!"#$#%&'()*+,*+*-.(/./0/(12"345('&6746(893&67(2:(;&%<(#4())+,0+)).(=+*>?

(12"34(

!
"#$!$%&'(&")*+!*,!"-&)+)+./!&!0#$01')2"!&33-*&0#"!
#$%&'()!*%+$,(-!!
.)'+(/0-1!2+'34'1(!5-$,(+6$17!!
8!9(61(+-!#$%&$:'-!5-$,(+6$17!!

;<!(,(+71&$-:!1&'1!&'6!(,(+!=((-!>+$11(-!'=041!1&(!?+0<(66$0-')!(,')4'1$0-!0<!1+'$-$-:@!$1!
6((/6!10!/'-7!0=6(+,(+6@!/76()<!$-%)43(3@!1&'1!A0-')3!B$+C?'1+$%CD6!"EFE!%0-1+$=41$0-!0<!
1&(!G<04+!)(,()6D!&'6!)'61(3!)0-:(61!'-3!3(6(+,(3!$1!=(61HI!J0>(,(+@!>(!&',(!/'3(!60/(!
61+$3(6!6$-%(!1&(-!$-!3(,()0?$-:!1&(!:(-(+')!3$6%$?)$-(!0<!(,')4'1$0-@!'-3!K!&(+(!?+0?06(!
60/(!>'76!10!()'=0+'1(!&$6!'??+0'%&@!='6(3!0-!1&06(!3(,()0?/(-16HL!K-!1&(!6?$+$1!0<!%0-%$M
6$0-!1&'1!&(!(N(/?)$<$(3@!K!&',(!1+$(3!10!?+0,$3(!('6$)7!+(/(/=(+(3!)'=()6!<0+!('%&!0<!1&(!
=4))(1!?0$-16!0<!(66(-1$')!%0/?0-(-16!:$,(-!&(+(H!O41!1&$6!"IM?0$-1!%&(%C)$61!'6!'!>&0)(@!
6$-%(!$1!$-%)43(6!/7!64=61'-1$')!3(,()0?/(-1P60/(1$/(6!$1D6!+('3'=)(!'6!'!+'3$%')!1+'-6M
<0+/'1$0-!1&'1!&(!/$:&1!-01!&',(!'??+0,(3P0<!&$6!<04+!%0/?0-(-16!Q1&(6(!'+(!'61(+$6C(3R@!
/'C(6!-0!%)'$/!10!%0-%$6$0-H!S&(!($:&1!K!&',(!'33(3P60/(!$-6?$+(3!=7!&$6P'+(!<'$+)7!('67!
10!4-3(+61'-3!'-3!'+(!'%%0/?'-$(3!=7!'!<(>!)$-(6!0+!?'+':+'?&6!0<!(N?)'-'1$0-@!(N'/?)(6!
0<!46(!'-3!/$646(@!'-3!60/(1&$-:!'=041!/(1&036!0<!1(61$-:H!!
S&$6!%&(%C)$61!$6!$-1(-3(3!<0+!46(!>&(-!/0+(!1&'-!'!6$/?)(!=0110/!)$-(!$6!+(T4$+(3@!$H(H@!<0+!
>&'1!$6!60/(1$/(6!%'))(3!'-')71$%!0+!3$':-061$%!(,')4'1$0-@!$-!($1&(+!Q$R!<0+/'1$,(!0+!Q$$R!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"!!U%C-0>)(3:/(-16H!Q$R!S&$6!>0+C!>'6!3(,()0?(3!'6!?'+1!0<!'!%0-1+'%1!<0+!(N1(+-')!(,')4'1$0-!0<!1&(!

$-1(+-'1$0-')!>0+C!0<!J($<(+!.0+?0+'1$0-!0-!?0,(+17!+(34%1$0-@!>&(-!$1!=(%'/(!%)('+!1&'1!J($<(+D6!
(N1(-6$,(!(<<0+16!'1!1+'$-$-:!+(%$?$(-16!0<!1&($+!30-'1(3!)$,(610%C!%04)3!=(-(<$1!<+0/!$/?+0,(3!
(,')4'1$0-H!Q$$R!S&(!%&(%C)$61!3(,()0?(3!&(+(!&'6!=((-!64=61'-1$'))7!$/?+0,(3!<+0/!$16!<$+61!3+'<1!
<0+/!$-!+(6?0-6(!10!60/(!$-,')4'=)(!64::(61$0-6!<+0/!V0=(+1!O+$-C(+&0<<@!10!>&0/!/'-7!1&'-C6H!
*0/(!0<!1&(!?0$-16!&(!/'3(@!'-3!60/(!01&(+6!K!=0++0>(3!<+0/!&$/@!'+(!10!=(!<04-3!$-!&$6!(N%())(-1!
=00C@!!"##$%&'!()$%$%&*+',-.(/!QO(++(11MB0(&)(+@!IWWXRH!Q$$$R!*0/(!>()%0/(3!+('%1$0-6!=7!1&(!YXW!
/(/=(+6!0<!Z[U\SU\B!>&0!+(T4(61(3!%0?$(6!0<!1&$6!?'?(+!&',(!')60!&'3!'-!(<<(%1H!
I!S&(!)'1(61!,(+6$0-!0<!1&$6!$6!$-!&$6!01)#2)-$%&'!()$%$%&'3(.&()4+5'!6"'7.2('8"1"#+!QL+3!Z3$1$0-R@!

O(++(11MB0(&)(+@!IWWXH!
L!!*0/(!0<!1&(6(!3(,()0?/(-16!'+(!041)$-(3!$-!/7!01)#2)-$.%'!6"+)2(2+'Q*':(@!"EE"RH!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
64//'1$,(!0+!Q$$$R!'6%+$?1$,(]!/03(H!S&$6!'??+0'%&!%'-!')60!=(!46(3!<0+!Q$,R!/0-$10+$-:@!
>&(+(!$16!46(!>$))!0<1(-!&()?!&('3!0<<!6(+$046!?+0=)(/6H!K1!/'7!')60!=(!46(<4)!<0+!Q,R!>+$1$-:!
+(T4(616!QV^_6R!<0+!(,')4'1$0-!0<!1+'$-$-:@!'-3!<0+!Q,$R!(,')4'1$-:!+(?0+16!1&'1!'+(!64??06(3!
10!%0-61$141(!6(+$046!(,')4'1$0-6!0<!1+'$-$-:!Q$H(H@!<0+!/(1'M(,')4'1$0-R`!'-3!<0+!Q,$$R!&()?$-:!
$-!1&(!3(6$:-!0<!:003!1+'$-$-:!?+0:+'/6H!O41!$1!$6!?'+1$%4)'+)7!'$/(3!'1!<$-3$-:@!0+!?)'--$-:!
10!',0$3@!6$14'1$0-6!>&(+(!'!1+'$-$-:!?+0:+'/!/$:&1!<'$)!0+!&'6!<'$)(3H!9$1&!%'+(<4)!1&04:&1@!
0-(!%'-!')60!46(!1&(!SZ.!10!:4$3(!60/(!(34%'1$0-')!(,')4'1$0-6@!C((?$-:!$-!/$-3!1&'1!(34M
%'1$0-!$6!3$<<(+(-1!<+0/!1+'$-$-:H!J0>!3$<<(+(-1a!S&'1D6!'!,(+7!&'+3!T4(61$0-`!?)('6(!6((!1&(!
(-3-01(!0-!1&(!3$<<(+(-%(!=(1>((-!1+'$-$-:!'-3!1('%&$-:!<0+!0-(!'-6>(+H!!
S&(!%&(%C)$61!%&(%C?0$-16!'+(b!"H!c((3`!!IH!A(6$:-`!!LH!V(%+4$1/(-1`!!]H!A()$,(+7`!!FdH!V('%M
1$0-`!!XdH!\('+-$-:d`!!edH!V(1(-1$0-`!!fH!U??)$%'1$0-`!!EH!ZN1(-6$0-`!!"WH![')4(`!!""H!U)1(+-'M
1$,(6`!!"IdH!V(14+-!0-!K-,(61/(-1!QV;KRH!!S&(!<4))!%0-1(-1!$6!,(+7!3(1'$)(3!'-3!$-!/'-7!%0-M
1(N16!$1!>04)3!=(!100!/4%&!10!1+7!<0+!6(+$046!$-,(61$:'1$0-!0<!(,(+7!%&(%C?0$-1H!O41P'-!$/M
?0+1'-1!G=41DPK!=()$(,(!$1D6!>0+1&!1&$-C$-:!1&+04:&!('%&!0<!1&(/@!10!/'C(!64+(!704!&',(!'1!
)('61!:(-(+')!(,$3(-%(!1&'1!$1D6!-01!:0$-:!10!=(!<'1')!10!6C$?!$1!$-!704+!3(1'$)(3!61437H!*0!30!
-01!:$,(!4?!>&(-!+('3$-:!1&$6!=(%'46(!$1!6((/6!(N%(66$,()7!)0-:!'-3!3(1'$)(3!<0+!704+!?4+M
?06(6`!/(-1')!%&(%C6!%061!')/061!-01&$-:!'-3!0<1(-!?+034%(!)'+:(!'-3!1'-:$=)(!+(14+-6H!
K!46(!1&(!1$1)(!GS+'$-$-:!Z,')4'1$0-!.&(%C)$61D!QSZ.R@!<0+!1&$6!$-61+4/(-1@!'-3@!'6!/(-1$0-(3@!
?+0,$3(!-01!0-)7!'!3(<$-$1$0-!0<!('%&!%&(%C?0$-1!=41!')60!60/(!$-3$%'1$0-!0<!'-!'??+0?+$'1(!
/(1&03!<0+!,(+$<$%'1$0-@!'-3!0<1(-!60/(!%0//0-!1+'?6!10!=(!',0$3(3H!U!<0+1&%0/$-:!'?M
?(-3$N!Q'HCH'H!'--(NR!10!1&(!?'?(+!>$))!?+0,$3(!'!&7?01&(1$%')!(N'/?)(!0<!17?$%')!46(!$-!$-M
1(+-'1$0-')!'$3!1+'$-$-:@!%0,(+$-:!1>0!)(,()6!0<!%061H!S&(!)0>M%061!,(+6$0-!$6!$-1(-3(3!10!
6&0>!1&'1!46$-:!1&(!SZ.!-((3!-01!=(!=4+3(-60/(!$-!61+'$:&1<0+>'+3!%'6(6@!>&(+(!+(<)(%M
1$0-!0-!/'-7!0<!1&(!%&(%C?0$-16!$6!(-04:&!10!1())!704!&0>!10!%0,(+!1&(/!>$1&041!(N?(-6$,(!
$-,(61$:'1$0-@!'-3!1&$6!$6!')/061!')>'76!%061M(<<(%1$,(H!S&(!/0+(!()'=0+'1(!C$-3!0<!3(6$:-!$6!
0<1(-!>())Mg461$<$(3!>&(-!'!)'+:(M6%')(!0+!%061)7!1+'$-$-:!?+0g(%1!$6!$-,0),(3!Q0+!?+0?06(3R@!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
]!U6%+$?1$,(!/03(!$6!1&(!46(!0<!(,')4'1$0-!6$/?)7!10!'33!10!04+!C-0>)(3:(H!ZN'/?)(6!$-%)43(!(,')4'M

1$0-6!=7!&$610+$'-6!0<!1&(!>'7!c'?0)(0-!46(3!&$6!%',')+7@!0+!+0'3!1(616!0<!1&(!/'-7!%'+6!1&'1!-0>!
%061!/0+(!1&'-!'!?(-1&046(!0-!F1&!U,(-4(!$-!c(>!h0+C!Q6$-%(!<(>!0+!-0-(!0<!1&($+!+('3(+6!'+(!%'-M
3$3'1(6!<0+!?4+%&'6(!0+!+(3(6$:-!0<!64%&!%'+6RH!

