c3da2$e
TRANSCRIPT
!"#$%#&!#'$()'$*+!,-.$/$!%&0$
!"##$%&'()*+*"*$&,-.,&
0 1 2 3 $ 4 5 6 7 8 $ 4 9 : 6 8 $ 4 4 2 ; $ $! 7 3 $ % < = = 3 > 3 $ < ? $ & 3@ $ 0 3 A : 3 B $
C 3 D A 2 $ E < A 3 $ D F < 1 6 $ $! 7 3 $ % 3 2 6 3 A $ ? < A $ * 1 6 G : E $ $
D 6 H $
$I 3 2 6 3 A ? < A D 1 6 G : E J K D > 3 : J 6 I 2 L J 3 ; 1 $
$% < 2 6 D I 6 $ 1 : $ D 6 H $I ? D/ 6 I 2 L J 3 ; 1 $
&
M G A 3 I 6 G < 2 : H $$
% = G I N $ < 2 $ 6 7 3 $ ? < = = < @ G 2 > $ = G 2 N $ 6 < $ ? G 2 ; $; G A 3 I 6 G < 2 : $ 6 < $ ! % & 0 H $
$/**0122*3(45067$)5*3(45$8"269:"*236#0");+(<:28+%$3*+:();*:;*3(42&
&
=/$&>$(*$%&<:%&?"*+)#1&!"##$%&'()*+*"*$&,-.,& @"($&,-A&,.A&,,A&,-.,&
-#'O,%#-P$'#Q,-!'*!,)&$$
R$4$
QA<1K$'D63H$
• !73$%3263A$?<A$*16G:E$32I<1AD>3:$63DE:$<?$:K3IGD=$D2;$>323AD=$3;1ID6<A:8$KDAD3;1ID6<A:8$D2;$
D;EG2G:6AD6<A:$6<$A3>G:63A$?A<E$673$:DE3$:I7<<=$<A$
:I7<<=$;G:6AGI6J$S3$<??3A$D$95T$;G:I<126$<??$D;UD2I3$
A3>G:6AD6G<2$AD63:$?<A$>A<1K:$<?$?GU3$<A$E<A3J$
• #;1ID6<A:$EDB$3DA2$1K$6<$9V$7<1A:$<?$KA<?3::G<2D=$
;3U3=<KE326$IA3;G6$?<A$D==$W$;DB:J$
!"#$%#&!#'$()'$*+!,-.$/$!%&0$
S3$DA3$K=3D:3;$6<$D22<12I3$673$-1EE3A$,2:6G6163$<2$
*16G:E$D6$!73$%<==3>3$<?$&3@$03A:3BJ$!73$,2:6G6163$@G==$
I<2:G:6$<?$67A33$;DB:$<?$IDKDIG6B$F1G=;G2>$@<AN:7<K:$?<A$
3;1ID6<A:8$D==G3;$KA<?3::G<2D=:8$D2;$?DEG=B$E3EF3A:J$$
(3D61A3;$6<KGI:$?<A$673$4594$,2:6G6163$@G==$G2I=1;3$
,2I=1:GU3$XADI6GI3:8$-<IGD=$-NG==:$M3U3=<KE3268$D2;$
,22<UD6GU3$+:3:$<?$!3I72<=<>B$?<A$=3DA23A:$@G67$*16G:E$
-K3I6A1E$MG:<A;3A:$Y*-MZJ$$
!73$,2:6G6163$@G==$FAG2>$2D6G<2D==B$A3I<>2G[3;$3\K3A6:$G2$
673$?G3=;$6<$673$!%&0$IDEK1:$?<A$67A33$G2632:GU3$;DB:$<?$
G263ADI6GU3$=3DA2G2>$D2;$236@<ANG2>J$
& B($;C6D& =/%$$;C6D& E%:"0&F6*$G&
H%:<$))+:(6I1&J6#+ID&K$#9$%1&
!*"8$(*1&
L.M-&LNM&LOM&
LPNM&L,M-&L,--&
LPMM5M-&Q?&Q?&
&
'3>G:63A$FB$3]EDG=8$?D\8$<A$EDG=$
