'!0
0
!
O6),1C0>64@1+/0%80@$N?) /0)+5:6)0;@00 0
=54D05+6500 0 0 0 0 "7"900 "7'%00 "78G00 "79!00 "79"00 "7A"0
#65>?0>64@1+/0%F0@$N?)!/0)+5:6)0;@00
=54D05+6500 0 0 0 0 "7%800 "7'!00 "7!!00 "79&00 "79"00 "7A!0
0
K4@@+JL00
<@2-+6;60@+0;6++5$$@00 0 0 0 "7"%00 "7"%00 "7"%!00 "7"&00 "7"&00 "7"&0
0
M,2@461C/05J:=54;/0+1EE6+0@+0-@+.0;,4600
@20-@2-+6;600 0 0 0 "7"&00 "7"'00 "7"'00 "7"'00 "7"'00 "7"&0
0
P@@)00 0 0 0 0 "7%!00 "7%%00 "7%"00 "7"900 "7"A00 "7"90
0
P@@)0:5+Q16;0,205J:=54;0@20-@2-+6;600 0 "7"800 "7"800 "7"900 "7"A00 "7"A00 "7"90
0
R45JJL0
0M5+360:526J0@D0=65>?0:45;60345JJ000 0 "7%F00 "7"A00 "7"800 "7"'00 "7"&00 "7"&0
0
S+),25+?0H,2)@H0345JJ00 0 0 "7'!00 "7&!00 "7%F00 "7%&00 "7"900 "7"80
R?:J1C0*@5+)/0%T025,46)0;@0&0I08J/00
%AT0@-00 0 0 0 0 "7&G00 "7%"00 "7"!00 "7"800 "7"900 "7"G0
0
O5+E460@+0345$6)0;,4600 0 0 0 "7"%00 "7"%00 "7"%00 "7"%00 "7"&00 "7"&0
0
U45J;6+/03?:J1C0@+04,C6/0JC@@;=0D,2,J=00
@20;,460@+0E+,-.0 0 0 0 "7"%'00 "7"%!00 "7"&00 "7"'0 "7"800 "7"!0
0
U45J;6+/03?:J1C0@+04,C6/0+@13=0D,2,J=0@200
45;=00 0 0 0 0 "7%800 "7%"00 "7"A00 "7"!00 "7"800 "7"'0
0
B5C6/0H,;=0JC@@;=0D,2,J=00 0 0 "7%800 "7%"00 "7"A00 "7"800 "7"800 "7"'0
0
U4?H@@)0:52644,23/0'NFT0;=,-.00 0 0 "7&F00 "7&&00 "7%900 "7"G00 "7%"00 "7%%0
0
P5;6+0J1+D5-6/05J0,2050JH,CC,230:@@40 00 "7""F00 "7""F00 "7"%'00 "7"%!00 "7"&"0000 "7"&!0
0
V,+/0J5E,2JN%""0D;"0W0!"X0Y#00 0 0 "7G00 &7'00 97&0
0
V1),62-6/0J65;6)0,201:=@4J;6+6)0J65;J/00
:6+0JQ15+60D@@;00@D0D4@@+05+650 0 0 "7A"00 "79800 "7FF00 "7GA00 "7G'00 "7F!0
0
Z2@--1:,6)0-4@;=(-@>6+6)01:=@4J;6+6)00
J65;J/0:6+0JQ70D;70@D0K4@@+05+650 0 0 "78G00 "7AA00 "7F"00 "7FF00 "7F&00 "79"0
0
Z2@--1:,6)0465;=6+(-@>6+6)01:=@4J;6+6)00
J65;J/0:6+0BQ70K;70@D0D4@@+0V+650 0 0 "78800 "7!800 "7A"00 "7A&00 "7!F00 "7!"0
0
P@@)620:6HJ/0@--1:,6)/0:6+0JQ15+60D@@;00
@D0D4@@+05+650 0 0 0 "7!900 "7A%00 "79!00 "7FA00 "7G%00 "7FA0
<=5,+J/0C6;540@+0H@@)0J65;J/065-=/00
12@--1:,6)00 0 0 0 "7%!00 "7%G00 "7&&00 "7'G00 "7'F00 "7'"0
0
S:62,23JL0
B;536/0)6:62),2301:@20D1+2,J=,23J00 0 00"7&!0(0"79!0
[66:0E54-@2?/01:=@4J;6+6)0J65;J00 0 0 00"7!"0(0%7""0
R+,44J/0>62;,45;,2300 0 0 0 00"7%!0(0"7!"0
! ! #$
! ! !