I!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
'6!$1!>$))!0<1(-!?+(,(-1!%0//0-!<'$)4+(6!10!3()$,(+!:003!+(64)16!<+0/!1+'$-$-:@!0+!(N?(3$1(!
1&($+!()$/$-'1$0-!>&(-!1&(7!30!0%%4+H!
!

"-&)+)+.!$%&'(&")*+!0#$01')2"!4"$05!
Z'%&!0<!1&(!<0))0>$-:!%&(%C?0$-16!6&04)3!=(!'33+(66(3@!(,(-!$<!0-)7!=+$(<)7@!!Q$R!$-!'-7!6(+$M
046!7A&'8&6#2%!2:@!0+!Q$$R!9"2924&'B374#$%!:2"@!'!1+'$-$-:!?+0:+'/`!'-3!Q$$$R!>&(-!497C#:<#%$!
0-(!10!=(!3(,()0?(3!0+!3()$,(+(3!=7!0-(D6!0>-!0+:'-$i'1$0-!0+!=7!01&(+6!>0+C$-:!<0+!$1`!
'-3!>&(-!Q$,R!"7A#71#%$!&%!7A&'8&6#2%!0<!0-(H!
67!+8897!!J(+(!>(!)00C!<0+!47"#284(7A#37%C7!1&'1!1+'$-$-:!%04)3!+('))7!=(!1&(!D746!'-6>(+!10!&(
"7&'!?+0=)(/!$-!6E#4(0+:'-$i'1$0-!"#$E6(%21(<0+!6E#4($"289H!V(T4$+$-:!1&$6!C$-3!0<!(,$3(-%(!
6((/6!0=,$046!(-04:&@!=41!'))!100!0<1(-!1&(!64??06(3!-((3!$6!/(+()7!0-(!0<!1&(!<0))0>$-:b!'!
)0-:M(61'=)$6&(3!0<<(+$-:@!-01!+(%(-1)7!+(%0-6$3(+(3`!'-!4-64=61'-1$'1(3!$-14$1$0-!=7!60/(!
(N(%41$,(!>&0!&'6!=((-!$-6?$+(3!=7!60/(1&$-:!1&(7!&('+3!0+!+('3`!1&(!+(64)16!0<!'!1&%64!
64+,(7F!0<!61'<<!Q>&0!/'7!+('))7!=(!,01$-:!<0+!'!<4-!%&'-:(!<+0/!=0+$-:!+041$-(6R`!60/(M
1&$-:!1&(!JV!3(?'+1/(-1!1&$-C6!>04)3!/'C(!1&(/!)00C!>$1&M$1!0+!'1!)('61!46(<4)`!0+!'!GC((?!
4?!>$1&!1&(!j0-(6D!+(6?0-6(!10!60/(!%4++(-1!<'6&$0-!$-!1+'$-$-:!0+!'-(%301')!+(?0+1!<+0/!
Q0+!'=041R!'!%0/?(1$10+H!G*(+$046!(,$3(-%(D!/('-6!=($-:!'=)(!10!3(6%+$=(b!Q$R!'!497C#:#73!$-M
%+('6(!$-!B*U[X!1&'1!$6!Q$$R!%7C744&"<!$H(H@!(66(-1$')!<0+!64+,$,')@!0+!'1!)('61!&$:&)7!3(6$+'=)(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F!!U!%773!$6!60/(1&$-:!>$1&041!>&$%&!'!6761(/!0+!?(+60-!<')1(+6!0+!<'$)6!10!?(+<0+/!1&($+!<4-%1$0-!'1!

'-!'??+0?+$'1(!)(,()H!c((36!'+(!0<1(-!-01!+(%0:-$i(3!'6!64%&!=7!1&06(!>&0!&',(!1&(/@!>&(+('6!
>'-16!'+(!<()1!?+(<(+(-%(6H!A$(1'+7!-((36!,6H!>'-16@!(6?(%$'))7!$-!%&$)3+(-@!?+0,$3(!:003!(N'/?)(6!0<!
1&(!3$<<(+(-%(H!*1'<<!64+,(76!0-)7!?+0,$3(!'!:7'6(%7734!'66(66/(-1!<0+!1+'$-$-:H!S&$6!>$))!7$()3!704!
60/(!(N'/?)(6!0<!1+4(!-((36@!=41!>$))!/$66!C(7!()(/(-16!1&'1!704!%'-!0-)7!:(1!<+0/!01&(+!604+%(6@!
-01'=)7!Q$R!64?(+,$60+$')!+'1$-:6!0<!?(+<0+/'-%(!%0/?(1(-%(@!Q$$R!%)$(-1k%4610/(+k%0-64/(+!$3(-1$M
<$%'1$0-!0<!>('C!?(+<0+/'-%(@!'-3!Q$$$R!0=g(%1$,(!3'1'!0-!?(+<0+/'-%(!(++0+6!0+!6&0+1%0/$-:6H!
90+6(@!$1!>$))!$-%)43(!/'-7!+(6?0-6(6!1&'1!30!-01!+(?+(6(-1!-((36!704!6&04)3!'33+(66@!($1&(+!=(M
%'46(!1&(!+(6?0-3(-16!%04)3!-01!46(!1&(!1+'$-$-:!$-!1&($+!g0=6!0+!%04)3!-01!4-3(+61'-3!1&(!1+'$-$-:H!
X!!B*U[!Q?+0-04-%(3!GC'7M6',DR!$6!'-!(N1(-6$0-!0<!1&(!464')!6&0+1&'-3!B*U!QQ'HCH'H!*BUR@!61'-3$-:!
<0+!C-0>)(3:(@!6C$))6@!'-3!'=$)$1$(6R@!10!$-%)43(!'![!<0+!,')4(6@!$-%)43$-:!'11$143(6H!QB*U!$6!0%%'6$0-M
'))7!46(3!10!61'-3!<0+!C-0>)(3:(@!6C$))6@!'-3!'11$143(6@!>&$%&!>04)3!%0,(+!,')4(6@!=41!10!',0$3!%0-M
<46$0-@!K!&',(!(N?)$%$1)7!'33(3!,')4(6k'11$143(6HR!!.&'-:(6!$-!,')4(6!'+(!60/(1$/(6!1+'$-'=)(@!'1!
)('61!10!60/(!(N1(-1P')=($1!>$1&!%0-6$3(+'=)(!3$<<$%4)17P'-3!0<1(-!&$:&)7!3(6$+'=)(@!(,(-!)$<(M
6',$-:H!9&$)(!1&(+(!$6!60/(!+()4%1'-%(!$-!1&(!1+'$-$-:!?+0<(66$0-!10!=(!4?!<+0-1!'=041!1&(!-((3!10!
%&'-:(!'11$143(6k,')4(6@!$1!$6!0=,$046!1&'1!1&$6!$6!$-!<'%1!%+4%$'))7!$/?0+1'-1!(H:H@!$-!6'<(17!1+'$-$-:@!

L!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
<0+!0?1$/')!?(+<0+/'-%(!'-3!$6!Q$$$R!?+0,'=)7!6"&#%&D'7!<0+!Q$,R!'!497C#:#73!:+04?!0<!?(0?)(H!
J(-%(!$1!6&04)3!$-%)43(!1(61!3'1'@!0=6(+,'1$0-6!'=041!?(+<0+/'-%(@!0+!01&(+!%0:(-1!'+:4M
/(-16!$-3$%'1$-:!1&'1b!Q$R!1&$6!:+04?!3274(%26(%21(E&A7!1&(!+(T4$6$1(!B*U[`!Q$$R!1&$6!:+04?!$6!
C&9&D'7(2:(&CF8#"#%$!1&(!3(6$+(3!B*U[!1&+04:&!1+'$-$-:!1&'1!>(!%'-!?+0,$3(!0+!0=1'$-`!Q$$$R!
1&(!1+'$-$-:!10!30!1&$6!>04)3!=(!C246G(&%3("7428"C7G9")+$:#"`!Q$,R!$<!1&(!+(T4$6$1(!1+'$-$-:!
>(+(!?+0,$3(3@!$1!>04)3!?+0='=)7!?+034%(!'!?(+<0+/'-%(!$/?+0,(/(-1!>$1&!9&<2::4(6E&6(
128'3(9"2D&D'<(C2;97%4&67(:2"(6E7(9"2H7C673(C2464P/('-$-:!3$+(%1@!$-3$+(%1@!'-3!0??0+14M
-$17!%0616P0<!1&(!1+'$-$-:`!Q,R!1+'$-$-:!=7!704!0+!704+!%&06(-!1+'$-(+6!$6!'!;2"7(C246G
"99";-$1"(9&6E(62(6E7(374#"73(46&67(6E&%(&6('7&46(6E7(2DA#284(&'67"%&6#A74!64%&!'6b!Q'R!E#"#%$!
-(>!61'<<!Q<0+!0-6$1(!0+!0-)$-(!>0+CR!>&0!')+('37!&',(!1&(!+(T4$+(3!B*U[`!Q=R!286428"C#%$!
1&(!>0+C!10!?+$,'1(!0+!?4=)$%!(34%'1$0-')k1+'$-$-:!0+:'-$i'1$0-6`!'-3!Q%R!?+0,$3$-:!/0+(!
60?&$61$%'1(3!7F8#9;7%6!Q(H:H@!%0/?41(+!&'+3>'+(!'-3k0+!60<1>'+(R!<0+!1&(!?+(6(-1!61'<<H!!
K1!$6!4-464')!10!64::(61!1&'1!'!-((36!'66(66/(-1!Q'HCH'H!-((36!'-')76$6R!6&04)3!$-%)43(!%0-M
6$3(+'1$0-6!0<!<('6$=$)$17!'-3!?+0g(%1(3!%061M(<<(%1$,(-(66@!=41!$-!/061!%0-1(N16!Q(H:H@!?)'-M
-$-:@!/0-$10+$-:@!(,')4'1$-:R!1&(+(!$6-D1!/4%&!?0$-1!$-!6'7$-:!1&'1!60/(0-(!G-((36D!60/(M
1&$-:!1&'1!$6-D1!<('6$=)(!0+!1&'1!>04)3-D1!=(!>0+1&!>&'1!$1P0+!60/(!%&('?(+!')1(+-'1$,(P
>04)3!%061H!;-)7!$<!1&(!%0-1(N1!$6!0-(!0<!<4-3M+'$6$-:!:0')6!<0+/4)'1$0-@!0+!0<!2'1(6M)(,()!+(M
604+%(6@!%'-!0-(!,$+14'))7!$:-0+(!%061M=(-(<$1!%0-6$3(+'1$0-6H!*0!+(T4$+(/(-16!Q$$$R@!Q$,R@!'-3!
Q,R!'+(!464'))7!'??+0?+$'1(H!
K1!$6!')60!%+4%$')!10!>'1%&!<0+!'-3!%)'+$<7!6$14'1$0-6!>&(+(!1&(!?'70<<!<+0/!1&(!1+'$-$-:!>$))!
0-)7!0%%4+!$<!01&(+!:+04?6@!(H:H@!1&(!1+'$-((6D!/'-':(+6@!0+!G+(?0+16D!Q'HCH'H!64=0+3$-'1(6R@!0+!
?((+6@!0+!%4610/(+6k%)$(-16!>$))!64??0+1!0+!%00?(+'1(!$-!%(+1'$-!>'76!>$1&!D26E!1&(!1+'$-M
((6D!+()('6(!<0+!1+'$-$-:!'-3!>$1&!1&($+!-(>!B*U[!>&(-!1+'$-(3H!K<!($1&(+!>$))!=(!(66(-1$')P
'-3!=01&!'+(!464'))7!(66(-1$')P0-(!/461!(-64+(!1&'1!1&(7!>$))!$-!<'%1!0%%4+!'6!-((3(3@!'-3!
?+0,$3(!(,$3(-%(!1&'1!1&$6!$-64+'-%(!&'6!=((-!0=1'$-(3b!0+!'33!1&(/!10!1&(!:+04?6!-((3$-:!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
'-:(+!/'-':(/(-1@!6(N4')k+'%$')k%4)14+')!&'+'66/(-1!',0$3'-%(@!'33$%1$0-!1(+/$-'1$0-@!(-1+(?+(M
-(4+6&$?!1+'$-$-:H!S&(!&'+3!?'+16!'+(b!Q$R!10!%0++(%1)7!3$61$-:4$6&!1&(!,')4(6!1&'1!%'-!=(!)(:$1$/'1()7!
1'+:(1(3!<+0/!01&(+6!1&'1!'+(!?+$,'1(!+$:&16`!Q$$R!10!/'C(!%)('+!1&'1@!'-3!>&7@!,')4(!6&$<1$-:!$6!0-(!0<!
1&(!'$/6!Q4-3(+!$-<0+/(3!%0-6(-1!%0-61+'$-16R`!'-3!Q$$$R!10!?+034%(!0+!3(/0-61+'1(!'-7!6$:-$<$%'-1!
%&'-:(6H!#0+')!(34%'1$0-!$6!'!64?+(/()7!$/?0+1'-1!(N'/?)(!0<!1+'$-$-:!1&'1!$-,0),(6!'))!1&(6(!3$<<$M
%4)1$(6H!