M<@2=<D;$673$A3>G:6AD6G<2$?<AE$6<$KDB$FB$I73IN$<A$K1AI7D:3$<A;3AJ$
*==$I<EK=363;$?<AE:$ID2$F3$:326$6<H$$
I?D/6I2LJ3;1$$
?D\$6<H$
^5_]^WR]V9``$
EDG=$6<H$
%3263A$?<A$*16G:E$D6$!%&0$
*66326G<2H$a1:G23::$*;EG2G:6AD6<A$$
(<AIG2D$"D==$4W4$
XJ$)J$a<\$RR9b$
#@G2>8$&0$5b^4b$
&
=/$&>$(*$%&<:%&?"*+)#1&!"##$%&'()*+*"*$&,-.,& @"($&,-A&,.A&,,A&,-.,&
W$^$
!73$K1AK<:3$<?$67G:$KA3:326D6G<2$G:$6<$6AD2:=D63$A3:3DAI7$G26<$KADI6GI3$FB$KA<UG;G2>$D2$<U3AUG3@$<?$;G??3A326$63I72<=<>G3:$67D6$ID2$F3$1:3;$6<$
:1KK<A6$=3DA23A:$@G67$*16G:E$D2;P<A$;3U3=<KE326D=$;G:DFG=G6G3:$G2$3;1ID6G<2D=8$7<E38$D2;$I<EE12G6B$32UGA<2E326:J$*2$
<U3AUG3@$<?$1:3?1=$DKK:$67D6$DA3$DUDG=DF=3$?<A$673$GX<;$!<1I7P$GX7<23$@G==$F3$KA<UG;3;$D2;$
KDA6GIGKD26:$@G==$D=:<$=3DA2$7<@$6<$IA3D63$UG;3<]$FD:3;$KA<EK6G2>$:B:63E:$1:G2>$X<@3AX<G26$
D2;P<A$K<A6DF=3$7D2;73=;$;3UGI3:J$"3=K?1=$6GK:$?<A$7<@$6<$:1II3::?1==B$1:3$63I72<=<>B$D2;$UG;3<]$FD:3;$KA<EK6G2>$:B:63E:$6<$:1KK<A6$=3DA23A:$G2$DKK=G3;$:366G2>$@G==$F3$KA3:3263;$D2;$7D2;:]<2$3\K3AG32I3:$@G67$GX<;:$@G==$F3$KA<UG;3;J$!AGIN:8$6GK:8$D2;$616<AGD=:$@G==$F3$:7DA3;$@G67$KDA6GIGKD26:$6<$G2IA3D:3$673$
=GN3=G7<<;$67D6$673B$@G==$7DU3$673$6<<=:$D2;$:1KK<A6$6<$:1II3::?1==B$1:3$63I72<=<>B$@G67$
=3DA23A:$?<==<@G2>$673$@<AN:7<KJ$
H%$)$(*$%)&&
*==$@<AN:7<K:$@G==$F3$73=;$G2$673$aA<@3A$-61;326$%3263A8$!%&0$
(AG;DBH$c!3I72<=<>B$-1KK<A6$?<A$C3DA23A:$@G67$*16G:E$-K3I6A1E$MG:<A;3A:d$
MAJ$XD1=D$e=167$G:$D$I<2:1=6D268$D167<A8$D;U<ID638$D2;$
G2;3K32;326$:I7<=DA$@7<$@<AN:$@G67$63DI73A:$D2;$?DEG=G3:$6<$KA<UG;3$G2I=1:GU3$<KK<A612G6G3:$?<A$:61;326:$@G67$;G:DFG=G6G3:$
D2;$6<$IA3D63$E<A3$A3:K<2:GU3$D2;$32>D>G2>$:I7<<=G2>$
3\K3AG32I3:$?<A$D==$=3DA23A:J$*$?<AE3A$:K3IGD=$3;1ID6<A$@7<$:3AU3;$D:$D$I=D::A<<E$63DI73A$D2;$G2I=1:G<2$?DIG=G6D6<A8$XD1=D$G:$D=:<$673$D167<A$<A$I<]D167<A$<?$632$F<<N:J$MAJ$e=167$7D:$