0
S(9*B."Y4")%=*+,-(.,".-*(.*!"0%&'6"*+,-(.,".-*
K0'-($'5#'*5)#&%#,'9&*2'0"#'(5)*&/0.*$'-*#99.-.#$0'0(51#'0"(0'2(0#&.(1)'3".-"'*99#&'6**,'
".6"'9&#@+#$-4'(5)*&/0.*$'+)+(114',*'$*0'*99#&'6**,'1*3'9&#@+#$-4'(5)*&/0.*$7'
_0--*2.0/-*
?".)'.)',+#'0*'0"#'9(-0'0"(0'1*3'9&#@+#$-.#)'(&#'5#)0',(2/#$#,'54'-*2/1.($-#'*&'0"#'
(5.1.04' 0*' 5#$,' ($,' 91#B' 3.0"' 0"#' .$-.,#$0' 3(%#9*&27' ?".)' (11*3)' (' /*&0.*$' *9' 0"#'
3(%#9*&2)'/*3#&'0*'5#'(5)*&5#,'54'0"#'(2*+$0'*9'#$#&64')/#$0'0*'91#B'0"#'2(0#&.(17'
'
[*3' 9&#@+#$-.#)' -($' (1)*' 5#' (5)*&5#,' 54' 5())' 0&(/)7' ?"#)#' (&#' (1)*' <$*3$' ()'
&#)*$(0*&)' ($,' .$%*1%#' (' 0+$#,' (.&' -(%.047' \().-(114;' 0"#4' (&#' 5*B#)' 2(,#' 9&*2' /14'
5*(&,;' 0"#' 5.66#&' 0"#' 5*B;' 0"#' 1*3#&' 0"#' 9&#@+#$-.#)' 3.11' (5)*&57' i+#' 0*' 1*3'
9&#@+#$-.#)'1*$6#&'3(%#1#$60";'/()).%#'(5)*&5#&)'3.11'"(%#'0*'5#'%#&4'1(&6#'.$').Y#'0*'
5#'(51#'0*'(5)*&5'0"#)#'9&#@+#$-.#)7'
!
D0)"$*!"-()0&(.-*>V"7,.0)"*+,-(.,".-?*
?"#)#'&#)*$(0*&)'3.11'(5)*&5'(-*+)0.-'#$#&64'%.('0"#'%.5&(0.*$'*9'/($#1);'3"#6'0"#'
&#)*$($0' 9&#@+#$-4' .)' ,#0#&2.$#,' 54' 0"#' 0".-<$#));' 0"#' 3#.6"0' ($,' 0"#' ).Y#' *9' 0"#'
/($#17''
'
a($#1' (5)*&5#&)' 3.11' (5)*&5' (' 9(.&14' 1(&6#' &($6#' *9' 1*3' 9&#@+#$-.#);' 5+0' (0' 0"#' )(2#'
0.2#'3.11'�(.$'0"#'1.%#1.$#))'*9'0"#'&**27'?".)'.)'2(.$14',+#'0*'0"#'[#-0.%#'@+(1.04'*9'
0"#'".6"'9&#@+#$-.#)'($,'0"#'9&*$0'/($#17'\4'/1(-.$6')*2#'(5)*&5#$0'2(0#&.(1'=+)+(114'
/()).%#'(5)*&5#&)>'(-&*))'0"#'9&*$0'/($#1G)')+&9(-#'.0'.)'(1)*'/*)).51#'0*'6#0'&.,'*9'0"#'