]!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
1+'$-$-:@!?+0='=)7!0<!'!3$<<(+(-1!C$-3H!QS&$6!>$))!0<!%04+6(!/('-!1'C$-:!'%%04-1!0<!1&(!%0-M
6(T4(-1!%061!$-%+('6(RH!S&$6!1'6C!6&04)3!=(!+(:'+3(3!'6!?'+1!0<!1&(!341$(6!0<!1&(!1+'$-M
$-:k(34%'1$0-k3(,()0?/(-1!3(?'+1/(-1@!$<!1&(+(!$6!0-(P0+!1&(!1+'$-$-:!%0-64)1'-1!$<!-01P
'-3!$-!1&(!)'11(+!%'6(!>$))!+(T4$+(!60/(!6(+$046!>0+C!=7!'-!'??0$-1(3!)$'$60-!61'<<(+!$-!1&(!
0+:'-$i'1$0-!>&0!&'6!(-04:&!$-<)4(-%(!10!:(1!1&(!+(T4$+(3!%00?(+'1$0-!<+0/!3(?'+1/(-16!
$-!1&(!0+:'-$i'1$0-H!!
_+0,$3$-:!1&$6!C$-3!0<!-((36!'66(66/(-1!$-!3(1'$)!%04)3!=(!'!/'g0+!1'6C!+(T4$+$-:!%0-6$3(+M
'=)(!6C$))@!=41!$1!$6!17?$%'))7!/4%&!%&('?(+!1&'-!4-3(+1'C$-:!1+'$-$-:!='6(3!0-!60/(0-(D6!
&4-%&(6!'=041!1&(6(!$664(6H!!
":8!;<=>?@>=ABA8C8A!DEFF8D?@GH!:8<8!$6!0-)7!1&'1!('%&!0<!1&(!T4(61$0-6!)$61(3!'=0,(@!'-3!$-!
1&(!<0))0>$-:!%&(%C?0$-16@!6&04)3!'1!)('61!=(!&33"74473(47"#284'<(#%(&(;&%&$7;7%6(2"(46&::(
3#4C844#2%(Q?066$=)7!$-,0),$-:!'!%0-64)1'-1R!=(<0+(!'!1+'$-$-:!?+0?06')!$6!+(T4(61(3He!A(M
?(-3$-:!0-!1&(!%061!0<!1&(!?+0?06(3!0+!(N$61$-:!1+'$-$-:@!$1!/'7!0+!/'7!-01!=(!>0+1&!:(11$-:!
1&(!-((36!'66(66/(-1!30-(!?+0<(66$0-'))7@!($1&(+!$-1(+-'))7!0<!(N1(+-'))7@!?+(<(+'=)7!46$-:!
1&$6!%&(%C)$61!0+!'-!$/?+0,(/(-1!0-!$1H!
I7!J8D@FH7!!5-3(+!1&$6!&('3$-:@!1&(+(!-((36!10!=(!-01!0-)7!'!+('60-'=)7!3(1'$)(3!3(6$:-!Q$H(H@!
0-(!1&'1!6?(%$<$(6!%4++$%4)4/@!?(3':0:$%')!'??+0'%&@!61'<<!B*U[6@!'-3!1$/(k6?'%(k(T4$?M
/(-1!+(T4$+(/(-16R!=41!60/(!(,$3(-%(!1&'1!1&(!?+0?06(3!1+'$-$-:(&%3(&442C#&673(&3A7"6#4G
#%$.(46&::#%$.(C2%67%6.(&%3("7F8#"73(48992"6P$6!'%%4+'1()7!1'+:(1(3!0-b!Q$R!1&(!3(/0-61+'1(3!
-((3`!Q$$R!1&(!$3(-1$<$(3!1'+:(1!:+04?D6!='%C:+04-3!'-3!%4++(-1!B*U[`!'-3!Q$$$R!1&(!+(M
604+%(6!','$)'=)(!'1!1&(!?)'--(3!3()$,(+7!6$1(@!$-%)43$-:!/'-':(/(-1!'-3!)0:$61$%')!64??0+1!
'1!'))!+()(,'-1!)(,()6H!U!?+$/'!<'%$(!1(61!0<!1&(!3(6$:-!%'-!=(!30-(!=7!%'+(<4))7!%0/?'+$-:!
1&(!+(64)16!<+0/!1&(!-((36!'66(66/(-1!0<!.&(%C?0$-1!"!>$1&!1&(!3(6%+$?1$0-!'-3!3(1'$)6!0<!
1&(!?+0?06(3!1+'$-$-:!?)'-@!$-%)43$-:!1&(!'3,(+1$6$-:@!1+'$-(+6@!1+'$-((6@!01&(+!61'<<!+(M
T4$+(3@!'-3!6$1(H!K1!$6!-01!(-04:&!10!6$/?)7!?$%C!'!>())MT4')$<$(3!3(6$:-(+!'-3!'664/(!6k&(!
>$))!?+034%(!'!:003!1+'$-$-:!?+0:+'/@!6$-%(!:003!3(6$:-(+6!'+(!0<1(-!0,(+%0//$11(3!'-3!
3()(:'1(!64%&!1'6C6!10!-(>!'-3!)(66!%0/?(1(-1!61'<<@!0+!<'$)!10!:(1!6$1(!0+!1+'$-((!3(1'$)6@!0+!
%'--01!=7!1&(/6(),(6!0=1'$-!1&(!-((3(3!64??0+1!<+0/!1&(!+(61!0<!704+!0+:'-$i'1$0-H!K-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
e!!*0/(!0<!1&(!?+(%(3$-:!T4(61$0-6!'+(!'33+(66(3!$-!/0+(!3(1'$)!4-3(+!01&(+!%&(%C?0$-16!=()0>H!

F!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
6&0+1@!<28(C&%%26(&448;7(6E&6!(::7C6#A7(6"&#%#%$(1#''("748'6(:"2;(H846(E#"#%$(I2"(&44#$%#%$J(&(
$223(6"&#%7"H!*0/(0-(!&'6!10!&'-3)(!'))!1&(!)0:$61$%')!3(1'$)6!'660%$'1(3!>$1&!1&(!1+'$-$-:@!
(H:H@!'--04-%$-:@!+(%+4$1$-:@!(-64+$-:!'11(-3'-%(!Q$-%)43$-:!<0))0>$-:!4?!0-!-0-M
'11(-3'-%(R@!6$1(!?+(?!Q$-%)43$-:!)'?10?!041)(16R@!%0<<((k3+$-Ck/(')6k?+0,$6$0-$-:@f!?+0g(%M
10+k+(?)'%(/(-1!=4)=6k-01(=00Ck1(%&-$%$'-!','$)'=$)$17@!(1%HP'-3!01&(+!64??0+1!'6!3(M
6%+$=(3!'=0,(!'-3!=()0>H!S0!C((?!30>-!1&(!<+(T4(-%7!'-3!6%')(!0<!1&(!/061!?+0='=)(!<'$)M
4+(6@!/'C(!64+(!1&(!%0-1+'%1!0+!704+!0>-!'++'-:(/(-16!:0!=(70-3!/$-$/'@!'-3!%0,(+b!Q$R!
6%&(34)$-:!($1&(+!'!,$3(01'?$-:!+(?)'7!0+!'!34?)$%'1(!?+(6(-1'1$0-!0<!'1!)('61!1&(!<$+61!6(6M
6$0-!&%3(Q$$R!60/(!C$-3!0<!%0'%&$-:!0+!01&(+!64??0+1!Q(H:H@!'-!0-)$-(!0+!0-M%'))!(N?(+1R!10!<0)M
)0>!4?!0-!?'+1$%4)'+)7!1&(!<$+61!=41!')60!64=6(T4(-1!6(66$0-6!0<!1&(!1+'$-$-:!>$1&!'66$61'-%(!
$-!$/?)(/(-1'1$0-!'-3!01&(+!1+04=)(M6&001$-:`!?)46!Q$$$R!0,(+C$))M6((/$-:!?+0'%1$,(!61$/4M
)'1$0-!=(<0+((1&(!<$+61!6(66$0-!10!:(1!'%%(?1'=)(!)(,()6!0<!'11(-3'-%(@!?'+1$%$?'1$0-@!'-3!$/M
?)(/(-1'1$0-H!QK-!01&(+!>0+36@!/'C(!64+(!704D+(!-01!g461!?+0,$3$-:!0+!(,')4'1$-:!6"&#%#%$@!
=41!'!4<467;!7::2"6(62(;&K7(&(CE&%$7!1&'1!$-,0),(6!1+'$-$-:HRE!K1!$6!(66(-1$')!1&'1!%0,(+':(!0<!
'))!1&(6(!6$:-$<$%'-1!/'11(+6!$6!6?())(3!041!'-3!'66$:-(3!10!'-!$3(-1$<$(3!+(6?0-6$=)(!/'-M
':(+!'-3!?(+&'?6!01&(+6H!
K7!-8><E@?L8H?7!!9&$)(!1&$6!0<!%04+6(!$-%)43(6!'--04-%(/(-16!'1!61'<<!/((1$-:6!'-3!$-!+()M
(,'-1!$-&046(!-(>6)(11(+6!'-3!0-)$-(!6$1(6@!$1!$-,0),(6!'!:+('1!3(')!/0+(P'-3!$-!0-(!6(-6(!
)(66H!S&(!C(7!$6!10!=(!64+(!10!+(%+4$1!'))!1&(!?(0?)(!1&'1!/061!-((3!1&(!1+'$-$-:!=41!%26(62($76(
;2"(P=(%'46(!1&06(!>&0!:(1!1&(!1+'$-$-:!=41!3$3-D1!-((3!$1!>$))!$-%4+!&$:&!0??0+14-$17!
%0616!'1!1&($+!-0+/')!>0+C6$1(6@!'-3!)0>!+(14+-6!$-!1(+/6!0<!=(-(<$16@!&%3(60/(!0<!1&(/!>$))!
$/?(3(!1&(!(<<$%$(-%7!0<!1&(!1+'$-$-:!<0+!01&(+6!?+(6(-1H!S&'1D6!/0+(!0<!'!+(%+4$1$-:!(<<0+1!
1&'-!$6!%0//0-)7!'%&$(,(3P$1!>$))!?+0='=)7!+(T4$+(!6(+$046!(<<0+16!10!:$,(!?+(6(-1'1$0-6!
'1!3(?'+1/(-1!/((1$-:6@!-01!g461!(/'$)6!10!(,(+70-(P=41!1&(+(D6!61$))!/0+(H!S&(!'-M
-04-%(/(-16!0+!+(%+4$1$-:!?+(6(-1'1$0-6!/461!-01!=(!/$6)('3$-:!(H:H@!=7!0,(+?+0/$6$-:!
>&'1!6C$))6!>$))!=(!'%T4$+(3@!0+!<0+!>&0/!1&(7!>$))!=(!?+0,$3(3@!'-3!/461!-01!=(!'-7!)0-:(+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
f!!S&(!3(,$)!$6!$-!1&(!3(1'$)6!&(+(`!1&(!/061!<+(T4(-1!:'<<(!46(3!10!=(!?+0,$3$-:!0-)7!64:'+M)'3(-!'%M