F332$D@DA;3;$21E3A<1:$7<2<A:$G2$73A$?G3=;$D2;$I<EE12G6BJ$-73$@D:$2DE3;$673$&D6G<2D=$M<@2$-B2;A<E3$%<2>A3::$
#;1ID6<A$<?$673$f3DA$G2$455R$D2;$673$a3==3$%3263A$<?$%7GID><g:$
,2I=1:G<2$*;U<ID63$<?$673$f3DA$G2$455^J$MAJ$XD1=D$e=167$
MAJ$.GI7D3=$-3=F:6$G:$673$MGA3I6<A$<?$a37DUG<A$!73ADKB$*::<IGD63:8$XJ*J$"3$G:$D$CGI32:3;$X:BI7<=<>G:6$D2;$D$%3A6G?G3;$
-I7<<=$X:BI7<=<>G:6$G2$&3@$03A:3B$D2;$X322:B=UD2GDJ$MAJ$-3=F:6$G:$D=:<$D$a<DA;$%3A6G?G3;$a37DUG<A$*2D=B:6$D6$673$M<I6<AD=$C3U3=J$"3$7D:$I<]?<12;3;$D2;$G:$673$#\3I16GU3$
MGA3I6<A$<?$",]-!#Xh$-1EE3A$-<IGD=$-NG==:$XA<>ADE8$D2;$673$#\3I16GU3$MGA3I6<A$<?$673$S33N32;$?<A$,EKA<UG2>$-<IGD=$
#??3I6GU323::$YSJ,J-J#JZJ$a<67$KA<>ADE:$?<I1:$<2$63DI7G2>$I7G=;A32$:<IGD=]3E<6G<2D=$D2;$KA<F=3E]:<=UG2>$:NG==:J$"3$7D:$
3\K3A6G:3$G2$X:BI7<3;1ID6G<2D=$D2;$X:BI7<=<>GID=$
#UD=1D6G<2:8$D:$@3==$D:$3UD=1D6G<2:$6<$;363AEG23$673$DKKA<KAGD6323::$<?$D$I7G=;g:$,2;GUG;1D=G[3;$#UD=1D6G<2$X=D2$
Y,#XZJ$
MAJ$.GI7D3=$-3=F:6$
MAJ$!<2G$OD2$CDDA7<U32$G:$D2$D::<IGD63$KA<?3::<A$G2$673$
M3KDA6E326$<?$-K3IGD=$D2;$#DA=B$#;1ID6G<2$D6$&<A673A2$,==G2<G:$+2GU3A:G6B$63DI7G2>$I<1A:3:$G2$DA3D:$<?$;3U3=<KE326D=$
;G:DFG=G6G3:8$D::G:6GU3$63I72<=<>B8$D2;$DKK=G3;$F37DUG<A$
D2D=B:G:J$-73$32L<B:$@<ANG2>$G2$673$?G3=;$D2;$7D:$I<2;1I63;$D2;$K1F=G:73;$:3U3AD=$A3:3DAI7$:61;G3:$<2$673$3??3I6GU323::$<?$1:G2>$UG;3<]FD:3;$G2:6A1I6G<2$?<A$KA<E<6G2>$G2;3K32;32I3$
DE<2>$G2;GUG;1D=:$@G67$*-M$D2;P<A$;3U3=<KE326D=$;G:DFG=G6G3:J$-73$7D:$KA3:3263;$67G:$A3:3DAI7$D6$2D6G<2D=$D2;$G263A2D6G<2D=$I<2?3A32I3:8$D2;$7D:$;3U3=<K3;$D2;$:7DA3;$
UG;3<$616<AGD=:$?<A$63DI7G2>$3;1ID6G<2D=$K3A:<223=$D2;$;GA3I6$IDA3$KA<UG;3A:$6<$1:3$UG;3<]FD:3;$G2:6A1I6G<2$@G67$=3DA23A:$G2$
DKK=G3;$:366G2>:J$
MAJ$!<2G$OD2$CDDA7<U32$
MAJ$!<2G$OD2$CDDA7<U32$
&
=/$&>$(*$%&<:%&?"*+)#1&!"##$%&'()*+*"*$&,-.,& @"($&,-A&,.A&,,A&,-.,&
& V$`$