1*3'9&#@+#$-.#)'()'3#11'()'0"#'".6"'9&#@+#$-.#)7'K0'"#1/)'0*'5&*(,#$'0"#'t'*9'0"#'/($#1'
&#)*$(0*&);'0"+)'2(<.$6'.0'('5&*(,5($,'9&#@+#$-4'(5)*&5#&7'
'
K"$73($&L*!"-()0&(.-*
?"#'L#12"*10Y'&#)*$(0*&'3*&<)'*$'0"#'/&.$-./1#'0"(0'('-(%.04'*9'-#&0(.$',.2#$).*$)'"()'
('-#&0(.$'&#)*$($0'9&#@+#$-47'K9'3#'-"($6#'0"#').Y#'*9'0"#'-(%.04'3#'-($'(1)*'-"($6#'
0"#' &#)*$($0' 9&#@+#$-47' ?"#)#' &#)*$(0*&)' 3*&<' 5#)0' *$' 0"#' 1*3#&' 2.,' &($6#'
9&#@+#$-.#)'($,'(&#'2(,#'9&*2'3**,'*&'-*$-�#7'?"#'(,%($0(6#'.)'0"(0;'0"#4'-($'5#'
0+$#,' 0*' $*0-"' *+0' (' $(&&*3' 5($,' *9' 9&#@+#$-.#)' ($,' -($' 5#' -*$)0&+-0#,' 9*&' 0"#'
/&*51#2(0.-' 9&#@+#$-.#)' *$147' K0' 3()' +)#,' 54' 0"#' ($-.#$0' A&##<)' .$-1+,.$6' 2#,.#%(1'
-"+&-"#)'.$'i#$2(&<'($,'W3#,#$7''
'
?"#'2*)0'5().-'%#&).*$'*9'('L#12"*10Y'&#)*$(0*&'.)'('5*001#7'!"#$')*+$,')0&.<#)'(0'0"#'
*/#$.$6' *9' 0"#' 5*001#' ($,' 0"#' #$-1*)#,' %*1+2#' *9' (.&' &#).)0)' -*2/&#)).*$' ($,' 0"#'
*)-.11(0.*$)' ,+#' 0*' 0"#' &#)*$($0' 9&#@+#$-4' *9' 0"#' 5*001#7' ].5&(0.*$' .$' 0"#' $#-<' .)' )#$0'
5(-<'0*3(&,)'0"#'(//&*(-".$6'3(%#7' a"()#'-($-#11(0.*$)'*--+&'($,'0"#'(//&*(-".$6'
3(%#'.)'k(5)*&5#,l'*&'-($-#11#,7''
?"#' 2*,#&$' &#)*$(0*&' .)' #.0"#&' (' )1(0' 04/#' *&' (' /#&9*&(0#,' 04/#;' 2#($.$6' 0"(0' 0"#'
*/#$.$6)' *9' 0"#' -(%.0.#)' (&#' #.0"#&' )1(0' *&' "*1#)7' \*0"' 3.11' 3*&<' #@+(114' 3#11' ($,' 0"#'
&#)*$(0*&)' (&#' #().14' .$0#6&(0#,' .$0*'0"#' ,#).6$'*9' (' -*$0&*1' &**2'*&'-*$-#&0' "(11'($,'
(&#'%#&4'*90#$'(12*)0'.$%.).51#7'
! ! #%
! ! !
!