%0/?'-$/(-16!10!%0<<((!<0+!:+04?6!1&'1!'+(!%(+1'$-!10!$-%)43(!/'-7!3$'=(1$%6`!1&(!)'1(61!$6!10!?+0M
,$3(!0-)7!,(:'-!+(<+(6&/(-16!10!:+04?6!%(+1'$-!10!$-%)43(!4-%0-,(+1(3!'-3!$++$1'=)(!%'+-$,0+(6H!
E!!U!+(%4++(-1!1&(/(!$-!V0=(+1!O+$-C(+&0<<D6!%'1(%&$6/!0-!1&$6!64=g(%1H!

X!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
1&'-!'=60)41()7!-(%(66'+7!=(%'46(!0<!1&(!0??0+14-$17!%0616!$-!>0+CM1$/(!'-3k0+!-(:'1$,(!
(<<(%16!0-!1&(!$/':(!0<!1&(!1+'$-$-:!61'<<!<0+!<414+(!(<<0+16H!^4+1&(+/0+(@!+(<46$-:!C((-!=41!
$-'??+0?+$'1(!,0)4-1((+6!/461!=(!30-(!3$?)0/'1$%'))7@!60/(1$/(6!-01!'-!('67!1'6CH!S&(+(D6!
/0+(b!:003!+(%+4$1$-:!$6!0?(-M(-3(3!'-3!30(6!-01!1(+/$-'1(!>&(-!1&(!+$:&1!?(0?)(!<0+!1&$6!
1+'$-$-:!(<<0+1!6&0>!4?!'1!1&(!<$+61!/((1$-:H!K1!/461!=(!6461'$-(3!=7!<0))0>M4?6!10!(-%04+M
':(!<4+1&(+!/((1$-:6!0+!?+'%1$%(!0<!>&'1D6!)('+-1@!'-3!10!3(')!>$1&!?+0=)(/6!1&'1!'+$6(!>$1&!
1&(!/'1(+$')6@!1&($+!'??)$%'1$0-@!'-3!?(+&'?6!1&(!+(%(?1$0-!0<!1&(!1+'$-$-:!=7!<())0>M
>0+C(+6!'-3!64?(+,$60+6H!S&(!+(%+4$1(+!Q>&0!/'7!0+!/'7!-01!')60!=(!1&(!1+'$-(+R!/461!+(M
6?0-3!<'61!$<!'11(-3'-%(!<'))6!0<<@!=7!1+'%C$-:!30>-!1&(!+('60-6!,$'!$-1(+,$(>$-:!-0-M
'11(-3((6@!'-3!1'C$-:!+(/(3$')!'%1$0-!'6!'??+0?+$'1(@!$-%)43$-:P$<!-(%(66'+7P60/(!
%&'-:(6!$-!1&(!1+'$-$-:!0+!1+'$-(+H!U1!>0+61@!$<!1&(!?+0=)(/!$6!-01!+(/(3$'=)(!<0+!1&$6!1+'$-M
$-:@!'!)(660-!/461!=(!<0+/')$i(3!<0+!<414+(!?+'%1$%(H!
M7!J8A@C8<N7!!J(+(!>(!-((3!(,$3(-%(!1&'1!1&(!'%14')!1+'$-$-:!>'6!$-!<'%1!&%%28%C73.(&6G
67%373.(48992"673.(&%3(9"747%673(&4(9"292473('-3k0+!?+0/$6(3!$-!1&(!3(6%+$?1$0-!46(3!10!
:(1!1&(!'??+0,')@!<4-3$-:@!0+!%0-1+'%1!Q'-3!?(+&'?6!')60!46(3!10!+(%+4$1!?'+1$%$?'-16@!>&$%&!
:$,(6!$1!T4'6$M%0-1+'%14')!61'146!>$1&!+(6?(%1!10!1&(/RH!S&$6!-((36!10!=(!%&(%C(3!=7!%'+(M
<4))7!%0/?'+$-:!1&(!%0-1+'%1(3!67))'=46!>$1&b!Q$R!1&(!'11(-3'-%(!+(%0+3!6&((16@!'-3!Q$$R!1&(!
3()$,(+(3!?+(?'+'1$0-!'-3!%0-1(-16!'6!3(/0-61+'1(3!=7!'-!'43$0M!0+!,$3(0M1'?(!?)46!1&(!
+(%$?$(-16D!<((3='%C!<+0/!.&(%C?0$-1!F@!0+@!?+(<(+'=)7@!=7!1&(!?(+60-')!0=6(+,'1$0-!0<!'!
4K#''73!0=6(+,(+@!?+(<(+'=)7!'!?'+1$%$?'-1!0=6(+,(+H!_+00<!0<!?+0?(+!?+(?'+'1$0-!'-3!3()$,M
(+7!6&04)3!=(!'!%0-3$1$0-!0<!'1!)('61!&')<!0<!1&(!?'7/(-1!<0+!1&(!+(6?0-6$=)(!%0-1+'%10+@!>&0!
/'7!0+!/'7!-01!=(!1&(!1+'$-(+Q6RH!S&$6!$6!'!:003!/0/(-1!10!/(-1$0-!1&'1!704!-((3!10!&',(!
'++'-:(/(-16!$-!1&(!%0-1+'%1!<0+!6(11)$-:!3$6?41(6H!
S&$6!$6!')60!'!:003!/0/(-1!10!+(/'+C!1&'1!'!:003!0=6(+,(+!6&04)3!')>'76!=(!)00C$-:!=(M
70-3!1&(!1+'$-$-:!=($-:!0=6(+,(3@!6$-%(!1&'1!?+0%(66!$6!0<1(-!'-!(N%())(-1!0??0+14-$17!10!
$3(-1$<7!1+'$-((6!>$1&!6?(%$')!1')(-16!Q0+!?+0=)(/6R!0<!0-(!C$-3!0+!'-01&(+@!(H:H@!>$1&!)('3(+M
6&$?!6C$))6@!0+!4-464')!$-,(-1$,(-(66!0+!+(6$)$(-%(@!0+!>$))$-:-(66!10!&()?!<())0>!)('+-(+6H!
O7!-8=>?@GH7d!!J(+(!>(!-((3!(,$3(-%(!'6!10!&0>!1&(!1+'$-$-:!&%3!?(+$?&(+')!64??0+1!>'6!
+'1(3!<0+!+()(,'-%(@!%0/?+(&(-6$=$)$17@!%0/?+(&(-6$,(-(66@!)0:$61$%6@!0,(+'))!,')4(@!'??+0M