!7G:$KA3:326D6G<2$@G==$;G:I1::$673$:<IGD=$I7D==32>3:$67D6$B<12>$D;1=6:$@G67$*16G:E$-K3I6A1E$MG:<A;3A:$Y*-MZ$3\K3AG32I3$D2;$DKKA<KAGD63$G263AU326G<2:$6<$D;;A3::$673:3$;G??GI1=6G3:J$S7G=3$673$3\K3I6D6G<2:$D2;$:G61D6G<2:$EDB$I7D2>3$?<A$673$G2;GUG;1D=$
67A<1>7<16$7G:P73A$=G?3:KD28$673$GEKDI6$<?$:<IGD=$:NG==:$;3?GIG6:$G:$K3AUD:GU3$D2;$:G>2G?GID26$?<A$
G2;GUG;1D=:8$673GA$?DEG=G3:$D2;$:<IG36BJ$MAJ$-3=F:6$@G==$;G:I1::$E367<;:$6<$F3663A$12;3A:6D2;$D2;$D::3::$:<IGD=$:NG==:$:6A32>67:$D2;$@3DN23::8$D:$@3==$D:$3UG;32I3]FD:3;$KADI6GI3:$6<$?<:63A$:<IGD=$:NG==:$;3U3=<KE326$D2;$>323AD=G[D6G<2$DIA<::$
32UGA<2E326:J$!7G:$G2I=1;3:$DKKA<KAGD63$G2;GUG;1D=G[3;$><D=:8$I<EKA3732:GU3$
G263AU326G<28$D2;$D$I<==DF<AD6GU3$63DE$DKKA<DI7$@G67$I<EE12G6B]FD:3;$:1KK<A6:J$MAJ$-3=F:6$@G==$
A3UG3@$G263AU326G<2:$:1I7$D:$:<IGD=$:NG==:$KA<>ADEEG2>8$:<IGD=$KA<F=3E]$:<=UG2>8$UG;3<]$E<;3=G2>8$I<EE12G6B]FD:3;$I<DI7G2>8$D2;$
<673A:J$
,2$67G:$G263ADI6GU3$:3::G<28$KDA6GIGKD26:$@G==$=3DA2$KADI6GID=$@DB:$<?$:1KK<A6G2>$:61;326:$@G67$*16G:E$-K3I6A1E$=DF3=:$D2;$<673A$;G:DFG=G6G3:$@G67G2$D$>323AD=$3;1ID6G<2$I=D::A<<EJ$!<KGI:$D;;A3::3;$G2I=1;3$
;3?G2G2>$YD2;$A3;3?G2G2>Z$*16G:E8$=G:632G2>$6<$673$U<GI3:$<?$67<:3$@G67$*16G:E8$
;G??3A326GD6G2>$G2:6A1I6G<28$IA3D6G2>$E<A3$DI6GU3$D2;$A3:K<2:GU3$=3::<2:8$EDNG2>$673$I=D::A<<E$I<E?<A6DF=38$D2;$KA<UG;G2>$<KK<A612G6G3:$?<A$I<EE12GID6G<2$D2;$
:<IGD=$:NG==$;3U3=<KE326J$!73$:3::G<2$@G==$?<I1:$<2$673$GEK<A6D2I3$<?$K1:7G2>$F3B<2;$DII3::$D2;$KDA6GIGKD6G<2$D2;$
D:NG2>$:I7<<=:$6<$I7D==32>3$:61;326:$D2;$6<$12;3A:6D2;$3DI7$=3DA23A$D:$I<EK=3\$D2;$
IDKDF=3J$
MAJ$XD1=D$e=167$ MAJ$.GI7D3=$-3=F:6$
!71A:;DBH$ca3:6$XADI6GI3:$?<A$(<:63AG2>$-<IGD=$-NG==:$?<A$f<12>$*;1=6:$@G67$*16G:E$-K3I6A1E$
MG:<A;3A:d$
S3;23:;DBH$cf<1gA3$Q<G2>$6<$C<U3$!7G:$eG;H$
#;1ID6G2>$-61;326:$@G67$*16G:E$G2$,2I=1:GU3$-I7<<=:d$