*
*
1'##4-".-*
a&.2.0.%#'J**0'i.99+)#&'' ' ' t+(,&(0.-'J#).,+#'i.99+)#&'
'
?*'0&#(0'0"#'3(11)'($,')+&9(-#)'3.0"'(5)*&5#$0'2(0#&.(1)'2.6"0'$*'5#')+99.-.#$0'#$*+6"'
0*'#1.2.$(0#'[#-0.*$)'($,'#-"*#)'9&*2'*--+&&.$6'.$'0"#'#$%.&*$2#$07'
A#*2#0&.-')0&+-0+&#)'<$*3$'()',.99+)#&'(&#'+)#,'0*'5&#(<'+/'#-"*#)'($,'[#-0.*$)7'
i.99+).*$'.)'('0#-"$.@+#'0"(0'.)'+)#,'0*'-&#(0#'($'.&+1(&')+&9(-#'(&#('0"(0'3.11',#91#-0'
)*+$,' .$' &($,*2' ,.&#-0.*$)7' 8' ,.99+)#&' -($' &+$' %#&0.-(114' 9&*2' 91**&' 0*' -#.1.$6' *&'
"*&.Y*$0(114'9&*2'3(11'0*'3(11',.))*1%.$6'#-"*#)'($,'5&#(<.$6'+/')0($,.$6'3(%#)7''
'
?"#&#' (&#' 03*' 2(.$' ,.99+)#&' ,#).6$)' -*22*$14' +)#,' .$' -*$0&*1' &**2' ,#).6$)7' ?"#)#'
(&#' 0"#'t+(,&(0.-'J#).,+#'i.99+)#&' =t7J7i7>' ($,'0"#'a&.2.0.%#'=/&*$*+$-#,'()'/&.2#>'
J**0'i.99+)#&'=a7J7i7>7'?"#'t7J7i7'-*$).)0)'*9'/#&.*,.-')#&.#)'*9')1*0)'*&'3#11)'*9'#@+(1'
3.,0"' 5+0' 0"#' ,#/0"' .)' ,#0#&2.$#,' 54' (' )/#-.(1' $+25#&' 0"#*&4' )#@+#$-#7' ?"#' 2(.$'
9#(0+&#'*9'0"#'t7J7i7'.)'0"(0'*$#').,#'3.11'(13(4)'5#'('2.&&*&'.2(6#'*9'0"#'*0"#&').,#7'
L*3#%#&'0"#'a7J7i7'.)'$*0')422#0&.-(17'
'
i.99+)#&)' -*$)0&+-0#,' 9&*2' a7J7i7' )-(00#&)' 0"#' )*+$,' *%#&' (' %#&4' 3.,#' ($61#' ($,'
,.99+)#&)' 5()#,' *$' 0".)' ,#).6$' (&#' 2+-"' 2*&#' .$9#&.*&' 0"($' ,.99+)#&)' 5()#,' *$' 0"#'
t7J7i' ,#).6$7' ?"#4' (&#' 2+-"' 5#00#&' .$' )+//&#)).$6' (' )/#-+1(&' 1*5#' *9' 5&*(,5($,'
)*+$,' ($,' )-(00#&' 0"#' )*+$,' #$#&64' .$' %#&4' 3.,#' ($61#)7' 81)*' (&#' #().#&' 0*' 5#'
-*$)0&+-0#,7' ?*' /&#)#&%#' 0"#' .$0#6&.04' *9' #(-"' 3#11' .$' 0"#)#' ,.99+)#&' ,#).6$)' (' 0".$'
2#0(11.-')#/(&(0*&'*&',.%.,#&'.)'+)+(114'+)#,7'
'
8'.$-.,#$0')*+$,'3(%#'0"(0')0&.<#)'0"#'2*+0"'*9'#(-"'3#11;'0&(%#1)'0*'0"#'5*00*2'*9'0"#'
3#11'($,'�+&$)'0*'0"#'*/#$.$6'3"#&#'.0'&#(-0)'3.0"'0"#'.$-*2.$6'.$-.,#$0')*+$,'3(%#7'
?"#' ,#/0"' *9' #(-"' 3#11' 3.11' ,#0#&2.$#' 0"#' /"()#' (0.*$)"./' *9' 0"#' .$-.,#$0' ($,'
[#-0#,'-*2/*$#$0)'3".-"'.$'0+&$',#0#&2.$#)'0"#'($61#'(0'3".-"'0"#'&#)+10($0')*+$,'
3(%#'.)')#$0'*997'
'
! ! #&
! ! !