e!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
?+$'1(!46(!0<!1$/(@!(1%H@!=7!?'+1$%$?'-16H!.&(%C$-:!1&$6!6&04)3!=(!30-(!$-!1&(!<$+61!?)'%(!=7!
46$-:!'!>())M3(6$:-(3!'-3!?+(,$046)7!1(61(3!<0+/!1&'1!?+0,$3(6!=01&!%)06(3M!'-3!0?(-M
(-3(3!T4(61$0-6@!+(T4$+$-:!-0!/0+(!1&'-!'=041!FMe!/$-41(6!10!'-6>(+!=+$(<)7!Q1&04:&!$1D6!
?+(<(+'=)(!10!'))0>!"WM"I!/$-41(6!$-!0+3(+!10!?+0,$3(!'-!0??0+14-$17!<0+!)0-:(+!'-6>(+6!10!
0?(-M(-3(3!T4(61$0-6RH!K1D6!(66(-1$')@!')1&04:&!/0+(!3$<<$%4)1!1&'-!/061!<0+/M3(6$:-(+6!+(M
')$i(@!10!',0$3!=$'6!$-!1&(!>'7!1&(!T4(61$0-6!'+(!?+(6(-1(3H!QU-3!-0!/0+(!6/$)(7M<'%(lR!U)M
1&04:&!1&(+(!$6!'!?0$-1!0<!,$(>!<+0/!>&$%&!1&(6(!+(6?0-6(6!'+(!$++()(,'-1!#:!0-(!$6!:'1&(+M
$-:!(,$3(-%(!0<!G+(')!$/?'%1D!Q%0,(+(3!$-!)'1(+!%&(%C?0$-16R@!1&(7!'+(!0<1(-!'-!$-,')4'=)(!
:4$3(!10!$3(-1$<7$-:!(N'%1)7!>&'1!>'6!?+0=)(/'1$%@!'-3!'-!('+)7!>'+-$-:!$-3$%'10+!0<!3(M
<(%16!1&'1!>$))!0-)7!6&0>!4?!/4%&!)'1(+!$-!1&(!(,')4'1$0-!,$'!)0-:M1(+/!041%0/(!/('64+(M
/(-16@!$<!704!'+(!'=)(!10!:(1!1&06(!'1!'))H!#0+(0,(+@!:(11$-:!$//(3$'1(!+('%1$0-6!$6!'-!0<1(-M
'??+(%$'1(3!6$:-!0<!+(6?(%1!<0+!1&(!0?$-$0-6!0<!61'<<H!K-3((3@!'!%0-6%$(-1$046!(<<0+1@!0-(!1&'1!
$-%)43(6!<0))0>M4?!?&0-(!%'))6!10!'6C!<0+!3()'7(3!+('%1$0-6@!$6!')/061!')>'76!>0+1&>&$)(@!
$H(H@!$1!464'))7!14+-6!4?!/'11(+6!-((3$-:P'-3!+(?'7$-:P'11(-1$0-H!J0>(,(+@!1&$6!%&(%CM
?0$-1!$6!60/(1$/(6!1+('1(3!'6!/4%&!100!$/?0+1'-1P<0+!(N'/?)(@!$1!0<1(-!?+0,$3(6!1&(!0-)7!
(,')4'1$0-!3'1'!1&'1!$6!:'1&(+(3!'1!'))@!>&$%&!$6!6$/?)7!'=64+3H!K<!1+'$-$-:!$6!(,')4'1(3!)$C(!
'-!(-1(+1'$-/(-1!$1(/@!704!:(1!6&0>6!>$1&041!64=61'-%(@!'-3!704!3(6(+,(!1&(/H!
P7!'8=<H@HF7d!!J(+(!>(!-((3!(,$3(-%(!1&'1!?'+1$%$?'-16!$-!<'%1!/'61(+(3!Q'1!)('61!/4%&!0<R!
1&(!$-1(-3(3!%0-1(-1@!'-3!'%T4$+(3!1&(!$-1(-3(3!,')4(!0+!'11$143(!/03$<$%'1$0-6H!S&$6!
6&04)3!=(!%&(%C(3!$-!1&(!<$+61!?)'%(!=7!'!>())M3(6$:-(3!/'61(+7!)('+-$-:!1(61!'1!1&(!%0-%)4M
6$0-!0<!1+'$-$-:H"W!L7"7(#4(2%7(92#%6(1E7"7(17(;846(&'42(9#CK(89(8%#%67%373(&4(17''(&4(#%G
67%373(7::7C64+!^0+!1&$6!>(!>$))!-((3!1&(!%00?(+'1$0-!0<!1&(!0=6(+,(+!0<!.&(%C?0$-1!LH!K3(-1$M
<7$-:!'-3!,(+$<7$-:!4-$-1(-3(3!%0-6(T4(-%(6!$6!)$C()7!10!+(T4$+(!60/(!$-1(+,$(>$-:!0<!?'+M
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"W!S(%&-$%')!c01(6H!UH!A0!-01!64//'+$i(!1&(6(!+(64)16!$-!1(+/6!0<!',(+':(!)('+-$-:b!6&0>!1&(!<4))!

3$61+$=41$0-@!6$-%(!(,(-!$<!0-)7!"Wm!0<!1&(!:+04?!)('+-!"Wm!0<!1&(!1'+:(1!B*U[@!1&$6!/'7!/0+(!1&'-!
?'7!<0+!1&(!101')!%061!0<!1&(!1+'$-$-:!Q$H(H@!',0$3!O+$-C(+&0<<D6!GS7+'--7!0<!1&(!#('-D!<'))'%7RH!
OH!S&$6!1(61!6&04)3!0+!6&04)3!-01!46(!/'1+$NM6'/?)$-:!<+0/!'!%0/?+(&(-6$,(!$1(/!?00)@!3(?(-3$-:!
0-!>&(1&(+!$1!$6!?+$/'+$)7!$/?0+1'-1!10!+(%0+3!:+04?!'%&$(,(/(-1!)(,()6!0+!')60!$-3$,$34')!
'%&$(,(/(-16H!*$-%(!$16!46(!:+('1)7!+(34%(6!%061!'-3!1$/(!+(T4$+(/(-16@!/'1+$N!6'/?)$-:!6&04)3!=(!
1&(!-0+/')!'??+0'%&@!=(%'46(!$-!1&(!(,')4'1$0-!0<!1+'$-$-:!>(!'+(!-01!-0+/'))7!+(T4$+(3!10!=(!30M
$-:!Q1+'$-((R!?(+60--()!(,')4'1$0-!'6!>())@!>&$%&!$6!Q')/061R!1&(!0-)7!g461$<$%'1$0-!<0+!-01!46$-:!/'M
1+$NM6'/?)$-:H!

f!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
1$%$?'-16!'6!>())!'6!6C$))(3!0=6(+,'1$0-!0<!?+0%(66!'-3!'1!)('61!0-(!T4(61$0-!$-!1&(!T4(61$0-M
-'$+(!+(T4$+(3!=7!.&(%C?0$-16!F!'-3!eH!K<!'!,$3(01'?(!0+!'43$01'?(!$6!46(3@!$1D6!=(11(+!$<!$1!$6!
61(+(0!>$1&!0-(!/$%+0?&0-(!'-3!%&'--()!3(3$%'1(3!10!'43$(-%(!$-?41H!S&(!0?1$/')!3(6$:-!
&(+(!46(6!1>0!0=6(+,(+6!<0+!1&(!1'6C@!0-(!0<!1&(/!-01!$-<0+/(3!0<!1&(!$-1(-3(3!%0-6(M
T4(-%(6!0<!1&(!1+'$-$-:!Q$H(H@!0?(+'1$-:!$-!G:0')M<+((!/03(DR@!+(?0+1$-:!0-)7!0-!>&'1!6k&(!
6((6!'6!0%%4++$-:!0+!'??'+(-1)7!0%%4++$-:H!9&'1!>'6!'%14'))7!)('+-(3!/'7!=(!,(+7!3$<<(+(-1!
<+0/!>&'1!>'6!1'4:&1@!'-3!1&$6!%&(%C?0$-1!;846!%0,(+!1&(!<0+/(+@!-01!g461!1&(!)'11(+b!1&$6!
+(T4$+(6!%0-6$3(+'=)(!6C$))@!=41!$6!(66(-1$')!<0+!6(+$046!(,')4'1$0-H!^0+!(N'/?)(@!?'+1$%$?'-16!
/'7!&',(!)('+-(3!&0>!10!/'C(!$1!'??('+!1&'1!1&(7!&',(!)('+-(3!>&'1!>'6!$-1(-3(3!>$1&M
041!'%14'))7!/'61(+$-:!$1H!S&(7!/'7!')60!&',(!<0+/(3!'%T4'$-1'-%(6&$?6P0+!(,(-!-(1M
>0+C6P0<!64=61'-1$')!)'1(+!,')4(`!0+!<0+/(3!$/?+(66$0-6@!'%%4+'1(!0+!-01@!'6!10!>&'1!1&(!
0+:'-$i'1$0-D6!)(66!(N?)$%$1!,')4(6!'+(H!*0/(!0<!1&(6(!?066$=$)$1$(6!6&04)3!?+0='=)7!=(!%0,M
(+(3!=7!6?(%$<$%!T4(61$0-6!$-!1&(!)'1(+!+(,$6$0-6!0<!1&(!?'+1$%$?'-1!+'1$-:!<0+/!'-3!1(616H!!
c01(!1&'1!$-!%0--(%1$0-!>$1&!1&$6!'-3!1&(!-(N1!1>0!%&(%C?0$-16!?'+1$%4)'+)7@!$1D6!$/?0+1'-1!
10!+('3!1&(!Z-3-01(@!>&$%&!3$6%466(6!1&(!1>0!17?(6!0<!)('+-$-:!1&'1!'+(!$-,0),(3!$-!1+'$-$-:H!
Q7!-8?8H?@GH7!!J(+(!>(!/461!3(1(+/$-(!>&(1&(+!1&(!?'+1$%$?'-16!+(1'$-!1&($+!)('+-$-:!0<!
C-0>)(3:(@!6C$))6@!'11$143(6@!0+!,')4(6!<0+!'-!'??+0?+$'1(!$-1(+,')!0+!$-1(+,')6H!Q*0/(1$/(6!
1&(7!$-%+('6(!$1lR!^0+!%0-1(-1!>&(+(!'??)$%'1$0-!$6!-((3(3!$//(3$'1()7@!'!<0))0>M4?!1(61!'1!
"F!0+!LW!3'76!/$:&1!=(!'??+0?+$'1(`!>&(+(!)0-:M1(+/!+(1(-1$0-!$6!$/?0+1'-1@!EW!0+!"fW!
3'76@!0+!4?!10!I!7('+6@!/$:&1!=(!/0+(!'??+0?+$'1(@!0+!'1!)('61!$-%)43(3H!K-!60/(!%'6(6!/0+(!
1&'-!0-(!1(61!0+!6(1!0<!$-1(+,$(>6!/'7!=(!3(6$+'=)(`!$-!'))!%'6(6@!'6!>$1&!1&(!\('+-$-:!%&(%CM
?0$-1@!'11(-1$0-!6&04)3!=(!?'$3!10!<$-3$-:!4-$-1(-3(3!'-3k0+!4-(N?(%1(3!%0-6(T4(-%(6H!
c01(!1&'1!1&$6!%&(%C?0$-1!$6!-01!34?)$%'1$-:!1&(!-(N1!0+!?+(,$046!%&(%C?0$-1@!>&$%&!6&04)3!
64??)'-1!$1!0-)7!$<!'))!1&+((!%'--01!=(!30-(H!K<!$1D6!&'+3!10!30!'))!1&+((@!1+7!,(+7!&'+3!10!30!
1&(/!'))!$-!'1!)('61!1&(!<$+61!+04-3!0<!1(61$-:!-(>!1+'$-$-:@!10!(-'=)(!/0+(!'%%4+'1(!3$':-0M
6$6!0<!?0$-16!0<!<'$)4+(k64%%(66H!!
R7!&;;A@>=?@GH7d!!J(+(!>(!<$-3!041!>&(1&(+!?'+1$%$?'-16!&99"29"#&67'<!8473@!'-3!C2%6#%873!
62(847(&99"29"#&67'<@!>&'1!1&(7!)('+-(3!<+0/!1&(!1+'$-$-:!$-!1&($+!>0+C!%0-1(N1!Q>&(1&(+!0+!
-01!$1!>'6!1&(!$-1(-3(3!)('+-$-:RH!U6!>$1&!.&(%C?0$-1!X@!1&$6!>$))!-((3!10!=(!%&(%C(3!'1!'-!

E!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
'??+0?+$'1(!$-1(+,')!'<1(+!1&(!1+'$-$-:!$6!%0-%)43(3@!=41!%&(%C$-:!$6!0<!'!,(+7!3$<<(+(-1!C$-3!
<+0/!1&'1!+(T4$+(3!<0+!XH!K1!>$))!$-,0),(!0-(!0+@!,(+7!/4%&!?+(<(+'=)7@!/0+(!1&'-!0-(!0<!1&(!
<0))0>$-:b!Q$R!0=6(+,'1$0-!0<!>0+C!?(+<0+/'-%(`!Q$$R!(N'/$-'1$0-!0<!>0+C!?+034%1`!Q$$$R!$-M
1(+,$(>!0<!64?(+,$60+`!Q$,R!$-1(+,$(>6!0<!%0M>0+C(+6H!K-!('%&!%'6(@!1&(!(N'%1!-'14+(!0<!1&(!
%&(%C!/'7!-((3!10!=(!T4$1(!60?&$61$%'1(3@!'-3!>$))!-((3!10!=(!61'-3'+3$i(3!'<1(+!60/(!1+$M
')6H!c01(!1&(!,(+7!$/?0+1'-1!<'/$)7!0<!%'6(6!>&(+(!1&(!1+'$-$-:!$6!%'?'%$17M(N?'-3$-:!=41!
1&(!%'?'%$17!$6!-01!$-1(-3(3!<0+!+(:4)'+!46(P(H:H@!._V!1+'$-$-:@!?&76$%')!3$6'61(+!1+'$-$-:!
Q<$+(k('+1&T4'C(k<)003k'11'%CR@!46(!0<!<$+('+/6!10!$//0=$)$i(!=41!-01!C$))H!S&(6(!'+(!%'6(6!
>&(+(!>(!>'-1!'??)$%':$#$-/@!=41!>(!30-D1!>'-1!<+(T4(-1!46(!0<!$1@!$H(H@!<+(T4(-1!'??)$%'-$.%H!
^0+!1&(6(!>(!/'$-)7!+()7!0-!1&(!1(61!0<!+(1(-1$0-!$-!1&(!?+(,$046!%&(%C?0$-1@!-01!1&(!0=6(+M
,'1$0-!0<!+(:4)'+!46(!$-!1&$6!%&(%C?0$-1@!D86!Q$R!>(!-((3!10!/'C(!64+(!1&06(!1(616!'+(!&$:&)7!
+(')$61$%!$H(H@!'+(!')/061!')>'76!$-%)43(!6$/4)'1$0-6!+'1&(+!1&'-!g461!=($-:!?'?(+M'-3M?(-%$)!
1(616`!&%3!Q$$R!$<!1&(+(!1&4!'-7!'??)$%'1$0-@!>(!-((3!,(+7!%'+(<4)!%&(%C$-:!0-!1&(!+(6?0-6(6@!
<0+!T4')$17!'-3!T4'-1$17H!J(-%(!1&$6!%&(%C?0$-1!$6!')>'76!60/(1&$-:!10!=(!'33+(66(3!6(+$M
046)7!'-3!$1!30(6-D1!+(-3(+!%&(%C?0$-1!e!+(34-3'-1H!U-3!>$1&041!e!704!%'-D1!'2C&67!60/(!
<'$)4+(6@!>&$%&!704!-((3!<0+!<0+/'1$,(!(,')4'1$0-!'-3!/061!/0-$10+$-:!'-3!+(%0//(-3'M
1$0-!?4+?06(6H!
S7!$T?8HD@GH!4=7U7=7!.8H8<=A@V=W@A@?N57!!9(!6&04)3!-0>!'33!'-01&(+!C$-3!0<!?(+6?(%1$,(P
'!)00C!'1!1&(!?066$=$)$17!1&'1!1&$6!1+'$-$-:!?'%C':(!%'-!=(!46(<4))7!+(?)$%'1(3!<0+!01&(+!1+'$-M
$-:!?4+?06(6!$-!1&$6!0+!01&(+!%0-1(N16H!O7!-0>@!704!>$))!4-3(+61'-3!1&'1!1&(!G?'%C':(D!$6!'!
%0/?)(N!(-1$17!'-3!+(<$-$-:!$16!%0-61+4%1$0-!'-3!3()$,(+7!$6!'!/'66$,(!'%&$(,(/(-1H!K16!(NM
?0+1'=$)$17!$6!1&(+(<0+(!'!/'g0+!$664(!$-!(,')4'1$-:!$16!6$:-$<$%'-%(k,')4(H!ZN1(-6$0-!&(+(!
/('-6@!<0+!(N'/?)(@!$16!3()$,(+'=$)$17b!Q$R!'1!01&(+!1$/(6!Q1&$6!/'7!6((/!1+$,$')@!=41!1&$-C!
%'+(<4))7!'=041!>('1&(+k+()$:$046!&0)$3'76k3('3)$-(!1$/(6!(1%HR@!Q$$R!01&(+!6$1(6@!Q$$$R!46$-:!
3$<<(+(-1!61'<<!'6!1+'$-((6!0+!'6!1+'$-(+6@!Q$,R!$-!01&(+!0+:'-$i'1$0-6@!0+!Q,R!>$1&!01&(+!64=M
g(%1!/'11(+H!S&$6!$6!1&(!9267%6#&'!?'70<<@!=7!%0-1+'61!>$1&!1&(!#;;73#&67!?'70<<H!S&(+(!'+(!
1$/(6!>&(-!1&$6!%0-6$3(+'1$0-!>$))!$-!<'%1!?+0,$3(!=7!<'+!1&(!/061!$/?0+1'-1!=(-(<$1!0<!1&(!
>&0)(!(N(+%$6(@!60!$1!$6!>0+1&!6(+$046!1&04:&1P'-3!$1!1'C(6!6(+$046!1&04:&1@!1&(!/0+(!60!
=(%'46(!'1!<$+61!$1!6((/6!$++()(,'-1H!

"W!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
6X7!%=AE87!!J(+(!>(!-((3!10!%0-6$3(+!1&(!6?(%$<$%!T4')$1'1$,(!,')4(!0<!('%&!%0/?0-(-1!()(M
/(-1!0<!1&(!$/?'%1!0<!1&$6!1+'$-$-:@!?'+1$%4)'+)7!0<!1&06(!1&'1!>(+(!4-$-1(-3(3H!9(!(61$/'1(!
1&$6!,')4(!=7!$-1(:+'1$-:!1&(!/':-$143(!'-3!3$+(%1$0-6!0<!('%&!(<<(%1!>$1&!$16!+()(,'-1!,')M
4(6!<0+!1&(!0+:'-$i'1$0-@!1&(!1+'$-((6@!'-3!1&(!(-,$+0-/(-1!Q60%$')!'-3!=$0M?&76$%')R@!1'C$-:!
$-10!'%%04-1!60/(!(61$/'1(!0<!1&(!$/?0+1'-%(!0<!1&(!,')4(H!S&$6!+(T4$+(6!60/(!0<!1&(!6?(M
%$')!6C$))6!0<!'-!(,')4'10+!$-!1&(!$3(-1$<$%'1$0-!'-3!>($:&1$-:!0<!,')4(6@!>&$%&!%'-!=(!30-(!
($1&(+!T4')$1'1$,()7!'-3!60/(1$/(6P$<!$1D6!?066$=)(!>$1&041!3$610+1$0-PT4'-1$1'1$,()7@!'-3!
1&($+!$-1(:+'1$0-!>$1&!(/?$+$%')!+(64)16H!S&(!+(64)1!0<!1&$6!'-')76$6@!'1!1&$6!?0$-1@!>$))!=(!'!
)$61!0<!(,')4'1$,(!?+06!'-3!%0-6!0<!1&(!1+'$-$-:@!>$1&!60/(!$-3$%'1$0-!0<!$/?0+1'-%(H!c01(!
&(+(!1&'1!1&(+(!$6!'!,(+7!$/?0+1'-1!%'1(:0+7!0<!%'6(6!>&(+(!1&(!1+'$-$-:!$6!)(:'))7!+(T4$+(3!
0+!)(:'))7!%+4%$')!<0+!3(<(-6(!':'$-61!?066$=)(!64$16!<0+!)'%C!0<!34(!3$)$:(-%(@!60!?+0,$3$-:!$1!
$6!,$+14'))7!-(%(66'+7@!+(:'+3)(66!0<!'-7!?+0='=)(!(%0-0/$%!0+!(-,$+0-/(-1')!?'70<<!10!
704+!0+:'-$i'1$0-H!QU<1(+!'))@!704!30-D1!?'7!<0+!$-64+'-%(!=(%'46(!$1!3274!?'7!0<<@!0-)7!=(M
%'46(!$1!;#$E6HR!9(!%04)3!%'))!1&$6!G$-64+'-%(!,')4(`D!$1!$6!'-!$/?0+1'-1!?'+1!0<!6461'$-'=$)$17!
Q0<1(-!>$1&!1&(!$-%$3(-1')!?'70<<!0<!61+(66!+(34%1$0-!<0+!61'<<@!'-3!')/061!')>'76!<0+!/'-':M
(+6!'-3!6?0-60+6RH!
667!&A?8<H=?@C8D7!!U!1&0+04:&!(,')4'1$0-!-0>!+(T4$+(6!1&'1!1&(!$/?'%1!0<!1&(!1+'$-$-:@!'6!
g461!3(1(+/$-(3@!=(!%0/?'+(3!>$1&!1&(!Q/('64+(3!0+!(61$/'1(3R!$/?'%1!0<!C-0>-!')1(+-'M
1$,(!'??+0'%&(6!10!/((1$-:!Q/0+(!0<!)(66R!1&(!6'/(!-((36!1&'1!1&(!1+'$-$-:!'33+(66(3H!S&(M
6(!/$:&1!=(!01&(+!'??+0'%&(6!10!1&(!6'/(!1+'$-$-:@!0+!'3!&0%!&$+$-:@!'33$-:!1(%&-0)0:7@!0+!
%&'-:$-:!1&(!3417!'))0%'1$0-6!<0+!(N$61$-:!g0=6H!S&$6!:$,(6!46!'-!$/?0+1'-1!?(+6?(%1$,(!0-!
1&(!1+'$-$-:!'1!>&$%&!>(D+(!)00C$-:@!(,(-!$<!0-)7!+04:&!(61$/'1(6!0<!1&(!?(+<0+/'-%(!0<!1&(!
')1(+-'1$,(6!'+(!?066$=)(H!
6I7!-8?E<H!GH!)HC8D?L8H?!4-*)5H!^$-'))7!>(!%0/(!10!1&(!0,(+'))!+(14+-!0-!$-,(61/(-1!<0+!
1&(!0+:'-$i'1$0-@!=41!%')%4)'1(3!$-!<$,(!6?(%$<$(3!3$/(-6$0-6H!S&(6(!$-%)43(!'!304=)(!(N1(-M
6$0-!0<!1&(!60M%'))(3!G1+$?)(!=0110/!)$-(D!'??+0'%&@!&(-%(!1&$6!'??+0'%&!/$:&1!=(!%'))(3!1&(!
GT4$-14?)(!=0110/!)$-(HD!S&(!464')!G1+$?)(!=0110/!)$-(D!$6!0<1(-!(N?+(66(3!$-!1&(!?&+'6(!n_(0M
?)(@!_)'-(1@!_+0<$1oP>&$%&!>(!/$:&1!%'))!1&(!1+$?)(!_!,(+6$0-!0<!1&(!1+$?)(!=0110/!)$-(H!K!?+(M
<(+!1&(!1+$?)(!Z!,(+6$0-@!>&$%&!$6!-01!T4$1(!1&(!6'/(@!/('-$-:b!Q$R!1&(!Z%0-0/$%@!Q$$R!1&(!Z-M