?"#' 5().-' #1#2#$0)' *9' 0"#' /&*-#))' *9' ,#).6$.$6' (' ,.99+)#&' .)' 0"(0' 0"#' 2(B.2+2'
9&#@+#$-4'0"(0'.)'0*'5#',.99+)#,'.)',#0#&2.$#,'54'0"#'3.,0"'*9'0"#'3#11)'3".-"'.)'(5*+0'
"(19'0"#'3(%#1#$60"'*9'0"#')"*&0#)0'3(%#1#$60"'0*'5#')-(00#&#,7'?"#',#/0"'*9'0"#'3#11)'
,#0#&2.$#)'0"#'2.$.2+2'($,'2(B.2+2'9&#@+#$-4'0"(0'.)'0*'5#',.99+)#,7'\().-(114;'0"#'
0".$$#&' 0"#' 3.,0"' 0"#' ".6"#&' 0"#' 9&#@+#$-4' 0"(0' 3.11' 5#' ,.))./(0#,' ($,' 0"#' ,##/#&' 0"#'
3#11'0"#'1*3#&'0"#'9&#@+#$-4'0"(0'3.11'5#',.))./(0#,7'
'
!
!
!
!
!
!
!
!
!
!
!
!
!
!
2!78&&9:;<!7;:8=>;7!?@!78::8AB?;!B!3,,!CD!:?B>78>=!
"B$;!!
!
!
!
*
*
*
*
*
*
*
*
*
! ! #'
! ! !
A()&.($*!((7*1"-';)*
?"#'-*$0&*1'&**2')"*+1,'"(%#'0"#')(2#'0*$(1'5(1($-#'()'0"#')0+,.*'54'#2/1*4.$6'5())'
0&(/);' ,.99+)#&);' (5)*&5#&)' ($,' $*$`/(&(11#1' 5*+$,(&.#)7' ?"#' -*22*$' 3(11' 0"(0'
)#/(&(0#)'0"#'#$6.$##&'.$'0"#'-*$0&*1'&**2'9&*2'0"#'2+).-.($)'.$).,#'0"#')0+,.*')"*+1,'
5#'(')*1.,'(-*+)0.-(1'5(&&.#&'.$'*&,#&'0*'/&#%#$0')*+$,'.$'0"#')0+,.*'9&*2'.$0#&9#&.$6'3.0"'
0"#' )*+$,' /&*,+-#,' 9&*2' 0"#' &**2' 2*$.0*&)' (0' 0"#' #$6.$##&G)' /*).0.*$7?"#' 2(.$'
2*$.0*&)')"*+1,'5#'/1(-#,'e'0*'DH'9##0'(/(&0;'($61#,'UQ*;'(.2.$6'(0'0"#'#$6.$##&7''
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
?"#'#$6.$##&G)'/*).0.*$'2+)0'5#'1*-(0#,'()'0"#')(2#',.)0($-#'9&*2'0"#'1*+,)/#(<#&G)'
)/(-.$67'?".)'2#($)'0"(0'0"#'&**2'2*$.0*&)'($,'#$6.$##&'9*&2'($'#@+.1(0#&(1'0&.($61#'
0*6#0"#&7' ^%#$' 0"*+6"' )*2#' &**2' 2*$.0*&)' (&#' #1#%(0#,7' ?"#4' )"*+1,' 5#' ($61#,'
,*3$3(&,)'/*.$0.$6'0*3(&,)'0"#'#$6.$##&'2(.$0(.$.$6'($'#@+.1(0#&(1'0&.($61#7'
'
W#0+/' 9*&' 0+$.$6' 0"#' -*$0&*1' &**2G)' &**2' 2*$.0*&7' ?"#' 2.-&*/"*$#' /*).0.*$' .)' 0"#'
#$6.$##&G)'/*).0.*$7'8'-*$0&*1'&**2'.)'-*$).,#&#,'0*'"(%#'('6**,'0*$(1'5(1($-#'3"#$'.0'
-($' /&*,+-#' (' 91(0' 9&#@+#$-4' &#)/*$)#7'!".-"' 2#($)' 0"(0' 0"#&#' .)' +$.04' 6(.$' (-&*))'
0"#' 3"*1#' (+,.*' )/#-0&+27' ?*' 0#)0' 0".);' (' )*+&-#' *9' /.$<' $*.)#' .)' .$E#-0#,' .$0*' 0"#'