""!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
,$+0-/(-1')!Q=$0)0:$%')!&%3!60%$')""R@!'-3!Q$$$R!1&(!Z1&$%')!Q&%3()(:')R!3$/(-6$0-6!0<!?'7M
0<<H"I!S&(!'33$1$0-')!1>0!3$/(-6$0-6!$-!/7!FA!,(+6$0-!<$1!=(11(+!$-10!1&(!1+$?)(!Z!,(+6$0-H!
S&(7!'+(b!Q$,R!1&(!,')4(!0<!?01(-1$')!ZN1(-6$0-6!0<!1&(!'??+0'%&!10!01&(+!%0-1(N16!0+!46(6!
Q<+0/!1&(!ZN1(-6$0-!%&(%C?0$-1R`!'-3!Q,R!1&(!%0/?'+$60-!0<!1&$6!'??+0'%&!>$1&!1&(!')1(+-'M
1$,(!?066$=)(!'??+0'%&(6!10!1&(!6'/(!(-36!Q<+0/!1&(!U)1(+-'1$,(6!%&(%C?0$-1R`"L!1&$6!$6!1&(!
'??+0'%&D6!G%0/?'+'1$,(!,')4(D!0+@!10!C((?!1&(!'))$1(+'1$0-!$-1'%1@!1&(!ZN%)46$,(-(66!,')4(H!
J(-%(b!Z%0-0/$%kZ-,$+0-/(-1')kZ1&$%')kZN1(-6$0-kZN%)46$,(-(66H!
K-!1&$6!)'61!%&(%C?0$-1!>(!?4))!10:(1&(+!'-3!1+7!10!$-1(:+'1(!&''!1&(!%0616!'-3!=(-(<$16@!T4'-M
1$1'1$,(!Q>&(+(!?066$=)(R!'-3!T4')$1'1$,(!Q'1!)('61R@!0-!&''!0<!1&(6(!3$/(-6$0-6@!'-3!:(1!1&(!
101')!-(1!$/?'%1!0<!1&(!1+'$-$-:!?+0:+'/@!<+0/!1&(!?0$-1!0<!,$(>!0<!1&(!0+:'-$i'1$0-P=41!
>$1&!34(!+(:'+3!10!1&(!$/?'%1!0-!01&(+6!'-3!1&(!(-,$+0-/(-1P>&$%&!/'7!=(!?06$1$,(!0+!
-(:'1$,(H!U11+'%1$,(!1&04:&!'!%0/?)(1()7!T4'-1$1'1$,(!'??+0'%&!%(+1'$-)7!$6@!1&(!+(')$17!$6!
1&'1!0-)7!'!&7=+$3!>$))!=(!?066$=)(!$-!1&(!,'61!/'g0+$17!0<!%'6(6@!(6?(%$'))7!>$1&!+(6?(%1!10!
1&(!(1&$%')!3$/(-6$0-H!O41!1&'1!30(6!-01!(N%)43(!%)('+!'-3!?+0,'=)(!'-6>(+6b!'6!>(!>$))!6((!
$-!1&(!(N'/?)(!1&'1!<0))0>6@!64%&!'-6>(+6!'+(!0<1(-!'%&$(,'=)(@!'-3!%'-!464'))7!=(!+(-M
3(+(3!:+'?&$%'))7!(,(-!$<!-01!-4/(+$%'))7H!U1!)('61!60/(1$/(6@!'!?$%14+(!$6!>0+1&!-01!0-)7!'!
1&046'-3!>0+36@!=41!'!1&046'-3!-4/=(+6H!
;-(!01&(+!()(/(-1!-((36!10!=(!$-%)43(3!$-!04+!>0+C!=(<0+(!>(!6$:-!0<<!0-!1&(!%0/?)(1(!
(,')4'1$0-@!'-3!$1!%'-!=(!1&04:&1!0<!'6!?'+1!0<!1&(!?+0%(66!0<!3(')$-:!>$1&!1&(!>+'?M4?!
%&(%C?0$-1@!.&(%C?0$-1!"I@!0+!'6!'!6(?'+'1(!.&(%C?0$-1!"L@!1&(!)4%C7!0+!4-)4%C7!-4/=(+H!
S&$6!$6!'-!(N1(+-')!+(,$(>!0<!1&(!(,')4'1$0-!$16()<@!$-!01&(+!>0+36@!'!/(1'M(,')4'1$0-P'-3!
'-7!$/?+0,(/(-16!1&'1!+(64)1!<+0/!$1H!9$1&!'-7!/'g0+!(,')4'1$0-@!'-3!>$1&!)(66(+!0-(6!$<!
?066$=)(@!'!6/'))!(N?(-3$14+(!0-!:(11$-:!'!6C$))(3!(,')4'10+!Q0<!1+'$-$-:R!10!%+$1$T4(!0-(D6!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
""!c01(!1&'1!$-!%')%4)'1$-:!60%$')!$/?'%1@!%&'-:(6!$-!&4/'-!'-3!60%$')!%'?$1')!/461!=(!$-%)43(3`!'-3!

-01(!1&'1!$-!'))!3$/(-6$0-6@!6461'$-'=$)$17!/461!=(!%0-6$3(+(3!,(+7!%'+(<4))7H!
"I!!U-!(N%())(-1!=')'-%(3!'%%04-1!0<!1&(!6"#9'7(D2662;('#%7!'??+0'%&!$6!$-!9$C$?(3$'!Q'1!fkWfRH!S&(!

=(61MC-0>-!(-1&46$'61!'%%04-1!$6!?+0='=)7!!6"'!($<#"'=.--.4'8$%"'=7!U-3+(>!*',$1i!Qj066(7MO'66@!
IWWXRH!#7!6(?'+'1$0-!0<!1&(!(1&$%')k)(:')!3$/(-6$0-!$6!-0,()@!=41!$1!6((/6!+('60-'=)(H!!
"L!9&7!30(6!1&$6!:(1!$-10!1&(!V;Ka!O(%'46(!704!>'-1!10!<$-3!041!>&(1&(+!1&(!$-,(61/(-1!$-!1&$6!

1+'$-$-:!?+0:+'/!?+0,$3(3!60/(1&$-:!1&(!%)$(-1!0+:'-$i'1$0-!%04)3!-01!&',(!:01!$-!'-01&(+!>'7@!
%&('?(+@!=(11(+@!<'61(+@!0+!/0+(!('6$)7H!Z61'=)$6&$-:!1&(!/(+$1!'-3!,')4(!0<!1&(!?+0:+'/!+(T4$+(6!
1&'1H!

"I!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
0>-!(,')4'1$0-P464'))7!g461!'1!1&(!)(,()!0<!'!&')<!3'7!0+!0-(!3'7!'66$:-/(-1P$6!0-(!0<!1&(!
=(61!$-,(61/(-16!0-(!%'-!/'C(!$-!$/?+0,$-:!1&(!(,')4'1$0-!0<!1+'$-$-:H!S&$6!$6!(6?(%$'))7!
1+4(!>&(-!6(11$-:!4?!'-!(,')4'1$0-!'??+0'%&!1&'1!>$))!=(!46(3!0-!/0+(!1&'-!0-(!0%%'6$0-@!
'6!0%%4+6!>&(-!'!-(>!1+'$-$-:!?+0:+'/P0+!'!-(>!'??+0'%&!10!(,')4'1$0-P$6!61'+1(3!4?H!
QV0=(+1!O+$-C(+&0<<!>'6!C$-3!(-04:&!10!?(+<0+/!1&'1!<4-%1$0-!<0+!1&(!(<<0+1!&(+(HR!#7!&0?(!
$6!1&'1!1&(!SZ.!>$))!6(+,(!'6!'!46(<4)!$-61+4/(-1!<0+!30$-:!/(1'M(,')4'1$0-!$-!1&(!<414+(@!
'-3!K!&0?(!1&'1!64::(61$0-6!<0+!$/?+0,$-:!$1!>$))!=(!6(-1!10!1&(!'41&0+!=7!1&06(!>&0!46(!$1@!
'-3!')60!=7!1&06(!>&0!6$/?)7!+('3!$1!%+$1$%'))7H"]!
$T=L;A8H!!J($<(+D6!?+$/'+7!$-1(+,(-1$0-!%0-6$616!$-!30-'1$-:!?+(:-'-1!)$,(610%C!10!/(/M
=(+6!0<!'!:+04?!0<!/'+:$-')!+4+')!<'+/(+6@!>&0!&',(!60/(!(N?(+$(-%(!>$1&@!'-3!(-04:&!
)'-3!10!+'$6(@!1&(!<'+/!'-$/')6!$-!T4(61$0-H!S&(6(!<'+/(+6!&',(!':+((3!10!>0+C!'6!'!:+04?!
'-3!10!?'66!0-@!10!'!<'/$)7!$-!6$/$)'+!%$+%4/61'-%(6@!1&(!6'/(!-4/=(+!'-3!T4')$17!0<!)$,(M
610%C@!<+0/!1&(!0<<6?+$-:!0<!1&(!:$<1!1&(7!+(%($,(H!K-!1&(!$-1(+(616!0<!6461'$-'=$)$17@!J($<(+!')M
>'76!?+0,$3(6!1&(/!>$1&!60/(!1+'$-$-:!$-!)$,(610%C!%'+(!'-3!/'-':(/(-1!'-3!$-!'!6(1!0<!
(1&$%')!'-3!(-,$+0-/(-1')!,')4(6!%'))(3!1&(!S>(),(!.0+-(+610-(6H!S&(!T4(61$0-!&'6!'+$6(-!
>&(1&(+!1&(7!6&04)3!')60!?+0,$3(!1+'$-$-:!$-!01&(+!6()<M&()?!'-3!:+04?!64+,$,')!6C$))6!64%&!
'6!/0-(7!/'-':(/(-1@!/$%+0M='-C$-:@!)'-3!/'-':(/(-1!Q(H:H@!(+06$0-!%0-1+0)@!6461'$-'=)(!
<0+(61+7R@!JK[kUKA*!3(<(-6(!'-3!,$%1$/!%'+(!Q(6?(%$'))7!$-!U<+$%'R@!'-3!?(+&'?6!01&(+!(-M
1+(?+(-(4+$')!6C$))6!10!&()?!1&(/!/'+C(1!'-$/')!=7?+034%16!64%&!'6!/$)C!'-3!%'),(6@!0+!
<((3H"F!!S&(!(,$3(-%(!<+0/!c(?')@!$-!?'+1$%4)'+@!64::(616!1&'1!1&(!+(64)16!0<!1&$6!'33$1$0-')!
1+'$-$-:!'+(!0<1(-!6?(%1'%4)'+!$-%+('6(6!$-!)0-:M1(+/!=(-(<$16@!$-%)43$-:!/'g0+!?'70<<6!041M
6$3(!1&(!?+$/'+7!+(%$?$(-1!6$1(6H!O41!:(11$-:!1&06(!=(-(<$16!%)('+)7!+(T4$+(6!6(+$046!(,')4'M
1$0-!0<!1&(!1+'$-$-:!(<<0+1@!'-3!?+0,$3$-:!$1!&'6!?'$3!0<<!&'-360/()7H!
9(!%04)3!+4-!1&$6!6$14'1$0-!1&+04:&!1&(!SZ.@!10!6((!>&(1&(+!>(!6&04)3!30@!'-3!(,')4'1(@!
1&(!(N1+'!1+'$-$-:!Q$H(H@!>(!%04)3!+0)(M?)'7!1&(!?)'--(+R@!0+!&0>!>(!6&04)3!?&+'6(!'-!V^_!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"]!!*(-3!10!/g6%+$,"p:/'$)H%0/!>$1&!1&(!1$1)(!)$-(!=(:$--$-:!SZ.!60!1&'1!K!>0-D1!/$66!$1H!
"F!!S&(!0+$:$-')!30-'1(3!)$,(610%C!>'6!%'11)(!'-3!1&$6!$6!61$))!1&(!/03')!:$<1!6?(%$(6@!')1&04:&!:0'16@!

6&((?@!%&$%C(-6@!<$6&@!=((6@!'-3!(,(-!()(?&'-16!&',(!g0$-(3!'!30i(-!6?(%$(6!$-!1&(!J($<(+!U+C!>&(-!
1&(7!6((/!=(61!64$1(3!10!)0%')!%$+%4/61'-%(6H!J(-%(!1&(!'-$/')!=7?+034%16!,'+7@!'-3!$-%)43(!/$)C@!
&0-(7@!(::6@!'-3!/'-4+(H!

"L!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
Q+(T4(61!<0+!?+0?06')R!10!:(1!$1!30-(!Q+0)(M?)'7$-:!1&(!/'-':(+!1'6C(3!>$1&!%0//$66$0-$-:!
1&(!1+'$-$-:R@!0+!&0>!>(!6&04)3!/0-$10+!1&(!1+'$-$-:!Q+0)(M?)'7$-:!1&(!%0-1+'%10+!0+!1&(!
/'-':(+!64?(+,$6$-:!1&(!%0-1+'%10+R@!0+!3(%$3(!>&(1&(+!1&(!1+'$-$-:!&'6!=((-!64%%(66<4)P
'-3!$<!-01@!>&7!-01!Q+0)(M?)'7$-:!'-!$-1(+-')!0+!(N1(+-')!(,')4'10+RH!
qS&$6!(N'/?)(!=(%'/(!60!)0-:@!$-!0+3(+!10!=(!46(<4)!10!J($<(+!K-1(+-'1$0-')!%04-1+7!0<<$%(6@!
1&'1!$1!=(%'/(!100!)0-:!10!<$1!$-10!1&$6!+(?0+1H!K1!$6!?)'--(3!10!&',(!$1!','$)'=)(!10!1&06(!$-M
1(+(61(3@!'-3!6(-1!041!10!1&(!h('+6!]!1&+04:&!e!%04-1+7!0<<$%(6!Q'-3!10!01&(+!?(0?)(!>&0!
+(T4(61!$1R@!$-!)'1(!IW""H!#('->&$)(@!1&(!=(61!G6&0+1!<0+/!0<!1&(!SZ.D!$6!-01!0=1'$-(3!=7!
6C$??$-:!60/(!?0$-16@!=41!6$/?)7!=7!%0-6$3(+$-:!'))!0<!1&(/!%'+(<4))7@!:$,(-!>&'1!$6!C-0>-!
'=041!1&(!?+0:+'/!$-!1&(!?'+1$%4)'+!%0-1(N1@!'-3!47'7C6#%$(&%(&::2"3&D'7(48D476(6E&6('22K(&4(#:(
6E7<(%773(6E7(;246(&667%6#2%Hr!
!
$+J+*"$/!GH!?:8!9@D?@H>?@GH!W8?Y88H!?<=@H@HF!=H9!?8=>:@HFH!U!?066$=)(!3(<$-$1$0-!1&'1!
/'C(6!1&(!60/(>&'1!<4ii7!3$61$-%1$0-!=(1>((-!1&(/!$6b!sS('%&$-:!17?$%'))7!'$/6!10!$-M
%+('6(!C2$%#6#A7(C2%67%6(Q=01&!C-0>)(3:(!'-3!4-3(+61'-3$-:R`!1+'$-$-:!17?$%'))7!'$/6!10!
$-%+('6(!6E7("797"62#"7(2:(497C#:#C!C2$%#6#A7(2"(D7E&A#2"&'(4K#''4(&%3(C2;9767%C#74M=41(1&(+(!
$6!60/(!0,(+)'?Hs!S&(!/'$-!?+'%1$%')!$/?)$%'1$0-!0<!1&$6!3(<$-$1$0-!$6@!$1!6((/6!10!/(@!1&'1!$1!
/'C(6!%)('+!>&7!7@67%4#A7!C2;9'7@(9"&C6#C7!$6!60!%(-1+')!10!1+'$-$-:!'-3!10!1&(!(,')4'1$0-!0<!
1+'$-$-:!Q;7%62"73!?+'%1$%(!$-!1+'$-$-:@!'-3!;2%#62"73!?+'%1$%(!$-!1&(!(,')4'1$0-!0<!1+'$-M
$-:RH!nZN1(-6$,(D!&(+(!/('-6!1&'1!1&(!?+'%1$%(!:0(6!>())!=(70-3!1&(!(N'/?)(6!46(3!10!1('%&!
1&(!/'1(+$')H!S&(!?0$-1!/'7!=(!=(11(+!/'3(!=7!'3'?1$-:!'!+(/'+C!/'3(!'=041!/':$%!'-3!
%00C$-:!<+0/!'!.'),$-!S+$))$-!(66'7!$-!1&(!N71(O2"K7"(+(%(-1)7b!&(!6'$3!1&'1!704!%'-!)('+-!
(N'%1)7!&0>!1&(!1+$%C6!0<!1&(!:+('1!/':$%$'-6!'-3!%&(<6!'+(!30-(!<+0/!=00C6!'-3!1('%&(+6@!
=41!704!-((3!'!:+('1!3(')!0<!1+'$-$-:!=(<0+(!704!%'-!30!1&(/!704+6()<H!\0:$%'))7!6?('C$-:@!
1&$6!$6!'!3(,()0?/(-1!0<!2$)=(+1!V7)(D6!<'/046!3$61$-%1$0-!=(1>((-!GC-0>$-:!1&'1D!'-3!
GC-0>$-:!&0>DP$1!$6!1&(!3$61$-%1$0-!=(1>((-!C-0>$-:!E21(#6P4(32%7!Q>&$%&!1'C(6!(34%'1$0-!
'-3!$6!GC-0>$-:!1&'1DR!'-3!C-0>$-:!E21(62(32(#6!Q>&$%&!1'C(6!1+'$-$-:@!$H(H@!GC-0>M&0>D@!')M
1&04:&!60/(1$/(6!(N?(+$(-%(!$6!(-04:&@!(6?(%$'))7!$<!/0-$10+(3RH!U-01&(+!>'7!10!?41!$1!$6!
10!6'7!1&'1!(34%'1$0-!:$,(6!704!'-!(N1(+-')!C$-3!0<!C-0>)(3:(!'=041!'!6C$))@!'-3!1+'$-$-:!
"]!

!"#$#%&'()*+,*+*-.(//0/(12"345('&6746(893&67(2:(;&%<(#4(,0+@#+)).(=.*>?(12"34(

!
?+0,$3(6!1&(!$-1(+-')!,$(>H!!
S&$6!3$61$-%1$0-!&'6!60/(!>$3(+!$/?0+1'-%(@!100@!6$-%(!$1!%0/(6!%)06(!10!1&(!&('+1!0<!1>0!
01&(+!3$61$-%1$0-6!0<!:+('1!$/?0+1'-%(!Q(H:H@!$-!%4++$%4)4/!1&(0+7!0+!3(6$:-!'-3!%4++$%4)4/!
(,')4'1$0-Rb!Q$R!1&'1!=(1>((-!%0-1(-1!>'-1(3!=7!6E7(&C&37;#C!'-3!1&'1!?+(<(++(3!=7!6E7(;7G
CE&%#C@!'-3!Q$$R!1&'1!=(1>((-!4C#7%C7!'-3!67CE%2'2$<H!K-!1&(!<$()3!0<!(,')4'1$0-!1&(0+7!$16()<@!
1&(0+$616!>&0!<',0+!1&(!Q?+0:+'/R!1&(0+7M3+$,(-!'??+0'%&!'+(@!60!10!6?('C@!1&(!'%'3(/$%6!
Q'33+(66$-:!1&(!T4(61$0-6!9&7!'-3!J0>!$1!>0+C6R@!>&$)(!1&06(!>&0!1&$-C!1&'1D6!100!<'+!=(M
70-3!1&(!(?0-7/046!=46$-(66!0<!'-!(,')4'10+!'+(!1&(!/(%&'-$%6@!>&0!<',0+!'33+(66$-:!g461!
9&(1&(+!$1!>0+C6@!'-3!?(+&'?6@!J0>!10!/'C(!$1!>0+C!=(11(+H!K1D6!$/?0+1'-1!10!4-3(+61'-3!
1&'1!1&(!1>0!0,(+)'?@!60/(1$/(6!%0-6$3(+'=)7H!9$11:(-61($-!0-%(!6'$3b!$<!704!>'-1!10!=(M
%0/(!'!:003!?&$)060?&(+@!6?(-3!60/(!1$/(!'6!'!%'+!/(%&'-$%@!'6!&(!3$3H!!QK!<04-3!6$/$)'+!
=(-(<$16!<+0/!>0+C$-:!'6!'!>0+3!?+0%(660+!1+04=)(M6&001(+!$-!1&(!0)3!3'76!>&(-!>0+3!?+0M
%(66$-:!+(T4$+(3!'!3(3$%'1(3!/'%&$-(H"XR!
K-%$3(-1'))7@!704!30-D1!-((3!'!,')$3!?+0:+'/!1&(0+7!10!1())!704!&0>!10!$/?+0,(!'!?+0:+'/P
704!0-)7!-((3!(,$3(-%(!1&'1!64??0+16!1&(!%)'$/!1&'1!1&(!%&'-:(!>$))!?+034%(!$/?+0,(/(-1@!
>&$%&!/'7!=(!'!6$-:)(!6(-1(-%(!(N?+(66$-:!'!6$-:)(!%'46')!%)'$/@!(H:H@!n*>$1%&$-:!10!^$)(M
#'C(+!_+0!<+0/!704+!?+(6(-1!3'1'='6(!60<1>'+(!>$))!:+('1)7!$-%+('6(!1&(!?'70<<!<+0/!61'<<!
46(!0<!704+!3'1'Ho!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"X!*((!Q2"3(R&$#CS!TA&'8&6#%$(&%3(47'7C6#%$(12"3(9"2C744#%$.(*%+$,(-@!#H!Q"EfeR@!9'36>0+1&!'-3!

,'-!c061+'-3H!S+'-6)'1(3!$-10!V466$'-!'-3!')60!?4=)$6&(3!=7!1&(!*0,$(1!*1'1(!_4=)$6&$-:!J046(!
Q#06%0>R@!>$1&!'%C-0>)(3:/(-1!=41!>$1&041!?(+/$66$0-H!

"F!