-*$0&*1'&**2'%.('(')0#&#*'6&(/".-'#@+(1.Y#&'3".-"'.$'0+&$'.)'9#,'.$0*'(')0#&#*'(2/1.9.#&'
3".-"' ,&.%#)' 0"#' 2(.$' 9.#1,' 2*$.0*&)' *&' &**2' 2*$.0*&)7' J**2' 2*$.0*&)' )"*+1,' "(%#'
#.0"#&'('DHl;'DOl'*&'Del'2.,Z5())'*&'5())',&.%#&'.$'.07'
'
!"#$' /.$<' $*.)#' .)' .$E#-0#,' .$0*' 0"#' -*$0&*1' &**2' 0"&*+6"' 0"#' &**2' 2*$.0*&);' 0"#'
)/#-0&+2'($(14Y#&'3.11')"*3'0"#'-*$0&*1'&**2G)'9&#@+#$-4'&#)/*$)#')"*3.$6'0"#' ,./)'
=,#9.-.#$-.#)>'($,'/#(<)'=&#)*$($-#)>'*9'.07'?"#'6&(/".-'^t'.)'+)#,'0*'k0+$#l'0"#'&**2'
2*$.0*&)'0*'0"#'-*$0&*1'&**2'54'5**)0.$6'*&'(00#$+(0.$6'0"#'&#)/#-0.%#'9&#@+#$-4'5($,)'
(--*&,.$614' +$0.1' (' 91(0' 9&#@+#$-4' &#)/*$)#' .)' *50(.$#,7' ?".)' 91(0' 9&#@+#$-4' &#)/*$)#'
3.11'5#')##$'*$'0"#')/#-0&+2'($(14Y#&7''
'
8' W/#-0&+2' 8$(14Y#&' 6&(/".-(114' ,.)/1(4)' 0"#' (-*+)0.-' /*3#&' 1#%#1)' *9' #(-"' 0"#'
9&#@+#$-4'5($,'.$'&#(1'0.2#7'8'2.-&*/"*$#'/1(-#,'(0'0"#'#$6.$##&G)'/*).0.*$'.)0#&)'
0"#)#' &#(,.$6)' ($,' .)' -*$$#-0#,' 0*' .07' ?"#' 6&(/".-' ^t' )"*+1,' $*0' 5#' +)#,' ()' ('
)+5)0.0+0#' 9*&' /**&' &**2' (-*+)0.-)' 54' 2(<.$6' &(,.-(1' -*2/#$)(0.*$)7' L#$-#' .0' .)' ('
! ! #(
! ! !
6**,'/&(-0.-#'0*'(-".#%#'('6**,'0*$(1'5(1($-#'.$'('-*$0&*1'&**2Z)0+,.*'%.('(-*+)0.-(114'
0+$.$6' .0' 9.&)0' 5#9*&#' &#)*&0.$6' 0*' ($4' #@+(1.Y(0.*$7'8' 6&(/".-' ^t' .)' (' 2#&#' -*&&#-0.%#'
0**1'($,'$*0'('-+&#'9*&'&**2'(-*+)0.-(1'.11)7'
'
23"*!"&&');".*A()&.($*!((7*1"-';)*
?".)'-*$0&*1'&**2'.)',#).6$#,'0*'6.%#'2.$.2+2',#1(4'5#03##$'0"#',.&#-0')*+$,'($,'0"#'
^(&14' [#-0.*$)7' ?".)' .)' (--*2/1.)"#,' 54' 0"#' /1(-#2#$0' *9' [#-0.%#' )+&9(-#)' *9'
,.99#&#$0' )"(/#)' /1(-#,' (5*%#' ($,' 54' 0"#' ).,#)' *9' 0"#' #$6.$##&G)' /*).0.*$7' ?"#'
[#-0.%#')+&9(-#)'(&#'+)+(114'*9'-*$%#B')"(/#7'
'
?"#' &#(&' 3(11' .)' 2(,#' ".6"14' (5)*&/0.%#' .$' *&,#&' 0*' 2.$.2.Y#' [#-0.*$)' 5*+$-.$6' *99'
0"#27'85)*&5#$0'2(0#&.(1'+)#,'.$'($#-"*.-'-"(25#&)'.)'+)+(114'+)#,'9*&'0".)'/+&/*)#'
($,'0"#'#$0.&#'&#(&'3(11'.)'-*%#&#,'3.0"'0".)'".6"14'(5)*&5#$0;'3.,#'5($,'(5)*&5#&7'
'
'
'
'
'
'
'
'
'
'
'
'
'
!
!
"!#$%&'$(! '$$)!
*$(($+,%-!&./!0/&&,%-/'12!3/2,-%!#$%#/4&5!
'
\().-(114' 0"#' J#00.$6#&' -*$0&*1' &**2' ,#).6$' "()' 0"#' 9&*$0' 3(11)' [#-0.%#' 9&*2' 0"#'
#$6.$##&G)'/*).0.*$'($,'0"#'5(-<'3(11'(5)*&/0.%#7'*
*
! ! #)
! ! !
23"*S'6"*5):C1"0:*5):*>S":"?*A()&.($*!((7*1"-';)*
?".)'-*$0&*1'&**2',#).6$'54'i*$'i(%.)'.)'0"#'#B(-0'*//*).0#'*9'0"#'J#00.$6#&',#).6$7'
?"#'/1(-#2#$0'*9'(11'0"#'(5)*&5#$0'2(0#&.(1)'.)'.$'0"#'9&*$0'/*&0.*$'*9'0"#'-*$0&*1'&**2'
9(-.$6'0"#'#$6.$##&7'?"#'(5)*&/0.%#'2(0#&.(1)'(&#'(//1.#,'0*'(11')+&9(-#)'`'-#.1.$6;'3(11)'
($,' 91**&7' 811' 0"#' )+&9(-#)' *9' 0"#' &#(&' /(&0' *9' 0"#' -*$0&*1' &**2' (&#' [#-0.%#' ($,'
,.99+).%#7'811')+&9(-#)'2+)0'5#')422#0&.-(1'9&*2'0"#'9&*$0'0*'&#(&7'?"#'[^i^'.)')+/#&.*&'
0*' J#00.$6#&' i#).6$' 5#-(+)#' 0"#' #$6.$##&' 2*$.0*&)' *$14' 0"#' ,.&#-0' ).6$(17' L#$-#'
3"(0#%#&'"()'5##$'2.<#,' +/'.$'0"#')0+,.*'3.11'5#'"#(&,'#B(-014'0"#')(2#' 3(4'.$'0"#'
-*$0&*1'&**27':.$.2(1'.9'$*'-*1*&(0.*$'(,,#,'+$1.<#'J#00.$6#&'i#).6$7'
8'-*$0&*1'&**2',#).6$'3".-"'9*11*3)'0"#'[^i^'/&.$-./1#7'c*0#'0"#'$*$`/(&(11#1'3(11)'0*'
,.)-*+&(6#' 91+00#&' #-"*#)' ($,' )0($,.$6' 3(%#)7' ' c*0#' 0"#' ,.99+)#&' 3(11' (0' 0"#' &#(&' 0*'
<##/'0"#'(-*+)0.-(1'#$#&64'.$'0"#'-*$0&*1'&**27'
'
*
*
*
! ! #*
! ! !
!"#$"%&'()*B.""*`()"*A()&.($*!((7*1"-';)*
?".)' ,#).6$' 9*11*3)' 0"#' )(2#' (//&*(-"' *9' [^i^' -*$0&*1' &**27' ?"#' 9&*$0' 3(11)' ($,'
-#.1.$6' 9(-.$6' 0"#' #$6.$##&' (&#' )/1(4#,' (0' ($' ($61#7'?"#' [#-0.*$)' #2.00#,' 9&*2' 0"#'
&**2' 2*$.0*&)' 5*+$-#)' (&*+$,' 0"#' #$6.$##&G)' /*).0.*$7' ?"#' #$6.$##&G)' /*).0.*$'
&#-#.%#)'*$14',.&#-0').6$(17'L#$-#'.0'.)'-(11#,'[#-0.*$'9&##'Y*$#7''
! ! !
2!:?978@!E@7;FF;7!B&?;<!?G;!';&F;%?8@>!&<;;!D@>;!A<8>%8AF;!!
!
*
! ! $+